0DULHYRQ(EQHU(VFKHQEDFK
'DV*HPHLQGHNLQG
ª7RXWHVWO KLVWRULH© *HRUJH6DQG +LVWRLUHGHPDYLH,S
3')...
75 downloads
313 Views
1MB 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
0DULHYRQ(EQHU(VFKHQEDFK
'DV*HPHLQGHNLQG
ª7RXWHVWO KLVWRULH© *HRUJH6DQG +LVWRLUHGHPDYLH,S
3')HGLQ
E\=RREHVXFKHU
0DULH)UHLIUDXYRQ (EQHU(VFKHQEDFK
JHE)UHLLQYRQ VHLW*UlILQ 'XEVN\
*HEDXI6FKOR=GLVODZLF0lKUHQ JHVW LQ:LHQ (EQHU(VFKHQEDFK VWDPPWH YlWHUOLFKHUVHLWV DXV DOW|VWHUUHLFKLVFKHP PWWHUOLFKHUVHLWV DXV QRUGGHXWVFK SURWHVWDQWLVFKHP*HVFKOHFKW6LHKHLUDWHWHLKUHQ9HWWHU 0RULW]3URIHVVRUDQGHU,QJHQLHXU$NDGHPLHLQ:LHQVSlWHU )HOGPDUVFKDOOHXWQDQW XQG 0LWJOLHG GHU $NDGHPLH GHU :LVVHQVFKDIWHQ GLH (KH EOLHE NLQGHUORV 6LH OHEWHQ LQ:LHQELVLQ.ORVWHUEUXFNEHL=QDLPGDQDFKLQ :LHQ XQG =GLVODZLF PDFKWH VLH HLQH 8KUPDFKHU $XVELOGXQJ ZXUGH VLH PLW GHP K|FKVWHQ =LYLORUGHQ gVWHUUHLFKV GHP (KUHQNUHX] IU .XQVW XQG /LWHUDWXU DXVJH]HLFKQHW XQG ZDU HUVWHU ZHLEOLFKHU (KUHQGRNWRU GHU:LHQHU8QLYHUVLWlW
,P2NWREHUEHJDQQLQGHU/DQGHVKDXSWVWDGW%GLH 6FKOXYHUKDQGOXQJLP3UR]HGHV=LHJHOVFKOlJHUV0DUWLQ+ROXE XQGVHLQHV:HLEHV%DUEDUD+ROXE
'LH/HXWHZDUHQJHJHQ(QGH-XQLGHVVHOEHQ-DKUHVPLW]ZHL .LQGHUQHLQHPGUHL]HKQMlKULJHQ.QDEHQXQGHLQHP]HKQMlKULJHQ 0lGFKHQDXVLKUHU2UWVFKDIW6ROHVFKDXDP)XHGHV+UDGHLQHU GHU+|KHQGHV0DUVJHELUJHVLP3IDUUGRUIH.XQRYLFHLQJHWURIIHQ *OHLFKDPHUVWHQ7DJHKDWWHGHU0DQQVHLQHQ$NNRUGPLWGHU *XWVYHUZDOWXQJDEJHVFKORVVHQVHLQHP:HLEVHLQHP-XQJHQXQG HLQLJHQJHGXQJHQHQ7DJO|KQHUQLKUH$XIJDEH]XJHZLHVHQXQG VLFKGDQQ]XP6FKQDSVLQV:LUWVKDXVEHJHEHQ%HLGHU (LQULFKWXQJEOLHEHVZlKUHQGGHUGUHL0RQDWHZHOFKHGLH)DPLOLH LQ.XQRYLF]XEUDFKWH'DV:HLEXQG3DYHOGHU-XQJHDUEHLWHWHQ GHU0DQQKDWWHHQWZHGHUHLQHQ%UDQQWZHLQUDXVFKRGHUZDULP %HJULIIVLFKHLQHQDQ]XWULQNHQ0DQFKPDONDPHU]XU JHPHLQVFKDIWOLFKHQ6FKODIVWHOOHXQWHUGHP'DFKGHV6FKXSSHQV JHWDXPHOWXQGDPQlFKVWHQ7DJHUVFKLHQGDQQGLH)DPLOLH ]HUEOHXWXQGKLQNHQGDQGHU/HKPJUXEH'LH7DJO|KQHUGLH QLFKWVK|UHQZROOWHQYRQGHUDXFKLKQHQ]XJHPXWHWHQ)JVDPNHLW XQWHUGLH+DXVRUGQXQJGHV=LHJHOVFKOlJHUVZXUGHQGXUFKDQGHUH HUVHW]WGLHJOHLFKIDOOVªNHKUXPGLH+DQG©YHUVFKZXQGHQZDUHQ =XOHW]WWUDIPDQDXIGHU$UEHLWVVWlWWHQXUQRFKGLH)UDXXQGLKUH .LQGHU6LHJURNUlIWLJGHXWOLFKH6SXUHQHKHPDOLJHU6FK|QKHLW DXIGHPVRQQHQYHUEUDQQWHQ*HVLFKWGHU%XESOXPSXQG NXU]KDOVLJHLQXQJHOHFNWHU%lUZLHPDQLKQPDOWRGHUEHVVHU QLFKWPDOW'DV0lGFKHQQDQQWHVLFK0LODGDXQGZDUHLQ IHLQJOLHGULJHV]LHUOLFKHV*HVFK|SIDXVGHVVHQKHOOEODXHQ$XJHQ PHKU/HEHQXQG.OXJKHLWEOLW]WHDOVDXVGHQGXQNOHQ%DUEDUDV XQG3DYHOV]XVDPPHQ'LH.OHLQHIKUWHHLQH$UW.RQWUROOHEHU GLHEHLGHQXQGPDFKWHVLFKLKQHQ]XJOHLFKGXUFKDOOHUOHL +DQGUHLFKXQJHQQW]OLFK2KQHGDV.LQGZUGHDXIGHU =LHJHOVWlWWHQLHHLQ:RUWJHZHFKVHOWZRUGHQVHLQ 0XWWHUXQG 6RKQSODJWHQVLFKYRPJUDXHQGHQ7DJELVLQGLHVLQNHQGH1DFKW UDVWORVILQVWHUXQGVWXPP/DQJJLQJHVVRIRUWXQG]XP bUJHUQLVGHU)URPPHQLP'RUIHZXUGHQLFKWHLQPDODQ6RQQ XQG )HLHUWDJHQJHUDVWHW'HU8QIXJNDPGHP3IDUUHU]X2KUHQXQG EHZRJLKQ(LQVSUDFKHGDJHJHQ]XWXQ6LHEOLHEXQEHDFKWHW ,QIROJHGHVVHQEHJDEVLFKGHUJHLVWOLFKH+HUUDP1DFKPLWWDJGHV
)HVWHV0DULl+LPPHOIDKUWVHOEVWDQ2UWXQG6WHOOHXQGEHIDKOGHP :HLEH+ROXEVRIRUWYRQVHLQHUGHQ)HLHUWDJHQWZHLKHQGHQ %HVFKlIWLJXQJ DE]XODVVHQ1XQZROOWHGDV8QJOFNGD0DUWLQ GHUHEHQLP6FKXSSHQVHLQHQMQJVWHQ5DXVFKDXVVFKOLHIVHKU ]XU8Q]HLWHUZDFKWHVLFKHUKREXQGKLQ]XWUDW*HZDKUZHUGHQ ZLH3DYHORIIHQEDUYROO=XVWLPPXQJPLWDXIJHVSHUUWHP0XQGXQG KDQJHQGHQ$UPHQGHUSULHVWHUOLFKHQ9HUPDKQXQJODXVFKWHXQG KLQWHUUFNVEHULKQKHUIDOOHQZDUHLQV'HU*HLVWOLFKH]|JHUWH QLFKWGHP.QDEHQ]X+LOIH]XHLOHQHQW]RJLKQDXFKGHU 0LKDQGOXQJGHV9DWHUVOHQNWHDEHUGDGXUFKGHQ=RUQGHVVHOEHQ DXIVLFK9RUDOOHQ=HXJHQGLHGDV*HVFKUHL+ROXEVKHUEHLJHORFNW KDWWHXQGGHUHQ$Q]DKOYRQ0LQXWH]X0LQXWHZXFKV EHUVFKWWHWHLKQGHU5DVHQGHPLW6FKLPSIUHGHQVSUDQJSO|W]OLFK DXILKQ]XXQGKLHOWLKPGLHJHEDOOWH)DXVWYRUV*HVLFKW'HU 3IDUUHUNHLQHQ$XJHQEOLFNDXHU)DVVXQJJHEUDFKWZDQGWH DQJHHNHOWGHQ.RSIXQGJDEPLWVHLQHPDEZHKUHQGLQGHU 5HFKWHQHUKREHQHQ6WRFNGHP7UXQNHQEROGHLQHQOHLFKWHQ+LHE DXIGHQ6FKHLWHO0DUWLQVWLHHLQ*HKHXODXVZDUIVLFKQLHGHU NUPPWHVLFKZLHHLQ:XUPXQGEUOOWHHUVHLWRWPDXVHWRW JHVFKODJHQGXUFKGHQJHLVWOLFKHQ+HUUQ$P$QIDQJDQWZRUWHWH LKPHLQDOOJHPHLQHV+RKQJHOlFKWHUGRFKZDUVHLQH6DFKH]X VFKOHFKWXPQLFKWZHQLJVWHQVHLQLJH9HUWHLGLJHU]XILQGHQ ,QGHU6FKDUGHU1HXJLHULJHQZHOFKHGHQDP%RGHQ/LHJHQGHQ XPGUlQJWHHUKREHQVLFK6WLPPHQ]XVHLQHQ*XQVWHQHUIXKUHQ :LGHUVSUXFKXQGJDEHQLKQLQHLQHU:HLVH]XUFNGLHJDUEDOG 7lWOLFKNHLWHQZDFKULHI'LH$XWRULWlWGHV3IDUUHUVJHQJWHJHUDGH QRFKXPGLH.UDNHHOHU]X]ZLQJHQGHQ3ODW]]XUlXPHQ6LH ]RJHQLQV:LUWVKDXVXQGOLHHQGRUWGHQYRPJHLVWOLFKHQ+HUUQ (UVFKODJHQHQVRODQJHKRFKOHEHQELVHLQ7UXSS%DXHUQEXUVFKH GHPZVWHQ7UHLEHQGHV*HVLQGHOVHLQ(QGH]XPDFKHQVXFKWH 'DNDPHV]XHLQHU3UJHOHLZLHVLHLQ.XQRYLFVHLWGHUOHW]WHQ JURHQ+RFK]HLWQLFKWPHKUVWDWWJHIXQGHQKDWWH'LH2UWVSROL]HL J|QQWHGHP6WXUPYROOH)UHLKHLWVLFKDXV]XWREHQXQGKDWWH]XP /RKQIUGLHVHPLW9RUVLFKWJHPLVFKWH.OXJKHLWDPQlFKVWHQ 0RUJHQGDVJDQ]H'RUIDXILKUHU6HLWH'LHDOOJHPHLQH0HLQXQJ ZDULQGHU6DFKHJHEHHVQXUHLQHQ6FKXOGLJHQ GHQ =LHJHOVFKOlJHU XQGPDQVROOHNHLQH8PVWlQGHPLWLKPPDFKHQ =XU/|VXQJGHV$NNRUGVYHUVWDQGGLH*XWVYHUZDOWXQJVLFKJHUQ 0DUWLQKlWWHLKQRKQHGLHVXQWHUNHLQHU%HGLQJXQJHLQKDOWHQ
N|QQHQVRIOHLLJ:HLEXQG.LQGDXFKZDUHQ]XKH[HQ YHUPRFKWHQVLHGRFKQLFKW+ROXEZXUGHDEJHIHUWLJWXQG HQWODVVHQ9RQGHP*HOGHGDVLKPDXHUGHQEHUHLWVHUKREHQHQ 9RUVFKVVHQQRFK]XNDPVDKHUNHLQHQ.UHX]HUGDUDXIKDWWH GHU:LUW%HVFKODJJHOHJW
1DFKHLQHPYHUJHEOLFKHQ9HUVXFKVLFKVHLQYHUPHLQWOLFKHV5HFKW ]XYHUVFKDIIHQEOLHEGHP*HVHOOHQQLFKWVEULJDOVVHLQHU:HJH ]XJHKHQ'HU$XV]XJGHU=LHJHOVFKOlJHUIDQGVWDWW$QGHU6SLW]H VFKULWWGDV2EHUKDXSWGHU)DPLOLHLQNQDSSDQOLHJHQGHU DXVJHIUDQVWHU/HLQZDQGKRVHLQ]HUULVVHQHUEODXHU%DUFKHQWMDFNH (UKDWWHGHQGXUFKO|FKHUWHQ+XWVFKLHIDXIJHVHW]WVHLQURWHV EHWUXQNHQHV*HVLFKWZDUJHGXQVHQVHLQH/LSSHQVWLHHQ)OFKH KHUYRUJHJHQGHQ3IDIIHQXQGGLH3IDIIHQNQHFKWHGLHLKQXP VHLQHQUHGOLFKHQ%URWHUZHUEJHEUDFKW (LQSDDU6FKULWWHKLQWHULKPNDPGLH)UDX6LHKDWWHGLH6WLUQ YHUEXQGHQXQGVFKLHQVLFKVHOEVWNDXPVFKOHSSHQ]XN|QQHQ VFKOHSSWHDEHUGRFKHLQ:lJHOFKHQLQGHPVLFK:HUN]HXJXQG HLQLJHU+DXVUDWEHIDQGXQG0LODGDLQHLQH'HFNHHLQJHKOOWODJ .UDQN"=HUEOHXW"0DQNRQQWHGDVOHW]WHUHZRKOYHUPXWHQGHQQ YRUGHU$EUHLVHKDWWH0DUWLQQRFKHQWVHW]OLFKJHJHQGLH6HLQHQ JHZWHW3DYHOVFKORGHQ=XJ0LWEHLGHQ$UPHQJHJHQGLH 5FNVHLWHGHV:DJHQVJHVWHPPWVFKREHULKQNUlIWLJYRUZlUWV XQGKDOIDXFKPLWGHPWLHIJHVHQNWHQ.RSIHQDFKVRRIW/HXWHGHV :HJHVNDPHQGLHGHQ$XVZDQGHUQGHQHQWZHGHUPLWHLQHP%OLFN GHV0LWOHLGVIROJWHQRGHUHLQHQ7UXPSIDXI+ROXEVZLOGH 6FKLPSIUHGHQVHW]WHQ (LQLJH7DJHVSlWHUDQHLQHPVWUPLVFKHQJUDXHQ 6HSWHPEHUPRUJHQIDQGGHU.LUFKHQGLHQHUDOVHUVLFKLQV 3IDUUKDXVEHJHEHQGXPGRUWGLH.LUFKHQVFKOVVHO]XKROHQDQ GHU6DNULVWHLYRUEHUNDPGLH7UGHUVHOEHQQXUDQJHOHKQW*DQ] HUVWDXQWXQGHUVWQLFKWZLVVHQGZDVHUGDYRQGHQNHQVROOWHWUDW HUHLQVDKGLH6FKUlQNHRIIHQGLH0HJHZlQGHUDXIGHQ%RGHQ ]HUVWUHXWXQGGHUJROGHQHQ%RUWHQEHUDXEW(UJULIIVLFKDQGHQ .RSIVFKULWWZHLWHULQGLH.LUFKHIDQGGRUWGDV7DEHUQDNHO HUEURFKHQXQGOHHU
(LQ=LWWHUQEHILHOLKQª'LHEH©VWLHHUKHUYRUª'LHEH©XQGHU PHLQWHHVIDVVHLKQHLQHUDP*HQLFNXQGZXWHQLFKWZLHHUDXV GHU.LUFKHXQGEHUGHQ:HJ]XU3IDUUHLJHNRPPHQ 'HU3IDUUHUSIOHJWHVHLQH7UQLFKW]XYHUVSHUUHQª:DVVROOHQGLH /HXWHEHLPLUVXFKHQ"©PHLQWHHUVREUDXFKWHGHU6DNULVWDQQXU DXI]XNOLQNHQ(UWDWHV6FKUHFNXQG*UDXHQ,P)OXU ODJGLH JUHLVH0DJGGHV3IDUUHUVDXVJHVWUHFNWEHVLQQXQJVORVYROO%OXW :LHGHUVFKDUIH/XIW]XJGXUFKGLHRIIHQH7UEHUVLHKLQEOlVW UHJWVLHVLFKVWDUUWGHQ.LUFKHQGLHQHUDQXQGGHXWHWPLWHLQHU VFKZDFKHQDEHUIXUFKWEDUDXVGUXFNVYROOHQ*HElUGHQDFK GHU 6WXEHGHVJHLVWOLFKHQ+HUUQ 'HU6DNULVWDQGHUGHP:DKQVLQQQDKHLVWPDFKWQRFKHLQSDDU 6FKULWWHVFKDXWVW|KQW XQGIlOOWDXIGLH.QLHDXV(QWVHW]HQ EHUGDVZDVHUVLHKW
(LQH9LHUWHOVWXQGHVSlWHUZHLGDVJDQ]H'RUIGHUJHLVWOLFKH+HUU LVWKHXWHQDFKWEHUIDOOHQXQGRIIHQEDULP.DPSIXPGLH .LUFKHQVFKOVVHOHUPRUGHWZRUGHQLPVFKZHUHQ.DPSIGDV VLHKWPDQGDUDXIGHXWHWDOOHVKLQ
hEHUGHQ8UKHEHUGHUJUlOLFKHQ7DWLVWQLHPDQGLP=ZHLIHO$XFK ZHQQGLH$XVVDJHQGHU0DJGQLFKWZl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
'LH$PWVKDQGOXQJGXUFKNHLQHQ=ZLVFKHQIDOOJHVW|UWJLQJUDVFK YRUZlUWV9RQ$QIDQJDQEHKDXSWHWH0DUWLQ+ROXEQLFKWHU VRQGHUQVHLQ:HLEKDEHGDV9HUEUHFKHQDXVJHKHFNWXQG DXVJHIKUWXQGVRRIWGLH8QZDKUVFKHLQOLFKNHLWGLHVHU%HKDXSWXQJ
LKPGDUJHWDQZXUGHVRRIWNDPHUDXIVLH]XUFN'DEHL YHUUDQQWHHUVLFKLQVHLQHLJHQHVJUREJHVSRQQHQHV/JHQQHW] XQGJDEGDVZLGULJHKXQGHUWPDO GDJHZHVHQH6FKDXVSLHOGHV UXFKORVHQ:LFKWHVGHU]XP6HOEVWDQNOlJHUZLUGLQGHPHUVLFK]X YHUWHLGLJHQVXFKW 0HUNZUGLJKLQJHJHQZDUGDV9HUKDOWHQGHU)UDX
'LH*OHLFKI|UPLJNHLWLKUHU$XVVDJHQHULQQHUWHDQGDVEHNDQQWH 1RQPLULFRUGRVLHODXWHWHQXQYHUlQGHUOLFKª:LHGHU0DQQVDJW :DVGHU0DQQVDJW© ,QVHLQHU$QZHVHQKHLWVWDQGVLHUHJXQJVORVNDXPDWPHQGGHQ $QJVWVFKZHLDXIGHU6WLUQGLH$XJHQPLWWRGHVEDQJHU)UDJHDXI LKQJHULFKWHW:DUHUQLFKWLP6DDOHNRQQWHVLHLKQQLFKWVHKHQ VRYHUPXWHWHVLHLKQGRFKLQGHU1lKHLKUVFKHXHU%OLFNLUUWH VXFKHQGXPKHUXQGKHIWHWHVLFKSO|W]OLFKPLWJUDXHQKDIWHU 6WDUUKHLWLQV/HHUH'DV$XINOLQNHQHLQHU7UHGDVOHLVHVWH *HUlXVFKPDFKWHVLH]LWWHUQXQGEHEHQXQGHUVFKDXGHUQG ZLHGHUKROWHVLHLKU6SUFKOHLQª:LHGHU0DQQVDJW:DVGHU 0DQQVDJW© 9HUJHEOLFKZXUGHLKU]XJHUXIHQª'XXQWHUVFKUHLEVWGHLQ 7RGHVXUWHLO© HVPDFKWHNHLQHQ(LQGUXFNDXIVLHVFKUHFNWHVLH QLFKW6LHIUFKWHWHQLFKWGLH5LFKWHUQLFKWGHQ7RGVLHIUFKWHWH ªGHQ0DQQ©
8QGDXIGLHVHDQ:DKQVLQQJUHQ]HQGH$QJVWYRULKUHP+HUUQXQG 3HLQLJHUEHULHIVLFKLKU$QZDOWXQGIRUGHUWHLQHLQHUJOlQ]HQGHQ 9HUWHLGLJXQJVUHGHLQ$QEHWUDFKWGHU]XWDJHOLHJHQGHQ 8Q]XUHFKQXQJVIlKLJNHLWVHLQHU.OLHQWLQGHUHQ/RVVSUHFKXQJ'LH /RVVSUHFKXQJQXQNRQQWHLKUQLFKWHUWHLOWZHUGHQDEHU YHUKlOWQLVPlLJPLOGZDUGLH%XHZHOFKHGHU0LWVFKXOGLJHQDQ HLQHPVFKZHUHQ9HUEUHFKHQDXIHUOHJWZXUGH'DV9HUGLNWODXWHWH ª7RGGXUFKGHQ6WUDQJIUGHQ0DQQ]HKQMlKULJHUVFKZHUHU .HUNHUIUGLH)UDX© %DUEDUD+ROXE WUDWLKUH6WUDIHVRJOHLFKDQ$Q0DUWLQ+ROXEZXUGH QDFKGHUJHVHW]OLFKEHVWLPPWHQ)ULVWGDV8UWHLOYROO]RJHQ
$QGHQ9RUVWDQGGHU*HPHLQGH6ROHVFKDXWUDWQXQGLH)UDJH KHUDQ:DVJHVFKLHKWPLWGHQ.LQGHUQGHU9HUXUWHLOWHQ" 9HUZDQGWHGLHYHUSIOLFKWHWZHUGHQN|QQWHQIUVLH]XVRUJHQ KDEHQVLHQLFKWXQGDXV/LHEKDEHUHLZLUGVLFKQLHPDQGGD]X YHUVWHKHQ
,QVHLQHU5DWORVLJNHLWYHUIJWHVLFKGHU%UJHUPHLVWHUPLW3DYHO XQG0LODGDQDFKGHP6FKORVVHXQGOLHGLH*XWVIUDXELWWHQLKP HLQH$XGLHQ]]XJHZlKUHQ
6REDOGGLHDOWH'DPHHUIXKUXPZDVHVVLFKKDQGHOWHNDPVLHLQ GHQ+RIJHHLOWVRUDVFKLKUH%HLQHYRQGHQHQHLQHVPHUNOLFK NU]HUDOVGDVDQGHUHZDUHVLKUHUODXEWHQ'DVVFKDUI JHVFKQLWWHQH*HVLFKWYRUJHVWUHFNWGLH%ULOOHDXIGHU$GOHUQDVH GLH(OOERJHQZHLW]XUFNJHVFKREHQKXPSHOWHVLHDXIGLH*UXSSH ]XGLHLKUHUDP7RUHZDUWHWH'HU%UJHUPHLVWHUHLQVWDWWOLFKHU 0DQQLQGHQEHVWHQ-DKUHQ]RJGHQ+XWXQGPDFKWHHLQHQ XPIlQJOLFKHQ.UDW]IX
ª:DVZLOO(U"©VSUDFKGLH6FKORIUDXLQGHPVLH LKQPLWWUEHQ $XJHQDQEOLQ]HOWHª,FKZHLZDV(UZLOODEHUGDZLUGQLFKWV GDUDXV8PGLH.LQGHUGHU6WUROFKHGLHHLQHQEUDYHQ3IDUUHU HUVFKODJHQKDEHQNPP ULFKPLFKQLFKW'DLVWMDGHU%XE:LH HUDXVVFKDXW,FKNHQQLKQHUKDWPLU.LUVFKHQJHVWRKOHQ+DW(U QLFKW"©ZDQGWHVLHVLFKDQ3DYHOGHUEUDXQURWZXUGHXQGYRU 8QEHKDJHQ]XVFKLHOHQEHJDQQ ª:DUXPDQWZRUWHW(UQLFKW":DUXPQLPPW(UGLH0W]HQLFKW DE"© ª:HLOHUNHLQHKDW©HQWVFKXOGLJWHGHU%UJHUPHLVWHU ª6R":DVVLW]WLKPGHQQGDDXIGHP.RSI"© ª6WUXSSLJHV+DDUIUHLKHUUOLFKH*QDGHQ©
(LQKHOOHV/DFKHQHUVFKROOYHUVWXPPWHDEHUVRIRUWDOVGLH*UHLVLQ GHQGUUHQ=HLJHILQJHUGURKHQGJHJHQGLHMHQLJHHUKREGLHHV DXVJHVWRHQKDWWH
ª8QGGDLVWGDV0lGHO.RPPKHU©
0LODGDQlKHUWHVLFKYHUWUDXHQVYROOXQGGHU%OLFNGHQGLH *XWVIUDXDXIGHPIUHXQGOLFKHQ*HVLFKWGHV.LQGHVUXKHQOLH YHUORULPPHUPHKUYRQVHLQHU6WUHQJH(UJOLWWEHUGLHNOHLQH *HVWDOWXQGEHUGLH/XPSHQYRQGHQHQVLHXPKDQJHQZDUXQG KHIWHWHVLFKDXIGLHVFKODQNHQ)FKHQGLHGHU6WDXEJUDX JHIlUEWKDWWH (LQHUGHUSO|W]OLFKHQ6WLPPXQJVZHFKVHOGHQHQGLHDOWH'DPH XQWHUZRUIHQZDUWUDWHLQ
ª$OOHQIDOOVGDV0lGHO©EHJDQQVLHYRQQHXHPªZLOOLFKGHU *HPHLQGHDEQHKPHQ2EZRKOLFKZLUNOLFKQLFKWZHLZLHLFK GD]XNRPPHHWZDV]XWXQIUGLH*HPHLQGH$EHUGDVZHLLFK GDV.LQGJHKW]XJUXQGHEHLHXFKXQGZLHNRPPWGDV.LQGGD]X EHLHXFK]XJUXQGH]XJHKHQ"© 'HU%UJHUPHLVWHUZROOWHVLFKHLQHEHVFKHLGHQH(UZLGHUXQJ HUODXEHQ
ª5HG(UOLHEHUQLFKW©ILHOGLH*XWVIUDXLKPLQV:RUWªLFKZHL DOOHV'LH.LQGHUIUZHOFKHGLH*HPHLQGHGDV6FKXOJHOG EH]DKOHQVROON|QQHQPLW]Z|OI-DKUHQGDV$YRP=QLFKW XQWHUVFKHLGHQ©
6LHVFKWWHOWHXQZLOOLJGHQ.RSIVDKZLHGHUDXI0LODGDV)H QLHGHUXQGVHW]WHKLQ]Xª8QGGLH.LQGHUIUZHOFKHGLH *HPHLQGHGDV6FKXKZHUN]XEHVWUHLWHQKDWODXIHQDOOHEDUIX ,FKNHQQHXFK©ZLHVVLHGLHDEHUPDOLJH(LQVSUDFKH]XUFNGLH GHU%UJHUPHLVWHUHUKHEHQZROOWHªLFKKDEHVODQJDXIJHJHEHQ DQHXUHQ(LQULFKWXQJHQHWZDVlQGHUQ]XZROOHQ1HKPWGHQ %XEHQQXUPLWXQGVRUJWIULKQQDFKHXUHU:HLVHGHUYHUGLHQW V ZRKOHLQ*HPHLQGHNLQG]XVHLQ'DV0lGHONDQQJOHLFK GDEOHLEHQ©
'HU%UJHUPHLVWHUJHKRUFKWHLKUHPHQWODVVHQGHQ:LQN KRFKHUIUHXWGLH+lOIWHGHUQHXHQVHLQHP'RUIH]XJHIDOOHQHQ/DVW ORVJHZRUGHQ]XVHLQ3DYHOIROJWHLKPELVDQV(QGHGHV+RIHV 'RUWEOLHEHUVWHKHQXQGVDKVLFKQDFKGHU6FKZHVWHUXP(VZDU VFKRQHLQH'LHQHULQKHUEHLJHHLOWZHOFKHUGLHJQlGLJH)UDX $QRUGQXQJHQLQEH]XJDXI0LODGDHUWHLOWH
ª%DGHQ©KLHHVªGLH/XPSHQYHUEUHQQHQ.OHLGHUDXVVXFKHQ DXVGHP9RUUDWIU:HLKQDFKWHQ©
%HNRPPWVLHDXFKHWZDV]XHVVHQ"IXKUHV3DYHOGXUFKGHQ6LQQ 6LHLVWJHZLKXQJULJ6HLWGHPHUGDFKWHZDUHVVHLQHZLFKWLJVWH 2EOLHJHQKHLWJHZHVHQGDV.LQGYRU+XQJHU]XVFKW]HQ.OHLGHU KDEHQLVWVFKRQJXWEDGHQDXFKQLFKWEHOEHVRQGHUVLQJURHU *HVHOOVFKDIWLQGHU3IHUGHVFKZHPPH:LHRIWKDWWH3DYHOGLH .OHLQHKLQJHWUDJHQXQGVLHLP:DVVHUSOlWVFKHUQODVVHQPLW +lQGHQXQG)HQ $EHUGLH+DXSWVDFKHEOHLEWGRFK QLFKW KXQJHUQ ª6DJGDGXKXQJULJELVW©ULHIGHU-XQJHVHLQHU6FKZHVWHU HUPDKQHQG]X
ª-HW]WLVWGHU.HUOQRFKGD:LUVWGLFKWUROOHQ"©KDOOWHGDV(FKR GDVVHLQH:RUWHZHFNWHQYRP6FKORVVHKHUEHU
'HU%UJHUPHLVWHUGHUVFKRQXPGLH(FNHGHV*DUWHQ]DXQV ELHJHQZROOWHNHKUWHXPIDWH3DYHODP.UDJHQXQG]RJLKQPLW VLFKIRUW 'UHL7DJHGDXHUWHQGLH%HUDWXQJHQGHU*HPHLQGHYRUVWlQGHEHU 3DYHOV6FKLFNVDO(QGOLFKNDPLKQHQHLQJXWHU*HGDQNHGHQVLH VLFKEHHLOWHQDXV]XIKUHQ(LQH'HSXWDWLRQEHJDEVLFKLQV6FKOR XQGVWHOOWHDQGLH)UDX%DURQLQGDVXQWHUWlQLJVWH$QVXFKHQZHLO VLHVFKRQVRGREURWLYD DOOHUJWLJVW JHZHVHQVLFKGHU7RFKWHU GHVXQJOFNOLFKHQ+ROXEDQ]XQHKPHQP|JHVLHVLFKQXQDXFK GHV6RKQHVGHVVHOEHQDQQHKPHQ 'HU%HVFKHLGGHQGLH9lWHUGHV'RUIHVHUKLHOWHQODXWHWH KRIIQXQJVORVYHUQHLQHQGXQGGLH%HUDWXQJHQZXUGHQ ZLHGHUDXIJHQRPPHQ:DVWXQ"
ª'DVLQVROFKHQ)lOOHQ*HZ|KQOLFKH©PHLQWHGHU%UJHUPHLVWHU ªGHU%XEJHKWYRQ+DXV]X+DXVXQGILQGHWMHGHQ7DJEHLHLQHP DQGHUQ%DXHUQ9HUN|VWLJXQJXQG8QWHUVWDQG©
$OOH%DXHUQOHKQWHQDE.HLQHUZQVFKWHGHQ6SU|OLQJGHU 5DXEP|UGHU]XP+DXVJHQRVVHQGHUHLJHQHQ6SU|OLQJH]X PDFKHQZHQQDXFKQXUHLQHQ7DJODQJLQYLHURGHUIQI:RFKHQ
=XOHW]WZXUGHPDQGDUEHUHLQLJ'HU-XQJHEOHLEWZR HULVW ZR MDVHLQHLJHQHU9DWHULKQKLQJHJHEHQKDWEHLGHP6SLW]EXEHQ GHP*HPHLQGHKLUWHQ )UHLOLFKZHQQGLH*HPHLQGHVLFKGHQ/X[XVHLQHV*HZLVVHQV JHVWDWWHQGUIWHZUGHHVJHJHQGLHVHV$XVNXQIWVPLWWHO SURWHVWLHUHQ'HU+LUWHUIKUWHGHQNODVVLVFKHQ1DPHQ9LUJLO XQGVHLQ:HLEJHK|UWHQVDPWGHQ+lXVOHUQEHLGHQHQVLH ZRKQWHQ]XGHQYHUUXIHQVWHQGHV2UWHV(UZDUHLQ7UXQNHQEROG VLHNDW]HQIDOVFKXQGE|VDUWLJKDWWHZLHGHUKROWZHJHQ .XUSIXVFKHUHLYRU*HULFKWJHVWDQGHQRKQHVLFKGDGXUFKLQGHU $XVEXQJLKUHVGXQNHOQ*HZHUEHVEHLUUHQ]XODVVHQ
(LQDQGHUHV.LQGGLHVHQ/HXWHQ]XEHUOLHIHUQZlUHDXFK QLHPDQGHPHLQJHIDOOHQDEHUGHU3DYHOGHUVLHKWEHLLKQHQQLFKWV 6FKOHFKWHVGDVHUQLFKWVFKRQ]X+DXVHKXQGHUWPDOJHVHKHQKDW 6RELPDQGHQQLQGHQVDXUHQ$SIHOXQGEHZLOOLJWHMlKUOLFKYLHU 0HW]HQ.RUQ]XU(UKDOWXQJ3DYHOV'HU+LUWHUKLHOWGDV5HFKWLKQ EHLP$XVWUHLEHQXQG+WHQGHV9LHKHV]XYHUZHQGHQXQG YHUVSUDFKGDUDXI]XVHKHQGDGHU-XQJHDP6RQQWDJLQGLH .LUFKHXQGLP:LQWHUVRRIWDOVP|JOLFKLQGLH6FKXOHNRPPH
9LUJLOEHZRKQWHPLWGHQ6HLQHQHLQ6WEFKHQLQGHUYRUOHW]WHQ 6FKDOXSSHDP(QGHGHV'RUIHV(VZDUHLQH.ODIWHUODQJXQGEUHLW XQGKDWWHHLQ)HQVWHUPLWYLHU6FKHLEHQMHGHVRJURZLHHLQ KDOEHU=LHJHOVWHLQGDVQLHDXIJHPDFKWZXUGHZHLOGHUPRUVFKH 5DKPHQGDEHLLQ6WFNHJHJDQJHQZlUH8QWHUGHP)HQVWHU VWDQGHLQH%DQNDXIZHOFKHUGHU+LUWVFKOLHIGHU%DQNJHJHQEHU HLQHPLW6WURKJHIOOWH%HWWODGHLQGHU)UDXXQG7RFKWHU VFKOLHIHQ'HQ=XJDQJ]XU6WXEHELOGHWHHLQVFKPDOHU)OXULQ GHVVHQ7LHIHVLFKGHU+HUGEHIDQG(UKlWWH]XJOHLFKDOV2IHQ GLHQHQVROOHQHUIOOWHDEHUQXUVHOWHQHLQHYRQEHLGHQ %HVWLPPXQJHQZHLOGLH*HOHJHQKHLWHQ+RO]]XVWHKOHQVLFK LPPHUPHKUYHUPLQGHUWHQ6RGLHQWHHUGHQQDOV $XIEHZDKUXQJVRUWIUGLHPDJHUHQ9RUUlWHDQ*HWUHLGHXQG%URW IU9LUJLOVQLHJHUHLQLJWH6WLHIHOVHLQH3HLWVFKHVHLQHQ.QWWHO IUHLQVFKPXW]IDUEHQHV'XUFKHLQDQGHUYRQDOWHQ)ODVFKHQ KHQNHOORVHQ.|UEHQ7|SIHQXQG6FKHUEHQZUGLJGHV3LQVHOV HLQHV5HDOLVWHQ
=ZLVFKHQGHP*HUPSHOKDWWH3DYHOHLQH/DJHUVWlWWHIU0LODGD ]XUHFKWJHPDFKWDXIGHUVLHUXKWH]XVDPPHQJHUROOWZLHHLQ .lW]OHLQ(UVWUHFNWHVLFKDXIGHP%RGHQGLFKWQHEHQGHP+HUGH DXVXQGZHQQGLH.OHLQHLP/DXIHGHU1DFKWHUZDFKWHJULIIVLH JOHLFKPLWGHQ+lQGHQQDFKLKP]XSIWHLKQDQGHQ+DDUHQXQG IUDJWHª%LVWGD3DYOLFHN"© (UEUXPPWHVLHDQª%LQGDVFKODIGXQXU©ELVLHZRKODXFK ]XP6SDLQGHQ)LQJHUXQGVLHVWLH]XP6SDHLQHQ6FKUHL DXVXQG9LUJLOZHWWHUWHDXVGHU6WXEHKHUEHUª6WLOO LKU 5DXEJHVLQGHOLKU*DOJHQY|JHO©
%HEHQGVFKZLHJ0LODGDXQG3DYHOHUKREVLFKXQK|UEDUDXIVHLQH .QLHVWUHLFKHOWHGDV.LQGXQGIOVWHUWHLKPOHLVH]XELVHVZLHGHU HLQVFKOLHI
$OVHU]XPHUVWHQ0DOHRKQHGLH6FKZHVWHU]XU5XKHJHJDQJHQ ZDUKDWWHHU JHGDFKW+HXWZLUG VJXWKHXWZHFNWHUPLFK ZHQLJVWHQVQLFKWDXIGHU%DOJ$PIUKHVWHQ0RUJHQDEHUEHIDQG HUVLFKVFKRQDXIGHU'RUIVWUDHXQGOLHIJHUDGHQ:HJHV]XP 6FKORVVH'DVVWDQGPLWWHQLP*DUWHQGHUYRQHLQHP'UDKWJLWWHU XPJHEHQZDUHLQGLFKWHVLPPHUJUQHV)LFKWHQJHEVFK YHUZHKUWHULQJVXPGHQ(LQEOLFNLQGLHVHV+HLOLJWXP3DYHO SIODQ]WHVLFKDP7RUHDXIGDVGHPGHV+DXVHVJHJHQEHUODJ SUHWHGDV*HVLFKWDQGLHHLVHUQHQ6WlEHXQGZDUWHWH6HKUODQJH EOLHEDOOHVVWLOOSO|W]OLFKMHGRFKPHLQWH 3DYHOGDV=XVFKODJHQYRQ )HQVWHUQXQG7UHQXQGYHUZRUUHQHV*HVFKUHL]XK|UHQPHLQWH DXFKGLH6WLPPH0LODGDVHUNDQQW]XKDEHQ=XJOHLFKHUEUDXVWH HLQKHIWLJHU:LQGVWRVFKWWHOWHGLHWRWHQ=ZHLJHYRQGHQ %lXPHQXQGWULHEGLHGUUHQ%OlWWHULPUDXVFKHQGHQ7DQ]HGXUFK GLH/XIW=ZHL0lJGHNDPHQDXVGHP'LHQHUWUDNWH]XP+DXVH JHODXIHQHLQHYRQLKQHQZlUHEHLQDKEHUGHQDOWHQ3IDX JHVWROSHUWGHULP+RIHDXIXQGDEVWHO]WH(UVSUDQJPLWHLQHP VRNRPLVFKHQ6DW]]XU6HLWHGD3DYHOODXWDXIODFKHQPXWH,P 6FKORVVHXQGLQVHLQHU8PJHEXQJZXUGHHVQXQOHEHQGLJHV NDPHQDXFK/HXWH]XP*DUWHQWRUZHUDEHUGXUFKGDVVHOEHHLQ XQGDXVJLQJVSHUUWHHVODQJVDPKLQWHUVLFKDE(VZDUGDVHLQH (LQIKUXQJGLHLKUHU1HXKHLWZHJHQPDQFKHP9RUEHUJHKHQGHQ DXIILHO 'DV*DUWHQWRUDEVSHUUHQEHLKHOOLFKWHP7DJHZDVVROO GHQQGDVKHLHQ":LUGVLFKVFKZHUOLFKODQJHKDOWHQGLH XQEHTXHPH(LQULFKWXQJ
$EHUVLHKLHOWVLFKGRFK]XPDOOJHPHLQHQXQGPLELOOLJHQGHQ (UVWDXQHQGHU'RUIEHZRKQHUXQGQDFKXQGQDFKHUIXKUPDQ DXFKLKUHQ*UXQG
'HP3DYHOZXUGHHUGXUFK9LQVNDGHVKlOLFKHQ+LUWHQKEVFKH 7RFKWHULQIROJHQGHU:HLVHPLWJHWHLOWª'X/XPSGXGHLQH 6FKZHVWHULVWMXVWVRHLQ/XPSZLHGX'LH3HWUXVFKNDDXVGHU KHUUVFKDIWOLFKHQ.FKHVDJWGDGLHJQlGLJH)UDXHVPLWGHLQHU 6FKZHVWHUWUHLEWZLHPLWHLQHPHLJHQHQ.LQGXQGGHLQH 6FKZHVWHUZLOOLPPHUQXUDXIXQGGDYRQ'DUXPZLUGGDV6FKOR MHW]WDEJHVSHUUWZLHHLQH*HOGWUXKH:HQQLFKGLHJQlGLJH)UDX ZlUHLFKP|FKWVROFKH*HVFKLFKWHQQLFKWPDFKHQZDVLFKWlW ZHLLFK'HLQHQ9DWHUKDWPDQDP+DOVDXIJHKlQJWGHLQH 6FKZHVWHUZUGHLFKDQ+lQGHQXQG)HQELQGHQXQGDQGLH :DQGKlQJHQ©
'LHVHV%LOGVFKZHEWHGHP3DYHOGHQJDQ]HQ7DJYRU$XJHQXQG QDFKWVYHUVFKZDPPHVLKPPLWHLQHPDQGHUQGHVVHQHUVLFKDXV GHU.LQGKHLWEHVDQQ 'DKDWWHHUJHVHKHQZLHGHU+HJHUHLQJHIDQJHQHVEOXWMXQJHV 5HKDXVGHP:DOGHJHWUDJHQKDWWH'LH/lXIHZDUHQLKPPLW HLQHP6WULFN]XVDPPHQJHVFKQUWXQGDQGHQHQKLQJHVDP 6WRFNEHUGHV+HJHUV5FNHQ3DYHOHULQQHUWHVLFKZLHHVGHQ VFKODQNHQ+DOVJHERJHQGLH2KUHQJHVSLW]WXQGGDV+DXSW HPSRU]XKHEHQJHVXFKWHUHULQQHUWHVLFKGHU9HU]ZHLIOXQJGLH GHPIHLQHQ*HVFK|SIDXVGHQ$XJHQJHVFKDXWKDWWH ,P7UDXPHNDPHQLKPGLHVH$XJHQQXQYRU DEHUZLH0LODGDV $XJHQ
(LQPDOULHIHUODXWª%LVWGD"©ULFKWHWHVLFKLP+DOEVFKODIHDXI ZLHGHUKROWHª%LVWGD"©WDVWHWHVXFKHQGXPKHUXQGHUZDFKWH GDUEHUY|OOLJ0LWGHU6FKQHOOLJNHLWGHV%OLW]HVPLWGHU*HZDOW GHV6WXUPHVNDPGDVYHUZDLVHQGH*HIKOGHU7UHQQXQJEHULKQ XQGZDUILKQQLHGHU'HUKDUWH-XQJHEUDFKLQ7UlQHQLQHLQ OHLGHQVFKDIWOLFKHV6FKOXFK]HQDXVZHFNWHGLH/HXWHLQGHU6WXEH ZHFNWHGLH+lXVOHUVHLQH:DQGQDFKEDUQPLWVHLQHP*HKHXO'LH JDQ]H*HVHOOVFKDIWNDPKHUEHLEHGURKWHLKQXQGGDHUWDXEEOLHE IUMHGHDXFKGLHQDFKGUFNOLFKVWH(UPDKQXQJZXUGHHUPLW YHUHLQWHQ.UlIWHQ]XU7UKLQDXVJHVFKOHXGHUW
'DVZDUHLQHWFKWLJH$ENKOXQJVHOEVWIUGHQKHLHVWHQ 6FKPHU]3DYHOEOLHEHLQH:HLOHJDQ]UXKLJXQGVWLOODXIGHUIHVW JHIURUQHQ(UGHOLHJHQ'LHLKPY|OOLJQHXHXQGJUlOLFKH (PSILQGXQJHLQHUXQJHKHXUHQ6HKQVXFKWYHUPLQGHUWHVLFK DOOPlKOLFKXQGHLQHDOWHZRKOEHNDQQWHWUDWDQLKUH6WHOOH7URW] NDOWHUZKOHQGHU*UROO :DUWHWGDFKWHHUZDUWHWLFKZHUGHHXFK
'HU(QWVFKOXHLQ(QGH]XPDFKHQZDUJOHLFKGDGHU3ODQ]X GHVVHQ$XVIKUXQJUHLIWHODQJVDPLQ3DYHOVVFKZHUIlOOLJHP.RSI 1DFKGHPDEHUGLHJURH$QVWUHQJXQJLKQDXV]XGHQNHQ EHUVWDQGHQZDUHUVFKLHQGHP%XUVFKHQDOOHVEULJHQXUQRFK ZLH6SLHOHUHL(UZROOWHLQV6FKORHLQGULQJHQGLH6FKZHVWHU HQWIKUHQ PLWLKUEHUGLH%HUJHLQGLH)UHPGHJHKHQVLFKDOV $UEHLWHUYHUGLQJHQXQGQLHZLHGHUGHQ9RUZXUIK|UHQGDHUGHU 6RKQVHLQHU(OWHUQVHL
0LWGHP%HZXWVHLQHLQHV6LHJHUVHUKRE3DYHOVLFKYRP%RGHQ XQGJLQJLQZHLWHP%RJHQKLQWHUGHQ+lXVHUQGHV'RUIHVGHP 6FKORJDUWHQ]X'LH3IHLIHGHV1DFKWZlFKWHUVZDUQWHIUHXQGOLFK YRUGHQ:HJHQGLH]XYHUPHLGHQZDUHQ$XIGHQ)HOGHUQODJ KDUWHUKRKHU6FKQHHGLH(UGHVFKLPPHUWHOLFKWHUDOVGHU +LPPHODQGHPGLHEOHLFKH0RQGHVVLFKHOLPPHUZLHGHUKLQWHU WUHLEHQGHP*HZ|ONYHUVFKZDQG3DYHOJHODQJWHDQV*DUWHQJLWWHU EHUNOHWWHUWHHVXQGOLHVLFKYRQREHQLQGLH)LFKWHQXQGGDQQ YRQ=ZHLJ]X=ZHLJ]X%RGHQIDOOHQ'DEHIDQGHUVLFKQXQLP *DUWHQZXWHDXFKLQZHOFKHU*HJHQGGHVVHOEHQLQGHUGHP 'RUIHQWJHJHQJHVHW]WHQGHUEHVWHQGLHHUKlWWHZlKOHQN|QQHQ IUMHW]WVRZRKOZLHVSlWHU]XU)OXFKW9RQVWHLJHQGHU=XYHUVLFKW HUIOOWJLQJHUYRUZlUWVLPPHUJHUDGHDXVXQGPDQPX]XP 6FKORVVHNRPPHQ:DVGDQQ]XJHVFKHKHQKlWWHPDOWH3DYHO VLFKQLFKWGHXWOLFKDXVHUJLQJ0LODGD]XEHIUHLHQGDVZDULKP KHUUOLFKNODUXQGPRFKWHDOOHVEULJH=ZHLIHOXQG5DWORVLJNHLW VHLQGHU*HGDQNHHUOHXFKWHWHLKPGLH6HHOHGHQKLHOWHUIHVW 'DHUMlPPHUOLFK]XIULHUHQEHJDQQLQVHLQHQHOHQGHQ.OHLGHUQ GDLKPGLH*OLHGHUVWHLIZXUGHQJUlPWHLKQQLFKWDEHUVFKOLPP ZDU VGDLPPHUWLHIHUH)LQVWHUQLVHLQEUDFKXQG3DYHODOOH $XJHQEOLFNHDQHLQHQ%DXPDQUDQQWHXQGKLQILHO:HQQHUDXFK GDVHUVWHPDOJOHLFKZLHGHUDXIGLH%HLQHVSUDQJEHLP]ZHLWHQ 0DOHVFKRQNDPGLH9HUVXFKXQJ%OHLEHLQZHQLJOLHJHQUDVWH
VFKODIH7URW]GHPDEHUHUKREHUVLFKPLWVWDUNHU:LOOHQVNUDIW WDSSWHZHLWHUXQGJHODQJWHHQGOLFKDQV=LHOGDVHUVLFK YRUJHVHW]W DQV6FKOR+RFKDXIVFKOXJLKPGDV+HU]DOVHUDQ GLHDOWHYHUZLWWHUWH0DXHUJULII:HL*RWWZLHQDKHHUGHU 6FKZHVWHULVWZHL*RWWREVLHQLFKWLQGHP=LPPHUVFKOlIWYRU GHVVHQ)HQVWHUHUMHW]WVWHKWGDVHU]XHUUHLFKHQYHUPDJPLW VHLQHQ+lQGHQ(VN|QQWHVRJXWVHLQ ZDUXPVROOWHHVQLFKW" XQGOHLVHOHLVHIlQJWHUDQ]XSRFKHQ'DYHUQLPPWHUGLFKWDP %RGHQHLQNQXUUHQGHV*HUlXVFKDXINXU]HQ%HLQHQNRPPWHWZDV KHUEHLJHNURFKHQXQGHKHHUVLFK VYHUVLHKWKDWHVLKQ DQJHVSUXQJHQXQGVXFKWLKQDQGHU.HKOH]XSDFNHQ3DYHO XQWHUGUFNWHLQHQ6FKUHLHUZUJWGHQ.|WHUDXVDOOHQVHLQHQ .UlIWHQ$EHUGHU.|WHULVWVWlUNHUDOVHUXQGZRKOJHEWLQGHU .XQVWHLQHQ)HLQG]XVWHOOHQ'DV*HKHXOGDVHUGDEHLDXVVWLH WDWVHLQH:LUNXQJHVULHI/HXWHKHUEHL6LHNDPHQVFKODIWUXQNHQ XQGJDQ]HUVFKURFNHQDOVVLHDEHUVDKHQGDVLHHVQXUPLW HLQHP.LQG]XWXQKDWWHQZXFKVLKQHQVRJOHLFKGHU0XW3DYHO ZXUGHXPULQJWXQGEHUZlOWLJWREZRKOHUUDVWHXQGVLFK]XU :HKUVHW]WHZLHHLQZLOGHV7LHU
:DV3DYHOLP6FKORVVHJHZROOWHUIXKUQLHPDQGDEHUGLH +DUWQlFNLJNHLWPLWZHOFKHUHUMHGH$XVNXQIWYHUZHLJHUWHEHZLHV GHXWOLFKJHQXJGDHUGLHVFKOHFKWHVWHQ$EVLFKWHQJHKDEWKDEHQ PXWH(LQEUHFKHQZDKUVFKHLQOLFKRGHU)HXHUDQOHJHQGHP.HUO LVWDOOHV]X]XWUDXHQ6RVSUDFKGLH|IIHQWOLFKH0HLQXQJXQGGLH PLW(OWHUQUHFKWHQDXVJHVWDWWHWH*HPHLQGHEHVFKOR3DYHOV H[HPSODULVFKH=FKWLJXQJGXUFKGHQ+HUUQ/HKUHU+DEUHFKWLQ *HJHQZDUWGHUVlPWOLFKHQ6FKXOMXJHQG
'HU/HKUHUHLQNUlQNOLFKHUQHUY|VHU0DQQYHUVWDQGVLFKlXHUVW XQJHUQ]XU$XVEXQJGHVLKP]XJHPXWHWHQ6WUDIJHULFKWV6HLQH $QVLFKWZDUGDVROFKHYRUHLQHPMXJHQGOLFKHQ3XEOLNXP YRUJHQRPPHQH([HNXWLRQGHPMHQLJHQDQGHPVLHYROO]RJHQ ZLUGVHOWHQQW]WXQGGHQHQGLHLKU]XVHKHQLPPHUVFKDGHW ª'LHVHV9LHKZLUGGXUFKGHQ$QEOLFNHLQQRFKlUJHUHV9LHK© lXHUWHHUYLHO]XGHUEIUHLQHQ3lGDJRJHQ0DQKDWWHZHQQ DXFKQLFKWJDQ]EHU]HXJWVHLQH(LQZHQGXQJRIWJHOWHQODVVHQ GLHVHV0DOIUXFKWHWHVLHQLFKWV $QGHP7DJHGHU]XU%HVWUDIXQJGHVQlFKWOLFKHQ(LQVFKOHLFKHUV EHVWLPPWZDUEHUQDKPLKQGHQQGHU/HKUHUVHXI]HQGDXVGHQ +lQGHQGHU6FKHUJHQXQGIKUWHLKQDP6FKRSIHELV]XU7UGHU 6FKXOVWXEH+LHUEOLHEHUVWHKHQKREGHQJHVHQNWHQ.RSIGHV .QDEHQLQGLH+|KHXQGVDJWHª6FKDXPLFKDQZDVVFKDXVW GHQQLPPHUDXIGHQ%RGHQVFKOHFKWHU%XE©
1LFKWOLHEUHLFKZDUHQGLHVH:RUWHXQGGRFKZRUDQODJHVGHQQ GDVLHGHP3DYHORUGHQWOLFKZRKOWDWHQXQGGDVRJDUGLH$UWLQ ZHOFKHUGHU+HUU/HKUHULKQGDEHLDQGHQ+DDUHQ]DXVWHHWZDV 9HUWUDXHQHLQIO|HQGHVKDWWHXQGZLHHLQH+HU]VWlUNXQJZLUNWH"
ª)UFKWGLFKGX%RVQLFNHOGX7URW]QLFNHO)UFKWGLFK©IXKU MHQHUIRUWPDFKWHVFKUHFNOLFKH$XJHQXQGVFKZDQJPLWlXHUVW EH]HLFKQHQGHU*HElUGHGHQGUUHQ$UPLQGHU/XIW8QG3DYHO DXVGHPVHLWGUHL7DJHQNHLQ:RUWKHUDXV]XEULQJHQJHZHVHQGHU VHLWGUHL7DJHQNHLQHP0HQVFKHQLQV*HVLFKWJHVFKDXWKDWWH ULFKWHWHPLWHLQHP0DOHVHLQHQVFKHXHQ%OLFNEOLQ]HOQGDXIGHQ /HKUHUXQGVSUDFKPLWHLQHPKDOEHQ/lFKHOQª,FKIUFKWPLFK DEHUGRFKQLFKW©
$XVGHU6FKXOVWXEHKDWWHHVIUKHUKHUDXVJHVXPPWZLHDXV HLQHP%LHQHQNRUEHGDQQZDUGDV6XPPHQLQZVWHQ/lUP EHUJHJDQJHQXQGMHW]WZXUGHGDGULQQHQJHUDXIWXPGLHEHVWHQ 3OlW]H]XPEHYRUVWHKHQGHQ6FKDXVSLHO'HU/HKUHUEUXPPWH XQZLOOLJYRUVLFKKLQXQGVFKWWHOWH3DYHOYRQQHXHPª:HQQGX GLFKVFKRQQLFKWIUFKWHVWVRVFKUHLVFKUHLZDVGXNDQQVWUDW LFKGLU©VDJWHHU|IIQHWHGLH7UXQGWUDWHLQ6RJOHLFKZXUGHHV VWLOOLQGHU6WXEHQXUHLQ]HOQHXQZLOONUOLFKH$XVUXIHEHIULHGLJWHU (UZDUWXQJOLHHQVLFKK|UHQIUHXQGVFKDIWOLFKUFNWHPDQ DQHLQDQGHULQGHQ%lQNHQGLHUKUHQGVWH(LQWUDFKWKHUUVFKWH 'HU/HKUHUVWHOOWH3DYHOQHEHQGDV.DWKHGHUXQGVDKVLFKQDFK GHU5XWHXP'DHUVLHHLQH:HLOHQLFKWIDQGRGHUQLFKW]XILQGHQ VFKLHQULHIHLQH6WLPPHª'RUWLP)HQVWHUVWHKWVLHLP:LQNHO© 'LH6WLPPHNDPDXVHLQHUGHUOHW]WHQ5HLKHQXQGJHK|UWH GHP $UQRVWGHP6RKQGHV+lXVOHUVEHLGHP9LUJLO]XU0LHWHZRKQWH 3DYHOEDOOWHGLH)DXVWJHJHQLKQZDV]XHLQHP*HPXUPHOGHU (QWUVWXQJ$QODJDE0HKUDOVKXQGHUW$XJHQULFKWHWHQVLFK VFKDGHQIURKXQGJHKlVVLJDXIGHQEUDXQHQ]HUOXPSWHQ-XQJHQ ,QLKPNRFKWHGLH*DOOHXQGVRNODUHU]XGHQNHQYHUPRFKWHVR NODUGDFKWHHU:DVKDELFKHXFKJHWDQ":DUXPVHLGLKUPHLQH )HLQGH"
+DEUHFKWJHERW6WLOOHXQGKLHOWHLQH$QVSUDFKHLQZHOFKHUHUGLH 6FKXOMXJHQGDXIHLQHPHUNZUGLJH(QWWlXVFKXQJYRUEHUHLWHWH ª,KUVHLGYROO9HUJQJHQ:DUXP":LHVR"7XQHXFKGLH3UJHO ZRKOGLHHLQDQGHUHUNULHJW"3DWDXI:HKWXQZHUGHQVLHHXFK -HGHUYRQHXFK© VHLQH6WLPPHVHQNWHVLFK]XHLQHP JHKHLPQLVYROOHQ*HIOVWHUXQGHUVWUHFNWHGHQ=HLJHILQJHU ODQJVDPJHJHQGDV$XGLWRULXPDXVª-HGHUGHUGDVLW]WXQGYRU 6FKDGHQIUHXGHDXVGHU+DXWIDKUHQP|FKWZLUGEDOGYRU6FKPHU] DXVGHU+DXWIDKUHQP|JHQ-HGHUGHUKHUJORW]WXQG]XVFKDXW ZLHLFKPHLQH6FKOlJHDXVWHLOHZLUGVLHPLWVSUHQPLWVSUHQ© ZLHGHUKROWHHUVHLQHXQKHLPOLFKH3URSKH]HLXQJEHLGHULKPVHOEVW ]XJUXVHOQVFKLHQª8QGMHW]WJHEWDFKWZDVGHU+HUU/HKUHU NDQQ© $OOH.LQGHUVFKDXGHUWHQYRUGHP:XQGHUGDVVLFKDQLKQHQ YROO]LHKHQVROOWHQXUQRFKYRQGHU6HLWHVWUHLIWHQ]DJH%OLFNHGHQ JHIUFKWHWHQ0DQQGHVVHQ(UVFKHLQXQJLQLKUHU/lQJHXQG 0DJHUNHLWHWZDV*HVSHQVWLVFKHVKDWWH'LH%XEHQVWLHUWHQ]X %RGHQGLH0lGFKHQYHUGHFNWHQGLH$XJHQPLWGHQ6FKU]HQ
'HU/HKUHUDEHUJLQJUDVFKDQV:HUN0LWIDEHOKDIWHU *HVFKZLQGLJNHLWZLUEHOWHHUGLH)XFKWHOXPGHQ.RSIGHV 'HOLQTXHQWHQXQGIKUWHGDQQHLQH$Q]DKO+LHEHGLH3DYHOIUGLH (LQOHLWXQJ]XUHLJHQWOLFKHQ6WUDIHKLHOW6WDWWGLHVHMHGRFKIROJHQ ]XODVVHQVSUDFKGHU/HKUHUSO|W]OLFKª+HUUJRWWGDIlOOWPLUMHW]W GLH%ULOOHKHUXQWHU+HEVLHDXI)UGLH6WUDIHEHGDQNHQ NDQQVWGXGLFKQDFKGHU6WXQGH© 3DYHOVWDUUWHLKQPLWVWXPSIVLQQLJHP6WDXQHQDQHUZDUWHWH QRFKDXIGLHULFKWLJH:LFKVH GDK|UWHHUGDHUVLHVFKRQKDEH XQGHUKLHOW%HIHKOVLFK]XVHW]HQ DXIGHQOHW]WHQ3ODW]LQGLH OHW]WH%DQN 'HU/HKUHU]RJGDV7DVFKHQWXFKZLVFKWHVLFKGHQ6FKZHLYRQ GHU6WLUQQDKPXPVWlQGOLFKHLQH3ULVHXQGEHJDQQGHQ 8QWHUULFKW
$UQRVWGHUVRURWZDUZLHHLQ.UHEVIOVWHUWHVHLQHP1DFKEDU ]Xª+DVWJ VFKDXW"© ª(LQELVVHO©DQWZRUWHWHGHU ª6SUVW ZDV"© ª,FKVSU VLP%XFNHO© ª0LFKEUHQQW VDP2KU© (LQ QHXJLHULJHVNOHLQHV'LQJYRQHLQHP0lGFKHQGDV]XIlOOLJPLW HLQHP$XJHDQHLQHQ5LLQGHU6FKU]HJHUDWHQZDUXQGLKQ]XP $XVOXJHQEHQW]WKDWWHJHVWDQGHLQLJHQ*HIlKUWLQQHQGDHV PHLQHDXIODXWHU(UEVHQ]XVLW]HQ 1DFKEHHQGLJWHU/HKUVWXQGHZROOWH3DYHOVLFKPLWGHQDQGHUHQ GDYRQPDFKHQDEHUGHU6FKXOPHLVWHUKLHOWLKQ]XUFN EHWUDFKWHWHLKQODQJHPLWVWHFKHQGHQ%OLFNHQXQGIUDJWHLKQ HQGOLFKREHUVLFKVFKlPH 3DYHODQWZRUWHWHOHLVHª1HLQ©
ª1HLQ"ZLHVRQHLQ"+DVWDOOHU6FKDPGHQ.RSIDEJHELVVHQ"©
'HU%XUVFKHYHUILHOZLHGHULQGDVKDUWQlFNLJH6FKZHLJHQGDVGHU /HKUHUDQGHPDUPVHOLJVWHQXQGVHOWHQVWHQ%HVXFKHUVHLQHU 6FKXOHNDQQWH%LVKHUKDWWHHULKQODXIHQODVVHQKHXWHMHGRFK DOVHULKQVWUDIHQVROOWHIUHLQHXQEHNDQQWH6FKXOG0LWOHLGPLW LKPJHIKOW8PGLHVH5HJXQJWDW VLKPQXQOHLGXQGHUIXKU JLIWLJIRUWª$XIJHZDFKVHQLQ6FKDQGHMDZLUNOLFKVFKRQ DXIJHZDFKVHQEDOGYLHU]HKQ-DKUH DQGLH6FKDQGHJHZ|KQW ZHLQLFKW HLQPDOPHKUZLHVLHWXW©
