'LH)ROWHUZHOW
M 1U 'LH)ROWHUZHOW 9RUZRUW
$WODQ=HLWDEHQWHXHU
'HU $UNRQLGH $WODQ ZXFKV DXI GHU ...
139 downloads
1039 Views
1019KB 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
'LH)ROWHUZHOW
M 1U 'LH)ROWHUZHOW 9RUZRUW
$WODQ=HLWDEHQWHXHU
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³'LH6FKLFNVDOVNXJHOUROOW´VDJWH)DUWXORRQDP3UDJRGHV0HVVRQGD $UNHLQHP'DWXPGHUDUNRQLGLVFKHQ=HLWUHFKQXQJGDVGHP)UKMDKUGHV-DKUHV YRU &KULVWXV HQWVSUDFK ³)UHXQGH MHW]W EHJLQQW GHU HLJHQWOLFKH .DPSI DXI /HEHQ XQG 7RG)U$WODQXQG$UNRQ´ (V KDVWH YLHOOHLFKW HWZDV ]X PHORGUDPDWLVFK JHNOXQJHQ HQWVSUDFK MHGRFK GHU YROOHQ :DKUKHLW )U $WODQ EHJDQQ HLQ JDQ] QHXHV /HEHQ GHQQ HU ZDU GHU .ULVWDOOSULQ]²HUELWWHUW YHUIROJW YRQ GHQ +lVFKHUQ GHV %UXGHUP|UGHUV ]XP /HEHQ LP 8QWHUJUXQGJH]ZXQJHQDEHUIRUWDQEHPKWGDVLKP]XVWHKHQGH(UEHDQ]XWUHWHQXQG GHQ 7\UDQQHQ YRP .ULVWDOOWKURQ ]X VWU]HQ .HLQ OHLFKWHV 8QWHUIDQJHQ VWDQG GHP ,PSHUDWRU GRFK GLH YRLOH 0DFKW GHV LQ =HKQWDXVHQGH :HOWHQ UHFKQHQGHQ *URHQ ,PSHULXPV ]XU 9HUIJXQJ HLQ JQDGHQORVHU *HKHLPGLHQVW XQWHU GHP %HIHKO 2IIDQWXUV RGHUGLH³%OXWKXQGH´GHU.UDODVHQHQ7UXSSHGHV%OLQGHQ6RIJDUW 1LFKW ]X YHUJHVVHQ GD $WODQV )UHXQGLQ )DUQDWKLD GLH 7RFKWHU GHV 7DWRV YRQ *RUWDYRULP9HUODXIGHU)OXFKWYRQGHP([LOSODQHWHQLQGLH+lQGHGHV%OLQGHQ6RIJDUW ILHOXQGEHULKU6FKLFNVDOQLFKWVEHNDQQWZDU)U$WODQPLVFKWHQVLFKDOVRSHUV|QOLFKH XQG SROLWLVFKH ,QWHUHVVHQ DOV HLQHV VHLQHU HUVWHQ =LHOH 'LH )ROWHUZHOW ZDU (KH HU MHGRFKGRUWKLQJHODQJWHJDLWHVVLFKHLQH%DVLV]XVFKDIIHQXQGKLHU]XKDVWH)DUWXORRQ GHQ 6WW]SXQNW DXI GHU :HOW .UDXPRQ DXVHUNRUHQ RKQH ]X ZLVVHQ GD GRUW EHUHLWV 3UREOHPHJDQ]DQGHUHU$UWZDUWHWHQ 0LW GHP %XFK GLHVHU ³%ODXEDQG´5HLKH ZXUGHQ GLH .DSLWHO YRQ $WODQV -XJHQG]HLW DXIJHVFKODJHQ MHQH VFKLOOHUQGHQ $EHQWHXHU GLH LQ GHQ -DKUHQ ELV XQWHU GHP 7LWHO $7/$1H[NOXVLY²'HU +HOG YRQ $UNRQ LQ LQVJHVDPW +HIWURPDQHQ HUVWPDOV YHU|IIHQWOLFKW ZXUGHQ 7URW] PHLQHV %HPKHQV GHQ 2ULJLQDOHQ XQGLKUHP)ODLUUHFKWQDKH]XNRPPHQOlWVLFKQLFKWYHUPHLGHQGDYLHOH3DVVDJHQ EHDUEHLWHWDQGHUHJHNU]WJUDYLHUHQGH)HKOHUNRUULJLHUWXQGhEHUOHLWXQJHQKLQ]XJHIJW ZHUGHQPVVHQGDPLWDXVIQI(LQ]HOKHIWHQMHZHLOVHLQJHVFKORVVHQHU5RPDQHQWVWHKW ,FKKRIIHGDPLUDXFKGLHVPDOGLHPLWXQWHUJDUQLFKWVROHLFKWH*UDWZDQGHUXQJ ]ZLVFKHQDOWXQGQHXJHOXQJHQLVW²VFKODJHQGRFKZLHZRKOEHLMHGHP/HVHUGHUGLH DOWHQ +HIWH NHQQW ]ZHL +HU]HQ LQ PHLQHU %UXVW %HJHLVWHUXQJ DQ GHQ 6WRULHV DXV GHU ³1XU)DQ=HLW´ ULQJV PLW GHP $QVSUXFK QXQ HLQ :HUN YRU]XOHJHQ GHP PDQ VHLQH XUVSUQJOLFKH $XIVSOLWWHUXQJ HLQVFKOLHOLFK GHU GDPLW IDVW ]ZDQJVOlXILJ YHUEXQGHQHQ NOHLQHQXQGJURHQ8QVWLPPLJNHLWHQP|JOLFKVWQLFKWPHKUDQPHUNW2EHVJHOXQJHQLVW HQWVFKHLGHQGLH/HVHULQQHQXQG/HVHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
)UGDVYRUOLHJHQGH%XFKZXUGHQXQJHDFKWHWGHUQRWZHQGLJHQZRLPPHUHV JHKW VDQIWHQ (LQJULIIH IROJHQGH 5RPDQH ]XVDPPHQJHVWHOOW %DQG .ULHJ GHU *HVSHQVWHUYRQ&ODUN'DUOWRQ%DQG'HU.RSIMlJHUYRQ.ODXV)LVFKHU%DQG 'HU.ULVWDOOSULQ]XQGGLH0HXWHUHUYRQ+*(ZHUV%DQG:HOWGHUWDXVHQG)ROWHP YRQ(UQVW9OFHN%DQG,P5HLFKGHV)ROWHUN|QLJVYRQ&ODUN'DUOWRQVRZLHLP(SLORJ HLQHNXU]H3DVVDJHDXV%DQG 'HU%LR3DUDVLWYRQ'LUN+HVV:LHVFKRQLQ%XFK JLEW HV DOV $QKDQJ HLQ .OHLQHV $UNRQ/H[LNRQ XQG ]XU 9HUDQVFKDXOLFKXQJ GHU 6FKDXSOlW]HGLH.DUWHQ 8QG DXFK GLHVPDO EHGDQNH LFK PLFK EHL GHQ +HOIHUQ LP +LQWHUJUXQG GLH ZLH VWHWV PLW .ULWLN XQG $QUHJXQJHQ GDV (QWVWHKHQ EHJOHLWHWHQ 0LFKDHO %HFN +HLNR ³0U -DKUPLOOLRQHQFKURQLN´ /DQJKDQV XQG 0LFKDHO ³0U =HLWUDIIHU´ 7KLHVHQ²VRZLH 6DELQH %UHW]LQJHUXQG.ODXV1)ULFN 9LHO6SD²DGDVWUD 5DLQHU&DVWRU 3URORJ :RI0DUO6WDUFRXQG5LDPH5LY/HQN $8)67,(*81'1,('(5*$1* '(6$5.21,',6&+(1,03(5,806 ELEOLRSKLOH.RVWEDUNHLWDXVGHP$UNRQLGLVFKHQ$QQRQ&KULQVPRGHUQH ,QWHUNRVPREHUVHW]WXQGYHU|IIHQWOLFKWQDFKEHDUEHLWHWYRQ3URIHVVRU'UKLVV'USKLO &\U$EDHODUG$HVFXQQDU*lDIUGLH$11$/(1'(50(16&++(,7Q&KU 'DV DUNRQLGLVFKH ,PSHULXP HUUHLFKWH LP QHXQWHQ -DKUWDXVHQG Y &KU HLQH %OWH]HLW 'LH -DKUKXQGHUWH ZDUHQ JHNHQQ]HLFKQHW GXUFK SHUPDQHQWH ,QWULJHQ GHV IHXGDOLVWLVFKHQ+HUUVFKDIWVV\VWHPVGHQ.ULHJJHJHQGLHPHWKDQDWPHQGHQ0DDKNVXQG EL]DUUH.DEDOHQGHV+RIVWDDWHVXPGHQ,PSHUDWRU 'HU 6RKQ GHV ,PSHUDWRUV *RQR]DO 9,, XQG GHUOPSHUDWUL[
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$XV%LRJUDSKLH$WODQVLQYLHOHQ%HUHLFKHQQRFKOFNHQKDIW 3URIHVVRU'UKLVV 'USKLO&\U$EDHODUG$HVFXQQDU*lD3URYFRQ)DXVW -H PHKU (LQ]HOKHLWHQ DXV $WODQV /HEHQ LP /DXIH GHU =HLW EHNDQQW ZXUGHQ²VHL HV GXUFK VHLQH HLJHQHQ %HULFKWH RGHU GXUFK +LQ]X]LHKHQ DQGHUHU 4XHOOHQ² GHVWR DXIIlOOLJHU ZXUGH GLH PDJHEOLFK SUlJHQGH 5ROOH )DUWXORRQV 3IOHJHYDWHU /HKUPHLVWHU )UHXQG 2KQH GLH $XVELOGXQJ XQG +LOIH GHV RIIHQVLFKWOLFK lXHUVW ODQJOHELJHQ ZHQQ QLFKW JDU SRWHQWLHOO XQVWHUEOLFKHQ %DXFKDXIVFKQHLGHUV ZlUH $WODQ VLFKHUOLFK QLFKW ]X GHPJHZRUGHQDOVGHQZLULKQNHQQHQ :HQQ ZLU XQV MHGRFK QlKHU PLW GLHVHP *HKHLPQLVYROOHQ EHVFKlIWLJHQ GHU VLFK VHOEVW DOV ³OHW]WHU &DOXULHU´ EH]HLFKQHWH IlOOW DXI GD GLH PDJHEOLFKHQ ,QIRUPDWLRQHQ EHU LKQ IDVW DXVVFKOLHOLFK YRQ $WODQ VWDPPHU XQG GD VHOEVW GLHVHP QLFKW P|JOLFK ZDU GLH PLW )DUWXORRQ YHUEXQGHQHQ 5lWVHO ]X O|VHQ )HVW VWHKW GD HU]X MHQHQ ZHQLJHQ3HUVRQHQJHK|UWHGHQHQ$WODQEHGLQJXQJVORVYHUWUDXWHXQGGDVXQJHDFKWHW DOOHU PLW LKP YHUEXQGHQHQ )UDJHQ XQG 8QJHUHLPWKHLWHQ %HL VHLQHP $XIWUHWHQ DOV )DUWXORRQ RGHU VSlWHU DOV 2WWDF JHILHO HU VLFK VWHWV LQ GHU 5ROOH GHV JHKHLPQLVXPZLWWHUWHQ 0DQQHV (U YHUN|USHUWH SHUIHNW GHQ /HEHPDQQ GHU DQ NHLQHU VFK|QHQ)UDXDFKWORVYRUEHLJHKHQNRQQWHGHQ*RXUPHWIUGHQ6SHLVHXQG7UDQNHLQ 7HLOVHLQHV/HEHQVLQKDOWHVZDUHQ=ZHLIHOORVVSLHOWHHUGLHVH5ROOHQGHVKDOEVRJXWZHOO GLHLUJHQGZLHVHLQHP&KDUDNWHUHQWVSUDFKHQ8QGGRFKZDUGLHVQXUHLQH0DVNHQLFKW GLHZDKUH3HUV|QOLFKNHLW )DUWXORRQ ZDU DOV %DXFKDXIVFKQHLGHU QLFKW QXU$U]W :LVVHQVFKDIWOHUXQG 3KLORVRSKVRQGHPYRQVHLQHUJDQ]HQ$UWHEHQVRHLQKHUYRUUDJHQGHU.lPSIHUGHUGXUFK GHQ %UXVWKDPLVFK XQG GDV 6FKZHUW 6NDUJ GLH 1lKH ]XU 7UDGLWLRQ GHU $UNRQ5LWWHU EHWRQWH GHU 'DJRULVWDV DXFK 7URQ¶DWKRULL +XKDQ\=K\ JHQDQQW $QJHEOLFK PDFKWH HU NHLQHQ +HKO GDUDXV GD HU HUIROJUHLFK DOV *ODGLDWRU JHNDPSIW XQG RIIHQEDU VRJDU DQ GHQ.$<08857(6WHLOJHQRPPHQKDVWH (U OHEWH XQWHU $UNRQLGHQ XQG ZXUG H YRQ GLHVHQ DN]HSWLHUW ZDU VHOEVW MHGRFK NHLQHVZHJV HLQ $QJHK|ULJHU GLHVHV 9RONHV YHUPXWOLFK QLFKW HLQPDO YRQ NRORQLDODUNRQLGLVFKHU$EVWDPPXQJ 'LHV EHOHJWHQ VHLQH NRUSXOHQWH 6WDWXU XQG GLH JHOEHQ $XJHQ HEHQVR ZLH VHLQH HLJHQH $XVVDJH ]ZDU DQ GHU $5. 6800,$ WHLOJHQRPPHQ XQG GLHVH EHVWDQGHQ ]X KDEHQ QLFKW DEHU EHU HLQHQ DNWLYLHUWHQ ([WUDVLQQ ]X YHUIJHQ ,QVEHVRQGHUH VHLQ $XIWUHWHQ DOV 2WWRF²HUVWPDOV RIIHQVLFKWOLFK LP-DKUVSlWHUGDQQXP²VRZLHGHU+LQZHLVDXIGLH9HUZHQGXQJYRQ ³.|USHUPDVNHQ´HUVFKZHUHQGLH%HXUWHLOXQJQRFKPHKU)HVWVWHKWQXUGDDXFK XQWHU %HUFNVLFKWLJXQJ DOWDUNRQLGLVFKHU DNRQLVFKHU XQG OHPXULVFKHU 4XHOOHQ NHLQ \RON GHU &DOXULHU EHNDQQW LVW MD GD QLFKW HLQPDO HLQ 3ODQHW QDPHQV &DOXU RGHU HLQ /DQG &DOXULHQ]XH[LVWLHUHQVFKHLQHQ 'DV:LVVHQXQGGLH.HQQWQLVVH)DUWXORRQVYHUEOIIWHQ$WODQVWHWVDXIVQHXHXQG VHLQH 0|JOLFKNHLWHQ VWDQGHU GHP PLW 7KLFN DXI VHLQH *HKHLPVWDKRQHQ ZHLWVLFKWLJHQ 9RUEHUHLWXQJHQ XQG GLH 1XW]XQJ GHU VRQGHUEDUHQ 20,5*26.ULVWDOOH NHLQHVZHJV QDFK6HOEVW.RQWDNWHRGHU9HUELQGXQJHQ]XU6XSHULQWHOOLJHQ](6ZXUGHQGLHVHP0DQQ QDFKJHVDJWHLQH%HVWlWLJXQJLQGLHVHU+LQVLFKWNRQQWHQLFKWHLQPDO$WODQOLHIHP =XP=HLWSXQNWGHU9HU|IIHQWOLFKXQJGLHVHU%LRJUDSKLH$WODQVKDWVLFKVRPLWXQWHU GHP6WULFKGDV5lWVHO)DUWXORRQLP*UXQGHHLQHUYHUJU|HUWDOVYHUNOHLQHUW'LHVDXFK YRUGHP+LQWHUJUXQGGDHLQH%HIUDJXQJGHV3UlWHQGHQWHQLQVRIHPHUJHEQLVORVEOLHE DOV $WODQ QLFKW EHUHIW ZDU VHLQH HLJHQHQ 9HUPXWXQJHQ XQG hEHUOHJXQJHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
SUHLV]XJHEHQ )U LKQ ZDU XQG LVW )DUWXORRQ GHU )UHXQG GHVVHQ (LJHQKHLWHQ XQG *HKHLPQLVVHHUDOVJHJHEHQDN]HSWLHUW'DVZLHGHUXPPVVHQZLUDN]HSWLHUHQ²LQGHU +RIIQXQJ GD YLHOOHLFKW GLH =XNXQIW QRFK GLH HLQH RGHU DQGHUH )DFHWWH GLHVHU EHPHUNHQVZHUWHQ3HUV|QOLFKNHLWRIIHQEDUW 'HQQDXFKGDVVHLDQGLHVHU6WHOOHIHVWJHKDOWHQ$XVGHUJHVDPWHQ$UWXQG:HLVH ZLH $WODQ ZHLWHUKLQ YRQ )DUWXORRQ VSULFKW OlW VLFK SUREOHPORV KHUDXVK|UHQ GD HU GDYRQ EHU]HXJW LVW VHLQHP DOWHQ /HKUPHLVWHU XQG 3IOHJHYDWHU QLFKW GDV OHW]WHPDO EHJHJQHW]XVHLQGDGLHVHUYLHOPHKUZHLWHUKLQOHEWXQGEHUNXU]RGHUIDQJDEHUPDOV VHLQHQ:HJNUHX]HQZLUG SRVLWURQLVFKH 1RWLHUXQJ HLQJHVSHLVW LP 5DIIHUNRGHVFKOVVHO GHU ZDKUHQ ,PSHUDWRUHQJHJHEHQDXV$QODGHUGULWWHQHQWVFKHLGHQGHQ3KDVH'LHYRUGHP=XJULII 8QEHIXJWHU VFKW]HQGH +RFKHQHUJLH([SORVLYO|VFKXQJ LVW DNWLYLHUW )DUWXORRQ 3IOHJHYDWHUXQG9HUWUDXWHUGHVUHFKWPlLJHQ*RV¶DWKRUGHV7DL$UN¶7XVVDQ1RWLHUWDP 3UDJRGHV7HGDULP-DKUHGD$UN %HULFKW GHV :LVVHQGHQ (V ZLUG NXQGJHJHEHQ 8QJHGXOG GHLQ 1DPH LVW -XJHQG$OWHULVW]ZDUNHLQ 9HUGLHQVW DEHU HV EULQJV MHQHV 0D YRQ (UIDKUXQJ PLW VLFK GDV VLFK QLH GXUFK MXJHQGOLFKHQ (ODQ HUVHW]HQ OlW 6HLW $WODQ EHU HLQ DNWLYLHUWHV ([WUDKLP YHUIJW XQG VHLQH ZDKUH +HUNXQIW NHQQW JHOLQJW HV PLU NDXP QRFK VHLQHQ 7DWHQGUDQJ]XElQGLJHQ 'UHL]HKQ 3UDJRV QDFK $UNRQ=HLWPD VLQG YHUJDQJHQ GD $WODQ GHQ 0HGLHQ JHJHQEHUVHLQHQ7KURQDQVSUXFKYHUNQGHWHXQGDXIGLHVHP:HJGHP%UXGHUP|UGHU XQG 7\UDQQHQ 2UEDQDVFKRO ,,, VHLQH .DPSIDQVDJH ]XNRPPHQ OLH²LPPHUKLQ KDVWH GDV DUNRQLGLVFKH 7ULYLG DQOlOLFK GHV GLHVMlKULJHQ$EVFKOXVVHV GHU $5. 6800,$ PLQGHVWHQVGUHLLJ$XIQDKPHPDQQVFKDIWHQPLWGHQEHNDQQWHVWHQ%HULFKWHUVWDWWHPGHV 7DL $UN¶7XVVDQ ]XU EHGHXWHQGVWHQ GHU IQI 3UIXQJVZHOWHQ JHVFKLFNW 1RFK LPPHU EHILQGHQZLUXQVLQGHP*HKHLPVWXW]SXQNWWLHIXQWHUGHQ)HOVPDVVHQHLQHV*HELUJHV GDVVHLQHUVHLWVYRQGHU(QHUJLHNXSSHOHLQHU6LPXODWLRQVDQODJHEHUZ|OEWZLUGXQGGLH $QSHLOXQJ XQVHUHV 7UDQVPLWWHUV YHUKLQGHUW :lKUHQG $WODQV $5. 6800,$ 6FKXOXQJV]HLW LVW HV PLUJHOXQJHQ NQDSS KXQGHUW ]XYHUOlVVLJH /HXWH DXI /DUJDPHQLD ]XVDPPHQ]X]LHKHQ 6FKRQDP3UDJRGHV0HVVRQWUDIMHGRFK0DVFDQW2IIDQWXUGHU&KHIGHU7X *RO&HO PLW 0DQQ HLQ XQG YHUKlQJWH HLQH WRWDOH %ORFNDGH EHU GHQ 3ODQHWHQ PLQGHVWHQV WDXVHQG 6FKLIIH GHV 2UE\V1XNDUD*HVFKZDGHUV ULHJHOWHQ GHQ 5DXP DE 8QWHUGLHVHQ %HGLQJXQJHQ ZDU DQ HLQH $EUHLVH QLFKW ]X GHQNHQ 8QVHUH 3ODQXQJ VDK RKQHKLQ DQGHUV DXV REZRKO ZLU DXFK²GXUFKDXV HLQNDONXOLHUWH²5FNVFKOlJH ]X YHU]HLFKQHQKDWWHQ 7DQLFWURS 1DWXUZLVVHQVFKDIWOHU YHUVFKZLHJHQ JHLVWYROO KDW VHLQHQ KRKHQ SHUV|QOLFKHQ0XWPLWGHP/HEHQEH]DKOW$OVVHLQ6RKQ0DFRORQJHWDPWEHVWDQG$WODQ DOV HLQHU YRQ QHXQ DXV +HUWDVRQHQ GLH GULWWH 6WXIH GHU $5. 6800,$ GLH .UDODVHQHQ GHV %OLQGHQ 6RIJDUW IDWHQ 7DQLFWURS NXU] YRU VHLQHU YRUEHUHLWHWHQ )OXFKW XQG HUVFKRVVHQ LKQ XQWHU HLQHP IDGHQVFKHLQLJHQ *UXQG $P 3UDJR GHV 0HVVRQ ZXUGH'UHLVRQQHQWUlJHU7RUPDQDFGD%RVWLFKYRP&KHIGHV7*&SHUV|QOLFKLQKDIWLHUW XQGGHU%HLKLOIHDQ$WODQVJHOXQJHQHU)OXFKWEH]LFKWLJW %ORFNDGH hEHUJULIIH GHU 7*& $GPLUDO 7RUPDQDFV 9HUKDIWXQJ XQVHUH )OXJEOlWWHUPLW$WODQV/HEHQVJHVFKLFKWHXQGGHU:DKUKHLWEHU,PSHUDWRU*RQR]DOV9,, 7RG XQG OHW]WOLFK $WODQV SHUV|QOLFKHU $XIWULWW DOV *RV¶DWKRU GHV *URHQ ,PSHULXPV YRU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
GHQ 5RERWNDPHUDV KDVWHQ QLFKW QXU DXI /DUJDPHQLD HLQH 6WLPPXQJ GHV $XIUXKUV ]XU )ROJH6HOEVWYHUVWlQGOLFKVWULWW2IIDQWXU$WODQV$XVIKUXQJHQDOV/JHDEVWHOOWHLKQDOV 6FKZLQGOHU KLQ XQG HUNOlUWH GLH %HZHLVH IU JHIlOVFKW GRFK VFKRQ GLH PXWLJHQ %HULFKWHUVWDWWHU ZDJWH HU QLFKW ]X LQKDIWLHUHQ VRQGHP YHUZDPWH VLH QXU LQ VFKDUIHU )RUP ,Q]ZLVFKHQ KDEHQ 2UEDQDVFKRO XQG 2IIDQWXU QDWUOLFK LKUH 3URSDJDQGDPDVFKLQHULHDQODXIHQODVVHQHLQGHXWLJH³%HZHLVH´IU*RQR]DOV-DJGXQIDOO YRUJHOHJW XQG $WODQV ³/JHQ´ ZHLWHU HQWNUlIWHW XP GDQQ GXUFK HIIROJUHLFKH )URQWEHULFKWH GHV VLFK ³SO|W]OLFK YHUVFKlUIHQGHQ 0HWKDQNULHJV´ YRQ GLHVHU 7KHPDWLN DE]XOHQNHQ 'H.HRQ¶DWKRU 7RUPDQDF LVW LQ]ZLVFKHQ ]ZDU ZLHGHU DXI IUHLHP )X ZXUGH MHGRFK DEHUPDOV PLW +LQZHLV DXI VHLQH %HLQSURWKHVHQ²DOV 9RUVLW]HQGHU GHU ³.OHLQHQ 5XQGH´ XQG &KHI GHU)DHKUO YRQ /DUJDPHQLD DEJHVHW]W VWHKW QRFK XQWHU +DXVDUUHVWXQGVRLOLQGHQQlFKVWHQ3UDJRVDXIHLQHXQEHGHXWHQGH.RORQLDOZHOWLQGHQ ³ZRKOYHUGLHQWHQ5XKHVWDQG´DEJHVFKREHQZHUGHQ (V LVW XQDXVZHLFKOLFK GD *HKHLPGLHQVWH XQG 6RIJDUWV .UDODVHQHQ YHUVWlUNW QDFK $WODQ XQG DOLHQ GLH LKP YLHOOHLFKW KHOIHQ N|QQWHQ IDKQGHQ 6RPLW YHUELHWHW VLFK QLFKWQXUHLQH.RQWDNWLHUXQJ7RUPDQDFVVRQGHPGLH3ODQHWHQ*RUWDYRUXQG=KR\WVDPW GHQGRUWLJHQ6WDWLRQHQVLQGIUXQV³YHUEUDQQW´HLQH5FNNHKUDXV6LFKHUKHLWVJUQGHQ DXVJHVFKORVVHQ $EHUGDV ,PSHULXP LVWJUR =HKQWDXVHQGH :HOWHQ XQG +XQGHUWH 0LOOLDUGHQ %HZRKQHU NRPPHQ XQV ]XJXWH 9RU GLHVHP +LQWHUJUXQG LVW HV QRWZHQGLJ ]XQlFKVW HLQH VLFKHUH %DVLV ]X VFKDIIHQ²KLQVLFKWOLFK $XVVWDWWXQJ 3HUVRQDO RUJDQLVDWRULVFKZLHORJLVWLVFK :LU GLH *HWUHXHQ GHV HUPRUGHWHQ ,PSHUDWRUV XQG 9HUEQGHWHQ GHV .ULVWDOOSULQ]HQ N|QQHQ DXI GLH LQ GHQ OHW]WHQ -DKUHQ DXVJHDUEHLWHWHQ 3OlQH ]XUXFNJUHLIHQ GHQQRFK ZLUG HV HLQ PKVDPHU XQG ODQJZLHULJHU :HJ ZHUGHQ XP 2UEDQDVFKRO DXV GHP .ULVWDOOSDODVW ]X YHUWUHLEHQ 9RU DOOHP GLH 8QWHUVWW]XQJ GHU .KDVXP ]X HUKDOWHQ RKQH GHUHQ 5FNKDOW ZHGHU HLQ 0DFKWZHFKVHO QRFK GLH ,QWKURQLVDWLRQGHV*RV¶DWKRUDOV,PSHUDWRU*RQR]DO9,,,]XUHDOLVLHUHQVHLQZLUGLVWHLQ ODQJIULVWLJHV 9RUKDEHQ PLW YLHOHQ 8QZlJEDUNHLWHQ GDV YLHO 'LSORPDWLH XQG )LQJHUVSLW]HQJHIKOHUIRUGHUW $QGHUHUVHLWV VLQG $WODQV 8QJHGXOG XQG 7DWHQGUDQJ MHGRFK HEHQIDOOV ]X EHUFNVLFKWLJHQ²QLFKW ]XOHW]W VHLQH EHUDXV YHUVWlQGOLFKH 6RUJH XP )DPDWKLD 'HFODQWHU GLH IDVW MlKULJH 7RFKWHU GHV 7DWRV YRQ *RUWDYRU GLH VLFK VHLW XQVHUHU )OXFKW YRQ GLHVHP 3ODQHWHQ DP 3UDJR GHU &RURPD GD $UN LQ GHQ +lQGHQ GHV%OLQGHQ6RIJDUWEHILQGHW=X5HFKWKDW$WODQGDUDXIYHUZLHVHQGDGHP&KHIGHU .UDODVHQHQPLWLKUHLQH*HLVHO]XU9HUIJXQJVWHKWGHUHQ6FKLFNVDOLKPSHUV|QOLFKDP +HU]HQOLHJWXQGLKQOHW]WOLFKHUSUHEDUPDFKW'LH.HQQWQLVYRQ6RIJDUWV3V\FKRJUDPP OlW PLFK EHIUFKWHQ GD HU JHQDX GLHVHV SODQW XQG LFK NHQQH PHLQHQ =LHKVRKQ ]X JXW DOV GD HU EHUHIW ZlUH )DPDWKLD HLQHU ]ZDU ORJLVFK IXQGLHUWHQ DEHU ]XWLHIVW EUXWDOHQ (UZlJXQJ ZLH VLH GHU %HJULII ³6WDDWVUlVRQ´ DXVGUXFNW ]X RSIHP 1DFK UHLIOLFKHU hEHUOHJXQJ KDEH LFK GHVKDOE EHVFKORVVHQ XQVHU 9RUJHKHQ ]X IRUFLHUHQ *HPHLQVDP PLW$WODQ (LVNUDOOH XQG 7LUDNR *DPQR ZHUGH LFK /DUJDPHQLD EHU GLH YRUEHUHLWHWH 7UDQVPLWWHUVWUHFNH YHUODVVHQ 'LH HLQ]HOQHQ =ZLVFKHQVWDWLRQHQ VLQG DOOHVDPWJHJHQ2UWXQJHQDEJHVFKLUPWVRGDHVP|JOLFKVHLQZLUGGLHEHUHLWVWHKHQGH 'LVNXVMDFKWQDFK$WODQVHKUHQZHUWHP+HUUQ9DWHU*212=$/JHWDXIWXQEHREDFKWHW]X HUUHLFKHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
8QVHUH$XIJDEH ZLUG GLH HLQHV 9RUDXVNRPPDQGRV VHLQ ,Q GHQ -DKUHQ XP GD$UNZXUGHDXI%HIHKO6HLQHU(UKDEHQKHLW,PSHUDWRU*RQR]DO9,,HLQHJDQ]H 5HLKH YRQ EHU GDV *URH ,PSHULXP YHUVWUHXWHQ 6WW]SXQNWHQ JHVFKDIIHQ GLH GHP =KGRSDQWKL VHLQHU )DPLOLH XQG VHLQHP 5HJLHUXQJVVWDE LP 1RWIDOO 8QWHUVFKOXSI XQG 6LFKHUKHLWJHZlKUOHLVWHQ VROOWHQ 'LH $QODJHQ VLQG DOOHVDPW IU HLQH KDOEH (ZLJNHLW NRQVHUYLHUWXQ]XJlQJOLFKIUXQEHUHFKWLJWHRGHU]XIlOOLJH%HVXFKHU,FKKDEHPLFKIU MHQH DXI GHP 3ODQHWHQ .UDXPRQ HQWVFKLHGHQ GHUHQ UHODWLYH 1lKH ]XP JDODNWLVFKHQ =HQWUXP/LFKWMDKUHYRP.XJHOVWHPKDXIHQ7KDQWXU/RNXQG$UNRQHQWIHUQWXQV HLQ+|FKVWPDDQ6LFKHUKHLWYHUVSULFKW 'HU ³VFKODIHQGH 6WXW]SXQNW´ LVW DXVJHOHJW EHL %HGDUI LQ GHQ LQVJHVDPW *HElXGHQ]HKQWDXVHQGRGHUPHKU'DXHUEHZRKQHUDXI]XQHKPHQ'RUWZHUGHQZLUPLW GHU=HLWMHQH+HOIHUXQG0LWVWUHLWHU]XVDPPHQ]LHKHQXQGGHQHLJHQWOLFKHQ.DPSIJHJHQ 2UEDQDVFKRO EHJLQQHU 'HU LQIRUPLHUWH .UHLV MHQHU GLH GLH .RRUGLQDWHQ .UDXPRQV NHQQHQ LVW DXI HLQ DEVROXWHV 0LQLPXP EHVFKUlQNW GHQQRFK EOHLEW GDV HLQ 8QVLFKHUKHLWVIDNWRUGHUPLU6RUJHQPDFKWVLFKDEHUQLFKWYHUUQHLGHQOlW$WODQNDQQ XQG ZLUG QXU GDQQ (IIROJ KDEHQ ZHQQ HU ]XQlFKVW GXUFK HLQH DXVUHLFKHQG JURH 3HUVRQHQJUXSSHXQGOHW]WOLFKDXFKGXUFKGDVDUNRQLGLVFKH\RONXQWHUVWW]WZLUG $XV%LRJUDSKLH$WODQVLQYLHOHQ%HUHLFKHQQRFKOFNHQKDIW 3URIHVVRU'UKLVV 'USKLO&\U$EDHODUG$HVFXQQDU*lD3URYFRQ)DXVW %H]RJHQDXIGLH$XVJDQJVEHGLQJXQJHQPXGHPMXQJHQ$WODQXQGVHLQHQ )UHXQGHQQLFKWQXUEHDFKWOLFKHV6HOEVWYHUWUDXHQVRQGHUQHLQIDVWDQV1DLYHJUHQ]HQGHU 2SWLPLVPXVXQWHUVWHOOWZHUGHQ1DFKGHPDOV³-DJGXQIDOO´GDUJHVWHOOWHQ7RG*RQR]DOV 9,,XQGGHU0DFKWEHPDKPH2UEDQDVFKROV,,,JLQJHQ]ZDUYLHOH*RQR]DO7UHXHLQGHQ 8QWHUJUXQGXQGGUIWHQVSlWHU]XMHQHQ9HUWUDXWHQJHK|UWKDEHQDXIGLH)DUWXORRQ VHW]HQNRQQWHDEHULP9HUJOHLFK]XP0DFKWDSSDUDWGHV,PSHUDWRUVZlUHVHOEVWHLQH QDFK0LOOLRQHQ]lKOHQGHEHVWHQVRUJDQLVLHUWH8QWHUJUXQGRUJDQLVDWLRQREMHNWLYJHVHKHQ LP*UXQGHQLFKWGHU5HGHZHUWJHZHVHQ'RFKVHOEVWYRQHLQHUVROFKHQZDULQMHQHU =HLWGHU.UHLVXPGHQ.ULVWDOOSULQ]HQOLFKWMDKUHZHLWHQWIHUQW $WODQVEHUGLH$UNRQPHGLHQYHUEUHLWHWH³.DPSIDQVDJH´DQ2UEDQDVFKROQDFK GHUHUIROJUHLFKHQ$NWLYLHUXQJVHLQHV([WUDVLQQVNDQQGXUFKDXVDOVGLHNRQVHTXHQWH $XVQXW]XQJGHUVLFKELHWHQGHQJXWHQ*HOHJHQKHLWEHWUDFKWHWZHUGHQ=XHLQHU 8PVHW]XQJZDUHUMHGRFK]XGLHVHP=HLWSXQNWNHLQHVIDOOVLQGHU/DJH$QVSUXFKXQG :LUNOLFKNHLWNODIIWHQLQNDWDVWURSKDOHP0DHDXVHLQDQGHU0HKUQRFK$OVYRQRIIL]LHOOHU ZLHLQRIIL]LHOOHU6HLWH9HUIROJWHUXQG*HMDJWHUZDUIU$WODQYLHOPHKUGDV$EWDXFKHQ DQJHVDJWXP]XQlFKVWGHQYLHOHQ+lVFKHUQ]XHQWNRPPHQ²YHUEXQGHQPLWGHP=LHO MHQHQYRQ)DUWXORRQDXVJHZlKOWHQ3ODQHWHQ]XHUUHLFKHQYRQGHPDXVYLHOOHLFKW VSlWHUH(LQ]HODNWLRQHQJHVWDUWHWZHUGHQNRQQWHQ $Q%RUGGHU*212=$/3UDJRGHV7HGDUGD$UN )DUWXORRQV*HKHLPQLVNUlPHUHLJLQJPLUODQJVDPDEHUVLFKHUDXIGLH1HUYHQ 3IOHJHYDWHUKLQ3IOHJHYDWHUKHUHUKDQGHOWHZHLWHUKLQDOVVHLLFKGHU-XQJHDXI *RUWDYRUXQGQLFKWGHUUHFKWPlLJH1DFKIROJHU,PSHUDWRU*RQR]DOV9,,GHQPHLQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
2QNHO2UEDQDVFKROKHLPWFNLVFKHUPRUGHWKDVWH6WDWWPHLQHUVDQXQGHU0|UGHUDXI GHP.ULVWDOOWKURQGHU$UNRQLGHQ,FKKDVWHJHVFKZRUHQIUPHLQ5HFKW]XNlPSIHQ XQGPLU]XU6HLWHVWDQGHUPHLQH)UHXQGH)DUWXORRQVHOEVWGHU&KUHWNRU(LVNUDOOHXQG GHUMXQJH$UNRQLGH 7LUDNR*DPQRGHUZLHLFKDQGHU$5.6800,$WHLOJHQRPPHQKDVWH)DUQDWKLD PLWGHUPLFKPHKUDOVEORH)UHXQGVFKDIWYHUEDQGZDUVFKRQEHLXQVHUHU)OXFKWYRU QXQPHKUVHFKV$UNRQ3HULRGHQDXI*RUWDYRULQGLH+lQGHGHU.UDODVHQHQJHIDOOHQ 0HLQH$QJVWXPVLHZXFKVHEHQVRZLHPHLQH8QJHGXOGYRQ7DJ]X7DJ,FKKDVWHPLU IHVWYRUJHQRPPHQVLHEDOGP|JOLFKVW]XEHIUHLHQ9RUEHUHLWXQJXQG7HLOQDKPHDQGHU $5.6800,$KDVWHQGLH6RUJHQLQGHQ+LQWHUJUXQGJHGUlQJWQXQWUDWHQVLHXPVR VWlUNHUKHUYRU .UDXPRQKLHXQVHU=LHO²YLHOPHKUZDUELVODQJDXVGHP$OWHQQLFKW KHUDXV]XORFNHQJHZHVHQ%LV]XHLQHPJHZLVVHQ*UDGYHUVWDQGLFKMDVHLQH$UWGHU 9HUVFKZLHJHQKHLWHEHQVRGDHUGLH7UDQVLWLRQVEHUHFKQXQJHQVWHWVDOOHLQH GXUFKJHIKUWKDVWH'HQQRFKZXUGHHV=HLWGDHU.ODUWH[WUHGHWH1DFKGHQNOLFK VWDUUWHLFKDXIGLH$Q]HLJHQXQG,QVWUXPHQWHGHU=HQWUDOH'LH7UDQVSDUHQ]GHUIODFK JHZ|OEWHQ3DQ]HUWURSORQNXSSHOGHV6FKLIIHVZDUGXUFKGLHGRSSHOWH3RODULVDWLRQGHU =ZLVFKHQVFKLFKWDXIJHKREHQ,P%DQGGHU3DQRUDPDJDOHULHHUJlQ]WHVLFKGLH QRUPDORSWLVFKH3URMHNWLRQPLWGHQ3DUDPHWHUQYRQ2UWXQJXQG7DVWXQJ]XP SRVLWURQLVFKVLPXOLHUWHQ%LOG 9RP(QGSXQNWGHU7UDQVPLWWHUVWUHFNHDXVZDUHQZLUPLWGHUEHUHLWVWHKHQGHQ *212=$/JHVWDUWHW(VZDUHLQHYRQ.RORQLDODUNRQLGHQEHVLHGHOWH:HOWJHZHVHQGLH LP*HJHQVDW]]XGHQ.XJHOVWHUQKDXIHQ7KDQWXU/RNXQG&HUNROVFKRQ]XP 1HEHOVHNWRUGHUgGHQ,QVHOJHK|UWH²DOVR7HLOGHUJDODNWLVFKHQ+DXSWHEHQHZDU:LH GLHVHU3ODQHWKLHXQGZRHUVLFKEHIDQGKDVWH)DUWXORRQQDWUOLFKQLFKWJHVDJW1DFK DFKW7UDQVLWLRQHQVFKlW]WHLFKGDGLH'LVWDQ]]XPJDODNWLVFKHQ=HQWUXPQXUQRFK ]HKQELV]Z|OIWDXVHQG/LFKWMDKUHEHWUDJHQNRQQWH'LH6WHUQHVWDQGHULQGLFKWHQ .RQVWHOODWLRQHQVHOWHQPHKUDOVHLQ/LFKWMDKUYRQHLQDQGHUHQWIHUQWYLHOIDUELJOHXFKWHWHQ :DVVHUVWRIIZRONHQXQGYRP+LQWHUJUXQGKREHQVLFKGLHXQUHJHOPlLJJHIRUPWHQ GXQNOHQ%HUHLFKHYRQ6WDXEEDOOXQJHQDWH.HLQHGUHL/LFKWMDKUHHQWIHUQWGHKQWHVLFKGLH UHJHQERJHQIDUELJH6WUXNWXUHLQHVSODQHWDUHQ1HEHOVHWZDKDOEVRZHLWORGHUWHGHU EODXZHLHhEHUULHVHGHU)DUWXORRQRIIHQVLFKWOLFKDOV2ULHQWLHUXQJVSXQNWJHGLHQWKDVWH ,FKZXUGHDXVPHLQHQ*HGDQNHQJHULVVHQDOVLFKLP$QWLJUDYVFKDFKWGDV W\SLVFKH6FKHSSHUQGHVDOWHQ%UXVWKDUQLVFKVK|UWHGHQGHU%DXFKDXIVFKQHLGHUQXU ]XP6FKODIHQDEOHJWH(UJHK|UWH]XLKPZLHGDV6FKZHUW6NDUJGDVHUIDVWVWlQGLJ EXJ6HLQHPDVVLJH*HVWDOWVFKZHEWHDXVGHU6FKDFKW|IIQXQJLQGLH=HQWUDOHLQGHULFK 7LUDNRYRU]ZHL7RQWDVQDFKGHUOHW]WHQ7UDQVLWLRQDEJHO|VWKDVWH:LHGHUHLQPDO YHUVXFKWHLFK(LQ]HOKHLWHQGHUVLOEULJVFKLPPHUQGHQ.QDXIILJXUGHV'DJRU %UHLWVFKZHUWV]XHUNHQQHQ²XQGZLHGHUHLQPDOVFKLHQHQLKUH.RQWXUHQEHLQlKHUHP +LQVHKHQ]X]HUIOLHHQ)DUWXORRQZDUQXUPLWWHOJURXQGZLUNWHDXIGHQHUVWHQ7KLFN UHFKWNRUSXOHQW'RFKGDVYHUPHLQWOLFKH)HWWZDUHQKDUWHXQG]XJOHLFKJHVFKPHLGLJH 0XVNHOQ(UOlFKHOWHPLWGHQJHOEHQ$XJHQGLHKLQWHUGHQ:OVWHQVHLQHVEUHLWHQ *HVLFKWVNDXP]XVHKHQZDUHQ$OV$XVJOHLFKIUGHQ.DKONRSIZDUHVYRQHLQHP VFKZDU]HQJHNUDXVWHQ9ROOEDUWXPZXFKHUW ³1DPHLQ6RKQ´VDJWHHUMRYLDOXQGVHW]WHVLFKLQHLQHQGHU.RQWXUVHVVHO³ZLH NRPPVWGXPLWGHP6FKLIIFKHQ]XUHFKW"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKPXWHJULQVHQ'DV³6FKLIIFKHQ´ZDUHLQHVFKQHOOHGLVNXVI|UPLJH-DFKWGHU /(.$%DXUHLKHPLWDXVJH]HLFKQHWHQ)OXJHLJHQVFKDIWHQHLQHPWDGHOORV IXQNWLRQLHUHQGHQ)HUP7DDUN7UDQVLWLRQVWULHEZHUNXQGDOLHQQXUGHQNEDUHQWHFKQLVFKHQ (LQULFKWXQJHQGLHPDQYRQHLQHPWFKWLJHQ.OHLQUDXPHUYHUODQJHQNRQQWH²EHLIQI]LJ 0HWHUQ'XUFKPHVVHUXQG]ZDQ]LJ0HWHUQ+|KH ³'HLQH)UDJHLVWEHUIOVVLJ)DUWXORRQ1DWUOLFKNRPPHLFK]XUHFKWXQGLFK PXVDJHQHVLVWHLQVHKUJXWHU5DXPHU0|FKWHZLVVHQZLHGXXQGGHLQHKP 9HUWUDXWHQGDKHUDQJHNRPPHQVHLG.RVWHWGRFKPLQGHVWHQVHLQH0LOOLRQ&KURQQHUV 2GHUJHK|UWHGLH*212=$/PHLQHP9DWHU"´ )DUWXORRQJULQVWH]XUFN³:HUYLHOUHGHWGHUYHUUlWDXFKYLHO,FK]LHKHHVQXQ PDOYRUPLFKPLW*HKHLPQLVVHQ]XXPJHEHQ²DXFKPHLQHQ)UHXQGHQJHJHQEHU´ 'DIUKDWHUXQVHUHQPDUNLJHQ:DKOVSUXFKJHSUlJW)U$WODQXQG$UNRQ²DXI /HEHQXQG7RG³:DUWHQXU´GURKWHLFKVFKHU]KDIW³ELVLFKHUVW,PSHUDWRUELQ'DQQ ODVVHLFKGLFKPLW3V\FKRVWUDKOHUQEHULHVHOQELVHVNHLQH/JHQXQG$XVUHGHQPHKU JLEW9LHOOHLFKWHUIDKUHLFKVRHQGOLFKGLHJDQ]H:DKUKHLW´ ³$OOHV]XVHLQHU=HLW´)DUWXORRQVWDUUWHJHGDQNHQYHUORUHQDXIGDV%DQGGHU 3DQRUDPDJDOHULH³0LWGHUQlFKVWHQ7UDQVLWLRQVLQGZLUGD´ ³.UDXPRQ",FKQHKPHDQHVKDQGHOWVLFKXPHLQHQ3ODQHWHQGHUQLFKWLQGHQ 6WHUQHQNDUWHQYHU]HLFKQHWLVW´ ³*DQ]ULFKWLJ.UDXPRQLVWGHUHLQ]LJH3ODQHWHLQHUQDPHQORVHQ6RQQH'DVKDW JHZLVVH9RUWHLOHZDVGLH2UWXQJVLFKQlKHUQGHU6FKLIIHEHWULIIW$XFKLVWGDVHLQHUGHU *UQGHZDUXPLFKGLHVHQ3ODQHWHQZlKOWH'RUWVLQGZLUZRKOYRUHUVWVLFKHUXQG N|QQHQGLHQlFKVWHQ6FKULWWHLQDOOHU5XKHDQJHKHQ´ ³(LVNUDOOHILHEHUWGDQDFKGHP%OLQGHQ6RIJDUWVHLQH.UDOOHQXPGHQGUUHQ+DOV OHJHQ]XN|QQHQ:LUPVVHQ)DUQDWKLDEHIUHLHQ'XNHQQVWPHLQHVWlQGLJH6RUJHXP VLH´ (LVNUDOOHZDUHLQ&KUHWNRUXQGVDKVRDXVDOVEHVWQGHHUDXVWUDQVSDUHQWHP (LV'DHUPHLVWXQEHNOHLGHWZDUNRQQWHPDQVHLQH2UJDQH1HUYHQVWUlQJHXQG$GHUQ GHXWOLFKHUNHQQHQ0LWQXU0HWHUQ*U|HXQGHLQHUDQVRQVWHQGXUFKDXV DUNRQRLGHQ*HVWDOWZDUVHLQH+DXSWVFKZlFKHGLHVWlQGLJH$QJVWEHL]XJURHU+LW]H ]X]HUIOLHHQRGHUEHL]XJUDHU.lOWH]XHUVWDUUHQ$EHUZHKHHUJDEHLQHP /HEHZHVHQGDVHUQLFKWPRFKWHGLH+DQG²GDVZDUHLQHIUFKWHUOLFKH:DIIHGLHXQV VFKRQDXVPDUFKHU.OHPPHEHIUHLWKDVWH ³,KUZLUGQLFKWGDVNOHLQVWH+DDUJHNUPPWZHUGHQGDUDXINDQQVWGXGLFK YHUODVVHQ$WODQ:HQQLFKGDQLFKWVLFKHUZlUHVlHQZLUMHW]WQLFKWWULHUXQGKLHOWHQ ZHLVH5HGHQ:DVKlOWVWGXHLJHQWOLFKYRQGHLQHPQHXHQ)UHXQG7LUDNR*DPQR"´ 6HLQSO|W]OLFKHU7KHPHQZHFKVHOEHUUDVFKWHPLFK:LUKDVWHQXQVVFKRQRIW JHQXJEHU7LUDNRXQWHUKDOWHQZR]XDOVRGLH)UDJH",FKZDUIURKLKQDOV9HUEQGHWHQ 0LWVWUHLWHUXQG)UHXQGJHZRQQHQ]XKDEHQ7LUDNRZDUKRFKJHZDFKVHQVDKDEHU ]HUEUHFKOLFKDXVKDVWHHLQHQVFKDUIHQ9HUVWDQGZDUVFK|QJHLVWLJDEHUDOOHVDQGHUH DOVHLQ)HLJOLQJXQGPLWGHU*DEHGHVIHLQHQ6SRWWHVDXVJHVWDWWHWVHLQ9DWHUGHU&KHI HLQHU+DQGHOVUDXPVFKLIIVIORWWHJDLWDOVNDOWKHU]LJHU*HVFKlIWVPDQQ ³,QHUVWHU/LQLHLVWHUIUPLFKGDV6\PEROGHUMXQJHQ*HQHUDWLRQGLHGHQ YHUKDWHQ'LNWDWRUORVZHUGHQP|FKWH6FKRQGDVPDFKWLKQYHUWUDXHQVZUGLJ(U JHK|UW]XGHQ/HXWHQGLHLQVWLQNWLYLQ2UEDQDVFKROGHQ9HUUlWHUXQG9HUEUHFKHUZLWWHUQ XQGLKQVWU]HQZROOHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³-XQJH/HXWHZROOHQLPPHUHWZDVXPVWU]HQ´ ³6LFKHUDEHUGLHVHMXQJH*HQHUDWLRQKDWHLQHJXWH$OWHUQDWLYHDQ]XELHWHQ'DV LVWGHU8QWHUVFKLHG(LQIDFKGDV$OWH]HUVW|UHQRKQHEHVVHUH/|VXQJHQDQ]XELHWHQ GDVNDQQMHGHU'XPPHXQG+LW]NRSI7LUDNRNHQQWGLHYRLOH:DKUKHLWHUKDWHVGDPLW OHLFKWHUDOVVHLQH$OWHUVJHQRVVHQGLHLKUHP,QVWLQNWIROJHQXQGNHLQH%HZHL VHKDEHQ(UVWDPPWDXVJXWHP.HOFKXQGLFKELQVLFKHUGDZLUXQVDXILKQ YHUODVVHQN|QQHQ´ ³'DELQLFKDXFKVLFKHUVRQVWKlWWHQZLULKQQLFKWPLWJHQRPPHQ,FK]HLJHQLFKW MHGHPPHLQH6WW]SXQNWH´ (LQH:HLOHVFKZLHJHQZLQ)DUWXORRQV%HPHUNXQJ]XUYHUPHLQWOLFKHQ³6LFKHUKHLW´ )DUQDWKLDVKDVWHPLFKNHLQHVZHJVEHUXKLJW,UQ*HJHQWHLO9HUVWlUNWVWLHJHQGLH YHUGUlQJWHQ6RUJHQDXI:RKHUQLPPWHUGLHVH*HZLKHLW"IUDJWHLFKPLFK:UGHLFK LKQQLFKWEHVVHUNHQQHQ:DVLFKELVKHUYRP%OLQGHQ6RIJDUWZHLGHXWHW NHLQHVZHJVGDUDXIKLQGDHULKU³QLFKWGDVNOHLQVWH+lUFKHQNULLPPW´VFKRQLP7DUNLKO KDWHUYHUVXFKWVLFKDQVLHKHUDQ]XPDFKHQ(UIUHXOLFKHUZHLVHEHVFKHUWHLKPGLHVH %HJHJQXQJUHFKWLQWHQVLYH.RSIVFKPHU]HQ ,Q]ZLVFKHQZHL6RIJDUWXPLKUH%H]LHKXQJ]XGLUGHP.ULVWDOOSULQ]HQPHOGHWH VLFKGHU([WUDVLQQPLWLQPHLQHP*HGDQNHQKLQWHUJUXQGIOVWHUQGHU6WLPPH'DV YHUlQGHUWGLH/DJH(UZLUGYHUVXFKHQVLHJHJHQGLFKDOV'UXFNPLWWHOHLQ]XVHW]HQRGHU XPGLFKLQHLQH)DOOH]XORFNHU )DUWXORRQVDXIXQHUJUQGOLFKHQ:HJHQJHVDPPHOWH,QIRUPDWLRQHQEHVDJWHQ GD6RIJDUWLQGHQOHW]WHQ$UNRQ3HULRGHQDQ%RUGVHLQHV)ODJJVFKLIIV&(/,6LP 6WHUQHQPHHUGHUgGHQ,QVHOXQWHUZHJVJHZHVHQZDUXQGYRUDXVVLFKWOLFKHUVWJHJHQ (QGHGHV7HGDUHQWZHGHU]XU:HOWGHU.UDODVHQHQ7UXPVFKYDDURGHUVHLQHU )ROWHUZHOW*DQEHUDDQ]XUFNNHKUHQZROOWH)UPLFKHLQ=HLWSXQNWDQGHPVSlWHVWHQV +DQGHOQDQJHVDJWZDUZLHLPHLQ]HOQHQPXWHVLFKQRFKKHUDXVVWHOOHQ $XWRPDWLVFKIXKUHQGLH,PSXOVWULHEZHUNHUXPRUHQGKRFKXQGEHVFKOHXQLJWHQGHQ 'LVNXVVRGDGHU6SUXQJNQDSSXQWHUKDOEGHU/LFKWJHVFKZLQGLJNHLWVWDWWILQGHQZUGH 'DV3URJUDPPIUGLHQHXQWHXQGOHW]WH7UDQVLWLRQZDUEHUHFKQHWMHW]WNRQWUROOLHUWH )DUWXORRQQRFKPDOVGHQ6WUXNWXUIHOG.RQYHUWHUGHUGLH)HUPHLQOHLWHQZUGH YHUEXQGHQPLWGHPXQYHUPHLGEDUHQ(QW]HUUXQJVVFKPHU]'DVPXWHLQ.DXI JHQRPPHQZHUGHQZROOWHQZLULQ%UXFKWHLOHQHLQHU0LOOLWRQWDYLHOH/LFKWMDKUH ]XUFNOHJHQ ³.UDXPRQLVWHLQPRQGORVHU3ODQHWPLW.LORPHWHUQ'XUFKPHVVHU6LHKW EHGHXWXQJVORVDXV'LH$WPRVSKlUHLVWGQHDEHUDXFKRKQH9HUGLFKWHUPDVNHQ DWHPEDU'HUJU|WH7HLOGHU2EHUIOlFKHKDWZVWHQDUWLJHQ&KDUDNWHU1XUDPbTXDWRU XQGDP5DQGGHU3ROHLVNDSSHQJLEWHVHLQHUHLFKKDOWLJHWHLOZHLVHSSLJH9HJHWDWLRQ² ULHVLJH:lOGHUXQG6WHSSHQDXIGHQHQGDV*UDVPDQQVKRFKZlFKVW(VJLEW*HELUJH XQGJHVFKW]WH7DOHUGLHQRFKQLHGHU)XHLQHVLQWHOOLJHQWHQ/HEHZHVHQVEHWUHWHQ KDW'LH)DXQDLVWDUWHQDUP'HU6WW]SXQNWOLHJWDPbTXDWRULQHLQHPJURHQ7DOPLW :DOGHUQ6HHQXQG)OVVHQ.UDXPRQKDWHLQH6FKZHUNUDIWYRQ*UDYRVGLH PLWWOHUHQ7HPSHUDWXUHQOLHJHQEHLHWZD*UDGXQGGLH'DXHUGHU5RWDWLRQEHWUlJW 7RQWDVLVWDOVROlQJHUDOVHLQ6WDQGDUGSUDJR1HQQHQVZHUWHMDKUHV]HLWOLFKH :HFKVHOJLEWHVQLFKWZHOOGLH$FKVQHLJXQJQXUGUHL*UDGEHWUlJW´ ³,FKKDEHQLFKWYRUDXI.UDXPRQ]XIDXOHQ]HQ´,FKVDKLKQIUDJHQGDQ³:DV SODQHWGXJHQDX"'DVKDVWGXXQVQRFKQLFKWJHVDJW´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
)DUWXORRQOlFKHOWH³=XHUVWPVVHQZLUGHQµVFKODIHQGHQ6WW]SXQNWDNWLYLHUHQ (UZXUGH-DKUHYRUGHLQHU*HEXUWHUULFKWHWXQGIUGHQ1RWIDOONRQVHUYLHUW1XQVRLOHU XQVHUH(LQVDW]EDVLVZHUGHQLQGHUVLFKQDFKXQGQDFKGLH9HUWUDXWHQXQG+HOIHU HLQILQGHQGLHPLU]XU6HLWHVWDQGHUXQGDXIGLFKHLQJHVFKZRUHQVLQG.ULVWDOOSULQ]'LH =HLWELVGLH$QODJHQXQGGHUHEHQIDOOVGRUWVWDWLRQLHUWH/HLFKWH.UHX]HULQ%HWULHE JHQRPPHQVRZLHGDV*URVXQVHUHU/HXWHHLQJHWURIIHQVLQGLVWHLQHNULWLVFKH3KDVH 1LFKWQXUGHU%OLQGH6RIJDUWLVWDXIXQVHUHU6SXUVRQGHUQDXFKGLH7*&XQGSULYDWH .RSIMlJHUGLHYRQ2UEDQDVFKRODQJHKHXHUWZXUGHQ:UGHPLFKQLFKWPDOZXQGHUQ ZHQQGHU7LHUElQGLJHU&RUSNRUHEHQIDOOVGD]XJHK|UWGLHVHPLVWDQJHEOLFKQRFKQLHHLQ 2SIHUHQWZLVFKW1XQDXI.UDXPRQVLQGZLUKRIIHQWOLFKVLFKHU,FKJODXEHQLFKWGD QRFKMHPDQGYRQGHU([LVWHQ]GLHVHV3ODQHWHQDP5DQGGHU=HQWUXPVEDOOXQJZHL 8QGZHQQPVVHQZLULKPHLQHQKHLHQ(PSIDQJEHUHLWHQ´ ,FKEOLHEVNHSWLVFKGDV6WHUQHQPHHUGHU2GHQ,QVHOZDU]ZDUJHZDOWLJDEHU XQVHU=LHOZDUMDQLFKWVLFKDXIHLQH:HOW]XUFN]X]LHKHQXQGLPYHUERUJHQHQDXIGHQ /HEHQVDEHQG]XZDUWHQVRQGHUQGHUDNWLYH.DPSIJHJHQ2UEDQDVFKROXQGVHLQH 6FKHUJHQ8QGGD]XPVVHQZLUGDVYHUUQHLQWOLFKVLFKHUH9HUVWHFNYHUODVVHQXQGDQ GLH%UHQQSXQNWHGHV*URHQ,PSHULXPVJHODQJHQ 'LH$XWRPDWLNJDE$ODUPXQGOHLWHWHGLH7UDQVLWLRQHLQ'HU(QW]HUUXQJVVFKPHU] GHV)HUP7DDUNNDPMlKPLWGHPKRFKJHVSDQQWHQXQGGDQQYROOVWlQGLJJHVFKORVVHQHQ 6WUXNWXUIHOG'HP]XQlFKVWGUHLGLPHQVLRQDOHQK\SHUHQHUJHWLVFKHQ.XJHOIHOGPLW YDULDEOHPDEHUEHJUHQ]WHP5DGLXVZXUGHGXUFKGLHJOHLFK]HLWLJLQLWLLHUWH6WRIURQWHLQH 8QVWHWLJNHLWDXIJH]ZXQJHQ9HUEXQGHQGDPLWZDUGLH7UDQVIRUPDWLRQ]XU+\SHUVSKlUH $XJHQEOLFNOLFKQDKPGHUHQNRQYHQWLRQHOOHU,QKDOWGDVK|KHUJHRUGQHWH6WUXNWXUPXVWHU DQXQGZLUZXUGHQIUXQEHVWLPPWH=HLWVDPW6FKLIIHQWVWRIIOLFKWXQGGXUFKGHQ +\SHUUDXPHQV=LHOJHVFKOHXGHUW,Q$EKlQJLJNHLWYRP$EVWRLPSXOVGHV 6WRIURQWYHNWRUVGHULQ5LFKWXQJXQG%HWUDJGXUFK=LHODQSHLOXQJXQG .RRUGLQDWHQEHUHFKQXQJNRQILJXULHUWZXUGHHUIROJWHGLH]ZDQJVOlXILJHPDWHULHOOH 5HNRQVWLWXLHUXQJ 0HLQH6\PSDWKLHIUGLHVHQUDELDWHQ9RUJDQJZDUQLFKWEHVRQGHUVJURXQGLFK IUDJWHPLFKRELUJHQGMHPDQGLQGHU=XNXQIWHLQHDQGHUH$UWGHV$QWULHEVHQWZLFNHOQ ZUGH(VPXGRFKP|JOLFKVHLQGHQ+\SHUUDXPRKQHWRWDOH$XIO|VXQJ]X EHUZLQGHQ2GHU]XPLQGHVWGLH1HEHQZLUNXQJHQ]XGlPSIHQ²VLHEHODVWHQ %HVDW]XQJXQG0DWHULDOXQGVLQGEHUJURH'LVWDQ]DQ]XPHVVHQ 1DFKGHPZLUUHPDWHULDOLVLHUWZDUHQNRQQWHLFKPLFKPLWHLQHP7KLFNDXIGLH QRUPDORSWLVFKH5XQGXPVLFKWXQGGLHDXWRPDWLVFKHUVWHOOWHQ'DWHQGHU3DVVLYRUWXQJ GDYRQEHU]HXJHQGDGLH)HUPJHJOFNWZDU9RUXQVJOKWHHLQHHLQVDPHURWH 6RQQH5XQG0LOOLRQHQ.LORPHWHUYRQXQVHQWIHUQWHUNDQQWHLFKGLHU|WOLFKJUQ KHUYRUJHKREHQH:HOW'DVPXWH.UDXPRQVHLQ)DUWXORRQZDUPLWGHUUHFKWQDKHQ :LHGHUYHUVWRIIOLFKXQJGDV5LVLNRHLQJHJDQJHQGDVLFKGLH6WUXNWXUHUVFKWWHUXQJDXI GHQ3ODQHWHQXQGVHLQHWHNWRQLVFKH6WDELOLWlWDXVZLUNWH1RUPDOHUZHLVHKDVWHQ 7UDQVLWLRQHQDXHUKDOEYRQ6RQQHQV\VWHPHQVWDWW]XILQGHQLQDXVUHLFKHQGHU 6LFKHUKHLWVGLVWDQ] (LVNUDOOHV]HUEUHFKOLFKZLUNHQGHJOlVHUQH*HVWDOWVFKZHEWHDXVGHP6FKDFKWLQ GLH.RPPDQGR]HQWUDOH³6LQGZLUHQGOLFKGD"´IUDJWHHU)DUWXORRQQDFKGHPHUPLU ]XJHQLFNWKDVWH³'DVLVWDOVR.UDXPRQ"´ ³-D´EHVWlWLJWHGHU%DXFKDXIVFKQHLGHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'HU&KUHWNRUEHWUDFKWHWHGLH5HOLHISURMHNWLRQ³6LHKWDXVZLHMHGHUDQGHUH3ODQHW DXFK´ ³'LH2UWXQJVDXVZHUWXQJOlXIW´EUXPPWH)DUWXORRQ³'LHHUVWHQ0HVVXQJHQ,FK ZHLQLFKWDEHULFKKDEHHLQNRPLVFKHV*HIKO´ ,FKZDUILKPHLQHQIRUVFKHQGHQ7KLFN]X:HQQ)DUWXORRQ³NRPLVFKH*HIKOH´ KDVWHEHGHXWHWHGDV]XPHLVWQLFKWV*XWHVJHOLQGHJHVDJW'LHODXWORVH6WLPPHPHLQHV ([WUDVLQQVHUJlQ]WH(KHUHLQHPLWWOHUHELVJURH.DWDVWURSKH (VHUIOOWHPLFKZHLWHUKLQPLW6WRO]GDLFKHLQHUYRQZHQLJHQJHZHVHQZDUGLH DXI/DUJDPHQLDGLH5HLIHSUIXQJEHVWDQGHQXQGGLH$5.6800,$'ULWWHU6WXIH HUUXQJHQKDWWHQ'DVZDUQLFKWQXUHLQHLGHHOOH$XV]HLFKQXQJVRQGHUQPLWGHU $NWLYLHUXQJPHLQHV([WUDKLUQVYHUEXQGHQJHZHVHQ²IUPLFKYRQXQVFKlW]EDUHP:HUW 5LFKWLJJHZ|KQWKDVWHLFKPLFK]ZDUQRFKQLFKWDQGLHSO|W]OLFKHQ(LQIOVWHUXQJHQDEHU YRQ7DJ]X7DJHQWGHFNWHLFKPHKU0|JOLFKNHLWHQGLHPLUGHU/RJLNVHNWRUXQGGDVPLW LKPYHUEXQGHQHSKRWRJUDSKLVFKH*HGlFKWQLVERWHQ 'LH2UWHUVFKLUPH]HLJWHQVWDUNYHUJU|HUW7HLOHGHU2EHUIOlFKH.UDXPRQV *OHLFK]HLWLJHUVFKLHQHQGLH'DWHQYRQ0DVVH(QHUJLHXQG6WUXNWXUWDVWXQJ)DUWXORRQ VWXGLHUWHVLHDXIPHUNVDP,FKVDKLKP]XXQGVWHOOWHIHVVGDVHLQ*HVLFKWLPPHU QDFKGHQNOLFKHUZXUGHXQGVFKOLHOLFKHLQHQEHVRUJWHQ$XVGUXFNDQQDKP³,VWHWZDV QLFKWLQ2UGQXQJ"´ (UJDEQLFKWVRIRUW$QWZRUW6RUJIlOWLJYHUJOLFKHUGLH'DWHQPLW$XI]HLFKQXQJHQ HLQHV3RVLWURQLN3DGVGDVHUDXVGHP3DQ]HUVFKUDQNXQWHUGHQ1DYLJDWLRQVNRQWUROOHQ JHQRPPHQKDVWH(UUXQ]HOWHGLH6WLUQVDJWHDEHUQRFKLPPHUQLFKWV,FKQXW]WHGLH =HLWPLU.UDXPRQV%LOGHUXQG'DWHQDQ]XVHKHQ)DUWXORRQV%HVFKUHLEXQJVWLPPWH,FK VDKULHVLJH:DOGIOlFKHQDPbTXDWRUJUWHOJURH6HHQXQGEUHLWHUDQJH6WU|PHGLH GDV/DQGEHZlVVHUWHQ'D]ZLVFKHQJDEHV*HELUJH]HUVFKQLWWHQYRQ YHJHWDWLRQVUHLFKHQ7lOHUQ'DQQZLHGHUXPHUVWUHFNWHQVLFKIUXFKWEDUH(EHQHQXQG *UDVIOlFKHQEHU+XQGHUWHYRQ.LORPHWHUQXPDEHUPDOVYRQ:lOGHUQXQG*HELUJHQ XQGJURHQ6HHQDEJHO|VW]XZHUGHQ0HHUHJDEHVDXI.UDXPRQNHLQHREZRKOGLH JU|WHQ6HHQWDXVHQGXQGPHKU.LORPHWHU'XUFKPHVVHUHUUHLFKWHQ 'LH3RVLWURQLNHUVWHOOWHDXVGHQ0HZHUWHQ.DUWHQGLHEHL%HGDUIDXVJHGUXFNW ZHUGHQNRQQWHQYRUHUVWDEHUQXUDXIGLYHUVHQ%LOGIOlFKHQGDUJHVWHOOWZXUGHQ*HULQJH 6WUHXHPLVVLRQHQXQGHLQHJU|HUH$QVDPPOXQJYRQ$UNRQVWDKODQQXUHLQHP2UW ZDUHQGLHHLQ]LJHQ$Q]HLFKHQIU(U]HXJQLVVHHLQHU=LYLOLVDWLRQDXIGHPDQVRQVWHQ XQEHUKUWHQ3ODQHWHQ:HLOZLUZXWHQZRQDFKZLU]XVXFKHQKDWWHQZDUGLH ,QWHUSUHWDWLRQNHLQ3UREOHP²HLQHP]XIlOOLJHQ%HVXFKHUHQWJLQJHQVLHYHUPXWOLFKVRJDU )DUWXORRQYHUlQGHUWHGLH(PSILQGOLFKNHLWGHU2UWHUXQGSURML]LHUWHGDV%LOGHLQHV 0RQLWRUVDXIGLH3DQRUDPDJDOHULH:HLWHUH(LQ]HOKHLWHQGHU2EHUIOlFKHZDUHQ]X HUNHQQHQ2EZRKOGHU3ODQHWQRFKZHLWHQWIHUQWZDUXQGZLUXQVLKPPLWKRKHU *HVFKZLQGLJNHLW QlKHUWHQHUVFKLHQHQGLH$XVVFKQLWWHGHUXQV]XJHZDQGWHQ2EHUIOlFKHDOV VFKZHEWHQZLUQXUZHQLJHKXQGHUW0HWHUEHULKU (QGOLFKEUDFKPHLQ/HKUPHLVWHUGDV6FKZHLJHQ³'HU6WW]SXQNWLQ*RQR]DOV .HVVHOPXMHGHQ$XJHQEOLFNRSWLVFKHUNHQQEDUZHUGHQHVLVWIUKHU0RUJHQLP7DOO (VVLQGLQVJHVDPWVLHEHQXQGYLHU]LJ*HElXGH,FKKDEHGHQ,GHQWLIL]LHUXQJVNRGH DEJHVWUDKOWXQGGLHSRVLWLYH5FNPHOGXQJHUKDOWHQGLH%DVLVDJJUHJDWHODXIHQDQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
(LVNUDOOHKDVWHVLFKJHVHW]WXQGEHWUDFKWHWHHEHQIDOOVGLHJLOGHU,FKPXWH HKUOLFKJHVWHKHQGDLFKLQGLHVHQ$XJHQEOLFNHQPHKUDOVQXUJHVSDQQWZDU2IWJHQXJ KDVWH)DUWXORRQGHQ3ODQHWHQHUZlKQWRKQHMHGRFK(LQ]HOKHLWHQ]XYHUUDWHQ7LUDNR NDPJlKQHQGLQGLH=HQWUDOHXQGLFKEHGHXWHWHLKPVLFK]XVHW]HQXQGUXKLJ]XVHLQ )DUWXORRQZROOWHMHW]WQLFKWJHVW|UWZHUGHQ*HEDQQWVWDUUWHQZLUDOOHDXIGLH%LOGVFKLUPH $XVGHU'XQNHOKHLWDP5DQGGHV3ODQHWHQNURFKDOOPlKOLFKHLQ*HELUJHKHUYRUGXUFK GHQ.RQWUDVWEHUDXVSODVWLVFK]XHUNHQQHQ(LQDXVJHGHKQWHUJUQHU7DONHVVHOZXUGH VLFKWEDUPLW)OVVHQ6HHQXQG:lOGHUQYRQ%HUJHQEHJUHQ]WJDQ]ZLH)DUWXORRQHV JHVFKLOGHUWKDVWH ³*RQR]DOV.HVVHO´PXUPHOWH(LVNUDOOHNDXPYHUVWlQGOLFK³%HLGHU 1DPHQVYHUJDEHZDUVWGXDXFKVFKRQSKDQWDVLHUHLFKHU$OWHU´ 'HU%DXFKDXIVFKQHLGHUZLQNWHDWH8QGGDQQVDKHQZLUGHQ6WW]SXQNW *HElXGHQDKHGHU0LWWHGHVSDUDGLHVLVFKDQPXWHQGHQ7DOVVLHEHQGDYRQZDUHQJURH .XSSHOEDXWHQDFKW]HKQIODFKH5XQGJHElXGHMHZHLOVDOV'UHLHUJUXSSHDQJHRUGQHW +LQ]XNDPHQGUHL7XUPHPLWGLYHUVHQ2UWXQJVXQG)XQNDQWHQQHQXQGGHU5HVW EHVWDQGDXVUHFKWHFNLJJHIRUPWHQ/DJHUKlXVHUQ0HNHWWHQXQG%HVFKULIWXQJHQ ZXUGHQHLQJHEOHQGHW'LH+DXSWNXSSHOLP=HQWUXPHUUHLFKWHKXQGHUW0HWHU 'XUFKPHVVHUGLHZHQLJHKXQGHUW0HWHUHQWIHUQWHQVHFKV1HEHQNXSSHOQ²DOV (FNSXQNWHHLQHVJOHLFKVHLWLJHQ6HFKVHFNVDQJHRUGQHW²LPPHUKLQQRFKIQI]LJ'LH QHXQ]HKQ+DOOHQPHLVWLQ'UHLHUUHLKHQ]ZLVFKHQXQGQHEHQGHQ.XSSHOQDQJHRUGQHW PDHQIQI]LJ]XIQIXQG]ZDQ]LJ0HWHUDOV+|KHGHU)XQNXQG2UWXQJVWUPHZXUGHQ 0HWHUDQJHJHEHQ$QGDVIDVWHLQHQ.LORPHWHUJURH$UHDOVFKORVLFKLP6GHQ HLQ/DQGHIHOGYRQIQIOKXQGHUW0HWHUQ'XUFKPHVVHUDQ²XQGDXIGLHVHQVWDQGGHU HUZlKQWH/HLFKWH.UHX]HU 7LUDNREUDFKGDV6FKZHLJHQXQGPHLQWHODNRQLVFK³6LHKWVRDXVDOVKlWWH MHPDQGGHQ6WW]SXQNWHQWGHFNW´ $QHLQLJHQ.XSSHOQXQG/DJHUKDOOHQZDUHQEHDFKWOLFKH%HVFKlGLJXQJHQ]X HUNHQQHQVRDOVKDEHMHPDQGYHUVXFKWJHZDOWVDPLQLKU,QQHUHVHLQ]XGULQJHQ )DUWXORRQOHKQWHVLFK]XUFNXQGVWDUUWH]XU3DQRUDPDJDOHULH³,P=XJHGHU .RQVHUYLHUXQJZXUGHHUZHLWJHKHQGHQHUJHWLVFKVWLOOJHOHJWHLQH(QWGHFNXQJZDUDOVR QXUGXUFK=XIDOOP|JOLFK'LHRIIHQVLFKWOLFKHQµ%HVFKlGLJXQJHQJHK|UHQ]XU7DUQXQJ $OOHUGLQJV]HLJHQGLH0DVVHWDVWHUJHULQJHUH:HUWHDQ'DVEHGHXWHWGD0DWHULDOIHKOW .DQQDOOHVVHLQ*HElXGHWHLOH(LQULFKWXQJVJHJHQVWlQGH$JJUHJDWH:DIIHQHEHQ DOOHV'LH*HElXGHVLQGQRFKYRUKDQGHQJHQDXVLHEHQXQGYLHU]LJGHU.UHX]HUJHK|UW ]XP6WW]SXQNW$EHULQGHQ%DXWHQXQGVXESODQHWDULVFKHQ/DJHUUlXPHQPXHWZDV IHKOHQ(VZDUHQ'LHEHDXI.UDXPRQ´ ,FKVDJDQ]UXKLJGDXQGEHWUDFKWHWHGLH$Q]HLJHQDXIGHQHQLFKQLFKWV 9HUGlFKWLJHVIHVWVWHOOHQNRQQWHZlKUHQG(LVNUDOOHJHGHKQWVDJWH³:DVIU'LHEH" 8QVHUH)HLQGHN|QQHQHVQLFKWVHLQGHQQVLHKlWWHQGRFKZDKUVFKHLQOLFKGHQJDQ]HQ 6WW]SXQNWYHUQLFKWHW2GHUVLHVLQGQRFKGRUWXQGKDEHQHLQH)DOOHIUXQVYRUEHUHLWHW DXVGHUHVNHLQ(QWULQQHQPHKUJLEW"+PQHLQGDQQPWHMDHLQHJU|HUH0DVVH DQJH]HLJWZHUGHQ´ /DQJVDPVFKWWHOWHGHU%DXFKDXIVFKQHLGHUGHQNDKOHQ.RSI³$XHUGHPKlWWHQ XQVHUH2UWHUXQG7DVWHUHLQIUHPGHV6FKLIIDQJHPHVVHQ1HLQDXHUGHP.XJHOUDXPHU EHILQGHWVLFKNHLQDQGHUHUDXI.UDXPRQGDVVWHKWIHVV(VZDUMHPDQGWULHUDEHUHULVW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
ZLHGHUIRUW8QGHUKDWHLQH0HQJHPLWJHQRPPHQZHQQLFKGHQ'DWHQWUDXHQNDQQ VRJDUHLQHHUKHEOLFKH0HQJH:LUPVVHQIHVWVWHOOHQZDVJHVWRKOHQZXUGH´ ³3LUDWHQ´YHUPXWHWH7LUDNR³9LHOOHLFKWZDUHQHV3LUDWHQ"´ ,FKVDJWH³.|QQWHQGLH8QEHNDQQWHQLP2UWXQJVVFKXW]GHU6RQQHDXIXQV ZDUWHQ"´ ³1HLQ²VHLW$EIOXJGHU%DXWUXSSVYRUHLQXQG]ZDQ]LJ-DKUHQZDUWULHUQLHPDQG´ (U]HLJWHDXIGLH%LOGIOlFKHGHV+\SHUIXQNHPSIlQJHUV³'LH5FNPHOGXQJGHV 6WW]SXQNWUHFKQHUVLVWHLQGHXWLJHVZXUGHQNHLQH6WUXNWXUHUVFKWWHUXQJHQYRQ 5DXPVFKLIIHQUHJLVWULHUW1LFKWHLQHHLQ]LJH'DUEHUKLQDXVLVWGLH6WDWLRQJHJHQ IUHPGHQ=XJULIIDEJHVLFKHUW1LHPDQGNDQQVLHEHWUHWHQRKQHHLQHQ$ODUPDXV]XO|VHQ 'LH/DJHUUlXPHVLQGVHOEVWYHUVWlQGOLFKSRVLWURQLVFKDEJHVLFKHUW$OOHUGLQJV´(UJDE VLFKHLQHQ5XFN³/HLWHGDV/DQGHPDQ|YHUHLQ$WODQZLUZROOHQNHLQH=HLWYHUOLHUHQ,FK PXZLVVHQZDVGDXQWHQJHVFKHKHQLVWRGHUQRFKJHVFKLHKW7LUDNRGXEHUQLPPVW GLH)HXHUNRQWUROOH´ (LVNUDOOHKREGHQ$UP³8QGZDVVRLOLFKPDFKHQ"´ ³'XEOHLEVWUXKLJVLW]HQELVWVWLOOXQGK|UVWDXIPLWGHLQHQ*ODVNQRFKHQ]X NODSSHUQ´)DUWXORRQNQXUUWHJHUHL]W³$XI.UDXPRQZLUVWGXDQJHQHKPH7HPSHUDWXUHQ YRUILQGHQ,FKPXJHVWHKHQHLQLJHUPDHQEHXQUXKLJW]XVHLQ:DVRGHUZHUHUZDUWHW XQVGDXQWHQ"´ ,FKNRQ]HQWULHUWHPLFKDXIPHLQH$XIJDEHZlKUHQG)DUWXORRQVLFKDEHUPDOVXP GLH2UWHUXQG7DVWHUNPPHUWHXPVRYLHOH:HUWHZLHP|JOLFK]XHUKDOWHQ,FKHUK|KWH GLH*HVFKZLQGLJNHLW.UDXPRQNDPVFKQHOOQlKHU7LUDNREHUSUIWHGLH.RQWUROOHQIU GLH(QHUJLHJHVFKW]HXQGGHQ6FKXW]VFKLUPZlKUHQG(LVNUDOOHLQVHLQHP6HVVHO KRFNWHGHQ%HOHLGLJWHQVSLHOWHXQGPUULVFKUHDJLHUWH³1LHPDQGVFKlW]HLFK6RIHUQ GDEHUKDXSWMHPDQGZDULVWHUOlQJVWZLHGHUIRUW6RQVWKlWWHQZLUMDZLHGXVHOEVW EHKDXSWHVWGDVIUHPGH6FKLIIRUWHQPVVHQ´ 'HU%DXFKDXIVFKQHLGHUUHDJLHUWHQLFKW,FKKDVWHLKQVHOWHQVREHVRUJWJHVHKHQ 'HUYRQLKPDXVJHZlKOWH6WW]SXQNWZDUHQWGHFNWZRUGHQ 9LEUDWLRQHQGHU,PSXOVWULHEZHUNHGXUFK]RJHQGHQ'LVNXVUDVFKZXUGHGHU 3ODQHWLQGHUUHDORSWLVFKHQ'DUVWHOOXQJJU|HU,FKEUHPVWHGLH*212=$/VFKOLHOLFK DWH]RJVLHLQHLQHKDOEH8PNUHLVXQJ.UDXPRQVXQGJLQJGLUHNWLQGHQ/DQGHDQIOXJ EHU(LQ)HXHUVFKZHLI]RJVLFKKLQWHUXQVKHUZlKUHQGYRPKRFKJHVSDQQWHQ 3UDOOVFKLUPGLH/XIWLRQLVLHUWXQGDEJHVWRHQZXUGH0LWGHU0RUJHQVRQQHLP5FNHQ QlKHUWHQZLUXQVGHU2EHUIOlFKH ,FKGURVVHOWHGLH*HVFKZLQGLJNHLWZHLWHUXQGJOLWWLQJHULQJHU+|KHEHUHLQH HQGORVZLUNHQGH6WHSSHQDFK:HVWHQ'LH%HUKUXQJHLQHU6HQVRUIOlFKHUHLFKWHXP GLHGRSSHOWH3RODULVDWLRQGHU=HQWUDOHNXSSHODXI]XKHEHQ%DOGPXWHGDVlTXDWRULDOH *HELUJHPLWGHP7DODP+RUL]RQWDXIWDXFKHQ(LVNUDOOHNODSSHUWHQXQGHXWOLFKK|UEDU PLWGHQ=lKQHQ,FKNDQQWHLKQXQGZXWHGDGDVOHGLJOLFKHLQ=HLFKHQVHLQHU (UUHJXQJZDUXQGQLFKWVPLW$QJVW]XWXQKDVWH7LUDNRVUHFKWH+DQGODJEHUGHQ 6FKDOWIOlFKHQGHU³)HXHURUJHO´)DUWXORRQOLHGLH3DQRUDPDJDOHULHXQGGLH HLQJHEOHQGHWHQ2UWXQJVGDWHQQLFKWDXVGHQ$XJHQ 'DV*HELUJHZXUGHVFKQHOOJU|HU)DUWXORRQJDEPLUHLQLJHQDYLJDWRULVFKH $QZHLVXQJHQLFKNRUULJLHUWHGHQ.XUV:LUZROOWHQXQVGHP7DOYRQ2VWHQKHUQlKHUQ GLH6RQQHVWLHJKLQWHUXQVK|KHU*RQR]DOV.HVVHOHUUHLFKWHPLQGHVWHQVIQI]LJ .LORPHWHU'XUFKPHVVHU0HKUHUHGHU6HHQZDUHQGXUFK)OXOlXIHYHUEXQGHQ6DIWLJH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
:LHVHQZHFKVHOWHQPLW:DOGHUQDWHGLHDXIGHQ5DQGKJHOQXQGGHQ%HUJIHQLPPHU GLFKWHUZXUGHQ ³/DQJVDPHU´EHIDKOPHLQ/HKUPHLVWHU(LQOHW]WHU+JHOZXUGHLP7LHIIOXJ EHUTXHUWGDQQEUHPVWHLFKGHQ'LVNXVELV]XP6FKZHEH]XVWDQGDWH³'RUW²ZLU ODQGHQQHEHQGHP.UHX]HU,FKKDOWHHVXQWHUGHQJHJHEHQHQ8PVWlQGHQIU DQJHEUDFKWGDZLUGLH.DPSIDQ]JHDQOHJHQ%HLHLQHPP|JOLFKHQ$QJULIIN|QQHQZLU XQVGDQQEHVVHU]XU:HKUVHW]HQ´ ³8QGGHU'LVNXV"´7LUDNRVDKEHVRUJWLQGLH5XQGH'DV*HOlQGHGHV 6WW]SXQNWVODJOHHUXQGYHUODVVHQXQWHUXQV,FKNRQQWHNHLQH%HZHJXQJHUNHQQHQ XQGVHOEVWLP7DODXHUKDOEGHU6WDWLRQHQWGHFNWHLFKNHLQ/HEHQ'LHYLHU 7HOHVNRSVWW]HQIXKUHQDXVVDQIWVHW]WHGLH*212=$/DXIGHP/DQGHIHOGQHEHQGHP /HLFKWHQ.UHX]HUDXIXQGNDP]XP6WLOOVWDQG ³:LUGSRVLWURQLVFKJHVLFKHUW´)DUWXORRQVFKWWHOWHPHKUPDOVGHQ.RSIDOVN|QQH HUGDVDOOHVQLFKWEHJUHLIHQDEHUHUZLUNWHZLHGHUUXKLJXQGJHIDWXQGVFKLHQVLFKPLW GHU7DWVDFKHDEJHIXQGHQ]XKDEHQGD8QEHNDQQWHGLH6WDWLRQJHIXQGHQXQG WHLOZHLVHDXVJHUDXEWKDWWHQ'HU$QWULHEYHUVWXPPWH³,FKVFKODJHYRUGDGXDQ%RUG EOHLEVWXQGXQVJHJHEHQHQIDOOV5FNHQGHFNXQJJLEVW´ ³(LQYHUVWDQGHQ´ 'HLQ/HKUPHLVWHUPDFKWVLFK9RUZUIHWHLOWHGHU/RJLNVHNWRUNKOPLW(UKDW .UDXPRQDXVJHZlKOW²ZXUGHGHU6WW]SXQNWHQWGHFNWEULQJVGLFKGDVXQWHU 8PVWlQGHQLQ*HIDKUXQGZLUIWGLHZHLWHUH3ODQXQJEHUGHQ+DXIHQ'HU'LHEVWDKOYRQ 0DWHULDOLVWQLFKWGHU.HUQSXQNW ,FKVFKDOWHWHGLH6\VWHPHKHUXQWHU³6FKXW]VFKLUP"´ ³7LUDNRLVWDQ%RUG$XHUGHPVFKDOWHWHUVLFKEHLSRVLWURQLVFKHU6LFKHUXQJ DXWRPDWLVFKHLQVREDOGMHPDQGGHQ9HUVXFKXQWHUQLPPWJHZDOWVDPLQV6FKLII HLQ]XGULQJHQ´)DUWXORRQVWDQGDXIXQGYHUOLHDOVHUVWHUGLH.RPPDQGR]HQWUDOH:LU IROJWHQLKP]XU$XVUVWXQJVNDPPHU $UNRQLGLVFKH7UDQVSRUW.DPSIXQG6FKXW]DQ]JHJDEHVLQGLYHUVHQ $XVIKUXQJHQYRQOHLFKWHUELV]XVFKZHUHU1RUPDOH%RUGNRPELQDWLRQHQKDVWHQNDXP PHKUDOV$JJUHJDWJUWHOJHSDQ]HUWH'UXFNNRPELVIUGHQ(LQVDW]DXI*DVULHVHQ NORELJH5FNHQDJJUHJDWHXQGPXVNHONUDIWYHUVWlUNHQGH*HVWlQJHLQ([RVNHOHWWIXQNWLRQ PDVVLYH5DXPUVWXQJHQVFKW]FQGH3URWHFWRUVFKDOHQXQG+DUQLVFKHDXV$UNRQVWDKO GHUVRJDUGXUFK.ULVWDOOIHOGLQWHQVLYLHUXQJDXIJHODGHQXQG]XVlW]OLFKYHUVWlUNWZHUGHQ NRQQWH:LUZlKOWHQ7UDQVSRUWDQ]JHGHUOHLFKWHQIOXJIlKLJHQ$XVIHUWLJXQJ DXVJHVWDWWHWPLW]X1DFNHQZOVWHQ]XVDPPHQUROOEDUHQ)ROLHQKHOPHQXQG $JJUHJDWJUWHOQLQGLH$QWLJUDYXQG,QGLYLGXDOIHOGSURMHNWRUHQLQWHJULHUWZDUHQ$OV %HZDIIQXQJGLHQWHQ.RPELVWUDKOHUPLWZDKOZHLVHU7KHUPRVWUDKO'HVLQWHJUDWRURGHU 3DUDO\VDWRUZLUNXQJUREXVWHXQGSUD[LVHUSUREWH+DQGZDIIHQDXVGHUVHLW-DKUHQ YHUZHQGHWHQ7=86HULH :HQLJVSlWHUYHUOLHHQZLUGLH*212=$/GXUFKGLH%RGHQVFKOHXVH'HU 'UXFNPHVVHUKDVWHPLUJH]HLJWGDGLH/XIWLQGHU7DWHLQZHQLJGQQZDU2EZRKO VLFKXQVHUH/XQJHQEDOGDQGLHYHUlQGHUWHQ$WHPEHGLQJXQJHQJHZ|KQWKDEHQZUGHQ KDVWHQZLUGHQQRFK]XU9RUVLFKWGLH.ODUVLFKW)lFKHUKHOPHXQVHUHU$Q]JH JHVFKORVVHQXQGDXI,QQHQNOLPDWLVLHUXQJJHVFKDOWHWXPLQGHUN|USHUOLFKHQ$NWLYLWlW QLFKWEHKLQGHUW]XZHUGHQ)DUWXORRQZDUIGHP.XJHOUDXPHUQXUHLQHQNXU]HQ7KLFN]X HKHHUVLFKDQGLH6SLW]HXQVHUHU*UXSSHVHW]WHXQGORVPDUVFKLHUWH'HQ7=8KLHOWHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VFKXEHUHLW:DKUHQGGHU/DQGXQJKDVWHLFKPLUGHQ.UHX]HUDQJHVHKHQ6RZHLWLFK DXIGHQHUVWHQ7KLFNEHXUWHLOHQNRQQWHZDUHUXQYHUVHKUW'LH'LHEH²ZHQQHVVLFK ZLUNOLFKXP'LHEHKDQGHOWHVFKLHQHQDQLKPNHLQ,QWHUHVVHJHKDEW]XKDEHQ(LVNUDOOH JLQJVHLWOLFKKLQWHU)DUWXORRQKHUZlKUHQGLFKGHQ$EVFKOXELOGHWH ,FKIUDJWHPLFKRE.UDXPRQXQWHUGHQJHJHEHQHQ8PVWlQGHQZLUNOLFKJHHLJQHW ZDUHLQHV7DJHVGLH+DXSWEDVLVIUXQVHUH2SHUDWLRQHQJHJHQGDV*URH,PSHULXP]X VHLQZLHHVPHLQHP/HKUPHLVWHU]ZHLIHOORVYRUVFKZHEWH/DQJVDPQlKHUWHQZLUXQV GHQHUVWHQ*HElXGHQLP:HVWHQVWLHJGDVYRQ:DOGEHGHFNWH*HOlQGHUDVFKDQXQG ZHOOWHVLFK]X+JHOQ$Q)DUWXORRQXQGGHP&KUHWNRUYRUEHLDXFKHLQELFKHQGXUFK (LVNUDOOHKLQGXUFKVXFKWHLFKGHQNOHLQVWDGWJURHQ.RPSOH[DWH,FKYHUVXFKWH LUJHQGHLQH%HZHJXQJ]XHUNHQQHQDEHULFKEHPHUNWHQLFKWV6FKRQUHJWHVLFKLQPLU GLH+RIIQXQJGD)DUWXORRQVLFKJHWlXVFKWKDVWHREZRKOPHKUIDFKHhEHUSUXIXQJ JH]HLJWKDVWHGDGLH2UWHULQVWUXPHQWHHEHQVRLQ2UGQXQJZDUHQZLHGLH0DVVHWDVWHU $OVZLUQRFKKXQGHUWIQI]LJ0HWHUYRQGHUVGZHVWOLFKHQ1HEHQNXSSHOHQWIHUQWZDUHQ JHVFKDKHWZDV3KDQWDVWLVFKHVZDVDOOHZHLWHUHQ6SHNXODWLRQHQEHUIOVVLJPDFKWH ZHQLJVWHQVVRZHLWVLHGLH)UDJHEHWUDIHQREMHPDQGGHQ6WW]SXQNWHQWGHFNWKDVWH RGHUQLFKW )DUWXORRQVWLHSO|W]OLFKHLQHQ6FKUHLDXVXQGEOLHEZLHDQJHZXU]HOWVWHKHQ /DQJVDPKREHUGHQOLQNHQ$UPXQG]HLJWHQDFK:HVWHQ8QGGDQQVDKHQZLUHVDXFK 2GHUYLHOPHKU:LUVDKHQGHQ$UNRQLGHQLP6FKXW]DQ]XJHLQHV5DXPVROGDWHQDP 5DQGGHV/DQGHIHOGHVVWHKHQ(UPXWHJHQDXVREHUUDVFKWVHLQZLHZLUGHQQHUZDU ZLHHUVWDUUWXQGUKUWHVLFKQLFKW)UHLQHQ$XJHQEOLFNVWLHJLQPLUGLH)UDJHKRFKZR HUKHUJHNRPPHQZDU%LV]XP:DOGZDUHQHVPHKUDOVVHFKVKXQGHUW0HWHUXQG ]ZLVFKHQGLHVHPXQGGHU6WDWLRQXQGGHP/DQGHIHOGJDEHVNHLQH 'HFNXQJVP|JOLFKNHLW'HQQRFKZDUHVYRQLKPELV]XPHUVWHQ*HElXGHGHUIODFKHQ 5XQGEDX'UHLHUJUXSSHHLQHEHDFKWOLFKH6WUHFNH )DUWXORRQKLHOWVHLQHQ6WUDKOHUVFKXEHUHLWVFKDOWHWHGLH $Q]XJDXHQODXWVSUHFKHUHLQXQGULHI³+HZHUVLQG6LH":DVVXFKHQ6LHWULHU":R NRPPHQ6LHKHU"´ 'HU)UHPGHKDVWHGHQ%DXFKDXIVFKQHLGHU]ZHLIHOORVJHK|UWGHQQHUEHXJWHVLFK ZLHODXVFKHQGYRU$QVFKHLQHQGKDVWHHUMHGRFKGLH)UDJHQLFKWYHUVWDQGHQ(UOLH VHLQHQ,PSXOVVWUDKOHULP*UWHOVWHFNHQXQGKREGLHOLQNH+DQGDOVZROOHHUGXUFK =HLFKHQDQWZRUWHQDEHUQRFKZlKUHQGHUGLH+DQGKREZXUGHVLHODQJVDP WUDQVSDUHQW ,FKKLHOWXQZLOONUOLFKGLH/XIWDQZlKUHQG(LVNUDOOHEHU+HOPIXQNIOVWHUWH³(U KDWGHQ'HIOHNWRUVFKLUPHLQJHVFKDOWHW´ 'HIOHNWRUHQNRQQWHQXQVLFKWEDUPDFKHQGRFKZHQQVLHULFKWLJIXQNWLRQLHUWHQ VDKGHU(IIHNWJDQ]DQGHUVDXV'HU0DQQYRUXQVYHUZHQGHWHNHLQHQ'HIOHNWRUVFKLUP GHQQLQ]ZLVFKHQZDU]ZDUGHUZLQNHQGH$UPIDVWELV]XP(OOERJHQYHUVFKZXQGHQ DEHUHUZLUNWHVHOWVDPYHUVWPPHOWRKQHYHUZXQGHW]XVHLQ'HU$UNRQLGHUKUWHVLFK QLFKWXQGQRFKZlKUHQGZLULKQDQVWDUUWHQZXUGHQDXFKVHLQH%HLQHGXUFKVLFKWLJ (LVNUDOOHNQXUUWHYHUEOIIWREZRKOHUGHQ$QEOLFNHLQHVWUDQVSDUHQWHQ.|USHUVEHVVHU NDQQWHDOVMHGHUDQGHUHYRQXQV'DVWULHUZDUMHGRFKHWZDVJDQ]DQGHUHV 2IIHQVLFKWOLFKRKQH(LQVDW]WHFKQLVFKHU+LOIVPLWWHOZXUGHHLQ$UNRQLGHXQVLFKWEDUXQG YHUVFKZDQGYRUXQVHUHQ$XJHQ'HU([WUDVLQQIUDJWH$EHUJHVFKLHKWHVIUHLZLOOLJ"
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
0LUNDPHQLQGLHVHU+LQVLFKWHEHQIDOOV=ZHLIHODOVLFKGDV*HVLFKWGHV0DQQHV VDK(VZDUYRU$QJVWXQG:XWYHU]HUUW8QGGDQQVWHOOWHLFKIHVVGDHVLQQHUKDOE ZHQLJHU$XJHQEOLFNHEODVVHUXQGJODVLJHUZXUGHELVYRUXQVQXUQRFKHLQPLW :DIIHQJXUWHQEHKlQJWHU5XPSIPLWHLQHPVLQQORVZLQNHQGHQKDOEHQ$UPLQGHU/XIW VFKZHEWH ³9HUGDPPW´VWLH)DUWXORRQKHUYRU³'DVJLEWHVGRFKJDUQLFKW´ 'HU5DXPVROGDWYHUVFKZDQGDEUXSW)DUWXORRQMXVWLHUWHGHQ*UWHODQWLJUDYXQG IORJKLQEHUWDVWHWHPLWGHQ+lQGHQVXFKHQGLQGHUOHHUHQ/XIWKHUXPXQGEFNWHVLFK VFKOLHOLFKXPGHQ%RGHQ]XXQWHUVXFKHQ1DFKDOLHQ6HLWHQVLFKHUQGIROJWHQZLULKP $OVHUVLFKZLHGHUDXIULFKWHWHZDUVHLQ*HVLFKWHUQVW³'LH6SXUHQVLQGUHDODOVRZDUHV DXFKGHU0DQQ6HLQ*HZLFKWHU]HXJWH)XDEGUFNH0HUNZUGLJLVWQXUGDNHLQH 6SXUHQKLHUKHUIKUHQ6HKWQXUGLH(LQGUFNHZRHUJHVWDQGHQKDWGDVLVWDOOHV(U PXDOVRHLJHQWOLFKJHIORJHQVHLQ´ ³8QVLFKWEDU"´(LVNUDOOHVFKWWHOWHVLFK,PVDQGLJHQ%RGHQZDUHQGLH)XVSXUHQ GHXWOLFK]XVHKHQ²XQYHUNHQQEDU$EGUFNHYRQ3URILOVRKOHQHLQHV6FKXW]DQ]XJV ³0XZRKOGHQQLFKKDEHLKQHUVWLPOHW]WHQ$XJHQEOLFNHQWGHFNW$EHUPLULVW QRFKHWZDVDXIJHIDOOHQ(UWUXJHLQLJH$XV]HLFKQXQJHQGLH2UEDQDVFKROOlQJVW DEJHVFKDIIWKDWZHOOVLHQRFKYRQ*RQR]DOYHUOLHKHQZXUGHQ'LHVHU0DQQDEHUWUXJ VLHREZRKOGDV9HUERWEHUHLWVVHLWYLHU]HKQ-DKUHQLQ.UDIWLVW´ ,FKUlXVSHUWHPLFK³:LOOVWGXGDPLWVDJHQ"´ ³(VLVWGHUORJLVFKH6FKOX$WODQ'HU6ROGDWNlPSIWQRFKLPPHUIUGHLQHQ 9DWHU(UPXGHQ.RQWDNW]XU)ORWWHYHUORUHQKDEHQ+LQ]XNRPPWDOOHUGLQJVVHLQ SO|W]OLFKHV$XIWDXFKHQXQG9HUVFKZLQGHQ´(UVFKWWHOWHGHQ.RSI³6RQGHUEDU´ 6FKHXVDKHQZLUXQVQDFKDOLHQ6HLWHQXPZlKUHQGZLU]X)XXQVHUHQ:HJ ]XU6WDWLRQIRUWVHW]WHQ'HU=ZLVFKHQIDOOZDUPHLQHU0HLQXQJQDFKPHKUDOVP\VWHUL|V 6HOEVWZHQQGHU5DXPVROGDWQRFKLPPHUIUPHLQHQOlQJVWWRWHQ9DWHU]XNlPSIHQ JODXEWHEOLHEHQDOOHDQGHUHQ%HJOHLWXPVWlQGHHLQ5lWVHO,PPHUPHKUVHW]WHVLFKEHL PLUGLHhEHU]HXJXQJGXUFKGDGHU0DQQQLFKWIUHLZLOOLJKDQGHOWHVRQGHUQGD]X JH]ZXQJHQZXUGH6HLQYHU]ZHLIHOWHV*HVLFKWDOVHUODQJVDPXQVLFKWEDUZXUGHJLQJ PLUQLFKWDXVGHP6LQQ.DQQHVVLFKXPHLQH$UW5DXP=HLW9HUVFKLHEXQJKDQGHOQ" (KHLFKZHLWHUGDUEHUQDFK]XGHQNHQNRQQWHHUUHLFKWHQZLUGLHXQYHUVHKUW ZLUNHQGH+DXSWNXSSHOXQGIROJWHQGHP%DXFKDXIVFKQHLGHU]XGHP6FKRWWHLQHU 0DQQVFKOHXVH(U|IIQHWHGLH.ODSSHHLQHV6FKDOWIHOGVJULIILQVHLQH%HLQWDVFKHXQG KROWHHLQHQZLQ]LJHQ*HJHQVWDQGKHUYRUGHQHULQV/RFKIUSRVLWURQLVFKH6FKOVVHO VWHFNWH$QVFKOLHHQGWLSSWHHUEHUGHQ1XPPHUQEORFNGHV6FKDOWIHOGVHLQHQ.RGHHLQ XQGOHJWHGLH+DQGDXIHLQHEHQDFKEDUWH6HQVRUIOlFKH(UVWGDQDFK|IIQHWHVLFKGLH RYDOH$XHQSIRUWH1DFK(LVNUDOOHEHWUDWLFKGLH6FKOHXVHGLHYRQLQGLUHNWHQ /LFKWTXHOOHQKHOOHUOHXFKWHWZXUGH'LH3IRUWHVFKORVLFKKLQWHUPIU1DFKGHPGDV ,QQHQVFKRWWDXIJHVFKZXQJHQZDUVDKLFKPLFKXP'HUOHHUH5DXPHULQQHUWHDQHLQH (PSIDQJVKDOOH/HGLJOLFKHLQSHDU*lQJHPQGHWHQLQLKQGDVZDUDOOHV )DUWXORRQPRFKWHPHLQH*HGDQNHQHUUDWHQKDEHQ³9RQWULHUDXVNDQQPDQLQ MHGHVGHUDQGHUHQ*HElXGHJHODQJHQ0DQPXQXUGHQULFKWLJHQ:HJNHQQHQ´ (LQHKDOEH7RQWDVSlWHUVDHQZLULQGHU=HQWUDOHGHU+DXSWNXSSHO)DUWXORRQ KDVWHGLH+DXSWSRVLWURQLNKRWKJHIDKUHQVLFKDOVEHUHFKWLJWLGHQWLIL]LHUWXQGPXVWHUWHPLW XQVGLH%LOGHUGHULQWHUQHHhEHUZDFKXQJVDQODJH³(VZDUMHPDQGWULHUGDVVWHKW XQ]ZHLIHOKDIWIHVVXQGZLUPVVHQKHUDXVILQGHQREHUQRFKWULHULVW'HUJHKHLPQLVYROO
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
YHUVFKZXQGHQHDOWH6ROGDWLVWQLFKWDOOHLQIUGLH9HUlQGHUXQJHQYHUDQWZRUWOLFK$EHU ZHUVRQVW"´ ,QGHQ$XVUVWXQJVNDPPHUQGHU/DJHUKDOOHQXQG.XSSHOQZDUHQ:DIIHQ /HEHQVPLWWHOYRUUlWHXQGWHFKQLVFKH*HUlWHJHVWDSHOWPLWGHQHQPDQHLQHNOHLQH)ORWWH KlWWHDXVUVWHQN|QQHQ.DPSIDQ]JHJDEHV]X+XQGHUWHQRGHU7DXVHQGHQKLQ]X NDPHQVWLOOJHOHJWH.DPSIURERWHU$UEHLWVPDVFKLQHQXQGDOOHVZDV]XHLQHP6WW]SXQNW GLHVHU*U|HQRUGQXQJJHK|UWH)DUWXORRQZDUVLFKHUZHLWHUH+LQZHLVHDXIGDV:LUNHQ GHUXQEHNDQQWHQ(LQGULQJOLQJH]XHUKDOWHQ:LUKDVWHQLKUH6SXUHQYRUDOOHPLQHLQHU GHU]DKOUHLFKHQ:DIIHQNDPPHUQJHIXQGHQ:DKOORVXQGRIIHQVLFKWOLFKLQJU|WHU+DVW ZDUHQ.DPSIDQ]JHDXVLKUHQ:DQGKDOWHUXQJHQJHULVVHQXQGPLWJHQRPPHQZRUGHQ ,QGHQ5HJDOHQIHKOWHQJDQ]H5HLKHQ,PSXOVVWUDKOHU.LVWHQPLW(UVDW]PDJD]LQHQ ZDUHQDXIJHEURFKHQRGHUHQWZHQGHWZRUGHQ)DUWXORRQEHWUDFKWHWHGDV:HUNGHU 'LHEHPLWJHUXQ]HOWHU6WLUQ ³:HQQHVLKQHQJHOXQJHQLVWLQGLH6WDWLRQHLQ]XGULQJHQKlWWHQVLHHLJHQWOLFK YRQGHQ:DFKURERWHUQDXIJHVSUWXQGYHUWULHEHQZHUGHQPVVHQ(LQLJHYRQLKQHQ ZlUHQPLW6LFKHUKHLWYHUOHW]WRGHUJHW|WHWZRUGHQDEHUZLUKDEHQQRFKNHLQHHLQ]LJH /HLFKHJHIXQGHQRGHUVRQVWLJH6SXUHQHLQHV.DPSIHV)DVWZLUNWHVVRDOVVHLHQ *HLVWHUKLHUJHZHVHQ.|USHUORVHXQG8QVLFKWEDUHGLHDEHUYHUGDPPWUHDOVHLQ N|QQHQ²VRZLHGUDXHQGHU5DXPVROGDW´ ³9LHOOHLFKWVLQGHV*HLVWHU´PXUPHOWH(LVNUDOOHEHNORPPHQXQGGDFKWHZRKODQ MHQHGHV7DUNLKO1DWUOLFKJODXEWHQLHPDQGYRQXQVZLUNOLFKDQ³HFKWH´*HLVWHUDEHU MHGHUYRQXQVZXWHGDHVVHOWVDPVWH3KlQRPHQHLP8QLYHUVXPJDE )DUWXORRQKDVWHPLUYRUYLHOHQ-DKUHQHLQPDOYRQGHU*HVFKLFKWHHLQHV )RUVFKXQJVVFKLIIHVEHULFKWHWGLHQRFK]X=HLWHQPHLQHV9DWHUVJURHV$XIVHKHQHUUHJW KDVWH(VZDULQHLQHQ+\SHUVWXUPJHUDWHQXQGSDVVLHUWHGDEHLLP8QWHUOLFKWIOXJ .RRUGLQDWHQDQGHQHQVLFK]ZHLYHUVFKLHGHQH%H]XJVHEHQHQGHU=HLWVFKQLWWHQRGHU EHUODSSWHQVRGDVLFKGLHXQJODXEOLFKVWHQ(IIHNWHHUJDEHQ3O|W]OLFKH[LVWLHUWHGHU 5DXPHUQlPOLFK]ZHLPDOXQGZlUHIDVWPLWVLFKVHOEVWNROOLGLHUW,Q:LUNOLFKNHLWH[LVWLHUWH HUQXUHLQPDOZDUDEHUGXUFKHLQH]HLWOLFKH9HUVHW]XQJYHUGRSSHOWZRUGHQ(LQHXP HWZDHLQH]HKQWHO7RQWDJHWUHQQWH9HUVLRQGHV6FKLIIHVZXUGHRIIHQVLFKWOLFKDXIGLH %H]XJVHEHQHGHUMQJHUHQ]XUFNJHVFKOHXGHUWVRGDHV]XGLHVHU6HOEVWEHJHJQXQJ NRPPHQNRQQWH=XP*OFNEOLHEHVEHLGLHVHUHLQPDOLJHQ9HUGRSSOXQJ 'HU.RPPDQGDQWGHV6FKLIIHVVDJWHVSlWHUEHLGHU8QWHUVXFKXQJGHV9RUIDOOHV DXVHUKDEH]XQlFKVWEHLP)XQNNRQWDNWVHLQHQ'RSSHOJlQJHUJHVHKHQELVGLHVHU SO|W]OLFKQXUQRFKYHUVFKZRPPHQ]XHUNHQQHQJHZHVHQXQGGDQQDOOPlKOLFK XQVLFKWEDUJHZRUGHQZDUZLHDXFKGDVDQGHUH6FKLII8QGDQVFKOLHHQGKDEHVLFKIU LKQGLH6LWXDWLRQPLWXPJHNHKUWHQ9RU]HLFKHQQRFKPDOVDEJHVSLHOWGDHUVHOEVWQXQ SO|W]OLFK]XGHP'RSSHOJlQJHUZXUGHXQGVHLQIUKHUHV,FKNRQWDNWLHUWHELVGLHVHV HEHQIDOOVSO|W]OLFKYHUVFKZDQG :DUHVLP)DOOGHV5DXPVROGDWHQlKQOLFK"/DJGHU3ODQHW.UDXPRQLP 6FKQLWWSXQNWHLQHUVROFKHUhEHUODSSXQJGHUHQ1DWXUELVKHXWHQLFKWYROOVWlQGLJJHNOlUW ZRUGHQZDU")DUWXORRQNRQWUROOLHUWHGLHDXWRPDWLVFKH$XI]HLFKQXQJYHUJOLFKGLH =HLWDQJDEHQ 'DQQGUHKWHHUVLFK]XXQVXP³(VKDWVRQGHUEDUH2UWXQJHQJHJHEHQDEHUVLH ZDUHQVWHWVYRQVHKUNXU]HU'DXHU'HQ'DWHQQDFK]XXUWHLOHQKDEHQGLH*HUlWH]ZDU HWZDVDQJHPHVVHQZDVLQGHU1lKH.UDXPRQVDXVGHP+\SHUUDXPUHPDWHULDOLVLHUWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
DEHUVRIRUWZLHGHULQ7UDQVLWLRQJLQJ'DVLVWMHGRFKNDXPP|JOLFKGHQQVHOEVW 1RWVSUQJHEHDQVSUXFKHQHLQ0LQLPXPDQ=HLW,FKPXGDVHLQJHKHQGHUSUIHQHKH LFKPHKUGD]XVDJHQNDQQ5DXPVFKLIIHZDUHQGDVDOOHUGLQJVLQNHLQHP)DOO´ ,FKYHU]LFKWHWHDXIHLQHQ.RPPHQWDUDEHUPHLQH9HUPXWXQJKLQVLFKWOLFKHLQHV ]HLWOLFKHQ3KlQRPHQVVFKLHQVLFKLPPHUPHKU]XEHVWlWLJHQ(LQ:XQGHUGD )DUWXORRQQLFKWYRQVHOEVWGDUDXINDP:LUJLQJHQKLQEHULQGHQHLJHQWOLFKHQ 5HFKQHUUDXPGHUQHEHQGHU=HQWUDOHODJ )DUWXORRQVHW]WHVLFKHQV+DXSWSXOWULHIJHVSHLFKHUWH'DWHQDWHYHUJOLFKVLHXQG PXUPHOWHQDFKHLQJHKHQGHP6WXGLXPGHU$XI]HLFKQXQJHQ³'HU6WW]SXQNWZXUGH EHNDQQWOLFKNRQVHUYLHUW'LH$XWRPDWLNVFKDOWXQJGHULQWHUQHHZLHH[WHUQHQ hEHUZDFKXQJILHIGLHJDQ]H=HLWLPJHGURVVHOWHQ=XVWDQGXPHLQH]XIlOOLJH (QWGHFNXQJ]XYHUPHLGHQ'HVKDOEN|QQHQGLH6HOEVWVFKXW]SURJUDPPHQXUDXI VSH]LILVFKH6LWXDWLRQHQUHDJLHUHQEHLVSLHOVZHLVHEHLHLQHPJHZDOWVDPHQ9HUVXFKGHV (LQGULQJHQV=XGLHVHPLVWHVDEHUJDUQLFKWJHNRPPHQ'LH$XWRPDWLNUHJLVWULHUWH ]ZDUGDPHKUPDOVXQYHUPLWWHOWLQQHUKDOEGHU6WDWLRQ%HZHJXQJVDODUPDXVJHO|VW ZXUGHDEHUGLH:DFKURERWHUGLHDQGLHEHWUHIIHQGHQ6WHOOHQHQWVDQGWZXUGHQ HQWGHFNWHQQLHPDOV(LQGULQJOLQJH6LHPHOGHWHQQXUGDV)HKOHQYRQ*HJHQVWlQGHQ'LH 2UWXQJHQDXHUKDOEGHU6WDWLRQZDUHQVWHWVYRQH[WUHPNXU]HU'DXHULQQHUKDOEGHU 6WDWLRQGDJHJHQGDXHUWHQVLHELV]XHLQHUKDOEHQ7RQWDZDVEHGHXWHWGDVLFKGLH )UHPGHQXQVLFKWEDUJHPDFKWKDEHQPVVHQZHOOGHQ5RERWHUQNHLQ=XJULIIJHODQJ(V JLEWNHLQH(UNOlUXQJHVVHLGHQQGLH'LHEHVLQGKP7HOHSRUWHUGHQQQXUGDQQ ZlUHQVLHLQGHU/DJHMHGHU]HLWXQGQDFK%HOLHEHQGLH3RVLWLRQRGHUJDUYRQHLQHU 'LPHQVLRQLQGLHDQGHUH]XZHFKVHOQXQGGDVZDUWULHURIIHQVLFKWOLFKGHU)DOO =XPLQGHVWZDUHVHLQYHUZDQGWHU9RUJDQJ´ ³:UGHMHGHQIDOOV]XGHQ(UJHEQLVVHQGHU6WUXNWXUWDVWHUSDVVHQ´VDJWHLFK:LU UlWVHOWHQQRFKHLQH:HLOHKHUXPXQGGLVNXWLHUWHQGLHPHUNZUGLJHQ(UHLJQLVVHGDQQ JDEHQZLUHVDXI ³(VJLEWQXUHLQHHLQ]LJH0|JOLFKNHLWGDV3KlQRPHQ]XNOlUHQ´VDJWHPHLQ /HKUPHLVWHU³:LUPVVHQQDFKGHU$NWLYLHUXQJGHU6WDWLRQ]XLKUHUYROOHQ.DSD]LWlW ZDUWHQELVZLHGHU$ODUPJHJHEHQZLUGXQGGDQQKRIIHQGDZLUGHQHQWVSUHFKHQGHQ 2UWVFKQHOOVWHQVHUUHLFKHQ=XPLQGHVWGLHQXQDNWLYLHUWHRSWLVFKHXQGDNXVWLVFKH 'DXHUEHUZDFKXQJVlPWOLFKHU5lXPH+DOOHQ.RUULGRUHXQG$QWLJUDYVFKlFKWHPXEHL HLQHPHUQHXWHQ(LQGULQJHQGHU8QEHNDQQWHQ(UJHEQLVVHOLHIHUQ´ 0LUZDUDXIJHIDOOHQGDQDKH]XLQDOLHQ5lXPHQXQGDXIGHQ*lQJHQLQ UHJHOPlLJHQ$EVWlQGHQHLQ/DJHSODQGHUJHVDPWHQ6WDWLRQHLQVHKEDUZDU$XIHLQHU %LOGIOlFKHGHV,QWHUNRPVZDUHQGLH*HElXGHXQG*lQJHHLQJH]HLFKQHWXQGPLW 1XPPHUQYHUVHKHQ ³,QWHUQHhEHUZDFKXQJ´DQWZRUWHWH)DUWXORRQDXIPHLQH)UDJH³:HQQDQ LUJHQGHLQHU6WHOOH$ODUPDXVJHO|VWZLUGOHXFKWHQIU%HUHFKWLJWHQDFKGHU ,GHQWLIL]LHUXQJGLH.DUWHQDXI:RLPPHUZLUXQVDXFK]XGLHVHU=HLWJHUDGHDXIKDOWHQ ZLUVHKHQGDQQVRIRUWZRHWZDVQLFKWLQ2UGQXQJLVWXQGVLQGLQGHU/DJHGHQ EHWUHIIHQGHQ2UWDXIVFKQHOOVWHP:HJH]XHUUHLFKHQ$XIGHU.DUWHLVWGLHVHU:HJ HLQJH]HLFKQHWXQGZLUGDXWRPDWLVFKDQJH]HLJW´ ³:LHVHKHQGLHQlFKVWHQ6FKULWWHDXV"´IUDJWH(LVNUDOOH 'HU%DXFKDXIVFKQHLGHUNUDW]WHVLFKGHQ%DUWXQGOlFKHOWHNKO³'LH6WDWLRQ HUZDFKW]XP/HEHQ1DFKHLQDQGHUIDKUHQGLH5HDNWRUEO|FNHKRFKVRGDXQV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VlPWOLFKH$QODJHQHLQVFKOLHOLFKGHV6FKXW]VFKLUPV]XU9HUIJXQJVWHKHQ'LHHUVWHQ IQI]LJ.DPSIURERWHUVLQGDNWLYLHUWXQGVWHKHQEHUHIW,FKKDEHLQGLH+DXSW.62/ XQVHUH,QGLYLGXDOPXVWHUHLQJHJHEHQVLHKDWXQVDOVGLHHLQ]LJHQ=XJULIIVEHUHFKWLJWHQ UHJLVWULHUW%LVVlPWOLFKH5lXPOLFKNHLWHQLQHLQHQZRKQOLFKHQ=XVWDQGYHUVHW]WVLQGZLUG QRFKHLQHJDQ]H:HLOHYHUJHKHQ²GLH:DUWXQJVXQG6HUYRURERWHUEHJLQQHUVRHEHQ PLWGHU$UEHLW:LUULFKWHQXQVGHVKDOE]XQlFKVWQXULQHLQHP7HLOGHU+DXSWNXSSHO KlXVOLFKHLQ,KUN|QQWHXFKPLWGHP6WW]SXQNWYHUWUDXWPDFKHQZlKUHQGLFKPLFK ZHLWHUPLWGHQ0HGDWHQEHVFKlIWLJH´ ³7LUDNR"´HUNXQGLJWHLFKPLFKNQDSS ³%OHLEWYRUHUVWDQ%RUGGHU*212=$/´)DUWXORRQZLHJWHGHQ.RSI³6LFKHULVW VLFKHU´ :lKUHQGHUVLFKZLHGHUGHP.62/7HUPLQDO]XZDQGWHULHIHQ(LVNUDOOHXQGLFK GLH*UXQGXQG$XIWLVVHGHV6WW]SXQNWHVDXIXQGVWXGLHUWHQGLH3OlQH'LH hEHUZDFKXQJVDQODJHOLHIHUWHEHUGLHVGLHJHZQVFKWHQ%LOGHUGD]XXQWHUDQGHUHP YRQGHP8QWHUNXQIWVWHLOLPREHUHQ%HUHLFKGHU+DXSWNXSSHOLQGHPVLFK+XQGHUWH OX[XUL|VHU6XLWHQEHUPHKUHUH(WDJHQULQJVXPHLQH5HLKHYRQ*HPHLQVFKDIWVUlXPHQ JUXSSLHUWHQ]XGHQHQQHEHQHLQHP$WULXPPLWHLQHP6FKZLPPEDGHLQH7XUQKDOOHXQG DXFKHLQHDXWRPDWLVFKH.FKHPLWDQJHVFKORVVHQHP6SHLVHVDDOJHK|UWHQ (LVNUDOOHJULQVWHJOlVHUQ³:LUEUDXFKHQGRUWQXU]XZlKOHQXQGEHUHLWVQDFK ZHQLJHQ=HQWLWRQWDVZLUGGLHJHZQVFKWH0DKO]HLWJHOLHIHUW$XFK*HWUlQNHLQMHGHU )RUPVLQGYRUKDQGHQZLHLFKDQ+DQGGHU(LQODJHUXQJVOLVWHVHKH´ 'LH8QWHUNQIWHZDUHQPLWDOOHPQXUGHQNEDUHQ.RPIRUWDXVJHVWDWWHWH5lXPH =ZDUKDVWHQVLHNHLQH)HQVWHUDEHU%LOGZlQGHZDUHQPHKUDOVQXUHLQ(UVDW]$XI HLQHQ.QRSIGUXFNRGHUDNXVWLVFKH%HIHKOVJHEXQJKLQHQWVWDQGGRUWMHGHJHZQVFKWH /DQGVFKDIWYRQGHU+DXSWSRVLWURQLNJHQHULHUW:DKUHQGGHU&KUHWNRUZHLWHUGLH 6WDWLRQVLQIRVGXUFKVDKJLQJLFK]X)DUWXORRQLQGHQ5HFKQHUUDXPXQGVDJWH³(LQ EHDFKWOLFKHU6WW]SXQNWDOWHU*HKHLPQLVNUlPHU´ (UJULQVWHDEHUGDV/lFKHOQYHUVFKZDQGVRIRUWYRQVHLQHP*HVLFKW³,FKPDFKH PLU6RUJHQ$WODQ-HPDQGKDWGLH6WDWLRQHQWGHFNWXQGWUHLEWWULHUVHLQ8QZHVHQ:LU PVVHQLKQILQGHQ´ ³'XVDJVWHV$EHUZLHMDJWPDQµ*HLVWHU"´ (UVFKWWHOWHGHQ.RSI³'HUDOWH5DXPVROGDWZDUUHDOXQGOHEWH*HLVWHU KLQWHUODVVHQNHLQH)XVSXUHQXQGUlXPHQDXFKNHLQH:DIIHQODJHUDXV'LH'LHEH VFKHLQHQI|UPOLFKDXVHLQHUDQGHUHQ'LPHQVLRQ]XNRPPHQ´ ,FKZROOWHHWZDVDQWZRUWHQNDPDEHUQLFKWPHKUGD]X(LQVLUHQHQlKQOLFKHV *HKHXOOLHPLFKKRFKIDKUHQ)DUWXORRQPXVWHUWHGLH3URMHNWLRQGHU$ODUP/HXFKWNDUWH ³2EHQLQGHU7XUQKDOOH´ULHIHUXQGUDQQWHORVW³6FKQHOO'XEOHLEVWWULHULQGHU=HQWUDOH (LVNUDOOH´ 'LH³7XUQKDOOH´²HLQ6DDOPLWYLHOIlOWLJHQ7UDLQLQJVPDVFKLQHQZDUQXUZHQLJH 'XW]HQG0HWHUHQWIHUQWXQGEHUGHQ$QWLJUDYVFKDFKWVFKQHOOHUUHLFKW,FKKROWHGHQ %DXFKDXIVFKQHLGHUYRUGHU7XUHLQ)DUWXORRQ|IIQHWHVLHODQJVDPXQGYRUVLFKWLJELVHLQ DXVUHLFKHQGEUHLWHU6SDOWHQWVWDQGGDZLULQGHQ6DDOVHKHQNRQQWHQ:LUWUDXWHQ XQVHUHQ$XJHQQLFKW0LQGHVWHQV]HKQVFKZHUEHZDIIQHWH5DXPVROGDWHQKDVWHQVLFKLQ HLQHU(FNH]XVDPPHQJHGUlQJWXQGVFKRVVHQPLWLKUHQ,PSXOVVWUDKOHUQDXIHWZDVGDV ZLUQLFKWHUNHQQHQNRQQWHQZHOOHVUHFKWVYRQXQVLQGHUDQGHUHQ(FNHVHLQPXWH'LH JUHOOHQ(QHUJLHEQGHOUDVWHQGXUFKGLH+DOOHVHW]WHQPHKUHUH7XUQJHUlWHLQ%UDQGXQG
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
OLHHQGLHJHJHQEHUOLHJHQGH:DQGDXIJOKHQ(LQIUFKWHUOLFKHU+LW]HVFKZDOOEURGHOWH XQVHQWJHJHQ.XQVWVWRILYHUNOHLGXQJVFKPRO]ZDUI%ODVHQRGHUYHUGDPSIWHJDU ³'LHVH,GLRWHQ´NQXUUWHPHLQ/HKUPHLVWHUZWHQG³6LH]HUVW|UHQMDDOOHV:DV VRLOGHU8QVLQQ"´ 2KQH]XEHUOHJHQVFKORLFKGHQ+HOPPHLQHV6FKXW]DQ]XJHVXQGEHXJWH PLFKYRUVLFKWLJYRUXPKHUDXV]XILQGHQZRUDXIGLH9HWHUDQHQVRZWHQGVFKRVVHQ,FK VDKGLHEHLGHQ)UHPGZHVHQGHUHQ$XVVHKHQLFKDXVGHQ.ULHJVEHULFKWHQNDQQWH² ]XOHW]WDXFK7HLOGHU$5.6800,$DXI/DUJDPHQLDVRGDDXWRPDWLVFKHLQ ,QIRUPDWLRQVVFKZDOOLQPHLQ:DFKEHZXWVHLQVWU|PWH 6LHZDUHQ]ZHLHLQKDOE0HWHUJURXQGDQGHUWKDOEEUHLWGLH.|USHUDQ 6FKZHUNUDIWYHUKlOWQLVVH]ZLVFKHQXQG*UDYRVJHZ|KQW,KUVFKXOWHUEUHLWHU :XOVWNRSIZDUIHVWPLWGHP5XPSIYHUZDFKVHQ'LHYLHU'RSSHODXJHQLPVFKPDOHQ *UDWHUP|JOLFKWHQLKQHQQDFKYRUQHXQGKLQWHQJOHLFK]HLWLJ]XVHKHQVLHZDUHQUXHG HUUHLFKWHQGHQ'XUFKPHVVHUHLQHU)DXVWXQGKDVWHQ6FKOLW]SXSLOOHQ'HU]ZDQ]LJ =HQWLPHWHUEUHLWH0XQGZDUH[WUHPGQQOLSSLJ1XUDP.RSIZDUGDVVFKPXW]LJH*UDX GHUILQJHUQDJHOJURHQ6FKXSSHQ]XHUNHQQHQGLH.|USHUVHOEVWZDUHQLQVFKZHUH 6FKXW]NRPELQDWLRQHQJHKOOWXQGYRQWUDQVSDUHQWHQ,QGLYLGXDOIHOGHUQ]XVlW]OLFK JHVFKW]W .XU]HVWlPPLJH%HLQHVRZLHH[WUHPUDQJHWHQWDNHODUWLJH$UPH YHUYROOVWlQGLJWHQGHQ(LQGUXFN²HVKDQGHOWHVLFKWDWVlFKOLFKXP0DDKNV=ZDUJDEHV DQJHEOLFK7DXVHQGH$UWHQGHU³0HWKDQV´JHQDQQWHQ6SH]LHVGRFKGLH0DDKNVJDOWHQ DOVGLHEHKHUUVFKHQGHXQGJU|WH6LHOHEWHQDXI:DVVHUVWRII$PPRQLDN:HOWHQEHL 7HPSHUDWXUHQ]ZLVFKHQIQIXQGVLHE]LJELVVHFKVXQGQHXQ]LJ*UDGGLH%H]HLFKQXQJ ³0HWKDQV´RGHU³0HWKDQDWPHU´EH]RJVLFKKLHUEHLDXIDWPRVSKlULVFKH 9HUXQUHLQLJXQJHQGDGLHVH*HVFK|SIHLQ:LUNOLFKNHLW:DVVHUVWRIIHLQXQG$PPRQLDN PLW0HWKDQVSXUHQDXVDWPHWHQ 6FKRQ]XU5HJLHUXQJV]HLWYRQ,PSHUDWRU$UWKDPLQ,YRUEHUKXQGHUW $UNRQMDKUHQJDEHVHUVWHPLOLWlULVFKH$XVHLQDQGHUVHW]XQJHQ]ZLVFKHQXQVXQGLKQHQ LP7DSRQDU6HNWRU'LHLQ]ZLVFKHQ0HWKDQNULHJJHQDQQWH(VNDODWLRQEHJDQQYRU YLHU]LJ$UNRQMDKUHQDP3UDJRGHU3ULNXUGD$UNZXUGHGDV,VNRODUW6\VWHP LP%HUHLFKGHUJOHLFKQDPLJHQ'XQNHOZRONHQYRQ0HWKDQVHUREHUW'LH0RQGHGHU *DVULHVHQZDUHQUHWFKDQ+\SHUNULVWDOO)XQGVWlWWHQXQGZXUGHQYRQXQVZLHLKQHQ EHDQVSUXFKWHVZDUXQVHUHHUVWH1LHGHUODJHJHJHQGLHVH:HVHQ,P.DPSIJDLWHQVLH DOVZDKUH8QJHKHXHUIDVWXQYHUZXQGEDUZHQQPDQVLHQLFKWULFKWLJWUDI 8QGGLH0HWKDQVVFKRVVHQDXIGLH$UNRQLGHQLQGHU7XUQKDOOH)DUWXORRQULPLFK ]XUFN³%LVWGXEHUJHVFKQDSSW":HQQVLHXQVEHPHUNHQVLQGZLUHUOHGLJW´ ³:DV"´ ³'LH$UNRQLGHQXQG0HWKDQVEHNlPSIHQVLFKZHQQPLFKQLFKWDOOHVWlXVFKWPLW :DIIHQGLHDXVPHLQHP$UVHQDOVWDPPHU'DVVLQGDOVRGLH'LHEH9HUVSUHQJWHGHV 0HWKDQNULHJHV´ ,FKGDFKWHDQGLHYRUDQJHJDQJHQHQ(UHLJQLVVHXQGGLHJHKHLPQLVYROOHQ 8PVWlQGHPLWGHQHQZLUNRQIURQWLHUWZRUGHQZDUHQ*DQ]VRVLFKHUZDULFKQLFKWGD PHLQ/HKUPHLVWHUUHFKWKDVWH$EHUPLUEOLHEMHW]WNHLQH=HLWGDUEHUQDFK]XGHQNHQ (LQHUGHUDUNRQLGLVFKHQ6ROGDWHQHUKLHOWHLQHQW|GOLFKHQ7UHIIHUPLWWHQLQGLH%UXVW6HLQ .DPSIDQ]XJYHUNRKOWHVRIRUWDEHUQRFKHKHGHU0DQQGHQ%RGHQEHUKUWHO|VWHHU VLFKDXIXQGZDUYHUVFKZXQGHQ$OOHVZDVHULQGHU+DQGJHKDOWHQKDVWHYHUVFKZDQG
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
HEHQIDOOV=ZHLDQGHUH$UNRQLGHQEHJDQQHQVLFKHEHQIDOOV]XYHUIOFKWLJHQDEHUVLH ZDUHQQLFKWYHUZXQGHWRGHUJDUWRW6LHIHXHUWHQVRUDQJHDXVLKUHQ:DIIHQDXIGLH EHLGHQ0DDKNVELVVLHWRWDOHQWVWRIIOLFKWXQGYHUVFKZXQGHQZDUHQ'LHDQGHUHQEOLHEHQ XQGNlPSIWHQZHLWHUZXUGHQGDQQMHGRFKHEHQIDOOVHLQHUQDFKGHPDQGHUHQ XQVLFKWEDU 1XQNRQQWHPLFK)DUWXORRQQLFKWOlQJHU]XUFNKDOWHQ$QLKPYRUEHLVSUDQJLFK LQGLH+DOOH,FKZROOWHVHKHQZDVPLWGHQ0HWKDQVZDURKQHDQGLH*HIDKUGLHPLW PHLQHU1HXJLHUYHUEXQGHQZDU]XGHQNHQ(LQHUZXUGHHEHQXQVLFKWEDU(UKDVWHGDV )HXHUHLQJHVWHOOWGDHUNHLQHQ*HJQHUPHKUVDK0LFKVFKLHQHUQLFKW]XEHPHUNHQ 6HLQ.RSIXQWHUGHPWUDQVSDUHQWHQ+HOPHQWVWRIIOLFKWH'DQQIROJWHQGHUJHZDOWLJH .|USHUXQGGLHVlXOHQI|UPLJHQ%HLQH'HUDQGHUH0DDKNEOLHEHLQH:HLOHVWDELOHU REZRKODXFKVHLQH(QWVWRIIOLFKXQJHLQVHW]WH)DUWXORRQGHUPLUHQWVHW]WJHIROJWZDUVDK HEHQVRIDV]LQLHUWZLHLFKGHPYHU]|JHUWHQ9HUVFKZLQGHQ]X$XHUGHQ=HUVW|UXQJHQ EOLHEQLFKWV]XUFNZDVGLHEHLGHQ*HLVWHUJUXSSHQPLWJHEUDFKWKDWWHQ$XVGHU JHJHQEHUOLHJHQGHQ7XUNDPHQGLHHUVWHQ:DFKXQG:DUWXQJVURERWHUOHW]WHUH EHJDQQHQVRIRUWPLWGHQ$XIUlXPXQJVDUEHLWHQ'HU%DXFKDXIVFKQHLGHUNPPHUWHVLFK QLFKWGDUXP:RUWORVYHUOLHHUGHQ7XUQVDDOXQGNHKUWHPLWPLULQGLH=HQWUDOH]XUFN (UVHW]WHVLFKXQGULHEVLFKGLHIOHLVFKLJH1DVH³'LH6DFKHQLPPWDOOPlKOLFK lXHUVWEHGHQNOLFKH)RUPHQDQ´PXUPHOWHHUYHUVW|UWZHOOHURIIHQVLFKWOLFKQRFKLPPHU NHLQHZLVVHQVFKDIWOLFKEUDXFKEDUH(UNOlUXQJKDVWH³0DDKNVXQG$UNRQLGHQVLQG JOHLFKHUPDHQEHWURIIHQ6LHKDOWHQVLFKRIIHQVLFKWOLFKQXUXQWHU=ZDQJLQXQVHUHU ([LVWHQ]HEHQHDXIXQGZHUGHQLPPHUZLHGHULQGLHLKUH]XUFNJHKROWREVLHGDVZROOHQ RGHUQLFKW$EHUEHLXQVVLQGVLHUHDOVRQVWN|QQWHQVLHQLFKWPLWGHQ:DIIHQGHV 6WW]SXQNWVNlPSIHQ0HUNZUGLJLVWQXUGDDXFKGLHVHYHUVFKZLQGHQ]XVDPPHQPLW GHQ3VHXGRJHLVWHUQ'DVLVWHVZDVLFKHLQIDFKQLFKWEHJUHLIH´ ³.|QQWHQVLHDXVGHU9HUJDQJHQKHLWVWDPPHQ"´IUDJWHLFKGHQQLFKKDVWHDXFK EHLHLQLJHQGHU]HKQ5DXPVROGDWHQLP7XUQVDDOGLHDOWHQ*RQR]DO$XV]HLFKQXQJHQ JHVHKHQ ³'DVWHFNWPHKUGDKLQWHU´ ³8QGZLHHUNOlUVWGXGLUGLH%HJOHLWXPVWlQGH",KUSO|W]OLFKHV$XIWDXFKHQDXV GHP1LFKWVPLWWHQLQGHU6WDWLRQXQGLKUHEHQVRSO|W]OLFKHV9HUVFKZLQGHQ"´ ³hEHUKDXSWQLFKW´JDE)DUWXORRQlUJHUOLFK]XUFN³,FKPXQDFKGHQNHQXQG ZHLWHUH0HGDWHQDXVZHUWHQHKHLFKPHKUVDJHQNDQQ'LH$ODUPDQODJHLQIRUPLHUW XQVVROOWHQGLH.HUOHDEHUPDOVDXIWDXFKHQ´ $XV0DQXDORI6FLHQFHDQG7HFKQRORJ\'DWHQEHVWDQGGHV7HUUDQLD,QVWLWXWHRI 7HFKQRORJ\ ,QGHQHUVWHQ-DKUHQ²XPQLFKW]XVDJHQ-DKU]HKQWHQ²QDFKJDEHVDXI 7HUUDQXUZHQLJHGLHVLFKEHUKDXSWLQGHU+\SHUSK\VLNDXVNDQQWHQRGHUVLH JDUEHKHUUVFKWHQGRFKPLW.RQVWLWXLHUXQJGHV6RODUHQ,PSHULXPVEHJDQQHLQH LQWHQVLYLHUWH6FKXOXQJYRUDOOHPDQGHU8QLYHUVLWlWYRQ7HUUDQLDXQGSDUDOOHOGD]XQDKP GLH)RUVFKXQJNDXPZHQLJHU5DXPHLQ%HLJHQDXHUHU%HWUDFKWXQJKDVWHVLFKQDPOLFK JH]HLJWGDGDV³DUNRQLGLVFKH(UEH´EHPHUNHQVZHUWLLFNHQKDIWXQGXQYROOVWlQGLJZDU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
ZHOOGHQLQ-DKUWDXVHQGHQEHZlKUWHQ$JJUHJDWHQGHU$QZHQGXQJVVHLWHHLQ YHUJOHLFKVZHLVH³GUIWLJHU´%DFNJURXQGJHJHQEHUVWDQG *UXQGVlW]OLFKH6FKZLHULJNHLWZDUGDGLH$UNRQLGHQSUDJPDWLVFKKDQGHOWHQXQG LKUH+\SHUSK\VLNUHLQSKlQRPHQRORJLVFKEOLHE%HREDFKWHWHK\SHUSK\VLNDOLVFKH (UHLJQLVVHZXUGHQPLWHLQHU³(UNOlUXQJ´YHUVHKHQXQGLQGHU3UD[LVEH]JOLFKGHU %UDXFKEDUNHLWHUSUREW²RGHUYHUZRUIHQ9RQHLQHU+\SHUUDXP)RUVFKXQJLPHLJHQWOLFKHQ 6LQQNRQQWHQLHGLH5HGHVHLQXQGVRNDPHVQLFKW]XU$XVIRUUQXOLHUXQJYRQ7KHRULHQ PLWGHUHQ+LOIHVLFK]XNQIWLJH(UNHQQWQLVVHKlVWHQYRUDXVVDJHQODVVHQ .UDXPRQ6WW]SXQNW3UDJRGHV7HGDUGD$UN 6RIRUWQDFKGHPJHPHLQVDPHLQJHQRPPHQHQ)UKVWFNLQGHUDXWRPDWLVFKHQ .FKH]XGHPDXFK7LUDNRJHNRPPHQZDUVDJWH)DUWXORRQ³,FKKDEHUDQJH QDFKJHGDFKWXQGHLQLJH7KHVHQYRQGHU.62/GXUFKUHFKQHQOHVVHQ8P:HLWHUHV]X HUIDKUHQPVVHQZLUHLQHQGLHVHUKDOEVWRIIOLFKHQ$UNRQLGHQHUZLVFKHQKHLWIDQJHQ XQGYHUK|UHQ´ (LVNUDOOHZLQNWHDWH³'DQQIDQJPDOHLQHQ*HLVW´ ³(VVLQGNHLQH*HLVWHU´ ³'DQQHEHQ*HVSHQVWHU²ZRLVWGDGHU8QWHUVFKLHG"´ 'HU%DXFKDXIVFKQHLGHUOLHVLFKQLFKWSURYR]LHUHQ³)UGLHVHGLHVLFKLQGHU 6WDWLRQDXIKLHOWHQJLEWHVHLQHZLVVHQVFKDIWOLFKH(UNOlUXQJ6RPLWN|QQHQZLUVLHDXFK PLWZLVVHQVFKDIWOLFKHQ0HWKRGHQIDQJHQ´ 'DPLWQlKHUWHVLFKVHLQH$XIIDVVXQJEHUHLWVPHLQHUHLJHQHQ9HUPXWXQJGLHLFK PLW+LOIHGHV([WUDVLQQVHQWZLFNHOWKDVWH6HLQHZHLWHUHQ$XVIKUXQJHQEHVWlWLJWHQGDV QDFKGHP7LUDNRJHGHKQWVDJWH³:LVVHQVFKDIWOLFK"´ ³-DZLVVHQVFKDIWOLFK'LHDOWHQ$XV]HLFKQXQJHQGHU$UNRQLGHQEHZHLVHQPLULQ 9HUELQGXQJPLWGHQEULJHQ'DWHQHLQGHXWLJGDHVVLFKNHLQHVZHJVXPHLQH =HLWYHUVFKLHEXQJKDQGHOWXQGVLHVDJHQZLUPDOXPIQI]HKQ-DKUHLQGLH=XNXQIW JHULHWHQRGHUZLUIQI]HKQLQGLH9HUJDQJHQKHLW1HLQDOOHGLHVH$UNRQLGHQVLQGDIWGLH hEHUZDFKXQJVELOGHUDXVGHU7XUQKDOOHEHVWlWLJHQHV6LHKDEHQDOVRGLHVHIQI]HKQ RGHUEHVVHU]ZDQ]LJ-DKUHZLUNOLFKJHOHEW'LHVHP=HLWSXQNWHQWVSULFKWQlPOLFKGLH HUVWH2UWXQJYRPVLHE]HKQWHQ3UDJRGHV(\LORQGD$UNNQDSS]ZHL-DKUHQDFK GHP%DXGHV6WW]SXQNWHV6HLWKHUKDEHQVLHVLFKLQGHU6WDWLRQLPPHUZLHGHU DXVJHUVWHW'DPLWKlWWHQZLUVFKRQHLQHQZLFKWLJHQ3XQNWJHNOlUW'LH(UVFKHLQXQJHQ NRPPHQDXVXQVHUHU*HJHQLZDUW´ ³8QGZDVQW]WXQVGLHVH(UNHQQWQLV"´ZROOWH(LVNUDOOHZLVVHQZlKUHQGLFK VFKRQ]XDKQHQEHJDQQZRUDXI)DUWXORRQKLQDXVZROOWHXQGLP*HGDQNHQKLQWHUJUXQG HLQHQ]XVWLPPHQGHQ,PSXOVGHV([WUDKLUQVYHUQDKP ³(LQHJDQ]H0HQJHZHOOZLUQXQORJLVFKZHLWHUGHQNHQN|QQHQVRIHUQPDQ GHQNHQNDQQ´(LVNUDOOHEHUK|UWH)DUWXORRQVVDUNDVWLVFKHQ6HLWHQKLHEXQGUHDJLHUWH QLFKW³+DEHQVLHQLFKWVPLWHLQHU=HLWYHUVFKLHEXQJ]XWXQKDQGHOWHVVLFKXPHLQHGLH GLHUlXPOLFKH'LPHQVLRQEHWULIIW,QJHZLVVHU:HLVHH[LVWLHUHQVLHJOHLFK]HLWLJLP +\SHUUDXPXQGLQXQVHUHUQRUPDOHQ(EHQH6LHZHFKVHOQREQXQQDFK%HOLHEHQRGHU XQIUHLZLOOLJPXVLFKQRFKKHUDXVVWHOOHQ,FKYHUPXWHDOOHUGLQJVGDHVXQIUHLZLOOLJ JHVFKLHKWDEHULFKKDEHNHLQH$KQXQJZHURGHUZDVVLHGD]X]ZLQJWRGHUREHVVLFK XPHLQQDWUOLFKHV3KlQRPHQKDQGHOW´ 'DHUHLQH3DXVHPDFKWHQXW]WHLFKGLH*HOHJHQKHLWHLQH)UDJH]XVWHOOHQ³:LH HUNOlUVWGXGLUGLH7DWVDFKHGDVLHZHQQVLHLP6WDQGDUGXQLYHUVXPPDWHULDOLVLHUHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
*HJHQVWlQGHPLW]XUFNQHKPHQN|QQHQ"-DGDGLHVH*HJHQVWlQGHDXVXQVHUHU 'LPHQVLRQDOLWlWLQGLHLKUHYHUVFKZLQGHQZHQQVLHVLHQXULQGHU+DQGJHKDOWHQKDEHQ" 'DVZDUGRFKGHU)DOODOVVLHLP)HXHUGHU0DDKNVVWDUEHQ$XHUGHP6HLWZHQQ N|QQHQVWRIIOLFKH.|USHULPEHUJHRUGQHWHQ.RQWLQXXPH[LVWLHUHQ"´ (UZDUIPLUHLQHQZRKOZROOHQGHQ7KLFN]X³6HKUYHUQQIWLJHXQGJXWH)UDJHQ $WODQ,FKKDEHDXFKGDUEHUQDFKJHGDFKWDEHUZHQQLFKHKUOLFKVHLQVRLO(LQH EHIULHGLJHQGH/|VXQJKDEHLFKQLFKWJHIXQGHQ1RFKQLFKW,FKNDQQHVPLUQXUGXUFK HLQHQXQMDYLHOOHLFKWGXUFKHLQH$UWYRQ$GDSWLRQHUNOlUHQ0LWDQGHUHQ:RUWHQ :HQQGLHVH*HLVWHUEHLXQVPDWHULDOLVLHUHQXQGLQGLHVHP=XVWDQGHWZDVEHUKUHQPLW GHPIHVWHQ:LOOHQHVPLWVLFK]XQHKPHQGDQQJHVFKLHKWGDVDXFK+LQJHHVQLFKWPLW GLHVHP:LOOHQ]XVDPPHQPWHMDLP([WUHPGHU%RGHQPLWLKQHQYHUVFKZLQGHQDXI GHPVLHVWHKHQ8QGGDVLVWZLHZLU]XP*OFNIHVWVWHOOHQNRQQWHQQLFKWGHU)DOO´ 7LUDNRYHUJHZLVVHUWHVLFK³:HQQLFKGDVDOOHVUHFKWYHUVWHKHSHQGHOQGLHVH %HGDXHUQVZHUWHQ]ZLVFKHQGHQ'LPHQVLRQHQ6LHN|QQHQVLFKDXIGLH'DXHUZHGHUGRUW QRFKWULHUKDOWHU6LHZHFKVHOQYRP+\SHUUDXP]XP6WDQGDUGXQLYHUVXPXQG]XUFN 0HLQH)UDJH:LHLVWHLQVROFKHU=XVWDQGEHUKDXSWP|JOLFKXQGZLVVHQVFKDIWOLFK]X HUNOlUHQ"'DUILFKGDV+\SHUSK\VLNDOLVFKH%DVLVD[LRP]LWLHUHQ",P9HUKlOWQLV]XP YLHUGLPHQVLRQDOHQ5DXP=HLW.RQWLQXXPGHV6WDQGDUGXQLYHUVXPVLVWGLH6WUXNWXUGHV +\SHUNRQWLQXXPVHLQH6LQJXODULWlWGDVKHLWGLH%HJULIIH5DXP=HLW0DWHULHXQGGLH PLWLKQHQYHUEXQGHQHQSK\VLNDOLVFKHQ*HVHW]HN|QQHQQXUEHLGHQ K\SHUSK\VLNDOLVFKHQbTXLYDOHQWHQXQG$EOHLWXQJHQGLHLQV6WDQGDUGXQLYHUVXP HLQWUHWHQ$QZHQGXQJILQGHQ´ )DUWXORRQOlFKHOWH³5LFKWLJDEHUVFKRQGLH(QWUFNXQJHLQHU6HPL7UDQVLWLRQ ]HLJWGDHV=ZLVFKHQIRUPHQJLEW'DV6WDQGDUGXQLYHUVXPLVWHLQ7HLONRQWLQXXP LQQHUKDOEGHVYRQXQVUHFKWXQJHQDX+\SHUUDXPJHQDQQWHQ%HUHLFKVLQGHP YLHUGLPHQVLRQDOH.RQYHQWLRQHQJHOWHQ(UVWEHVRQGHUH3KlQRPHQHPDUNLHUHQGHQ hEHUJDQJ]X%HUHLFKHQGLHQLFKW]XGLHVHP7HLONRQWLQXXPJHK|UHQ'LH (QWPDWHULDOLVDWLRQHLQHVNRQYHQWLRQHOOHQ2EMHNWHVLVWYRUGLHVHP+LQWHUJUXQGGLH 7UDQVIRUPDWLRQYRP7HLONRQWLQXXP]XU=XVWDQGVIRUPGHUEHUJHRUGQHWHQIQIRGHUQ GLPHQVLRQDOHQ.RQYHQWLRQ'LHµ*HLVWHUSHQGHOQ]ZLVFKHQGHQ.RQWLQXDDEHUVROOWHVW GXPLFKQDFKHLQHUH[DNWHQ)RUPHOIUDJHQPXLFKOHLGHUSDVVHU,QGLH0DWKHPDWLN GHU+\SHUWKRULNPXLFKPLFK]XHUVWHLQOHVHQ²ZHQQLFKPLFKUHFKWHQWVLQQHJHKWVLH DXIVROFKH7KHPHQHLQ´ ³+\SHUWKRULN"´7LUDNRUXQ]HOWHGLH6WLUQ³'DVVLQGGRFKGLH$OJRULWKPHQ )RUPDOLVPHQXQG%HVFKUHLEXQJVP|JOLFKNHLWHQHLQHVPHLVWDOVµVSHNXODWLYH *UHQ]ZLVVHQVFKDIWDQJHVHKHQHQ)RUVFKXQJV]ZHLJHVZHLOYRQHLQHUSUDNWLVFKHQ $XVZHUWXQJGLHVHU(UNHQQWQLVVHQLHGLH5HGHVHLQNRQQWH7KHRULHQKLQVLFKWOLFK 3DUDOOHOXQLYHUVHQDXVGHQHQGHU*HVDPWNRVPRVEHVWHKHQVRLOORNDOEHJUHQ]WH 8QLYHUVDOVWUXNWXUHQXQGGHUJOHLFKHQ´ 7LUDNREHZLHVZHVKDOEHUGLHWKHRUHWLVFKHQ([DPLQDGHVHUVWHQXQG]ZHLWHQ *UDGHVGHU$5.6800,$PLWGHU*HVDPWEHZHUWXQJ³KHUYRUUDJHQG´EHVWDQGHQKDVWH EHVVHUDOVLFK'DV/lFKHOQGHV%DXFKDXIVFKQHLGHUVYHUVWlUNWHVLFK³:LUN|QQHQQXU YHUPXWHQGDVLVWDOOHVYRUHUVWZHQLJVWHQV$EHUPLWXQVHUHU7KHVHOlWVLFKHWZDV DQIDQJHQZLHLFKVFKRQHUZlKQWH(VEHVWHKWGXUFKDXVGLH0|JOLFKNHLWHWZDVLQ XQVHUHUUDXP]HLWOLFKHQ'LPHQVLRQIHVW]XKDOWHQVRZLHPDQ]XP%HLVSLHODXFKHLQHQ 7HOHSRUWHUPLWHLQHU3DUDIDOOHEDQQHQNDQQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³$KD´PDFKWH(LVNUDOOH ,FKZXWHZRUDXIPHLQ/HKUPHLVWHUKLQDXVZROOWHXQGlUJHUWHPLFKQLFKWVHOEVW GDUDXIJHNRPPHQ]XVHLQ3DUDIDOOHQJDEHVLQGHU)RUPK\SHUHQHUJHWLVFKHU)HOGHU GLHEHLVSLHOVZHLVHGXUFKPRGLIL]LHUWH)HVVHOIHOGSURMHNWRUHQHU]HXJWZHUGHQNRQQWHQ :HULQGHQ%HUHLFKHLQHVVROFKHQVFKDUIXPJUHQ]WHQ)HOGHVJHULHWZDUXQZHLJHUKFK ]XP%OHLEHQYHUXUWHLOW)UDJWHVLFKQXUREGDVDXFKLQXQVHUHP)DOO]XWUDI ³-DDKD'DVLVWYHUPXWOLFKGLHHLQ]LJH0|JOLFKNHLWHLQHQGLHVHU *HLVWHUDUNRPGHQHLQ]XIDQJHQ1DWUOLFKKDEHLFKQLFKWGLHJHULQJVWH$KQXQJREZLULKQ DXI'DXHULQHLQHP)HVVHOIHOGKDOWHQN|QQHQDEHUVLFKHUOLFKVRUDQJHXPLKPHLQLJH )UDJHQ]XVWHOOHQ,FKKDEHGDVXQWUJOLFKH*HIKOGDHUVRJDUVHKUJHPDQWZRUWHQ ZLUGGHQQDXINHLQHQ)DOOLVWGHUDXJHQEOLFNOLFKH:HFKVHO]XVWDQGIUHLZLOOLJHQWVWDQGHQ´ 7LUDNRIUDJWH³*LEWHVWULHUVROFKH)HVVHOIHOGSURMHNWRUHQ"´ ³(LQSHDUYRQLKQHQVLQGLP/DJHUVLHPVVHQLQVWDOOLHUWZHUGHQ'LH)UDJHLVW :RZHUGHQGLH*HLVWHUGDVQlFKVWHPDOZLHGHUDXIWDXFKHQ"$EHUGDQHKPHQZLUGLH :DKUVFKHLQOLFKNHLWVWKHRULH]X+LOIH2IIHQVLFKWOLFKKDEHQVLHHLQHQJHZLVVHQ(LQIOX GDUDXIDQZHOFKHP2UWVLHPDWHULDOLVLHUHQVHLHVDXFKRIWQXUKDOEXQGQLFKWY|OOLJ YHUVWRIIOLFKW'HU$ODUP$XI]HLFKQHUJLEW$XVNXQIWGDUEHUDQZHOFKHQ2UWHQLQQHUKDOE GHU6WDWLRQVLHDPKlXILJVWHQDXIWUDWHQ'RUWZHUGHQZLUGLH3URMHNWRUHQDXIVWHOOHQXQG PLWGHU$ODUPDQODJHNRSSHOQ6RPLWVFKDOWHWVLFKGDV)HOGDXWRPDWLVFKHLQVREDOG *HLVWHUDXIWDXFKHQ´ ³-HW]WQHQQVWGXVLHDXFKVFKRQ*HLVWHU´UJWHGHU&KUHWNRU ³'DVLVWDPHLQIDFKVWHQ´)DUWXORRQJULQVWHEUHLWXQGHUJlQ]WHQDFKHLQHU QDFKGHQNOLFKHQ3DXVH³0HUNZUGLJLVWQXUGDGLH0DDKNVHEHQIDOOVLQGLHVHQ UlWVHOKDIWHQ=XVWDQGJHUDWHQVLQG'DVPWHHLJHQWOLFKEHGHXWHQGDHWZDVGLHVHV 3KlQRPHQYHUXUVDFKWHZDVNHLQHQ8QWHUVFKLHG]ZLVFKHQLKQHQXQGGHQ$UNRQLGHQ PDFKWH²HLQHEHUJHRUGQHWH0DFKW"´ 0HLQHHUVWH9HUPXWXQJHVN|QQHVLFKXPHLQH:DIIHGHU0HWKDQVKDQGHOQ VFKLHQVLFKGDPLWQLFKW]XEHVWlWLJHQ)DUWXORRQ]RJVLFKLQGDV5HFKHQ]HQWUXP]XUFN YRQ7LUDNREHJOHLWHWGHVVHQ6WlUNHRKQHKLQHLQHUGLH7KHRULHZDU(LVNUDOOHXQGLFK PDFKWHQHLQHQ,QVSHNWLRQVJDQJGXUFKGLH6WDWLRQ6LFKHUKHLWVKDOEHUWUXJHQZLUGLH 7UDQVSRUWDQ]JHXQGQDKPHQ.RPELVWUDKOHUPLWYHU]LFKWHWHQDEHUGDUDXIGLH+HOPH ]XVFKOLHHQ'LH/HXFKWSOlQHGLHEHUDOODQGHQ:lQGHQKLQJHQHUOHLFKWHUWHQXQVGLH 2ULHQWLHUXQJ:LUVSUDFKHQQLFKWYLHOVRQGHUQKLQJHQXQVHUHQ*HGDQNHQQDFKGLHVLFK LQHUVWHU/LQLHQDWUOLFKXPGLHJHLVWHUKDIWHQ(UVFKHLQXQJHQGUHKWHQ 1DFK]ZHL7RQWDVYHUOLHHQZLUGDV,QQHUHGHU+DXSWNXSSHOXPXQVDXIGHU .UDXPRQ2EHUIOlFKHXP]XVHKHQ)DUWXORRQKDVWHXQVSRVLWURQLVFKH6FKOVVHO JHJHEHQPLWGHQHQVLFKLQ9HUELQGXQJPLWXQVHUHQ,QGLYLGXDOPXVWHUQDOOH YHUVFKORVVHQHQ7XUHQ|IIQHQOLHHQ 'LH6RQQHVFKLHQU|WOLFKGXUFK6FKOHLHUZRONHQHVZDUZDUPGLHJHULQJHUH 6FKZHUNUDIWDQJHQHKP1DFKGHPZLUHLQLJH*HElXGHLQ$XJHQVFKHLQJHQRPPHQ KDVWHQ²GLHDFKW]HKQIODFKHQ5XQGEDXWHQEDUJHQEHLVSLHOVZHLVHDOOHVDPWNRQVHUYLHUWH 8QWHUNQIWH²JLQJHQZLUYRP6WDWLRQVJHOlQGHDXVLQ|VWOLFKHU5LFKWXQJZRVLFK+JHO DQHLQDQGHUUHLKWHQ'HU%RGHQZDUPLWGLFKWHP*UDVEHZDFKVHQYHUHLQ]HOWJDEHV %DXPJUXSSHQ,QGHU)HUQHVDKLFKGLHVSLHJHOQGH)OlFKHHLQHV6HHVGHULQHLQ :DOGJHELHWHLQJHEHWWHWXQWHUXQVODJ'XQVWKLQJEHUGHU)OlFKHXQGVWLHJ]HUIDVHUW DXVGHQ%DXPNURQHQ,QGHU1DFKWKDVWHHVJHUHJQHWQRFKWURIIHQGLH%OlWWHUYRU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
)HXFKWLJNHLW8QVHU'LVNXVVWDQGXQEHVFKDGHWDXIGHP/DQGHIHOGVGOLFKGHU6WDWLRQ QHEHQGHP/HLFKWHQ.UHX]HU ,FKJLQJHLQZHQLJODQJVDPHUZlKUHQG(LVNUDOOHGHUVLFKWOLFKGLH:DUPHJHQR YRUDXVHLOWH:LHLFKLKQNDQQWHVXFKWHHUVLFKEHUHLWVHLQHQEHTXHPHQ3ODW]]XP 6RQQHQEDGHQDXV,FKKDVWHQLFKWVJHJHQHLQH5XKHSDXVHHLQ]XZHQGHQ(WZDHLQHQ .LORPHWHUYRQGHU6WDWLRQHQWIHUQWVHW]WHLFKPLFKDXIHLQHQXPJHVWU]WHQ%DXPVWDPP (LVNUDOOHVFKOHQGHUWHQRFKHLQZHQLJXPKHUHKHHUVLFKLQVQDVVH*UDVDXIGHQ5FNHQ OHJWHXQGGLH$XJHQVFKOR3LJPHQWHGHU/LGHUZXUGHQXQGXUFKVLFKWLJ:LUEHIDQGHQ XQVDXIGHU.XSSHGHVK|FKVWHQ+JHOV'LH$XVVLFKWUHLFKWHQDFKDOLHQ6HLWHQEHU YLHOH.LORPHWHUXQGLFKEHPHUNWHGDGLH.XSSHHLJHQWOLFKHLQHVHKUJURH :DOGOLFKWXQJZDU9RQXQVHUHU3RVLWLRQDXVJHVHKHQZXUGHQGLHYHUHLQ]HOWHQ%DXP XQG%XVFKJUXSSHQDQGHQHQZLUYRUEHLJHJDQJHQZDUHQIDVW]XHLQHUJHVFKORVVHQHQ JUQHQ0DXHU1DFK2VWHQKLQZDUGHU:DOGGLFKWHUEHJDQQDEHUHUVWQDFKHLQLJHQ KXQGHUW0HWHUQ,P6GHQODJGHUEHUHLWVHUZlKQWH6HH 1RFKZlKUHQGLFKGLH/DQGVFKDIWEHWUDFKWHWHXQGPLFKGHUXQEHUKUWHQ1DWXU HUIUHXWHELOGHWHVLFKXQZHLWGHV|VWOLFKHQ:DOGUHQGVGLFKWEHUGHQ%DXPZLSIHOQ ]ZLVFKHQ1HEHOVFKZDGHQHLQ)OLPPHUQLQGHU/XIW=XHUVWKLHOWLFKHVIUHLQH 7DXVFKXQJDEHUGDQQQDKPGDV)OLPPHUQDOOPlKOLFKEHNDQQWH.RQWXUHQDQXQGLFK ZXWHGDUXQGGUHLKXQGHUW0HWHUHQWIHUQWHLQ$UNRQLGHQVROGDWPDWHULDOLVLHUWH$EHU QLFKWQXUHLQHU1DFKXQGQDFKHUVFKLHQHQZHLWHUHGLHVHU9HWHUDQHQDXVGHP1LFKWV EOLHEHQMHGRFKWHLOZHLVHWUDQVSDUHQW *OHLFK]HLWLJWDXFKWHQGUHL0DDKNVLQLKUHQVFKZHUHQ.DPSIDQ]XJHQDXIXQG HU|IIQHWHQQRFKLPKDOEVWRIIOLFKHQ=XVWDQGGDV)HXHUDXIGLH$UNRQLGHQGLHRKQH]X ]|JHUQ]XUFNVFKRVVHQ(LVNUDOOHVFKUDNDXVGHP+DOEVFKODIKRFKXQGURXWHVLFK QHEHQPLFKKLQWHUGHQ'HFNXQJELHWHQGHQ%DXPVWDPP8QWHUGHVVHQVDQNHQGLH PLWHLQDQGHUNlPSIHQGHQ³*HLVWHU´WLHIHUELVLKUH)HGHQ%RGHQ]XEHUKUHQ VFKLHQHQ6LHQDKPHQIHVWHUH)RUPHQDQXQGZXUGHQGDQQVRUHDOGDHVNHLQHQ 8QWHUVFKLHG]XXQVPHKUJDE6RPLWJDEHVNHLQHQ=ZHLIHOPHKUGDVLHRIIHQVLFKWOLFK DXVGHP+\SHUUDXPNRPPHQGQXQYROOXQGJDQ]LQXQVHUHUUDXP]HLWOLFKHQ'LPHQVLRQ H[LVWLHUWHQ,P*HJHQVDW]]XGHQ$UNRQLGHQZDUHQGLH0HWKDQVDOOHUGLQJVLQ ,QGLYLGXDOIHOGHUJHKOOWDXIOHXFKWHQGH6FKXW]VSKlUHQGLHQXUGXUFKNRQ]HQWULHUWHQ 3XQNWEHVFKXEHUODVWHWZHUGHQNRQQWHQ 'LHEHLGHQ*UXSSHQEHNlPSIWHQVLFKPLWXQJODXEOLFKHU(UELWWHUXQJ6WDUEHLQHU GHU$UNRQLGHQKROWHLKQHLQHXQEHNDQQWHXQGPLUXQEHJUHLIOLFKH0DFKWLQGLH .|USHUORVLJNHLW]XUFNHUYHUVFKZDQGHLQIDFKDOVKlWWHHVLKQQLHPDOVJHJHEHQ'HQ 0HWKDQDWPHUQHUJLQJHVQLFKWDQGHUVGHQQHLQHUYRQLKQHQZXUGHJOHLFKYRQVLHEHQ (QHUJLHEQGHOQLQGHQPlFKWLJHQ.|USHUJHWURIIHQHQWPDWHULDOLVLHUWHDEHUQLFKWVRIRUW XQGYROOVWlQGLJ'HU5XPSIO|VWHVLFKDXIGLH6lXOHQEHLQHXQGGHU.RSIEOLHEHQ GDJHJHQQRFKHLQLJH$XJHQEOLFNHYRUKDQGHQ'DQQZlKUHQGGHUUXPSIORVH.RSIQDFK XQWHQVDQNYHUVFKZDQGHU'LH%HLQHIROJWHQLKPHLQZHQLJVSlWHU 'LH³(UVFKHLQXQJ´GDXHUWHLQVJHVDPWQDKH]XHLQH]HKQWHO7RQWD,P9HUODXI GLHVHU=HLWVSDQQHVWDUEHQ]ZHL0DDKNVXQGPLQGHVWHQV]HKQ$UNRQLGHQ'LHUHVWOLFKHQ .lPSIHUVWU]WHQVLFKPLWYHUYLHOIDFKWHU:XWDXIGHQYHUEOHLEHQGHQ*HJQHUXQG VFKRVVHQVLFKDXILKQHLQ$EHUQRFKZlKUHQGGDVJHVFKDKEHJDQQGLH$XIO|VXQJ (LQHUQDFKGHPDQGHUHQZXUGHQGLH6ROGDWHQWUDQVSDUHQWXQGHQWUFNWHQDXVXQVHUHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
([LVWHQ]HEHQHXPGRUWKLQ]XUFN]XNHKUHQZRKHUVLHJHNRPPHQZDUHQ'HU0HWKDQ IROJWHLKQHQ8QGGLH/LFKWXQJODJZLHGHUOHHUXQGYHUODVVHQYRUXQV (LVNUDOOHGUHKWHVLFKDXIGHQ5FNHQ³7RWDOEHUJHVFKQDSSW´EHKDXSWHWHHUXQG VDKPLFKKLOIORVDQ³:DVZLUJHVHKHQKDEHQJLEWHVGRFKEHUKDXSWQLFKW:LUPVVHQ YHUUFNWVHLQ´ ³0DJVHLQGDMHPDQGYHUUFNWLVWDEHUEHVWLPPWQLFKWZLQ:LUKDEHQNHLQ 7UXJELOGJHVHKHQ(LVNUDOOH.RPPPLWXQGEHU]HXJHGLFK´,FKZDUWHWHELVGHU &KUHWNRUQHEHQPLUVWDQGGDQQJLQJHQZLU]XGHU6WHOOHDQGHUGLHEHLGHQ *HLVWHUJUXSSHQJHNlPSIWKDWWHQ 'DV*UDVGHU/LFKWXQJZDUSODWVJHWUHWHQDOVVHLHLQH+RUGHZLOGJHZRUGHQHU 3RUDQJVGDUEHUKLQZHJJHUDVW$QPDQFKHQ6WHOOHQZDUGHU%RGHQDXIJHZKOW%VFKH OLHHQLKUHYHUEUDQQWHQ=ZHLJHKlQJHQDQGHUHVWDQGHUQRFKLQ)ODPPHQ=XP*OFN KDVWHHVLQGHUYHUJDQJHQHQ1DFKWJHUHJQHW'DV)HXHUNRQQWHVLFKQLFKWDXVEUHLWHQ XQGHUORVFKYRQVHOEVW$EHUVRVHKULFKDXFKQDFKHLQHPHLQ]LJHQ*HJHQVWDQGVXFKWH GHUYLHOOHLFKW]XUFNJHEOLHEHQZDULFKIHQGNHLQHQ$OOHVZDVGLH$UNRQLGHQXQG 0DDKNVPLWVLFKJHIKUWKDWWHQZDUDXFKPLWLKQHQZLHGHULQGHQ+\SHUUDXP YHUVFKZXQGHQ ³*ODXEVWGXGD*HVSHQVWHUGHUDUWLJH)XVSXUHQ]XUFNODVVHQ"´,FKGHXWHWH DXIGLHPlFKWLJHQ$EGUFNHGHU0HWKDQV³6LHZDUHQZLUNOLFKWULHUXQGVLHKDEHQ HLQDQGHUJHW|WHW6HOEVWLQLKUHPXQJODXEOLFKHQXQGXQZLUNOLFKHQ=XVWDQGEOHLEHQVLH HLQH5HDOLWlWPLWGHUZLUXQVDE]XILQGHQKDEHQ:LUN|QQHQIURKVHLQGDVLHXQVQLFKW HQWGHFNWKDEHQ$XIGHUDQGHUHQ6HLWH´IJWHLFKQDFKGHQNOLFKKLQ]X³LQWHUHVVLHUWPLFK QDWUOLFKREVLHXQVEHUKDXSWZDKUQHKPHQXQGHEHQIDOOVEHNlPSIHQZUGHQ´ ³'DUDXIODVVHLFKHVQLFKWDQNRPPHQ:HQQGLH*HLVWHUDXIWDXFKHQ YHUVFKZLQGHLFK´ ³:LUPVVHQGLH/|VXQJILQGHQ´HQWJHJQHWHLFK3HU+HOPIXQNVWHOOWHLFKGLH 9HUELQGXQJ]X)DUWXORRQKHUXQGEHULFKWHWHLKPZDVYRUJHIDOOHQZDU$QVFKOLHHQG ZDUHVVRZLHVRDQGHU=HLWLQGLH6WDWLRQ]XUFN]XNHKUHQ'LH3DUDIDOOHQPXWHQ VFKQHOOVWHQVLQVWDOOLHUWZHUGHQ:lKUHQGZLU]XUFNJLQJHQKDVWHLFKGDVXQKHLPOLFKH *HIKOVWlQGLJEHREDFKWHW]XZHUGHQ9RQXQVLFKWEDUHQ$XJHQGLHDXVGHP +\SHUUDXPDXIXQVKHUDEVDKHQ )DUWXORRQVDJWHQDFKHLQLJHPhEHUOHJHQ³:LHHVVFKHLQWKDEHQVLFKGLHVH *HLVWHUDXVJHUHFKQHW.UDXPRQDOV7XPPHOSODW]IULKUH.lPSIHDXVJHVXFKW2GHUVLH N|QQHQQLFKWDQGHUVGDVLVWDXFKP|JOLFK+LHUILQGHQVLHDXIMHGHQ)DOO:DIIHQXQG $XVUVWXQJZDVZLHGHUXPGDUDXIVFKOLHHQOlWGDVLHVLFKGHQ2UWLKUHU 0DWHULDOLVDWLRQDXVVXFKHQN|QQHQ6RQGHUEDULVWQXUGDNHLQH(VVHQVYRUUlWH JHVWRKOHQZXUGHQ'DVN|QQWHEHGHXWHQGDVLFKLKU0HWDEROLVPXVY|OOLJYHUlQGHUW KDW9LHOOHLFKWLVWGLH8PVFKUHLEXQJ*HLVWHURGHU*HVSHQVWHUGRFKWUHIIHQGHUDOVZLU GDFKWHQ´ ³+DVWGXLQ]ZLVFKHQIHVWJHOHJW´IUDJWHLFK³ZRZLUGLH)DOOHQDXIVWHOOHQ"´ ³=ZHL2UWHJLEWHVDQGHQHQVHKUKlXILJ$ODUPDXVJHO|VWZXUGH(LQ :DIIHQDUVHQDOXQGHLQH.DPPHUIU$XVUVWXQJEHLGHVLQGHU|VWOLFKHQ1HEHQNXSSHO 'RUWZHUGHQZLUGLH)HVVHOIHOGSURMHNWRUHQLQVWDOOLHUHQ:LUEUDXFKHQGDQQQXUQRFKDXI GHQ$ODUP]XZDUWHQ´ ³6RHLQIDFKLVWGDV"´7LUDNRV,URQLHVSUDFKIUVLFK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³6RHLQIDFKK|UWHVVLFKZHQLJVWHQVDQ´NQXUUWHGHU%DXFKDXIVFKQHLGHUXQGJLQJ YRUDQ :LUKROWHQGLH3URMHNWRUHQPLW+LOIHHLQLJHU$UEHLWVURERWHUXQGEUDFKWHQGLH $QWLJUDYODIHWWHQLQ6WHOOXQJ'LH$QVFKOVVHZDUHQVFKQHOOKHUJHVWHOOWGLHJDQ]H $SSDUDWXUXQGLKUH:LUNXQJVZHLVHZDUHQHLQIDFK6REDOG$ODUPDXVJHO|VWZXUGH VFKDOWHWHVLFKDXWRPDWLVFKGHUHQWVSUHFKHQGH3URMHNWRUHLQXQGHU]HXJWHHLQ NXJHOI|UPLJHVK\SHUHQHUJHWLVFKHV.UDIWIHOGYRQDOOHUGLQJVJHULQJHP'XUFKPHVVHU $OOHVMHGRFKZDVVLFKLQGLHVHU6SKlUHEHIDQGZXUGHDQHLQHU(QWPDWHULDOLVDWLRQ JHKLQGHUWVRUDQJHZHQLJVWHQVZLHGLH(QHUJLH]XIXKUDXVUHLFKWH ³8QGGDYRQLVWJHQXJYRUKDQGHQ´0LW%HIULHGLJXQJEHWUDFKWHWHGHU %DXFKDXIVFKQHLGHUXQVHU:HUN³6RQXQN|QQHQVLHNRPPHQXQGLFKKRIIHVHKUGD ZLUQLFKWJHUDGHHLQHQ0HWKDQHUZLVFKHQ'HUZUGHXQVNDXPZHLWHUKHOIHQ6HKWGRUW GUEHQGLH5HJDOH'LH$UNRQLGHQKDEHQPLQGHVWHQVHLQLJHKXQGHUW/XFFRWVJHVWRKOHQ XPLKUHQ*HLVWHUNULHJIKUHQ]XN|QQHQ:LUN|QQHQIURKVHLQGDVLHVLFKQXUXPLKUH $XVUVWXQJNPPHUQXQGQLFKWGLH.UDIWVWDWLRQ]HUVW|UWKDEHQ1DEDOGZLVVHQZLU YLHOOHLFKWHQGOLFKZRUXPHVJHKW´ ³:LHVROOHQZLUGHQ*HIDQJHQHQYHUK|UHQ"´IUDJWHLFKDOVZLUVSlWHULQGHU .FKHVDHQXQGDXIXQVHU(VVHQZDUWHWHQ 0HLQ/HKUPHLVWHUEHUOHJWHQLFKWUDQJH³'XJHKVWLQGDVK\SHUHQHUJHWLVFKH)HOG ]XGHPJHIDQJHQHQ$UNRQLGHQ,FKEDXHHLQ]ZHLWHV)HVVHOIHOGDXIGDVGDQQPLWGHP HUVWHQ]XHLQHUJHPHLQVDPHQ6SKlUHEHUODSSW6RNRPPVWGXKLQHLQRKQHGDGHU *HIDQJHQHDXVEUHFKHQNDQQ(VPXDOOHVVHKUVFKQHOOJHKHQXQGVHOEVWYHUVWlQGOLFK ZLUVWGXGHQ.DPSIDQ]XJWUDJHQGHQQLQQHUKDOEGHU)HOGVSKlUHGUIWHGLH$WHPOXIW EDOGNQDSSZHUGHQ'DVPRGLIL]LHUWH)HVVHOIHOGLVWXQGXUFKGULQJOLFKVRJDUIUGLH NOHLQVWHQ0ROHNOHHEHQVRIU$NXVWLNXQG)XQN´ *DQ]ZRKOZDUPLUQLFKWEHLGHP*HGDQNHQ:HQQPLFKGHU*HLVWHUDUNRQLGH DQJULIINRQQWHHV]XHLQHU.DWDVWURSKHNRPPHQGHQQGLH)HOGOLQLHQGHU K\SHUHQHUJHWLVFKHQ%ODVHZUGHQ:DIIHQVWUDKOHQUHIOHNWLHUHQGLHVRZRKOPLFKDOV DXFKGDV2SIHUW|WHQNRQQWHQ(VNRPPWGDUDXIDQZLVSHUWHGHU([WUDVLQQGHP JHIDQJHQHQ$UNRQLGHQVRVFKQHOOZLHP|JOLFKNODU]XPDFKHQGDHUVLFKQLFKWLQ*HIDKU EHILQGHWVRQGHUQGDGXLKPKHOIHQZLOOVW (LVNUDOOHODVLQPHLQHP*HVLFKWGLH%HGHQNHQ³6ROOLFKJHKHQ"´ )UHLQHQ$XJHQEOLFNKDVWHLFKGDV*HIKO)DUWXORRQZUGHGHQ9RUVFKODJ DQQHKPHQ$EHUGDQQVFKWWHOWHHUGHQ.RSI³1HLQ.OHLQHU$WODQZLUGGHQ9HUVXFK PDFKHQ:LUPVVHQEHUHLWVWHKHQXPLKPLP1RWIDOOKHOIHQ]XN|QQHQ´ 'LHJDQ]H*HVFKLFKWHVFKPHFNWHPLUQLFKW:HQQLFKHVPLWHLQHPQRUPDOHQ :LGHUVDFKHU]XWXQJHKDEWKlWWHZlUHMHGHU$XJHQEOLFNGHV=ZHLIHOQVEHUIOVVLJ JHZHVHQ$EHUZLUVWDQGHUHLQHP3KlQRPHQJHJHQEHUIUGDVHVNHLQHDXVUHLFKHQGH (UNOlUXQJJDEDEHUZLUPXWHQHVHUJUQGHQ :DKUVFKHLQOLFKKDVWHLFKJHG|VW²MHGHQIDOOVVFKUDNLFKKRFKDOVGDV $ODUPVLJQDOLQPHLQHQ2KUHQJHOOWH0LWHLQHP6SUXQJZDULFKYRP%HWWXQGVFKORGHQ +HOPGHV.DPSIDQ]XJVGHUDXVNQLVWHUQGHQ)DOWXQJHQKHUDXVKDOEUXQGH)RUP JHZDQQXQGLQGLH'LFKWXQJV5XQGVFKLHQHGHV+DOVVWFNVHLQNOLFNWH$XIGHP /HXFKWSODQHUNDQQWHLFKGDGDV:DIIHQDUVHQDO=LHOGHUXQKHLPOLFKHQ%HVXFKHUZDU 'HQNU]HVWHQ:HJGRUWKLQNDQQWHLFKDXFKRKQH.DUWH6RVFKQHOOLFKNRQQWHVSXUWHWH LFKORVXQGWUDILQGHU0DQQVFKOHXVHGHU+DXSWNXSSHODXI)DUWXORRQ'UDXHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
DNWLYLHUWHQZLUXQVHUH$QWLJUDYVXQGIORJHQ]XU|VWOLFKHQ1HEHQNXSSHOKLQEHURKQHHLQ :RUW]XVSUHFKHQ.XU]GDUDXIHUUHLFKWHQZLUGHQ(LQJDQJ]XP+DQGZDIIHQDUVHQDOXQG JLQJHQ]ZLVFKHQ5HJDOHQLQ'HFNXQJ'DVHUVWHZDVLFKVDKZDUHQVLHEHQRGHUDFKW $UNRQLGHQGLHHLOLJDOOHVDQ6WUDKOHUQ]XVDPPHQUDIIWHQZDVLQHUUHLFKEDUHU1lKH ODJHUWH6LHVWRSIWHQLKUH%HXWHLQNUlIWLJH3ODVWLNVlFNH0LUZDUVRIRUWNODUZDVGDV EHGHXWHWH6LHZXWHQGDLKQHQQLFKWYLHO=HLWEOLHEVLHZROOWHQVREDOGVLHZLHGHU HQWVWRIIIOLFKWHQQLFKWRKQH:DIIHQLQGLHXQZLUNOLFKH'LPHQVLRQ]XUFNNHKUHQ :LULJQRULHUWHQGLH'LHEHXQGULFKWHWHQXQVHUH$XIPHUNVDPNHLWDXIGHQ0DQQ GHUYRQGHQ)HVVHOIHOGHUQIHVWJHKDOWHQZXUGHXQGYHUJHEOLFKYHUVXFKWHGLH XQVLFKWEDUH:DQG]XGXUFKEUHFKHQ(UVDKVHLQH*HIlKUWHQQXUZHQLJH0HWHUHQWIHUQW GLH%HXWH]XVDPPHQUDIIHQDEHUHUNRQQWHQLFKW]XLKQHQJHODQJHQ(VKDWIXQNWLRQLHUW HULVWJHIDQJHQ ³6REDOGGLHDQGHUHQVLFKDXI]XO|VHQEHJLQQHQ´IOVWHUWH)DUWXORRQ³ZHUGHQZLU VHKHQREHVJHNODSSWKDW8QVHU*HIDQJHQHUPWHGDQQEOHLEHQVLFKWEDUXQG PDWHULHOO´ 1XQNDPHQDXFK7LUDNRXQG(LVNUDOOHEOLHEHQKLQWHUXQVVWHKHQXQG EHREDFKWHWHQGDV*HVFKHKHQRKQHYRQGHQ$UNRQLGHQHQWGHFNWZRUGHQ]XVHLQ'DQQ ZDUHVVRZHLW(LQHUQDFKGHPDQGHUHQZXUGHQGLH'LHEHVDPWLKUHU%HXWHWUDQVSDUHQW XQGYHUVFKZDQGHQ1XUGHU$UNRQLGHLQGHU3DUDIDOOHEOLHE(UYHUlQGHUWHVLFKQLFKW ³'DVKlWWHQZLUJHVFKDIIW´VDJWHGHU%DXFKDXIVFKQHLGHUHUOHLFKWHUW³1XQNRPPWHVQXU QRFKGDUDXIDQGLFKZRKOEHKDOWHQLQGDV)HOG]XEHI|UGHUQRKQHGDGHU*HIDQJHQH DQJUHLIWRGHUGRFKQRFKIOLHKHQNDQQ´ ,FKVWDQGQXQXQPLWWHOEDUDQGHUXQVLFKWEDUHQ*UHQ]H'HU$UNRQLGHKDVWHXQV EHPHUNWXQGVHLQHYHUJHEOLFKHQ)OXFKWYHUVXFKHDXIJHJHEHQ(UZLUNWHQLFKWIXUFKWVDP JDQ]LP*HJHQWHLO,QVHLQHQ$XJHQJODXEWHLFKVRHWZDVZLH+RIIQXQJHUNHQQHQ]X N|QQHQ(UKREGLH+DQGXQGZLQNWHXQV]X'DQQWDVWHWHHUGHQXQVLFKWEDUHQ :LGHUVWDQGGHV)HVVHOIHOGHVDWHDOVN|QQHHUQLFKWJODXEHQQRFKPDWHULHOYRUKDQGHQ ]XVHLQ,FKNRQQWHVHLQH*HGDQNHQEHLGLHVHU*HVWHIDVWHUUDWHQ8PLKPPHLQHQ )ULHGHQVZLOOHQVFKRQMHW]W]XEHZHLVHQOHJWHLFKPHLQHQ.RPELVWUDKOHUGHPRQVWUDWLY QHEHQPLFKDXIGHQ%RGHQGHQ/DXI]XU:DQGJHULFKWHW(UQLFNWHOLHVHLQHQ ,PSXOVVWUDKOHULP+DOIWHUVWHFNHQXQGVDKPLFKIRUVFKHQGDQ,FKZLQNWH)DUWXORRQ]X GHUDXIPHLQ=HLFKHQZDUWHWH (VJLQJDOOHVSURJUDPPJHPlXQGXQJODXEOLFKVFKQHOO(LQH]ZHLWH6SKlUH HQWVWDQGXQGYHUVFKPRO]PLWGHUGHV$UNRQLGHQ$OVLFKGLUHNWYRULKPVWDQGIKOWHHU VLFKEHUUXPSHOWXQGYHUPXWHWHHLQH)DOOH(UZROOWHQDFKVHLQHU:DIIHJUHLIHQDEHULFK VDJWHVFKQHOO³:HULPPHU6LHVLQGOHVVHQ6LHGDV:LUZROOHQ,KQHQQXUKHOIHQ:LU KDEHQHLQK\SHUHQHUJHWLVFKHV)HVVHOIHOGHUVWHOOWGDPLW6LHQLFKWHQWVWRIIOLFKWZHUGHQ 0HLQ1DPHLVW$WODQ:HUVLQG6LH"´ ³3DUYRQ.KHU2UEWRQGHULPSHULDOHQ.ULHJVIORWWH6HLQHU(UKDEHQKHLW,PSHUDWRU *RQR]DOVGHV6LHEHQWHQLP5DQJHLQHV(LQPRQGWUlJHUV6WHOOYHUWUHWHQGHU .RPPDQGDQWGHUIQIWHQ5DXPODQGHEULJDGHGHVYLHUXQGQHXQ]LJVWHQ (LQVDW]JHVFKZDGHUVXQWHUGHP2EHUEHIHKOYRQ'H.HRQ¶DWKRU6DNDO´ ,FKKLHOWHVIUEHUIOVVLJLKPMHW]W]XVDJHQGD*RQR]DOVHLWYLHU]HKQ $UNRQMDKUHQWRWZDUHUPRUGHWYRQVHLQHPHLJHQHQ%UXGHUGHPMHW]LJHQ,PSHUDWRU(V JDEZLFKWLJHUH'LQJHXQGGLH=HLWZDUYLHOOHLFKWNRVWEDUHUDOVZLUDKQWHQ³:DVLVW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
JHVFKHKHQ7KDUJ¶DWKRU"+DEHQ6LHHLQH(UNOlUXQJIU,KUHQMHW]LJHQ=XVWDQG"6DJHQ 6LHPLUDOOHVZDV6LHZLVVHQ:LUZROOHQ,KQHQKHOIHQ´ (LQHQ$XJHQEOLFNZDUPLUDOVO|VHVLFKGDVUHFKWH%HLQ3DUYRQ.KHUVDXI(V ZXUGHIUGHQ%UXFKWHLOHLQHU0LOOLWRQWDIDVWWUDQVSDUHQWDEHUGDQQZDUZLHGHUDOOHVZLH YRUKHU(UVHOEVWVFKLHQGHQ9RUIDOOQLFKWEHPHUNW]XKDEHQ:RKODEHU)DUWXORRQGHU PLUGXUFK=HLFKHQ]XYHUVWHKHQJDEGDLFKPLFKEHHLOHQVROOH ³(VLVWVFKRQUDQJHKHU´EHJDQQ3DUYRQ.KHU³:LUWUDIHQDXIHLQHQ9HUEDQGGHU 0HWKDQVXQGEHVFKORVVHQLKUHQ6WW]SXQNWDQ]XJUHLIHQXQG]XYHUQLFKWHQ:LU ODQGHWHQPLWPHKUHUHQ6FKLIIHQXQGYHUOLHHQVLHXPDQ]XJUHLIHQ9LHOOHLFKWZDUGDV HLQ)HKOHUMHGHQIDOOVVDKHQZLUXQVHUH6FKLIIHQLHPHKUZLHGHU,FKZHLQLFKWZLHYLHOH 0HWKDQVLQGHPVWDUNEHIHVWLJWHQ6WW]SXQNWDXIXQVHUH$QNXQIWZDUWHWHQGHQQZHGHU DOOHYRQLKQHQQRFKDOOHYRQXQVHUOLWWHQGDVJOHLFKH6FKLFNVDO'LH8UVDFKHMHGHQIDOOV PXDXHUKDOEJHOHJHQKDEHQQLFKWDXIGHP3ODQHWHQVHOEVW'DV2EHUNRPPDQGRGHU 0DDKNVWHVWHWHHLQHQHXH:DIIHHLQHK\SHUHQHUJHWLVFKH:DIIH'UIWHDXIGHU%DVLV HLQHV7UDQVLWLRQV6WUXNWXUIHOGVHQWZLFNHOWZRUGHQVHLQYLHOOHLFKWDXFKlKQOLFKHLQHU *UDYLWDWLRQVERPEH´ ³:HLWHU´)DUWXORRQPDFKWHHUUHJWH=HLFKHQPLWGHU+DQG:DKUVFKHLQOLFKZROOWH HUGDLFKPLFKEHHLOWH$EHUZDVKDOIHV":HQQGDV)HVVHOIHOGDEJHVFKDOWHWZXUGH YHUVFKZDQG.KHUVRIRUW,FKZROOWHVRUDQJHPLWLKPUHGHQZLHHVP|JOLFKZDU :lKUHQGLFKPLFKDQLKQZDQGWHVFKULHELFKKDVWLJHLQHNXU]H(UNOlUXQJEHUGDVZDV LFKHUIXKUDXIHLQH)ROLHXQGKLHOWVLHVRGD)DUWXORRQPLWOHVHQNRQQWH ³(VHUIROJWHHLQHXQEHVFKUHLEOLFKKHIWLJH([SORVLRQGHUHQ)ROJHQQLFKWQXUZLU VRQGHUQDXFKGLH0DDKNV]XVSUHQEHNDPHQ$OOHZDUHQJOHLFKHUPDHQEHWURIIHQ ZDVGLH8UKHEHUGHV([SHULPHQWVQXU]XJXWZLVVHQPXWHQ6LHQDKPHQNHLQH 5FNVLFKWDXILKUHHLJHQHQ/HXWHWURW]GHP]RJNHLQHLQ]LJHU0HWKDQDXVGLHVHP9RUIDOO GLH.RQVHTXHQ]HQ'XUFKGLH([SORVLRQZXUGHHLQJURHU7HLOEHLGHU7UXSSHQDXIGHU 6WHOOHJHW|WHWGHU5HVWDEHUHQWVWRIIOLFKWHXQGZXUGHLQGHQ+\SHUUDXPJHULVVHQXQG GLH9HUELQGXQJ]XU5HDOLWlWULDWH1XUZHQQZLUIU0LOOLWRQWDVELV'H]LWRQWDVLQV 6WDQGDUGXQLYHUVXP]XUFNNHKUHQZHUGHQDOOH'LQJH/HEHZHVHQXQG*HJHQVWlQGH ZLHGHUJUHLIEDUXQGUHDOIUXQV:LUKDEHQGLHVH=HLWGD]XJHQXW]W$XVUVWXQJXQG :DIIHQ]XEHVRUJHQ´ ,FKZXWHQLFKWZDVLFKGD]XVDJHQVROOWH³'LH0DDKNVYHUYROOVWlQGLJHQ HEHQIDOOVLKUH$XVUVWXQJQHKPHLFKDQ:DUXPJHKWGHU.ULHJZHLWHU"´ :lKUHQGLFKZHLWHUVFKULHEJDEPLU)DUWXORRQ]XYHUVWHKHQGDHUEHJULIIHQ KDVWH ³)ULHGHQ"´'HU2UEWRQVSUDFKJHGHKQWDOVN|QQHHUGLH%HGHXWXQJGHV:RUWHV QLFKWIDVVHQ³)ULHGHQ]ZLVFKHQXQVXQGGHQHQ":LHN|QQHQ6LHEHUKDXSWHLQH VROFKH)UDJHVWHOOHQ"6LHJUHQ]WIDVWDQ+RFKYHUUDW´ ³'HU*HGDQNHDQ)ULHGHQNDQQQLHPDOV+RFKYHUUDWVHLQ´VDJWHLFKREZRKOLFK ZXWHGDHUPLFKQLFKWYHUVWDQG³,KUXQGGLH0DDKNVVHLGYHUlQGHUWLKUSHQGHOW ]ZLVFKHQGHQ.RQWLQXDKLQXQGKHU6WDWWJHPHLQVDP]XYHUVXFKHQHLQH/|VXQJ]X ILQGHUEULQJVLKUHXFKJHJHQVHLWLJXP,FKKDOWHGDVIUXQYHUQQIWLJXQGVLQQORV 7KDUJ¶DWKRU.KHU´ ³6LQQORVRGHUQLFKWHVLVWPHLQH3IOLFKW'LHPHLVWHQYRQXQVVLQGEHUHLWV JHVWRUEHQ´ ³(LQ*UXQGDXFKQRFKGHQ5HVW]XRSIHUQ"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³:DVLVWHVGHQQIUHLQ/HEHQGDVZLUIKUHQ":LUVLQGZHGHUWULHUQRFKGRUW UHDO(LJHQWOLFKJLEWHVXQVJDUQLFKWPHKU:LUVLQGQLFKWVDOV5XKHORVHIUGLHGHU7RG HLQH(UO|VXQJEHGHXWHW´ :LUVFKZLHJHQXQGGDQQEHPHUNWHLFKGD.KHUVLFKWURW])HVVHOIHOG DXI]XO|VHQEHJDQQ,FKPDFKWH)DUWXORRQHLQ=HLFKHQDEHUGHUKDVWHGHQ9RUJDQJ EHUHLWVEHPHUNW.KHUNHKUWLQVHLQHQHQWVWRIIOLFKWHQ=XVWDQG]XUFNREZRKOGDV)HOG QRFKHLQJHVFKDOWHWLVW'HPQDFKZDUHVXQP|JOLFKGLH*HLVWHUOlQJHUDOVHLQH]HKQWHO 7RQWDLQHLQHU3DUDIDOOH]XKDOWHU'LH*HZDOWGLHVLHLPPHUZLHGHULQGHQ+\SHUUDXP ]XUFN]HUUWHZDUVWlUNHU 'DQQJHVFKDKHQ]ZHL'LQJHJOHLFK]HLWLJ)DUWXORRQVFKDOWHWHGHQ )HVVHOIHOGSURMHNWRUDWH6RIRUWVFKULWWGLH(QWVWRIIOLFKXQJGHV2UEWRQVVFKQHOOHUYRUDQ ,FKKDQGHOWHDEVROXWLQVWLQNWLYDOVLFKQDFKLKPJULIIXQGXQZLOONUOLFKYHUVXFKWHLKQ IHVW]XKDOWHQ=ZDUK|UWHLFK)DUWXORRQV:DUQUXIDFKWHWHDEHUQLFKWGDUDXI.KHUV UHFKWHU$UPZDUQRFKUHDOXQGVWRIIOLFK,FKSDFNWHLKQXQGKLHOWLKQIHVVDOVN|QQHLFK VRYHUKLQGHUQGDDXFKGHUVLFKWEDUH7HLOGHV6ROGDWHQLQGLHDQGHUH'LPHQVLRQ HQWZLFK6WDWWGHVVHQQDKPHUPLFKPLW )DUWXORRQ(LVNUDOOHXQG7LUDNRVWDQGHUQXUZHQLJH0HWHUYRQPLUHQWIHUQWXQG LFKVDKVLHDOOHGUHLGHQ6DDOXQGVHLQHJHVDPWH(LQULFKWXQJYRUPHLQHQ$XJHQ YHUVFKZLPPHQ8PJHNHKUWVRHUIXKULFKVSlWHUVDKHQVLHPLFKSO|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³/DVVHQ6LHVLFKQLFKWWlXVFKHQ´VDJWHKLQWHUPLUHLQH6WLPPHXQGDOVLFKPLFK KDVWLJXPGUHKWHVDKLFK3DUYRQ.KHUQXQZLHGHUJDQ]XQGLQHLQHP6WFN(U VFKZHEWHZLHLFKLQGHU/XIWHWZDKXQGHUW0HWHUEHUGHU:DVVHUREHUIOlFKH³6LHXQG LFKZLUN|QQHQXQVK|UHQXQGDXFKEHUKUHQVRJDUPLWHLQDQGHUNlPSIHQ$EHUGLH /DQGVFKDIWXQWHUXQV²VLHLVWQLFKWUHDOZHQLJVWHQVIUXQVQLFKW(VLVWHLQHUHLQH$UW 6FKDWWHQRGHU7UXJELOG:LUN|QQWHQGXUFKVLHKLQGXUFKELV]XP.HUQGHV3ODQHWHQ KLQDEVLQNHQRKQHDXFKQXUGHQJHULQJVWHQ:LGHUVWDQG]XVSUHQ:LUN|QQHQQLFKW HLQPDOHLQHQ6WHLQDXIOKHEHQZHOOHUGXUFKXQVHUH+DQGKLQGXUFKJHKW9HUVWHKHQ6LH QXQZDUXPZLUGLHNXU]H=HLWGHU'LPHQVLRQVDQSDVVXQJQXW]HQPVVHQ"´ ,FKEHJDQQ]XEHJUHLIHQ'HU6RJKDVWHPLFKPLWJHULVVHQ0LUZDUHVHEHQVR HUJDQJHQZLHGDPDOVGHQ$UNRQLGHQXQG0DDKNVDOVVLHLQGHQ:LUNXQJVEHUHLFKGHU K\SHUHQHUJHWLVFKHQ([SORVLRQJHULHWHQ0LWHLQZHQLJ(UOHLFKWHUXQJHQWVDQQLFKPLFK )DUWXORRQGLHZLFKWLJVWHQ7DWVDFKHQPLWJHWHLOW]XKDEHQ9LHOOHLFKWHQWGHFNWHHUHLQH 0|JOLFKNHLWXQV]XUFN]XKROHQRGHUGRFKZHQLJVWHQVPLFK³:RVLQGZLU.KHU"´ ³(VLVWQLFKWGHU3ODQHWDXIGHP6LHPLFKHLQILQJHQVRQGHUQHLQDQGHUHU 1DPHQORVXQGXQEHZRKQW0DQFKPDOPDWHULDOLVLHUHQZLUWULHUHEHQIDOOVWUDJHQGLH .lPSIHUHDODXVDEHUHVJLEWWULHUNHLQHQHXH$XVUVWXQJ'LHJLEWHVQXUDXIGHU 6WDWLRQVZHOW´ ³6WDWLRQVZHOW"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³6RQHQQHQZLU,KUHQ3ODQHWHQ´ ³(UKHLW.UDXPRQ´,FKYHUVXFKWHVHLQ9HUWUDXHQ]XJHZLQQHQGHQQHUPXWH PLUMHW]WKHOIHQ6FKOLHOLFKNDQQWHHUGLHVHQ=XVWDQGEHVVHUDOVLFK³(LQJHKHLPHU 6WW]SXQNWGHV,PSHUDWRUV,P$XJHQEOLFNOLHJWPLUGDUDQHLQH/|VXQJ]XILQGHQ,FK PXLQGDV6WDQGDUGXQLYHUVXP]XUFNNHKUHQ´ (UVFKZHEWHQXQGLFKWQHEHQPIU³9HUJHVVHQ6LHHV$WODQ'DVYHUVXFKHQZLU VHLW]ZDQ]LJ-DKUHQ(VLVWXQVQLFKWJHOXQJHQ´ ³,FKYHUGDQNHPHLQ6FKLFNVDOHLQHPDQGHUHQ8PVWDQGDOV6LH0RQGWUlJHU GDUXPN|QQWHHVHLQHDQGHUH/|VXQJDOVEHL,KQHQJHEHQ0HLQ)UHXQG)DUWXORRQNHQQW QXQGLH8UVDFKHXQGHVLVWGXUFKDXVP|JOLFKGDHUDXFK,KQHQKHOIHQNDQQ(ULVWHLQ IlKLJHU:LVVHQVFKDIWOHU:LHLVWGDVEHUKDXSW6LQGZLUWULHUEHUGLHVHP6HHZHOOZLU HVVRZROOHQRGHULVWHVHLQ=XIDOO"+DEHQZLUHLQHQ(LQIOXDXIXQVHUH%HZHJXQJHQ"´ ³1XUHLQHQVHKUJHULQJHQ$OVZLULQ,KUHU6WDWLRQHQWVWRIIOLFKWHQGDFKWHLFK LQWHQVLYDQGLHVHQ3ODQHWHQZHOOHUUHODWLYH6LFKHUKHLWELHWHW'LH0HWKDQVEHUIDOOHQ XQV]ZDUDEHUHVJHVFKLHKWQLFKWVHKURIW,FKZROOWHKLHUKHUGHVKDOEVLQGZLUKLHU´ ³8QGZHQQLFKQDFK.UDXPRQP|FKWH"´ ³'DQQPVVHQ6LHHVQXULQWHQVLYZROOHQXQG6LHZHUGHQGRUWVHLQ(LQH)UDJH GHU.RQ]HQWUDWLRQ$OOHUGLQJVKDEHQ6LHGDPLWQLFKWVJHZRQQHQGHQQ6LHN|QQHQGRUW QLFKWVEHUKUHQ(VVHLGHQQ6LHPDWHULDOLVLHUHQLQGHUVWDELOHQ3KDVHIUJHZLVVH=HLW LP6WDQGDUGXQLYHUVXP.QGLJWVLFKPLWHLQHP.ULEEHOQDQ'DQQPVVHQ6LHZDV6LH DQ$XVUVWXQJEHNRPPHQN|QQHQ]XVDPPHQUDIIHQXQGPLWQHKPHQ6LHLVWGDV :LFKWLJVWH:LH6LHVLFKHUEHPHUNWKDEHQDWPHQZLULPMHW]LJHQ=XVWDQGQLFKW:LU EUDXFKHQDXFKNHLQH1DKUXQJKDEHQNHLQH.|USHUDXVVFKHLGXQJHQ9HUPXWOLFK YHUVWlQGLJHQZLUXQVQLFKWHLQPDODNXVWLVFKREZRKOHVXQVVRHUVFKHLQW(VLVWHLQ DEVROXWXQZLUNOLFKHU=XVWDQGYLHOHYRQXQVKDWHVLQGHQ:DKQVLQQJHWULHEHQ0LWXQWHU HUIDWXQVHLQH$UW7UDQFHZLUYHUOLHUHQGDV*HIKOIUGLH=HLWGHQQRFKVFKHLQHQ XQVHUH.|USHU]XDOWHUQ²DEHUVHOEVWGDVNDQQHLQH7lXVFKXQJVHLQ'HQQZLHVROOHQ 3VHXGRN|USHURKQH6WRIIZHFKVHODOWHUQ"´ :DVGLH%LGLPHQVLRQDOHQEHUKUHQPHOGHWHVLFKPHLQ([WUDVLQQVFKHLQEDUDXV ZHLWHU)HUQHYHUVFKZLQGHWPLWLKQHQLQGLH8QZLUNOLFKNHLWGHV+DOE]XVWDQGHV $EHUVWDWVYHUQQIWLJ]XVHLQXQGLKUHJHVDPWH.DSD]LWlW]XVDPPHQ]DOHJHQ EHNULHJHQVLFK$UNRQLGHQXQG0DDKNVZHLWHUKLQ 9LHOOHLFKWNRPPW]XGHUN|USHUOLFKHQ9HUlQGHUXQJDXFKHLQHJHLVWLJH" .KHUHUNOlUWHPLUZHLWHUGDHLQH0DWHULDOLVDWLRQXQZLOONUOLFKHUIROJHXQGPDQ NHLQHQ(LQIOXGDUDXIKDEHDOOHUGLQJVJHVFKlKHVLHPLQGHVWHQVHLQPDOLQQHUKDOEYRQ ]ZDQ]LJELVIQIXQG]ZDQ]LJ7RQWDV³(VNRPPWDXFKYRUGDPDQLQGLH6WUXNWXUGHV HLJHQWOLFKHQ+\SHUUDXPVHLQGULQJWGLHHLQHUU|WOLFKHQ(PXOVLRQJOHLFKWLQGHU PHUNZUGLJH.QlXHORGHUTXDOOHQKDIWH*HELOGH]XHUNHQQHQVLQG=XP*OFNHUIROJWGHU hEHUJDQJGRUWKLQQXUlXHUVWVHOWHQ9LHOHYRQXQVVLQGGRUWHLQIDFKYHUZHKWKDEHQ VLFKHQGJOWLJXQGYROOVWlQGLJDXIJHO|VW(LQLJHYRQXQVVLQGDXFKGDYRQEHU]HXJW GDLP+DOE]XVWDQGHLQDQGHUHU=HLWDEODXIZLUNVDPLVW´ )UPLFKZDUQXUHLQHVZLFKWLJ,FKPXWHZLHGHU.RQWDNWPLW)DUWXORRQHUKDOWHQ 'RFKLP$XJHQEOLFNEOLHEPLUNHLQH=HLWGDUEHUQDFK]XGHQNHQ(VJDEDQGHUH 3UREOHPH=ZHL0DDKNVHUVFKLHQHQDP5DQGGHV6HHV.KHUULVRIRUWVHLQHQ ,PSXOVVWUDKOHUDXVGHP*UWHOKDOIWHUXQGZROOWHGDV)HXHUDXIGLHHEHQIDOOV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VFKZHEHQGHQ0HWKDQVHU|IIQHQDEHULFKKLQGHUWHLKQGDUDQ³1LFKW6LHKDEHQXQV QRFKQLFKWEHPHUNW:LUVLQGLKQHQXQWHUOHJHQ´ ³$EHUDEHULFKPXGRFKNlPSIHQ´ ³6LHPVVHQQLFKW´VDJWHLFKHQHUJLVFK³:DUXPZROOHQ6LHXQEHGLQJWVWHUEHQ"´ ³:HLOGLHVHV'DVHLQVLQQORVLVW´ :DKQVLQQ'LH0DDKNVVFKLHQHQGDUDXI]XZDUWHQLP6WDQGDUGXQLYHUVXP]X PDWHULDOLVLHUHQ$EHUGDVLHNHLQHQ(LQIOXDXIGHQ9RUJDQJKDWWHQPXWHQVLH YHUKDUUHQXQGGDV*HVFKHKHQGHP=XIDOOEHUODVVHQ.KHUHUJULIIPHLQH+DQGDOVZLU RKQHXQVHU=XWXQXQVHUH)OXJJHVFKZLQGLJNHLWHUK|KWHQ(U³ZQVFKWH´XQVHLQ6WFN ZHLWHUXQGEHLGHP:XQVFKYLVLHUWHHUGDV*HELUJHDQGDVDP+RUL]RQWLQGHQ+LPPHO UDJWH'LH0HWKDQVEHPHUNWHQXQVQLFKWZLHLFKHVJHKRIIWKDVWH,P*HELUJHVWLHHQ ZLUDXIGLHEULJHQ$UNRQLGHQ 3DUYRQ.KHUJHQRKRKHV$QVHKHQEHLGHQ6ROGDWHQGLHVHLQ6FKLFNVDOPLWLKP WHLOWHQ(UEHULFKWHWHYRQVHLQHP$EHQWHXHUXQGVWHOOWHPLFKYRU,FKYHUVFKZLHJPHLQH ZDKUH,GHQWLWlW(VZDUQLFKWZHLWHUYHUZXQGHUOLFKGDGLH0lQQHU+RIIQXQJDXIHLQH :HQGHVFK|SIWHQDXIHLQ(QGHLKUHVXQZLUNOLFKHQ6HLQV.RQQWHHLQQRUPDOHV /HEHZHVHQZLHLFKDXVGHP6WDQGDUGXQLYHUVXPLQGLH(QWVWRIIIOLFKXQJYHUVHW]WZHUGHQ PXWHHVDXFKP|JOLFKVHLQHLQ:HVHQIULPPHULQGLHQRUPDOHUDXP]HLWOLFKH 'LPHQVLRQ]XUFN]XEULQJHQ,FKEHVWlWLJWHGLHVH9HUPXWXQJZHOOVLHPHLQHUHLJHQHQ +RIIQXQJHQWVSUDFKDEHUHVZDUPLUXQP|JOLFK.RQNUHWHVGD]X]XVDJHQ :DV]XP³HLJHQWOLFKHQ´=ZLVFKHQ]XVWDQGJHK|UWH²$Q]JH:DIIHQ $XVUVWXQJ²VFKLHQIUXQVUHDOXQGZLUNOLFKYRUKDQGHQ]XVHLQDEHUHVZDUQLFKW P|JOLFKDXIIHVWHP%RGHQ]XVWHKHQRGHU*HJHQVWlQGHGHU$XHQZHOWDQ]XIDVVHQ ,FKIHQGNHLQH(UNOlUXQJIUGLHVHQZHFKVHOKDIWHQ=XVWDQGPXWHLKQDEHU DN]HSWLHUHQ 'LH$UNRQLGHQKDVWHQVLFKLQJHUlXPLJH+|KOHQ]XUFNJH]RJHQLQGHQHQVLH VLFKVLFKHUIKOWHQ6REDOGVLHGHP%RGHQ]XQDKHNDPHQNRQ]HQWULHUWHQVLHVLFKDXI GHQ6FKZHEH]XVWDQGZDVRKQH$QVWUHQJXQJGXUFKJHKDOWHQZHUGHQNRQQWH,FK EHJDQQ]XEHJUHLIHQZLHYHU]ZHLIHOWGLHVHELGLPHQVLRQDOHQ6ROGDWHQVHLQPXWHQ(V ZDUHLQZDKUHV:XQGHUGDPDQVLHDOVQRFKKDOEZHJVQRUPDOH,QWHOOLJHQ]HQDQVHKHQ NRQQWH,QHUVWHQ*HVSUlFKHQYHUVXFKWHLFKVRYLHOZLHP|JOLFKEHUMHQH9RUJlQJH]X HUIDKUHQGLHGDPDOVDOOHVYHUXUVDFKWKDWWHQ6SlWHUZROOWHLFKYHUVXFKHQPLW)DUWXORRQ 9HUELQGXQJDXI]XQHKPHQXPLKPGLH+LQZHLVH]XJHEHQ,FKZDUGDYRQEHU]HXJW GDLKPVFKRQHWZDV]XPHLQHU5HWWXQJHLQIDOOHQZUGH .KHUVWHOOWHPLUHLQHQDOWHQ+DXGHJHQYRUGHUPLUDXIGHQHUVWHQ7KLFN V\PSDWKLVFKZDU(WZDDFKW]LJ-DKUHDIW0HWHUJURPLWQDUELJHP*HVLFKWXQG HLQHPY|OOLJNDKOHQ6FKlGHO(UVFKWWHOWHPLUGLH+DQGXQGVFKZHEWHVFKHLQEDU VLW]HQGEHUHLQHP6WHLQ³9HUF¶DWKRU0RUYRQHU6SUDQJN9HWHUDQGHV0HWKDQNULHJHV XQVHU.RPPDQGDQW´ 'XUFKGHQ+|KOHQHLQJDQJVDKLFKGDVOHW]WH7DJHVOLFKWYHUVFKZLQGHQ%DOG ZUGHGLH1DFKWDQEUHFKHQ²PHLQHHUVWH1DFKWDXIHLQHUHLJHQWOLFKEHUKDXSWQLFKW H[LVWLHUHQGHQ:HOW ³'XNRPPVWDOVRDXVGHP6WDQGDUGXQLYHUVXP"´HUNXQGLJWHVLFK0RUYRQHU OHXWVHOLJ(UGX]WHPLFKHLQIDFKJDQ]LP*HJHQVDW]]X3DUYRQ.KHUGHUHLQHJHZLVVH 'LVWDQ]ZDKUWH³'DQQHU]lKOPDOZDVHVGRUWDQ1HXLJNHLWHQJLEW:LUHUIDKUHQMD QLFKWVZHOOZLUQLFKWZHLWJHQXJKHUXPNRPPHQ'UHLRGHUYLHU6RQQHQV\VWHPHGDV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
DOOHV'DVGHU6WDWLRQVZHOWJHK|UWGD]X:LUKDEHQHWZDV(LQIOXDXIXQVHUH %HZHJXQJHQN|QQHQDEHUNHLQHJURH(QWIHUQXQJEHUEUFNHQ6RQVWZlUHLFKJDQ] EHVWLPPWQDFK$UNRQJHJDQJHQXP%HJDP*RQR]DOYRQXQVHUHP6FKLFNVDO]X EHULFKWHQ6LFKHUKlWWHHUGHQ.D¶0DUHQWLVXQGGHQ:LVVHQVFKDIWVUDWGHV7DL7KDQ JHEHWHQXQV]XKHOIHQ´ ³-DGDVKlWWHHUVLFKHUOLFKJHWDQ´,FKEHVFKORZHGHU0RUYRQHUQRFK3DUYRQ ]XEHULFKWHQGD*RQR]DO9,,,lQJVWWRWZDU,KU/HEHQVZLOOHKlWWHJHEURFKHQZHUGHQ N|QQHQ)UGLHJDQ]H:DKUKHLWZDUVSlWHULPPHUQRFK=HLW³$EHUYLHOOHLFKWJLEWHV HLQHDQGHUH0|JOLFKNHLW$XIGHU6WDWLRQVZHOWZLHVLHYRQHXFKJHQDQQWZLUGZDUWHW PHLQ)UHXQG(ULVW:LVVHQVFKDIWOHU:LHLFKLKQNHQQHDUEHLWHWHUEHUHLWVDQGHU /|VXQJGHV3UREOHPV´ ³$EHUGLH0DDKNVQHKPHQZLUQLFKWPLW´NQXUUWHGHU=ZHLPRQGWUlJHU ,FKZDUILKPHLQHQIRUVFKHQGHQ7KLFN]XXQGDOVLFKGHQ+DLQVHLQHQ$XJHQ HUNDQQWHEHVFKORLFKYRUVLFKWLJ]XVHLQ³9LHOOHLFKWOlWVLFKGDVQLFKWYHUPHLGHQ 0RUYRQHU6ROOWHHV)DUWXORRQZLUNOLFKJHOLQJHQHLQH0HWKRGH]XHQWZLFNHOQGLHXQVLQ GHQ5HDOUDXP]XUFNKROW²IULPPHUPHLQHLFK²ZHUGHQP|JOLFKHUZHLVHDXFKGLH 0DDKNVGDYRQEHWURIIHQVHLQXQGGDQQPLWXQV]XVDPPHQGDXHUKDIWUHPDWHULDOLVLHUW )UGLHVHQ)DOOPWHHLQH$EPDFKXQJPLWLKQHQJHWURIIHQZHUGHQ´ ³(LQH$EPDFKXQJPLWGHQ0HWKDQV"´'HU.RPPDQGDQWGHU 5DXPODQGHEULJDGHODFWDWHODXWXQGGU|KQHQG³6LQQORV6LHKDOWHQVLFKQLFKWDQ $EPDFKXQJHQGDVZLVVHQZLUDXV(UIDKUXQJ:LUKDEHQVFKRQHLQPDOYHUVXFKWHLQHQ :DIIHQVWLOOVWDQGDXV]XKDQGHOQVRVFKZHUXQVGHU*HGDQNHGDUDQDXFKILIO$EHUVLH KDEHQXQVEHUIDOOHQXQGGLH+lOIWHPHLQHU6ROGDWHQQLHGHUJHPDFKW1HLQHVZLUG QLHPDOV)ULHGHQPLWLKQHQJHEHQ´ 6LHKDEHQHVVFKRQPDOYHUVXFKW"'DYRQKDWPLU3DUYRQQLFKWVHU]lKOW³:HLW GX0RUYRQHUZLHYLHOH$UNRQLGHQXQG0DDKNVLP=ZLVFKHQ]XVWDQGH[LVWLHUHQ"´ 3DUYRQDQWZRUWHWHIULKQ³'LHJHQDXH=DKOLVWXQEHNDQQWGLH=DKOXQVHUHU /HXWHZDUEHLPOHW]WHQ=lKODSSHOOIQIKXQGHUWXQGVLHEHQ'LHGHU0DDKNVVFKlW]HLFK DXIQRFKHWZDGUHLLJ'DPLWLVWGLH.DPSIONUDIWXQJHIlKUDXVJHJOLFKHQZHQQPDQGLH hEHUOHJHQKHLWGHV*HJQHUVEHUFNVLFKWLJW,KUH.DPSIDQ]JHKDEHQH[WUHPVWDUNH ,QGLYLGXDOIHOGHU6WlUNHUQRFKDOVVRQVW9LHOOHLFKWHLQ(IIHNWGHU(QWVWRIIOLFKXQJ²GHQQ XQVHUH6FKXW]IHOGSURMHNWRUHQYHUVDJHQKlXILJ´ ³8QGZLHZDUHQGLH=DKOHQDOVHVGDPDOVJHVFKDK"´ ³(WZDIQIWDXVHQG]XGUHLKXQGHUW´ ,FKQLFNWH³'DV9HUKlOWQLVKDWVLFKDOVRQLFKWJHlQGHUW:HQQLKUGHQ.DPSI IRUWVHW]WEOHLEWQLHPDQGEULJ´ ³:LUPVVHQDOOHLUJHQGZDQQVWHUEHQ´PXUPHOWH0RUYRQHUPLWVWRLVFKHU5XKH 'UDXHQZXUGHHVQXQGXQNHU$Q]XJODPSHQEHOHXFKWHWHQIUXQVGLH+|KOHQ² LP6WDQGDUGXQLYHUVXPZUGHHVQLFKW]XEHPHUNHQVHLQ:HQQLFKPLUYRUVWHOOWHGD ZLUIUMHGHVQRUPDOH$XJHXQVLFKWEDUZDUHQGUlQJWHQVLFKPLUXQJH]lKOWH)UDJHQDXI =ZHLIHOORVJDEHVLP.RVPRVPHKU*HKHLPQLVVHXQG5lWVHODOVLFKMHPDOVLQPHLQHU MXJHQGOLFKHQ8QHUIDKUHQKHLWDQJHQRPPHQKDVWH'HUHLQIDFKH6SUXQJGXUFKGHQ +\SHUUDXPZDUIUXQVQLHHLQ3UREOHPJHZHVHQMHGH7UDQVLWLRQZDUHLQVROFKHU,P 1RUPDOIDOONHKUWHPDQDXWRPDWLVFKLQV6WDQGDUGXQLYHUVXP]XUFN+\SHUVWUPHXQG DQGHUHK\SHUSK\VLNDOLVFKH(LQIOVVHKDVWHQDEHUGXUFKDXVVFKRQ5DXPVFKLIIH YHUVFKOXQJHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³/DGDV'HQNHQ´ULHW0RUYRQHU³'XZLUVW]XNHLQHP(UJHEQLVNRPPHQ 6HOEVWYHUVWlQGOLFKN|QQHQZLUGHLQHP)UHXQG)DUWXORRQHLQHQ%HVXFKDEVWDWWHQ²IDOOV HUVLFKQLFKWYRU*HVSHQVWHUQIUFKWHW'RFKLQ]ZLVFKHQVROOWHHUVLFKDQXQVJHZ|KQW KDEHQ´ ³(UKDWNHLQH)XUFKWDEHUHUlUJHUWVLFKJHZDOWLJGDV*HKHLPQLVQLFKWOIWHQ]X N|QQHQ´VDJWHLFK³9LHOOHLFKWN|QQHQZLULKPXQGGDPLWDXFKXQVKHOIHQ´ ³*OHLFKPRUJHQZHUGHQZLUHVYHUVXFKHQ´YHUVSUDFK0RUYRQHUXQG3DUYRQ QLFNWH]XVWLPPHQG 0LWWHQLQGHU1DFKWJDEHV$ODUP9LHU0HWKDQVJULIIHQGLH+|KOHQDQ0RUYRQHU KDVWHPLUHLQHQ,PSXOVVWUDKOHUJHJHEHQGHUDXV)DUWXORRQV$UVHQDOVWDPPWHGHQQRFK KDVWHLFKPLUYRUJHQRPPHQQLFKWDXIGLH$QJUHLIHU]XIHXHUQ,FKEOLHELQGHU+|KOH ZlKUHQGGLH$UNRQLGHQXQWHU)KUXQJYRQ3DUYRQXQG0RUYRQHULQV)UHLHVFKZHEWHQ XQGYHUVXFKWHQGHQZWHQGHQ$QJULIIDE]XZHKUHQ,FKGXFNWHPLFKKLQWHUHLQHQ JU|HUHQ6WHLQGHU6LFKWVFKXW]ERWhEHULKQKLQZHJEHREDFKWHWHLFKGDV*HVFKHKHQ 'LH0DDKNVJLQJHQRKQH5FNVLFKWDXILKUHLJHQHV/HEHQYRU6LHVWUPWHQGLH +|KOHQIHVWXQJMHGHUPLWPHKUHUHQEHUVFKZHUHQ6WUDKOHUQEHZDIIQHWGLHVLH DEZHFKVHOQGEHQXW]WHQ,KUH6FKXW]DQ]JHZDUHQYRQ(QHUJLHVFKLUPHQXPJHEHQGLH VHOEVWGXUFKJH]LHOWHQ3XQNWEHVFKXQXUVFKZHUGXUFKEURFKHQZHUGHQNRQQWHQ(LQLJH GHU+|KOHQHLQJlQJHZXUGHQGHUDUWXQWHU)HXHUJHQRPPHQGD'XW]HQGH6ROGDWHQ XPV/HEHQNDPHQ6LHVWDUEHQLQGHQ6WUDKOHQGHU$QJUHLIHUGLHNHLQH6FKRQXQJ NDQQWHQ $OVLFKGDVVDKEHJDQQLFKGLH:XWXQGGHQ+DGHUDOWHQ6ROGDWHQ]X YHUVWHKHQ,KU.DPSIZDUHLQ5LQJHQXPGDVQDFNWHhEHUOHEHQ:HUQLFKWNlPSIHQ ZROOWHGHUVWDUE8QGGDQQJULIIHLQ0DDKNPHLQH+|KOHDQ$OOHPHLQHLGHDOLVWLVFKHQ *HGDQNHQDQ)ULHGHQXQG=XVDPPHQDUEHLWZXUGHQPLWHLQHP6FKODJ]XQLFKWH JHPDFKWDOVUHFKWVXQGOLQNVYRQPLUDUPGLFNH,PSXOVVWUDKOHQYRUEHL]XFNWHQ$XVGHU +|KOHNRQQWHLFKQLFKWKLQDXVRKQHPHLQ/HEHQ]XJHIlKUGHQ,FKKDVWHEHUKDXSW NHLQHDQGHUH:DKODOVPHLQHUVHLWVGDV)HXHU]XHU|IIQHQ:DKUVFKHLQOLFKZlUHLFK QLHPDOVPLWGHP0HWKDQIHUWLJJHZRUGHQKlWWHQPLUQLFKWHLQLJH5DXPVROGDWHQ JHKROIHQ6LHKDVWHQGHQHLQ]HOQHQ$QJUHLIHUUHFKW]HLWLJEHPHUNWXQGQXW]WHQGLH JQVWLJH*HOHJHQKHLWXPLKQLQGLH=DQJH]XQHKPHQ9RQDOLHQ6HLWHQVFKRVVHQDXV GHU'XQNHOKHLWGLH(QHUJLHEQGHOLQGHQDXIJOKHQGHQ6FKXW]VFKLUPELVHUPLWHLQHU JUHOOHQ/HXFKWHUVFKHLQXQJ]XVDPPHQEUDFK'LHQlFKVWHQ6FKVVHGDUXQWHUDXFK PHLQHW|WHWHQGHQ0HWKDQDWPHU 'HUQlFKWOLFKH.DPSIGDXHUWH]ZHL7RQWDVGDQQZDUHQDOOHYLHU0DDKNVWRW $EHUDXFKYLHU]LJ$UNRQLGHQKDVWHQLKU/HEHQYHUORUHQ'LH/HLFKHQYHUVFKZDQGHQ QLFKWVLHEOLHEHQUHDO6LHYHUKDUUWHQLQGLHVHP=ZLVFKHQ]XVWDQGGHPVLHQLFKWPHKU HQWULQQHQNRQQWHQ(UVFK|SIWULHELFKPHLQHEUHQQHQGHQ$XJHQDOV3DUYRQXQG 0RUYRQHU]XUFNNHKUWHQ)UVLHVFKLHQGHUEHUUDVFKHQGHhEHUIDOONHLQH%HVRQGHUKHLW GDU]XVWHOOHQGHQQVLHVSUDFKHQQLFKWHLQPDOGDUEHU6LHQLFNWHQPLU]XXQGZHQLJ VSlWHUZDUHQVLH³HLQJHVFKODIHQ´ZlKUHQGLFKQRFKUDQJHEHUGHQ9RUIDOOQDFKGDFKWH $OVLFK]XPLUNDP²DEUXSWDXVHLQHPWUDQFHKDIWHQ'|VHQDXIVFKUHFNHQG²ZDU LFKZLH]HUVFKODJHQOLHPLUMHGRFKQLFKWVDQPHUNHQGHQQKHXWHZROOWH0RUYRQHUPLW PLU]XU³6WDWLRQVZHOW´XP.RQWDNWPLW)DUWXORRQDXI]XQHKPHQ6HLWGHUOHW]WHQ 0DWHULDOLVDWLRQZDUHQ]ZDQ]LJ7RQWDVYHUJDQJHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
