%(/3+e*2565h&..(+5 =XHUVWZDUQXUHLQJHZDOWLJHV5DXVFKHQ]XK|UHQ'DQQO|VWH VLFKDXVGHP*UDXGHU'XQNHOKHLWHLQULH...
16 downloads
228 Views
187KB 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
%(/3+e*2565h&..(+5 =XHUVWZDUQXUHLQJHZDOWLJHV5DXVFKHQ]XK|UHQ'DQQO|VWH VLFKDXVGHP*UDXGHU'XQNHOKHLWHLQULHVLJHU6FKDWWHQ EHZHJWHVHLQH)OJHOVSLHOWHPLWGHP:LQGXQGJOLWWQlKHU *OKHQGH$XJHQGXUFKEUDFKHQPLWLKUHQ%OLFNHQGLH 'XQNHOKHLWXQGDOVVLFKGLH)OJHO]XVDPPHQIDOWHWHQVWLH GDV8QWLHUHLQHQIDXFKHQGHQ/DXWDXV ª'XNRPPVWVSlW©VWHOOWHGLH)UDXLQGHPVFKZDU]HQ KDXWHQJHQ/HGHUGUHVDFKOLFKIHVWª:LUZDUWHQVFKRQ© ª:DVLVWIU9DPSLURGHOPDUVFKRQGLH=HLW"©HQWVFKXO GLJWHHUVLFKDXIVHLQH:HLVH ª6HLWLFKGLH0RUGOLJDIKUHZLUGQDFKPHLQHQ*HVHW]HQ YRUJHJDQJHQ©JDEVLH]XUFN ª%LOGHGLUQLFKWVHLQ©*UROOHQGVWLHGLH5LHVHQIOHGHUPDXV GLH:RUWHKHUYRUª%LVMHW]WKDEHLFKGLFKJHGXOGHWDEHUZHQQ GXYHUVXFKVWXQVLQGLH.QXWH]X]ZLQJHQZHUGHLFKGLFK YHUQLFKWHQ© ª'DQQIDQJMHW]WDQ©'LH)UDXEDXWHVLFKEUHLWEHLQLJDXI +LQWHULKUHUKREHQVLFKGLH)HOVHQDOVNRQWXUORVH6FKDWWHQ 'D]ZLVFKHQJlKQWHGXQNHOGHU(LQJDQJHLQHU+|KOH'LH )UDXNRQQWHVLFKLKUHU6DFKHVLFKHUVHLQGHQQXQWHULKUHU )KUXQJH[LVWLHUWHGLH0RUGOLJDZHLWHU2GHUYLHOPHKUGHUHQ 5HVWH'D]XJHK|UWHQ9DPSLURGHOPDU;RUURQ+HUUGHU =RPELHVXQG*KRXOVXQGODVWQRWOHDVW/DG\;GLH)UDXPLW GHPVFKZDU]HQ/HGHUDQ]XJ!YRQ%HUXI9DPSLU 'DVEHZLHVVLHGHXWOLFKLQGHPVLHLKUH=lKQHHQWEO|WH =ZHLVFKDUIH+DXHUNDPHQ]XP9RUVFKHLQXQGPLWHLQHUOlV VLJDQPXWHQGHQ%HZHJXQJOLHVLHGLH0DVFKLQHQSLVWROHYRQ GHU6FKXOWHUUXWVFKHQ6LHKDWWHGLHVH:DIIHPLW6LOEHUNXJHOQ JHODGHQ(WZDV8QZDKUVFKHLQOLFKHVXQG$XHUJHZ|KQ OLFKHVGDHLQ6FKZDU]EOWHUPLWGHQ:DIIHQVFKRGLH HLJHQWOLFKIULKQW|GOLFKZDUHQ 6LHULFKWHWHGLH0QGXQJDXI9DPSLURGHOPDUª$OOULJKW 6XSHUYDPSLU©EHPHUNWHVLHVS|WWLVFKª:LOOVWGXGLH (QWVFKHLGXQJRGHUZLOOVWGXVLHQLFKW"© 9DPSLURGHOPDUKDWWHVLFKYHUZDQGHOW:HJYRQGHU
)OHGHUPDXVXQG]XUFNLQHLQJUDXHQHUUHJHQGHV0RQVWHU *HZDOWLJZDUVHLQ.|USHU%HGHFNWZXUGHHUYRQOXPSHQ DUWLJHU.OHLGXQJ6HLQ*HVLFKWZDUDOVVROFKHVNDXP]X EH]HLFKQHQ(LQHVFKUHFNOLFKH.UDWHUODQGVFKDIWEHUGHFNW PLW3XVWHOQ*HVFKZUHQXQGYRQZLQ]LJHQ%OXWDGHUQ GXUFK]RJHQ 6HLQH9DPSLU]lKQHHULQQHUWHQDQGLH5HLHUHLQHV 6lEHO]DKQWLJHUV:HQQHUVLHJHJHQHLQ2SIHUHLQVHW]WHZDU HVYHUORUHQ9DPSLURGHOPDUV%OXWGXUVWNRQQWHPDQDOV XQVWLOOEDUEH]HLFKQHQDEHUHUKWHWHVLFKDXFKDOO]XVHKU JHJHQ/DG\;YRU]XJHKHQGHQQVLHEHVDJHQDXGLH:DIIHQ GLHHUJHUQJHKDEWKlWWH 'DZDUQLFKWQXUGLHPLW6LOEHUNXJHOQJHODGHQH0SLDXI GLHKlWWHHUYHU]LFKWHQN|QQHQVRQGHUQDXFKGHU:UIHO GHV8QKHLOV:HULKQKDWWHEHVDGLH0DFKWGHQQGHU:UIHO OLHVLFKPDQLSXOLHUHQHUSDWHVLFKGHQ:QVFKHQVHLQHV %HVLW]HUVDQ:DUHQGLHVHQXQVFKOHFKWGDQQUHDJLHUWHGHU :UIHOGHPHQWVSUHFKHQGXQGYHUQLFKWHWH%HLJXWHQ *HGDQNHQMHGRFKZDUHUHLQHJURH6WW]H ª,FKZDUWH©VDJWH/DG\;NDOW 9DPSLURGHOPDUKREGLHNQRFKLJHQ6FKXOWHUQª1HLQ© HUZLGHUWHHUGXPSIªGHQ=HLWSXQNWEHVWLPPHLFK© ª:LHGXZLOOVWGDQQJHKLQGLH+|KOH© 6LHNRQQWHQVLFKHUVHLQGDVLHKLHUQLHPDQGVW|UWH%HLGH EHIDQGHQVLFKGRUWZRNDXPHLQHV0HQVFKHQ)XKLQNDP +RFKREHQLQHLQHPYHUODVVHQHQ*HELUJVWDOGHU$QGHQZR GHU:LQGXPGLH)HOVHQKHXOWHXQGGHUVWHLQLJH%RGHQQLFKW ]XOLHGDLUJHQGHWZDVZXFKV+LHUNRQQWHNHLQ0HQVFK H[LVWLHUHQXQGDXFK%HUJVWHLJHUPLHGHQGLHVHQ)OHFNHQ(UGH 6LHVXFKWHQVLFKDQGHUH+RFKWlOHUIULKUH.OHWWHUSDUWLHQDXV 9DPSLURGHOPDUKDWWHGLHVH+|KOHJHIXQGHQDOVHUPLW VHLQHQ+HOIHUQGHQURWHQ9DPSLUHQXQWHUZHJVZDU 1DFKGHPGLH)HVWXQJDXI)HXHUODQG]HUVW|UWZRUGHQZDU EUDXFKWHQVLHHLQHQHXHQ8QWHUVFKOXSIXPYRQLKPDXVLKUH $NWLRQHQVWDUWHQ]XN|QQHQ
,QGLHVHU+|KOHIKOWHQVLHVLFKHLQLJHUPDHQVLFKHU (VZDUHLQWHXIOLVFKHV7ULRGDVVLFKGD]XVDPPHQJHIXQGHQ KDWWH0RQVWHUGLHGLH:HOWDXVGHQ$QJHOQKHEHQNRQQWHQ ZHQQVLHZROOWHQ6LHZROOWHQDXFKGRFK]XP*OFNJDEHV GDHLQLJH0HQVFKHQGLHLQ]ZLVFKHQEHPHUNWKDWWHQZDVGLH *HVFK|SIHGHU)LQVWHUQLVYHUVXFKWHQ0XWLJH0lQQHUXQG )UDXHQZLH-RKQ6LQFODLUXQGGHVVHQ)UHXQGH(U]IHLQGHGHU 0RUGOLJDXQGLPPHUDXIGHP6SUXQJGLHVH]XYHUQLFKWHQ ,QGHU+|KOHEUDQQWHHLQ)HXHU'DV+RO]KDWWHQVLHEH VFKDIIW(VZDUVRWURFNHQGDGLH)ODPPHQNDXP5DXFK DEVRQGHUWHQZlKUHQGVLHGHU+|KOHQGHFNHHQWJHJHQOHFNWHQ XQGLKUHQ:LGHUVFKHLQDXIGLHGULWWH*HVWDOWZDUIHQGLHLQ GHU+|KOHZDUWHWH ;RUURQ (LQ8QWLHUHLQ0RQVWHUGDVDOOHVWUDIDXILKQ]X(UZDU NDXP]XEHVFKUHLEHQXQGDXFKQLFKW]XHUIDVVHQ0LOFKLJ ZHLVFKLPPHUWHVHLQH*HVWDOW:HQQPDQLKQQlKHUDQ VFKDXWHVDKPDQGLH8PULVVHHLQHV.QRFKHQJHVWHOOVLQQHU KDOEGHV.|USHUV$XVZDVGLH+DXWEHVWDQGZXWHQLH PDQG6LHZDUDEHUVRJXWZLHXQ]HUVW|UEDU:HGHU)HXHU .XJHOQQRFK*UDQDWHQNRQQWHQLKUHWZDVDQKDEHQXQGDXFK :HLH0DJLHVFKDIIWHHVQLFKWVLH]XYHUQLFKWHQ ;RUURQZDUGHU)HOVLQGHU%UDQGXQJ:HLHU0DJLH (UVWEHLP1lKHUNRPPHQILHODXIGDVLFKVHLQ*HVLFKW GRFKQLFKWVRJODWWSUlVHQWLHUWHZLHHVGHQ$QVFKHLQKDWWH,Q GHPJURHQRYDOHQ6FKlGHOEHIDQGHQVLFK6FKOLW]HZRPLW 0XQG1DVHXQG$XJHQDQJHGHXWHWZHUGHQVROOWHQ:HQQHU DOOHUGLQJVGHQ0XQG|IIQHWHNDPHQ=lKQH]XP9RUVFKHLQ GLHDQHLQ6WDKOJHELHULQQHUWHQ'DPLWNRQQWHHUDOOHV]HU UHLHQZLHHUHVDXFKMHW]WGHPRQVWULHUWHDOVGLHEHLGHQ DQGHUHQGLH+|KOHEHWUDWHQ ;RUURQZDUDXI-DJGJHJDQJHQ8QGHUKDWWHHVJHVFKDIIW VLFKHLQHQ%HUJSXPD]XKROHQ,KQIUDHU6HLQH=lKQHULVVHQ GLH)OHLVFKVWFNHDXVGHP.|USHU'LH.QRFKHQVFKOHXGHUWH HULQV)HXHUVRGD)XQNHQKRFKDXIVWLHJHQ
'HU*LJDQWOLHVLFKDXFKQLFKWVW|UHQDOV9DPSLURGHOPDU XQG/DG\;GLH+|KOHEHWUDWHQ(UULXQGIUDZHLWHUELVGHU %HUJSXPDYHUVSHLVWZDU /DG\;VFKDXWHDXVNDOWHQJOLW]HUQGHQ$XJHQ]XZREHLVLH DQ-RKQ6LQFODLUGDFKWH6LHKRIIWHGD;RUURQLUJHQGZDQQ PLWLKPHLQPDOGDVJOHLFKHDQVWHOOHQZUGHZLHPLWGLHVHP 3XPD (LJHQWOLFKIHKOWHQRFKMHPDQGLQGLHVHPLOOXVWUHQ.UHLV (LQHWRWJHJODXEWH3HUVRQGLHHLQPDO]XU0RUGOLJDJHK|UW KDWWHXQGYRQ/DG\;PLWHLQHU*DUEHDXVGHU6LOEHUNXJHO 03LJHW|WHWZRUGHQZDU6RGDFKWHGLH9DPSLULQMHGHQIDOOV %LVVLHHLQHV%HVVHUHQEHOHKUWZXUGHXQG/XSLQDGLH :HUZ|OILQZLHGHUYRULKUVWDQG 6LHZDUQLFKWJHVWRUEHQVRQGHUQPLWLKUHP6RKQPLW 2UDSXORGHU/XSDURHLQHPDJLVFKH6\PELRVHHLQJHJDQJHQ GLHVLHZHLWHUKLQDP/HEHQKLHOW:LHGLHVJHQDXDEJHODXIHQ ZDUZXWH/DG\;ELVKHXWHQRFKQLFKW]XVDJHQKRIIWHDOOHU GLQJVHVHLQPDO]XHUIDKUHQ 'LHEHLGHQZDUHQ)HLQGH/XSLQDKDWWHVLFKGHU9DPSLULQ HLJHQWOLFKQXUJH]HLJWXPPLWLKUDE]XUHFKQHQXQGVLH JOHLFK]HLWLJLQHLQH)DOOH]XORFNHQ'DVOLHIDEHUVFKLHIXQG VLHPXWHQVLFK]ZDQJVOlXILJZLHGHUYHUEQGHQXPJHJHQ LKUHQJHPHLQVDPHQ)HLQG-RKQ6LQFODLUDQ]XJHKHQGHU GDEHLZDUGLH*HKHLPQLVVHVHLQHV.UHX]HV]XHQWUlWVHOQ 6LHKDWWHQLP9HUHLQPLWGHP6SXNDOOHVYHUVXFKWXPHV]X YHUKLQGHUQDEHUQLFKWJHVFKDIIW-RKQ6LQFODLUZDUXPHLQH JURH(UIDKUXQJUHLFKHUJHZRUGHQXQGGLH6FKZDU]EOWHU KDWWHQGDV1DFKVHKHQ :DV/XSLQDMHW]WWDWXQGZRVLHVLFKKHUXPWULHEGDVLQWHU HVVLHUWH/DG\;QLFKWGHQQVLHKDWWHLP$XJHQEOLFNDQGHUH 6RUJHQXQGGLHZROOWHVLHLKUHQ9HUEQGHWHQPLWWHLOHQ 0LWHLQHPOHW]WHQ6FKPDW]HQVFKOXFNWH;RUURQGHQ )OHLVFKUHVWXQGVFKOHXGHUWHHLQHQ.QRFKHQLQV)HXHU$XVVHL QHPVWULFKGQQHQ0XQGUDQQ%OXW 3DPHOD6FRWWJHQDQQW/DG\;VFKDXWHZLHGHUDXI
9DPSLURGHOPDU'HUKDWWHGHQ%OLFNJHVHQNWZDKUVFKHLQ OLFKZlO]WHHUILQVWHUH5DFKHSOlQHZLHHUHVLPPHUWDWZHQQ VLHQLFKWJHUDGHHLQHJHPHLQVDPH$XIJDEHKDWWHQ(UNRQQWH HVQLHEHUZLQGHQGDHUQLFKWDQGDV%OXWGHU)UDXKHUDQ JHNRPPHQZDUDOVVLHQRFKDOVQRUPDOHU0HQVFKKHUXPOLHI 'DVKDWWH6ROR0RUDVVRGHU]XGHU=HLWGLH0RUGOLJDQRFK IKUWHYHUERWHQ1XQZDU/DG\;VHOEVWKLQWHUGHP%OXWGHU 0HQVFKHQKHU :LHJHUQKlWWH9DPSLURGHOPDUGLH)KUXQJGHU0RUGOLJD EHUQRPPHQDEHUHUPXWHLPPHUZLHGHU]XUFNVWHFNHQ XQGVLFKGHQ$UJXPHQWHQGHUDQGHUHQEHXJHQ /DG\;EHVDLKPJHJHQEHUHLQHQ9RUWHLO6LHKDWWHLKU PHQVFKOLFKHV$XVVHKHQLQHWZDEHKDOWHQVDKPDQYRQLKUHQ 9DPSLU]lKQHQDE%HL9DPSLURGHOPDUNRQQWHPDQGDVQXQ QLFKWEHKDXSWHQ'DGLHHKHPDOLJH7HUURULVWLQ]XGHP]XU QHXHQ$UWGHU9DPSLUHJHK|UWHVLHNRQQWHVLFKDXFKWDJV EHUEHZHJHQZDUHVLKUYHUJ|QQWVLFKXQWHUGLH 0HQVFKHQ]XPLVFKHQRKQHJURHV$XIVHKHQ]XHUUHJHQ6LH ZDUHLQHUVWNODVVLJHU6Sl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lOWHVWHQGHU:HOW /DG\;KDWWHVLFKLKUH:RUWH]XYRUJHQDX]XUHFKWJHOHJW ª%LVKHUKDWPDQXQVLQ5XKHJHODVVHQ,FKVSUHFKHGDQLFKW YRQ-RKQ6LQFODLUVRQGHUQYRQGHQDQGHUHQ6FKZDU]EOWHUQ
ZLHGHQ*URHQ$OWHQGHQ(U]GlPRQHQXQGDXFK$VPRGLV 6HOEVWGLH+H[HQPLWLKUHPJHZDOWLJHQ.XOWNDPHQXQVQLFKW LQGLH4XHUHGHQQOHW]WHQ(QGHVVWHKWKLQWHUDOOHPHLQJHZDO WLJHV=LHOGLH9HUQLFKWXQJXQVHUHU)HLQGH0LWWOHUZHLOH MHGRFKVLQG8PVWlQGHHLQJHWUHWHQGLHPLFKDQHLQHU 6ROLGDULWlWGHU6FKZDU]EOWHU]ZHLIHOQODVVHQXQGGDVDXV JXWHP*UXQG©6LHVFKDXWHMHGHQDQZHLOVLHVHKHQZROOWHRE LKUH:RUWHZLUNWHQGRFKLQGHQ*HVLFKWHUQGHU0RQVWHUUHJWH VLFKQLFKWV/DG\;KDWWHVLHPLWLKUHQZRKOIHLQHQ:RUWHQ QLFKWEHHLQGUXFNHQN|QQHQ ª:DVLVWJHVFKHKHQ"©IUDJWHGHU6XSHUYDPSLU ª(VLVWMHPDQG]XUFNJHNHKUWGHUODQJH=HLWYHUVFKROOHQ ZDUXQGGHQPDQPLWUXKLJHP*HZLVVHQ]XGHQ (U]GlPRQHQ]lKOHQNDQQZHQQHUDXFKQLFKW]XPGLUHNWHQ HQJHUHQ.UHLVJHK|UW© ª8QGZHULVWHV"©:LHGHUIUDJWH9DPSLURGHOPDU ª%HOSKpJRU© ª'HU+H[HUPLWGHU)ODPPHQSHLWVFKH"© ª-DGXNHQQVWLKQ"© ª,FKKDEHYRQLKPJHK|UW'DPDOVDOVHVDXIGLHVHU(UGH QRFKDQGHUVDXVVDKGDKDWHVLKQVFKRQJHJHEHQ$EHUHUZDU ODQJHYHUVFKROOHQ© /DG\;QLFNWHª%HOSKpJRULVWZLHGHUDXIGHU(UGH HUVFKLHQHQ© ª:RKHUZHLWGXGDV"© ª'XUFKGHQ:UIHO+LQXQGZLHGHUZHUIHLFKHLQHQ%OLFN KLQHLQ(U]HLJWPLUYLHOHVZDVDQGHUHQYHUERUJHQEOHLEW 8QGGHU:UIHOKDWPLFKDXFKYRULKPJHZDUQW© ª(UKDWGLFKJHZDUQW"© ª-DGHQQZLHLKUZLWKDEHQVLFKGLH=HLWHQHLQZHQLJ JHlQGHUW8UDOWH.UlIWHJUHLIHQLQGDV*HVFKHKHQPLWHLQ 'DPLWPHLQHLFKGLH*URHQ$OWHQ'lPRQHQDXV$WODQWLV XQGDXFKQRFKYRUGHVVHQ=HLW6LHPDFKHQVLFKEHUHLWIU HLQH5FNNHKUXQGVLHVROOHQ]XVDPPHQPLWGHP+|OOHQ ZXUP,]]LKLQWHUDOOHPVWHKHQ©
ª'DVNDQQLFKNDXPJODXEHQ© ª(VLVWDEHUVR©VDJWH/DG\; ª6ROOHQZLUXQVJHJHQLKQVWHOOHQ"© ª1HLQZLUZHUGHQLKQQXUEHREDFKWHQ© ª'D]XPVVHQZLUZLVVHQZRHUVLFKEHILQGHW(UZLUGHLQH $XIJDEHKDEHQ© ª'DVVWLPPWDOOHUGLQJV©-HW]WOlFKHOWH/DG\;ª,FKZHL DXFKZRHUVWHFNWXQGLFKDKQHLQ]ZLVFKHQZDVHUYRUKDW :LUZHUGHQJHQDXDFKWJHEHQXQGVROOWHHUVLFKQLFKWDXI XQVHUH6HLWHVWHOOHQPVVHQZLU]XVFKODJHQ© ª,KQW|WHQ"© ª,FKZUGHHV]ZDUQLFKWJHUQWXQGRFKHVNRPPWDOOHLQ DXILKQDQ1XUKlWWHQZLUGDQQHLQLJH6FKZDU]EOWHUJHJHQ XQVDEHUGDVVROOWHXQVMDQLFKWVFKUHFNHQRGHU"© ª1HLQEHVWLPPWQLFKW©HUZLGHUWHGHU6XSHUYDPSLU8QG ;RUURQGDVDQGHUH0RQVWHUQLFNWHQXU %HOSKpJRU (LQ1DPHHLQ'lPRQHLQ$OSWUDXP $XFKIUPLFKGHQQLFKKDWWHEHUHLWVHLQH%HJHJQXQJPLW LKPJHKDEWXQGVHLQH*HIlKUOLFKNHLWNHQQHQJHOHUQW %HOSKpJRUZDUHLQPRUGHQGHV0RQVWUXP +LHUJDQ]LQGHUQlKHYRQ/RQGRQVROOWHHUZLHGHUDXIJH WDXFKWVHLQ0DQKDWWHXQVLQIRUPLHUWPHLQHQ)UHXQGXQG .ROOHJHQ6XNRXQGPLFK 'HU)DOOZDUJUDXHQKDIW0HKUHUH%HZRKQHUHLQHVNOHLQHQ /RQGRQHU9RURUWHVKDWWHGHU'lPRQPLWGHU)ODPPHQ SHLWVFKHLQHLQHDOWH0KOHJHORFNWXQGEHLHLQHPVFKZDU] PDJLVFKHQ5LWXDOHUPRUGHW'LH.ROOHJHQGHVKLHVLJHQ 5HYLHUVKDWWHQ6XNRXQGPLFKLQIRUPLHUW $QJHEOLFKJDEHVVRHWZDVZLHHLQH=HXJLQ(LQHMXQJH)UDX ZDULPQDKHQ3ROL]HLUHYLHUDXIJHWDXFKWXQGKDWWHYRQPHK UHUHQ/HLFKHQLQGHUDOWHQ0KOHEHULFKWHW6LHKDWWHDXFKYRQ HLQHP'lPRQQDPHQV%HOSKpJRUJHVSURFKHQ0DULD.HWWR
KLHGLHVHV0lGFKHQXQGVLHZDUGHQ3ROL]LVWHQEHNDQQW JDOWDOVYHUUFNWGHQQVLHEHKDXSWHWHKHOOVHKHULVFKH.UlIWH ]XKDEHQ7URW]GHPVFKDXWHQGLH%HDPWHQQDFKXQGIDQGHQ LQGHUDOWHQ0KOHGLHVFKHXOLFKYHUVWPPHOWHQ/HLFKHQ GUHLHU0HQVFKHQ 6LHZDUHQEHLHLQHPPDJLVFKHQ5LWXDOHUPRUGHWZRUGHQ6R EHKDXSWHWHGLHYHUUFNWH0DULD.HWWRGLHGLHVLQHLQHU9LVLRQ JHVHKHQKDEHQZROOWH'HVKDOEKDWWHQGLH.ROOHJHQDXFK 6XNRXQGPLFKLQIRUPLHUWGHQQZLUEHVFKlIWLJWHQXQVPLW VROFKHQ)lOOHQ $XHUGHPZDUGHU1DPH%HOSKpJRUJHIDOOHQGHUPLUQLFKW XQEHNDQQWZDU0DULD.HWWRKDWWHGLHVHQ1DPHQJHQDQQW GHVKDOEZDUHQZLUVRIRUWJHNRPPHQ 'RFKZDUXPKDWWH%HOSKpJRUGLH0HQVFKHQHUPRUGHW":HLO HULKUH/HEHQVHQHUJLHEUDXFKWHXPZHLWHUH.UDIW]XJHZLQ QHQ"$EHUZRIUEUDXFKWHGHU'lPRQGLHVH]XVlW]OLFKH .UDIW" /HLGHUKDWWHQZLUNHLQHUOHL$QKDOWVSXQNWHGDUEHUZDV %HOSKpJRUSODQWHXQGZHOFKH=LHOHHUYHUIROJWH'RFKZLU NRQQWHQXQVZRKODXIHLQLJHVJHIDWPDFKHQ 6XNRXQGLFKEHIDQGHQXQVDOVRQXQEHLGHUDOWHQ0KOH KDWWHQXQVGHQ7DWRUWDXFKVFKRQDQJHVFKDXW'LH.ROOHJHQ YRQGHU0RUGNRPPLVVLRQZDUHQQRFKEHLGHU$UEHLWXQG DXFKXQVHU&KHI6LU-DPHV3RZHOOZDUHUVFKLHQHQ0LWXQV ]XVDPPHQVWDQGHUGUDXHQKDWWHVHLQH+lQGHLQGHQ 7DVFKHQGHVYRUQRIIHQVWHKHQGHQ0DQWHOVYHUJUDEHQXQG VFKDXWHDXIGLHYRQ]DKOUHLFKHQ6WDQGVFKHLQZHUIHUQDQJH VWUDKOWH0KOH ª(VJLEWDOVRNHLQH6SXUHQ©VWHOOWHXQVHU&KHIIHVWQDFK GHPHUYRQXQVLQIRUPLHUWZRUGHQZDU ª1HLQ6LUNHLQH©DQWZRUWHWHLFK ª'DQQYHUVXFKHQ6LHHVDXI8PZHJHQ%HOSKpJRUGLHVHU 'lPRQLVW]XDOOHPIlKLJ'DVJHIlOOWPLUQLFKW© ª6LHVDJHQZDVLFKGHQNH6LU©HUZLGHUWHLFK ª:HUGHQ6LHQLFKWSDWKHWLVFK©'HU$OWHNUDXVWHGLH6WLUQ
6HLQH/DXQHZDULQOHW]WHU=HLWWLHIHUJHVXQNHQDOVGHU *HIULHUSXQNW:LUZXWHQQLFKWZDVLQXQVHUHQ&KHIJHIDK UHQZDU9LHOOHLFKWJDELKPGLHVHVJHEDOOWH$XIWUHWHQXQVHUHU *HJQHU]XGHQNHQ8PVLHDOOH]XEHNlPSIHQKlWWHQZLU ]HKQPDOPHKU$UPH%HLQHXQG:DIIHQKDEHQPVVHQ ª,KUHU0HLQXQJQDFKLVWKLHUQLFKWVPHKU]XPDFKHQ"©VWHOO WH6LU-DPHVIHVW ª6RLVWHV© ª*XWGDQQN|QQHQZLUIDKUHQ6HLHQ6LHPRUJHQSQNWOLFK LP%UR© ª:LUZHUGHQXQVEHPKHQ6LU© 'HU6XSHULQWHQGHQWQLFNWHXQVNQDSS]XXQGJLQJ]X VHLQHP:DJHQZRGHU)DKUHUZDUWHWHXQGLKPGLH7UDXI KLHOW ª'DVNDQQVWGXQlFKVWHQVDXFKEHLPLUPDFKHQ©PHLQWH 6XNR ª:DV"© ª'LH7UDXIKDOWHQ© ª,FKJODXEHPHLQ$IIHVSXFNW'LHVFKODJHLFKEHLGLUK|FK VWHQV]XGDQQNDQQVWGXDOV9HUWUHWHUKHUXPODXIHQ© ª:LHNRPPVWGXGHQQGDUDXI"© ,FKJULQVWHXQGZLHVDXIVHLQ*HVLFKWª9HUWUHWHUKDEHQGRFK DOOHVRSODWWH1DVHQZHLOLKQHQLPPHUGLH7UYRUGHP *HVLFKW]XJHVFKODJHQZLUGGHVKDOE© ª'DVLVWMDQLFKWPHKU]XP$XVKDOWHQ©6XNRYHU]RJGHQ 0XQGJLQJGDQQHLQSDDU6FKULWWHYRUZHLOGHU/HLWHUGHU 0RUGNRPPLVVLRQPLWXQVVSUHFKHQZROOWH 'HU0DQQKLH%ULJJXQGVWDQGLP5DQJHHLQHV2EHU LQVSHNWRUVª'LHVH7RWHQ©VDJWHHUXQGULHEVLFKGLHNODPPHQ )LQJHUª'HU$U]WVDJWGDPXHLQH%HVWLHJHZWHWKDEHQ GHQQGLH0HQVFKHQVLQGMDUHJHOUHFKW© ª+|UHQ6LHDXI.ROOHJHZLUZLVVHQHV© %ULJJHLQDEJHEUKWHU3URILSROL]LVWJULQVWHª6FKZDFKH 1HUYHQ6LQFODLUZLH"© ª1HLQDEHUVRHWZDVEUDXFKWQLFKWEUHLWJHWUHWHQ]XZHUGHQ©
ª:DVPDFKHQ6LHMHW]W"=XUFNQDFK/RQGRQRGHUVFKDXHQ 6LHVLFKQRFKHLQPDOGLH0KOHDQ"© ª1HLQGLHLVWMDYRQXQWHQELVREHQGXUFKVXFKWZRUGHQ6LH VSUDFKHQDP7HOHIRQYRQHLQHP0lGFKHQGD6LHGD]X EUDFKWHVLFKLQGHUDOWHQ0KOHXP]XVFKDXHQ:LHKLHGLH VHV0lGFKHQJOHLFK"© ª,KU1DPHLVW0DULD.HWWR©DQWZRUWHWH%ULJJª6LHLVWQRFK VHKUMXQJJLOWDEHUDOV]LHPOLFKYHUVSRQQHQVRJDUDOVJHLVWLJ XPQDFKWHWXQG]XUFNJHEOLHEHQ6LHEHKDXSWHW]XGHPKHOO VHKHULVFKH)lKLJNHLWHQ]XKDEHQ7URW]GHPVLQGGLH.ROOHJHQ LKUHP+LQZHLVQDFKJHJDQJHQDOVVLHYRQHLQHPPDJLVFKHQ 5LWXDOXQGYRQGHQ0RUGHQVSUDFKGLHVLHLQHLQHU9LVLRQ JHVHKHQKDEHXQGGDKDEHQGLH.ROOHJHQGLH6DXHUHLKLHU HQWGHFNW© ª:REHILQGHWVLFK0DULD.HWWRMHW]W"©ZROOWHLFKZLVVHQ ª,PQlFKVWHQ3ROL]HLUHYLHU$EHUDXVGHUNULHJHQ6LHQLFKWV KHUDXV'LH.OHLQHLVWYHUUFNWIDVHOWLPPHU]XYRQLKUHQ 9LVLRQHQ© ª8QGDXFKYRQHLQHQ'lPRQQDPHQV%HOSKpJRU"©YHUJH ZLVVHUWHLFKPLFK ª-DVRLVWHV9HUUFNWRGHU"© ,FKZDQGWHPLFK6XNR]Xª.RPP$OWHUZLUIDKUHQ© :LUVFKOHQGHUWHQ]XP:DJHQVWLHJHQHLQXQGLFKOHQNWH GHQ%HQWOH\DXIGLH6WUDH ª%HOSKpJRUV5FNNHKU©PXUPHOWH6XNRª9HUGDPPWH .LVWH© 'DPLWKDWWHHUPLUYROODXVGHP+HU]HQJHVSURFKHQ 'LHIODFKH/DQGVFKDIWODJLQHLQHQlFKWOLFKH5XKHXQG 'XQNHOKHLWHLQJHEHWWHW:HLWYRUDXVNRQQWHQZLUHLQHQKHOOHQ :LGHUVFKHLQDP+LPPHOVHKHQ'RUWODJGHUJHZDOWLJH 0RORFK/RQGRQHLQH6WDGWGLHDOOHVIUDXQGLQGHU 'XQNHOKHLWDXVHLQHULUUHQ6LQIRQLHXQ]lKOLJHU/LFKWHU EHVWDQG ª(LJHQWOLFKP|FKWHLFKXQWHUZHJVQRFKHLQHQNOHLQHQ+DOW HLQOHJHQ©VSUDFKLFK6XNRDQ
ª8QGZR"© ª%HLGHU3ROL]HL:HLWGX6XNRPLUJHKWGDV0lGFKHQ 0DULD.HWWRQLFKWDXVGHP.RSI© ª'LHGHU3ROL]HLGHQ+LQZHLVDXIGLHDOWH0KOHJDE"© ª*HQDX© ª$XVHLQHU:DKQVLQQLJHQZLUVWGXNDXPHWZDVKHUDXVEH NRPPHQ©0HLQ)UHXQG]HLJWHVLFKSHVVLPLVWLVFK ,FKVFKWWHOWHGHQ.RSIª'DELQLFKDQGHUHU0HLQXQJDOV GX9LHOOHLFKWNDQQVLHXQVHLQHQ+LQZHLVDXI%HOSKpJRU JHEHQ6LHKDWGHQ1DPHQLPPHUKLQHUZlKQW© ª%LVWGXGDVREHU]HXJW"© ,FKKREGLH6FKXOWHUQª:DVKHLWEHU]HXJW"$EHUYHU VXFKHQNDQQPDQ VMD2GHUKDVWGXVRJURH6HKQVXFKWQDFK /RQGRQ"© ª1HLQQHLQDXIHLQHKDOEH6WXQGHNRPPWHVQLFKWPHKU DQ©HUNOlUWH6XNR :HQLJVSlWHUHUUHLFKWHQZLUHLQH.UHX]XQJ8PLQGLH&LW\ ]XJHODQJHQKlWWHQZLUOLQNVDEELHJHQPVVHQZLUIXKUHQ MHGRFKJHUDGHDXVZHLWHUZRLFKGLH/LFKWHUHLQHVGHUQ|UG OLFKVWHQ9RURUWHGHU0LOOLRQHQVWDGWVDK ,FKIUHXHPLFKLPPHUZHQQLFK%DXHUQK|IHVHKH$XFKGLH KDW/RQGRQQRFKDXI]XZHLVHQ:LUIXKUHQDQ6FKHXQHQDOWHQ +lXVHUQXQG7DQNVWHOOHQYRUEHLELVZLUVFKOLHOLFKLQGDV =HQWUXPGHV2UWHVJHODQJWHQ 0DQVFKOLHI 1LFKWQXUGLH0HQVFKHQDXFKGLH+lXVHUVDKHQVRDXVDOV OlJHQVLHLPWLHIVWHQ6FKODI(VEUDQQWHQ]ZDUGLH6WUDHQ ODWHUQHQDEHULQGHQ6FKDXIHQVWHUQGHU*HVFKlIWHVDKHQZLU NHLQ/LFKW'LH/HXWHVSDUWHQHEHQ(QHUJLH :RHV]XU3ROL]HLJLQJZXWHLFKQLFKW,P=HQWUXPZRHLQ NOHLQHU0DUNWSODW]ODJIDQGHQZLUGHQ%DXQLFKW,QHLQHP 3XEHUNXQGLJWHLFKPLFK =ZHLPGH*lVWHJDEHQPLU$QWZRUW ª:LHGHU]XUFN©VDJWHLFKDOVLFKLQGHQ:DJHQVWLHJ :HQGHQ'DQQKLQHLQLQHLQHVFKPDOH6HLWHQVWUDHGLHDQ
GHU.LUFKHYRUEHLIKUWHGDQQDQHLQHU0DXHU'DKLQWHUPX WHQZLUDEHUPDOVQDFKUHFKWVHLQELHJHQXP]XXQVHUHP=LHO ]XJHODQJHQ'DV+DXVODJHLQZHQLJYHUVWHFNWKLQWHUKRKHQ %lXPHQ5LFKWLJLG\OOLVFK$EJHIDOOHQH%OlWWHUKDWWHQDXIGHP %RGHQHLQHQGLFNHQVHLILJHQ%HODJJHELOGHWGHVKDOEPXWH LFKYRUVLFKWLJIDKUHQ$OV:HJZHLVHUGLHQWHPLUHLQHKHOOH /DPSHGLHDQGHU+DXVZDQGGHU3ROL]HLVWDWLRQEUDQQWH ,FKVWRSSWHGHQ%HQWOH\QHEHQHLQHP6WUHLIHQZDJHQ$OV ZLUDXVVWLHJHQK|UWHQZLUVFKRQGLH6FKUHLH 6SLW]XQGJUHOOHUUHLFKWHQVLHXQVHUH2KUHQ(VZDUHQJUDX HQKDIWH/DXWH 6XNRXQGLFKZDUIHQXQVEHUGDV:DJHQGDFKKLQZHJ HLQHQNXU]HQ%OLFN]X0LWHLQSDDU6FKULWWHQZDULFKDP .RIIHUUDXP|IIQHWHLKQXQGKROWHPHLQHQ%XPHUDQJKHUYRU 'DQQQLFNWHLFKGHP&KLQHVHQ]Xª/RV$OWHUNRPP 6FKHLQWPLUVRDOVKlWWHLFKJHQDXGLHULFKWLJH1DVHJHKDEW© 'LHVPDOK|UWHLFKYRQPHLQHP3DUWQHUNHLQHQ:LGHU VSUXFK :LUZXWHQMDQLFKWZDVLP,QQHUQGHV3ROL]HLJHElXGHVDOOHV JHVFKDKGHVKDOE]RJHQZLUVLFKHUKHLWVKDOEHUXQVHUH:DIIHQ DOVZLUGLH7UHSSH]XU(LQJDQJVWUKRFKOLHIHQ $EJHVFKORVVHQZDUVLHQLFKW6XNRKDWWHGLH6WXIHQUDVFKHU EHUZXQGHQ0LWGHU6FKXOWHUUDPPWHHUGLH7UDXIXQGGLH 6FKUHLHGHU)UDXZXUGHQODXWHU 'D]ZLVFKHQK|UWHLFKEDUVFKH0lQQHUVWLPPHQ'HQ :RUWHQQDFK]XXUWHLOHQZDUHQGLH%HDPWHQPLW0DULD.HWWR EHUIRUGHUWGHQQNHLQHDQGHUHDOVVLHKDWWHVRJHVFKULHQ %HYRUZLUHWZDVXQWHUQHKPHQNRQQWHQZXUGHGLH7U OLQNVYRQXQVVRKHIWLJDXIJHVWRHQGDVLHPLUIDVWJHJHQ GDV.QLHJHSUDOOWZlUH =ZHL3ROL]LVWHQKLHOWHQHLQHMXQJH)UDXIHVW 6LHKDWWHVLFKLQHLQH)XULHYHUZDQGHOW,KU*HVLFKW]HLJWH .UDW]VSXUHQXQGYRQLKUHQ/LSSHQVSUKWH6SHLFKHO