1XQVSUDFK3DYHOª:HLVFKRQ©XQGGHQ0XQGGHV.LQGHV YHU]HUUWHHLQDOWHUQGHU=XJYHUELVVHQHU%LWWHUNHLW(UKDWWHQLFKW YHUVWDQGHQZDVGHU+HUU/HKUHUIUKHUJHZROOWPLWVHLQHQ 6FKOlJHQGLHEHLQDKHQLFKWZHKWDWHQGDHULKPMHW]WGHQ -DPPHUVHLQHV/HEHQVYRUZDUIYHUVWDQGHUZRKO ª:HLVFKRQ©ZLHGHUKROWHHULQHLQHP7RQHGXUFKGHVVHQ HU]ZXQJHQH.HFNKHLWXQEHZXWGHU6FKPHU]HLQHUWLHIHQ (QWWlXVFKXQJGUDQJ
'HU/HKUHUEHWUDFKWHWHLKQDXIPHUNVDP HUZDUGDVYHUN|USHUWH (OHQGGHU%XE 1LFKWGXUFKGLH6FKXOGGHU1DWXU6LHKDWWHHV JXWPLWLKPJHPHLQWXQGLKQNUlIWLJXQGJHVXQGDQJHOHJWGDV ]HLJWHGLHEUHLWH%UXVWGDV]HLJWHQGLHURWHQ/LSSHQGLHVWDUNHQ JHOEOLFKVFKLPPHUQGHQ=lKQH$EHUGLHZRKOZROOHQGHQ$EVLFKWHQ GHU1DWXUZDUHQ]XVFKDQGHQJHPDFKWZRUGHQGXUFKKDUWH$UEHLW VFKOHFKWH1DKUXQJGXUFK9HUZDKUORVXQJMHGHU$UW:LHGHU-XQJH GDVWDQGPLWGHPZLOGHQEUDXQHQ+DDUJHVWUSSGDVGHQVWHWV JHVHQNWHQ.RSIXQYHUKlOWQLVPlLJJURHUVFKHLQHQOLHPLWGHQ HLQJHIDOOHQHQ:DQJHQGHQYRUWUHWHQGHQ%DFNHQNQRFKHQGLH PDJHUHGHUEH*HVWDOWYRQHLQHPPLW/|FKHUQEHVlWHQ5RFNDXV JUQHP6RPPHUVWRIIXPKDQJHQGLH)HPLW)HW]HQXPZLFNHOW ERWHUHLQHQ$QEOLFNDEVWRHQGXQGIXUFKWEDUWUDXULJ]XJOHLFK ZHLOGDV%HZXWVHLQVHLQHVNOlJOLFKHQ=XVWDQGHVLKPQLFKWJDQ] YHUORUHQJHJDQJHQVFKLHQ/DQJHVFKZLHJGHU/HKUHUXQGDXFK 3DYHOVFKZLHJDEHULPPHUYHUGURVVHQHUOLHHUGLH8QWHUOLSSH KlQJHQXQGEHJDQQYHUVWRKOHQQDFKGHU7U]XVHKHQZLHHLQHU GHUHLQH*HOHJHQKHLW]XHQWZLVFKHQZDKU]XQHKPHQVXFKW 'DVSUDFKGHU/HKUHUHQGOLFKª6HLQLFKWVRGXPP :HQQGX DXVGHU6FKXOHGUDXHQELVWVROOVWGXGHQNHQZLHNDQQLFK KLQHLQXQGQLFKWZHQQGXGULQELVWZLHNDQQLFKKLQDXV"©
3DYHOVWXW]WHGDVZDUQXQZLHGHUJDQ]XQHUNOlUOLFKXQGVWLPPWH PLWGHUZHLWYHUEUHLWHWHQ0HLQXQJEHUHLQGHU6FKXOPHLVWHU YHUP|JHGLH*HGDQNHQGHU0HQVFKHQ]XHUUDWHQ
ª*HKMHW]W©IXKUMHQHUIRUWªXQGNRPPPRUJHQZLHGHUXQG EHUPRUJHQDXFKXQGZHQQGXDFKW7DJHQDFKHLQDQGHUNRPPVW NULHJVWGXYRQPLUHLQ3DDURUGHQWOLFKH6WLHIHO©
6WLHIHO" ZLHGLH.LQGHUGHU%DXHUQKDEHQ"RUGHQWOLFKH6WLHIHOPLW KRKHQ6FKlIWHQ"8QDXIK|UOLFKZlKUHQGGHV+HLPZHJVVSUDFK 3DYHOGLH:RUWHª2UGHQWOLFKH6WLHIHO©YRUVLFKKLQVLHNODQJHQ PlUFKHQKDIW(UYHUJDGDUEHUGDHUVLFKYRUJHQRPPHQKDWWH GHQ$UQRVW]XSUJHOQHUVWDQGDPQlFKVWHQ0RUJHQYRUGHU7U GHU6FKXOHEHYRUVLHQRFKJH|IIQHWZDUXQGZlKUHQGGHU6WXQGH SODJWHHUVLFKPLWKHLHP(LIHUXQGYHUDFKWHWHGLH0KHGLHGDV /HUQHQLKPPDFKWH(UYHUDFKWHWHDXFKGLHGUDVWLVFKHQ (UPDKQXQJHQ9LUJLOVXQGVHLQHV:HLEHVGLHLKQ]ZLQJHQZROOWHQ VWDWW]XP9HUJQJHQLQGLH6FKXOH]XU$UEHLWLQGLH)DEULN]X JHKHQ)UHLOLFKPXWHGLHVLPJHKHLPHQJHVFKHKHQ]XRIIHQHQ *HZDOWPDUHJHOQ]XJUHLIHQXPGHQ%XEHQLP:LQWHUYRP 6FKXOEHVXFKDE]XKDOWHQZDJWHQVLHQLFKWGDVKlWWHJDU]X DXIIlOOLJJHJHQGLHVHLQHWZHJHQPLWGHU*HPHLQGHJHWURIIHQH hEHUHLQNXQIWYHUVWRHQ 6LHEHQ7DJHYHUJLQJHQXQGDP1DFKPLWWDJGHVOHW]WHQNDP 3DYHOQDFK+DXVHJHUDQQWLQMHGHU+DQGHLQHQQHXHQ6WLHIHO
9LQVNDZDUDOOHLQDOVHUDQODQJWHVLHEHREDFKWHWHLKQZLHHUGDV EODQNH3DDULQGHQ:LQNHODP+HUGVLFKVHOEVWDEHULQHLQLJHU (QWIHUQXQJGDYRQDXIVWHOOWHXQGLQVWLOOH%HZXQGHUXQJYHUVDQN )UHXGHYHUPRFKWHQVHLQHYHUJUlPWHQ=JHQLFKWDXV]XGUFNHQ DEHUEHOHEWHUDOVVRQVWHUVFKLHQHQVLHXQGHVPDOWHVLFKLQLKQHQ HLQSOXPSHV%HKDJHQ (LQPDOWUDWHUQlKHUKREHLQHQGHU6WLHIHOLQGLH+|KHULHELKQ PLWGHPbUPHONWHLKQXQGVWHOOWHLKQZLHGHUDQVHLQHQ3ODW]
$XVGHU6WXEHHUVFKROOHLQ*HOlFKWHU9LQVNDWUDWDXIGLH6FKZHOOH OHKQWHVLFKPLWGHU6FKXOWHUDQGHQ7USIRVWHQHLQH7UJDEHV ]ZLVFKHQGHU6WXEHXQGGHP(LQJDQJHQLFKW XQGIUDJWHª:R KDVWGLH6WLHIHOJHVWRKOHQGX6SLW]EXE"© (UVDKVLFKQLFKWHLQPDOQDFKLKUXPYRQDQWZRUWHQZDUJDU NHLQH5HGH9LQVNDMHGRFKZLHGHUKROWHLKUH)UDJHVRRIWELVHUVLH DQEHOOWHª*HVWRKOHQMDMXVWJHVWRKOHQ© ª'X(VHO©PXUPHOWHVLHªVLHKVWGX"-HW]WVDJVWGX VVHOEVW©
'HU%OLFNLKUHUEHJHKUOLFKHQJUDXHQ$XJHQZDQGHUWHDEZHFKVHOQG YRQGHQ6WLHIHOQ]XGHQHLJHQHQQDFNWHQKEVFKJHIRUPWHQ
)HQ3DYHOKDWWHVLFKDXIGLH(UGHJHNDXHUWQHEHQVHLQQHXHV N|VWOLFKHV(LJHQWXPHVZDULKPDOVPVVHHUHVEHVFKW]HQ JHJHQHLQHQDKHQGH*HIDKUXQGHUPDFKWHVLFKJHIDWLKU]X EHJHJQHQ9LQVNDQHLJWHGHQ.RSIDXIGLH6HLWHOlFKHOWHGHQ %XUVFKHQGHUGURKHQG]XLKUHPSRUVDKSO|W]OLFKDQXQGVSUDFK PLWHLQVFKPHLFKHOQGHU6WLPPHª*HKVDJPLUZRKHUKDVWVLH"©
(UZXWHQLFKWZLHLKPJHVFKDK,QGHP7RQKDWWHHUGLH9LQVND YRUNXU]HP]XP3HWHU VSUHFKHQK|UHQGHULKU/LHEKDEHUZDU +HLH:HOOHQZRJWHQDXFKLQVHLQHU%UXVWHUYHUVFKODQJVHLQH UHL]HQGH+DXVJHQRVVLQPLWGHQ$XJHQXQGPHLQWHZDVLKQGDPLW XQJHKHXUHU0DFKWDQJHSDFNWKDWWHVHLGLH/XVWDXIVLH ORV]XVWU]HQXQGVLHGXUFK]XSUJHOQ 'DEHLUKUWHHUVLFKQLFKW|IIQHWHQXUJDQ]ZLOOHQORVGLH/LSSHQ XQGVSUDFKª'HU+HUU/HKUHUKDWVLHPLUJHJHEHQ©
9LQVNDEHJDQQOHLVH]XNLFKHUQª2 MH GHU:HQQGXVLHYRQGHP KDVWGDQQKDVWGXQLFKWV© ª:DV QLFKWV"©
ª1XQ QLFKWV:HQQGXPRUJHQDXIZDFKVWVLQGGLH6WLHIHOZHJ© ª:HJ":DUXPQLFKWJDU©
ª-DMDZDVGHU/HKUHUVFKHQNWKlOWVLFKQLFKWEHU1DFKW'X ZHLWMDGDHUHLQ+H[HQPHLVWHULVW©
3DYHOJHULHWLQ(LIHUª,FKZHLGDHUNHLQ+H[HQPHLVWHULVW©
'DV0lGFKHQZDUI YHUlFKWOLFKGLH/LSSHDXIª'X'XPPULDQ(U ZDUGUHL7DJHWRWXQGLP6DUJH:DUHUQLFKW"8QGZHLQLFKW MHGHV.LQGGDHLQHUGHUGUHL7DJHWRWJHZHVHQLVWLQGLH 9RUK|OOHKLQHLQJHVFKDXWXQGGHP7HXIHOHLQH0HQJHDEJHOHUQW KDW"©
3DYHOVWDUUWHVLHVSUDFKORVDQLKPEHJDQQ]XJUXVHOQ6LH JlKQWHGUFNWHGLH:DQJHDQGLHHPSRUJH]RJHQH6FKXOWHUXQG VDJWHQDFKHLQHP:HLOFKHQVRQDFKOlVVLJDOVREVLHHLQHLKU ODQJZHLOLJJHZRUGHQHKXQGHUWPDOHU]lKOWH*HVFKLFKWH ZLHGHUKROHª'HUDOWHQEOLQGHQ0DUVNDGLHLP YRULJHQ-DKUEHL
XQVJHVWRUEHQLVWKDWHUDXFKHLQ3DDU6FKXKHJHVFKHQNW6LHKDW VLHDP$EHQGYRUV%HWWJHVWHOOWXQGZLHVLHDP0RUJHQ KLQHLQIDKUHQZLOOWULWWVLHVWDWWLQGLH6FKXKDXIHLQH.U|WHVR JURZLHHLQH6FKVVHO© 3DYHOVFKULHDXIª'DVLVWQLFKWZDKU©+HLXQGNDOWZXUGHLKP YRU=RUQXQG$QJVWXQGSO|W]OLFKVFKRVVHQ7UlQHQLKPLQGLH $XJHQ 9LQVNDVWUHLIWHLKQPLWHLQHP%OLFNYROO*HULQJVFKlW]XQJXQG NHKUWHLQGLH6WXEH]XUFN
$QGHP$EHQGVXFKWH3DYHOVLFKGHV6FKODIHV]XHUZHKUHQHU ZROOWHVHLQHQ6FKDW]EHZDFKHQHUEHWHWHDXFKHLQ9DWHUXQVHU QDFKGHPDQGHUQXPGLHE|VHQ*HLVWHU]XEDQQHQ7URW]GHP VDQNHUHQGOLFKGRFKLQ6FKOXPPHUXQGDOVHUDPQlFKVWHQ 0RUJHQHUZDFKWHKDWWH9LQVNDV3URSKH]HLXQJVLFKHUIOOW GLH 6WLHIHOZDUHQ YHUVFKZXQGHQ
3DYHOYHUORUNHLQ:RUWEHUVHLQ8QJOFN$OV9LQVNDLKQ VFKHOPLVFKODFKHQGIUDJWHZRVHLQH6WLHIHOZlUHQIKUWHHUHLQHQ VRGHUEHQ6FKODJQDFKLKUGDVLHVFKUHLHQGGDYRQOLHI$XFKGLH (UNXQGLJXQJHQVHLQHU6FKXONDPHUDGHQIHUWLJWHHU PLW3IIHQDE GLHlUJVWHQHUKLHOW$UQRVWGHULKQGDIUEHLP/HKUHUYHUNODJWH 'DPLWZDUDEHUQLFKWVJHWDQGHQQHVJHK|UWH]XGHQ (LJHQWPOLFKNHLWHQGHVOHW]WHUHQGDHUJOHLFKVWRFNWDXEZXUGH ZHQQHLQHUVHLQHU=|JOLQJHVLFKEHUGHQDQGHUQEHVFKZHUWH (LQH:RFKHYHUIOR3DYHOHUVFKLHQQLFKWPHKULQGHU6FKXOHHU JLQJDXVIUHLHQ6WFNHQLQGLH)DEULNXQGDUEHLWHWHGRUWYRQIUK ELVDEHQGV0HKUPDOVVFKLFNWHGHU/HKUHUQDFKLKPXQGGDHV YHUJHEOLFKEOLHEEHJDEHUVLFKHQGOLFKLQHLJHQHU3HUVRQQDFKGHU :RKQXQJ9LUJLOVXPGHQ%XEHQDE]XKROHQ'DV:HLEGHV+LUWHQ HPSILQJLKQXQGYHUEOIIWHLKQEHYRUHUQRFKGHQ0XQGDXIWXQ NRQQWHGXUFKGLHODXWHQ$XVEUFKHLKUHV-DPPHUV1DFKIQI 0LQXWHQZDUGHP/HKUHUDOVREHUXQWHUHLQHU7UDXIHVWlQGHDXV GHUVWDWW5HJHQWURSIHQ6FKURWN|UQHUDXILKQQLHGHUKDJHOWHQ,KP ZXUGHJDQ]ZLUULQVHLQHPPGHQXQGVFKPHU]HQGHQ.RSI 'LH)UDXULHI*RWWXQGDOOH+HLOLJHQ]X=HXJHQLKUHU/HLGHQDQ 1HLQVLHKDWWHQLFKWJHDKQWZDVVLHVLFKDXIKDOVWHDOVVLH GDUHLQJHZLOOLJWGDV.LQGGHV*HKHQNWHQXQGGHU=XFKWKlXVOHULQ EHLVLFKDXI]XQHKPHQ9LHOZDULKULP/HEHQVFKRQEHJHJQHW DEHUHWZDVVR6FKOHFKWHVZLHGHU%XEQRFKQLH-HGHV:RUWDXV VHLQHP0XQGHLVW7UXJXQG9HUOHXPGXQJ(U]lKOWHUQLFKWGD VHLQH3IOHJHHOWHUQLKQDEKDOWHQLQGLH6FKXOH]XJHKHQXQGGD VLHGHQ:RFKHQORKQHLQVWHFNHQGHQHULQGHU)DEULNYHUGLHQW"
9RQ(QWUVWXQJKLQJHULVVHQVHW]WHVLHKLQ]XGLHE|VHQ$XJHQ ZHLWJH|IIQHWXQGEHGHXWXQJVYROODXIGHQ$OWHQJHULFKWHWª5HGHW HUQLFKWQRFKJDQ]DQGHUHQDOVXQVDUPHQ/HXWHQPLW5HVSHNW]X PHOGHQJUDXVLJH'LQJHQDFK"©
'HU/HKUHUKDWWHVHLQ7DVFKHQWXFKJH]RJHQXQGGUFNWHHVDQ GHQNDKOHQ6FKHLWHO(UNDQQWHGLH*HUFKWHGLHEHULKQLP 6FKZDQJHZDUHQXQGHVELOGHWHGHQ=ZLHVSDOWLQLKPGDVLHLKQ PDQFKPDOYHUGURVVHQXQGGDHUVLFKHLQDQGHUHV0DOHLQHQ6SD GDUDXVPDFKWHVLH]XQlKUHQ+HXWHZDUGDVHUVWHUHGHU)DOOHU ZLQNWHDEZHKUHQGª6WLOOVWLOO+DOWH6LHLKU0DXO©
ª2 -HVXV0DULDLFK©ULHIGDV:HLEªLFKUHGQLFKWLFKP|FKWPLU OLHEHUGLH=XQJHDEEHLHQ.HLQHQ3ILIIHUOLQJVROOWHQVLFKGHU +HUU/HKUHUPHKUNPPHUQXPGHQVFKOHFKWHQ%XEHQVDJLFK QXU'LHVFK|QHQ6WLHIHO1LFKW]ZHL7DJHKDWHUVLHJHKDEW© ª6RZRVLQGVLH"©
'LH9LUJLORYDZLHVLHLP2UWJHQDQQWZXUGH HUJRVLFK LQHLQHP QHXHQ5HGHVFKZDOO:RGLH6WLHIHOJHEOLHEHQVHLHQPVVHGHU +HUU/HKUHUGHQ-XGHQIUDJHQGHPGHU%XEVLHYHUPDXVFKHOW KDEH'HU-XGZHUGHIUHLOLFKQLFKWVGDYRQZLVVHQZROOHQ]HWHUWH VLHXQG+DEUHFKWY|OOLJEHWlXEWKLHOWVLFKGLH2KUHQ]XXQGWUDW GHQ5FN]XJDQ1DFKHLQLJHQ6FKULWWHQMHGRFKEOLHEHUVWHKHQ ZDQGWHVLFKXQGEHIDKOGHU)UDX3DYHOPRUJHQJDQ]JHZLLQGLH 6FKXOH]XVFKLFNHQ6LHYHUVSUDFKGHQ$XIWUDJ]XEHVWHOOHQXQG WDWHVLQGHPVLH3DYHODP$EHQGPLWWHLOWHGHU+HUU/HKUHUVHL GDJHZHVHQXQGOLHHLKPVDJHQQLFKWPHKUXQWHUGLH$XJHQVROOH HULKPNRPPHQ 'LH(UPDKQXQJZDUEHUIOVVLJ3DYHOZLFKRKQHKLQGHP 6FKXOPHLVWHUDXIKXQGHUW6FKULWWHDXV
'HU9LQVNDKLQJHJHQOLHIHUQDFKXQGJHKRUFKWHLKUZLHHLQ NQXUULJHU+XQGGHUXQ]XIULHGHQPLWVHLQHP+HUUQLPPHU]XP $XIUXKUEHUHLWLVWXQGVLFKGRFKLPPHUZLHGHUXQWHUZLUIW:DVVLH ZROOWHJHVFKDKHUEHVRUJWHLKUH%RWHQJlQJHHUVWDKOIUVLH +RO]DXVGHP:DOGH(LHUDXVGHQ6FKHXQHQGHU%DXHUQHU JHULHWJDQ]XQGJDUXQWHU LKUH%RWPlLJNHLW ,QGHVVHQZDVLKQDXFKEHVFKlIWLJWHZRKLQHUDXFKZDQGHUWH HLQHVYHUJDHUQLFKWHLQHQ8PZHJVFKHXWHHUQLHXQGQLHPDOV 7DJIU7DJNDPHUDQV7RUGHV6FKORJDUWHQVXQGVSlKWHLQGHQ +RIKLQHLQXQGVWDUUWHGLH)HQVWHUGHV+DXVHVDQ$QIDQJVPLW VHKQVFKWLJHU+RIIQXQJLP+HU]HQVSlWHUDOVLKPGLHVH DOOPlKOLFKHUORVFKHQZDUDXVDOWHU*HZRKQKHLW
(LQHVVFK|QHQ0DLQDFKPLWWDJVIDQGHUDOVHUDQVHLQHQ %HREDFKWXQJVSRVWHQWUDW]XVHLQHUK|FKVWHQhEHUUDVFKXQJGDV *DUWHQWRURIIHQ8QWHUGHQ6lXOHQGHU(LQIDKUWVWDQGGLH(TXLSDJH GHU)UDX%DURQLQHLQHJHVFKORVVHQH.DOHVFKHPLWGLFNHQ )OLHJHQVFKLPPHOQEHVSDQQW'LH'LHQHUVFKDIWGUlQJWHVLFK
JUHQGXQGNQL[HQGXPGHQ:DJHQDXIGHPHLQ.RIIHU DXIJHEXQGHQZDU1XQIORJGHU6FKODJOlUPHQG]XGHU/DNDL VSUDQJ]XP.XWVFKHUDXIGHQ%RFNGHUVFKZHUH.DVWHQ VFKZDQNWHDXIGHQ6FKQHFNHQIHGHUQGDV*HIlKUWVHW]WHVLFKLQ %HZHJXQJ,QNXU]HP7UDEHXPNUHLVWHHVGHQ+RIERJJDQ] ODQJVDPXPGLH(FNHDP7RUSIHLOHUXQGUROOWHGHU6WUDH]X 3DYHOKDWWHHLQHQ%OLFNLQGDV,QQHUHGHV:DJHQVJHZRUIHQXQG ZDU]XUFNJHIDKUHQZLHJHEOHQGHW(USUHWHGDV*HVLFKWDQGLH 0DXHUHUVFKORGLH$XJHQXQGVDKGHQQRFKZLHGHU VDKPLW GHQJHVFKORVVHQHQNODUXQGGHXWOLFKZDVHUHEHQPLWVHLQHQ RIIHQHQ$XJHQJHVHKHQ GLH)UDX%DURQLQZDUQLFKWDOOHLQLQ LKUHPZXQGHUEDUHQ:DJHQQHEHQLKUVDHLQNOHLQHV)UlXOHLQLQ VFK|QHQ.OHLGHUQPLWHLQHP+WFKHQDXIGHP.RSIHXQGKDWWH ZRKOEHNDQQWHKDWWHGLH=JH0LODGDVDEHUVRUXQGHXQGURVLJH :DQJHQZLHVHLQH6FKZHVWHUQLHJHKDEW
3O|W]OLFKULFKWHWHGHU%XUVFKHVLFKHPSRUXQGVSUDQJLQWROOHQ 6lW]HQGHP:DJHQQDFK'HUKDWWHDEHUPDOVHLQH:HQGXQJ JHPDFKWXQGJOLWWPLWHLQJHOHJWHP5DGVFKXKLP6FKULWWGHU GLFNHQ6FKLPPHOGHQ$EKDQJGHV6FKOREHUJVKLQDE3DYHOOLHI TXHUEHUGDVJUQH)HOGOLHIGHU.DOHVFKHYRUDXVXQGHUZDUWHWH VLHDP:HJUDLQDXIJHVWHOOWSRFKHQGHQ+HU]HQV6LHNDP TXLHWVFKHQGXQGUDVVHOQGKHUDQXQGGHU-XQJHVWUHFNWHVLFK JXFNWHXQGHUEOLFNWHDEHUPDOVGLHOLHEOLFKH(UVFKHLQXQJYRQ YRUKLQ8QGMHW]W ZDUDXFKHUJHVHKHQZRUGHQHLQ )UHXGHQMDXFK]HQGUDQJDQVHLQ2KUGLH6WLPPH0LODGDVULHI ª3DYHO3DYHO©0LWVROFKHP8QJHVWPZDUIGDVNOHLQH0lGFKHQ VLFKDQV)HQVWHUGDGLH6FKHLEHNOLUUWHXQGLQ6WFNHEUDFK 6RJOHLFKKLHOWGLH.DURVVHXQGGHU%HGLHQWHVFKLFNWHVLFKDQYRP %RFN]XVWHLJHQ+DVWLJEHIDKOGLH%DURQLQª6LW]HQEOHLEHQ 9RUZlUWVMDJWGHQ%XEHQIRUW©'LH3HLWVFKHNQDOOWHXP3DYHOV .RSIXQGGULQQHQLP:DJHQHUVFKROOODXWHV-DPPHUJHVFKUHL 'D]ZLVFKHQOLHHUQVWHUOLHEHYROOHU=XVSUXFKVLFKYHUQHKPHQ 3DYHOVDKGDGLHDOWH'DPHGDV.LQGDQVLFKJH]RJHQKDWWHXQG GDHVLQLKUHQ$UPHQZHLQWH'LHVHV:HLQHQJLQJLKPGXUFK 0DUNXQG%HLQGLHVHV:HLQHQPXWHDXIK|UHQGHPPXWHHUHLQ (QGHPDFKHQ 'DVWLHHUDXIHLQPDOHLQHQ-DXFK]HUDXVZLHHUGHP hEHUPWLJVWHQQLFKWEHVVHUJHOXQJHQZlUHXQGEHJDQQLQ JHK|ULJHU(QWIHUQXQJYRQGHU.XWVFKHUSHLWVFKHElUHQSOXPSXQG
HPVLJ5lGHUXQG3XU]HOElXPH]XVFKODJHQ:HQQGHU$WHPLKP DXV]XJHKHQGURKWHVWDQGHUVWLOOODFKWH]XGHU.OHLQHQKLQEHU PDFKWH=HLFKHQXQGVFKQLWW*HVLFKWHUELVVLHHQGOLFKLQHLQ IU|KOLFKHV*HOlFKWHUDXVEUDFK$FKZLHKSIWHLKPGDV+HU]LP /HLEHDOVHUHLQPDOZLHGHULKUOLHEHV/DFKHQYHUQDKP
'LH(QWIHUQXQJ]ZLVFKHQLKPXQGGHP:DJHQZXFKVXQGZXFKV
3DYHOOLHIXQGVSUDQJQLFKWPHKUHUVFKULWWQXUQRFKXQGDOVHU DPJURHQ%HUJHDQJHODQJWZDUHUNORPPHQGLH6FKLPPHOHEHQ GHVVHQVWHLOHQ*LSIHO0KVDPNHXFKWHHUGLH+|KHKLQDQXQG REHQEUDFKHU]XVDPPHQPLWKlPPHUQGHQ6FKOlIHQHLQHQ U|WOLFKHQ6FKHLQYRUGHQJOKHQGHQ$XJHQ=XVHLQHQ)HQ EUHLWHWHGLHVRQQHQEHJOlQ]WH(EHQHVLFKDXVDQGHU*UHQ]H GHUVHOEHQODJGLH6WDGWHLQ]HOQHLKUHU+lXVHUVFKLPPHUWHQ VFKQHHZHLKHUEHUGLHYHUJROGHWHQ6SLW]HQGHU.LUFKWUPH JOLW]HUWHQZLH6WHUQHDPEODXHQ7DJHVKLPPHO ,QGHU5LFKWXQJ JHJHQGLH6WDGWVFKOlQJHOWHVLFKGLH6WUDHGXUFKGLHJUQHQ )OXUHQXQGDXIGHU6WUDHJOLWWHLQVFKZDU]HU3XQNWGDKLQXQG GLHVHQ3XQNWYHUIROJWH3DYHOVRLQEUQVWLJPLWGHQ%OLFNHQDOVRE GDV+HLOVHLQHU6HHOHGDYRQDEKLQJHGDHULKP QLFKW HQWVFKZLQGH$OVHVJHVFKDKDOVGLH6FKDWWHQGHU$XHQGHQ NOHLQHQ3XQNWDXIQDKPHQXQGLKQQLFKWPHKU]XP9RUVFKHLQ NRPPHQOLHHQVWUHFNWHVLFK3DYHOIODFKDXIGLH(UGHXQGEOLHEVR UHJXQJVORVOLHJHQZLHHLQ7RWHU6HLQH6FKZHVWHUZDUHLQ )UlXOHLQJHZRUGHQXQGZDUIRUWJHIDKUHQLQGLH6WDGW:HQQHU MHW]WDQV*DUWHQWRUNDPPRFKWHHUQXUYRUEHUJHKHQPLWGHU )UHXGHQDFKGHU.OHLQHQDXV]XOXJHQZDUHVQXQQLFKWVPHKU +HUEXQGWURVWORVILHOGHU*HGDQNHDQGHQ9HUOXVWVHLQHVHLQ]LJHV *OFNHVGHP-XQJHQDXIGLH6HHOH*HUQKlWWHHUJHZHLQWDEHUHU NRQQWHQLFKWHUZlUHDXFKJHUQJHVWRUEHQJOHLFKKLHUDXIGHP )OHFN(UKDWWHRIWVHLQH([LVWHQ]YHUZQVFKHQJHK|UWYRQ VHLQHPHLJHQHQ9DWHUZLHYRQIUHPGHQ0HQVFKHQXQGQLHRKQH LQQHUVWH(QWUVWXQJGDEHL]XHPSILQGHQMHW]WVHKQWHHUVLFK VHOEVWQDFKGHP7RGXQGZHQQHVHLQPDOVRZHLWJHNRPPHQLVW PLWHLQHP0HQVFKHQNDQQDXFKGDV(QGHQLFKWPHKUIHUQHVHLQ PHLQWHHU8QGVWHKWHVHLQHPQLFKWIUHLHV]XEHVFKOHXQLJHQ"(V JLEWDOOHUOHL0LWWHO0DQKlOW]XP%HLVSLHOGHQ$WHPDQGDVLVW NHLQH.XQVWHVKDQGHOWVLFKQXUGDUXPGDHVODQJHJHQXJ JHVFKLHKW3DYHOXQWHUQLPPWGHQ9HUVXFKPLWYHU]ZHLIHOWHU (QWVFKORVVHQKHLWXQGZLHHUGDEHLGHQ.RSILQGLH(UGHZKOW
UHJWVLFKHWZDVLQVHLQHU1lKHXQGHUYHUQLPPWHLQOHLVHV *HUlXVFKZLHHVGXUFKGDV$XIVSUHL]HQNOHLQHU)OJHO KHUYRUJHEUDFKWZLUG(UVFKDXW
:HQLJH6FKULWWHYRQLKPVLW]WHLQ5HEKXKQDXIGHP1HVWHXQG KlOWGLH$XJHQLQXQDXVVSUHFKOLFKHU$QJVWDXIHLQHQ)HLQG JHULFKWHWGHUVLFKVFKUlJGXUFKGLHMXQJHQ+DOPHDQVFKOHLFKW 8QK|UEDUEHGURKOLFKJUDX HLQH.DW]HLVW V3DYHOVLHKWVLHMHW]W JDQ]QDKGHP1HVWHVWHKHQVLHOHFNWGHQOLSSHQORVHQ0XQG NUPPWVLFKZLHHLQ%RJHQXQGVFKLFNWVLFKDQ]XP6SUXQJDXI LKUH%HXWH(LQ)OJHOVFKODJXQGGHU9RJHOZlUHGHU*HIDKU HQWUFNWDEHUHUUKUWVLFKQLFKW3DYHOKDWWHEHUGHU%HVRUJQLV XPGDV'DVHLQGHVNOHLQHQ:HVHQVDOOHVHLQH 6HOEVWPRUGJHGDQNHQYHUJHVVHQ 6RIOLHJGXGXPPHV7LHU GDFKWHHU$EHUVWDWW]XHQWIOLHKHQGXFNWHVLFKGDV5HEKXKQ VXFKWHVHLQ1HVWQRFKIHVWHU]XXPVFKOLHHQXQGYHUIROJWHPLW GHQGXQNOHQbXJOHLQMHGH%HZHJXQJGHU$QJUHLIHULQ3DYHOKDWWH HLQH6FKROOHYRP%RGHQJHO|VWVSUDQJSO|W]OLFKDXIXQG VFKOHXGHUWHVLHVRZXFKWLJGHU.DW]HDQGHQ.RSIGDVLHVLFKXP LKUHHLJHQH$FKVHGUHKWHXQGJHEOHQGHWXQGQLHVHQG GDYRQVSUDQJ 'HU%XUVFKHVDKLKUQDFKLKPZDUZHKXQGZRKO]XPXWH (U KDWWHHLQHQJURHQ6FKPHU]HUIDKUHQXQGHLQHJXWH7DWJHWDQ 8QPLWWHOEDUQDFKGHPHUVLFKHOHQGYHUODVVHQXQGUHLI]XP 6WHUEHQJHIKOWGlPPHUWHHWZDVZLHGDV%HZXWVHLQHLQHU 0DFKWLQLKPDXIHLQHUDQGHUHQHLQHUK|KHUHQDOVGHUMHQLJHQ GLHVHLQHVWDUNHQ$UPHXQGVHLQILQVWHUHU7URW]LKPRIWYHUOLHKHQ :DVZDUGDVIUHLQH0DFKW"8QNODUWDXFKWHGLHVH)UDJHDXVGHU OLFKWORVHQ:HOWVHLQHU9RUVWHOOXQJHQXQGHUYHUILHOLQHLQLKP ELVKHUIUHPGHVPKHYROOHVXQGGRFKVHV1DFKVLQQHQ (LQODXWHU5XIª3DYHO3DYHONRPPKHU3DYHO©ZHFNWHLKQ
$XIGHU6WUDHVWDQGGHU+HUU/HKUHUGHQHLQHUVHLQHUEHOLHEWHQ 1DFKPLWWDJVVSD]LHUJlQJHELVKLHKHU JHIKUWKDWWHXQGGHUVHLW HLQLJHU=HLWGHQ-XQJHQEHREDFKWHWH(UWUXJHLQHQ.QRWHQVWRFN LQGHU+DQGXQGYHUVWHFNWHLKQUDVFKKLQWHUVHLQHP5FNHQDOV 3DYHOVLFKQlKHUWH
ª'X8QJOFNVEXEZDVWUHLEVWGX"©IUDJWHHUª,FKJODXEHGX QLPPVW5HEKKQHUQHVWHUDXV"©
3DYHOVFKZLHJZLHHUHLQHPIDOVFKHQ9HUGDFKWJHJHQEHULPPHU SIOHJWHXQGGHU6FKXOPHLVWHUGURKWHLKPªbUJHUHPLFKQLFKW DQWZRUWH$QWZRUWHUDWLFKGLU© 8QGDOVGHU%XUVFKHLQVHLQHU6WXPPKHLWYHUKDUUWHKREGHU /HKUHUSO|W]OLFKGHQ6WRFN XQGIKUWHHLQHQ6FKODJQDFK3DYHO GHPGLHVHUQLFKWDXVZLFKXQGGHQHURKQH=XFNHQKLQQDKP ,P+HU]HQ+DEUHFKWVUHJWHQVLFKVRIRUW0LWOHLGXQG5HXH
ª3DYHO©VDJWHHUVDQIWXQGWUDXULJªXP*RWWHVZLOOHQLFKK|U QXU6FKOLPPHVYRQGLU GXELVWDXIHLQHPVFKOHFKWHQ:HJZDV VROODXVGLUZHUGHQ"©
'LHVH$QUXIXQJUKUWHGHQ%XEHQQLFKWLP*HJHQWHLOHLQH WFKWLJH'RVLV*HULQJVFKlW]XQJPLVFKWHVLFKVHLQHP+DVVHJHJHQ GHQDOWHQ+H[HQPHLVWHUEHLGHULKQEHWURJHQKDWWH ª:DVVROODXVGLUZHUGHQ"©ZLHGHUKROWHGHU/HKUHU
3DYHOVWUHFNWHVLFKVWHPPWHGLH+lQGHLQGLH6HLWHQXQGVDJWH ª(LQ'LHE©
'LH)UDX%DURQLQNDPQRFKDP$EHQGGHVVHOEHQ7DJHVQDFK +DXVHDEHUDOOHLQ,KUH)DKUWHQQDFKGHU6WDGWZLHGHUKROWHQVLFK MHGH:RFKHGHQJDQ]HQ6RPPHUKLQGXUFKXQGPDQZXWHEDOG LP'RUIHGDLKUH%HVXFKHGHP.ORVWHUGHUIURPPHQ6FKZHVWHUQ JDOWHQPLWGHUHQ2EHULQVLHVHKUEHIUHXQGHWZDUXQGGHQHQVLH GLHNOHLQH0LODGD]XU(U]LHKXQJDQYHUWUDXWKDWWH'DV,QVWLWXW VWDQGLQKRKHQ(KUHQXQGDOV3DYHOK|UWHGDVHLQH6FKZHVWHU GRUWXQWHUJHEUDFKWZDUGXUFKVWU|PWHLKQHLQ*HIKOYRQ*OFN XQG6WRO]XQGYRQ'DQNEDUNHLWJHJHQGLH)UDX%DURQLQ(U ZLGHUVWDQGDXFKHLQLJH=HLWODQJGHQ$XIIRUGHUXQJHQ9LQVNDVXQG GHUHLJHQHQ/XVW5DXE]JHLQGHQKHUUVFKDIWOLFKHQ:DOG]X XQWHUQHKPHQ1XUHLQH=HLWODQJ6HLWGHPGHUDOWH)|UVWHU SHQVLRQLHUWXQGVHLQ6RKQDQGHVVHQ6WHOOHJHNRPPHQZDUGHU (LQWULWWLQGHQ:DOGMHGHP8QEHIXJWHQHLQIUDOOHPDOYHUERWHQ ZRUGHQ'DVQHXH*HVHW]PDFKWHE|VHV%OXWXQGUHL]WHJHZDOWLJ ]XhEHUWUHWXQJHQ (VELOGHWHVLFKHLQH%DQGHYRQ%XEHQXQG0lGHOQODXWHU +lXVOHUNLQGHUQGHUHQ)KUHUVFKDIW3DYHOEHUQDKPZLHHLQ QDWUOLFKHV5HFKW,QNOHLQHQ*UXSSHQZDQGHUWHQVLHKLQDXV OXVWLJNKQXQGVFKODX6LHNDQQWHQGLH6FKOXSIZLQNHOXQG JHGHFNWHQ6WHJH EHVVHUDOVVHOEVWGLH+HJHUXQGJLQJHQPLW N|VWOLFKHP*UXVHOQLKUHQ$EHQWHXHUQHQWJHJHQGLHQXUDXI ]ZHLHUOHL:HLVHHQGHQNRQQWHQ(QWZHGHUJOFNOLFKKHLPNHKUHQ GDVJHVWRKOHQH+RO]DXIGHP5FNHQPLWGHU$XVVLFKWDXI/RE XQGHLQZDUPHV$EHQGHVVHQRGHU HUZLVFKWZHUGHQXQG3UJHO NULHJHQDQ2UWXQG6WHOOHZHJHQ'LHEHUHLXQGGDKHLPZHLOPDQ VLFKKDWWHHUZLVFKHQODVVHQ'DVOHW]WHUH6FKLFNVDOWUDIVHOWHQ HLQHQDQGHUHQDOV3DYHOGHPHVREODJGHQ5FN]XJ]XGHFNHQ XQGGHQPDQLPPHULP6WLFKHOLHZHLOPDQVHLQHU 9HUVFKZLHJHQKHLWVLFKHUZDU'HU3DYHOYHUULHWNHLQHQXQGKlWWH HUHVJHWDQGHPVFKOHFKWHQ%XEHQZUGHPDQQLFKWJHJODXEW KDEHQ
6HLQ5XIYHUVFKOLPPHUWHVLFKYRQ7DJ]X7DJ)DQGVLFKLP:DOGH LUJHQGHLQHE|VZLOOLJH%HVFKlGLJXQJYRUVLHZDUVHLQ:HUN (QWGHFNWHPDQHLQH6FKOLQJHHUKDWWHVLHJHOHJWIHKOWHQ+KQHU .DUWRIIHOQ%LUQHQHUKDWWHVLHJHVWRKOHQ7UDWLKQMHPDQGDQXQG
GURKWHLKPGDQQVWHOOWHHUVLFKXQGVWDUUWHLKPVWXPPLQV *HVLFKW'LHDOWHQ/HXWHVFKLPSIWHQLKQQLFKWHLQPDOPHKUHU ZlUHLPVWDQGHPHLQWHQVLHHLQHP6WHLQHQDFK]XZHUIHQDXVGHP %XVFK6RVFKZDU]HUVFKLHQHUPLWGHU=HLWGDGLH)DPLOLH9LUJLO I|UPOLFKLQ8QVFKXOGVFKLPPHUWHLP*HJHQVDW]]XLKP
'D3DYHOKXQGHUW+lQGHXQGGLH.UDIWHLQHV5LHVHQKlWWHKDEHQ PVVHQXPGLH]DKOORVHQ6FKHOPHQVWUHLFKHGLHLKP ]XJHVFKULHEHQZXUGHQZLUNOLFKDXV]XIKUHQEHUOHJWHQVHLQH 0LWEUJHUQLFKWHUDEHUNDPODQJVDPGDKLQWHUXQGLKQHUIOOWH HLQHJUHQ]HQORVH9HUDFKWXQJGHU'XPPKHLWGLHGDV8QVLQQLJVWH YRQLKPJODXEWHZHQQHVQXUHWZDV6FKOHFKWHVZDU(UIDQG HLQHQ*HQXGDULQGDVEO|GHXQGLKPEHOJHVLQQWH9RONEHLMHGHU *HOHJHQKHLWYRQQHXHPDXI]XEULQJHQXQGZLHHLQDQGHUHULP %HZXWVHLQGHU:UGLJXQJVFKZHOJWGLHLKP]XWHLOZLUGVR VFKZHOJWHHULQGHP%HZXWVHLQGHU )HLQGVHOLJNHLWGLHHU HLQIO|WH:DVHU]XWXQYHUPRFKWHVLH]XQlKUHQGDVWDWHUXQG NDQQWH$XIULFKWLJNHLWQLFKWHLQPDOJHJHQGHQ*HLVWOLFKHQLP %HLFKWVWXKO 'LH=HLWYHUIORGHU6RPPHUJLQJ]XU1HLJHGHUHUVWH 6HSWHPEHUGHU7DJGHVJURHQ.LUFKHQIHVWHVNDPKHUDQ,P YRULJHQ-DKUHQRFKKDWWHVLFK3DYHOGXUFKGLH0HQJHJHGUlQJW XQGZlKUHQGGHV+RFKDPWHVEDUILJXQG]HUOXPSWXQWHUGHQ %DXHUQNLQGHUQJHNQLHWGLFKWDQGHQ6WXIHQGHV$OWDUV+HXWHWUDW HUQLFKWLQGLH.LUFKHHLQHUKLHOWVLFKGUDXHQZLHGLH%HWWOHUXQG 9DJDEXQGHQ]XGHQHQHUVHLQHU$XVVWDIILHUXQJQDFKSDWH6HLQ HKHPDOVODQJHUJUQHU5RFNUHLFKWHLKPMHW]WJHUDGHELV]XP *UWHOXQGSUlVHQWLHUWHJHSODW]WDQDOOHQ1lKWHQHLQH 0XVWHUNDUWHYRQDEJHOHJWHQ.OHLGHUQGHU9LUJLORYDLQ*HVWDOWYRQ JURHQXQGNOHLQHQ)OLFNHQ'DVJUREH+HPGOLHGLH%UXVW XQEHGHFNWGLH/HLQZDQGKRVHDOWHUVJUDXXQGYHUVFKUXPSIWZDU VRKRFKEHUGLH.QLHKHUDXIJH]RJHQDOVRELKU(LJHQWPHUHEHQ LP%HJULIIVHLGXUFKGHQ%DFK]XZDWHQ 3DYHOVWDQGPLWGHP5FNHQDQGLH3ODQNHQGHV3IDUUKRIJDUWHQV JHOHKQWGLH$UPHEHUGHQ]XU6HLWHJHQHLJWHQ.RSIHUKREHQ XQGVDKJOHLFKJOWLJHQ%OLFNHVGHQ=XJGHU.LUFKJlQJHU YRUEHUZDOOHQ,Q6FKDUHQNDPHQ%XUVFKHXQG0lGHOKHUDQGLH OHW]WHUHQEHJDEHQVLFKVRIRUWLQGDV*RWWHVKDXVGLHHUVWHQ EOLHEHQEHLGHQDP:HJDXIJHULFKWHWHQ0DUNWEXGHQ]XUFNXQG
HUZDUWHWHQGHUHQ,QKDOWPXVWHUQGGDV=XVDPPHQOlXWHQ]XU 3UHGLJW(LQHUXQWHULKQHQHLQNOHLQHUMXQJHU0HQVFKPLW KlOLFKHPIODFKJHGUFNWHP*HVLFKWWDWVLFKGDEHLGXUFKHLQ DXIIDOOHQGSURW]LJHV:HVHQKHUYRU(UWUXJIHLQHKDOEVWlGWLVFKH .OHLGXQJDQGLHVFKZDU]H-DFNHZDUDXVODXWHU:RKOKDEHQKHLWVR YLHO6WRIIYHUVFKZHQGHWZRUGHQGDVLHVLFKYRUQHZLHHLQH 7RQQHEOlKWHXQGVLFKKLQWHQ]XHLQHPVWRO]HQ.DW]HQEXFNHO DXIEDXVFKWH'LHDQGHUHQ%XUVFKHEHJHJQHWHQGHP'RUIVWXW]HU PLWHLQHU5FNVLFKWQDKPHGLHWURW]HLQHUNOHLQHQ%HLPLVFKXQJ YRQ6SRWWGHQ:XQVFKYHUULHWDXIJXWHP)XHPLWLKP]X VWHKHQ1DWUOLFKDXFK(UZDUMDGHU3HWHUGHUHLQ]LJH6RKQGHV %UJHUPHLVWHUVGHU(UEHGHVJU|WHQLPEHVWHQ6WDQGH EHILQGOLFKHQ%DXHUQKRIHVLPJDQ]HQ2UWH 'DVHUVWH*ORFNHQ]HLFKHQNODQJYRP7XUPHGHU=XGUDQJGHU %HY|ONHUXQJ]XU.LUFKHKDWWHDXIJHK|UWKDVWHQGHLOWHQQXUQRFK HLQ]HOQH9HUVSlWHWHGLH'RUIVWUDHKHUDE *DQ]]XOHW]WJDQ] DOOHLQHUVFKLHQ9LQVNDXQGHUUHJWHDOVEDOGGLH$XIPHUNVDPNHLW GHV+RIVWDDWVGHUGHQ3HWHUXPJDE
ª6DFNHUPHQW©KLHHVªGLH9LQVND:DVGLHKHXWHVFK|QLVW :LHSUlFKWLJLKUGDV.RSIWFKOHLQVWHKW (VLVWYRQ6HLGHPHLQHU 7UHX 8QGZHQLJVWHQVVHFKV5|FNHKDWVLHDQ 8QGZLH EHVFKHLGHQVLHWXW2 GX+HLOLJHGX©
-HGHUKDWWHHLQERVKDIWHV:|UWOHLQIUVLHRGHUHLQJDODQWHVGDV YLHOEHVFKlPHQGHUZDUDOVGDVERVKDIWH1XUGHU3HWHUVFKZLHJ XQGVDKDXIPHUNVDPHLQHP9RJHOQDFKGHUDXIGHP(FNSIHLOHU GHV3IDUUKRIJDUWHQVJHVHVVHQKDWWHXQGVLFKLQGLH/XIWVFKZDQJ EHL9LQVNDV1DKHQ6LHZDUEDOGLQGHUGLH.LUFKHQSIRUWH XPVWHKHQGHQ0HQJHYHUVFKZXQGHQ'LH%XUVFKHIROJWHQLKUQDFK XQG3DYHOK|UWHGHQHLQHQYRQLKQHQ]XPDQGHUQVDJHQª,FK P|FKWQXUZLVVHQZLHGHU9LUJLOGHUDOWHNUXPPEHLQLJH/XPS ]XGHUKEVFKHQ7RFKWHUJHNRPPHQLVW© 'HU$QJHUHGHWHYHU]RJGHQ0XQGª8QGLFKP|FKWZLVVHQ© HUZLGHUWHHUªZLHGLH7RFKWHUGHV/XPSHQ]XGHQVFK|QHQ .OHLGHUQJHNRPPHQLVW©
'DVLHVFK|QH.OHLGHUWUXJKDWWH3DYHOQLFKWEHPHUNWXQGYRQ GHUJDQ]HQ9LQVNDQLFKWVJHVHKHQDOVLKUH)HRGHUHLJHQWOLFK
LKUH6WLHIHO (LQHKDOEYHUPLVFKWH(ULQQHUXQJDQHLQHJURH )UHXGHDQHLQELWWHUHV/HLGZDUEHLP$QEOLFNGHUVHOEHQLQLKP DXIJHWDXFKWXQGHU VDQQLKUQDFKLQVHLQHUODQJVDPHQXQG KDUWQlFNLJHQ:HLVH
:HQQLKQGLH9LQVNDVFKDOWVFKORVLHPHLVWHQVPLWGHQ:RUWHQ ª8QGGXPPELVWGXGXPPGHU'PPVWHLPJDQ]HQ'RUIH©9RU NXU]HPQRFKKDWWHGLHVH9HUVLFKHUXQJLKQNKOJHODVVHQVHLW HLQLJHU=HLW EHJDQQVLHLKQ]XYHUGULHHQLKPVFKZDQWHGD HWZDV:DKUHVDQLKUVHLª'XPP©PXUPHOWHHUXQGJULIIVLFKDQ GLH6WLUQªDEHUVRGXPPGRFKQLFKWZLHVLHJODXEWGLH 6SLW]EELQ©6RGXPPGRFKQLFKWGDDXVVHLQHP*HGlFKWQLV DOOHVYHUVFKZXQGHQZlUHZDV VLFKYRUHLQHP-DKUHEHJHEHQ KDWWHXQGGDHUQLFKWYHUP|FKWHHLQHQ9HUGDFKWGHUGDPDOV VFKRQIOFKWLJLQLKPDXIJHVWLHJHQZDUYRQQHXHPXQGMHW]W NUlIWLJHU]XIDVVHQ 'DV+RFKDPWGDXHUWHODQJHGLH6RQQHVWDQGEHUHLWVLP6FKHLWHO DOV*HVDQJXQG0XVLNHQGOLFKYHUVWXPPWHQXQGGLH%HWHUVRHLOLJ DXVGHU.LUFKHKHUDXVGUlQJWHQZLHVLHKLQHLQJHGUlQJWKDWWHQ 3DYHOV$XJHQVXFKWHQQXUGLHHLQHXQGYHUPRFKWHQQLFKWVLH]X HQWGHFNHQDXFKGDQQQLFKWDOVGDV*HZKOVLFK]HUVWUHXWHXQG HLQ7HLOGHU/HXWHGLH0DUNWEXGHQXPULQJWHGHUDQGHUHLQOHLFKW EHUVHKEDUHP=XJGLH'RUIVWUDHKLQDQVFKULWW9LQVNDZDUZLH YHUVFKZXQGHQXQGGHU3HWHUPLWLKU
1DFKGHU0HVVHZlUHHV3DYHOV6DFKHJHZHVHQKHLP]XNHKUHQ XQGPLW9LUJLOGDV9LHKDXIGLH:HLGH]XWUHLEHQDEHU GDVILHOLKP KHXWHQLFKWHLQ(UYDJDEXQGLHUWHLQGHUQlFKVWHQ8PJHEXQJDXI GHQ)HOGHUQXQGLP:DOGHKHUXPXQGVXFKWHGLH9LQVND%LV]XU :XWJHVWHLJHUWH8QJHGXOGNRFKWHLQVHLQHU%UXVWXQGTXlOHQG QDJWHGHU+XQJHUDQLKP *HJHQ$EHQGNDPHU]XP:LUWVKDXVYRUGHPHVOXVWLJ]XJLQJ %HWUXQNHQHVDQJHQ%XEHQEDOJWHQVLFKNOHLQH0lGFKHQKSIWHQ LP5HLJHQEHLP6FKDOOGHV=LPEDOVXQGGHU)LHGHOQGHUGXUFKGLH RIIHQH7UKHUDXVJHOOWH1HXJLHULJHKLHOWHQGLH)HQVWHUGHU 7DQ]VWXEHEHVHW]WEHREDFKWHWHQZDVGULQQHQYRUJLQJXQG PDFKWHQLKUH*ORVVHQGDUEHU1DFKODQJHP.DPSIHUREHUWH 3DYHOHLQHQ3ODW]]ZLVFKHQLKQHQXQGVDKGLH3DDUHVLFKGUHKHQ LPGXQVWLJHQVSlUOLFKHUOHXFKWHWHQ*HPDFK*DQ]QDKHDP
)HQVWHUDQGHPHUVWDQGVFKZHQNWH3HWHUGLH9LQVNDDXIHLQHP )OHFNKHUXP(UZDUVFKRQVWDUNDQJHWUXQNHQKDWWHGLH-DFNH XQGPLWLKUVHLQHYRUQHKPH=XUFNKDOWXQJDEJHOHJW'HU3HWHULQ +HPGlUPHOQZDUHLQVRRUGLQlUHU.XPSDQZLHGHUHUVWHEHVWH .QHFKW 'LH9LQVNDLQVHLQHQ$UPHQVFKOXJ]FKWLJGLH$XJHQ]X%RGHQ XQGHUJOKWHIHXHUURWEHLGHQ5HGHQGLHHULKU]XIOVWHUWHXQG GHQ.VVHQGLHHULKUUDXEWH
hEHUGHQ$QEOLFNYHUJD3DYHOVHLQHQ+XQJHU VHLQH8QJHGXOG ZLFKHLQHPUDVHQGHQLKPXQEHJUHLIOLFKHQ6FKPHU]ZLHLQGHQ )lQJHQHLQHV5DXEWLHUHVZDQGHUVLFK XQGEUDFKWHHLQ HQWVHW]OLFKHV5|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
6RPXWHLP)DOOGDHUHWZDHLQVFKOLHIGLH9LQVNDLKQZHFNHQ ZHQQVLHLQV+DXVZROOWH 6WXQGHQYHUJLQJHQGHUPDWWH*ODQ]GHQGDV/LFKWLP)HQVWHU DXIGHQ:HJJHZRUIHQKDWWHHUORVFK'DVWUHLEHQGH*HZ|ONDP +LPPHOGHUXPVFKOHLHUWH0RQGPDKQWHQ3DYHODQGLH :LQWHUQDFKWLQZHOFKHUHUDXVJH]RJHQZDU0LODGDDXVGHU *HIDQJHQVFKDIW]XEHIUHLHQ :DVIUHLQ1DUUZDUHUGDPDOVJHZHVHQ ZDVIUHLQ1DUU JHEOLHEHQELVDXIGHQKHXWLJHQ7DJ
9RQGHPHLQ]LJHQGHULKQQLHEHVFKLPSIWGHPHLQ]LJHQGHULKP MHHLQH:RKOWDWHUZLHVHQKDWWHHUVLFKLQEO|GVLQQLJHP0LWUDXHQ DEJHZHQGHWXQGZDUGHU%HWUJHULQXQWHUZUILJJHZHVHQGLHLKQ ]XPEHVWHQKDWWHLKQEHVWDKOXQGYHUODFKWH2K JDQ]JHZL YHUODFKWHXQGYHUVSRWWHWH6LH VSRWWHWHVRJHUQGLH9LQVNDXQG VROHLFKWEHLYLHOJHULQJHUHQ9HUDQODVVXQJHQDOVVHLQH JUHQ]HQORVH'XPPKHLWHLQHZDU :DVWXLFKLKU"IUDJWHHUVLFKSO|W]OLFKXQGDQWZRUWHWHDXFK VRJOHLFK,FKVFKODJVLHWRW
.HLQHhEHUOHJXQJZDVGDQQ"1LFKWGLHJHULQJVWH$QJVWQLFKWGHU NOHLQVWH6NUXSHOQLFKWHLQPDOHLQ=ZHLIHODQGHU$XVIKUEDUNHLW VHLQHVUDVFKJHIDWHQ9RUVDW]HV
(UVWDQGDXI|IIQHWHOHLVHGLH7UKROWHGHQ.QWWHO9LUJLOVYRP +HUGHXQGOHJWHLKQQHEHQVLFKQDFKGHPHUVHLQHQIUKHUHQ3ODW] XQGVHLQHIUKHUH6WHOOXQJZLHGHUHLQJHQRPPHQKDWWH 1XQNDPHLQHJURH5XKHEHULKQGLH$XJHQILHOHQLKP]XXQG HUVFKOLHIHLQ1LFKWWLHIVRKDOEXQGKDOEZLHHU]XVFKODIHQ SIOHJWHZHQQHUGLH1DFKWPLWGHQ3IHUGHQGUDXHQDXIGHU +XWZHLGH]XEUDFKWH
'HU0RUJHQGlPPHUWHDOVOHLFKWH6FKULWWHGLHVLFKQlKHUWHQLKQ ZHFNWHQ6LHZDU V+HLWHUEHTXHPXQGIULHGOLFKPLWLKUHU XQVFKXOGLJSILIILJHQ0LHQHNDPVLHHLQKHU]|JHUWHHLQZHQLJDOV VLH3DYHOGDOLHJHQVDKEHWUDWGDQQJDQ]VDFKWHGLH6WXIHQXQG EHXJWHVLFKXPLKQ]XU6HLWH]XVFKLHEHQ 'DSDFNWHHUVLHDP )XXQGULVLH]X%RGHQ6LHILHORKQHHLQHQ/DXWHUKREVLFK DEHUVRJOHLFKDXIGLH.QLHZlKUHQGHUQDFKGHP.QWWHOJULII (LQ%OLFNLQGHV-XQJHQ*HVLFKWXQGDXVGHPLKULJHQZLFKDOOHV %OXW ª3DYHO©VWDPPHOWHVLHªZDVIlOOWGLUHLQ GXZLUVWPLFKGRFK QLFKWVFKODJHQ"©
6LHVWHPPWHEHLGH$UPHJHJHQVHLQH%UXVWXQGVDKDQJVWYROOXQG EHEHQG]XLKPHPSRU
ª6FKODJHQQLFKW HUVFKODJHQZHUGLFKGLFK©DQWZRUWHWHHUGXPSI XQGZDQGWHGHQ.RSIXPLKUHQIOHKHQGHQ$XJHQDXV]XZHLFKHQ ª$EHU]LHK]XYRUPHLQH6WLHIHODXV© ª-HVXV0DULDZHJHQGHU6WLHIHOZLOOVWPLFKXPEULQJHQ"© ª-DLFKZLOO©
ª6FKUHLQLFKWVRGLH$OWHQZDFKHQDXI© ª$OOHVHLQV©
6LHVFKPLHJWHVLFKDQLKQHLQVFKFKWHUQHV/lFKHOQXP]XFNWH LKUH/LSSHQª6LHNRPPHQPLU]X+LOIHZLHNDQQVWPLFKGDQQ WRWVFKODJHQ"*HK VHLVWLOOVHLJXW©
(UVXFKWHVLFKYRQLKUHU8PDUPXQJORV]XPDFKHQGLHLKQ EHVHOLJWHXQGHPS|UWHHUIKOWHPLW=RUQJHJHQVLFKGHQ=RUQ JHJHQVLHXQWHULKUHQ/LHENRVXQJHQVFKZLQGHQª6SLW]EELQ©ULHI HU
ª0DFKNHLQHQ/lUP©PDKQWHVLHªZHQQGLH/HXWH ]XVDPPHQODXIHQZDVKDVWGXGDYRQ"6HLVWLOO6FKODJPLFKWRW PHLQHWZHJHQDEHUVHLVWLOO VFKODJPLFKWRWGXGXPPHU3DYHO© XQGQXQNLFKHUWHVLHVFKRQY|OOLJYHUJQJWXQGVLHJHVJHZL =ZLVFKHQGHQZLUUHQ+DDUHQGLHLKPEHUGLH$XJHQKLQJHQ VFKRHLQ%OLW]YROOGVWHUHU*OXWKHUYRUGHUVLHYRQQHXHP VFKDXGHUQPDFKWH 'DVZDUNHLQW|ULFKWHU-XQJHPHKUHVZDU HLQIUKUHLIHU0DQQGHUVLHDQJHEOLFNWKDWWHXQGLQVWLQNWPlLJ UHWWHWHVLHVLFKLQGHU)XUFKWYRULKP DQVHLQH%UXVW ª7XPLUQLFKWV:LHOHLGZlUHGLU©
6LHVWDQGQHEHQLKPXQGKLHOWVHLQH+DQGGHUGHU.QWWHO HQWVXQNHQZDU6LHEDWVLHVFKPHLFKHOWHVLHVXFKWHLKQ]X UKUHQXQGKLHOWVLFKVHOEVWHLQH7RWHQNODJHª2 ZLHOHLGZlUHGLU XPPLFKQLHPDQGHPVROHLGZLHGLUXPGLHDUPH9LQVND© ª'XELVWQLFKWDUP©IXKUHUVLHDQªGXQLFKW6FKOHFKWELVWGX XQGLFKJHKDXIV%H]LUNVDPWXQGYHUNODJGLFK© ª:HJHQGHU6WLHIHO"©IUDJWH VLHXQGODFKWHKHU]OLFKXQGVRUJORV
ª-D©
)OXJVOLH9LQVNDVLFKDXIGLH6WXIHQQLHGHU]RJGLH6WLHIHODXV XQGVWHOOWHGLHVHOEHQYRU3DYHOKLQª'DKDVWVLH*HL]KDOV,FK EUDXFKVLHQLFKW LFKEUDXFKQXUGHP3HWHUHLQ:RUW]XVDJHQ VRNDXIWHUPLU DQGHUHYLHOVFK|QHUH©
3DYHOEUOOWHI|UPOLFKDXIª1HLQQHLQQLPPGLHPHLQHQEHKDOW VLHLFKVFKHQNVLHGLU1XUJHKQLFKWPHKUPLWGHP3HWHU 9HUVSULFK V©(UIDWHVLHDQGHQ$FKVHOQXQGVFKWWHOWHVLHGD LKU+|UHQXQG6HKHQYHUJLQJª9HUVSULFK VYHUVSULFK V©
ª6HLUXKLJ LFKYHUVSUHFKHHV©DQWZRUWHWH9LQVNDGRFKZDUGHU 7RQLQGHPVLHHVVDJWHVRZHQLJEHU]HXJHQGXQGHVIORJHLQ VRVHOWVDPHU$XVGUXFNEHULKU*HVLFKWGD3DYHOGLH)DXVW EDOOHQGGURKWHª1LPPGLFKLQDFKW©
'LHQlFKVWH:RFKHEUDFKWHYLHOH5HJHQWDJHXQGDQMHGHP WUEHQ0RUJHQSDFNWH3DYHOVHLQH6FKXOVDFKHQ]XVDPPHQXQG JLQJ]XP*HOlFKWHUDOOHUGLHLKPDXIGHP:HJHGDKLQ EHJHJQHWHQLQGLH6FKXOH'RUWVDHUGHUHLQ]LJHVHLQHV$OWHUV XQWHUODXWHU.LQGHUQXQGLPPHUDXIGHPVHOEHQ3ODW]GHPOHW]WHQ DXIGHUOHW]WHQ%DQN$QIDQJVWDWGHU/HKUHUDOVREHULKQQLFKW EHPHUNWHHUVWQDFKOlQJHUHU=HLWEHJDQQHUZLHGHUVLFKPLWLKP ]XEHVFKlIWLJHQ(LQPDODOVGLH6WXQGHEHHQGHWZDUGLH6WXEH VLFKJHOHHUWKDWWH3DYHO DEHUIRUW]XJHKHQ]|JHUWHIUDJWHLKQGHU /HKUHUª:DVZLOOVWGXHLJHQWOLFK",QGHLQHP%HUXINDQQVWGXGLFK EHLPLUQLFKWDXVELOGHQ©