(VZDUQLFKWVRHLQIDFKZLHLFKJHKRIIWKDVWH0RUYRQHUXQGLFKYHUOLHHQGLH +|KOHQIHVWXQJLP6FKZHEH]XVWDQGZHOOGDVGLHEHVWH9RUDXVVHW]XQJIUHLQHQ :HFKVHOGDUVWHOOWHZLHGHU.RPPDQGDQWYHUVLFKHUWH5HLQZLVVHQVFKDIWOLFKIHQGLFK NHLQHSODXVLEOH(UNOlUXQJIUGLH9RUJlQJHXQGLFKYHUOLHPLFKYROOXQGJDQ]DXIGLH ]ZDQ]LJMlKULJHQ(UIDKUXQJHQGHV=ZHLPRQGWUlJHUV(VEOLHEPLUDXFKNDXPHWZDV DQGHUHVEULJ:LUVWLHJHQK|KHUXQGK|KHU9RUVLFKWVKDOEHUKDVWHQZLUGLH+HOPHGHU .DPSIDQ]JHJHVFKORVVHQ:lKUHQGGHU9HUVHW]XQJ]XPDQGHUHQ3ODQHWHQVR YHUVLFKHUWHPLUGHU$UNRQLGHZDUGLHVH9RUVLFKWVPDQDKPHEHUIOVVLJGHU:HFKVHO VHOEVWQDKPNHLQH=HLWLQ$QVSUXFK,FKGDFKWHLQWHQVLYDQ.UDXPRQXQG)DUWXORRQV 6WW]SXQNW$XFK0RUYRQHUGDFKWHDQGHQ³6WDWLRQVSODQHWHQ´XQGVRNRQQWHHVQLFKW UDQJHGDXHUQELVZLUHQGOLFK(UIROJKDWWHQ =XPHLQHUhEHUUDVFKXQJVDKLFKSO|W]OLFKXQWHUPLUGLH2EHUIOlFKHGHV QDPHQORVHQ3ODQHWHQYHUVFKZLQGHQXQGLPJOHLFKHQ$XJHQEOLFNHUVFKLHQHQGLHHWZDV YHUVFKZRPPHQHQ8PULVVHHLQHVDQGHUHQGLHPLUVRIRUWEHNDQQWYRUNDPHQ6FKOLHOLFK KDVWHLFK=HLWJHQXJJHKDEW.UDXPRQYRP5DXPVFKLIIDXV]XEHWUDFKWHQ -DHVZDULQGHU7DW.UDXUQRQREJOHLFKZLHGXUFKGLFNHV*ODVVLWJHVHKHQ 0RUYRQHUKLQJHJHQGHUGLFKWQHEHQPLUVFKZHEWHEOLHEVFKHLQEDUUHDOXQGZLUNOLFK /DQJVDPVDQNHQZLUGHU2EHUIOlFKHHQWJHJHQXQGEDOGHQWGHFNWHLFKGLH*HElXGHGHU 6WDWLRQ'HU.XJHOUDXPHUXQGXQVHU'LVNXVVWDQGHUXQYHUlQGHUWDQLKUHQ/DQGHSOlW]HQ :LUGXUFKGUDQJHQGLH0DXHUQGHU*HElXGHDOVVHLHQVLHQLFKWYRUKDQGHQGHQQQRFK ZDUHQZLUQLFKWHQGJOWLJPDWHULDOLVLHUW'DDEHULQ]ZLVFKHQHLQXQG]ZDQ]LJ7RQWDV YHUJDQJHQZDUHQPXWHGLH9HUlQGHUXQJHLJHQWOLFKMHGHQ$XJHQEOLFNHUIROJHQ,FK KRIIOHGDPHLQH9HUVWRIIOLFKXQJP|JOLFKVWUDQJHDQKDOWHQZUGH,FKKDWWHHVQXQ HLOLJ]X)DUWXORRQ]XNRPPHQGHUVLFKHUHLQHQ6FKUHFNEHNRPPHQZUGHZHQQLFK GLFKWYRULKPRKQHMHGH$QNQGLJXQJDXIWDXFKWH'LH)UDJHZDUQXUZRHUMHW]WJHUDGH VWHFNWH (VZDUIUKHU0RUJHQDXI.UDXPRQGHU3UDJRGHV7HGDUQDFK$UNRQ 1RUPUHFKQXQJ,FKGDFKWHDQGLH6XLWHGHV%DXFKDXIVFKQHLGHUVXQGVRIRUW³VWDQGHQ´ ZLUGRUW%HLZHQLJHU.RQ]HQWUDWLRQZlUHQZLUZDKUVFKHLQOLFKLP%RGHQYHUVXQNHQDEHU VRNRQQWHQZLUXQVKDOWHQ²XQGZDUWHWHQ)DUWXORRQVDDQHLQHP7LVFKXQGVWXGLHUWH &RPSXWHUDXVGUXFNHXQG7H[WHDXI%LOGIOlFKHQ,FKNRQQWHHUNHQQHQGDHVVLFKXP ZLVVHQVFKDIWOLFKH:HUNHKDQGHOWH'LH7LWHOZLHVHQGDUDXIKLQGDHUVLFKPLW K\SHUHQHUJHWLVFKHQ3KlQRPHQHQEHIDWH$XIGHU7LVFKSODWWHODJHLQH1RWL]HLQH .RSLHPHLQHU1DFKULFKWDQLKQEHYRULFKPLW3DUYRQYHUVFKZXQGHQZDU 8QP|JOLFK]XEHVFKUHLEHQGH*HIKOHEHILHOHQPLFKLQGLHVHQ$XJHQEOLFNHQ'D VDKLFKPHLQHQ/HKUPHLVWHUYRUPLUXQGGRFKZDUHUVRJXWZLHHLQH8QHQGOLFKNHLWYRQ PLUHQWIHUQW,FKKlWWHGXUFKLKQKLQGXUFKJHKHQN|QQHQHVZlUHLKPQLFKWHLQPDO DXIJHIDOOHQ(VZDUPLUDXFKQLFKWP|JOLFKLKPMHW]WHLQH1DFKULFKW]XNRPPHQ]X OHVVHQGHQQZLUOHEWHQLQ]ZHLYHUVFKLHGHQHQ([LVWHQ]HEHQHQ-HGHUZDUIUGHQ DQGHUHQXQHUUHLFKEDUXQGLFKNRQQWHIURKVHLQLKQEHUKDXSW]XVHKHQ(UDEHUVDK PLFKQLFKWZLHGHUHLQ3KlQRPHQIUGDVLFKNHLQH(UNOlUXQJKDVWH,FKJLQJQlKHUDQ LKQKHUDQXQGVDKLKPEHUGLH6FKXOWHU ³,VWHUVFKRQEHLGHU$UEHLW"´HUNXQGLJWHVLFK0RUYRQHU:LUVSUDFKHQDEHU )DUWXORRQK|UWHHVQLFKW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³6FKHLQWVR0RUYRQHU'XVLHKVWMDGDHUGLHHQWVSUHFKHQGHQ7H[WHOLHVW(U EHVFKlIWLJWVLFKPLWXQVHUHP3UREOHPXQGLFKELQVLFKHUGDHUDXFKHLQH/|VXQJ ILQGHQZLUG'LH)UDJHLVWQXUZLHUDQJHGDVGDXHUW´ ³:LUPVVHQZDUWHQ²ELVZLUPDWHULDOLVLHUHQREZRKOLFKQLFKWJODXEHGDHVXQV KLOIW´ 1LFKWVRIRUWGDVZDUPLUNODUDEHU)DUWXORRQZUGHVHLQH$QVWUHQJXQJHQ YHUGRSSHOQVREDOGHUZXWHGDLFKQRFKOHEWH6LFKHUKDOIHVLKPZHLWHUZHQQLFK PLWWHLOWHZDVLFKLQ]ZLVFKHQYRQGHQ6ROGDWHQHUIDKUHQKDVWH-HW]WLP+DOE]XVWDQG HLQH%RWVFKDIWQLHGHU]XVFKUHLEHQZDUVLQQORVGLH)ROLHZUGHPLWPLU]XVDPPHQ ZLHGHUYHUVFKZLQGHQNDXPGDLFKHQWPDWHULDOLVLHUWZXUGH$EHUZHQQHUGDVYRUKHU ZHLNDQQHUHLQHPLWJHEUDFKWH%RWVFKDIWVFKQHOONRSLHUHQHKHVLHZLHGHU YHUVFKZLQGHW,FKEHVFKORLKPGDV]XVDJHQ:HQLJVSlWHUYHUOLH)DUWXORRQVHLQ =LPPHU:LUIROJWHQLKPDXIVHLQHP5XQGJDQJXQGEHJHJQHWHQDXFK7LUDNRXQG (LVNUDOOHGLHDKQXQJVORVPLWWHQGXUFKXQVKLQGXUFKJLQJHQXQGVLFKEHU %HODQJORVLJNHLWHQVWULWWHQ/HGLJOLFKEHL(LVNUDOOHKDVWHLFKGHQ(LQGUXFNGDHUNXU] VFKDXGHUWHDOVHUPLWPLULQ³%HUKUXQJ´NDP,FKEHVFKORLKQVSlWHUGDUDQ]X HULQQHUQ'HU([WUDVLQQUDXQWHWURNNHQ2SWLPLVW ³'XKDVWJXWH)UHXQGH´VDJWH0RUYRQHUZlKUHQGZLU]XVDKHQZLH)DUWXORRQ GHQ%HVWDQGDQHLQJHODJHUWHU$XVUVWXQJNRQWUROOLHUWH³'LHVHUGXUFKVLFKWLJH%XUVFKH² LVWHUZLUNOLFKWUDQVSDUHQW"´ ³-D(LVNUDOOHLVWHLQ&KUHWNRU´ ³+PYRQGHQHQK|UWHLFKVFKRQ(LQPHUNZUGLJHV\RONXQGYHUGDPPW XQDQJHQHKPZHQQPDQLKQHQGLH+DQGJLEW´ 'HU%DXFKDXIVFKQHLGHUVHW]WHGHQ5XQGJDQJDOOHLQIRUWZlKUHQG7LUDNRXQG (LVNUDOOHDXVJLHELJIUKVWFNWHQ:LUIROJWHQ)DUWXORRQ(UVDQNLP$QWLJUDY]XUWLHIXQWHU GHU2EHUIOlFKHGHU+DXSWNXSSHOOLHJHQGHQ(QHUJLHVWDWLRQKLQDEXQGLQVSL]LHUWHVLH :UGHHUZHQLJVWHQV6HOEVWJHVSUlFKHIKUHQGDFKWHLFKYHU]ZHLIHOW6HLQH*HGDQNHQ NDQQLFKQLFKWOHVHQDEHULFKK|UHMHGHV*HUlXVFKVRZLHLFKLKQDXFKRSWLVFK HUNHQQH(UPDFKWHVLFKDQGHQ$JJUHJDWHQXQG5HDNWRUEO|FNHQ]XVFKDIIHQDEHULFK ZXWHQLFKWZDVHUYRUKDWWH,PPHUKLQNRQQWHQ0RUYRQHUXQGLFKHUNHQQHQGDHU HLQLJH$QVFKOVVHDXVZHFKVHOWHXQGQHXH9HUELQGXQJHQKHUVWHOOWH+DWHUYLHOOHLFKW VFKRQGLH/|VXQJGHV3UREOHPVJHIXQGHQ" ³-HW]WPWHHVDEHUEDOGSDVVLHUHQ´0RUYRQHUEUXPPWHXQJHGXOGLJ³'LH 0DWHULDOLVDWLRQHUIROJWEHLPLULPPHU]LHPOLFKUHJHOPlLJ)DVWN|QQWHLFKGLH8KU GDQDFKVWHOOHQ´ (U]ZLQJHQOLHVLFKGLHHQGJOWLJH9HUVWRIIOLFKXQJLQGHUDQGHUHQ(EHQH DXHUKDOEGHUNQDSSHQ=HLWVSDQQHQLFKW,QGHUDQGHUHQ(EHQH8QZLOONUOLFK JHEUDXFKWHLFKGLHVHQ$XVGUXFNEHUHLWVIUGDVQRUPDOH8QLYHUVXP:LHVFKQHOOPDQ VLFKGRFKDQSDW 'HU.RPPDQGDQWVWLHPLFKDQ³(VEHJLQQWJOHLFK'DV.ULEEHOQ0HUNVWGXZLH DOOH*HJHQVWlQGHIDUELJHUZHUGHQNODUHUEHVVHUVLFKWEDU"8PJHNHKUWZLUGGHLQ)UHXQG GLFKEDOGVHKHQN|QQHQ:LUZHUGHQXQVEHPHUNEDUPDFKHQHKHZLUHUQHXW YHUVFKZLQGHQ´ )DUWXORRQZXUGHLQGHU7DWEHVVHUVLFKWEDU²ZDVPLUEHZXWPDFKWHZLHVHKU LFKPLFKVFKRQDQGLHYHUlQGHUWH6LFKWZHLVHJHZ|KQWKDVWH,FKHUNDQQWHLPPHUPHKU (LQ]HOKHLWHQ8QG]XP*OFNGUHKWHHUVLFKLQGLHVHP$XJHQEOLFNXPZDKUVFKHLQOLFK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
ZROOWHHUDXIGHQ6NDOHQHLQLJH'DWHQDEOHVHQ)DVWKlWWHLFKODFKHQPVVHQDOVLFKLQ VHLQ*HVLFKWEOLFNWHGDVYRU9HUEOIIXQJIDVW]XU0DVNHHUVWDUUWH ³:LUKDEHQQLFKWYLHO=HLW´VDJWHLFKKDVWLJHKHHU)UDJHQVWHOOHQNRQQWHGLHQXU =HLWYHUVFKZHQGHWKlWWHQ³7UDJHDEVRIRUWLPPHUHLQHQ%LOGDXI]HLFKQHUEHLGLUGDPLW LFKGLURSWLVFKH%RWVFKDIWHQEHUPLWWHOQNDQQ(VJHKWPLUJXW.DQQVWGXPLFK ]XUFNKROHQ"´ (VGDXHUWHHLQLJH$XJHQEOLFNHHKHHUVHLQH)DVVXQJ]XUFNJHZDQQ+DVWLJ QLFNWHHUXQGGHXWHWHDXIPHLQHQ%HJOHLWHU³:HULVWGDV"´ ³(UNOlUHLFKGLUVSlWHUZLUZLVVHQQLFKWZLHYLHO=HLWZLUJHQDXKDEHQ,FK YHUVXFKHQXQMHGHQ7DJ.RQWDNWPLWGLUDXI]XQHKPHQ'LH0DWHULDOLVDWLRQHUIROJW ZHLWJHKHQGUHJHOPlLJDOOH]ZDQ]LJELVIQIXQG]ZDQ]LJ7RQWDV'LH8PNHKUXQJ N|QQWHYLHOOHLFKWPLWHLQHUK\SHUHQHUJHWLVFKHQ'HWRQDWLRQKHUEHLJHIKUWZHUGHQ%DVLV ZDUHLQH0DDKNZDIIHYLHOOHLFKWHLQPRGLIL]LHUWHU6WUXNWXUIHOG.RQYHUWHU´ ³9HUVWDQGHQ:LHVLHKWHVGUEHQDXV"´ 1DWXUOLFKVHLQH1HXJLHULVWQLFKW]X]JHOQ³(WZDVYHUUFNW8QHUNOlUOLFK SDUDGR[XQGXQORJLVFKZHQQGXPLFKIUDJVW'XPWHVWHVGLUVHOEVWDQVFKDXHQ´ ³%HVWHQ'DQN,KUZHUGHWVFKRQZLHGHUWUDQVSDUHQW0HOGHGLFWDLFKDUEHLWH ZHLWHUDQGHU´(UK|UWHDXI]XVSUHFKHQXQGLFKZXWHGDZLUQXQIULKQXQVLFKWEDU JHZRUGHQZDUHQ(LQH:HLOHVWDUUWHHUQRFKDXIGLH6WHOOHDQGHUHUXQV]XOHW]W JHVHKHQKDVWHGDQQVHW]WHHUVHLQH$UEHLWIRUWGLHPHLQHU5HWWXQJJDOW(UZDUZLUNOLFK NDOWEOWLJGLHVHU$OWH:LHGHUHLQUQDOEHZXQGHUWHLFKLKQ 0RUYRQHUVDJWH³*XWHU0DQQ9LHOOHLFKWVFKDIIWHUHVZLUNOLFKZHQLJVWHQVLQ GHLQHP)DOO,FKJODXEHGDIUXQVMHGH5HWWXQJ]XVSlWNRPPW:LUYHJHWLHUHQVFKRQ ]XUDQJHLQGLHVHP=XVWDQG´ ³(VJLEWLPPHUHLQH5HWWXQJ*LEGLH+RIIQXQJQLFKWDXI.HKUHQZLU]XU +|KOHQIHVWXQJ]XUFN"´ (UQLFNWHXQGQDKPPHLQH+DQG.XU]GDUDXIZDUHQZLUPLWWHQLP .DPSIJHWPPHO=Z|OI0DDKNVKDVWHQDEHUPDOVGLH+|KOHQIHVWXQJDQJHJULIIHQ GLHVPDOMHGRFKDPKHOOHQ7DJ6HFKVYRQLKQHQVWDUEHQHKHVLFKGHU5HVW]XUFN]RJ $XFK$UNRQLGHQIDQGHQGHQ7RG$OVHVGXQNHOWHZDUDOOHVZLHGHUUXKLJXQG IULHGOLFK(UVWMHW]WIDQGHQ0RUYRQHUXQGLFK=HLWGHQDQGHUHQYRQXQVHUHP$XVIOXJ]X EHULFKWHQ 3DUYRQ.KHUVFKZLHJUDQJHHKHHUVDJWH³'LH1RUPDOGLPHQVLRQ":HQQLFK GDUEHUQDFKGHQNHNRPPWHVPLUVRYRUDOVPWHLFKHLQIUHPGHV8QLYHUVXP EHWUHWHQ)DVWKDEHLFK$QJVWGDYRU´ (VJLQJLKPQLFKWDOOHLQVR $XV'LH.XQVWGHV.ULHJHV6XQ]LDXFK6XQ'VHXQGlKQOLFKJHVFKULHEHQ XP Y&KU 2KQH$XVVLFKWDXI9RUWHLOHVHW]NHLQH$UPHHLQ%HZHJXQJ2KQH$XVVLFKWDXI (UIROJVHW]NHLQH7UXSSHQHLQ2KQH*HIDKUNHLQ.DPSI.HLQ+HUUVFKHUVRLODXV:XW HLQHQ.ULHJDQIDQJHQ.HLQ)HOGKHUUVRLODXV9HUlUJHUXQJHLQH6FKODFKWVFKODJHQ1XU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
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lQRPHQ]X HUNOlUHQDEHUZHQQHUPLW)DFKDXVGUFNHQXPVLFKZLUIWN|QQWHLFKHUVWUHFKW YHU]ZHLIHOQ'DVNDQQGRFKZHGHUHLQ$UNRQLGHQRFKHLQVLFKHUOLFKLQWHOOLJHQWHU &KUHWNRUYHUVWHKHQ$EHULFKELQNHLQ:LVVHQVFKDIWOHU1XQIXPPHOWHUGDXQWHQLQGHU (QHUJLHVWDWLRQKHUXPXQGEHKDXSWHW$WODQZLHGHU]XUFNKROHQ]XZROOHQ:LHHUGDV DOOHUGLQJVDQVWHOOHQZLOOLVWPLUHLQDEVROXWHV5lWVHO$EHUZLUYHUWUDXHQDXIVHLQ:LVVHQ XQGDXIVHLQH)lKLJNHLWHQ(VZlUHQLFKWGDVHUVWHPDOGDHUGHQ$XVZHJDXVHLQHU KRIIQXQJVORVHQ/DJHIlQGH +HXWHZDULFKGDEHLDOV$WODQPDWHULDOLVLHUWH:LUKDEHQXQVLP9HUODXIGHU EHLGHQOHW]WHQ7DJHDQGLH*HVSHQVWHUJHZ|KQWXQGHUVFKUHFNHQNDXPQRFKZHQQVLH SO|W]OLFKLUJHQGZRLQQHURGHUDXHUKDOEGHU6WDWLRQHUVFKHLQHQ8PJHNHKUW]HLJHQ DXFKGLHDOWHQ$UNRQLGHQVROGDWHQNHLQH6FKHXPHKUXQGNRPPHQ]XXQV:LUKDEHQ HEHQHLQHQUHJHQ.RQWDNWPLWGHU*HLVWHUZHOW)DUWXORRQHUNOlUWHGDHVIUGLH %LGLPHQVLRQDOHQXQP|JOLFKVHLHLQHQ*HJHQVWDQGLQXQVHUHU'LPHQVLRQ ]XUFN]XODVVHQXPJHNHKUWMHGRFKN|QQHQVLHDOOHVPLWQHKPHQZDVVLHEHLXQVILQGHQ (VZDUDOVRNHLQ3UREOHP$WODQHLQHUHFKW]HLWLJYRUEHUHLWHWH%RWVFKDIWPLW]XJHEHQ'HU 'LFNHKDWHLQHQ%ULHIJHVFKULHEHQGHQHU$WODQEHUJHEHQZROOWHVREDOGHUVLFK]HLJWH 7LUDNRKDVWHGHQ$XIWUDJHUKDOWHQLP'LVNXV:DFKH]XKDOWHU(VNRQQWHMDVHLQGD 0DDKNVPDWHULDOLVLHUWHQXQGYHUVXFKWHQLKQ]XEHVFKlGLJHQ'LH0HWKDQDWPHUGUIWHQ OlQJVWEHPHUNWKDEHQGDZLU.RQWDNWPLWGHQ6ROGDWHQXQWHUKDOWHQXQGXQVDXILKUH 6HLWHJHVFKODJHQKDEHQ:LUPVVHQXQVYRULKQHQLQDFKWQHKPHQ ,FKYHUVXFKWH)DUWXORRQ]XKHOIHQVRJXWLFKNRQQWHLPPHUZLHGHUUQDFKWHHU QHXH%HUHFKQXQJHQXQGMDJWHVHLQH)DFKURERWHUVRKLQXQGKHUGDLFKMHGHQ $XJHQEOLFNEHIUFKWHWHLKUH3RVLWURQLNZUGHZHJHQhEHUEHDQVSUXFKXQJDXVIDOOHQ $EHUVLHKLHOWHQGXUFK,FKVSLHOWHDXIGHQ%ULHIDQGHQHU$WODQEHUJHEHQZROOWHDOV LFKIUDJWH³:DVKDVWGXLKPHLJHQWOLFKJHVFKULHEHQ"´ )DUWXORRQVDKNDXPDXI'HU%ULHIVWHFNWHLQVHLQHU%UXVWWDVFKH³:HQQPHLQH 7KHRULHVWLPPWXQGDOOHVVRNODSSWZLHLFKHVPLUYRUVWHOOHZLUGHVXQVJHOLQJHQ VlPWOLFKH%LGLPHQVLRQDOHQHLQVFKOLHOLFK$WODQ]XUFN]XKROHQ/HLGHUDEHUDXFKGLH 0DDKNV'DLFKPLUPHLQHQ6WW]SXQNWQLFKW]HUVFKLHHQOHVVHQZLOO²XQGGDV JHVFKLHKWPLW6LFKHUKHLWVROOWHQVLHLKUHQ.ULHJWULHUIRUWVHW]HQ²KDEHLFK$WODQGDKHU JHEHWHQDXIMHGHQ)DOOGLH$UNRQLGHQGDYRQ]XEHU]HXJHQGDVLHPLWGHP.DPSI DXIK|UHQ2ELKPGDVJHOLQJWLVWHLQHDQGHUH)UDJH´ ³6LFKHUOLFKOLHJWHVDEHUDXFKDQGHQ0HWKDQV´ ³(VOLHJWLPPHUDQEHLGHQ6HLWHQ$EHUHLQHPXMDPDODQIDQJHQ:DUXPQLFKW $WODQ"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³6RQVWKDVWGXLKPQLFKWVPLWJHWHLOW"´ ³'DVNRPPWVSlWHU,FKELQPLWPHLQHQ9RUEHUHLWXQJHQQRFKQLFKWIHUWLJ.RPP KHUXQGKDOWHGDV.DEHO´ ,PPHUZLHGHUGUHKWHLFKPLFKQDFKDOLHQ6HLWHQXPGRFKVRIHUQ$WODQVFKRQ DQZHVHQGZDUVDKLFKLKQQRFKQLFKW(LQPHUNZUGLJHV*HIKOEHVFKOLFKPLFKDOVLFK GDUDQGDFKWHGDHUMHW]WHLQ*HVSHQVWZDUGDVHLQIDFKGXUFKPLFKKLQGXUFKJHKHQ NRQQWH$OVHUHQGOLFKPDWHULDOLVLHUWHZDUHQ]ZHL$UNRQLGHQEHLLKP'HQHLQHQNDQQWH LFK(VZDUGHU6ROGDWGHQZLUPLWGHP)HVVHOIHOGJHIDQJHQXQGGHU$WODQGDQQ PLWJHQRPPHQKDVWH'HUDQGHUHKDVWHHLQHQNDKOHQ6FKlGHOXQGHLQ QDUEHQ]HUIXUFKWHV*HVLFKW)DUWXORRQYHUORUNHLQHQ$XJHQEOLFN(UJDE$WODQGHQ%ULHI XQGSKRWRJUDSKLHUWHGLH%RWVFKDIWGLHGLHVHULKPYRUGLH1DVHKLHOW'DQQHUVWEHJDQQ GLH8QWHUKDOWXQJYRQGHUZLUDXFKGLHVPDOQLFKWZXWHQZLHUDQJHVLHGDXHUQZUGH ³'DVVLQG0RUYRQHU6SUDQJNXQG3DUYRQ.KHUGLHEHLGHQ.RPPDQGDQWHQ )DUWXORRQZLUKDEHQbUJHUPLWGHQ0DDKNV6LHVLQGLQOHW]WHU=HLWVHKUDNWLYJHZRUGHQ 6LHJUHLIHQIDVWWlJOLFKDQ.RPPWLKUPLWGHU$UEHLWYRUDQ"´ ³(VZLUGVFKRQIXQNWLRQLHUHQDEHUGXPXW*HGXOGKDEHQ´ ³:LUEUDXFKHQ:DIIHQ´VDJWH3DUYRQ.KHU³+DEHQ6LHHWZDVGDJHJHQZHQQ ZLUXQVEHGLHQHQ"´ ³%LVKHUKDEHQ6LHMDDXFKQLFKWJHIUDJW´HQWJHJQHWHGHU%DXFKDXIVFKQHLGHU JHUHL]W³9HUVXFKHQ6LHPLWGHQ0HWKDQVHLQHhEHUHLQNXQIW]XHU]LHOHQ²VWHKWDOOHVLQ GHP%ULHI-HGHQIDOOVZHUGHLFKQLHPDQGHQ]XUFNKROHQZHQQNHLQ:DIIHQVWLOOVWDQG ]XVWDQGHNRPPW%HVWHQIDOOVYHUVXFKHLFK$WODQDOOHLQ]XKHOIHQ´ (LJHQWOLFKKDVWHLFKDXFKGLH$EVLFKWJHKDEWHLQSHDU:RUWHPLWPHLQHP)UHXQG ]XZHFKVHOQDEHULFKKDVWHZRKO]XUDQJHJHZDUWHW-HGHQIDOOVHQWVFKZDQGHUPHLQHQ 7KLFNHQHKHLFKGHQ0XQGDXIPDFKHQNRQQWH:HQLJVSlWHUPHOGHWHVLFK7LUDNRXQG EHULFKWHWHGDHUGUDXHQDP:DOGUDQGHLQHQ0DDKNJHVHKHQKDEH³(UZDUSO|W]OLFK GDXQGEHWUDFKWHWHGHQ.XJHOUDXPHU,FKJODXEHQLFKWGDHUPLFKEHPHUNWKDW2E GDV=XIDOOZDU"´ )DUWXORRQVDKYRQVHLQHU$UEHLWDXI³%HVWLPPWQLFKW7LUDNR,FKZXQGHUHPLFK RKQHKLQGDGHU.UHX]HUQRFKXQYHUVHKUWGRUWVWHKWXQGQLFKWOlQJVWGHU9HUVXFK XQWHUQRPPHQZXUGHLKQ]XVWHKOHQ$EHUZDKUVFKHLQOLFKLVWVHLQH0DVVH]XJURXP LQGHQ=ZLVFKHQ]XVWDQGPLWJHQRPPHQ]XZHUGHQ1XQZLUGPDQLKQ]HUVW|UHQZROOHQ =XP*OFNKDEHQZHGHUGLH0DDKNVQRFKGLH$UNRQLGHQVFKZHUHUH:DIIHQGHU 6FKXW]VFKLUPGHV.UHX]HUVKlOWMHGHP%HVFKXDXV+DQGVWUDKOHUQVWDQG7URW]GHP VROOWHHLQHUYRQXQVGHQ)HXHUOHLWVWDQGGHV5DXPHUVEHVHW]HQVREDOGZLUPLWGHP ([SHULPHQWEHJLQQHQ´ $WODQV$XIQDKPHZDUEHUVSLHOWVHLQH6FKULIW]JHZDUHQNODUXQGGHXWOLFKDXI GHP0RQLWRU]XHUNHQQHQ)DUWXORRQODVYRU³)UHXQGH,FKIDQJHDQPLFKDQGLHVHQ VHOWVDPHQ=XVWDQG]XJHZ|KQHQXQGIUFKWHGDHVDXFKHLQHSV\FKLVFKH 9HUlQGHUXQJJLEWQLFKWQXUGLHSK\VLVFKH:LUDOOHHVVHQXQGWULQNHQQLFKWMDDWPHQ QLFKWHLQPDO6HOEVWXQVHU6FKODILVWHLQHUHLQH7UDQFH9RQGHQYRU]ZDQ]LJ-DKUHQ HQWPDWHULDOLVLHUWHQ$UNRQLGHQXQG0DDKNVVLQGQXUNQDSSHLQ=HKQWHOEULJJHEOLHEHQ 6LHZHUGHQHLQDQGHUVRUDQJHEHNlPSIHQELVQLHPDQGPHKUGDLVW6LHVLQGI|UPOLFKLP +DXQG.DPSIHVZLOOHQHUVWDUUW6ROOWHWLKUHLQH0|JOLFKNHLWHQWGHFNHQPLFK ]XUFN]XKROHQVRPDFKWHVEDOGRKQH5FNVLFKWDXIGLH%LGLPHQVLRQDOHQ'DVPDJ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
KDUWNOLQJHQDEHULFKVHLQHNHLQHDQGHUH0|JOLFKNHLW,KU.ULHJZUGHVRQVWQDFK .UDXPRQJHWUDJHQ:LHZHLWVHLGLKUPLWGHQ9RUEHUHLWXQJHQ"´ 'DVZDUDOOHV.HLQHZHLWHUH,QIRUPDWLRQNHLQ+LQZHLVQLFKWV(QWWlXVFKHQG $XFK)DUWXORRQVFKLHQVR]XHPSILQGHQDEHUHUYHUEDUJVHLQH(QWWlXVFKXQJ³:LU PDFKHQZHLWHU´VDJWHHUXQGWDWGDQQVRDOVZlUHQZLUQLFKWPHKUGD³(VPX JHOLQJHQ´ ,FKQLFNWH7LUDNR]X(UVDJWHDOVZLULQGHU.FKHVDHQXQGHWZDVWUDQNHQ ³6RZHLWLFKGDVVHLQHPDWHULDOLVLHUHQVlPWOLFKH%LGLPHQVLRQDOHQDOVRDXFK$WODQHWZD ]XUJOHLFKHQ=HLWZRLPPHUVLHVLFKDXFKJHUDGHEHILQGHQP|JHQ'DVZLHGHUXP EHGHXWHWGDHV]ZLVFKHQLKQHQHLQH%LQGXQJXQEHNDQQWHU1DWXUJLEW(VNDQQDEHU DXFKEHGHXWHQGDVLHDOOHIULPPHULQXQVHU8QLYHUVXPJHODQJHQVHOEVWZHQQZLU OHGLJOLFK$WODQ]XUFN]XKROHQYHUVXFKHQ´ 6HLQHhEHUOHJXQJZDUULFKWLJ(LQ%HZHLVIUVHLQHhEHUOHJXQJZDUGHU0DDKN GHQHUJHVHKHQKDVWH'HU8KUHQYHUJOHLFKKDVWHGDVJH]HLJW³'DVlQGHUWQLFKWVGDUDQ GDZLULKPKHOIHQPVVHQ´VDJWHLFKHQWVFKORVVHQ³)DUWXORRQNHQQWGDV5LVLNR:LU ZHUGHQ$WODQPLWWHLOHQGDQLFKWVGDUDQ]XlQGHUQLVW(UPXGDIUVRUJHQGD ]ZLVFKHQGHQ6ROGDWHQXQGGHQ0HWKDQV)ULHGHQJHVFKORVVHQZLUG´ $PQlFKVWHQ7DJEHJHJQHWHLFKVHOEVWHLQHP0DDKNXQGLFKKDVWH*OFNGD GLHVPDOGLH=HLWGDXHUGHU0DWHULDOLVDWLRQDXHURUGHQWOLFKJHULQJZDU7LUDNRKDOIGHP NDXPQRFKLQV%HWWNRPPHQGHQ%DXFKDXIVFKQHLGHU,FKXQWHUQDKPGHQVFKRQ JHZRKQWHQ,QVSHNWLRQVJDQJGXUFKGLH6WDWLRQXQGEHWUDWGDQQPLWHLQHP,PSXOVVWUDKOHU EHZDIIQHWGLH2EHUIOlFKHXPQDFKGHQ6FKLIIHQ]XVHKHQ'HQ+HOPGHV .DPSIDQ]XJVRKQHGHQZLUGLH6WDWLRQMHW]WQLFKWPHKUYHUOLHHQOLHLFKRIIHQ 3O|W]OLFKVDKLFKGDV)OLPPHUQLQGHU/XIWHWZDKXQGHUW0HWHUHQWIHUQWXQGJHQDX ]ZLVFKHQPLUXQGGHP.XJHOUDXPHU(LQHULHVLJH*HVWDOWPDWHULDOLVLHUWH :DKUVFKHLQOLFKKDVWHHUPLFKVFKRQYRUKHUEHREDFKWHWGHQQHUKREVRIRUWVHLQH :DIIHXQG]LHOWHDXIPLFK%OLW]VFKQHOOVFKDOWHWHLFKGHQ,QGLYLGXDOVFKLUPHLQ'DVHUVWH 6WUDKOHQEQGHOUDVWHEHUPLFKKLQZHJXQGWUDIQLFKW0HLQ6FKLUPKlWWHGLH(QHUJLH DEVRUELHUHQN|QQHQDEHUZHQQGHU%XUVFKHDXIGHQ*HGDQNHQNDPPLFKXQWHU 'DXHUIHXHU]XQHKPHQXQGGDVJDQ]H0DJD]LQ]XOHHUHQNRQQWHGLH6DFKHJHIlKUOLFK ZHUGHQ8QGJHQDXDXIGHQ*HGDQNHQNDPGHU0DDKNQDWUOLFK *HEOHQGHWVFKORLFKGLH$XJHQXQGYHUGXQNHOWHGLH/LGHUDOVGLH(QHUJLHYRQ PHLQHP6FKXW]VFKLUPDEIORXQGLKQLQHLQH/HXFKWNXJHOYHUZDQGHOWHLQGHUHQ0LWWH LFKVWDQG0HLQHIUFKWHUOLFKVWH$QJVWKDVWHLFKYRUGHPJHZDOWLJHQ 7HPSHUDWXUXQWHUVFKLHGGHQQDXIGLH'DXHUNRQQWHGHU6FKLUPGLH%HODVWXQJQLFKW DXVKDOWHQ=XUFNVFKLHHQZDUPLULP$XJHQEOLFNDXFKQLFKWP|JOLFKDXHUGHPKlWWH HVZRKONDXPHWZDVJHQW]W 'HU9RUJDQJGDXHUWHDEHUQXUZHQLJH$XJHQEOLFNHGDQQK|UWHGHU%HVFKX SO|W]OLFKDXI,PHUVWHQ0RPHQWNRQQWHLFKQLFKWVVHKHQZHOOVLFKPHLQH$XJHQHUVW ZLHGHUDQGDVQRUPDOH6RQQHQOLFKWJHZ|KQHQPXWHQ'DQQVWHOOWHLFKIHVVGDGHU 0DDKNYHUVFKZXQGHQZDU,FKVFKDOWHWHGHQ6FKXW]VFKLUPDXV5LQJVXPPLFKZDUGHU 6DQGJHVFKPRO]HQXQGNQDFNHQGGDEHLZLHGHU]XHUVWDUUHQ1XQNRQQWHLFKPLU YRUVWHOOHQZDVJHVFKHKHQZUGHZHQQZLU$WODQ]XUFNKROWHQ,FKEHUSUIWHGLH EHLGHQ6FKLIIHXQGNHKUWHGDQQLQGLH6WDWLRQ]XUFN)DUWXORRQWHLOWHPLUPLWGD$WODQ KHXWHQLFKWHUVFKLHQHQVHL
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$P$EHQGWUDIHQZLUXQVLQGHU.FKH:LUZlKOWHQGLH6SHLVHQXQGDHQ 'DQDFKVDJWH)DUWXORRQRKQHEHVRQGHUHQ2SWLPLVPXV³1XUQRFKZHQLJH $QVFKOXlQGHUXQJHQXQGZLUKDEHQHVJHVFKDIIW2EHVZLUNOLFKIXQNWLRQLHUWZHLLFK QLFKWDEHUVHOEVWZHQQVLQGXQVHUH3UREOHPHQLFKWJHO|VW,FKNDQQQXUKRIIHQGDGHU -XQJHJHVXQGXQGPXQWHULVW:DUXPNDPHUKHXWHQLFKW"´ ³'DVNDQQYLHOH*UQGHKDEHQ´YHUVXFKWHLFKLKQ]XEHUXKLJHQ³'HU0DDKN MHGHQIDOOVLVWVRIRUWZLHGHUYHUVFKZXQGHQ6ROOWHVLFK$WODQDOVRYHUVSlWHWKDEHQ´ ³9LHOOHLFKWLVWHUVRJDUMHW]WWULHUQXUN|QQHQZLULKQQLFKWVHKHQ´7LUDNREOLFNWH VLFKXQZLOONUOLFKQDFKDOLHQ6HLWHQXP³'DHUXQVDXFKK|UHQNDQQZLHHUEHKDXSWHW LVWHUEHUDOOHVLQIRUPLHUW´ ³,FKKROHLKQHUVWGDQQZHQQLFKVLFKHUVHLQNDQQGDGLH0DDKNV)ULHGHQ KDOWHQ´ ³'LH.HUOHVSUHFKHQQXUPLW,PSXOVVWUDKOHUQ´ZDUILFKJULPPLJHLQ³:LHVRLOPDQ GDPLWLKQHQYHUQQIWLJUHGHQ"´ ³'DVPX$WODQPDFKHQRGHUVHLQHQHXHQ)UHXQGHGLH.RPPDQGDQWHQ'LH 9HUQXQIW]ZLQJWVLHKRIIHQWOLFKGD]X´ :LUWUHQQWHQXQVEDOGGHQQYLHO]XUHGHQJDEHVQLFKWPHKU$OOH)UDJHQEOLHEHQ XQEHDQWZRUWHW8QGDPQlFKVWHQ7DJJDEHVQRFKPHKU)UDJHQGHQQDEHUPDOV HUVFKLHQ$WODQQLFKW'DIUYHUVFKZDQGHQDXVGHP:DIIHQDUVHQDOVLHEHQXQG]ZDQ]LJ VFKZHUH=ZHLKDQG/XFFRWV=XP*OFNVFKLHQHVZLUNOLFKHLQH$UW0DVVHEHVFKUlQNXQJ IUGLH0LWQDKPHYRQ*HJHQVWlQGHQ]XJHEHQGHQQQRFKNHLQHGHU/DIHWWHQPLW VFKZHUHQ9LHUOLQJVVWUDKOHUQZDU³HQWIKUW´ZRUGHQ =ZLVFKHQZHOW3UDJRGHV7HGDUGD$UN ³,FKELQVLFKHUGDVLHHLQHQYHUQLFKWHQGHQ6FKODJJHJHQXQVSODQHQ´ 0RUYRQHUEHUSUIWHGLH/DGXQJHQVHLQHU(QHUJLHPDJD]LQH³8QGZDVGXPLUYRQ )DUWXORRQEHULFKWHVW$WODQJHIlOOWPLUEHUKDXSWQLFKW=ZHLPDOKDVWGXQXQGLH %HJHJQXQJYHUSDWZHOOGLH=HLW]XNQDSSZDUDEHUGXKDVWVHLQH*HVSUlFKHPLW GHLQHQ)UHXQGHQEHODXVFKW'HPQDFKZHUGHQZLUZDKUVFKHLQOLFKDXWRPDWLVFK PLWJHULVVHQZHQQHUGLFKKROW8QGGLH0DDKNVDXFK,FKP|FKWHZLVVHQZDUXPHU ]|JHUW,VWHVQLFKWJOHLFKJOWLJREZLUXQVHUHQ.DPSIWULHURGHUGRUWIRUWIKUHQ"´ ,FKDQWZRUWHWHQLFKWVRIRUW,QGHU+|KOHZDUHQZLUHLQLJHUPDHQVLFKHUGHQQ GUDXHQVWDQGHUGLH:DFKWSRVWHQGLH3DUYRQ.KHUHLQJHWHLOWKDVWH6REDOGGLH0DDKNV DQJULIIHQZUGHQZLUDODUPLHUWZHUGHQ1HXH:DIIHQZDUHQKHUEHLJHVFKDIIWZRUGHQ QDWUOLFKDXVGHP.UDXPRQ6WW]SXQNW³(VPX)ULHGHQPLWGHQ0DDKNVJHEHQ 0RUYRQHU:LUKDEHQNHLQHDQGHUH:DKO-HPDQGPXPLWLKQHQUHGHQ´ ³+DVWGXVFKRQGDUDQJHGDFKWGDVLFKVROFKH9HUKDQGOXQJHQQDFKWHLOLJIUXQV DOOHDXVZLUNHQN|QQWHQ"´ ³:LHVR"´ (UVWULFKPLWGHU+DQGEHUVHLQH1DUEHQXQGVHXI]WH³9HUVHW]GLFKLQ )DUWXORRQV/DJHXQGLQGLHGHU0HWKDQV(U]|JHUWPLWGHP([QHULPHQWZHOOHU EHIUFKWHWGDGHU.ULHJZHLWHUJHKWXQGVHLQH 6WDWLRQ6FKDGHQHUOHLGHW'LH0DDKNVN|QQHQVLHDEHUDXFKGDQQDQJUHLIHQ ZHQQVLHELGLPHQVLRQDOEOHLEHQXQGJHOHJHQWOLFKPDWHULDOLVLHUHQ'HLQ)UHXQGKDWDOVR QLFKWVJHZRQQHQZHQQHUVHLQ9RUKDEHQQLFKWGXUFKIKUW´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
/RJLVFKZDUGDVVFKRQDEHUZUGHPHLQ/HKUPHLVWHUGDVHEHQVRVHKHQ"³,FK YHUVXFKHPLWGHQ0HWKDQV]XUHGHQ´VDJWHLFK³6LHK|UHQPLUYLHOOHLFKW]XZHOOLFKHUVW MHW]W]XHXFKJHVWRHQELQ:HQQVLHYHUQQIWLJVLQGVFKOLHHQVLH)ULHGHQ´ ³6LHVLQGDEHUQLFKWYHUQQIWLJ´EUOOWH0RUYRQHUPLFKZWHQGDQ³'LHVHU =XVWDQGKlOWXQVDOOHLP*ULIIYHUlQGHUWXQV´ :LUVFKZLHJHQ3DUYRQVFKZHEWHKHUEHL³:DUXPVWUHLWHWLKUHXFK"´ $OVLFKHVLKPVDJWHVFKWWHOWHHUGHQ.RSI³6LHYHUVXFKHQ8QP|JOLFKHV$WODQ :LUKDEHQHUVW5XKHZHQQGLHUHVWOLFKHQ]ZDQ]LJWRWVLQG$XHUGHPLVWQRFKJDUQLFKW VRVLFKHUGDZLUDOOHIULPPHULP6WDQGDUGXQLYHUVXPEOHLEHQZHUGHQVROOWHGDV ([SHULPHQWJHOLQJHQ9LHOOHLFKWVWLPPW)DUWXORRQV7KHRULHJDUQLFKWXQGQXU6LHDOOHLQ ZHUGHQ]XUFNNHKUHQ:DUXPDOVRVROOHQZLUXQV6RUJHQPDFKHQ"/DVVHQZLUGLH 'LQJHDXIXQV]XNRPPHQ´ 'LHVH1DFKWEOLHEUXKLJXQGYHUJLQJRKQH$QJUL
$OVGHU0RUJHQDXIXQVHUHU XQZLUNOLFKHQ:HOW]XGlPPHUQEHJDQQIKOWHLFKPLFKDXVJHUXKWXQGZDUIHVW HQWVFKORVVHQKHXWHGHQ9HUVXFK]XZDJHQPLWGHQ0DDKNV9HUELQGXQJDXI]XQHKPHQ 8QEHPHUNWYHUOLHLFKGLH+|KOHLP6FKZHEH]XVWDQG0HLQH:DIIHQKDVWHLFKQLFKW DEJHOHJWGHQQXQEHZDIIQHWZROOWHLFKGHQULHVLJHQ*HVFK|SIHQQLFKWJHUDGH JHJHQEHUWUHWHQ0HLQ:HJIKUWHPLFKDQHLQHPGLFKWHQ:DOGYRUEHL0RUYRQHUKDVWH EHKDXSWHWGDVLFKWULHUKlXILJ%HREDFKWHUHLQIDQGHQZHOOGLH6WlPPHXQGGDVGLFWDWH /DXEGDFK6LFKWVFKXW]ERWHQ0DQFKHGHU%DXPVWlPPHKDVWHQHLQHQ'XUFKPHVVHUYRQ ELV]XGUHL0HWHUQ+LQWHULKQHQNRQQWHQVLFKJOHLFK]ZHL0DDKNVYHUEHUJHQ 9LHOOHLFKWKDVWHLFK*OFNXQGEHJHJQHWHLKQHQVFKRQWULHU(VZDUPLUQLFKWJDQ] NODUZDVLFKLKQHQVDJHQZROOWHVRIHUQVLHPLFKEHUKDXSWVRZHLWNRPPHQOLHHQ 6FKOLHOLFKZDUELVKHULPPHUQXUJHVFKRVVHQQLHPDOVDEHUJHVSURFKHQZRUGHQ,FK YHUWUDXWHGDUDXIGDLKUH1HXJLHUVLHGD]XYHUOHLWHWHPLFKQLFKWVRIRUWDQ]XJUHLIHQ GHQQVLFKHUOLFKNDPHVQLFKWRIWYRUGDHLQHLQ]HOQHU$UNRQLGHLQLKU*HELHWHLQGUDQJ ³6WHKHQEOHLEHQ=ZHUJ´'LH6WLPPHGU|KQWHJHZDOWLJLQPHLQHQ2KUHQXQGLFK JHKRUFKWHVRIRUW'LH0HWKDQVEHKHUUVFKWHQHEHQIDOOV6DWURQXQGVREHUHLWHWHGLH 9HUVWlQGLJXQJNHLQH6FKZLHULJNHLWHQREZRKOLFKLP5DKPHQGHU$5.6800,$DXFK LKU,GLRPHUOHUQWKDVWHGDV.UDDKPDN9RUVLFKWLJVDKLFKPLFKQDFKDOLHQ6HLWHQXP VDKDEHUQXUGLHGLFNHQ%DXPVWlPPHXQGGD]ZLVFKHQGDV8QWHUKRO]$EHUGDQQ EHZHJWHVLFKVHLWOLFKYRUPLUHWZDVVRDOVVSDOWHVLFKHLQ%DXPVWDPP'RFKGHU]ZHLWH 6WDPPZDUHLQ0DDKNGHUDXVVHLQHU'HFNXQJNDPXQGVHLQHQ6WUDKOHUDXIPLFK ULFKWHWH ³,FKZLOOPLWHXFKUHGHQ´ULHILFKODXW³(VLVWZLFKWLJ´ (UEOLHEVWHKHQ2IIHQEDUZDUHUDOOHLQ³5HGHQZLOOVWGXPLWXQV"6LQQORV(VJLEW QLFKW]XEHUHGHQ´ ³,P*HJHQWHLO(VKDEHQVLFK'LQJHHUHLJQHWGLHXQVHUHYHU]ZHLIHOWH6LWXDWLRQ lQGHUQN|QQWHQ´ ³1XUGHU7RGNDQQVLHlQGHUQ²YLHOOHLFKW´ ,FKEHVFKORGLH*HOHJHQKHLW]XQXW]HQ(VZDUXQZDKUVFKHLQOLFKGDLFKVLH QRFKHLQPDOEHNRPPHQZUGH$OVREHULFKWHWHLFKLKPZDVJHVFKHKHQZDUXQGGD LFKHUVWVHLWZHQLJHQ7DJHQEHLGHQDOWHQ$UNRQLGHQVHL(UNDQQWHGLH³6WDWLRQVZHOW´ QDWUOLFKGHQQDXFKGLH0DDKNVKROWHQVLFKGRUWLKUHQ:DIIHQQDFKVFKXE$OVHUK|UWH GD)DUWXORRQGHQ9HUVXFKXQWHUQHKPHQZROOWHXQVDOOHLQGHQ1RUPDOUDXP
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
]XUFN]XKROHQEHPHUNWHLFKGLHHUVWHSRVLWLYH5HDNWLRQ(UVHQNWHVHLQH:DIIHXQG VFKREVLHLQV%HLQKDOIWHULFKEHZHUWHWHGLH*HVWHDOVHLQH$UW9HUWUDXHQVEHZHLV ³'LH*HVFKLFKWHLVWLQWHUHVVDQWJHQXJGDLFKVLHPHLQHQ/HXWHQQLFKW YRUHQWKDOWHQZLOO*HKYRUDQ,FKZHLVHGLUGHQ:HJ´ .XU]GDUDXIHUUHLFKWHQZLUGDV/DJHU'LH0DDKNVVDKHQPLFKDEHUHKHVLH VFKLHHQNRQQWHQULHILKQHQPHLQ)KUHUHLQH:DUQXQJ]X'LH:DIIHQZXUGHQ JHVHQNW-HW]WHUVWKDVWHLFK=HLWPLUGDV+DXSWTXDUWLHUGHUYHUEOLHEHQHQ]ZDQ]LJ 0DDKNVDQ]XVHKHQ6LHOHEWHQVRSULPLWLYZLHZLULQGHQ+|KOHQ'LH0HWKDQV VFKZHEWHQRGHUVWDQGHUXPKHUXQGVWDUUWHQPLFKDQZLHHLQ:XQGHUWLHU(LQHQ EHZDIIQHWHQ$UNRQLGHQKDVWHQVLHEHVWLPPWQRFKQLHLQLKUHU0LWWHJHKDEW³0HLQ´ 0DDKNEHULFKWHWHGHQDQGHUHQYRQGHPZDVLFKHU]lKOWKDVWHXQGGDQQPXWHLFK VHOEVWGLHJDQ]H*HVFKLFKWHQRFKHLQPDOZLHGHUKROHQ 6FKOLHOLFKGHXWHWHHLQEHVRQGHUVNUlIWLJJHEDXWHU6ROGDWDXIPLFK³:HUVDJW XQVGDHVNHLQH)DOOHLVW",KU$UNRQLGHQVHLGVHKUVFKODXXQGOLVWLJ:DUXPVROOWHWLKU XQVHLQ)ULHGHQVDQJHERWPDFKHQQDFKGHPLKUXQVIDVWDOOHXPJHEUDFKWKDEW"´ ,FKYHUVXFKWHLKP]XHUNOlUHQGDGLH(LQLJXQJ]ZLVFKHQ$UNRQLGHQXQG 0DDKNVGLHHLQ]LJH0|JOLFKNHLWVHLLQGHQ1RUPDOUDXP]XUFN]XNHKUHQ,FKJDEDXFK ZDKUKHLWVJHPlGLH*UQGHDQXQGVFKOR³'DV([SHULPHQWZLUGQXUGDQQ GXUFKJHIKUWZHQQGHUVLQQORVH.DPSIEHHQGHWLVW-HGHUJLEWGHPDQGHUHQGLH6FKXOG DEHUDXFKLKUGUIWHWZLVVHQGDLQHLQHP.ULHJJHPGHUDQGHUHQ6HLWHGLH6FKXOG ]XJHVFKREHQZLUG1XQDEHUJLEWHVHLQHQ]ZLQJHQGORJLVFKHQ*UXQGGHQ.ULHJ]X EHHQGHQ´ 6LHZLUNWHQQLFKWEHU]HXJW(LQLJHQDKPHQVRJDUHLQHGURKHQGH+DOWXQJHLQXQG IRUGHUWHQGHQ$QIKUHUDXIPLFK]XHQWZDIIQHQ$QGHUHZLHGHUXPVFKOXJHQYRU )DUWXORRQEHLVHLQHU$UEHLW]XEHREDFKWHQXPGHQ:DKUKHLWVJHKDOWPHLQHU%HKDXSWXQJ ]XEHUSUIHQ(VJDEHLQH%HUDWXQJXQGIDVWVFKLHQPDQPLFKYHUJHVVHQ]XKDEHQ ,FKVFKZHEWHHWZDVHUK|KWXQGKDVWHHLQHQJXWHQhEHUEOLFN :DVZUGHZRKO0RUYRQHUVDJHQN|QQWHHUPLFKMHW]WVHKHQ":DKUVFKHLQOLFK ZUGHHUPLFKIUYHUUFNWKDOWHU/HLGHUPXWHLFKEDOGIHVWVWHOOHQGDVLFKGLH 0DDKNVQLFKWHLQLJZDUHQ$XFKVLHVFKLHQHQYRQHLQHUSV\FKLVFKHQ9HUlQGHUXQJ EHIDOOHQ]XVHLQ'LHPHLVWHQMHGHQIDOOVSOlGLHUWHQIUHLQH)RUWVHW]XQJGHV.ULHJHV² XQGPHLQHQ7RG6SlWHUVRPHLQWHQVLHN|QQHPDQQRFKLPPHUQDFKSUIHQRELFK JHORJHQKDEHRGHUQLFKW 1XUGUHLVHW]WHQVLFKIUPLFKHLQ]XZHQLJH8QWHULKQHQDXFKMHQHUGHUPLFK KLHUKHUJHIKUWKDVWH1RFKHLQPDOVHW]WHLFKPHLQHJDQ]HhEHUUHGXQJVNXQVWHLQXP VLHYRQLKUHP9RUKDEHQDE]XKDOWHQJOHLFK]HLWLJVDKLFKPLFKDEHUQDFKHLQHU )OXFKWP|JOLFKNHLWXP,FKKDVWHQRFKLPPHUPHLQH:DIIHQ+LHOWHQVLHHVIU DXVJHVFKORVVHQGDLFKVLHEHQXW]HQN|QQWH"'HU:DOGEHJDQQXQPLWWHOEDUKLQWHU PHLQHP5FNHQ,FKPXWH]ZLVFKHQGHQ6WlPPHQ6FKXW]VXFKHQGDQQZDUHV YLHOOHLFKWP|JOLFKGDVLHPLFKQLFKWIDQGHQ1DWUOLFKKDVWHLFKHVEHUHLWVPLW ³:XQVFKGHQNHQ´YHUVXFKWDEHUVRVHKULFKDXFKDQGLH+|KOHQLP*HELUJHGDFKWHLFK EOLHEZRLFKZDU'DVIXQNWLRQLHUWDOVRDXFKQLFKWLPPHU 'HU0DDKNGHUPLFKJHIKUWKDVWHWUDW]XPIU³(VWXWPLUOHLG$UNRQLGH,FK JODXEHGHLQHU*HVFKLFKWH´ ³'DVZHLLFKDEHUGLH0HKUKHLWZLOOPHLQHQ7RG1XUZHOOLFK$UNRQLGHELQ"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
(U]|JHUWH³-DXQWHUDQGHUHP(LQHUYRQXQVGHUZLHGXLQGDVIHLQGOLFKH/DJHU JLQJXP]XYHUKDQGHOQZXUGHQLHPHKUJHVHKHQ'LH$UNRQLGHQKDEHQLKQ]ZHLIHOORV XPJHEUDFKW:LUYHUJHOWHQQXQDOVR*OHLFKHVPLW*OHLFKHP´ 0LUEOLHEQLFKWPHKUYLHO=HLWGHQQGLH%HUDWXQJQlKHUWHVLFKRIIHQVLFKWOLFKLKUHP (QGH:DKUVFKHLQOLFKKDVWHQVLHGDV7RGHVXUWHLOEHUPLFKJHIlOOW,FKEHVFKORQLFKW PHKUDXIGDV(UJHEQLV]XZDUWHQ³6LHKGRUW´VDJWHLFK]XPHLQHPXQIUHLZLOOLJHQ %HZDFKHU³:DVLVWGDVGRUW]ZLVFKHQGHQ6WlPPHQ"´ $OVHULQGLHDQJHJHEHQH5LFKWXQJEOLFNWHOLHLFKPLFKEOLW]VFKQHOOQDFKKLQWHQ IDOOHQXQGUDVWHLQGHQ:DOGKLQHLQZREHLLFKGDUDXIDFKWHWHGHQ0DDKNXQGP|JOLFKVW YLHOH%lXPH]ZLVFKHQPLFKXQGGDV/DJHU]XEULQJHQ.HLQH]ZHL0LOOLWRQWDVVSlWHU EUDFKKLQWHUPLUGLH+|OOHORVW(QHUJLHEQGHOLUUWHQ]LHOORVKLQWHUPLUKHU,FKVFKOXJ HLQHQ+DNHQXQGHQWGHFNWHHLQHULHVLJH%DXPZXU]HOGLHHUVWHLQLJH0HWHUZHLWHULP %RGHQYHUVFKZDQG'UHLRGHUYLHU6SDOWHQVFKLHQHQJURJHQXJ]XVHLQPLFK DXI]XQHKPHQ1RFKZlKUHQGLFKVFKZHEWHVXFKWHLFKPLUHLQHDXVZDUIPLFKQDFK YRUQHXQGJOLWWLQGLH'HFNXQJKLQHLQ'UHL0DDKNVNDPHQNXU]GDUDXIYRUEHLGDLFK VFKRQEHIUFKWHWHVLHN|QQWHQPLFKHQWGHFNHQ$XVPHLQHP9HUVWHFNKHUDXVVDKLFK VLHEHUPLUDEHUQXUIUZHQLJH$XJHQEOLFNHGDQQZDUHQVLHVFKRQZHLWHUJHVFKZHEW 7URW]GHPEOLHELFK(LQ]ZHLWHV0DOZUGHPLUGLH)OXFKWQLFKWPHKUJHOLQJHQ6LH ZUGHQPLFKVRIRUWW|WHQ ,FKVDKQRFKHLQHQYLHUWHQ0DDKNDEHULFKZXWHQLFKWREHVPHLQ³)UHXQG´ ZDU(UVFKZHEWHODQJVDPXQGEHGlFKWLJVHLQHV:HJHVDOVKDEHHUGLH/XVWDQGHU 9HUIROJXQJYHUORUHQ,FKNRQQWHMHGRFKEHREDFKWHQGDHUGHQ:DOGDXIPHUNVDP XQWHUVXFKWHXQGVWXW]WHDOVHUGLH%DXPZXU]HOHQWGHFNWH'HUVFKZHUH,PSXOVVWUDKOHU ODJVFKXEHUHLWLQVHLQHU+DQG(UEUDXFKWHLKQQXUDXIGLH:XU]HO]XULFKWHQXQG]X IHXHUQ0HKUZDUQLFKWQ|WLJ$EHUHUWDWHVQLFKW(VZDUQDWUOLFKDXFKP|JOLFKGD LKQHWZDVDEOHQNWH-HGHQIDOOVULFKWHWHHUVLFKZLHGHUDXIXQGVFKZHEWHZHLWHURKQHGHU :XU]HOQRFKHLQHQ7KLFN]XVFKHQNHQ7LHILQPLUZDULFKDOOHUGLQJVGDYRQEHU]HXJW GDHUPLFKEHPHUNWKDVWH 1XQYHUVXFKWHLFKHUQHXWPLFKLQWHQVLYDXIGLH+|KOHQIHVWXQJ]XNRQ]HQWULHUHQ DEHUDXFKGLHVPDONODSSWHHVQLFKW'HU9HUVXFKHLQH9HUVHW]XQJQDFK.UDXPRQ GXUFK]XIKUHQPLODQJHEHQIDOOV,FKEOLHELQGHU'HFNXQJGHU%DXPZXU]HO'LH 0DDKNVJDEHQGLH6XFKHQLFKWDXI:DKUVFKHLQOLFKZDULKU/DJHUQXQYHUODVVHQXQG RKQH:DFKWHU (LQHQ$XJHQEOLFNIDQJNlPSIWHLFKPLWGHU9HUVXFKXQJGRUWKLQ]XUFN]XNHKUHQ XQGLKUH]XUFNJHODVVHQHQ:DIIHQ]X]HUVW|UHQDEHUGDQQOLHLFKGHQ*HGDQNHQ IDOOHQ(LQPDOZDULFKPLWYLHO*OFNGHP7RGHQWURQQHQHLQ]ZHLWHV0DOZUGHPLUGDV QLFKWPHKUJHOLQJHQ ,FKEOLHEELVGLH6RQQHKRFKDP+LPPHOVWDQGXQGLFKNHLQHYHUGlFKWLJHQ *HUlXVFKHPHKUK|UWH'DQQYHUOLHLFKPHLQ9HUVWHFNXQGYHUVXFKWHPLFK ]XUHFKW]XILQGHQ'DV*HOlQGHILHOLQ5LFKWXQJHLQHV6HHVDWH ,FKSDVVLHUWHGDVYHUODVVHQH/DJHULQHLQLJHU(QWIHUQXQJXQGIKOWHPLFKQXQ VLFKHUHUGHQQGLH0DDKNVVXFKWHQPLFKLQGHUHQWJHJHQJHVHW]WHQ5LFKWXQJ,FKKRIIWH GDQLFKWHLQLJHYRUGHU+|KOHQIHVWXQJDXIGHU/DXHUODJHQEOLHEYRUVLFKWLJXQG EHREDFKWHWHMHGH/LFKWXQJDXIPHUNVDPHKHLFKVLHEHUTXHUWH0HLQH/XFFRWVKLHOWLFK HQWVLFKHUWLQGHQ+lQGHQREZRKOGLH:DKUVFKHLQOLFKNHLWJHULQJZDUGHQ6FKXW]VFKLUP DXFKQXUHLQHV0DDKNVGDPLW]XVDPPHQEUHFKHQ]XOHVVHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$OOPlKOLFKVWDQGHUGLH%lXPHZHLWHUDXVHLQDQGHUXQGJDEHQZHQLJHU'HFNXQJ ,FKNDPVFKQHOOHUYRUDQ/DQJVDPZXUGHPLUNODUGDLFKRIIHQVLFKWOLFKZlKUHQGGHU JHIlKUOLFKHQ6LWXDWLRQQLFKWJHQJHQG.RQ]HQWUDWLRQVIlKLJNHLWEHVHVVHQKDVWHHLQHQ 2UWVZHFKVHOGXUFK*HGDQNHQNUDIW]XHUUHLFKHQ'DVZDUHLQH7DWVDFKHGLHLFKYRUKHU QLFKWEHGDFKWKDVWH0RUYRQHUXQG3DUYRQGLHNHLQH$KQXQJKDWWHQZRLFKLQ]ZLVHKHQ JHZHVHQZDUXQGZDVLFKHUOHEWKDVWHHPSILQJHQPLFKYRUGHQ+|KOHQ6LHEWHQPLW HLQLJHQ6ROGDWHQHLQHQ6FKHLQDQJULIIDXIHLQHQ0DDKNGHUYRQHLQHP)HOVHQ V\PEROLVLHUWZXUGH ³$KGDELVWGXMD´0RUYRQHUV6WLPPHGU|KQWHHUOLHVHLQH0lQQHULQ'HFNXQJ JHKHQ³:RZDUVWGX"´ ,FKKDWWHPLUVFKRQEHUOHJWRELFKLKPGLH:DKUKHLWVDJHQRGHUGHQJDQ]HQ 9RUIDOOYHUVFKZHLJHQVROOWH,FKZUGHHLQH1LHGHUODJH]XJHEHQPVVHQXQGEHLGHQ 6ROGDWHQGHQ+DJHJHQGLH0DDKNVQXUQRFKVFKUHQ6FKOLHOLFKOLHIHUWHLFKVHOEVW LKQHQQXQGHQ%HZHLVGDPLWGHP*HJQHUQLFKW]XYHUKDQGHOQZDUGHQQRFKKDVWH LFKPLFK]XU:DKUKHLWHQWVFKORVVHQXQGVDJWH³,FKZDULP/DJHUGHU0HWKDQV´ (UVWDUUWHPLFKDQDOVKDEHLFKGHQ9HUVWDQGYHUORUHQ1DFKGHPHUVHLQH/HXWH LQGLH+|KOHQJHVFKLFNWKDVWH³VHW]WH´HUVLFKDXIGHQQlFKVWHQ)HOVEURFNHQ³:RZDUVW GX"´ ,FKEHULFKWHWHGHQEHLGHQ.RPPDQGDQWHQYRQPHLQHP9HUVXFK6LHK|UWHQPLU XQJOlXELJ]XELVLFK]XGHU6WHOOHNDPDQGHUGLH0DDKNVGDV7RGHVXUWHLOIlOOWHQ-HW]W KHOOWHQVLFKLKUH*HVLFKWHUPHUNOLFKDXI³1DDOVR´VDJWH0RUYRQHUIDVWEHIUHLW³+DWWHQ ZLUDOVRGRFKUHFKW0LWGHQHQNDQQPDQQLFKWYHUKDQGHOQ6LHW|WHQVHOEVW 3DUODPHQWlUH1HLQZLUPVVHQVLHYHUQLFKWHQZLUKDEHQNHLQHDQGHUH:DKO´ ³8QGGHUGHU]XHXFKNDPXP]XYHUKDQGHOQ":XUGHHUQLFKWDXFKYRQHXFK JHW|WHW"´ 'HU=ZHLPRQGWUlJHUQLFNWHXQJHUKUW³-DGDVJHEHLFK]XDEHUGDPDOVZDUGLH 6LWXDWLRQJDQ]DQGHUV$XHUGHPNDPHUXPXQV]XU.DSLWXODWLRQDXI]XIRUGHUQ'DV ZDUHLQHVROFKH)UHFKKHLWGDZLUKDQGHOQPXWHQ´ 'DVZDUHLQ$UJXPHQWJHJHQGDVLFKYLHOKlWWHVDJHQN|QQHQDEHULFK YHU]LFKWHWHGDUDXI6WDWWGHVVHQPXUPHOWHLFK³'DPLUGLH)OXFKWJHODQJXQGLFKQRFK OHEHKDEHLFKDXFKHLQHP0DDKN]XYHUGDQNHQ(UOLHPLFKHQWNRPPHQREZRKOHU PLFKOHLFKWKlWWHW|WHQN|QQHQDOVLFKKLOIORVXQWHUGHU%DXPZXU]HOVFKZHEWH´,FK EHULFKWHWHGLH(LQ]HOKHLWHQPHLQHU)OXFKW³'XVLHKVWDOVR0RUYRQHUGDVLFKQLFKWQXU GLH$UNRQLGHQVRQGHUQDXFKGLH0DDKNVYRQHLQDQGHUXQWHUVFKHLGHQ´ (UVDKPLFKQDFKGHQNOLFKDQ³1DWUOLFKLVWGDVVRDEHUZHOFKHQ:HUWKDWGLHVH (UNHQQWQLVLQXQVHUHP)DOO".HLQHQVDJHLFKGLU*LEHVHQGOLFKDXIYRQ)ULHGHQ]X VSUHFKHQZHQQQXU3ODW]IU.ULHJLVW´ (UKDVWHUHFKW,FKKDVWHUHFKW'LH0HWKDQVKDVWHQUHFKW:LUDOOHKDVWHQUHFKW 8QGHEHQGHVKDOEZDUDOOHVVRVLQQORV,FKZHFKVHOWHGDV7KHPD³+HXWHZHUGHLFK YHUVXFKHQ9HUELQGXQJ]X)DUWXORRQDXI]XQHKPHQ,FKZLOOLKQEHUUHGHQGDV ([SHULPHQWWURW]DOOHU%HGHQNHQGXUFK]XIKUHQ6HOEVWDXIGLH*HIDKUKLQGDGHU .ULHJDXI.UDXPRQIRUWJHVHW]WZLUG,FKGHQNHGDZLULKQPLWHLQHP(LQVDW]GHU .DPSIURERWHUXQG6FKLIIVJHVFKW]HVFKQHOOHQWVFKHLGHQZHUGHQ´ ³*HKDOOHLQ$WODQ,FKZHUGHGLFKQLFKWEHJOHLWHQ'DQQNDQQVWGXXQJHVW|UWPLW LKPVSUHFKHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKGDQNWHLKPXQGVDKKLQDXILQGHQEODXHQ+LPPHO'LHVPDONRQQWHLFKPLFK YROONRQ]HQWULHUHQ )DUWXORRQKDVWHVHLQH9RUEHUHLWXQJHQDEJHVFKORVVHQ$OVLFKLKQIHQGVDHU PLW(LVNUDOOHXQG7LUDNREHLP(VVHQ,KU*HVSUlFKVFKOHSSWHVLFKQXUPGHGDKLQXQG VFKOLHOLFKIHQGLFKGLH8UVDFKHLKUHU1LHGHUJHVFKODJHQKHLWKHUDXV+HXWHZDUGHUGULWWH 3UDJRDQGHPLFKPLFKQLFKWJHPHOGHWKDVWH6LHPDFKWHQVLFK6RUJHQXPPLFK'D LFKGHQH[DNWHQ=HLWSXQNWPHLQHU0DWHULDOLVDWLRQQLFKWEHVWLPPHQNRQQWHPXWHLFK ZDUWHQ6RZXUGHLFK=HXJHLKUHV*HVSUlFKV ³N|QQHQGDUDXINHLQH5FNVLFKWQHKPHQ´VDJWH(LVNUDOOH³$QGHLQHU6WHOOH ZUGHLFKGDV([SHULPHQWDXIMHGHQ)DOOGXUFKIKUHQREGLH*HLVWHUVLFKQXQ EHNlPSIHQRGHUQLFKW'XNDQQVWQLFKWYRQ$WODQYHUODQJHQGDHULQGUHLRGHUYLHU 7DJHQHWZDVVFKDIIWZDVLQ]ZDQ]LJ-DKUHQQLFKWJHODQJ´ )DUWXORRQVFKWWHOWHGHQ.RSI³8QG.UDXPRQ"6ROOHQZLUGHQ6WW]SXQNW DXIJHEHQ"´ ³9HUPXWOLFKPVVHQZLUGDVVRRGHUVR´VDJWH7LUDNR³+ROVWGX$WODQDOOHLQ ]XUFNZHUGHQGLH6ROGDWHQVLFKYHUUDWHQIKOHQXQGYHUPXWOLFK5DFKHEHQJDQ]]X VFKZHLJHQYRQGHQ0DDKNV$XHUGHPLVWQRFKJDUQLFKWVLFKHUREGDV([SHULPHQW EHUKDXSWJHOLQJW´ ³0HLQH%HUHFKQXQJHQVWLPPHQ´EHKDXSWHWHGHU%DXFKDXIVFKQHLGHUPLPXWLJ ³'LH5HDNWRUHQHUJLHUHLFKWDXVDOV3URMHNWRUGLHQHQGLH$QWHQQHQGHVPLWWOHUHQ7XUPV 6LHHU]HXJHQHLQHNXU]IULVWLJH6FKRFNZHOOHGHUHQK\SHUHQHUJHWLVFKH6SH]LILNDGHP =XVDPPHQEUHFKHQHLQHVJHVFKORVVHQHQ)HOGV\VWHPVHLQHV)HUP7DDUNlKQHOQ'DV ([SHULPHQWPWHJHOLQJHQ´ ³'DQQIKUHHVGXUFK´VDJWH7LUDNRHQHUJLVFK ,Q(LVNUDOOHXQG7LUDNRKDVWHLFK9HUEQGHWHREZRKOLFKQDWUOLFK)DUWXORRQV %HGHQNHQGXUFKDXVWHLOWH(VZDUPLUNODUGDHU=HLWJHZLQQHQZROOWH9LHOOHLFKWKRIIWH HULQVJHKHLPGDVLFK$UNRQLGHQXQG0DDKNVJHJHQVHLWLJXPEUDFKWHQEHYRUHUGDV ([SHULPHQWVWDUWHWH'DQQJDEHVNHLQH3UREOHPHPHKU$EHUVRYLHO=HLWKDVWHQZLU QLFKW(LQHDQGHUH)UDJHWDXFKWHDXI(LVNUDOOHVWHOOWHVLH³:DVSDVVLHUWHLJHQWOLFK ZHQQGXGLHK\SHUHQHUJHWLVFKH6FKRFNZHOOHDXVO|VWXQGNHLQHUEHILQGHWVLFKJHUDGH DXI.UDXPRQ"´ 0HLQ/HKUPHLVWHU]XFNWHPLWGHQ$FKVHOQ³,FKQHKPHDQGLHPDWHULDOLVLHUHQ GRUWZRVLHVLFKJHUDGHEHILQGHQgGH,QVHOLFKZHLHVDXFKQLFKW,FKKDEHDXIGLHVH $UWXQG:HLVHQRFKQLHLQPHLQHP/HEHQGLH*HLVWHUEHVFKZRUHQ´ ³$KD²GDQQDOVRVFKRQDXIDQGHUH"´(LVNUDOOHV:LW]NDPQLFKWDQDEHUVHLQH HUVWH)UDJHZDUJXW:DVJHVFKDKZLUNOLFKLQGHU=ZLVFKHQZHOWZlKUHQGXQVGLH 6FKRFNZHOOHWUDI"9LHOOHLFKWJHVFKDKEHUKDXSWQLFKWV,FKNDQQWH]ZDU)DUWXORRQV %HUHFKQXQJHQQLFKWLP'HWDLODEHUZDVHUYRUKDWWHVFKLHQDXIHLQH,QWHUIHUHQ] KLQDXV]XODXIHQGXUFKGLHGLH(QWPDWHULDOLVDWLRQDXIJHKREHQZHUGHQVROOWH(LQ,PSXOV PHLQHV([WUDVLQQVPDFKWHPLFKGDUDXIDXIPHUNVDPGDJHQDXGDULQHLQHZHLWHUH *HIDKU]XVHKHQZDU'HU%DXFKDXIVFKQHLGHUPXWHHLQHQPXOWLIUHTXHQWHQ$XVEUXFK HU]HXJHQGHQQGDVJHQDXH%DQGGHUGDPDOLJHQ0DDKNZDIIHZDULKPQDWUOLFKQLFKW EHNDQQW8QWHU8PVWlQGHQ]QGHWHHUHLQK\SHUHQHUJHWLVFKHV³/HXFKWIHXHU´GDVEHU /LFKWMDKUHKLQZHJH[DNWDQ]XPHVVHQZDU²XQG.UDXPRQV3RVLWLRQYHUULHW :LHGHUVFKZLHJHQPHLQH)UHXQGHZlKUHQGLFKDOOPlKOLFKGLHKHUDQQDKHQGH 0DWHULDOLVDWLRQ]XVSUHQEHJDQQGLHVLFKPLWHLQHPVWlUNHUZHUGHQGHQ.ULEEHOQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
DQNQGLJWH,FKKDVWHNHLQH%RWVFKDIWPLWJHEUDFKWXQGKRIIWHGHU1RUPDO]XVWDQGZUGH UDQJHJHQXJDQKDOWHQXPHLQLJH)UDJHQ]XNOlUHQ(LVNUDOOHVDKPLFK]XHUVW³'DLVW HU´ULHIHUZlKUHQGLFK]XP7LVFKWUDWXQGPLFKDXIHLQHQIUHLHQ6WXKOVHW]WH³$WODQ´ ³:XUGHDXFK=HLW´NQXUUWH)DUWXORRQ³:RKDVWGXJHVWHFNW"´ ³,FKZHLQLFKWZLHUDQJHLFKEHLHXFKEOHLEHQNDQQ.HLQHEHUIOVVLJHQ)UDJHQ DOVR%HVWLPPHGHQ=HLWSXQNWGHV([SHULPHQWVGDPLWLFKGDQQDXI.UDXPRQELQ 9LHOOHLFKWVWLPPWGHLQH7KHRULHGDGLHDQGHUHQGRUWEOHLEHQZRVLHJHUDGHVLQG YLHOOHLFKWDEHUDXFKQLFKW:LUPVVHQPLWLKUHU0DWHULDOLVDWLRQUHFKQHQ,FKKDEH YHUJHEOLFKYHUVXFKW)ULHGHQ]XVWLIIHQ%HVHW]WDOVRGLH)HXHUOHLW]HQWUDOHGHV.UHX]HUV GDPLWZLUJHZDSSQHWVLQG´ ³8QGGHU6WW]SXQNW"´ ,FKJLQJQLFKWGUDXIHLQ³(VHUVFKHLQWPLUWURW]DOOHPYHUQQIWLJGHQ$UNRQLGHQ HLQHQ7HUPLQ]XQHQQHQGDPLWVLHXQVHUHQJXWHQ:LOOHQVHKHQ'LH0DDKNVEHUODVVHQ ZLUGHP=XIDOO6ROOWHQVLHLQGHU=ZLVFKHQZHOWEOHLEHQXPVREHVVHUIUXQVDOOH 0DWHULDOLVLHUHQVLHMHGRFKWULHUZHUGHQVLHHLQVHKHQPVVHQGDLFKGLH:DKUKHLW JHVDJWKDEH,FKZDUQWHVLHDEHUVLHJODXEWHQPLUQLFKW´ )DUWXORRQVDKPLFKDXV]XVDPPHQJHNQLIIHQHQ$XJHQDQ³,FKZHUGHGDV ([SHULPHQWLQJHQDXGUHLXQG]ZDQ]LJ7RQWDVGXUFKIKUHQ:LUZLVVHQMHW]WGDXQVHUH =HLWHEHQHQLGHQWLVFKVLQGGDVKDWGHU8KUHQYHUJOHLFKHUJHEHQ,FKKDEHDOOHVJHQDX EHUHFKQHW´ ³$OVRJXWLFKZHUGHLQIQI]HKQ7RQWDVPLWGHQ$UNRQLGHQKLHUVHLQ´ $OVGHU$ODUPHUNODQJUHJWHVLFKQLHPDQGPHKUGDUEHUDXI)DUWXORRQJLQJ OHGLJOLFK]XU/HXFKWNDUWHZDUIHLQHQ7KLFNGDUDXIXQGQLFNWH'DQQNHKUWHHUDQGHQ 7LVFK]XUFN³:DIIHQDUVHQDOZDVVRQVW",FKZHLQLFKWREHV0DDKNVRGHU$UNRQLGHQ VLQGDEHUGDVVSLHOVNHLQH5ROOHPHKU,FKZHUGHIURKVHLQZHQQGHUJDQ]H6SXN YRUEHLLVW'HQQGDQQZHUGHLFKGLHVHQDOWHQ.ULHJHUQPDO*HKRUVDPEHLEULQJHQ6LQG MDY|OOLJYHUZDKUORVWGLH%UGHU´ 7LUDNRJULQVWH³6LQGMDDXFK*HLVWHU´ :HQLJVSlWHUHQWVWRIIOLFKWHLFKVFKQHOOXQGIDVWRKQH$QNQGLJXQJ,FKEOLHE QRFKHLQH:HLOHHKHLFK]XGHQ+|KOHQ]XUFNNHKUWHXP0RUYRQHUXQG3DUYRQ]X XQWHUULFKWHQ0RUJHQZUGHGLHJHVDPWH*HVSHQVWHUDUPHHGHU$UNRQLGHQDXI.UDXPRQ VHLQXQG)DUWXORRQVK\SHUHQHUJHWLVFKH(QWODGXQJHUZDUWHQ 6FKRQDPQlFKVWHQ9RUPLWWDJNHKUWHLFKQDFK.UDXPRQ]XUFNXPGLH YHUEOHLEHQGHQ7RQWDVLQGHU1lKHPHLQHU)UHXQGH]XYHUEULQJHQ0RUYRQHUXQGGLH DQGHUHQZROOWHQQDFKNRPPHQ)DUWXORRQZDUEHLVHLQHQOHW]WHQ9RUEHUHLWXQJHQ7LUDNR DVVLVWLHUWHLKP(LVNUDOOHKLHOWVLFKLP.XJHOUDXPHUDXIXQGEHUSUIWHGLH.RQWUROOHQGHU )HXHUOHLW]HQWUDOH,QGLHVHP$XJHQEOLFNVFKULOOWHQ$ODUPVLUHQHQDXI )DUWXORRQGHUQDWUOLFKYRQPHLQHU$QZHVHQKHLWQLFKWVDKQWHXQGPLWGHPLFK MHW]WQRFKNHLQH9HUELQGXQJDXIQHKPHQNRQQWHVFKUDN]XVDPPHQ³-HW]WVFKRQ" 1HLQ²GLH6WUXNWXUWDVWHU(LQ5DXPVFKLIILVWPDWHULDOLVLHUW'XEOHLEVWWULHU7LUDNR,FK NPPHUHPLFKXPGDV6FKLII´ (UHLOWHGDYRQRKQHHLQH$QWZRUWDE]XZDUWHQ,FKIROJWHLKPXQVLFKWEDUXQG N|USHUORVIUXVWULHUWGDUEHUGDLFKNHLQHQ.RQWDNWKHUVWHOOHQNRQQWH$EHUYLHOOHLFKW NRQQWHLFKHWZDVDQGHUHVWXQ=XHUVWMHGRFKPXWHLFKJHQDXZLVVHQZDVGHQ$ODUP DXVJHO|VWKDVWH'HU/RJLNVHNWRUIOVWHUWH)DUWXORRQV([SHULPHQWGDUIHUVWGDQQ DXVJHIKUWZHUGHQZHQQHV]XU0DWHULDOLVDWLRQNRPPW'LHVHU$XJHQEOLFNELHWHWGLU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
JOHLFK]HLWLJGLHHLQ]LJH*HOHJHQKHLWGDVIUHPGH6FKLIIVR]XEHVFKlGLJHQGDHV ZHGHU]XUFNNHKUHQQRFKHLQHQ1RWUXIDXVVHQGHQNDQQ%HLGH(UHLJQLVVHPVVHQ JOHLFK]HLWLJHUIROJHQ $EHUZLHHUIlKUW)DUWXORRQZDVLFKSODQH" ,QGHU=HQWUDOHKDVWHQVLFKGLH%LOGVFKLUPHDXWRPDWLVFKHLQJHVFKDOWHW)DUWXORRQ UHJXOLHUWHGLH)HLQHLQVWHOOXQJELVGHUODQJVDPZDQGHUQGH)OHFNGHU3DVVLYRUWXQJ GHXWOLFKHUZXUGHXQGVLFKGDQQLQGLH6FKHPD]HLFKQXQJHLQHVWRUSHGRI|UPLJHQ 5DXPVFKLIIHVYHUZDQGHOWH'LH'DWHQEHVDJWHQGDGLH/lQJHGHU:DO]HQXUIQI]LJ 0HWHUEHWUXJ6LHIORJPLW8QWHUOLFKWJHVFKZLQGLJNHLWXQGQlKHUWHVLFK.UDXPRQ,FK NDQQWHGHQ7\SGLHVHUNOHLQHQVFKQHOOHQ-lJHU'HU*HKHLPGLHQVWGHV,PSHULXPV EHQXW]WHVLHGLH3ROL]HLGLH5DXPSDWURXLOOH²XQGGLH%OXWKXQGHGHV,PSHUDWRUVGLH .UDODVHQHQ 9LHOOHLFKWZDUHVQXUHLQ=XIDOOGHUGDV6FKLIILQXQVHU6\VWHPEUDFKWHYLHOOHLFKW DEHUKDVWHQZLUDXFKHLQH6SXUKLQWHUODVVHQ,FKZUGHHVEDOGZLVVHQ)DUWXORRQ EHUOHJWHQLFKWUDQJH,FKZXWHGDGLH6WDWLRQNHLQHIHUQUHLFKHQGHQ*HVFKW]H EHVDPLWGHQHQPDQHLQHQ$QJULIIDXVGHP:HOWUDXPKlWWHUHFKW]HLWLJDEZHKUHQ N|QQHQ(VJDEQXUHLQH0|JOLFKNHLWGLH.DQRQHQGHV.XJHOUDXPHUV6LHZUGHQ DOOHUGLQJVGLHHQGJOWLJH(QWGHFNXQJEHVLHJHOQXQGVROOWHGDVIUHPGH6FKLII HQWNRPPHQPXWH.UDXPRQDXIJHJHEHQZHUGHQ ,FKNRQ]HQWULHUWHPLFKZQVFKWHPLUGLH9HUVHW]XQJKHUEHLXQGRKQH=HLWYHUOXVW ZDULFKEHLGHP6FKLIIGUDQJN|USHUORVHLQXQGVFKZHEWHLQGLHNOHLQH .RPPDQGR]HQWUDOH'UHL$UNRQLGHQLQGHUURWHQ8QLIRUPGHV7*&VDHQLQGHQ .RQWXUVHVVHOQDQJHVSDQQWXQGYROOHU(UZDUWXQJ6LHZDUHQLQWHQVLYPLWLKUHQ XQWHUVFKLHGOLFKHQ$XIJDEHQEHVFKlIWLJW0HLQHU6FKlW]XQJQDFKEOLHEHQPLUQRFK HLQLJH7RQWDVELV]XPHLQHU0DWHULDOLVDWLRQ(UUHLFKWHQVLHYRUKHUGHQ3ODQHWHQNRQQWH LFKQLFKWHLQJUHLIHQ0HLQH+RIIQXQJVWW]WHVLFKMHGRFKGDUDXIGDQLFKWHLQPDOGLH GUHL7*&/HXWHVRZDJKDOVLJVHLQZUGHQHLQHYHUGlFKWLJH:HOWHLQIDFKDQ]XIOLHJHQ XQGDXILKUODQGHQ]XZROOHQ(LQH:HLOHODXVFKWHLFKGHP*HVSUlFK,KPZDUOHLGHU QLFKW]XHQWQHKPHQREVLHGXUFK=XIDOOWULHUZDUHQRGHUQLFKW ³'DVPWHHVVHLQ´VDJWHHLQHUGHUGUHL$UNRQLGHQSO|W]OLFK³$OVRZDUGHU +LQZHLVULFKWLJ´ ,FKKlWWHJHPJHZXWZDVGDVIUHLQ+LQZHLVZDUDEHUQLHPDQGHUZlKQWH QRFKHLQ:RUWGDYRQ6LHZDUHQVFKZHLJVDP'LH6SDQQXQJNQLVWHUWHI|UPOLFKLQGHU NOHLQHQ/HLWVWHOOH,FKVFKZHEWHGXUFKGDVJDQ]H6FKLIIXQGEHUOHJWHDQZHOFKHU6WHOOH LFKQDFKPHLQHU0DWHULDOLVDWLRQHLQJUHLIHQNRQQWH0LUEOLHEYHUPXWOLFKQXUZHQLJ=HLW XPHLQHQZLFKWLJHQ7HLOGHV:DO]HQUDXPHUV]XEHVFKlGLJHQ:LFKWLJZDUGLH $XVVFKDOWXQJGHV+\SHUVHQGHUVGHQQDXINHLQHQ)DOOGXUIWHHLQ1RWUXIPLW 3RVLWLRQVDQJDEHDXVJHVWUDKOWZHUGHQ8QGGDVJHVFKDKDXWRPDWLVFKVREDOGHLQ'HIHNW LP$QWULHEDXIWUDW $OVR]XHUVWGHU6HQGHU,FKVFKZHEWHEHULKPXQGYHUIOXFKWHJOHLFK]HLWLJGLH 7DWVDFKHGDPHLQH+lQGHPKHORVGXUFKGDV0DWHULDOKLQGXUFKJLQJHQRKQHDXI :LGHUVWDQG]XWUHIIHQ=XU=HLWZDULFKKLOIORV$XIGHP+DXSWVFKLUPLQGHU=HQWUDOHZDU .UDXPRQLQ]ZLVFKHQEHVVHU]XHUNHQQHQIUPLFKVHOEVWMHGRFKHLQZHQLJ YHUVFKZRPPHQ$EHUGDUDQKDVWHLFKPLFKVFKRQJHZ|KQW'LHGUHL0lQQHUZXUGHQ HWZDVJHVSUlFKLJHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³0DVFDQW2IIDQWXUZLUGPLWXQV]XIULHGHQVHLQ´VDJWHHLQHU³0|FKWHZLVVHQ ZDUXPGLHVHU)DUWXORRQVRZHUWYROOLVW´ ³(VLVWPHKUGLHVHUMXQJH.HUOGHUVLFKDOV*RV¶DWKRUDXVJHJHEHQKDW´VDJWHHLQ DQGHUHU³8QVNDQQHVHJDOVHLQ+DXSWVDFKHZLUEHNRPPHQGLHDXVJHVHW]WH %HORKQXQJ´ 'HU.RPPDQGDQWOLHGLHEHLGHQ0lQQHUUHGHQRKQHVLFKHLQ]XPLVFKHQ(UVDK QXUDXIGHQ%LOGVFKLUPXQG]XPHLQHU(UOHLFKWHUXQJVWHOOWHLFKIHVVGDVLFKGHU 6WW]SXQNWJHUDGHDXIGHUDQGHUHQ6HLWHEHIDQG2SWLVFKZDUDOVRNHLQH(QWGHFNXQJ P|JOLFK1RFKQLFKW ³.HQQWHLJHQWOLFKQRFKMHPDQGGLH.RRUGLQDWHQ"´HUNXQGLJWHVLFKGHUHUVWH $UNRQLGHZlKUHQGLFKJHVSDQQWDXIGLH$QWZRUWZDUWHWH³,FKPHLQHGDQQPWHQZLU YLHOOHLFKWPLWDQGHUHQWHLOHQ´ 1XQPLVFKWHVLFKGHU.RPPDQGDQWHLQ³6HLVWLOO.URQRU.HUOHZLHGXGHQNHQ QXUDQ%HORKQXQJHQ.RQ]HQWULHUWHXFKDXIHXUH$XIJDEH8QGGDPLWGXEHUXKLJWELVW² ZLUVLQGGLHHLQ]LJHQ'HU0DQQGHUPLUGLH.RRUGLQDWHQPLWWHLOWHNDQQQLFKWVPHKU YHUUDWHQ(ULVWWRW*HK|UWHZRKO]X)DUWXORRQV/HXWHQEHNDPDEHULPOHW]WHQ0RPHQW $QJVWRGHU%HGHQNHQ2GHUHUZROOWHVHOEVWGDV.RSIJHOGNDVVLHUHQ´ 'DVZDUDOOHVZDVHUGD]XVDJWHDEHUPLUJHQJWHHVREZRKOLFKGHQ9HUUlWHU QLFKWNDQQWH(UZDUWRW8QGQXUGLHVHGUHL$UNRQLGHQNDQQWHQGDV*HKHLPQLV%LWWHUNHLW VWLHJLQPLUHPSRUDOVLFKGDUDQGDFKWHGDVLHDOOHGUHLVWHUEHQPXWHQ8QGLFK VHOEVWZDUHVGHULKUHQ7RGYHUXUVDFKHQZUGH,FKVDKNHLQHDQGHUH$OWHUQDWLYH1RFK HLQPDOZDQGWHLFKPLFKGHP+\SHUVHQGHU]XULHIPLUPLW+LOIHGHV([WUDVLQQV$XIEDX XQG)XQNWLRQLQV*HGlFKWQLVELVLFKVLFKHUZDUGDLFKHWZDHLQH0LOOLWRQWDEHQ|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|QQWH3O|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
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
ZUGHHUVHLQ"+HXWHJDEHVQXUHLQHQ2UWGHULQ)UDJHNDPGLH=HQWUDOHGHU +DXSWNXSSHOYRQGHUDXVHUGDV([SHULPHQWHLQOHLWHQZROOWH,FK³ZQVFKWH´PLFK GRUWKLQ²XQGZDUXP=LHO 7LUDNRXQG)DUWXORRQVDHQDQGHQ.RQWUROOHQ(LQH1RWL]GLHGRUWODJZUGHPLW 6LFKHUKHLWDXIIDOOHQEHVRQGHUVZHQQVLHPHLQH6FKULIW]JHEXJ'DQQKDVWHLFK *HZLKHLWGDPHLQ/HKUPHLVWHUJHQDX]ZHLKXQGHUWVWHO7RQWDVPLWGHU(LQOHLWXQJGHV ([SHULPHQWVZDUWHQZUGHXPPLU=HLW]XOHVVHQGHQ9HUIROJHUXQVFKlGOLFK]X PDFKHQ ,FKSOD]LHUWHPHLQH%RWVFKDIWDOVRVRGDVLHIUPLFKGHXWOLFKVLFKWEDUZDU 0HLQ)UHXQGKLQJHJHQVDKVLHQLFKWXQGHLQPDOIXKUVRJDUVHLQH+DQGKLQGXUFK)U LKQH[LVWLHUWHGLH)ROLHLQHLQHUDQGHUHQ'LPHQVLRQ=XP*OFNEOLHEVLHDXFKDQGHU 6WHOOHVFKZHWHHQDOVLFKPLFKHLQLJH0HWHUHQWIHUQWH2KQHZHLWHUH=HLW]XYHUOLHUHQ NHKUWHLFKLQGDV6FKLIIGHU7X*RO&HO*HKHLPSROL]HL]XUFNZRLFKDOOHVXQYHUlQGHUW YRUIDQG'DV:DUWHQEHJDQQ )DUWXORRQXQWHUULFKWHWH(LVNUDOOHGHULQGHU.RPPDQGR]HQWUDOHGHV .XJHOUDXPHUVZDUYRQGHPVLFKQlKHUQGHQXQEHNDQQWHQ6FKLII8P]XYHUPHLGHQGD GHU)XQNYHUNHKUDEJHK|UWZHUGHQNRQQWHVFKLFNWHHUHLQHQGHU:DFKURERWHUDXVGHP 6WXW]SXQNWKLQDXVGHU(LVNUDOOHHLQH%RWVFKDIWEHUEUDFKWH(LVNUDOOHHUIXKUGDHUGDV XQEHNDQQWH6FKLIIVRIRUWXQWHU%HVFKXQHKPHQVROOWHVREDOGHVLQ5HLFKZHLWHNDP .HLQH)UDJHQQLFKWV6RIRUWLJH9HPLFKWXQJ )DUWXORRQZXWHGDYRQGLHVHU0DQDKPHQLFKWQXUVHLQVRQGHPDXFKLKUHU DOOHU/HEHQDEKLQJ,KPEOLHENHLQHDQGHUH:DKL(UNRQWUROOLHUWHLQGHU=HQWUDOHGHU +DXSWNXSSHOQRFKPDOVGLHYRUEHUHLWHWHQ3URJUDPPHGHU3RERWHUNHKUWH]XUXFNXQG EHVWlWLJWHGLH$XVIKUXQJGHV%HIHKOV 'DVJHVFKDKDOVPHLQH1RWL]VFKRQGRUWVFKZHEWHGLH)DUWXORRQQDWUOLFKQLFKW VHKHQNRQQWH8QWHUQRUPDOHQ8PVWlQGHQKlWWHHUVLHYLHOOHLFKWDXV9HUVHKHQYRP3XOW JHZLVFKWDEHUVRVFKZHEWHVLHLP=ZLVFKHQ]XVWDQG'HU%DXFKDXIVFKQHLGHUHUKLHOW XQVLFKWEDUHQ%HVXFKYRQ0RUYRQHUXQG3DUYRQGLHVLFKGDYRQEHU]HXJWHQGDDOOH 9RUEHUHLWXQJHQ]XGHPHQWVFKHLGHQGHQ([SHULPHQWJHWURIIHQZRUGHQZDUHQ 'LHDQGHUHQ$UNRQLGHQDOVRGLHJHVDPWH*HVSHQVWHUDUPHHKLHOWHQVLFK DXHUKDOEGHU6WDWLRQLPIUHLHQ*HOlQGHDXIXPEHLGHUSO|W]OLFKHQ0DWHULDOLVDWLRQ QLFKWV]XEHVFKlGLJHQ9RQGHQ0DDKNVZDUNHLQH6SXU]XVHKHQ(LQhEHUIDOOZDULQ GHU=ZLVFKHQ]HLWQLFKWHUIROJW'DQQDOV0RUYRQHUXQG3DUYRQLQGHU=HQWUDOH PDWHULDOLVLHUWHQXQGVLFKVRIRUWEHPHUNEDUPDFKWHQZROOWH)DUWXORRQGHQ6FKDOWHU GUFNHQXPGDV([SHULPHQWHLQ]XOHLWHQ ,QGLHVHP$XJHQEOLFNVDKHUPHLQH%RWVFKDIWXQGHUNDQQWHVRIRUWPHLQH 6FKULIW]JH+DVWLJODVHUVLHGXUFKEOLFNWHDXIGLH8KU²XQGZDUWHWH(UZDUWHWHJHQDX ]ZHL=HQWLWRQWDV $XV%LRJUDSKLH$WODQVLQYLHOHQ%HUHLFKHQQRFKOFNHQKDIW 3URIHVVRU'UKLVV 'USKLO&\U$EDHODUG$HVFXQQDU*lD3URYFRQ)DXVW 6HOEVWDXVKHXWLJHU6LFKWEHWUDFKWHWQ|WLJWGLH/HLVWXQJ)DUWXORRQV(UVWDXQHQ XQG%HZXQGHUXQJDE²XQGGLHVHU(LQGUXFNZLUGHLQHUGDGXUFKYHUVWlUNWGDZLUXP
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VHLQHUlWVHOKDIWH+HUNXQIWXQGYLHOIlOWLJHQ*HKHLPQLVVHZLVVHQ(VNDQQDOV VLFKHUJHOWHQGDNHLQ$UNRQLGHVHLQHU=HLWLQZHQLJHQ7DJHQ]XHLQHPYHUJOHLFKEDUHQ (UJHEQLVJHNRPPHQZlUH(UPXWHQLFKWQXUGLHWKHRUHWLVFKH*UXQGODJHGHU K\SHUHQHUJHWLVFKHQ0DDKN:DIIHHUIDVVHQVRQGHUQGDUDXVPLW]ZHLIHOORVUHFKW XQ]XOlQJOLFKHQ0|JOLFKNHLWHQHLQ³*HJHQPLWWHO´NRQVWUXLHUHQ :DVHULPHLQ]HOQHQWDWJHKWDXV$WODQV%HULFKWOHLGHUQLFKWKHUYRU$EHUGLH $QQDKPHLVWVLFKHUQLFKW]XZHLWKHUJHKROWGDHUDXIVHLQ³FDOXULVFKHVD:LVVHQ ]XUFNJULIIXPYRUDOOHP$WODQ]XKHOIHQ²GHQQGLHGDPLWHEHQIDOOVYHUEXQGHQH5HWWXQJ GHUDUNRQLGLVFKHQ6ROGDWHQXQGGHU0DDKNVUDQJLHUWHHLQHUXQWHU³1HEHQHIIHNW´ 'DVPDFKWGHQ0DQQXQGGLH³&DOXULHU´LQVJHVDPWQRFKUlWVHOKDIWHUDOVVLH RKQHKLQVFKRQVLQG'HU9HUIDVVHUGLHVHU=HLOHQHUIXKUQlPOLFK]XVHLQHP(UVWDXQHQ EHLHLQHU1DFKIUDJHYRQGHU+\SHUSK\VLNDOLVFKHQ)DNXOWlWGDVHOEVWPLWXQVHUHQ 0LWWHOQXQGGHQ.HQQWQLVVHQXP3DUDOOHOXQLYHUVHQZLHHLQHVEHLVSLHOVZHLVHLP =XVDPPHQKDQJPLWGHQ(UHLJQLVVHQXP(6XQG$QWL(6LQ(UVFKHLQXQJEDWNHLQ YHUJOHLFKEDUHU(UIROJHU]LHOWZHUGHQN|QQH=XJHULQJVHLGLH,QIRUPDWLRQVPHQJHDOV GDVLFKGDUDXVHWZDV*HVFKHLWHVNRQVWUXLHUHQODVVH'DVWDXQWGHU)DFKPDQQXQG GHU/DLHZXQGHUWVLFK $Q%RUGGHV7*&5DXPHUV3UDJRGHV7HGDUGD$UN ,FKVDKGLH*HJHQVWlQGHLP6FKLIIGHXWOLFKHUZHUGHQXQGZXWHGDHVQXU QRFKZHQLJH$XJHQEOLFNHGDXHUQNRQQWHELVLFKPDWHULDOLVLHUWH(VJHODQJPLUDXVGHU .RPPDQGR]HQWUDOH]XNRPPHQDEHUGDQQVWDQGLFKDXFKVFKRQDXIIHVWHP 0HWDOOERGHQXQGPXWHHLQLJH6FKULWWHODXIHQXPGHQ+\SHUVHQGHU]XHUUHLFKHQ0LW ]ZHLGUHL+DQGJULIIHQPDFKWHLFKLKQXQEUDXFKEDU 'DQQILHILFKZHLWHULQGHQ0DVFKLQHQUDXP,FKZUGHNQDSSHLQHKXQGHUWVWHO 7RQWDEHQ|WLJHQGDVKDVWHLFKPLUDXVJHUHFKQHW6ROOWHLQ]ZLVFKHQHLQHUGHU$UNRQLGHQ WULHUDXIWDXFKHQPXWHLFKLKQXQVFKlGOLFKPDFKHQ=XP*OFNNDPQLHPDQGVRGD LFKXQJHVW|UWPHLQH6DERWDJHDUEHLWGXUFKIKUHQNRQQWH$OVGHU$ODUPGXUFKGDVNOHLQH 6FKLIIJHOOWHZXWHLFKGDPLUQXUQRFK0LOOLWRQWDVEOLHEHQ0HLQHU%HUHFKQXQJQDFK PXWH)DUWXORRQJHQDXLQGLHVHP$XJHQEOLFNGDV([SHULPHQWHLQOHLWHQ(VZDUHQH[DNW ]ZHL=HQWLWRQWDVVHLWGHU0DWHULDOLVDWLRQYHUJDQJHQ ,FKKDVWHPLFKLQGLHlXHUVWH(FNHGHVNOHLQHQ5DXPHV]XUFNJH]RJHQXQG KLQWHUHLQHQ*HQHUDWRUJHGXFNWGDPLWPDQPLFKQLFKWVRIRUWHQWGHFNWH1RFKJHVFKDK QLFKWV9LHOOHLFKWVXFKWHQGLHGUHL$UNRQLGHQGHQ)HKOHU]XHUVWLPHLJHQWOLFKHQ $ODUPV\VWHPHKHVLHDXIGHQ*HGDQNHQNDPHQGDLP0DVFKLQHQUDXPHWZDVQLFKW VWLPPWH'HQ6FKDGHQGHV+\SHUVHQGHUVZUGHQVLHHUVWHQWGHFNHQZHQQHV]XVSlW ZDU 8QGGDQQKDVWHLFKSO|W]OLFKGDV*HIKODOVEHJLQQHHLQHXQVLFKWEDUH*HZDOWDQ PLU]X]HUUHQ'HQ5DXPKHOPKDVWHLFKJHVFKORVVHQXPNHLQ5LVLNRHLQ]XJHKHQ8QWHU 8PVWlQGHQPXWHLFKGDV6FKLIILPVWRIIOLFKHQ=XVWDQGYHUODVVHQGHQQHVUDVWHPLW KRKHU*HVFKZLQGLJNHLWDXIGLHURWH6RQQH]XXQGZUGHLQZHQLJHQ7RQWDVLQVLH KLQHLQVWU]HQ%LVGDKLQDEHUPXWHGDV([SHULPHQWJHOXQJHQVHLQRGHUDEHULFK NHKUWHLQGLH=ZLVFKHQZHOW]XUFN,QEHLGHQ)lOOHQZDULFKDXHU*HIDKU,FK HQWVWRIIOLFKWHDEHUHVZDUJDQ]DQGHUVDOVELVKHU=ZDUEHVDLFKNHLQHQ.|USHUPHKU DEHUPHLQ%HZXWVHLQUHJLVWULHUWHMHGH(LQ]HOKHLW'HU:DO]HQUDXPHUEOLHE]XUFNPLW .XUVDXIGLHURWH6RQQHXQGRKQHGLH0|JOLFKNHLWGLHVHQ.XUV]XNRUULJLHUHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'DV([SHULPHQWLVWHVZLUNOLFKJHOXQJHQ"3O|W]OLFKVDKLFK*RQR]DOV.HVVHO XQWHUPLUGLH*HElXGHEHVWLPPWHQPHLQ%OLFNIHOG'HUPLWWOHUH7XUPGHV6WW]SXQNWV ZDUYRQHLQHUIDKOHQ/RKHXPJHEHQYHUHLQ]HOW]XFNWHQJUHOOH/LFKWE|JHQZHLWGDYRQ HLQLJHWDQ]WHQNQLVWHUQGXQGNUDFKHQGEHUGLH:|OEXQJGHU+DXSWNXSSHO3O|W]OLFK HUORVFKGDV)HXHUZHUNXQGGDQQVWDQGLFKPLWWHQXQWHUGHQ$UNRQLGHQHLQLJHKXQGHUW 0HWHUQ|UGOLFKGHV6WDWLRQVDUHDOVDXIIHVWHP%RGHQNRPSOHWWPDWHULDOLVLHUWXQGZLHGHU LQDOWHU6WRIIOLFKNHLW 'HU/RJLNVHNWRUUDXQWHVNHSWLVFK'LH)UDJHLVWZLHUDQJHGLHVHU=XVWDQGDQKlOW 0LUEOLHENHLQH=HLWGDUEHUQDFK]XGHQNHQDXFKGHQ$UNRQLGHQQLFKW*UHOOH (QHUJLHEQGHOUDVWHQSO|W]OLFKYRQDOLHQ6HLWHQKHUDQXQGW|WHWHQPLQGHVWHQV HLQKXQGHUW$UNRQLGHQHKHGLHh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lQGLJH:XW'DVDOVRLVWGHU'DQNGDIUGDZLUVLHLQGDVQRUPDOH 8QLYHUVXP]XUFNJHKROWKDEHQ:HQQVLHPLWGHQ$UNRQLGHQIHUWLJVLQGZHUGHQVLHGLH 6WDWLRQEHUIDOOHQ-HW]WVLQGVLHQLFKWPHKUN|USHUORVXQGN|QQHQQLFKWZLHGHU YHUVFKZLQGHQ$XIGHUDQGHUHQ6HLWHN|QQWHGDVLKU9HUGHUEHQVHLQ ,FKIHQG6FKXW]]ZLVFKHQGHQ%lXPHQXQGEHREDFKWHWHGHQ.DPSIDXVVLFKHUHU (QWIHUQXQJRKQHHLQ]XJUHLIHQ'LH+lOIWHDOOHU$UNRQLGHQZXUGHJHW|WHWHKHVLHEHQ 0DDKNVQLHGHUJHNlPSIWZHUGHQNRQQWHQXQGVLFKGLHDQGHUHQ]XUFN]RJHQ0HLQHU 6FKlW]XQJQDFKJDEHVQXQQRFKHWZD]ZHLKXQGHUW6ROGDWHQXQGGUHL]HKQ0HWKDQV OHW]WHUH]ZDUGHXWOLFKEHVVHUJHVFKW]WXQGVFKZHUEHZDIIQHW²DOV:DVVHUVWRIIDWPHULQ LKUHQ6FKXW]DQ]JHQVFKRQMHW]W]XP7RGHYHUXUWHLOWZHOOGLH9RUUlWHQXUEHJUHQ]WH =HLWUHLFKWHQ9LHOOHLFKWPHOGHWHVLFKGHU([WUDVLQQPLW(LVHVNlOWHHUOHGLJWVLFKVRPLW GDV3UREOHPYRQVHOEVW 'LH(QWIHUQXQJ]XGHQ*HElXGHQEHWUXJQXUZHQLJHKXQGHUW0HWHU'LH EHUOHEHQGHQ$UNRQLGHQKDVWHQ]ZLVFKHQGHUQRUGZHVWOLFKHQ'UHLHUJUXSSHYRQ 5XQGEDXWHQ'HFNXQJJHVXFKWXQGYHUVFKDQ]WHQVLFK9RQGHQ0DDKNVZDUQLFKWV]X VHKHQZRKODEHUGLH3KDODQ[GHUDXIPDUVFKLHUWHQ.DPSIURERWHUGLHZHLWHUKLQ DNWLYLHUWHQ0QGXQJVIHOGHUGHU:DIIHQDUPHOLHHQNHLQHQ=ZHLIHOGDUDQGDVLHDXFK JHJHQGLH6ROGDWHQYRUJHKHQZUGHQVROOWHQGLHVHGLH6LFKHUKHLWGHV6WW]SXQNWV JHIlKUGHQ'LHDUNRQLGLVFKHQ3RVWHQOLHHQPLFKSDVVLHUHQDOVVLHPLFKHUNDQQWHQ 3DUYRQXQG0RUYRQHUNDPHQPLUHQWJHJHQ ³6FKHLQWIXQNWLRQLHUW]XKDEHQ´VDJWHGHU6WHOOYHUWUHWHQGH.RPPDQGDQWXQG NORSIWHPLUDXIGLH6FKXOWHU³'LHVHU)DUWXORRQLVWHLQSUlFKWLJHU%XUVFKH-HW]WVLQGZLU ZLHGHULQGHU:LUNOLFKNHLW´ ,FKGHXWHWHDXIGLH7RWHQ³'LHQLFKWEHVVHUDOVGLH8QZLUNOLFKNHLWLVW7KDUJ¶DWKRU 6ROOGDV*HPHW]HOHQGORVZHLWHUJHKHQ"$XI.UDXPRQLVWGDIUNHLQ3ODW]´ ³'LH0HWKDQVKDEHQDQJHIDQJHQGDVZLVVHQ6LHVHOEVWRGHUZDUHQ6LHQLFKW GDEHLDOVHVEHJDQQ"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
)DVWNOLQJWHUZLHHLQNOHLQHVWURW]LJHV.LQGGDFKWHLFKXQGZLHJWHGHQ.RSI VDJWHDEHUODXW³'RFKLFKZDUGDEHLXQGGHU9RUZXUIJDLWDXFKQLFKW,KQHQ6LHKDEHQ VLFKYHUWHLGLJWGDVZHLLFK7URW]GHPJHEHLFKGLH+RIIQXQJQLFKWDXIGDHQGOLFKHLQ (QGHGDPLWLVW´ ³(LQHYHUJHEOLFKH+RIIQXQJ´DQWZRUWHWHHUJULPPLJ³'HU.ULHJLVWXQVDOLHQVRLQ )OHLVFKXQG%OXWEHUJHJDQJHQGDZLURKQHLKQQLFKWPHKUOHEHQN|QQHQ(U GXUFKGULQJWMHGHQ=LSIHOXQVHUHV%HZXWVHLQV´ ,FKQLFNWHELWWHU³6FKHLQWPLUDXFKVR6LHDOOHZHUGHQEDOGQLFKWPHKUOHEHQ DEHUQXUGHVKDOEZHOO6LHQLFKWRKQHGHQ.ULHJOHEHQZROOHQ´ ³'DV3UREOHPLVWJHO|VWVREDOGZLUGLHUHVWOLFKHQ0DDKNVYHUQLFKWHWKDEHQ6R HLQIDFKLVWGDV´ ³,FKIUFKWHHVLVWQLFKWJDQ]VRHLQIDFK´,FKOLHLKQHLQIDFKVWHKHQXQGZLQNWH 0RUYRQHU6SUDQJNGHUPLUZRUWORVIROJWH:HLWHUH.DPSIURERWHUVWDSIWHQDXVGHQ 1HEHQNXSSHOQXQG/DJHUKDOOHQKHUYRUXQGYHUWHLOWHQVLFKEHUGDV6WW]SXQNWJHOlQGH $OVLFKLQGHU=HQWUDOH)DUWXORRQHUUHLFKWHVFKORHUPLFKZRUWORVLQVHLQH$UPH7LUDNR NORSIWHPLUDXIGLH6FKXOWHU(UVDJWHNHLQ:RUWDEHULFKZXWHDXFKVRZLHHUHV PHLQWH ³-HW]WEHJLQQHUHUVWGLH3UREOHPH´'HU%DXFKDXIVFKQHLGHUZDUI0RUYRQHUHLQHQ EH]HLFKQHQGHQ7KLFN]X³:LUPVVHQGHQ.ULHJYRP6WW]SXQNWIHUQKDOWHQ'LH .DPSIURERWHUZHUGHQGDIUVRUJHQGDGLH6ROGDWHQGDV6WW]SXQNWJHOlQGHYHUODVVHQ 6ROOWHQZHLWHUH$XVHLQDQGHUVHW]XQJHQVWDWWILQGHQYHUODJHUQVLFKGLH.lPSIHKRIIHQWOLFK LQGLH:lOGHU´ ³(VLVWDOOHVVRYHUGDPPWVLQQORV´VDJWHGHUQDUEHQJHVLFKWLJH.RPPDQGDQW YHUELWWHUW ³1DWUOLFKLVWHVGDV´)DUWXORRQVHXI]WH³%HVRQGHUVMHW]WGDLKUDOOHHQGOLFK ZLHGHUQRUPDOOHEHQN|QQWHW1RUPDOXQGVWRIIOLFKVWDELO$EHUVWDWVGHVVHQVXFKWLKU GHQ.DPSIXQGGHQ7RG´ ³,FKKDEHGDV.RPPDQGR.KHUEHUJHEHQ´HU|IIQHWHXQV0RUYRQHU]XXQVHUHU hEHUUDVFKXQJ³,FKZHUGHPLFKQLFKWPHKUDQGHP*HPHW]HOEHWHLOLJHQ$WODQKDWPLFK EHU]HXJW´ (LVNUDOOHWUDIEHUUDVFKHQGHLQ(UKDVWHGHQ.XJHOUDXPHUSRVLWURQLVFK DEJHULHJHOWXQGGHQ6FKXW]VFKLUPHLQJHVFKDOWHW(UEHJUWHPLFKHUIUHXWGDQQVDJWH HU³'HU5RERWHUEUDFKWHPLUGLH1DFKULFKWGHQQLFKZDUMDQLFKWDXI)XQNHPSIDQJ'LH 6DFKHKDWDOVRJHNODSSWXQGGLH*HVFKLFKWHPLWGHPIUHPGHQ6FKLIIZRKODXFK6RYLHO LFKHUNHQQHQNRQQWHVWU]WHVXQNRQWUROOLHUWLQGLH6RQQH,VWGDVQLFKWXQJHUHFKW $WODQ"´ (KHLFKPLFKEHUVHLQH)UDJHZXQGHUQNRQQWHVDJWH)DUWXORRQDQPHLQHU 6WHOOH³(VLVWQLFKWXQJHUHFKW(LVNUDOOHXQGDXINHLQHQ)DOONDQQVWGXGLHVHQ9RUIDOOLQ HLQHQ=XVDPPHQKDQJPLWGHP.ULHJ]ZLVFKHQGHQ$UNRQLGHQXQGGHQ0DDKNV EULQJHQ,KU.DPSILVWVLQQORV-HQH0lQQHUDEHUGLHPLWGHP6FKLIIKLHUKHUNDPHQ KlWWHQXQVXQGXQVHU9HUVWHFNYHUUDWHQXQGZDVGDVEHGHXWHWZHLWGXVHOEVW8QVHUH 0LVVLRQZlUHGDPLW]X(QGHJHZHVHQ2UEDQDVFKROXQJHKLQGHUWGHU,PSHUDWRUYRQ $UNRQ´ =XVSlWEHPHUNWHHUVHLQHQ)HKOHU0RUYRQHUZDUIPLUHLQHQVFKQHOOHQ7KLFN]X HKHHUIUDJWH³2UEDQDVFKRO":HULVW2UEDQDVFKRO"'HU,PSHUDWRUYRQ$UNRQLVW *RQR]DO,KPKDEHQZLU7UHXHXQGHZLJHQ*HKRUVDPJHVFKZRUHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
1XQZDUHVDQ)DUWXORRQPLUHLQHQKLOIORVHQ7KLFN]X]XZHUIHQ,FKKREGLH 6FKXOWHUQXQGVDJWH]X0RUYRQHU³,FKKDEHHVGLUELVKHUYHUVFKZLHJHQ0RUYRQHUDEHU *RQR]DOOHEWVFKRQVHLWYLHU]HKQ-DKUHQQLFKWPHKU(UZXUGHHUPRUGHWXQGQDFK VHLQHP7RGNDPVHLQ%UXGHU2UEDQDVFKRODXIGHQ7KURQ'XNRQQWHVWGDVQLFKWZLVVHQ GDUXPJDLWGHLQ(LGQRFK$EHUQXQLVWHUHUORVFKHQXQGXQJOWLJ´ ³*RQR]DO²WRW´,FKVDKGDHUHKUOLFKHUVFKWWHUWZDUZDVLKQPLUQRFK V\PSDWKLVFKHUPDFKWH(UPXWHPHLQHQ9DWHUVHKUYHUHKUWKDEHQ³(UPRUGHWVDJWLKU" 9RQZHP"´ ³,FKZHUGHGLUGDVVSlWHUHUNOlUHQ-HQH0lQQHULQGHP6FKLIIGDVEDOGLQGLH 6RQQHVWU]HQZLUGVXFKHQXQV6LHVLQG7*&0LWJOLHGHUGLHQHQGHPQHXHQ ,PSHUDWRUGHUXQVHU)HLQGLVW²DXFKGHLQHU0RUYRQHU'XZLUVWGDVYHUVWHKHQVREDOG GXDOOHVZHLW$EHUGXPXWPLUVFKRQMHW]WJODXEHQGDXQVHUH9HUIROJHUPLWGHP 0|UGHU*RQR]DOV]XVDPPHQDUEHLWHQ'XZLUVWGLH=XVDPPHQKlQJHEDOGYHUVWHKHQ´ ³'HLQ:RUWJHQJWPLUYRUHUVW$WODQ,FKYHUWUDXHGLU6SlWHUZLUVWGXPLUDOOHV HUNOlUHQ´ ³'DVKDEHLFKGLUYHUVSURFKHQ´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lUW 'LH$QJUHLIHUVWHOOWHQGDV)HXHUHLQXQGK|UWHQXQVHUH%RWVFKDIW,FKZLHGHUKROWH VLHGUHLPDOXPJDQ]VLFKHU]XVHLQGDVLHDXFKYRQDOLHQYHUVWDQGHQZXUGH6LHEHQ 0DDKNVVWDQGHUDP:DOGUDQGXQGODXVFKWHQ$OOHP$QVFKHLQQDFKZDUHQVLH XQVFKOVVLJJHZRUGHQREVLHGHQhEHUIDOOQXQGXUFKIKUHQVROOWHQRGHUQLFKW8QGLQ GLHVHP$XJHQEOLFNJHVFKDKGDV8QJHKHXHUOLFKH3DUYRQ.KHUJDEGHQ)HXHUEHIHKO 1XUPLW0KHKLHOWLFK0RUYRQHU]XUFNGHUZXWHQWEUDQQWDXIVSULQJHQXQG]X VHLQHQ/HXWHQHLOHQZROOWH,FKZXWHGDZLUQXQNHLQHQ(LQIOXPHKUDXIGDVKDEHQ ZUGHQZDVIROJWH'LHOHW]WH&KDQFH]XP)ULHGHQZDUYHUWDQ'LHEHUUDVFKWHQ 0DDKNVZDUHQIUHLQLJH$XJHQEOLFNHZHKUORV=ZHLYRQLKQHQILHOHQVRIRUWLP NRQ]HQWULHUWHQ3XQNWEHVFKXZlKUHQGGLHYHUEOLHEHQHQIQIGDV)HXHUHUZLGHUWHQXQG VRXQWHUGHQ6ROGDWHQDXIUlXPWHQGDLFKPLFKHUVFKWWHUWDEZDQGWH'HQQRFK VWDUEHQVLHVFKOLHOLFKLPNRQ]HQWULHUWHQ)HXHU1XQYHUEOLHEHQPHLQHU5HFKQXQJQDFK QRFKVHFKV0DDKNVXQGHWZDIQI]LJ$UNRQLGHQ )DUWXORRQVDKDXIGHQ2UWHUVFKLUPXQGVDJWHOHLVH³:LUZHUGHQ=HXJHGHU OHW]WHQ3KDVH´ ,FKZXWHQLFKWVRIRUWZDVHUPHLQWHDEHUGDQQYHUULHWHVPLUHLQNXU]HU,PSXOV PHLQHV([WUDKLUQV'DV7*&6FKLII³:LHUDQJHQRFK"´ ³(LQHKDOEH7RQWD'LH*UDYLWDWLRQGHUURWHQ6RQQH]LHKWGDV6FKLIILPPHUVWlUNHU DQ6HOEVWZHQQGHU$QWULHEQRFKLQWDNWZlUHJlEHHVNHLQH5HWWXQJPHKUIUVLH%DOG
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
LVWDOOHVYRUEHL6LHZHUGHQEHUHLWVMHW]WWRWVHLQ1DFK$XVZHUWXQJDOOHU'DWHQ´HUVDK PLFKPLWHLQHPJHKHLPQLVYROOHQ/lFKHOQDQ³ZDUGHLQH6DERWDJHDNWLRQ]ZDU HUIROJUHLFKLVWKLQVLFKWOLFKGHV7RWDODXVIDOOVDEHUQXUGLHKDOEH:DKUKHLW,FKQHKPHDQ GDHV]XHLQHPhEHUVFKODJK\SHUHQHUJHWLVFKHU.UlIWHNDPDOVGXDXVGHP =ZLVFKHQ]XVWDQGJHULVVHQZXUGHVW'DVZDUOHW]WOLFKGDV$XVVFKODJJHEHQGH´ ,FKYHU]LFKWHWHDXIHLQH$QWZRUWVRQGHUQVWDUUWHDXIGHQ2UWHUVFKLUP(LQH IODPPHQGH3URWEHUDQ]JULIIYRP6RQQHQUDQGDXVLQGHQ5DXPKLQDXVDOVZROOHVLH QDFKGHPZLQ]LJHQ3XQNWSDFNHUGHUGDV6FKLIIGDUVWHOOWH(VZDUDOVVHLGHU6WHUQ XQJHGXOGLJXQGN|QQHHVQLFKWPHKUHUZDUWHQVHLQ2SIHU]XYHUVFKOLQJHQ(LQ*HIKO GHU%LWWHUNHLWEHVFKOLFKPLFKDOVLFKGDUDQGDFKWHGDLFKDP7RGGHUGUHL$UNRQLGHQ VFKXOGLJZDU:DVDEHUKlWWHLFKVRQVWWXQN|QQHQ")DUWXORRQDKQWHPHLQH*HGDQNHQ XQGOHJWHPLUWU|VWHQGVHLQH+DQGDXIGHQ$UP6FKZHLJHQGZDUWHWHQZLUELVGDV6FKLII HQGJOWLJLQGLH6RQQHVWU]WHXQGVLFKLQVHLQHDWRPDUHQ%HVWDQGWHLOHDXIO|VWH(V GDXHUWHQXU$XJHQEOLFNHGDQQZDUDOOHVYRUEHL)DUWXORRQVFKDOWHWHGHQ%LOGVFKLUPDXV XQGZHFKVHOWHGDV7KHPD³'LHVHU0RUYRQHU6SUDQJNJHIlOOWPLU$WODQ´ ³0LUDXFK´,FKQLFNWHXQGGDFKWHRSWLPLVWLVFKDQGHQ=ZHLPRQGWUlJHUGHP 7LUDNRVHLQH8QWHUNXQIW]HLJWH³:LUPVVHQGDIUVRUJHQGDHUNHLQH'XPPKHLW PDFKWXQGZLULKQGDGXUFKYHUOLHUHQ´ ³'XVROOWHVWLKPVFKRQMHW]WGLHJDQ]H:DKUKHLWVDJHQ:lUHEHVVHU´ ,FKEHUOHJWHQLFKWUDQJH(UVFKLHQPDOZLHGHUPHLQH*HGDQNHQHUUDWHQ]X KDEHQ³'XKDVWUHFKW/HKUPHLVWHULFKZHUGHPLWLKPVSUHFKHQ,FKEHQ|WLJHXQVHUH 8QWHUODJHQ´ ³6LQGQRFKLQGHU*212=$/hEHU]HXJHLKQXQGZLUJHZLQQHQHLQHQZHUWYROOHQ 0LWVWUHLWHU0DFKLKQPLWXQVHUHU(LGHVIRUPHOYHUWUDXW:HQQHUVLHVSULFKWJHK|UWHU]X XQV´ (LVNUDOOHZLHV]XP6FKLUPGHU$XHQEHREDFKWXQJXQGULHIDXIJHUHJW GD]ZLVFKHQ³,FKYHUVWHKHGDVQLFKW´ )DUWXORRQVFKWWHOWHGHQ.RSI³:DVYHUVWHKVWGXQLFKW.OHLQHU"´ ³$OOHWRWHQ$UNRQLGHQXQG0DDKNVVLQGYHUVFKZXQGHQ+DEWLKUGDIUYLHOOHLFKW HLQH(UNOlUXQJ"´ ³9HUVFKZXQGHQ"´0HLQ/HKUPHLVWHUZLUNWHVLFKWOLFKHUVFKWWHUW³:LHVR YHUVFKZXQGHQ"'XPHLQVWEHJUDEHQ"´ ³1HLQ6LHVLQGHLQIDFKYHUVFKZXQGHQ8QVLFKWEDUJHZRUGHQ,QGHQ+\SHUUDXP ]XUFNJHNHKUWQDFKGHPVLHWRWZDUHQ:DVDXFKLPPHU´ 'HU%DXFKDXIVFKQHLGHUVDJWHQDFKGHQNOLFK³6LHZDUHQYLHOOHLFKW]XUDQJHGRUW XQGHQWZLFNHOWHQHLQHIHVWH%LQGXQJGLHQXQQDFKLKUHU5FNNHKULQV 6WDQGDUGXQLYHUVXPHUVWQDFKGHP7RGHZLHGHUZLUNVDPZLUG0DJVHLQGDGHU PHQWDOH:LGHUVWDQGGDPLW]XWXQKDWGHUQDFKGHPNOLQLVFKHQ7RGHUOLVFKW-DGDV ZlUHHLQH0|JOLFKNHLW'DV3KlQRPHQZXUGHRKQH=ZHLIHOYRQKRFKIUHTXHQWHU +\SHUHQHUJLHEHJOHLWHWXQGGLHVHLVWEHNDQQWOLFK7HLOYRQ%HZXWVHLQVSUR]HVVHQXQG SDUDQRUPDOHQ)lKLJNHLWHQ´ ³,FKVRLOPLFKDOVRQLFKWZHLWHUDXIUHJHQ"´YHUJHZLVVHUWHVLFK(LVNUDOOHWRGHUQVW ³1HLQGDVZUGHQXUGHLQHU*HVXQGKHLWVFKDGHQ'HLQH*HGlUPHYHUNQRWHQ VLFKMDMHW]WVFKRQ´)DUWXORRQQLFNWHPLU]X³*HKXQGVSULFKPLW0RUYRQHU$WODQ *HZLQQHLKQIUXQVHUH6DFKH´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
0RUYRQHUKDVWHHLQH6XLWHLQGHU+DXSWNXSSHOEH]RJHQ3DUYRQXQGGHQ YHUEOLHEHQHQ]ZHLXQGIQI]LJ6ROGDWHQKDVWHQZLUGHQ=XWULWW]XU6WDWLRQYHUERWHQ6LH NDPSLHUWHQGUDXHQDP:DOGUDQGQ|UGOLFKGHV6WW]SXQNWDUHDOV0RUYRQHUVWHOOWHNHLQH ZHLWHUHQ)UDJHQDOVLFKLKPHUNOlUWHZHVKDOELFKJHNRPPHQZDU(UIROJWHPLU QDFKGHPHUVHLQHQ6WUDKOHUEHUSUIWKDVWH,FKHUKRENHLQHQ(LQVSUXFKJHJHQGLHVH 9RUVLFKWVPDQDKPHLPPHUKLQWUXJLFKHLQHQ.DPSIDQ]XJXQGZDUHEHQIDOOV EHZDIIQHW :LUYHUOLHHQGLH+DXSWNXSSHOXQGEHUTXHUWHQGLHIUHLH)OlFKHELV]XU *212=$/0LW+LOIHGHVSRVLWURQLVFKHQ6FKOVVHOVVFKDOWHWHLFKHLQH6WUXNWXUOFNHLQ GHQ6FKXW]VFKLUPXQG|IIQHWHGLH(LQVWLHJVOXNH6RUJIlOWLJVFKORLFKVLHGDQQZLHGHU XQGOLHGHQ6FKLUPDNWLYLHUWXPYRUhEHUUDVFKXQJHQVLFKHU]XVHLQ,QGHUNOHLQHQ .RPPDQGR]HQWUDOHGHXWHWHLFKDXIHLQHQ6HVVHO³1LPP3ODW]0RUYRQHU,FKKDEHGLU HLQLJHV]XHU]lKOHQ8QGGDPLWGXPLURKQH9RUEHKDOWJODXEVWEHNRPPVWGXGLH 8QWHUODJHQ]XU(LQVLFKW'DQDFKZLUVWGXGLFKHQWVFKHLGHQN|QQHQREGXDXIXQVHUHU 6HLWHELVWRGHUQLFKW´ ³'XZHLWGDLFKDXIGHLQHU6HLWHELQ$WODQ´ ³$EHUGXZHLWQRFKQLFKWDOOHV´ZHKUWHLFKHLQH]XYRUHLOLJH%HUHLWVFKDIWDWH ³:DUWHDWHGDQQHUVWHQWVFKHLGHGLFWD(VLVWEHVVHUVR´ (UVHW]WHVLFKZlKUHQGLFK6SHLFKHUNULVWDOOH)RWRVXQG$NWHQDXVGHP6DIH QDKP,FKQDKPHEHQIDOOVLQHLQHP6HVVHO3ODW]XQGVDJWHEHGlFKWLJ³*RQR]DOGHU 6LHEHQWHGHUUHFKWPlLJH,PSHUDWRUGHLQHU=HLWZXUGHYRQVHLQHPHLJHQHQ%UXGHU HUPRUGHW´ ³'LHVHP2UEDQDVFKRO"´(UODFWDWHUDXK³'LHVHUIHWWHQXQGIHLJHQ:LW]ILJXUPLW GHUXQVHU%HJDPJHVFKODJHQZDU"'HUVWDWV9HOR]LPPHU2UEDQDVFKROJHQDQQW ZHUGHQZROOWH"´ ³(ULVWKHXWHDOV2UEDQDVFKROGHU'ULWWH,PSHUDWRUYRQ$UNRQXQGOHLGHUDOOHV DQGHUHDOVHLQH:LW]ILJXUVRQGHUQH[WUHPJHIlKUOLFK²IUPLFKXQGDXFKIUGDV7DL $UN¶7XVVDQDOV*DQ]HVGDVHUPLWVHLQHU&OLTXHUHJLHUW)UGDV$WWHQWDWKDEHLFK %HZHLVHGLHDXV]XYHUOlVVLJHU4XHOOHVWDPPHU,FKZHUGHVLHGLUVSlWHU]HLJHQ )DUWXORRQZDUGHU/HLEDU]W*RQR]DOVHUPXWHQDFKGHP0RUGIOLHKHQ8QGHUQDKP PLFKPLWGHQQLFKELQ*RQR]DOV6RKQ0DVFDUHQXQGDOVVROFKHUVHLQUHFKWPlLJHU 1DFKIROJHU,FKZDUYLHU-DKUHDIWDOVPHLQ9DWHUDQJHEOLFKEHLHLQHU-DJGW|GOLFK YHUXQJOFNWH%LVYRUNXU]HU=HLWZXWHLFKQLFKWZHULFKZLUNOLFKELQ$WODQQDQQWHPLFK PHLQH0XWWHUGDVLVWQXQPHLQ1DPH,FKVXFKH9HUEQGHWHXQG)UHXQGH)DUWXORRQLVW HLQVROFKHU)UHXQGHEHQVR(LVNUDOOHXQG7LUDNR:LUP|FKWHQGDDXFKGXGD]X JHK|UVWGDUXP]LHKHLFKGLFKLQV9HUWUDXHQ'LH(QWVFKHLGXQJOLHJWEHLGLU²DEHUWULII VLHQLFKWYRUHLOLJ:HUGHU)UHXQGGHV.ULVWDOOSULQ]HQLVWKDWDXFKGHQ7RG]XP)UHXQG´ ³,FKJODXEHGLUXQEHVHKHQMHGHV:RUW*RV¶DWKRUXQGLFKELQELVLQPHLQH *UXQGIHVWHQHUVFKWWHUW8QVHU%HJDP²WRW$EHUYHUODQJHQLFKWVRIRUWHLQH$QWZRUWYRQ PIU,FKELQHLQ0DQQGHUVRUJIlOWLJHQhEHUOHJXQJHQ,FKZHLGDLFKSRVLWLYUHDJLHUHQ XQG]XHXFKJHK|UHQZHUGHDEHUWURW]GHPVRLOQLHPDQGYRQPLUEHKDXSWHQLFKKlWWH EHUHLOW]XJHVDJW,FKEHQ|WLJH=HLWPXQDFKGHQNHQEHJUHLIHQWUDXHUQ6DJHQZLU HLQHQ7DJ"´ ,FKUHLFKWHLKPGLH+DQG³(LQYHUVWDQGHQ0RUYRQHU+DVWGX)UDJHQ":DVLVW PLWGHLQHU)DPLOLH"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³)UVLHELQLFKOlQJVWWRW$WODQ,FKELQIUHWY|OOLJIUHW8QGLFKELQVFKRQDIW ZlUHPLWPHLQHQDFKW]LJQRUPDOHUZHLVHOlQJVWLPYHUGLHQWHQ5XKHVWDQG´ ³(LQ0DQQZLHGXPLWVHLQ$OWHUQLFKWQDFK-DKUHQ´YHUVLFKHUWHLFKLKP EHU]HXJW³8QGGXKDVW(UIDKUXQJ*LEWHVLP)DOOGHU6ROGDWHQHLQH/|VXQJ",FKZLOO QLFKWGDVLHVWHUEHQ$EHUZHQQHVVHLQPXKHW]HLFKJQDGHQORVGLH.DPSIURERWHU DXIVLH(VJHKWXPGHQ.ULVWDOOWKURQYRQ$UNRQ´ 6HLQH6WLPPHNODQJVSU|GHXQGUDXKDOVHUVDJWH³(VZLUGQLHPDQG EULJEOHLEHQ6LHZHUGHQDOOHVWHUEHQ6RRGHUVR'LH=ZLVFKHQZHOWKDWXQVYHUlQGHUW VHOEVWLFKHPSILQGHERGHQORVHQ+DDXIGLH0HWKDQV´ ,FKJODXEWHLKPDXIV:RUW'HU5HVWPHLQHU+RIIQXQJVFKZDQGGDKLQ³8QGZLU N|QQHQQLFKWVWXQ"´ (UVFKWWHOWHGHQ.RSI³1HLQZLUN|QQHQQLFKWVWXQhEHUKDXSWQLFKWV´ ,FK]HLJWHLKPGLH8QWHUODJHQ9LHOZDUHVQLFKWDEHUHVEHU]HXJWHLKQUHVWORV GDYRQGDZLUGLH:DKUKHLWVSUDFKHQ7URW]GHPEOLHEHUEHLVHLQHU%HGHQN]HLW0RUJHQ ZROOWHHUPLUVHLQH(QWVFKHLGXQJPLWWHLOHQ,FKVDJWH³'HU9RUIDOOPLWGHP-DJGVFKLII ]HLJWQXU]XGHXWOLFKGDPDQXQVDXIGHQ)HUVHQLVW(VN|QQWHDQGHUHJHEHQGLH XQVHUH6SXUHEHQIDOOVILQGHU9RUDOOHPGHU%OLQGH6RIJDUWLVWQLFKW]XXQWHUVFKlW]HQ(U LVWXQVHUVFKOLPPVWHU*HJQHU´ ³.HUOHZLHGHQJDEHV]X*RQR]DOV=HLWHQQLFKW´EHKDXSWHWH0RUYRQHUXQG YHUWLHIWHVLFKLQGLH$XI]HLFKQXQJHQ³'DZXUGHPDQQLFKWEHVSLW]HOWXQGYHUIROJW²RGHU JDUHUPRUGHW(VJDERUGHQWOLFKH*HULFKWHYRUGHQHQVLFKMHGHUYHUDQWZRUWHQPXWH XQGZHQQHULP5HFKWZDUEHNDPHUHVDXFK+HXWHVFKHLQWGLH*HULFKWVZHOW&HONDU HLQHUHLQ=HQWUXPGHV8QUHFKWV]XVHLQ´ ³(VKDWVLFKVHLWGHP7RGPHLQHV9DWHUVYLHOJHlQGHUW0RUYRQHU$XVHLQHP VWUHQJDEHUJHUHFKWUHJLHUWHQ,PSHULXPLVWHLQHEOXWUQVWLJH'LNWDWXUJHZRUGHQXQG QLHPDQGZDJWHVVLFKGDJHJHQDXI]XOHKQHQ:HUHVGHQQRFKWXWKDWGLH%OXWKXQGH DP+DOV²VRZLHZLU´ ³6ROOHQVLHQXUNRPPHQ´ULHI0RUYRQHUVHLQH$XJHQJOKWHQ ,FKDKQWHGDHULQQHUOLFKOlQJVW)HXHUXQG)ODPPHIUGLH,GHHZDUGHQ XQJHUHFKWHQXQGEUXWDOHQ+HUUVFKHU2UEDQDVFKROYRP7KURQ]XVWRHQREZRKOHU VHOEVWQRFKNHLQH(UIDKUXQJHQPLWLKPJHVDPPHOWKDVWH'LH8QWHUODJHQXQG%HZHLVH VSUDFKHQIUVLFKVLHKlWWHQDXFKHLQHQJU|HUHQ=ZHLIOHUDOV0RUYRQHU6SUDQJN UHVWORVEHU]HXJW 2EZRKOPLFKGHU/RJLNVHNWRUDXIGLH6LQQORVLJNHLWKLQZLHVHQWVFKORLFKPLFK ]XHLQHPOHW]WHQ9HUVXFK,FKYHUOLHDPQlFKVWHQ7DJGLH6WDWLRQXQGJLQJ]X3DUYRQ XQGVHLQHU]XVDPPHQJHVFKPRO]HQHQ(LQKHLW6LHKDVWHQEHJRQQHQVLFK+RO]KWWHQ]X HUULFKWHQ:HQLJH6ROGDWHQZDUHQYRQIQIWDXVHQGEULJJHEOLHEHQDXIJHULHEHQLQ HLQHPVLQQORVHQ.DPSI³0RUYRQHULVWHLQ)HLJOLQJ´HPSILQJPLFK.KHUXQGERWPLU QLFKWHLQPDOHLQHQ3ODW]DXIGHUEUHLWHQ%DXPZXU]HODQDXIGHUHUVD³(UKDWXQVLP 6WLFKJHODVVHQ(ULVWGHVHUWLHUW´ ³9HUQXQIWKDWQLFKWVPLW)HLJKHLW]XWXQ0RQGWUlJHU'LH0HWKDQVZlUHQ]X 9HUKDQGOXQJHQEHUHIWJHZHVHQZHQQ6LHQLFKWEHUHLOWJHKDQGHOWKlWWHQ,KUDOOHKlWWHW GHQ5HVWFXUHV/HEHQVIULHGOLFKWULHUDXI.UDXPRQYHUEULQJHQN|QQHQ'DVLVWYRUEHL $XIHXFKZDUWHWQXUQRFKGHU7RG´ ³(UVFKUHFNWXQVQLFKWZLUWXQXQVHUH3IOLFKW´'DQQEUOOWHHU³:LUPVVHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKGDFKWHHLQHQ$XJHQEOLFNGDUDQLKPGLH:DKUKHLWEHUPLFK]XHQWKOOHQ DEHUHQWVFKLHGPLFKGRFKDQGHUV$OOPlKOLFKYHUORULFKGLH*HGXOG³:HQQ6LH YHUQQIWLJZlUHQN|QQWHLFK,KQHQHUNOlUHQGD6LHGHUZDKUH'HVHUWHXUVLQGDEHULFK IUFKWH$UJXPHQWHVLQG]ZHFNORV6LHKDEHQVLFKLQHLQHIL[H,GHHYHUUDQQWVHOEVW ZHQQHVQXUHLQ(LQIOXGHU=ZLVFKHQZHOWVHLQVROOWHXQGQLHPDQGNDQQ,KQHQQRFK KHOIHQ'DVN|QQWHQQXU6LHVHOEVWLQGHP6LHVLFKEHVLQQHQ´,FKEOLFNWHLQ5LFKWXQJGHU 6WDWLRQ]XU3KDODQ[GHU.DPSIURKRWHUXQGIU|VWHOWH³6ROOWHQ6LH]XU9HUQXQIWNRPPHQ VLQG6LHXQVZLOONRPPHQ9RQQXQDQMHGRFKPVVHQ6LHDOOHLQ]XUHFKWNRPPHQ/HEHQ 6LHZRKO7KDUJ¶DWKRU.KHU´ ³$OOHV*XWH$WODQ´NQXUUWHHU³8QGMHW]WJHKHQ6LH´ ,FKNHKUWHLQGLH+DXSWNXSSHO]XUFN(VZDUXQP|JOLFKGDMHPDQGXQEHPHUNW HLQGULQJHQNRQQWH0RUYRQHUNDPPLUDXIGHP:HJ]XU=HQWUDOHHQWJHJHQ³)U$WODQ XQG$UNRQ²DXI/HEHQXQG7RG´VDJWHHUIHLHUOLFKXQGOHJWHGLHUHFKWH+DQGDXIGLH OLQNH%UXVWVHLWH'DQQUHLFKWHHUVLHPIU³,FKELQGHLQ0DQQ=KGRSDQ´ ³'XKDVWGLFKDOVRHQWVFKLHGHQ"´YHUJHZLVVHUWHLFKPLFKVREHUIOVVLJGDV DXFKVHLQPRFKWH ³'DVKDEHLFKJHVWHUQVFKRQQRFKEHYRULFKHUIXKUGDGXGHU6RKQXQVHUHV %HJDPVELVW´(UPDFKWHHLQHYDJH*HVWHQDFKGUDXHQ³+DVWGXHWZDVHUUHLFKW"´ ³1HLQ3DUYRQXQGVHLQH/HXWHVLQGYHUORUHQ6LHXQGGLH0DDKNVZHUGHQVLFK JHJHQVHLWLJDXIUHLEHQ6SlWHVWHQVGDQQZHQQGLH$WHPYRUUlWHGHU0HWKDQV]XU1HLJH JHKHQJUHLIHQVLHDQPLWDOLHQ0LWWHOQ´ :LUEHWUDWHQGLH=HQWUDOHXQG7LUDNRGHUEHUGLH$XHQEHREDFKWXQJPHLQH 5FNNHKUJHVHKHQKDVWHPXUPHOWHQLHGHUJHVFKODJHQ³0DQFKPDOPHLQHLFKHVZlUH EHVVHUVLHZlUHQWRW´ ³'DVGDUIVWGXQLFKWVDJHQ´HPS|UWHVLFK(LVNUDOOH³6LHKDEHQHLQXQYRUVWHOOEDU JUDXVDPHV6FKLFNVDOKLQWHUVLFK6LHKlWWHQGHQ)ULHGHQYHUGLHQW´ ³6LHZROOHQLKQQLFKW´ZDUI0RUYRQHUHLQ³/HLGHUPXLFK7LUDNRUHFKWJHEHQ6LH ZlUHQEHVVHUWRW´ ³'XKDVWYRUNXU]HU=HLWDXFKQXUYRP+DJHOHEW´HULQQHUWH(LVNUDOOHLKQ ³'DZDUGLH6LWXDWLRQDQGHUVY|OOLJDQGHUV0DQPXVLFKXPVWHOOHQN|QQHQ'LH 0DDKNVKDEHQEHZLHVHQGDVLH]X9HUKDQGOXQJHQEHUHIWVLQGZHQQPDQLKQHQ *HOHJHQKHLWGD]XJLEW-HW]WLVWHV]XVSlW´ ³(VVLHKWVRDXV´)DUWXORRQZDUHEHQIDOOVRKQH2SWLPLVPXV³,FKIUFKWHHV EOHLEWQLFKWEHLGHU5XKHXQG´'LH$ODUPJORFNHXQWHUEUDFKLKQ'XUFKVDJHQGHU +DXSWSRVLWURQLNIROJWHQ³'HU'LVNXV'HU$ODUPZXUGHYRQLKPDXVJHO|VW/RV )UHXQGHGDJLEWHV$UEHLW´ ³(LQ$QJULII"´ULHI7LUDNRZlKUHQGHUDXIVSUDQJ$XIGHPJURHQ%LOGVFKLUP VDKHQZLUGLH*212=$/LQGHU$EHQGGlPPHUXQJVWHKHQXPKOOWYRQGHU6SKlUHGHV 6FKXW]VFKLUPVEHUGHVVHQ.RQWXUHQYHUHLQ]HOW5HIOH[HKXVFKWHQ$EHUGLHVH 'lPPHUXQJZXUGHGXUFKGLHJH]LHOWHQ(QHUJLHEQGHOGHU6ROGDWHQ]HUULVVHQGDV JUHOOH$XIIODPPHQGHUDEJOHLWHQGHQ6WUDKOHQZXUGHDXWRPDWLVFKDEJHILOWHUW'LH$EVLFKW GHU8QYHUEHVVHUOLFKHQZDUNODU 0RUYRQHUVSUDFKHVDXV³6LHZROOHQGDV6FKLII$QGHQ.XJHOUDXPHUZDJHQVLH VLFKQLFKWKHUDQHULVW]XJURXQG]XJXWDEJHVLFKHUW.|QQHQVLHGHQ6FKXW]VFKLUP GXUFKGULQJHQ)DUWXORRQ"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'HU%DXFKDXIVFKQHLGHUVDKDQJHVWUHQJWDXIGLH3URMHNWLRQGLHGHQ/HND'LVNXV VRQDKHHUVFKHLQHQOLHDOVVWQGHQZLUQXUZHQLJH0HWHUYRQLKPHQWIHUQW0HLQ /HKUPHLVWHUVFKLHQXQVFKOVVLJ]XVHLQ³(VZlUHP|JOLFKZHQQVLHV\VWHPDWLVFK YRUJHKHQXQGVLFKHLQLJVLQG'DQQEULFKWGHU6FKXW]VFKLUPYLHOOHLFKW]XVDPPHQ$XFK GLH6FKOHXVHOlWVLFKPLW*HZDOW|IIQHQ´ ³'DQQVROOWHQZLUVFKRQMHW]WHWZDVWXQXPVLHGDUDQ]XKLQGHUQ)DUWXORRQ´ 0RUYRQHUKDVWHPHLQHYRLOH=XVWLPPXQJ:LUNRQQWHQDXINHLQHQ)DOOXQWlWLJ]XVHKHQ ZLHGLH6ROGDWHQXQVHU6FKLIIHUREHUWHQ$EHUQRFKHKHLFKHWZDV]XVDJHQYHUPRFKWH JHVFKDKHWZDVGDVMHGHVZHLWHUH:RUWEHUIOVVLJPDFKWH1LFKWZLUZDUHQHVGLHGLH 9HUUFNWHQGDUDQKLQGHUWHQGHQ'LVNXV]XEHVFKlGLJHQRGHUJDU]X]HUVW|UHQVRQGHUQ Y|OOLJXQHUZDUWHWH%XQGHVJHQRVVHQ'LH0DDKNV6LHKDVWHQVLFKXQEHPHUNWDXVGHP :DOGJHQlKHUWGHQQLKU$QJULIIHUIROJWHEHUUDVFKHQGXQGPLWW|GOLFKHU3Ul]LVLRQHKH ZLUEHUKDXSWHLQJUHLIHQNRQQWHQ0LQGHVWHQVGLH+lOIWHGHU$UNRQLGHQVWDUEHKH 3DUYRQ.KHUGLH$EZHKURUJDQLVLHUHQNRQQWH'LH*212=$/VHOEVWZDUSO|W]OLFK]XU 1HEHQVDFKHJHZRUGHQREZRKOVLHGHUHLJHQWOLFKH*UXQGGHVIUFKWHUOLFKHQ*HPHW]HOV ZDU (LVNUDOOHGHUQHEHQPLUVWDQGVW|KQWH³%HLGHQ6KH¶+XKDQGDVN|QQHQZLU GRFKQLFKW]XODVVHQ:LUPVVHQLKQHQKHOIHQ´ ³1HLQ´VDJWH)DUWXORRQNDOW³)UKHURGHUVSlWHUPXWHGLHVHHQWVFKHLGHQGH $XVHLQDQGHUVHW]XQJNRPPHQ,FKKDEHQLFKWGLH$EVLFKWVLHGDYRQDE]XKDOWHQVLFK JHJHQVHLWLJXP]XEULQJHQ8QGQRFKHWZDV*ODXEVWGXQXUHLQHLQ]LJHUYRQLKQHQ ZUGHGLUMHPDOVGDIUGDQNHQGDGXLKQGDUDQKLQGHUV´HLQHQDQGHUHQ]XW|WHQRGHU VHOEVWJHW|WHW]XZHUGHQ"´ 'HU&KUHWNRUVWDUUWH]LWWHUQGDXIGHQ%LOGVHKLUPJDEDEHUNHLQH$QWZRUW7LUDNR ZDQGWHVLFKZUJHQGDWH'LH5DXPVROGDWHQZDUHQRKQH'HFNXQJDXIGHP/DQGHIHOG XQGQDKPHQQXQLKUHUVHLWVGLH0HWKDQVXQWHUJH]LHOWHQ%HVFKXHUOLWWHQDEHULP *HJHQ]XJZHLWHUH9HUOXVWH6HFKV0DDKNVVWDQGHUQXQQRFKIQIXQG]ZDQ]LV$UNR QLGHQJHJHQEHU,FKVDK]X)DUWXORRQ0LWZHQLJHQ+DQGJULIIHQVWHOOWHHUGLH 9HUELQGXQJ]XGHQ.DPSIURERWHUQKHUGLHLP6WW]SXQNWVHLW-DKUHQDXILKUHQ(LQVDW] JHZDUWHWKDWWHQ(UO|VWHGXUFKHLQHQ)XQNLPSXOVGLH6LFKHUKHLWVVSHUUHXQGJDELKQHQ GHQ%HIRKO]XP+DQGHOQ'LH5RERWHUHLQJHKOOWLQEHVRQGHUVVWDUNH6FKXW]VFKLUPH PDUVFKLHUWHQ5LFKWXQJ/DQGHIHOG6LHJHULHWHQDXWRPDWLVFKLQGDV.UHX]IHXHUGHU .lPSIHQGHQXQGJULIIHQLQGDV*HVFKHKHQHLQRKQH3DUWHLIUGLHHLQHRGHUDQGHUH 6HLWH]XQHKPHQ6LHYHUWHLGLJWHQQXUGHQ'LVNXVXQGGHQ6WW]SXQNWPHKUQLFKW :DVQXQIROJWHZDUIUXQVDOOHHQWVHW]OLFK0RUYRQHUKDVWHGLH+lQGH]X )lXVWHQJHEDOOWDOVHUVHLQHDOWHQ.DPHUDGHQHLQHQQDFKGHPDQGHUHQVWHUEHQVDK(U WDWPLULQGLHVHQ$XJHQEOLFNHQOHLGDEHUZLUKDVWHQXQVPHKUDOVJHQXJXPGHQ)ULHGHQ EHPKW(UVWLP$QJHVLFKWGHV7RGHVNDPHV]XHLQHUEHUUDVFKHQGHQ*HPHLQVDPNHLW GHV'HQNHQVXQGGHV+DQGHOQVGHUIHLQGOLFKHQ3DUWHLHQDEHUGDZDUHVEHUHLWV]X VSlW:HGHU$UNRQLGHQQRFK0DDKNVKDVWHQ*HOHJHQKHLW1XW]HQDXVHLQHU/HKUH]X ]LHKHQGLHVLHGDV/HEHQNRVWHWH 'LH0DDKNVK|UWHQDOVHUVWHDXIDXIGHQELVKHULJHQ*HJQHU]XIHXHUQ6LH QDKPHQGLH5RERWHUXQWHUNRQ]HQWULHUWHQ$EZHKUEHVFKXXQGZHQLJVSlWHUIROJWHQ DXFKGLH$UNRQLGHQLKUHP%HLVSLHO=XPHUVWHQPDOVWDQGHUEHLGH9|ONHUHLQHP JHPHLQVDPHQ)HLQGJHJHQEHUXQGKDQGHOWHQRKQHYRUKHULJH$EPDFKXQJHQDOV 9HUEQGHWHXPLKU/HEHQ]XUHWWHQ,P$QJHVLFKWGHV7RGHVKDVWHQVLHGLH:DKUKHLW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
HUNDQQWXQGGHQ6LQQGHV=XVDPPHQKDOWVEHJULIIHQGHUHLQhEHUOHEHQVLFKHUWH$EHU GLHVH(LQVLFKWNDPIUEHLGH6HLWHQ]XVSlW ³.DQQVWGXGLH5RERWHUQLFKW]XUFNEHRUGHUQ"´EUOOWH(LVNUDOOH )DUWXORRQJDENHLQH$QWZRUW,FKZDUGDYRQEHU]HXJWGDHU(LVNUDOOHV%LWWH OHLFKWKlWWHHUIOOHQN|QQHQDEHULFKVDKHLQGDHUHVMHW]WQLFKWPHKUWXQZUGH'HU /RJLNVHNWRU]LVFKWHXQHUELWWOLFK,KUZHUGHWHUVWGDQQDXI.UDXPRQVLFKHUVHLQZHQQGHU OHW]WH6ROGDWXQGGHUOHW]WH0DDKNWRWVLQG,FKVDKHLQLJH5RERWHULPNRQ]HQWULHUWHQ 3XQNWIHXHUYHUJHKHQ,PPHUQRFKSUDOOWHQYHUHLQ]HOWH6WUDKOVFKVVHYRP6FKXW]VFKLUP GHV'LVNXVDWHDEHUVLHNRQQWHQNHLQHQ6FKDGHQDQULFKWHQ'UHL$UNRQLGHQUDQQWHQ ]XUFNLQGHQ:DOGDEHUXQEDUPKHU]LJXQGXQEHLUUWIROJWHQLKQHQ]ZHL.DPSIURERWHU :HQLJVSlWHUIODPPWHLQHLQLJHU(QWIHUQXQJHLQ%OLW]DXIGDQQEUDQQWHQ%lXPH'LH 5RERWHUNHKUWHQ]XUFN,FKZDQGWHPLFKDEXQGVHW]WHPLFK ³(VLVWVFKUHFNOLFK´VDJWH7LUDNRKHLVHU,FKQLFNWH(LQH7RQWDVSlWHUEHIDKO )DUWXORRQGHQ.DPSIURERWHUQLQGLH6WDWLRQ]XUFN]XNHKUHQ(VJDEQLFKWVPHKUIUVLH ]XWXQ:LUVSUDFKHQJHPHLQVDPGLHWUDGLWLRQHOOH5XGKLQGD 'HU7UDQVSRUWJOHLWHUKDVWHXQV]XP*LSIHOHLQHV%HUJHVDP5DQGYRQ*RQR]DOV .HVVHOQDKHGHP.OHLQHQ3ODWHDXJHEUDFKW8QWHQLQGHU6WDWLRQZDUQLHPDQG(VZDU QLFKWPHKUQ|WLJ)DUWXORRQKDVWH$UEHLWDQJHNQGLJWRKQHVLFKZHLWHUGDUEHU DXV]XODVVHQ+HXWHDEHUVHLHLQ5XKHWDJPHLQWHHUDOVZLUGHQ*OHLWHUDXVHLQHU /DJHUKDOOHKROWHQXQGVWDUWHWHQ:LUJHQRVVHQGLH$XVVLFKWDXIGLHSDUDGLHVLVFKH /DQGVFKDIWGLHQXQJDQ]XQVJHK|UWH'DODJHQGLH6HHQPLWLKUHQEHZDOGHWHQ8IHUQ XQG,QVHOQ,QGHU)HUQHHUVWUHFNWHQVLFKGLH6DYDQQHQXQGOLQNVXQWHUXQVZDUNOHLQ GHU6WW]SXQNW]XHUNHQQHQ,FKVDK)DUWXORRQLQGLH$XJHQ³:LHJHKWHVZHLWHU"´ 6HLQ7KLFNVFKZHLIWHEHUGLH:lOGHUXQG6WHSSHQ.UDXPRQV³,QGHU6WDWLRQ ZDUWHQQRFKYLHOH$XIJDEHQDXIXQV'LH$UPHHGHU*HVSHQVWHUKLHOWXQVGDYRQDWHVLH ]XHUIOOHQ6lPWOLFKH$QODJHQXQG*HElXGHPVVHQDNWLYLHUWXQGDXFK5HSDUDWXUHQ GXUFKJHIKUWZHUGHQ:HQQZLUHUIROJUHLFKRSHULHUHQZROOHQN|QQHQZLUHVQXUPLWGHU *HZLKHLWWULHUDXI.UDXPRQMHGHU]HLWVLFKHU]XVHLQXQGHLQHQ$QJULIIDEZHKUHQ]X N|QQHQ:DVZLUHEHQIDOOVEUDXFKHQVLQGVFKZHUH:DIIHQ(LQH5DXPDEZHKU'LH 7*&$JHQWHQNDPHQQLFKWGXUFK=XIDOOKLHUKHU,KU*HVSUlFKYRQGLUVHOEVWEHODXVFKW EHZHLVWGDVHLQGHXWLJ9HUUDWZDULP6SLHO:HUVDJVGDVLFKGDVQLFKWVFKRQPRUJHQ ZLHGHUKROW"´ (LVNUDOOHKDVWH]XJHK|UWXQGHUNXQGLJWHVLFK³,FKIUDJHPLFKZRKHUGXHLQH 5DXPDEZHKUQHKPHQZLOOVW6FKZHUH:DIIHQVLQGQLFKWLP/DGHQXPGLH(FNH]X KDEHQ²DEJHVHKHQGDYRQGDHVWULHUEHUKDXSWNHLQHQ/DGHQJLEW´ ³6HKUVFKDUIEHREDFKWHW´EHVWlWLJWHGHU%DXFKDXIVFKQHLGHUVS|WWLVFK³,FKKDVWH QLFKWGLH$EVLFKWHLQNDXIHQ]XJHKHQ'LHPHLVWHQ'LQJHYRQGHQHQLFKVSUDFKVLQG VHOEVWYHUVWlQGOLFKYRUKDQGHQ6LHODJHUQWLHIXQWHUGHU2EHUIOlFKHXQGPVVHQ LQVWDOOLHUWZHUGHQ1DWUOLFKLVWGDVHLQH0HQJH$UEHLWDEHUZLUKDEHQMDGLH5RERWHU ,FKPXDOOHUGLQJV]XJHEHQGDJHZLVVH*HJHQVWlQGHQRFKIHKOHQ'LHPVVHQZLU XQVKPEHVRUJHQ´ 0RUYRQHUKDVWHHLQZHQLJDEVHLWVJHVWDQGHQ(UPLVFKWHVLFKQLFKWHLQVRQGHUQ ZDUWHWHELV)DUWXORRQXQG(LVNUDOOHVFKZLHJHQ(UZDQGWHVLFKPHKUDQPLFKDOVHU IUDJWH³'XKDVWPLUEHULFKWHWZDVJHVFKHKHQLVW²YRUYLHU]HKQ-DKUHQ0LFK LQWHUHVVLHUWZDVQXQJHVFKLHKW,VWGDV,PSHULXPJU|HUJHZRUGHQ":DVLVWPLWGHP .ULHJJHJHQGLH0HWKDQV"+DEHQZLUVLHEHVLHJW"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6WDWWPHLQHUDQWZRUWHWH)DUWXORRQ³'HU.ULHJJHJHQVLHGDXHUWDQXQGHVLVW QRFKNHLQ(QGHDE]XVHKHQ1DWUOLFKZXUGHGDV,PSHULXPLQ]ZLVFKHQJU|HUGHQQ ZHLWHUKLQNRPPHQQHXH3ODQHWHQKLQ]X²DXFKVROFKHGLHHUVWGXUFKGHQ.ULHJ HQWGHFNWZXUGHQ:HUVLHJHQZLUG"7XWPLUOHLG0RUYRQHUGDVZHLLFKQLFKW 9HUPXWOLFKYHUOLHUHQEHLGH6HLWHQVRZLHHVWULHUDXI.UDXPRQJHVFKDK´(UVDKKLQDE DXIGHQ6WW]SXQNW³,QHLQHP.ULHJYHUOLHUHQLPPHUEHLGH6HLWHQGDVLVWHLQ 1DWXUJHVHW]´ ³+HXWHZHLLFKHV´JDE0RUYRQHU]X :LUEOLHEHQIDVWGUHL7RQWDVDXIGHP%HUJGDQQEHVWLHJHQZLUGHQ*OHLWHUXQG IORJHQ]XP6WW]SXQNW]XUFN(LVNUDOOHVXFKWHGLHDXWRPDWLVFKH.FKHDXI,FK EHJOHLWHWHLKQZHOOLFKHEHQIDOOV+XQJHUKDVWH7LUDNRXQG0RUYRQHUXQWHUQDKPHQ HLQHQ$XVIOXJ]XP6HHXPHLQ%DG]XQHKPHQ0RUJHQEHJDQQGLH,QVWDOOLHUXQJGHU VFKZHUHQ$EZHKUZDIIHQ:LUZROOWHQQLFKWQRFKHLQPDOEHUUDVFKWZHUGHQ $XV(LQ=KGRSDQWKLGHQHV]ZHLPDOJDE$QRQ\PXVIlOVFKOLFKHUZHLVH*RQR]DO 9,,O8SRF@]XJHVFKULHEHQ *RV¶5DQWRQFDWGD$UN 9LHOHVZXUGHEHU2UEDQDVFKROJHVFKULHEHQQDFKVHLQHP7RG ZRKOJHPHUNW -HVLFKHUHUHVHUVFKLHQGDLFKPLFKDXIGHP.ULVWDOOWKURQEHKDXSWHQ NDQQGHVWRHLIULJHUDQDO\VLHUWHPDQVHLQHW\UDQQLVFKH+HUUVFKDIWGHVWRJHQDXHU EHVFKULHEPDQGLH6FKLNDQHQGLHHLQLJH.KDVXPGDPDOVHUWUDJHQPXWHQGHVWR NRPSURPLORVHUUHFKQHWHPDQPLWGHP%UXGHUP|UGHUDE6R]lKOWHPDQGLH ]DKOUHLFKHQ'HNUHWHLQGHQHQ2UEDQDVFKROGLHVRGHUMHQHVYHUERWIHUWLJWH/LVWHQGHU XQVFKXOGLJ$QJHNODJWHQXQG+LQJHULFKWHWHQ]LWLHUWH*UXVHOJHVFKLFKWHQGLHLP\RON NXUVLHUWHQXQGLQLPPHUQHXHQ9DULDQWHQGLH-DKU]HKQWHEHUOHEWHQ 'RFKGLH$QWZRUWDXIHLQHDQGHUH)UDJHEOLHEHQXQVGLH&KURQLVWHQVFKXOGLJ :DPP":DUXPYHUERW2UEDQDVFKROEHL7RGHVVWUDIHGDV7UDJHQYRQ2UGHQXQG $XV]HLFKQXQJHQGLHLQGHU5HJLHUXQJV]HLWVHLQHV%UXGHUVYHUOLHKHQZXUGHQ"-D ZDUXPGXUIWHQEHVWLPPWHPlFKWLJH.KDVXUQSO|W]OLFKLKU0HKLQGDQLFKWPHKU DXIWUDJHQ":DUXPGXUIWHQHVGDJHJHQGLH.OHLQHQ.HOFKHWXQ":DUHVGLH:LOONUHLQHV :DKQVLQQLJHQRGHUGLHWHXIOLVFKH,QWHOOLJHQ]HLQHV3V\FKRSDWKHQ"(LQDXIUQHUNVDPHU %HREDFKWHUKlWWHVFKRQGDPDOVGLH0XVWHUHLQHUDXIVROLGHPKLVWRULVFKHQ:LVVHQ EDVLHUHQGHQ6WUDWHJLHHUNHQQHQPXVVHQ $Q%RUGGHU.-g5.GHV.RSIMlJHUV&RUSNRU3UDJRGHV7HGDUGD$UN 'LHVFKDUIHQ$XVGQVWXQJHQYRQVLHEHQ5DXEHFKVHQODJHQEHUGHUNQVWOLFKHQ 6XPSIODQGVFKDIWZHKWHQKLQEHU]XGHQ*lQJHQXQGEUDFKWHQGLH7LHUHLQGHQ.lILJHQ ]XU5DVHUHL'LH/HLWHFKVHVWLHHLQHQVFKULOOHQ6FKUHLDXVXQGGLHEULJHQIRUPLHUWHQ VLFKQHX*UHOOURWJHILHGHUWH9RJHOQLFKWOlQJHUDOVHLQHQKDOEHQ)XVWLHHQKHUDE XQGEUHPVWHQNQDSSREHUKDOEGHU5HSWLOLHQ5RWRUIOJHOSHLWVFKWHQGLH/XIWKLHOWHQGLH .|USHUEHUGHQ1DFNHQGHU)HLQGH'LHJH]lKQWHQ6FKQlEHOKDFNWHQDXIGLH WUDSH]I|UPLJHQ6FKXSSHQ'LH(FKVHQNUPPWHQGLHODQJHQEHZHJOLFKHQ+lOVH VFKQHOOWHQGLHKDUWHQ6FKlGHOJHJHQGLH$QJUHLIHU,KUHVWDFKHOEHZHKUWHQ6FKZlQ]H SHLWVFKWHQGXUFKGLH/XIWXPGLH5DXEY|JHO]X]HUVFKPHWWHUQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'LHKHLVHUHQ7URPSHWHQW|QHGHUNlPSIHQGHQ5LHVHQUHSWLOLHQPLVFKWHQVLFKPLW GHPVDXVHQGHQ)OJHOVFKODJXQGGHQVFKULOOHQ5XIHQGHUDQJUHLIHQGHQ.UDDXVV,P 0RUDVWJXUJHOWHHVHLQ.|USHUNODWVFKWHVFKZHULQGHQEURGHOQGHQ6FKODPPXQG YHUVDQN'LH1LHGHUODJHGHU(FKVHQ]HLFKQHWHVLFKDWH'D|IIQHWHVLFKKRFKREHQHLQ 6FKRWW$XVGHU+|KHGHU.XSSHOILHOHQ.|USHUKHUDEYLHUEHLQLJYLHUIOJHOLJGLH HLQJHVFKQUWHQ.|USHUFKLWLQJHSDQ]HUW 7XOK)DOWHU²HLQSHDUKXQGHUWYRQLKQHQ6LHVHJHOWHQTXHUGXUFKGHQ5DXP WDQ]WHQKLQXQGKHU'LHEXQWHQ2UQDPHQWHDXIGHQJURHQ7UDSH]IOJHOQOHXFKWHWHQLQ YHUIKUHULVFKHQ)DUEHQ'LH)DOWHUJDXNHOWHQDQGHQ.lPSIHQGHQYRUEHLXQGZHUYRQ GLHVHQDXIGLH0XVWHUGHUJUQHQSXUSXUQHQJHOEHQXQGEODXHQ/LQLHQXQG.UHLVH EOLFNWHYHUILHODXJHQEOLFNOLFKLQHLQHW|GOLFKH6WDUUH 5HSWLOLHQXQG9|JHOHUNDQQWHQLQVWLQNWLYGLH%HGURKXQJ*HPHLQVDPZHKUWHQVLH VLFKJHJHQGHQVFKLOOHUQGHQ7RG+XQGHUWPDOVFKQHOOHUZDUHQLKUH%HZHJXQJHQDOVGLH GHU5LHVHQIDOWHU'LH6FKQlEHOGHU.UDDXVVIXKUHQGXUFKGLH/XIW'LH6FKZlQ]HGHU (FKVHQZLUEHOWHQXQGEDOGZDUGHUJUDXEUDXQH0RUDVWPLW,QVHNWHQJOLHGHUQXQG ]HUVFKPHWWHUWHQ.|SIHQEHUVlW'HQQRFKZUGHDP(QGHGHU6LHJGHU7XOKVWHKHQ (VZDUHQ]XYLHOHXQGYRUGHPODXWORVHQ7RGGHQGLH+\SQR2UQDPHQWHDXILKUHQ 7UDSH]IOJHOQEUDFKWHQJDEHVNHLQ(QWNRPPHQ 'RFKVRZHLWVROOWHHVQDFKGHP:LOOHQGHVVHUWGHUGLHVHQ.DPSIEHREDFKWHWH QLFKWNRPPHQ1LFKWVGHXWHWHGDUDXIKLQGDGLHVH$UHQDLQGHUYRQ=HLW]X=HLW VROFKH.lPSIHDXVJHWUDJHQZXUGHQ7HLOHLQHV5DXPVFKLIIHVZDUGDVPLWKRKHU *HVFKZLQGLJNHLWVHLQHP=LHOLP:HOWDOO]XUDVWH'LHVHV=LHOZDUQXUHLQHP:HVHQDQ %RUGEHNDQQW&RUSNRUGHP.RSILlJHU (UZDUHLQXQWHUVHW]WHUPXVNXO|VHU$UNRQLGHPLWGVWHUZLUNHQGHP*HVLFKW'HU 6HFK]LJMlKULJHVDLQGHU=HQWUDOHLQHLQHPKRFKOHKQLJHQ6HVVHOXQGEHREDFKWHWHDXI HLQHU5HLKHYRQ%LOGVFKLUPHQZDVLQVHLQHP6FKLIIJHVFKDK(VVFKLHQLKQ ]XIULHGHQ]XVWHOOHQ'LH7LHUHKDVWHQLKQJHOHKUWGDV/HEHQXQPLWWHOEDUHUGLUHNWHUXQG GDPLWWLHIHU]XHUOHEHQ7LHUHNRQQWHQQLFKWGDUEHUQDFKGHQNHQKDVWHQNHLQH)XUFKW YRUGHU=XNXQIWXQGDXFKGLH9HUJDQJHQKHLWEHODVWHWHVLHQLFKW (UZDUHLQ(LQ]HOJlQJHUHLQ6RQGHUOLQJGHUYLHOOHLFKWQLHZLHGHUVHLQHQ:HJLQ GLH=LYLOLVDWLRQ]XUFNILQGHQZUGH(UZROOWHHVDXFKJDUQLFKW:lKUHQGGHU=HLWLQGHU HUPLWLQWHOOLJHQWHQ:HVHQ]XVDPPHQJHOHEWKDVWHKDVWHQGLHVHLKQZHQLJ*XWHV JHOHKUW(UYHUDFKWHWHVLH6HOEVWMHQHLQGHUHQ$XIWUDJHUGXUFKGLH*DOD[LVUHLVWH YHUPRFKWHQZHQQHUDQVLHGDFKWHNHLQHIUHXQGVFKDIWOLFKHQ*HIKOHLQLKP ZDFK]XUXIHQ,P*HJHQWHLO6RJDUGHU,PSHUDWRUPDFKWHGDNHLQH$XVQDKPH6HLQHP 9RUJlQJHUJHJHQEHU*RQR]DO9,,KDVWHHUZHQLJVWHQVHLQHJHZLVVHZRKOZROOHQGH *OHLFKJOWLJNHLWJHZDKUW 2UEDQDVFKRO,,,ZDUGDJHJHQHLQH]ZLHOLFKWLJH3HUV|QOLFKNHLW(VNXUVLHUWHQ *HUFKWHGDHUEHLGHP-DJGXQIDOOVHLQHV%UXGHUV*RQR]DOVHLQH+DQGLP6SLHO JHKDEWKDEH&RUSNRUZDUHQGLHVH'LQJHJOHLFKJOWLJ(UIKUWHVHLQHQ$XIWUDJDXVXQG NDVVLHUWHGLH3UlPLH6ROOWHQVLFKDQGHUHGDUXPNPPHUQZDVDP+RIHGHVVHQ JHVFKDKGHUDXIGHP7KURQGHV*URHQ,PSHULXPVVD &RUSNRUVDKDXIGHP6FKLUPGDLQGHU7UDLQLQJV$UHQDGHU.DPSILQHLQH NULWLVFKH3KDVHEDW'LH+\SQR)DOWHUZDUHQGHQ(FKVHQXQGGHQNOHLQHQ5DXEY|JHOQ EHUOHJHQVHOEVWYHUHLQWNRQQWHQGLHVHQLFKWVJHJHQGLH7XOKDXVULFKWHQ(VKlWWH VFKRQGHV(LQVDW]HVDQGHUHU7LHUDUWHQEHGXUIWGDV*OHLFKJHZLFKWZLHGHUKHU]XVWHOOHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'RFKHVKDVWHEHUHLWVJHQXJ9HUOXVWHJHJHEHQ'HU=ZHFNGHV.DPSIHVZDUQLFKWGLH 7LHUDUWHQ]XGH]LPLHUHQVRQGHUQVLH]XWUDLQLHUHQ(UGUFNWHHLQH7DVWHQNRPELQDWLRQ DXIGHPJURHQ6FKDOWSXOWYRUVLFK$XVGHP.RQWUROODXWVSUHFKHUGUDQJHLQH6HULH VFKULOOHU=LUSODXWH(VZDUDOVHUZDFKWHQGLHLQLKUHQ.DPSIYHUELVVHQHQ7LHUHDXV HLQHPP|UGHULVFKHQ7UDXP 'LH7XOKHEHQQRFKLQLKUHPHLJHQWPOLFKHQ=LFN]DFNIOXJDQGHQ5HLKHQLKUHU *HJQHUYRUEHLWDXPHOQGOHJWHQGLHGQQHQ'HFNIOJHOEHUGLH7RGHVPXVWHUKREHQ VLFKKRFKLQGLH/XIWXQGIODWWHUWHQGHUgIIQXQJ]XDXVGHUVLHJHNRPPHQZDUHQ'LH .UDDXVVIRUPLHUWHQVLFK]XHLQHP.HLOXQGIORJHQPLWNUDIWYROOHP)OJHOVFKODJ]XGHP VLFK|IIQHQGHQ6FKRWWDQGHU6WLUQVHLWHGHV6DDOHV'LHIQIEHUOHEHQGHQ(FKVHQ ZlO]WHQVLFKVFKZHUIlOOLJGXUFKGHQ0RUDVWKLQEHU]XGHU6WHOOHZRHLQKRKHV*LWWHU ]XU6HLWHJOLWWXQGGHQ:HJLQGHQ*DQJIUHLJDE 6FKRWWHQ|IIQHWHQVLFKDQGHUHVFKORVVHQVLFK'LHIQI0HWHUODQJHQ JHVFKXSSWHQ5LHVHQIROJWHQLKUHP/HLWWLHUGDVVLH]XUFN]XGHQ.lILJHQIKUWH 5RERWHUHUVFKLHQHQLQGHU$UHQDDXVJHUVWHWPLW*HUlWHQ$QWLJUDYWUDJHQXQG 6SH]LDOIDKU]HXJHQ6LHQDKPHQVLFKGHUYHUZXQGHWHQ.UDDXVVDQXQGVFKDIIOHQVLHDXV GHU+DOOH'HU%RGHQXQWHUGHP6XPSIWHLOWHVLFK'LHEHLGHQ+lOIWHQQHLJWHQVLFKQDFK XQWHQ,UJHQGZRIXKUHQ*HQHUDWRUHQKRFKXQGYHUVRUJWHQGLH0DVFKLQHQPLW(QHUJLH GLHXQWHUWRVHQGHP/lUP6FKODPP:DVVHU.RWXQG7LHUNDGDYHULQGLH$EIOXNDQlOH VDXJWHQGLH]XGHQ6SH]LDOVFKOHXVHQIKUWHQ'DQQ|IIQHWHQVLFK'VHQXQGYRQYLHU 6HLWHQVFKRVVHQVFKDUIVWUDKOLJ:DVVHUXQG5HLQLJXQJVPLWWHOLQGLH+DOOH ,QHLQHU7RQWDZUGHQLFKWVPHKUGDUDQHULQQHUQGDLQGLHVHP6DDOHLQ P|UGHULVFKHU.DPSIVWDWWJHIXQGHQKDVWH&RUSNRUVFKDOWHWHGHQ6FKLUPDWH'DQQ GUFNWHHUHUQHXWHLQH7DVWHQUHLKH'LH7ULYLG6SHLFKHUXQJHQGHUDXWRPDWLVFKHQ .DPHUDVZXUGHQ]XP&RPSXWHUEHUVSLHOWGHUVLHDQDO\VLHUHQXQGGDPLWGLH(LQVDW] XQG.DPSISOlQHYHUYROOVWlQGLJHQZUGH&RUSNRUOlFKHOWHYHUlFKWOLFK(UYHUOLHVLFK OLHEHUDXIVHLQHQ,QVWLQNWXQGDXIVHLQHLPMDKU]HKQWHODQJHQ8PJDQJPLWGHQ7LHUHQ HUZRUEHQH.HQQWQLVDOVDXIHLQH0DVFKLQH'HUHQ*UXQGSURJUDPPZDU]ZDUYRQ :LVVHQVFKDIWOHUQHQWZLFNHOWZRUGHQGLHVLFKLPWLHULVFKHQ9HUKDOWHQDXV]XNHQQHQ JODXEWHQ:HUDEHUZROOWHPLWLKPNRQNXUULHUHQPLW&RUSNRUGHPGLH=DPXFFVDXVGHU +DQGIUDHQXQGGHQGLH0RUGVFKXGHQDQLKUH%UXWOLHHQ (UKDVWHQLFKWVJHJHQSRVLWURQLVFKH*HUlWHLP*HJHQWHLO:HLOHUVLFKZlKUHQG GHV)OXJHVGXUFKGHQ:HOWUDXPYROOXQGJDQ]PLWVHLQHQ7LHUHQEHVFKlIWLJWHZDUHUDXI GLH$UEHLWGHU.62/DQJHZLHVHQ8QGDXFKGDQQZHQQHUGDV=LHOVHLQHU5HLVH HUUHLFKWKDVWHXQGHVDXILUJHQGHLQHP3ODQHWHQ]XP(LQVDW]VHLQHU7LHUDUPHHNDPZDU HVXQHUOlOLFKGD/DQGXQJ6WHXHUXQJXQG6WDUWGHV6FKLIIHVYROOURERWLVFKDEOLHIHQ %LVKHUKDVWHHUVLFKLQGLHVHU+LQVLFKWDXIGLH0DVFKLQHQYHUODVVHQN|QQHQ8QGHVJDE NHLQHQ*UXQGVLFKEHUVLHLQLUJHQGHLQHU:HLVH]XEHNODJHQ &RUSNRUEOLFNWHDXIHLQHGUHLGLPHQVLRQDOH*UDSKLN6LHVWHOOWHGDV,QQHUHGHV VHFK]LJ0HWHUGXUFKPHVVHQGHQ5DXPVFKLIIVGDU9RP0LWWHOGHFNLQ+|KHGHV 5LQJZXOVWHVPLWGHQ+DXSWDJJUHJDWHQDEJHVHKHQEHVWDQGHVLQGHU+DXSWVDFKHDXV *lQJHQ6WDOOXQJHQXQG.lILJHQGLHLQPHKUHUHQ(WDJHQDQJHRUGQHWZDUHQ6FKRWWHQ IKUWHQMHZHLOVDXIYHUVFKLHGHQH*lQJHKLQDXVXQGGLHVHZLHGHUXPZDUHQWHLOZHLVHLQ GHU$UWYRQ:HLFKHQXQG'UHKVFKHLEHQYHUVFKLHEEDU'LH%HZHJXQJVPHFKDQLVPHQ ZXUGHQYRQGHU3RVLWURQLNJHVWHXHUWXQGGLH9RUJlQJHGLHGLH%HGLHQXQJVWDVWDWXU DXVO|VWHZXUGHQDXIGHU*UDSKLNVLFKWEDUJHPDFKW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$XIGLHVH:HLVHNRQQWH&RUSNRUEHUGLYHUVH6FKDOWXQJHQGDV/HEHQXQG 7UHLEHQDOOHU7LHUHVWHXHUQ'XUFKHLQIDFKHQ7DVWHQGUXFNEUDFKWHHUYHUVFKLHGHQH 7LHUDUWHQRGHUIDPLOLHQ]XVDPPHQ1LFKWDOOH7LHUDUWHQYHUWUXJHQVLFKPLWHLQDQGHU ]XPLQGHVWQLFKWRKQH&RUSNRUV*HJHQZDUW'DGHU.RSIMlJHUMHGRFKQLFKWEHUDOO ]XJOHLFKVHLQNRQQWHZDUHQGLHSRVLWURQLVFKHQ6WHXHUXQJVPHFKDQLVPHQHEHQVR QW]OLFKZLHQRWZHQGLJ$XFKGDVWlJOLFKH7UDLQLQJGLH'UHVVXUXQG6FKXOXQJVWRQWDV ZDUHQDXIGLHVH:HLVHOHLFKWHUGXUFK]XIKUHQ+LHU]XJHK|UWHQDXFKGLH.lPSIHGLHDE XQG]XLQGHU$UHQDVWDWWIDQGHQ:HQQ&RUSNRUGLHHQWVSUHFKHQGHQ7LHUJUXSSHQ DXVJHZlKOWKDVWHXQGVLHEHUGHQ&RPSXWHU]XU.DPSIVWlWWHVFKLFNWHEHREDFKWHWHHU DXI6FKLUPHQGDV*HVFKHKHQ'XUFKHQWVSUHFKHQGHDNXVWLVFKH6LJQDOHOHQNWHHUGHQ .DPSIXQGVWHXHUWHVHLQHQ$XVJDQJZLHHUHVIUULFKWLJKLHOW 'LH*HUlXVFKHGLHGDQQDXVVHLQHP0XQGGUDQJHQKDVWHQPLWGHU DUNRQLGLVFKHQ6SUDFKHQLFKWVJHPHLQVDP(VZDUYLHOPHKUHLQVHOWVDPHV*HPLVFKDXV 3IHLI=LVFK6FKQDO]4XLHWVFK*UXQ]=LUSXQG6FKQDWWHUW|QHQXQGUHLQ YRNDOLVFKHQ)RUPHQ²&RUSNRUEHKHUUVFKWHGUHLXQGVLHE]LJ9RNDOQXDQFHQ0LWXQWHU NDPHQDXFKQLFKWVWLPPOLFKH6LJQDOHKLQ]XEHLVSLHOVZHLVHGXUFK.ODSSHUQRGHU 5DVVHOQXQGYHUJOHLFKEDUH+LOIVPLWWHO ,P/DXIHVHLQHVODQJHQ=XVDPPHQOHEHQVPLWGHQ7LHUHQKDVWHHUVLFKHLQ LPPHUVHV:LVVHQDQJHHLJQHW)ULKQZDUHVHLQH6HOEVWYHUVWlQGOLFKNHLWGDGLH 6SUDFKHQGHU7LHUHVLFKQLFKWLP$NXVWLVFKHQHUVFK|SIWHQ=XUVSUDFKOLFKHQ .RPPXQLNDWLRQNDPGLHGHU*HVWLNGHU*HElUGHXQGGHU0LPLNDXFKRSWLVFKH KDSWLVFKHXQGROIDNWRULVFKH6LJQDOHXQGYLHOH7LHUDUWHQEHQXW]WHQPHKUHUHGLHVHU NRPPXQLNDWLYHQ0LWWHOQHEHQHLQDQGHUXPVLFK]XYHUVWlQGLJHQ &RUSNRUVWUDXPKDIWH6LFKHUKHLWEHLP8PJDQJPLWMHJOLFKHP*HWLHUVHLQH GRPLQDQWH3RVLWLRQDOV/HLWWLHUDOOHU7LHUDUWHQXQGJUXSSHQEDVLHUWHDXIGHU7DWVDFKH GDHUGLHWLHULVFKHQ9HUVWlQGLJXQJVZHLVHQLQVROFKHU9ROONRPPHQKHLWEHKHUUVFKWH 'LHVZDUGLHHLQHWUDJHQGH.RPSRQHQWH'LHDQGHUHZDUVHLQH/LHEH]XP7LHU'LHVH /LHEHVFKLHQLKPEHUHLWVPLWLQGLH:LHJHJHOHJWZRUGHQ]XVHLQ :HQQHU]XUFNGDFKWHNRQQWHHUVLFKDQNHLQH=HLWLQVHLQHP/HEHQHULQQHUQLQ GHUHUQLFKWYRQ7LHUHQXPJHEHQJHZHVHQZDU6HLQ9DWHUZDUHLQEHNDQQWHU 7LHUSIOHJHUDXI*RV¶5DQWRQJHZHVHQ(UKDVWHGHQ-XQJHQYRQ%HJLQQDQPLWDOOHP YHUWUDXWJHPDFKWZDVPLW3IOHJHXQG=XFKW]XVDPPHQKLQJ6SlWHUKDVWHHUGHQ +HUDQZDFKVHQGHQPLWJHQRPPHQZHQQHUDXIIHUQHQ:HOWHQVHOWHQH7LHUHMDJWHXP GDPLWGHQH[RWLVFKHQ%HVWDQGDXIGHP+HLPDWSODQHWHQ]XHUZHLWHUQ(VZDUHLQH JOFNOLFKH=HLWJHZHVHQ'LHJOFNOLFKVWH=HLWVHLQHV/HEHQV6LHHQGHWHPLWGHP7RG VHLQHV9DWHUV9RQGDDQKDVWHVHLQ/HEHQHLQHMlKH:HQGHJHQRPPHQ (UHUZDFKWHDXVVHLQHQ*HGDQNHQ'LH%HREDFKWXQJXQG6WHXHUXQJGHU WLHULVFKHQ$XVHLQDQGHUVHW]XQJHQGLHQWHQQLFKWHWZD&RUSNRUVSHUV|QOLFKHP9HUJQJHQ XQGVFKRQJDUQLFKWGHU%HIULHGLJXQJLUJHQGZHOFKHUVDGLVWLVFKHU7ULHEH'HU 7LHUElQGLJHUEHQXW]WHVLHYLHOPHKUDOV0LWWHOXPGLH6FKODJNUDIWVHLQHU3ULYDWDUPHH VWlQGLJ]XRSWLPLHUHQXQGLKUH(LQVDW]P|JOLFKNHLWSHUIHNWDXV]XQXW]HQ&RUSNRUZDUI HLQHQ7KLFNDXIGLH2UWHUDQ]HLJHQ,P=HQWUXPVWDQGGDV7DVWHUHFKRHLQHV6WHUQV(V ZDUHLQHNOHLQHQDPHQORVH6RQQHGLHYRQHLQHPHLQ]LJHQ3ODQHWHQXPNUHLVWZXUGH .UDXPRQ :UGHHUGRUWHLQHQGHU*HVXFKWHQILQGHQRGHUJDUEHLGH²GHQ %DXFKDXIVFKQHLGHU)DUWXORRQXQGGHQ6RKQ*RQR]DOV9,,"'DVZDUHQGLHEHLGHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
0lQQHUGLHHULP$XIWUDJGHV,PSHUDWRUVILQGHQVROOWH,KUH(UJUHLIXQJZDUIU 2UEDQDVFKROYRQDXHURUGHQWOLFKHU%HGHXWXQJGHQQHUKDVWHKRKH3UlPLHQDXILKUH .|SIHDXVJHVHW]W&RUSNRUZDUQLFKWGHUHLQ]LJHGHQ2UEDQDVFKRODXIGLH)DKUWH JHVHW]WKDVWH'HU%OLQGH6RIJDUWPLWVHLQHQ.UDODVHQHQZDUKLQWHUGHQEHLGHQHEHQVR KHUZLHGLH$JHQWHQGHU7X*RO&HOGLHJHKHLPGLHQVWOLFKHQ$XJHQGHV,PSHULXPV'DV KDVWH&RUSNRUHUIDKUHQDOVHUDXI$UNRQ,XQG*RUWDYRUQDFK8QWHUODJHQJHVXFKWKDVWH GLHLKQDXIGLH6SXUIKUHQVROOWHQ:HGHU6RIJDUWV%OXWKXQGHQRFKGLH7*&VFKLHQHQ ELVKHUDOOHUGLQJV(UIROJJHKDEW]XKDEHQ 'HU0DQQYHU]RJGDV*HVLFKW]XHLQHU*ULPDVVH(UYHUDEVFKHXWHGLH 0HWKRGHQPLWGHQHQGHU%OLQGH6RIJDUWXQGVHLQH.UDODVHQHQYRUJLQJHQ6RIJDUWZDU NHLQ-lJHUGHUZLH&RUSNRUGLH³.RSIMDJG´DXV/HLGHQVFKDIWEHWULHE'HU%OLQGHZDUHLQ VDGLVWLVFKHU9HUEUHFKHUHLQHUGHUVHLQH2SIHUXQQ|WLJTXlOWH(UlKQHOWHHLQHU 7DSSRJK.DW]HGLHLKUH%HXWHILQJXPPLWLKUVRUDQJH]XVSLHOHQELVGDV2SIHU ]XJUXQGHJLQJ &RUSNRUKLQJHJHQVWHOOWHVHLQH2SIHU'LH%HXWHZXUGHJHW|WHWNXU]XQGRKQH 8PVFKZHLIHRGHUVLHZXUGHGHP$XIWUDJJHEHUEHUJHEHQMHQDFKGHPZLHGHU$XIWUDJ ODXWHWH6HLQH$XIWUlJHKDVWHQLKQVFKRQTXHUGXUFKGLHgGH,QVHOJHIKUW(UKDVWH /HEHZHVHQGHUYHUVFKLHGHQVWHQ$UWHQJHMDJWVLHDXI]DKOORVHQ3ODQHWHQLQLKUHQ 6FKOXSIZLQNHOQDXIJHVSUWXPVLHGDQQPLW+LOIHVHLQHU7LHUDUPHH]XEHNlPSIHQXQG VFKOLHOLFK]XEHVLHJHU'LHVPDOEHZHJWHVLFKVHLQ5DXPVFKLIILQGHU5DQG]RQHGHV JDODNWLVFKHQ=HQWUXPVZRGLH6WHUQHVHOWHQPHKUDOVHLQ/LFKWMDKUYRQHLQDQGHUHQWIHUQW ZDUHQ'HU3ODQHWGHUGLHNOHLQHQDPHQORVH6RQQHXPOLHIVFKLHQHLQHUGHUJHKHLPHQ 6WW]SXQNWH)DUWXORRQV]XVHLQ $OVHUDXIGHU.ULVWDOOZHOWQDFKGHQ6SXUHQGHV%DXFKDXIVFKQHLGHUVJHVXFKW KDVWHZDUHQLKPVFKOLHOLFKPHKUGXUFK=XIDOO8QWHUODJHQLQGLH+lQGHJHIDOOHQGLHLKQ DXIHLQHYDJH6SXUJHEUDFKWKDWWHQ0HKUHUH3HULRGHQKDVWHHUVLFKYHUJHEOLFK DEJHPKWVLH]XHQWVFKOVVHOQ6LHZDUHQLQHLQHUXUDOWHQ6FKULIWXQGLQHLQHP,GLRP DEJHIDWGDVLPJDQ]HQ7DL$UN¶7XVVDQXQEHNDQQWZDU 8QWHUGHU0LWKLOIHHLQHV6SUDFKXQG6FKULIWIRUVFKHUVZDUHVLKPVFKOLHOLFK JHOXQJHQGDV*HKHLPQLV]XHQWVFKOVVHOQ(VGUHKWHVLFKXPHLQHJDQ]H5HLKHYRQ *HKHLPVWW]SXQNWHQGLHLQGHQ-DKUHQXPGD$UNLP$XIWUDJ,PSHUDWRU *RQR]DOVJHVFKDIIHQZXUGHQ:LHGHUKROWZXUGHLQLKUHP=XVDPPHQKDQJGHU/HLEDU]W )DUWXORRQHUZlKQW²XQGVHLWKHUZDU&RUSNRUVLFKHUGDGLHVHUHLQHQRGHUPHKUHUH GLHVHU6WW]SXQNWHIUVHLQH=ZHFNHQXW]HQZUGH:HQLJVWHQVGLHXQJHIlKUHQ 6HNWRUNRRUGLQDWHQZDUHQLQGHQ8QWHUODJHQYHU]HLFKQHWJHZHVHQIQIGHU:HOWHQ KDVWHGHU.RSIMlJHULQ]ZLVFKHQYHUJHEOLFKXQWHUVXFKW'RUWJDEHVQLFKWGHQJHULQJVWHQ +LQZHLVDXIGLH$QZHVHQKHLWYRQ³5HEHOOHQ´$OVHUDXIVHLQHP6XFKIOXJGDQQLQGHQ 6HNWRUGHV6RQQHQV\VWHPVPLWGHPDOV.UDXPRQEH]HLFKQHWHQ3ODQHWHQNUHX]WHZDU HLQ(UHLJQLVHLQJHWUHWHQGDVLKQYHUPXWHQOLHGDHUWDWVlFKOLFKDXIGHUULFKWLJHQ )lKUWHZDU'LH,QVWUXPHQWHVHLQHV.XJHOUDXPHUVKDVWHQHLQH(UXSWLRQ K\SHUHQHUJHWLVFKHU$UWDQJHPHVVHQGLHDXI.UDXPRQVWDWWJHIXQGHQKDEHQPXWH 6HLWGHU5HPDWHULDOLVDWLRQILHIGDVYRUEHUHLWHWH3URJUDPPGHV.RSIMlJHUV6FKRQ YRUGHUOHW]WHQ7UDQVLWLRQKDVWHQ5RERWHUWlXVFKHQGHFKWZLUNHQGH6FKlGHQDP 5LQJZXOVWJHVFKDIIHQGHU$QIOXJDXIGHQ3ODQHWHQHUIROJWHPLWZLHGHUKROWVWRWWHUQGHQ ,PSXOVWULHEZHUNHQXQGGLH/DQGXQJZUGHZLHHLQH1RWODQGXQJDXVVHKHQ3O|W]OLFK UHJLVWULHUWHQGLH,QVWUXPHQWHHQHUJHWLVFKH(PLVVLRQHQ'LH$QDO\VHOLHNHLQHQ=ZHLIHO
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
(VKDQGHOWHVLFKXPGLH6WUHXVWUDKOXQJQXNOHDUHU.UDIWZHUNH1RFKKDVWHGLH 3DVVLYRUWXQJGHU.-g5.NHLQH)UHPGWDVWXQJUHJLVWULHUWPLWHWZDV*OFNZDUVHLQH $QNXQIWQLFKWEHPHUNWZRUGHQ 'HU.RSIMlJHUEHUOHJWHGLHQlFKVWHQ6FKULWWH'RUWZRVLFKGLH4XHOOHGHU (PLVVLRQHQEHIDQGZDUGHU6WW]SXQNW)DUWXORRQV6WW]SXQNW"'DGLHVHUPLW $EZHKUZDIIHQEHVWFNWZDUVWDQGIU&RUSNRUDXHU)UDJH$OVRJDLWHVYRUVLFKWLJ]X VHLQ(UOlFKHOWHKDVWHHUGRFKVHLQHHLJHQHQ0HWKRGHQGLHGHU1RWODQGXQJKDVWH ELVKHUQRFKLPPHUIXQNWLRQLHUW 'HU0DQQVWDQGDXIHUJULIIHLQNOHLQHVRYDOHV*HUlWXQGYHUOLHGLH=HQWUDOH 6FKRQDXIGHP5LQJJDQJXPILQJHQLKQGLHYLHOIlOWLJHQ*HUFKHGHU7LHUH1DFKGHPHU VLFKDXVGHP$QWLJUDYVFKDFKWJHVFKZXQJHQKDVWHEOLHEHUHLQHQ$XJHQEOLFNVWHKHQ XQGEHWUDWGDQQGDV7UDQVSRUWEDQG/DQJVDPJOLWWHUDQGHQODQJHQ5HLKHQGHU.lILJH YRUEHL+LHUREHUKDOEGHU=HQWUDOHZDUHQGLHJURHQ5DXEWLHUHXQWHUJHEUDFKW (LQLJHGHUGLFNKlXWLJHQ=DPXFFVYRQ+HOSDQGRUWURPSHWHWHQKHLVHUDOVLKU+HUU DQLKQHQYRUEHUIXKU:HUGLHJHJHQGLH6WDKOJLWWHUVWlEHJHOHKQWHQWRQQHQVFKZHUHQ .|USHUVDKNRQQWHVLFKNDXPYRUVWHOOHQZLHVFKQHOOVLFKGLHVHWUlJHQ)OHLVFKNRORVVH EHZHJHQNRQQWHQ$EHUVLHKDVWHQDFKWVWlPPLJH%HLQHPLWGHQHQVLHPLWHLQHU HUVWDXQOLFKHQ*HVFKZLQGLJNHLWEHUGLHKHLHQ+RFKVWHSSHQLKUHV+HLPDWSODQHWHQ UDVWHU'LHGLFNH+DXWERW6FKXW]JHJHQLKUHQDWUOLFKHQ)HLQGHGLH5LHVHQLQVHNWHQ GLHLQGHPIHXFKWKHLHQ.OLPD]XHLQHUIXUFKWEDUHQ3ODJHIUDOOHV/HEHQDXIGLHVHU :HOWJHZRUGHQZDUHQ %OXWKRUQLVVHQZXUGHQVLHJHQDQQWXQG&RUSNRUVJHKHLPQLVYROOHU*DEHZDUHV JHOXQJHQVHOEVWGLHVHJHIOJHOWHQ0|UGHU]X]lKPHQXQGIUVHLQH=ZHFNH HLQ]XVSDQQHQ6LHZXUGHQLQ6SH]LDONlILJHQLQHLQHPGHUXQWHUHQ'HFNVJHKDOWHQXQG QXUXQWHUEHVRQGHUHQ9RUVLFKWVPDQDKPHQLP.DPSIHLQJHVHW]W1DFKGHQ=DPXFFV SDVVLHUWH&RUSNRUGLH.lILJHGHU6WHO]NDW]HQ7URSIHQI|UPLJH.|USHUJLQJHQKLQWHQIDVW XQPHUNOLFKLQGHQODQJHQEXVFKLJHQ6FKZDQ]EHUZlKUHQGHUVLFKYRUQ]XHLQHU PlFKWLJHQWLHIKHUDEJH]RJHQHQ%UXVWZ|OEWH$XILKUHQVHFKVODQJHQJHVFKPHLGLJHQ %HLQHQMDJWHQVLHLPWURSLVFKHQ5HJHQZDOGLKUHU+HLPDW&KLWWRU &RUSNRUJOLWWZHLWHUYRUEHLDQGHQQLHGULJHQ.lILJHQGHUYHUVFKLHGHQHQ 6FKXGHQ$UWHQ'LH=ZHUJVFKXGHQYRP3ODQHWHQ%RV]QDJHElUGHWHQVLFKZLHWROODOV VLHLKUHQ0HLVWHUHUEOLFNWHQ6LHVSUDQJHQDQGHQ*LWWHUVWlEHQHPSRUXPNODPPHUWHQ VLHPLWLKUHQ.UDOOSIRWHQXQGUWWHOWHQGDUDQ'DEHL]HWHUWHQVLHXQGVWLHHQKHXOHQGH 7RQHKHUYRU&RUSNRUDQWZRUWHWHLKQHQDXIGLHJOHLFKH:HLVH6RIRUWOLHIHQGLHZHLWHU KLQWHQNDXHUQGHQ7LHUHKHUEHLGUlQJWHQVLFK]ZLVFKHQGLHDQGHUHQXQGEHJUWHQGHQ 7LHUElQGLJHU'LH-DJGVFKXGHQYRQgSSlN9,,,ZXUGHQVRHEHQJHIWWHUW(LQ7HLOGHU 5FNZDQGGHV.lILJVZDUJH|IIQHW*URH0HQJHQURKHQ)OHLVFKHVJOLWWHQEHUGLH 6FKUlJHGHU5DPSHXQGZXUGHQYRQGHQ5DXEWLHUHQJLHULJYHUVFKOXQJHQ (UHUUHLFKWHHLQVFKZHUHV6FKRWWGDVGLHVHQ7HLOGHV*DQJHVDEVFKORVSUDQJ YRQGHP7UDQVSRUWEDQGGDV]ZHL6FKULWWHZHLWHULQHLQHP%RGHQVFKOLW]YHUVFKZDQG KREGDVRYDOH*HUlWXQGGUHKWHPLWGHU5HFKWHQDQHLQHP.QRSI'DV6FKRWW|IIQHWH VLFK'HU$UNRQLGHEHWUDWHLQHTXDGUDWLVFKH.DPPHUYRQGHUDXVGUHLGXUFK WUDQVSDUHQWH7XUHQYHUVFKORVVHQH*lQJHZHJIKUWHQ'HUOLQNHYHUOLHIVFKUlJQDFK REHQ]XGHQ%HKDXVXQJHQGHU,QVHNWHQXQG6SLQQHQWLHUH'HUPLWWOHUHIKUWH]XGHQ 5HSWLOLHQXQGGHUUHFKWH]XHLQHP,QQHQKRI
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'HU.RSIMlJHUVFKORGDV6FKRWWXQG|IIQHWHZLHGHUXPGXUFK)XQNEHIHKOGLH PLWWOHUH7XU]XP³(FKVHQJDQJ´'LHVFKDUIHQ$XVGQVWXQJHQGHU5HSWLOLHQVFKOXJHQ LKPHQWJHJHQDOVHUDXIHLQHPVFKPDOHQ%DQGVHLQH5XQGIDKUWIRUWVHW]WH(LQLJH .lILJHZDUHQJH|IIQHWXQGHUVDKZLHVLFKHLQSHDUEODXJOlQ]HQGH.HJHOVFKXSSHQ (FKVHQYRUVLFKWLJHLQHP6DXULHUYRP3ODQHWHQ=\\O,,,QlKHUWHQGHULKQHQJHODVVHQ XQGRIIHQEDUIULHGOLFKHQWJHJHQEOLFNWH'LH7LHUHYHUPLHGHQHVGHP7UDQVSRUWEDQG DOO]XQDKH]XNRPPHQ'LHVHVZDUGXUFKHLQH3UDOOIHOGVSHUUHJHVFKW]W'DGXUFK ZXUGHGLH*HIDKUXPJDQJHQGDHLQ7LHUGDV%DQGJHUDGHGDQQEORFNLHUWHZHQQ &RUSNRUHVEHQXW]HQZROOWH 'HU7LHUElQGLJHUSDVVLHUWHGLH7LHUHXQGQlKHUWHVLFKGHP(QGHGHV*DQJHV DOVHLQNODJHQGHU7URPSHWHQWRQDQVHLQ2KUGUDQJ:HLR'HU0DQQOlFKHOWH0LWHLQHP ZHLWHUHQ)XQNEHIHKODXVVHLQHP0HKU]ZHFNJHUlWVFKDOWHWHHUIUHLQHQ$XJHQEOLFNGLH )HOGVSHUUHDXVXQGVSUDQJYRP%DQG(UZDUWHWH$XVHLQHPGHUKRKHQ.lILJHVSUDQJ PLWHLQHPJHZDOWLJHQ6DW]GDV:HLRWRVWDQ(VVWUHFNWHZlKUHQGHVVLFKDXIGHQ EHLGHQVWlPPLJHQ+LQWHUEHLQHQXQGGHP6SUXQJVFKZDQ]QDFKYRUQVFKQHOOWHGLH YHUNPPHUWHQ9RUGHUEHLQHDXVXQGJULIIEOLW]VFKQHOO]X &RUSNRUIKOWHVLFKKRFKJHZLUEHOW(LQHQ$XJHQEOLFNIDQJZXWHHUQLFKWZDV REHQXQGXQWHQZDU'DQQVWDELOLVLHUWHVLFKVHLQ³)OXJ´XQGHUODQGHWHVDQIWDXIGHP 5FNHQGHUJHZDOWLJHQ(FKVH$XVGHP5DFKHQPLWGHQGUHLIDFKHQ=DKQUHLKHQNDP HLQH6HULHYRQ*UXQ]XQG6FKQDO]ODXWHQGLHVLFK]XHLQHU$XVVDJHDUWLNXOLHUWHQ ³/DQJHJHZDUWHW´ 'HU7LHUElQGLJHUEOLFNWHDXIGHQPlFKWLJHQ+DOVGHUVLFKYRULKPHPSRUZ|OEWH 6HLQHEHKDQGVFKXKWHQ)LQJHUXPNODPPHUWHQGLHOHLFKWDXIJHVWOSWHQ5lQGHUGHU URWEUDXQHQ6FKXSSHQ,QVHLQHP5FNHQVSUWHHUGLHJHVFKPHLGLJH6SLW]HGHV 6FKZDQ]HVPLWGHUGDV7LHUVHLQHQ+HUUQVWW]WH ³:HLR´VDJWH&RUSNRU(UVSUDFKHVJXWWXUDODXVXQGJUXQ]WHGDEHL=l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lKPWHQ :HLRWRVWDQV]XU9HUIJXQJJHVWHOOWPLWGHUHQ+LOIH&RUSNRUGHQ9HUEUHFKHUVFKOLHOLFK ]XU6WUHFNHJHEUDFKWKDVWH(LQHVGLHVHU7LHUHKDVWHVLFKEHLGHU-DJGEHVRQGHUV KHUYRUJHWDQ&RUSNRUKDVWHHVQDFKGHPHUHLQHKEVFKH6XPPHGDIUKDWWHEH]DKOHQ PVVHQPLWDXIVHLQ6FKLIIJHQRPPHQ 'HP7LHUElQGLJHUGHUHLQHJHUDGH]XSDUDQRUPDOH%HJDEXQJLP8PJDQJPLW 7LHUHQKDVWHZDUHVQLFKWVFKZHUJHIDOOHQGHQHUZDFKHQGHQ,QWHOOHNWGHU(FKVH]X I|UGHUQ(UKDVWH³:HLRV´HLJHQWPOLFKH*UXQ]6FKQDO]XQG.QDUUVSUDFKHVWXGLHU´ XQGVLHLPWlJOLFKHQ'LDORJZHLWHUHQWZLFNHOW³6WXGLHUW´ZDULQGLHVHP=XVDPPHQKDQJ VLFKHUQLFKWGDVWUHIIHQGH:RUW&RUSNRUZDUNHLQ6SUDFKIRUVFKHU(UKDVWHLQVHLQHP /HEHQQLHPDOVHLQH6SUDFKHV\VWHPDWLVFKJHOHUQW'HQQRFKEHKHUUVFKWHHUHLQLJH KXQGHUWYHUVFKLHGHQH7LHUVSUDFKHQYRQGHQHQHUGLHPHLVWHQVHOEVWZHLWHUJHI|UGHUW XQGDXVJHEDXWKDVWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
:HLRZDUVWHKHQJHEOLHEHQXQGJUXQ]WH³)UDJHKLQGXUFK"´'DEHLKlPPHUWHHU HLQLJH0DOHPLWVHLQHPKDUWHQ6FKlGHOJHJHQGDV6FKRWWGDVVLFK]XLKUHU5HFKWHQ EHIDQG &RUSNRUJULQVWH'DV6FKRWWZDUGHU(LQJDQJ]XHLQHP.RUULGRUGHU]XP ,QQHQKRIIKUWH7LHUHGHUYHUVFKLHGHQVWHQ*DWWXQJHQEHZHJWHQVLFKQDFKHLQHP EHVWLPPWHQ$XVZDKOSURJUDPPIUHLXPKHU'DEHLNDPHVPDQFKPDO]XVFKDUIHQ $XVHLQDQGHUVHW]XQJHQGLHIUGLH%HWURIIHQHQQLFKWXQJHIlKUOLFKZDUHQ$OOHUGLQJV ZXUGHGLH6]HQHVWlQGLJYRQGHU=HQWUDOHDXVSRVLWURQLVFKEHUZDFKWXQGMHGHU DXHUJHZ|KQOLFKH9RUIDOOZXUGH&RUSNRUVRIRUWSHU)XQNPLWJHWHLOW:HLRMHGHQIDOOV OLHEWHGLHVH'XHOOHEHUDOOHVEHJOHLWHWHGLH$XVHLQDQGHUVHW]XQJHQPLW WURPSHWHQKDIWHP%HLIDOO$XHUGHPKRIIOHHUVHLQH)UHXQGHGRUWYRU]XILQGHQ$\XDN GDV/\DXQNR:HLEFKHQHLQHYLHU0HWHUJURH+DPPHUVFKODQJHXQG7XWGHQ 0HOGHYRJHO&RUSNRUVFKDOWHWHDQVHLQHP*HUlWXQGGDV6FKRWW|IIQHWHVLFK ³)HVWKDOWHQ´VFKQDO]WH:HLRGUFNWH&RUSNRUVHLQHQ6FKZDQ]IHVWHULQGHQ 5FNHQXQGHLOWHPLWHLQJH]RJHQHP.RSIGXUFKGHQQLHGULJHQ*DQJ:lKUHQGVLFKGHU 7LHUElQGLJHUYRUQEHUQHLJWHXQGVLFKPLWGHU5HFKWHQDQGLH+DOVVFKXSSHQGHU(FKVH NUDOOWHGUFNWHHUPLWGHU/LQNHQHUQHXWHLQH7DVWHGHV*HUlWVGDVHUDQVHLQHP EUHLWHQ*UWHOEHIHVWLJWH,PQlFKVWHQ$XJHQEOLFN|IIQHWHVLFKGDV6FKRWWDP(QGHGHV *DQJHVXQG:HLRVSUDQJLQJHVWUHFNWHP*DORSSGXUFKGLHgIIQXQJ :lKUHQG:HLRVWHKHQEOLHEXQGVHLQH$QNXQIWPLWHLQHPODXWHQ7URPSHWHQVFKUHL YHUNQGHWHJOLWW&RUSNRUYRQVHLQHP5FNHQ6HLQ7KLFNZDQGHUWHSUIHQGGXUFKGLH KRKH=\OLQGHUKDOOH2EHQDQGHQNQVWOLFKHQ)HOVHQNOHEWHQGLH+DXWVHJOHUXQG lXJWHQ]XLKPKHUDE'LHVHIXORVHQ5DXEY|JHOVHJHOWHQODXWORVDXILKUH%HXWHQLHGHU NOHEWHQVLFKPLWGHP6HNUHWGDVDXVGHQLQGHQ)OJHOQYHUERUJHQHQ'UVHQGUDQJDQ LKUIHVWXQGULVVHQPLWVFKDUIHQ6FKQDEHOKLHEHQGLH+DOVVFKODJDGHUDXI $P)XGHU)HOVHQVRQQWHQVLFKHLQSHDUJHVFKXSSWH.ULHFKWLHUH7UlJHEOLFNWHQ VLHEHUGHQ%DFK]XPVWHSSHQDUWLJHQ8IHUKLQEHU'RUWWREWHHLQ5XGHO6FKXGHQ =ZHL7LHUHYHUVXFKWHQHLQHULHVLJH6FKOHXGHUVSLQQHYRQLKUHP5XKHSODW]]X YHUWUHLEHQ 'LH6SLQQHHLQ]Z|OIEHLQLJHVIXJURHV*HVFK|SIZHKUWHVLFKPLW(UIROJ6LH VSDQQLQ%OLW]HVVFKQHOOHHLQGLFKWPDVFKLJHV1HW]XQGZDUIHVEHUHLQHVGHUJHLIHUQGHQ 5DXEWLHUH'HU6FKXGHKHXOWHDXIXQGELZLOGXPVLFK'RFKGDV1HW]ZLGHUVWDQG VHLQHQPHVVHUVFKDUIHQ=lKQHQ8QGMHPHKUHU]DSSHOWHXPVRPHKUYHUILQJHUVLFKLQ GHQ0DVFKHQ%DOGZDUDXVGHPEHKHQGHQ5DXEWLHUHLQXQI|UPLJHU.RNRQJHZRUGHQ 1RUPDOHUZHLVHKlWWHGLH6SLQQHLKU2SIHUOlQJVWGXUFK%LVVHXQG*LIWLQMHNWLRQHQ JHW|WHW$EHUVLHKDVWHGDPLW]XWXQVLFKGHQDQGHUHQ*HJQHUYRP/HLE]XKDOWHU :HQQVLHVLFKLKUHU%HXWHQlKHUWHILHOGDV.OHLQUDXEWLHUVLHYRQKLQWHQDQXQG VFKQDSSWHPLWGHQ)DQJ]lKQHQQDFKLKUHQ%HLQHQ(VVFKLHQ]XZLVVHQGDHVHLQH :HLOHGDXHUWHELVGLH6SLQQHLQGHU/DJHZDUHLQQHXHV1HW]KHU]XVWHOOHQGHQQHV GUDQJIXUFKWORVDXIVLHHLQXQGGLH6SLQQHKDVWHHVQXULKUHU%HKHQGLJNHLW]X YHUGDQNHQGDVLHGHQ%LVVHQGHUP|UGHULVFKHQ)lQJHLPPHUZLHGHUHQWJLQJ 6FKOLHOLFKZXUGHQLKUH%HZHJXQJHQODQJVDPHUVLHKDVWH]ZHLLKUHU%HLQHHLQJHEW 6FKRQVDKHVVRDXVDOVREVLHLKUHP)HLQGHQGJOWLJHUOLHJHQZUGH'RFKGLH 7RGHVIXUFKWPXWHGLH7lWLJNHLWGHU6SLQQGUVHQYHUVWlUNWKDEHQ'DV1HW]HQWVWDQG :LHHLQH.ODPPHUOHJWHHVVLFKEHUGLH)lQJHGHV6FKXGHQ'LH6SLQQHULFKWHWHVLFK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
DXIXQGQlKHUWHVLFKPLWWULSSHOQGHQ%HLQHQLKUHPYHU]ZHLIHOWXPVLFKVFKODJHQGHQ *HJQHU 'HU.RSIMlJHUVWHFNWHHLQHQ)LQJHULQGHQ0XQGXQGVWLHHLQHQ GXUFKGULQJHQGHQ3ILIIDXV(VZDUHLQVHOWVDPHU7RQ(UVWLHJMlKDQYHUKDUUWHHLQLJH $XJHQEOLFNHLQGHUVHOEHQ)UHTXHQ]XQGVDQNGDQQLQKDUWHP6WDNNDWRDXIGHQ *UXQGWRQ]XUFN'LH.|SIHDOOHU7LHUHIXKUHQKHUXP6HOEVWLQGLHWUlJHQ/HLEHUGHU 5HSWLOLHQNDP%HZHJXQJ6LHUHFNWHQGLHJHVFKXSSWHQ+lOVH.UDFKHQGNODSSWHQGLH .LHIHU]XVDPPHQ(LQLJH+DXWVHJOHUVWLHHQVLFK]XHLQHPODXWORVHQ)OXJDWH'LH 6FKXGHQXQWHUEUDFKHQLKUHZLOGHQ$QJULIIHXQGGLH6FKOHXGHUVSLQQHYHUKDUUWHPLWWHQLQ GHU%HZHJXQJ'DQQPDFKWHVLHNHKUWXQGVWHO]WHDXIGHQ]HKQJHVXQGHQ%HLQHQ GDYRQ ³%HIUHLHVLH´VFKQDO]WH&RUSNRU(LQJHZDOWLJHU6DW]EUDFKWHGDV:HLRWRVWDQ]X GHQEHLGHQ6FKXGHQGLHZLQVHOQGDXILKUH5HWWXQJZDUWHWHQ0HKUIDFKIXKUGHU 6FKZDQ]GHU(FKVHQLHGHUGLHDXIJHULFKWHWHQ6FKXSSHQ]HUIHW]WHQGLH1HW]H 8QYHUOHW]WVWDQGHUGLHEHLGHQ5DXEWLHUHDXIXQGGHKQWHQLKUH*OLHGHU/DQJVDPVFKULWW &RUSNRUGXUFKGDVEODXJUQH*UDVGHUIXKRKHQ.XQVWVWHSSH$XVGHQ$XJHQZLQNHOQ KHUDXVEHPHUNWHHUHLQHQ6FKDWWHQ'DQQYHUVSUWHHUHLQHQOHLFKWHQ'UXFNDXIVHLQHU OLQNHQ6FKXOWHU 7XWGHU0HOGHYRJHOJXUUWHLKPLQV2KU'HUNOHLQHEXQWJHILHGHUWH.RSI]XFNWH KLQXQGKHU$OOPlKOLFKZXUGHDXVGHP*XUUHQHLQ.UlFK]HQ'HU6FKQDEHO]ZLFNWH VDQIWLQGHQ+DOVGHV$UNRQLGHQGHUHLQSHDUEHUXKLJHQGH/DXWHYRQVLFKJDEXQGPLW GHU+DQGEHUGDV*HILHGHUGHV9RJHOVVWULFK9RP+DXSWJDQJGUDQJDXIJHUHJWHV *HVFKQDWWHUKHUEHU(VZXUGHYRQ:HLRPLWGXUFKGULQJHQGHQ7URPSHWHQODXWHQ EHDQWZRUWHW'DV/\DXQNR:HLEFKHQVFKOlQJHOWHVLFKGXUFKGDV*UDVXQGVFKQDWWHUWH PLWGHQ/DXISODWWHQGHUHQ5K\WKPHQYHUVFKLHGHQH$XVVDJHEHGHXWXQJHQKDWWHQ =ZLVFKHQGHU(FKVHXQGGHU+DPPHUVFKODQJHHQWVSDQQVLFKHLQVHOWVDPHU 'LDORJ&RUSNRUK|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lKOWEHLGHUGLH 0lQQFKHQGLH(LHUDXVEUWHWHQXQGLQ6lXJHWLHUPDQLHUGLH-XQJHQJUR]RJHQ :HLEFKHQZXUGHQGDJHJHQQRFKQLHJHVHKHQ(UKDVWHEHUGLHVH(U]lKOXQJHQJHODFKW XQGVLHDOV5DXPIDKUHUJDUQDEJHWDQVLFKGDQQDEHUDXIGLH6XFKHQDFKGHQ P\VWHUL|VHQ6FKODQJHQJHPDFKW'LH%HULFKWHGHU.RORQLVWHQZDUHQQLFKWDXVGHU/XIW JHJULIIHQJHZHVHQ(UZDULQGHU7DW+XQGHUWHQYRQ/\DXQNR0lQQFKHQEHJHJQHW RKQHHLQHLQ]LJHV:HLEFKHQ]XHQWGHFNHQ $OVHUVFKRQJODXEWHGDGLH/\DXQNR0lQQFKHQJDUNHLQH0lQQFKHQZDUHQ VRQGHUQ=ZLWWHUHQWGHFNWHHULQHLQHUDEJHOHJHQHQ%RGHQK|KOHPLWWHQLPWLHIVWHQ 'VFKXQJHOHLQH+DPPHUVFKODQJHGLHLQ*U|HXQG+DXW]HLFKQXQJYRQGHQDQGHUHQ /\DXQNRVVWDUNDEZLFK=XQlFKVWKDVWH&RUSNRUJHJODXEWGDHVVLFKXPHLQHJDQ] DQGHUH$UWKDQGHOWH2EZRKOGDV7LHUXQJHPHLQVFKHXZDUZDUHVGHP7LHUElQGLJHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
QLFKWVFKZHUJHIDOOHQVLFKPLWLKPDQ]XIUHXQGHQ(UKDVWHIHVWJHVWHOOWGDGDV :HLEFKHQZHVHQWOLFKLQWHOOLJHQWHUZDUDOVVHLQHPlQQOLFKHQ$UWJHQRVVHQ 'DGLHVNHLQ=XIDOOZDUKDVWH&RUSNRUHUIDKUHQDOVHULP/DXIHGHUQlFKVWHQ =HLWZHLWHUHQ/\DXQNR:HLEFKHQEHJHJQHWH8QGDOOPlKOLFKOHUQWHHUDXFKGDV *HKHLPQLVGLHVHUPHUNZUGLJHQ7LHUDUWNHQQHQ'LH/\DXQNRVZDUHQLQHLQHU HYROXWLRQlUHQ8PZDQGOXQJEHJULIIHQ$XVHLQHPXQHUNOlUOLFKHQ*UXQGVWDUEHQGLH ZHLEOLFKHQ7LHUHDOOPlKOLFKDXV'LH6SH]LHVVFKLHQVLFKDXIHLQHHLQJHVFKOHFKWOLFKH$UW XP]XVWHOOHQGLHVLFKDXVGHQPlQQOLFKHQ6FKODQJHQHQWZLFNHOWH'LHEHUHLWVVHKU VHOWHQJHZRUGHQHQ:HLEFKHQJHZDQQHQ]ZDUDQ,QWHOOLJHQ]XQG/HEHQVHUZDUWXQJ ]DKOWHQGDIUDEHUHLQHQKRKHQ3UHLV 'LH8PVWHOOXQJGHU/\DXQNRVZDULQHLQLJHQ3XQNWHQEHUHLWVGHXWOLFK]X HUNHQQHQJHZHVHQ,QGL]ZDUHQGLHhEHUQDKPHGHU%UXWWlWLJNHLWXQG$XI]XFKWGXUFK GLHPlQQOLFKHQ6FKODQJHQVRZLHGLHVWDUNH5HGX]LHUXQJGHU:HLEFKHQ8PGHQ ]DKOHQPlLJHQ%HVWDQGGHU6SH]LHV]XVLFKHUQPXWHMHGHV/\DXQNR:HLEFKHQLP /DXIVHLQHV/HEHQVELV]X]HKQWDXVHQG(LHUSURGX]LHUHQ'LHVHOHJWHHVLQJURH XQWHULUGLVFKH+|KOHQNHKUWHDQGLH2EHUIOlFKH]XUFNXQGYHUVWlQGLJWHGXUFKGLH FKDUDNWHULVWLVFKHQ.ODSSHUODXWHGLH0lQQFKHQ'LHVHNDPHQLQJURHU$Q]DKOXQG VFKOHSSWHQGLH(LHU]XGHQ%UXWSOlW]HQGLHVLHYRUEHUHLWHWKDWWHQ 6SlWHUVWLHGHU0DQQDXIHLQHGULWWH$UWYRQ/\DXQNR6FKODQJHQ6LHZLHVHQ HWZDGLHJOHLFKH*U|HDXIZLHGLH0lQQFKHQ'RFKDOV&RUSNRUVLHQlKHUXQWHUVXFKWH VWHOOWHHUIHVVGDVLH2UJDQHIUGLHVHOEVWEHIUXFKWHQGH)RUWSIODQ]XQJKDWWHQ'DPLW KDVWH&RUSNRUGHQOHW]WHQ%HZHLVHQWGHFNWGDGLH/\DXQNRVDXI7DPPHUNDQJ8, WDWVlFKOLFKLP%HJULIIZDUHQGLH=ZHLJHVFKOHFKWOLFKNHLW]XYHUOLHUHQ$\XDNGDV /\DXQNR:HLEFKHQGHPHU]XHUVWEHJHJQHWZDUXQGPLWGHPLKQOlQJVWHLQHHQJH )UHXQGVFKDIWYHUEDQGZDULKPDXIVHLQ5DXPVFKLIIJHIROJW 7XWGHU0HOGHYRJHOYHUOLHVHLQH6FKXOWHUXQGIORJ]X$\XDNXQG:HLRKLQEHU (UXPNUHLVWHGLHEHLGHQ5HSWLOLHQXQGILHONUlFK]HQGLQLKUH³8QWHUKDOWXQJ´HLQ7XWZDU JHZLVVHUPDHQGHU'ULWWHLP%XQGHHLQHW\SLVFKH7LHUIUHXQGVFKDIW'LH9HUVWlQGLJXQJ ]ZLVFKHQGHP9RJHOXQGGHQEHLGHQ5HSWLOLHQEHUXKWHDXIHLQHUHPRWLRQDOHQXQG NHLQHULQWHOOHNWXHOOHQ%DVLV'HU.RSIMlJHUJLQJZHLWHU9RUEHLDQGHU5DJZXH 3DUGHQIDPLOLHXQGDQGHP&LQJN7RWHUSDDUYRP3ODQHWHQ$W&DQQ%HYRUHUGHQ ,QQHQKRIYHUOLHODQGHWH7XWZLHGHUDXIVHLQHU6FKXOWHU &RUSNRUEHWUDWGLH³.OHLGHUNDPPHU´+LHUEHIDQGHQVLFKGLH6FKXW]DQ]JHGHU ,VVFK¶DDVXQG3RJH[GLHLQHLQHPWLHIHUJHOHJHQHQ'HFNLQGHQ³0HWKDQVWDOOXQJHQ´ OHEWHQ(UJLQJ]XP6FKDOWSXOWXQGGUFNWHHLQH7DVWH,P+LQWHUJUXQGJOLWWHQ3DQHHOH ]XUFNXQGJDEHQGHQ7KLFNIUHLDXIGLHODQJHQ5HLKHQYRQ5DXPNRPELQDWLRQHQGLH WULHUJHVWDIIHOWKLQJHQ'HU7LHUElQGLJHUWUDWQDKHDQGLHXQJHZ|KQOLFKH³*DUGHUREH´ KHUDQXQGOLHVHLQHQ7KLFNEHUGLH6FKXW]DQ]JHZDQGHUQ9RUQHKLQJHQGLH DUNRQRLGJHIRUPWHQ.RPELQDWLRQHQGHU3RJH[,QGHQKLQWHUHQ5HLKHQHUEOLFNWHHUGLH ULHVLJHQ$Q]JHGHU,VVFK¶DDV6LHKLQJHQGRSSHOWJHIDOWHWLQGHQ6SH]LDOKDOWHUXQJHQ XQGOLHHQGLH*U|HXQG8QI|UPLJNHLWGLHVHU$UWHUDKQHQ&RUSNRUQLFNWHJULPPLJ:R GLH,VVFK¶DDV]XP(LQVDW]NDPHQEOLHENHLQ6WHLQDXIGHPDQGHUHQ 'HU7LHUElQGLJHUILHI]XUFN]XP6FKDOWSXOWXQGNRQWUROOLHUWHGLH )XQNWLRQVIlKLJNHLWGHU$XVJDEHPHFKDQLVPHQ$OOHVZDULQ2UGQXQJ&RUSNRUJLQJ ZLHGHUDXIGHQ.RUULGRUKLQDXV(UIROJWHLKPELV]XUQlFKVWHQ$E]ZHLJXQJXQG VFKZHEWHLP$QWLJUDYOLIW]XHLQHPWLHIHUJHOHJHQHQ'HFN$OVHUDXIHLQHQVFKPDOHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