(LQ0lGFKHQLQ5DJH $OVGLH3ROL]LVWHQXQVVDKHQZDUHQVLHVREHUUDVFKWGD VLHGDV0lGFKHQORVOLHHQ'LHUDQQWHVRIRUWDXIXQV]X ZROOWH]ZLVFKHQXQVGXUFKXPGLH7U]XHUUHLFKHQ 6XNRVFKQDSSWHVLFKGDVZLOGH)UDXHQ]LPPHU(LQH+DQG EUDXFKWHHUQXUGHQQJHJHQGHQ*ULIIPHLQHV)UHXQGHVNDP GDV0lGFKHQQLFKWDQGDNRQQWHHVVLFKQRFKVRDQVWUHQJHQ 6XNRKLHOWHLVHUQIHVW ª0HLQ1DPHLVW-RKQ6LQFODLU:LUVLQGYRQ6FRWODQG
0DULD.HWWRKLQJLQVHLQHP*ULII'HU,QVSHNWRUKDWWHLKUHQ $UPKRFKJHERJHQGHVKDOEPXWHVLHJHEFNWJHKHQ'DV *HVLFKWZDUYHU]HUUW1LFKWYRU6FKPHU]HQVRQGHUQYRU:XW 9RUPLUVWRSSWH6XNR ,FKQDKPDXIHLQHU6FKUHLEWLVFKNDQWH3ODW]GDPLWLFKLKULQV *HVLFKWVFKDXHQNRQQWHª0DULD©VSUDFKLFKVLHDQª0HLQ 1DPHLVW-RKQ6LQFODLU,FKELQ2EHULQVSHNWRUEHL6FRWODQG
ª+ROHQ6LHHV©,FKJDEHLQHP%HDPWHQGLH$QZHLVXQJ 6XNRZDUQHEHQPLFKJHWUHWHQXQGLFKIOVWHUWHª'LHZHL EHVWLPPWPHKUDOVZLUELVKHUDQJHQRPPHQKDEHQ© ª0HLQVWGX"© ª.ODU©VDJWHLFKZlKUHQGGHUMXQJH3ROL]LVWPLWHLQHP *ODV:DVVHUDXVGHP1HEHQUDXP]XUFNNHKUWH ,FKQDKPHVLKPDEXQGKLHOWHVGHP0lGFKHQKLQ0DULD KREGHQ%OLFNVFKDXWHPLFKDQXQGULPLUGDQQGDV*ODVDXV GHU+DQG6RKHIWLJGDGDV:DVVHUEHUVFKZDSSWH6LH OHHUWHHVRKQHDE]XVHW]HQ'DQQWDWVLHHWZDVZDVXQVDOOH EHUUDVFKWH %HYRUZLUHLQJUHLIHQNRQQWHQ]HUVFKOXJVLHGDV*ODVDXI GHUOLQNHQ6WXKOOHKQH(V]HUVSOLWWHUWH]XU+lOIWHDEHUGHQ XQWHUHQ7HLOKLHOWGDV0lGFKHQQRFKLQGHU+DQG$XIGHP %RGHQGHV*ODVHVHUKREHQVLFKGLHVFKDUIHQ6SOLWWHU:LH JHIlKUOLFKH'ROFKHVWDFKHQVLHLQGLH+|KHXQG0DULDZROOWH VLFKGLH6SLW]HQLQGLH3XOVDGHUQGHUOLQNHQ+DQGVWRHQ ,FKVWDQGDPQlFKVWHQEHLLKU %OLW]VFKQHOOVFKRPHLQH+DQGYRU'HQ$UPRGHUGDV *HOHQNEHNDPLFKQLFKWPHKU]XIDVVHQDEHULFKNRQQWH JHJHQGHQ$UPVFKODJHQXQGLKQVRDXVGHU5LFKWXQJ EULQJHQ 'LH*ODVVSLW]HQIHKOWHQULVVHQQXUDXVGHU3XOORYHUZROOH HLQHQODQJHQ)DGHQGDQQVFKOXJLFK0DULDGDV*ODVDXVGHU +DQG(V]HUVFKHOOWHHQGJOWLJ ª%LVWGXHLJHQWOLFKZDKQVLQQLJ0lGFKHQ"©IOVWHUWHLFK ,FKVDJWHGHQ6DW]DXWRPDWLVFKª:HVKDOEZROOWHVWGXGLFK XPEULQJHQ"© 0DULDODFKWHZLHGHUVRVFKUHFNOLFKXQHFKW'DQQEHJDQQVLH ]XVFKOXFK]HQSUDNWLVFKRKQHhEHUJDQJª(VKDWGRFKNHL QHQ6LQQ©EHKDXSWHWHVLHª,FKEULQJHPLFKOLHEHUVHOEVWXP EHYRUHV%HOSKpJRUWXW(UODXHUWDXIPLFKLFKZHLHV© ª8QGZDUXPZLOOHUGLFKXPEULQJHQ"© ª,FKKDEHLKQJHVHKHQ©6LHUROOWHSO|W]OLFKPLWGHQ$XJHQ :DUVLHYRUKLQVFKRQEOHLFKJHZHVHQVRZLFKMHW]WVlPWOLFKH
)DUEHDXVLKUHP*HVLFKWª(ULVWLQGHU1lKH©KDXFKWHVLH ª9HUGDPPWHULVWJDQ]LQGHU1lKH,FKVSUWHHVHUZLUG]X PLUNRPPHQ© ª.HLQH6RUJH©ZLGHUVSUDFKLFKª:LUZHUGHQ6LHEHVFKW ]HQ0DULD© ª1HLQQHLQLKUEHOJWPLFK,FKNDQQHXFKQLFKWJODXEHQ (ULVWVWlUNHUDOVLKU© ª:HVKDOEVROOWHHU6LHXPEULQJHQ"© ª,FKKDEHLKQJHVHKHQXQGHUVWDQGLQGHU7U-DHUVWDQG LQGHU7UXQGVFKDXWHPLFKDQ© ª,QZHOFKHU7U"© ª,QGHU.FKHQWUGLHQDFKGUDXHQIKUW©0DULDGUHKWH GHQ.RSIDOVZUGHVLHGLH7UVHKHQ:LUIUDJWHQXQVREVLH SKDQWDVLHUWHRGHUGLH:DKUKHLWVSUDFK(VZDUVFKZHUGLHV KHUDXV]XEHNRPPHQYRUVWHOOHQNRQQWHLFKHVPLUVFKRQ ª8QGGDQQ"© 0DULD.HWWR]RJGLH6FKXOWHUQKRFKDOVZUGHVLHIU|VWHOQ ,KUUXQGOLFKHVOHLGOLFKKEVFKHV*HVLFKWZXUGH]XHLQHU 0DVNHGHU$QJVW0LWGXPSIHQ:RUWHQVWLHVLHGLH$QWZRUW KHUYRUª'DQQ©VRIOVWHUWHVLHªGDQQYHUVSUDFKHUPLUPLFK ]XW|WHQ©6LHQLFNWHKHIWLJª-DHUZROOWHVLFKXPEULQJHQXQG ]ZDUPLWHLQHU6lJH© ª'DVJLEWHVGRFKQLFKW© ª'RFKGRFK(UJDEPLUGDV9HUVSUHFKHQHV]XWXQ(U ZUGHPLFKKROHQHKUOLFK© ,FKWUDWHLQHQ6FKULWW]XUFNGHQQ0DULDVSUDFKQLFKWPHKU ZHLWHU$OOHVDKHQZLUGLH*lQVHKDXWGLHEHULKU*HVLFKWOLHI (LQHUGHU3ROL]LVWHQUlXVSHUWHVLFK(VZDUGHUlOWHUHYRQ EHLGHQª6LULFKELQQXUHLQNOHLQHU.RQVWDEOHUXQGYHUVWHKH QLFKWVYRQ3V\FKRORJLHDEHUVRUHFKWWUDXHLFKGHQ:RUWHQ GHV0lGFKHQVQLFKW'LHLVWQLFKWEHL9HUVWDQGGDVLVWPHLQH 0HLQXQJ© ª8QGGHLQH"©IUDJWHLFK6XNR 'HU,QVSHNWRUNUDXVWHGLH6WLUQª,FKELQPLUQLFKWVRVLFKHU -RKQ©
ª.RPPZHLFKQLFKWDXV© ª,FKXUWHLOHQLFKWVRVFKDUIZLHGHUXQLIRUPLHUWH.ROOHJH© 0DULD.HWWRPHOGHWHVLFKZLHGHUªhEHUDOO©IOVWHUWHVLH ªHUZLUGPLFKEHUDOOILQGHQ,FKNDQQPLFKQLFKWYHU VWHFNHQ© ª:ROOHQ6LHGDV0lGFKHQPLWQHKPHQ"©ZXUGHLFKJHIUDJW ,FKNRQQWHGHQ.RQVWDEOHUYHUVWHKHQ:HQQZLU0DULDPLW QDKPHQZDUHQVLHGDV3UREOHPORVª:lUHQLFKWVFKOHFKW© HUZLGHUWHLFKXQGVDK6XNRV]XVWLPPHQGHV1LFNHQ ª:RKLQ"© 0DULDVFKDXWHDXIGHQQVLHKDWWHXQVJHQDXYHUVWDQGHQ ª,Q6LFKHUKHLW©DQWZRUWHWH6XNR ª'DVVFKDIIWLKUQLFKWGDVVFKDIIWLKUQLFKW(UNRPPWHULVW LQGHU1lKH,FKKDEHLKQVRJDUYRQPHLQHP)HQVWHUDXV JHVHKHQ+LQWHQZRGLH%lXPHVWHKHQGDKDWHUVLFKYHU VWHFNWXQGHUKDWGLHYHUGDPPWH6lJHEHLVLFK© ,FKEOLFNWH]XGHQ.RQVWDEOHUQª6WHKHQKLQWHUGLHVHP+DXV %lXPH"© ª-DHVJLEWGDHLQHQDOWHQYHUZLOGHUWHQ*DUWHQ©'HUlOWHUH 3ROL]LVWNORSIWHVHLQH3IHLIHDXVª$EHULFKJODXEHNDXPGD VLFKGRUWMHPDQGYHUVWHFNWKlOW© ª-D©NUHLVFKWH0DULDXQGVFKRYRQLKUHP6WXKOKRFK 6XNROHJWHLKUVFKQHOOHLQH+DQGDXIGLH6FKXOWHU(U GUFNWHVLH]XUFNª,VWMDVFKRQUHFKWZLUJODXEHQ,KQHQ© 6LHEOLHEDQJHVSDQQWVLW]HQ,KU.|USHUKDWWHVLFKYHUVWHLIW 'HU9HUJOHLFKPLWGHPYHUVFKOXFNWHQ6WDEILHOPLUHLQVR KRFNWH0DULDDXIGHP6WXKO ª(UZDUGD©IOVWHUWHVLH-HW]WNODQJLKUH6WLPPHZLHGHU QRUPDOZHQQDXFKGLH$QJVWGDULQPLWVFKZDQJª,FKKDEHLKQ JHQDXJHVHKHQ]ZLVFKHQGHQ%lXPHQLVWHUKHUJHVFKOLFKHQ© 6LHDWPHWHVFKQHOOXQGKHIWLJª:LUNRPPHQKLHUQLFKWZHJ© $OVGHU3ROL]LVWHLQ=QGKRO]DQULXPVHLQHQHXJHVWRSIWH 3IHLIHLQ%UDQG]XVWHFNHQGDIORJGDV0lGFKHQKHUXP ª%HUXKLJHQ6LHVLFK©VDJWH6XNRª(VJHVFKLHKWZLUNOLFK QLFKWV:LUVLQGEHL,KQHQXQGZLUQHKPHQ6LHPLW©
6LHVFKWWHOWHVRKHIWLJLKUHQ.RSIGDGLH+DDUHIORJHQ ª1HLQQHLQHVLVW]XVSlW9LHO]XVSlWJODXEWPLU:LUN|Q QHQLKPQLFKWPHKUHQWNRPPHQ© ª+DEHQ6LHHWZDVJHVHKHQ"©ZDQGWHLFKPLFKDQGLH 3ROL]LVWHQGHQQDOOPlKOLFKKDWWHQPLFKGLH:RUWHGHV 0lGFKHQVDXFKXQVLFKHUJHPDFKW ª1HLQJDQ]XQGJDUQLFKW© ª$EHU6LHKDEHQDXFKQLFKWQDFKGUDXHQJHVFKDXW"© ª(VEHVWDQGIUXQVNHLQ*UXQG6LU© 'DKDWWHHUYLHOOHLFKWUHFKWYLHOOHLFKWDEHUDXFKQLFKWZHQQ LFKJHQDXHUEHUGLH:RUWHGHU0DULD.HWWRQDFKGDFKWH(V NRQQWHGXUFKDXVVHLQGDVLFK%HOSKpJRUWDWVlFKOLFKQRFKLQ GHUXQPLWWHOEDUHQ8PJHEXQJKHUXPWULHE:DVLKQOHLWHWH NRQQWHQZLUQLFKWVDJHQZLUPXWHQLKQHUVWHLQPDOILQGHQ 3O|W]OLFKIODFNHUWHGDV/LFKW (VEUDQQWHQGUHL/DPSHQDQGHU'HFNH4XDGUDWLVFKH .lVWHQPLW.XQVWVWRIIYHUNOHLGHWGHUGLH/HXFKWVWRIIU|KUHQ YHUEDUJ +HOOXQGGXQNHOZXUGHHV 8QGGDQQQXUQRFKGXQNHO 6HNXQGHQODQJEOLHEHQZLUHUVWDUUWVWHKHQRGHUVLW]HQ 1LHPDQGVSUDFKHLQ:RUW:LUZDUHQHLQIDFK]XEHUUDVFKW %LVZLUGLHIOVWHUQGH6WLPPHGHUMXQJHQ)UDXYHUQDKPHQ ª(UNRPPWHULVWGD© ,FKZROOWHHVQLFKWVRUHFKWZDKUKDEHQXQGVDJWHª'LH 6LFKHUXQJNDQQGXUFKJHVFKODJHQVHLQ(LQHUYRQ,KQHQVROOWH PDOQDFKVFKDXHQ© ª'D]XPWHPDQLQGHQ.HOOHU© 'LH:RUWHZDUHQVRJHVSURFKHQGD6XNRXQGLFKPHUNWHQ ZLHZHQLJVLFKGLHEHLGHQ%HDPWHQWUDXWHQLQGLHVHU 6LWXDWLRQGDV5HYLHU]LPPHU]XYHUODVVHQ 6LHIUFKWHWHQVLFK ª6ROOLFKJHKHQ"©IUDJWH6XNR
ª-D©DQWZRUWHWHLFKªDEHUQLPPHLQHQGHU0lQQHUPLW© ª2ND\©6XNRODFKWHOHLVHª:HUPHOGHWVLFKIUHLZLOOLJ"© (VZDUGHUMQJHUH%HDPWHGHUHLQHQ$UPKREDOVVlHHU DXIGHU6FKXOEDQN ª*OHLFKZLUGHUXQVW|WHQ©'XPSIGUDQJHQGLH:RUWHDXV GHP0XQGGHV0lGFKHQV ª6DJHQ6LHGRFKQLFKWVRHWZDV©IXKUVLHGHU3ROL]LVWPLW GHU3IHLIHDQª'HU/LFKWDXVIDOOZLUGHLQHY|OOLJKDUPORVH 8UVDFKHKDEHQ© ª(UNRPPW© 6RZLH0DULDGLH:RUWHDXVVSUDFKJLQJHQVLHVFKRQXQWHU GLH+DXW (VZDUNHLQHDQJHQHKPH6LWXDWLRQ8QVHUH$XJHQKDWWHQ VLFKLQ]ZLVFKHQDQGDVVHOWVDPH/LFKWJHZ|KQW(VZDUMD QLFKWY|OOLJGXQNHO=ZDUZDUGUDXHQ1DFKWDEHUDOVVWRFN ILQVWHUNRQQWHPDQVLHQLFKWEH]HLFKQHQXQGHLQJHZLVVHV 5HVWOLFKWGUDQJQRFKLPPHUGXUFKGLH)HQVWHU 6XNRHUKREVLFKXQGVFKOXJGHPMQJHUHQXQLIRUPLHUWHQ .ROOHJHQDXIGLH6FKXOWHUª.RPPHQ6LHZLUJHKHQ$EHU QHKPHQ6LHHLQH7DVFKHQODPSHPLW© ª0RPHQW6LU©'HU.RQVWDEOHUWDVWHWHVLFK]XVHLQHP 6FKUHLEWLVFKYRU(U]RJHLQH6FKXEODGHDXIXQGHQWQDKPLKU HLQH6WDEODPSH$OVHUVLHHLQVFKDOWHWHZDU]XHUNHQQHQGD VLHHLQHJXWH/HXFKWNUDIWKDWWH(LQGLFNHUKHOOHU6WUDKOVWDFK GXUFKGLH)LQVWHUQLVLQ5LFKWXQJ7UXQG]HLJWH6XNRGHQ :HJ 'HUDQGHUH.ROOHJHEHZHJWHVLFKHEHQIDOOVXQGKROWHHLQH ]ZHLWH/DPSH (UOHJWHVLHHLQJHVFKDOWHWVRKLQGDLKU/LFKWXQVQLFKW EOHQGHWH'LHHLQ]HOQHQ*HJHQVWlQGHLP5HYLHUUDXPZDUHQ DEHUUHFKWJXW]XHUNHQQHQ $XFK0DULD.HWWRZXUGHYRP/LFKWJHVWUHLIW,KU*HVLFKW HULQQHUWHPLFKDQHLQH0DVNH'HU0XQGVWDQGHLQZHQLJ RIIHQDEHUVLHVSUDFKNHLQHLQ]LJHV:RUWPHKU ,FKZROOWHVLHEHUXKLJHQXQGOHJWHHLQH+DQGDXILKUH
6FKXOWHUª6LHEUDXFKHQZLUNOLFKNHLQH$QJVW]XKDEHQ 0DULD:LUVLQGEHL,KQHQXQGEHVFKW]HQ6LH© ª(ULVWDEHUGD© :DVZLUDXFKYHUVXFKWHQHVJHODQJXQVQLFKWVLHYRQLKUHU 0HLQXQJDE]XEULQJHQ ª,FKJHKHPDO]XP)HQVWHU©VDJWHGHU3ROL]LVW 6XNRXQGGHU]ZHLWH.RQVWDEOHUZDUHQYHUVFKZXQGHQ,FK VFKDXWHGHU*HVWDOWGHVlOWHUHQ%HDPWHQQDFKZLHHU]XVHL QHP=LHOVFKULWWXQGYRUGHU6FKHLEHVWHKHQEOLHE (LQH:HLOHVFKDXWHHUKLQDXVRKQHHWZDV]XVDJHQ 'DIUVSUDFK0DULDª'HUKDWVLFKYHUVWHFNW©KDXFKWHVLH ª(UYHUVWHFNWVLFKLPPHU© ,FKJDENHLQH$QWZRUWGHQQLFKZROOWHVLHQLFKWQRFKPHKU EHXQUXKLJHQ'DIUIUDJWHLFKGHQ3ROL]LVWHQª6HKHQ6LH HWZDV"© ª1HLQQXUGDV1RUPDOH© ª8QGGDVZlUH"© ª%lXPH%VFKH6WUlXFKHU(LQYHUZLOGHWHU*DUWHQ PHKUNDQQLFKQLFKWHUNHQQHQ© ,FKEHXJWHPLFK]X0DULDKLQDE ª'DVHKHQ6LHHUODXHUWQLFKWKLHU6LHEUDXFKHQNHLQH$QJVW PHKU]XKDEHQ© ª'RFKHULVWGD© ,FKKlWWHKHIWLJZLGHUVSUHFKHQN|QQHQWDWHVDEHUQLFKW 9LHOOHLFKWKDWWHVLHMDUHFKWXQG%HOSKpJRUODXHUWHWDWVlFKOLFK LP*DUWHQ:HUNRQQWHGDVVFKRQVDJHQ",KU9HUVWDQGZDU YHUZLUUW$EHUPDQFKPDOVLQGHVJHUDGHGLH0HQVFKHQPLW QLFKWVRNODUHP'XUFKEOLFNGLHPHKUIKOHQDOVDQGHUH ª%OHLEHQ6LHKLHUVLW]HQ©JDELFKLKU]XYHUVWHKHQXQG VFKULWWDXIGHQ%HDPWHQ]X1HEHQLKPEOLHELFKVWHKHQ(U VFKDXWHPLFKNXU]DQ'LH3IHLIHVWHFNWHLQVHLQHPOLQNHQ 0XQGZLQNHO'HU7DEDNGHQHUUDXFKWHURFKHLQZHQLJ VOLFK ª6FKDXHQ6LHVHOEVWQDFKGUDXHQ6LU6LHZHUGHQHLQIDFK QLFKWVILQGHQ©
,FKJLQJPLWPHLQHP*HVLFKWVRGLFKWDQGLH6FKHLEHZLH HEHQP|JOLFKOHJWHGLH+DQGDQGLH6WLUQXPHLQH6WW]H]X ILQGHQXQGVFKDXWHQDFKGUDXHQ 1XUHLQHQ0RPHQWEOLHELFKLQGLHVHU+DOWXQJ'DQQ ]XFNWHLFK]XUFNXQGIDWHQDFKGHP)HQVWHUJULIIª,VWMD NODUGDZLUVRQLFKWVHQWGHFNHQN|QQHQ'LH6FKHLEHLVWYLHO ]XVFKPXW]LJGUDXHQOLHJWGLH'XQNHOKHLWXQGGDYHU VFKZLPPWDOOHVQXUQRFKPHKU*HKHQ6LHPDO]XU6HLWH 0HLVWHU© 'HU.RQVWDEOHUWUDW]XUFNVRKDWWHLFK3ODW]XQGNRQQWH GHQ)HQVWHUIOJHO|IIQHQ .lOWHUH/XIWVWU|PWHLQGDV,QQHUHGHU3ROL]HLZDFKH6LH ZLUEHOWHGHQ5DXFKGXUFKHLQDQGHUXQGLFKNRQQWHIUHL GXUFKDWPHQ (VZDUVWLOOLP*DUWHQ,FKEHXJWHPLFKDXVGHP)HQVWHU XQGVWW]WHPLFKGDEHLPLWEHLGHQ+lQGHQDE(LQZHQLJ NRPLVFKZXUGHPLUVFKRQDOVLFKGDUDQGDFKWHVRDOV =LHOVFKHLEHLP5HFKWHFNGHVRIIHQHQ)HQVWHUV]XVWHKHQDEHU HVWDWVLFKQLFKWV 1LHPDQGVFKRDXIPLFKNHLQHUJULIIPLFKDQ 'LH%lXPHVWDFKHQGHXWOLFKYRQGHPGXQNHOJUDXHQ+LQWHU JUXQGDE'LH%VFKHVDKLFKQXUDOVZHOOLJH6FKDWWHQGLHQLH UXKLJZDUHQZHLOGHU1DFKWZLQGEHUVLHKLQZHJVWULFKXQG VLHUDVFKHOQGEHZHJWH=XGHPEHJDQQHV]XUHJQHQ(UVWH VFKZHUH7URSIHQNODWVFKWHQLQPHLQ*HVLFKWXQGHLQSO|W] OLFKHU:LQGVWROLHPHLQH+DDUHIODWWHUQ ª6HKHQ6LHHWZDV6LU"© ª1HLQ© ª,FKJODXEHDXFKQLFKWGDVLFKGHU.HUOGDGUDXHQYHU VWHFNWKlOW'DV0lGFKHQKDWVLFKDOOHVQXUHLQJHELOGHW© 'HU%HDPWHKDWWHVRODXWJHVSURFKHQGD0DULDGLH:RUWH YHUVWDQGª8QGHULVWGD©IOVWHUWHVLHUDXKª,FKVSUHGDV JHQDX(UODXHUWHUZLUGW|WHQ© ,FKDWPHWHWLHIHLQXQGK|UWHJOHLFK]HLWLJZLHKLQWHUXQVHLQ 6WXKOJHUFNWZXUGH
ª%OHLEHQ6LHEHL0DULD©ZLHVLFKGHQ.RQVWDEOHUDQ 'HUYHUVFKZDQG ,FKZROOWHVRVFKQHOOQLFKWDXIJHEHQ0LWWOHUZHLOHYHUGLFK WHWHVLFKPHLQ9HUGDFKWGDKLHUHLQLJHVQLFKWPLWUHFKWHQ 'LQJHQ]XJLQJ:lUHQXUHLQH6LFKHUXQJKHUDXVJHVSUXQJHQ KlWWHQ6XNRXQGGHU%HDPWHGHQ6FKDGHQOlQJVWEHKREHQ 'RFKVLHZDUHQQRFKQLFKW]XUFNJHNHKUWGHVKDOEPXWHLFK GDYRQDXVJHKHQGDLUJHQGHWZDVIDOVFKJHODXIHQZDU ª)OLHKHQ6LH©YHUQDKPLFKKLQWHUPLUGLH]LVFKHOQGHXQG ZDUQHQGH6WLPPHGHV0lGFKHQVª)OLHKHQ6LHVRVFKQHOOZLH P|JOLFK(UZLUGNRPPHQXQGHXFKW|WHQ© ª'D]XJHK|UHQDEHU]ZHL©HUZLGHUWHGHUDOWH3ROL]LVW OlVVLJª(LQHUGHUW|WHQZLOOXQGHLQHUGHUVLFKW|WHQOlW© ª%LWWHVHLHQ6LHPDOVWLOO©ZLHVLFKGHQ%HDPWHQDQ,FK KDWWHHWZDVJHK|UW6FKULWWH 6FKOHLFKHQGZDUHQVLHPLUYRUJHNRPPHQGD]ZLVFKHQHLQ .QDFNHQRGHU5DVFKHOQGDVPHLQHU$QVLFKWQDFKQLFKWYRQ GHQGXUFKGHQ:LQGEHZHJWHQ%OlWWHUQVWDPPHQNRQQWH ,FKNRQ]HQWULHUWHPLFKVWlUNHU9HUGDPPWGDZDUHWZDV ª,VWGDWDWVlFKOLFKMHPDQG"©IUDJWHGHU%HDPWH -DHVZDUHLQHULP*DUWHQ,FKVDKLKQQLFKWDEHULFKK|UWH VHLQH:DIIH 'DVKRKH6LQJHQGLHVHUP|UGHULVFKHQ6lJH :DVLFKK|UWHZDUHLQGHXWLJGDVVLQJHQGH.UHLVFKHQHLQHU +DQGVlJH ª:DVLVWGDV"©,FKK|UWHGLHHUVFKUHFNWH6WLPPHGHV 3ROL]LVWHQ,KQKDWWHQLFKWVPHKUEHLGHP0lGFKHQJHKDOWHQ XQGHUNDP]XPLU ª(LQH6lJH© 'HU0DQQ]XFNWH]XVDPPHQª'DQQLVWHUGRFK"© ª-DHULVW%OHLEHQ6LHEHLGHP0lGFKHQ©,FKGUHKWHPLFK KDVWLJXPXQGVDKGLH8PULVVHGHUMXQJHQ)UDX6LHKDWWHGLH $UPHDQJHZLQNHOWXQGVWHPPWHVLFKODQJVDPLQGLH+|KH
ª(UNRPPW©IOVWHUWHVLHª(UNRPPWXQGZLOOPLFK W|WHQ© ª%HUXKLJHQ6LHVLFK0DULD© 0HLQ*RWWKRIIHQWOLFKGUHKWHGLH.OHLQHQLFKWGXUFK =XJOHLFKlUJHUWHLFKPLFKGDYRQ6XNRXQGGHP]ZHLWHQ 3ROL]LVWHQQLFKWV]XVHKHQZDU,KQHQKlWWHLFKPHKU]XJH WUDXWDOVGHPHLQ]HOQHQ0DQQ ,P=LPPHUZROOWHLFKQLFKWPHKUEOHLEHQ:HQQLFKHWZDV JHJHQ%HOSKpJRUXQWHUQHKPHQZROOWHGDQQPXWHLFKLKQ DXVGHU5HVHUYHORFNHQGDPLWHU0DULDYHUJD 6HKUZRKOZDUPLUQLFKWEHLGHP*HGDQNHQXQGLFKZXWH DXFKQLFKWZRPHLQ)HLQGVWHFNWH 'HU*DUWHQYRUPLUZDU]LHPOLFKJUR]XGLFKWEHZDFKVHQ PLW%lXPHQXQG6WUlXFKHUQ'HU8QKROGNRQQWHDOVREHUDOO ODXHUQ (VZDUPLUQLFKWP|JOLFKJHQDXDXV]XORWHQDXVZHOFKHU 5LFKWXQJGDV*HUlXVFKGHUODXIHQGHQ6lJHDQPHLQH2KUHQ GUDQJ,FKNRQQWHHVQXUGDPLWHUNOlUHQGDPHLQ)HLQGODX IHQGVHLQH6WHOOXQJZHFKVHOWHXQGLQ'HFNXQJGHU%lXPH RGHU%VFKHKLQXQGKHUKXVFKWH ,FKVSUDQJ (VZDUGRFKWLHIHUDOVLFKJHGDFKWKDWWH+RFKSDUWHUUH,FK NDP]ZDUZHLFKDXIODQGHWHMHGRFKDXIHLQHU6FKUlJHXQG HUKLHOWHLQHQ'UDOOQDFKKLQWHQVRGDLFKZLHGHU]XUFN NLSSWHXQGPLWGHP5FNHQJHJHQGLH0DXHUILHO )UHLQHQ0RPHQWEOLHELFKVWHKHQ 'DZDUHVZLHGHU 'DVKRKHZLGHUOLFKH6LQJHQGHU+DQGVlJH8QGGD]ZL VFKHQGLHK|KQLVFKH6WLPPH ª-RKQ6LQFODLULFKIUHXHPLFKGDGXGDELVW,FKZXWH GDGXNRPPHQZUGHVWZHQQLFKGLHULFKWLJH6SXUOHJHGX YHUIOXFKWHU+XQGHVRKQ,FKZHUGHGLFK]HUVWFNHOQ© .DXPKDWWHHUGLHHUVWHQ:RUWHJHVSURFKHQDOVLFKEHUHLWV PHLQHQ6WDQGSODW]ZHFKVHOWH(LQSDDU6FKULWWHQDFKOLQNVOLHI LFKXQGVSUDQJGDQQPLWHLQHP6DW]YRUZlUWVXPKLQWHU
HLQHP%XVFK]XODQGHQ'RUWILHOLFKI|UPOLFK]XVDPPHQ 0LWGHU%HUHWWDNRQQWHLFKJHJHQLKQQLFKWVDXVULFKWHQGDV VWDQGIHVW$EHULFKEHVDQRFKPHLQ.UHX]XQGDXFKGHQ %XPHUDQJ-HW]WZDULFKIURKGLHGRFK]LHPOLFKVFKZHUH :DIIHQLFKWLP.RIIHUUDXPJHODVVHQ]XKDEHQ,FK]RJVLHKHU YRUXQGZRJVLHSUIHQGLQGHU+DQG (VZDUQDWUOLFKEHLGLHVHP/LFKWHLQ5LVLNRGHQ%XPHUDQJ ]XVFKOHXGHUQ:HQQPHLQ*HJQHUDXIWDXFKWHGDQQPXWH LFKXQJHKHXHUVFKQHOOVHLQGDPLWLFKDXFKWUDI 1RFKHLQHQOHW]WHQ%OLFNZDUILFK]XP)HQVWHU'RUWHU VFKLHQGLH*HVWDOWGHV3ROL]LVWHQ ª:HJ©IDXFKWHLFKLKQDQª9HUVFKZLQGHQ6LH© ª,FKZROOWH,KQHQQXUVDJHQGD,KU.ROOHJH©(U EUDXFKWHQLFKWPHKUZHLWHU]XVSUHFKHQGHQQ6XNRHUVFKLHQ QHEHQLKP ª/RV$OWHUVSULQJ,FKELQLP*DUWHQ© 6XNRMXPSWHDXVGHP)HQVWHUNDPVLFKHUDXIXQGEHZHJWH VLFKVRIRUWDXIPHLQH'HFNXQJ]X ,FKZLQNWHLKP =ZHL6FKULWWHEUDXFKWHHUXPQHEHQPLU]XVHLQ 'DV*HUlXVFKGHU6lJHZDUYHUVWXPPW'HU8QKROGZDU YHUGDPPWUDIILQLHUWHUZROOWHVHLQHQ6WDQGRUWQLFKWSUHLVJH EHQXQGZLUKDWWHQPDOZLHGHUNHLQHQ$QKDOWVSXQNW 'DPDOVKDWWHPDQLKQGHQ'lPRQPLWGHU)ODPPHQ SHLWVFKHJHQDQQW-HW]WEHQXW]WHHUHLQH6lJHXP]X]HU VWFNHOQ8QGHUZROOWHVLFKUlFKHQZHLOLFKLKPHLQPDOHLQH 1LHGHUODJHEHUHLWHWKDWWH =XP*OFNZDUGHU3ROL]LVWYRP)HQVWHUYHUVFKZXQGHQ(U EHIDQGVLFKLQNHLQHUXQPLWWHOEDUHQ*HIDKUPHKU ª:DVZDUGHQQORV"©KDXFKWHLFK ª'DLVWDOOHVLP(LPHU©HUNOlUWH6XNRHEHQVROHLVHª'HU PXLUJHQGZHUHLQ+DXSWNDEHOGXUFKJHVFKQLWWHQKDEHQ© ª'XUFKJHVlJW© ª6FKHU]EROG©6XNREHZHJWHGHQ.RSIª$PEHVWHQZlUH HVZHQQZLUXQVWUHQQHQZUGHQRGHU"©
,FKZDUHLQYHUVWDQGHQGHQQZHQQZLUGDVWDWHQNRQQWHQ ZLUGHQ8QKROGLQGLH=DQJHQHKPHQ :LHHLQ6SXNLQGHU1DFKWVRVFKQHOOZDU6XNRYHU VFKZXQGHQ ,FKEOLHEQRFKKRFNHQ'DEHLODXVFKWHLFKDXIGLH *HUlXVFKH.HLQ7LHUGHU1DFKWPHOGHWHVLFKDOOHVZDUVWLOO 1XUGDVDOWH/DXEUDVFKHOWHZHQQGHU:LQGHVGXUFKHLQ DQGHUZLUEHOWH:LUKDWWHQ*OFNPLWGHP5HJHQGHQQHUZDU QLFKWVWlUNHUJHZRUGHQ1DFKZLHYRUILHOHQQXUHLQLJH VFKZHUH7URSIHQXQGNODWVFKWHQDXIGLH%OlWWHU 9RQ6XNRVDKXQGK|UWHLFKQLFKWVPHKU'HU&KLQHVHJOLFK PDQFKPDOHLQHP,QGLDQHUZDUHLQ0HLVWHULP$QVFKOHLFKHQ :HQQ%HOSKpJRULUJHQGZRODXHUWHZUGHHUGHQ,QVSHNWRU NDXPEHPHUNHQ ,FKODXVFKWHZLHGHU]XPRIIHQHQ)HQVWHUKLQ$XVGHP 'LHQVW]LPPHUK|UWHLFKNHLQ*HUlXVFK=XP*OFNYHUKLHO WHQGLHVLFKGRUWDQZHVHQGHQ3HUVRQHQVWLOO 0LFKKLHOWQLFKWVPHKUDXIPHLQHP3ODW],QJHGXFNWHU +DOWXQJXQGLPPHUGLH'HFNXQJGHU%VFKHDXVQXW]HQG EHZHJWHLFKPLFKQDFKOLQNVLQGLHJHQDXHQWJHJHQJHVHW]WH 5LFKWXQJPHLQHV.ROOHJHQXQG)UHXQGHV6XNR (VZDUQXU]XZQVFKHQGDVLFK%HOSKpJRULUJHQGZLH YHUULHWXQGLFKKRIIWHGDUDXIGDHUGLH6lJHZLHGHU DQVWHOOWH 'LH)LQVWHUQLVVFKW]WHXQVJHQDXVRZLHLKQ-HW]WNDPHV GDUDXIDQZHUGLHEHVVHUHQ1HUYHQEHVDHURGHUZLU 'DEHLDKQWHQZHGHU6XNRQRFKLFKGDGHU'lPRQXQV UHLQJHOHJWKDWWHZLH]ZHL$QIlQJHU .DOWHHUEDUPXQJVXQGJQDGHQORVH$XJHQVFKDXWHQDXI GHQEOlXOLFKVFKLPPHUQGHQ6WDKOGHU6lJHGHUMHW]WUXKLJ LQGHU+DQGGHV8QKROGVODJ(UKDWWHGLH6lJHZLHGHUDXV JHVFKDOWHWDOV/RFNPLWWHOKDWWHVLHYROODXIDXVJHUHLFKW ,QGHQ$XJHQGHV'lPRQVEOLW]WHHVIUHLQHQ0RPHQW