3DYHOPDFKWHYHUZXQGHUWH$XJHQXQGGHU/HKUHUIXKUIRUWª+DVW GXPLUQLFKWJHVDJWGDGXHLQ'LHEZHUGHQZLOOVW"1XQ 8QJOFNVEXE 8QWHUULFKWLP6WHKOHQJHELFKQLFKW© 'HP3DYHOVFKZHEWHVFKRQGLH$QWZRUWDXIGHU=XQJH'DUXPLVW PLU VDXFKQLFKW]XWXQYHUVWHK VRKQHKLQ$EHUHUEH]ZDQJVLFK XQGVDJWHQXUª/HVHQXQGVFKUHLEHQP|FKWLFKOHUQHQ© ª=XU1RWNDQQVWGX V MD©
ª-XVW]XU1RWNDQQLFK VQLFKW© ª0XWGLUKDOW0KJHEHQ©
ª*HEPLU0KNDQQ VGRFKQLFKW© ª*LEGHLQ%XFKKHU©
3DYHOVFKWWHOWHGHQ.RSIª$XVGHP%XFKNDQQLFK VVFKRQDEHU GD©HUIXKUPLWGHU+DQGGLHKHIWLJ]LWWHUWH]ZLVFKHQVHLQ +HPGXQGVHLQH%UXVWXQG]RJHLQHQ]HUNQLWWHUWHQ%ULHIKHUYRU ªGDKDWPLUGHU%RWHHWZDVYRQGHU3RVWJHEUDFKW© ª*HVFKULHEHQHV"-DVRGDVLVWIUHLOLFKHLQHDQGHUH6DFKHGD ZUGHLFKZRKOVHOEHU0KHKDEHQ©
6HLQ6FKHU]UHXWHLKQDOV3DYHOGHQVHOEHQIU(UQVWQDKPXQG ]XPHUVWHQ0DOHLP/HEHQGHPWLJVSUDFKª,FKP|FKWGHQ+HUUQ /HKUHUGRFKELWWHQGDHU VSURELHUW© 3DYHONWHZHQQPDQVRVDJHQGDUIGDV%ODWWPLWGHQ$XJHQ XQGUHLFKWHHVGHP$OWHQKLQVRUJIlOWLJlQJVWOLFKZLHHLQOHLFKW ]XEHVFKlGLJHQGHV.OHLQRG
'HU/HKUHUHQWIDOWHWHHVXQGEHUIORJGLH=HLOHQª(VLVWHLQ%ULHI 3DYHO XQGZHLWGXYRQZHP"© ª(UZLUGYRQPHLQHU6FKZHVWHU0LODGDVHLQDXVGHP.ORVWHU© ª1HLQHULVWQLFKWYRQGHLQHU6FKZHVWHUDXVGHP.ORVWHU© ª1LFKW"©
ª(ULVWYRQGHLQHU0XWWHUDXVGHP©HUVWRFNWHXQGGHU%XUVFKH HUJlQ]WHPLWSO|W]OLFKYHUlQGHUWHU0LHQHXQGUDXKHU6WLPPH ª$XVGHP=XFKWKDXV© ª:LOOVWGXLKQK|UHQ"©
3DYHOKDWWHGHQ.RSIVLQNHQODVVHQXQGDQWZRUWHWHGXUFKHLQ VWXPPHV1LFNHQ 'HU/HKUHUODV
ª0HLQ6RKQ3DYHO
9RUGUHLPRQDWKDEHLFK0HLQHIHGHUDQGDVSDSLHUJHVHW]WXQG PHLQHU7RFKWHU0LODGDHLQLJH3DU]HLOHQLQGDV.ORVWHUJHVFKULHEHQ PHLQH7RFKWHU0LODGDKDWVLHDEHUQLFKWEHNRPPHQGLH .ORVWHUIUDXHQKDEHQ,KULKQQLFKWJHJHEHQVLH KDEHQ0LUVDJHQ ODVVHQGDVEHVWHLVWZHQQVLHYRQGHUPXWWHUQLFKWVK|UWVRZHL ,FKQLFKWRE,FKUHFKWWXZHQQ,FKGLUVFKUHLEH3DYHOPHLQOLHEHU VRKQPLWGHUELWWHGDGXPLUDQWZRUWHQVROOVWREPHLQH3DU]HLOHQ GLFKXQG0LODGDGHLQHOLHEHVFKZHVWHULQJXWHU*HVXQGKHLW DQWUHIIHQZDV0LFKEHWULIIWLFKELQJHVXQGXQGVRZHLW]XIULHGHQ LQPHLQHPSODW]
GHLQH0XWWHU
0HLQH]ZHLNLQGHUWDJXQGQDFKW%HWH,FKIUHXFK]XP /LHEHQJRWWJODXEHDXFKGDPHLQHWRFKWHU0LODGDHLQHNOHLQH NORVWHUIUDXZHUGHQZLUGZHQQHVGLH=HLWVHLQZLUGXQGDUEHLWH IOHLLJKLHULPKDXVHZDVPLU]XUFNJHOHJWZLUGIUPHLQHNLQGHU ,QVHFKV-DKUHQPHLQOLHEHUVRKQ3DYHOZHUGHLFKZLHGHU 1DFKKDXVNRPPHQXQGELWWHXFKQRFKGDLKUPDQFKHVPDO LQJXWHQDQGLH0XWWHUGHQNWGLHlUPVWHDXI GHUZHOW©
'LH/HWWHUQGHV%ULHIHVZDUHQVWHLIXQGUXKLJKLQJHPDOWEHLGHU 1DFKVFKULIWKDWWHGLH+DQGJH]LWWHUWJURHPDWWH)OHFNHQDXI GHP3DSLHUYHUULHWHQGDVLHXQWHU7UlQHQJHVFKULHEHQZRUGHQ ZDUHQ0LW0KHHQW]LIIHUWHGHU9RUOHVHUGLHKDOEYHUZLVFKWHQ =JHXQGLKQHUJULIIGLH)OOHGHV/HLGVXQGGHU/LHEHGLHVLFKLQ GLHVHUDUPVHOLJHQ.XQGJHEXQJDXVVSUDFK ª3DYHO©VDJWHHUªGXPXWGHLQHU0XWWHUVRJOHLFKDQWZRUWHQ© 'HU-XQJHKDWWHVLFKDEJHZHQGHWXQGVWDUUWHILQVWHU]X%RGHQ ª:DVVROOLFKLKUDQWZRUWHQ"©PXUPHOWHHU ª:DVGHLQ+HU]GLUHLQJLEWIUGLHXQJOFNOLFKH)UDX© 3DYHOYHU]RJGHQ0XQGª(VJHKWLKUMDJXW© ª*XWGXGXPPHU%XE"JXWLP.HUNHU"©
'HUDOWH0DQQJHULHWLQ(LIHUHUZXUGHZDUPXQGEHUHGVDPGLH VFK|QHQXQGYRUWUHIIOLFKHQ'LQJHGLHHUVDJWHHUJULIIHQLKQ VHOEVWOLHHQ3DYHOMHGRFKNKO(UKDWWHDXIGLH9RUVWHOOXQJHQ GHV/HKUHUV]ZHL$QWZRUWHQGLHHUKDUWQlFNLJZLHGHUKROWHREVLH SDWHQRGHUQLFKWª6LHVDJWMDVHOEVWGDHVLKUJXWJHKW©XQG ª'LH6FKZHVWHUVFKUHLEWLKUQLFKWZDUXPVROOLFKLKUVFKUHLEHQ"© ª+DVWGXGHQQJDUNHLQ*HIKOIUGHLQH0XWWHU"©IUDJWHGHU /HKUHUHQGOLFK ª1HLQ©HUZLGHUWH3DYHO
'HU$OWHVFKWWHOWHVLFKYRU8QJHGXOGª,FKGHQNGHU=HLWZRGX HLQ.LQGZDUVW©VSUDFKHUªXQGEUDYXQWHUGHU2EKXWGHLQHU EUDYHQ0XWWHUGLHGLFK]XU$UEHLWDQJHKDOWHQKDW*ORW]GXQXU %UDYXQGUHFKWVFKDIIHQVDJLFK'DVZDUVLHDEHUOHLGHUJDU]X JHVFKUHFNWXQGLPPHUKDOEQlUULVFKDXV$QJVWYRUGHP QLHGHUWUlFKWLJHQ1D©XQWHUEUDFKHUVLFK ªMHGHU0HQVFKKDW 0LWOHLGPLWLKUJHKDEWVRJDUGHQ5LFKWHUQKDWVLH(UEDUPHQ HLQJHIO|WQXUGXLKU6RKQELVWPLWOHLGVORVJHJHQVLH:DUXP GHQQZDUXP",FKIUDJHGLFKJLE$QWZRUWVSULFK©(UVFKREGLH %ULOOHLQGLH+|KHXQGQlKHUWHGLHNXU]VLFKWLJHQ $XJHQGHP *HVLFKWH3DYHOV,QGHQ=JHQGHVVHOEHQPDOWHVLFKHLQHLVHUQHU :LGHUVWDQGDXVGHQGVWHUHQ$XJHQIXQNHOWHHLQ$EJODQ]MHQHU (QWVFKORVVHQKHLWGLHDXIHLQHJURH6DFKHJHVWHOOWGHQ0lUW\UHU PDFKW
'HU$OWHVHXI]WHWUDW]XUFNXQGVDJWHª*HKPLWGLULVWQLFKWV DQ]XIDQJHQ©$OV3DYHOVFKRQDQGHU7UZDUULHIHULKPDEHU GRFK+DOW]X ª(LQVQXUZLOOLFKGLUVDJHQ(VLVWGLUQLFKWDOOHV HLQVLFKKDEHVEHPHUNWZHQQGLH/HXWHGLFKVFKLPSIHQHLQH =HLWNDQQNRPPHQLQZHOFKHUGXIURKZlUVWJXW]XVWHKHQPLW GHQ/HXWHQXQGJHUQHK|UHQP|FKWHVW,QVHLQHU-XJHQGZDUGHU 3DYHOHLQ1LFKWVQXW]DEHUMHW]WKlOWHUVLFKRUGHQWOLFK)UGHQ )DOOPHUNGLUPHUNGLU3DYHO©ZLHGHUKROWHHUQDFKGUFNOLFKXQG HLQHVFKZDFKH5|WHVFKLPPHUWHGXUFKGDVIDKOH*UDXVHLQHU :DQJHQª0DFKGLFKQLFKW]XGHLQHPHLJHQHQ9HUOHXPGHU'DV 6FKOHFKWHGDVGLHDQGHUQYRQGLUDXVVDJHQNDQQEH]ZHLIHOW NDQQYHUJHVVHQZHUGHQGXNDQQVWHVQLHGHUOHEHQ'DV 6FKOHFKWHMDVRJDUGDV:LGHUVLQQLJHXQG'XPPHGDVGXYRQGLU VHOEVWDXVVDJVWGDVSXW]WVLFKQLFKWKLQZHJGDVKDIWHWDQGLUZLH GHLQHHLJHQH+DXW GDVEHUOHEWGLFKQRFK© (UHUKREGLH+lQGHEHUGHQ.RSIKXVFKWHVRSODQORVXQG XQEHKROIHQLP=LPPHUXPKHUZLHHLQDXVGHP6FKODIH JHVFKHXFKWHU1DFKWIDOWHUXQGZLPPHUWHXQGVW|KQWHª9HUJL PHLQHWZHJHQDOOHVZDVLFKGLUJHVDJWKDEHDEHUGHQ5DWYHUJL GXQLFKWGHQJHELFKGLUDXVPHLQHUHLJHQHQ(UIDKUXQJ©
3DYHOEHWUDFKWHWHGHQ6FKXOOHKUHUQDFKGHQNOLFKGHUDOWH+HUUWDW LKPOHLGXQGNDPLKP]XJOHLFKXQHQGOLFKW|ULFKWYRU:RUEHU NUlQNWHHUVLFK".RQQWHHVGDUEHUVHLQGDGLH/HXWHLKQHLQHQ +H[HQPHLVWHUQDQQWHQ"'DVZlUHDXFKGHU0KHZHUW
)UVHLQ/HEHQJHUQKlWWHHUVLFKHUNXQGLJWZXWHDEHUQLFKWZLH GLH)UDJHVWHOOHQ(UQDKPVRODQJHNHLQH1RWL]YRQGHV/HKUHUV HQWODVVHQGHQ:LQNHQELVGLHVHULKQKHIWLJDQOLHª:DVZLOOVWGX QRFK"©'DQQJDEHU]XU$QWZRUWª:LVVHQZDVGHQ+HUUQ/HKUHU NUlQNW© +DEUHFKWERJVLFK]XUFNWDWHLQHQWLHIHQ$WHP]XJXQGVFKOR GLH$XJHQª6SlWHU3DYHOVSlWHUMHW]WZUGHVWGXPLFKQLFKW YHUVWHKHQ© 'DSODW]WH3DYHOKHUDXVª'DVZHJHQGHU+H[HUHL"©
(LQXQZLOONUOLFKHU$XIVFKUHLª-DMD©XQGGHU/HKUHUSDFNWHLKQ DQGHQ6FKXOWHUQXQGVFKRELKQDXVGHU7U
$OVRULFKWLJGHU$OWHJUlPWHVLFKEHUGHQ9HUGDFKWLQGHPHULP 'RUIHVWDQG 8QEHJUHLIOLFKNLQGLVFKHUVFKLHQGDVGHP3DYHOVHLQ *|QQHUZXUGHYRQ6WXQGHDQHLQ6FKZlFKOLQJLQVHLQHQ$XJHQ XQGHUVFKOXJGHVVHQHLQGULQJOLFKVWH:DUQXQJLQGHQ:LQG-DVLH UHL]WHLKQVRJDULKU]XZLGHU]XKDQGHOQ'LH/HXWHVROOHQLKQQXU IUVFKOHFKWHUKDOWHQDOVHULVWHUZLOO V QDFK/REXQG/LHEH JHL]HQGLH)HLJOLQJHVLFKVDJHQ]XGUIHQ,FKELQEHVVHUDOV LUJHQGHLQHUZHL GDVLVWGLHKHUEHGLHUHFKWH:RQQHIUHLQ VWDUNHV+HU] 'HQ%ULHIGHU0XWWHUEHPKWHVLFK3DYHOQDFK]XEXFKVWDELHUHQ XQGMHW]WZRHUGHVVHQ,QKDOWNDQQWHJHODQJHVLKPVR]LHPOLFK 9LQVNDEHUUDVFKWHLKQEHLGHU%HVFKlIWLJXQJZROOWHZLVVHQZDV HUODVXQGDOVHULKUHLQH$XVNXQIWGDUEHUYHUZHLJHUWHVXFKWH VLHLKPGDV%ODWW]XHQWUHLHQ
ª:DV"©]UQWHVLHGDHULKUZHKUWHªGXZLOOVWPLUYHUELHWHQGD LFKPLWGHP3HWHUJHKHKDVWDEHU*HKHLPQLVVHYRUPLU"NULHJVW %ULHIHXQGYHUVWHFNVWVLH"©,KUHKEVFKHQ%UDXHQ]RJHQVLFK ]XVDPPHQXPGHQ0XQG]XFNWHHLQXQEH]ZLQJOLFKHV/lFKHOQ ª0HLQVWGHQQGDLFKQLFKWHLIHUVFKWLJELQ"© 6LHVFKHU]WHVLHYHUK|KQWHLKQHUZXWHHVXQG ZDUEHVHOLJW GDVLHVRPLWLKPVFKHU]WHª-DMXVW HLIHUVFKWLJ'XZLUVWMXVW HLIHUVFKWLJVHLQ©EUXPPWHHUXQGHLQ+LPPHOWDWVLFKYRULKP DXIEHLGHP*HGDQNHQZLHHVGHQQZlUHZHQQDXVGHP6SLHO GDVVLHMHW]WPLWLKPWULHEHLQPDO(UQVWZHUGHQVROOWH(LQPDOLQ
GHUZHLWHQXQDEVHKEDUHQ=XNXQIWGLHQRFKYRULKPODJXQG ZHOFKHUHUZHQQDXFKVRQVWQLFKWVGRFKHLQIHVWHV9HUWUDXHQDXI GLHHLJHQH.UDIWHQWJHJHQWUXJ 'LH9LQVNDKDWWHHLQH+DQGDXIGLHVFKODQNH+IWHJHVWHPPWXQG VWUHFNWHGLHDQGHUHQDFKLKPDXVª9RQZHPLVWGHU%ULHI 3DYOLFHN"©IUDJWHVLHVFKPHLFKHOQGXQGVFKHOPLVFKªGHU%ULHI GHQGXDQGHLQHP+HU]FKHQYHUVWHFNVW"© ª9RQPHLQHU0XWWHU©DQWZRUWHWHHUUDVFKXQGZDQGWHVLFKDE
9LQVNDWDWHLQHQ$XVUXIGHV(UVWDXQHQVª:HQQ VZDKULVW,FK KlWWQLFKWJHJODXEWGDGLHLP=XFKWKDXV%ULHIHVFKUHLEHQ GUIHQ:DVN|QQWHQVLHDXFKVFKUHLEHQ" JXWH/HKUHQYLHOOHLFKW ZLHPDQ VDQVWHOOHQVROOXP]XLKQHQ]XJHODQJHQLQVIUHLH 4XDUWLHU© 3DYHOQDJWHJHTXlOWDQGHQ/LSSHQ
ª:LUIGHQ%ULHIZHJ©IXKU9LQVNDIRUWªXQGVDJQLHPDQGHPGD GXLKQJHNULHJWKDVWHVVROOQLFKWKHLHQGD]XXQV%ULHIH NRPPHQDXVGHP=XFKWKDXV'LH/HXWHVDJHQXQVRKQHKLQJHQXJ hEOHVQDFK© ª1RFKLPPHUZHQLJHUDOVLKUYHUGLHQW©ULHI3DYHOKHIWLJDXVXQG 9LQVNDHUU|WHWHXQGVDJWHYHUZLUUWXQGVDQIWª,FKKDEGHLQ %HVWHVLP6LQQLFKKDEJHVWHUQGHQJDQ]HQ7DJIUGLFKJHQlKW LFKKDEGLUHLQJDQ]QHXHV+HPGJHPDFKW© ª(LQ+HPG VR"©
ª$EHUJODXEPLUPLWGHU0XWWHUVROOVWGXQLFKWV]XWXQKDEHQ JODXEPLUVLHKDWGHQ*DOJHQPHKUYHUGLHQWDOVGHLQ9DWHUXQG HUKDWJHZLUHFKWJHKDEWZLHHULPPHUDXVJHVDJWKDWYRU *HULFKWGDV:HLEKDWPLFKYHUIKUW(UKDWQLFKWVYRQ VLFK JHZXWHUZDUMDLPPHUEHVRIIHQDEHUVLH RKVLHKDW VKLQWHU GHQ2KUHQJHKDEWXQGHVZDUKDOWZLHLP3DUDGLHVPLWGHP $GDPXQGGHU(YD© 6LHVDKLKQODXHUQGYRQGHU6HLWHDQXQGEHJHJQHWHLQVHLQHQ =JHQGHP$XVGUXFNHLQHUDXHURUGHQWOLFKHQ hEHUUDVFKXQJ
ª:DUGHQQGHU$GDPEHVRIIHQ"©IUDJWHHUPLWHKUOLFKHU :LEHJLHU
9LQVNDIDWHLKQDQEHLGHQ2KUHQUWWHOWHLKQXQGODFKWHª2 ZLH GXPPQLFKWYRP$GDPYRQGHLQHP9DWHULVWGLH5HGHXQGGD GHLQH0XWWHULKQYHUOHLWHWKDWGHQ*HLVWOLFKHQ XP]XEULQJHQ© ª6FKZHLJ©ULHI3DYHOªGXOJVW©
ª,FKOJQLFKWLFKVDJZDVLFKJODXEHXQGZDVDQGHUHJODXEHQ© ª:HUZHUJODXEWGDV"©
6LHDQWZRUWHWHDXVZHLFKHQGDEHUHUSDFNWHLKUH$UPHPLWVHLQHQ JURHQ+lQGHQ]RJVLHDQVLFKXQGZLHGHUKROWHª:HUVDJWGDV ZHUJODXEWGDV"©ELVVLHJHlQJVWLJWXQGJHIROWHUWKHUYRUVWLH ª'HU$UQRVW©
ª0LUVROOHU VVDJHQPLULFKVFKODJLKPGLH=lKQHLQXQGVFKPHL LKQLQGHQ%DFK© ª'LUZLUGHU VQLFKWVDJHQYRUGLUIUFKWHWHUVLFK ODPLFKORV LFKIUFKW PLFKDXFKODPLFKORVJXWHU3DYHO©
ª$KDIUFKW VWGLFKIUFKWGLFKQXU©VSUDFKHUWULXPSKLHUHQG XQG HQWZDIIQHW=XP6SDUDQJHUQRFKHLQZHQLJPLWLKUXQG JDEVLHSO|W]OLFKIUHL5HLFKHU/RKQZXUGHLKPIUVHLQH*URPXW ]XWHLOGLH9LQVNDVDKLKQ]lUWOLFKDQXQGOHKQWHHLQHQ$XJHQEOLFN LKUHQ.RSIDQVHLQH6FKXOWHU(LQ)UHXGHQVFKDXHUGXUFKULHVHOWH LKQDEHUHUUKUWHVLFKQLFKWXQGEHPKWHVLFKJOHLFKJOWLJ]X VFKHLQHQ ª3DYHO©EHJDQQ9LQVNDQDFKHLQHU:HLOHªLFKKlWWHLQH%LWWH HLQHJDQ]NOHLQH:LOOVWVLHPLUHUIOOHQ" (VLVWOHLFKW© 6HLQ*HVLFKWYHUGVWHUWHVLFKª'DVVDJVWGXLPPHULFKZHL VFKRQ:DVP|FKW VWGXGHQQZLHGHU"©
ª'HUDOWH6FKORSIDXKDWQRFKHLQSDDUVFK|QH)HGHUQ©VDJWH VLHªUXSIVLHLKPDXVXQGVFKHQNVLHPLU©
6LHEDWLQVRNLQGOLFKHP7RQLKUH0LHQHZDUVRXQVFKXOGLJXQGHU Y|OOLJEH]DXEHUW(UOLHVLFK VQLFKWPHUNHQEUXPPWHHWZDV 8QYHUVWlQGOLFKHVXQGVFKREVLHVDFKWHPLWGHP(OOERJHQZHJ 'DQQQDKPHUGLH3HLWVFKHYRP+HUGXQGJLQJ]XU6FKZHPPH GLH3IHUGH]XVDPPHQ]XKROHQPLWGHQHQHUDXIGHU+XWZHLGH EHUQDFKWHQVROOWH
'LH+XWZHLGHODJLQHLQHU1LHGHUXQJYRUGHP'RUIHQLFKWZHLW YRP.LUFKKRIGHUHLQOlQJOLFKHV9LHUHFNELOGHWHXQGVLFKYRQ HLQHUKRKHQZHLJHWQFKWHQ0DXHUXPJHEHQLQV)HOG KLQHLQVWUHFNWH(VZDUHLQH1DFKWVRODXZLHLP6RPPHULQ XQEHVWULWWHQHP*ODQ]OHXFKWHWHGHU0RQGXQGGLHYRQVHLQHP /LFKWEHUJRVVHQH:LHVHJOLFKHLQHPUXKLJHQ:DVVHUVSLHJHO6WLOO ZHLGHWHQGLH3IHUGH3DYHOKDWWHVLFKLQVHLQHU:lFKWHUKWWH DXVJHVWUHFNWGLH$UPH DXIGHQ%RGHQGDV*HVLFKWDXIGLH+lQGH JHVWHPPWXQGEHREDFKWHWHVHLQH6FKXW]EHIRKOHQHQ'LH )XFKVVWXWHGHV%UJHUPHLVWHUVGLHZHLPlKQLJHZDUIUKHUVHLQ /LHEOLQJJHZHVHQVHLWGHPHUDEHUGHQ6RKQGHV%UJHUPHLVWHUV KDWHKDWHHUDXFKGHVVHQ)XFKVVWXWH6LHNDPDXIDOWH )UHXQGVFKDIWEDXHQG]XWUDXOLFKGDKHUEHVFKQXSSHUWHLKQXQG EOLHVLKQDQPLWLKUHPZDUPHQ$WHP(LQ)OXFKHLQGHUEHU )DXVWVFKODJDXIGLH1DVHZDUGHU'DQNGHQLKUH/LHENRVXQJLKU HLQWUXJ6LHZLFK]XUFNPHKUYHUZXQGHUWDOVHUVFKURFNHQXQG 3DYHOGURKWHLKUQDFK(UKlWWHDOOHVYRQGHU:HOWYHUWLOJHQ P|JHQZDVPLWVHLQHP1HEHQEXKOHULQ=XVDPPHQKDQJVWDQG 'DV9HUVSUHFKHQGHU9LQVNDIO|WHLKPNHLQ9HUWUDXHQHLQHVZDU YLHO]XUDVFKJHJHEHQZRUGHQYLHO]XVHKULQGHU:HLVHLQ ZHOFKHUPDQHLQXQJHVWPHV.LQGEHVFKZLFKWLJW 6LHZLOONHLQ*HVFKUHLNHLQ$XIVHKHQVLHWXWMDVHLWHLQLJHU=HLW VRHKUEDUKDWLKUIUKHUHVEHUPWLJHV:HVHQLKUH *OHLFKJOWLJNHLWJHJHQGLH0HLQXQJGHU/HXWHDEJHOHJW'LH$QJVW XQG+DVWPLWGHUVLHDXVJHUXIHQKDWWHª(VVROOQLFKWKHLHQGD ]XXQV%ULHIHNRPPHQDXVGHP=XFKWKDXV©NODQJGHP3DYHO QRFKLP2KU(UPHLQWHGDV%ODWWDQVHLQHU%UXVWEUHQQHHUJULII GDQDFKXQG]HUNQOOWHHVLQGHUJHEDOOWHQ)DXVW:DVEUDXFKWHVLH LKPDEHUDXFK]XVFKUHLEHQGLH0XWWHU"+DWWHVLHQRFKQLFKW 6FKDQGHJHQXJEHULKQJHEUDFKW"6LHVWDQG]ZLVFKHQLKPXQG DOOHQDQGHUQ0HQVFKHQ=ZLVFKHQLKQXQGGLH9LQVNDGLHVRYLHO EHLLKPJDOWVROOWHVLHLKPQLFKWWUHWHQ,QVHLQHPWLHIVWHQ ,QQHUQJODXEWHMDZXWHHUVHLQH0XWWHUKDWGDVQLFKWJHWDQ
GHVVHQPDQVLHEHVFKXOGLJWXQGGHQQRFKWULHELKQHLQGXQNOHU ,QVWLQNWVLFKVHOEVW]XEHUUHGHQ(VNDQQZRKOVHLQ8QGDXV GHPVFKZDQNHQGHQ=ZHLIHOZXFKVHLQIHVWHU(QWVFKOXKHUYRU ,FKZLOOQLFKWVPHKUPLWLKU]XWXQ KDEHQ,KUHQ%ULHI]HUULHULQ )HW]HQ$XIGHPOHW]WHQGHQHULQGHU+DQGEHKLHOWZDUHQQRFK GLH:RUWH]XOHVHQª'HLQH0XWWHUGLHlUPVWHDXIGHU:HOW© 'DVELVWGXPXWHHUGRFKHWZDVZHKPWLJEHUKUW]XJHVWHKHQ GDVELVWGXYRQMHKHUJHZHVHQ,KUHJURH*HVWDOWWDXFKWHYRU LKPDXILQLKUHP(UQVWLQLKUHU6FKZHLJVDPNHLW$EHQGV HUOLHJHQGXQWHUGHU/DVWGHU$UEHLWGHU1RWGHU0LKDQGOXQJDP 0RUJHQZLHGHUUDVWORVDP:HUNH(UVDKVLFKDOV.LQGDQLKUHU 6HLWHYRQLKUHP%HLVSLHODQJHHLIHUWVFKRQIDVWVRVWLOOXQGVR YHUWUDXWPLWGHU0KVDOZLHVLH(UHULQQHUWHVLFKPDQFKHUGHUEHQ =XUHFKWZHLVXQJGLHHUGXUFKVHLQH0XWWHUHUIDKUHQXQGNHLQHU HLQ]LJHQbXHUXQJLKUHU=lUWOLFKNHLWYLHOHUMHGRFKLKUHU VWXPPHQ)UVRUJHJDQ]EHVRQGHUVGHUDOOWlJOLFK YRUJHQRPPHQHQXQJOHLFKHQ7HLOXQJGHV%URWHV(LQJURHV6WFN IUMHGHV.LQGHLQNOHLQHVIUVLHVHOEVW 3DYHOEHJDQQGLH)HW]HQGHV%ULHIHV]XVDPPHQ]XOHJHQOHJWHVLH DXIHLQDQGHUXQGEHWUDFKWHWHGDV3lFNFKHQXQJHZLZDVHU GDPLWDQIDQJHQVROOWH (QGOLFKWUXJHU V]XP)ULHGKRIXQGEHJUXE HVGRUW]XGHQ)HQGHU0DXHUXQWHUGHQKHUEHUKlQJHQGHQ =ZHLJHQHLQHU7UDXHUHVFKH
,QVHLQH+WWH]XUFNJHNHKUWOHJWHHUVLFKKLQXQGVFKOLHIHLQXQG WUlXPWHYRQGHPVFK|QHQ+HPGHGDV9LQVNDIULKQJHQlKWXQG GDVHLQHJURH)UDXPLWYHUKOOWHP$QWOLW]LQGXQNOH 6WUlIOLQJVJHZlQGHUJHNOHLGHWLKPVWUHLWLJ]XPDFKHQVXFKWH'DV %LOGGLHVHU)UDXYHUIROJWHLKQIRUWDQXQGZHQQHULQPRQGKHOOHQ 1lFKWHQQXUHLQH:HLOHXQYHUZDQGWQDFKGHP)ULHGKRIEOLFNWH EDOOWHHVVLFK]XVDPPHQDXV1HEHOXQG'XQVWXQGJOLWWDQGHU VFKLPPHUQGHQ0DXHUYRUEHL3DYHOVWDUUWHGLH(UVFKHLQXQJPLW WLHIHP*UDXHQDQXQGGDFKWH0HLQH0XWWHULVWYHUPXWOLFK JHVWRUEHQXQGªPHOGHW©VLFKEHLPLU 'HU9LQVNDHU]lKOWHHUYRQGLHVHP(UOHEQLVQLFKWVKlWWHDXFK NHLQH*HOHJHQKHLWGD]XJHKDEW6LHZDUXQIUHXQGOLFKPLWLKP JXFNWHLPPHUQDFKVHLQHQ+lQGHQZHQQHUKHLPNDPVDJWH VSLW]ª6FK|Q'DQNIUGLH)HGHUQ© XQGJLQJLKPEULJHQV VFKPROOHQGDXVGHP:HJH (UVDKZRKOHLQGDVZUGHQLFKW
DQGHUVZHUGHQEHYRUHULKUGHQ:LOOHQJHWDQXQGVREHTXHPWH HUVLFK]XU(UIOOXQJLKUHVNLQGLVFKHQ:XQVFKHVGLHLKPHLQH OHLFKWH6DFKHVFKLHQ6HLW0LODGDV$EUHLVHVWDQGGLH3IRUWHGHV 6FKORJDUWHQVZLHGHURIIHQYRQIUKELVDEHQGVXQGGHUDOWH3IDX VWHO]WHXQ]lKOLJH0DOHLP7DJDQLKUYRUEHL
(UKDWWHLQGHU7DWQXU5HVWHVHLQHVVRPPHUOLFKHQ)HGHUVFKPXFNV EULJEHKDOWHQGUHL3UDFKWH[HPSODUHDQOlFKHUOLFKODQJHQYRQ 1DFKZXFKVQRFKXQEHGHFNWHQ.LHOHQ(LQHV7DJHVODXHUWH3DYHO LKPDXIXQGDOVHULKQNRPPHQVDKVFKOLFKHULKPQDFKLQGHQ *DUWHQ/lQJVHLQHVVFKPDOHQ:HJHVGHQ%lXPHXQG%VFKH JHJHQGDV+DXVGHFNWHQVFKULWWGHU9RJHOJHPlFKOLFKKLQXQG SLFNWHDXVSXUHU-DJGOXVWKLHXQGGDHLQ,QVHNWYRP%RGHQDXI 3O|W]OLFKPXWHHUVROHLVH3DYHODXFKDXIWUDWGHVVHQ6FKULWWH YHUQRPPHQKDEHQGHQQHUEOLHEVWHKHQUHFNWHPLWHLQHU UDVFKHQ:HOOHQEHZHJXQJGHQ+DOVXQGZDQGWHGHQ.RSIVHLQHP 1DFKIROJHU]XZLHIUDJHQG:DVZLOOVWGXYRQPLU" :LUVWJOHLFK VHKHQGDFKWHGHU%XUVFKHXQGDOV0HLVWHU3IDXHLQ VFKQHOOHUHV 7HPSRHLQVFKOXJPDFKWH3DYHOHLQSDDU6lW]HJOLWWDXVXQGILHO QLHGHUYHUORUDEHUGLH*HLVWHVJHJHQZDUWQLFKWVRQGHUQVWUHFNWH GLH+DQGDXVXQGHQWULPLWIHVWHPJOFNOLFKHP*ULIIGHP9RJHO DXIHLQPDOVHLQHOHW]WH=LHU'HUVWLHHLQUDXKHV$ODUPJHVFKUHL KHUYRUPDFKWHNHKUWVFKQHOOWHKDOEIOLHJHQGKDOEVSULQJHQG HPSRUXQGHKHGHUQRFKDP%RGHQ/LHJHQGHVLFKEHVDQQVD LKPGDV]RUQLJH7LHULP1DFNHQXQGKDFNWHPLWGHPKDUWHQ VFKDUIHQ6FKQDEHODXIVHLQHQ.RSIVHLQH6FKOlIHQORV(VWDW ZHKNDPGHP3DYHOMHGRFKVHKUNRPLVFKYRUGDHLQ9RJHOVLFK LQHLQHQ.DPSIPLWLKPHLQOLH(UODFKWH ZRKOHWZDVNUDPSIKDIW XQGPDFKWHHLQHKHIWLJH$QVWUHQJXQJGDV7LHUDE]XVFKWWHOQ $EHUHVNUDOOWHVLFKPLWXQKHLPOLFKHU6WlUNHIHVWHUVSUHL]WHGLH )OJHOKLHOWVLFKLP*OHLFKJHZLFKWXQGLPPHUIRUWNUHLVFKHQG VWUHFNWHHVGHQNOHLQHQ.RSIZHLWYRUGLH$XJHQVHLQHV)HLQGHV VXFKHQGXQGEHGUlXHQG 'DZXUGHGLHVHPDQJVW0LWEHLGHQ+lQGHQJULIIHUQDFKGHP ODQJHQEODXHQ+DOVGHVVHQ*HILHGHUVLFKXQWHUVHLQHQ)LQJHUQ VWUlXEWHXQGGUHKWHLKQ]XVDPPHQZLH]XHLQHP.QRWHQ'DV 7LHUJDEQRFKHLQHQVFKULOOHQYHU]ZHLIOXQJVYROOHQ/DXWXQGJOLWW EHU3DYHOV6FKXOWHU]XU(UGHZRHVDXIGHP5FNHQOLHJHQEOLHE PLW]XVDPPHQJH]RJHQHQ]XFNHQGHQ)HQ2EWRWKDWWHGHU 6LHJHUQLFKWPHKU=HLWVLFK]XEHU]HXJHQGHQQHUVDKDXVGHP
6FKORVVH/HXWHKHUEHLNRPPHQUDIIWHGLH)HGHUQYRP*UDVHDXI XQGZDUZLHGHU%OLW]DXVGHP*DUWHQ'UDXHQDXIGHU6WUDH PlLJWHHUVHLQH6FKQHOOLJNHLWXPQLFKWGXUFKVLHGLH $XIPHUNVDPNHLWGHU9RUEHUJHKHQGHQ]XHUUHJHQ'DV+HU] SRFKWHLKPKHIWLJXQGHUGDFKWHDQGHQ/lUPGHQHVLP 6FKORVVHEHLGHU$XIILQGXQJGHU]DSSHOQGHQ3IDXHQEHVWLH DEVHW]HQZUGH$QGHU6SLW]HGHU6FKDUGLHDXIGHUHQ*HVFKUHL QDFKGHP.DPSISODW]JHHLOW ZDUPHLQWHHUGLH)UDX%DURQLQ HUNDQQW]XKDEHQ
(LQH:HLOHJLQJ3DYHOXQEHKHOOLJWVHLQHV:HJHVXQGKRIIWHVFKRQ GHP9HUGDFKWXQGGHU*HIDKUHQWURQQHQ]XVHLQDOVGLH5XIH ª*DOJHQVWULFNVFKOHFKWHU%XE©DQVHLQ2KUVFKOXJHQXQGLKQ HLQHVDQGHUHQEHOHKUWHQ+LQWHULKPKHUZDUHQZLHHUVLFKGXUFK HLQHQUDVFKHQ%OLFNEHU]HXJWHGHUVFKPlFKWLJHUXQGUFNLJH *lUWQHUXQG]ZHLDOWH$UEHLWHUª*UHLIDXVHOHQGHV.USSHOYRON© K|KQWH3DYHOXQGVFKRYRUZlUWVLPOHLFKWHQZHJYHUVFKOLQJHQGHQ /DXI (UKDWWHHLQHQJXWHQ9RUVSUXQJYRUVHLQHQ9HUIROJHUQXQGDOVHU ]XUHQQHQEHJDQQZXUGHHLQQRFKYLHOEHVVHUHUGDUDXV$QGHP $XIVHKHQGDVHUHUUHJWHODJLKPMHW]WQLFKWVPHKUVRQGHUQQXU GDUDQVHLQHQ5DXELQ6LFKHUKHLW]XEULQJHQ*OKHQGPLW IXQNHOQGHQ$XJHQVWUPWHHULQGLH+WWH9LQVNDVWDQGDOOHLQLP )OXUXQGHUU|WHWHYRU)UHXGHDOV3DYHOLKUGLH)HGHUQKLQUHLFKWH %HLVHLQHQKDVWLJKHUYRUJHVWRHQHQ:RUWHQª9HUVWHFNVLH YHUVWHFNGLFK©HUVFKUDNVLHMHGRFKVHKUXQGIUDJWHª:DVJLEW V PLWLKQHQ",FKPDJVLHJOHLFKQLFKWZHQQ VZDVPLWLKQHQJLEW© (UGUDQJLKUGDVJHVWRKOHQH*XWDXIVFKREVLHLQGLH6WXEHXQG WUDWVHOEVW]XP(LQJDQJGHU+WWH]XUFNZRHUVLFKDQGHQ 7USIRVWHQOHKQWHGLH$UPHNUHX]WHXQGWURW]LJHQ0XWHVGLH +lVFKHUHUZDUWHWH
'HU$QIKUHUGHUVHOEHQZDUVRDXIJHUHJWGDHUQXUDEJHEURFKHQ VHLQH%HIHKOHHUWHLOHQNRQQWHª3DFNWLKQ3DFNWGHQ+XQG,QV 6FKORPLWLKP©ULHIHUVHLQHQ%HJOHLWHUQ]X]ZHLHQSUHKDIWHQ XQGIULHGIHUWLJHQ0HQVFKHQGLHHLQDQGHUDQVDKHQXQGGDQQLKQ XQGGDQQ ZLHGHUHLQDQGHU 3DFNHQ"ZDUGDVLKUH6DFKH"6LH KLHOWHQVLFKIUYHUGLHQVWYROOH*lUWQHUJHKLOIHQZHLOVLH]XP 5HFKHQJULIIHQXQGPLWLKPDXIGHQ:HJHQKHUXPVFKDUUWHQ VREDOGVLHGLH6FKORIUDXHUEOLFNWHQ'HQ5HVWGHV7DJHVODJHQVLH
LP*UDVWUDQNHQ6FKQDSVXQGUDXFKWHQ]XZHLOHQPHLVWHQV MHGRFKVFKOLHIHQVLH
'HP3DYHOZlUHHVQXUHLQ6SLHOXQG]XJOHLFKHLQZDKUHV *HQJHQJHZHVHQGLH*XDUGLDDQ]XUHQQHQXQG]X%RGHQ]X VFKODJHQDEHUXP9LQVNDVZLOOHQXQGLKUHU$QJVWYRUHLQHP 6NDQGDOYHU]LFKWHWHHUDXIGLHVH(UJ|W]OLFKNHLWXQGOLHVLFKUXKLJ EHLP.UDJHQQHKPHQZDVGLHEHLGHQ$OWHQ]DJKDIWXQGRKQH LQQHUHhEHU]HXJXQJWDWHQ,QGHVVHQZXFKVLKQHQGHU.DPPEHL GHU:LGHUVWDQGVORVLJNHLWPLWGHU3DYHOVLFKLQVHLQ6FKLFNVDO HUJDEXQGHLQJURHU6WRO] HUZDFKWHLKQHQDOVVLHGHQZLOGHQ %XEHQGHPVLHVRQVWYRQZHLWHPDXVZLFKHQDOV*HIDQJHQHQ GXUFKGDV'RUIIKUWHQ'HU*lUWQHUGHU=HWHUXQG0RUGLRVFKULH ELOGHWHGLH1DFKKXWXQGGLH6WUDHQMXJHQGOLHIPLWª:DVKDWHU JHWDQ"©IUDJWHQGLH/HXWH(UVROOHWZDVHUZUJWKDEHQ:DV" ZHLYRUOlXILJQLHPDQGDEHUGDVZHLPDQ'HUNRPPWLQV =XFKWKDXVZLHGLH0XWWHUGHUVWLUEWDP*DOJHQZLHGHU9DWHU )lXVWHHUKREHQVLFKGURKHQG6WHLQHIORJHQXQGIHKOWHQDEHU :RUWHVFKOLPPHUDOV6WHLQHWUDIHQLKU=LHO3DYHOEOLFNWHNHFN XPKHUXQGGDV%HZXWVHLQXQDXVO|VFKOLFKHQ+DVVHVJHJHQDOOH VHLQH1HEHQPHQVFKHQHUTXLFNWHXQGVWlKOWHVHLQ+HU] *HODVVHQWUDWHULQGHQ6FKORKRIXQGZXUGHVRJOHLFKLQV+DXV XQGLQHLQHEHQHUGLJHV=LPPHUPLWYHUJLWWHUWHQ)HQVWHUQ JHEUDFKWGHVVHQ7UPDQKLQWHULKPDEVSHUUWH
(VZDUHLQHVGHU*DVW]LPPHULQGHP3DYHOVLFKEHIDQGXQG VHLQH$XJHQKDWWHQVRODQJHVLHRIIHQVWDQGHQHLQH3UDFKWZLH GLHMHQLJHGLHLKQKLHUXPJDEQLFKWHUEOLFNW6HLGHQ]HXJJUQ VFKLOOHUQGZLH.DW]HQDXJHQKLQJDQ)HQVWHUQXQG7UHQLQVR UHLFKHQ)DOWHQZLHGHUQHXH6RQQWDJVURFN9LQVNDVVLHZDUIXQG PLWGHPVHOEHQ6WRIIZDUHQJURHXQGNOHLQH%lQNHGLH/HKQHQ KDWWHQEHU]RJHQ$QGHQ:lQGHQEHIDQGHQVLFK%LOGHUGDV KHLWHLQJHUDKPWHGXQNHOEUDXQH)OHFNHQDXVGHQHQDQ YHUVFKLHGHQHQ6WHOOHQHLQZHLHV*HVLFKWKHUYRUVFKLPPHUWHHLQH IDKOH7RWHQKDQG]XZLQNHQVFKLHQ(LQJURHU6FKUDQNZDUGD GHP$OWDULQGHU.LUFKHVHKUlKQOLFKXQGDP)HQVWHUSIHLOHUHLQ 6SLHJHOLQGHP3DYHOVLFKVHKHQNRQQWHLQVHLQHUJDQ]HQ OHEHQVJURHQ=HUOXPSWKHLW$OVHUKLQHLQEOLFNWHXQGGDFKWH6R ELQLFK"JHZDKUWHHUEHUVHLQHP.RSIHLQVHOWVDPHV'LQJ(LQ IODFKHUHLVHUQHU.EHOVFKLHQ VDXVGHPJROGHQH$UPH
KHUDXVUDJWHQXQGGHUPLWHLQHPlXHUVWGQQHQ6HLOFKHQDQGHU 'HFNHEHIHVWLJWZDU3DYHOVSUDQJVRJOHLFKGDYRQXQGEHWUDFKWHWH GDVE|VH'LQJPLWUDXLVFKDXVGHU(QWIHUQXQJ(VVFKLHQNHLQHQ DQGHUHQ=ZHFNXQGDXFKNHLQHDQGHUH$EVLFKW]XKDEHQDOVDXI GLH/HXWHGLHVRXQYRUVLFKWLJZDUHQLQVHLQ%HUHLFK]XWUHWHQ QLHGHU]XVWU]HQXQGVLH]XHUVFKODJHQ 1DFKNXU]HU=HLWOLHHQ6FKULWWHDXIGHP*DQJVLFKK|UHQGLH7U ZXUGHJH|IIQHWXQGGLH%DURQLQWUDWHLQ6LHJLQJPKVDPDXI GHQ6WRFNJHVWW]WZDUVHKUJHEHXJWXQGEOLQ]HOWHIRUWZlKUHQG )DVWDXIGHQ)HUVHQIROJWHLKU WLHIEHNPPHUWGLHVSlUOLFKHQ +DDUHVR]HU]DXVWDOVKlWWHHUHEHQLQLKQHQJHZKOW GHU 6FKXOPHLVWHU6HLQXQJHVFKLFNWIDKULJHV%HQHKPHQILHOVRJDUGHP VFKOHFKWHQ%HREDFKWHU3DYHODXI ª:RKLQEHOLHEHQ(XHU*QDGHQVLFK]XVHW]HQ"©IUDJWHGHU$OWH VFKRGLHQVWIHUWLJXPKHUXQGUFNWHGLH6HVVHODXVHLQDQGHUXP GHU)UDX%DURQLQGHQhEHUEOLFNXQGVRPLWGLH:DKO]XHUOHLFKWHUQ ª/DVVHQ6LH VJXWVHLQ6FKXOOHKUHU©VDJWHVLHlUJHUOLFKQDKP JHUDGHXQWHUGHP.URQOHXFKWHUPLWGHP5FNHQJHJHQGLH )HQVWHU3ODW]OHJWHGHQ6WRFNDXILKUHQ6FKRXQGJDE3DYHO %HIHKOQlKHU]XWUHWHQ
(UJHKRUFKWH'HU/HKUHUMHGRFKVWHOOWHVLFKKLQWHUGHQ6HVVHOGHU JQlGLJHQ)UDXXQGEHULKUHQ.RSIKLQZHJEHGURKWHHU DEZHFKVHOQGGHQ'HOLQTXHQWHQPLW%OLFNHQGHV,QJULPPVRGHU VXFKWHLKQGXUFK0LHQHQZHOFKHGLHWLHIVWH:HKPXWDXVGUFNWHQ ]XHUVFKWWHUQXQG]XUKUHQ 'LH%DURQLQKLHOWGLH+DQGZLHHLQHQ6FKLUPDQGLH6WLUQXQG VSUDFKLKUHURWJHUlQGHUWHQ$XJHQ]X3DYHOHUKHEHQGª'XELVW JURJHZRUGHQHLQJURHU6FKOLQJHO$OVLFKGLFK]XPOHW]WHQPDO JHVHKHQKDEHZDUVWGXQRFKHLQNOHLQHU:LHDOWELVWGX"© ª6HFK]HKQ-DKUH©HUZLGHUWHHU]HUVWUHXW'DVHLVHUQH'LQJDQ GHUGQQHQ6FKQXUQDKPVHLQHJDQ]H$XIPHUNVDPNHLWLQ $QVSUXFK,P*HLVWVDKHU VKHUXQWHUIDOOHQXQGGLH)UDX %DURQLQ DXILKUHP5LFKWHUVWXKO]XHLQHPIODFKHQ.XFKHQ ]XVDPPHQSUHVVHQ
'LHVHQDKPZLHGHUGDV:RUWª6FKDXQLFKWLQGLH/XIWVFKDX PLFKDQZHQQGXPLWPLUUHGHVW6HFK]HKQ-DKUH9RUGUHL -DKUHQKDVWGXPLUPHLQH.LUVFKHQJHVWRKOHQKHXWHHUZUJVW GX PLUPHLQHQJXWHQ3IDXGHUPLUGDVZHL*RWWOLHEHUZDUDOV PDQFKHU0HQVFK© 'HU/HKUHUHUKREVHLQHIOHKHQGJHIDOWHWHQ+lQGHXQGJDEGHP %XUVFKHQHLQ=HLFKHQGLHVH*HElUGHQDFK]XDKPHQ3DYHOOLH VLFKDEHUQLFKWGD]XKHUEHL
ª:DUXPKDVWGXGDVJHWDQ"©IXKUGLH%DURQLQIRUWª$QWZRUWH© 3DYHOVFKZLHJXQGGHUDOWHQ)UDXVFKRGDV%OXWLQV*HVLFKW (UUHJWHQ7RQHVZLHGHUKROWHVLHLKUH)UDJH
'HU-XQJHVFKWWHOWHGHQ.RSIDXVVHLQHPGLFKWHQ+DDUJHVWUSS KHUYRUJOLWWVHLQ%OLFNEHUGLH=UQHQGHXQG HLQOHLVHV/lFKHOQ NUlXVHOWHVHLQH/LSSHQ 'DZXUGHGLH*UHLVLQYRP=RUQEHUPDQQW
ª)UHFKHU%XE©ULHIVLHJULIIQDFKLKUHP6WRFNXQGJDELKPGDPLW HLQHQ6WUHLFKDXIMHGH6FKXOWHU 1XQMDGDFKWH3DYHOZLHGHU3UJHOLPPHU3UJHOXQGHU ULFKWHWHHLQHQVWLOOHQ6WRVHXI]HUDQGDVHLVHUQH'LQJ:HQQGX GRFKKHUXQWHUIDOOHQZHQQGXLKUGRFKDXIGHQ.RSIIDOOHQ P|FKWHVW
+DEUHFKWPDFKWHKLQWHUGHP5FNHQGHU%DURQLQHLQ.RPSOLPHQW LQGHPVLFK$QHUNHQQXQJDXVVSUDFKª(XHU*QDGHQKDEHQGHP +ROXE3DYHOHLQHVSUEDUH=XUHFKWZHLVXQJJHJHEHQ©EHPHUNWH HUª'DVZDUJXWHLQHVHKUJXWH9RUEHUHLWXQJ]XP9HUK|UGDV LFKMHW]WPLW(XHU*QDGHQ(UODXEQLVYRUQHKPHQZLOO© 'HUDOWHQ)UDXZDUQDFKLKUHU*HZDOWWDWQLFKWZRKO]XPXWH6LH KDWWHLKUHQ=RUQDXIHLQPDODXVJHJHEHQXQGODJQXQLP%DQQ HLQHVYLHOXQOHLGLJHUHQ*HIKOVHLQHUJUlPOLFKHQVHQWLPHQWDOHQ (QWUVWXQJª:DVLVWGD]XYHUK|UHQ"©VSUDFKVLHªGHUVFKOLPPH %XEKDWPLUPHLQHQ3IDXHUZUJWXQGZLOOQLFKWVDJHQZDUXP ZHLOHUVRQVWVDJHQPWHDXV%RVKHLW©
ª6RLVWHV2 JHZL©EHVWlWLJWHGHU/HKUHUª'HPDUPHQ3IDX IHKOWHQDOVPDQLKQWRWDXIIDQGVHLQHOHW]WHQ6FKZDQ]IHGHUQGLH KDWGHUVFKOHFKWH%XELKPJHZLDXVJHUXSIW DXV%RVKHLW© ª'DVLVWQXQZLHGHUDOEHUQ6FKXOPHLVWHU©ILHOGLH%DURQLQ lUJHUOLFKHLQª:HQQGHU-XQJH ZLHVFKRQYLHOHDQGHUHGXPPH -XQJHQYRULKP PHLQHPDUPHQ3IDXQXU)HGHUQDXVJHUXSIW KlWWHZlUHGDVQRFKNHLQ=HLFKHQYRQ%RVKHLW 'XPPKHLWZlUH HVJHZHVHQXQG'LHEHUHL©
ª2 ZLHZDKU©HQWJHJQHWH+DEUHFKWª 'XPPKHLWXQG'LHEHUHL 6RLVWHVXQGQLFKWDQGHUV(XHU*QDGHQ© ª,VWHVVR":HUZHLHV"©
ª*DQ]UHFKWZHUDXHU (XHU*QDGHQGLHVRJOHLFK/LFKWLQGLH 6DFKHJHEUDFKWKDEHQ)HGHUQDXVUXSIHQ"(LHLHL8P)HGHUQ ZDU VGHP%XEHQ]XWXQGDGXUFKKDWHUGHQ3IDX JHUHL]WXQG HLQHQ.DPSIKHUYRUJHUXIHQLQGHPGDVJXWH7LHUJHIDOOHQLVW© :LHGHU5DEH2GLQVDQGHVVHQ2KUQHLJWHVLFK+DEUHFKWDQGDV 2KUGHU%DURQLQXQGIOVWHUWHª1LFKWRKQHDQGHP)HLQG6SXUHQ VHLQHU7DSIHUNHLW]XKLQWHUODVVHQ*HUXKHQVLFK]XEHU]HXJHQ GLH6WLUQGHV%XEHQLVW]HUKDFNWXQGYROO%OXW© ª6R"-D PLUVFKHLQWVR©
ª6SULFK+ROXE3DYHO©ULHIGHU/HKUHUVLFKZLHGHUDXIULFKWHQG ªHQWVFKXOGLJHGLFK8PGLH)HGHUQZDU VGLUGXPPHP-XQJHQ]X WXQHLQHE|VH$EVLFKWKDVWGXQLFKWJHKDEW© ª6SULFK©EHIDKODXFKGLH%DURQLQª+DWGLFKMHPDQG]XP5DXE GHU)HGHUQDQJHVWLIWHW"'HQQLP*UXQG©VHW]WHVLHQDFKNXU]HU hEHUOHJXQJKLQ]XªZDVVROOWHVWGXPLWLKQHQ"© ª)UHLOLFKZDV"HLQVROFKHU%HWWOHUPLW3IDXHQIHGHUQ©
-HGHVPDOZHQQGDV:RUWª)HGHUQ©DXVJHVSURFKHQZXUGH EHUULHVHOWHHVGHQ%XUVFKHQDOVLKPDEHUGHU/HKUHUQXQPLW GHUEHVWLPPWHQ)UDJH]X/HLEHJLQJª:HUKDWGLFKDQJHVWLIWHW" ZDU VQLFKWGLHVDXEHUH9LQVND"©GDEHUNDPLKQHLQH 7RGHVDQJVWYRUGHQVFKOLPPHQ)ROJHQZHOFKHGLHVHU9HUGDFKW
IUGLH7RFKWHUGHV+LUWHQKDEHQN|QQWHXQGIHVWHQWVFKORVVHQ LKQDE]XZHQGHQVSUDFKHUPLWGXPSIHU6WLPPHª(VKDWPLFK QLHPDQGDQJHVWLIWHWLFKKDE VDXV%RVKHLWJHWDQ©
'LH%DURQLQVWLHLKUHQ6WRFNKHIWLJJHJHQGHQ%RGHQXQGHUKRE VLFKª'DKDEHQ6LH V©VSUDFKVLH]XP6FKXOOHKUHUªGDK|UHQ 6LHLKQGHQJHEHQ6LHDXIGHULVWYHUORUHQ© ª(UEDUPHQVLFK(XHU*QDGHQ©IOHKWHGHU$OWHª*ODXEHQLKP QLFKW'HUXQVLQQLJH7URSIOJWVLFK]XP6FKHOPGHU7URSIZHL QLFKWZDVHUWXW(XHU *QDGHQ©
6LHZLQNWHLKP]XVFKZHLJHQXQGWUDWGLFKWDQ3DYHOKHUDQ,KUH PGHQ$XJHQPDHQGHQ:LOGOLQJPLWWUDXULJHP$XVGUXFNª8QG GDVLVWGHU%UXGHUPHLQHVOLHEHQ.LQGHV©VDJWHVLHWLHI DXIVHXI]HQGª6RRIWGDV.LQGDQPLFKVFKUHLEWXQGVRRIWLFKHV VHKHIUDJWHV¾:LHJHKW VPHLQHP3DYHO":DQQZLUGPHLQ3DYHO ]XPLUNRPPHQ"½(VZHLGDLFKPLWLKPQLFKWV]XWXQKDEHQ ZLOOLFKKDEHHVHUNOlUWXQGEOHLEHGDEHLDEHUHVIUDJWGRFKGDV .LQG© 3DYHOZDU]XVDPPHQJHIDKUHQHUULGLH$XJHQZHLWDXIVHLQH 1DVHQIOJHOEHEWHQª:HOFKHV.LQG" GLH0LODGD"©
ª:DQQZLUGPHLQ3DYHO]XPLUNRPPHQ"©ZLHGHUKROWHGLH %DURQLQHUUHJWXQGJHUKUWXQGPLWGHQ7UlQHQNlPSIHQGª$EHU NDQQLFKGLFK]XLKUVFKLFNHQ'LHEVFKOHFKWHU%XEVFKOHFKWHVWHU LP'RUIHNDQQLFKGHQQ"© ª6FKLFNHQ6LHPLFK©VDJWH3DYHOOHLVH
'HU/HKUHU]RJGLH6FKXOWHUQLQGLH+|KHVFKREGLH.LQQODGHYRU XQGPDFKWHLKPGLHHLQGULQJOLFKVWHQ=HLFKHQª+DEHQ(XHU *QDGHQGLH*QDGHLFKELWWHXQWHUWlQLJVW(XHU*QDGHQ6R VSULFKWPDQ© 3DYHODEHU]HUPDUWHUWHVHLQHYHUVFKUlQNWHQ)LQJHUVHLQH%UXVW KREVLFKNHXFKHQGPLWHLQHPWURFNHQHQ6FKOXFK]HQVSUDFKHU QRFKHLQPDOª6FKLFNHQ6LHPLFK©
'LH%DURQLQZDQGWHVLFKGHP/HKUHU]Xª(VVFKHLQWLKP(LQGUXFN ]XPDFKHQ©
ª(VPDFKWLKPHLQHQDXHURUGHQWOLFKHQ(LQGUXFN(XHU*QDGHQ KDEHQGDV5HFKWHJHWURIIHQPLWGLHVHPZHLVHQ%HVFKOX© ª%HVFKOX"9RQHLQHP%HVFKOXLVWQRFKJDUQLFKWGLH5HGH©
'HQ(LQZDQGEHUK|UHQGIXKUGHU/HKUHUIRUWª'DVXQVFKXOGLJH .LQGZLUGEHVVHUDOVLUJHQGZHUDXIVHLQ*HPW]XZLUNHQ YHUVWHKHQGDV.LQG© ª'DV.LQG©ILHOGLH%DURQLQHLQªLVWGHU6WRO]XQGGHU/LHEOLQJ GHV.ORVWHUV©
ª6HKHQ(XHU*QDGHQ8QGZDVN|QQWHIUGHQYHUZDKUORVWHQ -XQJHQKHLOVDPHUXQGDQHLIHUQGHUVHLQDOVGHU$QEOLFNVHLQHU ZRKOJHUDWHQHQ6FKZHVWHUDOVLKU%HLVSLHOLKUH(UPDKQXQJHQ"© ª9LHOOHLFKW©HQWJHJQHWHGLHDOWH'DPHQDFKGHQNOLFKª8QGVR ZROOHQZLUHVGHQQLQ*RWWHV1DPHQYHUVXFKHQ(LQOHW]WHV 0LWWHO6FKOlJWGDVIHKOGDQQ PHLQ:RUWGDUDXIEHLVHLQHU QlFKVWHQhEHOWDWNRPPWHUQLFKWPHKUYRUPHLQ VRQGHUQYRU GDV%H]LUNVJHULFKW©
ª+|UVWGX V"©ULHIGHU/HKUHUXQG3DYHOPXUPHOWHHLQ XQJHUHFKWIHUWLJWHVª-D©,Q:LUNOLFKNHLWZXWHHUQLFKWZDVXQG REEHUKDXSWJHVSURFKHQZRUGHQVHLWGHPPDQLKP+RIIQXQJ JHPDFKWKDWWHGDHUVHLQH0LODGDZLHGHUVHKHQVROOH'DV XQHUUHLFKEDUH=LHOVHLQHUMDKUHODQJHQ6HKQVXFKWVWDQGSO|W]OLFK QDKHYRULKPVHLQKHLHVWHULQWDXVHQG6FKPHU]HQ DXIJHJHEHQHU:XQVFKZDULKPDXIGDVXQHUZDUWHWVWHHUIOOW'DV +HU]KSIWHLKPLP/HLEHHLQ-DXFK]HQGDVHUQLFKW XQWHUGUFNHQNRQQWHGUDQJDXVVHLQHU.HKOHHUZDQGWHVLFKDXI GHQ)HUVHQª8QGMHW]WJHKLFK]XU0LODGD©VDJWHHU ª+DOW©ULHIGLH%DURQLQªELVWQlUULVFK"6RRKQHZHLWHUHVJHKW PDQQLFKW]XU0LODGD-HW]WWUROOVWGXGLFKQDFK+DXVHXQGDP 6DPVWDJNRPPVWGXLQV6FKORXQGKROVWHLQHQ%ULHIIUGLH)UDX 2EHULQDE'HQZLUVWGXLQV.ORVWHUWUDJHQXQGEHLGHU *HOHJHQKHLWYLHOOHLFKWGHLQH6FKZHVWHU]XVHKHQEHNRPPHQ© ª*HZLLFKZHUGHVLHJHZL]XVHKHQEHNRPPHQ ZHQQLFKQXU HLQPDOGRUWELQ©VSUDFK3DYHOXQGVFKU]WHPLWHLQHU XQZLOONUOLFKHQ%HZHJXQJGLHbUPHODXI
ª1LFKWJDU]XYLHO=XYHUVLFKW©YHUVHW]WHGLH%DURQLQ6LHZDU PGHJHZRUGHQXQGVFKLFNWHVLFKDQLKUHQIUKHUHQ3ODW]ZLHGHU HLQ]XQHKPHQ'DVSUDQJ3DYHODXIVLH]XVFKREVLHKDVWLJ]XU 6HLWHXQGGHQ/HKQVHVVHODXVGHP%HUHLFKGHV.URQOHXFKWHUV KLQDXVª6R©ULHIHUªMHW]WVHW]HQ6LHVLFK© 'LH*UHLVLQZDUQDKHGDUDQJHZHVHQXP]XVLQNHQDOVVLHVWDWW GHV6WW]SXQNWHVGHQVLHVXFKWHHLQHQ6WRHUKLHOW0LWHLQHP 6FKUHLGHU$QJVWNODPPHUWHVLHVLFKDQGHQLQWLHIVWHU(KUIXUFKW GDUJHUHLFKWHQ$UPGHV/HKUHUVGHUGLHJQlGLJH)UDX]XLKUHP 6LW]JHOHLWHWHXQGGDQQEHEHQGYRU8QZLOOHQGLH)DXVWJHJHQ 3DYHOHUKREª:DVWXVW"ZDVIlOOWGLUHLQ 6SLW]EXEH"© 3DYHOGHXWHWHUXKLJQDFKGHU6FKQXUGHV/VWHUVª:HQQGDV 6WULFNHUOUHLWLVWVLHMDWRW©VSUDFKHU ª(VHO(VHO IRUWKLQDXV©ULHI+DEUHFKWXQGGHU-XQJH JHKRUFKWHRKQHPLW$EVFKLHGQHKPHQ=HLW]XYHUOLHUHQ