*DQJKLQDXVWUDWXPILQJLKQHLQ*HUlXVFKGDVVLFKZLHGDV7RVHQHLQHV ,PSXOVWULHEZHUNVDQK|UWHZHQQDXFKQLFKWVRPRQRWRQ(VVFKZROODQXQGDWH YHUVWXPPWH]XZHLOHQIDVWJDQ]XPGDQQXPVRKHIWLJHUZLHGHUDXI]XNOLQJHQ (LQH*DQJVHLWHZDUYRQHLQHPHQJPDVFKLJHQ*LWWHUZHUNDXV6WDKOVWDQJHQ EHJUHQ]W'DKLQWHUKLHOWHQVLFKGLHJHIlKUOLFKVWHQ0LWJOLHGHUGHU7LHUDUPHHDXIGLH %OXWKRUQLVVHQ&RUSNRUEOLFNWHLQGHQ.lILJKLQHLQ'LH,QVHNWHQVFKZlUPWHQ,QGLFKWHP 3XONXPIORJHQVLHGHQ*LSIHOLKUHV:RKQIHOVHQV'LH)OJHOURWLHUWHQUHVHQGXPGHQ VFKLOOHUQGHQJUQZHLJHVWUHLIWHQ.|USHUGHUELV]XHLQHPGUHLYLHUWHO)XIDQJZXUGH $XIGHP*LSIHOVHOEVWVDGLH.|QLJLQ,KUVFKODQNHU/HLEKREVLFKGHXWOLFKJHJHQGHQ VWXPSIJUDXHQ6WHLQDWH'LHDXIJHZ|OEWHQ)DFHWWHQDXJHQEOLFNWHQVWDUUZlKUHQGGLH DQWHQQHQJURHQ)KOHUDXIGHP.RSIXQDXIOK|UOLFKLQ%HZHJXQJZDUHQ 'DV/LFKWGHU'HFNHQVWUDKOHUGDVDXIGHQKDUWHQ&KLWLQSDQ]HUQLUUOLFKWHUWHZDU EODX'LH%OXWKRUQLVVHQHQWVWDPPWHQGHPMXQJHQ3ODQHWHQV\VWHPHLQHV%ODXHQ5LHVHQ 'DUDXVHUJDEVLFKDEHUDXFKGHUHLQ]LJH1DFKWHLOGHUEHLHLQHP(LQVDW]GHU,QVHNWHQ DXIWUHWHQNRQQWH/LFKWYRQK|KHUHURGHUQLHGULJHUHU)UHTXHQ]EHHLQWUlFKWLJWHGDV 6HKYHUP|JHQGHU7LHUH:DUHQVLHDXIHLQHP3ODQHWHQOlQJHUH=HLWJHOEHURGHUJDU URWHU6RQQHQVWUDKOXQJDXVJHVHW]WEWHQVLHDQ.DPSINUDIWHLQ *HJHQGHQ$QJULIIYRQ%OXWKRUQLVVHQJDEHVNHLQH$EZHKUZHQQPDQQLFKW YRUEHUHLWHWZDU8QGVHOEVW6WUDKOZDIIHQZDUHQNHLQH*DUDQWLHIUHLQHHUIROJUHLFKH 9HUWHLGLJXQJ'LH5DXELQVHNWHQNRQQWHQPLWHLQHU*HVFKZLQGLJNHLWDQJUHLIHQGLHGLFKW XQWHUKDOEGHU6FKDOOPDXHUODJ0LWGHQVWDKOKDUWHQ.ODXHQLKUHU9RUGHUEHLQHKLHOWHQVLH GDV2SIHUIHVWXQGWULHEHQEOLW]VFKQHOOGHQ%RKUVWDFKHOKLQHLQ'DV/lKPJLIWZLUNWH ELQQHQHLQHV$XJHQEOLFNV0LWGHPODQJHQ5VVHOZXUGHGHP2SIHUGDV%OXWDEJH]DSIW 'LHVHVXQGGDV)OHLVFKZDUPEOWLJHU6lXJHWLHUHLQGHPVLHLKUH(LHUDEOHJWHQ EHQ|WLJWHQGLH,QVHNWHQDOV1DKUXQJIULKUH%UXW$XILKUHU+HLPDWZHOWELOGHWHQGLH %OXWKRUQLVVHQLQ)HOVK|KOHQ.OHLQVWDDWHQYRQHLQLJHQKXQGHUW,QGLYLGXHQGLHMHZHLOV YRQHLQHU.|QLJLQEHKHUUVFKWZXUGHQ &RUSNRUVSUWHGD7XWDXIVHLQHU6FKXOWHUXQUXKLJZXUGH'HU9RJHOKlWWHZLH MHGHVDQGHUH7LHUEHLP$QEOLFNGHU%OXWKRUQLVVHQOlQJVWLQSDQLVFKHU$QJVWGDV:HLWH JHVXFKW²QXUGDV9HUWUDXHQXQGGLH/LHEH]XVHLQHP+HUUQXQGGLHEHUXKLJHQGH.UDIW GLHYRQGHP0DQQDXVJLQJKLHOWHQLKQDQVHLQHP3ODW]'HU7LHUElQGLJHUWUDWGLFKWDQ GHQ.lILJKHUDQ(UIRUPWHPLWGHQ+lQGHQYRUGHP0XQGHLQHQ7ULFKWHUXQGVWLH GDQQHLQH6HULHGXUFKGULQJHQGHU6XUUODXWHDXV6RIRUWlQGHUWHVLFKGDV9HUKDOWHQGHU ,QVHNWHQ'HUEHUZLHJHQGH7HLOGHV6FKZDUPVVWREEUDXVHQGZHJXQGYHUVFKZDQGLQ GHU)HOVK|KOH'LH.|QLJLQMHGRFKHQWIDOWHWHLKUHWUDQVSDUHQWHQ)OJHOXQGIORJEHJOHLWHW YRQHLQHP'XW]HQG:lFKWHUQ]X&RUSNRU1RFKZlKUHQGGHV$QIOXJVVWUHFNWHVLHGLH VHFKVGLFKWEHKDDUWHQ%HLQHDXVXQGODQGHWHDXIGHQ*LWWHUVWlEHQ,KUH$QWHQQHQIKOHU ULFKWHWHQVLFKDXIGHQ0DQQZlKUHQGKLQWHULKUGLH:DFKWHULP6FKZHEHIOXJYHUKDUUWHQ 'HU9RJHODXIVHLQHU6FKXOWHUEHJDQQ]X]LWWHUQ'HU7LHUElQGLJHUVSUDFKHLQ SHDUEHUXKLJHQGH:RUWHXQGVWULFKPLWGHU+DQGEHU7XWV5FNHQ'DQQZDQGWHHU VLFKZLHGHUGHU.|QLJLQ]X9RQGHQQDFKWVFKZDU]HQ)DFHWWHQDXJHQJLQJHLQH )UHPGKHLWDXVGLHQDPHQORVH'URKXQJYRQHWZDV8QKHLPOLFKHPGDVQDFKVHLQHP %HZXWVHLQJULII'HU7KLFNGHV7LHUElQGLJHUVERKUWHVLFKLQGLH$XJHQGHV,QVHNWV VFKLHQVLFKIUHLQHQ]HLWORVHQ$XJHQEOLFNLQGHUDEJUQGLJHQ6FKZlU]H]XYHUOLHUHQ(U VSUWHGHQIUHPGHQ:LOOHQGLH0DFKWGLHYRQLKPDXVJLQJ'RFKVHLQHLJHQHU:LOOHZDU VWlUNHU1DFKHLQHU:HLOHILQJHQGLH)KOHUGHU.|QLJLQDQ]XYLEULHUHQ(LQ=LWWHUQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
GXUFKOLHIGHQYLHOIDFKJHJOLHGHUWHQ.|USHU'DQQJOLWWHQGLH'HFNIOJHODXVHLQDQGHUXQG KLQJHQNUDIWORV]XEHLGHQ6HLWHQGHV/HLEHVKHUDE,PJOHLFKHQ0RPHQWWRUNHOWHQGLH :DFKWHU]X%RGHQ &RUSNRUKREGLH+DQGXQGVWULFKODQJVDPPLWGHU=HLJHILQJHUVSLW]HEHUGLH JUQZHLHQ%UXVWULQJHGHU.|QLJLQ'DQQGUHKWHHUVLFKXPXQGJLQJ]XUFN]XP $QWLJUDYOLIW7XWHUZDFKWHDXVVHLQHU(UVWDUUXQJ$OV&RUSNRUGHQ$XI]XJEHWUDWK|UWHHU GLH+RUQLVVHQZLHGHUVFKZlUPHQ'HU$UNRQLGHVFKZHEWHYLHU'HFNVKLQDXIXQGYHUOLH GHQ/LIWXPGLH*HKHJHGHU6WHSSHQ(ONKRVXQGGLH.lILJHGHU6WHLQZUIHXQG )HOVNQDFNHU]XLQVSL]LHUHQDOVVHLQ)XQNJHUlWVXPPWH'LH5RERW]HQWUDOHPHOGHWH ³=LHOSODQHWRSWLVFKHUIDW/DQGHDQIOXJEHJLQQWLQHLQHUKDOEHQ7RQWD´ (UHLOWHDXIGLUHNWHP:HJ]XU=HQWUDOHXPGHQ(LQVDW]YRU]EHUHLWHQ 'HU5RERWSLORWDUEHLWHWHPLWYROOHU.DSD]LWlW+XQGHUWH0HZHUWHZXUGHQYRP .62/%RUGUHFKQHUYHUDUEHLWHWXQGDXI0RQLWRUHQVLFKWEDUJHPDFKW&RUSNRUVWDUUWHDXI HLQHQ$XVVFKQLWWGHU3DQRUDPDJDOHULHGHUGLH$XIQDKPHQGHU7HOHRSWLNZLHGHUJDE'LH $WPRVSKlUHGHV3ODQHWHQZDU]ZDUGQQDEHUGHU=XVDPPHQVHW]XQJQDFKJXW DWHPEDU'LH*UDYLWDWLRQVZHUWHZDUHQYHUJOHLFKVZHLVHJHULQJ'HU7LHUElQGLJHUQLFNWH EHIULHGLJW,QGLHVHU+LQVLFKWZUGHHVIUVHLQH7LHUHNHLQH6FKZLHULJNHLWHQJHEHQ'LH /DQGVFKDIWVFKLHQ]XPJU|WHQ7HLOZVWHQDUWLJ]XVHLQELVKHUZDUDEHUHUVWHLQ JHULQJHU7HLOGHU2EHUIOlFKHEHUIORJHQZRUGHQ 'LH)UDJHODXWHWH:RZDUGHU6WW]SXQNWJHQDX"0LWXQVLFKHUHP)OXJYHUOLH GLH.-g5.GLHQ|UGOLFKH=RQHXQGQlKHUWHVLFKGHQlTXDWRULDOHQ%UHLWHQ'DV /DQGVFKDIWVELOGlQGHUWHVLFKDEUXSW%XVFKXQGEDXPORVH6WHSSHQWDXFKWHQDXIXQG ZHFKVHOWHQGDQQPLWDXVJHGHKQWHQ:lOGHUQ1DFKHLQHU:HLOHNDPHQYRQ6GHQKHU PHLVWEHZDOGHWH+JHONHWWHQLQV%OLFNIHOG)OVVHVFKlXPWHQ]X7DOZDQGHQVLFKGXUFK 6WHSSHQXQG:lOGHU$OVGLH3RVLWLRQGHV6WW]SXQNWVH[DNWHUPLWWHOWZDUEHJDQQGDV 6FKLIIVWlUNHU]XVFKOLQJHUQ'DV*UROOHQGHU7ULHEZHUNHZXUGHXQUHJHOPlLJVHW]WH ]HLWZHLVHJDQ]DXV'DQQILHOGDV6FKLIIVWHLOQDFKXQWHQELVKHIWLJH,PSXOVVW|HVHLQHQ )OXJZLHGHUVWDELOLVLHUWHQ ³6LHZHUGHQ5RERWVRQGHQVFKLFNHQ´PXUPHOWH&RUSNRU³(VPXHFKW DXVVHKHQ5HSDUDWXUURERWHUVROOHQQDFKGHU/DQGXQJDXVVFKOHXVHQ´ (UVFKDOWHWHDEXQGZLGPHWHVLFKGHU/DQGVFKDIWVDXI]HLFKQXQJ(VJDOWVFKQHOO HLQHQJHHLJQHWHQ/DQGHSODW]]XILQGHQQLFKW]XQDKHDEHUDXFKQLFKW]XZHLWYRQGHP 6WW]SXQNWHQWIHUQW $XV'LHbUD2UEDQDVFKROV+HPPDU7D.KDOORXS,PSHULDOHU$UFKLYDUXQG +LVWRULNHU$UNRQ,.ULVWDOOSDODVW$UFKLYGHU+DOOHQGHU*HVFKLFKWHGD$UN 9LHOH'LQJHNDPHQ]XVDPPHQ=ZDUJHK|UWHGLH=HLWXPGD$UN]XU +DXSWEOWHGHV7DL$UN¶7XVVDQIU³GUHL(SRFKHQ´KDVWHGHU.KDVXPGHU*RQR]DOGLH ,PSHUDWRUHQJHVWHOOWGLH5DXPHUGHU)ORWWHQGUDQJHQZHLWHUDOVMH]XYRULQGLH2GH ,QVHOYRUXQGLQGHQ.UHLVHQGHV$GHOVULFKWHWHVLFKGDV$XJHQPHUNYHUVWlUNWDXI /X[XV²DEHUVFKRQGLH)UPRUGXQJ*RQR]DOV9,,GXUFKVHLQHQ%UXGHUPDUNLHUWHHLQHQ ELWWHUHQ:HQGHSXQNW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
.RUUXSWLRQ0LZLUWVFKDIW8QIlKLJNHLW7\UDQQHL:LOONUXUWHLOH6SLW]HOXQG 'HQXQ]LDQWHQWXP,JQRUDQ]²JHSDDUWPLW$UURJDQ]XQG+RFKPXW²XQGHUVWH$Q]HLFKHQ GHVVHUWZDV-DKUWDXVHQGHVSlWHUDOVGLHEHJLQQHQGH'HJHQHUDWLRQEH]HLFKQHWZXUGH VWDQGHUDOVLQQHUH6FKZDFKSXQNWHGHQ*HIDKUHQYRQDXHQHQWJHJHQGHU(VNDODWLRQ GHV0HWKDQNULHJVDXIGHUHLQHQ6HLWHVRZLHDXIGHUDQGHUHQGHULQIROJHGHUIRUFLHUWHQ ([SDQVLRQLPPHUZHLWHULQV³1LHPDQGVODQG´KLQDXVJHWULHEHQHQLPDJLQlUHQ*UHQ]HXQG GHU6FKZLHULJNHLWGDV,PSHULXPGHQQRFK]XVDPPHQ]XKDOWHQYHUEXQGHQPLWGHQQLFKW LPPHUIULHGOLFKHQ%HJHJQXQJHQPLWQHXHQ)UHPGY|ONHPRGHUZLHGHUKROWHQ$XIVWlQGHQ ZLHGLHGHU1RSROHWHUDXVGHQ5HLKHQGHUHLJHQHQ.RORQLVWHQXQG3LRQLHUH %HLGHVNXPXOLHUWH]XHLQHUK|FKVWEULVDQWHQ0LVFKXQJGLHGXUFKGLH]ZHLIHOKDIWH 3HUV|QOLFKNHLW2UEDQDVFKROVQRFKYHUVWlUNWXQGIRNXVVLHUWVWDWVDEJHVFKZlFKW ZXUGH8QJH]lKOWVLQGGLHXQEHDQWZRUWHWHQ6SHNXODWLRQHQGDUEHUREHLQDQGHUHU IlKLJHUHU+|FKVWHGOHULQMHQHU$UDGHQ.ULVWDOOKlWWHGUHKHQREGLHKHLHQ3KDVHQGHV 0HWKDQNULHJVKlWWHQYHUKLQGHUWZHUGHQN|QQHQXQGVRPLWDXFKGHU7RGXQGGDV/HLG YRQ$EHUPLOOLRQHQGXUFK.DPSIHVFKlQGOLFKH8UWHLOHXQGVFKOLFKWHV9HUVDJHQ .UDXPRQ6WW]SXQNW3UDJRGHV7HGDUGD$UN ,FKEOLFNWHLQGDV*HVLFKW7LUDNRVGHUQHEHQPLUDUEHLWHWH'LHPHLVWHWZDV YHUWUlXPWHQ=JHKDVWHQGHQ$XVGUXFNJU|WHU.RQ]HQWUDWLRQDQJHQRPPHQ$XIGHU KRKHQ6WLUQSHUOWH6FKZHL(LQVFKQHOOHVRIIHQHV/lFKHOQJOLWWEHUVHLQ*HVLFKWDOVHU PHLQHQ7KLFNEHPHUNWH'DQQYHUWLHIWHHUVLFKZLHGHULQVHLQH$UEHLW:HLWHUKLQWHQ VWDQG0RUYRQHUXQGGLULJLHUWHPLWODXWHQ=XUXIHQGLH$UEHLWVURERWHU'HUNDKOH6FKlGHO GHV0HWHUJURHQ$UNRQLGHQEHZHJWHVLFK]ZLVFKHQGHQ0HWDOOHLEHUQGHU 0DVFKLQHQKLQXQGKHU'LH1DUEHQLQGHPKDUWHQ*HVLFKWZDUHQZLH&KLIIUHQGLHGHU 0HWKDQNULHJDQGLHVHP=ZHLPRQGWUlJHUKLQWHUODVVHQKDVWH'LH.DPSIHUIDKUXQJGHV DOWJHGLHQWHQ/HQ1RV¶LDQWDZUGHQPLUVRKRIIWHLFKYRQ1XW]HQVHLQ -HQVHLWVGHU.XSSHOHUNDQQWHLFKGLH]ZHUJHQKDIWH*HVWDOW(LVNUDOOHV'HU &KUHWNRUIKOWHVLFKZRKOLQVHLQHUWUDQVSDUHQWHQ+DXWZHQLJVWHQVLP$XJHQEOLFN'DV ZDUPH.OLPDGDVLQGLHVHQ%UHLWHQKHUUVFKWHVFKLHQLKP]XEHKDJHQ(VIUDJWHVLFK QXUZLHUDQJH1RFKILHIHUXQEHNOHLGHWKHUXPZlKUHQGZLUOHLFKWH(LQVDW]DQ]JH WUXJHQGHUHQ)DOWKHOPHLP1DFNHQ]X:OVWHQ]XVDPPHQJHUROOWZDUHQ,FKEOLFNWH PLFKXPZDUWHWHDXIGHQ0RQWDJHDXWRPDWHQ:LUKDVWHQQRFKHLQJHK|ULJHV6WFN $UEHLWYRUXQVELVGHU6WW]SXQNWYROONRPPHQUHDNWLYLHUWZDU'LH.RQVHUYLHUXQJHQ PXWHQEHVHLWLJWGLHHLQJHODJHUWHQ:DIIHQGHU5DXPDEZHKULQVWDOOLHUWZHUGHQ 'DVDOOHVNRVWHWHYLHO=HLW9RQ7DJ]X7DJZXFKVPHLQH8QJHGXOG:LHGHUKROW PXWH)DUWXORRQPLFKEUHPVHQ,FKIJWHPLFKGHP5DWGHV)UHXQGHV,FKZXWHQLFKW ]XOHW]WGXUFKPHLQHQ([WUDVLQQGDHUUHFKWKDVWH1LFKWVZDUYHUKlQJQLVYROOHUDOV PHLQH*HJQHU]XXQWHUVFKlW]HQ8QGGRFKILHOPLUGDV:DUWHQVFKZHU1DFKWVWUlXPWH LFKYRQ)DUQDWKLD 9RUPLUVHQNWHVLFKGHUULHVLJH$UPGHV0RQWDJHDXWRPDWHQKHUDE.RQ]HQWULHUW EHREDFKWHWHLFKZLHHUGLHPlFKWLJH6WDKOSODWWHLQGLH1XWHQ]ZlQJWH/DQJVDP PDQFKPDOUXFNZHLVHJOLWWGLH:DQGGHP)XQGDPHQWHQWJHJHQXQGNDPLQGHU 9HUWLHIXQJ]XP6WLOOVWDQG6LJQDOHZXUGHQ]ZLVFKHQGHQ0DVFKLQHQDXVJHWDXVFKW 'DQQ]LVFKWHHVDOVGLHDXWRPDWLVFKHQ+RFKGUXFNSUHVVHQGLH$XVVSDUXQJLP )XQGDPHQWYRQ7UlJHU]X7UlJHUPLW9HUEXQGNOHEHUIOOWHQ,FKDWPHWHDXI'DV .RPPXQLNDWLRQVV\VWHP]ZLVFKHQGHQ%DXDXWRPDWHQZDULQWDNW'DV$UEHLWVSURJUDPP NRQQWHYROODQODXIHQ=XQlFKVWKDVWHQZLUXQVXPGLH5HSDUDWXUURERWHUXQG
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
0RQWDJHPDVFKLQHQJHNPPHUW'LH6FKZHUNUDIWDXI.UDXPRQZDU]ZDUJHULQJEHWUXJ HWZD]ZHL'ULWWHOGHV6WDQGDUGZHUWHVGHQQRFKNDPHQZLUQLFKWRKQHGLH0DVFKLQHQ DXV ,QGLHVHP$XJHQEOLFNVFKULOOWHGHU$ODUPGXUFKGHQ6WW]SXQNW,FKUDQQWHORVW +LQWHUPLUK|UWHLFK7LUDNRXQG0RUYRQHUZlKUHQGYRQGHUDQGHUHQ6HLWHKHUGHU &KUHWNRUDXIGLHJURH(LQJDQJVVFKOHXVHGHU+DXSWNXSSHO]XHLOWH $OVLFKLQGLH=HQWUDOHVWUPWHHUEOLFNWHLFK)DUWXORRQYRUGHPJURHQ6FKLUPGHU )HUQRUWXQJ(UGUHKWHVLFKKDOEXPDOVHUPLFKK|UWH³(LQ5DXPVFKLII´(UZLHVPLWGHU 5HFKWHQDXIGHQ3XQNWGHUVLFKODQJVDPDXIGHQ6FKLUPPLWWHOSXQNW]XEHZHJWH ³(LQGHXWLJYRQGHU6WUXNWXUXQG3DVVLYRUWXQJHUIDW$QIOXJDXI.UDXPRQNHLQ +\SHUIXQNVLJQDODQJHPHVVHQ´ ³*HQDXH:HUWH"´ )DUWXORRQKREGLH6FKXOWHUQ³$UNRQLGLVFKH5LQJZXOVW%DXDUW'XUFKPHVVHU VHFK]LJ0HWHU'LHHQHUJHWLVFKH6WUHXVWUDKOXQJZHLVWGDUDXIKLQGDHVNHLQ%HLERRW PLWHLQJHVFKUlQNWHU7UDQVLWLRQVUHLFKZHLWHLVWVRQGHUQHLQHKRFKJUDGLJDXWRPDWLVLHUWH (LQKHLWVSULFKWIUHLQHJHULQJH%HVDW]XQJYLHOOHLFKWVRJDUQXUHLQH3HUVRQ´ 'DVVDJWQLFKWVEHUGLH$EVLFKWDXVVDJWHGHU([WUDVLQQ 0HLQ/HKUPHLVWHUPDFKWHHLQQDFKGHQNOLFKHV*HVLFKW³(VNDQQ=XIDOOVHLQ2GHU MHPDQGGHUQDFKXQVVXFKW9LHOOHLFKWVRJDUHLQ.RSIMlJHU'LH2UWXQJVHUJHEQLVVH ZHLVHQMHGRFKDXIHLQH%HVFKlGLJXQJKLQGLH.62/KDWIUGHQ9HUVXFKHLQHU 1RWODQGXQJHLQHKRKH:DKUVFKHLQOLFKNHLWEHUHFKQHW´ 0RUYRQHUULHI³,FKUDWHGHQQRFK]XU9RUVLFKW´ ³:LUZHUGHQYRUVLFKWLJVHLQ´VDJWHLFK³:DUWHQZLUDWHREGDV5DXPVFKLII ODQGHWRGHUQLFKW"´ )DUWXORRQQLFNWH³$EZDUWHQ,QGHU=ZLVFKHQ]HLWZHUGHQZLUXQVYHUJHZLVVHUQ REXQVHUH:DIIHQJHIHFKWVEHUHLWVLQG´ 0RUYRQHUQLFNWHHEHQIDOOV³6FKRQXQWHUZHJV´ hEHUGHQ%LOGVFKLUPWRUNHOWHGDVDUNRQLGLVFKH5DXPVFKLII6FKRQGHUJHVDPWH $QIOXJZDUYRQ7ULHEZHUNVDXVVHW]HUQEHJOHLWHWJHZHVHQHLQ1RWUXIZDUQLFKW DEJHVWUDKOWZRUGHQ$OVHVQXUQRFKHWZD.LORPHWHUYRQXQVHQWIHUQWJHZHVHQZDU ZDUGDV6FKOLQJHUQXQG7UXGHOQQRFKVWlUNHUJHZRUGHQ'DV(UJHEQLVGHU3DVVLYRUWXQJ ZDUHLQGHXWLJ7ULHEZHUNVVFKDGHQ(VIUDJWHVLFKDOOHUGLQJVREHVVLFKXPHLQHQ ZLUNOLFKHQ'HIHNWKDQGHOWHRGHUXPHLQH7DXVFKXQJ$Q%RUGKDVWHPDQ]ZHLIHOORV XQVHUHQ6WW]SXQNWHQWGHFNWXQGVLFKWULHURIIHQVLFKWOLFK+LOIHYHUVSURFKHQZHLWHUKLQ GHXWHWHQLFKWVGDUDXIKLQGDZLUHVPLWHLQHPXQVHUHU)HLQGH]XWXQKDWWHQ7*&XQG .UDODVHQHQJLQJHQDQGHUVYRU 3O|W]OLFKNLSSWHGHU.XJHOUDXPHUVWHLODEXQGILHOZLHHLQ6WHLQGHU2EHUIOlFKH .UDXPRQVHQWJHJHQ,FKKLHOWXQZLOONUOLFKGHQ$WHPDQXQGVDKGD)DUWXORRQQHEHQ PLUDXIGHQ6FKLUPVWDUUWH$XFKHUVFKLHQHUUHJW'RFKGDQQRIIHQVLFKWOLFKQXUHLQLJH KXQGHUW0HWHUEHUGHP%RGHQILQJGHU3LORWGDV6FKLIIDEXQGGLH%DKQGHV )OXJN|USHUVVWDELOLVLHUWHVLFKZLHGHU$EHUQXUIU$XJHQEOLFNH(LQHVRGHUPHKUHUHGHU 7ULHEZHUNHPXWHQHUQHXWDXVJHIDOOHQVHLQ 'HU5DXPHUVFKRLQHLQHPZLOGHQ=LFN]DFNIOXJGDKLQXQGYHUORUGDEHLZHLWHUDQ +|KH6FKOLHOLFKYHUVFKZDQGHVDXVGHP(UIDVVXQJVEHUHLFKXQVHUHU,QVWUXPHQWH ³'LH%HUJH´PXUPHOWH)DUWXORRQ,FKZXWHZDVHUPHLQWH'DV5DXPVFKLII EHZHJWHVLFKDXIHLQHU)OXJEDKQGLHHVJHUDGHZHJVLQGDVHWZDVHFK]LJ.LORPHWHUYRQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
WULHUHQWIHUQWH+RFKWDOIKUWH'RUWZUGHHVYHUPXWOLFKDQGHQ%HUJZlQGHQ]HUVFKHOOHQ ZHQQQLFKWHLQ:XQGHUJHVFKDK:LUKLHOWHQGHQ$WHPDQZDUWHWHQDXIGLH([SORVLRQ 1LFKWVJHVFKDK:LUVDKHQXQVDQ³(LQH1RWODQGXQJ"´ ³:LUZHUGHQHVKHUDXVILQGHQ´VDJWHLFKHQWVFKORVVHQ ³-D,FKVHQGH5RERWNDPHUDVDXV´ $XIGHP%LOGVFKLUPGHV,QWHUNRPVHUVFKLHQGDVQDUELJH*HVLFKW6SUDQJNV³'LH $EZHKUIRUWVVLQGLPPHUQRFKQRFKQLFKWJHIHFKWVEHUHLW´ ³9HUVWDQGHQ´VDJWHLFK³YHUVXFKGHLQ%HVWHV´ 'HU.RSILl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|HZLHGLH 6WHLQZUIHXQGZLHMHQHKDVWHQVLHHLQHGLFWDWHGXQNHOEUDXQH3HO]GHFNH'RFKGDPLW HQGHWHGLHbKQOLFKNHLW )HOVNQDFNHUKDVWHQHLQHQSURSRUWLRQDOEHUJURHQNXJHOUXQGHQ.RSIGHUGLFKW XQWHUGHQ$XJHQLQHLQHWULFKWHUI|UPLJH6FKQDX]HPLWGUHLIDFKJHJHQHLQDQGHU YHUVHW]WHQ5HLKHQ]XP7HLOK|FKVWVHOWVDPJHIRUPWHU=lKQHEHUJLQJ1HEHQ5HL XQG0DKO]lKQHQJDEHVVROFKHGLHIDVWZDDJHUHFKWDXVGHP5DFKHQKHUYRUVWDFKHQ =XJHVSLW]WH.HJHOGLHRIIHQVLFKWOLFKGXUFKHLQHEHVRQGHUH0XVNHODSSDUDWXUPLWGHP .LHIHUYHUEXQGHQZDUHQ8QVLFKWEDUIUGLH%HVDW]XQJGHV6WW]SXQNWHVVROOWHQ 6WHLQZUIHXQG)HOVNQDFNHULKUH6WHOOXQJEH]LHKHQXQGDXIGDV6LJQDO]XP$QJULII ZDUWHQ :HQQHUGDV6LJQDODXVVDQGWH'LHVH)UDJHKDVWH&RUSNRUQRFKQLFKW HQWVFKLHGHQ(UVWPXWHHUGLH,QIRUPDWLRQHQGHU&OL]]DEZDUWHQ%HIDQGVLFKHLQHUGHU *HVXFKWHQWDWVlFKOLFKLQGHUVHFK]LJ.LORPHWHUHQWIHUQWHQ6WDWLRQ"&RUSNRUZDUVLFK VLFKHUGDHUHLQHQGHU6WW]SXQNWHGHV%DXFKDXIVFKQHLGHUVJHIXQGHQKDVWH2EVLFK )DUWXORRQMHGRFKMHW]WGRUWDXIKLHOWZDUHLQHDQGHUH)UDJH 'LH(QHUJLHHPLVVLRQHQGHXWHWHQ]ZDUHEHQVRGDUDXIKLQZLHGLH]XYRUJHRUWHWH K\SHUHQHUJHWLVFKH(UXSWLRQDEHUHVNRQQWHQDXFK/HXWHVHLQGLHPLW)DUWXORRQLQ 9HUELQGXQJVWDQGHURGHUDXILKQZDUWHWHQ,QGLHVHP)DOOZROOWHHUVHLQH6WUDWHJLH lQGHUQ(UZUGHHLQHQRGHUPHKUHUHGHU6WW]SXQNWLQVDVVHQJHIDQJHQQHKPHQXQGVLH YHUK|UHQ(UPXWHXQWHUDOLHQ8PVWlQGHQKHUDXVEHNRPPHQZR)DUWXORRQZDU ,QGHU=HQWUDOHOHXFKWHWHHLQ%LOGVFKLUPDXI'DVZDUGDV=HLFKHQGDGLHHUVWHQ &OL]]]XUFNJHNHKUWZDUHQ*OHLFK]HLWLJZXUGHGHU3UR]HGHU,QIRUPDWLRQVDEJDEH HLQJHOHLWHW'LH&OL]]ZXUGHQEHUHLQH6SH]LDOVFKOHXVHGLUHNWLQV/DERUJHOHLWHW'RUW ZXUGHQYRQEHVRQGHUVDXVJHUVWHWHQ5RERWHUQ(OHNWURGHQDQGLH.|SIHYRQELV]X ]HKQ,QVHNWHQJOHLFK]HLWLJDQJHVFKORVVHQhEHUGLHVHNRQQWHQGLHYRQGHQ )DFHWWHQDXJHQDXIJHQRPPHQHQXQGLP*HKLUQJHVSHLFKHUWHQ%LOGHUDEJHUXIHQ ZHUGHQ(LQ5HFKQHUHQWVFKOVVHOWHGLH,QIRUPDWLRQHQXQGPDFKWHVLHDXIHLQHP %LOGVFKLUPVLFKWEDU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'HU7LHUElQGLJHUZDUWHWHJHGXOGLJ6FKOLHOLFKHUVFKLHQHQGLHHUVWHQJLOGHU6LH ]HLJWHQHLQVHOWVDPHV,QGLYLGXXPGHVVHQ+DXWWUDQVSDUHQWZDU:LHHLQHJOlVHUQH +OOHXPVFKORVLHGDV,QQHUHGHV.|USHUV9HQHQ0XVNHOIDVHUQ2UJDQHDOOHVZDU GHXWOLFK]XHUNHQQHQ)DV]LQLHUWEHWUDFKWHWH&RUSNRUGLHJLOGHUGHUHQ4XDOLWlWEHGLQJW GXUFKGLHRUJDQLVFKH+HUNXQIWXQGGLH6WUXNWXUGHU)DFHWWHQDXJHQVWDUNVFKZDQNWH (LQ&KUHWNRU'HU7LHUElQGLJHUHULQQHUWHVLFKYRQGLHVHQ:HVHQJHK|UW]XKDEHQ OKUHJHIlKUOLFKVWHQ:DIIHQVLQGLKUH+lQGH$OOHVZDVGLHVHXPVFKOLHHQHUVWDUUW DQJHEOLFK]X(LV 'LH5DVWHUSXQNWHZXUGHQJU|EHUGLH%LOGHUXQGHXWOLFKHU6W|UXQJHQWUDWHQDXI 'DQQIROJWHQODQGVFKDIWOLFKH,QIRUPDWLRQHQ&RUSNRUHUNDQQWHGDGHU6WW]SXQNWLP =HQWUXPHLQHVYHUKlOWQLVPlLJJURHQ7DONHVVHOVODJ(LQ)OXZDQGVLFKGXUFK JUQHV*UDV:DOGZHFKVHOWHPLW%XVFKODQG³(LQHLGHDOH/DQGVFKDIW´VDJWHGHU 7LHUElQGLJHUODXW³(VZLUGNHLQH6FKZLHULJNHLWEHUHLWHQDXFKGLHJURHQ7LHUH HLQ]XVHW]HQ´ $XIHLQLJHQ%LOGHUQZDUHQ%DXWHQGHV6WW]SXQNWHV]XHUNHQQHQ.XSSHOQXQG ODQJJHVWUHFNWHIODFKH*HElXGH*HQDXHUH,QIRUPDWLRQHQZUGHQHUVWGLH'DGDQJV EULQJHQ8QGHVZUGHQRFKHLQH:HLOHGDXHUQELVGLHHUVWHQGLHVHUNOHLQHQ+DXWIOJOHU LKU=LHOHUUHLFKWHQ&RUSNRUVWLHSO|W]OLFKHLQHQ3ILIIDXV$XIGHP6FKLUPZDUHLQ0DQQ PLWPXVNHOEHSDFNWHQ$UPHQ]XVHKHQGHUHLQHQYHUEHXOWHQDEJHZHW]WHQ%UXVWSDQ]HU EXJLQGHPVLFK.UDXPRQV6RQQHVSLHJHOWH'HU6FKlGHOZDUNDKOGDV*HVLFKWYRP VFKZDU]HQJHNUlXVHOWHQ9ROOEDUWEHGHFNW'LHKDOEKLQWHU)HWWZOVWHQYHUERUJHQHQ $XJHQOHXFKWHWHQJHOEOLFK$QGHU+IWHGHV0DQQHV²GLH%LOGHUZHFKVHOWHQ]ZLVFKHQ .RSIXQG5XPSIELOGZDUGHU.QDXIHLQHV%UHLWVFKZHUWV]XVHKHQGHQHLQHVLOEHUQ VFKLPPHUQGH)LJXU]LHUWHRKQHGDLKUHH[DNWHQ.RQWXUHQ]XEHVWLPPHQJHZHVHQ ZlUHQ )DUWXORRQ(LQ=ZHLIHOZDUDXVJHVFKORVVHQ&RUSNRUHULQQHUWHVLFKJHQDXDQGDV $XVVHKHQGHV%DXFKDXIVFKQHLGHUV'LH)UHXGHGDHULKQJHIXQGHQKDVWHPDFKWH VHOWVDPHQ*HIKOHQ3ODW]DOVHLQ]ZHLWHV%LOGDXIWDXFKWH-HOlQJHUHUGDV*HVLFKW EHWUDFKWHWHXPVRVWlUNHUZXUGHGLHbKQOLFKNHLW²]ZLVFKHQ9DWHUXQG6RKQ9LHOOHLFKW ZDUHVGHU+DELWXVGHVMXQJHQ0DQQHVGHU$XVGUXFNGHUU|WOLFKHQ$XJHQRGHUGLH 6XPPHDOOHU(LQGUFNH²XQYHUPLWWHOWIKOWHVLFK&RUSNRULQGLH9HUJDQJHQKHLW ]XUFNYHUVHW]WLQGLH=HLW*RQR]DOV9,, 'LHVHUMXQJH0DQQLVWVHLQ6RKQ6HLQGVWHUHV*HVLFKWKHOOWHVLFKIU $XJHQEOLFNHDXI'DV6FKLFNVDOVFKHLQWHVJXW]XPHLQHQ*RQR]DOV6RKQXQG )DUWXORRQ$XILKUH.|SIHVLQGGLHK|FKVWHQ3UlPLHQDXVJHVHW]WGLHPLUMHPDOVRIIHULHUW ZXUGHQ :HLWHUH%LOGHUHUVFKLHQHQ'LH)UDJHREVLFKLP,QQHUQQRFKZHLWHUH3HUVRQHQ DXIKLHOWHQNRQQWHQRFKQLFKWEHDQWZRUWHWZHUGHQ'LHUHVWOLFKHQ%LOGHUZDUHQGXUFKZHJ :LHGHUKROXQJHQRGHU(UJlQ]XQJHQGHUEHUHLWVEHNDQQWHQ,QIRUPDWLRQHQ&RUSNRUVWDQG DXIXQGWUDWDQGLH%RUG.62/XPGHQ(LQVDW]SODQ]XHQWZHUIHQ'LHJHRJUDSKLVFKH XQGJHRORJLVFKH6LWXDWLRQZDUNODU9RQGLHVHU6HLWHJDEHVNHLQH(LQVFKUlQNXQJHQ KLQVLFKWOLFKGHU9HUZHQGXQJEHVWLPPWHU7LHUDUWHQ 'LH6WHLQZUIHXQGGLH)HOVNQDFNHUVROOWHQGLH9RUDUEHLWOHLVWHQ*HElXGHXQG LKUH)XQGDPHQWHZUGHQLKQHQ]XP2SIHUIDOOHQGLH6WDWLRQVEHVDW]XQJLQV)UHLH WUHLEHQ'HU$QJULIIGHU6FKXGHQPXWHVLHEHVFKlIWLJHQ3DUDOOHOGD]XGHU(LQVDW]GHU ,QVHNWHQ9|JHOXQG*URWLHUH'LHJHULQJH6FKZHUNUDIWZLUNWHVLFKYRUDOOHPEHLGHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
0HWKDQDWPHUQYRUWHLOKDIWDXV'LH,VVFK¶DDVZUGHQULHVLJHQ.DPSIPDVFKLQHQJOHLFK HLQHUVHLWVDOOHV]HUPDOPHQZDVLKQHQLP:HJVWDQG'DVDUWVSH]LILVFKH9HUKDOWHQGHU ,VVFK¶DDVZDUDQGHUHUVHLWVQLFKWDXI7RWHQDXVJHULFKWHW'LHKDOELQWHOOLJHQWHQ 0HWKDQVlXJHWLHUHZDUHQHVYLHOPHKUJHZRKQWGLH%HXWH]XYHUVFKOHSSHQXQGVLHHLQH :HLOHJHIDQJHQ]XKDOWHQ 'DUDXIJUQGHWHVLFK&RUSNRUV3ODQ(UZROOWH*RQR]DOV6RKQXQG)DUWXORRQ OHEHQG=HQWUDOHU3XQNWGHV.DPSIHVZUGH:HLRVHLQ:lKUHQG&RUSNRUGDV *HVFKHKHQDXVGHU)HUQHEHUZDFKWHXQGVWHXHUWHVROOWHGLHLQWHOOLJHQWH(FKVHDQ2UW XQG6WHOOHGLH%HZHJXQJHQGHU7LHUHNRRUGLQLHUHQ *HVSDQQWEOLFNWHQZLUDXIGLH3URMHNWLRQXQGVDKHQGLH/DQGVFKDIWLQGHUGDV IUHPGH5DXPVFKLIIJHODQGHWZDU'LH5RERWNDPHUDVEHUPLWWHOWHQLKUHJLOGHU(LQ ODQJJHVWUHFNWHV+RFKWDOGDVVLFKQDFK6GHQVFKOXFKWlKQOLFKYHUHQJWH,P1RUGHQ WUDWHQGLH%HUJHZHLWHU]XUFN'RUWZDUHQVLHQXUVSlUOLFKEHZDFKVHQZlKUHQGDXIGHU DQGHUHQ6HLWHGLH%HZDOGXQJGLFKWHUZXUGH(LQ)OXKDVWHVLFKVHLQ%HWWLQGHQ )HOVHQJUXQGJHJUDEHQ.DWDUDNWDUWLJVWU]WHHU]X7DOXQGZDQGVLFKGDQQQRUGZlUWV GXUFKGLH+RFKHEHQH$XIHLQHPIHOVLJHQ$XVOlXIHUDP6GDXVJDQJGHU6FKOXFKWQLFKW ZHLWYRQGHPGDKLQVFKlXPHQGHQ:DVVHUGHV)OXVVHVHQWIHUQWVWDQGGHU5DXPHU :HLWHUH$XIQDKPHQ]HLJWHQLKQDXVGHU1lKH /DQJVDPJOLWWGLH2SWLNHLQHU.DPHUDEHUGLHNXJHOI|UPLJH2EHUIOlFKH'DV EOlXOLFKH0HWDOOEOLQNWHLP/LFKWYRQ.UDXPRQV6RQQHURVWLJDQJHKDXFKW'LH /DQGHVWW]HQNDPHQLQ6LFKW(LQLJHZDUHQWLHILQZHLFKHUH%RGHQVFKLFKWHQ HLQJHGUXQJHQ'LH.DPHUDVVFKZHEWHQZHLWHU'LHgIIQXQJHQGHU,PSXOVWULHEZHUNH ZXUGHQVLFKWEDU6FKlGHQZDUHQGHXWOLFK]XHUNHQQHQ,FKVDKJHERUVWHQH.UlQ]HGHU 8POHQNIHOGSURMHNWRUHQGDV0HWDOOGHU5LQJZXOVW$XHQVFKDOHZDUDXIJHULVVHQZLHYRQ HLQHU([SORVLRQXQGKDVWHVLFKQDFKDXHQJHZ|OEW$QDQGHUHU6WHOOHNODIIWHQ/|FKHU PLW6FKPHO]IOXUlQGHUQ ³6LHKWDXVDOVVHLGDV6FKLIIEHVFKRVVHQZRUGHQ´PXUPHOWH(LVNUDOOH )DUWXORRQQLFNWH]XVWLPPHQG³:LUEHREDFKWHQZHLWHUXQGYHUVXFKHQ.RQWDNW KHU]XVWHOOHQ´ ,FKYHUDEVFKLHGHWHPLFKXPGLH:DIIHQNDPPHUQXQGGLH0XQLWLRQVODJHU]X EHUSUIHQ'DQQPDFKWHLFKPLFKDXIGHQ:HJ]XYHUVFKLHGHQHQ*HElXGHQXP IHVW]XVWHOOHQZLHZHLWGLH0RQWDJHGHU7UDQVSRUWElQGHUYRUDQJHVFKULWWHQZDU ,QGHU1HEHQNXSSHOLQGHUVLFKGLH.DPSIURERWHUEHIDQGHQWUDILFKDXI7LUDNR GHUGDPLWEHVFKlIWLJWZDUGLH)XQNWLRQVIlKLJNHLWGHU0DVFKLQHQ]XEHUSUIHQ ³:lKUHQGGHU$XVHLQDQGHUVHW]XQJPLWGHQ*HLVWHPZXUGHQ]ZDUQXUZHQLJH]HUVW|UW´ VDJWHHUDOVHUPLFKHUEOLFNWH³$EHUQRFKYLHO]XYLHOHVLQGNRQVHUYLHUW'LHVHU 6WW]SXQNWKDWGLH$XVPDHHLQHU.OHLQVWDGW´,QGHU+DOOHKHUUVFKWHUHJH %HWULHEVDPNHLW$XV]DKOORVHQ0HPEUDQHQW|QWHQDNXVWLVFKH6LJQDOH'LH :HUN]HXJDUPHGHU5HSDUDWXUDXWRPDWHQZDUHQXQDXIK|UOLFKLQ%HZHJXQJ1HEHQPLU VWDQGHLQ5RERWHUGHVVHQ5XPSISODWWHJH|IIQHWZDU(LQ7KLFN]HLJWHPLUGDGLH +DXSWVHUYRPHFKDQLNIHKOWH³'LH6HUYRPHFKDQLNZLUGDXVJHWDXVFKW'DQQLVWGLHVHULQ 2UGQXQJ´ ,FKGDFKWHDQGDVQRWJHODQGHWH6FKLIIGDVELVODQJDXINHLQHQYRQ)DUWXORRQV )XQNVSUFKHQUHDJLHUWKDVWH³9LHOOHLFKWZHUGHQZLUEDOGDXIGLH+LOIHGHU.DPSIURERWHU DQJHZLHVHQVHLQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
7LUDNRVDKPLFKHLQHQ$XJHQEOLFNIDQJDQGDQQNRQ]HQWULHUWHHUVLFKZLHGHUDXI VHLQH$UEHLW 'DV+HXOHQGHU$ODUPVLUHQHQOLHPLFK]XVDPPHQ]XFNHQ$XIGHUZLQ]LJHQ %LOGIOlFKHPHLQHV0LQLNRPVZXUGHGDV*HVLFKW)DUWXORRQVVLFKWEDU³'HU6WW]SXQNW ZLUGYRQ7LHUHQLQJURHU=DKODQJHJULIIHQ6LHNDPHQYRQ6GZHVWHQXQG6GHQLQ *RQ]R]DOV.HVVHO9LHOHYRQLKQHQVLQGMHGRFKEHUHLWVDXIXQEHNDQQWHP:HJLQ *HElXGHHLQJHGUXQJHQVRJDULQGLH+DXSWNXSSHO5RERWHUNlPSIHQPLWLKQHQ,FK IUFKWHQXUGDHV]XZHQLJHDQJHVLFKWVGHU:HLWOlXILJNHLWGHV6WW]SXQNWVVLQG´ 'LH+DOOHLQGHULFKPLFKJHUDGHEHIDQGZDUGLHVGZHVWOLFKVWH,FKHUJULII PHLQHQ.RPELVWUDKOHUXQGUDQQWHGHQ.RUULGRUHQWODQJ$OVLFKDP(LQJDQJDQNDPERW VLFKPLUHLQSKDQWDVWLVFKHU$QEOLFN7LHUHYHUVFKLHGHQVWHU$UWXQG*U|HVWU|PWHQLQ EUHLWHU)URQWKHUDQ(VZDUHQYRUDOOHPDEHU)HOVNQDFNHUXQG6WHLQZUIH ,FKK|UWHEHUVWHQGHXQGSROWHUQGH*HUlXVFKHXQGWUDWLQV)UHLHXP IHVW]XVWHOOHQZRKHUGHU/lUPNDP6RIRUWGUDQJHLQ5XGHO)HOVNQDFNHUDXIPLFKHLQ GLH7ULFKWHUUDFKHQDXIJHULVVHQ,FKVFKOHXGHUWHHLQLJHYRQLKQHQPLW)XWULWWHQ]XU 6HLWH6LHTXLHNWHQVFKULOOUDSSHOWHQVLFKEOLW]VFKQHOOZLHGHUDXIUDQQWHQDQPLUYRUEHL XQGYHUVFKZDQGHQLP(LQJDQJGHU+DOOH'LH7LHUHZUGHQJURHV8QKHLOLP,QQHUHQ GHV*HElXGHVDQULFKWHQ(LQHQ$XJHQEOLFNIDQJEHUOHJWHLFKRELFKLKQHQIROJHQXQG VLHW|WHQVROOWH'RFKHVJDEJHQJHQG*HElXGHGHUHQ(LQULFKWXQJHQZLFKWLJHUXQG ZHUWYROOHUZDUHQDOVGLHVH+DOOH'DV)DXFKHQYHUHLQ]HOWHU6FKVVHZDU]XK|UHQ 'DQQJDQ]H6HULHQ 'DVGXPSIH*HUlXVFKHLQHU([SORVLRQGDVYRQGHU6HLWHNDPLQGHUGLH +DXSWNXSSHOODJOHQNWHPHLQH$XIPHUNVDPNHLWLQGLHVH5LFKWXQJ,FKVDKGDLQGHU :DQGHLQHUGHUGUHL/DJHUKDOOHQHLQ/RFKHQWVWDQGHQZDUGXUFKGDV7UPPHUVWFNH IORJHQ'HU%RGHQYLEULHUWHXQWHUPHLQHQ)HQ,FKHQWVLFKHUWHPHLQHQ.RPELVWUDKOHU VFKORGHQ+HOPPHLQHV(LQVDW]DQ]XJVXQGILHIORVW$OVLFKXPGDV*HElXGH KHUXPERJEOLFNWHLFKPLFKXP6FKHLQEDUYRQEHUDOOKHUGUlQJWHQGLH7LHUOHLEHULQ EUHLWHQ:HOOHQKHUDQ (LQ0DQQIHXHUWHSDXVHQORV0RUYRQHU6SUDQJN(UZDULQGHU.OHPPH=ZDUUL VHLQH7=8EUHLWH/FNHQLQGLH5HLKHQGHU$QJUHLIHU'RFKVFKORVVHQVLFKGLHVH LPPHUZLHGHUXQGGLHKHUDQVWUPHQGHQ7LHUHEHGUlQJWHQLKQVWlQGLJYRQQHXHP(V ZDUHQ=ZHUJVFKXGHQIXJURH5DXEWLHUHYRQEHDFKWOLFKHU%HKHQGLJNHLW6LHKDVWHQ PHKUHUH5HLKHQPHVVHUVFKDUIHU=lKQHXQGJULIIHQPLWZDKUHU7RGHVYHUDFKWXQJDQ 6FKRQKDVWHQVLFKHLQLJHYRQLKQHQLQ6SUDQJNV.DPSIDQ]XJYHUELVVHQ6LHVFKUlQNWHQ VHLQH%HZHJXQJVIUHLKHLWHLQXQGJDEHQLKUHQ$UWJHQRVVHQGDGXUFKJU|HUH $QJULIIVFKDQFHQ,P+LQWHUJUXQGHUEOLFNWHLFKHLQLJHJU|HUH5DXEWLHUH6WHO]NDW]HQ :HQQGLHVHLQGHQ.DPSIHLQJULIIHQZUGHHVNULWLVFKIU0RUYRQHUZHUGHQ,FKVWHOOWH PHLQH:DIIHDXI'HVLQWHJUDWRU6WUHXVWUDKO]LHOWHNXU]XQGGUFNWHDWH'HU)lFKHU PlKWHHLQ'XW]HQG6FKXGHQQLHGHUXQGVFKXIHLQH*DVVH 'HUHUIDKUHQH6ROGDWUHDJLHUWHDXJHQEOLFNOLFK0LWZHLWHQ6lW]HQEHUEUFNWHHU GLH'LVWDQ]GLHLKQYRQPLUWUHQQWHZlKUHQGHUVLFKJOHLFK]HLWLJYRQGHQ5DXEWLHUHQ EHIUHLWHGLHVLFKDQVHLQHP$Q]XJIHVWJHELVVHQKDWWHQ³'DQNH´NHXFKWHHU³'LHVH YHUGDPPWHQ%LHVWHU:HQQGLH6WHO]NDW]HQKHUDQJHNRPPHQZlUHQZHLLFKQLFKW´ (LQH.HWWHYRQ'HWRQDWLRQHQOLHLKQYHUVWXPPHQ8QVHUH.|SIHIXKUHQKHUXP 'DV*HElXGH]LWWHUWH4XDOPXQG'DPSIGUDQJHQDXVGHP(LQJDQJVWRU'DQQJDEHV HLQEHUVWHQGHV*HUlXVFKXQGXQWHUGRQQHUQGHP.UDFKHQEUDFKGLH)URQWZDQG
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
DXVHLQDQGHU=LVFKHQGH'DPSIZRONHQGUDQJHQDXVGHP,QQHUQ6WLFKIODPPHQ VFKOXJHQKHUDXV6WUDKOZDIIHQEOLW]WHQDXI'LHVNHOHWWLHUWZLUNHQGHQ0HWDOOJHVWDOWHQ GUHLHU.DPSIURERWHUHUVFKLHQHQXPULQJWYRQ5DXEWLHUHQGHUHQVFKODQNH.|USHUYRQ JHOEHQXQGURVWEUDXQHQ)OHFNHQEHGHFNVZDUHQ³5DJZXH3DUGHQ´VFKULH0RUYRQHU GXUFKGDV.DPSIJHW|VH]LHOWHPLWVHLQHP6WUDKOHUXQGVFKRHLQLJHGHU7LHUHDWH ³9HUIOXFKW´ ³:LUPVVHQ]XU=HQWUDOH'RUWVLQGGLHZLFKWLJVWHQ*HUlWHXQGZLUZLVVHQQLFKW PLWZHOFKHU$UWYRQ%HVWLHQHV)DUWXORRQGRUW]XWXQEHNRPPW´ 3O|W]OLFKZDUGLH/XIWYRQHLQHPGXUFKGULQJHQGHQ%UDXVHQHUIOOW,FKEOLFNWH QDFKREHQ6FKZlUPHYRQ9|JHOQXQGDQGHUHQ)OXJWLHUHQZDUHQDXIJHWDXFKW9RQ 6GZHVWHQKHUQlKHUWHVLFKHLQHVFKZDU]H:RONH,QVHNWHQ'HU/RJLNVHNWRU EHKDXSWHWH'LHVHU$QJULIILVWRUJDQLVLHUW :HUVWHXHUWLKQ"'LH%HVDW]XQJGHVQRWJHODQGHWHQ6FKLIIHV" ,KUPWGDV5DXPVFKLIIYHUQLFKWHQ6RVFKQHOOZLHP|JOLFK $OVLFKGDV)XQNJHUlWHLQVFKDOWHQZROOWHVSUDFKHVVFKRQDQ(VZDU)DUWXORRQ GHVVHQ6WLPPHIDVWYRQ6WUDKOVFKVVHQXQGGHP.QDWWHUQNOHLQHUHU([SORVLRQHQ EHUGHFNWZXUGH$OVRZXUGHDXFKEHLLKPEHUHLWVJHNlPSIW³$WODQZRVHLGLKU":LU EUDXFKHQ8QWHUVWW]XQJ6FKXGHQ+DPPHUVFKODQJHQXQG6SHL6SLQQHQVLQGWULHU HLQJHGUXQJHQ:HL*ROGDQZLH'LH6SLQQHQKDEHQHLQHQ7HLOGHU.DPSIURERWHUPLW LKUHQ1HW]HQ]X3DNHWHQHLQJHVFKQUW'LH6FKODQJHQ]HUTXHWVFKHQ0DVFKLQHQXQG *HUlWH7LUDNR9HUGDPPW´(UXQWHUEUDFKVLFK,FKK|UWHHLQKHOOHV6LQJHQ'DQQIXKU HUNHXFKHQGIRUWµ¶7LUDNRLVWLQ+DOOHYLHUHLQJHVFKORVVHQ(LVNUDOOHPHOGHWGDEHUHLWV PHKUHUH*HElXGH]HUVW|UWZXUGHQ´ ,FKVDKZLHHLQH+HUGH=DPXFFVDXIWDXFKWH'LH'LFNKlXWHUYHUVSHUUWHQPLUGLH 6LFKWDXIGLHDQGHUHQ7LHUHµ:LUZHUGHQXQV]XU=HQWUDOHGXUFKNlPSIHQ´YHUVSUDFK LFK³:LUPVVHQGDVJHODQGHWH6FKLII]HUVW|UHQ9RQGRUWNRPPWGHU$QJULII´ ³,FKVHW]H)OXJURERWHUHLQ6LHVROOHQGHQIUHPGHQ5DXPHUDQJUHLIHQ²GLH 1RWODQGXQJZDUYRUJHWlXVFKWXQGLFKDKQHPLWZHPZLUHV]XWXQ%HHLOWHXFK´ $OVLFKGDV0LNURIRQDXVVFKDOWHWHVSUWHLFKHLQ*HZLFKWDXIPHLQHUUHFKWHQ 6FKXOWHU'DQQHLQHQ'UXFNDP5FNHQ,FKGUHKWHGHQ.RSIXQGVDKHLQHQ KDOEIXJURHQ+DXWIOJOHUGHUDQPHLQHP5DXPDQ]XJNOHEWHXQGHULQQHUWHPLFKGD VLHNHLQH)HKDVWHQVRQGHUQVLFKPLWWHOVHLQHVNOHEULJHQ6HNUHWHVDQLKUHQ 1LVWIHOVHQDEHUDXFKDQLKUHQ%HXWHWLHUHQIHVWKHIWHWHQ:lKUHQGLFKGDV7LHUYRQ PHLQHU6FKXOWHUULVSUWHLFKGDHLQ]ZHLWHU+DXWIOJOHUPLWGHPJHERJHQHQ 6FKQDEHOLQPHLQHQ5FNHQKDFNOH'DQQZDU0RUYRQHUQHEHQPLUXQGVFKOHXGHUWHGDV 7LHU]X%RGHQ (LQVFKZLUUHQGHV*HUlXVFKOLHPLFKQDFKREHQEOLFNHQ.OHLQHXQVFKHLQEDUH 5DXEY|JHOYHUKDUUWHQEHUPHLQHP.RSILQGHU/XIW,KUH5RWRUIOJHONUHLVWHQ XQDXIOK|UOLFK³.UDDXVV´ULHI0RUYRQHUGHULQ]ZLVFKHQHEHQIDOOVVHLQHQ+HOP JHVFKORVVHQKDVWH³6LHN|QQHQXQVQLFKWVDQKDEHQ'LH6FKQlEHOGULQJHQQLFKWGXUFK GDV0DWHULDOXQVHUHU$Q]JH´ :LULJQRULHUWHQGLH5DXEY|JHOXQGEOLFNWHQ]XU+DXSWNXSSHOKLQEHU'LH =DPXFFVZDUHQDXILKUHQDFKW%HLQHQGXUFKGDV7DOJHGRQQHUWXQGKDVWHQGDV7RU HLQHU/DJHUKDOOHHLQJHGUFNW-HW]WYHUZVWHWHQVLHGDV,QQHUH:LUNRQQWHQHVQLFKW YHUKLQGHUQPXWHQXQEHGLQJW]XU=HQWUDOH:HQQGLHVHYHUORUHQJLQJZXUGHXQVHUH /DJHNULWLVFK$EJHVHKHQYRQGHQYHUKHHUHQGHQ6FKlGHQGHQGLHUDVHQGHQ7LHUHGRUW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
DQULFKWHWHQZUGHHVVFKZLHULJVHLQGLH$EZHKUPDQDKPHQ]XRUJDQLVLHUHQXQG]X NRRUGLQLHUHQ1RFKPXWH)DUWXORRQGLHhEHUVLFKWKDEHQ$XIGHQ6FKLUPHQNRQQWHHU VHKHQZDVVLFKLQGHQHLQ]HOQHQ6HNWLRQHQGHV6WW]SXQNWVDEVSLHOWH ,FKZROOWHORVUHQQHQDOVLFKHLQVHOWVDPHVVFKDEHQGHV*HUlXVFKXQG JOHLFK]HLWLJGHQ:DUQUXI0RUYRQHUVK|UWH,FKZDUIPLFKKHUXP=XVSlW(VJDEHLQH 6HULHNQLVWHUQGHU*HUlXVFKHDOVVLFKGDV1HW]GHU6FKOHXGHUVSLQQHEHUPLFKOHJWH 'HU6WUDKOHUJOLWWPLUDXVGHQ)LQJHUQUXWVFKWHGXUFKGLH0DVFKHQGHV1HW]HVKLQGXUFK XQGSROWHUWHDXIGHQ%RGHQ,QQHUKDOEHLQHV:LPSHUQVFKODJHVVFKQUWHQPLUGLH VWDKOKDUWHQ)DGHQGHQ.|USHU]XVDPPHQ%HZHJXQJVXQIlKLJODJLFKGDXQGVDKDXV GHQ$XJHQZLQNHOQHLQHQJURHQVFKZDU]HQ6FKDWWHQGHUVLFKPLUDXI]Z|OI%HLQHQ QlKHUWH'DQQHUVFKLHQGHUKlOLFKHEHKDDUWH.RSI,FKK|UWHHLQVXUUHQGHV*HUlXVFK 'HU.RSIGHU6SLQQH]XFNWH]XUFN'HU'UXFNGHV1HW]HVOLHQDFKGLH)lGHQILHOHQ YRQPLUDWHhEHUPLFKJHEHXJWVWDQG0RUYRQHUGDV9LEUDWRUPHVVHULQGHU+DQG ,FKVSUDQJDXIXQGULHI³6FKQHOO]XU=HQWUDOHHKHHV]XVSlWLVW´ $EHUDOVLFK]XPIQI]LJ0HWHUKRKHQ+DXSWJHElXGHKLQEHUEOLFNWHZDULFK HQWVHW]W=ZLVFKHQXQVHUHP6WDQGRUWXQGGHUJURHQ.XSSHOGUlQJWHVLFKHLQH+RUGH 5DXEHFKVHQ6LHJHK|UWHQYHUVFKLHGHQHQ$UWHQDQ(LQLJHGHUIQIXQGPHKU0HWHU JURHQ7LHUHXQWHUVWW]WHQGLH6FKQHOONUDIWLKUHU+LQWHUEHLQHGXUFKEUHLWH 6SUXQJVFKZlQ]H$QGHUHOLHHQLQLKUHQJH|IIQHWHQ5DFKHQ'RSSHOUHLKHQGROFKJURHU =lKQHVHKHQ:LHGHUDQGHUHWUXJHQDXILKUHPJHSDQ]HUWHQ5FNHQ.lPPHPLW NHJHOI|UPLJHQ6WDFKHOQ (LQHVGHU8QWLHUHGHVVHQGUHLHFNLJHU6FKlGHODXIHLQHPELHJVDPHQ 6FKODQJHQKDOVVDKDVWHXQVHQWGHFNW(LQHQ$XJHQEOLFNVWDUUWHHVDXVVHLQHQNOHLQHQ $XJHQ]XXQVKHUEHU'DQQVWLHHVHLQHQWURPSHWHQDUWLJHQ6FKUHLDXV6RIRUWVHW]WH VLFKHLQKDOEHV'XW]HQGVHLQHU$UWJHQRVVHQLQXQVHUH5LFKWXQJLQ%HZHJXQJ 0RUYRQHUXQGLFKVFKRVVHQIDVWJOHLFK]HLWLJ'LHEHLGHQYRUGHUVWHQ$QJUHLIHU VWLHHQHLQXUZHOWOLFKHV*HEUOODXV6LHPDFKWHQQRFKHLQHQJHZDOWLJHQ6DW]GHUVLH IDVWELV]XXQVKHUDQEUDFKWH'DQQEUDFKHQVLH]XVDPPHQ1RFKZlKUHQGVLHU|FKHOQG YHUHQGHWHQKDVWHQZLUGLHQlFKVWHQ(FKVHQDXIV.RUQJHQRPPHQ,FKGUFNWHDWHXQG DOVLFKVDKGDLFKZLHGHUJHWURIIHQKDVWHZDUILFKHLQHQVFKQHOOHQ7KLFNKLQWHUPLFK 0HLQH%HIUFKWXQJHUZLHVVLFKDOVULFKWLJ6HOEVWZHQQZLUPLWGHQ(FKVHQIHUWLJ ZXUGHQNRQQWHQZLUXQVHUH6WHOOXQJQLFKWKDOWHQJHVFKZHLJHGHQQ]XU=HQWUDOH YRUVWRHQ9RQKLQWHQQlKHUWHQVLFKZHLWHUH5DXEWLHUH,Q.U]HZDUHQZLUHLQJHNUHLVW $XVGHU/DJHUKDOOHUHFKWVKLQWHUXQVGUDQJHQ([SORVLRQHQ'RUWEHIDQGHQVLFK (QHUJLHSURMHNWRUHQXQGDQGHUHVZHUWYROOHVWHFKQLVFKHV*HUlW9LHOOHLFKWNRQQWHQZLU GLHVHVZHQLJVWHQVYRUGHU9HUQLFKWXQJEHZDKUHQ ³0RUYRQHU:LUPVVHQLQGLH/DJHUKDOOH+LHUNRPPHQZLUQLFKWGXUFK´,FK HUOHJWHQRFKHLQHGHU(FKVHQGUHKWHPLFKXPXQGVWUPWHLQZHLWHQ6lW]HQ]XP (LQJDQJGHVIODFKHQ*HElXGHV'HU9HUF¶DWKRUIROJWHPIU,P,QQHUQZDUGDV/LFKWELV DXIGLH1RWEHOHXFKWXQJDXVJHIDOOHQ$XVGHPDQJUHQ]HQGHQ5DXPGUDQJHQVFKZHUHV 3ROWHUQXQG'U|KQHQXQGGDV.OLUUHQYRQEHUVWHQGHP*ODVKHUDQ,FKVWU]WHKLQHLQ GHQ.RPELVWUDKOHUVFKXEHUHLW(LQ=DPXFFZDUTXHUGXUFKGHQ5DXPJHWUDPSHOW KDVWH6FKDOWSXOWH]HUPDOPWXQGZDUQXQGDEHL5HJDOH]X]HUWUPPHUQ=ZLVFKHQGHQ DFKW%HLQHQGHV'LFNKlXWHUVKXVFKWHQ6WHLQQDJHUKLQXQGKHU =XPHUVWHQPDOVDKLFKHLQHQ)HOVNQDFNHUEHLGHU$UEHLW'DV7LHUULFKWHWHVLFK PLWVHLQHQNXU]HQ%HLQHQDXIXQGGUFNWHGHQ.XJHONRSIPLWJH|IIQHWHP7ULFKWHUUDFKHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
JHJHQGLH:DQG,FKK|UWHHLQPDKOHQGHV*HUlXVFKXQGVDKZLHVLFKGLHZDDJUHFKWHQ .HJHO]lKQHLQGLH:DQGERKUWHQXQG]XURWLHUHQEHJDQQHQ6LHGUHKWHQVLFKLQHLQHP UDVHQGHQ:LUEHO%DOGEHJDQQGDVKDUWH0DWHULDODE]XEU|FNHOQ,FKULPLFKYRQ GLHVHPIDV]LQLHUHQGHQ$QEOLFNORV]LHOWHVRUJIlOWLJDXIGHQ=DPXFFXQGGUFNWHDWH (LQHQ$XJHQEOLFNIDQJVWDQGGHU'LFNKlXWHUZLHHUVWDUUW'DQQEUDFKHU]XVDPPHQ +DVWLJDNWLYLHUWHLFKPHLQ)XQNJHUlWXQGULHIGLH=HQWUDOH1LHPDQGPHOGHWHVLFK +DEHQGLH7LHUHVLHHWZDEHUHLWVHUREHUW"8QP|JOLFK$EHUZDUXPKDWPLFK)DUWXORRQ QRFKQLFKWEHU)XQNEHQDFKULFKWLJW"+LQWHUPLUK|UWHLFKHLQ*HUlXVFK$OVLFK KHUXPIXKUVDKLFKGDVLFK0RUYRQHU]ZHLHU%HVWLHQHUZHKUWH6LHVDKHQDXVZLH 6FKXGHQZDUHQDEHUJU|HUXQGNUlIWLJHUJHEDXW:DKUHQGLKUH)DQJHQDFKGHP 0DQQVFKQDSSWHQGUDQJHLQKHOOHV6LQJHQDXVLKUHQ5DFKHQGDVPLFKDQLUJHQGHWZDV HULQQHUWH,FKVFKRHLQHVGHU5DXEWLHUHDWH 0RUYRQHUHUOHGLJWHGDVDQGHUH)LQVWHUVWDUUWHHUDXIGLHEHLGHQ.DGDYHUKLQDE ³0RUGVFKXGHQ´VWLHHUKHUYRU³'LHVH9LHFKHUVLQGJHIlKUOLFK)OLQNZLH%HUJVFKXGHQ $EHUVLHEHVLW]HQHLQ9LEUDWRUJHEL'XUFKVFKQHLGHWXQVHUH$Q]JHZLHHLQ 6WUDKOVFKX´ ³*OlQ]HQGH$XVVLFKWHQ´VDJWHLFKVDUNDVWLVFK³+RIIHQWOLFKVFKLFNHQXQVXQVHUH *HJQHUQLFKWDOO]XYLHOHGDYRQDXIGHQ+DOV´ =XZHLWHUHQ%HWUDFKWXQJHQKDVWHQZLUNHLQH=HLW:LUOLHIHQ]XUFNLQGHQ +DXSWJDQJXQGUDQQWHQEHUGDVVWLOOLHJHQGH7UDQVSRUWEDQG$QGHUQlFKVWHQ $E]ZHLJXQJVWLHHQZLUDXI6FKOHXGHUVSLQQHQ:LUKLHOWHQXQVQLFKWZHLWHUPLWLKQHQ DXIZLFKHQGHQ:XUIQHW]HQDXVXQGHLOWHQ]XPQlFKVWHQ5DXPZRVLFK ,QWHUNRPVFKLUPHEHIDQGHQ9LHOOHLFKWNRQQWHQZLUDXIGLHVH$UWHUIDKUHQZDVLP +DXSWJHElXGHJHVFKDK'HU5DXPZDUOHHU6FKQHOOVFKDOWHWHLFKGLH6FKLUPHHLQ'UHL GHUYLHUIODPPWHQDXI'RFKQXUDXI]ZHLHQZDUHWZDV]XHUNHQQHQ'HU7RQZDU DXVJHIDOOHQ$EHUGDVZDVZLUVDKHQJDE$QOD]XGHQVFKOLPPVWHQ%HIUFKWXQJHQ ,QGHU+DXSWNXSSHOVFKLHQHV]X.lPSIHQJHNRPPHQ]XVHLQ1HEHQYLHOHQ NOHLQHUHQ5DXEWLHUHQZDUHQDXFKJU|HUHMDVRJDUHLQLJH=DPXFFVXQG(FKVHQ HLQJHGUXQJHQ'LH5RERWHUNlPSIWHQPLWLKQHQ=ZDUULFKWHWHQLKUH:DIIHQHLQ%OXWEDG XQWHUGHQ(LQGULQJOLQJHQDQGRFKLPPHUQHXH7LHUHGUDQJHQHLQ'LH.DGDYHUVFKLHQHQ LKUH.DPSIZXWQXUQRFKPHKUDQ]XVWDFKHOQ(LQLJHGHU.DPSIPDVFKLQHQODJHQDP %RGHQYRQ6FKOHXGHUQHW]HQ]XEHZHJXQJVORVHQ3DNHWHQYHUVFKQUWXQGJDEHQ XQJH]LHOWH6FKVVHDWH'LH6SLQQHQNUDEEHOWHQDXILKQHQKHUXPXQGDOVVLHPHUNWHQ GDGLH0HWDOOZHVHQQLFKWV)UHEDUHVKHUJDEHQZDQGWHQVLHVLFKDWH6LHVXFKWHQGHQ RUJDQLVFKHQ)HLQG8QGHUNDP $P5DQGGHV%LOGVFKLUPHVVDKLFKHLQ$XIEOLW]HQ'DV6NDUJ"6SLQQHQOHLEHU .|SIHXQG%HLQHGDQQGLH*OLHGPDHQYRQ5DXEWLHUHQZLUEHOWHQGXUFKGHQ5DXP)U HLQHQ$XJHQEOLFNZDU)DUWXORRQ]XVHKHQ%HLGKlQGLJVFKZDQJHUGDV%UHLWVFKZHUW WUHQQWHHLQHPDQJUHLIHQGHQ5DJZXH3DUGHQGHQ.RSIYRP5XPSI'DQQVFKZHQNWHGLH $XIQDKPHRSWLNHLQZHQLJ]XU6HLWHXQGLFKVDKQXUQRFKGDVEOLW]HQGHDXIXQG DEVDXVHQGH6FKZHUW ,QGLHVHP$XJHQEOLFNZXUGHQ*HUlXVFKHEHUWUDJHQEHUVWHXHUWXQGELVLFK GHQ5HJOHUJHGUHKWKDVWHEHUILHOXQVGLH*HUlXVFKNXOLVVHZLHHLQ2UNDQ+HXOHQ .UHLVFKHQ-DXOHQGD]ZLVFKHQ7RGHVVFKUHLHXQGGDV=LVFKHQXQG)DXFKHQGHU 6WUDKOVFKVVH(VNQDWWHUWHXQGNUDFKWHDOVZHQQLUJHQGZR&KHPLNDOLHQUHDJLHUWHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
RGHU*HUlWH]HUEDUVWHQ$XIHLQHPGHU%LOGVFKLUPHZHFKVHOWHGLH6]HQHULH(LQH .DPHUDGLHVLFKLQGHU)XQN]HQWUDOHEHIDQG ³(LVNUDOOH´VWLH0RUYRQHUKHUYRU'HU&KUHWNRUKDVWHZRKOYHUVXFKWVLFK]X )DUWXORRQGXUFK]XNlPSIHQ(QWZHGHUZDUHULQGLH)XQN]HQWUDOHDEJHGUlQJWZRUGHQ RGHUDEHUHUKDVWHVLHEHWUHWHQXPGLHZHUWYROOHQ*HUlWH]XEHVFKW]HQ(LVNUDOOH KDVWHVLFKKLQWHUHLQHPVFKZHUHQ6FKDOWSXOWYHUVFKDQ]W(UIHXHUWHZLHUHVHQGDXIGLH DQJUHLIHQGHQ7LHUH(VZDUHQLQGHU0HKU]DKO.OHLQUDXEWLHUHXQG1DJHUXQGHVZDUHQ LKUHUVRYLHOHGDVLHVLFKJHJHQVHLWLJEHKLQGHUWHQ7URW]GHPKDVWHQVLHEHUHLWVJURHQ 6FKDGHQDQJHULFKWHW(LVNUDOOHVFKLHQEHPKWZHQLJVWHQVGLH6FKDOWDQODJHXQGGLH )XQNDQODJHQ]XUHWWHQ$OV]ZHL6FKXGHQDXIGDV6WHXHUSXOWVSUDQJHQOLHHUGLH :DIIHORVW6HLQH$UPHIXKUHQEOLW]VFKQHOOQDFKYRUQGLHIXUFKWEDUHQ.UDOOHQSDFNWHQ]X 'LH6FKUHLHGHUEHLGHQ5DXEWLHUHEUDFKHQMlKDWHDOVLKU.|USHUJHZHEHHUVWDUUWH $QHLQHUDQGHUHQ6WHOOHGHV5DXPHVGLHJHUDGHQRFKLP(UIDVVXQJVEHUHLFKGHU .DPHUDODJEDKQWHVLFKHLQH(QWZLFNOXQJDQGLHIUGHQ&KUHWNRUJHIlKUOLFKZHUGHQ NRQQWH=ZLVFKHQGHQ5DXEWLHUHQVDKLFKGHQ.RSIHLQHU6FKODQJHDXIWDXFKHQ'DV 7LHUJHK|UWHHLQHUPLUXQEHNDQQWHQ$UWDQ'LHVWDUUHQOLGORVHQ$XJHQZDUHQ XQJHZ|KQOLFKJURXQGVFKLHQHQDXIHLQHVHOWVDPH:HLVH,QWHOOLJHQ]ZLGHU]XVSLHJHOQ 0LWJHVFKPHLGLJHQ%HZHJXQJHQO|VWHVLFKGLH6FKODQJHDXVHLQHP3XON6FKXGHQXQG JOLWWXQWHUGDV6FKDOWSXOWGDVDXIHLQHP.XIHQVRFNHOVWDQG(LVNUDOOHGHUPLWGHQ EHLGHQ5DXEWLHUHQ]XWXQKDVWHKDVWHGLH*HIDKUQLFKWEHPHUNW ³*URH*DOD[LV´NQXUUWHGHU0DQQQHEHQPIU³(ULVWYHUORUHQ´ (UKDVWHQRFKQLFKWDXVJHVSURFKHQGDK|UWHLFK(LVNUDOOHVZWHQGHQ6FKUHL'LH 6FKODQJHPXWHLKPGLH%HLQHZHJJH]RJHQKDEHQGHQKLFKVDKGDGHU&KUHWNRU KLQWHQEHUILHO6HLQH.UDOOHQJULIIHQLQV/HHUH'DQQZDQGVLFKGHUDUPGLFNH.|USHUGHU 6FKODQJHLQHLQHUVFKQHOOHQ%HZHJXQJXP/HLEXQG*OLHGHUGHV)UHXQGHVGLHW|GOLFKH 8PVFKOLQJXQJ]RJVLFK]XVDPPHQ3O|W]OLFKK|UWHQZLUHLQH6HULHYRQ6FKVVHQXQG EHUGDV%LOG]XFNWHQ6WUDKOHQIlFKHU'DQQZXUGHGHU6FKLUPVFKZDU] ,FKYHUORUNHLQHZHLWHUH0LOOLWRQWDVRQGHUQUDQQWHDXVGHP5DXPXQGVWUPWH GHQ.RUULGRUHQWODQJ+LQWHUPLUK|UWHLFK0RUYRQHUVNHXFKHQGHQ$WHP:lKUHQGGHV /DXIHQVEHUOHJWHLFKRELFKQLFKWHLQHQ)HKOHUJHPDFKWKDVWH9LHOOHLFKWZlUHHVGRFK EHVVHUJHZHVHQGLHVHV*HElXGHPLWVDPWVHLQHP,QKDOW]XRSIHUQXQGNRVWHHVZDV HVZROOHGHQ'XUFKEUXFK]XU+DXSWNXSSHO]XYHUVXFKHQ:DVZDUPLW(LVNUDOOH":DU HUWRW"'LH6WUDKOVFKVVHGLHLFKJHVHKHQKDVWHEHYRUGHU6FKLUPHUORVFKZDUHQHLQ +RIIQXQJVVFKLPPHU:DUXPVFKZLHJ)DUWXORRQ"$EHUPDOVYHUVXFKWHLFKHLQH 9HUELQGXQJ]XGHP%DXFKDXIVFKQHLGHUKHU]XVWHOOHQ9HUJHEHQV1LHPDQGPHOGHWH VLFK 'LH6RUJHXPGLH)UHXQGHWULHEPLFKYRUZlUWV'HU*DQJERJQDFKOLQNVDWH =ZDQ]LJ0HWHUZHLWHUEHIDQGVLFKHLQ]ZHLWHU$XVJDQJ3O|W]OLFKK|UWHLFKODXWHV 'U|KQHQXQGJOHLFKGDUDXIHLQGXUFKGULQJHQGHVKHLVHUHV7URPSHWHQ'DYRUQPXWH HLQH*URHFKVHDP:HUNVHLQ,FKVSUWHGDGLH/DJHUKDOOHEHEWH'RFKZDUGDVQXU GHU$QIDQJ,PQlFKVWHQ$XJHQEOLFNEUDFKGLH.DWDVWURSKHEHUXQVKHUHLQ=XHUVW YHUQDKPHQZLUGHQWURPPHOIHOOHUVFKWWHUQGHQ.QDOOHLQHUVFKZHUHQ([SORVLRQ'DQQ VDKHQZLUGDVLFKGLHUHFKWH:DQGGHV.RUULGRUVQDFKLQQHQZ|OEWHXQG DXVHLQDQGHUEUDFK'LHQLHGULJH'HFNHVWU]WHDQGLHVHU6WHOOHKHUDE'LHVLFK DXVEUHLWHQGH'UXFNZHOOHHUIDWHXQVXQGOLHXQVJHJHQGLH:DQGWRUNHOQ $XVGHP/RFKGUDQJVFKZDU]HU4XDOPXQGQDKPXQVGLH6LFKW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'RFKDXFKVRZXWHQZLUGDNHLQ'XUFKNRPPHQPHKUP|JOLFKZDU'HU*DQJ ZDUDXIHLQHU/lQJHYRQPLQGHVWHQV]Z|OI0HWHUQYHUVFKWWHW$OVZLUXQVXPGUHKWHQ K|UWHQZLUKHLVHUHV*HEUOO9RQKLQWHQNDPHQ*URUDXEWLHUHGHP7RQQDFKZDUHQHV =DPXFFV,FKEOLFNWHPLFKXP1HEHQXQVZDUHLQ5DXPLQGHPSRVLWURQLVFKH 0LNUREDXWHLOHODJHUWHQ,FKHULQQHUWHPLFKGDDXIGHUDQGHUHQ6HLWHGHV5DXPHVHLQ ZHLWHUHU*DQJYHUOLHIGHU]XHLQHP$QWLJUDYOLIWIKUWH8QGGLHVHU²ZDUXPLVWPLUGDV QLFKWIUKHUHLQJHIDOOHQ"PQGHWHLQHLQHQVXESODQHWDULVFKHQ*DQJGXUFKGHQPDQLQ GDV+DXSWJHElXGHJHODQJHQNRQQWH ³'DKLQHLQ´ULHILFK0RUYRQHU]XXQGQDKPPLUQLFKWGLH=HLWHLQH(UNOlUXQJ DE]XJHEHQ'HU.RPPDQGDQWZUGHVHOEVWGDKLQWHUNRPPHQZDVLFKYRUKDWWH $P(QGHGHV*DQJHVWDXFKWHQGLHSOXPSHU)RUPHQHLQHV=DPXFFVDXI:HLWHUH 'LFNKlXWHUIROJWHQ:LU]LHOWHQVRUJIlOWLJXQGGUFNWHQDWH'HU5LHVHEUOOWHDXIDOVLKQ GLH6FKVVHWUDIHQ(VGU|KQWHDOVGHUVFKZHUH.|USHU]X%RGHQVWU]WH'LH QDFKIROJHQGHQ7LHUHTXHWVFKWHQVLFKDQGHPJHW|WHWHQ$UWJHQRVVHQYRUEHL:LU |IIQHWHQGLH7XU]XGHP/DJHUHLOWHQKLQGXUFKXQGEHWUDWHQGHQ*DQJDXIGHUDQGHUHQ 6HLWH=HKQ0HWHUZHLWHUVWLHHQZLUDXIGHQ$QWLJUDYOLIW:LUVFKZDQJHQXQVRKQH =|JHUQKLQHLQXQGVFKZHEWHQQDFKXQWHQ $OVZLUGXUFKGHQVXESODQHWDULVFKHQ*DQJOLHIHQHUORVFKXQYHUPLWWHOWDXFKQRFK GLH1RWEHOHXFKWXQJ0RUYRQHUXQGLFKVFKDOWHWHQXQVHUH6FKHLQZHUIHUDQ'LHIDKOHQ /LFKWNHJHOVWLHHQLQGLH)LQVWHUQLVXQGOLHHQHUNHQQHQGDGHU*DQJHLQH.UPPXQJ PDFKWH'LH:DQGHGLHXQWHUKDOEGHU+DXSWNXSSHODXV6WDKOSODVWLNEHVWDQGHQJLQJHQ WULHULQ0DXHUZHUNEHUGDVDQPDQFKHQ6WHOOHQDEJHEU|FNHOWZDU3LO]HXQG)OHFKWHQ EHGHFNWHQGLHXUDOWHQ6WHLQHXQGLQ1LVFKHQXQG/|FKHUQQLVWHWHDOOHUOHL*HWLHU,FK K|UWH5DVFKHOQXQG*HWUDSSHO'HU6FKHLQZHUIHUNHJHOJOLWWEHUVFKZDU]EUDXQH 7LHUOHLEHUKLQZHJWDVWHWHVLFKEHUGLH:DQGXQGHQWKOOWHHLQIXJURHV/RFKLP *HPlXHU(LQ7XQQHO'LH6WHLQZUIHKDEHQLKQJHJUDEHQ ,FKEOLHEVWHKHQKLHOWPHLQH:DIIHVFKXEHUHLWXQGOHXFKWHWHLQGDV/RFKKLQHLQ 9LHOOHLFKWNRPPHQQRFKDQGHUH7LHUHGXUFKGHQ7XQQHO(LQKHLVHUHV.QXUUHQZDUQWH PLFK,FKZDUIPLFK]XU6HLWH.HLQHQ$XJHQEOLFN]XIUK/LQ6FKDWWHQIORJKHUDQ'HU .|USHUHLQHV7LHUHVVWUHLIWHPLFK6FKDUIH)lQJHVFKQDSSWHQ]X6FKQHOOGUHKWHLFK PLFKXPOLHGHQ6WUDKOGHU/DPSHEHUGHQ%RGHQJOHLWHQ'DVJHVWU]WH7LHUHLQ 6FKXGHZDUVFKRQZLHGHUDXIGHQ%HLQHQXQGJULIIPLFKYRQQHXHPDQ,FKVFKOXJLKP GHQ6WUDKOHUYRQXQWHQJHJHQGLH6FKQDX]H'DV7LHUEHUVFKOXJVLFKXQGVWU]WHWRW ]X%RGHQ 0RUYRQHUVWLHHLQHQ)OXFKDXV(VSROWHUWH'DV/LFKWVHLQHV6FKHLQZHUIHUV HUORVFK*OHLFK]HLWLJK|UWHLFKHWZDVIDXFKHQXQGDOVLFKPHLQH/DPSH KHUXPVFKZHQNWHVDKLFKHLQHQVFKZDU]EUDXQHQ.OXPSHQGHUVLFKDXIGHP5FNHQ GHV0DQQHVIHVWJHNODPPHUWKDVWH:LHGHUK|UWHLFKGDVVFKDXULJH6LQJHQGHV 9LEUDWRUJHELVVHV,FKVFKRVRIRUW'HU0RUGVFKXGHVFKULHDXIXQGILHOKHUXQWHU,FK K|UWHZLH0RUYRQHUHLQ6W|KQHQYHUEL ³9HUOHW]W"´ ³-D´NQXUUWHHU³$QGHU6FKXOWHUYHUIOXFKWH%HVWLH´ ,FKVFKZHQNWHGHQ6FKHLQZHUIHUXQGOHXFKWHWHGHQ*DQJXQGGDQQGHQ7XQQHO DXV.HLQ7LHUZDU]XHQWGHFNHQ,P/LFKWNHJHOIHQGLFK0RUYRQHUV/DPSH6LHZDU LQWDNW%HLP)DOOKDVWHVLHVLFKOHGLJOLFKDXVJHVFKDOWHW,FKVFKDOWHWHVLHZLHGHUHLQXQG VWHOOWHVLHVRDXIGHQ%RGHQGDHLQP|JOLFKVWJURHU7HLOGHV*DQJHVDXVJHOHXFKWHW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
ZXUGH'DQQWUDWLFK]X6SUDQJN(UKDVWHHLQHUVHLQHU7DVFKHQEHUHLWVGDV+HLOVSUD\ HQWQRPPHQXQGKLHOWPLUGLH$PSXOOHKLQW ,FKULFKWHWHPHLQHHLJHQH/DPSHDXIVHLQH6FKXOWHU'LH:XQGHNODIIWH ILQJHUEUHLW'LH=lKQHGHV6FKXGHQKDVWHQGDV)OHLVFKYRQGHQ.QRFKHQJHULVVHQ 0RUYRQHUKDW*OFNLP8QJOFNJHKDEW(LQHVFKQHOOH%HZHJXQJGHV2EHUN|USHUV EHZDKUWHLKQYHUPXWOLFKYRU6FKOLPPHUHP'DVP|UGHULVFKH*HELKDWGDV 6FKXOWHUJHOHQNYHUIHKOW ,FKNOHPPWHGHQ7=8XQWHUGHQOLQNHQ$UPGDQQVSUKWHLFKGDV+HLOPLWWHODXI GLH:XQGH,FKIHQGJHUDGHQRFK=HLWGHP.RPPDQGDQWHQGLH$PSXOOHLQGLH7DVFKH ]XVFKLHEHQDOVDXVGHP/RFKLQGHU:DQGGHU.RSIHLQHU6FKODQJHHUVFKLHQ'LH 7DUQ]HLFKQXQJREHUKDOEGHUVWDUUHQ$XJHQOHXFKWHWHIDKOJUQLP/LFKWGHV 6FKHLQZHUIHUV$XIGHP.RSIGHV5HSWLOVZXFKVHLQ3DDUVHOWVDPJHIRUPWHU+|FNHU 3O|W]OLFKIODPPWHQGLHEHLGHQ+|FNHUDXIXQGHLQIQI6FKULWWODQJHU%OLW]IXKU]ZLVFKHQ 0RUYRQHUXQGPLUKLQGXUFKXQGVFKOXJKLQWHUXQVLQGLH:DQG,FKJULIIEOLW]VFKQHOOQDFK GHP6WUDKOHUXQGVFKRYRQGHU+IWHDXV'DV7LHUYHUGDPSIWH 1DFKHLQHU:HLOHK|UWHQZLUEHUXQVGXPSIHV*UROOHQ9RQGHU'HFNHILHOHQ %URFNHQLQGHQ*DQJKHUXQWHU'DV*UROOHQZLHGHUKROWHVLFKLQGHQQlFKVWHQ 0LOOLWRQWDVQRFKPHKUPDOV([SORVLRQHQ:DVPDJGDREHQORVVHLQ"/HEHQGLH )UHXQGHQRFK":LHUDQJHN|QQHQVLHVLFKQRFKJHJHQGLHUDVHQGHQ%HVWLHQKDOWHU" 'DV/LFKWXQVHUHU6FKHLQZHUIHUWUDIDXIHLQH:DQG'RUWYRUQPDFKWHGHU*DQJ HLQHQVFKDUIHQ.QLFN'DKLQWHUPXWHVLFKGHU$QWLJUDYOLIWEHILQGHQGHUXQVLQV,QQHUH GHV+DXSWJHElXGHVEHI|UGHUQVROOWH$EHUDOVZLUXPGLH(FNHERJHQVWRFNWHXQVHU 6FKULWW9RUXQVODJHLQHXQGXUFKGULQJOLFKH0DVVHYRQJHERUVWHQHQ7UlJHUQXQG JHVFKPRO]HQHP6WDKOSODVWLN(LQH([SORVLRQPXWHQRFKHKHZLUGHQ*DQJEHWUHWHQ KDWWHQGLHVHQ7HLOGHV.RUULGRUVPLWVDPW$QWLJUDYDQODJH]HUVW|UWKDEHQ(VEOLHEXQV QLFKWVDQGHUHVEULJDOVGHQ:HJGHQZLUJHNRPPHQZDUHQZLHGHU]XUFN]XHLOHQ :DKUHQGGHV5FNPDUVFKHVGDFKWHLFKGDUDQZHOFKHQVFKZHUHQ)HKOHULFK EHJDQJHQKDVWHGDLFKPLW0RUYRQHULQGHQVXESODQHWDULVFKHQ7HLOGHV6WW]SXQNWH JHJDQJHQZDU*HZLLPHUVWHQ$XJHQEOLFNVFKLHQHVGHUNU]HVWH:HJ]XU=HQWUDOH ]XVHLQ'RFKLFKKDVWHGLH*HIlKUOLFKNHLWGHU7LHUHXQWHUVFKlW]W:HQQZLUMHW]WDXFK GHQ$QWLJUDYOLIWLQGHU3URMHNWRUKDOOHQLFKWPHKUHUUHLFKHQVLQGZLUDEJHVFKQLWWHQ 8QWHUZHJVHQWGHFNWHQZLUHLQHQ]ZHLWHQYRQ7LHUHQJHERKUWHQ7XQQHOGHQZLUYRUKHU EHUVHKHQKDWWHQ0HLQH(UOHLFKWHUXQJZDUJURDOVZLUGHQ$QWLJUDYOLIWDP(QGHGHV *DQJHVHUUHLFKWHQ$EHUDOVZLULKQXPSROHQZROOWHQHUOHEWHQZLUHLQHKHUEH (QWWlXVFKXQJ'DV)HOGEOLHEDEZlUWVJHULFKWHW:DVQXQ" 'DV1lFKVWOLHJHQGHZDUGDV.UDIWIHOGJlQ]OLFKDE]XVFKDOWHQXQGEHUGLH .UDPSHQGHU1RWOHLWHUKLQDXI]XNOHWWHUQ9RQREHQKHUZDUHQ*HUlXVFKH]XK|UHQGLH GLH$QZHVHQKHLWYRQ7LHUHQDQ]HLJWHQ:LUPXWHQREHQVHLQHKHVLFKDOO]XYLHOHYRQ LKQHQYRUGHP$XVJDQJGHV/LIWVYHUVDPPHOWKDWWHQ,FK|IIQHWHGHQ6FKDOWNDVWHQ 1DFKNXU]HU$QDO\VHVWHOOWHLFKIHVVGDVLFKQXUGLH6FKDOWXQJIUGLH)HOGXPSROXQJ GDULQEHIDQG(LQH$NWLYLHUXQJRGHU'HVDNWLYLHUXQJZDUYRQWULHUDXVJDUQLFKWP|JOLFK 0RUYRQHUGHUDQPHLQHU0LHQHHUNDQQWHGDHWZDVQLFKWLQ2UGQXQJZDUIUDJWH ³:DVLVWORV"6WLPPWHWZDVQLFKW"´,FKHUNOlUWHHVLKP³8QGZHQQZLUGLH3ROVFKDOWXQJ ]HUVW|UHQ"´ ,FKVFKWWHOWHGHQ.RSI³'DVQW]WOHLGHUJDUQLFKWV$XIGLH)HOGSURMHNWLRQVHOEVW N|QQHQZLUYRQWULHUDXVNHLQHQ(LQIOXQHKPHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
8QVHU9HUVXFKHQWJHJHQGHUQDFKXQWHQZLUNHQGHQ.UDIWGHV.UDIWIHOGHVGHQ $XIVWLHJ]XVFKDIIHQVFKHLWHUWH(LQHQ0HWHUEHUGHP%RGHQGUFNWHQXQVGLH )HOGOLQLHQXQZLGHUVWHKOLFKQDFKXQWHQ=XDOOHPhEHUIOXZDUGHU*HUlXVFKSHJHOEHU XQVJHZDOWLJJHVWLHJHQ(LQ=HLFKHQGDIUGDVLFKDXFKLQGLHVHU+LQVLFKWGLH/DJH]X XQVHUHP1DFKWHLOJHZDQGHOWKDVWH$OVLFKKLQXQGKHUEHUOHJWHXPHLQHQ$XVZHJ]X ILQGHUILHOPLUGHU7XQQHOHLQDQGHPZLUJHUDGHYRUEHUJHNRPPHQZDUHQ,FKULHIPLU GLH/DJHGHU*HElXGHGHV6WW]SXQNWHVLQV*HGlFKWQLV'DQDFKPXWHVLFKJDQ]LQ GHU1lKHXQG]ZDULQ*DQJULFKWXQJJHVHKHQUHFKWVYRQXQVGLH/DJHUKDOOH EHILQGHQ$XFKGLHVHV*HElXGHKDVWHHLQHQ$QWLJUDYOLIWGHU]XVXESODQHWDULVFKHQ 5lXPHQIKUWH 'HUYRQGHQ7LHUHQJHERKUWH7XQQHOIKUWHZHQQLFKPLFKQLFKWVHKULUUWH²LQGLH 5LFKWXQJGHV1DFKEDUJHElXGHV1DWUOLFKZDUHUIUXQVLQVHLQHUGHU]HLWLJHQ)RUP QLFKWEHQXW]EDU$EHUYLHOOHLFKWNRQQWHQZLULKQHUZHLWHUQ",FKHUNOlUWH0RUYRQHUPLW NXU]HQ:RUWHQPHLQH,GHHXQGZLUHLOWHQ]XGHU6WHOOHDQGHUVLFKGHU7XQQHOEHIDQG (UPQGHWHYRQUHFKWVNRPPHQGLQGHQ*DQJXQGVHW]WHVLFKDQGHUDQGHUHQ6HLWH IRUW'LH5LFKWXQJNRQQWHVWLPPHQYRUDXVJHVHW]WGHU7XQQHOPDFKWHNHLQHQVFKDUIHQ .QLFN'HU=ZHLPRQGWUlJHUOHXFKWHWHPLWVHLQHP6FKHLQZHUIHUKLQHLQ³+DUWHV*HVWHLQ´ 'DVZDUJXWVR(VYHUULQJHUWHZHQQZLUGHQ4XHUVFKQLWWGHV7XQQHOV HUZHLWHUWHQGLH*HIDKUGDGLHVHUHLQVWU]WH'LH)UDJHZDUQXUREGDVEHUDOOVRZDU :LUPXWHQGDPLWUHFKQHQGDZLUDXIZHLFKHUHV*HVWHLQRGHUJDUDXI(UGUHLFK VWLHHQ'DQQZXUGHHVNULWLVFK(LQHDQGHUH)UDJHZDUREZLUIDOOVZLUZLUNOLFKGDV 1DFKEDUJHElXGHHUUHLFKWHQGRUWPHKU*OFNKDWWHQ8QVEOLHENHLQHDQGHUH:DKODOV XQVHU*OFN]XYHUVXFKHQ,FKQDKPHLQHHQWVSUHFKHQGH(LQVWHOOXQJDQPHLQHP .RPELVWUDKOHUYRUXQGLFKEHJDQQGDVGHQ7XQQHOXPJHEHQGH*HVWHLQPLWGHU 'HVLQWHJUDWRUZLUNXQJLQZLUEHOQGHQ8OWUDIHLQVWDXE]XYHUZDQGHOQ'LH3DUWLNHOZDOOWHQLQ JUDXHQ:RONHQDQXQVHUHQ+HOPHQYRUEHLXQGYHUIOFKWLJWHQVLFKLP*DQJ 'HU/RJLNVHNWRUZLHVPLFKNDOWDXIXQVHU9HUVlXPQLVKLQ:DUXPZXUGHQLFKWGLH JURUlXPLJH.ULVWDOOIHOGLQWHQVLYLHUXQJDNWLYLHUW"'DQQKlWWHQGLH7LHUHKLHUJDUQLFKW HLQGULQJHQN|QQHQ :LUNDPHQJXWYRUDQ7LHUHQEHJHJQHWHQZLUQLFKW:DKUHQGZLUXQV6FKULWWXP 6FKULWWGXUFKGHQ)HOVHQDUEHLWHWHQGDFKWHLFKPLW%HZXQGHUXQJGDUDQPLWZHOFKHQ .UlIWHQGLH1DWXUPDQFKHLKUHU*HVFK|SIHDXVJHVWDWWHWKDWWH:R]XZLU 'HVLQWHJUDWRUHQHUJLHEHQ|WLJWHQVFKDIIWHQGLH6WHLQQDJHUDXVHLJHQHU.UDIWEHL DNWLYLHUWHU.ULVWDOOIHOGLQWHQVLYLHUXQJKlWWHQVLHVLFKDOOHUGLQJVGLH=lKQHDXVJHELVVHQ 1DFKHLQLJHU=HLWEHPHUNWHQZLUGDGDV*HVWHLQVJDVQDFKYRUQDE]RJ8QGNXU] GDUDXIVDKHQZLUHLQHQ/LFKWVFKLPPHU9RUXQVODJHLQ5DXPXQGDOVZLULKQHUUHLFKWHQ VDKHQZLUGDHUOHHUZDU'LH1RWEHOHXFKWXQJYHUEUHLWHWH'lPPHUOLFKW $XIGHUDQGHUHQ5DXPVHLWHJDEHVHLQH1LVFKH'HU(LQJDQJ]XP$QWLJUDYOLIW$OV LFKGLH6FKDOWXQJXQWHUVXFKWHVWHOOWHLFKPLWJUHQ]HQORVHU(UOHLFKWHUXQJIHVVGDVLH IXQNWLRQLHUWH,FKSROWHGDV)HOGXPXQGZLUVFKZHEWHQQDFKREHQ'DV*HElXGH VFKLHQYRQ7LHUHQYHUODVVHQXQGZLUEHHLOWHQXQV]XP$XVJDQJ]XNRPPHQ$EHUDOV ZLUGLH/DJHUKDOOHGXUFKTXHUWHQEHJDQQDXIGHUDQGHUHQ6HLWHGLH:DQG]X VFKZDQNHQ(VJDEHLQRKUHQEHWlXEHQGHV.UDFKHQXQGDXIHLQHU/lQJHYRQ PLQGHVWHQV]HKQ0HWHUQULGDV6WDKOSODVWLNEOHFKELV]XU'HFNHDXIXQGVFKHSSHUWHLQ GLH+DOOH0LWHLQHPJHZDOWLJHQ6DW]]XUFNEUDFKWHQZLUXQVLQ6LFKHUKHLWXQGKREHQ JOHLFK]HLWLJXQVHUH:DIIHQLQ6FKXVWHOOXQJ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
9RUXQVUDJWHGHUEODXJHVFKXSSWH3DQ]HUHLQHU(FKVHDXI6LHZDUVRJURGD VLHGLH+DOOHLQLKUHUJDQ]HQ+|KHDXVIOOWH'HUHEHQIDOOVEODXJHVFKXSSWH+DOVZDUWLHI KHUDEJHERJHQXQGGHU.RSIPLWGHPDXIJHULVVHQHQ5DFKHQSHQGHOWHKLQXQGKHU 6SUDQJNXQGLFKVFKRVVHQJOHLFK]HLWLJ$XVGHP5DFKHQEUDFKHLQXUZHOWOLFKHV*HEUOO (LQYLROHWWHU%OXWVWURPVFKRDXVGHP6FKOXQGXQGGDV7LHUVWU]WH]X%RGHQ =XVSlWHUNDQQWHLFKGLHJUDXHQ)OHFNHQ]ZLVFKHQGHQ6FKXSSHQ,PQlFKVWHQ $XJHQEOLFNVWDUWHWHQGLH+DXWVHJOHUXQGILHOHQEHUXQVKHU(VJHODQJXQVQRFKHLQLJH YRQLKQHQDE]XZHKUHQ$EHUHVZDUHQLKUHU]XYLHOH,FKVSUWHGDPHLQH$UPH VFKZHUZXUGHQ'DVHNOLJH6HNUHWNOHEWHPHLQH)LQJHUDQHLQDQGHU'HU6WUDKOHUJOLWW]X %RGHQ=XP*OFNZDUHQXQVHUH+HOPHJHVFKORVVHQ6HOWVDPHUZHLVHJHEUDXFKWHQGLH 7LHUHQLFKWLKUHKDUWHQ6FKQlEHO'DQQVDKLFKGLH6FKXGHQGXUFKGDV/RFKLQGLH+DOOH HLQGULQJHQ $XV'HU+HURH7UDQ$WODQLQGHU2SHU*DWK/RN$UEDUDLWK'DVIHUQH=LHO $UEDUDLWK 8QGDXFKZHQQHXUH+lXSWHULQGHQ6WDXEJH]ZXQJHQ8QGEOXWLJVFKZDU]HXUH *HVLFKWHU 6RGHQNHWLPPHUGDUDQ'DJRULVWDV 'DVZDKUHXQDXVO|VFKOLFKH0HKLQGDWUDJWLKULP+HU]HQ 'HU.RSILlJHU'LH+|KOHPDDQGHUEUHLWHVWHQ6WHOOHHWZD]HKQ0HWHU,P ,QQHUQGHV%HUJHVYHU]ZHLJWHVLH]XHLQHPDXVJHGHKQWHQ6\VWHPXQGIKUWHVFKUlJLQ GHQ%DVDOWNHJHOKLQXQWHUGHUVLFKELVQDKHDQGHQ)OXODXIKHUDQVFKRE'LH5RERWHU KDVWHQLQ&RQWDLQHUQDOOHQRWZHQGLJHQ*HUlWH0DVFKLQHQXQG'HSRWVKLHUKHUJHEUDFKW HKH&RUSNRUGLH.-g5.LQGHQ5DXPVWDUWHUOLH(VZDUK|FKVWH=HLWJHZHVHQ.XU] GDQDFKZDUHQVFKZHUEHZDIIQHWH)OXJURERWHUHUVFKLHQHQXQGHVZDUXQVFKZHU]X HUNHQQHQJHZHVHQGDVLHGHQ$XIWUDJHUKDOWHQKDWWHQGDV6FKLII]XYHUQLFKWHQ &RUSNRUJULQVWH6LHZDUHQYHUJHEOLFKJHNRPPHQ'HU.XJHOUDXPHUNUHLVWHLQ HLQHPVWDWLRQlUHQ2UELWXPGHQ3ODQHWHQ:HQQHULKQEUDXFKWHZUGHHUGDV6FKLII GXUFK)XQNEHIHKOKHUEHLUXIHQ(UEOLFNWHDXIGLH0RQLWRUHQGLHDQGHQ:lQGHQGHU +|KOHPRQWLHUWZDUHQ$XILKQHQHUVFKLHQHQGLH5DVWHUELOGHUGLHGLH*HKLUQHGHU&OL]] EHUPLWWHOWHQ'LH,QVHNWHQIORJHQGXUFKHLQHQNOHLQHQZHLWHUREHUKDOEJHOHJHQHQ (LQJDQJLQGDV+|KOHQV\VWHPHLQXQGZXUGHQYRQGHQ$XWRPDWHQDQGLH 6SH]LDODSSDUDWXUDQJHVFKORVVHQ -HPDQGHPGHUGLHVH$UWGHU%LOGEHUWUDJXQJQLFKWJHZRKQWZDUZUGHHV 6FKZLHULJNHLWHQPDFKHQGLH%LOGHULPPHUHLQZDQGIUHL]XHUNHQQHQ&RUSNRUKDVWH VROFKH3UREOHPHQLFKW'HU7LHUElQGLJHUEHREDFKWHWHGHQ$XIPDUVFKVHLQHU7LHUHLQ GHP7DOXQGLKUHQ$QJULIIDXIGHQ6WW]SXQNW'HU5HFKQHUDUEHLWHWHRKQH6W|UXQJHQ 'HQQRFKJHVFKDKHV]XZHLOHQGDGLH6]HQHQHWZDV]XDEUXSWZHFKVHOWHQRGHULP IDOVFKHQ0RPHQWDEEUDFKHQ'LH$XVZDKOXQGGLHhEHUWUDJXQJVIROJHKLQJHQQDWUOLFK DXFKGDYRQDWHZLHYLHOH&OL]]LP(LQVDW]ZDUHQXQGZRVLHVLFKDXIKLHOWHQ 'LH6WHLQQDJHUKDVWHQJXWH9RUDUEHLWJHOHLVWHW'HU$QJULIINDP]JLJYRUDQ$Q HLQLJHQ*HElXGHQZDUHQGLHHUVWHQ=HUVW|UXQJHQ]XHUNHQQHQ=DKOUHLFKH6FKXGHQ XQGHLQLJHJU|HUH5DXEWLHUHGUDQJHQHLQ=DPXFFVXQG.HJHOVFKXSSHQHFKVHQGLH YRQ6GHQKHUYRUVWLHHQGUFNWHQGLH:DQGHYRQ/DJHUKDOOHQHLQXQG]HUWUPPHUWHQ GLH,QQHQHLQULFKWXQJ $OVGHU.ULVWDOOSULQ]LQGHQ(UIDVVXQJVEHUHLFKGHU)DFHWWHQDXJHQJHULHWZXFKV GLH6SDQQXQJGHV.RSIMlJHUV'HUMXQJH0DQQZDUHLQKHUYRUUDJHQGHU.lPSIHU(UXQG
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
HLQDQGHUHU0DQQPLWGHQ5DQJDE]HLFKHQHLQHVDUNRQLGLVFKHQ/HQ1RV¶LDQWDDXI VHLQHP(LQVDW]DQ]XJULFKWHWHQHLQ%OXWEDGXQWHUGHQ7LHUHQGHUHUVWHQ$QJULIIVZHOOHDQ ,P%LOGHUVFKLHQHQHLQLJH5DJZXH3DUGHQ'DQQYHUVFKZDQGHQVLHZLHGHUYRP0RQLWRU XQGPLWLKQHQDXFKGLHEHLGHQ0lQQHU (LQLJHGHU&OL]]ZDUHQLP*HIROJHDQGHUHU7LHUHLQV,QQHUHHLQHVJURHQ *HElXGHVHLQJHGUXQJHQ6LHEHUPLWWHOWHQ%LOGHUYRQGHPZDVVLFKGRUWDEJHVSLHOW KDVWH6WHLQZUIHXQG)HOVNQDFNHUKDVWHQ7XQQHOYRQGHU6HLWHXQGYRQXQWHQKHU KLQHLQJHERKUW0HKUHUH5XGHOYHUVFKLHGHQHU6FKXGHQDUWHQ.DPSIVSLQQHQXQG .ULHFKWLHUHZDUHQGXUFKGLH7XQQHOLQV,QQHUHGHU.XSSHOJHODQJW9RQDXHQNDPHQ 6DXULHUXQG=DPXFFVXQGYHUVXFKWHQGLH:DQGHHLQ]XGUFNHQ%LOGHUYRQGHQ 5lXPHQXQGGHUHQ(LQULFKWXQJHQOLHHQ&RUSNRUHUNHQQHQGDHVVLFKXPGDV +DXSWJHElXGHPLW+DXSWXQG)XQN]HQWUDOHKDQGHOWH (LQPDOHUVFKLHQIUHLQLJH$XJHQEOLFNH)DUWXORRQ(UVFKZDQJHLQEUHLWHV 6FKZHUWXQGW|WHWHUHLKHQZHLVHGLHDQJUHLIHQGHQ7LHUH'DQQZDUGLH)XQN]HQWUDOH]X VHKHQ(LQSHDU1DJHUERKUWHQGLH:DQGHDQ9RQGHU6HLWHKHUEOLW]WHHV 6WUDKOVFKVVH'DQQZHFKVHOWHGLH6]HQHHUQHXW 'LHVPDOVDK&RUSNRUHLQHQMXQJHQKRFKJHZDFKVHQHQ$UNRQLGHQ(UZHKUWHPLW VHLQHU6WUDKOZDIIHGHQ$QJULII]ZHLHU5DJZXH3DUGHQDWH(LQ.DPSIURERWHUGHUDQ VHLQHU6HLWHNlPSIWHHUVFKRHLQHQ0RUGVFKXGHQGHUGHPMXQJHQ0DQQDXIGHQ 5FNHQVSUDQJ3O|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|IIQHQGH7XULQHLQHQDQGHUHQ5DXP 'LH.62/KDVWHJXWH$UEHLWJHOHLVWHW'LH%LOGHUNDPHQMHW]WYRQHLQHP&OL]]GHU VLFKLQGHP5DXPEHIXQGHQKDVWHLQGHQGHU0DQQXQGGDVVWHUEHQGH7LHUJHVWU]W ZDUHQ(UVFKLHQOHHU$QGHUUHFKWHQ:DQGZDUHQ%HKlOWHU]X6lXOHQ DXIHLQDQGHUJHVWDSHOW'HUOLQNH7HLOKDVWHQLFKWLP(UIDVVXQJVEHUHLFKGHU ,QVHNWHQDXJHQJHOHJHQ'HUMXQJH$UNRQLGHEHIUHLWHVLFKPLWWHOVVHLQHV 9LEUDWRUPHVVHUVDXVGHU8PNODPPHUXQJ(UNRQQWHVLFKQXUPKVDPHUKHEHQXQG VFKZDQNWHOHLFKW(LQ3UDQNHQKLHEKDWWHGLH5DXPNRPELQDWLRQDPOLQNHQ2EHUDUP ]HUIHW]W&RUSNRUVDK%OXWKHUYRUTXHOOHQ 3O|W]OLFKZDFNHOWHGDVJDQ]H%LOG$POLQNHQ5DQGHQWVWDQGKHIWLJH%HZHJXQJ 'DQQZDUGLH$XI]HLFKQXQJVRXQGHXWOLFKGD&RUSNRUNDXPHUNHQQHQNRQQWHZDV JHVFKDK0|JOLFKHUZHLVHZDUGHU&OL]]YHUOHW]WZRUGHQ(UVFKLHQZDKUVFKHLQOLFKGXUFK GLH'UXFNZHOOHHLQHU([SORVLRQGXUFKGHQ5DXPJHZLUEHOW]XZHUGHQ6FKOLHOLFKNDP VHLQ)OXJGLFKWXQWHUKDOEGHU'HFNHZLHGHUKDOEZHJV]XU5XKH&RUSNRUEOLFNWHGXUFK GLH)DFHWWHQDXJHQLQGLH5LFKWXQJLQGHUVLFKGHU(LQJDQJEHIDQGRGHUYLHOPHKU EHIXQGHQKDVWH'HQQGRUWUDJWHHLQ%HUJUDXFKHQGHUXQGEUHQQHQGHU7UPPHUPDVVHQ ELV]XU'HFNHHPSRU)ODPPHQOHFNWHQLQGHQ5DXPKLQHLQXQGGDQQZDUSO|W]OLFKGHU JDQ]H%LOGVFKLUPLQHLQHZHLH/LFKWIOXWJHEDGHW'LH6]HQHEUDFKDWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
(LQHHUQHXWH([SORVLRQGDFKWHHU:DVVLHDXVJHO|VWKDVWHZDUQLFKW]X HUNHQQHQJHZHVHQ(UVWDXQOLFKZDUGDHVGHP&OL]]JHOXQJHQZDUQRFKDXVGLHVHU +|OOH]XHQWNRPPHQ'HUMXQJH0DQQZDUYHUPXWOLFKWRW)UHLQHQ$XJHQEOLFNIKOWH &RUSNRUVRHWZDVZLH%HGDXHUQ'RFKGDQQYHUILQVWHUWHVLFKVHLQ*HVLFKW,QVHLQHP %HUXIZDUNHLQ3ODW]IU6HQWLPHQWDOLWlWHQ$XIGHP%LOGVFKLUPHUVFKLHQHLQ5DXP GHVVHQ(LQULFKWXQJEHUHLWV]XHLQHPJURHQ7HLO]HUVW|UWZDU*HUlWHXQG6FKDOWSXOWH ZDUHQYRQGHQ7LHUHQIDVWELV]XU8QNHQQWOLFKNHLW]HUWUPPHUWZRUGHQ7URW]GHP JODXEWHGHU7LHUElQGLJHU]XZLVVHQGDHVVLFKXPGLH)XQN]HQWUDOHKDQGHOWH ,QGHU0LWWHGHV5DXPHVNlPSIWHMHPDQGXPVHLQ/HEHQ'HU.RSIMlJHUVDK GDHVGHU&KUHWNRUZDU6HLQJOlVHUQHU.|USHUZXUGHYRQHLQHU5LHVHQVFKODQJH XPVFKOXQJHQ6HLQHW|GOLFKHQ:DIIHQGLH+lQGH]XFNWHQKLQXQGKHUJULIIHQDEHU LPPHUZLHGHULQV/HHUH ³$\XDN´VWLHGHU$UNRQLGHKHUYRU*HEDQQWVWDUUWHHUDXIGDV*HVFKHKHQ'LH +DPPHUVFKODQJHULQJHOWHVLFKZHLWHUXPGHQ.|USHULKUHV2SIHUV*DQ]DOOPlKOLFK ]RJHQVLFKGLH:LQGXQJHQHQJHU]XVDPPHQ)DVWJODXEWH&RUSNRUGDV5|FKHOQGHV &KUHWNRUV]XK|UHQ(VZDUQXUQRFKHLQH)UDJHGHU=HLWZHQQGLH.QRFKHQGHV NOHLQHQ.|USHUVEUHFKHQZUGHQ'RFKSO|W]OLFK]XFNWHHLQKHOOHU6FKHLQEHUGHQ %LOGVFKLUP 'LHhEHUWUDJXQJZHFKVHOWH&RUSNRUEHWUDFKWHWHGLH9RUJlQJHMHW]WGXUFKGLH $XJHQHLQHV]ZHLWHQ&OL]]DXVHLQHUDQGHUHQ3HUVSHNWLYH²XQG]ZDUYRQREHQ .DPSIURERWHUHUVFKLHQHQDP(LQJDQJ6LHNlPSIWHQVLFKELV]XU0LWWHGHV5DXPHVYRU 6LHKDVWHQJXWJH]LHOW'HU.|USHUGHU+DPPHUVFKODQJHZXUGHVFKODII(UVDKZLH $\XDNVWDUE6HLQH+lQGHYHUNUDPSIWHQVLFKXPGLH/HKQHVHLQHV6HVVHOV$\XDN 'HU&KUHWNRUZDUNDXPEHIUHLWGDVSUDQJHUDXIGLH%HLQHXQGVWU]WHVLFKLQGHQ .DPSI6FKOHXGHUVSLQQHQZDUHQLQGHQ5DXPHLQJHGUXQJHQ6LHILHOHQGLH5RERWHUDQ XQGPDFKWHQLKQHQGDVLHVHKU]DKOUHLFKZDUHQVFKZHU]XVFKDIIHQ0HKUHUH .DPSIURERWHUODJHQEHUHLWVEHZHJXQJVXQIlKLJLQGLH1HW]HYHUVWULFNWDP%RGHQ6LH NRQQWHQLKUH:DIIHQQLFKWPHKUJH]LHOWHLQVHW]HQ'DJULIIGHU&KUHWNRUHLQ'DV WUDQVSDUHQWH:HVHQVSUDQJPLWWHQXQWHUGLHDXILKUHQ]Z|OI%HLQHQYRQDOLHQ6HLWHQ KHUDQHLOHQGHQ6SLQQHQ6HLQH+lQGHDQGHQHQXQGHXWOLFK.UDOOHQ]XHUNHQQHQZDUHQ SDFNWHQ]XGLH6FKOHXGHUVSLQQHQHUVWDUUWHQXQGLKUH1HW]HEDUVWHQHEHQIDOOV]X(LV HUVWDUUW&RUSNRUVDKQRFKGDGHU&KUHWNRUDXVGHP5DXPHLOWH'DQQZDUHQDXIGHP %LOGVFKLUPQXUQRFKGLH]HUVW|UWHQ*HUlWHXQGYLHOHWRWH7LHUH]XVHKHQ(LQH 5RERWVWLPPHVDJWH³'LHHUVWHQ'DGDQJVVLQGDQJHNRPPHQ,QIRUPDWLRQVWlQ]HKDEHQ EHUHLWVEHJRQQHQ´ (UEOLFNWHDXIGHQ0RQLWRU,P$XJHQEOLFNJHVFKDKQLFKWVYRQEHVRQGHUHU %HGHXWXQJ(UVFKDOWHWHDXI6SHLFKHUXQJXQGVWDQGDXI(LQHQEHVVHUHQ3ODW]KlWWHLFK QLFKWILQGHQN|QQHQGDFKWHHUZlKUHQGHUEHUGHQOHLFKWDEIDOOHQGHQ%RGHQWLHIHULQ GDV+|KOHQV\VWHPKLQHLQVFKULWW'LH5RERWHUKDVWHQHLQHVWDUNH/LFKWDQODJHLQVWDOOLHUW GLHGLH5lXPHKHOODXVOHXFKWHWH+LHUNRQQWHHUXQJHVW|UWRSHULHUHQ2SWLVFKNRQQWHHU QLFKWHQWGHFNWZHUGHQ1DWUOLFKGHU)HLQGKlWWHNHLQH6FKZLHULJNHLWHQJHKDEWLKQPLW 2UWXQJVJHUlWHQDXI]XVSUHQ2IIHQVLFKWOLFKKDVWHQGLH)OXJURERWHUDEHUQXUGHQ%HIHKO JHKDEWGDV6FKLII]X]HUVW|UHQ²RGHUZDUHQZHJHQGHV$QJULIIHV]XP6WW]SXQNW ]XUFNEHRUGHUWZRUGHQ,Q]ZLVFKHQKDVWHQLKUH+HUUHQDQGHUHV]XWXQDOVVLFKXPGHQ 0DQQLQGHQ%HUJHQ]XNPPHUQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
&RUSNRUJHODQJWHGXUFKHLQH(QJVWHOOHKLQGXUFKLQHLQHQ6HLWHQUDXP(UZDU VSH]LHOOIUGLH$XVZHUWXQJGHU,QIRUPDWLRQHQGHU'DGDQJVHLQJHULFKWHWZRUGHQ'LHVH ZLQ]LJHQ+DXWIOJOHUGLHQWHQGHP7LHUEl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|KOHQ]XYROOIKUHQ'HU.RSIMlJHUVFKDOWHWHHLQHPLWGHU 3RVLWURQLNJHNRSSHOWH.DPHUDHLQ'DQQHQWQDKPHUHLQHP%HKlOWHUHLQHHLJHQDUWLJ JHIRUPWH%ULOOHXQGVHW]WHVLHDXI'HU,QIUDURWYRUVDW]OLHLKQDXJHQEOLFNOLFKHUNHQQHQ ZDVYRUJLQJ,QHLQHUIODFKHQ0XOGHGUlQJWHQVLFKHLQLJHWDXVHQGQLFKWHLQPDO ILQJHUQDJHOJURH,QVHNWHQDQHLQDQGHU6LHEHWDVWHWHQVLFKPLWGHQGQQHQ)KOHUQXQG LQIRUPLHUWHQVLFKDXIGLHVH:HLVHGDUEHUZDVLQGHU0LWWHGHU0XOGHJHVFKDK'RUW KDVWHQGLH7LHUHHLQHHWZDKDQGJURH)OlFKHDXVJHVSDUW$XILKUWDQ]WHQGLH .XQGVFKDIWHUGHU'DGDQJV 'HU.RSIMlJHUVWDQGJHEFNWYRUGHU0XOGHXQGYHUIROJWHGDV*HVFKHKHQ(LQ 9HUJU|HUXQJVYRUVDW]HUP|JOLFKWHLKPMHGHHLQ]HOQH%HZHJXQJ]XHUNHQQHQ)DVW HLQH7RQWDIDQJWDQ]WHQGLH,QVHNWHQ8QGGLH)LJXUHQGLHVLHDXVIKUWHQEHUPLWWHOWHQ &RUSNRU'DWHQXQG:HUWHEHUGHQ6WW]SXQNWXQGVHLQH,QVDVVHQGLHIUGLH :HLWHUIKUXQJGHV.DPSIHVYRQJURHU:LFKWLJNHLWZDUHQ'LH6WDWLRQEHVWDQGDXV VLHEHQXQGYLHU]LJ*HElXGHQGLH]XP7HLOPHKURGHUZHQLJHUVWDUN]HUVW|UWZDUHQ 6LHEHQ%DXZHUNHZDUHQJURH.XSSHOQ,QGHUJU|WHQGDYRQZDUGLH/HLWXQG )XQN]HQWUDOH(VJDEDFKW]HKQIODFKH5XQGEDXWHQXQGGUHL7XUPH'LHEULJHQ *HElXGHZDUHQUHFKWHFNLJH+DOOHQ,P,QQHUQGHU6WDWLRQKLHOWHQVLFKIQI0lQQHUDXI XQGHWZD]ZHLKXQGHUW.DPSIURERWHUEHIDQGHQVLFKLP(LQVDW]6LHEHQXQGYLHU]LJ *HElXGH'DVVLQGEHGHXWHQGPHKUDOVLFKDXVGHQ,QIRUPDWLRQHQGHU&OL]] JHVFKORVVHQKDEH 'LHVYRUDOOHPDEHUGLH7DWVDFKHGDVRYLHOH.DPSIURERWHULP(LQVDW]ZDUHQ PDFKWHHVQRWZHQGLJPHKU7LHUHHLQ]XVHW]HQDOVHUDQIDQJVJHSODQWKDVWH(UJLQJLQ MHQHQ7HLOGHU+|KOHKLQEHULQGHPGLH5RERWHUGLH.62/DXIJHVWHOOWKDWWHQ'LH $XIQDKPHQGHU'DGDQJ7DQ]HZDUHQDXVJHZHUWHW'HU&RPSXWHULQGHQGHU.RSIMlJHU GHQ%HGHXWXQJVNRGHGHU7DQ]IRUPHQHLQJHVSHLVWKDVWHNRQQWHDXIJUXQGGHU ,QIRUPDWLRQHQHLQHJHQDXH.DUWHGHV6WW]SXQNWV]HLFKQHQ'HU7LHUElQGLJHUVWXGLHUWH VLHDXIPHUNVDP'LHPDVWDEVJHWUHXH$EELOGXQJDXIGHUGLH/DJHXQG*U|HGHU HLQ]HOQHQ%DXZHUNHHLQJHWUDJHQZDUHQEHVWlUNWHLKQLQVHLQHP(QWVFKOXVHLQH 6WUDWHJLH]XlQGHUQ 'LH*HElXGHZDUHQQLFKWPLWHLQDQGHUYHUEXQGHQ=XP7HLOVWDQGHQVLH YHUKlOWQLVPlLJZHLWYRQHLQDQGHUHQWIHUQW'DPLWHUJDEVLFKGLH0|JOLFKNHLWPLWPHKU XQGJU|HUHQ7LHUHQ]XRSHULHUHQ'LHNOHLQHUHQ5DXEWLHUHZLH]XP%HLVSLHOGLHYLHOHQ 6FKXGHQDUWHQNDPHQQLFKWVRZLHHUZDUWHW]XP=XJH'DVPRFKWHDXFKGDUDQOLHJHQ GDGLH.DPSIURERWHU]XYLHOHYRQLKQHQW|WHWHQ'LHIUHLHQ)OlFKHQ]ZLVFKHQGHQ HLQ]HOQHQ%DXWHQERWHQGLH0|JOLFKNHLW=DPXFFV5DXEHFKVHQXQGDXFK,VVFK¶DDV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
HLQ]XVHW]HQXPGHQ6WW]SXQNWYRQDXHQKHU]XVWUPHQ'LH6WHLQZUIHXQG )HOVNQDFNHUKDVWHQVFKRQVRJXWH9RUDUEHLWJHOHLVWHWGDHVIUGLH*URWLHUHQLFKW VFKZLHULJVHLQGUIWHGLH:DQGHXQG7XUHQGHU*HElXGH]X]HUWUPPHUQGHQQQLFKW DOOHEHVWDQGHQDXV0HWDOOSODVWLNRGHUJDU$UNRQVWDKO:DUHQGLH0lQQHUHLQPDOGHU 'HFNXQJEHUDXEWZDUHVOHLFKWHUPLWLKQHQIHUWLJ]XZHUGHQ$XHUGHPZDUHQGLH 5DXELQVHNWHQDXFKGDQQZLUNXQJVYROOHU]XP(LQVDW]]XEULQJHQ %HLGHUELVMHW]WJHEWHQ7DNWLNZDUHQGLH9HUOXVWHEHVRQGHUVXQWHUGHQ .OHLQUDXEWLHUHQVHKUJUR'LHVZDUJDQ]XQGJDUQLFKWLQ&RUSNRUV6LQQ $XHUGHPZUGHGHU.DPSI]XODQJHGDXHUQ8QGZHUZXWHREGLH0lQQHUGHV 6WW]SXQNWHVQLFKW9HUVWlUNXQJYRQDXHQHUKLHOWHQ&RUSNRUVDKQRFKHLQPDODXIGLH .DUWH'DQQHLOWHHU]XP+|KOHQHLQJDQJ1DFKHLQHPSUIHQGHQ5XQGEOLFNWUDWHULQV )UHLHhEHULKPNUHLVWHQ9RJHOXQWHUGHQHQVLFKDXFK7XWXQGVHLQH$UWJHQRVVHQ EHIDQGHQ&RUSNRUVWLHHLQHQ3ILIIDXVK|UWHHLQ)OJHOSDDUUDXVFKHQ'DQQODQGHWH GHU0HOGHYRJHODXIVHLQHUDXVJHVWUHFNWHQ+DQG'HU7LHUElQGLJHUEHJDQQVHLQH %HIHKOH]XEHUPLWWHOQ 'HU$QVWXUPGHU6FKXGHQZDUIPLFK]X%RGHQ9HUJHEOLFKYHUVXFKWHLFKGLH )LQJHUIUHL]XEHNRPPHQ'DV6HNUHWGHU+DXWIOJOHUZDUYRQHLQHUEHDFKWOLFKHQ .OHEHNUDIW'DQQZDUHQGLH6FKXGHQEHUPIU'XUFKGHQ(LQVDW]DQ]XJKLQGXUFKVSUWH LFKGTQ'UXFNLKUHU=lKQH1RFKZLGHUVWDQGGDV0DWHULDOGHQ%LVVHQ:HQQDOOHUGLQJV 0RUGVFKXGHQNDPHQZDUHQZLUYHUORUHQ'HP9LEUDWRUJHELZDUQLFKWVJHZDFKVHQ ,FKNRQQWHQXUKRIIHQGDHLQ5RERWHUXQVEHIUHLWH'RFKGLH.DPSIPDVFKLQHQ VFKLHQHQGLHVH+DOOHOlQJVWDXIJHJHEHQ]XKDEHQ 6WUDKOHQGH+HOOHEOHQGHWHPLFKIUHLQHQ$XJHQEOLFN(VIROJWHHLQVFKULOOHU 7RGHVVFKUHL(LQHVGHU5DXEWLHUHPXWHDQGHQ$E]XJPHLQHV6WUDKOHUVJHNRPPHQ VHLQ(LQ6FKXKDVWHVLFKJHO|VWXQGGHQ6FKXGHQJHW|WHW0LUZXUGHKHL:LHOHLFKW NRQQWHQGLH$QJUHLIHUGLH/DJHXQVHUHU:DIIHQYHUlQGHUQ(LQ]XIlOOLJDXVJHO|VWHU 6FKXNRQQWHXQVW|WHQRGHUYHUVWPPHOQ,FKYHUVXFKWHPLFKKHUXP]XZlO]HQXP IHVW]XVWHOOHQLQZHOFKHU/DJHVLFK0RUYRQHUEHIDQG(VJHODQJPLUQLFKW'DV*HZLFKW GHU7LHUHGUFNWHPHLQHQ.|USHU]X%RGHQ$XHUGHPNRQQWHLFKPHLQH%HLQHQLFKW EHZHJHQ$XFKVLHKDVWHQGLH+DXWIOJOHUYHUNOHEW ³0RUYRQHU´VFKULHLFKLQGDV+HOPPLNURIRQ³0RUYRQHU´ ,FKHUKLHOWNHLQH$QWZRUW:DUHUWRWRGHUQXURKQPlFKWLJ"(LQHVGHU7LHUHKDVWH VLFKDXIPHLQHU%UXVWIHVWJHNUDOOW,QRKQPlFKWLJHU:XWELHVLPPHUZLHGHUDXIGLH .ODUVLFKWVFKHLEHPHLQHV+HOPHV'RFKGLHVFKDUIHQ)lQJHJOLWWHQDQGHPJODWWHQ 0DWHULDODWH'DQQVFKLHQHVGHUYHUJHEOLFKHQ9HUVXFKHPGHJHZRUGHQ]XVHLQ(V VSUDQJYRQPHLQHU%UXVWKLQXQWHU'DGXUFKEHNDPLFKZLHGHUHLQHQIUHLHQ7KLFN'RFK ZDVLFKVDKOLHPLUGDV%OXWLQGHQ$GHUQJHULQQHQ 'HU.|USHUGHU(FKVHGLHZLUJHW|WHWKDWWHQYHUGHFNWHIDVWGLH+lOIWHGHV ULHVLJHQ/RFKVGDVHUGXUFKGLH:DQGJHGUFNWKDVWH'RFKLQGHPIUHLHQ$EVFKQLWW HUVFKLHQGHUJHVFKXSSWH+DOVHLQHU(FKVHGLHQLFKWYLHONOHLQHUVHLQNRQQWHDOVGLH JHW|WHWH8QWHUKDOEGHU6WHOOHDQGHUGHU+DOVLQGHQEUHLWHQPLWURVWURWHQ6FKXSSHQ EHGHFNWHQ5XPSIEHUJLQJZXFKVHQ]ZHLVWDUNYHUNPPHUWH9RUGHUJOLHGPDHQPLW ODQJHQ.UDOOHQKHUDXV'HU.|USHUZXUGHYRQ]ZHLPlFKWLJHQ6lXOHQEHLQHQJHWUDJHQ YRQGHQHQLFKDXVPHLQHU3HUVSHNWLYHKHUDXVQXUGHQREHUHQ7HLOHUNHQQHQNRQQWH 'LH(FKVHPDFKWHHLQHQ6FKULWWQDFKYRUQ²XQGVWDQGYRUPIU8QZLOONUOLFKKLHOW LFKGHQ$WHPDQ-HGHQ$XJHQEOLFNPXWHVLFKHLQHVGHUEDXPGLFNHQ%HLQHKHEHQXQG
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
PHLQHQ.|USHU]HUPDOPHQ'HU5DFKHQGHV0RQVWUXPV|IIQHWHVLFK'UHL5HLKHQ ILQJHUODQJHU=lKQHZXUGHQVLFKWEDU$XVGHP0DXOGUDQJHLQH)ROJHVHOWVDPHU*UXQ] XQG6FKQDO]ODXWH$XJHQEOLFNOLFKZLFKGHU'UXFNYRQPHLQHP.|USHU'LH6FKXGHQ VSUDQJHQGDYRQXQGYHUVFKZDQGHQDXVGHP5DXP,FKVDKGDGHU5LHVHGLH NOHLQHQLQWHOOLJHQWZLUNHQGHQ$XJHQDXIPLFKJHKHIWHWUFNZlUWVDXVGHU+DOOHWURWWHWH 9HUEOIIWEOLFNWHLFKLKPQDFK:DVEHLDOLHQ3ODQHWHQKDWGDV]XEHGHXWHQ",FK YHUVFKREGLH/|VXQJGHV5lWVHOVDXIVSlWHUXQGZlO]WHPLFKKHUXP'UHL6FKULWWHYRQ PLUHQWIHUQWODJ0RUYRQHU(UVFKLHQJHUDGHZLHGHU]XVLFK]XNRPPHQ$XFKHUZDU QDFKGHPLKQGLH+DXWIOJOHUDXHU*HIHFKWJHVHW]WKDWWHQYRQGHQ6FKXGHQDWWDFNLHUW ZRUGHQ'DEHLPXWHHUDXIHLQHQQHEHQLKPLQGHQ5DXPUDJHQGHQ0HWDOOKROP DXIJHVFKODJHQVHLQXQGKDVWHYRUEHUJHKHQGGDV%HZXWVHLQYHUORUHQ ³0RUYRQHU´ULHILFK³.DQQVWGXGHLQH)LQJHUEHZHJHQ"´ $XVGHP+HOPODXWVSUHFKHUNDPHLQ6W|KQHQ'DQQHLQ)OXFK,FKPXWHJULQVHQ 'HU9HUF¶DWKRUZDUZLHGHUGHUDOWH³(VJHKWYHUGDPPWVFKZHU$EHUHVJHKW´ ,FKEHUOHJWHILHEHUKDIW-HGHQ$XJHQEOLFNNRQQWHQLUJHQGZHOFKH7LHUH HUVFKHLQHQXQGXQVHQGJOWLJGHQ*DUDXVPDFKHQ:LHHQWIHUQWPDQGDVNOHEULJH 6HNUHW",FKEHUOHJWHZDVVLFKDOOHVLQGHQ7DVFKHQPHLQHV$Q]XJVEHIDQG'DV 5HLQLJXQJVPLWWHOILHOPLUHLQ8UXWH[6HLQH*UXQGVXEVWDQ]ZDUHLQHVFKDUIH6lXUH 'HP0DWHULDOGHV$Q]XJVNRQQWHVLHQLFKWVDQKDEHQ'DV6HNUHWZUGHVLHMHGRFK²VR KRIIWHLFK²DXIO|VHQ,FKURXWHPLFK]X0RUYRQHUKLQEHUXQGPDQ|YULHUWHPLFKLQHLQH 3RVLWLRQGLHGLHEHWUHIIHQGH7DVFKHVHLQHQ+lQGHQ]XJlQJOLFKPDFKWH³9HUVXFKGLH 7DVFKH]X|IIQHQXQGGDV8UXWH[KHUDXV]XEHNRPPHQ8QGEHHLOGLFK´ (UQHVWHOWHDQPHLQHP$Q]XJKHUXP8QGQDFKHLQLJHU=HLWNHXFKWHHU³,FKKDEH GDV=HXJ,FKNDQQQXUPHLQH$UPHQLFKWEHZHJHQ:DUWH´ ,FKVDKGDHUVLFKDXIULFKWHWH$QVFKHLQHQGKDVWHQLKQGLH)OXJWLHUHVR YHUNOHEWGDHUVHLQH)HQLFKWYRP%RGHQO|VHQNRQQWH'RFKLFKKDVWHPHLQHQ .|USHULQ]ZLVFKHQLQHLQH/DJHJHEUDFKWGLHHVLKPHUP|JOLFKWHGDV0LWWHODXIPHLQH +DQGVFKXKH]XVSUKHQ(V]LVFKWHDOVGHUIHLQH6WUDKODXVGHU'VHVFKR $XJHQEOLFNHVSlWHUNRQQWHLFKGLH)LQJHUZLHGHUEHZHJHQ,FKYHUlQGHUWHPHLQH 3RVLWLRQHUQHXWXQG0RUYRQHUVSUKWHGDV8UXWH[DXIPHLQH%HLQH ,FKVWDQGDXIXQGEFNWHPLFKQDFKGHP6WUDKOHU(UVWGDQQQDKPLFKGDV 5HLQLJXQJVPLWWHODXVGHQ+lQGHQGHV.RPPDQGDQWHQXQGEHJDQQLQDOOHU(LOHVHLQH )HXQGGLH+lQGHYRQGHPYHUKlQJQLVYROOHQ6HNUHW]XEHIUHLHQ:LUUDQQWHQDQGHP .DGDYHUGHU(FKVHYRUEHLLQGHQ+DXSWNRUULGRUXQGGDQQ]XP$XVJDQJ 'HU$QEOLFNGHUVLFKXQVERWZDUZHQLJHUPXWLJHQG=DKOUHLFKH*HElXGHZDUHQ PHKURGHUZHQLJHUVWDUN]HUVW|UW$XVHLQLJHQVFKOXJHQ)ODPPHQ'HFNHQXQG:DQGH ZDUHQHLQJHVWU]W'DV+DXSWJHEl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
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6FKXGHQYHUWULHEHQKDVWH:HOFKH5ROOHVSLHOVHV"$OVZLULQ5LFKWXQJ+DXSWJHElXGH HLOWHQXQGHLQHQ7KLFNQDFK6GHQZDUIHQVDKHQZLU+HUGHQULHVLJHU7LHUH KHUDQVWUPHQ(FKVHQ=DPXFFVXQGDQGHUHVHOWVDPH8QJHWPHGLHLQ .DPSIDQ]JHQVWHFNHQ ³+HLOLJH*DOD[LV´VWLH0RUYRQHUKHUYRU ,QGLHVHP$XJHQEOLFNVSUDFKPHLQ)XQNJHUlWDQ0HLQH(UOHLFKWHUXQJZDUJUR DOVLFK)DUWXORRQV6WLPPHK|UWH³$WODQ$WODQPHOGHGLFK´ ³,FKK|UHGLFK´ =XQlFKVWYHUQDKPLFKJHGlPSIWHQ.DPSIOlUP'DQQNDPHQ)DUWXORRQV:RUWH ³(LVNUDOOHXQGLFKKDEHQXQVLQGHU=HQWUDOHYHUVFKDQ]W'LH)XQN]HQWUDOHLVWYHUORUHQ 'LH7LHUHKDEHQIDVWDOOH*HUlWH]HUVW|UW,FKKDEH5RERWHU]XU+DXSWNXSSHOEHIRKOHQ ´6HLQH6WLPPHEUDFKDWH,FKK|UWHHLQHQ6WUDKOVFKXGDQQGHQ7RGHVVFKUHLHLQHV 7LHUHV³:HQQGLH0DVFKLQHQWULHUVLQGYHUVXFKHQZLUHLQHQ$XVIDOO3O|W]OLFKVLQGDOOH NOHLQHUHQ5DXEWLHUHYHUVFKZXQGHQ,FKP|FKWHZLVVHQGDVGDKLQWHUVWHFNW´ ³(LQ:HFKVHOLQGHU6WUDWHJLH´DQWZRUWHWHLFK³:LUKDEHQMHW]WNHLQH=HLW]XP 5HGHQ9RQ6GHQKHUNRPPWHLQJDQ]HV+HHUYRQ*URWLHUHQKHUDQ1XUQRFKHLQH )UDJH:DVLVWPLWGHP6FKLII"´ ,FKK|UWH)DUWXORRQELWWHUDXIODFKHQ³=XVSlW(VLVWEHUHLWVLQGHQ5DXP JHVWDUWHW´ :lKUHQGGHVKDVWLJHQ'LDORJVZDUHQ6SUDQJNXQGLFKZHLWHULQ5LFKWXQJ +DXSWNXSSHOJHHLOW(LVNUDOOHKDWVLFKDOVRUHWWHQN|QQHQ:RDEHULVW7LUDNR"*HUDGH ZROOWHLFKHLQHHQWVSUHFKHQGH)UDJHVWHOOHQDOVZLUDXVGHU/XIWDQJHJULIIHQZXUGHQ 'LH$WWDFNHHUIROJWHVRVFKQHOOGDXQVNDXP=HLW]XU9HUWHLGLJXQJEOLHE'LH/XIWZDU SO|W]OLFKYRQHLQHP%UDXVHQXQG7RVHQHUIOOW(VK|UWHVLFKDQDOVIOLHJHHLQ 5DXPVFKLIIEHUXQVHUH.|SIHKLQZHJ$OVZLUQDFKREHQEOLFNWHQVDKHQZLUHLQHQ 6FKZDUP,QVHNWHQKHUDEVWRHQ ³%HLDOLHQ3ODQHWHQGDVVLQG%OXWKRUQLVVHQ´VFKULH0RUYRQHU2EJOHLFKPLUGLHVH 7LHUHXQEHNDQQWZDUHQHUNDQQWHLFKVRIRUWLKUH*HIlKUOLFKNHLW,KUHEHUHLQHQKDOEHQ )XODQJHQ.|USHUZDUHQJHSDQ]HUWXQGUHIOHNWLHUWHQGDV6RQQHQOLFKW$P+LQWHUOHLE JOlQ]WHVFKZDU]GHUGHXWOLFKVLFKWEDUH6WDFKHO:LUYHUVWHOOWHQGLH6WUHXXQJXQVHUHU 6WUDKOHUXQGEHJDQQHQ]XVFKLHHQ'LH9RUKXWGHU,QVHNWHQVWU]WHDWH'LH$QJUHLIHU ZDUHQMHGRFKVR]DKOUHLFKGDZLULPIUHLHQ*HOlQGHNHLQH&KDQFHJHJHQVLHKDWWHQ 'DZLUYRP+DXSWJHElXGHLPPHUQRFK]XZHLWHQWIHUQWZDUHQEOLHEXQVQXUGHU DEHUPDOLJH5FN]XJ ³6FKQHOO´ULHILFK³=XU+DOOHHVLVWXQVHUHHLQ]LJH&KDQFH´ :DKUHQGGHV/DXIHQVVFKRVVHQZLUZLHUHVHQGNRQQWHQMHGRFKQLFKWYHUKLQGHUQ GDXQVHLQLJHGHU5DXELQVHNWHQHUUHLFKWHQ,FKVSUWHGHQ$XISUDOOHLQHU+RUQLVVHDXI PHLQHP5FNHQOLHPLFK]X%RGHQIDOOHQXQGURXWHPLFKKHUXPXPGHQDQJUHLIHQGHQ 7LHUHQ]XHQWJHKHQ'DV*HUlXVFKGHUPLFKXPVFKZLUUHQGHQ,QVHNWHQPDFKWHPLFK IDVWWDXE$XIGHP5FNHQOLHJHQGEUDFKWHLFKGHQ6WUDKOHULQ$QVFKODJ0HKUHUH 5HLKHQVWU]WHQWRW]X%RGHQ)UHLQHQ$XJHQEOLFNKDVWHQZLU/XIW,FKVSUDQJDXIZLU HUUHLFKWHQGLH+DOOH:lKUHQG0RUYRQHUGLHQDFKGUlQJHQGHQ,QVHNWHQDEZHKUWH VFKDOWHWHLFKGDV)XQNJHUlWHLQXQGULHI³)DUWXORRQZLUZHUGHQYRQ%OXWKRUQLVVHQ DQJHJULIIHQ:LUNRPPHQQLFKWGXUFK´ (UDQWZRUWHWHVRIRUW³,FKVFKLFNHHXFK.DPSIURERWHU6LHZHUGHQHXFK KHUDXVKDXHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKVFKDOWHWHDEXQGEOLFNWH]X0RUYRQHUKLQEHUGHURIIHQVLFKWOLFK0KHKDVWH GHQ(LQJDQJGHU+DOOHJHJHQGLH,QVHNWHQ]XYHUWHLGLJHQ=ZDUZUGHHVQLFKWUDQJH GDXHUQELVGLH.DPSIURERWHUWULHUZDUHQ7URW]GHPNRQQWHHVGDQQEHUHLWV]XVSlWVHLQ 'LH9RUKXWGHUYRQ6GHQKHUDQVWUPHQGHQ7LHUHKDVWHGHQ6WW]SXQNWHUUHLFKW .UDFKHQGH*HUlXVFKHEHZLHVHQHV]XU*HQJH:lKUHQGLFKPLWEUHLWJHIlFKHUWHQ 'HVLQWHJUDWRUVWUDKOHQHLQHQ$QJUHLIHUQDFKGHPDQGHUHQDEVFKRVXFKWHQPHLQH $XJHQGHQ+LPPHODWH 6FKOLHOLFKIHQGLFKZDVLFKVXFKWH(WZD]ZHLKXQGHUW0HWHUEHUGHP%RGHQ LQPLWWHQHLQHV3XONVYRQ:DFKWHUQGLHQDKH]XXQEHZHJOLFKLQGHU/XIWYHUKDUUWHQ VFKZHEWHHLQWRUSHGRI|UPLJHU/HLEDXIGHVVHQJUQZHLHQ5LQJHQVLFK/LFKW VSLHJHOWH'LH.|QLJLQ³*LEPLU)HXHUVFKXW]´ (UZDUIHLQHQYHUZXQGHUWHQ7KLFN]XPLUKHUEHUXQGPXUPHOWH ³6HOEVWYHUVWlQGOLFK´ ,FKYHUlQGHUWHGLH6WUHXXQJPHLQHV6WUDKOHUVXQG]LHOWHVRUJIlOWLJ'DQQ NUPPWHLFKGHQ=HLJHILQJHU(LQVFKDUIJHEQGHOWHU6WUDKOHQILQJHUVFKRLQGHQ EODXYLROHWWHQ+LPPHOHPSRU(LQJOHLHQGHU%DOOHQWVWDQG5DXFKEUHLWHWHVLFKQDFK DOLHQ6HLWHQDXV$OVHUVLFKYHU]RJHQKDVWHZDUGHUJOLW]HUQGH7RUSHGROHLE YHUVFKZXQGHQXQGPLWLKPHLQJXWHV'XW]HQGGHU:lFKWHU0HLQ7UHIIHUKDVWH YHUEOIIHQGH)ROJHQ'LH$QJULIIHGHU%OXWKRUQLVVHQOLHHQDXJHQEOLFNOLFKQDFKXQGLFK VDKGDGHU6FKZDUPXUSO|W]OLFKDXVHLQDQGHU]XIDOOHQVFKLHQ'LH,QVHNWHQVWREHQ ]LHOORVDXVHLQDQGHU(LQ7HLOYRQLKQHQIORJLQ5LFKWXQJ:HVWHQGDYRQ :LUHUOHGLJWHQGLHOHW]WHQ$QJUHLIHURKQH0KH'DQQHLOWHQZLUKLQDXV$OVZLU XPGLH+DOOHKHUXPERJHQERWVLFKXQVHUHQ$XJHQHLQVFKDXULJHV%LOG´'LH EHUOHEHQGHQ%OXWKRUQLVVHQVWU]WHQVLFKDXIGLH*URWLHUH)KUHUORVJHZRUGHQ YHUPRFKWHQGLH,QVHNWHQQLFKWPHKU]ZLVFKHQ)UHXQGXQG)HLQG]XXQWHUVFKHLGHQ 8QWHUGHU+HUGHEUDFKGDV&KDRVDXV'LH:LUEHOWLHUHYHUVXFKWHQDXV]XEUHFKHQ'DEHL NROOLGLHUWHQVLHPLWGHQ5HSWLOLHQGLHGXUFKLKUH3DQ]HUXQJEHVVHUJHJHQGLH+RUQLVVHQ JHVFKW]WZDUHQ(VNDP]XZLOGHQ.lPSIHQXQWHUHLQDQGHU'LH=DPXFFV² DQVFKHLQHQGIUFKWHWHQVLHGHQ)HLQGDXVGHU/XIWDPPHLVWHQ²PDFKWHQNHKUWXQG VWREHQLQZLOGHU)OXFKWQDFK6GHQ'HU$QJULIIGHU7LHUHNDP]XP6WHKHQ 1HEHQPLUEHPHUNWHLFKHLQHQ6FKDWWHQ$OVLFKKLQEOLFNWHVDKLFKHLQHURVWURWH (FKVHLQULHVLJHQ6lW]HQQDFK6GHQUDVHQ(VZDUGDVVHOEH7LHUGDVLFKEHUHLWV PHKUPDOVJHVHKHQKDVWH,FKZROOWHGDV)XQNJHUlWHLQ]XVFKDOWHQXP)DUWXORRQEHU GHQQHXHQ6WDQGGHU/DJH]XEHULFKWHQDOVHLQ6FKZDUPULHVLJHU)DOWHUDQXQV YRUEHUVFKZHEWH6LHIORJHQODQJVDPLFKNRQQWHVLHPLUJHQDXDQVHKHQ,KU.|USHU ZDUGUHLIDFKXQWHUWHLOWXQGKDVWHYLHU%HLQH$P+LQWHUOHLENUPPWHVLFKHLQODQJHU /HJHVWDFKHO'LH6SDQQZHLWHGHUWUDSH]I|UPLJHQ)OJHOEHWUXJJXWXQGJHPHLQHQ KDOEHQ0HWHU$XIGLHVHQ)OJHOQOHXFKWHWHQHLJHQDUWLJHJHRPHWULVFKH2UQDPHQWHLQ GHQKHUUOLFKVWHQ)DUEHQ)DV]LQLHUWVWDUUWHLFKDXIGLHIOLHHQGHQ/LQLHQ.UHLVHXQG 'UHLHFNH6LHZXUGHQJU|HUVFKLHQHQVLFKYRQGHQIODWWHUQGHQ)OJHOQ]XO|VHQXQG NDPHQDXIPLFK]X 'HU.RSILlJHU6HLQ*HVLFKWYHU]HUUWHVLFKYRU:XW0LWGHU)DXVWVFKOXJHUDXI GLH6FKDOWSODWWH'HU6FKLUPDXIGHPGLH,QIRUPDWLRQHQGHU&OL]]VLFKWEDUJHPDFKW ZXUGHQHUORVFK'HU.RSIMlJHUGXUFKTXHUWHGLH+|KOHXQGWUDWLQV)UHLH'LH.|QLJLQ GHU%OXWKRUQLVVHQLVWWRW1LFKWQXUGDV'LH,QVHNWHQIKUHUORVJHZRUGHQKDEHQVLFK JHJHQGLH+HUGHJHZDQGW'HU$QJULIIZDULQV6WRFNHQJHNRPPHQ'DEHLKDVWHDOOHVVR
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
JXWDXVJHVHKHQ'LH,QIRUPDWLRQHQGLHHUODXIHQGHUKLHOWKDVWHQJH]HLJWGDGHU )HLQGLQlXHUVWH%HGUlQJQLVJHUDWHQZDU(VVFKLHQQXUQRFKHLQH)UDJHGHU=HLW ZHQQGLH6WDWLRQPLWVDPWLKUHQ,QVDVVHQYHUQLFKWHWZXUGH 'LHIQI0lQQHUZDUHQLQGUHL*UXSSHQDXIJHWHLOW(LQHUYRQLKQHQZDU ZDKUVFKHLQOLFKWRW&RUSNRUKDVWH%RWHQDXVJHVDQGWGLHGDIU6RUJHWUDJHQVROOWHQ GDZHQLJVWHQVGLH.|SIHXQEHVFKlGLJWEOLHEHQIDOOVGHU.ULVWDOOSULQ]XQG)DUWXORRQ JHW|WHWZXUGHQ$EHUGDV%ODWWKDVWHVLFKXQYHUVHKHQVJHZHQGHW&RUSNRUVWDUUWHEHU GDV+RFKWDOKLQZHJQDFK1RUGHQ(UPXWHHWZDVWXQ$P+LPPHOHUVFKLHQHLQNOHLQHU 3XQNWZXUGHJU|HU7XWODQGHWHDXIGHU6FKXOWHUVHLQHV+HUUQXQGEHJDQQ]X NUlFK]HQXQG]XJXUUHQ'DV*HVLFKWGHV.RSIMlJHUVKHOOWHVLFKZLHGHUDXI=ZHLGHU 0lQQHUZDUHQGHQ7XOK)DOWHUQ]XP2SIHUJHIDOOHQ:HLRGHUGHQ9RUIDOOEHREDFKWHW KDVWHPRELOLVLHUWHHLQLJHGHUZDUWHQGHQ,VVFK¶DDVXPGLH+\SQRWLVLHUWHQ KLHUKHU]XEULQJHQ ³*XWJHPDFKW´VDJWH&RUSNRUODXWXQGVWULFKEHUGDV*HILHGHUGHV9RJHOV7XW VWLHVLFKYRQVHLQHU6FKXOWHUDEXQGIORJ]XUFNXPPLWVHLQHQVFKDUIHQ$XJHQGDV ZHLWHUH*HVFKHKHQLP7DO]XEHREDFKWHQ(LQHUGHU]ZHLN|QQWHGHU.ULVWDOOSULQ]VHLQ GDFKWHGHU.RSIMlJHUDOVHULQGLH+|KOH]XUFNJLQJ'HU6RKQ*RQR]DOVXQGGHU 2UEWRQZDUHQYRQGHQ)DFHWWHQDXJHQGHU&OL]]PHKUHUH0DOHLP)UHLHQHUIDWZRUGHQ )DUWXORRQGDJHJHQKDVWHVLFKDXIGLH9HUWHLGLJXQJGHU+DXSWNXSSHONRQ]HQWULHUW1XQ HVZLUGVLFK]HLJHQ &RUSNRU]ZHLIHOWHQLFKWGDUDQGDHULQ.U]H$XIVFKOXEHUGLH,GHQWLWlWGHU EHLGHQ+\SQRWLVLHUWHQHUKDOWHQZUGH(LQLJH&OL]]KDVWHQPLW6LFKHUKHLWGHQ9RUJDQJ EHREDFKWHWXQGGLH8PVWlQGHXQWHUGHQHQHVGD]XJHNRPPHQZDUJHVSHLFKHUW &RUSNRUWUDWDQGLH3RVLWURQLNXQGVSUDFKHLQHQ%HIHKOLQGDV0LNURIRQ(VGDXHUWHQXU ZHQLJH$XJHQEOLFNHGDHUKHOOWHVLFKGHU,QIRUPDWLRQVVFKLUPXQGGLHHLJHQWPOLFKIODFK ZLUNHQGHQhEHUWUDJXQJVELOGHUGHU&OL]]HUVFKLHQHQ*HVSDQQWEHXJWHVLFKGHU 7LHUElQGLJHUYRU 'HU.62/5HFKQHUKDVWHVHLQH$XVZDKOJHWURIIHQ$XIGHP6FKLUPHUVFKLHQHLQ 7HLOGHV6WW]SXQNWV&RUSNRUZDUIHLQHQ7KLFNDXIGLH6NL]]HGLHGHU&RPSXWHUYRQ GHU6WDWLRQHQWZRUIHQKDVWH(VKDQGHOWHVLFKXPHLQ$UHDOGDVVLFK]ZLVFKHQGHP +DXSWJHElXGHXQGHLQHU/DJHUKDOOHEHIDQG=ZHL0lQQHUHLOWHQLQ5LFKWXQJ +DXSWNXSSHODOVHLQ6FKZDUP7XOK)DOWHUDXIWDXFKWH&RUSNRUVDKGDGLHLQGHU1lKH EHILQGOLFKHQ7LHUHGDYRQVWREHQ6LHPLHGHQGHQDXFKDXIVLHZLUNVDPHQ(LQIOXGHU +\SQR2UQDPHQWH1XUGLH,QVHNWHQXQGGLH0HWKDQWLHUHZDUHQGDJHJHQJHIHLW'LH EHLGHQ0lQQHUEOLHEHQVWHKHQXQGEOLFNWHQ]XGHQ)DOWHUQHPSRU'HU.RSIMlJHU OlFKHOWHVDUGRQLVFK6LHDKQHQQLFKWZHOFKH)ROJHQLKUH%OLFNHKDEHQZHUGHQ 'LHQlFKVWHQ%LOGHUVWDPPWHQYRQ&OL]]GLHVLFKQlKHUDP2UWGHV*HVFKHKHQV EHIXQGHQKDWWHQ'LH*HVLFKWHUGHU2SIHUZDUHQMHW]WJXW]XHUNHQQHQ(VKDQGHOWHVLFK LQGHU7DWXPGHQ2UEWRQXQGXPMHQHQMXQJHQ0DQQYRQGHP&RUSNRUIHVWJODXEWH GDHVGHU*RV¶DWKRUZDU'LH0lQQHUVWDQGHULP%DQQGHU+\SQR2UQDPHQWH'HU 2IIL]LHUKDVWHVHLQHQ6WUDKOHUDXIGHQ%RGHQJHOHJW'HUMXQJH0DQQKLHOWVHLQH:DIIH PLWGHU0QGXQJQDFKXQWHQ'LH%HZHJXQJHQGHU0lQQHU]HLJWHQ8QVFKOVVLJNHLW ,KUH%OLFNHVFKLHQHQLQV/HHUHJHULFKWHW $XIGHP%LOGHUVFKLHQHQSO|W]OLFK/LQLHQXQG.UHLVH)UNXU]H=HLWZDUGLH :LHGHUJDEHVWDUNYHUVFKZRPPHQGDQQlQGHUWHVLFKGHU%OLFNZLQNHO'HU5HFKQHU KDVWHDQGHUH&OL]]DOV,QIRUPDWLRQVWUlJHUDXVJHZlKOW'LHEHLGHQ0lQQHUPDUVFKLHUWHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
PLWVWHLIHP2EHUN|USHUXQGHFNLJZLUNHQGHQ%HZHJXQJHQDXIHLQLPDJLQlUHV=LHOLP 6GHQGHV7DOHV]X$XILKUHQ6FKXOWHUQVDHQPHKUHUH7XOK&RUSNRUVDKGDVLHGHQ +LQWHUOHLENUPPWHQXPLKUHQ2SIHUQGHQ/HJHVWDFKHOLQGHQ.|USHU]XERKUHQ'RFK GDVVFKHLWHUWHDQGHP0DWHULDOGHU6FKXW]DQ]JH'DQQJHVFKDKHQ]ZHL'LQJH ]XJOHLFKGLHGHQ9RUJlQJHQHLQHGUDPDWLVFKH:HQGXQJJDEHQ 9RQ6GHQKHUHUVFKLHQHLQ5XGHO,VVFK¶DDV'LH0HWKDQWLHUHGLHLQLKUHQ XQI|UPLJHQ$Q]JHQRKQHKLQHLQHQSKDQWDVWLVFKHQ$QEOLFNERWHQZLUNWHQDXVGHU )DFHWWHQSHUVSHNWLYHGHU&OL]]DXJHQZLH8QJHKHXHUHLQHV$OSWUDXPV'LH7LHUH EHZHJWHQVLFKXQWHUGHQQLHGULJHQ6FKZHUNUDIWYHUKlOWQLVVHQPLWVSLHOHULVFKHU /HLFKWLJNHLW'LHGUHLHFNLJHQ.|SIHPLWVDPWGHQ5VVHOQZDUHQXQWHUGHQ 6FKXW]KDXEHQYHUERUJHQ=ZHL,VVFK¶DDVXPVFKODQJHQGLH0lQQHUPLWLKUHQ *UHLIVFKZlQ]HQXQGULVVHQVLHDQVLFK =XUJOHLFKHQ=HLWHUVFKLHQHLQH5RWWH.DPSIURERWHU²GHU5HFKQHUKDVWHXPGDV *HVFKHKHQGHXWOLFKHUZLHGHU]XJHEHQHLQHQZHLWHUHQ0RQLWRUGD]XJHVFKDOWHW'LH 5RERWHUHU|IIQHWHQVRIRUWGDV)HXHU(LQLJH,VVFK¶DDVEUDFKHQ]XVDPPHQ'DUXQWHU GDV7LHUGDVGHQ2UEWRQHUJULIIHQKDVWH'LH0HWKDQWLHUHHUKLHOWHQYRQ=DPXFFVXQG 5DXEHFKVHQ8QWHUVWW]XQJGLHGLH5RERWHUYRQKLQWHQDQJULIIHQ'DGXUFKNRQQWHGDV 7LHUGDVGHQYHUPXWOLFKHQ.ULVWDOOSULQ]HQHUJULIIHQKDVWHHQWNRPPHQ(VVWUPWHYRQ HLQLJHQ$UWJHQRVVHQEHJOHLWHWLQVGOLFKHU5LFKWXQJGDYRQ'HU.RSIMlJHUDWPHWHDX
1LFKWPHKUUDQJHGDQQVWDQGHUGHP*HIDQJHQHQJHJHQEHU'DQQZUGHVLFK HQGJOWLJ]HLJHQREGHUMXQJH0DQQGHU6RKQGHVWRWHQ,PSHUDWRUVZDU ,FKVWDQGDXIHLQHU:LHVH(LQHOHLFKWH%ULVHZHKWHGDUEHUZLHJWHGLH6WHQJHO GHU%OXPHQ(LQLJH%OWHQZDUHQYRQXQEHVFKUHLEOLFKHU6FK|QKHLW'LHZHLWJH|IIQHWHQ .HOFKHKDVWHQ%OWHQEOl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lKUHQGLFKZHLWHUJLQJVSUWHLFKGDGLH%OWHQYHUVXFKWHQPLWLKUHP 6WHQJHOLQPHLQHQ.|USHUHLQ]XGULQJHQ,FKEHUOHJWHZLHLFKHVLKQHQOHLFKWHUPDFKHQ NRQQWH9LHOOHLFKWVROOWHLFKGHQ+HOP|IIQHQ":R]XLVWGLHVHU+HOPEHUKDXSWJXW"'LH /XIWDXIGLHVHU:HOWLVWDWHPEDU ,UJHQGHWZDVLQPHLQHP,QQHUQVDJWH:HQQGXGHQ+HOP|IIQHVWELVWGX YHUORUHQ ,FK]|JHUWHZXUGHDEJHOHQNW,FKK|UWHGHQ:LUEHOQDFNWHU)HLP*UDV$OVLFK PLFKXPZDQGWHJHVFKDKHWZDV6HOWVDPHV)UHLQHQNXU]HQ$XJHQEOLFNJODXEWHLFK HLQH+RUGHVHFKVEHLQLJHU0RQVWUHQDXIPLFK]XJDORSSLHUHQ]XVHKHQ'RFKGDQQ HUNDQQWHLFKGDLFKPLFKJHWlXVFKWKDVWH(LQH*UXSSH)UDXHQYRQH[RWLVFKHU 6FK|QKHLWHLOWHDXIPLFK]X6FKZDU]HVUDQJHV+DDUZHKWHLP:LQG6LHOlFKHOWHQ YHUIKUHULVFKXQGVWUHFNWHQLKUH+lQGHQDFKPLUDXV,FKYHUVSUWHGHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
XQZLGHUVWHKOLFKHQ:XQVFKPLWLKQHQ]XJHKHQXQGPHUNWHGDLFKKRFKJHKREHQXQG GDYRQJHWUDJHQZXUGH (VZDUHQMHGRFKJDUNHLQH)UDXHQGLHPLFKWUXJHQ,FKKDVWHPLFKDEHUPDOV JHWlXVFKW'DKRQGUD%|FNHMDJWHQDXIVFKQHOOHQ+XIHQEHUGLH6WHSSH(LQHUYRQ LKQHQWUXJPLFKDXIVHLQHP5NNHQ(LQGXPSIHU7RQGUDQJDQPHLQ2KU,FKGUHKWH GHQ.RSI,QGHU)HUQHVWDQGHUKRKHPHWDOOHQEOLW]HQGH*HVWDOWHQ9RQLKQHQO|VWHQ VLFKEXQWH.XJHOQ6LHIORJHQGLFKWEHUXQVHUH.|SIHKLQZHJ$OVLFK]XU6HLWH VFKDXWHHUEOLFNWHLFK0RUYRQHU6SUDQJN$XFKHUULWWDXIHLQHP'DKRQGUD'RFKLFK VDKGDGLH%HLQHGHV7LHUHVHLQNQLFNWHQXQGGHU0DQQYRQVHLQHP5FNHQ KHUXQWHUILHO /DGLFKDXIGHQ%RGHQIDOOHQQRFKLVWHV=HLWGD]XVDJWHGLH6WLPPHLQPIU,FK EOLFNWHDXIGHQ6WHSSHQERGHQEHUGHQGLH+XIHPHLQHV5HLWWLHUVKLQZHJGRQQHUWHQ 'HU6WRFNJOLWWPLUDXVGHU+DQG'DV7LHUYHUGRSSHOWHVHLQH*HVFKZLQGLJNHLW3IODQ]HQ XQG%VFKHZXUGHQ]X6WULFKHQ1DFKHLQHU:HLOHlQGHUWHVLFKGLH/DQGVFKDIW'LH %VFKHZXUGHQJU|HUXQGJLQJHQLQ:DOGEHUDQGHVVHQ)ODQNHQVLFKYRQEHLGHQ 6HLWHQ%HUJHKHUDQVFKREHQ,FKVSUWHHLQHQGXPSIHQ'UXFNLP.RSIGHUVFKQHOO VWlUNHUZXUGH'DQQZDUPLUDOVZUGHLQPHLQHP,QQHUQHLQ9RUKDQJ]HUULVVHQ 'DV*HIKOGDHWZDVQLFKWLQ2UGQXQJZDUGUDQJLQPHLQ%HZXWVHLQ(WZDV GXUFKIXKUHVPLFKKlOWPLFKIHVWXPNODPPHUWXQGWUlJWPLFKPLWJURHU *HVFKZLQGLJNHLWKLQZHJ²JHJHQPHLQHQ:LOOHQ*HJHQPHLQHQ:LOOHQ"0LWHLQHP 6FKODJEHUILHOPLFKGLH(ULQQHUXQJ'HU.DPSIGHU7LHUHXPGLH6WDWLRQ'HU$QJULII ZDULQV6WRFNHQJHNRPPHQDOVLFKGLH.|QLJLQGHU%OXWKRUQLVVHQJHW|WHWKDVWH'DQQ DOV6SUDQJNXQGLFKDXIGHP:HJH]XU+DXSWNXSSHOZDUHQZDULUJHQGHWZDV JHVFKHKHQ'LH)DOWHU'LHEXQWHQ2PDPHQWHGHU7UDSH]IOJHO6HLWGHP$XJHQEOLFN DOVLFKDXIGLHIDUELJHQ/LQLHQXQG.UHLVHJHVFKDXWKDVWHZDUPHLQH(ULQQHUXQJ YHUIlOVFKW'DIUJDEHVQXUHLQHHLQ]LJH(UNOlUXQJ9RQGHQ)DOWHPJHKHQ K\SQRVXJJHVWLYH.UlIWHDXV ,FKGUHKWHGHQ.RSIHLQZHQLJXPIHVW]XVWHOOHQZDVIUHLQ7LHUGDVZDUGDV PLFKYHUVFKOHSSWH,FKHUNDQQWHGDHVHLQHUMHQHU.RORVVHZDUGLHVLFKXQWHUGHQYRQ 6GHQKHUDQVWUPHQGHQ*URWLHUHQEHIXQGHQKDWWHQ(LQ7LHULP6FKXW]DQ]XJ'DV NRQQWHQXUEHGHXWHQGDHVNHLQ6DXHUVWRIIDWPHUZDU9LHOOHLFKWVWDPPWHQGLH7LHUH YRQHLQHU:DVVHUVWRII$PPRQLDN0HWKDQ:HOW,QGLHVHP)DOOHPWHLFKHLQH&KDQFH KDEHQPLFK]XEHIUHLHQ:HQQHVPLUJHODQJGHQ6FKXW]DQ]XJ]XEHVFKlGLJHQZUGH GDV7LHULQGHU6DXHUVWRIIDWPRVSKlUHVWHUEHQ ,FKEHZHJWHPHLQH+lQGHXQGYHUVXFKWHDQGDV9LEUDWRUPHVVHU]XJHODQJHQ 0HLQH$UPHVWHFNWHQMHGRFKZLHLQHLQHUVWlKOHUQHQ8PNODPPHUXQJXQGLFKPXWH PHLQ9RUKDEHQDXIJHEHQ,FKZXWHQLFKWZLHUDQJHPHLQHXQIUHLZLOOLJH5HLVHVFKRQ GDXHUWH'HQ/DQGVFKDIWVIRUPHQQDFKPXWHLFKEHUHLWV]LHPOLFKZHLWYRP6WW]SXQNW HQWIHUQWVHLQ,FKYHUVXFKWHGHQ.RSIQRFKZHLWHUKHUXP]XGUHKHQXPKHUDXV]XILQGHQ REGLH0HWKDQWLHUHDXFK0RUYRQHUJHIDQJHQKDWWHQ$EHUGDQQILHOHQPLUGLH +DOOX]LQDWLRQHQHLQGLHLFKZlKUHQGPHLQHU7UDQFHJHKDEWKDVWH,FKHULQQHUWHPLFK GDVHLQ7LHUYRQ0HWDOOZHVHQHUOHJWZRUGHQXQGHU]X%RGHQJHIDOOHQZDU:HQQLFK GHQ%LOGHUQ*ODXEHQVFKHQNHQGXUIWHKDVWHQ.DPSIURERWHUGDV0HWKDQWLHUJHW|WHWXQG GHU9HUF¶DWKRUZDUYRQGHQ0DVFKLQHQEHIUHLWZRUGHQ ,FKJODXEWH]XZLVVHQZRKLQPLFKGLH7LHUHYHUVFKOHSSWHQ%DOGZHUGHLFK GHPMHQLJHQJHJHQEHUVWHKHQGHUGLHVHQ$QJULIIRUJDQLVLHUW+DW)DUWXORRQHLJHQWOLFK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
IHVW]XVWHOOHQYHUVXFKWREVLFKLQGHQ%HUJHQMHPDQGYRQGHU%HVDW]XQJGHVLQGHQ 5DXPJHIORKHQHQ6FKLIIHVYHUVWHFNWKlOW"'HQ.DPSIURERWHPGLHGDV6FKLIIYHPLFKWHQ VROOWHQZlUHGLHVHLQOHLFKWHVJHZHVHQ,FKVFKlW]WHGDVHLWGHP=HLWSXQNWDQGHP LFKDXVPHLQHUK\SQRWLVFKHQ7UDQFHHUZDFKWZDUPHKUDOVHLQH7RQWDYHUJDQJHQZDU DOVYRUPLU%HUJZlQGHDXIWDXFKWHQ'DV*HWUDSSHOGHU7LHUHNODQJMHW]WKRKO(LQ =HLFKHQGDDXFKDXIGHUDQGHUHQ6HLWH%HUJHZDUHQ:LUZDUHQLQHLQ7DO HLQJHGUXQJHQHLQH6FKOXFKW 'LH$XHQPLNURIRQH²PHLQ+HOPZDUZHLWHUKLQJHVFKORVVHQEHUWUXJHQGDV 5DXVFKHQHLQHV)OXVVHV,FKHULQQHUWHPLFKDQGLH%LOGHUGHU5RERWNDPHUDV:LU PXWHQEDOGDP=LHOVHLQ'HUUDVHQGH*DORSSYHUODQJVDPWHVLFK6FKOLHOLFKNDPHU JDQ]]XP6WLOOVWDQG9RUPLUUDJWHHLQHYHUHLQ]HOWPLW%XVFKZHUNXQG*UDVEHZDFKVHQH )HOVZDQGDXI8QGDOVLFKGHQ.RSIHWZDV]XU6HLWHGUHKWHHUEOLFNWHLFKHLQHQ +|KOHQHLQJDQJ+LQWHUPLUHUNODQJHLQH6WLPPHXQGREZRKOGLH/DXWHUHLQWLHULVFKHU 1DWXU]XVHLQVFKLHQHQZXWHLFKGDVLHHLQHP0DQQJHK|UWH'LHHLVHUQH.ODPPHU GLHPLFKIHVWKLHOWORFNHUWHVLFK $OVLFK%RGHQXQWHUGHQ)HQVSUWHGUHKWHLFKPLFKXPXQGVWXGLHUWHPLW HLQHPVFKQHOOHQ7KLFNGLH6]HQH'DV0HWKDQWLHUZDUJXWXQGJHPGUHL0HWHUKRFK 'HU6FKXW]DQ]XJXQWHUVWULFKGDV8QI|UPLJHGHV:HVHQV'LH6FKXW]KDXEHGXUFK GHUHQ6HKVFKOLW]HLFKHLQ3DDUU|WOLFKIXQNHOQGH$XJHQDXVPDFKHQNRQQWHKDVWHDP YRUGHUHQ(QGHHLQHQKHUXQWHUKlQJHQGHQKLQXQGKHUSHQGHOQGHQ$XVZXFKV'DULQ VFKLHQHLQ5VVHO]XVWHFNHQ$XVGHU.UXSSHHQWVSUDQJHLQODQJHUVFKHQNHOGLFNHU *UHLIVFKZDQ]'LH6FKXW]KOOHGLHLKQXPVFKORYHUULHWQLFKWVEHUVHLQH %HVFKDIIHQKHLW:HOFKH.UDIWLQLKPZRKQWHKDVWHLFKMHGRFK]XU*HQJHIHVWVWHOOHQ N|QQHQ 6FKUlJKLQWHUGHP7LHUJHJHQEHUGHP+|KOHQHLQJDQJVWDQGHLQ0DQQ(VZDU PLWHLQHP6WUDKOHUEHZDIIQHW6HLQ*HVLFKWZLUNWHGVWHUXQGYHUVFKORVVHQ(LQ $UNRQLGHYRQXQWHUVHW]WHPPXVNXO|VHP.|USHUEDX6HLQ$OWHUPRFKWHHWZDVHFK]LJ -DKUHEHWUDJHQ$OVGHU0DQQ]XVSUHFKHQEHJDQQYHUZDQGHOWHQ%UDQGQDUEHQGHQ XQWHUHQ7HLOVHLQHV*HVLFKWHVLQHLQH*ULPDVVH ³'HU6RKQ*RQR]DOV,FKGDFKWHHVPLU´(UVSUDFK6DWURQPLWHLQHP XQJHZ|KQOLFKJXWWXUDOHQ$N]HQW'LHVHU0DQQPXWHQXUPLW7LHUHQ]XVDPPHQJHOHEW KDEHQ1LFKWQXUGLH6SUDFKHYHUULHWHV$XFKVHLQH*HVWHQVHLQH0LPLNMDVHLQJDQ]HU +DELWXVVFKLHQJHSUlJWYRPHQJHQ8PJDQJPLW7LHUHQXQG²YRQGHP)HKOHQIDVW MHJOLFKHQ.RQWDNWVPLW$UNRQLGHQ(UKDVWHPLFKHUNDQQWXQGVHLQH:RUWHOLHHQGDUDXI VFKOLHHQGDHUDXFKPHLQHQ9DWHUJHNDQQWKDWWH(VJDLWKHUDXV]XILQGHQZLHJXWHU LKQJHNDQQWKDWWHXQGZHOFKH0HLQXQJHUYRQLKPKDVWH9LHOOHLFKWZDUHQVLFK)DUWXORRQ XQGHUVRJDUVFKRQPDOEHJHJQHW",FKKLHOWHVIUZHQLJVLQQYROOPHLQH,GHQWLWlW]X OHXJQHQ ³-DLFKELQ0DVFDUHQGHU6RKQ*RQR]DOV$EHULFKQHQQHPLFK$WODQ8QGZHU VLQG6LH"´ (UPXVWHUWHPLFKHLQHQ$XJHQEOLFNHKHHUDQWZRUWHWH³&RUSNRU,FKKDEHHLQHQ $XIWUDJGXUFK]XIKUHQ9LHOOHLFKWLQWHUHVVLHUWHV6LHZDVGDVIUHLQ$XIWUDJLVW"´(UVDK PLFKDQ,QVHLQHP7KLFNODJSO|W]OLFKGDV/DXHUQHLQHV5DXEWLHUV$OVLFKVFKZLHJIXKU HUIRUW³0HLQ$XIWUDJODXWHW]ZHL0lQQHUIDQJHQ8QGZHQQLFKGLHVHQ$XIWUDJHUOHGLJW KDEHZHUGHLFKGLHK|FKVWHQ3UlPLHQNDVVLHUHQGLHPLUMHPDOVJHERWHQZXUGHQ'LH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
EHLGHQ0lQQHUVLQG)DUWXORRQXQGGHU6RKQ*RQR]DOV´:LHGHUXPEOLFNWHHUPLFK VFKDUIDQSUIWHPHLQH5HDNWLRQ ³:HUKDW,KQHQGHQ$XIWUDJHUWHLOW&RUSNRU"´2EZRKOLFKGLH$QWZRUW]XZLVVHQ JODXEWHZROOWHLFKJDQ]VLFKHUJHKHQ ³'HU,PSHUDWRU´NDPGLHNQDSSH$QWZRUW&RUSNRUZDUDOVRHLQ.RSIMlJHUGHULP 'LHQVWH2UEDQDVFKROVMDJWHGHV0|UGHUVPHLQHV9DWHUV:HQQPLFKQLFKWDOOHV WlXVFKWHKDVWH)DUWXORRQGHQ1DPHQVFKRQPDOHUZlKQWYHUPXWOLFKNDQQWHQVLFKGLH EHLGHQDXVGHU5HJLHUXQJV]HLWPHLQHV9DWHUV,FKEOLFNWHDXIVHLQHQ6WUDKOHU,P $XJHQEOLFNEHIDQGLFKPLFKLQHLQHUZHQLJDXVVLFKWVUHLFKHQ3RVLWLRQ%LVDXIPHLQ 9LEUDWRUPHVVHUZDULFKZDIIHQORV8QG&RUSNRUVFKLHQPLUHLQ]XHUIDKUHQHU-lJHU]X VHLQDOVGDHUPLUGLHVHVEHUNXU]RGHUIDQJQLFKWDXFKQRFKDEQHKPHQZUGH=XU =HLWVFKLHQHUNHLQH$EVLFKW]XKDEHQPLFK]XW|WHQ9LHOOHLFKWYHUVSUDFKHUVLFKHLQH (UK|KXQJGHU.RSISUlPLHZHQQHUPLFKVHLQHP$XIWUDJJHEHUOHEHQGEHUJDE $QGHUHUVHLWVZUGHHUPLFKVLFKHUOLFKRKQH=|JHUQXPEULQJHQIDOOVHUHVGHU/DJH QDFKIUULFKWLJKLHOW (UXQWHUEUDFKPHLQH*HGDQNHQ³:HUIHQ6LH,KU9LEUDWRUPHVVHUDXIGHQ%RGHQ $WODQ$EHU´HUJULQVWHK|KQLVFK³VFK|QODQJVDPXQGYHUVXFKHQ6LHNHLQH 'XPPKHLWHQ´(UKREGHQ6WUDKOHUHLQZHQLJ,FKZXWHGDLFKNHLQH&KDQFHKDVWH 6HOEVWZHQQLFKGDV0HVVHUDQVDW]ORVDXVGHU+IWHKHUDXVVFKOHXGHUWHZlUHLFKLP QlFKVWHQ$XJHQEOLFNHLQWRWHU0DQQDOVRNDPLFKVHLQHP%HIHKOQDFK'HU.RSIMlJHU QLFNWH]XIULHGHQQDKPGDV0HVVHUDQVLFK'DQQVHW]WHHUVLFKDXIGHQ%RGHQXQGDOV HUVSUDFKKDVWHVHLQH6WLPPHHLQHQLURQLVFKHQ.ODQJ³.ULVWDOOSULQ]YRQ$UNRQ²1HLQ %OHLEHQ6LHVWHKHQ´hEHUJDQJVORVZXUGHVHLQH6WLPPHVFKDUIDOVLFKPLFKHEHQIDOOV VHW]HQZROOWH(U]LHOWHPLWGHU:DIIHDXIPHLQH%UXVW³(VLVW´(UVFKLHQQDFKGHP UHFKWHQ:RUW]XVXFKHQ³(VLVWHUKHEHQGIUPLFKPLFKPLW,KUHVJOHLFKHQHLQPDODXI GLHVH:HLVH]XXQWHUKDOWHQ´ ,FKYHUVFKUlQNWHPHLQH$UPHYRUGHU%UXVWXQGEOLFNWH&RUSNRUUXKLJDQ6HLQH :RUWHKDVWHQPLUJH]HLJWGDGHU0DQQVHHOLVFKVHKUYHUZXQGEDUZDU(UVFKLHQXQWHU 0LQGHUZHUWLJNHLWVJHIKOHQ]XOHLGHQ9LHOOHLFKWKDVWHGLHDUURJDQWH$UW2UEDQDVFKROV GD]XEHLJHWUDJHQYLHOOHLFKWDEHUUHLFKWHQGLH8UVDFKHQVHLQHU.RPSOH[HYLHOWLHIHULQ GLH9HUJDQJHQKHLW]XUFN,FKEHWUDFKWHWHGLH1DUEHQLQVHLQHP*HVLFKW:LHPDJHV]X GLHVHU(QWVWHOOXQJJHNRPPHQVHLQXQGZHOFKHV(UHLJQLVYHUELQGHWVLFKGDPLW"8QG GDQQGLH7LHUH3V\FKRORJLVFKJHVHKHQVWDQGLFKWULHUYRUHLQHUVFKZLHULJHQ6LWXDWLRQ &RUSNRUKDVWH²ZLHLFKDQQDKP²ODQJH=HLWIDVWDXVVFKOLHOLFKPLW7LHUHQYHUEUDFKW,Q GLHVHU=HLWZDUHUZDKUVFKHLQOLFKNDXPPLW$UNRQLGHQRGHUDQGHUHQ,QWHOOLJHQ]HQ ]XVDPPHQJHWURIIHQXQGZHQQGDQQQXUPLW7\SHQYRP6FKODJH2UEDQDVFKROVRGHU GHV%OLQGHQ6RIJDUWV8QWHUGLHVHQ8PVWlQGHQPXLFKGDPLWUHFKQHQGDHU 9HUKDOWHQVZHLVHQHQWZLFNHOWKDWGLHGHQHQHLQHV³QRUPDOHQ´0DQQHVQLFKWHQWVSUHFKHQ XQGGHVKDOEVFKZHUYRUDXV]EHUHFKQHQVLQG ,FKEHVFKORYRUVLFKWLJ]XVHLQ$XIGHUDQGHUHQ6HLWHZDUHVGHQNEDUGDLFK XQWHU8PVWlQGHQGLHEHVRQGHUH0HQWDOLWlWGHV7LHUElQGLJHUVIUPHLQH=ZHFNH DXVQXW]HQNRQQWH(QWJHJHQVHLQHU$QNQGLJXQJVFKZLHJHU6FKOLHOLFKIUDJWHLFKLKQ ³6WDQGHQ6LHLP'LHQVWHPHLQHV9DWHUVDOVGLHVHUHUPRUGHWZXUGH"´ (VGDXHUWHHLQH=HLWODQJHKHVLFKGHU7LHUElQGLJHUHQWVFKORHWZDV]X DQWZRUWHQ³*RQR]DOGHU6LHEHQWHVWDUEEHLHLQHP-DJGXQIDOO´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'DVLVWGLH'DUVWHOOXQJVZHLVH2UEDQDVFKROV´VDJWHLFKHUUHJW³,Q:LUNOLFKNHLW ILHOHUHLQHP0RUGDQVFKODJ]XP2SIHU´ &RUSNRUPDFKWHHLQHZHJZHUIHQGH*HVWH³*HUFKWH´ ³8QGZDUXPJODXEHQ6LHLVW2UEDQDVFKROKLQWHUPHLQHP.RSIKHUZHQQHU XQVFKXOGLJLVW"´(LQHQ$XJHQEOLFNIDQJVDKLFK8QVLFKHUKHLWLQGHQ$XJHQGHV 7LHUElQGLJHUV(UVWLHHLQHQVHOWVDPNHKOLJHQ/DXWDXV³&RUSNRU´EHJDQQLFKYRQ QHXHP³6LHVWHKHQDXIGHUIDOVFKHQ6HLWH´ 'HU.RSIMlJHUPDFKWHHLQHXQNRQWUROOLHUWH*HVWHPLWGHP6WUDKOHU,FKJODXEWH VFKRQHUZUGHVFKLHHQ³,FKVWHKHDXIQLHPDQGHV6HLWH´ULHIHUVFKURII³,FKPDFKH PHLQH$UEHLWZLHMHGHUDQGHUHDXFKXQGHUKDOWHPHLQH%H]DKOXQJGDIU8QGMH VFKZLHULJHUGLH$XIJDEHLVWGHVWRPHKU*HOGEHNRPPHLFK´ ³6LHMDJHQ$UNRQLGHQJDQ]JOHLFKREGLHVHVLFKHWZDVKDEHQ]XVFKXOGHQ NRPPHQOHVVHQRGHUQLFKWXQGOLHIHUQVLHLKUHQ+HQNHUQDXV'DIUEHNRPPHQ6LH,KU *HOG´VDJWHLFKVFKDUI (UVSUDQJDXIGLH)HNDPDQPLFKKHUDQVWLHPLUGHQ6WUDKOHUYRUGLH%UXVW XQGVFKULHXQEHKHUUVFKW³+DOWHQ6LH,KUHQ0XQG6RQVWZHUGHLFKLKQIULPPHU ]XVWRSIHQ´ ,FKEOLFNWHLKPNKOHQWJHJHQ³'DVZHUGHQ6LHQLFKWWXQ&RUSNRU,KUH3UlPLH GUIWHVLFKQlPOLFKHUKHEOLFKHUK|KHQZHQQ6LHPLFKOHEHQGEHL,KUHP$XIWUDJJHEHU DEOLHIHUQ´ &RUSNRUVWDUUWHPLFKHLQH:HLOHDQ3O|W]OLFKKXVFKWHHLQ*ULQVHQEHUVHLQ *HVLFKW³6LHVLQGHLQVFKODXHU%XUVFKH6LHZROOHQPLFKUHL]HQVRGDLFKPLFK]X HLQHU8QDFKWVDPNHLWKLQUHLHQODVVH´6HLQ*HVLFKWZXUGHKDUW³*HQXJMHW]W,FKKDEH DQGHUHV]XWXQDOVPLU,KU*HUHGHDQ]XK|UHQ*HKHQ6LHGRUWKLQHLQ´ (UGHXWHWHPLWGHU:DIIH]XP(LQJDQJGHU+|KOH,FKKDVWHNHLQHDQGHUH:DKO IKOWHVHLQHQ6WUDKOHULQPHLQHP5FNHQ%HLP(LQWULWWLQGLH+|KOHIODPPWH/LFKWDXI ,FKPXWHHVGHP0DQQOHVVHQ(UKDVWHVHLQ8QWHUQHKPHQJOlQ]HQGRUJDQLVLHUW :lKUHQGLFKKLQXQGZLHGHUGXUFKGHQYHUVWlUNWHQ'UXFNGHV6WUDKOHUVLP5FNHQ ³HUPXQWHUW´WLHIHULQGDV+|KOHQV\VWHPHLQGUDQJHUNDQQWHLFKGD&RUSNRUGLH |UWOLFKHQ*HJHEHQKHLWHQRSWLPDOIUVHLQH=ZHFNHJHQXW]WKDVWH (VKDVWHYRQYRUQKHUHLQLQVHLQHU$EVLFKWJHOHJHQGDV5DXPVFKLIIZLHGHU ZHJ]XVFKLFNHQ$OOHVZDVHUEHQ|WLJWHKDVWHHUYRQ5RERWHUQKLHUKHUEULQJHQXQG LQVWDOOLHUHQOHVVHQ3RVLWURQLNHQ*HQHUDWRUHQ1DKUXQJVPLWWHOXQGPHGL]LQLVFKH 'HSRWV$XVWDXVFKDJJUHJDWH$OOHVZDUYRUKDQGHQ8QG7LHUH(VZDUHQLQGHU +DXSWVDFKHNOHLQHUH$UWHQGLHXQVEHJHJQHWHQ,QVHNWHQ6SLQQHQXQG.ULHFKWLHUH VRZLHHLQLJH6FKXGHQ7LHUHYRQRIWJUXQGYHUVFKLHGHQHU$UWVRJDUVROFKHGLHYRQ 1DWXUDXV)HLQGHZDUHQOHEWHQWULHULQIULHGOLFKHU.RH[LVWHQ]PLWHLQDQGHU 'LHVLVWGDV:HUN&RUSNRUVVDJWHGHU([WUDVLQQ(VZDUZLHLFKPLUHLQJHVWDQG IDV]LQLHUHQG]XHUOHEHQPLWZHOFKVHOEVWYHUVWlQGOLFKHU*HODVVHQKHLWVLFK&RUSNRU LQPLWWHQGHU7LHUHEHZHJWHXQGDXIZHOFKH:HLVHHUPLWLKQHQNRPPXQL]LHUWH0LW WUDXPZDQGOHULVFKHU6LFKHUKHLWZHFKVHOWHGHU7LHUElQGLJHUYRQHLQHU7LHUVSUDFKH]XU DQGHUHQ²JOHLFKJOWLJREGLHMHZHLOLJH.RPPXQLNDWLRQVZHLVHDNXVWLVFKGXUFK0LPLN *HVWHQRGHUDXIVRQVWHLQH$UW]XVWDQGHNDP0|JOLFKHUZHLVHIXKUGHU([WUDVLQQIRUW KDWHUHLQHSDUDQRUUQDOH*DEH ³+DOW´:LUEHIDQGHQXQVLQHLQHUNOHLQHQ1HEHQK|KOHGLHOHHUZDUXQGRKQH HLJHQH%HOHXFKWXQJ,FKEOLHEVWHKHQXQGEHUOHJWHRELFKPLFKXPGUHKHQXQG
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
YHUVXFKHQVROOWHGLH:DIIHZHJ]XGUFNHQXQG&RUSNRU]XEHUZlOWLJHQ$EHUGHU .RSIMlJHUVFKLHQDXFKIUVROFKH$EVLFKWHQHLQ*HVSU]XKDEHQ(UVDJWHZDUQHQG ³%OHLEHQ6LHVWHKHQXQGGUHKHQ6LHVLFKQLFKWXPELVLFKGLHVHQ5DXPYHUODVVHQKDEH 8QG´VHLQH6WLPPHZXUGHVFKlUIHU³IDOOV6LH)OXFKWDEVLFKWHQKDEHQ,FKSRVWLHUH GUDXHQHLQSHDU0RUGVFKXGHQ'LHVLQG]LHPOLFKKXQJULJ'DQW]W,KQHQQLFKWHLQPDO GHU6FKXW]DQ]XJ´ (UODFWDWHKDUW'DQQYHUVFKZDQGGHU'UXFNGHV6WUDKOHUVYRQPHLQHP5FNHQ XQGLFKDKQWHGD&RUSNRUVLFKHQWIHUQWH+|UHQNRQQWHLFKHVQLFKWGHU7LHUElQGLJHU KDVWHGHQODXWORVHQ*DQJHLQHV5DXEWLHUV(LQJHOOHQGHU3ILIIGXUFKVFKQLWWGLH6WLOOH(U ZXUGHYRQKHXOHQGHQXQGZLQVHOQGHQ*HUlXVFKHQEHDQWZRUWHWGLHVFKQHOOODXWHU ZXUGHQ0HLQH:lFKWHU /DQJVDPJLQJLFKDXIGLH(QJVWHOOH]XGXUFKGLHPDQLQGHQDQJUHQ]HQGHQ +|KOHQUDXPJHODQJWH$OVLFKVLHHUUHLFKWKDVWHEOLFNWHLFKLQGHQDXIJHULVVHQHQ 5DFKHQHLQHV6FKXGHQ'DVP|UGHULVFKH*HELEOLW]WHLP/LFKWGHU+|KOHQEHOHXFKWXQJ DXI'HXWOLFKVDKLFKGLHGROFKDUWLJHQ=lKQHXQGGLHXQJHZ|KQOLFKVWDUNHU0XVNHOQPLW GHQHQGDV7LHUGHQ9LEUDWRUHIIHNWHU]HXJWH$XVGHP5DFKHQGUDQJHLQ*UROOHQ ,FKEOLHEVWHKHQXQGZDUIHLQHQ7KLFNGXUFKGHQ6SDOW'UHL0RUGVFKXGHQKDVWH &RUSNRU]XPHLQHU%HZDFKXQJSRVWLHUW'HU.RSIMlJHUVFKLHQVLFKVHLQHU6DFKHVHKU VLFKHU]XVHLQ9HUUQXWOLFKKDWHUDOLHQ*UXQGGD]X2KQH:DIIHQKDEHLFKJHJHQGLH 5DXEWLHUHNHLQH&KDQFH 'HU7LHUElQGLJHUZDULQWHOOLJHQW(UZDUJHIlKUOLFK(UKDVWHGLH0LWWHOGHQ (LQVDW]GHU7LHUHLP.DPSIXPGHQ6WW]SXQNW]XVWHXHUQ8QGHUVFKLHQODXIHQG ,QIRUPDWLRQHQEHUGHQMHZHLOLJHQ6WDQGGHU(UHLJQLVVH]XHUKDOWHQ$XIZHOFKH:HLVH HUVLFKGLHVH,QIRUPDWLRQHQYHUVFKDIIWHZDUPLUQRFKQLFKWJDQ]NODUJHZRUGHQ$XI MHGHQ)DOOZDUHQVSH]LHOODXI0HOGXQJHQDEJHULFKWHWH7LHUH9|JHOZDKUVFKHLQOLFKDXFK ,QVHNWHQ²]XGLHVHP=ZHFNLP(LQVDW] (LQJU|HUHU5DXPGHQZLUGXUFKTXHUWKDWWHQZXUGHYRQ&RUSNRUDOVHLQH$UW =HQWUDOHYHUZHQGHW,FKKDVWHHLQHQ6FKLUPJHVHKHQGHUHLQHLJHQWPOLFK UDVWHUI|UPLJHV%LOG]HLJWH7URW]GHUXQVFKDUIHQXQGVHOWVDPYHU]HUUWHQ:LHGHUJDEH JODXEWHLFK5RERWHUHUNDQQW]XKDEHQGLHLQHLQHU+DOOHJHJHQ=DPXFFVXQG3DUGHQ NlPSIWHQ:DVIUHLQH$UWYRQRSWLVFKHUhEHUWUDJXQJLVWGDVXQGZHURGHUZDVVLQGGLH ,QIRUPDWLRQVWUlJHU"1XQGLHVH)UDJHLVWLP0RPHQWXQZLFKWLJ:HLWZLFKWLJHUZlUHHV ]XZLVVHQREGHU$QJULIIGHU7LHUHHQGJOWLJ]XP6WLOOVWDQGJHNRPPHQLVWRGHURE &RUSNRU0LWWHOXQG:HJHJHIXQGHQKDWVHLQHDXVGHQ)XJHQJHUDWHQH7LHUDUPHHQHX ]XIRUPLHUHQ(VZLUGVLFKHUOLFKDXFKIULKQQLFKWOHLFKWVHLQGHQIKUHUORVHQ +RPLVVHQVFKZDUPZLHGHUXQWHU.RQWUROOH]XEULQJHQ :LHLPPHUGLH'LQJHVWDQGHULP$XJHQEOLFNZDUPHLQYRUGULQJOLFKVWHV3UREOHP GLH)UDJHZLHLFKPHLQHP*HIlQJQLVHQWULQQHQNRQQWH,FKVDKPLFKXP'DV/LFKWGDV GXUFKGHQ6SDOWILIOHUKHOOWHGHQ5DXPQXUVFKZDFK'RFKLFKVDKGDGLH:lQGH VWDUN]HUNOIWHWZDUHQXQGGHU%RGHQGHUQDFKKLQWHQKLQOHLFKWDEILHO6FKZHOOHQXQG 8QHEHQKHLWHQDXIZLHV'LH$XJHQDXIGDVNQXUUHQGH5DXEWLHUJHULFKWHW]RJLFKPLFK ELV]XU0LWWHGHV5DXPHV]XUFNGUHKWHPLFKODQJVDPXPXQGOLHPHLQHQ7KLFNEHU GHQ%RGHQZDQGHUQ1LUJHQGZRZDUDXFKQXUHLQ6WHLQ]XHQWGHFNHQGHQLFKDOV:DIIH JHJHQPHLQH%HZDFKHUKlWWHEHQXW]HQN|QQHQ ,FKJLQJ]XPKLQWHUHQ7HLOGHU+|KOH+LHUZDUGLH'HFNHVRQLHGULJGDLFKPLFK DXIGLH.QLHQLHGHUODVVHQPXWH,FK]RJGHQ+DQGVFKHLQZHUIHUZHQLJVWHQVGHQKDVWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
&RUSNRUPLUJHODVVHQXQGOHXFKWHWHGLH6WHOOHDXV0HLQH+RIIQXQJHLQHQ'XUFKJDQJ ]XILQGHQZXUGHHQWWlXVFKW'HU/LFKWNHJHOILHODXIQDFNWHQ)HOV$XFKGDV$ENORSIHQ GHV*HVWHLQVQDFK+RKOUlXPHQKDVWHNHLQHQ(UIROJ,FKVHW]WHPLFKDXIGHQ%RGHQXQG EHUOHJWH(VPXHLQHQ$XVZHJJHEHQ $XV'LH=Z|OI(KHUQHQ3ULQ]LSLHQGHU'DJRULVWDVXPGD$UNHQWVWDQGHQHU .RGH[GHV$UNRQ5LWWHUWXPV (OIWHV3ULQ]LS*QDGHXQG*URPXW 0LOGHUHGLH+lUWHQGHV'DVHLQV²%DUPKHU]LJNHLWLVWVWHWV0HUNPDOGHVZLUNOLFK 6WDUNHQhEHUKHEOLFKNHLWXQG:LOONXUVLQG=HLFKHQGHU6FKZlFKH'DV.OHLQHSOXVWHUW VLFKDXIXPJU|HU]XVFKHLQHQZDKUH*U|HVSULFKWIUVLFKVHOEVW 'HU.RSILlJHU:lKUHQGGHV:DUWHQVDXIGLH,VVFK¶DDVXQGLKUHQ*HIDQJHQHQ ZDULQ&RUSNRUHLQ(QWVFKOXJHUHLIW'HU.DPSIXPGLH6WDWLRQKDVWHIULKQXQGVHLQH 7LHUHHLQHXQJQVWLJH:HQGXQJJHQRPPHQ'HU.RSIMlJHUNRQQWHMHW]WQLFKWPHKU VLFKHUVHLQGDGLH*HIDQJHQQDKPH)DUWXORRQVRGHUVHLQH/LTXLGLHUXQJQRFKJHOLQJHQ ZUGH(UKDVWHVLFKJHIUDJWREHVQLFKWYLHOOHLFKWEHVVHUZDUGDV5DXPVFKLII ]XUFN]XEHRUGHUQXQG.UDXPRQPLWGHPJHIDQJHQHQ$WODQ]XYHUODVVHQ'LH3UlPLH GLHHUIUGHQOHEHQGHQ6RKQ*RQR]DOVHUKLHOW²LPPHUYRUDXVJHVHW]WGHU*HIDQJHQH ZDUWDWVlFKOLFKGHU.ULVWDOOSULQ]²ZUGHDXVUHLFKHQLKQ]XPUHLFKHQ0DQQ]X PDFKHQ -HW]WQDFKGHPGLH,GHQWLWlW$WODQVHUZLHVHQZDUHQWVFKORVLFKGHU.RSIMlJHU VHLQHQ3ODQLQGLH7DWXP]XVHW]HQ(UHUWHLOWHGHU3RVLWURQLNGHQ%HIHKOGHQ HQWVSUHFKHQGHQ)XQNLPSXOVDQGDV5DXPVFKLII]XVHQGHU'DQQYHUOLHHUGLH+|KOH XPHLQHQ0HOGHYRJHO]XP7DO]XVFKLFNHQ(UVROOWH:HLRYHUDQODVVHQGHQ.DPSI DE]XEUHFKHQXQGGLH7LHUH]XUFN]XVFKLFNHQ 'DVIHLQH*HK|UGHV7LHUElQGLJHUVQDKPHLQVFKZDFKHV9LEULHUHQZDKU &RUSNRUJOLWW]X%RGHQXQGSUHWHVHLQ2KUDXIGHQ%RGHQ'HXWOLFKK|UWHHUMHW]WGDV IHUQH'U|KQHQEHUGHVVHQ%HGHXWXQJHVNHLQHQ=ZHLIHOJDE'LH7LHUHNHKUWHQ ]XUFN$XVHLJHQHP$QWULHEXQGRKQHVHLQHQ%HIHKO'DVNRQQWHQLFKWV*XWHV EHGHXWHQ&RUSNRUHUNORPPHLQHQ)HOVYRUVSUXQJYRQGHPDXVHUGDV+RFKWDOEHVVHU EHUEOLFNHQNRQQWH,P1RUGHQVWLHJHLQH6WDXEZRONHDXI6LHNDPHQ%DOGGDUDXIVDK HUGLHHUVWHQ5HLKHQKHUDQZRJHQ(VZDUHQGLHVFKQHOOVWHQGLH6WHO]NDW]HQ3DUGHQ 6FKXGHQXQG=DPXFFV .UDXPRQV6RQQHKDVWHGUHL9LHUWHOLKUHVVFKHLQEDUHQ:HJHV]XUFNJHOHJW1RFK LPPHUVWDQGHUDXIGHU)HOVQDVHXQGVWDUUWHDXIGDVZDVVLFKGXUFKGLH6FKOXFKWDXI LKQ]XZlO]WH6HLQH7LHUHJHVFKODJHQJHVFKXQGHQYHUVW|UWXQGJHKHW]W'LHVZDUGHU 5HVW'LHDQGHUHQZDUHQWRWRGHUVFKZHUYHUOHW]W]XUFNJHEOLHEHQ &RUSNRUEOLFNWHQDFKREHQ'RUWNUHLVWHQ.UDDXVVXQGDQGHUH9RJHO'LH EHUOHEHQGHQ+DXWIOJOHUNOHEWHQDQGHQ)HOVHQ0GHKLQJHQLKUH.|SIHKHUDE$XI GHQbVWHQGHU%lXPHKRFNWHQGLHNOHLQHQ0HOGHY|JHO7XWZDUQLFKWXQWHULKQHQ(U PXWHXPJHNRPPHQVHLQ$XFK$\XDNZDUWRW9RQVHLQHQHQJVWHQ)UHXQGHQZDUQXU :HLRQRFKDP/HEHQ9HU]ZHLIOXQJGURKWHGHQ7LHUElQGLJHU]XEHUPDQQHQ1RFK QLHPDOV]XYRUKDWWHHUHLQHVROFKH1LHGHUODJHHUOHEW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKKDVWHGHQ+HOPJH|IIQHWXQGOHJWHPHLQ2KUDXIGHQ)HOVERGHQ'HU%RGHQ YLEULHUWH-HW]WVSUWHLFKHVGHXWOLFKGDV*HWUDSSHOXQG*HWUDPSHO]DKOORVHU7LHUEHLQH :DVKDVWHGDV]XEHGHXWHQ"+DWWHQGLH7LHUHGLH6WDWLRQHQGJOWLJ]HUVW|UWXQGPHLQH )UHXQGHJHW|WHW"2GHUNHKUWHQVLHJHVFKODJHQ]XUFN" 'DVOHW]WHUHLVWGDV:DKUVFKHLQOLFKHUHEHKDXSWHWHGHU/RJLNVHNWRU,QGHP $XJHQEOLFNDOVVLFKGLH%OXWKRPLVVHQJHJHQGLHHLJHQHQ5HLKHQZDQGWHQLVWGHU JOlQ]HQGRUJDQLVLHUWHXQGPLWJU|WHU=LHOVWUHELJNHLWYRUDQJHWUDJHQH$QJULII ]XVDPPHQJHEURFKHQ ,FKQLFNWH6RJDUHLQ0DQQZLHGLHVHU&RUSNRUGHURIIHQVLFKWOLFKDEVROXWH0DFKW EHUGLH7LHUHKDVWHNRQQWHGDV%ODWWLQVRNXU]HU=HLWNDXPZHQGHQ:HQQHVVRZDU ZLHLFKYHUPXWHWHPXWHLFKGDPLWUHFKQHQGDGHU.RSIMlJHUVHLQHQXUVSUQJOLFKHQ 3ODQDXFK)DUWXORRQLQVHLQH*HZDOW]XEULQJHQDXIJHEHQKDVWHXQGQXQYHUVXFKHQ ZUGHPLWPLUYRQ.UDXPRQ]XIOLHKHQ'DV*HWUDPSHOXQG*HVWDPSIHNDPQlKHU,FK PXWHHWZDVXQWHUQHKPHQ$EHUZDV" $XVGHQ$XJHQZLQNHOQQDKPLFKHLQH%HZHJXQJZDKU,FKYHUKLHOWPLFKDEVROXW VWLOOGUHKWHQXUGHQ.RSILQGLH5LFKWXQJLQGHULFKGLH%HZHJXQJJHVHKHQKDVWH7URW] GHV*HUlXVFKHVGDVGLHQlKHUNRPPHQGH+HUGHYHUXUVDFKWHNRQQWHLFKMHW]WQRFK HLQHQDQGHUHQ7RQKHUDXVK|UHQ(VNODQJDOVVFKODJHLUJHQGHWZDVJHJHQ6WHLQ'LH EHWUHIIHQGH(FNHGHU+|KOHZDUVWDUN]HUNOIWHW'DVVSlUOLFKH/LFKWPDFKWHHVPLUIDVW XQP|JOLFK]XHUNHQQHQZDVGRUWYRUVLFKJLQJ:DUHLQ7LHUGRUWDP:HUN"'LH /DPSHZDJWHLFKQLFKWHLQ]XVFKDOWHQDXV)XUFKWGDV7LHUZLHGHU]XYHUVFKHXFKHQ 2EZRKOLFKLQGLHVHP$XJHQEOLFNQRFKQLFKWZXWHDXIZHOFKH:HLVHHVPLUKHOIHQ VROOWHKDVWHPHLQ8QWHUEHZXWVHLQEHUHLWVGLHQHXHQ6LWXDWLRQHUIDWXQGHUZRJDOOH P|JOLFKHQ3OlQHXP1XW]HQGDUDXV]X]LHKHQ (LQH%HXWHIUGLH6FKXGHQIDWHPHLQ([WUDVLQQGLH(LQGUFNH]XVDPPHQ-D GDVZDUHV*HODQJHVPLUGDV7LHU]XIDQJHQVRKDVWHLFKHLQHQ.|GHUPLWGHPLFK PLQGHVWHQVHLQHQPHLQHU:DFKWHUDXVVFKDOWHQNRQQWH )DOOVHVQLFKWHLQHVYRQ&RUSNRUVHLJHQHQ7LHUHQLVWGDFKWHLFKa'HU 7LHUElQGLJHUKDWHLQHEHDFKWOLFKH0DFKWEHUVHLQH7LHUH,FKGDUIQLFKWDQQHKPHQGD VLFKGLH0RUGVFKXGHQVHOEVWZHQQVLHQRFKVRKXQJULJVLQGDQHLQHP7LHUYHUJUHLIHQ GDV&RUSNRUV*HUXFKWUlJW (LQH)UDJHEHVFKlIWLJWHPLFKLP$XJHQEOLFNPHKU$XIZHOFKH:HLVHNRQQWHLFK GHV7LHUHVEHUKDXSWKDEKDIWZHUGHQ"'LH+|KOHZDUOHHU(VJDENHLQHQHLQ]LJHQ 6WHLQGHQLFKDOV:XUIJHVFKRKlWWHYHUZHQGHQN|QQHQ'DVDEHUEUDXFKWHLFKZHQQ LFK(UIROJKDEHQVROOWH(LQOHLVHVNHFNHUQGHV*HUlXVFKXQWHUEUDFKPHLQH*HGDQNHQ 8QZLOONUOLFKDWPHWHLFKDXI'LHVH7RQHNDQQWHLFK6LHZXUGHQYRQGHQ.ODPPHUUDWWHQ DXVJHVWRHQNOHLQHQ1DJHWLHUHQYRQGHQHQHVDXI.UDXPRQXQJH]lKOWHJDE'DGDV 7LHUQLFKWYRQ%RUGGHV5DXPVFKLIIVVWDPPWHZUGHQHVGLH6FKXGHQGLHYRUGHP 6SDOWVDHQXQGPLFKEHZDFKWHQDOV%HXWHDN]HSWLHUHQ -HW]WVDKLFKGLH.ODPPHUUDWWH6LHPXWHDXVHLQHPZLQ]LJHQ/RFKLP)HOVHQ JHNRPPHQVHLQ'LH5DWWHVHW]WHVLFKDXIGLH+LQWHUSIRWHQ'DVZHLH%DXFKIHOO VFKLPPHUWHIDWDO0HLQH5HFKWHXPNODPPHUWHGHQ+DQGVFKHLQZHUIHU,QGLHVHP 0RPHQWHQWVFKORLFKPLFKLKQ]XRSIHUQ(LQHDQGHUH0|JOLFKNHLWGHQ1DJHU]X HUZLVFKHQVDKLFKQLFKW1RFKZDUWHWHLFK 'LH.ODPPHUUDWWHPDFKWHHLQHQ6DW]XQGODQGHWHLQHLQHU)HOVQLVFKH'DQQ VSUDQJVLHEHKHQGHYRQ9RUVSUXQJ]X9RUVSUXQJNODPPHUWHVLFKPLWGHP6FKZDQ]
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
GHUEHVRQGHUH+lNFKHQKDVWHJHVFKLFNWDQGHPJODWWHQ)HOVIHVV,FKVWDQG EHZHJXQJVORVLQGHU+|KOHXQGZDUWHWHDXIPHLQH&KDQFH'DV7LHUGDVPLFKQLFKW]X EHPHUNHQVFKLHQNDPLPPHUQlKHU$OVHVQXUQRFKHWZDHLQHLQKDOE0HWHUYRQPLU HQWIHUQWZDUVWLHHLQHUGHU6FKXGHQHLQGXPSIHV.QXUUHQDXV'LH5DWWHHUVWDUUWH,Q GLHVHP$XJHQEOLFNVFKOHXGHUWHLFKGLH/DPSH(VJDEHLQHQNOLUUHQGHQ7RQXQGHLQ KHOOHV4XLHWVFKHQ,FKKDVWHJHWURIIHQ 'XUFKGHQ6SDOWGUDQJZWHQGHV)DXFKHQ,FKEOLFNWHKLQEHUGDUDXIJHIDW GDGLH7LHUHHLQGULQJHQZUGHQ$OVQLFKWVGHUJOHLFKHQJHVFKDKJLQJLFK]XGHU .ODPPHUUDWWH6LHZDUWRWGDV*ODVGHV6FKHLQZHUIHUV]HUEURFKHQ'DV*HUlXVFKGHU VLFKQlKHUQGHQ+HUGHZXUGHODXWHU-HGHQ0RPHQWNRQQWH&RUSNRUHUVFKHLQHQ,FK HUJULIIGDVWRWH7LHUXQGVDKKLQEHU]XGHP6SDOW'LHNQXUUHQGHQ5DXEWLHUHYHUIROJWHQ PLWKXQJULJHQ$XJHQMHGHPHLQHU%HZHJXQJ(LQHLQ]HOQHV%HXWHWLHUXQGGUHL KDOEYHUKXQJHUWH0RUGVFKXGHQ'HU$XVJDQJPHLQHV9RUKDEHQVHUVFKLHQPLUPLWHLQHP 0DOH]LHPOLFK]ZHLIHOKDIW /DQJVDPJLQJLFKDXIGLHZDUWHQGHQ6FKXGHQ]XGHQ.|GHULQGHU+DQG-H QlKHULFKNDPGHVWRXQUXKLJHUZXUGHQGLH7LHUH6LHIOHWVFKWHQGLH=lKQHVWUlXEWHQ GDV)HOOXQGGXFNWHQVLFK]XP6SUXQJ=ZHL6FKULWWHYRQGHP6SDOWHQWIHUQWEOLHELFK VWHKHQ0HLQH/LQNHWDVWHWHEHUGLH)URQWVHLWHPHLQHV.DPSIDQ]XJV+DEHLFKQLFKW GRFKLUJHQGHWZDVGDVPLULP.DPSIJRJHQGLH%HVWLHQQW]OLFKVHLQNDQQ"0HLQH +DQGVWLHDQHWZDV*ODWWHV5XQGHV'DV8UXWH['DLFKQLFKWIUDKHUGDUDXI JHNRPPHQELQ /DQJVDPPLWYRUVLFKWLJHQ%HZHJXQJHQXPGLH7LHUHQLFKW]XPYRU]HLWLJHQ $QJULII]XUHL]HQ|IIQHWHLFKGLH7DVFKHXQGHQWQDKPLKUGLH$PSXOOHPLWGHP VlXUHKDOWLJHQ5HLQLJXQJVPLWWHO:lKUHQGLFKGLH.DSSHDEQDKPJLQJLFKHLQHQ ZHLWHUHQ6FKULWWDXIGLH5DXEWLHUH]X6LHJHElUGHWHQVLFKZLHWROO-HGHQ$XJHQEOLFN PXWHPLFKHLQHVDQIDOOHQ0LWGHU5HFKWHQVFKOHXGHUWHLFKGLH.ODPPHUUDWWHHLQHPGHU 0RUGVFKXGHQYRUGHQJHLIHUQGHQ5DFKHQ*OHLFK]HLWLJ]LHOWHLFKPLWGHU$PSXOOHDXI GHQ.RSIGHV]ZHLWHQXQGGUFNWHDXIGHQ=HUVWlEHU'DVJHWURIIHQH7LHUKHXOWHYRU 6FKPHU]XQG:XWDXI9HUPXWOLFKZDUHVHUEOLQGHW(VYHUVXFKWHPLWGHQ3IRWHQGDV lW]HQGH0LWWHODXVGHQ$XJHQ]XUHLEHQXQGUDVWHGDQQGDYRQ6HLQ*HKHXOKDOLWH VFKDXULJGXUFKGLH+|KOHELVHVSO|W]OLFKHUVWDUE 'DV7LHUKDWVLFKDQGHPKDUWHQ*HVWHLQGHQ6FKlGHOHLQJHUDQQWVDJWHGHU ([WUDVLQQNDOW'HU6FKXGHGHPLFKGLH5DWWH]XJHZRUIHQKDVWHJUXEVHLQH=lKQHLQ GLH%HXWH6FKDXGHUQGK|UWHLFKGDV6LQJHQGHV9LEUDWRUJHELVVHV'LHGULWWH%HVWLH VFKLHQXQVFKOVVLJZDVVLHWXQVROOWH,KUH$XIPHUNVDPNHLWZDUIUHLQHQ$XJHQEOLFN ]ZLVFKHQPLUXQGLKUHPJLHULJIUHVVHQGHQ*HIlKUWHQJHWHLOW'LHVZXUGHLKU]XP 9HUKlQJQLV,FKWUDW]XWUDIPLWYROOHU:XFKWGLH.LQQODGHGHV5DXEWLHUVGDHV NUDFKWH(LQZHLWHUHU7ULWWGHU6FKlGHOVSOLWWHUWHXQGGHU6FKXGHILHOWRWXP,FKKDVWH QXUQRFKHLQHQ*HJQHU (KHGDVGULWWH5DXEWLHUUHDJLHUHQNRQQWHZXUGHQVHLQH$XJHQHEHQIDOOVYRQ 8UXWH[JHWURIIHQ%OLQGXQGIUFKWHUOLFKNUHLVFKHQGVSUDQJHVGXUFKGLH+|KOH YHUVFKZDQG]ZLVFKHQ]ZHL*HUlWHEO|FNHQ,FKKDVWHHVJHVFKDIIWZDUDEHUQRFKQLFKW IUHW-HGHQ$XJHQEOLFNNRQQWH&RUSNRU]XUFNNRPPHQ,FKODXVFKWH$OVVLFKQLFKWV UKUWHGXUFKTXHUWHLFKGHQ5DXPXQGEOLFNWHLQGLHJHUlXPLJH1DFKEDUK|KOH&RUSNRUV 5RERWHUKDVWHQDOOHUOHL%HKlOWQLVVHJHVWDSHOW$QHLQHU6WHOOH]ZHLJWHHLQ6HLWHQUDXP
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
DWH9RUVLFKWLJJLQJLFKKLQEHU'DV7UDPSHOQXQG6WDPSIHQGDVYRQGUDXHQ]X K|UHQZDUKDVWHLQ]ZLVFKHQQDFKJHODVVHQXQGVFKOLHOLFKJDQ]DXIJHK|UW :DKUHQGLFKPLFKYRUVLFKWLJYRQ5DXP]X5DXPVFKOLFKVWHWVGDUDXIJHIDW YRQ7LHUHQDQJHIDOOHQRGHUYRQ&RUSNRUVHOEVWDQJHJULIIHQ]XZHUGHQKRUFKWHLFKDXI MHGHQ/DXWGHUQRFK]XK|UHQZDU:DUXPLVWHVVRVWLOO"8QGZDUXPLVWNHLQ7LHU]X VHKHQ":DVSODQWGHU.RSILlJHU"0HLQH*HGDQNHQZXUGHQYRQHLQHPGRQQHUQGHQ 7RVHQXQWHUEURFKHQ'LHVHV*HUlXVFKZDUXQYHUZHFKVHOEDU(VZXUGHGXUFK3ODVPD YHUXUVDFKWGDVDXVGHQ'VHQHLQHV,PSXOVWULHEZHUNVVFKR&RUSNRUKDVWHVHLQ 5DXPVFKLII]XUFNJHKROW:lKUHQGLFKPLFKZHLWHULQ5LFKWXQJ$XVJDQJEHZHJWH NUHLVWHQPHLQH*HGDQNHQXPGLH)UDJHZLHLFKZDIIHQORVPLW&RUSNRUIHUWLJZHUGHQ VROOWH 'HU.RSILlJHU$OVGLH.-g5.ODQGHWHKDVWH&RUSNRUVHLQHQ(QWVFKOXPLW $WODQGHQ3ODQHWHQ]XYHUODVVHQYHUZRUIHQ9RQQXQDQEHKHUUVFKWHLKQQXUQRFKGHU :LOOH]XU5DFKHO5DFKHQHKPHQZROOWHHUDQGHQHQGLHLKPVREHOPLWJHVSLHOWKDWWHQ &RUSNRUWUXJGHU3RVLWURQLNDXIDOOHQRFKDQ%RUGYHUEOLHEHQHQ7LHUHDXV]XVFKOHXVHQ .DXPZDUGLHVJHVFKHKHQJDEHQGLH2UWXQJVJHUlWH$ODUP&RUSNRUHLOWHDXVGHU +|KOH:DVHUVDKOLHLKPGHQ$WHPVWRFNHU'XW]HQGH)OXJURERWHUVFKZHEWHQGXUFK GLH6FKOXFKWXQGHU|IIQHWHQDXVVFKZHUHQ'HVLQWHJUDWRUHQGDV)HXHUDXIGHQ .XJHOUDXPHU 9HU]ZHLIHOWIUDJWHVLFK&RUSNRUZLHHVKDVWHJHVFKHKHQN|QQHQGDGLH .DPSIPDVFKLQHQQLFKWUHFKW]HLWLJJHRUWHWZRUGHQZDUHQ/DJHLQ'HIHNWLQGHU 2UWXQJVDQODJHYRU"$QGHUVZDUHVQLFKW]XHUNOlUHQ'DV6FKLIIGDVDXIGHU7DOVRKOH JHODQGHWZDUEHIDQGVLFKLQHLQHUXQJQVWLJHQ/DJH(VNRQQWHVHLQ,PSXOVJHVFKW] QLFKWJHJHQGLH)OXJURERWHUHLQVHW]HQRKQHGLH7LHUHLQJURH*HIDKU]XEULQJHQGLH VLFKLQGHU6FKOXFKWYHUVDPPHOWKDWWHQ$XVGHPJOHLFKHQ*UXQGZDUDXFKGHU 6FKXW]VFKLUPQRFKQLFKWDNWLYLHUWZRUGHQ'DV6FKLIIZUGHQLFKWRKQH&RUSNRUV )XQNEHIHKOVWDUWHU'RFKHVZDUVFKRQ]XVSlW'LH5RERWHUKDVWHQLQNU]HVWHU=HLW GDV5DXPVFKLIIIOXJXQIlKLJJHVFKRVVHQ&RUSNRUVDKLQRKQPlFKWLJHU:XW]XGHQ 5RERWHUQHPSRUGLHQXQEHUGHU6FKOXFKWVFKZHEWHQ6HLQH+DQGGLHGHQ6WUDKOHU XPVFKOR]XFNWH'RFKGDQQVLHJWHGLH9HUQXQIW 1RFKHKHHUGLH:DIIHLQ$QVFKODJEULQJHQNRQQWHZUGHLKQGHU6FKXDXV HLQHP'HVLQWHJUDWRUW|WHQ(VZDURKQHKLQYHUZXQGHUOLFKGDGLH.DPSIPDVFKLQHQ QLFKWOlQJVWGDV)HXHUDXIGLHGLFKWJHGUlQJWHQ7LHUHHU|IIQHWKDWWHQ'RFKVLHVFKLHQHQ LKUHQ$XIWUDJHUIOOW]XKDEHQ3O|W]OLFKIORJHQVLHGDYRQ2KQHVLFK]XUKUHQVWDUUWH GHU.RSIMlJHULKQHQQDFK (UVWQDFKHLQHU:HLOHNDP%HZHJXQJLQLKQ(UNOHWWHUWHDXIHLQHQ)HOVHQYRQ GHPHUGLH7LHUHEHUEOLFNHQNRQQWHGLHLQGHU6FKOXFKWVWDQGHUXQGDXIVHLQH%HIHKOH ZDUWHWHQ'HU$QEOLFNGHUYLHOHQYHUOHW]WHQXQGVWHUEHQGHQ*HVFK|SIH²HLQLJHKDVWHQ VLFKQXUPLWOHW]WHU.UDIWELVKLHUKHUVFKOHSSHQN|QQHQXPGDQQ]XYHUHQGHQ²EUDFKWH &RUSNRUV%OXWLQ:DOOXQJ(UYHUPRFKWHNDXPPHKUNODU]XGHQNHQ(LQ=LWWHUQ GXUFKUDQQVHLQHQ.|USHU$XVVHLQHP0XQGEUDFKHLQXQDUWLNXOLHUWHU6FKUHL 'LH7LHUHGLHGLHVHHOLVFKH9HUIDVVXQJLKUHV+HUUQOlQJVWHUNDQQWKDWWHQ EUOOWHQYLHOVWLPPLJDXI'DQQZDUIHQVLHGLH.|SIHHPSRUXQGJDORSSLHUWHQGDYRQ(LQ 'RQQHUQEUDFKVLFKDQGHQ:lQGHQGHU%HUJHDOV&RUSNRUV+HUGHGXUFKGLH6FKOXFKW UDVWH'HU7LHUElQGLJHUZROOWHVLFKGHQ6FKZHUYHUOHW]WHQXQWHUGHQ7LHUHQ]XZHQGHQ DOVHWZDVHLQWUDWZRPLWHUDPZHQLJVWHQJHUHFKQHWKDVWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
3O|W]OLFKK|UWHLFKHLQQHXHV*HUlXVFK$XFKGLHVHV*HUlXVFKNDQQWHLFK(LQ 6FKXDXVHLQHPVFKZHUHQ'HVLQWHJUDWRU *OHLFKGDUDXIIROJWHHLQHJDQ]H6DOYH'DVNRQQWHQXUHLQHVEHGHXWHQ)DUWXORRQ KDVWHGHQ]XUFNNHKUHQGHQ5DXPHUJHRUWHWXQGDEHUPDOV)OXJURERWHUORVJHVFKLFNWXP LKQGLHVPDO]XYHUQLFKWHQ:HQQGDV9RUKDEHQJHODQJNRQQWH&RUSNRUVHLQHQ3ODQ .UDXPRQPLWPLU]XYHUODVVHQQLFKWYHUZLUNOLFKHQ(KHHUPLFKW|WHQNRQQWHPXWHLFK LKP]XYRUNRPPHQ'LH*HOHJHQKHLWZDUJQVWLJ'DV)HXHUJHIHFKWZUGHGLH $XIPHUNVDPNHLWGHV.RSIMlJHUVLQ$QVSUXFKQHKPHQ 'DLFKVLFKHUVHLQGXUIWHGDPLULP$XJHQEOLFNYRQ&RUSNRUV6HLWHNHLQH*HIDKU GURKWHEHVFKOHXQLJWHLFKPHLQH6FKULWWHXPVRVFKQHOOZLHP|JOLFKLQV)UHLH]X JHODQJHQ9RUPLUJDEHOWHVLFKGDV+|KOHQV\VWHP6FKUlJQDFKUHFKWVJLQJHV HULQQHUWHLFKPLFK]XP+|KOHQDXVJDQJ$XVGHPQDFKOLQNVDE]ZHLJHQGHQ5DXP GUDQJHLQKHOOHV6XPPHQ²,QVHNWHQ" %LVKHUKDVWHLFKPLFKYHUJHEOLFKQDFKHWZDVXPJHVHKHQZDVLFKDOV:DIIH JHJHQGHQ.RSIMlJHUEHQXW]HQNRQQWH1LFKWHLQHLQ]LJHU6WHLQKDVWHVLFKILQGHQOHVVHQ GLH5RERWHUKDVWHQDOOHVZHJJHUlXPW$QHLQ*HUlWRGHUHLQH0DVFKLQHJHWUDXWHLFK PLFKQLFKWKHUDQZHOOVLHVLFKHUDQHLQ:DUQV\VWHPDQJHVFKORVVHQZDUHQ9LHOOHLFKW KDVWHLFKMHW]WHQGOLFK*OFN,FKWUDWDQGHQ)HOVVSDOWKHUDQXQGZDUIHLQHQ7KLFNLQGHQ 5DXPDXVGHPGDV6XPPHQNDP (VZDUVRGlPPULJGDLFKQLFKWVZHLWHUHUNHQQHQNRQQWHDOVHLQHQVFKZDU]HQ .OXPSHQGHUDXIGHP%RGHQODJXQGVLFKEHZHJWH(VPRFKWHQLQGHU7DW,QVHNWHQ VHLQ'LHVH)UDJHVFKLHQPLUDXIHLQPDORKQH%HGHXWXQJ9LHOZLFKWLJHUZDUHLQH DQGHUH:RKHUNDPGHU/LFKWVFKHLQGHUGHQKLQWHUHQ7HLOGHV5DXPHVVFKZDFK EHOHXFKWHWH"'DV/LFKWGDVLQQHUKDOEGHVPLUEHNDQQWHQ7HLOVGHU+|KOHYHUZHQGHW ZXUGHZDUEOlXOLFKHV.XQVWOLFKW'LHVHVWULHUKLQJHJHQZDUYRQU|WOLFKJHOEHU)DUEHYRQ GHUJOHLFKHQGLH.UDXPRQV6RQQHXPGLHVH7DJHV]HLWHWZDKDEHQPXWH +DWWHLFKHLQHQ]ZHLWHQ(LQJDQJ]XU+|KOHJHIXQGHQ"'DVZUGHPHLQH $XVVLFKWHQJHJHQEHU&RUSNRUYHUJU|HUQ,Q]ZLVFKHQKDWWHQVLFKPHLQH$XJHQDQGLH 'lPPHUXQJJHZ|KQW'HU5DXPZDUELVDXIGHQ,QVHNWHQNOXPSHQDP%RGHQOHHU(LQ JURHU6FKULWWEUDFKWHPLFKEHUGLHVHQKLQZHJ'HU/LFKWVFKHLQILHOGXUFKHLQHQ6SDOW GXUFKGHQLFKPLFKPKVDPKLQGXUFKTXHWVFKHQPXWH'HU5DXPGDKLQWHUZDUHLQH HQJH5|KUHGLHLQHLQHPVWHLOHQ:LQNHODXIZlUWVIKUWHXQGLQHLQHP/RFKHQGHWH GXUFKGDV7DJHVOLFKWVFKLPPHUWH ,FKDUEHLWHWHPLFK)HXQG6FKXOWHUQJHJHQ:lQGHXQG$EVlW]HVWHPPHQGLQ GHPHQJHQ6FKDFKWHPSRU$OVLFKIDVWGHQ5DQGGHV/RFKHVHUUHLFKWKDVWHILHOHLQ 6FKDWWHQDXIGLHgIIQXQJ(LQ6FKZDUPNOHLQHU,QVHNWHQIORJKHUDQ9RUVLFKWVKDOEHU VFKORLFKGHQ+HOPXQGSUHWHPLFKDQGLH:DQG'RFKQLFKWVJHVFKDK'LH,QVHNWHQ QDKPHQNHLQH1RWL]YRQPLUVRQGHUQIORJHQWLHIHULQGLH+|KOHKLQHLQ(VZDUHLQKDUWHV 6WFN$UEHLWELVLFKPLFKGXUFKGDVHQJH/RFKQDFKGUDXHQJH]ZlQJWKDVWH 'DQQZDULFKLP)UHLHQXQGLFKEOLFNWHPLFKYRUVLFKWLJXP'LH6WHOOHDQGHULFK KHUDXVJHNRPPHQZDUODJVFKUlJREHUKDOEHWZDGUHLLJ0HWHUYRP+DXSWHLQJDQJGHU +|KOHHQWIHUQW'LFKWHV%XVFKZHUNJDEPLUHLQHDXVJH]HLFKQHWH'HFNXQJVRGDLFK PLFKRULHQWLHUHQNRQQWHRKQHVHOEVWJHVHKHQ]XZHUGHQ'DV5DXPVFKLIIZLHVVWDUNH %HVFKlGLJXQJHQDXIXQGVFKLHQQLFKWPHKUIOXJIlKLJ]XVHLQ)DVWDOOH6FKOHXVHQZDUHQ JH|IIQHW9HUVFKLHGHQDUWLJH5DPSHQZDUHQDXVJHIDKUHQ(LQLJHYRQLKQHQHEHQIDOOV PHKURGHUPLQFHUVWDUNEHVFKlGLJW5LQJVXPGDV5DXPVFKLIIGUlQJWHQVLFK7LHUH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