WULXPSKLHUHQGDXI%HLGH*HLVWHUMlJHUZDUHQDXIVHLQHQ7ULFN KHUHLQJHIDOOHQ(UKDWWHVLHDXVGHP+DXVORFNHQZROOHQXQG GDVZDULKPJHOXQJHQ :lKUHQGGLH6lJHOLHIKDWWHHUVLFKQDKHGHU+DXVZDQG DXIJHKDOWHQGHQQVLHZDUIHLQHQVRGVWHUHQ6FKDWWHQGD GHU'lPRQYRQLKUYHUVFKOXFNWZXUGH (UKDWWHJHVHKHQZLHVHLQ)HLQG-RKQ6LQFODLUDXVGHPRIIH QHQ)HQVWHUJHVSUXQJHQZDUXQGHUKlWWHLKQ]XJHUQ DWWDFNLHUWGRFK6LQFODLUZDUVHKUVFKQHOOYHUVFKZXQGHQ %HOSKpJRUKDWWHVLFKVWDUNYHUlQGHUW6HLQH*HVWDOWZDUYRQ .RSIELV)XLQ/HGHUEXFKVWlEOLFKHLQJHZLFNHOWXQGDQVHL QHP.RSIVDKGLHVHV0DWHULDODXVZLHHLQOHGHUQHU 0XPLHQYHUEDQG 1XU]ZHL6FKOLW]HIUGLH$XJHQZDUHQIUHLJHODVVHQ 8QGJHUDGHGLH$XJHQZDUHQHVGLHDEVROXWW|GOLFKH.lOWH YHUVWU|PWHQ (UZDU]XUFNJHNHKUWXQGHUZXWHHLQHQVFKDXULJHQ 'lPRQKLQWHUVLFK(LQ8QWLHUDXVGHU8U]HLW ,]]LGHU+|OOHQZXUP 0LWLKP]XVDPPHQZROOWHHUGLH:HOWDXVGHQ$QJHOQ KHEHQ:DVKLHULQGHP*DUWHQJHVFKDKZDUQXUHLQNOHLQHV 9RUVSLHOHEHQVRGLH0HQVFKHQLQGHU0KOHGLHHUJHW|WHW KDWWHXPQHXH.UlIWH]XHUODQJHQ%HOSKpJRUVZDKUH3OlQH VDKHQY|OOLJDQGHUVDXVXQGGDIUKDWWHHUGLH8QWHUVWW]XQJ GHU*URHQ$OWHQHUKDOWHQGLHLKP,]]L]XU6HLWHVWHOOWHQ (LQH6WDGWVROOWH]LWWHUQ 3DULV -DGLH6WDGWDQGHU6HLQHKDWWHHUVLFKDXVJHVXFKW+LHU ZROOWHHUVHLQH.UDIWDXVVSLHOHQXQGVHLQH*HJQHUIHUWLJ PDFKHQ (UKlWWHVLFK]ZDUOLHEHQGJHUQOlQJHUXPGHQ*HLVWHUMlJHU JHNPPHUWDOVLKQPLWHLQSDDU:RUWHQ]XVFKUHFNHQGRFK GDVZDUQLFKWP|JOLFKGLHDQGHUH6DFKHGUlQJWH (UZROOWHQXUQRFKHLQNOHLQHV$EVFKLHGVJHVFKHQNKLQWHU ODVVHQZLHYHUVSURFKHQ
6LQFODLUZXWHQLFKWZRHUVWHFNWHXQGHUZUGHHVDXFK ZHLWHUKLQQLFKWZLVVHQGHQQ%HOSKpJRUYHUVWDQGHVODXWORV YRUDQ]XJHKHQ1LFKWHLQ*HUlXVFKHQWVWDQGDOVHUVLFKLP 6FKXW]HGHU0DXHUDXIGLH+DXVHFNH]XEHZHJWHXPVLHKHU XPKXVFKWHXQGVLFKDQGHU6FKPDOVHLWHGHV3ROL]HLJHElXGHV ZLHGHUIDQG 'DVZDUDXVJH]HLFKQHWGHQQ6LQFODLUKDWWHQLFKWVEHPHUNW 1XUHLQSDDU6FKULWWHEUDXFKWHHU]XODXIHQXPGDV(QGHGHU %UHLWVHLWH]XHUUHLFKHQ1RFKHLQPDOXPGLH(FNHGDQQVWDQG HUYRUGHP3ROL]HLJHElXGH 'DV/LFKWKDWWHHUEXFKVWlEOLFK]HUVlJW$XFKGLH/DPSH EHUGHU7UEUDQQWHQLFKW )LQVWHUQLVXPVFKORGDV*HElXGH )ULKQGDV*HVFK|SIGHU1DFKWJHQDXULFKWLJ (LQHQNXU]HQ%OLFNDXVVHLQHQJQDGHQORVHQ$XJHQZDUIHU DXIGLH7UHSSHGDQQVWLHJHUODXWORVGLH6WXIHQ]XU(LQJDQJV WUKRFK ª1HLQQHLQQHLQ©0DULD.HWWRVWDUUWH]XP)HQVWHUKLQXQG VFKULHª'HQVFKDIIWLKUQLFKWQLHPDOV'HU0DQQPLWGHU 6lJHGDVLVW%HOSKpJRUXQGGHULVWVWlUNHUDOVLKUJODXEW PLU© ª$FKKDOWGHQ0XQG©'LH3ROL]LVWHQZDUHQODQJVDPVDXHU $XFKVLHIKOWHQVLFKXQZRKOLQLKUHU+DXWZROOWHQHVDOOHU GLQJVQLFKW]XJHEHQ%LVKHUZDUGHQEHLGHQGLH3ROL]HLVWDWLRQ LPPHUZLHHLQ]ZHLWHV=XKDXVHJHZHVHQVLHKDWWHQHLQHQ UXKLJHQ-REJHKDEWVRDP6WDGWUDQGYRQ/RQGRQ1XQDEHU ZDUGLHVHVHOWVDPH,G\OOHJHVW|UW'DV8QKHLOGDV*UDXHQ EUDFKEHUVLHKHUHLQRKQHGDVLHHWZDVKDWWHQGDJHJHQ XQWHUQHKPHQN|QQHQ ,KUH:HOWZDUQLFKWPHKULQ2UGQXQJ 8QGDXIHLQPDOHPSIDQGHQVLHGHQJURHQ5DXPQLFKW PHKUDOVJHPWOLFKHKHUEHNOHPPHQGXQGXQKHLPOLFK'DV DQGHUHODJZLHHLQHVWXPPH'URKXQJEHULKUHQ.|SIHQ
+LQ]XNDPQRFKGLHMXQJH)UDXGHUHQ*HLVWVLFKYHUZLUUW KDWWHXQGGLHVLFKDOV5HDNWLRQGDUDXILQGVWHUHQ :DUQXQJHQXQG3URSKH]HLXQJHQHUJLQJ 3DXO6FKUDGHUGHUbOWHUHHUKREVLFKª,FKN|QQWHHLQHQ :KLVN\YHUWUDJHQ©VDJWHHU 0RUJDQVHLQ.ROOHJHQLFNWHª.LSSPLUDXFKHLQHQHLQ© .DXPVWDQG6FKUDGHUDOV0DULDZLHGHUDQILQJ]XVSUHFKHQ ª)OLHKWOLHEHU©IOVWHUWHVLHª:HQQHXFKGDV/HEHQOLHELVW GDQQ© ª6HLHQGOLFKUXKLJ©]LVFKWH0RUJDQ(UKDWWHVLFKDXIVHL QHP6WXKOYRUJHEHXJWXQGVWDUUWHGLHMXQJH)UDXDQ ª,VWHXFKHXHU/HEHQQLFKWVZHUW"©6LHIUDJWHGLHVXQGVLH NODQJGDEHLVRDOVZlUHLKU*HLVWEHUKDXSWQLFKWYHUZLUUW 6FKUDGHUDQWZRUWHWH(UVFKHQNWHEHUHLWVGHQ:KLVN\HLQ ª'RFKXQVHU/HEHQLVWXQVHLQLJHVZHUW6RJDUVHKUYLHO$EHU ZLUVLQG]XYLHUWZHQQLFKGLH
IHUWLJ©6LHVHW]WHVLFKSO|W]OLFKDXIUHFKW ª:DVLVWORV"©ZROOWH6FKUDGHUZLVVHQ,KPZDUGLH 9HUlQGHUXQJGHV0lGFKHQVQLFKWHQWJDQJHQ ª(UNRPPW©0DULDVSUDFKOHLVHDEHUGHQQRFKVRODXW GDLKUH:RUWHJXW]XYHUVWHKHQZDUHQª(UNRPPWKHUHU LVWGD© ª8QGZR"© ª'UDXHQLP)OXU,FKPHUNHHVLFKIKOHHV(ULVWEHVVHU XQGVWlUNHUDOVGLHDQGHUHQ© 'LHOHW]WHQ:RUWHGHV0lGFKHQVKDWWHQGLH3ROL]LVWHQEHHLQ GUXFNW6LHZDQGWHQLKUH.|SIHXQGVFKDXWHQJHPHLQVDPPLW 0DULD.HWWR]XURIIHQHQ%URWUKLQ 6FKULWWHK|UWHQVLHQLFKW'DIUHWZDVDQGHUHV'DVKRKH VLQJHQGH*HUlXVFKGHUHLQJHVFKDOWHWHQ6lJH ª(ULVWGD© .HLQHUGHU3ROL]LVWHQZLGHUVSUDFK6LHK|UWHQHVMDVHOEVW GDVVFKDUIH6LUUHQGHU6lJHXQGGDVZDU%HZHLVJHQXJ -HW]WZDUHQDXFK6FKULWWH]XK|UHQ 'XPSINODQJHQVLHDXI6LHEHUW|QWHQVRJDUGDV*HUlXVFK GHUHLQJHVFKDOWHWHQ+DQGVlJHXQGLPQlFKVWHQ$XJHQEOLFN HUVFKLHQGHU8QKHLPOLFKHLQGHURIIHQHQ7U (UVDKVFKUHFNOLFKDXV ,Q/HGHUZDUHUUHJHOUHFKWHLQJHZLFNHOW$XFKGHU.RSI EHVWDQGDXVGLFNHQ/HGHUVFKQUHQZRQXU]ZHL6FKOLW]HIU GLHNDOWHQJUDXVDPHQ$XJHQIUHLJHODVVHQZRUGHQZDUHQ 8QGGLHVH$XJHQZDUHQDOOHLQDXIGLHGUHL0HQVFKHQIL[LHUW :HQQ%OLFNHW|WHQN|QQWHQZlUHQGLHGUHLOlQJVWQLFKW PHKUDP/HEHQJHZHVHQ -HGHUYRQLKQHQVSUWHGLH$XUDGHV%|VHQGLHGLHVH *HVWDOWDXVVWUDKOWH6LHZDUQXUQRFKDOVNRPSDNWHU6FKDWWHQ ]XVHKHQ=ZLVFKHQGHPREHUHQ7UUDQGXQGLKUHP6FKlGHO EHIDQGVLFKNDXP3ODW]8QGGLFKWGDUXQWHUOHXFKWHWHQGLH $XJHQZLH]ZHLEODXH.ULVWDOOH
6FKOLPPZDUGLHW|GOLFKH0XVLNGHU6lJH'DV,QVWUXPHQW VHOEVWYHUVFKZDPPIDVWLQGHUZDWWLJHQ)LQVWHUQLVQXUGHU 6WDKOEOLW]WHKLQXQGZLHGHUDXI 'DPLWZROOWHHUPRUGHQ 6FKUDGHU|IIQHWHPLWGHUUHFKWHQ+DQGGLH.ODSSHVHLQHU 3LVWROHQWDVFKHGRFKHUEUDXFKWH=HLWGDIUGHQQVHLQH)LQJHU ]LWWHUWHQVHKUVWDUN 0RUJDQVDZLHDQJHZXU]HOW(UVWDUUWHDXIGHQ8QKROGDOV N|QQWHHUHVQLFKWIDVVHQLKQYRUVLFK]XVHKHQ(UNDPVLFK YRUZLHLQHLQHP$OSWUDXP%LVKHUKDWWHHUGDVDOOHVQLFKWVR UHFKWJODXEHQZROOHQQXQDEHUZXUGHLKPEHZXWGDGHU $OSWUDXP5HDOLWlWZDU :LHHLQ'HQNPDOVWDQG%HOSKpJRUGD(UVWDUUWHGLHGUHL 3HUVRQHQDQGLHVHLQH2SIHUZHUGHQVROOWHQ $XFKGDV0lGFKHQUKUWHVLFKQLFKW6LHVDJWHDXFKQLFKWV VRQGHUQ]LWWHUWHQXUGHU0XQGVWDQGKDOERIIHQGLH$XJHQ HEHQIDOOV 6FKUDGHUZDUHVJHOXQJHQVHLQH:DIIH]X]LHKHQ:HQQGHU 8QKROGHWZDVEHPHUNWKDWWHVR]HLJWHHUGLHVQLFKWGHQQHU VWDQGQDFKZLHYRUODXHUQGLQGHU7U 6FKUDGHUKREGHQUHFKWHQ$UPª'LFKOHJ LFKXP©NHXFK WHHUª9HUGDPPWGLFKPDFKHLFKIHUWLJ© )DKOJHOEEOLW]WHHVYRUGHU0QGXQJDXI)U%UXFKWHLOH YRQ6HNXQGHQZXUGHGLHXQPLWWHOEDUH8PJHEXQJHUKHOOW GDQQZDUHVZLHGHUGVWHUXQG3DXO6FKUDGHUVDKZLHGLH .XJHOHLQVFKOXJ (LQKDUWHU7UHIIHUHWZDLQ.|USHUPLWWHVFKWWHOWHGLH *HVWDOWGXUFK6FKUDGHUZDUWHWHGDUDXIGDVLFKHWZDVWDWHU NRQQWHVLFKQLFKWYRUVWHOOHQGDMHPDQGHLQH.XJHOYHUNUDI WHWH (LQHQ0RPHQWVSlWHUPXWHHUVHLQH0HLQXQJUHYLGLHUHQ 'HU8QKROGVWHFNWHGHQ7UHIIHUZHJDOVZlUHHUQLFKWVXQG HUJLQJVHOEVW]XP$QJULIIYRU3O|W]OLFKEHZHJWHHUVHLQHQ IUHLHQ$UPHUVFKOXJGDPLWHLQHKDOEH'UHKXQJXQGHLQHQ $XJHQEOLFNVSlWHUHUVFKLHQHWZDVLQVHLQHU+DQG
(VZDUHLQHIODPPHQGH3HLWVFKH 'VWHUHV/DFKHQGUDQJXQWHUGHU/HGHUPDVNHKHUYRUGHQQ GHU+H[HUPLWGHU)ODPPHQSHLWVFKHPDFKWHVHLQHP1DPHQ DOOH(KUH $XFK0DULDVDKGLHIODPPHQGH3HLWVFKH6LHVFKRYRQ LKUHP6WXKOKRFKXQGEHJDQQJHOOHQG]XVFKUHLHQ 6LHVDKGDV)HXHU 8QGJHUDGH)HXHUZDUIUVLHGHU,QEHJULIIYRQ$QJVW 9HUQLFKWXQJXQG7RG )ODPPHQ]XQJHQOHFNWHQEHUGHQ%RGHQSXIIWHQKRFKXQG ZXUGHQ]XHLQHUURWOHXFKWHQGHQ:DQGGLHLP1XGDV =LPPHUHUIOOWHXQGHLQPDNDEUHV6SLHODXV/LFKWXQG 6FKDWWHQEHJDQQ :LHGHUHLQ6FKODJ :lKUHQGGDV0lGFKHQZHLWHUKLQJHOOHQGVFKULHIORJGLH 3HLWVFKH]XU6HLWHXQGGLHODQJHQ)ODPPHQ]XQJHQJULIIHQ ZLHJLHULJH)LQJHUQDFK3DXO6FKUDGHU 6HLQ*HVLFKWZXUGHDXVGHPGXQNOHQ+LQWHUJUXQGKHUYRU JHULVVHQ'LH=JHZDUHQYRU*UDXHQXQG(QWVHW]HQHQWVWHOOW 8QGGDQQSDFNWHQGLH)ODPPHQ]X :LUKDWWHQGHQ6FKXYHUQRPPHQ 2EZRKO6XNRXQGLFKYRQHLQDQGHUJHWUHQQWZDUHQ UHDJLHUWHQZLUJOHLFK]HLWLJDOVKlWWHQZLUXQVDEJHVSUR FKHQ .HLQHUEOLHEPHKUDXIVHLQHP)OHFN%HLGHKDWWHQZLUGLH JOHLFKH,GHH8QGZLUWUDIHQXQVLQ1lKHGHV)HQVWHUV ª(UKDWXQVUHLQJHOHJW©ULHI6XNRDOVHUQXUPHLQH 6FKDWWHQJHVWDOWVDKª'LHVHU+XQGHVRKQPXYRUQKHUXPJH JDQJHQVHLQ© 'DYHUQDKPHQZLUDXFKVFKRQGLH6FKUHLHhEHUXQVZXUGH HVKHOOGDHLQIODFNHUQGHU6FKHLQDXVGHPRIIHQHQ)HQVWHU QDFKGUDXHQGUDQJXQGXQVHUH*HVLFKWHUPLWHLQHP 6FKLPPHUEHU]RJ
'LH)HQVWHUEDQNZDUVRKRFKGDZLUVLHPLWHLQHP6SUXQJ QLFKWHUUHLFKHQNRQQWHQ $EHUZLUPXWHQLQGDV=LPPHU 'LH(QWVFKHLGXQJILHOUDVFK,FKGHXWHWH6XNRDQGDHUGLH +lQGH]XVDPPHQOHJHQVROOWH0HLQ3DUWQHUYHUVWDQGXQG UHDJLHUWHVRIRUW (UOHJWHGLH+lQGHJHJHQHLQDQGHULFKVWLHJLQVHLQH+DQG IOlFKHXQG6XNRZXFKWHWHPLFKLQGLH+|KH,FKKDWWHPHLQH $UPHDXVJHVWUHFNWGLH)LQJHUHUUHLFKWHQGHQ5DQGGHU )HQVWHUEDQNXQGLFKNODPPHUWHPLFKGDUDQIHVW ª1RFKZHLWHU©NHXFKWHLFK 6XNRVFKOHXGHUWHPLFKKRFK,FK]RJHLQ%HLQDQIDQGGHQ Q|WLJHQ+DOWXQGUROOWHPLFKDXIGLH%DQN ª,FKODXIHYRUQKHUXP©ULHIPHLQ3DUWQHU(UZDUWHWHHLQH $QWZRUWPHLQHUVHLWVHUVWJDUQLFKWDEXQGYHUVFKZDQG ,FKVFKDXWHLQGDV=LPPHU (LQH)ODPPHQZDQG(VZDUGHUHUVWH(LQGUXFNGHQLFK ZDKUQDKPGRFKHUWlXVFKWHHVZDUNHLQHGLUHNWH)ODPPHQ ZDQGVRQGHUQPHKUHLQHIHXULJH*DVVHGLH%HOSKpJRUPLW VHLQHU3HLWVFKHJHVFKODJHQKDWWH )XUFKWEDUKDWWHHU]XJHVFKODJHQ,PHUVWHQ0RPHQWZDULFK HQWVHW]WGHQQHLQHQGHU3ROL]LVWHQKDWWHQGLHPDJLVFKHQ )ODPPHQHUZLVFKW0DJLVFKH)ODPPHQGHVZHJHQGDHUWURW] GHV)HXHUVQLFKWULFKWLJYHUEUDQQWH 'LH)ODPPHQO|VWHQLKQDXI (UNRQQWHQLFKWPHKUVFKUHLHQZHLOVHLQH+DXW]XHLQHUWHL JLJHQ0DVVHJHZRUGHQZDUGLHEHUVHLQ*HVLFKWYHUOLHIXQG HVDXIJUlOLFKH$UWXQG:HLVHHQWVWHOOWH ,FKGUHKWHIDVWGXUFK 0HLQ=RUQH[SORGLHUWH,QGLHVHQ$XJHQEOLFNHQVDKLFKURW 0DJLVFKHV)HXHUGDV0HQVFKHQ]HUVW|UWH0HQVFKHQGLH QLFKWJHVFKW]WZDUHQ ,FKDEHUZDUHV'XUFKPHLQ.UHX]IKOWHLFKPLFK JHVFKW]WXQGLFKVHW]WHHVHLQ 9RUEHLDQGHUVFKUHLHQGHQ0DULD.HWWRUDQQWHLFKXQGKLHOW
GDV.UHX]LQPHLQHUYRUJHVWUHFNWHQ)DXVW*HQDXYLVLHUWHLFK GLH)ODPPHQZDQGDQVSUWHZLHGDV.UX]LIL[JHVFKWWHOW ZXUGHDOVHVGLHVWDUNHJHJHQVlW]OLFKHPDJLVFKH6WU|PXQJ ZDKUQDKPXQGGDQQWDXFKWHPHLQH+DQGPLWGHP.UHX]LQ GLH)ODPPHQZDQG ,FKVSUWHGHQ5XFN0LUNDPHVYRUDOVZlUHQGLH )ODPPHQZLGHUVWDQGVIlKLJGRFKLFKVFKOXJPLWGHP.UHX] HLQH%UHVFKHLQGDVPDJLVFKH)HXHUGDVSO|W]OLFK]XUFN ZLFKDXVHLQDQGHUIlFKHUWHDEHUYRQYHUVFKLHGHQHQ6HLWHQ KHUZLHGHU]HQWUDO]XVDPPHQOLHIXQGVLFK]XHLQHUZLUEHOQ GHQXQGIDXFKHQGHQ6lXOHYHUHLQLJWH 6LHZDUVHKUKRFKGUHKWHVLFKDXIGHP%RGHQHUUHLFKWHGLH 'HFNHXQGIlFKHUWHGRUWDXVHLQDQGHU=XGHPKDWWHVLHVLFK ]ZLVFKHQPLUXQG%HOSKpJRUDXIJHEDXWVRGDLFKGHQYHU GDPPWHQ'lPRQNDXP]X*HVLFKWEHNDP1XUDOVHLQHQ NRQWXUORVHQ6FKDWWHQ ,FKVWU]WHDXIGLH6lXOH]X hEHUPHLQHQHUVWHQ(UIROJKDWWHLFKPLFKIUHXHQN|QQHQ EHUGHQ]ZHLWHQQLFKW 'LH)ODPPHQZDQGZDQGHUWH 8QGVLHZDUVFKQHOO =XVFKQHOOIUPLFK %HYRULFKVLH]XP]ZHLWHQPDOPLWGHP.UHX]DWWDFNLHUHQ NRQQWHQVFKOXJVLHHLQHQ%RJHQGHUDXVVDKZLHHLQJURHV )UDJH]HLFKHQ(LQHQ$XJHQEOLFNVSlWHU]LVFKWHVLHDXI %HOSKpJRU]XGHUVLHLQVHLQHU3HLWVFKHDXIILQJZRVLH ]XVDPPHQVDFNWHXQGY|OOLJYHUVFKZDQG ,FKDEHUZDUQLFKWPHKU]XEUHPVHQ ,FKZROOWH%HOSKpJRU 'XUFKGLH(UIROJHPHLQHV.UHX]HVHUPXQWHUWJLQJLFK LKQDQ 'HU8QKROGVFKOHXGHUWHPLUGLH6lJHHQWJHJHQ 6LHOLHI'DVJHIlKUOLFKH%ODWW]LWWHUWH=ZDUULVLHGHU +DQGJULIIQDFKXQWHQDEHUVLHEHKLHOWLKUHHLJHQWOLFKH 5LFKWXQJEHL8QGGLHZDUDXIPHLQHQ.RSIJH]LHOW
.RSI+DOVRGHU%UXVW(LQHVYRQGHQGUHLHQZUGHVLHWUHI IHQIDOOVLFKQLFKWVRIRUWHWZDVXQWHUQDKP $XVYROOHP/DXIZDUILFKPLFK]XU6HLWH'DV*HVLFKWXQG PHLQHQ+DOVEUDFKWHLFKLQ6LFKHUKHLW,FK]RJDXFKQRFKGLH OLQNH6FKXOWHUKRFK$EHUQLFKWZHLWJHQXJ'DVYHUGDPPWH 6lJHEODWWHUKLHOWNXU]]XYRUHLQHQZLGHUOLFKHQ'UDOOXQG DXVJHUHFKQHWPLWGHU6FKQHLGHHUZLVFKWHHVPLFKDQGHU 6FKXOWHU 'HU6WRIIUL'DNODIIWHSO|W]OLFKHLQH/FNH$XFKLP )OHLVFKPHLQHU6FKXOWHU'HU6FKPHU]ZDUE|VH,FKZDUIPLFK JHJHQGLH:DQGK|UWHZLHGLH6lJH]X%RGHQSROWHUWHXQG LFKK|UWHDXFKGDVGUHFNLJH/DFKHQGHV'lPRQVGHULQGLH VHP$XJHQEOLFNYHUVFKZDQG +DUWELLFKGLH=lKQH]XVDPPHQª6XNR©,FKEUOOWHGHQ 1DPHQPHLQHV3DUWQHUVXQGKRIIWHGDGHU,QVSHNWRUPHLQH :DUQXQJYHUVWHKHQZUGH'DQQWRUNHOWHLFK]XU6HLWH 'RUWKLQZRHLQH7DVFKHQODPSHODJ'LHQDKPLFKDQPLFK XQGGUHKWHPHLQHQJHVXQGHQ$UPVRGDLFKGLHDQGHUHQ DQOHXFKWHQNRQQWH 'HUMQJHUHGHUEHLGHQ3ROL]LVWHQZDUJH]HLFKQHW(U KRFNWHDP%RGHQXQGKDWWHVHLQH+lQGHYRUGDV*HVLFKW JHVFKODJHQ$XVVHLQHP0XQGGUDQJHQVFKOXFK]HQGH/DXWH GLHLFKYHUVWDQGREZRKOHUGLH)LQJHUJHJHQGLH/LSSHQ SUHWH 0DULDVDYRUQEHUJHEHXJW'LH$UPHKLQJHQ]XEHLGHQ 6HLWHQGHV.|USHUVQDFKXQWHQGHU.RSISHQGHOWHLQLKUHQ $XJHQODJHLQLUUHU$XVGUXFNXQGDXVGHPRIIHQHQ0XQG GUDQJHQVHOWVDPH/DXWHGLHZLHHLQ:UJHQNODQJHQ 'HUOHW]WH3ROL]LVWZDUQLFKWPHKU]XUHWWHQ,KQKDWWHGDV )HXHU%HOSKpJRUVYROOHUZLVFKW$OOHUGLQJVZDUVHLQH+DXW QLFKWYHUEUDQQWQHLQHEHQVR6FKOLPPHVZDUGDPLWJHVFKH KHQ6LHKDWWHVLFKYHUlQGHUWXQGHULQQHUWHDQHLQHWHLJLJH LQHLQDQGHUULQQHQGHXQGQDFKXQWHQODXIHQGH0DVVH'DEHL YHUORUGHU0DQQLPPHUPHKUDQ*U|H(UVDFNWH]XVDPPHQ ZXUGHNOHLQHUXQGNOHLQHU:HQQHVVRZHLWHUJLQJZUGHHU
EDOGQXUQRFKHLQHVFKOHLPLJH0DVVHVHLQGLHPLFKIDWDODQ HLQHQZLGHUOLFKHQ*KRXOHULQQHUWH ,FKJLQJ]XLKP:DKUVFKHLQOLFKNRQQWHHUPLFKQRFK HUNHQQHQGHQQVHLQH%OLFNHQDKPHQHLQHQIOHKHQGHQ $XVGUXFNDQGHQLFKJXWYHUVWDQG'DV.UHX]PXWHPLU KHOIHQ 'DPLWHUO|VWHLFKLKQ (VJLQJLQQHUKDOEYRQ6HNXQGHQ=XOHW]WODJQXUQRFKHLQ PLW6FKOHLPEHGHFNWHV6NHOHWWYRUPLUGDVZDUDOOHV %HOSKpJRUV5DFKHKDWWHLKQVFKUHFNOLFKJHWURIIHQXQGLFK ZXWHQXQZDVXQVYRQGLHVHP'lPRQHUZDUWHWH 6XNRILHOPLUHLQ +LPPHOGHU&KLQHVHZDUWHWHGUDXHQ:DKUVFKHLQOLFKZDU HU%HOSKpJRULQGLH$UPHJHODXIHQ $XIGHQ6FKPHU]LQPHLQHU6FKXOWHUDFKWHWHLFKQLFKWDOV LFKGHQ5DXPYHUOLH 'LH$XHQWUVWDQGRIIHQ,P'XQNHOQYHUVFKZDQGHQGLH HLQ]HOQHQ6WXIHQZLHLQHLQHP7XQQHO $PUHFKWHQ3IRVWHQEOLHELFKVWHKHQª6XNR"© ª9HUGDPPW-RKQZDVLVW":RELVWGX"© ª+LHUREHQ©0HLQH6WLPPHNODQJHUOHLFKWHUW0LUILHOHLQ 6WHLQYRP+HU]HQDOVLFK6XNRK|UWH'DQQVDKLFKLKQ0LW HLQLJHQ6SUQJHQZDUHUGLH7UHSSHKRFKXQGEHLPLU(UVDK GDHVPLUVFKOHFKWJLQJXQGIUDJWHª-RKQZDVLVWJH VFKHKHQ"© ª:RLVW%HOSKpJRU"© ª,FKKDEHLKQQLFKWPHKUJHVHKHQ© ª.HLQ)HXHU"© ª'RFKDEHU© ª6XNRGDVZDUHU/DHVGLUJHVDJWVHLQHVZDU%HOSKpJRU GHUGDYHUVFKZXQGHQLVW© ª$EHULFKNRQQWHLKQQLFKWPHKUVWRSSHQ-RKQ(UZDU]X VFKQHOO© ª6FKRQJXW$OWHUODXQVUHLQJHKHQ© ª:LHVLHKWHVGRUWDXV"6FKOLPP"©
,FKODFKWHKDUWXQGELWWHUDXIª6FKOLPPLVWNHLQ$XVGUXFN %HOSKpJRUKDWJHZWHW© ª8QGJHW|WHW"© ª$XFKGDVPHLQ)UHXQG©,FKVHQNWHGHQ.RSIª,FKVDJH GLU6XNRHULVWQRFKPlFKWLJHUJHZRUGHQDOVHURKQHKLQ VFKRQZDU$XIMHGHQ)DOOKDWHUKLHUDOOH6SXUHQYHUO|VFKW© ª:HQQPDQGLFKVRUHGHQK|UWN|QQWHPDQPHLQHQVHLQ *DVWVSLHOVHLKLHUEHHQGHW© ª'DVLVWGXUFKDXVGULQ© 6XNRKREGLH6FKXOWHUQª6RULFKWLJEHU]HXJWELQLFKGDYRQ QLFKW-RKQ$EHUZLUZHUGHQHVVHKHQ© 1HEHQHLQDQGHUJLQJHQZLU]XUFNLQGLH5HYLHUVWXEH 6LFKWEDUH9HUEUHQQXQJVVSXUHQKDWWHGDV)HXHU%HOSKpJRUV QLFKWKLQWHUODVVHQ$OVLFKGLH/DPSHQDKPXQGJHJHQGLH 'HFNHOHXFKWHWHVDKLFKGRUWQLFKWVZDVDQHLQHQ)HXHUIOHFN LPHQWIHUQWHVWHQHULQQHUWH $XFK6XNRVDKGHQ7RWHQ(UVFKWWHUWEOLHEHUQHEHQGHP YRQ6FKOHLPXPIORUWHQ6NHOHWWVWHKHQ'DEHLVFKWWHOWHHUGHQ .RSIDOVN|QQWHHUHVQLFKWIDVVHQ ,FKOLHPLFKDXIHLQHQ6FKUHLEWLVFKIDOOHQXQGEOLHEHUVW HLQPDOGRUWVLW]HQ'LH]ZHLWH/DPSHKDWWHLFKJHKROW,Q LKUHP6FKHLQVFKDXWHLFKPLUGLH:XQGHDQPHLQHU 6FKXOWHUDQ 6LHVDK]LHPOLFKE|VHDXV'DNODIIWHHLQUHJHOUHFKWHU5LLP )OHLVFK8QGHUWDWK|OOLVFKZHK (UVWMHW]WPHUNWH6XNRGDPHLQ.DPSIJHJHQ%HOSKpJRU QLFKWVRHLQIDFKEHUGLH%KQHJHODXIHQZDU'HU,QVSHNWRU NDPUDVFK]XPLUVHLQEHVRUJWHV*HVLFKWVFKLPPHUWHLP /DPSHQVFKHLQEOHLFKDOVHUIOVWHUWHª+LPPHOGDVLVWMDDOOHV YROOHU%OXW© ª1XUHLQ.UDW]HU© ª'DVVDJVWGXVRLQGHLQHPMXJHQGOLFKHQ/HLFKWVLQQ©'HU &KLQHVHVFKRZLHGHULQGLH+|KHXQGVFKDXWHVLFKXP ª+LHUPXHVGRFKHLQHQ9HUEDQGVNDVWHQJHEHQ©(UHLOWH VXFKHQGGXUFKGHQ5DXP
'HU/DPSHQVWUDKOWDQ]WHGDEHLXQGKXVFKWHEHU:lQGH XQG0|EHOVWFNH ,QHLQHPGHU6FKUHLEWLVFKHIDQGPHLQ)UHXQGZDVHU VXFKWH'HQ]ZHLWHQ3ROL]LVWHQKDWWHHUQLFKWDQVSUHFKHQ N|QQHQ'HU0DQQKRFNWHDP%RGHQXQGZHLQWH =XP*OFNZDUGDV0lGFKHQUXKLJ $XIGHP:HJ]XPLUJDE6XNRGHU6lJHHLQHQ7ULWWGDVLH JHJHQGLH:DQGJHVFKOHXGHUWZXUGHXQGGRUWOLHJHQEOLHE ª0DQVROOWHGLHVHQ8QKROGLQ6WFNHVlJHQ©VWLHHUIOXFKHQG KHUYRUEHYRUHUEHLPLU6DPDULWHUVSLHOWH 0LWGHP0HVVHUPXWHHUGHQ6WRIIDXIVFKQHLGHQ6RJXWHV P|JOLFKZDUHQWIHUQWHHU)DVHUQDXVGHQ:XQGUlQGHUQXQG KROWHDQVFKOLHHQGGDVJU|WH3IODVWHUKHUYRUGDVHUIDQG 9RUKHUDOOHUGLQJVGHVLQIL]LHUWHHUGLH:XQGHQRFK ,FKNQLUVFKWHPLWGHQ=lKQHQª9HUGDPPWNLSSVWGXGD (VVLJUHLQ"© ª6RXQJHIlKU©HUZLGHUWH6XNRXQJHUKUW 8QVHUPXQWHUHU'LDORJZXUGHDOOHUGLQJVXQWHUEURFKHQDOV ZLUYRUGHP+DXVGDV*HUlXVFKHLQHV:DJHQPRWRUVYHUQDK PHQGDVDOOHUGLQJVVFKQHOOYHUVWXPPWH ª'DNRPPWMHPDQG©6XNRUXWVFKWHYRQPLUZHJ%LV]XU 7UNDPHUQLFKW'RUWHUVFKLHQHQSO|W]OLFK]ZHL*HVWDOWHQ GLHYRQ6XNRDQJHOHXFKWHWZXUGHQ ª9HUGDPPWKLHULVWNHLQ/LFKW:RNDQQGHQQ"© ª*XWHQ$EHQG©VDJWHGHU&KLQHVHª%HYRU6LHKLHUGXUFK GUHKHQGDUILFKPLFKYRUVWHOOHQ0HLQ1DPHLVW,QVSHNWRU 6XNR2EHULQVSHNWRU6LQFODLUEHILQGHWVLFKHEHQIDOOVKLHU© 'LHKHNWLVFKHQ%HZHJXQJHQGHUKHUEHLJHHLOWHQ%HDPWHQ ZXUGHQODQJVDPHU6FKOLHOLFKNDPHQVLHQlKHUXQGZLHGHU ZXUGHGLH)UDJHQDFKGHP/LFKWJHVWHOOW ª+LHUIXQNWLRQLHUWQLFKWVPHKU©HUNOlUWHLFKª:HGHUGDV /LFKWQRFKGDV7HOHIRQ© ª'HVKDOEKDEHQZLUNHLQH9HUELQGXQJEHNRPPHQ©K|UWHQ ZLUHLQHQGHU%HVXFKHUVDJHQª:LUKDEHQHVLPPHUZLHGHU YHUVXFKWXQGGDZXUGHQZLUPLWUDXLVFKXQGZROOWHQVHOEVW
QDFKVFKDXHQ©(UUlXVSHUWHVLFKª:DVLVWGHQQHLJHQWOLFK JHVFKHKHQXQGZHVKDOEKRFNW0RUJDQDP%RGHQ"© ª+LHUZDUGLH+|OOHORV©DQWZRUWHWHLFK (VGDXHUWHODQJHELVZLUGHQEHLGHQ3ROL]LVWHQHUNOlUW KDWWHQZDVLQQHUKDOEGLHVHU'LHQVWVWHOOHYRUJHIDOOHQZDU6LH ZROOWHQHVXQVNDXPJODXEHQ 7HOHIRQLHUHQPXWHQZLUHEHQIDOOV'DVEHUQDKP6XNR(U YHUVFKZDQGXQGULHIYRQPHLQHP%HQWOH\DXVDQ(LQ$U]W PXWHKHUGD]XHLQ:DJHQGHU$PEXODQ]8QVHUHQ&KHI 6LU-DPHV3RZHOOZROOWHHUDXFKQRFKEHUGLH9RUIlOOHLQIRU PLHUHQ %HLPLUKLHOWGDV3IODVWHUQLFKW(VGHFNWHGLH:XQGH]X VFKOHFKWDE%OXWUDQQKHUYRU ª'LHPXJHQlKWZHUGHQ©VDJWHGHU3ROL]LVW ª'DUDXINDQQLFKYHU]LFKWHQ© ª(VZLUGZRKONHLQ:HJGDUDQYRUEHLJHKHQ6LU©HUNOlUWH HUPLUXQJHUKUWª,FKELQDOV6DQLWlWHUDXVJHELOGHWXQG NHQQHPLFKGDHLQZHQLJDXVJODXEHQ6LHPLU© ª'HU.QRFKHQIOLFNHULVWMDEDOGGD©VDJWHLFK /DQJHEUDXFKWHLFKZLUNOLFKQLFKWPHKU]XZDUWHQ'LH $PEXODQ]NDPLQJURHU%HVHW]XQJ'UHL6WUHLIHQZDJHQUROO WHQ]XVlW]OLFKYRUGHP%DXDXV(LQHUZDUVRJDUPLW]LYLOHQ %HDPWHQEHVHW]WGLHPLFK]XP*OFNNDQQWHQ 9RQ6FRWODQG