'LH%DURQLQEHUXKLJWHVLFKDOOPlKOLFKXQGVDJWHª(ULVW EOLW]GXPPDEHUHUKDWZHQLJVWHQVHLQHJXWH$EVLFKWJHKDEW©
ª'DVZHL*RWW©ULHIGHU/HKUHUª ZHQQ(XHU*QDGHQQXUQLFKW VRHUVFKURFNHQZlUHQ© ª$FKZDV'DUDQOLHJWQLFKWV©6LH]RJGDV7DVFKHQWXFKXQG GUFNWHHVDQLKUH6WLUQª9LHOVFKOLPPHULVWYLHOVFKOLPPHUGD LFKHLQPDOZLHGHULQNRQVHTXHQWJHZHVHQELQ:LHRIWKDEHLFK PLUYRUJHQRPPHQ(VEOHLEWGDEHLPHLQH0LODGDGDUILKUHQ %UXGHUQLFKWPHKUVHKHQ XQGMHW]WVFKLFNHLFKLKQVHOEVW]X LKU.HLQH:LOOHQVNUDIWPHKUNHLQH(QHUJLH GHUJHULQJVWH $QODXQG PHLQIHVWHVWHU9RUVDW]LVWZLHZHJJHEODVHQ©
ª.RPPWYRP$OWHU(XHU*QDGHQ©ILHO+DEUHFKWLQOLHEHQVZUGLJ HQWVFKXOGLJHQGHP7RQHHLQ ªGDN|QQHQ(XHU*QDGHQQLFKWV GDIU'HU0HQVFKlQGHUWVLFK%HGHQNHQQXU(XHU*QDGHQ DXFK GLH=lKQHPLWGHQHQPDQLQGHU-XJHQGGLHKlUWHVWHQ 1VVHNQDFNWEHLWPDQVLFKLP$OWHUDQHLQHU%URWULQGHDXV© ª(LQXQDSSHWLWOLFKHU9HUJOHLFK©HUZLGHUWHGLH%DURQLQ ªYHUVFKRQHQ6LHPLFK6FKXOOHKUHUPLWVRXQDSSHWLWOLFKHQ 9HUJOHLFKHQ©
,QGHU 1DFKWYRP6DPVWDJDXIGHQ6RQQWDJVFKOR3DYHONHLQ $XJH(UODJZLHLQ)LHEHUKLW]HXQGPHLQWHLPPHUMHW]WXQGMHW]W NRPPHMHPDQGLKPGHQ%ULHIDE]XIRUGHUQGHQLKPGLH%DURQLQ DP$EHQGEHUVFKLFNWKDWWHXQGGHULKP(LQODLQV.ORVWHU YHUVFKDIIHQVROOWH6LHNRQQWHVLFK VDQGHUVEHUOHJWLKUH*WH NRQQWHVLHJHUHXWKDEHQ3DYHONDXHUWHVLFK]XVDPPHQDXI VHLQHUHOHQGHQ/DJHUVWlWWHXQGIDWHZLOGH(QWVFKOVVHIUGHQ )DOOGDVHLQH%HVRUJQLVVHLQ(UIOOXQJJHKHQVROOWHQ
,QGHVVHQJUDXWHGHU0RUJHQXQG3DYHOVHLJHQH+LUQJHVSLQVWH EOLHEHQVHLQHHLQ]LJHQ%HGUlQJHU'HQQRFKYHUOLHGLH8QUXKHLKQ QLFKW6FKRQXPYLHU8KUVWDQGHUDP%UXQQHQXQGZXVFKVLFK YRP.RSIELV]XGHQ)HQ]RJ+HPGXQG+RVHDQXQGGHQ 5RFNGHUHLQHEHGHXWHQGH9HUVFK|QHUXQJHUIDKUHQKDWWH$XI GHVVHQVFKOHLLJVWHU6WHOOHJHUDGHEHUGHP+HU]HQSUDQJWHHLQ EXQWHU)OLFNHQHLQKDQGJURHV6WFN=HXJGDVEHLP =XVFKQHLGHQYRQ9LQVNDVQHXHP/HLEFKHQEULJJHEOLHEHQZDU 3DYHOQDKPVLFKYRUHVKHUDE]XWUHQQHQXQGGHUNOHLQHQ0LODGD ]XVFKHQNHQZHQQHVLKUVRJXWJHILHOHZLHLKP 8QGVR]RJHUUVWLJXQGIUHXGLJDXVXQGEHJHJQHWHNHLQHU OHEHQGHQ6HHOHLPJDQ]HQ'RUI$QGHU0DXHUGHV6FKORJDUWHQV VFKOSIWHHUEHVRQGHUVHLOLJYRUEHLXQGQXQJLQJ VEHUJDEXQG EHUJDXILPPHUPLWGHUVWLOOHQ%HVRUJQLV:HQQPLUQXUNHLQHU QDFKOlXIWXPPLFK]XUFN]XUXIHQ
$XIGHU+|KHDQJHODQJWYRQZHOFKHUDXVHUYRUIDVW]ZHL-DKUHQ GHP:DJHQQDFKJHEOLFNWGHUVHLQH6FKZHVWHUHQWIKUWHDWPHWH HUIUHLHU(UEHVDQQVLFKZLHVFK|QHUGDPDOVGLH7UPHGHU 6WDGWKDWWHJOlQ]HQJHVHKHQ+HXWHODJHUWHQ+HUEVWQHEHOEHU LKQHQXQGYHUEDUJHQVLHVHLQHQ$XJHQ8QGDXIGHP)HOGGDV]X MHQHU=HLWLP*UQGHUMXQJHQ+DOPHJHSUDQJWODJHQJURHKDUWH 6FKROOHQYRP3IOXJHXPJHOHJWGHVVHQ6FKDXIHOHLQHQ 0HWDOOJODQ]DXILKQHQKLQWHUODVVHQKDWWH(UVFKULWWZHLWHUYHUORU VHLQ=LHORIWDXVGHQ$XJHQYHUIROJWHHVDEHUPLWGHP,QVWLQNW HLQHV7LHUHVHVILHOLKPQLFKWHLQGDHU VYHUIHKOHQN|QQWH
'UHL6WXQGHQZDUHUJHZDQGHUWGDK|UWHHU]XPHUVWHQ0DOH GHXWOLFKGHQ6FKODJGHU8KUYRQHLQHPGHU.LUFKWUPHVFKDOOHQ XQGODQJWHEDOGGDUDXIEHLGHQNOHLQHQ+lXVFKHQGHU9RUVWDGWDQ 'LH%UFNHYRQZHOFKHUHURIWVSUHFKHQJHK|UWKDWWHODJYRU LKPXQGXQWHULKUUDXVFKWHHLQVRJHZDOWLJHV:DVVHUZLHHU QLFKWJHZXWKDWWHGDHVDXI(UGHQJLEW8QGGDV:XQGHUGDV HUDQVWDXQW0LODGDVLHKWHVDOOH7DJHGHQNW3DYHOXQG6WRO]DXI GLH6FKZHVWHUXQG(KUIXUFKWYRULKUHUJUHLIHQLKQ
$P%UFNHQSIHLOHUVLW]WHLQDOWHV:HLEXQGKDWbSIHOIHLO*HZL LW0LODGDbSIHOQRFKHEHQVRJHUQZLHIUKHU ZLHZlU VZHQQHU LKUHLQSDDUPLWEUDFKWH"'LH+|NHULQNHKUWLKPGHQ5FNHQ]X VLHNUDPWHEHQLQLKUHU9RUUDWVNLVWHLKUHLQSDDUbSIHO ZHJ]XPDXVHQZlUHLQHNOHLQH.XQVW6ROOHU"VROOHUQLFKW" (LQHLQQHUH6WLPPHZDUQWLKQ*HVWRKOHQHV*XWWDXJWQLFKWPHKU IU0LODGD(UVWHKWXQG]DXGHUW 'DZHQGHWVLFKGLH$OWHVLHKWLKQUKPWLKUH:DUHXQGOlGWLKQ ]XP.DXIHHLQ ª,FKKDENHLQ*HOG©VDJW3DYHO]|JHUQG
0LWGHU)UHXQGOLFKNHLWGHU+|NHULQLVWHVVRJOHLFKYRUEHLXQGLKUH $XIIRUGHUXQJODXWHWMHW]Wª:HQQGXNHLQ*HOGKDVWVRSDFN GLFK© 'DVLVWZLHGHUJHZRKQWHU.ODQJ3DYHOIKOWVLFKDQJHKHLPHOWHU IUDJWQXQIDVW]XWUDXOLFKQDFKGHPQlFKVWHQ:HJ]XP )UlXOHLQVWLIW ª:DVZLOOVWGXLP)UlXOHLQVWLIW"©EUXPPWGDV:HLEª:lUVW JHVWHUQJHNRPPHQ$P6DPVWDJZLUGGRUWDXVJHWHLOW©
3DYHOOJWHUZHLVHOEVWQLFKWZDUXPXQGEHKDXSWHWGDVVHL LKPZRKOEHNDQQWZLHGHUKROWVHLQH(UNXQGLJXQJXQGZDQGHOW QDFKGHPHUVLHHUKDOWHQHLQHP+DXVH]XGDVVLFKZLHHLQH ULHVLJHJHOEJHWQFKWH6FKDFKWHODP(QGHGHV3ODW]HVHUKHEW(V KDWDXIIDOOHQGNOHLQH)HQVWHUXQGDQGHU6HLWHHLQVFKPDOHV 3I|UWFKHQ]XGHPHLQLJH6WXIHQKLQXQWHUIKUHQ5DWORVVWHKWHU ODQJHGDYRUSRFKWUWWHOWDQGHU.OLQNHDEHUVLHEOHLEW XQEHZHJOLFKXQGVHLQ3RFKHQXQJHK|UW(LQH6FKDUNOHLQHU-XQJHQ
NRPPWGDKHUHLQHUYRQLKQHQVSULQJWGLH7UHSSH]XU .ORVWHUSIRUWHKLQDEKlQJWVLFKDQGHQ*ORFNHQVWUDQJOlWLKQ SO|W]OLFK]XUFNVFKQHOOHQXQGOlXIWGDYRQ(LQ*HOlXWHGDVJDU QLFKWHQGHQZROOWHGUDQJDXVGHP,QQHUQGHV+DXVHVGDV 3I|UWFKHQ|IIQHWHVLFK3DYHOWUDWHLQXQGVWDQGZLHGHUYRUHLQHU JHVFKORVVHQHQ7UGRFKKDWWHGLHVHHLQ*ODVIHQVWHUXQG JHZlKUWHGHQ(LQEOLFNLQHLQH+DOOHGHUHQ]LHPOLFKQLHGULJHV *HZ|OEHYRQIUHLVWHKHQGHQ6lXOHQJHWUDJHQZXUGHXQGGHUHQ :lQGHPLW)HXFKWLJNHLWVIOHFNHQEHGHFNWZDUHQ(LQH1RQQH HUVFKLHQPXVWHUWHGHQ%HVXFKHUXQGIUDJWHPLWVWUHQJHU0LHQH ª:DUXPVFKHOOVWGXVRVWDUN":DVZLOOVWGX"© ª0HLQH0LODGD©VWDPPHOWH3DYHO(VEHUNDPLKQSO|W]OLFKGD HUVLFKXQWHUHLQHP'DFKH PLWVHLQHU6FKZHVWHUEHIDQGXQG XQOHLGOLFKZXUGHVHLQH8QJHGXOGª:RLVWVLH"©ULHIHU ª:HQPHLQVWGX"©IUDJWHGLH.ORVWHUIUDXª(VJLEWKLHUNHLQH 0LODGDGXELVWZRKOIHKOJHJDQJHQ©
6FKRQZROOWHVLHLKQDEZHLVHQGDHULQQHUWHHUVLFKGHV7DOLVPDQV GHQHUEHLVLFKWUXJXQGEHUUHLFKWHGHQ%ULHI 'LH1RQQHEHWUDFKWHWHHLQH:HLOHGLH$XIVFKULIWª-DVR©VDJWH VLHª/LHEHV.LQGGHLQH6FKZHVWHUKHLWEHLXQV0DULD'XNDQQVW VLHMHW]WQLFKWVHKHQVLHLVWLQGHU.LUFKH© 3DYHOHUNOlUWHHUZROOHDXFKLQGLH.LUFKHXQGGDEHLQDKPVHLQ *HVLFKWHLQHQVRHQWVFKORVVHQHQXQGE|VHQ$XVGUXFNDQGDGHU 3I|UWQHULQDQJVWZXUGH6LHEHPKWHVLFKLKPEHJUHLIOLFK]X PDFKHQGDHUZDUWHQPVVHELVGLH0HVVHDXVVHLQZHUGH IKUWHLKQ]XGHP(QGHLQHLQDQGLH +DOOHDQVWRHQGHV=LPPHU OLHLKQGRUWDOOHLQXQGYHUVFKORKLQWHULKPGLH7U 'DZDUHUHLQ*HIDQJHQHU'HUGVWHUH5DXPLQGHPHUVLFK EHIDQGKDWWHNHLQHQ]ZHLWHQ(LQJDQJGDIUDEHUGUHLPLW VFKZHUHQEDXFKLJHQ*LWWHUQYHUVHKHQH)HQVWHU6LH|IIQHWHQVLFK DXIHLQHQPLW2EVWElXPHQEHSIODQ]WHQ5DVHQSODW]LQGHVVHQ 0LWWHDOWHUVJUDXXQGYHUZLWWHUWHLQH0XWWHUJRWWHVVWDWXHVWDQG HLQEXQWHV.UlQ]OHLQDXIGHP+DXSWHXQG3DYHOGDFKWHJOHLFK QLHPDQGDQGHUVDOV0LODGDKDEHGDVJHIORFKWHQ:HQQVLHGRFK NlPHEDOGNlPHZHQQGRFKGLH0HVVHVFKRQYRUEHUZlUH
*ORFNHQNODQJHUKREVLFKHVZXUGH]XP6DQNWXVJHOlXWHWQXQ IROJWHGLH:DQGOXQJ3DYHOVDQNDXIGLH.QLHXQGEHWHWH LQEUQVWLJ/LHEHU*RWWVFKLFNPLUPHLQH6FKZHVWHU(UVHKQWH VLFKHUKRIIWH HUZDUWHWH GLH*ORFNHQKDWWHQOlQJVW]XPOHW]WHQ 6HJHQJHOlXWHWGLH.OHLQHHUVFKLHQLPPHUQRFKQLFKW8QGVWLOO ZDU VULQJVXPZLHLQHLQHUOHHUHQ.LUFKH.HLQ0HQVFKLP*DUWHQ ]XHUEOLFNHQLQGHU+DOOHNHLQ/DXWNHLQ6FKULWW]XK|UHQ3DYHO ZDUIVLFK JHJHQGLH7UXQGSROWHUWHPLW+lQGHQXQG)HQ VRODQJHHUNRQQWH8PVRQVWQLHPDQGNDPLKQ]XHUO|VHQ (UVFK|SIWXQGYHU]ZHLIHOWVDQNHUDXIGHQ%RGHQ]X)HQHLQHV JURHQ7LVFKHVGHUQHEVWHLQLJHQDQGLH:lQGHJHUFNWHQ 6WKOHQGLHJDQ]H(LQULFKWXQJGHU6WXEHELOGHWH 6LHNRPPWQLFKWNRPPWQLFKWXQGPLFKKDWPDQHLQJHVSHUUW XQGYHUJHVVHQ GDVVDJWHHUVLFKDQIDQJVPLW]RUQLJHU (PS|UXQJEHUHWZDV$EVFKHXOLFKHVXQG8QHUK|UWHV]XOHW]WPLW VWXPSIHU(UJHEXQJLQGDV8QDElQGHUOLFKH6HLQ.RSIZXUGH LPPHUVFKZHUHUVHLQH$XJHQILHOHQ]XHUVFKOLHIHLQ6RIHVWVR WLHIVFKOLHIHUGDLKQGDV*HUlXVFKGHUSO|W]OLFKDXIJHULVVHQHQ 7UQLFKWZHFNWHGDHUHUVW]XP%HZXWVHLQNDPDOVHLQ3DDU NOHLQH$UPHLKQXPNODPPHUWHQHLQHOLHEHJHOLHEWH6WLPPH MDXFK]WHª3DYHO3DYHOELVWGXHQGOLFKGD"© (UULGLH$XJHQDXIVSUDQJHPSRU VFKDXWHZXUGHIHXHUURW KlWWHDXFKJHUQHWZDVJHVDJWXQGNRQQWHQLFKWEUDQQWHGDQDFK VLHDQVHLQ+HU]]X]LHKHQXQGZDJWHHVQLFKW $FKVFK|Q VFK|QKDWWHHUVLFKVHLQH6FKZHVWHUYRUJHVWHOOWDEHUVRVFK|Q ZLHVLHLKPLQ:LUNOLFKNHLWHUVFKLHQGRFKQLHXQGQLPPHUPHKU
6LHWUXJHLQGXQNHOEODXHV.OHLGGDVLP6FKQLWWHLQZHQLJDQ HLQHQSULHVWHUOLFKHQ7DODUPDKQWHXQGDXIGHU%UXVWHLQVLOEHUQHV .UHX],KUHEORQGHQ+DDUHZDUHQLQHLQHQ=RSIJHIORFKWHQGHULKU EHUGHQ5FNHQKLQJELV]XP*UWHODQGHU6WLUQGHQ6FKOlIHQ LP1DFNHQDEHUNUlXVHOWHQVLFKGHUJOlWWHQGHQ+DQGHLJHQVLQQLJ HQWVFKOSIWNOHLQHIHLQHJROGLJH/|FNFKHQXQGXPJDEHQGHQ .RSIZLHHLQ+HLOLJHQVFKHLQ ,PPHUVFKHXHUZXUGHGLH%HZXQGHUXQJPLWGHU3DYHOGDV.LQG EHWUDFKWHWHSO|W]OLFKWUEWHQVLFKVHLQH$XJHQHUKREGHQ$UP HPSRUXQGSUHWHLKQDQVHLQ*HVLFKW
'LHVHPVHOWVDPHQ(PSIDQJJHJHQEHUEOLHEGLH.OHLQHHLQH:HLOH UDWORVXPILQJLKUHQ%UXGHUDEHUEDOGYRQQHXHPXQGXQWHULKUHQ /LHENRVXQJHQZLFKGHUHQWIUHPGHQGH%DQQGHULKQEHLLKUHP $QEOLFNHUJULIIHQKDWWH(UVHW]WHVLFKQDKPVLHDXIVHLQHQ6FKR NWHXQGKHU]WHVLHXQGOLHVLFKYRQLKUHU]lKOHQZROOWHDXIGDV JHQDXHVWHZLVVHQZLHVLHOHEWHZDVVLHWDWZDVVLHOHUQWHYRU DOOHPMHGRFKZDVVLH]XHVVHQEHNDP(UVWDXQWHZLHJHULQJHQ :HUWVLHDXIGLHVHVRZLFKWLJH6DFKHOHJWHZLHLKUXPQLFKWVVR VHKU]XWXQZDUDOVGDUXPGDVEUDYVWH.LQGLPJDQ]HQ.ORVWHU]X VHLQXQGXPGLH $QHUNHQQXQJGLHVHU7DWVDFKH ª(VLVWVFKZHUGLH%UDYVWH]XVHLQZHLOVRYLHOHJXWH.LQGHUGD VLQGDEHULFKELQ VGRFK©VDJWHVLHULFKWHWHVLFKIUHXGLJDXIXQG ULHIPHKULP7RQGHUhEHU]HXJXQJDOVGHU)UDJHª'XELVWHV DXFK"© ª,FK"©HQWJHJQHWHHUYROOHKUOLFKHU9HUZXQGHUXQJ ªZLHVROO GHQQLFKEUDYVHLQ"©
2KQHGLHYHUVFKUlQNWHQ)LQJHUYRQVHLQHP1DFNHQ]XO|VHQ VWUHFNWHVLHGLH$UPHDXVERJVLFK]XUFNVDKLKPLQGLH$XJHQ XQGVSUDFKª:LHGXEUDYVHLQVROOVW" 6RKDOW ZLHPDQKDOW EUDYLVWPDQWXWQLFKWV8QUHFKWHV'XZLUVWGRFKQLFKWV 8QUHFKWHVWXQ"©
(UVFKWWHOWHGHQ.RSIVXFKWHVLFKYRQLKUORV]XPDFKHQ EHVRQGHUVDEHULKUHQ%OLFN]XYHUPHLGHQª:DUXPVROOLFKQLFKWV 8QUHFKWHVWXQ"©PXUPHOWHHU ªHVJHKWQLFKWDQGHUV© ª8QGZHOFKHV 8QUHFKWWXVWGX]XP%HLVSLHO"©
ª=XP%HLVSLHO",FKQHKPHGHQ/HXWHQ6DFKHQZHJ© ª:DVIU6DFKHQ"©
ª:LHGXIUDJVW" :DVVROOLFKGHQQQHKPHQ"ZDVLFKLPPHU JHQRPPHQKDEH2EVW RGHU5EHQRGHU+RO]©
0LWVWHLJHQGHU$QJVWDEHUQRFK]ZHLIHOQGVFKULHGLH.OHLQHDXI ª'DQQELVWGXMDHLQ'LHE© ª,FKELQDXFKHLQHU©
ª'DVLVWQLFKWZDKUVDJGDHVQLFKWZDKULVWGDGXQLFKW VFKOHFKWELVWXP*RWWHVZLOOHQVDJHV©
6LHGURKWHVFKPHLFKHOWHXQGJHULHWLQ%HVWU]XQJDOVHUGLH (QWVFKXOGLJXQJYRUEUDFKWHª:LHVROOLFKQLFKWVFKOHFKWVHLQ"'LH (OWHUQVLQGMDDXFKVFKOHFKWJHZHVHQ© ª-XVWGHVZHJHQ©ULHIVLHªEHJUHLIVWGX VQLFKW" MXVWGHVZHJHQ ELQLFKGLH%UDYVWHLPJDQ]HQ.ORVWHUXQGPXWGXGHU%UDYVWH VHLQLPJDQ]HQ'RUIGDPLWGHUOLHEH*RWWGHQ(OWHUQYHU]HLKW GDPLWLKUH6HHOHQHUO|VWZHUGHQ'HQNDQGLH6HHOHGHV9DWHUV ZRGLHMHW]WLVW©
(LQHIOLHJHQGH%OlVVHEHU]RJZLHHLQ+DXFKLKUHURVLJHQ :DQJHQª:LUPVVHQLPPHUEHWHQ©IXKUVLHIRUWªEHWHQEHWHQ XQGJXWH:HUNHWXQ XQGXQVEHLMHGHPJXWHQ:HUNHVDJHQ)U GLHDUPH6HHOHGLHLP)HJHIHXHUEUHQQW© 0LWWLHIVWHU'XUFKGUXQJHQKHLWVWLPPWH3DYHOEHLª-DGLHEUHQQW JHZL©
ª2 *RWWLP+LPPHOXQGZHLWGXZDVLFKJODXEH"©IOVWHUWH GLH.OHLQH ªZHQQZLUVFKOLPPVLQGGDEUHQQWVLHQRFKlUJHU ZHLOGHUOLHEH*RWWVLFKGHQNWGDVNRPPWYRQGHPE|VHQ %HLVSLHOZHOFKHVGLH.LQGHUEHNRPPHQKDEHQYRQ©6LHKLHOW LQQHVFKOXFNWHHLQLJHPDOQDFKHLQDQGHULKUH$XJHQ|IIQHWHQVLFK ZHLWXQGVWDUUWHQGHQ%UXGHUYROOOHLGHQVFKDIWOLFKHQ6FKPHU]HV DQ3O|W]OLFKIDWHVLHVHLQHQ.RSIPLWEHLGHQ+lQGHQGUFNWHLKU *HVLFKWDQGDVVHLQHXQGIUDJWHª:DUXPVWLHKOVWGX"© ª$FKZDV©HUZLGHUWHHUªODPLFK©
6LHXPNODPPHUWHLKQIHVWHUXQGULHIZLHGHULKUEHVFKZ|UHQGHV ª6DJVDJ©XQG GDHUGXUFKDXVQLFKW5HGHVWHKHQZROOWHEHJDQQ VLH]XUDWHQª6WLHKOVWGXYLHOOHLFKWDXV+XQJHU%LVWGXYLHOOHLFKW PDQFKPDOKXQJULJ"© (UOlFKHOWHJHODVVHQª,FKELQLPPHUKXQJULJ© ª,PPHU©
ª,FKGHQNDEHUQLFKWLPPHUGUDQ©VXFKWHHUVLH]XEHUXKLJHQDOV VLHLQ-DPPHUDXVEUDFKEHUGLHVH$QWZRUWGRFKK|UWHGLH.OHLQH LKQQLFKWDQVRQGHUQUDQQWHXQWHUKHIWLJHQ9RUZUIHQJHJHQVLFK VHOEVWDXVGHP=LPPHU %DOGHUVFKLHQVLHZLHGHUJHIROJWYRQHLQHU/DLHQVFKZHVWHUGLH HLQHQUHLFKOLFKPLW%URWXQG )OHLVFKEHVHW]WHQ7HOOHUWUXJ'HU ZXUGHDXIGHQ7LVFKJHVWHOOWXQG3DYHOHLQJHODGHQVLFK V VFKPHFNHQ]XODVVHQ
(UPDFKWHGHU$XIIRUGHUXQJ(KUHDKDVWLJZDUDEHUHUVWDXQOLFK EDOGVDWW ª,VWGDVGHLQJDQ]HU$SSHWLW"©IUDJWHGLH.ORVWHUGLHQHULQXQGVDK LKQPLWMXQJHQKHOOHQ$XJHQIUHXQGOLFKDQª%LVWQLFKWJHZRKQW DQV(VVHQKDVWJOHLFKJHQXJLFKNHQQGDVVFKRQ:RKHUNRPPW HUGHQQZHULVWHU"©ZDQGWHVLHVLFKDQ0LODGD ª9RQ]X+DXVH©DQWZRUWHWHGLHVHªHULVWPHLQ%UXGHU©
ª1XQMDLQ&KULVWXV MHGHU$UPHLVWXQVHU%UXGHULQ&KULVWXV©
ª6RPHLQLFK VQLFKWHULVWPHLQZLUNOLFKHU%UXGHU©EHWHXHUWH 0LODGDXQGZXUGHE|VHDOVGLH6FKZHVWHUVLHHUPDKQWHVLFK HUVWHQVQLFKW]XlUJHUQXQG]ZHLWHQVQLFKWHLQPDOLP6FKHU]HLQH 8QZDKUKHLW]XVDJHQ
ª$EHULFKVDJMDNHLQH8QZDKUKHLW6FKZHVWHU3KLOLSSLQH)UDJHQ 6LHGLHHKUZUGLJH0XWWHUIUDJHQ6LHGDV)UlXOHLQ3I|UWQHULQ© HLIHUWHGDV.LQG'LH.ORVWHUGLHQHULQDEHUHUZLGHUWHJXWPWLJ YHUZHLVHQGª6HLHQ6LHUXKLJ)UlXOHLQ0DULDVHLHQ6LHQLFKW VFKOLPP6LHZDUHQVFKRQVRODQJHQLFKWPHKUVFKOLPP1XUQLFKW ZLHGHULQGHQDOWHQ)HKOHUYHUIDOOHQVRQVWPWLFK VPHOGHQ6LH ZLVVHQUHFKWJXWGDLFK VPHOGHQPW© 'DPLWQDKPVLHUDVFKGHQ7HOOHUYRP7LVFKQLFNWHGHQ.LQGHUQ HLQHQPXQWHUHQ$EVFKLHGVJUX]XXQGJLQJ ª6LHZLOOQLFKWJODXEHQGDLFKGHLQ%UXGHUELQ©VSUDFK3DYHO QDFKHLQHU:HLOH
0LODGDOHJWHZLHGHULKUH:DQJHDQGLHVHLQHXQGIOVWHUWHLKPLQV 2KUª9LHOOHLFKWJODXEWVLH VGRFK© ª*ODXEW VGRFK":DUXPWXWVLHGDQQVR"8QG ZDUXPKDVWGX LKU VQLFKWEHVVHUJHVDJW":DUXPZDUVWGXJOHLFKVWLOO",FKELQ VWLOOZHQQLFKUHFKWKDEZHLO VPLFKIUHXWZHQQGLH/HXWVR GXPPVLQGXQGLFKPLUGDQQVRJXWGHQNHQNDQQ,KU(VHO $EHUGXEUDXFKVWGDVQLFKW© ª-DLFKLFKELQDXFK VWLOOQLFKWDXV7URW]XQG+RFKPXWZLHGX DXV'HPXWXQG6HOEVWEHUZLQGXQJ©6LHZDUIVLFKLQGLH%UXVW XQGLKU*HVLFKWFKHQOHXFKWHWHYRU6WRO]ª'DPLWGLH(QJHOLP +LPPHOLKUH)UHXGHDQPLUKDEHQ©
1DFKGHPVLHVLFKDQGHU%HZXQGHUXQJJHZHLGHWPLWGHU HUVLH DQVDKIXKUVLHIRUWª3DYHOLFKGDUIXQVHUHU0XWWHUQLFKW VFKUHLEHQDEHUGXVFKUHLEHLKUVFKUHLEHLKUGDLFKLPPHUIRUW IUVLHEHWHXQGQLFKWVDQGHUHVZHUGHQZLOODOVHLQH+HLOLJH -DXQGGDLFKDXFKIUVLHVRUJHVFKUHLEHLKUXQGPLUDOOH 7DJHHWZDVDEEUHFKHIUVLHXQGDOOH7DJHZHQLJVWHQVHLQJXWHV :HUNWXHIUVLH8QGGX3DYHO©XQWHUEUDFKVLHVLFKIDWHLKQ DQEHLGHQ6FKXOWHUQXQGIUDJWHª:DVWXVWGXIUXQVHUH 0XWWHU"© ª,FK"©ODXWHWHGLH$QWZRUWª LFKWXKDOWQLFKWV© ª$FKJHKGXZLUVWVFKRQHWZDVWXQ©
ª:DVVROOLFKWXQ" LFKZHLQLFKWZDV©
ª6RVDJLFKGLU V 'XVROOVWGUDQGHQNHQZDVGLH0XWWHU DQIDQJHQZLUGZHQQVLHKHLPNHKUW:RKLQVROOVLHJHKHQZRVROO VLHZRKQHQGLHDUPH0XWWHU"© 8QGQXQNDP0LODGDPLWHLQHPJDQ]IHUWLJHQ3ODQGHUGDULQ EHVWDQGGD3DYHOHLQHQ*UXQGNDXIHQXQGIUGLH0XWWHUHLQ +DXVEDXHQPVVH
(UlUJHUWHVLFKª:LHVROOGHQQLFKHLQ+DXVEDXHQ",FKKDEMD NHLQ*HOG©
ª$EHULFKKDEH©ULHIGDV.LQGª:DUWLFKEULQJGLU V EOHLEUXKLJ VLW]HQXQGZDUW© (LOHQGVIORJVLHGDYRQODQJHMHGRFKGDXHUWHHVHKVLH ZLHGHUNDP'LH3I|UWQHULQIROJWHLKUXQGKLHOWHLQHQ*HJHQVWDQG GHQ0LODGDLQGHU+DQGWUXJVFKDUILP$XJHª+DOW©VSUDFKGLH .ORVWHUIUDXªZDVZROOHQ6LHGDPLWWXQ"© ª,FKVFKHQNHVPHLQHP%UXGHULFKKDE(UODXEQLVYRQGHU HKUZUGLJHQ0XWWHU©
'LH3I|UWQHULQEHWUDFKWHWHGDV.LQGPLELOOLJHQGIUDJWHJHGHKQW ª:LUNOLFK"©XQG]RJVLFKODQJVDPPLWOHLVHJOHLWHQGHQ6FKULWWHQ ]XUFN
0LODGDVFKZDQJWULXPSKLHUHQGHLQHQJHVWULFNWHQ%HXWHOGXUFK GHVVHQZHLWH0DVFKHQHVKHOOXQGVLOEHUQEOLQNWH(UHQWKLHOWLKUH (UVSDUQLVVHGDVYRQGHU)UDX%DURQLQHUKDOWHQHXQG JHZLVVHQKDIW]XUFNJHOHJWH:RFKHQJHOGLPJDQ]HQ YLHUXQGGUHLLJ*XOGHQ'DPDQGDPLWQRFKNHLQHQ*UXQGNDXIW XQGQRFKNHLQ+DXVEDXWOHXFKWHWHVRJDUGHP JHVFKlIWVXQNXQGLJHQ3DYHOHLQDEHUHVZDUGRFKHLQ$QIDQJHV ZDUGRFKHLQ(LJHQWXPDQGDVVLFKGLH+RIIQXQJHV]X YHUJU|HUQNQSIHQOLH'LH.LQGHUEHULHWHQZLHGDVJHVFKHKHQ VROOHXQG0LODGDNDPEDOGGDUDXIGDLKU%UXGHUIOHLLJDUEHLWHQ XQGHWZDVYHUGLHQHQPVVH 3DYHODEHUPHLQWHª:LHVROOGHQQLFKHWZDVYHUGLHQHQ"6RODQJ LFKEHLP+LUWHQELQNDQQLFKQLFKWVYHUGLHQHQ-D©ULHIHU ªMD ZHQQ©(LQ*HGDQNHZDULQLKPDXIJHWDXFKWXQGGLHVHV XQJHZ|KQOLFKH(UHLJQLVYHUVHW]WHLKQLQILHEHUKDIWH(UUHJXQJ ªZHQQLFKKLHUEOHLEHQGUIWVLHKDEHQMDHLQH:LUWVFKDIWGLH .ORVWHUIUDXHQZHQQVLHPLUHWZDV]XWXQJHEHQP|FKWHQLQGHU :LUWVFKDIW© ª,QGHU:LUWVFKDIW"©IUDJWH0LODGDXQGPDFKWHJURH$XJHQ
ª:HQQVLHPLUHLQHQ'LHQVWJHEHQP|FKWHQ©IXKUHUIRUWªEHL GHQ2FKVHQEHLGHQ3IHUGHQEHLGHQ.KHQRGHUVRHWZDVGD LFKKLHUEOHLEHQN|QQWGDLFKQXUQLFKWLQV'RUI]XUFNPW©
(UIDWHLKUH+lQGHXQGEHVFKZRUVLHVHLQH)UVSUHFKHULQEHL GHQ.ORVWHUIUDXHQ]XVHLQ1DFKGHPVHLQHWUlJH3KDQWDVLHHLQPDO EHJRQQHQKDWWHLKUH6FKZLQJHQ]XHQWIDOWHQIORJVLHEHKDUUOLFK IRUWXQGWUXJLKQLPPHUK|KHUHPSRU(LQVRDXVJH]HLFKQHWHU .QHFKWZROOWHHUZHUGHQGDGLH%HI|UGHUXQJ]XP$XIVHKHUXQG GDQQ ]XP0HLHUQLFKWODQJHDXIVLFKZDUWHQODVVHQN|QQWH9RQ GHP*HOGGDVHUYHUGLHQWHZROOWHHUGDKHLPLP'RUIHLQ+DXVIU GLH0XWWHUEDXHQ'LHVROOWHQXUGRUWZRKQHQHUEOLHELQGHU1lKH VHLQHU6FKZHVWHUXQGZLHHUVLHKHXWHVDKXQGVSUDFKVRZUGH HUVLHGDQQVHKURIWVHKHQXQGVSUHFKHQXQGZHQQGDVVHLQ N|QQWHGDQQZlUHHUJOFNOLFKZlUHEUDYDXVZlUHHVPLWGHU 6FKOHFKWLJNHLWPLWGHU'LHEHUHLDXVPLWGHU 3DYHOEDOOWHGLH )DXVWJHJHQHLQXQVLFKWEDUHV:HVHQPLWGHU9LQVNDZROOWHHU VDJHQGRFKEHUNDPHVLKQDOVGUIHHUGHQ1DPHQLQ *HJHQZDUWVHLQHU6FKZHVWHUQLFKWDXVVSUHFKHQ'DV.LQG VFKPLHJWHVLFKDQLKQPDFKWHNHLQH(LQZHQGXQJK|UWHVHLQHU (U]lKOXQJZLHGHUGHVVFK|QVWHQ0lUFKHQV]XXQGVHW]WH PDQFKPDOQRFKHLQ/LFKWDXILQGHPIUHXQGOLFKHQ%LOGHGDVHU HQWZDUI
ª-DGXZLUVWGHU0HLHUVHLQXQGLFKGLH+HLOLJH©KDWWHGLH.OHLQH HEHQIUHXGLJDXVJHUXIHQGDHUW|QWHODXWXQGODQJHIRUWJHVHW]W DXVGHU)HUQHHUVWGDQQQlKHUXQGQlKHUGHU6FKDOOHLQHU*ORFNH 0LODGDVHXI]WHWLHIDXI ª'DV=HLFKHQ©VDJWHVLH ª:DVIUHLQ=HLFKHQ"©
ª'DGXIRUWJHKHQPXW©
ª,FKJHKDEHUQLFKW'XKDVWMDVHOEVWJHVDJWGDLFKKLHUEOHLEHQ NDQQ©ULHI3DYHOXQGGLH.OHLQHHUZLGHUWHEHVWU]Wª:DVIlOOWGLU HLQ",FKGDUIVRHWZDVQLFKWVDJHQ© 1XQEHJDQQHVGLFKWYRUGHU7U]XVFKHOOHQVLHZXUGHJH|IIQHW GLH3I|UWQHULQOLHVLFKEOLFNHQVSUDFKQLFKWVHW]WHDEHUGLH *ORFNHGLHVLHLQGHU+DQGKLHOWLPPHUKHIWLJHULQ%HZHJXQJ
=XJOHLFKHUVFKLHQHLOLJHQ6FKULWWHV6FKZHVWHU3KLOLSSLQHXQGULHI 3DYHO]Xª'LH6SUHFKVWXQGHLVWDXVK|FKVWH=HLWHPSILHKOGLFK YRUZlUWVYRUZlUWV©
(UJDENHLQH$QWZRUWXQGJHKRUFKWHDXFKQLFKW'LH .ORVWHUGLHQHULQZLHGHUKROWHLKUH0DKQXQJ3DYHODEHUGHQ.RSI JHVHQNWPLWGHQ)LQJHUQHLQHU+DQGGLHGHUDQGHUHQSUHVVHQG XQG]HUUHQGEOLHEDXIVHLQHP6HVVHOVLW]HQ'LH3I|UWQHULQULHI HLQH]ZHLWH/DLHQVFKZHVWHUKHUEHLJDEDXFKLKU%HIHKOGHQ ]XGULQJOLFKHQ%XUVFKHQIRUW]XVFKDIIHQXQGZLQNWH0LODGDGDV =LPPHU]XYHUODVVHQ'LH.OHLQH]|JHUWH'DNDPGLH1RQQHDXI VLH]XXQGHUJULIIVLHEHLP$UPHª6LHJHKHQKLQDXILQGLH .ODVVH©VSUDFKVLHPLWlXHUVWHP%HPKHQGDV%HEHQLKUHU 6WLPPH]XYHUEHUJHQXQGGHQVFKFKWHUQHQ:LGHUVWDQGGHV .LQGHVPLW6DQIWPXW]XEHVLHJHQ'RFKIXQNHOWH8QZLOOHQDXV LKUHQGXQNOHQ$XJHQ XQGGLHOHLVHQ:RUWHGLHVLHGHP .ORVWHU]|JOLQJ]XIOVWHUWHVFKLHQHQQDFKGHP(LQGUXFNGHQVLH KHUYRUEUDFKWHQ]XVFKOLHHQQLFKWHEHQJWLJH]XVHLQ'LH .OHLQHODXVFKWHLKQHQPLWJHVSDQQWHUDQJVWYROOHU $XIPHUNVDPNHLWULHISO|W]OLFKª/HEZRKO3DYHOOHEZRKO©XQG HLOWHKLQZHJ 'DVSUDQJHUDXIVWLHGLH/DLHQVFKZHVWHUQGLHLKQIHVWKDOWHQ ZROOWHQ]XU6HLWHXQGVWUPWH0LODGDLQGLH+DOOHQDFKª%OHLE© VFKULHHU ªKDVWGXYHUJHVVHQZDVZLUWXQZROOHQZDV JHVFKHKHQPX"%OHLEGDXQGVDJ VGHQ.ORVWHUIUDXHQ©
(UZXUGHLPPHUXQJHElUGLJHUXQGEHGURKWHGLH'LHQHULQQHQGLH VLFKDQVFKLFNWHQLKQPLW*HZDOWIRUW]XVFKDIIHQ'LHIULHGOLFKH .ORVWHUKDOOHVWDQGLQ*HIDKUGHU6FKDXSODW]HLQHVNOHLQHQ +DQGJHPHQJHV]XZHUGHQDOVGLHDXVGHP*DUWHQ KHUHLQIKUHQGH7UJH|IIQHWZXUGHXQGHLQHPODQJHQ=XJHYRQ 1RQQHQ(LQODJHZlKUWHDQGHVVHQ6SLW]HGLH2EHULQ]ZLVFKHQ GHQ]ZHLQlFKVWHQ:UGHQWUlJHULQQHQVFKULWW(LQPLOGHV/lFKHOQ DXIGHPVFK|QHQ*HVLFKWHGLHJURHQNODUHQ$XJHQPLWGHP $XVGUXFNOHLVHQ6WDXQHQVDXIGLHHUUHJWH3I|UWQHULQJHULFKWHW NDPVLHELV]XP(LQJDQJHGHV6SUHFK]LPPHUVXQGEOLHEYRU GHPVHOEHQVWHKHQ'LH3I|UWQHULQZDUSO|W]OLFKZLHYHUVWHLQHUW GLH/DLHQVFKZHVWHUQNQL[WHQELV]XU+lOIWHLKUHUQDWUOLFKHQ*U|H ]XVDPPHQ0LODGDQHLJWHVLFKLQWLHIHU9HUEHXJXQJOHKQWHGDV .|SIFKHQDXIGLH6FKXOWHUHUU|WHWHXQGHUEOHLFKWH ª:DVJLEWHVGHQQ"ZDVJHVFKLHKWKLHU"©IUDJWHGLH2EHULQXQG VRZRKOGHP$XJHGHU$QEOLFNLKUHUHGOHQ=JHVRZRKOWDWGHP
2KUGHUUHLQH0HWDOONODQJLKUHU6WLPPHª:DUXPLVWXQVHUHNOHLQH 0DULDQRFKQLFKWLQGLH.ODVVH]XUFNJHNHKUW"© 'LH3I|UWQHULQJDEHLQHHWZDVYHUZRUUHQH(UNOlUXQJGHVVHQZDV VLFKHEHQ]XJHWUDJHQVLHVFKRQWHGDEHL3DYHOVQLFKWXQGGLH KRKH9RUJHVHW]WHK|UWHLKU]XPLWQLFKWPHKU8QJHGXOG DOVHLQ (QJHOKlWWHYHUUDWHQGUIHQXQGOLHPLWGHU7HLOQDKPHHLQHV VROFKHQLKUHQ%OLFNDXIGHPYHUNODJWHQhEHOWlWHUUXKHQ
ª0LWGHQ.ORVWHUIUDXHQZLOOVWGXVSUHFKHQ"©VDJWHVLH]XLKPªVR VSULFKPHLQ.LQGGDVLQGGLH.ORVWHUIUDXHQ© 3DYHOHUEHEWHYRU(QW]FNHQXQG+RIIQXQJVIUHXGLJNHLWEHLGLHVHQ JWLJHQ:RUWHQDEHU]XWXQZLHVLHLKQJHKHLHQYHUPRFKWHHU QLFKW=DJHQGEOLQ]HOWHHU]XGHU(KUZUGLJHQHPSRUGLHYRULKP VWDQGVROLFKWXQGKHKULQLKUHQGXQNOHQ*HZlQGHUQ,KPZDU DOVKlWWHHULQ GDV$QWOLW]GHU+HLOLJHQ-XQJIUDXJHVFKDXWXQG DOVVHLQ%OLFNLP1LHGHUJOHLWHQLKUH+lQGHVWUHLIWHGDPHLQWHHU ]ZLVFKHQGHQVFKODQNHQEHUGHP*UWHOJHIDOWHWHQ)LQJHUQGHQ 6FKOVVHO]XP+LPPHOEOLQNHQ]XVHKHQ:LHJHSDFNWXQG QLHGHUJHZRUIHQYRQHLQHUJHZDOWLJHQ)DXVWODJHUPLWHLQHPPDO DXIVHLQHQ.QLHQXQGVHLQH/LSSHQPXUPHOWHQOHLVHXQG LQEUQVWLJª(UO|VHQ(UO|VHQ© ,PQlFKVWHQ$XJHQEOLFNNQLHWHVHLQH6FKZHVWHUQHEHQLKPXQG EHJDQQDXFK]XUXIHQQXUODXWHUQXUNKQHUDOVHUª(UO|VHQ (UO|VHQ(KUZUGLJH0XWWHUHUO|VHQ6LHLKQ© 'LH$QJHIOHKWHPDFKWHHLQH%HZHJXQJGHU$EZHKU6LHUHLFKWH 0LODGDEHLGH+lQGH]RJVLHLQGLH+|KHXQGVSUDFKª,FKZHL QLFKWZDVLKUZROOWXQGVRELWWHWPDQQLFKW$XFKGX%XUVFKH VWHKDXIXQGVDJHYHUQQIWLJZDVGX]XVDJHQKDVW© 3DYHOHUKREVLFKVRJOHLFKVHLQH:DQJHQJOKWHQEUDXQURW 6FKZHLWURSIHQSHUOWHQDQGHQ:XU]HOQVHLQHU+DDUHHUZROOWH VSUHFKHQEUDFKWHDEHUQXUHLQKHLVHUHVXQGXQGHXWOLFKHV *HPXUPHOKHUYRU ª6SULFKGXIULKQZDVZLOOHU"©ZDQGWHGLH2EHULQVLFKDQ 0LODGD
ª(UP|FKWHVRJHUQKLHUEOHLEHQ©HUZLGHUWHGDV.LQGEHZHJWXQG NOHLQODXWªHUP|FKWHHLQ.QHFKWVHLQEHLGHQ.KHQRGHUEHLGHQ 3IHUGHQ© 'LH(KUZUGLJHOlFKHOWHXQGLKU*HIROJHGLHJURHQXQGGLH NOHLQHQ1RQQHQGLHEUHLWHQXQGGLHVFKPDOHQGLHIUHXQGOLFKHQ XQGGLHVWUHQJHQOlFKHOWHQJOHLFKIDOOV ª:LHNRPPWHUDXIGHQ*HGDQNHQ"KDWLKQMHPDQG KHUJHZLHVHQ")UlXOHLQgNRQRPLQLVWHLQH6WHOOHIUHLLQGHU :LUWVFKDIW"© ª.HLQH©DQWZRUWHWHGLH$QJHUHGHWH
3DYHOELOGHWHVLFKHLQ]ZLVFKHQGHQEHLGHQ)UDXHQVHLHVKLQ XQG KHUJHIORJHQZLHHLQ%OLFNVWLOOHQ(LQYHUVWlQGQLVVHVDOVGLH2EHULQ YRQQHXHPJHIUDJWª9LHOOHLFKWGHQNWDEHUGHU0HLHUGDUDQHLQHQ GHU.QHFKWH]XHQWODVVHQ"'HU%XUVFKHNDQQIUKHUGDYRQJHK|UW KDEHQDOVZLUZlUHGDVQLFKWP|JOLFK"© ª1HLQ,FKZHLJDQ]EHVWLPPWGDGHU0HLHUQLFKWGDUDQGHQNW HLQHQ.QHFKW]XHQWODVVHQ©
ª6R VR©YHUVHW]WHGLH2EHULQªQXQGHQQPHLQ.LQGGDLVW QLFKWV]XWXQGDZDUHQGLHMHQLJHQGLHGLFK]XXQVJHVFKLFNW KDEHQIDOVFKEHULFKWHW*HKGHQQKHLPPHLQ.LQGJHKPLW*RWW XQGGXNOHLQH0DULDLQGLH.ODVVHLQGLH.ODVVH© 6LHZROOWHVLFKDEZHQGHQXQGLKUHQ:HJZHLWHUYHUIROJHQ3DYHO ZDUIVLFKLKUHQWJHJHQHKUIXUFKWVYROOH6FKHXKDWWHELVKHUVHLQH =XQJHJHEXQGHQGLH$QJVWGHU9HU]ZHLIOXQJO|VWHVLH
ª8P*RWWHVZLOOHQJWLJHJHEHQHGHLWH.ORVWHUIUDX©ULHIHUXQG IDWHGLH2EHULQDP.OHLGHªXP*RWWHVZLOOHQEHKDOWHQ6LHPLFK 6FKLFNHQ6LHPLFKQLFKWLQV'RUI]XUFN0HLQH0LODGDVDJWGD LFKEUDY ZHUGHQVROOLP'RUINDQQLFKQLFKWEUDYZHUGHQ+LHU ZLOOLFK VVHLQEHKDOWHQ6LHPLFKKLHU,P'RUIHELQLFKHLQ'LHE XQGPXHLQ'LHEVHLQ© ª.LQG.LQGZDVVSULFKVWGX"©HQWJHJQHWHGLH(KUZUGLJH ªQLHPDQGPXHLQ'LHEVHLQMHGHU0HQVFKNDQQ VLFKVHLQ%URW UHGOLFKYHUGLHQHQ©
ª,FKQLFKW©VFKULH3DYHOXQGZHKUWHVLFKPLWDOOHQ.UlIWHQJHJHQ ]ZHL1RQQHQGLHYRUJHWUHWHQZDUHQXQGGDV*HZDQGGHU2EHULQ DXVVHLQHQ+lQGHQ]XO|VHQVXFKWHQªLFKQLFKW:DVLFK YHUGLHQHQLPPWGHU9LUJLOXQGYHUVDXIW VXQGLFKPXDXFKVHLQH JDQ]H$UEHLWWXQXQGEHNRPPHQLFKWV'LH*HPHLQGHVROOWHPLU .OHLGHUJHEHQXQGJLEWPLUQLFKWV8QGZHQQGLH9LUJLORYD KLQJHKWXQGVDJW'HU%XEKDWNHLQ+HPGGHU%XEKDWNHLQH -DFNHVDJHQVLH8QGZLUKDEHQNHLQ*HOGDEHUZHQQVLHDXI GLH-DJGJHKHQZROOHQXQGLQV:LUWVKDXVGDQQKDEHQVLHLPPHU *HOGJHQXJ© 8QJOlXELJVFKWWHOWHGLH2EHULQGHQ.RSIXQGPDFKWH(LQZlQGH GLH3DYHOZLGHUOHJWH'HUZRUWNDUJH-XQJHVSUDFKVLFKLQHLQH ZDKUHGHUE]XWUHIIHQGH%HUHGVDPNHLWKLQHLQ:DVHUYRUEUDFKWH ZDUQLFKWGLH)UXFKWODQJHQ1DFKGHQNHQVGLH(UNHQQWQLVVHLQHV JDQ]HQ(OHQGVNDPLKP]XJOHLFKPLWGHUMHQLJHQGDHVHLQH 5HWWXQJJHEHQN|QQHDXVGLHVHP(OHQGXQGMHGHQHXH$QNODJH JHJHQVHLQHVFKOHFKWH$GRSWLYPXWWHUGLH*HPHLQGHXQGMHGHQ QHXHQ$XVEUXFKGHU(QWUVWXQJXQGGHV-DPPHUVVFKORHUPLW GHPOHLGHQVFKDIWOLFKHQ%HVFKZ|UHQª%HKDOWHQ6LHPLFK 6FKLFNHQ6LHPLFKQLFKWLQV'RUI]XUFN©$OOHLQ REVHLQH$XJHQ VLFKDQJVW RGHUKRIIQXQJVYROODXIGLHKRKH)UDXULFKWHWHQ ZHOFKHUHUGLH0DFKW]XVFKULHEVHLQWURVWORVHV6FKLFNVDOLQHLQ JOFNOLFKHV]XYHUZDQGHOQLPPHUEHJHJQHWHQVLHGHPVHOEHQ $XVGUXFNVDQIWHU8QHUELWWOLFKNHLW8QGZLHVLHYRUVLFKKLQEOLFNWH XQHQGOLFKIURPPXQHQGOLFKWHLOQDKPVORVVRWDWLKUJDQ]HV *HIROJHXQGGHUVFKZHUEHJUHLIHQGH3DYHOEHJULIIHQGOLFKGDHU XPVRQVWJHEHWHQKDWWH
ª*HKPHLQ.LQG©VSUDFKGLH2EHULQªJHKPLW*RWWXQG EHGHQNHZRLPPHUGXZDQGHOVWZDQGHOVWGXXQWHUVHLQHQ$XJHQ XQGXQWHUVHLQHP6FKXW]8QGZHQQHUPLWXQVLVWZDVYHUP|JHQ GLH0HQVFKHQZLGHUXQV":DVYHUPDJLKUE|VHV%HLVSLHOXQGZDV GLH9HUVXFKXQJLQZHOFKHLKUE|VHV%HLVSLHOXQVIKUW"*HK JHWURVWPHLQ.LQGXQGGHU+HUUJHOHLWHGLFK© 6LHJDEGHU3I|UWQHULQHLQHQ:LQNGLHVHHLOWHGLH7UGHU+DOOH ]X|IIQHQ6WXPPRKQH*UXVFKULWW3DYHOGHP$XVJDQJ HQWJHJHQ'DHUW|QWHSO|W]OLFKHLQGXUFKGULQJHQGHU6FKUHL 0LODGDGLHELVKHUUHJXQJVORVGDJHVWDQGHQRKQHGHQ%OLFNRKQH GDVHLQZHQLJKHXFKOHULVFK]XU6HLWHJHQHLJWH.|SIFKHQDXFKQXU
HLQPDO]XHUKHEHQUDQQWHLKUHP%UXGHUQDFKª:DUWHLFKJHK PLWGLU©ULHIVLHKLQJVLFKDQVHLQHQ+DOVNWHLKQXQG VFKOXFK]WHª$UPHU3DYHO$UPHU3DYHO©*DQ]DXHUVLFKVFKOXJ VLHPLWGHQNOHLQHQ)lXVWHQQDFKGHQ1RQQHQGLHDQVLH KHUDQWUDWHQXQGVLHLQVDQIWEHVFKZLFKWLJHQGHU:HLVH]XU5XKH HUPDKQWHQ6LHNHXFKWHVLHZLPPHUWHª/DVVHQ6LHPLFK,FKZLOO PLWLKPJHKHQZHLOHUDUPLVWZHLOHUHLQ'LHELVW6HKHQ6LH VHKHQ6LHHUKDW/XPSHQHUKDWQLFKWV]XHVVHQLFKZLOODXFK /XPSHQKDEHQLFKZLOODXFKQLFKWV]XHVVHQKDEHQLFKZLOOQLFKW HLQH+HLOLJHVHLQXQGLQGHQ+LPPHONRPPHQZHQQHULQGLH +|OOHNRPPW©
6LHVFKULHDOVREVLHVLFKPLW*HZDOWGLH%UXVW]HUVSUHQJHQ ZROOWHXQGHUNlPSIHQG]ZLVFKHQVHLQHU%HVWU]XQJEHUGLH +HIWLJNHLWXQGVHLQHU)UHXGHEHUGLHVHXQHUZDUWHWHbXHUXQJ LKUHU/LHEHVWDUUWHVLHDQEHVFKlPWEHJOFNW XQGY|OOLJUDWORV XQGUKUWHVLFKQLFKWDOVGLH.ORVWHUIUDXHQHLQHQGLFKWHQ.UHLVXP LKQXQG0LODGDVFKORVVHQGLH$UPHGHU.OHLQHQYRQVHLQHP 1DFNHQO|VWHQXQGVLHIHVWJHKDOWHQDQ+lQGHQXQG)HQ HPSRUKREHQ(VJHVFKDKPLWJU|WHU6FKRQXQJRKQHGDV JHULQJVWH=HLFKHQYRQ8QJHGXOGHLQWLHIHV/HLGHLQLQQLJHV %HGDXHUQZDUDOOHVZDVVLFKLQGHQ0LHQHQGHUIURPPHQ)UDXHQ DXVVSUDFKDOVLKU=|JOLQJDXFKMHW]WQRFKVHLQHQ:LGHUVWDQG IRUWVHW]WH ª3DYHO©NUHLVFKWHGDV.LQGª3DYHOUHLPLFKORV*HKHQZLU IRUWZHLWZHJJHKHQZLU]XVDPPHQLQGLH$UEHLWLQGHQ =LHJHOVFKODJZLHIUKHUZLHGDPDOVZRZLUNOHLQZDUHQLFKZLOO DFKWJHEHQDXIGLFKGDGXNHLQ'LHEPHKUELVW5HLPLFK ORV1LPPPLFKPLW*HKQLFKWDOOHLQLFKVHKGLFKQLHPHKU ZHQQGXDOOHLQZHJJHKVW6LHODVVHQGLFKQLHPHKU]XPLU1LH PHKU© ,KU6FKUHLHQHQGHWHLQQLFKWXQWHUVFKHLGEDUHQ/DXWHQLQHLQHP KHLVHUHQ+XVWHQ3DYHOVW|KQWHGHU+LOIHUXIGHU.OHLQHQVFKQLWW LKPLQV+HU]XQGGRFKEOLHEHUXQEHIDQJHQJHQXJXP]X GHQNHQ:DVVLHYHUODQJWLVWXQP|JOLFKZDVVLHVLFK]XWUDXW JHKWZHLWEHULKUH.UlIWH6LHVFKZLHJHQGOLFK JHZLYRU (UVFK|SIXQJ3DYHONRQQWHVLHQLFKWVHKHQ GUHL XQGYLHUIDFK ZDUHQDOOPlKOLFKGLH5HLKHQJHZRUGHQZHOFKHGLH.ORVWHUIUDXHQ ]ZLVFKHQLKUXQGLKPELOGHWHQ6WDWWGHUEHUDQJHVWUHQJWHQ
6WLPPHVHLQHU6FKZHVWHUYHUQDKPGHU%XUVFKHHLQHUHLQH JORFNHQKHOOHGLHHUPDKQWH]XVSUDFKJOHLFKPlLJHLQGULQJOLFK XQGLPPHUOHLVHU3DYHOKLHOWGHQ$WHPDQXQGKRUFKWH GLH .OHLQHEOLHEUXKLJ 1XUDXIVHXI]HQK|UWHHUVLHPDQFKPDODXV WLHIVWHUVFKPHU]]HUULVVHQHU%UXVWXQGVFKHLQHQZROOWHLKPDOV QHQQHVLHGDEHLVHLQHQ1DPHQ8QGHUKLHOWVLFKQLFKWOlQJHUHU VWU]WHYRUGHQ.UHLV]XGXUFKEUHFKHQGHULKPGHQ$QEOLFN VHLQHU6FKZHVWHUHQW]RJ(UKDWWH:LGHUVWDQGHUZDUWHWXQGIDQG NHLQHQZLHDXIHLQJHJHEHQHV=HLFKHQZLFKHQGLH.ORVWHUIUDXHQ ]XEHLGHQ6HLWHQDXVXQGHUVDK0LODGDYRUVLFKVWHKHQDQGHU +DQG GHU2EHULQEOHLFK]LWWHUQGGDV.|SIFKHQZLHGHUVFKLHI JHQHLJWGLHURWJHZHLQWHQ$XJHQJHVHQNW GLHXPLKQ URWJHZHLQWHQ$XJHQ(LQHIDVWXQEHUZLQGOLFKH/XVWHUJULIILKQ VLHLQVHLQH$UPH]XQHKPHQXQGPLWLKU]XHQWIOLHKHQ'LH7U ZDURIIHQHLQSDDU6lW]HXQGHUKlWWHGDV)UHLHHUUHLFKWXQG HLQPDOGUDXHQVROOWHQVLHLKPQXUQDFKODXIHQGLH .ORVWHUIUDXHQ$EHUGDQQ":RKLQIKUVWGXGDV.LQG"IXKUHV LKPGXUFKGHQ.RSIXQGGLH$QWZRUWODXWHWH,QV(OHQGXQGHU EHUZDQGGLHUDVFKXQGKHLDXIORGHUQGH9HUVXFKXQJ ª7ULWWQlKHU©VSUDFKGLH2EHULQªVDJHGHLQHU6FKZHVWHU /HEHZRKO©
(UIROJWHGHP*HKHLXQGVHW]WHDXVHLJHQHU 0DFKWYROONRPPHQKHLWKLQ]Xª$PQlFKVWHQ6RQQWDJNRPPLFK ZLHGHU© 'LH.OHLQHEUDFKYRQQHXHPLQ7UlQHQDXVXQGIOVWHUWHRKQH DXI]XEOLFNHQª'DUIHU"©
ª'DVNDQQLFKQLFKWLPYRUDXVVDJHQ©HUZLGHUWHGLH(KUZUGLJH ªHVKlQJWMDQLFKWYRQPLUDEVRQGHUQYRQGLUYRQGHLQHU $XIIKUXQJ'HLQ%UXGHUGDUILPPHUNRPPHQZHQQGXJXW JHKRUVDPXQG© VLHOHJWHEHVRQGHUHV*HZLFKWDXIGLHVH:RUWH ªQLFKWXQJHGXOGLJELVW©
ª6RVFKDX©ULHI3DYHOIU|KOLFKDXV'LH%HGLQJQLVDQZHOFKHVHLQ :LHGHUVHKHQPLWGHU6FKZHVWHUJHNQSIWZRUGHQHQWKLHOWIULKQ GLHWURVWUHLFKH9HUKHLXQJ(UEHJULIIQLFKWZDUXP0LODGDWUDXULJ XQGXQJOlXELJGHQ.RSIVFKWWHOWHDOVHUVLHNVVHQGXQG XPDUPHQGYHUVSUDFKVLFKLQDFKW7DJHQJHZL
ZLHGHUHLQ]XILQGHQ8QGDOVGLH.OHLQHKLQZHJJHIKUWZRUGHQXQG DOVHUGHP%HIHKOGHU3I|UWQHULQJHKRUFKHQGGLH+DOOHYHUODVVHQ KDWWHXQGQXQGUDXHQVWDQGDXIGHP3ODW]YRUGHP.ORVWHU ODFKWHHUYRUVLFKKLQ(UODFKWHEHUGDVW|ULFKWH.LQGGDVGLH 7UHQQXQJYRQLKPMDKUHODQJJXWHQ0XWHVHUWUDJHQXQGGDVVLFK QXQGDHVHLQHQ$EVFKLHGIUHLQH:RFKHJDOWVRELWWHUJUlPWH 'LHDUPH.OHLQHZLHOLHEWHVLHLKQ:DQQKlWWHHUVLFK VWUlXPHQ ODVVHQGDVLHLKQVRVHKUOLHEH$OOHVZlUHVLHEHUHLWJHZHVHQ XPLKQDXI]XJHEHQGDVVFK|QH+DXVLQGHPVLHZRKQWHLKUH JXWHQ.OHLGHUGDVJXWH(VVHQ-DVRJDUGLHVLFKHUH$XVVLFKWDXI GDV+LPPHOUHLFK