&RUSNRUKDWWHPLWLKQHQDQVFKHLQHQGGLH/FNHQGLHGXUFK7RWHXQG9HUOHW]WH HQWVWDQGHQZDUHQZLHGHUDXIJHIOOW 'DVYLHOVWLPPLJH*HVFKUHL*HKHXOXQG*HNUHLVFKHGHU7LHUHGUDQJ]XPLU KHUDXI1HEHQGHQPLUGXUFKGHQ.DPSIXPGHQ6WW]SXQNWEHUHLWVEHNDQQWHQ7LHUDUWHQ HUEOLFNWHLFKDXFKYLHOHXQEHNDQQWH6SH]LHV,QHLQHP7HLOGHU6FKOXFKWKDVWHQVLFK ]DKOUHLFKHOHLFKWXQGVFKZHUYHUOHW]WH7LHUHJHVDPPHOW0HGRURERWHUEHPKWHQVLFK XPVLH'LH)OXJURERWHUZDUHQQLFKWPHKU]XVHKHQ,FKZXQGHUWHPLFKZDUXPVLHQLFKW GDV)HXHUDXIGLH7LHUHHU|IIQHWKDWWHQ:DKUVFKHLQOLFKKDVWH)DUWXORRQGHUGXUFK 0RUYRQHUYRQPHLQHU*HIDQJHQQDKPHHUIDKUHQKDEHQPXWHGLHVQLFKWJHZDJW(U PXWHGDPLWUHFKQHQGDLFKJHW|WHWZXUGH8QGVHLHVDXV9HUJHOWXQJVVXFKW 9LHOOHLFKWEHIDQGHQVLFKEHUHLWVHLQLJHPHLUaHU)UHXQGHDXIGHP:HJKLHUKHUXPPLFK ]XEHIUHLHQ,FKNRQQWHQXUKRIIHQGD)DUWXORRQ)OXJNDPHUDVKLHUKHUVDQGWHXQG HUIXKUZLHGLH'LQJHZLUNOLFKVWDQGHU$OVLFKPHLQHQ7KLFNQDFKUHFKWVREHQZDQGWH VDKLFK&RUSNRUDXIHLQHP)HOVYRUVSUXQJ (UVWDQGGDZLHDXV(U]JHJRVVHQXQGVWDUUWHDXIVHLQH$UPHHKLQXQWHU 9RUVLFKWLJEOLFNWHLFKGXUFKGDV%OlWWHUZHUNGHV%XVFKHVHUZDUQDKHJHQXJVRGD LFKVHLQ*HVLFKWJXWHUNHQQHQNRQQWH,FKZUGHHVQLFKWVROHLFKWYHUJHVVHQ(VZDU OHLFKHQEODGHU0XQGHLQVFKPDOHUEOXWOHHUHU6WULFKXQGGLH$XJHQIXQNHOWHQYRU+D XQGZDKUVFKHLQOLFKDXFKYRU9HU]ZHLIOXQJ9HU]ZHLIOXQJEHUGLHYLHOHQYHUZXQGHWHQ XQGWRWHQ7LHUHGLHGLHVHUZDKQZLW]LJH.DPSIJHNRVWHWKDVWH'HU7LHUElQGLJHUKlWWH VLFKVDJHQPVVHQGDHLQH)RUWVHW]XQJGHV.DPSIHVQRFKZHLWHUHJU|HUH2SIHU IRUGHUQZUGH$OOHLQVHLQ*HVLFKWVDXVGUXFNOLHHUNHQQHQGDVHLQH9HUQXQIWEHLVHLWH JHGUlQJWZDUXQGVHLQ*HLVWQXUQRFKYRQHLQHP*HGDQNHQEHKHUUVFKWZXUGHGHPGHU 5DFKH ,FKEHUOHJWHZLHLFKPLFKLKPXQEHPHUNWQlKHUQNRQQWH'DVEHZDFKVHQH *HOlQGHERWJHQJHQG'HFNXQJVP|JOLFKNHLWHQ$EHULFKIUFKWHWHGDPLFKVFKDUIH 9RJHODXJHQDXVPDFKHQXQGGLHVH(QWGHFNXQJVRIRUWDQGHQ.RSIMlJHUZHLWHUPHOGHQ ZUGHQ(LQ.UDPSIVFKLHQGHQ0DQQ]XVFKWWHOQ6HLQ0XQG|IIQHWHVLFKXQGGDQQ GUDQJDXV&RUSNRUV.HKOHHLQPDUNHUVFKWWHUQGHU6FKUHL$XVGLHVHP6FKUHLVSUDFKHQ VRYLHODQLPDOLVFKH:XWXQG9HU]ZHLIOXQJGDLFKHUVFKDXHUWH 'LH$QWZRUWGHU7LHUHZDUQLFKWPLQFHUGXUFKGULQJHQG(VZDUHLQH3RO\SKRQLH KHXOHQGHUNODJHQGHUEUOOHQGHUVFKUHLHQGHUNUHLVFKHQGHUXQGJUROOHQGHU7RQHGLH GXUFKGLH6FKOXFKWKDOOWHQXQGVLFKYLHOIlOWLJDQGHQVWHLOHQ%HUJZlQGHQEUDFKHQ'DQQ NDP%HZHJXQJLQGLH0DVVHQ)DVWDOOH7LHUH²LFKVDKGDVRJDUGLHOHLFKWHU YHUOHW]WHQPLW]RJHQQXUGLHEHVRQGHUVVFKZHUYHUOHW]WHQEOLHEHQ]XUFNVWUPWHQQDFK 1RUGHQ$OVLFKVDKGDVLFKDXFKGLH9RJHOVFKZlUPH]XP$XIEUXFKIRUPLHUWHQKLHOW LFKPHLQH=HLWIUJHNRPPHQ9RUVLFKWLJMHGH'HFNXQJDXVQXW]HQGNOHWWHUWHLFKGHQ %HUJKLQDXIXQGZDQGWHPLFKQDFKUHFKWVXPLQGHQ5FNHQGHV.RSIMlJHUV]X JHODQJHQ ,FKKDVWH&RUSNRUIDVWHUUHLFKWDOVHUPLFKEHPHUNWH(UUHDJLHUWHXQJODXEOLFK VFKQHOOXQGDOVLFKVDKGDGLH+DQGPLWGHP6WUDKOHULQGLH+|KHNDPVFKORLFKPLW PHLQHP/HEHQDWH'RFKLFKKDVWH*OFN'HU.RSIMlJHUUXWVFKWHGXUFKGLHDEUXSWH %HZHJXQJDXIGHPJODWWHQ)HOVDXVXQGVHLQ6FKXJLQJIHKO,PQlFKVWHQ$XJHQEOLFN KDVWHLFKPLFKDXILKQJHZRUIHQ6FKRQLQGHQHUVWHQ=JHQGLHVHV=ZHLNDPSIHVZXUGH GHXWOLFKGDLFKHVPLWHLQHPEHUDXVJHIlKUOLFKHQ*HJQHU]XWXQKDVWH1RFK ZlKUHQGZLUGXUFKGLH:XFKWGHV=XVDPPHQSUDOOV]X%RGHQVWU]WHQIKUWHLFKHLQHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
KDUWHQ+LHEJHJHQVHLQHQUHFKWHQ8QWHUDUP6HLQH+DQG|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lWHVWHQVDOVLFKVDKGDVLFKHLQLJHGHUYHUOHW]WHQ7LHUHLQ%HZHJXQJ VHW]WHQ,KUH$EVLFKWZDUNODU6LHZROOWHQLKUHP+HUUQXQG0HLVWHU]X+LOIHNRPPHQ0LU EOLHENHLQH=HLWKHUDXV]XILQGHQPLWZHOFKHU$UWYRQ7LHUHQLFKHV]XWXQEHNRPPHQ ZUGH,P/DXIHGHV.DPSIHVXPGHQ6WW]SXQNWKDVWHLFKGLH(UIDKUXQJJHPDFKWGD HVXQWHU&RUSNRUV7LHUHQNHLQHVJDEGDVQLFKWJHIlKUOLFKZDU 'LH(UNHQQWQLVGDVLFKPHLQH/DJHLQZHQLJHQ$XJHQEOLFNHQZHVHQWOLFK YHUVFKOHFKWHUQZUGHYHUGRSSHOWHPHLQH$QVWUHQJXQJHQ,FKEORFNWHHLQHQKDUWHQ 6FKODJGHV7LHUElQGLJHUVDWHZLFKHLQHPVHLQHUW\SLVFKHQ%HLQWULWWHDXVXQGGDQQ NDPLFKPLW]ZHL'DJRU)DXVWVW|HQGXUFK'HU.RSIMlJHUEUDFK]XVDPPHQ ,FKKDVWHNHLQH=HLWPLFKZHLWHUXPLKQ]XNPPHUQGHQQLQ]ZLVFKHQKDVWH VLFKHLQ5DJZXH3DUGHVRZHLWJHQlKHUWGDHUPLUJHIlKUOLFKZXUGH'DV7LHUZDU EOXWYHUNUXVWHWXQGKLQNWHDXIGHUUHFKWHQ+LQWHUKDQG$XVEOXWXQWHUODXIHQHQ$XJHQ VWDUUWHHVPLFKDQXQGGXFNWHVLFK]XP6SUXQJ,FKEFNWHPLFKEHNDPHLQHQJU|HUHQ 6WHLQ]XIDVVHQXQGVFKOHXGHUWHLKQDXIGLH%HVWLH$OVLFKLKUQDFKEOLFNWHZlKUHQGVLH VLFKEHUVFKODJHQGGLHOHW]WHQ6FKULWWHGHV+DQJHVDEZlUWVVWU]WHK|UWHLFKHLQHQ PHUNZUGLJHQ7RQ(UNDPPLUEHNDQQWYRU,FKZROOWHPLFKXPGUHKHQNDPMHGRFK QLFKWPHKUGD]X(WZDVVFKODQJVLFKXPPHLQH%HLQHXQGULPLFK]X%RGHQ,PVHOEHQ $XJHQEOLFNZXWHLFKZHOFKHV7LHUPLFKDQJHJULIIHQKDVWHHLQ&LQJN7RWHU 'LHVHHLHUOHJHQGHQ5DXEWLHUHJHK|UWHQ]XGHQVHOWVDPVWHQ/HEHZHVHQGLHLFK NDQQWH6LHZDUHQHWZDHLQHQ0HWHUIDQJXQGEHZHJWHQVLFKlXHUVWIOLQNDXI]Z|OI ODQJHQ%HLQHQEHUGLHVKDVWHQVLHHLQHQ:UJHVFKZDQ]GHUPHKUDOVGRSSHOWVRIDQJ ZDUZLHGHU.|USHU0LWGLHVHPXPVFKODQJHUVHLQH%HXWHXQGHUZUJWHVLH6HLQ EUHLWHV]DKQORVHV0DXONRQQWHNHLQH%HXWH]HUNOHLQHUQHUYHUWLOJWHVLHlKQOLFKZLH PDQFKH5HSWLOLHQDUWHQLQGHPHUVLHLP*DQ]HQKLQXQWHUVFKODQJ6HLQHQDWUOLFKHQ )HLQGHZDUHQYRUDOOHPGLHULHVLJHQ&LQJN.U|WHQ'DGLHVHDXILKUHU+HLPDWZHOWMHGRFK DOOPlKOLFKDXVVWDUEHQKDVWHVLFKGHU&LQJN7RWHUDXFKDXIDQGHUH7LHUHVHOEVWDXI JU|HUH5DXEWLHUHVSH]LDOLVLHUW'DV*HUlXVFKGDVLFKJHK|UWKDVWHHQWVWDQGZHQQ HLQVROFKHV7LHUGHQ6FKZDQ]EHUHLQHPHKURGHUZHQLJHUJODWWH2EHUIOlFKHKLQXQG KHUEHZHJWH 1RFKLP)DOOHQVSUWHLFKGDVLFKGHU:UJHVFKZDQ]XPPHLQHQ.|USHUZDQG =XPHLQHP*OFNZDUDXFKGHU&LQJN7RWHUQLFKWPHKULP9ROOEHVLW]VHLQHU.UlIWH $QGHUQIDOOVKlWWHQPLFKGLHVWDUNHQ0XVNHOVWUlQJHVRIRUW]HUTXHWVFKW,FKVWHPPWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
PLFKPLWDOOHU.UDIWJHJHQGLH8PVFKOLQJXQJ1RFKZDUHQPHLQH$UPHXQG+lQGHIUHW 9RUPHLQHP*HVLFKWVFKZDQNWHGHUKlOLFKHGUHLHFNLJH6FKlGHO'HUHNOLJH$WHPGHV 7LHUHVEOLHVPLUHQWJHJHQ 0LWGHUOLQNHQ+DQGWDVWHWHLFKGHQ%RGHQDWHEHNDPHLQHQOlQJOLFKHQ VFKDUINDQWLJHQ6WHLQ]XIDVVHQ,POHW]WHQ$XJHQEOLFNEHNDPLFKGHQ+DOVGHV7LHUHV XQPLWWHOEDUKLQWHUGHP.RSI]XIDVVHQXQGUDPPWHLKPGHQ6WHLQKRFKNDQWLQGHQ DXIJHULVVHQHQ6FKOXQGGDGLH6SLW]HGXUFKGHQ*DXPHQLQV*HKLUQVWDFK,P 7RGHVNDPSI]RJHQVLFKQRFKHLQOHW]WHV0DOGLH0XVNHOQGHV:UJHVFKZDQ]HV ]XVDPPHQ(LQHQ$XJHQEOLFNPHLQWHLFKPHLQH.QRFKHQZUGHQEUHFKHQ'DQQ HQGOLFKO|VWHVLFKGLHW|GOLFKH8PNODPPHUXQJ .HXFKHQGULFKWHWHLFKPLFKDXI$EHUDOVLFKGLH]lKQHIOHWVFKHQGHQ%HVWLHQVDK GLH²]XP7HLOVRVFKZHUYHUOHW]WGDVLHGDV+LQWHUWHLODXIGHP%RGHQQDFK]RJHQ² GHQ+DQJHPSRU]XNOLPPHQEHJDQQHQZXWHLFKGDGHU.DPSINHLQHVZHJVYRUEHL ZDUhEHUPLUODJPLWGHP.RSIQDFKXQWHQGHU7LHUElQGLJHU(UUHJWHVLFKVFKRQ ZLHGHU8QGGDQQHQWGHFNWHLFKGHQ6WUDKOHUGHUVLFK]ZLVFKHQGHQ:XU]HOQHLQHV %XVFKHVYHUIDQJHQKDVWH ,FKKDVWHWHGHQ$EKDQJKLQDXIXQGHUVWDOVLFKGDVNKOH0HWDOO]ZLVFKHQGHQ )LQJHUQVSUWHZXWHLFKGDLFKJHZRQQHQKDVWH,FKVFKRDXIHLQH6WHO]NDW]HGLH PHKUHUHIDXVWJURH:XQGHQLP5NNHQKDVWH'DV5DXEWLHUEHUVFKOXJVLFKXQG UXWVFKWHGHQ+DQJKLQXQWHU'LHDQGHUHQ7LHUH]|JHUWHQ'DQQVDKLFKGDVLFK &RUSNRUPKVDPDXIULFKWHWH(UEHJDQQKXPSHOQGGLHHLQH+DQGDXIGLH6WHOOHVHLQHV +DOVHVJHSUHWGHQ+DQJDEZlUWV]XNOHWWHUQ ,FKULHIVFKDUI³(VLVWYRUEHL.RSIMlJHU*HEHQ6LHDXI´6WDWWHLQHU$QWZRUWVSLH HUDXIGHQ%RGHQ³%OHLEHQ6LHVWHKHQ6RQVWW|WHLFK6LH´'HU7LHUElQGLJHUWDWDOV K|UWHHUPLFKQLFKWXQGVHW]WHVHLQHQ:HJIRUW(LQSHDU7LHUHZDUHQDQVHLQHU6HLWH 6LHOHFNWHQVHLQHKHUDEKlQJHQGH/LQNH,FK]LHOWHVRUJIlOWLJXQGVHW]WHQHEHQLKPHLQHQ %XVFKLQ)ODPPHQ'LH7LHUH]XFNWHQ]XUFN$EHUGHU.RSIMlJHUJLQJXQEHLUUWZHLWHU (UVFKLHQHLQ6WDGLXPHUUHLFKW]XKDEHQLQGHPGHU7RGNHLQH'URKXQJPHKUZDU ³:HQQ6LHQLFKWVWHKHQEOHLEHQW|WHLFK,KUH7LHUH&RUSNRU´ 'DVZLUNWH(UVWRSSWH/DQJVDPGUHKWHHUGHQ.RSIXQGVDKPLFKDQ:LH]ZHL EUHQQHQGH.RKOHQVWFNHIXQNHOWHQGLH$XJHQLQGHPEOHLFKHQ*HVLFKW6HLQH6WLPPH NODQJZLHGDV.QXUUHQHLQHV5DXEWLHUVDOVHUKHUYRUVWLH³:DV²ZROOHQ²6LH²YRQ² PLU"´'DEHL]HUELHUGLHHLQ]HOQHQ:RUWHIDVW]XU8QYHUVWlQGOLFKNHLW³:DV"´ ³6LHVWHKHQDXIGHUIDOVFKHQ6HLWH8QG6LHNlPSIHQIUGHQIDOVFKHQ0DQQ &RUSNRU´(UVWDUUWHPLFKDQ,FKYHUVXFKWH]XHUNHQQHQZDVLQLKPYRUJLQJ'RFKGLH VWHLQHUQH0DVNHVHLQHV*HVLFKWVZDUXQGXUFKGULQJOLFK³6LHVROOWHQHVVLFKEHUOHJHQ RE6LHHLQHP0HXFKHOP|UGHUKHOIHQZROOHQVHLQ8QUHFKWQRFK]XYHUJU|HUQ2GHURE 6LH,KUH)lKLJNHLWHQLQGHQ'LHQVWGHVVHQVWHOOHQZROOHQGHUGDV5HFKWDXIVHLQHU6HLWH KDW,FKZHUGHPLUPHLQ5HFKWHUNlPSIHQ&RUSNRURE6LHPLUGDEHLKHOIHQZROOHQRGHU QLFKW´ 'LH1DUEHQLQGHP*HVLFKWVFKLHQHQ]XJOKHQ,FKDKQWHGDVLFKLP,QQHUQ GHV0DQQHVHLQ.DPSIDEVSLHOWH6FKZHLJHQGZDUWHWHLFK6FKOLHOLFKVSUDFKHU6HLQH 6WLPPHKDVWHVLFKYHUlQGHUW'LH:RUWHNDPHQ]|JHUQGVWRFNHQG³,FKKDEH²,KUHQ 9DWHUJHNDQQW$WODQ²(UZDUHLQJXWHU0DQQ(UZDUDQGHUVDOV2UEDQDVFKRO´(U EUDFKSO|W]OLFKZLHGHUDWH'HQQRFKGLH0DXHUGLHGHU7LHUElQGLJHUXPVLFKKHUXP DXIJHEDXWKDVWHEHJDQQ]XZDQNHQ,FKEHUOHJWHZLHLFKVLH]XP(LQVWU]HQEULQJHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
NRQQWHDOVHUSO|W]OLFKKHUYRUVWLH³8QGPHLQH7LHUH"0HLQH7LHUHVLQGPHLQ/HEHQ $WODQ´ (QGOLFKKDVWHLFKLKQGDZRLFKLKQKDEHQZROOWH/lQJVWZDUPLUNODUJHZRUGHQ GDGHU:HJ]X&RUSNRUEHUVHLQH7LHUHIKUWH(UVHOEVWKDVWHPLUGDV6WLFKZRUW JHJHEHQ,FKEUDXFKWHHVQXUDXI]XJUHLIHQ8QGHWZDVDQGHUHVZDUPLUHEHQIDOOV DXIJHJDQJHQ:HQQLFKGLHVHQ0DQQDXIPHLQH6HLWHEUDFKWHZDUHLQZHLWHUHU6FKULWW JHWDQLQ5LFKWXQJDXIGDV=LHO2UEDQDVFKRO]XVWU]HQXQGPHLQHQ9DWHU]XUlFKHQ &RUSNRUXQGVHLQH7LHUDUPHHZUGHQLP.DPSIXPPHLQ5HFKWHLQH9HUVWlUNXQJ EHGHXWHQ ³,FKELHWH,KQHQHLQ%QGQLVDQ:LUZHUGHQ,KQHQGLH0|JOLFKNHLWJHEHQ,KUH 7LHUH]XYHUVRUJHQVRZLHVLHHVELVKHUJHZRKQWZDUHQ9RUDOOHPZHUGHQZLUXQVGHU YHUOHW]WHQ7LHUHDQQHKPHQ)DUWXORRQV0LWWHOXQG0|JOLFKNHLWHQVLQGXQEHVFKUlQNW9RQ LKPZHUGHQ6LHDOOHVHUKDOWHQZDV6LHEHQ|WLJHQ´,FKPDFKWHHLQH3DXVHJDELKPGLH 0|JOLFKNHLWGDV*HK|UWH]XYHUDUEHLWHQ³'DIUZHUGHQ6LHYRQQXQDQIUPLFK DUEHLWHQIUPLFK$WODQGHQUHFKWPlLJHQ(UEHQ,PSHUDWRU*RQR]DOVGHQ .ULVWDOOSULQ]HQ´ (UVHQNWHGHQ.RSI*HLVWHVDEZHVHQGVWDUUWHHUDXIGHQ0RUGVFKXGHQGHULKP GLH+lQGHOHFNWHGHQVWDXEXQGEOXWYHUNUXVWHWHQ.|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lQGLJHU6FKOLHOLFKKREHUGHQ.RSIZLHGHUXQGVDJWHPLWUDXKHU6WLPPH³,FK QHKPHGDV%QGQLVDQ´ 6FKZHLJHQGVWUHFNWHLFKLKPPHLQH5HFKWHHQWJHJHQ1DFKNXU]HP=|JHUQ HUJULIIHUVLH*HPHLQVDPZDUWHWHQZLUDXIGLH7LHUHK|FKVWHQVHLQ'ULWWHONHKUWH]XUFN .lPSIWHQGLHUHVWOLFKHQXPGHQ6WW]SXQNW"2GHUZDUHQVLHWRW"/HW]WHUHVZDUZRKO QLFKW]XEHIUFKWHQ&RUSNRUKDVWHZlKUHQGHUXPHLQHOHEHQVZLFKWLJH(QWVFKHLGXQJ UDQJYHUPXWOLFKQLFKWIUHLQHQ$XJHQEOLFNGHQ.RQWDNW]XGHQ7LHUHQYHUORUHQ'HQ %HZHLVGDIUOLHIHUWHQVHLQHQlFKVWHQ:RUWH³6LHVLQGJHNRPPHQXPPLU]XKHOIHQ 'HU5HVWNlPSIWQRFKLPPHUJHJHQ,KUH/HXWH,FKZHUGHVLHEHQDFKULFKWLJHQ´ (UVWLHHLQHQVFKULOOHQ3ILIIDXV$XVHLQHU%DXPNURQHO|VWHVLFKHLQNOHLQHU 9RJHOVFKRLQHLQHPZLOGHQ6WXU]IOXJKHUDEXQGODQGHWHDXI&RUSNRUV6FKXOWHU )DV]LQLHUWEHREDFKWHWHLFKGDGHU7LHUElQGLJHUPLWVHOWVDPJXUUHQGHQXQGGDQQ ZLHGHUNUlFK]HQGHQ/DXWHQDXILKQHLQUHGHWH$OVGHU9RJHOVLFKZLHGHULQGLH/IWH HUKREHQKDVWHXQGQDFK1RUGHQGDYRQVFKRVDJWHHUOHLVH³(UKDWGLH6WHOOH7XWV HLQJHQRPPHQ7XWLVWWRW´ ,FKEOLFNWHLKQDQ$OOPlKOLFKUXQGHWHVLFKGDV%LOGDWHGDVLFKPLUYRQGHP 7LHUElQGLJHUJHPDFKWKDVWH(LQPDOZDUGDGHU0DQQGHUVNUXSHOORVXQGRKQH 5FNVLFKWDXI*HIKOHVHLQHQ$XIWUDJGXUFKIKUWH'HUJQDGHQORVH-lJHUGHUGHQ:HUW GHV2SIHUVGDVHUMDJWHQXUQDFKGHU+|KHGHU3UlPLHPDGLHDXIHVDXVJHVHW]W ZRUGHQZDU'DVZDU&RUSNRUGHU.RSIMlJHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'DQQZDUGDQRFKGHUDQGHUHGHU)UHXQGXQG%UXGHUGHU7LHUH'HU0DQQGHP GLH%HVWLHQGHV'VFKXQJHOVXQWHUWDQZDUHQGHUGLH7LHUHEHLP1DPHQULHIXQGPLW LKQHQVSUDFK:HQQ&RUSNRUHLQYROOZHUWLJHV0LWJOLHGXQVHUHU*HPHLQVFKDIWZHUGHQ VROOWHPXWHGLHVHU:LGHUVSUXFKLQVHLQHP:HVHQJHO|VWZHUGHQ $EHULVWHVGHQQHLQ:LGHUVSUXFK",VWQLFKWGDVHLQHGXUFKGDVDQGHUHEHGLQJW" ,VWGLHWRWDOH+LQZHQGXQJ]XP7LHUQLFKWHLQH)ROJHGHUWRWDOHQ$EZHQGXQJYRQDOLHQ DQGHUHQ":DVZDUGDVIUHLQ(UHLJQLVGDV&RUSNRUGD]XJHEUDFKWKDW VHLQH$UWJHQRVVHQ]XPHLGHQVLH]XKDVVHQ"'LH$QWZRUWDXIGLHVH)UDJHLVWGHU 6FKOVVHO]X&RUSNRUV:HVHQ'RFKGLHVHQ6FKOVVHOPXHUVHOEVWSUlVHQWLHUHQ² IUHLZLOOLJ 'HU$QEOLFNILHOPLUHLQDOVLFKDXVGHU+|KOHLQV)UHLHJHODQJWZDUXQG&RUSNRU DXIGLHYHUZXQGHWHQ7LHUHLQGHU6FKOXFKWVDK:DUHVGHU$QEOLFNGHUJHPDUWHUWHQXQG JHVFKXQGHQHQ.UHDWXUHQGHULKQIDVWKDVWHYHU]ZHLIHOQOHVVHQGHUYLHOOHLFKWVRJDUDQ VHLQHPYHUKlUWHWHQ*HZLVVHQJHUKUWKDVWH"2GHUZDUHQHV(QWWlXVFKXQJXQG RKQPlFKWLJH:XWEHUGLH1LHGHUODJH",FKKDVWH]XZHQLJ(UIDKUXQJXPGLHVH)UDJH PLW6LFKHUKHLWEHDQWZRUWHQ]XN|QQHQ$EHUGDVZDVPLUGLH.OXJKHLWXQGGLH:HLVKHLW )DUWXORRQVDXIGLHVHP*HELHWYHUPLWWHOWKDWWHQOLHPLFKGLHYLHOVFKLFKWLJHQ =XVDPPHQKlQJHDKQHQ'LH7LHUHVLQG&RUSNRUV/HEHQ(ULGHQWLIL]LHUWVLFKPLWLKQHQ (UOHEWXQGOHLGHWPLWLKQHQ =ZHLIHOORVXQWHUKLHOW&RUSNRUDXILUJHQGHLQHP3ODQHWHQVHLQHQSULYDWHQ7LHUSDUN DXVGHPHUMHGHU]HLWGLHHQWVWDQGHQHQ/FNHQZUGHZLHGHUDXIIOOHQN|QQHQ(EHQVR VLFKHUNDQQWHHUGLH.RRUGLQDWHQ]DKOUHLFKHU:HOWHQDXIGHQHQHUVHLQHQ7LHUEHVWDQG HUZHLWHUQNRQQWH'HQQRFK1LHGHUODJHQKDVWHQIULKQVLFKHUOLFK6HOWHQKHLWVZHUW²HLQH &RQ7UHK6FKODSSHZLHGLHKHXWLJHKDVWHGHU.RSIMlJHUZDKUVFKHLQOLFKQRFKQLHPDOV HUOHEW8QGVRELOGHWHGLH7LHUJHPHLQVFKDIWGLHDXIOlQJHUH=HLWGDV/HEHQPLWLKP WHLOWHJHZLVVHUPDHQGDVHUZHLWHUWH,FK&RUSNRUV'HU9HUOXVWEHVRQGHUVGHULKP QDKHVWHKHQGHQ7LHUHWUDILKQSHUV|QOLFK6WDUEHQVLHVWDUEDXFKHLQ7HLOYRQ&RUSNRUV 6HOEVW 'HUEUHLWH5FNHQGHV,VVFK¶DDVGHUPLFK]XU6WDWLRQ]XUFNWUXJVFKDXNHOWHDXI XQGQLHGHU'LHVPDOJLQJGHU7UDQVSRUWDXIDQGHUH:HLVHYRQVWDWWHQ%HLP+LQZHJ KDVWHPLFKHLQ0HWKDQWLHULQHLQHUK|FKVWXQEHTXHPHQ³%HXWHOKDOWHUXQJ´]XU+|KOH JHVFKOHSSWMHW]WVDLFKLQHLQHPYRQ&RUSNRUV6SH]LDOVlWWHOQ'HU*UHLIVFKZDQ]ODJ IHVWXPPHLQHQ.|USHUXQGYHUKLQGHUWHGDLFKKHUXQWHUILHO 9RUPLUJDORSSLHUWHGDV7LHU&RUSNRUV'HU7LHUElQGLJHUKDVWHPLUDQJHERWHQ PLFKDXIGLHVH$UW]XP6WW]SXQNW]XUFN]XEULQJHQXQGLFKKDVWHGDV$QJHERW DQJHQRPPHQ'LH)UHXQGHHUZDUWHWHQPLFK(LQHUGHUVSH]LHOODEJHULFKWHWHQ 0HOGHY|JHOKDVWHPHLQHKDQGJHVFKULHEHQH%RWVFKDIW]XP6WW]SXQNWJHIORJHQ'LH NOHLQHQ7LHUHHUUHLFKWHQHLQHKRKH*HVFKZLQGLJNHLWGLH1DFKULFKWPXWHOlQJVWLQ )DUWXORRQV+lQGHQVHLQ:lKUHQGZLUGHP7DOHQWJHJHQVWUPWHQIOXWHWHQGLH7LHUHDQ XQVYRUEHLGLH&RUSNRUV%HIHKOYRQGHU6WDWLRQ]XUFNJHKROWKDVWH9RQGHQ YHUZXQGHWHQZDUHQQXUGLHOHLFKWHUHQ)lOOHGDEHL5RERWHUGHU6WDWLRQZUGHQVLFKGHU VFKZHUYHUOHW]WHQ7LHUHDQQHKPHQXQGVLHVRJXWZLHP|JOLFKYHUVRUJHQ&RUSNRUKDVWH GDUXPJHEHWHQXQGLFKKDVWHGLHVHU%LWWHLQPHLQHU%RWVFKDIWHQWVSURFKHQ $OVZLUXQVGHP=HQWUXPYRQ*RQR]DOV.HVVHOQlKHUWHQVDKLFKVFKRQYRQ ZHLWHPGLHJURHQ=HUVW|UXQJHQGLHGLH7LHUHDQJHULFKWHWKDWWHQ(VZUGH=HLW EUDXFKHQELVDOOH+DOOHQXQG*HElXGHZLHGHUDXIJHEDXWXQGGLHYLHOHQYHUQLFKWHWHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
XQGEHVFKlGLJWHQ(LQULFKWXQJHQ0DVFKLQHQXQG*HUlWHZLHGHUKHUJHVWHOOWZRUGHQ ZDUHQ'LHYHUKlQJQLVYROOH6FKODFKWKDVWHPLFKHUQHXW]XUFNJHZRUIHQ:DQQHQGOLFK NRQQWHLFKJHJHQ2UEDQDVFKROXQGVHLQHYHUEUHFKHULVFKH&OLTXHORVVFKODJHQ"'HU 0|UGHUVROOWHHQGOLFKHUIDKUHQGDLFKQLFKWZKHQZUGHELVGHU7RGPHLQHV9DWHUV JHVKQWZDU8QG)DPDWKLD6LHGDUIQLFKWOlQJHULQGHU*HZDOW6RIJDUWVVHLQ 9RUGHU+DXSWNXSSHOVWDQGHU)DUWXORRQXQG(LVNUDOOH(UOHLFKWHUXQJVWDQGLQ LKUHQ*HVLFKWHUQDOVVLHPLFKZRKOEHKDOWHQVDKHQ(UOHLFKWHUXQJVSUWHDXFKLFKDOV LFK7LUDNRYRQUHFKWVNRPPHQVDK6HLQOLQNHU$UPZDUJHVFKLHQW6RQVWVFKLHQLKP QLFKWV]XIHKOHQ&RUSNRUVWLHHLQHQGXPSIHQ*UXQ]ODXWDXVGHU*UHLIVFKZDQ]PHLQHV 7LHUHVVFKODQJVLFKIHVWHUXPPHLQHQ.|USHUKREPLFKYRUVLFKWLJDXVGHP6DWWHOXQG VWHOOWHPLFKDXIGHQ%RGHQ&RUSNRUVWLHJDXIGLHJOHLFKH:HLVHDWH0HLQH)UHXQGH VWDUUWHQDEZHFKVHOQGDXIGHQ.RSIMlJHUXQGGLH0HWKDQZHVHQ,KUH*HVLFKWHUGUFNWHQ GHUDUWYLHOHZLGHUVWUHLWHQGH*HIKOHDXVGDLFKODFKHQPXWH ³'XVFKHLQVWHLQHDPVDQWH=HLWKLQWHUGLU]XKDEHQ´EUXPPWH)DUWXORRQ YHUlUJHUW³:DKUHQGZLUXQVXPGLFKJHVRUJWKDEHQ´ ,FKLJQRULHUWHGLH$QVSLHOXQJ³:RLVW0RUYRQHU"´ ³:LHGHUEHLGHU$UEHLW:LUZHUGHQYLHO]XWXQKDEHQ'DV$XVPDGHU 9HUZVWXQJHQXQG6FKlGHQLVWQRFKQLFKW]XEHUVHKHQ8QGGLHV´HUWUDWDXIGHQ 7LHUElQGLJHU]XGLH+lQGH]X)lXVWHQJHEDOOW³KDEHQZLUGLU]XYHUGDQNHQ´ ,Q&RUSNRUVKDUWHP*HVLFKW]XFNWHNHLQ0XVNHO(UJDENHLQH$QWZRUW ³&RUSNRU´VDJWHLFKUXKLJ³ZLUGYRQQXQDQIUXQVDUEHLWHQ´ )DUWXORRQVWDUUWHPLFKDQ³,FKJODXEHGDVZLUVWGXGLUQRFKHLQPDOEHUOHJHQ $WODQ:LOOVWGXHLQHP0DQQYHUWUDXHQGHUHLQHJDQ]H$UPHHYRQ7LHUHQHLQJHVHW]W KDWXPXQVXP]XEULQJHQ"´ ³&RUSNRUKDQGHOWHLP$XIWUDJ2UEDQDVFKROVGHUEHNDQQWOLFKKRKH3UlPLHQDXI XQVHUH.|SIHDXVJHVHW]WKDW´ ³1DWUOLFK(ULVWHLQ.RSIMlJHU´9HUDFKWXQJVFKZDQJLQ)DUWXORRQV6WLPPH³:LU NHQQHQXQV´ (LQHQ$XJHQEOLFNVFKZDQNWHLFK,FKEOLFNWH&RUSNRULQV*HVLFKW5XKLJJDEHU GHQ7KLFN]XUFN'LH$XJHQXQWHUGHQEXVFKLJHQ%UDXHQYHUULHWHQQLFKWV0HLQ ([WUDVLQQVDJWH(UZDUQLFKWYRQ$QIDQJDQVRZLHHUMHW]WLVW 1DWUOLFK'DVLVWHV,UJHQGHWZDVKDVWH&RUSNRU]XP(LQ]HOJlQJHUJHPDFKW KDVWHLKQLQGLH$UPHMHQHUJHWULHEHQGLHGDV9HUEUHFKHQSURIHVVLRQDOLVLHUWHQHV]XP 6WW]SIHLOHULKUHU0DFKWHUKREHQ0DQPXWHLKP]HLJHQGDHV/HXWHJDEGLH IUHLQDQGHUHLQVWDQGHQGLHVLFKEHGLQJXQJVORVDXIHLQDQGHUYHUODVVHQNRQQWHQ &RUSNRUPXWHGLH(UIDKUXQJPDFKHQGDHVHLQH7UHXHJDEGLHQLFKWPLW PDWHULHOOHQ:HUWHQKRQRULHUWZXUGHXQGGLHGHVKDOEXPVRIHVWHUEDQG'DQQZUGH² VRJODXEWHLFKIHVW²DXFKGLH0DXHUHLQEUHFKHQGLHHULP/DXIHGHU=HLWXPVHLQ ,QQHUHVHUULFKWHWKDVWH6HLQ9HUKlOWQLV]XGHQ7LHUHQKDVWHPLUJH]HLJW&RUSNRUV HWKLVFKHXQGPRUDOLVFKH(PSILQGXQJHQVLQGQXUYHUVFKWWHWQLFKWYHUVLHJW )DUWXORRQZXWHQLFKWVYRQPHLQHQ%HREDFKWXQJHQXQGhEHUOHJXQJHQ6HLQ 0LWUDXHQZDUYHUVWlQGOLFK(VZUGHVFKZLQGHQQDFKGHPLFKLKPGLHOHW]WHQ7RQWDV JHVFKLOGHUWKDVWH'DQQZUGHDXFKHUHLQVHKHQGDGHU7LHUElQGLJHUXQG.RSIMlJHU² ZDUHUHLQPDOLQXQVHUH*HPHLQVFKDIWKLQHLQJHZDFKVHQ²HLQHZHVHQWOLFKH9HUVWlUNXQJ EHGHXWHWH³'HU7DJZLUGNRPPHQ´SURSKH]HLWHLFK³DQGHPXQV&RUSNRUXQGVHLQH 7LHUDUPHHQRFKHLQPDOYRQJURHP1XW]HQVHLQZHUGHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$XV'LH.XQVWGHV.ULHJHV6XQ]LDXFK6XQ'VHXQGlKQOLFKJHVFKULHEHQ XP Y&KU :DVGHQZHLVHQ+HUUVFKHUXQGGHQJXWHQ*HQHUDOEHIlKLJW]X]XVFKODJHQXQG ]XVLHJHQXQG'LQJH]XHUUHLFKHQGLHDXHUKDOEGHU)lKLJNHLWHQJHZ|KQOLFKHU0lQQHU OLHJHQLVW9RUKHUZLVVHQ'HVKDOEGHU(LQVDW]YRQ6SLRQHQYRQGHQHQHVIQI .ODVVHQJLEW (LQJHERUHQH6SLRQH]XKDEHQEHGHXWHWVLFKGHU'LHQVWHGHU(LQZRKQHUHLQHV /DQGHV]XYHUVLFKHP,P/DQGGHV)HLQGHVPXWGX/HXWHGXUFKIUHXQGOLFKH %HKDQGOXQJIUGLFKJHZLQQHQXQGDOV6SLRQHEHQXW]HQ ,QQHUH6SLRQH]XKDEHQEHGHXWHWGLH%HDPWHQGHV)HLQGHV]XEHQXW]HQ$XI GLHVH:HLVHZLUVWGXIlKLJVHLQGLH9HUIDVVXQJGHVIHLQGOLFKHQ/DQGHV]XHUNHQQHQ XQGGLH3OlQH]XHUIDKUHQGLHJHJHQGLFKJHVFKPLHGHWZHUGHQXQGDXHUGHPNDQQVW GXGLH+DUPRQLHVW|UHQXQGHLQHQ.HLO]ZLVFKHQGHQ+HUUVFKHUXQGVHLQH0LQLVWHU WUHLEHQ hEHUJHODXIHQH6SLRQH]XKDEHQEHGHXWHWGLH6SLRQHGHV)HLQGHV]XIDVVHQ XQGVLHIUHLJHQH=ZHFNHHLQ]XVHW]HQ0LWJURHQ%HVWHFKXQJVJHOGHPXQG JUR]JLJHQ9HUVSUHFKXQJHQPVVHQVLHDXVGHP'LHQVWGHV)HLQGHVJHO|VWXQG YHUDQODWZHUGHQIDOVFKH,QIRUPDWLRQHQ]XUXFN]XEULQJHQXQGJOHLFK]HLWLJJHJHQLKUH /DQGVOHXWH]XVSLRQLHUHQ 7RGJHZHLKWH6SLRQH]XKDEHQEHGHXWHWJHZLVVH'LQJH|IIHQWOLFK]XP=ZHFNH GHU7DXVFKXQJ]XWXQXQG]X]XODVVHQGDXQVHUHHLJHQHQ6SLRQHYRQLKQHQHUIDKUHQ XQGVLHGDVLHKLQWHUJDQJHQZXUGHQGHP)HLQGEHULFKWHQ'LHVH'LQJHVLQGDXIGLH 7DXVFKXQJXQVHUHUHLJHQHQ6SLRQHDXVJHULFKWHWXQGVROOHQVLHJODXEHQPDFKHQGD VLHXQDEVLFKWOLFKEORJHVWHOOWZXUGHQ:HQQGLHVH6SLRQHGDQQKLQWHUGHQ/LQLHQGHV )HLQGHVJHIDQJHQZHUGHQJHEHQVLHHLQHQY|OOLJIDOVFKHQ%HULFKWDEXQGGHU)HLQG ZLUGVLFKHQWVSUHFKHQGYHUKDOWHQQXUXPIHVW]XVWHOOHQGDZLUHWZDVY|OOLJDQGHUHV WXQ'DUDXIKLQZLUGPDQGLH6SLRQH]XP7RGHYHUXUWHLOHQ hEHUOHEHQGH6SLRQHVLQGVFKOLHOLFKMHQHGLH,QIRUPDWLRQHQDXVGHP/DJHUGHV )HLQGHV]XUFNEULQJHQ'LHVLVWGLHEOLFKH.ODVVHYRQ6SLRQHQGLHLQNHLQHU$UPHH IHKOHQGUIHQ 'LH6SLRQHGHV)HLQGHVGLH]XP6SLRQLHUHQ]XXQVNRPPHQPVVHQHQWGHFNW PLW*HOGEHVWHFKXQJHQYHUORFNWIRUWJHIKUWXQGEHTXHPXQWHUJHEUDFKWZHUGHQ6R ZHUGHQVLH]XEHUJHODXIHQHQ6SLRQHQXQGVWHKHQXQV]XU9HUIJXQJ'XUFKGLH ,QIRUPDWLRQHQGLHGHUEHUJHODXIHQH6SLRQEULQJVN|QQHQZLUHLQJHERUHQHXQGLQQHUH 6SLRQHDQZHUEHQ6HLQH,QIRUPDWLRQHQPDFKHQHVZHLWHUKLQP|JOLFKGHQ WRGJHZHLKWHQ6SLRQPLWIDOVFKHQ,QIRUPDWLRQHQ]XP)HLQG]XVFKLFNHQ8QGVFKOLHOLFK NDQQGXUFKVHLQH,QIRUPDWLRQHQGHUEHUOHEHQGH6SLRQ]XEHVWLPPWHQ=ZHFNHQ EHQXW]WZHUGHQ 'DV=LHOXQGGHU6LQQGHU6SLRQDJHLQDOLHQIQI(UVFKHLQXQJVIRUPHQVLQG :LVVHQEHUGHQ)HLQG]XHUODQJHQXQGGLHVHV:LVVHQNDQQLQHUVWHU/LQLHQXUYRP EHUJHODXIHQHQ6SLRQNRPPHQ(UEULQJVQLFKWQXUVHOEVW,QIRUPDWLRQHQVRQGHPHU PDFKWHVDXFKP|JOLFKGLHDQGHUHQ$UWHQYRQ6SLRQHQYRUWHLOKDIW]XQXW]HQ6R
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
ZHUGHQGHUHUOHXFKWHWH+HUUVFKHUXQGGHUZHLVH*HQHUDOGLH,QWHOOLJHQWHVWHQVHLQHU $UPHHDOV6SLRQHHLQVHW]HQXQGDXIGLHVH:HLVHKHUYRUUDJHQGH(UIROJHHU]LHOHQ 6SLRQHVLQGHLQlXHUVWZLFKWLJHV(OHPHQWGHV.ULHJHVGHQQYRQLKQHQKlQJWGLH )lKLJNHLWGHU$UPHHDEVLFK]XEHZHJHQ .UDXPRQ3UDJRGHV7HGDUGD$UN 'DV.OHLQH3ODWHDXZDUIDVWHUUHLFKWDOVPLFKHLQVFKDUIHV=LVFKHQDXVGHQ *UEHOHLHQUL,FKKDVWHPLUGHQ6WW]SXQNWLP7DOYRQREHQDQVHKHQXQGXQJHVW|UW QDFKGHQNHQZROOHQVFKUDNDXIXQGKDVWHGDQNGHUDQWUDLQLHUWHQ5HIOH[HEHUHLWVGHQ 7=8JH]RJHQEHYRUPHLQ9HUVWDQGGLH8UVDFKHGHV=LVFKHQVYROOHUIDWH,P QlFKVWHQ$XJHQEOLFNWDVWHWHLFKQDFKGHQ*UWHOVFKDOWXQJHQPHLQHV)OXJDJJUHJDWV² ELVPLUHLQILHOGDLFKPHLQ7RUQLVWHUJHUlWQLFKWPLWJHQRPPHQKDVWH'DV=LVFKHQNDP YRQHLQHP\LOOGlKQOLFKHQ7LHUPLWVLOEHUJUDXHU6FKXSSHQKDXWNXU]HQ)OJHOQXQG SHLWVFKHQDUWLJHP6FKZDQ]'HU.RSIGHV7LHUHVZDUODQJJHVWUHFNWGLH6FKQDX]HPLW GHQJURHQ1VWHUQIODFKHLQKRFKJHVWHOOWHU]LHJHOURWHU.DPPHQGHWH]ZLVFKHQGHQ 6FKXOWHUQ1LFNKlXWHEHGHFNWHQGLH$XJHQDQGHQ.RSIVHLWHQ 'HU'UDFKHYHUVSHUUWHPLUGHQ:HJDXIGDV.OHLQH3ODWHDX²XQGKLQWHUPLUODJ GHU$EJUXQGGHU]LUNDIQIOKXQGHUW0HWHUWLHIDEILHO,FKVWDQGDXIHLQHPVFKPDOHQ )HOVEDQGGDVVLFKDQGHU6WHLOZDQGHQWODQJVFKOlQJHOWH$XIGLHVHP:HJVFKQHOO DXVZHLFKHQ]XZROOHQZlUHHLQKDOVEUHFKHULVFKHV8QWHUIDQJHQJHZHVHQ'HU'UDFKH HUZHFNWHGHQ(LQGUXFNDOVN|QQHHUPLFKPKHORVHLQKROHQ'XPXWLKQW|WHQ PHOGHWHVLFKGHU/RJLNVHNWRU ³1XULP1RWIDOO´VDJWHLFKODXWDOVKlWWHLFKHLQHQHFKWHQ*HVSUlFKVSDUWQHUYRU PIU,FKKDVWHPLFKQRFKLPPHUQLFKWJDQ]GDUDQJHZ|KQW5DWVFKOlJHHLQHULQQHUHQ 6WLPPH]XYHUQHKPHQ 'HU'UDFKHVSUHL]WHEHLP.ODQJPHLQHU6WLPPHGLH)OJHO'DV=LVFKHQ YHUVWXPPWHXPJOHLFKGDUDXIDEHUPDOV]XHUW|QHQDOVGLHUDQJHJHVSDOWHQH=XQJH ZLWWHUQGDXVJHVWUHFNWZXUGH,FKEHZHJWHPLFKQLFKWZlKUHQGGLH=XQJHGLFKWYRU PHLQHP*HVLFKWYLEULHUHQGYHUKDUUWH=XPHLQHPHLJHQHQ(UVWDXQHQYHUVSUWHLFK NHLQH)XUFKWREZRKOLFKVLFKHUZDUGDPLFKGDV7LHUGXUFKHLQHQEOLW]VFKQHOOHQ $QJULIIW|WHQNRQQWH²VHOEVWZHQQHVPLUQRFKJHODQJPHLQH:DIIHDE]XIHXHUQ 9LHOOHLFKWZDUHVGLHVHGRSSHOWH*HZLKHLWGLHPLUGHQ(QWVFKOXHUOHLFKWHUWHQLFKW WDWHQORVVWHKHQ]XEOHLEHQ ,FKVSUDFKOHLVHDXIGDV7LHUHLQXQGEHZHJWHPLFKGDEHLEHKXWVDPQDFKYRUQ 'LHUDQJHJHVSDOWHQH=XQJH]XFNWH]XUFNDOVVLHPHLQ*HVLFKWEHUKUWH/DQJVDP ZLFKGHU'UDFKH]XU6HLWHVRGDLFKGDV.OHLQH3ODWHDXEHWUHWHQNRQQWH6HLQOLQNHV $XJHYHUIROJWHMHGHPHLQHU%HZHJXQJHQZlKUHQGGDVUHFKWHEHUGHQ5DQGGHV 3ODWHDXVLQV7DOVSlKWH,FKVWUHFNWHGLHIUHLH+DQGDXVXQGNORSIWHGDPLWOHLFKWDXIGHQ 5FNHQGHV7LHUHV,PQlFKVWHQ0RPHQWYHUQDKPLFKHLQHQKDOEHUVWLFNWHQ$XIVFKUHL (LQH*HVWDOWLP)OXJDQ]XJVFKZHEWHKHUDQXQGODQGHWH]ZLVFKHQGHP6FKZDQ]GHV 7LHUHVXQGPLU ,FKHUNDQQWHDQGHQEODXURWHQ%UDQGQDUEHQGHUXQWHUHQ*HVLFKWVKlOIWHGHQ .RSIMlJHU&RUSNRU6HLQH$XJHQEOLFNWHQHUVFKURFNHQ³1HKPHQ6LH,KUH+DQGGDZHJ $WODQ´IOVWHUWHHUHLQGULQJOLFK³+HJHOXQWN|QQWH6LHEOLW]VFKQHOOLQ6WFNHUHLHQ´ ,FK]RJPHLQH+DQG]XUFN³(LQHV,KUHU7LHUH"(VZDUELVKHUDXVJHVSURFKHQ IULHGOLFK´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'HU.RSIMlJHUVFKOXFNWHVHLQ.HKONRSIWDQ]WHDXIXQGDWH³1RUPDOHUZHLVHJUHLIW +HJHOXQWVRIRUWDQ,FKEHJUHLIHQLFKWGD6LHQRFKOHEHQ(VZDUXQYRUVLFKWLJYRQ ,KQHQVRGLFKWKHUDQ]XJHKHQ´ ,FKOlFKHOWHLKPIUHLPWLJLQV*HVLFKW³9LHOOHLFKWKDW+HJHOXQWJHZLWWHUWGDZLU .RQWDNWKDWWHQ7LHUPHLVWHU´ (UZLVFKWHVLFKPLWGHP+DQGUFNHQGHQ6FKZHLYRQGHU6WLUQ³9LHOOHLFKW,FK KDEHMHGHQIDOOVHLQHQWFKWLJHQ6FKUHFNEHNRPPHQDOVLFK6LHQHEHQ+HJHOXQW HQWGHFNWH´ (UXPIDWHGHQ+DOVGHV'UDFKHQXQGUHGHWHOHLVHDXIGDV7LHUHLQ,FKZXWH LQ]ZLVFKHQGDGHU.RSIMlJHUYLHOH7LHUVSUDFKHQQLFKWQXUEHKHUUVFKWHVRQGHUQVLH DXFKZHLWHUHQWZLFNHOWKDVWH6HLQH)lKLJNHLWGHU.RPPXQLNDWLRQPLW7LHUHQZDU HUVWDXQOLFKZHQQQLFKWVRJDUHLQPDOLJ:DKUVFKHLQOLFKEHUXKWHVLHDXIHLQHU SDUDQRUPDOHQ)lKLJNHLWIUGLHHVLQGHUDUNRQLGLVFKHQ3DUDZLVVHQVFKDIWYRP EHUKPWHQ3DUDSK\VLNHU%HO]LNDDQYRU-DKUWDXVHQGHQVFKRQGLH³=ZLHVSlOWLJH :LVVHQVFKDIW´JHQDQQW²QRFKNHLQH%H]HLFKQXQJJDE 'HU'UDFKHDQWZRUWHWHVHLQHP+HUUQPLWlKQOLFKHQ/DXWHQZLH&RUSNRUVLH DXVJHVWRHQKDVWHGDQQVSUHL]WHHUDEHUPDOVGLH)OJHOXQGVWLHVLFKPLWGHQ +LQWHUEHLQHQDWH'LH)OJHOURWLHUWHQPLWKRKHU*HVFKZLQGLJNHLWlKQOLFKZLHGLH 5RWRUHQHLQHV7UDJVFKUDEHUVXQGZLHHLQ7UDJVFKUDEHUVDQN+HJHOXQWLQV7DOKLQDE =ZLVFKHQGHQ*HElXGHQGHV6WW]SXQNWHVZLPPHOWHHVYRQ$UEHLWVURERWHUQ6LH UHSDULHUWHQZHLWHUKLQGLH(LQULFKWXQJHQGLHEHLP.DPSIJHJHQ&RUSNRUV7LHUDUPHH EHVFKlGLJWZRUGHQZDUHQ'LHEHUOHEHQGHQ7LHUHGHV.RSIMlJHUVZDUHQLQJHUlXPLJHQ *HKHJHQXQWHUJHEUDFKW ³6LHKlWWHQ,KU)OXJDJJUHJDWPLWQHKPHQVROOHQ´VDJWH&RUSNRU³6ROOLFK,KQHQ PHLQHVOHLKHQ"´ ³'DVLVWQLFKWQ|WLJ)OLHJHQ6LHQXUYRUDXV´ ³:LH6LHPHLQHQ´&RUSNRUDNWLYLHUWHVHLQ)OXJDJJUHJDWXQGIROJWHGHP'UDFKHQ XPLKQ]XDQGHUHQ7LHUHQLQHLQHQ.lILJ]XVSHUUHQ ,FKYHUVFKUlQNWHGLH$UPHYRUGHU%UXVWXQGEOLFNWHKLQEHU]XGHP .XJHOUDXPVFKLIIGDVDXIGHPIQIKXQGHUW0HWHUGXUFKPHVVHQGHQ/DQGHIHOGVWDQG(V JHK|UWH]XP,QYHQWDUGHV6WW]SXQNWHVXQGZDUYRQXQVDXIGHQ1DPHQ32/93521 JHWDXIWZRUGHQ,FKIUDJWHPLFK]XPZLHGHUKROWHQ0DOHZLHYLHOH*HKHLPQLVVH )DUWXORRQQRFKEHVDYRQGHQHQLFKQLFKWVDKQWH6HLQH9HUJDQJHQKHLWKDVWHHUELVKHU HUIROJUHLFKYRUPLUXQGPHLQHQ)UHXQGHQYHUERUJHQJHKDOWHQ 1DFKGHQNHQZROOWHLFK3OlQHVFKPLHGHQPLU.ODUKHLWEHUGLHQlFKVWHQ6FKULWWH YHUVFKDIIHQ(WOLFKH*HVSUlFKHKDVWHLFKPLW)DUWXORRQVFKRQJHIKUWHUZXWHGD PHLQ=LHOGLH%HIUHLXQJ)DUQDWKLDVZDU)DVWDEUXSWEHIILHOPLFKGLH(ULQQHUXQJDQLKUH *HIDQJHQQDKPHVRLQWHQVLYXQGHLQGULQJOLFKZLHLFKELVODQJQRFKQLHYRQ (ULQQHUXQJHQKHLPJHVXFKWZRUGHQZDUVRDOVVHLLFKDEHUPDOVGRUWDXI*RUWDYRU ³)DUQDWKLD´VFKUHLHLFK$OOHVJHVFKLHKWPLWUDVHQGHU*HVFKZLQGLJNHLW,FKVHLQH ]ZHLIHOOJHNOHLGHWH*HVWDOWHQGLHVLFKDXIGDV0lGFKHQVWU]HQ(LVNUDOOHGUHKWVLFKXP XQGVSULQJV)DUWXORRQLQGLH6FKXOLQLH,FKUROOHPLFKEHUGHQ%RGHQDEXQGHQWJHKH VRGHQ6FKVVHQHLQHVGULWWHQ0DQQHVGHUDXVGHP1HEHODXIJHWDXFKWLVWXQGDXI PLFKIHXHUW ³$WODQ+LOIPLU6LH]HUUHQPLFK´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'LHEHLGHQ.UDODVHQHQYHUVFKZLQGHQGDVVLFKKHIWLJZHKUHQGH0lGFKHQ ]ZLVFKHQVLFKLPGLFKWHQ1HEHO(LQZDKQVLQQLJHU=RPHUIOOWPLFK,FKNRPPHDXIGLH %HLQHXQGKHEHPHLQH:DIIHNUDFKHQGO|VWHVLFKHLQ6FKXQDFKGHPDQGHUHQ8QG GDQQODVVHLFKGLH:DIIHVLQNHU)DUWXORRQVFKLHWMHQHQ.UDODVHQHQGHUDXIPLFK JHIHXHUWKDWLQGHQ.RSI,FKUHQQHORVXQGVWU]HPLFKLQGHQ1HEHO ³$WODQ+DOW´)DUWXORRQV6WLPPH,FKNHQQHVLHEHVVHUDOVMHGHUDQGHUH $UNRQLGH,FKHUNHQQHDXFKGHQ7RQIDOO(ULVWXQEDUPKHU]LJYROOVWUHQJHU$XWRULWlW,FK ZHLGDPHLQ/HKUPHLVWHULQGLHVHP)DOOXQEHGLQJWHQ*HKRUVDPYHUODQJWXQGHV DXFKYHUVWHKWLKQGXUFK]XVHW]HQ,FKZHLZLHKDUWXQGNDOW)DUWXORRQVHLQNDQQZHQQ HUVRVSULFKW,FKKDOWHPLWWHQLP/DXIHLQXQGEOHLEHVWHKHQ'DQQGUHKHLFKPLFKXP XQGJHKHDQ(LVNUDOOHYRUEHLGHUQRFKLPPHUDXIGLHIOFKWHQGHQ6FKQHHJHLVWHUIHXHUW 'HU5FNVWRGHUVFKZHUHQ:DIIHOlWVHLQHQ.LQGHUN|USHUHU]LWWHP ³,FKVFKLH¶GLULQV.QLH$WODQZHQQGXLKUQDFKOlXIVWVDJW)DUWXORRQXQG]LHOW PLWVHLQHU:DIIHDXIPHLQ%HLQ ³$EHUVLHKDEHQVLHYHUVFKOHSSW,FKPXVLHYHUIROJHQLFKLFKOLHEH )DUQDWKLD´ ³/LHEHLVWHLQHYHUJlQJOLFKH6DFKH´VDJWHU³(VPXLKQHQLUJHQGZLHJHOXQJHQ VHLQXQVELVKLHUKHU]XYHUIROJHQ9HUJLGDV0lGFKHQ´,FKELQDXHUPLUQLFKWIlKLJ NODU]XGHQNHQ$EHUGLH6WLPPHPHLQHV=LHKYDWHUVKlOWPLFKLP%DQQ³$XIGLFKZDUWHQ DQGHUH$XIJDEHQ/RVZHLWHU:LUPVVHQLQV*HElXGH:LUULVNLHUHQZHJHQ GHLQHU6HKQVXFKWQRFKGLHOHW]WH&KDQFH'LH.UDODVHQHQN|QQHQXQVDXVGHP1HEHO KHUDXVHUVFKLHHQ´ ,FKVHQNHGHQ.RSIXQGJHKRUFKH³,FKYHUVWHKH´VDJHLFKEHWlXEWRKQHZLUNOLFK HWZDV]XYHUVWHKHQ 6RSO|W]OLFKZLHGLH%LOGHUXQG(LQGUFNHJHNRPPHQZDUHQVRXQYHUPLWWHOW YHUVDQNHQVLHDXFKZLHGHUYHUGUlQJWXQGEHUODJHUWYRQGHU6WLPPHPHLQHV /RJLNVHNWRU(ULQQHUXQJVVFKXE²1HEHQZLUNXQJGHVSKRWRJUDSKLVFKHQ *HGlFKWQLVVHV$OOHVZDVGXHUOHEVWVLHKVWK|UVWVFKPHFNVWVWHKWGHWDLOJHWUHX]XP $EUXIEHUHIWVRJDU(ULQQHUXQJHQGLHDXVGHU=HLWYRUGHU$NWLYLHUXQJVWDPPHU-HlOWHU GXZLUVWGHVWRPHKU 'HUJHIUFKWHWH6SUHFK]ZDQJLFKZHL8QGZHQQHVLQHLQHU OHEHQVEHGURKOLFKHQ6LWXDWLRQSDVVLHUW"GDFKWHLFK 'DVZLUGHVQLFKWGHQQGHUhEHUOHEHQVLQVWLQNWLVWVWlUNHU²ZRKODEHUGDQDFK NDQQGHU6FKXEXPVRVWlUNHUVHLQ 6FK|QH$XVVLFKWHQ,FKVFKWWHOWHPLFKXQZLOONUOLFKXQGJODXEWH)DUQDWKLDV *HVLFKWYRUPLU]XVHKHQYRQ6LOEHUKDDUXPUDKPWGLHKHOOURWHQ$XJHQYRQHLQHP VFKHOPLVFKHQ)XQNHOQHUIOOWaHO]XUDQJHLVWVLHLQ6RIJDUWV.ODXHQ 'HU%OLQGH6RIJDUWXQGVHLQH.UDODVHQHQGLHJUDXVDPVWHYHUNRPPHQVWHXQG YHUZHJHQVWH6|OGQHUWUXSSH2UEDQDVFKROV'LH%OXWKXQGHGHV,PSHUDWRUV(VKLHGD VLHNHLQ*HZLVVHQKDWWHQGDVLHLP1DPHQGHV+|FKVWHGOHQPRUGHWHQXQG SOQGHUWHQ1XUKLQWHUYRUJHKDOWHQHU+DQGZXUGHYRQLKQHQJHVSURFKHQGHQQKLQWHU GLHVHPVFKHLQEDUVRYHUNRPPHQDXVVHKHQGHQ+DXIHQVWDQGGLHJDQ]H0DFKWGHV7DL $UN¶7XVVDQ 9RQ)DUWXORRQKDVWHLFKLQ]ZLVFKHQPHKUEHUVLHHUIDKUHQXQGZXWHGDGLH 7UXSSHLQGUHLXQWHUVFKLHGOLFKJURHXQGDXFKYHUVFKLHGHQHLQ]XVFKlW]HQGH .RQWLQJHQWH]XXQWHUWHLOHQZDUHLQPDOGLHHLQHUQRUPDOHQ6|OGQHUGHU:HOWGHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
.UDODVHQHQGLH7UXPVFKYDDUKLHXQGHWZDVPHKUDOV/LFKWMDKUHYRQ.UDXPRQ HQWIHUQWZDU6DPPHOEHFNHQDOOMHQHUGLHGRUWDQKHXHUWHQXQG]XQlFKVWJHSUIWXQG DXVJHVLHEWZXUGHQ/DXW)DUWXORRQHLQHUHLQHSDUDPLOLWlULVFKH(LQKHLW]ZDUGHP %OLQGHQ6RIJDUWYHUSIOLFKWHWDEHUQRFKUHFKWQDKHHLQHUUHJXOlUHQ7UXSSH =ZHLWHQVJDEHVHLQHQHQJHUHQ.UHLV$XVJHZlKOWHUGLHGDV9HUWUDXHQGHV %OLQGHQ6RIJDUWKDWWHQ6LHKDVWHQVLFKKRFKJHGLHQWZDUHQ]XHLQHU$UW5RERWHU JHZRUGHQGHUOR\DOIUGHQMHQLJHQDUEHLWHWHYHUIROJWHXQGW|WHWHGHULKQEH]DKOWH 'LHVH.UDODVHQHQZDUHQ6|OGQHUKRFKRUJDQLVLHUWH*ODGLDWRUHQGLHDOOHVDEHUDXFK MHGHNOHLQVWH(LQ]HOKHLWGLHVLHDQLKUHP$XIWUDJKLQGHUWHEHLVHLWHVFKREHQXQGDXIGDV bXHUVWHEHNlPSIWHQ(LQ7HLOYRQLKQHQOHEWHZRKODXI6RIJDUWVEHUFKWLJWHU)ROWHUZHOW YRQGHUQXUGHU1DPH*DQEHUDDQEHNDQQWZDU 'HUGULWWHXQGNOHLQVWH7HLOVFKOLHOLFKNRQQWHDOV6RIJDUWV/HLEJDUGH HLQJHVFKlW]WZHUGHQMHQH)UDXHQXQG0lQQHUGLHDXFKHLQ]HOQRGHULQNOHLQHQ *UXSSHQEHUDOOLP*URHQ,PSHULXPXQWHUZHJVZDUHQDOV.LOOHUNRPPDQGRV$JHQWHQ 6SLW]HOXQG+HQNHU ,KUHQ1DPHQGDFKWHLFKOHLWHQVLHYRQ.UDODVDE²JHKWDXIGLH$UFKDLVFKHQ 3HULRGHQ]XUFNDOVGHU:HWWHUJRWWXQWHUGHQ6KH¶+XKDQ7RUPDQDGD%DUJNLQVHLQHU ,QNDUQDWLRQDOV.UDODV6WXUPXQG6WlUNHYHUN|USHUWH,QVJHVDPWPVVHQHVHLQLJH =HKQWDXVHQGH.UDODVHQHQVHLQ ,FKZXWHZDVPLFKHUZDUWHWHGHQQRFKPXWHLFKHVZDJHQ6RIHUQ)DUWXORRQV ,QIRUPDWLRQHQULFKWLJZDUHQ²XQGGDUDQKDWWHLFKNHLQHQ=ZHLIHO²ZUGHGHU%OLQGH 6RIJDUWZRKOVFKRQLQZHQLJHQ3UDJRVDXI7UXPVFKYDDURGHU*DQEHUDDQHLQWUHIIHQ 0HLQ3ODQZDULKQGRUWVFKRQ]XHUZDUWHQGHQQZRHUZDUNRQQWHPHLQHJHOLHEWH )DUQDWKLDQLFKWZHLWHQWIHUQWVHLQ0HLQ0DJHQVFKLHQ]XPKDUWHQ.QRWHQ]XZHUGHQ IU$XJHQEOLFNHGURKWHHLQ$QIOXJYRQ3DQLNGDQQKDVWHLFKGLH]X5HFKWHPSIXQGHQH $QJVWZLHGHULP*ULII(QWVFKORVVHQUHFNWHLFKGLH6FKXOWHUQ,FKPXWHHVZDJHQ ZROOWHLFKOlQJHULQGHQ6SLHJHOVHKHQXQGYRUPLUVHOEVWEHVWHKHQGHQQVHLW)DUQDWKLDV *HIDQJHQQDKPHSODJWHPLFKDXFKGDVVFKOHFKWH*HZLVVHQGHU*HGDQNHVLHLP6WLFK JHODVVHQ]XKDEHQ *HVWHUQKDVWHLFKODQJHPLW)DUWXORRQGLVNXWLHUW(UZDU]XP.DUWHQWDQN JHJDQJHQXQGKDVWHHLQLJH6FKDOWXQJHQYRUJHQRPPHQ,FKZDUQHEHQPHLQHQ YlWHUOLFKHQ)UHXQGJHWUHWHQXQGKDVWHLQWHUHVVLHUWGLHGUHLGLPHQVLRQDOH 6WHUQHQSURMHNWLRQJHPXVWHUWDXVGHUVLFKHLQHJHOEURWH6RQQHPLWYLHU3ODQHWHQ KHUDXVJHVFKlOWKDVWH,P,QIRUPDWLRQVVWUHLIHQZDUHQLQ/HXFKWVFKULIWGLHZLFKWLJVWHQ 'DWHQGHV]ZHLWHQ3ODQHWHQHUVFKLHQHQ7UXPVFKYDDU(LQH6DXHUVWRIIZHOWPLWUHODWLY XQEHGHXWHQGHU)DXQDXQG)ORUDGLH6FKZHUNUDIWEHWUlJW*UDYRVGLH(LJHQURWDWLRQ 7RQWDVGDV.OLPDLVWPLOG ,FKKDVWH)DUWXORRQIUDJHQGDQJHVHKHQDOVHUGDV*HVLFKW]XHLQHPGVWHUHQ /lFKHOQYHU]RJ³'DV:LFKWLJVWHLVWQLFKWIUHLDEUXIEHUHLW,FKN|QQWHGLHUHVWOLFKHQ ,QIRUPDWLRQHQGXUFKHLQ.RGHVLJQDODXVGHU.62/DEUXIHQDEHULQPHLQHP.RSIVLQG VLHHEHQIDOOVYHUDQNHUW´ $EHUPDOVHQWVWDQGYRUPHLQHPJHLVWLJHQ$XJHGLH6]HQHLP7DOGHU 6FKQHHJHLVWHUZRGLH6|OGQHUGHV%OLQGHQ6RIJDUWPHLQH)DUQDWKLDYHUVFKOHSSWKDWWHQ RKQHGDLFKHWZDVGDJHJHQWXQNRQQWH:LHGHUIKOWHLFKGLH+LOIORVLJNHLWXQGGHQ EUHQQHQGHQ6FKPHU]DEHUDXFK+DDXIGLH.UDODVHQHQGLHVLHHQWIKUWKDWWHQ:LU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
OLHEWHQXQVXQGLFKZDUVLFKHUGDGLHVH/LHEHHZLJGDXHUQZUGH³)DUQDWKLD´ IOVWHUWHLFK³,FKZHUGHGLFKEHIUHLHQ´ 9RUVLFKWLJEHJDQQLFKGHQ$EVWLHJLQV7DOO8QWHQDQJHNRPPHQHQWGHFNWHLFK GHQ&KUHWNRU(LVNUDOOHVWDQGDXIHLQHU$QWLJUDYSODWWIRUPXQGGLULJLHUWHPLW+LOIHHLQHV .RPPDQGRSXOWHVGLH5RERWHUNRORQQHGLHHLQH/DJHUKDOOHLQVWDQGVHW]WH'HU ]ZHUJHQKDIWH.|USHUGHV&KUHWNRUVZLUNWHLP/LFKWGHUURWHQ6RQQH.UDXPRQVZLHGLH EL]DUUYHUNOHLQHUWH$XVJDEHHLQHVJOlVHUQHQ$UNRQLGHQ(UZLQNWHPLUIUHXQGOLFK]XDOV LFKDQLKPYRUEHLJLQJ(UIKOWHVLFKLQGHPZDUPHQ.OLPD.UDXPRQVDXHURUGHQWOLFK ZRKO(VZDUJHUDGHZDUPJHQXJXPLKPDXVUHLFKHQG%HZHJOLFKNHLW]XYHUOHLKHQ DEHUQLFKWVRZDUPGDHU*HIDKUILHILQGHU+LW]H]X]HUIOLHHQ.XU]GDUDXINDPPLU 7LUDNRPLWHLQHP*OHLWHUHQWJHJHQ³)DUWXORRQKDWPLFKJHEHWHQGLFK]XLKP]X EULQJHQ´(UGHXWHWHHLQODGHQGDXIGHQIUHLHQ6LW]QHEHQVLFK³(UZDUWHWLQGHU=HQWUDOH GHU32/93521´ ³'DQNH´VDJWHLFKXQGVHW]WHPLFKQHEHQLKQ(UVWDUWHWHXQGIORJGHQ*OHLWHU PLWVFKODIZDQGOHULVFKHU6LFKHUKHLW ³,FKVDKYRUKLQHLQHQ'UDFKHQ´VDJWH7LUDNREHLOlXILJ³.XU]GDQDFKVFKZHEWH XQVHU.RSIMlJHULQV7DOO+DWWHVWGXHLQHXQDQJHQHKPH%HJHJQXQJ"´ ,FKODFWDWH³1LFKWGHU5HGHZHUW+HJHOXQWXQGLFKEHJHJQHWHQXQV]XIlOOLJDXI GHP.OHLQHQ3ODWHDX:LUKDEHQXQVUHFKWJXWYHUWUDJHQ1XU&RUSNRUZDU]LHPOLFK EHVRUJWXPPHLQH6LFKHUKHLW´ 0HLQ)UHXQGODFWDWHHEHQIDOOV³(UXQWHUVFKlW]WRIIHQEDUVHLQHQ(LQIOXDXIGLH 7LHUH,FKGHQNHGHU'UDFKHJULIIGLFKGHVKDOEQLFKWDQZHOOVHLQ+HUULQ]ZLVFKHQ]X XQVJHK|UW´ ³'DVKDEHLFKLKPHEHQIDOOVJHVDJW´ (UVWHXHUWHGHQ*OHLWHULQHLQHVFKDUIH/LQNVNXUYHXQGIHJWHDXIGLHRIIHQH 6FKOHXVHGHV.XJHOVFKLIIHV]X'DV)HOGDJJUHJDWKHXOWHDXIDOV7LUDNRDXI 8PNHKUSROXQJVFKDOWHWHXQGGLH*HVFKZLQGLJNHLWVWDUNKHUDEVHW]WHXPLPHUOHXFKWHWHQ +DQJDUREHUKDOEGHV5LQJZXOVWHV]XODQGHU ³.RPPVWGXPLW"´IUDJWHLFK ³1HLQ)DUWXORRQZLOOPLWGLUDOOHLQVSUHFKHQ´ :HQLJVSlWHUJOLWWHQGLH6FKRWWKlOIWHQGHU=HQWUDOHYRUPLUDXI)DUWXORRQVWDQG UHJXQJVORVPLWWHQLQGHPPLW.RQWUROOHQXQG%LOGVFKLUPHQDQJHIOOWHQ.XSSHOVDDO³,FK JUHGLFWD$WODQ´ ,FKOHJWHPHLQH5HFKWHDXIGLHOLQNH%UXVWVHLWH³,FKJUHGLFKDXFK)DUWXORRQ ,VWGHU.UHX]HUVWDUWEHUHLW"´ 'DV/lFKHOQYHUVFKZDQGDXV)DUWXORRQV$XJHQ³'DV6FKLIILVWEHUHIWDEHUZLU VLQGHVQRFKQLFKWPHLQ-XQJH,FKZHLGDGXHVQLFKWHUZDUWHQNDQQVWGHQ.DPSI JHJHQ2UEDQDVFKRODXI]XQHKPHQDEHUGXZLUVWGLHVHQ.DPSIQLFKWJHZLQQHQZHQQ GXQLFKWJHUVWHWELVW´ ³'HU.DPSIJHJHQ2UEDQDVFKROLVWNHLQH6DFKHGLH]ZLVFKHQ5DXPIORWWHQ DXVJHWUDJHQZHUGHQNDQQ´HQWJHJQHWHLFKKLW]LJ³,QGLHVHU+LQVLFKWZLUGHUXQVLPPHU EHUOHJHQVHLQ:LUPVVHQHLQHQ$QIDQJPDFKHQGDQQVHKHQZLUZHLWHU8QGGX ZHLWZHOFKHQLFKPHLQH(LQ6FKODJJHJHQ6RIJDUWWULIIWHEHQVR2UEDQDVFKROYRU DOOHPGDQQZHQQHVJHOLQJHQVROOWH]XPLQGHVWHLQHQ7HLOGLHVHU6|OGQHUWUXSSH DXV]XVFKDOWHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'HU$QIDQJLVWJHPDFKWPLW.UDXPRQ'XP|FKWHVWHLQHQVSHNWDNXOlUHQ6FKODJ JHJHQ2UEDQDVFKROVHKHQDEHUGDIULVWXQVHUH*UXSSHQRFK]XNOHLQ:LUPVVHQ PHKU/HXWHDQZHUEHQEHYRUZLURIIHQORVVFKODJHQN|QQHQ´ ,FKJLQJ]XPSRVLWURQLVFKJHVSHLVWHQ.DUWHQWDQNLQGHPGLH6WHUQHQIOOHGHV JDODNWLVFKHQ=HQWUXPVVHNWRUVJOLW]HUWH'HU+DORVHNWRUPLWGHP.XJHOKDXIHQ7KDQWXU /RNGHUGDV=HQWUXPGHU0DFKWGHV7DL$UN¶7XVVDQGDUVWHOOWHZXUGHQLFKWDEJHELOGHW GD]XZDUHQZLU]XZHLWYRQLKPHQWIHUQW ³,FKGHQNHDQHLQH7DNWLNGLHYRUHUVWDXISV\FKRORJLVFKH:LUNXQJDE]LHOW )DUWXORRQ´VDJWHLFK³2UEDQDVFKROKDWHLQHQKRKHQ3UHLVDXIGHLQHQXQGPHLQHQ.RSI DXVJHVHW]W,FKKDOWHHVIUQRWZHQGLJLKPXQPLYHUVWlQGOLFKNODU]XPDFKHQGDLFK OHEHXQGPLUVHLQHQ6WXU]]XP=LHOJHVHW]WKDEH´'LH'DWHQ7UXPVFKYDDUVHUVFKLHQHQ XQGLFK]HLJWHDXIGLH3URMHNWLRQ³'RUW´ ³'HLQHhEHUOHJXQJHQVLQGSULQ]LSLHOOULFKWLJ$EHUKDVWGXDXFKEHGDFKWZDV JHVFKHKHQZLUGVREDOG2UEDQDVFKROYRQGHLQHUHUVWHQ$NWLRQHUIlKUW"(UZLUGHLQH 7UHLEMDJGDXIXQVYHUDQVWDOWHQOHVVHQZLHVLHGLH*HVFKLFKWHGHV*URHQ,PSHULXPV QRFKQLFKWJHVHKHQKDW*DQ]H)ORWWHQZHUGHQXQVKHW]HQ8QGQLFKWQXUXQVVRQGHUQ DXFKPHLQHEHUGDV7DL$UN¶7XVVDQYHUVWUHXWHQ9HUWUDXWHQGLHHUVWQDFKXQGQDFK KLHUKHUQDFK.UDXPRQNRPPHQVROOHQ´ ,FKEHUGDFKWH)DUWXORRQV:DUQXQJZlKUHQGLFKPLFKLQGHQ.RQWXUVHVVHOYRU GHQ+DXSWNRQWUROOHQVHW]WHXQGGLH6FKDOWXQJHQPXVWHUWH,P*HLVWHVWHOOWHLFKPLUYRU ZLHDXIGHUIHUQHQ.ULVWDOOZHOWGLH0HOGXQJHQYRQXQVHUHQhEHUUDVFKXQJVVFKOlJHQ HLQOLHIHQXQGGHQ7KURQUlEHULPPHUQHUY|VHUPDFKWHQELVHUVFKOLHOLFKGHQ hEHUEOLFNYHUORUXQGXQNOXJUHDJLHUWH 'DVLVW:XQVFKGHQNHQRKQHUHDOHQ+LQWHUJUXQGPDKQWHGHU/RJLNVHNWRU(LQHP ,PSHUDWRUGHV*URHQ,PSHULXPVVWHKHQKRFKZHUWLJH3RVLWURQLNHQ]XU9HUIJXQJPLW GHUHQ+LOIHHUDXFKLQYHUZRUUHQVWHU/DJHGHQhEHUEOLFNEHKDOWHQNDQQ1XUGDQQZHQQ GXJOHLFK]HLWLJDQPHKUHUHQ2UWHQ]XVFKOlJVWZLUVWGX2UEDQDVFKROEHHLQGUXFNHQ N|QQHQ ,FKYHUZDUIGLH0DKQXQJPHLQHV([WUDVLQQVREZRKOVLHEHU]HXJHQGHUVFKLHQ 2UEDQDVFKRO,,,ZUGHVLFKQLFKWQXUYRQUHLQHU/RJLNOHLWHQOHVVHQ)XUFKWXQG+D ZDUHQ)DNWRUHQGLH'HQNHQXQG+DQGHOQHLQHV9HUEUHFKHUVVHLQHV)RUPDWV EHHLQIOXWHQ,FKOlFKHOWH]XYHUVLFKWOLFK³:LUZHUGHQ9HUEQGHWHKDEHQGLHXQVQLFKW NHQQHQXQGGLHZLUQLFKWNHQQHQ)DUWXORRQ(VJLEWYLHOH8Q]XIULHGHQHLP*URHQ ,PSHULXPYLHOHGLHVLFKJHJHQGLH+HUUVFKDIWGHV7\UDQQHQDXIOHKQHQ(UKlOW 2UEDQDVFKROHLQH.DPSIDQVDJHGLHHLQGHXWLJYRQPLUVWDPPWZLUGHUNQIWLJYLHOHGHU YRQDQGHUHQ*UXSSHQYHUEWHQ$QVFKOlJHDXIGDV.RQWRµPHLQHU5HEHOOHQDUPHH YHUEXFKHQ´ )DUWXORRQODFWDWHOHLVH³'XELVWJHULVVHQ,QGLUVWHFNWZLUNOLFKGDV=HXJIUHLQHQ JXWHQ,PSHUDWRUGHQGDV*URH,PSHULXPELWWHUQ|WLJKDW´(UZXUGHZLHGHUHUQVW YHUVXFKWHDEHUPDOVPHLQH8QJHGXOG]X]JHOQ³$EHUJHUDGHGHVKDOEGDUILFKQLFKWV ]XODVVHQZDVGHLQ/HEHQJHIlKUGHQN|QQWH,FKVFKODJHGLUHLQHQ.RPSURPLYRU:LU VHW]HQYRQLUJHQGZRLP5DXPHLQH+\SHUIXQNERWVFKDIWDQGHQ,PSHUDWRUDEXQG YHUVFKZLQGHQVRIRUWZLHGHU´ ,FKVFKZDQJGHQ.RQWXUVHVVHOKHUXPVRGDLFKLKPLQGLH$XJHQVHKHQ NRQQWH³:LOOVWGXPLUYRUVFKUHLEHQZLHLFKYRUJHKHQVROO"´HUNXQGLJWHLFKPLFKPLW HLQLJHU6FKlUIH³0LWHLQHUYHUEDOHQ.DPSIDQVDJHHUUHLFKHQZLUVRJXWZLHQLFKWVGDV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
KDWGLH%HULFKWHUVWDWWXQJYRQ/DUJDPHQLDEHZLHVHQ1HLQZLUEUDXFKHQGLH %HJOHLWPXVLNHLQHUKDUWHQ$NWLRQ´ 6HLQ*HVLFKWYHUILQVWHUWHVLFK³$XVGLUVSULFKWGLH8QJHGXOGGHU-XJHQG,FKNDQQ GLFKVRJDUYHUVWHKHQDEHUGHVKDOEZHUGHLFKGLUQRFKUDQJHQLFKWEHGLQJXQJVORV ]XVWLPPHQ´ ³'DVVROOVWGXDXFKQLFKW´VDJWHLFKEHVFKZLFKWLJHQG³,FKOHJHZHLWHUKLQJURHQ :HUWDXIGHLQHQ5DWGHQQRKQHGLFKZlUHLFKQLFKWGDVZDVLFKELQ/HKUPHLVWHU$EHU ZHQQLFKYRQHWZDVEHU]HXJWELQYHUVXFKHLFKHVDXFKGXUFK]XVHW]HQ´,FKVWDQGDXI JLQJ]XLKPXQGOHJWHLKPGLH+lQGHDXIGLH6FKXOWHUQ³(VJHKWQLFKWQXUGDUXPGHP *URHQ,PSHULXPVHLQHQUHFKWPlLJHQ+HUUVFKHU]XJHEHQVRQGHUQHEHQVRGDUXP GHQ0RUGDQVFKOlJHQGHV8VXUSDWRUVGXUFKHLJHQH$QJULIIH]XYRU]XNRPPHQ'HVKDOE ELWWHLFKGLFWDKLOIPLU´ )DUWXORRQV%UDXHQZ|OEWHQVLFKQDFKGHQNOLFKZlKUHQGVHLQH/LQNHGHQ.QDXI GHV6NDUJVXPIDWH(LQH:HLOHVWDQGHUUHJORVGDGDQQVHXI]WHHU³(LQYHUVWDQGHQ *HJHQGHQ*RQR]DO6WXUNRSINRPPWHLQDOWHU0DQQZLHLFKDXIGLH'DXHUGRFKQLFKW PHKUDQ´ ³'XVLHKVWYRUGLUDOVRHLQHQNQIWLJHQ.UDODVHQHQ%DXFKDXIVFKQHLGHU´VDJWH LFK³,FKELQGDYRQEHU]HXJWGDLFKJHQXJYRQGLUJHOHUQWKDEHXPDOVYROOZHUWLJHU 6|OGQHULQGHU$UPHHGHV%OLQGHQ6RIJDUW]XGLHQHQ$OOHUGLQJVEHDEVLFKWLJHLFKQLFKW GLHVH'LHQVW]HLWEHU*HEKUDXV]XGHKQHQ´ (UUlXVSHUWHHUVLFK³'XELVWVRZDJHPXWLJZLHMXQJ,FKZHUGHGLFKEHJOHLWHQ´ ,FKKREDEZHKUHQGGLH+DQG³1HLQGHLQHlXHUH(UVFKHLQXQJLVWVRDXIIlOOLJ GDPDQGLFKVRIRUWHUNHQQHQZUGHVHOEVWZHQQGXGHLQ*HVLFKWYHUlQGHUQZUGHVW ,FKJHKHDOOHLQ´ ³'DVODVVHLFKQLFKW]X´ZLGHUVSUDFKHU³(LQ0DQQDOOHLQNDQQDXI7UXPVFKYDDU QLFKWVDXVULFKWHQ'XEUDXFKVWHLQHQ%HJOHLWHUDXIGHQGXGLFKLQMHGHU/DJHYHUODVVHQ NDQQVW7LUDNR*DPQRLVWLQWHOOLJHQWXQGGLUWUHXHUJHEHQVHLWHUZHLGDGXGHU UHFKWPlLJH,PSHUDWRUELVW´ ,FKZROOWHDEOHKQHQ(LQHLQQHUH6WLPPHVDJWHPLUGDLFK7LUDNRQLFKWGHQ *HIDKUHQDXVVHW]HQGXUIWHGLHXQVDXI7UXPVFKYDDUHUZDUWHWHQ'RFKZLHGHUPHOGHWH VLFKGHU/RJLNVHNWRUXQGHUNOlUWHPLWJHUDGH]XVFKPHU]HQGHU(LQGULQJOLFKNHLWGDLFK NHLQHQEHVVHUHQ*HIlKUWHQIUPHLQHQHUVWHQ6FKODJJHJHQGHQ8VXUSDWRU 2UEDQDVFKROO,,,ILQGHQZUGH ³)HUWLJ´VDJWH)DUWXORRQXQGWUDWYRQGHP%HKDQGOXQJVVWXKO]XUFNLQGHPLFK GLHPDVNHQWHFKQLVFKH3UR]HGXUEHUPLFKKDVWHHUJHKHQOHVVHQ,FKEHWDVWHWH YRUVLFKWLJPHLQ*HVLFKWNRQQWHDEHUNHLQHZHVHQWOLFKHQ9HUlQGHUXQJHQIHVWVWHOOHQ )DUWXORRQZDQGWHVLFKXPXQGVFKDOWHWHGHQ)HOGVSLHJHOHLQ,FKWUDWDXIGDV UHIOHNWLHUHQGH)HOG]XGDVMHGHV2EMHNWQDWXUJHWUHXXQGVHLWHQJHUHFKWZLGHUVSLHJHOWH HU]LHOWGXUFKHLQHSRVLWURQLVFKH8PNHKUVFKDOWXQJLQQHUKDOEGHV5HIOH[LRQVIHOGHV'LH DXIIlOOLJVWH9HUlQGHUXQJDQPLUZDUGDVGXQNHOEORQGH+DDU(VKDQGHOWHVLFKGDEHL QLFKWXPHLQHQJHZ|KQOLFKHQ)lUEHYRUJDQJVRQGHUQXPHLQHELRFKHPLVFKH 0RGLILNDWLRQYRQLQQHQKHUDXVGLHEHZLUNWHGDPHLQ+DDUIUDEVHKEDUH=HLWDXFK GXQNHOEORQGQDFKZDFKVHQZUGH'LHDQGHUHZHQLJHUDXIIlOOLJH9HUlQGHUXQJEHWUDI PHLQ*HVLFKW'LHFKDUDNWHULVWLVFKHQ=JHZDUHQHUKDOWHQJHEOLHEHQQXUKDVWHGHU %DXFKDXIVFKQHLGHUGXUFKVXEWLOH0LWWHOHLQH7LHIHQVFKLFKWDOWHUXQJHU]LHOW,FKVDKDXV DOVVHLLFKPHLQXP]ZDQ]LJ$UNRQMDKUHlOWHUHU%UXGHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'XKlWWHVW0DVNHQWHFKQLNHUZHUGHQVROOHQ´PXUPHOWHLFK ³:DUXPKlWWHLFKPLFKHLQVHLWLJVSH]LDOLVLHUHQVROOHQ",FKELQHLQYLHOVHLWLJHV *HQLH6DWDJR:HUERW´ ³:LH"´ )DUWXORRQJULQVWH³6DWDJR:HUERW'DVLVWGHLQNQIWLJHU1DPH,FKKDEHGLH HQWVSUHFKHQGHQ,GHQWLILNDWLRQVVFKDEORQHQEHUHLWVYRUEHUHLWHW2GHUZROOWHVWGXOLHEHU XQWHUGHLQHPULFKWLJHQ1DPHQDXIWUHWHQ"´ ³1DWUOLFKQLFKW$OVR6DWDJR:HUERW+PYRQPLUDXV,FKKRIIHGDLFK GLHVHQ1DPHQQXUIUNXU]H=HLWWUDJHQPX´ ³2IWHUZHLVHQVLFKXQVHUH+RIIQXQJHQDOVHLWHO´VDJWHGHU%DXFKDXIVFKQHLGHU -HW]WJULQVWHHUQLFKWPHKU³8QGQXQZLOOLFKGLUGHLQHQ%HJOHLWHUYRUVWHOOHQ´(U|IIQHWH GLH7XU]XP1HEHQUDXPXQGULHI³%LWWHWUHWHQ6LHHLQ6RQSHU7HVVOHW´ 'HU0DQQGHUZHQLJH$XJHQEOLFNHVSlWHUHLQWUDWZDUKRFKJHZDFKVHQ VFKODNVLJXQGEHZHJWHVLFKZLH7LUDNR*DPQR(UZDUHVDXFKQXUZDUVHLQVFKPDOHV *HVLFKWGXUFKNRVPHWLVFKH&KLUXUJLH³DXIJHIOOW´ZRUGHQZDVGLHYHUWUDXWHQ *HVLFKWV]JHIUDSSLHUHQGYHUlQGHUWKDVWH ³=XGHLQHP9RUWHLOKDVWGXGLFKQLFKWJHUDGHYHUZDQGHOW7LUDNR´VDJWHLFK VFKHU]KDIW ³6RQSHU´ZDUI)DUWXORRQVWUHQJHLQ³9HUJHWQLHPDOVHXFKPLW%XUHQIDOVFKHQ 1DPHQDQ]XUHGHQ´ ³6HKUHUIUHXW6LHNHQQHQ]XOHUQHQ´VDJWH7LUDNROlFKHOQG³:LHZDUGRFK,KU ZHUWHU)DOVFKQDPH"´ ³6DWDJR:HUERW´ )DUWXORRQOHJWHXQVVHLQHVFKZHUHQ+lQGHDXIGLH6FKXOWHUQXQG]RJXQVQlKHU DQVLFKKHUDQ³+|UWJXW]X´PDKQWHHU³:DVLKUYRUKDEWLVWNHLQKDUPORVHU -XQJHQVWUHLFK+lPPHUWHXFKGDVLQHXUHYHUGDPPWHQ'LFNVFKlGHOHLQVRQVWVHLGLKU DXI7UXPVFKYDDUYHUORUHQ'HU3ODQHWGHU.UDODVHQHQLVWNHLQH6DQDWRULXPVZHOW´ ³'DVLVWXQVYROONRPPHQNODU/HKUPHLVWHU´ ³8PVREHVVHU´)DUWXORRQQLFNWHJULPPLJ³3UlJWHXFKHXUH/HJHQGHHLQ,KUVHLG 0DQQVFKDIWVPLWJOLHGHUGHV)UDFKWHUV+(.8$+XQGKDEWGLH/DQJHZHLOHDQ%RUGGHV ODKPHQ.DKQVVDWW,KUZROOWHWZDVHUOHEHQ'HVKDOEZHUGHWLKUPLWHLQHP%HLERRW IOLHKHQVREDOGGLH+(.8$+LQGHU1lKHGHV7UXPVFK6\VWHPVHLQ 2ULHQWLHUXQJVPDQ|YHUGXUFKIKUW,KUKDEWYRQGHPDEHQWHXHUOLFKHQ/HEHQGHU .UDODVHQHQJHK|UWXQGEHVFKORVVHQHXFKGHQ6|OGQHUQDQ]XVFKOLHHQ´ ³*LEWHVGLH+(.8$+ZLUNOLFK"´ ³6HOEVWYHUVWlQGOLFKJLEWHVVLH´)DUWXORRQUHDJLHUWHKHIWLJ³'HQNVWGXYLHOOHLFKW LFKZUGHHXFK'DWHQQHQQHQGLHHLQHUhEHUSUIXQJQLFKWVWDQGKLHOWHQ"'LH .UDODVHQHQVLQG]ZDUEHNDQQWGDIUGDVLH%HZHUEHUQNHLQHXQQ|WLJHQ)UDJHQ VWHOOHQ)UVLH]lKOWHLQ]LJXQGDOOHLQREHLQ0DQQNlPSIHQXQG'LV]LSOLQKDOWHQNDQQ XQGOR\DO]XLKQHQVWHKW$EHUZLUPVVHQMHGHV5LVLNRDXVVFKOLHHQ6ROOWHMHPDQGDXI 7UXPVFKYDDUDXIGHQ*HGDQNHQNRPPHQVLFKEHLGHU=HQWUDONDUWHLYRQ$UNRQEHU HXFK]XHUNXQGLJHQZLUGHUHUIDKUHQGD6DWDJR:HUERWXQG6RQSHU7HVVOHW'LHQVW DXIGHU+(.8$+WXQXQGGDGLHVHV6FKLIILQXQUHJHOPlLJHQ$EVWlQGHQGHQ 5DXPVHNWRUGXUFKNUHX]W]XGHPGDV7UXPVFK6\VWHPJHK|UW´ ³:RKHUZHLWGXGDV"´IUDJWHLFKHUVWDXQWREZRKOPLFKEHL)DUWXORRQHLJHQWOLFK QLFKWVPHKUZXQGHUQVROOWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'DVWXWQLFKWV]XU6DFKH3DWOLHEHUJHQDXDXI²LFKQHQQHHXFKZHLWHUH'DWHQ EHUGLH+(.8$+LKUHQ.DSLWlQXQGGLH%HVDW]XQJVPLWJOLHGHU´ :LUSUlJWHQXQVGLH'DWHQVHKUJHQDXHLQZDVPLUOHLFKWHUILHODOVPHLQHP )UHXQG7LUDNRGDLFKDOV$EVROYHQWGHVGULWWHQ*UDGVGHU$5.6800,$EHUHLQ SKRWRJUDSKLVFKHV*HGlFKWQLVYHUIJWHHUMHGRFKQLFKW=XP6FKOXDEHUZXWHHU GHQQRFKHEHQVRJXW%HVFKHLGZLHLFK(LQLJHGHU%HVDW]XQJVPLWJOLHGHUVDKLFKGLUHNW SODVWLVFKYRUPHLQHPJHLVWLJHQ$XJHYRUDOOHPGHQ.DSLWlQGHUHLQEUXWDOHU /HXWHVFKLQGHUZDUXQGEHLHLQHU0HXWHUHLEHLGH%HLQHYHUORUHQKDVWH $Q%RUGGHU32/935213UDJRGHV7HGDUGD$UN ³1RFKHLQH7UDQVLWLRQGDQQVLQGZLULQGHU1lKHGHV7UXPVFK6\VWHPV´PHOGHWH 0RUYRQHU0LWHLQHUJDQ]HQ5HLKHYRQ6SUQJHQKDVWHQZLUGHXWOLFKPHKUDOVGLH GLUHNWH'LVWDQ]YRQ/LFKWMDKUHQ]ZLVFKHQ.UDXPRQXQG7UXPVFKYDDU ]XUFNJHOHJWXPXQVHUH6SXU]XYHUZLVFKHQ1XQZDUHVEDOGVRZHLWXQGLQPHLQHP %DXFKVFKLHQHQ7XOK)DOWHU]XIODWWHUQ (LVNUDOOHEHZHJWHVLFKXQEHKDJOLFKLQVHLQHP.RQWXUVHVVHO³(VZlUHPLUOLHEHU ZHQQZLUYRUGHUQlFKVWHQ7UDQVLWLRQHLQHOlQJHUH3DXVHHLQOHJHQN|QQWHQ´PXUPHOWH HU³,FKKDVWHEHLGHUOHW]WHQGDV*HIKODOVZUGHLFKLQZLQ]LJH6SOLWWHU]HUVSULQJHQ´ ³'LH$SULRUL:DKUVFKHLQOLFKNHLWGDIULVWJHULQJ´EHKDXSWHWH)DUWXORRQ³ZDV DOOHUGLQJVQLFKWVEHUGLHVWDWLVWLVFKH:DKUVFKHLQOLFKNHLWEHVDJWGDPLUHQWVSUHFKHQGH 8QWHUODJHQIHKOHQ´ ³6HKUWURVWUHLFK´PHLQWH(LVNUDOOHWURFNHQ ³(VIUHXWPLFKGDLFKGLFKWU|VWHQNRQQWH´)DUWXORRQQHLJWHLURQLVFKGHQ.RSI ³8EULJHQVZHUGHQZLUWDWVlFKOLFKHLQHHWZDVOlQJHUH3DXVHHLQOHJHQZHOO$WODQXQG 7LUDNRGDV%HLERRWGXUFKWHVWHQPVVHQPLWGHPVLHXQVQDFKGHUQlFKVWHQ7UDQVLWLRQ YHUODVVHQZHUGHQ´ ³:LHYHUKDOWHQZLUXQVQDFKGHPVLHXQVYHUODVVHQKDEHQ"´HUNXQGLJWHVLFK 0RUYRQHU³%OHLEHQZLULQGHU1lKHGHV7UXPVFK6\VWHPV"´ ³'DVZlUH]XDXIIlOOLJ'DGLH6WUXNWXUWDVWHUDXI7UXPVFKYDDUGLH*HIJH (UVFKWWHUXQJDQPHVVHQZHUGHQZDUWHQGLH.UDODVHQHQQDWUOLFKGDUDXIGDZLUEDOG GDQDFKDEHUPDOVVSULQJHU$XFKGLHGDEHLHQWVWHKHQGH6WUXNWXUHUVFKWWHUXQJOlWVLFK DQPHVVHQ:LUZHUGHQDOVRGLHVH(UZDUWXQJHUIOOHQ´)DUWXORRQOlFKHOWH³$EHUZLU ZHUGHQQLFKWUDQJHIRUWEOHLEHQ'HU5DXPVHNWRUGHV7UXPVFK6\VWHPVZLUGZHJHQ HLQHVUHJHOPlLJSXOVLHUHQGHQ6WHUQVDOV2ULHQWLHUXQJVSXQNWEHQXW]W:LUZHUGHQ YHUVXFKHQXQVHUH7UDQVLWLRQYRQGHUGHVQlFKVWHQ6FKLIIHVGDVLQGLH1lKHGHV 7UXPVFK6\VWHPVNRPPWEHUODJHUQ]XOHVVHQVRGDZLUTXDVLLP2UWXQJVVFKXW] VHLQHU7UDQVLWLRQUHPDWHULDOLVLHUHQ'DQDFKVFKDOWHQZLUDOOHHQWEHKUOLFKHQ (QHUJLHV\VWHPHDXVXQGJHKHQDXI/DXVFKSRVLWLRQ´ 'HU.RSIMlJHU&RUSNRUGHUELVKHUHQWVSUHFKHQGVHLQHP1DWXUHOOJHVFKZLHJHQ KDVWHZDQGWHPLUVHLQHQWVWHOOWHV*HVLFKW]XXQGIUDJWH³:LHZROOHQ6LHDXI 7UXPVFKYDDUYRUJHKHQ$WODQ"´ ³'DVKlQJWYRQGHQ8PVWlQGHQYRU2UWDE´DQWZRUWHWHLFK³=XHUVWZHUGHQZLU GLH/DJHVRQGLHUHQ'DQQVHKHQZLUZHLWHU´ 0HLQH+RIIQXQJZDUQDWUOLFKHLQHQ+LQZHLVDXIGHQ$XIHQWKDOWVRUW)DUQDWKLDV ]XILQGHQ8QGZHQQHVYLHOOHLFKWVRJDUJHODQJDQGHQ%OLQGHQ6RIJDUWSHUV|QOLFK KHUDQ]XNRPPHQ²HLQGHXWOLFKHUHV=HLFKHQDOVGLH$XVVFKDOWXQJHLQHVVHLQHU 0LWYHUVFKZ|UHUNRQQWH2UEDQDVFKROVFKZHUOLFKJHOLHIHUWZHUGHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³-HGHQIDOOVKDOWHQZLUXQV]XP(LQJUHLIHQEHUHLW´VDJWH)DUWXORRQ³6REDOGGHLQH $NWLRQDEJHVFKORVVHQLVWJLEVWGXQDFK0|JOLFKNHLWHLQHNXU]H)XQNPHOGXQJDWH'DQQ IOLHJHQZLUHXFKHQWJHJHQ´ ³,FKZQVFKHHXFKYLHO*OFN´hEHU(LVNUDOOHV*HVLFKW]XFNWHHLQH XQGHILQLHUEDUH%HZHJXQJ(UKREGLH]X.UDOOHQJHNUPPWHQ+lQGHGLH²VRIHUQHUHV ZROOWH²MHGHRUJDQLVFKH6XEVWDQ]]X(LVHUVWDUUHQOLHHQ³/HLGHUNDQQLFKHXFKQLFKW EHJOHLWHQ,FKELQ]XDXIIlOOLJ´ ,FKZLQNWHDOLHQ]X³$XIEDOGLJHV:LHGHUVHKHQ)UHXQGH´ 1DFKGHPZLUXQVYHUDEVFKLHGHWKDWWHQYHUOLHHQ7LUDNRXQGLFKGLH=HQWUDOH :LUEHVWLHJHQGDVNOHLQH%HLERRWXQGWHVWHWHQJHZLVVHQKDIWDOOH6\VWHPHGXUFK $QVFKOLHHQGVFKDOWHWHLFKGHQ,QWHUNRPHLQXQGPHOGHWHPLFKEHL)DUWXORRQ'DV *HVLFKWGHV%DXFKDXIVFKQHLGHUVEOLFNWHPLFKYRP%LOGVFKLUPHUQVWDQ³$OOH6\VWHPH NODU´PHOGHWHLFK³:LUN|QQHQVWDUWHUVREDOGGLHQlFKVWH7UDQVLWLRQEHHQGHWLVW´ ³)U$WODQXQG$UNRQ$XI/HEHQXQG7RG´DQWZRUWHWH)DUWXORRQPLWGHP :DKOVSUXFKGHQVLFKPHLQH)UHXQGHJHJHEHQKDWWHQ,FKVFKDOWHWHGHQ,QWHUNRPDE XQGNRQ]HQWULHUWHPLFKJDQ]DXIGDVEHYRUVWHKHQGH0DQ|YHU $OVGLH7UDQVLWLRQEHJDQQKDVWHLFKGDV*HIKODOVULVVHPLFKHWZDV DXVHLQDQGHU0LWGHU]HLWYHUOXVWIUHLIROJHQGHQ5HPDWHULDOLVDWLRQNHKUWHDXFKGDV %HZXWVHLQZLHGHULQVYLHUGLPHQVLRQDOH5DXP=HLW.RQWLQXXP]XUFN'LH 1HUYHQEDKQHQZXUGHQGXUFKNXU]]HLWLJHhEHUEHODVWXQJ]X$XVVWUDKOXQJVEDKQHQHLQHV UHLHQGHQ6FKPHU]HVGHUVLFKYRUDOOHPLP1DFNHQXQGLQGHQ6FKOlIHQNRQ]HQWULHUWH 1RFKERKUWHHVLQPHLQHP+LQWHUNRSIQRFKZDUGHU7KLFNYRQZRJHQGHQ6FKHPHQ EHUODJHUWGDVFKOXJLFKPLWGHU)DXVWDXIGLH6FKDOWSODWWHGXUFKGLHGHU YRUSURJUDPPLHUWH$EODXIGHV$XVVFKOHXVXQJVPDQ|YHUVHLQJHOHLWHWZXUGH 8QVHU%HLERRWZXUGHPLWK|FKVWHQ:HUWHQDXVGHP7XEHQKDQJDUNDWDSXOWLHUW $OVLFKNODUVHKHQNRQQWHEHIDQGHQZLUXQVEHUHLWVWLHILP:HOWUDXP9RQGHU 32/93521ZDUQLFKWVPHKU]XVHKHQ'LHQlFKVWHQ6RQQHQZDUHQ]XZHLWHQWIHUQW DOVGDLKU/LFKWHUNHQQEDUH5HIOH[HDXIGHU6FKLIIVKOOHHU]HXJWKlWWH(LQ6WHUQ OHXFKWHWHGHXWOLFKKHOOHUDOVGLHDQGHUHQGLH6RQQH7UXPVFK 7LUDNRXQGLFKEHUSUIWHQJHPHLQVDPGHQ.XUVGHV%HLERRWHVXQGVWHOOWHQIHVV GDHUJHQDXDXIGDV=LHODQODJZLHZLUHVYRUSURJUDPPLHUWKDWWHQ:LUEUDXFKWHQ YRUHUVWQLFKWHLQ]XJUHLIHQGDGHU$XWRSLORWLQGHU/DJHZDUHYHQWXHOOHUIRUGHUOLFKH .RUUHNWXUHQVHOEVWlQGLJYRU]XQHKPHQ:HLOZLUDXHUKDOEGHV7UXPVFK6\VWHPV UHPDWHULDOLVLHUWZDUHQZUGHQZLUHLQLJH7RQWDVLPXQWHUOLFKWVFKQHOOHQ)OXJEHQ|WLJHQ XPGLH%DKQGHV]ZHLWHQ3ODQHWHQ]XHUUHLFKHQ 6FKRQYRUKHUPHOGHWHVLFKDOOHUGLQJVGDVHUVWH:DFKVFKLIIGHU.UDODVHQHQ'HU .RPPDQGDQWULHIXQVEHU+\SHUIXQNDQXQGIRUGHUWHXQVHUH,GHQWLILNDWLRQ,FKVDJWH ³*DODNWRQDXW:HUERWXQG*DODNWRQDXW7HVVOHWELWWHQXP/DQGHHUODXEQLVIU 7UXPVFKYDDU:LUKDEHQYRQGHPDUNRQLGLVFKHQ)UDFKWVFKLII+(.8$+DEJHPXVWHUW XQGEHDEVLFKWLJHQXQVDXI7UXPVFKYDDUDQZHUEHQ]XODVVHQ´ 'HU.UDODVHQHHLQYLHUVFKU|WLJHU0DQQPLWNDKOHP6FKlGHOXQGHLQHUWLHIHQ 1DUEHYRPUHFKWHQ2KUELV]XPOLQNHQ8QWHUNLHIHUJULQVWH³,KUKDEWHXFKVHOEVW DEJHPXVWHUWZLH"´ ³8QVHU.DSLWlQKlWWHXQVQLHPDOVIUHLZLOOLJJHKHQODVVHQ´DQWZRUWHWHLFK³:LU ZDUHQVHLQHEHVWHQ5DXPIDKUHU$EHUXQVZDUHV]XODQJZHLOLJDXIGHU+(.8$+´ ³.|QQWLKUPLW:DIIHQXPJHKHQ"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³:LUVLQGPLWHLQHP7KHUPRVWUDKOHULQGHU+DQGJHERUHQZRUGHQ´VDJWH7LUDNR SUDKOHULVFK 'HU.UDODVHQHGUHKWHGHQ.RSI:LUNRQQWHQWURW]GHPK|UHQZLHHUOHLVH]X HLQHPIUXQVQLFKWVLFKWEDUHQ*HVSUlFKVSDUWQHUVDJWH³=ZHLDUPH,UUH´'DQQZDQGWH HUVLFKZLHGHUXQV]X³,KUKDEW(LQIOXJHUODXEQLVIUGDV7UXPVFK6\VWHP,FKPHOGH HXUH$QQlKHUXQJGHU5DXPNRQWUROOHYRQ7UXPVFKYDDU'RUWVRLOPDQHQWVFKHLGHQRE LKU/DQGHHUODXEQLVEHNRPPW0DQZLUGVLFKPLWHXFKLQ9HUELQGXQJVHW]HQ(QGH´ (UVFKDOWHWHHLQIDFKDWH7LUDNRXQGLFKVFKDXWHQXQVDQGDQQJULQVWHQZLQ³1D GXDUPHU,UUHU´VDJWHHU³,FKGHQNHZLUKDEHQJHQDXGHQULFKWLJHQ(LQGUXFNHUZHFNW´ ³:HQQLFKPLUELOGOLFKYRUVWHOOHZLHGXPLWHLQHP7KHUPRVWUDKOHULQGHU+DQGDXI GLH:HOWNDPVWGDQQPXLFKGHP.UDODVHQHQVRJDUEHLSIOLFKWHQ´PXUPHOWHLFK (VGDXHUWHQLFKWUDQJHELVVLFKGLH5DXPNRQWUROOHYRQ7UXPVFKYDDUPHOGHWH :LUZXUGHQDQJHZLHVHQDXIGHP5DXPKDIHQYRQ8]UXK]XODQGHUXQGHPSILQJHQ HLQHQHQWVSUHFKHQGHQ3HLOVWUDKO1DFKGHU/DQGXQJVROOWHQZLUXQVEHLP+DIHQPHLVWHU UHJLVWULHUHQOHVVHQ ³'DVZlUHJHVFKDIIW´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|QQHQ ]XSURW]HQ$OOHGLHVH'LQJHZDUHQGDV(UJHEQLVJHQDXHUSV\FKRWDNWLVFKHU hEHUOHJXQJHQ:LUZROOWHQQLFKWDOVXQEHGDUIWDEHUDXFKQLFKWDOV]XJXWHLQJHVWXIW ZHUGHQ(VZDULPPHUQW]OLFKZHQQGHU*HJQHUHLQHQXQWHUVFKlW]WH²XQGGLH .UDODVHQHQZDUHQXQVHUHSRWHQWLHOOHQ*HJQHUDXFKZHQQVLHQRFKQLFKWVGDYRQ DKQWHQ $OVZLUMHGRFKLQGLH$WPRVSKlUHYRQ7UXPVFKYDDUHLQWDXFKWHQXQGWLHIXQWHUXQV ]XPHUVWHQPDOGLH6WDGW8]UXKHUEOLFNWHQYHUVFKOXJXQVGHUXQJHZ|KQOLFKH$QEOLFN GHQ$WHP8]UXKZDUGLHVHOWVDPVWH6WDGWGLHLFKMHPDOVJHVHKHQKDVWH)DUWXORRQV (LQZHLVXQJKDVWHXQVYRUEHUHLWHWGHQQRFKZDUHVHWZDVDQGHUHVZHQQPDQHVVHOEVW VDK(VJDENHLQHLQ]LJHVGHUW\SLVFKDUNRQLGLVFKHQ7ULFKWHUKlXVHU6WDWWGHVVHQ ZXUGHQGLH6WUDHQYRQDXVJHGLHQWHQ5DXPVFKLIIHQDOOHU7\SHQXQG*U|HQJHVlXPW 'RFKGDVZDUNHLQ5DXPVFKLIIVIULHGKRIVRQGHUQHLQH:RKQVWDGWJHQDXQDFKGHP DXVJHIDOOHQHQ*HVFKPDFNGHU.UDODVHQHQ 'HU3URMHNWLRQVVFKLUPGHU)HUQEHREDFKWXQJ]HLJWHXQV(LQ]HOKHLWHQGLHPLWGHP EORHQ$XJHDXVXQVHUHU+|KHQLFKW]XHUNHQQHQJHZHVHQZlUHQ0LWWHOSXQNWGHU PHKUDOVIQI]LJ.LORPHWHUGXUFKPHVVHQGHQ6WDGWZDUHLQJURHVPLQGHVWHQV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VHFKVKXQGHUW0HWHUGXUFKPHVVHQGHV.XJHOUDXPVFKLIIGHVVHQXQWHUHU3ROYRQHLQHP 6WUDKOVFKXI|UPOLFKZHJUDVLHUWZRUGHQZDU8PGLHVHV6FKLIIKHUXPODJHLQZHLWHU 3ODW]YRQGHPDXVDFKWEUHLWH6WUDHQVWUDKOHQIgUPLJQDFKDOLHQ6HLWHQDEJLQJHQ /lQJVGLHVHU6WUDHQVWDQGHURGHUODJHQ+XQGHUWHNXJHOI|UPLJHHLIgUPLJH GLVNXVI|UPLJHXQGZDO]HQI|UPLJH5DXPVFKLIIHXQWHUVFKLHGOLFKHU*U|HQ)DVWDOOH ZDUHQPHKURGHUZHQLJHUVWDUNEHVFKlGLJW=XP7HLOKDQGHOWHHVVLFKQXUQRFKXP DXVJHJOKWH:UDFNVGLHPDQQRWGUIWLJDXVJHEHVVHUWKDVWH ,FKZDUIHLQHQ7KLFNDXIGHQ+|KHQDQ]HLJHUXQGHUNDQQWHGDLQZHQLJHQ $XJHQEOLFNHQGHU$XWRSLORWVHOEVWWlWLJGDV/DQGHPDQ|YHUHLQOHLWHQZUGHZHQQZLUGDV %RRWQLFKWLQ0DQXHOOVWHXHUXQJEHUQDKPHQ,FKDNWLYLHUWHGHQ3UDOOVFKLUPXQG VFKDOWHWHGLH%XJGVHQKRFK(LQKDUWHU5XFNJLQJGXUFKGDV%RRWDOVHVSO|W]OLFK DEJHEUHPVWZXUGH'LH/XIWPDVVHQZXUGHQYRP3UDOOVFKLUPLRQLVLHUWXQGDEJHOHQNW +LQWHUXQVELOGHWHVLFKHLQ6FKODXFKOHXFKWHQGHU0ROHNOH,FKVWHXHUWHGDV%HLERRWLQ HLQHUZHLWHQ6SLUDOEDKQDXIGDV/DQGHIHOGGHV5DXPKDIHQVKLQDEXQGZXQGHUWHPLFK GDUEHUGDGRUWNHLQHLQ]LJHU5DXPHUVWDQG (VJDEQLFKWHLQPDOYROOURERWLVFKH5DXPDEZHKUVWHOOXQJHQZDVPLUDQJHVLFKWV GHVYHUVFKlUIWWREHQGHQ0HWKDQNULHJHVDOVJUREH8QWHUODVVXQJVVQGHHUVFKLHQ /HGLJOLFKVHFKVYHUDOWHWH5DNHWHQZHUIHUPLWPDQXHOOHQ%HGLHQXQJVHOHPHQWHQZDUHQ DXIJHVWHOOWDEHUHVJDEGRUWQLFKWHLQPDO:DFKWSRVWHQ'LH:HOWGHU.UDODVHQHQZDULQ MHGHU+LQVLFKWHLQ6RQGHUIDOOLQQHUKDOEGHV0DFKWEHUHLFKVGHV7DL$UN¶7XVVDQ1LHPDQG EHDFKWHWHXQVHUH/DQGXQJZHQQPDQYRQGHP7DVWVWUDKODEVDKGHUVWlQGLJDXIXQVHU %RRWJHULFKWHWZDUXQGHUVWDXVJHVFKDOWHWZXUGHDOVZLULQHLQHPGHUURWPDUNLHUWHQ /DQGHIHOGHUDXIVHW]WHQ,FKVFKDOWHWHDOOH(QHUJLHV\VWHPHDWHELVDXIGLHMHQLJHQGLH ]XU9HUVRUJXQJGHU6HUYRPHFKDQLVPHQZLHEHLVSLHOVZHLVHGHU6FKRWWHQHUIRUGHUOLFK ZDUHQ ³*HKHQZLUDOVR]XP+DIHQPHLVWHU´VDJWHLFK³+DVWGXHLQH$KQXQJZRZLULKQ ILQGHQN|QQHQ"´ ³:DKUVFKHLQOLFKLQGHPYHUUFNWHQ*HELOGHGRUW´7LUDNRGHXWHWHDXIHLQ DXVJHJOKWHV5DXPVFKLIIVZUDFNDP5DQGHGHV5DXPKDIHQVGDVGLH)RUPHLQHV 9LHOIOlFKQHUVKDVWH'LH=DKOGHU$XHQIOlFKHQVFKlW]WHLFKDXIPLQGHVWHQVGUHLLJ GRFKVLHZDUHQQLFKWHWZDJODWWVRQGHUQPLW(LQXQG$XVEXFKWXQJHQXQG XQV\PPHWULVFKHQ7XUPFKHQYHUVHKHQ+LQ]XNDPHQGLH9HUIRUPXQJVVSXUHQJURHU +LW]HHLQZLUNXQJXQGYHUNRKOWH%HUHLFKH0DQNRQQWHWDWVlFKOLFKDXIGHQ*HGDQNHQ NRPPHQHVKDQGHOHVLFKXPGDV:HUNHLQHV*HLVWHVJHVW|UWHQ$EHU*HLVWHVJHVW|UWH HQWZLFNHOQNHLQH5DXPVFKLIILQGXVWULHXQGGLHVHVVHOWVDPH6FKLIIZDURIIHQNXQGLJGDV 3URGXNWHLQHUKRFKHQWZLFNHOWHQ7HFKQRORJLH ³,FKZUGHJHUQHEHLGHU=HQWUDONDUWHLYRQ$UNRQDQIUDJHQZHOFKHV\RON GHUDUWLJH5DXPVFKLIIHEDXW´PXUPHOWHLFK³/HLGHUVLQGXQVGLH+lQGHJHEXQGHQ$EHU YLHOOHLFKWNDQQXQVGHU+DIHQPHLVWHUGLH)UDJHEHDQWZRUWHQZRKHUGDVYHUUFNWH 5DXPVFKLIIVWDPPW´ :LUVFKQDOOWHQXQVHUH:DIIHQJXUWHXPVFKXOWHUWHQGLH5XFNVlFNHPLWXQVHUHQ +DEVHOLJNHLWHQXQGYHUOLHHQGDV%HLERRW1LHPDQGEHJHJQHWHXQVDOVZLUGLHUXQG ]ZHLWDXVHQG0HWHU(QWIHUQXQJ]ZLVFKHQGHP%RRWXQGGHPVNXUULOHQ6FKLII ]XUFNOHJWHQ'DQQVWDQGHUZLUYRUGHP*HELOGH,FKVFKlW]WHVHLQH+|KHDXI GUHLKXQGHUW0HWHU'LH%UHLWHPRFKWHGHQJOHLFKHQ:HUWDXIZHLVHQ6RIHUQGLH7LHIH GHPHQWVSUDFKZDUGLH³UREH*UXQGIRUPGHVYHUUFNWHQ6FKLIIHVDOV:UIHODQ]XVHKHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³(LJHQDUWLJLFKNDQQQLFKWHLQ/HFNHQWGHFNHQ´VDJWH7LUDNRYHUZXQGHUW³'DEHL PXGDV'LQJLPNRQ]HQWULVFKHQ)HXHUHLQHVJDQ]HQ9HUEDQGHVJHOHJHQKDEHQ2GHU ZHVKDOELVWGLH$XHQKOOHY|OOLJDXVJHJOKW"´ ³(VN|QQWHLQHLQH6RQQHQSURWEHUDQ]JHUDWHQVHLQ´,FKWUDWDXIHWZDV]XGDV LFKIUHLQJHVFKORVVHQHV6FKRWWKLHOW-HGHQIDOOVOHJWHGLH)XJHXPHLQHRYDOH3ODWWH GLHVH9HUPXWXQJQDKH$OVLFKGLH+DQGDXIGDVPDQQVJURH6FKRWWSUHWHVSUWHLFK HLQVFKZDFKHV9LEULHUHQ.XU]GDUDXIZLFKGLH6WDKOSODWWHILQJHUEUHLWQDFKKLQWHQXQG JOLWWQDFKREHQ+LQWHUGHUgIIQXQJZDUHVILQVWHU(UVWQDFKHLQLJHU=HLWDOVPHLQH $XJHQVLFKXPJHVWHOOWKDWWHQNRQQWHLFKHLQHQPDWWHQJUQOLFKHQ6FKLPPHUEHPHUNHQ GHUDOOHUGLQJVQLFKWKHOOHUZDUDOVHLQHPRQGORVH6WHUQHQQDFKW ³6HKUDXIPHUNVDPVLQGGLH/HXWHWULHUQLFKW´7LUDNRNODQJYHUlUJHUW³,FKKlWWH JURH/XVWDXIGHQ%HVXFKEHLP+DIHQPHLVWHU]XYHU]LFKWHQ´ ³:LUZXUGHQDQJHZLHVHQXQVEHLP+DIHQPHLVWHUUHJLVWULHUHQ]XOHVVHQ)ROJOLFK EULQJHQZLUHVKLQWHUXQV´ (QWVFKORVVHQVWLHJLFKGXUFKGLHgIIQXQJXQGYHUVXFKWHPLFKGDKLQWHU]X RULHQWLHUHQ,FKEHIDQGPLFKRIIHQEDULQHLQHP*DQJNRQQWHDEHUZHJHQGHU VFKZDFKHQ%HOHXFKWXQJNDXPZHLWHUDOVHLQHQ6FKULWWVHKHQ1DFKYLHU6FKULWWHQ NQLFNWHGHU*DQJVFKDUIQDFKUHFKWVDWHNXU]GDUDXIQDFKOLQNV²XQGVRZHLWHU8PXQV ZDUQRFKLPPHUQXUGDVPDWWHJUQOLFKH/HXFKWHQ,FKEOLHEVWHKHQDOVLFKEHLP QlFKVWHQ6FKULWWNHLQH:lQGHPHKUDQGHQ6HLWHQVDK³(LQHVROFKH+DIHQPHLVWHUHL KDEHLFKZLUNOLFKQRFKQLHJHVHKHQ´ ³9LHOOHLFKWLVWGHU+DIHQPHLVWHUJHUDGHDEZHVHQG:LUVROOWHQXPNHKUHQXQGXQV EHLPQlFKVWHQ$UNRQLGHQHUNXQGLJHQZLHZLUGHQ+DIHQPHLVWHUHUUHLFKHQN|QQHQ RKQHWDJHODQJLQGHP5DXPVFKLIIYRQ9HUUFNWHQXPKHU]XLUUHQ´ ³=ZDQ]LJ6FKULWWHQRFK:HQQZLUGDQQNHLQH6SXUYRQHLQHU+DIHQPHLVWHUHL JHIXQGHQKDEHQNHKUHQZLUXP´ :LH]XU$QWZRUWGDUDXIHUNODQJHLQ7RQDOVZUGHHLQH0HWDOOVDLWHOHLFKW DQJHVFKODJHQ/DQJVDPYHUHEEWHHUZLHGHU7LUDNRIUDJWHOHLVH³:DVZDUGDV"´ ³,FKKDEHGHQ(LQGUXFNDOVZUGHQDOOH1HXDQN|PPOLQJHLQGLHVHP*UXVHOVFKLII HLQHU0XWSUREHXQWHU]RJHQ´8QZLOONUOLFKPXWHLFKODFKHQ³:LUZHUGHQGHQ .UDODVHQHQMHGHQIDOOVQLFKWGHQ*HIDOOHQWXQLQSDQLVFKHU$QJVWDXVGLHVHP.DVWHQ]X IOFKWHQ*HKHQZLUZHLWHU´ ,FKZDQGWHPLFKZLHGHUQDFKYRUQ,PJOHLFKHQ$XJHQEOLFNZXUGHHVHLQH6SXU KHOOHU,FKVDKGDYRUXQVHLQVDDODUWLJHU5DXPZDU'HVKDOEDOVRKDVWHLFKYRUKLQDOV GLH%HOHXFKWXQJQRFKVFKZlFKHUJHZHVHQZDUNHLQH:lQGHHQWGHFNHQN|QQHQ-HW]W NRQQWHLFKGLH:lQGHVHKHQ²XQGLFKVDKDXFKGLHNHJHOI|UPLJHQ*HELOGHGLHULQJVXP DQGHQ:lQGHQVWDQGHU:HOFKHQ=ZHFNVLHHUIOOWHQGDVDOOHUGLQJVOLHVLFKQLFKW HUNHQQHQ ³+|UVWGXGDV6XPPHQ"´IOVWHUWH7LUDNR ,FKPDFKWHHLQHEHVWlWLJHQGH+DQGEHZHJXQJ'DV6XPPHQZDU]ZDUVFKZDFK DEHULQGHUJHLVWHUKDIWHQ6WLOOHGLHLQGHPJDQ]HQ.DVWHQVFKLIIKHUUVFKWHGRFKQLFKW]X EHUK|UHQ,UJHQGZRDUEHLWHWHQ0DVFKLQHQ9RUVLFKWLJJLQJLFKDXIGDVQlFKVWVWHKHQGH .HJHOJHELOGH]XXQGEHUKUWHHVPLWGHQ)LQJHUVSLW]HQ,PQlFKVWHQ0RPHQW]XFNWHLFK ]XUFN,QPHLQHP*HKLUQZDUHLQHXQGHILQLHUEDUH5HJXQJJHZHVHQHWZDVGDVIUDJWH RKQH]XDUWLNXOLHUHQ(VZDUDOOHUGLQJVVRIRUWZLHGHUYHUVFKZXQGHQDOVLFKGLH+DQG YRQGHP.HJHOJHELOGH]XUFNJH]RJHQKDVWH,FKWHLOWHPHLQH(QWGHFNXQJ7LUDNRPLW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
XQGHUVDJWH]|JHUQG³9LHOOHLFKWEHILQGHQVLFKLQGHQ.HJHOJHELOGHQGHQNHQGH /HEHZHVHQ´ 'LHVHU*HGDQNHZDUPLUHEHQIDOOVJHNRPPHQ³9HUVXFKHQZLUHVJOHLFK]HLWLJEHL ]ZHL.HJHOQ´ :LHGHUVWUHFNWHLFKGLH)LQJHUDXVXQGEHUKUWHGHQ.HJHOYRUPIU7LUDNR VWUHFNWHGLH+DQGQDFKHLQHP]ZHLWHQ.HJHODXV'LHVPDO]XFNWHLFKQLFKW]XUFNGHQQ LFKZDUDXIGDVJHIDWZDVNDP$EHUPDOVUHJWHVLFKHWZDV)UHPGHVLQPHLQHP *HKLUQ²XQGMHW]WNRQQWHLFKGLH)UDJHYHUVWHKHQ:DVIKOVWGX" (VNRVWHWHPLFKHLQLJHhEHUZLQGXQJGLH+DQGQLFKWZLHGHU]XUFN]X]LHKHQ'LH )UDJHZDUVRVHOWVDPGDLFKDXVLKUDXIHLQHIUHPGDUWLJH0HQWDOLWlWVFKOR=DKOORVH $QWZRUWHQGUlQJWHQVLFKPLUDXIDEHULFKZDUQLFKWLQGHU/DJHDXFKQXUHLQHNODU]X IRUPXOLHUHQ'LH)UDJHKDWGLFKYHUZLUUWJDEPLUPHLQ/RJLNVHNWRU]XYHUVWHKHQ'X PXWYHUVXFKHQHLQH*HJHQIUDJHJHGDQNOLFK]XIRUPXOLHUHQ :HUELVWGX"GDFKWHLFKNRQ]HQWULHUW(LQH:HOOHDEVROXWHQ1LFKWYHUVWHKHQV VFKOXJPLUVRKHIWLJHQWJHJHQGDLFKXQZLOONUOLFKPHLQH+DQG]XUFNQDKP7LUDNR WUDWHEHQIDOOVYRQ³VHLQHP´.HJHO]XUFN:LUEOLFNWHQXQVDQXQGLFKHUNXQGLJWHPLFK ³:XUGHVWGXHEHQIDOOVJHIUDJWZDVGXIKOVW"´ ³6RXQJHIlKU(LJHQWOLFKZDUHVNHLQHNODUH)UDJHVRQGHUQPHKUHLQH HPRWLRQHOOH$XIZDOOXQJ´ ³6WLPPW'LH/HEHZHVHQLQGHQ.HJHOQZHUGHQRIIHQEDUQLFKWYRQSUDJPDWLVFKHU 9HUQXQIWVRQGHUQYRQ(PRWLRQHQJHOHLWHW0HLQ.RQWDNWSDUWQHUYHUVWDQGEHLVSLHOVZHLVH QLFKWVDOVLFKGDQDFKIUDJWHZHUHUVHL´ ³,FKVWHOOWHHLQHlKQOLFKH)UDJH6LHZXUGHRIIHQNXQGLJHEHQIDOOVQLFKW YHUVWDQGHQ$EHUZLHN|QQHQ/HEHZHVHQGHUHQ9HUKDOWHQDXVVFKOLHOLFKYRQ (PRWLRQHQEHVWLPPWZLUG5DXPVFKLIIHEDXHQ"´ ³9HUPXWOLFKVLQGVLHQLFKWLGHQWLVFKPLWGHQ(UEDXHUQGLHVHV.DVWHQVFKLIIHV,FK KDOWHHVDXFKQLFKWIUZDKUVFKHLQOLFKGDGLH.UDODVHQHQ]XODVVHQGDDQ%RUGHLQHV IUHPGHQ5DXPVFKLIIHVDXILKUHP3ODQHWHQGLHXUVSUQJOLFKH%HVDW]XQJYHUEOHLEW´ 7LUDNRPXVWHUWHGLH.HJHOVWPSIH(VZDUHQLQVJHVDPWHOI³6LHPVVHQDEHU ZLFKWLJIUGLHHLJHQWOLFKH%HVDW]XQJJHZHVHQVHLQ6RQVWEHIlQGHQVLHVLFKQLFKWKLHU´ 0LUNDPHLQ*HGDQNH(UQHXWVWUHFNWHLFKGLH+DQGDXVEHUKUWH³PHLQHQ´.HJHO PLWGHQ)LQJHUVSLW]HQXQGGDFKWHNRQ]HQWULHUW,FKIKOH9HUEXQGHQKHLWPLWDOOHP /HEHQ 'LHVPDOVFKOXJPLUHLQH:RJHGHU6\PSDWKLHHQWJHJHQGLHPLFKEHLQDKH EHUZlOWLJWH(LQH=HLWODQJYHUJDLFKPHLQH8PJHEXQJXQGOLHPLFKYRQGHU:RJH GDYRQWUDJHQ,FKHPSIDQGPLFKDOV7HLOHLQHUGDV8QLYHUVXPDXVIOOHQGHQ/LHEHGLH DOOHV/HEHQPLWHLQDQGHUYHUEDQG*OHLFK]HLWLJDEHUVSUWHLFK]DJKDIWH,PSXOVHGHU 8QVLFKHUKHLWGLHHUVWHQ$Q]HLFKHQGHU(QWZLFNOXQJYRQ'HQNSUR]HVVHQ(VNRVWHWH PLFKHLQLJH6HOEVWEHUZLQGXQJGHQ.RQWDNW]XXQWHUEUHFKHQLQGHPLFKPHLQH+DQG ]XUFN]RJ(UVWGDQDFKZXUGHPLUEHZXWGDLFKEHLQDKHGHQ.RQWDNW]XU8PZHOW YHUORUHQKlWWH7LUDNRVDKPLFKEHVRUJWDQ³'XZDUVWZHLWZHJ6RZHLWZHJGDLFK VFKRQXPGHLQHQ9HUVWDQGIUFKWHWH´ ³(VLVWDOOHVLQ2UGQXQJ´,FKOlFKHOWHEHUXKLJHQG³'LHVHV:HVHQLVWQLFKWE|VH (VZHLZDKUVFKHLQOLFKQLFKWHLQPDOGDPDQ]ZLVFKHQ*XWXQG%|VHXQWHUVFKHLGHQ NDQQ$EHUVHLQH(PRWLRQHQVLQGIUXQV$UNRQLGHQVRJHIlKUOLFKZLHHLQH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
EHUDXVFKHQGH'URJH0|JOLFKHUZHLVHZDUHVGLHVH:LUNXQJGLHGLHHLJHQWOLFKH 6FKLIIVEHVDW]XQJYHUDQODWHVROFKH:HVHQDXILKUHQ5DXPIOJHQPLW]XQHKPHQ´ ³,FKZWHJHPZLHGLH%HVDW]XQJDXVJHVHKHQKDW´ ³9LHOOHLFKWZLVVHQHVGLH.UDODVHQHQ6LHKDEHQGLHVHV6FKLIIVFKOLHOLFKDXI LKUHQ3ODQHWHQJHKROW$EHULFKGHQNHGDZLUWULHUNHLQHQ+DIHQPHLVWHUILQGHQZHUGHQ :DKUVFKHLQOLFKDPVLHUHQVLFKGLH.UDODVHQHQN|VWOLFKGDUEHUGDZLUGDV .DVWHQVFKLIIEHWUHWHQKDEHQ,FKN|QQWHPLUYRUVWHOOHQGDLKQHQGLHVHV*HELOGHGD]X FOLHQW1HXDQN|PPOLQJH]XWHVWHU'HVKDOEZHUGHQZLUGDV6FKLIIYHUODVVHQXQGVRWXQ DOVVHLQLFKWVJHVFKHKHQ´ :LUNHKUWHQXPXQGVXFKWHQXQVGHQ:HJ]XUFN,FKPXWHGDEHLLPPHUZLHGHU DQGLH:HVHQKHLWHQLQGHQ.HJHOEHKlOWHUQGHQNHQ(LQ*HIKOWLHIHUHPRWLRQHOOHU 9HUEXQGHQKHLW]RJPLFK]XLKQHQDEHULFKXQWHUGUFNWHGHQ'UDQJXP]XNHKUHQXQG GHQ.RQWDNW]XHUQHXHUQ,FKDKQWHGDLFKGDEHLPHLQHHLJHQWOLFKH$XIJDEH YHUJHVVHQKlWWH $OVZLUHQGOLFKGHQ$XVJDQJZLHGHUJHIXQGHQKDWWHQZXQGHUWHQZLUXQVGD GUDXHQQXUHLQHLQ]LJHU.UDODVHQHZDUWHWH:LUKDVWHQDQJHQRPPHQHLQH0HQJH 1HXJLHULJHUDQ]XWUHIIHQ'HU.UDODVHQHZDUHLQKRFKJHZDFKVHQHUEUHLWVFKXOWULJHU $UNRQLGHPLWODQJHPZHLHP+DDUGDVYRQHLQHUVFKOLFKWHQ$UNRQLWVSDQJHLP1DFNHQ ]XVDPPHQJHKDOWHQZXUGH(UWUXJHLQHQ%UXVWKDUQLVFKHEHQIDOOVDXV$UNRQLW,QVHLQHQ *UWHOKDOIWHUQVWHFNWHQKRFKPRGHUQH6WUDKOZDIIHQ²+RFKHQHUJLH/XFFRWVGHU76 6HULH$OVHUXQVHUEOLFNWHYHU]RJHUVHLQEUDXQJHEUDQQWHV*HVLFKW]XHLQHPIUDJHQGHQ /lFKHOQ³:LHKDWHVHXFKGRUWJHIDOOHQ"´ ³*XW´DQWZRUWHWHLFK³(VLVWHLQLQWHUHVVDQWHV6FKLII:HOFKHV\RONKDWHV JHEDXW"´ ³'DVIUDJHQZLUXQVHEHQIDOOV(LQ7UlJHUVFKLIIYRQXQVIHQGHVLP =HQWUXPVVHNWRUWUHLEHQGYRQVHLQHU%HVDW]XQJYHUODVVHQ´(UPXVWHUWHDXIPHUNVDP PHLQ*HVLFKW³:HUELVWGX"´ ,FKIUDJWHPLFKREHUWURW]PHLQHUNQVWOLFKJHDOWHUWHQ*HVLFKWV]JHHLQH bKQOLFKNHLWPLWGHP0DQQHUNDQQWHKLQWHUGHPGHU$QIKUHUGHU.UDODVHQHQKHUZDU ³0HLQ1DPHLVW6DWDJR:HUERWXQGPHLQ*HIlKUWHKHLW6RQSHU7HVVOHW:LUNDPHQ YRQGHP)UDFKWVFKLII+(.8$+GDV´ ³,VWPLUEHNDQQW´XQWHUEUDFKHUPLFK³,FKKHLH+RUNDWH,KUZROOWHXFKDOVR 6RIJDUWV7UXSSHDQVFKOLHHQZLH"´ ³:LUK|UWHQGDGHU%OLQGH6RIJDUWLPPHUWFKWLJH0lQQHUEUDXFKW´DQWZRUWHWH 7LUDNR³3UIWHUQHXH%HZHUEHUVHOEVW"´ ³0DQFKPDO´VDJWHGHU.UDODVHQH³=XU=HLWLVWHUMHGRFKQLFKWDXI7UXPVFKYDDU (VKHLWGDHUSHUV|QOLFKGLHhEHUIKUXQJHLQHVVHKUZLFKWLJHQ*HIDQJHQHQ]XVHLQHU )ROWHUZHOWEHUZDFKW$XIGHP:HJQDFK*DQEHUDDQZLOOHUWULHU]ZLVFKHQODQGHQ´(U UXQ]HOWHGLH6WLUQ³$EHULFKELQHLJHQWOLFKQLFKWGDXPHXUH)UDJHQ]XEHDQWZRUWHQ,FK VRLOHXFK]XP0XVWHUXQJVEUREULQJHQ´ ³8QGGHU+DIHQPHLVWHU"´IUDJWHLFKXQGGDFKWH)DUWXORRQV,QIRUPDWLRQHQ VWLPPHQDOVR +RUNDWHJULQVWH³(VJLEWEHLXQVNHLQHQ+DIHQPHLVWHU'DVZDUQXUHLQ7ULFN GDPLWLKUGDV*HLVWHUVFKLIIEHWUHWHW´(UPXVWHUWHPLFKDEHUPDOVVHKUJHQDX³,KUVHKW QLFKWDXVDOVKlWWHQHXFKGLHµ*HLVWHUHLQHQ6FKUHFNHQHLQJHMDJW2GHUVHLGLKULKQHQ JDUQLFKWEHJHJQHW"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'RFKVLQGZLQ:DVVLQGGDVIU:HVHQKHLWHQGLHRIIHQNXQGLJQXUYRQ*HIKOHQ JHOHLWHWZHUGHQ"´ ³(VKDQGHOWVLFKXPHLQH$UW%LRSODVPDDXI3URWHLQEDVLV$EHUHVOlWVLFKQLFKW PLWXQVHUHQ.|USHU]HOOHQYHUJOHLFKHQ0HKULVWGDUEHUDXFKQLFKWEHNDQQW´ ³:HULVWPLWGHQ8QWHUVXFKXQJHQEHDXIWUDJW"´HUNXQGLJWHVLFK7LUDNR ³1LHPDQG:LUKDVWHQHLQHQ%LRFKHPLNHUWULHUGHUGDV3ODVPDXQWHUVXFKWH(U ZXUGHKLQJHULFKWHWZHOOHUGLH$UEHLWVPHWKRGHQGHV%OLQGHQ6RIJDUWNULWLVLHUWH´+RUNDWH EOLFNWHXQVGURKHQGDQ³,KUIUDJW]XYLHO:HQQLKULQXQVHUHU7UXSSHYRUZlUWVNRPPHQ ZROOWPWLKUOHUQHQ)UDJHQ]XEHDQWZRUWHQXQG%HIHKOHQ]XJHKRUFKHQXQG DQVRQVWHQLPPHUZLHGHU]XWUDLQLHUHQXPHXUH.DPSIWHFKQLN]XYHUEHVVHUQ´ (UGUHKWHVLFKXPXQGIKUWHXQV]XHLQHPLQGHU1lKHJHSDUNWHQ*OHLWHU:LU VWLHJHQVFKZHLJHQGHLQ:LUKDVWHQEHJULIIHQGDZLUXQVGXUFK]XYLHOH)UDJHQQXU YHUGlFKWLJPDFKHQZUGHQ,Q*HGDQNHQVWHOOWHLFKPLUEHUHLWVYRUZLHZLUQDFK 6RIJDUWV$QNXQIWHLQHQ$QVFKODJDXIVHLQ6FKLIIYHUEWHQHLQH%RWVFKDIWDQGHQ 8VXUSDWRU2UEDQDVFKROKLQWHUOLHHQXQGYRQ7UXPVFKYDDUIORKHQPLW)DUQDWKLD(V ZUGHDOOHVDQGHUHDOVOHLFKWVHLQGLHVH$EVLFKWLQGLH7DWXP]XVHW]HQ=ZDUVWDQG XQVHU%HLERRWQRFKLPPHUXQEHUKUWDXIGHP/DQGHIHOGDEHUHVHUVFKLHQPLU XQZDKUVFKHLQOLFKGDZLUGDPLWHQWNRPPHQNRQQWHQ:LUZHUGHQXQVHLQDQGHUHV JU|HUHV6FKLIIEHVFKDIIHQPVVHQ +RUNDWHVWDUWHWHGHQ*OHLWHU(VKDQGHOWHVLFKXPHLQHRIIHQH+DOEVFKDOHGLH VLFKDXI3UDOOIHOGHUQIRUWEHZHJWH'HU.UDODVHQHVWHXHUWHVLHDOVOHJWHHU:HUWGDUDXI VLFKXQGXQVGDPLWXP]XEULQJHQ(UVFKZHEWHPLW+|FKVWJHVFKZLQGLJNHLWXQGODFWDWH QXUDOVGHU*OHLWHUDXVHLQHU.XUYHJHWUDJHQZXUGHXQGPLWGHP%RGHQIDVWEHUGLH ]HUQDUEWH+OOHHLQHV:DO]HQVFKLIIHVVFKUDPPWH'DV)DKU]HXJVFKOLQJHUWHHLQHJDQ]H :HLOHEHGHQNOLFKXQGGUHKWHVLFKPHKUPDOVXPGLH/lQJVDFKVHDOV+RUNDWHHV VFKOLHOLFKYRUHLQHPHLI|UPLJHQ5DXPVFKLIIPLWEUHLWHQ+HFNIORVVHQDQKLHOW ³$KLKUVHLGDOVRQRFKGD´VDJWHHU³8QGLFKGDFKWHLKUZlUWYRUKLQ KHUDXVJHIORJHQ´ ³'DVPXHLQH+DOOX]LQDWLRQJHZHVHQVHLQ´DQWZRUWHWHLFKNDOW³%HL6lXIHUQVRLO VRHWZDVYRUNRPPHQ,FKKRIIHGXUHVWKHXWHQRFKJHJHQHLQHVGLHVHU:UDFNVGDPLW ZLUQLHZLHGHUPLWGLUIOLHJHQPVVHQ´ +RUNDWHV*HVLFKWYHUILQVWHUWHVLFK,FKGDFKWHVFKRQHUZUGHLPQlFKVWHQ 0RPHQW]XU:DIIHJUHLIHQGRFKGDQQVFKOXJHUVLFKDXIGLH2EHUVFKHQNHOXQGODFWDWH GU|KQHQG7LUDNRXQGLFKZDUWHWHQQLFKWELVGLHVHU³OLHEHQVZHUWH´$UNRQLGHVLFKZLHGHU HUKROWKDVWH:LUVWLHJHQDXVXQGEHWUDWHQGDVHLI|UPLJH6FKLIIGXUFKGLHRIIHQH %RGHQVFKOHXVH'LH$XHQKOOHGHVUXQG0HWHUKRKHQ:UDFNVZLHVPHKUHUH JURH(LQVFKXO|FKHUYRQ6WUDKONDQRQHQDXILQQHQZDUHVMHGRFKY|OOLJLQ2UGQXQJ (LQ6HUYRURERWHUZLHVXQVGHQ:HJ :LUIXKUHQLQHLQHP$QWLJUDYVFKDFKW]XP2EHUGHFN'RUWEHJHJQHWHQZLUHLQHP 5RERWHUGHUXQVZHLWHUVFKLFNWH9RUHLQHP6FKRWWGDVVLFKYRQGHQDQGHUHQQXUGXUFK HLQHDXIJHNOHEWH)ROLHLQ]Z|OIVWUDKOLJHU6RQQHQIRUPXQWHUVFKLHGEOLHEHQZLUVWHKHQ ,FKOHJWHGLH+DQGDXIGHQ6HQVRUXQGHV|IIQHWHVLFK9RUXQVODJHLQJURHU KDOENUHLVI|UPLJHU5DXPLQGHPPHKUHUH5HFKQHU]XVHKHQZDUHQ+LQWHUHLQHP 6FKDOWWLVFKVDHLQNRUSXOHQWHU0DQQPLWNDKOHP6FKlGHOPXVNXO|VHP1DFNHQXQG VFKDXIHOI|UPLJHQ+lQGHQ(UVDKEHLXQVHUHP(LQWUHWHQDXIXQGPXVWHUWHXQVDXV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
NDOWHQURWHQ$XJHQ'LHIHLQHQU|WOLFKHQ/LQLHQDQVHLQHP6FKlGHOYHUULHWHQPLUGDHU VLFKYRUQLFKWDOO]XODQJHU=HLWHLQHU*HKLUQRSHUDWLRQXQWHU]RJHQKDVWH ³(XUH1DPHQ´IRUGHUWHHUQDFKGHPHUXQVHLQJHKHQGEHWUDFKWHWKDVWH:LU QDQQWHQVLHXQGHLQ6SHLFKHUJHUlWKLHOWVLHIHVV³:DUXPVHLGLKUQDFK7UXPVFKYDDU JHNRPPHQ"´ ³'LH$UEHLWDQ%RUGXQVHUHV)UDFKWHUVZDU]XODQJZHLOLJ´VDJWHLFK³:LUKLHOWHQ HVGRUWQLFKWPHKUDXV´ ³6RLKUKLHOWHWHVQLFKWPHKUDXV´O HU0DQQJULQVWH³8QGLKUPHLQWDOV .UDODVHQHQN|QQWHWLKUHLQOHLFKWHUHV/HEHQIKUHQ"´ ³1LFKWOHLFKWHUVRQGHUQLQWHUHVVDQWHU´ZDUI7LUDNRHLQ³:LHGUIHQZLU6LH QHQQHQ(UKDEHQHU"´ hEHUGDV*HVLFKWGHV0DQQHVKXVFKWHHLQ/lFKHOQ³0DQQHQQWPLFKGHQ*XXUWK YRQ$NXQLVDEHUHVJHQJWZHQQLKU+DV¶DWKRUVDJV'DVZDUMHGHQIDOOVPHLQ5DQJLQ GHU)ORWWHGHV*URHQ,PSHULXPVEHYRULFKEHLGHU6FKODFKWLP6LHEHQJHVWLUQVHNWRU PHLQ6FKLIIYHUORUXQGLQGLH+lQGHGHU0HWKDQVJHULHW6LHYHUVXFKWHQPLWJUDXVDPHQ 0HWKRGHQDQPHLQ:LVVHQ]XNRPPHQ'RFKLFKVFKZLHJ(VJHODQJPLUPLFKHLQHV LKUHU%RRWH]XEHPlFKWLJHQXQG]XHQWNRPPHQ´6HLQ*HVLFKWYHUILQVWHUWHVLFK³'DV )ORWWHQ]HQWUDONRPPDQGRJODXEWHPLUQLFKWGDLFKGHQ9HUK|UPHWKRGHQGHU0HWKDQV ZLGHUVWDQGHQKDWWH'HVKDOEQDKPLFKYHUJDQJHQHV-DKUPHLQHQ$EVFKLHGXQGJLQJ]X 6RIJDUW´ 9HUELWWHUXQJKDVWHDOVRGHQHKHPDOLJHQ(LQVRQQHQWUlJHU]XGHQ.UDODVHQHQ JHEUDFKW*XXUWKZDUGLH8PVFKUHLEXQJIUHLQHQWLWHOWUDJHQGHQ$GOLJHQRKQH/HKHQ XQGZXUGHPHLVWLQ9HUELQGXQJPLWGHU+HLPDWZHOWYHUZHQGHW'HU0DQQVWDPPWH GHPQDFKYRQ$INXQLV(UEOLFNWHPHLQHQ)UHXQGLUULWLHUWDQ³:LHNRPPVWGXGD]XPLFK DXV]XIUDJHQ6RQSHU"'DVLVWPLUELVKHUQRFKQLFKWSDVVLHUW´ 7LUDNRQHLJWHGHQ.RSI³,FKELWWHXP9HUJHEXQJ$GPLUDODEHULFKZROOWH6LH QLFKWDXVIUDJHQVRQGHUQQXUZLVVHQZLHZLU6LHDQ]XUHGHQKDEHQ´ 'HU0DQQVWULFKVLFKPLWGHQ)LQJHUVSLW]HQEHUGLH2SHUDWLRQVQDUEHQ(VZDU HLQHXQEHZXWH%HZHJXQJ'DQQVDKHUPLFKDQ³+DEWLKU.DPSIHUIDKUXQJ"´ ³(WZDV´XQWHUWULHELFK³:LUKDVWHQ*HOHJHQKHLWXQVLQGHQZLFKWLJVWHQ .DPSIWHFKQLNHQDXV]XELOGHQXQGPLWHLQHP8EXQJVURERWHU]XWUDLQLHUHQ1DWUOLFK ZHUGHQZLUQRFKYLHOOHUQHQPVVHQ´ ³'DVLVWGLHULFKWLJH(LQVWHOOXQJYRUDXVJHVHW]WGXUHGHVWPLUQLFKWQXUQDFKGHP 0XQG6DWDJR´VDJWHHU³,KUZHUGHWHXFKHLQHU3UIXQJXQWHU]LHKHQPVVHQEHYRULFK HQWVFKHLGHRELKUDXIJHQRPPHQZHUGHQN|QQW´ ³:LUVLQGEHUHLW´YHUVLFKHUWHLFK 'HU+DV¶DWKRUOlFKHOWHHLJHQWPOLFKXQGQDKPHLQH6FKDOWXQJDQVHLQHP7LVFK YRU+LQWHULKP|IIQHWHVLFKHLQVFKPDOHV6FKRWWGDVYRUKHUQLFKW]XHUNHQQHQ JHZHVHQZDU(LQGXQNHOKlXWLJHUVHKUPXVNXO|VHU0DQQPLWEHUSURSRUWLRQDOODQJHQ $UPHQWUDWHLQ%LVDXI$XJHQSDUWLHXQG6WLUQEHVWDQGGHUXQWHUH7HLOVHLQHV*HVLFKWV DXV%LRSODVWLN'HU*XXUWKGD$INXQLVEHIDKO³*LEGHQEHLGHQHLQH&$XVUVWXQJXQG IKUHVLHLQGHQHQWVSUHFKHQGHQ7UDLQLQJVUDXP$UXQW´ ³-DZRKO$GPLUDO´$UXQWV0XQG|IIQHWHVLFKOHLFKWDEHUHUEHZHJWHGLH %LRSODVWLNOLSSHQQLFKWEHLP6SUHFKHQ,FKHUVFKDXGHUWHXQZLOONUOLFK$UXQWGUHKWHVLFK XPXQGJLQJGXUFKGDVVFKPDOH6FKRWW7LUDNRXQGLFKIROJWHQLKP:LUIXKUHQPLW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
HLQHP$QWLJUDYOLIW]ZHL'HFNVWLHIHUXQGGRUWIKUWHXQVGHU'XQNHOKlXWLJHLQGLH 5VWNDPPHUGLHDXVPHKUHUHQ$EWHLOXQJHQEHVWDQG ,FKIUDJWHPLFKYRQZHOFKHP.RORQLDOSODQHWHQ$UXQWVWDPPHUPRFKWH :DKUVFKHLQOLFKZDUHUGHU1DFKNRPPHYRQPRGLIL]LHUWHQDUNRQLGLVFKHQ.RORQLVWHQ0LU ZDUDOOHUGLQJVNHLQH:HOWEHNDQQWGHUHQ%HZRKQHUGHUDUWGXQNHOKlXWLJZDUHQ$UXQW VWLHGLH*LWWHUWU]XHLQHU$EWHLOXQJDXILQGHULQ]DKOUHLFKHQVFKPDOHQ:DQGQLVFKHQ JHSDQ]HUWH([SHGLWLRQVDQ]JHPLWVWlKOHUQHQ)XQNKHOPHQKLQJHQ=XMHGHP$Q]XJ JHK|UWHQHLQ%XFNHOVFKLOGHLQNXU]HV.UXPPVFKZHUWXQGHLQH$UPEUXVWGLH 6WDKOERO]HQPLW([SORVLYODGXQJHQYHUVFKR ³%HGLHQWHXFK´EHIDKO$UXQW:LUKDVWHQVFKQHOOSDVVHQGH$Q]JHJHIXQGHQXQG EHUJHVWUHLIW$OVLFKGHQOLQNHQ8QWHUDUPGXUFKGLH+DOWHVFKODXIHPHLQHV %XFNHOVFKLOGHVVFKREHQWGHFNWHLFKLQGHU6FKODXIHHLQHQHLQJHVHQNWHQIODFKHQ.QRSI 2IIHQEDUGLHQWHHUGD]XHLQHLP6FKLOGVWDFKHOYHUERUJHQH(QHUJLHZDIIH]XEHWlWLJHQ $OVLFK$UXQWVODXHUQGHQ7KLFNEHPHUNWHWDWLFKVRDOVVHLPLUQLFKWVDXIJHIDOOHQ8P GLH$XJHQZLQNHOGHV0DQQHVELOGHWHQVLFKNOHLQH)DOWHQ$QVFKHLQHQGOlFKHOWHHUZDV DEHUZHJHQGHU6WDUUHVHLQHV%LRSODVWLNJHVLFKWVDQVRQVWHQXQVLFKWEDUEOLHE³)ROJWPLU´ 'LHVPDOEHQXW]WHQZLUNHLQHQ$QWLJUDYOLIWVRQGHUQEHWUDWHQHLQHQEUHLWHQ .RUULGRUXQGOLHHQXQVYRQGHP7UDQVSRUWEDQGHWZDKXQGHUW6FKULWWZHLWWUDJHQ 'DQDFK|IIQHWH$UXQWHLQ7RU8QZLOONUOLFKKLHOWLFKGHQ$WHPDQDOVLFKKLQWHUGHP7RU HLQHJUDXHQHEHOHUIOOWH/DQGVFKDIWVDK6HOWVDPNQRUULJH%lXPHZXFKVHQGDULQXQG DXVGHP6FKLOIHLQHV6XPSIHVGUDQJHQTXDNHQGHXQGJOXFNVHQGH/DXWH$PPHLVWHQ DEHUHUVWDXQWHPLFKGDGLHVH/DQGVFKDIWVLFKDQVFKHLQHQGELV]XHLQHPPLQGHVWHQV IQIWDXVHQG0HWHUHQWIHUQWHQ+RUL]RQWHUVWUHFNWHREZRKOGHUJU|WH +RUL]RQWDOGXUFKPHVVHUGHVHLI|UPLJHQ6FKLIIHVQLFKWPHKUDOVGUHLKXQGHUW0HWHU EHWUXJ(LQJURHU7HLOGHU/DQGVFKDIWPXWHGHPQDFKHLQHSHUIHNWH,OOXVLRQVHLQ $UXQWGHXWHWHPLWDXVJHVWUHFNWHP$UPKLQHLQ³:HQQLKUGLHDQGHUH6HLWH HUUHLFKWKDEWLKUGLH3UIXQJEHVWDQGHQ=DKOUHLFKH*HIDKUHQODXHUQDXIHXUHP:HJ 1HKPWHXFKDOVRLQDFKW´ ,FKIUDJWHPLFKREXQWHUGHQ*HIDKUHQDXFKVROFKHZDUHQGLHXQVXPEULQJHQ NRQQWHQZROOWHPLFKDEHUQLFKWHUNXQGLJHQXPPLUNHLQH%O|H]XJHEHQ$OVRQLFNWH LFKPHLQHP*HIlKUWHQVFKZHLJHQG]XXQGJLQJYRUDQ+LQWHUXQVVFKORVLFKGDV7RU $UXQWEOLHEGUDXHQ$QVFKHLQHQGYHUIROJWHHUXQVHUHQ:HJPLWWHOVHLQHU )HUQEHREDFKWXQJVDQODJH ³+DVWGXGHQ.QRSILQGHLQHU6FKLOGVFKODXIHJHIXQGHQ"´UDXQWH7LUDNRPLU]X ³1DWUOLFK$EHU$UXQWLVWVLFKRIIHQEDUQLFKWVLFKHUREZLUGDV*HKHLPQLV XQVHUHU6FKLOGHHQWGHFNWKDEHQ:LUZHUGHQHVQXUDQZHQGHQZHQQHVVLFKQLFKW XPJHKHQOlW´ :LUEHREDFKWHWHQDXIPHUNVDPXQVHUH8PJHEXQJZlKUHQGZLUGXUFKHLQHQ 1HEHOZDWHWHQGHUYRP%RGHQELV]XGHQ2EHUVFKHQNHOQUHLFKWH'LH9HJHWDWLRQZDU NDUJXQGIUHPGDUWLJREZRKOHVDXIYLHOHQ3ODQHWHQVROFKH%lXPH6WUlXFKHUXQG *UlVHUJDE1HEHQHLQHU*UXSSHYRQJURHQ%lXPHQPLWGXQNHOEUDXQHQIDVW VFKZDU]HQ6WlPPHQEOLHEHQZLUVWHKHQ,FKEOLFNWHDQGHP6WDPPHQWODQJQDFKREHQ ]XGHUDXVODGHQGHQ.URQH'LHGXQNHOJUQHQ%OlWWHUKDVWHQGRSSHOWJHVlJWH5lQGHU ZDUHQZHFKVHOVWlQGLJXQGWHLOZHLVHEHKDDUW'LH)UFKWHEHVWDQGHQDXVKHOOEUDXQHQ /DSSHQPLWNOHLQHQ1VVHQLP=HQWUXP
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³(LQHUDXKHXQIUHXQGOLFKH:HOW´7LUDNRIU|VWHOWH³$EHUELVKHUKDEHLFKQRFK NHLQH*HIDKUHQHQWGHFNHQN|QQHQ´ ,FKVDK]XUFNXQGEHPHUNWHGDZLUHUVWHWZD]ZDQ]LJ0HWHU]XUFNJHOHJW KDWWHQ'HU7KLFNDXIGDV7RUZXUGHXQVYRQHLQHPJURHQ6WUDXFKPLWODQJHQ VFKPDOHQGXQNHOJUQJOlQ]HQGHQ%OlWWHUQYHUGHFNW9RUXQVJOXFNVWHHLQ%DFK$Q VHLQHQ8IHUQVWDQGHUKRKH%lXPHPLWVFKZDU]EUDXQHU5LQGHXQGRYDOHQ%OlWWHUQGLH GRUWHLQJHEXFKWHWZDUHQZRVRQVWHLQH6SLW]H]XVHLQSIOHJWH$XFKGLHVH3IODQ]HQDUW ZDUPLUQLFKWEHNDQQW³*HKHQZLUZHLWHU´ :LUJLQJHQELV]XPGLHVVHLWLJHQ8IHUGHV%DFKHVGHUVFKQHOOGDKLQVWU|PWH'DV :DVVHUZDUNODUXQGVSUXGHOWHEHUEODQNH.LHVHO.OHLQH)LVFKHKXVFKWHQEHLXQVHUHP $QEOLFNLQGLH'HFNXQJYRQ6WHLQHQ$QVRQVWHQZDUHQNHLQH7LHUH]XVHKHQ'DGHU %DFKXQVGHQ:HJYHUVSHUUWHZDWHWHQZLUKLQGXUFK'DV:DVVHUZDUHLVNDOWXQGGLH .lOWHGUDQJVHOEVWGXUFKXQVHUHJHSDQ]HUWHQ$Q]JH :LUEHIDQGHQXQVJHUDGHLQGHU0LWWHDOVLFKLQGHQ%VFKHQDP JHJHQEHUOLHJHQGHQ8IHUHLQH%HZHJXQJEHPHUNWH,FKIOVWHUWH7LUDNRHLQH:DUQXQJ ]XXQGPDFKWHHLQHQVFKQHOOHQ6FKULWWQDFKUHFKWV'DVEHZDKUWHPLFK]XPLQGHVWYRU HLQHU9HUOHW]XQJGHQQLPQlFKVWHQ$XJHQEOLFNERKUWHVLFKHLQ:XUIVSHHUPLW K|O]HUQHP6FKDIWXQGU|WOLFKJHOEHU0HWDOOVSLW]HQHEHQPHLQHPOLQNHQ)XLQGHQ %DFKNLHV:LUOLHIHQJHGXFNWQDFKOLQNVXQGUHFKWVDXVHLQDQGHUXQGHLOWHQ]XP JHJHQEHUOLHJHQGHQ8IHUZlKUHQGZLUJOHLFK]HLWLJXQVHUH$UPEUVWHVSDQQWHQXQG %RO]HQDXIOHJWHQ9RUXQVUDVFKHOWHHVGDQQIORJHQZHLWHUH:XUIVSHHUHKHUDQ(LQ GXPSIHV6LJQDOGU|KQWHGXUFKGHQ1HEHOGDQQVFKHSSHUWH0HWDOODXI0HWDOO ,FKVDKZHQLJH6FKULWWHYRUPLUGHQ.RSIHLQHV0DQQHVPLW+HOPNDSSHXQG KHOOHP%DUWDXIWDXFKHQ'LH+HOPNDSSHZXUGHYRQ]ZHLPlFKWLJHQJHVFKZXQJHQHQ +|UQHUQJH]LHUW,FKVFKRPHLQHQ%RO]HQDWHK|UWHGHQ$XIVFKODJXQGHLQHGXPSIH ([SORVLRQ(LQVFKZHUHU.|USHUILHOUDVFKHOQGXQGNUDFKHQGGXUFKbVWHXQG=ZHLJH $XFKYRQGRUWZR7LUDNRVLFKEHIDQGHUW|QWHGLHGXPSIH([SORVLRQHLQHV%RO]HQV -HPDQGVWLHHLQHQNHKOLJHQ6FKUHLDXV,PQlFKVWHQ0RPHQWZXUGHHVYRUXQV OHEHQGLJ0lQQHULQXQHLQKHLWOLFKHU)HOONOHLGXQJXQGPLWJHK|UQWHQ+HOPHQVWUPWHQ DXVGHP'LFNLFKW6LHVFKZDQJHQODQJVWLHOLJH6WUHLWl[WHXQG.XU]VFKZHUWHUPLWEUHLWHQ .OLQJHQ ,FKOLHPHLQH$UPEUXVWIDOOHQXQGULGDV6FKZHUWDXVGHU6FKHLGH(LQZDKUHU 5LHVHYRQ0DQQGUDQJPLWHLQHU6WUHLWD[WDXIPLFKHLQ+HOOEUDXQHV+DDUIODWWHUWH PlKQHQJOHLFKXPVHLQHQ.RSI$POLQNHQ$UPWUXJHUHLQHQOHGHUEHVSDQQWHQ +RO]VFKLOG,FKSDULHUWHGHQHUVWHQ$QJULIIGRFKGDZDUHQDXFKVFKRQGLHDQGHUHQ )UHPGHQKHUDQ8QWHUGLHVHQ8PVWlQGHQZDUHLQIDLUHU.DPSIXQP|JOLFK(V ZLGHUVWUHEWHPLUJHJHQGLHVHSULPLWLYEHZDIIQHWHQ0lQQHUPRGHUQH(QHUJLHZDIIHQ HLQ]XVHW]HQDEHULFKKDVWHQXUGLH:DKO]ZLVFKHQLKUHPXQGPHLQHP7RG$XHUGHP JODXEWHLFKQLFKWGDPDQXQV*HJQHUDXV)OHLVFKXQG%OXWJHJHEHQKDVWH :DKUVFKHLQOLFKKDQGHOWHHVVLFKXPSODVPDYHUNOHLGHWH5RERWHURGHUXP3URMHNWLRQHQ ,FKZLFK]XUFNSUHWHGHQ'DXPHQDXIGHQ.QRSIGHU6FKODXIHXQGVFKZHQNWH GHQ6FKLOGKLQXQGKHU$EHUDXVGHP6WDFKHOEUDFKNHLQ(QHUJLHVWUDKOZLHLFKHUZDUWHW KDVWH'HQQRFKO|VWHQVLFKGLH*HVWDOWHQDXIGLHLFK]LHOWHSO|W]OLFKDXI,QQHUKDOE NXU]HU=HLWZDUGHU.DPSIEHHQGHW$XFK7LUDNRV*HJQHUKDVWHQVLFKHLQIDFKDXIJHO|VW QDFKGHPHUVHLQH6FKLOGZDIIHEHQXW]WKDVWH:LUEOLFNWHQXQVHUOHLFKWHUWDQ³(VZDUHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
3URMHNWLRQHQ´VDJWH7LUDNR³'HU6FKLOGVWDFKHOVDQGWHRIIHQEDU,PSXOVHDXVGLHGLH 3URMHNWLRQHQO|VFKWHQ´ ,FKKREGLH6WUHLWD[WPHLQHVHUVWHQ*HJQHUVDXI³'LH:DIIHQZDUHQMHGHQIDOOV UHDO6LHKlWWHQXQVW|WHQN|QQHQ´ :LUVFKREHQGLH6FKZHUWHULQLKUH6FKHLGHQ]XUFNQDKPHQXQVHUH$UPEUVWH DQXQVXQGJLQJHQZHLWHU1DFKGHPZLUXQVGXUFKHLQHQEUHLWHQ*HVWUSSVWUHLIHQ JHDUEHLWHWKDWWHQNDPHQZLUDQHLQH:DOGOLFKWXQJDXIGHUHLQH*UXSSHJURHU YLHUEHLQLJHU7LHUHVWDQG6LH³OLFKHQXQVHUHQDUNRQLGLVFKHQ3DUNULQGHUQZDUHQDEHULP 8QWHUVFKLHG]XGLHVHQNOHLQJH]FKWHWHQ/X[XVJHVFK|SIHQULHVHQJUR9RUDOOHPGLH PlQQOLFKHQ7LHUHPLWGHP]RWWLJHQVFKZDU]EUDXQHQ)HOOXQGGHPZHLHQ 5FNHQVWUHLIHQZLUNWHQJHZDOWLJ,KUHPlFKWLJHQ+|UQHUZDUHQHUVWVHLWOLFKGDQQQDFK YRUQDXIZlUWVJHVFKZXQJHQ 'LHZHLEOLFKHQ7LHUHKDVWHQU|WOLFKHV)HOOXQGZDUHQHUKHEOLFKNOHLQHUDOVGLH %XOOHQDEHULPPHUQRFKGRSSHOWVRJURZLHDUNRQLGLVFKH3DUNULQGHU$OVGLH+HUGH XQVHQWGHFNWHZDQGWHQGLH%XOOHQXQVLKUH6FKlGHO]X,KUH1VWHUQEOLHVHQZHLOLFKHQ 'DPSIXQGDXVLKUHQ.HKOHQNDPHLQGXPSIHV'U|KQHQ7LUDNRXQGLFKOLHHQGLH 6FKLOGHIDOOHQXQGVSDQQWHQGLH$UPEUVWH.DXPKDVWHQZLUGLH%RO]HQDXIJHOHJWGD VWUPWHQDXFKVFKRQGLHEHLGHQVWlUNVWHQ%XOOHQDXIXQVORVW0LWJHVHQNWHQ+|UQHUQ UDVWHQVLHKHUDQ*HJHQVLHZUGHQVRJDUGLHJHSDQ]HUWHQ([SHGLWLRQVDQ]JH ZDKUVFKHLQOLFKQXUGUIWLJVFKW]HQ'HVKDOE]|JHUWHQZLUQLFKW'LH%RO]HQIORJHQ GDYRQ0HLQHUWUDIGHQDXIPLFKORVUDVHQGHQ%XOOHQJHQDXLQV*HQLFNH[SORGLHUWHGRUW XQGZDUIGDV7LHU]X%RGHQ 7LUDNRKDVWHZHQLJHU*OFN6HLQ%RO]HQGXUFKVFKOXJGHQ5LVWEXFNHOXQG H[SORGLHUWHHUVWGDQDFKZLUNXQJVORVLQGHU/XIW'HU%XOOHUDVWHVFKQDXEHQGZHLWHUXQG KlWWHPHLQHQ*HIlKUWHQDXIGLH+|UQHUJHQRPPHQZHQQ7LUDNRVLFKQLFKWPLWHLQHP PlFKWLJHQ6DW]LQ6LFKHUKHLWJHEUDFKWKlWWH$EHU7LUDNRVWU]WH'DGXUFKZXUGHHU SUDNWLVFKZHKUORV,FKVFKULHGDV7LHUDQXQGZHGHOWHPLWGHQ$UPHQXPHVDXIPLFK]X OHQNHQ(VUHDJLHUWHVRIRUWZDUIVLFKKHUXPXQGVWUPWHDXIPLFKORVW'DHV]XVSlW ZDUHLQHQQHXHQ%RO]HQDXI]XOHJHQOLHLFKGHQ%XOOHQDQPLFKKHUDQNRPPHQXQG VSUDQJPLWEHLGHQ)HQJHQDX]ZLVFKHQGLH+|UQHU 'DV7LHUZDUIGHQ6FKl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³,KUKDEW HXUH6DFKHJXWJHPDFKW´OREWHHU³'HU7HVWVROOWHHXUH%HREDFKWXQJVJDEHHXUH *HLVWHVJHJHQZDUWXQGHXUH)lKLJNHLW]XRSIHUEHUHLWHP=XVDPPHQVSLHOSUIHQ,KUKDEW HXFKLQDOLHQGUHL'LQJHQEHZlKUW´ ³8QGZHQQZLUXQVQLFKWEHZlKUWKlWWHQ"´IUDJWHLFK $UXQWEOLFNWHPLFKHLJHQWPOLFKDQXQGDQWZRUWHWHWURFNHQ³'DQQZlUHWLKUMHW]W WRW´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'HU*XXUWKGD$INXQLVVWDQGKLQWHUVHLQHP6FKDOWWLVFKDOVZLULQVHLQ%UR ]XUFNNHKUWHQ$UXQWKDVWHXQVHQGJOWLJHLQJHNOHLGHW7LUDNRXQGLFKWUXJHQGLH .RPELQDWLRQHQYRQ5DXPODQGHVROGDWHQ8QVHUH%HZDIIQXQJEHVWDQGDXV]ZHL +DQGZDIIHQHLQHP'HVLQWHJUDWRUXQGHLQHP,PSXOVVWUDKOHUVRZLHDXVVFKDUI JHVFKOLIIHQHQ$UNRQLWl[WHQIUGHQ1DKNDPSI 'HP+DV¶DWKRUJHJHQEHUVWDQGHLQKRFKJHZDFKVHQHU$UNRQLGHPLWKDJHUHP *HVLFKWXQGIDQDWLVFKOHXFKWHQGHQ$XJHQ0HKLQGD6FKQ|UNHOEHGHFNWHQVHLQH :DQJHQ(UPRFKWHXQJHIlKUVHFK]LJ$UNRQMDKUHDOWVHLQ$XIVHLQHUOLQNHQ%UXVWVHLWH HUNDQQWHLFKGLHEHLGHQJHOEHQ]Z|OI]DFNLJHQ6\PEROHHLQHV=ZHLVRQQHQWUlJHUVGHU NXU]H6FKXOWHUXPKDQJWUXJGDVVWLOLVLHUWH6\PEROHLQHV*UHLIYRJHOV %HLXQVHUHP$QEOLFNIlUEWHVLFKVHLQ*HVLFKWURW(UGHXWHWHDXI7LUDNRXQGPLFK XQGVDJWHVFKDUI³6LHKDEHQGLHEHLGHQ1HXHQHLQIDFKGHP5DXPODQGHNRUSV]XJHWHLOW RKQHPLFK]XIUDJHQ'DVLVWHLQH(LJHQPlFKWLJNHLWGLHLFKQLFKWGXUFKJHKHQOHVVHQ NDQQ´ ³6LHLUUHQVLFK)ORWWHQDGPLUDO3DUWKRV´HQWJHJQHWHGHU+DV¶DWKRUJHODVVHQ³,FK KDEHGDUEHU]XHQWVFKHLGHQZHOFKHU$EWHLOXQJ1HXHUZHUEXQJHQSUREHKDOEHU]XJHWHLOW ZHUGHQ´ 3DUWKRVUHDJLHUWHKLW]LJ³6RODQJH6RIJDUWDEZHVHQGLVWEHVWLPPHLFKZDVWULHU JHVFKLHKW,FKELQVHLQ6WHOOYHUWUHWHU´ 'HU+DV¶DWKRUOlFKHOWHK|KQLVFK³6LHVLQGHLQHUVHLQHUYLHU6WHOOYHUWUHWHU0HKU QLFKW-HGHUYRQXQVKDWVHLQHQ$XIJDEHQEHUHLFK,FKYHUELWWHPLUMHJOLFKH (LQPLVFKXQJ´ 3DUWKRVEOLFNWH$UXQWDQGHUVFKZHLJHQGKLQWHU7LUDNRXQGPLUVWDQG³'LH1HXHQ NRPPHQ]XU'ULWWHQ)OXJSDQ]HUWUXSSH´RUGQHWHHUDQ³5VWHVLHGHPHQWVSUHFKHQG DXV$UXQW´ ³,FKHUKDOWHPHLQH%HIHKOHYRP+DV¶DWKRU´VDJWH$UXQWXQJHUKUW 3DUWKRVHUU|WHWHQRFKPHKULPPHUKLQZDUHUDOV.HRQ¶DWKRUHLQ$GPLUDO'ULWWHU .ODVVHZlKUHQGGHU+DV¶DWKRUQXUHLQHUGHU9LHUWHQZDU6HLQ7KLFNKHIWHWHVLFKDXI PLFK³6LHXQG,KU.DPHUDGXQWHUVWHKHQDEVRIRUWPLUXQGKDEHQPHLQH%HIHKOH]X EHIROJHQ,FKEHIHKOH,KQHQKLHUPLW$UXQW]XYHUKDIWHQGDHUXQJHKRUVDPZDU´ ,FKQDKP+DOWXQJDQ³,FKEHGDXUH(UKDEHQHU,KUHQ%HIHKOQLFKWEHIROJHQ]X N|QQHQ$EHULFKKDOWHPLFKQLFKWIUNRPSHWHQWGLHKLHVLJHQ.RPSHWHQ]VWUHLWLJNHLWHQ ]XEHXUWHLOHQ'DGHU$GPLUDOXQVDQJHPXVWHUWKDWVWHKHLFKXQWHUVHLQHU %HIHKOVJHZDOW´ ³'DVLVWULFKWLJ´VDJWHGHU*XXUWKYRQ$INXQLV³3DUWKRVLFKIRUGHUH6LHDXI XQYHU]JOLFKPHLQ%UR]XYHUODVVHQ6ROOWHQ6LHQRFKHLQPDOYHUVXFKHQVLFKLQPHLQ 5HVVRUWHLQ]XPLVFKHQZUGHLFKPLFKOHLGHUJH]ZXQJHQVHKHQ6LHIHVWQHKPHQ]X ODVVHQ´ 3DUWKRVJULIIQDFKVHLQHU6WUDKOZDIIH$EHUEHYRUHUVLHQXUKDOEDXVGHP *UWHOKDOIWHUJH]RJHQKDVWHKLHOWHQ7LUDNRXQGLFKXQVHUH/XFFRWVLQGHQ+lQGHQ'LH VSLUDOI|UPLJHQ$EVWUDKOPQGXQJHQ]HLJWHQDXI3DUWKRV)OXFKHQGQDKPHUGLH+DQG YRQVHLQHU:DIIH ³'DVZHUGHQ6LHEHUHXHQ´GURKWHHUGDQQZDQGWHHUVLFKEUVNXPXQGYHUOLH GHQ5DXP ³,FKGDQNHHXFK6DWDJRXQG6RQSHU´VDJWHGHU$GPLUDO³,KUKDEWHXFK YRUELOGOLFKYHUKDOWHQ/HLGHUPDFKHQVLFKHLQLJH0lQQHUVHOEVW]X1DUUHQLQGHPVLHGLH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
]HLWZHLOLJH$EZHVHQKHLW6RIJDUWVDXV]XQXW]HQYHUVXFKHQXPVLFKLQGLH]ZHLWH 3RVLWLRQ]XVFKLHEHQ:HQQ6RIJDUW]XUFNNRPPWZLUGHUVLHEHVWUDIHQ%LVGDKLQVHKW HXFKYRU3DUWKRVZLUGHXFKVHLQH1LHGHUODJHQLFKWYHU]HLKHQ(ULVWHLQUDFKVFKWLJHU 0DQQ´(UZDQGWHVLFKDQ$UXQW³$XFKGLUGDQNHLFKREZRKOGHLQH7UHXH]XPLUVLFK YRQVHOEVWYHUVWHKW)KUHGLH1HXHQ]XP4XDUWLHUGHU6LHEWHQ5DXPODQGH%ULJDGH,FK LQIRUPLHUHGHQ6WHOOYHUWUHWHQGHQ.RPPDQGDQWHQ´ ³-D+DV¶DWKRU´$UXQWIKUWHXQVLQHLQHQ)OXJJOHLWHUKDQJDUXQGZLHV7LUDNRDQ DOV3LORW]XIXQJLHUHQ(UVHOEVWQDKPQHEHQLKP3ODW],FKPXWHPLFKPLWHLQHP3ODW] DXIGHQ5FNVLW]HQEHJQJHQ0LUZDUGDVDOOHUGLQJVUHFKWGHQQVRNRQQWHLFK ZlKUHQGGHV)OXJHVEHUGLH/DJHQDFKGHQNHQRKQHGD$UXQWDXVPHLQHP *HVLFKWVDXVGUXFNPHLQH*HGDQNHQHUUDWHQNRQQWH'HU0DFKWNDPSIDXI7UXPVFKYDDU NDPPLUQDWUOLFKVHKUJHOHJHQGHQQZHQQGLH6WHOOYHUWUHWHUGHV%OLQGHQ6RIJDUWVLFK JHJHQVHLWLJEHODXHUWHQXQGMHGHUDXIHLQH%O|HVHLQHU*HJQHUZDUWHWHNRQQWHQVLH QLFKWDXIHYHQWXHOOH)HLQGHDFKWHQGLHYRQDXHQNDPHQXQGVLFKXQWHUGLH7UXSSH PLVFKWHQ 8QGZHQQ6RIJDUW]XUXFNNHKUWZLUGHUHUVWHLQPDODOOH+lQGHYROO]XWXQKDEHQ XPGLH2UGQXQJZLHGHUKHU]XVWHOOHQ8QWHUGLHVHQ8PVWlQGHQPWHHV7LUDNRXQG PLUUHODWLYOHLFKWIDOOHQHLQHQ6FKODJJHJHQ6RIJDUWV6FKLII]XIKUHQ9LHOOHLFKWN|QQHQ ZLUHVVRJDU]HUVW|UHQ'DVJU|WH3UREOHPZDUQDFKZLHYRUZLHZLUQDFKGHP $QVFKODJGHQ3ODQHWHQVFKQHOOZLHGHUYHUODVVHQNRQQWHQVRGDZLUQLFKWGXUFKGLH 1DFKIRUVFKXQJHQJHIlKUGHWZXUGHQGLH6RIJDUWQDFKXQVHUHP6FKODJDQRUGQHQ ZUGH 1DFKNXU]HP)OXJHUUHLFKWHQZLUGDV4XDUWLHUGHU6LHEWHQ5DXPODQGH%ULJDGH (VEHIDQGVLFKLQHLQHPJURHQ:DO]HQVFKLIIGHVVHQ%HZDIIQXQJEHZLHVGDHVVLFK XPHLQHKHPDOLJHV.DPSIVFKLIIGHUhEHUVFKZHUHQKDQGHOWH'LHVHKDVWHQVLFKYRU -DKUKXQGHUWHQDXVGHQ1DFKNRPPHQHLQHU6SULQJHUVLSSHHQWZLFNHOWXQGZDUHQLQIROJH HUEOLFKHU8PZHOWDQSDVVXQJDQHLQHQ3ODQHWHQPLWKRKHP/XIWGUXFNXQG*UDYRV]X NRPSDNWHQ:HVHQJHZRUGHQGHUHQ.|USHUHEHQVREUHLWZLHKRFKZDUHQ,FKPXVWHUWH GLHQRWGUIWLJJHIOLFNWHQ6FKPHO]O|FKHUGHU6FKLIIVKOOHVRZLHGLHLKUHU.DQRQHQ EHUDXEWHQ:DIIHQGUHKNXSSHOQXQGIUDJWH³:LHNRPPWGHQQHLQ.DPSIVFKLIIGHU hEHUVFKZHUHQQDFK7UXPVFKYDDU"´ ³,KUVROOWHWQLFKWVRYLHOIUDJHQ'DVLVWEHLXQVPDQFKPDOXQJHVXQG´(UEOLFNWH PLFKZDUQHQGDQDEHULFKOLHPLFKGDYRQQLFKWEHHLQGUXFNHQ ³)DOOVLKUHLQHQ.DPSIPLWhEHUVFKZHUHQSURYR]LHUWKDEWYHUVW|WGDVJHJHQGLH *HVHW]HGHV,PSHULXPV´ $UXQWVFKZLHJDEHULFKHUNDQQWHGDPHLQH%HPHUNXQJHLQHQZXQGHQ3XQNW JHWURIIHQKDVWH2IIHQEDUOLHHVLKQQLFKWNDOWZHQQVLFK7HLOHYRQ6RIJDUWV 6|OGQHUWUXSSHXQJHVHW]OLFKHhEHUJULIIHHUODXEWHQ'LHEHLGHQ:DFKWSRVWHQDQGHU +DXSWVFKOHXVHGHV:DO]HQVFKLIIHVVDOXWLHUWHQYRU$UXQWDOVZLUHLQWUDWHQ'HU 'XQNHOKlXWLJHIKUWHXQVLQGLH=HQWUDOHGHV6FKLIIHV9LHU0lQQHUHUKREHQVLFKEHL XQVHUHP(LQWULWW(LQHUZDUHLQVHKUJURHUGUUHU$UNRQLGHPLWJHOEOLFKHU*HVLFKWVIDUEH XQGKRKOHQ:DQJHQ(UKDVWHWLHIVFKZDU]HV+DDUHLQHDXVJHVSURFKHQH6HOWHQKHLWEHL XQVHUHP\RON0HLQ/RJLNVHNWRUHUJlQ]WHHLQVFKUlQNHQG6RIHPHVVLFKQLFKWXPHLQHQ .RORQLDODUNRQLGHQKDQGHOW $UXQWEDOOWHGLH5HFKWH]XU)DXVWXQGVFKOXJVLHJHJHQVHLQHOLQNH%UXVWVHLWH ³,FKJUH6LH9HUH¶DWKRU6ROWKDULXV´VDJWHHU]XGHPGUUHQ6FKZDU]KDDULJHQ³'HU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$GPLUDOVFKLFNW,KQHQ]ZHL1HXH(UKDEHQHU6DWDJR:HUERWXQG6RQSHU7HVVOHWKDEHQ GHQ7HVWLQGHU&.XOLVVHEHVWDQGHQ´ 6ROWKDULXVPXVWHUWHXQVSUIHQG'LH0XVWHUXQJVFKLHQ]XVHLQHU=XIULHGHQKHLW DXV]XIDOOHQGHQQGHU'UHLSODQHWHQWUlJHUOlFKHOWH³'DQNH$UXQW5LFKWHGHP*XXUWK PHLQHEHVWHQ*UHDXV´ ³'DVZHUGHLFK´$UXQWQHLJWHGHQ.RSIZDQGWHVLFKXPXQGYHUOLHGLH=HQWUDOH $OVVLFKGDV6FKRWWKLQWHULKPJHVFKORVVHQKDVWHVDJWH6ROWKDULXVEHGlFKWLJ ³,FKELQLQIRUPLHUW6DWDJRXQG6RQSHU,KUKDEWHXFKHLQHP%HIHKOYRQ3DUWKRV ZLGHUVHW]WXQGVHLGGDPLWEHLLKPLQ8QJQDGHJHIDOOHQ´ ³'HU%HIHKOZDUZLGHUUHFKWOLFK´SURWHVWLHUWH7LUDNR ³,FKZHL$EHU3DUWKRVLVWPLW6RIJDUWVlOWHVWHU7RFKWHUYHUKHLUDWHWXQGKDW GHVKDOEHLQHQJHZLVVHQ(LQIOXDXILKQ(UNDQQHXFK]XHLQHP7RGHVNRPPDQGR YHUVHW]HQOHVVHQVREDOG6RIJDUWZLHGHUDXI7UXPVFKYDDULVW´ ³:LUVWHKHQXQWHUGHP6FKXW]GHV$GPLUDOV(UKDEHQHU´VDJWHLFK ³1LFKWPHKU,KUVWHKWMHW]WXQWHUPHLQHP6FKXW]XQGLFKZHUGHHXFKJHJHQDOOH hEHUJULIIHGHV3DUWKRVVFKW]HQN|QQHQ²VRODQJH6RIJDUWQLFKWDXI7UXPVFKYDDUZHLOW´ ³'XVROOWHVWLKQHQQLFKW]XYLHOVDJHQ´ZDUIHLQHUGHUEULJHQGUHL0lQQHUHLQ ³,FKZHUGHLKQHQVRJDUDOOHVVDJHQ´HQWJHJQHWH6ROWKDULXV³'LHVHEHLGHQ 0lQQHUKDEHQZHQQ6RIJDUW]XUFNNHKUWQLFKWVPHKU]XYHUOLHUHQDEHUDOOHV]X JHZLQQHQ´ ³:LHVROOHQZLUGDVYHUVWHKHQ"´,FKDKQWHGD6ROWKDULXVGLH5FNNHKU6RIJDUWV IUFKWHWHXQGLUJHQGHLQHQ3ODQKDVWHXPVLFKVHOEVW]XVFKW]HQ2IIHQEDUZROOWHHU XQVIUVHLQHQ3ODQJHZLQQHQ ³6HW]WHXFK´EHIDKOGHU6WHOOYHUWUHWHQGH.RPPDQGDQWGHU6LHEWHQ5DXPODQGH %ULJDGH$OVZLUVDHQHUNOlUWHHU³6RIJDUWLVWEHLYLHOHQ.UDODVHQHQYHUKDWGHQQHU LVWHLQ7\UDQQGHUQLFKWQXUMHGHQ)HKOHUJUDXVDPEHVWUDIWVRQGHUQXQVDXFKVWlQGLJ HLQHQ7HLOGHV6ROGHVYRUHQWKlOW'HVKDOEKDWVLFKDXI7UXPVFKYDDUHLQH*UXSSH JHELOGHWGLHDXVGHP'LHQVW6RIJDUWVDXVWUHWHQZLOO'DHUQLHPDQGHQIUHLZLOOLJJHKHQ OHVVHQZLUGJLEWHVQXUGLH0|JOLFKNHLW7UXPVFKYDDUKHLPOLFKRGHUJHZDOWVDP]X YHUODVVHQ´ ³,FKYHUVWHKH´VDJWHLFK³:LUDKQWHQQLFKWGDGHUDUWLJH=XVWlQGHDXI 7UXPVFKYDDUKHUUVFKHQVRQVWZlUHQZLUQLFKWKLHUKHUJH ³1RFKLVWHVQLFKW]XVSlW,KUVROOWGLH*HOHJHQKHLWHUKDOWHQHXFKGHUHUZlKQWHQ *UXSSHDQ]XVFKOLHHQ/HLGHUKDWHVHLQH3DQQHJHJHEHQ'UHLIKUHQGH0LWJOLHGHUGHU *UXSSHZXUGHQYRQ3DUWKRV¶/HXWHQYHUKDIWHWGDUXQWHUXQVHU$QIKUHU.HODWRV´(U EOLQ]HOWHOLVWLJ³8EULJHQVLVW.HODWRVPHLQ6WLHIEUXGHU'HVKDOEZHUGHLFKHXFKQLFKW OlQJHUVFKW]HQN|QQHQVREDOG6RIJDUWQDFK7UXPVFKYDDU]XUFNJHNHKUWLVW3DUWKRV ZLUGLKPHLQUHGHQLFKKlWWHJHPHLQVDPPLWPHLQHP6WLHIOEUXGHUHLQ.RPSORWWJHJHQ LKQJHVFKPLHGHW´ ³6WLPPWGDVGHQQQLFKW"´IUDJWH7LUDNR 6ROWKDULXVODFWDWH³,KUEHJUHLIWVFKQHOO$EHUN|QQWLKUDXFKVFKQHOOKDQGHOQ"´ ³'DVNlPHDXIHLQHQ9HUVXFKDQ´,FKOlFKHOWHNKO³,FKQHKPHDQ6LHP|FKWHQ XQVGDIUJHZLQQHQDQGHU%HIUHLXQJ,KUHV6WLHIEUXGHUVPLW]XZLUNHQ´ 6ROWKDULXVKROWHWLHI/XIW³0LWGHLQHP9HUVWDQGN|QQWHVWGXEDOGHLQJXWEH]DKOWHU 8QWHUIKUHUGHU.HODWRV*DUGHVHLQ6DWDJR'XKDVWUHFKWZLUZROOHQPHLQHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6WLHIEUXGHUEHIUHLHQ(ULVWGHUJHERUHQH2UJDQLVDWRUXQG$QIKUHU0LWLKPZLUGHVXQV JHOLQJHQ7UXPVFKYDDU]XYHUODVVHQXQGHLQHHLJHQH6|OGQHUWUXSSHDXI]XEDXHQ´ 7LUDNRXQGLFKVDKHQXQVDQ'DVZDUGLH*HOHJHQKHLWZLHVLHVLFKXQVDXI 7UXPVFKYDDUEHVWLPPWQXUHLQPDOERW:LUNRQQWHQHVXQVHLQIDFKQLFKWOHLVWHQVLH XQJHQXW]WYHUVWUHLFKHQ]XOHVVHQ,FKQLFNWH³9HUIJHQ6LHEHUXQV7LJD 5DQWRQ¶LDQWD´ 6ROWKDULXVXQWHUULFKWHWHXQVGDUEHUGD.HODWRVLQHLQHPVFKZHUJHSDQ]HUWHQ 5DXPVFKLIILQGHU1lKHGHV=HQWUXPVYRQ8]UXKJHIDQJHQJHKDOWHQZXUGH'DQDFK ZHLKWHHUXQVLQVHLQHQ3ODQHLQ,QVJHVDPWJHK|UWHQPLW7LUDNRXQGPLU VLHEHQXQG]ZDQ]LJ0DQQ]XGHU*UXSSHYRQ.UDODVHQHQGLHGDV6|OGQHUGDVHLQXQWHU GHP%OLQGHQ6RIJDUWVDWWKDWWHQ 8QWHULKQHQEHUZRJHQGLH5DXPVFKLIIVWHFKQLNHUYRUQHKPOLFK 7ULHEZHUNVLQJHQLHXUHXQG*DODNWRQDXWHQ6LHKDVWHQLKUH)OXFKWYRQ7UXPVFKYDDUVHLW ODQJHU=HLWYRUEHUHLWHWXQGEHUHLWVYLHUGHUDOWHQ5DXPVFKLIIHHLQLJHUPDHQVWDUWNODU JHPDFKW'LHVHYLHU6FKLIIHVROOWHQYRQMHHLQHPNOHLQHQ7UXSSEHVHW]WZHUGHQ ZlKUHQGGLHUHVWOLFKHQ]HKQ0lQQHUGDV*HIlQJQLVVFKLIIDQJUHLIHQXQG.HODWRV EHIUHLHQZROOWHQ$QVFKOLHHQGPXWHQZLUXQVLQGLH5DXPVFKLIIHEHJHEHQXQGVRIRUW VWDUWHU ³:LHYLHOH:DFKWSRVWHQEHILQGHQVLFKLP*HIlQJQLVVFKLII"´HUNXQGLJWHLFKPLFK ³=ZDQ]LJ0DQQYRQ3DUWKRV¶7UXSSH´VDJWH6ROWKDULXV ,FKKDVWH0KHHLQPLWOHLGLJHV/lFKHOQ]XXQWHUGUFNHQ'HU0DQQLVWHLQ 6WPSHUZHQQHUYHUVXFKHQZLOOPLW]HKQ0lQQHPRIIHQHLQYRQ]ZDQ]LJ0lQQHUQ EHZDFKWHV6FKLIIDQ]XJUHLIHQ$EHUZDKUVFKHLQOLFKZLOOHUGDV(UJHEQLVGHU %HIUHLXQJVDNWLRQLQHLQHPGHUYLHULQVWDQGJHVHW]WHQ5DXPVFKLaHDEZDUWHQXQGKDW GHVKDOENHLQH6NUXSHOJURH9HUOXVWHEHLP%HIUHLXQJVNRPPDQGRHLQ]DNDONXOLHUHQ ³'HU3ODQLVWVFKOHFKW´VDJWHLFKXQYHUEOPW³(UVWHQVZHOOZLURIIHQDQJUHLIHQVROOHQ XQG]ZHLWHQVZHOO3DUWKRVVLFKHUPLWHLQHP%HIUHLXQJVYHUVXFKUHFKQHWXQG HQWVSUHFKHQGH9RUNHKUXQJHQJHWURIIHQKDW´ ³:LHVSULFKVWGXPLWGHLQHP9RUJHVHW]WHQ"´IXKUHUPLFKDQ ³,FKHUODXEHPLUHLQHRIIHQH6SUDFKH(UKDEHQHUZHOOLFKVLFKHUELQGDZLU ZHQQZLUQDFKGHPELVKHULJHQ3ODQYRUJHKHQQLFKWQXUJURH9HUOXVWHHUOHLGHQ ZUGHQVRQGHUQDXHUGHP.HODWRVQLFKWEHIUHLHQN|QQWHQ:DKUVFKHLQOLFKZUGH 3DUWKRV,KUHQ6WLHIEUXGHUQDFKHLQHPJHVFKHLWHUWHQ%HIUHLXQJVYHUVXFKKLQULFKWHQ ODVVHQ´ ³(UKDWUHFKW´ZDUIHLQHUVHLQHU2UEWRQHQHLQ 6ROWKDULXVEHUXKLJWHVLFKZLHGHU2IIHQEDUHUNDQQWHHUGDPHLQH$UJXPHQWH VWLFKKDOWLJZDUHQ³:DVVFKOlJVWGXYRU"´ ³:LUEUDXFKHQHLQHQ9HUUlWHU-HPDQGPXKHLPOLFK]X3DUWKRVJHKHQXQGLKP µYHUUDWHQGDZLULP%XQGHPLWGHP$GPLUDOVHLQ+DXSWTXDUWLHUVWUPHQZROOHQ=X GHUYRQLKPDQJHJHEHQHQ=HLWVROOWHQVLFKGDQQWDWVlFKOLFKHLQLJH0lQQHUDQGDV +DXSWTXDUWLHUGHV.HRQ¶DWKRUVKHUDQPDFKHQXQGGLH3RVWHQLQHLQ*HSOlQNHO YHUZLFNHOQ'DVZlUHGDQQGHU=HLWSXQNWDQGHPZLUORVVFKODJHQN|QQWHQ1DWUOLFK QLFKWRIIHQ8QVHU7UXSSPXGLH.OHLGXQJYRQ3DUWKRV¶7UXSSHWUDJHQXQGPLWHLQHP )OXJSDQ]HUDP*HIlQJQLVVFKLIIYRUEHLIDKUHQDQJHEOLFKPLWHLQHP%HIHKOYRQ3DUWKRV GHQ*HIDQJHQHQXP]XTXDUWLHUHQGDPLWHLQHP%HIUHLXQJVYHUVXFK]XUHFKQHQVHL´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6ROWKDULXVEOLFNWHPLFKZRUWORVDQ,FKOlFKHOWH³(LQVLFNHUXQJVWDNWLN8QWHUGHQ JHJHEHQHQ8PVWlQGHQYHUVSULFKWVLHEHLNOHLQHP5LVLNRGHQJU|WHQ(UIROJ´ 'HU0LHQHGHV'UHLSODQHWHQWUlJHUVZDUDQ]XVHKHQGDHUPHLQHQ9RUVFKODJ DEOHKQHQZROOWHXQGVHLHVQXUZHOOHUQLFKWYRQLKPVWDPPWH'RFK]ZHLVHLQHU 2IIL]LHUHSIOLFKWHWHQPLUEHG(VNDP]XHLQHU'LVNXVVLRQLQGHUHQ9HUODXIVFKOLHOLFK VRZRKOGLHGUHL2UEWRQHQDOVDXFK6ROWKDULXVVHOEVWPHLQHP3ODQ]XVWLPPWHQ $OOHUGLQJVVWHOOWHHU]XU%HGLQJXQJGDLFKVHOEVWGHQ9HUUlWHUVSLHOHQXQG]X3DUWKRV JHKHQVROOWH:DKUVFKHLQOLFKGDFKWHHULFKZUGHPLFKYRUHLQHU%HJHJQXQJPLW 3DUWKRVIUFKWHQZHOOLFKLP%URGHV$GPLUDOVVHLQHQ=RUQHUUHJWKDWWH (UNRQQWHQLFKWDKQHQGDHVYRQ$QIDQJDQPHLQH$EVLFKWJHZHVHQZDU NHLQHPDQGHUHQGLH5ROOHGHV9HUUlWHUV]XEHUODVVHQ1DFKGHPZLUGLHOHW]WHQ (LQ]HOKHLWHQGXUFKJHVSURFKHQKDWWHQJLQJHQZLUDQGLHSUDNWLVFKH'XUFKIKUXQJ PHLQHV3ODQHV1DWUOLFKNRQQWHLFKQLFKWHLQIDFK]X3DUWKRVJHKHQXQGPRUDOLVFKH (QWUVWXQJEHUHLQHQ3ODQKHXFKHOQGHQLFK]XIlOOLJHUIDKUHQKDVWH'DVKlWWHGLHVHQ 0DQQJDQ]JHZLQLFKWEHU]HXJW,FKPXWHLKPHLQ0RWLYQHQQHQGDVHLQ KRFKJHVWHOOWHU6|OGQHUIKUHUGHUVWlQGLJLQWULJLHUWHXQG,QWULJHQDE]XZHKUHQKDVWH DXFKDOVP|JOLFKHVHLJHQHV0RWLYDQVDK $OVGLH1DFKWKHUHLQEUDFKVFKOLFKLFKPLFKDXVGHP:DO]HQVFKLII$XVGHP 1DFKEDUVFKLIIHLQHPS\UDPLGHQI|UPLJHQ*HELOGHGUDQJGDV*U|OHQEHWUXQNHQHU .UDODVHQHQ=ZHL0lQQHUODJHQUHJORVDXIGHU6WUDH(LQGULWWHU0DQQZDQNWHDXIPLFK ]XXQGZROOWHPLFKIHVWKDOWHQ,FKVWLHLKQYRUGLH%UXVW'RFKHUWDXPHOWHQLFKW]XUFN VRQGHUQKDVWHLPQlFKVWHQ$XJHQEOLFNPHLQH+DQGJHOHQNHXPNODPPHUW$QVHLQHP $WHPPHUNWHLFKGDHUNHLQHQ7URSIHQ$ONRKROJHWUXQNHQKDVWH,FKKLHOWPLFKQRFK ]XUFN³:DVZLOOVWGX"´ ³'XELVWHLQHUYRQGHQ1HXHQ,FKKDOWHHVQLFKWIUJXWZHQQGXXQVHU6FKLII YHUOlW6RYLHOLFKZHLKDW6ROWKDULXVPLWGLUXQGGHLQHP)UHXQGEHUXQVHUHQ3ODQ JHVSURFKHQ,FKZLOOQLFKWGDGXGLFKLUJHQGZREHWULQNVWXQGGDQQUHGHVW´ ³,FKKDEHQLFKWYRUPLFK]XEHWULQNHQ,FKZLOOQXUHLQZHQLJDQGLHIULVFKH/XIW /DPLFKORV´ (UXPNODPPHUWHPHLQH+DQGJHOHQNHQXUQRFKIHVWHU'DEHLYHUVXFKWHHUPLFK ]XP:DO]HQVFKLII]XUFN]XGUlQJHQ(UZDUVHKUVWDUN.XU]HQWVFKORVVHQZDQGWHLFK HLQHQMHQHU'DJRUJULIIHDQGLHPLU)DUWXORRQEHLJHEUDFKWKDVWH'HU0DQQVDFNWH VW|KQHQG]XVDPPHQ,FKHLOWHGDYRQXQGPDVVLHUWHPLUGLHVFKPHU]HQGHQ +DQGJHOHQNH6ROWKDULXVKDVWHJHQDXEHVFKULHEHQZHOFKHV5DXPVFKLII3DUWKRVDOV +DXSWTXDUWLHUGLHQWHXQGZRHVVWDQG(VZDUHLQHVGHUZHQLJHQJURHQXQGLQWDNWHQ .XJHOUDXPVFKLIIHDXI7UXPVFKYDDUHLQ6FKODFKWNUHX]HUYRQ0HWHUQ'XUFKPHVVHU $OVLFKHVHUUHLFKWHHQWGHFNWHLFKGLH)OXJSDQ]HUGLHULQJVXP3DUWKRV¶6FKLII VWDQGHU'LHVHU0DQQKDVWHYRUJHVRUJWGDVHLQH5LYDOHQLKQQLFKWDXVKHEHQNRQQWHQ ,FK]|JHUWHHLQH:HLOH²XQGILHOGDGXUFKEHUHLWVDXI(LQ)OXJSDQ]HUJOLWWEHLQDKH ODXWORVKHUDQKLHOWGLFKWQHEHQPLUXQGGDQQ|IIQHWHVLFKHLQH/XNH=ZHL%HZDIIQHWH VSUDQJHQKHUDXVQDKPHQPLFKLQLKUH0LWWHXQGIKUWHQPLFKVFKQHOO]XU %RGHQVFKOHXVHGHV.XJHOVFKLIIHVZlKUHQGGHU)OXJSDQ]HUGHQ9RUJDQJJHJHQ QHXJLHULJH$XJHQDEVFKLUPWH,FKZXUGHLQHLQH:DFKVWXEHJHVWRHQ(LQXQWHUVHW]WHU 2UEWRQIXKUPLFKDQ³:HUELVWGX²XQGZDVWUHLEVWGXKLHU"´ ³'DVVDJHLFKQXU.HRQ¶DWKRU3DUWKRV´,PQlFKVWHQ0RPHQWPXWHLFK HUNHQQHQGDLFKGLHUDXKHQ6LWWHQGHU.UDODVHQHQXQWHUVFKlW]WKDVWH'UHL0lQQHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
YHUSUJHOWHQPLFKV\VWHPDWLVFKELVLFKKDOEEHZXWORVDP%RGHQODJ,FKZXUGH DXIJHKREHQXQGLQHLQH1D]HOOHJHIKUWZRPDQPHLQHQ.RSILQNDOWHV:DVVHU VWHFNWH$QVFKOLHHQGLQML]LHUWHPDQPLUHLQ$XISXWVFKPLWWHO'DQQVWDQGLFKZLHGHUYRU GHPZDFKKDEHQGHQ2UEWRQ ³:LUVWGXMHW]WUHGHQ"´(UVSUDFKRKQHMHGHQ6SRWWVHLQ*HVLFKWYHUULHWOHGLJOLFK ,QWHUHVVH ³:HQQ3DUWKRVHUIlKUWGDLKUVFKXOGVHLGGDLKPHLQHZLFKWLJH0HOGXQJ YRUHQWKDOWHQZLUGP|FKWHLFKQLFKWLQFXUHU+DXWVWHFNHQ´ ³'DVN|QQWHMHGHUEHKDXSWHQ´ ,FKPHUNWHGDHUXQVLFKHUJHZRUGHQZDU³1DWUOLFK´HQWJHJQHWHLFKP|JOLFKVW JOHLFKJOWLJ³DEHULFKNDQQHVEHZHLVHQZHQQLKUPLFK]X3DUWKRVODW´ ³(UKDWQRFKQLFKWJHQXJ´,QGHU6WLPPHHLQHVGHU3RVWHQVFKZDQJ %HZXQGHUXQJPLW³6ROOHQZLULKPHLQH6SH]LDOEHKDQGOXQJ]XNRPPHQODVVHQ"´ (LQDQGHUHU2IIL]LHUVWUHFNWHVHLQHQ.RSILQGLH:DFKVWXEH³,FKZUGHLKQ]X 3DUWKRVEULQJHQ'DVLVWHLQHUGHUQHXHQ0lQQHUYRQ6ROWKDULXV(LQHUXQVHUHU %HREDFKWHUPHOGHWHGDHUDXV6ROWKDULXV¶5DXPHUNDP´(UVFKOXJHLQHQ0DQQYRQGHU 6LHEWHQQLHGHUGHULKQDXIKDOWHQZROOWH´ ³$OVRJXWLFKULVNLHUHHV´'HU:DFKKDEHQGHZLQNWHGHQEHLGHQ3RVWHQ ³%HKDOWHWLKQLP$XJH´ 'LH0lQQHUQDKPHQPLFKZLHGHULQLKUH0LWWHXQGIKUWHQPLFK]XHLQHP $QWLJUDYOLIW'HU2IIL]LHUIROJWHXQV:LUVFKZHEWHQLQV0LWWHOGHFNKLQDXIXQGEHWUDWHQ ZHQLJVSlWHUGLH.RPPDQGR]HQWUDOHGHV6FKLIIHV³:HUEULQJVLKUGD"´ 'HU2UEWRQVDOXWLHUWH³'LHVHU0DQQJHK|UW]XU6LHEWHQ%ULJDGH.HRQ¶DWKRU(U WULHEVLFKYRUGHP+DXSWTXDUWLHUKHUXPGHVKDOEQDKPHQZLULKQIHVV'DHUQLFKW VSUHFKHQZROOWHPXWHQZLULKQHWZDVKDUWDQIDVVHQ(UZHLJHUWHVLFKMHGRFKZHLWHUKLQ ]XYHUUDWHQZDVHUWULHUZROOWH'DVZLOOHUQXU,KQHQSHUV|QOLFKVDJHQ(UKDEHQHU´ 3DUWKRVZDUZlKUHQGGHU(UNOlUXQJHQQlKHUJHWUHWHQ(UEOLFNWHPLFKVFKDUIDQ NRQQWHPLFKDEHUZHJHQGHUGXUFKGLH6FKOlJHYHUXUVDFKWHQ6FKZHOOXQJHQQLFKWVRIRUW HUNHQQHQ1DFKHLQHU:HLOHDEHUZHLWHWHQVLFKVHLQH$XJHQ³'DVLVWGRFKGLHVHU1HXH GHUPLUGHQ*HKRUVDPYHUZHLJHUWHXQGVRJDUVHLQH:DIIHJHJHQPLFK]RJ6DWDJR :HUERWZHQQLFKPLFKQLFKWLUUH"´ ³6LHLUUHQVLFKQLFKW.HRQ¶DWKRU,FKPXWH]XP$GPLUDOKDOWHUGDLFKGLH 9HUKlOWQLVVHDXI7UXPVFKYDDUQRFKQLFKWNDQQWH´ ³8QGMHW]WNHQQVWGXVLH".DQQVWGXPLUHLQHQ*UXQGQHQQHQZDUXPLFKGLFK QLFKWVRIRUWHUVFKLHHQOHVVHQVROO"´ ³6HOEVWYHUVWlQGOLFK(UKDEHQHU$QGHUQIDOOVKlWWHLFKPLFKQLHPDOV KLHUKHUJHZDJW´ ³,QWHOOLJHQWVFKHLQVWGXZHQLJVWHQV]XVHLQ$OVRLFKK|UH´ ,FKHU]lKOWHLKPGLH*HVFKLFKWHGLHLFKPLUDXVJHGDFKWKDVWHXQGVFKOR³,FK KlWWH,KQHQGLHVHQ3ODQQLHPDOVYHUUDWHQZHQQLFKQLFKWVHOEVWYHUUDWHQZRUGHQZlUH 'HU$GPLUDOKDVWHPLULQVHLQHP%UR]XJHVLFKHUWLFKZUGHQDFKXQVHUHU)OXFKWGDV .RPPDQGREHUHLQ5DXPVFKLIIHUKDOWHQ6ROWKDULXVDEHUODFWDWHPLFKDXVDOVLFKLKQ GDQDFKIUDJWH(UPHLQWHLFKVROOHHUVWHLQPDO]ZHL-DKUHDOVHLQIDFKHU$UEWDQGLHQHQ´ ³6ROWKDULXVLVWHLQDUURJDQWHU1DUU´VDJWH3DUWKRVDEIlOOLJGDV0HKLQGD0XVWHU DXIVHLQHUOLQNHQ:DQJH]XFNWH³(UIKOWVLFKZDKUVFKHLQOLFKVFKRQDOV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
.UDODVHQHQIKUHUVHLWVHLQ6WLHIEUXGHU.HODWRVLP*HIlQJQLVVLW]W$EHUHUKDWQLFKW GHVVHQ)RUPDWVRQVWZUGHHUQLFKWYHUVXFKHQPHLQ+DXSWTXDUWLHU]XVWUPHQ´ ³.|QQWHHVQLFKWVHLQGDHUJOHLFK]HLWLJVHLQHQ6WLHIEUXGHU]XEHIUHLHQ YHUVXFKW"´ZDUIHLQ2UEWRQHLQ ³(UZLUGVLFKKWHQ´VDJWH3DUWKRVLURQLVFK³9RU]ZHL7DJHQYHUVXFKWHHLQ :DUWHU.HODWRV]XYHUJLIWHQ$OVLFKLKQYHUK|UWHVWHOOWHVLFKKHUDXVGD6ROWKDULXVLKQ GD]XDQJHVWLIWHWKDW1HLQ6ROWKDULXVLVWKHLOIURKGDVLFKVHLQ6WLHIEUXGHUQLFKWLQ )UHLKHLWEHILQGHW6RQVWN|QQWHHUQlPOLFKQLFKWNRPPDQGLHUHQ*HJHQ.HODWRVLVWHUHLQ 1LFKWV´ 0LUZXUGHHLQLJHVNODU,FKKDVWHHVELVKHUGHU8QIlKLJNHLWYRQ6ROWKDULXV ]XJHVFKULHEHQGDVHLQ3ODQXUVSUQJOLFKYRUVDK.HODWRVLQRIIHQHP$QJULIIDXIGDV *HIlQJQLVVFKLII]XEHIUHLHQ(UKDVWHYLHOPHKUGDV6FKHLWHUQGLHVHV9HUVXFKV HLQNDONXOLHUWXQGGHQ=ZLVFKHQIDOOQXU]XU7DUQXQJGHUHLJHQHQ)OXFKWEHQXW]HQZROOHQ ,FKPXWHXQEHGLQJWLP*HIlQJQLVVFKLIIVHLQZHQQHVDQJHJULIIHQZXUGHGDPLWLFK QRWIDOOVYHUKLQGHUQNRQQWHGD.HODWRVXQWHUGHQ6WUDKOVFKVVHQHLQHVJHGXQJHQHQ 0|UGHUVVWDUE3DUWKRVPXVWHUWHPLFKPLWHLJHQWPOLFKHP/lFKHOQ³'HU$GPLUDOXQG 6ROWKDULXVKDEHQVLFKDOVRJHJHQPLFKYHUEQGHW6DWDJR"´ ³6RLVWHV.HRQ¶DWKRU´ ³8QGGXVWHOOVWGLFKDXIPHLQH6HLWHZHOO6ROWKDULXVGLFKEHWUJHQZROOWH"´ ³1LFKWQXUGHVKDOE$OVLFKHUIXKUGD6RIJDUW,KU6FKZLHJHUYDWHULVWZXUGHPLU NODUGDLFKDXIGHUIDOVFKHQ6HLWHVWDQG$EHUGDIUNRQQWHLFKQLFKWVGHQQLFKZDULQ GLHVH3RVLWLRQJHGUlQJWZRUGHQDOVLFKGLH9HUKlOWQLVVHDXI7UXPVFKYDDUQRFKQLFKW GXUFKVFKDXWH´ ³8QGGXUHFKQHVWGDPLWGDLFKGLUGDVJHZlKUHZDV6ROWKDULXVGLU YHUZHLJHUWH"´IRUVFKWH3DUWKRVZHLWHU ³1HLQ=KGRSDQ6LHKDEHQPLUQLFKWVYHUVSURFKHQIROJOLFKGDUILFKYRQ,KQHQ DXFKQLFKWVHUZDUWHQ,FKKRIIHMHGRFKGD6LHPLUPHLQ9HUKDOWHQEHLP$GPLUDO YHU]HLKHQXQGPLUGLH0|JOLFKNHLWJHEHQPLFKLQ,KUHU7UXSSH]XEHZlKUHQ´ ³'DVZlUHP|JOLFK$EHUGDPLWGXWULHUNHLQHQ8QIXJVWLIIHVWZlKUHQG6ROWKDULXV PHLQ+DXSWTXDUWLHUDQJUHLIWZLUVWGXGLHVH1DFKW.HODWRV*HVHOOVFKDIWOHLVWHQ´(UJDE GHP2IIL]LHUGHU:DFKHHLQHQ:LQN³%ULQJWLKQLQV*HIlQJQLV´ $XV7KH$UFKDLF$JHVRI$UNRQ²DQLQWURGXFWLRQ)%RUGHV&RPPRW,Q7KH &DPEULJGH+LVWRU\RI0DQNLQG&DPEULGJH7HUUD 'LH$UFKDLVFKHQ3HULRGHQVLQGIUGLH$OW$UNRQLGHQQLFKWQXUDXVGHUSROLWLVFK LVRODWLRQLVWLVFKHQ6LFKWYRQ%HGHXWXQJJHZHVHQ0LQGHVWHQVHEHQVRZLFKWLJIUGDV ZHLWHUH6FKLFNVDOGHV,PSHULXPVZDUHQGLHWLHIJUHLIHQGHQNXOWXUHOOHQ9HUD¶QGHUXQJHQ GHQHQGLHIUKDUNRQLGLVFKH*HVHOOVFKDIWOHW]WOLFKGDVhEHUOHEHQYHUGDQNWH'HU DOOWlJOLFKH.DPSIXPVhEHUOHEHQGHUQXULQQHUKDOEHLQHUIXQNWLRQVIlKLJHQ YHUVFKZRUHQHQ*HPHLQVFKDIW]XJHZLQQHQZDU]HPHQWLHUWHGDVXQWHU*ZDORQ,XQG VHLQHQ1DFKIROJHPHQWVWDQGHQH³SODQHWDUH9DVDOOHQWXP´³:DVDEHUYLHOZLFKWLJHULVW 'LH8QWHUVFKLFKWGLHPLW]XQHKPHQGHP5FNJDQJGHV/HEHQVVWDQGDUGVQDFKGHP =XVDPPHQEUXFKGHULQWHUVWHOODUHQ5DXPIDKUW]XHLQHPSROLWLVFKHQ+H[HQNHVVHO
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
JHZRUGHQZDUGHUVLFKQXUPLW0KHGXUFKPLOLWlULVFKH3UlVHQ]NRQWUROOLHUHQOLHVDK VLFKOHW]WHQGOLFKYRUGLHXOWLPDWLYH:DKOJHVWHOOW²HQWZHGHUPLWGHP7HFKQRORJLH$GHO LPHQJHQ.RUVHWWGHU7ULEXWUHFKWHNRRSHULHUHQRGHULQHLQHUIUHLKHLWOLFKHQ$QDUFKLH XQWHUJHKHQ 'LH³ORJLVFKH´:DKOILHOYLHOHQQLFKWOHLFKW'LH.KDVXP&KURQLNHQ]DKOUHLFKHU *HVFKOHFKWHUEHULFKWHQQRFKELVLQVVSlWH-DKUKXQGHUWGD$UNYRQ(VVR\D $XIVWlQGHQ6SHLFKHU%HVDW]HP+XQJHUNDUDZDQHQ$GHO0DVVDNHPPDURGLHUHQGHQ 6|OGQHUWUXSSVXQG3OQGHUEDQGHQMHJOLFKHU&RXOHXU9RUDOOHPMHQHDOV³.UDODVHQHQ´ EH]HLFKQHWHQ+RUGHQJDOWHQDOVGLH6FKOLPPVWHQ 1DFKGHUHQGJOWLJHQ(YDNXLHUXQJGHV,PSHUDWRUVXQGVHLQHV6WDEHVYRP GDPDOLJHQGULWWHQ]XP]ZHLWHQ3ODQHWHQVSlWHUQDFKGHU(QWVWHKXQJYRQ7LJD5DQWRQ $UNRQ,,,XQG$UNRQ, DQJHEOLFKYRQ=DUWDQ,GD$UNPLW+LOIHGHUOHW]WHQ IXQNWLRQVIlKLJHQXQWHUOLFKWVFKQHOOHQ7UDQVSRUWVFKLIIHGXUFKJHIKUW²XQGGHP GDUDXIIROJHQGHQHQGJOWLJHQ]LYLOLVDWRULVFKHQ8QWHUJDQJDXIGHQEULJHQ:HOWHQ JHZDQQGLH³6DYDQQHQ$JURNXOWXU´DXIGHPbTXDWRULDONRQWLQHQW/DNWUDQRUGHXWOLFKDQ %HGHXWXQJ 6LHZDUQHEHQGHP³6RQGHUIDOO,SUDVD´GLHHLQ]LJHEHUHLWVH[LVWLHUHQGH )RUP YRQ=LYLOLVDWLRQGLHLQGHU/DJHZDU0LOOLRQHQYRQ$UNRQLGHQLQHLQIXQNWLRQLHUHQGHV 'LVWULEXWLRQVV\VWHPHLQ]XELQGHQLQGHPQLFKWQXUGLH*UXQGEHGDUIVJWHUVRQGHUQDXFK GDV³*DWK)DHKUO´YRQXQVLQ]ZLVFKHQDXFKDOV³DNRQLVFKHV/RV7HFK´XPVFKULHEHQ² IUGLH]XNQIWLJHQ*HQHUDWLRQHQZLUNXQJVYROODXIEHZDKUWZHUGHQNRQQWH 'LH(UHLJQLVVHGHV-DKUHVGD$UNZDUHQHLQH:HQGH1DFKGHP7RGGHV DOWHQ(LKUHWWV,ZXUGHHLQEHUHLQHYROOH$UNRQ3HULRGHYRQ3UDJRVJHKHQGHU 'DJRU7MRVWDOV$XVVFKHLGXQJVWXPLHUDQJHVHW]WXPGHQ6LHJHU]XPQHXHQ,PSHUDWRU]X NUHQHVZDUHLQ.DPSIDXI/HEHQXQG7RGDOVOHW]WHUEHUOHEWHVFKZHUYHUOHW]W 5DQDVFKDOGD)RUWH\Q6HLQH,QWKURQLVDWLRQV]HLWDOV,PSHUDWRU)RUWH\Q,EHJQVWLJWHGLH 'H]HQWUDOLVLHUXQJGHU0DFKWDXIHLQ]HOQHGHU*URHQ.HOFKHGLHVLFKDOWFKLQHVLVFKHQ :DUORUGVJOHLFKLQVWlQGLJHU.RQNXUUHQ]XPGLHNQDSSHQ5HVVRXUFHQEHIDQGHQ 'RFKJHUDGHGHVZHJHQZXUGH*RV¶5DQWRQGLH.ULVWDOOZHOW]XGHU ³.DGHUVFKPLHGH´IUGLH)KUXQJVVFKLFKWGHVQDFK(QGHGHU$UFKDLVFKHQ3HULRGHQ ZLHGHUDXIVWUHEHQGHQ7DL$UN¶7XVVDQ-DKUKXQGHUWHVSlWHUZUGHQGLH$EVROYHQWHQGHU LPSHULDOHQ$NDGHPLHQPLW$EVFKHXXQG(QWVHW]HQYRQGHQFKDRWLVFKHQ9HUKlOWQLVVHQ DXI0HKDQ¶5DQWRQXQG*RU¶5DQWRQEHULFKWHQ²XQGXPVRRIIHUHUZDUHQVLHGDQQIUGLH (UUXQJHQVFKDIWHQGHU,SUDVD.XOWXUXQGGHUGDPLWYHUEXQGHQHQYRQGHQ*LMDKWKUDNRV JHI|UGHUWHQ'DJRU3KLORVRSKLHPLWLKUHP.HUQNRGH[GHU³=Z|OI(KHPHQ3ULQ]LSLHQ´ 0DQNDQQHVNDXPWUHIIHQGHUDXVGUFNHQDOV%DUNDPGHU*URH³'DV$UNRQ 5LWWHUWXPYHUGDQNWVHLQH(QWVWHKXQJGHP0HKLQGDXQGGHP(VVR\DGHU3HLWVFKHXQG GHP=XFNHUEURWGHU6DYDQQH´ ,FKJDEPLFKNHLQHVZHJVGHU,OOXVLRQKLQGD3DUWKRVPLUYHUWUDXHQZUGH,Q 6RIJDUWV7UXSSHNRQQWHQLHPDQGELV]XP)ORWWHQDGPLUDODXIVWHLJHQGHUYHUWUDXHQVVHOLJ ZDU=ZHLIHOORVZROOWH3DUWKRVPLFKPLW.HODWRV]XVDPPHQVSHUUHQOHVVHQXPPLFK]X WHVWHU8QGVLFKHUJDEHVLP*HIlQJQLVVFKLII$QODJHQPLWGHQHQGLH*HVSUlFKHGHU *HIDQJHQHQDEJHK|UWZHUGHQNRQQWHQ'UHL0DQQEUDFKWHQPLFKLQHLQHQ)OXJSDQ]HU GHUPLFK]XP*HIlQJQLVVFKLIIWUDQVSRUWLHUWH $OVZLUDXVVWLHJHQVDKLFKGDHVVLFKXPHLQHWZDKXQGHUW0HWHU GXUFKPHVVHQGHV.XJHOVFKLIIPLWVWDUNDEJHSODWWHWHQ3ROHQKDQGHOWH0LUZDUQLFKW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