NRQQWHGDV0lGFKHQQLFKWDQVSUHFKHQHVEHIDQGVLFKLQHLQHU Y|OOLJDQGHUHQ:HOW ,P.UDQNHQKDXVZXUGHGLH:XQGHJHQlKW'DKDWWHPLFK GHU.QRFKHQIOLFNHUKLQJHVFKOHLIW$XFKGLH:HLNLWWHOZROOWHQ PLFKGDEHKDOWHQ8QVHU$EVFKLHGJOLFKVFKRQPHKUHLQHP NODPPKHLPOLFKHQ9HUVFKZLQGHQ$OVZLUVFKOLHOLFKLP :DJHQVDHQGHQ6XNRVWHXHUWHDWPHWHLFKDXI ª8QGMHW]W"©IUDJWHGHU&KLQHVH ª,FKJHKHLQV%HWW©HUZLGHUWHLFK ª:DVLVWPLW%HOSKpJRU"© ,FKGHXWHWHQDFKKLQWHQZRZLUGLH6lJHKLQJHOHJWKDWWHQ ª9LHOOHLFKWKROWHUVLHVLFK]XUFNGDQQSDFNHQZLULKQ© 3LQN)OR\GKDWWHJHUXIHQXQGDOOHNDPHQ !7KH:DOOOLHI'HU)LOPGLH6XSHUVKRZGDVLUUH9HU JQJHQ]ZLVFKHQ+RUURU:DKQVLQQXQG5RFN(LQ(UOHEQLV 5DXVFKJLIWIUGLH1HUYHQZHJYRP)UXVWHLQ.DUXVVHOOGHV 6FKUHFNHQV 'LH:HUEHOHXWHKDWWHQVLFKYLHOHLQIDOOHQODVVHQXPGHQ )LOPDQ]XKHL]HQ,KUH6ORJDQVZDUHQDXIIUXFKWEDUHQ%RGHQ JHIDOOHQGHQQGLH/HXWHNDPHQ6LHZROOWHQ!7KH:DOOQLFKW QXUVHKHQVRQGHUQDXFKHUOHEHQ3LQN)OR\GV0HLVWHUZHUN VROOWH]XU*HEXUWVVWlWWHHLQHVQHXHQ.XOWVZHUGHQ0DQZROO WHGLH7KHRULHQLQGLH:HOWKLQDXVWUDJHQXQGVLHQRFKPHKU SXEOLNPDFKHQ ,Q(XURSDUDQQWHQGLH0HQVFKHQLQGLH.LQRV2ELQ%HUOLQ :LHQRGHU3DULVGHU)LOP]RJGLH0DVVHQPDJLVFKDQbKQ OLFKZLHGDVJURH)DQWDV\6SHNWDNHO!&RQDQ 1LFKWQXUMXQJH0HQVFKHQZROOWHQ3LQN)OR\GV0XVLN K|UHQXQGGLH%LOGHUHUOHEHQDXFKlOWHUHZREHLPDQGLHGLH GLHEHUHLWVHUUHLFKWKDWWHQUXKLJDOVlOWHUEH]HLFKQHQ NRQQWH =XUHUVWHQ9RUVWHOOXQJPXWHPDQGLH.DUWHQLP 9RUYHUNDXIHUVWHKHQ=XGHQ*OFNOLFKHQGLHHLQH.DUWH
HUJDWWHUWHQJHK|UWHDXFKHLQHDXHUJHZ|KQOLFKH)UDXDQGHU ]XHUVWGLHJUQODFNLHUWHQ)LQJHUQlJHODXIILHOHQ'LHVH)UDX OHEWHLQ3DULVXQGLQHLQHPGHUJURHQ.LQRVGHU6HLQH 0HWURSROHKDWWHDXFKGHU)LOPVHLQHIUDQ]|VLVFKH3UHPLHUH 'LH)UDXPLWGHQJUQHQ)LQJHUQlJHOQOLHVLFKPLWHLQHP 7D[L]XP)LOPSDODVWIDKUHQ(VZDUHLQJURHV*HElXGH QDQQWHVLFK.,123$125$0$XQGODJQDKHGHU$YHQXHGH 6XIIUHQQLFKWZHLWYRPZHOWEHUKPWHQ(LIIHOWXUPHQWIHUQW $QGLHVHPODXHQ2NWREHUDEHQGZDUZLUNOLFKGHU7HXIHOORV +DOE3DULVVFKLHQVLFKYHUVDPPHOW]XKDEHQ+LQ]XNDPHQ GLH7RXULVWHQGLHYRPLQGHU'XQNHOKHLWDQJHVWUDKOWHQ (LIIHOWXUPLQGLH9HUJQJXQJVVWlWWHQGUlQJWHQRGHUQXU HLQPDOGDV)ODLUGLHVHUYLHOEHVXQJHQHQ6WDGWNHQQHQOHUQHQ ZROOWHQ 'DGXUFKYHUVFKOLPPHUWHQVLHGDV&KDRVQRFK 6RJDUGHU7D[LIDKUHUVW|KQWH6HLQ5HQDXOWZDUPLW%HXOHQ XQG5RVWIOHFNHQEHUVlW$XIGHU)DKUW]XP.LQRDOOHUGLQJV ZDUQLFKWVZHLWHUSDVVLHUW ª,UJHQGZDQQGUHKHLFKEHLGLHVHP9HUNHKUQRFKHLQPDO GXUFK0DGDPH3DULVLVWOlQJVWQLFKWPHKUGDVZDVHVHLQ PDOZDUGDVNDQQLFK,KQHQVDJHQ© ª6LHKDEHQUHFKW© ª6LHNRPPHQDXVGHU6WDGW"© ª,FKZRKQHKLHU© 'HU)DKUHUZHGHOWHPLWGHU+DQGª'DQQEUDXFKHLFK,KQHQ MDQLFKWV]XVDJHQ© 1HLQGDVEUDXFKWHHUQLFKW'LH)UDXPLWGHQJUQHQ )LQJHUQlJHOQNDQQWHVLFKZLUNOLFKDXV$EHUQLFKWQXULQGHU UHDOHQ:HOWDXFKLQGHUDQGHUHQGHU*HLVWHUZHOWGHUQLFKW PHXQGIDEDUHQ6SKlUHZDUVLH]X+DXVH'HQQGLH)UDX ]lKOWH]XGHQEHNDQQWHVWHQ+HOOVHKHULQQHQXQG$VWURORJLQ QHQGHU:HOW (VZDU0DGDPH7DQLWK :LHVLHULFKWLJKLHGDVKDWWHVLHYHUJHVVHQ-HGHUNDQQWHVLH QXUXQWHUGHP1DPHQ7DQLWK8QGGLHMHQLJHQGLHVLHNRQ
VXOWLHUWHQZDUHQNHLQH6SLQQHURGHU/HXWHGLHVLFKHLQHQ 6SDDXVGHP%HVXFKPDFKHQZROOWHQQHLQ]XGHQ.XQGHQ ]lKOWHQ3ROLWLNHUHEHQVRZLH.DSLWlQHGHU:LUWVFKDIWRGHU EHNDQQWH.QVWOHU 'HU6LW]LQ3DULVZDUJXWJHZlKOW7DQLWKKDWWHKLHULKU 3XEOLNXP6LHNRQQWHVFKDOWHQXQGZDOWHQXQGHVNDPQXU VHOWHQYRUGDVLHDQHLQHP7DJNHLQHQ.XQGHQKDWWH'DEHL VDKVLHQLFKWDXVZLHPDQVLFKODQGOlXILJHLQH+HOOVHKHULQ YRUVWHOOW1DWUOLFKVLHILHOHLQZHQLJDXI$OOHLQZHJHQLKUHV URWHQ+DDUHVGDVZLHHLQHJHZDOWLJH)OXW]XEHLGHQ6HLWHQ GHV.RSIHVKLQJ1XUVLHDOOHLQZXWHGDHVJHIlUEWZDU DEHUGDVJHK|UWHHEHQ]XP-RE=XGHPVDKHVLP6FKHLQGHU .HU]HQDXVZLHJHJRVVHQHV.XSIHU8QG.HU]HQEUDQQWHQ LPPHUZHQQVLHGLH=XNXQIWHLQHV.OLHQWHQGXUFKIRUVFKWH ,KU*HVLFKWKDWWHHLQHQDSDUWHQ6FKQLWW(VZDUVFKPDOGLH :DQJHQNQRFKHQVWDQGHQHLQZHQLJKHUYRUGHU0XQG]HLJWH HLQHJHZLVVH5HLIHXQGLKUH$XJHQVFKLPPHUWHQZLH]ZHL GXQNOH6HHQ,PPHUVHKUJHKHLPQLVYROOXQGORFNHQG )UGLHVHQ$EHQGKDWWHGLHHWZDMlKULJH)UDXHLQHORFNH UH.OHLGXQJDQJH]RJHQ6LHWUXJ-HDQVGLHVLFKXPLKUH%HLQH VSDQQWHQHLQHQ3XOORYHUPLWGHU$XIVFKULIWHLQHU8QLYHUVLWlW XQGGDUEHUKDWWHVLHHLQHOHLFKWH6WULFNMDFNHJHZRUIHQGLH YRUQRIIHQVWDQG(LQH6FKXOWHUWDVFKHYHUYROOVWlQGLJWHGDV *HVDPWELOG 6LHIXKUHQVFKRQOlQJVWDXIGHU$YHQXHGH6XIIUHQXQG VFKREHQVLFKLPPHUZHLWHUYRU6WRVWDQJHDQ6WRVWDQJH UROOWHQGLH:DJHQ(LQMHGHUKDWWHHLQ=LHOXQGNDXPMHPDQG ZUGHHVPLWVHLQHPIDKUEDUHQ8QWHUVDW]VRVFKQHOOHUUHL FKHQ,UJHQGZDQQEOLHEMHGHULP9HUNHKUVWHFNHQJDEDEHU QLFKWDXIIXKUZHLWHUXQGVRNDPHV]XHLQHPHZLJHQ .UHLVODXIGHUQLFKWPHKU]XVWRSSHQZDU ª(VLVWLQGLHVHQODXHQ+HUEVWXQG)UKOLQJVQlFKWHQVR© EHVFKZHUWHVLFKGHU)DKUHUª'DVLQGGLH/HXWHZLHYHUUFNW© 7DQLWKODFKWHª3DULVLVWHEHQHLQHEHVRQGHUH6WDGW© ª-DGDKDEHQ6LHUHFKW$EHUZHQQ6LHEHU-DKUHODQJLQ
GLHVHU6WDGW7D[LIDKUHQZQVFKHQ6LHVLFKPDQFKHV0DOLQ GHU3URYHQFH]XVHLQGDVN|QQHQ6LHPLUJODXEHQ© ª:LHODQJHZROOHQ6LHGHQQQRFKIDKUHQ"© ª$FKZDVVDJ LFK0HLQH.LQGHUVWXGLHUHQ,FKKDEHGHP 6RKQDQJHERWHQGHQ:DJHQ]XEHUQHKPHQ*ODXEHQ6LH GHUKDW/XVW"1LFKWVNHLQHQ%RFNVDJWHU(KUOLFK© ª0DQNDQQGLHMXQJHQ/HXWHHEHQQLFKW]ZLQJHQ© ª'HUVWXGLHUW6R]LRORJLH.RPPWQRFKVRZHLWGDZLU PHKU6R]LRORJHQDOV$UEHLWHUKDEHQ© 7DQLWKODFKWHª'DVDJHQ6LHZDV© ª:ROOHQ6LHHLJHQWOLFKDXFKLQGHQ)LOP"© ª6RQVWZUGHLFKMDQLFKWELV]XP.LQRIDKUHQ© ª6LHKlWWHQMDDXFK]XU3UHVVHJHK|UHQN|QQHQ© ª1HLQQHLQLFKZLOOPLUGHQ6WUHLIHQVFKRQDQVHKHQ3LQN )OR\GLVWMDHWZDV%HVRQGHUHVª ª)UPLFKQLFKW© ª:LHVR"© ª$FKLFKPDJVROFKH)LOPHQLFKW,FKVHKHPLUOLHEHUGLH DOWHQ6WUHLIHQPLW-HDQ*DELQDQ© ª'LHZDUHQDXFKJXW© 'DQDFKVFKZLHJHQVLH+LQXQGZLHGHUVFKLPSIWHGHU )DKUHUPRJHOWHVLFKLQHLQH/FNHXQGERJGDQQLQGLH $YHQXHGHOD0RWWH3LTXHWHLQLQGHUGHU)LOPSDODVWODJ ª+LHUVLQGZLUULFKWLJ©EHPHUNWHHUXQGGHXWHWHQDFKYRUQ ª'DVHKHQ6LHPDOZDVGRUWORVLVW© ,QGHU7DWZDUHVJHZDOWLJ'LH0HQVFKHQKDWWHQVLFKYRU GHP.LQRYHUVDPPHOW6LHVWDQGHQELV]XU6WUDHKLQ 6FKZDU]YRQ0HQVFKHQZDUGHU*HKVWHLJYRUGHP )LOPSDODVW:LUNOLFKXQZDKUVFKHLQOLFK ª+DOWHQ6LHKLHUDQ0RQVLHXU©EDW7DQLWKª'HQ5HVWGHU 6WUHFNHJHKHLFK]X)X© ª:LH6LHZQVFKHQ© 'HU)DKUHUVWRSSWH7DQLWK]DKOWHGHQ)DKUSUHLVXQGYHUOLH GHQ5HQDXOW6LHZLQNWHGHP0DQQQRFKHLQPDO]XEHYRUVLH VLFKLQGDV*HGUlQJHVWU]WH
3LQN)OR\G]RJZLUNOLFKGLH0DVVHQDQ,P1XVDKVLFK 7DQLWKYRQMXQJHQ/HXWHQHLQJHNHLOW(VJDEQXUHLQ *HVSUlFKVWKHPD 'HU)LOP !7KH:DOOVSUHQJWHPDOZLHGHUGLHEHUKPWHQ5HNRUGH .HLQ0XVLNILOPZUGHMHVRYLHOHLQEULQJHQZLHGLHVHU 6WUHLIHQ'LH-XJHQGIKOWHVLFKYRQGHQ7KHVHQGHU6lQJHU YHUVWDQGHQVLHZROOWHNHLQH=XFKWNHLQH2UGQXQJEUDXFKWH QLFKW]XOHUQHQZHJPLWGHQ6FKXOHQZHJPLWGHQ/HKUHUQ GRFKGDEHLYHUJDHQGLHPHLVWHQGDDXFKGLH*UXSSH3LQN )OR\GGHQHKHUQHQ*HVHW]HQGHV6KRZEXVLQH7ULEXW]ROOHQ PXWHGHQQDOOHLQGXUFK=XIDOOKDWWHVLHGLHVQLFKWHUUHLFKW 'DKLQWHUVWHFNWHKDUWH$UEHLWHLVHUQH'LV]LSOLQGLHOHW]WHQG OLFKQHEVWHLQLJHQDQGHUHQ)DNWRUHQGLHVHQ(UIROJJDUDQWLHUWH 3DULVHUOHEWHHLQHVHOWHQH1DFKW'LHKHUEVWOLFKH:lUPHGHV 7DJHVKDWWHVLFKDXFKELVLQGHQ$EHQGHUKDOWHQ(LQMHGHU VFKLHQ]XZLVVHQGDHVK|FKVWHQVGLHVHQRGHUQRFKHLQHQ QlFKVWHQ7DJJHEHQZUGHGHUVRYHUOLHIGDQQZUGHGHU QRUPDOH+HUEVWNRPPHQXQGPLWLKPGLH.lOWHGLHHU EUDFKWH 7DQLWKVFKOHQGHUWHZHLWHU6LHVFKDXWHGRUWKLQZRGHU (LIIHOWXUPODJ (LQ7HLOVHLQHU6SLW]HZDU]XVHKHQ'DVDQJHOHXFKWHWH 6WDKOJHUVWVWDFKLQGHQOHLFKWEOlXOLFKVFKLPPHUQGHQ +LPPHOGHUYRQHLQHUVROFKLQWHQVLYHQ)DUEHZDUZLHVLH NDXPHLQ0DOHUPLVFKHQNRQQWH *HUlXVFKH+XSHQ6WLPPHQ7DQLWKGLH+HOOVHKHULQQDKP DOOHVDXIZLHHLQJHZDOWLJHU7ULFKWHU *HIDKU $XIHLQPDOVSUWHVLHGDV3ULFNHOQDXILKUHU+DXW(VZDU HLQ=LHKHQGDVHQWJHJHQGHU(UGDQ]LHKXQJKRFKOLHIXQGHUVW LQLKUHP1DFNHQGLFKWDP+LQWHUNRSIHQGHWH (VNURFKDXFKEHULKUHQ.RSIGLH+DDUHZROOWHQVLFKTXHU VWHOOHQXQGHLQH*lQVHKDXWVSDQQWHVLFKDXIGHP*HVLFKW6LH |IIQHWHHLQZHQLJGHQ0XQGXQGDWPHWHVFKDUIGXUFKGLH
=lKQHZlKUHQGVLHHLQIDFKVWHKHQEOLHEVRGDDQGHUHJHJHQ VLHOLHIHQGRFKGDVNPPHUWHVLHQLFKW 3O|W]OLFKEHIDQGVLFKGLH+HOOVHKHULQZLHDXIHLQHU,QVHO6LH PHUNWHQLFKWVPHKUYRQGHP*HGUlQJHXPVLHKHUXPVLH KLHOWQXULKUHJHLVWLJHQ)KOHUDXVJHVWUHFNWXPGLH*HIDKU]X RUWHQ ,P*HJHQVDW]]X]DKOUHLFKHQ%HUXIVNROOHJLQQHQZXWHVLH JHQDXGDHVVHKUVHOWVDPH'LQJHJDE'LH([LVWHQ]GHU 'lPRQHQXQG*HLVWHUZDUNHLQH6SLQQHUHLVRQGHUQEHZLH VHQZHQQDXFKGLHPHLVWHQ0HQVFKHQDQGHUVGDUEHUGDFK WHQ$EHU7DQLWKKDWWHHVHUOHEW6LHVHOEVWKDWWH%HVXFKDXV GHP=ZLVFKHQUHLFKJHKDEWXQGVRJDUHLQHQ.RQWDNW]X LKUHPJURHQ*HLVWIKUHU1RVWUDGDPXVKHUJHVWHOOW 'DVDOOHVZDULKUJHOXQJHQZHLOVLHHLQHEHVRQGHUH.XJHO EHVDGLHDNWLYLHUWZHUGHQPXWHXPLKUH*HKHLPQLVVH SUHLV]XJHEHQ'DVJHODQJQLFKWLPPHU]XP*OFNMHGRFK KDWWHVLHHWZDVEHNRPPHQZDVIUVLHVHKUZHUWYROOXQG XQHUVHW]EDUZDU 'HQ.HOFKGHV)HXHUV (UZDUGDV*HJHQVWFNGD]XGHQQGLH.XJHOSDWHJHQDX LQGLHgIIQXQJGHV.HOFKVKLQHLQ6LHVDGRUWZLHIHVWJH OHLPWDOVZlUHVLHH[WUDGDIUHUVFKDIIHQZRUGHQ 7DQLWKKDWWHVLFKVHKUEHPKWXPJHQDXH=XVDPPHQKlQJH KHUDXV]XILQGHQ%LVKHUDOOHUGLQJVYHUJHEHQV.XJHOXQG .HOFKVFKZLHJHQ6LHJDEHQLKU*HKHLPQLVQLFKWSUHLVGRFK 7DQLWKZDUVLFKHUGDHVLKULUJHQGZDQQHLQPDOJHOLQJHQ ZUGHXQGVLHKDWWHGDV*HIKOGDDXFKGHU.HOFKLQHLQHP XQPLWWHOEDUHQ=XVDPPHQKDQJ]X1RVWUDGDPXVVWDQG%LV MHW]WDOOHUGLQJVZDUHV6SHNXODWLRQXQGDXFKPLJZHLWHU KLQGDUEHUQDFK]XGHQNHQ6LHZUGHVFKRQHLQHQ:HJ ILQGHQXP]XP=LHO]XJHODQJHQ ,KUH*HGDQNHQNHKUWHQZLHGHU]XUFNLQGLH5HDOLWlW7DQLWK KDWWHHLQH*HIDKUJHVSUW,UJHQGZRLQGHU1lKHPXWHVLH ODXHUQ6LHKDWWHGLH+HOOVHKHULQHLQJHNUHLVWDEHU7DQLWK NRQQWHQLFKWVILQGHQZDVDXIHLQH*HIDKUKLQJHGHXWHWKlWWH
6RZDUWHWHVLHHUVWHLQPDODE ª+HJHKZHLWHU©K|UWHVLHKLQWHUVLFKHLQH6WLPPH *OHLFK]HLWLJZXUGHVLHQDFKYRUQJHGUFNWXQGLQ5LFK WXQJGHV)LOPSDODVWVJHVFKREHQ'LH0HQVFKHQPXWHQ VLFKDXIGHQ*HKVWHLJHQDXIKDOWHQGDGLH6WUDHVWDUN EHIDKUHQZDU 'LFKWDQGLFKWIXKUHQGRUWGLH:DJHQKLQWHUHLQDQGHU(LQ QLHDEUHLHQGHU6WURPYRQ)DKU]HXJHQGHUGLH%HVXFKHU ]ZDQJVLFKDXIGHQ*HKVWHLJHQZHLWHU]XVFKLHEHQ $P.LQRZXUGHHVHWZDVEHVVHU'LHJURHQ*ODVWUHQ VWDQGHQEHUHLWVRIIHQ0DQOLHGLH/HXWHHLQ 7DQLWKVWDQGLQGHU5HLKHXQWHUYLHOHQ%HVXFKHUQXQG GDFKWHZHLWHUKLQEHUGDVHEHQHUOHEWH3KlQRPHQQDFK (VZDUHLQHGHXWOLFKH:DUQXQJJHZHVHQGDUDQJDEHV QLFKWV]XUWWHOQ1XUZHUKDWWHVLHJHZDUQW"8QGZRYRU" 6LHVFKDXWHLQGLH5XQGH (UZDUWXQJVYROOH*HVLFKWHUMXQJHU/HXWH(LQLJH%HVXFKHU WUXJHQ5DGLRVEHLVLFK:HUQLFKWHLQHQ:DONPDQKDWWHGHU OLHVHLQ*HUlWSOlUUHQ(VZDUHQYHUVFKLHGHQH6HQGHUHLQJH VWHOOWXQGGLH3RSJUXSSHQKHXOWHQGXUFKHLQDQGHU!.LVVXQG !*HQHVLVVFKRVVHQGDEHLGHQ9RJHODE 'LH*HIDKUEOLHE 7DQLWKVSUWHHVLPPHUGHXWOLFKHUGDVLFKHWZDVEHU LKUHP.RSI]XVDPPHQEUDXWH(VZDUNHLQHGLUHNWH*HIDKU IU/HLEXQG/HEHQQLHPDQGEHIDQGVLFKLQLKUHU1lKHGHU HLQH3LVWROHRGHUHLQ0HVVHULQGHU+DQGKLHOW'LHVH*HIDKU EUDXWHVLFKXQVLFKWEDU]XVDPPHQXQGVLHNDPDXVHLQHP 5HLFKGDVQLFKWIDEDUZDU 6ROOWHHVHWZDHLQHGlPRQLVFKH9HUVFKZ|UXQJJHJHEHQ KDEHQ" (LQDEZHJLJHU*HGDQNHLPHUVWHQ0RPHQWDEHU7DQLWK ZROOWHLKQQLFKWHLQIDFKZHJZHUIHQGDODJHWZDVLQGHU/XIW GDVLKUHVHQVLWLYHQ1HUYHQJHQDXVSUWHQ 6LHVFKDXWHQDFKREHQ (VZDUVRJDUVFKZHUIUVLHGHQ.RSILQGHQ1DFNHQ]X
OHJHQGDGDV*HGUlQJHXPVLHKHUXPVHKUGLFKWZDUDEHUVLH HUNDQQWHDP+LPPHOHLQHQVHOWVDPHQ6FKDWWHQ -DJHQDXHLQHQ6FKDWWHQ (UIORJVHLQH.UHLVH 7DQLWKEOLHEVWHKHQVWRFNWHGDPLWGHQ)OXGHUDQGHUHQ ZXUGHDEHUYRUDQJHVWRHQXQGK|UWH6FKLPSIZRUWH 6LHKDWWH.RQWXUHQHUNDQQW'LHVH6FKDWWHQZDUHQQLFKW GXUFK/LFKWXQG6FKDWWHQVSLHOHHQWVWDQGHQVLH]HLJWHQGHXW OLFKGLH8PULVVHYRQ)OXJWLHUHQ 9RQ9DPSLUHQ *HZDOWLJH)OJHODXVJHEUHLWHWXQGGHQ:LQGDXVQXW]HQG VROLHHQVLFKGLH%OXWVDXJHUWUDJHQ,QGHU'XQNHOKHLWZDU GLH(QWIHUQXQJVFKOHFKWDE]XVFKlW]HQDEHU7DQLWKJODXEWH GDGLHVH)OXJZHVHQQLFKWDOO]XKRFKEHUGHQ+DXVGlFKHUQ VFKZHEWHQ 9DPSLUHLQ3DULV 6LHPHUNWHSO|W]OLFKGDLKUGHU6FKZHLDXV]DKOUHLFKHQ 3RUHQWUDW$XIHLQPDOIKOWHVLHVLFKJDUQLFKWPHKUZRKO GHQQGLH:DUQXQJYRUHLQHU*HIDKUKDWWHVLFKEHVWlWLJW 6LHGDFKWHGDUDQGDGLHGLFKWKLQWHUHLQDQGHUJHKHQGHQ 0HQVFKHQ]XHLQHUOHLFKWHQ%HXWHGHU%OXWVDXJHUZHUGHQ NRQQWHQXQGVLHVSUWHGLH*lQVHKDXWGLHEHULKUHQ 5FNHQULHVHOWH (VZDUGLH$QJVW 6ROOWHGLHDQGHUH:HOWVFKRQDXIGHU/DXHUOLHJHQ"+DWWHVLH LKUH0RQVWHUJHVFKLFNWXP]X]XVFKODJHQ" ª5HLQJHKHQ©7DQLWKZXUGHYRUJHGUFNW (LQHQ$XJHQEOLFNVSlWHUVSUWHVLHQLFKWPHKUGDV3IODVWHU XQWHULKUHQ)HQVRQGHUQGLH)OLHVHQGHU9RUKDOOHGHV .LQRV6LHVFKLPPHUWHQJHOEOLFKZDUHQPLW$EIDOOEHUVlW GHQQ]DKOUHLFKH0HQVFKHQZDUIHQLKUHOHHUHQ&RODGRVHQXQG %HFKHUHLQIDFKZHJ,QQHUKDOEGHV)R\HUVKDOOWHGLH0XVLN EHVRQGHUVODXWNHLQHUVW|UWHVLFKGDUDQMHGHUGDFKWHQXUDQ VLFKQXU7DQLWKGDFKWHDQGLH*HIDKU ,PPHUZHLWHUZXUGHVLHDXIGHQ(LQJDQJ]XJHGUlQJWXQG
GDPLWQRFKPHKULQGLH(QJHZHLOVLFKGLH%HVXFKHUVWDXWHQ 6FKOLHOLFKZDUVLHLP.LQR9RUEHLDQGHQDXIJHVWHOOWHQ $XWRPDWHQJLQJVLHSDVVLHUWH6WlQGHDQGHQHQ6LJNHLWHQ YHUNDXIWZXUGHQXQGVDKHQGOLFKGLHJURH*ODVWUYRUVLFK GHUHQ]ZHL)OJHOHLQODGHQGRIIHQVWDQGHQ 6LHJLQJKLQGXUFK 'DVJURH.LQRZDUEHUHLWV]XU+lOIWHEHVHW]W6WLPPHQ ZLUUZDUUHUIOOWHGLH/XIW7DQLWKVXFKWHVLFKHLQHQ3ODW]LQ GHU0LWWHDXVEOLHEDEHUGLFKWDP*DQJGHQQVLHZROOWHQLFKW HLQJHNHLOWVLW]HQ 'DVZHLFKH3ROVWHUHLQHV6LW]HVQDKPVLHDXI1RFKZDUGLH /HLQZDQGYHUGHFNWHLQJHZDOWLJHU9RUKDQJEHZHJWHVLFK(U ZDUI:HOOHQGLH)DOWHQVFKLHQHQ]XODXIHQDOVZUGHQ XQVLFKWEDUH+l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
.HLQ5DGLRSOlUUWHPHKU(UZDUWXQJGLNWLHUWHGDV*H VFKHKHQ$OOPlKOLFKYHUO|VFKWHGDV/LFKWGHUJURH9RUKDQJ EHZHJWHVLFKVWlUNHU(UVFKZDQJ]XU6HLWH 0XVLNHUVFKROOGLH/HLQZDQGZXUGHIUHLJHJHEHQ 'HU)LOPEHJDQQ /DG\;KDWWHJHQDXHUNXQGHWZRVLFK%HOSKpJRUDXIKLHOW,Q GHU1l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pJRUDXI WDXFKWHXQWHU.RQWUROOHEHKDOWHQ'DVWDWHQVLHDXFK 9RQQLHPDQGHPEHDFKWHWVFKZHEWHQVLHEHU3DULV8QG VLHPHUNWHQJHQDXZRVLFKHWZDV]XVDPPHQEDOOWH(VZDU QLFKWZHLWHQWIHUQWYRQGHPEHUKPWHQ(LIIHOWXUPGHUDQJH VWUDKOWZXUGHGHVKDOEPLHGHQVLHLKQDXFKGHQQJHVHKHQ ZHUGHQZROOWHQVLHQLFKW 'HFNXQJJDEHVIUVLHJHQJHQG'LHDOWHQ+lXVHUGHU 6HLQH0HWURSROHPLWLKUHQ'DFKDXIEDXWHQ$WHOLHUZRKQXQJHQ XQG:lOGHUQYRQ6FKRUQVWHLQHQJDUDQWLHUWHQGDVLHVLFK LPPHUZLHGHU]XUFN]LHKHQNRQQWHQZHQQHVGLH/DJH HUIRUGHUWH 1DWUOLFKZDULKU+XQJHUQDFK%OXWJURDEHUVLHKDWWHQ GHQVWULNWHQ%HIHKOVLFKYRUHUVW]XUFN]XKDOWHQ
8QGVREOLHEHQVLHEHUGHU6WDGW *HIlKUOLFKH:lFKWHUGLHVWHWVEHUHLWZDUHQEOLW]VFKQHOO ]X]XVFKODJHQ !7KH:DOOOLHI 'HUJHZDOWLJH)LOPKDWWHGLH%HVXFKHULQVHLQHQ%DQQJH ]RJHQ-HGHU=XVFKDXHUVWDUUWHDXIGLHJURH/HLQZDQGGLH VLFKOHLFKWJHERJHQEHUGLHJHVDPWH%UHLWHGHV)LOPSDODVWHV KLQ]RJ (LQ(UHLJQLV *HZDOWLJLQVHLQHQ'LPHQVLRQHQ7RQTXDOLWlWLP6HQVRU 6RXQG$XVPHKUHUHQ/DXWVSUHFKHUQGUDQJHQGLH0XVLNXQG GLH%RWVFKDIWGHU*UXSSH6LHHUUHLFKWHQGLH0HQVFKHQ SXWVFKWHQGLH1HUYHQDXIXQGEUDFKWHVLH]XP9LEULHUHQ (LQLUUHV6SHNWDNHOOLHIGDDE3LQN)OR\GVFKULHXQGVDQJ GLH%RWVFKDIWKLQDXVLQGLH:HOWXQGGLH)DQVGLHVHU*UXSSH K|UWHQJOlXELJ]X!7KH:DOOZDUVXSHU 9LHOOHLFKWKlWWHVLFKDXFK7DQLWKYRQGLHVHP6RXQGXQG GHPJHVDPWHQ)LOPDQVWHFNHQODVVHQGRFKHLQ9HUJQJHQ ZDUHVIUVLHQLFKWPHKULP.LQRVHVVHO]XVLW]HQ6LHNRQQWH GLH*HIDKUQLFKWYHUJHVVHQGLHVLH]XHUVWQXUJHVSUWXQG GDQQDXFKJHVHKHQKDWWH 'DODXHUWHHWZDV 7DQLWKZDU]LHPOLFKXQUXKLJZHQQQLFKWVRJDUDXIJHZKOW 6LHNRQQWHQLFKWUXKLJDXILKUHP3ODW]VLW]HQEOHLEHQGUHKWH VLFKGHV|IWHUHQXPVXFKWHQDFKGHU*HIDKUGRFKVLHVFKDX WHQXULQGLHEODVVHQWHLOZHLVHDQJHVSDQQWZLUNHQGHQ *HVLFKWHUGHU)DQV (VZDUHQDXFK]DKOUHLFKH.LIIHUXQWHUGHQ%HVXFKHUQGLH LKUH-RLQWVUDXFKWHQXQGGHUVOLFKH*HUXFKVFKZlQJHUWH GLH/XIW 1RFKOLHIDOOHVJODWW6RJODWWGD7DQLWKVFKRQEDOGDQHLQH 7lXVFKXQJJODXEWH 'LHLQQHUH6WLPPHMHGRFKEOLHE6LHZDUQWHVLHZHLWHUKLQ
YRUHLQHUODWHQWHQ*HIDKUVRGD7DQLWKGDV*HIKOKDWWHGD GLHVHU)LOPHLQDXVO|VHQGHU)XQNHQVHLQN|QQWH 6LHZDUWHWHDE :LHGHUGU|KQWHQGLH6RQJVGXUFKGHQJURHQ.LQRUDXP $XIGHU/HLQZDQGZDUHLQHHUVFKUHFNHQGH6]HQH]XVHKHQ (LQNRQVHUYDWLYVFKHLQHQGHU/HKUHUGHUVHLQH6FKOHU EHVFKLPSIWHGLHMHGRFKJHJHQLKQVSUDFKHQXQGVDQJHQ ZREHLVLHDQVFKOLHHQGLQHLQHP/DE\ULQWKYHUVFKZDQGHQ DXI)OLHElQGHUJHULHWHQXQG]XHLQHPJHZDOWLJHQ )OHLVFKZROIWUDQVSRUWLHUWZXUGHQLQGHQVLHKLQHLQILHOHQ 7DQLWKHUVFKDXHUWHDOVVLHHQWGHFNWHDOVZDVVLHZLHGHUDXV GLHVHP*HUlWKHUYRUNDPHQ (VZDUVFKOLPP 8QGZHLWHUSHLWVFKWHGLH0XVLNZKOWHGLH1HUYHQGHU %HVXFKHUQRFKPHKUDXIVSLW]WHVLHDQXQGVRUJWHGDIUGD GLH%HVXFKHUPLWOLWWHQXQGPLWJLQJHQ 'HU)LOP]RJDOOHLQVHLQHQ%DQQ %LVDXI7DQLWK6LHEHKLHOWZRKODOVHLQ]LJHGHQhEHUEOLFN XQGVLHVDKDXFKGDVLFKHWZDVYHUl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|PHZDUHQ DQGHUHJHIlKUOLFKXQGYLHOOHLFKWVROOWHGLH0XVLNQXUGD]X EHLWUDJHQGLH0HQVFKHQIUGLHDQGHUHQ*HGDQNHQDXIJH
VFKORVVHQHU]XPDFKHQXQGLKUHQHLJHQHQJHLVWLJHQ:LGHU VWDQG]XEUHFKHQ 7DQLWKILHODXIGDHVLKUVHOEVWVFKZHUILHOGDJHJHQ DQ]XNlPSIHQ'LHNOHLQH)ODPPHYRULKUHQ$XJHQKDWWHHLQH K\SQRWLVFKH.UDIW6LHEUDQQWHUXKLJIDVWEODDEHU7DQLWK VFKLHQHVDOVZlUHVLHGHU.DWDO\VDWRUGHUGDV)UHPGHYHU VWlUNWHGDPLWHVLQVLHHLQGULQJHQNRQQWH 'HU+HOOVHKHULQEUDFKGHU6FKZHLDXV6LHVDVWDUUDXI GHP6LW]KDWWHGLH+lQGHLQGLHJHSROVWHUWHQ/HKQHQYHU NUDOOWXQGEHNDPYRQGHP)LOPNDXPHWZDVPLW 'LH6WLPPHQXQGGLH0XVLNK|UWHVLHQXUQRFKLP 8QWHUEHZXWVHLQGLHDQGHUH.UDIWUFNWHLPPHUVWlUNHULQ GHQ9RUGHUJUXQGVLHZROOWH%HVLW]YRQGHQ=XVFKDXHUQ HUJUHLIHQ 7DQLWKDWPHWHVFKZHUXQGKHIWLJ,KUH%UXVWZRJWHXQWHU GHP3XOORYHU6LHYHUVXFKWHHLQHJHGDQNOLFKH6SHUUH]X HUULFKWHQGDPLWGLHIUHPGH.UDIWDESUDOOHQNRQQWHDEHUHV JHODQJLKUQLFKWVRUHFKW6LHKDWWHHVPLWHLQHUXQJHPHLQNUlI WLJHQ0DJLH]XWXQGDVPHUNWHVLHLPPHUVWlUNHU8QGDOO PlKOLFKVWLHJHLQ*HIKOGHU$QJVWLQLKUKRFK9HU]ZHLIHOW EHPKWHVLHVLFKGHQ%OLFNYRQGHU)ODPPHDE]XZHQGHQ6LH ZROOWHDXINHLQHQ)DOOPHKUDXIGLHVHV]XFNHQGHEODVVH)HXHU VFKDXHQDXVGHPGDV%|VHVWUDKOWHXQGVLH]XEHUVFKZHP PHQGURKWH :DVGLHDQGHUHQQLFKWVFKDIIWHQGDVJHODQJ7DQLWK6LH ZLGHUVWDQGGHQIUHPGHQ*HGDQNHQ (VILHOLKU]ZDUXQJHPHLQVFKZHUGRFKGLH6SHUUEDUULHUH NRQQWHVLHDXIULFKWHQ 'LH+HOOVHKHULQGUHKWHGHQ.RSI3O|W]OLFKVFKDXWHVLHQLFKW PHKUDXIGLHLQGHU/XIWVFKZHEHQGH)ODPPHLKU%OLFNZDU MHW]WDXIGLHPLW6WRIIEHUVSDQQWH:DQGJHULFKWHWZRGLH 1RWEHOHXFKWXQJEUDQQWH(LQHWUEH%LUQHNRSIKRFKEHU GHP%RGHQYHUVWUHXWHLKU/LFKWXQGVFKXIHLQH,QVHODXVU|W OLFKPLOFKLJHU+HOOLJNHLW 0LWGHPOLQNHQ$UPVWHPPWHVLFKGLH)UDXKRFK=XP