'DVZLOOHULKUORKQHQHUZHLVFKRQZLHHUZLUGVLFKLKUHU/LHEH ZUGLJPDFKHQ:RQQLJHU6WRO]GLHKHUUOLFKVWH=XYHUVLFKW HUIOOWHQLKQHWZDV.|VWOLFKHV8QEHJUHLIOLFKHVVFKZHOOWHVHLQ +HU](UJDEVLFKNHLQH5HFKHQVFKDIWGDYRQHUKlWWHHVQLFKW]X QHQQHQJHZXWHVZDULKPMDVRQHXVRIUHPGHVZDUMD *OFN8QWHUGHP(LQIOXGHV:XQGHUVGDVVLFKLQLKPYROO]RJ PHLQWHHUDXFKYRQDXHQNRPPHQGH:XQGHUHUZDUWHQ]X PVVHQ8QGZLHHUVRODQJVDPGDKLQVFKULWWJHVWDOWHWHVLFKDXV VHLQHQZHEHQGHQ7UlXPHQLPPHUGHXWOLFKHUGLHhEHU]HXJXQJ GDHUHLQHUJURHQ9HUlQGHUXQJVHLQHV6FKLFNVDOV HQWJHJHQJHKHGHPJHKHLPQLVYROOHQ$QIDQJ]XHLQHPVFK|QHUHQ EHVVHUHQ/HEHQ
(LQH6WXQGHZDQGHUWHHUEHUHLWVXQGKDWWHNDXPGHQYLHUWHQ7HLO GHV:HJHV]XUFNJHOHJWGDEHUKROWHLKQHLQ%RWHGHUJOHLFKIDOOV DXVGHU6WDGWNDPXQGQDFKGHP'RUIHJLQJHLQDOWHU%HNDQQWHU GHU1DFKWZlFKWHU:HQGHOLQ0XFK'HU0DQQZXUGHMHGHQ 6RQQWDJDPIUKHQ0RUJHQYRQGHU%DURQLQQDFKGHP.ORVWHU JHVFKLFNW(UEHUEUDFKWHGDV7DVFKHQJHOGIU0LODGDHLQHQ%ULHI IUGLH2EHULQXQG*HVFKHQNHIULKUH$UPHQXQGKDWWHGHQ :RFKHQEHULFKWEHUGHQ6FKW]OLQJGHUJQlGLJHQ)UDXLQ(PSIDQJ ]XQHKPHQ'HPMHQLJHQGHQGLH(KUZUGLJHKHXWHVDQGWH ZDUHQLQ(LOHIROJHQGH=HLOHQKLQ]XJHIJWZRUGHQ ª 'LH=XVDPPHQNXQIWGHUEHLGHQ.LQGHUKDWGHQHUZDUWHWHQ (UIROJQLFKWJHKDEW'LHVHOEHJDEYLHOPHKUGHP7URSIHQ 9DJDEXQGHQEOXWGHUOHLGHULQGHQ$GHUQXQVHUHV/LHEOLQJVUROOW *HOHJHQKHLWVLFKZLHGHU]XUHJHQ:LUIUFKWHQHVZHUGHODQJH =HLWEHGUIHQEHYRUHVXQVJHOLQJWGHQEOHQ(LQGUXFNGHQ
GLHVHVHUVWHXQGZHQQ)UDX%DURQLQXQVHUHQ5DWEHIROJHQDXFK OHW]WH:LHGHUVHKHQGHU*HVFKZLVWHUDXI0DULDKHUYRUJHEUDFKW KDW]XYHUZLVFKHQ©
$OV3DYHODPVSlWHQ1DFKPLWWDJKHLPNHKUWHVDKHUVFKRQDP %HJLQQGHU'RUIVWUDHGLH9LUJLORYDZLHDXIGHU/DXHUVWHKHQ6LH ULHILKQYRQZHLWHPDQXQGEHJUWHLKQYROO)UHXQGOLFKNHLWXQG IUDJWHWHLOQHKPHQGQDFKVHLQHQ(UOHEQLVVHQ(UJDEHLQVLOELJH $QWZRUWVFKLHOWHPLWUDXLVFKQDFKGHU$OWHQXQGGDFKWH:DVZLOO VLHPLUDQWXQGLH+H[H"
6HLQH8QJHZLKHLWEHULKUH$EVLFKWHQGDXHUWHQLFKWODQJHGLH +DUWQlFNLJNHLWPLWGHUVLHVLFKDQVHLQH)HUVHQKHIWHWHLKUHHLIULJ XQGlQJVWOLFKZLHGHUKROWHQ(UPDKQXQJHQª:DUWGRFK5HQQ QLFKWVR©IKUWHQLKQDXIGLHUHFKWH6SXU9RQGHU+WWHZROOWH GLH$OWHLKQIHUQKDOWHQLQGHU+WWHJLQJHWZDVYRUGHVVHQ=HXJH HUQLFKWVHLQVROOWH'HQ9HUGDFKWNDXPJHIDWXQGVRIRUW YHUVHW]WHHUVLFKLQ7UDEZDUEDOGDQ2UWXQG6WHOOHVWLHKHIWLJ GLH7UDXIXQGVSUDQJLQGHQ)OXU6HLQHUVWHU%OLFNULFKWHWHVLFK QDFKGHU6WXEH'RUWVD9LQVNDDXIGHP%HWWHVFK|QXQGQHWW DQJHWDQKLHOWGLH+lQGHYRUGHP*HVLFKWXQGVFKOXFK]WH9RULKU VWDQGGHU3HWHUPLWHLQHUZDKUHQ$UPHQVQGHUPLHQHZDU IHXHUURWXQGKDWWHVHLQ+WOHLQGDVGUHL3IDXHQIHGHUQ VFKPFNWHQZHLW]XUFNLQV*HQLFNJHVFKREHQ $OV3DYHODXIGHU6FKZHOOHHUVFKLHQHUKRE9LQVNDVLFKUDVFK ª%LVWZLHGHUGD"ZDVZLOOVW"ZDVVXFKVW"©ULHIVLH
(UEOLFNWHILQVWHUXQGJULPPLJGLH)HGHUQDXI3HWHUV+WOHLQDQ XQGIUDJWHª+DVWLKPGLHJHVFKHQNW"©
(LQHV$WHP]XJV'DXHUZDU9LQVNDYHUZLUUWGHU %UJHUPHLVWHUVVRKQDEHUZDUIVLFKLQGLH%UXVWª:DVXQWHUVWHKW VLFKGHU+XQG" *HKW VGLFKDQ"©VSUDFKHUª7UROOGLFK©
3DYHOVSUHL]WHGLH%HLQHDXVXQGVWHPPWHVLHDXIGHQ%RGHQDOV REHUDQLKQDQZDFKVHQZROOHª)UGLFKKDELFKGLH)HGHUQQLFKW JHVWRKOHQ6LHJHK|UHQGHU9LQVND*LEVLHGHU9LQVND]XUFN© 3HWHUZDQGWHGHQ.RSIRKQHLKQ]XHUKHEHQEUOOWHHLQ ODQJJHGHKQWHVGURKHQGHVª'X©XQGKROWHPLWGHU)DXVWJHJHQ 3DYHODXV,PVHOEHQ $XJHQEOLFNJOLWW9LQVNDLKPLQGHQ$UPXQG OHKQWHVLFKDQLKQPLWGHUJDQ]HQ:XFKWLKUHUNUlIWLJ]LHUOLFKHQ
*HVWDOW6LHWURFNQHWHDQVHLQHU6FKXOWHUHLQH7UlQHDEGLHLKU QRFKDXIGHU:DQJHVWDQGª7XLKPQLFKWVHUZHLMDQLFKWV© VSUDFKVLHªHULVWVRGXPP©
ª:HU"©VWLH3DYHOKHUYRUXQGNDOWHU6FKZHLWUDWLKPDXIGLH 6WLUQ
ª'HUIUDJW©DQWZRUWHWHGDV0lGFKHQªXQGMHW]WK|UDQXQG PHUNGLU:DVPLUJHK|UWJHK|UWDXFKGHP© VLHWLSSWHPLWGHP )LQJHUDXI3HWHUV%UXVW ªLFKEUDXFKHVLKPQLFKW HUVW]X VFKHQNHQZHLOLFKVHOEVWLKPJHK|UHPLW+DXWXQG+DDU8QG VRODQJHHUPLFKEHKDOWHQZLOOLVW VUHFKWXQGZHQQHUPLFK HLQPDOQLFKWPHKUZLOOJHKLFKLQGHQ%UXQQHQ© 'HU%UJHUPHLVWHUVVRKQZLHGHUKROWHVHLQIUKHUHVª'X©DEHU GLHVPDOULFKWHWHHVVLFKDQGLH*HOLHEWH6HLQH'URKXQJVFKOR HLQHQ]lUWOLFKHQ9RUZXUIHLQXQGVRVWlPPLJXQGVHOEVWEHZXW HUGDVWDQGXQGVRKLOIORVXQGYROO+LQJHEXQJVLHDQLKPOHKQWH GLH6WlUNHUH VFKLHQVLH
ª*UHLQHQXULFKZHLGRFKGDLFKLQGHQ%UXQQHQPX©VSUDFK VLHVHXI]HQGªKHLUDWHQNDQQMDPHLQ/LHEVWHUPLFKDUPHV0lGHO QLFKW©
ª+HLUDWHQGHU GLFK"©3DYHOEUDFKLQHLQSOXPSHV*HOlFKWHUDXV ª+HLUDWHQ"'DVKDVWGLUJHGDFKW"©
ª1LH©HQWJHJQHWH9LQVNDVFKZHUPWLJª,FKKDEPLUQLHHWZDV DQGHUHV JHGDFKWDOV(ULVWKDOWPHLQHUVWHU6FKDW]LFKZHUG VFKRQORVNRPPHQYRQLKPNRPPHQMDVRYLHOHORVYRQLKUHP HUVWHQ6FKDW]-HW]WDEHUPHUNLFK LFKNDQQ VQLFKWXQGZHQQ V KHXWHKHLWGHU3HWHUJHKRUFKWGHP9DWHUXQGKHLUDWHWGLHUHLFKH 0LORVODYDVDJLFKNHLQ:RUWXQGJHKQXULQGHQ%UXQQHQ© ª0lGHO0lGHO©VFKULH3HWHUVWDPSIWHPLWGHP)XHIDWHLKU UXQGHV.|SIFKHQPLWVHLQHQEHLGHQ+lQGHQXQGGUFNWHHLQHQ OHLGHQVFKDIWOLFKHQ.XDXILKUHQ0XQG 3DYHOVWU]WHDXVGHU+WWH
'UDXHQVFKWWHOWHHUVLFKDOVREHULQHLQHQ%UHPVHQVFKZDUP JHUDWHQZlUHXQGGDVJLIWLJH*HWLHUGDVLKQYRQDOOHQ6HLWHQ
DQILHOORV]XZHUGHQVXFKH'DQQEHJDQQHUVRPGHHUZDUHLQ UDVWORVHV:DQGHUQGXUFKGDV'RUI'DGLH9LQVNDWURW]GHV 9HUVSUHFKHQVGDVHULKUDEJHUXQJHQGLH*HOLHEWH3HWHUV JHEOLHEHQZDUGDUDQ VXFKWHHUVLFKHLQ]XUHGHQ ODJLKPQLFKWV PHKU$EHUGDVLHGLH7RFKWHUGHV7UXQNHQEROGV9LUJLOXQG VHLQHVYHUDFKWHWHQ:HLEHVHVGDUDXIDEJHVHKHQKDWWHGLH)UDX GHV%UJHUPHLVWHUVRKQHV]XZHUGHQGDVHUVFKLHQLKP XQYHU]HLKOLFKXQGIUHYHOKDIWGDIUNRQQWHGLH6WUDIHQLFKW DXVEOHLEHQXQGGDIUPXWHGLH9LQVNDDP(QGHZLUNOLFKLQGHQ %UXQQHQ
%HLGHP*HGDQNHQHUJULIILKQHLQVFKQHLGHQGHVXQHUWUlJOLFKHV :HKXQG]XJOHLFKHLQHZWHQGH/XVWGHQDQGHUHQHWZDV PLW]XWHLOHQYRQVHLQHU3HLQ'LH'XQNHOKHLWZDUKHUHLQJHEURFKHQ WLHIH5XKHKHUUVFKWHXQGLKU)ULHGHQHPS|UWHGHQ)ULHGORVHQGHU XPKHULUUWHJUROOHQGPLWNRFKHQGHP%OXW(UKDWWHGDV%HUHLFK GHU+lXVOHUKWWHQYHUODVVHQHUVFKULWWDPKRFKHLQJHSODQNWHQ :LUWVJDUWHQGDKLQGHPJHJHQEHUGDV+DXVGHV%UJHUPHLVWHUV VLFKHUKRE'LH7UGHVVHOEHQZXUGHHEHQJH|IIQHW]ZHL0lQQHU WUDWHQKHUDXV3DYHOHUNDQQWHVLHDQLKUHQ6WLPPHQDOVVLHMHW]W EHUGLH6WUDHKHUEHUNDPHQHVZDUHQGLH]ZHLlOWHVWHQ *HVFKZRUHQHQ ª6WHKWVFKOHFKWPLWLKPZLUG VQLFKWPHKUODQJPDFKHQ ZDV PHLQVW"©VDJWHGHUHLQH ª.DXPPHKUODQJ©HUZLGHUWHGHUDQGHUH
:HU" 8P*RWWHVZLOOHQZHUZLUG VQLFKWPHKUODQJPDFKHQ" 'HU%UJHUPHLVWHU3DYHOEHVDQQVLFKSO|W]OLFKGDHUGHP 0DQQHMQJVWEHJHJQHWZDUXQGLKQHUVWQLFKWHUNDQQWKDWWHZHLO HUVRYHUlQGHUWDXVJHVHKHQ'HU%UJHUPHLVWHULVWNUDQNXQG ZLUGVWHUEHQXQGGDQQLVW3HWHUVHLQHLJHQHU+HUUXQGNDQQGLH 9LQVNDKHLPIKUHQZHQQHUZLOO
'LH%DXHUQVFKULWWHQGHP:LUWVKDXV]X3DYHOIROJWHLKQHQLKUHQ 5HGHQODXVFKHQGDEHUQLFKWIlKLJHLQH6LOEH]XXQWHUVFKHLGHQ (LQKHIWLJHV+lPPHUQXQG%UDXVHQLQVHLQHP.RSIEHUW|QWHGHQ YRQDXHQNRPPHQGHQ6FKDOO'HU*HGDQNHGHULKQHLQHQ $XJHQEOLFNUDVHQGJHPDFKWKDWWHVHLQH6FKUHFNHQYHUORUHQYRU HLQHPDQGHUHQQLFKWPLQGHUSHLQOLFKHQDEHUYLHO
XQJHKHXHUOLFKHUHQZHLOHUGDV8QP|JOLFKHDOVP|JOLFK HUVFKHLQHQOLHXQGLKPGLH*HKDWHGLH*HOLHEWH]HLJWHYRUGHP $OWDULP%UDXWNUDQ]GHULKUQLFKWPHKUJHEKUWH(LQXQOHLGOLFKHU 6FKPHU]HUJULIILKQXQGGHPWREHQGHQ.DPSILQVHLQHU6HHOH HQWVWLHJGHU]RUQLJH:XQVFK:HQQVLHGRFKOLHEHULQGHQ %UXQQHQPWH
'HQYRULKPODQJVDPKHUVFKUHLWHQGHQ0lQQHUQVFKORVVHQVLFK DQGHUHDQGLH*UXSSHEOLHEHLQH:HLOHLPVFKOHSSHQGHQ ZRUWNDUJHQ*HVSUlFKYRUGHURIIHQHQ:LUWVKDXVWUVWHKHQXQG WUDWGDQQLQGLH*DVWVWXEH3DYHOVFKOLFKQDFKELVLQGHQ)OXU ZHLWHUZDJWHHUVLFKQLFKW'DV=LPPHUZDUEHUIOOWGRFKJDEHV KHXWHZHGHU7DQ]QRFK0XVLNPDQVSLHOWH.DUWHQPDQUDXFKWH PDQWUDQNPDQ]DQNWH(LQLJH%XUVFKHWUDNWLHUWHQLKUH0lGFKHQ PLW%UDWHQXQG:HLQ$QHLQHP7LVFKVD$UQRVW]ZLVFKHQGHU 0DJGXQGGHP.QHFKWGHV+HUUQ3RVWPHLVWHUVEHLHLQHP*ODVH %LHUDXVGHPGLHGUHLDEZHFKVHOQGWUDQNHQ'HUVFKPlFKWLJH +lXVOHUVVRKQKDWWHVLFKLQGHUOHW]WHQ=HLWWFKWLJ KHUDXVJHPDFKWVDKZRKOJHQlKUWDXVZDURUGHQWOLFKJHNOHLGHW EHIDQGVLFKVRJDULP%HVLW]HLQHU7DEDNVSIHLIH9RUHLQHP-DKU KDWWHHUGDV*OFNJHKDEWVHLQHQOLHGHUOLFKHQ9DWHU]XYHUOLHUHQ VHLWGHPJLQJHVLKP JXWHUHUKLHOWVLFKXQGGLH0XWWHUYRQVHLQHU +lQGH$UEHLWXQGHUODXEWHGHU$OWHQQLFKWPHKUGDV 'LHEVKDQGZHUN]XWUHLEHQ$OVVLHHVXQOlQJVWZLHGHUYHUVXFKWH XQGHUVLHGDEHLEHWUDISUJHOWHHUVLHHUEDUPXQJVORVGXUFKXQG VFKZRUHUZHUGHGLHDOWH.DW]HVFKRQOHKUHQGDV0DXVHQ DXI]XJHEHQ0LWGHQ*HQRVVHQVHLQHU-XJHQGVWUHLFKHOLHHUVLFK QLFKWPHKUHLQXQGKlWWHGHQ3DYHOQLFKWHLQPDOPLWHLQHP +|O]FKHQDQUKUHQP|JHQGRFKHUZLHVHULKPKLHXQGGDNOHLQH :RKOWDWHQLQ(ULQQHUXQJGHUYLHOHQ6FKOlJH GLHMHQHUHLQVWDQ VHLQHU6WHOOHHLQNDVVLHUWKDWWH $OVHUGHQ+LUWHQMXQJHQKHUHLQJXFNHQVDKPDFKWHHUGLHDQGHUHQ DXILKQDXIPHUNVDPXQGPHLQWHGHP%XEHQVlKHGRFKLPPHU GHU+XQJHUDXVGHQ$XJHQ'LHNOHLQH*HVHOOVFKDIWHUKREVLFK $UQRVWEH]DKOWHEHKLHOWDEHUYRQGHQ.UHX]HUQGLHHUDXIVHLQH 6LOEHUPQ]HKHUDXVEHNDPHLQHQLQGHU+DQGXQGVFKOHXGHUWHLKQ SUDKOHULVFKQRFKDXVGHU0LWWHGHV=LPPHUVGHP3DYHO]X'HU ILQJLKQDXIKLHOWLKQHLQ:HLOFKHQLQGHUHUKREHQHQ JHVFKORVVHQHQ+DQG|IIQHWHVLHDEHUSO|W]OLFKXQGOLHGDV *HOGVWFN]X%RGHQJOHLWHQ
$UQRVWIXKUDXIª'XPPHU.HUOVXFKLKQMHW]WVXFKGHQ .UHX]HU©3DYHODEHUVWUHFNWHGLH+lQGHLQGLH7DVFKHQª6XFK VHOEVWLFKEUDXFKGHLQ*HOGQLFKWLFKKDE*HOG©DQWZRUWHWHHU ]RJVHLQHQ%HXWHOKHUYRUXQGVFKZHQNWHLKQWULXPSKLHUHQGGD GLH6LOEHUJXOGHQNODSSHUWHQ
*HOG'HU/XPSGHU%HWWOHUKDWWH*HOG'DJDE VQXUHLQHQ $XIVFKUHLGDZXUGHGLH$XIPHUNVDPNHLWDOOJHPHLQYLHOH/HXWH YHUOLHHQLKUH6LW]HLQGHU7UHQWVWDQGHLQ*HGUlQJH'HU .QHFKWSDFNWH3DYHODP.UDJHQVFKWWHOWHLKQXQGZHWWHUWH ª:RKHUKDVWGX V"ZRKHU"'LHE©XQGQXQNRQQWHGHU-XQJHVLFK IUHXHQGDVHLQH-DFNHVRPRUVFKZDUXQGQDFKJDEDOVHUGHQ )XJHJHQGLH%HLQHGHV.QHFKWHVVWHPPWHXQGVLFKPLWHLQHP NUlIWLJHQ5XFNORVUL(LQHQ)HW]HQGHVDOWHQ.OHLGXQJVVWFNVLQ GHQ+lQGHQVHLQHV%HGUlQJHUV]XUFNODVVHQGVFKQHOOWHHUGDYRQ VSUDQJ]XU7UXQGEHUGLH6WXIHQKLQDXVLQGDVEHUJHQGH 'XQNHO .DXPHQWURQQHQDEHUGLH9HUIROJHUDXIGHQ)HUVHQULHIHUQRFK ]XUFNª:RKHULFK VKDE" *HVWRKOHQKDELFK V©XQGVWRE GDYRQPLWK|KQHQGHP*HOlFKWHUXQGGXUFKLKQVHOEVWDXIGLH ULFKWLJH)lKUWHJHOHLWHWHLQH6FKDUMXQJHU%XUVFKH$UQRVWDQGHU 6SLW]HIOXFKHQGXQGGURKHQGLKPQDFK
(UUDQQWHGLH'RUIVWUDHZLHGHU KLQDXIELV]XGHP*lFKHQGDV YRQ]ZHL+lXVHUQJHELOGHWDXIGHQ3ODW]IKUWHDXIGHPGLH 6FKXOHVWDQG,QGDV*lFKHQZDUIHUVLFKSUDOOWHDQGHQIULHGOLFK GDKLQVFKUHLWHQGHQ1DFKWZlFKWHUDQIHJWHGHQ$OWHQVRJODWW QLHGHUGDGLHVHUKLQILHOZLHHLQ $UPYROO*HWUHLGHXQWHUHLQHU VFKDUIHQ6HQVHVWROSHUWHVHOEVWVFKQHOOWHZLHGHUHPSRUXQGOLHI ZHLWHULQGHVGHU1DFKWZlFKWHUGXUFKVHLQ*HVFKUHLGLHKLQWHU 3DYHO+HUMDJHQGHQGLHVHLQH6SXUVFKRQYHUORUHQKDWWHQZLHGHU DXIGLHVHOEHOHQNWH'HP*HKHW]WHQ EOLHEHEHQQRFK=HLWJHQXJ GLH6FKXOH]XHUUHLFKHQ(UIDQGGLH7UXQYHUVFKORVVHQWUDWHLQ VFKOXJVLH]XVFKREGHQ5LHJHOYRUXQGSROWHUWHGLH7UHSSH]XU 6WXEHGHV/HKUHUVKLQDXILQGHV$UQRVWXQGVHLQH*HIlKUWHQVFKRQ DQGHU+DXVWUSRFKWHQXQGOlUPWHQ +DEUHFKWVDDP7LVFKHPLWWHQLP=LPPHUEHLP6FKHLQHLQHU NOHLQHQKHOOEUHQQHQGHQ/DPSHXQGODV(UKDWWHGLH(OOERJHQDXI GHQ7LVFKXQGGLH:DQJHQDXIGLHJHEDOOWHQ)lXVWHJHVWW]WXQG
GLHVHVRQVWVRIDKOHQ:DQJHQZDUHQJHU|WHWXQGGLHVRQVW LPPHUVRPDWWXQGPGHEOLFNHQGHQ$XJHQJOKWHQLQVHOWVDP VFKPHU]OLFKHU%HJHLVWHUXQJ:LHDXVHLQHUK|KHUHQWUDXULJ VFK|QHQ:HOWLQVLUGLVFKH(OHQG]XUFNJH]HUUWVDKHUKDOE ]UQHQGKDOEHUVFKURFNHQ]XGHPXQJHVWPHQ(LQGULQJOLQJ KLQEHUXQGYHUEDUJGDEHLPLWHLQHUXQZLOONUOLFKHQ%HZHJXQJ EHLGHU+lQGHGLH%OlWWHUGHVDXIJHVFKODJHQYRULKPOLHJHQGHQ %XFKHV
ª+HUU/HKUHU©NHXFKWH3DYHODWHPORVª+HUU/HKUHUKHEHQ6LH PLUPHLQ*HOGDXI©(UKLHOWLKPVHLQ%HXWHOFKHQKLQXQG EHULFKWHWHLQKDVWLJHQDEJHEURFKHQHQ6lW]HQZLHHU]XGHP 5HLFKWXPJHNRPPHQZDUXQGLQZHOFKHQ9HUGDFKWHUVLFKEHLGHQ /HXWHQJHVHW]WKDWWHGLHQXQGDXQWHQ6SHNWDNHOPDFKWHQ ª+DWGLFKZLHGHUGHU7HXIHOJHULWWHQ"©IXKU+DEUHFKWLKQDQOLHI ]XP)HQVWHU|IIQHWHHVVFKULHKLQDE VRODXWHUNRQQWHXQG EHIDKOGHUEUOOHQGHQ0HXWHVLFK]XUFN]X]LHKHQ(UQHKPHGHQ %XEHQLQ*HZDKUVDPHUVWHKHJXWIULKQHUZHUGHLKQPRUJHQ VFKRQVHOEVWGHP%UJHUPHLVWHUYRUIKUHQ+DOIDOOHVQLFKWVHU PXWHVHLQH:DUWHYHUODVVHQXQGVLFKKLQXQWHU]XGHQ6WUPHUQ EHJHEHQXPVLHZHQLJVWHQVGDUDQ]XKLQGHUQLKPGLH7U HLQ]XUHQQHQ8QGGHUZHLOGHU$OWHDXIGHU6WUDHSDUODPHQWLHUWH VWDQG3DYHOLQGHU6WXEHPLWEUHQQHQGHP.RSIGLH+lQGHGLH VHLQHQGXUFKLKQVHOEVWJHIlKUGHWHQ6FKDW]IHVWKLHOWHQDQGLH %UXVWJHSUHW,FKZLOO VQLFKWZLHGHUWXQLFKZLOOVRHWZDVQLFKW PHKUVDJHQGDFKWHHU
(LQHLKPHQGORVGQNHQGH=HLWYHUVWULFKGHU/lUPQDKP DOOPlKOLFKDEHVZDUGVWLOO$UQRVWXQGVHLQH%HJOHLWHUWUDWHQGHQ 5FN]XJDQGRFKK|UWHPDQQRFK ODQJHLKUHHUUHJWHQ6WLPPHQ 'HU/HKUHUEHWUDWGLH6WXEHHUZDUVHKUHUKLW]WXQGHLQH XQHUK|UWH9HUZLUUXQJKHUUVFKWHLQVHLQHQGQQHQQDFKDOOHQ 5LFKWXQJHQIODWWHUQGHQ+DDUHQ
ª-HW]WVLQGVLHIRUW©VDJWH3DYHOXQG+DEUHFKWEUXPPWHª:HQQ VLHQXUQLFKWZLHGHUNRPPHQ© ª6LHVROOHQVLFKXQWHUVWHKHQ©ULHIGHU-XQJHPLWHLQHP EHGHXWVDPHQ%OLFNDXIGHQ.UXJGHULP:LQNHOQHEHQGHP%HWWH
VWDQGª:HQQVLHZLHGHUNRPPHQVFKWWHLFKLKQHQ:DVVHUDXI GHQ.RSI©
ª'DVZLUVWGXEOHLEHQODVVHQGHQNHUVWGDUDQGHLQ*HOG]X YHUVWHFNHQ6FKDXKHU©'HU/HKUHUUFNWHGHQ7LVFKJHJHQGLH :DQGXQGKREHLQ6WFNGHU'LHOHDXIZHOFKHUGHUVHOEH JHVWDQGHQLQGLH+|KH(V]HLJWHVLFKHLQNOHLQHUKRKOHU5DXPLQ GHQGHU/HKUHUGDV%XFKPLWGHP3DYHOLKQEHVFKlIWLJWJHIXQGHQ XQGGDV*HOGOHJWHXQGGHQHUVRUJVDPYHUGHFNWH 'HU-XQJHKDWWHLKPPLWGHUJU|WHQ$XIPHUNVDPNHLW]XJHVHKHQ XQGQDFKGHPDOOHVLQ2UGQXQJJHEUDFKWZDUXQGGHU7LVFKZLHGHU DXIGHPDOWHQ)OHFNVWDQGIUDJWHHUª:DVLVW VGHQQPLWGHP %XFK",VW VHLQ+H[HQEXFK"©
+DEUHFKWJHULHWLQ=RUQª:LHW|ULFKWUHGHVWGXXQGZLHIUHFK ZHLQLFKWZDVPLFKDPPHLVWHQYHUGULHWZLOOVWDXFKPLFK]XP )HLQGHKDEHQKDVWQRFKQLFKW)HLQGHJHQXJ"0DQFKPDO©IXKUHU LPPHUPHKULQ+LW]HJHUDWHQGIRUWªKDEHLFKPLFKJHZXQGHUW GDVLHDOOHJHJHQGLFKVLQGLFKKlWWHPLFKQLFKWZXQGHUQVROOHQ HVNDQQQLFKWDQGHUVVHLQHVLVWGHLQHHLJHQH6FKXOG:HQPDJVW GHQQGX"9RUZHPKDVWGHQQGX$FKWXQJ"1LFKWHLQPDOYRU PLU(LQ+H[HQEXFK© (UZLHGHUKROWHGDV:RUWPLW HLQHPQHXHQ$XVEUXFKGHU (QWUVWXQJXQGUDQJGLHDQNODJHQGHUKREHQHQ+lQGH
3DYHOV*HVLFKWKDWWHVLFKJHU|WHWXQGVDKI|UPOLFKDQJHVFKZROOHQ DXVXPVHLQHQ0XQG]LWWHUWHHVDOVREHULQ7UlQHQDXVEUHFKHQ ZROOWH0LWYLHOHU0KHZUJWHHUGDV*HVWlQGQLVKHUYRUGDHU HQWVFKORVVHQVHLYRQKHXWHDQHLQQHXHV/HEHQDQ]XIDQJHQZLH HUHVDP0RUJHQVHLQHU6FKZHVWHU0LODGDKDEHYHUVSUHFKHQ PVVHQ1XQHQWVHW]WHVLFKGHU/HKUHUQRFKPHKUXQGODFKWH JULPPLJ'DVZDUGDV5HFKWHGDVKDWWHGHU-XQJHJXWJHPDFKW YHUQQIWLJJHZROOWXQVLQQLJJHKDQGHOWZHLEHVFKORVVHQ VFKZDU]JHWDQ3O|W]OLFKJULIIHUVLFKDQGHQ.RSIXQGVW|KQWHLP WLHIVWHQ6FKPHU]HDXIª'XPPHU.HUODUPHU7HXIHOLFKNHQQ GDVLFKN|QQWHWZDVGDYRQHU]lKOHQLFK DEHUGLUQRFKQLFKW© XQWHUEUDFKHUVLFKXQGIXKUPLWGHP=HLJHILQJHUGLFKWYRU3DYHOV 1DVHKLQXQGKHUDOVHUVDKZLHGLHVHULQKRKHU6SDQQXQJ DXIKRUFKWHª'DVLVWNHLQH*HVFKLFKWHIUGLFKMHW]WQRFKQLFKW
VSlWHUYLHOOHLFKWHLQPDOZHQQGXJHVFKHLWHUJHZRUGHQELVW XQG ZXQGHU -HW]WNULHJVWGXGLH:XQGHQHUVWDEHUGXVSUVWVLHQRFK QLFKWRGHUREHUIOlFKOLFKYRUEHUJHKHQGZDUWHELVVLHVLFK ZHUGHQHLQJHIUHVVHQKDEHQ GDQQZLUVWGXDQPLFKGHQNHQ GDQQ LP$OWHU'DQQZLUVWGXZLVVHQ'DVLVWGDVbUJVWHLP $OWHUOHLGHQXPHLQHU-XJHQGWRUKHLWZLOOHQ1LFKWHLQPDOJUR 7DXVHQGHKDEHQ6FKOLPPHUHVJHWDQXQGOHEHQLQ)ULHGHQPLWVLFK XQGPLWGHU:HOW(LQhEHUPXW HLQHQlUULVFKH3UDKOHUHL NDXP HLQH/JHXQGGRFKMXVWJHQXJXPHLQH+|OOHGDGULQQHQ DQ]XIDFKHQ©(UNORSIWHVLFKPLWGHU)DXVWDXIGLHHLQJHGUFNWH %UXVWVDQNDXIGHQ6HVVHO]XUFNZDUIVLFKEHUGHQ7LVFKXQG YHUJUXEGHQ.RSILQGLHYHUVFKUlQNWHQ$UPH6RODJHUODQJHZLH YRQ)LHEHUIU|VWHQGXUFKULHVHOWXQG3DYHOEHWUDFKWHWHLKQPLWOHLGLJ XQGZDJWHQLFKWVLFK]XUKUHQ:DVWDWGHQQGHU+HUU/HKUHU" 6FKOXFK]WHHU":DUHVGHU.UDPSIHLQHVXQDXIKDOWVDPHQ :HLQHQVZDVGLHVHQJHEUHFKOLFKHQ.|USHUVRHUVFKWWHUWH"'X OLHEHU*RWWZRUEHUNUlQNWHVLFKGHU0DQQ":RULQEHVWDQGGDV 8QUHFKWZDVHULQVHLQHU-XJHQGEHJDQJHQKDWWHXQGGDVLKQLP $OWHUQLFKWPHKUIURKZHUGHQOLH"1HXJLHUZDUVRQVW3DYHOV 6DFKHQLFKWGDV*HKHLPQLVGHV/HKUHUVDEHUKlWWHHUJHUQ HUJUQGHW8QGJHKROIHQKlWWHHULKPDXFKJHUQLKPXQGVLFK VHOEHUPLW,QZHOFKHU:HLVHZDULKPEHUHLWVHLQJHIDOOHQHVJDE MDKHXWHHLQHQVROFKHQ6WXUPXQG6WXU]YRQ*HGDQNHQLQVHLQHP .RSIGDHUVLHRUGHQWOLFKVDXVHQXQGNUDFKHQK|UWH ª+HUU/HKUHU©EHJDQQHUQlKHUWHVLFKLKPXQGWLSSWHOHLVHPLW GHP)LQJHUDXIVHLQH6FKXOWHUª+HUU/HKUHUK|UHQ6LHLFKZLOO ,KQHQHWZDVVDJHQ©
+DEUHFKWULFKWHWHVLFKDXIOlFKHOWHWUEVLQQLJXQGVSUDFKª%LVW QRFKGDGXPPHU-XQJHJHKQDFK+DXVH *HK©ZLHGHUKROWHHU VWUHQJDOVVHLQHHUVWH$XIIRUGHUXQJRKQH:LUNXQJEOLHE 3DYHOMHGRFKVWDQGIHVWZLHHLQYHUN|USHUWHU(QWVFKOXEOLFNWH GHP/HKUHUUXKLJLQGLH$XJHQXQGEHWHXHUWHQDFK+DXVHJHKH HUQLFKWKHXWHPVVHHUHWZDVDQIDQJHQ(UKDEHVFKRQLP .ORVWHUDQIDQJHQZROOHQGRUWVHLHVDEHUQLFKWVJHZHVHQXQGVR ElWHHUEHLP+HUUQ/HKUHUDQIDQJHQ]XGUIHQ ª:DV©IUDJWHGHUªZDVGHQQDQIDQJHQ"©
ª'DVQHXH/HEHQ©HUZLGHUWH3DYHOXQGZXWHHUVWDXQOLFKJXW %HVFKHLGGDUEHU]XJHEHQZLHHUVLFKGDVVHOEHYRUVWHOOH,P .ORVWHUKDWWHHUGHPWLJJHEHWHQPDQP|JHLKQEHKDOWHQGHP /HKUHUYHUVSUDFKHULQEHLQDKHWU|VWOLFKHU:HLVHHUZHUGHYRQ QXQDQLPPHUEHLLKPEOHLEHQXQGGDIUVRUJHQGDLKPHLQ UHFKWHU1XW]HQDXVGLHVHU+DXVJHQRVVHQVFKDIWHUZDFKVH:LHRIW KDEHVLFKGHU/HKUHUEHUGLH1DFKOlVVLJNHLWlUJHUQPVVHQPLW ZHOFKHUGLH*HPHLQGHLKUHU3IOLFKWQDFKNDPGDV]XU6FKXOH JHK|UHQGH)HOG]XEHVWHOOHQ-HW]WZROOHHUGLHVHV)HOGLQVHLQH 2EKXWQHKPHQXQGGHQ*DUWHQHEHQIDOOVEDOGZHUGHPDQVHKHQ REGDV)HOGQRFKVFKOHFKWEHVWHOOWREGHU*DUWHQQRFKHLQH :LOGQLVVHLW1LFKWHEHQEUHLWDEHUVHKUODQJVDPVHW]WH3DYHO DXVHLQDQGHUZLHIOHLLJHUVHLQXQG]XP(QWJHOWQLFKWV DQVSUHFKHQZROOHDOVHLQ2EGDFKXQGGLH.RVW*HOGYHUGLHQHQ N|QQWHHULP6SlWKHUEVWXQGLP:LQWHULQGHU)DEULNZRVLHELV ]XHLQHP*XOGHQ7DJORKQ]DKOHQ+DEHHUGHUHQKXQGHUW EHLVDPPHQGDQQOLHHVLFKDQGHQ$QNDXIYRQVRYLHO*UXQGXQG %RGHQGHQNHQDOVPDQEUDXFKHXPHLQ+DXVGDUDXI]XEDXHQ 6HLQH6FKZHVWHUZHUGHLKUHUVHLWVZHLWHUVSDUHQXQGVRRIWDOVQXU P|JOLFKZROOHHUVLHEHVXFKHQ HUZLVVHZLHJDUVHKUE|VHHVIU LKQJHZHVHQVHLGDHUVLHVRODQJHQLFKWKDEHVHKHQGUIHQ$P (QGHYHUILHOHUZLHGHULQVHLQHQWU|VWOLFKHQ7RQXQGYHUVSUDFK VLFKDP$EHQGUHJHOPlLJEHLP/HKUHUHLQ]XILQGHQª'DPLW6LH QLFKWVRDOOHLQVLQGGDN|QQHQ6LHOHVHQLQ,KUHP©VFKRQZROOWH HUVDJHQ+H[HQEXFKYHUVFKOXFNWHDEHUJOFNOLFKGLH]ZHLHUVWHQ 6LOEHQXQGVSUDFKQXUGLHOHW]WHDXV ªXQGLFK]lKOLQGHVVHQ PHLQ*HOG© +DEUHFKWKDWWHLKQUHGHQODVVHQXQGGDEHLHLQLJH0DOHYRUVLFK KLQJHVHXI]Wª'XPPHU%XE©DEHU3DYHONRQQWHGHQQRFK EHPHUNHQGDGHU/HKUHUQLFKWVRDEJHQHLJWZDUZLHHUVLFK VWHOOWHGLH$XVIKUEDUNHLWGHVYRUJHEUDFKWHQ3ODQHV]X]XJHEHQ ª$OOHVJXW©VDJWHHUHQGOLFKªRGHUZHQLJVWHQVQLFKWVR XQYHUQQIWLJZLHPDQ VYRQGLUJHZRKQWLVWDEHUGRFKDOOHV QLFKWVNDQQDOOHVQLFKWVHLQRKQH(UODXEQLVGHU*HPHLQGH©
'LHZHUGH]XKDEHQVHLQGHU+HUU/HKUHUVROOHVLFKQXUUHFKW DQVHW]HQPHLQWH3DYHOXQGYHUIRFKWVHLQH0HLQXQJPLWVROFKHU 8QHUVFKWWHUOLFKNHLWZLHGHUKROWHZHQQHLQHQHXH$QWZRUWDXI QHXH(LQZlQGHLKPQLFKWHLQILHOPLWVRVW|UULVFKHP*OHLFKPXW
LPPHUZLHGHUGLHDOWHELVGHU/HKUHUVLFKEHUZXQGHQJDEXQG DXVULHIª6REOHLEGHQQLQ*RWWHV1DPHQZHQQGXVFKRQQLFKW ZHJ]XEULQJHQELVW.OHWWH©
'DPDFKWH3DYHOHLQHQ)UHXGHQVSUXQJXQWHUGHVVHQ:XFKWGHU %RGHQ]LWWHUWHXQGMDXFK]WHª,FKKDE VMDJHZXWGHU+HUU /HKUHUZLUGPLUKHOIHQ©
'HU/HKUHUYHUZLHVLKPVHLQH3OXPSKHLWVHLQH:LOGKHLWXQG LPPHUIRUW]DQNHQGDEHUPLWHLQHPXQJHZRKQWHQ$XVGUXFN WLHILQQHUVWHU=XIULHGHQKHLWLQVHLQHPDUPHQJUDXHQ*HVLFKWWUDI HU$QVWDOW]XU%HZLUWXQJXQG$XIQDKPHGHV*DVWHV3DYHOHUKLHOW HLQ%XWWHUEURWGDVLKPVRDXVJH]HLFKQHWVFKPHFNWHZLHQRFKQLH ]XYRUXQGZLHDXFKVSlWHUQLHPDOVZLHGHUHLQ%XWWHUEURWXQG ZXUGHLQGLHDQV=LPPHUVWRHQGH.DPPHUJHZLHVHQ'HU/HKUHU EUHLWHWHHLQHQ.RW]HQDXIGHP%RGHQDXVª'DVWUHFNGLFKDXV XQGVFKODIJOHLFKHLQ©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lQGHUQQDFK6FKDEHQNUlXWHUQQDFK6WLHIHOQQDFKVDXUHU 0LOFK:LHZRKOEHIDQGHUVLFKXQGZLHJHQRHULPYRUKLQHLQGLH )UHXGHGLH0LODGDKDEHQZUGHDQVHLQHP*OFN,P*HGDQNHQ DQVHLQH6FKZHVWHUVFKORHUGLH$XJHQXQGDOVHUVLHZLHGHU |IIQHWHVFKLPPHUWHGLHVFKODQNH6LFKHOGHVMXQJHQ0RQGHV GXUFKV)HQVWHUKHUHLQ(UJUWHLKQXQGVDJWH]XLKPª$XFKGX IlQJVWDQZLUIDQJHQEHLGHDQ©'DEHLEHUNDPLKQWURW]DOOGHV 1HXHQGDVLKQXPJDEWURW]DOOGHV1HXHQGDVLQLKPJlUWHXQG NHLPWH]XPHUVWHQPDOQDFKODQJHUODQJHU=HLWHLQ +HLPDWVJHIKO3O|W]OLFKVWLHJGLH(ULQQHUXQJDQGLH1lFKWHYRU LKPDXIGLHHUHLQVWPLWVHLQHQ(OWHUQXQWHUGHQ'lFKHUQGHU =LHJHOVFKXSSHQ]XJHEUDFKWLQGHU)UHPGHXQGGRFK]X+DXVH ZHLOMDGDVJDQ]HKlXVOLFKH(OHQGPLWJH]RJHQZDU8QGQXQJDE HV IULKQZLHGHUHLQ=XKDXVHXQGHLQEHVVHUHVDOVGDVIUKHUH
HUEUDXFKWHGHQ9DWHUQLFKWPHKU]XIUFKWHQXQGGLH0XWWHUZDU IHUQ'LH0XWWHUIUHLOLFKZLUGZLHGHUNRPPHQXQGGDQQ(V GXUFKULHVHOWHLKQHUKOOWHVLFKGLFKWHULQGHQ0DQWHOXQGVSUDFK VHLQNXU]HVNUlIWLJHV*HEHWGHVVHQ+DXSWLQKDOWODXWHWHª /LHEHU+HUUJRWWGXVLHKVWGDLFKGHQUHFKWHQ:HJ HLQJHVFKODJHQKDEHMHW]WOLHEHU+HUUJRWWSDDXIGDLFKLKQ QLFKWZLHGHUYHUODVVHQPX©
$OVGHU/HKUHUDPIROJHQGHQ7DJH]XP%UJHUPHLVWHUNDPODJ GLHVHUYRQ6FKPHU]JHTXlOWDXIGHP%HWWH(UKDWWHLQVHLQHP MlPPHUOLFKHQ=XVWDQGQLFKWGDVJHULQJVWH,QWHUHVVHIU:RKO RGHU:HKGHU0LWPHQVFKHQ6RRIW+DEUHFKWDXFKEHJDQQYRQ 3DYHO]XVSUHFKHQGHU.UDQNHNDPLPPHUDXIVLFKDXIVHLQH /HLGHQDXIVHLQH.ODJHQEHUGHQ$U]W]XUFNGHUDOOH)LQJHUODQJ GDKHUODXIHLKPGDV*HOGDXVGHU7DVFKHVWHKOHXQGQLFKWKHOIH 8PZLHYLHOEHVVHUGUDQDOVHUZDUVHLQH0DJG-DGLH9RUHLQ SDDU:RFKHQVRNUDQNXQGVRPDWWGDVLHVLFKNDXPKDWWHDXI GHQ%HLQHQKDOWHQN|QQHQMHW]WIULVFKXQGJHVXQG8QGZDUXP" :HLOVLHYRQDOOHP$QIDQJDQYRP$U]WQLFKWVKDWWHZLVVHQZROOHQ ZHLOVLHRKQHHUVWODQJH]XIUDJHQ]XP:HLEGHV+LUWHQ JHVFKLFNWXPHLQ0LWWHO'DVKDWWHJHKROIHQJOHLFKQDFKHLQHU 6WXQGHZDU VLHKHUJHVWHOOW 'HU/HKUHUVDJWHª+PKP©XQGEUDFKWHYRQQHXHPGLH $QJHOHJHQKHLW3DYHOVYRUZRUDXILKPGHU3DWLHQWQRFKPDOVGLH *HVFKLFKWHGHUZXQGHUEDUHQ+HLOXQJVHLQHU0DJGHU]lKOWH
ª8QGZDVEHVFKOLHW,KUEHUGHQ3DYHO"©IUDJWHGHU6FKXOPHLVWHU XQGHUKLHOWHQGOLFKGHQ%HVFKHLGHUVROOHVLFKDQGLH5lWH ZHQGHQ 6RPDFKWHHUGHQQGLH5XQGHEHLGHQ5lWHQ(LQHUQDFKGHP DQGHUQK|UWHLKQHUQVWKDIWXQGJHGXOGLJDQXQGMHGHUVDJWHª'D PVVHQ6LH]XHUVW]XP%UJHUPHLVWHU© ª'HU%UJHUPHLVWHUVFKLFNWPLFK]X(XFK©
ª-DGDQQPVVHQ6LH]XGHQ]ZHLDQGHUQ5lWHQ©
6HOEVWlQGLJHLQHQ(QWVFKOX]XIDVVHQRGHUQXUHLQH0HLQXQJ DXV]XVSUHFKHQGDKLQZDUGXUFKUXKLJHV=XUHGHQNHLQHU]X EULQJHQXQGLQ(LIHU]XJHUDWHQKWHWHVLFK+DEUHFKWXPQLFKW EHLGHQPLWUDXLVFKHQ'RUIYlWHUQLQGHQ9HUGDFKWLUJHQGHLQHU HLJHQQW]LJHQ$EVLFKWEHLGHU6DFKH]XNRPPHQ=XOHW]WJLQJHU LQV6FKORXPGRUWIUVHLQHQ6FKW]OLQJ]XZLUNHQNDPMHGRFK EHODQ'HU%ULHIDXVGHP.ORVWHUKDWWHVHLQH:LUNXQJQLFKW YHUIHKOW'LH )UDX%DURQLQPDFKWHVLFKELWWHUH9RUZUIHGLH
=XVDPPHQNXQIWGHU*HVFKZLVWHUEHIUZRUWHW]XKDEHQZDUVHKU DXIJHEUDFKWJHJHQ3DYHOZROOWHQLFKWPHKUYRQLKPVSUHFKHQ K|UHQXQGULHWGHP6FKXOPHLVWHUGHQ6FKOLQJHOHLQIUDOOHPDO VHLQHP6FKLFNVDO]XEHUODVVHQ
'LH:RFKHYHUIOR9LUJLOEHJDEVLFKWlJOLFKQDFKGHU6FKXOHXP GHQ3DYHODE]XKROHQDEHUGHU-XQJHOLHVLFKHQWZHGHUQLFKW ILQGHQRGHUOHLVWHWHRIIHQHQ:LGHUVWDQG'DZDQGHUWHQHQGOLFK GHU+LUWXQGVHLQ:HLE]XP%UJHUPHLVWHUXQGHUVXFKWHQLKQ VHLQH$XWRULWlWJHOWHQG]XPDFKHQXQGGHQ%XEHQ]XU5FNNHKU ]XLKQHQ]X]ZLQJHQ'HUNUDQNH0DQQYHUVSUDFKDOOHVZDVVLH YHUODQJWHQEOLFNWH]ZLVFKHQMHGHPPKVDPKHUDXVJHVWRHQHQ 6DW]GLH:XQGHUGRNWRULQIUDJHQGIDVWIOHKHQGDQXQGlFK]WH QDFKVHLQHUVFKPHU]HQGHQUHFKWHQ6HLWHGHXWHQGª'DVLW]W V'D VLW]WGHU7HXIHO© ª0HLQ*RWWPHLQ*RWW©VSUDFKGDV:HLEª5HFKWVMDUHFKWVGD WXW VZHKGDVLVWGLH/HEHU© ª'LH/HEHU"1XQMD VLHVDJWDOVRZHQLJVWHQVHWZDVVLHVLH VDJWGLH/HEHULVW V"$EHUGHU'RNWRUGHUVDJWQLFKW/HEHUXQG JDUQLFKWV©
ª6DJWQLFKWVXQGZHLQLFKWV©VSUDFKGDV:HLEPLWEHUOHJHQHU ZHJZHUIHQGHU0LHQH ª:HLQLFKWHLQPDOHLQH/LQGHUXQJZHLJDUQLFKWV©
'LH9LUJLORYDHUKREGLHJHIDOWHWHQ+lQGH]XU+|KHLKUHU/LSSHQ XQGKDXFKWHEHUGLH)LQJHUVSLW]HQª$FK*RWWDFK*RWWXQG ZHQQPDQGHQNWZLHOHLFKWGHP+HUUQ%UJHUPHLVWHU]XKHOIHQ ZlUH©
'HU.UDQNHElXPWHVLFKDXIVHLQHP/DJHUª0HLQVWGX"6RKLOI PLU© ª:HQQLFKQXUGUIW©HQWJHJQHWHVLHPLWHLQHPUDVFKHQ ODXHUQGHQ%OLFNª:HQQLFKQXUHWZDVVFKLFNHQGUIW,Q YLHU]HKQ7DJHQZlUHQ6LHJHVXQG©
ª6RVFKLFNPLUHWZDVVFKLFN$EHU GDV0DXOJHKDOWHQ YHUVWHKVWGX"©(UXQWHUEUDFKVLFKXPlQJVWOLFKDXI6FKULWWH
XQG6WLPPHQGLHVLFKQlKHUWHQ]X KRUFKHQXQGIXKUGDQQOHLVH IRUWª:HQQ VGXQNHOZLUGNRPPWGLH0DJGXQGKROW V© ª,FKVFKLFNGHQ%XEHQGDVZLUGEHVVHUVHLQGDVHW]HQ6LHGHP DXFKJOHLFKGHQ.RSI]XUHFKWXQGVDJHQLKP:RGXKLQJ K|UVW GDJHKVWZLHGHUKLQ'LH0DJGVROOQXUDXISDVVHQEHLGHU 6WDOOWU© 'HU%UJHUPHLVWHUZLQNWHKHIWLJª8PQHXQ*HKWIRUW JHKW©
9LUJLOXQGVHLQ:HLEJHKRUFKWHQVFKOHXQLJWUDIHQDEHUVFKRQDP $XVJDQJGHU6WXEHPLW3HWHUXQGGHP$U]WH]XVDPPHQ'LHVHU OLHGLHXQEHIXJWH.ROOHJLQKDUWDQPLWGHU)UDJHZDVVLHKLHU]X VXFKHQKDEH1LFKWPLQGHUPLWUDXLVFKXQGYLHOGHUEHUZLHV3HWHU GLHEHLGHQ$OWHQKLQZHJ 'DV(KHSDDUOHJWHGHQ+HLPZHJVFKZHLJHQG]XUFN
,QGHU+WWHDQJHODQJWEHJDEGLH)UDXVLFKVRJOHLFK]XGHU 7UXKHNUDPWHHLQHVFKPXW]LJHLQ/XPSHQJHKOOWH6FKDFKWHO KHUYRUXQGHQWQDKPLKU]ZHL)OlVFKFKHQ'DVHLQHWUXJGLH (WLNHWWHGHUVWlGWLVFKHQ$SRWKHNHPLWGHU$XIVFKULIW ª.DPLOOHQJHLVW©'HU,QKDOWGHU]ZHLWHQZDUYRQJHOEJUDXHU)DUEH XQGKDWWHHLQHQGLFNHQZHLOLFKHQ%RGHQVDW]$XIPHUNVDP SUIHQGKLHOWGLH)UDXGDV)OlVFKFKHQJHJHQGDV/LFKWXQGEHJDQQ HVODQJVDPLQLKUHQ)LQJHUQ]XGUHKHQ 9LUJLOKDWWHVLFKDXIGLH%DQNJHVHW]Wª:DVWXVW"©IUDJWHHU SO|W]OLFKª:DVZLOOVWLKPKHOIHQ"/DLKQ©
ª'HPNDQQQLHPDQGKHOIHQ©DQWZRUWHWHGDV:HLEª'HUPX VWHUEHQ© ª0XVWHUEHQ" :DVZLOOVWDOVR"0LVFKGLFKQLFKWKLQHLQ©
6LH]XFNWHGLH$FKVHOQª'UHLYLHUWHO-DKURGHUHLQJDQ]HVNDQQ HU VVFKRQQRFKPDFKHQ©
ª2GHUHLQJDQ]HV"©ZLHGHUKROWH9LUJLOEHVWU]WGDFKWHQDFKXQG ULHIDXIHLQPDOYROO*ULPPª+DVWJHVHKHQZLHVHLQ%XUVFKPLW XQVZDU"©
ª$XVODXWHU$QJVWYRUP9DWHU©YHUVHW]WHGDV:HLEª(UP|FKW XQVSUJHOQDXVODXWHU$QJVWXQGVLHNULHJWDXFKQRFK3UJHO YRQLKP GDQQ©6LHOHJWHXQJHPHLQHV*HZLFKWDXIGLHVHV:RUW XQG]ZLQNHUWHPLWLKUHQEODVVHQ.DW]HQDXJHQ
ª'DQQ ZHQQGLH9HUOLHEWKHLWYHUUDXFKWVHLQZLUGXQGGLH YHUUDXFKWEDOGZLHGLH%XUVFKHVFKRQVLQGGLHVFKOHFKWHQ.HUOV 3DFNGLFKZLUG VGDQQKHLHQLFKKDEQLFKWVPHKUPLWGLU]XWXQ 8QGGDV0lGHOZHLGDHVVRNRPPHQNDQQXQGZHQQ VVR NRPPWGDQQJHKWGDV0lGHOLQGHQ%UXQQHQ©
9LUJLOVWLHHLQHQKHLVHUHQ/DXWKHUYRUXQGEHNUHX]WHVLFKGUHLPDO QDFKHLQDQGHUª*HUHG$OEHUQHV0lGHOJHUHG© ª9RQXQVHUHPLVW VNHLQ*HUHG©HUZLGHUWHGDV:HLEPLWLQQLJVWHU hEHU]HXJXQJªGLHWXW V© ª7XW VQLFKW©
ª/DQXUGUDXIDQNRPPHQ©
ª,FKVFKRQ0HLQHWZHJHQEUDXFKWVLFKGHU5DFNHUQLFKW]X VFKLQLHUHQ©
ª6RVROOVLHJHKHQ VZLUGKDOWDXIGHU:HOWXPHLQDUPHV0lGHO ZHQLJHUJHEHQ0LFKKlWW VQXUJ IUHXWZHQQGHU$OWHIUKHU JHVWRUEHQZlUMHW]WVRODQJQRFKGHU3HWHUZHQQHUGUIWZLHHU ZROOWVLHQHKPHQWlW8QGZHQQVLHLKQQXUKlWWZHQQQXU© GDV:HLEEUDFKLQHLQ*HOlFKWHUDXVªGDQQZlUHU VGHU3UJHO EHNlP© 9LUJLOQDKP]XHUVWWHLODQLKUHUODXWHQ+HLWHUNHLWGRFKKLHOWHU EDOGLQQHYHU]RJKHXFKOHULVFKGHQ0XQGXQGVSUDFKWLHI DXIVHXI]HQGª*RWWJHE VGDGHUOLHEH*RWWGHQDUPHQ+HUUQ %UJHUPHLVWHUEDOGHUO|VW©
ª9LHOOHLFKWJLEWHU V©YHUVHW]WHUDXKHUHQ7RQHVGLH)UDXªXQG MHW]WPDFKIRUWXQGKROGHQ%XEHQ© ª(UJHKWQLFKW©
ª6DJGDGHU%UJHUPHLVWHUHVEHILHKOW©
ª(UJHKWGRFKQLFKW©
ª6RVDJGDGLH9LQVNDXPLKQVFKLFNW©
'HU+LUWVWDQGDXIXQGVFKOLFKGHP$XVJDQJ]X'RUWEOLHEHU VWHKHQZDQGWHVLFKXQGVSUDFKª'XK|UVW KHOIHQVROOVWLKP MXVWQLFKWZDV8QUHFKWHVJHEHQDEHUDXFKQLFKW©
+|KQLVFKEOLQ]HOWHVLHLKQDQª:HUGHQVFKRQVHKHQ©8PLKUH GQQHQEHUGDVYRUVWHKHQGHQRFKJXWHUKDOWHQH*HELIHVW JHVSDQQWHQ/LSSHQIORJHLQJUQOLFKHU6FKDWWHQ 'HQ0DQQEHUOLHI VHUKXPSHOWHVDFKWHGDYRQ
=ZHLYROOH6WXQGHQOLH3DYHODXIVLFKZDUWHQ(VZDUEHLQDKH 1DFKWDOVHUHQGOLFKNDPDQGLH7UNORSIWHXQGQDFK9LQVND IUDJWH,QGLH+WWHHLQ]XWUHWHQZDUHUQLFKW]XEHZHJHQ
'HU+LUWGHULKQEHJOHLWHWKDWWHOHKQWHDQGHU:DQGXQGUKUWH VLFKQLFKW%HLGHQ1DFKEDUQKHUUVFKWH6WLOOHQXUXQWHUEURFKHQ GXUFKGDVNUlIWLJH6FKQDUFKHQ$UQRVWVGHVVHQ/DJHUVWlWWHLQGHU 1lKHGHV)HQVWHUVVWDQG 9LUJLORYDHUVFKLHQDXIGHU6FKZHOOHª'LH9LQVNDVFKODIWVFKRQ© VDJWHVLHªMHW]WNDQQVWVLHQLFKWPHKUVHKHQZDUXPNRPPVWVR VSlW0XWDXFKJOHLFK]XP%UJHUPHLVWHU© ª,FK"©
ª6ROOVWLKQVHOEVWELWWHQGDHUGLFKEHLP/HKUHUODWXQG©VLH VHQNWHGLH6WLPPH]XNDXPK|UEDUHP*HIOVWHUªXQGPXWLKP DXFKHLQ0LWWHOEULQJHQ©
ª$KD©3DYHOEHJULIIVRJOHLFKXPZDVHVVLFKHLJHQWOLFKKDQGHOH (UZDURIWJHQXJVHLQHU3ULQ]LSDOLQYHUVFKZLHJHQHU%RWHEHL .UDQNHQJHZHVHQXQGWHLOWHPLWGHPJDQ]HQ'RUIHGHQ*ODXEHQ DQLKUH.XQVWXQGDQGLH+HOONUDIWLKUHU0HGLNDPHQWH6RVWUHFNWH HUGLH+DQGDXVXQGVSUDFKª*HEWKHU© 6LHUHLFKWHLKPGDV)OlVFKFKHQPLWGHPKDUPORVHQ,QKDOWXQG VFKlUIWHLKPXPVWlQGOLFKGLH9RUVLFKWVPDUHJHOQHLQXQWHU GHQHQHVªDXIGUHLPDO©]XOHHUHQVHLª*HKGXUFKGHQ*DUWHQ©
VFKORVLHDOVGHU-XQJHXQJHGXOGLJ]XZHUGHQEHJDQQXQGLKU QXUQRFKPLWKDOEHP2KU]XK|UWHª+DOWGLFKZHLWYRQGHU6WUDH GDGLFKGHU1DFKWZlFKWHUQLFKWVLHKW'LH0DJGZHLGDGX NRPPVWXQGZLUGGLUDXIPDFKHQ© 0LWHLQSDDU6lW]HQZDU3DYHODXIGHP)HOGUDLQHLQHQ$XJHQEOLFN KREVHLQGXQNOHU 6FKDWWHQVLFKYRPEOHLJUDXHQ+RUL]RQWDEGDQQ ZDUHUYHUVFKZXQGHQ 9LUJLORYDWUDWDXILKUHQ0DQQ]XIDWHLKQDP$UPXQG]RJLKQ HLQLJH6FKULWWHPLWVLFKIRUWª-HW]WODXIVWGHP%XEHQQDFKXQG VDJVWLKP%DOGKlWWGLH)UDXYHUJHVVHQGDVGDPXHU]XHUVW DXVWULQNHQXQGGDV)ODVFKHUOJOHLFKZLHGHU]XUFNVFKLFNHQGDPLW GLH)UDXHVLP0|UVHU]HUVWRHQXQGGDV3XOYHUDXIVLHEHQ 0DXOZXUIVKJHOVWUHXHQNDQQVRQVWKLOIWDOOHVQLFKWV6RVDJVW LKPXQGGDVJLEVWLKP© 6LHGUFNWHLKPHLQNOHLQHVNDOWHV'LQJLQGLH+DQGEHLGHVVHQ %HUKUXQJLKQVFKDXGHUWH ª8P*RWWHVZLOOHQLVWGDZDV8QUHFKWHVGULQ"©
ª VLVZDVJHJHQGLH6FKPHU]HQGLHZHUGHQJXWGDYRQ©
ª:LHGHQ5DW]HQLKUH©VDJWHHUXQGIJWHSO|W]OLFKLQ=RUQ JHUDWHQGKLQ]Xª:DUXPKDVWGX VQLFKWJOHLFKGHP%XEHQ PLWJHJHEHQZDUXPVROOLFK VKLQWUDJHQ"©
6LHNLFKHUWHª'DGXQLFKWVDJHQNDQQVWZHQQ VDXINRPPW,FK ZHLQLFKWVGDYRQGDGXPLFKQLFKWVLW]HQODVVHQNDQQVWZLHGX JHUQP|FKWHVWZHQQ VVFKLHIJHKWGDUXPGX)HLJOLQJ8QGMHW]W ODXI© (UWUDWYRQLKUZHJª,FKJHKQLFKW©VDJWHHU