EHNDQQWZHOFKHV\RONGLHVHQ6FKLIIVW\SEDXWHGRFKLQ]ZLVFKHQKDVWHLFKPLFKGDPLW DEJHIXQGHQGDGLH.UDODVHQHQRIIHQNXQGLJ%HXWH]JHLQJDODNWLVFKH%H]LUNH GXUFKIKUWHQGLHGHP*URHQ,PSHULXPRIIL]LHOOY|OOLJXQEHNDQQWZDUHQ'HUDUWLJH .DSHUIOJHVWHOOWHQDOOHUGLQJVHLQH*HIlKUGXQJGHU6LFKHUKHLWGHV7DL$UN¶7XVVDQGDU GHQQVLHSURYR]LHUWHQIUHPGH9|ONHUXQGNRQQWHQHLQHV7DJHV]X9HUJHOWXQJVVFKOlJHQ IKUHQGLHXQVLQHLQHQJURHQ.ULHJYHUZLFNHOWHQ ,FKQDKPPLUIHVWYRUQLFKWQXU6RIJDUWV6|OGQHUDUPHHDXI]XO|VHQVREDOGLFK GDV(UEHPHLQHVHUPRUGHWHQ9DWHUVDQJHWUHWHQKDWWHVRQGHUQ]XVlW]OLFKDOOHDQGHUHQ 9HUElQGHVWUDIINRQWUROOLHUHQ]XOHVVHQ9RUHUVWPXWGXGLFKGDPLWDEILQGHQLQHLQHP *HIlQJQLVGHU.UDODVHQHQ]XODQGHUULHIPLFKGHU([WUDVLQQ]XU2UGQXQJ/DGDV 7UlXPHQ.ULVWDOOSULQ] 'LHGUHL6ROGDWHQGLHPLFK]XP)OXJSDQ]HUJHEUDFKWKDWWHQIKUWHQPLFKLQGDV *HIlQJQLVVFKLII,QQHQZDUHVSULQ]LSLHOOJHQDXVRZLHGLH.DPSIVFKLIIHGHV*URHQ ,PSHULXPVJHVWDOWHWDEHUDQ]DKOUHLFKHQ.OHLQLJNHLWHQHUNDQQWHLFKGDGLH(UEDXHU JU|HUHQ:HUWDXIWHFKQLVFKH9ROONRPPHQKHLWJHOHJWKDWWHQ(VZDUHQGLH)HLQKHLWHQ GLHLKUH.RQVWUXNWLRQYRQXQVHUHUXQWHUVFKLHGHQ$OVGLH6ROGDWHQPLFK]X.HODWRV VSHUUWHQZXUGHLFKDQJHQHKPEHUUDVFKW,FKKDVWHHUZDUWHWLQHLQHWULVWH *HIlQJQLV]HOOH]XNRPPHQ6WDWWGHVVHQIHQGLFKHLQHNOHLQH.XSSHOKDOOHYRUGHUHQ ,QQHUHVDOV(UKROXQJVSDUNJHVWDOWHWZDU'LFKWXQWHUGHU'HFNHVFKZHEWHHLQHYRQ )HVVHOIHOGHUQJHKDOWHQH.XQVWVRQQH .DXPKDVWHVLFKGDV6FKRWWKLQWHUPLUJHVFKORVVHQHUEOLFNWHLFKHLQHQHWZD IQI]LJ$UNRQMDKUHDOWHQDWKOHWLVFKJHEDXWHQ0DQQPLWODQJHPZHLHP+DDUHLQHP JHVWXW]WHQ.LQQEDUWXQGZDFKVDPHQU|WOLFKHQ$XJHQ(UZDUPLUYRPHUVWHQ$XJHQEOLFN DQV\PSDWKLVFK(VZDUMHQH$UWSHUV|QOLFKHU=XQHLJXQJGLHQLFKWODQJVDPKHUDQUHLIWH VRQGHUQVFKODJDUWLJYRUKDQGHQZDU=ZHLIHOORVZDUHV.HODWRVZLHVHLQ6WLHIEUXGHU KDVWHHUGHQ5DQJHLQHV'UHLSODQHWHQWUlJHUV ³:HUELVWGX"´IUDJWHHU ³,FKKHLH6DWDJR:HUERW´0HLQ8QWHUEHZXWVHLQGUlQJWHPLFKPHLQHQ ULFKWLJHQ1DPHQ]XQHQQHQ:lUHLFKPLUQLFKWGHU$QZHVHQKHLWYHUERUJHQHU $EK|UJHUlWHJHZLJHZHVHQKlWWHLFKYLHOOHLFKWGLH:DKUKHLWJHVDJW ³'HLQ1DPHVDJWPLUQLFKWV,FKELQ.HODWRV´ ³,FKZHL'HLQ6WLHIEUXGHUYHUULHWPLUGDGXWULHUJHIDQJHQJHKDOWHQZLUVW´ .HODWRVPXVWHUWHPLFKDUJZ|KQLVFK³8QGZLHNRPPVWGXKLHUKHU"´ ,FKOlFKHOWH³,FKKDEH3DUWKRVYHUUDWHQGD6ROWKDULXVKHXWHQDFKWGDV +DXSWTXDUWLHUYRQ3DUWKRVDXVKHEHQZLOO3DUWKRVOLHPLFKQXUGHVKDOEHLQVSHUUHQ ZHOOHUVLFKHUJHKHQZLOOGDLFK6ROWKDULXV¶$QJULIIQLFKWYRQLQQHQKHUDXVXQWHUVWW]H´ .HODWRVUXQ]HOWHGLH6WLUQ'HUHUZDUWHWH=RUQHVDXVEUXFKEOLHEMHGRFKDXV'DV ZDUHLQZHLWHUHU%HZHLVIU.HODWRV¶SUDNWLVFKH,QWHOOLJHQ](UPXWHVLFKVDJHQGD HLQHFKWHU9HUUlWHUVHLQHQ9HUUDWGHP6WLHIEUXGHUGHV9HUUDWHQHQJHJHQEHUQLHPDOV IUHLPWLJHLQJHVWDQGHQKlWWH:HQQHUHVGHQQRFKWDWPXWHHVGDIUHLQHQ EHVRQGHUHQ*UXQGJHEHQ,FKIDWHXQDXIIlOOLJDQPHLQUHFKWHV2KUXQGEOLFNWHPLFK GDQDFKXP.HODWRVYHUVWDQGGLHVH*HVWHVRIRUW(UZXWHGDLFKPLW$EK|UDQODJHQ UHFKQHWHXQGLKQGDUDXIKLQZHLVHQZROOWH(UEHJULIIDXHUGHPGDGLHKHLPOLFKHQ =XK|UHUHLQHEHVWLPPWH5HDNWLRQYRQLKPHUZDUWHWHQ³'XKDVWPHLQHQ%UXGHU YHUUDWHQ"´=XGHUIROJHQGHQ'URKXQJEOLQ]HOWHHUYHUVWRKOHQ³'DIUEULQJHLFKGLFKXP´ ³:DUXP"8PGLFKVSlWHUYRQGHLQHP6WLHIEUXGHUXPEULQJHQ]XODVVHQ"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³:HVKDOEVROOWH6ROWKDULXVPLFKXPEULQJHQZROOHQ"´ ³:HLOGXLKPLP:HJHELVW(UNXQGLJHGLFKEHL3DUWKRV'HU.HRQ¶DWKRUKDWGDV *HVWlQGQLVHLQHV0DQQHVGHUGLFKLP$XIWUDJYRQ6ROWKDULXVYHUJLIWHQZROOWH´ ³'DVKDW3DUWKRVPLUEHUHLWVHU]lKOW$EHUZDUXPVROOWHLFKGHQ:RUWHQPHLQHV )HLQGHVJODXEHQ6DWDJR"´ ³'HLQ(LQZDQGLVWEHUHFKWLJW$EHUZLHHUNOlUVWGXGLUGD6ROWKDULXVJHPHLQVDP PLWGHP*XXUWKYRQ$INXQLVGLH0DFKWDXI7UXPVFKYDDUDQVLFKUHLHQZLOORKQHDQ GHLQH%HIUHLXQJ]XGHQNHQ"´ ³*HPHLQVDPPLWGHP$GPLUDO"'DVLVW´.HODWRVEUDFKDWHXQGLQVHLQHP *HVLFKWDUEHLWHWHHV³HLQH*HPHLQKHLW´ ,FKZXWHHUKDVWHXUVSUQJOLFKVDJHQZROOHQGDVVHLY|OOLJXQGHQNEDU*HUDGH QRFKUHFKW]HLWLJKDVWHHUVLFKDQGLH$EK|UDQODJHQHULQQHUWXQGVHLQH$XVVDJHHWZDV XQEHKROIHQDEJHlQGHUW³6RLVWHV'HVKDOEKDEHLFKGHLQHQ6WLHIEUXGHUDQ3DUWKRV YHUUDWHQ,FKNRQQWHQLFKWWDWHQORV]XVHKHQZLHHLQ6FKXUNHGDV.RPPDQGRDXI 7UXPVFKYDDUDQVLFKUHLWZlKUHQGHLQDXIUHFKWHU0DQQLP*HIlQJQLVVFKPDFKWHW´ .HODWRVOlFKHOWHIOFKWLJ2IIHQEDUDPVLHUWHLKQGHULURQLVFKH$XVGUXFN ³VFKPDFKWHW´DQJHVLFKWVVHLQHUOX[XUL|VHQ8QWHUNXQIW,FKIUDJWHPLFKZDV3DUWKRV GD]XEHZRJHQKDEHQPRFKWHVHLQHPLQWHOOLJHQWHVWHQ*HJHQVSLHOHUHLQHQGHUDUWLJHQ /X[XV]XJHZlKUHQ0|JOLFKHUZHLVHKRIIWHHU.HODWRVDXIVHLQH6HLWH]LHKHQ]X N|QQHQ$EHUZLHLFKGLHVHQ0DQQHLQVFKlW]WHZUGHHUQLHPDOVPLWVHLQHP*HJQHU JHPHLQVDPH6DFKHPDFKHQDXFKZHQQVHLQ%UXGHULKQDXV]XVFKDOWHQWUDFKWHWH 0lQQHUZLHHUNlPSIHQOLHEHUJHJHQ]ZHL)HLQGHDOVLKU=LHODXVGHQ$XJHQ]X YHUOLHUHQ ³,FKZHLQLFKWRELFKGLUJODXEHQVRLORGHUQLFKW'LH(QWZLFNOXQJZLUG]HLJHQ REGXJHORJHQKDVW'XELVWQRFKQLFKWUDQJHEHLGHQ.UDODVHQHQQLFKWZDKU"´ ³6WLPPWHUVWVHLWKHXWH0HLQ)UHXQGXQGLFKKPHQWIHUQWHQXQVYRQXQVHUHP )UDFKWVFKLIIDOVHVLQGHU1lKHGHV7UXPVFK6\VWHPVHLQ2ULHQWLHUXQJVPDQ|YHU GXUFKIKUWH´ .HODWRVUXQ]HOWHGLH6WLUQ:HQQLFKLKQULFKWLJHLQJHVFKlW]WKDWWHZDUHUHLQ JHQLDOHU7DNWLNHU'DVZUGHDXFKHUNOlUHQZDUXP3DUWKRVYHUVXFKWHLKQIUVLFK]X JHZLQQHQREZRKOVLH*HJQHUZDUHQ7UDIPHLQH(LQVFKlW]XQJ]XGDQQPXWH.HODWRV VLFKMHW]WIUDJHQZLHVRMHPDQGGHUJHUDGHHUVWYRQVHLQHP6FKLIIJHIORKHQXQGDXI 7UXPVFKYDDUDQJHNRPPHQZDUEHUHLWVVRWLHILQGDV,QWULJHQVSLHOGHU.UDODVHQHQIKUHU YHUZLFNHOWVHLQNRQQWH ,FKKRIIWHGD.HODWRVGHQULFKWLJHQ6FKOXGDUDXV]RJ²GHQQlPOLFKGDLFK NHLQJHZ|KQOLFKHU5DXPIDKUHUZDUVRQGHUQVSH]LHOOH=LHOHDXI7UXPVFKYDDUYHUIROJWH 'HU7KLFNGHQHUPLUNXU]GDUDXI]XZDUIEHVWlWLJWHPHLQH9HUPXWXQJ.HODWRVKDVWH PLFKGXUFKVFKDXWREZRKOHUQDWUOLFKQLFKWDKQWHZHULFKZLUNOLFKZDU ³6HW]HQZLUXQV´(UZLHVPLWHLQHU.RSIEHZHJXQJ]XHLQHU6HVVHOJUXSSHDQ HLQHP6HUYRWLVFK1DFKGHPZLUXQVJHVHW]WKDWWHQWDVWHWH.HODWRV]ZHL%HFKHUHLQHV HUIULVFKHQGHQ*HWUlQNHV(UVDPLUJHQDXJHJHQEHUXQGDOVHUVHLQHQ%HFKHUDQGLH /LSSHQKREEHPHUNWHLFKGLHODXWORVHQ%HZHJXQJHQVHLQHV0XQGHV'DV/LSSHQOHVHQ ZDUHLQHGHU.QVWHGLH)DUWXORRQPLUEHLJHEUDFKWXQGGLHLFK]XHLQLJHU%UDXFKEDUNHLW ZHLWHUHQWZLFNHOWKDVWH'HVKDOEYHUVWDQGLFKZDV.HODWRVPLUGXUFKGLH%HZHJXQJHQ VHLQHU/LSSHQPLWWHLOWH'LHHUVWH%RWVFKDIWZDUHLQH)UDJH.DQQVWGXPLFKYHUVWHKHQ"
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKKREHEHQIDOOVGHQ%HFKHUXQGHUZLGHUWHDXIGLHJOHLFKH:HLVH $XVJH]HLFKQHW'HU$QJULIIJLOWGHP*HIlQJQLVQLFKWGHP+DXSWTXDUWLHU .HODWRV]HLJWHNHLQHhEHUUDVFKXQJ2IIHQVLFKWOLFKKDVWHHUHLQHVROFKH $XIOFOlUXQJHUZDUWHWJHKDEW:DQQ"IUDJWHHUPLWVSDUVDPHQ/LSSHQEHZHJXQJHQ .XU]QDFK0LWWHUQDFKW$OV6ROGDWHQYRQ3DUWKRVYHUNOHLGHWH0lQQHUVROOHQGLFK PLWHLQHP)OXJSDQ]HUDEKROHQ,FKQHKPHMHGRFKDQGD6ROWKDULXVYHUVXFKHQZLUG GLFKLP9HUODXIGHU$NWLRQW|WHQ]XODVVHQ .HODWRVVHW]WHVHLQHQ%HFKHUDEXQGVDJWHODXW³,FKELQQLFKWVHKUJHVSUlFKLJ DEHUGXZLUVWYHUVWHKHQGDHLQHFKWHV*HVSUlFKHUVW]XVWDQGHNRPPHQNDQQZHQQ LFKPLFKYRQGHLQHU$XIULFKWLJNHLWEHU]HXJWKDEH´ ³,FKKRIIHGLFKEDOGGDYRQEHU]HXJHQ]XN|QQHQ´VDJWHLFKHEHQIDOOVODXW ³$XHUGHPELQLFKHEHQIDOOVNHLQ)UHXQGYLHOHU5HGHQ,FKVFKZHLJHJHUQ´ 0LWODXWORVHQ/LSSHQEHZHJXQJHQPHLQWH.HODWRV:LUZHUGHQXQVEHIUHLHQ ODVVHQXQVDEHUDQVFKOLHHQGVHOEVWlQGLJPDFKHQ,FKNHQQHHLQHQ2UWDQGHPZLU XQVYHUERUJHQKDOWHQN|QQHQELVLFKNODUVHKH (LQYHUVWDQGHQVLJQDOLVLHUWHLFKODXWORV:LUPVVHQGLH%HVDW]XQJGHV )OXJSDQ]HUVEHUZlOWLJHQ .HODWRVUHFNWHVLFKXQGVWDQGDXI³,FKELQPGH,FK]HLJHGLUGHLQH6FKODI]HOOH 6DWDJR´ ³,FKZlUHGLUGDQNEDUGDIU´ .HODWRVIKUWHPLFK]XHLQHUYRQPHKUHUHQRYDOHQgIIQXQJHQDQGHU,QQHQZDQG GHU.XSSHOKDOOH'DKLQWHUHUEOLFNWHLFKHLQEUHLWHV3QHXPREHWW³,FKEHQXW]HGLH 6FKODI]HOOHQHEHQDQ´ ,FKOHJWHPLFKDQJHNOHLGHWDXIGDV%HWWXQGVFKORGLH$XJHQ$OOHUGLQJVKDVWH LFKQLFKWGLH$EVLFKWHLQ]XVFKODIHQ%LV0LWWHUQDFKWZDUHVQLFKWPHKUUDQJH'DQQ ZUGHVLFK]HLJHQREPHLQ3ODQJXWZDU 3QNWOLFKNXU]QDFK0LWWHUQDFKWNDPHQVLH(VZDUHQ]ZHL:lFKWHUXQGLQLKUHU 0LWWHJLQJPHLQ)UHXQG7LUDNR(UWUXJGLH.DPSIXQLIRUPYRQ3DUWKRV¶ )OXJSDQ]HUWUXSSHQPLWGHQ5DQJV\PEROHQHLQHV$UEWDQ8QWHUIKUHUVHLQHV 1RV¶5HHNKD,FKVWHOOWHPLFKVFKODIHQGXQGOLHPLFKGXUFKHLQHQGHUEHLGHQ:lFKWHU ³ZHFNHQ´XPGDQQPLPXWLJ]XIUDJHQ³:DVVRLOGLH6W|UXQJ"´ ³0LWNRPPHQ´EHIDKOGHU:lFKWHU³'XZLUVWYHUOHJW´ ,FKVWDQGDXIXQGZDQNWHPLFKVFKODIWUXQNHQVWHOOHQGDXVGHU6FKODI]HOOH$XV GHU1DFKEDU]HOOHZXUGHVRHEHQ.HODWRVJHIKUW³,FKSURWHVWLHUH:DUXPVRLOLFKPLWWHQ LQGHU1DFKWYHUOHJWZHUGHQ"´ ³%HIHKOYRQ.HRQ¶DWKRU3DUWKRV´VDJWH7LUDNRPLWXQEHZHJWHP*HVLFKW³6WHOOW NHLQH)UDJHQVRQGHUQNRPPWPLW´(UJLQJYRUDXVXQGGLH:lFKWHUVFKREHQXQVKLQWHU LKPKHU$OVZLUGDV*HIlQJQLVVFKLIIGXUFKHLQH6FKOHXVHLP0LWWHOGHFNYHUOLHHQ VFKZHEWHYRUGHUgIIQXQJHLQ)OXJSDQ]HU(LQHVFKPDOH5DPSHZDUYRQGHU6FKOHXVH ]XVHLQHP(LQJDQJDXVJHIDKUHQ³+LQEHU´ (LQKHOOHU6FKHLQIODPPWHDP1DFKWKLPPHODXIXQGYHUORVFKIODFNHUQG.XU] GDUDXINUDFKWHGHU'RQQHUVFKODJHLQHUKHIWLJHQ(QWODGXQJ ³:DVLVWGDV"(LQ*HZLWWHU"´IUDJWHLFKREZRKOLFKZXWHGDHVVLFKQXUXP GDV6FKHLQJHIHFKWKDQGHOQNRQQWHGDVVLFK6ROWKDULXV¶/HXWHEHL3DUWKRV¶ +DXSWTXDUWLHUOLHIHUWHQ1LHPDQGDQWZRUWHWHPIU,PQlFKVWHQ$XJHQEOLFNIODPPWHHV PHKUPDOVKLQWHUHLQDQGHUDXIXQGGLH(QHUJLHHQWODGXQJHQIROJWHQGLFKWDXIHLQDQGHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³:HUNlPSIWGRUWJHJHQZHQ"´ZROOWH.HODWRVZLVVHQ ³'DVJHKWHXFKQLFKWVDQ´7LUDNRDQWZRUWHWHJHWUHXVHLQHU5ROOHDOV1RV¶5HHNKD GHV.HRQ¶DWKRUGHULQDOOHU+HLPOLFKNHLW]ZHLZLFKWLJH*HIDQJHQHYHUOHJHQVRLO.HODWRV XQGLFKZXUGHQEHUGLH5DPSHJHWULHEHQ+LQWHUXQVNDP7LUDNR(UKDVWHGHQ )OXJSDQ]HUQRFKQLFKWHUUHLFKWDOVPHKUHUHVFKZHUEHZDIIQHWH6ROGDWHQDXV3DUWKRV¶ 7UXSSHLQGLH6FKOHXVHQNDPPHUGHV*HIlQJQLVVFKLIIHVVWUPWHQ ³$XIOKDOWHQ´ULHIHQVLHXQVHUHQ:lFKWHUQ]X³'DVVLQG6ROWKDULXV¶/HXWH´ %HYRUGLH:lFKWHUEHJULIIHQKDVWHVLFK7LUDNRLQGHQ)OXJSDQ]HUJHVFKZXQJHQ XQGGDV6FKRWWKLQWHUVLFKYHUVFKORVVHQ'DV)DKU]HXJVFKZDQNWHEHGURKOLFKDOVHV YRQPHKUHUHQ(QHUJLHVFKVVHQJHWURIIHQZXUGH'RFKPLW+DQGZDIIHQNRQQWH PROHNXODUYHUGLFKWHWHU$UNRQVWDKOQLFKWGXUFKVFKODJHQZHUGHQ'HU)OXJSDQ]HU EHVFKOHXQLJWHPLWDXIOKHXOHQGHQ3XOVDWLRQVWULHEZHUNHQXQGUDVWHGDYRQ,FKKRE ZDUQHQGGLH+DQGDOV.HODWRVVLFKDXI7LUDNRVWU]HQZROOWHXQGIOVWHUWH³(UJHK|UW ]XPLU´ .HODWRVKLHOWVLFK]XUFN³:HUVHLGLKUZLUNOLFK"´ ³6SlWHU=XHUVWPVVHQZLUGLH%HVDW]XQJEHUZlOWLJHQ´,FKZDQGWHLFKPLFKDQ 7LUDNR³:LHYLHOH0lQQHUVLQGHVDXHUGLU6RQSHU"´ ³=ZHL6LHVLW]HQREHQ´ .HODWRVGUHKWHVLFKXPXQGVWLHJGLHVFKPDOH0HWDOOSODVWLNOHLWHU]XU6WHXHUNDQ]HO KLQDXI'LHEHLGHQ0lQQHUGRUWREHQVWUDKOWHQHUIUHXWDOVVLHLKQVDKHQ0LUZXUGHNODU GDVLHQLFKWVYRQ6ROWKDULXV¶'RSSHOVSLHOJHJHQEHUVHLQHP6WLHIEUXGHUDKQWHQ6LH JODXEWHQWDWVlFKOLFKVLHKlWWHQOHGLJOLFK.HODWRVEHIUHLHQVROOHQ:HQQGDVVWLPPWH JLQJGLH$XIGHFNXQJGHV%HIUHLXQJVPDQ|YHUVDXIGDV.RQWRYRQ6ROWKDULXV(UKDVWH RIIHQEDUJHKRIIO3DUWKRV¶6ROGDWHQZUGHQ.HODWRVW|WHQEHYRUHUHQWNDP ³(WZDVYHUOlXIWDQGHUVDOVJHSODQW´WHLOWHXQVHLQHUGHUEHLGHQ0lQQHUPLW ZlKUHQGZLUGLFKWEHUGHQ5DXPVFKLIIHQGDKLQIORJHQ³(VZLUGQLFKWQXUEHL3DUWKRV¶ +DXSWTXDUWLHUJHNlPSIWVRQGHUQDXFKEHLP6FKLIIGHV$GPLUDOV´ ³$QVFKHLQHQGYHUVXFKW3DUWKRVGLH*HOHJHQKHLWDXV]XQXW]HQXPVHLQHQ VWlUNVWHQ5LYDOHQXPGLH]ZHLWH3RVLWLRQ]XEHVHLWLJHQ´VDJWHLFK ³'DVN|QQWHVHLQ8QWHUJDQJVHLQ´.HODWRVZLHJWHGHQ.RSI³'HU+DV¶DWKRUKDW PHKU$QKlQJHUDOVGLHPHLVWHQDKQHQ(UZLUGKDUW]XUFNVFKODJHQ´ 7LUDNRGHXWHWHQDFKKLQWHU³:LUZHUGHQYHUIROJW´ $OVLFKPLFKXPGUHKWHVDKLFKVFKHPHQKDIWHUNHQQEDUGUHLDQGHUH)OXJSDQ]HU KLQWHUXQVKHUMDJHQ,PQlFKVWHQ0RPHQWEOHQGHWHQVLHLKUH6FKHLQZHUIHUYROODXI'LH WUDQVSDUHQWH6WHXHUNDQ]HOZXUGHLQJOHLHQGH+HOOLJNHLWJHWDXFKW³7LHIHUJHKHQ´ EHIDKOLFKZlKUHQGLFKPLFKJOHLFK]HLWLJKLQWHUGDV%HGLHQXQJVSXOWIUGLH:DIIHQ ]ZlQJWHXQGVLHDNWLYLHUWH³6FKQHOO´ ³,FKKDEHGHQ6FKXW]VFKLUPHLQJHVFKDOWHW´WHLOWH.HODWRVXQVPLW 'HU3LORWKDVWHXQVHUHQ)OXJSDQ]HULQ]ZLVFKHQXQWHUGLHGXUFKVFKQLWWOLFKH+|KH GHU5DXPVFKLIIHJHGUFNWVRGDGLH9HUIROJHUXQVYRUHUVWDXVGHQ$XJHQYHUORUHQ :LUUDVWHQ]ZLVFKHQGHQ5DXPHUQHLQH6WUDHHQWODQJDEHUEDOGPXWHQZLUGDV 6WDGWJHELHWYHUODVVHQ'DQQZUGHQZLUGHQ9HUIROJHUQHLQJXWHV=LHOELHWHQ$OV]ZHL GHUDQGHUHQ)OXJSDQ]HUZLHGHUDXIWDXFKWHQHUPLWWHOWHGLHNOHLQH*HIHFKWVSRVLWURQLNLQ *HGDQNHQVFKQHOOHZHOFKHUYRQLKQHQXQVDPJHIlKUOLFKVWHQZDU6LHULFKWHWHGLH =LHODXWRPDWLNHQWVSUHFKHQGDXVVRGDLFKQXUQRFKGHQ)HXHUNQRSIGUFNHQPXWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'HUVFKDUIJHEQGHOWH(QHUJLHVWUDKOXQVHUHU7KHUPRNDQRQHVFKOXJJOHLFK]HLWLJ PLWGHPEODJUQHQ)OLPPHUQGHV'HVLQWHJUDWLRQVVWUDKOVGUEHQHLQ'HU6FKXW]VFKLUP GHVIHLQGOLFKHQ)OXJSDQ]HUVIODFNHUWHEHGHQNOLFKKLHOWMHGRFK$OOHUGLQJVZXUGHGDV )DKU]HXJYRQGHU$XIWUHIIZXFKWDXVGHP.XUVJHZRUIHQSUDOOWHJHJHQGHQREHUHQ3RO HLQHV.XJHOVFKLIIHVXQGVHW]WHWRUNHOQG]XHLQHU1RWODQGXQJDQ'HUGULWWH)OXJSDQ]HU ZDULQ]ZLVFKHQHEHQIDOOVZLHGHUDXIJHWDXFKW(UXQGGHU]ZHLWHHU|IIQHWHQJOHLFK]HLWLJ GDV)HXHUDXIXQV 8QVHU6FKXW]VFKLUPGHKQWHVLFKXQWHUGHUhEHUEHODVWXQJ]XHLQHUYLROHWV VFKLOOHUQGHQ(QHUJLHEODVHXQG]HUSODW]WHNXU]GDUDXI(LQ7UHIIHUDXVHLQHP 'HVLQWHJUDWLRQVJHVFKW]O|VWHGHQ%XJXQVHUHV)DKU]HXJVWHLOZHLVHDXI,FKNRQQWH QRFKHLQHQGHUEHLGHQ)OXJSDQ]HUDEVFKLHHQEHYRUXQVHU3LORWGLH6WHXHUNDQ]HO DEVSUHQJWH8QVHU)DKU]HXJILHOZLHHLQ6WHLQLQGLH7LHIHZlKUHQGXQVGLH $QWLJUDYDJJUHJDWHGHU6WHXHUNDQ]HOVDQIWQHEHQHLQHPHLI|UPLJHQ5DXPVFKLIIVZUDFN DEVHW]WHQ7LUDNRO|VWHGLH'DFKDEZXUIDXWRPDWLNDXV:LUNOHWWHUWHQKDVWLJLQV)UHLH GHQQGDV7ULHEZHUNVJHUlXVFKGHVGULWWHQ9HUIROJHUVQlKHUWHVLFK.HODWRVGHXWHWHDXI GLH%RGHQVFKOHXVHGHVHLI|UPLJHQ6FKLIIHV³:LUPVVHQGRUWKLQHLQ´ ,FKZROOWHLKPHQWJHJQHQGDGDV6FKOHXVHQVFKRWWJHVFKORVVHQVHLXQGGD VLFKGLH%HZRKQHUGHV6FKLIIHVZHLJHUQZUGHQXQVHLQ]XODVVHQXQGVLFKGDPLWLQ HLQHQIUHPGHQ0DFKWNDPSIHLQ]XPLVFKHQDOVGLH1DFKWSO|W]OLFKEOHQGHQGKHOO HUOHXFKWHWZXUGH,P=HQWUXPGHU6WDGWEOlKWHVLFKHLQJUHOOHUEODXZHLHU)HXHUEDOODXI ,FKNDQQWH)XVLRQVH[SORVLRQHQ]XJXWDOVGDLFKDQGHU$UWGLHVHV(QHUJLHDXVEUXFKV JH]ZHLIHOWKlWWH :RLFKJHUDGHVWDQGZDUILFKPLFKKLQXQG]RJGLH-DFNHEHUPHLQHQ.RSI'LH 'UXFNZHOOHNDPDOVEUOOHQGHU2UNDQGHUDOOHVGDYRQIHJWHZDVLKPLP:HJHVWDQG :LUEHIDQGHQXQVJOFNOLFKHUZHLVHLPWRWHQ:LQNHO]XP([SORVLRQV]HQWUXPDEHUGHU XQVYHUIROJHQGH)OXJSDQ]HUZXUGHYROOHUIDWXQGPLW:XFKWJHJHQHLQ 5DXPVFKLIIVZUDFNJHZRUIHQ$OVHVVWLOOZXUGHULFKWHWHLFKPLFKKDOEDXIXQGEOLFNWH PLFKXPhEHUGHP=HQWUXPGHU5DXPVFKLIIVWDGWZXFKVHLQGVWHUHU5DXFKSLO]XQG NOHWWHUWHLPPHUK|KHU.HODWRVXQG7LUDNR*DPQRULFKWHWHQVLFKHEHQIDOOVDXI6LH VFKLHQHQXQYHUOHW]W]XVHLQ$EHUGLHEHLGHQ3LORWHQXQVHUHV)OXJSDQ]HUVOHEWHQQLFKW PHKU(LQWUJURHV7UPPHUVWFNKDVWHVLHHUVFKODJHQ ³:HOFKHU,GLRWKDWGLH$QZHQGXQJYRQ1XNOHDUZDIIHQDQJHRUGQHW"´ULHI.HODWRV PLWZXWYHU]HUUWHP*HVLFKW 7LUDNRGHXWHWHQDFKREHQ³.HLQHUYRQXQV:LUZHUGHQDXVGHP5DXP DQJHJULIIHQ´ ,FKEOLFNWHHEHQIDOOVQDFKREHQ²XQGGDVDKLFKVLH(VZDUHQ]HKQHOOLSWLVFKH )DKU]HXJHGLHVLFKODXWORVDXVGHP1DFKWKLPPHODXIGLH6WDGWKHUDEVHQNWHQ6LH ZDUHQQXU]XVHKHQZHOODQPHKUHUHQ6WHOOHQ%UlQGHDXVJHEURFKHQZDUHQXQGGDV ]XFNHQGH/LFKWGHU)ODPPHQVLFKDXIGHQPHWDOOHQHQ5XPSIXQWHUVHLWHQVSLHJHOWH ³0DDKNV´VFKULH.HODWRV³'DVVLQG0DDKNV'LHYHUGDPPWHQ0HWKDQVJUHLIHQ 7UXPVFKYDDUDQ´ 8QWHUGHVVHQZDUHQ]DKOORVH6|OGQHUDXVGHQXPOLHJHQGHQ5DXPVFKLIIHQ JHVWU]WXPQDFK]XVHKHQZDVGHU.DPSIOlUPXQGGLHGDUDXIIROJHQGH.HUQH[SORVLRQ ]XEHGHXWHQKDWWHQ$OVVLH.HODWRV¶6FKUHLHYHUQDKPHQSIODQ]WHVLFKGLH $ODUPPHOGXQJPLW:LQGHVHLOHIRUW'DVLQIHUQDOLVFKH+HXOHQYRQ0DDKN$ODUPHUNODQJ 'LH0lQQHUVWU]WHQLQGLH5DXPVFKLIIH]XUFN(LQ7HLOYRQLKQHQNDPZLHGHUVFKZHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
EHZDIIQHWLQV)UHLHGLHDQGHUHQEHVHW]WHQGLHLQWDNWHQ*HIHFKWVVWDWLRQHQZLHDQGHQ DXVIDKUHQGHQ:DIIHQNXSSHOQXQGVLFK|IIQHQGHQ0QGXQJVSIRUWHQ]XVHKHQZDU 7LUDNR.HODWRVXQGLFKHLOWHQLQGDVHLI|UPLJH6FKLIIVZUDFN8QEHNDQQWH0lQQHU GUFNWHQXQV:DIIHQLQGLH+DQG,FKEHNDPHLQHQNXU]OlXILJHQ5DNHWHQZHUIHUPLWGUHL 0DJD]LQHQVRZLHHLQHQ'HVLQWHJUDWLRQVNDUDELQHU== ³,FKDODUPLHUHPHLQH/HXWHEHU)XQN´ULHI.HODWRVXQV]X³9HUVXFKWGUDXHQ GLH$EZHKU]XRUJDQLVLHUHQ´ ,FKZLQNWH]XVWLPPHQGXQGHLOWHZLHGHUQDFKGUDXHQ,QGHU1lKHGHV HLI|UPLJHQ:UDFNVZDUHQ]ZHLGHUHOOLSWLVFKHQ/DQGXQJVERRWHQLHGHUJHJDQJHQ(LQH *UXSSHYRQ.UDODVHQHQGLHGDUDXI]XUDQQWHQZXUGHYRQ%RUGZDIIHQJHW|WHW'DQQ |IIQHWHQVLFKJURH/XNHQXQGVSLHQGLHHUVWHQ,QYDVRUHQDXV6LHWUXJHQDXVQDKPVORV VFKZHUH.DPSIDQ]JHDEHUGXUFKGLHWUDQVSDUHQWHQJHVFKZHLIWHQ'UXFNKHOPH KLQGXUFKNRQQWHLFKGLHIU0DDKNVFKDUDNWHULVWLVFKHQKDOEPRQGI|UPLJHQ:XOVWN|SIH VHKHQGLHYRQHLQHU6FKXOWHU]XUDQGHUHQUHLFKWHQ'LHWULFKWHUI|UPLJDXVODXIHQGHQ 7HQWDNHODUPHPLWNQRFKHQORVHQDEHUXQZDKUVFKHLQOLFKNUlIWLJHQ+lQGHQWUXJHQ VFKZHUH6WUDKOZDIIHQ 7LUDNRGHUHEHQIDOOVHLQHQ5DNHWHQZHUIHUHUKDOWHQKDVWHXQGLFKZDUIHQXQV KLQWHUGDV7UPPHUVWFNXQWHUGHPGLHEHLGHQWRWHQ3LORWHQODJHQ:LUEUDXFKWHQXQV QLFKW]XYHUVWlQGLJHQVRQGHUQHUIDWHQMHGHUIUVLFKZLHZLU]XKDQGHOQKDWWHQ(LQH 6HULHYRQ5DNHWHQPLWDWRPDUHQ6FKPHO]ODGXQJHQVFKRDXIGLHEHLGHQ /DQGXQJVIDKU]HXJH]XH[SORGLHUWHXQGKOOWHGLH%RRWHLQ*OXWHQGHQHQNHLQ 0HWDOOSODVWLNZLGHUVWHKHQNRQQWH'LHDXVJHVWLHJHQHQ0DDKNVSUHVFKWHQQDFKDOLHQ 6HLWHQGDYRQ$XJHQEOLFNHVSlWHUZXUGHQZLUXQWHU%HVFKXJHQRPPHQ:LUZlUHQ YHUORUHQJHZHVHQKlWWHQXQVDXVGHPHLI|UPLJHQ:UDFNQLFKWDQGHUH.UDODVHQHQ JHKROIHQ6LHVFKRVVHQPLW7KHUPRVWUDKOHUQZlKUHQGGUHL'HVLQWHJUDWRUJHVFKW]HGHV :UDFNVV\VWHPDWLVFKHLQHQ0DDKNQDFKGHPDQGHUHQDXVVFKDOWHWHQ ³'DVZDUNQDSS´7LUDNR]RJVLFKYRUHLQHPEURGHOQGHQ.UDWHU]XUFNGHQGHU 6WUDKOVFKXHLQHV0DDKNVNQDSS]ZHL6FKULWWHQHEHQLKPLQGHQ%RGHQJHEUDQQW KDVWH ³$EHUHVZDUHUVWGHU$QIDQJ´*ULPPLJODXVFKWHLFKDXIGHQDQVFKZHOOHQGHQ .DPSIOlUPDXVDOLHQ5LFKWXQJHQLQGHQVLFKZHLWHUKLQGLH6LUHQHQPLVFKWHQ³'LH 0HWKDQVVLQGEHUDOOJHODQGHW´,FKZLQNWHHLQLJH0lQQHU]XPIU³:LUPVVHQHLQH .DPSIWUXSSH]XVDPPHQVWHOOHQXQGXQVYRQ6FKLII]X6FKLIIGXUFKNlPSIHQ1XUVR N|QQHQZLUGLH0HWKDQV]XUFNVFKODJHQ´ 'LH.UDODVHQHQVFKZHQNWHQ]XVWLPPHQGLKUH:DIIHQ6LHZDUHQRIIHQNXQGLJ IURKGDVLHMHPDQGHQJHIXQGHQKDWWHQGHULKQHQEHKHU]WXQGEHIHKOVJHZRKQWVDJWH ZDV]XWXQZDU.HODWRVNDPDXVGHP:UDFNXQGULHI³,FKKDEHEHU)XQNPLW3DUWKRV JHVSURFKHQ(UVFKLFNWXQVHLQLJH)OXJSDQ]HU:LUVROOHQHLQH.DPSIWUXSSH ]XVDPPHQVWHOOHQGLHGLH3DQ]HUEHLP*HJHQVWREHJOHLWHW´ 7LUDNRODFWDWHUDXK ³+LHULVWXQVHUH.DPSIWUXSSH´VDJWHLFKXQGGHXWHWHDXIGLH0lQQHUGLHVLFK YHUVDPPHOWKDWWHQ,FKIUDJWHQLFKWZHVKDOE3DUWKRVDXVJHUHFKQHWVHLQHQ *HJHQVSLHOHU.HODWRVXQWHUVWW]WH(LQHVROFKH)UDJHVWHOOWHVLFKJDUQLFKW(VZDU VHOEVWYHUVWlQGOLFKGDDOOH]XVDPPHQKLHOWHQZHQQGLH0HWKDQVDQJULIIHQ'LHVH :DVVHUVWRIIDWPHUZDUHQQLFKWQXU.ULHJVJHJQHUGHV*URHQ,PSHULXPVVRQGHUQJDOWHQ DOVGLH7RGIHLQGHDOOHU6DXHUVWRIIDWPHU:HQLJVSlWHUVFKZHEWHQVHFKV)OXJSDQ]HU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
KHUDQ'LH6WHXHUNDQ]HOGHVHUVWHQ)DKU]HXJVZDUJH|IIQHWXQGZLUVDKHQ.HRQ¶DWKRU 3DUWKRVDXIUHFKWGDULQVWHKHQ ³'LH0HWKDQVKDEHQGDV6FKLIIGHV$GPLUDOVHLQJHNUHLVW´ULHIHUXQV]X³:LU ZHUGHQGHQ5LQJDXIEUHFKHQ9RUZlUWV0lQQHU´ :LUOLHIHQDXIGLH3DQ]HU]XXQGNOHWWHUWHQDXIGLH$XIEDXWHQ$XFKGDVZDU VHOEVWYHUVWlQGOLFKQLHPDQGIUDJWHMHW]WGDQDFKZHUDPPHLVWHQ]XVDJHQKDVWH.DXP VDHQZLUREHQDOVGLH)OXJSDQ]HUDXFKVFKRQDEKREHQXQGPLWKRKHU *HVFKZLQGLJNHLWGDYRQUDVWHQ(WZDGUHLKXQGHUW0HWHUZHLWHUVWDQGHUVLFKUXQG]ZDQ]LJ .UDODVHQHQXQGVHFKV0DDKNVJHJHQEHU'LH6|OGQHUZLQNWHQDOVVLHXQVHUH3DQ]HU HUEOLFNWHQ:LUYHUODQJVDPWHQGHQ)OXJQLFKWVRQGHUQVFKRVVHQDXVGHQ*HVFKW]HQ GHU)DKU]HXJHXQGDXVXQVHUHQ+DQGZDIIHQDXIGLH0DDKNVGLHVLFKYHUJHEOLFKLQ 6LFKHUKHLW]XEULQJHQVXFKWHQ$XIXQVHUHUUDVHQGHQ)DKUWNDPHQZLUPHKUPDOVDQ EUHQQHQGHQ6FKLIIHQYRUEHLDEHUZLUVDKHQUHODWLYZHQLJH7RWH'DVZXQGHUWHPLFK $XHUGHPIUDJWHLFKPLFKZDUXPGLH0DDKNVQLFKWHLQIDFKHLQHJU|HUH)XVLRQVUDNHWH DXIGLH6WDGWDEJHVFKRVVHQXQGVLHGDPLWDXIHLQHQ6FKODJ]HUVW|UWKDWWHQ'LHVHVIU 0HWKDQVUHFKW]DJKDIWH9HUKDOWHQZLGHUVSULFKWDOLHQ(UIDKUXQJHQUDXQWHGHU([WUDVLQQ GLH$UNRQPLWLKQHQJHVDPPHOWKDW :LUHUUHLFKWHQGDV+DXSWNDPSIJHELHWLQGHVVHQ=HQWUXPGDVJURHHLI|UPLJH 5DXPVFKLIIPLWGHQEUHLWHQ6HLWHQIORVVHQVWDQGLQGHPGHU*XXUWKYRQ$INXQLVXQV HPSIDQJHQKDVWH+LHUNRQ]HQWULHUWHVLFKRIIHQEDUGHU$QJULIIGHU:DVVHUVWRIIDWPHU 'RFKDXFKWULHUNlPSIWHQVLHQLFKWPLWMHQHUNRPSURPLORVHQ9HUQLFKWXQJVZXWGLHVLH QRUPDOHUZHLVHDXV]HLFKQHWH6LHEHVFKUlQNWHQVLFKLP*HJHQWHLOGDUDXIGLHHLQ]HOQHQ :LGHUVWDQGVQHVWHUULQJVXPGHQ5DXPHUQLHGHU]XNlPSIHQXQGVLFKQlKHUDQGDV 6FKLIIKHUDQ]XVFKLHEHQ$XVLKPIHXHUWHQQXUQRFK]ZHL*HVFKW]NXSSHOQ6LHEHQ NUDWHUlKQOLFKH/|FKHUPLW]HUODXIHQHQ6FKPHO]UlQGHUQ]HLJWHQDQZRGLHEULJHQ *HVFKW]HJHZHVHQZDUHQ 3DUWKRVKDVWHVLFKZLHGHUJHVHW]WXQGGLH6WHXHUNDQ]HOVHLQHV)OXJSDQ]HUV JHVFKORVVHQ'DLFKNHLQ)XQNJHUlWKDVWHNRQQWHLFKVHLQH%HIHKOHQLFKWK|UHQDEHU LFKVDKLKUH$XVZLUNXQJHQ8QVHUHVHFKV)OXJSDQ]HUVHQNWHQVLFKDXIGHQ%RGHQKLQDE XQGEUDFKHQLQ.HLOIRUPDWLRQGXUFKGHQPDDNNVFKHQ(LQVFKOLHXQJVULQJ:LUGLH DXIJHVHVVHQHQ6ROGDWHQVSUDQJHQYRQGHQ$XIEDXWHQXQGNlPPWHQLP)HXHUVFKXW] GHU3DQ]HUGDVYRQ7UPPHUQEHGHFNWH*HOlQGHQDFK0HWKDQVDWHGLHVLFKYRQGHQ 3DQ]HUQKDVWHQEHUUROOHQOHVVHQ$QVFKOLHHQGVFKZHQNWHQGUHLGHU3DQ]HUQDFKOLQNV XQGGLHDQGHUHQQDFKUHFKWVDWH 'LH,QIDQWHULHWHLOWHVLFKHEHQIDOOV6FKULWWXP6FKULWWUROOWHQZLUGLH/LQLHGHU 0DDKNVDXI(VZDUHLQP|UGHULVFKHU.DPSIGHQQGLH:DVVHUVWRIIDWPHUYHUIJWHQEHU GLHEHVVHUHSK\VLVFKH.RQVWLWXWLRQ'LH*UDYRVYRQ7UXPVFKYDDUEHIlKLJWHQVLH ]X6SUQJHQYRQEHU]ZDQ]LJ0HWHUQ/lQJHhEHUGLHVNRQQWHQVLHPLWLKUHQYLHU 'RSSHODXJHQDXIGHP.RSIJUDWJOHLFK]HLWLJQDFKYRUQXQGKLQWHQVHKHQXQGLKUH :DIIHQZDUHQGHVKDOEVFKRQVWlUNHUDOVXQVHUHZHOOVLHZHJHQLKUHUHQRUPHQ .|USHUNUlIWHHUKHEOLFKVFKZHUHUHWUDJHQNRQQWHQ'HQQRFKHQWVFKLHGHQZLUGHQ.DPSI VFKOLHOLFKIUXQV:LUZDUHQGHQ0DDKNV]DKOHQPlLJZHLWEHUOHJHQNRQQWHQ 9HUOXVWHUDVFKHUVHW]HQXQGKDVWHQVHLWGHP(LQWUHIIHQGHU)OXJSDQ]HUDXFKGLH VWlUNHUHQ:DIIHQ =ZDUZXUGHQGUHLGHU3DQ]HUDEJHVFKRVVHQGRFKLQ]ZLVFKHQZDUHQVLHE]HKQ ZHLWHUHDQJHNRPPHQXQGJULIIHQLQGHQ.DPSIHLQ$UNRQLGHQKlWWHQVLFKEHLGLHVHP
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6WDQGGHV*HIHFKWV]XUFNJH]RJHQ1LFKWVRGLH0HWKDQV6LHZHFKVHOWHQLPPHU ZLHGHULKUH6WHOOXQJHQKDUUWHQMHGRFKWURW]LKUHUJURHQ9HUOXVWHVWXUDXV'DVODJLQ LKUHUDQGHUVDUWLJHQ0HQWDOLWlWEHJUQGHW0DDKNVZDUHQHLHUOHJHQGH,QWHOOLJHQ]HQGLH PDVVHQKDIW1DFKZXFKVSURGX]LHUWHQ (QWVSUHFKHQGJHULQJHUDFKWHWHQVLHGLH([LVWHQ]GHVHLQ]HOQHQ,QGLYLGXXPV6LH VFKHXWHQVLFKQLFKWHLQHQGLFKWEHVLHGHOWHQIHLQGOLFKHQ3ODQHWHQ]XYHUEUHQQHQ VFKUDNHQDEHUHEHQVRZHQLJGDYRU]XUFNLQDXVVLFKWVORVHU/DJHELV]XP7RG]X NlPSIHQ,FKIUDJWHPLFKEHUHLWVZDUXPGDV/DQGXQJVNRPPDQGRGHU0DDKNVQLFKW YRQGHP5DXPVFKLIIXQWHUVWW]WZXUGHGDVVLHDXI7UXPVFKYDDUDEJHVHW]WKDVWHDOV KRFKREHQDP1DFKWKLPPHOHLQQHXHUKHOOHU6WHUQHUVFKLHQ7LUDNRVDJWH³'RUWZLUG JHNlPSIW´ ³2IIHQEDULVWHLQHVXQVHUHU6FKLIIHDXIGDVGHU0DDKNVJHVWRHQ(VIUDJWVLFK QXUZHUJHZRQQHQKDW´:LU]RJHQXQVHUH.|SIHHLQDOVYRUXQVHLQ)OXJSDQ]HU H[SORGLHUWH(LQSHDU0lQQHUVFKULHQ(LQHOOLSWLVFKHU6FKDWWHQKXVFKWHEHUXQVKLQZHJ XQGDXIGDV6FKLIIGHV$GPLUDOV]X,FKVSlKWHEHUGHQ5DQGXQVHUHU'HFNXQJXQG VDKGDIQI0DDKNVDXIGDV6FKLII]XOLHIHQ6LHEHZHJWHQVLFKLQJURHQEHLQDKH JURWHVNDQPXWHQGHQ6SUQJHQYRUZlUWV*HEDQQWEHREDFKWHWHLFKGDVLFKGLH %RGHQVFKOHXVHGHV6FKLIIHV|IIQHWH(LQH*UXSSHYRQ.UDODVHQHQZDUIVLFKGHQ 0DDKNVHQWJHJHQXQGHLQNXU]HUDEHUKDUWHU.DPSIHQWEUDQQWH'DQDFKUKUWHVLFK GUEHQQLHPDQGPHKU7LUDNRXQGLFKVSUDQJHQDXIXQGOLHIHQKLQEHU'DVHOOLSWLVFKH /DQGXQJVERRWEUDQQWHDXV'DQHEHQODJHQWRWH0DDKNVXQG$UNRQLGHQ (LQHUGHU7RWHQZDUGHU$GPLUDO(UVWDUUWHPLWEOLFNORVHQ$XJHQLQGHQ 1DFKWKLPPHO6HLQH5HFKWHKLHOWQRFKHLQHQ7KHUPRVWUDKOHUXPNODPPHUW1HEHQXQV EUHPVWHHLQ3DQ]HU.HRQ¶DWKRU3DUWKRVVFKZDQJVLFKDXVGHU6WHXHUNDQ]HOEHXJWH VLFKEHUGHQ$GPLUDOXQGVFKORLKPGLH/LGHU'DQQULFKWHWHHUVLFKZLHGHUDXIXQG EOLFNWHXQVHUQVWDQ³(UZDUDXVGHU*HIDQJHQVFKDIWGHU0HWKDQVHQWNRPPHQ´VDJWH HUOHLVH³6RHWZDVLVWLQGHQ$XJHQGHU0DDKNVHLQH6FKPDFKGLHQXUGDGXUFK DXVJHO|VFKWZHUGHQNDQQLQGHPGHU(QWIORKHQHZLHGHUHLQJHIDQJHQZLUG'DVZDU ZDKUVFKHLQOLFKGDVHLQ]LJH=LHOGHU/DQGXQJVRSHUDWLRQ$OVGLH0HWKDQVHUNDQQWHQ GDVLHLKQQLFKWOHEHQGLQLKUH+DQGEHNRPPHQZUGHQEHVFKORVVHQVLHLKQ]X W|WHQ´ ³$EHUHUKlWWHQXULQVHLQHP6FKLII]XEOHLEHQEUDXFKHQXPGLHVHP7RG]X HQWJHKHQ´VDJWH7LUDNR ³(UNRQQWHQLFKWLQVHLQHP6FKLIIEOHLEHQ´HUNOlUWHMHPDQGGXPSIKLQWHUXQV(V ZDU.HODWRVGHUVLFKLQJHVFKZlU]WHUXQGWHLOZHLVH]HUIHW]WHU.RPELQDWLRQJHQlKHUW KDVWH³'HU+DV¶DWKRUZXWHGDGLH0DDKNVQXUVHLQHWZHJHQJHNRPPHQZDUHQ$OV VLHLKUHQOHW]WHQYHU]ZHLIHOWHQ$QJULIIEHJDQQHQZDUHUHVVHLQHU(KUHVFKXOGLJLKQHQ SHUV|QOLFKHQWJHJHQ]XWUHWHQ´ ,FKEOLFNWHQDFKREHQ³:HQQGLH0DDKNVZXWHQGDLKU6SLHOYHUORUHQZDU PVVHQVLHHUIDKUHQKDEHQGDLKU6FKLIIYHUQLFKWHWZXUGH´ ³:DKUVFKHLQOLFKZHOOGHU)XQNNRQWDNWDEEUDFK8QGGDQDFKVSUDFKGLH ([SORVLRQLP5DXPIUVLFK´3DUWKRVOlFKHOWHDXVGUXFNVORV³8EULJHQVZDUHV6RIJDUWV )ODJJVFKLIIGDVGHQ0DDKNUDXPHUYHUQLFKWHWH.XU]QDFKGHU([SORVLRQWHLOWHPLU 6RIJDUWEHU)XQNPLWGDHUJHJHQ0RUJHQDXIGHP5DXPKDIHQODQGHQZLUG´(U EOLFNWH.HODWRVDQ³$QJHVLFKWV,KUHVWDSIHUHQ(LQVDW]HVEHLP.DPSIJHJHQGLH0DDKNV YHU]LFKWHLFKGDUDXI6LHDEHUPDOVIHVWQHKPHQ]XOHVVHQ,FKJHEH,KQHQELV]XU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
/DQGXQJ6RIJDUWV=HLWGLH6WDGW]XYHUODVVHQ6DWDJR:HUERWXQG6RQSHU7HVVOHW N|QQHQ6LHEHJOHLWHQ´ ³,FKGDQNH,KQHQ´HUZLGHUWH.HODWRV³:DVLVWPLWPHLQHP6WLHIEUXGHU .HRQ¶DWKRU"´ ³(UEHIDQGVLFKDQ%RUGHLQHVGHU6FKLIIHGLHYRQGHQ0DDKNVLQ%UDQG JHVFKRVVHQZXUGHQXPXQVYRPZLUNOLFKHQ=LHO,KUHV8QWHUQHKPHQVDE]XOHQNHQ(U ZLUGVHLWGHPYHUPLW´3DUWKRVZDQGWHVLFKDQPLFK³,FKEHGDXUHGDLFKGLFKQLFKWLQ PHLQHU7UXSSHEHKDOWHQNDQQ6DWDJR²RGHUZLHLPPHUGXKHLHQPDJVW$EHUZHQQ PHLQ6FKZLHJHUYDWHUHUIlKUWGDGX.HODWRVEHIUHLHQZROOWHVWELVWGXUHLIIUHLQHQ $XIHQWKDOWDXIGHU)ROWHUZHOW´ ³:DUXPKDOWHQ6LH]XHLQHP6FKHXVDOZLHGHP%OLQGHQ6RIJDUW"´3DUWKRV EHUK|UWHPHLQH)UDJHJHIOLVVHQWOLFKVDOXWLHUWHHUQVWXQGNOHWWHUWHLQVHLQHQ)OXJSDQ]HU GHUNXU]GDQDFKDEKREXQGVLFKLQ5LFKWXQJGHV5DXPKDIHQVHQWIHUQWH ³*HKHQZLU´.HODWRVZLQNWHGHQHWZDGUHLLJ.UDODVHQHQGLHVLFKXPXQV YHUVDPPHOWKDWWHQ2IIHQEDUKDQGHOWHHVVLFKXPVHLQH*HIROJVOHXWH6LHKDVWHQRIIHQH )OXJJOHLWHUPLWJHEUDFKW :LUVWLHJHQHLQXQGIORJHQLQ5LFKWXQJ6GHQGDYRQ,FKZXWHGDGRUWGLH .VWHHLQHVNOHLQHQ0HHUHVODJ:DKUVFKHLQOLFKEHIDQGVLFKLUJHQGZRDQGHUIHOVLJHQ .VWHHLQJHKHLPHV/DJHUYRQ.HODWRV9RUHUVWNDQQLFKDOVRPHLQHQ3ODQHLQHQ $QVFKODJDXIGDV6FKLIIGHV%OLQGHQ6RIJDUW]XYHUXEHQYHUJHVVHQ'RFKGHVKDOEELQ LFKQRFKUDQJHQLFKWEHUHIWLKQDXI]XJHEHQ :LUHUUHLFKWHQ.HODWRV¶=XIOXFKWVRUWDXIHLQHPJURHQ8PZHJGHUXQV]XHUVWDQ GLH1RUGNVWHGHV0HHUHVIKUWHXQGGDQDFKLQHLQZHVWOLFKYRQ8]UXKJHOHJHQHV YHJHWDWLRQVORVHV*HELUJHDP5DQGHLQHUYRQ.UDWHUQEHUVlWHQ:VWH'RUWLQHLQHP HQJHQILQVWHUHQ7DOKLHOWHQZLUREHUKDOEHLQHU6FKXWWKDOGHYRUGHP(LQJDQJHLQHU +|KOH'LH3LORWHQEXJVLHUWHQXQVHUH)OXJJOHLWHUXQWHUJURHQ6FKZLHULJNHLWHQLQGLH +|KOHKLQHLQVRGDVLHQLFKWJHVHKHQZHUGHQNRQQWHQ :LUIROJWHQLKQHQXQWHU.HODWRV¶)KUXQJ0HKUHUH0lQQHUWUXJHQVWDUNH 6FKHLQZHUIHU,QLKUHP/LFKWVDKLFKGDGLH+|KOHQGHFNHXQJHZ|KQOLFKJODWWXQG IXJHQORVZDU²XQJHZ|KQOLFKMHGHQIDOOVIUHLQHQDWUOLFKHQWVWDQGHQH+|KOH$OVLFK JHJHQEHU.HODWRVHLQHHQWVSUHFKHQGH%HPHUNXQJPDFKWHOlFKHOWHHUQXU HLJHQWPOLFK 'HU+|KOHQJDQJIKUWHHWZD]ZHLKXQGHUW0HWHUOHLFKWDEZlUWVXQGHQGHWHLQ HLQHPTXDGUDWLVFKHQ5DXP.HODWRVEHGHXWHWHXQVPLWHLQHU+DQGEHZHJXQJ]X ZDUWHQ(UVFKDOWHWHDQHLQHP.RPPDQGR$UPEDQGGDQQJLQJHULQGHQ5DXPXQGULHI ZHQLJVSlWHU³,KUN|QQWNRPPHQ´ $OVZLUHLQWUDWHQZXUGHPLUNODUZDUXPHUXQVKDVWHZDUWHQOHVVHQ=ZHL VFKZHUH.DPSIURERWHUZLHVLHVRQVWQXUGLH)ORWWHGHV*URHQ,PSHULXPVEHQXW]WH VWDQGHUPLWDQJHZLQNHOWHQ:DIIHQDUPHQLP+LQWHUJUXQG'DV/LFKWGHU6FKHLQZHUIHU VSLHJHOWHVLFKDXIGHPPROHNXODUYHUGLFKWHWHQ0HWDOOSODVWLN³6LHYHUKDOWHQVLFKQXU SDVVLYZHQQLFKYRUKHUHLQHQHQWVSUHFKHQGHQ*HKHLPNRGHDEVWUDKOH´VDJWH.HODWRV ³hEHUGLHVPXLFKLKQHQMHGHVPDOSHUV|QOLFKJHJHQEHUWUHWHQGDPLWVLHPHLQH ,QGLYLGXDOVFKZLQJXQJHQDOVGLHLKUHV%HIHKOVKDEHUVHLQVWXIHQ(VZlUHQLFKWUDWVDP HWZDVJHJHQPLFK]XXQWHUQHKPHQVRODQJHVLHVLFKLQ2UWXQJVUHLFKZHLWHEHILQGHQ² XQGGDVLVWSUDNWLVFKEHUDOOLQPHLQHP6WW]SXQNW´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³+DEHQ6LHGHQ+|KOHQJDQJXQGGLHVHQ5DXPDQOHJHQODVVHQ"´HUNXQGLJWHVLFK 7LUDNR .HODWRVPDFKWHHLQH*HVWHGHU9HUQHLQXQJXQGIRUGHUWHXQVDXILKPGXUFKGLH JHJHQEHUOLHJHQGHgIIQXQJGHVTXDGUDWLVFKHQ5DXPHV]XIROJHQ$EHUPDOVWDWVLFK HLQ+|KOHQJDQJYRUXQVDXIDEHUWULHUZDUQLFKWQXUGLH'HFNHY|OOLJHEHQGLH 6HLWHQZlQGHXQGGHU%RGHQZDUHQHVDXFK:LHGHUIKUWHGHU:HJLQOHLFKWHU1HLJXQJ DEZlUWV1DFKHLQLJHU=HLWZHLWHWHVLFKGHU*DQJ]XHLQHU.XSSHOKDOOHDXV$OVHLQ 6FKHLQZHUIHUNHJHOGLH'HFNHWUDIVWRFNWHPLUXQZLOONUOLFKGHU$WHP 'RUWREHQZDUXQYHUNHQQEDUGLH=HLFKQXQJHLQHV6RQQHQV\VWHPVPLW]HKQ 3ODQHWHQHLQJUDYLHUWZDKUVFKHLQOLFKPLW+LOIHHLQHVVFKDUIJHEQGHOWHQ(QHUJLHVWUDKOV 'DVZDUXQ]ZHLIHOKDIWGDV:HUNLQWHOOLJHQWHU:HVHQGLH]XPLQGHVWGLH LQWHUSODQHWDULVFKH5DXPIDKUWEHKHUUVFKWHQ,FKQDKPMHGRFKDQGDVLHGLH EHUOLFKWVFKQHOOHLQWHUVWHOODUH5DXPIDKUWJHNDQQWKDWWHQGHQQHVJDEHLQHQHLQGHXWLJHQ +LQZHLVGDUDXI³6LHPVVHQDXVHLQHPDQGHUHQ6RQQHQV\VWHPJHNRPPHQVHLQ'DV 7UXPVFK6\VWHPKDWQXUYLHU3ODQHWHQWULHUDEHUVLQG]HKQHLQJH]HLFKQHW´,FKEOLFNWH PLFKXP³:LHDOWLVWGLHVH+DOOH"´ ³8QVHUH$QDO\VHQHUJDEHQHLQXQJHIlKUHV$OWHUYRQGUHLLJWDXVHQG $UNRQMDKUHQ´DQWZRUWHWH.HODWRV ³'LH)UHPGHQEHKHUUVFKWHQDOVRVFKRQ]ZDQ]LJWDXVHQG-DKUHYRU%HJLQQ XQVHUHU=HLWUHFKQXQJGLHLQWHUVWHOODUH5DXPIDKUW´VDJWHLFKEHHLQGUXFNW³:DVPDJDXV LKQHQJHZRUGHQVHLQ"8QVHUH)RUVFKXQJVVFKLIIHVWLHHQQLHDXIHLQ\RONGDVVFKRQ VHLWVRODQJHU=HLWLQWHUVWHOODUH5DXPIDKUWEHWUHLEW(VJLEWQXUGLH$UWHIDNWHGHV*URHQ $OWHQ9RONHV´ :LHGHUOlFKHOWH.HODWRVHLJHQWPOLFK³:RKHUNHQQWHLQHLQIDFKHU)UDFKWVFKLIIHU GLH)RUVFKXQJVHUJHEQLVVHXQVHUHU(UNXQGXQJVIORWWHVRJXWGDHUGLHVH%HKDXSWXQJ DXIVWHOOHQNDQQ"´$OVLFKPLFKQDFKGHUgIIQXQJXPVDKGXUFKGLHZLUGLH+DOOHEHWUHWHQ KDWWHQIJWHHUKLQ]X³0HLQH0lQQHUVLQGLQGHQ1HEHQJDQJDEJHERJHQGHQZLU YRUKLQSDVVLHUWHQ1LHPDQGEHODXVFKWXQV'XNDQQVWDOVRRIIHQUHGHQ´ ,FKHQWVFKORPLFKPHLQH,GHQWLWlWSUHLV]XJHEHQQLFKWQXUZHOO.HODWRVPLUYRQ $QIDQJDQV\PSDWKLVFKJHZHVHQZDUVRQGHUQZHOOLFKVSUWHGDHUPLUGLHJOHLFKH 6\PSDWKLHHQWJHJHQEUDFKWH²XQGZHOOPLUPHLQ/RJLNVHNWRUVDJWHGDLKVHLQYROOHV 9HUWUDXHQQXUGXUFKDEVROXWH2IIHQKHLWJHZLQQHQNRQQWH8QGLFKEUDXFKWH.HODWRV¶ 9HUWUDXHQZHQQLFKDXI7UXPVFKYDDUGHQHUVWHQ6FKODJJHJHQ2UEDQDVFKRO,,,IKUHQ ZROOWH³,FKKHLH$WODQXQGELQGHUUHFKWPlLJH1DFKIROJHU*RQR]DOVGHV6LHEHQWHQ´ VDJWHLFKEHGlFKWLJ³XQGPHLQ)UHXQGXQG%HJOHLWHULVW7LUDNR*DPQRGHUPLWPLUDXI /DUJDPHQLDDQGHU$5.6800,$WHLOJHQRPPHQKDW´ 1XUHLQZLQ]LJHV=XFNHQLQ.HODWRV¶*HVLFKWYHUULHWZLHEHUUDVFKWGHU0DQQ ZDU(UVDKPLFKJHQDXDQXQGVFKLHQPLFKLQ*HGDQNHQPLWGHQYRQ/DUJDPHQLD EHUPLWWHOWHQ%LOGHUQ]XYHUJOHLFKHQGLH6RIJDUWV.UDODVHQHQKlVFKHUQVHLWKHUDOV )DKQGXQJVIRWRVGLHQWHQ)DUWXORRQVNRVPHWLVFKH9HUlQGHUXQJZDUDXVUHLFKHQGXP PLFK]XWDUQHQGRFKZHQQPDQZXWHZHULFKZDU ,PQlFKVWHQ$XJHQEOLFNVDOXWLHUWHHU³9HUIJHQ6LHEHUPLFK*RV¶DWKRU,FK ZHUGHMHGHQ,KUHU%HIHKOHEHIROJHQ0HLQULFKWLJHU1DPHLVW7URQWRU6HPLDQ,FKELQGHU lOWHVWH6RKQYRQ,UVDQWKGD6HPLDQGHU,KUHPKRFKYHUHKUWHQ+HUUQ9DWHUDOV(UVWHU %HUDWHUIU9HUWHLGLJXQJVIUDJHQGLHQWH1DFK2UEDQDVFKROV0DFKWEHUQDKPH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
YHUVFKZDQGHUVSXUORVZDKUVFKHLQOLFKKDWGHU8VXUSDWRULKQKHLPOLFKEHVHLWLJHQ ODVVHQ´ ,FKIKOWHPLFKHLJHQWPOLFKEHUKUWGHQQLFKHULQQHUWHPLFKVFKODJDUWLJDQ )DUWXORRQV%HULFKWHXQGGLH%LOGHUVHLQHU'RVVLHUV,UVDQWKGD6HPLDQ'HU %DXFKDXIVFKQHLGHUKDVWHEHKDXSWHWLFKKDEHGHQ0DQQDOV.LQG³2QNHO,UVDQWK´ JHQDQQW1XQZXWHLFKDXFKZDUXPLFK³.HODWRV´JHJHQEHUYRPHUVWHQ$XJHQEOLFN DQXQHLQJHVFKUlQNWH6\PSDWKLHHPSIXQGHQKDVWH0HLQ8QWHUEHZXWVHLQPXWH JHVSUWKDEHQGDLFKHLQHP6RKQYRQ2QNHO,UVDQWKJHJHQEHUJHVWDQGHQKDVWH ZlKUHQGVHLQlOWHUHU6WLHIEUXGHU6ROWKDULXVPLWLKPQXUGLH0XWWHUJHPHLQVDP KDWHUJlQ]WHGHU([WUDVLQQOHLVH6LHKDVWHHLQH$IIlUHPLWHLQHP.RORQLDODUNRQLGHQ² GHVKDOE6ROWKDULXV¶VFKZDU]HV+DDU ³ZROOWHPHKUEHUVHLQ6FKLFNVDOKHUDXVILQGHQ(UVWH$Q]HLFKHQGDGLHQHXH 7UXSSHGHVHKHPDOLJHQ2EHUEHVFKDIIXQJVPHLVWHUV6RIJDUWYHUZLFNHOWZDUEHVWlWLJWHQ VLFKOHLGHUQLFKW$EHULFKEOLHEEHLGHQ6|OGQHUQHEHQVRPHLQ6WLHIEUXGHU'LH QRUPDOHQ.UDODVHQHQVLQGHLQKDUWHUDEHUIlKLJHU+DXIHQ8QGVRODQJHPDQQLFKW 6RIJDUWV8QZLOOHQ1XQGLHHLJHQWOLFKHQ%OXWKXQGHOHEHQDXIGHP3ODQHWHQGHU QDPHQORVHQ6FKPHU]HQ0LWGHQHQKDVWHLFKIDVWQLH]XWXQ´ ³*DQEHUDDQ²GLHEHUFKWLJWH)ROWHUZHOW6RIJDUWV:DVZLVVHQ6LHGDUEHU"´ ³1XUGD6RIJDUWGRUWDOOHIROWHUWGLHLUJHQGZLHVHLQ0LIDOOHQHUUHJHQ´VDJWHHU XQGPDFKWHHLQHYDJH+DQGEHZHJXQJ³$QJHEOLFKVROOHQGRUWDXFK*HIDQJHQH EHHLQIOXWXQGµXPJHGUHKWZHUGHQ,FKKDEHNHLQH$KQXQJZRVLFKGLHVHU3ODQHW EHILQGHWXQGZLHHUEHVFKDIIHQLVW$EHUHVVRLOHLQH:HOWGHV*UDXHQVVHLQ´ 'DVZXWHLFKEHUHLWV,QGLHVHU%H]LHKXQJNRQQWHHUPLUDOVROHLGHUQLFKWV 1HXHVHU]lKOHQ³(VLVWPLUHLQH(KUH6LHDOVPHLQHQ)UHXQGEHWUDFKWHQ]XGUIHQ 7URQWRU´VDJWHLFKVFKZHUIlOOLJEHLP*HGDQNHQDQ)DUQDWKLDIU|VWHOQG³'RFK6LH ZLVVHQGD2UEDQDVFKROPLFKEHUDOOLQGHU*DOD[LVVXFKHQOlW(UKDWHLQHQ3UHLVDXI PHLQHQ.RSIDXVJHVHW]W$XIGHP3ODQHWHQ*RUWDYRUELQLFK6RIJDUWXQGVHLQHQ 6|OGQHUQQXUPLWNQDSSHU1RWHQWJDQJHQ$XIHLQHPDQGHUHQ3ODQHWHQPXWHLFKPLFK JHJHQGHQ.RSIMlJHU&RUSNRUZHKUHQHUZXUGHDOOHUGLQJVLQ]ZLVFKHQPHLQ 9HUEQGHWHU6LHVHKHQHVLVWJHIlKUOLFKLQGLHVHQ=HLWHQ]XPLU]XKDOWHQ´ ³0HLQ3ODW]LVWDQGHU6HLWHGHVUHFKWPlLJHQ,PSHUDWRUV=KGRSDQGD*DQ] JOHLFKZDVDXFKNRPPHQPDJ´(UUXQ]HOWHGLH6WLUQ³6LHKDEHQGHQ.RSIMlJHU &RUSNRUDOV9HUEQGHWHQJHZLQQHQN|QQHQ"'DVVSULFKWIU6LH*RV¶DWKRU%LVKHUJDLW &RUSNRUDOVJQDGHQORVHU-lJHUGHPQRFKQLHHLQ2SIHUHQWNRPPHQLVW+DW&RUSNRU VHLQH7LHUDUPHHQRFK"´ ³-D´ ³'DQQLVW,KU(UIROJQRFKHUVWDXQOLFKHU´ ³,FKKDEHVHKUWFKWLJH)UHXQGH.HQQHQ6LH)DUWXORRQ"´ ³1DWUOLFKHUZDUGRFKGHU/HLEDU]W,KUHV+HUUQ9DWHUV(UYHUVFKZDQGQDFK GHVVHQ7RGHEHQIDOOVVSXUORV´6HLQH$XJHQZHLWHWHQVLFK³(UYHUVFKZDQG]XUJOHLFKHQ =HLWZLHGHUMXQJH.ULVWDOOSULQ]%HGHXWHWGDVGDHUPLW,KQHQ]XVDPPHQ XQWHUWDXFKWH"´ ³(UEUDFKWHPLFKLQ6LFKHUKHLW²XQGHUZDUWHWLQGHU1lKHGHV7UXPVFK6\VWHPV DXIPLFK´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'DVLVWJXW´7URQWRUEOLQ]HOWHPLU]X³6LHVLQGJHZLQLFKWQDFK7UXPVFKYDDU JHNRPPHQXPVLFKYRUGHP%OLQGHQ6RIJDUW]XYHUNULHFKHQ'DUILFK,KUH3OlQH HUIDKUHQ"´ ³,FKKDEHQXUHLQHQ3ODQ´VDJWHLFKKDUW³6RIJDUWV6FKLII]X]HUVW|UHQRGHU ]XPLQGHVWVFKZHU]XEHVFKlGLJHQXQG2UEDQDVFKROHLQH%RWVFKDIW]XKLQWHUODVVHQ GDHUYRQQXQDQNHLQH5XKHPHKUYRUPLUILQGHQZLUGELVLFKLKQJHVWU]WKDEH´ ³0HLQH0lQQHUXQGLFKZHUGHQ,KQHQKHOIHQ:LUN|QQWHQHLQHQIHUQJHVWHXHUWHQ )OXJN|USHUPLW)XVLRQVVSUHQJNRSIDXI6RIJDUWV6FKLIIDEVFKLHHQXQG´ ³1HLQ´ZHKUWHLFKDWH³'DEHLZUGHQYLHOH8QVFKXOGLJHVWHUEHQQLFKWDOOH .UDODVHQHQVLQG6FKHXVDOHZLH6RIJDUW:LUPVVHQDQGHUVYRUJHKHQ9RUDOOHPDEHU PXLFK]XHUVWZLVVHQZHUGHUJHKHLPQLVYROOH*HIDQJHQHLVWGHQ6RIJDUW]XVHLQHU )ROWHUZHOWEULQJHQZLOO´ ³'DVNDQQLFKIHVWVWHOOHQOHVVHQ0LFKLQWHUHVVLHUWHEHQIDOOVZHUQDFK *DQEHUDDQJHEUDFKWZHUGHQVROO´ (VZDUVFKRQYLHOZHUWGDHUGLH0|JOLFKNHLWEHVDIHVWVWHOOHQ]XOHVVHQZHU GHUJHKHLPQLVYROOH*HIDQJHQHDQ%RUGYRQ6RIJDUWV6FKLIIZDU'DVLQWHUHVVLHUWHPLFK EUHQQHQGGHQQMHGHU*HJQHUGHVEHUFKWLJWHQ.UDODVHQHQIKUHUVZDUDXWRPDWLVFK PHLQSRWHQWLHOOHU9HUEQGHWHU9LHOOHLFKWNRQQWHQZLUGLHVHQ*HIDQJHQHQEHIUHLHQXQG IUXQVHUHQ.DPSIJHJHQGHQ8VXUSDWRUJHZLQQHQ 7URQWRUEHWUDWPLW7LUDNRXQGPLUGHQ1HEHQJDQJLQGHQVHLQH0lQQHUYRUKLQ DEJHERJHQZDUHQ'LHVHU*DQJIKUWH]XHLQHPHWZD]ZDQ]LJ0HWHUWLHIHQ6FKDFKWDQ GHVVHQ*UXQGHLQ$QWLJUDYJHQHUDWRUVWDQGGHUGHQ6FKDFKWLQHLQHQ$QWLJUDYOLIW YHUZDQGHOQNRQQWH:LUVWLHJHQDOOHUGLQJVPLW+LOIHHLQHU6WULFNOHLWHUDWHGHQQHVZDU P|JOLFKGDPDQXQVEHUHLWVVXFKWHXQGGLH6WUHXVWUDKOXQJHLQHV$QWLJUDYJHQHUDWRUV OLHVLFKZHJHQLKUHUK\SHUHQHUJHWLVFKHQ%HVFKDIIHQKHLWDQPHVVHQ+LHUXQWHQEHIDQG VLFKGHUHLJHQWOLFKH*HKHLPVWW]SXQNW7URQWRUV(VKDQGHOWHVLFKXPUHJHOUHFKWH .DVHPDWWHQGLHHEHQIDOOVYRUODQJHU=HLWLQGHQ)HOVJHEUDQQWZRUGHQVHLQPXWHQ ³(VVFKHLQWDOVKlWWHQGLH5DXPIDKUHUDXVGHP=HKQSODQHWHQV\VWHPHLQH UHJHOUHFKWH)HVWXQJDQJHOHJW´VDJWH7LUDNR³'DVOlWGHQ6FKOX]XGDVLHVLFKLP .ULHJPLWHLQHP*HJQHUEHIXQGHQKDEHQGHUHEHQIDOOVLQWHUVWHOODUH5DXPIDKUWEHWULHE´ 7URQWRUOlFKHOWHJHKHLPQLVYROO³(VLVWDOOHVVFKRQHLQPDOGDJHZHVHQ0HLQ9DWHU HU]lKOWHPLUGD*RQR]DOVJHKHLPH)RUVFKXQJVNRPPDQGRVDXIYLHOHQ3ODQHWHQ 6SXUHQLQWHOOLJHQWHU9|ONHUYRUIDQGHQGDUXQWHUDXFKMHQHU5DXPIDKUHUDXVGHP =HKQSODQHWHQV\VWHP´(UZXUGHQDFKGHQNOLFK³,QHLQHUDQGHUHQ.XSSHOK|KOHZXUGH EULJHQVHLQH=HLFKQXQJJHIXQGHQGLHQXUQHXQ3ODQHWHQ]HLJW´ ³9LHOOHLFKWGDV+HLPDWV\VWHPGHU)HLQGHMHQHU5DXPIDKUHUGLHGLHVH)HVWXQJ DQOHJWHQ´EHUOHJWHLFKXQGIKOWHPLFKDQJHVLFKWVGHU.XSSHOK|KOHQDQ*RUWDYRU HULQQHUW:DUHQKLHUGLHJOHLFKHQ%DXPHLVWHUDP:HUN" ³1HLQHVKDQGHOWVLFKXPGDVJOHLFKH6RQQHQV\VWHP´VDJWH7URQWRU³'RUWZR LQXQVHUHU.XSSHOKDOOHGHUIQIWH3ODQHWHLQJH]HLFKQHWLVWNODIIWLQGLHVHUDQGHUHQ =HLFKQXQJHLQH/FNHLQGLHYLHOHZLQ]LJH3XQNWHHLQJUDYLHUWVLQG(VVFKHLQWDOVVHL GHUIQIWH3ODQHWLP9HUODXIMHQHV.ULHJHV]HUVW|UWZRUGHQ´ ³,FKNDQQPLUQLFKWYRUVWHOOHQGDHLQ\RONGDVLQWHUVWHOODUH5DXPIDKUWEHWUHLEW GXUFKHLQHQ.ULHJY|OOLJDXVJHO|VFKWZRUGHQVHLQVROO´ZDQGWHLFKHLQ³(VPXDXI YLHOHQHQWOHJHQHQ:HOWHQ]XPLQGHVW*UXSSHQYRQhEHUOHEHQGHQJHJHEHQKDEHQ :DUXPVLQGZLUQLHPDOVLKUHQ1DFKNRPPHQEHJHJQHW"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³9LHOOHLFKWZHOOPDQVLFKQLFKWVHOEVWEHJHJQHQNDQQ´PXUPHOWH7URQWRU ,FKVFKWWHOWHGHQ.RSI³1HLQGDVKDOWHLFKIUHLQHXQKDOWEDUH6SHNXODWLRQ:LU KDEHQXQVDXIGHPGULWWHQ$UNRQSODQHWHQPLWWHQLQHLQHP.XJHOVWHUQKDXIHQREHUKDOE GHUJDODNWLVFKHQ(EHQHHQWZLFNHOWXQGXQVVSlWHUYRQGRUWDXVJHEUHLWHW :DKUVFKHLQOLFKVLQGGLHhEHUOHEHQGHQMHQHV]HUIDOOHQHQ6WHUQHQUHLFKHVLQGLH 3ULPLWLYLWlW]XUFNJHIDOOHQXQGNRQQWHQVLFKQLFKWZLHGHUGDYRQHUKROHQ'HU 1HEHOVHNWRUGHUgGHQ,QVHOLVWJUR´ 7URQWRUPDFKWHHLQH*HVWHGHU5DWORVLJNHLW³9LHOOHLFKWZHUGHQZLUHVHLQPDO HUIDKUHQYLHOOHLFKWDXFKQLFKW´ (UULHI]ZHLVHLQHU0lQQHU]XVLFKXQGEHIDKOLKQHQQDFK8]UXK]XUFN]XNHKUHQ XQGVLFKQDFKGHU/DQGXQJYRQ6RIJDUWV5DXPVFKLIIXQWHUGLH/DQGJlQJHU]XPLVFKHQ XP]XHUIDKUHQZHUGHUJHKHLPQLVYROOH*HIDQJHQHGHV.UDODVHQHQIKUHUVZDU 7LUDNRXQGLFKEHNDPHQHLQHQ5DXPLQGHQ.DVHPDWWHQ]XJHZLHVHQLQGHP VLFK]ZHL/LHJHQXQGGLHQRWZHQGLJVWHQ(LQULFKWXQJVJHJHQVWlQGHEHIDQGHQGLHPDQ IUHLQHQYRUEHUJHKHQGHQ$XIHQWKDOWEUDXFKWH7LUDNRXQGLFKOHJWHQXQVKLQW3O|W]OLFK PHUNWHLFKZLHVHKUPLFKGLH6WUDSD]HQGHVOHW]WHQ7DJHVXQGGHU1DFKWEHVRQGHUV DEHUGLH.lPSIHJHJHQGLH0DDKNVPLWJHQRPPHQKDWWHQ,FKILHOIDVWDXJHQEOLFNOLFKLQ HLQHQWLHIHQ6FKODI $OVLFKHUZDFKWHEUDXFKWHLFKHLQLJH=HLWXPPLFK]XHULQQHUQZRLFKPLFK EHIDQGXQGZLHLFKKLHUKHUJHNRPPHQZDU0HLQH*OLHGHUZDUHQVFKZHUZLH%OHL,FK PXWHPLFKGD]X]ZLQJHQZDFK]XEOHLEHQ1DFKHLQLJHU=HLWULLFKPLFKJHZDOWVDP ]XVDPPHQXQGVFKZDQJPLFKPLWHLQHP6DW]YRQGHU/LHJH,FKDEVROYLHUWHHLQNXU]HV .|USHUWUDLQLQJXQGVSUWHQDFKGHP'DJRUFDLZLHGLH.UDIWZLHGHULQPHLQH*OLHGHU ]XUFNNHKUWH ,Q]ZLVFKHQZDU7LUDNRHEHQIDOOVHUZDFKW$XFKHUEHQ|WLJWHHLQHJHZLVVH $QODXI]HLWXPPXQWHU]XZHUGHQ:LU|IIQHWHQHLQSHDUGHULP5DXPJHVWDSHOWHQ .RQVHUYHQXQGIUKVWFNWHQ$QVFKOLHHQGEHUSUIWHQZLUXQVHUH:DIIHQXQGGLH VRQVWLJH$XVUVWXQJ'LH.RPELQDWLRQHQKDVWHQEHLP.DPSIJHJHQGLH0DDKNVVWDUN JHOLWWHQ:LUVlEHUWHQVLHQRWGUIWLJXQGIOLFNWHQ5LVVHPLWVHOEVWNOHEHQGHU 0HWDOOSODVWLNIROLH:LUZDUHQQRFKQLFKWJDQ]IHUWLJGDPLWDOV7URQWRUXQVHUH8QWHUNXQIW EHWUDW(UOLHVLFKDXIHLQHP+RFNHUQLHGHUXQGEOLFNWHXQVVFKZHLJHQGDQELVLFK IUDJWH³:DVJLEWHV1HXHV"´ ³,FKKDEH1DFKULFKWEHUGHQ*HIDQJHQHQ´(U]HLJWHHLQHGVWHUH0LHQH³(VLVW NHLQ0DQQVRQGHUQHLQHMXQJH)UDX,FKEHJUHLIHQLFKWZDUXPGHU%OLQGH6RIJDUWVLH]X VHLQHU)ROWHUZHOWEULQJHQZLOO(UNDQQVLHQLFKWKDVVHQGHQQVLHLVWSROLWLVFKY|OOLJ XQEHGHXWHQG$XFKLKU9DWHULVWVRYLHOLFKZHLQLFKWLQJDODNWRSROLWLVFKH 9HUZLFNOXQJHQYHUVWULFNW6LHPWHQGHQ0DQQHLJHQWOLFKNHQQHQ´ ,FKKRUFKWHDXIVHW]WHPLFKDXIPHLQH/LHJHXQGIUDJWHDKQXQJVYROO³+HLWHU $UPDQFN'HFODQWHU"´ ³-D'HU7DWRYRQ*RUWDYRU´7URQWRUEOLFNWHPLFKSUIHQGDQGDHURIIHQEDUGLH 9HUlQGHUXQJLQPLUVSUWH³'LH*HIDQJHQHLVWVHLQH7RFKWHU)DUQDWKLD´ )DUQDWKLD²GDV0lGFKHQLQGDVLFKXQVWHUEOLFKYHUOLHEWELQ3O|W]OLFK YHUVFKZDPPDOOHVYRUPHLQHQ$XJHQ'LH+RIIQXQJVLH]XILQGHQXQG]XEHIUHLHQZDU HLQHV²GLH%HVWlWLJXQJ]XHUKDOWHQGDVLHWULHUZDUHWZDVDQGHUHV6HLW*RUWDYRU ZDUHQZLUJHWUHQQWIDVWKDVWHLFKGHQ(LQGUXFNGDLQGLHVHP$XJHQEOLFNDOOHV $XIJHVWDXWHXQG9HUGUlQJWHDXVPLUKHUDXV]XEUHFKHQYHUVXFKWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,QPHLQHP*HVLFKWVIHOGWDXFKWH7URQWRUV.RSIDXI³(VWXWPLUOHLG,FKNRQQWH QLFKWDKQHQZLH6LH]X)DUQDWKLD'HFODQWHUVWHKHQ´ ³,FKOLHEHVLH´VWLHLFKKHUYRUXQGXPNODPPHUWHVHLQHQ$UP³:HQQLKUHWZDV ]XVW|W7URQWRUZLUPVVHQVLHEHIUHLHQ´ 7LUDNRIDWHPLFKDQGHQ6FKXOWHUQ7URQWRUZLUNWHVHOWVDPXQEHZHJWZLHDXV $YXQWDKRO]JHVFKQLW]W1XUGLH$XJHQ]HXJWHQYRQ/HEHQ6LHEOLFNWHQPLFK HLQGULQJOLFKIDVWEHVFKZ|UHQGDQ³6LHVLQGEHLGHQRFKVHKUMXQJ´IOVWHUWHHU³,Q GLHVHP$OWHUJODXEWPDQQRFKGLHHUVWH/LHEHPWHDXFKGLHHLQ]LJHVHLQ'DVWULIIW DEHUQXULQGHQVHOWHQVWHQ)lOOHQ]X,Q,KUHP)DOOOLHJWGLH6DFKHEHUGLHVDQGHUV6LH VLQGGHUNQIWLJH,PSHUDWRUGHV*URHQ,PSHULXPV,KUH/LHEHKDWLQHUVWHU/LQLHGHP DUNRQLGLVFKHQ\RON]XJHOWHQ3HUV|QOLFKH%H]LHKXQJHQUDQJLHUHQHUVWGDQDFK 9HUOLHUHQ6LHGDVJURH=LHOQLFKWDXVGHQ$XJHQ*RV¶DWKRU´ ³6LHYHUVWHKHQPLFKQLFKW´HUZLGHUWHLFKKHIWLJ³)UPLFKJLEWHVQXUHLQHHLQ]LJH )UDXLP8QLYHUVXP²XQGGDVLVW)DUQDWKLD'HU*HGDQNHGDVLH]XGLHVHU DEVFKHXOLFKHQ)ROWHUZHOWJHEUDFKWZHUGHQVRLOLVWPLUXQHUWUlJOLFK´ 'DVLVWVREHDEVLFKWLJWWHLOWHPLUGHU/RJLNVHNWRUNDOWPLWXQGHULQQHUWHPLFKDQ GLH(LQVDW]SODQXQJ6RIJDUWZHLZLHYLHOGLU)DUQDWKLDEHGHXWHW(UKRIIWGDGXEHU NXU]RGHUIDQJLKUH%HIUHLXQJYHUVXFKHQZLUVWXQGHUZLOOGDGXHUIlKUVWGDVLHVLFK DXIGHU)ROWHUZHOWEHILQGHW(UUHFKQHWGDPLWGDGXGDQQXQEHUOHJWUHDJLHUHQZLUVWVR GDGXJHIDWZHUGHQNDQQVW 7URQWRUUWWHOWHPLFKDQGHQ6FKXOWHUQ³+DEHQ6LHYHUVWDQGHQZDVLFK,KQHQ VDJWH"´ ,FKVFKWWHOWHGHQ.RSI³1HLQ²DEHULFKZHLGD6RIJDUWPLUPLW+LOIHYRQ )DUQDWKLDHLQH)DOOHVWHOOHQZLOO$OOHUGLQJVLVWHULP1DFKWHLOGHQQHUDKXWQLFKWGDLFK PLFKVFKRQZLHJHSODQWDXI7UXPVFKYDDUEHILQGH'DVJLEWXQVGLH0|JOLFKNHLW )DUQDWKLD]XEHIUHLHQ´ 7URQWRUDWPHWHDXI³-HW]WUHGHQ6LHVFKRQZLHGHUYHUQQIWLJHU'D6RIJDUW )DUQDWKLD'HFODQWHUDOV.|GHUEHQXW]HQZLOOOHXFKWHWPLUHLQ'RFKZROOHQ6LHZLUNOLFK GDV5LVLNRHLQJHKHQ6RIJDUWV6FKLII]XVWUPHQ"´ ³,FKPXHVWXQ'DVJHELHWHWQLFKWQXUPHLQH/LHEH]X)DUQDWKLDVRQGHUQDXFK GLH/RJLN6RIJDUWZLUGVLH]XHUVWDXIVHLQH)ROWHUZHOWEULQJHQXQGHUVWGDQDFKGLH 1DFKULFKWDXVVWUHXHQGDVLHVLFKGRUWEHILQGHW)ROJOLFKUHFKQHWHUYRUKHUQLFKWPLW HLQHP%HIUHLXQJVYHUVXFK'LH$XVVLFKWHQVLH]XEHIUHLHQVLQGDOVRMHW]WHUKHEOLFK EHVVHUDOVVSlWHU´ 7URQWRUGDFKWHQDFK³-DGDVHUVFKHLQWDXFKPLUORJLVFK´JDEHU]X³$XHUGHP N|QQWHHU6LHQLFKWHUSUHVVHQZHQQ)DUQDWKLD'HFODQWHUQLFKWPHKUVHLQH*HIDQJHQH LVW'DVDOOHLQJHQJWPLUXP,KQHQEHL]XSIOLFKWHQ6HOEVWYHUVWlQGOLFKZHUGHLFK SHUV|QOLFKGLH$NWLRQOHLWHQXQGPHLQHEHVWHQ0lQQHUPLWQHKPHQ´ ³,FKPDFKHHEHQIDOOVPLW´VDJWH7LUDNR ,FKVHXI]WH³'DQNH:LUZHUGHQHVVFKDIIHQ:LUPVVHQ´ ³,FKKRIIHHV´7URQWRUIXKUVLFKEHUGHQJHVWXW]WHQ.LQQEDUW³%LWWHZDUWHQ6LH WULHU,FKELQEDOGZLHGHU]XUFN8EULJHQVPHLQHQ0lQQHUQJHJHQEHUVLQG6LHIU PLFKZHLWHUKLQ6DWDJR:HUERW,FKZHUGH6LHDOVHLQHQ)UHXQGDXVJHEHQLQGHVVHQ 6FKXOGLFKVWHKH6HOEVWYHUVWlQGOLFKPXLFK6LHGX]HQ´ ³:LUVLQG)UHXQGH,QGLHVHU%H]LHKXQJEUDXFKVWGXDOVRQLFKW]XOJHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
:HQLJVSlWHUNHKUWH7URQWRUPLWYLHU0lQQHUQ]XUFN'LHJHULQJH=DKO HQWWlXVFKWHPLFK(UPXWHPLUGLHVH(QWWlXVFKXQJDQJHVHKHQKDEHQGHQQHUVDJWH YHUOHJHQ³'DVVLQGPHLQH*HWUHXHQ6DWDJR/HLGHUKDOWHQGLHDQGHUHQ0lQQHUGLH $NWLRQIU]XJHIlKUOLFK6LHVLQGGHU0HLQXQJGDHLQhEHUIDOODXI6RIJDUWV5DXPVFKLII VFKHLWHUQPX´ ³8QGLKUDQGHUHQ"´HUNXQGLJWHLFKPLFK³6HLGLKUQLFKWGHUJOHLFKHQ0HLQXQJ"´ ³.HODWRVVDJWHXQVGDIULKQXQGIUGLFKVHKUYLHOGDYRQDEKlQJWRE )DUQDWKLD'HF`DQWHUEHIUHLWZLUGRGHUQLFKW´VDJWHHLQKQHQKDIWHU.UDODVHQH³'DV JHQJWXQV:LUZHUGHQHQWZHGHUVLHJHQRGHUVWHUEHQ´ ³6RLVWHV´VDJWHQGLHDQGHUHQZLHPLWHLQHU6WLPPH ³6HW]WHXFK´EHIDKO7URQWRUDOLDV.HODWRV³,FKKDEHPLUEHUOHJWZDVZLU]XWXQ KDEHQVREDOG)DUQDWKLDEHIUHLWLVW(VLVWXQGHQNEDUDXI7UXPVFKYDDU]XEOHLEHQ 6RIJDUWZLUGQLFKWHKHUUXKHQELVHUXQVJHIDWKDW$OVRPVVHQZLUQLFKWQXU)DUQDWKLD EHIUHLHQVRQGHUQGDV6FKLIILQXQVHUH*HZDOWEULQJHQXQGPLWLKPGHQ3ODQHWHQ YHUODVVHQ´ *HQDXGDVJOHLFKHKDVWHLFKPLULQ]ZLVFKHQHEHQIDOOVEHUOHJW'HVKDOEVWLPPWH LFK7URQWRUYRUEHKDOWORV]X$EHULFKKDVWHPLUVFKRQDXVJHGDFKWZLHZLULQ6RIJDUWV 6FKLIIKLQHLQNRPPHQNRQQWHQ³(LQRIIHUHU$QJULIIVFKHLGHWDXV6HLWLFKZHLGDZLU QXUVLHEHQ0DQQVLQGVRZLHVR,FKVFKODJHGHVKDOEYRUZLUPDVNLHUHQXQVXQGVWHOOHQ HLQH$ERUGQXQJGDUGLHLP1DPHQLKUHU.DPHUDGHQEHL6RIJDUWYRUVSUHFKHQZLOOXP JHZLVVH9HUEHVVHUXQJHQ]XIRUGHUQ´ ³'HU*HGDQNHLVWEUDXFKEDU´³QLFNWH7URQWRU³1DWUOLFKPVVHQZLUXQV PDVNLHUHQ'DVLVWMHGRFKNHLQ3UREOHP-RWRUVFK´HUGHXWHWHDXIHLQHQGHU0lQQHU ³KDWGUHL-DKUH%LRSODVWFKLUXUJLHVWXGLHUW1DWUOLFKNDQQHURKQHHQWVSUHFKHQGH $XVUVWXQJNHLQHELRSODVWLVFKHQ2SHUDWLRQHQGXUFKIKUHQDEHU]XPLQGHVWNDQQHU XQVHUH*HVLFKWHUVRYHUlQGHUQGDXQVQLHPDQGHUNHQQW´ ³'DVGUIWHJHQJHQ´EUXPPWH7LUDNR ³$OVRIDQJHQZLUDQ´ ³'XNDQQVWHVQLFKWHUZDUWHQPHLQ)UHXQG´VDJWH7URQWRUOHLVH]XPIU³$EHU HLQHV7DJHVZLUVWGXZLVVHQGDHLQHGHUK|FKVWHQ7XJHQGHQGHV$QIKUHUVGLH *HGXOGLVW´ $XV-DKUHGHU.ULVH%HWUDFKWXQJHQ]XPEHJLQQHQGHQ-DKUWDXVHQG +HPPDU7D.KDOORXS,PSHULDOHU$UFKLYDUXQG+LVWRULNHU$UNRQ,.ULVWDOOSDODVW$UFKLY GHU+DOOHQGHU*HVFKLFKWHGD$UN *DODNWLVFKH0\WKHQ/HJHQGHQXQG6DJHQJHK|UHQ]XGHQEHZRKQWHQ3ODQHWHQ GHU0LOFKVWUDHZLHGDV/LFKWLKUHU6RQQHQ5DXPIDKUHUYHUEUHLWHQVLHLQ 5DXPKDIHQNQHLSHQRGHUHU]DKOHQVLHEHLODQJHQ:DFKHQYRUGHQ2UWXQJVJHUlWHQ 3LRQLHUXQG3URVSHNWRUHQWUXSSVWUDJHQVLHDQGHQ5DQGGHU=LYLOLVDWLRQHQVFKPFNHQ VLHDXVYHU]HUUHQVLHXQGSDVVHQVLHLKUHQ.XOWXUHQDQ 0DQFKHGLHVHU*HVFKLFKWHQEHUEUFNHQGLH$EJUXQGHGHU=HLWRGHUIKUHQZHLW EHUGLHJDODNWLVFKHQ*UHQ]HQKLQDXVPDQFKH]HXJHQYRQIUHPGHQ'LPHQVLRQHQ DQGHUHQ8QLYHUVHQ,KU5HDOLWlWVJHKDOWLVWPHLVWNDXP]XEHVWLPPHQ'HQQRFKILQGHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
LPPHUZLHGHU+LVWRULNHU$UFKlRORJHQXQGSULYDWH)RUVFKHUZLQ]LJHEHUGLH*DOD[LV YHUWHLOWH$UWHIDNWHGLHYHUPXWHQODVVHQGDLQYLHOHQGLHVHU(U]lKOXQJHQHLQ$QWHLO :DKUKHLWOLHJW =XGHQEHNDQQWHVWHQLQWHUVWHOODUHQ0\WKHQ]lKOW]ZHLIHOORVGLH(U]lKOXQJYRQGHU ³:HOWGHV(ZLJHQ/HEHQV´'RFKLVWJHUDGHGLHVHU*HJHQVWDQGGHV:XQVFKWUDXPV XQJH]lKOWHUZLHVLFKKHUDXVJHVWHOOWKDW²XQOHXJEDUH:LUNOLFKNHLW(6GHU.XQVWSODQHW :DQGHUHU=HOOGXVFKHQXQG,PSHUDWRU*RQR]DOV=HOOVFKZLQJXQJVDNWLYDWRUKDEHQMHQHQ UHFKWJHJHEHQGLHZLHGHUJURH)RUVFKHU&UHVWLKU/HEHQIDQJQDFKGHPVDJHQKDIWHQ 3ODQHWHQVXFKWHQ 8QGVRLVWYLHOOHLFKWNHLQHGHUJDOD[LVZHLWEHNDQQWHQ/HJHQGHQZHGHUGLH6DJH YRP³0DJQRUW|WHU.OLQVDQWKRU´QRFKGLHDOWDUNRQLGLVFKH*HVFKLFKWHYRP³/LHEHVSDDU &D\FRQXQG5DLPDQMD´XQGGHPYRQLKQHQJH]HXJWHQ³:DFKHQ:HVHQ´GHP (LQJUHLIHQGHU³=Z|OI+HURHQ´GHU³9DJDEXQGLHUHQGHQ3RVLWURQLN´MDQLFKWHLQPDOGLH SKDQWDVWLVFKH6DJHYRQJHZDOWLJHQ³6WHPHQWRUHQ´GLHGHQ6SUXQJ]XDQGHUHQ *DOD[LHQHUP|JOLFKHQVROOHQ²JDQ]LQV5HLFKGHU0DUFKHQ]XYHUZHLVHQ$XFK YHUZXQGHUWHVQLFKWGDNRPSOHWWH0\WKHQRGHUZHQLJVWHQVHLQLJHLKUHU0RWLYH (LQJDQJJHIXQGHQKDEHQLQ.XQVWZHUNHXQGVRQRFKSRSXOlUHUHUZRUGHQVLQG 7UXPVFKYDDU3UDJRGHV7HGDUGD$UN -RWRUVFKHUZLHVVLFKWDWVlFKOLFKDOVUHFKWJHVFKLFNWHU0DVNHQWHFKQLNHU $OOHUGLQJVOLHVLFKQLFKWYHUPHLGHQGDHUGLH9HUlQGHUXQJHQHUNDQQWHGLH)DUWXORRQ DQ7LUDNRXQGPLUYRUJHQRPPHQKDVWH(UHQWKLHOWVLFKMHGRFKMHGHU)UDJHXQGLFKZDU LKPGDIUGDQNEDU(LQHUVHLWVZROOWHLFKLKQQLFKWEHOhJHQXQGDQGHUHUVHLWVGXUIWHLFK LKPPHLQHZDKUH,GHQWLWlWQLFKWYHUUDWHQ )DUWXORRQKDVWHPLFKJHOHKUWGDHLQ0DQQYRUHLQHU$XVHLQDQGHUVHW]XQJQLFKW QXUVHLQHQ6LHJVRQGHUQDXFKVHLQH1LHGHUODJHHLQ]XNDONXOLHUHQKDVWHZHQQGLHVH 1LHGHUODJHNHLQHHQGJhOWLJHZHUGHQVROOWH'HPHQWVSUHFKHQGPXWHLFK EHUFNVLFKWLJHQGDHLQHUYRQXQVRGHUDXFKPHKUHUHLQ*HIDQJHQVFKDIWJHUDWHQ NRQQWHQ,QHLQHPVROFKHQ)DOOHZUGHGHU%OLQGH6RIJDUW)ROWHURGHU'URJHQYHUK|UH DQZHQGHQXP,QIRUPDWLRQHQ]XHUKDOWHQ :DVHLQ0DQQQLFKWZHLNDQQHUQLFKWYHUUDWHQVWLPPWHGHU([WUDVLQQ]X %HYRUZLUDXIEUDFKHQJLQJHQZLUDOOH(LQ]HOKHLWHQXQG9DULDWLRQHQXQVHUHV 3ODQHVZLHGHUXQGZLHGHUGXUFK(VNDPYRUDOOHPGDUDXIDQGDMHGHUYRQXQVVLFK JHQDXDQ%RUGYRQ6RIJDUWV5DXPVFKLIIDXVNDQQWH$XHUGHPPXWHMHGHUZLVVHQ ZHOFKH6WDWLRQHQHU]XEHVHW]HQXQGZHOFKH6FKDOWXQJHQHUYRU]XQHKPHQKDVWHXQG ZHUIhUZHQHLQVSULQJHQPXWHVROOWHHV]X$XVIlOOHQNRPPHQ,FKEHZXQGHUWH 7URQWRUVVDFKOLFKH/RJLNGLHVLFKMHJOLFKHU(PRWLRQHQHQWKLHOW'RFKEDOGPHUNWHLFK GDVHLQ'HWDLOSODQGDUDXIDE]LHOWHPLUMHQH$XIJDEHQ]XEHUWUDJHQGLHGLHJHULQJVWHQ SHUV|QOLFKHQ5LVLNHQEDUJHQ $OVLFKLKQGDUDXIOKLQEHLVHLWHQDKPXQGLKQDXIIRUGHUWHPLFKDXINHLQHQ)DOO]X VFKRQHQVFKWWHOWHHUGHQ.RSI³(VLVWPHLQHHUVWH3IOLFKWGHP,PSHULXPVHLQHQ UHFKWPlLJHQ+HUUVFKHU]XHUKDOWHQ:LUDQGHUHQVLQGHQWEHKUOLFKDEHU6LHQLFKW :HQQ6LHVWHUEHQJLEWHVNHLQHQUHFKWPlLJHQ7KURQDQZlUWHUPHKUXQG GHPHQWVSUHFKHQGNHLQH$OWHUQDWLYH]X2UEDQDVFKROV+HUUVFKDIW'LH*HJQHUGHV 8VXUSDWRUVZUGHQVLFKPLWVHLQHP5HJLPHQRWJHGUXQJHQDUUDQJLHUHQPVVHQXPGDV *URH,PSHULXPQLFKWIKUHUORVZHUGHQ]XOHVVHQ1HLQ=KGRSDQGDHVEOHLEWVRZLH LFKHVJHVDJWKDEH6LHPWHQPLFKW|WHQXPHV]XlQGHUQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKJDEPHLQHQ:LGHUVWDQGDXI7URQWRUKDVWHUHFKWXQGLFKPXWHPLFKGHU EHVVHUHQ(LQVLFKWXQWHUZHUIHQREZRKOHVPLUZLGHUVWUHEWHPHLQH)UHXQGHXQG .DPSIJHIlKUWHQGDVJU|HUH5LVLNRWUDJHQ]XOHVVHQ *HJHQ$EHQGZDUHQZLUHQGOLFKVRZHLW$P7DJHKlWWHQZLUVRZLHVRQLFKW XQJHVHKHQLQGLH6WDGWHLQGULQJHQN|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lVVHUYROOHUKRFKSUR]HQWLJHU$ONRKROLNDDXIGLH 6WUDHQUROOHQOHVVHQ+LHUXQGGDHUVFKROOHQUDXKH*HVlQJH$XI]ZHLULHVLJHQ IODPPHQGHQ6FKHLWHUKDXIHQZXUGHQGLH/HLFKHQGHUJHIDOOHQHQ6|OGQHUXQG0DDKNV YHUEUDQQWHLQHEDUEDULVFKH6LWWHGLHPLFKDQZLGHUWH(VZlUHSLHWlWYROOHUJHZHVHQGLH /HLFKHQPLW'HVLQWHJUDWLRQVVWUDKOHQDXI]XO|VHQ /DQJVDPDUEHLWHWHQZLUXQVGXUFKGDV*HZKOELV]XP5DXPKDIHQYRU6RIJDUWV 6FKLIIGLH&(/,6ZDUHLQ6FKODFKWNUHX]HUYRQIQIOKXQGHUW0HWHUQ'XUFKPHVVHUXQG EHKHUUVFKWHPLWGHUYROOHQ,OOXPLQDWLRQDOOHU3RVLWLRQVODPSHQXQG7LHIVWUDKOHUGLH6]HQH 9RQXQVHUHPNOHLQHQ%HLERRWZDUQLFKWVPHKU]XVHKHQ:LUEOLHEHQDP5DQGGHV 5DXPKDIHQVVWHKHQ(WZDIQIKXQGHUW0HWHUWUHQQWHQXQVYRQGHP.UHLVGHU 7HOHVNRSVWW]HQGHV5DXPHUVXQG7LUDNRIOVWHUWH³6RIJDUWKDWNHLQH3RVWHQ DXIJHVWHOOW´ ³'DVKDWQLFKWV]XEHGHXWHQ´7URQWRUZLQNWHDE³'LH8PJHEXQJOlWVLFKEHVVHU PLWGHQ2UWXQJVJHUlWHQEHUZDFKHQ:LUZHUGHQQLFKWXQJHVHKHQKHUDQNRPPHQDEHU GDVZDUMDDXFKQLFKWXQVHUH$EVLFKW:LUPVVHQJDQ]RIIHQEHUGLHIUHLH)OlFKH JHKHQ8QVHUHHLQ]LJH$XVVLFKWDXI(UIROJEHVWHKWGDULQGDPDQXQVDOVKDUPORVH %HVXFKHUHLQVWXIW´ (UJLQJHQWVFKORVVHQYRUDQXQGZLUIROJWHQLKP:LUKDVWHQXQVGHU&(/,6ELV DXIHWZDKXQGHUW0HWHUJHQlKHUWDOVVLFKHLQ6FKHLQZHUIHUDXIXQVULFKWHWHXQGHLQH /DXWVSUHFKHUVWLPPHULHI³6FKLIIVZDFKHDQ%HVXFKHUJUXSSH:HUVLQG6LHXQGZDV ZROOHQ6LH"$QWZRUWHQ6LH(LQ5LFKWPLNURIRQLVWDXI6LHDXVJHULFKWHW´ 7URQWRUKREGLH+DQG³:LUNRPPHQDOV'HOHJDWLRQGHUHLQ]HOQHQ9HUElQGHLQ 8]UXKXQGELWWHQGDUXPEHLXQVHUHPUXKPUHLFKHQ$QIKUHUYRUJHODVVHQ]XZHUGHQ GDPLWZLUHLQLJHZLFKWLJH$QOLHJHQYRUWUDJHQN|QQHQ´ ,FKKLHOWXQZLOONUOLFKGHQ$WHPDQ0HLQHU0HLQXQJQDFKKLQJHQ(UIROJRGHU 0LHUIROJXQVHUHV8QWHUQHKPHQVYRQGHU5HDNWLRQGHU6FKLIIVZDFKHDWH'HVKDOE DWPHWHLFKDXIDOVGLH/DXWVSUHFKHUVWLPPHDQWZRUWHWH³(LQYHUVWDQGHQ/HJHQ6LH,KUH :DIIHQDWHXQGEHWUHWHQ6LHGDV6FKLIIGXUFKGLH%RGHQVFKOHXVH´ (VKDVWHQLFKWV]XEHGHXWHQGDZLUXQVHUH:DIIHQYRUGHP%HWUHWHQGHV 6FKLIIHVDEOHJHQPXWHQ,P6FKLIIVHOEVWJDEHVJHQXJ:DIIHQZLUEUDXFKWHQVLH³QXU´ GHU%HVDW]XQJDE]XQHKPHQ$OVRJHKRUFKWHQZLUGHU)RUGHUXQJOHJWHQXQVHUH:DIIHQ YRUXQVDXIGHQ3ODW]EHODJXQGJLQJHQZHLWHU+RFKEHUXQVNODIIWHQGLH )HOGGVHQWULFKWHUGHU5LQJZXOVW,PSXOVWULHEZHUNH/LFKWIlFKHUVWULFKHQEHUGLHULHVLJH :|OEXQJGHUXQWHUHQ5DXPVFKLIIVKlOIWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
/HLFKWJHQHLJWIKUWHGLHKXQGHUW0HWHUUDQJH5DPSH]XURIIHQHQ %RGHQVFKOHXVH8QVLFKWEDUH3UDOOIHOGHUGHU5DPSHHUIDWHQXQVXQGWUXJHQXQVQDFK REHQ]ZHLVFKZHUEHZDIIQHWH3RVWHQHPSILQJHQXQV+LQWHULKQHQVWDQGHLQ0DQQPLW HLQHPNOHLQHQ'HWHNWRUJHUlW'HPQDFKZDUPDQYRUVLFKWLJXQGZROOWHVLFKGDYRQ EHU]HXJHQGDNHLQHUYRQXQV:DIIHQXQWHUVHLQHU.OHLGXQJYHUEDUJ:DKUVFKHLQOLFK ZlUHDOOHVJXWJHJDQJHQZHQQ]ZHLYRQ7URQWRUV0lQQHUQHVQLFKW]XJXWJHPHLQW KlWWHQ$OVGHU'HWHNWRUVLFKDXIVLHULFKWHWHYHUULHWGDVKHOOH=LUSHQGDVLH YHUERUJHQH(QHUJLHZDIIHQWUXJHQ'LHEHLGHQ0lQQHUVSUDQJHQVRIRUWYRUXQG EHUZlOWLJWHQGLH3RVWHQVRZLHGHQ0DQQPLWGHP'HWHNWRUJHUlWDEHUGDVO|VWH DXJHQEOLFNOLFK$ODUPDXV (VNDPMHW]WGDUDXIDQGHQ0RPHQWGHUhEHUUDVFKXQJDXV]XQXW]HQVRZHLWGDV QRFKP|JOLFKZDU(LQH)OXFKWKlWWHXQVHUHQVLFKHUHQ7RGEHGHXWHWGHQQGLH 6FKLIIVZDIIHQNRQQWHQGLHJHVDPWH)OlFKHGHV5DXPKDIHQJHOlQGHVEHVWUHLFKHQ:LU NDPHQELV]XP]ZHLWHQ8QWHUGHFNGDQQEUDFKXQVHU$QJULIILP$EZHKUIHXHUGHUUDVFK ]XVDPPHQJH]RJHQHQ0lQQHU6RIJDUWV]XVDPPHQ(QWVHW]WPXWHLFKPLWDQVHKHQ ZLH7URQWRUXQGHLQZHLWHUHU0DQQXQWHUGHQEODJUQHQ$XIO|VXQJVVWUDKOHQYRQ 'HVLQWHJUDWRUHQ]X)HLQVWDXEYHUZHKWHQ ³:LUPVVHQ]XUFN´ULHILFKZlKUHQGLFKJOHLFK]HLWLJGDV'DXHUIHXHUDXV PHLQHP7KHUPRVWUDKOHUDXIGLHKHUDQVWUPHQGHQ.UDODVHQHQHU|IIQHWH(LQLJHILHOHQ GLHDQGHUHQUFNWHQXQHUELWWOLFKZHLWHUYRU:LUKDVWHQHVPLWGHU/HLEJDUGHGHV%OLQGHQ 6RIJDUW]XWXQXQGGLHVH0lQQHUNlPSIWHQZLHGLH7HXIHO$OVLFKVDKGDGLHGUHL hEHUOHEHQGHQIRUWOLHIHQZLQNWHLFK7LUDNRXQGHLOWHHEHQIDOOV]XUFN (VZDUHLQH)OXFKWDQGHUHQ(QGHGHUVLFKHUH7RGVWDQGGHQQDXHUKDOEGHV 6FKLIIHVJDEHVNHLQH'HFNXQJPHKUIUXQV$EHUGLH/DJHLP,QQHUQZDUXQKDOWEDU JHZRUGHQ'RFKDOVZLUDXVGHU%RGHQVFKOHXVHVWUPWHQKDVWHVLFKGLH/DJH JUXQGOHJHQGJHlQGHUW'HU.DPSIOlUPLQGHU&(/,6ZDUDXFKLQGHU6WDGWJHK|UW ZRUGHQXQGGLHMHQLJHQ.UDODVHQHQGLHRKQHKLQXQ]XIULHGHQPLW6RIJDUWV+HUUVFKDIW JHZHVHQZDUHQKDVWHQVRHWZDVZLHHLQH3DODVWUHYROWHYHUPXWHW6LHZDUHQDXI .DPSISDQ]HUXQG*OHLWHUJHVWLHJHQXQGQlKHUWHQVLFKLQUHVHQGHU)DKUW'LH%HVDW]XQJ GHV6FKLIIHVVDKGLH0HXWHKHUDQMDJHQYHU]LFKWHWHDXI)UDJHQXQGHU|IIQHWHGDV)HXHU DXVGHQVFKZHUHQ%RUGZDIIHQ'LH)ROJHGDYRQZDUHQVFKZHUH9HUOXVWHXQWHUGHQ 5HEHOOHQ'LHMHQLJHQGLHGHQHUVWHQ)HXHUVFKODJEHUOHEWHQHU|IIQHWHQLKUHUVHLWVGDV )HXHUWHOOVDXV9HU]ZHLIOXQJWHOOVDXV=RUQEHUGDV0DVVDNHUGDVXQWHULKUHQ .DPHUDGHQDQJHULFKWHWZRUGHQZDU,QQHUKDOENU]HVWHU=HLWKHUUVFKWHGUDXHQHLQ XQYRUVWHOOEDUHV&KDRV 7LUDNRXQGLFKEOLHEHQVWHKHQ:LUEHUOHJWHQREXQVGHU$QVWXUPGHU5HEHOOHQ GLH0|JOLFKNHLWERWGDV6FKLIIGHV%OLQGHQ6RIJDUWGRFKQRFK]XHUREHUQXQG)DUQDWKLD ]XEHIUHLHQ'RFKZLUVDKHQUDVFKHLQGDGLH/DJHDXVVLFKWVORVZDU'LH 6FKLIIVJHVFKW]HGH]LPLHUWHQGLH$QJUHLIHUEHUDOOH[SORGLHUWHQ)DKU]HXJHXQG (QHUJLHZDIIHQ³:LUEUDXFKHQHLQ)DKU]HXJ´ $OVKlWWH7LUDNRGDPLWHLQ=DEHUZRUWDXVJHVSURFKHQKLHOWQHWHHQXQVHLQ IODPPHQJHVFKZlU]WHU*OHLWHU(LQHUGHU*HWUHXHQ7URQWRUVVDKLQWHUGHP6WHXHUXQG KHUUVFKWHXQVDQ³(LQVWHLJHQ´ :LUVWHOOWHQNHLQH)UDJHQVRQGHUQVFKZDQJHQXQVEHUGHQ%RUGUDQG'HU *OHLWHUIXKUVRIRUWPLWYROOHU%HVFKOHXQLJXQJDQ,QGHU1lKHHU|IIQHWHHLQ)OXJSDQ]HU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
PLWVHLQHQ*HVFKW]HQGDV)HXHUDXI6RIJDUWV6FKLII³'DVVLQG-RWRUVFKXQG%UDFNR´ ULHIXQVHU3LORW³6LHJHEHQXQV)HXHUVFKXW]´ (UKDVWHGLH:RUWHNDXPDXVJHVSURFKHQGDH[SORGLHUWHGHU)OXJSDQ]HUPLW GRQQHUQGHP*HW|VH)UGLHQRFKOHEHQGHQ5HEHOOHQJDEHVNHLQ+DOWHQPHKU6LH VWUHEWHQLQKHLOORVHU)OXFKWGDYRQ:LHGHUKROW]XFNWHQPHKUDOVVFKHQNHOGLFNH 6WUDKOVFKVVH]ZLVFKHQVLH3O|W]OLFKZLUEHOWHGLH:HOWLQHLQHPLUUHQ7DQ]XPPLFK KHUXP,FKNODPPHUWHPLFKDP%RUGUDQGGHV*OHLWHUVIHVV'LH/XIWZDUNRFKHQGKHL XQGVFKLHQ]XJOKHQ.UDFKHQGSUDOOWHGHU*OHLWHUJHJHQHLQ+LQGHUQLV,FKULFKWHWH PLFKEHQRPPHQDXIXQGVDKPLFKXP'HUYRUGHUH7HLOXQVHUHV)DKU]HXJVKDVWHHLQHQ 9ROOWUHIIHUHUKDOWHQ9RP3LORWHQZDUQLFKWVPHKU]XVHKHQ7LUDNRNUPPWHVLFK VW|KQHQGDXIGHP%RGHQGHV*OHLWHUV,FKEHXJWHPLFKEHULKQXQGVDKGDHU VFKZHUH9HUEUHQQXQJHQHUOLWWHQKDVWH 2KQHUDQJH]XEHUOHJHQOHJWHLFKPLUPHLQHQ)UHXQGEHUGLH6FKXOWHUXQG VWLHJDXV(UVWGDQQEHPHUNWHLFKGDLFKYRUGHPRIIHQHQ6FKRWWMHQHV.DVWHQVFKLIIHV VWDQGLQGHP7LUDNRXQGLFKXQVQDFKGHU/DQGXQJDXI7UXPVFKYDDUEHLQDKHYHULUUW KDWWHQ,FKILHIPLW7LUDNRDXIGHU6FKXOWHULQGDVVHOWVDPH6FKLIIKLQHLQRKQH]XZLVVHQ ZDUXP0HLQHLQ]LJHV%HVWUHEHQZDUQXU7LUDNRYRUHUVWLQ6LFKHUKHLW]XEULQJHQXQG VHLQH9HUOHW]XQJHQ]XEHKDQGHOQ(LQH0HGRER[JHK|UWH]XPHLQHU$XVUVWXQJXQG )DUWXORRQKDVWHPLFKJHOHKUWPLWHLQHP0LQLPXPDQPHGL]LQLVFKHQ+LOIVPLWWHOQHLQ 0D[LPXPDQ:LUNXQJ]XHU]LHOHQ 0LWVLFKHUHP,QVWLQNWIHQGLFKGHQ5DXPPLWGHQIKOHQGHQ:HVHQKHLWHQZLHGHU 'RUWZDUHVKHOOJHQXJ7LUDNRV%UDQGZXQGHQ]XEHKDQGHOQ9RUVLFKWLJOLHLFKGHQ )UHXQG]X%RGHQJOHLWHQ$OVLFKGLH.OHLGXQJYRQVHLQHP2EHUN|USHUVFKQLWW|IIQHWHHU GLHYRU6FKPHU]YHUVFKOHLHUWHQ$XJHQ(UEHZHJWHGLH/LSSHQRKQHGDHLQ/DXW]X K|UHQZDU,FKEHXJWHPLFKEHULKQ ³)U$WODQXQG$UNRQ´KDXFKWHHUGDQQILHOVHLQ.RSIVFKODIIDXIGLH6HLWH ,FKNDQQWHGLH=HLFKHQ'HQQRFKZDULFKIDVVXQJVORVXQGZROOWHHVQLFKW ZDKUKDEHQGDGDV/HEHQDXVPHLQHP)UHXQGXQG.DPSIJHIlKUWHQJHZLFKHQZDU /DQJH=HLWYHUKDUUWHLFKVRGDQQGUFNWHLFK7LUDNRV$XJHQ]XXQGVFKZRU³,FKZHUGH GHLQHQ7RGUlFKHQ´ $OVGHU0RUJHQJUDXWHYHUOLHLFKGDV.DVWHQVFKLII,FKZDULQQHUOLFKY|OOLJ DEJHVWXPSIW$QGHUVZlUHHVPLUZRKOQLFKWP|JOLFKJHZHVHQGDV]XWXQZDVLFKPLU YRUJHQRPPHQKDVWHDOVLFKZlKUHQGGHU1DFKWGLH7RWHQZDFKHEHL7LUDNRJHKDOWHQ KDVWH,FKKDVWHVHLQHQ/HLFKQDPLQHLQHUGHUNXJHOI|UPLJHQ.DPPHUQGHV6FKLIIHV YHUVWHFNWGDPLWHUQLFKWYRQ6RIJDUWV+lVFKHUQJHIXQGHQZHUGHQNRQQWH0HLQH $EVLFKW)DUQDWKLl]XEHIUHLHQKDVWHLFKQLFKWDXIJHJHEHQ 'DLFKQDFKGHP7RGYRQ7URQWRU6HPLDQXQGVHLQHQ0lQQHUQMHGRFKDXIPLFK VHOEVWDQJHZLHVHQZDUPXWHLFKPHLQH7DNWLNJUXQGOHJHQGlQGHUQ,FKKDVWHGHVKDOE EHVFKORVVHQGLH)OXFKWQDFKYRUQDQ]XWUHWHQ-RWRUVFKVIOFKWLJH0DVNLHUXQJKDVWHLFK OHLFKWHQWIHUQHQN|QQHQ1XQPHKUVDKLFKZLHGHUDXVZLHGHU)UDFKWVFKLIIHU6DWDJR :HUERWGHUHUVWYRU]ZHL7DJHQXQG]ZHL1lFKWHQDXI7UXPVFKYDDUDQJHNRPPHQZDU XPLQGLH6|OGQHUWUXSSHGHV%OLQGHQ6RIJDUWHLQ]XWUHWHQ$OVLFKLQV)UHLHEDW]XFNWH LFKXQZLOONUOLFK]XVDPPHQ,FKKDVWHQLFKWGDPLWJHUHFKQHWGLHJHVDPWH*DUQLVRQYRQ 7UXPVFKYDDUDXIGHP5DXPKDIHQYRU]XILQGHQ 'LH.UDODVHQHQZDUHQWUXSSZHLVHDQJHWUHWHQ,KUH)RUPDWLRQHQELOGHWHQHLQ]XP 5DXPVFKLIIKLQJH|IIQHWHV.DUUHH,FKYHUJHZLVVHUWHPLFKGDLFKYRQQLHPDQGHP
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
JHVHKHQZRUGHQZDU9RUVLFKWLJ]RJLFKPLFKHLQ6WFNLQGLH6FKOHXVHGHV .DVWHQVFKLIIHV]XUFNXQGEHREDFKWHWHZDVDXIGHP5DXPKDIHQYRUJLQJ'HQ0lQQHU PXWHXQEHKDJOLFK]XPXWHVHLQGHQQDXVGHQ:DIIHQNXSSHOQGHV6FKODFKWNUHX]HUV GURKWHQVFKZHUH(QHUJLHJHVFKW]HLQLKUH5LFKWXQJ1DFKHLQLJHU=HLWHUW|QWHQ 7URPPHOZLUEHO'LH%RGHQVFKOHXVHGHV6FKLIIHV|IIQHWHVLFKGLH/DQGHUDPSHIXKUDXV %HJOHLWHWYRQDFKWEHUVFKZHUHQ.DPSIURERWHUQXQG]HKQ/HLEJDUGLVWHQWUDWGHU0DQQ LQV)UHLHGHQLFKQDFK2UEDQDVFKRODPPHLVWHQKDWHGHU%OLQGH6RIJDUW (UZDUJURXQGVHKUGUU6WDWWGHU$XJHQJDEHV]ZHLWULFKWHUI|UPLJHGXUFK HLQH6LOEHUNODPPHUPLWHLQDQGHUYHUEXQGHQH0HWDOOJHELOGH'LHVHV*HUlWEHUPLWWHOWH LKPGLHRSWLVFKHQ(LQGUFNHVHLQHU8PZHOW'HQQRFKEHZHJWHHUVLFKQXU]DXGHUQG XQGUXFNDUWLJ1DFKXQJHIlKU]ZDQ]LJ6FKULWWHQEOLHE6RIJDUWVWHKHQ(UKREGLHUHFKWH +DQGXQGVDJWHHWZDVGDVLFKZHJHQGHUJURHQ(QWIHUQXQJQLFKWYHUVWDQG6HFKVGHU .DPSIURERWHUXQGVHFKV/HLEJDUGLVWHQPDUVFKLHUWHQZHLWHUZlKUHQGGLHDQGHUHQ VWHKHQEOLHEHQ ,FKVDKGDVLH]XGHQ6|OGQHUQJLQJHQXQGVlPWOLFKH7UXSSIKUHUYHUKDIWHWHQ XQG]X6RIJDUWEUDFKWHQ3DUWKRVZXUGHHEHQIDOOVYHUKDIWHWXQGYRQ]ZHL5RERWHUQ]XU %RGHQVFKOHXVHGHV5DXPHUVHVNRUWLHUW$EHUPDOVVSUDFKGHU%OLQGH6RIJDUW'LHVPDO NRQQWHLFKLKQYHUVWHKHQGDVHLQH6WLPPHYRQ/DXWVSUHFKHUQYHUVWlUNWZXUGH ³'LH9RUIlOOHGHUOHW]WHQ1DFKWKDEHQJH]HLJWGDZlKUHQGPHLQHU$EZHVHQKHLW GLH'LV]LSOLQGHU7UXSSHVWDUNYHUQDFKOlVVLJWZXUGH8PYRUZHLWHUHQ 'LV]LSOLQORVLJNHLWHQ]XZDUQHQZHUGHLFKHLQ([HPSHOVWDWXLHUHQ$OOH7UXSSHQIKUHU ZHUGHQDXVQDKPVORV]XP7RGHYHUXUWHLOW,KUH6WHOOYHUWUHWHUQHKPHQLKUH3RVWHQHLQ 'DV8UWHLOZLUGVRIRUWYROOVWUHFNW´ $EHUPDOVKREHUGHQ$UP'LH'HVLQWHJUDWLRQVNDQRQHQGHU5RERWHUVSLHQ JUQOLFKH(QHUJLHEDKQHQ,FKZDUVWDUUYRU(QWVHW]HQXQGIKOWH8EHONHLWLQPLU DXIVWHLJHQDQJHVLFKWVGHUNDOWHQ%UXWDOLWlWGLHVHV.HUOVGHUHLQPDOGHU 2EHUEHVFKDIIXQJVPHLVWHUDP+RIHPHLQHV9DWHUVJHZHVHQZDUHLQHUGHUK|FKVWHQ =LYLOEHDPWHQLP%HUOHQ7KDQGHP=Z|OIHUUDW$EHUQRFKZDUHQGLH6FKUHFNHQQLFKW YRUEHL'LH6|OGQHUZDUHQQRFKLPPHUYRU(QWVHW]HQJHOlKPWDOVHVLQGHU6WDGW]X GU|KQHQXQG]XGRQQHUQEHJDQQ.XU]GDUDXIHUKREHQVLFKYLHU5DXPVFKLIIHXQG VWUHEWHQWRUNHOQGLQGHQ+LPPHO'DVPXWHQGLH6FKLIIHVHLQGLHXQWHUGHU/HLWXQJYRQ .HODWRVXQGVSlWHUYRQ6ROWKDULXVSURYLVRULVFKVWDUWNODUJHPDFKWZRUGHQZDUHQ $QVFKHLQHQGYHUVXFKWHQGLHMHQLJHQ.UDODVHQHQGLHYRP%OLQGHQ6RIJDUWNHLQH *QDGHHUZDUWHQGXUIWHQPLWLKQHQYRQ7UXPVFKYDDU]XHQWNRPPHQ(VZDUHLQH 9HU]ZHLIOXQJVWDW8QGDQ6RIJDUWV5HDNWLRQZDU]XHUNHQQHQGDHUVLHHUZDUWHWKDVWH 9LHOOHLFKWKDVWHHUVLHVRJDUDEVLFKWOLFKSURYR]LHUWXPVHLQHhEHUOHJHQKHLW HLQGUXFNVYROOGHPRQVWULHUHQ]XN|QQHQ-HGHQIDOOVYHUJLQJHQQXUZHQLJH$XJHQEOLFNH ELV6RIJDUWV5DXPVFKLIIDXVDOLHQ5RKUHQGDV:LUNXQJVIHXHUDXIGLHYLHU6FKLIIH HU|IIQHWH =ZHL5DXPVFKLIIHH[SORGLHUWHQVRIRUW'DVGULWWHZXUGH]ZDUJHWURIIHQYHUVXFKWH DEHUQRFKHLQH1RWODQGXQJ%HYRUHVDXIVHW]WHKOOWHHVVLFKLQ)ODPPHQXQGO|VWH VLFKI|UPOLFKLQVHLQH(LQ]HOWHLOHDXI'DVYLHUWH6FKLIIHQWNDP'LH.DQRQHQYRQ 6RIJDUWV6FKLIIIHXHUWHQZHLWHUKLQLP6DOYHQWDNWDOVHVVFKRQOlQJVWYHUVFKZXQGHQZDU 2IIHQEDUIUFKWHWHQGLH.DQRQLHUHGLH6WUDIHLKUHV+HUUQ(QGOLFKDEHUVWHOOWHQVLHLKU )HXHUHLQ(LQHEHGUFNHQGH6WLOOHVHQNWHVLFKEHUGHQ5DXPKDIHQ6LHZXUGHYRQ 6RIJDUWV6WLPPHGXUFKEURFKHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'HU6|OGQHUIKUHUGURKWHVHLQHQ0lQQHUQKDUWH6WUDIHQDQZHQQVLHVLFKQRFK GDVJHULQJVWH9HUJHKHQ]XVFKXOGHQNRPPHQOLHHQ'DQQEHIDKOHULKQHQLQLKUH 4XDUWLHUH]XUFN]XNHKUHQXQGZHLWHUH%HIHKOHDE]XZDUWHQ6FKZHLJHQGUFNWHQGLH .RORQQHQDWH,FKPXWHHUNHQQHQGDHVHLQH,OOXVLRQJHZHVHQZDU]XJODXEHQLFK ZlUHQLFKWHQWGHFNWZRUGHQ:DKUVFKHLQOLFKKDVWHPDQPLFKDQ%RUGGHV6FKLIIHVPLW HLQHP,QGLYLGXDOVFKZLQJXQJVWDVWHUHUIDW-HGHQIDOOVYHUOLHNXU]QDFKGHP$EUFNHQ GHU6|OGQHUHLQ)OXJJOHLWHUPLWGUHLVFKZHUEHZDIIQHWHQ0lQQHUQGDV6FKLIIIORJDXI PHLQ9HUVWHFN]XXQGODQGHWHYRUGHU6FKOHXVH'UHL7KHUPRVWUDKOHUZLHVHQGURKHQG DXIPLFK,FKWUDWLQV)UHLHXQGHLQHUGHU0lQQHUIUDJWH³:HUELVWGX"´ ³6DWDJR:HUERW,FKNDPYRU]ZHL7DJHQXQG]ZHL1lFKWHQQDFK7UXPVFKYDDU XPPLFKDQZHUEHQ]XOHVVHQ$EHULFKZXUGHQXUKLQXQGKHUJHVFKREHQ'HVKDOE YHUVWHFNWHLFKPLFKXPGLH(QWZLFNOXQJDE]XZDUWHQ´ 'HU.UDODVHQHJULQVWHEUHLW³(LQNOXJHU(QWVFKOX6DWDJR:DVKDVWGXJHWDQ EHYRUGXGHQ(QWVFKOXIDWHVWHLQHUYRQXQV]XZHUGHQ"´ 'LH$QWZRUWGDUDXIKDVWHLFKPLUZlKUHQGGHU7RWHQZDFKH]XUHFKWJHOHJW6LH HQWVSUDFKPHLQHPIHVWHQ:LOOHQDQ%RUGYRQ6RIJDUWV5DXPVFKLII]XNRPPHQ³,FK ZDU=ZHLWHU0DVFKLQHQLQJHQLHXUDXIHLQHP([SUHIUDFKWHU$EHUGLH$UEHLWGRUWELHWHW ZHQLJ$EZHFKVOXQJ0DQIOLHJWLPPHUGLHJOHLFKHQ5RXWHQVLHKWLPPHUGLHJOHLFKHQ *HVLFKWHU'DVLVWQLFKWVIUPLFK´ 'HU0DQQPXVWHUWHPLFKSUIHQG³:LUKDEHQYLHOHJXWH0lQQHUYHUORUHQXQG EUDXFKHQ(UVDW]%LVWGXEHUHIWMHGHQ3RVWHQDQ%RUGGHU&(/,6DQ]XQHKPHQGHQ PDQGLUDQELHWHW"´ ³6RIRUW´VDJWHLFKVFKQHOO³$XI7UXPVFKYDDULVWHV]XYHUUFNWIUPLFK$EHU PHLQWLKUGHQQGDGHU%OLQGH6RIJDUWPLFKDXIQLPPW"´ ³:HQQGXHLQZDQGIUHLELVWEHVWLPPW´ODXWHWHGLH$QWZRUW³6WHLJHLQ´ ,FKJHKRUFKWH'HU*OHLWHUEUDFKWHPLFKLQUHVHQGHU)DKUW]XMHQHP6FKLIIGDV LFKQRFKLQGHU1DFKW]XHUREHUQYHUVXFKWKDVWH:LHGHUPXWHLFKDQ7LUDNRXQGGLH DQGHUHQJXWHQ0lQQHUGHQNHQGLHGDEHLJHVWRUEHQZDUHQ$EHUVWlUNHUDOVDOOHV DQGHUHEHZHJWHQPLFKGLH*HGDQNHQDQ)DUQDWKLDGLH%OXPHPHLQHV+HU]HQVGLHDXI *RUWDYRUEUXWDOYRQPLUJHWUHQQWZRUGHQZDUXQGGLHDXIGLHVFKUHFNOLFKH)ROWHUZHOWGHV %OLQGHQ6RIJDUWJHEUDFKWZHUGHQVROOWH,KU]XOLHEHZROOWHLFKDOOH*HIDKUHQXQG (UQLHGULJXQJHQDXIPLFKQHKPHQGLHPLFKDQ%RUGYRQ6RIJDUWV5DXPVFKLIIPLW 6LFKHUKHLWHUZDUWHWHQ$OVGHU*OHLWHULQGLH9HUDQNHUXQJVIHOGHUGHV+DQJDUVJOLWWVWLH PLFKGHU$QIKUHUGHUGUHL.UDODVHQHQXQVDQIWDQ ³+HGXWUlXPVWZRKO6DWDJR"+DVWZRKOLUJHQGZRHLQ0lGFKHQ ]XUFNJHODVVHQZDV"´ ³6WLPPW´VDJWHLFKNXU]DQJHEXQGHQXQGVWLHJDXV 'HU$QIKUHUVFKDOWHWHVHLQ$UPEDQG)XQNJHUlWHLQXQGVSUDFKPLWHLQHP0DQQ QDPHQV9DGUDNLQ'DQDFKQLFNWHHUPLU]X³'XKDVW*OFN6DWDJR'HU.RPPDQGDQW GHU&(/,6LVWEHUHIWGLFK]XSUIHQ$OOHUGLQJVUDWHLFKGLULQVHLQHU*HJHQZDUWQLFKWPLW RIIHQHQ$XJHQ]XWUlXPHQ´ 6HLQH%HJOHLWHUODFKWHQUDXK(VVW|UWHPLFKQLFKW$XFKQLFKWGDVLHPLFK JUQGOLFKGXUFKVXFKWHQGDLFKNHLQH:DIIHQEHLPLUEXJ6LHEUDFKWHQPLFKLQHLQHQ .RQIHUHQ]UDXPQDKHGHU=HQWUDOHGHV5DXPHUV.XU]GDUDXIVWDQGLFKGHP .RPPDQGDQWHQJHJHQEHUHLQHPKDJHUHQ$UNRQLGHQPLWIDQDWLVFKJOKHQGHQ$XJHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'XKHLWDOVR6DWDJR:HUERW´VDJWHHUPLWHLJHQDUWLJKHLVHUHU6WLPPH³XQGGXZLOOVW DXIGLH&(/,6"´ ³-D=KGRSDQ´ ³6HKUEHJHLVWHUWNOLQJWGDVDEHUQLFKW´VDJWHHULURQLVFK ³'LHOHW]WHQ(UHLJQLVVHDXI7UXPVFKYDDUKDEHQPLFKHWZDVHUVFKWWHUW´ (UODFWDWH(VNODQJZLHGDVKHLVHUH%HOOHQHLQHV5DXPSLUDWHQ³62GXELVWDOVR µHWZDVHUVFKWWHUW6DWDJR(VLVWLPPHUKLQHWZDVZHUWGDGXQLFKWY|OOLJGHQ0XW YHUORUHQKDVW'LH0HXWHUHUZROOWHQVRJDUGLH&(/,6HUREHUQ´(UODFWDWHDEHUPDOV³'DV LVWGXUFKDXVYHUVWlQGOLFKZHQQPDQEHGHQNWGDLKQHQGLH7RGHVVWUDIHGURKWHXQG GDVLHZXWHQZLHZHQLJVLHVLFKDXIGLHQRWGUIWLJZLHGHUKHUJHVWHOOWHQYLHU:UDFNV YHUODVVHQNRQQWHQ'HQQRFKZDUHVHLQH1DUUHWHLDXVJHUHFKQHW6RIJDUWV6FKLII DQ]XJUHLIHQ´ ,FKDWPHWHLQQHUOLFKDXI,KPZDUHLQVFKZHUHU'HQNIHKOHUXQWHUODXIHQZHQQHU DQQDKPGHUhEHUIDOODXIVHLQ6FKLIIKlWWHQXUGHQ=ZHFNJHKDEWHV]XU)OXFKW]X EHQXW]HQ'HPQDFKDKQWHHUQLFKWGD)DUQDWKLDGHU*UXQGJHZHVHQZDU'RFKZLH VROOWHHUDXFK"(UZXWHMDQLFKWGDDXVJHUHFKQHWGHU0DQQYRULKUQVWDQGGHQGHU %OLQGH6RIJDUWLP$XIWUDJ2UEDQDVFKROVMDJWHXQGGHUXQVWHUEOLFKLQ)DUQDWKLDYHUOLHEW ZDU'LHQlFKVWHQ:RUWH]HLJWHQGDGLH*HIDKUIUPLFKQRFKQLFKWYRUEHLZDU³0DQ VDJWHPLUGXVHLVW]XVDPPHQPLWHLQHP)UHXQGDXI7UXPVFKYDDUJHODQGHW´VDJWHHU ODXHUQG³:RLVWGLHVHU)UHXQG"´ ,FKGUHKWHUDWLRVGLH+DQGIOlFKHQQDFKREHQ³,FKZHLHVQLFKW(UKDEHQHU:LU VROOWHQGHU7UXSSHYRQ6ROWKDULXV]XJHWHLOWZHUGHQ ,FKGUFNWHPLFKGDYRUGDLFKYRQHLQHP0DFKWNDPSIJHK|UWKDVWHXQGQLFKWLQ $QJHOHJHQKHLWHQYHUZLFNHOWZHUGHQZROOWHGLHLFKQLFKWGXUFKVFKDXHQNRQQWH6RQSHU 7HVVOHWGDJHJHQVFKLHQGLH6DFKH]XUHL]HQ(UZDUVFKRQLPPHUHLQOHLFKWIHUWLJHU $EHQWHXUHU-HGHQIDOOVWUHQQWHHUVLFKYRQPIU6HLWGHPKDEHLFKLKQQLFKW ZLHGHUJHVHKHQXQGDXFKQLFKWVPHKUYRQLKPJHK|UW´ ³'HLQ)UHXQGZDUHLQ'XPPNRSI´VDJWHGHU.RPPDQGDQWYHUlFKWOLFK ³:DKUVFKHLQOLFKLVWHUPLWGHQDQGHUHQ0HXWHUHUQXPJHNRPPHQ´ 'DHUVRYRQ7LUDNRVSUDFK,FKVDJWHRKQHHVHLJHQWOLFK]XZROOHQ³2GHUHU ZDUDXIGHPHQWNRPPHQHQ6FKLII´ ³1LHPDQGNDQQDXIGLH'DXHUIOLHKHQ´]LVFKWHHU³0HUNGLUGDV.UDODVHQH´ ³,FKELQGDYRQEHU]HXJW´ $EHUPDOVODFWDWHHU³'DVLVWJXW'XNDQQVWYRUOlXILJLQGHQ0DVFKLQHQUlXPHQ DUEHLWHQ0HLQ(UVWHU0DVFKLQHQLQJHQLHXUZLUGGLUGHLQH$XIJDEH]XZHLVHQ´ (UZDQGWHVLFKDEUXSWDEXQGEHIDKOHLQHPGHU$QZHVHQGHQPLUPHLQH.DELQH ]X]XZHLVHQ,FKZDUIURKDOVLFKGHQ.RQIHUHQ]UDXPYHUODVVHQKDVWH )DPDWKLD8QVHUH+HU]HQVFKOXJHQXQWHUGHUJOHLFKHQ6FKLIIVKOOHGHQQRFK KDVWHQZLUXQVELVKHUQLFKWJHVHKHQ,PPHUKLQZDUHVHLQ7URVWIUPLFKGDLFKLKU QDKHZDU0DQKDVWHPLFKLQHLQHU'UHLPDQQNDELQHXQWHUJHEUDFKWGLH]XU=HLWDXHU PLUYRQQXUHLQHP%HVDW]XQJVPLWJOLHGEHZRKQWZDU'LHEHLGHQDQGHUHQ0lQQHUZDUHQ EHLXQVHUHP$QJULIIDXIGDV6FKLIIJHW|WHWZRUGHQ,FKKDVWHPHLQHQ0LWEHZRKQHU DOOHUGLQJVQRFKQLFKW]X*HVLFKWEHNRPPHQGHQQPDQKDVWHPLUQXU=HLWJHODVVHQ PLFKIULVFK]XPDFKHQXQGHLQH%RUGNRPELQDWLRQDQ]X]LHKHQ'DQDFKZDULFKLQGHQ 0DVFKLQHQVHNWRUJHEUDFKWZRUGHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$QGRU6NRIROGHU(UVWH0DVFKLQHQLQJHQLHXUPXVWHUWHPLFKILQVWHUXQGEUXPPWH ³(VJLEWLPPHUZLHGHU1DUUHQ:LHKHLWGX"´ ³6DWDJR:HUERW´DQWZRUWHWHLFKRKQHDXIVHLQH$QVSLHOXQJHLQ]XJHKHQ ³6DWDJRDOVR:DVYHUVWHKVWGXYRQ$QWULHEVDJJUHJDWHQ"´ ³,FKNHQQHLKUH)XQNWLRQVSULQ]LSLHQZHLZLHVLHDUEHLWHQXQGNDQQVLH EHGLHQHQ´VDJWHLFKRKQHIDOVFKH%HVFKHLGHQKHLW ³'DVLVWHLQHJDQ]H0HQJH.DQQVWGX'LSORPHYRUZHLVHQ"´ ³1HLQ´EHNDQQWHLFKIUHLPWLJ³$EHU6LHN|QQHQPLFKSUIHQ:HQQ6LHHLQH H[WUHPH*HIHFKWVVLWXDWLRQVLPXOLHUHQXQGPLFKGHQ/HLWVWDQGEHUQHKPHQOHVVHQ ZHUGHQ6LHIHVWVWHOOHQGDLFKMHGHU6LWXDWLRQJHZDFKVHQELQ´ (UJULQVWHK|KQLVFK³'DVNOLQJWUHLFKOLFKDUURJDQWMXQJHU0DQQ:DKUVFKHLQOLFK ELVWGXHLQYHUDUPWHU$GOLJHUGHUVLFKHLQELOGHWHUN|QQWHZLHGHU]X0DFKWXQG 5HLFKWXPNRPPHQ´ ³8QGZHQQHVVRZlUH"´ $QGRU6NRIROVDKPLFKGURKHQGDQ,FKHUZLGHUWHVHLQHQ7KLFNPLWNKOHU *HODVVHQKHLW'LHVHU0DQQLVWQLFKWPHLQ)HLQGDEHULFKZHUGHPLFKZHGHUYRQLKP QRFKYRQHLQHPDQGHUHQZLHHLQ6NODYHEHKDQGHOQODVVHQ 1DFKHLQHU:HLOHZLFK6NRIROPHLQHP7KLFNDXV³'XZLUVWYRUHUVWDOV 3UIWHFKQLNHUIU5HDNWRUSUHIHOGHUDUEHLWHQ6SlWHUVHKHQZLUZHLWHU,FKEUDXFKHZRKO QLFKWEHVRQGHUV]XEHWRQHQGDLFKJHZLVVHQKDIWH$UEHLWYHUODQJHRGHU"´ ,FKQLFNWH³6WLPPWGDVKlWWHQ6LHQLFKWEHVRQGHUV]XEHWRQHQEUDXFKHQ =KGRSDQ'DUILFKJOHLFKDQIDQJHQ"´ (VVDKDXVDOVZROOHHUPLFK]XUHFKWZHLVHQDEHUGDQQ]XFNWHHUQXUPLWGHQ 6FKXOWHUQ³'HVKDOEELVWGXWULHU0DQQ´ ,FKJLQJZRUWORV]XU$XVUVWXQJVNDPPHUVWUHLIWHGHQJHOEHQ6FKXW]DQ]XJEHU PHLQH%RUGNRPELQDWLRQVHW]WHGHQEODXHQ)XQNKHOPDXIXQGVWHOOWHGLHVFKZHUH 3UIDSSDUDWXUDXIHLQHNOHLQH$QWLJUDYSODWWIRUP9RUGHP.UDIWZHUNVVHNWRU DQJHNRPPHQVFKDOWHWHLFKPHLQH+HOPIXQNDQODJHHLQXQGVDJWH³3UIWHFKQLNHU :HUERWPHOGHW$UEHLWVDQWULWW,FKEHJLQQHPLWGHU0HVVXQJGHV)RUPIHOGHVYRQ 5HDNWRUNDPPHU%LQV%LWWHEHVWlWLJHQ´ ³%HVWlWLJXQJ´HUNODQJ6NRIROV6WLPPH ,FK|IIQHWHGDV3DQ]HUVFKRWWXQGEHWUDWGLH3UIONDPPHUGHVHUVWHQYRQ LQVJHVDPWVHFKV)XVLRQVUHDNWRUHQGLHNUHLVI|UPLJXPGHQ]HQWUDOHQ]HOOHQI|UPLJ XQWHUWHLOWHQ'HXWHULXPWDQNDQJHRUGQHWZDUHQ-HGHU5HDNWRUZDUYRQGHQ EHQDFKEDUWHQ$JJUHJDWHQGXUFKHLQHVWDUNH'RSSHOZDQGDXVPROHNXODUYHUGLFKWHWHP $UNRQVWDKOJHWUHQQW=ZLVFKHQGHQ'RSSHOZlQGHQIORHLQ6WURPYRQ+HOLXPGHVVHQ 7HPSHUDWXUVLFKQDKHGHPDEVROXWHQ1XOOSXQNWEHIDQG $OVVLFKGDV3DQ]HUVFKRWWDXWRPDWLVFKKLQWHUPLUJHVFKORVVHQKDWWHNRSSHOWHLFK GLH3UIDSSDUDWXUPLWGHP6HQVRUDQVFKOXGHV5HDNWRUVXQGVFKDOWHWHGDV*HUlWHLQ $XIGHQ$Q]HLJHWDIHOQHUVFKLHQHQGLH:HUWHIUGHQKRFKYHUGLFKWHWHQ'HXWHULXPVWURP GHUMHQDFK)HUQVFKDOWXQJYRP0DVFKLQHQOHLWVWDQGDXVVWlUNHURGHUVFKZlFKHUYRP 7DQN]XP5HDNWRUIORVRZLHGLH:HUWHIUGDV3UHIHOGGDVGHQ'HXWHULXPVWURP ElQGLJWHXQGYRQGHU:DQGXQJGHV=XOHLWXQJVURKUHVIHUQKLHOW ³(UVWH3UIPHOGXQJ´VDJWHLFKLQGDV0LNURIRQPHLQHV+HOPVHQGHUV³$OOH:HUWH VLQGQRUPDO.HLQH%HVRQGHUKHLWHQ´ ³(UVWH3UIPHOGXQJEHVWlWLJW´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,PQlFKVWHQ$XJHQEOLFNVFKOXJHQGLH/HXFKWEDONHQDXIDOLHQ$Q]HLJHWDIHOQZHLW DXV'HU=XVWURPVFKZROOPLWUHVHQGHU*HVFKZLQGLJNHLWDQ*OHLFK]HLWLJYHUVWlUNWHVLFK GLH'LFKWHGHV3UHIHOGHVVRZRKOLQGHU=XOHLWXQJDOVDXFKLP5HDNWRUNHUQ³:HUWH VWHLJHQUDSLGHDQ´PHOGHWHLFK³.HUQIHOGLVWOHLFKWLQVWDELO(PLVVLRQYRQ *DPPDVWUDKOXQJEHUVFKUHLWHW*UQZHUWHXPGUHLHLQKDOE(LQKHLWHQ,FKELWWHXP 3UIXQJGHU6LPXODWLRQVVFKDOWXQJ´ 1LHPDQGDQWZRUWHWHPIU,FKEHREDFKWHWHJHVSDQQWGLH(PLVVLRQVDQ]HLJH1RFK ZDUGLHHPLWWLHUWHKDUWH*DPPDVWUDKOXQJLQQHUKDOEGHV%HUHLFKVGHUYRP DUNRQLGLVFKHQ.|USHUWROHULHUWZXUGHDEHULQQHUKDOEGHUQlFKVWHQ0LOOLWRQWDVZUGHVLH 5RWZHUWHHUUHLFKHQVROOWHGLH6LPXODWLRQVVFKDOWXQJQLFKWYRP0DVFKLQHQKDXSWOHLWVWDQG NRUULJLHUWZHUGHQ³,FKVWHOOH*HIDKUHQVWXIH]ZHLIHVW´VDJWHLFK³:HUGHQ5RWZHUWH HUUHLFKWGHVDNWLYLHUHLFKPLW+LOIHGHUPDQXHOOHQ6DPPHOVFKDOWXQJDOOH5HDNWRUHQ´ ,PQlFKVWHQ$XJHQEOLFNVWDELOLVLHUWHVLFKGDV.HUQIHOGGLH=XIOXZHUWHVDQNHQ ,P+HOPHPSIlQJHUNODQJ6NRIROV6WLPPHDXI³6LPXODWLRQVVFKDOWXQJNRUULJLHUW'XKDVW JXWDXIJHSDWXQGNRUUHNWUHDJLHUW7HFKQLNHU6DWDJR)DKUHPLWGHUURXWLQHPlLJHQ hEHUSUIXQJIRUW=XGHLQHU,QIRUPDWLRQ'DV6FKLIIVWDUOHWMHW]WXQGZLUG7UXPVFKYDDU YHUODVVHQ(QGH´ ³9HUVWDQGHQ(QGH´HUZLGHUWHLFKPLWEHOHJWHU6WLPPH (LQH:HLOHZDULFKXQIlKLJHWZDV]XWXQ9LEUDWLRQHQXQGDQVFKZHOOHQGH *HUlXVFKHEHVWlWLJWHQGLH:RUWHGHV(UVWHQ0DVFKLQHQLQJHQLHXUV'DV6FKLIIZDU JHVWDUWHWXQGZDUGHPQDFKDXIGHP)OXJ]XU)ROWHUZHOWGHV%OLQGHQ6RIJDUW,FKKDVWH QLFKWPHKUYLHO=HLWGLH%HIUHLXQJ)DUQDWKLDVYRU]EHUHLWHQ3O|W]OLFKZXUGHPLUEHZXW ZHOFKH6FKZLHULJNHLWHQPLFKHUZDUWHWHQ,FKPXWH)DUQDWKLDQLFKWQXUDXVLKUHU=HOOH KROHQVRQGHUQPLWLKU]XVDPPHQLQHLQHP%HLERRWIOLHKHQ'DVZDU]XYLHOIUHLQHQ HLQ]HOQHQ0DQQGHU]XGHPQRFKIUHPGDQ%RUGGLHVHV6FKLIIHVZDUXQGPLWUDXLVFK EHREDFKWHWZXUGH'HQQRFKPXWHLFKHVVFKDIIHQ)DPDWKLDGDUIQLFKWDXIGLH EHUFKWLJWH)ROWHUZHOWJHEUDFKWXQGPLKDQGHOWZHUGHQ 0HLQ/RJLNVHNWRUVDJWHNDOW'XZLUVWHVNDXPYHUKLQGHPN|QQHQ ,FKDEVROYLHUWHGLHUHVWOLFKH=HLWPHLQHU6FKLFKWJHLVWHVDEZHVHQGXQG DXWRPDWHQKDIWXQGDFKWHWHDXFKNDXPGDUDXIGDVLFK'HVWR$UJDPGHUPLWPLULP 0DVFKLQHQUDXPDUEHLWHWHVWlQGLJZLHPHLQ9RUJHVHW]WHUDXIVSLHOWHREZRKOGDV$QGRU 6NRIROZDU'DEHLJHK|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lXILJZDULFKY|OOLJDXIPLFKDOOHLQJHVWHOOW'HVKDOEQDKPLFKPLUYRUPLFK QDFKGHP(QGHPHLQHU6FKLFKWHWZDVLP6FKLIIXP]XVHKHQXPPLFKPLWGHQ gUWOLFKNHLWHQYHUWUDXW]XPDFKHQ9RUGULQJOLFKPXWHLFKLQ(UIDKUXQJEULQJHQZR )DUQDWKLDJHIDQJHQJHKDOWHQZXUGH9LHOOHLFKWNRQQWHLFKVRJDU.RQWDNWPLWLKU DXIQHKPHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$OVLFKLQPHLQH.DELQH]XUFNNHKUWHHUNDQQWHLFKDQHLQLJHQXQWUJOLFKHQ $Q]HLFKHQGDPHLQ0LWEHZRKQHUZlKUHQGPHLQHU$EZHVHQKHLWGDJHZHVHQZDU(U KDVWHGLH.DELQHMHGRFKZLHGHUYHUODVVHQ,FKVW|UWHPLFKQLFKWGDUDQGDHUPHLQ *HSlFNXQWHUVXFKWKDVWH(VEHVWDQGRKQHKLQQXUDXVHLQHUEHVFKlGLJWHQ .UDODVHQHQNRPELQDWLRQXQGHLQLJHQXQEHGHXWHQGHQ$XVUVWXQJVJHJHQVWlQGHQ 1DFKGHPLFKPLUHLQ*ODV:DVVHUJHWDVWHWXQGHVKDVWLJJHOHHUWKDVWHYHUOLHLFKGLH .DELQHZLHGHUXQGPDFKWHPLFKDXIGLH6XFKHQDFKGHP*HIlQJQLVWUDNW =XHUVWVFKOHQGHUWHLFKVFKHLQEDUJHODQJZHLOWGXUFKGDV0LWWHOGHFNDXIGHPVLFK DXFKGLH.RPPDQGR]HQWUDOHEHIDQG1LHPDQGEHJHJQHWHPIU'DVPDFKWHPLFKMHGRFK QLFKWOHLFKWVLQQLJ,FKUHFKQHWHGDPLWGDYRQGHU=HQWUDOHDXVVWlQGLJDOOH 6FKLIIVVHNWLRQHQEHREDFKWHWZXUGHQ$OVLFKDXIGHP0LWWHOGHFNNHLQH$Q]HLFKHQGDIU HQWGHFNWHGDGRUWMHPDQGJHIDQJHQJHKDOWHQZXUGHVFKZHEWHLFKLP$QWLJUDYOLIWHLQ 'HFNWLHIHU'RFKDXFKGRUWJDEHVRIIHQEDUNHLQHQ*HIlQJQLVWUDNW(UVWGUHL'HFNV ZHLWHUXQWHQVWLHLFKDXIGHQJHVXFKWHQ7UDNW²XQGGDVZDUEHUHLWVGDV(QGHPHLQHV :HJHV=ZHLVFKZHUEHZDIIQHWH.UDODVHQHQWUDWHQPLUHQWJHJHQ ,P+LQWHUJUXQGHUEOLFNWHLFKLQ*DQJQLVFKHQ]ZHL.DPSIURERWHUXQGHLQHUGHU 0lQQHUIXKUPLFKDQ³:DVVXFKVWGXKLHU"´ ,FKWDWHUVWDXQW³:DVVRLOLFKVFKRQVXFKHQ.DPHUDG",FKVHLQHPLFKHLQZHQLJ LP6FKLIIXP,FKELQQHXDQ%RUGXQGNHQQHPLFKQRFKQLFKWDXV´ ³:HOFKHU6HNWLRQELVWGX]XJHWHLOW"´ ³0DVFKLQHQUDXP´ ³'DQQJHKVWGXDPEHVWHQZLHGHUGRUWKLQ]XUFN´NQXUUWHGHU6|OGQHU³'HU =XWULWW]XGLHVHP6HNWRULVWVWUHQJYHUERWHQ´ ³:DUXP"´ ³'HU%OLQGH6RIJDUWKDWHVDQJHRUGQHW´VDJWHGLH]ZHLWH:DFKH,FKWDWDOVVHL LFKGXUFKGLHVH$QWZRUWHUVWUHFKWQHXJLHULJJHZRUGHQXQGUHFNWHGHQ+DOVXPPHKU ]XVHKHQ7DWVlFKOLFKVDKLFKPHKU²DEHUHVZDUQLFKWGD]XDQJHWDQPLFK]X HUPXWLJHQ+LQWHUGHU%LHJXQJYRUGHUGLH.DPSIURERWHUVWDQGHUIOLPPHUWHHLQVWDUNHV (QHUJLHIHOG(LQH]XVlW]OLFKH$EVSHUUXQJ ³-HW]WUHLFKWHVDEHU´VDJWHGHUHUVWH6|OGQHUHQHUJLVFK³:LOOVWGXZLUNOLFKLQGHQ 6SHUUVHNWRU"9RQGRUWJlEHHVDEHUQXUQRFKGHQ:HJ]X)ROWHUZHOWGHV%OLQGHQ 6RIJDUW²DOV*HIDQJHQHU´ ,FKVWHOOWHPLFKHUVFKURFNHQXQGZLFK]XUFN³'LH)ROWHUZHOW%HLGHQ IODPPHQGHQ:RONHQGHV=HQWUXPVVHNWRUV'DPLWZLOOLFKQLFKWV]XWXQKDEHQ(V LQWHUHVVLHUWPLFKQLFKWLPJHULQJVWHQZDVPLWGHP6SHUUVHNWRUORVLVW´ 'HU]ZHLWH6|OGQHUJULQVWHYHUVWHKHQG³-HW]WLVWGLUJDQ]DQGHUV.DPHUDGZLH"´ %HLGH0lQQHUODFKWHQVFKDOOHQGDOVLFKPLFKHLOLJVWHQWIHUQWH,FKNHKUWHLQ PHLQH.DELQH]XUFNXQGZDUIPLFKPXWORVDXIGDV3QHXPREHWW(VVDKVRDXVDOV VROOWHLFKNHLQH*HOHJHQKHLWEHNRPPHQQRFKDXIGHP6FKLII.RQWDNW]X)DUQDWKLD DXI]XQHKPHQ*HJHQ:DFKWSRVWHQ.DPSIURERWHUhEHUZDFKXQJVDQODJHQXQG 6FKXW]VFKLUPHKDVWHLFKNHLQHUOHL(UIROJVDXVVLFKWHQ'HQQRFKZDULFKQLFKWJHZLOOW )DUQDWKLDLQGHQ.UDOOHQGHV%OLQGHQ]XOHVVHQ:HQQLFKVLHQLFKWKLHUDQ%RUGEHIUHLHQ NDQQPXLFKYHUVXFKHQDP=LHOLQLKUHU1lKH]XEOHLEHQXQGDXIPHLQH&KDQFH]X ZDUWHQ0HLQJU|WHV3OXVZDUQRFKGD6RIJDUWQLFKWDKQWHZHULFKZLUNOLFKZDU,FK VFKOXJPLWGHU)DXVWDXIGLH%HWWNDQWHRKQHDXIGHQ6FKPHU]]XDFKWHQ1HLQLFK ZHUGHQLHPDOVDXIJHEHQVRZDKULFK$WODQKHLH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
=ZHL7RQWDVVSl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³$UFKDLVFKHQ3HULRGHQ´DQJHSIODQ]W 'LH7UDGLWLRQGHV0HKLQGDPXVLFKDOVRDXIGHUXUVSUQJOLFK]ZHLWHQ:HOWGHV 6\VWHPVHQWZLFNHOWKDEHQ(VZXUGHQMHGHQIDOOVELVKHXWHNHLQH+LQZHLVHDXIGLH $QZHQGXQJYRQ0HKLQGDDXI,SUDVD$UNRQ,,XQG$UNRQ,,,ZlKUHQGGHU´$UFKDLVFKHQ 3HULRGHQ´JHIXQGHQ80DUWHQ 'LHELVKHUZHQLJEHDFKWHWH7DWVDFKHGDGHU6DIWGHV=KDUJ6WUDXFKHVHLQH: DEVRUELHUHQGH:LUNXQJHQWIDOWHWZHQQHU]XPULFKWLJHQ=HLWSXQNW²NXU]QDFKGHP %HJLQQGHU5HJHQ]HLWJHVDPPHOWZLUG6FKXVFKNLQXQG.XVQHW]RY ZLUIWHLQ QHXHV/LFKWDXIGLH(QWVWHKXQJVJHVFKLFKWHGHV%UDXFKHV,QGHU=HLWDOVGHU6FKXW] YRUGHUP|UGHULVFKHQ6RQQHQVWUDKOXQJPLW+LOIHYRQ6FKXW]VFKLUPHQQLFKWPHKU P|JOLFKZDUZXUGHIUGLHKHOOKlXWLJHQ$UNRQLGHQYRQ*RV¶5DQWRQYRUGHU 8PJUXSSLHUXQJ]X7LJD5DQWRQ²YJ/*RQR]DO,,, GDV:LVVHQXPGLHULFKWLJH =EHUHLWXQJHLQHUZLUNVDPHQ³6RQQHQFUHPH´OHEHQVZLFKWLJ'LHDUNRQLGLVFKHQ 3RSXODWLRQHQDXIGHQDQGHUHQ:HOWHQGHV6\VWHPVEOLHEHQHLQHUZHVHQWOLFKJHULQJHUHQ (LQVWUDKOXQJDXVJHVHW]WXQGEHUOHEWHQDXFKRKQH0HKLQGD 'LH*HIDKUHQGHQHQVLFKGLH0HKLQGD6DPPOHUGLHVHU=HLWDXVVHW]HQPXWHQ ZDUHQLPPHQVVSlWHUH*HQHUDWLRQHQ]RJHQVRJDU9HUJOHLFKHPLW*DQEHUDDQGHU )ROWHUZHOWGHV%OLQGHQ6RIJDUW²YJO2UEDQDVFKRO,,,-5DXEWLHUHGHUQDKHQ7DUXNN +RFKHEHQHGDUXQWHUGHUKHXWHDXVJHVWRUEHQH+DPPDQW :DVVHUPDQJHO $JDWKRGDHPRQLQ'lPSIHGLHMHGH=KDUJ*UXSSHXPJDEHQ6RZRKOGLHQRWZHQGLJH 'RVLHUXQJDOVDXFKGLH7HPSHUDWXUGHV6DIWHVPXWHQLQQHUKDOEHQJHU3DUDPHWHU SHLQOLFKJHQDXHLQJHKDOWHQZHUGHQZHQQGHU6DPPOHUYHUKLQGHPZROOWHGDDQVWDWW GHVZRKOWXHQGHQ0HKLQGDGDVKRFKJLIWLJH$JDWKRGDHPRQLQHQWVWHKW'DV DXVJHNOJHOWH9HIIDKUHQLQGHPDXV$DWKLQXQG0HKLQGLQGLHNRVWEDUH3DVWHKHUJHVWHOOW ZXUGHLVWVRJDULQXQVHUHUKRFKWHFKQLVLHUWHQ=HLWQLFKWPHKURSWLPLHUEDU $Q%RUGGHU&(/,63UDJRGHV7HGDUGD$UN $OVLFKGHQ0DQQVFKDIWVUDXPEHWUDWYHUVWXPPWHQGLH*HVSUlFKHIUHLQHQ 0RPHQW,FKIKOWHGLH%OLFNHGHUZHQLJHQ0lQQHUGLHVLFKWULHULKUH)UHL]HLWYHUWULHEHQ NXU]DXIPLUZKHQ'DQQZDQGWHQVLHVLFKGHVLQWHUHVVLHUWDWHXQGGDVYHUKDOWHQH 6WLPPHQJHPXUPHOVHW]WHZLHGHUHLQ1XUHLQHUYRQLKQHQEOLFNWHZHLWHUKLQLQPHLQH 5LFKWXQJ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKWDWDOVVHLQHLFKLKQQLFKW(VZDU'HVWR$UJDPGHVVHQ$UWVLFK DXI]XVSLHOHQLFKLJQRULHUWHZHOOLFKHLQHP6WUHLWDXVGHP:HJJHKHQZROOWH'DVZDU YLHOOHLFKWPHLQ)HKOHUGHQQHUGHXWHWHHVDOV6FKZlFKHXQGVSLHOWHPLUJHJHQEHUGHQ 6WDUNHQ$EHULFKHUWUXJDXFKGDVGHQQPHLQ=LHOZDUZHLWHUKLQ)DUQDWKLDDXVGHQ .ODXHQGHV%OLQGHQ6RIJDUW]XEHIUHLHQ6HLWHLQHP3UDJRZDULFKDQ%RUGGHU&(/,6 LQVJHVDPWGUHL7UDQVLWLRQHQKDVWHQVWDWWJHIXQGHQ$Q+DQGGHU/HLVWXQJVXQG 9HUEUDXFKVGDWHQGHU5HDNWRUHQKDVWHLFKDXVJHUHFKQHWGDZLUHLQH'LVWDQ]YRQ ELV/LFKWMDKUHQEHUEUFNWKDWWHQ9RUUXQGHLQHU7RQWDZDUGDV6FKLIIJHODQGHW $UJDPKREGHQ$UPXQGULHI³+H6DWDJRNRPPPDOUEHU´ 'DPLWELVWGXJHPHLQWHULQQHUWHPLFKPHLQ([WUDVLQQ,FKXQWHUGUFNWHGHQ DXINRPPHQGHQbUJHUEHUGHQEHUIOVVLJHQ+LQZHLVXQGVHW]WHPLFKLQ%HZHJXQJ $OVRELFKHVYHUJHVVHQN|QQWHGDLFKPLFK6DWDJR:HUERWQDQQWHXQG]XU 6FKLIIVEHVDW]XQJGHV%OLQGHQ6RIJDUWJHK|UWH$QPHLQQHXHV6SLHJHOELOGZDULFK OlQJVWJHZ|KQW8QGFODQQPHOGHWHVLFKPHLQ([WUDVLQQXQGHULQQHUWHPLFKGDUDQGD LFKHVZDUGHUPLW6DWDJRDQJHVSURFKHQZXUGH 'HU([WUDVLQQRGHU/RJLNVHNWRUKDOIPLULP=ZHLIHOVIDOOGLHEHVVHUHYRQ]ZHL $OWHUQDWLYHQ]XZlKOHQVRGDLFKVFKQHOOHUXQGJH]LHOWHUKDQGHOQNRQQWHHUVFKlUIWH PHLQHQ9HUVWDQGPDFKWHLKQDQDO\WLVFKHUXQGOHQNWHPHLQ'HQNHQJDQ]DOOJHPHLQLQ ORJLVFKHUH%DKQHQ(VNDPDEHUJHOHJHQWOLFKDXFK]X$XVZFKVHQGLHLFKDOV XQDQJHQHKPHPSIDQG'LHLQQHUH6WLPPHPHOGHWHVLFK]XGHQXQSDVVHQGVWHQ 0RPHQWHQ²VRZLHMHW]WDOVVLHPLFKDXIPHLQHQ7DUQQDPHQDXIPHUNVDPPDFKWH $EHUGLHVH1HEHQHUVFKHLQXQJHQZDUHQLP9HUJOHLFK]XGHQ9RUWHLOHQGLHPLUGHU ([WUDVLQQEUDFKWHUHODWLYXQEHGHXWHQG ,FKVHW]WHPLFK]X$UJDPDQGHQ7LVFK³,PPHUQRFKXQ]XIULHGHQPLWGHP 6FKLFNVDO"´IUDJWHHUJULQVHQG(UYHUVXFKWHLPPHUZLHGHUPLFKPLWHLQXQGGHUVHOEHQ 6DFKHDXI]X]LHKHQ,FKK|UWHJDUQLFKWPHKUKLQW$EHUHUOLHQLFKWORFNHU³,FKNDQQ VFKRQYHUVWHKHQGDGLUGLH$UEHLWLP0DVFKLQHQUDXPQLFKWEHKDJW$OVGXQDFK 7UXPVFKYDDUNDPVWXPGLFKGHQ.UDODVHQHQDQ]XVFKOLHHQKDVWGXZRKOJHJODXEW GHU%OLQGH6RIJDUWZUGHGLFKVRIRUWLQVHLQH/HLEJDUGHDXIQHKPHQ,FKIKOHPLWGLU 6DWDJR,FKNDQQPLUYRUVWHOOHQZDVIUHLQ6FKRFNHVIUGLFKZDUDOVGXGLFKLP 0DVFKLQHQUDXPZLHGHUIDQGHVW´ ³6HLVWLOO´VDJWHLFKPLWJHVSLHOWHP=RUQ 'RFKHUGDFKWHQLFKWGDUDQ³'XNDQQVWGLFKGDPLWWU|VWHQGDDOOH.UDODVHQHQ NOHLQDQJHIDQJHQKDEHQ9LHOOHLFKWEHNRPPVWGXGHLQH&KDQFHXQGGXNDQQVWGHP %OLQGHQ6RIJDUWEHZHLVHQZDVIUHLQ.HUOGXELVW9LHOOHLFKWDEHUNRPPWVLHQLHXQGGX ZLUVWLP0DVFKLQHQUDXPVWHLQDOW´ ³,FKN|QQWHHVPLWMHGHPDXV6RIJDUWV/HLEJDUGHDXIQHKPHQ'DVZHLLFK'HU 7DJZLUGNRPPHQDQGHPLFKLKQDXIPHLQH)lKLJNHLWHQDXIPHUNVDPPDFKHQNDQQ 'DQQZLUGHUPLFKHLQIDFKEHDFKWHQPVVHQ´ ³+|UWK|UW´ULHI$UJDPEHOXVWLJW(UPDFKWHVRIRUWZLHGHUHLQHUQVWHV*HVLFKW EHXJWHVLFK]XPLUEHUGHQ7LVFKXQGUDXQWH³'XVROOWHVWQLFKWOlQJHUZDUWHQ6XFKH GHQ%OLQGHQ6RIJDUWDXIXQG]HLJHLKPZDVGXNDQQVW-HW]WQDFKGHU/DQGXQJDXI *DQEHUDDQJLEWHVIUGLFKNDXPQRFKHWZDV]XWXQ'XN|QQWHVWGLUDOVRHWZDV HLQIDOOHQOHVVHQXP6RIJDUW]XLPSRQLHUHQ:LHZlUHHV]XP%HLVSLHOGDPLWGDGX GDV6FKLIIKHLPOLFKYHUOlWXQGYHUVXFKVWLKP]XIROJHQ":HQQHVGLUJHOLQJWLKQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
OHEHQG]XHUUHLFKHQQLPPWHUGLFKEHVWLPPWLQVHLQH/HLEJDUGHDXI'DIUYHUEUJHLFK PLFK´ 'LHDQGHUHQ0lQQHUDQGHQXPOLHJHQGHQ7LVFKHQKDVWHQ$UJDPV:RUWHQ JULQVHQGJHODXVFKW$OVHUQXQHQGHWHEHJDQQHQVLHJU|OHQG]XODFKQ,FKZXWHGD VLHVLFKDXIPHLQH.RVWHQDPVLHUWHQ$EHUGDVEHUKUWHPLFKPRPHQWDQEHUKDXSW QLFKW$UJDPKDVWHHWZDVJHVDJWZDVPLFKVWXW]LJPDFKWH³6WLPPWHV´IUDJWHLFKXP PLU*HZLKHLW]XYHUVFKDIIHQ³GDGHU%OLQGH6RIJDUWYRQ%RUGJHJDQJHQLVW"´ ³-DGRFK´$UJDPODFWDWH³(VLVWQRFKJDUQLFKWUDQJHKHUGDHUPLWGHU *HIDQJHQHQXQGLQ%HJOHLWXQJVHLQHU/HLEJDUGHGDV6FKLIIYHUODVVHQKDW'XN|QQWHVW VLHQRFKHLQKROHQ'DVKHLWIDOOVGXQLFKWLQGHU+|OOHGLHVHV3ODQHWHQXPNRPPVW´ :LHGHUODFKWHQGLH0lQQHUVFKDOOHQG,FKVDQNLQPLFK]XVDPPHQ)UHLQHQ 0RPHQWZDU+RIIQXQJLQPLUDXIJHIODFNHUW'RFKQXQEOLHEPLUQXU5HVLJQDWLRQ6RIJDUW GLHVHU7HXIHOKDW)DUQDWKLDPLWJHQRPPHQ ³1DPLUVFKHLQWGXELVWDXIHLQPDOQLFKWPHKUVRYHUVHVVHQGDUDXIGHP%OLQGHQ 6RIJDUWHLQH3UREHYRQGHLQHP0XW]XJHEHQ6DWDJR´K|UWHLFK$UJDPVDJHQ ,FKKDVWHSO|W]OLFKJURH/XVWPLFKDXILKQ]XVWU]HQXQGLKPGDV0DXO]X VWRSIHQ$EHULFKEH]lKPWHPLFKXQGJDEPLFKlXHUOLFKUXKLJ³,FKNDQQZDUWHQ0HLQH =HLWNRPPWVFKRQ-HW]WZHUGHLFKHUVWHLQPDOPHLQHQ/DQGXUODXEJHQLHHQ´ =XPHLQHUhEHUUDVFKXQJKDVWHLFKPLWGLHVHUKDUPORVHQ%HPHUNXQJHLQHQ XQJODXEOLFKHQ+HLWHUNHLWVHUIROJ'LH0lQQHUERJHQVLFKI|UPOLFKYRU/DFKHQ(LQHU NHXFKWHXQWHU/DFKWUlQHQ³(UZLOOVHLQHQ/DQGXUODXEJHQLHHQ´ ³:LOOVWZRKOHLQZHQLJLP6XPSIEDGHQ6DWDJR"´ULHIHLQDQGHUHU ³2GHUGLFKPLW5LHVHQVSLQQHQEDOJHQ"´ ³2GHUYRP6HHOHQIlQJHUJHMDJWZHUGHQ"´ ³*DQEHUDDQLVWGHUYLHUWHXQGlXHUVWH3ODQHWHLQHUQDPHQORVHQURWHQ6RQQH HLQHKHLHXQGIHXFKWH8UZHOWPLWXQHQGOLFKVFKHLQHQGHQ:DOGIOlFKHQXQGULHVLJHQ 6XPSIJHELHWHQ'LH5RWDWLRQGDXHUWQXUUXQGYLHU]HKQ7RQWDV9LHO6SD´ ³8QGGLH6FKZHUNUDIWLVWPLW*UDYRVUHFKWXQDQJHQHKPVRIHUQPDQNHLQHQ *UDYRQHXWUDOLVDWRUWUlJW´$UJDPZXUGHZLHGHUHUQVWXQGVDJWH³$EJHVHKHQGDYRQGD GLHVHU3ODQHWQLFKWJHUDGHJDVWIUHXQGOLFK]XQHQQHQLVWXQGNHLQHUYRQXQV/XVW YHUVSUWGDV5DXPVFKLII]XYHUODVVHQKDWGHU%OLQGH6RIJDUWHLQHJHQHUHOOH $XVJDQJVVSHUUHYHUIJW'LH0DQQVFKDIWPXDQ%RUGEOHLEHQXQGDXIVHLQH5FNNHKU ZDUWHQ²GXKDVWGLH0HOGXQJZRKOYHUVFKODIHQ"´ ,FKVDKLKQIUDJHQGDQ³,VWEHNDQQWZHQQHU]XUFNNRPPW"´ (U]XFNWHPLWGHQ$FKVHOQ³'DVKlQJWGDYRQDWHZLHUDQJHHUVLFKPLWVHLQHU *HIDQJHQHQYHUJQJW´$OV$UJDPVRYRQ)DUQDWKLDVSUDFKVDKLFKSO|W]OLFKURW0HLQ *HVLFKWPXLQGLHVHP$XJHQEOLFN]XP)UFKWHQDXVJHVHKHQKDEHQGHQQHU]XFNWH HQWVHW]W]XUFNXQGKREDEZHKUHQGGLH+lQGH³'XZLUVWGRFKHLQHQ6FKHU]XQWHU 0lQQHUQQLFKWJOHLFKEHOQHKPHQ0DQQ'XNDQQVWHVPLUEHL*HOHJHQKHLWPLWJOHLFKHU 0Q]H]XUFN]DKOHQGDLFKGLFKDXIGHQ$UPJHQRPPHQKDEH$EHUMHW]WPDFKNHLQH 'XPPKHLWHQ´ (VZDUQLFKWDXIVHLQH%HVlQIWLJXQJVYHUVXFKH]XUFN]XIKUHQGDLFKPLFK EHUXKLJWH²HVZDUPHLQ([WUDVLQQGHUPLFK]XU%HVLQQXQJEUDFKWH2KQHDXIGDV 9RUJHIDOOHQHZHLWHUHLQ]XJHKHQVWDQGLFKDXIXQGZROOWHGHQ0DQQVFKDIWVUDXP YHUODVVHQ'RFK$UJDPKLHOWPLFKDP$UPIHVV,FKEOLFNWHLKPKHUDXVIRUGHUQGLQGLH $XJHQXQGZXQGHUWHPLFKGDULQHLQHQ$XVGUXFNYRQ%HVWU]XQJ]XVHKHQ²DEHULQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VHLQHP7KLFNZDUDXFKHLQHVWXPPH%LWWH³:DUWHHLQHQ$XJHQEOLFN´VDJWHHUPLW NUlFK]HQGHU6WLPPH³,FKP|FKWHGLUHLQ*HVFKlIWYRUVFKODJHQ´ ³,FKNDQQPLUQLFKWYRUVWHOOHQ´EHJDQQLFKREZRKOLFKGXUFKDXVLQWHUHVVLHUW ZDU'HQQ$UJDPV+DOWXQJZDUQLFKWVRDOVZROOWHHUHLQHQZHLWHUHQVHLQHUEOHQ 6FKHU]HDQEULQJHQ ³+|UGLUDQZDVLFKGLUYRU]XVFKODJHQKDEH´EHVFKZRUHUPLFKKDVWLJ³,FKELQ VLFKHUGDHVHLQ*HVFKlIWQDFKGHLQHP*HVFKPDFNLVW²GXVFKQHLGHVWEHVWLPPWQLFKW VFKOHFKWGDEHLDE´ ³:RUXPJHKWHV"´ $UJDPEOLFNWHVLFKJHKHW]WQDFKGHQDQGHUHQ0lQQHUQXPGLHVLFKOlQJVWQLFKW PHKUXPXQVNPPHUWHQ³1LFKWWULHU*HKHQZLULQPHLQH.DELQH'HFNVLHEHQ´ 9RUVLFKWZDUQWHPLFKGHU([WUDVLQQ'XGDUIVWLKPQLFKWWUDXHQ ,FKZDUWHWHELV$UJDPJHJDQJHQZDUGDQQIROJWHLFKLKP(UEHZRKQWHHLQH (LQ]HONDELQHLQGHUHLQHXQEHVFKUHLEOLFKH8QRUGQXQJKHUUVFKWH,FKVFKORGLH7XU KLQWHUPLUXQGEOLHEGDYRUVWHKHQXPPLFKJHJHEHQHQIDOOVVFKQHOO]XUFN]LHKHQ]X N|QQHQ³+LHUVLHKWHVQLFKWLPPHUVRDXV´HQWVFKXOGLJWHHUVLFK³$EHULFKKDEHHWZDV JHVXFKWGDKHUGLHVHV'XUFKHLQDQGHU,FKKDEHPLUHLQJHELOGHWQRFKHWZDVLQ 5HVHUYH]XKDEHQ'RFKGDVZDUHLQ,UUWXP,FKKDEHPHLQHQ9RUUDWDXIJHEUDXFKW´ ³'DV*HVFKlIW´HULQQHUWHLFKLKQ (UOlFKHOWH³'DVJHK|UWGD]X´ ³:DV"´ (UPDFKWHHLQHXQEHVWLPPWH+DQGEHZHJXQJLQVHLQHP*HVLFKW]XFNWHHV,FK EHREDFKWHWHLKQJHQDX$UJDPKDVWHVLFKPHUNOLFKYHUlQGHUWVHLWZLUGHQ 0DQQVFKDIWVUDXPYHUODVVHQKDWWHQVHLQH%HZHJXQJHQZLUNWHQQXQOLQNLVFKXQG QHUY|VVHLQH6WLPPHNODQJXQVLFKHUHUVSUDFKDEJHKDFNWXQGPDQFKPDO XQ]XVDPPHQKlQJHQGDOVZUGHHULPPHUZLHGHUGHQ)DGHQYHUOLHUHQ(UIXFKWHOWHPLW GHQ+lQGHQGXUFKGLH/XIW³1DGDVZDVLFKVXFKHJHK|UWGRFK]XP*HVFKlIW´ VSUXGHOWHHVEHUVHLQH/LSSHQ³,FKEUDXFKHHVVRQVWZHUGHLFKZDKQVLQQLJ6RIJDUW KDWPLFKLPPHUNXU]JHKDOWHQHUKDWVLFKDQGHQ4XDOHQJHZHLGHWZHQQHUPLUGHQ 6WRII]XUDQJHYRUHQWKLHOW$EHUZHQQLFKDXIGHU.LSSHVWDQGKDWHUPLUGLHEHQ|WLJWH 'RVLVJHJHEHQ8QGQXQ´ $UJDPLVWVFKWLJ,FKYROOHQGHWHGHQ6DW]³-HW]WLVWHUYHUVFKZXQGHQRKQHGLU HLQH'RVLVGHV5DXVFKJLIWVJHJHEHQ]XKDEHQ´ ³(UPXHVYHUJHVVHQKDEHQ´VW|KQWHHU³-DVRPXHVVHLQ'HQQLKPOLHJW VLFKHUQLFKWVGDUDQGDLFKXPNRPPH(UTXlOWPLFKPDQFKPDOVLFKHUDEHUW|WHQZLOO HUPLFKQLFKW'DVEHDEVLFKWLJWHUEHVWLPPWQLFKW´ ³:DUXPVDJVWGXPLUGDVDOOHV"´ (UEOLFNWHPLFKPLWORGHUKGHQ$XJHQDQXQGLFKDKQWHGDHUNQDSSYRUHLQHU .ULVHVWDQG³(VLVWQLFKWVRGDGHU%OLQGH6RIJDUWQLFKWVYRQGHP6WRIIYRUUlWLJKlWWH 2QHLQ(UYHUVRUJWMDDXHUPLUDXFKQRFKHLQLJHDQGHUHDQ%RUG6RELQGHWHUXQVDQ VLFK:LUVLQGYRQLKPDEKlQJLJ(UKDWJHQJHQGYRQGLHVHP=HXJ(UKDWQXU YHUJHVVHQHV]XYHUWHLOHQ6LFKHUKDWHUQLFKWVGDJHJHQZHQQLFKHVPLUEHVFKDIIH 'DVKHLWSHUV|QOLFKNDQQLFKQLFKWVXQWHUQHKPHQ'LH:DFKHQZUGHQVRIRUWZLVVHQ ZRUXPHVPLUJHKWXQGVLHZUGHQPLFKLQV=HQWUDOORFKMDJHQ´ ³7XWPLUOHLG'HVWR´VDJWHLFKXQGZDQGWHPLFK]XU7XU³$EHULFKNDQQGLUQLFKW KHOIHQ´,FKKDVWHQDWUOLFKVRIRUWHUNDQQWGDHUPLFKGDIUHLQVSDQQHQZROOWHLKPGDV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
5DXVFKJLIW]XEHVFKDIIHQ$EHULFKGDFKWHQLFKWGDUDQPHLQ/HEHQIULKQDXIV6SLHO]X VHW]HQ:HQQLFKVFKRQHLQVROFKHV5LVLNRHLQJHKHGDQQQXUIU)DUQDWKLD ³+DOW´K|UWHLFKVHLQHGURKHQGH6WLPPHLQPHLQHP5FNHQ³:HQQGXGLH7XU |IIQHVWEUHQQHLFKGLUHLQ/RFKLQGHQ6FKlGHO´ (UEOXIIVQXUGDFKWHLFKZHOOLFKZXWHGDLKPGHU%HVLW]HLQHU:DIIHHEHQVR ZLHPLUXQWHUVDJWZDU$EHULFKGUHKWHPLFKGRFKXPXQGVDKHUVWDXQWGDHU WDWVlFKOLFKHLQHQNOHLQHQDEHUOHLVWXQJVVWDUNHQ7KHUPRVWUDKOHULQGHU+DQGKLHOW ³:RKHUKDVWGXGLH:DIIH"´ $UJDPODFWDWHQXQ³:DVLFKVDJWHZDUNHLQHOHHUH'URKXQJ'XYHUOlWGLHVH .DELQHHQWZHGHUDOVPHLQ9HUEQGHWHURGHUDOVWRWHU0DQQ,FKNDQQHVPLUQLFKW OHLVWHQGDGXPLFKYHUUlWVW,FKYHUODQJHQLFKWGDGXXPVRQVWHWZDVIUPLFKWXVW 'LHVHU6WUDKOHUWULHUKDWQRFKHLQHQ%UXGHU²GHUN|QQWHGLUJHK|UHQ´ 'LHVHV$QJHERWZDU]ZDUYHUORFNHQGDEHUGHU3UHLVGDIU]XKRFK³:LHVWHOOVW GXGLUGDVHLJHQWOLFKYRU"*ODXEVWGXLFKNDQQHLQIDFKLQ6RIJDUWV.DELQHJHKHQXQG PLWGHP6WRIIZLHGHUYHUVFKZLQGHQ"'DVZlUHJODWWHU6HOEVWPRUG´ (UNLFKHUWH³.ODUZlUHGDV6HOEVWPRUG$EHUZHUKDWEHKDXSWHWGDGXGLFKLQ GLH.DELQHGHV%OLQGHQVFKOHLFKHQVROOVW"'DV=HXJGDVLFKEUDXFKHLVWJDQ] ZRDQGHUV(VLVWNHLQ5DXVFKJLIWLPEOLFKHQ6LQQH²VRHLQIDOOVORVLVW6RIJDUWQLFKW(U KDWVLFKHWZDVYLHO7HXIOLVFKHUHVHLQIDOOHQOHVVHQ+DEHLFKGLUHLJHQWOLFKHU]lKOWGD LFKVFKRQHLQPDODXIGLHVHU)ROWHUZHOWZDU²GDLFKGHQ3ODQHWHQEHWUHWHQKDEH"´ ³1HLQ´ ³'DQQVHW]GLFWDLFKZHUGHGLUGDYRQHU]lKOHQ´ ,FKVHW]WHPLFKDXIGHQ5DQGHLQHV6WXKOHV'DGXUFKNDPLFK$UJDPXP HLQHLQKDOE6FKULWWQlKHUHQWVSDQQWHPLFKDEHUQLFKWVRQGHUQVDVSUXQJEHUHLWGD $UJDPV:DFKVDPNHLWOLHQLFKWQDFKREZRKOVLFKVHLQ=XVWDQGYRQ0RPHQW]X 0RPHQWYHUVFKOHFKWHUWH ³6RIJDUWKDWPLFK]XVDPPHQPLWHLQLJHQDQGHUHQLQHLQHP%HREDFKWXQJVWXUP DXVJHVHW]W´VDJWHHU³:LUKDWWHQNHLQH$KQXQJZDVZLUGRUWVROOWHQJODXEWHQDEHU GDZLUGDV9RUGULQJHQGHUP|UGHULVFKHQ7LHUXQG3IODQ]HQZHOWYHUKLQGHUQPXWHQ :LUVDKHQGDVDOVHLQH$UW3UIXQJDQXPXQVIUVHLQH/HLEJDUGH]XTXDOLIL]LHUHQ 6FKRQDPHUVWHQ7DJPXWHQZLUHUNHQQHQGDZLUGRUWDXIYHUORUHQHP3RVWHQ VWDQGHU:LUZDUHQ]ZDUELVDQGLH=lKQHEHZDIIQHWXQGKlWWHQHVPLWDOLHQ 5LHVHQXQJHKHXHUQGLHVHU:HOWDXIQHKPHQN|QQHQ$EHUGLHVHNDPHQQLFKW'DIU ZXUGHQZLUYRQ6FKZlUPHQYRQ6WHFKPFNHQEHUIDOOHQ(LQHQ7DJGDQDFKVDKHQZLU DOOHZLH$XVVlW]LJHDXV²XQVHUH.|USHUZDUHQYROOYRQ%HXOHQ:LUGDFKWHQGDVVHL XQVHU(QGH$EHUDPGULWWHQ7DJODQGHWHHLQ*OHLWHUPLW.UDODVHQHQXQGEUDFKWHXQVDQ %RUGYRQ6RIJDUWV6FKLII'RUWZXUGHQZLULQHLQHP4XDUDQWlQHUDXPXQWHUJHEUDFKW )QI3UDJRVEOLHEHQZLUGRUW²VRUDQJHELVGLH,QVHNWHQEUXWDXVVFKOSIWHGLHLQGHQ %HXOHQDQXQVHUHQ.|USHUQKHUDQJHZDFKVHQZDU'HU%OLQGH6RIJDUWIlQJWGLH,QVHNWHQ HLQXQG]FKWHWVLHDQ%RUGHLQLJHUVHLQHU6FKLIIH$OOHGLHHLQPDOYRQGLHVHQ,QVHNWHQ EHIDOOHQZXUGHQVLQGIRUWDQVRVFKWLJZLHLFK(LJHQWOLFKELQLFKLPPXQJHJHQGLH 3DUDVLWHQ'DVKHLWZHQQIRUWDQHLQHVGLHVHU,QVHNWHQVHLQH%UXWLQPHLQHP.|USHU KLQWHUOHJWVWLUEWGLHVHDEXQGGLH5FNVWlQGHZHUGHQYRQPHLQHP.|USHUYHUDUEHLWHW 'LHDEHU6DWDJRPDFKHQVFKWLJ'XPXWPLUHLQHQVROFKHQ3DUDVLWHQEHVFKDIIHQ VRQVWELQLFKYHUORUHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKVDK$UJDPYRQGLHVHP$XJHQEOLFNDQPLWJDQ]DQGHUHQ$XJHQ(UWDWPLU OHLG$EHULFKKDVWHWURW]GHPQLFKWGLH$EVLFKWPHLQ/HEHQIULKQ]XULVNLHUHQ ³9HUVWHKVWGXMHW]WZDUXPGDV=HXJQLFKWLQ6RIJDUWV.DELQHLVW"´(UNLFKHUWH ZLHGHU³'LH6WHFKPFNHQZHUGHQLQHLQHPEHVRQGHUHQ5DXPXQGHLQ]HOQLQZLQ]LJHQ %HKlOWHUQJHKDOWHQ%HVFKDIIHPLUHLQHQGDYRQXQGGXNDQQVWDOOHVYRQPLUKDEHQ'X KDVWPHLQ/HEHQLQGHU+DQG,FKOLHIHUHPLFKGLUY|OOLJDXV´ ³:HQQHVVRHLQIDFKLVWDQGLH3DUDVLWHQKHUDQ]XNRPPHQ´VDJWHLFKXP=HLW ]XJHZLQQHQ³ZDUXPEHVFKDIIVWGXVLHGLUQLFKWVHOEVW"´ ³'DVKDEHLFKGLUGRFKVFKRQJHVDJW´]LVFKWHHUXQJHGXOGLJ³,FKELQDOV 6FKWLJHUEHNDQQW6REDOGLFKPLFKLQGHU1lKHGHV%UXWUDXPVEOLFNHQODVVHELQLFK JHOLHIHUW$XIGLFKZLUGGDJHJHQNHLQ9HUGDFKWIDOOHQ´ ³$EHUGHU%UXWUDXPZLUGVLFKHUOLFKEHZDFKW´ZDQGWHLFKHLQ³6ROOLFKGLH :DFKHQEHUGHQ+DXIHQVFKLHHQ"´ ³,FKHUNOlUHGLUQRFKZLHGXLKQHQDPEHVWHQDXVGHP:HJHJHKVW´(UEOLFNWH DXIGLH8KUDQVHLQHP0XOWLDUPEDQGXQGIXKUIRUW³%DOGLVW:DFKDEO|VXQJ'DVLVWGHU =HLWSXQNWGDGX]XVFKODJHQPXW,FKKDEHEHUHLWVDOOHVELVLQVNOHLQVWH'HWDLOJHSODQW 3DDXI´2KQHPLFKDXVGHQ$XJHQ]XOHVVHQJLQJHU]XU%RUGVSUHFKDQODJHXQG KDQWLHUWHPLWGHUIUHLHQ+DQGGDUDQKHUXPZlKUHQGHUPLWGHUDQGHUHQGLH:DIIHDXI PLFKJHULFKWHWKLHOW(VGDXHUWHQLFKWUDQJHELV6WLPPHQDXVGHP/DXWVSUHFKHU GUDQJHQ³,FKPXWHUDQJHDQGHU6SUHFKDQODJHKHUXPEDVWHOQELVHVPLUJHODQJGHQ .DQDOGHU:DFKPDQQVFKDIWDQ]X]DSIHQ$EHUGLH0KHKDWVLFKJHORKQW+DOWHGLFK JHQDXDQGHQYRQPLUDXVJHDUEHLWHWHQ=HLWSODQGDQQZHUGHQGLFKGLH:DFKHQQLFKW HQWGHFNHQ:DVLVWELVWGXPHLQ0DQQ"'XN|QQWHVWVFKRQEDOGLP%HVLW]HLQHU 6WUDKOZDIIHVHLQ´ :DVSDVVLHUWHZHQQLFKDEOHKQWH²GDUDXIJDEPLUPHLQ([WUDVLQQXQJHIUDJWGLH $QWZRUW'XPXWZHQLJVWHQV]XP6FKHLQDXIVHLQ6SLHOHLQJHKHQVRQVWZLUGHUGLFK HUVFKLHHQXQGVSlWHUEHKDXSWHQGDGXHVZDUVWGHULKQEHGURKWHXQGHUGLFKLQ 1RWZHKUXQGPLWGHLQHUHLJHQHQ:DIIHW|WHWH(LQHQ*UXQGLKQ]XKDVVHQKDVWGX GHQQHUKDWGLFKLP0DQQVFKDIWVUDXPYRUGHQDQGHUHQOlFKHUOLFKJHPDFKW²PLW %HUHFKQXQJ ³(VZlUHQLFKWVFKOHFKWHLQHQ6WUDKOHU]XEHVLW]HQ´VDJWHLFKJHGHKQWXQGWDW DOVOLHHLFKPLUGDV$QJHERWQRFKHLQPDOGXUFKGHQ.RSIJHKHQ $XVGHP/DXWVSUHFKHUVFKQDUUWHHV³N|QQHQZLUGHQ:DFKSODQGDKLQJHKHQG DElQGHUQGDOQXUQRFKGLH9HUVRUJXQJVHLQULFKWXQJHQGHV6FKLIIHVYRQ3RVWHQEHVHW]W ZHUGHQ´ (LQHDQGHUH6WLPPHDQWZRUWHWH³'DQQ]LHKHLFKGHQ7UXSSGHUDP/DQGHSODW] SDWURXLOOLHUWLQV6FKLII]XUFN6ROOWHVLFKMHPDQGHQWJHJHQGHQ$QRUGQXQJHQYRQ%RUG VFKOHLFKHQUHQQWHULQVHLQ9HUGHUEHQ´ ³*HQDX(VJHQJWZHQQGLH+DXSWXQGGLH9HUODGHVFKOHXVHJHVFKORVVHQ EOHLEHQ$EHUZLUPVVHQGLH'HSRWVPLWGHQ:DIIHQXQGGHQ9RUUlWHQGRSSHOW EHZDFKHQ´ ³8QGZDVLVWPLWGHP%UXWUDXPIUGLH3DUDVLWHQ"´ ³(EHQIDOOVLP$XJHEHKDOWHQ:LUKDEHQ]ZDUQXUHLQH+DQGYROO6FKWLJHDQ %RUGDEHUVLHVWHKHQNQDSSYRUGHU.ULVH'HU%OLQGH6RIJDUWKDWGXUFKNOLQJHQOHVVHQ GDHUHLQLJH7DJHLQVHLQHP6WW]SXQNW]XEOHLEHQJHGHQNW6RODQJHPVVHQGLH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6FKWLJHQRKQHGLH3DUDVLWHQDXVNRPPHQ$OVRGDXHUWHVHLQH:HLOHELVZLUZLHGHU YRQ*DQEHUDDQIRUWNRPPHQ´ ³:LUZHUGHQVLHVFKRQLQGLH6FKUDQNHQZHLVHQVROOWHQVLHGXUFKGUHKHQ´ ³$EHUHVGDUINHLQHUYRQLKQHQJHW|WHWZHUGHQ'HU%OLQGH6RIJDUWZUGHGDVDOV 6FKZlFKHGHV:DFKNRPPDQGRVDXIIDVVHQXQGXQV]XU5HFKHQVFKDIW]LHKHQ*HKHQ ZLUQRFKHLQPDOGHQ:DFKSODQGXUFK´ ,FKK|UWHQLFKWOlQJHUKLQGHQQLFKKDVWHJHQXJJHK|UW,PPHUKLQKDVWHLFK HUIDKUHQGD6RIJDUWQLFKWVRVFKQHOOZLHGHU]XUFN]XP6FKLIINRPPHQZUGHXQG GDGLH&(/,6YRQDXHQQLFKWEHZDFKWZXUGH$UJDPVDJWHPLWKHLVHUHU6WLPPH ³-HW]WSDDXI6DWDJR6LHJHEHQGHQ:DFKSODQGXUFK3UlJHGLUDOOH(LQ]HOKHLWHQHLQ GDPLWGXNHLQHU:DFKHLQGLH$UPHOlXIVW´ $EHULFKGDFKWHQXUDQ)DUQDWKLDXQGGDUDQZDVGHU%OLQGH6RIJDUWLKULQVHLQHQ )ROWHUNDPPHUQDQWXQNRQQWH:DUXPTXlOVWGXGLFWD"PHOGHWHVLFKPHLQ([WUDVLQQ -HW]WLVWGHU=HLWSXQNWGHV+DQGHOQVJHNRPPHQ $UJDPZDUQXUIUHLQHQNXU]HQ$XJHQEOLFNXQDFKWVDP,FKVFKOXJLKPGLH +DQGNDQWHPLWYROOHU:XFKWJHJHQGLH6FKOlIH²VRZLHHVPLFK)DUWXORRQJHOHKUW KDVWH$UJDPEUDFKODXWORV]XVDPPHQ,FKQDKPVHLQHQ7KHUPRVWUDKOHUDQPLFK²HLQH NXU]OlXILJH+DQGZDIIHGHU6WDQGDUG76HULH²YHUVWDXWHLKQXQWHUPHLQHU 0DVFKLQLVWHQNRPELQDWLRQXQGGXUFKVXFKWH$UJDPV.DELQHQDFKGHPLFKLKQJHIHVVHOW XQGJHNQHEHOWKDVWH'DHUVLFKGLHVH:DIIH³EHVRUJW´KDVWHKDVWHLFKGLH+RIIQXQJ GDHUZHLWHUH$XVUVWXQJYHUVWHFNWH 'HQYRQLKPHUZlKQWHQ]ZHLWHQ6WUDKOHUIHQGLFKQLFKWZRKODEHUHLQHQGRSSHOW KDQGEUHLWHQ$JJUHJDWJUWHO$QGLHVHQZDUHQ]ZHL(UVDW]PDJD]LQHJHNOLQNWXQGGLH LQWHJULHUWHQ(WXLVEDUJHQ6SHLFKHU]HOOHQVRZLHGHQNRPELQLHUWHQ0LNURJUDYLWDWRU *UDYRQHXWUDOLVDWRU²JHHLJQHWLQ1XOOJUDYREHUHLFKHQ6FKZHUNUDIW]XVLPXOLHUHQRGHU GLHVHELV]XHLQHP$XHQZHUWYRQIUGHQ7UlJHUELVDXI1XOO]XUHGX]LHUHQ/HLGHU ZDUNHLQ,QGLYLGXDOVFKLUPSURMHNWRUYRUKDQGHQ 6RDXVJHVWDWWHWYHUOLHLFKGLH.DELQH0HLQ=LHOZDUHLQHUGHU1RWDXVVWLHJHLQ GHQXQWHUHQ'HFNV'HUHUVWH7HLOPHLQHU(UNXQGXQJYHUOLHIJODWW(VNRVWHWHPLFKNHLQH 0KHXQEHPHUNW]XGHU1RWVFKOHXVH]XVFKOHLFKHQ²DXVGHP*HVSUlFKGHU :DFKPDQQVFKDIWZDUMDKHUDXV]XK|UHQJHZHVHQGDDOOH$XHQSRVWHQ]XGHQ 9HUVRUJXQJVHLQULFKWXQJHQGHV5DXPHUVDEJH]RJHQZXUGHQ,FKEHJHJQHWHNHLQHU HLQ]LJHQ:DFKH'LH+DXSWVFKOHXVH]XEHQXW]HQZDJWHLFKQLFKWGHQQGDVKlWWHGLH $ODUPDQODJHDNWLYLHUW6REOLHEPLUQLFKWVDQGHUHVEULJDOVGHQ:HJGXUFKGLH (LQPDQQVFKOHXVH]XQHKPHQ $OVLFKGDV$XHQVFKRWWDXIVWLHUDXEWHPLUGLHVWLFNLJKHLH/XIWIUHLQHQ 0RPHQWGHQ$WHP'UDXHQZDUHVGXQNHUGLFKWHU1HEHONURFKKHUDQ'DVVFKZDFKH 1RWOLFKWGHU6FKOHXVHUHLFKWHQXUHLQLJH$UPVSDQQHQZHLWOLQNVHUNDQQWHLFKGHQ6FKHLQ VWDUNHU7LHIVWUDKOHUGLHGLH(LQVWLHJVUDPSHDXVOHXFKWHWHQ9RQLUJHQGZRKHUGUDQJGDV IHUQH*HEUOOYRQ7LHUHQ]XPLUGHPHLQZLGHUOLFKHV*HNUHLVFKHIROJWH)UHLQLJH=HLW ZDUGLH$WPRVSKlUHHUIOOWYRQHLQHU9LHOIDOWVFKDXULJHU*HUlXVFKH(VK|UWHVLFKDQDOV ZUGHHLQULHVLJHV0RQVWUXPGXUFKGDV8QWHUKRO]EUHFKHQGDQQIROJWHQ .DPSIJHUlXVFKHGLHGXUFKVHW]WPLWGHQ7RGHVVFKUHLHQLUJHQGHLQHV7LHUHVZDUHQ%DOG GDUDXIYHUHEEWHQGLH7RGHVVFKUHLHXQGZXUGHQYRQ]XIULHGHQHP.QXUUHQDEJHO|VWGDV WLHIDXVGHU.HKOHHLQHV8QJHKHXHUV]XNRPPHQVFKLHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6LFKHUZDUHVHLQ5LVLNRGLH$QWLJUDYSURMHNWRUHQPHLQHV$JJUHJDWJUWHOV]X EHQXW]HQ(QHUJLHHU]HXJHUNQVWOLFKH*UDYLWDWLRQXQGVRQVWLJH6WUHXVWUDKOXQJVTXHOOHQ EHUGHFNWHQDEHUVHOEVWEHLHLQHPJHODQGHWHQ5DXPVFKLIIGLHPLQLPDOHQ(PLVVLRQHQ ,FKNOHWWHUWHDXVGHU6FKOHXVHKHUDXVDNWLYLHUWHGHQ*UWHODQWLJUDYXQGVWLHGDV6FKRWW KLQWHUPLU]X6RIRUWZDULFKELVDXIGLH+DXWGXUFKQlWXQGZXUGHYRQ,QVHNWHQ XPVFKZlUPW 'LH6FKLIIVKOOHZDUJOLWVFKLJ²/XIWIHXFKWLJNHLWVFKOXJVLFKGDUDXIQLHGHUHV ELOGHWHQVLFK:DVVHUWURSIHQGLHLQEUHLWHQ5LQQVDOHQDEIORVVHQ,FKVDKIQI0HWHU XQWHUPLUGHQ%RGHQGHV/DQGHIHOGHV/LQNVYRQPLUIKUWHGLHKXQGHUW0HWHUUDQJH (LQVWLHJVUDPSH]XU%RGHQVFKOHXVH²VLHVFKLHQWDWVlFKOLFKXQEHZDFKW]XVHLQ'DV XUZHOWOLFKH*HEUOONDPLQ]ZLVFKHQDXVJU|HUHU(QWIHUQXQJVRGDHVQLFKWPHKUGLH DQGHUHQ*HUlXVFKHGHU1DFKWEHUW|QWH0LUZDUDOVK|UWHLFKLPPHUZLHGHUIHUQHV :HKNODJHQXQG6FKUHLHQGDVDXVDUNRQLGLVFKHQ.HKOHQNDP 0LFKVFKDXGHUWHGHQQGLH6FKUHLHGLHVHUEHPLWOHLGHQVZHUWHQ*HVFK|SIH HUZHFNWHQLQPLU$VVR]LDWLRQHQXQGVFKUHFNOLFKH9LVLRQHQYRUDOOHPLP =XVDPPHQKDQJPLW)DUQDWKLD,FKYHUVXFKWHQLFKWGDUDQ]XGHQNHQGDGLHV *DQEHUDDQGLH)ROWHUZHOWGHV%OLQGHQ6RIJDUWZDU$EHUHVJHODQJPLUQLFKWJDQ] %HKXWVDPMXVWLHUWHLFKGHQ$QWLJUDYVDQN]XP/DQGHIHOGKLQDEXQGVWHOOWHGHQ 1HXWUDOLVDWRUDXI6WDQGDUGZHUWHLQ'HU76WUDKOHUODJVFKXEHUHLWLQPHLQHU+DQG DEHULFKNRQQWHQLUJHQGVHLQH%HZHJXQJHQWGHFNHQGLHYRQHLQHP:DFKWSRVWHQ JHNRPPHQZlUH*HGXFNWYHUEDUJPLFKLP6FKXW]GHU5DPSHNDXPGDLFKGHQ %RGHQHUUHLFKWKDVWHXQGQXW]WHGLH*HOHJHQKHLWPLFKHLQJHKHQGHUPLWPHLQHU 8PJHEXQJ]XEHVFKlIWLJHQ'LHQHEOLJH1DFKWZDUZHLWHUKLQHUIOOWYRQGHQ *HUlXVFKHQHLQHUXQEHNDQQWHQ7LHUZHOWGLHDQVFKHLQHQGNHLQH5XKHIHQGXQGGHP :HKNODJHQYRQ,QWHOOLJHQ]ZHVHQGHUHQ4XDOHQRIIHQEDUNHLQ(QGHQDKPHQ,UJHQGZR LP'XQVWYRUPLUVFKLPPHUWHQWUEH/LFKWHU0HKUNRQQWHLFKYRQPHLQHP3ODW]DXV QLFKWHUNHQQHQ(VZDUNODUGDVLFKGHU6FKHLQGLHVHU/LFKWTXHOOHQLQGHQZLQ]LJHQ 7URSIHQGHUZDVVHUJHVlWWLJWHQ$WPRVSKlUHEUDFK'HU'XQVWZLUNWHQRFK XQGXUFKGULQJOLFKHU 5HFKQHWHPDQ]XP.XJHOUDGLXVGHU&(/,6GLHUXQGVHFK]LJ0HWHUGHV 5LQJZXOVWHVKLQ]XZDUHQHVPLQGHVWHQV]ZHLKXQGHUW0HWHUYRP(QGHGHU5DPSHXP XQWHUGHP6FKLIIKHUYRU]XWUHWHQ,FKVFKlW]WHGDGHU5DXPKDIHQUDQGZHLWHUH]ZHLELV GUHL.LORPHWHUHQWIHUQWZDU,FKKDVWHPHLQH8PJHEXQJDXVUHLFKHQGEHREDFKWHW QLUJHQGZR]HLFKQHWHVLFKDNXWH*HIDKUDE²YRQGHQQHUYHQGHQ,QVHNWHQHLQPDO DEJHVHKHQGHVKDOEHQWVFKORLFKPLFK]XHLQHP(UNXQGXQJVJDQJXPPLUHLQHQ hEHUEOLFNEHUGDV*HELHWUXQGXPGDV5DXPVFKLII]XYHUVFKDIIHQ 'DV/DQGHIHOGEHVWDQGDXVJODWWHPJODVLHUWHP*HVWHLQ$XFKWULHUKDVWHVLFKGLH /XIWIHXFKWLJNHLWQLHGHUJHVFKODJHQXQGELOGHWH3IW]HQ(VNODWVFKWHZHQQLFKKLQHLQWUDW DEHULFKZDUPLUVLFKHUGDGLHDQGHUHQ*HUlXVFKHHVEHUW|QWHQ'HU5DXPHUZDU EDOGKLQWHUPLULP'XQVWYHUVFKZXQGHQ1XU.RQWUROOLFKWHUXQGGLH5DPSHQ7LHIVWUDKOHU ZDUHQDOVYHUVFKZRPPHQH/LFKWIOHFNH]XVHKHQGLHGLH3RVLWLRQGHV6FKLIIHV DQ]HLJWHQXQGVHLQHXQWHUH:|OEXQJDEJUHQ]WHQ'VWHUH+HOOLJNHLWYHUEUHLWHWHGLH 5DXPKDIHQEHIHXHUXQJ(QGOLFKWDXFKWHYRUPLUHLQVFKZDFKEHOHXFKWHWHV(WZDVDXI GDVVLFKLPPHUPHKUDXVGHP'XQVWVFKlOWHMHQlKHULFKLKPNDPXQGVLFKVFKOLHOLFK DOVHLQH5HLKHYRQIODFKHQODQJJHVWUHFNWHQ*HElXGHQDP/DQGHIHOGUDQGHQWSXSSWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'XUFKHLQLJH)HQVWHUILHOHQ/LFKWIlFKHU,FKVFKOLFKQXQYRUVLFKWLJHUGDUDXI]X $OVLFKGDVQlFKVWOLHJHQGH*HElXGHHUUHLFKWKDVWHGUFNWHLFKPLFKWLHILQVHLQHQ ³6FKDWWHQ´,FKKDVWH6FKULWWHJHK|UWGLHYRQ]LHPOLFKQDKHNRPPHQPXWHQGHQQ VRQVWZlUHQVLHYRQGHQ*HUlXVFKHQDXVGHP8UZDOGEHUW|QWZRUGHQ'LH6FKULWWH NDPHQQlKHU,FKGUlQJWHPLFK]ZLVFKHQ]ZHL%HKlOWHUGLHDQGHU+DXVZDQG DEJHVWHOOWZDUHQ'UHL6LOKRXHWWHQGLHDXIGDV*HElXGH]XNDPHQVFKlOWHQVLFKDXV 1HEHOXQG'lPPHU,FKKLHOW$UJDPV6WUDKOHUVFKXEHUHLW%HLP1lKHUNRPPHQ HUNDQQWHLFK]ZHL$UNRQRLGHGLHHLQHFKVHQlKQOLFKHV:HVHQLQLKUH0LWWHJHQRPPHQ KDWWHQ ³+HXWHEHUWUHLEHQVLHHVZLHGHU´VDJWHGHUHLQHLQHLQHPNDXPYHUVWlQGOLFKHQ 6DWURQ ³-DGLHVFKUHLHQGDPDQVLFKGLH2KUHQ]XVWRSIHQN|QQWH´VWLPPWHGHUDQGHUH ]XXQGODFWDWH³(LJHQWOLFKVROOWHPDQPHLQHQGDVLHPLWGHU=HLWDEVWXPSIHQPWHQ $EHUQHLQVLHEUOOHQZHLWHU´ ³'DVLVWGLH.XQVWHLQHUJXWHQ)ROWHU´ 'DVVFKODII]ZLVFKHQGHQEHLGHQ.UDODVHQHQ²DOVVROFKHHUNDQQWHLFKGLHEHLGHQ 0lQQHUQXQ²KlQJHQGH)UHPGZHVHQVDJWHHWZDVLQHLQHUIUHPGHQ6SUDFKH ³:LUIOLFNHQGLFKVFKRQZLHGHU]XVDPPHQ$LPHKPD´VDJWHHLQ.UDODVHQH VS|WWLVFK³'XZLUVWQLFKWVWHUEHQ:LUKDOWHQGLFKDP/HEHQGDPLWGXXQVQRFKRIWDOV .|GHUIUGLH7DXVHQG]DKQHFKVHQGLHQHQNDQQVW´ 'DV)UHPGZHVHQVFKULHDXI'LH.UDODVHQHQODFKWHQXQG]HUUWHQHVLQGDV *HElXGH,FKZXWHQLFKWZDVPLWHLQHU³7DXVHQG]DKQHFKVH´JHPHLQWZDU$EHUGLH %H]HLFKQXQJVSUDFKIUVLFKXQGGLH9RUVWHOOXQJGDHLQ,QWHOOLJHQ]ZHVHQDOV.|GHU IUVRHLQH%HVWLHYHUZHQGHWZXUGHVWHLJHUWHPHLQHQ+DJHJHQGHQ%OLQGHQ6RIJDUW QRFKPHKU.DXPZDUHQGLH.UDODVHQHQPLWGHPEHGDXHUQVZHUWHQ(FKVHQZHVHQ YHUVFKZXQGHQYHUOLHLFKPHLQ9HUVWHFN,QGHU/XIWKLQJHLQLQWHQVLYHU*HVWDQNGHU PLUIDVWGHQ0DJHQ]XVDPPHQNUDPSIWH,FKQDKPDQGDHVVLFKXPGLH$XVGQVWXQJ GHV(FKVHQZHVHQV$LPHKPDKDQGHOWH(LQPDUNHUVFKWWHUQGHU6FKUHLGHUSO|W]OLFK GLH1HEHOQDFKW]HUULHULQQHUWHPLFKGDUDQGDHVDXI*DQEHUDDQYLHO EHGDXHUQVZHUWHUH*HVFK|SIHJDEGLH*HIROWHUWHQ*HK|UW)DUQDWKLDOEHUHLWV]XLKQHQ" ,FKVHW]WHPLFKYRUVLFKWLJLQ%HZHJXQJXQGHUUHLFKWHGDVQlFKVWH*HElXGH 1HEHQHLQHPGHUHUKHOOWHQ)HQVWHUKLHOWLFK,QGHPRIIHQHQ9LHUHFNIOLPPHUWHHLQ (QHUJLHIHOGLQGDV6FKZlUPHYRQ,QVHNWHQIORJHQXQGYHUJOKWHQ$EHUGLH%DUULHUH ZDUVFKDOOGXUFKOlVVLJVRGDGLH*HUlXVFKHDXVGHPGDKLQWHUOLHJHQGHQ5DXP]XPLU GUDQJHQ(VKDQGHOWHVLFKXPGLH6WLPPHQYRQ3HUVRQHQ ,FKVFKREPLFKQlKHUDQGDV)HQVWHUKHUDQXQGZDJWHGDQQHLQHQNXU]HQ7KLFN KLQGXUFK,FKHUNDQQWHGDHVVLFKWULHUXPGLH)XQNVWDWLRQKDQGHOWH$QPHKUHUHQ 3XOWUHLKHQVDHQLQVJHVDPWDQGLH]ZDQ]LJ.UDODVHQHQ²DOOHV0lQQHU6LHKDVWHQYLHO ]XWXQNDXPZDUHLQHVGHU*HVSUlFKHEHHQGHWNDPEHUHLWVHLQHQHXH)XQNYHUELQGXQJ ]XVWDQGH'DVOLHPLFKGDUDXIVFKOLHHQGDHVDXI*DQEHUDDQQRFKYLHOHVROFKHU RGHUlKQOLFKHU6WDWLRQHQJHEHQPXWHGLHZRP|JOLFKEHUGHQJDQ]HQ3ODQHWHQ YHUVWUHXWZDUHQ2EZRKOLFKQLFKWYLHOYRQGHQ)XQNJHVSUlFKHQYHUVWHKHQNRQQWHK|UWH LFKJHQJHQGKHUDXVXPPLUHLQHLQLJHUPDHQDEJHUXQGHWHV%LOGYRQGHU)XQNWLRQ GLHVHU6WDWLRQPDFKHQ]XN|QQHQ 'HU5DXPKDIHQDXIGHPGLH&(/,6JHODQGHWZDUVFKLHQYRQXQWHUJHRUGQHWHU %HGHXWXQJ]XVHLQGDVHLJHQWOLFKH+DXSWTXDUWLHUGHV%OLQGHQ6RIJDUWEHIDQGVLFKDXV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6LFKHUKHLWVJUQGHQDQDQGHUHU6WHOOH'LH3DVVDJLHUH.UDODVHQHQXQG*HIDQJHQHQ ZXUGHQLQ*OHLWHUQXQGDQGHUHQ%HI|UGHUXQJVPLWWHOQ]XLKUHQ%HVWLPPXQJVRUWHQ JHEUDFKW'DVOLHPHLQH+RIIQXQJHQZLHGHUVLQNHQ$XI*DQEHUDDQJUXSSLHUHQVLFKGLH ZLFKWLJHQ*HElXGH$QODJHQXQG2UJDQLVDWLRQV]HQWUHQQLFKWGLUHNWXPGHQ5DXPKDIHQ GDFKWHLFK:RVRLOLFKQDFK)DPDWKLDVXFKHQ"6LHNDQQEHUDOODXIGLHVHPK|OOLVFKHQ 3ODQHWHQVHLQ %HYRULFKPLFKYRQPHLQHP%HREDFKWXQJVSRVWHQ]XUFN]RJK|UWHLFKHLQHQGHU )XQNHUGHUQDKHGHP)HQVWHUVDDXIJHUHJWVDJHQ³3ODQLHUXQJVNRPPDQGRV]HKQ XQGHOI]XP1RUGVHNWRU'DV+|OOHQWRULVWZLHGHUWRWDO]XJHZDFKVHQ8QGZLHQLFKW DQGHUVHUZDUWHWKDWVLFKHLQH+RUGHEOXWUQVWLJHU%HVWLHQGRUWDQJHVDPPHOWXQG YHUVXFKWGHQ'XUFKEUXFK3ODQLHUXQJVNRPPDQGRV]HKQXQGHOI]XP+|OOHQWRU´ ,FKXQWHUVXFKWHDXFKGLHDQGHUHQ.RQWUROOJHElXGHGHV5DXPKDIHQVPXWHDEHU IHVWVWHOOHQGDVLHDOOHPHKURGHUZHQLJHUXQEHGHXWHQGZDUHQ=XPLQGHVW LQWHUHVVLHUWHQVLHPLFKQLFKWGHQQNHLQHVYRQLKQHQNDPDOV+DXSWTXDUWLHUGHV%OLQGHQ 6RIJDUWLQ)UDJH'DPLWZDUHQPHLQHVFKOLPPVWHQ%HIUFKWXQJHQZDKUJHZRUGHQ )DUQDWKLDZDUDQLUJHQGHLQHQXQEHNDQQWHQ2UWDXIGLHVHUW|GOLFKHQ:HOWYHUVFKOHSSW ZRUGHQ6LHNRQQWHEHUDOOVHLQVRJDUDXIGHUDQGHUHQ6HLWHGHV3ODQHWHQ 'HLQH&KDQFHQVLH]XILQGHUVLQGJOHLFK1XOOPHOGHWHVLFKPHLQ([WUDVLQQ'LH :DKUVFKHLQOLFKNHLWVSULFKWJHJHQHLQHQ(UIROJ'XVWHKVWDOOHLQJHJHQGLHP|UGHULVFKH 7LHUXQG3IODQ]HQZHOWYRQ*DQEHUDDQXQGJHJHQHLQ+HHUYRQEHVWDXVJHUXVWHWHQ .UDODVHQHQ.HKUHLQV6FKLII]XUFNEHYRUGHLQ9HUVFKZLQGHQHQWGHFNWZLUG 'DVZDUHLQHWUHIIOLFKH$QDO\VHPHLQHU6LWXDWLRQ$EHULFKSILIILQGLHVHP $XJHQEOLFNDXIDOOH/RJLNXQGDXI:DKUVFKHLQOLFKNHLWVEHUHFKQXQJHQ,FKZROOWHQLFKWLQV 6FKLII]XUFNNHKUHQXQGGRUWWDWHQORVGDUDXIZDUWHQGDPLUGHU=XIDOOHLQHQ+LQZHLV DXI)DUQDWKLDV$XIHQWKDOWVRUW]XVSLHOWH'LH:DKUVFKHLQOLFKNHLWZDULQGLHVHP)DOO HEHQVRJHULQJ²GDVPXWHVRJDUPHLQ/RJLNVHNWRU]XJHEHQ ,FKKDVWHQRFKPLQGHVWHQVELV]XP7DJHVDQEUXFK=HLW6RUDQJHZUGHPDQ PHLQ9HUVFKZLQGHQQLFKWEHPHUNHQ9RQ$UJDPKDVWHLFKQLFKWV]XEHIUFKWHQGHQQHU KDVWHVHOEVWJHQXJDXIGHP.RQWRVRGDHUVLFKKWHQZUGHGHQhEHUIDOO]X PHOGHQ²VROOWHHUVLFKYRU]HLWLJYRQVHLQHQ)HVVHOQEHIUHLHQN|QQHQ(VJHQJWHZHQQ LFK]XP'LHQVWDQWULWWZLHGHULP6FKLIIZDU'LHELVGDKLQYHUEOHLEHQGH=HLWZROOWHLFK QLFKWXQJHQXW]WYHUVWUHLFKHQOHVVHQ,FKOLHGLH.RQWUROOJHElXGHKLQWHUPLUEHUTXHUWH GHQIQI]LJ0HWHUEUHLWHQ6LFKHUKHLWVJUWHOGHUEDUMHJOLFKHQSODQHWDUHQ/HEHQVZDU XQGHUUHLFKWHGLHDXIUDJHQGH:DQGGHV'VFKXQJHOV9RQEOXWVDXJHQGHQ,QVHNWHQ ]HUELVVHQNDXHUWHLFKPLFK]ZLVFKHQGLH6WUlXFKHU ,UJHQGZRYRUPLUHUNODQJGDV.RPPDQGR³)HXHUO´ ,PQlFKVWHQ0RPHQWYHUZDQGHOWHVLFKGHU'VFKXQJHOLQHLQHJLJDQWLVFKH )ODPPHQORKHXQGPHLQ([WUDVLQQNRPPHQWLHUWHJUlPOLFK'XKDVWPLWXQWUJOLFKHP ,QVWLQNWGLUHNWGHQ:HJ]XP+|OOHQWRUJHZlKOW²PLWWHQKLQHLQLQGLHJU|WH*HIDKU 'LH=HLWVFKLHQVWLOO]XVWHKHQ,QGHU/XIWODJHLQQLHHQGHQZROOHQGHUYLHONHKOLJHU 6FKUHLGHUPLUGXUFK0DUNXQG%HLQJLQJ,FKVDKQXU)ODPPHQ²GLHJDQ]H:HOWVFKLHQ ]XEUHQQHQ,QPHLQHU1DVHZDUHLQIXUFKWEDUHU*HVWDQNHLQ*HUXFKQDFK)HXHUXQG 5DXFKQDFKEUHQQHQGHQ3IODQ]HQXQGVFKPRUHQGHQ7LHUHQ)HXHU6FKUHLHXQG 4XDOP8QGGDQQVDKLFKHLQLJH*HVWDOWHQLQ6FKXW]DQ]JHQDXIWDXFKHQ6LH]RJHQ VLFKUFNZlUWVJHKHQGYRUGHUXPVLFKJUHLIHQGHQ)ODPPHQZDQG5LFKWXQJ5DXPKDIHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
]XUFN6FKZHUH3DQ]HUIDKU]HXJHNDPHQKHUDQJHUROOWGLH7KHUPRVWUDKOHUDXIGDV EUHQQHQGH'LFNLFKWJHULFKWHW ,FKVSUDQJDXIXPPLFKDXVGHP%HUHLFKGHUKHUDQPDUVFKLHUHQGHQ 3ODQLHUXQJVNRPPDQGRV]XEULQJHQ$EHUGDIUZDUHVEHUHLWV]XVSlW,FKKDVWH]X ODQJVDPUHDJLHUW'LH)URQWGHU3DQ]HUIDKU]HXJHXQGGHU.UDODVHQHQLQGHQ 6FKXW]DQ]JHQZDU]XEUHLW²XQGVFKRQ]XQDKH,FKVXFKWHYHU]ZHLIHOWQDFKHLQHP 9HUVWHFNGRFKNRQQWHLFKYRUODXWHU4XDOPNDXPQRFKHWZDVVHKHQ0HLQH$XJHQ WUlQWHQ 'DHQWGHFNWHLFKHLQH0XOGHGLHQLFKWEHVRQGHUVEUHLWDEHUWLHIJHQXJZDU,FK ZROOWHPLFKVFKRQKLQHLQIDOOHQOHVVHQDOVHWZDVGDUDXVKHUYRUVFKR2KQH]XGHQNHQ VFKRLFKXQGVDKGDGHU7KHUPRVWUDKOGHQVFKHQNHOGLFNHQ/HLEHLQHU6FKODQJHGLFKW XQWHUKDOEGHV6FKlGHOVGXUFKVFKOXJ'HUPlFKWLJH6FKlGHOPLWGHPDXIJHULVVHQHQ 0DXODXVGHPGLH*LIW]lKQHILQJHUODQJKHUDXVUDJWHQZLUEHOWHKHUXP'HU/HLE]XFNWH QRFKHLQH:HLOHXQWHU0XVNHOUHIOH[HQ,FKNPPHUWHPLFKQLFKWGDUXPVRQGHUQVSUDQJ QHEHQGHP6FKODQJHQN|USHULQGLH0XOGH $XJHQEOLFNHVSlWHUK|UWHLFKHVUXPSHOQ²XQGGDQQURXWHDXFKVFKRQHLQHVGHU 3DQ]HUIDKU]HXJHDXIVHLQHQ5DXSHQNHWWHQEHUPLFKKLQZHJ,FKSUHWHPLFKQRFK GLFKWHUDQGHQ%RGHQ$OVHLQHEUHQQHQGH)OVVLJNHLWYRQGHU8QWHUVHLWHGHV )DKU]HXJHVDXIPLFKWURSIWHXQGPHLQHQ.|USHUDQHLQLJHQ6WHOOHQYHUEUKWHNRQQWH LFKQXUPLW0KHHLQHQ6FKPHU]HQVVFKUHLXQWHUGUFNHQ )UHLQHQ0RPHQWZXUGHPLUVFKZDU]YRU$XJHQDOVLP6RJGHV 3DQ]HUIDKU]HXJV4XDOPLQGLH0XOGHZRJWH,FKKLHOWGHQ$WHPDQXPGLHJLIWLJHQ 'lPSIHQLFKWLQGLH/XQJHQ]XEHNRPPHQ$EHUUDQJHKLHOWLFKHVQLFKWDXV,FK JODXEWHPHLQH%UXVWZUGHH[SORGLHUHQLQPHLQHP.RSIZDUHLQGEPSIHV+lPPHUQ PHLQ*HK|UVHW]WHDXV,FKVRJGLH/XIWJLHULJLQPLFK'LH)ROJHZDUGDLFK4XDOPLQ GLH$WHPZHJHEHNDPXQGYRQNUDPSIDUWLJHQ+XVWHQDQIlOOHQJHVFKWWHOWZXUGH ,UJHQGZDQQEHVVHUWHVLFKPHLQ=XVWDQG,FKNRQQWHZLHGHUNODUVHKHQXQG K|UHQ(VZDUUHODWLYVWLOO'DV)HXHUKDVWHGHQ'XQVWYHUWULHEHQ,FKEOLFNWHDXIXQGVDK HLQHEUHLWH6FKQHLVHGLHGXUFKGHQ'VFKXQJHOIKUWHhEHUDOOODJHQYHUNRKOWHXQGQRFK JORVHQGH%DXPVWlPPH'HU%RGHQZDUVFKZDU]JHEUDQQWXQI|UPLJH7LHUNDGDYHU KREHQVLFKGXQNHUYRQGHQJOLPPHQGHQXQGUDXFKHQGHQ3IODQ]HQUHVWHQDWH,PHUVWHQ 0RPHQWZXQGHUWHLFKPLFKZDUXPGDV)HXHUQLFKWZHLWHUXPVLFKJHJULIIHQKDVWH 'RFKGDQQVDJWHLFKPLUGDGHQ.UDODVHQHQRIIHQEDUQXUGDUDQJHOHJHQZDUHLQHQ EUHLWHQ3IDGGXUFKGHQ'VFKXQJHO]XEUHQQHQXQGGDVLHGLH3IODQ]HQDXHUKDOE GLHVHU=RQHZDKUVFKHLQOLFKPLWQLFKWIODPPHQGHQ&KHPLNDOLHQEHVSUKWKDWWHQ 0LUNRQQWHHVHJDOVHLQ+DXSWVDFKHLFKZDUGHU)ODPPHQK|OOHHQWJDQJHQXQG YRQGHQ.UDODVHQHQQLFKWHQWGHFNWZRUGHQ,FKVDK]XP5DXPKDIHQ'LH.RQWXUHQGHU *HElXGHGHU3DQ]HUIDKU]HXJHXQGGHU0lQQHULQGHQ6FKXW]DQ]JHQYHUVFKZDPPHQ LQGLFKWHQ1HEHOVFKZDGHQ6LHZDUHQLQ]ZLVFKHQZHLWJHQXJHQWIHUQWVRGDLFKYRU HLQHU(QWGHFNXQJVLFKHUVHLQNRQQWH,FKUDIIWHPLFKDXIXQGZDQNWHJHGXFNWDP5DQG GHUVFKZDU]JHEUDQQWHQ6FKQHLVHWLHIHULQGHQ'VFKXQJHO =ZLVFKHQGHQ%DXPULHVHQKLQJ1HEHO(VZXUGHEDOGVRGXQNHUGDLFKNDXP GLH+DQGYRUGHP*HVLFKWVDK1XUJHOHJHQWOLFKJDEHVQRFKEUHQQHQGH3IODQ]HQUHVWH DQGHQHQLFKPLFKRULHQWLHUWH$EHUGHU1HEHOXQGGLHZDVVHUJHVlWWLJWH$WPRVSKlUH EUDFKWHQGLH*OXWGHUVFKZHOHQGHQ3IODQ]HQVFKRQ]XP9HUO|VFKHQ'LH6WLOOHGHV 7RGHVGLHHLQLJH=HLWEHUGHU6FKQHLVHJHOHJHQKDVWHZLFKZLHGHUGHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