*OFNVDVLHDP5DQGVRGDVLHLKUHQ6LW]YHUODVVHQ NRQQWHXQGLQGHQ*DQJQHEHQGHUODQJHQ5HLKHWRUNHOWH )DVWZlUHVLHJHIDOOHQGHQQLKUH%HLQHJDEHQQDFK.UDIWORV ZDUVLHJHZRUGHQXQGVLHKLHOWVLFKDQGHU:DQGXPEHU KDXSWDXIGHQ%HLQHQ]XEOHLEHQ 'DEHLDWPHWHVLHVFKZHU(VZDUPHKUHLQ.HXFKHQHLQ :UJHQXQGbFK]HQ6LHVFKWWHOWHVLFK6FKZHLEHGHFNWH LKU*HVLFKWGLH.QLHZDUHQZHLFKJHZRUGHQGLH.QRFKHQ VFKLHQHQDXV*XPPL]XEHVWHKHQ6LHPXWHVLFKHLQIDFKDXV UXKHQ 'DEHLULFKWHWHVLHLKUHQ%OLFN]X%RGHQ$XINHLQHQ)DOO ZROOWHVLHGLH)ODPPHQDQVFKDXHQGLHYRUMHGHP*HVLFKW VFKZHEWHQXQGGHQ*HLVWGHU0HQVFKHQLQLKUH*HZDOW ]ZDQJHQ $XIGHU/HLQZDQGUROOWHGDV*HVFKHKHQZHLWHUKLQDE 3LQN)OR\GUlXPWHDXI'HUKlPPHUQGH6RXQGHUUHLFKWH GLH=XVFKDXHUXQGLKUH*HKLUQHGLHMHGRFKYRQGHP*HLVW HLQHVDQGHUHQOlQJVWLQ%HVLW]JHQRPPHQZDUHQ %HOSKpJRUNQGLJWHVHLQ.RPPHQDQ(UKDWWHGLH )ODPPHQJHVFKLFNWXQGVLHWDWHQLKUH3IOLFKW 'LH)HXHU]XQJHQJHKRUFKWHQGHP+H[HUPLWGHU)ODPPHQ SHLWVFKH7DQLWKGLH+HOOVHKHULQPXWHPLW6FKUHFNHQDQ VHKHQZLHVLFKGLH)ODPPHQEHZHJWHQXQGDXIGLH*HVLFKWHU GHU0HQVFKHQ]XVWLHHQ ª1HLQ©VFKULHGLH)UDXª1HLQ© ,KUH:DUQXQJK|UWHQLHPDQGRGHUZROOWHQLHPDQGK|UHQ GHQQGLH)HXHU]XQJHQYHUVFKZDQGHQ]ZLVFKHQGHQ/LSSHQ GHU0HQVFKHQXQGZXUGHQYRQLKQHQJHVFKOXFNW %HOSKpJRUKDWWHHLQHQJURHQ7HLOGHVGlPRQLVFKHQ=LHOV HUUHLFKW'LH0HQVFKHQJHK|UWHQLKP 'HUJHVDPWH9RUJDQJOLHILQHLQHUHUVFKUHFNHQGHQ /DXWORVLJNHLWDE+DWWH7DQLWKQRFKNXU]]XYRUGDV*HIKO JHKDEW)LOPXQG%HVXFKHUZUGHQHLQH(LQKHLWELOGHQVR VWLPPWHGDVQLFKWPHKU(LQDQGHUHUKDWWHGLH5HJLHEHU QRPPHQGDV*HVFKHKHQDXIGHU/HLQZDQGZDUIULKQQXU
0LWWHO]XP=ZHFNJHZHVHQ6RKDWWHHLQH'URJHGLHDQGHUH QXUDE]XO|VHQEUDXFKHQ 'HU)LOPOLHIZHLWHU 1LFKWVPHKUGHXWHWHGDUDXIKLQGDHWZDVYRUJHIDOOHQZDU (WZDV8QZDKUVFKHLQOLFKHV*UDXHQKDIWHVGDVHLQIDFKQLFKW ]XEHJUHLIHQZDU8QGHVNPPHUWHVLFKDXFKQLHPDQGXP 7DQLWKGLHQLFKWPHKUDXILKUHP3ODW]VDVRQGHUQQDFKZLH YRUDQGHU:DQGJHOHKQWVWDQGYRQZRDXVVLHGDV*H VFKHKHQEHREDFKWHWH (LQH)ODPPHZDUEULJJHEOLHEHQ 'LHYRQ7DQLWK 1RFKVFKZHEWHVLHYRUXQGEHUGHP6LW]GRFKVLHYHU EODWHDOOPlKOLFK,KUH/HXFKWNUDIWZXUGHVFKZlFKHUGDQQ ZDUVLHYHUIORJHQ 1XUDOOPlKOLFKYHUVFKZDQGGHU'UXFNDXVGHP.RSIGHU +HOOVHKHULQ,KU+HU]VFKOXJLPPHUQRFKVHKUKHIWLJGLH.QLH ]LWWHUWHQQDFKZLHYRUDEHUHVJLQJLKUWURW]DOOHPEHVVHU6LH GDFKWHQLFKWGDUDQGDV.LQR]XYHUODVVHQGHQQVLHZROOWH VHKHQZLHGLHIUHPGH0DJLHZLUNWH 0LQXWHQODQJJHVFKDKQLFKWV:LHHUVWDUUWVDHQGLH =XVFKDXHUDXILKUHQ6LW]HQ1LHPDQGEHZHJWHDXFKQXUGHQ NOHLQVWHQ)LQJHU'LH%OLFNHZDUHQJHJHQGLH/HLQZDQG JHULFKWHWZRGLHEHU]HLFKQHWHQ6]HQHQGHV)LOPVLQHLQHU ZDKUHQ+RUURUIROJHDEOLHIHQ :LHGHUGU|KQWHHLQJHZDOWLJHU0XVLNVWRDXVGHQ /DXWVSUHFKHUQ'DVZDUHLQ6LJQDO (LQ5XFNJLQJGXUFKGLH0DVVH.|USHUNLSSWHQQDFKYRUQ XQG7DQLWKV$XJHQZXUGHQJURDOVVLHGDVVDK6FKZHL SHUOWHZLHGHUDXILKUHU6WLUQGHQQVLHZXWHGDVLHEDOG HWZDV(QWVFKHLGHQGHVHUOHEHQVROOWH 8QGVLHKDWWHVLFKQLFKWJHWlXVFKW $OVZUGHQXQVLFKWEDUH%lQGHUDQGHQ=XVFKDXHUQ KlQJHQVRZXUGHQGLH%HVXFKHUUXFNDUWLJLQGLH+|KHJH ]RJHQ -HGHUVWDQGDXI:LH3XSSHQVFKQHOOWHQVLHKRFK(VZDUHLQ
XQZDKUVFKHLQOLFKHV%LOGGDVVLFKGHU]XVFKDXHQGHQ7DQLWK ERWXQGVLHZXUGHGHQ(LQGUXFNQLFKWORVGDVLFK6]HQHQ GLHVLHYRUKLQQRFKDXIGHU/HLQZDQGJHVHKHQKDWWHZLHGHU KROWHQ 'LHVPDOLQ:LUNOLFKNHLW 'LH=XVFKDXHUJHKRUFKWHQGHQVWXPPHQXQK|UEDUHQ %HIHKOHQHLQHVDQGHUHQ6LHJHULHWHQHEHQIDOOVLQGLHJUDXHQ YROOH0DVFKLQHULHHLQHVPlFKWLJHQ'lPRQVHEHQVRZLHGLH 0HQVFKHQDXIGHU/HLQZDQGLQGLH9HUQLFKWXQJVPDVFKLQH 7DQLWKEDOOWHGLH+lQGH]X)lXVWHQ:DVVLHKLHUHUOHEWH ZDUHLQJHVSHQVWLVFKHU9RUJDQJWURW]GHU/DXWVWlUNHGHU 0XVLNGLHDXVGHQZDWWVWDUNHQ%R[HQGUDQJ 3LQN)OR\GZDUYHUJHVVHQ (LQDQGHUHUIKUWH5HJLH(LQHUGHUJHIlKUOLFKZDU:LH 'HQNPlOHUVWDQGHQGLH=XVFKDXHUELVVLFKHLQ0lGFKHQGDV LQGHUHUVWHQ5HLKHYRUGHPlXHUVWHQ3ODW]VWDQGEHZHJWH (VVFKULWWLQGHQ*DQJ 7DQLWKKDWWH]XIlOOLJLQGLH5LFKWXQJJHVFKDXWVRVDKVLHGLH %HZHJXQJDXFK 'DV0lGFKHQYHUOLHVHLQHQ3ODW]XQGVHLQUHFKWHU$UP VFKQHOOWHQDFKREHQZREHLHULQGLHVHU+|KHEOLHEXQGGLH +DQGVLFK]XHLQHU)DXVWJHVFKORVVHQKDWWH ,QGHU+DOWXQJHLQHUHQWVFKORVVHQHQ.lPSIHULQJLQJVLH ZHLWHUXQGQlKHUWHVLFKGHU/HLQZDQG 7DQLWKZROOWHHLQJUHLIHQGDQQMHGRFK]XFNWHVLH]XUFNXP DE]XZDUWHQZDVQRFKDOOHVJHVFKDK'DV0lGFKHQQlKHUWH VLFKGHUPLW%HZHJXQJHQDXVJHIOOWHQ:DQGZRXUSO|W]OLFK HLQDQGHUHV%LOGHQWVWDQG (LQ*HVLFKWZDU]XVHKHQ %HOSKpJRU $XFK7DQLWKHUVFKUDNDOVVLHGDV*HVLFKWVDKGDVVLFKGHXW OLFKDXVGHPZHLWHUODXIHQGHQ)LOPKHUYRUNULVWDOOLVLHUWH'LH %LOGHUGDKLQWHUYHUVFKZDPPHQVLHZXUGHQXQVFKDUIXQG
QXUGDV*HVLFKW]HLJWHVLFKVFKDUIXQGGHXWOLFK(VZDU EHKHUUVFKHQG 'XQNHOXQKHLPOLFK)DVWVFKZDU]$EHUPLW]ZHL6FKOLW]HQ YHUVHKHQXQGGDKLQWHUIXQNHOWHQGLH$XJHQ 7DQLWKZXUGHIDVWVFKOHFKWYRU)XUFKWDOVVLHGLHVH$XJHQ VDK.ULVWDOOHQXUYRQHLQHU8QEDUPKHU]LJNHLWGLHGHQ$WHP VWRFNHQOLH'LH.lOWHXQG*HIKOORVLJNHLWGHV:HOWUDXPV ZDULQGLHVHQ$XJHQJHIDQJHQGLHVWDUULQGHQ.LQRVDDO JHULFKWHWZDUHQXQGMHGHQHLQ]HOQHQ%HVXFKHUPLWLKUHQ %OLFNHQ]XVH]LHUHQGURKWHQ 'LH$XJHQZDUHQP|UGHULVFK8QGQXUVLHVWDFKHQKHUYRU DXVGLHVHPJUDXVDPHQVFKZDU]HQ1LFKWVGDVVLFKVRVFKDUI YRQGHP+LQWHUJUXQGKHUYRUKREZRGHU)LOPZHLWHUOLHI (VVDKZRKOQLHPDQGLP.LQRPHKUGLH%LOGHUVRQGHUQQXU GLHVFKZDU]H0DVNHPLWGHQJHIlKUOLFKHQ$XJHQLQGHQHQ GLH.lOWHDOOHVEHUODJHUWH 'LH6HHOHQGHU0HQVFKHQZDUHQGLHVHQ%OLFNHQSUHLVJHJH EHQ6LHZXUGHQGXUFKERKUWVLHJHULHWHQLQGHQ%DQQGHU VLFKLPPHUZHLWHUDXVEUHLWHWHXQGGLH%HVXFKHUGHV.LQRVVR KDQGHOQOLHZHLOVLHQLFKWPHKUDQGHUVNRQQWHQ 'DV0lGFKHQKDWWHGHQ$QIDQJJHPDFKWDQGHUHIROJWHQ VLHVFKULWWHQKLQWHULKPKHUXQGLKU=LHOZDUGLHJURHOHLFKW JHERJHQH/HLQZDQG 'RUWODXHUWHGDV*HVLFKW 8QGVLHJLQJHQKLQVWUHFNWHQLKUH$UPHDXVDOVZROOWHQVLH LQGLHVH6FKZlU]HKLQHLQWDXFKHQVLHXPIDVVHQXQGVLFKLKU RSIHUQZREHLGHUVWDUUHHLVNDOWH%OLFNGHU$XJHQQDFKZLH YRUZLHHLQ0HVVHUDXIVLHJHULFKWHWZDU ,QGHUHUVWHQ5HLKHKDWWHQVLFKDOOHHUKREHQ6LHVWDQGHQ MHW]WYRUGHU/HLQZDQGVWUHFNWHQLKUH$UPHGHP*HVLFKWHQW JHJHQXQGEHNDPHQYRQLKPZDVVLHZROOWHQ )HXHU $XIHLQPDOZDUHVGD(VUHJQHWHDXVGHU/HLQZDQGDXIVLH QLHGHUXPIDWHVLHDOVEUHQQHQGHU6FKOHLHUXQGSO|W]OLFK HUVFKLHQHQLQLKUHQ+lQGHQNOHLQHIODPPHQGH3HLWVFKHQ
7DQLWKZDUHQWVHW]W 6RHWZDVKDWWHVLHQRFKQLHJHVHKHQ+LHUZDUILQVWHUVWH 6FKZDU]H0DJLHDP:HUNHLQJUDXHQYROOHV.DUXVVHOOKDWWH VLFKLQ%HZHJXQJJHVHW]WLQGHPVLFKGLH0HQVFKHQDOV OHEHQGHU0LWWHOSXQNWEHIDQGHQ .DXPKDWWHQGLH%HVXFKHUGHV)LOPVGLH)ODPPHQSHLWVFKHQ HPSIDQJHQDOVVLHVFKRQZHLWHUJLQJHQZLHGHULQGLH5HLKH KLQHLQWUDWHQXQGVLFKDXIGHQ6LW]HQQLHGHUOLHHQ 'LH$UPHKLHOWHQVLHLQGLH+|KHJHVWUHFNW'LH9HUOlQJH UXQJGRUWZXUGHYRQGHQIODPPHQGHQ3HLWVFKHQJHELOGHW GHUHQ)HXHUHLQJHVSHQVWLVFKHV6SLHODXV/LFKWXQG6FKDWWHQ VFKXIGDVEHUGLH'HFNH]XFNWHXQGDXFKDXIGHQ*H VLFKWHUQGHU$QZHVHQGHQVHLQH6SXUHQKLQWHUOLH 6LHYHUlQGHUWHQVLFKDXIHLQHHUVFKUHFNHQGH$UWXQG :HLVH2EZRKOVLHQDFKZLHYRUPHQVFKOLFKZDUHQXQG DXFKVRUHDJLHUWHQZDUHQVLHGHQQRFKLQGHQ%DQQHLQHV 'lPRQVJHUDWHQXQGVLHZUGHQGLHVHP7HXIHODXFK JHKRUFKHQ 'DVPHUNWH7DQLWKJHQDX6LHKlWWHJHUQHLQJHJULIIHQDEHU VLHDOOHLQZDU]XVFKZDFK6LHNRQQWHHVQLFKWEHUVLFKEULQ JHQGDHWZDV]XWXQGHQQVLHIKOWHGDGLHVHU'lPRQGRUW DXIGHU/HLQZDQGZHVHQWOLFKVWlUNHUZDUDOVVLH 6WDUNXQGJQDGHQORV $OVHLQ]LJHZDU7DQLWKQLFKWLQGHQ%DQQGLHVHU*HVWDOW JHUDWHQ8QGGDVKDWWHVLHQXULKUHPHLVHUQHQ:LOOHQ]XYHU GDQNHQLKUHQEHUVLQQOLFKHQ)lKLJNHLWHQGRFKVLHNDQQWH DXFKJHQDXLKUH*UHQ]HQ6LHZXWHGDVLHJHJHQGLHVH *HVWDOWQLFKWDQNDP'HU'lPRQGRUWDXIGHU/HLQZDQGZDU VFKOLPPHUHUZDUJHIlKUOLFKHLQ0RQVWHUGDVQXUDQ9HU QLFKWXQJGDFKWH 'LH]ZHLWH5HLKHGHU0HQVFKHQKDWWHVLFKYRQLKUHQ3OlW]HQ HUKREHQ:LHGHUJLQJHQVLHZLH0DULRQHWWHQYHUOLHHQLKUH 3OlW]HUHLKWHQVLFKKLQWHUHLQDQGHUXQGVFKULWWHQDXIGLH /HLQZDQG]XXPLKUHP'lPRQGHPVLHMHW]WJHKRUFKWHQ]X KXOGLJHQ
$XFKVLHHUKLHOWHQGLH)ODPPHQSHLWVFKHQVFKULWWHQZLHGHU ]XLKUHQ6HVVHOQXQGQDKPHQGRUW3ODW] 'HU'lPRQVSUDFKNHLQHLQ]LJHV:RUW1XUKLQWHULKPXQG YHUVFKZRPPHQ]XVHKHQEHZHJWHVLFKGHU)LOP(UOLHIGRUW DEOlQJVWQLFKWPHKUVRODXWZLH]XYRUDEHUQRFKLPPHUKDOO WHQGLH6RQJVGHU*UXSSHGXUFKGHQJURHQ.LQRVDDO 3LQN)OR\GXQGGHU'lPRQ %HLGHHUJlQ]WHQVLFKJURDUWLJZXUGHQ]XHLQHU(LQKHLW,Q GLHVHPDXIZKOHQGHQ)LOPNRQQWH%HOSKpJRUVHLQH.UlIWH YROOHQWIDOWHQ0DQKDWWHLKPGHQ%RGHQYRUEHUHLWHWGHQ:HJ JHHEQHWGHQHUMHW]WQXUQRFKHLQ]XVFKODJHQEUDXFKWH 7DQLWKPXWHPLWDQVHKHQZLHVLFKGLH5HLKHQQDFKXQG QDFKOHHUWHQ'LH0HQVFKHQJLQJHQHLQ]HOQ]XGHUJURHQ /HLQZDQGKLQKROWHQVLFKLKU)HXHUXQGZDUHQQXQIHVWH 'LHQHULQGHQ+lQGHQGHVJURHQ%HOSKpJRUGHQQVLHNRQQ WHQVHLQ(UEHKLQDXVWUDJHQLQGLH1DFKWXQGLQGLHJHVDPWH :HOW 6LHKRFNWHQDXILKUHQ6LW]HQGHQUHFKWHQ$UPMHZHLOVLQGLH +|KHJHUHFNWXQGDXVLKUHQ+lQGHQZXFKVHQGLHIODPPHQ GHQ3HLWVFKHQ(VZDUHLQVFKDXULJVFK|QHV%LOG'DV.LQR ZXUGHYRQGLHVHPPDJLVFKHQ/LFKWELVLQGHQOHW]WHQ:LQNHO HUKHOOW2EZRKOGDV)HXHUEUDQQWHJDEHVNHLQH:lUPH NHLQH9HUEUHQQXQJHQQXUGDVIODFNHUQGH/LFKWGHVVHQ $XVOlXIHU'HFNHXQG:lQGHVWUHLIWH 7DQLWKVFKWWHOWHGHQ.RSI+LOIORVNDPVLHVLFKYRUVR VFKUHFNOLFKKLOIORV :DVZUGHJHVFKHKHQZHQQDXFKGHUOHW]WHVHLQH )ODPPHQSHLWVFKHKDWWHXQGGHU)LOPEHHQGHWZDU" (LQH)UDJHDXIGLHVLHVLFKVHOEVWGLH$QWZRUWJDE'LH %HVXFKHUZUGHQDXIVWHKHQXQGGDV.LQRYHUODVVHQ 8QGGDQQ" 7DQLWKZDJWHQLFKWGDUDQ]XGHQNHQ,QLKUHP0DJHQKDWWH VLFKHLQ.OXPSHQJHELOGHW :HQQGLH0HQVFKHQQXQ3DULVEHUIOXWHWHQXQGGLH %RWVFKDIWGHV'lPRQVKLQDXVWUXJHQZREHLVLHQRFKDQGHUH
PLWLQGHQ%DQQ]RJHQGDQQNRQQWHHV]XJUDXHQKDIWHQ (UHLJQLVVHQNRPPHQ 1HLQVLHGXUIWHQLFKWVRODQJHZDUWHQ6LHPXWHHWZDVWXQ )OXFKWZDUGLHHLQ]LJH&KDQFH$OOHLQNDPVLHJHJHQGLHVH 0HXWHQLFKWDQ'LH0HQVFKHQZUGHQVLHIHUWLJPDFKHQ GHQQVLHVWDQGHQDXIGHUDQGHUHQ6HLWHXQG7DQLWKZDUDOOHLQ -RKQ6LQFODLU :LHHLQ)DQDOWDXFKWHGHU1DPHLQLKUHP*HKLUQDXI(V ZDUHLQ*HGDQNHXQGHUVFKLHQVHOEVWLQ)ODPPHQ]XVWHKHQ (UPXWH%HVFKHLGZLVVHQXQG7DQLWKEHVFKORLKQVRUDVFK ZLHP|JOLFKDQ]XUXIHQ-DDQGHUVNRQQWHHVQLFKWODXIHQ $EHUGHU*HLVWHUMlJHUZDUZHLWZHJ(UEHIDQGVLFKLQ /RQGRQ+XQGHUWHYRQ0HLOHQHQWIHUQWZlKUHQGVLFKKLHULQ 3DULVGLH6FKUHFNHQLPPHUPHKUYHUGLFKWHWHQ 7DQLWKZROOWHGDV(QGHGHV)LOPVQLFKWPHKUDEZDUWHQ(V ZDUHQVRZLHVRQXUQRFKHLQLJH0LQXWHQ'HVKDOEPDFKWHVLH NHKUWXQGYHUOLHPLWKDVWLJHQ6FKULWWHQGDV.LQR 'LH)UDXDQGHU.DVVHVFKDXWHVLHEHUUDVFKWDQ6LHVDK GD7DQLWKY|OOLJGXUFKHLQDQGHUZDU,KU*HVLFKWJOlQ]WH VFKZHLQDVLH]LWWHUWHDPJDQ]HQ.|USHUGLH=lKQH VFKOXJHQDXIHLQDQGHU ª:DVLVWPLW,KQHQ",VW,KQHQGHU)LOPVRDQGLH1HUYHQ JHJDQJHQ"©ZXUGHVLHJHIUDJW ª1HLQQHLQ$EHULFKPXWHOHIRQLHUHQ© ª1HEHQDQEHILQGHQVLFK=HOOHQ© ª'DQNH©7DQLWKOLHIGXUFKGDVMHW]WOHHUXQGJHVSHQVWLVFK ZLUNHQGH)R\HU,KUH6FKULWWHKDOOWHQODXWDQGHQ:lQGHQ ZLGHU'LH(FKRVEHJOHLWHWHQVLHELVVLHGLH7UHUUHLFKWKDWWH XQGVLHDXIVWLH +HUUOLFKNKOZDUHVGUDXHQ(UVWDOVGHU1DFKWZLQG JHJHQLKUHQ.|USHUZHKWHPHUNWHVLHGDV)U|VWHOQXQG EHNDPHLQH*lQVHKDXW(VZDUGRFKNlOWHUJHZRUGHQ 'LH=HOOHQHQWGHFNWHVLHVFKQHOO=ZHLZDUHQHVXQGVLH VWDQGHQQHEHQHLQDQGHU %HLGHZDUHQEHVHW]W
-XQJH/HXWHVWDQGHQLQLKQHQ6LHWHOHIRQLHUWHQ7DQLWK ZXWHDXV(UIDKUXQJGDHVOlQJHUGDXHUQZUGHDEHUGLH =HLWVLFKHLQHDQGHUH=HOOH]XVXFKHQKDWWHVLHDXFKQLFKW 'HVKDOEZROOWHVLHZDUWHQELVHLQHIUHLZXUGH ,Q]ZLVFKHQZDUDXFKGHU)LOPEHHQGHW 7DQLWKK|UWHGLH6WLPPHQGHU%HVXFKHUXQGGUHKWHVLFK UXFNDUWLJXP 6LHKDWWH6FKOLPPHVHUZDUWHWHLQ'XUFKHLQDQGHUHLQ &KDRV 6LHWlXVFKWHVLFK 'LH%HVXFKHUYHUOLHHQGDV.LQRRKQHGDVLHVLFKDQGHUV RGHUDXHUJHZ|KQOLFKEHQDKPHQ9LHOOHLFKWZDUHQVLHVRJDU UXKLJHUDOVPDQQDFKHLQHP)LOPZLHGLHVHPHUZDUWHQ NRQQWH 7DQLWKYHUVWDQGGLH:HOWQLFKWPHKU $EHUVLHVFKDXWHQLFKWQXU]XGHQ/HXWHQKLQGLHDXVGHP .LQRNDPHQLKU%OLFNJOLWWDXFKLQGLH+|KHZRVLHYRU %HJLQQGHU9RUVWHOOXQJGLH6FKDWWHQDP+LPPHOJHVHKHQ KDWWH 6LHZDUHQQRFKLPPHUGD 8QEHZHJOLFKVFKZHEWHQVLHGLFKWXQWHUGHUEODXHQ'HFNH GHV+LPPHOVXQGEHREDFKWHWHQ1LFKWVGHXWHWHGDUDXIKLQ GDVLHDQJUHLIHQZROOWHQ(VZDUQXUGDVUHLQH/DXHUQ 'DQQZXUGHGLH7UGHUHUVWHQ=HOOHDXIJHVWRHQ'HU MXQJH0DQQYHUOLHVLHQRFKHLQHQOHLFKWDEZHVHQGHQ%OLFN LQGHQ$XJHQ5DVFKEHWUDW7DQLWKGDV7HOHIRQKlXVFKHQ EHYRULKUHLQDQGHUHU]XYRUNRPPHQNRQQWH 2EZRKOGLH0HQVFKHQQLFKWVXQWHUQRPPHQKDWWHQ JODXEWHVLHQLFKWGDDOOHVVRKDUPORVZHLWHUJHKHQZUGH (VNDPLKUYRUZLHGLHEHUKPWH5XKHYRUGHPJURHQ 6WXUP
0LW]ZHL'LQJHQKDWWHLFKPLFKDPIROJHQGHQ7DJKHUXP VFKODJHQPVVHQ(UVWHQVPLWPHLQHP$UPGHUYRQGHUYHU GDPPWHQ6lJHYHUOHW]WZRUGHQZDUXQG]ZHLWHQVPLWGHU 6SXUHQVXFKHQDFKPHLQHP)HLQG%HOSKpJRUGHP'lPRQPLW GHU)ODPPHQSHLWVFKH 'DGLH:XQGHJHQlKWZDUXQGDXFKKLHOWEHUHLWHWHPLUGHU $UPIDVWJDUNHLQH6FKZLHULJNHLWHQPHKU$QGHUVZDUHVPLW %HOSKpJRU(UEOLHEYHUVFKZXQGHQ =ZDUKDWWHQZLUNHLQHRIIL]LHOOH*URIDKQGXQJQDFKLKP DXVUXIHQN|QQHQDEHUGLH/RQGRQHU3ROL]LVWHQZDUHQDQJH ZLHVHQZRUGHQDXIDXHUJHZ|KQOLFKH$Q]HLFKHQ]XDFKWHQ EHVRQGHUVVROFKHGLHPLWGHP(UVFKHLQHQHLQHV)HXHUV ]XVDPPHQKLQJHQ (VNDPNHLQH0HOGXQJ'HU7DJJLQJYRUEHLRKQHGDVLFK HWZDVWDW,FKKlWWHODXW$QRUGQXQJGHUbU]WHHLJHQWOLFKLP %HWWEOHLEHQPVVHQGDVZLHGHUXPNRQQWHLFKDXINHLQHQ )DOO$XFKZHQQLFKNHLQHQ'lPRQYHUIROJWHLP%HWWEOHLEHQ ZROOWHLFKQLFKW,FKPXWHHWZDVWXQGHVKDOEVHW]WHLFKPLFK LQV%URXQGDUEHLWHWH$NWHQDXI,FKODV5XQGVFKUHLEHQ GXUFKDQDO\VLHUWH0HOGXQJHQXQGYHUVXFKWH6SXUHQ]X ILQGHQGLHDXI%HOSKpJRUKLQZLHVHQ 1LFKWV 'HU3ROL]LVWGHUVHLQ/HEHQYHUORUHQKDWWHZXUGHXQWHU VXFKW'DV6NHOHWWZDUQRUPDO0DQDQDO\VLHUWHDXFKGHQ 6FKOHLPGHUGDV6NHOHWWXPJDEHVZDUHLQH0LVFKXQJDXV :DVVHUXQG(LZHL 0HKUNRQQWHQGLH.ROOHJHQDXFKQLFKWVDJHQ 'DPLWPHLQOLQNHU$UPQLFKW!HLQURVWHWHEHZHJWHLFKLKQ ]ZLVFKHQGXUFK,FKVSUWH]ZDUQRFKHLQ=LHKHQGDVZDU DXFKDOOHV%HKLQGHUQZUGHPLFKGLH9HUOHW]XQJNDXPDXFK QLFKWZHQQLFKPLFKZLHGHULQGHQ.DPSIVWU]WH 6LU-DPHVIUDJWHHLQSDDUPDOQDFKZLHHVPLUJLQJH,FKJDE PLFKRSWLPLVWLVFK ,UJHQGZDQQVFKDXWHLFKDXIGLH8KUª:HLWGXZDV6XNR" ,FKYHUVFKZLQGH,FKKDEHNHLQH/XVWPHKUQRFKOlQJHUKLHU
LP%UR]XVLW]HQ,FKZHUGHQDFK+DXVHIDKUHQXQGPLFK HWZDVDXVUXKHQ© ª0DFKWGLUGHLQ$UPGRFK]XVFKDIIHQ"© ª(LQZHQLJQXU© ª2ND\LFKKDOWHKLHUVRODQJHGLH6WHOOXQJ© ,FKVWDQGDXIXQGVFKOXJPHLQHP3DUWQHUDXIGLH6FKXOWHU ,P9RU]LPPHUNODSSHUWH*OHQGDDXIGHU0DVFKLQH1HEHQ PHLQHU6HNUHWlULQEOLHELFKVWHKHQXQGOlFKHOWHª6RIOHLLJ NXU]YRU%URVFKOX"© ª-DHVPVVHQQRFK%ULHIHUDXV© ª$EHUQLFKWPHLQH"© ª1HLQ©6LHODFKWHXQGVFKWWHOWHGHQ.RSIª8P+LPPHOV ZLOOHQGDKlWWHLFKJHVWUHLNW©'DQQVHW]WHVLHHLQHYHUVFKZ| UHULVFKH0LHQHDXIª:HQQGXHVQLFKWZHLWHUVDJVW-RKQHV VLQGSULYDWH'LQJH,FKPXDQPHLQH9HUVLFKHUXQJVFKUHL EHQ© ª'DQQYLHO*OFN© ª'DQNH:LHJHKWHVGHLQHP$UP"© ,FKVWUHFNWHGHQOLQNHQ$UPDXVXQGZLQNHOWHLKQDQª$OOHV IDVWRND\© ª1LPPGLUQXUQLFKW]XYLHOYRU© ,FKZDUVFKRQDQGHU7Uª.HLQH$QJVW=XU1RWKDEHLFK QRFKGHQDQGHUHQ© $XFKGDV)DKUHQPLWGHP'LHQVWZDJHQEHUHLWHWHPLUNHLQHU OHL6FKZLHULJNHLWHQ,P*HJHQVDW]]X%HOSKpJRU,FKPXWH LPPHUZLHGHUDQGHQ'lPRQGHQNHQ :lKUHQGLFKPLFKGXUFKGHQ9HUNHKULQGHU,QQHQVWDGW TXlOWHKDWWHLFKLPPHUZLHGHU=HLWEHUDOOHVQDFK]X GHQNHQ0HKUHUH0DOHJLQJLFKGHQ)DOOGXUFKGDFKWHTXHU XQGVWHOOWH9HUPXWXQJHQDQDEHUHVNDPQLFKWVGDEHLKHUDXV .HLQHQHXHQ6FKOXIROJHUXQJHQRGHU5HVXOWDWH )UGLH6WUHFNHELV]XPHLQHU:RKQXQJEUDXFKWHLFKGLH GRSSHOWH=HLW(VZXUGHPLWWOHUZHLOHGlPPULJ]XGHPEHJDQQ HV]XQLHVHOQGLH6WUDHQZXUGHQIHXFKWXQGGDVDXILKQHQ OLHJHQGH/DXEJODWW(VELOGHWH5XWVFKEDKQHQIUGLH$XWRV
,FKHUUHLFKWHPHLQH:RKQXQJ]RJPLUEHTXHPH.OHLGXQJ DQXQGPDFKWHHVPLUJHPWOLFK=XGHPKDWWHLFKGLH =HLWXQJQRFKQLFKWULFKWLJJHOHVHQ,FKOHJWHGLH%HLQHKRFK XQGEOlWWHUWHVLHGXUFK ,UJHQGZDQQVFKOLHILFKHLQ %LVPLFKGDV6FKULOOHQGHV7HOHIRQVZHFNWH ,FKIXKULQGLH+|KHGLH=HLWXQJILHOYRQPHLQHP.|USHU XQGIODWWHUWH]X%RGHQ ,PHUVWHQ$XJHQEOLFNZDULFKGXUFKHLQDQGHUIDQGPLFK QLFKW]XUHFKW(UVWEHLPGULWWHQ.OLQJHOQZDULFKVRZHLWGD LFKDEKHEHQNRQQWH*OHLFK]HLWLJZDUILFKHLQHQ%OLFNDXI PHLQH8KU 1XUQRFKHLQH6WXQGHELV0LWWHUQDFKW ,FKVFKWWHOWHGHQ.RSIXPZDFK]XZHUGHQGDQQKRELFK DE(LQHIHUQHXQGOHLVHNOLQJHQGH)UDXHQVWLPPHZROOWH HWZDVYRQPLU,FKVFKDOWHWHQLFKWVRVFKQHOODXFKQLFKWDOV VLHPLFKHLQSDDUPDOPLW-RKQDQVSUDFK'DQQHUVWEHJULIILFK ª7DQLWK©ULHILFKLQGHQ+|UHU ª*HQDXHQGOLFKLVWGHU)UDQFEHL,KQHQJHIDOOHQ© 8QGZLHHUEHLPLUJHIDOOHQZDU7DQLWKULHIDXV3DULVDQ 'LH:DKUVDJHULQEHULFKWHWHYRQLKUHQ(UOHEQLVVHQLQQHUKDOE GHV.LQRV6LHEHVFKULHEPLU%HOSKpJRUVRZLHLFKLKQDXFK JHVHKHQKDWWH'HVKDOEJDEHVNHLQHQ=ZHLIHOGDZLUYRQ HLQXQGGHPVHOEHQ'lPRQUHGHWHQ ,FKEDOOWHPHLQHOLQNH+DQG)UPLFKVWDQGIHVWGDLFK QLFKWOlQJHULQ/RQGRQEOHLEHQNRQQWH'DVVDJWHLFK7DQLWK DXFK ª'DPLWKDEHLFKJHUHFKQHW-RKQ©6LHUlXVSHUWHVLFK ª:DQQNDQQLFK6LHDP)OXJKDIHQDEKROHQ"© ª:LUNRPPHQPLWGHUHUVWHQ0DVFKLQH© ª'DQQEULQJHQ6LH6XNRPLW"© ª*HQDX© ª,FKIUHXHPLFK-RKQXQGULFKWHQ6LH6XNRGLHEHVWHQ *UHDXV© ª0DFK LFK%LVVSlWHUGDQQ©,FKOHJWHDXI7DQLWKKDWWHHV