ª6RODLKQOHLGHQ1LHPDQGZHLZDVGHUQRFKOHLGHQPX 6HLQHLJHQHU6RKQN|QQWLKPQLFKWV%HVVHUHVWXQDOVLKQHUO|VHQ (UZLUG]XVHLQHP6RKQQRFKVDJHQ%ULQJPLFKXPRGHULFK IOXFKGLU/DXIODXI:LOOVWQRFKQLFKW"6RODLKQOHLGHQZLH HLQHQJHELVVHQHQ+XQGGDPLWHU=HLWKDWGLH9LQVNDLQGHQ %UXQQHQ]XMDJHQXQGGHQ6RKQXPVHLQ*OFN]XIOXFKHQXQG VLFKVHOEHUXPVHZLJH/HEHQ©
6LHVSUDFKOHLVHPLWKHIWLJHUXQGIXUFKWEDUHU%HUHGVDPNHLWXQG 9LUJLO]XFNWHXQWHUGHP6FKZDOOLKUHU:RUWHZLHYRQWDXVHQG 1DGHOQJHVWRFKHQª(LQ/LHEHVZHUN©VFKORVLHªHLQ:HUNGHU %DUPKHU]LJNHLWGHQ]XHUO|VHQ:DVHLQUHFKWHU0DQQZlUWlW V XP*RWWHVZLOOHQ©
(UNHXFKWHHVZDULKPJUlOLFK]XVHKHQGDGLH$XJHQVHLQHV :HLEHVLQGHU'XQNHOKHLWJOLPPWHQYRQHLJHQHPIDKOHQ ZHLOLFKHQ/LFKW ª8P*RWWHVZLOOHQ"8P*RWWHVZLOOHQDOVR©ZLHGHUKROWHHU ZDQGWHVLFKXQGWUDWVHLQH:DQGHUXQJDQ
'DV*lFKHQGHPHU]XHLOWHZXUGHYRQGHU5FNZDQG HLQLJHU 6FKHXHUQXQGYRP=DXQGHV%UJHUPHLVWHUJDUWHQVJHELOGHW$Q GHU(FNHGHVOHW]WHUHQDQJHODQJWEOLHE9LUJLOVWHKHQ+LQWHUGHP =DXQUHJWHVLFK V(LQ*HIOVWHUGUDQJDQGHV$OWHQ2KUHLQ ]lUWOLFKHV/LHEHVJHIOVWHUHLQ6HXI]HQ.RVHQ.VVHQHLQ $EVFKLHGQHKPHQIUHLQH1DFKWDOVZlU VIUGLH(ZLJNHLW(V VLQGGLH]ZHLGDFKWH9LUJLOHVLVWGHU5DFNHUGHUGDNWXQG KHU]W GHU5DFNHUIUGHQLFKKLQJHKHQXQGW|WHQPX0X LFK":DUJHVWHUQEHLGHU%HLFKWXQGJHKDXIV0RQDWZLHGHU 8QGGDVN|QQWLFKQLFKWEHLFKWHQXQGGDIUJLEW VNHLQH $EVROXWLRQGDIUJLEW VQXUGLH+|OOH $PYRULJHQ6RQQWDJKDW GHU3IDUUHUYRQLKUJHVSURFKHQXQGLKUH4XDOHQDXVIKUOLFK JHVFKLOGHUW
'HU+LUWHLOWLPPHUQRFKYRUZlUWVVHLQH=lKQHVFKODJHQ ]XVDPPHQHVSIHLIWODXWLQVHLQHU%UXVW+HXOHQXQG =lKQHNODSSHUQGDVLVWVFKRQGLH+|OOHHUWUlJWVLHVFKRQLQ VLFK$XHULKPLVWVLHDEHUDXFKGLH'XQNHOKHLWLVW+|OOH8QG ZDVZDQGHUWGDYRULKPKHUZDVIUHLQEUHLWHUVFKZDU]HU 6WULFKQRFKVFKZlU]HUDOVGLH)LQVWHUQLV" (LGHU3DYHOEOLW]WHV GXUFKGDVFKDRWLVFKH'XUFKHLQDQGHUVHLQHU9RUVWHOOXQJHQ5XILKQ VRUXILKQGRFKHUPDKQWHUVLFKVHOEVW:R]X"1XQXPLKP GDV*LIWHUGDFKWHHVQLFKWPHKUDXV,KPZDUDOVREVHLQ.RSI ZFKVHXQGJURZUGHZLHHLQ=HKQHLPHUIDXQGDOVREVHLQH )HVRVFKZDFKXQGGQQZUGHQZLH:HLGHQUXWHQXQGGLHVH VFKZDFKHQ)HVROOHQGHQXQJHKHXUHQ.RSIWUDJHQXQGGLH +|OOHGLHHULQGHU%UXVWKDW"'DVJHKWQLFKWGDVQLPPHUPHKU :DVDEHUJHVFKLHKWMHW]W"+HLOLJHV(UEDUPHQ'HUVFKZDU]H
6WULFKYHUlQGHUWGLH)RUPXQGHVLVWQLFKW3DYHOHVLVWGHU OHLEKDIWLJH7HXIHOKLQWHUGHP9LUJLOHLQKHUJHKWGHU7HXIHOGHU VLFKQLFKWHLQPDOQDFKLKPXPVLHKWVRVLFKHULVWHU'HUIROJWPLU JHZL'HP+LUWHQVFKZLQGHOWXQGHUEULFKW]XVDPPHQª1HLQ© ZUJWHUKHUYRUªQHLQLFKWX VQLFKW+HUUJRWWLP+LPPHO JHEHQHGHLWH'UHLIDOWLJNHLWYHU]HLKPLUPHLQH6QGHQ©8QGYRU GHP1DPHQGHV+|FKVWHQXQG+HLOLJVWHQYHUULQQWGHU6SXNXQG HVLVW3DYHOGHUVLFKMHW]WEHUGHQ$OWHQEHXJWXQGIUDJWª:DV ZROOWGHQQ,KUGD"© ª,FKLFK"©VFKOXFK]W9LUJLOXQGNODPPHUWVLFKPLWEHLGHQ+lQGHQ DQLKPIHVWª,FK QLFKWV*LIWKDELFKEULQJHQVROOHQDEHULFK WX VQLFKW© (UHUKREVLFKGHQ$UP3DYHOVLPPHUIHVWKDOWHQG]HUWUDWGDV )OlVFKFKHQXQGVWDPSIWHGLH6FKHUEHQLQGLH(UGH ª6FKDXPLU]X©ULHIHUªEOHLEGDXQGVFKDXPLU]X©
ª/DWPLFKDXFK,KUVHLGHLQPDOZLHGHUEHWUXQNHQ©VSUDFKGHU -XQJHPDFKWHVLFKORVYRQ9LUJLOVNUDPSIKDIWHP8PNODPPHUQ XQGVWLHJEHUGHQ=DXQLQGHQ*DUWHQ
$PQlFKVWHQ0RUJHQHUZDFKWH3DYHODXVWLHIHP6FKODIH'LH7U GHUNOHLQHQ.DPPHUGLHLKPGHU/HKUHUDOV:RKQVWXEH DQJHZLHVHQKDWWHZDUDXIJHULVVHQZRUGHQLP'lPPHUVFKHLQ GHVJUDXHQGHQ+HUEVWWDJHVVWDQGGHU6FKXOPHLVWHUGDXQGULHI ª6WHKDXIEHHLOGLFK GXPXWGLH6WHUEHJORFNHOlXWHQ©
ª)UZHQGHQQ"©IUDJWH3DYHOXQGUHJWHGLHVFKOXPPHUVFKZHUHQ *OLHGHU ª)UGHQ%UJHUPHLVWHU©
'HU-XQJHVSUDQJHPSRUZLHDQJHVFKRVVHQ
ª(ULVWWRWLFKJHKHKLQEHVRUJGXGDV/lXWHQ©VSUDFK+DEUHFKW XQGHLOWHKLQZHJ 3DYHOVHUVWH(PSILQGXQJZDU6FKUHFNHQXQG6WDXQHQ'HU %UJHUPHLVWHUGHPHUJHVWHUQGDV0LWWHOJHEUDFKWKDWGDVLKQ JHVXQGPDFKHQVROOWHQLFKWJHQHVHQ"JHVWRUEHQ QLFKW
JHQHVHQ"'DV0LWWHOKDWQLFKWJHKROIHQ*RWWKDW VQLFKWJHZROOW GDUXPYLHOOHLFKWQLFKWZHLOHU VZRKOPHLQWPLW3DYHOGLHVHUJXWH *RWW(UKDWYLHOOHLFKWGHQ%UJHUPHLVWHUVWHUEHQODVVHQGDPLW GHU3DYHOQLFKW]ZLQJHQN|QQHQRFKOlQJHUEHL9LUJLO]XEOHLEHQ 'HU-XQJHIORJDXVGHP+DXVHXQGEHUGHQ+RIGLH7UHSSH]XP *ORFNHQWXUPKLQDXIXQGOlXWHWHOlXWHWHPLW$QGDFKWPLW ,QEUXQVWPLWIHLHUOLFKHU/DQJVDPNHLW8QGGDEHLEHWHWHHUVWLOO XQGKHLIUGDV6HHOHQKHLOGHV9HUVWRUEHQHQ
$OVHUYRP7XUPHKHUXQWHUNDPWUDIHUGHQ+HUUQ3IDUUHUGHU DXIGHP+HLPZHJDXVGHP6WHUEHKDXVGHQYHUGHFNWHQ.HOFKLQ GHQ+lQGHQHEHQLP%HJULIIZDULQGLH.LUFKH]XWUHWHQ3DYHO VDQNDXIGLH.QLHYRUGHPKHLOLJHQ9LDWLNXPXQGGHU3ULHVWHUOLH LP9RUEHUJHKHQHLQHQ%OLFNVRYROO9HUGDPPQLVXQG9HUZHUIXQJ EHULKQKLQJOHLWHQGDHUHUVFKURFNHQ]XVDPPHQIXKUDQGLH %UXVWVFKOXJXQGVLFKIUDJWH,VWHUE|VDXIPLFKZHLOHUVLFK YLHOOHLFKWDXFKGHQNWGDGHU%UJHUPHLVWHUPHLQHWZHJHQKDW VWHUEHQPVVHQ" (UJLQJLQGLH6FKXOH]XUFNXQGQDFKVHLQHU6WXEHXQGKDWWH GLHVHOEHNDXPHUUHLFKWDOVDXFKVFKRQ9LQVNDKHUHLQVWU]WH YHUVW|UWJDQ]DXHUVLFK
6LHKDWWHGLH.OHLGHUQXUKDVWLJEHUJHZRUIHQGDV7FKOHLQILHOLKU YRP]HUUDXIWHQ+DDULQGHQ1DFNHQLKU*HVLFKWZDUWRWHQEOHLFK XQGPLWGHQ*HElUGHQZLOGHU9HU]ZHLIOXQJZDUIVLHVLFKYRU3DYHO KLQ ª(UEDUPGLFK©ULHIVLHªGXELVWEHVVHUDOVZLUDOOH*XWHU3DYHO ZHLOGXVRJXWELVWHUEDUPGLFKXQVHU:LUZDUHQLPPHU VFKOHFKWJHJHQGLFKDEHUHUEDUPGLFKGRFKHUEDUPGLFKPHLQHV DOWHQ9DWHUVPHLQHUDOWHQ0XWWHUHUEDUPGLFKPHLQHU©
6LHSUHWHGDV*HVLFKWDQVHLQH.QLHGLHVLHXPVFKOXQJHQKDWWH XQGVDKIOHKHQG]XLKPHPSRU(UZDUQRFKEOHLFKHUJHZRUGHQDOV VLHHLQHXQKHLPOLFKH:RQQHGXUFKVFKDXHUWHLKQª:DVZLOOVW GX"©IUDJWHHU ª3DYHO©DQWZRUWHWHVLHXQGGUFNWHVLFKIHVWHUDQLKQªGDV )OlVFKFKHQGDVGXJHVWHUQJHEUDFKWKDVWKDWGHU7RWHZLHVLH
LKQJHIXQGHQKDEHQLQGHU+DQGJHKDOWHQXQGGLH/HXWHVDJHQ XQGGHU3HWHUVDJWDXFKHVLVW*LIW© ª*LIW"©'LHQlFKWOLFKH6]HQHPLW9LUJLOILHOLKPSO|W]OLFKHLQªMD YRQ*LIWKDWGHLQ$OWHUJHUHGHW2WWHUQJH]FKW,KUKDEWGHQ %UJHUPHLVWHUYHUJLIWHQZROOHQ©
ª6RZDKU*RWWOHEW©EHWHXHUWH9LQVNDªLFKKDEYRQQLFKWV JHZXW8QGDXFKVRZDKU*RWWOHEW(VLVWQLFKWV%|VHV JHVFKHKHQ*ODXEPLU GHU%UJHUPHLVWHULVWDQVHLQHU .UDQNKHLWJHVWRUEHQQXUIUKHUDOVGHU'RNWRUJHPHLQWKDWXQG GDV0LWWHOGDVGXJHEUDFKWKDVWZDUHLQJXWHV0LWWHO0DQZLUG HVVFKRQVHKHQEHL*HULFKWGHQQHVNRPPWYRUV*HULFKWGHU 3HWHUZLOO V© .HXFKHQGLQQDPHQORVHU$XIUHJXQJEUDFKWHVLHGLHVH:RUWH KHUYRUXQGLKUVWDUUHU%OLFNKLHOWGHQVHLQHQIHVW ª:HQQ VVRLVW©HQWJHJQHWH3DYHOªYRUZDVIUFKW VWGLFK"©
ª9RUZDV":HLWQLFKWZLHGLH/HXWHVLQG":HQQGLH0XWWHU YRUV*HULFKWNRPPWXQGZLUG]HKQPDOORVJHVSURFKHQGHVZHJHQ KHLW VGRFKORVJHVSURFKHQLVWQLFKWXQVFKXOGLJ'LH0XWWHUGDUI QLFKWYRUV*HULFKWNRPPHQ3DYHO 3DYHO©
6LHZLHGHUKROWHVHLQHQ1DPHQLQDOOHQ7RQDUWHQGHV-DPPHUVLKU ]DUWHU.|USHUVFKPLHJWHVLFKVFKODQJHQPlLJDQLKPHPSRUXQG HUPLWZLGHUVWUHEHQGHU6HHOHYROO$UJZRKQXQG*UROOYHUVFKODQJ VLHPLWGHQ$XJHQ ª,FKNDQQQLFKWKHOIHQ©PXUPHOWHHU
ª'XNDQQVW'XEUDXFKVWQXU]XZROOHQGXEUDXFKVWQXU]X VDJHQVDJHV3DYHOJXWHUJXWHU3DYHO© ª:DVGHQQ"ZDVVROO LFKVDJHQ"©
ª'DGLFKQLHPDQGJHVFKLFNWKDW©VWDPPHOWHVLH]DJHQGªGD GXYRQVHOEVW]XLKPJHJDQJHQELVW©
ª9RQVHOEVW"©EUDFKHUDXVªZDVZHUGHGHQQLFKYRQVHOEVW]X LKPJHKHQ"ZDVZHUGGHQQLFKLKPEULQJHQYRQPLUVHOEVW",FK ZHLMDQLFKWV©
ª2 /LHEHU$OOHUOLHEVWHUHLQ+LUWZHLLPPHUZDV'XKDVWRIW .UlXWHUJHNRFKWIUGLHNUDQNHQ=LHJHQXQG6FKDIHXQGKDVWKDOW JHPHLQWZDVIUGLHVRJXWLVWNDQQDXFKIUHLQHQNUDQNHQ 0HQVFKHQJXWVHLQ'DVVDJ3DYOLFHNZHQQVLHGLFKIUDJHQ© 6LHNWHLKQGHULKUQLFKWPHKUZHKUWHDXIVHLQHEUHQQHQGHQ /LSSHQª'DVVDJXQGGDQQQXUDOOHVZLHHVZDUZLHGXGLFK HLQJHVFKOLFKHQKDVWLQVHLQH6WXEHXQGZDVHUJHVDJWKDWZLHHU GLFKJHVHKHQKDW© ª'DKDWHUMDQLFKWVJHVDJW© ª1LFKWVJHVDJW"©
ª1LFKWVDEHUIUFKWHUOLFKJHJORW]W© ª8QGGX"©
ª8QGLFKKDELKQJHEHWHQGDHUPLFKEHLP+HUUQ/HKUHUODVVHQ VROO© ª8QGGDQQ":HLWHU3DYOLFHNZHLWHU©
ª'DQQKDWHUPLWGHP.RSIJHPDFKW1HLQQHLQXQGQRFK IUFKWHUOLFKHUQDFKGHP0LWWHOJHJORW]WXQG JHZLQNWGDLFKLKP GDYRQJHEHQVROO© ª8QGGXKDVWLKPGDYRQJHJHEHQ"© ª-D©
ª8QGQLHPDQGZDUGDEHL"© ª1LHPDQG©
ª8QGGLH0DJG",VWGLHGUDXHQDQGHU7UJHZHVHQ"© ª'LHLVWGUDXHQDQGHU7UJHZHVHQ© ª8QGZDVKDWVLHJHVDJW"©
ª6LHKDWJHVDJW *RWWJHE VGDGDV0LWWHOKLOIW© ª8QGGX"©
ª,FKKDEDXFKJHVDJW*RWWJHE V©
ª8QGZLHGXLQGHQ*DUWHQKLQDXVJHNRPPHQELVWZDUQLHPDQG GRUW"©
ª'HU3HWHU©VSUDFK3DYHOPLW%HVWLPPWKHLWªHUKDWPLFKJHK|UW XQGPLUQDFKJHVFKULHQ© ª'DVLVWJXWDOOHVJXWGDVPXWGXDOOHVDXVVDJHQ©IOVWHUWH 9LQVNDXQGXPDUPWHLKQDOVREVLHLKQHUVWLFNHQZROOWHªXQGHV ZLUGGLUQLFKWVJHVFKHKHQVLHVLQGMDJHVFKHLWEHL*HULFKWXQG ZLVVHQJOHLFKREHLQ0LWWHOJLIWLJLVWRGHUQLFKW'LUZLUGQLFKWV JHVFKHKHQXQGXQVZLUGJHKROIHQVHLQLFKELWWHGLFKDOVR HUEDUPHUEDUPGLFK© 6LHVDKLKQDQZLHHLQLQ7RGHVDQJVW5LQJHQGHUGHQ5HWWHUYRQ GHPHUVHLQJDQ]HV+HLOHUZDUWHWXQGHLQZRQQLJHV*HIKOGHU 0DFKWVFKZHOOWHGLH%UXVWGHVYHUDFKWHWHQ-XQJHQ
ª:DVNULHJLFKZHQQLFK VWX"©ULHIHUEHUPWLJXQGSDFNWHVLH DQEHLGHQ$UPHQª:LUVWGXGDQQGHQ3HWHUVWHKHQODVVHQXQG PLFKQHKPHQ"©
:LOGH9HU]ZHLIOXQJIORJEHULKUH=JHYRQ=RUQEHUPDQQW YHUJDVLHDOOH.OXJKHLWª'XPPHU%XE VRZDU VQLFKWJHPHLQW© 6LHVFKULHHVIDVWXQGVXFKWHVLFKYRQLKPORV]XPDFKHQ
(UVSRWWHWHª1LFKW":DUXPDOVRJLEVWPLU.VVHXQGQHQQVWPLFK $OOHUOLHEVWHU"6ROOLFKVWDWWHXHUYRU*HULFKWGDPLWGHU3HWHU GLFKQHKPHQNDQQ"'DVZLOOVW"©
ª'DVZLOOLFK©VSUDFKVLHILQVWHUªGDVPXLFK'XPPHU%XE© 6LHWUDWHLQHQ6FKULWW]XUFNXQGHUKREGLHJHUXQJHQHQ+lQGH ª,FKPXDOV:HLELQV%UJHUPHLVWHUKDXVRGHULQGHQ%UXQQHQª ª'XPXW" PXW" PXW"©(UKDWWHEHJULIIHQXQGVW|KQWH DXILQTXDOYROOHP(QWVHW]HQª1LFKWVQXW]LJH©
,KUH$XJHQVFKORVVHQVLFKHLQ7UlQHQVWURPUDQQEHULKUH :DQJHQª,FKKDEJHJODXEWGDGXPLFKOLHEKDVWXQGPLUKHOIHQ ZLUVW©VSUDFKVLHPLWZHLFKHU6WLPPHªDEHUGXZLOOVWQLFKW©
6LHVFKZLHJLKPUDXEWHQ*ULPPXQG6FKPHU]GHQ$WHP(LQH :HLOHVWDQGHQVLHZRUWORVYRUHLQDQGHUHULP%HJULIIDXIVLH ORV]XVWU]HQXPVLH]XHUZUJHQVLHDXIGDV6FKOLPPVWHJHIDW XQGVLFKGDUHLQHUJHEHQG ª9LQVND©EHJDQQHUHQGOLFKXQGVLHEHLGLHVHP7RQVRWURW]LJ HUDXFKNODQJVLHIDWHZLHGHU+RIIQXQJ ª:DV JXWHUJXWHU3DYHO"©
ª1LFKWVQXW]LJH©ZLHGHUKROWHHUPLW]XVDPPHQJHELVVHQHQ =lKQHQ
6LHZROOWHVLFKYRQQHXHPYRULKPQLHGHUZHUIHQGDKREHUVLHLQ VHLQHQ$UPHQDXIWUXJVLH]XU7UXQGVWLHVLHKLQDXV1RFK HLQPDOZDQGWHVLHVLFKYHUQLFKWHW]HUNQLUVFKWª:DVZLUVWGX VDJHQYRU*HULFKW"© ª,FKZHUGVFKRQVHKHQZDVLFKVDJHQZHUG©DQWZRUWHWHHU ª*HK© 6LHJHKRUFKWH
,P%UJHUPHLVWHUKDXVHKHUUVFKWHQ9HUZLUUXQJXQG6FKUHFNHQ =XP]HKQWHQ0DOHHU]lKOWH3HWHUGHQ1HXJLHULJHQGLHLQGLH 6WHUEHVWXEHKHUHLQGUDQJHQZLHHUQRFKYRU0LWWHUQDFKWPLW VHLQHP9DWHUJHVSURFKHQXQGGDQQLQGLH.DPPHUQHEHQDQ VFKODIHQJHJDQJHQVHLXQGZLHHLQSDDU6WXQGHQVSlWHUHLQ 5|FKHOQLKQJHZHFNWKDEH:LHHUDXIJHVSUXQJHQ]XP9DWHU JHVWU]WLKQVFKRQLQGHQOHW]WHQ=JHQJHIXQGHQXQGGHQ .QHFKWQDFKGHP3ULHVWHUXQGGLH0DJGQDFKGHP'RNWRU JHVFKLFNW8QGZLHEHLGH]XVSlWJHNRPPHQ8QGZLHGHU 'RNWRUGDHUQDFKGHU+DQGGHV7RWHQJULIIGLH]XU)DXVW JHEDOOWHIDVWJHZDOWVDPKDWWH|IIQHQPVVHQXP LKUHLQKDOE JHOHHUWHV)OlVFKFKHQHQWQHKPHQ]XN|QQHQZHOFKHVGLH)LQJHU LP7RGHVNDPSIHUVWDUUWQRFKIHVWKLHOWHQ
'LH=XK|UHUGUFNWHQLKUH7HLOQDKPHGXUFK6HXI]HQXQG.ODJHQ DXV3HWHUIXKUIRUWª'HU3IDUUHUVFKDXW¾:DVLVWGDV"½IUDJWHU XQGGHU'RNWRUVFKDXWDXFKXQGZLHHUVFKRQLVWVDJWQLFKWV ¾+HUUJRWWLP+LPPHO½UXIWGHU3IDUUHU¾,VWLKPVHLQ/HLGHQ]XYLHO JHZRUGHQ",VWHULQ7RGVQGHJHVWRUEHQ"½ ¾(ULVWDQHLQHU 9HUEOXWXQJJHVWRUEHQ½VDJWGHU'RNWRUXQGGDV)OlVFKFKHQIKUW HUDQGLH1DVH¾8QGGDVLVW.DPLOOHQJHLVW½VDJWHU© ª:HU VJODXEW©ILHOHLQDOWHV:HLEGHP3HWHULQGLH5HGHXQGHU VFKOXFK]WHDXI
ª:HU VJODXEWGDVKDELFKDXFKJHVDJW*LIWKDWPHLQ9DWHU EHNRPPHQLFKKDEDP$EHQGHLQHQ.HUODXVGHP*DUWHQ VFKOHLFKHQVHKHQXQGLFKJODXELFKNHQQLKQVDJLFKUHLGLH 0DJGKHUXQGJHELKUHLQHXQGVDJ¾:HUZDUJHVWHUQDP$EHQG LP=LPPHUEHLPHLQHP9DWHU"½ ¾'HU3DYHO½SODWVFKWVLHKHUDXV XQGIlOOWDXIGLH.QLH¾(XHU9DWHUKDWEHIRKOHQGDPDQLKQ KHUHLQODVVHQVROO6FKODJWPLFKWRWDEHUVRZDKU*RWWOHEW(XHU 9DWHUKDWEHIRKOHQGDPDQLKQKHUHLQODVVHQVROOLFKVDJZLH V LVWXQGZHLWHUZHLLFKQLFKWV½© %HLGLHVHU6WHOOHVHLQHU(U]lKOXQJEUDFK3HWHUUHJHOPlLJLQHLQ UDVHQGHV:HLQHQDXV(UZDUIVLFKEHUGLH/HLFKHVHLQHV9DWHUV XQGGHUURKHKDUWH%XUVFKHZLPPHUWHZLHHLQ.LQGª6FKRQ
ODQJHLVWPLUPHLQH0XWWHUJHVWRUEHQXQGMHW]WKDELFKDXFK NHLQHQ9DWHUPHKU(LQH:DLVHELQLFKXQGJDQ]YHUODVVHQ©
,P3XEOLNXPGDVPLW6SDQQXQJGHQ$XVEUFKHQVHLQHV DXIULFKWLJHQ6FKPHU]HVODXVFKWHHUKREHQVLFKDQNODJHQGH 6WLPPHQJHJHQ3DYHO'HUVFKOHFKWH%XEKDWGLH+DQGLP6SLHO EHLGHP8QJOFNPLWGHP%UJHUPHLVWHU'HPVFKOHFKWHQ%XEHQ GHUYHUPXWOLFKOLHEHUDXIGHUIDXOHQ+DXWOLHJWDOVDUEHLWHWLVWGHU 'LHQVWEHLP+LUWHQ]XVFKZHUJHZHVHQHUKDWIRUWJHZROOWDEHU QLFKWGUIHQRKQH(UODXEQLVGHV%UJHUPHLVWHUVXQGZHLOGHU XQHUELWWOLFKJHEOLHEHQLVWXQGGLH(UODXEQLVQLFKWJHJHEHQKDW VRRIWGHU%XEVLHDXFKYRQLKPYHUODQJWVRKDWGHUVFKOHFKWH%XE VLFK MHW]WJHUlFKWXQGGHQ%UJHUPHLVWHUDXVGHU:HOWJHVFKDIIW 'LH/HJHQGHZDUEDOGIHUWLJYHUEUHLWHWHVLFKUDVFKLP'RUIHIDQG *ODXEHQXQGVWDFKHOWHGLH/HXWHDXI]XU(QWIDOWXQJHLQHU XQJHZRKQWHQ(QHUJLH'LHLKUHV2EHUKDXSWHVEHUDXEWH 2UWVEHK|UGHHQWVDQGWHHLQHQ%RWHQQDFKGHP%H]LUNVDPWXPIU DOOH)lOOHQGHQ*HQGDUP]XKROHQZlKUHQGHLQLJH+HLVSRUQH QDFKGHU6FKXOHOLHIHQXP DXFKIUDOOH)lOOH GHQ*LIWPLVFKHU GXUFK]XSUJHOQ,QGHVVHQIDQGHQVLHGDV+DXVYHUVSHUUW'HU /HKUHUKDWWHJOHLFKQDFKGHPGDVIU3DYHOVREHGURKOLFKH *HUFKW]XLKPJHGUXQJHQHLQ9HUK|UPLWGHP%XUVFKHQ DQJHVWHOOWLKQGDQQLQGLH6FKXOVWXEHHLQJHVFKORVVHQXQGVLFK ]XP'RNWRUEHJHEHQ%HLGHPVHOEHQZDUHQEHUHLWVGHU+HUU 3IDUUHUGHU3HWHU$QWRQGHU6FKPLHGXQGHLQLJH%DXHUQ YHUVDPPHOW
'HU3IDUUHUVDLQGHPJURHQVFKZDU]HQ/HKQVWXKOLQHLQHU(FNH GHV)HQVWHUVLQGHUDQGHUQGLH+lQGHDXIGHP5FNHQKLHOWVLFK GHU'RNWRU'HQEHLGHQ+RQRUDWLRUHQJHJHQEHUVWDQGHQHLQHQ UHJHOPlLJHQ+DOENUHLVELOGHQGGLH%DXHUQ ª$FKGDNRPPWMDGHU+HUU/HKUHU©VSUDFKGHU3IDUUHUPLW VHLQHUOHLVHQHWZDVKHLVHUHQ6WLPPH ª6LHZHUGHQZRKOEHUHLWVZLVVHQXPZDVHVVLFKKDQGHOW© EHPHUNWHGHU'RNWRUXPGHVVHQEOlXOLFKH/LSSHQHLQNDXP ZDKUQHKPEDUHV/lFKHOQVSLHOWH 3HWHUULHI ª'HU3DYHOKDWPHLQHQ9DWHUYHUJLIWHW©
ª:HLPDQQRFKQLFKW©PXUPHOWH$QWRQ
ª8QGPXLQV.ULPLQDO©IXKU3HWHUIRUWXQG$QWRQZLHGHUKROWH ª:HLPDQQRFKQLFKW©ZRUDXI3HWHUGHQ7UXPSIVHW]WHª,FK VWHKQLFKWDEHUPXLQV.ULPLQDO© ª9RUOlXILJ© VDJWH+DEUHFKWªKDEHLFKLKQLQGLH6FKXOVWXEH HLQJHVSHUUW©
'HU3IDUUHUVWXW]WHª6RJODXEHQDXFK6LH"©(UKLHOWIDVW HUVFKURFNHQLQQHZLHMHPDQGGHUVLFKYHUVFKQDSSWKDWXQGGHP GDVVHKUXQDQJHQHKPLVW +DEUHFKWEHPHUNWHHVXQGKLHOWVLFKVFKDGHQIURKDQGDV EHGHXWXQJVYROOVWH:RUWLQGHPEHUHLOWDXVJHVSURFKHQHQ6DW]H ª$XFK"©ZLHGHUKROWHHUQDFKGUFNOLFKªQlPOLFKZLH(XHU +RFKZUGHQ"©
(LQHOHLFKWH5|WHHUVFKLHQDXIGHQHLQJHIDOOHQHQ:DQJHQGHV 3ULHVWHUV ª,FKGDFKWHDQGLHYR[SRSXOL©VDJWHHU ª-DVRGLHHQWVWHOOWHYR['HL©
1XQ|IIQHWHVLFKGLH7UHLQJURHUYRP$OWHUVFKRQJHEHXJWHU 0DQQPLWJUDXJHOEHP+DDUXQG]LHJHOURWHP*HVLFKWGHU 9LHUWHOEDXHU%DURVFKWUDWHLQ(UJLQJDXIGHQ3IDUUHU]XNWH LKPGLH+DQGXQGPHOGHWHGHU*HQGDUPNRPPHVFKRQ
ª:DVVROOGHU*HQGDUP"©IXKU+DEUHFKWLKQDQXQG%DURVFK ULFKWHWHVHLQHVWDUUHQLPPHUHUVWDXQWHQLPPHUXP9HU]HLKXQJ ELWWHQGHQ%UDQQWZHLQWULQNHUDXJHQGHPWLJDXIGHQ/HKUHUXQG DQWZRUWHWHª'HQ%XEHQDXIV%H]LUNVJHULFKWIKUHQ© ª:DV VROOGHU%XEDXIGHP%H]LUNVJHULFKW"© ª*HVWHKHQ©
ª:DVGHQQ"©
ª'DHUGHP%UJHUPHLVWHUHWZDVJHEUDFKWKDW©
ª'DVJHVWHKWHUMDRKQHKLQ©
ª6R"©VSUDFKGHU3IDUUHUªGDVKDWHU,KQHQJHVWDQGHQ"ª ª(UZUGHHVDXFK,KQHQJHVWHKHQ©
ª'DZlUHLFKGRFKEHJLHULJ+HUU/HKUHU'DP|FKWHLFK6LHGRFK ELWWHQODVVHQ6LHLKQUXIHQKDEHQ6LHGLH*WH©
ª,FKJHKXPLKQ©VFKULH3HWHUXQGZROOWHVFKRQGDYRQHLOHQ $QWRQKLHOWLKQIHVWª1LFKWGXGXELVWZLHHLQ1DUU,FKJHK+HUU /HKUHU© $EHU+DEUHFKWGDQNWH DXFKLKPIUGDV$QHUELHWHQYHUOLHGLH 6WXEHXQGNHKUWHQDFKHLQHU:HLOHYRQVHLQHP6FKW]OLQJ EHJOHLWHW]XUFN
3HWHUNRQQWHQXUPLWJU|WHU0KHYHUKLQGHUWZHUGHQEHUGHQ OHW]WHUHQKHU]XIDOOHQGURKWHLKPXQGULHIVRODXWGLH DWHPUDXEHQGH:XWGLHLKQEHLP$QEOLFN3DYHOVHUJULIIHQKDWWH HVHUODXEWHª6FKDXWLKQDQGHQ+XQG6LHKWPDQLKPQLFKWDQ ZDVIUHLQ+XQGGHU+XQGLVW"©
8QGZLUNOLFKNRQQWHGHU=XVWDQGLQGHPGHU-XQJHYRUGLH K|FKVWHQ,QVWDQ]HQVHLQHV'RUIHVWUDWHLQJQVWLJHV9RUXUWHLOIU LKQQLFKWHUZHFNHQ'HU.RSIVFKLHQLKP]XEUHQQHQHLQHVFKHXH XQGILQVWHUH4XDOVSUDFKDXVGHPJOKHQGHQ$QWOLW]XQG HQWVHW]OLFKHUXQVWLOOEDUHU+DDXVGHQ%OLFNHQGLHHUKLQWHU KDOEJHVFKORVVHQHQ/LGHUQKHUYRUDXIVHLQHQ+DXSWDQNOlJHUDXI 3HWHUZDUI
+DEUHFKWOHJWHGLH+DQGDXIVHLQH6FKXOWHUXQGVFKRELKQYRUVLFK KLQLQGLH)HQVWHUHFNH]ZLVFKHQGHQ3IDUUHUXQGGHQ'RNWRU KLQHLQ 'HU3IDUUHUEHWUDFKWHWHGHQ-XQJHQVFKZHLJHQGUlXVSHUWHVLFK XQGIUDJWHUXKLJXQGJHVFKlIWVPlLJª,VWHVZDKUGDGXGLFK JHVWHUQDEHQGLQGDV+DXVGHV%UJHUPHLVWHUVJHVFKOLFKHQXQG LKPHWZDVJHEUDFKWKDVW"© 3DYHOQLFNWHXQGGXUFKGHQ.UHLVGHU%DXHUQOLHIHLQ*HIOVWHU WULXPSKLHUHQGHU(QWUVWXQJ
ª:DVZDUGDVZDVGXLKPJHEUDFKWKDVW"© ª(VZDUHLQHJXWH0HGL]LQ©
ª:LHELVWGX]XGHUJXWHQ0HGL]LQJHNRPPHQ"©ILHOQXQ+DEUHFKW HLQ 3DYHOVFKZLHJXQGGHU/HKUHUIXKUIRUWª+DWGLFKQLFKWYLHOOHLFKW MHPDQG]XP%UJHUPHLVWHUJHVFKLFNWPLWGLHVHUJXWHQ0HGL]LQ"© 'HU-XQJHHUVFKUDNXQGYHUVHW]WHUDVFKª1HLQLFKKDEHVLHYRQ PLUVHOEVWJHEUDFKW©
ª:RKHUZHLWGXGHQQDXIHLQPDOHWZDVYRQJXWHQ0HGL]LQHQ"© PLVFKWHGHU'RNWRUVLFKLQV9HUK|UXQG3DYHOHUZLGHUWHª(LQ+LUW ZHLLPPHUZDV© ª(UOJW©HUNOlUWHGHU/HKUHUªHUZLOORGHUGDUIGLH:DKUKHLW QLFKW VDJHQ©
ª8QGGDVKDOWHQ6LHIUGLH:DKUKHLW"©IUDJWHGHU3IDUUHUGHVVHQ *HODVVHQKHLWYRUWHLOKDIWDEVWDFKYRQGHUQHUY|VHQ8QUXKH +DEUHFKWV'LHVHUVSUDFKª)UGLH:DKUKHLWKDOWHLFKGDGHU -XQJH]XPNUDQNHQ%UJHUPHLVWHUJHVFKLFNWZRUGHQLVWXQG]ZDU GXUFKGLH.XUSIXVFKHULQGLH)UDXGHV+LUWHQ© 3DYHOVFKULHDXIª6LHKDWPLFKQLFKWJHVFKLFNW,FKELQYRQVHOEVW JHJDQJHQ©XQG3HWHUZLHGHUKROWH]RUQLJª9RQVHOEVWHUJLEW V ]XDEHUGHU+HUU/HKUHUQLFKW'HU+HUU/HKUHUZLOOXQVFKXOGLJH /HXWKLQHLQEULQJHQGDVYHU]HLK*RWWGHP+HUUQ/HKUHU'HU%XE KDWPLWGHQ/HXWHQGLHGHU+HUU/HKUHUKLQHLQEULQJHQZLOOVFKRQ ODQJQLFKWVPHKU]XWXQGHU%XELVWVFKRQODQJEHVWlQGLJEHLP +HUUQ6FKXOOHKUHULQGHU6FKXO© ª0LFKZXQGHUWQXU©HQWJHJQHWHLKPGHU'RNWRUªGDGHLQ9DWHU GDV0LWWHOGDVGHU%XELKPYRQVLFKDXVJHEUDFKWKDWVRRKQH ZHLWHUHVJHQRPPHQKDEHQVROODXHU HUKlWW VH[WUDEHLP %XEHQEHVWHOOWZDVPLUDXFKQLFKWUHFKWHLQOHXFKWHQZLOO© ª6DJJDQ]JHQDXZLHHV]XJHJDQJHQLVW©ZDQGWHGHU3IDUUHU VLFKDQ3DYHOª'XKDVWGLFKDOVRJHVWHUQLQGLH6WXEHGHV %UJHUPHLVWHUVJHVFKOLFKHQ"©
ª-D©
ª8QGZDVKDVWGXJHVDJW"©
ª*XWHQ$EHQG+HUU%UJHUPHLVWHU© ª8QGZDVKDWHUJHVDJW"© ª1LFKWV©
ª8QGZDVKDWHUJHWDQ"©
ª0LUJHZLQNWLFKVROOLKPGDV0LWWHOJHEHQ©
ª6RKDWHUDOVRJHZXWGDGXHLQ0LWWHOEULQJHQZLUVW"©
3DYHODQWZRUWHWHQLFKWHUKDWWHGHQ.RSIYRUJHVWUHFNWXQG ODXVFKWHHLQHP*HUlXVFKYRQ6FKULWWHQXQG6WLPPHQGLHVLFKGHU 7UQlKHUWHQ$EHUPDOVZXUGHVLHJH|IIQHWGHU*HQGDUP .RKDXWHNDXFKGHUKHLH*HQGDUPJHQDQQWHUVFKLHQJHIROJW YRQGHQ5lWHQ 'LH6FKZOHGLHEHUHLWVLP=LPPHUKHUUVFKWHQDKPSO|W]OLFKVR VHKU]XDOVKlWWHPDQHLQHQJHKHL]WHQ2IHQKHUHLQJHVWHOOWXQG DOOHGLHVH+LW]HVFKLHQYRQGHPYRU%HUXIVHLIHUJOKHQGHQ .RKDXWHNDXV]XJHKHQ$EHUQXUDXVGHQ$XJHQORGHUWHQGLH LQQHUHQ)ODPPHQXQGZLHZDUPLKPLPPHUZDUYHUULHWHQDOOHLQ GLHNOHLQHQ6FKZHLWURSIHQGLHDXIVHLQHU1DVHSHUOWHQ6HLQ *HVLFKWZDUYRQVFK|QHUNODUHU2OLYHQIDUEHXQGU|WHWHVLFKQLH
(UEHJDQQVRJOHLFKVHLQHV$PWHV]XZDOWHQXQGGLH 9RUHUKHEXQJHQHLQ]XOHLWHQ'HUJDQ]H0DQQZDUQXUHLQH 'URKXQJZHQQHUGDV:RUWDQGHQ$QJHNODJWHQULFKWHWHXQG GRFKIKOWHVLFKGLHVHUVHLWGHU$QZHVHQKHLWGHV*HQGDUPHQ UXKLJHUXQGVLFKHUHUHUJODXEWHHLQHQ6WHLQLP%UHWWEHL .RKDXWHN]XKDEHQVHLWGHPHUHLQPDOZHJHQHLQHV *HIOJHOGLHEVWDKOVYRQLKPYHUGlFKWLJWXQGVSlWHUXQVFKXOGLJ EHIXQGHQZRUGHQ'HU*HQGDUPVWHOOWHDQ3DYHOXQJHIlKU GLHVHOEHQ)UDJHQGLHPDQVFKRQDQLKQJHVWHOOWKDWWHHUHUKLHOW GLHVHOEHQ$QWZRUWHQXQGJHODQJWHHQGOLFK]XGHPGXQNOHQ3XQNW LQGHU6DFKH]XGHU3URYHQLHQ]GHVFRUSXVGHOLFWLGHV)ODVFKHUOV hEHUGLH3URYHQLHQ]GLHVHVFRUSXVGLHVHV)ODVFKHUOVPXWHGHU
%XEHLQH$XVVDJHPDFKHQ(UPXWH.RKDXWHNYHUPDVLFKLKQ JOHLFKGD]X]XEULQJHQIUDJWHHUPXQWHUWHZDUQWHYRUGHU *HIDKULQZHOFKHVLFK3DYHOGXUFKVHLQHLJHQVLQQLJHV6FKZHLJHQ YHUVHW]WH$OOHVXPVRQVW'HU%XEEOLQ]HOWHLKPIDVWYHUWUDXOLFK]X XQGEOLHEWDXEIUVHLQH(UPDKQXQJHQZLHIUGLHGHV*HLVWOLFKHQ XQGIUGDVIOHKHQGH%HVFKZ|UHQ+DEUHFKWVEOLHEXQHPSILQGOLFK IUGLH%HVFKLPSIXQJHQ3HWHUVXQGVHLQHU*HVLQQXQJVJHQRVVHQ =XOHW]WYHUVWXPPWHHUY|OOLJXQGGLH%DXHUQVDKHQGDULQGHQ GHXWOLFKVWHQ%HZHLVVHLQHV6FKXOGEHZXWVHLQV3HWHUVSLHYRULKP DXVª(UJHKWLQV.ULPLQDO(UKDWPHLQHQ9DWHUYHUJLIWHW© ª0LW.DPLOOHQJHLVW©VDJWHGHU'RNWRUQDKPGDV)OlVFKFKHQDXV VHLQHU7DVFKHXQGKLHOWHVGHP%HVRQQHQVWHQDXVGHU *HVHOOVFKDIWGHP6FKPLHG$QWRQXQWHUGLH1DVH 'HUURFKGUDQ]RJGLH$FKVHOQLQGLH+|KHXQGVSUDFKª-DMD QDFK.DPLOOHQULHFKW V DEHU© ª1XQ" $EHU"©
ª$EHUZDVHVLVWZHLPDQQLFKW©
'HU/HKUHUDQGHPDOOHVEHEWHXQGGHUIRUWZlKUHQGYRUVLFK KLQPXUPHOWHª9HUQQIWLJYHUQQIWLJKDOWHW5XKHPHLQH 1HUYHQ©YHUVHW]WHQXQª:DVPHLQWLKULKU/HXWHZHQQGDV*LIW ZlUHZUGHLFKGDYRQWULQNHQ"6HKWKHU,FKWULQNH©(UHUEDW VLFKGDV)OlVFKFKHQYRP'RNWRUXQGWDWHLQHQ6FKOXFNGDUDXV ª1XQVHKWLFKKDEHJHWUXQNHQXQGEHILQGHPLFKZRKOXQGZHUGH PLFKPRUJHQDXFKQRFKZRKOEHILQGHQ©
(LQZHQLJVWXW]WHQGLH%DXHUQVDKHQGHQ6FKXOPHLVWHUVFKHHODQ WUDWHQQlKHU]XVDPPHQXQGZLVSHUWHQPLWHLQDQGHU ª:DVPHLQWLKU":DVVDJWLKU"©IUDJWH+DEUHFKW
%DURVFKVHXI]WHVFKWWHOWHGHQ.RSIYHU]RJGHQEUHLWHQ VFKPXQ]HOQGHQ0XQGª-D©EUDFKWHHUHQGOLFKKHUYRUªMDGDV LVWNHLQH.XQVW MHW]WLVWIUHLOLFKQLFKWV*LIWLJHVPHKUGULQ©
ª:LHVR"(VLVWGDVVHOEH)OlVFKFKHQXQGZDVIUKHUGULQZDULVW QRFKGULQGDVKHLWHLQELFKHQZHQLJHU©
ª-DGDV*LIWLJHGDVZDUVFKRQZHJJHWUXQNHQGDVKDWGHU %UJHUPHLVWHUEHLPHUVWHQ=XJEHNRPPHQ'DV*LIWLJHLVWGDV /HLFKWHUHXQGVFKZLPPWREHQ©
ª6FKZLPPWREHQ©ZHWWHUWH3HWHUXQGGHU6FKXOPHLVWHUVSUDQJ PHKUPDOVHPSRUYRU=RUQXQG(QWUVWXQJ
ª6LHK|UHQ6LHK|UHQ©ULHIHUGHP3IDUUHU ]X'HU*HLVWOLFKH EHKLHOWLPPHUVHLQHOHLGHQGH0LHQHXQGVHLQHQ*OHLFKPXWXQG HUZLGHUWHGLH$QUXIXQJ+DEUHFKWVQXUPLWHLQHUEHGDXHUQGHQ *HElUGH'HU*HQGDUPVWDQGXQEHZHJOLFKXQGVWUDKOWH NQLUVFKHQG+LW]HDXVGHU'RNWRUKLQJHJHQYHUORUGLH*HGXOG(U GHPPDQQDFKVDJWHGDHUPLWVHLQHQ:RUWHQVRVSDUVDPVHL DOVRELKQMHGHVHLQHQ*XOGHQ]HWWHONRVWHEUDFKLQHLQH5HGHDXV ª2KGXQLHEHUZXQGHQHHZLJWULXPSKLHUHQGH'XPPKHLW 'DV*LIWLJHLVWGDV/HLFKWHUHXQGVFKZLPPWREHQ 'DKDEHQ ZLU VGDZLVVHQZLU VEOHLEHQZLUQXUJOHLFKGDEHLHLQHV %HVVHUHQEHU]HXJHQNDQQXQVRKQHKLQNHLQH0DFKWGHU:HOW 8QGZHQQGHU$OOZHLVHVHOEVWYRP+LPPHOKHUXQWHUVWLHJHXQG VLFKDXIV%HZHLVHQXQG:LGHUOHJHQHLQODVVHQZROOWHHUKlWWHGHQ :HJXPVRQVWJHPDFKW© 'LH%DXHUQK|UWHQGLHVH$QNODJHDQRKQHUHFKW]XZLVVHQZDV VLHGDUDXVPDFKHQVROOWHQDEHUPLWVWHLJHQGHP(QW]FNHQKDWWH 3DYHOLKUJHODXVFKW'HU'RNWRUVWDXQWHEHUGDV9HUVWlQGQLVGDV LKPVLHJKDIWXQGZRQQHYROODXVGHQIHVWDXILKQJHULFKWHWHQ $XJHQGHV-XQJHQHQWJHJHQOHXFKWHWH'LHVHUKDWWH]XP HUVWHQPDOLQVHLQHP/HEHQGHQ.RSIVWRO]XQGJHUDGH HPSRUJHKREHQVRJMHGHV:RUWGHV'RNWRUVZLHHLQHN|VWOLFKH /DEHI|UPOLFKLQVLFKKLQHLQXQGVFKOXJDOVGDVOHW]WHJHVSURFKHQ ZDUHLQZLOGHVKHUDXVIRUGHUQGHV*HOlFKWHUDXI 'DEUDFKGLH(PS|UXQJEHULKQORV.RKDXWHNYHUPRFKWHLP HUVWHQ$XJHQEOLFNQLFKWV]XVHLQHP6FKXW]HWURW]YHU]ZHLIHOWHU *HJHQZHKUZXUGH3DYHOQLHGHUJHZRUIHQPLKDQGHOWPLW)HQ JHWUHWHQ'HU*HQGDUPPXWHVHLQHJDQ]H$XWRULWlWXQG$QWRQ GHUVLFKLKP]XU6HLWHVWHOOWHGLHJDQ]H.UDIWVHLQHU)lXVWH DXIELHWHQXPGHQ-XQJHQGHQ$XVEUFKHQGHUVLQQORVHQ:XW VHLQHUXQEHIXJWHQ5LFKWHU]XHQWUHLHQ(LQHUDVFKHNXU]H %HUDWXQJPLWGHP*HLVWOLFKHQGHP/HKUHUXQGGHP'RNWRUXQG .RKDXWHNEHVFKOR3DYHOPLW]XQHKPHQDXIV*HULFKW
ª,FKWX VQLFKW©ULHIHUªZHLOLFKLKQIUVFKXOGLJKDOWHLFKWX V ZHLOLKU%HVWLHQVHLGYRUGHQHQLFKLKQLQ6LFKHUKHLWEULQJHQZLOO 6SDQQHLQHUHLQ© ª,FK©VFKULH3HWHUªLFKIKULKQ©XQGZDUPLWHLQHP 6SUXQJ DXVGHP=LPPHU
'HU*HLVWOLFKHZDUIHLQHQ%OLFNGXUFKGDV)HQVWHU9RUGHP+DXVH KDWWHQVLFK*UXSSHQJHELOGHWZHOFKHGHPDXIGLH6WUDH KHUXQWHUGULQJHQGHQ/lUPKRUFKWHQXQGHLQ]HOQH:RUWHGLH]X XQWHUVFKHLGHQLKQHQP|JOLFKJHZHVHQLQJURHU$XIUHJXQJ QDFKVSUHFKHQ 'LH%HZHJXQJVWLHJDXIVK|FKVWHDOV3HWHUPLWVHLQHP :lJHOFKHQJHIDKUHQNDPXQGGHU*HQGDUPPLW3DYHOXQGGHP /HKUHUGHUGHQ-XQJHQDXIVHLQHPVFKZHUHQ*DQJHQLFKW YHUODVVHQZROOWHLQGHU7UGHV'RNWRUKDXVHVVLFKWEDUZXUGHQ +DEUHFKWVWLHJ]X3HWHUDXIGHQYRUGHUHQ6LW]DXIGHP UFNZlUWLJHQQDKPGHU*HQGDUPQHEHQGHP'HOLQTXHQWHQ3ODW] )OFKHGURKHQGH0LHQHQXQG*HElUGHQEHJOHLWHWHQGDV GDYRQUROOHQGH*HIlKUW3HWHUOHQNWHHVVRODQJVDPGXUFKV'RUI GDGLHVlPWOLFKH6WUDHQMXJHQG=HLWKDWWHVLFKLKP DQ]XVFKOLHHQXQGLKPGDV*HOHLWH]XJHEHQ6LHWDWHVXQWHU -XEHOQXQG-DXFK]HQª'DIDKUWHU©VFKULHHLQH6WLPPHDXVGHU 5RWWHªGDIDKUWHU©VFKDOOWHHVLP&KRU
ª:RKLQIDKUVW"©ULHIHLQNOHLQHUYHUZDFKVHQHU)UDW]XQGHLQ ELOGKEVFKHV+lXVOHUNLQGHLQEODXlXJLJHV0lGFKHQHLQHVGHU OXVWLJVWHQLQGHUYHUZHJHQHQ%DQGHDQGHUHQ6SLW]H3DYHOHLQVW DXI+RO]GLHEVWDKOLQGHQ:DOGJH]RJHQZDUODFKWH]XLKPKLQDXI ª)DKUVW]XP9DWHURGHU]XU0XWWHU"©
'LHDXVJHJHEHQH3DUROHSILIILQXQ]lKOLJHQ:LHGHUKROXQJHQGXUFK GLH/XIWLPPHUlUJHUZXUGHGDV7UHLEHQXQGHQGOLFKKLHE3HWHU DXI%HIHKOGHV*HQGDUPHQPLWGHU3HLWVFKHLQGLHYRU 6FKDGHQIUHXGHXQG/XVWDP4XlOHQEHUDXVFKWH6FKDU6LHVFKLHQ VLFK]XYHUODXIHQVFKOXJDEHUQXUHLQHQNU]HUHQ:HJHLQXQG IDWH3RVWRKLQWHUHLQHU-RKDQQLVVWDWXHGLH]ZLVFKHQ%lXPHQDP (QGHGHV'RUIHVVWDQG$OVGDV:lJOHLQGRUWDQNDPZXUGHHVPLW ODXWHP+DOORXQGHLQHP+DJHOYRQ(UGNOXPSHQXQG6WHLQHQ HPSIDQJHQ.RKDXWHNIOXFKWH3HWHUWULHEGLH3IHUGHDQ +DEUHFKW
]RJGHQ5RFNEHUGLH2KUHQ3DYHOVDUHJXQJVORV(UVWDOVGDV *HIlKUWDXFKVHLQHQDXVGDXHUQGVWHQ9HUIROJHUQHQWURQQHQZDU EFNWHHUVLFKXQGZDUIGLH6WHLQHGLHLQGHQ:DJHQJHIDOOHQ ZDUHQUXKLJKLQDXVDOOHELVDXIGHQOHW]WHQGHQNOHLQVWHQGHQ EHWUDFKWHWHHUDXIPHUNVDPXQGQDFKGHQNOLFKXQGVWHFNWHLKQ GDQQLQGLH7DVFKH ª:DVZLOOVWGXPLWGHP6WHLQH"©IUDJWHGHU*HQGDUP
ª:HQQLFKPLUHLQPDOHLQ+DXVEDXH XQGLFKEDXPLUHLQV© ODXWHWHGLH$QWZRUWªOHJLFKGHQ6WHLQXQWHUGHQ5LHJHO GHU7U GDPLWLFKPLFKHULQQHUQPXEHLMHGHP(LQ XQG$XVJHKHQZLH GLH/HXWHPLWPLUJHZHVHQVLQG©
(LQH6WXQGHVSlWHUZDUPDQDP%HVWLPPXQJVRUWHDQJHODQJW'HU %H]LUNVULFKWHUOLH3DYHOYRUVLFKIKUHQXQGVFKLHQHKHUJHQHLJW DQVHLQH6FKXOGDOVDQVHLQH8QVFKXOG]XJODXEHQªGHQQ© SIOHJWHHU]XVDJHQªZDVPLFKEHWULIIWLFKGHQNHYRQGHP 0HQVFKHQQLFKWGDV6FKOHFKWHVRQGHUQGDV $OOHUQLHGHUWUlFKWLJVWH© 'LH*HUHFKWLJNHLWQDKPLKUHQ/DXIGLH2EGXNWLRQGHU/HLFKHGHV %UJHUPHLVWHUVZXUGHDQJHRUGQHW,Q$EZHVHQKHLWGHV *HULFKWVFKHPLNHUVQDKPHLQ6WHOOYHUWUHWHUHLQVHKU ]XYHUVLFKWOLFKHUMXQJHU0DQQGLH$QDO\VHQLQK|FKVWHOHJDQWHU :HLVHYRUXQGNRQVWDWLHUWHVFKODQNZHJGLH$QZHVHQKHLWYRQ*LIW LP0DJHQXQGGHQ(LQJHZHLGHQGHV7RWHQ'DJDEHVIU3DYHO HLQH5HLKHE|VHU7DJHGRFKEOLHEHUVWDQGKDIWXQGEHQDKPVLFK YRUGHPRIIL]LHOOHQ5LFKWHUJHQDXVRZLHHUVLFKEHLP9HUK|U GDKHLPLP'RUIHEHQRPPHQKDWWH6HLQH/HLGHQQDKPHQHLQ (QGHEHLGHU5FNNHKUGHV*HULFKWVFKHPLNHUVGHUGLH$UEHLWHQ VHLQHVJUQHQ5LYDOHQHLQHU3UIXQJXQWHU]RJLKUH 0DQJHOKDIWLJNHLWGDUWDWXQGLP(LQYHUVWlQGQLVPLWGHP $PWVFKLUXUJHQGHP.UHLVSK\VLNXVXQZLGHUOHJOLFKEHZLHVGHU %UJHUPHLVWHUVHLQLFKWDQ*LIWVRQGHUQDQVHLQHU.UDQNKHLW JHVWRUEHQ
)DVWXQPLWWHOEDUGDUDXIHUIROJWH3DYHOV)UHLVSUHFKXQJXQGVHLQH (QWODVVXQJDXVGHU+DIW3HWHUVHLQ+DXSWDQNOlJHUZXUGHLQGLH .RVWHQYHUXUWHLOW
$POHW]WHQ6RQQWDJGHQ3DYHOLQGHU8QWHUVXFKXQJVKDIW ]XEUDFKWHKDWWH+DEUHFKWGLH(UODXEQLVHUKDOWHQLKQ]X EHVXFKHQ'HU/HKUHUZDU WLHIEHZHJWEHLP:LHGHUVHKHQ
ª=ZHL0RQDWHLP$UUHVW©ULHIHUDXVªVRZHLWKDVWGX V JHEUDFKWGX)HLQGGHLQHUVHOEVW3DYHO3DYHOYLHO%|VHVKDEHQ GLH0HQVFKHQGLUVFKRQJHWDQDEHUNHLQHUYRQLKQHQVRYLHOZLH GXGLUVHOEVW©(UIUDJWHLKQZDVHUGHQNHLQGHQODQJHQ HLQVDPHQ7DJHQXQG1lFKWHQ
ª1LFKWYLHOLQGHU1DFKWVFKODILFKXQGEHL7DJDUEHLWLFKVLH KDEHQPLU:HUN]HXJJHOLHKHQ©HUZLGHUWH3DYHOXQGKROWHXQWHU VHLQHP%HWWGDV0RGHOOHLQHV+DXVHVKHUYRU6HLQ]XNQIWLJHV :RKQKDXVGDVHULP NOHLQHQlXHUVWJHQDXKHUJHVWHOOWPLW )HQVWHUQXQG7UXQGVWURKEHGHFNWHP'DFKH(LQPHUNZUGLJHU .RQWUDVWGHU%XUVFKHPLWGHQJUREHQ+lQGHQXQGGLHVH]LHUOLFKH $UEHLW(UKDWWHGDVIUVHLQH6FKZHVWHU0LODGDJHPDFKWXQGEDW +DEUHFKWHVPLW]XQHKPHQXQG LKU]XVFKLFNHQEDWGHQ/HKUHU DXFKLKU]XVFKUHLEHQVHLQH6FKZHVWHUVROOHZLVVHQGDHU XQVFKXOGLJVHL+DEUHFKWYHUVSUDFKHV]XWXQYHUVFKZLHJDEHU GDEHUHLWV]ZHLXPIlQJOLFKH%ULHIHYRQLKPDQGLH)UDX2EHULQ JHULFKWHWZRUGHQLQGHQHQGLH6DFKODJHJHZLVVHQKDIWXQGPLW HKUOLFKHU%UHLWHGDUJHOHJWZDUXQG3DYHOVRUHLQHUVFKLHQZLHHLQ 2VWHUOlPPFKHQDXV=XFNHU%HLGH6HQGVFKUHLEHQZDUHQLQ)RUP XQG,QKDOW0XVWHUYRQMHQHU+|IOLFKNHLWGLHVLFKQLHJHQXJWXW ZHLOVLHHLQHPXQVWLOOEDUHQ+HU]HQVEHGUIQLVVHHQWVSULQJW/HLGHU MHGRFKKDWWHVLH]XU1DFKDKPXQJQLFKWDQJHVSRUQW+DEUHFKWV %ULHIHZDUHQXQEHDQWZRUWHWJHEOLHEHQ (VZDUJHJHQ(QGH-DQXDUGHU7DJPLOGGHU6FKQHHEHJDQQ]X VFKPHO]HQVFKPDOHEUDXQH%lFKHIORVVHQGLH$EKlQJHKHUDE 7UEVHOLJ VFKLHOWHGLH6RQQHGXUFKVZHLOLFKH*HZ|ONGLH HQWODXEWHQ%lXPHDQGHU6WUDHZDUIHQEOHLFKH6FKDWWHQDXIGHQ VXPSIDUWLJVFKLPPHUQGHQ)HOGZHJDQGHVVHQ5DQG3DYHOGHP 'RUIH]XVFKQLWW ,QVHLQHU+DIWKDWWHHURIWJHPHLQWZHQQHUQXUZLHGHULQV)UHLH NRPPWDQGLH/XIWZHQQHUVLFKQXUZLHGHUUHJHQGDUIGDQQ ZLUGDOOHVJXW1XQZDUHUIUHLZDQGHUWHKHLPDEHUJXWZROOWHHV
QLFKWZHUGHQ6R|GVRNDKOVRIUHXGORVZLHGLH/DQGVFKDIWLQ LKUHUZLQWHUOLFKHQ$UPXWODJGLH=XNXQIWYRULKP
6HLQHUVWHU*DQJLP2UWHZDUGHU]XU+WWHGHV+LUWHQ'HQ+HUG LP)OXUKDWWHPDQDEJHUlXPW9LQVNDNQLHWHGDYRUXQGVFKUWH GDV)HXHUGDVKHOOXQGOXVWLJEUDQQWH6FKZHLJHQGRKQHVLH DQ]XVHKHQVFKULWW3DYHODQLKUYRUEHLJHUDGHQZHJHVLQGLH 6WXEH9LUJLOXQGVHLQ:HLEVFKULHQDXIDOVHUYRULKQHQHUVFKLHQ GLH$OWHEHGHFNWHLKU*HVLFKWPLWGHU6FKU]HGHU*UHLVKLHOWGHP (LQWUHWHQGHQZLHHLQ%HVFKZ|UHUGHP6DWDQGHQ5RVHQNUDQ] HQWJHJHQXQG]LWWHUWHGDEHLDPJDQ]HQ/HLEH3DYHODEHUNUHX]WH GLH$UPHXQGVSUDFKª6SLW]EXE6SLW]EELQLFKELQZLHGHUGD XQGHLQH6FKULIWGDUEHUGDPLUGDV*HULFKWQLFKWVWXQGDUIKDE LFKLQGHU7DVFKH'DLKUPLFKMHW]WLQ5XKEHLP/HKUHUODWGDV UDWLFKHXFKVRQVWJHKW VHXFKVFKOHFKW$QJHZDFKVHQLVWPLUGLH =XQJHQLFKW 'DV KDELFKHXFKVDJHQZROOHQ©VFKORHUZDQGWH VLFKXQGJLQJ 6LHEOLFNWHQLKPEHWURIIHQQDFK'HUKDWWHVLFKYHUlQGHUWLQGHQ ]ZHL0RQDWHQ$OVHLQ%XEZDUHUIRUWJHJDQJHQDOVHLQ%XUVFKH NDPHUKHLPJHZDFKVHQZDUHUXQGGDEHLQLFKWVFKPlOHU JHZRUGHQ