8UZDOGJHUlXVFKHQ'DV7DSVHQ%UOOHQ.UHLVFKHQXQG+HXOHQJU|HUHUXQGNOHLQHUHU 7LHUHGUDQJYRQEHUDOOKHU]XPIU8QGDOVKlWWHGHU'VFKXQJHOEUDQGDXFKGHQ *HIROWHUWHQQXUHLQHNXU]H$WHPSDXVHJHJ|QQWNDPDXVGHU)HUQHZLHGHULKU6FKUHLHQ XQG%UOOHQ(VK|UWHVLFKDQDOVVHLLFKGHQ)ROWHUSOlW]HQQlKHUJHNRPPHQ .XU]GDUDXIVDKLFKYRUPLUHLQNDQWLJHV*HELOGH,FKNRQQWHNHLQH(LQ]HOKHLWHQ HUNHQQHQDEHUPLUVFKLHQHVDXIGHQHUVWHQ7KLFNDOVHUKHEHVLFKYRUPLUHLQ7RU²IU GLH3URSRUWLRQHQUDXPVFKLIIVJURHU5LHVHQJHEDXW'LH)XQGDPHQWHGHUVHLWOLFKHQ 3IHLOHUNRQQWHLFKQLFKWHUNHQQHQZHOOGLFKWHU%RGHQQHEHOZDOOWH(UVWDOVLFKVFKRQIDVW PLWGHU1DVHJHJHQHLQHQGHU3IHLOHUVWLHVDKLFKVLH,FKEHWDVWHWHLKQXQG]XFNWH VRIRUWZLHGHU]XUFNZHOOHUVLFKNDOWZLH(LVDQIKOWH 'LH.lOWHGLHYRQGLHVHP6WHLQDXVJLQJHULQQHUWHPLFKDQGHQ&KUHWNRU (LVNUDOOH:DVZDUDXVLKPDXV)DUWXORRQXQGGHQDQGHUHQJHZRUGHQ"=ZHLIHOORV ZDUHQVLH]XU=HLWVLFKHUHUDOVLFKXQGHVKDWWHNHLQHQ6LQQPLU6RUJHQXPVLH]X PDFKHQ:HQQLFKDQ)DUWXORRQGDFKWHGDQQK|FKVWHQVPLWHWZDV:HKPXWXQG5HXH GHQQHUKDVWHPLFKGDYRUJHZDUQWPHLQH.UlIWHPLWGHQHQGHV%OLQGHQ6RIJDUW]X PHVVHQ ,FKEHWDVWHWHZLHGHUGDVVWHLQHUQH*HELOGH(VNRQQWHVLFKXQP|JOLFKXP QRUPDOHV*HVWHLQKDQGHOQGHQQHVIKOWHVLFKWDWVlFKOLFKVRNDOWZLH(LVDQWURW]GHU IHXFKWZDUPHQ$WPRVSKlUH'DVPXGDV+|OOHQWRUVHLQ:DUXPKDWHVGLHVHQ1DPHQ" :HLOPDQQDFK'XUFKVFKUHLWHQGHV7RUHVLQGLHHLJHQWOLFKH+|OOHYRQ*DQEHUDDQ NRPPW"2GHUVWHFNWQRFKHLQHWLHIHUH%HGHXWXQJGDKLQWHU" ³'XKlWWHVWQLHPDQGHQ]XW|WHQEUDXFKHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKVDKGD]ZHL.UDODVHQHQGHQ1LFKWDUNRQLGHQSDFNWHQXQGGXUFKGDV 5LHVHQWRUVWLHHQZlKUHQGGHUGULWWHGLH+DQGODPSHQQDFKYRUQHXQGDXIGDV )UHPGZHVHQJHULFKWHWKDVWH:HJHQGHUGLFKWHQ1HEHOVFKZDGHQNRQQWHLFKNDXP (LQ]HOKHLWHQHUNHQQHQZDUDOOHUGLQJVVLFKHUHEHQIDOOVQLFKWHQWGHFNW]XZHUGHQ'HU /LFKWVWUDKOZXUGHYRQGHQLQGHU/XIWVFKZHEHQGHQ:DVVHUWU|SIFKHQGHV1HEHOV UHIOHNWLHUWXQGOLHGLHJDQ]H6]HQHQRFKXQZLUNOLFKHUHUVFKHLQHQ ,FKHUNDQQWHHLQJURHVVFKODQNHV:HVHQPLWELV]XP%RGHQUHLFKHQGHQ$UPHQ GXUFKGHQ7RUERJHQWDXPHOQ'LHODQJHQGQQHQ%HLQHZLQNHOWHQVLFKGDEHLVHOWVDP DWHGLHODQJHQ$UPHVFKOHQNHUWHQVFKLHQHQVLFKLQHLQDQGHU]XYHUNQRWHQ²GHU)UHPGH NUPPWHVLFKVFKLHQVHLQHQ.RSI]ZLVFKHQVHLQHQ%HLQHQKLQGXUFK]XGUFNHQXQG GDEHLVHLQHQ5FNHQYRQXQWHQKLQDXI]XEOLFNHQ'HU)UHPGHJDENHLQHQ/DXWYRQVLFK 3O|W]OLFKZDUHLQ.UDFKHQ]XK|UHQDOVZUGHQ.QRFKHQVSOLWWHUQ 'DV)UHPGZHVHQEOLHEZHLWHUKLQVWXPP2EZRKOPLFKEHLP$QEOLFNGLHVHU XQZLUNOLFKHQKDDUVWUlXEHQGHQ6]HQHGDVQDFNWH(QWVHW]HQEHVFKOLFKNRQQWHLFKPLFK QLFKWDEZHQGHQ-HW]WNQLFNWHQGLH%HLQHGHV)UHPGHQHLQHU]RJVLHJDQ]GLFKWDQGHQ /HLEHEHQVRGLH$UPHGLH.RQWXUHQYHUZLVFKWHQVLFKXQGGDQQODJY|OOLJUHJORV HLQXQI|UPLJHV(WZDVLQGHQ6FKZDGHQ'LH.UDODVHQHQKDWWHQVLFKGLHJDQ]H=HLWEHU VWLOOYHUKDOWHQ1DFKGHPDOOHVYRUEHLZDUEUXPPWHHLQHUYRQLKQHQ³:HUGDV+|OOHQWRU HUVFKDIIHQKDWPXQRFKHLQHQYLHOVFKZlU]HUHQ&KDUDNWHUDOVGHU%OLQGH6RIJDUW EHVHVVHQKDEHQ'LHVHV)ROWHULQVWUXPHQWKlWWHQLFKWHLQPDOHUHUVLQQHQN|QQHQ´ 'LHDQGHUHQEHLGHQODFKWHQUDXK.XU]GDUDXIKDVWHQVLHGHU1HEHOXQGGLH 1DFKWYHUVFKOXFNW$XVGHU)HUQHNODQJHQGLH6FKUHLHGHU*HIROWHUWHQ:LHDOV$QWZRUW NDPDXVGHU7LHIHGHV'VFKXQJHOVXUZHOWOLFKHV*HEUOO2EZRKOGDV0DWHULDOGHU 7RUSIHLOHUHLQHVROFKH.lOWHDXVVWUDKOWHGDHVPLFKIU|VWHOWHOLHLFKYRUVLFKWLJPHLQH +lQGHGDUEHUJOHLWHQ0HLQH)LQJHUWDVWHWHQEHU(UKHEXQJHQXQG9HUWLHIXQJHQEHU 5XQGXQJHQ6SLW]HQXQG.DQWHQEHU*HELOGHGLHVLFKZLH2UQDPHQWHDQIKOWHQXQG VROFKHGLH.|SIHVHLQNRQQWHQLQVFKPDOH5LOOHQXQGEUHLWH6SDOWHQ 1DFKHLQHU:HLOHZDULFKVLFKHUGDHVVLFKWULHUXPHLQH'DUVWHOOXQJLQHLQDQGHU YHUVFKOXQJHQHU7LHUHKDQGHOWH(LQH6FKODQJHZDQGVLFKXPGDV6lXOHQEHLQHLQHV XUZHOWOLFKHQ5LHVHQHLQHPlFKWLJH7DW]HKLHOWGLH6FKODQJHXQWHUKDOEGHV.RSIHVLP *ULIIGD]ZLVFKHQUHFNWHQVLFK.UDOOHQPRQVWU|VH.|USHUXQGHEHQVRIUHPGDUWLJH .|SIH8QGDOOGLHVH7LHUHZDUHQLQGHQHLVLJHQ6WHLQPRGHOOLHUW,FKKDVWHNHLQHQ =ZHLIHOGDUDQGDGHUJDQ]H7RUERJHQDXVHLQHP6WFNEHVWDQGYROOVWlQGLJ EHU]RJHQYRQ7LHUGDUVWHOOXQJHQ :HUKDWGLHVHV0RQXPHQWJHVFKDIIHQ"8QGZDUXP"8PGLH7LHUZHOWYRQ *DQEHUDDQ]XYHUHZLJHQ"'LH.UDODVHQHQQLFKW$EHUZHUGDQQ"+DQGHOWHVVLFKWULHU XPGHQVWHLQHPHQ=HXJHQHLQHUYHUVXQNHQHQ.XOWXURGHUH[LVWLHUHQDXI*DQEHUDDQ LPPHUQRFKLQWHOOLJHQWH8UHLQZRKQHUGLHVLFKYRUGHQ.UDODVHQHQYHUERUJHQKDOWHU" )UDJHQEHU)UDJHQDXIGLHLFKNHLQH$QWZRUWHUKLHOW8QGGRFKHLQHP|JOLFKH $QWZRUWJDEHVDOVLFKQRFKPDOVEHUGLH2UQDPHQWHWDVWHWHXQGSO|W]OLFKHLQHQVR VWDUNHU6FKODJHUKLHOWGDLFK]XUFNJHVFKOHXGHUWZXUGH (VGDXHUWHUDQJHELVLFKPLFKYRQGLHVHP6FKRFNHUKROWH$EHUDXFKQDFKGHP GLH:LUNXQJGHVJHLVWLJHQ6FKODJHVDENODQJKDVWHLFKQRFKLPPHUGDV*HIKOYRQ HLQHP6WUXGHODXVXQ]lKOLJHQ7LHUN|USHUQLQGLH7LHIHJH]RJHQ]XZHUGHQ6FKPHU]HQ GXUFKUDVWHQPHLQHQ.|USHUDOVZUGHQVLFK7DXVHQGHYRQ=lKQHQ6FKQlEHOQXQG .UDOOHQLQLKQERKUHQ²HLQHVFKDXULJH3UR]HVVLRQYRQIUHPGDUWLJHQ7LHUHQGLHPLFKDOV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
2SIHULQLKUHQ5HLJHQDXIQDKPHQ-HW]WZXWHLFKZDUXPPDQHVGDV+|OOHQWRUQDQQWH :HUHVEHWUDWZUGHHVDOV:DKQVLQQLJHUYHUODVVHQ²RGHUWRW 8QGDXFKHLQH9HUPXWXQJEHUGLH(QWVWHKXQJGHV+|OOHQWRUVGUlQJWHVLFKPLU DXI,UJHQGHLQH0DFKWKDWWULHUGLHZLOGHVWHQXQGEOXWUXQVWLJVWHQ7LHUHYRQ*DQEHUDDQ ]X6WHLQZHUGHQODVVHQXQGHUUHLFKWGDLKUH:LOGKHLWXQGLKUH0RUGOXVWDXI SDUDQRUPDOHU(EHQHZHLWHUH[LVWLHUWHQ:HUGXUFKGDV+|OOHQWRUELWWZLUGHLQ2SIHUGHU YHUJHLVWLJWHQ%HVWLHQYRQ*DQEHUDDQ 'DV6FKLFNVDOGHV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
ZXFKWLJHQ6lXOHQGHV+|OOHQWRUVUDJWHQDXVGHP%RGHQQHEHO,FKKLHOWUHVSHNWYROOHQ $EVWDQG(LQVLFKQDFKHLQLJHQKXQGHUW0HWHUQGUHLIDFKDXIWHLOHQGHU3IDGIKUWHWLHIHULQ GHQ'VFKXQJHOYHUPXWOLFK]XDQGHUHQ6WDWLRQHQGHU.UDODVHQHQ=XJURHV5LVLNRLKQ ]XEHQXW]HQVDJWHGHU([WUDVLQQ'HU*HIDKUHLQHP.UDODVHQHQNRPPDQGR]X EHJHJQHQVROOWHVWGXDXVZHLFKHQ ,FKEHVFKORPLFKTXHUGXUFKGHQ'VFKXQJHO]XVFKODJHQ'DEHLZROOWHLFKPLFK DQGHQ6FKPHU]HQVVFKUHLHQGHU*HIROWHUWHQRULHQWLHUHQ,FKZXWHQLFKWJHQDXZDVLFK PLUGDYRQYHUVSUDFKDEHU]XPLQGHVWNRQQWHLFKPLFKGDQQLQGLHVHU'VFKXQJHOK|OOH QLFKWWRWDOYHULUUHQ,FKPXWH]ZDUGHQ.UDODVHQHQDXVZHLFKHQDEHULFKZROOWHGRFK ZHQLJVWHQVLQLKUHU1lKHEOHLEHQ1DFKGHPLFKQLFKWPHKULQV6FKLII]XUFNNHKUHQ NRQQWHQDKPLFKPLUYRUGDV+DXSWTXDUWLHUGHV%OLQGHQ6RIJDUW]XILQGHQ9LHOOHLFKW IKUWHQPLFKGLH.UDODVHQHQGDKLQ 'DV+|OOHQWRUODJQRFKQLFKWZHLWKLQWHUPLUDOVLFKPHUNWHGDGHU%RGHQXQWHU PHLQHQ)HQLPPHUQDFKJLHELJHUZXUGH,QGHU/XIWODJHLQ*HUXFKQDFK0RGHU VWLFNLJHQ*DVGlPSIHQXQG)lXOQLV'LH%lXPHZXUGHQNUXPPHUYHUNUSSHOWHU ZXFKVHQQLFKWPHKUVWRO]XQGPDMHVWlWLVFKLQGHQGXQVWLJHQ+LPPHO,KUH6WlPPH ZDUHQPLW0RRVHQ)OHFKWHQXQG3LO]HQEHZDFKVHQ9RQGHQQLHGULJHQbVWHQKLQJHQ /LDQHQXPJHVWU]WHYHUPRGHUWH%DXPVWlPPHPDQFKPDOVRPRUVFKGDVLHEHLGHU JHULQJVWHQ%HUKUXQJ]HUILHOHQYHUVWHOOWHQGHQ:HJ,FKZDUPLWWHQLQHLQ6XPSIJHELHW KLQHLQJHUDWHQDXVGHPZLHGHUKROWKDXVJURH5LHVHQSLO]HUDJWHQ 0HLQH%HLQHIDQGHQLQGHPVFKODPPLJHQ%RGHQNHLQHQ+DOWPHKU:RLFKDXFK KLQWUDWLFKVDQNVRIRUWNQLHWLHIHLQ(LQPDONRQQWHLFKPLFKJHUDGHQRFKDXVHLQHP 0RUDVWORFKUHWWHQLQGHPLFKPLFKDQHLQHUVWDUNHU/LDQHHLQHQVFKUlJVWHKHQGHQ %DXPVWDPPKRFK]RJ,FKHUNOHWWHUWHLKQEDODQFLHUWHDXILKPHQWODQJXQGVSUDQJDXI HLQHQDQGHUHQKLQEHUGHUTXHUEHUGHP6XPSIVWUHLIHQODJXQGPLUDOV%UFNHGLHQWH %DOGHQWGHFNWHLFKGDLFKDXIGLHVH:HLVHJDQ]JXWYRUDQNDP :HQQLFKQLFKWJHUDGHHLQHQJHIlOOWHQ%DXPVWDPPHQWGHFNWHIHQGLFKHQWZHGHU DXILQHLQDQGHUYHUVFKUlQNWHP*HVWUSS+DOWRGHUNRQQWH]XPLQGHVWDXIHLQHQGHU 5LHVHQSLO]HVWHLJHQ'RFKZDUDXFKGDVQLFKWJDQ]XQSUREOHPDWLVFKZHOOGLH3LO]KWH PHLQ.|USHUJHZLFKWQLFKWUDQJHWUDJHQNRQQWHQ$XHUGHPZDUHQVLHJOLWVFKLJ²XQG MHGHVPDOZHQQLFKHLQHQYRQLKQHQHUVFKWWHUWHO|VWHVLFKHLQH:RONHYRQ6SRUHQGLH PLFK]XP+XVWHQUHL]WHQRGHUPLU8EHONHLWYHUXUVDFKWHQ ,PJURHQXQGJDQ]HQNDPLFKGHQQRFKJDQ]JXWYRUDQ$QIDQJVOLHLFKDOV 9RUVLFKWVPDQDKPHGHQ*UDYRQHXWUDOLVDWRUDXVJHVFKDOWHWGRFKGLH%HODVWXQJYRQ *UDYRVSOXVGLHEHVFKZHUOLFKH8PJHEXQJGHV6XPSIHVOLHHQPLFKVFKOLHOLFK HLQH2UWXQJLQ.DXIQHKPHQ²]XPDOPLFKGHU/RJLNVHNWRUGDUDXIKLQZLHVGDHVLP 8PNUHLV]ZHLIHOORVYLHOH.UDODVHQHQJDEGLHLKUHUVHLWVHEHQIDOOVVROFKH$JJUHJDWH WUXJHQ(VZDUHLQH(UOHLFKWHUXQJLPZ|UWOLFKHQ6LQQHDOVLFKGHQ1HXWUDOLVDWRUDXI *UDYRVMXVWLHUWHXQGIRUWDQGHXWOLFKVFKQHOOHUYRUDQNDP'HU6XPSIKDVWHEHUGLHVGHQ 9RUWHLOGDWULHUNHLQHJU|HUHQ5DXEWLHUHKDXVWHQ (LQPDOVDKLFKHLQH6FKODQJHVLFKGXUFKGHQ0RUDVWZLQGHU6LHVWLH]XPLU KHUDXIGRFKKDVWHPLFKPHLQ([WUDVLQQUHFKW]HLWLJJHZDUQWVRGDLFKGHQ NHLOI|UPLJHQ6FKlGHOPLWHLQHPJXWJH]LHOWHQ6FKXYRP5XPSIWUHQQHQNRQQWHEHYRU GDV]DKQEHZHKUWH0DXOQDFKPLUVFKQDSSWH$OOPlKOLFKZXUGHGHU%RGHQZLHGHUIHVWHU *U|HUHXQGNOHLQHUH,QVHOQHUKREHQVLFKDXVGHP6XPSIGLHIHVWJHQXJZDUHQXP PLFK]XWUDJHQ'LHVH%RGHQHUKHEXQJHQVWDQGHQPDQFKPDOVRGLFKWEHLHLQDQGHUGD
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
LFKPKHORVYRQHLQHU]XUDQGHUHQEHUZHFKVHOQNRQQWH%DXPULHVHQZHFKVHOWHQPLW YHUILO]WHP8QWHUKRO]1XUYHUHLQ]HOWGXUFKEUDFKHQGUHLHFNLJH/LFKWIlFKHUGHQ'lPPHU XQGGHQPLOFKLJHQ'XQVW 'HU6XPSIZDUDXFKWULHUQRFKQLFKW]X(QGHDEHUHUZDUQLFKWPHKUVRYROOHU 7XFNHQXQGLFKNDPUDVFKHUZHLWHUYRQVXUUHQGHU4XlOJHLVWHUQYHUIROJWXQGHLQJHKOOW 3O|W]OLFKZDUHQGDZLHGHUGLH6FKUHLHGHU*HIROWHUWHQUHFKWODXWXQGQDKH6LHKDVWHQ PLFKHLJHQWOLFKGLHJDQ]H=HLWEHUEHJOHLWHWGRFKKDVWHLFKVLHNDXPPHKUEHZXW ZDKUJHQRPQHQ,FKZDUUXQGGUHL7RQWDVXQWHUZHJVDOVLFKHLQHQ3IDGHUUHLFKWHGHU VLFKGXUFKGHQ6XPSIZDOGVFKOlQJHOWHHUZDUDXVJHWUHWHQ$EGUFNHYRQ6WLHIHOQ ZDUHQ]XHUNHQQHQ2IIHQVLFKWOLFKVWlQGLJYRQGHQ.UDODVHQHQEHQXW]W,FKPXQXQ EHVRQGHUVZDFKVDPVHLQ 9RUPLUZHLWHWHVLFKHLQH/LFKWXQJ'RUWHUEOLFNWHLFKHLQHDXIUHFKWVWHKHQGH (FKVH,FKJLQJVRIRUWLQ'HFNXQJXQGEHREDFKWHWHGLH.UHDWXU6LHKDVWHHLQHQ 0HWDOOULQJXPGHQ+DOVGHUGXUFKHLQH.HWWHPLWHLQHP%DXPVWDPPYHUEXQGHQZDU 9RQGHU/LFKWXQJJLQJMHQHULQWHQVLYH*HUXFKDXVGHQLFKVFKRQEHLGHQ .RQWUROOJHElXGHQGHV/DQGHIHOGHVZDKUJHQRPPHQKDVWHDOVGLHEHLGHQ.UDODVHQHQ GDV(FKVHQZHVHQDQPLUYRUEHLJHVFKOHSSWKDWWHQ'DV(FKVHQZHVHQDXIGHU/LFKWXQJ PXWHGHPVHOEHQ\RONDQJHK|UHQ,FKHULQQHUWHPLFKGDUDQZLHGLH.UDODVHQHQJHVDJW KDWWHQGDGLH)UHPGHQDOV.|GHUIUGLH7DXVHQG]DKQHFKVHQYHUZHQGHWZXUGHQXQG JUHQ]HQORVH:XWSDFNWHPLFK:HQQGXGHQ)UHPGHQEHIUHLVWJLEVWGXHLQHJXWH =LHOVFKHLEHIUGLH.UDODVHQHQDEZDUQWHPLFKPHLQ([WUDVLQQHLQGULQJOLFK1RFK NDQQVWGXDOVHLQHUGHU,KUHQDXIWUHWHQ :DKUHQGLFKPLUQRFKEHUOHJWHQDFKZHOFKHU6HLWHLFKGLH/LFKWXQJXPJHKHQ VROOWHK|UWHLFKOLQNVYRQPLUHLQ.UDFKHQLP8QWHUKRO]*OHLFKGDUDXIEUDFKHLQ IXUFKWEDUHV8QJHKHXHUKHUYRU'DVPXWHGHU7DXVHQG]DKQVHLQ,FKHUNDQQWHVRIRUW ZRKHUGDV8QWLHUVHLQHQ1DPHQKDVWH(VZDUIDVWPDQQVODQJZRYRQGHUSOXPSH 5XPSIPLWGHQVHFKVNUlIWLJHQ5HSWLOLHQEHLQHQQXUGLH+lOIWHEHDQVSUXFKWH'HU5HVW JHK|UWH]XGHPIODFKHQODQJJH]RJHQHQ6FKlGHOPLWHLQHP0DXOGDVELV]XP 5XPSIDQVDW]UHLFKWH-HW]WULGDV8QWLHUVHLQULHVLJHV0DXODXIXQGLFKVDKXQ]lKOLJH JHOEOLFKH=DNNHQGDULQDXIEOLW]HQVFKDUIHILQJHUODQJH=lKQHGLHVLFKEHUGLHJDQ]H REHUHXQGXQWHUH,QQHQVHLWHGHV5DXEWLHUPDXOVYHUWHLOWHQ6RHLQ7DXVHQG]DKQNRQQWH PLFKPLWHLQHPHLQ]LJHQ%L]HUPDOPHQXQGYHUVFKOLQJHQ 'HU)UHPGHZDU]XU%HZHJXQJVORVLJNHLWHUVWDUUWDOVHUGHQ7DXVHQG]DKQDXI VLFK]XNRPPHQVDK0KVDPEHUZDQGHUGHQ6FKRFNXQGZLFKODQJVDP]XP%DXP ]XUFN'DEHLVSUDFKHUVWlQGLJLQHLQHUPLUXQEHNDQQWHQ6SUDFKHYRUVLFKKLQ²DOVUXIH HUVHLQH*|WWHUXP+LOIHDQ'HU7DXVHQG]DKQVRZLOGHUVRQVWDXFKVHLQPRFKWH QlKHUWHVLFKRKQH+DVW'DEHLYROOIKUWHHUPLWVHLQHQ6WXPPHOEHLQHQUK\WKPLVFKH %HZHJXQJHQIDVWVFKLHQHQVHLQHWlQ]HOQGHQ6FKULWWHHLQVWXGLHUW]XVHLQ(VKDVWHGHQ $QVFKHLQDOVJHK|UWHQVLHHLQHPIHVWVWHKHQGHQ=HUHPRQLHOODQ 'DV7LHUVWLHDXIGHQ³.|GHU´]XZLFKZLHGHU]XUFNXQGXPNUHLVWHLKQ²RKQH GHQ5K\WKPXVGHU6FKULWWH]XXQWHUEUHFKHQ/DQJVDPEHJULIILFKGLH=XVDPPHQKlQJH ,FKHUNDQQWHZDVGHULQWHQVLYH*HUXFKGHV)UHPGHQIUHLQHQ6LQQKDVWHZDUXPGHU 7DXVHQG]DKQVLFKQLFKWDXIGDV2SIHUVWU]WHVRQGHUQHVXPVFKOLFKDOVZROOHHUXP VHLQH*XQVWZHUEHQ:DKUVFKHLQOLFKKDEHQGLH.UDODVHQHQGDV)UHPGZHVHQPLWGHQ 'UVHQDEVRQGHUXQJHQGHVZHLEOLFKHQ7DXVHQG]DKQVHLQJHULHEHQEHVWlWLJWHPHLQH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
LQQHUH6WLPPH'HU7DXVHQG]DKQLVWGHP*HUXFKJHIROJWXQGZLUEWXPGLH*XQVWGHV YHUPHLQWOLFKHQ:HLEFKHQV $EHULUJHQGHWZDVPDFKWHLKQVWXW]LJGHU.|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|FKHUPLW3IHLOHQ ³'DVZDUHLQJXWHU6FKX6SRUWVPDQQ´OREWHGHUHLQHVHLQHQ.DPHUDGHQ ³*HQDXLQGHQ5DFKHQGHV7DXVHQG]DKQV²VHLQHHLQ]LJHYHUZXQGEDUH6WHOOH´ ³'LHVHU,GLRWKlWWHPLUEHLQDKHDOOHVYHUPDVVHOW´VDJWHGHUDQGHUHYHUlFKWOLFK ³'HU7DXVHQG]DKQKDWVHLQHQ$QJVWVFKZHLJHZLWWHUWVRGDGDV'UVHQVHNUHW VHLQH:LUNXQJYHUORU,FKJODXEH$LHKPDLVWVFKRQ]XDOWIUGLH-DJG´ ³'XKDVWUHFKWDOV.|GHUWDXJWHUQLFKWVPHKU:LUZHUGHQLKQDXVVHW]HQ PVVHQVRLOVLFKGHU6HHOHQIlQJHUVHLQHUDQQHKPHQ´ ,FKKDVWHPLFKEHUHLWV]XUFNJH]RJHQXQGVFKOLFKPLFKYRQGHUDQGHUHQ6HLWH KHUDQDQGHUGLH%VFKHZHLWHUDXIGLH/LFKWXQJKLQDXVUHLFKWHQ,FKVSDQQWHPHLQH 0XVNHOQXQGVSUDQJ'HUHUVWH.UDODVHQHZXUGHY|OOLJEHUUDVFKWDOVLFKDXIVHLQHP 5FNHQODQGHWHXQGLKQJOHLFK]HLWLJPLWHLQHP)DXVWKLHELQGHQ1DFNHQQLHGHUVFKOXJ 'HU]ZHLWHJULIIHEHQ]XU:DIIHDOVLFKLKPPLWYROOHU:XFKWDQGLH.LQQVSLW]HEDW(U EUDFKHEHQVRODXWODV]XVDPPHQZLHVHLQ.DPHUDG,FKEHU]HXJWHPLFKGDYRQGD VLHDXFKZLUNOLFKEHZXWORVZDUHQGDQQNPPHUWHLFKPLFKXPGDVDQGHQ%DXP JHVFKPLHGHWH(FKVHQZHVHQ'HU)UHPGHHUZDFKWH$OVHUPLFKHUEOLFNWHVSUDQJHUDXI GLH%HLQHXQGZLFKYRUPLUELV]XP%DXP]XUFN ³,FKWXHGLUQLFKWV´UHGHWHLFKLKPIUHXQGOLFK]XZlKUHQGLFKGLH.HWWHGLFKW XQWHUKDOEVHLQHV+DOVHVPLWHLQHP7KHUPRVWUDKODXIVFKZHLWH³,FKELQGHLQ)UHXQG´ 'HU)UHPGHSODSSHUWHDXIJHUHJWLPGHUXQEHNDQQWHQ6SUDFKH³'XELVWIUHW6DJPLUZR GDV+DXSWTXDUWLHUGHV%OLQGHQ6RIJDUWOLHJW´ 'DV(FKVHQZHVHQVWDUUWHPLFKYHUVWlQGQLVORVDQXQGVDJWHZLHGHUHWZDVLQ VHLQHU0XWWHUVSUDFKH'DGlPPHUWHPLUGLH:DKUKHLW(UNRQQWHPLUNHLQH$XVNQIWH JHEHQZHOOHU$UNRQLGLVFKQLFKWEHKHUUVFKWH,FKYHUVXFKWHHVQRFKHLQLJH0DOHPLW LKPDEHUDOOHVZDVLFKDXVLKPKHUDXVEULQJHQNRQQWHZDU³%LQGH6RIDU´ZRPLWHU VLFKHUOLFKGHQ%OLQGHQ6RIJDUWPHLQWH $OVLFKHLQHQ$XJHQEOLFNXQDFKWVDPZDUUDQQWHGDV(FKVHQZHVHQGDYRQXQG ZDULP'VFKXQJHOYHUVFKZXQGHQHKHLFKGLH9HUIROJXQJDXIQHKPHQNRQQWH,FKGDFKWH DXFKJDUQLFKWGDUDQLKP]XIROJHQVRQGHUQZROOWHPHLQHQ:HJIRUWVHW]HQ=XYRU XQWHUVXFKWHLFKGLH%HZXWORVHQ 'HU/RJLNVHNWRUHULQQHUWHPLFKDQGDV6FKLFNVDO
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
XQG1DKUXQJVNRQ]HQWUDWULHJHO,FKVWLOOWHPHLQHQ'XUVWDHLQHQGHU5LHJHOYHUVWDXWH HLQ9LEUDWRUPHVVHULP6WLHIHOVFKDIWNOHPPWHGLHEHLGHQ=='HVLQWHJUDWRUHQKLQWHU GHQ*UWHOXQGQDKPDXFKHLQHQ%RJHQXQGGLHEHLGHQ.|FKHUDQPLFK'DQQVHW]WH LFKPHLQHQ:HJLQGLH5LFKWXQJIRUWDXVGHUGDVYLHONHKOLJH:HKNODJHQQXQLPPHU GHXWOLFKHUNDP(VGDXHUWHQLFKWUDQJHELVLFKGLHHUVWH)ROWHUVWDWLRQ6RIJDUWV HQWGHFNWH =XHUVWHUNDQQWHLFKVLHJDUQLFKWDOVVROFKHXQGGDFKWHGDWULHUVHFKV .UDODVHQHQGDPLWEHVFKlIWLJWZDUHQHLQHQ6FKODPPWPSHOOHHU]XSXPSHU8PHLQH 0XOGHYRQ]ZHLKXQGHUW0HWHUQ'XUFKPHVVHUGHUHQ:lQGHOHLFKWDEILHOHQZDUHLQ EHUPDQQVKRKHU(QHUJLH]DXQHUULFKWHWGHUZRKO5DXEWLHUHDEKDOWHQVROOWHhEHUGHP 6FKODPPVHHLQGHU0XOGHQPLWWHVSDQQWHQVLFKVFKHQNHOVWDUNH.XQVWVWRIIOUlJHUGLH WHFKQLVFKH(LQULFKWXQJHQWUXJHQGLHPLFKLQLKUHU*HVDPWKHLWDQHLQHQSULPLWLYHQ /DVWHQNUDQHULQQHUWHQ 'LHVHUKDVWHLQVJHVDPW]HKQ7UDJVHLOHGLHVWUDIIJHVSDQQWVHQN UHFKWLQGHQ6FKODPPKLQJHQDOVVHLHQVLHYRQ*HZLFKWHQEHVFKZHUWGLHLFK DEHUQLFKWVHKHQNRQQWHZHOOGHU6FKODPPVLHYHUVFKOXFNWKDVWH'LH.UDODVHQHQ XPVWDQGHQGHQ6FKODPPVHHXQGVWDUUWHQHUZDUWXQJVYROOGDUDX
8PLKUH.|SIH VFKZLUUWHQGLFWDWH6FKZlUPHYRQ,QVHNWHQ$EHUVHOWVDPHUZHLVHILHOHQGLHVHQLFKWEHU GLH.UDODVHQHQKHUREJOHLFKVLHNHLQH6FKXW]VFKLUPHDNWLYLHUWKDWWHQ ³+RFK]LHKHQ´EHIDKOHLQHUGHU.UDODVHQHQ(LQDQGHUHUVFKDOWHWHYRQHLQHP3XOW DXVHLQHQ0RWRUHLQ'LH6HLOHZXUGHQKRFKJH]RJHQGLH6FKODPPDVVHQNDPHQLQ %HZHJXQJ.|USHUVWLHHQGXUFKGLH2EHUIOlFKHLQV)UHLH=XHUVWVDKLFKQXUHLQH TXDGUDWLVFKH)OlFKHGHUHQ6HLWHQOlQJHHWZDVPHKUDOVHLQHQ0HWHUPD$OVGLHVH MHGRFKK|KHUJH]RJHQZXUGHQXQGGHU6FKODPPDEILHOZXUGHQVHQNUHFKWH*LWWHUVWlEH VLFKWEDU.lILJH8QGLKQHQEHIDQGHQVLFK/HEHZHVHQ ,FKNRQQWHQXUHUDKQHQGDVLHYRQDUNRQRLGHU*HVWDOWZDUHQGHQQLKUH.|USHU ZDUHQYRP6FKODPPEHGHFNWGHUQXUODQJVDPXQGWUlJHDEIOR'LH*HIDQJHQHQ OHEWHQQRFKDEHUEHLHLQLJHQZDUHQGLH%HZHJXQJHQQXUVFKZDFK3O|W]OLFKVFKOXJHQ VLHPLWGHQ$UPHQXPVLFKXQGVWUDPSHOWHQZLOGPLWGHQ%HLQHQ'HQ*UXQGGDIU HUNDQQWHLFKVRIRUW'LHXQ]lKOLJHQ,QVHNWHQDQJHORFNWYRQGHPIHXFKWHQ0RUDVWDXI GHQ.|USHUQVWU]WHQVLFKLQ6FKZlUPHQDXIVLH ,FKYHUVXFKWHPLUYRU]XVWHOOHQZHOFKH4XDOHQGLH:HVHQLQGHQ.lILJHQ DXVVWDQGHQ=XHUVWLQGHQ6FKODPPJHWDXFKWPLWGHP(UVWLFNXQJVWRGULQJHQGGDQQ KRFKJHKLHYWXQGHLQHP+HHUYRQ%OXWVDXJHUQDXVJHOLHIHUWJHJHQGLHVLHVLFKQLFKW]XU :HKUVHW]HQNRQQWHQ'LHVHEDUEDULVFKHQ)ROWHUPHWKRGHQVFKUWHQPHLQHQ+DDXI GHQ%OLQGHQ6RIJDUW%HVRQGHUVVFKOLPPZDUIUPLFKGDLFKWULHUQLFKWKHOIHQG HLQJUHLIHQNRQQWH(VZDUPLUQLFKWP|JOLFKHWZDV]XXQWHUQHKPHQXPGLH*HIROWHUWHQ YRQLKUHQ4XDOHQ]XHUO|VHQ'HU(QHUJLH]DXQKLQGHUWHPLFKGDUDQ$XHUGHP EH]ZHLIHOWHLFKGDLFKEHLHLQHUGLUHNWHQ$XVHLQDQGHUVHW]XQJJHJHQVHFKV .UDODVHQHQHWZDVDXVULFKWHQNRQQWH 'HU.UDODVHQHQIKUHUJDEHLQ=HLFKHQXQGGLH]HKQ.lILJHZXUGHQZLHGHULQ GHQ6FKODPPVHHKLQXQWHUJHODVVHQ,FKZDQGWHPLFKDEXPGDVJUDXVDPH6FKDXVSLHO QLFKWPLWDQVHKHQ]XPVVHQ$EHUGLH6FKUHLHGHU*HIROWHUWHQNRQQWHLFKQLFKW EHUK|UHQ6LHYHUVWXPPWHQHUVWDOVLKUH.lILJHLP6FKODPPYHUVDQNHQ 'HU)ROWHUWPSHOODJQRFKQLFKWZHLWKLQWHUPLUDOVLFKIHVWVWHOOWHGDVLFKGHU 'VFKXQJHOOLFKWHWH=ZDUZDUGHU%RGHQVWHOOHQZHLVHZHLWHUKLQVXPSILJDEHUGLH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
3IODQ]HQZHOWZDUQLFKWPHKUVRYLHOIlOWLJGLH*HUlXVFKHYRQ7LHUHQZXUGHQVHOWHQHU XQGGLH%lXPH)DUQHXQG6WUlXFKHUVWDQGHUOLFKWHU'DV8QWHUKRO]ZDUQLFKWPHKUVR GLFKWXQGLFKEUDXFKWHPLUGHQ:HJQLFKWHUVW]XHUNlPSIHQ)DVWKDVWHLFKGDV*HIKO LQHLQHH[RWLVFKH3DUNODQGVFKDIW]XNRPPHQ 1LFKWGDGLH:LOGQLVWULHUHWZDDXIJHK|UWKlWWHNHLQHVZHJVDEHUGLH/DQGVFKDIW KDVWHLUJHQGZLHLKUH8UVSUQJOLFKNHLWYHUORUHQVLHZDUQLFKWPHKUXQEHUKUW,FKZDU VLFKHUGDLFKLQHLQ*HELHWNDPGDVYRQ.UDODVHQHQNRQWUROOLHUWZXUGH8QGGDULQLUUWH LFKQLFKW'LH8UZDOGJHUlXVFKHWUDWHQLQGHQ+LQWHUJUXQGGDV6FKUHLHQ)OHKHQXQG :LPPHUQJHTXlOWHU.UHDWXUHQGDJHJHQHUIOOWHGLH/XIW'D]ZLVFKHQZDUHQGLH $UEHLWVJHUlXVFKHYRQ0DVFKLQHQXQGEHIHKOVJHZRKQWH6WLPPHQ]XK|UHQ %DOGODJGLHQlFKVWH)ROWHUVWDWLRQYRUPLU(LQNQVWOLFKDQJHOHJWHU7HLFKDXI GHPHWOLFKH%DXPVWlPPHVFKZDPPHQ$XIGLHVHQEDODQFLHUWHQGUHL$UNRQLGHQGLHQXU VSlUOLFKEHNOHLGHWZDUHQ6LHZDUHQlQJVWOLFKGDUXPEHPKWQLFKWGDV*OHLFKJHZLFKW ]XYHUOLHUHQXQGLQV:DVVHU]XVWU]HQGHVVHQ2EHUIOlFKHLQVWlQGLJHU%HZHJXQJZDU 8Q]lKOLJHNOHLQHUH7LHUHVWLHHQGDUDXVKHUYRUXQGYHUVXFKWHQGLH)HXQG%HLQHGHU *HIDQJHQHQ]XHUUHLFKHQ$OVHLQHUYRQLKQHQHLQHUVROFKHQ$WWDFNHDXVZHLFKHQZROOWH YHUORUHUGHQ+DOWGHU%DXPVWDPPEHJDQQ]XURWLHUHQXQGHUNRQQWHGDV *OHLFKJHZLFKWQLFKWPHKUKDOWHU(UVWU]WHPLWHLQHP$QJVWVFKUHLGHU/lQJHQDFKLQV :DVVHU $OVHUZLHGHUDXIWDXFKWHZDUVHLQ.RSIYRQILQJHUODQJHQGLFNHQ:UPHUQ EHGHFNW(UZLVFKWHVLHVLFKSDQLNDUWLJYRP*HVLFKWXQGYHUVXFKWHJOHLFK]HLWLJZLHGHU DXIHLQHQ%DXPVWDPP]XNOHWWHUQ'DVJHODQJLKPQDFKHLQHU:HLOHDXFKXQWHU VLFKWOLFKHU$QVWUHQJXQJ$OVHUHVVFKOLHOLFKJHVFKDIIOKDVWHVDKLFKGDVLFKEHUDOO DQVHLQHP.|USHU:UPHUIHVWJHVRJHQKDWWHQ6HLQ*HVLFKWZDUVFKPHU]YHU]HUUWDEHU HUYHUVXFKWHGHQQRFKVHLQH%HZHJXQJHQ]XNRQWUROOLHUHQZHOOHUZXWHGDLKQHLQ XQEHGDFKWHU6FKULWWHLQH]XDEUXSWH:HQGXQJZLHGHU]XGHQ%OXWVDXJHUQLP:DVVHU EHI|UGHUQZUGH(VJHODQJLKPQDFKXQGQDFKGLH%OXWHJHODE]XVFKWWHOQGLHPHLVWHQ DEHUILHOHQYRQVHOEVWDWHQDFKGHPVLHVLFKYROOJHVRJHQKDWWHQ ³1DZHUYRQHXFKP|FKWHXQVDOVHUVWHUVHLQ:LVVHQYHUUDWHQ"´ULHIHLQHUGHU DP5DQGHGHV7HLFKHVVWHKHQGHQ.UDODVHQHQ-HQHU*HIDQJHQHGHUYRQGHQ %OXWHJHOQEHIDOOHQZRUGHQZDUVSLHLQVHLQH5LFKWXQJ'HU.UDODVHQHODFWDWHQXU]RJ HLQHQ/lKPVWUDKOHUXQGVFKRDXIGDV%HLQGHV*HIDQJHQHQ'LHVHUJLQJLQGLH.QLH GHU%DXPVWDPPNLSSWHXQWHULKPZHJXQGHUILHOLQV:DVVHU'LHDQGHUHQEHLGHQ *HIDQJHQHQNRQQWHQHVVLFKWOLFKQLFKWHUWUDJHQZLHLKU.DPHUDGOLWWXQGNDPHQLKP]X +LOIH'RFKGHUYHU]ZHLIHOWXPVLFK6FKODJHQGH]RJVLH]XVLFKLQV:DVVHU ,FKUDQQWHGDYRQVRQVWKlWWHLFKQRFKDOOH9RUVLFKWYHUJHVVHQXQGPLFKLQ EOLQGHU:XWDXIGLH.UDODVHQHQJHVWU]W'DVKlWWHDEHUNHLQHPJHKROIHQXQGLFKKlWWH K|FKVWHQVHUUHLFKWGDLFKGDV6FKLFNVDOGLHVHUDUPHQ7HXIHOWHLOHQPXWH,FKVWLH QXQKlXILJHUDXIVROFKH6WDWLRQHQDOOHVDPWPLWDXVJHNOJHOWHQ)ROWHULQVWUXPHQWHQ DXVJHVWDWWHW,FKVDK*HIDQJHQHLQ/DXIUlGHUQGLHYRU5DXEWLHUHQDXIGHU)OXFKW ZDUHQGLH]XLKQHQJHVSHUUWZDUHQ%UDFKHQVLHLUJHQGZDQQYRU(UVFK|SIXQJ ]XVDPPHQPXWHQVLHJHJHQGLHVH9LHFKHUNlPSIHQ%HVRQGHUVJUDXVDPZDUGD GLH.UDODVHQHQGHQ*HIDQJHQHQ7LHUHDOV*HJQHUYRUVHW]WHQGLHQLFKWEHUPlFKWLJ ZDUHQ'LH*HIDQJHQHQJLQJHQVWHWVDOV6LHJHUKHUYRUDEHUNDXPKDVWHQVLHVLFK HLQLJHUPDHQHUKROWZXUGHQVLHQHXHQ7RUWXUHQDXVJHVHW]W
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
(LQPDOVDKLFKGDEHUGHQ.|USHUHLQHV*HIDQJHQHQVFKQHNNHQlKQOLFKH 7LHUHNURFKHQ(UVFKULHHQWVHW]OLFKGHQQGLH6FKOHLPVSXUGLHVHU7LHUHKDVWHHLQH lW]HQGH:LUNXQJ+LHUZLPPHOWHHVQXUVRYRQ.UDODVHQHQGLHQLFKWVDQGHUHV]XWXQ ]XKDEHQVFKLHQHQDOVGLH)ROWHULQVWUXPHQWH]XEHGLHQHQRGHUVLFKDQGHQ4XDOHQGHU *HIROWHUWHQ]XZHLGHQ ,FKPXWHDXISDVVHQGDLFKGHQ.UDODVHQHQQLFKWLQGLH+lQGHILHI=ZDUKDVWH LFKWURW]HLQJHKHQGHU6XFKHZHGHU)DOOHQQRFKLUJHQGZHOFKH$ODUPV\VWHPHILQGHQ N|QQHQ$EHUZHQQLFKQLFKWYRUVLFKWLJJHQXJZDUXQGPLFKQLFKWVWlQGLJYHUERUJHQ KLHOWNRQQWHHVGXUFKDXVVHLQGDLFKHQWGHFNWZXUGH$XFKWULHU]RJHQVLFK VWHOOHQZHLVHGLFWDWH1HEHOVFKZDGHQEHUGHQ%RGHQXQGYHUOLHKHQGHU/DQGVFKDIW HWZDV*HVSHQVWLVFKHV8QZLUNOLFKHV'DV:HKNODJHQGHU*HIDQJHQHQXQGGLHODXQLJHQ bXHUXQJHQGHU.UDODVHQHQVFKDIIWHQ]XGHPQRFKHLQH$WPRVSKlUHGHV*UDXHQV,FK KlWWHPLFKVFKRQOlQJVWZLHGHUWLHIHULQGHQ'VFKXQJHO]XUFNJH]RJHQZHQQLFKQLFKW JHKRIIOKlWWHWULHULUJHQGZRDXIHLQHQ+LQZHLVDXIGLH=HQWUDOHGHV%OLQGHQ6RIJDUW]X VWRHQ$EHULQGLHVHU%H]LHKXQJKDVWHLFKNHLQHQ(UIROJ :RKLQLFKDXFKNDPEHUDOOVWLHLFKQXUDXI)ROWHUVWDWLRQHQ0XOGHQLQGHQHQ *HIDQJHQHJHJHQGLH7XFNHQYRQ7UHLEVDQGDQNlPSIWHQ9RUULFKWXQJHQLQGLH *HIDQJHQHHLQJHVSDQQWZDUHQXQGJHVWUHFNWGXUFKHLQDQGHUJHZLUEHOWRGHUVRQVWZLH JHTXlOWZXUGHQ-HPHKUVROFKHU)ROWHUDUWHQLFKVDKGHVWRPHKUVWXPSIWHLFKDWH'LH *HIDQJHQHQWDWHQPLULPPHUQRFKOHLGDEHUHVEHUKUWHPLFKQLFKWPHKUZLUNOLFK:HU ]XYLHOH6FKUHFNHQVLHKWEHVWlWLJWHGHU([WUDVLQQNDQQVLFKQLFKWPHKUVRLQWHQVLYPLW (LQ]HOVFKLFNVDOHQDXVHLQDQGHUVHW]HQ $EHUHLQHVEHZLUNWHGHU$QEOLFNGLHVHUYLHOHQ+XQGHUWHYRQJHTXlOWHQ.UHDWXUHQ 0HLQ+DDXIGHQ%OLQGHQ6RIJDUWVWLHJLQV8QHUPHOLFKH8QGXPHLQ(LQ]HOVFKLFNVDO EDQJWHLFKYHUPHKUWXP)DUQDWKLD'HU7DJZDUVFKRQ]LHPOLFKZHLWIRUWJHVFKULWWHQXQG ]ZLVFKHQGHQ%DXPZLSIHOQOHXFKWHWHMHW]WJHOHJHQWOLFKGLHU|WOLFKH6FKHLEHGHU6RQQH GXUFKGHQ'XQVW(VZXUGHIXUFKWEDUGUFNHQGXQGGLHKRKH/XIWIHXFKWLJNHLWPDFKWH PLUGDV$WPHQLPPHUVFKZHUHU 0HLQ:DVVHUYRUUDWZDUEDOGDXIJHEUDXFKWGLH.RQ]HQWUDWHUHLFKWHQUDWLRQLHUWIU ]ZHLRGHUGUHL7DJHhEHUNXU]RGHUIDQJPXWHLFKPLUHWZDV]XP7ULQNHQXQG(VVHQ EHVFKDIIHQ6LFKHUZlUHHVOHLFKWHUJHZHVHQLP'VFKXQJHODXIGLH-DJG]XJHKHQ'D LFKDEHUQLFKWZXWHZHOFKH7LHUDUWHQIUHLQHQ$UNRQLGHQJHQLHEDUZDUHQEHVFKOR LFKQDFKHLQHP/HEHQVPLWWHOGHSRWGHU.UDODVHQHQ$XVVFKDX]XKDOWHU,FKIKOWHPLFK UHFKWVLFKHU$XHUGHPDFKWHWHLFKYLHOPHKUDXIGLH.UDODVHQHQDOVDXIGLH7LHUZHOW 'DVZXUGHPLU]XP9HUKlQJQLV ,FKWUDWDXIHWZDV:HLFKHV1DFKJLHELJHVXQGHUNDQQWHHUVW]XVSlWGDHVVLFK XPHLQ/HEHZHVHQKDQGHOWHGDVVLFKLQHLQHU%RGHQYHUWLHIXQJYHUNURFKHQKDVWH(V KDQGHOWHVLFKXPHLQ0LWWHOGLQJ]ZLVFKHQHLQHU6FKODQJHXQGHLQHU(FKVH²RGHUXP HLQH6FKODQJHPLWYLHU3DDUNXU]HQ(FKVHQEHLQHQ,KU.|USHUZDULQGHPHLQHQ0RPHQW QRFKJUDXJHVFKHFNWZXUGHDEHUSO|W]OLFKEXQWVFKLOOHUQGDOVVLH]XP$QJULIIEHUJLQJ 0LWGHQYRUGHUVWHQ(FKVHQEHLQHQYHUNUDOOWHVLHVLFKLQPHLQHU%UXVWXQGVFKQDSSWHPLW GHPJHLIHUQGHQ0DXOQDFKPHLQHP+DOV,FKNRQQWHPLFKJHUDGHQRFKDEZHQGHQVR GDVLFKGLHVSLW]HQ=lKQHQXULQPHLQHQ2EHUDUPERKUWHQ (LQIXUFKWEDUHU6FKPHU]GXUFK]XFNWHPLFKXQGLFKPXWHPLFK ]XVDPPHQUHLHQXPGHQ$XIVFKUHL]XXQWHUGUFNHQ'DV5HSWLOO|VWHVLFKXQGZROOWH QRFKHLQPDO]XVFKQDSSHQ$EHUGDKDVWHLFKGHQ==EHUHLWVJH]RJHQ(LQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
EUHLWJHIlFKHUWHU6WUDKOPDFKWHGHP6FKODQJHQGDVHLQHLQ(QGH,FK]RJGDV 9LEUDWRUPHVVHUVFKQLWWGHQbUPHODXIXQGEHVDKPLUGLH:XQGH6LHVFKPHU]WH K|OOLVFKXQGZRVLFKGLH=lKQHLQV)OHLVFKJHERKUWKDWWHQJDEHVHLQHOHLFKWH %ODXIlUEXQJ *LIWVDJWHPHLQ([WUDVLQQ3DQLNEHILHOPLFKHLQHQ$XJHQEOLFN:DVVROOWHLFK QXQWXQ"0LFKGHQ.UDODVHQHQVWHOOHQLQGHU+RIIQXQJGDVLHPLUHLQ*HJHQPLWWHO JDEHQ":DKUVFKHLQOLFKZUGHQVLHVLFKHLQHUGDUDQZHLGHQZLHLFKODQJVDPXQG TXDOYROOVWDUE 1HLQOLHEHUZLOOLFKLUJHQGZRLP'VFKXQJHO]XJUXQGHJHKHQ5DVFKPDFKWHLFK PLWGHP0HVVHUHLQH.UHX]VFKQLWWGUFNWHGDV%OXWDXVGHU:XQGH:LHVFKQHOOZLUNWH GDV*LIW":LHJHIlKUOLFKZDUHV"1RFKYHUVSUWHLFKNHLQH$XVZLUNXQJDXIGHQEULJHQ .|USHU1XUPHLQOLQNHU2EHUDUPYHUIlUEWHVLFKGLH%LZXQGHQVFKZROOHQDQ1DFK HLQHU:HLOHZXUGHPHLQH/LQNHJHIKOORVZLUNWHZLHSDUDO\VLHUW'HU$UPIKOWHVLFK REHUKDOEGHV(OOERJHQVKHLDQ/DQJVDPEUHLWHWHVLFKYRQGRUWGLH+LW]HDXV²PHLQH 6FKXOWHUSDUWLHZXUGHLPPHUJHIKOORVHU ,FKVFKOXJPLFKWLHIHULQGHQ'VFKXQJHOZRHUGLFKWXQGZLOGXQGVXPSILJZDU %DOGVWDQGLFKELV]XGHQ.QLHQLP0RUDVW,FKZDWHWHZHLWHUQLFKWDXIGDVNOHLQH*HWLHU DFKWHQGGDVPHLQH%HLQHDWWDFNLHUWH0LWGHU5HFKWHQVFK|SIWHLFK6FKODPPXQG NODWVFKWHLKQJHJHQGHQYHUJLIWHWHQ2EHUDUP'HU6FKODPPNKOWHDEHUGDVPXWH QLFKWEHGHXWHQGDHUDXFKKDOI$OVLFKHLQH,QVHODXVGHP6XPSIUDJHQVDKGLHYRQ YHUILO]WHP*HVWUSSEHZDFKVHQZDUVWHXHUWHLFKGDUDXI]X-HQlKHULFKGHUUHWWHQGHQ ,QVHONDPGHVWRWLHIHUVDQNLFKLP0RUDVWHLQ 'LH%RGHQHUKHEXQJGLHPLUIHVWHQ%RGHQXQWHUGHQ)HQYHUVSUDFKZDUQXU QRFKGUHLRGHUYLHU6FKULWWHHQWIHUQWDEHUGHU6XPSIUHLFKWHPLUEHUHLWVELVDQGLH%UXVW %HLPQlFKVWHQ6FKULWWVFKOXJPLUGDVVFKPXW]LJHGLFNIOVVLJH:DVVHUEHUHLWVJHJHQ GDV.LQQ,FKYHUVXFKWHPLFKPLWGHQ%HLQHQDE]XVWRHQVDQNDEHUQXUQRFKWLHIHULQ GHQVFKODPPLJHQ8QWHUJUXQG3O|W]OLFKVFKODQJVLFKHWZDVXPPHLQH%HLQHYHUVXFKWH PLFKYRQGHU,QVHOIRUWXQGWLHIHULQGHQ6XPSI]X]HUUHQ,FKNlPSIWHYHU]ZHLIHOWIHQG DEHUQLUJHQGV+DOW (LQH/LDQHGLHYRQGHQ$VWHQKHUXQWHUKLQJULDOVLFKPLFKGDUDQ IHVWNODPPHUWH0LWGHU5HFKWHQWDVWHWHLFKQDFKGHQ*UWHOVFKDOWXQJHQIXKUGHQ $QWLJUDYKRFK²REZRKOHVOHW]WOLFKHJDOZDURELFKLP6XPSIHUVWLFNWHRGHUDQGHP 6FKODQJHQJLIW]XJUXQGHJLQJ'DVWUHFNWHVLFKPLUDXVGHP*HVWUSSGHU,QVHOHWZDV HQWJHJHQ,FKVDKQLFKWJHQDXZDVHVZDU²HVKlWWHDXFKHLQH6FKODQJHVHLQ N|QQHQ²DEHULFKJULIILQVWLQNWLYGDQDFK0HLQH)LQJHUXPVFKORVVHQHWZDV 6FKXSSLJHVXQWHUGHPVLFKVWUDIIH6HKQHQVSDQQWHQXQGPHLQ+DQGJHOHQNZXUGHPLW IHVWHP*ULIIXPIDW.UDIWYROOZXUGHLFKDXVGHP6XPSIJH]RJHQ$OVLFKPLWGHP 5FNHQDXIIHVWHP%RGHQODJVDKLFKEHUPLUHLQJHOEHV$XJHQSDDU*HQDXHUHV NRQQWHLFKQLFKWHUNHQQHQGHQQYRUPHLQHQ$XJHQYHUVFKZDPPDOOHV'LH6WLPPHGHV /RJLNVHNWRUNODQJPHUNZUGLJHQWUFNW'DV*LIWKDWVLFKLPPHUZHLWHULQGHLQHP.|USHU DXVJHEUHLWHWXQGZLUGQXQEDOGDOOHOHEHQVZLFKWLJHQ2UJDQHQHUUHLFKHQ ³,FKZHUGHGLFKQLFKWW|WHQ´K|UWHLFKHLQHJXWWXUDOH6WLPPHLQVWDUN DN]HQWXLHUWHP6DWURQVDJHQ³,FKYHUDFKWH-lJHUGLHZHLGZXQGHV:LOGVFKODFKWHQ´ 'DVZDUHQGLHOHW]WHQ:RUWHGLHLFKQRFKYHUQDKPEHYRUVLFKZRKOWXHQGH 6FKZlU]HEHUPHLQHQ*HLVWOHJWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
)DPDWKLD,FKUDQQWHKLQWHULKUKHUNDPLKUMHGRFKQLFKWQlKHU'DHUNDQQWHLFK GDZLUXQVDXIHLQHP6HHEHIDQGHQ8QWHUPHLQHQ)HQURWLHUWHHLQ%DXPVWDPP ULQJVXPTXLUOWHGLH:DVVHUREHUIOlFKHYRU%OXWHJHOQ-HVFKQHOOHULFKUDQQWHGHVWR VFKQHOOHUURWLHUWHGHU%DXPVWDPPDXIGHPLFKILHI)DPDWKLD 6LHYHUORUGHQ+DOWXQGVWU]WHLQV:DVVHU2KQHUDQJH]XEHUOHJHQVSUDQJLFK LKUQDFK0LWHLQLJHQNUlIWLJHQ6FKZLPPVW|HQZDULFKEHLLKUOHJWHLKUYRQKLQWHQGHQ $UPXPGHQ+DOVGDPLWVLHPLFKQLFKWPLWVLFKLQGLH7LHIH]LHKHQNRQQWHXQG VFKZDPPPLWLKU]XP8IHU'RUWHUZDUWHWHXQVEHUHLWVGHU%OLQGH6RIJDUWXQGVDJWH³(V JLEWQXUHLQH0|JOLFKNHLWGHLQH*HOLHEWHYRQGHQ%OXWVDXJHUQ]XEHIUHLHQEHYRUVLHLKU DOOHV%OXWJHQRPPHQKDEHQ´ 8QGHUIHVVHOWH)DUQDWKLDDQHLQHQ6WHLQTXDGHUEHUGHQ6FKQHFNHQPLW IDXVWJURHQ+lXVHUQNURFKHQ'LH6FKQHFNHQJOLWWHQUHVHQGVFKQHOOEHU)DUQDWKLDV .|USHUXQGKLQWHUOLHHQHLQHlW]HQGH6SXU,KUH+DXWZDUI%ODVHQ)DUQDWKLDVFKULH,FK K|UWHVLHQRFKVFKUHLHQZlKUHQGLFKVHOEVWPLWVDPWGHP.lILJLPGLFNIOVVLJHQ0RUDVW YHUVFKZDQG:lKUHQGLFKYRU$QJVWXPGLH*HOLHEWHIDVWZDKQVLQQLJZXUGHXQG JOHLFK]HLWLJJHJHQGLH$WHPQRWDQNlPSIWHHUVFKLHQDXVGHP'XQNHOQHLQ VFKDWWHQKDIWHV*HVLFKWPLWJHOEOLFKJOKHQGHQ$XJHQ ³'XKDVWGLH.ULVHEDOGEHUVWDQGHQ'XZLUVWEHUOHEHQ´ 'LH$XJHQ]HUIORVVHQZXUGHQ]X1HEHOVFKZDGHQ'HUURWOHXFKWHQGH%DOOHLQHU 6RQQHVFKLPPHUWHGXUFKGHQNXSIHUGXQVWLJHQ+LPPHO'DYRUHUKREVLFKHLQH3\UDPLGH DXVNXJHOI|UPLJHQ6WHLQHQGLHQXUORVHEHUHLQDQGHUJHOHJWZDUHQ'LHJHULQJVWH (UVFKWWHUXQJNRQQWHGLH3\UDPLGH]XVDPPHQVWU]HQOHVVHQDXIGHU)DUQDWKLDPLW GHP%OLQGHQ6RIJDUWUDQJ6LHULHIQDFKPLU,FKNOHWWHUWHYRUVLFKWLJXPGLH6WDWLNGHU 3\UDPLGHQLFKW]XHUVFKWWHUQEHUGLHJODWWHQUXQGHQ6WHLQH]XGHQEHLGHQKLQDXI 'HU%OLQGH6RIJDUWODFWDWHPLFKK|KQLVFKDXV)DUQDWKLDIOHKWHXP+LOIH ,FKEHVFKOHXQLJWHPHLQHQ$QVWLHJQDKP6WHLQXP6WHLQPLWXQJODXEOLFKHU %HKHQGLJNHLW'DQQKDVWHLFKGLH6SLW]HGHU3\UDPLGHIDVWHUUHLFKW,FKEUDXFKWHQXU QRFKQDFK6RIJDUW]XJUHLIHQXPLKQEHUPHLQH6FKXOWHULQGLH7LHIH]XVFKOHXGHUQ 9LHUPDOVDKLFKGLHVH6]HQHYRUPLUZLHLFKGLHVHV6FKHXVDODP.Q|FKHOGHVUHFKWHQ %HLQHVSDFNWHKRFKKREXQGZLHHLQH.OHLGHUSXSSHKLQWHUPLFKVFKOHXGHUWH(UVHJHOWH ZLHHLQ9RJHOIORJVRZHLWGDLFKLKQEHLP$XISUDOODXIGHP%RGHQQXUQRFKDOV NOHLQHV3QNWFKHQVHKHQNRQQWH 'LHVH*HQXJWXXQJHUOHEWHLFKYLHUPDO$EHUGHU%OLQGH6RIJDUWVWDQGLPPHUQRFK PLW)DUQDWKLDDXIGHU6SLW]HGHU3\UDPLGH,FKZROOWHZDKUPDFKHQZDVLFKEHUHLWVLQ *HGDQNHQYRUH[HU]LHUWKDWWHGDO|VWHVLFKHLQHGHU6WHLQNXJHOQXQWHUPHLQHP*HZLFKW DXVGHU3\UDPLGHEUDFKWHHLQH/DZLQHLQV5ROOHQ²XQGLQHLQHUXQDXIKDOWVDPHQ .HWWHQUHDNWLRQEDUVWDOOHVDXVHLQDQGHU,FKZXUGHXQWHUGHU6WHLQODZLQHEHJUDEHQ )DUQDWKLDXQGGHU%OLQGH6RIJDUWDEHUO|VWHQVLFKLQQLFKWVDXI8QGLFKODJKLOIORVGD ,FKNRQQWHPLFKQLFKWUKUHQ(VQW]WHQLFKWVGDLFKXPPLFKVFKOXJPLFKJHJHQGLH 6WHLQNXJHOQVWHPPWHGLHDXIPLUODVWHWHQ,FKZDUOHEHQGLJEHJUDEHQ,FKVFKORGLH $XJHQXQGHUJDEPLFKLQPHLQ6FKLFNVDO $OVLFKVLHLUJHQGZDQQZLHGHU|IIQHWHKDWWHLFKPHLQHQLQQHUHQ)ULHGHQ ZLHGHUJHZRQQHQ,FKVDKGHQQHXHQ6FKUHFNHQUXKLJXQGJHIDWHQWJHJHQhEHUPLU ZDUHQGLFWDWHV*HlVWXQG'lPPHU,UJHQGHLQ7LHU]LUSWH²RGHUPHKUHUH7LHUHHLQHU *DWWXQJ]LUSWHQ$XVGHU)HUQHHUW|QWHQLQXQUHJHOPlLJHQ$EVWlQGHQGLH6FKUHLHGHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
*HIROWHUWHQ,FKIXKUPLWHLQHP5XFNKRFK'DVLVWGLH:LUNOLFKNHLWVFKUHFNOLFKHUDOV MHGHU$OSWUDXP(UJHKWHV)DUQDWKLDQRFKVFKOHFKWHUDOVLQPHLQHQ)LHEHUWUlXPHQ" $OVLFKPLFKDXIGLH/LQNHVWW]HQZROOWHNQLFNWHGHU$UPXQWHUGHU%HODVWXQJ HLQ,FKVDKLKQPLUDQXQGHQWGHFNWHGDHULQJURHIHXFKWH%OlWWHUJHZLFNHOWZDUGLH YRQ/LDQHQKDQI]XVDPPHQJHKDOWHQZXUGHQ,FKEHWDVWHWHGLH6WHOOHZRPLFKGDV 5HSWLOJHELVVHQKDVWHXQGVWHOOWHHUOHLFKWHUWIHVVGDVLHQLFKWPHKUVFKPHU]WH$XFK VSUWHLFKGLH%HUKUXQJGHU$UPZDUDOVRQLFKWPHKUJHIKOORVXQGLFKKDVWH+XQJHU ³,´(VZDUGLHJXWWXUDOH6WLPPHGLHLFKQRFKJXWLQ(ULQQHUXQJKDVWH,FK GUHKWHPLFKKDOEXPXQGVDKGHQJHNUPPWHQ5FNHQHLQHVPLUXQEHNDQQWHQ:HVHQV (VPXWHVLFKXPGHQ)UHPGHQKDQGHOQGHUPLUGDV/HEHQJHUHWWHWKDVWH1HEHQLKP ODJHLQHXQWHUDUPODQJH(LGHFKVH6LHZDUURKXQGIHLQVlEHUOLFKDEJHKlXWHW'HU )UHPGHIRUGHUWHPLFKHUQHXWDXI³,´ (LQHQ$XJHQEOLFNIDQJHNHOWHLFKPLFKDEHUGDPHLQ+XQJHUEHUPlFKWLJ JHZRUGHQZDUJULIILFKQDFKGHP7LHU(VIKOWHVLFK]ZLVFKHQPHLQHQ)LQJHUQZHLFK XQG]DUWDQ=XPHLQHU9HUZXQGHUXQJVWHOOWHLFKIHVVGDHVQLFKWQXUDXVJHZHLGHW ZDUVRQGHUQGDLKPDXFKGDV6NHOHWWIHKOWH1LFKWHLQPDOHLQZLQ]LJHU.QRUSHOZDU PHKULQGHP7LHU,FKVFKODQJGDVURKH)OHLVFKJLHULJKLQXQWHU(VVFKPHFNWHQLFKW EHO1DFKGHPLFKPHLQHQlUJVWHQ+XQJHUJHVWLOOWKDVWHEHVDKLFKPLUGHQ)UHPGHQ JHQDXHUGHUPLUGDV/HEHQJHUHWWHWKDVWH (UZDUXQJODXEOLFKVFKODQNXQGIHLQJOLHGULJXQGREZRKOHUJHNUPPWYRUPLU KRFNWHXQGLFKVHLQH*U|HQXUVFKlW]HQNRQQWHZDULFKEHU]HXJWGDHUXPJXW ]ZHL.|SIHJU|HUZDUDOVLFK6HLQ.|USHUZDUYROONRPPHQKDDUORVDXFKDXIGHP ODQJHQHLI|UPLJHQ6FKlGHOZXFKVNHLQHLQ]LJHV+DDU6HLQH+DXWZDUYRQ VFKPXW]LJJUQHU)DUEHXQGDQPDQFKHQ6WHOOHQJHVFKXSSW(UKDVWHGLH$UPHXPGLH DQJHZLQNHOWHQ%HLQHJHVFKOXQJHQXQGGHQ.RSIDXIGLHVWDUNKHUYRUWUHWHQGHQ .QLHJHOHQNHJHOHJW$OVLFKPLFK]XU6HLWHEHXJWHXPHLQHQ7KLFNLQVHLQ*HVLFKW ZHUIHQ]XN|QQHQGUHKWHHUODQJVDPGHQ.RSIXQGEOLFNWHPLFKPLWVHLQHQJHOEHQ $XJHQDQ ³'DQNH²GXKDVWPLUGDV/HEHQJHUHWWHW´VDJWHLFKXPPHLQHhEHUUDVFKXQJ]X EHUZLQGHQ6HLQ*HVLFKWZDUIODFKKDVWHNHLQH1DVHXQGNHLQHQ0XQG$XFK2UJDQH GLH2KUHQJHlKQHOWKlWWHQYHUPLWHLFK'DIUZDUHQEHUDOODXIGHU*HVLFKWVIOlFKH TXHUJH]RJHQH)lOWFKHQGLHVWlQGLJLQ%HZHJXQJZDUHQVLFK]XVDPPHQ]RJHQVLFK]X 6SDOWHQ|IIQHWHQRGHUVLFKNUlXVHOWHQ1XUGLH$XJHQZDUHQDUNRQRLG2EVLHDEHUQXU GHU)XQNWLRQGHV6HKHQVGLHQWHQRGHUDXFKIUJDQ]DQGHUH$XIJDEHQJHVFKDIIHQ ZDUHQEOLHEDQJHVLFKWVGHVIUHPGDUWLJHQ.|USHUVHLQHXQEHDQWZRUWHWH)UDJH ³1LFKWV]XGDQNHQ´VDJWHGHU)UHPGHXQGLFKVDKGDVLFKXQWHUKDOEGHV .LQQVGDVZHLFKXQGNQRFKHQORVZLUNWH+DXWIDOWHQ|IIQHWHQXQGVFKORVVHQ ³,FKILQGHGRFK´ZLGHUVSUDFKLFK³2KQHGHLQH+LOIHZlUHLFKDQGHP 6FKODQJHQJLIW]XJUXQGHJHJDQJHQ´ 'HU)UHPGHHUVFKDXHUWHXQGOHJWHVLFKGDQQPLWHLQHUPGHZLUNHQGHQ %HZHJXQJDXIGHQ5FNHQ'DEHLVDKLFKGDVHLQHGUHLILQJULJHQ+lQGHXQG)H GXUFKJURIOlFKLJH6FKZLPPKlXWHYHUEXQGHQZDUHQ(UVWUHFNWHVLFKXQGVSUHL]WHGLH ODQJHQ)LQJHUVRGDVLFKGLH6FKZLPPKlXWHVSDQQWHQ:LHGHUILHIHLQ=LWWHUQGXUFK VHLQHQ.|USHU(LQH:HLOHODJHUVRGDGDQQOHJWHHUVLFKDXIGLH6HLWHXQGURXWHGHQ .|USHU]XVDPPHQ ³:DUXPKDVWGXPLFKJHUHWWHW"´'HU)UHPGHUHDJLHUWHQLFKW³0HLQ1DPHLVW´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³6HLVWLOO´XQWHUEUDFKHUPLFK ,FKJHKRUFKWH6HOWVDPHV:HVHQ(VUHWWHWPLUGDV/HEHQVFKHWQEDURKQH EHVRQGHUHQ*UXQGXQGZLOOGDQQZHGHUPHLQHQ'DQNQRFKZLVVHQZHULFKELQ/DQJH HUWUXJLFKGDV6FKZHLJHQQLFKW,FKVDKWULHUGLH&KDQFHHLQHQ9HUEQGHWHQ]X JHZLQQHQ'HU)UHPGHVFKHLQWVLFKLQGLHVHU:LOGQLVDXV]XNHQQHQGDVLVWYLHOZHUW $XHUGHPVFKHLQWHUYRQGHQ.UDODVHQHQVRZHQLJZLHLFK]XKDOWHUGHQQDQGHPIDOOV KlWWHHUPLFKLKQHQZRKODXVJHOLHIHUW )UPLFKVWDQGIHVVGDHUHLQHQWIORKHQHU*HIDQJHQHUZDUGHUHLQH0|JOLFKNHLW JHIXQGHQKDVWHDXIGLHVHU+|OOHQZHOW]XEHUOHEHQ,FKUlXVSHUWHPLFKXQGVDJWH³'X KDVWQLFKWVYRQPLU]XEHIUFKWHQ,FKWUDJH]ZDUGLH8QLIRUPGHU.UDODVHQHQDEHULFK JHK|UHQLFKW]XLKQHQ,FKELQGHVHUWLHUW8UVSUQJOLFKZROOWHLFKPLFKQXUDXI *DQEHUDDQXPVHKHQ$EHUGDQQYHUSDWHLFKGHQULFKWLJHQ=HLWSXQNWIUGLH5FNNHKU DXIPHLQ6FKLII´ ,FKYHUVWXPPWH'HU)UHPGH]HLJWHEHUKDXSWNHLQH5HDNWLRQ2EZRKOVHLQH $XJHQRIIHQVWDQGHQZDUPLUDOVG|VHHURGHUVHLHLQJHVFKODIHQ'RFKGDVVWLPPWH QLFKW6HLQH6SUHFKIDOWHQXQWHUKDOEGHV.LQQVEHZHJWHQVLFKOHLFKWXQGHUPXUPHOWHPLW VFKZDFKHU6WLPPH³'DVDOOHVLQWHUHVVLHUWPLFKQLFKW,FKKDEHGLUGDV/HEHQQLFKW JHVFKHQNWZHOOLFKGHLQH)UHXQGVFKDIWP|FKWH´ ³:DUXPGDQQ"´ ³'DVZLUVWGXHUIDKUHQZHQQZLUXQVZLHGHUWUHIIHQ´ 'DPLWGUFNWHHUDXVGDHUPHLQH*HJHQZDUWQLFKWPHKUOlQJHUZQVFKWH $EHULFKWDWDOVKlWWHLFKGHQ:LQNQLFKWYHUVWDQGHQ³8QVHUHhEHUOHEHQVFKDQFHQ YHUYLHOIDFKHQVLFKZHQQZLU]XVDPPHQEOHLEHQGHLQH(UIDKUXQJXQGPHLQH:DIIHQ 'DPLWN|QQWHQZLUXQVELV]XPQlFKVWHQ6WW]SXQNWMDYLHOOHLFKWVRJDUELV]X6RIJDUWV +DXSWTXDUWLHUGXUFKVFKODJHQ´,FKZDUWHWHJHVSDQQWREHUGLHVHQ.|GHUVFKOXFNWH,FK KRIIWHGDHUVLFKZHQLJVWHQV]XHLQHUbXHUXQJEHUGDV+DXSWTXDUWLHUGHV%OLQGHQ 6RIJDUWKLQUHLHQOLHXQGLFKVRZHQLJVWHQVHLQLJH$QKDOWVSXQNWHEHNDP$EHUHUJLQJ QLFKWGDUDXIHLQ:LHGHUZXUGHVHLQ.|USHUYRQHLQHP6FKDXHUHUIDWXQGHUURXWHVLFK QRFKPHKU]XVDPPHQ³%LVWGXNUDQN"´ $OVKlWWHLFKGDPLWVHLQHQZXQGHQ3XQNWJHWURIIHQVSUDQJHUSO|W]OLFKDXIXQG VWHOOWHVLFKEUHLWEHLQLJYRUPLFKKLQW(UZDUWDWVlFKOLFK]ZHL.|SIHJU|HUDOVLFKDEHU YLHO]LHUOLFKHUXQGIHLQJOLHGULJHUDOVHVVLFKLP6LW]HQ]HLJWH³'XELVWQRFKQLFKWHLQPDO ZLHGHUYROONRPPHQEHL.UlIWHQ´VDJWHHUIDVWDQNODJHQG³:DVVRLOLFKPLWGLU":DUWH GLHQlFKVWHQ7DJHDWH6ROOWHVWGXVLHEHUOHEHQZLOOLFKGHLQHDXHUJHZ|KQOLFKHQ )DKLJNHLWHQDQHUNHQQHQ8QGGDQQZHUGHLFKPLFKVFKRQEHLGLUHLQILQGHQ0LW 6FKZlFKOLQJHQJHEHLFKPLFKQLFKWDWH/LHEHUVLHFKHXQGNUlQNOHLFK´ 'DPLWZDQGWHHUVLFKDEXQGUDQQWHEHUGHQ6XPSIGDYRQ6HLQHJURIOlFKLJHQ 6FKZLPPKlXWHXQGVHLQJHULQJHV.|USHUJHZLFKWYHUKLQGHUWHQGDHUHLQVDQN,FK VHXI]WHXQGGDFKWHEHUGLHVHVHOWVDPH%HJHJQXQJPLWGHP)UHPGHQQDFKELVGLH 6RUJHXP)DUQDWKLD2EHUKDQGJHZDQQ0HLQH&KDQFHLKU]XKHOIHQZXUGHLPPHU JHULQJHU 'HU.UDWHUODJLQPLWWHQGHUJUQHQ:LOGQLVZHLWYRQGHUQlFKVWHQ)ROWHUVWDWLRQ HQWIHUQW²VRZHLWGDGLH8UZDOGJHUlXVFKHGLH6FKUHLHGHU*HIROWHUWHQEHUW|QWHQ 'DIUYHUQDKPLFKGDV.ODJHQGHV*HIDQJHQHQXPVRHLQGULQJOLFKHU'LHWLHIVWH6WHOOH GHV.UDWHUVODJEHVWLPPW]ZHL0HWHUXQWHUGHP%RGHQQLYHDXGLH6HLWHQZlQGHZDUHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VWHLO$QHLQHUHWZDVHUK|KWHQ6WHOOHVWDQGLQHLQHP0HWDOOJHVWHOOHLQJURHU%HKlOWHU DXVHLQHPOLFKWGXUFKOlVVLJHQ0DWHULDOGHUDQHLQHEHUGLPHQVLRQDOH)ODVFKHHULQQHUWH 6WDWWHLQHV.RUNHQVVWHFNWHLP)ODVFKHQKDOVELV]XU%UXVWHLQ0DQQGHU DEZHFKVHOQGTXDOYROOVFKULHXQGK\VWHULVFKODFWDWHDOVKDEHHUGHQ9HUVWDQGYHUORUHQ $OVLFKPLFKXQWHUJU|WHU9RUVLFKWELVDQGHQYRQ%VFKHQEHZDFKVHQHQ0XOGHQUDQG JHSLUVFKWKDVWHVWLHJHUQHXWXQElQGLJHU+DJHJHQGLH.UDODVHQHQLQPLUKRFKXQG PHLQ([WUDVLQQPDKQWH5XKLJ%OXW 'HU*HIDQJHQHLQGHU)ODVFKHZXUGHYRQ]ZHL.UDODVHQHQEHZDFKW1XU]ZHL .UDODVHQHQ,FKHUNDQQWHGHQ*UXQGIUGDVVFKHLQEDUZLGHUVSUFKOLFKH9HUKDOWHQ,Q GHP*ODVEHKlOWHUIODWWHUWHQ'XW]HQGHEXQWHU6FKPHWWHUOLQJH6LHOLHHQVLFKLPPHU ZLHGHUDXIGHQQDFNWHQ%HLQHQGHV*HIDQJHQHQQLHGHUXQGVDXJWHQVLFKGDUDQIHVV 6HLQH+DXWZDUEHUHLWVDQYLHOHQ6WHOOHQYRQEOlXOLFKYHUIlUEWHQ6DXJPDOHQEHGHFNV² DEHUGLH6FKPHWWHUOLQJHVXFKWHQVLFKLPPHU)OHFNHQGLHVLHQRFKQLFKWKHLPJHVXFKW KDWWHQ'DVPXWHHLQHUVHLWVJDQ]IXUFKWEDUNLW]HOQVREDOGGLH)KOHUXQG%HLQHGHU 6FKPHWWHUOLQJHEHUGLH+DXWZDQGHUWHQDQGHUHUVHLWVYHUXUVDFKWHHVDEHUDXFK EHDFKWOLFKH6FKPHU]HQZHQQVLHVLFKHUVWHLQPDOIHVWJHVDXJWKDWWHQ (LQ.UDODVHQHOHKQWHDQGHU.UDWHUZDQGXQGVFKOLHIGDV6FKUHLHQGHV *HIROWHUWHQVFKLHQLKQEHUKDXSWQLFKW]XVW|UHQ'HU]ZHLWHVDPLWGHP5FNHQ JHJHQHLQHQ.lILJJHOHKQWVRGDHUGHQ*HIDQJHQHQLQGHU)ODVFKHVWlQGLJLP$XJH EHKDOWHQNRQQWH9RULKPVFKZHEWHHLQHNOHLQH$QWLJUDY7UDQVSRUWVFKHLEHDXIGLH YHUVFKLHGHQH$XVUVWXQJVJHJHQVWlQGHJHSDFNWZDUHQ²XQGHLQH0DKO]HLW 0LUJLQJHVQLFKWDOOHLQXP1DKUXQJVEHVFKDIIXQJDOVLFKGHQ(QWVFKOXIDWH GLHEHLGHQ.UDODVHQHQ]XEHUZlOWLJHQ+LHUERWVLFKPLUDXFKGLH*HOHJHQKHLWHLQHP GHUYLHOHQQDPHQORVHQ*HTXlOWHQ]XKHOIHQ,FKVFKOLFKPLFKGHQ.UDWHUUDQGHQWODQJ ELVLFKPLFKJHQDXEHUGHP.lILJEHIDQGGHVVHQ2EHUIOlFKHQXUHLQHQ0HWHUXQWHU PLUODJ(EHQVRZHLWZDUHVYRQGRUWQRFKELV]XP%RGHQZRVLFKGHU.UDODVHQHZHGHU GXUFKGLH6FKUHLHGHV*HIROWHUWHQQRFKGXUFKGLHLKQXPVFKZlUPHQGHQ,QVHNWHQEHL VHLQHP(VVHQVW|UHQOLH ,FKVSUDQJ$OVLFKDXIGHP'DFKGHV.lILJVODQGHWHOLHGDV*HUlXVFKGHQ .UDODVHQHQKHUXPIDKUHQ6HLQH$XJHQZHLWHWHQVLFKHUVFKURFNHQDOVHUPLFKHUEOLFNWH XQGLFKKRIIWHGDLKPGHU%LVVHQLP+DOVVWHFNHQEOLHE(UIHQGQLFKWHLQPDOPHKU=HLW VHLQHQ.DPHUDGHQ]XZDUQHQGHQQPLWHLQHP]ZHLWHQ6DW]VSUDQJLFKLKQDQXQGUL LKQPLWPLU]X%RGHQ1RFKZlKUHQGGHV)DOOHQVVFKOXJLFKLKPGHQ*ULIIPHLQHV7 EHUGHQ6FKlGHO'DQDFKUKUWHHUVLFKQLFKWPHKU 'HUDQGHUH.UDODVHQHIXKUHUVWKRFKDOVLFKGLFKWYRULKPVWDQGXQGLKPGHQ /DXIGHV7KHUPRVWUDKOHUVLQGHQKDOEJH|IIQHWHQ0XQGVFKRE'HQQRFKHUIDWHHUGLH 6LWXDWLRQVRIRUWXQGHUVWDUUWH6HLQH]X6FKOLW]HQ]XVDPPHQJHNQLIIHQHQ$XJHQ EHWUDFKWHWHQPLFKDEZlJHQG(UKDVWHGHQHUVWHQ6FKUHFNHQVFKQHOOEHUZXQGHQXQG VXFKWHQDFKHLQHU*HOHJHQKHLWXPVLFKDXIPLFKVWU]HQ]XN|QQHQ$EHULFKJDEVLH LKPQLFKW³.HLQH%HZHJXQJGLHLFKPLGHXWHQN|QQWH´ZDUQWHLFKLKQ³0LUPDFKWHV QLFKWVDXVGLFKQLHGHU]XVFKLHHQ´ 'HU.UDODVHQHXQWHUVFKlW]WHPLFKQLFKW(UPXWHDQPHLQHP*HVLFKWVDXVGUXFN HUNDQQWKDEHQGDLFK]XDOOHPHQWVFKORVVHQZDU6HLQH$XJHQZDQGHUWHQNXU]]X VHLQHPUHJORVGDOLHJHQGHQ.DPHUDGHQXQGGDQQZLHGHU]XPIU(UOLHVLHEHUPHLQH ]HUVFKOLVVHQH.RPELQDWLRQJOHLWHQXQGJULQVWHDEIlOOLJ³(LQ'HVHUWHXUGHUVLFK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
+RIIQXQJHQPDFKW(UJLEGLFWD%HLXQVELVWGXLPPHUQRFKEHVVHUGUDQDOVLP 'VFKXQJHO´ ³+HOIHQ6LHPLUWULHUUDXV]XNRPPHQ´ULHIGHU*HIDQJHQH ,FKJDEGHP.UDODVHQHQHLQHQ:LQN³'XKDVWHVJHK|UW'HU:XQVFKGHV *HIDQJHQHQLVWIUGLFK%HIHKO´ (UVHW]WHVLFKSURYR]LHUHQGODQJVDPLQ%HZHJXQJ(UVWDOVLFKGLFKWDQVHLQHQ )HUVHQYRUEHLHLQHQ7KHUPRVWUDKOLQGHQ%RGHQIHXHUWHZXUGHHUVFKQHOOHU(UQDKP DP3XOWGHV*HVWHOOVLQGHPGLH)ODVFKHVWDQGHLQLJH6FKDOWXQJHQYRUXQGGHU %HKlOWHUQHLJWHVLFK]XU6HLWH$OVHUVLFKLQGHU:DDJHUHFKWHQEHIDQG|IIQHWHGHU 0DQQGHQ9HUVFKOXGHU0HWDOOElQGHUGLHGHP*HIDQJHQHQGLH$UPHDQGHQ.|USHU IHVVHOWHQXQGLKQVHOEVWLP)ODVFKHQKDOVIL[LHUWHQ ³+LOILKPKLQDXV´EHIDKOLFK'HU.UDODVHQHJHKRUFKWHXQGZDUGHP*HIDQJHQHQ GDEHLEHKLOIOLFKDXVGHPHQJHQ)ODVFKHQKDOV]XUXWVFKHQ'DEHLVWLHHULKPMHGRFK DOVHUVLFKXQEHREDFKWHWJODXEWHGLH)DXVWLQGLH6HLWH'HU*HIDQJHQHEUDFKVW|KQHQG ]XVDPPHQ,FKZDUPLWGUHL6FKULWWHQEHLGHP.UDODVHQHQERJLKPHLQH+DQGDXIGHQ 5FNHQGDHUVLFKQDFKYRUQHEHXJHQPXWHXQGVWLHLKQGDQQPLWGHP.RSIYRUDQ LQGHQ)ODVFKHQKDOV 'LH6FKPHWWHUOLQJHZDUHQDXJHQEOLFNOLFK]XU6WHOOHXQGXPIODWWHUWHQVHLQ *HVLFKW.DOWOLHLFKGHQ.UDODVHQHQHLQH:HLOHVFKZLW]HQXPVHLQHQ:LGHUVWDQG]X EUHFKHQ'DQQGLULJLHUWHLFKLKQ]XP.lILJOLHLKQVHLQHQEHZXWORVHQ.DPHUDGHQ KLQHLQWUDJHQXQGVFKORKLQWHUGHQEHLGHQDWH'HQ6FKOVVHOZDUILFKIRUW-HW]WHUVW NRQQWHLFKPLFKXPGHQ*HIDQJHQHQNPPHUQ(UZDUHLQ$UNRQLGHXQJHIlKUVRJUR ZLHLFKXQGREZRKOHUKDJHUZLUNWHPDFKWHHUHLQHQGXUFKWUDLQLHUWHQ(LQGUXFN=XU=HLW ZDUHUMHGRFKYLHO]XVFKZDFKXPVLFKDXIGHQ%HLQHQ]XKDOWHU ³:DVVHU´VW|KQWHHU ,FKJLQJ]XU$QWLJUDY7UDQVSRUWVFKHLEHXQGGLULJLHUWHVLH]XLKP8QWHUGHQ $XVUVWXQJVJHJHQVWlQGHQEHIDQGVLFKQHEHQHLQHP(UVWH+LOIH.DVWHQDXFKHLQ :DVVHUEHKlOWHUPLWHLQHP7ULQNVFKODXFK,FKVWHFNWHGHP0DQQGHQ:DVVHUVFKODXFK ]ZLVFKHQGLH/LSSHQXQGHUWUDQNLQNXU]HQODQJVDPHQ6FKOXFNHQ:lKUHQGHUVHLQHQ 'XUVWVWLOOWHEHKDQGHOWHLFKVHLQH%HLQZXQGHQPLWHLQHP'HVLQIHNWLRQVPLWWHO'LH :XQGHQZDUHQQLFKWVRVFKOLPPZLHHVDXIGHQHUVWHQ7KLFNDXVJHVHKHQKDVWH,FK EOLFNWHLKPLQGLH$XJHQHUHUZLGHUWHIHVWGHQ7KLFN6HLQ*HLVWKDVWHXQWHUGHU )ROWHUXQJQLFKWVRVHKUJHOLWWHQZLHLFK]XHUVWEHIUFKWHWKDVWH(UPXWHHLQH]LHPOLFK DXVJHJOLFKHQHXQGJHIHVWLJWH3V\FKHKDEHQGHQQVRQVWZlUHHUVFKRQOlQJVW ZDKQVLQQLJJHZRUGHQ(UVHW]WHGHQ7ULQNVFKODXFKDWH³'DQNH´ ³+XQJHU"´,FKOlFKHOWHDXIPXQWHUQG³'LH.UDODVHQHQKDEHQXQVHLQHQ EHDFKWOLFKHQ3URYLDQWYRUUDWKLQWHUODVVHQ´,QVHLQHP*HVLFKWHUVFKLHQHLQ$XVGUXFNYRQ 0LWUDXHQZlKUHQGHUPHLQH.OHLGXQJEHWUDFKWHWH³6LHVHKHQULFKWLJ,FKKDEHDQ%RUG HLQHV.UDODVHQHQVFKLIIVJHGLHQW$EHUGDVLVWNHLQ*UXQGPHLQH+LOIHDE]XOHKQHQ´(U QLFNWHXQGKROWHVLFKHLQH.RQVHUYHQGRVHDXVGHP3URYLDQWVDFN:lKUHQGHUPLW +HLKXQJHUDVDJWHLFK³0HLQ1DPHLVW6DWDJR:HUERW,FKELQNHLQ.UDODVHQH VRQGHUQKDEHPLFKQXUDQ%RUGHLQHVLKUHU6FKLIIHJHVFKPXJJHOWXPDQGHQ%OLQGHQ 6RIJDUWKHUDQ]XNRPPHQ,FKKDEHPLWLKPQRFKHLQH5HFKQXQJ]XEHJOHLFKHQ´ ³:HUKDWGDVQLFKW"´,QVHLQHU6WLPPHVFKZDQJHLQDJJUHVVLYHUXQGDEOHKQHQGHU 8QWHUWRQPLW ³6LHWUDXHQPLUQLFKW"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
(UEOLFNWHPLFKDQ³6DJHQZLUVRLFKWUDXH6RIJDUWMHGH*HPHLQKHLW]X$XFK GDHUHLQHQVHLQHU)ROWHUNQHFKWHLQGHU0DVNHHLQHV5HWWHUVVFKLFNW´ ³:HQQ6LHOLHEHUZLHGHULQ,KUH)ODVFKH]XUFNZROOHQ²ELWWHGDVN|QQHQ6LH JHPKDEHQ´ (UPDFKWHHLQHEHVFKZLFKWLJHQGH+DQGEHZHJXQJ³1HKPHQ6LHHVQLFKWJOHLFK SHUV|QOLFK:HUERW,FKKDEHLQGHQOHW]WHQ7DJHQHLQLJHVGXUFKJHPDFKWGDVN|QQHQ 6LHPLUJODXEHQ(VGDXHUWVHLQH=HLWELV,PPHUKLQELQLFKMHW]WIUHL´ ³:LHNDPHQ6LHKLHUKHU"´ ³'DVLVWHLQHVLPSOH*HVFKLFKWH:HUGHQ:HJGHV%OLQGHQ6RIJDUWNUHX]WILQGHW VLFKLP+DQGXPGUHKHQDXI*DQEHUDDQZLHGHU6RZLHLFK.HOHVH7D$PRQWH´ 2KHLQ+RFKHGOHU(LQ7D)UVW ³,FKZDUDXI+HULRQJHVFKlIWOLFK$OVLFKPLWPHLQHP3ULYDWUDXPVFKLIIDEUHLVHQ ZROOWHWUDWHQYLHU.UDODVHQHQDQPLFKKHUDQ,FKVROOWHVLHPLWQHKPHQ6LHVDJWHQQLFKW DXVZHOFKHP*UXQGQRFKZRKLQ6LHZROOWHQHLQIDFKPLWIOLHJHQQXUVR,FKZHLJHUWH PLFKQLFKWQXUZHOOLFKPLFKQLFKWJHUQHKHUXPNRPPDQGLHUHQODVVHVRQGHUQZHOOLFK .UDODVHQHQJUXQGVlW]OLFKYHUDEVFKHXH,FKZLHVVLHDOVRDWHRKQHPLFKYRQLKUHQ 'URKXQJHQEHHLQGUXFNHQ]XOHVVHQ,FKIKOWHPLFK]LHPOLFKVLFKHUZHOOLFKZXWHGD VLHLP+RKHLWVEHUHLFKYRQ+HULRQGLH$QZHQGXQJRIIHUHU*HZDOWYHUPHLGHQZUGHQ $XHUGHPELQLFK1XQDOVLFKLP:HOWUDXPZDUXQGGLHHUVWH7UDQVLWLRQ SURJUDPPLHUWKDVWHZXUGHPHLQH-DFKWYRQHLQHP.UDODVHQHQVFKLIIJHNDSHUW-HW]WELQ LFKDXI6RIJDUWV)ROWHUZHOWXQGYRQPHLQHU%HVDW]XQJJHWUHQQW6RVFKQHOOJHKWGDV´ )UDJWVLFKREHVZLUNOLFKHLQH³]XIlOOLJH´%HJHJQXQJZDU9LHOOHLFKWKDVWHQLKQ GLH.UDODVHQHQDXVJDQ]DQGHUHP*UXQGLP9LVLHULPPHUKLQGUIWHHUDOV7DHLQ/HKHQ YRQPHKUDOVKXQGHUW6RQQHQV\VWHPHQEHVLW]HQGDFKWHLFK³:LHUDQJHVFKRQ"´ ³(LQLJH3UDJRV(VVLQGIQIRGHUVHFKVVRJHQDXZHLLFKGDVQLFKW,QGHU )ODVFKHYHUOLHUWPDQEDOGMHJOLFKHV=HLWJHIKO´(UEDOOWHGLH+lQGH]X)DXVWHQ³,FK KlWWHJXWH/XVWGLHEHLGHQ]XGHQ6FKPHWWHUOLQJHQ]XVWHFNHQ´ ³:HQQ6LHVLFKPLWLKQHQDXIHLQH6WXIHVWHOOHQZROOHQELWWH´VDJWHLFK³'LH EHLGHQVWHKHQ]X,KUHU9HUIJXQJ=KGRSDQGHO´(UZLFKPHLQHP7KLFNDXVXQGPDFKWH HLQHZHJZHUIHQGH+DQGEHZHJXQJ(UKDVWHVLFKLQ]ZLVFKHQEHUUDVFKHQGJXWHUKROW ,FKPHUNWHLKPQLFKWPHKUDQGDHUQRFKYRUNXU]HP6FKUHFNOLFKHVGXUFKJHPDFKW KDVWH³,FKNDQQYHUVWHKHQGD6LHVLFKIUGDVUlFKHQZROOHQZDVPDQ,KQHQDQJHWDQ KDW7D$PRQWH´IXKULFKIRUW³$EHUGDQQVROOWHQ6LHVLFKQLFKWDQ+DQGODQJHUQ YHUJUHLIHQ²GHQQPHKUVLQGGLH.HUOHQLFKW'HU%OLQGH6RIJDUWLVWGLHWUHLEHQGH.UDIW YRQLKPJHKWDOOHV8EHODXVHULVWOHW]WOLFKIU,KU6FKLFNVDOXQGGDV7DXVHQGHUYRQ *HIROWHUWHQYHUDQWZRUWOLFK,KUH5DFKHPXLKQWUHIIHQ´ (UEOLFNWHPLFKYHUZXQGHUWDQ³,FKJODXEH6LHPHLQHQHUQVWZDV6LHVDJHQ :HUERW$EHUVFKODJHQ6LHVLFKGDVDXVGHP.RSI6RIJDUWLVWIUXQVXQHUUHLFKEDU:LU PVVHQIURKVHLQZHQQZLUEHUOHEHQ'LH.UDODVHQHQVLQGQLFKWHLQPDOXQVHUH VFKOLPPVWHQ*HJQHUVRQGHUQGHU3ODQHWLVWHVGLHVHUYHUIOXFKWH3ODQHW'LHVHU+|OOH HQWULQQWQLHPDQG´ ³6HOEVWDXI*DQEHUDDQPXHVLUJHQGZRHLQHQ2UWJHEHQZRGLH /HEHQVEHGLQJXQJHQEHVVHUVLQG(LQHDXVJHEDXWH6WDWLRQHLQ6WW]SXQNWLQGHPVLFK 6RIJDUWVLFKHUIKOW:HQQZLUGLHVHQHUUHLFKHQ´ .HOHVH7D$PRQWHODFWDWHXQGHVZDUGDVVHOEH/DFKHQGDVLFKJHK|UWKDVWH DOVHUQRFKLQGHU)ODVFKHPLWGHQ6FKPHWWHUOLQJHQVWHFNWH(UEUDFKDEUXSWDWH³-D
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
GLHVHQ6WW]SXQNWJLEWHV,FKKDEHGDYRQJHK|UW:LUGGDV6HSXONRUYDWJHQDQQW$EHU LFKKDEHJHKRIIWGDPDQPLFKQLHGRUWKLQEULQJHQZUGH8QGMHW]WELQLFKGUDXIXQG GUDQIUHLZLOOLJKLQ]XJHKHQ,FKVFKOLHHPLFK,KQHQDQVHOEVWDXIGLH*HIDKUKLQGD 6LHPHLQH(UZDUWXQJHQQLFKWHUIOOHQ´ ,FKZDUIURKHLQHQ%HJOHLWHUIUGHQ0DUVFKGXUFKGLH+|OOHJHIXQGHQ]XKDEHQ $EHUVHLQHOHW]WH%HPHUNXQJPLILHOPIU6LHOLHHUNHQQHQGDHUPLUQLFKWYHUWUDXWH² XQGDXVLKUVSUDFKHLQGHXWLJGLH$UURJDQ]GHV+RFKDGOLJHQ $XV'LH=Z|OI(KHPHQ3ULQ]LSLHQGHU'DJRULVWDVXPGD$UNHQWVWDQGHQHU .RGH[GHV$UNRQ5LWWHUWXPV )QIWHV3ULQ]LS'DXHUKDIWLJNHLWXQG6WDQGIHVWLJNHLW -HGHU*UDVKDOPEHXJWVLFKVRIHPGHU'UXFN]XVWDUNZLUGVWDWV]XEUHFKHQ² QXUVRNDQQHUVLFKZLHGHUDXIULFKWHQXQGVHLQH6WDQGIHVWLJNHLWGDXHUKDIWEHZHLVHQ .HOHVH7D$PRQWHYHUVLFKHUWHGDHUVLFKNUlIWLJJHQXJIKOWHGLH6WUDSD]HQ HLQHV0DUVFKHVGXUFKGHQ8UZDOGDXIVLFK]XQHKPHQ(UKDVWHVHLQH+RVHXQG6WLHIHO DQJH]RJHQWUXJGHQ$JJUHJDWJUWHOHLQHVGHU.UDODVHQHQXQGGLH6WUDKOHUGHU EHLGHQ²]ZHL+RFKHQHUJLH/XFFRWVGHU766HULH'LHYRQGHQ.UDODVHQHQHUEHXWHWH 7UDQVSRUWVFKHLEHPLWGHU$XVUVWXQJXQG9HUSIOHJXQJYHUOLHKPLU=XYHUVLFKW /HLGHUZDUGHU$QWLJUDYSURMHNWRUGHU7UDQVSRUWVFKHLEHQLFKWVWDUNJHQXJXP HLQHQYRQXQVWUDJHQ]XN|QQHQXQGGLHNOHLQHQ6SHLFKHU]HOOHQGHU*UWHOZDUHQ VFKRQGXUFKGLHQRUPDOH1HXWUDOLVDWLRQVZLUNXQJJHQXJEHODVWHWVRGDHLQ 6FKZHEHIOXJQXULP1RWIDOOLQ)UDJHNDP'HU]ZHLWH.UDODVHQHZDUDXVVHLQHU %HZXWORVLJNHLWHUZDFKW$OVGLHEHLGHQVDKHQGDZLUXQVPLWLKUHQ1DKUXQJVPLWWHOQ XQG:DIIHQGDYRQPDFKWHQVWLPPWHQVLHHLQZWHQGHV*HKHXODQ:LUNPPHUWHQXQV QLFKWGDUXP7D$PRQWHYHUVLFKHUWHGDDP.UDWHUHWOLFKH*HIDQJHQHQWUDQVSRUWH YRUEHLNDPHQVRGDGLHEHLGHQLP.lILJJXWH&KDQFHQKDWWHQEDOGJHIXQGHQ]X ZHUGHQ ³9HUGDPPW´IOXFKWHLFK³'DVKDEHLFKQLFKWEHGDFKW:LUKlWWHQGLHEHLGHQ .UDODVHQHQLP'VFKXQJHOYHUVWHFNHQRGHU]XPLQGHVWPLWHLQHP6FKODIPLWWHO YROOSXPSHQVROOHQ:HQQPDQVLH]XIUKILQGHWZHUGHQVLHXQVGLHJDQ]H0HXWHDXI GLH)HUVHQKHW]HQ´ ³0DQZLUGXQVEHVWLPPWQLFKWYHUIROJHQ'LH.UDODVHQHQZLVVHQGDNHLQ )OFKWOLQJHLQH&KDQFHKDWDXV8UZDOGXQG6XPSIRGHUJDUYRQGLHVHP3ODQHWHQ]X HQWNRPPHQ6LHNPPHUQVLFKQLFKWXP$XVEUHFKHUGHQQGHU'VFKXQJHOEULQJVVLHXP RGHUGHU6HHOHQIlQJHU´ ,FKYHUVWDQG'DVZLUGGLH(UNOlUXQJGDIUVHLQGDPDQGLH6XFKHQDFKPLUQRFK QLFKWDXIJHQRPPHQKDW2EZRKOPDQDXIGHP6FKLIIPHLQ9HUVFKZLQGHQVFKRQOlQJVW EHPHUNWKDEHQPXJDEHVELVKHUNHLQH$Q]HLFKHQHLQHU9HUIROJXQJ :lUHGHUVHOWVDPH)UHPGHQLFKWJHZHVHQVDJWHGHU([WUDVLQQKlWWH GHU'VFKXQJHODXFKVFKRQOlQJVWJHVLHJW :HOFKH0RWLYHKDWGHU)UHPGHJHKDEWPLUGDV/HEHQ]XUHWWHQ"(UYHUODQJWH ZHGHUHLQH*HJHQOHLVWXQJQRFKOHJWHHU:HUWDXIHLQH=XVDPPHQDUEHLW,VWHVP|JOLFK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
GDGLHVHVJHKHLPQLVYROOH:HVHQYRQ*DQEHUDDQNRPPW"6WDPPWHHVYLHOOHLFKWYRQ GHQ8UHLQZRKQHPDEGLHGDV+|OOHQWRUHUVFKDIIHQKDWWHQ" ,FKZROOWHJHUDGH7D$PRQWHIUDJHQREHUPHKUEHUGLHVH:HOWZXWHDOVHV ]XHLQHP=ZLVFKHQIDOONDP:LUEHIDQGHQXQVLQ]ZLVFKHQLQHLQHP*HELHWGHVVHQ %RGHQEHVRQGHUVKHLPWFNLVFKZDU(VJDEWULHUNDXPYHUlVWHOWHV*HVWUSSXQGYLHO]X ZHQLJH%RGHQHUKHEXQJHQDXIGHQHQZLUVLFKHUHQ+DOWJHIXQGHQKlWWHQ9HUHLQ]HOW UDJWHQPlFKWLJH%DXPULHVHQDXIGLHPLW%UHWWZXU]HOQ+DOWVXFKWHQ:LUPXWHQGXUFK ZDGHQWLHIHQ0RUDVWZDWHQXQGGDEHLK|OOLVFKDXISDVVHQGDZLUQLFKWLQHLQHVGHU YLHOHQQLFKWHUNHQQWOLFKHQ/|FKHUDEUXWVFKWHQ =ZHL5LHVHQVFKODQJHQHLQLJH6SLQQHQXQGHLQH)OHLVFKIUHVVHUSIODQ]HGLHXQV PLWLKUHQ7HQWDNHOEOWHQEHGURKWHKDVWHQZLUEHUHLWV]HUVWUDKOW3O|W]OLFKK|UWHLFKEHU PLUHLQHQ$VWEUHFKHQ:HJHQGHUKHUHLQEUHFKHQGHQ'lPPHUXQJNRQQWHLFKQLFKWV *HQDXHVHUNHQQHQDEHULFKKREVRIRUWGHQ'HVLQWHJUDWRUXQGGUFNWHEOLQGOLQJVDWH 0HLQ6FKXJLQJGDQHEHQ$EHULQVHLQHPJUQOLFKHQ/LFKWHUNDQQWHLFKGDGDV 8QWLHUGDVVLFKDXIXQVIDOOHQOLHHLQHMHQHU6FKODQJHQHFKVHQZDUGLHPLFKLQGHQ 2EHUDUPJHELVVHQKDWWHQ,FKOLHPLFKLQVWLQNWLY]XUFNIDOOHQXQGVFKRQRFKPDOV 'RFKGLHVPDONDPPLU7D$PRQWH]XYRU (UWUDIGDV5HSWLOLQGHU.|USHUPLWWHGHUEOHQGHQGH3ODVPDLPSXOVWHLOWHHVLQ ]ZHL+lOIWHQ:lKUHQGGDV+LQWHUWHLOLQGHQ6XPSINODWVFKWHILHOGHU6FKlGHOPLWGHP 5XPSIWHLODXIGLH7UDQVSRUWVFKHLEH'LH6FKODQJHQHFKVHYHUNUDOOWHVLFKLP7RGHVNDPSI PLWGHQ=lKQHQXQGGHQ%HLQHQLQGHU3ODQHRKQHZLHGHUORV]XODVVHQHLQ XPKHUSHLWVFKHQGHV%HLQWUDIGDVNOHLQH6FKDOWSXOW'LH)HOGMXVWLHUXQJZXUGHYHUlQGHUW ODQJVDPQHLJWHVLFKGLH7UDQVSRUWVFKHLEHXQWHUGHU/DVW]XU6HLWHXQGVDQN XQDXIOKDOWVDPWLHIHU 7D$PRQWHVWU]WHPLWHLQHP:XWVFKUHLQDFKYRUQHEHNDPGLH7UDQVSRUWVFKHLEH DEHUQLFKWPHKU]XIDVVHQ(UUXWVFKWHDEXQGZlUHEHLQDKHYRQHLQHPGHU XQHUJUQGOLFKHQ6XPSIO|FKHUYHUVFKOXQJHQZRUGHQ$OVHUZLHGHUDXIGLH%HLQHNDP ZDUGLH7UDQVSRUWVFKHLEHPLWVDPWGHU6FKODQJHQHFKVHEHUHLWVYHUVXQNHQ1XUHLQLJH %OlVFKHQ]HLJWHQQRFKGLH6WHOOHDQ ³'DVKDWXQVJHUDGHQRFKJHIHKOW´VFKLPSIWHGHU)UVW³'HUJHVDPWH3URYLDQW XQGGLHWHFKQLVFKH$XVUVWXQJVLQG´ ³:LUKDEHQXQVHUH:DIIHQ8QG1DKUXQJZHUGHQZLUVFKRQILQGHQ6LQG,KQHQ QLFKWZHQLJVWHQVHLQLJH$UWHQYRQJHQLHEDUHQ3IODQ]HQEHNDQQW7D$PRQWH"´ ³:DKUHQGPHLQHV7UDQVSRUWVVDKLFKGDHLQHUGHU.UDODVHQHQ)UFKWHYRQ HLQHP6WUDXFKSIOFNWHXQGD´VDJWHHUPLPXWLJ³$EHUELVKHUKDEHLFKHLQHQVROFKHQ 6WUDXFKNHLQ]ZHLWHV0DOJHVHKHQ´(UEOLHEVWHKHQGUHKWHVLFKXPXQGGHXWHWH DUJZ|KQLVFKDXIPHLQHQ%OlWWHUYHUEDQGDPOLQNHQ2EHUDUP³.HQQHQ6LHGLH 3IODQ]HQZHOWYRQ*DQEHUDDQQLFKWEHVVHUDOV6LH]XJHEHQZROOHQ":HQQ6LHGLH +HLONUDIWYRQ3IODQ]HQNHQQHQPWHQ6LHDXFKEHULKUH*HQLHEDUNHLWLQIRUPLHUW VHLQRGHU"´ ³'HQ9HUEDQGKDWPLUHLQ)UHPGZHVHQDQJHOHJWDXIGDVLFK]XIlOOLJWUDI´'DLFK HLQVDKGDGLHVH$QWZRUWXQEHIULHGLJHQGXQGZHQLJJODXEZUGLJNODQJIJWHLFKKLQ]X ³,FKZHUGH,KQHQVSlWHUEHLGHU5DVWGDYRQHU]lKOHQ´ ³:LUVROOWHQXQVRKQHKLQQDFKHLQHP/DJHUIUGLH1DFKWXPVHKHQ'HU1HEHO ZLUGGLFKWHUXQGEDOGZLUGHVVRGXQNHUVHLQGDPDQNHLQHQ6FKULWWZHLWVHKHQNDQQ %LVGDKLQPVVHQZLUHLQHQVLFKHUHQ8QWHUVFKOXSIJHIXQGHQKDEHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKHULQQHUWHPLFKGDUDQGDLFKYRUNXU]HPGHQULHVLJHQ5FNHQSDQ]HUHLQHV DQVFKHLQHQGOlQJVWYHUHQGHWHQ7LHUHVJHVHKHQKDVWH$OVLFK7D$PRQWHGDYRQ EHULFKWHWHXQGHUNOlUWHGDGHU3DQ]HUQXUHWZDKXQGHUW6FKULWWYRQXQVHQWIHUQWVHLQ NRQQWHXQGEHVWLPPWJURJHQXJZDUXPXQVEHLGHQ6FKXW]]XELHWHQZDUHUVRIRUW EHUHIWXP]XNHKUHQ:LUHUUHLFKWHQGLH6WHOOHQRFKZlKUHQGGHU'lPPHUXQJ³'DVLVWMD HLQ5LHVHQGLQJ´HQWIXKUHVGHP7D³)UDJWVLFKQXUZLHGHU3DQ]HUKLHUKHUNRPPW(LQ 7LHUPLWGLHVHQ$XVPDHQZUGHGRFKVRIRUWLP6XPSIYHUVLQNHQ,UJHQGMHPDQGPX HVGHPQDFKDXIGLHVH,QVHOJHEUDFKWKDEHQ=XP*OFNJLEWHVWULHUNHLQH$FKWEHLHU´ :LUQlKHUWHQXQVYRQ]ZHL6HLWHQGLH:DIIHQVFKXEHUHLW,PPHUKLQPXWHQZLU GDPLWUHFKQHQGDGHU3DQ]HUHLQHP7LHUDOV8QWHUVFKOXSIRGHUDOV%UXWVWlWWHGLHQWH $EHUZLUZDUHQEHUHLWVELVDXI]ZHL6FKULWWHKHUDQRKQHGDVLFKHWZDV]HLJWHRGHU HWZDV]XK|UHQZDU:RHLQVWGHU.RSIGHV3DQ]HUWLHUVKHUDXVJHUDJWKDEHQPXWHZDU HLQH2IIQXQJGXUFKGLHHLQ0DQQKLQGXUFKVFKOSIHQNRQQWH7D$PRQWHGHXWHWHGDUDXI XQGEUXPPWH³,FKVHLQHPDOKLQHLQ´ ,FKZLQNWHHQHUJLVFKDWHJULIIQDFKHLQHPODQJHQ$VWXQGVFKRELKQLQGLH gIIQXQJ(UZDUNDXP]XU+lOIWHXQWHUGHP3DQ]HUYHUVFKZXQGHQDOVGHU$VW ]HUVSOLWWHUWH,FKEOLFNWH]X7D$PRQWHKLQEHUGHUEODJHZRUGHQZDU³6LHZlUHQMHW]W ZRKOXPHLQHQ.RSINU]HUZHQQ6LHLKQXQWHUGHQ3DQ]HUJHVWUHFNWKlWWHQ´(LQ7KLFN GXUFKGLH3DQ]HU|IIQXQJ]HLJWHPLUGDPHLQH9HUPXWXQJULFKWLJJHZHVHQZDU³(LQH )DOOH,FKJODXEHMHW]WN|QQHQZLUHVZDJHQ´ ,UJHQGMHPDQGZDKUVFKHLQOLFKHLQ.UDODVHQHPLW$PELWLRQHQ]XP)DOOHQVWHOOHU KDVWHHLQVFKZHUHV)DQJHLVHQDXIJHVWHOOW1DFKGHPGLH)DOOH]XJHVFKQDSSWZDU NRQQWHVLHXQVQLFKWPHKUJHIlKUOLFKZHUGHQ,FKNOHWWHUWHXQWHUGHQ3DQ]HU7D$PRQWH NRQQWHVLFKQLFKWGD]XEHUZLQGHQGHQ$QIDQJ]XPDFKHQXQGIROJWHPLUQXU]|JHUQG ZHOOHUGHQ6FKRFNDQVFKHLQHQGLPPHUQRFKQLFKWJDQ]EHUZXQGHQKDVWH'HU3DQ]HU ERWXQVEHLGHQDXVUHLFKHQG3ODW]XQG6FKXW]GHQQHVJDEQXUGHQHLQHQ=XJDQJXQG GHUOLHVLFKOHLFKWYHUWHLGLJHQ'DGHU)DOOHQVWHOOHUZlKUHQGGHU1DFKW]XUFNNRPPHQ ZUGHZDUDXFKQLFKW]XHUZDUWHQ'LH'XQNHOKHLWVHQNWHVLFKIDVWEOLW]DUWLJEHUGHQ 6XPSIZDOG,FKIUDJWH³:ROOHQ6LHGLHHUVWH:DFKHEHUQHKPHQ7D$PRQWH"´ ³:DUXPQLFKW"´VDJWHHUHWZDV]XHLIULJZLHPLUVFKLHQ³,FKZHUGH ZDKUVFKHLQOLFKVRZLHVRGLHJDQ]H1DFKWNHLQ$XJH]XPDFKHQ'LH6FKUHLHGHU *HIROWHUWHQYHUXUVDFKHQPLU$OSWUlXPH´ 'DVNRQQWHLFKYHUVWHKHQ$EHULFKJODXEWHQLFKWGDGLHVGHUHLQ]LJH*UXQG ZDUZDUXPHUGLHHUVWH:DFKHEHUQHKPHQZROOWH(UPLWUDXWHPLUXQGJODXEWHGD LFKLUJHQGHLQH6FKXUNHUHLYRUKDWWHVREDOGHUVFKOLHI'DEHLPXHU]XP8PIDOOHQPGH VHLQ³*LEWHVHLJHQWOLFK(LQJHERUHQHDXI*DQEHUDDQ"´ ³6RYLHOLFKZHLQLFKW´DQWZRUWHWHHU³$EHUPHLQ:LVVHQEHU6RIJDUWV )ROWHUZHOWLVWEHVFKHLGHQ,FKKDEHHLQLJHVYRQGHQ.UDODVHQHQDXIJHVFKQDSSW 'HPQDFKLVW*DQEHUDDQGHUYLHUWHYRQYLHU3ODQHWHQGLHHLQHQDPHQORVH6RQQH XPNUHLVHQ'LH*UDYLWDWLRQOLHJWVHFKVXQG]ZDQ]LJ+XQGHUWVWHOEHUGHU1RUP²QDXQG GLH8PZHOWEHGLQJXQJHQKDEHQ6LHLQ]ZLVFKHQVHOEVWNHQQHQJHOHUQW$EHUZLHNRPPHQ 6LHGDUDXIGDHV(LQJHERUHQHJHEHQVRLO:HUERW"´ ³.HQQHQ6LHGDV+|OOHQWRU"´ ³$XFKGDYRQKDEHLFKJHK|UW'LH.UDODVHQHQGURKWHQPLUPLFK KLQGXUFK]XVFKLFNHQ(VPXHLQVFKUHFNOLFKHV(UOHEQLVVHLQVFKOLPPHUQRFKDOVLQGHU 6FKPHWWHUOLQJVIODVFKH]XVFKPRUHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³,FKJODXEHNDXPGDHVLUJHQGHLQ,QWHOOLJHQ]ZHVHQJLEWGDVGHQ'XUFKJDQJ GXUFKV+|OOHQWRUEHUOHEW,FKKDEHJHVHKHQZLHVLFKHLQ:HVHQ´,FKVFKDXGHUWHEHL GHU(ULQQHUXQJDQGLHVH6]HQH³,UJHQGMHPDQGPXGDV+|OOHQWRUHUEDXWKDEHQGHQQ YRQGHQ.UDODVHQHQVWDPPWHVJDQ]EHVWLPPWQLFKW´ ³,FKKDEHNHLQH$Q]HLFKHQLUJHQGHLQHU.XOWXUJHVHKHQ%H]LHKHQ6LH,KUH 9HUPXWXQJQXUDXVGHU([LVWHQ]GHV+|OOHQWRUV"´ ,FKVFKWWHOWHGHQ.RSIXQGVFKLOGHUWHLKPGDQQGDV$XVVHKHQGHV)UHPGHQGHU PLFKJHVXQGJHSIOHJWKDW³9RQLKPKDEHLFKGHQIDFKJHUHFKWHQ%OlWWHUYHUEDQG'HU )UHPGHPXVLFKWULHUJXWDXVNHQQHQ'HVKDOEOLHJWIUPLFKGLH9HUPXWXQJQDKHGD HVVHLQH+HLPDWZHOWLVW´ 7D$PRQWHVFKZLHJQDFKGHQNOLFK ³+DEHQ6LHVFKRQHLQPDOYRQVRHLQHP:HVHQJHK|UW"´GUlQJWHLFKXPVHLQ 6FKZHLJHQ]XEUHFKHQ ³1HLQJDQ]EHVWLPPWQLFKW´ (VNODQJQLFKWVHKUEHU]HXJHQGDEHULFKIUDJWHQLFKWZHLWHUREZRKOHVPLFK EUHQQHQGLQWHUHVVLHUWKlWWHDXVZHOFKHP*UXQGPLU7D$PRQWHVROFKHV0LWUDXHQ HQWJHJHQEUDFKWH6FKOLHOLFKKDVWHLFKLKQDXVGHU*HIDQJHQVFKDIWEHIUHLWXQGLKP ZDKUVFKHLQOLFKGDV/HEHQJHUHWWHW=XPLQGHVWDEHUKDVWHLFKYHUKLQGHUWGDHU ZDKQVLQQLJZXUGH$EHUDQVWDWWPLUGDV]XGDQNHQXQGVLFKPLUDQ]XYHUWUDXHQ NDSVHOWHHUVLFKDWH,FKEUDFKWHGDV*HVSUlFKDXIHLQDQGHUHV7KHPD³(VVFKHLQWDOV VHL*DQEHUDDQHLQH6XPSIZHOW(LQHQEHVVHUHQ3ODQHWHQKlWWH6RIJDUWQLFKWILQGHQ N|QQHQ1XU6XPSIXQG'VFKXQJHO²XQGHLQHP|UGHULVFKH7LHUXQG3IODQ]HQZHOW´ ³(VVRLOHLQ*HELHWJHEHQGDVGLH.UDODVHQHQNXOWLYLHUWKDEHQ´VDJWH7D$PRQWH PLWPGHU6WLPPH,FKPHUNWHGDHUQLFKWLQGHU/DJHVHLQZUGH:DFKH]XKDOWHU ³'LH.UDODVHQHQKDEHQYLHOGDYRQJHVSURFKHQDEHUVLHVLQGQLHGHXWOLFKJHZRUGHQ6LH PDFKWHQQXUJHKHLPQLVYROOH$QGHXWXQJHQDEHULFKK|UWHKHUDXVGDVLFKGRUWGHU 6WW]SXQNWGHV%OLQGHQ6RIJDUWEHILQGHQPX´ ³:LVVHQ6LHLQZHOFKHU5LFKWXQJGHU6WW]SXQNWOLHJW"´ ³1HLQQLFKWJHQDX´PXUPHOWHHU³$EHUZLUEUDXFKHQQXUGHQ .UDODVHQHQNRPPDQGRV]XIROJHQGLHGLH*HIDQJHQHQ´ ³:DVLVW7D$PRQWH"´(UJDEPLUNHLQH$QWZRUWVRQGHUQZDUHLQJHVFKODIHQ,FK J|QQWHLKPGLH5XKHHUKDVWHVLHYHUGLHQW0RUJHQZUGHQZLUHLQHQZHLWHUHQ VFKZHUHQ7DJYRUXQVKDEHQXQGGLHGDUDXIIROJHQGHQ7DJHZUGHQDXFKQLFKWOHLFKW VHLQ,FKIUDJWHPLFKZLHUDQJHZLULQGLHVHP6XPSIGVFKXQJHOXPXQVHU/HEHQ NlPSIHQPXWHQ+DWWHQZLUEHUKDXSWHLQH&KDQFHGHQ6WW]SXQNWGHV%OLQGHQ 6RIJDUW]XHUUHLFKHQ" 'HUVWlQGLJH.DPSIXPVhEHUOHEHQ]HUPUEWHVWXPSIWHDWH8PPLFKPDFKWH LFKPLUZHQLJHU6RUJHQGHQQLFKIKOWHPLFKVWDUNGHU+DJHJHQ6RIJDUWXQGGLH $QJVWXP)DUQDWKLDWULHEHQPLFKYRUDQJDEHQPLU.UDIW,FKZHUGHQLHDXIJHEHQ$EHU ZLHVWHKWHVPLW.HOHVH7D$PRQWH"6HLQ9HUKDOWHQEHUHLWHWHPLU.RSI]HUEUHFKHQ,FK NRQQWHPLFKGHV*HIKOVQLFKWHUZHKUHQGDHUPLFKIUHLQHQEHVRQGHUV KLQWHUKlOWLJHQ.UDODVHQHQKLHOW'LHVH*HGDQNHQJLQJHQPLUVWlQGLJGXUFKGHQ.RSI² XQGVLHPDFKWHQPLFKPhGH,FKNRQQWHGLH$XJHQQXUQRFKPKVDPRIIHQKDOWHQ(V ZlUHOHLFKWJHZHVHQVLFKGHU0GLJNHLWKLQ]XJHEHQXQG]XVFKODIHQ,P$XJHQEOLFN NRQQWHLFKPLUQLFKWV6FK|QHUHVYRUVWHOOHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$EHULFKEOLHEZDFKREZRKOLFKLQGHUSHFKVFKZDU]HQ1DFKWQLFKWVVHKHQ NRQQWH1XUGLH8UZDOGJHUlXVFKHZDUHQ]XK|UHQXQGYHUHLQ]HOWH6FKUHLHYRQ *HIROWHUWHQ6LHNDPHQYRQZHLWKHUVFKLHQHQLQJU|HUH)HUQHDE]XZDQGHUQ²XQG GDQQKHUUVFKWH6WLOOH,FKHPSIDQGHVDOV:RKOWDWPLFKDXV]XVWUHFNHQXQG]X HQWVSDQQHQ $OVLFKKRFKVFKUHFNWHXQGGLH$XJHQ|IIQHWHZDUHVKHOOHU7DJ,FKPXWH JHJHQPHLQHQ:LOOHQHLQJHQLFNWVHLQ7D$PRQWHZDUEHUHLWVZDFKXQGNDXHUWHYRUGHU 2IIQXQJGHU3DQ]HUVFKDOH'UDXHQZDOOWHQ1HEHOXQG6WLPPHQGUDQJHQKHUDQ'HU )UVWEHPHUNWHGDLFKPLFKEHZHJWHXQGGUHKWHVLFKXP³.UDODVHQHQ´ ,FKVFKREPLFKQHEHQLKQXQGEOLFNWHLQV)UHLH(WZDGUHLLJ6FKULWWYRQXQVHUHP 9HUVWHFNHQWIHUQW]RJHQVFKHPHQKDIWH*HVWDOWHQGXUFKGHQGLFKWHQ1HEHO$OVGLH6LFKW IUHLQLJH$XJHQEOLFNHEHVVHUZXUGHHUNDQQWHLFKGDHVVLFKXPVLHEHQ0DQQ KDQGHOWHVLHIKUWHQGUHL.lILJHPLWVLFKGLHDXI$QWLJUDYRGHU3UDOOIHOGHUQEHUGHP %RGHQVFKZHEWHQ'DULQVDHQ]ZHL)UHPGZHVHQXQGHLQ0DQQGHUHLQ$UNRQLGHVHLQ NRQQWH$EHU*HQDXHVZDUQLFKW]XHUNHQQHQ'LH.UDODVHQHQJDEHQVLFKXQEHNPPHUW XQGXQWHUKLHOWHQVLFK]LHPOLFKODXWVWDUNPLWHLQDQGHU 7D$PRQWHEOLFNWHPLFKPLWHLQHPXQGHXWEDUHQ$XVGUXFNLP*HVLFKWDQXQG VDJWHODXHUQG³-HW]WE|WHVLFK,KQHQ*HOHJHQKHLWPLFKDQ,KUH.XPSDQHDXV]XOLHIHUQ (LQHQIOFKWLJHQ*HIDQJHQHQOHEHQG]XUFN]XEULQJHQEHVFKHUWHLQHP.UDODVHQHQ VLFKHUHLQH%HORKQXQJ´ ,FKSDFNWHLKQDP.UDJHQXQGVFKOXJLKPGDQQEOLW]VFKQHOOGHQ/XFFRWDXVGHU +DQGDOVHULKQLQ$QVFKODJEUDFKWH³6LH1DUU´VDJWHLFKPLWYHUKDOWHQHU:XW³:DQQ EHJUHLIHQ6LHHQGOLFKGDLFKPLW,KQHQLPVHOEHQ%RRWVLW]H"´6HLQH$XJHQIXQNHOWHQ PLFKDQ³%HYRU6LHVLFK]XHLQHUZHLWHUHQ'XPPKHLWKLQUHLHQOHVVHQEHGHQNHQ6LH OLHEHUGD6LHXQVGDPLWGLHJDQ]H0HXWHDXIGHQ+DOVKHW]HQN|QQWHQ´ 'DVVFKLHQLKQ]XU%HVLQQXQJ]XEULQJHQ(UVHQNWHGHQ7KLFN,FKEHREDFKWHWH ZLHGHUGDV.UDODVHQHQNRPPDQGRPDQKDVWHXQVHUH$XVHLQDQGHUVHW]XQJQLFKW EHPHUNW3O|W]OLFKDEHUEOLHEGHU0DQQDQGHU6SLW]HVWHKHQ³+H9RRODN´ULHIHUQDFK KLQWHU³:LOOVWGXQLFKWQDFKGHLQHU)DOOHVHKHQ"´ ,FKHUVWDUUWH7D$PRQWHIHQGVHLQHQ6WUDKOHUXQGHQWVLFKHUWHLKQ,FKPDFKWH HLQHEHVFKZLFKWLJHQGH+DQGEHZHJXQJXP]XYHUKLQGHUQGDHUGLH1HUYHQYHUORU ³:DUXPQLFKW"´VDJWHHLQDQGHUHU.UDODVHQHXQGWUDWDXVGHU5HLKH³:DUWHWWULHU DXIPLFK´ ³%OHLEHQ6LHUXKLJ´UDXQWHLFKGHP+RFKDGOLJHQ]X³:LUVFKLHHQQXUZHQQHV NHLQHQDQGHUHQ$XVZHJPHKUJLEW´ (UZROOWHHLQHQ(LQZDQGYRUEULQJHQDEHUHLQ7KLFNYRQPLUOLHLKQYHUVWXPPHQ ,FKVFKRELKQYRQGHUgIIQXQJ]XUFNXQGSUHWHPLFKGLFKWDQGLH6HLWHQZDQG(V GDXHUWHQLFKWUDQJHELVJXUJHOQGHXQGSODWVFKHQGH*HUlXVFKHDQ]HLJWHQGDGHU .UDODVHQHJDQ]QDKHGXUFKGHQ6XPSIZDWHWH'DQQNOHWWHUWHDXIGLH,QVHO6HLQH 6FKULWWHNDPHQLPPHUQlKHU²XQGVFKOLHOLFKHUVFKLHQHQVHLQH%HLQHYRUGHUgIIQXQJ (UEHXJWHVLFKKHUXQWHUXQGVWDUUWHJHQDXLQGLH0QGXQJPHLQHU==³.HLQH 'XPPKHLWHQ´ZDUQWHLFKLKQ³6DJGHLQHQ.DPHUDGHQGDVLFKHLQ7LHULQGHU)DOOH JHIDQJHQKDW6LHVROOHQLKUHQ:HJIRUWVHW]HQ'XNRPPVWQDFKVREDOGGXGLH)DOOH QHXHLQJHVWHOOWKDVW'XZHLWZDVSDVVLHUWZHQQGXQLFKWJHKRUFKVW´ 'HU.UDODVHQHULFKWHWHVLFKODQJVDPDXIXQGULHI³:DUWHWQLFKWDXIPLFK,FK KDEHHLQHQIHWWHQ)DQJJHPDFKW´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³(LQH6FKODQJHQHFKVH"´IUDJWHHLQHUGHU.UDODVHQHQ]XUFN ³-D'LH+DXWZLUGPLUHLQLJHVHLQEULQJHQ´ ³+RIIHQWOLFKOlWGXHWZDVVSULQJHU1DZLUVHKHQXQVGDQQLQGHU 6FKPHWWHUOLQJVPXOGH´ 'DV.UDODVHQHQNRPPDQGRHQWIHUQWHVLFKPLWGHQ*HIDQJHQHQLQGHQ.lILJHQ $OVGHU1HEHOVLHYHUVFKOXFNWKDVWHNURFKLFKDXVGHP9HUVWHFN'HU.UDODVHQHVWDQG OlVVLJGD8PVHLQH0XQGZLQNHOODJHLQVS|WWLVFKHV/lFKHOQ³:ROOWLKU6HOEVWPRUG EHJHKHQ"´ ³,PPHUQRFKEHVVHUDOVLQHLQHUGHU)ROWHUVWDWLRQHQ]XNUHSLHUHQ´,FK HQWZDIIQHWHLKQ7D$PRQWHILQJGHQ/XFFRWDXIGHQLFKLKP]XZDUI³6XFKHQ6LHHLQLJH NUlIWLJH/LDQHQGDPLWZLUXQVHUHQ*HIDQJHQHQIHVWELQGHQN|QQHQ,FKZHUGHLKQ LQ]ZLVFKHQXPHLQLJH$XVNQIWHELWWHQ´ ³'XNDQQVWIUDJHQELVGXVFKZDU]ZLUVW´NQXUUWHGHU.UDODVHQH³9RQPLU EHNRPPVWGXNHLQH$QWZRUW´ ³9RQZRNRPPWLKU"´(UVFKZLHJ,FK]XFNWHJHODVVHQPLWGHQ$FKVHOQ³,FKNDQQ PLFKDXFKLQGHLQHU6SUDFKHPLWGLUXQWHUKDOWHQ'XZROOWHVWGRFKQDFKGHLQHU)DOOH VHKHQ/HLGHULVWVLH]XJHVFKQDSSWXQGGXZLUVWVLHQHXVSDQQHUPVVHQ´(UVDKPLFK XQVLFKHUDQ³6SDQQHQ´ (UJHKRUFKWHZLGHUZLOOLJNOHWWHUWHKDOEGXUFKGLHgIIQXQJXQGNDPJOHLFKGDUDXI ZLHGHU]XUFNQDFKGHPHLQbFK]HQXQG.OLFNHQHUW|QWZDU,FKEHU]HXJWHPLFK GDYRQGDGLHEHLGHQ)DQJVFKHUHQZHLWDXVHLQDQGHUVWDQGHU³%HLGHUJHULQJVWHQ %HUKUXQJZLUGVLH]XVFKQDSSHQ´VDJWHLFK³:LOOVWGXQLFKWGRFKGHQ0XQG DXIPDFKHQ":RLVWGHU6WW]SXQNWGHV%OLQGHQ6RIJDUW":LHZHLWLVWHVELVGRUWKLQ"´ ³'DVVFKDIIWLKUQLH´VDJWHGHU.UDODVHQHYHUlFKWOLFK ³:LHZHLW"´ ³'UHL7DJHVPlUVFKHPLWGHUHQWVSUHFKHQGHQ$XVUVWXQJ,KUVFKDIIWHVYLHOOHLFKW LQVHFKV²DEHUVRODQJHZHUGHWLKUQLFKWOHEHQ´ ³:ROLHJWGHU6WW]SXQNW"´ ³:LUNRPPHQYRQGRUW´VDJWHGHU.UDODVHQHJULQVHQG³+DEHQ1DFKVFKXEIUGLH 6FKPHWWHUOLQJVPXOGHJHKROW´ ,FKJULQVWH]XUFN³'HLQH.DPHUDGHQZHUGHQ$XJHQPDFKHQZHQQVLH HUNHQQHQGDGLH6FKPHWWHUOLQJHDXVJHIORJHQVLQG´ (UPDFKWHHLQHQ6FKULWWQDFKYRUQDEHUPHLQH:DIIHVWRSSWHLKQ7D$PRQWH NDPPLWHLQHUNUlIWLJHQ/LDQH]XUFNXQGYHUVLFKHUWH³'LHKlOWMHGHU=HUUHLSUREH VWDQG´ ³)HVVHOQ6LHLKQ$PEHVWHQGLUHNWDQVHLQHHLJHQH)DOOH´ 'HU.UDODVHQH]XFNWH]XVDPPHQVDJWHDEHUQLFKWV(UZLUNWHJHIDWDOVGHU7D LKPGLH+lQGHDXIGHQ5FNHQEDQG,FKXQWHUVXFKWHGHQ*HIDQJHQHQ$EHUDXHU HLQHU:DVVHUIODVFKHGLHQRFKIDVWYROOZDUWUXJHUQLFKWV%UDXFKEDUHVEHLVLFK'LH :DVVHUIODVFKHQDKPLFKQDWUOLFKDQPLFK³8QGMHW]WXQWHUGHQ3DQ]HU´EHIDKOLFK ³/RV´ 'HU.UDODVHQHJHKRUFKWHZRUWORV1DFKGHPHULQGHUgIIQXQJYHUVFKZXQGHQ ZDUIROJWHLKPGHU+RFKDGOLJHXPLKQDQGHU)DOOHIHVW]XELQGHQ7D$PRQWHNURFK ZLHGHUKHUDXVXQGLFKEHXJWHPLFKQDFKYRUQH,FKVDKGDGDV*HVLFKWGHV *HIDQJHQHQKDYHU]HUUWZDUDXIVHLQHU6WLUQSHUOWHQ6FKZHLWURSIHQ,FKVDJWHOHLVH ³'XN|QQWHVWHVJHPWOLFKHUKDEHQZHQQGXUHGHQZUGHVW´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6WDWWHLQHU$QWZRUWVFKQHOOWHHUVLFKYRP%RGHQDEXQGYHUVXFKWHPLFK]ZLVFKHQ GLH)DQJHLVHQGHU)DOOHGUFNHQ$EHULFKKDVWHPLWHLQHUlKQOLFKHQ)LQWHJHUHFKQHW XQGPLFKVRSRVWLHUWGDLFKLKPDXVZHLFKHQNRQQWH6WDWWPLFKLQGLH)DOOHVWRHQ]X N|QQHQJHULHWHUVHOEVW]ZLVFKHQGLH)DQJHLVHQ(VJDEHLQKlOLFKHV*HUlXVFKXQG HLQODQJJH]RJHQHU6FKPHU]HQVVFKUHLKDOLWHDXI,FK]RJPLFKVFKDXGHUQG]XUFN7D $PRQWHVWDQGPLWWRWHQEODVVHP*HVLFKWGD$OVHUPLFKVDKDWPHWHHUHUOHLFKWHUWDXI ³-HW]WPVVHQZLUPDFKHQGDZLUIRUWNRPPHQ´VDJWHHUQDFKGHPHUVLFK HLQLJHUPDHQJHIDWKDVWH³6HLQH.DPHUDGHQZHUGHQVHLQHQ7RGHVVFKUHLJHK|UW KDEHQXQGQDFKVHKHQNRPPHQ´ ,FKQLFNWH]XVWLPPHQGVDJWHDEHUQLFKWV :LUEHQXW]WHQGHQ3IDGDXIGHPGDV.UDODVHQHQNRPPDQGRPLWGHQ *HIDQJHQHQJHNRPPHQZDU7D$PRQWH]ZHLIHOWHQLFKWGDUDQGDGHU.UDODVHQHGLH :DKUKHLWJHVSURFKHQKDVWHDOVHUVDJWHGDVLHYRQ6RIJDUWV6WW]SXQNWNDPHQ ³'LH*HIDQJHQHQVDKHQQRFK]LHPOLFKIULVFKDXV´EHJUQGHWHHUVHLQH 9HUPXWXQJ³'HPQDFKZXUGHQVLHQRFKQLFKWJHIROWHUW$XHUGHPVDJWHGHU.UDODVHQH VHOEVWGDVLH]XU6FKPHWWHUOLQJVPXOGHXQWHUZHJVVLQG6LHVLQGEHVWLPPWYRQ 6RIJDUWV6WW]SXQNWJHNRPPHQYRP6HSXONRUYDW´ 'HU3IDGHUP|JOLFKWHXQVHLQUDVFKHV9RUDQNRPPHQVRGDLFK]XKRIIHQ EHJDQQ6RIJDUWV6WW]SXQNWLQGUHL7DJHQ]XHUUHLFKHQ$EHUQDFKHLQLJHU=HLW²GLH VFKZDFKGXUFKGHQ'XQVWOHXFKWHQGH6RQQHVWDQGEHUHLWVLP=HQLW²HQGHWHGHU3IDG 9RUXQVHUVWUHFNWHVLFKHLQEUHLWHUXQEHZDOGHWHU6XPSIVWUHLIHQ$OV7D$PRQWH YHUVXFKVZHLVHYRUWUDWZlUHHUEHLQDKHYRQGHPERGHQORVHQ0RUDVWYHUVFKOXQJHQ ZRUGHQ:LUYHUVXFKWHQHLQHhEHUTXHUXQJGHV6XPSIJUWHOVDQYHUVFKLHGHQHQDQGHUHQ 6WHOOHQ$EHUZHLWHUDOVHLQLJH6FKULWWHNDPHQZLUQLH ³6ROOHQZLUGHUJHIlKUOLFKHQ6WHOOHDXVZHLFKHQRGHUSHU$QWLJUDYVFKZHEHQ"´ IUDJWH7D$PRQWH ,FKZLQNWHDWH³:HUZHLZLHIDQJVLHLVW'HQ6XPSI]XXPUXQGHQZUGHXQV YLHOOHLFKWHLQHQ7DJRGHUPHKUNRVWHQ´ ,FKVDKPLFKXPXQGGHXWHWHDXIHLQHQXPJHVWU]WHQ%DXPULHVHQGHUEHU]ZHL 'ULWWHOGHV6XPSIHVUHLFKWH,FKEHVWLHJGHQ6WDPPXQGNOHWWHUWHDXILKPLQGHQ6XPSI KLQDXVXPPLFKDQ2UWXQG6WHOOHYRQXQVHUHQ0|JOLFKNHLWHQEHU]HXJHQ]XN|QQHQ 7D$PRQWHIROJWHPIU$OVZLUGLH%DXPNURQHHUUHLFKWKDWWHQWHLOWHQVLFKDXIGHU JHJHQEHUOLHJHQGHQ6XPSIVHLWHGLH%VFKHXQG)DUQHXQGHLQ.UDODVHQHQNRPPDQGR HUVFKLHQ]ZDQ]LJ0DQQPLWIQIIOXJIlKLJHQ.lILJHQLQGHQHQDQGLHGUHLLJ3HUVRQHQ ]XVDPPHQJHSIHUFKWZDUHQ0LUNUDPSIWHGHU0DJHQ]XVDPPHQDOVLFKVDKGD )UDXHQXQWHUGHQ*HIDQJHQHQZDUHQXQGLFKHUWDSSWHPLFKGDEHLZLHLFKXQWHULKQHQ )DUQDWKLDVXFKWH8QGREZRKOLFKPLWGLHVHQ%HGDXHUQVZHUWHQ0LWOHLGKDVWHZDULFK GRFKHUOHLFKWHUWDOVLFK)DUQDWKLDQLFKWXQWHULKQHQHQWGHFNWH ³$FKWXQJ´ULHIHLQHEHIHKOVJHZRKQWH6WLPPH³+LHUJLEWHVNHLQ%OlWWHUGDFKGDV XQVYRUIOLHJHQGHQ6FKODQJHQXQG5DXEY|JHOQVFKW]W.OHWWHUWDXIGLH.lILJHGRUWVHLG LKUYRUGHQ%HVWLHQDXVGHU/XIWVLFKHUHUDOVDXI%XUHQ7UDQVSRUWVFKHLEHQ´ 7D$PRQWHXQGLFKGUFNWHQXQVHQJHUJHJHQGHQ%DXPVWDPPXPQLFKWGXUFK =XIDOOHQWGHFNW]XZHUGHQXQGEHREDFKWHWHQGLH*HVFKHKQLVVHGXUFKGDVGLFWDWH /DXEZHUN$OOH.UDODVHQHQNOHWWHUWHQDXIGLH.lILJHXQGVWHXHUWHQGLHVHGDQQDXIGLH VFKLOOHUQGH6XPSIIOlFKHKLQDXV.DXPVFKZHEWHQVLHXQWHUIUHLHP+LPPHODOVGXUFK GHQ'XQVWULHVLJH6FKDWWHQQLHGHUVWLHHQYLHU)OXJHFKVHQPLWHLQHU)OJHOZHLWHYRQJXW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
IQI0HWHUQ'LHHUVWHYHUJLQJLP)HXHUYRQHLQHPKDOEHQ'XW]HQG%ODVWHUQNDXPGD VLHVLFKWEDUJHZRUGHQZDU%LVDXIHLQHWUDIHVDXFKGLHDQGHUHQ²XQGLKUHYHUNRKOWHQ .DGDYHUWULHEHQDXIGHP6XPSI ³'LHOHW]WH%HVWLHJHK|UWPLU´'HU$QIKUHUGHU.UDODVHQHQZDUWHWHELVGLH )OXJHFKVHQXUQRFK]ZDQ]LJ0HWHUYRULKQHQZDUXQGGLH)OJHO]XP%UHPVPDQ|YHU VSDQQWHGDQQVFKRHU(UWUDIGHQ6FKlGHOPLWGHPPlFKWLJHQ6FKQDEHOPLWHLQHP GQQHQ6WUDKOVRGDGLH(LQVFKXZXQGHQLFKW]XHUNHQQHQZDU'LHDQGHUHQ .UDODVHQHQZDUHQVLFKGHVKDOEZRKOQLFKWVLFKHURELKU$QIKUHUDXFKJHWURIIHQKDVWH (UVWDOVGLH)OXJHFKVHDQLKQHQYRUEHLWUXGHOWHXQGPLWDXVJHEUHLWHWHQ)OJHOQDXIGHQ 6XPSISODWVFKWHODFKWHQVLHEHIUHLWDXI*XWJHODXQWVFKZHEWHQVLHDXIGHQ.lILJHQ]XP GLHVVHLWLJHQ8IHUXQGYHUVFKZDQGHQ]ZLVFKHQGHQ%VFKHQRKQHGLH8PJHEXQJ JHQDX]XXQWHUVXFKHQ ,FKSDFNWH7D$UQRQWHV$UP³'DVHKHQ6LH´0HLQHDXVJHVWUHFNWH+DQGZLHV DXIGLH]XOHW]WDEJHVFKRVVHQH)OXJHFKVH(LQ)OJHOHQGHKDVWHVLFKLQGHQbVWHQGHV %DXPHVYHUIDQJHQZlKUHQGGHUDQGHUH)OJHO]XPDQGHUHQ8IHUZLHVXQGNHLQH]ZHL $UPOlQJHQGDYRUHQGHWH³-HW]WVFKDIIHQZLUHVVRJDURKQH(LQVDW]XQVHUHU $JJUHJDWJUWHO6FKQHOO´,FKNOHWWHUWHGXUFKGDV*HlVWDXIGHQ)OJHOGHUWRWHQ )OXJHFKVHKLQDXV³:LUVLQGKLQEHUEHYRUGDV%LHVWYHUVLQNW´ :LUHUUHLFKWHQGLHDQGHUH6HLWHRKQH=ZLVFKHQIDOO+LHUIKUWHZLHGHUHLQ HLQLJHUPDHQEHJHKEDUHU3IDGZHLWHU$OVHUVLFKGDQQLP6XPSIYHUORUZDUGLH 'lPPHUXQJEHUHLWVKHUHLQJHEURFKHQXQGZLUVXFKWHQLQHLQHPDXVJHK|KOWHQ%DXP 6FKXW]IUGLH1DFKW 'LHVPDOKLHOW7D$PRQWH:DFKH(UZHFNWHPLFKHUVWDOVGHUQHXH7DJ GlPPHUWHXQGHV=HLW]XP$XIEUXFKZDU ,FKIUDJWHLKQZDUXPHUVLFKQLFKWYRQPLUKDVWHDEO|VHQOHVVHQXQGHU DQWZRUWHWHGDLFKGDIUGLHQlFKVWH1DFKW:DFKHVFKLHEHQN|QQWHDXHUGHPGDXHUH GLH1DFKWDXI*DQEHUDDQQLFKWUDQJHXQGHUVWDPPHYRQHLQHP3ODQHWHQPLWHLQHU ODQJVDPHUHQ5RWDWLRQVRGDHVLKPJHQJHQXUMHGH]ZHLWH1DFKW]XVFKODIHQ,QGHU 7DWGLH7DJHXQG1lFKWHZDUHQDXI*DQEHUDDQUHODWLYNXU]DEHUREGDVGHUZLUNOLFKH *UXQGZDUZDUXP7D$PRQWHGLHJDQ]H1DFKWGXUFKJHZDFKWKDVWHEH]ZHLIHOWHLFK 6HLWGHP=ZLVFKHQIDOOPLWGHP³)DOOHQVWHOOHU´]HLJWHHUPLUVHLQ0LWUDXHQQLFKWRIIHQ DEHULFKVSUWHGDHUVHLQH6FKHXRGHUJDU$EQHLJXQJYRUPLUQRFKQLFKWDEJHOHJW KDVWH $QGLHVHP7DJNDPHQZLUQXUODQJVDPZHLWHUREZRKOXQVGLH7LHUZHOWNDXP]X VFKDIIHQPDFKWHXQGDXFKGDV*HOlQGHQLFKWXQZHJVDPHUZDU$EHUZHQQXQVGLH 'VFKXQJHOEHVWLHQLQ5XKHOLHHQZDUHQLPPHU.UDODVHQHQLQGHU1lKH=ZLVFKHQ 0RUJHQJUDXHQXQG$EHQGGlPPHUXQJVWLHHQZLUDXIVLHEHQ.UDODVHQHQNRPPDQGRV 2EGHU7UDQVSRUW]XGHQ)ROWHUVWDWLRQHQJLQJRGHUYRQGLHVHQNDPOLHVLFKQLFKWQXU DXVGHU0DUVFKULFKWXQJOHLFKWHUNHQQHQVRQGHUQDXFKDP=XVWDQGGHU*HIDQJHQHQ GHQQMHQHDXIGLHGLH)ROWHUZDUWHWHZDUHQNDXPJH]HLFKQHWGLHDQGHUHQGHP7RGH QlKHUDOVGHP/HEHQ $OVZLUXQVZLHGHUYRUHLQHP.UDODVHQHQNRPPDQGRYHUVWHFNHQPXWHQGDV ]ZHL*HIROWHUWHLQHLQHP.lILJWUDQVSRUWLHUWHVDJWH7D$PRQWH³$OOHGLHYRQGHQ )ROWHUVWDWLRQHQIRUWJHEUDFKWZHUGHQIKUWPDQGHP%OLQGHQ6RIJDUWYRU:LUG µ*HVLQQXQJVSUIXQJJHQDQQW,VWLKU:LOOHJHEURFKHQQLPPWHUVLHKlXILJEHLVLFKDXI (UNHQQWHUDEHUGDVLHLKPQRFKQLFKWK|ULJVLQGOlWHUVLHZLHGHU]XGHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
)ROWHUVWDWLRQHQVFKDIIHQ'DVJHKWVRUDQJHELVHUVHLQ=LHOHUUHLFKWKDW'LHVH 8PJHGUHKWHQVROOHQVSlWHUGLHVFKOLPPVWHQ)ROWHUNQHFKWHVHLQY|OOLJJHIKOORV´ ³6LHVLQGEHUUDVFKHQGJXWLQIRUPLHUW´VDJWHLFKDUJZ|KQLVFK ³'LH.UDODVHQHQKDEHQPLUQRFKHLQLJHVPHKUHU]lKOWZlKUHQGLFKLQGHU )ODVFKHVFKPDFKWHWH´ ³8QG]ZDU"´ (U|IIQHWHGHQ0XQGEHUOHJWHHVVLFKGDQQDEHUDQGHUV³/DVVHQZLUGDV´,FK KDVWHGDV*HIKOGDHUPLUEHLQDKHYHUUDWHQKlWWHZDUXPHUNHLQ9HUWUDXHQ]XPLU KDVWH(UEHUEUFNWHGDV6FKZHLJHQLQGHPHUVDJWH³:DUXPYHUVXFKHQZLUQLFKW HLQHPGHU.UDODVHQHQNRPPDQGRVGLUHNW]XIROJHQ"'DVZlUHGLHVLFKHUVWH$UW]X 6RIJDUWV6WW]SXQNW]XNRPPHQZHOOXQVGDQQGLH7LHUHQLFKWEHKHOOLJHQ:LUPVVHQ QXUDXISDVVHQGDZLUQLFKWHQWGHFNWZHUGHQ´ 1XU,FKVWLPPWHGHQQRFKGHP9RUVFKODJ]X$QIDQJVNRQQWHQZLUPLWGHQ .UDODVHQHQVRJDUJDQ]JXW6FKULWWKDOWHUDEHUDOVVLHGDQQDQHLQHU)ROWHUVWDWLRQ YRUEHLNDPHQPXWHQZLUGLHVHXPJHKHQXQGYHUORUHQGHQ*HIDQJHQHQWUDQVSRUWDXV GHQ$XJHQ'DHVVFKRQGXQNHUZDUVXFKWHQZLULQGHU1lKHGHU)ROWHUVWDWLRQHLQH ,QVHOLP6XPSIDXIXPGRUWGLH1DFKW]XYHUEULQJHQ=ZDUZDUWULHUGDV:HKNODJHQGHU *HIROWHUWHQHLQGULQJOLFK]XK|UHQDEHUGDIUKRIIWHQZLUGDZLU]XPLQGHVWQLFKWYRQ ZLOGHQ7LHUHQEHOlVWLJWZHUGHQZUGHQ 'LHVH1DFKWKDVWHLFK:DFKH7D$UQRQWHZHKUWHVLFKUDQJHJHJHQGLH 0GLJNHLWDEHUVFKOLHOLFKVFKOLHIHUGRFKHLQ0LFKKLHOWHQGLHIHUQHQ6FKUHLHGHU *HIDQJHQHQZDFK$OVLFKVLFKHUZDUGDGHU+RFKDGOLJHIHVWVFKOLHIVFKOLFKLFKPLFK ]XGHUEHOHXFKWHWHQ)ROWHUVWDWLRQEHLGHUHVVLFKXPHLQHWURFNHQJHOHJWH0XOGH KDQGHOWH)QI*HIDQJHQHZDUHQELV]XP.RSILP%RGHQHLQJHJUDEHQ(LQHUYRQLKQHQ VWDUEZlKUHQGLFKGLHVFKDXULJH6]HQHEHREDFKWHWH'LH.UDODVHQHQKROWHQLKQDXV GHP/RFKXQGGDVDKLFKGDVHLQ.|USHUYRQXQ]lKOLJHQJUQOLFKVFKLPPHUQGHQ :UPHUQEHIDOOHQZDU :DKUHQGGLH.UDODVHQHQVLFKXPGHQ7RWHQVFKDUWHQQXW]WHLFKGLH*HOHJHQKHLW XQGKXVFKWHLP6FKXW]GHU6WUlXFKHULQGLH0XOGH]XGHU7UDQVSRUWVFKHLEHPLWGHQ /HEHQVPLWWHOYRUUlWHQ,FKHUEHXWHWHGUHL:DVVHUIODVFKHQXQGHLQXQWHUDUPODQJHV6WFN JHWURFNQHWHV)OHLVFK2KQHYRQGHQ.UDODVHQHQEHPHUNW]XZHUGHQJHODQJWHLFK ZLHGHUDXVGHU0XOGHKHUDXVXQGGXUFKGHQ6XPSI]XXQVHUHU,QVHO 'RUWHUZDUWHWHPLFK7D$UQRQWHEHUHLWVPLWHQWVLFKHUWHP/XFFRW³+DEHLFKHVPLU GRFKJHGDFKWGD6LHPLW,KUHQ.XPSDQHQ9HUELQGXQJDXIQHKPHQZUGHQ´VDJWHHU GURKHQG³:DVKDEHQ6LHLKQHQDXIJHWUDJHQ"'DVLHXQVLP0RUJHQJUDXHQKROHQ NRPPHQVROOHQ"´ /DQJVDPJLQJPLUVHLQ0LWUDXHQDXIGLH1HUYHQXQG]XPHUVWHQ0DOPHOGHWH VLFKPHLQ([WUDVLQQLQGLHVHP=XVDPPHQKDQJ'LHVHU=XVWDQGGHVNDLWHQ.ULHJHVLVW IUGLFKXQWUDJEDU6HW]GLFKYRQ7D$PRQWHDEEHYRUHUGLFKLQV9HUGHUEHQVWU]W $EHUGDYRQZROOWHLFKQLFKWVZLVVHQGHQQLFKJODXEWHGDZLU]X]ZHLWEHVVHUH hEHUOHEHQVFKDQFHQKDWWHQ,FKZDUILKPHLQH:DVVHUIODVFKH]XXQGVDJWHXQZLUVFK ³'DWULQNHQ6LH8QGGDQQVFKODIHQ6LHZHLWHU´ 1DFKGHPHUGLH+lOIWHGHV:DVVHUVJLHULJLQVLFKKLQHLQJHVFKWWHWKDVWHOHJWH HUVLFKZLHGHUKLQW$EHULFKPHUNWHGDHUQLFKWZLUNOLFKVFKOLHIVRQGHUQVLFKQXU VFKODIHQGVWHOOWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$PQlFKVWHQ7DJYHUVXFKWHQZLUZLHGHUXQVDQHLQHQ*HIDQJHQHQWUDQVSRUW DQ]XKlQJHQGHUYRQLUJHQGHLQHU)ROWHUVWDWLRQNDP$EHUZLUNRQQWHQPLWGHQ .UDODVHQHQDXI'DXHUQLFKW6FKULWWKDOWHQZHOOZLUQLFKWVRDXVJHUXKWXQGEHL.UlIWHQ ZDUHQZLHVLH,PPHUKLQNRQQWHQZLUGHP*HIDQJHQHQWUDQVSRUWELV0LWWDJIROJHQDEHU GDQQYHUORUHQZLULKQDXVGHQ$XJHQGHU1HEHOZXUGHZLHGHUGLFKWHUVRGDGHU3IDG NDXPQRFKDXV]XPDFKHQZDUXQGEDOGK|UWHQZLUDXFKQLFKWVPHKU :LUPDFKWHQHLQHNXU]H5DVWXQGVHW]WHQGDQQXQVHUHQ:HJIRUW'LH6WUDSD]HQ PDFKWHQVLFKLPPHUGHXWOLFKHUEHPHUNEDU7URW]*UDYRQHXWUDOLVDWRUZDUHQPHLQH%HLQH VRVFKZHUGDLFKVLHNDXPPHKUEHZHJHQNRQQWH$OVLFK7D$PRQWHYRUPLUSO|W]OLFK WDXPHOQVDKJODXEWHLFKGDHUHLQHQ6FKZlFKHDQIDOOHUOLWWHQKDVWH,FKVSUDQJVRIRUW KLQ]XXP]XYHUKLQGHUQGDHULQGHQ6XPSIVWU]WH'RFKNDXPKDVWHLFKLKQXQWHU GHQ$UPHQJHSDFNWGDVFKZLQGHOWHPLU 6XPSIJDVZDUQWHPHLQ([WUDVLQQ,FKKLHOWVRIRUWGHQ$WHPDQXQGKRIIWHGD LFKQRFKJHQJHQG.UDIWEHVDXPPLFKXQG7D$PRQWHDXVGHU*HIDKUHQ]RQH]X VFKOHSSHQ,UJHQGZLHVFKDIIWHLFKHVDXFKGHQQDOVLFKGHP'UDQJ$WHP]XKROHQ QLFKWPHKUZLGHUVWHKHQNRQQWHIOOWHQVLFKPHLQH/XQJHQQLFKWPLWJLIWLJHQ*DVHQ VRQGHUQPLW/XIW1RFKQLHZDUPLUGLHVWLFNLJH'VFKXQJHOOXIWVRKHUUOLFKZLHLQGLHVHP $XJHQEOLFNYRUJHNRPPHQ,FKJ|QQWHPLUDEHUQXUHLQHNXU]H$WHPSDXVH]RJGHQ7D ]XHLQHPXPJHVWU]WHQ%DXPVWDPPXQGKRELKQGDUDXI $OVHUZLHGHU]XVLFKNDPQlKHUWHVLFKHLQ.UDODVHQHQNRPPDQGR,FKOHJWHLKP GLH+DQGDXIGHQ0XQGXQGUXWVFKWHPLWLKPKLQWHUGHP6WDPPLQ'HFNXQJ'HU *HIDQJHQHQWUDQVSRUWEHVWDQGDXVQHXQ.UDODVHQHQXQGGUHL.lILJHQLQGHQHQVLFKIQI )UHPGZHVHQEHIDQGHQ'LH.UDODVHQHQWUXJHQ6DXHUVWRIIPDVNHQGLH)UHPGZHVHQ ODJHQEHZHJXQJVORVLQLKUHQ.lILJHQ:DKUVFKHLQOLFKKDVWHQVLHGDV%HZXWVHLQ YHUORUHQGHQQZlUHGDV6XPSIJDVW|GOLFKJHZHVHQKlWWHQGLH.UDODVHQHQGLHVHV *HELHWVLFKHUJHPLHGHQ 1DFKGHPVLHDQXQVYRUEHLZDUHQQDKPHQVLHLKUH$WHPPDVNHQDWH ³9HUGDPPW´IOXFKWHHLQHUYRQLKQHQ³(EHQKDVWHQZLUQRFKIHVWHQ%RGHQXQWHUGHQ )HQXQGMHW]WVLQGZLUPLWWHQLP6XPSI´ 7D$PRQWHXQGLFKVDKHQXQVDQ³+DEHQ6LHJHK|UW"´IUDJWHLFKQDFKGHPGLH .UDODVHQHQDXHU+|UZHLWHZDUHQ³2IIHQEDUKDEHQZLUGHQ6XPSIEDOGHQGJOWLJKLQWHU XQV+LHULVWGLH6XPSIOK|OOH]X(QGH´ ³*ODXEHQ6LHQXUQLFKWDOOHV:HLWHUHVHLQXUHLQ6SD]LHUJDQJ:LUKDEHQHVQRFK UDQJHQLFKWJHVFKDIIW´ ³$EHUZLUZHUGHQHVVFKDIIHQ´VDJWHLFK]XYHUVLFKWOLFK :LUVFKOHSSWHQXQVZHLWHUYRUMHGHP6FKULWWSUIHQGREGLH/XIWZLUNOLFKDWHPEDU ZDU ³8QGZLHVRLOHVZHLWHUJHKHQZHQQZLUGDV6HSXONRUYDWHUUHLFKWKDEHQ"´IUDJWH 7D$PRQWHLUJHQGZDQQ³:DVZROOHQ6LHGRUWEHUKDXSW"´ ³'DVZLUGVLFKQRFK]HLJHQ=XHUVWPVVHQZLUHLQPDOLQGHQ6WW]SXQNW HLQGULQJHQGDQQVHKHQZLUZHLWHU´ ³8QGZLHGHQNHQ6LHVLFKGDV"´ ³.|QQHQ6LHVLFKXQVDOV.UDODVHQHQYRUVWHOOHQ)UVW"´ ³6LHZROOHQ"´(UYROOHQGHWHGHQ6DW]QLFKWXQGVDKPLFKQDFKGHQNOLFKDQ ³6ROOHQZLUHLQHQ*HIDQJHQHQWUDQVSRUWEHUIDOOHQ"'DVLVWKHOOHU:DKQVLQQ´ ³:LUN|QQHQQXUJHZLQQHQ=XYHUOLHUHQKDEHQZLUQLFKWVPHKU´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'DVHUVWH.UDODVHQHQNRPPDQGRGDVZLUEHREDFKWHWHQPXWHQZLU YRUEHL]LHKHQOHVVHQ(VZDUHQDFKW0DQQ=XYLHOH*HJHQ$EHQGQlKHUWHQVLFKDXV GHP6XPSIZDOG*HUlXVFKH:LUJLQJHQLKQHQHQWJHJHQXQGVWLHHQDXIYLHU .UDODVHQHQGLH]ZHL.lILJHPLW]ZHL*HIDQJHQHQEHLVLFKKDWWHQ(VKDQGHOWHVLFKXP ]ZHL)UHPGZHVHQGLHYHUVFKLHGHQHQ9|ONHUQDQJHK|UWHQ :lKUHQGLFKGDVHLQH)UHPGZHVHQDOVHLQHQURWKlXWLJHQ.RUPDQHQDXVGHP YRQPHLQHP\RONHUREHUWHQ.UDPRQJ6\VWHPHUNDQQWHJHK|UWHGDVDQGHUHHLQHUPLU XQEHNDQQWHQ6SH]LHVDQ(VZDUXQEHNOHLGHWK|FKVWHQVHLQHQKDOEHQ0HWHUJUR KDVWHJUDXVFKLPPHUQGH6FKXSSHQXQGUDQJHEHZHJOLFKZLUNHQGH*OLHGHU6HLQ *HVLFKWHULQQHUWHPLFKLUJHQGZLHDQGHQ)UHPGHQGHUPLUGDV/HEHQJHUHWWHWKDVWH 'DVKHLWDXFKGLHVHV:HVHQKDVWHNHLQ*HVLFKWLPEOLFKHQ6LQQVRQGHUQQXU]ZHL JURHVWDUUH$XJHQXQGDQVWHOOHDQGHUHU6LQQHVRUJDQH)lOWFKHQGLHLQVWlQGLJHU %HZHJXQJZDUHQ ³'LHVPDOVFKODJHQZLU]X7D$PRQWH´VDJWHLFKJULPPLJ³0LWYLHU.UDODVHQHQ ZHUGHQZLUIHUWLJ:LUJHKHQZLHYHUDEUHGHWYRU,FKEHUQHKPHGLH5ROOHGHV.|GHUV´ ³6HLHQ6LHYRUVLFKWLJ´ ,FKOlFKHOWH]XYHUVLFKWOLFK³'LH.UDODVHQHQZHUGHQPLFKOHEHQGKDEHQZROOHQ´ 'HU.UDODVHQHQWUXSSZDUQRFKYLHU]LJ0HWHUYRQXQVHQWIHUQWLQGHQ$XVOlXIHUQ GHV6XPSIZDOGHV7D$PRQWHNOHWWHUWHDXIHLQHQ%DXPXQGYHUEDUJVLFKKLQWHUHLQHU $VWJDEHO,FKZDUWHWHQRFKELVGLH.UDODVHQHQQlKHUJHNRPPHQZDUHQGDQQEUDFKLFK DXVGHQ%VFKHQKHUYRU,FKWDWDOVYHUOLHHQPLFKGLH.UlIWHILHOKLQUDSSHOWHPLFK QRFKHLQPDODXIXQGWDXPHOWHGDQQZHLWHU$OVLFKGLH.UDODVHQHQ$ODUPVFKODJHQ K|UWHOLHLFKPLFKIDOOHQ,PPHUKLQNRQQWHHVVHLQGDHLQHUYRQLKQHQGLH1HUYHQ YHUORUXQGGDV)HXHUDXIPLFKHU|IIQHWH³+HZHULVWGHQQGDV"´K|UWHLFKHLQHQYRQ LKQHQUXIHQ6FKULWWHNDPHQQlKHU,FKEOLHEEHZHJXQJVORVOLHJHQ³'DVN|QQWHHLQHU GHUEHLGHQ*HIORKHQHQVHLQ´ ³9RUVLFKW:LUZLVVHQGDVLHEHZDIIQHWVLQG´ ³'HPGDQW]WHLQH:DIIHQLFKWVPHKU'HUKDWQLFKWHLQPDOPHKUGLH.UDIWGHQ )LQJHUXPGHQ$E]XJ]XNUPPHQ´ ³$EHUHUKDWHLQHQ.RPSOL]HQ´ -HPDQGODFWDWHUDXK³(VLVWVFKRQHLQ:XQGHUGDHLQHUGHUEHLGHQVRZHLW JHNRPPHQLVW´ ³.HLQHQ/HLFKWVLQQ%OHLEWWULHU]XUFN,FKVHLQHPLUGHQ%XUVFKHQHLQPDO JHQDXHUDQ´ 'LH6FKULWWHHLQHUHLQ]HOQHQ3HUVRQQlKHUWHQVLFK,FKYHUKLHOWPLFKYROONRPPHQ VWLOO+RIIHQWOLFKEOLHE7D$PRQWHELV]XOHW]WLQ'HFNXQJGHQQVRQVWZDULFKYHUORUHQ 'LHDQGHUHQGUHL.UDODVHQHQEHKLHOWHQVLFKHUOLFKGLH8PJHEXQJLP$XJH'LH6FKULWWH VWRSSWHQ-HPDQGEFNWHVLFKXQGGUHKWHPLFKDXIGHQ5FNHQ'LH$XJHQGHV .UDODVHQHQZHLWHWHQVLFKYRUhEHUUDVFKXQJDOVHULQJOKHQGH0QGXQJPHLQHV7 EOLFNWHGHQLFKXQWHUPHLQHP.|USHUYHUERUJHQJHKDOWHQKDVWH0HLQH$EVLFKWZDU JHZHVHQLKQEHUUDVFKHQG]XHQWZDIIQHQXQGDOV*HLVHO]XQHKPHQXPDXFKGLH DQGHUHQ]XU$XIJDEH]X]ZLQJHQ'HU7DVROOWHPHLQHQ)RUGHUXQJHQ1DFKGUXFN YHUOHLKHQ $EHUHVNDPDOOHVJDQ]DQGHUV'HU.UDODVHQHVFKULHHLQH:DUQXQJ'DVFKR LFKEHYRUHUHVNRQQWH(UNLSSWHODQJVDPDXIPLFK]X,FKURXWHPLFK]XU6HLWHXQG VFKRLQGLH5LFKWXQJLQGHUGLHDQGHUHQ.UDODVHQHQVWDQGHU(LQHUYRQLKQHQVDQN
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
EHUHLWVPLWHLQHPKlOLFKHQVFKZDU]HQ/RFKLQGHU%UXVWDXIGLH.QLH(LQDQGHUHU EUDFK]XVDPPHQZlKUHQGHUGLH$VWJDEHOEHLGHUVLFK7D$PRQWHYHUERUJHQKDVWH XQWHU%HVFKXQDKP'HUOHW]WH.UDODVHQHIHXHUWHLQPHLQH5LFKWXQJWUDIDEHUQXU VHLQHQWRWHQ.DPHUDGHQ,FKVFKRQXUHLQHQNXU]HQDEHUJXWJH]LHOWHQ7KHUPRVWUDKO DWH0LWHLQHPYHUNRKOWHQ/RFKLQGHU6WLUQEUDFKGHUOHW]WH*HJQHUWRW]XVDPPHQ'HU .DPSIKDVWHQXUZHQLJH$XJHQEOLFNHJHGDXHUW,FKXQWHUVXFKWHGLH.UDODVHQHQ$OOH YLHUZDUHQWRW 7D$PRQWHNOHWWHUWHYRP%DXP³'RQQHUZHWWHU´VDJWHHUDOVHUGLH$XVUVWXQJ GHU.UDODVHQHQXQWHUVXFKWH³'LHKDEHQ/HEHQVPLWWHOYRUUlWHIUHLQH3HULRGH(V VFKHLQWIDVWDOVKlWWHQVLHHLQHOlQJHUH([SHGLWLRQJHSODQW´ ³$EHUVLHZDUHQ]X6RIJDUWV6WW]SXQNWXQWHUZHJV´ ³6SLHOWDXFKNHLQH5ROOH´YHUVHW]WHHUJOHLFKJOWLJ(UZLUNWH]XIULHGHQXQGVR HUOHLFKWHUWDOVKlWWHLKPMHPDQGHLQHJURH%UGHDEJHQRPPHQ³0LWGHU$XVUVWXQJ VFKDIIHQZLUHVELV]X6RIJDUWV6WW]SXQNW-HGHUYRQLKQHQKDWHLQHQ$QWLJUDYJUWHO VDPW0LNUR*UDYRDEVRUEHU²XQGJHQJHQG6SHLFKHU]HOOHQ´ 'DGLHYLHU.UDODVHQHQHLQHXQJHZ|KQOLFKXPIDQJUHLFKH$XVUVWXQJ GDEHLKDWWHQJDEPLU]XGHQNHQ,FKUXQ]HOWHGLH6WLUQ³,FKJODXEHQLFKWGDHVVLFK WULHUXPHLQHQJHZ|KQOLFKHQ*HIDQJHQHQWUDQVSRUWJHKDQGHOWKDW´ ³:DVVW|UW6LH:HUERW",FKNDQQQLFKWV$XHUJHZ|KQOLFKHVHQWGHFNHQ0LU HUVFKHLQWGDVJDQ]HLQGHXWLJ'LHEHLGHQ*HIDQJHQHQVROOWHQYRQHLQHUGHU )ROWHUVWDWLRQHQ]X6RIJDUWJHEUDFKWZHUGHQ´ ,FKPXVWHUWHGDV:HVHQGDVPLFKDQGHQ)UHPGHQHULQQHUWH(VZDUVRNOHLQ GDHVDXIUHFKWLQVHLQHP.lILJVWHKHQNRQQWHXQGKLHOWVLFKDQ]ZHL*LWWHUVWlEHQIHVV $XIPHUNVDPEOLFNWHHVPLWVHLQHQJURHQJHOEHQ$XJHQ]XXQVKHUEHU³'HUHLQH *HIDQJHQHPDFKWHLQHQXQJHZ|KQOLFKIULVFKHQ(LQGUXFN´,FKJLQJ]XGHQ.lILJHQGLH DP6XPSIUDQGQHEHQHLQDQGHUGLFKWEHUGHP%RGHQVFKZHEWHQ³:XUGHHUEHUKDXSW JHIROWHUW"´ 'HUURWKlXWLJH.RUPDQHUKUWHVLFKQLFKWHUKDVWHGDV%HZXWVHLQYHUORUHQ9RQ LKPZUGHQZLUQLFKWVHUIDKUHQ,FKZDQGWHPLFKGHP)UHPGZHVHQ]X³6LHKDEHQ QLFKWVYRQXQV]XEHIUFKWHQ0HLQ)UHXQGXQGLFKZDUHQVHOEVW*HIDQJHQHGHU .UDODVHQHQXQGN|QQHQXQVYRUVWHOOHQZDV6LHGXUFKJHPDFKWKDEHQ:LUKDEHQ GLHVHQhEHUIDOOQXULQV]HQLHUWXPXQVGLH8QLIRUPHQXQGGLH$XVUVWXQJ]XEHVFKDIIHQ :HQQ6LHZROOHQOHVVHQZLU6LHIUHW6LHN|QQHQPLWXQVNRPPHQ´ 'DV)UHPGZHVHQKDVWHPLUDXIPHUNVDP]XJHK|UW,FKEHIUFKWHWHVFKRQGDHV NHLQ6DWURQYHUVWDQG'DHVDEHUDXFKVHLQNRQQWHGDGHU)UHPGHQXUXQWHU 6FKRFNHLQZLUNXQJVWDQGIXKULFKIRUW³0HLQ1DPHLVW6DWDJR:HUERW8QGPHLQ %HJOHLWHUKHLW.HOHVH7D$PRQWH:LUKDEHQXQVVHLW7DJHQGXUFKGLHVH:LOGQLV JHVFKODJHQ²XQGZLUOHEHQQRFKLPPHU(VLVWDOVRJDUQLFKWVRGDPDQDXI *DQEHUDDQNHLQHhEHUOHEHQVFKDQFHQKDW:HUVLQG6LH"´ ³1HQQHQ6LHPLFK0LQJRU´VDJWHHUPLWGHUJOHLFKHQJXWWXUDOHQ6WLPPHZLHGHU )UHPGHGHUPLFKYRQGHP6FKODQJHQELJHKHLOWKDVWH³,FKELQHLQ9XOWKHU²XQGLFK N|QQWH6LHIUGDVZDV6LHJHWDQKDEHQW|WHQ´ 'LHVH5HDNWLRQEHUUDVFKWHPLFK³:DUXPZROOHQVLH"´ ³:DVQW]WPLUGLH)UHLKHLWDXIGLHVHU:HOW"´HUZLGHUWHHUYHUlFKWOLFK³$OV *HIDQJHQHUZDULFKYRUGLHVHUP|UGHULVFKHQ7LHUZHOWVLFKHU9RQGHQ.UDODVHQHQKDVWH LFKQLFKWV]XEHIUFKWHQ$EHULFKZHLQLFKWZLHLFKEHL,KQHQGUDQELQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³:DVZROOHQ6LHGDPLWVDJHQ"´ 'LH*HVLFKWVIXUFKHQGHV9XOWKHUVNUlXVHOWHQVLFKXQGDXVGHQ6SUHFKIDOWHQ XQWHUKDOEGHV.LQQVDQWZRUWHWHHUVS|WWLVFK³:HUJDUDQWLHUWPLUGD6LHQLFKWGHU 6HHOHQIlQJHUVLQG"´ 'HU6HHOHQIlQJHU'LHVH8PVFKUHLEXQJKDVWHLFKVFKRQHLQPDOJHK|UWXQGLFK KDVWHSO|W]OLFKGHQXQEHVWLPPWHQ9HUGDFKWGDGHUGLHJDQ]H=HLWEHULQ7D$PRQWHV .RSIKHUXPJHVSXNWZDU³6LHVSUHFKHQLQ5lWVHOQ0LQJRU:DVPHLQHQ6LHPLW 6HHOHQIlQJHU",FKNDQQPLUQLFKWVGDUXQWHUYRUVWHOOHQ´ ³:LUNOLFKQLFKW"'DVN|QQHQ6LHPLUQLFKWHU]lKOHQ:HQQ6LHLQ*HIDQJHQVFKDIW ZDUHQPVVHQ6LHYRP6HHOHQIlQJHUJHK|UWKDEHQ'LH.UDODVHQHQOHVVHQNHLQHQ EHUGHVVHQ([LVWHQ]LPXQNODUHQ8QGLFKJODXEHGHQ(U]lKOXQJHQ:HPGLH)OXFKW JHOLQJWIlOOWHQWZHGHUGHQZLOGHQ7LHUHQRGHUGHP6XPSI]XP2SIHU$EHUVHOEVWZHQQ MHPDQGDOOH*HIDKUHQEHUVWHKWNDQQHUVLFKHUVHLQGDHUVLFKVHLQHU)UHLKHLWXQG VHLQHV/HEHQVQLFKWUDQJHHUIUHXW,UJHQGZDQQZLUGHUDXIGHQ6HHOHQIlQJHUWUHIIHQ² XQGGDVLVWJOHLFKEHGHXWHQGPLWGHP7RG´ ,FKKDVWHGHQ:RUWHQLQWHUHVVLHUWJHODXVFKW$OVHUHQGHWHZDQGWHLFKPLFKDQ 7D$PRQWH³+DEHQ6LHVFKRQYRQGHP6HHOHQIlQJHUJHK|UW"´ (UZLFKPHLQHP7KLFNDXV³$QIDQJVKDEHLFK6LHGDIUJHKDOWHQ$EHUMHW]WELQ LFKVLFKHUGD6LHHVQLFKWVHLQN|QQHQ6LHKDVWHQVFKRQXQ]lKOLJH0DOH*HOHJHQKHLW PLUGDV/HEHQ]XQHKPHQ$EHUVWDWVGHVVHQKDEHQ6LHPLWPLUJHJHQGLH.UDODVHQHQ JHNlPSIW´(UZDQGWHVLFKDQGHQ9XOWKHU³:HUERWLVWEHVWLPPWQLFKWGHU6HHOHQIlQJHU 'DIUYHUEUJHLFKPLFK´ ³0DJVHLQ´0LQJRUEOLHEXQEHHLQGUXFNW³$EHULFKELQHXFKWURW]GHPQLFKW GDQNEDU(LQ/HEHQLQGHU*HIDQJHQVFKDIWLVWLPPHUQRFKEHVVHUDOVLQ)UHLKHLW]X VWHUEHQ'HVKDOEYHUIOXFKHLFKHXFK´ ³*HQXJ´XQWHUEUDFKLFKLKQ³:LUN|QQHQHVXQVQLFKWOHLVWHQUDQJH5HGHQ]X KDOWHU6ROOWHXQVWULHUHLQ.UDODVHQHQNRPPDQGREHUUDVFKHQZDUDOOHVXPVRQVW .RPPHQ6LH7DEHVHLWLJHQZLUHUVWHLQPDOGLH/HLFKHQ´ $OVZLUXQVDXHU+|UZHLWHGHV*HIDQJHQHQEHIDQGHQVDJWHGHU)UVW VRUJHQYROO³,FKIUFKWHGDXQVGHU9XOWKHUQRFK6FKZLHULJNHLWHQPDFKHQZLUG´ ,FKKDVWHGLHJOHLFKHQ%HIUFKWXQJHQVDJWHMHGRFK³(VZLUGVLFKVFKRQHLQH /|VXQJGLHVHV3UREOHPVILQGHQ=XHUVWPVVHQZLUDEHUDOOHYHUGlFKWLJHQ6SXUHQ YHUZLVFKHQ´ ³'D]XJHK|UWDXFKGHU9XOWKHU´VDJWHHUJHGHKQW ³'DYRQZLOOLFKQLFKWVK|UHQ´KHUUVFKWHLFKLKQVFKlUIHUDQDOVHVPHLQH$EVLFKW ZDU (UEOLHESO|W]OLFKVWHKHQXQGVDKPLUIHVWLQGLH$XJHQ³7XWPLUOHLGGDLFK6LH YHUGlFKWLJWH:HUERW,FKZXWHQLFKWPHKUEHUGHQ6HHOHQIlQJHUDOVGDHUVLFKGHU HQWIORKHQHQ*HIDQJHQHQDQQLPPWXQGVLHGDQQ]XU6WUHFNHEULQJV$EHU,KU9HUKDOWHQ KDWPLUJH]HLJWGD6LHHVXQP|JOLFKVHLQN|QQHQ)UHXQGH6DWDJR"´ ³)UHXQGH.HOHVH´,FKHUJULIIGLHGDUJHERWHQH+DQGPLWIHVWHP*ULII'DQQ NPPHUWHQZLUXQVXPGLH7RWHQ(LQHQGHUHWZDPHLQH6WDWXUXQG*U|HKDVWH]RJ LFKDXV,FKHQWOHGLJWHPLFKPHLQHU/XPSHQZLFNHOWHVLHXPGHQ/HLFKQDPXQGVWUHLIWH GLH8QLIRUPEHU6LHSDWHSDVVDEHOZHQQJOHLFKVLHLQGHQ6FKXOWHUQHWZDV]ZLFNWH .HOHVHZDUVFKOHFKWHUGUDQ'LHDQGHUHQ.UDODVHQHQZDUHQYRQNOHLQHUHP:XFKVVR GDGHU+RFKHGOHNHLQHSDVVHQGH8QLIRUPIHQG'HQQRFK]ZlQJWHHUVLFKLQHLQH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
KLQHLQQDFKGHPHUPLWGHP9LEUDWRUPHVVHUHLQLJH1lKWHDXIJHWUHQQWKDVWH $QVFKOLHHQGVFKOHSSWHQZLUGLH/HLFKHQ]XP6XPSIXQGYHUVHQNWHQVLH .HOHVHEOLFNWHPLFKXQVLFKHUDQ³:LOOVWGXLPPHUQRFKLQGHU9HUNOHLGXQJHLQHV .UDODVHQHQLQGHQ6WW]SXQNWHLQGULQJHQ"´ ³:DUXPVROOWHLFKPHLQHQ(QWVFKOXlQGHUQ":LUKDEHQJDUNHLQHDQGHUH:DKO +DVWGXHVGLUHWZDLQ]ZLVFKHQDQGHUVEHUOHJW"´ (UVFKWWHOWHGHQ.RSI³,FKVFKOLHHPLFKGLUDQ,FKIUFKWHQXUGDHVDXIIDOOHQ ZLUGZHQQZLUPLW]ZHL.lILJHQDQJHUFNWNRPPHQ%HLDOLHQ*HIDQJHQHQWUDQVSRUWHQ JDEHVIUMHGHQ.lILJHLQH(VNRUWHYRQPLQGHVWHQV]ZHL0DQQ´ ³'DQQZLUG0LQJRUHEHQ]XGHP.RUPDQHQXPVWHLJHQ´VDJWHLFKHQWVFKORVVHQ ³XQGZLUJHKHQPLWQXUHLQHP.lILJZHLWHU´ ³$EHUZDVZHQQXQVGHU9XOWKHUYHUUlW",FKWUDXHLKPGDV]X´ ³,FKVSUHFKHQRFKHLQPDOPLWLKP´'HU.RUPDQHZDULPPHUQRFKRKQH %HVLQQXQJZlKUHQGGHU9XOWKHUIULVFKZLUNWH'DVZDU]LHPOLFKXQJHZ|KQOLFKZHQQLFK EHGDFKWHGDHUDQJHEOLFKYRQHLQHU)ROWHUVWDWLRQNDP6HLQHJURHQJHOEHQ$XJHQ VWDUUWHQPLFKDXVGUXFNVORVDQDOVLFKPLFKYRULKQKLQVWHOOWHXQGGHQ6WUDKOHU]RJ³,FK ELQGDIUGDZLU.ODUWH[WUHGHQ0LQJRU(QWZHGHU6LHVFKOLHHQVLFKXQVDQRGHU6LH KDEHQGLH.RQVHTXHQ]HQ]XWUDJHQ´ (UZLFKHLQHQ6FKULWW]XUFN³6LHZHUGHQPLFKQLFKWZLHHLQZLOGHV7LHU DENQDOOHQ:HUERW´ ³6XFKHQ6LHHVVLFKDXV´HQWJHJQHWHLFKEHWRQWNDOWVFKQlX]LJXQGKREGHQ +RFKHQHUJLH/XFFRW³6ROOWHQ6LHQLFKW]XU=XVDPPHQDUEHLWEHUHIWVHLQN|QQHQZLU6LH QLFKWPLWQHKPHQ'HVKDOELVWHVJQlGLJHU6LH]XHUVFKLHHQDOV6LHKLOIORVLQGLHVHU :LOGQLVDXV]XVHW]HQ´ ³1LFKW´ULHIHUHQWVHW]W³,FKKDEHHVPLUDQGHUVEHUOHJW6LHN|QQHQDXIPLFK ]lKOHQ´ ³3O|W]OLFKHU*HVLQQXQJVZHFKVHO"´ (UGHXWHWHDXIPHLQH:DIIH³6LHKDEHQHLQVHKUJXWHV$UJXPHQWLQGHU+DQG´ VDJWHHUPLWYHUEOIIHQGHU2IIHQKHLW³'DUEHUKLQDXVNDQQHVPLUHJDOVHLQRELFKYRQ .UDODVHQHQRGHUYRQHXFKEHVFKW]WZHUGH²LKUKDEWMDMHW]WLKUH$XVUVWXQJ´ ³6HKUZHLVH0LQJRU´ ³,FKKlQJHVFKOLHOLFKDP/HEHQ´ ³'DVVROOWHQ6LHZHLWHUKLQ6LHKDEHQYHUVSLHOWZHQQ6LHXQV]XYHUUDWHQ YHUVXFKHQ'HQNHQ6LHLPPHUGDUDQ´ ³'DVZHUGHLFK´(UJDEHLQ*HUlXVFKYRQVLFKGDVZRKOHLQ/DFKHQVHLQVROOWH ³:HQQPDQ6LHVRUHGHQK|UW$UNRQLGHN|QQWHPDQJODXEHQGD6LHPLFKIUHLQHQ 9HUEQGHWHQGHU.UDODVHQHQXQGQLFKWIUHLQHVLKUHU2SIHUKDOWHQ´ ³'DVPVVHQ6LHVLFK,KUHPVHOWVDPHQ9HUKDOWHQ]XVFKUHLEHQ,PPHUKLQVLQG 6LHLQEOHQGHQGHU9HUIDVVXQJ6LHVHKHQQLFKWDXVDOVKlWWHPDQ6LHJHIROWHUW´ ³'DVKDEHLFKDXFKQLFKWEHKDXSWHW:ROOHQ6LHPHLQH*HVFKLFKWHK|UHQ"´ ,FKZLQNWHDWH³6SlWHU´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$XV9DGHPHFXPIUGHQJHELOGHWHQ LQWHUHVVLUWHQ6WHPHQUH\VHQGHQGHQGHV ,,,-DKUPLOOHQQLXPVYHUIDWEHELOGHUW KHUDXVJHJHEHQYRQ([F5KDP6¶UHZH7LOJHW ,VKWDU 8QWHUGHQ5DVVHQGHUXQVEHNDQQWHQ0LOFKVWUDH]HLFKQHWVLFKGLH DUNKRQLGLVFKHGXUFKHLQDEVWUXVHV6DPPHOVXULXPDQXUDOWHQLQLKUHU%L]DUUKHLWGHQ *HELOGHWHQ]XZHLOHQHUKHLWHUQGHQ*HEUlXFKHQXQG6LWWHQDXVGHUHQ+HUNXQIWXQG HLJHQWOLFKHU6LQQYLHOHQ$UNKRQLGHQVHOEVWOlQJVWXQEHNDQQWRGHUJDUXQZLFKWLJJHZRUGHQ VLQG 'DV6WXGLXPVROFKHU.XULRVDREZRKODXIZHQGLJXQG]HLWUDXEHQGHLJQHWVLFK LQGHDXHURUGHQWOLFKGHU0RQRWKRQLHHLQHUODQJHQ5H\VH]XEHJHJQHQ'HQ LQWHUHVVLUWHQ/HVHUYHUZHLVHQZLUKLHUPLWDXIGLH³$UNRQ7DJHEFKHU´YRQ7DXDXJDO 5LELQLGHPVHLQHLPPHQVH&ROOHFWLRQGHU0HKLQGD0XVWHUQHEVWVHLQHP VSULFKZ|UWOLFKHQ6QRELVPXVGHQ=XWULWWLQGLHK|FKVWHOLWlUHQ.UHLVHGHVDUNKRQLGLVFKHQ $GHOVJHVWDWWHWHQ²EH]H\FKQHQGIULKQDXFKGDHUHLQHQPHKUZ|FKHQWOLFKHQ $XIHQWKDOWDXIGHU8UZHOW*DQEHUDDQGHQKLVWRULVFK*HELOGHWHQDOV³)ROWHUZHOWGHV %OLQGHQ6RIJDUW´JHOlXILJ DOV³HUILLVFKHQGHQ8UODXE´XPVFKULHE *DQEHUDDQ3UDJRGHV7HGDUGD$UN 7URW]GHV.lILJVNDPHQZLUQXQYLHOUDVFKHUYRUZlUWVGDZLURKQH+HPPXQJGLH $QWLJUDYJHUlWHXQVHUHU*UWHOEHQXW]WHQXQGGLHHUEHXWHWHQ6SUHFKIXQNJHUlWHZDUHQ QHEHQGHUHEHQIDOOVJHIXQGHQHQ.DUWHIUXQVHLQIDFKXQEH]DKOEDU:LUK|UWHQGLH )XQNVSUFKHDEXQGNRQQWHQGHQVWDUNHU6HQGHUYRQ6RIJDUWV6HSXONRUYDW6WW]SXQNW DQSHLOHQ:LUZDUHQDXIGHPULFKWLJHQ:HJ $XVGHQ)XQNVSUFKHQGLH]ZLVFKHQGHP6WW]SXQNWGHP5DXPKDIHQGHQ YLHOHQ)ROWHUVWDWLRQHQXQGGHQ*HIDQJHQHQWUDQVSRUWHQDXVJHWDXVFKWZXUGHQHUIXKUHQ ZLUDOOHUGLQJVQLFKWV:LFKWLJHV(VJLQJGDULQKDXSWVlFKOLFKXPRUJDQLVDWRULVFKH 3UREOHPH)ROWHUVWDWLRQHQIRUGHUWHQ9HUSIOHJXQJXQG$XVUVWXQJDQPHOGHWHQGHQ7RG YRQ*HIDQJHQHQRGHUGHUHQ³/lXWHUXQJ´GLH=HQWUDOHULHI.RPPDQGRVYRQGHQ )ROWHUVWDWLRQHQDWHIRUGHUWH*HIDQJHQH]XU*HVLQQXQJVSUIXQJDQXQGJDE 9HUKDOWHQVPDUHJHOQ =XPHLQHP(UVWDXQHQZXUGHLQNHLQHU0HOGXQJDXIPLFKRGHU.HOHVH HLQJHJDQJHQ,QVJHKHLPKDVWHLFKJHKRIIORGHUJHIUFKWHWGDXQWHUGHQXQ]lKOLJHQ 1DPHQDXFKGHUYRQ)DUQDWKLDJHQDQQWZHUGHQZUGH$EHUGDVZDUQLFKWGHU)DOO² XQGLFKHPSIDQGDP(QGHGRFK(UOHLFKWHUXQJGDUEHU6RKDVWHLFKZHQLJVWHQVQRFK GLH+RIIQXQJGDVLHQLFKW]XHLQHUGHU)ROWHUVWDWLRQHQJHVFKLFNWZRUGHQZDU'DVZDU QDWUOLFKNHLQ%HZHLVGDIUGDGHU%OLQGH6RIJDUWVLHELVKHULQ5XKHJHODVVHQKDVWH 6FKOLHOLFKNRQQWHHUVLFKLKUHUDXFKLQQHUKDOEVHLQHV6WW]SXQNWHVDQQHKPHQ,FK YHUVXFKWHQLFKWGDUDQ]XGHQNHQXQGHUNXQGLJWHPLFKEHL0LQJRU³,VWHVQLFKWEOLFK GDGLH*HIDQJHQHQWUDQVSRUWHYRQ=HLW]X=HLWLKUH3RVLWLRQDQGLH=HQWUDOH GXUFKJHEHQ"´ ³(LQHGHUDUWLJH9RUVFKULIWEHVWHKWQLFKW²]XPLQGHVWQLFKWLQXQVHUHP)DOO8QVHUH %HZDFKHUKDEHQVLFKZlKUHQGGHVJDQ]HQ7UDQVSRUWVNHLQHLQ]LJHV0DOPLWGHU =HQWUDOHLQ9HUELQGXQJJHVHW]W8QGELVMHW]WZDUHQZLULPPHUKLQVFKRQ]ZDQ]LJ7DJH XQWHUZHJV´ ,FKZROOWHLKQVFKRQIUDJHQREHUDXIHLQHUVRHQWOHJHQHQ)ROWHUVWDWLRQJHZHVHQ ZDUGDVLH]ZDQ]LJ7DJHELVKLHUKHUEUDXFKWHQ'RFKGDQQHULQQHUWHLFKPLFKVHLQHU $XVVDJHGDHUEHUKDXSWQLFKWJHIROWHUWZRUGHQZDUXQGEHVFKORLKQVSlWHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
JHQDXHUGDUEHUDXV]XIUDJHQ0LQJRUZDUMHGHQIDOOVGHUVHOWVDPVWH*HIDQJHQHGHUPLU ELVKHUDXI*DQEHUDDQXQWHUJHNRPPHQZDU'HU.RUPDQHGDJHJHQHQWVSUDFKHLQHP QRUPDOHQ*HIROWHUWHQHUKDWWHDP.|USHUXQ]lKOLJH:XQGHQGLHQXUQRWGUIWLJ YHUDU]WHWZRUGHQZDUHQXQGKDVWHVHLQ%HZXWVHLQELVKHUQLFKWZLHGHUHUODQJW $OV$VVLVWHQWGHV%DXFKDXIVFKQHLGHUV)DUWXORRQKDWWHLFKPLUJHQJHQG PHGL]LQLVFKH.HQQWQLVVHDQJHHLJQHWVRGDLFKPLUHLQHHLQLJHUPDHQVLFKHUH 'LDJQRVHEHUGHQ=XVWDQGGHV.RUPDQHQ]XWUDXWH(LQLJHKDVWHQDXI*RUWDYRUJHOHEW XQGZDUHQYRQPHLQHP3IOHJHYDWHUEHKDQGHOWZRUGHQ,FKJDELKPQXUZHQLJ hEHUOHEHQVFKDQFHQXQGZDUQLFKWHLQPDOLQGHU/DJHLKPWURW]GHUYRQGHQ.UDODVHQHQ HUEHXWHWHQPHGL]LQLVFKHQ$XVUVWXQJ]XKHOIHQ)ULKQZDUHVZDKUVFKHLQOLFKEHVVHU ZHQQHUVWDUE$EHUZLHLFKGHQ%OLQGHQ6RIJDUWHLQVFKlW]WHZUGHHUDOOHV XQWHUQHKPHQLKQDP/HEHQ]XHUKDOWHQXPLKQQDFKVHLQHU*HQHVXQJZHLWHUHQ SV\FKLVFKHQXQGSK\VLVFKHQ)ROWHUXQJHQDXVVHW]HQ]XN|QQHQ 6HLWZLUPLWGHP.lILJGDV6XPSIJHELHWKLQWHUXQVJHODVVHQKDWWHQZDUGDV /DQGVFKDIWVELOGXQYHUlQGHUW'HU8UZDOGZDUDXFKWULHUGLFKWXQGYROOHU*HIDKUHQDEHU HVJDEEUHLWH6FKQHLVHQGLHIDVWJHUDGHGXUFKGDV'LFNLFKWIKUWHQ'LHZLOGHQ7LHUH VWHOOWHQIUXQVNDXPPHKUHLQH%HGURKXQJGDUGDZLUXQVHUH$QWLJUDYSURMHNWRUHQ ZHLGOLFKDXVQXW]WHQXQGLQVLFKHUHU+|KHEHUGHP%RGHQGDKLQIORJHQ'HQQRFK PXWHQZLUGLH%DXPNURQHQVWlQGLJLP$XJHEHKDOWHQZHOOVLFKDXFKGRUW5DXEWLHUH XQG5HSWLOLHQYHUERUJHQKLHOWHQ =ZHLPDOPXWHQZLUXQVJHJHQGLH$QJULIIHYRQ5LHVHQVFKODQJHQZHKUHQGLH VLFKDXVGHQbVWHQDXIXQVKHUDEVWU]WHQ$EHUZLUNDPHQQLHLQZLUNOLFKH%HGUlQJQLV :HVHQWOLFKEUHQ]OLJHUZXUGHGLH6LWXDWLRQGDJHJHQDOVZLUDXIHLQ HQWJHJHQNRPPHQGHV.UDODVHQHQNRPPDQGRVWLHHQ:LUHQWGHFNWHQGLH*UXSSHYRQ GUHL0DQQ]XVSlWVRGDZLUQLFKWPHKUUHFKW]HLWLJLQGLH%VFKHDXVZHLFKHQNRQQWHQ ,FKGLULJLHUWHGHQ.lILJPLWGHU)HUQVWHXHUXQJQlKHUKHUDQXQGVFKZHEWHPLWLKPDXI JOHLFKHU+|KH³+RIIHQWOLFKEHNRPPHQ6LHQLFKWJHUDGHMHW]W6HKQVXFKWQDFKGHU *HVHOOVFKDIWYRQ.UDODVHQHQ´ ³:LHVR"´WDW0LQJRUHUVWDXQW³,FKIKOHPLFKEHL,KQHQUHFKWZRKO,FKPDJ6LH LQ]ZLVFKHQVRVHKUGDLFK,KQHQHLQHQ+LQZHLVJHEHQP|FKWH%HLXQVHUHU([SHGLWLRQ GXUFKGHQ6XPSIGVFKXQJHOEHJHJQHWHQZLURIWDQGHUHQ.UDODVHQHQWUXSSV'DEHLVWHOOWH LFKIHVVGDVLFKPHLQH%HZDFKHUNDXPPLWGHQDQGHUHQ.UDODVHQHQDEJDEHQXQGVLH YRQREHQKHUDEEHKDQGHOWHQVRDOVKlWWHQVLHHLQHJHKREHQHUH3RVLWLRQ6HLHQ6LH DOVRQLFKW]XK|IOLFKGDGXUFKZUGHQ6LHVLFKQXUYHUUDWHQ´ ³8QGZRUDQHUNHQQHQGLHDQGHUHQ.UDODVHQHQGDZLULP5DQJEHULKQHQ VWHKHQ"´ ³'DVPDJGHU%OLQGH6RIJDUWZLVVHQ´DQWZRUWHWHGHU9XOWKHU)UHLQHQ0RPHQW DUJZ|KQWHLFKGDXQVGLHDQGHUHQ.UDODVHQHQYLHOOHLFKWQDFKXQVHUHP*HIDQJHQHQ GHUZRP|JOLFKSURPLQHQWZDUHLQVFKlW]WHQ'RFKLFKKDVWHNHLQH*HOHJHQKHLWPHKU PLU*HGDQNHQGDUEHU]XPDFKHQ'HUDQGHUH*HIDQJHQHQWUDQVSRUWKDVWHXQVHUUHLFKW 'LHGUHL.UDODVHQHQKDVWHQHLQHQ.lILJEHLVLFKLQGHQYLHU$UNRQLGHQJHSIHUFKW ZDUHQ6LHOHQNWHQGHQ.lILJ]XU6HLWHXQGJDEHQXQVVRGHQ:HJIUHW6LHKREHQGLH +lQGH]XP*UXXQGHLQHURIIHQEDUGHU$QIKUHUULHIXQV]X³%HUHLWVDXIGHP 5FNZHJ"´ (UZDUIGHP9XOWKHUHLQHQVFKHXHQ7KLFN]X(VZDUHLQHKDUPORVHXQG XQYHUIlQJOLFKH)UDJHYRQ.UDODVHQH]X.UDODVHQH$EHUZHQQPDQDUURJDQWVHLQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VROOWHZDVXQVQDFK0LQJRUV$XVVDJH]XVWDQGGDQQZDUHVEHVVHUHLQHU %HDQWZRUWXQJGXUFK8QK|IOLFKNHLWDXV]XZHLFKHQ'HVKDOEVDJWHLFKPUULVFK ³.PPHUWHXFKXPHXUHQHLJHQHQ.UDP´ ³0DQZLUGGRFKIUDJHQGUIHQ´PDXOWHGHU.UDODVHQH ,FKLJQRULHUWHGLH%HPHUNXQJ$OVZLUDXHU+|UZHLWHGHV*HIDQJHQHQWUDQVSRUWV ZDUHQVDJWH0LQJRUDQHUNHQQHQG³6LHKDEHQJHQDXVRUHDJLHUWZLHHVDXFKPHLQH %HZDFKHUJHWDQKlWWHQ0HLQH+RFKDFKWXQJ6LHVLQGJDQ]VFK|QJHULVVHQXQG NDOWEOWLJ´ ,UJHQGHWZDVVW|UWHPLFKDQVHLQHP9HUKDOWHQ(UEHQDKPVLFKQLFKWZLHHLQ *HIDQJHQHUXQGGHU7KLFNGHV.UDODVHQHQKDVWHEHZLHVHQGDHUHWZDV%HVRQGHUHV ZDU$EHUZDVJHQDX" :LUNDPHQRKQHZHLWHUH=ZLVFKHQIlOOHYRUDQ%HL(LQEUXFKGHU1DFKWIHQGLFK EHLHLQHP(UNXQGXQJVJDQJHLQH/LFKWXQJGLHDEVHLWVGHU.UDODVHQHQZHJHODJXQG EHVFKORPLWGHP)UVWGRUW]XODJHUQ:lKUHQGLFKGHQ.RUPDQHQXQWHUVXFKWH²HU ZDUZHLWHUKLQRKQPlFKWLJ²XQGVHLQH:XQGHQQRWGUIWLJYHUVRUJWHVWHOOWH.HOHVHDXV GHQ/HEHQVPLWWHOYRUUlWHQHLQ0DKO]XVDPPHQ1LFKWHLQPDODXI6RIJDUWV6FKLIIZDUGLH 9HUSIOHJXQJVRJXWJHZHVHQZLHWULHULQPLWWHQGHU:LOGQLVYRQ*DQEHUDDQ6RJDUYRU HLQHU%HOlVWLJXQJGXUFK,QVHNWHQZDUHQZLUJHVFKW]W'HU+RFKDGHOLJHKDVWHLQGHU $XVUVWXQJHLQHQ8OWUDVFKDOOVHQGHUHQWGHFNWGHUDXIGHQ)UHTXHQ]HQGLHLP 6FKPHU]EHUHLFKGHUKLHVLJHQ,QVHNWHQODJHQ,PSXOVHDXVVWUDKOWH ³+DEHQ6LHHLQH/LHEOLQJVVSHLVH"´IUDJWHLFK0LQJRU³:HQQMDVDJHQ6LHHV 9LHOOHLFKWLVWVLHEHLXQVHUHQ9RUUlWHQ´ ³'DQNHLFKELQQLFKWKXQJULJ6LHN|QQHQPLUHLQH*HIlOOLJNHLWHUZHLVHQXQGPLFK DXVGHP.lILJOHVVHQGDPLWLFKPLUGLH%HLQHYHUWUHWHQNDQQ´$OVLFK]|JHUWHIJWHHU VS|WWLVFKKLQ]X³%HIUFKWHQ6LHHWZDLFKN|QQWHIOFKWHQ"'DVLVWOlFKHUOLFK´ (UKDVWHUHFKW$EJHVHKHQGDYRQGDHVPLUUHFKWVHLQNRQQWHZHQQLFKLKQORV ZXUGHZHOOHUPLUEHLPHLQHP9RUKDEHQLQ6RIJDUWV6WW]SXQNWHLQ]XGULQJHQOlVWLJ ZDUZUGHHUVFKRQDXVUHLQHP6HOEVWHUKDOWXQJVWULHEGHUEHLLKPEHVRQGHUV DXVJHSUlJW]XVHLQVFKLHQQLFKWLQGHQ'VFKXQJHOIOFKWHQ,FK|IIQHWHGHQ.lILJ³6LH VLQGQLFKWXQVHU*HIDQJHQHU´(UVSUDQJEHKHQGHKHUDXVXQGVSUHL]WH+lQGHXQG =HKHQGDVLFKGLH6FKZLPPKlXWHVSDQQWHQ³6HLGLKU9XOWKHU$PSKLELHQ"´ ³-D´6HLQH6WLPPHEHNDPHLQHQWUlXPHULVFKHQ8QWHUWRQ³:DVJlEHLFKGDIU ZHQQLFKPLFKMHW]WLQGLH)OXWHQHLQHV6HHVVWU]HQN|QQWH´(UVHXI]WH³$EHUDXI *DQEHUDDQJLEWHVNHLQH:DVVHUVWHOOHGLHQXUKDOEVRUHL]YROOZlUHZLHGLHGUHFNLJVWH 3IW]HPHLQHU+HLPDWZHOW´ 'DPLWJDEHUPLUGLH*HOHJHQKHLWGDV7KHPDDQ]XVFKQHLGHQGDVPLFK LQWHUHVVLHUWH³:LHKDWHV6LHQDFK*DQEHUDDQYHUVFKODJHQ"´ ³'DVLVWHLQHUDQJH*HVFKLFKWH,FKKDEHPLFKHLQHU9HUIHKOXQJVFKXOGLJ JHPDFKWXQGPXWHIOFKWHQ'DVZDUHLQ)HKOHU$EHUDQVWDWWGDUDXV]XOHUQHQKDOVWH LFKPLULPPHUQHXH6FKZLHULJNHLWHQDXI8QGWULHUDXI*DQEHUDDQZDUVFKOLHOLFK (QGVWDWLRQ´ ³:ROOHQ6LHQLFKWGRFKHWZDVHVVHQ"´HUNXQGLJWHVLFK.HOHVH 'HU9XOWKHUVDJWHXQZLOOLJ³,FKKDEHEHUHLWVHLQPDOHUNOlUWGDLFKNHLQHQ +XQJHUKDEH´ ³:LHPDFKHQ6LHGDV"´'HU)UVWVFKWWHOWHGHQ.RSI³6LHKDEHQQRFKQLFKWV]X VLFKJHQRPPHQXQGVLQGGHQQRFKQLFKWKXQJULJ"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³:LU9XOWKHUHUQlKUHQXQVDQGHUVDOV$UNRQLGHQ:LUNRPPHQWDJHODQJRKQH 1DKPQJDXV´ ³6LHVDJWHQGDGHU%OLQGH6RIJDUW6LHQLFKWIROWHUQOLH´ZHFKVHOWHLFKGDV 7KHPDREZRKOHUGDV:RUW1DKUXQJHLJHQDUWLJEHWRQWH³:DVKDWHU,KQHQGDQQ DQJHWDQ"´ ³,FKELQVHLQ*HIDQJHQHUGDVLVWIUPLFK6WUDIHJHQXJ6LHN|QQHQVLFKQLFKW YRUVWHOOHQZHOFKH4XDOHVIUHLQHQ9XOWKHULVWLQGLHVHU:LOGQLV]XOHEHQJHSODJWYRQ GHU(ULQQHUXQJDQGDV3DUDGLHVVHLQHU+HLPDW6RIJDUWZHLGDVGHVKDOEKlOWHUPLFK WULHUDXFKJHIDQJHQ(UEUDXFKWPLUJDUNHLQHN|USHUOLFKHQ6FKPHU]HQ]X]XIJHQHU ZHLGDGLHSV\FKLVFKHQ4XDOHQDXVUHLFKHQXPPLFK]X]HUPUEHQ(UEUDXFKWH PLFKQXULQHLQHQ.lILJ]XVSHUUHQXQGPLFKYRQVHLQHQ/HXWHQGXUFKGHQ'VFKXQJHO VFKOHSSHQ]XOHVVHQXP]XHUUHLFKHQGDLFKWXHZDVHUYRQPLUYHUODQJW´ ³8QGZDVLVWGDV"´ ³'DVNDQQLFK,KQHQQRFKQLFKWVDJHQ:HUERW´(UVWDUUWHPLFKPLWVHLQHQ JHOEHQ$XJHQVRLQWHQVLYDQGDLFKGHQ7KLFNVHQNHQPXWH³$EHULFKKRIIH DXIULFKWLJGDLFKEDOG*HOHJHQKHLWEHNRPPHQZHUGHXP6LHEHUDOOHVDXIOGlUHQ]X N|QQHQ'DVPHLQHLFKHKUOLFK´ ,FKJODXEWHLKP$EHUSO|W]OLFK²LFKNRQQWHQLFKWVDJHQZDUXPZDULFKJDUQLFKW VRHUSLFKWGLHYRLOH:DKUKHLWEHUGHQ9XOWKHU]XHUIDKUHQ ³6LHKDEHQXQZDKUVFKHLQOLFKHV*OFNJHKDEWGD6LHDXI,KUHU)OXFKWQLFKWGHP 6HHOHQIlQJHUEHJHJQHWHQ´VDJWH0LQJRULQGLH6WLOOHKLQHLQ³'LHPHLVWHQ*HIDQJHQHQ VFKHXHQDXV$QJVWYRULKPYRUHLQHU)OXFKW]XUFN'HQQGLH.UDODVHQHQZHUGHQQLFKW PGH]XHU]lKOHQGDHJDOZRKLQPDQVLFKDXFKZHQGHWHLQHV7DJHVGHU 6HHOHQIlQJHUVYRUHLQHPVWHKW8QGGLHVH%HJHJQXQJLVWVFKOLPPHUDOVMHGH)ROWHU´ ³,FKNRQQWHGHQ6HHOHQIlQJHUQLFKWIUFKWHQZHOOLFKQLFKWVYRQLKPZXWH´,FK VDK]XGHP7DKLQEHU³:LHVRKLHOWHVWGXPLFKIUGLHVHV6FKHXVDO"+lWWHLFKGLFK QLFKWVRIRUWJHW|WHW²RGHUVRQVWHWZDVPLWGLUDQJHVWHOOW²ZHQQLFKGHU6HHOHQIlQJHU JHZHVHQZlUH"´ (UVFKWWHOWHVWXPPGHQ.RSI0LQJRUDQWZRUWHWHVWDWVVHLQHU³'HU6HHOHQIlQJHU VWU]WVLFKQLFKWZLHHLQZLOGHV7LHUDXIVHLQH2SIHU1LHPDQGZHLZLHHUDXVVLHKWRGHU ZRKHUHUVWDPPW$EHUGLH.UDODVHQHQVDJHQGDHVVLFKXPHLQJHLVWLJ KRFKVWHKHQGHV:HVHQKDQGHOWGDVPLWVHLQHQ2SIHUQHLQUDIILQLHUWHV3V\FKRVSLHO WUHLEWEHYRUHVLKQHQGDV/HEHQDXVVDXJW,FKKDEHGLH.UDODVHQHQVDJHQK|UHQGD GHU6HHOHQIlQJHUQLHPDQGHQW|WHWGHULKPKLOIORVDXVJHOLHIHUWLVW(UKLOIWPDQFKHP *HIDOOHQHQVRJDUDXIGLH%HLQHQXUXPLKQGDQQ]XW|WHQZHQQHUHVDPZHQLJVWHQ YHUPXWHW9LHOOHLFKWYHUVWHKHQ6LHMHW]WZDUXP7D$PRQWH,KQHQPLWUDXWH0LUHUJLQJ HVlKQOLFKZLHLKPDOV6LHGHQ*HIDQJHQHQWUDQVSRUWEHUILHOHQXQGPLUGLH)UHLKHLW DQERWHQ´ ³.HOHVHV9HUKDOWHQNDQQLFKXQWHUGLHVHQ$VSHNWHQQRFKYHUVWHKHQ$EHUGD 6LHPLFKYHUGlFKWLJWHQZRLFKYRU,KUHQ$XJHQ.UDODVHQHQW|WHWHLVWPLU XQYHUVWlQGOLFK,FKQHKPHGRFKDQGDGHU6HHOHQIlQJHULQGHQ'LHQVWHQ6RIJDUWV VWHKW´ ³6WLPPW$EHUGDVKHLWQLFKWGDGLH.UDODVHQHQQLFKWVYRQLKP]XEHIUFKWHQ KDEHQ'HU6HHOHQIlQJHUKDWDXFKHWOLFKHYRQLKQHQDXIGHP*HZLVVHQXQGHVVFKHLQW GD6RIJDUWGHVKDOEQLFKWPHKUPLWLKP]XIULHGHQLVW´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
:LUXQWHUKLHOWHQXQVQRFKHLQH:HLOHEHUGHQ³:DFKWHUYRQ6RIJDUWV)ROWHUZHOW´ ZLH.HOHVHGHQ6HHOHQIlQJHUQDQQWHDEHUHVNDPGDEHLQLFKWV1HXHVPHKUKHUDXV 0HLQ([WUDVLQQZLHVPLFKDOOHUGLQJVDXIGHQIUHPGHQ+HOIHUKLQGHVVHQ +DQGOXQJVZHLVHGXUFKDXVGHUYRQ0LQJRUEHVFKULHEHQHQHQWVSUDFK:DULFKJDUGHP 6HHOHQIlQJHUEHJHJQHW",FKZROOWHHVQLFKWVRUHFKWJODXEHQ ,FKEHUQDKPGLHHUVWH:DFKHZlKUHQGPLU.HOHVHYHUVLFKHUWHGDHURKQH ZHLWHUHVPLWPLUWDXVFKHQZUGHZHOOHUGLHVH1DFKWVRZLHVRQLFKWVFKODIHQN|QQH 0LQJRUKDVWHQLFKWVGDJHJHQGDHULQGHQ.lILJ]XUFNPXWH,PPHUKLQZDUHV P|JOLFKGDXQVHLQ.UDODVHQHQWUXSSWULHUEHUUDVFKWH$EHUGLH1DFKWYHUOLHIRKQH =ZLVFKHQIlOOH ,FKZHFNWH.HOHVH]XU:DFKDEO|VXQJXQGYHUVXFKWHGDQQVHOEVW]XVFKODIHQ 2EZRKOPLUGHU6HHOHQIlQJHUQLFKWDXVGHP.RSIJLQJEHUPDQQWHPLFKEDOGGLH 0GLJNHLWXQGLFKVFKOLHIWLHIXQGWUDXPORVELV]XP0RUJHQJUDXHQGXUFK$OVZLU DXIEUDFKHQZDUGLH6RQQHEHUHLWVDXIJHJDQJHQXQGZLUVDKHQLKUHURWH6FKHLEH JHOHJHQWOLFKGXUFKGDV*HlVWDPGXQVWYHUKDQJHQHQ+LPPHO*OHLFKQDFKGHP )UKVWFNPDFKWHQZLUXQVDXIGHQ:HJ :DVIUHLQH)HVWXQJ´ULHI.HOHVHUXQG7RQWDVVSlWHU,FKZDUQLFKWPLQFHU EHHLQGUXFNW9RUXQVEUHLWHWHVLFKHLQHELV]XP+RUL]RQWUHLFKHQGH(EHQHDXVGLH NHLQHVZHJVQDWUOLFKHQ8UVSUXQJVZDUVRQGHUQHLQYRQ6RIJDUWV/HXWHQHLQJHHEQHWHV XQGWURFNHQJHOHJWHV*HELHW,QPLWWHQGLHVHUNQVWOLFKDQJHOHJWHQ(EHQHUDJWHHLQ 7DIHOEHUJDXIGHUVLFKQDFKREHQOHLFKWYHUMQJWH³'UIWHDQGLHIQI]HKQKXQGHUW0HWHU KRFKVHLQ´ ,FKQLFNWHZRUWORV0LWGLHVHU6FKlW]XQJNDPHUGHU:DKUKHLWYHUPXWOLFK]LHPOLFK QDKH'LH*UXQGIOlFKHGHV7DIHOEHUJHVHUUHLFKWHJXWXQGJHPVHFKVWDXVHQG0HWHU 'XUFKPHVVHU'LH6HLWHQZlQGHZDUHQLPPHUKLQVRVWHLOVRGDGDV*LSIHOSODWHDX EHVWLPPWQRFKLPPHUIQIWDXVHQG0HWHUGXUFKPD =XGHU$XVUVWXQJGHU.UDODVHQHQKDVWHQDXFK)HUQJOlVHUJHK|UWVRGDLFK VHOEVWDXVGHU'LVWDQ]²ZLUZDUHQLPPHUKLQQRFKYLHOH.LORPHWHUYRQGHP%HUJHQWIHUQW XQGYHUEDUJHQXQVKLQWHU%VFKHQDP8UZDOGUDQG²JHQDXHUNHQQHQNRQQWHGD EHUDOO*HVFKW]VWDWLRQHQDXVGHP)HOVUDJWHQ$QGHQ:lQGHQXQGDP3ODWHDXUDQG ZDUHQ%XQNHU]XVHKHQNXSSHOXQGZUIHOI|UPLJH%DXWHQEHLGHQHQHVVLFKQXUXP VWDUNEHVWFNWH)RUWVKDQGHOQNRQQWH'HU7DIHOEHUJVWDUUWHI|UPOLFKYRU %HIHVWLJXQJVDQODJHQ ³*DQ]VLFKHUKDWGHU%OLQGH6RIJDUWDXFKGDV,QQHUHDXVK|KOHQODVVHQ´ EHKDXSWHWH.HOHVH³XQGGLH)HVWXQJGUIWHELVZHLWXQWHUGLH3ODQHWHQREHUIOlFKH DXVJHEDXWVHLQ´ ³:DKUVFKHLQOLFKOlWVLFKGHUJHVDPWH.RPSOH[VRJDUXQWHUHLQHQ6FKXW]VFKLUP OHJHQ´IJWHLFKKLQ]X*HPHVVHQDQGHPZDIIHQWHFKQLVFKHQ$XIZDQGGHU %HIHVWLJXQJVDQODJHQGUlQJWHVLFKHLQIDFKGHU6FKOXDXIGDDXFKEHLGHU 'HIHQVLYEHZDIIQXQJQLFKWJHVSDUWZRUGHQZDU$XIGHU(EHQHKHUUVFKWHHLQUHJHV 7UHLEHQ*HIDQJHQHQWUDQVSRUWHNDPHQDXVDOLHQ5LFKWXQJHQYRP'VFKXQJHOUDQGXQG EHZHJWHQVLFKDXIGHQ7DIHOEHUJ]X8QGPLQGHVWHQVHEHQVRYLHOH .UDODVHQHQNRPPDQGRVYHUOLHHQGHQ6WW]SXQNW ³,FKNDQQPLUQLFKWYRUVWHOOHQGDHVXQVJHOLQJWXQEHPHUNWGRUWHLQ]XGULQJHQ´ VDJWHGHU)UVW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³:LUZHUGHQLQGHU0HQJHXQWHUWDXFKHQ:HUVROOWHVFKRQGHQ:XQVFK YHUVSUHQVLFKIUHLZLOOLJLQGLHVH)HVWXQJ]XEHJHEHQ"´ ³1XU1DUUHQ´$OVLFKLKQDQEOLFNWHIJWHHUJULQVHQGKLQ]X³1DUUHQRGHU 9HU]ZHLIHOWH´ 'LH*HVFKW]HGHU)HVWXQJWUDWHQZLHGHUKROWLQ$NWLRQ9HUHLQ]HOWYHUVXFKWHQ )OXJHFKVHQXQGIOLHJHQGH6FKODQJHQVLFKDXIGLH*HIDQJHQHQWUDQVSRUWH]XVWU]HQ ZHOOVLHDXIGHPRIIHQHQ*HOlQGHOHLFKWH%HXWH]XILQGHQJODXEWHQ8QGZHQQVLHQLFKW VFKRQLP$QIOXJYRQGHQ6WUDKOHUQDEJHVFKRVVHQZXUGHQJHULHWHQVLHLQGLH 6FKXEDKQGHU.UDODVHQHQGLHVLFKHLQHQUHJHOUHFKWHQ6SRUWGDUDXV]XPDFKHQ VFKLHQHQGLH5lEHU]XW|WHQ$XFKDQGHUH)OXJREMHNWHZDUHQ]XHUNHQQHQ(QWZHGHU YHUOLHHQVLHGLH)HVWXQJYRQ6WDUWUDPSHQLQGHQ6WHLOZlQGHQRGHUVWDUWHWHQYRP *LSIHOSODWHDXDXVZlKUHQGDQGHUH*OHLWHUXQG6FKZHEHUDOOHU*U|HQRUGQXQJHQ ODQGHWHQ ³6RIJDUWEHWUHLEWGLH)ROWHUXQJHQLQJURHP6WLO´VDJWH.HOHVHVFKDXGHUQG³8QG HUPXGDPLW(UIROJKDEHQVRQVWZUGHHUGLH)LQJHUGDYRQOHVVHQ,FKKDEHJHK|UW GDHUVLFKVSH]LHOOHU)DOOHSHUV|QOLFKLP6HSXONRUYDWDQQLPPW,VWGDVGHU*UXQG ZDUXPGXKLQHLQZLOOVW"´ ³-D´,FKZROOWHQLFKWGDUDQGHQNHQZDVPLW)DUQDWKLDLQGLHVHP$XJHQEOLFN JHVFKDK:HQQLFKJHZXWKlWWHZHOFKH=XVWlQGHDXI*DQEHUDDQKHUUVFKWHQKlWWHLFK ZDKUVFKHLQOLFKVFKRQDXIGHP6FKLIIZlKUHQGGHV)OXJHVRGHUEHLGHU/DQGXQJPLW DOLHQ0LWWHOQYHUVXFKWVLH]XEHIUHLHQ$EHULFKKDVWHDXIHLQHSDVVHQGH*HOHJHQKHLW JHZDUWHW²XQGMHW]WZDUHVYLHOOHLFKWVFKRQ]XVSlW³'HU*HGDQNHGDVLFK)DUQDWKLD EHUHLWVLQHLQHUGHU)ROWHUVWDWLRQHQEHILQGHWRGHUGDVLFK6RIJDUWLKUHUSHUV|QOLFK DQQLPPWPDFKWPLFKKDOEZDKQVLQQLJ´ ³)DUQDWKLD"´ ,FKDQWZRUWHWHQLFKWVWDWVGHVVHQULHI0LQJRU³:RUDXIZDUWHWLKUGHQQQRFK"´ :LUKDVWHQGHQ.lILJLPGLFKWHQ'VFKXQJHO]XUFNJHODVVHQGDPLWPDQLKQQLFKW YRU]HLWLJHQWGHFNWH'HQQHVZlUHEHVWLPPWYHUGlFKWLJHUVFKLHQHQGDHLQ *HIDQJHQHQWUDQVSRUWVRQDKHGHP=LHOQRFKHLQPDO5DVWPDFKWH³*HK]XGHP 9XOWKHU.HOHVHXQGVDJLKPGDHUVLFKVWLOOYHUKDOWHQVRLO'LHVHU,GLRWKHW]WXQVPLW VHLQHP*HVFKUHLQRFKGLH.UDODVHQHQDXIGHQ+DOV´ (U]RJVLFKNRPPHQWDUORV]XUFN'XUFKGDV)HUQJODVEHREDFKWHWHLFKZHLWHUKLQ GDV7UHLEHQUXQGXPGHQ7DIHOEHUJYRUDOOHPDEHUHLQHQGHU=XJlQJHHLQIQI0HWHU KRKHVXQGGRSSHOWVREUHLWHV7RUGXUFKGDV.UDODVHQHQNRPPDQGRVVFKZHEWHQ 2EZRKOLFKGLH9RUJlQJHLQDOLHQ(LQ]HOKHLWHQEHREDFKWHQNRQQWHHQWGHFNWHLFKNHLQH EHVRQGHUHQ.RQWUROOHLQULFKWXQJHQ'LH.UDODVHQHQYHUVFKZDQGHQPLWLKUHQ.lILJHQ VFKHLQEDUXQEHKHOOLJWLP,QQHUQGHU7DIHOEHUJIHVWXQJ,FKZXUGHLPPHUVLFKHUHUGDHV XQVJHOLQJHQPXWHLQ6RIJDUWV6WW]SXQNWHLQ]XGULQJHQ (QWVFKORVVHQVWDQGLFKDXIXPGHQ$XIEUXFKDQ]XRUGQHQDOVLFKOLQNVYRUPLU HLQ*HUlXVFKYHUQDKP5DVFKHOQGHVKRKHQ)DUQJUDVHV]ZLVFKHQGHPHLQOHLVHV 6W|KQHQ]XK|UHQZDU,FK]RJGHQ'HVLQWHJUDWRUXQGVFKOLFKPLFKYRUVLFKWLJQlKHU 'DVYHUKDOWHQH6W|KQHQXQG:LPPHUQZXUGHLPPHUODXWHUXQGDOVLFKZLHGHUHLQPDO GLH)DUQHWHLOWHVDKLFKGHQ)UHPGHQYRUPIU ,FKVWDUUWHLQJUHQ]HQORVHUhEHUUDVFKXQJDXILKQ²DEHUHVJDENHLQHQ=ZHLIHO 'DVZDUMHQHV:HVHQGDVPLUGDV/HEHQJHUHWWHWKDVWHXQGQDFKPHLQHU*HQHVXQJ ZLHGHULP6XPSIZDOGYHUVFKZXQGHQZDU'HU)UHPGHODJDXIGHU6HLWH6HLQH*OLHGHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