DOVRVFKRQEHPHUNWGDHWZDVLP*DQJHZDU6HOWVDPZLH GDV/HEHQPDQFKPDOVRVSLHOWH ,FKGDFKWHGDUEHUQDFKZDV%HOSKpJRUYRUKDEHQN|QQWH 6HLQH3OlQHNDQQWHLFKQLFKWZLUZUGHQVLHDXFKYLHOOHLFKW QLFKWHUIDKUHQZHQLJVWHQVQLFKWEHYRUHU]XVFKOXJ8QGGDV ZDUVFKOLPP 6XNRXQGLFKZDUHQGHPVFKOHFKWHQ:HWWHUGDYRQJHIORJHQ $OVZLULQ3DULVODQGHWHQODJ]ZDU1HEHOEHUGHU6WDGWDEHU GLH6RQQHZUGHGLH6FKZDGHQEDOGPLWLKUHQZlUPHQGHQ 6WUDKOHQYHUWULHEHQKDEHQ 7DQLWKKDWWH:RUWJHKDOWHQ6LHEHIDQGVLFKDP)OXJSODW] XQGZLQNWHXQVEHUHLWVYRQZHLWHP]X'XUFKGLH=ROONRQ WUROOHJHODQJWHQZLUUHLEXQJVORVDXFKXQVHUH:DIIHQKDWWHQ ZLUPLWQHKPHQN|QQHQXQGGDQQZXUGHQZLUYRQ7DQLWK EHJUW ª+DEHQ6LHVFKRQHLQHQ3ODQ-RKQ"©IUDJWHVLHXQVXQG VFKDXWHDXFK6XNRGDEHLDQ ,FKKDWWHPLU]ZDUPHLQH*HGDQNHQJHPDFKWGRFKHWZDV .RQNUHWHVZDUGDEHLQLFKWKHUDXVJHNRPPHQ'DVVDJWHLFK 7DQLWKDXFK ª'DQQN|QQWHQZLU]XPLUIDKUHQ9LHOOHLFKWVFKDIIHLFKPLW +LOIHPHLQHU.XJHOHLQH9HUELQGXQJ]XLKP© ª'HQ9RUVFKODJZROOWHLFK,KQHQJHUDGHXQWHUEUHLWHQ©JDE LFK]XUFN :LUVWDQGHQLQ]ZLVFKHQQHEHQGHP7D[LXQGVWLHJHQHLQ 7DQLWKJDEGDV=LHODQ 0DGDPH7DQLWKZLHVLHVLFKQDQQWHZRKQWHGRUWZR3DULV DPXULJVWHQLVW,Q0RQWPDUWUHGHPZHOWEHNDQQWHQ.QVWOHU YLHUWHOGHU6WDGW,QGHP:LUUZDUUXP6DFUH&RHXUKHUXPLQ HLQHP,UUJDUWHQDXV6WUDHQXQG*DVVHQGDKDWWHVLHJHQDX GLH$WPRVSKlUHGLHVLHEHQ|WLJWH+LHUIKOWHVLHVLFKZRKO GHQQGLH0HQVFKHQKLHUZDUHQDQGHUVDOVQRUPDOH*HVFKlIWV OHXWHRGHU$QJHVWHOOWHXQG$UEHLWHUGLHLKUHP-REQDFKJLQJHQ
)UGLH.QVWOHULQGHUNOHLQHQ.RORQLHNDPHVGDUDXIDQ ]XOHEHQ(LQGUFNH]XHPSIDQJHQVLFKLQVSLULHUHQ]XODVVHQ XPVLHGDQQOLWHUDULVFKRGHUPDOHULVFK]XYHUZHUWHQ $OVGHU)DKUHUGDV=LHOK|UWHZDUHUQLFKWEHJHLVWHUW'LH 6WUDHQLQ0RQWPDUWUHVLQGQLFKWQXUHQJVRQGHUQDXFK GXUFKSDUNHQGH:DJHQYHUVWRSIW hEHUKDXSWHUVWLFNWH3DULVLP9HUNHKU0LUNDPHVVRYRUDOV ZlUHHUQRFKVFKOLPPHUJHZRUGHQ 6XNRVDDXIGHP%HLIDKUHUVLW]ZlKUHQGLFKPLFKPLW 7DQLWKLQGHQ)RQGEHJHEHQKDWWH 6LHVDKQLFKWZLHHLQH:DKUVDJHULQDXVHKHUZLHHLQH HOHJDQWH)UDXGLHJHQDXZXWHZDVVLHZROOWH,KUVFKLFNHV .RVWPVDZLHDQJHJRVVHQ(VEHVWDQGDXV]DKOUHLFKHQYHU VFKLHGHQIDUELJHQ/HGHUIOHFNHQGLHMHPDQGDQHLQDQGHU JHQlKWKDWWH'LHJUQH)DUEHGHU)LQJHUQlJHOZLHGHUKROWH VLFKDXFKDXIGHP.RVWPGDVZDUHEHQHLQ0DUNHQ]HLFKHQ EHLGHU+HOOVHKHULQ ª,FKKDEHYHUJHVVHQ,KQHQQRFKHWZDV]XVDJHQ-RKQ© EHJDQQVLHGDV*HVSUlFK ª8QGZDV"© 6LHVFKDXWHPLFKDQ,KUDSDUWHV*HVLFKW]HLJWHHLQHQHUQ VWHQ$XVGUXFN,QGHPUHFKWHQ2KUULQJILQJVLFKHLQ /LFKWUHIOH[GHUPLFKIUHLQHQ0RPHQWEOHQGHWHª(VJHKW XP9DPSLUH© ª:LH"© ª*HQDXHUJHVDJWXP5LHVHQIOHGHUPlXVHGLHLFKYRUGHU .LQRYRUVWHOOXQJHQWGHFNWKDEH© ª8QGZR"© ª$P+LPPHO6LHVFKZHEWHQEHUGHQ'lFKHUQGHU6WDGW 'DEHLVFKLHQHQVLHDOOHV]XEHREDFKWHQ© 5LHVHQYDPSLUH'DPLWKDWWHPLU7DQLWKHLQ6WLFKZRUWJH JHEHQ,FKNDQQWHGLHVHEOXWVDXJHQGHQ%HVWLHQ:LUKDWWHQ JHJHQVLHDXI'U7RGV,QVHOJHNlPSIWXQGZDUHQLKQHQ ]XOHW]WLQ9HQHGLJEHJHJQHWZRGLH9DPSLUHJHJHQLKUHXU DOWHQ)HLQGHGLH6WULJHQNlPSIWHQ
6FKZDU]ZDUHQVLHQLFKWVRQGHUQGXQNHOURWGDVDEHUKDWWH 7DQLWKLQGHU'XQNHOKHLWQLFKWIHVWVWHOOHQN|QQHQ8QGGLHVH )OHGHUPlXVHJHKRUFKWHQHLQHP+HUUQ 9DPSLURGHOPDU %HOSKpJRUXQG9DPSLURGHOPDU:HOFKHLQH9HUELQGXQJ JDEHV]ZLVFKHQGHQEHLGHQ",FKZXWHNHLQHXQGHVZDUPLU DXFKQLFKWP|JOLFKVRVFKQHOOHLQHKHUDXV]XILQGHQ :DVKDWWHQGLHURWHQ9DPSLUHKLHULQRGHUEHU3DULV]X VXFKHQ"9RUDXVJHVHW]WHVKDQGHOWHVLFKEHLGLHVHQ%HVWLHQ WDWVlFKOLFKXPGLHPLUEHNDQQWHQ0RQVWHU 7DQLWKKDWWH]ZDUOHLVHJHVSURFKHQWURW]GHPZDUVLHYRQ 6XNRYHUVWDQGHQZRUGHQ'HU&KLQHVHZDQGWHVLFKXPXQG VFKDXWHXQVIUDJHQGDQª+DEHLFKULFKWLJJHK|UW"0LVFKHQ GLHURWHQ9DPSLUHGHV9DPSLURGHOPDUZLHGHUPLW"© ª-D© 'HU,QVSHNWRUYHUGUHKWHGLH$XJHQª+LPPHODOVZHQQZLU PLW%HOSKpJRUQLFKWVFKRQJHQXJDP+DOVKlWWHQ©VW|KQWHHU DXIXQGZLVFKWHVLFKEHUGLH$XJHQª-HW]WNRPPWDXFK QRFKGLH0RUGOLJDLQV6SLHO© ª/HLGHU© ª+DEHQVLHGHQQHLQJHJULIIHQ"©ZROOWH6XNRZLVVHQ(UULFK WHWHGLH)UDJHDQ7DQLWK ª1HLQQXUDEJHZDUWHW© ª'DQQVWHKWXQVGLHVQRFKEHYRU©SURSKH]HLWHPHLQ )UHXQGPLWGVWHUHU6WLPPH ,FKVFKZLHJ$XFKGLHUHVWOLFKH)DKUWEHUZDULFK]LHPOLFK VFKZHLJVDP,FKZROOWHQLFKWQRFKPHKU8QUXKHEULQJHQ:LU PXWHQHUVWHLQPDODEZDUWHQXQGGLH/DJHVRQGLHUHQ ,Q]ZLVFKHQKDWWHQZLUGHQ6WUDHQZLUUZDUYRQ0RQWPDUWUH HUUHLFKW'HU0DQQDP6WHXHUNXUYWHZLHZLOGGXUFKGLH HQJHQ*DVVHQ 0RQWPDUWUHLVWKJHOLJYLHOH+lXVHUVLQGVFKUlJJHEDXW XQGZLUNHQlXHUVWEDXIlOOLJ0DQFKPDOZDUZLUNOLFKNHLQ 'XUFKNRPPHQPHKUVRJDUIRUGHUQGHV+XSHQQXW]WHQLFKWV %LV7DQLWKHVVFKOLHOLFKOHLGZDU6LHGUHKWHVLFK]XXQVXP
XQGIUDJWHª:LHZlUHHVVROOHQZLUGHQ5HVWGHU6WUHFNH]X )XJHKHQ"(VVLQGQXUHLQSDDU+lXVHUEORFNV© ª6LFKHU©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lPRQHQGDYRQ DEKDOWHQVROOWHGDV*HElXGH]XEHWUHWHQ 'LH7UKDWWHHLQHQJROGHQVFKLPPHUQGHQ*ULII'DUXQWHU EHIDQGVLFKGDV6FKORLQGHP7DQLWKGHQ6FKOVVHOVWHFNWH ª.RPPHQ6LH©OXGVLHXQVHLQXQGKLHOWXQVGLH7UDXI ª)KOHQ6LHVLFKZLH]X+DXVH© :LH]X+DXVHNRQQWHLFKPLFKQLFKWIKOHQGHQQPLWGHP gIIQHQGHU7UKDWWHVLFKXQVHLQHDQGHUH:HOWHUVFKORVVHQ (LQH:HOWGHU6WLOOHGHU1DFKGHQNOLFKNHLWXQGYLHOOHLFKW DXFKGHU%HNOHPPXQJ 7LHIDWPHWHLFKGXUFK'DEHLZDJWHLFKNDXPODXWDXI]X WUHWHQ:LUZROOWHQGLH5XKHQLFKWVW|UHQ ª*HKHQ6LHGXUFK©VDJWH7DQLWKXQGPDFKWHHLQHHLQODGHQGH +DQGEHZHJXQJ :LUVFKULWWHQJHUDGHDXVZHLWHUXQGJHODQJWHQLQLKU $UEHLWV]LPPHU+RKHPLW%FKHUQJHIOOWH5HJDOHHLQ UXQGHU7LVFKHLQGXQNOHU9RUKDQJXQGDEJHGHFNWH )HQVWHU7URW]GHPURFKHVQLFKWPXIILJVRQGHUQIULVFKXQG
NODU:DKUVFKHLQOLFKVRUJWHHLQH.OLPDDQODJHGDIU ª+LHUHPSIDQJHQ6LHDOVR,KUH.XQGHQ©VWHOOWHLFKIHVWXQG QLFNWHDQHUNHQQHQGª'LH$WPRVSKlUHVWLPPWMDGDVPX PDQVFKRQVDJHQPHLQH/LHEH© ª-DYLHOH.OLHQWHQYHUODQJHQHV$XFKLFKEUDXFKHVLHXP HKUOLFK]XVHLQ© ª-HGHUVRZLHHVLKPSDW©PHLQWH6XNRXQGVWHOOWH XQVHUHQ.RIIHUDE 7DQLWKEOLHEYRUXQVVWHKHQXQGOlFKHOWH,FKNRQQWHLKU 3DUIPULHFKHQ(VZDUHLQVHOWVDPHU'XIW%HW|UHQGXQG GRFKIULVFK]XJOHLFK6RHWZDVKDWWHLFKQRFKQLHZDKUJH QRPPHQXQGLFKDWPHWHGHQ'XIWHLQZHQLJQHXJLHULJHLQ ª*HIlOOWHV,KQHQ"©IUDJWHGLH)UDX ª(VLVW]XPLQGHVWDXHUJHZ|KQOLFK© 7DQLWKODFKWHª-DHVZLUGVSH]LHOOQDFKPHLQHQ:QVFKHQ KHUJHVWHOOW(LQHNOHLQH0DURWWHZLVVHQ6LH©*HVFKPHLGLJ ZDQGWHVLHVLFKXPXQGWUDWGLFKWYRUHLQHQKRKHQ6FKUDQN 0LWHLQHU+DQGKLHOWVLHVFKRQGHQ6FKOVVHODOVVLHVLFKQRFK HLQPDOXPZDQGWHXQGXQVDQVFKDXWHª$KQHQ6LHZDVVLFK LQGLHVHP6FKUDQNEHILQGHW-RKQ"© ª,FKNDQQHVPLUGHQNHQ:DKUVFKHLQOLFKKDWHVHLQPDOLQ PHLQHU:RKQXQJJHVWDQGHQ© ª*HQDXPHLQ/LHEHU(VVLQGGLH.XJHOXQGGHU.HOFKGHV )HXHUV6LHZHUGHQVHKHQGDEHLGHVQDKWORV]XVDPPHQ SDW©0LWGLHVHQ:RUWHQ|IIQHWHVLHGLH7U .DXPKDWWHVLHVLHDXIJH]RJHQDOVXQVVFKRFNDUWLJGDVURWH /LFKWWUDI (VVWUDKOWHYRQGHU.XJHODXV6LHJOKWHVRJUHOOGDLFK $QJVWKDWWHVLHZUGH]HUVSULQJHQ 7DQLWKVFKULHDXI6LHWDXPHOWH]XUFNXQGULGLH$UPHKRFK GDPLWVLHLKU*HVLFKWVFKW]HQNRQQWH6XNRVSUDQJKLQ]X XQGILQJGLH)UDXDXIEHYRUVLH]X%RGHQILHO 'DV/LFKWZDUVFKOLPP5RWXQGEOHQGHQG'LH.XJHOVFKLHQ
LQHLQHP)HXHUNUHLV]XVWHKHQ,FKNDPPLUYRUZLHHLQ )HXHUZHKUPDQQRKQH:DVVHU 9LHOKDWWHLFKEHUGLH.XJHOJHK|UWDEHUQLFKWV (QWVFKHLGHQGHV6RYLHOPLUEHNDQQWZDUVWDPPWHVLHYRQ 1RVWUDGDPXVDOOHUGLQJVZXWHLFKQLFKWREVLHHLQHQ VFKZDU]RGHUZHLPDJLVFKHQ8UVSUXQJVZDU 9LHOOHLFKWNRQQWHPLUPHLQ.UHX]KHOIHQ ,FKGUHKWHPLFKDEXQGZDQGWHGHU.XJHOGHQ5FNHQ]X 6XNRXQG7DQLWKKDWWHQGDVJOHLFKHJHWDQNHLQHUZROOWHLQ GDV/LFKWVFKDXHQ:LUGXUIWHQHVDXFKQLFKWGHQQGHUJUHOOH 6FKHLQZUGHYLHOOHLFKWVRJDUXQVHU$XJHQOLFKW]HUVW|UHQ ,FKQHVWHOWHGDV.UHX]KHUYRUXQGIUDJWHQRFKLQGHU JHGXFNWHQ+DOWXQJVWHKHQGª.DQQLFKZRKOPLWGHP.UHX] HWZDVHUUHLFKHQ7DQLWK"© ª,FKZHLHVQLFKW-RKQ© ª,VWGLH.XJHOVFKZDU]RGHUZHLPDJLVFK"© ª'DYRQKDEHLFKDXFKNHLQH$KQXQJ0HLQHQ.UlIWHQKDW VLHLPPHUJHKRUFKWGRFKLFKELQNHLQZHLEOLFKHU0DJLHU© ª,FKYHUVXFKHHV© /DQJVDPGUHKWHLFKPLFKXPXQGVFKORGLH$XJHQ 7URW]GHPNRQQWHLFKLUJHQGZLH!VHKHQGHQQGDV/LFKWGUDQJ GXUFKGLHJHVFKORVVHQHQ/LGHUVRGDLFKGHQ6FKHLQDXV PDFKHQNRQQWH,FKVWUHFNWHGLH+DQGZREHLLFKPLFKLQ NOHLQHQ6FKULWWHQGHU.XJHOQlKHUWH ,QQHUOLFK]LWWHUWHLFK0LWGLHVHU.RQIURQWDWLRQKDWWHLFK QLFKWJHUHFKQHW 'DQQGLH%HUKUXQJ (LQNXU]HU:LGHUVWDQGPHKUQLFKW$EHUHUUHLFKWHGHQQ HWZDVUDQQEHUPHLQH)LQJHU .DOWXQGJOLWVFKLJIKOWHHVVLFKDQDOVZUGHHLQ]lKHU 6FKOHLPEHUPHLQH)LQJHUODXIHQ2E%OHQGXQJRGHUQLFKW LFKPXWHHLQIDFKZLVVHQZRPLWLFKHV]XWXQKDWWHXQG |IIQHWHGLH$XJHQ .HLQ/LFKWPHKUVWUDKOWHPLUHQWJHJHQRGHUNDXPQRFK /LFKW$EHUGHQ6FKOHLPGHQVDKLFK(UODJDXIPHLQHU+DQG
XQGHULQQHUWHPLFKIDWDODQGDV=HXJGDVDXFKGLH/HLFKHGHV 3ROL]LVWHQXPJHEHQKDWWH1XUVFKLPPHUWHQEHLPLUNHLQH 6NHOHWWILQJHUGXUFK ,FKZDQGWHPLFKXP $XFK7DQLWKXQG6XNRKDWWHQLKUH$XJHQJH|IIQHW6LH VFKDXWHQPLUHQWJHJHQXQGEOLFNWHQGDQQDXIPHLQH)DXVW DXVGHUGDV.UHX]UDJWH$XFKGHQ6FKOHLPVDKHQVLH 'LH:DKUVDJHULQIOVWHUWHª:DVLVWGDVIUHLQZLGHUOLFKHV =HXJ"© ª(VGUDQJDXVGHU.XJHO© 6LHVDKPLFKDQDOVN|QQWHVLHHVQLFKWIDVVHQGDQQVFKW WHOWHVLHGHQ.RSIª$XVPHLQHU.XJHO"©KDXFKWHVLHª$EHU GDVLVWQLFKWP|JOLFK© ª'RFKHVJLEWNHLQHDQGHUH$QWZRUW© 0LWGHP+DQGUFNHQZLVFKWH7DQLWKEHULKUH6WLUQª,FK EHJUHLIHHVQLFKW:LUNOLFKQLFKW:LHNDQQ"© ,FKNDQWHWHPHLQ.UHX]HLQZHQLJXQGEHUKUWHGDPLWGHQ 6FKOHLP.DXPKDWWHQEHLGH'LQJH.RQWDNWGDZXUGHDXV GHUZLGHUOLFKHQ0DVVHHLQJUDXHU6WDXEGHQLFKHLQIDFK DESXW]HQNRQQWH(LQSDDUPDOULHELFKGLH+lQGHJHJHQHLQ DQGHUGDQQZDUDOOHVRND\ 7DQLWKJLQJDQPLUYRUEHLXQGDXIGLH.XJHO]X'LH$UPH KDWWHVLHYRUJHVWUHFNWGRFKVLHWUDXWHVLFKQLFKWGLH.XJHO]X EHUKUHQ3O|W]OLFKKDWWHVLHHLQHQ+HLGHQUHVSHNWGDYRUhEHU GLH6FKXOWHUZDUIVLHPLUHLQHQ%OLFN]Xª:ROOHQ6LHGLH .XJHOQHKPHQ-RKQ"© ª1HLQQHLQKROHQ6LHVLHQXUDXVGHP6FKUDQN6LHZLUG ,KQHQVFKRQQLFKWVWXQ© ª:HQQ6LHPHLQHQ© 7DQLWKQDKPQLFKWQXUGLH.XJHOVRQGHUQDXFKGHQ.HOFK GHV)HXHUVPLWDXVGHP6FKUDQN6LHWUXJEHLGHV]XHLQHP UXQGHQ7LVFK9RUVLFKWLJVWHOOWHVLHGLH'LQJHGRUWDE =XPHUVWHQPDOVDKLFKGLH.XJHODXVXQPLWWHOEDUHU1lKH 6LHVFKLPPHUWHU|WOLFKXQGLFKNRQQWHLQVLHKLQHLQVFKDXHQ $OOHUGLQJVQLFKWKLQGXUFKGHQQLFKVDKLQLKUHP,QQHUQ]DKO
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ª:DVNRQQWHGLHVQXU]XEHGHXWHQKDEHQ"©IUDJWHGLH+HOO VHKHULQPLWNDXPYHUVWlQGOLFKHU6WLPPHª6RHWZDVLVWPLU ZLUNOLFKQRFKQLHSDVVLHUW-RKQ,FKELQY|OOLJIHUWLJ%LVKHU ZDUGLHVH.XJHOIUPLFKHLQ5HIXJLXPGHU:HLHQ0DJLH DEHUGDVZDVLFKHEHQHUOHEWKDEHZLUIWPHLQH7KHRULHQ Y|OOLJXP© ,FKNRQQWHVLHYHUVWHKHQ$XFKLFKZXWHNHLQHJHQDXH (UNOlUXQJ 6XNRPHLQWHZlKUHQGHUGLH.XJHOXQGGHQ.HOFK DQVFKDXWHª9LHOOHLFKWZROOWHVLHXQVZDUQHQ© ª9RU%HOSKpJRU"©IUDJWHLFK ª8QWHUDQGHUHPDEHUGDQQPXGHU6FKOHLPLQGHU.XJHO JHZHVHQVHLQ©HUNOlUWH6XNRª$QGHUVNDQQLFKHVPLUQLFKW YRUVWHOOHQ©(UVWULFKEHUVHLQNXU]JHVFKQLWWHQHV+DDU ª-RKQZLUVROOWHQHWZDVWXQ8QWHU8PVWlQGHQN|QQHQZLU PHKU,QIRUPDWLRQHQYRQGHU.XJHOHUKDOWHQZHQQZLUVLH DNWLYLHUHQ'DVZlUHGRFKHWZDVIU7DQLWK© ª,FKVROO"© ª-D6LHN|QQWHQHLQH%HVFKZ|UXQJRGHUZDVZHLLFK GXUFKIKUHQ:lUHGDVQLFKWP|JOLFK"©
ª1DWUOLFK©'LH)UDXKREGLH6FKXOWHUQª$EHULFKZHL QLFKWRELFK(UIROJKDEH© ª(VPWHJHKHQ©PLVFKWHLFKPLFKHLQª6LHVHKHQLQGHU .XJHOLPPHU'LQJHGLHLQGHU=XNXQIWOLHJHQXQGXQPLWWHO EDUPLWGHQ0HQVFKHQ]XWXQKDEHQGLH6LHEHVXFKHQ 1HKPHQZLUDQZLUZlUHQMHW]W.OLHQWHQYRQ,KQHQ© ª'DVNDQQLFKQLFKWVRHLQIDFK© ,FKOHJWHLKUHLQH+DQGDXIGLH6FKXOWHUª9HUVXFKHQ6LHHV 7DQLWKELWWH© ª,FKZHUGHVHKHQZDVVLFKPDFKHQOlW©6LHGHXWHWHDXI GLH6WKOHGLHXPGHQ7LVFKKHUXPVWDQGHQª%LWWHQHKPW 3ODW]© :LUVHW]WHQXQVKLQ 7DQLWKUlXVSHUWHVLFKHLQSDDUPDOEHYRUVLHQDFKGHP .HOFKGHV)HXHUVJULIIXQGLKQPLWEHLGHQ+lQGHQ]XVLFK KHUDQ]RJ'DEHLVFKDXWHVLHXQVPLWHLQHPVHOWVDPOHHUHQ %OLFNDQ $XIPXQWHUQGQLFNWHLFKLKU]X'DUDXIKLQXPVSLHOWHHLQ IHLQHV/lFKHOQLKUH/LSSHQHLQWLHIHU$WHP]XJGDQQQHLJWH VLHLKUHQ.RSIYRUXQGVFKDXWHDXIGLH.XJHO (VZXUGHVWLOO 6XNRXQGLFKVDHQOLQNVXQGUHFKWVQHEHQGHU:DKUVDJHULQ XQGZDUWHWHQJHVSDQQWGDUDXIREVLHHWZDVHUUHLFKWH'DV +DOEGXQNHOGHV=LPPHUVJHQJWH7DQLWKXPVLFK]XNRQ ]HQWULHUHQ,FKZXWHGDLFKLKUHLQHVHKUVFKZHUH$XIJDEH JHVWHOOWKDWWHGHQQVLHVROOWHMDQLFKWLQXQVHUH=XNXQIW VFKDXHQVRQGHUQLQHLQHDOOJHPHLQHZDVZRKOVHOWHQYRQLKU YHUODQJWZRUGHQZDU ,FKKDWWHPHLQH+lQGHDXIGLH2EHUVFKHQNHOJHOHJW9RQ GHUUHFKWHQ6HLWHKHUEOLFNWHLFKGLH.XJHODQGDUDXIKRIIHQG GDVLHGDV*HKHLPQLVSUHLVJDE 7DQLWKJLQJY|OOLJLQVLFK:LUNRQQWHQVHKHQZLHLKU .|USHUVFKPDOHUZXUGHZHOFKH.UDIWHVVLHNRVWHWHGLH 0DJLHGHU.XJHODXV]XORWHQXQG]XDNWLYLHUHQ :lKUHQGLKUHU.RQ]HQWUDWLRQEHZHJWHVLHQLFKWGLH/LSSHQ
)DOOVVLHPLWGHU.XJHOVSUDFKGDQQQXULQ*HGDQNHQ,KUH $XJHQZDUHQZHLWJH|IIQHWGHU0XQGVWDQGHEHQIDOOVRIIHQ XQGVLHVWDUUWHYRQREHQKHULQGLH.XJHOKLQHLQDOVZUGHVLH LQGHUHQ,QQHUQGLH/|VXQJGHV)DOOHVILQGHQ :LUNRQQWHQQXUKRIIHQXQGDEZDUWHQ ª6HKHQ6LHHWZDV"©IOVWHUWHLFKQDFKHLQHU:HLOH 1LFNHQ 6XNRXQGLFKVFKDXWHQXQVDQ6ROOWHQZLUWDWVlFKOLFK*OFN JHKDEWKDEHQ" ª(VLVWVRVHOWVDP©VWLHGLH:DKUVDJHULQKHUYRUª6R VRXQKHLPOLFKDOOHV,FKVHKHXQGLFKVHKHQLFKW(VOLHJWHLQH %HGURKXQJEHUGHU6WDGW'LH.XJHOVSUWHVJHQDX'DVLQG .UlIWHGLHNDXPHLQHUVWRSSHQNDQQXQGGLH.XJHOZLOOHV QLFKW]XODVVHQVLHZHKUWVLFK'DV%|VHHVODXHUW©0LW HLQHPVFKZHUHQ$WHP]XJXQWHUEUDFKVLFK7DQLWKEHYRUVLH ZHLWHUVSUDFKª'DV%|VHZLOO]XVFKODJHQ,FKVHKHGLH )ODPPHQMDHVVLQG)ODPPHQGLHHUJHVFKLFNWKDW© ª,VWHVGHU'lPRQDXVGHP.LQR"© ª(ULVWLKU+HUU© ª8QGGLH0HQVFKHQ"©IUDJWHLFKZHLWHUª.|QQHQ6LHVLFK DQGLHDXFKHULQQHUQ"© ª1HLQLFKHULQQHUHPLFKQLFKWLFKVHKHVLHQLFKW1XUGLH )ODPPHQXQGHLQHIXUFKWEDUH*HVWDOW(LQULHVLJHU:XUP *UQXQGJUDXVDP0DQQHQQWLKQ,]]L©VWLHVLHKHUYRU ª,]]LGHU+|OOHQZXUP© ,PQlFKVWHQ0RPHQWVWDQG6XNRDXI$XFKPLFKKLHOWHV QLFKWPHKUDQPHLQHP3ODW]9LHOOHLFKWNRQQWHQZLUVHOEVW VHKHQZDVGLH.XJHO]HLJWH 6FKUlJYRQGHU6HLWHKHUVFKDXWHQZLUDXIXQGDXFKLQVLH KLQHLQ0HLQHQHUVWHQ.RQWDNWPLWLKUHPSIDQGLFKDOV lXHUVWVHOWVDPGHQQLFKKDWWHGDV*HIKOLQHLQHQODQJHQ VFKODXFKI|UPLJHQURWHQ7XQQHO]XEOLFNHQGHULQGLH 8QHQGOLFKNHLWKLQHLQVWLHXQGVLFKLP1LUJHQGZRHLQIDFK YHUORU 7DQLWKVDKLFKQLFKW
ª:LHHUNHQQHQ6LHGLH(UHLJQLVVH"©IUDJWHLFKVLHª:LH"© ª,FKVSUHVLH© ª.HLQ6HKHQDOVR"© ª1HLQ©6LHKREGLH6FKXOWHUQDOVZUGHVLHIU|VWHOQª(VLVW VRVFKZHU]XVHKHQ'LH.XJHODUEHLWHWQLFKWVRZLHLFKHV JHUQHZLOOGDVPWLKUYHUVWHKHQ6LHKDWVLFKLKU(LJHQOHEHQ LPPHUYHUZDKUW,FKLFKELQDXFK]XEHUGUHKWLFKNDQQ PLFKQLFKWULFKWLJNRQ]HQWULHUHQGHVKDOEZHUGHQZLU© ª6ROOHQZLUKLQDXVJHKHQ"©IUDJWHLFK ª1HLQGDVQXW]WQLFKWV(VLVWNHLQJXWHU7DJKHXWH(UVWHKW XQWHUHLQHPVFKOHFKWHQ6WHUQ'DV%|VHEHUODJHUWDOOHV© VDJWHVLHOHLVHXQGEDOOWHLKUH+lQGH]X)lXVWHQ 9LHO1HXHVKDWWHXQVGLH%HVFKZ|UXQJQLFKWJHEUDFKW,FK ZDUHKUOLFKJHQXJGLHV]X]XJHEHQ'DEHLKlWWHLFKPLUYRQ HLQHU.RQWDNWDXIQDKPHVRYLHOYHUVSURFKHQ :LHGHUXPHLQH+RIIQXQJlUPHU :DVEOLHEZDUGLH:DUQXQJ'LH:DUQXQJYRQ%HOSKpJRU XQGVHLQHQJHIlKUOLFKHQ6FKHUJHQ 8QGHLQZHLWHUHU1DPHZDUJHIDOOHQ ,]]LGHU+|OOHQZXUP :HOFKHLQHEULVDQWH0LVFKXQJGLHZLUGDSUlVHQWLHUWEH NDPHQ$EHUZDVKDWWHQGLHEHLGHQYRU" ,FKGDFKWHDQ7DQLWKV.LQREHVXFKXQGNDPQRFKHLQPDO GDUDXI]XVSUHFKHQª6LHKDEHQWDWVlFKOLFKJHVHKHQGDMHGHU .LQREHVXFKHUPLWHLQHUIODPPHQGHQ3HLWVFKHDXVJHUVWHW ZDU"© ª1LFKWMHGHUQXUGLHLQGHQHUVWHQ5HLKHQ,FKELQGDQDFK DXVGHP.LQRJHODXIHQ© ª:LHYLHOH3OlW]HIDWGDV7KHDWHU"©ZROOWH6XNRZLVVHQ ,FKVFKDXWH7DQLWKDQ6LHNRQQWHQXUVFKlW]HQª.HLQH $KQXQJ9LHOOHLFKW"© ª'DQQKlWWHQZLUHVPLWGlPRQLVFKHQ'LHQHUQ]XWXQ© VWHOOWHGHU,QVSHNWRUWURFNHQIHVW 8QGGLHVH$XVVDJHPDFKWHPLU$QJVW
%HL7DQLWKKDWWHQZLUQLFKWPHKUYLHOHUUHLFKHQN|QQHQXQG ZDUHQGHVKDOE]XP3ROL]HLSUlVLGLXPJHIDKUHQZRZLUEHL .RPPLVVDU)OHXYHHDQJHPHOGHWZDUHQ 6LU-DPHVKDWWHLKQDXV/RQGRQEHUXQVHU.RPPHQLQIRU PLHUWXQGDXFKHUNOlUWZHUZLUZDUHQXQGZHOFKJHIlKUOLFKH $XIJDEHZLUKDWWHQ8QGGHU.RPPLVVDUZDUHLQXPJlQJ OLFKHUXQGlXHUVWDXIJHVFKORVVHQHU0HQVFK ,Q)OHXYHHV%URVDHQZLU]XVDPPHQ,FKEHULFKWHWHLKP YRQ%HOSKpJRU (UVFKWWHOWHLPPHUZLHGHUGHQ.RSIª7XWPLUOHLG 0RQVLHXU6LQFODLUDEHULFKNDQQHVQLFKWIDVVHQ© 0HLQ/lFKHOQILHOVSDUVDPDXVª)U/JQHUKDOWHQ6LHXQV GHQQRFKQLFKWRGHU"© ª1HLQDEHU© ª%HOSKpJRULVWHLQJHIlKUOLFKHU'lPRQGHU+H[HUPLWGHU )ODPPHQSHLWVFKH=XGHPKDWHUVLFK'LHQHUJHKROW0HQVFKHQ DXIVHLQH6HLWHJH]RJHQ6LHZHUGHQIULKQDOOHVWXQ© )OHXYHHOLHVHLQHQ.RSIQDFKYRUQVLQNHQXQGVWW]WHGDV .LQQLQVHLQH+DQGIOlFKHQª:HQQLFK,KUH:RUWHULFKWLJ LQWHUSUHWLHUHEHGHXWHWGLHVGDZLUHVPLW]DKOUHLFKHQ *HJQHUQ]XWXQKDEHQ0LWGHQ%HVXFKHUQGHV.LQRVGLHMHW]W DXIVHLQHU6HLWHVWHKHQ© ª*HQDX© )OHXYHHVHQNWHGHQ%OLFN6HNXQGHQODQJVFKZLHJHU'DQQ EDOOWHHUGLHUHFKWH+DQG]XU)DXVWXQGHUZLGHUWHª:LHVRO OHQZLUKHUDXVILQGHQZHUVLFKDOOHV]XGLHVHUIUDJOLFKHQ=HLW LQQHUKDOEGHV.LQRVDXIJHKDOWHQKDW".|QQHQ6LHPLUGD HLQHQ5DWJHEHQ"© ª1HLQ© ª$OVRVLQGZLUPDFKWORV© ª6RVLHKWHVDXV©ODXWHWHPHLQH$QWZRUWª$EHUZLUKDEHQ XQVHUH(UIDKUXQJVZHUWHLP8PJDQJPLW6FKZDU]EOWHUQ XQGGHUHQ'LHQHUQ© )OHXYHHJHVWDWWHWHVLFKHLQ*ULQVHQª+|UWVLFKJXWDQ 6LQFODLUZLUNOLFK©
ª,VWHVDXFK:HQQVRHLQHJURH*UXSSHYRQ0HQVFKHQ EHHLQIOXWZXUGHGDQQKDWGDVVHLQHQ*UXQG'DVKHLWGHU 'lPRQZLOOVLH]XVDPPHQKDOWHQ,FKJODXEHQLFKWGDGLH 0HQVFKHQXQVHLQ]HOQ6FKZLHULJNHLWHQEHUHLWHQK|FKVWHQV DOV*UXSSH:LUN|QQHQGDPLWUHFKQHQGDVLHVLFKLUJHQG ZDQQYHUVDPPHOQXQG]XVFKODJHQZHUGHQ6RMHGHQIDOOV VHKHLFKGLH6DFKH© ª8QGZDQQ"© ª'lPRQHQZLH%HOSKpJRUVFKLHEHQQLHHWZDVDXIGLHODQJH %DQN0RQVLHXUGDVNDQQLFK,KQHQDXV(UIDKUXQJVDJHQ© ª$EHUZDVVROOHQZLUWXQ"© ª$XI9HUVDPPOXQJHQDFKWHQDXI=XVDPPHQEDOOXQJHQ DXI'HPRQVWUDWLRQHQZDVZHLLFK(VEOHLEWMDQLFKWXQ EHREDFKWHWZHQQVLFKGLH0HQVFKHQ]XVDPPHQILQGHQ %HOSKpJRUKDWVHLQH'LHQHUXQGHUZLUGVLHUXIHQ© ª:DQQN|QQWHGDVVHLQ"© 'DLFKVFKZLHJIKOWHVLFK6XNREHUXIHQHLQH$QWZRUW]X JHEHQª9LHOOHLFKWVFKRQDQGLHVHP$EHQG© 'HU.RPPLVVDUHUVFKUDNª6ROOWHQ6LHUHFKWKDEHQ6XNR GDQQZlUHGDVZLUNOLFKHLQHKDDULJH6DFKH0HLQ*RWW©HU VFKWWHOWHGHQ.RSIªLFKGDUIJDUQLFKWGDUDQGHQNHQ© ª)UDJHQ6LHPLFKPDO©VDJWHLFKOHLVH 0LWVHLQHU1RUGVHLWHJUHQ]WGHU(LIIHOWXUPDQGHQ)OXDUP GHU6HLQH6GOLFKGHVJHZDOWLJHQ%DXZHUNVEUHLWHWVLFKHLQ JURHU3DUNDXVGHUYRQ]DKOUHLFKHQ6WUDHQGXUFK]RJHQ ZLUG%HLVFK|QHP:HWWHUVLHKWPDQGRUWYRUODXWHU 0HQVFKHQNDXPQRFK*UQVRVHKUZLUGHUYRQ7RXULVWHQ EHUVFKZHPPWGLHGDVEHUKPWHVWH3DULVHU%DXZHUNVHKHQ ZROOHQ $XIYLHUJHZDOWLJHQVWlKOHUQHQXQGQDFKDXHQJHERJHQHQ )HQVWHKWGHU7XUPGHUVLFKQDFKREHQKLQLPPHUPHKU YHUMQJWXQGPLWVHLQHU6SLW]HLQGHQ+LPPHOEHU3DULV VW|W