$XHUKDOEGHV'RUIHV]X)HQHLQHV$EKDQJVGHQYRU-DKUHQ GHUOlQJVWDXVJHURGHWH%DXHUQZDOGEHGHFNWKDWWHEHIDQGVLFK HLQHYHUODVVHQH6DQGJUXEH6HLWGHPVLHLKUHV,QKDOWVELVDXIGLH OHW]WH$GHUHQWOHGLJWZRUGHQJHK|UWHVLH]XGHQWRWHQ.DSLWDOLHQ GHV*HPHLQGHYHUP|JHQVXQGNHLQHUGDFKWHGDUDQGDV|GH )OHFNFKHQ(UGHQXW]EDU]XPDFKHQGHQQNHLQHUGHUGD EHJRQQHQKlWWH]XSIOJHQXQG]XVlHQZUGHGLH(UQWHHUOHEW KDEHQ(LQPDOQXUERWGHU9HUZDOWHUGHU)UDX%DURQLQGHUHQ VFKOHFKWHVWH)HOGHUDQGLH6DQGJUXEHJUHQ]WHQGUHLLJ*XOGHQIU GHQYRQ8QNUDXWEHUZXFKHUWHQ:LQNHOWUDWMHGRFKDOVGHU.DXI ULFKWLJJHPDFKWZHUGHQVROOWHYRQGHPVHOEHQZLHGHU]XUFN9RQ GHU=HLWDQKDWWHNHLQ.lXIHUVLFKPHKUJHPHOGHW'DV(UVWDXQHQ ZDUQLFKWJHULQJDOVHLQVROFKHUHQGOLFKZLHGHUDXIWUDWXQG]ZDU LQGHU3HUVRQ 3DYHO+ROXEV (LQ-DKUZDUYHUJDQJHQVHLWGHPHUDXVGHU8QWHUVXFKXQJVKDIW HQWODVVHQZRUGHQXQG7DJIU7DJKDWWHHUVLFKLP:LQWHUZLH LP6RPPHUDPIUKHQ0RUJHQDXIGLH%HLQHJHPDFKWXQGZDU HUVWPLWGHUVLQNHQGHQ1DFKWKHLPJHNHKUW1LFKWVYHUPRFKWHGLH *OHLFKI|UPLJNHLWVHLQHU/HEHQVZHLVH]XXQWHUEUHFKHQQLFKWVLKP HLQH7HLOQDKPVlXHUXQJIUGLH9RUJlQJHLQGHU$XHQZHOW]X HQWORFNHQhEHUGLH+HLUDW3HWHUVXQG9LQVNDVGLHJDQ]LQGHU 6WLOOHEHJDQJHQZRUGHQZDUXQGLP'RUIHVRJDUGHQ KDUWQlFNLJVWHQ6FKZHLJHUQVRYLHO]XUHGHQJHJHEHQKDWWHYHUORU HUNHLQ:RUW$QGHP7DJZLHDQMHGHPDQGHUQJLQJHUQDFK =EDURZRHULPPHU$UEHLWIDQGLQGHU6lJHPKOHLQGHU =XFNHUIDEULNRGHULP:DOG(UYHUGLHQWHYLHOXQGNRQQWHDP(QGH GHU:RFKHVHLQHQ/RKQXQJHVFKPlOHUWLQGLH6SDUNDVVHXQWHUGHU 'LHOHLP=LPPHU+DEUHFKWVOHJHQGDLKQGLHVHUPLW.RVWJHOGXQG .OHLGXQJYHUVRUJWH0LW:RQQHVDKHUGDV:DFKVHQVHLQHV 5HLFKWXPVXQGKlWWHVLFKEHUKDXSWJDQ]]XIULHGHQJHIKOW XQWHU]ZHL%HGLQJXQJHQ(LQ:LHGHUVHKHQPLWVHLQHU6FKZHVWHU ZlUHGLHHUVWH5XKHYRUGHQ1HFNHUHLHQGHU'RUIMXJHQGGLH ]ZHLWHJHZHVHQ$EHUNHLQHYRQEHLGHQZXUGHHUIOOW6RRIWHU VLFKDQGHU.ORVWHUSIRUWHHLQVWHOOWHZXUGHHU XQHUELWWOLFK IRUWJHZLHVHQXQGVR]HLWLJHUDXFKQDFK=EDURJLQJLPPHU IDQGHQVLFK%XEHQXQG0lGHOGLHQRFK]HLWLJHUDXIJHVWDQGHQ ZDUHQXPLKPDXI]XODXHUQXQGLKPXQWHUGHP7UVSDOWKHUYRU
RGHUEHUGLH+HFNHKLQZHJQDFK]XUXIHQª*LIWPLVFKHU%LVW GRFKHLQ*LIWPLVFKHU©
3DYHOVFKZLHJODQJHNODJWHDEHU]XOHW]WYROO%LWWHUNHLWGHP/HKUHU VHLQHQ9HUGUX ª6FKDXVFKDX©HUZLGHUWHGHUªMHW]WlUJHUVWGLFK":LHODQJ LVW VKHUGDGLUXPQLFKWVVRYLHO]XWXQZDUDOVXPGLHVFKOHFKWH 0HLQXQJGHU/HXWH"©
'HU%XUVFKHZXUGHURWª0DQNDQQDP(QGHJHQXJGDYRQ NULHJHQ©PHLQWHHUXQG+DEUHFKWYHUVHW]WHª'DVGHQNLFK :HQQVLFKHLQHU3UJHOJHKROWKDWXQGLP$QIDQJDXFKWURW]WXQG VDJW1XU]X HQGOLFKZLUG VLKPGRFKJHQXJXQGGDQQVDJWHU +|UWDXI $EHUMXVWGDSDFNWGLHMHQLJHQGLH]XVFKODJHQHUVWGLH UHFKWH3DVVLRQ:LHJHKW VGHQQPLUXQGZLHODQJHLVW VGHQQEHL PLUKHUGDLFKJHODFKWKDEHZHQQGLH/HXWJHNRPPHQVLQGXQG PLFKJHEHWHQKDEHQLFKVROOPDFKHQGDGHU+DJHOLKU)HOGRGHU GHU%OLW]LKUH6FKHXHUYHUVFKRQW"(VKDWPLUJHVFKPHLFKHOW2K OLHEHU0HQVFKXQGKHXWHP|FKWHLFKMHGHP(VHOXPGHQ+DOV IDOOHQGHUQLFKWVDQGHUHVYRQPLUJODXEWDOVGDLFKVRGXPP ELQZLHHUVHOEVW© ,P:LUWVKDXVEHULHWHQGHUZHLOGLH%DXHUQEHUGHQ9HUNDXIGHU 6DQGJUXEHDQ3DYHO$QWRQGHU6FKPLHGXPVHLQH0HLQXQJ EHIUDJWEHIUZRUWHWHGLH6DFKH
$XILKQKDWWHGLH6FKXOGORVLJNHLWVHUNOlUXQJGLH3DYHOYRQ$PWV ZHJHQDXVJHVWHOOWZRUGHQ(LQGUXFNJHPDFKWXQGGDV*XWDFKWHQ GHU6DFKYHUVWlQGLJHQLKQLQGHP=ZHLIHOEHIHVWLJWGHQHUYRQ $QIDQJKHUDQGHU/HLFKWLJNHLWGHU*LIWHJHKHJW6HLQ5DWZDU 0DQYHUNDXIHGHP%XEHQGLH*UXEHHUKDW*HOGHUVROO]DKOHQ 'HU9RUVFKODJJLQJGXUFK
3DYHOZXUGHPQGLJJHVSURFKHQXQGHUZDUEGLH6DQGJUXEH]X KRKHP3UHLV QDFKGHPLKPEHJUHLIOLFKJHPDFKWZRUGHQGDGLH *HPHLQGHZHOFKHUHURKQHKLQVHLWVLHEHQ-DKUHQLP%HXWHOODJ DPZHQLJVWHQLKPHWZDVVFKHQNHQN|QQH
:DVLKQEHWUDIHUIDQGVHLQHQ%HVLW]QLFKW]XWHXHUEH]DKOW,KP HUVFKLHQHLQH6XPPHLPPHUQRFKJHULQJ GLHHLQ:XQGHUJHWDQ
XQGLKPGHP%HWWOHUGHP*HPHLQGHNLQG]XHLQHP(LJHQWXP YHUKROIHQKDWWH6HLQ*|QQHUXQGHUEHVFKORVVHQGHQ7DJDQ GHPGHU.DXINRQWUDNWXQWHUVFKULHEHQZRUGHQZDUDXIGDV IHLHUOLFKVWH
+DEUHFKW]QGHWHDXHUGHP/lPSFKHQDXFKHLQH .HU]HDQ 3DYHOEUHLWHWHVHLQH6FKlW]HYRUVLFKDXVGDV=HXJQLVYRP$PWH GHQ.DXIYHUWUDJGHQ5HVWVHLQHU(UVSDUQLVVHXQG0LODGDV %HXWHOFKHQPLWVHLQHPQRFKXQDQJHWDVWHWHQ,QKDOW'DV*HOG ZXUGHJH]lKOWXQGHLQhEHUVFKODJGHU.RVWHQGHV+DXVEDXHV JHPDFKW8PGLH=LHJHOZDUNHLQH6RUJHGLHVROOWH3DYHOPLW (UODXEQLVGHV/HKUHUVDXIGHP)HOGHGHVVHOEHQVFKODJHQQDFK 7RQEUDXFKWHPDQLQGHU*HJHQGQLFKWZHLW]XVXFKHQ6FKZHU KLQJHJHQLVWGDV+RO]ZHUNEHL]XVFKDIIHQGD]XUHLFKHQGLH YRUKDQGHQHQ0LWWHOQLFKWDXVXQGN|QQHQLPJQVWLJVWHQ)DOOYRU GHPQlFKVWHQ+HUEVWHNDXP]XVDPPHQJHEUDFKWZHUGHQ=XP *OFNNRPPWGHU'DFKVWXKO]XOHW]WGLHQlFKVWHQ6RUJHQ3DYHOV JDOWHQGHU3ODQLHUXQJVHLQHV*UXQGHVXQGGHP$XIEDXVHLQHUYLHU 0DXHUQ*HQXJIUGHQ$QIDQJJHQXJIUHLQHQGHU]XU %HVWHOOXQJVHLQHU$QJHOHJHQKHLWHQQXUGLH=HLWKDWGLHLKPGHU 'LHQVWEHLIUHPGHQ%DXWHQEULJOlW 'LHVDOOHVDXVJHPDFKWXQGGHU%XUVFKHKROWH6FKUHLEPDWHULDO KHUEHLXQGYHUIDWHVFKZHUVHXI]HQGXQGXQWHUJU|HUHQ $QVWUHQJXQJHQDOVGDV)lOOHQHLQHV%DXPHVLKQJHNRVWHWKlWWH IROJHQGHQ%ULHI ª0LODGD
PHLQHDOOHUOLHEVWH6FKZHVWHULFKELQGUHLPDOEHLGLUJHZHVHQDEHU GLH.ORVWHUIUDXHQKDEHQPLUHVQLFKWHUODXEWGHU+HUU/HKUHUKDW LKQHQVFKRQJHVFKULHEHQ0LODGDLFKKDEGLH6DQGJUXEHQJHNDXIW ZRLFKIUPLFKXQGGLH0XWWHUGDV+DXVEDXHQVROOELWWHGLH)UDX %DURQLQGDVLHPLFK]XGLUJHKHQODWZHLOLFKXQVFKXOGLJELQXQG YRP*HULFKWGHQ6FKHLQEHNRPPHQKDEHGDPLUGDV*HULFKW QLFKWVWXQGDUILFKKDEHDXFKQHXH.OHLGHUXQGP|FKWQLFKWPHKU LP.ORVWHU.QHFKWVHLQZHLOLFKGLH6DQGJUXEHQKDE6RVROOWHQ PLFKGLH.ORVWHUIUDXHQ]XGLUHUODXEHQ©
$XFKDQVHLQH0XWWHUVFKULHE3DYHOQRFKDQGHPVHOEHQ$EHQG XQGWHLOWHLKUPLWGDVLHZHQQLKUH6WUDI]HLWYHUIORVVHQVHLQ ZHUGHHLQH8QWHUNXQIWEHLLKPILQGHQN|QQH
9RQGHU0XWWHUNDPDXFKEDOGHLQ%ULHIYROO/LHEH'DQNXQG 6HKQVXFKWGLH$QWZRUW0LODGDVOLHODQJHDXIVLFKZDUWHQXQG EUDFKWHDOVVLHHLQWUDIHLQHKHUEH(QWWlXVFKXQJ ª/LHEHU3DYHOLFKKDEHLPPHUJHZXWGD GXXQVFKXOGLJELVW© KLHHVLQGHP6FKUHLEHQ ªXQGPLFKJHIUHXWXQG*RWWJHGDQNW GDHUGLFKZUGLJWXQVFKXOGLJ]XOHLGHQQDFKGHP9RUELOG XQVHUHVVHQ+HLODQGV8QGMHW]WPXLFKGLUHWZDVVDJHQOLHEHU 3DYHO,FKKDEHGLFKODQJHQLFKWJHVHKHQDEHUGDVZDUQXU *HKRUVDPXQGNHLQIUHLZLOOLJ2SIHUGDVKDWPHLQ(UO|VHUPLUQLFKW DQJHUHFKQHW-HW]WKDWGLHHKUZUGLJH)UDX2EHULQHUODXEWGD GXPLFKEHVXFKVWXQGMHW]WHUVWNDQQLFKHLQIUHLZLOOLJHV2SIHU EULQJHQ,FKWX V3DYHOXQGELWWHGLFKOLHEHU3DYHONRPPQLFKW ]XPLUZDUWHQRFKHLQ-DKUZDUWHRKQH0XUUHQGHQQQXUGDV 2SIHUGDVZLUIUHXGLJ]X)HQGHV.UHX]HVQLHGHUOHJHQLVWHLQ *RWWZRKOJHIlOOLJHVXQGZLUGYRQ,KPGHQHQDQJHUHFKQHWIU ZHOFKHZLUHVGDUEULQJHQ/DXQVIUHXGLJHQWVDJHQGXZHLW GDZLUHVIUGLH6HHOHQXQVHUHU(OWHUQWXQGLHNHLQHDQGHUQ )UVSUHFKHUDOVXQVEHLLKUHPHZLJHQ5LFKWHUKDEHQ.RPPDOVR QLFKW:HQQGXDEHUGHQQRFKNlPVWOLHEHUOLHEHU3DYHOHVZlUH XPVRQVW PLFKZUGHVWGXQLFKWVHKHQLFKZUGHGLHJXWHQ .ORVWHUIUDXHQELWWHQPLFKYRUGLU]XYHUVWHFNHQGXZUGHVW ZLHGHUIRUWJHKHQKlWWHVWPLFKQLFKWJHVHKHQXQGPLUGDV+HU] QXUXQHQGOLFKVFKZHUJHPDFKWGHQQLFKKDEHGLFKOLHEPHLQ OLHEHU3DYHOJHZLOLHEHUDOVGXGLFKVHOEHUKDVW© ª:DVVFKUHLEWGHQQGHLQH6FKZHVWHU"©IUDJWH+DEUHFKWGHUGHQ %XUVFKHQPLWEHWURIIHQHU0LHQHDXIGDV%ODWWQLHGHUVWDUUHQVDK GHVVHQVFK|QHUHJHOPlLJH6FKULIW]JHHUODQJVDPHQW]LIIHUW KDWWH3DYHOEHXJWHVLFKSO|W]OLFKYRUJURH7UlQHQVWU]WHQDXV VHLQHQ$XJHQ
ª:DVVFKUHLEWVLH"©ZLHGHUKROWHGHU/HKUHUHUKLHOWNHLQH$QWZRUW XQGIUDJWHQLFKWPHKUHUZXWHMDEHUHLWVDXV(UIDKUXQJZHQQ GHU0HQVFKHWZDVYHUVFKZHLJHQZLOOGDQQJLEWHVNHLQH0DFKW DXI(UGHQGLHLKPVHLQ*HKHLPQLVHQWUHLW
$OVGDV)UKMDKUNDPVFKOXJ3DYHOLQHLQHU5HLKHYRQPRQGKHOOHQ 1lFKWHQGLH=LHJHO]XVHLQHP%DX0HKUDOVHLQPDOIDQGHUDP $EHQGDXVGHU)DEULNKHLPNHKUHQGVHLQH$UEHLW]HUVW|UW.OHLQH )HZDUHQEHUGLHQRFKZHLFKHQ=LHJHOJHODXIHQXQGKDWWHQVLH XQEUDXFKEDUJHPDFKW 3DYHOODXHUWHGHQhEHOWlWHUQDXI HUZLVFKWHVLHXQGIKUWHVLHGHP3IDUUHUYRU(VZXUGHLKQHQHLQH (UPDKQXQJ]XWHLOGLHMHGRFKRKQH:LUNXQJEOLHEGHU8QIXJ ZLHGHUKROWHVLFK'DEHVFKOR3DYHOVHOEVW*HUHFKWLJNHLW]XEHQ 0LWHLQHP.QWWHOEHZDIIQHWZROOWHHUKLQWHUHLQHPDOWHQ EUHLWVWlPPLJHQ1XEDXP3RVWHQIDVVHQXQGGLHYRP'RUIH KHUDQUFNHQGHQ)HLQGHGRUWHUZDUWHQ]HUEOHXHQXQGYHUMDJHQ =XVHLQHPJU|WHQ(UVWDXQHQIDQGHUMHGRFKGDV+WHUDPWGDV HUDQWUHWHQZROOWHEHUHLWVYHUVHKHQXQG]ZDU GXUFK9LUJLO 'LHVHUKDWWHJOHLFKIDOOVHLQHQ6WRFNLQGHU+DQG ª%LQVFKRQGD©VDJWHHUªKDELKUHUVFKRQHLQLJHZHJJHWULHEHQ© ª:DVZLOOVWGX6SLW]EXE"©IXKU3DYHOLKQDQª)RUWVFKOHFKWHU .HUOPLWGLUELQLFKIHUWLJ©(UHUKREGHQ.QWWHO 9LUJLOKDWWHGHQVHLQHQDXIGHQ%RGHQJHVWHPPWEHLGH+lQGH GDUDXIJHOHJWXQGVLFK]XVDPPHQJHNUPPW=LWWHUQGXQG GHPWLJVSUDFKHUª3DYOLFHNVFKODJPLFKQLFKWODPLFKKLHU VWHKHQLFKVWHKHKLHUXQGJHEDFKWDXIGHLQH=LHJHO©
ª'XMDMXVWGXZLUVWDFKWJHEHQGX"'LFKNHQQLFK*HK]XP 7HXIHO©
ª6SULFKQLFKWYRQLKP©ZLPPHUWHGHU$OWHEHVFKZ|UHQGXQG VHLQH.QLHVFKORWWHUWHQªVSULFKXP*RWWHVZLOOHQYRQGHPQLFKW ,FKELQDOW3DYOLFHNLFKZHUGHEDOGVWHUEHQGXVROOVW]XPLUQLFKW VDJHQ*HK]XP7HXIHO© ª$OOHVHLQVRELFK VVDJRGHUQLFKWDOOHVHLQVREGXJHKVWRGHU QLFKWZHQQGXQLFKWYRQVHOEHUJHKVWKROWHUGLFK©
9LUJLOILQJDQ]XZHLQHQª0HLQH$OWHZLUGDXFKEDOGVWHUEHQXQG IUFKW WVLFK6LHP|FKWGLFKQRFKVHKHQEHYRUVLHVWLUEW6LH ZDU VDXFKGLHPLUJHVDJWKDW*HKKLQXQGJLEDFKWDXIVHLQH =LHJHO©
3DYHOEHWUDFKWHWHLKQVWLOOXQGDXIPHUNVDP:LHHUDXVVDKZLH PHUNZUGLJJDQ]HLQJHVFKUXPSIWXQGPDJHUYRU.lOWH]LWWHUQG LQVHLQHQGQQHQ.OHLGHUQXQGGDEHLGDV*HVLFKWIHXHUIDUELJZLH HLQ/lPSFKHQDXVURWHP*ODVLQGHPHLQEUHQQHQGHU'RFKW VFKZLPPW'DVgOYRQGHPGLHVHVMlPPHUOLFKH'DVHLQVLFK QlKHUWHZDUGHU%UDQQWZHLQGHUHLQ]LJH7URVWGHUHVHUTXLFNWH HLQJHGDQNHQORVHV/LSSHQJHEHW
$UPHU6SLW]EXEGDFKWH3DYHOGLH=HLWHQVLQGYRUEHLLQGHQHQGX PLFKPLKDQGHOWKDVWMHW]WNULHFKVWGXYRUPLUª6REOHLE© VSUDFKHU]|JHUQGXQGLPPHUQRFKYROO0LWUDXHQªLFKZHUGMD VHKHQZDVIUHLQHQ:lFKWHULFKDQGLUKDE© $OVHUZLHGHUNDPIDQGHUDOOHVLQ2UGQXQJ9LUJLOKLHOWZLUNOLFK WUHXH:DFKWYHUODQJWHGDIUQLFKW/REQRFK/RKQXQGIUDJWHQXU LPPHUª:LUVWQLFKW]XU$OWHQNRPPHQ"©
3DYHOOLHLKUVDJHQYRQLKPDXVN|QQHVLHLQ)ULHGHQVWHUEHQ DEHUEHVXFKHQZROOWHHUVLHQLFKWPHKU'HU+DXSWJUXQGVHLQHU :HLJHUXQJZDUGLH)XUFKW9LQVNDEHLLKUHU0XWWHU]XWUHIIHQXQG LKUGRUWQLFKWDXVZHLFKHQ]XN|QQHQZDVHUVRUJVDPWDWVHLWGHP VLHGLH)UDX3HWHUVJHZRUGHQ8QGZLHHUGLH$XJHQYRQLKU ZDQGWHZHQQHULKUEHJHJQHWHZLHHUMHGHU.XQGHYRQLKUVRYLHO DOVP|JOLFKVHLQ2KU YHUVFKORVRYHUMDJWHHUVRJDUMHGHQ *HGDQNHQDQVLHGHUVLFKLKPXQZLOONUOLFKDXIGUlQJHQZROOWH
6LHKDWWHGDV=LHOLKUHU:QVFKHHUUHLFKWXQGHUKDWWHLKU JHKROIHQHV]XHUUHLFKHQMHW]WVROOWHHVDXVVHLQ:DVSHLQLJWH LKQGHQQQRFKVHLQHP:LOOHQHQWJHJHQVWlUNHUDOVVHLQHHLJHQH 6WlUNHZDVTXlOWHLKQEHLLKUHP$QEOLFN"(UNUHX]WHGLH$UPH EHUGHP+HU]HQXQGPXUPHOWHPLWHLQHP)OXFKHª.ORSIQLFKW© $EHUVHLQ+HU]NORSIWHGRFKZHQQGLHVFK|QH%lXHULQ YRUEHUVFKULWWRGHUYRUEHUIXKULQGHPVHOEHQ:lJHOFKHQLQGHP LKU0DQQYRUQXQDQGHUWKDOE-DKUHQ3DYHO]X*HULFKWJHIKUW KDWWH6LHEHPKWHVLFKJOFNOLFKDXV]XVHKHQHVZLUNOLFKVHLQ NRQQWHVLHNDXP3HWHUZDUHLQW\UDQQLVFKHUXQGJHL]LJHU
(KHKHUUGHUDOOH9RUDXVVHW]XQJHQGHU9LUJLORYD]XQLFKWHJHPDFKW KDWWH6HLQH6FKZLHJHUHOWHUQGXUIWHQLKPQLFKWLQV+DXVGDV ZHQLJHZDV9LQVND]XU9HUEHVVHUXQJLKUHU/DJHWXQNRQQWH JHVFKDKLPJHKHLPHQXQWHU)XUFKWXQG=DJHQ 6LHVHOEVWOHEWHLP:RKOVWDQGKDWWHPLW*HSUlQJHGLH7DXIHLKUHV ]ZHLWHQ.LQGOHLQVJHIHLHUWDEHUZLHGDVHUVWHEDOGQDFKGHU +RFK]HLWJHERUHQHZDUDXFKGLHVHVZHQLJH:RFKHQDOW JHVWRUEHQXQGEHUHLWVKLHHVLP'RUIHª'LHEULQJWNHLQ.LQG DXI©
3DYHOZDUJHUDGHGD]XJHNRPPHQDOVPDQGHQNOHLQHQ6DUJJDQ] VWLOOXQGZLHLQ%HVFKlPXQJDXVGHP7RUKLQDXVVFKDIIWH8QGHLQ 6FKOXFK]HQKDWWHHUDXVGHU6WXEHGULQJHQJHK|UWHLQ 6FKOXFK]HQGDVLKPGXUFKGLH6HHOHJLQJXQGLKQDQGLH6WXQGH PDKQWHLQZHOFKHUGLHMHQLJHGLHHVDXVVWLHDQVHLQHU%UXVW JHOHJHQXQGLKQEHVWUPWKDWWHPLWLKUHQ%LWWHQXQGEHUDXVFKW PLWLKUHQ/LHENRVXQJHQ
'HQ7RGGHV]ZHLWHQ(QNHOVHUOHEWHGLH9LUJLORYDQRFKNXU]H=HLW GDUDXIVFKOXJLKUOHW]WHV6WQGOHLQQDFKVFKZHUHPIUFKWHUOLFKHP .DPSI 'HU*HLVWOLFKHKDWWHYRQLKUHP3IKOQLFKWZHLFKHQGUIHQQRFK LP9HUU|FKHOQYHUODQJWHVLHQDFK6HJHQXQG*HEHWLQLKUHQ EUHFKHQGHQ$XJHQZDUQRFKGLH)UDJH]XOHVHQ,VWPLU YHU]LHKHQ"
0LW*OHLFKJOWLJNHLWQDKP3DYHOGLH1DFKULFKWLKUHV7RGHVDXIXQG EOLHEXQJHUKUWYRQGHQ:HKNODJHQGLH9LUJLOEHUGHQ9HUOXVW VHLQHV:HLEHVDQVWLPPWH'HU7URVWGHQHUGHP:LWZHU DQJHGHLKHQOLHODXWHWHª.HLQ6FKDGXPGLH$OWH©XQG9LUJLO XQWHUEUDFKGLH(UJVVHVHLQHV6FKPHU]HVULFKWHWHGLH$XJHQ ]ZLQNHUQGDXI3DYHOXQGIUDJWHKDOEEHU]HXJWª0HLQVW"©
'LHVEHJDEVLFK]X(QGHGHV6RPPHUVXQGDPHUVWHQ6RQQWDJ GHUGHP(UHLJQLVIROJWHOLHGHU3IDUUHU3DYHO]XVLFKEHVFKHLGHQ (VZDUQDFKGHP6HJHQGHU*HLVWOLFKHVDLQVHLQHP*DUWHQDXI GHU%DQNXQWHUGHPVFK|QHQ%LUQEDXPGHVVHQ)UFKWHVLFK EHUHLWVJROGLJ]XIlUEHQEHJDQQHQJDQ]YHUWLHIWLQGDV/HVHQ HLQHV=HLWXQJVEODWWHV3DYHOVWDQGVFKRQHLQ:HLOFKHQGDRKQH
GDHUHVZDJWHGHQ3IDUUHUDQ]XVSUHFKHQEHYRUGLHVHUGDV NOHLQHEODVVHYRQHLQHPEUHLWNUHPSLJHQ6WURKKXWHEHVFKDWWHWH *HVLFKWHUKREXQGQDFKHLQLJHP=|JHUQVDJWHª'LULVW8QUHFKW JHVFKHKHQ©6HLQ%OLFNJOLWWDQ3DYHOYRUEHLXQGULFKWHWHVLFKLQ GLH)HUQHª'XKDVWDP7RGGHV%UJHUPHLVWHUVNHLQH6FKXOG© ª)UHLOLFKQLFKW©HQWJHJQHWH3DYHOªGLH.LQGHUODXIHQPLUDEHU GRFKQDFKXQGVFKUHLHQ*LIWPLVFKHU,FKP|FKWHGHQ+HUUQ 3IDUUHUELWWHQGDHULKQHQYHUELHWHWPLUQDFK]XUXIHQ *LIWPLVFKHU© ª0HLQVWGXGDVLHHVPLWPHLQHU(UODXEQLVWXQ"©IUDJWHGHU 3ULHVWHUJHUHL]WHQ7RQHV
ª8QGGLH$OWHQ©IXKU3DYHOIRUWªVLQGDXFKVR'UHLPDOKDELFK NOHLQH )LFKWHQJHSIODQ]WDXIPHLQHP*UXQGHHWZDVDQGHUHV ZlFKVWMDGRUWQLFKW'UHLPDOKDEHQVLHPLUDOOHVDXVJHULVVHQ6LH VDJHQ'HLQ+DXVPXIUHLVWHKHQPDQPXLQGHLQ+DXVYRQ DOOHQ6HLWHQKLQHLQVFKDXHQN|QQHQPDQPXZLVVHQZDVGX WUHLEVWLQGHLQHP+DXV©
'HU3IDUUHUUlXVSHUWHVLFKª+PKP'DVNRPPWGDKHUGDGX HLQHQVRVFKOHFKWHQ5XIKDVW'XPXWWUDFKWHQGHLQHQ5XI]X YHUEHVVHUQ© 3DYHOPXUPHOWHª,FKKDEPHLQ=HXJQLVYRP$PW©
ª1XW]WDOOHVQLFKWVZHQQGLH/HXWHQLFKWGUDQJODXEHQ©VSUDFK GHU*HLVWOLFKHª$XIGHQ*ODXEHQNRPPWHVDQLPJURHQZLHLP NOHLQHQ=XGHLQHUHZLJHQ6HOLJNHLWEUDXFKVWGXGHQ*ODXEHQDQ *RWW]XGHLQHU:RKOIDKUWKLHUDXI(UGHQEUDXFKVWGXGHQ*ODXEHQ GHU0HQVFKHQDQGLFK© ª:lUIUHLOLFKJXW©
ª'XZLOOVWVDJHQHVZlUHJXWZHQQGXLKQHUZHUEHQN|QQWHVW :LOOVWGXVRVDJHQ"© ª-D©
ª6REHPKHGLFK'XKDVWHLQHQEHVVHUHQ:HJVFKRQ HLQJHVFKODJHQXQGPXWQXUWUDFKWHQDXILKP
YRUZlUWV]XNRPPHQ2KQH6WW]HMHGRFKZLUGGDVNDXPJHKHQ GLHZLUVWGXQRFKODQJHEUDXFKHQ%LVMHW]WZDUGHU+HUU/HKUHU GHLQH6WW]HZLUGHVDEHUQLFKWPHKUODQJVHLQN|QQHQ© ª:LH"ZDUXP" ZDUXPQLFKWPHKUODQJ"©
ª:HLOHUYHUVHW]WZHUGHQZLUGDQHLQHDQGHUH6FKXOH© ª9HUVHW]W"©ULHI3DYHOLQ%HVWU]XQJ ª:DKUVFKHLQOLFK©
(LQHQ$XJHQEOLFNVDKGHU3IDUUHULKPIHVWLQV*HVLFKWGDQQ VSUDFKHUª0HKUDOVZDKUVFKHLQOLFK JHZL0DFKHGLFKGDUDXI JHIDWXQGEHUOHJHDQZHQGXGLFKZHQGHQNDQQVWZHQQGHU /HKUHUIRUWJHKW]XZHPGXLQGLHVHP)DOOHVDJHQNDQQVW,FK ELWWHQHKPHQ6LHVLFKMHW]WPHLQHUDQ©
1DFKHLQHU3DXVHLQZHOFKHU3DYHOZLHYHUQLFKWHWYRULKPVWDQG IXKUGHU3IDUUHUIRUWDXIULFKWLJEHPKWVLFKIUGHQ XQJHVFKODFKWHQ%XUVFKHQGHPVHLQJDQ]HU0HQVFKZLGHUVWUHEWH ZHQLJVWHQVGLH7HLOQDKPHGHV6HHOVRUJHUVDE]XULQJHQ ªhEHUOHJ VLVWQLHPDQGGD]XGHPGXHLQ9HUWUDXHQIDVVHQXQG VRVSUHFKHQN|QQWHVW"©
(UPXWHGLH)UDJHZLHGHUKROHQHKHVLHEHDQWZRUWHWZXUGHXQG GDQQJHVFKDKHVPLWHLQHPVRHQWVFKLHGHQHQª1LHPDQG©GD GHU3ULHVWHUHVYRUOlXILJQLFKWXQWHUQDKPGLHVHIHVWH hEHU]HXJXQJ]XHUVFKWWHUQ(UUlXVSHUWHVLFKDEHUPDOVª6R VR©VDJWHHUªQLHPDQG"'DVLVWMDVFKOLPP'HQNHDEHUGRFK HLQZHQLJQDFKYLHOOHLFKWIlOOWGLUGRFKQRFKMHPDQGHLQ©(U OHKQWHVLFKZLHGHUDQGHQ%DXP]XUFNVDKZLHGHULQV:HLWHXQG VFKORª'XNDQQVWQDFK+DXVHJHKHQNDQQVWDXFKGHP/HKUHU VDJHQGDLFKLKQYHUPXWOLFKJHJHQ$EHQGEHVXFKHQZHUGH©
3DYHOHQWIHUQWHVLFKYHUZLUUWLQKDOEHU%HWlXEXQJDOVREHUHLQHQ 6FKODJDXIGHQ.RSIEHNRPPHQKlWWH 'DKHLPIDQGHUGHQ/HKUHULQGHU6WXEHDP7LVFKHVLW]HQGYRU VHLQHP%XFKHPLWGHUYRQVHP6FKPHU]YHUNOlUWHQ0LHQHGLH HULPPHUDQQDKPZHQQHUVLFKLQGLHVHJHOLHEWHQ%OlWWHU YHUVHQNWH3DYHOQDKP3ODW]LKPJHJHQEHUXQGEHWUDFKWHWHLKQ
PLWXQHQGOLFKJHVSDQQWHU$XIPHUNVDPNHLW/DQJHZDJWHHUQLFKW LKQ]XVW|UHQHQGOLFKDEHUEUDFKHU RKQHVHLQHQ:LOOHQJHJHQ VHLQHQ:LOOHQ LQGLH:RUWHDXVª+HUU/HKUHUZDVPXLFKYRQ ,KQHQK|UHQ"©
.DXPKDWWHHUGLHVHYRUZXUIVYROOH)UDJHDXVJHVSURFKHQDOVHLQ 6FKUHFNHQEHUGLH:LUNXQJGLHVLHKHUYRUJHEUDFKWKDWWHLKQ HUIDWH+DEUHFKWZDUDVFKIDKOJHZRUGHQVHLQH$XJHQ YHUVFKOHLHUWHQVLFKVHLQ8QWHUNLHIHUKLQJKHUDEXQG]LWWHUWH YHUJHEOLFKEHPKWHHUVLFK]XVSUHFKHQHUEUDFKWHQXUHLQ XQ]XVDPPHQKlQJHQGHV*HVWRWWHUKHUYRU1DFK$WHPULQJHQG IRFKWHUPLWGHQ+lQGHQLQGHU/XIWXQGVDQNXQWHUbFK]HQXQG 6W|KQHQDXIVHLQHQ6HVVHO]XUFN3DYHODEHUGHUQRFKQLHHLQHQ 0HQVFKHQVWHUEHQJHVHKHQKDWWHXQGPHLQWHGDVJLQJHYLHO OHLFKWHUDOVHVLQ:DKUKHLWJHKWVSUDQJDXIZDUIVLFKDXIGLH .QLHXQGEHVFKZRULKQKlQGHULQJHQGª6WHUEHQ6LHQLFKW+HUU /HKUHUVWHUEHQ6LHQLFKW©
(LQPDWWHV/lFKHOQVWDKOVLFKEHU+DEUHFKWV*HVLFKWª8QVLQQ© VDJWHHUªQLFKWYRQ6WHUEHQLVWGLH5HGHVRQGHUQYRQGHPZDV GXYRQPLUJHK|UWKDVW%HLFKWH©EHIDKOHUULFKWHWHVLFKDXIXQG UROOWHIUFKWHUOLFKGLH$XJHQª:DVZDU VZLHODXWHWGHU8QVLQQ" 2 YHUPDOHGHLWHU8QVLQQ.HLQ9HUQQIWLJHUJODXEWLKQXQGGRFK OHEWHUYRP*ODXEHQNXJHOWVRZHLWHULP'XQNHOLQGHU7LHIH6LH ]lKOHQVLFKLKQDQGHQ)LQJHUQKHUGLHMHQLJHQGLHVHOEVWQLFKW PLW]lKOHQ:DVKDVWGXJHK|UW"6SULFK©(U]RJ3DYHOLQGLH +|KHXQGUWWHOWHLKQDOVGHUYHUEOIIWH%XUVFKHMHGRFKDQIDQJHQ ZROOWH]XUHGHQSUHWHHUGLH+DQGDXIVHLQHQ0XQGXQGJHERW LKP6FKZHLJHQ
ª:DVNlPHKHUDXV":DVLFKZHLLPYRUKLQHLQ]XP(NHOZDV PLFKQLFKWVFKODIHQOlW6FKZHLJ©ULHIHUªLFKZLOOHLQPDOUHGHQ LFKHOHQGHU/JQHULFKZLOOGLH:DKUKHLWVDJHQLFKDUPHU=|OOQHU ZLOOVLHGLUGHPDUPHQ=|OOQHUVDJHQ6HW]GLFKK|UPLU]X EHXJGHLQ+DXSW:HQQHVDXFKQXUHLQHNOlJOLFKH*HVFKLFKWHLVW XQGGLH*HVFKLFKWHHLQHUMlPPHUOLFKHQ7RUKHLWVLHLVWGRFKKHLOLJ GHQQVLHLVWZDKU©
(UJLQJ]XP:DVVHUNUXJWUDQNLQODQJHQ=JHQXQGEHJDQQGDQQ OHLVHXQGKDVWLJYRQGHQ7DJHQ]XVSUHFKHQLQGHQHQHUMXQJ JHZHVHQHLQ/HKUHUVVRKQXQG*HKLOIHVHLQHVNUlQNOLFKHQ9DWHUV
GXUFK%HJDEXQJXQG9HUKlOWQLVVHGXUFKDOOHVZDVQDWUOLFKXQG YHUQQIWLJLVWEHVWLPPWHLQVW]XZHUGHQZDVMHQHUZDU,Q VHLQHP+HU]HQDEHUNRFKWHGHU(KUJHL]SULFNHOWHGLH(LWHONHLW GLHVHEOHQ%HUDWHUOHQNWHQVHLQH6HKQVXFKWZHLWDEYRPOHLFKW (UUHLFKEDUHQVSLHJHOWHQLKPHLQKRKHV=LHODOVGDVHLQ]LJ (UVWUHEHQVZHUWHYRU'LH=XNXQIWHLQHVJURHQ3URIHVVRUVLQGHU JURHQ6WDGWGLHWUlXPWHHUIUVLFKXQGVHLQVFKZDFKHU9DWHU IULKQXQGGLHVHV6FKDWWHQJHELOGHGHU=XNXQIWHVOHEWHXQG QlKUWHVLFKYRP)OHLVFKXQG%OXWGHU:LUNOLFKNHLWYRQGHU.UDIW GHU*HVXQGKHLWGHP6FKODIGHU-XJHQG:LHODQJHNDQQHLQHDQ EHLGHQ(QGHQDQJH]QGHWH)DFNHOEUHQQHQ".HLQ0HQVFKYHUPDJ XQJHVWUDIW]ZHL0HQVFKHQ]XJOHLFK EHL7DJHLQ/HKUHUXQGEHL 1DFKWHLQ6WXGHQW ]XVHLQ$OVGHUHUVWHQRFKMXQJDOVGHU ]ZHLWHGRFKVFKRQUHFKWDOWGHQQPLWHQWVHW]OLFKHU *HVFKZLQGLJNHLWYHUUDQQGLH=HLWGLHHUIUVHLQH=ZHFNHQXU]XU +lOIWHDXVQXW]HQGXUIWH(LQHV0RUJHQVEUDFKHUDQGHU7UGHU 6FKXOVWXEH]XVDPPHQ:LHDXVGHU)HUQHK|UWHHUQRFKHLQHQ ]LWWHUQGHQ.ODJHUXIVDKZLHGXUFKGLFKWHQ1HEHOHLQYLHOJHOLHEWHV *UHLVHQDQWOLW]VLFK]XLKPQHLJHQGDQQZDUDOOHV6WLOOHXQG 'XQNHOKHLWXQGZRKOWXHQGEHUNDPLKQGDV*HIKOHLQHUWLHIHQ EOHLHUQHQ5XKH /DQJH=HLWYHUJLQJ+DEUHFKWODJGDKLQDQIDQJVLQZLUUHQ )LHEHUWUlXPHQVSlWHULQGXPSIHU%HZXWORVLJNHLW0DQKLHOWLKQ IUWRWOHJWHLKQLQGHQ6DUJXQGWUXJLKQLQGLH/HLFKHQNDPPHU 'RUWHUZDFKWHHU 6HLQH5FNNHKULQV/HEHQHUUHJWHQXU (QWVHW]HQVLFKLKUHU]XIUHXHQZDUQLHPDQGPHKUGD6HLQHQ 9DWHUKDWWHQ6FKUHFNHQXQG*UDPJHW|WHWGHUVFKOLHIVFKRQVHLW HLQSDDU7DJHQXQWHUGHP)ULHGKRIVUDVHQXQGOLHEHUKlWWHGHU :LHGHUHUVWDQGHQHVLFKQHEHQLKQJHEHWWHWDOVGDHUHLQ JHEURFKHQHU0DQQGHQ.DPSIPLWGHP/HEHQYRQQHXHP DXIQHKPHQVROOWH$QHLQH)RUWVHW]XQJVHLQHU6WXGLHQZDUQLFKW ]XGHQNHQ +DEUHFKWEHZDUEVLFKXPGLH6WHOOHGLHVHLQ9DWHU EHNOHLGHWKDWWH6LHZXUGHLKP]XWHLO ]XU8Q]XIULHGHQKHLWGHU 'RUIEHZRKQHUVFKDIW
ª'DHLQHUGHUGUHL7DJHWRWZDUZLHGHUOHEHQGLJZLUGGDVLVW PDQPDJHVQHKPHQZLHPDQZLOOHLQHXQKHLPOLFKH6DFKH:R KDWVLFKVHLQH6HHOHDXIJHKDOWHQZlKUHQGGLHVHUGUHL7DJH"$XV ZHOFKHPJUDXHQKDIWHQ%HUHLFKNRPPWVLH]XUFN"©VDJWHQVLH 'LHVHOWVDPVWHQ*HUFKWHEHJDQQHQVLFK]XYHUEUHLWHQGDV
0lUFKHQYRP$XIHQWKDOWGHV6FKXOPHLVWHUVLQGHU9RUK|OOH HQWVWDQG8QGHUOLHHVJHOWHQ(UZDUHLQDUPHU]XJUXQGH JHULFKWHWHU0HQVFKGHUJHIUFKWHWKDWWHVLFKNDXPEHLGHQ 6FKXONLQGHUQLQ5HVSHNWVHW]HQ]XN|QQHQXQGGHPHV VFKPHLFKHOWHDOVHUQXQEHPHUNWHGDHUVRJDUGHQ (UZDFKVHQHQ6FKHXHLQIO|WHXQGGDQLFKWOHLFKWMHPDQGLKP ]XZLGHU]XVSUHFKHQRGHU]XKDQGHOQZDJWH6HLQHQHGOHQ(KUJHL] ]XEHIULHGLJHQZDULKPGLH0|JOLFKNHLWJHQRPPHQHLQIDOVFKHU (KUJHL]EHPlFKWLJWHVLFKVHLQHUXQGHUHUJULII]XGHVVHQ 6lWWLJXQJXQODXWHUH0LWWHO(UQlKUWHGHQ:DKQGHQ]X EHNlPSIHQVHLQH3IOLFKWJHZHVHQZlUHHUHLQ/HKUHUHLQ 9HUEUHLWHUGHU:DKUKHLWDXI(UGHQHLQ6WUHLWHUZLGHUGHQ,UUWXP HUXQWHUVWW]WHGLH/JHGLH'XPPKHLW GHQ)HLQG(UZDUHLQ VWLOOHU9HUUlWHUDQGHUHLJHQHQ6DFKHHUKLHOWGDV9RUXUWHLO DXIUHFKWZHLOVHLQH(LWHONHLWGDEHLLKUH5HFKQXQJIDQG 'HU3IDUUHUGHULKQGXUFKVFKDXWHUJWHVHLQ7XQVHLQHLJHQHV *HZLVVHQZDUILKPGDV8QUHFKWYRU(UEHVFKORHVQLFKWPHKU ]XEHJHKHQHUIDWHGHQ9RUVDW]XQGGDFKWHLKQOHLFKW DXV]XIKUHQ
,QGHVVHQ VLHKHGDZDVPXWHHUHUNHQQHQ"'HU:DKQGHQHU IUKHUXQWHUVWW]WKDWWHXQGQXQDXVWLOJHQZROOWHZDUQLFKWPHKU DXV]XWLOJHQ1LFKWLQNXU]HUQLFKWLQODQJHU=HLWQLFKWPLWNOHLQHU XQGQLFKWPLWJURHU0KH
ª,FKKDEHGHP8QYHUVWDQGGDV+|O]FKHQJHZRUIHQ©ULHIHUDXV ªXQGHUKDWHLQH.HXOHGDUDXVJHPDFKWPLWGHUHUPLFKGULVFKW ,FKKDEHPLW6FKODQJHQJHVSLHOWXQGZLHLFKHLQVHKHGDLFK )UHYHOWUHLEHXQGDXIK|UHQZLOOLVW V]XVSlWXQGLFKELQ XQUHWWEDUXP]LQJHOW© 9RQSHLQOLFKHU8QUXKHJHMDJWEHJDQQHUVHLQHJHZRKQWHQ :DQGHUXQJHQGXUFKGDV=LPPHU
ª:lULFKGRFKHLQDXIUHFKWHU9HUEUHFKHUHLQ0|UGHU PHLQHWZHJHQ HLQHKUOLFKHU0|UGHUXQGQLFKWGLHYHUORJHQH .UHDWXUGLHLFKELQELQGHQQPDQZLUG VQLFKWORV'LH )DOVFKKHLWKDWVLFKKLQHLQJHIUHVVHQLQGHQ0HQVFKHQXQGUHJLHUW LKQJHJHQVHLQHQ:LOOHQ'DVLVWIUFKWHUOLFKZDKUVHLQZROOHQ XQGQLFKWPHKUN|QQHQ©
(UEOLHEYRU3DYHOVWHKHQSDFNWHLKQDQEHLGHQ$UPHQXQG UWWHOWHLKQª'XZLUVWHVDXFKHUIDKUHQZHQQGXGLFKQLFKW lQGHUVWbQGHUHGLFKGXNDQQVWHVQRFK© ª:DVVROOLFKWXQ"©IUDJWH3DYHO
ª1LFKWOJHQQLFKWVYRQGLUDXVVDJHQZDVGXQLFKWIUZDKU KlOWVWLP*XWHQQLFKWGHQQGDVLVWQLHGHUWUlFKWLJLP%|VHQ QLFKWGHQQGDVLVWGXPP'XPDFKVWGLFK]XP.QHFKWHLQHV MHGHQGHQGXEHOJVWXQGZlUHHU]HKQPDOVFKOHFKWHUXQG JHULQJHUDOVGX,FKZHL ZDVGXZLOOVWGLFKWURW]LJ]HLJHQ6FKHX HLQIO|HQ:DUWHQXUELVGHU7DJGHU8PNHKUNRPPW HU NRPPWEHLGLUHUEULFKWVFKRQDQ ZDUWHQXUZHQQGXHLQPDO *UDXHQHPSILQGHQZLUVWYRUGLUVHOEVW© ª+HUU/HKUHU©XQWHUEUDFKLKQ3DYHOªVHLHQ6LHUXKLJHVNORSIW MHPDQG© +DEUHFKWIXKU]XVDPPHQª.ORSIW" ZDV" ZHU"$K +RFKZUGHQ©
'HU*HLVWOLFKHZDUHLQJHWUHWHQª,FKKDEHGUHLPDOJHNORSIW© VDJWHHUªDEHU6LHKDEHQQLFKWJHK|UW6LHKDEHQVRODXW JHVSURFKHQ©6HLQHNOXJHQVFKDUIHQ$XJHQULFKWHWHQVLFK SUIHQGDXIGHQGXUFKVHLQXQHUZDUWHWHV(UVFKHLQHQLQ %HVWU]XQJYHUVHW]WHQ/HKUHU
ª2K+RFKZUGHQZLHVFK|QLVW VJHIlOOLJ" HLQHQ6HVVHO 3DYHOHLQHQ6HVVHO©VWDPPHOWH+DEUHFKWXQGHLOWH]XP7LVFKDQ GHQHUGLH]LWWHUQGHQ%HLQHOHKQWHXQGEHUGHQHUZLH EHVFKW]HQGGLHJHUXQGHWHQ$UPHHUKRE0LWHLQHU VHOEVWYHUUlWHULVFKHQ8QJHVFKLFNOLFKNHLWGLHLKUHVJOHLFKHQVXFKWH OHQNWHHUGLH$XIPHUNVDPNHLWGHV3ULHVWHUVDXIGDVZDVHULKUXP MHGHQ3UHLVKlWWHHQW]LHKHQP|JHQDXIGDVRIIHQGDOLHJHQGH %XFK 'HU3IDUUHUWUDWLKPJHJHQEHUVFKOXJEHYRU+DEUHFKWHV KLQGHUQNRQQWHGDV7LWHOEODWWDXIXQGYRQVHLQHP3ODW]HDXV RKQHGDV%XFK]XZHQGHQODVHUPLW6FKUHFNHQPLW$EVFKHX PLW*UDP7LWL/XFUHWLL&DUL'HUHUXPQDWXUD
(U]RJGLH+DQG]XUFNULHEVLHKHIWLJDP5RFNDEXQGULHI ª/XNUH]2 +HUU/HKUHU 2K©
8QG+DEUHFKWULQJHQGLQ6HHOHQTXDOVDPPHOWHVLFKPKVDP ODQJVDP ]XHLQHU/JHª=XIDOO©VWRWWHUWHHUª]XIlOOLJ EULJJHEOLHEHQGDV%FKOHLQDXVGHU=HLWGHUSKLORORJLVFKHQ 6WXGLHQ]XIlOOLJMHW]W]XP9RUVFKHLQJHNRPPHQ©
ª:QVFKHHVKRIIHHVPWH6LHVRQVWEHGDXHUQ©HQWJHJQHWH GHU*HLVWOLFKHGHULKQQLFKWORVOLHDXVGHP%DQQVHLQHV%OLFNHV ª8QG6LHKlWWHQUHFKWGHU6LHHLQHQ+LPPHOKDEHQXQGLKQ MHGHPYHUKHLHQN|QQHQGHUGDNRPPWVLFKEHL,KQHQ7URVW]X KROHQ©EUDFK+DEUHFKWDXV
$OVGHU3ULHVWHULKQYHUODVVHQKDWWHQDKPHUGHQ]HUOHVHQHQ %DQGOLHENRVWHLKQZLHHWZDV/HEHQGLJHVXQGEDUJLKQDQVHLQHU %UXVWVHLQHQPLWVWHWVHUQHXWHU:RQQHJHQRVVHQHQVWHWV YHUOHXJQHWHQ)UHXQG
3DYHOEDXWHUVWLJDQVHLQHP+DXVIRUWXQGHVZXUGHIHUWLJDOOHQ +HPPQLVVHQ]XP7URW]ZHOFKHGHU0XWZLOOHXQGGLH%RVKHLW HUVDQQHQXPVHLQHP(UEDXHUGLH%HHQGLJXQJGHV DQVSUXFKVORVHQ:HUNHV]XHUVFKZHUHQ'DVWDQGHVQXQPLW 0RRVXQG6WURKEHGHFNWVHKUQLHGULJXQGVHKUVFKLHI$XVGHQ GUHLNOHLQHQ)HQVWHUJXFNWHGLH$UPXWKHUDXVGRFKZHU XQVLFKWEDUH,QVFKULIWHQ]XOHVHQYHUVWDQGGHUODVEHUGHU VFKPDOHQ7U'XUFKPLFKJHKWGHU)OHLHLQGHUGLHVH$UPXW EHVLHJHQZLUG9RUOlXILJZDUGLH6FKDOXSSHGHU*HJHQVWDQGGHV 6SRWWHVHLQHVMHGHQGHQVHLQ:HJYRUEHLIKUWH3DYHOOLHVLFK DEHUGLH)UHXGHDQVHLQHP+lXVFKHQQLFKWYHUGHUEHQVRQGHUQ JLQJZRKOJHPXWDQGHVVHQLQQHUH(LQULFKWXQJ(UKDWWHHLQHQ +HUGJHEDXWXQGHLQHQEHVFKHLGHQHQ%UHWWHUYRUUDWJHNDXIW8P GLHVHQPLWLKP]XGXUFKPXVWHUQIDQGGHU6FKXOOHKUHUVLFKHLQ 6LHKLHOWHQ%HUDWXQJGUHKWHQMHGHV%UHWWZRKO]HKQPDOXPXQG EHUOHJWHQZLHHVDPEHVWHQ]XYHUZHQGHQZlUH3O|W]OLFKKRE 3DYHOGHQ.RSIXQG KRUFKWH'DVODQJVDPH5ROOHQHLQHVVFKZHUHQ :DJHQVGLH$QK|KHKHUDXIOLHVLFKYHUQHKPHQ ª'LH)UDX%DURQLQNRPPW©ULHI3DYHOª6LHKDWPHLQ+DXVQRFK QLFKWJHVHKHQZDVZLUGVLHVDJHQZHQQVLHVLHKWGDLFKHLQ +DXVKDEH©
,QGHU7DWNDQQWHGLH%DURQLQ3DYHOV%DXZHUNQRFKQLFKW'LH 6SD]LHUIDKUWHQGHUDOWHQ'DPHOHQNWHQVLFKUHJHOPlLJQDFKHLQHU DQGHUQ5LFKWXQJ'HQVFKOHFKWHQVWHLOHQ:HJGXUFKGDV'RUI NDPVLHQXUHLQPDOLP-DKUHJHIDKUHQPHLVWHQV]XU+HUEVW]HLW ZHQQVLHLKUHQDOWHQSHQVLRQLHUWHQ)|UVWHULP-lJHUKDXVHGUREHQ EHVXFKWH'DVZDUKHXWHXQGZlUHZRKO|IWHUVGHU)DOOJHZHVHQ RKQHGLH*UQGHGLH0DWWKLDVGHU%HGLHQWHLPPHUDQ]XIKUHQ ZXWHXPYRQGHP$XVIOXJQDFKGHP-lJHUKDXVDE]XUDWHQ'HU *UXQGGHULKPDOOHGLHVH*UQGHOLHIHUWHZDUGHUGDHUDQGHU *LFKWLQGHQ%HLQHQOLWWXQJHUQ]X)XHJLQJXQGUHFKWJXW ZXWHGDHVDP(QGHGHV'RUIHVZRGLHMlKHUH6WHLJXQJ EHJDQQKHLHQZUGHª6WHLJDE0DWWKLDVGXELVW]XGLFNGLH DUPHQ3IHUGHN|QQHQGLFKQLFKWVFKOHSSHQ© $OV 3DYHOGDV1DKHQGHV:DJHQVEHPHUNWHZDU0DWWKLDVVRHEHQ YRP%RFNKHUDEEHIRKOHQZRUGHQHUVFKULWWYHUGULHOLFKKLQWHUGHU
JURHQ.DOHVFKHHLQKHUXQGGLH%DURQLQVDLQGHUVHOEHQ HEHQIDOOVYHUGULHOLFK6LHlUJHUWHVLFKEHUGHQ%XFNHOGHQLKU .XWVFKHUPDFKWHXQGVFKORGDUDXVDXIHLQHQ0DQJHODQ 5HVSHNWLQGHVGHUVHOEHQXUGLH)ROJHGHUODVWHQGHQ-DKUHZDU 'LH*HELHWHULQVDJWHOHLVHYRUVLFKKLQª'DGLH/HXWHKHXW]XWDJH QLFKWPHKUJHUDGHVLW]HQN|QQHQ:DVGDVIUHLQH0DQLHULVW (LQHUHFKWH6FKDQGZHQQVLFKHLQHUJDUQLFKW]XVDPPHQQHKPHQ NDQQ©6LHVHOEVWVDDXIUHFKWZLHHLQH.HU]HXQGVWUHFNWHVLFK VRYLHOVLHNRQQWHXPPLWJXWHP%HLVSLHOYRUDQ]XJHKHQZDV IUHLOLFKXQWHUGHQJHJHEHQHQ8PVWlQGHQZHQLJQW]WH'DEHL EOLFNWHVLHOHEKDIWXQGQHXJLHULJXPKHUGXUFKGLHJURH%ULOOHGLH VLHEHLLKUHQ$XVIDKUWHQDXI]XVHW]HQSIOHJWH%HLGHU6DQGJUXEH DQJHODQJWZXUGHVLHGLHQHXH+WWHJHZDKUZHOFKHVLFKGRUW HUKREXQGULHIª0DWWKLDVZHUKDWGHQQGDHLQHQ6WDOOJHEDXW" :DVLVWGHQQGDVIUHLQ6WDOO"© 0DWWKLDVEHVFKOHXQLJWHVHLQH6FKULWWHQDKPGHQ+XWDEXQG DQWZRUWHWHª'DVLVWHLQH6FKDOXSSHQ© ª:DVGHU7DXVHQGZHUKDWVLFKGHQQGLHJHEDXW"©
0DWWKLDVOlFKHOWHYHUlFKWOLFKª'LHKDWVLFKMDGHU3DYHOJHEDXW GHU+ROXE© ª*RWWEHZDKUHLQHQGHUEDXW+lXVHU"©
ª-D©IXKU0DWWKLDVIRUWXQGOHJWHYHUWUDXOLFKGLH+DQGDXIGHQ :DJHQVFKODJªIUGLH0XWWHUKHLW VGDGLHZRXQWHUVFKOXSIHQ NDQQZHQQVLHKHUDXVNRPPWDXVGHP=XFKWKDXV:LUGHLQ 5DXEQHVWZHUGHQLVWQRFKJXWGDHVVRIUHLVWHKWXQGVRZHLW GUDXHQDXVGHP'RUI© :lKUHQGGLHVHV*HVSUlFKVZDUGLH(TXLSDJHYRUGHP+WWFKHQ DQJHODQJWYRQGHPVLHQXUQRFKGHU:HJUDLQXQGGHU5DXP WUHQQWHDXIGHP3DYHOVHLQH%UHWWHUDXVJHOHJWKDWWH 'LH%DURQLQEHIDKOGHP.XWVFKHURUGHQWOLFK]XKHPPHQXQG DQ]XKDOWHQ6LHEHXJWHVLFKDXVGHP:DJHQXQGIUDJWHª:DV VLQGGHQQGDVIU%UHWWHU"© +DEUHFKWWUDWKHUDQXQGEHJUWHGLHJQlGLJH)UDX
ª6LHKGD©VSUDFKGLHVHªGHU/HKUHUGDVLVWVFK|QGDN|QQHQ 6LHPLUJOHLFKVDJHQZDVGDVIU%UHWWHUVLQG"© ª$XVGHUKHUUVFKDIWOLFKHQ%UHWWPKOH(XHU*QDGHQ© ª8QGZLHNRPPHQVLHGHQQKLHUKHU"©
ª$OV(LJHQWXPGHV3DYHO+ROXEGHUVLHJHNDXIWKDW©
ª*HNDXIW"©HQWJHJQHWHGLH%DURQLQªGDVLVWVFKZHU]XJODXEHQ GDGHUHWZDVJHNDXIWKDEHQVROO©
3DYHOKDWWHVLFKELVKHUUHJXQJVORVKLQWHUGHP6FKXOPHLVWHU JHKDOWHQEHLGHQOHW]WHQ:RUWHQGHUJQlGLJHQ)UDXIXKUHUDXI ZDQGWHVLFKVSUDQJLQGLH+WWHXQGNDPJOHLFKGDUDXIZLHGHU ]XUFNHLQHQ%RJHQ3DSLHULQGHU+DQGKDOWHQGGHQHURKQHHLQ :RUW]XVSUHFKHQGHU%DURQLQEHUUHLFKWH ª:DVLVWGDV"IUDJWHVLHªZDVEULQJWHUPLUGD"©
ª'LHVDOGLHUWH5HFKQXQJEHUGLHJHNDXIWHQ%UHWWHU©DQWZRUWHWH +DEUHFKWDQGHQGLH)UDJHJHULFKWHWZDU ª6R GHUNDXIWHLQXQGEH]DKOW5HFKQXQJHQ":RKHUQLPPWHU GDV*HOGGD]X",FKKDEHJHK|UWGDHUHLQHQ%HXWHOYROO*HOG JHVWRKOHQKDW© ª(LQHDOWH*HVFKLFKWH(XHU*QDGHQGLHQLFKWHLQPDOZDKU JHZHVHQLVWDOVVLHQRFKQHXZDU©
ª,FKZHLVFKRQ6LHQHKPHQLPPHUVHLQH3DUWHL,KUHU0HLQXQJ QDFKKDEHLFKLPPHUXQUHFKWJHJHQGHQVFKOHFKWHQ0HQVFKHQ© ª(ULVWQLFKWPHKUVFKOHFKWGLH=HLWHQVLQGYRUEHL(XHU*QDGHQ N|QQHQPLUJODXEHQ©
ª:DUXPVSULFKWHUGHQQQLFKWVHOEVW":DUXPVWHKWHUGHQQGD ZLHGDVOHLEKDIWLJHE|VH*HZLVVHQ"(QWVFKXOGLJHGLFK©VSUDFK GLHDOWH 'DPHVLFKDQ3DYHOULFKWHQGªVDJHWZDVELWWHXP HWZDV:HQQLFKJHZXWKlWWHGDGXHLQ+DXVEDXVWXQG%UHWWHU EUDXFKVWKlWWHLFKVLHGLUJHVFKHQNW.DQQVWGXQLFKWELWWHQ" :HLWGXQLFKWVXPZDVGXPLFKELWWHQP|FKWHVW"©
-HW]WHUKRE3DYHOVHLQH$XJHQ]XGHUDOWHQ)UDX=DJHQG ]ZHLIHOQGEOLFNWHHUVLHDQ2EHUHWZDV]XELWWHQKDEHIUDJWHVLH QLFKWPHKUQDFKGHPGLHVHGVWHUHQ$XJHQVLHDQJHEOLFNWXQGVLH LQLKQHQHLQHVRNXPPHUYROOHVRXQDXVVSUHFKOLFKWLHIH6HKQVXFKW JHOHVHQKDWWH ª:DVP|FKWHVWGXDOVR"©VDJWHVLHªVRUHGH©
3DYHO]|JHUWHHLQHQ$XJHQEOLFNQDKPVLFK]XVDPPHQXQG DQWZRUWHWH]LHPOLFKGHXWOLFKXQGIHVWª,FKP|FKWHGLH)UDX %DURQLQELWWHQGD6LHPHLQHU6FKZHVWHU0LODGDVFKUHLEWVLH P|FKWHPLUHUODXEHQVLH]XEHVXFKHQ©