]XFNWHQXQWHU.UlPSIHQGHU7KLFNVHLQHUJURHQJHOEHQ$XJHQZDUQLFKWPHKU GXUFKGULQJHQGVRQGHUQJODVLJXQGYHUVFKZRPPHQ$EHUHUVFKLHQPLFK]XHUNHQQHQ ³'XKDVWDOVRGRFKEHUOHEW´VDJWHHUPLWOHLVHU6WLPPH³,FKZXWHHVGDGX EHVRQGHUH)lKLJNHLWHQEHVLW]W'HVKDOE´ ³1LFKWVSUHFKHQ'XEUDXFKVW5XKH´ ³1HLQ´ZLGHUVSUDFKHU³,FKPXGLUMHW]WDOOHVVDJHQ²GHU=HLWSXQNWLVW JHNRPPHQ´ ³:DUWHQXUHLQHQ$XJHQEOLFN,FKKROHGLH$XVUVWXQJ'DQQEHNRPPVWGX]X HVVHQXQGLFKZHUGHGHLQH:XQGHQYHUVRUJHQ,FKELQIURKZHQQLFKPLFKGDIU UHYDQFKLHUHQNDQQGDGXPLUGDV/HEHQJHUHWWHWKDVW´ ³'HVKDOEELQLFKKLHU´(UKLHOWPLFKDP$UPIHVVDOVLFK$QVWDOWHQPDFKWHPLFK ]XUFN]X]LHKHQ³1HLQJHKQLFKWIRUW'XPXWEHLPLUEOHLEHQ,FKKDEHHLQ5HFKWGDV YRQGLU]XYHUODQJHQ´ ,FKOLHLKPVHLQHQ:LOOHQXQGHQWVSDQQWHPLFK³,FKVWHKHWLHILQGHLQHU6FKXOG´ 'HU/RJLNVHNWRUPHOGHWHVLFKZDUQHQG8QGZHQQHVGHU6HHOHQIlQJHULVW" ³%OHLEEHLPLUGDVJHQJW´(UVHXI]WHVFKORGLH$XJHQ³(VJHKWPLUJOHLFK ZLHGHUEHVVHU6WW]HPHLQHQ.RSI²OHJHGHLQHQ$UPGDUXQWHUMDVR'DVWXWJXW,FK IKOHPLFKVFKRQYLHOEHVVHU(LQHEHUQDWUOLFKH.UDIWGXUFKIOXWHWPHLQHQ.|USHU´ 0LUZDUDXIHLQPDOJDQ]VHOWVDP]XPXWH0GLJNHLWHUIDWHPHLQHQ.|USHULFK ZDUZLHLQ7UDQFH'LH6WLPPHGHV)UHPGHQVFKLHQDXVLPPHUZHLWHUHU)HUQH]XPLU]X NRPPHQDEHUVHOWVDPHUZHLVHVFKLHQVLHJOHLFK]HLWLJDXFKODXWHU]XZHUGHQ³,FKKDEH GLUDXVHLJHQQW]LJHQ0RWLYHQGDV/HEHQJHUHWWHW$OVLFKGLFKIHQGZDUNDXPQRFK /HEHQLQGLU:DVKlWWHLFKVFKRQPLWGLUDQIDQJHQN|QQHQ"$OVRSIOHJWHLFKGLFK JHVXQGXQGOLHGLFKODXIHQ²LQGHU+RIIQXQJGDGXGHQ'VFKXQJHOEHVLHJHU ZUGHVW´ (LQIXUFKWEDUHU9HUGDFKWEHVFKOLFKPLFKQDKPDEHUNHLQHNRQNUHWHQ)RUPHQDQ VRQGHUQEOLHELUJHQGZRGXQNHULQPHLQHP8QWHUEHZXWVHLQ5HLGLFKORVXQGIOFKWH ULHIPHLQ([WUDVLQQEHVFKZ|UHQG(ULVWGHU6HHOHQIlQJHU ³(ULQQHUVWGXGLFKGDUDQGDLFKYHUVSUDFKPLFKEHLGLUHLQ]XILQGHQZHQQVLFK KHUDXVJHVWHOOWKDWGDGXHWZDV%HVRQGHUHVELVW"-HW]WLVWHVVRZHLW,FKKDEH WDJHODQJJHKXQJHUWELQXQHUPGOLFKGHLQHU6SXUJHIROJWXQGKDEHJHKRIIOGDGXPLU HUKDOWHQEOHLEVW,FKPXWHYLHOH(QWEHKUXQJHQDXIPLFKQHKPHQQXUXPGHQ $XJHQEOLFNXQVHUHV=XVDPPHQWUHIIHQVYROODXVNRVWHQ]XN|QQHQ,FKKDEHZlKUHQG PHLQHVODQJHQ$XIHQWKDOWVDXI*DQEHUDDQYLHOHVROFKHU6LWXDWLRQHQHUOHEWDEHUQRFK QLHKDEHLFKHVVRJHQRVVHQ-DGXELVWWDWVlFKOLFKHWZDV%HVRQGHUHV9RQGLUVWU|PW HLQH/HEHQVNUDIWDXIPLFKEHUGLHVWlUNHUXQGVHULVWDOVDOOHVZDVLFKYRUKHU JHQRVVHQKDEH)UKHUKDEHLFKZDKOORV/HEHQJHQRPPHQ,FKZDUGDPDOVQRFKMXQJ XQGKHLKXQJULJ$EHULP/DXIHGHU=HLWNDPLFKGDKLQWHUGDHVQLFKWJHQJWVLFKPLW /HEHQVNUDIWYROO]XVDXJHQQXUXPVDWW]XZHUGHQ,FKPDFKWH8QWHUVFKLHGHLFK HUNDQQWHGDMHGHV/HEHQDQGHUVVFKPHFNWXQGPDQVLFKDQGHQ1XDQFHQZDKUOLFK GHOHNWLHUHQNDQQ0DQQHQQWPLFKGHQ6HHOHQIlQJHUIUFKWHWPLFK$EHUVDJVHOEVWLVW HVQLFKWHLQKHUUOLFKHV*HIKOGLH9HUELQGXQJPLWPLUHLQ]XJHKHQ"'DV/HEHQKDWZLH GHU7RGVHLQH9DULDQWHQ²XQGLVWPHLQH0HWKRGHQLFKWYLHONXOWLYLHUWHUDOVGLHGHV %OLQGHQ6RIJDUW"´ ,FKPHLQWH]XVFKZHEHQ'LH:HOWYHUVDQNXPPLFKXQGLFKJLQJLQGHU(ZLJNHLW DXI'DV8QLYHUVXPGLHJHVDPWH6FK|SIXQJODJPLU]X)HQLFKVHOEVWZDUGDV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
8QLYHUVXPIUHWXQJHEXQGHQQLFKWDQGLH(QJHHLQHUVWHUEOLFKHQ+OOHJHIHVVHOW'LHVH ZXQGHUEDUH,OOXVLRQ]HUEDUVWZLHHLQH6HLIHQEODVHDOVGLHHLVLJH+DQGGHU$QJVWPLFK LQLKUHQ*ULIIEHNDP 'XZLUVWVWHUEHQKlPPHUWHPLUGHU([WUDVLQQHLQZHQQGXGLFKQLFKWYRQGLHVHP 8QJHKHXHUORVUHLW'HU6HHOHQIlQJHUVDXJWGLUGHLQ/HEHQDXV 3O|W]OLFKVDKLFKZLHGHUNODU5LQJVXPPLFKZRJWHQGLH)DPHZlKUHQGLFKPLFK PLWGHP6HHOHQIlQJHUZLHLP7DQ]HGUHKWHXQGZDQG(UKDVWHVLFKZLHHLQ%OXWHJHODQ PLFKJHNODPPHUWXQGMHOlQJHUGLH8PDUPXQJGDXHUWHGHVWRVWlUNHUZXUGHVHLQ*ULII 0HLQH.UDIWVWU|PWDXILKQEHU9HUJHEHQVYHUVXFKWHLFKLKQDE]XVFKWWHOQ ³+DOWVWLOO'XVROOVWGLHVHV(UOHEQLVDOVGDVVFK|QVWHGHLQHV/HEHQVPLWLQGLH (ZLJNHLWQHKPHQ´ 'LH(ZLJNHLW²VLHQDKPPLFKDXI/HLVWH:LGHUVWDQGULHIGLH6WLPPHLQPIU'DV WULHULVWQLFKWGLH(UIOOXQJVRQGHPGHU7RG 1LHKlWWHLFKJHJODXEWGDGHU7RGHLQVRKHUUOLFKHV(UOHEQLVVHLQN|QQWH,FK ZDUVWHWVGHU0HLQXQJJHZHVHQGDHUXQKHLOYROOVFKUHFNOLFKXQGJUDXVDPVHL$EHU MHW]WOHUQWHLFKLKQYRQVHLQHUOLHEOLFKVWHQ6HLWHNHQQHQ,FKZDUVFKRQYLHO]XEHUDXVFKW XPQRFKDQ*HJHQZHKU]XGHQNHQ%HLXQVHUHUHUVWHQ%HJHJQXQJKlWWHHUZLUNOLFK QLFKWYLHOYRQPLUJHKDEWMHW]WGDJHJHQZDULFKIULKQHLQIDVWXQHUVFK|SIOLFKHU4XHOO UHLQHU/HEHQVHQHUJLH(UEOKWGXUFKPLFKDXILFKVLHFKHGDKLQ ³6HHOHQIlQJHU´'HU5XIH[SORGLHUWHLQPHLQHP*HLVWVHLQH'UXFNZHOOHULGLH (ZLJNHLWDXIXQGOLHPLFKZLHGHUEHUGLH(EHQHEOLFNHQDXVGHU6RIJDUWV7DIHOEHUJ 6WW]SXQNWHPSRUZXFKV0LQJRUGHU9XOWKHUZDUSO|W]OLFKGLHGRPLQLHUHQGH (UVFKHLQXQJGHUJHVDPWHQ6]HQHULH³+DEHLFKGLFKHQGOLFKJHIXQGHQDOWHU 6HHOHQIlQJHU´ 'HU6HHOHQIlQJHUORFNHUWHGLH8PNODPPHUXQJVRGDLFKPLFKPLWOHW]WHU.UDIW ORVUHLHQNRQQWH,FKZDUVRVFKZDFKDXIGHQ%HLQHQGDLFKWDXPHOWHXQGGHU/lQJH QDFKLQV*UDVILHO³6LHKDQ´VDJWHHU³'XELVWZRKOGHUGHQ6RIJDUW]XPHLQHP 1DFKIROJHUEHVWLPPWKDW"´ ³6WLPPW'XELVWIULKQXQWUDJEDUJHZRUGHQ(VJHIlOOW6RIJDUWQLFKWGDGXGLU DXFK2SIHUDXVGHQ5HLKHQVHLQHU.UDODVHQHQKHUDXVJUHLIVW'HVKDOEZHUGHLFKGLFK DEO|VHQ´ ³:LHNOHLQXQG]DUWGXELVW´K|KQWHGHU6HHOHQIlQJHU ³,QPLUZRKQWGLH.UDIWGHU-XJHQGZlKUHQGGXVHQLOXQGYHUEUDXFKWELVW´ DQWZRUWHWH0LQJRU³/DQJHKDEHLFKDXIGLHVHQ$XJHQEOLFNJHZDUWHW9LHOH7DJHOLHLFK PLFKDXIGHU6XFKHQDFKGLUYRQHLQHP.UDODVHQHQNRPPDQGRGXUFKGHQ'VFKXQJHO VFKOHSSHQLQGHU+RIIQXQJGDLFKGLUEHJHJQH$EHUGXELVWPLUDXVJHZLFKHQZHOOGX DKQWHVWGDLFKGLU]XP9HUKlQJQLVZHUGHQZUGH8QGGDQQZXUGHXQVHU7UDQVSRUW YRQGLHVHQEHLGHQ1DUUHQEHUIDOOHQ,FKVDKPHLQH&KDQFHQVFKZLQGHQXQGZROOWHPLU LQPHLQHPHUVWHQbUJHUGDV/HEHQGHUEHLGHQQHKPHQ'RFKGDQQEHUOHJWHLFKPLU GDLFKHVJDUQLFKWVRVFKOHFKWJHWURIIHQKDVWH'HQQVRVHKUGXDXFK KHUXQWHUJHNRPPHQELVWPXWHVWGXQRFKHLQHQOHW]WHQ5HVWYRQ(KUHEHVLW]HQ,FK KRIIWHGDUDXIGDGLFKGHLQ(KUHQNRGH[GD]XWUHLEWGLHVHEHLGHQ]XVWHOOHQ'LHVH 5HFKQXQJJLQJDXI'XELVWHLQVHQWLPHQWDOHU1DUUDOWHU6HHOHQIlQJHU'XKlWWHVW :HUERWVRIRUWW|WHQVROOHQDQVWDWWLKQJHVXQG]XSIOHJHQXQGLKQGLUIUVSlWHU DXI]XKHEHQ´ 'LHEHLGHQ9XOWKHUVWDQGHUHLQDQGHUUHJORVJHJHQEHUXQGEH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
ODXHUWHQVLFK0LQJRUGHUPLUQXUELVNQDSSDQGLH%UXVWUHLFKWHZDULP 9HUJOHLFK]XPDOWHQ6HHOHQIlQJHUHLQ=ZHUJ³:HUVDJVGDWULHUQXUIUHLQHQ3ODW] LVW"´VDJWHGHU$OWH³*DQEHUDDQELHWHW/HEHQJHQXJIUXQVEHLGH6WDWWXQV]X EHNlPSIHQVROOWHQZLU]XVDPPHQDUEHLWHQ:LUZlUHQGLH%HKHUUVFKHUGLHVHU:HOW´ ³$XVGLUVSULFKWGLH$QJVWXPGHLQHUElUPOLFKHV/HEHQ´ ³1HLQGLH:HLVKHLWGHV$OWHUV(VJLEWQXUQRFKZHQLJHYRQXQV:LUN|QQWHQ ZLHGHUPlFKWLJZHUGHQZHQQZLUDOOH]XVDPPHQKDOWHQ(UNHQQVWGXQLFKWGLH$EVLFKW GHU$UNRQLGHQ"6LHVSLHOHQXQVJHJHQHLQDQGHUDXVGDPLWZLUQLFKW]XVWDUNZHUGHQ´ (LQLJH$XJHQEOLFNHIDQJKHUUVFKWH6FKZHLJHQGDQQVDJWH0LQJRUUHVLJQLHUHQG ³,FKZHLZLHUHFKWGXKDVW$EHUHVOlWVLFKQLFKWlQGHUQ9RQXQVEHLGHQGDUIQXU HLQHUDP/HEHQEOHLEHQZHOO6RIJDUWHVVRZLOO(UKDWPLUHLQH%RPEHLQGHQ.|USHU HLQSIODQ]HQOHVVHQ(UZLUGVLH]QGHQZHQQLFKGLFKQLFKWW|WH6LHH[SORGLHUW YHUPXWOLFKDEHUDXFKVREDOGLFKWRWELQ(VOlWVLFKQLFKWlQGHUQGXRGHULFK 6HHOHQIlQJHU´ ³'DQQVWLUE´ ,FKODJEHZHJXQJVXQIlKLJGDXQGVWDUUWHDXIGLHXQZLUNOLFKH6]HQH2EZRKOGLH EHLGHQ9XOWKHULPPHUQRFKHLQLJH6FKULWWHYRQHLQDQGHUHQWIHUQWZDUHQXQGY|OOLJUHJORV EOLHEHQZXWHLFKGDGDVJHLVWLJH5LQJHQEHJRQQHQKDVWH/DQJH=HLWVWDQGHUVLH ZLHOHEORVH6WDWXHQGD,UJHQGZDQQZXUGH0LQJRUV.|USHUYRQHLQHP=LWWHUQHUIDW'LH *HVLFKWVIDOWHQGHVDOWHQ6HHOHQIlQJHUV]XFNWHQNRQYXOVLYLVFKDXVVHLQHU0XQG|IIQXQJ XQWHUKDOEGHV.LQQVGUDQJHQVFKDXULJH/DXWH'HU6HHOHQIlQJHUVHW]WHHLQ%HLQYRUGDV DQGHUH²HLQHUXFNDUWLJH%HZHJXQJZLHEHLHLQHPIHKOJHVFKDOWHWHQ5RERWHU0LQJRU GUHKWHVLFKXQWHUJURHU$QVWUHQJXQJODQJVDPXPVHLQH$FKVHVHLQH%HLQHNQLFNWHQ HLQHUVDQNLQ=HLWOXSHZ%RGHQ'HU6HHOHQIlQJHUEHXJWHVHLQHQ.|USHUZHLW]XUFN ELVHUPLWGHP.RSIGHQ%RGHQEHUKUWH (LQH=HLWODQJEOLHEVHLQ.|USHULQGLHVHU6WHOOXQJJHVSDQQWZLHHLQ%RJHQGDQQ YHUOLHHQLKQGLH.UlIWHXQGHUVDFNWHLQVLFK]XVDPPHQ$EHUGHU.DPSIDXI SDUDQRUPDOHU(EHQHJLQJZHLWHU'LHEHLGHQ.lPSIHQGHQUREEWHQPLWVFKZHUIlOOLJHQ %HZHJXQJHQDOVKlWWHQVLHJHJHQGLH]HKQIDFKH6FKZHUNUDIWDQ]XNlPSIHQ DXIHLQDQGHU]X'HUDOWH6HHOHQIlQJHUVWUHFNWHHLQH+DQGQDFK0LQJRUDXVGRFKEHYRU HUVHLQHQ*HJQHU]XIDVVHQEHNDPGXUFKOLHIHLQ=LWWHUQVHLQHQ.|USHU(VZDUQXUQRFK HLQOHW]WHU5HIOH[GDQQODJHUUHJORVGD'DV/HEHQZDUDXVLKPJHZLFKHQ 'LHJDQ]H=HLWEHUZDULFK]XNHLQHU%HZHJXQJIlKLJJHZHVHQREZRKOLFK YHUVXFKWKDVWHGHQ/XFFRW]X]LHKHQ,FKKlWWHEHLGH9XOWKHUJHW|WHWGHQQ0LQJRU ZUGHDXIXQVHEHQVRZHQLJ5FNVLFKWQHKPHQZLHGHUDOWH6HHOHQIlQJHU$EHULFK KDVWHQLFKWGLH.UDIWJHKDEWQDFKGHU:DIIH]XJUHLIHQ(VZDUDOVVHLLUJHQGHWZDV YRQGHQEHLGHQ.lPSIHQGHQDXIPLFKEHUJHVSUXQJHQZDVPLFKLQVHLQHQ%DQQ VFKOXJ.HOHVHZDUHVQLFKWDQGHUVHUJDQJHQ-HW]WILHOGHUIUHPGH=ZDQJYRQXQVDWH ,FKVSUDQJDXIGLH%HLQHXQGULGHQ6WUDKOHUKRFK6ROOWH0LQJRUDOV6LHJHUDXVGLHVHP .DPSIKHUYRUJHJDQJHQVHLQZUGHLFKLKQW|WHQEHYRUHUPHLQ/HEHQQHKPHQNRQQWH ³'XNDQQVWGLH(QHUJLHVSDUHQ´K|UWHLFKGHQ+RFKDGHOLJHQVDJHQGHUVLFKEHU 0LQJRUEHXJWH³6LHKDEHQVLFKJHJHQVHLWLJXPJHEUDFKW´ ³'DQQQLFKWVZLHZHJYRQKLHU´ :LUKDVWHQNDXPGHQ.lILJPLWGHP.RUPDQHQHUUHLFKWDOVKLQWHUXQVHLQH JHZDOWLJH([SORVLRQGHQ%RGHQLQZHLWHP8PNUHLVHUEHEHQOLH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'HU.RUPDQHZDUWRW,FKHQWGHFNWHHVHUVWDOVZLUGHQ.lILJDXVGHP:DOGDXI GLH(EHQHKLQDXVJHVWHXHUWKDWWHQ)UHLQH8PNHKUZDUHVQXQEHUHLWV]XVSlWREZRKO ZLUGHU6WHOOHDXVJHZLFKHQZDUHQZRGLH%RPEHGLHEHLGHQ9XOWKHU]HUIHW]WKDVWH 9RP6WW]SXQNWKHUQlKHUWHQVLFKEHUHLWV*HVWDOWHQLQIOXJIlKLJHQ.DPSIDQ]JHQ6LH ODQGHWHQNXU]GDUDXIXQGVLFKHUWHQGLH([SORVLRQVVWHOOHDWH:DKUVFKHLQOLFKVROOWHQGLH XQHLQJHZHLKWHQ.UDODVHQHQQLFKWHUIDKUHQZDVWULHUYRUJHIDOOHQZDU ³+RIIHQWOLFKNRPPWPDQQLFKWDXIGLH,GHHXQVDXV]XIUDJHQREZLUHWZDVYRQ GHP9RUIDOOEHREDFKWHWKDEHQ´VDJWHGHU)UVWXQGEOLFNWHVFKHX]XGHQ:DFKWSRVWHQ KLQEHUGLHEUHLWEHLQLJXQGPLWHQWVLFKHUWHQ=ZHLKDQG/XFFRWVGDVWDQGHQ$OVVLFKHLQ *HIDQJHQHQWUDQVSRUWGHP6SHUUJHELHWQlKHUWHJDEHQGLH:DFKWSRVWHQLKUHQ DKQXQJVORVHQ.DPHUDGHQXQPLYHUVWlQGOLFK]XYHUVWHKHQGDVLHWULHUQLFKW GXUFKNRQQWHQ0LUZXUGHKHLDOVHLQLJH3DQ]HUVFKZHEHUHUVFKLHQHQ$EHUVLHNUHLVWHQ QXUEHUGHP([SORVLRQVJHELHWXQGVHW]WHQQLFKW]XU/DQGXQJDQ ³'LFNH/XIW´UDXQWH.HOHVH 'HQ.lILJPLWGHPWRWHQ.RUPDQHQXQGGLH$QWLJUDYSODWWHPLWGHU$XVUVWXQJ ]ZLVFKHQXQVHUUHLFKWHQZLUHLQHQEUHLWHQ3IDGGHUVLFKTXHUEHUGLH(EHQHELV]X GHPEHIHVWLJWHQ7DIHOEHUJKLQ]RJ+LHUZLPPHOWHHVYRQ.UDODVHQHQGLHGHU)HVWXQJ ]XVWUHEWHQ'LHPHLVWHQYRQLKQHQWUDQVSRUWLHUWHQ.lILJHPLW*HIDQJHQHQDEHUHV ZDUHQDXFK.UDODVHQHQNRPPDQGRVGDUXQWHUGLHQXUPLWWHFKQLVFKHP*HUlWXQWHUZHJV ZDUHQ6LHUHLKWHQVLFKLQGLH]ZHLWH6SXUHLQLQGHUVLHUDVFKHUYRUZlUWVNDPHQ'DV 6W|KQHQ6FKUHLHQXQG)OXFKHQGHU*HIDQJHQHQHUIOOWHGLH/XIW 9HUHLQ]HOWHUNODQJGDV.UHLVFKHQGHU5DXEY|JHOGLHVLFKPLW7RGHVYHUDFKWXQJ LQGLH7LHIHVWU]WHQhEHUXQVEOLW]WHHVGDQQVWU]WHHLQPlFKWLJHUGXQNOHU.|USHULQ GLH7LHIH(VJDEHLQLJH.UDODVHQHQNRPPDQGRVGLHGLHDEJHVFKRVVHQHQ5DXEY|JHO HLQVDPPHOWHQXQGDXI7UDQVSRUWVFKHLEHQIRUWEUDFKWHQ:LHGHUKROWNDPGLH.RORQQH ]XP6WLOOVWDQG-HQlKHUZLUGHU)HVWXQJNDPHQGHVWR|IWHUPXWHQZLUDQKDOWHQ:LU ULFKWHWHQXQVGDEHLLPPHUQDFKGHP9HUKDOWHQGHUDQGHUHQ.UDODVHQHQGLHPHLVWHQ VDKHQHEHQVRHUVFK|SIWXQGYHUGUHFNWDXVZLHGHU)UVWXQGLFK$OVZLUQXUQRFK ]ZHLKXQGHUW0HWHUYRP)HVWXQJVWRUHQWIHUQWZDUHQVWDQGHQDP6WUDHQUDQGGLHHUVWHQ :DFKWSRVWHQ ³(VVLHKWQLFKWVRDXV´PXUPHOWHLFK³DOVZUGHQVLHQDFKIOFKWLJHQ *HIDQJHQHQ$XVVFKDXKDOWHQ´ .HOHVHZLVFKWHVLFKPLWHLQHUYHUVWRKOHQHQ%HZHJXQJGHQ6FKZHLYRQGHU 6WLUQ³0LUZlUHWURW]GHPZRKOHUZHQQZLUVFKRQLP6HSXONRUYDWZlUHQ´ :LUHUUHLFKWHQGHQ(LQJDQJ'LHPlFKWLJHQ7RUIOJHODXV$UNRQVWDKOVWDQGHUZHLW RIIHQ:LHLFKVFKRQGXUFKGDV)HUQJODVEHREDFKWHWKDVWHJDEHVNHLQHVWUHQJHQ .RQWUROOHQ(VVWDQGHU]ZDUEHUDOOELVDQGLH=lKQHEHZDIIQHWH3RVWHQGRFKVLH VFKLHQHQYRUDOOHPGD]XGD]XVHLQXPGLH*HIDQJHQHQHLQ]XVFKFKWHUQ 1DFKGHPZLUGDV7RUXQJHKLQGHUWSDVVLHUWKDWWHQHUUHLFKWHQZLUHLQHJLJDQWLVFKH +DOOHGLHDOV$XIIDQJODJHUIUGLH*HIDQJHQHQWUDQVSRUWHGLHQWH+LHUVWDQGHU+XQGHUWH YRQ.lILJHQXQGDQGHUH7UDQVSRUWEHKlOWHUEHUXQGQHEHQHLQDQGHU:lKUHQGVLHDXI GHUHLQHQ6HLWHYRQGHQHLQWUHIIHQGHQ*HIDQJHQHQWUDQVSRUWHQDEJHVWHOOWZXUGHQ EUDFKWHQDXIGHUDQGHUHQ.UDODVHQHQNRPPDQGRV.lILJHPLW*HIDQJHQHQLQV)UHLH'LH +DOOHZDUHUIOOWYRQHLQHUZDKUKDIWEHGUFNHQGHQ*HUlXVFKNXOLVVHGLHJU|WHQWHLOVDXV GHP*HVFKUHLGHU*HIDQJHQHQEHVWDQGXQGGLH$UEHLWVJHUlXVFKHEHUW|QWH'LH .UDODVHQHQVHOEVWWUXJHQDPZHQLJVWHQV]XGHP/lUPEHL
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6LHYHUULFKWHWHQLKUH7lWLJNHLWVFKZHLJVDPXQGPLWXQHUVFKWWHUOLFKHU5XKHQXU VHOWHQHUNODQJGDV.RPPDQGRHLQHUEHIHKOVJHZRKQWHQ6WLPPH ,FKEOLFNWHPLFKDXIPHUNVDPXPXQGQDKPDOOH(LQ]HOKHLWHQLQPLFKDXI2EZRKO ZLUVFKRQ]LHPOLFKZHLWLQGLH+DOOHYRUJHGUXQJHQZDUHQVFKLHQVLFKQLHPDQGXPXQV ]XNPPHUQ'LHEHZDIIQHWHQ3RVWHQQDKPHQYRQXQVHEHQVRZHQLJ1RWL]ZLHGLH $UEHLWVNRPPDQGRVGLHGLHHLQWUHIIHQGHQ.lILJHIRUWEUDFKWHQRGHUDXVGHU7LHIHGHU +DOOHQHXH*HIDQJHQHKHUEHLVFKDIIOHQ2EZRKOGDV/LFKWQLFKWVWDUNJHQXJZDUXPGLH YLHOHKXQGHUW0HWHUUDQJH+DOOHYROOVWlQGLJDXV]XOHXFKWHQVDKLFKLP+LQWHUJUXQG 6HLWHQJlQJHXQG)HOVGXUFKEUFKHGXUFKGLHGLHDXI$QWLJUDYSROVWHUQJOHLWHQGHQ.lILJH YHUVFKZDQGHQ(VKHUUVFKWHHLQ'XUFKHLQDQGHUZLHLQHLQHP,QVHNWHQEDXDEHU GHQQRFKVFKLHQDOOHVVHLQH2UGQXQJ]XKDEHQ.HOHVHVDKPLFKUDWLRVDQ³:LHVRLOHV ZHLWHUJHKHQ"´ ³$UQEHVWHQZLUOHVVHQGLH'LQJHDXIXQV]XNRPPHQ´ 8QGVLHNDPHQDXFKDXIXQV]XLQGHU)RUPHLQHV.UDODVHQHQ(UWUXJHLQHURWH .RSIELQGHGLHLKQZDKUVFKHLQOLFKDOV0LWJOLHGGHV2UGQHUGLHQVWHVDXVZLHV$OVHUXQV HUUHLFKWKDVWHZLHVHUZRUWORVDXIHLQHQ6WDSHOYRQIQIEHUHLQDQGHUJHWUPWHQ .lILJHQ,FKYHUVWDQGXQGVWHXHUWHPLWGHU)HUQEHGLHQXQJGHQ.lILJPLWGHP.RUPDQHQ ]XGHP6WDSHOZRLFKLKQDEVWHOOWH'HU.UDODVHQHGHUXQVHLQJHZLHVHQKDVWHVFKLHQ QLFKWJHPHUNW]XKDEHQGDGHU.RUPDQHQLFKWPHKUOHEWH-HGHQIDOOVQLFNWHHU ]XVWLPPHQGQDFKGHPGDV0DQ|YHUDEJHVFKORVVHQZDUXQG]RJVLFKGDQQ]XUFNXP VLFKGHPQlFKVWHQ*HIDQJHQHQWUDQVSRUW]X]XZHQGHQ'DVDOOHVILHIRKQHHLQHQ HLQ]LJHQ:RUWZHFKVHODWH+RIIHQWOLFKZDU6FKZHLJVDPNHLWEHUDOOLP6HSXONRUYDWHLQH 7XJHQGGDVZUGHXQVHUHQ3OlQHQVHKUHQWJHJHQNRPPHQ +DVWGXGHQQHLQHQ3ODQ"PHOGHWHVLFKPHLQ([WUDVLQQXQGPLUZDUDOVNOLQJH lW]HQGHU6SRWWGXUFK$XFKQDFKGHPZLUGHQ.lILJDEJHOLHIHUWKDWWHQEOLHEHQ.HOHVH XQGLFKXQEHDFKWHW:LUVFKOHQGHUWHQZHLWHUOLHHQXQVYRQGHQEHVFKlIWLJXQJVORVHQ .UDODVHQHQPLWWUHLEHQ$OVLFKLQGHQ.lILJUHLKHQHLQH/FNHHQWGHFNWHXQGGLH *HOHJHQKHLWJQVWLJZDUVWLHLFKGHQ+RFKDGOLJHQGDUDXI]XXQGIROJWHLKPGLFKWDXI GHQ)HUVHQ ³:DVVROOHQZLU]ZLVFKHQGHQ.lILJHQ"´ ³(UVWHLQPDOXQWHUWDXFKHQ´]LVFKWHLFKXQGWULHELKQZHLWHU:LUVFKOLFKHQXQV JHGXFNW]ZLVFKHQGHQ.lILJUHLKHQKLQGXUFKXQGLJQRULHUWHQGLH9HUZQVFKXQJHQXQG %HVFKLPSIXQJHQGHU*HIDQJHQHQ(QGOLFKKDVWHQZLUGLH5HLKHQGHU.lILJHKLQWHUXQV JHODVVHQXQGNDPHQDQHLQHQVFKZDFKEHOHXFKWHWHQ6HLWHQJDQJGHUWLHIHULQGHQ%HUJ IKUWHHUODJVWLOOXQGYHUODVVHQYRUXQV ³'DKLQHLQ´RUGQHWHLFKDQXQG.HOHVHYHUVFKZDQGPLWGHU$QWLJUDYSODWWHLQGHP ODQJHQ*DQJ,FKKDVWHNHLQH$KQXQJZRKLQHUXQVIKUHQZUGH'RFKIUPLFKZDU HVLP$XJHQEOLFNQXUZLFKWLJGDHVHLQ:HJLQGLHWLHIHUHQ5HJLRQHQGHV6HSXONRUYDWV ZDU+LQWHUXQVEOLHEGDVTXDOYROOH-DPPHUQHLQHV*HIROWHUWHQ]XUFN:LUNRQQWHQ NHLQHPKHOIHQRKQHXQVGHU*HIDKUDXV]XVHW]HQVHOEVWLQHLQHPGHU.lILJH]XODQGHU $EHUHLQHQ*HIDQJHQHQZUGHLFKUHWWHQPVVHQXQGZHQQHVPHLQ/HEHQ NRVWHQVROOWH'HQQGLHVHUHLQHZDUPHLQHEHUDOOHVJHOLHEWH)DUQDWKLD6LHZDU YHUORUHQZHQQLFKVLHQLFKWKHUDXVKROWH:RDEHUZDUVLHMHW]W",FKGXUIWHPLUQLFKW YRUVWHOOHQGD)DUQDWKLDLQHLQHGHU6XPSIPXOGHQJHWDXFKWXQGGDLKUQDFNWHU.|USHU GHQ%LVVHQXQEHNDQQWHU,QVHNWHQDXVJHVHW]WZXUGH$EHUZDKUVFKHLQOLFKKLHOW6RIJDUW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VLHWULHULP,QQHUQGHU)HVWXQJJHIDQJHQZDUVHLQ=LHOGRFKEHUVLHDQPLFK KHUDQ]XNRPPHQ 1DFKHWOLFKHQKXQGHUW0HWHUQKLHOW.HOHVHDQZLHVDXIHLQH1LVFKHDQGHU UHFKWHQ*DQJVHLWHXQGIUDJWH³:DVKlOWVWGXYRQHLQHU5DVW"´ ³(LQYHUVWDQGHQ´ $XV$5.6800O$*UXQGUHJHOQ 9HUJLQLH9HUVWDQGXQG6FKDUIVLQQ]XEHIUDJHQ([WUHPVLWXDWLRQHQLQ NRPPHQGHQ(LQVlW]HQDOOHU$UWVLQGQXUGDQQKRIIQXQJVORVZHQQDXVVFKOLHOLFK 0XVNHONUDIWXQGHUOHPWH3ULPLWLYWULFNVHLQJHVHW]WZHUGHQ *DQEHUDDQ6HSXONRUYDW3UDJRGHV7HGDUGD$UN .HOHVHVDQHEHQPLUGHQ5FNHQJHJHQGLH:DQGGHU1LVFKHJHOHKQW6HLW ]ZHL7RQWDVKRFNWHQZLULQGHPGVWHUHQ6HLWHQJDQJ =ZHL7RQWDVNRQQWHQHLQH(ZLJNHLWVHLQREZRKOZLULQGLHVHU=HLWNHLQHQ .UDODVHQHQPHKUJHVHKHQKDWWHQ:LUKDVWHQJHJHVVHQXQGJHWUXQNHQXQGGDV$UVHQDO GHU:DIIHQGXUFKJHVHKHQHLQ7KHUPRVWUDKOHUIQI/XFFRWVYLHU'HVLQWHJUDWRUHQ (UVDW]PDJD]LQH9LEUDWRUPHVVHU%RJHQXQG.|FKHU /HLGHUZDUEHLGHU$XVUVWXQJGHU$QWLJUDYSODWWHNHLQ6FKXW]VFKLUPSURMHNWRU GDEHLJHZHVHQXQGDXFKNHLQH'HIOHNWRUHQGLHXQVDQJHVLFKWV]ZHLIHOORVYRUKDQGHQHU LQWHUQHUhEHUZDFKXQJVDQODJHQVHKUYRQ9RUWHLOJHZHVHQZlUHQ'DIUKDVWHQZLUYLHU SRVLWURQLVFKH6FKOVVHOJHIXQGHQNOHLQH6WlEHGLHYHUVFKLHGHQHIHVWSURJUDPPLHUWH 6LJQDONRGHVDXVVHQGHQNRQQWHQ³+LHUN|QQHQZLUQLFKWHZLJEOHLEHQ´PXUPHOWHGHU +RFKDGOLJHXQGEUDFKGDPLWGDVGXPSIH6FKZHLJHQ³6HOEVWZHQQVLHXQVQLFKW GXUFKVFKDXHQKDEHQZLUIUXQVHU9HUKDOWHQNHLQH(UNOlUXQJ)DXOKHLWZLUGEHVWUDIW DXFKKLHU´ ,FKQLFNWH1DWUOLFKKDVWHHUUHFKW:LUPXWHQZHLWHU$EHUHUZDUZLHLFKIURK JHZHVHQVLFKQDFKGHQ6WUDSD]HQGHUOHW]WHQ7DJHHLQZHQLJDXVUXKHQ]XN|QQHQ 8QGGHU6HLWHQJDQJZDUUHODWLYVLFKHU,FKKDVWHPLUGHQ.RSI]HUEURFKHQZLHZLUDP EHVWHQYRUJLQJHQ³:LUVLQGHUVFK|SIW´PXUPHOWHLFK³$EHUZLUVROOWHQQXUGDQQ KDQGHOQZHQQHVXQEHGLQJWQRWZHQGLJLVW:LUEUDXFKHQHLQVLFKHUHUHV9HUVWHFN $XHUGHPPXLFKKHUDXVILQGHQZR)DUQDWKLDVWHFNW´ ³'XOLHEVWVLHVHKU"´ ³-D´ .HOHVHQLFNWHYRUVLFKKLQW:DVHUGDFKWHZDULKPQLFKWDQ]XVHKHQ³(VWXWPLU OHLG'LH.UDODVHQHQEHKDXSWHQGDQRFKQLHMHPDQGHPGLH)OXFKWYRQ*DQEHUDDQ JHJOFNWVHL´ ,FKKDVWHLKPQLFKWGLHYRLOH:DKUKHLWEHUPLFKHU]lKOWDEHUGDVZHQLJHGDVHU HUIDKUHQKDVWHJHQJWHLKQPHLQH*HIKOHDKQHQ]XOHVVHQ)DPDWKLDPHLQHJHOLHEWH )DPDWKLDLQGHQ.ODXHQHLQHV8QJHKHXHUV,FKZUGHGHQ%OLQGHQ6RIJDUWPLWPHLQHQ HLJHQHQ+lQGHQHUZUJHQZHQQLKUHWZDV]XJHVWRHQVHLQVROOWH'LHVHV8QJHKHXHU KDVWHGHQ7RGWDXVHQGIDFKYHUGLHQW³'DQQZHUGHQZLUHEHQGLHHUVWHQVHLQ² ]XVDPPHQPLW)DUQDWKLD´,FKVWDQGVFKZHUIlOOLJDXI³*HKHQZLU´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'HU*DQJZDUYRQHLQHUVWHULOHQ6DEHUNHLWGLHQLFKW]XGHQHLQHUVFKPXW]LJXQG KHUXQWHUJHNRPPHQDXVVHKHQGHQ.UDODVHQHQSDVVHQZROOWH,FKQDKPDQGDHUYRQ :DUWXQJVURERWHUQJHUHLQLJWZXUGH 7URW]GHU.OLPDDQODJHZDUGLH/XIWZDUPXQGIDVWVWLFNLJ:LUSDVVLHUWHQHLQHQ KHOOHUOHXFKWHWHQ6HLWHQJDQJXQGKLHOWHQDQ 'DV6W|KQHQGHU*HIDQJHQHQGLHLQYHUJLWWHUWHQ1LVFKHQVDHQXQGDXIGLH )ROWHURGHUGHQ7RGZDUWHWHQVFKQUWHPLUIDVWGLH.HKOH]X0HLQ+HU]NUDPSIWHVLFK ]XVDPPHQZHQQLFKGDUDQGDFKWHZLHYLHOH)UHXQGHPHLQHVHUPRUGHWHQ9DWHUVWULHU DXILKU(QGHJHZDUWHWKDEHQPRFKWHQ0lQQHUGLHGHPZDKUHQ,PSHUDWRUWUHXHUJHEHQ JHZHVHQZDUHQXQGGLH+HUUVFKDIWVHLQHV0|UGHUVQLFKWKDVWHQDQHUNHQQHQZROOHQ,FK VWLH.HOHVHDQ:LUKDVWHWHQZHLWHURKQHXQVHU=LHO]XNHQQHQ'DV6HSXONRUYDWZDU HLQJHZDOWLJHU.RPSOH[2KQHJHQDXH2UWVNHQQWQLVNRQQWHPDQ]ZHLIHOORV SHULRGHQODQJGXUFKGDV/DE\ULQWKLUUHQRKQHHLQHQ5DXP]ZHLPDOEHWUHWHQ]XPVVHQ 0HLQ%HJOHLWHUEOLHESO|W]OLFKVWHKHQVRGDLFKJHJHQLKQUDQQWH(UOHJWHHLQHQ )LQJHUDXIGLH/LSSHQXQGGHXWHWHQDFKYRUQ,FKK|UWHGLH6FKULWWHHEHQIDOOV5HFKWV XQGOLQNVJDEHVZHGHUHLQHQ6HLWHQJDQJQRFKHLQH1LVFKH$EHUZLUWUDJHQGLH 8QLIRUPHQYRQ.UDODVHQHQXQGZHQQXQVQLFKWJHUDGHHLQ9RUJHVHW]WHUEHJHJQHW ZHUGHQZLUDXIGXPPH)UDJHQHLQIDFKNHLQH$QWZRUWJHEHQ³:HLWHUJHKHQ´VDJWHLFK ³:LUKDEHQHLQH$XIJDEH.HLQH$QWZRUWZHQQZLUJHIUDJWZHUGHQ²XQGZHQQHVVHLQ PXODPLFKUHGHQ:LUVLQGZHLWHUKLQ.UDODVHQHQ´ :LUJLQJHQQHEHQHLQDQGHUKHUDOVKlWWHQZLUHLQHQZLFKWLJHQ%HIHKOHUKDOWHQ GHUP|JOLFKVWVFKQHOODXVJHIKUWZHUGHQPXWH0HLQHU6FKlW]XQJQDFKJDEHVWULHU 7DXVHQGHRGHUJDU=HKQWDXVHQGH.UDODVHQHQGLHHLQDQGHU]ZDQJVOlXILJQLFKWDOOH NDQQWHQ'UHL.HUOHZDUHQHVGHQHQGLH8QLIRUPYHUGUHFNWDP.|USHUKLQJ6HOWHQ KDVWHLFKVRYHUNRPPHQDXVVHKHQGH6XEMHNWHJHVHKHQ6LHZDUHQZRKODXIGHU 2EHUIOlFKHEHLGHQ)ROWHUVWDWLRQGHU6XPSIPXOGHQEHVFKlIWLJWJHZHVHQXQGNHKUWHQ YRP³(LQVDW]´]XUFN6LHZDUHQEHZDIIQHWXQGVDKHQDOOHVDQGHUHDOV YHUWUDXHQHUZHFNHQGDXV0HLQ([WUDVLQQVDJWHVS|WWLVFK,KUVHKWNHLQHVZHJVEHVVHU DXV .HOHVHXQGLFKZDUIHQLKQHQHLQHQQLFKWVVDJHQGHQ7KLFN]XQLFNWHQNXU]XQG JLQJHQZHLWHU(LQHUGHU.UDODVHQHQKLHOWDQXQGGUHKWHVLFKXP³+HZRKLQJHKWLKU"´ =XHUVWGDFKWHLFKHVVHLYLHOOHLFKWNOJHUGLH)UDJH]XLJQRULHUHQDEHUGDQQ EHUOHJWHLFKHVPLUGRFKDQGHUV,FKEOLHEHEHQIDOOVVWHKHQ³*HKHLPEHIHKO´ 'HU.UDODVHQHJULQVWHZLVVHQGXQGVDKQXQQRFKKlOLFKHUDXV$POLHEVWHQ KlWWHLFKLKPPHLQH)DXVWPLWWHQKLQHLQLQVJULQVHQGH*HVLFKWJHVFKODJHQ:LHYLHOH *HIDQJHQHPRFKWHHUVFKRQ]X7RGHJHIROWHUWKDEHQ"³6SH]LDOIROWHUXQJHK"´PDFKWH HU³6FKRQJHK|UW"8QVHU&KHIKDWHLQH6FK|QKHLWDQJHVFKOHSSW:LUGLKPVLFKHUYLHO 9HUJQJHQEHUHLWHQDEHUVSlWHUKDEHQZLUVLFKHUDXFKHWZDVGDYRQZHQQVLHGDQQ QRFKOHEW´ -HW]W]XFNWHHVPLUZLUNOLFKLQGHUUHFKWHQ+DQGDEHULFKEHKHUUVFKWHPLFK PKVDP.HOHVHZDUHEHQIDOOVVWHKHQJHEOLHEHQGLH)lXVWHDXIGLH$QWLJUDYSODWWH JHVWHPPW,FKILQJVHLQHQZDUQHQGHQ7KLFNDXIXQGSUHWH]ZLVFKHQGHQ=lKQHQ KHUYRU³/HLGHULVWHVQLFKWGLH.OHLQH´ 'HU.HUOQLFNWHXQGIROJWHGHQEHUHLWVZHLWHUJHJDQJHQHQ.UDODVHQHQ ³,VWJXWJHJDQJHQ´IOVWHUWH.HOHVH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³+RIIHQWOLFK´JDELFKVNHSWLVFK]XUFN.XU]GDUDXIK|UWHQZLUZLHGHU6FKULWWH GLHXQVHQWJHJHQNDPHQ*HQDXZLHEHLPHUVWHQPDOJLQJHQZLUHLQIDFKZHLWHUZHQQLFK DXFKEDOGIHVWVWHOOHQNRQQWHGDZLUHVQXQPLW5RERWHUQ]XWXQKDWWHQ,KUH)RUPOLH GDUDXIVFKOLHHQGDHVVLFKXP:DUWXQJVURERWHUKDQGHOWH6LHZDUHQXQEHZDIIQHW 6WXUPDUVFKLHUWHQVLHDQXQVYRUEHLDOVKlWWHQVLHXQVQLFKWJHVHKHQ$EHUHVJDEMD DXFK:DFKXQG.DPSIURERWHULQGHU)ROWHUIHVWXQJ 'LH)UDJHZDUREVLHHLQHQ$EJOHLFKPLWUHJLVWULHUWHQ ,QGLYLGXDOVFKZLQJXQJVPXVWHUQYRUQHKPHQNRQXWHQGHQQGDQQZXUGHHVIUXQV NULWLVFK9LHOOHLFKWVDKLFKDEHU]XVFKZDU]6FKOLHOLFKZDU*DQEHUDDQGHU3ODQHWHLQHU XQEHNDQQWHQXQGQDPHQORVHQ6RQQH$XHUZHQLJHQ(LQJHZHLKWHQZXWHZRKO QLHPDQGJHQDXZRGHU%OLQGH6RIJDUWVHLQH0DFKW]HQWUDOHDXIJHEDXWKDVWHXQGZHU KLHUKHUNDPGHUJHK|UWHHQWZHGHU]XVHLQHUJHIUFKWHWHQ7UXSSHRGHUHUZDUHLQ *HIDQJHQHU8QG*HIDQJHQHKDVWHQ*DQEHUDDQELVKHUQRFKQLHPDOVOHEHQGYHUODVVHQ ³(LQH)ROWHUKDOOH´VDJWHGHU)UVWDOVGHU*DQJSO|W]OLFKHQGHWHXQGZLULQHLQHP JURHQ6DDOVWDQGHUGHVVHQ6HLWHQZlQGHDXVYHUJLWWHUWHQ=HOOHQEHVWDQGHQKLQWHU GHQHQ*HIDQJHQHDXILKUHOHW]WH7RQWDZDUWHWHQ³:LUPVVHQWULHUZHJ´ 1DWUOLFKKDVWHHUUHFKWXQGLFKKlWWHQLFKW]XVDJHQYHUPRFKWZDUXPLFK ]|JHUWH,FKVDKGLHDQJVWYROOHQXQGYHU]ZHLIHOWHQ*HVLFKWHUGHU*HIDQJHQHQYRQ GHQHQMHGHUDQQDKPGDZLUJHNRPPHQZDUHQXPVLH]XTXlOHQ,QGHU0LWWHGHU +DOOHEHPHUNWHLFK6FKLHQHQDXIGHQHQHLQPLWNRPSOL]LHUWHQ.RQWUROOHQDXVJHVWDWWHWHV 6FKDOWSXOWVWDQG'HU=ZHFNZXUGHPLUQLFKWVRIRUWNODUDEHULFKYHUPXWHWHGDWULHU JHZLVVH)ROWHUPHWKRGHQYRUSURJUDPPLHUWZHUGHQNRQQWHQ .HLQ.UDODVHQHPXWHVLFKGDQQGLH)LQJHUVFKPXW]LJPDFKHQ$OOHVHUIROJWH YROODXWRPDWLVFKXQGZHQQGHU*HIROWHUWHHLQ*HVWlQGQLVDEOHJWHZXUGHHVYRQ YHUERUJHQHQ0LNURIRQHQLQGHUMHZHLOLJHQ=HOOHDXIJHQRPPHQZHLWHUJHOHLWHW JHVSHLFKHUWXQGHYHQWXHOOVRJDUYRQHLQHPHQWVSUHFKHQGHP5HFKQHUVHOEVWlQGLJ DXVJHZHUWHW1RFKZlKUHQGZLUEHUOHJWHQEHZHJWHVLFKGDV6FKDOWSXOWSO|W]OLFK(V URXWHHLQ6WFNEHUGLH6FKLHQHQDXIXQV]XXQGKLHOWDQ(LQ6FKHLQZHUIHUGUHKWHVLFK XQGULFKWHWHVHLQJUHOOHV/LFKWDXIGDV4XDGUDWHLQHU=HOOHLQGHUHLQ$UNRQLGHLQ YRUQHKPHU.OHLGXQJPHKUODJDOVVD'HU*HIDQJHQHVFKORJHEOHQGHWGLH$XJHQXQG OHJWHGLH+lQGHGDYRU 0HLQH+DQG]XFNWH]XP*ULIIGHV6WUDKOHUV$EHUPDOVKLHOWPLFK.HOHVH]XUFN ³/DGDV6DWDJR(VLVWVLQQORV8QVHUH$QZHVHQKHLWZUGHVRIRUWEHPHUNWXQGZLU N|QQWHQGHQ*HIDQJHQHQQLFKWHLQPDOUHWWHQ´ ³,FKKDEHDXFKGLFKEHIUHLWREZRKOHVVLQQORVVFKLHQ´HULQQHUWHLFKLKQ'HU $QVDW]HLQHUYDJHQ,GHHIRUPWHVLFKLQPHLQHP.RSI6ROOWHHVKDUWDXIKDUWNRPPHQ NRQQWHQZLU9HUZLUUXQJVWLIIHQLQGHPZLUVRYLHOH*HIDQJHQHZLHP|JOLFKEHIUHLWHQ GLHVHLKUHUVHLWVZHLWHUHXQGVRIRUW$XIVWDQGGHU*HVFKXQGHQHQ"EHUOHJWHLFK+PQXU LP1RWIDOO(VZUGH]XYLHOH2SIHUIRUGHP (UVFKWWHOWHGHQ.RSI³+LHULVWGDVDQGHUVRGHUKDVWGXGHLQH)DUQDWKLD YHUJHVVHQ":LOOVWGXLKUHQ7RG"´ :LHGHUHLQPDOKDVWHHUUHFKW(VKDVWHNHLQHQ6LQQGLH)ROWHUPDVFKLQHPLW HLQHP6WUDKOVFKX]X]HUVW|UHQGHQQVLHZUGHVRIRUWGXUFKHLQHDQGHUHHUVHW]W ZHUGHQ$XHUGHPZUGHGHU%OLQGH6RIJDUWGDQQVRIRUWZLVVHQGD)UHPGHLQGDV 6HSXONRUYDWHLQJHGUXQJHQZDUHQ'LH$XVJlQJHZUGHQVLFKVFKOLHHQXQGGDV,QQHUH GHU)HVWXQJKHUPHWLVFKYRQGHU$XHQZHOWDEULHJHOQ'DQQZUGHGLH-DJGEHJLQQHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
XQGHVNRQQWHNHLQ=ZHLIHOGDUDQEHVWHKHQGDPDQXQVIUKHURGHUVSlWHUHQWGHFNHQ ZUGH1HLQ]XU=HLWZDUHVVLQQORVGHPEHGDXHUQVZHUWHQ2SIHUKHOIHQ]XZROOHQ 6SlWHUYLHOOHLFKW²QLFKWMHW]W 'DV-DPPHUJHVFKUHLODJPLUQRFKLQGHQ2KUHQDOVZLUOlQJVWGLH+DOOH YHUODVVHQKDVWHQXQGZHLWHUJHJDQJHQZDUHQ:DVIUHLQ$UNRQLGHZDUGLHVHU%OLQGH 6RIJDUWQXU":DUHVYLHOOHLFKWVHLQH%OLQGKHLWGLHLKQVRJUDXVDPJHPDFKWKDVWH" :ROOWHHUVLFKVRIUGLH%HQDFKWHLOLJXQJUlFKHQGHUHU]XP2SIHUJHIDOOHQZDU² OHW]WOLFKGXUFKHLJHQHV9HUVFKXOGHQ"0LW+LOIHVHLQHU6SH]LDOEULOOHNRQQWHHUVLFK]ZDU RULHQWLHUHQDEHUGDVZDUQLFKWPLWQDWUOLFKHU6HKNUDIW]XYHUJOHLFKHQ9RQ)DUWXORRQ ZXWHLFKGD6RIJDUWDXFKLQVHLQHU=HLWDOV.D¶&KURQQWLVGHV7DL$UN¶7XVVDQHLQ (LQ]HOJlQJHUJHZHVHQZDUDXVPHKUHUHQNXU]HQ/LHEVFKDIWHQHQWVWDPPWHQGLHGUHL 7RFKWHUGLHYRQGHP0DQQDXI(OLWHVFKXOHQ³DEJHVFKREHQ´ZRUGHQZDUHQ'LHlOWHVWH ZDUPLW.HRQ¶DWKRU3DUWKRVYHUKHLUDWHW6RIJDUWKDVWHLKQQDFKGHQ(UHLJQLVVHQDXI 7UXPVFKYDDUYHUKDIWHQXQGDQ%RUGVHLQHV6FKLIIHVEULQJHQOHVVHQ²ZRP|JOLFKEHIDQG HUVLFKLQ]ZLVFKHQHEHQIDOOVWULHULP6HSXONRUYDW 'HU*DQJPQGHWHLQHLQHQEUHLWHUHQ.RUULGRUGHUIDVWXQPHUNOLFKDQVWLHJ'LH JHQDXH5LFKWXQJNRQQWHLFKXQP|JOLFKIHVWVWHOOHQDEHULFKQDKPDQGDZLUZHLWHULQ GDV,QQHUHGHU)HVWXQJYRUGUDQJHQ,FKPXWHHLQH6SXUYRQ)DUQDWKLDIOQGHQXQGGHU :HJ]XLKUIKUWH]ZHLIHOVRKQHEHUGHQ%OLQGHQ6RIJDUW0LUILHIHLQ6FKDXHUEHUGHQ 5FNHQZHQQLFKQXUGDUDQGDFKWHLKPEHJHJQHQ]XPVVHQ6ROOWHLFKLKQW|WHQ" 6ROOWHLFKGDPLWZDUWHQ":DVVROOWHLFKEHUKDXSWWXQZHQQHV]XHLQHU.RQIURQWDWLRQ NDP" (LQ7UXSS.UDODVHQHQNDPXQVHQWJHJHQ1HEHQLKQHQVFKZHEWHQ*LWWHUNlILJH PLW*HIDQJHQHQ0LUZDUNODUGDPDQVLHKLQDXVLQGHQ'VFKXQJHO]XGHQ 6XPSIPXOGHQEUDFKWHZRGLHDXVJHKXQJHUWHQXQGEOXWJLHULJHQ,QVHNWHQ*DQEHUDDQV EHUHLWVDXILKUHKLOIORVHQ2SIHUZDUWHWHQ.HOHVHVDKPLW(QWVHW]HQDXIGLH.lILJHGLHHU QXU]XJXWLQ(ULQQHUXQJKDVWH=XP*OFNULHUVLFK]XVDPPHQ,FKJDEGDV1LFNHQ GHV$QIKUHUVJHODVVHQ]XUFNXQGXQEHKHOOLJWNRQQWHQZLUZHLWHUJHKHQ,FKVDKGD GHU)UVWEHIUHLWDXIDWPHWHDOVGLH6FKULWWHKLQWHUXQVYHUNODQJHQ³:LGHUOLFK´ ³1LFKWQXUGDV9RUDOOHPHUVWDXQOLFK´ ³:DVLVWHUVWDXQOLFK"´ ³'LH0HWKRGHGHU6XPSIIROWHUXQJHQ'XKDVWGLHDXWRPDWLVFKH$QODJHJHVHKHQ 5RERWHUYHUULFKWHQWULHUGLH+DXSWDUEHLWXQGWURW]GHPVFKOHSSHQ.UDODVHQHQVWlQGLJ LKUH*HIDQJHQHQLQ.lILJHQKLQDXVLQGHQ8UZDOGXPVLHGRUW]XIROWHUQ,VWGDVUHLQH %HVFKlIWLJXQJVWKHUDSLH"+DW6RIJDUW]XYLHOH8QWHUJHEHQH"´ ³(VJLEWQRFKDQGHUH*UQGH8QWHUDQGHUHPGLHQHQGLHµ%HKDQGOXQJHQLP 8UZDOGGD]XGLH*HIDQJHQHQ]XEUHFKHQXQGXP]XGUHKHQ´ :HLWHUH.UDODVHQHQEHJHJQHWHQXQVDEHUZLUZXUGHQNDXPYRQLKQHQEHDFKWHW 0HLQH7KHRULHGDVLHVLFKJHJHQVHLWLJQLFKWNDQQWHQZXUGHEHVWlWLJW'HU.RUULGRU ZXUGHEUHLWHUXQGGDQQHUUHLFKWHQZLUHLQH9HUWHLOHUVWDWLRQ+LHUEHJDQQHLQ/DXIEDQG HLQHHQGORVUROOHQGH.XQVWVWRIIVFKOHLIHGLHUHFKWVXQGOLQNVGHV+DXSWNRUULGRUVLQ EHLGHQ5LFKWXQJHQILHIXQGMHGHU]HLWHLQ$XIRGHU$EVWHLJHQHUP|JOLFKWH³1DDOVR´ PXUPHOWH.HOHVHVDUNDVWLVFK³-HW]WNRPPHQZLUZHLWHULQGLH+|OOHKLQHLQRKQHXQV DQVWUHQJHQ]XPVVHQ´ %HLZHLWHUHQ%HJHJQXQJHQPLW.UDODVHQHQEOLHEJDUNHLQH=HLWVLFKQlKHUPLW XQV]XEHVFKlIWLJHQGHQQEHLGH%lQGHUOLHIHQUHFKWVFKQHOODQHLQDQGHUYRUEHL(LQH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
NXU]HQHXJLHULJH0XVWHUXQJXQGVFKRQZDUHQVLHZLHGHUYHUVFKZXQGHQ8QVNRQQWH GDVQXUUHFKWVHLQREJOHLFKZLUQRFKQLFKWZXWHQZRKLQXQVGLH5HLVHIKUWH )DPDWKLD'LH(ULQQHUXQJDQGLHJOFNOLFKHQ7RQWDVGLHLFKPLWLKUDXILKUHP +HLPDWSODQHWHQ*RUWDYRU]XJHEUDFKWKDVWHEUDFKPLW*HZDOWEHUPLFKKHUHLQ,FK OLHEHVLHPHKUGHQQMH 'HU*HGDQNHVLHYLHOOHLFKWQLHPHKUOHEHQGLJZLHGHU]XVHKHQYHUXUVDFKWHPLU 8EHONHLW0HLQ+DDXI6RIJDUWVWLHJLQV8QHUWUlJOLFKH,FKZDUPLUVLFKHUGDHU YHUORUHQJHZHVHQZlUHZHQQLFKLKQMHW]WLQGLHVHP$XJHQEOLFNYRUPLUJHKDEWKlWWH HPDQGHQ]XW|WHQZDUQLFKWOHLFKWVHOEVWGDQQQLFKWZHQQHVHLQ8QJHKHXHULQ DUNRQRLGHU*HVWDOWZDU)DUQDWKLDZDUYRQGHQ.UHDWXUHQGHV%OLQGHQ6RIJDUWHQWIKUW ZRUGHQXQGELVKHUKDVWHLFKPLFKQLFKWXPVLHNPPHUQN|QQHQHVZDUPLUQLFKW P|JOLFKJHZHVHQHWZDV]XLKUHU%HIUHLXQJ]XWXQ'RFKQXQZDUHVVRZHLW,FKKDVWH DOOHVULVNLHU´XPVLH]XUHWWHQXQGJOHLFK]HLWLJPHLQHP2QNHODXIGHP.ULVWDOOWKURQ HLQGHXWLJNODU]XPDFKHQGDHUIRUWDQNHLQHUXKLJH7RQWDPHKUKDEHQZUGH ³7UlXPVWGX"´.HOHVHV6WLPPHULPLFKDXVGHQ*HGDQNHQ ,FKKDWWHQLFKWEHPHUNWGDZLUVFKRQHLQHJDQ]H:HLOHDXIGHP5ROOEDQG IXKUHQXQGHLQHEHDFKWOLFKH6WUHFNH]XUFNJHOHJWKDWWHQRKQHGDXQVMHPDQG DXIJHKDOWHQKlWWH'LHDXIGHPDQGHUHQ%DQGYRUEHLJOHLWHQGHQ*HVWDOWHQJOLFKHQ VFKDWWHQKDIWHQ6FKHPHQGLHEHUKDXSWQLFKWIUXQV]XH[LVWLHUHQVFKLHQHQ'HU /RJLNVHNWRUVDJWHUDXK'DVlQGHUWVLFKVFKODJDUWLJZHQQLKUHQWGHFNWZHUGHWXQG $ODUPJHJHEHQZLUG ³1HLQLFKWUlXPHQLFKW,FKZDUQXUPLWPHLQHQ*HGDQNHQZRDQGHUV´ ³'DVLVW7UlXPHQ´ZLHVHUPLFK]XUHFKWXQGYHUWULHEPLWVHLQHUUHDOLVWLVFKHQ %HPHUNXQJPHLQH(ULQQHUXQJHQ³0HLQHU$QVLFKWQDFKQlKHUQZLUXQVGHP=HQWUXP GHU$QODJH:UGHPLFKQLFKWZXQGHUQZHQQZLUSO|W]OLFKGHP%OLQGHQ6RIJDUWVHOEVW EHJHJQHQ´ ³'HVKDOEVLQGZLUKLHU´$XFKGDVZDUHLQHUHDOLVWLVFKH)HVWVWHOOXQJDEHUPLUZDU QLFKWVHKUZRKOEHLGHP*HGDQNHQGHP%OXWKXQGRKQH9RUEHUHLWXQJ JHJHQEHU]XVWHKHQ,FKKDVWHPLUPHLQH:RUWH]XUHFKWJHOHJWDEHUQXQZDULFKPLU QLFKWPHKUVRVLFKHURELFKVLHDXFKVSUHFKHQZUGH9HUPXWOLFKNDPDOOHVJDQ] DQGHUVDOVLFKHVPLUDXVJHPDOWKDVWH 'UHLEHZDIIQHWH:DFKURERWHUNDPHQXQVHQWJHJHQ6LHVWDQGHUKLQWHUHLQDQGHU DXIGHP5ROOEDQG'LH:DIIHQDUPHZDUHQVWDUUQDFKYRUQJHULFKWHWIDVWOHEHQGLJZLUNWH GDV)XQNHOQLKUHU6HKOLQVHQW0HLQHUHFKWH+DQGQlKHUWHVLFKXQZLOONUOLFKGHP ,PSXOVVWUDKOHUGHULP*UWHOKDOIWHUVWHFNWH:HQQGLHGUHL5RERWHUDXIXQVUHDJLHUWHQ EOLHEXQVNHLQHDQGHUH:DKODOVVLHVRIRUW]XYHUQLFKWHQXQG]XYHUVXFKHQLQHLQHQ 6HLWHQNRUULGRU]XHQWNRPPHQ8QVHUH7DUQXQJKLHOWNHLQHU.RQWUROOHVWDQG$EHUPHLQH %HIUFKWXQJHQHUZLHVHQVLFKDOVEHUIOVVLJ2KQHXQV]XEHDFKWHQJOLWWHQGLH5RERWHU YRUEHLXQGYHUVFKZDQGHQLQGHUSHUVSHNWLYLVFKHQ9HUHQJXQJGHV.RUULGRUVGLHKLQWHU XQVODJ0HLQH9HUPXWXQJGDVLFKGHU%OLQGHLQVHLQHU)HVWXQJDEVROXWVLFKHUIKOWH ZXUGHZLHGHUHLQPDOEHVWlWLJW ³3XK´PDFKWH.HOHVH³0LUEOHLEWLPPHUGDV+HU]VWHKHQZHQQLFKVLHVHLQH6LH VLQGVFKOLPPHUDOVGLH.UDODVHQHQ´ ³=XPLQGHVWVLQGVLHDXIPHUNVDPHUXQGJHIlKUOLFKHU:LUZHUGHQGDVVLFKHUOLFK QRFK]XVSUHQEHNRPPHQ²LFKKRIIHQXUGDHVHUVWGDQQJHVFKLHKWZHQQZLU )DUQDWKLDEHIUHLWKDEHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'DVZlUHGHUHUVWHJHJOFNWH%HIUHLXQJVYHUVXFKDXVGHQ*HIlQJQLVVHQGHV )ROWHUSODQHWHQ´VDJWH.HOHVHSHVVLPLVWLVFK³9LHOK|UWPDQMDGUDXHQQLFKWEHUGLH 7DWLJNHLWGHV%OLQGHQXQGVHLQHU.UDODVHQHQDEHUGDVZHQLJHGDVGXUFKVLFNHUW JHQJW(VVLQG*HUFKWHXQGQLHPDQGZHLZDVGDUDQZDKULVW,FKKDEHVLHQLFKW JODXEHQZROOHQLQ]ZLVFKHQZXUGHLFKHLQHV%HVVHUHQEHOHKUWXQGGDVQXUGHVKDOE ZHOOLFKPLFKZHLJHUWHHLQSHDU]HUOXPSWH.UDODVHQHQPLW]XQHKPHQ,FKP|FKWH ZLVVHQZRGLHDOWHQ0DVWlEHYRQ7UDGLWLRQXQG9HUGLHQVWJHEOLHEHQVLQG$OOHVKDW VLFKJHlQGHUWVHLW2UEDQDVFKRODXIGHP7KURQVLW]W0DQFKPDOIUDJHLFKPLFKZDUXP *RQR]DOVWHUEHQPXWH´ ,FKKlWWHLKPGLH:DKUKHLWVDJHQN|QQHQDEHUZHQQHUGDQQPLWGLHVHP:LVVHQ JHIDQJHQZXUGHEHVWDQGGLH*HIDKUGDLKPGLH)ROWHUGDV*HKHLPQLVHQWORFNWH'DV ZDUHLQ5LVLNRGDVLFKXQWHUNHLQHQ8PVWlQGHQHLQJHKHQZROOWH³9LHOOHLFKWPXWHHU VWHUEHQ´GHXWHWHLFKOHGLJOLFKDQ³GDPLW2UEDQDVFKRO,PSHUDWRUZHUGHQNRQQWH´ (UZDUIPLUHLQHQIRUVFKHQGHQ7KLFN]XJDEDEHUNHLQH$QWZRUW/DXWORVWUXJXQV GDV%DQGZHLWHU0HLQHU6FKlW]XQJQDFKPXWHQZLUHWZDGUHLWDXVHQG0HWHU ]XUFNJHOHJWKDEHQXQGEHIDQGHQXQVGDPLWHWZDLQGHU0LWWHGHVDXVJHK|KOWHQ 7DIHOEHUJHVYRUDXVJHVHW]WGDV%DQGILHIGLUHNWDXIGDV=HQWUXP]X%HLGHUPlLJHQ DEHUJOHLFKEOHLEHQGHQ6WHLJXQJZDUHQZLUQXQYLHOOHLFKWIQIKXQGHUW0HWHUEHUGHU (EHQHGLHGHQ7DIHOEHUJXPJDE'HU.RUULGRUYHUEUHLWHUWHVLFK]XHLQHU+DOOHGLHGLH (QGVWDWLRQIUGDV5ROOEDQGGDUVWHOOWH(VYHUVFKZDQGLP%RGHQXQGILHI]XP$QIDQJ ]XUFN 6WHUQI|UPLJ]ZHLJWHQ6HLWHQNRUULGRUHDWH*HUDGHDXVIKUWHGHU+DXSWNRUULGRULQ ELVKHULJHU%UHLWHRKQH5ROOElQGHUZHLWHUDXIZlUWV+HOOHV/LFKWNDPDXV 'HFNHQHOHPHQWHQ5HFKWVXQGOLQNVJDEHVLQUHJHOPlLJHQ$EVWlQGHQ6HLWHQJlQJH PLWYHUJLWWHUWHQ=HOOHQ0LUEOLHEQXUZHQLJ=HLWPLFKXPGLHEHGDXHUQVZHUWHQ *HVFK|SIH]XNPPHUQWURW]GHPZDUILFKZLHGHUKROWKDVWLJH%OLNNHDXIGLH *HIDQJHQHQLPPHULQGHUYHU]ZHLIHOWHQ+RIIQXQJ)DUQDWKLDXQWHULKQHQ]XHQWGHFNHQ $EHUPHLQH9HUPXWXQJVLHVHLDOVEHVRQGHUH*HIDQJHQHDQHLQHPDQGHUHQ2UW XQWHUJHEUDFKWVFKLHQVLFK]XEHVWlWLJHQ,FKHQWGHFNWHQLFKWGLHJHULQJVWH6SXUYRQLKU 5RERWHUNDPHQXQVHQWJHJHQ6LHVFKOHSSWHQ$UNRQLGHQXQG$QJHK|ULJH DQGHUHU9RONHUGHV,PSHULXPVPLWVLFKXPVLHLQLKUH=HOOHQ]XUFN]XEULQJHQ,KU $QEOLFNZDUJUDXHQYROOXQGLFKVDKGD.HOHVHVLFKQXUQRFKPKVDPEHKHUUVFKWH 2UEDQDVFKROPXVFKQHOOVWHQVDEJHVHW]WXQGEHVWUDIWZHUGHQXQGPLWLKPVHLQ 2EHUKHQNHU6RIJDUW ³:UGHQGDVGLH2UEWRQHQXQVHUHUJORUUHLFKHQ)ORWWHVHKHQ2UEDQDVFKROZlUH LQQHUKDOEHLQHV3UDJRVJHVWU]W´IOVWHUWHGHU)UVWKHLVHU³$EHUQLHPDQGZHLGDYRQ QLHPDQG8QGZHUVFKHQNWVFKRQ*HUFKWHQ*ODXEHQ",QGHQ5HLKHQGHUHKUHQZHUWHQ .KDVXUQRKQHKLQQLHPDQG´ ³:HQQZLUWULHUOHEHQGLJKHUDXVNRPPHQZHUGHQZLUGDIUVRUJHQGDDXVGHQ *HUFKWHQEHOHJWH7DWVDFKHQZHUGHQ:LUVRUJHQGDIUGDHLQH.RPPLVVLRQDOOHV XQWHUVXFKW%LVGDKLQZLUGHVXQVDXFKJHOXQJHQVHLQGLH.RRUGLQDWHQGHV*DQEHUDDQ 6\VWHPVKHUDXV]XILQGHQ´ ³,FKKRIIHHVLFKKRIIHHVZLUNOLFK´ 'DVDOOHVZLUGVLFKlQGHUQVFKZRULFKPLUVREDOGLFK2UEDQDVFKRODEO|VHXQG GDVUHFKWPlLJH(UEHPHLQHV9DWHUVDQWUHWH'LH.UDODVHQHQN|QQHQ*DQEHUDDQ EHKDOWHQDEHURKQH*HIDQJHQHXQGRKQH9HUELQGXQJ]XGHQDQGHUHQ:HOWHQ:HQQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VLHEHUOHEHQZROOHQPVVHQVLHDUEHLWHQGLH:DOGHUURGHQXQGGLH6PSIHXUEDU PDFKHQ9LHOOHLFKWZHUGHQVLHGDQQ]XPHUVWHQPDOLQLKUHP/HEHQZLVVHQZDV)UHLKHLW EHGHXWHW .HOHVHVDJWHSO|W]OLFK³(VJLEWNHLQH6HLWHQJlQJHPLW.lILJHQPHKU²VFKRQHLQH JDQ]H:HLOHQLFKW´(VZDUVWLOOJHZRUGHQDXFKVFKLHQPLUGLH/XIWWULHUNKOHUXQG IULVFKHU]XVHLQ2EHVYHUERUJHQH$EK|UXQGhEHUZDFKXQJVDQODJHQJDEZXWHLFK QLFKWHQWGHFNWKDVWHLFKQRFKQLFKWVGHUJOHLFKHQ³+LHUILQGHQZLUNHLQ9HUVWHFN 6DWDJR´ ³9LHOOHLFKWEUDXFKHQZLUNHLQHV´ 6FKZHLJHQGJLQJHQZLUZHLWHUWLHIHUKLQHLQLQGHQDXVJHK|KOWHQ7DIHOEHUJ²XQG LPPHUK|KHU,FKKDVWHEHPHUNWGDGHUEUHLWH.RUULGRUHLQHOHLFKWH5HFKWVELHJXQJ DXIZLHV0LW6LFKHUKHLWJDEHVDXFK/LIWHXQG$QWLJUDYVFKlFKWHDEHUZLUKDVWHQQRFK NHLQHQJHVHKHQ1DFKHLQLJHQKXQGHUW0HWHUQ]ZHLJWHZLHGHUHLQH5HLKHYRQ 6HLWHQJlQJHQDWHGLHVLFKLKUHUVHLWVPLWDQGHUHQ*lQJHQNUHX]WHQRGHU7XUQLVFKHQ DXIZLHVHQ(LQHSHULSKHUH:HQGHOUDPSHWHLOWHGHU/RJLNVHNWRUQDFKHLQHU:HLOHPLW (WZD]ZHLWDXVHQG0HWHU'XUFKPHVVHU'LH6HLWHQJlQJHYHUODXIHQUDGLDO]XP=HQWUXP EH]LHKXQJVZHLVH]XU)ODQNHGHV7DIHOEHUJHV ³$OVR]XP=HQWUXP´PXUPHOWHLFKXQGERJQDFKUHFKWVDWH 'HU*DQJYHUOLHIZDDJUHFKWXQGPQGHWHQDFKYLHOOHLFKWGUHLKXQGHUW0HWHUQ JHQDXZLHGUHLZHLWHUHLQHLQHTXDGUDWLVFKH9HUWHLOHUKDOOH9RQ:DUQVFKUDIIXUHQ XPJHEHQZDUHQGLH]HKQ0HWHUGXUFKPHVVHQGHQ6FKDFKW|IIQXQJHQLQ%RGHQXQG 'HFNH$P(LQJDQJGHVJHJHQEHUOLHJHQGHQ*DQJHVVWDQGHU]ZHL:DFKURERWHUXQG .HOHVHIOVWHUWH³$QGHQHQNRPPHQZLUZRKOQLFKWVRHLQIDFKYRUEHL´ ³0DJVHLQ´JDELFKHEHQVROHLVH]XUFN³DEHULFKQHKPHDQGDJHQDXGRUW XQVHU=LHOOLHJW:LUPVVHQYRUEHLZHQQZLUQLFKWIUDOOH=HLWHQWULHUKHUXPLUUHQ ZROOHQ´ 'LH6HLWHQJlQJHZDUHQXQEHZDFKW8PVRZLFKWLJHUPXWHGHUEHZDFKWHVHLQ )KUWHHUGLUHNWLQV+DXSWTXDUWLHUGHV%OLQGHQ6RIJDUW"'LH%HZDFKXQJXQWHUGHU )DUQDWKLDEHLP+HUIOXJJHVWDQGHQKDVWHEHZLHVZLHZLFKWLJLKPVHLQH*HIDQJHQHZDU LPPHUKLQVROOWHVLHGHU.|GHU]XPHLQHU(UJUHLIXQJVHLQ0HLQH+RIIQXQJZDUGDVLH GHVKDOEQLFKWLPJHZ|KQOLFKHQ*HIDQJHQHQWUDNWXQWHUJHEUDFKWVHLQZUGH:HQQ EHUKDXSWGDQQLVWVLHLQ6RIJDUWV1lKH ³9LHOOHLFKWJHODQJHQZLUDXI8PZHJHQKLQ"´ ,FKVFKWWHOWHGHQ.RSI³'DVNDQQ7DJHGDXHUQXQGZLUKDEHQQLFKWVRYLHO=HLW .RPPZLUYHUVXFKHQHV+DOWHGHLQH6WUDKOHUEHUHLW´ .HOHVHQLFNWHJHIDWXQGORFNHUWHVHLQH:DIIHQ0DQNRQQWHGDPLWGXUFKDXV HLQHQ5RERWHUNDPSIXQIlKLJVFKLHHQ'LH)UDJHZDUREHVVLFKXPDXWDUNH(LQKHLWHQ KDQGHOWHRGHUREVLHPLWHLQHU=HQWUDOHLQVWlQGLJHP)XQNNRQWDNWVWDQGHU,QMHGHP)DOO ZUGHHLQ$ODUPVLJQDODXVJHVDQGWZHUGHQVREDOGHVHLQH%HVFKlGLJXQJJDE'DV ZLHGHUXPZUGHGLH6XFKHQDFKXQVHLQOHLWHQ'LHJDQ]H)ROWHUIHVWXQJPXWHGDQQ YRQ6XFKURERWHUQZLPPHOQXQGDXFKGLH.UDODVHQHQZUGHQXQVQLFKWPHKU XQEHKHOOLJWOHVVHQ:LUJLQJHUGLH$QWLJUDYSODWWHYRUXQVKHUVFKLFEHQGTXHUGXUFKGLH +DOOHDXIGLHEHLGHQ5RERWHU]X6LHEOLFNWHQXQVPLWVWDUUHQ)DFHWWHQDXJHQHQWJHJHQ XQG]HLJWHQNHLQH5HDNWLRQ0HLQHUHFKWH+DQGKLQJZLHOHEORVQDFKXQWHQGLFKWEHLP =='HVLQWHJUDWRU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'XQLPPVWGHQOLQNHQ´IOVWHUWHLFK³$EHUHUVWGDQQZHQQLFKGDV.RPPDQGR JHEH9LHOOHLFKWJHKWHVDXFKVR´ (LQHUGHU5RERWHUZDQGWHVLFKXQV]X³,KUH$XIJDEH"´VFKQDUUWHHU XQSHUV|QOLFKDEHUPLWHLQHPGHXWOLFKSURJUDPPLHUWHQ8QWHUWRQYRQ$XWRULWlW³'HU =XWULWW]XP.RPPDQGRWHLOLVWRKQH6RQGHUJHQHKPLJXQJYHUERWHQ+DEHQ6LHHLQH VROFKH*HQHKPLJXQJ"´ ³'D]XEOLHENHLQH=HLW´VDJWHLFKVFKQHOOEOLHEMHGRFKVWHKHQ³:LUKDEHQ ZLFKWLJH1DFKULFKWHQIUGHQ.RPPDQGDQWHQ´ ³:HOFKH1DFKULFKWHQ"6SUHFKHQ6LH'LH$XI]HLFKQXQJOlXIW´ 'DVIHKOWPLUQRFK³*HKHLP´VWLHLFKKHUYRUXQGYHUVXFKWHURERWORJLVFK]X EOXIIHU³'LH0HOGXQJLVWQXUIUGLH2KUHQGHV%OLQGHQ6RIJDUWEHVWLPPW'DVLVWHLQ %HIHKOGHV,PSHUDWRUV6HLQHU(UKDEHQKHLW2UEDQDVFKROVGHV'ULWWHQ´ ,FKVSUWHI|UPOLFKZLHHVLQGHPSRVLWURQLVFKHQ*HKLUQGHVIUDJHQGHQ5RERWHUV DUEHLWHWHDOVHUYHUVXFKWHPLWGHUVFKHLQEDUHQ/RJLNPHLQHU%HKDXSWXQJIHUWLJ]X ZHUGHQ*DQ]JHODQJHVLKPQLFKWGHQQHUYHUZHLJHUWHXQVDXFKZHLWHUKLQGLH (UODXEQLVGHQ.RUULGRU]XEHWUHWHQ³6LHPVVHQVLFKHLQHU.RQWUROOHXQWHU]LHKHQ:LH ODXWHW,KUH.RGHQXPPHU"´ 6LHVFKLHQHQQLFKWPLW,QGLYLGXDOWDVWHUQDXVJHVWDWWHW]XVHLQ,FKKlWWHDOVR LUJHQGHLQH=DKOQHQQHQN|QQHQDEHUGLHhEHUSUIXQJKlWWHGDQQLQZHQLJHQ $XJHQEOLFNHQGHQ6FKZLQGHOHQWODUYW1RFKKDVWHQGLH0DVFKLQHQLKUH:DIIHQDUPH QLFKWDXIXQVJHULFKWHWELVODQJZDUHVHLQHIRUPDOH.RQWUROOH*DEHVVFKRQ )XQNNRQWDNW]XU=HQWUDOHRGHUQLFKW":LUKDVWHQQXUHLQH&KDQFH,FKVSUDQJPLWHLQHP 6DW]]XU6HLWHULJOHLFK]HLWLJGHQ'HVLQWHJUDWRUDXVGHP*UWHOXQGULHI.HOHVH]X ³/RV´ 0HLQ(QHUJLHVWUDKOWUDIGDVSRVLWURQLVFKH=HQWUXPLQGHU5RERWHUEUXVWXQGVHW]WH HVVRIRUWDXHU*HIHFKW'HU5RERWHUNLSSWH]ZDUQLFKWXPDEHUHUEHZHJWHVLFKQLFKW PHKU,FKEUDXFKWH.HOHVHQLFKW]XXQWHUVWW]HQDXFKHUKDVWHVFKQHOOXQGJXWJH]LHOW 'HU]ZHLWH5RERWHUZDQNWHXQGNUDFKWHGDQQPLWWHQLQGHQ.RUULGRUZRHU EHZHJXQJVORVOLHJHQEOLHE³:HLWHU´VDJWHLFKPLWHLQHU5XKHGLHPLFKVHOEVWLQ (UVWDXQHQYHUVHW]WH³*OHLFKGUIWHWULHUGLH+|OOHORVVHLQ´ :LUHLOWHQLQGHQ.RUULGRU0LOOLWRQWDVUHLKWHQVLFKDQHLQDQGHUDEHUQLFKWV JHVFKDK.HLQ$ODUPNHLQHVRQVWLJH5HDNWLRQ:LUNRQQWHQXQEHKHOOLJWZHLWHUHLOHQ 1LFKWHLQPDOHLQHQVWLOOHU$ODUPVFKLHQHVJHJHEHQ]XKDEHQ.RQQWHHVVHLQGDZLU GLH5RERWHUZLUNOLFKEHUUXPSHOWKDWWHQ"(VVFKLHQVR0HLQ/RJLNVHNWRUDQDO\VLHUWHGLH 6LWXDWLRQXQGEHKDXSWHWH'LH5RERWHUZDUHQDXWDUNVWDQGHQQLFKWPLWHLQHU=HQWUDOHLQ 9HUELQGXQJ%LV]XHXUHP$QJULIIKDQGHOWHHVVLFKXPHLQHQRUUQDOH.RQWUROOHZHOOLKU DXFKGXUFKGHQ+LQZHLVDXIGLH*HKHLPQDFKULFKW²LQHUVWHU1lKHUXQJDOV.UDODVHQHQ HLQJHVFKlW]WZXUGHW6LHNRQQWHQRIIHQVLFKWOLFKNHLQH:DPXQJPHKUVHQGHU$OOHUGLQJV GUIWHEHLLKUHU(QWGHFNXQJGLH$XI]HLFKQXQJVLFKHUJHVWHOOWZHUGHQ 3O|W]OLFKK|UWHQZLU6WLPPHQ0LWHLQHP5XFNEOLHELFKVWHKHQXQGKLHOWGHQ +RFKDGOLJHQDPbUPHOIHVV:LUUKUWHQXQVQLFKWXQGZDJWHQNDXP]XDWPHQ'LH 6WLPPHQNDPHQYRQYRUQDEHUZLUZXWHQQLFKWZLHZHLWGHU.RUULGRUGHQ6FKDOOEXJ $QJHVWUHQJWODXVFKWHLFKGHQQHLQHGHUEHLGHQ6WLPPHQNDPPLUYDJHEHNDQQWYRUGLH DQGHUHZDUPLUDEVROXWIUHPG0lQQHUVWLPPHQ'LHEHNDQQWHZHFNWHLQPLUHLQH (ULQQHUXQJDQHLQ(UHLJQLVGDVLFKQLHPDOVLQPHLQHP/HEHQYHUJHVVHQZUGHXQGGDV PLWGHU)OXFKWDXVGHP7DUNLKOHQGHWH'DPDOVZXUGH)DUWXORRQYHUKDIWHWXQGYHUK|UW²
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
YRQGHP%OLQGHQ6RIJDUW$OOHVLQPLUNUDPSIWHVLFK]XVDPPHQDOVLFKGDUDQGDFKWH QXUQRFKZHQLJH0HWHUYRQGHP9HUKDWHQHQWIHUQW]XVHLQ .HOHVHVDKPHLQH(UUHJXQJXQGIOVWHUWH³:DVLVW")KOVWGXGLFKQLFKWZRKO"´ /HLVHJDELFK]XUFN³:LHVRLOPDQVLFKIKOHQ"'LH6WLPPHGDYRUQLVWGLH 6RIJDUWV´ ³8QGZDUXPJLEWHVNHLQH:DFKHQ",FKYHUVWHKHGDVQLFKW´ ³(UIKOWVLFKVLFKHU´ZDUPHLQHHLQ]LJH(UNOlUXQJ³$XI*DQEHUDDQJLEWHVQXU .UDODVHQHQXQG*HIDQJHQH'LHHLQHQVLQGWUHXHUJHEHQGLHDQGHUHQHLQJHVSHUUW 1DFKXQVHUHP$XVEUXFKKlOWPDQXQV]ZHLIHOORVIUWRW²YRQ7LHUHQ]HUULVVHQRGHUYRP 6HHOHQIlQJHUHUZLVFKW1RFKVLQGZLU.UDODVHQHQ´ (VNRVWHWHXQVEHLGHHLQLJHhEHUZLQGXQJZHLWHU]XJHKHQ8QVHUH+lQGHODJHQ DXIGHQ:DIIHQGDVJDEXQVHLQZHQLJ6HOEVWYHUWUDXHQ$XFKGHU%OLQGH6RIJDUWZDU NHLQ6HOEVWP|UGHU9RQ9RUWHLOZDUGDHUPLFKGDQN)DUWXORRQVELRNRVPHWLVFKHU 9HUlQGHUXQJQLFKWDOV.ULVWDOOSULQ]HQHUNHQQHQZUGH-HGHQIDOOVQLFKWVRIRUW'LH 6WLPPHQZXUGHQODXWHU8QGGHXWOLFKHU(VZDUHQEHNDQQWH:RUWHGDUXQWHUGHUHQ6LQQ PLU]XHUVWQLFKWNODUZXUGH9LHOOHLFKWPXWHQZLUQRFKQlKHUKHUDQGDPLWLFKMHGHV HLQ]HOQH:RUWPLWEHNDP,FKVWLH.HOHVHDQXQGKDXFKWH³:HLWHU´ $XHUGHQEHLGHQJHGlPSIWHQ6WLPPHQZDUQLFKWV]XK|UHQ+LHUIHKOWHQGDV 6W|KQHQGHU*HIDQJHQHQXQGGDV6FKUHLHQGHU*HIROWHUWHQ+LHUKHUUVFKWH6WLOOHDEHU HVNDPPLUZLHGLH6WLOOHGHV7RGHVYRU,FKZXWHGDHLQH(QWVFKHLGXQJNXU] EHYRUVWDQGXQGLFKZDUPLUQLFKWVLFKHUZLHVLHDXVIDOOHQZUGH'LH6WLPPHQZXUGHQ ODXWHU,FKNRQQWHMHW]WMHGHV:RUWYHUVWHKHQ(VZDUNHLQULFKWLJHV*HVSUlFKGHPZLU ODXVFKWHQVRQGHUQPHKUHLQJHOHJHQWOLFKHU:HFKVHOEHVWLPPWHU%HJULIIHZLHEHLHLQHP 6SLHO 6SLHO"'LH(UNHQQWQLVGXUFK]XFNWHPLFKZLHHLQ%OLW]*DUUDER1DWUOLFKGDV LVWHV6LHVSLHOHQ*DUUDER)DUWXORRQKDVWHPLUGDV6WUDWHJLHVSLHOEHLJHEUDFKWEHLGHP )LJXUHQDXIHLQHPTXDGUDWLVFKHQ%UHWWPLWHEHQVROFKHQ)HOGHUQKLQXQGKHUEHZHJW ZXUGHQELVHLQHUGHU6SLHOHUVHLQHEHLGHQZHUWYROOVWHQYHUORU%UHWWYDULDQWHQZDUHQGLH PLW]HKQPDO]HKQXQGGLHPLWDFKWPDODFKW)HOGHUQ*HPHLQVDPZDUEHLGHQGD MHGHU6SLHOHU]Z|OI)LJXUHQKDVWHGLHGHQ]Z|OI+HURHQHQWVSUDFKHQGHQ%HUOHQ 7DLJRQ *DUUDERZDUDXI$UNRQ,HQWVWDQGHQXQGKDVWHHLQHGHUDUWLJH%HOLHEWKHLWHUODQJW GDHV]XDOLHQ:HOWHQGHV7DL$UN¶7XVVDQJHWUDJHQZXUGH'DV6SLHOHUIRUGHUWH ,QWHOOLJHQ]ORJLVFKHV'HQNHQXQGYRUDOLHQ'LQJHQHLQHJXWH.RPELQDWLRQVJDEH'HU 6SLHOHUPXWHGLH)DKLJNHLWEHVLW]HQGLH$EVLFKWHQVHLQHV*HJQHUVUHFKW]HLWLJ]X HUNHQQHQXQGVHLQH=JHYRUDXV]EHUHFKQHQ'DVZDUHLQHUGHU*UQGHZDUXPHV VRJDUEHLGHQ5DXPDNDGHPLHQ]XP3IOLFKWIDFKZXUGH$XFKLP5DKPHQGHU$5. 6800,$DXI/DUJDPHQLDKDWWHQZLUYLHO*DUUDERJHVSLHOW'DVDOOHVVFKRPLUGXUFK GHQ.RSIZlKUHQGZLUXQVZHLWHUKLQYRUVLFKWLJGHQEHLGHQ6WLPPHQQlKHUWHQ'LHGHV %OLQGHQ6RIJDUWZDUODXWHUDOVMHQHVHLQHV6SLHOJHJQHUV:DVLFKQLFKWJDQ]EHJULIIZDU GDVJHOHJHQWOLFKH6W|KQHQGDVDQPHLQH2KUHQGUDQJ'DQQZLHGHUK|UWHLFK6RIJDUW PLWVFKDUIHU6WLPPH%HIHKOHHUWHLOHQGLHPHLQHV(UDFKWHQVQLFKWVPLWGHPHLJHQWOLFKHQ 6SLHO]XWXQKDWWHQREZRKOHU.RRUGLQDWHQ=DKOHQXQG%XFKVWDEHQQDQQWH 'HU.RUULGRUPQGHWHDXIHLQHQTXHUODXIHQGHQ$UNDGHQJDQJPLW*HZ|OEHGHFNH XQGHLQHU5HLKHYRQPDVVLYHQ6lXOHQGLHGXUFKHLQH%DOXVWUDGHYHUEXQGHQZDUHQ 'DKLQWHUODJHLQJURHUTXDGUDWLVFKHU6DDOPLWHLQHU6HLWHQOlQJHYRQJXWIQI]LJ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
0HWHUQGHVVHQ%RGHQVLFKXQWHUKDOEGHV$UNDGHQJDQJVEHIDQG.HOHVHXQGLFK YHUVWlQGLJWHQXQVOLHHQGLH$QWLJUDYSODWWH]XUFNXQGKXVFKWHQODXWORV]XGHQ6lXOHQ GLHXQV6FKXW]YRUHLQHUVRIRUWLJHQ(QWGHFNXQJERWHQ:DVZLUVDKHQOLHXQVGHQ $WHPVWRFNHU 2EZRKOGHU%OLQGHQXUHLQSHDU'XW]HQG0HWHUYRQXQVHQWIHUQWZDUZDUHQZLU YRUHUVWVLFKHU,P=HQWUXPZDUGHU6DDOERGHQDXIHLQHU)OlFKHYRQ]ZDQ]LJ]X]ZDQ]LJ 0HWHUQLQNOHLQHUH4XDGUDWHXQWHUWHLOWZLHEHLP*DUUDERDEZHFKVHOQGZHLXQG VFKZDU]'RFKGLH)LJXUHQZDUHQ$UNRQLGHQDOOHXQWHUVFKLHGOLFKJHNOHLGHWXQGDOV 6SLHOILJXUHQJHNHQQ]HLFKQHW6LHPDFKWHQHLQHQHUVFK|SIWHQXQGWRWDOHUOHGLJWHQ (LQGUXFNDEHULPPHUZLHGHUZXUGHQVLHYRQGHQOlQJVGHV6SLHOIHOGHVVWHKHQGHQ 5RERWHUQGXUFKVFKZDFKH(QHUJLHVW|HDQJHWULHEHQ'HU%OLQGH6RIJDUWVSLHOV *DUUDERDEHUPLWOHEHQGHQ)LJXUHQ 'RFKGDVZDUQRFKQLFKWDOOHV6REDOGHLQHGHU)LJXUHQJHVFKODJHQZDUZXUGH VLHJHW|WHW6FKQHOOXQGVFKPHU]ORVGXUFKHLQHQ(QHUJLHVFKXXQGPLWHLQHUPDNDEUHQ $QZDQGOXQJGDFKWHLFKGDGLHVHU7RGIUGLHJHTXlOWHQ*HIDQJHQHQHLQH (UOHLFKWHUXQJVHLQPXWH'HU%OLQGH6RIJDUWVDVHLWOLFKYHUVHW]WXQGHLQZHQLJHUK|KW YRUHLQHU6FKDOWDQODJHDXIHLQHP3RGLXPXQGVDK]XPDQGHUHQ+DOOHQHQGH=XHUVW ZXWHLFKQLFKWZDVGLH6FKDOWXQJHQLPHLQ]HOQHQEHZLUNWHQHUNDQQWHDEHUGDQQDOV HUZLHGHUHLQHQ=XJPDFKWHGDHLQ6WURPVWRGLHHQWVSUHFKHQGH³)LJXU´DXIHLQ DQGHUHV)HOGWULHE'HU*HIDQJHQHKDVWHNHLQH:DKOGHQQHUVWZHQQHUGDV JHZQVFKWHQHXH)HOGHUUHLFKWKDVWHVFKDOWHWHVLFKGHU6WURPDXWRPDWLVFKDWH 'DVLW]WHUGDV6FKHXVDOLQ$UNRQLGHQJHVWDOWXQGVSLHOVGDVLPSHULDOH6SLHOZLH NHLQDQGHUHU,FKZDQGWHPHLQH$XIPHUNVDPNHLWVHLQHP*HJQHU]XHLQHPJXW JHNOHLGHWHQXQGHWZDVEHOHLEWHQ$UNRQLGHQGHUDXIPLFKQLFKWGHQ(LQGUXFNHLQHV *HIDQJHQHQPDFKWH9LHOPHKUVDKHUVRDXVDOVEHNOHLGHHUHLQHQKRKHQXQG HLQIOXUHLFKHQ3RVWHQLQQHUKDOEGHU.UDODVHQHQKLHUDUFKLH6HLQlQJVWOLFKHV*HVLFKW DOOHUGLQJVZLGHUVSUDFKGLHVHPHUVWHQ(LQGUXFN$XFKHUVDDXIHLQHP3RGLXPPLW 6FKDOWDQODJHQ6RIJDUWJHQDXJHJHQEHUUXQGIQIXQG]ZDQ]LJ0HWHUYRQLKPJHWUHQQW :LHGHUYHUORUHLQHUGHU*HIDQJHQHQVHLQ/HEHQ6FKRQQDFKZHQLJHQ=JHQHUNDQQWH LFKGDGHUGLFNH$UNRQLGHNHLQH&KDQFHJHJHQ6RIJDUWKDVWHGHUVHKUJHVFKLFNW VSLHOWH(VNRQQWHQLFKWPHKUUDQJHGDXHUQELVGHUOHW]WHXQGHQWVFKHLGHQGH=XJ HUIROJWH ³'XPXWPHKUQDFKGHQNHQ$UJHH´ULHI6RIJDUWK|KQLVFK³:HQQGXGDV6SLHO YHUOLHUVWKDVWGXDXFKGHLQ/HEHQYHUORUHQ9HUJLGDVQLFKW´ ³'XZLUVWHVPLUVFKHQNHQZHQQLFKJHZLQQH"´ ³'XKDVWPHLQ:RUWREZRKOGXQDFKGHLQHU9HUIHKOXQJGHQ7RGDXFKRKQHGLHVH &KDQFHYHUGLHQWKlWWHVW,FKNDQQNHLQH2EHUZlFKWHUPLWVHQWLPHQWDOHQ*HIKOHQ EUDXFKHQ'XVROOWHVWGHQ*HIDQJHQHQ]X7RGHIROWHUQVWDWVLKQJOHLFKXP]XEULQJHQ´ ³(UVWDUEVFKQHOOHUDOVLFKHVZROOWH´ 'HU%OLQGH6RIJDUWZLQNWHYHUlFKWOLFKDWH³'DVZLUGDXFKPLWGLUJHVFKHKHQ ZHQQGXQLFKWDXIPHUNVDPJHQXJELVW´(UGUFNWHDXIHLQHQGHUYLHOHQ.Q|SIH ³6FKZHUWNlPSIHU7UDQ$WODQQDFK'0HLQ/LHEHUZLHGHUKDVWGXHLQH)LJXUYHUORUHQ %DOGZLUVWGXGLFKK|FKVWSHUV|QOLFKDXIV6SLHOIHOGEHJHEHQPVVHQ'DVLVWHLQH &KDQFHGLHLFKGLUQRFKJHZlKUH´ $UJHHJDENHLQH$QWZRUW(UVDGDXQGEHUOHJWHVHLQHQQlFKVWHQ=XJ,FK NRQ]HQWULHUWHPLFKDXI6RIJDUW(UZDUZLUNOLFKXQJODXEOLFKPDJHUGLH.QRFKHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
]HLFKQHWHQVLFKGHXWOLFKXQWHUGHUHQJDQOLHJHQGHQ/HGHUNOHLGXQJDWH'DV*HVLFKW HULQQHUWHDQHLQHQPLWSHUJDPHQWDUWLJHU+DXWEHGHFNWHQ7RWHQVFKlGHOGHQLFKHLQPDO LQHLQHP.XULRVLWl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³%ULOOH´JHVHKHQKDWWHQ$POLHEVWHQKlWWHLFKLKQMHW]WPLWHLQHPHLQ]LJHQ 6FKXDEJHNQDOOWDEHUGDQQKlWWHLFKQRFKLPPHUQLFKWJHZXWZRHU)DUQDWKLD JHIDQJHQKLHOW $UJHH]RJXQGHUQWHWHHLQ+RKQJHOlFKWHUVHLQHV*HJQHUV³'XPPNRSI'XKDVW PLUJHJHQEHUEHKDXSWHWJXW*DUUDERVSLHOHQ]XN|QQHQXQGLFKKDEHPLFKDXIGLHVHV 6SLHOJHIUHXW:DVDEHUELVWGX"(LQ6WPSHU(LQNOHLQHV.LQGVSLHOVEHVVHU$EHUELWWH HVLVWMDGHLQ/HEHQXPGDVZLUVSLHOHQ´ ,FKZXWHGDLFKHLQH/HLGHQVFKDIWGHV%OLQGHQ6RIJDUWHQWGHFNWKDVWH *DUUDER9LHOOHLFKWZUGHLFKGDVHLQPDODXVQXW]HQN|QQHQGHQQQXU)DUWXORRQGHU PLUGDV6SLHOEHLJHEUDFKWKDVWHXQGELVKHXWHPHLQ/DNWURWHJHEOLHEHQZDUNRQQWH PLFKELVKHUVFKODJHQ$EXQG]XJHZDQQLFKVRJDUJHJHQLKQXQGGDQQVFKLHQHVVR ]XVHLQDOVVHLHUJDQ]IURKGDUEHU,FKZDUEHU]HXJWGDYRQJHJHQ6RIJDUWJHZLQQHQ ]XN|QQHQZHQQHUPLUGLH*HOHJHQKHLW]XHLQHP6SLHOERW$EHUPDOVVWDUEHLQHGHU )LJXUHQ .HOHVHZDUIPLUHLQHQIUDJHQGHQ7KLFN]X,FKZXWHZDVHUGDFKWH/DQJVDP VFKWWHOWHLFKGHQ.RSI(VZDUQRFK]XIUK$UJHHVFKLHQMHGH+RIIQXQJYHUORUHQ]X KDEHQGDV6SLHOQRFKJHZLQQHQ]XN|QQHQXQGGHU%OLQGHJHQRJDQ]RKQH=ZHLIHO GHVVHQ7RGHVDQJVW,FKEHPHUNWHGDHUMHW]WVRJDUIULKQVHOEVWQDFKWHLOLJH=JH PDFKWHXPGDV6SLHOXQGGDPLWGLH4XDOVHLQHV*HJQHUV]XYHUOlQJHUQ ³,FKZHUGHYHUOLHUHQ´ULHI$UJHHYHU]ZHLIHOW³:LOOVWGXPLFKZLUNOLFKW|WHQ"´ ³1DWUOLFK,FKKDOWHPLFKDQXQVHUH9HUHLQEDUXQJ'XKDVW]XJHVWLPPW´ ³+DWWHLFKHLQHDQGHUH:DKO"´ ³1HLQ´VDJWHGHU.UDODVHQHQIKUHUNDOW $UJHHVFKDXGHUWH6RZHLWLFKGDV6SLHOIHOGXQGGLHYHUEOLHEHQHQ)LJXUHQ EHUVFKDXHQNRQQWHZDUHULQ]ZHL=JHQHUOHGLJW²ZHQQ6RIJDUWHVZROOWH³,FKZDUGLU YLHOH-DKUHHLQJXWHU$XIVHKHU+DEHLFKGLUQLFKWWUHXJHGLHQWYRUDOOHPGDQQZHQQGX DEZHVHQGZDUVW":DKUHQGGXXQGGHLQH/HLEJDUGHLP$XIWUDJ2UEDQDVFKROVQDFKGHP 6WHLQGHU:HLVHQVXFKWHW"´ ,FKKRUFKWHDXI2UEDQDVFKROXQG6RIJDUWVXFKHQQDFKGHP6WHLQGHU:HLVHQ" 8QWHU5DXPIDKUHUQNXUVLHUWHQGDUEHUYLHOIDFKDXVJHVSRQQHQH*HVFKLFKWHQ GHUHQ%HLZHUN]ZDULQV5HLFKGHU/HJHQGHQJHK|UWHLP.HUQMHGRFKHLQHUHDOH *UXQGODJH]XKDEHQVFKLHQ(VKLHGDGHUGHUGHQP\VWHUL|VHQ6WHLQGHU:HLVHQ IHQGXQGVLFKVHLQHUZUGLJHUZLHVJURH0DFKWXQGJURHV*OFNHUKLHOW1LHPDQG ZXWHDOOHUGLQJVJHQDXZLHGLHVHU6WHLQGHU:HLVHQDXVVDKRGHUZRHUVLFKEHIDQG RGHUXPZDVHVVLFKJHQDXEHLGLHVHP³NRVPLVFKHQ.OHLQRG´KDQGHOWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
8QJH]lKOWHKDVWHQLKQ]XILQGHQYHUVXFKWGLHPHLVWHQZDUHQIULPPHU YHUVFKROOHQ*HVLFKHUWVFKLHQDOOHUGLQJV]XVHLQGDHVVLFKEHLGHP6WHLQGHU:HLVHQ XPHLQhEHUEOHLEVHOMHQHVOHJHQGlUHQ8UYRONVKDQGHOWHYRQGHPYLHOH$UWHIDNWH JHIXQGHQZRUGHQZDUHQ(UZlKQXQJILQGHWHUXQWHUDQGHUHPLQHLQHP9HUV GHUIUDJPHQWDULVFKHQ7H[WHYRQ<[DWKRUPPHOGHWHVLFKGHU([WUDVLQQXQG]LWLHUWHXQWHU =XKLOIHQDKPHPHLQHVSKRWRJUDSKLVFKHQ*HGlFKWQLVVHVLVWGHU6WHLQGHU:HLVHQLQ GHQULFKWLJHQ+lQGHQNDQQHU'LQJHYROOEULQJHQGLHHXFKZLH:XQGHUHUVFKHLQHQ ZHUGHQ'RFKVFKZHULVWHVLKQ]XVXFKHQXQGQRFKVFKZHUHULKQ]XEHKDOWHQ (LQ6FKOVVHO]XP6WHLQGHU:HLVHQVROOWHGLH³9HUJHVVHQH3RVLWURQLN´VHLQHLQH UXKHORVGXUFKGDV$OOVWUHLIHQGH3ODWWIRUPGLHY|OOLJZLOONUOLFKPDOLQGLHVHUGDQQLQ MHQHP6HNWRUDXIWDXFKWHXQGYRQ5DXPIDKUHUQQRFKPHKUDOV'XQNHOVRQQHQXQG +\SHUVWUPHJHIUFKWHWZXUGHZHOOPLWLKUGLHVRQGHUEDUVWHQK\SHUSK\VLNDOLVFKHQ $QRPDOLHQYHUEXQGHQZDUHQ'DHVGLHVHV*HELOGHJDEZDUHLQH7DWVDFKH²DXI /DUJDPHQLDKDVWHLFKVHOEVWGLHHQWVSUHFKHQGHQ%HULFKWVGDWHLHQYRQ )HUQEHREDFKWXQJHQXQG2UWXQJVGDWHQJHVHKHQ²GRFKXPZDVJHQDXHVVLFK KDQGHOWHZDUELVKHXWHQLFKWEHNDQQW'LH9RUVWHOOXQJ6RIJDUWRGHU2UEDQDVFKRO N|QQWHQLQGHQ%HVLW]GHV6WHLQVGHU:HLVHQNRPPHQEUDFKWHPLFKXQZLOONUOLFKDXI GHQ*HGDQNHQLKQHQ]XYRU]XNRPPHQ9LHOOHLFKW $UJHHV6WLPPHULPLFKDXVGHQ*HGDQNHQ³.RQQWHVWGXGLFKQLFKWLPPHUDXI PLFKYHUODVVHQXQGPLUGHLQHZHUWYROOVWHQ*HIDQJHQHQDQYHUWUDXHQ"=HLWZHLVHVRJDU GLHVHEHVRQGHUH*HIDQJHQHGLHGXMHW]WZLHGHUPLWJHEUDFKWKDVW"´ )DPDWKLD(UVSULFKWYRQ)DPDWKLD ³'RFKGXZDUVWHLQJXWHU'LHQHU$UJHH$EHUGXKDVWJHIHKOWXQGGDVNDQQLFK QLFKWGXUFKJHKHQOHVVHQ,FKPXDOVRGHLQH+LQULFKWXQJYROO]LHKHQVREDOGGHUOHW]WH =XJJHWDQLVW´ (VILHOPLUVFKZHUHLQIDFKKLQWHUGHUVFKW]HQGHQ6lXOH]XVWHKHQXQGQLFKWV]X WXQ,FKNDQQWH$UJHHQLFKWXQGYLHOOHLFKWKDVWHHUDOV)ROWHUPHLVWHUGHQ7RG²YRQ PHLQHP6WDQGSXQNWDXVJHVHKHQ²RKQHKLQYHUGLHQW:DVDEHUGHU%OLQGH6RIJDUW YRUKDWWHZDU0RUGQLFKWPHKUXQGQLFKWZHQLJHU:LHGHUHUIROJWHHLQ=XJEDOGZDUHV VRZHLW(VEOLHE6RIJDUWNHLQHDQGHUH:DKODOVGLH+DXSWILJXU²GLHP\VWLVFKH 5HWWHUJHVWDOW9UHWDWRX²VHLQHV*HJQHUVMHW]W]XVFKODJHQZROOWHHUVLFKQLFKWVHOEVW GRFKQRFKLQ*HIDKUEHJHEHQ,FKVDKGD.HOHVHVHLQHQ,PSXOVVWUDKOHU]RJXQGDXI K|FKVWH,QWHQVLWlWHLQVWHOOWH $EHUPDOVVFKWWHOWHLFKGHQ.RSIZDUPLUDEHUQLFKWPHKUVRVLFKHURELFKPLFK ]XUFNKDOWHQNRQQWHZHQQHVVRZHLWZDU,UJHQGZLHKDVWHLFK0LWOHLGPLW$UJHH'DQQ DEHUGDFKWHLFKDQ)DUQDWKLD1RFKKDVWHLFKQLFKWGLHJHULQJVWH6SXUYRQLKUJHIXQGHQ XQGNHLQHQHLQ]LJHQ+LQZHLVDXILKUHQMHW]LJHQ$XIHQWKDOWVRUWHUKDOWHQ:HQQZLUGHQ %OLQGHQ6RIJDUWEHUUXPSHOQGXUFKIXKUHVPLFKYHUUlWHUVLFKYLHOOHLFKWRKQHGDLFK PHLQHZDKUH,GHQWLWlWSUHLVJHEH,FK]RJHEHQIDOOVGHQ6WUDKOHUXQGIOVWHUWH³(UVW ZHQQLFKHVVDJH'DV6SLHOPX]X(QGHVHLQ´ (UQLFNWHVWXPP$UJHHPDFKWHVHLQHQOHW]WHQHUIROJORVHQ=XJXQGVFKORIU HLQHQ0RPHQWGLH$XJHQDOVVHLHURKQPlFKWLJJHZRUGHQ(UOHKQWHVLFKLQGHQ6WXKO ]XUFNEOHLFKXQGKRIIQXQJVORV(UZXWHGDHUVRHEHQVHLQHOHW]WH&KDQFHYHUWDQ KDVWHDEHUHUZXWHDXFKGDHVNHLQHDQGHUH0|JOLFKNHLWJHJHEHQKDVWH'HU%OLQGH 6RIJDUWNRVWHWHVHLQHQ7ULXPSKDXV³'XKDVWVHOEVWGHLQ7RGHVXUWHLOJHVSURFKHQ :DUXPELVWGXDXFKHLQVRVFKOHFKWHU6SLHOHU"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'XKlWWHVWPLFKDXFKGDQQJHW|WHWZHQQLFKJHZRQQHQKlWWH´ ³:LHNDQQVWGXVRHWZDVVDJHQ$UJHH"'XKDVWZHQLJ9HUWUDXHQ]XPLU´ $UJHHZDUDQHLQHP3XQNWDQJHODQJWDQGHPLKPDOOHVHJDOZDU%HYRUHUVWDUE VFKLHQHU6RIJDUWQRFKVHLQH0HLQXQJVDJHQ]XZROOHQGLHHUMDKUHODQJKDVWHIUVLFK EHKDOWHQPVVHQ'HU7RGZDULKPJHZL³:HUVROOWHGLUVFKRQYHUWUDXHQGXEOLQGHV 6FKHXVDO"8QGGDPLWGXHVZHLW,FKKDEHYLHOH*HIDQJHQHYRQLKUHQ4XDOHQHUO|VW LQGHPLFKLKQHQHLQHQVFKQHOOHQ7RGJ|QQWH,FKKlWWHVLHDXFKIUHLJHODVVHQZHQQHV HLQHQ6LQQJHKDEWKlWWH'XZDUVWPLUVFKRQLPPHU]XZLGHUDEHUHVZDUPHLQ 6FKLFNVDOGLUGLHQHQ]XPVVHQ,FKNRQQWHQLHYRQGLHVHUYHUIOXFKWHQ:HOWIRUW(LQHV 7DJHVZLUVWDXFKGXVWHUEHQXQGLFKKRIIHQXUHVJHVFKLHKWODQJVDPXQHQGOLFK ODQJVDP´ 'HU%OLQGH6RIJDUWVDJDQ]UXKLJYRUVHLQHQ.RQWUROOHQZlKUHQG$UJHHLKP VHLQH$QVFKXOGLJXQJHQLQV*HVLFKWVFKOHXGHUWH$XIGHP*DUUDERIHOGVWDQGHUQXUQRFK ZHQLJHVFKZDQNHQGH*HIDQJHQH'LH5RERWHUWULHEHQVLH]XVDPPHQXQGIKUWHQVLH EHUNXU]H7UHSSHQ]XP$UNDGHQJDQJXQGDXIGHUJHJHQEHUOLHJHQGHQ6HLWHDXVGHP 6SLHOVDDO6RIJDUWXQG$UJHHZDUHQDOOHLQ:HQLJVWHQVQDKPLFKGDVDQ ³1XQKDVWGXGLH0DVNHHQGOLFKIDOOHQOHVVHQ0HLQH9HUPXWXQJKDWPLFKQLFKW JHWlXVFKWGHQQLFKKDEHVFKRQUDQJHJHDKQWGDGXXQ]XYHUOlVVLJELVW'XKDVWPLU ]ZDUGLH6WLHIHOJHOHFNWDOVLFKGLUGDV$PWHLQHV2EHUZlFKWHUVGHV6HSXONRUYDWV EHUWUXJDEHUDPOLHEVWHQKlWWHVWGXPLFKXPJHEUDFKW'XPXWGRFK]XJHEHQGDGX GHQ7RGYHUGLHQWKDVW´ $UJHHHUKREVLFKIDVWZUGHYROO³,QGHLQHQ$XJHQPDJLFKLKQYHUGLHQWKDEHQ DEHULQGHQ$XJHQGHU(GOHQXQVHUHV,PSHULXPVELVWGXHLQ0|UGHU(VZLUGGHU3UDJR NRPPHQGDGXYRULKUHP*HULFKWVWHKHQZLUVWGHQQQLFKWHLQPDO2UEDQDVFKROOHEW HZLJXQGKRIIHQWOLFKZLUGQDFKLKPHLQ=KGRSDQWKLNRPPHQGHUJHUHFKWHUGHQNWDOVHU 6SlWHVWHQVGDQQLVWDXFKGHLQH+HUUVFKDIW]X(QGH´ 6RIJDUWVWDQGHEHQIDOOVDXIKREGHQ$UPPLWGHP,PSXOVVWUDKOHU:ROOWHHU $UJHHPLWHLJHQHU+DQGH[HNXWLHUHQ"/DQJVDPVWLHJHUYRQGHP3RGLXPKHUDEXQG EHWUDWGDV6SLHOIHOG'LH:DIIHDXI$UJHHJHULFKWHWJLQJHUDXILKQ]X³.RPPKHUXQG VWLUEDXIGHP)HOGGHLQHU)LJXUHQGLHGLUNHLQ*OFNEUDFKWHQ.RPPLFKZDUWH2GHU ZLOOVWGXGDLFKGLFKODQJVDPVWHUEHQRGHU]XGHQDQGHUHQLQHLQHQ.lILJVSHUUHQ ODVVH"´ $UJHHHUJULIIEOLW]VFKQHOOHLQHQ*HJHQVWDQGGHQLFKQLFKWHUNHQQHQNRQQWH0LW HLQHP6DW]ZDUHUYRP3RGLXPXQGUDQQWHDXI6RIJDUW]XGHQ*HJHQVWDQG VFKODJEHUHLWHUKREHQ(VZDUHLQHLQIDFKHU6WDEPLWGHPHUYLHOOHLFKWVHLQH*HIDQJHQ YHUSUJHOWKDVWHHLQHOlFKHUOLFKH:DIIHJHJHQHLQHQ/XFFRW'HU%OLQGH]LHOWHLQDOOHU 5XKHOLHVLFK=HLW,QGLHVHP$XJHQEOLFNKLHOWHVPLFKQLFKWOlQJHUKLQWHUGHU6lXOH ³%OHLEWULHU5FNHQGHFNXQJ´]LVFKWHLFKGHP7D]XVFKZDQJPLFKEHUGLH %DOXVWUDGHXQGVWUPWHDXIGDV6SLHOIHOG'HU%OLQGH6RIJDUWVDKPLFKNRPPHQXQG REZRKOLFKHLQH:DIIHLQGHU+DQGKLHOWZDUHUNDOWEOWLJJHQXJVLFK]XHUVWXP$UJHH ]XNPPHUQ'HU+RFKHQHUJLHVWUDKOEOLW]WHDXIXQGWUDILKQPLWWHQLQGLH%UXVW'HU 0DQQVWDUEDXJHQEOLFNOLFKXQGVWU]WHYHUNRKOW]X%RGHQ,FKULGHQ76KRFKDEHU GDQQ]|JHUWHLFK:HOFKHQ6LQQKDVWHHVGHQ%OLQGHQ]XW|WHQRKQHYRQLKPHUIDKUHQ ]XKDEHQZRHU)DUQDWKLDYHUVWHFNWKLHOW"(UKDVWHHLQH:DIIHLFKKDVWHHLQH:DIIH ,FKZUGHPLWLKPUHGHQN|QQHQZHQQHUQLFKWULVNLHUHQZROOWHYRQPLUHUVFKRVVHQ]X
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
ZHUGHQ³*DQ]UXKLJ(UKDEHQHU´ULHILFK³,FKZROOWHGLUQXUKHOIHQZHQQHVGHP DQGHUHQJHOXQJHQZlUHGLFK]XHUUHLFKHQ´ =XPHLQHP(UVWDXQHQOLHGHU%OLQGHVHLQHQ$UPPLWGHU:DIIHVLQNHU³:HUELVW GX":HUKDWGLUGHQ=XWULWWLQGHQYHUERWHQHQ7HLOGHU)HVWXQJHUODXEW"´ (UKlOWPLFKIUHLQHQ.UDODVHQHQ²JXWVR:LHJXWNDQQHUHLJHQWOLFKZLUNOLFKPLW VHLQHU%ULOOHVHKHQ"(UNHQQWHUPHLQHbKQOLFKNHLWPLWGHPJHVXFKWHQ.ULVWDOOSULQ]HQ" 2IIHQVLFKWOLFKQLFKW³0LFKKDWQLHPDQGDXIJHKDOWHQGHVKDOENDPLFK]XIlOOLJKLHUKHU XQGNRQQWHGHLQH[]HOOHQWHV6SLHOEHZXQGHUQ$EHUGDQQDOVGLHVHU$UJHHDXIGLFK ]XUDQQWHZROOWHLFKGLUKHOIHQ(UKDEHQHU´,QQHUOLFKZLGHUVWUHEWHPLUGDVHUQLHGULJHQGH 6FKDXVSLHODEHULFKVDKNHLQHDQGHUH0|JOLFKNHLWPLWGHP%OLQGHQLQV*HVSUlFK]X NRPPHQ³,FKELQGLUWUHXHUJHEHQ´ ³'DQQZLUIGHQ6WUDKOHUZHJ´ ³,FKWUDJHLKQPLWGHLQHU(UODXEQLV´ ³-DDXHUKDOEGHU)HVWXQJDEHUQLFKWWULHU:LUILKQZHJVRQVWZHUGHQGLFKGLH 5RERWHUW|WHQ6LHKGLFKXPVLHZDUWHQQXUDXIPHLQ.RPPDQGR´ ,FKHUNDQQWHGDGLH5RERWHUVFKQHOOHU]XUFNJHNHKUWZDUHQDOVLFKJHKRIIW KDVWH6LHSRVWLHUWHQVLFKULQJVGHV6SLHOIHOGHVGLH:DIIHQDUPHDXIPLFKJHULFKWHW(V ZDUHQPLQGHVWHQVGUHLLJ6WFNXQGJHJHQVLHKDVWHLFKQLFKWGLHJHULQJVWH&KDQFH ,FKYHUIOXFKWHGHQ/HLFKWVLQQPLFKVRXQEHUOHJWLQGLH*HZDOWGHV%OLQGHQ6RIJDUW EHJHEHQ]XKDEHQ+RIIHQWOLFKPDFKWGHU)UVWMHW]WNHLQHQ)HKOHU ³1XQ",FKZDUWHQLFKWPHKUOlQJHU´ZDUQWH6RIJDUW³$OOH:DIIHQ´,FKQLFNWHOLH GHQ/XFFRWHLQIDFKIDOOHQGLHDQGHUHQ6WUDKOHUIROJWHQ6RIJDUWNDPQlKHUXQGIUDJWH ODXHUQG³$XHQNRPPDQGR":HPXQWHUVWHOOW"´ ³$XHQNRPPDQGR´EHVWlWLJWHLFKXQGVXFKWHYHU]ZHLIHOWQDFKHLQHU$XVUHGH QLFKWGHQ1DPHQPHLQHVDQJHEOLFKHQ9RUJHVHW]WHQQHQQHQ]XPVVHQ³,FKZXUGHHUVW JHVWHUQHLQHUQHXHQ*UXSSH]XJHWHLOWXQGHUKLHOWGHQ$XIWUDJ*HIDQJHQHDXVGHQ .RUULGRU]HOOHQ]XKROHQ'DEHLYHULUUWHLFKPLFKJHODQJWHKLHUKHUXQGZXUGH=HXJH GHLQHVKHUYRUUDJHQGHQ*DUUDERVSLHOV´ 'HU%OLQGHPXVWHUWHPLFKDXVGHQ7ULFKWHUQVHLQHU6HKKLOIHHLQHQJUDXVDPHQ =XJXPGLH/LSSHQ³'DV%HWUHWHQGHV.RPPDQGRWHLOVLVWHLQIDFKHQ.UDODVHQHQ YHUERWHQ´ ³,FKKDEHGRFKQXUGDV6SLHOIHOGJHVHKHQ´ ³'DVZDUEHUHLWV]XYLHO´(UKREVHLQHQ$UPXQGULFKWHWHGLHJOKHQGH :DIIHQPQGXQJDXIPLFK³'XZLUVWVWHUEHQ2GHULVWHVGLUOLHEHUGDLFKGLFKIROWHUQ ODVVH"9LHOOHLFKWHUIDKUHLFKGDQQZDVGXZLUNOLFKWULHUJHZROOWKDVW"´ ,FKVDKHLQGDMHGHVZHLWHUH:RUW=HLWYHUVFKZHQGXQJZDU0HLQH:DIIHQODJHQ DXIGHP%RGHQXQGHKHLFKPLFKEFNHQNRQQWHZDULFKWRW0LUNDPHLQYHU]ZHLIHOWHU *HGDQNH³'XELVWZLHLFKJHVHKHQKDEHHLQDXVJH]HLFKQHWHU*DUUDERVSLHOHU (UKDEHQHU'DUILFKXPHLQH3DUWLHELWWHQ":HQQLFKVLHJHW|WHVWGXPLFKQLFKWXQGLFK ELQIUHW9HUOLHUHLFKNDQQVWGXPLWPLUWXQXQGOHVVHQZDVGXIUULFKWLJKlOWVW´ (UEHWUDFKWHWHPLFKPLWQHXHP,QWHUHVVH³'XJODXEVWGDGXEHVVHUVHLQ N|QQWHVWDOVLFK"8QGGXZLOOVWXP/HEHQXQG)UHLKHLWVSLHOHQ"´(UOlFKHOWHWHXIOLVFK ³1DJXWLFKQHKPHGHLQHQ9RUVFKODJDQ'HLQH)UHLKHLWJHJHQGHLQHQ7RG²GDVLVWHLQ JXWHU3UHLV%HJLQQHQZLU´ 2KQHVLFKZHLWHUXPPLFK]XNPPHUQNHKUWHHUDXIVHLQ3RGLXP]XUFN(UJDE GHQ5RERWHUQHLQHQ:LQN(LQLJHYHUVFKZDQGHQXPGLHOHEHQGHQ)LJXUHQ]XKROHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
(LQDQGHUHUKREPHLQH6WUDKOHUDXIXQGEUDFKWHVLH6RIJDUWGHUVLFKKLQWHUGDV3XOW VHW]WH ³(UKDEHQHU´ULHILFK ³6SULFK´ ³,FKELQHLQHLQIDFKHU.UDODVHQH(VLVWXQQ|WLJGDGLH)LJXUHQEHLP $XVVFKHLGHQJHW|WHWZHUGHQ²VLHVROOWHQGLUIUEHVVHUH*HOHJHQKHLWHQ]XU9HUIJXQJ VWHKHQ´ (UUXQ]HOWHGLH6WLUQ³(LQYHUVWDQGHQ'HLQODQJVDPHU7RGZLUGPLFK HQWVFKlGLJHQ´ $XV'LH=Z|OI(KHPHQ3ULQ]LSLHQGHU'DJRULVWDVXPGD$UNHQWVWDQGHQHU .RGH[GHV$UNRQ5LWWHUWXPV =Z|OIWHV3ULQ]LS3HUV|QOLFKHU(LQVDW] *LE'DJRULVWDLP'HQNHQXQG7XQVWHWVGDVGLU%HVWH'HU(UVWH]XVHLQPDJ GHU(LWHONHLWVFKPHLFKHOQ²=LHOLVWMHGRFKELVDQGLHHLJHQHQ*UHQ]HQ]XJHKHQQLFKW DQGLHDQGHUHU(UJUHLIHPLWSRVLWLYHQ0LWWHOQ3DUWHLIUGDV*XWHVWDWVPLWYHUZHUIOLFKHQ 0LWWHOQJHJHQGDV%|VH]XNlPSIHQ6WUHEH'DJRULVWDZHQLJHUQDFK 6HOEVWDXIRSIHUXQJDOVYLHOPHKUQDFK6HOEVWHUKDOWXQJ²GHQQQXUZHUVLFKVHOEVW VFKW]WNDQQDQGHUHEHVFKW]HQXQG7RWHNRQQHQGLH=Z|OI(KHPHQ3ULQ]LSLHQZHGHU EHZDKUHQQRFKDQZHQGHQ'HVKDOE'DJRULVWDZlJHVWHWVLP6LQQHDOOHU=Z|OI 3ULQ]LSLHQDE'HLQ(LQVDW]KDWJHQHUHOOIUHWZDV]XVHLQQLFKWJHJHQHWZDV ,FKQDKPLQGHP6WXKO3ODW]LQGHP$UJHHJHVHVVHQKDVWH(LQHQHUJHWLVFKHV /LQVHQIHOGHUP|JOLFKWHHVGDLFKREZRKOGHU%OLQGH6RIJDUWIQIXQG]ZDQ]LJ0HWHU HQWIHUQWZDUVHLQH*HVLFKWV]JHVRGHXWOLFKHUNHQQHQNRQQWHDOVVlHHUPLUGLUHNW JHJHQEHU,FKODV1HXJLHUGHLQLKQHQHLQZHQLJ9HUZXQGHUXQJ²XQGHLQHJURH XQJHO|VWH)UDJH,FKVDKLKPVHLQ0LWUDXHQDQ(UVFKLHQQLFKWJDQ]GDYRQEHU]HXJW ]XVHLQGDLFKZLUNOLFKHLQ.UDODVHQHZDUGHUQXUUHLQ]XIlOOLJLQGHQJHKHLPHQ .RPPDQGRWHLOGHU)HVWXQJYRUJHGUXQJHQZDU'LHVHP8PVWDQGKDVWHLFKHVYLHOOHLFKW ]XYHUGDQNHQGDHUPLFKQLFKWJOHLFKKDVWHHUVFKLHHQOHVVHQ:LUGGHU%OLQGH6RIJDUW VHLQ:RUWEHUKDXSWKDOWHQXQGPLFKIUHLODVVHQZHQQLFKJHZLQQH".DXP 'LH5RERWHUEUDFKWHQGLH*HIDQJHQHQXQGSOD]LHUWHQVLHDXIGDV6SLHOIHOG.DXP ZDUGDVJHVFKHKHQEHGLHQWHGHU%OLQGH6RIJDUWGLH.RQWUROOHQXQG]ZDQJHLQHGHU )LJXUHQ]XP=XJ'DQQVDKHUPLFKHUZDUWXQJVYROODQ³,FKZDUWHDXIGHLQHQ=XJ .UDODVHQHRGHUGXKDVWVFKRQMHW]WYHUORUHQ´ 'LH6WLPPHGHV*QDGHQORVHQULPLFKDXVGHQhEHUOHJXQJHQGLHRKQHKLQ IUXFKWORVZDUHQ0HLQ=XJEHQ|WLJWHNHLQHhEHUOHJXQJHQ(UHUJDEVLFKDXVGHP HUVWHQ,FKVXFKWHGLHHQWVSUHFKHQGHQ.RRUGLQDWHQXQGEHWlWLJWHGLH.RQWUROOHQ0HLQH )LJXUHLQHUElUPOLFKDXVVHKHQGHV%QGHO/XPSHQPLWHLQHPIDVWXQNHQQWOLFKHQ /HEHZHVHQGDULQEHZHJWHVLFKUXFNDUWLJDXIHLQDQGHUHV)HOG'HU%OLQGH6RIJDUW]RJ VRIRUWQDFK(VZDUHLQVFKHLQEDUHLQIDFKHU=XJDEHULFKGXUFKVFKDXWHGLH$EVLFKW(U ZROOWHPLFKLQHLQH)DOOHORFNHU=XP*OFNKDOIPLUPHLQDNWLYLHUWHV([WUDKLUQ2KQH 0KHNRQQWHLFKGLHZHLWHUHQ=JHPHLQHV*HJQHUVYRUDXVEHUHFKQHQXQGZXWH JOHLFK]HLWLJZLHLFKGHPHLQHQ5LHJHOYRUVFKLHEHQNRQQWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
/DQJVDPIDVWOlVVLJVFKRELFKGLHQlFKVWH)LJXUYRUDQ6RIJDUWVWXW]WHXQG ]XPHUVWHQPDONRQQWHLFKLQVHLQHP*HVLFKWVRHWZDVZLH(UVWDXQHQHUNHQQHQREZRKO VHLQH%ULOOHHVHQWVWHOOWH(UPXWHEHPHUNWKDEHQGDHUPLFKQLFKWXQWHUVFKlW]HQ GXUIWHZROOWHHUNHLQ5LVLNRHLQJHKHQ'LHVPDOGDXHUWHHVIDVWHLQH]HKQWHO7RQWDELVHU HQGOLFK]RJ6HLQH$EVLFKWZDUGHQQRFKOHLFKW]XGXUFKVFKDXHQ0HLQH*HJHQUHDNWLRQ HUIROJWHNHLQH]ZHL0LOOLWRQWDVVSlWHU1XQEHJDQQ6RIJDUWHUQVWKDIW]XEHUOHJHQ²LFK NRQQWHHVGHXWOLFKDQVHLQHP*HVLFKWVDXVGUXFNVHKHQ$XVGHPDQIlQJOLFKHQPLOGHQ (UVWDXQHQZXUGH9HUZXQGHUXQJ:DKUVFKHLQOLFKKDVWHHUQRFKQLHHLQHQVRVWDUNHU *HJQHUJHIXQGHQ ³:RKDVWGXGDV6SLHOHUOHUQW.UDODVHQH"´ ³,FKKDVWHHLQHQVHKUJXWHQ/HKUHU´ZLFKLFKHLQHUGLUHNWHQ$QWZRUWDXV³8QGHV PDFKWPLU6SD´ (UQLFNWHJULPPLJ³'LHVPDOVROOWHHVGLUEHVRQGHUHQ6SDEHUHLWHQGHQQHV JHKWXPGHLQ/HEHQ-HGHQIDOOVVSLHOVWGXGHXWOLFKEHVVHUDOVGLHVHU'XPPNRSI$UJHH (VZLUGDOVRHLQZHQLJOlQJHUGDXHUQELVGHLQ7RGHVXUWHLOYROOVWUHFNWZLUG´ ³:HQQEHUKDXSW´EHKDXSWHWHLFKVHHOHQUXKLJ(UZDUIPLUHLQHQIRUVFKHQGHQ 7KLFN]XGDQQNRQ]HQWULHUWHHUVLFKZLHGHUDXIGLH6WHOOXQJGHU)LJXUHQ(UEHUOHJWH UDQJHHKHHUGLH.RQWUROOHQEHGLHQWH(LQNOXJHU=XJPXLFK]XJHEHQZHQQLFKQLFKW DXISDVVHORFNVHUPLFKLQHLQH)DOOH$EHULFKNRQQWHDXFKGLHVPDOVHLQH$EVLFKW UHFKW]HLWLJGXUFKVFKDXHQ'HQQRFK]|JHUWHLFKPLWGHU*HJHQUHDNWLRQZHOOHVEHVVHU ZDUPHLQH.HQQWQLVVHQLFKWDOO]XVHKUKHUDXV]XVWHOOHQ ,FKWDWDOVPVVHLFKQDFKGHQNHQ9RQ.HOHVHVDKLFKQLFKWVJXWVR(UKDVWH HUNDQQWGDHUPHLQHHLQ]LJH5FNHQGHFNXQJZDU,FKNRQQWHQXUKRIIHQGDHUQLFKW XQEHUOHJWKDQGHOWHXQGZLGPHWHPLFKHUQHXWGHQ.RQWUROOHQ'LHOHEHQGH)LJXU VWROSHUWHDXIGDVQHXH)HOG'LH6WLUQGHV%OLQGHQ6RIJDUWZLHVSO|W]OLFK)DOWHQGHV 8QPXWVDXI0HLQ=XJKDVWHHLQHVHLQHU+DXSWILJXUHQ²GLH+HURLQ2VPDD/RURQ²LQ HUQVWKDIWH*HIDKUJHEUDFKW(UZDULQDUJH%HGUlQJQLVJHUDWHQEHGDFKWHPLFKHUQHXW PLWHLQHPODQJHQ7KLFN,FKHUULHWVHLQH$EVLFKWPLFKQDFKGHP6SLHOHLQHPSHLQOLFKHQ 9HUK|U]XXQWHU]LHKHQJDQ]JOHLFKZLHGDV(UJHEQLVDXVVDK ³(VPDFKWZLUNOLFK)UHXGHPLWGLU]XVSLHOHQ´NQXUUWHHU³'XELVWJXW´ ³'DQNH´NRPPHQWLHUWHLFKWURFNHQ ³)UHLQHQJHZ|KQOLFKHQ.UDODVHQHQELVWGXVRJDUVHKULQWHOOLJHQW´ ³,FKYHUVXFKHLPPHUGD]X]XOHUQHQ,FKKDEHQRFKNHLQHQEHVVHUHQ*DUUDER *HJQHUDOVGLFKNHQQHQJHOHUQW´ ³'XVSLHOVWRIW"´ ³,PPHUZHQQLFK=HLWXQG*HOHJHQKHLWGD]XHUKDOWH´(U]RJEOLW]VFKQHOO,FK KDVWHGHQ=XJNRPPHQVHKHQ²ZLHGHUHLQH)DOOHLQGLHLFKKLQHLQWDSSHQVROOWH$EHU LFKWDWLKPGHQ*HIDOOHQQLFKW1RFKZlKUHQGLFKGLH.RQWUROOHQEHWlWLJWHVDJWHLFK³(V PDFKWNHLQH)UHXGHPLWVFKOHFKWHQ6SLHOHUQGLH.UlIWH]XPHVVHQ²GDVVDJWHVWGX VHOEVWDOV$UJHHYHUORU'DV6SLHOPLWPLUVROOWHGLUDOVRPHKU6SDEHUHLWHQ´ 0HLQ*HJHQ]XJYHUZLUUWHLKQGHQQDEHUPDOVVDHULQGHU.OHPPH(VJDEQRFK HLQHQ$XVZHJDEHUQXUHLQHQHLQ]LJHQ%HUHLWVLQGUHL=JHQNRQQWHLFKLKQEHVLHJW KDEHQREZRKOHUVWHLQH)LJXUJHVFKODJHQZRUGHQZDU(VZXUGH=HLWGDLFKHLQHQ NOHLQHQXQGXQEHGHXWHQGHQ)HKOHUPDFKWHXP=HLW]XJHZLQQHQDXFKZHQQLFKQRFK QLFKWZXWHZLHLFKVLHDXVQW]HQVROOWH(UWULXPSKLHUWHDOVLFKPHLQH&KDQFHQLFKW ZDKUQDKP+DVWLJ]RJHUDEHUQRFKEHVWDQGNHLQH*HIDKUIUPLFK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³'HLQ*OFNZLUGVLFKEDOGZHQGHQ´SURSKH]HLWHHUVLHJHVVLFKHU³'DQQZLUVWGX PLUHLQLJH)UDJHQEHDQWZRUWHQPVVHQ´ ³1XUGDQQ"´ZDUILFKJHODVVHQHLQ$EHUPDOVVDKHUPLFKUDQJHDQHKHHU HQGOLFK]RJ.HLQNOXJHU=XJHUNDQQWHLFKVRIRUW(UERWPLUVHLQHHLJHQH1LHGHUODJH I|UPOLFKDQXQGLFKZDUPLUQLFKWVLFKHUREGDVDXV$EVLFKWJHVFKDKRGHUQLFKW(V ZlUHXQNOXJJHZHVHQHLQHVROFKH0|JOLFKNHLW]XEHUVHKHQ1DFKGHPELVKHULJHQ 9HUODXIGHV6SLHOVKlWWHGDVDXFKXQORJLVFKHUVFKHLQHQPVVHQ$OVRQXW]WHLFKGLH &KDQFH6HLQH+DXSWILJXUZXUGHYRQGHUPHLQHQEHGURKW²XQGHVJDEIU6RIJDUW NHLQHQ$XVZHJPHKU)DVWHUOHLFKWHUWOHKQWHHUVLFK]XUFN ³(VLVWGDVHUVWH0DOGDLFKLQGLHVHP6SLHOJHVFKODJHQZHUGH´EHNDQQWHHU EHZXQGHUQGDEHUHVNODQJQLFKWHFKW(UKDVWHVLFKQXUGHVKDOEVRVFKQHOOVFKODJHQ OHVVHQXPHQGOLFKVHLQH1HXJLHUEHIULHGLJHQ]XN|QQHQ1LHXQGQLPPHUKDVWHHU GDUDQJHGDFKWVLFKDQXQVHUH$EPDFKXQJ]XKDOWHU³.RPPKHUDEHUEHZHJHGLFK YRUVLFKWLJ'LH5RERWHUKDEHQGHQ%HIHKOGLFKEHLHLQHP)OXFKWYHUVXFKVRIRUW]X W|WHQ´ /DQJVDPVWDQGLFKDXIXQGJLQJTXHUEHUGDV6SLHOIHOG'DV=LHOZDUGDV 3RGLXPDXIGHPGHU%OLQGH6RIJDUWPLFKHUZDUWHWH0HLQH+DQGVWUDKOHUODJHQ XQPLWWHOEDUYRULKPDXIGHP6FKDOWSXOW ³'XKDVWGLFKDOVRUHLQ]XIlOOLJLQGHQYHUERWHQHQ.RPPDQGRWHLOGHV 6HSXONRUYDWVYHULUUW"´(UVFKWWHOWHGHQ.RSI³'XOJVW²XQGGDVEHGHXWHWGHLQHQ7RG´ ³,FKKDEHGDV6SLHOJHZRQQHQ´HULQQHUWHLFKLKQDQVHLQ9HUVSUHFKHQ (U]HLJWHNHLQH5HDNWLRQ³,QGHU5RERWVSHLFKHUXQJELVWGXQLFKWUHJLVWULHUWHV JLEWGRUWZHGHUGHLQH,QGLYLGXDOPXVWHUQRFKGHLQH$EELOGXQJ,FKKDEHGDVLQ]ZLVFKHQ EHUSUIHQODVVHQ´(UEHXJWHVLFKZHLWHUYRUIL[LHUWHPLFKPLWGHQ/LQVHQVHLQHU 6HKKLOIH³:HUELVWGXZLUNOLFK"´ ,FKZXWHGDGLH=HLWGHV5HGHQVQXQEDOGYRUEHLZDU$EHULFKKDVWHNHLQH $KQXQJZDVLFKWXQVROOWH'LH6lXOHQZDUHQ]XZHLWHQWIHUQWGDYRUVWDQGHUGLH 5RERWHUPLWLKUHQVFKXEHUHLWHQ:DIIHQDUPHQ6LHZUGHQEOLW]VFKQHOOUHDJLHUHQ,FK HUNDQQWHGDGLH.RQWUROOHQDXI6RIJDUWV3XOWVLFKYRQMHQHQXQWHUVFKLHGHQYRUGHQHQ LFKJHVHVVHQKDVWH(VJDE]XVlW]OLFKH+HEHOXQG6FKDOWHUXQGNOHLQH%LOGIOlFKHQ :DKUVFKHLQOLFKHUP|JOLFKWHQVLHGHP%OLQGHQGHQGLUHNWHQ.RQWDNW]XU .RPPDQGR]HQWUDOH ³:HLWGXZLUNOLFKQLFKWZHULFKELQ"´,FKJLQJHLQHQ6FKULWWZHLWHU(UKREQRFK LPPHUQLFKWVHLQHQ6WUDKOHUVRVLFKHUIKOWHHUVLFK³'DQQUDWHPDOW:LUVLQGXQVVFKRQ EHJHJQHWDEHUGXELVWMDEOLQGXQGKDVWHLQVFKOHFKWHV*HGlFKWQLV´ :DKUHQGLFKVSUDFKPDFKWHLFKHLQHQZHLWHUHQ6FKULWW,QGLHVHP$XJHQEOLFN UHDJLHUWH.HOHVHDXVGHU'HFNXQJKHUDXVIHXHUWHHUHLQHQ6FKXDWHGHUHLQH *OXWIXUFKHLQV3RGLXPV]X6RIJDUWV)HQULXQGULHI³*LEGHQ5RERWHUQGHQ%HIHKO GLH+DOOH]XYHUODVVHQXQGXQWHUEULFKGHQ.RQWDNWPLWGHU=HQWUDOH´ (LQ]ZHLWHU6FKXGHUGLH/XIWYRU6RIJDUWV*HVLFKWEURGHOQOLHXQWHUVWULFKGLH )RUGHUXQJ(LQ7HLOGHU5RERWHUKDVWHVLFK]ZDUVRIRUWKHUXPJHGUHKWXQGGHQ $UNDGHQJDQJLQV9LVLHULKUHU:DIIHQDUPHJHQRPPHQGRFKVLHVFKRVVHQQLFKWZHOOVLH QLFKWGDV/HEHQLKUHV+HUUQJHIlKUGHQZROOWHQ6HOEVWEHLHLQHPPDVVLYHQ)HXHUVFKODJ KlWWHGHUXQEHNDQQWH$QJUHLIHUQRFK=HLWJHKDEW6RIJDUW]XW|WHQ)UGHQ%OLQGHQ PXWHGDVHLQ6FKRFNVHLQ,QVHLQHUHLJHQHQ)HVWXQJZXUGHHUYRQ(LQGULQJOLQJHQ EHGURKWYRQGHQHQHUQLFKWHLQPDOJHQDXZXWHZHUVLHZDUHQ6RZHLW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
HU]XUFNGHQNHQNDQQLVWHUKLHUGHU+HUUJHZHVHQXQGQXQZLUGHUYRQHLQHP $XJHQEOLFN]XPDQGHUHQYRQVHLQHPVHOEVWHUULFKWHWHQ7KURQJHVWU]W (UJHKRUFKWHPLWYHUNQLIIHQHP*HVLFKW,FKZDJWHPLUQLFKWDXV]XPDOHQZDV JHVFKDKVROOWHHUXQVLQVHLQH*HZDOWEHNRPPHQ.HLQH3KDQWDVLHZUGHDXVUHLFKHQ GLH)ROWHUQ]XEHVFKUHLEHQGLHHUVLFKLQHLQHPVROFKHQ)DOODXVGHQNHQZUGH'LH 5RERWHUYHUOLHHQDXI6RIJDUWV%HIHKOGHQ6DDOLFKVSUDQJ]XP3RGLXPXQGJULII EOLW]VFKQHOOPHLQH:DIIHQRKQHPLFKLQ.HOHVHV6FKXIHOG]XEHJHWHHQXQGO|VWH GDQQGLHYRQ6RIJDUWV$UP,FKULFKWHWHGHQ'HVLQWHJUDWRUDXIVHLQH%UXVWXQGIUDJWH ³:RLVWGLHEHVRQGHUH*HIDQJHQH"´ ³:HOFKHEHVRQGHUH*HIDQJHQH"´ ³'XZHLWZHQLFKPHLQH$UJHHHUZlKQWHVLH'XKDVWVLHDXIGHLQHP6FKLII KLHUKHUJHEUDFKW:RLVWVLH"´ ³'HVKDOEVHLGLKUJHNRPPHQ":HJHQHLQHU)UDX"´ ³1HLQ²DEHUGDVLHIUGLFKRIIHQVLFKWOLFKVHKUZHUWYROO]XVHLQVFKHLQWLVWVLHHV IUXQVHEHQIDOOV$OV*HLVHO:RLVWVLH"´=XU8QWHUVWUHLFKXQJPHLQHU)RUGHUXQJ]LHOWH LFKPLWGHU:DIIHDXIVHLQHQ.RSI³5HGHVFKQHOOZHQQGXZHLWHUOHEHQZLOOVW´ /DQJVDPVWDQGHUDXI³:HQQLKUPLUIROJWIKUHLFKHXFK]XLKU´,FKGUFNWHLKQ DXIGHQ6WXKO]XUFN³.HLQH7ULFNV:LUZHUGHQGLUQLFKWLQHLQH)DOOHIROJHQ'XZLUVW VLHKROHQOHVVHQXQGXQVGDQQ]XU2EHUIOlFKHEHJOHLWHQ'XZLUVWXQVHLQ6FKLII JHEHQ²XQGGDQQNDQQVWGXWXQZDVGXIUULFKWLJKlOWVW´ ³'D]XPXLFK9HUELQGXQJ]XU=HQWUDOHDXIQHKPHQ´ ³'DQQWXGDV²DEHUHLQ:RUW]XYLHOXQGGXELVWWRW´,FKZXWHGDZLUQXQHLQ JHZDOWLJHV5LVLNRHLQJLQJHQDEHUZDVKlWWHQZLUVRQVWWXQVROOHQ"+LHUDXIGHP 3RGLXPXQGLP6SLHOVDDOKDVWHQZLULKQLQXQVHUHU*HZDOWQLFKWDEHULQGHQ.RUULGRUHQ XQG*HIlQJQLVJlQJHQ(UVWUHFKWQLFKWLQXQPLWWHOEDUHU1lKHGHU=HQWUDOHYRQGHUDXV DOOH%HZHJXQJHQGHU5RERWHUJHVWHXHUWZHUGHQNRQQWHQ)DPDWKLD ³.HQQVWGXGLH*HIDQJHQH"´IUDJWHHUZHOOHU=HLWJHZLQQHQZROOWH ,FKVFKWWHOWHGHQ.RSI³%LVKHUZDUVWGXHVGHU)UDJHQVWHOOWH*HZ|KQHGLFK GDUDQGDGLHVH=HLWYRUEHLLVW-HW]WVWHOOHQZLUGLH)UDJHQXQGGXZLUVWVLH EHDQWZRUWHQZHQQGXQLFKWVWHUEHQZLOOVW$OVRZDVLVW"´ (UGHXWHWHDXIHLQHQURWHQ.QRSIGHUPLUVFKRQDXIJHIDOOHQZDU³(UVWHOOWGHQ .RQWDNWKHU,FKZHUGHGLH*HIDQJHQHEULQJHQODVVHQ´ ³1XUYRQHLQHPHLQ]LJHQXQEHZDIIQHWHQ.UDODVHQHQEHJOHLWHW´ZDUQWHLFKLKQ (UQLFNWHXQGOHJWH]ZHL)LQJHUDXIGHQ.QRSI%HYRUHULKQQLHGHUGUFNWHVDKHU PLFKDQXQGVDJWH³'XZLUVWGLHVDOOHVVHKUEDOGEHUHXHQXQGGLUZQVFKHQQLH JHERUHQ]XVHLQ,FKJHEHGLUHLQHOHW]WH&KDQFHGLUXQGGHLQHP)UHXQG*HKWMHW]W XQGLFKZHUGHHXFKQLFKWYHUIROJHQOHVVHQ,FKZHUGHGDV6SLHOXQGHXFKYHUJHVVHQ´ ³-DIUHLQH0LOOLWRQWD´JDELFKELVVLJ]XUFN³'XKDVWVFKRQHLQPDOGHLQ:RUW JHEURFKHQDOVLFKGDV6SLHOJHZDQQ:LHVRVROOWHQZLUGLUMHW]WJODXEHQ"´ ³:LHLKUZROOW´DQWZRUWHWHHUJHODVVHQXQGGUFNWHGHQ.QRSI,FKZXWHJHQDX LQGLHVHP$XJHQEOLFNGDZLUGRFKLQHLQH)DOOHJHWDSSWZDUHQGLHLFKQLFKWUHFKW]HLWLJ HUNDQQWKDVWH6HOEVWPHLQ([WUDKLUQKDVWHPLFKQLFKWJHZDUQW1RFKHKHLFK.HOHVH HLQH:DUQXQJ]XUXIHQNRQQWHIOLPPHUWHXPGHQ%OLQGHQ6RIJDUWHLQXQGXUFKGULQJOLFKHU (QHUJLHVFKLUPDXI(UKOOWHLKQY|OOLJHLQXQGPDFKWHLKQXQDQJUHLIEDU'LH6SKlUH KDVWHHLQHQ'XUFKPHVVHUYRQYLHOOHLFKW]ZHLHLQKDOE0HWHUQXQGREZRKOGHU%OLQGHIDVW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
JUHLIEDUQDKHZDUKlWWHHUJHQDXVRJXWDXIHLQHPDQGHUHQ3ODQHWHQVHLQN|QQHQ 'LHVHQ=XJKDVWHLFKYHUORUHQ,FKULHIGHP7D]X³:HJWULHUVFKQHOO´ 6RIJDUWV6WLPPHNODQJGXPSIGXUFKGDVEOlXOLFKYLROHWWH.UDIWIHOG³'LH5RERWHU VLQGEHUHLWVXQWHUZHJV(VJLEWNHLQHQ)OXFKWZHJDXVGHP6HSXONRUYDW$EHUVHLG EHUXKLJWLKUZHUGHWQRFKUDQJHOHEHQ/DQJHJHQXJZHQLJVWHQVXPDOOHPHLQH )ROWHUPHWKRGHQNHQQHQ]XOHUQHQ´ ,FKUDQQWH]XGHQ6lXOHQ+LQWHUXQVYHUNODQJGDVK|KQLVFKH*HOlFKWHUGHV %OLQGHQ :LUQDKPHQZDKOORVGHQHUVWHQ.RUULGRUGHUQDFKOLQNVIKUWH+LHUJDEHVNHLQH *LWWHUNlILJHQXUQDFNWHNDKOH:lQGHXQGYHUVFKORVVHQH7XUHQ'D$ODUPDXVJHO|VW ZRUGHQZDUZUGHWULHUEDOGHLQLJHVORVVHLQ:LUPXWHQHLQ9HUVWHFNILQGHQLQGHP ZLUHLQLJHUPDHQVLFKHUZDUHQ,FK|IIQHWHKDVWLJHLQHGHU7XUHQXQGVDKLQGHP5DXP GDKLQWHUHLQLJH.UDODVHQHQDXILKUHQ%HWWHQOLHJHQ:DFKPDQQVFKDIWHQ ,FKZDUIGLH7XUZLHGHU]XIHXHUWHDXIGDV+DQGZl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³:RKLQZLOOVWGXGHQQ"´NHXFKWH.HOHVHQHEHQPLUDOVHUHLQZHQLJDXIOKROWH ³+LQDXIDXIV3ODWHDX,UJHQGZRPXHV/LIWHJHEHQ´:LHGHU|IIQHWHLFKHLQHGHU 7XUHQLPPHULQGHUHEHQVRYHU]ZHLIHOWHQZLHLUUHDOHQ+RIIQXQJ)DUQDWKLD]XILQGHQ 0LUZDUNODUGDZLUZHUWYROOH=HLWYHUJHXGHWHQGHQQZHQQPDQXQVHUZLVFKWHZDU )DUQDWKLDDXFKQLFKWJHKROIHQ:DUXPKDVWHLFKGHQ%OLQGHQ6RIJDUWQLFKWVRIRUW JH]ZXQJHQPLULKUHQ$XIHQWKDOWVRUW]XYHUUDWHQ"9RQYRUQK|UWHQZLU6FKULWWH:DKOORV |IIQHWHLFKHLQHGHU7XUHQ'HU5DXPGDKLQWHUZDUOHHU$QGHQ:DQGHQVWDQGHU 5HJDOHPLW0LNUREFKHUQXQG6SHLFKHUNULVWDOOHQ(LQ$UFKLYLQGHPZLUIUHLQHQ $XJHQEOLFNVLFKHUZDUHQ,FKEHUSUIWHPHLQH:DIIHQ ³1LHLP/HEHQNRPPHQZLUKHUDXV´MDPPHUWHGHU)UVWSO|W]OLFK³:LUKlWWHQXQV QLFKWDXIGLHVHVYHUIOXFKWH6SLHOHLQODVVHQVROOHQ-HW]WLVWGLHJDQ]H)HVWXQJLQ$XIUXKU 6RIJDUWLVWJHZDUQW´ ³:LUVFKDIIHQHVVFKRQ´VDJWHLFKEHWRQW]XYHUVLFKWOLFK,FKOHJWHPHLQ2KU JHJHQGLH7XU³'UDXHQLVWDOOHVUXKLJ´ 9RUVLFKWLJ|IIQHWHLFKGLH7XU$XIGHP*DQJZDUQLHPDQG]XVHKHQ³.RPP´ :LUKDVWHWHQZHLWHUDEHUEDOGK|UWHGLH6WHLJXQJDXI(VJLQJVRJDUZLHGHUOHLFKW EHUJDEhEHUDOOZDUHLQNDXPZDKUQHKPEDUHV6XPPHQXQGGHU%RGHQYLEULHUWHOHLFKW 6ROOWHVLFKLQGLHVHP7HLOGHV6HSXONRUYDWVGLH(QHUJLHHU]HXJXQJVDQODJHEHILQGHQ",FK EHJDQQPLFKDOOPlKOLFKGDUEHU]XZXQGHUQGDNHLQHHQHUJHWLVFKHQ6SHUUHQXQVHUH )OXFKWEHKLQGHUWHQhEHUKDXSWZDUQXUZHQLJYRQHLQHU9HUIROJXQJ]XVSUHQ:LHLFK GHQ%OLQGHQ6RIJDUWHLQVFKlW]WHPXWHQVLFKEHUDOOYHUERUJHQH.DPHUDVEHILQGHQ GDPLWHUMHGHQ7HLOVHLQHV5HLFKHVMHGHU]HLWNRQWUROOLHUHQNRQQWH%LVKHUKDVWHLFKDEHU QRFKNHLQHHQWGHFNHQN|QQHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
.HOHVHEOLHEVWHKHQ³/DQJVDPHULFKNDQQQLFKWPHKU´ ,FKKLHOWHEHQIDOOVDQ9RUXQVODJGHUOHLFKWJHNUPPWHOHHUH*DQJ8QVHU$WHP JLQJNHXFKHQG³*XW3DXVH(VKDWZHQLJ6LQQZHQQZLUXQVWRWDOYHUDXVJDEHQXQG LKQHQHUVFK|SIWLQGLH$UPHUHQQHQ:LUPVVHQ]XHLQHP/LIW´ ³$XHUGHP$QWLJUDYVFKDFKWLQGHU9HUWHLOHUKDOOHKDEHLFKQRFKNHLQHQ JHVHKHQ´ ³$EHUHVJLEWZHLWHUH:LUJHKHQMHW]WUXKLJZHLWHUDXFKZHQQGLH*lQJHQDFK XQWHQIKUHQ0LULVWGDHLQ*HGDQNHJHNRPPHQZLHZLUGHQ%OLQGHQYHUZLUUHQ N|QQHQ´ ³*HGDQNH"´ ³'XZLUVWVFKRQVHKHQ´YHUWU|VWHWHLFKLKQ$OVZLHGHU6FKULWWHHUW|QWHQGLHVPDO LPKDUWHQXQGPHFKDQLVFKHQ0DUVFKUK\WKPXVYRQ5RERWHUQERJHQZLULQHLQHQ 6HLWHQJDQJGHUVWHLOQDFKXQWHQIKUWH(VZDUGXQNOHUDOVLP+DXSWNRUULGRUXQGHV JDEDXFKNHLQH7XUHQPHKU:HQQXQVMHW]WMHPDQGEHJHJQHWHNRQQWHQZLULKPQLFKW DXVZHLFKHQ8QGQDWUOLFKEHJHJQHWHXQVMHPDQG.HOHVHEOLHEUXFNDUWLJVWHKHQDOV YRUXQVSO|W]OLFKHLQH*UXSSHEHZDIIQHWHU.UDODVHQHQDXIWDXFKWHGLHEHLXQVHUHP $QEOLFNPLQGHVWHQVHEHQVREHUUDVFKWZDUHQZLHZLQ:DKUVFKHLQOLFKKlWWHQVLHQLFKW HLQPDOGDV)HXHUDXIXQVHU|IIQHWZHQQLKU$QIKUHUHLQJURHUJUREVFKOlFKWLJHU.HUO QLFKWGDV.RPPDQGRGD]XJHJHEHQKlWWH'DEOLHEPLUNHLQHDQGHUH:DKO ³5XQWHU´ULHILFK.HOHVH]XXQGJLQJLQGLH.QLH0HLQH:DIIHQZDUHQHQWVLFKHUW XQGVFKXEHUHLW'HUHUVWH'HVLQWHJUDWRUVWUDKOGHV$QIKUHUVERKUWHVLFK]LVFKHQGLQ GHQ%RGHQQHEHQPHLQHPUHFKWHQ.QLH,FKHUVFKRLKQLPPHUQRFKLQGHU+RIIQXQJ HVZUGHGLHDQGHUHQDEVFKUHFNHQ$EHUZDKUVFKHLQOLFKVDLKQHQGLH$QJVWYRULKUHP )ROWHUPHLVWHU]XVHKULQGHQ.QRFKHQ6LHHU|IIQHWHQGDV)HXHUDXIXQV ,FKZDUIPLFKKLQXQGURXWH]XU6HLWH$XFK.HOHVHZHFKVHOWHGLH3RVLWLRQ(QJ DQGLH:DQGJHGUFNWERWHUNDXPHLQ=LHO'DV)HXHUJHIHFKWGDXHUWHQXUZHQLJH $XJHQEOLFNHGDQQZDUGHU:HJIUHW(LQYHULUUWHU6FKXKDVWHHLQHQ7HLOGHU 'HFNHQYHUNOHLGXQJ]HUIHW]W²XQGGLHNOHLQH.DPHUDIUHLJHOHJWGLHGLH*HVFKHKQLVVHLQ GLH=HQWUDOHZHLWHUOHLWHWH1XQZLVVHQVLHZRZLUVLQGXQGGDZLUXQVZHKUHQN|QQHQ ,FKZLQNWHPHLQHP%HJOHLWHU:LUUDIIWHQ:DIIHQJUWHOXQG(UVDW]PDJD]LQHGHUWRWHQ .UDODVHQHQ]XVDPPHQGDQQULHILFK³/RVZHLWHU´ .HOHVHILHIKLQWHUPLUKHU6HOEVWZHQQLFKYRUKHUQRFKJH]|JHUWKDVWHQXQ ZXWHLFKGDPHLQYDJHJHIDWHU3ODQVRYHUUFNWHUDXFKVHLQPRFKWHGLHHLQ]LJH 0|JOLFKNHLWZDUDXVGHP6HSXONRUYDW]XHQWNRPPHQ:LUUDQQWHQGXUFKHLQHQ6DDOPLW *HUlWHEO|FNHQGDQQHUUHLFKWHQZLUHLQHQ*DQJPLW*HIlQJQLV]HOOHQ'LH6FKO|VVHU OLHHQVLFKPLWGHQ3RVLWURQLNVFKOVVHOQSUREOHPORV|IIQHQ:RUWORVHLOWHLFKZHLWHU(V ZDUHQPHLVW$UNRQLGHQZHQQDXFKLQHLQHPHUElUPOLFKHQ=XVWDQG,FKEH]ZHLIHOWH GDVLHPLWLKUHUSO|W]OLFKJHZRQQHQHQ)UHLKHLWYLHODQIDQJHQNRQQWHQPDQZUGHVLH ZLHGHUHLQIDQJHQRGHUJDUW|WHQZDVYLHOOHLFKWVRJDUHLQH(UO|VXQJZDU$EHUVLH ZUGHQ9HUZLUUXQJVWLIIHQXQGGLH9HUIROJHUDEOHQNHQ ³'DVDOVRLVWGHLQ3ODQ´VDJWHGHU+RFKDGOLJHPLWHLQHPZLGHUZLOOLJHQ8QWHUWRQ YRQ%HZXQGHUXQJ³'DUDXIZlUHLFKQLHJHNRPPHQ´ ³$EHUQDKHOLHJHQG´NQXUUWHLFKXQGKDOIHLQHPGHU*HIDQJHQHQDXVGHU=HOOH ³/DXI9LHOOHLFKWVFKDIIVWGXHVLQGLH)UHLKHLW´ 0HLQH+RIIQXQJ)DUQDWKLDXQWHUGHQ*HIDQJHQHQ]XHQWGHFNHQHUIOOWHVLFK QLFKW7URW]GHPPDFKWHQZLUZHLWHUELVVlPWOLFKH,QVDVVHQGHUWULHUYRUKDQGHQHQ=HOOHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
IUHLZDUHQ6LHZDUHQLQDOOH5LFKWXQJHQGDYRQJHKXPSHOWRGHUJHODXIHQMHQDFK.UlIWHQ XQG0|JOLFKNHLWHQ$EHUGDQQWDXFKWHQGLHHUVWHQ.UDODVHQHQNRPPDQGRVDXI(VJDE JHQXJ6HLWHQJlQJHLQGHQHQZLUYHUVFKZLQGHQNRQQWHQ$XVHLQHP9HUVWHFNKHUDXV NRQQWHQZLUEHREDFKWHQGDGLH.UDODVHQHQGLH*HIDQJHQHQQLFKWW|WHWHQVRQGHUQ SDUDO\VLHUWHQXQGVLHLQLKUH=HOOHQ]XUFNEUDFKWHQ0DQFKHZHKUWHQVLFKXQGJULIIHQ LKUH3HLQLJHUPLWGHQEORHQ)DXVWHQDQ$XFKVLHZXUGHQJHOlKPWXQGDEWUDQVSRUWLHUW ,PPHUKLQNRQQWHLFKDXFKIHVWVWHOOHQGDPHLQH$NWLRQ9HUZLUUXQJXQG 8QVLFKHUKHLWXQWHUGHQ.UDODVHQHQJHVWLIWHWKDVWH,QGLHVHP$XJHQEOLFNKlWWHLFKJHP JHZXWZDVGHU%OLQGH6RIJDUWPDFKWH6DHULQGHU=HQWUDOHNRPPDQGLHUWHVHLQH 7UXSSHQXQGYHUIROJWHGLH*HVFKHKQLVVHDXIGHQ%LOGVFKLUPHQ"8QVHU9HUVWHFNZDU QLFKWVLFKHU:LUKDVWHWHQZHLWHUXQGHUUHLFKWHQHLQHQQHXHQ7UDNWLQGHPVLFK=HOOHDQ =HOOHUHLKWH(LQLJH.UDODVHQHQKLHOWHQ:DFKHXQGDOVVLHXQVHUEOLFNWHQHU|IIQHWHQVLH RKQH:DUQXQJGDV)HXHU .HOHVHHUZLHVVLFKDOVVHKUJXWHU6FKW]H*QDGHQORVUlFKWHHUVLFKQXQIUGLH DXVJHVWDQGHQHQ4XDOHQXQGLFKNRQQWHHVLKPQLFKWYHUGHQNHQGDHUHLQHQ .UDODVHQHQQDFKGHPDQGHUHQW|WHWHHKHLFKEHUKDXSW]XP6FKXNDP $QVFKOLHHQGOLHHQZLUGLH*HIDQJHQHQIUHWVLHPXWHQHUVWVHLWZHQLJHQ7DJHQ KLHUVHLQGHQQVLHPDFKWHQHLQHQNUl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²VWUPWHQZLUZHLWHUHVLHEHQ*lQJHPLW*HIlQJQLVVHQXQGEHIUHLWHQ *HIDQJHQHGLHLKUHUVHLWVZHLWHUH=HOOHQDXIEUDFKHQ 8QVHUH9HUEQGHWHQJLQJHQUFNVLFKWVORVYRUOlQJVWKDVWHLFKDXIJHK|UWGLH JHW|WHWHQ.UDODVHQHQ]X]lKOHQ%DOGKDVWHMHGHU%HIUHLWHPHKUHUH+DQGVWUDKOHUVR GDVLHVHOEVWGLHDQJUHLIHQGHQ.DPSIURERWHUQLFKWPHKU]XIUFKWHQEUDXFKWHQ$XFK .HOHVHXQGLFKKDVWHQXQVDXVJHVWDWWHW,FKYHUVWDXWH'HVWR$UJDPV7 7KHUPRVWUDKOHULPOLQNHQ6WLHIHOVFKDIWNRQWUROOLHUWHGLHEHLGHQ/XFFRWVGHVHLQHQ :DIIHQJXUWVXQGGDQQGLH==GHVDQGHUHQ+LQWHUGHQ$JJUHJDWJUWHOKDVWHLFK EHUGLHVHLQHQ83DUDO\VDWRUJHNOHPPW,FKVDJWHKDOEODXW³.HOHVHZLUPVVHQ ZLHGHUQDFKREHQGHQQWULHUXQWHQILQGHQZLU)DUQDWKLDQLHPDOV'HU%OLQGHZHLGD LFKVLHVXFKHDOVRZLUGHUVLHLQ6LFKHUKHLWEULQJHQOHVVHQ(VNDQQDXFKVHLQGDHU VLHDOV.|GHUEHQXW]W´ ³,FKELQGDIUGHQ$XVJDQJ]XVXFKHQ´.HOHVHGDVVDKLFKLKPDQVFK|SIWH QHXH+RIIQXQJZDVVHLQH3HUVRQDQJLQD'LH%ULJDOHQEHDFKWHWHHUQLFKWHLQ &KDUDNWHU]XJGHUYLHOHQYRUQHKPHQ$UNRQLGHQ]XHLJHQZDU 0HLQ/RJLNVHNWRUEHKDXSWHWHNKO6LHVLQG)UHPGHQJHJHQEHUEHUKHEOLFK XQGHLQHV7DJHVZLUGVLFKGDVIUGDV6WHPHQUHLFKYHUKlQJQLVYROODXVZLUNHQ ,FKVFKWWHOWHGHQ.RSI³6SlWHU,FKELQWULHUXP)DUQDWKLD]XEHIUHLHQKDVWGX GDVYHUJHVVHQ"$OOHVDQGHUHLVW´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³$EHU´ ³)DUQDWKLD´XQWHUEUDFKLFKLKQHQWVFKORVVHQ³,FKZHUGHHVYHUVXFKHQ,FKPX 'XNDQQVWPLWNRPPHQZHQQGXZLOOVW'XNDQQVWDEHUDXFKPLWGHQDQGHUHQGHQ:HJ QDFKGUDXHQVXFKHQ(VLVWGHLQH(QWVFKHLGXQJ´ (UVHQNWHGHQ.RSI³(VWXWPLUOHLG6DWDJR1DWUOLFKNRPPHLFKPLWGLU,FK YHUGDQNHGLUPHLQ/HEHQ´ ³,FK]ZLQJHGLFKQLFKW´ ³'DVLVWDXFKXQQ|WLJ/RVJHKHQZLU´ ,FKQLFNWHLKPGDQNEDU]XXQGVDKUHFKWVHLQH%HZHJXQJ(LQ.UDODVHQHERJDXV HLQHP6HLWHQJDQJGHQ6WUDKOHUVFKXEHUHLW6FKRQKRE.HOHVHVHLQH:DIIHGRFKLFK NDPLKP]XYRU,FKVSUDQJXQGVFKOXJGHP0DQQGHQ/XFFRWDXVGHU+DQG'DQQERJ LFKLKPGHQ$UPDXIGHQ5FNHQ³:RLVWHLQ/LIWGHUQDFKREHQIKUW"´'LHDQGHUHQ *HIDQJHQHQXPULQJWHQXQV,FKVDKLKQHQDQGDVLHEHUHIWZDUHQGHQ.UDODVHQHQ]X O\QFKHUDEHULFKZLQNWHDWH1LHPDOVZUGHLFKGD]XPHLQH=XVWLPPXQJJHEHQ(LQ ZHKUORVHU*HIDQJHQHUGXUIWHQLFKWHUPRUGHWZHUGHQ:HQQZLUDQJHJULIIHQZXUGHQXQG XQVZHKUWHQZDUGDVHWZDVDQGHUHV³:RHLQ/LIWLVWZLOOLFKZLVVHQRGHUP|FKWHVWGX GDLFKGLFKGHQHQGDEHUODVVH"´ (UIKUWHXQV]XP(QGHGHVNXU]HQ6HLWHQJDQJVXQGGHXWHWHDXIHLQJUDXHV 2YDODQGHU:DQGGLHHUVWEHLPGULWWHQ7KLFNGLH8PULVVHHLQHU7XURIIHQEDUWH³'RUW´ VDJWHHUWRQORV³$QWLJUDYNDELQH´ ,FKOLHLKQODXIHQREZRKOGLH$UNRQLGHQSURWHVWLHUWHQ³+|UW]X´ULHILFK³,FK YHUVXFKH]XU=HQWUDOH]XJHODQJHQXQG6RIJDUW]XVWHOOHQ,KUN|QQWPLFKEHJOHLWHQ DEHULFKPDFKHNHLQHPHLQHQ9RUZXUIZHQQHUHVYRU]LHKW]XIOLHKHQ'UDXHQZDUWHQ GLH$EVFKXNRPPDQGRVDXIHXFKGDVPXHXFKNODUVHLQ'LH:DKOEHUODVVHLFK HXFK´ 'LH=HQWUDOHXQGGHU%OLQGH6RIJDUWLQWHUHVVLHUWHQVLHQLFKW6LHZROOWHQQXUUDXV DXVGHP6HSXONRUYDW6LHULHIHQPLUQRFKJXWH:QVFKH]XGDQQHLOWHQVLHLQGDYRQ 1XU.HOHVHEOLHE³'XZLOOVWZLUNOLFKPLWNRPPHQ"´ ³'DVVDJWHLFKEHUHLWV*HKHQZLU´ ,FKEHJDQQLKQ]XEHZXQGHUQGHQQLFKZXWHGDHUQXU]XJHPGHQDQGHUHQ JHIROJWZlUHXPDXVGHU)HVWXQJKHUDXV]XJHODQJHQ:DUH)DUQDWKLDQLFKWJHZHVHQ KlWWHLFKPLFKLKQHQVLFKHUOLFKDQJHVFKORVVHQDEHUVRODJQRFKHLQH$XIJDEHYRUPIU ,FKGHXWHWHDXIGLH7XUXQGOHJWHGLH+DQGDXIGHQ:DUPHVHQVRU³*HKHQZLU´ 'LH.DELQHZXUGHYRQ$QWLJUDYIHOGHUQJHWUDJHQXQGEHZHJW/DQJVDPVWLHJHQ ZLUQDFKREHQ(VILHOPLUQLFKWVFKZHUGHQ=ZHFNGHU.RQWUROOHQ]XHUUDWHQDEHULFK ZXQGHUWHPLFKGRFKHLQZHQLJGDGHU/LIWQRFKIXQNWLRQLHUWH(VJDEVLHEHQVFKZDU]H .Q|SIHYRQXQWHQDQJHUHFKQHW'DQQNDPHQGUHLURWH.Q|SIHGLHZDKUVFKHLQOLFKGHQ YHUKRWHQHQ6HNWRUEH]HLFKQHWHQ'DQDFKIROJWHQIQIZHLWHUHVFKZDU]H.Q|SIH(UVW GHUVHFKVWHXQGREHUVWHZDUZLHGHUURW,FKKDVWHGHQXQWHUVWHQURWHQJHGUFNW ³:DVZLUYHUVXFKHQLVW]LHPOLFKDXVVLFKWVORV´VDJWH.HOHVHXQGNRQWUROOLHUWH VHLQH(QHUJLHVWUDKOHUGHUHQ$Q]DKOLQ]ZLVFKHQDXIVHFKVJHZDFKVHQZDU³'XZLUVW GHLQH)DUQDWKLDLQGLHVHP/DE\ULQWKQLHPDOVILQGHQ´ 9HUPXWOLFKKDVWHHUDXFKGLHVPDOUHFKW1XUGHU=XIDOONRQQWHPLUMHW]WQRFK KHOIHQVLH]XILQGHQRGHUHEHQGHU%OLQGH6RIJDUWVHOEVW6ROOWHLFKLKQQRFKHLQPDOLQ PHLQH*HZDOWEHNRPPHQZUGHLFKQLFKWPHKUVROHLFKWVLQQLJVHLQGDVKDVWHLFKPLU JHVFKZRUHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³,FKPXHVYHUVXFKHQ´HUZLGHUWHLFKNQDSSGHQQGHU/LIWKLHOWDQ³9RUVLFKW´ 'LH7XU|IIQHWHVLFKDXWRPDWLVFK:LUVDKHQHLQHQEUHLWHQKHOOHUOHXFKWHWHQ .RUULGRUGHUVLFKQDFKEHLGHQ6HLWHQHUVWUHFNWHXQGOHHUZDU0DVFKLQHQEUXPPWHQ LUJHQGZR:LUYHUOLHHQGLH.DELQHGLH:DIIHQVFKXEHUHLW1LHPDQGEHJHJQHWHXQV ,FKQDKPDQGD6RIJDUWDOOHYHUIJEDUHQ.UDODVHQHQXQG5RERWHULQGLHXQWHUHQ 5HJLRQHQGHU)HVWXQJEHRUGHUWKDVWHLQGHQHQGLHEHIUHLWHQ*HIDQJHQHQGHQ:HJLQ GLH)UHLKHLWVXFKWHQ6LHULFKWHWHQXQWHUGHVVHQ]ZHLIHOORVHLQHQXQEHUVHKEDUHQ 6FKDGHQDQXQGPXWHQVRVFKQHOOZLHP|JOLFKZLHGHUHLQJHIDQJHQZHUGHQ'DVJDE XQVHLQH$WHPSDXVH ,FK|IIQHWHGLHQlFKVWH7XU,QGHU+DOOHGDKLQWHUHUEOLFNWHLFKHLQ*HZLUU WHFKQLVFKHU(LQULFKWXQJHQXQGYHUPXWHWHGDHVVLFKXPHLQHQ(QHUJLHYHUWHLOHU KDQGHOWH=ZHL:DUWXQJVURERWHUYHUULFKWHWHQLKUH$UEHLWRKQHVLFKXPXQV]X NPPHUQ.HLQH*HIDKU'HU)UVWVDKPLFKYRQGHU6HLWHKHUDQ³:HUELVWGXZLUNOLFK" :DUXPYHUWUDXVWGXPLUQLFKW"´ ,FKKDVWHGLHVH)UDJHVFKRQHLQHJDQ]H:HLOHHUZDUWHWXQGEHVFKORVVHQLKP DOOHV]XVDJHQVROOWHVLFKKHUDXVVWHOOHQGDHUGHU:DKUKHLWZUGLJZDU(UZDUHV³(V LVWHLQHUDQJH*HVFKLFKWHGLHDEHUDXFKLQZHQLJHQ:RUWHQHU]lKOWZHUGHQNDQQ'X KDVWGLFKDOVPHLQ)UHXQGHUZLHVHQEHVRQGHUVLQGHUOHW]WHQ7RQWD'XVROOVWGLH :DKUKHLWHUIDKUHQ,FKELQ,PSHUDWRU*RQR]DOV6RKQXQGVRPLWGHUUHFKWPlLJH(UEH GHVDUNRQLGLVFKHQ+HUUVFKHUWKURQV´,FKDFKWHWHQLFKWDXIVHLQHQYHUEOIIWHQ7KLFN ³*ODXEVWGXPLU"´ 'LH(U|IIQXQJKDVWHLKQVRJHWURIIHQGDHUPLFKQXUQRFKZRUWORVDQVWDUUHQ NRQQWH³,FKKDVWHJHDKQWGDGXHWZDV%HVRQGHUHVELVW²DEHUGHUUHFKWPlLJH"´ ³(VLVWGLH:DKUKHLW´ (UVFKWWHOWHPHKUPDOVGHQ.RSIDEHUGLH*HVWHGUFNWHNHLQH8QJOlXELJNHLW DXVQXUhEHUUDVHKXQJXQG(UVWDXQHQ'DQQQLFNWHHUZLHLP7UDXP³,FKJODXEHGLU (XFK%HLGHQ6WHUQHQJ|WWHUQMDGLHhEHUWUDJXQJGHU$5.6800,$$EVROYHQWHQ XQGGDQQ(XHU$XIWULWWYRUGHQ0HGLHQDXI/DUJDPHQLD7*&&KHI2IIDQWXUEH]HLFKQHWH DOOHVDOV/JHXQG)lOVFKXQJ,FKHULQQHUHPLFK,KUVHKW]ZDUDQGHUVDXVDEHUGLH bKQOLFKNHLW´ ³%OHLEEHLP'XZLUVLQG)UHXQGH´ ³,FKJODXEHGLU6DWDJR*RQR]DOZLHVRLOLFKVDJHQ"´ ³0HLQ1DPHLVW$WODQ´ ³$WODQ'XVFKHLQVWGHLQHPKHURLVFKHQ1DPHQVSDWURQQDFKHLIHUQ]XZROOHQ ,FKELQVHKUJOFNOLFKGDZLUXQVJHWURIIHQKDEHQ'XZLUVWLQPLUHLQHQ)UHXQGKDEHQ $EHUVDJPLUZDVLVWPLWGHLQHP2QNHOPLW2UEDQDVFKRO"´ ³(UKDWPHLQHQ9DWHUHUPRUGHQOHVVHQXQGGDIUZLUGHUPLUHLQHV7DJHVEHQ 'HU%OLQGH6RIJDUWJHK|UWH]XGHQ9HUVFKZ|UHUQLVWVHLQ:HUN]HXJ9LHOOHLFKWNDQQLFK HVEHQXW]HQXP2UEDQDVFKRO]XVWU]HQ´ (UVFKZLHJ,FKZXWHGDLFKHLQHQQHXHQ9HUEQGHWHQJHIXQGHQKDVWHHLQHQ $UNRQLGHQGHV+RFKDGHOVYRQGHVVHQ8QWHUVWW]XQJVHKUYLHODEKLQJ1DFKXQGQDFK PXWHLFKDOOH(GOHQXQG+RFKHGOHQDXIPHLQH6HLWHEHNRPPHQGHQQDOOHLQDXIPLFK DQJHZLHVHQNRQQWHLFKPHLQHHKUJHL]LJHQ3OlQHQLHPDOVGXUFKIKUHQ ,FKEHWUDFKWHWHGLH$QODJHLQGHU+DOOH/HJWHQZLUVLHODKPVWLHJGLHDOOJHPHLQH 9HUZLUUXQJLP6HSXONRUYDWZHLWHUDEHUPDQZUGHDXFKVRIRUWZLVVHQZRZLUZDUHQ (LQ]ZHLVFKQHLGLJHV6FKZHUWDOVR,FKYHUZDUIGHQ*HGDQNHQ:HQQLFKVFKRQHLQH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
WHFKQLVFKH$QODJHDXHU%HWULHEVHW]WHGDQQPXWHHVGLHZLFKWLJVWHGHU)ROWHUIHVWXQJ VHLQ'LHJHVDPWH(QHUJLHYHUVRUJXQJPXDXVIDOOHQGLH=HQWUDOHVHOEVWGLH /XIWYHUVRUJXQJXQG.KOXQJ $XIGHP*DQJZDUQLHPDQGDOVZLUGLH+DOOHYHUOLHHQXQGZHLWHUJLQJHQ hEHUKDXSWZDUHVWULHUREHQYLHOUXKLJHUDOVXQWHQEHLGHQ*HIDQJHQHQ9LHOH :DFKPDQQVFKDIWHQPXWHQGRUWKLQEHRUGHUWZRUGHQVHLQXPGLH(QWIORKHQHQZLHGHU HLQ]XIDQJHQ,FKKRIIWHGDLKQHQGDVQLFKWVRVFKQHOOJHODQJVRQGHUQGLHVHVWDWV GHVVHQPHKUXQGPHKUEHIUHLHQNRQQWHQ 1DFKZHLWHUHQKXQGHUW0HWHUQNDPPLUGHU.RUULGRUEHNDQQWYRUXQGDOVLFKGLH 6lXOHQGHV$UNDGHQJDQJVYRUPLUVDKZXWHLFKZRZLUZDUHQ'HU6SLHOVDDOGLHVPDO DOOHUGLQJVOHHU+LHUZUGHXQVGHU%OLQGH6RIJDUW]XOHW]WYHUPXWHQ$EHUGDVKLOIWPLU QXUZHQLJ,FKZLOO)DPDWKLDILQGHQXQGEHIUHLHQPLFKDEHUQLFKWWULHUYHUVWHFNHQ .HOHVHHUULHWPHLQH$EVLFKWHQ(UGHXWHWH]XUDQGHUHQ6HLWHGHV6SLHOIHOGHV ³$XVGHP*DQJGRUWNDPHQGLH5RERWHUXQGGLHµ6SLHOILJXUHU(UPXDOVR]XZHLWHUHQ *HIlQJQLVVHQIKUHQ,FKQHKPHDQGHU%OLQGHVSLHOVQXUPLWEHVRQGHUHQ*HIDQJHQHQ *DUUDERXQGGHLQH)DUQDWKLDLVW]ZHLIHOORVZHUWYROOIULKQ(UZROOWHGLFKPLWLKUZRKO HUSUHVVHQ"´ ,FKQLFNWHXQGEHUTXHUWHVFKQHOOGDVTXDGUDWLVFKDQJHOHJWH0X
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
VWHU(UIROJWHPLUKDVWLJELVLQGHQ.RUULGRUGHUYRUHLQHUJURHQ7XUHQGHWH'LH gIIQXQJVNRQWUROOHQZDUHQEHUVLFKWOLFKDQJHEUDFKWXQGEHGHXWHWHQNHLQ3UREOHP:LU EHJHJQHWHQNHLQHP/HEHZHVHQDOVZLUZHLWHULQGHQ.RPPDQGRWHLOGHV6HSXONRUYDWV YRUGUDQJHQXQGXQVZDKUVFKHLQOLFKGHVVHQ1HUYHQ]HQWUXPQlKHUWHQ ,QHLQHUGHU+DOOHQHQWGHFNWHLFKHLQHJDQ]H5HLKH6HVVHOEHUGHQHQ *ORFNHQKDXEHQKLQJHQGLHGXUFK/HLWXQJHQPLWHLQDQGHUYHUEXQGHQZDUHQ'LFNH .DEHOIKUWHQ]X6FKDOWSXOWHQ%LOGVFKLUPHXQG0HLQVWUXPHQWHEHVWlWLJWHQPHLQH 9HUPXWXQJGDHVVLFKXPHLQHEHDFKWOLFKHSDUDPHFKDQLVFKH+\SQRDQODJHKDQGHOWH GLHMHGRFKQLFKWGHU6FKXOXQJGLHQWH0LWGHQVWDUNHU3V\FKRVWUDKOHUQGHU+DXEHQ NRQQWHGHU%OLQGH6RIJDUWDXFKRKQHMHGH)ROWHUDOOH*HKHLPQLVVHDXVVHLQHQ *HIDQJHQHQKHUDXVKROHQ'LH$QODJHHUIOOWHQRFKHLQHQZHLWHUHQ=ZHFN'LH 'HOLQTXHQWHQNRQQWHQNRPSOHWWXPJHGUHKWZHUGHQVRGDVLH]XZLOOHQORVHQ6NODYHQ XQG:HUN]HXJHQZXUGHQ (LQHJH|IIQHWH9HUELQGXQJVWUIKUWHLQHLQHZHLWHUH+DOOH6LHZDUDQJHIOOWPLW GHQWHFKQLVFKUDIILQLHUWHVWHQ)ROWHULQVWUXPHQWHQGLHPDQVLFKQXUYRUVWHOOHQNRQQWH 6HVVHODQGLHGDV2SIHUJHIHVVHOWZXUGHNRQQWHQEHUDOOKLQJHUROOWZHUGHQRKQHGD HLQH)OXFKWP|JOLFKZDU9LHU.DPHUDVLQGHQ(FNHQGLFKWXQWHUGHU'HFNHEHVWlWLJWHQ PHLQH9HUPXWXQJGDVLFKGHU%OLQGH6RIJDUWDQGHQ4XDOHQVHLQHU*HIDQJHQHQ ZHLGHWHXQGMHGHV:RUWK|UWHGDVJHVSURFKHQZXUGH.HOHVHHUVWDUUWHDOVHUGLH .DPHUDVHUEOLFNWH ,FKEHUXKLJWHLKQ³.HLQH3DQLN:HQQVLHHLQJHVFKDOWHWVLQGKDWHUXQVOlQJVW HQWGHFNW'DQQVLQGVHLQH+lVFKHUOlQJVWDXIGHP:HJ]XXQV$EHUVLHN|QQHQDXFK DEJHVFKDOWHWVHLQZDVLFKHLQHUYHUPXWH.RPPVXFKHQZLUZHLWHU9LHOOHLFKWKDEHQZLU *OFN´ :LUIDQGHQZHLWHUH)ROWHUNDPPHUQLQHLQHUVRJDUHLQLJHWRWH*HIDQJHQHGLH PDQHLQIDFKOLHJHQJHODVVHQKDVWHDOVGHU$ODUPDXVJHO|VWZRUGHQZDU,FK]RJ.HOHVH KLQWHUHLQHQ6FKDOWEORFNDOVLFKSO|W]OLFK6WLPPHQXQG6FKULWWHK|UWH+DWWHPDQXQV HQWGHFNWRGHUZDUHVSXUHU=XIDOO"$FKW.UDODVHQHQEHWUDWHQLQ%HJOHLWXQJYRQGUHL .DPSIURERWHUQGHQ6DDOGHUGXUFKVHLQHEHUODGHQZLUNHQGHWHFKQLVFKH(LQULFKWXQJ VHKUXQEHUVLFKWOLFKZDU7URW]GHPIDQGHQVLHXQV²PLW+LOIHYRQ,QGLYLGXDOWDVWHUQ 'DQQHU|IIQHWHQVLHGDV)HXHUDXIXQV 'HU6FKDOWEORFNERW'HFNXQJ.HOHVHVLFKHUWHGLHHLQH6HLWHDWHLFKGLHDQGHUH :LUKDVWHQXQVHUH:DIIHQQHEHQXQVJHOHJWXPPHKU%HZHJXQJVIUHLKHLW]XHUKDOWHQ 0LUJLQJHVLQHUVWHU/LQLHGDUXPGLH5RERWHUDXHU*HIHFKW]XVHW]HQGHQQVLH EHGHXWHWHQGLHJU|WH*HIDKU(VJHODQJPLUHLQHQYRQLKQHQ]XYHUQLFKWHQGHU]ZHLWH WRUNHOWHDQJHVFKODJHQLQGHQ+LQWHUJUXQGXQGEHJDQQGDPLWGLH6FKDOWSXOWH]X ]HUWUPPHUQ,FKPXWHGDV3URJUDPPLHUXQJV]HQWUXPEHVFKlGLJWKDEHQXQGKDVWHVR XQJHZROOWHLQHQ9HUEQGHWHQJHZRQQHQ.HOHVHUlXPWHXQWHUGHQ.UDODVHQHQDXIGLH XQVRIIHQVLFKWOLFKXQWHUVFKlW]WKDWWHQ6LHDFKWHWHQQXQPHKUDXI'HFNXQJGHQQGLH +lOIWHYRQLKQHQZDUEHUHLWVWRW -HPDQGULHIXQV]X³(UJHEWHXFKZHUIWGLH:DIIHQIRUW'DVLVWHXUHHLQ]LJH &KDQFH´ 'HU)UVWHUVFKRLKQRKQHPLWGHU:LPSHU]X]XFNHQ'DV*HIHFKWJLQJQDFK GHUZLQ]LJHQ)HXHUSDXVHQRFKKHIWLJHUZHLWHUQHEHQ'HVLQWHJUDWRUHQZXUGHQYHUPHKUW /XFFRWVHLQJHVHW]WGLHGLH/XIWIDVW]XP%URGHOQEUDFKWHQ0LWGUHL6FKVVHQ EHVFKlGLJWHLFKGHQOHW]WHQ5RERWHUVRGDHUDXVILHOXQGNRQ]HQWULHUWHPLFKDXIGLH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
UHVWOLFKHQ.UDODVHQHQ(VZDUHQQRFKGUHLXQGVLHYHUVXFKWHQVLFKGXUFKGHQ(LQJDQJ ]XUFN]X]LHKHQGXUFKGHQVLHKHUHLQJHNRPPHQZDUHQ.HOHVHYHUVSHUUWHLKQHQMHGRFK GXUFKJH]LHOWHV)HXHUGHQ:HJ 'DVWLH.HOHVHHLQHQ6FKUHLDXVXQGZlO]WHVLFKDXIGHQ5FNHQ'LH:DIIH HQWJOLWWVHLQHQHUVFKODIIHQGHQ+lQGHQ,P$XJHQEOLFNNRQQWHLFKPLFKQLFKWXPLKQ NPPHUQ'LH.UDODVHQHQVFKRVVHQXQG]ZDQJHQPLFKLQGLH'HFNXQJ]XUFN.HOHVH PXWHVLFK]XZHLWKHUYRUJHZDJWKDEHQ(UOHEWHQRFKGDVVDKLFK³'XUFKKDOWHQ´ULHI LFKHUPXQWHUQG³+DOWHGXUFK´ ,FKWUDIGHQOHW]WHQ.UDODVHQHQDOVHUJHUDGHYHUVFKZLQGHQZROOWH'HU5DXP ZDUOlQJVWHLQHLQ]LJHU*OXWRIHQ'LH+LW]HUDXEWHPLUGHQ$WHPPHLQ.|USHUZDULQ 6FKZHLJHEDGHW0LUZXUGHIDVWEHODOVLFK.HOHVHV:XQGHXQWHUVXFKWH,FKHUNDQQWH DXIGHQHUVWHQ7KLFNGDLFKLKPQLFKWPHKUKHOIHQNRQQWH(UVFKWWHOWHGHQ.RSIXQG JULIIQDFKPHLQHP8QWHUDUP³6LQQORV´KDXFKWHHUVROHLVHGDLFKPLFK]XLKP KLQDEEHXJHQPXWHXPLKQ]XYHUVWHKHQ³=X(QGH$EHULFKELQQLFKWXPVRQVW JHVWRUEHQ*RV¶DWKRU´ ³1LFKWVSUHFKHQGXYHUJHXGHVWQXUGHLQH.UlIWH´ :LHGHUVFKWWHOWHHUGHQ.RSI³,FKKRIIHGXILQGHVW)DUQDWKLDXQGNDQQVW HQWNRPPHQ´(UKXVWHWHGDQQVDPPHOWHHUDOOH.UlIWH³,FKELQIURKGLUEHJHJQHW]X VHLQ$WODQ,FKZQVFKHGLUZQVFKHGLU´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lKLJH6WUDKOHUXQG ZDUIHVWHQWVFKORVVHQVLHDQ]XZHQGHQXQGPHLQ/HEHQVRWHXHUZLHP|JOLFK]X YHUWHLGLJHQ,FKLUUWHGXUFKHLQ/DE\ULQWKYRQ*lQJHQ1LHPDQGEHJHJQHWHPLUREZRKO LFKYLHOH7XUHQ|IIQHWHLPPHULQGHUYHUUFNWHQ+RIIQXQJGRFKQRFK]XIlOOLJ)DUQDWKLDV =HOOH]XILQGHQ 8QGGDQQK|UWHLFK6FKULWWH,FKGUFNWHPLFKJHJHQGLH:DQGGHV*DQJHV 'DQQDWPHWHLFKHUOHLFKWHUWDXI'LH6FKULWWHYHUULHWHQGDHVQXUHLQH3HUVRQZDUGLH PLUHQWJHJHQNDP=XPHLQHUhEHUUDVFKXQJHUVFKLHQMHGRFKLPKHOOHQ'HFNHQOLFKWNHLQ .UDODVHQHVRQGHUQHLQ]HUOXPSWHU*HIDQJHQHUGHUZLHLQ7UDQFHQlKHUNDP6HLQ *DQJZDUVHOWVDPPHFKDQLVFKDOVKDEHPDQLKQDXIJH]RJHQRGHUK\SQREHKDQGHOW(U ZDUQLFKWEHZDIIQHW,FKZDUWHWHELVHUDXIJOHLFKHU+|KHZLHLFKZDURKQHPLFK EHPHUNW]XKDEHQ ³%OHLEVWHKHQ´ZDUQWHLFKLKQ6HLQ*HVLFKWVSLHJHOWHEODQNHV(QWVHW]HQZLGHU DEHUHUJHKRUFKWHVRIRUW9ROOHU$QJVWEOLFNWHHUPLFKDQPXWHGDQQDEHUZRKO HUNHQQHQGDLFKNHLQHE|VHQ$EVLFKWHQKDVWHREZRKOLFKZLHHLQ.UDODVHQHJHNOHLGHW ZDU,FKVDKGDHUVLFKHQWVSDQQWH³:HUKDWGLFKIUHLJHODVVHQ"´(UYHUVWDQGPLFK GDUDQNRQQWHNHLQ=ZHLIHOEHVWHKHQDEHUHUDQWZRUWHWHQLFKW(UPDFKWHQXUHLQH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
*HVWHGHUHQ6LQQLFKQLFKWGHXWHQNRQQWH³:RKHUNRPPVWGX"$XVGHQ=HOOHQ"´ 'LHVPDOQLFNWHHUEHVWlWLJHQGVDJWHDEHUZLHGHUNHLQ:RUW³.DQQVWGXQLFKWUHGHQ"´ 'LHVPDOVFKWWHOWHHUKHIWLJGHQ.RSIXQG|IIQHWHGHQ0XQG(UKDVWHNHLQH =XQJHPHKU'DZLUQLFKWV]XP6FKUHLEHQEHLXQVKDWWHQZDUGLH9HUVWlQGLJXQJQLFKW HLQIDFKDEHUVRYLHOIHQGLFKKHUDXV(UZDUQLFKWDXVGHQXQWHUHQ=HOOHQJHIORKHQ VRQGHUQLQHLQHP*HIlQJQLVWULHUREHQXQWHUJHEUDFKWJHZHVHQ(LQ.UDODVHQHKDVWH VHLQH=HOOHJH|IIQHWXQGZDUGDQQIRUWJHJDQJHQ'DVZDUXQEHJUHLIOLFKXQGXQORJLVFK ³+|U]X´VDJWHLFK]XGHP%HGDXHUQVZHUWHQ³)KUHPLFK]XGHQ*HIlQJQLV]HOOHQ,FK VXFKHHLQHQ*HIDQJHQHQ´ (U]|JHUWHDEHUDOVLFKPHLQHQ:RUWHQVRVFKZHUPLUGDVDXFKILHOPLWGHU :DIIH1DFKGUXFNYHUOLHKGUHKWHHUVLFKXPXQGJLQJGHQ:HJ]XUFNGHQHU JHNRPPHQZDU,FKIROJWHLKPLQJHULQJHP$EVWDQG,PPHUPHKU*lQJH]ZHLJWHQYRQ GHP+DXSWNRUULGRUDWHXQGLQHLQHQYRQLKQHQERJPHLQXQIUHLZLOOLJHU)KUHUDWH(LQH 7XUGLHGLHJDQ]H*DQJEUHLWHHLQQDKPVWDQGZHLWRIIHQ'DKLQWHUVDKLFKGLH EHNDQQWHQ*LWWHU]HOOHQDEHUNHLQHQHLQ]LJHQ:lUWHU'HU6WXPPHVDKPLFKIOHKHQGDQ QLFNWHPLU]X²XQGJLQJHLQIDFKGDYRQ,FKKLHOWLKQQLFKWDXIGHQQPLUEOLHENHLQH=HLW QDFK]XGHQNHQHLQHKHOOH6WLPPHULHI³+LOIH+LOIH´ )DPDWKLD8QWHU7DXVHQGHQKlWWHLFKGLHVH6WLPPHZLHGHUHUNDQQW,FKYHUJD DOOHhEHUOHJXQJHQXQGILHILQGHQ*DQJKLQHLQ6LHVWDQGLQHLQHU=HOOHXQGVDKPLU HQWJHJHQ³)DUQDWKLD,FKELQ¶V´7UlQHQUDQQHQLKUEHUGLH:DQJHQXQGVLHVWUHFNWH PLUGLH+lQGHHQWJHJHQ³)DUQDWKLD+DEHLFKGLFKHQGOLFKJHIXQGHQ´ 6LHZDUHV=LHUOLFKVHKUZRKOSURSRUWLRQLHUW'DVJODWWH6LOEHUKDDUUHLFKWHLKUELV ]XGHQ6FKXOWHUQ6LHWUXJHLQHJUDXHVFKPXFNORVH.RPELQDWLRQHLQ(WXLDPEUHLWHQ *UWHOZDU]ZHLIHOORVHLQ*UDYRQHXWUDOLVDWRU ³$WODQ"'X":LHNRPPVWGXKLHUKHU"´ ³6SlWHU,FKKROHGLFKDXVGHU=HOOH´ ,FKPXWHMHGHQ$XJHQEOLFNPLWGHP(LQWUHIIHQYRQ5RERWHUQRGHU.UDODVHQHQ UHFKQHQXQGGXUIWHNHLQH=HLWYHUOLHUHQ'LHVPDOUHDJLHUWHGDV6FKORQLFKWDXIGHQ 3RVLWURQLNVFKOVVHOGHVKDOEKRELFKGHQ'HVLQWHJUDWRUXQG]HUVWUDKOWHGDV6FKOR 'LH*HIDQJHQHQLQGHQDQGHUHQ.lILJHQVDKHQXQEHWHLOLJW]XZlKUHQGLFK )DUQDWKLDEHIUHLWH1XU]ZHLRGHUGUHLYRQLKQHQIRUGHUWHQPLFKDXILKUH=HOOHQHEHQIDOOV ]X|IIQHQ²DEHULFKKDVWHNHLQH=HLWLKUHQ:XQVFK]XHUIOOHQ=ZHL.DPSIURERWHU HUVFKLHQHQLP(LQJDQJ,FKHUOHGLJWHVLHPLW]ZHLJXWJH]LHOWHQ)HXHUVW|HQHKHVLHGDV )HXHUHU|IIQHQNRQQWHQ.UDFKHQGVWU]WHQVLH]X%RGHQXQGUKUWHQVLFKQLFKWPHKU ,FKHUJULII)DUQDWKLDZDUIVLHEHUPHLQH6FKXOWHUXQGJULIIQDFKGHU6FKDOWXQJ PHLQHV$JJUHJDWJUWHOV³%OHLEUXKLJGDQQNRPPHQZLUVFKQHOOHUYRUDQ%LVWGX JHVXQG"´ ³0LULVWQLFKWVJHVFKHKHQDEHUGDVDOOHVWULHULVWVRIXUFKWEDUVR,FKKDEH VFKUHFNOLFKH'LQJHJHVHKHQ´ ³)HVWKDOWHQ´:LUEHJDQQHQ]XVFKZHEHQXQGVHW]WHQXQVLQ%HZHJXQJHKH ZHLWHUH.UDODVHQHQDXIWDXFKWHQGLHVLFKHUOLFKQRFKJHQXJLQGHQXQWHUHQ7UDNWHQ]X WXQKDWWHQXPGLHHQWIORKHQHQ+lIWOLQJHZLHGHUHLQ]XIDQJHQ,FKEHJULIIQRFKLPPHU QLFKWZHOFKHU=XIDOOPLUGD]X+LOIHJHNRPPHQZDUPHLQH)DUQDWKLDZLHGHU]XILQGHQ $EHU²ZDUHVZLUNOLFKQXUHLQ=XIDOOJHZHVHQ"'HUVWXPPH*HIDQJHQHGHUPLFK KLHUKHUJHIKUWKDVWH²ZDUHUHFKWJHZHVHQ"0LUNDPHQSO|W]OLFK=ZHLIHODEHULFK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
YHUVFKHXFKWHVLHZLHGHU,FKWUXJ)DUQDWKLDDXIPHLQHU6FKXOWHUGDVZDUNHLQ7UDXP VRQGHUQZXQGHUEDUH5HDOLWlW ³/DPLFKKHUXQWHU´6LHVWUDPSHOWHXPPLULKUH6WlUNH]R]HLJHQDEHULFKJDE QLFKWQDFK,FKKLHOWVLHIHVWXQGVFKZHEWHZHLWHULQGHQEUHLWHQ+DXSWNRUULGRUKLQHLQ DEHUMHW]WLQGLHDQGHUH5LFKWXQJGLHLFKQRFKQLFKWNDQQWH$OVYRUXQVHLQLJH5RERWHU HUVHKLHQHQVHW]WHLFK)DUQDWKLDDWH=XPHLQHPQLFKWJHULQJHQ(UVWDXQHQLJQRULHUWHQ VLHXQVY|OOLJXQGYHUVFKZDQGHQLQHLQHP6HLWHQJDQJ ,FKVWDUUWHIDVVXQJVORVLQGHQOHHUHQ.RUULGRU'DQQIHQGLFKHLQHSODXVLEOH (UNOlUXQJ'LH*HIDQJHQHQ²RGHU.HOHVHXQGLFKKDWWHQHLQHQZLFKWLJHQ7HLOGHU 3URJUDPPLHUXQJVXQGhEHUZDFKXQJV]HQWUDOHEHVFKlGLJW0DQFKH5RERWHU PDUVFKLHUWHQ]ZDUQRFKZLHELVKHUGXUFKGDV6HSXONRUYDWDEHUVLHEHDFKWHWHQGHQ $ODUPQLFKWXQGNPPHUWHQVLFKDXFKQLFKWXPHQWIORKHQH*HIDQJHQH)DUQDWKLD IOVWHUWH³.HQQVWGXGHQ:HJ"´ ³1HLQ/LHEVWH:LUPVVHQQDFKREHQGHQNHLFK'RUWJLEWHV*OHLWHU$EHU GDPLWVLW]HQZLUQRFKLPPHUDXIGHU)ROWHUZHOWIHVV:LUPVVHQHLQ6FKLIIILQGHQ´ ³:LHNDPVWGXKLHUKHU":LHKDVWGX"´ ³6SlWHU.RPPZHLWHU:LUPVVHQHLQHQ/LIWILQGHQ´ 1RFKHLQPDOEHJHJQHWHQZLUIHKOJHVFKDOWHWHQ5RERWHUQGDQQHLQHP7UXSS HQWIORKHQHU*HIDQJHQHUGLHVRIRUWGDV)HXHUDXIPLFKHU|IIQHWHQZHOOLFKMDQRFK LPPHUGLH8QLIRUPHLQHV.UDODVHQHQEXJ'DQQHUNDQQWHQVLHPLFK]XP*OFNZLHGHU ³:LUZHUGHQGHQ%OLQGHQILQGHQXQGXPEULQJHQ´VDJWHLKU$QIKUHUHLQ$UNRQLGH ³6RQVWNRPPHQZLUQLHWULHUKHUDXV´ ³1LHPDQGZHLZRHUVLFKDXIOKlOW´JDELFK]XEHGHQNHQ ³:LUZHUGHQLKQILQGHQ´EHWRQWHHUHQWVFKORVVHQ³:LUKDEHQRKQHVHLQHQ7RG NHLQH&KDQFHMHPDOVYRQGLHVHU:HOWIRUW]XNRPPHQ´ ,FKPXWHLKPUHFKWJHEHQXQGZHOOLKU3ODQPHLQHHLJHQH)OXFKWQXU XQWHUVWW]HQNRQQWHZQVFKWHLFKLKQHQYLHO*OFN6LHKDVWHWHQZHLWHU,FKQDKP )DUQDWKLDV+DQGGLHVLHPLUZLOOLJEHUOLH'HU.RUULGRUZLUNWHHQGORV(UHUVWUHFNWH VLFKQXQVFKQXUJHUDGHYRUXQVXQGYHUORUVLFKLQGHU)HUQH(VJDE]ZDUQRFKLPPHU 6HLWHQJlQJHXQG7UHQDEHU]XQlFKVWNHLQHQ/LIW$OVZLUVFKOLHOLFKGRFKHLQHQ IDQGHQHUORVFKDEUXSWGDV/LFKWLP.RUULGRU3DUQDWKLDVFKPLHJWHVLFKlQJVWOLFKDQ PLFK³.HLQH$QJVW/LHEHV'DVZDUHQGLHHQWIORKHQHQ*HIDQJHQHQVLHKDEHQHLQHGHU (QHUJLHDQODJHQRGHUHLQH9HUWHLOHUVWDWLRQ]HUVW|UW´ 'DVZDUUHLQH7KHRULH,FKZXWHHVVDJWHHVDEHUQLFKWODXW$XINHLQHQ)DOO GXUIWHLFK)DUQDWKLDMHW]WGHQ0XWQHKPHQ$XWDUNH(QHUJLHYHUVRUJXQJGDFKWHLFK HUOHLFKWHUWDOVLFKGHQREHUVWHQURWHQ.QRSIGUFNWHXQGGLH.DELQHDXIZlUWVJOLWW )DUQDWKLDVDKPLFKDQDEHULFKNRQQWHLKUHQ7KLFNQLFKWGHXWHQ³+DWPDQGLFK JHIROWHUW"´6LHVFKWWHOWHGHQ.RSI³$EHUPDQKDWGRFK)UDJHQJHVWHOOWRGHU"´ :LHGHUGDV.RSIVFKWWHOQ³8QGGHU%OLQGH6RIJDUW"(UKDWVLFKGRFKHLQJHKHQGPLWGLU EHVFKlIWLJW,FKZHLHVGHQQLFKZDUDXIGHP6FKLIIGDVGLFKKLHUKHUEUDFKWH%LWWH YHUVXFKHGLFK]XHULQQHUQ:DVZROOWHHUYRQGLUZLVVHQ"´ 6LHVDKPLFKPLWHLQHP7KLFNDQGHUVRKLOIORVXQGYROOHU4XDOZDUGDLFKHV QLFKWZDJWHZHLWHUH)UDJHQ]XVWHOOHQ,FKPXWHDQ.HOHVH7D$PRQWHGHQNHQ.DXP KDVWHLFKHLQHQ]XYHUOlVVLJHQ)UHXQGJHIXQGHQPXWHHUVWHUEHQ:XUGHHVPLU JHOLQJHQHLQH6WUHLWPDFKW]XVDPUQHQ]XVWHOOHQXP2UEDQDVFKROGLH6WLUQELHWHQ]X N|QQHQ"6LFKHUZUGHHVQRWZHQGLJZHUGHQGLHIKUHQGHQ2UEWRQHQGHU)ORWWH]X
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
EHU]HXJHQGDVLHDXIGHUIDOVFKHQ6HLWHVWDQGHQDEHUZLHVROOWHLFKGDV EHZHUNVWHOOLJHQRKQHPLFKGHU*HIDKUDXV]XVHW]HQVRIRUWJHIDQJHQJHQRPPHQXQG DXVJHOLHIHUW]XZHUGHQ"'HU([WUDVLQQULHIPLFKHQHUJLVFK]XU2UGQXQJ=XNXQIWVPXVLN $XV*HVDPPHOWH6SUXFKHHLQHV%DXFKDXIVFKQHLGHUV )DUWXORRQ %OLQGHV5HDJLHUHQLVWGLH$UWGHVJHKHW]WHQ7LHUHV-HPDQGGHU.UDIW*HULVVHQKHLW XQG(QWVFKOXIUHXGLJNHLWPLW.|QQHQXQGNDONXODWRULVFKHU3KDQWDVLHYHUELQGHWKDW XQJOHLFKPHKU&KDQFHQDOVMHGHUDQGHUH 'LH.DELQHKLHOW%HYRUVLFKGLH7XUDXWRPDWLVFK|IIQHQNRQQWH]RJLFKGHQ 3DUDO\VDWRU'DQQZXUGHZRONHQORVHU+LPPHOVLFKWEDUDQGHPVLFKGLHURWH6RQQHGHP +RUL]RQWHQWJHJHQVHQNWH,FKUHFKQHWHGDPLW]XPLQGHVWYRQHLQHU5RXWLQHZDFKH HPSIDQJHQ]XZHUGHQ8QGLFKLUUWHPLFKQLFKW'UHL.UDODVHQHQVWDUUWHQQHXJLHULJDXI GLHVLFK|IIQHQGH7XU,KUH:DIIHQVHQNWHQVLFKDEHUDOVVLHPLFKXQG)DUQDWKLDVDKHQ (LQHUYRQLKQHQJULQVWHVRJDUXQGVDJWH³$KXQVHUHEHYRU]XJWH*HIDQJHQH,VWHV VRZHLW"´ 'XELVWLKU:lFKWHU.UDODVHQHVDJWHGHU/RJLNVHNWRUVFKDUIXQGHULQQHUWHPLFK DQPHLQH8QLIRUP$P³+RUL]RQW´HUNDQQWHLFKIODFKH*HElXGHHWZDVPHKUDOVWDXVHQG 0HWHUHQWIHUQW$P5DQGGHV7DIHOEHUJSODWHDXVHUKREHQVLFK.XSSHOQ (LQ]ZHLWHU.UDODVHQHVDJWH³6LHVRLOGRFKDQHLQHQDQGHUHQ2UWJHEUDFKW ZHUGHQVRZHLWXQVEHNDQQWLVW:LUZROOHQZLVVHQZHQQZLUHQGOLFKDQGHU5HLKHVLQG (VJLEW]XZHQLJH)UDXHQDXIGLHVHUYHUGDQPWHQ:HOW´ 'HU%OLQGH6RIJDUWVFKLHQGHQ.UDODVHQHQYHUVSURFKHQ]XKDEHQGDLKQHQ )DUQDWKLD]XU%HOXVWLJXQJGLHQHQVROOWH,FKJLQJJHLVWHVJHJHQZlUWLJGDUDXIHLQ ³*HKHLPHU%HIHKO)UHXQGH:DKUVFKHLQOLFKZLUGVLFKHXHU:XQVFKEDOGHUIOOHQ,FK GDUIQLFKWVYHUUDWHQ´ 1XQJULQVWHQVLHDOOHGUHLKLHOWHQPLFKPHLQHU8QLIRUPZHJHQZHLWHUKLQIUHLQHQ GHU,KUHQ³9LHOOHLFKW]XU6LHGOXQJ3HUNRUD"(JDO´'HU6SUHFKHUEHXJWHVLFKHLQZHQLJ YRU³:DVLVWHLJHQWOLFKXQWHQLP6HSXONRUYDWORV"(VKDW$ODUPJHJHEHQ´ ³'DVLVWGHU*UXQGZDUXPGLH*HIDQJHQHLQ6LFKHUKHLWJHEUDFKWZLUG'LH*OHLWHU "´ ³,P+DQJDU1LPPGDV5ROOEDQGVRQVWZLUGGLH.OHLQH]XVFKZDFK8QGZHQQGX ]XUFNNRPPVWGDQQVDJVWGXXQVZRKLQGXVLHJHEUDFKWKDVW´ ³9LHOOHLFKW´,FKKDVWHNHLQH$KQXQJZR3HUNRUDODJ'LH5ROOElQGHUYHUOLHIHQLQ HQWJHJHQJHVHW]WHQ5LFKWXQJHQTXHUEHUGDV3ODWHDX)DUQDWKLDKLHOWVLFKWDSIHU6LH KDVWHNHLQ:RUWJHVSURFKHQVHLWZLUGHQ/LIWYHUODVVHQKDWWHQ6HOEVWGHU$QEOLFNGHU GUHL.UDODVHQHQVFKLHQVLHQLFKWHUVFKWWHUW]XKDEHQ,FKVFKREVLHDXIGDV5ROOEDQG XQGVWHOOWHPLFKGDQQQHEHQVLH³+LHUVLQGZLUYRUHUVWVLFKHU´UDXQWHLFK³'LH:DFKHQ OHVVHQXQVDQVWDQGVORVGXUFK'DVLVWXQVHUH&KDQFH´ ³+RIIHQWOLFK´0HKUVDJWHVLHQLFKWGD]X$XIGHPJHJHQOlXILJHQ5ROOEDQGGDV YRP+DQJDU]XP/LIWIKUWH]RJHQ.UDODVHQHQXQG.DPSIURERWHUYRUEHL(LQLJHGHU 0lQQHUSILIIHQDOVVLH)DUQDWKLDVDKHQXQGLKUH*HVLFKWHUGUFNWHQIUHXGLJH(UZDUWXQJ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
DXV'HU%OLQGH6RIJDUWVFKLHQHVVR]XKDOWHUGDHUVHLQHQWUHXHUJHEHQHQ'LHQHUQ ZHLEOLFKH*HIDQJHQHQDFKGHP9HUK|UEHUJDE²VR]XVDJHQDOV6RQGHUSUlPLH $OOPlKOLFKQlKHUWHQZLUXQVGHQIODFKHQ*HElXGHQ(LQLJH*OHLWHUVWDQGHULP )UHLHQ:LHGHUKROWVWDUWHWHRGHUODQGHWHHLQHU'DZUGHHVQLFKWDXIIDOOHQZHQQHLQHU PHKUVWDUWHWH ³(VVLQGYLHOH.UDODVHQHQGRUW´VDJWH)DUQDWKLD³6LHZHUGHQXQVDXIKDOWHQXQG )UDJHQVWHOOHQ´ ³$EZDUWHQ´,FKKDVWHHLJHQWOLFKNHLQHQ*UXQGSHVVLPLVWLVFK]XVHLQ%LVKHUZDU DOOHVJXWJHJDQJHQ'HU5HVWNRQQWHNDXPVFKZLHULJHUVHLQ6RJOFNOLFKLFKDXFKZDU )DUQDWKLDHQGOLFKJHIXQGHQXQGDXVGHQ.ODXHQGHV8QJHKHXHUVEHIUHLW]XKDEHQHLQ PHUNZUGLJHV*HIKOEOLHE'DV*HIKOQlPOLFKGDHVYLHOOHLFKWYLHO]XJODWWJHJDQJHQ ZDU'LH)UDJHZDUDXFKZRKLQLFKPLWGHP*OHLWHUIOLHJHQVROOWHZHQQHVPLUZLUNOLFK JHODQJHLQHQ]XHUKDOWHQ3HUNRUDILHOPLUHLQGLH6LHGOXQJ'RUWPXWHQGLH .UDODVHQHQOHEHQZHQQVLHNHLQHQ'LHQVWLP6HSXONRUYDWYHUVDKHQ6LHNRQQWHDOVR QLFKWZHLWHQWIHUQWVHLQ2ELFKGRUW+LOIHIHQGZDUHLQHDQGHUH)UDJH ,FKVDKGLH*OHLWHUDXIGHQUXQGHQ6WDUWIOlFKHQVWHKHQDOOHLQXQGXQEHZDFKW 'DIUZLPPHOWHHVLULGHU1lKHGHUIODFKHQ*HElXGHYRQ5RERWHUQXQG.UDODVHQHQ 'DV5ROOEDQGHQGHWHXQPLWWHOEDUEHLGHQ*HElXGHQ:HQQZLU]XGHQ*OHLWHUQZROOWHQ PXWHQZLUYRUKHUDEVSULQJHQ,FKQDKP)DUQDWKLDV$UP³:LUVSULQJHUJOHLFK]HLWLJHLQ 6WFNPLWODXIHQ´ 'HU$EVSUXQJJHODQJRKQHGDZLUVWU]WHQ$OVZLUZHLWHUJLQJHQZDUHQGLH *OHLWHUQRFKKXQGHUW0HWHUHQWIHUQW,QJOHLFKHU(QWIHUQXQJVWDQGHUGLHIODFKHQ *HElXGHGLH5RERWZDFKHQXQG.UDODVHQHQ9LHOOHLFKWZDUHVXQVHUYHUIUKWHV $EVSULQJHQGDVVLHDXIXQVDXIPHUNVDPJHPDFKWKDVWHMHGHQIDOOVEHPHUNWHLFKGUHL .UDODVHQHQGLHVLFKLQ%HZHJXQJVHW]WHQXQGYHUVXFKWHQXQVXQDXIIlOOLJGHQ:HJ]X GHQ*OHLWHUQDE]XVFKQHLGHQ,FKJLQJVFKQHOOHUXQG]RJ)DUQDWKLDPLW(VZlUHDXFKHLQ :XQGHUJHZHVHQZHQQDOOHVJODWWJHJDQJHQZlUHGDFKWHLFK:LUKDVWHQXQVGHQ *OHLWHUQELVDXIZHQLJH0HWHUJHQlKHUWDEHUGLHGUHL.UDODVHQHQZDUHQVFKQHOOHU JHZHVHQ6LHHUZDUWHWHQXQVEHUHLWVGLH:DIIHQQRFKLP*UWHO ³6WDUWJHQHKPLJXQJ"´NQXUUWHHLQHUYRQLKQHQ ,FKYHUVXFKWHHVPLWGHPELVKHULJHQ%OXIIXQGDQWZRUWHWHKHUULVFK³(LQ *HKHLPDXIWUDJGHV%OLQGHQ6RIJDUW.HLQH*HQHKPLJXQJHUIRUGHUOLFK/DVVHQ6LHXQV SDVVLHUHQ´ ³'HU$ODUP]XVWDQGZXUGHDXIJDQ]*DQEHUDDQDXVJHGHKQWZLUPVVHQGDKHU DXIHLQHU.RQWUROOHEHVWHKHQ$QZHLVXQJGHU=HQWUDOH´ =ZHLGHU.UDODVHQHQVDQNHQEHWlXEW]X%RGHQ%OLW]VFKQHOOKDVWHLFKGHQ 3DUDO\VDWRUDXIVLHJHULFKWHWXQGJHVFKRVVHQGDUDXIDFKWHQGGDVLFKPHKUHUH*OHLWHU ]ZLVFKHQXQVXQGGHQ*HElXGHQEHIDQGHQGDPLWPDQGRUWQLFKWEHREDFKWHQNRQQWH ZDVVLFKWULHUDEVSLHOWH ³7XU|IIQHQ´EHIDKOLFKGHPGULWWHQQDFKGHPLKQHLQZHLWHUHU6FKXLQGLHUHFKWH +DQGJHWURIIHQKDVWH(UJHKRUFKWHZLGHUVWDQGVORVZHOOLFKLQ]ZLVFKHQLQGHU/LQNHQ DXFKHLQHQ'HVLQWHJUDWRUKLHOW³(QWZDIIQHLKQ´)DUQDWKLDQDKPLKPGLH:DIIHDWH HLQHQ==³:HQQHUYHUVXFKWPLFK]XEHKLQGHUQRGHUHLQHIDOVFKH%HZHJXQJ PDFKW²W|WHLKQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6LHQLFNWH'HU.UDODVHQHVHW]WHVLFKDXIPHLQHQ:LQNKLQRKQH.RPPHQWDUDXI GHQ3ODW]GHV.RSLORWHQ(UVFKLHQVLFKPLWVHLQHP6FKLFNVDODEJHIXQGHQ]XKDEHQ ³:ROLHJW3HUNRUD"´IUDJWHLFKXQGVWXGLHUWHGLHHLQIDFKHQ)OXJNRQWUROOHQ³,VWHVZHLW"´ (UVFKWWHOWHGHQ.RSI³1XUHLQH]HKQWHO7RQWD)OXJ+DEHQ6LHGHQ$ODUP DXVJHO|VW"´ ³.HLQH)UDJHQ6LHKHOIHQPLUQDFK3HUNRUD]XJHODQJHQGDQQVHKHQZLU ZHLWHU´ ³6RIJDUWZLUGPLUVHLQH$QHUNHQQXQJVFKRQ]ROOHQZHQQHU6LHHUZLVFKWKDW,FK ELQQHXJLHULJZLH6LHVLFKDQVWHOOHQZHUGHQ´(UODFWDWHWURFNHQZDUPXWLJXQGHKUOLFK DEHUHEHQHLQ.UDODVHQH'HVKDOEEOLHELFKYRUVLFKWLJ0LWHLQHP%OLW]VWDUWKRELFKGHQ *OHLWHUDWHGHUVFKQHOODQ+|KHJHZDQQ0HLQXQIUHLZLOOLJHU%HJOHLWHUGHXWHWHQDFK :HVWHQ³6GOLFKDQGHQ6PSIHQYRUEHL:LUPVVHQHLQ:DOGJHELHWEHUTXHUHQ GDQQNRPPWHLQH+RFKHEHQH3HUNRUDLVWQLFKW]XYHUIHKOHQ´ ,FKYHUWUDXWHLKPGHQQLFKKDVWHNHLQHDQGHUH:DKO³6FKDOWHQ6LHGHQ )XQNHPSIlQJHUHLQ,FKZLOOZLVVHQZDVLQ]ZLVFKHQLP6HSXONRUYDWJHVFKLHKW*LEWHV HLQHEHVWLPPWH,QIRUPDWLRQVIUHTXHQ]"´ 'HU.UDODVHQHQLFNWH:HQLJVSlWHUK|UWHQZLUGLH6WLPPHQDXVGHU .RPPDQGR]HQWUDOHXQGLKUH$QZHLVXQJHQ'LH%HIUHLXQJ)DUQDWKLDVZXUGH EHNDQQWJHJHEHQDEHUGHU1DPHGHV%HIUHLHUVZXUGHQLFKWHUZlKQW'HU%OLQGH6RIJDUW VFKLHQQRFKLPPHUQLFKW]XZLVVHQPLWZHPHUHV]XWXQKDVWH8PVRJU|HUZUGH VSlWHUVHLQHhEHUUDVFKXQJVHLQ,Q]ZLVFKHQKDVWHPDQGLHEHLGHQEHWlXEWHQ .UDODVHQHQDXIGHP3ODWHDXHQWGHFNWXQGZHLWHUJHPHOGHW6RPLWZXWHGHU%OLQGH 6RIJDUWGDZLUEHUHLWVHLQHQ*OHLWHUJHNDSHUWKDVWHQXQGGDPLWXQWHUZHJVZDUHQ 'HU'VFKXQJHOEHJDQQ%LVMHW]WKDVWHGHU.UDODVHQHGLH:DKUKHLWJHVSURFKHQ DEHUGDVEHVDJWHQRFKJDUQLFKWV'LH6WLPPHHLQHV0DQQHVGLHLFKLQ]ZLVFKHQQXU]X JXWNDQQWHNDPDXVGHQ/DXWVSUHFKHUQLQGHU.DELQH³'HUJHIORKHQH*OHLWHUZLUG QLFKWYHUIROJW(VZHUGHQNHLQHZHLWHUHQ0DQDKPHQHUJULIIHQ'HU$ODUP]XVWDQG LQQHUKDOEGHV6HSXONRUYDWVLVWKLHUPLWDXIJHKREHQQXUGLHHQWIORKHQHQ+lIWOLQJHVLQG QRFKHLQ]XIDQJHQ'LH:DFKWSRVWHQKDEHQLQLKUH$XVJDQJVVWHOOXQJHQ ]XUFN]XNHKUHQ,FKNPPHUHPLFKSHUV|QOLFKXPGLHEHLGHQ(QWIORKHQHQ(QGHGHU 'XUFKVDJH´ =ZHLIHOSDFNWHQPLFK.HLQHVIDOOVZUGHPLFKGHU%OLQGH6RIJDUW(UZLOOVLFK DOVRSHUV|QOLFKXPXQVNPPHP":LHPHLQWHUGDV"9HUWUDXWHUDXIGHQ .UDODVHQHQGHQZLUDQ%RUGKDEHQ",FKJODXEHHVQLFKW6RIJDUWLVWYLHO]XNOXJ DQ]XQHKPHQGDPLFKQDFKDOOHPZDVELVKHUJHVFKHKHQZDUHLQ.UDODVHQHQRFK DXIKDOWHQNDQQ:DVXQVDOOHUGLQJVIHKOWHZDUHLQ5DXPVFKLIIXPGHQ3ODQHWHQ YHUODVVHQ]XN|QQHQ,FKJLQJWLHIHUXPGLH2EHUIOlFKHEHVVHUEHREDFKWHQ]XN|QQHQ *OHLFK]HLWLJZXUGHHLQH2UWXQJHUVFKZHUW-HQLHGULJHUZLUIORJHQGHVWRJHULQJHUZDU GLH&KDQFHXQV]XHQWGHFNHQ 'HU.UDODVHQHQHEHQPLUJULQVWH³'HU%OLQGHNPPHUWVLFKK|FKVWSHUV|QOLFKXP HXFK,KUZLWVLFKHUZDVGDVEHGHXWHW,FKEHQHLGHHXFKQLFKW´ ³'XVWLUEVWQRFKVFKQHOOHU´VDJWHLFKWURFNHQXQGVWUHLIWHPLWGHP*OHLWHUERGHQ IDVWGLH:LSIHOGHU8UZDOGElXPH³,FKW|WHGLFWDVROOWHXQVGHU%OLQGHHLQH)DOOHVWHOOHQ :LHYLHOH(LQZRKQHUKDW3HUNRUD"´ ³3HUNRUD",FKP|FKWHZLVVHQZDVGXGRUWZLOOVW'RUWNRPPVWGXNHLQHQHLQ]LJHQ 6FKULWWZHLWRKQHVRIRUWHUNDQQWXQGYHUUDWHQ]XZHUGHQ´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³(EHQGHVKDOEZLUGXQVGRUWQLHPDQGYHUPXWHQ´ (U]XFNWHPLWGHQ$FKVHOQ³'LH=DKOGHU(LQZRKQHUVFKZDQNWVWlQGLJ8QVHUH /HXWHYHUEULQJHQGRUWLKUHQ8UODXEVRIHUQVLH)DPLOLHKDEHQRGHUJHQXJ)UDXHQ YRUKDQGHQVLQG0DQFKHZRKQHQDXFKVWlQGLJGRUWZHQQVLHGLHQVWIUHLKDEHQ )QIWDXVHQGPDQFKPDO2IWDXFKGRSSHOWVRYLHOH´ ,FKZXWHQLFKWREHUGLH:DKUKHLWVSUDFKDEHUHVVSLHOWHDXFKNHLQH5ROOH2E IQIWDXVHQGRGHUIQI]LJWDXVHQG*HJQHU²GDVEOLHEVLFKJOHLFK-HGHQIDOOVZROOWHLFK QXUGHVKDOEQDFK3HUNRUDZHOOHVGLHHLQ]LJH6WDGWDXIGHPJDQ]HQ3ODQHWHQ]XVHLQ VFKLHQ(KHLFKHLQZHLWHUHV:RUWVDJHQNRQQWHHUNODQJZLHGHUGLH6WLPPHGHV%OLQGHQ 6RIJDUWDXVGHP)XQNHPSIlQJHUXQGGLHVPDOJDOWHQVHLQH:RUWHPLU³6DWDJR:HUERW ,FKZHLGD6LHPLFKK|UHQN|QQHQ,KU*OHLWHUZLUGLQJHQDX]ZHLKXQGHUWVWHO7RQWDV DEVWU]HQ,FKZDUQH6LHGHVKDOEGDPLW6LHQRWODQGHQN|QQHQRGHUPHLQHQ6LHLFK OLHHPLUHLQHDXIUHJHQGH9HUIROJXQJVMDJGHQWJHKHQ"´ (UKDVWHLPPHUKLQPHLQHQIDOVFKHQ1DPHQKHUDXVJHIXQGHQ$EHUHUDKQWHQRFK LPPHUQLFKWZHULFKLQ:LUNOLFKNHLWZDU9HU]ZHLIHOWVDKLFKKLQDELQGDV*HZLUUGHU JUQHQ%DXPZLSIHOXPHLQH/FNHLQLKQHQ]XHQWGHFNHQ,FKIHQGNHLQH$EHUZLU IORJHQLQJHULQJHU+|KH(LQ7KLFNDXIGLH,QVWUXPHQWHEHVWlWLJWHGDGHUHLJHQWOLFKH %RGHQIQI]LJ0HWHUXQWHUXQVODJ9LHOOHLFKWZDUDOOHVQXUHLQ%OXII7URW]GHPULHILFK )DUQDWKLD]X³6FKQDOOGLFKDQVFKQHOO(VNDQQVHLQGDGLH/DQGXQJKDUWZLUG²ZHQQ HVEHUKDXSWHLQHJLEW´ ³(VZLUGHLQHJHEHQ´EHKDXSWHWHGHU.UDODVHQHGHVVHQ5XKHLFKDOOPlKOLFKIDVW EHZXQGHUWH³2GHUJODXEVWGX6RIJDUWZLOOGLFKQXUHUVFKUHFNHQ"´ ³'XVWLUEVWJHQDXVRZLHZLU´ ³-HGHUPXHLQPDOVWHUEHQ´ ,QGLHVHP$XJHQEOLFNYHUVDJWHGHU$QWLJUDY'HU*OHLWHUWDXPHOWH'DQQVDQNHU VFKQHOOLQGLH7LHIHGHQGLFKWHQ:LSIHOQHQWJHJHQ(VJDENHLQH/FNHLQGHP /DXEGDFK,FKHQWGHFNWHDEHUGLH.URQHHLQHVXQJHZ|KQOLFKKRKHQ%DXPHVGHUVLFK DXVGHPJUQHQ0HHUGHXWOLFKKHUYRUKRE'LH$VWHZDUHQVRFOLFNGDVLHPLUVWDUN JHQXJHUVFKLHQHQDXFKHLQHQ*OHLWHUWUDJHQ]XN|QQHQ=XPLQGHVWNRQQWHQVLHGHQ $XISUDOOPLOGHUQ 0LUEOLHENHLQHDQGHUH0|JOLFKNHLWDOVJHQDXLQGLHULHVLJH%DXPNURQH KLQHLQ]XVWHXHUQXQGGDQQVlPWOLFKH.RQWUROOHQUHFKW]HLWLJLQ1XOOVWHOOXQJ]XEULQJHQ,FK NODPPHUWHPLFKDQGLH$UPOHKQHQGHV6HVVHOVDOVGDV*UQUHVHQGDXIPLFK]XNDP 'DQQJDEHVHLQHQIUFKWHUOLFKHQ5XFNXQGLFKYHUORUGDV%HZXWVHLQDOVLFKPLWGHP .RSIJHJHQGLH.RQWUROOHQVFKOXJ $OVLFK]XPLUNDPNHKUWHGLH(ULQQHUXQJQXUODQJVDP]XUFN)DUQDWKLDVZHLFKH +DQGVWUHLFKHOWHPHLQH6WLUQ³'XEHZHJVWGLFKGXOHEVW"1XQVDJGRFKHQGOLFKHLQ :RUWGDPLWLFKZHLZLHHVGLUJHKW+DVWGX6FKPHU]HQ"´ /DQJVDP|IIQHWHLFKGLH$XJHQXQGGUHKWHGHQ.RSI,FKODJLQHLQHUPlFKWLJHQ $VWJDEHOXQJVLFKHUXQGJHVFKW]W'HU:DOGERGHQPRFKWHIQIXQG]ZDQ]LJ0HWHUXQWHU PLUVHLQ)DUQDWKLDKRFNWHGLFKWQHEHQPLUXQYHUOHW]WZLHHVVFKLHQ,QHLQLJHQ0HWHUQ (QWIHUQXQJVDKLFKGHQ*OHLWHUHUKLQJVFKLHIXQGWRWDO]HUWUPPHUWLQGHQ$VWHQXQG =ZHLJHQ(UNRQQWHMHGHQ$XJHQEOLFNLQGLH7LHIHVWU]HQ,PPHUQRFKEHQRPPHQ VW|KQWHLFK³'HU.UDODVHQH"´ ³(ULVWWRW´ ³8QGGX"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³$OOHVLQ2UGQXQJ/LHEVWHU'LH*XUWHKDEHQPLUGDV/HEHQJHUHWWHW$EHUGX KDVWDXFK*OFNJHKDEW)DVWKlWWHGLFKHLQ$VWDXIJHVSLHW´ ,FKULFKWHWHPLFKDXI0HLQ.RSIVFKPHU]WH³'HU%OLQGHKDWHLQH9HUIROJXQJVMDJG DQJHNQGLJW(VLVWOHLFKWGHQDEJHVWU]WHQ*OHLWHU]XRUWHQZHQQPDQGLHXQJHIlKUH 8QJOFNVVWHOOHNHQQW´,FKJULIIDQGLH:DIIHQJXUWHXQGGHQ$JJUHJDWJUWHO³:RKDVWGX GHLQHQ6WUDKOHU"´ 6LHGHXWHWHLQ5LFKWXQJGHV*OHLWHUV³'RUW,QGHU$XIUHJXQJ,FKKROHLKQ´ $OVVLHEHUGLH6WlPPHNURFKWDWVLHPLUOHLGDEHULFKULHIVLHQLFKW]XUFN6LH KDVWHVLFKXPPLFKJHNPPHUWXQGDXVGHP*OHLWHULQGLHVLFKHUH$VWJDEHOJHVFKOHSSW XQGVLHNRQQWHUHFKWHLJHQVLQQLJVHLQPHLQHJHOLHEWH)DUQDWKLD:HQLJVSlWHUNHKUWH VLHPLWGHP==]XUFN$XVGHP1RWEHKlOWHUGHV*OHLWHUVEUDFKWHVLHHLQLJH .RQVHUYHQXQGHLQHQ:DVVHUNDQLVWHUPLW,FKOl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³:LUPVVHQZHLWHU´VDJWHLFK ³+LHUN|QQHQZLUQLFKWEOHLEHQZHOOPDQGHQ*OHLWHUEDOGRUWHQZLUG,FKVWHLJH]XHUVW KLQXQWHUGXNDQQVWPLUGDQQYRUVLFKWLJIROJHQ´ ³'XELVWQRFKYLHO]XVFKZDFK´ ³,FKIKOHPLFKZRKONHLQH6RUJH$XHUGHPLVWHVEDOG1DFKW´ ,FKOLHPLFKDXVGHU$VWJDEHOJOHLWHQELVPHLQH)HGHQ6WDPPEHUKUWHQ 9RUVLFKWLJWDVWHWHLFKPLFKZHLWHUXQG]XP*OFNZDUHVQRFKKHOOJHQXJXPGLH QlKHUH8PJHEXQJHUNHQQHQ]XN|QQHQ'HU6WDPPZDUEUHLWZLHHLQ3IDGREZRKOZLU XQVQRFKLPPHULQGHU*LSIHOUHJLRQGHV%DXPHVEHIDQGHQ6FKOLQJSIODQ]HQYHUEDQGHQ GLHHLQ]HOQHQbVWHPLWHLQDQGHUXQGJDEHQPHLQHQWDVWHQGHQ+lQGHQLPPHUZLHGHU HLQHQIHVWHQ+DOW)DUQDWKLDIROJWHPLUWDSIHUXQGXQYHU]DJW=HKQ0HWHUEHUGHP (UGERGHQ²VRKRFKVFKlW]WHLFKGLH(QWIHUQXQJ²ZXUGHHVVRGXQNHUGDZLUQLFKWV PHKUVHKHQNRQQWHQXQGXQVDXIGHQ7DVWVLQQYHUODVVHQPXWHQ(QGOLFKHUUHLFKWHQZLU GLHVWDUNHU%UHWWZXU]HOQXQGVWDQGHUGDQQDXIIHVWHP%RGHQ9RUXQVODJGHU XQEHNDQQWH8UZDOGPLWVHLQHQ*HIDKUHQ8QGEHUXQVZUGHEDOGGLH-DJGPHXWHGHV %OLQGHQ6RIJDUWHUVFKHLQHQ :LUNDPHQQXUODQJVDPYRUDQ-HGHV+LQGHUQLVPXWHLFKHUWDVWHQ)DUQDWKLD WUXJGLHZHQLJHQ/HEHQVPLWWHOGLHZLUPLWJHQRPPHQKDWWHQ:LUZXWHQQLFKWZHQQZLU XQVHUH9RUUlWHZUGHQHUQHXHUQN|QQHQ'LH1DFKWZDUYROOHU*HUlXVFKH6R