'LHVHV:DKU]HLFKHQLQPLWWHQGHU5LHVHQVWDGWLVWHLQIDFK QLFKW]XEHUVHKHQXQGHUZLUGDXFKRIWDOV7UHIISXQNW EHQXW]W6REDOGGLH'lPPHUXQJEHUGLH6WDGWIlOOWHUVWUDK OHQGLH/LFKWHUGLHJHJHQGHQ7XUPJHULFKWHWVLQGXQGLKP HLQHQVHOWVDPHQDEHUXQYHUJHOLFKHQ*ODQ]JHEHQ,QQHUKDOE GHV3DUNVZLUGHVGDQQUXKLJHU'LH%HVXFKHUXQG7RXULVWHQ YHUVFKZLQGHQLQGHQ+RWHOVRGHU:RKQXQJHQQXUGHU (LIIHOWXUPVWHKWZHLWHUZLHHLQ)HOVLQGHU%UDQGXQJ ,KQPLW6FKZDU]HU0DJLH*UDXHQRGHU6SXNLQ9HUELQGXQJ ]XEULQJHQZlUHZRKOQLHPDQGHPHLQJHIDOOHQGHQQRFK VROOWHHVVRVHLQGHQQ%HOSKpJRUKDWWHVLFKJHUDGHGHQ (LIIHOWXUPDXVJHVXFKWXPGDV*UDXHQQDFK3DULV]XWUDJHQ +LHUVROOWHHVVWDUWHQ 'HU'lPRQKDWWHHVDOOHLQGXUFKGLH.UDIWVHLQHUGlPR QLVFKHQ$XJHQJHVFKDIIWGLH%HVXFKHUGHV.LQRVDXIVHLQH 6HLWH]X]LHKHQ8QGVHLQH%HIHKOHKDWWHHULKQHQLQGLH.|SIH JHEUDQQW6LHZUGHQVLHQLHLP/HEHQYHUJHVVHQVRQGHUQ QXULKPIROJHQGHQQHUIKUWHGLHVDWDQLVFKH5HJLHLP +LQWHUJUXQG/DQJHJHQXJZDUHUYHUVFKROOHQJHZHVHQQXQ ZROOWHHU]HLJHQGDPLWLKPQRFK]XUHFKQHQZDU 9LHOKDWWHVLFKZlKUHQGVHLQHU$EZHVHQKHLWJHWDQ,QQHU KDOEGHUGlPRQLVFKHQ+LHUDUFKLHKDWWHHV8PVWUXNWXULHUXQ JHQJHEHQ0lFKWLJH'lPRQHQH[LVWLHUWHQQLFKWPHKUVRJDU GLH7HXIHOVWRFKWHUZDUYHUQLFKWHWZRUGHQDEHUDQGHUHNDPHQ KLQ]X'DZDUYRUDOOHQ'LQJHQGLHVDJHQXPZREHQH ([LVWHQ]GHU*URHQ$OWHQGLHVLFKLPPHUVWlUNHULQGHQ 9RUGHUJUXQGVFKREHQXQG0DFKWDQVSUFKHVWHOOWHQ (LQHXUDOWH0DJLHGLH%HOSKpJRUZlKUHQGVHLQHV$XIHQW KDOWHVLQHLQHUDQGHUHQ:HOWJHQDXNHQQHQJHOHUQWKDWWHXQG GHUHUVHKUSRVLWLYJHJHQEHUVWDQGGHQQHVZDUHQQLFKW]X OHW]WGLH*URHQ$OWHQJHZHVHQGLHHUNDQQWKDWWHQGDVLH LKPXQWHUVWW]HQPXWHQ 8QGVLHKDWWHQLKP,]]L]XU6HLWHJHJHEHQ ,]]LGHU+|OOHQZXUP(LQZLGHUOLFKHV0RQVWHUDXVXUDOWHU =HLW(VZROOWHHEHQIDOOVVHLQHQ+HUUHQGHQ:HJLQGLH
QRUPDOH:HOWHEQHQ:DVODJQlKHUDOVGDVLFK%HOSKpJRU XQG,]]L]XVDPPHQWDWHQ" 6LHELOGHWHQHLQH$OOLDQ]8QG,]]LKDWWHQRFKHLQZHLWHUHV =LHO(UZDUDXIGHU6XFKHQDFKGHPPDJLVFKHQ3HQGHO HLQHP*HJHQVWDQGPLWGHVVHQ+LOIHHVLKPJHOLQJHQZUGH GLH*HLVWHUGHU(UGH]XEHVFKZ|UHQ :HQQVLHVHLQHPXQG%HOSKpJRUV:LOOHQJHKRUFKWHQNRQQWH HLJHQWOLFKQLFKWVVFKLHIJHKHQ 'RFKGLH*URHQ$OWHQKDWWHQVLHJHZDUQW$XFK%HOSKpJRU KDWWH)HLQGH1LFKW]XOHW]W]lKOWHHLQ:HVHQGD]XGDVYRQ GHQVWXPPHQ*|WWHUQHUVFKDIIHQZRUGHQZDUGHU(LVHUQH (QJHO (UGDV:HVHQPLWGHU(LVHQKDXWZDUHLQQLFKW]XXQWHU VFKlW]HQGHU*HJQHU'HU(LVHUQH(QJHOEHIDQGVLFKLPPHU DXIGHP6SUXQJ(UZROOWHGLH9HUQLFKWXQJHUKDWHGLH DQGHUHQHUZDUHLQ*HJQHUGHV%|VHQGHQQHUKDWWHHLQ JHZDOWLJHV(UEH]XYHUZDOWHQ 9RULKPZDU%HOSKpJRUJHZDUQWZRUGHQ =XP]ZHLWHQKDWWHHU-RKQ6LQFODLUQLFKWYHUJHVVHQ6LH ZDUHQDXFKVFKRQ]XVDPPHQJHWURIIHQ,PPHUZLHGHUGDFKWH HUGDUDQ]XUFN $XFKLQ3DULVJHILHOLKPHLQLJHVQLFKW%HOSKpJRUZDUZLH IDVWDOOHJURHQ'lPRQHQVHKUVHQVLEHO(UVDKLPPHU *HIDKUHQXQGHUKDWWHVLFKDXFKQLFKWJHWlXVFKWGHQQLKP ZDUDXIJHIDOOHQGDHUEHREDFKWHWZXUGH 6LQFODLUZROOWHHUGDEHLDXHUDFKWODVVHQGDJDEHVDQGHUH GLHVHLQHQ:HJYHUIROJWHQ 6FKZDU]EOWHU *HZDOWLJH:HVHQGLHKRFKEHULKPDP+LPPHOVFKZHE WHQ5LHVLJH9DPSLUHJHIlKUOLFKDQ]XVHKHQZHQQVLHDOV VFKDWWHQKDIWH*HVWDOWHQDXIWDXFKWHQXQGKLQXQWHUEOLFNWHQDXI GLH(UGHXPDOOHVXQGYRUDOOHQ'LQJHQLKQ]XEHREDFKWHQ 'LH9DPSLUHZDUHQGDGDUDQJDEHVQLFKWV]XUWWHOQXQG %HOSKpJRUZXWHDXFKGDHVQLFKWVHLQH)UHXQGHZDUHQ(V JDEDXFKLQQHUKDOEGHV'lPRQHQUHLFKHV+DXQG1HLG0DQ
KDWWH%HOSKpJRUGDYRUJHZDUQWXQGGLHVH:DUQXQJHQZDUHQ EHUHFKWLJWGHQQDXIGHU(UGHKDWWHVLFKGLHVRJHQDQQWH 0RUGOLJDPDQLIHVWLHUWGLHQXU]XJHUQGLH0DFKWDQVLFK UHLHQZROOWH=XLKUJHK|UWHQ/DG\;9DPSLURGHOPDUXQG ;RUURQ0LWDOOHQGUHLHQZDU%HOSKpJRUQLHGLUHNWNRQIURQ WLHUWZRUGHQDEHUHUZXWHYRQGHQURWHQ5LHVHQYDPSLUHQ GLH]X9DPSLURGHOPDUJHK|UWHQXQGIULKQEHREDFKWHWHQ +DWWHHVLKPLQ/RQGRQQLFKWVDXVJHPDFKWJHVHKHQ]X ZHUGHQVRKLHOWHUVLFKLQ3DULV]XUFN6HLQ3ODW]ZDUGHU &KDPSVGH0DUVGHUJURH3DUNGHUGHQ(LIIHOWXUPXPJDE 2EZRKOGHU3DUNYRQ]DKOUHLFKHQ6WUDHQ]HUVFKQLWWHQ ZXUGHJDEHVJHQJHQG2UWHZRVLFK%HOSKpJRUYHUVWHFNHQ NRQQWH=XGHPKLHOWHUVLFKLPPHULQ1lKHGHUGVWHUHQ 6WHOOHQDXIHUYHUVFKPRO]PLWGHU'XQNHOKHLWXQGQXUVHLQH $XJHQZDUHQ]XVHKHQ +LQXQGZLHGHUEOLHEHUVWHKHQXP]XODXVFKHQ:LHHLQ 5DGDUJHUlWYHUVXFKWHHULUJHQGZHOFKH)HLQGH]XRUWHQVLFK DXIVLHHLQ]XVWHOOHQXQGVHLQH6LQQHUHDJLHUWHQZLH $QWHQQHQ 'DZDUDXFKHWZDV 1LFKWGLH5LHVHQIOHGHUPlXVHGLHZROOWHHUDXVGHP6SLHO ODVVHQQHLQMHPDQGDQGHUHUVWDQGQLFKWDXIVHLQHU6HLWH XQG]ZDUHLQ0HQVFKPLWEHVRQGHUHQ)lKLJNHLWHQ (LQSDDUPDOVFKRQKDWWHHUGLHVFKZDFKH0DJLHJHVSUW6LH KDWWHLKQJHVWUHLIWRKQHLKQIDVVHQ]XN|QQHQ'DZDUHQ IUHPGH*HGDQNHQGLHLQVHLQHQ.RSIHLQGULQJHQXQGLKQ ORFNHQZROOWHQ%LVKHUKDWWHHUZLGHUVWDQGHQ (UYHUOLHVLFKGDEHLDXI,]]LGHQQVHLQHGlPRQLVFKH.UDIW KDWWHQGLH*URHQ$OWHQLKPDOV6FKXW]PLWDXIGHQ:HJ JHJHEHQ,]]LVROOWHGLH)HLQGHYRQ%HOSKpJRUDEKDOWHQXQG HUKDWWHVLFKEHZlKUW$XVJH]HLFKQHWVRJDUGHQQGLHWDVWHQ GHQ*HGDQNHQZDUHQDQLKPDEJHSUDOOWZLHDQHLQHUGLFNHQ 0DXHU 1LFKWVVROOWHLKQPHKUYRQVHLQHP=LHODEKDOWHQ 6FKDWWHQKDIWEHZHJWHHUVLFKGXUFKGHQ3DUN0DQFKPDO
KXVFKWHQ)DKU]HXJHEHUGLH6WUDHQ(UVDKGLH/LFKWHUGHU 6FKHLQZHUIHUDOVVLHDXIVWUDKOWHQZLHNOHLQH6RQQHQXPLP QlFKVWHQ$XJHQEOLFNZLHGHULP'XQNHOQ]XYHUVFKZLQGHQ %HOSKpJRUQlKHUWHVLFKGHPJHZDOWLJHQ$UHDOGHV (LIIHOWXUPV(VZDUVFKRQEHHLQGUXFNHQGZHQQPDQYRU GHPJHZDOWLJHQ%DXZHUNVWDQGXQGKRFKVFKDXWH'LH6SLW]H ZDUNDXP]XHUNHQQHQREZRKOGDV0HWDOOJHVWlQJHDQJH VWUDKOWZXUGH 'HU'lPRQGDFKWHQLFKWDQGLH0HLVWHUOHLVWXQJGHU 7HFKQLNVRQGHUQGDUDQGDHUVLFKJHUDGHGHQ(LIIHOWXUPDOV 6WDUWSXQNWDXVJHVXFKWKDWWH9RQGLHVHU6WHOOHDXVZROOWHHU PLWVHLQHQ'LHQHUQ]XVFKODJHQ6LHVROOWHQ3DULVHUREHUQ 2KQHJHVHKHQ]XZHUGHQHUUHLFKWHHUGDVJHZDOWLJH$UHDO XPGHQ7XUPKHUXP (UVDKGLH3DUNSOlW]HZRQRFKHLQLJH:DJHQVWDQGHQXQG HUVWHOOWHIHVWGDGLH$XI]JHQDFKREHQQLFKWPHKULQ %HWULHEZDUHQ(LQHJHVSHQVWLVFKH6WLOOHKLHOWGDV%DXZHUN XPIDQJHQ 1LFKWZHLWYRQLKPHQWIHUQWIXKUHLQ:DJHQDE'LFNH :RONHQTXROOHQDXVGHP$XVSXII'DV)DKU]HXJGUHKWHXQG GLHEHLGHQ/LFKWODQ]HQJOLWWHQDQ%HOSKpJRUYRUEHL 'HU+H[HUPLWGHU)ODPPHQSHLWVFKHKXVFKWHDXIHLQHQGHU 7UlJHU]X(UZDUJHZDOWLJLQVHLQHQ$XVPDHQ8Q]lKOLJH 7RQQHQ6WDKOPXWHHUVWW]WHQXQG%HOSKpJRUZDUQHEHQ GHPLPPHQVHQ(LVHQIXQGDPHQWNDXPDXV]XPDFKHQ (UIUHXWHVLFKDXIVHLQH'LHQHU'HQJHLVWLJHQ%HIHKOKDWWHHU LKQHQEHUHLWVJHJHEHQ6LHZUGHQNRPPHQ1LFKWVNRQQWH VLHDXIKDOWHQXQGGHU6LHJHV]XJGXUFK3DULVVROOWHKLHUEH JLQQHQ (UKDWWH=HLW8QJHGXOGNDQQWHHUQLFKW6ROFKH*HIKOH ZDUHQLKPIUHPG:HQQHLQ0HQVFKLQGHU1lKHJHZHVHQ ZlUHKlWWHHUQXUGLHEHUGHP%RGHQVFKZHEHQGHQ$XJHQ JHVHKHQGHUEULJH.|USHUZDULP6FKDWWHQGHV7UlJHUVQLFKW HLQPDO]XHUDKQHQ $EHUHUZDUGRFKHQWGHFNWZRUGHQ$QGHUHVFKZDU]
PDJLVFKH*HVFK|SIHKDWWHVHLQHQ6WDQGRUWDXVJHORWHW'LH URWHQ5LHVHQYDPSLUHOLHHQLKQQLFKWDXVGHQ$XJHQ %HOSKpJRUPHUNWHJHQDXGDVLFKHWZDV)UHPGHVQlKHUWH )UHLQHQ0RPHQWEOLW]WHHVLQVHLQHQ$XJHQQRFKNlOWHUXQG JQDGHQORVHUDXIVLHVFKLHQHQZLH]ZHLEODXH6RQQHQ]X VWUDKOHQHLQ=HLFKHQGDVLFK%HOSKpJRUEHUHLWVDXIGLH 9DPSLUHHLQJHVWHOOWKDWWH 8QGGLHVPDOZROOWHHU]XVFKODJHQVROOWHQVLHVLFK]XVHKULQ VHLQH1lKHZDJHQhEHUKDXSWZROOWHHUVLHQLFKWPHKUKDEHQ QLHPDQGVROOWHLKQEHREDFKWHQ(UZDUWHWHI|UPOLFKGDUDXI GDVLHHQGOLFKNDPHQ -HW]WGDDEHUPDOVGLH'XQNHOKHLWEHUGHU6WDGWODJ EUDXFKWHQVLHVLFKQLFKWPHKU]XYHUVWHFNHQ6LHNRQQWHQVLFK ]HLJHQXQGGLFKWEHUGHP%RGHQIOLHJHQ %HYRU%HOSKpJRUVLHVDKK|UWHHUEHUHLWVGDV5DXVFKHQGHU 6FKZLQJHQ'LH/XIWZXUGHYRQGLHVHQJHZDOWLJHQ)OJHOQ EHZHJWHLQH%HVWLHZDUVHKUQDKHXQGDOVGHU'lPRQHLQHQ 6FKULWWQDFKYRUQJLQJVDKHUGLHURWHQNOHLQHQ$XJHQ ª+LHUELQLFK©]LVFKWHHU 'LH)OHGHUPDXVPXWHLKQJHK|UWKDEHQ'HQQRFKVWLHJVLH LQGLH+|KHDEHUQLFKWVRKRFKDOVGDVLHDXVGHP%OLFNIHOG GHV+H[HUVYHUVFKZXQGHQZlUH6LHGUHKWHHLQHQ.UHLVXQG MDJWHGHP%RGHQ]X:DKUVFKHLQOLFKDKQWHVLHQLFKWLQZHOFK HLQHW|GOLFKH*HIDKUVLHVLFKEHJDEGDQQDEHU]HLJWH %HOSKpJRUZR]XHUIlKLJZDU 2KQHHV]XYRUDQ]XNQGLJHQEHZHJWHHUVHLQHQUHFKWHQ $UPXQGDXVGHU+DQGZXFKVGLH)ODPUQHQSHLWVFKH 'UHLIHXULJHVFKODQJHQI|UPLJH)ODPPHQGLHGHQ9DPSLU DXVGHU'XQNHOKHLWULVVHQXQGDXIGDVNOHLQH*HVLFKWJH]LHOW ZDUHQ 'HU%OXWVDXJHUVFKDIIWHHVQLFKWPHKUDXV]XZHLFKHQ 'DVVWDUNHPDJLVFKH)HXHUIUDVLFKGXUFKVHLQH*HVWDOW 0DJLHZXUGHPLW0DJLHEHNlPSIWXQGGLH)ODPPHQSHLWVFKH ZDUVWlUNHU 6LHKLHEGHQ%OXWVDXJHULQGUHL7HLOH
)U6HNXQGHQVFKLHQHQVLHLQGHU/XIWKlQJHQEOHLEHQ]X ZROOHQGDQQSXIIWHQVLHHLQIDFKZHJXQGILHOHQDOV6WDXE]X %RGHQ 'DVZDUGHUHUVWH %HOSKpJRUEHKLHOWVHLQH:DIIHLQGHU+DQG,KU]XFNHQGHU :LGHUVFKHLQXPWDQ]WHVHLQHQ.|USHUEHGHFNWHLKQPLWHLQHP :HFKVHOVSLHODXV/LFKWXQG6FKDWWHQXQGVRJDUVHLQHNDOWHQ HUEDUPXQJVORVHQ$XJHQQDKPHQHLQHQDQGHUHQ7RQDQ *HVFKPHLGLJEHZHJWHHUVLFKZHLWHUQDFKYRUQ(UZXWH GDDQGHUHNRPPHQZUGHQXQGKDWWHVLFKQLFKWJHWlXVFKW $XVGHP+LPPHOVWLHHQ]ZHL5LHVHQYDPSLUHKHUDE.HLQ *HVWlQJHGHFNWHGHQ'lPRQMHW]WQRFKDEHUVWDQGIUHLYRU GHQJHZDOWLJHQ6lXOHQXQGZDUWHWHDXIVHLQH*HJQHU 'HUHUVWH9DPSLUIORJLKQGLUHNWDQGHU]ZHLWHVFKOXJHLQHQ %RJHQZROOWHLQVHLQHQ5FNHQJHODQJHQGRFK%HOSKpJRU HUNDQQWHGLH$EVLFKWEHUHLWVLP$QVDW] (UNUHLVHOWHKHUXPPLWLKPGLH3HLWVFKHXQGGLHGUHL )HXHU]XQJHQVFKLHQHQDXIGLHGRSSHOWH/lQJHDQ]XZDFKVHQ DOVVLHGHP9DPSLUHQWJHJHQ]QJHOWHQ 6LHWUDIHQ (V]LVFKWHDOVVLHVLFKLQGLHOHGHUDUWLJHU|WOLFKVFKLPPHUQGH +DXWGHV)OXJWLHUVERKUWHQXQGVLHNXU]HUKDQG]HUVW|UWHQ 'HU]ZHLWHVFKDIIWHHV 'XUFKGLH'UHKXQJGHV'lPRQVNDPHUQLFKWPHKUYRQ YRUQVRQGHUQYRQGHU6HLWH 'HU$XISUDOO %HOSKpJRUZDUQLFKWPHKUVRVFKQHOOKHUXPJHNRPPHQ'HU 9DPSLUIORJPLWYROOHU.UDIWJHJHQLKQXQGVFKOHXGHUWHGHQ +H[HUPLWGHU)ODPPHQSHLWVFKH]X%RGHQ %HLHLQHPQRUPDOHQ*HJQHUKlWWHGHU9DPSLUYLHOOHLFKW WULXPSKLHUHQN|QQHQDEHUQLFKWEHL%HOSKpJRU,KQPLWQRU PDOHQ0DVWlEHQ]XPHVVHQNDPHLQHPW|GOLFKHQ,UUWXP JOHLFKZDVVLFKIUGHQ%OXWVDXJHUDXFK]HLJHQVROOWH %HOSKpJRUOLHHVVRJDU]XGDGHUDQGHUHVHLQH6FKZLQJHQ PDQQVKRFKEHULKQDXVEUHLWHWHZlKUHQGVHLQ.|USHU
JHNLSSWZDUXQGHUGHQNOHLQHQ6FKlGHO]ZLVFKHQGHQ )OJHOQYRUJHEHXJWKDWWHGHQQHUZROOWHDQGHQ+DOVXQG QXUGDUDQ 'DQQELHU]X (UKDFNWHVHLQH=lKQHKLQHLQ'LHVSLW]HQIULKQW\SLVFKHQ 9DPSLUEHLHUZROOWHQGXUFKGDV/HGHU(LQHGXPPH 5HDNWLRQGHQQHLQ6FKZDU]EOWHUNDQQQLFKWPHKU]XP 9DPSLUZHUGHQGRFKGHU%OXWVDXJHUZXWHVLFKQLFKWDQGHUV ]XKHOIHQ 'LH=lKQHGUDQJHQQLFKWGXUFK6LHVWHFNWHQLQGHP/HGHU IHVWGDVDXFKJHZHLKWHQ6LOEHUNXJHOQWURW]WH'HU%OXWVDXJHU K|UWHGDVOHLVHK|KQLVFKH/DFKHQGHV'lPRQVGDQQEHZHJWH %HOSKpJRUVHLQH+DQGXQGJDEGHPDQGHUHQGLH3HLWVFKH]X VSUHQ 'DV)HXHUYHUQLFKWHWH 'HU9DPSLUVFKULH (VZDUHQ]ZDUOHLVHDEHUGHQQRFKVFKUHFNOLFKH6FKUHLHGLH DXVGHP0DXOGHUVWHUEHQGHQ%HVWLHGUDQJHQXQGGHQ+H[HU PLWGHU)ODPPHQSHLWVFKHLQHLQHQZDKUHQ)UHXGHQWDXPHO YHUVHW]WHQ*HODVVHQVFKDXWHHU]XZLHGLHhEHUUHVWHGHV %OXWVDXJHUVYHUJOKWHQGDQQZlO]WHHUVLFK]XU6HLWHXQG VSUDQJJHGDQNHQVFKQHOODXIGLH)H :LOGVFKDXWHHUVLFKXP 8QGHUVFKZDQJVHLQHIODPPHQGH3HLWVFKHGDEHL'LH JOKHQGHQ5LHPHQEHZHJWHQVLFKGLH)OLHKNUDIWWULHEVLH ]XVDPPHQXQGVLHELOGHWHQEHUGHP.RSIGHV'lPRQV HLQHQ)ODPPHQNUDQ] 'DVZDUVHLQH6WXQGHGDVZDUVHLQH=HLW 'HUIHXULJH.UHLVJDOWDOVHLQH:DUQXQJIUGLHDQGHUHQ *HJQHUGLHYLHOOHLFKWQRFKLP'XQNHOGHV+LPPHOVODXHUWHQ XQGJHJHQLKQNHLQH&KDQFHKDWWHQ %HOSKpJRUOHJWHVHLQHQ.RSILQGHQ1DFNHQ(UVFKDXWH KRFKLQGLH)LQVWHUQLVDEHUHUVDKNHLQHQVLFKEHZHJHQGHQ 6FKDWWHQPHKUGHUVHLQH%DKQHQ]RJ /DQJVDPOLHHUGHQ$UPPLWGHU3HLWVFKHVLQNHQ(UKDWWH
HLQH5XQGHJHZRQQHQXQGHUZUGHDXFKGLHQlFKVWHQ JHZLQQHQ $XFKZHQQHVLQGHQHQJHQ6WUDHQGHU0LOOLRQHQVWDGW ZLQGVWLOOZDUVREOLHVLQGHU1lKHGHV(LIIHOWXUPVLPPHUHLQ VFKZDFKHU:LQG'DVPHUNWHDXFK%HOSKpJRUXQGHUVDKGHQ 6WDXEGHU]HUVW|UWHQ9DPSLUHDOVODQJH)DKQHQEHUGHQ3ODW] ZHKHQ (VJDE)DKUVWKOHGLH]XGHQ3ODWWIRUPHQKRFKIXKUHQ'UHL $XVVLFKWVSXQNWHZDUHQYRUKDQGHQ1DWUOLFKPLW5HVWDX UDQWV'LHHUVWHEHIDQGVLFKGLFKWEHUGHQ7UlJHUERJHQGLH ]ZHLWHGRUWZRGHU7XUPVFKRQVFKODQNZXUGHXQGGLH GULWWHIDVWDQGHU6SLW]H 1XUELV]XUHUVWHQ3ODWWIRUPZROOWH%HOSKpJRUKRFKIDKUHQ 6HLQH'LHQHUKDWWHQGHQ%HIHKOHUKDOWHQVLFKYRUGHP7XUP ]XYHUVDPPHOQ(UGHU+H[HUPLWGHU)ODPPHQSHLWVFKH ZROOWHGDQQYRQREHQKHUDE]XLKQHQVSUHFKHQXQGLKQHQGLH %HIHKOHHUWHLOHQ (UVFKDXWHDXIVHLQH3HLWVFKH'LH*URHQ$OWHQKDWWHQVLH IULKQYHUlQGHUW$OVVLHLKPGLH3HLWVFKHZLHGHU]XUFN JDEHQKDWWHGLH0DJLHGHV,]]L(LQ]XJLQGLHJHIlKUOLFKH )ODPPHQSHLWVFKHJHKDOWHQ 6RNRQQWHVLHMHW]WQLFKWQXUGXUFK)HXHU]HUVW|UHQDXFK ,]]LV0DJLHNDPEHLLKUYROO]XP7UDJHQ6LHZDUEHVRQGHUV JUDXVDPGHQQVLHO|VWHGLH0HQVFKHQDXI$XVGHP)OHLVFK ZXUGH6FKOHLPXQGQXU.QRFKHQEOLHEHQ]XUFN %HOSKpJRUVDKHVDOVHLQHQ%HZHLVGHV+|OOHQZXUPVDQ GD,]]LYROODXIVHLQHU6HLWHVWDQG 8QGZHQQ]XYLHOHJHJHQLKQDQWUDWHQNRQQWHHUVLFK LPPHUQRFKDXIGHQ+|OOHQZXUPYHUODVVHQGHVVHQ5FN NHKUHUYRUEHUHLWHQVROOWH,]]LZUGHPLWGHU*HZDOWHLQHU %RPEHGLH(UGHVSUHQJHQXQGDQV7DJHVOLFKWWUHWHQXP VHLQHQ+HUUHQGHQ*URHQ$OWHQJHUHFKW]XZHUGHQ %HOSKpJRUVFKULWWDXIGLH)DKUVWKOH]X6LHZDUHQYRU NXU]HPHUQHXHUWZRUGHQ0DQKDWWHVFKQHOOHUHHLQJHEDXW $OVHUGDYRUVWHKHQEOLHEK|UWHHUSO|W]OLFK6FKULWWH
+LHUGLUHNWXQWHUGHQJHZDOWLJHQ7UlJHUJHVWHOOHQNODQJHQ VLHEHVRQGHUVODXW2EZRKOHLQH1RWEHOHXFKWXQJEUDQQWH GXUFKVFKQLWWGHQQRFKGHU6WUDKOHLQHU/DPSHGLHGLIIXVH .XOLVVHXQGHUWUDIDXFKGHQ+H[HUPLWGHU)ODPPHQSHLWVFKH ª+HZDVKDEHQ6LHKLHU]XVXFKHQ"©IUDJWHHLQHEDUVFKH 6WLPPH'DQQNDPGHU0DQQQlKHUGHU/LFKWVFKHLQZXUGH VWlUNHUXQGHUIOOWHGLHJQDGHQORVHQ$XJHQGHV'lPRQV DXV %HOSKpJRUUKUWHVLFKQLFKW'LHVHU1DFKWZlFKWHUVWHOOWHIU LKQNHLQ3UREOHPGD ª5HGHQ6LH© /DQJVDPKRE%HOSKpJRUGHQUHFKWHQ$UP'LH3HLWVFKH KLHOWHUQRFKLPPHUIHVW8QGGDQQVFKOXJHU]X ,P1XHQWVWDQGHQGLH)HXHUULHPHQ'HU/DPSHQVWUDKO ]XFNWHKLQXQGKHUDOVGHU0DQQDXVZHLFKHQZROOWHHVDEHU QLFKWVFKDIIWHXQGYRQGHU3HLWVFKHYROOJHWURIIHQZXUGH ,Q%HOSKpJRUVVFKDXULJHV/DFKHQKLQHLQNODQJHQGLH6FKUHLH GHV:lUWHUV'LH7DVFKHQODPSHNOLUUWH]X%RGHQGHU0DQQ VHOEVWGUHKWHVLFKHLQSDDUPDOXPGLHHLJHQH$FKVHWRUNHOWH PLWZHLFKHQ.QLHQ]XU6HLWHZDUIVHLQH$UPHKRFKXQG VW|KQWHJUDXHQHUUHJHQGZHLO,]]LV0DJLHLKQDXIVFKUHFN OLFKH$UWXQG:HLVHWUDI 6HLQ)OHLVFKZXUGH]X6FKOHLP (VEHJDQQDP*HVLFKWGDVSO|W]OLFKDQZHLFKHQ:DFKV HULQQHUWHGHUKLQXQWHU]XP+DOVOLHIXQGVLFKGRUWPLWGHU ]HUODXIHQGHQ+DXW]X.OXPSHQYHUHLQLJWH $XFKYRQGHQ)LQJHUQWURSIWHHVGLH)HQIDQGHQNHLQHQ IHVWHQ+DOWPHKUGHUDUPH0DQQVDFNWHLQVLFK]XVDPPHQ ZlKUHQGHUXQWHQZHJIOR/lQJVWNRQQWHHUQLFKWPHKU VFKUHLHQ'LH/DPSHDEHUEUDQQWHZHLWHU,KU6WUDKOVWUHLIWH GHQW|GOLFK*HWURIIHQHQXQWHUGHVVHQ6FKOHLPKDXWEHUHLWVGLH .QRFKHQVFKLPPHUWHQ %HOSKpJRUNPPHUWHVLFKQLFKWZHLWHUXPLKQ(UVFKOXJ HLQPDOPLWGHU)ODPPHQSHLWVFKHJHJHQGLH7ULQ+|KHGHV 6FKORVVHVXQGVFKXIVLFKVHLQHQIUHLHQ=XJDQJ
'DV0HWDOOZDUDQGLHVHU6WHOOHZHJJHEUDQQWDOVKlWWH MHPDQGPLWHLQHP6FKZHLEUHQQHUJHDUEHLWHW 'LHXQKHLPOLFKH*HVWDOWWUDWHLQ (VEUDQQWHNHLQ/LFKWLQGHUJHUlXPLJHQ.DELQHGLHPLQ GHVWHQV3HUVRQHQIDWH'DIUJDEHVDQGHU:DQGHLQH 6FKDOWVNDODGLH]DKOUHLFKH.Q|SIHDXIZLHV =LHOVLFKHUIDQG%HOSKpJRUGHQ.QRSIIUGLHHUVWH 3ODWWIRUP (UGUFNWHLKQ7URW]GHV]HUVW|UWHQ6FKORVVHVVFKORGLH 7UIXJHQGLFKW 'HU/LIW]LVFKWHKRFK (VGDXHUWHQXUNXU]H=HLWELV%HOSKpJRUVHLQ=LHOHUUHLFKW KDWWH(UYHUOLHGHQ)DKUVWXKOEHWUDWHLQHQ*DQJXQGOLH GHQ:HJ]XP5HVWDXUDQWNXU]HUKDQGOLQNVOLHJHQ,KQLQWHU HVVLHUWHGLH$XVVLFKWVSODWWIRUPYRQZRDXVHUHLQHQSKDQ WDVWLVFKHQhEHUEOLFNKDWWH=ZDUQLFKWVRJXWZLHZHLWHUREHQ DEHULKPUHLFKWHHV 'HU:LQGIXKUJHJHQGLH*HVWDOWPLWGHQXQEDUPKHU]LJ NDOWHQ$XJHQ(UPXWHQRFKHLQSDDU6FKULWWH]XU6HLWH JHKHQGDQQODJGHU3DUNWLHIXQWHQYRULKP 'HU%OLFNZDUDXVJH]HLFKQHW%LV]XP*HOlQGHGHU(FROH 0LOLWDLUHNRQQWHHUVFKDXHQ'LHVH6FKXOHVFKORVLFKDQGHQ 3DUNDQXQGZDUQXUGXUFKHLQHEUHLWH6WUDHJHWUHQQWGLH $YHQXHGHOD0RWWH+LQWHULKPIORGLH6HLQH'HU)OXLQWHUHV VLHUWHLKQQLFKWVHLQH'LHQHUZUGHQGXUFKGHQ3DUNNRPPHQ 0DQKDWWH6FKXW]JLWWHUHUULFKWHWGDPLWHV6HOEVWP|UGHUQ VFKZHUJHPDFKWZXUGHVLFKYRQGHU3ODWWIRUP]XVWU]HQ 'DUXPNPPHUWHVLFKGHU+H[HUPLWGHU)ODPPHQSHLWVFKH QLFKW:HQQHVVRZHLWZDUZUGHHUDXIGDV*LWWHUNOHWWHUQ %HYRUHUZHLWHUQDFKXQWHQVFKDXWHJOLWWVHLQ%OLFNLQGLH +|KH(UKDWWHGLH9DPSLUHQLFKWYHUJHVVHQ 0RPHQWDQZDUHQVLHQLFKW]XVHKHQZDVDEHUQLFKWKHLHQ VROOWHGDVLHVLFKYHU]RJHQKDWWHQ:DKUVFKHLQOLFKZDUHQVLH QXUK|KHUJHVWLHJHQXQG]ZDUVRZHLWGDVLHQLFKWPHKU HQWGHFNWZHUGHQNRQQWHQ
,P*HIKOHLQHU6LFKHUKHLWVRQQWHVLFK%HOSKpJRU(UKDWWH GLHHUVWHQ6FKZLHULJNHLWHQJODQ]YROOJHPHLVWHUWXQGZXWH QXQZLHHUGLH9DPSLUHDXVVFKDOWHQNRQQWH 6HLQHJHIKOORVHQEODXHQ$XJHQZDUHQQDFKYRUQJHULFKWHW 6LHZROOWHQGLH'XQNHOKHLWGXUFKERKUHQ(LJHQWOLFKZDUGLH =HLWIUVHLQH'LHQHUMHW]WUHLI6LHKlWWHQVLFKOlQJVWDXIGHQ :HJPDFKHQPVVHQ]XVDPPHQPLWGHQ)ODPPHQSHLWVFKHQ GLHLKUH6WUHFNHPDUNLHUHQVROOWHQ 1RFKZDUQLFKWV]XVHKHQ 5XKLJODJGHU3DUNYRULKP1XUKLQXQGZLHGHUGXUFK VFKQLWWHQGLH/LFKWODQ]HQIDKUHQGHU:DJHQGLH'XQNHOKHLW $EHUGDKLQWHQZRGLHYRQ1RUGQDFK6GYHUODXIHQGHQ )DKUEDKQHQLQHLQHQ.UHLVYHUNHKUPQGHWHQGDIODFNHUWHQ SO|W]OLFK/LFKWHU 6LHNDPHQHQGOLFK %HOSKpJRUVWLHHLQGVWHUHV/DFKHQDXVLQGHPOlQJVW HUVHKQWHU7ULXPSKPLWVFKZDQJ *HVFKDIIW ª)UHXGLFKQLFKW]XIUK©VDJWHSO|W]OLFKHLQH]LVFKHQGH 6WLPPHKLQWHULKP 6FKQHOOZLHHLQ.UHLVHOZLUEHOWHGHU'lPRQKHUXP(U VWDUUWHLQGLH0QGXQJHLQHU0DVFKLQHQSLVWROH *HKDOWHQZXUGHVLHYRQ/DG\; .RPPLVVDU)OHXYHHUDXFKWH.HWWH:RKOHLQ=HLFKHQVHLQHU EHUJURHQ1HUYRVLWlW:LUKRFNWHQLQVHLQHP%URWUDQNHQ VFKZDU]HQ.DIIHHVRJDU6XNRXQGVWDUUWHQDQVRQVWHQLQ GHQEODXJUDXHQ'XQVWGHQGLH6FKZDU]HQKLQWHUOLHHQ 'HU.RPPLVVDUZDUXQVHUHQ9RUVFKOlJHQJHIROJWXQGKDWWH VHLQHQ/HXWHQHLQH9RUZDUQXQJJHJHEHQ,Q]ZLVFKHQKDWWH GLH'lPPHUXQJYRQ3DULV%HVLW]HUJULIIHQ:LUZDUHQQLFKW HLQPDOGD]XJHNRPPHQXQVHUEHVWHOOWHV+RWHO]LPPHUDQ]X VFKDXHQ'LH=HLWGDIUUHLFKWHHLQIDFKQLFKW =ZHLPDOKDWWHLFKPLW0DGDPH7DQLWKWHOHIRQLHUW%HLGH