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
XQKHLPOLFKXQGYROOHU*HIDKUHQGHUIUHPGH8UZDOGDXFKVHLQPRFKWHHUZDUUQLULPPHU QRFKOLHEHUDOVGLHEHNDQQWHQ*HIDKUHQGHV6HSXONRUYDWV ,FKEHJDQQPLFK]XZXQGHUQGDLFKLKQHQHQWNRPPHUZDUXQGZDUXP1XU XPGHP%OLQGHQ6RIJDUWHLQHDXIUHJHQGH9HUIROJXQJVMDJG]XELHWHQ"1HLQKLQWHUDOOHP VWHFNWHHLQWLHIHUHU6LQQGHQLFKQXUQRFKQLFKWEHJULIIGHVVHQZDULFKPLUVLFKHU 6RIJDUWHUJ|W]WHVLFKDQGHQ/HLGHQDQGHUHUXQGQRFKYLHOPHKU)UHXGHHPSIDQGHUEHL LKUHQYHUJHEOLFKHQ+RIIQXQJHQGLHHUVHOEVW]HUVFKOXJ 3O|W]OLFKZXUGHGHU%RGHQXQWHUPHLQHQVXFKHQGHQ+lQGHQZHLFK,FKEOLHE VRIRUWVWHKHQ³9RUVLFKW)DUQDWKLD6XPSI+LHUNRPPHQZLUQLFKWZHLWHU´ ³:RLVW:HVWHQ"´IUDJWHVLH]XUFN ³,FKZHLHV´,FKODXVFKWHGHQ+LQZHLVHQGHV/RJLNVHNWRUVGHUXQDEKlQJLJYRQ PHLQHP:DFKEHZXWVHLQ:DKUQHKPXQJHQHUIDWHXQGDOOH%HZHJXQJHQEHUHFKQHQ NRQQWH³:LUELHJHQQXQOLQNVDWHPVVHQGDQQDEHUVSlWHUZLHGHUQDFKUHFKWV'LH +RFKHEHQHPLWGHU6WDGWLVWEHL7DJHVOLFKWVLFKHUNDXP]XYHUIHKOHQ.HLQH6RUJHZLU VFKDIIHQHV´ 6LHJDENHLQH$QWZRUW,FKIHQGZLHGHUWURFNHQHQ%RGHQXQGWDVWHWHPLFKZHLWHU )DUQDWKLDDQGHU+DQG5DXEWLHUHVFKLHQHVWULHUNHLQH]XJHEHQZDVLQXQVHUHP)DOO PHKUDOVEHUXKLJHQGZDU'DIUJDEHVGLHEHNDQQWHQOlVWLJHQ,QVHNWHQ:LUNDPHQQXU VHKUODQJVDPYRUDQLQVJHVDPWZRKOQXUZHQLJH.LORPHWHUELVHV]XGlPPHUQEHJDQQ $XIGHUHLQHQ6HLWHYHUVSUWHLFK(UOHLFKWHUXQJGDUEHUDXIGHUDQGHUHQ6HLWHHUK|KWH VLFKGLH*HIDKU ³:LUJHKHQQRFKHLQ6WFNQDFK6GHQ´VDJWHLFKDOVZLUHUVFK|SIWDXIHLQHU %DXPZXU]HOVDHQXQGHWZDVWUDQNHQXQGDHQ³,FKQHKPHDQGD]ZLVFKHQGHP :DOGXQGGHU+RFKHEHQHHLQ6XPSIVWUHLIHQOLHJW:LUN|QQHQLKQQXUEHL7DJHVOLFKW EHUTXHUHQ´ ³,FKELQPGH´ ,KUH6WLPPHYHUULHWQXU]XGHXWOLFKGDVLHGLH:DKUKHLWVSUDFK$EHULFKEOLHE KDUW³'DQQZHUGHLFKGLFKHEHQWUDJHQ8QVHU/HEHQKlQJWGDYRQDWHGDZLUMHW]W QLFKWDXIJHEHQ9LHOOHLFKWKDWGHU%OLQGHXQVHUH6SXUYHUORUHQXQGELVHUVLH ZLHGHUILQGHWVLQGZLULQ6LFKHUKHLW1LPPGLFK]XVDPPHQELWWH:LUPVVHQZHLWHU´ 6LHQLFNWHLQGHUIDKOHQ'lPPHUXQJ³6FKRQJXW$EHUZHQQZHUGHQZLUVFKODIHQ "´ ³6REDOGHVKHLZLUGVXFKHQZLUHLQNKOHV9HUVWHFN´YHUVSUDFKLFKLKU1DFK GHUNXU]HQ3DXVHUDIIWHQZLUXQVDXIXQGVFKRQEDOGZXUGHGHU%RGHQZHLFKXQG IHXFKW7URW]GHPJLQJHQZLUZHLWHUGHQQLFKDKQWHGDZLUGHQ6XPSIJUWHOXQWHUDOLHQ 8PVWlQGHQEHUZLQGHQPXWHQZHOFKH5LFKWXQJDXFKLPPHUZLUZlKOWHQ1DFKWVZDU GDVXQP|JOLFK(VPXWHDP7DJHJHVFKHKHQ$XV(UIDKUXQJZXWHLFKGDMHGHU 6XPSIVHLQHIHVWHUEHJHKEDUHQ6WHOOHQKDVWH ³'DOLHJWHLQ%DXPTXHUEHUGHP6XPSI´ULHI)DUQDWKLDDOVZLUYRUHLQHP *UDEHQVWDQGHUXQGLFKLPHUVWHQ0RPHQWQLFKWZHLWHUZXWH(LQ6WXUPPXWHLKQ JHIlOOWKDEHQGHQQHUVDKQRFKJHVXQGXQGNUlIWLJDXV'HU6WDPPKDVWHHLQHQ 'XUFKPHVVHUYRQPLQGHVWHQVGUHL0HWHUQ8QGHUEHUEUFNWHGHQPRUDVWJHIOOWHQ *UDEHQ ³)ROJHPLUDEHUYRUVLFKWLJ´,FKKDVWHLKUH+DQGORVJHODVVHQVHLWHVKHOO JHZRUGHQZDU'LHJUQHQ%OlWWHUYHUULHWHQGDGHU%DXPQRFKQLFKWUDQJHWULHUOLHJHQ NRQQWH:RKOEHKDOWHQHUUHLFKWHQZLUGHQWURFNHQHQ%RGHQGHUDQGHUHQ6HLWH'HU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6XPSIODJKLQWHUXQVXQGGDPLWGDV+LQGHUQLVYRUGHPLFKPLFKDPPHLVWHQJHIUFKWHW KDVWH,FKKLHOWDQ³'XEOHLEVWWULHUXQGZDUWHVW)DUQDWKLD,FKNOHWWHUHDXIHLQHQ%DXP XQGVHLQHPLFKXP6ROOWHVLFKHWZDVLP8QWHUKRO]EHZHJHQGDQQIHXHUHGDUDXI/D QLFKWVDQGLFKKHUDQNRPPHQ´ ³8QGZHQQHVHWZDV+DUPORVHVLVW"´ ³'DQQZDUWHDWHELVHVGLFKIULW´VDJWHLFKKlUWHUDOVEHDEVLFKWLJW,FKNOHWWHUWH DXIGHQQlFKVWEHVWHQ%DXP1RUG|VWOLFKVDKLFK5DXFK'DVZDUHWZDGLH5LFKWXQJ DXVGHUZLUJHNRPPHQZDUHQ9LHOOHLFKWZDUGHU*OHLWHULQ]ZLVFKHQLQGLH7LHIHJHVWU]W LQ)ODPPHQDXIJHJDQJHQXQGYHUEUDQQW:DKUVFKHLQOLFKKDVWHQGLHbVWHGHU%HODVWXQJ QLFKWVWDQGJHKDOWHQXQGQDFKJHJHEHQ ,P1RUGZHVWHQVWLHJGLH+RFKHEHQHVWXIHQDUWLJDXVGHP8UZDOGHPSRUQXUYRQ NDUJHU9HJHWDWLRQEHZDFKVHQ=ZHLIHOORVZDUHVGRUWHLQLJHKXQGHUW0HWHUK|KHU NKOHUXQGHUWUlJOLFKHUDOVLPIHXFKWKHLHQ'VFKXQJHOHLQ*UXQGPHKUGRUWHLQH$UW (UKROXQJVRUWIUGLH.UDODVHQHQHLQ]XULFKWHQ8QGQRFKHLQHZHLWHUHhEHUOHJXQJNDP KLQ]X'DV3ODWHDXZDURKQH*OHLWHUNDXP]XHUUHLFKHQRGHU]XYHUODVVHQ(VVFKLHQ YRQ8UZDOGXQG6PSIHQXPJHEHQ]XVHLQ/DQJVDPNOHWWHUWHLFKZLHGHUKLQDEXQG DWUQHWHDXIDOVLFK)DUQDWKLDZRKOEHKDOWHQDXIPLFKZDUWHQVDK ³1XQ"´IUDJWHVLHJHVSDQQW ,FKVHW]WHPLFK³1RFKHLQH]LHPOLFKH6WUHFNH]HKQ]ZDQ]LJ.LORPHWHU:LH IKOVWGXGLFK"´ ³9RQPLUDXVN|QQWHQZLUZHLWHUPDUVFKLHUHQ´ ³:LUZHUGHQDXVUXKHQ´VFKOXJLFKYRU³(VKDWNHLQHQ6LQQGLH9HUIROJHUXQQ|WLJ DXIXQVHUH6SXU]XOHQNHQZHQQVLHDXFKXQVHU=LHODKQHQP|JHQ'HU:DOGLVWJUR´ :LUIDQGHQHLQHPDQQVKRKH+|KOH]ZLVFKHQULHVLJHQ%DXPZXU]HOQLQGLHZLU KLQHLQNURFKHQQDFKGHPLFKVLH]XYRUQDFK5DXEWLHUHQXQG8QJH]LHIHUDEJHVXFKW KDVWH)DUQDWKLDWUDQNQXUHLQHQ6FKOXFN:DVVHUXQGVWUHFNWHVLFKGDQQIDQJDXV³:LH ELVWGXHLJHQWOLFKQDFK*DQEHUDDQJHNRPPHQ"´ ³,FKZDUDXIGHP6FKLIIPLWGHP6RIJDUWGLFKKLHUKHUEUDFKWH´ ³'XKDVWNHLQNOHLQHV5DXPVFKLIIWULHUYHUERUJHQPLWGHPZLUIOLHKHQN|QQWHQ"´ ,FKVDKVLHDQ³:DUXPIUDJVWGX"*ODXEVWGXPLUQLFKW"´ 6LHJDEGHQ7KLFNRIIHQ]XUFN³,FKZHLHVQLFKW$WODQ(VN|QQWHGRFKVHLQ GDGXEHIUFKWHVWPDQN|QQWHPLUGDV*HKHLPQLVHQWORFNHQVROOWHPDQXQV JHIDQJHQQHKPHQXQGGDGXHVPLUGHVKDOEQLFKWYHUUlWVW´ ³6LFKHUVRN|QQWHHVVHLQ´JDELFKYRUVLFKWLJ]XUFN0HLQ([WUDKLUQJDEPLU HLQHQ:DUQLPSXOVDEHULFKLJQRULHUWHLKQ³1HLQLFKKDEHNHLQ6FKLIIDXI*DQEHUDDQ YHUERUJHQVRQVWZlUHQZLUEHUHLWVDXIGHP:HJLQGDV9HUVWHFN´ 6LHVFKORGLH$XJHQ³'DQQZROOHQZLUVFKODIHQXQGKRIIHQGDPDQXQVLQ 3HUNRUDZHLWHUKLOIW´ ³'DVKRIIHLFKDXFK´$OVDXFKLFKGLH$XJHQVFKORVSUWHLFKGLHJDQ]H 0GLJNHLWXQG(UVFK|SIXQJGHULFKELVKHUJHWURW]WKDVWH(VGDXHUWHQXUZHQLJH $XJHQEOLFNHELVLFKHLQJHVFKODIHQZDU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
$OVLFKHUZDFKWHZDUGLHJU|WH0LWWDJVKLW]HYRUEHU)DUQDWKLDVFKOLHIQRFK =XPHUVWHQ0DOEHPHUNWHLFKLQLKUHP*HVLFKWHLQHJHZLVVH(QWVSDQQXQJXQG5XKH :HQLJVWHQVLP6FKODINRQQWHVLHGLH*HIDKUYHUJHVVHQLQGHUZLUXQVEHIDQGHQ,FK IUDJWHPLFKZDVVLHLQGHQ3HULRGHQVHLWXQVHUHU7UHQQXQJDXI*RUWDYRUHUOHEWXQG GXUFKJHPDFKWKDVWH 9RUVLFKWLJNURFKLFKDXVGHU%DXPK|KOH'HU%DXPVWDQGLQPLWWHQHLQHU /LFKWXQJGLHVLFKDEHUQDFKREHQGXUFKZHLWYHU]ZHLJWHbVWH/LDQHQXQGHLQGLFWDWHV %OlWWHUGDFKIDVWVFKOR'DIUJDEHVQXUZHQLJ8QWHUKRO](VJDEQLFKWGHQJHULQJVWHQ +LQZHLVGDIUGDDXHUXQVEHLGHQQRFKDQGHUH/HEHZHVHQLQGLHVHP'VFKXQJHO H[LVWLHUWHQ ,QGLHVHP$XJHQEOLFNVDKLFKGLH$FKWEHLHU.HOHVHKDVWHPLUYRQLKQHQ EHULFKWHWXQGVLHVRJHQDQQWZHOOVLHDFKW)HKDVWHQXQGNUlIWLJH%HL]DQJHQPLW GHQHQVLHGHQXQJOFNOLFKHQ*HIDQJHQHQZLQ]LJH)OHLVFKVWFNHDXVGHP.|USHUULVVHQ 6LHZDUHQNQDSSHLQHQ)LQJHUIDQJXQGNURFKHQUHODWLYODQJVDPYRUDQDEHUZHQQVLH HUVWHLQPDO%OXWJHZLWWHUWKDWWHQYHUORUHQVLHGLH6SXULKUHV2SIHUVQLFKWPHKU'HU 6FKUHFNIXKUPLUGHUDUWLQDOOH*OLHGHUGDLFKUHJORVVWHKHQEOLHEXQGVLHEHREDFKWHWH 'HU9RUWUXSSHWZD]ZDQ]LJ7LHUHEHZHJWHVLFKDP5DQGGHU/LFKWXQJHQWODQJXQG VFKLHQ]X]|JHUQ,FKZXWHQLFKWREVLHPLFKJHVHKHQRGHUJHZLWWHUWKDWWHQMHGHQIDOOV lQGHUWHQVLHLKUH5LFKWXQJXQGNURFKHQQXQJHQDXDXIGLH:XU]HOQ]XXQWHUGHQHQ )DUQDWKLDQRFKDKQXQJVORVVFKOLHI ,FKKlWWHGLH]ZDQ]LJ$FKWEHLHUPLWHLQHPHLQ]LJHQ6WUDKOVFKXHUOHGLJHQ N|QQHQXQGEHUOHJWHVFKRQRELFKHVQLFKWWXQVROOWHGDEHPHUNWHLFKGHQ +DXSWWUXSS²VHLQHQ$QIDQJ6LHPDUVFKLHUWHQLQ9LHUHUUHLKHQZLH6ROGDWHQ(LQH HQFORVH6FKODQJHGLHLUJHQGZRLP'VFKXQJHOHQGHQPRFKWH(VPXWHQ =HKQWDXVHQGHVHLQ*HJHQGLHVHhEHUPDFKWNDPLFKVHOEVWPLW]HKQ6WUDKOHUQQLFKWDQ ZHQLJVWHQVQLFKWDXI'DXHU%LVKHUKDVWHLFKUHJORVGDJHVWDQGHQQXQUDQQWHLFK]XU +|KOH]XUFNXP)DUQDWKLD]XZHFNHQ'HU$XVGUXFNGHUJHO|VWHQ5XKHYHUVFKZDQG YRQLKUHP*HVLFKWDOVLFKLKUYRQGHUGURKHQGHQ*HIDKUEHULFKWHWH'LHHUVWHQ $FKWEHLHUZDUHQQXUQRFKZHQLJH0HWHUHQWIHUQW6LHZUGHQEDOGEHLXQVVHLQ ³:LUVLQGVFKQHOOHUDOVVLH)DUQDWKLD3DFNGLH6DFKHQ]XVDUQPHQVFKQHOO,FK IHXHUHDXIVLHVROOWHQVLH]XQDKHKHUDQNRPPHQGHQQHQWGHFNWKDEHQVLHXQVVFKRQ OlQJVW´ 'LHW|GOLFKH6FKODQJHLKUHV=XJHVEHZHJWHVLFKLQJHUDGHU/LQLHTXHUEHUGLH /LFKWXQJDXIXQV]X/DQJVDPXQGXQEHLUUWXQKHLPOLFK]LHOEHZXW=ZHLIHOORVNOHWWHUWHQ VLHDXFKDQGHQ%lXPHQHPSRU:LUPDUVFKLHUWHQZHLWHUGLH$FKWEHLHUEOLHEHQ ]XUFN'DHVNDXP8QWHUKRO]JDENDPHQZLUVFKQHOOYRUDQ0HLQHU6FKlW]XQJQDFK KDVWHQZLUEHUHLWVQDFKHLQHU7RQWDHLQHQ9RUVSUXQJYRQHLQHPKDOEHQ7DJYRUGHQ 5DXELQVHNWHQ,FKYHUVXFKWHPLUYRU]XVWHOOHQZDVJHVFKHKHQZUGHZHQQVLH3HUNRUD RGHUHLQHDQGHUH$QVLHGOXQJEHUILHOHQ9LHOOHLFKWJDEHVHQWVSUHFKHQGH6SHUUHQGLH VLHQLFKWEHUZLQGHQNRQQWHQ$OVHVGlPPHUWHZDUGDV3ODWHDXPHUNOLFKQlKHU JHUFNW+DWWH6RIJDUWXQVHUH6SXUYHUORUHQ" ,FKVXFKWHHLQHQSDVVHQGHQ%DXPIUHLQH5DVWDXVHLQHQXUDOWHQ5LHVHQPLW EHTXHPHU$XIVWLHJVP|JOLFKNHLWIU)DUQDWKLD6LHNOHWWHUWHYRUPLUKHUQDFKGHPLFKLKU GLH:DIIHXQGGHQ%HXWHOPLWGHQUHVWOLFKHQ9RUUlWHQDEJHQRPPHQKDVWH'LH HQJDQOLHJHQGH.RPELQDWLRQEHWRQWHLKUHJXWH)LJXUQXUQRFKPHKULFKNRQQWHGDV6SLHO
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
LKUHU%HLQPXVNHOQEHREDFKWHQZlKUHQGHVPHUNOLFKGXQNOHUZXUGH0HLQ([WUDKLUQ ZDUQWH'XKDVWNHLQH=HLWIUVROFKH*HGDQNHQ ,FKIHQGHLQHJQVWLJH6WHOOHEHYRUHVJlQ]OLFKILQVWHUJHZRUGHQZDU'UHL$VWH ]ZHLJWHQYRP+DXSWVWDPPDEXQGELOGHWHQHLQHUHJHOUHFKWH3ODWWIRUPDXIGHUZLUOHLFKW 3ODW]KDWWHQ:LUDHQHLQZHQLJXQGWUDQNHQHWZDV:DVVHU.HLQHUYRQXQVYHUVSUWH /XVW]XHLQHP*HVSUlFKREZRKOQRFKOlQJVWQLFKWDOOHVJHVDJWZRUGHQZDU,PPHU ZLHGHUODXVFKWHLFKLQGLHEHJLQQHQGH1DFKWKLQDXV+LQXQGZLHGHUNQDFNWHQ YHUWURFNQHWH=ZHLJHRGHUUDVFKHOWH/DXEXQWHUGHQ7ULWWHQXQEHNDQQWHU7LHUHGLHLKUH %HXWHVXFKWHQ9RQ0GLJNHLWEHUPDQQWVFKOLHI)DUQDWKLDLUJHQGZDQQHLQLKUUXKLJHU $WHPYHUULHWGDVLHIHUQDOOHU6RUJHQZDU,FKZROOWHVLHQLFKWZHFNHQXQGEDOGG|VWH LFKHEHQIDOOVYRUPLFKKLQW ,FKHUZDFKWHDEUXSWGXUFKHLQPHUNZUGLJHVJOHLFKPlLJHV*HUlXVFK(V GlPPHUWHEHUHLWVVRGDLFKPHLQH8PJHEXQJHUNHQQHQNRQQWH)DUQDWKLDVFKOLHIVLH VFKLHQVLFKEHUKDXSWQLFKWEHZHJW]XKDEHQXQGDWPHWHJOHLFKPlLJ'DV*HUlXVFK NDPYRP:DOGERGHQHLQ.UDW]HQGDVYRQ7DXVHQGHQZLQ]LJHU)HYHUXUVDFKWZXUGH XQGVLFK]XHLQHPJOHLFKPlLJHQ5DXVFKHQYHUHLQLJWH=XHUVWGDFKWHLFKDQGLH $FKWEHLHUDEHUGDQQVDJWHLFKPLUGDVLHXQP|JOLFKVFKRQKLHUVHLQNRQQWHQ6RIHUQ PHLQH7KHRULHVWLPPWH9RUVLFKWLJULFKWHWHLFKPLFKDXIXPEHVVHUK|UHQ]XN|QQHQ ,FKOHJWHGDV2KUJHJHQGHQ6WDPPGHV%DXPHV'DV5DXVFKHQZXUGHIDVW]X HLQHP'U|KQHQ(VZDUHQ$FKWEHLHUZHQQDXFKYLHOOHLFKWQLFKWGLHJOHLFKHQGHUHUVWHQ $WWDFNHXQGVLHNDPHQGHQ6WDPPHPSRU.HLQ$XJHQEOLFNZDU]XYHUOLHUHQNHLQ HLQ]LJHU,FKZHFNWH)DUQDWKLDXQGXQWHUULFKWHWHVLH6LHVWDUUWHPLFKHUVFKURFNHQDQ GDQQVDQNVLHDXILKU/DJHU]XUFN ³1LPPGLFK]XVDPPHQ/LHEHVELWWH6LHVLQGEDOGWULHU=XP*OFNZLUGHVKHOO XQGVHKHQN|QQHQVLHDXFKQLFKWEHVVHUDOVULHFKHQ:LUYHUVXFKHQEHUGLHbVWHGHQ 1DFKEDUEDXP]XHUUHLFKHQXQGGDQQGHQ%RGHQ´ ³8QGGDXQWHQ"´6LHGHXWHWHDQJVWYROOLQGLH7LHIH³:DUWHQGDQLFKWDQGHUHDXI XQV"´ 'DNRQQWHVLHUHFKWKDEHQDEHULFKKRIIWHGDVLFKGHUJDQ]H6WDPPXPGHQ %DXPYHUVDPPHOWKDVWHDXIGHQZLUJHNOHWWHUWZDUHQ:HQQGHPVRZDUKDVWHQZLU HLQH&KDQFHLKQHQ]XHQWNRPPHQ'HU$VWZDUFOLFNJHQXJ:LUNRQQWHQGDVHUVWH 6WFNDXIUHFKWJHKHQGDQQDOOHUGLQJVKLHOWLFKHVIUVLFKHUHUGDZLUDXIDOLHQYLHUHQ ZHLWHUNURFKHQELVZLUGLHHUVWHQbVWHGHV1DFKEDUEDXPHVHUUHLFKWHQ:DKUHQG )DUQDWKLDPLWGHP$EVWLHJEHJDQQYHUKDUUWHLFKXPQDFKIROJHQGHQ$FKWEHLHUQGHQ :HJDE]XVFKQHLGHQ²RGHUEHVVHUDE]XEUHQQHQ,FKVDKVLHLQ]ZLVFKHQ6LHNURFKHQ LQGHUJHZRKQWHQ9LHUHUUHLKHGHQ+DXSWVWDPPHPSRUXQGHUUHLFKWHQXQVHUHQ /DJHUSODW] (VJDEHLQHGHXWOLFKVLFKWEDUH$XIUHJXQJDOVVLHGLHHUKRIIWH%HXWHQLFKWPHKU YRUIDQGHQDEHUGHU9RUWUXSSHUZLHVVLFKDOVDXVJH]HLFKQHWHU$XIVSUHU(UIHQGXQVHUH :LWWHUXQJXQGEHJDQQGHQ$VWYRUDQ]XNULHFKHQ1XQZXUGHHVK|FKVWH=HLW,FK MXVWLHUWHGHQ7KHUPRVWUDKOHUDXIGLHVFKZlFKVWH(LQVWHOOXQJGLHJHQJHQPXWHGLH 7LHUH]XW|WHQ0HLQH9HUPXWXQJEHZDKUKHLWHWHVLFKYRUHUVWDXFK6LHILHOHQLQGLH 7LHIHDQJHVHQJWXQGWRW$OOPlKOLFKZXUGHHVKHOOHUXQWHUGHP%OlWWHUGDFK,FKNRQQWH ELVKLQDE]XP:DOGERGHQVHKHQ'LHKHUDEJHIDOOHQHQ$FKWEHLHUUKUWHQVLFKQLFKW PHKUZXUGHQMHGRFKYRQLKUHQ$UWJHQRVVHQVRIRUWDXIJHIUHVVHQ)DUQDWKLDKDVWH LQ]ZLVFKHQGHQOHW]WHQ$VWEHUGHQ%UHWWZXU]HOQGHV%DXPHVHUUHLFKW,FKULHILKU]X
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
³1LFKWZHLWHUZDUWHGRUW-HOlQJHUGLHUHVWOLFKHQ7LHUHXQVQRFKDXIGHP%DXP YHUPXWHQGHVWREHVVHU´ :LHGHUXQGZLHGHUVWRSSWHLFKGLHYRUUFNHQGHQ$FKWEHLHUPLW 7KHUPRVFKVVHQ'HU$VWTXDOPWHEHUHLWV(UNRQQWHMHGHQ$XJHQEOLFNDXIORGHUQXQG GDQQZXUGHHVK|FKVWH=HLWYRQWULHU]XYHUVFKZLQGHQ$OO]XWURFNHQZDUHQ+RO]XQG %OlWWHUQLFKWGHQQRFKZROOWHLFKNHLQHQ:DOGEUDQGULVNLHUHQ²GLHVWDUNH 5DXFKHQWZLFNOXQJZUGHXQVYHUUDWHQ'HU9RUPDUVFKGHU$FKWEHLHUJHULHWLQV 6WRFNHQ'LH1DFK]JOHUNDPHQQLFKWPHKUZHLWHUGDLKU:HJEORNNLHUWZXUGH,FK EHPHUNWHGDZWHQGH.lPSIHVWDWWIDQGHQPDQKlWWHIDVWPHLQHQN|QQHQGLH1DWXU DXI*DQEHUDDQKDEHVLFKGHQ0HWKRGHQGHV%OLQGHQ6RIJDUWDQJHSDWRGHU XPJHNHKUW",FKVFKREGHQ7LQGHQ6WLHIHOVFKDIW]XUFNXQGXQGEHJDQQKDVWLJPLW GHP$EVWLHJ $OVLFK)DUQDWKLDHUUHLFKWHGHXWHWHVLHHQWVHW]WQDFKXQWHQ,FKVDKVRIRUWZDV VLHPHLQWH'HU6WURPGHU$FKWEHLHUKDVWHVLFKJHWHLOW(LQHUYRQLKQHQNDPGLUHNWDXI XQVHUHQ%DXP]X6HLQH6SLW]HZDUQLFKWPHKUZHLWYRQGHQ:XU]HOQHQWIHUQW³/RV ZHLWHU:LUPVVHQODXIHQXPHLQHQ9RUVSUXQJ]XEHNRPPHQ´ ,FKVSUDQJGLHOHW]WHQGUHL0HWHUGUHKWHPLFKXPXQGILQJ)DUQDWKLDDXI'DQQ MDJWHLFKQRFKHLQHQEUHLWJHIlFKHUWHQ'HVLQWHJUDWRUVWUDKODXIGLHQDFKIROJHQGHQ $FKWEHLHUXQGVWLIWHWHVRYLHO9HUZLUUXQJGDZLUDEHUPDOVHLQHQ=HLWYRUVSUXQJ HUKLHOWHQ:LUNDPHQVFKQHOOYRUDQDEHUZLUZXWHQGDXQVGLH5DXELQVHNWHQ EHKDUUOLFKIROJWHQDXVJHKXQJHUWXQGPLWGHP:LOOHQXQV]XW|WHQ0LW8QEHKDJHQ GDFKWHLFKGDUDQGDPLQGHVWHQVQRFKHLQHZHLWHUH1DFKWLP8UZDOGYRUXQVODJ:LU PDUVFKLHUWHQGHQJDQ]HQ7DJRKQHHLQHP+LQGHUQLV]XEHJHJQHQ'HU:DOGVFKLHQ ZLHDXVJHVWRUEHQ]XVHLQVRDOVKlWWHQDOOH%HXWHWLHUHYRUGHQ$FKWEHLHUQGLH)OXFKW HUJULIIHQ $OVGLH6RQQHWLHIURWGHP+RUL]RQWHQWJHJHQWURSIWHXQGGHQ+LPPHOVFKHLQEDULQ %OXWWDXFKWHOLFKWHWHVLFKGHU:DOGQRFKPHKU8QGGDQQVWDQGHUZLUYRUGHP :DVVHUJUDEHQ(UZDUHWZDKXQGHUW0HWHUEUHLWXQGERWGHQ$FKWEHLHUQVLFKHUOLFK (LQKDOWVRGDWULHULKU9RUPDUVFKHQGHQPXWH'DHUNQVWOLFKDQJHOHJWZLUNWH HUKlUWHWHVLFKPHLQH9HUPXWXQJHVN|QQHVLFKXPGDVYRQPLUYRUDXVJHVHKHQH +LQGHUQLVKDQGHOQPLWGHPGLH5DXELQVHNWHQXQGDQGHUHV*HWLHUYRQ3HUNRUD IHUQJHKDOWHQZXUGHQ$PJHJHQEHUOLHJHQGHQ8IHUVWXIWHGHU+DQJWHUUDVVLHUWKLQDXI ]XU+RFKHEHQH ³:HQQVLHXQVWULHUHLQKROHQ´EHJDQQ)DUQDWKLDYROOHU)XUFKWDEHULFKZLQNWH DE ³.HLQH6RUJHZLUN|QQHQQRWIDOOVVFKZLPPHQ$EHULFKGHQNHZLUILQGHQJHQXJ +RO]XPHLQ)OR]XEDXHQ6FKOLQJSIODQ]HQVLQGHEHQIDOOVYRUKDQGHQ$OOHUGLQJVZLUG HVEDOGGXQNHUZHUGHQ´ ³:DUXPHQW]QGHQZLUNHLQ)HXHU"´ 'HU9RUVFKODJZDUJXWXQGVFKOHFKW]XJOHLFK(LQ)HXHUVFKHLQNRQQWHXQVOHLFKW YHUUDWHQDEHUHUZUGHXQVDXFKKHOIHQHLQ)OR]XEDXHQ'HU1DFKWHLOPXWH VRUJIlOWLJJHJHQGHQ9RUWHLODEJHZRJHQZHUGHQ6FKOLHOLFKVFKWWHOWHLFKGHQ.RSI ³1HLQNHLQ)HXHU:LUPVVHQGDV%DXPDWHULDOMHW]W]XVDPPHQWUDJHQVRODQJHHVQRFK HLQLJHUPDHQKHOOLVW0DFKHQZLUXQVDQGLH$UEHLWHKHHV]XVSlWLVW´ 1DKHGHP)OXXIHUULFKWHWHQZLUXQVHUSURYLVRULVFKHV/DJHUHLQXQGPDFKWHQ XQVGDQQVRIRUWDXIGLH6XFKHQDFKJHHLJQHWHQ%DXPVWlPPHQXQGGHQ]lKHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6FKOLQJSIODQ]HQGLHLFKPLWGHP9LEUDWRUPHVVHUDEVFKQLWW(VZDUVWRFNILQVWHUDOVZLU HQGOLFKDOOHVEHLVDPPHQKDWWHQ³/HJGLFKVFKODIHQLFKPDFK¶DOOHLQZHLWHU´VDJWHLFK 6LHZROOWHSURWHVWLHUHQDEHULFKVFKQLWWLKUGDV:RUWDWH³:HQQGXPRUJHQYRU (UVFK|SIXQJ]XVDPPHQEULFKVWNRPPHQZLUQRFKODQJVDPHUYRUDQ,FKVFKDIIHHV ZLUNOLFKRKQHGLFWDJODXEPLU´ ,FKNWHVLHVDQIWXQGZDUWHWHELVVLHGLH$XJHQJHVFKORVVHQKDVWH'DQQHUVW EHJDQQLFKPLWGHU$UEHLW0HLQHWDVWHQGHQ+lQGHVXFKWHQGLHSDVVHQGHQ6WlPPHDXV XQGVRUWLHUWHQVLH'DQQYHUEDQGLFKVLHPLWGHQKDOWEDUHQ6FKOLQJSIODQ]HQXQGVLFKHUWH DOOHVGRSSHOWXQGGUHLIDFKREZRKOZLUQXUNXU]H=HLWDXIGHP:DVVHUVHLQZUGHQ 2KQHGLH+LOIHGHV([WUDVLQQVKlWWHLFKHVLQGHUQXUYRP6WHUQHQOLFKWVFKZDFK GXUFKGUXQJHQHQ'XQNHOKHLWZRKOQLFKWJHVFKDIIWZLHGHUHLQPDOHUZLHVVLFKZHOFKH 9RUWHLOHHLQ$5.6800,$$EVROYHQWKDVWH$OVLFKIHUWLJZDUEDQGLFKGDV)ORDQHLQ 3IODQ]HQVHLOXQGOLHHVSUREHZHLVHLQV:DVVHU6RZHLWLFKHVHUNHQQHQNRQQWH VFKZDPPHV1XQIHUWLJWHLFKDXFKQRFK]ZHL3DGGHODQPLWGHQHQZLU]XPLQGHVW VWHXHUQNRQQWHQ *HJHQ0LWWHUQDFKWZHFNWHLFK)DUQDWKLD³)HUWLJ:LUN|QQHQORVIDKUHQ'LH :DIIHQXQG9RUUlWHPVVHQQXUQRFKIHVWJHEXQGHQZHUGHQ:DVVHUVFKDGHWLKQHQ QLFKW´ ³:LUN|QQHQIDVWEHUKDXSWQLFKWVVHKHQ$WODQ´ ³:LUOHVVHQXQVHLQ6WFNWUHLEHQ6REDOGHVGlPPHUWYHUVXFKHQZLUGDV DQGHUH8IHU]XHUUHLFKHQ-HGHQIDOOVVLQGZLUYRUGHQ$FKWEHLHUQVLFKHU6LHVLQG PRPHQWDQJHIlKUOLFKHUDOVGLH.UDODVHQHQ´ 6LHVFKDXGHUWH,FKVSUWHHVGDLFKLKUHQ$UPKLHOWVHKHQNRQQWHLFKHVQLFKW ,P:DOGZDUHVUXKLJ'DVWDXVHQGIDFKH.UDW]HQPDUVFKLHUHQGHU$FKWEHLHUEOLHE DXV²QRFK,FKKDOI)DUQDWKLDDXIGDV)OR(VZXUGHHLQHXQKHLPOLFKH)DKUWLQV 8QJHZLVVHPHLQH6RUJHQXQG=ZHLIHOYHUULHWLFK)DUQDWKLDJHJHQEHUQLFKW,PPHUKLQ OLHHQZLUGHQ8UZDOGXQGGLH5DXELQVHNWHQKLQWHUXQV 'LH6WHUQHJDEHQHLQZHQLJ/LFKWZHOOQXQGDV%OlWWHUGDFKIHKOWH:LUNRQQWHQ ]XPLQGHVWGHQYHUHLQ]HOWJOLW]HUQGHQ:DVVHUODXIXQGGLHEHLGHQGXQNOHQ8IHU HUNHQQHQGLHLUJHQGZDQQVFKQHOOHUYRUEHLJOLWWHQ(LQHQ$XJHQEOLFNIDQJGDFKWHLFKDQ HLQHQ:DVVHUIDOORGHUDQ6WURPVFKQHOOHQDEHUGDQQVDJWHLFKPLUGDGHUDUWLJH +LQGHUQLVVHEHLHLQHPNQVWOLFKDQJHOHJWHQ*UDEHQEHUIOVVLJZDUHQ:HQQVLHYRQ 1DWXUDXVQLFKWYRUKDQGHQZDUHQZUGHPDQVLHVLFKHUOLFKQLFKWH[WUDHLQJHEDXW KDEHQ)DUQDWKLDEHUQDKPGDVSULPLWLYH5XGHUGDVVLHQXUIHVW]XKDOWHQEUDXFKWHDOV GLH0GLJNHLWPLFKEHUPDQQWH'DVJOHLFKPlLJH6FKDXNHOQVFKOlIHUWHPLFKHLQ )DUQDWKLDZHFNWHPLFK³$WODQGDVDQGHUH8IHUNRPPWQlKHU(VZLUGKHOO´ ,QGHU7DW(VGlPPHUWHEHUHLWV,FKPXWHHLQLJH7RQWDVJHVFKODIHQKDEHQXQG ZDUIHLQHQ7KLFNKLQEHU]XP8UZDOG6WDQGHQLQ]ZLVFKHQGLH$FKWEHLHUUDWLRVYRU GHP:DVVHUGDVGLH6SXUDXVJHO|VFKWKDVWHGHUVLHVRUDQJHJHIROJWZDUHQ"9LHOOHLFKW IUDHQVLHVLFKYRU:XWQXQJHJHQVHLWLJDXI'HU*UDEHQZDUHLQHYROONRPPHQH6SHUUH $EHUQLFKWIUPLFKXQG)DUQDWKLD'DVQHXH8IHUZDUNDKOXQGIHOVLJ ³'RUWVFKHLQWHLQH%XFKW]XVHLQ´ULHIVLH ,FKEHUQDKPGDV5XGHU'LH%XFKWNDPQlKHU:LUZUGHQVLHUHFKW]HLWLJ HUUHLFKHQHKHGLH6WU|PXQJXQVYRUEHLWULHE'DV:DVVHUZDUNODUXQGVDEHU EHVRQGHUVLQGHU%XFKWGHUHQIODFKH8IHUXQVHUP|JOLFKWHQGDV)ORDQ/DQG]X ]LHKHQ6RNRQQWHHVQLFKWKHUUHQORVZHLWHUWUHLEHQXQGXQVYHUUDWHQ:LUYHUEDUJHQHV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
XQWHUGHQNlUJOLFKHQ%VFKHQGLHZHLWHUREHQZXFKVHQ³3HUNRUDLVWVLFKHUQLFKW PHKUZHLWHQWIHUQW´YHUPXWHWHLFK³:LUHUUHLFKHQGLH$QVLHGOXQJQRFKKHXWH´ 6LHHUZLGHUWHQLFKWV,FKYHUVWDQGLKUH5HDNWLRQ7URW]GHUELVKHUJHOXQJHQHQ )OXFKWZDUHQZLUQRFKOlQJVWQLFKWLQ6LFKHUKHLW'HUVHKZHUVWH7HLOODJQRHKYRUXQV 6HOEVWZHQQZLULQ3HUNRUDHLQHQ8QWHUVFKOXSIIDQGHQEUDFKWHXQVGDVYRUHUVWQLHKW ZHLWHU,FKKRIIHGD6RIJDUWXQVLQGHU6LHGOXQJGHU.UDODVHQHQDPZHQLJVWHQ YHUPXWHQZUGH:LUPDFKWHQXQVVRIRUWDXIGHQ:HJ%HUHLWVQDFKHLQHUKDOEHQ7RQWD ZDUGLHHUVWH7HUUDVVHQVWXIHHUNORPPHQXQGZLUEHJDQQHQPLWGHP$XIVWLHJ]XU ]ZHLWHQ $OVGLH+LW]H]XQDKPNURFKHQZLUHUVFK|SIWEHUGLHOHW]WH+UGHXQGVWDQGHU DXIGHUHLJHQWOLFKHQ+RFKHEHQH6LHZDUIHOVLJXQGNDXPEHZDFKVHQ'DVHLQLJH .LORPHWHUHQWIHUQWH3HUNRUDEHVWDQGDXVQLHGULJHQ+lXVHUQXQG&RQWDLQHUKWWHQGLH VLFKHQWODQJGHP+DQJHLQHV]XQlFKVWIODFKHQGDQQVWHLODXIUDJHQGHQ)HOVPRQROLWKHQ JUXSSLHUWHQ+DXVJURH)LQGOLQJHXQGHLQZHQLJ9HJHWDWLRQEHLGHQ8QWHUNQIWHQ ZUGHQXQVKRIIHQWOLFKEHLP(LQVFKOHLFKHQLQGLH³6WDGW´6FKXWLELHWHQ,FKZDUGDYRQ EHU]HXJWGDQLHPDQGXQVHUXQEHIXJWHV(LQGULQJHQEHPHUNHQZUGH 1DFKHLQLJHPhEHUOHJHQVDJWH)DUQDWKLD³:LUVROOWHQWULHU5DVWPDFKHQXQG ZDUWHQELVHVGXQNHUJHZRUGHQLVW'LH*HIDKUHLQHU(QWGHFNXQJLVWVRQVW]XJUR´ :LHJXWGLHVH9RUVLFKWVPDQDKPHZDUVROOWHVLFKEDOGHUZHLVHQ.DXPODJHQ ZLUDXVJHVWUHFNWLP6FKDWWHQHLQLJHUYHUWURFNQHWHU6WUlXFKHUK|UWHLFKEHUPLUGDV VXPPHQGH*HUlXVFKHLQHVODQJVDPIOLHJHQGHQ*OHLWHUV,FKEOLFNWHGXUFKGLH=ZHLJH XQGVDKGHQVLOEHUQVFKLPPHUQGHQ3XQNWKRFKEHUPLUGDKLQ]LHKHQ(UVFKLHQNHLQ EHVWLPPWHV=LHO]XKDEHQGHQQHUIORJQLFKWLQ5LFKWXQJGHU6WDGW$EHUHUKLHOWDXFK QLFKWDQVRQGHUQIORJZHLWHU(LQJXWHV=HLFKHQ6SlWHUEHREDFKWHWHLFKGDHLQ *OHLWHU]ZLVFKHQGHQ&RQWDLQHUQDXIVWLHJXQGUDVFKGDYRQ]RJ]ZHLIHOORV5LFKWXQJ 6HSXONRUYDW,FKPHUNWHPLUGLH+WWHGDVLHQXQHYHQWXHOOXQEHZRKQWZDU 'LH$EHQGNKOHZHFNWHXQVDXVGHP'|VHQ:LUSDFNWHQXQVHUH6DFKHQ ]XVDPPHQXQGPDFKWHQXQVDXIGHQ:HJQDFK3HUNRUD $OVZLUGLHHUVWHQ+lXVHUHUUHLFKWHQKHUUVFKWHLQGHU6WDGWUHJHV7UHLEHQ,FK K|UWH0XVLNXQGGDV/lUPHQ%HWUXQNHQHU)UHLQHQ$XJHQEOLFNIKOWHLFKPLFKDQGLH 3LRQLHUDQVLHGOXQJHQGHU.RORQLDOSODQHWHQHULQQHUWYRQGHQHQ)DUWXORRQPLUHU]lKOW KDVWH'RUWPXWHHVlKQOLFK]XJHJDQJHQVHLQ(LQ:XQGHUGDFKWHLFKGDGHU%OLQGH 6RIJDUWVHLQHQ.UDODVHQHQGLHVH$XVVFKZHLIXQJHQJ|QQWDEHUZDKUVFKHLQOLFKQLFKW RKQH*UXQG6ROOHQVLFKYLHOOHLFKWIUHLIKOHQ" )DUQDWKLDVFKDXGHUWH]XVDPPHQ³'RUWKLQZLOOVWGX"'RUWVROOHQZLUVLFKHUVHLQ" :HQQGLHHLQH)UDXVHKHQ´ ³1LHPDQGZLUGGLFKVHKHQ´XQWHUEUDFKLFKVLHHLQZHQLJXQJHKDOWHQ6RVHKULFK VLHDXFKOLHEWHMHW]WNDPVLHPLUGRFK]XPXWORVXQGIDVWKLQGHUOLFKYRU:DUXP YHUWUDXWHVLHPLUQLFKW",FKZXWHJHQDXZDVLFKWDW³:LUYHUVXFKHQHLQ+DXV]X ILQGHQLQGHPQLHPDQGOHEW6FKOLHOLFKVLQGYLHOH.UDODVHQHQLP'LHQVWLKUH 8QWHUNQIWHOHHU´ ³8QGGDQQ"´ ,FKSDFNWHLKUHQ$UPIHVWHU³'DQQVHKHQZLUZHLWHU´ ,FKYHUVWDQGPHLQHKHIWLJH5HDNWLRQVHOEVWQLFKWJDQ]9HUPXWOLFKZDULFK]XMXQJ XQG]XXQHUIDKUHQWURW]DEJHVFKORVVHQHU$5.6800,$XQGDNWLYLHUWHP([WUDVLQQ GHVVHQ,PSXOVHPLWXQWHUHLQHUQHUYWHQDOVKDOIHQ:LUJLQJHQGXUFKGLHGXQNOHUHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6HLWHQVWUDHQXQGYHUPLHGHQHVGLHKHOOEHOHXFKWHWHQ9LHUWHO]XEHWUHWHQ'RUW YHUJQJWHQVLFKGLH.UDODVHQHQ²XQGLQJHZLVVHU+LQVLFKWNRQQWHLFKVLHVRJDU YHUVWHKHQ6LHQXW]WHQGLHIUHLHQ7RQWDVLKUHQPHKURGHUZHQLJHUGHUEHQ1HLJXQJHQ QDFK]XJHKHQ (VJDEJHQXJXQEHOHXFKWHWH+lXVHUDEHUZLHVROOWHLFKZLVVHQZHOFKHV EHZRKQWZDUXQGZHOFKHVQLFKW",FKHULQQHUWHPLFKDQGHQDEJHIORJHQHQ*OHLWHU VXFKWHQDFKGHP3ODW]YRQGHPDXVHUJHVWDUWHWZDUXQGHQWGHFNWHGDQQHLQZHLHV 6FKLOGGDVGXUFKGLH'XQNHOKHLWVFKLPPHUWHGLH6FKULIWZDUXQGHXWOLFKDEHUGHQ ZHQLJHQ:RUWHQZDUGRFK]XHQWQHKPHQGD/DNWURWH6RZLHVRLQHLQHUGULQJHQGHQ $QJHOHJHQKHLWLQV6HSXONRUYDWDEEHUXIHQZRUGHQVHL(LQ'DWXPZDUQLFKWDQJHJHEHQ 'DPLWEOLHERIIHQZHQQHU]XUFNNHKUWH'LH3UD[LVHLQHV%DXFKDXIVFKQHLGHUV :HLWHUVXFKHQRGHUEOHLWHHQ"³'DVLVWHV´IOVWHUWHLFK)DUQDWKLD]XGLHVLFKVWlQGLJ QDFKDOLHQ6HLWHQXPVDK³:DUWHLFK|IIQHGDV6FKOR´ (VZDUZLUNOLFKQLFKWVFKZHULQGDV+DXV]XJHODQJHQ/LFKWGXUIWHQZLUQLFKW PDFKHQGDVZUGHGHQ9HUGDFKWGHU1DFKEDUQHUUHJHQ$EHUZLUIDQGHQXQVDXFKVR ]XUHFKWXQGLP$XJHQEOLFNJDEHVRKQHKLQQLFKWPHKUYLHO]XWXQ,FKKDVWHGLH+DXVWU ZLHGHUYHUVFKORVVHQXQGYRQLQQHQGHQSULPLWLYHQ5LHJHOYRUJHVFKREHQ1XQZUGH VHOEVWGHUYHUUHLVWH$U]WQLFKWPHKULQVHLQHLJHQHV+DXVN|QQHQVROOWHHUXQHUZDUWHW ]XUFNNHKUHQ $XV*HVDPPHOWH6SUXFKHHLQHV%DXFKDXIVFKQHLGHUV)DUWXORRQ $OOHVZLUGPDQLSXOLHUW'HU%OWHQVWDXEGHU%OXPHQGHU)OXJGHV9RJHOVXQG VRJDUGDV8QLYHUVXPDOV*DQ]HV:LUDOOHLUUHQGXUFKHLQ/DE\ULQWKLQGDVZLU KLQHLQJHVWHOOWZXUGHQRKQHGHQ$XVJDQJVSXQNWXQGGDV=LHO]XNHQQHQ'DVOHW]WH=LHO HUUHLFKHQZLUZDKUVFKHLQOLFKQLHPDOVEHVWHQIDOOVHLQH=ZLVFKHQVWDWLRQ *DQEHUDDQ3HUNRUD3UDJRGHV7HGDUGD$UN ,FKJHQRGHQUDQJHHQWEHKUWHQ/X[XVHLQHUHLQIDFKHQ'XVFKHXQGIUKVWFNWH PLW)DUQDWKLDDOVHVGUDXHQOlQJVWKHOOJHZRUGHQZDU(VZDUGHU5HVWXQVHUHU 9RUUlWH1DFKHLQHPODQJHQ.XYHUVFKZDQG)DUQDWKLDZLHGHULP6FKODI]LPPHUXQG LFKK|UWHVLHPLWHLQVFKPHLFKHOQGHU6WLPPHVDJHQ³.RPPVWGX]XPLU":LUKDVWHQYLHO ]XZHQLJ=HLWIUXQVPHLQVWGXQLFKWDXFK"´ 5HJORVEOLHELFKVWHKHQ,KU9RUVFKODJZDUQLFKWQXUHLQHhEHUUDVFKXQJIUPLFK HUZDUDXFKXQJHZRKQW6LFKHUKDVWHQZLUVFKRQIUKHU=lUWOLFKNHLWHQDXVJHWDXVFKW DEHUHLQHGHUDUWGLUHNWH$XIIRUGHUXQJKDVWHLFKQRFKQLFKWYRQLKUYHUQRPPHQVFKRQ JDUQLFKWLQHLQHU6LWXDWLRQZLHGLHVHU ³+DVWGXPLFKJHK|UW$WODQ"´ ³-D´$UJORVJLQJLFKKLQEHU6LHVDLP%HWWXQGEOLFNWHPLUDXVJURHQ$XJHQ HQWJHJHQ,KUH+lQGHODJHQXQWHUGHU'HFNH³,FKKDEHNHLQH/HEHQVPLWWHOJHIXQGHQ :LUZHUGHQDOVRYHUVXFKHQPVVHQDQGHUVZRZHOFKH]XEHVRUJHQ´,FKVHW]WHPLFK DXIGHQ%HWWUDQG6RUHFKWZXWHLFKQLFKWZDVLFKMHW]WWXQVROOWH²LKU%OLFNZDUSO|W]OLFK VRPHUNZUGLJIDVWIUHPG,QLKUHQ$XJHQZDUHWZDVGDVPLFKVWXW]LJPDFKWH6LH VLHKWGXUFKPLFKKLQGXUFK³)KOVWGXGLFKQLFKWZRKO"´IUDJWHLFKEHVRUJWXQGEHXJWH PLFKEHUVLHXPVLH]XNVVHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,QGLHVHP$XJHQEOLFNVSUWHLFKGHQKDUWHQ/DXIHLQHV6WUDKOHUVGXUFKGLH'HFNH KLQGXUFK(USUHWHVLFKJHJHQPHLQH%UXVW)DUQDWKLDV6WLPPHZDUSO|W]OLFKJDQ]NDOW XQGJHIKOORV³,FKZHUGHGLFKW|WHQ6WHKDXIXQGJHKELV]XU:DQG'LHDQGHUHQ 6WUDKOHUKDEHLFKYHUVWHFNW´ ,FKJHKRUFKWHEHJULIIDEHUQRFKLPPHUQLFKW³)DUQDWKLD´ ³-D)DUQDWKLDDEHUQLFKWPHKUGHLQH)DUQDWKLD,FKJHK|UH6RIJDUWXQGVHLQ :LOOHLVWDXFKGHUPHLQH,FKZHUGHGLFKW|WHQ´ 1DWUOLFK²GDVLVWHV'HU6WXPPHKDWPLFK]XLKUJHIKUWDXIGLUHNWHQ%HIHKO 6RIJDUWV,KUH6WLPPHNODQJPHFKDQLVFKVRDOVZLHGHUKROHVLHHLQHHLQVWXGLHUWH5ROOH 8QGLKUH$XJHQ]HLJWHQHVPLUQXU]XGHXWOLFKGDVLHXQWHU+\SQREHHLQIOXVVXQJVWDQG %OLW]DUWLJHQWVDQQLFKPLFKGHU+\SQRJORFNHQLP6HSXONRUYDW'HU%OLQGH6RIJDUWKDVWH )DUQDWKLDK\SQREHKDQGHOWXQGXPJHGUHKW²XQGLFKKDVWHHVLQGHQJDQ]HQ YHUJDQJHQHQ7DJHQQLFKWEHPHUNW:DUXP":HOFKHQ6LQQKDVWHGDVDOOHV")DUQDWKLD KlWWHPLFKGRFKVFKRQYRU%HJLQQGHU)OXFKWW|WHQN|QQHQ:DUXPHUVWMHW]W",FKPXWH =HLWJHZLQQHQ³:DVKDW6RIJDUWGDYRQGDGXPLFKW|WHVW",FKKDVWHDQJHQRPPHQHU ZROOHHLQH0HQJHYRQPLUHUIDKUHQ²]XP%HLVSLHOZHULFKZLUNOLFKELQ'XHUZHLVWLKP NHLQHQ'LHQVWZHQQGXPLFKW|WHVW´ 'DVVFKLHQLKUHLQ]XOHXFKWHQGHQQVLH]|JHUWHREZRKOVLHGLHJHIlKUOLFKH:DIIH XQWHUGHU'HFNHKHUYRUJH]RJHQKDVWH,FKVWDQGDQGHU:DQG]ZHL0HWHUYRQLKU HQWIHUQW(VZDUXQP|JOLFKLKUGHQ6WUDKOHUDE]XQHKPHQRKQHHLQHHQWVSUHFKHQGH *HJHQUHDNWLRQKHUYRU]XUXIHQ0LWGHUOLQNHQ+DQGJULIIVLHXQWHULKU.RSINLVVHQ:DVVLH KHUYRUKROWHZDUHLQ0LQLNRP³'DVZDVGXOLHEVWZLUGGLFKW|WHQ´VDJWHVLHRKQH =XVDPPHQKDQJXQGGUFNWHGHQ.QRSIGHV*HUlWV³6RIJDUWKDWNHLQ,QWHUHVVHPHKUDQ GLU(UZLUGHVGLUVHOEVWVDJHQ´ ,FKIOXFKWHLQ*HGDQNHQ1DWUOLFKKlWWHLFKGDPLWUHFKQHQPVVHQGDPLUGHU %OLQGHHLQH)DOOHVWHOOWHXQGLFKZDUDXFKSURPSWLQVLHKLQHLQJHVWROSHUW)DUQDWKLDZDU GHU.|GHUJHZHVHQDOOHUGLQJVEOLHELPPHUQRFKGLH)UDJHZDUXPLFKQLFKWJOHLFK ZLHGHUHLQJHIDQJHQZRUGHQZDU,QGHP6FKODI]LPPHUGHVXQEHNDQQWHQ %DXFKDXIVFKQHLGHUVNODQJSO|W]OLFKGLHYHUKDWH6WLPPHGHV%OLQGHQ6RIJDUWDXI ³)DUQDWKLDPHLQ7lXEFKHQKDVWGXLKQ"´ ,FKKlWWHPLFKDPOLHEVWHQDXIGHQ0LQLNRPJHVWU]WXQGLKQPLWGHP$EVDW] ]HUWUHWHQDEHU)DUQDWKLDV:DIIHKLHOWPLFKGDYRQDWH,FKZlUHNHLQHQ6FKULWWZHLW JHNRPPHQ ³(UVWHKWYRUPLUXQGHUZDUWHWGHQ7RGZLHGXHVEHIRKOHQKDVW6RIJDUW6ROOLFK MHW]W"´ ³1HLQZDUWHQRFK9LHOOHLFKWP|FKWHHUQRFKZLVVHQZDUXPHUVRUDQJHOHEHQ GXUIWH6DWDJR:HUERWRGHUZHUGXDXFKVHLQPDJVWLFKKDEHGDV,QWHUHVVHDQGHLQHU 3HUVRQYHUORUHQ:HUVLFKYRQHLQHP0lGFKHQEHUZlOWLJHQOlWNDQQQLFKWYLHOZHUW VHLQ,FKKDVWHGLFKIUNOJHUJHKDOWHQDEHUGXELVWGXPPXQGOHLFKWVLQQLJ'LFKKDW ZRKOGDV%HWW]X)DOOJHEUDFKW",FKK|UHPLUDQZLHGXVWLUEVW4XDOYROO)DUQDWKLD ]XHUVWVHLQH%HLQH´ ,FKKDVWH)DUQDWKLDV*HVLFKWQLFKWDXVGHQ$XJHQJHODVVHQ'HUVWlQGLJH :DQGHOXQG$XVGUXFNVZHFKVHOHQWJLQJPLUQLFKW(EHQQRFKNDOWXQGDEZHVHQG ZXUGHQGLH=JHSO|W]OLFKZHLFKYHU]HUUWHQVLFKZLHXQWHU$QVWUHQJXQJXQGZXUGHQ ZLHGHUOHEORV0HLQ([WUDVLQQVDJWH'LH+\SQREHKDQGOXQJKDWNHLQHGDXHUKDIWH :LUNXQJHU]LHOW)DPDWKLDOLHEWGLFWDXQGVLHVFKHLQW]XEHJUHLIHQGDVLHJHJHQLKUHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
HLJHQHQ:LOOHQKDQGHOW$EHUQRFKVLQGGLHK\SQRWLVFKHQ%HIHKOHVWlUNHU:HQQGX ZHLWHUOHEHQZLOOVWPXWGXLKUH=ZHLIHOYHUVWlUNHQXQGGHQ:LQNHOLQLKUHP 8QWHUEHZXWVHLQILQGHQGHUQRFKQLFKWY|OOLJXQWHUGHP(LQIOX6RIJDUWVVWHKW6FKQHOO ³+DVWGX*RUWDYRUYHUJHVVHQ"´ULHILFKHLQGULQJOLFKZlKUHQGVLHGLH:DIIHZLH EHIRKOHQDXIPHLQH%HLQHULFKWHWH³'HQNDQGHLQHQ9DWHUGHQ7DWRYRQ*RUWDYRU $UPDQFN'HFODQWHU´ ³+|UQLFKWDXILKQ´RUGQHWHGHU%OLQGH6RIJDUWZWHQGDQ³6FKLHHQGOLFK´ ³,FKELQDOOHLQ6RIJDUW´MDPPHUWHVLHXQHQWVFKORVVHQ³:LUVWGXPLFKDEKROHQ ZLHGXHVPLUYHUVSURFKHQKDVW"´ ³6REDOG6DWDJR:HUERWWRWLVWNRPPHLFKPLWGHP*OHLWHUXQGKROHGLFWD,FK KDEHQLFKWYHUJHVVHQZDVLFKGLUDOV%HORKQXQJYHUVSURFKHQKDEH,FKYHUJHVVH QLHPDOVHWZDV´ 6LHQLFNWHXQGOLHPLFKIUHLQHQ$XJHQEOLFNDXVGHQ$XJHQ'DVJHQJWHPIU 0LWHLQHP6DW]ZDULFKEHLLKUXQGHQWULLKUGHQ6WUDKOHU0LWGHUDQGHUHQ+DQGQDKP LFKLKUGHQ0LQLNRPDWHVFKDOWHWHLKQDXVXQGVDJWHEHVFKZ|UHQG³)DUQDWKLDK|UPLU JXW]X'HU%OLQGH6RIJDUWKDWGLFKPLW3V\FKRVWUDKOHUQXQWHUVHLQH.RQWUROOHJHEUDFKW $EHUZHQQGXGLFKNRQ]HQWULHUVWNDQQVWGXVHLQHQ(LQIOXEUHFKHQ'XNDQQVWHV'X PXWHVRGHUGXZLUVWGHLQH+HLPDWZHOW*RUWDYRUQLHPDOVZLHGHUVHKHQ:HGHUGLH 6SLQQHQZVWHQRFKGDV7DUNLKO'HQNDQGLHYLHOHQ*lQJH:LUKDEHQGRUWJHVSLHOW VLQGJHPHLQVDPDXIJHZDFKVHQ(ULQQHUHGLFKDQGLH6WDWXHGHV0lKQHQWLHUV²GHQ (LQJDQJ]XXQVHUHP*HKHLPJDQJ´ ³0HLQ9DWHU²GHU7DWRYRQ*RUWDYRU´ (VZLUNW³8QGLFKELQ$WODQGHU0DQQGHUGLFKOLHEWXQGGHQGXOLHEVW:LOOVWGX PLFKQRFKLPPHUW|WHQ"´ ³'HU%OLQGH6RIJDUWKDWHVEHIRKOHQ´ ³8QGZDVKDWHUGLUGDIUYHUVSURFKHQ"'LH)UHLKHLW"´ ³'LH)UHLKHLW´6LHQLFNWHDXWRPDWLVFK³8QGHLQHVFK|QH%HORKQXQJ²VHLQH /LHEH´ ³,P7DUNLKOKDVWGX6RIJDUWQLHGHUJHVFKODJHQ(ULQQHUHGLFWD/LHEHV´)DVWKlWWH LFKGHQ0LQLNRPPLWGHUEORHQ+DQG]HUTXHWVFKW³:LOOVWGXGLH/LHEHGLHVHV 6FKHXVDOV"´VFKULHLFKVLHDQXPLKUHLQHQQHXHUOLFKHQ6FKRFN]XYHUVHW]HQ³'HLQ 9DWHUZUGHGLFKYHUDFKWHQ8QG$WODQHEHQIDOOV´ ³$WODQ´ 'HUK\SQRWLVFKH=ZDQJVFKZlFKWHVLFKZHLWHUDWH,KUH$XJHQVDKHQPLFKNODUHU XQGEHZXWHUDQ,FKYHUVWDQGQLFKWGDVLHPLFKWDJHODQJKDVWHWlXVFKHQN|QQHQ(LQ JDQ]EHVWLPPWHV(UHLJQLVPXWHHLQHQSRVWK\SQRWLVFKHQ%HIHKODXVJHO|VWKDEHQELV GDKLQKDVWHVLHZRKOVHOEVWQLFKWVYRQLKUHU$XIJDEHXQG%HHLQIOXVVXQJJHZXW'HU .XYLHOOHLFKW"³'XZLUVWWXQZDVLFKGLUVDJH"´YHUJHZLVVHUWHLFKPLFK³'XOLHEVWPLFK LFKELQ$WODQ´ 6LHQLFNWH³1DWUOLFKGXELVW$WODQ,FKOLHEHGLFK´ :DUGDVQXQ9HUVWHOOXQJRGHUHFKW",FKZUGHHVEDOGZLVVHQGHQQPLUZDUNODU GD6RIJDUWYRQIDOVFKHQ9RUDXVVHW]XQJHQDXVJLQJ(UVDKLQPLUZHLWHUKLQ6DWDJR :HUERWHLQHQ0DQQYRQGHPHUQXUZLVVHQNRQQWHGDHUDQ%RUGVHLQHV5DXPHUVLP 0DVFKLQHQUDXPJHDUEHLWHWKDVWHHLQMXQJHU%XUVFKHGHURIIHQVLFKWOLFKGHQZHLEOLFKHQ 5HL]HQHUOHJHQZDUXQGVRLQGLH)DOOHJLQJ:DVHUQLFKWZXWHZDUGDHVHLQHHQJH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
HPRWLRQDOH%LQGXQJ]ZLVFKHQGHUEHHLQIOXWHQ)DUQDWKLDXQGPLUJDEGDLFK$WODQ ZDU8QGGDVLVWVHLQ)HKOHU ³*XWQLPPGHQ0LQLNRPXQGVDJ6RIJDUWGDGXPLFKJHW|WHWKDVW'XKDVWDXI PHLQH%HLQHJH]LHOWDEHULFKVSUDQJGLFKDQ'XZDUVWJH]ZXQJHQPLFK]X HUVFKLHHQ6DJLKPGDVXQGELWWHLKQGLFKDE]XKROHQSHUV|QOLFK%HKDXSWHGDGX GLFKQLFKWDXIGLH6WUDHZDJVW+DVWGXDOOHVYHUVWDQGHQXQGEHKDOWHQ"´ 6LHZLHGHUKROWHPHLQH$QRUGQXQJ8QGGDQQ]XPHUVWHQ0DOOlFKHOWHVLHPLU DXIPXQWHUQG]X,FKJDELKUGDV)XQNJHUlWEHKLHOWDEHUGHQ6WUDKOHULQGHU+DQG ³1XQ"´IUDJWHGHU%OLQGH6RIJDUWDOVGLH9HUELQGXQJKHUJHVWHOOWZDU³:DUXP KDVWGXGHQ)XQNNRQWDNWXQWHUEURFKHQ"´ 6LHEHULFKWHWHZDVDQJHEOLFKJHVFKHKHQZDURKQHVHLQH)UDJH]XEHDQWZRUWHQ (UPXWHJODXEHQGDVLFKGDV*HUlWYHUVHKHQWOLFKDXVJHVFKDOWHWKDVWH:DVLPPHU HUDXFKYHUPXWHWHHUJLQJVRIRUWDXILKUH)RUGHUXQJHLQQDFKGHPVLHGDV+DXVGHV %DXFKDXIVFKQHLGHUVEHVFKULHEHQKDVWH³,FKZHUGHLQHLQHUKDOEHQ7RQWDGRUWVHLQXQG GLFKDEKROHQ8QGLFKZHUGHGLFKEHORKQHQPLWPHLQHU/LHEH´ ,FKKlWWHLKPDPOLHEVWHQGHQ+DOVXPJHGUHKW)DUQDWKLDVFKDOWHWHGHQ0LQLNRP ZLHGHUDXVXQGJDELKQPIU:DUVLHZLHGHUY|OOLJLQ2UGQXQJ",FKEHVFKORYRUVLFKWLJ ]XEOHLEHQ:LHKDVWH)DUWXORRQLPPHUJHVDJW")HKOHUGDUIVWGXPDFKHQ²QLHPDOVDEHU ]ZHLPDOGHQJOHLFKHQ³:LUKDEHQDOVRHWZDV=HLWDOOHVIUVHLQHQ(PSIDQJ YRU]EHUHLWHQ´PXUPHOWHLFKXQGVFKREGHQ6WUDKOHULQGHQ*UWHO³:RKDVWGXGLH DQGHUHQYHUVWHFNW"´ 6LH]HLJWHHVPIU8PVLHQLFKWXQQ|WLJ]XNUlQNHQRGHUGXUFK0LWUDXHQGLH +\SQREHHLQIOXVVXQJHUQHXWZDFK]XUXIHQJDELFKLKUHLQHQ'HVLQWHJUDWRUQDFKGHPLFK XQEHPHUNWGLH(QHUJLHSDWURQHHQWIHUQWKDVWH,FKZROOWHNHLQ5LVLNRPHKUHLQJHKHQ(V NRQQWHJXWVHLQGDGHU$QEOLFNGHV%OLQGHQ6RIJDUWGLH+\SQREHKDQGOXQJZLHGHUYROO DNWLYLHUWH,FK|IIQHWHGHQ7UULHJHOGDPLWGHU%OLQGHMHGHU]HLWHLQWUHWHQNRQQWH,FKZDU PLUVHKUVLFKHUGDHURKQH%HJOHLWXQJNDPGHQQVFKOLHOLFKZROOWHHU)DUQDWKLDMD ³EHORKQHQ´XQGGDEHLYHU]LFKWHWHVHOEVWGLHVHV6FKHXVDODXI=HXJHQ³ 'LH=HLWYHUVWULFKLQTXlOHQGHU/DQJVDPNHLW,FKVDKLPPHUZLHGHUGXUFKGLH 9RUKlQJHKLQDXVDXIGLHIDVWXQEHOHEWH6WUDH'LH%HZRKQHUYRQ3HUNRUDVFKLHQHQ HQWZHGHUQRFK]XVFKODIHQRGHUVLHKDVWHQLQ]ZLVFKHQZLHGHULKUHQ'LHQVWLP 6HSXONRUYDWDQJHWUHWHQ'DQQHUEOLFNWHLFKGHQ*OHLWHU(UVFKZHEWHLQJHULQJHU+|KH EHUGLH+lXVHUGlFKHUGDKLQXQGODQGHWHLQKXQGHUW0HWHUQ(QWIHUQXQJDXIHLQHP UXQGHQ3ODW]GHQLFKJHUDGHQRFKVHKHQNRQQWHZHQQLFK]LHPOLFKQDKHHQV)HQVWHU JLQJ(LQHHLQ]HOQH3HUVRQVWLHJDXVXQGLFKHUNDQQWHVLHDXIGHQHUVWHQ7KLFN(VZDU GHU%OLQGH6RIJDUW(UJLQJVFKOHSSHQGGLH6WUDHKHUXQWHUNDPDXIXQVHU+DXV]X )DUQDWKLDVWDQGQHEHQPLU]LWWHUWHDPJDQ]HQ.|USHU ³%HUXKLJHGLFWD/LHEHVGLHVPDOZHUGHLFKPLWLKPIHUWLJ'XGDUIVWGLFKQXUQLFKW YHUUDWHQ*HKLKPELV]XU7UHQWJHJHQHPSIDQJHLKQZLHHLQHQIDQJHUZDUWHWHQ )UHXQG(UPXGDV+DXVDKQXQJVORVEHWUHWHQXQGGLH7UKLQWHUVLFKVFKOLHHQ$OOHV :HLWHUHEHUOlWGXGDQQPLU´ ³,FKKDEH$QJVW´ ³:HUKDWGLHQLFKW":RKOIKOHLFKPLFKDXFKQLFKWJHUDGHLQPHLQHU+DXW´ $XI)DUQDWKLDZDUQXQRIIHQVLFKWOLFK9HUODDEHULQLKUHP8QWHUEHZXWVHLQ ZDUHQGLH+\SQREHIHKOHQRFKQLFKWHQGJOWLJEHUZXQGHQRGHUDXVJHO|VFKW6LH ZXUGHQYRP:DFKEHZXWVHLQXQGLKUHUHFKWHQ/LHEH]XPLUEHUODJHUWGRFKLFK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
IUFKWHWHGDGDVJHULQJVWH.RGHHUHLJQLVVLHHUQHXWDNWLYLHUHQXQGPLFKLQJU|WH 6FKZLHULJNHLWHQEULQJHQNRQQWH6LHJLQJ]XU7U|IIQHWHVLHHLQHQ6SDOWXQGVDKGHP %OLQGHQ6RIJDUWHQWJHJHQGHUTXHUEHUGLH6WUDHJLQJXQGLKUEHLGH+lQGH HQWJHJHQVWUHFNWH ³,FKZLOOLKQVHKHQ7lXEFKHQ´VDJWHHUXQGVFKORGLH7UKLQWHUVLFK³:RLVW HU"´ ,FKWUDWYRUGHQ6WUDKOHUDXILKQJHULFKWHW³+LHU%OLQGHU6RIJDUW´(UVWDUUWHPLFK DQZLHHLQHQ*HLVWGDQQZROOWHHUQDFK)DUQDWKLDJUHLIHQ³.HLQH%HZHJXQJ´ZDUQWH LFKXQGULHI)DUQDWKLD]X³.RPPKHUVFKQHOO´ )DUQDWKLDZDUQXQQHEHQPIU6LH]XFNWH]XVDPPHQDOV6RIJDUWJULPPLJ NQXUUWH,FKVDJWHNDOW³,FKW|WHGLFKEHLGHUJHULQJVWHQYHUGlFKWLJHQ%HZHJXQJ´ ³,FKELQXQEHZDIIQHW´ ,FKODFWDWHOLHLKQVLFKEUHLWEHLQLJXQGPLWDXVJHVWUHFNWHQ$UPHQJHJHQGLH :DQGVWHOOHQXQGGXUFKVXFKWHLKQ1DWUOLFKKDVWHHUDEHUPDOVJHORJHQXQGLFKIHQG HLQHQNOHLQHQ1DGOHULQVHLQHU7DVFKH³6HW]GLFKDXIGHQ%RGHQ:HQQGXDP/HEHQ EOHLEHQZLOOVWKDVWGX]ZHLRGHUGUHL%HGLQJXQJHQ]XHUIOOHQ´ (UPDPLFKPLWZWHQGHQ7KLFNHQ³'XZHLWQLFKWZDVGXWXVW6HOEVWZHQQGLU GLH)OXFKWYRQ*DQEHUDDQJHOLQJHQVROOWHZLUGGDVJHVDPWH,PSHULXPGLFKMDJHQ ILQGHQXQG]XPLU]XUFNEULQJHQ(VZlUHGDQQEHVVHUPDQEUlFKWHGLFKJOHLFKWRW]X PLU´ ³'XZLUVW)DUQDWKLDXQGPLFK]XP*OHLWHUEHJOHLWHQXQG]XP5DXPKDIHQIOLHJHQ 'RUWEHVRUJVWGXPLUHLQNOHLQHV6FKLIIPLW%HVDW]XQJ²NHLQH.UDODVHQHQVRQGHUQ IUHLJHODVVHQH$UNRQLGHQPLWGHUQ|WLJHQ(UIDKUXQJ:HQQGDVJHVFKHKHQLVWNDQQVWGX JHKHQ´ 6HLQ7KLFNGXUFKERKUWHPLFKI|UPOLFK³8QGZHQQLFKHVQLFKWWXH"´ ³'DQQELVWGXWRW(VJHK|UWQLFKWYLHOhEHUZLQGXQJGD]XHLQ8QJHKHXHU XQVFKlGOLFK]XPDFKHQ´ (UVDK]X)DUQDWKLDKLQEHU³'XKlWWHVWGLH,PSHUDWUL[YRQ*DQEHUDDQZHUGHQ N|QQHQ´ 6LHJDENHLQH$QWZRUW ³$OVR"´IUDJWHLFKNDWHJRULVFK ³:HUJDUDQWLHUWPLUGDGXGHLQ:RUWKlOWVWXQGPLFKIUHLOlW"´ ,FKODFWDWHLKQDXV³1LHPDQG$EHULFKKHLHMDQLFKW6RIJDUW´ ³,FKVRLOGLUJODXEHQ"´ ³6FKOLHQLFKWYRQGLUDXIDQGHUH(VJLEWQRFKLPPHU$UNRQLGHQGLH]XLKUHP :RUWVWHKHQ´,FKEHUOHJWHHLQHQ$XJHQEOLFNXQGIJWHKLQ]X³1RFKHWZDV'DV6FKLII PXEHZDIIQHWVHLQGDPLWLFKGLFKDXFKQDFKGHP6WDUWQRFKMHGHU]HLWYHUQLFKWHQ NDQQ´ ³:HUVLQG6LH"´ 2KMHW]WZLUGHUK|IOLFK,FKOlFKHOWHNDOW³'DVZLUVWGXYLHOOHLFKW²JHQDXLQGHP $XJHQEOLFNHUIDKUHQLQGHPLFKGDV6FKLIIKDEHXQGGLFKODXIHQODVVH.HLQHQ $XJHQEOLFNIUKHU´ (UVDKPLFKVFKLHIDQLQVHLQHU%ULOOHNQDFNWHHVOHLVH³6LHNRPPHQPLUEHNDQQW YRUZLUVLQGXQVVFKRQHLQPDOEHJHJQHW´ ³-DEHLP*DUUDER´ ³1HLQYRUKHU²ZHQQLFKZWH´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
,FKZROOWHNHLQH=HLWYHUOLHUHQ³:LUJHKHQMHW]W6RIJDUW=ZDUZHUGHLFKGHQ 6WUDKOHULP+DOIWHUWUDJHQDEHUGDGXYRUDQJHKVWNDQQVWGXJHZLVHLQGDLFKLKQ VFKQHOOHULQGHU+DQGKDEHDOVGXGLFKXPGUHKHQNDQQVW*HKGDV5LVLNROLHEHUQLFKW HLQ´ (UJLQJYRUXQVKHU(VZDUQLHPDQGLP*OHLWHUZLHLFKHVHUZDUWHWKDVWH'HU %OLQGH6RIJDUWOLHVLFKKLQWHUGHQ.RQWUROOHQQLHGHUXQGLFKNRQQWHVHLQH*HGDQNHQ HUUDWHQ/DQJVDPVFKWWHOWHLFKGHQ.RSI³.HLQ)XQNJHUlW(VEOHLEWDXVJHVFKDOWHW´ ³$EHUGLH$EZHKUNRQWUROOHQYHUODQJHQGDV.RGHVLJQDO´ ³'LHVHU*OHLWHUWUlJWGHLQSHUV|QOLFKHV.HQQ]HLFKHQQLHPDQGZLUGZDJHQLKQ DXI]XKDOWHQ9HUVXFKHQLFKWPLFK]XKLQWHUJHKHQ´ (UJHKRUFKWHXQGOLHGDV)XQNJHUlWDXVJHVFKDOWHW3HUNRUDZXUGH]XHLQHU $QVDPPOXQJXQRUGHQWOLFKKLQJHVWUHXWHU.lVWHQDOVZLUVFKQHOODQ+|KHJHZDQQHQXQG |VWOLFKHQ.XUVHLQVFKOXJHQ 'DV+HU]VFKOXJPLUELV]XP+DOVDOVLFKGDV6HSXONRUYDWVDK,FKPXWHDQDOO GDV/HLGGHQNHQGDVGHU7DIHOEHUJLQVLFKEDUJDEHULFKNRQQWHMHW]WNHLQHPKHOIHQ )RUGHUWHLFKGLH)UHLODVVXQJGHU*HIDQJHQHQVHW]WHLFK]XYLHODXIV6SLHO$EHULFKZDU IHVWHQWVFKORVVHQHLQHV7DJHVQDFK*DQEHUDDQ]XUFN]XNHKUHQGDQQDOOHUGLQJVQLFKW DOOHLQXQGQLFKWPLWQXUHLQHP6FKLII:LUOLHHQGHQ7DIHOEHUJOLQNVOLHJHQXQGQlKHUWHQ XQVGHPHLJHQWOLFKHQ5DXPKDIHQGHUKHXWHQLFKWLP1HEHOODJ,FKNRQQWHPLQGHVWHQV GUHLLJ6FKLIIHXQWHUVFKLHGOLFKHU%DXDUWHUNHQQHQ'DUXQWHUDXFKNOHLQH.XULHUVFKLIIH GLHPLUIUGLH)OXFKWDPEHVWHQJHHLJQHWVFKLHQHQ ³/DQGHDP5DQG-DGRUWKLQWHUZRNHLQH*HElXGHVLQGXQGNHLQH5DXPHU VWHKHQ'DV.XULHUVFKLIIGRUW,FKZLOOYLHU0DQQ%HVDW]XQJDXVJHELOGHWH5DXPIDKUHU $UNRQLGHQ´ ³6ROOLFKVLHYLHOOHLFKWKROHQJHKHQ"´HUNXQGLJWHVLFKGHU%OLQGHK|KQLVFK³*HUQ ZHQQ6LHHVZQVFKHQ´ ³'XZLUVWHLQHQHQWVSUHFKHQGHQVFKULIWOLFKHQ%HIHKODXVVWHOOHQGHQ)DUQDWKLD GHP'LHQVWKDEHQGHQ2UEWRQGHV5DXPKDIHQVEHUEULQJW+LQ]XNRPPWHLQH7ULYLG $XI]HLFKQXQJPLWGHPJOHLFKHQ7H[WVROOWHQ=ZHLIHODXINRPPHQ6RXQGQXQODQFH HQGOLFK´ 'HU*OHLWHUVHW]WHXQVDQIWDX
'HU%OLQGH6RIJDUWZXUGHVLFKWOLFKQHUY|V $OV)DUQDWKLDZHQLJVSlWHUDXVJHUVWHWPLW6FKULIWVWFNXQG .ULVWDOODXI]HLFKQXQJTXHUEHUGDVIUHLH)HOGJLQJEOLFNWHLFKLKUVNHSWLVFKXQG KRIIQXQJVYROO]XJOHLFKKLQWHUKHU:UGHGHU5HVWGHV+\SQREORFNVLKUHWLHIH/LHEH EHUZLQGHQN|QQHQXQGGDV%HZXWVHLQ]XEHKHUUVFKHQYHUVXFKHQ" :LUZDUWHWHQ 'HU%OLQGH6RIJDUWVDJWHLQGDV6FKZHLJHQKLQHLQ³-HW]WVFKZLW]WGXQLFKWZDKU" *ODXEVWGXZLUNOLFKGDPLWGXUFK]XNRPPHQ"1XQLFKKDEHDOOH%HGLQJXQJHQHUIOOW´ ³,FKKDOWHPLFKDQXQVHUH$EPDFKXQJ´JDELFKYROOLQQHUHU=ZHLIHO]XUFN(U KDVWHPLWVHLQHP+LQZHLVUHFKW,FKPXWHPHLQ:RUWKDOWHURELFKZROOWHRGHUQLFKW (UVWUHFKWGDQQZHQQHUHUIXKUZHULFKZDU'HU*RV¶DWKRUGHV7DL$UN¶7XVVDQZDU NHLQ0|UGHU,FKVDKGXUFKGDVWUDQVSDUHQWH'DFKGHV*OHLWHUVELVLFKYLHU0lQQHUDXI XQV]XNRPPHQVDK6LHWUXJHQ]HUOXPSWH8QLIRUPHQGHUDUNRQLGLVFKHQ)ORWWH *OHLFK]HLWLJVFKOHSSWHHLQ$QWLJUDY=XJIDKU]HXJGDVYRQPLUJHZQVFKWH.XULHUVFKLII DXIGHQEHQDFKEDUWHQ6WDUWSODW]NHLQHIQI]LJ0HWHUYRP*OHLWHUHQWIHUQW)DUQDWKLD IROJWHGHQYLHU$UNRQLGHQLQJHULQJHP$EVWDQG(VVFKLHQDOOHVQDFK3ODQ]XODXIHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
2KQH6RIJDUWDXVGHQ$XJHQ]XOHVVHQ|IIQHWHLFKGLH7XUGHV*OHLWHUVXQGULHIGHQ YLHU0lQQHUQ]X³6HLGLKUEHUHIWGHPZDKUHQ,PSHUDWRU]XGLHQHQ"´ 6LHEOLFNWHQPLFKYHUVWlQGQLVORVDQGDQQPHLQWHHLQHUYRQLKQHQHEHQVR YHUELWWHUWZLHVSRQWDQ³2UEDQDVFKROVRLOLP+\SHUVWXUPNUHSLHUHQ²RGHUQRFKEHVVHU 'HUYHUGDPPWH6RIJDUWVRLOLKQK|FKVWSHUV|QOLFKLQGHU3IDQQHVFKPRUHQ´ ,FKQLFNWH³0DFKWGDV.XULHUVFKLIIVWDUWNODU:LUZHUGHQ*DQEHUDDQYHUODVVHQ ,FKNRPPHEDOGDQ%RUG´ 6LHJHKRUFKWHQRKQH:LGHUVSUXFKREZRKOVLHNHLQH$KQXQJYRQGHPKDWWHQ ZDVHLJHQWOLFKJHVFKDK'DDOOHVJHJHQGHQ:LOOHQGHV%OLQGHQ6RIJDUWYHUOLHIDXIGHQ *HGDQNHQNDPHQVLHZRKOQLFKW)DUQDWKLDEHULFKWHWHGDDOOHVJODWWJHJDQJHQVHL'LH %HIHKOHGHV%OLQGHQEHWRQWHVLHDXVGUFNOLFKVHLHQVRIRUWDN]HSWLHUWZRUGHQ6HOEVW GHQK|KHUHQ2IIL]LHUHQGHU.UDODVHQHQVWHFNWHRIIHQVLFKWOLFKGLH$QJVWYRUGHP 6FKHXVDOXQGVHLQHQ/DXQHQ]XVHKULQGHQ.QRFKHQ,FKVFKLFNWHVLH]XGHP .XULHUVFKLIIXPGLH6WDUWYRUEHUHLWXQJHQGHUYLHU$UNRQLGHQ]XEHUZDFKHQ'HU%OLQGH 6RIJDUWVDKPLFKHUZDUWXQJVYROODQ³:LUGHVQXQQLFKWDOOPlKOLFK=HLWGLH JHKHLPQLVYROOH0DVNH]XOIWHQ"´ ,FK]|JHUWH³.XU]EHYRUZLUVWDUWHUQLFKWHKHU´'DQQ]ZDQJLFKLKQDXIHLQHP GHUKLQWHUHQ6LW]H3ODW]]XQHKPHQZlKUHQGLFKGDV)XQNJHUlWHLQVFKDOWHWHXQG .RQWDNWPLW)DUQDWKLDLP.XULHUVFKLIIKHUVWHOOWH6LHEHVWlWLJWHGDGLHYLHU0lQQHU DXVJHELOGHWH5DXPIDKUHUVHLHQXQGNHLQH)UDJHQVWHOOWHQ:HQQVLHGLH:DKUKHLW HUIXKUHQKDVWHLFKKRIIHQWOLFKQHXH)UHXQGHJHZRQQHQ6RIJDUWEHWUDFKWHWHPLFK GVWHUDOV)DUQDWKLDPLUYHUVLFKHUWHGDV5DXPVFKLIIVHLLQHLQHU]HKQWHO7RQWD VWDUWEHUHLW ³2ELFKGHQ%HIHKOGD]XJHEHRGHUQLFKWGHU$ODUPZLUGDXWRPDWLVFKDXVJHO|VW .HLQ6FKLIIGDUIRKQHDNWXHOOHV.RGHVLJQDOVWDUWHQ´ ³'DQQJLEWPLUGDV.RGHVLJQDO´ ³'HU+DIHQNRPPDQGDQWWHLOWHVYRUGHP6WDUWGHP3LORWHQPLW´ (VKDVWHZHQLJ6LQQ9HUELQGXQJ]XGHP+DIHQNRPPDQGDQWHQDXI]XQHKPHQ ,FKNRQQWHIURKVHLQGDHUELVKHUQRFKNHLQHQ9HUGDFKWJHVFK|SIWKDVWH$EHULFK NDQQWHGHQ7\SGHV6FKLIIHVGDV]XU)OXFKWEHUHLWVWDQG,FKZXWHGDHVEHUHLWV ZHQLJHKXQGHUWVWHO7RQWDVQDFKGHP6WDUWLQ7UDQVLWLRQJHKHQNRQQWHXQGVRVFKQHOO ZUGHXQVQLHPDQGIROJHQN|QQHQ (LQH]HKQWHO7RQWD'HU%OLQGH6RIJDUWXQGLFKVSUDFKHQLQGLHVHU=HLWNHLQ :RUWPLWHLQDQGHU6FKOLHOLFKJDELFKLKPHLQHQ:LQNPLWGHP6WUDKOHU³(VLVWVRZHLW 6RIJDUW*HKYRUDQDEHUODQJVDP8QGYHUJLQLFKW'XPXWIQIOKXQGHUW0HWHUODXIHQ ELVGXGHQQlFKVWHQ.RQWUROOSXQNWHUUHLFKVW'DVLVW=HLWJHQXJIUXQV-HGHU$ODUP NRPPW]XVSlW´ ³:LUZHUGHQXQVZLHGHUVHKHQ´YHUVSUDFKHUJULPPLJ ,FKQLFNWHXQGQDKPLKPGHQ$JJUHJDWJUWHOPLWGHP*UDYRQHXWUDOLVDWRUDWH³-D GDVKRIIHVRJDU$EHULFKJODXEHQLFKWGDGXGLFKEHVRQGHUVGDUEHUIUHXHQZLUVW´ :LUVWLHJHQDXVGHP*OHLWHUQDFKGHPLFKGLH.RQWUROOHQPLWGHP'HVLQWHJUDWRULQ )HLQVWDXEYHUZDQGHOWKDVWHXQGJLQJHQQXQQHEHQHLQDQGHUDOVVHLHQZLU)UHXQGH,Q GHUUHFKWHQ+DQGKLHOWLFKGHQVFKXEHUHLWHQ6WUDKOHU³'XZLUVWGLFKGDPLWDEILQGHQ PVVHQQRFKHLQLJHhEHUUDVFKXQJHQ]XHUOHEHQ´ ³hEHUUDVFKXQJHQ"´
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
:LUKDVWHQGLH(LQVWLHJVOXNHHUUHLFKW)DUQDWKLDEOLFNWH]XXQVKHUDE³)HUWLJ:LU N|QQHQVWDUWHQ´ ³'HU3LORWVRLONXU]NRPPHQ´EDWLFKVLH 'HU$UNRQLGHHUVFKLHQQXU$XJHQEOLFNHVSlWHU³-D(UKDEHQHU"´ ³6WDUWEHUHLW"´ ³-DZRKO(UKDEHQHU6FKLIIEHUSUIWXQGVWDUWNODU9RUUlWHEHUSUIWXQG DXVUHLFKHQG´(UKLHOWSO|W]OLFKLQQHXQGEHXJWHVLFKYRU(UKDVWHGHQ%OLQGHQ6RIJDUW HUNDQQW6HLQ*HVLFKWYHUULHW(QWWlXVFKXQJ³'DVLVWGRFK´ ³:LUVWDUWHULQJHQDX]ZHL+XQGHUWVWHOQ´ULHILFKLKP]X³.PPHUQ6LHVLFKXP QLFKWVZDVWULHUJHVFKLHKW=ZHL+XQGHUWVWHO.ODU"´ (UQLFNWHIDVVXQJVORVXQGYHUVFKZDQG)DUQDWKLDQDKPZLHGHUVHLQHQ3ODW]HLQ ,FKZDQGWHPLFK6RIJDUW]X³=ZHLKXQGHUWVWHO7RQWDV6RIJDUW$EHUGXVROOVWGLH :DKUKHLWHUIDKUHQGDPLWGXZHLWZHUYRQ*DQEHUDDQIORK)DUQDWKLDNHQQVWGXMD6LH LVWGLH7RFKWHUGHV7DWRV$UPDQFN'HFODQWHUYRQ*RUWDYRU6LHLVWPHLQH9HUOREWHGLH NQIWLJH*DWWLQGHV,PSHUDWRUVYRQ$UNRQGHUDOOHUGLQJVQLFKW2UEDQDVFKROKHLHQ ZLUG´ (UVWDUUWHPLFKDQ³:HUVLQG"´ ,FKJDEGHQ7KLFNPLWEHUOHJHQHU5XKH]XUFN1RFKZHQLJH$XJHQEOLFNHELV ]XP6WDUW³,FKELQ.ULVWDOOSULQ]$WODQJHERUHQDOV0DVFDUHQGD*RQR]DOGHUHLQ]LJH 6RKQGHVYRQ2UEDQDVFKROHUPRUGHWHQ+|FKVWHGOHQXQGGDPLW*RQR]DOVGHV 6LHEHQWHQUHFKWPlLJHU1DFKIROJHU'XZLUVWVLFKHUPHLQHQ:XQVFKYHUVWHKHQGLFK HLQHV7DJHVZLHGHU]XVHKHQ(VN|QQWHVHLQGDLFKGLFKGDQQHLJHQKlQGLJXPEULQJH´ 'LHVPDOZDUHUNHLQHU(QWJHJQXQJPHKUIlKLJ(UVWDUUWHPLFKHQWJHLVWHUWDQ ³'DVJDQ]H,PSHULXPVXFKWPLFKXQGLFKNHQQHGHQ:HUWPHLQHV.RSIHV %HVWHOOGHP0|UGHUPHLQHV9DWHUVGDLFKXPPHLQUHFKWPlLJHV(UEHNlPSIHQ ZHUGHELVDXVGHP.ULVWDOOSULQ]HQGHU,PSHUDWRUJHZRUGHQLVW8QGVDJLKPQRFKGD HUGHQ7RGPHKUDOVYHUGLHQWKDW6HLQHHLJHQH6FKXOGZLUGLKQYHUQLFKWHQ´ ³*RV¶DWKRU´VWLHGHU%OLQGHPKVDPKHUYRU ³,FKELQGDV.LQGGDVLKUVXFKWXPHV]XW|WHQ´ ³*RQR]DOGHU$FKWH´ ³6RZLUGPDQPLFKQHQQHQ6RIJDUW'X¶ZLUVWIUGHLQH9HUEUHFKHQEHQGRFK KHXWHELVWGXIUHW,FKKDOWHPHLQ:RUW´,FKVWLHJUFNZlUWVGLH(LQVWLHJVOHLWHUHPSRU YRQ)DUQDWKLDJH]RJHQ'DV6FKRWWGHU/XIWVFKOHXVHVFKZDQJODQJVDP]X³+|U]X'X VWLUEVWZHQQZLUXQVGDVQlFKVWHPDOEHJHJQHQ´ (UDQWZRUWHWHPLUDEHULFKNRQQWHLKQQLFKWPHKUYHUVWHKHQ'DV6FKRWWZDU JHVFKORVVHQ,P,QQHUHQGHV6FKLIIHVKHXOWHQGLH$JJUHJDWHGLH,PSXOVWULHEZHUNH IXKUHQLQ'URVVHOSKDVHKRFK6RVFKQHOOLFKNRQQWHHLOWHLFKLQGLHNOHLQH .RPPDQGR]HQWUDOHXQGVWDUUWHDXIGLH%LOGIOlFKHQ'HU%OLQGH6RIJDUWVWDQGEHLP *OHLWHUXQGXQWHUQDKPNHLQHQ9HUVXFKGLHIQIOKXQGHUW0HWHUHQWIHUQWH.RQWUROOVWDWLRQ ]XHUUHLFKHQ,FKVDKZLHHVLQVHLQHP*HVLFKWDUEHLWHWH6HLQH+lQGHZDUHQ]X )lXVWHQJHEDOOW6LFKHUOLFKKDVWHHUVLFKQRFKQLHLQVHLQHP/HEHQVRKLOIORVJHIKOW(U KDVWHVHLQHJU|WH&KDQFHYHUWDQ(UPXWHLQGLHVHQ$XJHQEOLFNHQXQElQGLJHQ+D HPSILQGHQGHQQDOOHVHLQH3OlQHZDUHQPLJOFNW 'HU0DQQGHQHUVHLWHLQHLQKDOE-DKU]HKQWHQVXFKWHZDULKPLQGLHLQ*HVWDOW YRQ)DUQDWKLDDXIJHVWHOOWH)DOOHJHJDQJHQ²XQGHUKDVWHLKQHQWNRPPHQOHVVHQ PVVHQ:HQQ2UEDQDVFKROGDVHUIXKUZUGHHUKRIIHQWOLFKLQ8QJQDGHIDOOHQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'LH7ULHEZHUNHKHXOWHQDXIGDV6FKLIIVWDUWHWH6RIJDUWVSUDQJ]XUFNXQGQRFK ZlKUHQGHUNOHLQHUZXUGHXQGVLFKLQHLQHQZLQ]LJHQ3XQNWYHUZDQGHOWHGHUYHUORUHQ DXIGHPULHVLJHQ/DQGHIHOGVWDQGVFKWWHOWHHUGLH)lXVWHJHQ+LPPHO,FKZDUVLFKHU GDHUPLUIUFKWHUOLFKH5DFKHVFKZRUGHQQZLUZDUHQGLHHUVWHQGLHYRQVHLQHU )ROWHUZHOWHQWNDPHQ,FKNRQQWHQXUKRIIHQGDNQIWLJVHLQHXQG2UEDQDVFKROV1lFKWH VHKUXQUXKLJVHLQZUGHQ'HU*HLVWPHLQHVHUUQRUGHWHQ9DWHUVVRLOVLHYHIIROJHQXQG LKQHQNHLQHQ)ULHGHQPHKUODVVHQ ,FKOHJWHGHP3LORWHQGLH+DQGDXIGLH6FKXOWHU³7UDQVLWLRQ"´ ³%DOG(UKDEHQHU´ ,FKZXWHQLFKWREHUJHK|UWKDVWHZDVLFK6RIJDUWJHVDJWKDWWHDEHULQVHLQHU 6WLPPHVFKZDQJHQ+RFKDFKWXQJXQG5HVSHNWPLW,FKZUGHPLFKKRIIHQWOLFKDXILKQ XQGGLHDQGHUHQGUHLYHUODVVHQN|QQHQ³%OLQG"´ ³%OLQG(UKDEHQHU´ 'DVVSLHOWHNHLQH5ROOH:LUZUGHQXQVVFKRQ]XUHFKWILQGHQQDFKGHPZLULQV 6WDQGDUGXQLYHUVXP]XUFNJHIDOOHQZDUHQ'LH+DXSWVDFKHZDUMHW]WGDZLU VFKQHOOVWHQVDXVGLHVHP6\VWHPYHUVFKZDQGHQXQG]ZDUVSXUORV $OVLFKQDFKGHP(QW]HUUXQJVVFKPHU]GLH$XJHQZLHGHU|IIQHWHXQGZLUXQVLQ HLQHPDQGHUHQ7HLOGHUgGHQ,QVHOEHIDQGHQEHJHJQHWHLFK)DUQDWKLDVIUHLHPXQG UXKLJHP7KLFN,FKZDUPLUVLFKHUGDGHU+\SQREORFNGHV%OLQGHQ6RIJDUWYROOVWlQGLJ JHEURFKHQZDU,FKQDKPVLHLQGLH$UPHXQGEHUOLHHVPHLQHQQHXHQ*HIlKUWHQGLH 3RVLWLRQGHV6FKLIIHV]XEHVWLPUQHQ2EVLFKGLH.RRUGLQDWHQYRQ*DQEHUDDQ EHUHFKQHQOLHHQLQWHUHVVLHUWHPLFKMHW]WZHQLJHU'DIUZDUVSlWHU=HLW-HW]WJDEHV IUPLFKQXUQRFK)DUQDWKLDGLHPLFKDXVGHU.RPPDQGR]HQWUDOH]RJ (SLORJ *DQEHUDDQGLH)ROWHUZHOWGHV%OLQGHQ6RIJDUW(LQ&KDRVSV\FKLVFKHUXQG SK\VLVFKHU/HLGHQ*UDXHQXQG(QWVHW]HQLQHLQHU$XUDDXV+DXQGXQEHIULHGLJWHU *LHU9LHOH:HVHQDXVDOLHQ7HLOHQGHV*URHQ,PSHULXPVVWDUEHQWULHU)UYLHOHZXUGH GHU7RGYRUSURJUDPPLHUW6LHVROOWHQVLFKLQ6LFKHUKHLWZLHJHQZLHGHU=XYHUVLFKWXQG /HEHQVIUHXGHJHZLQQHQ'DQQDEHUZUGHVLHGHU7RGHUHLOHQ(LQ7RGGHQ6RIJDUW DXVVHLQHP)ROWHUDUVHQDODXVJHZlKOWKDVWH (VZDUZLHHLQ.LQG(VNDQQWHVLFKXQGVHLQHFKDRWLVFKH8PJHEXQJQXUDXV SDUDQRUPDOHQ7DVWYHUVXFKHQ(VEHIDQGVLFKLQHLQHUVFKW]HQGHQ.DSVHOGLHHVPLW GHP1|WLJVWHQYHUVRUJWH'RFKDXFKGLHVH.DSVHONRQQWHGLH+DDXUDGHU)ROWHUZHOW QLFKWY|OOLJDEVFKLUPHQ$EHUGDVVROOWHVLHDXFKQLFKW(VJLQJQXUGDUXPGLH RUJDQLVFKH6XEVWDQ]OHEHQVXQGHLQVDW]IlKLJ]XKDOWHU'HQQGDV'LQJZDUGLH ELRORJLVFKH=HLWERPEHGHV%OLQGHQ6RIJDUW 6HLQ=QGPHFKDQLVPXVZDUGLH*LHUQDFK(LZHL(LQPDODXVGHUVFKW]HQGHQ .DSVHOEHIUHLWZUGHHVWULHEKDIWXQGXQHUVlWWOLFKQDFKRUJDQLVFKHQ9HUELQGXQJHQ VXFKHQ'RFKGLHVHU7ULHENRQQWHYRQ6RIJDUWEHKHUUVFKWZHUGHQ(LQHVSH]LHOOH 3URJUDPPLHUXQJZUGHHVDXIHLQJDQ]EHVWLPPWHV2SIHUIL[LHUHQ'DQQEHJDQQHLQ 3UR]HGHUYRQNHLQHU0DFKWGHV8QLYHUVXPVDXIJHKDOWHQZHUGHQNRQQWH (VSXOVLHUWHKHIWLJHU$KQWHHVGDGHU%OLQGH6RIJDUWDQVHLQH9HUZHQGXQJ JHGDFKWKDVWH"(VNRQQWHNDXPQRFKHUZDUWHQGHQIDQJHUVHKQWHQ1DKUXQJVVFKXELQ VLFKDXI]XQHKPHQ9RUHUVWPXWHHVVLFKPLWGHQJHULQJGRVLHUWHQ(LZHLWURSIHQ ]XIULHGHQJHEHQGLHLQGHQ6LFKHUKHLWVEHKlOWHUJHOHLWHWZXUGHQ6HLQWULHEKDIWHU 2UJDQLVPXVYHUODQJWHPHKU1DKUXQJ(V]LWWHUWH:LQ]LJHZXUPDUWLJH3VHXGRJOLHGHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
]XFNWHQDXVVHLQHP.|USHU(VKDVWH+XQJHU*HZDOWLJHQ+XQJHU(VZROOWHVHLQH )UHIlGHQLQHLQHQIUHPGHQ.|USHUERKUHQ(VZROOWHHQGOLFKZLHGHU(LZHLLQVLFK DXIQHKPHQXQGGDVHQWVHW]OLFKH+XQJHUJHIKOYHUJHVVHQ(VZROOWHVHLQ*HIlQJQLV YHUODVVHQ 'DQQZDUHVVRZHLW'LH.DSVHOZXUGHYRQGHQ1DKUXQJVU|KUFKHQJHWUHQQW 1DFKGHPGHUHUVHKQWH$XJHQEOLFNLQJUHLIEDUH1lKHJHUFNWZDUEHJDQQHVYRU*LHU ]X]LWWHP6HLQH.|USHUREHUIOlFKHVFKLOOHUWHJUQOLFK6HNUHWHVFKZDSSWHQEHUGHQ .DSVHOUDQG*OlQ]HQGH6WDKONODPPHP]ZDQJHQHV]XU5XKH(LQ%HWlXEXQJVPLWWHO YHUGDPPWHHV]XU%HZHJXQJVORVLJNHLW'RFKVHLQ,QVWLQNWEOLHEZDFKXQGDXIQDKPH EHUHLW*HQDXVRZLHHVGHU%OLQGH6RIJDUWZQVFKWH(OHNWURFKHPLVFKH6WU|PH EHUVFKZHPPWHQVHLQHQ.|USHUXQGHU]HXJWHQ%LOGHUYRQJUHOOHU:LUNOLFKNHLW1HXH (LQGUFNHNDPHQXQGJLQJHU(LQRUJDQLVFKHV:HVHQQDKPODQJVDP*HVWDOWDQ (VZXUGHSURJUDPPLHUW (VNDQQWHSO|W]OLFKVHLQHQ$XIWUDJ8QGHVNDQQWHVHLQ2SIHU(VZDULKPELV]XU NOHLQVWHQ=HOOLQIRUPDWLRQYHUWUDXW(VVSUWHVHLQHZDUPH1lKHGLHNUHDWUOLFKHDQJVW XQG$EZHKU'DVIUHPGH%OXWYHUPLWWHOWHLKPHLQ*HIKOGHU*HERUJHQKHLW(VIKOWHVLFK VLFKHUXQGGRFKXQHQGOLFKKXQJULJ'HU+XQJHUZXUGHEHUPlFKWLJ(VZROOWHVHLQH 1DKUXQJVWHQWDNHOLQGDVIUHPGH)OHLVFKERKUHQ'RFKSO|W]OLFKZXUGHHVYRQHLQHP K\SQRWLVFKHQ3HLWVFKHQVFKODJGXUFK]XFNW(V]RJVLFK]XVDPPHQ$QJVWGXUFKSXOVWH VHLQHQNOHLQHQ.|USHU(VGXUIWHQRFKQLFKW]HUVW|UHQ 6RIJDUWKDVWHGHQ=HLWSXQNWVHLQHV(LQVDW]HVJHQDXEHVWLPPW%LVGDKLQPXWH HVYRQVHLQHQN|USHUHLJHQHQ1DKUXQJVUHVHUYHQ]HKUHQ(VZDUGD]XYHUGDPPWVHLQ 2SIHULQ6LFKHUKHLW]XZLHJHQ(LQH9RUVWHOOXQJGLHWURW]VHLQHU$QJVWJUHQ]HQORVH:XW LQLKPHU]HXJWH:HQQHVHLQPDOVRZHLWZDUZUGHHVPLWDOOHU*LHUGLHLKP]XU 9HUIJXQJVWDQGEHUVHLQ2SIHUKHUIDOOHQ'DQQZUGHHVQLFKWVPHKUJHEHQZDV VHLQHLQPDOEHJRQQHQHV=HUVW|UXQJVZHUNDXIKDOWHQNRQQWH 'LHELRORJLVFKH=HLWERPEHGHV%OLQGHQ6RIJDUWWLFNWH (1'( $7/$1%DQG 3LUDWHQGHU6WHPH HUVFKHLQWLP+HUEVW
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
.OHLQHV$UNRQ/H[LNRQ D$Z|UWO³LP´DOV3UlSXQG$UW´ LQGHP ZlKUHQGLP9HUODXIYRQ $JK¶KRFKDGOLJHV1DPHQVSUlIL[DXFKDOVHLJHQVWlQGLJHU7LWHO³$JK´YHUZHQGHW LP 6LQQH YRQ )UVW+HU]RJ ,Q (UZHLWHUXQJ GHU $EVWXIXQJ ZLUG EHL JHQDXHU 8PVFKUHLEXQJGLHMHZHLOLJH.ODVVHKLQ]XJHIJW$JK¶PRDV$JK¶OHQ$JK¶WLJDa=DKOHQ HLQ$JK¶UQRDVLVWDOVRHLQ³$JK)UVW(UVWHU.ODVVH´6LHKHDXFKa0D7D $ODVVD3UIXQJVZHOWGHUa$5.6800,$ $ORUUHWWHQ5HWWXQJa$UN¶DORU $OERQ 'XIWEOXPH DXV GHU HLQ ZRKOULHFKHQGHV H[NOXVLYHV 3DUIP KHUJHVWHOOW ZLUG $UEDUDLWK VDJHQKDIWHV /DQG PLW .ULVWDOOREHOLVNHQ YRQ %HVWLHQ EHGURKW YHUVFKZDQG PLW GHU (QWUFNXQJ GHV a +HURHQ a 7UDQ$WODQ²KlXILJ DOV HLJHQWOLFKH 8UKHLPDWGHUa$UNRQLGHQJHGHXWHW $UEWDQHQ 0DQQVFKDIWHQ ²6ROGDWHQ 8QWHURIIL]LHUH6HUJHDQWHQ VLHKH a 1RV¶5HHNKD $UFKDLVFKH3HULRGHQ%H]IUGLH(SRFKHGHV1LHGHUJDQJV]ZLVFKHQHWZD XQGaGD$UNDOVJDOD[LVZHLWHDXVGHP*DODNWLVFKHQ=HQWUXPKHUYRUEUHFKHQGHa +\SHUVWUPH GLH .RQWDNWH ]ZLVFKHQ GHQ :HOWHQ DEEUDFKHQ ZHOO QDKH]X GLH JHVDPWH '7HFKQLN ODKPJHOHJW ZDU 1DFK GHP $EIODXHQ GHU +\SHUVWUPH PXWH GLH a DUNRQLGLVFKH5DXPIDKUWTXDVLYRQ1XOODQQHXEHJLQQHUXQGDXIJHEDXWZHUGHQ $UN$ENU]XQJIU$UNRQDUNRQLGLVFKHWF´a$UN¶DORUGD$UN $UN¶DORUZ|UWO³$UNRQV5HWWXQJ´a$ORU $UNDQWD7LWHOGHU+RKHSULHVWHULQGHU7RWHQZHOW+RFDWDUU²ZHLWHUH$QUHGHQ,KUH +HLOLJNHLW(KUZUGLJH*URH0XWWHU $UNRQ 'LH JURH ZHLH 6RQQH OLHJW IDVW JHQDX LP =HQWUXP GHV .XJHOVWHUQKDXIHQVa7KDQWXU/RN6LHZLUGYRQ3ODQHWHQEHJOHLWHW$OV%HVRQGHUKHLW JLOW GD VLFK GUHL $UNRQ3ODQHWHQ PLW JOHLFKHU *HVFKZLQGLJNHLW XQG DXI GHUVHOEHQ 8PODXIEDKQ EHZHJHQ DOV (FNSXQNWH HLQHV JOHLFKVHLWLJHQ 'UHLHFNV DQJHRUGQHW 'LH 6RQQHQHQWIHUQXQJGHUGUHL3ODQHWHQa$UNRQ,,,XQG,,,EHWUlJW0LOOLRQHQ.LORPHWHU a7LJD5DQWRQ DUNRQRLGlXHUOLFKHLQHPa$UNRQLGHQHQWVSUHFKHQG $UNRQLWa$UNRQVWDKO $UNRQVWDKO VWUXNWXUYHUGLFKWHWH 6SH]LDOOHJLHUXQJ GHU a $UNRQLGHQ IU GHQ 5DXPVFKLIIVEDX a $UNRQLW ³6WUXNWXUYHUGLFKWXQJ´ XPVFKUHLEW KLHUEHL GHQ (IIHNW HLQHU H[WUHPHQ .RKlVLRQVYHUVWlUNXQJ QDFK HLQHU a K\SHUHQHUJHWLVFKHQ $XIODGXQJ GLH GHP 0DWHULDOHLQHEHVRQGHUH)HVWLJNHLWXQGHLQHQ6FKPHO]SXQNWEHLFDW&YHUOHLKW 'XUFK ZHLWHUH K\SHUHQHUJHWLVFKH $XIODGXQJ NDQQ GHU $UNRQVWDKO SHU a .ULVWDOOIHOGLQWHQVLYLHUXQJ]XVlW]OLFKYHUVWlUNWZHUGHQGDPLWZLUGHULQVEHVRQGHUHJHJHQ a'HVLQWHJUDWRUEHVFKXJHVLFKHUW'LHVH0HWKRGHLVW]ZDUVHKUHQHUJLHDXIZHQGLJDEHU K|FKVWZLUNXQJVYROO ZHOO DXFK EHL MHGHP DQGHUHQ 0DWHULDO DQZHQGEDU $UNRQVWDKO LVW OHW]WOLFKZLGHUVWDQGVIlKLJHUDOVHLQOHLFKWHUa(QHUJLHVFKLUP $5.6800,$%H]GHUHOLWlUHQ5HLIHSUIXQJLPa*URHQ,PSHULXPXQWHUWHLOWLQ GUHL6WXIHQRGHU*UDGHGLHEHLGHQHUVWHQEHWUHIIHQLQHUVWHU/LQLHWKHRUHWLVFKH([DPLQD XQGHQWVSUHFKHQLKUHP$EVFKOXQDFKHLQHPa/DNWURWH0HLVWHU E]Za7DL/DNWURWH *URPHLVWHU 'LH=XODVVXQJGXUFKGLHa)DHKUO.RPPLVVLRQGHU³.OHLQHQ5XQGH´]XU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
7HLOQDKPHDQGHQDEVFKOLHHQGHQ3UIXQJHQFKDUDNWHUOLFKH(LJQXQJ$QZHQGXQJGHV HUOHUQWHQ :LVVHQV LQ GHU 3UD[LV XQWHU ([WUHPEHGLQJXQJHQ XVZ LVW DXIZHQLJH a +HUWDVRQHQHLQHVMHGHQ-DKUJDQJVEHVFKUlQNWYRQGHQHQZLHGHUXPQRFKZHQLJHUGHQ GULWWHQ *UDG EHVWHKHQ²GLHV LVW GDQQ JOHLFKEHGHXWHQG PLW GHU $NWLYLHUXQJ GHV a ([WUDVLQQV LQ GHQ 3DUDSK\VLNDOLVFKHQ $NWLYLHUXQJVNOLQLNHQ GHU MHZHLOLJHQ a )DHKUO ,QVWLWXWH ,P *URHQ ,PSHULXP JLEW HV LQVJHVDPW QXU IQI $5. 6800,$ 3UIXQJVZHOWHQa,SUDVDLVWGLHlOWHVWHa/DUJDPHQLDGLHEHGHXWHQGVWHKLQ]XNRPPHQ QRFKa*RVKEDU6RUDOXQG$ODVVD $WKRU DOOJ HLQ .RPPDQGHXU.RPPDQGLHUHQGHU%HIHKOVKDEHU MHPDQG LQ IKUHQGHUEHYRU]XJWHU6WHOOXQJ$EVWXIXQJMHQDFK3UlIL[]%a+DV¶DWKRU $GPLUDO %DXFKDXIVFKQHLGHUDUN8PVFKUHLEXQJYRQbU]WHQXQG0HGLNHULKU=HLFKHQLVW HLQH$PWVNHWWHDXVa&KROLWW %HJDP+|FKVWHU2IIL]LHUVUDQJGHUQXUGHP,PSHUDWRU]XVWHKWa7DL0RDV %HNNDU UDWWHQlKQOLFKH 1DJHU DXI YLHOHQ :HOWHQ XQG DXFK LQ 5DXPVFKLIIHQ DQ]XWUHIIHQ 'HQ 7LHUHQ ZLUG HLQ DXHUJHZ|KQOLFKHV *HVSU QDFKJHVDJW ³9HUODVVHQ GLH%HNNDUGDV6FKLIIHUOHEWHVVHLQHQOHW]WHQ)OXJ´ %HUOHQ 7DLJRQLL Z|UWO ³]Z|OI JURH HQWUFNWHUK|KW´ VLHKH a =Z|OI +HURHQ DEJHOHLWHWYRQaEHUOHQJRQLL7DL7DLJRQ %HUOHQ7KDQZ|UWO³=Z|OIHU 5DW´5HJLHUXQJVJUHPLXPGHVa*URHQ5DWHVa 7DL 7KDQ 0LWJOLHGHU X D a .D¶&KURQQWLV 2EHUEHVFKDIIXQJVPHLVWHU .D¶*RUWLV .ULHJVPLQLVWHU .D¶0DUHQWLV&KHIZLVVHQVFKDIWOHU .D¶0HKDQWLV ,PSHULDOHU 2NRQRP +DQGHOVPLQLVWHU %ODVWHU LP 5DXPIDKUHU-DUJRQ %H]HLFKQXQJ IU JURNDOLEULJH (QHUJLHZDIIHQ DXFK3ODVPDVWUDKOHUJHQDQQWXQGPDQFKPDOPLWGHPa7KHUPRVWUDKOHUYHUZHFKVHOWLQ HLQHU)XVLRQVNDPPHUZLUGHLQHNOHLQH0HQJHDWRPDUHQ3ODVPDVHU]HXJWGDVGDQQYRQ HLQHP.UDIWIHOGGXUFKHLQH$UWHQHUJHWLVFKH5|KUH²]XU6WDELOLVLHUXQJ%HVFKOHXQLJXQJ XQG%QGHOXQJ²LQV=LHODEJHVWUDKOWZLUGVLHKHa,PSXOVVWUDKOHU %PHUDVDWK EODXVFKLPPHUQGHU +DOEHGHOVWHLQ YRQ ] 7 EHDFKWOLFKHQ $XVPDHQ QXU DXI ZHQLJHQ :HOWHQ ]X ILQGHQ DXV HLQHP VROFKHQ ZXUGH GHU .RQIHUHQ]WLVFK GHV =Z|OIHUUDWHVa%HUOHQ7KDQ LPa.ULVWDOOSDODVWJHVFKOLIIHQ &DUD0RORFKHLQHUDOWHQ6DJH²YHUVFKOLQJW]XHUVWGLH:lUPHGDQQGLH/XIWXQG YHUZDQGHOWGDV8QLYHUVXPLQHLQHQ+DXIHQNDOWHU6WHLQHUDEJHOHLWHWGDYRQGHU%HJULIIa &DUDSULHQDOV³6WHLQHUQHU *DUWHQGHV&DUD´ &HOLV $XJHQ L Z 6 DXFK DOV 8PVFKUHLEXQJ YRQ $JHQWHQ*HKHLPGLHQVWOHUQ DOV³GLH$XJHQGHV,PSHUDWRUV ´a&HOLVWDV *ROGDQ7X*RO&HO7X5D&HO &HOLVWDV *HKHLPGLHQVW0LWJOLHGHUGHVVHOEHQDEJHOHLWHWYRQa&HOLV &HO¶0DVFDQW *HKHLPGLHQVW%HIHKOVKDEHU LP 5DQJ HLQHV $GPLUDOV VLHKH a &HOLV0DVFDQW &HO¶2UEWRQ 'LHQVWJUDG HLQHV JHKREHQHQ $JHQWHQ 2IIL]LHU VLHKH a &HOLV 2UEWRQ &HONDU *HULFKWVZHOW GHV a *URHQ ,PSHULXPV HUVWHU YRQ IQI 3ODQHWHQ GHU 6RQQH0RQKRU/LFKWMDKUHYRQa$UNRQHQWIHUQW &K\ELVNRVWEDUHVSKRWRDNWLYHV*HZHEHGDVIQIPDOLQGHUa7RQWDVHLQH)DUEH ZHFKVHOW &KUHWNRU %H] IU HLQ \RON GHVVHQ a DUNRQRLGH ZHQQ DXFK ]ZHUJHQKDIW NOHLQH .|USHULP6FKQLWW0HWHUJUR ELVDXILQQHUH2UJDQHGDV6NHOHWWXQGHLQHQ7HLO
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
GHU0XVNHOIDVHUQY|OOLJWUDQVSDUHQWVLQGXQGEHUHEHQIDOOVWUDQVSDUHQWHV%OXWYHUIJHQ 'LH (LJHQDUW LKUHV 0HWDEROLVPXV EHGLQJW GD GLH .|USHU HLQHUVHLWV UDVFK DXVNKOHQ XQG EHL $XHQWHPSHUDWXUHQ YRQ XQWHU & WUlJHU ZHUGHQ .RPD*HIDKU EHL & DQGHUHUVHLWV EHL K|KHUHQ DQ 5HDNWLRQVVFKQHOOLJNHLW JHZLQQHQ MHGRFK *HIDKU ODXIHQ ³LQQHUOLFK ]X EHUKLW]HQ´ &KUHWNRU OHEHQ VWlQGLJ LQ GHU $QJVW HQWZHGHU NULVWDOOLQ ]X ³HUVWDUUHQ´ RGHU ]X ³VFKPHO]HQ´ L D YHU]LFKWHQ VLH DXI .OHLGXQJ SULPlUH RGHU VHNXQGlUH *HVFKOHFKWVPHUNPDOH VLQG QLFKW ]X HUNHQQHQ 9HUPXWXQJ HLQJHVFKOHFKWOLF+H /HEHQVIRUP =X 5HFKW JHIUFKWHW LVW GLH )lKLJNHLW LKUHU .UDOOHQKlQGHDXIaSDUDQRUPDOHP:HJH:lUPHDEUXSWDE]XOHLWHQZHQLJH6HNXQGHQ %HUKUXQJ UHLFKHQ XP HLQ /HEHZHVHQ Y|OOLJ JHIULHUHQ ]X OHVVHQ 'LH +HLPDW GHU &KUHWNRULVWXQEHNDQQWLPa*URHQ,PSHULXPOHEHQVLHQXUDOVVHOWHQH(LQ]HOJlQJHU GLHHLQKRKHV$OWHUHUUHLFKHQN|QQHQXQGNHLQH(LJHQQDPHQEHVLW]HQ6LHQHKPHQMHQH DQGLHLKQHQYHUOLHKHQZHUGHQZLH]%$WODQV)UHXQG(LVNUDOOH &KURQQHUV :lKUXQJVHLQKHLWDXILPSHULDOHU(EHQH8QWHUWHLOXQJ&KURQQHU a 0HUNRQV a 6NDOLWRV $OV %DUJHOG LQ )RUP YRQ /RFKPQ]HQ PLW GHQ 0Q]HLQKHLWHQ ]HKQ KXQGHUW WDXVHQG ]HKQWDXVHQG KHUJHVWHOOW GLH ]X %QGHOQ ]XVDPPHQJHIDW ZHUGHQ JHQRUPWH 6WlEH PLW 9HUVFKUDXEXQJ 0Q]HQ LQ )RUP YRQ HLQHP 0LOOLPHWHU GLFNHQ 6FKHLEHQ DXV a &KROLWW,,, ] % HLQH 0LOOLRQ &KURQQHUV DOV =HKQWDXVHQGHU0Q]HQJHEQGHOWHUJHEHQHLQHQ³6WDE´YRQ0LOOLPHWHUQ/lQJHa &KROLWW/XXUV0HWDOO GD3UlS]HLWOLFK ³YRQ´%H]GHV$GHOV$GHOVWLWHODOV3UlIL[ ³DOOH DOOHV´a $UNRQ]HLWUHFKQXQJ'DJRU GD$UN$UNRQ]HLWUHFKQXQJ²-DKUHV]DKO³YRQ$UNRQ´GDV-DKUGD$UNLQ GHP$WODQVHLQHZDKUH+HUNXQIWHUIlKUWHQWVSULFKWGHP-DKUYRU&KULVWXV 'DJRU PHLVW DOV ³$OO.DPSI´ EHUVHW]W LH 6 GLH ZDIIHQORVH .DPSINXQVW GHU $UNRQLGHQ DQJHEOLFK YRP OHJHQGlUHQ a +HURHQ a 7UDQ$WODQ JHVFKDIIHQ VLHKH a $UEDUDLWK L Z 6 GLH GDPLW YHUEXQGHQH 3KLORVRSKLH/HEHQVHLQVWHOOXQJ² YHUYROONRPPQHW EHLP $UNRQ5LWWHUWXP a 'DJRULVWD GHVVHQ +DXSWNRGH[ XP GD $UNHQWVWDQGGLH=Z|OI(KHUQHQ3ULQ]LSLHQ GH'H 1DPHQVSUlIL[ GHV 0LWWOHUHQ $GHOV DXFK DOV HLJHQVWlQGLJHU 7LWHO ³'H´ YHUZHQGHW LP 6LQQH YRQ *UDI ,Q (UZHLWHUXQJ GHU $EVWXIXQJ ZLUG EHL JHQDXHU 8PVFKUHLEXQJ GLH MHZHLOLJH .ODVVH KLQ]XJHIJW 'HPRDV 'HOHQ 'HWLJD a =DKOHQ HLQ'HPRDVLVWDOVRHLQ³'H*UDI(UVWHU.ODVVH´6LHKHDXFKaGHOGRP 'HEDUDgGHa'HEDUD+DPWDU 'HEDUD +DPWDU ³gGH ,QVHO´ DUNRQLGLVFKH %H] IU GLH 0LOFKVWUDH a +DPWDU gGH,QVHO 'H.HRQ¶DWKRU$GPLUDO=ZHLWHU1DVVH 'UHLVRQQHQWUlJHU³9L]H$GPLUDO´ GHU'HO 1DPHQVSUlIL[ GHV 0LWWOHUHQ $GHOV DXFK DOV HLJHQVWlQGLJHU 7LWHO ³'HO´ YHUZHQGHW LP 6LQQH YRQ *UDI ,Q (UZHLWHUXQJ GHU $EVWXIXQJ ZLUG EHL JHQDXHU 8PVFKUHLEXQJGLHMHZHLOLJH.ODVVHKLQ]XJHIJW'HOPRDV'HOOHQ'HOWLJDa=DKOHQ HLQ'HOPRDVLVWDOVRHLQ³'HO*UDI(UVWHU.ODVVH´6LHKHDXFKaGHGRP GRP'RP 1DPHQVSUlIL[ GHV 0LWWOHUHQ $GHOV DXFK DOV HLJHQVWlQGLJHU 7LWHO ³'RP´ YHUZHQGHW LP 6LQQH YRQ *UDI ,Q (UZHLWHUXQJ GHU $EVWXIXQJ ZLUG EHL JHQDXHU 8PVFKUHLEXQJ GLH MHZHLOLJH .ODVVH KLQ]XJHIJW 'RPPRDV 'RPOHQ 'RPWLJD a =DKOHQ HLQ'RPPRDVLVWDOVRHLQ³'RP*UDI(UVWHU.ODVVH´6LHKHDXFKaGHGHO
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
'RU¶DWKRU5DXPVFKLII .RPPDQGDQW9LHUWHU.ODVVHELVP HQWVSULFKWLD HLQHP'UHLPRQGWUlJHU (LVNUDOOHa&KUHWNRU (QHUJLH)HOGOHLWHU%H]IUGLHRIWU|KUHQI|UPLJHQ+RFKHQHUJLHOHLWXQJHQDQ%RUG YRQ 5DXPVFKLIIHQ (V KDQGHOW VLFK XP HLQ 7UDQVSRUWIHOG LQ GHP VHOEVW JURH (QHUJLHPHQJHQ QDKH]X YHUOXVWIUHL EHUWUDJHQ ZHUGHQ N|QQHQ DXFK ,VRODWLRQV 5|KUHQIHOGJHQDQQW (VVR\D QLFKWDGOLJH $UNRQLGHQ EHQDQQW QDFK HLQHU JUQHQ %OlWWHUIUXFKW a (VVR\D\RQNL PLWXQWHUDXFKDOV6FKLPSIZRUWYHUZHQGHW²VLHKHDXFKa=D\QD (VVR\D\RQNL DUN 6WLQNZXU] GHUHQ ELV =HQWLPHWHU JURH RYDOH ELV NXJHOLJH XQG ZDVVHUVSHLFKHUQGH .QROOH ]DKOUHLFKH 0\QGDTLQ'HUYLYDWH 7RQLNXP $QWLGHSUHVVLYXP HQWKlOW JDLW LQ GHQ a $UFKDLVFKHQ 3HULRGHQ DOV HLQHV GHU *UXQGQDKUXQJVPLWWHOVLHKHa(VVR\D (WVHW6WDGW6LHGOXQJ )DHKUO ,QVWLWXW a $5. 6800,$ (OLWlUH 6FKXOH DQ GHU GLH GUHL 6WXIHQ RGHU *UDGHGHU5HLIHSUIXQJDEJHOHJWZHUGHQXQGIUGLHHUIROJUHLFKHQa+HUWDVRQHQLQGHU $NWLYLHUXQJGHVa([WUDVLQQVJLSIHOW )DPD/HEHQ )DPDO*RVQHU*UXIRUPHO³/HEWZRKO´²DEJHOHLWHWYRQa)DP)DPD )HHQUH ,Q 3OlWWFKHQIRUP JHKDQGHOWHU 3IODQ]HQH[WUDNW GHU EHLP .DXHQ 6WRIIH IUHLVHW]W GLH GHQ .|USHU HUIULVFKHQ XQG GLH 6DXHUVWRIIDXIQDKPHIlKLJNHLW GHV %OXWHV HUK|KHQRKQHVFKWLJ]XPDFKHQ )HUP DOOJ 8PVFKUHLEXQJ IU HLQH K\SHUSK\VLNDOLVFKH 2UWVYHUVHW]XQJ a 7UDQVLWLRQ 7UDQVPLVVLRQ RGHU 7HOHSRUWDWLRQ (LQ]HOEHGHXWXQJ MH QDFK 6DW]]XVDPPHQKDQJVLHKHa)HUP.UDQNKHLW)HUP7DDUN7UDQVLWLRQVWULHEZHUN )HUP7DDUN7UDQVLWLRQVWULHEZHUNDQWULHEVLHKHa)HUP)HUP.UDQNKHLW7DDUN 7UDQVLWLRQVWULHEZHUN )UXEL.DUHLQIDVWXQYHUZVWOLFKHUQDFKWVKHOOOHXFKWHQGHU6WRII *DQEHUDDQ GLH )ROWHUZHOW GHV %OLQGHQ 6RIJDUW 0RQGORVHU YLHUWHU YRQ YLHU 3ODQHWHQ HLQHU QDPHQORVHQ URWHQ .96RQQH /LFKWMDKUH YRQ a $UNRQ /LFKWMDKUH YRQ a .UDXPRQ XQG /LFKWMDKUH YRQ a 7UXPVFKYDDU HQWIHUQW 'XUFKPHVVHU .LORPHWHU 6FKZHUNUDIW J 8PODXIGDXHU 7DJH ]X a 7RQWDV 6WXQGHQ 1HLJXQJ GHU 3RODFKVH 'XUFKVFKQLWWVWHPSHUDWXU (LQH KHLH XQG IHXFKWH 8UZDOG XQG 6XPSIZHOW QHEHQ GHP 5DXPKDIHQ JLEW HV DOV +DXSWVLHGOXQJHQ QXU GHQ 6WW]SXQNW GHV %OLQGHQ 6RIJDUW 6HSXONRUYDW GLH .UDODVHQHQVWDGW3HUNRUDVRZLHGHQ5DXPKDIHQ *DUZ|UWO³4XDGUDW´LZ6DXFK³6HNWRU´VLHKHa*DUUDER *DUNXU7DNWLNVLHKHa*DU*DUUDER.XU *DUUDER Z|UWO ³4XDGUDW6WUDWHJLH´ LPSHULDOHV 6WUDWHJLHVSLHO GHU a $UNRQLGHQ GHP 6FKDFK YHUJOHLFKEDU 6SLHOIHOG DXV ]HKQ PDO ]HKQ 4XDGUDWHQ HLQH NOHLQHUH 9DULDQWHKDWDFKWPDODFKWPDO6SLHOILJXUHQHQWVSUHFKHQGGHQa=Z|OI+HURHQMH 6FKZHUWNlPSIHU %RJHQVFKW]HQ /lXIHU JDUGHQ a =K\JRU¶LDQWD VRZLH GLH EHLGHQ +DXSWILJXUHQ 2VPDD /RURQ XQG a 9UHWDWRX ZHLW YHUEUHLWHW XQG EHOLHEW ZLUG VRJDU DQ GHQ 5DXPDNDGHPLHQ JHOHKUW GDUDXV DEJHOHLWHW JHIOJHOWH :RUWH ZLH *DUUDER]XJ *DUUDERILJXUXVZa*DU5DER JDVKIHUQHV ZHLWHQWIHUQWaJRVK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
*HELHWHU$QUHGHGHVGHXWOLFK6FKZlFKHUHQJHJHQEHUGHPK|KHUHQ5DQJYRU DOOHPDEHUYRQ5RERWHUQDOLHQa$UNRQLGHQJHJHQEHU *ROGDQ DXFK *ROWDQ DXV GHQ a +HURHQ6DJDV EHUOLHIHUWHV 8QJHKHXHU PLW +XQGHUWHQEHUDXVVFKDUIVLFKWLJHQ$XJHQHQWVSULFKWGHP$UJXVGHUJULHFK6DJH²HLQ 5LHVH GHU KXQGHUW $XJHQ KDVWH YRQ GHQHQ LPPHU HLQ 7HLO ZDFKWH YHUHLQ]HOW DOV (KUHQWLWHOYHUZHQGHWVLHKHDXFKa7XVVDQ*ROGDQ&HOLV JRQ Z|UWO ³HQWUFNWHUK|KW´ DXFK ³EHUJHRUGQHW´ ³EHU ´ VLHKH a 6NRUJRQ 7DLJRQ *RU.DPSIULQJHQXPPLWXQWHUDXFK.ULHJ *RU0HKLQGD.DPSI0HKLQGD²EHVRQGHUHV0DNHXSLDQXULQGHU=HLWGHUa .$<08857(6 YRQ $QJHK|ULJHQ GHU 0LWWOHUHQ XQG *URHQ a .HOFKH DXIJHWUDJHQ a *RU0HK¶LQ0HKLQGD *RU¶5DQWRQ GLH .DPSI.ULHJVZHOW %H] IU a $UNRQ ,,, DEJHOHLWHW YRQ a *RU 5DQWRQ *RUWDYRU Z|UWO ³GHU .DPSI 7DYRUV´ 1DPH GHV PRQGORVHQ ]ZHLWHQ YRQ DFKW 3ODQHWHQGHU6RQQHa*RUWDYRUV6WHUQ²EHQDQQWQDFKGHP(QWGHFNHU7DYRUGHU a GD $UN GDV 6\VWHP NDWDORJLVLHUWH XQG EHL GHU %HUKUXQJ GHU 6LOEHUVWUlQJH LQ GHU 6SLQQHQZVWH VWDUE 'XUFKPHVVHU .LORPHWHU 6FKZHUNUDIW J 8PODXIGDXHU 7DJH ]X a 7RQWDV 6WXQGHQ 1HLJXQJ GHU 3RODFKVH 'XUFKVFKQLWWVWHPSHUDWXU&+DXSWNRQWLQHQWa7DLJRU *RUWDYRUV 6WHUQ *O96RQQH LQ GHU 0LOFKVWUDHQKDXSWHEHQH /LFKWMDKUH YRQ a $UNRQ HQWIHUQW ,QVJHVDPW DFKW 3ODQHWHQ PLW 0RQGHQ VRZLH ]ZLVFKHQ GHP HUVWHQ XQG ]ZHLWHQ 3ODQHWHQ HLQ $VWHURLGHQJUWHO YLHU GHU 3ODQHWHQ VLQG *DVULHVHQ VLHKHa*RUWDYRU *RVGDV:RKOJHVWDOWHWH0DNHOORVHLDLP6LQQHYRQ.ULVWDOO *RV¶DWKRUGHU .ULVWDOOSULQ]DEJHOHLWHWYRQa*RV$WKRU *RVKEDU3UIXQJVZHOWGHUa$5.6800,$ *RV¶.KDVXUQ Z|UWO ³.ULVWDOONHOFK´ %H] GHV a .ULVWDOOSDODVWHV DEJHOHLWHW YRQ a *RV.KDVXUQ *RV/DNWURWH.ULVWDOOPHLVWHUDEJHOHLWHWYRQa*RV/DNWURWHYRQ$PWVZHJHQLQ GLH 6LFKHUKHLWVPDQDKPHQ IU GHQ ,PSHUDWRU HLQJHEXQGHQ =ZHLWEH]HLFKQXQJ DXFK ³2EHUDXIVHKHUGHU3ULYDWUlXPHGHVa=KGRSDQWKL´ *RV¶0DVFDQWa.ULVWDOOPDUVFKDOO *RVQHU Z|UWO ³ZRK9:RKO´ L Z 6 DQJHQHKP DQJHQHKPHU =XVWDQG JXWHV %HILQGHQ*HVXQGKHLWDOVYHUNU]WH)RUPDOV*UXIRUPHOYHUZHQGHWXQGGHVKDOEDXFK LP6LQQHYRQ³*UXJUHQ´EHUVHW]WVLHKHa)DPDO*RVQHU *RV¶5DQWRQGLH .ULVWDOOZHOW%H]IUa$UNRQ,DEJHOHLWHWYRQa*RV5DQWRQ JRVKXQ]XJlQJOLFKDEJHVFKLUPW²3KRQHP$EOHLWXQJYRQaJDVKa6NlUJRWK *URHU5DWa7DL7KDQ *URHV$OWHV \RONQXUDXV/HJHQGHQXQGYDJHQhEHUOLHIHUXQJHQRGHU5XLQHQ XQG $UWHIDNWHQ DXI YLHOHQ :HOWHQ EHNDQQWHV \RON GDV PHKUHUH -DKU]HKQWDXVHQGH YRU GHU%OWH]HLWGHUa$UNRQLGHQGLH0LOFKVWUDHEHVLHGHOWHa/HPXUHU *URHV,PSHULXP6WHUQHQUHLFKGHUa$UNRQLGHQGDVa7DL$UN¶7XVVDQXPIDW XP a GD $UN PHKUHUH ]HKQWDXVHQG EHVLHGHOWH 3ODQHWHQ XQG QRFK PHKU UHLQ LQGXVWULHOOJHQXW]WH:HOWHQ.HUQJHELHWVLQGGLH:HOWHQLP.XJHOVWHUQKDXIHQa7KDQWXU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
/RN DOOHUGLQJV VLQG DXFK YLHOH LP %HUHLFK GHU JDODNWLVFKHQ +DXSWHEHQH ]X ILQGHU ZR GHU'XUFKPHVVHUGHV9HUEUHLWXQJVJHELHWVPHKUDOV/LFKWMDKUHHUUHLFKWKDW *XXUWKWLWHOWUDJHQGHU$GOLJHURKQH/HKHQLDYHUZHQGHWLQ9HUELQGXQJPLWGHP 1DPHQGHUMHZHLOLJHQ+HLPDWZHOW]%*XXUWKYRQaGD $ONXQLV +DPWDU,QVHOa'HEDUD+DPWDUgGH,QVHO KDUDHZ|UWO³1RUGHQQ|UGOLFK´LZ6DXFK³REHQREHUHU´a+DUDH¶PHUH +DUDH¶PHUH1RUGSROa.DWRU¶PHUHPHUH +DV¶DWKRUDOOJHLQ$GPLUDOLH6HLQIDFKVWHU$GPLUDOVUDQJ (LQVRQQHQWUlJHU $GPLUDO9LHUWHU.ODVVHVLHKHa$WKRU +DVKOH\3LO]DUWGLHDXIa$UNRQVWDKOJHGHLKWEHVRQGHUVLQ)XJHQXQGDXIDOWHQ 6FKLIIHQ]XILQGHQ +HURHQ a%HUOHQ7DLJRQLL 7DLJRQ=Z|OI+HURHQ +HUWDVRQHQ 7HLOQHKPHU.DQGLGDWHQGHUa$5.6800,$ +XKDQ*RWW*|WWHUVLHKHa6KH¶+XKDQ KXKDQ\Z|UWO³J|WWOLFKHV ´VLHKHa6KH¶+XKDQ+XKDQ\¶7XVVDQ +XKDQ\¶7XVVDQZ|UWO³*|WWOLFKHV,PSHULXP´VLHKHaKXKDQ\7XVVDQ +JHOGHU:HLVHQa7KHN/DNWUDQ ,PSHUDWRUHQVLHJHO DOV IlOVFKXQJVVLFKHU JHOWHQGH 6RQGHUDXVZHLVH LQ )RUP KDQGJURHU$PXOHWWHHLQH6HLWHLVWY|OOLJJODWWGLHDQGHUHPLWHLQHP5HOLHISURILOHLQHV ,PSHUDWRUHQNRSIHV YHUVHKHQ GLH 7UlJHU XQG DXVVFKOLHOLFK VLH²N|QQHQ LKU $PXOHWW ]XP/HXFKWHQEULQJHQLQGHPVLHGLH'DXPHQIHVWDXIGLHJODWWH6HLWHSUHVVHU0LWGHP $XIOHXFKWHQ ZHLVW GHU 7UlJHU VLFK DOV OHJLWLPLHUW DXV GHQQ GDV 6LHJHO LVW DXI VHLQH a ,QGLYLGXDOPXVWHU DEJHVWLPPW GLH YRQ GHQHQ GHV MHZHLOV KHUUVFKHQGHQ ,PSHUDWRUV JHJHQJH]HLFKQHW VHLQ PVVHQ /HLGHU JLQJ GLH 7HFKQLN QHXH 6LHJHO KHU]XVWHOOHQ LP /DXI GHV a 0HWKDQNULHJV YHUORUHQ /HGLJOLFK GLH ,PSHUDWRUHQ5HOLHIV ZXUGHQ QRFK DXVJHWDXVFKW XQG GLH ,QGLYLGXDOGDWHQ JHlQGHUW LP -DKU Q &KU H[LVWLHUWHQ QRFK ]Z|OIGHU,PSHUDWRUHQVLHJHO ,SUDVD Z|UWO ³:DQGHUVFKDIW 1RPDGHQWXP´ GDYRQ DEJHOHLWHW GHU 1DPH GHV 3ODQHWHQ GHU 6RQQH a $UNRQ 'LH lOWHVWH GHU IQI a $5. 6800,$3UIXQJVZHOWHQ JOHLFK]HLWLJ 6LW] GHU *DODNWRQDXWLVFKHQ $NDGHPLH YRQ ,SUDVD 9RQ ,SUDVD$UNRQLGHQ VWDPPHUGLHa5DXPQRPDGHQDWH ,QGLYLGXDODXUDVLHKHa,QGLYLGXDOPXVWHU ,QGLYLGXDORUWHUWDVWHU*HUlW]XU(UIDVVXQJ$XI]HLFKQXQJXQG$XVZHUWXQJYRQa ,QGLYLGXDOPXVWHUQDXUDVFKZLQJXQJHQ ZLUG L D ]XU HLQGHXWLJHQ ,GHQWLIL]LHUXQJ YRQ 3HUVRQHQYHUZHQGHW ,QGLYLGXDOVFKZLQJXQJHQVLHKHa,QGLYLGXDOPXVWHU .¶DPDQD NDIIHHlKQOLFKHV DUNRQLGLVFKHV *HWUlQN ZLUG KHL VHUYLHUW GXQNHOEUDXQHELVVFKZDU]H)DUEH .D¶&KURQQWLV%H]7LWHOGHVa2EHUEHVFKDIIXQJVPHLVWHUVVLHKHa%HUOHQ7KDQ &KURQQHUV .D¶*RUWLV%H]7LWHOGHVa.ULHJVPLQLVWHUVVLHKHa%HUOHQ7KDQ*RU .D¶0DUHQWLV%H]7LWHOGHV&KHIZLVVHQVFKDIWOHUVGHVa*URHQ5DWHV7DL7KDQ 0LWJOLHG GHV a %HUOHQ 7KDQ DOV HLQHU GHU EHUKPWHVWHQ JLOW (SHWUDQ GHU IU GHQ (QGDXVEDXGHV5RERWUHJHQWHQYHUDQWZRUWOLFKZDU .D¶0HKDQWLV %H]7LWHO GHV ³,PSHULDOHQ NRQRPHQ´ +DQGHOVPLQLVWHU GHV a *URHQ5DWHV7DL7KDQ0LWJOLHGGHVa%HUOHQ7KDQVLHKHDXFKa0HKDQ
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
.DPSIDQ]XJa(LQVDW]7UDQVSRUW6FKXW]XQG.DPSIDQ]XJ .DQWK
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
.ULVWDOOPDUVFKDOO a *RV¶0DVFDQW HQWVSULFKW HWZD HLQHP +RIPDUVFKDOO DOV REHUVWHP %HDPWHQ GHV LPSHULDOHQ +RIHV YRQ $PWV ZHJHQ 9RUJHVHW]WHU GHU =HUHPRQLHQPHLVWHU XQG $XVELOGHU(U]LHKHU GHV MHZHLOLJHQ a .ULVWDOOSULQ]HQ a *RV¶DWKRU .ULVWDOOSDODVW a *RV¶.KDVXUQ =HQWUDOJHElXGH DXI GHP a +JHO GHU :HLVHQ a 7KHN/DNWUDQ YRQ a $UNRQ , 6LW] GHV ,PSHUDWRUV 0LWXQWHU DXFK *RV¶7HDXOWRNDQ JHQDQQW a 7HDXOWRNDQ 7ULFKWHUEDX YRQ 0HWHUQ +|KH XQG HLQHP REHUHQ 'XUFKPHVVHU YRQ 0HWHUQ DXI HLQHP 0HWHU GXUFKPHVVHQGHQ 6RFNHO NULVWDOOLQH$XHQVWUXNWXU,QGHUlXHUHQ)RUPHQWVWDQGGHU.ULVWDOOSDODVWDXI%HIHKOYRQ ,PSHUDWRU=DNKDJULP,,,HWZDDEaGD$UNY&KU VHLWKHUNDPHVLPPHU ZLHGHU]X8PEDXWHQ$QGHUXQJHQGHULQQHUHQ$UFKLWHNWXUXVZ .ULVWDOOSULQ]a*RV¶DWKRU .62/ SOXV .RGH]DKO %H]HLFKQXQJ YRQ a 3RVLWURQLNHQ LQ $WODQV -XJHQG]HLW VLQG.62/ELVLP(LQVDW]VLHKHDXFKa0LNUR.62/ .XJHOUDXPVFKLIIUDXPHU 6WDQGDUGIRUP a DUNRQLGLVFKHU 5DXPVFKLIIH PLW HLQHP 'XUFKPHVVHU ]ZLVFKHQ XQG 0HWHUQ (LQ]HOW\SHQ VLHKH a 8OWUDOHLFKWNUHX]HU /HLFKWHU.UHX]HU6FKZHUHU.UHX]HU6FKODFKWNUHX]HU6FKODFKWVFKLII .XULL 6HNWRUHQEHDXIWUDJWHU6WDWWKDOWHU PHKU DOV HLQ 6RQQHQV\VWHP VRIHUQ VLFKGDV+DXSWOHKHQHLQHV)UVWHQPLWGHP6WDWXVHLQHV.XUYHUHLQWXQGGHU7LWHOHLQHV a 6RQQHQWUlJHUV KLQ]XNRPPW ZLUG GLH %H]HLFKQXQJ ]X a ³6RQQHQNXU´ a 6KHNXU ]XVDPPHQJH]RJHQa*DU*DUNXU5DER .\DVRREHUJNULVWDOONODUHa+\SHUNULVWDOOH /DNDQ*UXSSHYRQ]HKQ5DXPVFKLIIHQ /DNWURWH %H] IU HLQHQ EHUOHJHQHQ 5DQJ LP 6LQQH YRQ :HLVHU 0HLVWHU DEJHOHLWHW GDYRQ ] % /DNWUDQ LQ a 7KHN/DNWUDQ +JHO GHU :HLVHQ MH QDFK =XVDPPHQKDQJDXFKLP6LQQHYRQ'RNWRURGHU3URIHVVRUYHUZHQGHW /DUJD .296RQQH QDKH GHP =HQWUXP GHV .XJHOVWHUQKDXIHQV a &HUNRO /LFKWMDKUH YRQ $UNRQ HQWIHUQW ,QVJHVDPW IQI 3ODQHWHQ PLW 0RQGHQ VRZLH HLQHP $VWHURLGHQJUWHO ]ZLVFKHQ GHP YLHUWHQ XQG IQIWHQ 3ODQHWHQ ]ZHL GHU 3ODQHWHQ VLQG *DVULHVHQa/DUJDPHQLD /DUJDPHQLD 1DPH GHV ]ZHLWHQ YRQ IQI 3ODQHWHQ GHU 6RQQH a /DUJD 'XUFKPHVVHU .LORPHWHU 6FKZHUNUDIW J 8PODXIGDXHU 7DJH ]X a7RQWDV6WXQGHQ 1HLJXQJGHU3RODFKVH'XUFKVFKQLWWVWHPSHUDWXU &*UXQGVWHLQOHJXQJGHU6LHGOXQJ7LIWRGXUFK,PSHUDWRU4XHUWDPDJLQ,9LP-DKU a GD $UN XP GD $UN GDQQ +DXSWVWDGW 7LIWRUXP +LHU ZLUG GD $UN QDFK a ,SUDVDXQGa*RVKEDUGDVGULWWHa)DHKUO,QVWLWXWJHJUQGHWGHU3ODQHWHQWZLFNHOWVLFK LQ GHQ IROJHQGHQ -DKUWDXVHQGHQ ]XU EHGHXWHQGVWHQ GHU IQI a $5. 6800,$ 3UIXQJVZHOWHQ /HLFKWHU.UHX]HUDUN.XJHOUDXPVFKLIIYRQ0HWHUQ'XUFKPHVVHU /HND%H]IUDUN'LVNXVUDXPHUPLW'XUFKPHVVHUQ]ZLVFKHQXQG0HWHUQ HLQJHVHW]W DOV %HLERRW RGHU -DFKW PLW XQWHUVFKLHGOLFKHQ 5HLFKZHLWHQ VRZLH PLW XQG RKQH a 7UDQVLWLRQVWULHEZHUN 'LH 7\SEH]HLFKQXQJHQ VSLHJHOQ GLH *U|H ZLGHU /( 'XUFKPHVVHU 0HWHU +|KH 0HWHU /( 'XUFKPHVVHU 0HWHU +|KH 0HWHU HWF
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
/HPXX DXI $UWHIDNWHQ JHIXQGHQH DOWH JDODNWLVFKH WRWH 6SUDFKH GLH JHZLVVH bKQOLFKNHLWHQPLWGHPa6DWURQDOV³NODVVLVFKHV,QWHUNRVPR´DXIZHLVWVLHKHa*URHV $OWHV\RON/HPXUHU /HPXUHU YRQ GHU XUVSUQJOLFK /HPXU JHQDQQWHQ (UGH VWDPPHQGHV \RON GHU (UVWHQ 0HQVFKKHLW YRQ GHP QDFK VHLQHU 9HUWUHLEXQJ QDFK $QGURPHGD XP Y &KUQXU$UWHIDNWHXQG/HJHQGHQEHULFKWHQa*URHV$OWHV9RON /HUF (LQKHLW GHU ³,QWHOOLJHQ]VWXIHQVNDOD´ 'LH PHKUIDFK LQ GHU DUNRQLGLVFKHQ *HVFKLFKWH QHX GHILQLHUWHQ /HUF(LQKHLWHQ GHU YHUHLQIDFKW DOV ,QWHOOLJHQ]VWXIH XPVFKULHEHQHQ 6NDOD KDEHQ QXU PLWWHOEDU HWZDV PLW ³,QWHOOLJHQ]´ ]X WXQ 7DWVlFKOLFK KDQGHOW HV VLFK XP HLQHQ UHLQ UHFKQHULVFK HUPLWWHOWHQ :HUW LQ GHQ HLQH JDQ]H 5HLKH YRQ )DNWRUHQ PLW XQWHUVFKLHGOLFKHU *HZLFKWXQJ HLQJHKHQ +DXSWNRPSRQHQWHQ VLQG GXUFK $XVELOGXQJ XQG DXIVWRFNHQGH a +\SQRVFKXOXQJ YHUPLWWHOWHV :LVVHQ GLH JUXQGVlW]OLFKH)lKLJNHLWGLHVHVSUDNWLVFKXP]XVHW]HQJHLVWLJH%HZHJOLFKNHLW$NWLYLWlW XQG :LOOHQVVWlUNH $OOH GLHVH .RPSRQHQWHQ VFKODJHQ VLFK LQ VSH]LILVFKHQ 6SHNWUDOPXVWHUQ GHU a ,QGLYLGXDOVFKZLQJXQJVDXUHQ QLHGHU XQG OHVVHQ VLFK PLW HLQHP NRPSOH[HQ$OJRULWKPXVDXIHLQHQHLQIDFKHQ=DKOHQZHUWUHGX]LHUHQ$OV6FKZHOOHQZHUW ]XU $XVVFKDOWXQJ GHV 5RERWUHJHQWHQ OHJWH GHU :LVVHQVFKDIWOHU (SHWUDQ /HUF IHVV GHQ $WODQ LP )UKMDKU Q &KU EHUERW (SHWUDQ VHOEVW VRLO PLW /HUF GHQ K|FKVWHQMHPDOVQDFKVHLQHU'HILQLWLRQJHPHVVHQHQ:HUWJHKDEWKDEHQ /RJLNVHNWRUa([WUDVLQQ /RN=LHO /RVROJHOEHa+\SHUNULVWDOOH /XFFRW DUN %H] IU HLQHQ +RFKHQHUJLH,PSXOVVWUDKOHU VLHKH DXFK a %ODVWHU 'HVLQWHJUDWRU,PSXOVVWUDKOHU=DUDFFRW=DUDNK /XXUV 3ODQHW PLW JHKHLPJHKDOWHQHU 3RVLWLRQ HLQ]LJH )XQGVWlWWH YRQ a /XXUV 0HWDOO /XXUV0HWDOOYHUVFKLHGHQH(GHOPHWDOOH*ROG6LOEHU3ODWLQXD GHV3ODQHWHQa /XXUV GLH HLQH H[RWLVFKH 0ROHNXODUVWUXNWXU DXIZHLVHQ XQG DXIJUXQG GHU K\SHUSK\VLNDOLVFKHQ $QWHLOH GHQ a +\SHUNULVWDOOHQ lKQHOQ MHGRFK QLFKW ZLH GLHVH DQ 4XDU] JHEXQGHQ VLQG LKUH %HVRQGHUKHLW LVW GLH VWHWV JOHLFKEOHLEHQGH YRQ GHQ $XHQEHGLQJXQJHQXQDEKlQJLJH7HPSHUDWXUYRQH[DNW&LQ)RUPYRQ :lUPH ]XJHIKUWH (QHUJLH ZLUG LQ GHQ a +\SHUUDXP DEJHJHEHQ LVW GLH 8PJHEXQJ NlOWHUIOLHW(QHUJLHDXVGHP+\SHUUDXPDWHVRGDGLH7HPSHUDWXUNRQVWDQ]HUKDOWHQ EOHLEWGDV3KlQRPHQLVWDOVRYRQaK\SHUHQHUJHWLVFKHQ6HNXQGlUHPLVVLRQHQEHJOHLWHW GHUHQ&KDUDNWHULVWLNXQYHUNHQQEDULVW a&KROLWW&KURQQHUV 0DKRFKDGOLJHV1DPHQVSUlIL[DXFKDOVHLJHQVWlQGLJHU7LWHO³0D´YHUZHQGHWLP 6LQQHYRQ)UVW+HU]RJ,Q(UZHLWHUXQJGHU$EVWXIXQJZLUGEHLJHQDXHU8PVFKUHLEXQJ GLHMHZHLOLJH.ODVVHKLQ]XJHIJW0DPRDV0DOHQ0DWLJDa=DKOHQ HLQ7DPRDVLVW DOVRHLQ³0D)UVW(UVWHU.ODVVH´6LHKHDXFKa$JK¶7D 0DDKN$ODUP LQIHUQDOLVFKHU +HXOWRQ LP DQ XQG DEVFKZHOOHQGHQ 5K\WKPXV² MHGHU LP a 7DL $UN¶7XVVDQ NHQQW GLHVHV EHVRQGHUH *HUlXVFK XQG IUFKWHW HV VLHKH DXFKa0DDKNV0HWKDQNULHJ 0DDKNV $XFK ZHQQ GLH 0DDKNV XQG LKQHQ lKQHOQGH 9|ONHU YRQ GHQ a $UNRQLGHQ DOV a ³0HWKDQDWPHU´ RGHU NXU] a ³0HWKDQV´ EH]HLFKQHW ZHUGHQ LVW GLHVHU %HJULIILUUHIKUHQG'LHELV]X0HWHUJURHQXQGELV]X0HWHUEUHLWHQ:HVHQ DWPHQLQHUVWHU/LQLH:DVVHUVWRIIXQGHLQELFKHQ0HWKDQ HLQXQGDWPHQ$PPRQLDN
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
DXV GLHVHV *DV LVW XQWHU GHP DXI 0DDKN:HOWHQ KHUUVFKHQGHQ 'UXFN VRZLH GHQ 7HPSHUDWXUHQ YRQ ELV *UDG &HOVLXV QRFK QLFKW IOVVLJ JHZRUGHQ 'LH 0DDKNV HQWZLFNHOWHQ VLFK YRU PHKU DOV -DKUHQ LQ $QGURPHGD $OV GRUW GLH a /HPXUHU DXIWDXFKWHQ ZXUGHQ GLH 0DDKN9RONHU LQ GLH 0LOFKVWUDH YHUWULHEHQ ZR HV LQ $WODQV -XJHQG]HLW ]XP NULHJHULVFKHQ .RQWDNW PLW GHQ $UNRQLGHQ NRPPW²GLH VR\ a 0HWKDQNULHJH LQPHKUIDFKZHFKVHOQGHQKHLHQXQGNDOWHQ3KDVHQ 0DQDJDUDDONRKROKDOWLJHUaDUNRQLGLVFKHU&RFNWDLO 0DQQD[.RGH[IRUPHQ5HJHOQGHUa'DJRULVWDVIU.DPSIXQG'XHOO 0DQQVFKOHXVHNOHLQH5DXPVFKOHXVHDQ%RUGYRQ5DXPVFKLIIHQGLHYRUZLHJHQG YRQ3HUVRQHQXQG5RERWHUQEHQXW]WZLUG 0DVFDQW$GPLUDO(UVWHU.ODVVHK|FKVWHU$GPLUDOVUDQJ ³5HLFKVDGPLUDO´ HLQ 'UHLVRQQHQWUlJHUPLWEHV$XV]HLFKQXQJ 0DVVHWDVWHU )HUQRUWXQJVV\WHP ]XU (UIDVVXQJ YRQ PDWHULHOOHQ 2EMHNWHQ HUIDVVHQ XQG DQDO\VLHUHQ EHU ZHLWH (QWIHUQXQJHQ GLH 9HUlQGHUXQJHQ LP YLHUGLPHQVLRQDOHQ 5DXP=HLW.RQWLQXXP 6WDQGDUGXQLYHUVXP GLH GXUFK GLH *UDYLWDWLRQVIHOGHUYRQ+LPPHOVN|USHUQRGHU5DXPVFKLIIHQKHUYRUJHUXIHQZHUGHQ 0HKDQ+DQGHO 0HKDQGRUZ|UWO³+lQGOHU´(LJHQEH]GHV9RONHVGHU³6SULQJHU´ 0HKDQ¶5DQWRQ GLH +DQGHOVZHOW %H] IU a $UNRQ ,, DEJHOHLWHW YRQ a 0HKDQ 5DQWRQ 0HK¶LQZ|UWO³/LQLH=HLFKHQ´ 0HK¶LQGD.KDVXUQZ|UWO³/LQLH=HLFKHQYRQ.HOFK*HVFKOHFKW´aGD.KDVXUQ 0HK¶LQ0HKLQGD 0HKLQGD DEJHOHLWHW YRQ a 0HK¶LQ GD .KDVXUQ ³/LQLH=HLFKHQ YRQ .HOFK*HVFKOHFKW´ HLQH DXV GHP 6DIW GHV =KDUJ6WUDXFKHV a =KDUJQRWDK JHZRQQHQH FUHPLJH PHLVW LQ EOlXOLFKJUQOLFKHQ 7RQHQ VFKLPPHUQGH 3DVWH GLH GHU +HUVWHOOXQJGHVULWXHOOHQaDUNRQLGLVFKHQ0DNHXSVFOLHQW'DV7UDJHQGHV0HKLQGDLVW QXUGHQ$GHOVJHVFKOHFKWHUQHUODXEWGDVNRVWEDUHXQGLQGHU+HUVWHOOXQJHQWVSUHFKHQG DXIZHQGLJH a *RU0HKLQGD .DPSI0HKLQGD GDUI DOOHUGLQJV QXU HLQ 0LWJOLHG HLQHV 0LWWOHUHQ RGHU *URHQ .HOFKHV DXVVFKOLHOLFK LQ GHU =HLW GHU a .$<08875(6 DXIWUDJHQ 0XVWHU XQG )DUEJHEXQJ GHV 0HKLQGD HQWVSUHFKHQ GHU +HUDOGLN GHV MHZHLOLJHQa.KDVXUQ 0HUHQ5DXP 6WDWLRQ 0HUNRQV a&KURQQHU 0HWDOOSODVWa0HWDOOSODVWLN 0HWKDQDWPHUa0DDKNV 0HWKDQNULHJ %H] IU GLH NULHJHULVFKHQ $XVHLQDQGHUVHW]XQJHQ PLW GHQ a 0HWKDQVa0DDKNV 6FKRQ]XU5HJLHUXQJV]HLWYRQ,PSHUDWRU$UWKDPLQ,JDEHVHUVWH PLOLWlULVFKH =XVDPPHQVW|H LP 7DSRQDU6HNWRU 'LH VSlWHU 0HWKDQNULHJ JHQDQQWH YLHOIDFK]ZLVFKHQKHLHQXQGNDOWHQ3KDVHQZHFKVHOQGH(VNDODWLRQEHJDQQDPa 3UDJRGHU3ULNXUaGD$UNDOVGDV,VNRODUW6\VWHPLP%HUHLFKGHUJOHLFKQDPLJHQ 'XQNHOZRONHQYRQ0HWKDQVHUREHUWZXUGH'LH0RQGHGHU*DVULHVHQZDUHQUHWFKDQa +\SHUNULVWDOOIXQGVWlWWHQ XQGZXUGHQYRQ EHLGHQ 6HLWHQ EHDQVSUXFKW HV ZDU GLH HUVWH 1LHGHUODJH GHU a $UNRQLGHQ JHJHQ GLHVH :HVHQ GLH LP .DPSI DOV ZDKUH 8QJHKHXHU JDOWHQIDVWXQYHUZXQGEDUZHQQPDQVLHQLFKWULFKWLJWUDI 0HWKDQVa0DDKNV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
0LNURJUDY .XU] XQG 6DPPHOEH]HLFKQXQJ IU a 0LNURJUDYLWDWRU XQG a 0LNURJUDYRQHXWUDOLVDWRULDHLQPLQLDWXULVLHUWHV*HUlWGDVEHLGH:LUNXQJHQNRPELQLHUW XQG 7HLO YRQ a 6FKXW]DQ]JHQ LVW ] % IU GLH (U]HXJXQJ HLQHU VSUDFKJHVWHXHUW YHNWRULHUEDUHQ$QWLJUDY)OXJEODVH RGHU]XP7UDQVSRUWYRQ*WHUQHLQJHVHW]WZLUG 0LNURJUDYLWDWRUWUDJEDUHVRGHULQa6FKXW]DQ]JHLQWHJULHUWHV0LNURDJJUHJDWGDV LQ HLQHU 8PJHEXQJ PLW JHULQJHUHU 6FKZHUNUDIW IU GHQ 7UlJHU 6WDQGDUGJUDYLWDWLRQ HU]HXJW KlXILJ NRPELQLHUW PLW HLQHP a 0LNURJUDYRQHXWUDOLVDWRU VLHKH a $QWLJUDY *HQHUDWRU3URMHNWRU0LNURJUDY 0LNURJUDYRQHXWUDOLVDWRU WUDJEDUHV RGHU LQ a 6FKXW]DQ]JH LQWHJULHUWHV 0LNURDJJUHJDW GDV LQ HLQHU 8PJHEXQJ PLW HUK|KWHU 6FKZHUNUDIW GLHVH IU GHQ 7UlJHU DXI 6WDQGDUGZHUW UHGX]LHUW RGHU JDQ] DXIKHEW KlXILJ NRPELQLHUW PLW HLQHP a 0LNURJUDYLWDWRUVLHKHa$QWLJUDY*HQHUDWRU3URMHNWRU0LNURJUDY 0LNUR.62/%H]YRQ.OHLQXQG0LNURSRVLWURQLNHQZLHVLHLQa6FKXW]DQ]JHQ RGHUWUDJEDUHQ*HUlWHQ]XP(LQVDW]NRPPHQa.62/3RVLWURQLN 0LQLNRP $EN IU 0LQLDWXU.RPPXQLNDWRU L D HLQ +\SHUIXQNJHUlW YRQ HLQJHVFKUlQNWHU5HLFKZHLWHLQNRPSDNWHU%DXZHLVH]%LQHLQ$UPEDQGJHUlWRGHULQa 6FKXW]DQ]JHQLQWHJULHUW 0LUNDQ2UW6FKDXSODW]a0LUNDQGRO 0LUNDQGROZ|UWO³2UWGHU %HJHJQXQJ´ 0LYDGR5LQJDUN9HUEUHFKHURUJDQLVDWLRQYRUDOOHPDXIa$UNRQ,, 0LYHOXPEODXHa+\SHUNULVWDOOH PRDVHLQVVLHKHa=DKOHQ7DL0RDV 0RQGWUlJHUa1RV¶LDQWD 0RQRVFKLUP GXUFK :LOOHQVNUDIW HU]HXJWH JHGDQNOLFKH $EVFKLUPXQJ JHJHQ WHOHSDWKLVFKH$XVVSlKXQJKlXILJLQ9HUELQGXQJPLWHLQHPDNWLYLHUWHQa([WUDVLQQRGHU GXUFKa'DJRU0HGLWDWLRQ 0RR Z|UWO ³(LQVFKUlQNXQJ %HJUHQ]XQJ´ KlXILJ LP 6LQQH YRQ ³QXU´ RGHU DXFK ³DEHU´YHUZHQGHWa5HHK9RWDQWKDUGRYXOXP0RR 0X\\DN YLROHWWHV *HWUlQN YRP 3ODQHWHQ *UXEEHW HU]HXJW EHLP .RQWDNW PLW /XIWVDXHUVWRII UDXFKLJH 6FKZDGHQ PLW KDOOX]LQRJHQHU :LUNXQJ ZHOFKH GHQ (LQJHERUHQHQ GHU 3ULPLWLYZHOW GD]X GLHQW VLFK LQ HLQH WUDQFHDUWLJH (NVWDVH ]X YHUVHW]HQ 1DFK GHU 5DXFKELOGXQJ EOHLEW HLQ KRFKSUR]HQWLJHV *HWUlQN ]XUFN GHVVHQ )DUEH VLFK LQ HLQ NUlIWLJ VFKLPPHUQGHV *HOE GXUFK]RJHQ YRQ |OLJHQ 6FKOLHUHQ YHUZDQGHOWKDW'HQ*HUFKWHQQDFKVROO0X\\DNOHEHQVYHUOlQJHUQGH:LUNXQJKDEHQ ZHLOGLH*UXEEHWDQHUQXUODQJVDPDOWHUQXQGHLQH/HEHQVVSDQQHYRQ$UNRQMDKUHQ HUUHLFKHQ HLQH ZLVVHQVFKDIWOLFKH %HVWlWLJXQJ GLHVHU JHULDWULVFKHQ :LUNXQJ JLEW HV QLFKW 1DPDKRRUDVPDUDJGJUQHVaDUNRQLGLVFKHVDONRKROKDOWLJHV*HWUlQN 1HEHOVHNWRU %H] GHU $UNRQLGHQ IU GLH 0LOFKVWUDH ZHLO GLHVH YRP .XJHOVWHUQKDXIHQa7KDQWXU/RNDXVHLQQHEHOKDIWHV$XVVHKHQKDWVLHKHagGH,QVHO QHUW1HUW1DPHQVSUlIL[GHV8QWHUHQ$GHOVDXFKDOVHLJHQVWlQGLJHU7LWHO³1HUW´ YHUZHQGHW LP 6LQQH YRQ %DURQ ,Q (UZHLWHUXQJ GHU $EVWXIXQJ ZLUG EHL JHQDXHU 8PVFKUHLEXQJ GLH MHZHLOLJH .ODVVH KLQ]XJHIJW 1HUWPRDV 1HUWOHQ 1HUWWLJD a =DKOHQ HLQ1HUWPRDVLVWDOVRHLQ³1HUW%DURQ(UVWHU.ODVVH´6LHKHDXFKaRQWHU 1HWWRUXQDLP6GHQGHVbTXDWRULDONRQWLQHQWV/DNWUDQRUDXIa$UNRQ,DQJHEDXWH :HLQVRUWH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
1RFWR1RV+lQGOHU6FKXW]JHPHLQVFKDIW 1RV0RQG3KRQHPDEOHLWXQJYRQa*RVLP6LQQHYRQ7UDEDQW6DWHOOLWLP2UELW YRQLZ6³XQWHU(LQIOXYRQ´ 1RV¶LDQWD Z|UWO ³0RQGWUlJHU´ DEJHOHLWHW YRQ a µLDQWD 1RV +lXILJ LQ .RPELQDWLRQ PLW GHQ =DKOZ|UWHUQ (LQIDFKHU =ZHLIDFKHU 'UHLIDFKHU 0RDV 1RV¶LDQWD/HQ1RV¶LDQWD7LJD1RV¶LDQWD$OV5DQJV\PERODXIGHUOLQNHQ%UXVWVHLWHELV ]XGUHLVFKZDU]H.UHLVHPLWJHOEHQ0RQGVLFKHOQ 1RV¶5HHNKD K|KHUHU 0DQQVFKDIWVUDQJ HLQHV a $UEWDQ XQWHUKDOE HLQHV /HLWHUV a 5HHNKD a 0RQGWUlJHUV a 1RV¶LDQWD RGHU a $WKRUV HQWVSULFKW HWZD HLQHP 6HUJHDQW 2EHUEHVFKDIIXQJVPHLVWHU a .D¶&KURQQWLV IU )LQDQ]HQ :LUWVFKDIW 6WHXHUQ 6HNWRUHQDXIVLFKWXQGGLH]LYLOH/RJLVWLN]XVWlQGLJHV0LWJOLHGLPa%HUOHQ7KDQ gGH ,QVHO %H] GHU a $UNRQLGHQ IU GLH 0LOFKVWUDH DXFK a 1HEHOVHNWRU DEJHOHLWHWYRQa'HEDUD+DPWDU 2*+8/7$-DKUHV]DKO XQGRGHU .HQQ]LIIHU 7\SEH]HLFKQXQJ IU a 7UDQVLWLRQVWULHEZHUNH 2PLU*RV HLQ DXV GHP a =K\ %HZXWHQ 6HLQV PDWHULDOLVLHUWHU .ULVWDOO JHNHQQ]HLFKQHW GXUFK VHLQH )DFHWWHQ XQG HLQ JROGHQHV /XPLQHV]HQ]OHXFKWHQ $WODQV =LHKYDWHU X /HKUPHLVWHU )DUWXORRQ ³GHU OHW]WH &DOXULHU´ YHUZHQGHWH RIIHQEDU YHUVFKLHGHQH WHFKQLVFK RGHU a SDUDPHFKDQLVFK JHQXW]WH 6RQGHUIRUPHQ YRQ 20,5*26XDEHLGHU)OXFKWYRP3ODQHWHQa*RUWDYRUYJO$WODQEXFK RQ2Q 1DPHQVSUlIL[ GHV 8QWHUHQ $GHOV DXFK DOV HLJHQVWlQGLJHU 7LWHO ³2Q´ YHUZHQGHW LP 6LQQH YRQ %DURQ ,Q (UZHLWHUXQJ GHU $EVWXIXQJ ZLUG EHL JHQDXHU 8PVFKUHLEXQJ GLH MHZHLOLJH .ODVVH KLQ]XJHIJW 2QPRDV 2QOHQ 2QWLJD 2QOHQLP 2QZHV2QWKDUJa=DKOHQ HLQ2QPRDVLVWDOVRHLQ³2Q%DURQ(UVWHU.ODVVH´6LHKH DXFKaQHUWWHQ 2UEWRQHQ 2IIL]LHUH DEHLQIDFKHPa0RQGWUlJHU 2ZZHEDQ DUN *HWUlQN VlWWLJHQG KRFKSUR]HQWLJ JUQOLFKEUDXQ SIHIIHUDUWLJHU 'XIW 3DO¶DWKRU 5DXPVFKLII .RPPDQGDQW =ZHLWHU .ODVVH ELV P L D HLQ =ZHLSODQHWHQWUlJHU 3DQ]HUSODVW WUDQVSDUHQWH 9DULDQWH8QWHUOHJLHUXQJ YRQ a 0HWDOOSODVWLN a 3DQ]HUWURSORQ 3DQ]HUWURSORQ WUDQVSDUHQWH 9DULDQWH8QWHUOHJLHUXQJ YRQ a 0HWDOOSODVWLN a 3DQ]HUSODVW 3DUDO\VDWRU 6WUDKOHQZDIIH GLH GDV GHP :LOOHQ XQWHUZRUIHQH SHULSKHUH 1HUYHQV\VWHP YRQ /HEHZHVHQ OlKPW 'DV IU GLH OHEHQVZLFKWLJHQ .|USHUIXQNWLRQHQ QRWZHQGLJH DXWRQRPH 1HUYHQV\VWHP EOHLEW GDEHL ZHLWJHKHQG XQEHHLQIOXW 'LH JHWURIIHQH 3HUVRQ LVW YROONRPPHQ EHZHJXQJVXQIlKLJ 3DUDO\VH NDQQ DEHU QRFK QRUPDOGHQNHQVHKHQXQGK|UHQ'LH:LUNXQJGHV3DUDO\VHVWUDKOVKlOWPHLVWIUHLQLJH 6WXQGHQDQ,Q$WODQV-XJHQG]HLWZDUHQ0RGHOOHGHU6HULH8LP(LQVDW] 3DUDNUlIWH VLHKH a SDUDQRUPDO (LQ]HONUlIWH ZLH 7HOHSDWKLH 7HOHNLQHVH 7HOHSRUWDWLRQ+\SQRVXJJHVWLRQXYD SDUDPHFKDQLVFK ]XP XOWUDKRFKIUHTXHQWHQ a K\SHUHQHUJHWLVFKHQ %HUHLFK JHK|UHQGH :LUNXQJ GLH GHQ a SDUDQRUPDOHQ .UlIWHQ YRQ /HEHZHVHQ HQWVSULFKW DEHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
GXUFK*HUlWHNQVWOLFKWHFKQLVFKHU]HXJWZLUG]%EHLGHUa+\SQRVFKXOXQJRGHULQa 3V\FKRVWUDKOHUQ 3HULRGH%H]IUGHQaDUNRQLGLVFKHQ0RQDW]Xa3UDJRVa=HLWUHFKQXQJ 3ODQHWHQWUlJHUa5DQWRQ¶LDQWD 3RO RGHU %RGHQVFKOHXVH %H] IU GHQ .RPSOH[YRQ 6FKOHXVHQV\VWHPHQ DXVIDKUEDUHQ /DGHUDPSHQ .OHLQKDQJDUV XQG a $QWLJUDYVFKlFKWHQ GHU VLFK EHL a DUNRQLGLVFKHQ.XJHOUDXPVFKLIIHQLP%HUHLFKGHVXQWHUHQ3ROVEHILQGHW 3RVLWURQLN %H] GHU 6WDQGDUGUHFKQHU7HFKQRORJLH EHL GHU VWDWV (OHNWURQHQ 3RVLWURQHQ ]XP (LQVDW] NRPPHQ KLHUEHL DOOHUGLQJV a +\SHUNULVWDOOH ]XU +DQGKDEXQJ HUIRUGHUOLFKPDFKHQVLHKHa.62/ 3RVVRQNDO GDFNHOlKQOLFKH +XQGH JDOWHQ VFKRQ LQ $WODQV -XJHQG DOV GLH EHOLHEWHVWHQ+DXVWLHUHGHUa$UNRQLGHQ 3UDJRV $UNRQ7DJ]Xa7RQWDV 4D¶SHVK6\QRQ\PIU:LOGH+RUGH6FKUHFNOLFKH0HXWH%HVWLHQ 5DER6WUDWHJLHVLHKHa*DU*DUNXU*DUUDER 5DQWRQZ|UWO³:HOWHQ ´ 5DQWRQ¶LDQWDZ|UWO³:HOWHQ 3ODQHWHQ WUlJHU´DEJHOHLWHWYRQaµLDQWD5DQWRQ +lXILJ LQ .RPELQDWLRQ PLW GHQ =DKOZ|UWHUQ (LQIDFKHU =ZHLIDFKHU 'UHLIDFKHU 0RDV5DQWRQ¶LDQWD/HQ5DQWRQ¶LDQWD7LJD5DQWRQ¶LDQWD$OV5DQJV\PERODXIGHUOLQNHQ %UXVWVHLWHELV]XGUHLEODXH3ODQHWHQVFKHLEHQ 5DQWRQ 9RWDQWKDU¶)DPD OHJHQGHQXPZREHQH ³:HOW GHV (ZLJHQ /HEHQV´ .XQVWZHOW GHU 6XSHULQWHOOLJHQ] (6 .HUQEHJULII YLHOHU JDODNWLVFKHU 0\WKHQ XQG 6DJHQ VLHKH DXFK a )DPD 5DQWRQ 5HHK 9RWDQWKDU GRYXOXP 0RR 9RWDQWKDU 9RWDQWKDU¶)DPD 5DXPQRPDGHQDGHO 1DFKNRPPHQGHUYRQa,SUDVDVWDPPHQGHQa$UNRQLGHQ GLH QDFK GHU 1LHGHUJDQJV]HLW GHU a $UFKDLVFKHQ 3HULRGHQ LKUH 1RPDGHQNXOWXU LQV $OO KLQDXVWUXJHQ 0RWWR ³'DV $OO NHQQW NHLQHQ +RUL]RQW´ =XQlFKVW EHUHLVWHQ GLH LP 0DWULDUFKDW OHEHQGHQ 5DXPQRPDGHQ DXV GHQHQ GXUFK HLQJHKHLUDWHWH 0LWJOLHGHU GHV $UNRQDGHOV GLH &ODQV GHV 5DXPQRPDGHQDGHOV HQWVWDQGHQ GHQ .XJHOVWHUQKDXIHQ a 7KDQWXU/RN PLW LKUHQ *URUDXPVFKLIIHQ XQG GHQ DXV $VWHURLGHQ HUEDXWHQ +DQGHOV XQG :RKQKDELWDWHQ 6SlWHU VWLHHQ VLH ZHLW 5LFKWXQJ a 1HEHOVHNWRU YRU 0LW GHU =HLW UDQNWHQ VLFK LPPHU PHKU *HKHLPQLVVH XP VLH NHLQ &ODQIUHPGHU GXUIWH GLH DXVJHK|KOWHQXQGLQIHUQIOXJWDXJOLFKH/HEHQVLQVHOQYHUZDQGHOWHQ$VWHURLGHQEHWUHWHQ VLH XQWHUVWDQGHQ DXVVFKOLHOLFK GHU %HIHKOVJHEXQJ GHV ,PSHUDWRUV GHU DOOHLQ GDV ,QQHUH EHVXFKHQ GXUIWH QLHPDQG ZXWH ZLH HV LKQHQ JHODQJ GLHVHV JHZDOWLJHQ *HELOGH HLQHU a 7UDQVLWLRQ ]X XQWHU]LHKHQ $QJHEOLFK EHVDHQ GLH 5DXPQRPDGHQ JHKHLPQLVYROOH .UlIWH P\VWLVFK DQPXWHQGH a SDUDQRUPDOH )lKLJNHLWHQ ZLH VLH QXU +RFKPHLVWHUGHV a 'DJRU EHKHUUVFKWHQ VR GD GLH 7UDQVLWLRQV6WUXNWXUIHOGHU a SDUDPHFKDQLVFK DXIJHODGHQ ZHUGHQ NRQQWHQ DQGHUHQ *HUFKWHQ ]XIROJH ZXUGHQ GLH (HEHQVHQHUJLHQ9HUVNODYWHUDEJH]DSIW+LQWHUJUXQGa=K\=K\)DP 5DXPUVWXQJa(LQVDW]7UDQVSRUW6FKXW]XQG.DPSIDQ]XJ 5HHK Z|UWO ³+HOOLJNHLW 7DJHVOLFKW´ DXFK ³7DJVHLWH HLQHV 3ODQHWHQ ´ VLHKH a 5HHK9RWDQWKDUGRYXOXP0RR 5HHK 9RWDQWKDU GRYXOXP 0RR Z|UWO ³7DJHVOLFKW ZlKUW HZLJ (LQVFKUlQNXQJ GXUFK VLFKGUHKHQGH 3ODQHWHQ ´DUNRQLGLVFKHU$SKRULVPXVIUHLEHUVHW]W³'HU7DJ ZlKUWHZLJQXUGLH3ODQHWHQGUHKHQVLFK´VLHKHaGRYXOXP0RR5HHK9RWDQWKDU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
5HHNKD /HLWHU 3HUVRQ LQ OHLWHQGHU )XQNWLRQ²YRQ GHU %HGHXWXQJ KHU MHGRFK XQWHUKDOEHLQHVa$WKRUVHLQJHVWXIWDXFKa1RV¶5HHNKD 5KDJDUQ Z|UWO ³6WDIIHO´ ] % *UXSSH YRQ 5DXPMlJHUQ5RERWHUQ ]X (LQKHLWHQ 5XGKLQGD JHVSURFKHQHU 1DFKUXI DXI GLH 7RWHQ²³JHPHLQVDP GLH 5XGKLQGD VSUHFKHQ´ GLH7RWHQHKUHQ VDPHK|UHQK|UHK|UW 6DWURQ $EN 6DPH $UNRQ ERQD ³K|UW $UNRQ VSUHFKHQ´ %H] IU GLH OLQJXD IUDQFD LP a *URHQ ,PSHULXP DOV 6DWURQ NODVVLVFKHV ,QWHUNRVPR DOV 6DWURQ, ,QWHUNRVPR DWH 9HUOHLKXQJ GHV +DQGHOVPRQRSROV DQ GLH 6SULQJHU LP -DKU YRU &KULVWXV DOV$UNRQDO +RIVSUDFKH YRU DOOHP DXI a $UNRQ , 8P HWZD Q &KU HQWZLFNHOW VLFK GDV ³PRGHUQH ,QWHUNRVPR´ XPVFKULHEHQ DOV 6DWURQ,D GHU IRUFLHUWH +DQGHO YRQ 6SULQJHUQ PLW $UDV XQG $QWLV IKUW ]XU YHUVWlUNWHQ (LQELQGXQJ PHGRVSH]LILVFKHU %HJULIIH ZLH DXFK UHOLJL|VHU :RUWVFK|SIXQJHQ VR GD FDW $UNRQMDKUHVSlWHUDXFKGLH9HUVLRQ6DWURQ,EZHLWYHUEUHLWHWLVW VHFLQGDSRHWLVFKIUVLHEHQa6HFLQFGD0RRV=DKOHQ 6FKODFKLNUHX]HUDUN.XJHOUDXPVFKLIIYRQ0HWHUQ'XUFKPHVVHU 6FKODFKWVFKLIIDUN.XJHOUDXPVFKLIIYRQ0HWHUQ'XUFKPHVVHU 6FKXW]DQ]XJa(LQVDW]7UDQVSRUW6FKXW]XQG.DPSIDQ]XJ 6FKZHUHU.UHX]HUDUN.XJHOUDXPVFKLIIYRQ0HWHUQ'XUFKPHVVHU 6HFLQGD0RRV VLHEHQEOlWWULJHV JOFNEULQJHQGHV 0RRV YRQ GHP VLFK GLH SRHWLVFKH)RUPYRQVLHEHQDEOHLWHWVLHKHaVHFLQGD=DKOHQ 6HN¶DWKRU 5DXPVFKLII .RPPDQGDQW 'ULWWHU .ODVVH ELV P L D HLQ (LQSODQHWHQWUlJHU 6(17(1=$DUN³0DILD´ 6KDNV6KDNV.DSVHO HLQ]LJHV*HJHQPLWWHOJHJHQGLHa)HUP.UDQNKHLW 6KDOOXFV UDWWHQlKQOLFKH:HVHQXDDXIa$UNRQ,,]XILQGHQZXUGHQPLWHLQHU /DGXQJ .UlXWHUQ HLQJHVFKOHSSW HV LVW QLH JHOXQJHQ VLH DXV]XURWWHQ VHKU VFKHX IUHVVHQDEHUDOOHV 6KH6WHUQH 6RQQHQ a6KH¶+XKDQ 6KH¶+XKDQ6WHUQHQJ|WWHUMH)UDXHQXQG0lQQHUGLHMHZHLOV]XU+lOIWHGHP ³8QWHUUHLFK´YHUN|USHUWGXUFKGDV*URH6FKZDU]H=HQWUDOORFKGHUa2GHQ,QVHO XQG GHP ³2EHUUHLFK´ V\PEROLVLHUW GXUFK GLH 6WHUQHQZHLWH GHU +DOR.XJHOVWHUQKDXIHQ ]XJHUHFKQHW ZHUGHQ X D ,SKDUV\Q *RWW GHV /LFKWV XQG GHU 'UHLKHLW 0HUDNRQ *RWW GHU-XJHQGXQG.UDIW 4LQVKRUD*|WWLQGHU/LHEHXQGXQHQGOLFKHQ*WH 7RUPDQDGD %DUJN DOV :HWWHUJRWW DXFK GHU YRQ 6WXUP XQG 6WlUNH ZXUGH LQ GHQ a $UFKDLVFKHQ 3HULRGHQDXFK.UDODVJHQDQQWa.UDODVHQHQ VLHKHa+XKDQKXKDQ\ 6KH¶LDQWD Z|UWO ³6RQQHQ WUlJHU´ DEJHOHLWHW YRQ a µLDQWD 6KH +lXILJ LQ .RPELQDWLRQ PLW GHQ =DKOZ|UWHUQ (LQIDFKHU =ZHLIDFKHU 'UHLIDFKHU 0RDV 6KH¶LDQWD/HQ6KH¶LDQWD7LJD6KH¶LDQWD$OV5DQJV\PERODXIGHUOLQNHQ%UXVWVHLWHELV ]XGUHLJHOEH6RQQHQVFKHLEHQPLW]Z|OI]DFNLJHP5DQGDEHUDXFKDOVHLQIDFKHU.UHLV 6KHNXU6RQQHQNXUa.XULL 6RQQHQNXU 6LLPD/H\*ULIIWHFKQLNHQLP'DJRU 6NDEROJUQHa+\SHUNULVWDOOH 6NDOLWRVa&KURQQHU
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
6NlUJRWK Z|UWO ³8QZHOW´ XQ]XJlQJOLFKH IHUQH :HOW²LP =XVDPPHQKDQJ PLW GHP0DJQRUW|WHU.OLQVDQWKRUJHQDQQWVLFKHaJRVK 6NRUJRQZ|UWOGHUGLH³9HUVFKOHLHUWH´3KRQHP$EOHLWXQJYRQaJRQ 6RQQHQNXUa.XULL 6KH¶LDQWD6KHNXU 6RQQHQWUlJHUa6KH¶LDQWD 6RUDO3UIXQJVZHOWGHUa$5.6800,$ 6SHQWVFK.RGH[IRUPHQ5HJHOQGHUa'DJRULVWDVIU.DPSIXQG'XHOO 6SLWWRFNV LP 5DXPIDKUHU-DUJRQ %H]HLFKQXQJ IU GLH a $QGUXFNQHXWUDOLVDWRUHQ XQG a $QWLJUDY*HQHUDWRUHQ XQG 3URMHNWRUHQ GLH DQ %RUG YRQ 5DXPVFKLIIHQ GLH $XHQKOOHVWDELOLVLHUHQ 6SUXQJWULHEZHUN%H]IUa7UDQVLWLRQVWULHEZHUNRGHU)HUP7DDUN 6WUXNWXUHUVFKWWHUXQJ PLW HLQHU a 7UDQVLWLRQ YHUEXQGHQH K\SHUSK\VLNDOLVFKH (UVFKHLQXQJ LP QRUPDOHQ 5DXP=HLW.RQWLQXXP 6WDQGDUGXQLYHUVXP GLH VLFK EHUOLFKWVFKQHOODXVEUHLWHWXQGDQJHPHVVHQZHUGHQNDQQa6WUXNWXURUWHUWDVWHU 6WUXNWXUIHOG.RQYHUWHUa7UDQVLWLRQVWULHEZHUN 6WUXNWXURUWHUWDVWHU )HUQRUWXQJVJHUlW ]XU (UIDVVXQJ YRQ a 7UDQVLWLRQHQ GD EHL GHP 6SUXQJ GXUFK GHQ a +\SHUUDXP HLQH 6WUXNWXUHUVFKWWHUXQJ GHV 1RUPDOUDXPV 6WDQGDUGXQLYHUVXP HUIROJW GLH GXUFK GDV *HUlW DQJHPHVVHQ XQG ]XU 3RVLWLRQVEHVWLPPXQJGHVJHRUWHWHQ6FKLIIHVEHQXW]WZLUG 6XXW 1HUYHQJLIW GDV HEHQVR VFKZHU ]X EHVFKDIIHQ LVWZLH a (\HPDOLQ 'LH :LUNXQJ VWHOOW VLFK EHUHLWV HLQ ZHQQ 6XXW0ROHNOH GXUFK GLH +DXW DXIJHQRPPHQ ZHUGHQ (V IKUW ]X HLQHP UDVFKHQ 7RG XQG ZLUG GDQDFK LQ 3UR]HQW DOOHU )DOOH LQQHUKDOEZHQLJHU0LQXWHQUFNVWDQGVIUHLYRQGHUN|USHUHLJHQHQ0LNURIDXQDDEJHEDXW HLQ1DFKZHLVLVWGDQQVHOEVWPLWDXVJHIHLOWHQ0HWKRGHQQLFKWPHKUP|JOLFK WD 3KRQHP GDV LQ GLYHUVHQ .RPELQDWLRQVIRUPHQ LQ (UVFKHLQXQJ ELWW XQG VLFK OHW]WOLFKYRPKRFKDGOLJHQ1DPHQVSUlIL[³7D´HLQHV)UVWHQ+HU]RJVDEOHLWHWHVJLEWGDV 9HUKlOWQLV]XHLQDQGHUDQVLHKHaµLDQWD7D7DLHWF 7DKRFKDGOLJHV1DPHQVSUlIL[DXFKDOVHLJHQVWlQGLJHU7LWHO³7D´YHUZHQGHWLP 6LQQHYRQ)UVW+HU]RJ,Q(UZHLWHUXQJGHU$EVWXIXQJZLUGEHLJHQDXHU8PVFKUHLEXQJ GLH MHZHLOLJH .ODVVH KLQ]XJHIJW 7DPRDV 7DOHQ 7DWLJD a =DKOHQ HLQ 7DPRDV LVW DOVRHLQ³7D)UVW(UVWHU.ODVVH´6LHKHDXFKa0D$JK¶DXFKaµLDQWD 7DDUN7ULHEZHUN$QWULHELZ6³hEHUWUDJXQJYRQ.UDIW(QHUJLH´DOOJHPDXFK ³0DVFKLQH´VLHKHa7VRKOW7DDUN 7DLJURJURHVJURHU 7DL $UN¶7XVVDQ *URHV $UNRQOPSHULXP PHLVW QXU DOV *URHV ,PSHULXP EHUVHW]W XPIDW QHEHQ GHQ .XJHOVWHUQKDXIHQ a 7KDQWXU/RN XQG a &HUNRO JURH %HUHLFKH GHU DOV a gGH ,QVHO XPVFKULHEHQHQ 0LOFKVWUDHQKDXSWHEHQH PLW LQVJHVDPW PHKUHUHQ]HKQWDXVHQGYRQa$UNRQLGHQXQG)UHPGY|ONHUQEHVLHGHOWHQ:HOWHQ 7DLJRQLL Z|UWO ³JURH HQWUFNWHUK|KW´ VLHKH a +HURHQ a %HUOHQ 7DLJRQLL =Z|OI+HURHQ 7DLJRUZ|UWO³*URHU.DPSI´ 7DL.KDVXUQ Z|UWO ³JUR .HOFK´ *URHU .HOFK %H] IU GHQ 0LWWOHUHQ*URDGHOVLHKHaGHGHOGRP$QUHGHa=KGRSDQGHO 7DL 0RDV Z|UWO ³JUR HLQV´²LQ GHU %HGHXWXQJ ³(UVWHU *URHU YRQ $UNRQ´ ,PSHUDWRU DOV 2EHUEHIHKOVKDEHU GHU $UNRQIORWWHQ LP 5DQJ HLQHV a %HJDP GHV
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
K|FKVWHQ 2IIL]LHUVUDQJV EHUKDXSWQXU HLQPDO YHUJHEHQ JHQDX ZLH GLH 8PVFKUHLEXQJ +|FKVWHGOHUa=KGRSDQWKL a7DLPRDV=DKOHQ 7DLRQ³5LHVH´DXFK³*LJDQW´ 7DL7KDQ*URHU5DWPLWLQVJHVDPW0LWJOLHGHUQ8QWHUDXVVFKVVH]%GHU a=Z|OIHU 5DWGHU0HGL]LQLVFKH5DWXVZ DEJHOHLWHWYRQa7DL7KDQ 7DL=K\)DP*URH)HXHUPXWWHUDEJHOHLWHWYRQa)DP7DL=K\ 7DL/DNWURWH*URPHLVWHUDEJHOHLWHWYRQa/DNWURWH7DLO 7DQWRUZ|UWO³(UO|VXQJ%HIUHLXQJ)UHLKHLW´VLHKHa$=DUDNKELQ7DQWRU 7DWR3ODQHWHQ *RXYHUQHXUELV]XHLQHP6RQQHQV\VWHP 7HDXOWRNDQ3DODVW5HVLGHQ]6FKORVLHKHa*RV¶.KDVXUQ.ULVWDOOSDODVW WHU7HU 1DPHQVSUlIL[ GHV 8QWHUHQ $GHOV DXFK DOV HLJHQVWlQGLJHU 7LWHO ³7HU´ YHUZHQGHW LP 6LQQH YRQ %DURQ ,Q (UZHLWHUXQJ GHU $EVWXIXQJ ZLUG EHL JHQDXHU 8PVFKUHLEXQJGLHMHZHLOLJH.ODVVHKLQ]XJHIJW7HUPRDV7HUOHQ7HUWLJD7HUOHQLP 7HUZHV 7HUWKDUJ a =DKOHQ HLQ 7HUPRDV LVW DOVR HLQ ³7HU%DURQ (UVWHU .ODVVH´ 6LHKHDXFKaQHUWRQ 7KDQ5DW 7KDQWDQ K|FKVWHU 2IIL]LHUVUDQJ LP *DUGHGLHQVW a 7KDQ 5DW XQWHUKDOE HLQHV $GPLUDOV 'UHLSODQHWHQWUlJHUHQWVSULFKWHLQHPa9HUH¶DWKRU 7KDQWXU/RN Z|UWO ³7KDQWXUV =LHO´ QDFK GHP )ORWWHQDGPLUDO 7KDQWXU XUVSU 7DOXU EH]HLFKQHWHU .XJHOVWHUQKDXIHQ 'XUFKPHVVHU /LFKWMDKUH HWZD 6WHUQH 'LHWHUUDQLVFKH%H],DXWHW0E]Z1*&6LHKHa/RN7DQWRU8UGQLU 7KDUJ¶DWKRU5DXPVFKLII .RPPDQGDQW6HFKVWHU.ODVVHXQWHUKDOEP LD HLQ(LQPRQGWUlJHU 7KDUNV VWHUQI|UPLJH:XUIVFKHLEHQGHU'DJRULVWDV 7KDVSLVJUQEODXHU(GHOVWHLQ 7KHN+JHODXFK*LSIHODEJHOHLWHWGDYRQa]%7KHN/DNWUDQ7KHN¶DWKRU 7KHN¶DWKRU $GPLUDO LP 6WDE )ORWWHQ]HQWUDONRPPDQGR a 7KHNWUDQ 'UHLVRQQHQWUlJHUZ|UWO³.RPPDQGHXUDXIGHP+JH9*LSIHO´DEJHOHLWHWYRQa7KHN $WKRU 7KHN/DNWUDQa+JHOGHU:HLVHQDEJHOHLWHWYRQa/DNWURWH7KHN 7KHN¶SDPD%HDPWHLP)ORWWHQ]HQWUDONRPPDQGRa7KHNWUDQ 7KHNWUDQ )ORWWHQ]HQWUDONRPPDQGR DXI a $UNRQ ,,, DEJHOHLWHW YRQ a /DNWURWH 7KHN 7KL KRFKK|FKVW %H] ] % EHL a 7KL/DNWURWH +RFKPHLVWHU a =KGRSDQWKL +|FKVWHGOHU%H]IUGHQ,PSHUDWRU 7KL.KDVXUQ Z|UWO ³KRFK .HOFK´ %H] IU GHQ +RFKDGHO a $JK¶ 0D 7D $QUHGHa=KGRSDQGD 7KL/DNWURWH+RFKPHLVWHUDEJHOHLWHWYRQa/DNWURWH7KL 7KL7KDQ+RKHU5DWHLQH$UW9RONVSDUODPHQW²LP*HJHQVDW]]XP*URHQ5DW a7DL7KDQ IUHLJHZlKOW 7KRVZ|UWO³(LV´3KRQHPDEOHLWXQJYRQa*RV 7KRV¶DWKRU³(LVMXQNHU´DEJHOHLWHWYRQa*RV7KRV$WKRULZ6DXFK%H]IU 2IIL]LHUVDQZlUWHU WLJDGUHLVLHKHa7LJD5DQWRQ=DKOHQ 7LJD 5DQWRQ Z|UWO ³'UHL :HOWHQ´²8PVFKUHLEXQJ IU $UNRQV 6\QFKURQV\VWHP YRQa$UNRQ,ELV,,,DEJHOHLWHWYRQa5DQWRQWLJD
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
7RQWDV DUN ³6WXQGH´ (UGVWXQGHQ 0LQXWHQE]Z 6HNXQGHQ 8QWHUWHLOXQJ LQ =HKQWHO +XQGHUWVWHO 7DXVHQGVWHO DOVR 'H]LWRQWD 0LQXWHQ E]Z 6HNXQGHQ =HQWLWRQWD 0LQXWHQ E]Z 6HNXQGHQ 0LOOLWRQWD 6HNXQGHQ 7RFNWRQ'lPPHUXQJ=ZLHOLFKW 7RRUDUN³6WLOOJHVWDQGHQ´VLHKHa%UHKHE7RRU 7RRUDJKWRRU¶DJKDUN³6WLOOHU ´VLHKHa7RRU¶DJK7DLRQ 7RRU¶DJK7DLRQDUN³6WLOOHU5LHVH´VLHKHa7RRUDJK7DLRQ 7UDNWRUVWUDK9SURMHNWRU =XJVWUDKOSURMHNWRU GHU 2EMHNWH PLWWHOV HLQHV a K\SHUHQHUJHWLVFKHQ)HOGHVHUIDWXQGLQHLQHEHOLHELJH5LFKWXQJEHZHJWLDDEHUDXI GHQ 3URMHNWRU ]X 0HLVWHQV JHNRSSHOW PLW HLQHP a )HVVHOIHOG3URMHNWRU GHU GDV HLQJHIDQJHQH2EMHNWLPPRELOLVLHUWXQGYHUDQNHUW 7UDQ$WODQ HLQHU GHU a =Z|OI +HURHQ 1DPHQVSDWURQ $WODQV VLHKH a %HUOHQ 7DLJRQLLJRQ+HURH7DLO 7UDQVPLWWHU DXFK 0DWHULH7UDQVPLWWHU VWDWLRQlUH $QODJH ]XU ]HLWYHUOXVWIUHLHQ %HI|UGHUXQJ YRQ 3HUVRQHQ XQG *HJHQVWlQGHQ GLH DOV 7UDQVSRUWPHGLXP GHQ a +\SHUUDXP EHQXW]W 6LHKH a 7UDQVLWLRQV7HFKQRORJLH 7UDQVLWLRQVWULHEZHUN 6HPL 0DQLIHVWDWLRQ 7URQ6SUDFKHDXFK6SUHFKHU6SUHFKHQGHUa6DWURQ ERQDVSUHFKHQUHGHQa6DWURQ 7URQ¶DWKRULL +XKDQ\=K\ Z|UWO ³+RKH 6SUHFKHU GHV *|WWOLFKhEHUVLQQOLFKHQ )HXHUV´8UQVFKUHLEXQJGHUa'DJRULVWDVDEJHOHLWHWYRQa$WKRU+XKDQ\ 7URQ=K\ 7UXPVFKYDDU GLH :HOW GHU a .UDODVHQHQ 0RQGORVHU ]ZHLWHU YRQ YLHU 3ODQHWHQ HLQHU QDPHQORVHQ JHOEURWHQ .O96RQQH /LFKWMDKUH YRQ a $UNRQ /LFKWMDKUHYRQa.UDXPRQXQG/LFKWMDKUHYRQa*DQEHUDDQHQWIHUQW'XUFKPHVVHU .LORPHWHU 6FKZHUNUDIW J 8PODXIGDXHU 7DJH ]X a 7RQWDV 6WXQGHQ 1HLJXQJ GHU 3RODFKVH 'XUFKVFKQLWWVWHPSHUDWXU (LQ ZHLWJHKHQG QDWXUEHODVVHQHU3ODQHWYRQZLOGHU6FK|QKHLWXQGPLOGHP.OLPD 7VRKOW7DDUNa,PSXOVWULHEZHUNa7DDUN 7X*RO&HO 7*& DUN $NURQ\P YRQ 7XVVDQ *ROGDQ &HOLV IUHL EHUVHW]W ³GLH $UJXVDXJHQGHV,PSHULXPV´²GLH³3ROLWLVFKH*HKHLPSROL]HLGHV,PSHUDWRUV´DEJHOHLWHW YRQa&HOLV*ROGDQ7XVVDQ 7X5D&HO 75& DUN $NURQ\P YRQ 7XVVDQ 5DQWRQ &HOLV IUHL EHUVHW]W ³GLH $XJHQ GHU ,PSHULXPV:HOWHQ´²GHU *HKHLPGLHQVW LP a *URHQ ,PSHULXP DEJHOHLWHW YRQa&HOLV5DQWRQ7XVVDQ 7XVVDQDUN,PSHULXP6WHUQHQ 5HLFK 8OWUDOHLFKWNUHX]HU DUN .XJHOUDXPVFKLIIYRQ 0HWHUQ 'XUFKPHVVHU HLQJHVHW]W DOV %HLERRW 5HLFKZHLWH /LFKWMDKUH RGHU LQ HLJHQVWlQGLJHQ 9HUElQGHQ KLHUEHL GDQQYRQGHXWOLFKJU|HUHU5HLFKZHLWH 8UGQLUXUVSU1DPHGHV.XJHOVWHUQKDXIHQVa7KDQWXU/RN 8UXWH[DUN5HLQLJXQJVPLWWHOGHVVHQ*UXQGVXEVWDQ]HLQHVFKDUIH6lXUHLVL 9HUF¶DWKRU 5DXPVFKLII .RPPDQGDQW )QIWHU .ODVVH ELV P L D HLQ =ZHLPRQGWUlJHU 9HUH¶DWKRU5DXPVFKLII .RPPDQGDQW(UVWHU.ODVVHLDHLQ'UHLSODQHWHQWUlJHU 9RWDQWKDUZ|UWO³HZLJ(ZLJNHLW´VLHKHa5HHK9RWDQWKDUGRYXOXP0RR
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
9RWDQWKDU¶)DPD Z|UWO ³HZLJHV /HEHQ´ .HUQEHJULII YLHOHU JDODNWLVFKHU 0\WKHQ XQG 6DJHQ PHLVW LQ 9HUELQGXQJ PLW HLQHU OHJHQGHQXPZREHQHQ ³:HOW GHV (ZLJHQ /HEHQV´ JHQDQQW .XQVWZHOW GHU 6XSHULQWHOOLJHQ] (6 a 5DQWRQ 9RWDQWKDU¶)DPD VLHKHDXFK)DPD5DQWRQ5HHK9RWDQWKDUGRYXOXP0RR9RWDQWKDU 9UHWDWRX a =Z|OI +HURHQ %HUOHQ 7DLJRQLL 0\WKLVFKH 5HWWHUJHVWDOW PHLVW DOV OLFKWXPJORVW EHVFKULHEHQ XQG VR DXFK LQ GLYHUVHQ NQVWOHULVFKHQ 8PVHW]XQJHQ GDUJHVWHOOW 'HU RYDOH 6FKlGHO JOlQ]HQG ZLH XUDOWHV (OIHQEHLQ EHVLW]W NHLQH 'HWDLOPHUNPDOH GDV *HVLFKW IHKOW GLH .|USHUNRQWXUHQ ZHUGHQ YRQ IDOWHQUHLFKHU 5REH EHUGHFNW +DOE HUKREHQH $UPH GLH +DQGIOlFKHQ DXVJHVWUHFNW UHFNHQ VLFK VWHWV LQ JHELHWHULVFKHU*HVWHDQJUHLIHQGHQ%HVWLHQHQWJHJHQVFKHLQHQGHUHQ%HZHJXQJHQ]X VWRSSHU 6lPWOLFKHQ 6DJDV JHPHLQVDP LVW GD HU DOV /LFKWJHVWDOW DXV GHU 6RQQH EHVFKULHEHQ ZXUGH GLH )UK$UNRQLGHQ YRU IUFKWHUOLFK ZWHQGHQ %HVWLHQ UHWWHWH $QKlQJHU XP VLFK VFKDUWH XQG GDQQ QDFK GHU $QNQGLJXQJ LQ =HLWHQ JU|WHU 1RW HUQHXW]XHUVFKHLQHQZLHGHULQV/LFKWHQWUFNWZXUGH'LHVHOHEHQGLJH(QWUFNXQJLQV 1LUJHQGZR RGHU ZDQQ EHWUDI DXFK GDV 6FKLFNVDO GHU EULJHQ +HURHQ GDV a 7UDQ $WODQVYHUEDQGVLFKEHLVSLHOVZHLVHPLWGHPVDJHQKDIWHQ/DQGa$UEDUDLWKXQGGHVVHQ .ULVWDOOREHOLVNHQDQJHEOLFK+HUNXQIWVRUWGHUa$UNRQLGHQHKHVLHa$UNRQEHVLHGHOWHQ 9ULWUD'UDFKH
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
GLH .DWDQHQ GHV &DSLWV YRU GHP -DKUHVZHFKVHO 8PUHFKQXQJ $UNRQMDKUH (UGMDKU$UNRQMDKU (UGMDKUH =KDUJQRWDKHFKWHUa0HKLQGD6WUDXFKYRQa$UNRQ,PLW]ZLWWULJHQSXUSXUURWHQ %OlWWHUQ %OlWWHU UHGX]LHUW GRUQHQDUWLJ 1HEHQEOlWWHU IQIODSSLJ QXU ZlKUHQG GHU 5HJHQ]HLWYRUKDQGHQ =KGRSDQ (UKDEHQHU +RKHU ²$XVGUXFN GHU +RFKDFKWXQJ $QUHGH IU DOOH $GOLJHQXQGK|KHUJHVWHOOWH3HUVRQHQLH6MHQHGHU(GOHQ'ULWWHU.ODVVH %DURQH =KGRSDQGD Z|UWO ³+RFKHGOH+RFKHGOHU´²$QUHGH GHU (GOHQ (UVWHU .ODVVH )UVWHQ+HU]|JH DEJHOHLWHWYRQaGD=KGRSDQ =KGRSDQGHO Z|UWO ³(GOH(GOHU´²$QUHGH GHU (GOHQ =ZHLWHU .ODVVH *UDIHQ DEJHOHLWHWYRQa=KGRSDQ =KGRSDQWKL+|FKVWHGOHU%H]IUGHQ,PSHUDWRUDEJHOHLWHWYRQa7KL=KGRSDQ =KR\W3ODQHW]XGHP$WODQ)DUWXORRQXQG(LVNUDOOHDPa3UDJRGHU&RURPD a GD $UN YRQ GHU :HOW a *RUWDYRU DXV IOLHKHQ LQGHP VLH HLQHQ a 20,5*26 GXUFKVFKUHLWHQ =KR\W LVW /LFKWMDKUH YRQ *RUWDYRU XQG /LFKWMDKUH YRQ a $UNRQHQWIHUQW9RQWULHUDXVZLUG$WODQV7HLOQDKPHXQWHUGHP7DUQQDPHQ0DFRORQDQ GHUa$5.6800,$DXIa/DUJDPHQLDYRUEHUHLWHWYJO$WODQEXFK =K\]HQWUDOHU%HJULIIGHUa'DJRU3KLORVRSKLHYHUJOHLFKEDUGHP6DWRULLP=HQ ³WUDQV]HQGHQWDOHV/LFKW´RGHU³EHUVLQQOLFKHV)HXHU´ =K\)DP DOOJ )HXHUIUDX MH QDFK 6DW]]XVDPPHQKDQJ DXFK )HXHUWRFKWHU PXWWHU a )DP =K\ %H] IU YRU DOOHP DXI a ,SUDVD VRZLH EHL GHQ a 5DXPQRPDGHQ OHEHQGH )UDXHQ PLW PHKU RGHU ZHQLJHU DXVJHSUlJWHQ a 3DUDNUlIWHQ GLH PHLVW MHGRFK HUVWEHL%ORFNELOGXQJ]XWDJHWUHWHQ =K\JRU Z|UWO ³/LFKWNDPSI.DPSI XPV /LFKW´ HLQ %HJULII DXV GHU a 'DJRU 3KLORVRSKLH²QDFK LKPZXUGH GHU 3ODQHW GHU (6.RQWDNWVWHOOH EHQDQQW YJO GLH $UNRQ 7ULORJLH$WODQEFKHUELV =K\JRU¶LDQWDZ|UWO³/LFKWNDPSI.DPSIXPV/LFKW´³]XJHK|ULJ]X0LWJOLHGYRQ ,QKDEHU7UlJHUYRQ´LDLQGHU%HGHXWXQJYRQ³/LFKWNlPSIHU´DOV8PVFKUHLEXQJIUa SDUDQRUPDO EHJDEWH :HVHQ MH QDFK 6DW]]XVDPPHQKDQJ DXFK ³0XWDQW´ RGHU ³=DEHUHU0DJLHU´VLHKHDXFKa=K\=K\JRU¶LDQWD =K\P)HXHUDEJHOHLWHWYRQa=K\ =K\P¶.KDVXUQ)HXHUNHOFKa=K\P.KDVXUQ =K\P¶UDQWRQ)HXHUZHOW3ODQHWGHU6RQQHa$UNRQDEJHOHLWHWYRQa5DQWRQ =K\P =Z|OIHU 5DWa%HUOHQ7KDQ =Z|OI +HURHQ .HUQ GHU 6DJDV VLQG YLHOIlOWLJH (U]lKOXQJHQ GLH QLFKW DOOHLQ DXI GHQ .XOWXUNUHLV GHU a $UNRQLGHQ EHVFKUlQNW VLQG XQG YRQ GHQ 7DWHQ GHU a %HUOHQ 7DLJRQLL EHULFKWHQ HOI DEHUJHZ|KQOLFKH )UDXHQ XQG 0lQQHU GLH JHJHQ %HVWLHQ NlPSIWHQ XQG VLH EHVLHJWHQ²MH QDFK .XOWXU XQG (U]lKOXQJVUDXP GLH YHUVFKLHGHQVWHQ 8QJHKHXHU 'UDFKHQ RGHU 0RQVWHU²XQG QDFK GHP =Z|OIWHQ HLQHU P\VWLVFKHQ 5HWWHUJHVWDOW VXFKWHQ DOOHUGLQJV YHUJHEOLFK ,P a DUNRQLGLVFKHQ /HEHQVUDXP LVW GHU 5HWWHU DOV 9UHWDWRX EHNDQQW HV JLEW DXFK DQGHUH $XVVSUDFKHQ XQG 6FKUHLEZHLVHQ² 9KUDWR RGHU 9KUDWDWX ]XP %HLVSLHO )QI )UDXHQ XQG VHFKV 0lQQHU VWHKHQ EHL 'DUVWHOOXQJHQDOV*UXSSHLDLP+DOENUHLVYRUGHPP\VWLVFKHQ5HWWHUGLH)UDXHQVLQG VWHWV YRQ LGHDOLVLHUWHU 6FK|QKHLW VFKODQN KRFKJHZDFKVHQ GHQQRFK WUDLQLHUW DQ /HLFKWDWKOHWLQQHQHULQQHUQGH*HVWDOWHQPLWZHLHQ+DDUHQXQGURWHQ$XJHQ+LUVXXQD
'LH)ROWHUZHOW
M
$WODQ=HLWDEHQWHXHU
2VPDD /RURQ +DWWDJD 2YDVD +H\GUHQJRWKD bKQOLFKHV EHWULIIW GLH 0lQQHU² 7VXDO¶KDLJK +\¶7\PRQ 7HVO\P -DQJVKR :UDQ 6HSDUHL XQG a 7UDQ$WODQ² LKUH $WKOHWLN LVW QRFK DXVJHSUlJWHU $OOH VLQG LQ UVWXQJVlKQOLFKH .DPSIPRQWXUHQ JHNOHLGHW XQG PLW ]XP 7HLO DUFKDLVFK DQPXWHQGHQ :DIIHQ DXVJHVWDWWHW VWDFKHOEHVHW]WHQ 0RUJHQVWHUQHQ UDVLHUPHVVHUVFKDUIHQ 6FKZHUWODQ]HQ GRSSHOVFKQHLGLJHQ 6WUHLWl[WHQ ]%HLQH)UDXKDWGLH%RJHQVHKQHELV]XP2KUJHVSDQQWVWDWVHLQHU3IHLOVSLW]HJLEWHV GLH9HUGLFNXQJHLQHV0LQLVSUHQJVDW]HVa7UDQ$WODQKlOWGDV'DJRU/DQJVFKZHUWKRFK DXI GHP 5FNHQ WUlJW HU HLQH $UW /\UD :LUNOLFK DNWXHOO VLQG GLHVH 0\WKHQ VHOEVWYHUVWlQGOLFK QLFKW DEHU VLH JHK|UHQ ]XP .XOWXUJXW GHV a *URHQ ,PSHULXPV JHQDXZLHDXIGHU(UGHGLH7DWHQHLQHV3URPHWKHXV+HUDNOHV$FKLOO2G\VVHXVRGHU .|QLJ$UWXV]X3KDQWDVLHQDQUHJWHQLQGLH.XQVWHLQIORVVHQRGHU]XJlQJLJHQ%HJULIIHQ GHU 8PJDQJVVSUDFKH WUDQVIRUPLHUWHQ $FKLOOHVIHUVH 2G\VVHH 7DIHOUXQGH XQG VR ZHLWHU6LHKHDXFKa%HUOHQ7DLJRQLL +HURHQ