0DOHYHUJHEHQV6LHKDWWHHVYHUVXFKWDEHUNHLQHQ.RQWDNW ]XVWDQGHJHEUDFKW,UJHQGHWZDVVW|UWHGLH6FKZLQJXQJHQ GHU.XJHO6LHUHDJLHUWHQLFKWDXFKQLFKWLQ9HUELQGXQJPLW GHP.HOFKGHV)HXHUV 'DVPDFKWHPLFKQLFKWJHUDGHRSWLPLVWLVFKHU ª,FKKDEHGDV*HIKODOVZUGHEHU3DULVHLQHJHZDOWLJH PDJLVFKH*ORFNHKlQJHQ©HUNOlUWHLFK6XNRXQGGHP .RPPLVVDUª(VLVWZLHHLQJHVW|UWHV)XQNQHW]ZLUNRPPHQ QLFKWGXUFKXQGN|QQHQNHLQHQ.RQWDNWPLWGHUDQGHUHQ 6HLWHDXIQHKPHQ© 0LWUDXLVFKKDWWHGHU.RPPLVVDUPHLQHQ:RUWHQJHODXVFKW (UVFKDIIWHHVPLWLP0XQGZLQNHOKlQJHQGHU=LJDUHWWHQRFK .DIIHH]XWULQNHQ:LUNOLFKHLQPDOLJªhEHUWUHLEHQ6LHGD QLFKWHWZDV"© ª1HLQ© ª$EHULFKKDEHYRQVROFKHQ+HOOVHKHULQQHQXQG:DKU VDJHULQQHQJHQXJ,Q3DULVWUHLEHQVLFKYLHOHKHUXP'LHVH 6WDGWLVWHLQUHJHOUHFKWHV0HNNDIURNNXOWH([LVWHQ]HQ:LU KDEHQYLHOH.QVWOHUKLHUGLHVLFKQXUQDFKDVWURORJLVFKHQ *HVLFKWVSXQNWHQULFKWHQXQGGHVKDOEKDEHQGLH]DKOUHLFKHQ :DKUVDJHUXQG+HOOVHKHULQGHU6WDGW+RFKNRQMXQNWXU,FK WUDXHGHQ7\SHQQLFKW(JDOREVLHQXQPlQQOLFKRGHUZHLE OLFKVLQG© ª0DGDPH7DQLWKLVWDQGHUV© 'HU.RPPLVVDUZLQNWHDEª(U]lKOHQ6LHQLFKWV.ROOHJH 'LHVLQGDOOHJOHLFK:ROOHQQXUVRVFKQHOOZLHP|JOLFKXQG GXUFKZHQLJ$UEHLWDQDQGHUHU/HXWH*HOGNRPPHQ© ª6LHKDEHQHEHQ,KUH0HLQXQJZLUGLHXQVHULJH©DQWZRU WHWHLFKXQGVFKDXWHDXIPHLQH8KU :HQQ%HOSKpJRUVHLQH'LHQHU]XVDPPHQULHIGDQQPWHQ VLHPHLQHU$QVLFKWQDFKEDOGHUVFKHLQHQXQGPDQZUGHXQV VLFKHUOLFKWHOHIRQLVFK%HVFKHLGJHEHQIDOOVGDV$ODUPQHW] QRFKVWDQGXQGQLFKW]XVDPPHQJHEURFKHQZDU :LHGHUYHUUDQQ=HLW (LQSDDUPDOWHOHIRQLHUWHGHU.RPPLVVDUPLWLUJHQGZHOFKHQ
$XHQVWHOOHQ(UHUKLHOWMHGHVPDOHLQHQHJDWLYH$QWZRUW (VZDUZLUNOLFKQLFKWXQVHU)DOOKLHUXQWlWLJKHUXP]XVLW ]HQXQGQLFKWV]XWXQ:DUWHQZDUIUXQVHLQHJUDXVDPH 7RUWXU6HOEVW6XNRGHUVRQVWVR*HODVVHQH]HLJWHHLQH6SXU YRQ1HUYRVLWlW:HQQLFKDQGLHYLHOOHLFKW0HQVFKHQ GDFKWHGLHVLFKXQWHU.RQWUROOHGHV'lPRQVEHIDQGHQ NRQQWHPDQVFKRQYHU]ZHLIHOQ :LHGHUHLQPDOPHOGHWHVLFKGDV7HOHIRQ+DWWH .RPPLVVDU)OHXYHH]XHUVWZLHHLQ*HLHUQDFKGHP+|UHU JHVFKQDSSWVRZDUHULQOHW]WHU=HLWGRFKODQJVDPHU JHZRUGHQ%HLQDKHPGHQDKPHUGHQ+|UHUDXIXQGKLHOW LKQJHJHQVHLQ2KU0LWGHUDQGHUHQ+DQG]QGHWHHUVLFK HLQHVHLQHU=LJDUHWWHQDQ ª:DV"©(UVFKULHGDVHLQH:RUWQDFKGHPHUHLQLJH 6HNXQGHQJHODXVFKWKDWWH)DVWZlUHHUZLHHLQH5DNHWHYRQ VHLQHP6WXKOLQGLH+|KHJHVDXVWGRFKLPOHW]WHQ $XJHQEOLFNNRQQWHHUVLFKEUHPVHQXQGK|UWHQXU]X ª:RLVWHV"©*HVSDQQWH3DXVHª$KD3DUFGX&KDPSVGH 0DUV$OVRGLUHNWDP(LIIHOWXUP8QGHVVLQGPHKUHUH/HXWH© :LHGHUHLQH3DXVHª:LHVDJHQ6LH"8QJHIlKUXQGQRFK PHKU"0HUGHPHUGH-DMDPHUFLLFKZHUGHDOOHVLQGLH :HJHOHLWHQ©(UVFKOHXGHUWHGHQ+|UHU]XUFNDXIGLH*DEHO XQGVFKDXWHXQVJULPPLJDQª6LHKDEHQJHK|UW"© :LUVWDQGHQVFKRQª.ODU©VDJWHLFKª'HQ(LIIHOWXUP ZROOWHLFKVFKRQLPPHUPDOEHVLFKWLJHQ© ª1XUXQWHUDQGHUHQ8PVWlQGHQ©JDE6XNRVHLQHQ6HQI GD]X $EHUGDZDUHQZLUVFKRQDQGHU7U 'LHNDOWHQ$XJHQVWDUUWHQGLHHEHQIDOOVJDQ]LQ6FKZDU] JHNOHLGHWH/DG\DQ'DQQZDQGHUWHGHU%OLFNXQGVDXJWHVLFK DQGHU0QGXQJGHU0DVFKLQHQSLVWROHIHVWª'DPLWZLOOVWGX PLFKXPEULQJHQ"© 'LHHKHPDOLJH7HUURULVWLQHQWEO|WHLKUH9DPSLU]lKQHª-D
GDVNDQQLFKVFKDIIHQ'XZLUVWHVNDXPJODXEHQLQGLHVHU :DIIHEHILQGHQVLFKJHZHLKWH6LOEHUNXJHOQ© ª1DXQG"'LHVFKOXFNWPHLQ3DQ]HUGHQLFKDXVHLQHUDQGH UHQ:HOWPLWJHEUDFKWKDEH© ª'DVZHLLFK©HUNOlUWH/DG\;LP.RQWHUWRQª,FKKDEH DXFKQLFKWJHVDJWGDLFKDXIGLFKVFKLHHQZHUGHVRQGHUQ DXIGHLQH)ODPPHQSHLWVFKH'LH.XJHOQZHUGHQVLH]HUKlP PHUQXQGLKUGLH.UDIWQHKPHQ,FKVROOWHHVMHW]WVFKRQWXQ GDVELQLFK9DPSLURGHOPDUVFKXOGLJ© %HOSKpJRUEUHLWHWHVHLQH$UPHDXVª:HULVWVFKRQ9DPSLUR GHOPDU",FKKDEHYRQLKPJHK|UW,FKZHLGDHUODQJHDXI GHP0HHUHVERGHQJHOHJHQKDW,QXUDOWHQ=HLWHQKDWHUVLFK HLQHQ1DPHQJHPDFKWDEHUKHXWHLVWHUQXUHLQ:UDFN+HUU GHUURWHQ9DPSLUHQHQQWHUVLFK:RVLQGVLHGHQQ"© ª,QGHU1lKH© ª$EHULFKNDQQVLHYHUQLFKWHQZHQQLFKZLOO© ª'DVKDEHLFKJHVHKHQXQGGHVKDOEZLOOLFKPLWGLUUHGHQ© ª,FKQLFKWPLWGLU9HUVFKZLQGHRGHULFKEULQJHGLFKXP© %LVKHUKDWWH/DG\;LKUHQOHW]WHQ7UXPSIQLFKWDXVJHVSLHOW 'LH03LKDWWHVLHOlVVLJLQGHUUHFKWHQ+DQGJHKDOWHQGLH OLQNHZDUDXIGHP5FNHQYHUVWHFNW 1XQ]HLJWHVLHGLHVH+DQGRIIHQ8QGDXIGHU)OlFKHODJ HWZDV%HVWLPPWHV ª'HU:UIHOGHV8QKHLOV©VWLH%HOSKpJRUGXPSIKHUYRU 6HLQH6WLPPHNODQJVRDOVKlWWHHU$QJVWGDYRU ª'XNHQQVWLKQ"© (LQH$QWZRUWHUKLHOW/DG\;QLFKW'HU'lPRQVWDUUWHGHQ :UIHOQXUDQ(UVDKQLFKWHLQPDOEHVRQGHUVDXVXQGHVILHO QLFKWDXIZHOFKHLQH.UDIWLQLKPVWHFNWH'LH6HLWHQVFKLP PHUWHQPLOFKLJZHLVRGDHLQHP%HWUDFKWHUNHLQ'XUFK EOLFNJHVWDWWHWZDU(VVDKDXVDOVZUGHQ]DKOUHLFKH 6FKOLHUHQVLFKLQQHUKDOEGHV4XDGHUVEHZHJHQ 'HU:UIHOZDUEUDQGJHIlKUOLFKZHQQHULQGLHIDOVFKHQ +lQGHJHULHW,KQNRQQWHPDQPDQLSXOLHUHQGDVKHLWHU ULFKWHWHVLFKGDQDFKZDVVHLQ%HVLW]HUZROOWH,QGlPRQLVFKHU
+DQGZDUHU]XDOOHPIlKLJ'U7RGKDWWHHVYRUH[HU]LHUWXQG GDPDOVGHQJHIlKUOLFKHQ7RGHVQHEHOJHVFKDIIHQGHUGHQ 0HQVFKHQGLH+DXWYRP.|USHUO|VWHXQGJHJHQGHQHV ELVKHUQRFKNHLQ0LWWHOJDEVRVHKU0\[LQGHU0DJLHUXQG .DUDGLH6FK|QHDXVGHP7RWHQUHLFKDXFKGDQDFKVXFKWHQ XQGIRUVFKWHQ 'HU:UIHOKDWWHDEHUDXFKQRFKDQGHUH(LJHQVFKDIWHQ 'XUFKLKQZDUHVP|JOLFKVLFKLQDQGHUH'LPHQVLRQHQ]X WUDQVSRUWLHUHQRGHU=HLWUHLVHQ]XXQWHUQHKPHQ(UZDUHLQ .DWDO\VDWRUXQG%HVFKOHXQLJHU.HLQHUZXWHJHQDXZRKHU HUVWDPPWH$XV$WODQWLVVDJWHQGLHHLQHQYRQHLQHPIHLQHQ 3ODQHWHQGLHDQGHUHQGLH:DKUKHLWMHGRFKKDWWHQRFKQLH PDQGKHUDXVJHIXQGHQ $XFK%HOSKpJRUKDWWHYRQLKPJHK|UW(UZDU]ZDUIRUW JHZHVHQLQHLQHUDQGHUHQ:HOWGRFKPDQKDWWHLKQEHUGLH 'LQJHGLHVLFKLP'lPRQHQUHLFKHQWZLFNHOWHQQLHLPXQNOD UHQJHODVVHQGHVKDOEZXWHHUZDVHVPLWGHP:UIHODXI VLFKKDWWHXQGHUNRQQWHDXFKVHLQHHLJHQHQ.UlIWHJHQDX HLQVFKlW]HQ:HLOLKPGLHVJHODQJKWHWHHUVLFKGHQ:UIHO DXILUJHQGHLQH$UWXQG:HLVH]XDWWDFNLHUHQ /DG\;EHKLHOWGDVJHIlKUOLFKH/lFKHOQEHLª:LOOVWGXHV QRFKLPPHUYHUVXFKHQ"© ª1HLQDEHULFKZDUQHGLFKWURW]GHPGXVW|UVWPHLQH .UHLVH© ª9LHOOHLFKWLVWHVXPJHNHKUW© ª:DVZLOOVWGXYRQPLU"© ª'LFKQXUXQWHU.RQWUROOHKDOWHQ%HOSKpJRU1LHPDQGVROO VRPlFKWLJVHLQDOVGDHUPLUJHIlKUOLFKZHUGHQN|QQWH'DV LVWHV'XKlWWHVWLQGHLQHU:HOWEOHLEHQXQGGLFKQLFKWLQGLH $QJHOHJHQKHLWHQKLHUHLQPLVFKHQVROOHQ© ª0LFKKDEHQ0lFKWLJHUHJHVFKLFNWDOVGXHVELVW©ODXWHWHGLH $QWZRUWª'LHVH:HOWJHK|UWQLFKWQXUGLU'LH*URHQ$OWHQ EHUHLWHQLKUH5FNNHKUYRUXQGVLHVFKLFNHQ,]]LGDPLWHULKQHQ GHQ:HJEHUHLWHW,FKVWHKHDXI,]]LV6HLWHXQGQRFKLQGLHVHU 1DFKWZLUGHUHUVFKHLQHQ$QGLHVHP2UWDQGLHVHP3ODW]©
ª:LHZLOOVWGXGDVVFKDIIHQ"©'LH9DPSLULQ]HLJWHVLFK]XP HUVWHQPDOEHHLQGUXFNW ª*DQ]HLQIDFK,FKKDEHPHLQH'LHQHU]XVDPPHQJHKROW6LH YHUVDPPHOQVLFKKLHUXQWHUPHLQHU/HLWXQJXQGJHPHLQVDP ZHUGHQZLUGHQ+|OOHQZXUPEHVFKZ|UHQ© ª8QGGDQDFK"© ª:LUG3DULVGLHHUVWH6WDGWDXIGHU:HOWVHLQGLHGLH0DFKW GHV+|OOHQZXUPV]XVSUHQEHNRPPW,FKKRIIHGXVWHOOVW GLFKDXIXQVHUH6HLWHDXIGLH6HLWHGHU*URHQ$OWHQ:DVGHU 6DWDQLPPHUZLHGHUYHUVXFKWXQGQLFKWJHVFKDIIWKDWGDV ZHUGHQVLHGXUFKIKUHQ'LH*URHQ$OWHQEHUQHKPHQGLH 5HJLHXQG,]]LZLUGDXFKGDVPDJLVFKH3HQGHOPLWEULQJHQ© ª'DVPDJLVFKH3HQGHO"© ª-DGLH*URHQ$OWHQZHUGHQHV,]]LJHEHQ(VJHK|UWQXQ LKP'DPLWNDQQHUGLH*HLVWHUGHU(UGHUXIHQPlFKWLJH :HVHQHLQH$UPHHGHV6FKUHFNHQV© /DG\;KRUFKWHDXI'DVPDJLVFKH3HQGHOGLH*HLVWHUGHU (UGHHLQH$UPHHGHV6FKUHFNHQV 0DQNRQQWHGLHVH3OlQHVHKHQZLHPDQZROOWH$XIMHGHQ )DOOKDWWHQVLHJHZDOWLJH'LPHQVLRQHQDQJHQRPPHQ5HJHO UHFKWHUVFKUHFNHQGHZLHDXFK/DG\;DOLDV3DPHOD6FRWWIHVW VWHOOWH $OOHUGLQJVJDEVLHHVQLFKW]XVRQGHUQVDJWHOlVVLJª'DQQ ZHUGHLFK]XVFKDXHQ© ª'DVNDQQVWGX$EHUHLQVODGLUJHVDJWVHLQ.RPPXQV QLFKWLQGLH4XHUHGXZUGHVWHVELWWHUEHUHXHQ© ª'DVP|FKWHLFKQRFKGDKLQJHVWHOOWVHLQODVVHQ©NQLUVFKWH GLH%OXWVDXJHULQXQGEHJDQQLQGLHVHQ$XJHQEOLFNHQGHQ :UIHOJHGDQNOLFK]XDNWLYLHUHQ ,KUZDUSO|W]OLFKHWZDVHLQJHIDOOHQ(LQHZDKQVLQQLJHDEHU KHUUOLFKH,GHH %HYRU%HOSKpJRUVLFKYHUVDKKDWWHVLFK/DG\;VFKRQDXI JHO|VW,KU.|USHUZXUGHGXUFKVFKHLQHQGXQGYHUVFKZDQG :LHHLQEHJRVVHQHU3XGHOEOLHEGHU+H[HUPLWGHU)ODPPHQ SHLWVFKH]XUFN(UIUDJWHVLFKZDVGLHVH%OXWVDXJHULQYRU
KDWWHGHQQHUWUDXWHLKUNHLQHVIDOOVEHUGHQ:HJXQG EHVFKORDXIGHU+XW]XVHLQ (UVWHLQPDOGUHKWHHUVLFKXPVFKDXWHLQGLH7LHIHXQG VHLQHNDOWHQ$XJHQEHJDQQHQQRFKKHOOHU]XOHXFKWHQ :DVHUGRUWXQWHQVDKZDVSKlQRPHQDO 3DULVDP$EHQGHUTXLFNHQGXQGODEHQG6RGDFKWHQYLHO OHLFKW7RXULVWHQGHQHQGHU9HUNHKUQLFKWVDXVPDFKWH:LU DOOHUGLQJVQLFKWGHQQZLUVWHFNWHQIHVWXQGGLHVWURW]GHU 3ROL]HLVLUHQH $P3ODFH&KDUOHVGH*DXOOHJLQJHVQRFK'DQQPXWHQZLU LQ5LFKWXQJ6GHQDXIGLH&KDPSV(O\VHHVGRUWNRQQWHQZLU LQGHU.RORQQHPLWIDKUHQ6SlWHUMHGRFKDXIGHU$YHQXH 0RQWDLJQHOLHIQLFKWVPHKU.XU]YRUGHU6HLQH%UFNHKLQJHQ ZLUIHVW 9RU:XWWURPPHOWHGHU.RPPLVVDUDXIGHP/HQNUDGULQJ VHLQHVDOWHQ'LHQVWFLWURHQV(UVWHFNWHYROOHU:XWXQGPXWH VLHDXVODVVHQ,UJHQGZRQDKHGHU%UFNHKDWWHHVHLQHQ6WDX JHJHEHQGHQ*UXQGNRQQWHQZLUQLFKWHLQPDODKQHQ 6XNRXQGLFKYHUKLHOWHQXQVUXKLJZlKUHQG)OHXYHHZLH HLQ,UUHUWHOHIRQLHUWHXQGGDV:RUWH!PHUGHZRKODPKlXILJ VWHQILHO6FKOLHOLFKHUIXKUHUGDGLUHNWYRUGHU%UFNHHLQ :DJHQPLW$SIHOVLQHQXPJHNLSSWZDU ª.|QQHQZLUQLFKWDXVZHLFKHQ"©IUDJWHLFK ª:RKLQGHQQ"© ª(VJLEWGRFKQRFKDQGHUH%UFNHQEHUGHQ)OX© ª'DQQPVVHQZLUIOLHJHQN|QQHQ©'HU.RPPLVVDU EUHLWHWHGLH$UPHDXV,QVHLQHU+HNWLNHULQQHUWHHUPLFK DQ/RXLVGH)XQHV (VJLQJZHGHUYRUQRFK]XUFN:LUVWHFNWHQLP9HU NHKUIHVW,FK]QGHWHPLUHLQH=LJDUHWWHDQ9LHOYHUTXDO PHQNRQQWHLFKQLFKWPHKUGDIUKDWWHGHU.RPPLVVDU VFKRQJHVRUJW=XGHPZDUHQGLH)HQVWHUQDFKXQWHQ JHNXUEHOW
ª3ODW]GD©EUOOWH)OHXYHHª9HUGDPPWH6FKHLHPDFKW GRFKHQGOLFK3ODW]LKU,GLRWHQ© =DKOUHLFKH)DKUHUVFKDXWHQDXVGHQ)HQVWHUQ'LHPHLVWHQ /HXWHJULQVWHQGUHL-XJHQGOLFKHlIIWHQGHQ.RPPLVVDUQDFK XQGHLQMXQJHV0lGFKHQKREVRJDULKUHQ5RFNKRFK ª0DQVROOWHLKQHQ5DNHWHQXQWHUGHQ+LQWHUQVWHFNHQ© VFKLPSIWHGHU.RPPLVVDUXQGEDOOWHGLH+lQGH]X)lXVWHQ :LUKDWWHQ*OFN 3O|W]OLFKHUVFKLHQHQ)OLHV8QGYRUGHQHQKDWWHQHLQLJH $XWRIDKUHUGHQQ|WLJHQ5HVSHNW'HQ3ROL]LVWHQJHODQJHV GLH)DKUHUGD]X]XEHZHJHQGDVLHLKUH:DJHQQRFKQlKHU ]XVDPPHQIXKUHQ'DEHLZXUGH]ZDUVRPDQFKH6WRVWDQJH DQJHNUDW]WDEHUGDVVSLHOWHLQ3DULVNHLQH5ROOH :LUIDQGHQHLQH/FNH ª(QGOLFK©VW|KQWH)OHXYHHª,FKVWDQGVFKRQNXU]YRU HLQHP,QIDUNW© ª:DVUHJHQ6LHVLFKDXI"©IUDJWH6XNRª6LHVLQGGRFK 3DULVHUXQGNHQQHQGHQ9HUNHKU© ª+DGDVVDJHQ6LH$EHUGLH=HLWHQVLQGEHVFKLVVHQ *ODXEHQ6LHGHQQGLH/HXWHKlWWHQYRUHLQHP3ROL]LVWHQQRFK 5HVSHNW"1LFKWVNHLQ6WFN'LHVHKHQXQVOLHEHUWRWDOV OHEHQGLJ7XWPLUOHLGGDLFKGDVVDJHQPXDEHUVRLVWHV© ª:HQQ6LHPHLQHQ© ª'DVPHLQHLFK©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
'LH6HLQHVDKlKQOLFKDXVZLHGLH7KHPVH(LQVFKZDU]HU IOLHHQGHU6WUHLIHQLQPLWWHQGHU6WDGW+LQXQGZLHGHU VSLHJHOWHQVLFK/LFKWUHIOH[HDXIGHUGXQNOHQ2EHUIOlFKH DQVRQVWHQJXUJHOWHGDV:DVVHUGXPSIDQXQVYRUEHL 'HU.RPPLVVDUNDQQWH$ENU]XQJHQ(UIXKUGXUFK 6WUDHQGHUHQ1DPHQLFKYHUJHVVHQKDEH(VLQWHUHVVLHUWH PLFKDXFKQLFKWGHQQLFKKDWWHQXU%OLFNHIUGDVJHZDOWLJH DQJHVWUDKOWH6WDKOJHUVWGDV]XP*UHLIHQQDKHYRUXQVDXV GHP%RGHQKRFKZXFKV 'HU(LIIHOWXUP ª6HKHQ6LHVFKRQZDV"©IUDJWHGHU.RPPLVVDU ª1HLQ© )OHXYHHODFKWHª$EHUVLHVLQGGD©'HU.RPPLVVDUPXWH HVZLVVHQHUKLHOWVFKOLHOLFKGLH9HUELQGXQJ:lKUHQGHUPLW HLQHU+DQGOHQNWHWHOHIRQLHUWHHUXQGKLHOWGHQ+|UHULQGHU DQGHUHQ8QGPLWZHOFKHLQHP7HPSRHUXPGLH.XUYHQ MDJWH'DVKlWWHLFKPLFKLQ/RQGRQQLFKWJHWUDXW 'LHZLPPHUQGH6LUHQHEHJOHLWHWHXQVHUHQZHLWHUHQ:HJ (LQPDOKlWWHGHU.RPPLVVDUIDVWHLQHQ5DGIDKUHUPLWJHQRP PHQ'HU0DQQVSUDQJQRFKYRP5DGXQGOLHHLQH6FKLPSI NDQRQDGHORV ª(VVLQGLPPHUPHKUJHZRUGHQ©HUNOlUWHXQV)OHXYHHPLW KHLVHUHU6WLPPH ª:LHYLHOHLQ]ZLVFKHQ"©IUDJWH6XNR ª.DXP]XVFKlW]HQ(LQLJH+XQGHUWP|JHQHVVHLQ© ª'LH/HXWHDXVGHP.LQR©VDJWHPHLQ)UHXQGXQG.ROOHJH ZRPLWHUZRKOGHQ1DJHODXIGHQ.RSIJHWURIIHQKDWWH 8QGSO|W]OLFKVDKHQZLUGHQ3DUN ª'RFKQRFKJXWJHVFKDIIW©PHLQWH)OHXYHHXQGOREWHVLFK GDPLWVHOEVW(UKDWWHSO|W]OLFKEOHQGHQGH/DXQHGLHMHGRFK JOHLFKGDUDXIYHUVFKZDQGDOVHUGLH]DKOUHLFKHQ/LFKWHUVDK ª9HUGDPPWGDVVLQGVLH'DZDUWHQVLHVFKRQ© ª+DOWHQ6LHDQ©IRUGHUWHLFK )OHXYHHVWRSSWH 6HNXQGHQVSlWHUIORJHQGLH$XWRWUHQDXI
:LUVWUPWHQDXVGHP)DKU]HXJ6XNRUHFKWVLFKOLQNV +RIIHQWOLFKNRQQWHQZLU%HOSKpJRUVWRSSHQ 'HU'lPRQVRQQWHVLFKLQVHLQHP(UIROJ(UNRQQWHQLHGHU VFKDXHQDXIVHLQH'LHQHUGLHYRUGHPJHZDOWLJHQ7XUPVWDQ GHQ$OVDOOHQ5LFKWXQJHQZDUHQVLHJHNRPPHQXQGDXVLKUHQ UHFKWHQ+lQGHQZXFKVHQGLH)ODPPHQSHLWVFKHQLQGLH+|KH (VZDUHLQVFKDXULJVFK|QHV%LOG+XQGHUWHYRQ0HQVFKHQ KDWWHQHLQRIIHQHV.DUUHHYRUGHP7XUPJHELOGHW'LHORGHUQ GHQ)ODPPHQ]HLFKQHWHQLKUHQ6WDQGJHQDXQDFKVRGDGHU (LQGUXFNHQWVWDQGGDVQDFKYRUQKLQRIIHQH5HFKWHFNZUGH EUHQQHQ %HOSKpJRUJHQRHV(LQDOWHUGlPRQLVFKHU7UDXPZDUHQG OLFKLQ(UIOOXQJJHJDQJHQ,KPJHK|UWH3DULVHUVFKDXWHDXI GLH6WDGWKLQDEXQGVDKGLHGLHQXULKPK|ULJZDUHQ (UZDUELVDXIGHQ5DQGGHU$EVSHUUXQJJHNOHWWHUW6HLQH HUEDUPXQJVORVHQ$XJHQOHXFKWHWHQLQHLQHPZDKQVLQQLJHQ %ODX+RFKEHUVHLQHP.RSIZLUEHOWHQGLHGUHL)HXHU]XQJHQ GHU)ODPPHQSHLWVFKHXQGHUZLUNWHZLHHLQGlPRQLVFKHV 'HQNPDOHLQ'LNWDWRUHLQ9RONVYHUKHW]HUYROOVXJJHVWLYHU .UDIW 6LHJHKRUFKWHQLKPHUZUGHVLHLPPHUIKUHQ+LQHLQLQ HLQHGlPRQLVFKH+|OOHZRVLHDQVHLQHU6HLWHEOLHEHQXQGIU LKQXQGGLH6DFKHGHU)LQVWHUQLVNlPSIWHQ 'HU:LQGEHZHJWHGLHIHXULJHQ=XQJHQGHUPDJLVFKHQ )ODPPHQXQG%HOSKpJRUEDGHWHLQGHP/LFKWGDVLKQ ]XFNHQGXPJDEZREHLHVDXIVHLQHU*HVWDOWWDQ]HQGH 6FKDWWHQKLQWHUOLH (UKDWWHJHZRQQHQ 8QGVFKRQYHUQDKPHUGLH6SUHFKFK|UH:LHHLQJHZDOWLJHU 2UNDQGUDQJHQVLH]XLKPKRFK ª%HOSKpJRU%HOSKpJRU%HOSKpJRU© 6RVFKULHQGLH0DVVHQ6LHKXOGLJWHQLKPVLHIRUGHUWHQLKQ DXILKUGlPRQLVFKHU)KUHU]XVHLQ
8QG%HOSKpJRUPDFKWHVHLQHP1DPHQDOOH(KUH:LOG VFKZDQJHUGLH3HLWVFKHZlKUHQGHUVFKULHª:LUZHUGHQ WULXPSKLHUHQ:LUGDVLVWGLHVFKZDU]PDJLVFKH0DFKWHLQHU GlPRQLVFKHQ+|OOH:LUZHUGHQ3DULVHUREHUQ'DVGlPR QLVFKH)HXHUVROOOHXFKWHQXQGGHQHUZHFNHQGHUVHLWODQJHP GDUDXIZDUWHW,]]L© *HEUOOEUDQGHWHDXI'LH=XK|UHUQDKPHQDOOHVKLQZDV LKQHQ%HOSKpJRUHUNOlUWH ª,QGLHVHU1DFKWWULXPSKLHUWGLH0DJLH1XUGLH0DJLH(V JLEWQLFKWVDQGHUHV8QGMHW]WODWLKQXQVUXIHQ,]]LGHU +|OOHQZXUPVROOHUVFKHLQHQ+LHUDQGLHVHU6WHOOHPXHU DXVGHQ7LHIHQGHU(UGHVWHLJHQ,FKZLOOHVVR© (VZXUGHVWLOO )DVWJHVSHQVWLVFKPXWHWHGLH$WPRVSKlUHDQ(LQH5XKHYRU GHPJURHQ6WXUP,]]LVROOWHNRPPHQHUZUGHGHQ5XI K|UHQXQGDXVGHU7LHIHGHU(UGHEUHFKHQZLHNRFKHQGKHLH 9XONDQODYD :HQQGLHVWDWVlFKOLFKJHVFKDKZDUHLQ7HLOGHU6WDGWGHP 8QWHUJDQJJHZHLKW .RPPLVVDU)OHXYHHKDWWHWURW]GHUQHUYHQDXIUHLEHQGHQ 6WXQGHQVHKUXPVLFKWLJJHKDQGHOW(UKDWWHQlPOLFKGHQ 3ROL]LVWHQEHIRKOHQDXINHLQHQ)DOOHLQ]XJUHLIHQ1XUHLQHQ 5LQJ]LHKHQXQGEHREDFKWHQ 'LHUXQG0HQVFKHQVWHFNWHQSUDNWLVFKLQGHU)DOOH RKQHHV]XZLVVHQ.HLQHUZDUIHLQHQ%OLFN]XUFN=XGHP KDWWHQGLH3ROL]LVWHQXQWHUGHQ%lXPHQ$XIVWHOOXQJJH QRPPHQ6LHQXW]WHQGLHQDWUOLFKHQ'HFNXQJHQJHVFKLFNW DXVVLHZDUHQQLFKWVHKUJXW]XHUNHQQHQDEHUVLHVDKHQGLH DQGHUHQ :LUZXUGHQVHKUGUDVWLVFKDXIJHKDOWHQ:LUZXUGHQSO|W] OLFKHLQJHNUHLVWXQGGLH0QGXQJHQ]ZHLHU0DVFKLQHQ SLVWROHQ]HLJWHQDXIXQV'DEOLHEHQZLUOLHEHUVWHKHQ8QG ]ZDUVRODQJHELV.RPPLVVDU)OHXYHHVFKQDXIHQGDXIXQV
]XOLHIXQGPLWEHLGHQ+lQGHQKHIWLJZLQNWHª/DVVHQ6LHGLH 0lQQHUGXUFKYHUGDPPW©EUOOWHHU (QGOLFKNRQQWHQZLUZHLWHU ,FKZDUWHWHDXIGHQ.RPPLVVDUª+|UHQ6LH)OHXYHH EOHLEHQ6LHKLHU.HLQHQ$QJULIIMHW]W© ª$EHU© ,FKVFKWWHOWHGHQ.RSIª:HQQ6LHXQVHLQHQ*HIDOOHQWXQ ZROOHQGDQQIRUGHUQ6LHHLQHQ+XEVFKUDXEHUDQGHUIUXQV EHUHLWVWHKW© ª*XW6LQFODLUDEHUZRVROOHUODQGHQ"© +DUWVFKDXWHLFKGHQ.RPPLVVDUDQª'LUHNWYRUGHP (LIIHOWXUPGHQQGDZHUGHQZLU]XILQGHQVHLQ© 7LHIDWPHWH)OHXYHHGXUFKª$OOHV*XWH©VDJWHHUNUDW]LJ ª'DQNH© 'DQQOLHIHQ6XNRXQGLFKORV:LUZDUHQPLW:DIIHQ EHVWFNW,FKZXWHZR%HOSKpJRUVWDQG$XIGHUHUVWHQ 3ODWWIRUPXQGLFKZROOWHLKQGRUWKHUXQWHUKROHQ 8QG]ZDUPLWGHP%XPHUDQJ9LHOOHLFKWUHLFKWHGLH.UDIW GHU:DIIHXPGHQ'lPRQ]XYHUQLFKWHQLQGHPVLHLKPGHQ 6FKlGHOYRP.|USHUUDVLHUWH 'HUIODFNHUQGH/LFKWVFKHLQGHUIODPPHQGHQ3HLWVFKHQZLHV XQVGHQ:HJ,QGHU'XQNHOKHLWIKUWHQGLH%lXPHHLQ JHVSHQVWLVFKHV(LJHQOHEHQ'DZXUGHQbVWHXQG=ZHLJH]X JHIlKUOLFKHQ)DOOHQXQG)LJXUHQGLHLP:HFKVHOVSLHO]ZL VFKHQ/LFKWXQG6FKDWWHQWDQ]WHQ :LUNlPSIWHQXQVYRUDQ6XNRXQGLFKPXWHQHVHLQIDFK VFKDIIHQ8QGZLUK|UWHQGDV*HEUOO :LHHLQJHZDOWLJHU6WXUPZLQGNODQJHV6RIHJWHHVDXFK GXUFKGHQ3DUN,PPHUZLHGHUZXUGHGHU1DPH%HOSKpJRU JHUXIHQ(VZDUJUDXVDPZLHGLH'LHQHUGLHVHP'lPRQKXO GLJWHQ ª%HOSKpJRU%HOSKpJRU© ,FKNRQQWHHVVFKRQQLFKWPHKUK|UHQXQGKDWHGLHVHQ )HLQGGHUVRYLHO(OHQGXQG/HLGEHUGLH0HQVFKHQEULQJHQ ZROOWH
'LH0DVVHULHIMHW]WQLFKWPHKUGHQ1DPHQ%HOSKpJRU VRQGHUQGHQYRQ,]]L'HQ1DPHQNDQQWHQZLULQ]ZLVFKHQ 0DGDPH7DQLWKKDWWHLKQJHQDQQWXQGVLHKDWWHGDV *HVFK|SIDOV+|OOHQZXUPEH]HLFKQHW 'DQQVDKHQZLUGLHHUVWHQ5FNHQYRUXQV,P/LFKWGHU IODPPHQGHQ3HLWVFKHQVFKLHQHQVLHHLQHQJHLVWHUKDIWHQ7DQ] DXI]XIKUHQXQGGRFKVWDQGHQVLHGRUWZLHHLQH:DQG :HQQZLUVLHGXUFKEUHFKHQZROOWHQGDQQPLW*HZDOW ,FKQLFNWH6XNR]X ª2ND\©VDJWHGHU&KLQHVHGHVVHQ*HVLFKWVHOWVDPNDQWLJ ZLUNWH'DQQUDQQWHHUYRU 6HLQ.|USHUZDUZLHHLQH5DPPH6XNRVFKOHXGHUWHHLQLJH 'LHQHUGHV'lPRQVZXFKWLJ]XU6HLWH6LHILHOHQQDFKUHFKWV XQGOLQNVZHJUROOWHQPLWLKUHQIODPPHQGHQ3HLWVFKHQEHU GHQ%RGHQXQGEHYRUVLHVLFKHUKHEHQNRQQWHQZDULFK EHUHLWVGXUFKGLH*DVVHJHUDQQWXQGEHIDQGPLFKPLW6XNR ]XVDPPHQLQQHUKDOEGHVRIIHQHQ.DUUHHVDXV0HQVFKHQ OHLEHUQXQGVRPLWGLUHNWYRUGHP(LIIHOWXUP (VZDUVWLOOJHZRUGHQ .HLQ5XIPHKUQDFK,]]LXQGNHLQHUQDFK%HOSKpJRU'LH 5XKHYRUGHP6WXUP ,FKNUHLVHOWHKHUXPª$FKWHGXDXIGLH0HQVFKHQ©ULHILFK 6XNR]XGDQQGUHKWHLFKPLFKZLHGHUXQGVFKDXWHDQGHP JHZDOWLJHQ6WDKOJHUVWGHVZHOWEHNDQQWHQ7XUPVLQGLH +|KH -DGRUWDXIGHUHUVWHQ3ODWWIRUPVWDQGHU(UVFKZDQJVHLQH YHUGDPPWH)ODPPHQSHLWVFKHZLHLQDOWHQ=HLWHQXQGHU VFKOXJGDPLWIHXULJH%|JHQZlKUHQGLFKHLQZHQLJWLHIHU VHLQHJUDXVDPHQ$XJHQOHXFKWHQVDK :LHYLHOH0HWHUWUHQQWHQXQV"+XQGHUWRGHUQXUDFKW]LJ" ,FKZXWHHVQLFKWGHQQLFKNDQQWHGLH0DHGHV7XUPV OHLGHUQLFKW$EHULFKKRIIWHGDHUPLFKVDKGHQQGDVYRUQ RIIHQH.DUUHHZXUGHYRP)DFNHOOLFKWY|OOLJDXVJHOHXFKWHW 0HLQH*HVWDOWPXWHVLFKVFKDUIGDYRUDEKHEHQ (UKDWWHPLFKWDWVlFKOLFKHQWGHFNWª-RKQ6LQFODLU©VFKULHHU
PLUHQWJHJHQVRGDLFKLKQWURW]GHU'LVWDQ]YHUVWHKHQ NRQQWHª%LVWGXJHNRPPHQXPPHLQHQJU|WHQ7ULXPSK PLW]XHUOHEHQ"© ª1HLQ%HOSKpJRU©EUOOWHLFKHEHQVRODXW]XUFNª,FKELQ JHNRPPHQXPGLFKGRUWKLQ]XVFKLFNHQZRGXKLQJHK|UVW ,QGLH+|OOH© ª8QGZLHZLOOVWGXGLHVVFKDIIHQ"©K|KQWHHU ,FKKDWWHZlKUHQGVHLQHU:RUWHPHLQHQ%XPHUDQJKHUYRU JHKROW:LHGDPDOVDOVGHU6FKZDU]H7RGYHUQLFKWHWZXUGH VRZDUILFKQXQ%HOSKpJRUGLHVLOEHUQH%DQDQHHQWJHJHQ ª'DPLW©EUOOWHLFKXQGOLHGLH:DIIHORV