8QJHGXOGLJZDFNHOWHGLH%DURQLQPLWGHP.RSIHª'DVNDQQLFK QLFKWWXQGDPLVFKHLFKPLFKQLFKWKLQHLQGDVLVWGLH6DFKHGHU .ORVWHUIUDXHQ=XU0LODGDGDUIPDQQLFKWRKQHZHLWHUHVKLQODXIHQ VRRIWHVHLQHPHLQIlOOWLFKGDUI VDXFKQLFKW0LODGDJHK|UWQLFKW PHKUXQVVRQGHUQGHP+LPPHO'HU0HQVFK©ULFKWHWHVLHVLFK ZLHGHUDQ+DEUHFKWªVSULFKWDXFKLPPHUGDVVHOEHLFKEHJUHLIH QLFKWZLHPDQVDJHQNDQQGDHUVLFKJHlQGHUWKDW8QGMHW]W IDKUHQZLU $GLHX9RUZlUWV-DNRE©
'HU:DJHQVHW]WHVLFKLQ%HZHJXQJZDUMHGRFKNDXPHLQ 6WFNFKHQZHLWHUJHNROOHUWDOVGLH%DURQLQDEHUPDOV KDOW]XPDFKHQEHIDKO+DEUHFKWKHUEHLZLQNWHXQGIUDJWHª:DV LVW VGHQQPLWGHPQHXHQ6FKXOOHKUHU":DUXPNRPPWHUQLFKW"(U KDWVLFKMDKHXWHYRUVWHOOHQVROOHQ© ª0RUJHQ(XHU*QDGHQZHQQLFKELWWHQGDUI©
ª:LHVRPRUJHQ",VWGHQQKHXWHQLFKW0LWWZRFK"© ª,FKELWWHXP9HU]HLKXQJKHXWHLVW'LHQVWDJ©
ª'LHQVWDJ"'DVLVWHWZDVDQGHUHV,FKKDEHVFKRQJHJODXEWGHU -QJOLQJGHUYHUPXWOLFKHLQJHOHKUWHU)OHJHOVHLQZLUGILQGHWHV EHUIOVVLJGHU*XWVEHVLW]HULQVHLQHQ.UDW]IX]XPDFKHQ8QG ZDQQUHLVHQGHQQ6LH6FKXOOHKUHU"© ª1lFKVWH:RFKH(XHU*QDGHQ©
ª5HFKWVFKDGHUHFKWVFKDGXP6LHHVNRPPWQLFKWV%HVVHUHV QDFK©VSUDFKGLH%DURQLQXQGIXKU+DEUHFKWKXOGYROOJUHQG GDYRQ
$OVGHU/HKUHUVLFKQDFK3DYHOXPVDKVWDQGGLHVHUXQEHZHJOLFK XQGIHXHUURWLP*HVLFKWª6RLVWHVGRFKZDKU"©IUDJWHUVR PKVDPVFKOXFNHQGDOVRELKPGLH.HKOH]XJHVFKQUWZUGH ª6LHJHKHQIRUW"©
ª'DVKHLWLFKNRPPHIRUW©HUZLGHUWH+DEUHFKW]|JHUQªLFKELQ YHUVHW]WZRUGHQ© ª:HLWZHJ"© ª=LHPOLFK©
ª:LVVHQ6LHGDVVFKRQODQJ+HUU/HKUHUGD6LHYHUVHW]WZRUGHQ VLQG"© ª/DQJ QLFKWODQJ ZLHPDQ VQLPPW© ª:DUXPKDEHQ6LHPLU VQLFKWJHVDJW"©
ª:R]X"+DVWGX VQLFKWRKQHKLQHUIDKUHQ"©
ª$EHUQLFKWJODXEHQZROOHQGHP+HUUQ3IDUUHUQLFKWXQGGHQ DQGHUQVFKRQJDUQLFKW:HQQHVLVWKDEHLFKPLUJHGDFKW ZHUGHQ6LHHVPLUVFKRQVHOEVWVDJHQ©(UYHUPRFKWHQLFKW ZHLWHU]XVSUHFKHQ
'HU$QEOLFNYRQ3DYHOVVFKPHU]YROOHU%HVWU]XQJVFKQLWWVHLQHP DOWHQ)UHXQGHLQGLH6HHOHDEHUHUZROOWHVLFKQLFKWVGDYRQ PHUNHQODVVHQª*|QQPLUPHLQ*OFN©ULHIHUQDFKHLQLJHQ $XJHQEOLFNHQGHV6FKZHLJHQVSO|W]OLFKDXVªGHQNQXULFK NRPPHXQWHUODXWHUIUHPGH0HQVFKHQ6FKDXWPLFKHLQHU DQ VFKDXLFKLKQZLHGHUDQJDQ]UXKLJ IlOOWPLUQLFKWHLQ]XIUDJHQ :DVKDVWGXYRQPLUJHK|UWZDVPXWHVWGXPLU8QKHLPOLFKHV ]X"'LH$FKWXQJGLHLFK]XYHUGLHQHQYHUVWHKHZHUGHLFK KDEHQXQGJHQLHHQ GLHK|FKVWH$FKWXQJGHQQZLHHLQ(QJHO ZLOOLFKVHLQZLHHLQ+HLOLJHUXQGVRJDUGLHVFKOHFKWHQ.HUOH ZHUGHQ]XJHEHQPVVHQ'DVLVWHLQPDOHLQEUDYHU/HKUHU6R ZLUGHVGRUWVHLQZlKUHQGKLHU©HUSUHWHGLH+lQGHDQEHLGH
6FKOlIHQXQGVW|KQWHKHU]]HUUHLHQGª(LQ%HLVSLHO©IXKUHUIRUW ªLFKZHUGHGLUHLQ%HLVSLHOJHEHQZLHHVKLHULVWXQGZLHHVGRUW VHLQZLUG'HQNGLUHLQHJURH7DIHOVFKQHHZHLGLHKlWWHLFKPLW HGOHQ=HLFKHQEHVFKUHLEHQVROOHQDEHUVWDWWGHVVHQKDEHLFK GHUHLQVWGLHUHLQH7DIHOEHNULW]HOWXQGEHVFKPLHUWXQGZHQQLFK MHW]WWXQZLOOZLHLFKVROOXQGVFK|QH%XFKVWDEHQ]HLFKQHQNDQQ LFK VQLFKWVRRKQHZHLWHUHVGDVWROOH=HXJGDVVFKRQGDVWHKW PXHUVWZHJJHSXW]WZHUGHQ2KZLHVFKZHUQHLQ XQP|JOLFK8QGZHQQLFKDXFKPHLQHHVLVWDXVJHWLOJWXQG NHLQH 6SXUPHKUYRUKDQGHQ KLQWHUPHLQHQVRUJIlOWLJJHPDOWHQ /HWWHUQNRPPWHVGRFKZLHGHU]XP9RUVFKHLQ%ODVVHUYRQ-DKU ]X-DKUMDYLHOOHLFKW ZDVKLOIW V" 'DIULVWPHLQ$XJ HPSILQGOLFKHUJHZRUGHQXQGGHU(LQGUXFNEOHLEWVLFKJOHLFK 9HUVWHKVWGXPLFK"'DVZLUGQXQDOOHVDQGHUV'UEHQLQGHU QHXHQ+HLPDWLVWGLH7DIHOEODQNZLHVLHHVYRQ$QIDQJDQ JHZHVHQDOVVLHPLUDQYHUWUDXWZXUGH'LH7DIHOLVWGHU5XI 9HUVWHKVWGXRGHUQLFKW"8QJOFNVPHQVFKPLUVFKHLQWGX YHUVWHKVWNHLQ:RUW© 3DYHOZHKUWHVLFKQLFKWJHJHQGLHVHQ9HUGDFKWLKQEHVFKlIWLJWHQ DQGHUH*HGDQNHQXQGSO|W]OLFKULHIHUª,FKZHLZDVLFKWX LFK JHKPLW,KQHQ© ª'DVODVVHGLUQLFKWHLQIDOOHQ©IXKU+DEUHFKWKHUDXVVHW]WHDEHU XPGLH6FKRQXQJVORVLJNHLWVHLQHU$EZHKU]XYHUPLQGHUQ HUNOlUHQGKLQ]Xª:DVZUGHDXVGHLQHU0XWWHUZHQQVLHGLFK QLFKWIlQGHEHLLKUHU5FNNHKU"© ª6LHNDQQXQVMDQDFK]LHKHQZHQQVLHZLOO©HQWJHJQHWH3DYHO XQG]XSIWHDQVHLQHQ/LSSHQZLH.LQGHULQGHU9HUOHJHQKHLWWXQ 8QGZLHHLQHP.LQGHVSUDFK+DEUHFKWLKP]XVLFK]XIJHQ]X EOHLEHQZRHUZDUJDELKP*UQGHGDIUDQXQGVFKOR XQJHGXOGLJDOV3DYHO]XDOOHPGHQ.RSIVFKWWHOWHª(QGOLFK :RKHUGHLQH0XWWHUNRPPW YRQGHULFKEULJHQVQLFKWV 6FKOHFKWHVJODXEH KlWWHQGLH/HXWHEDOGZHJXQGZUGHQ IUDJHQ:DVIUHLQHQ$QKDQJEULQJWXQVGHU/HKUHULQV'RUI" 'DVNDQQQLFKWVHLQ GXPXWHVVHOEVWHLQVHKHQEHVFKHLGH GLFK©'DPLWZDQGWHHUVLFKXQGLQGHPHUGHQ6FKZHL DEWURFNQHWHGHULKPWURW]GHUKHUEVWOLFKHQ.KOHDXIGHU6WLUQ SHUOWHWUDWHUHLOHQGVGLH)OXFKWDQXPHWZDLJHQQHXHQ 9RUVFKOlJHQ3DYHOV]XHQWULQQHQ
(UKlWWHVROFKHQLFKW]XIUFKWHQJHEUDXFKW'HU%XUVFKHEUDFKWH GDV*HVSUlFKQLFKWPHKUDXIGLHLPPHUQlKHUKHUDQUFNHQGH 7UHQQXQJZXUGHQXUVWLOOHUWUDXULJHUIKUWHDEHUVHLQ DUEHLWVYROOHV/HEHQIRUWXQGVXFKWHGLH*HVHOOVFKDIWVHLQHV *|QQHUVQLFKW|IWHUDXIDOV]XMHGHUDQGHUQ=HLW
8QG+DEUHFKWPLWGHP(JRLVPXVGHV.UDQNHQGHUNHLQH6RUJH DXINRPPHQOlWDOVGLHXPVHLQH*HQHVXQJZROOWHQLFKWVZLVVHQ YRQGHP.DPSIGHUVLFKKLQWHU3DYHOVDQVFKHLQHQGHU5XKH YHUEDUJZROOWHQLFKWVZLVVHQYRQHLQHP/HLGGHPDE]XKHOIHQ LKPXQP|JOLFKJHZHVHQZlUH*HVFKLHGHQPXWHHLQPDOVHLQHV JHVFKDKDPEHVWHQNODJORV hEULJHQVYHUJD+DEUHFKWVHLQHQ6FKW]OLQJEHLQDKHEHUGHP 9HUGUXGHQVHLQ1DFKIROJHULKPEHUHLWHWH
'LHVHUMXQJH0DQQ+HUU*HRUJ0ODGHNZDUHLQLJH7DJHVSlWHU HLQJHWURIIHQDOVHUHUZDUWHWZRUGHQKDWWHVLFKDQGHU 9HUZXQGHUXQJHUJ|W]WGLH+DEUHFKWGDUEHUlXHUWHXQGDXIGLH =XPXWXQJLQV6FKOR]XJHKHQXPGHU)UDX%DURQLQVHLQH $XIZDUWXQJ]XPDFKHQJHDQWZRUWHWª5HFKWJHUQZHQQVLHMXQJ XQGVFK|QLVW6RQVWKDEHLFKPLW%DURQLQQHQQLFKWV]XWXQXQG DXILKUHQ6FKO|VVHUQQLFKWV]XVXFKHQ© ª$EHU©PHLQWH+DEUHFKWªGLH+|IOLFKNHLWJHELHWHW©
ª1LFKWMHGHP LFK]XP%HLVSLHOELQRKQH9RUXUWHLOH©
(UWDWVLFKGDUDXIHWZDV]XJXWHIDVWVRDUP]XVHLQZLH+LREXQG JDQ]VRVWRO]ZLH'LRJHQHVEH]RJGLH6FKXOHDQGHU6SLW]HHLQHV .RIIHUVHLQHV)HOGEHWWHVHLQHV7LVFKHVHLQHV6HVVHOVIDQGVLFK IUGHQ$QIDQJJHQJHQGYHUVRUJWXQGGDQNWHDEOHKQHQGIUGLH %HUHLWZLOOLJNHLWPLWZHOFKHUVHLQ9RUIDKULP$PWHLKPHLQLJHV +DXVJHUlW]XU9HUIJXQJVWHOOHQZROOWH
6RZDQGHUWHGHQQ+DEUHFKWV0RELOLDULQGLH+WWHDQGHU 6DQGJUXEHYRP9RONVPXQGVFKOHFKWZHJªGLH*UXEHQKWWH© JHWDXIWXQGQDKPVLFKGRUWRUGHQWOLFKVWDWWOLFKDXVHUUHJWHDXFK YLHOIDFKHQ1HLG'LH/HXWHIDQGHQ+DEUHFKWV*URPXWJHJHQ 3DYHOXQEHJUHLIOLFKXQGNDXP]XYHU]HLKHQ0ODGHNDEHUPDFKWH VLFKEHUGDV9HUKlOWQLV]ZLVFKHQGHQEHLGHQVHLQHHLJHQHQ
*HGDQNHQXQGKDWWHNHLQHQ*UXQGGLHVHOEHQGHPª.ROOHJD©]X YHUKHLPOLFKHQ
$P9RUDEHQGGHVIU+DEUHFKWV$EUHLVHEHVWLPPWHQ7DJHVVXFKWH HULKQDXIXQGIDQGLKQLQGHU6FKXOVWXEHZRHUDP)HQVWHU VWHKHQGLQXQJHGXOGLJHU(UZDUWXQJDXIGLH6WUDHEOLFNWH$OVGHU (LQWUHWHQGHLKQDQULHIVDK+DEUHFKWVLFKXPXQGVSUDFKª6LH VLQG V JXWJXWGD6LH VVLQGHVLVWPLUOLHEGDHVNHLQ DQGHUHULVW© ª:HOFKHUDQGHUHGHQQ"©
ª1XQGHU3DYHOZLVVHQ6LH$XIULFKWLJJHVWDQGHQLFK EHDEVLFKWLJHPLFKKHXWHVFKRQXQG]ZDURKQH$EVFKLHG GDYRQ]XPDFKHQGHV%XUVFKHQZHJHQ,FKJHKHIUHXGLJYRQKLHU IRUWNDQQ VQLFKWYHUEHUJHQXQGGDVWXWLKPZHK6RKDEHLFK PLFKEHLGHU)UDX%DURQLQXQGEHLP+HUUQ3IDUUHUHPSIRKOHQXQG IDKUHDEEHYRU3DYHOQDFK+DXVHNRPPW+DEHPLUHLQ :lJHOFKHQEHVWHOOW GUEHQDQGLH*LWWHUWUHVVROOWHVFKRQ GDVHLQ© (UHLOWHZLHGHUDQGDV)HQVWHUXQGERJVLFKZHLWEHUGLH %UVWXQJ'HU:LQG]HU]DXVWHLKPGLHVSlUOLFKHQ+DDUHLQ GQQHQ6WUlKQHQXPIORJHQVLHVHLQHQ6FKHLWHOXQGVHLQ*HVLFKW GDVVRDOWDXVVDKXQGVRZHQLJKDUPRQLHUWHPLWGHUQRFK MXJHQGOLFKVFKODQNHQXQGEHZHJOLFKHQ*HVWDOW(UWUXJGHQ VFKZDU]HQ$Q]XJGHQLKPVHLQ9DWHU]XUOHW]WHQ3UIXQJKDWWH PDFKHQODVVHQXQGGHUDXIHLQHN|USHUOLFKH=XQDKPHGHV %HVLW]HUVEHUHFKQHWGLHQLHHLQWUDWGLHKDJHUHQ*OLHGHULQGHP 0DHVFKORWWHUQGXPKLQJDOVGDV7XFKIDGHQVFKHLQLJHUXQG GHVVHQ)DOWHQZHLFKHUJHZRUGHQZDUHQ
0ODGHNPXVWHUWHLKQGXUFKGLHVFKDUIHQ*OlVHUGHV=ZLFNHUVXQG VSUDFKª:LHODQJVLQG6LHGHQQKLHU6FKXOPHLVWHUJHZHVHQ"© ª(LQXQG]ZDQ]LJ-DKUH©
ª8QGQDFKHLQXQG]ZDQ]LJ-DKUHQPDFKHQ6LHVLFKDXVGHP 6WDXEDOVRE6LHHWZDVJHVWRKOHQKlWWHQ"9HUGHUEHQGHQ.LQGHUQ GLH)UHXGHHLQHU$EVFKLHGVKXOGLJXQJXQGGHQ(UZDFKVHQHQGLH HLQHV)HVWHVVHQVXQGGDVDOOHVXP,KUHQ3DYOLFHNQLFKWZHLQHQ
]XVHKHQ"6RQGHUEDU(VPXHLQHLJHQHV%HZDQGWQLVPLW ,KQHQKDEHQ.ROOHJDZLH"©
+DEUHFKWHUEOHLFKWHXQWHUGHPLQTXLVLWRULVFKHQ%OLFNGHUVLFKDXI LKQULFKWHWHª:DVIUHLQH%HZDQGWQLV"©IUDJWHHUXQGGLH=XQJH NOHEWHLKPDP*DXPHQ ª(UVFKUHFNHQ6LHGRFKQLFKWYRUPLU PLULVWQLFKWV0HQVFKOLFKHV IUHPG©HQWJHJQHWH0ODGHNYROOhEHUOHJHQKHLWª$XIULFKWLJ .ROOHJDEHNHQQHQ6LH:DUGLH0XWWHU,KUHV3DYOLFHNGLH EULJHQVMHW]WLP=XFKWKDXVVLW]HQVROOHLQVFK|QHV:HLE"©
+DEUHFKWEHJULIIGLH%HGHXWXQJGLHVHU)UDJHQLFKWJOHLFKDOVVLH LKPMHGRFKNODUZXUGHODFKWHHUODXWDXIODFKWHLPPHUPXQWHUHU LPPHUKHOOHUXQGULHILQIU|KOLFKHU(UUHJXQJª1HLQ VRHWZDV 2K6LH.UHX]N|SIHUO6LH1HLQGDLFKKHXWHQRFKHLQHQVROFKHQ 6SDHUOHEH+HUU-HVXVZDV6LHGRFKJHVFKHLWVLQG©(UEUDFK LQHLQQHXHV*HOlFKWHUDXV'HUNUDQNKDIWHPSILQGOLFKH0DQQGHQ GLHOHLVHVWH$QVSLHOXQJDXIHLQHQGXUFKLKQVHOEVWHUUHJWHQ $UJZRKQLQDOOHQ6HHOHQWLHIHQYHUZXQGHWHIKOWHVLFKGXUFKGHQ MHGHU9HUDQODVVXQJHQWEHKUHQGHQZLHJHUHLQLJW.HLQ/RENHLQH 6FKPHLFKHOHLKlWWHLKQVRKHU]OLFKEHJOFNHQN|QQHQZLHVHLQHV 1DFKIROJHUVIDOVFKHXQGQLFKWVQXW]LJH9HUPXWXQJHVWDW(U EHPHUNWHQLFKWGDHUEHOHLGLJWHPLWVHLQHU/XVWLJNHLWHUZXUGH I|UPOLFKEHUPWLJXQGULHIª,FKZROOWH6LHKlWWHQUHFKWHV ZlUHEHVVHUIUGHQ%XUVFKHQ$EHU6LHKDEHQQLFKWUHFKWXQG VHLQ9DWHULVWZDKUKDIWLJDP*DOJHQJHVWRUEHQ(LQ8QJOFNIU GHQ6RKQGDVGLHVHPDOV6FKXOGDQJHUHFKQHWZLUG0DQPXLKQ LQ6FKXW]QHKPHQJHJHQGLH'XPPKHLWXQG%RVKHLW,FKKDE V JHWDQWXQ6LHHVDXFKYHUVSUHFKHQ6LHPLUGDV© 0ODGHNQLFNWHPLWVDXHUVHU0LHQHLP,QQHUQDEHUEOlKWHHU VLFKJLIWLJDXIXQGGDFKWH=XP/RKQGDIUGDGXPLFK VHLQHWZHJHQ YHUVSRWWHWKDVW"'DVZLUGPLUHLQIDOOHQ
,Q]ZLVFKHQYHUQDKPPDQGXUFKGLH1DFKPLWWDJVVWLOOHGDV ODQJVDPH+HUDQUXPSHOQHLQHV/HLWHUZDJHQVª0HLQH *HOHJHQKHLW©VSUDFK+DEUHFKWKREGDV)HOOHLVHQYRP%RGHQXQG OXGHVPLW0ODGHNV+LOIHDXIVHLQH6FKXOWHU-HGHDQGHUH 'LHQVWOHLVWXQJEHVRQGHUVGDV*HOHLWH]XP:DJHQYHUEDWHUVLFK XQGHLOWHGDYRQRKQHHLQHQ%OLFN]XP:DJHQ]XUFN]XZHUIHQ
QDFKGHU6WlWWHVHLQHUODQJMlKULJHQ7lWLJNHLW.HLQH5HJXQJGHU :HKPXWEHVFKOLFKEHLP6FKHLGHQVHLQH%UXVWª)DKUH©ULHIHU GHPLKQEHJUHQGHQ%lXHUOHLQ]XªXQGZHQQGLFKMHPDQG IUDJWZHQGXIKUVWVRVDJ HLQHQ%UlXWLJDPVDJ VJHWURVWHV LVWVFKRQPDQFKHU]XU+RFK]HLWJHIDKUHQGHUQLFKWVRJXWHU 'LQJHZDUZLHLFK©'DPLWNOHWWHUWHHULQGHQ:DJHQVWUHFNWH VLFKGHU/lQJHQDFKLQGDVQLFKWDXIJHVWUHXWH6WURKXQG NRPPDQGLHUWHMDXFK]HQGª+H© 'LH'RUIOHXWHNDPHQDQGHP7DJHWZDVIUKHUDOVVRQVWYRP )HOGH]XUFNVLHKDWWHQ(LOHLKUH$QVWDOWHQ]XP$EVFKLHGVIHVW IUGHQ/HKUHU]XWUHIIHQ'HU6FKORWGHV:LUWVKDXVHVTXDOPWH EHUHLWVVHLWHLQLJHQ6WXQGHQ'LHHLQ:RUWPLW]XUHGHQKDWWHQ JLQJHQGHP6WDQGGHU'LQJHLQGHU.FKHQDFKVHKHQDQGHUH KLHOWHQVLFKLQGHU1lKHXPZHQLJVWHQVGHQJXWHQ%UDWHQJHUXFK ]XVFKQXSSHUQGHUGLH/XIWULQJVXP]XHUIOOHQEHJDQQ'LH %XEHQVDPPHOWHQVLFKVFKZDUPZHLVHXQGZHLOHVLKQHQ EHYRUVWDQGEHLPPRUJLJHQ)HVW]XJHLQHJXWH:HLOHIULHGOLFKLQ 5HLKXQG*OLHG]XZDQGHOQHQWVFKlGLJWHQVLHVLFKGDIUXQG SUJHOWHQHLQDQGHUKHXWHQRFKLQDXIJHO|VWHU2UGQXQJJHK|ULJ GXUFK,QGHQ+lXVHUQXQGYRUGHQ+lXVHUQIORFKWHQGLH0WWHU GHQ0lGFKHQGLH+DDUHPLWURWHQ%lQGFKHQHLQXQGLQGHQ 6WlOOHQWDWHQGLH%DXHUQEXUVFKHQGDVVHOEHDQGHQ0lKQHQLKUHU 5RVVH'DHQWVWDQGHQHLQH8Q]DKOGQQHU=|SIOHLQVRVWHLIZLH 'UDKWGLHGHQ.|SIHQGHU0lGFKHQXQGGHQ+lOVHQGHU3IHUGH HWZDVVHKU1HWWHVXQG*XWJHKDOWHQHVJDEHQ0LWHLQHP:RUWH GLH9RUEHUHLWXQJHQ]XU)HLHUOLFKNHLWZDUHQLPEHVWHQ*DQJHDOV VLFKGLH.XQGHYRQGHUVWDWWJHIXQGHQHQ$EUHLVH+DEUHFKWV YHUEUHLWHWH$QIDQJVZROOWHQLHPDQGDQGLHVHOEHJODXEHQHUVWDOV GHU%DXHUGHUGHQ/HKUHUQDFKGHU(LVHQEDKQVWDWLRQJHEUDFKW YRQGRUW]XUFNNHKUWHXQGGHVVHQKHU]OLFKH$EVFKLHGVJUHDQ GLH'RUIEHZRKQHUEHVWHOOWHPXWHPDQZRKORGHUEHO]X ]ZHLIHOQDXIK|UHQ
1XU3DYHOOLHVLFKDOVHUQDFKYROOEUDFKWHP7DJZHUNKHLPNHKUWH LQVHLQHUhEHU]HXJXQJ+DEUHFKWVHLGDPVVHQRFKGDVHLQ QLFKWLUUHPDFKHQ(UZUGLJWHGLHMHQLJHQGLHLKQGHVKDOE YHUK|KQWHQNHLQHU$QWZRUWOLHI]XU6FKXOHXQGWUDWRKQH
ZHLWHUHVLQGLH:RKQVWXEHLQZHOFKHUHU0ODGHNIDQG'LHVHQ IUDJWHHUNXU]XQGEDUVFKª:RLVWGHU+HUU/HKUHU"©
0ODGHNGHUDQHLQHP%ULHIHVFKULHEZDQGWHGHQ.RSIª'DLVW GHU+HUU/HKUHU©VSUDFKHUDXIVLFKVHOEVWGHXWHQGªXQGRKQH DQ]XNORSIHQWULWWPDQEHLLKPQLFKWHLQGDVPHUNGLUGX /PPHO© 3DYHOVWRWWHUWHHLQH(QWVFKXOGLJXQJXQGEDWQXQLKP]XVDJHQ ZRGHUIUKHUH+HUU/HKUHUVHL ª$EJHSDWVFKWXQGDXFKGXSDWVFKDE©ODXWHWHGLH$QWZRUW
3DYHOVFKULWWODQJVDPGLH7UHSSHKLQDEWUDWLQGDV6FKXO=LPPHU EOLHEGRUWHLQH:HLOHVWHKHQXQGZDUWHWHXQGDOVGHUMHQLJHGHQ HUHUZDUWHWHQLFKWNDPJLQJHULQV*lUWFKHQLQGHPHUDXIXQG DEZDQGHOWHDXVOXJHQGKRUFKHQG3O|W]OLFKVFKOXJHUVLFKYRUGLH 6WLUQ'XPPNRSIGHUHUZDUGDLKPGDVQLFKWIUKHU HLQJHIDOOHQ%HLLKPLQVHLQHP+DXVHEHIDQGVLFKGHU/HKUHU XPLKP LKPJDQ]DOOHLQ/HEHZRKO]XVDJHQ$XIOHEHQGPLWGHU UDVFKHUEOKWHQ+RIIQXQJUDQQWHHUGXUFKV'RUIQDFKVHLQHU +WWHXQGULHIEHLGHUVHOEHQDQJHODQJWª+HUU/HKUHU© .HLQH$QWZRUW$XFKKLHUDOOHVVWLOOXQGQXQEHJULII3DYHOGDHU VHLQHQDOWHQ*|QQHUYHUJHEOLFKVXFKWH
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lUHJHVWRUEHQGD PDQDQVHLQHP6DUJHZHLQHQN|QQWHXQGGHQNHQELV]XP OHW]WHQ$XJHQEOLFNHKDWHUGLFKJHOLHEW$EHUVRHQWJOHLWHQZLHHLQ 6FKDWWHQ GDVPDFKWDOOVHLQH*WHXQG)UHXQGVFKDIW VFKDWWHQKDIW
=XU6FKQLWW]HLWLQGHPVHOEHQ-DKUHIDQGHLQJURHV(UHLJQLVVWDWW 'LH*HPHLQGHIKUWHHLQODQJJHKHJWHV9RUKDEHQDXVVLHNDXIWH IULKUHELVKHUYRQHLQHP3IHUGHJ|SHOEHWULHEHQH'UHVFKPDVFKLQH HLQ/RNRPRELO$XIGHU(LVHQEDKQVWDWLRQZXUGHHVDEJHKROWXQG ]RJVHFKVVSlQQLJPLW%OXPHQEHNUlQ]WLQV'RUIHLQ6WRO] VFKULWWHQGLH%DXHUQQHEHQLKPHVYHUGDUENHLQHPGLH)UHXGHDQ GHUZHUWYROOHQ(UZHUEXQJGDPDQQXUGLHHUVWHGHU]HKQ5DWHQ LQZHOFKHQVLHEH]DKOWZHUGHQVROOWHHUOHJWKDWWHXQGYRUOlXILJ QRFKQLFKWZXWHZRKHUGDV*HOGQHKPHQIUGLHEULJHQQHXQ
8QZHLWYRQ3DYHOV+WWHODJIUHLDXIGHU$QK|KHGDV'RUI EHKHUUVFKHQGGHU+RIGHVQHXJHZlKOWHQ%UJHUPHLVWHUV'RUW HU|IIQHWHGDV/RNRPRELOVHLQH7lWLJNHLW(VGDPSIWHXQGVFKQRE XQGGLHPLWLKPLQ9HUELQGXQJJHVHW]WH'UHVFKPDVFKLQH VFKOXFNWHGLHGDUJHUHLFKWHQ*DUEHQXQGVSLHPLWQLH GDJHZHVHQHQ*HVFKZLQGLJNHLWGLHDXVJHO|VWHQ.|UQOHLQDXVXQG GDV]HUNQLWWHUWH6WURK$QIDQJVGUlQJWHVLFKYLHO3XEOLNXP]XGHP KEVFKHQ6FKDXVSLHODOOPlKOLFKMHGRFKOLHEHLGHQPHLVWHQGDV ,QWHUHVVHDQGHPHZLJHQ(LQHUOHLQDFKXQGHUKLHOWVLFKQXUEHL HLQHPDUPHQ-XQJHQXQYHUPLQGHUWGHUZRKONHLQH$XVVLFKW KDWWHGLH0DVFKLQHMHPDOVLQVHLQHP'LHQVWH]XEHVFKlIWLJHQ QlPOLFKEHL3DYHO(UKDWWH$UEHLWEHLP+RO]VFKODJLP KHUUVFKDIWOLFKHQ:DOGHUKDOWHQXQGPDFKWHDXIGHQ*DQJGDKLQ WlJOLFKHLQHQNOHLQHQ8PZHJXPGHQ$QEOLFNGHVVFKQDXEHQGHQ 8QJHKHXHUV]XJHQLHHQGHPHUVLFKPLWVWLOOHP6WDXQHQKLQJDE ELVHVKLHª0DFKGDGXIRUWNRPPVW© ª:HQQGHUHLQHPGLH 0DVFKLQHZHJVFKDXHQN|QQWHHUWlW V©PHLQWHGHU %UJHUPHLVWHU3DYHOJLQJQDKPDEHUGLH(ULQQHUXQJDQGLH %HZXQGHUWH PLWVLFKXQGKDWWHHLQGHXWOLFKHUHV%LOGYRQLKULP .RSIHDOVGLH%DXHUQGLHLQLKUHUQlFKVWHQ1DFKEDUVFKDIWDXIGHU %DQNDQGHU6FKHXQHVDHQXQGGLH+DQWLHUXQJGHU7DJO|KQHU EHUZDFKWHQ :RKOJHIlOOLJVDKHQGLH(LJHQWPHUGHV*HWUHLGHVGDVHEHQ JHGURVFKHQZXUGH]XXQGIUHXWHQVLFKZHQQGLHIOHLLJH 0DVFKLQHGLH$UEHLWLQZHQLJ7DJHQIHUWLJEUDFKWHGLHLKQHQ PRQDWHODQJ]XWXQJHJHEHQKlWWH%DOGNDPGLH)UDJH]XU %HUDWXQJREPDQQLFKWHLQHQ7HLOGHUYLHOHQMHW]WEULJEOHLEHQGHQ =HLWGHPIUGHQ%DXHU VRDXHURUGHQWOLFKORFNHQGHQ9HUJQJHQ
GHU-DJGZLGPHQVROOH",PQlFKVWHQ-DKUHOLHIGHU3DFKWNRQWUDNW PLWGHU+HUUVFKDIWDEXQGGDQQJHGDFKWHPDQVLFK VZRKO]X EHUOHJHQHKHPDQLKQHUQHXHUQZUGH'LH6DFKHZXUGHRIW EHVSURFKHQXQGIDQGLQGHU*HPHLQGHQXUZHQLJH*HJQHUXQWHU LKQHQMHGRFKHLQHQVHKUHLQIOXUHLFKHQXQGVHKUHQWVFKLHGHQHQ QlPOLFK3HWHU$XVODXWHU*HL]EHKDXSWHWHQVHLQH)HLQGHLKQ UHXHGDV*HOGIUGLH-DJGNDUWHIU3XOYHUXQG%OHL(UOLHGDV JHOWHQXQGHUNOlUWHHUEUDXFKHVHLQ*HOGª]XZDV*HVFKHLWHUHP© 1XQK|KQWHQGLH6S|WWHUUHJHOPlLJ%HLLKPJLQJHHEHQDOOHVLQ +DIHUDXIIUGLH.RKOIXFKVHQGDGLHGRFKHLQELFKHQ]X .UlIWHQNlPHQ 'DPLWJHODQJHVLPPHU3HWHUZLOG]XPDFKHQ
(UVHW]WHVHLQHQJDQ]HQ6WRO]LQHLQH3IHUGH]XFKWGLHVFKRQVHLQ 9DWHUPLWJXWHP*OFNEHWULHEHQXQGZDUNU]OLFKPLW]ZHL .RKOIFKVHQ]XU3UlPLLHUXQJYRQ$UEHLWVSIHUGHQJHIDKUHQGHUHQ $QEOLFNZLHHURIWJHSUDKOWKDWWHªGLH.RPPLVVLRQXPUHLHQXQG DOOHDQZHVHQGHQ3IHUGHLQGHQ*UXQGXQG%RGHQ VFKODJHQ PVVH©6WDWWGHVVHQKDWWHPDQLKQ]XUFNNRPPHQVHKHQRKQH 3UHLV]RUQLJXQGVFKLPSIHQGEHUGLH.RPPLVVLRQGLH ]XVDPPHQJHVHW]WJHZHVHQVHLDXVODXWHU(VHOQ,P'RUIH YHUVSRWWHWHPDQLKQMHGHUZXWHGLH.RKOIFKVHZDUHQIU $UEHLWVSIHUGH]XVFKZDFKEHIXQGHQZRUGHQXQGQXQVHW]WH3HWHU VHLQHQ.RSIGDUDXIVLH]XGHQVWlUNVWHQ3IHUGHQZHLWXQGEUHLW]X PDFKHQXQGKRIIWHQXUDXIGLH*HOHJHQKHLWHLQHQJOlQ]HQGHQ %HZHLVGDYRQ]XJHEHQGDLKPGLHVJHOXQJHQVHL'HUHUVHKQWH $XJHQEOLFNVFKLHQHQGOLFKJHNRPPHQ:HQQGLH0DVFKLQHDP *HWUHLGHGHV%UJHUPHLVWHUVXQGDQGHPGHU8PJHJHQGLKUH 6FKXOGLJNHLWJHWDQKDEHQZUGHVROOWHVLHLP+RI3HWHUVDP XQWHUHQ(QGHGHV'RUIHVDXIJHVWHOOWZHUGHQXQGHUKDWWHGLH =HLWVLHDE]XKROHQNDXPHUZDUWHQN|QQHQ $PEHVWLPPWHQ 7DJHGDV/RNRPRELOZDUQRFKLP*DQJHHUVFKLHQHUVFKRQPLW HLQHP*HVLFKWVRDXIJHEODVHQZLHHLQ/XIWEDOORQKLQWHULKPVHLQ .QHFKWGHUGLHDQJHVFKLUUWHQ.RKOIFKVHDP=JHOIKUWHª:DV ZLOOVWPLWGHQ3IHUGHQ"©IUDJWHGHU%UJHUPHLVWHUªZDUXP EULQJVWQLFKWHLQSDDUWFKWLJH2FKVHQ"'LH3IHUGHKDOWHQGLUGLH 0DVFKLQHEHUGHQ%HUJQLFKW]XUFN©%DURVFKXQG$QWRQGLH HEHQGDVWDQGHQHLQLJHMQJHUH/HXWHXQGDOOH7DJHO|KQHUZDUHQ GHUVHOEHQ0HLQXQJVRJDU3DYHOGHUPLWHLQHP$XIWUDJYRP
)|UVWHUDQGHQ%UJHUPHLVWHUJHVFKLFNWZRUGHQHUODXEWHVLFKLQ *HJHQZDUWGHU1RWDELOLWlWHQGHQ0XQGDXI]XWXQXQGVDJWHª8QG GHU0DVFKLQHNDQQGDVJU|WH8QJOFNJHVFKHKHQ© 3HWHUVFKREGLHNXU]H3IHLIHDXVGHPOLQNHQ0XQGZLQNHOLQGHQ UHFKWHQXQGGHQ+XWZHLWHU]XUFNLQV*HQLFNª6SDQQHLQ© EHIDKOHUNXU]XQGJHELHWHULVFKGHP.QHFKWXQG]RJGHQ*lXOHQ GLH6WUlQJHYRP5FNHQ
ª:DUW©ULHIGHU%UJHUPHLVWHUªZLUVWGRFKVRQLFKWIDKUHQZLUVW GRFKIUKHUGDV)HXHUKHUDXVQHKPHQODVVHQ©(U|IIQHWHGLH7U GHV.RKOHQEHKlOWHUVXQG%DURVFKQlKHUWHVLFKPLWGHP 6FKUHLVHQDEHU3HWHUGRQQHUWHLKQDQª/DEOHLEHQ6RZLHVLH GDVWHKWVR]LHKHQPHLQH5RVV VLHIRUW©VFKOXJGLH7UGHV .RKOHQEHKlOWHUVZLHGHU]XKDOIGHP.QHFKWHLQVSDQQHQXQG HUJULIIGLH/HLWVHLOHXQGGLH3HLWVFKH
ª+©HLQPlFKWLJHU6FKQDO]HUGLH3IHUGH]RJHQDQVSUDQJHQ ]XU6HLWHVSUDQJHQLQGLH+|KHXQGHUVWDXIHLQHQ]ZHLWHQXQG GULWWHQ6FKQDO]HUOHJWHQVLHVLFKLQV*HVFKLUUGDGLH6WUlQJH NUDFKWHQYRP)OHFNEHZHJWZDUGLH0DVFKLQH3HWHUVFKULHVHLQ .QHFKWVFKULHGLH%DXHUQXQGGLH7DJO|KQHUVWDQGHQVWDXQHQG GHQQZLUNOLFK GLH.RKOIFKVH]RJHQGDV/RNRPRELOELV]XP $XVJDQJGHV+RIHV9RQKLHUDQJLQJ VYRQVHOEVWVDFKWHDEZlUWV QHLJWHVLFKGHU:HJXQGPQGHWHEUHLWDXVODXIHQGLQGLH 'RUIVWUDH$XIGLHVHUZDUGGLH6HQNXQJMlKHU3DYHOOLHIKLQ]X XQGZROOWHGLH5lGHUVSHUUHQ3HWHUMHGRFKY|OOLJEHUDXVFKWYRQ hEHUPXWXQG3UDKOVXFKWVWLHLKQKLQZHJª,FKEUDXFKGDV QLFKW©ULHIHUªLFKIDKURKQH6SHUU© ª1DUUKHLW©PHLQWH $QWRQZHLO VMDGRFKLPPHUVWHLOHUDEZlUWV JLQJHXQG3HWHUODFKWHZHQQDXFKXPVRVFKQHOOHUZUGHQ VHLQH3IHUGHODXIHQXQGHUYHUPDVLFKGLH0DVFKLQHLP7UDELQ VHLQHQ+RI]XIKUHQ
'LH9HUNQGLJXQJGLHVHV:DJQLVVHVHUUHJWH+RKQXQG1HXJLHU (LQ+DXSWVSDZDU VGRFKGHP.XQVWVWFN]X]XVHKHQ1XU$QWRQ HPSIDQGXQJHPLVFKWHQ8QZLOOHQNUHX]WHGLH+lQGHPLWHLQHU EHGDXHUQGHQ*HElUGHXQGVSUDFKª/lWVLFKQLFKWVVDJHQZLUG VFKRQVHKHQ©
ª,KUZHUGHWVHKHQLKUZDVPHLQH)XFKVHQN|QQHQ©JDE3HWHU ]XUFNJLQJLQMHGHU+DQGHLQHQ=JHOPLWJURHQ6FKULWWHQ QHEHQGHQ3IHUGHQKHUULHIDEHUQLFKWPHKUª+©VRQGHUQª+R RKR© 'LH3IHUGHKLHOWHQGHUJHZDOWLJHQ/DVWZDFNHUVWDQGGLHKLQWHU LKQHQUDVVHOWHXQGGUlQJWHVLHNURFKHQI|UPOLFKPLW HLQJH]RJHQHQ.UHX]HQGLH.|SIHJHKREHQGLH+lOVHVWDUUGLH .XPPHWHKLQDXIJHVFKREHQELVDQGLH.LQQODGHQ3HWHUKLQJVLFK DQGLH/HLWVHLOHVRIHVWHUNRQQWH
ª/DQXUGLH5RVV QLFKWLQV/DXIHQNRPPHQXP*RWWHVZLOOHQ QLFKW©ULHILKPVHLQ.QHFKWEHUGLH3IHUGHKLQEHU]XXQGHU JDENHLQH$QWZRUWLKPJUXVHOWHEHUHLWVEHLP*HGDQNHQDQVHLQH *URVSUHFKHUHLPLWGHP7UDEIDKUHQ(LQSDDU6FKULWWHQRFKGDQQ NDPGLHHUVWHTXHUEHUGHQ:HJJH]RJHQH:DVVHUULQQHDXIGLH KRIIWHHUGDZLUGGDVVFKZHUH8QGLQJHLQHQNXU]HQ$XJHQEOLFN DXIJHKDOWHQGDWXQGLH)FKVHHLQHQ6FKQDXIHU
ª2KR 2KR©HLQ5XFN GLH9RUGHUUlGHUIDKUHQLQGLH 9HUWLHIXQJJOHLFKGDUDXIDEHUZLHGHUKHUDXVXQG]XJOHLFKHU=HLW VSULQJWGLHYRQ3HWHUVRQDFKOlVVLJ]XJHZRUIHQH7UGHV .RKOHQEHKlOWHUVDXIXQGGHVVHQ,QKDOWVWU|PWGHQ3IHUGHQDXI GLH.UXSSHQDXIGLH6SUXQJJHOHQNHVLHZHUGHQZLHUDVHQG .HLQ:XQGHU ª6SHUUHQ 6SHUUHQ©EUOOWH3HWHUQXQ HVZDUYLHO]XVSlWHV JDENHLQ+DOWHQPHKU,P*DORSSJLQJ VGHQ%HUJKLQDEGLH 0DVFKLQHNUDFKWHXQGSROWHUWHXQG3HWHULQGHQ/HLWVHLOHQ YHUKlQJWKDOEODXIHQGKDOEJHVFKOHLIWVWU]WHQHEHQKHU(LQ KHXOHQGHU6FKZDUPIROJWHLKPQDFKDQGHUHVWDQGHQLQ*UXSSHQ ZLHDQJHQDJHOWDXIGHP)OHFN'HXWOLFKVDKMHGHUYRU$XJHQZDV LPQlFKVWHQ0RPHQWJHVFKHKHQPXWH'HUDEVFKVVLJH:HJ ELOGHWHHLQH]ZHLWHWLHIHUH5LQQHXQGIKUWHGDQQXPGLH(FNHDQ GHU3ODQNHGHV:LUWVKDXVJDUWHQVXQGDQGHULKU JHJHQEHUOLHJHQGHQ0DXHUGLHGHQ+RI3HWHUVHLQIDWHYRUEHL LQGHUHQJURHQ7RUERJHQQRFKHLQ]XOHQNHQGLHUHLQH 8QP|JOLFKNHLWZDU:LHGLH3IHUGHOLQNVKLQMDJHQZLHGLH 0DVFKLQHVLFKOLQNVEHUQHLJWVFKRQLP6WXU]HEHJULIIHQJLEW V QLFKWVDQGHUHVDOVGDV=XVDPPHQEUHFKHQLQGHP*UDEHQ XQG GHP3HWHUGHPJQDGH*RWWGHUJHKWKLQEHURKQH$EVROXWLRQ
GHUZLUG]HUTXHWVFKW]ZLVFKHQ3ODQNHXQG0DVFKLQHDOOHZXWHQ HVDOOHVWDUUWHQDXIGHQ)OHFNKLQDXIGHPGDV(UHLJQLVVLFK YROO]LHKHQVROOWHHLQLJHHUKREHQHLQUDVHQGHV*HVFKUHLGLHVH IOXFKWHQMHQHQHUVWLFNWHGHU/DXWLQGHU.HKOH-HGHUKDWWHHLQHQ DQGHUHQ$XVGUXFNIUVHLQH6SDQQXQJVHLQH$QJVWYHUHLQ]HOW HUVFKROOVRJDUHLQVLQQORVZLHKHUQGHV*HOlFKWHU'DHWZDV JHVFKHKHQN|QQHXPGDV8QJOFN]XYHUKLQGHUQILHONHLQHP HLQ8QGZLHGLH/HXWHVRGXUFKHLQDQGHUOLHIHQRGHUGDVWDQGHQ XQGGLH+lQGHEHUGHP.RSI]XVDPPHQVFKOXJHQVDKHQVLHDXI HLQPDO3DYHOZLHHLQHQJHVFKOHXGHUWHQ6WHLQDXIGLH3ODQNH ]XVSULQJHQGHQ(FNSIHLOHUHUJUHLIHQXQGUWWHOQ(LQ5lWVHOHLQ :XQGHUZLHLKPGHU(LQIDOOJHNRPPHQZDU=ZLVFKHQ3ODQNHXQG 0DVFKLQHPX3HWHU]HUTXHWVFKWZHUGHQZHQQNHLQH3ODQNHGD ZlUHZUGHHUQLFKW]HUTXHWVFKWIRUWDOVRPLWGHU3ODQNH $OOHVJHVFKDK]XJOHLFK 'HU$WKOHWHQVWlUNHGHV%XUVFKHQZLFK GHU3IHLOHUVDQNULHLQ6WFNYRQGHU3ODQNHPLWXQG]XJOHLFK WDWGDV/RNRPRELOVHLQHQVFKZHUHQ6WXU]5DXFKGDPSIWH6WDXE ZLUEHOWH3IHUGHIHIHXHUWHQDXVLQGLH/XIW0lQQHUXQG)UDXHQ XQGNHFNH.LQGHUGUlQJWHQKHUDQ(LQSDDUDOWH:HLEHUGLHYRQ 3HWHUQLFKWGDVPLQGHVWHZHGHUVHKHQQRFKK|UHQNRQQWHQ VWULWWHQGDUEHURELKPEHLGH$UPHRGHUEHLGH)H DEJHVFKODJHQVHLHQª:HQQQXULKUQLFKWVDEJHVFKODJHQLVW© VHXI]WHGHUQHXH%UJHUPHLVWHUXQGPHLQWHGLH0DVFKLQHXQG VSUDFKGDPLWGLH(PSILQGXQJGHUPHLVWHQDQZHVHQGHQ0lQQHU DXV(LQHDOOJHPHLQHVHKUOHEKDIWH%HVRUJQLVXPGDV JHPHLQVDPH(LJHQWXPlXHUWHVLFKXQGPLWLKU]XJOHLFKGHU*UROO JHJHQGHQMHQLJHQGHUHVOHLFKWVLQQLJJHIlKUGHWKDWWH
3HWHUZDUEOXWHQGXQG]HUVFKXQGHQXQWHUGHP/RNRPRELO KHUYRUJH]HUUWXQGDXIGLH%HLQHJHVWHOOWZRUGHQGRFKNPPHUWH VLFKQLHPDQGGDUXPGDHUZLHGHUKLQILHOXQGDOVHUJDQ]KHLVHU NHXFKWHª'LH5RVV KHOIWLKQHQ©VWLHJGHU8QZLOOHZHQLJ IHKOWHXQGHUKlWWH3UJHOJHNULHJW3DYHODEHUGDFKWH:HQQLFK QLFKWJHZHVHQZlUZlUHUMHW]WKLQXQGGDEHLHUJULIILKQHLQH VHOEVWJHIlOOLJH5KUXQJXQGHLQH$UW:RKOZROOHQIUVHLQHQ VFKOLPPVWHQ)HLQG(UWUDW]XLKPXQGDOVHUEHPHUNWHGDLKP %OXWDXVGHP0XQGHIORIDWHHULKQXQWHUGLH6FKXOWHUQXQG]RJ LKQHLQ6WFNZHLWHUXPVHLQHQKHUDEJHVXQNHQHQ.RSIDXIHLQH NOHLQH(UK|KXQJGHV 5DVHQV]XEHWWHQ3O|W]OLFKDEHUXQGVHKU XQVDQIWOLHHULKQQLHGHUIDOOHQ HLQGXUFKGULQJHQGHU6FKUHLKDWWH
DQVHLQ2KUJHJHOOWGLH9LQVNDGXUFK]XFNWHHVLKQGHU7HXIHO IKUWGLHMHW]WKHU GLH9LQVND
6LHZDU VVLHKDWWH3HWHUV$EZHVHQKHLW]X HLQHP%HVXFKEHL LKUHP9DWHUEHQW]WXQGNDXPDXVGHU+WWHJHWUHWHQGHQ/lUP DXIGHU6WUDHJHK|UWXQGGLH/HXWHYRQDOOHQ6HLWHQLQGHU 5LFKWXQJQDFKLKUHP+DXVH]XVWU]HQJHVHKHQ9RQ$QJVWHUIDW ZDUVLHTXHUGXUFKV'RUIZDUGXUFKGHQ:LUWVKDXVJDUWHQ JHODXIHQXQGGDVHUVWHZDVVLHGRUWHUEOLFNWHGDVZDULKU0DQQ PLW%OXWEHUVWU|PWLP*UDVHOLHJHQGXQG3DYHOEHULKQJHEHXJW XQYHUOHW]W (LQZLOGHU9HUGDFKWORGHUWHEHVLQQXQJVUDXEHQGWROOPDFKHQGLQ LKUDXIª6FKXUNGDVKDVWGXJHWDQ©ULHIVLHEDOOWHGLH)DXVWXQG VFKOXJ3DYHOGHUVWXPPXQGHUVFKUHFNW]XLKUHPSRUVFKDXWHLQV *HVLFKW 'DPlLJWH$QWRQGHQ(LIHUPLWGHPHUJHKROIHQKDWWHGLH )FKVHDXVGHQ6WUlQJHQ]XZLFNHOQZDQGWHVLFKXQGVSUDFK JHODVVHQª1LFKWVFKLPSIHQOLHEHUEHGDQNHQZHQQGHUQLFKW ]XJHJULIIHQKlWWKlWWHVWGXMHW]WHLQHQ0DQQVRGQQZLHHLQ OHE]HOWHQHU5HLWHU©
'LHbXHUXQJHUZHFNWH+HLWHUNHLWQXU9LQVNDDFKWHWHLKUHUQLFKW ZXWHEHUKDXSWQLFKWVYRQGHPZDVXPVLHKHUYRUJLQJ6LH KDWWHVLFKQHEHQ3HWHUDXIGHQ%RGHQJHZRUIHQXQGZDULQ 6FKOXFK]HQDXVJHEURFKHQ3DYHOVWDQGODQJVDPDXIYRQVHLQHQ .QLHQVWDUUHQ%OLFNHVVFKDXWHHU]XZLHVLHGHQ9HUZXQGHWHQ KHU]WHXQGNWHPLW)LHEHUVFKDXHUQK|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lXHUWHªGLH0DVFKLQ©VHL JRWWORERKQH6FKDGHQGDYRQJHNRPPHQXQGN|QQHJOHLFKZLHGHU
LQ*DQJJHEUDFKWZHUGHQVFKWWHOWH3DYHOGHQ.RSIXQGDXIGLH GDV6FKLHEHUYHQWLOIKUHQGH6WDQJHGHXWHQGVSUDFKHUª:LUG VFKZHUOLFKJHKHQ6HKWLKUQLFKWGDGDV6WDQJHOYHUERJHQLVW"©
'HU6FKPLHGVFKWWHOWHDXFKGHQ.RSI]RJGHQYRQHLQHP VSlUOLFKHQVWDXEIDUELJHQ%DUWJHVWUSSXPZDFKVHQHQ0XQG YHUlFKWOLFKLQGLH%UHLWHXQGDQWZRUWHWHZHQQZDVYHUERJHQVHL ZHUGHHU VªVFKRQVHKHQ©XQGZHQQZDVIHKOHZHUGHHU V ªVFKRQPDFKHQ©
1XQHQWULFKWHWH3DYHOVHLQHELVKHUQRFKXQEHVWHOOWH%RWVFKDIWGHV )|UVWHUVDQGHQ%UJHUPHLVWHUXQGJLQJGDQQ]XUFNLQGHQ:DOG ZRHUEHUVHLQH$UEHLWKHUILHOZLHGHU/|ZHEHUVHLQH%HXWH 6RRIWHUGLH+DFNHKREXQGQLHGHUVDXVHQOLHZDUHVDOVREHU VHLQHJDQ]H.UDIWVDPPHOQXQGLQHLQHP+LHEHDXVJHEHQZROOWH 'LH+RO]KDXHUYRP)DFKHVWHOOWHQZLHGHUKROWGLHHLJHQH7lWLJNHLW HLQXPGHUGLHVHV'LOHWWDQWHQPLWVS|WWLVFKHU0LJXQVW ]X]XVHKHQ'HU)KUHUGHUª3DUWLH©LQZHOFKH3DYHOHLQJHUHLKW ZRUGHQGHUURKH+DQXVFKPDFKWHLKPGLH%HPHUNXQJª=HUUHL GLFKZHQQ VGLFKIUHXWGHVZHJHQNULHJVWXPNHLQHQ.UHX]HU PHKUEH]DKOWDOVHLQDQGHUHU© ,QGHVVHQZDUHVGRFKQLFKWODXWHU8Q]XIULHGHQKHLWGLHHU HUZHFNWH$P(QGHGHU:RFKHGDHUPLWVHLQHQ*HQRVVHQ]XU $XV]DKOXQJ]XP)|UVWHUNDPKDWWHGLHVHUHLQSDDUIUHXQGOLFKH :RUWHIULKQWUXJDXFKGHP+HJHUDXIGHQDUEHLWVZWLJHQ.HUO LP$XJH]XEHKDOWHQXQGLKPEHLQlFKVWHU*HOHJHQKHLWGHQ 9RU]XJYRUDOOHQEULJHQ7DJO|KQHUQ]XJHEHQ %DOGGDUDXIDPHUVWHQ6HSWHPEHUGHP7DJHGHVKHLOLJHQ bJLGLXVIHLHUWHGLH.LUFKHLQ6ROHVFKDXLKU)HVW
$OOHVZDUZLHHVLPPHUJHZHVHQ'LH0DUNWEXGHQVWDQGHQDXI GHQJHZRKQWHQ3OlW]HQGLHJDQ]H(LQZRKQHUVFKDIWGHV'RUIHV YHUVDPPHOWHVLFKDXIGHU:LHVH]ZLVFKHQGHUJURHQ5VWHUXQG GHP*DUWHQGHV+HUUQ3IDUUHUV'LH)UDX%DURQLQGLHVRQVWLQ MHGHP:HWWHUIHLQGHPWLJ]X)X]XU.LUFKHKXVFKWHXQG ZDFNHOWHNDPKHXWHGLHIQIKXQGHUW6FKULWWHYRP6FKORVVHKHU JHIDKUHQLQK|FKVWHU6WDWWOLFKNHLWXQG3DUDGH-DNREXQG
0DWWKLDVDXIGHP%RFNHDQ5LHVHQH[HPSODUHGHU/LYUHHUDXSH JHPDKQHQGLQEODXHQ)UlFNHQPLWJHOEHQ/lQJVOLQLHQEHUGHP 5FNHQPLWJHOEHQ:HVWHQXQG$XIVFKOlJHQGLHJXUNHQI|UPLJHQ 6FKLPPHOLQVFKZHUHQPLW6LOEHUEHVFKODJHQHQ*HVFKLUUHQ8QG LPZHLWOlXILJHQª6FKZLPPHU©GLHNOHLQHDOWHKDOEEOLQGH)UDX GLHQDFKOLQNVXQGUHFKWVJUWHDXIJXW*OFNXQGPDQFKHPLKU XQYHUVFKlPWLQV*HVLFKWVWDUUHQGHQ*URELDQPLWIUHXQGOLFKHP .RSIQLFNHQGDQNWHXQG PDQFKHQHKUHUELHWLJHQ*UXXQHUZLGHUW OLHYRUGHU.LUFKHDQJHODQJWMHGRFKDXVVWLHJXQGLQHLQJURHV *HGUlQJHJHULHWXQGVLFKLQGHPVHOEHQXQJHPHLQWDSIHUKLHOW ZLHLPPHU $OOHVZLHLPPHU 6LHK|UWHMHGHQ.ODJHQGHQMHGHQ+HLVFKHQGHQDQVLHVFKUDN YRU NHLQHPQRFKVREHGHQNOLFKHQ+DQGNX]XUFNNHLQ%LWWHQGHU JLQJOHHUDXVLPVFKOLPPVWHQ)DOOHJDE VHLQHVFKODJIHUWLJH $QWZRUWXQGIUGLHMHQLJHQGLHQLFKWVZROOWHQDOVLKUHQ5HVSHNW EH]HXJHQHLQHQ6FKHU]HLQHWHLOQHKPHQGH(UNXQGLJXQJGLH DOOHUGLQJVQLFKWLPPHUDQGLHUHFKWH$GUHVVHNDP(LQH 8QYHUKHLUDWHWHZXUGHQDFKLKUHP.LQGHJHIUDJWHLQMXQJHU (KHPDQQQDFKVHLQHP6FKDW]DEHUGDVVFKDGHWHQLFKWHUK|KWH QXUGLHIU|KOLFKH6WLPPXQJGLHVLFKXQYHUKRKOHQlXHUQGXUIWH 'LH*XWVIUDXOLHEWHGHQ6SDXQGYHU]LHKLKQVRJDUZHQQHUDXI LKUH.RVWHQJLQJZHLOVLHVLFKLP*UXQGHYRQGHQ/HXWHQ KRFKJHVFKlW]WZXWH XQGGDVZDULKUH6WlUNH'LH*XWVIUDX ]ZHLIHOWHQLFKWGDGLH/HXWHVLHEHWURJHQXQGEHVWDKOHQZRVLH NRQQWHQYHU]LHKLKQHQDEHUDXFKGLH8QUHGOLFKNHLWZHLOVLHVLFK YRQLKQHQJHOLHEWZXWH XQGGDVZDULKUH6FKZlFKH 'DVHUVWH/lXWHQHUVFKROOGHU3IDUUHUHUVFKLHQDQGHU.LUFKHQWU LQHLQHU:RONHYRQ:HLKUDXFKXPULQJWYRQGUHL$VVLVWHQWHQ KHXWHZXUGHGLH0HVVHZLH-DNREVLFKNXWVFKHUPlLJ DXVGUFNWHªYLHUVSlQQLJ©JHOHVHQ ª:HLFKWDXV©ULHIGLH%DURQLQLQGLH0HQJHªODWPLFK]XU .LUFKHJHKHQLFKPXMDIUHXFKEHWHQ©
ª:LUWXQ VIU(XHU*QDGHQ XQVHUH6FKXOGLJNHLWIUHLKHUUOLFKH *QDGHQ©VSUDFKHQGLH/HXWHXQGJDEHQ5DXPXQGGLHDOWH)UDX JLQJDXIGHQ*HLVWOLFKHQ]XGHULKUGDV:HLKZDVVHUUHLFKWH EHNUHX]WHVLFKDQGlFKWLJXQGYHUVFKZDQGLQLKUHP2UDWRULXP
$OOHVZLHLPPHU$XHUJHZ|KQOLFKZDUQXUGLH6FK|QKHLWGHV 7DJHVDQGHPDXFKGHUYHUELVVHQVWH:HWWHUNULWLNHUQLFKWV DXV]XVHW]HQJHIXQGHQKlWWH(LQJUQHU+HUEVWZDUGHPIHXFKWHQ 6RPPHUJHIROJWHLQVRQQLJHU+HUEVWGHUGLHUHLFKH(UQWHDXI )HOGHUQXQG:LHVHQJHPlFKOLFKXQGRKQH+LQGHUQLV KHUHLQ]XEULQJHQJHVWDWWHWH$OOH%HVLW]HQGHQZDUHQLQGHUEHVWHQ /DXQHGLHVLFKDXIGHP0DUNWLQUHJHU.DXIOXVWlXHUWH)UDXHQ XQG0lQQHUVWDQGHQDQGHQ%XGHQSUIWHQGLH:DUHIHLOVFKWHQ VLHDQDEJHVFKORVVHQVROOWHGHU+DQGHOHUVWQDFKGHU0HVVH ZHUGHQ =ZHLWHV/lXWHQ+RKH=HLWDXFKIUGLHPLQGHU$QGlFKWLJHQVLFK LQGDVVFKRQKDOEJHIOOWH*RWWHVKDXV]XEHJHEHQ'HU=XJGHU .LUFKHQJlQJHUZLUGGLFKWHUGLH0lQQHUVFKUHLWHQYRUEHLDP 3IDUUHUVJDUWHQDQGHVVHQ(LQIDVVXQJZLHYRUVLHEHQ-DKUHQ3DYHO OHKQW'DPDOVHLQYHUZDKUORVWHU]HUOXPSWHU-XQJHKHXWHHLQ JHGUXQJHQHUNUDIWVWURW]HQGHU%XUVFKHGHVVHQ.OHLGXQJVLFKYRQ GHUGHUDQGHUHQQXUGDGXUFKXQWHUVFKHLGHWGDVLHEHVVHUVLW]W XQGVRUJIlOWLJHUJHKDOWHQLVW 1DFKGHQ0lQQHUQNDPHQGLH)UDXHQ3DYHOIKOWHHVLQMHGHP 1HUYLQMHGHP%OXWVWURSIHQ QXQNDPHQGLH)UDXHQ
(UOHKQWHVLFK]XUFNDQGLH6WDNHWHNUHX]WHGLH%HLQHXQGQDKP HLQHJOHLFKJOWLJH0LHQHDQ:DVNPPHUWHQLKQGLHDQGHU 6SLW]HJLQJHQGLH0lGHO"(UKDWWHPLWNHLQHUHWZDV]XWXQKDWWH YLHOPHKUIUMHGHHLQ]HOQHPHKU*HULQJVFKlW]XQJDOVVLHDOOH ]XVDPPHQLKPJHJHQEHUDXIEUDFKWHQGLHDUPHQ*lQVH1DFK GHQ0lGHOVNRPPHQGLH)UDXHQGLHMXQJHQ]XHUVWXQGXQWHU LKQHQGLHHLQHGLHHLQHGHUHQ1DPHQHUQLHPHKUDXVVSUHFKHQ IUGLHHUEOLQGXQGVWXPPVHLQZLOOYRQMHW]WDQELV]XVHLQHU OHW]WHQ6WXQGH:DV GXUFKLKQIUVLHJHVFKHKHQZDUKDWWHHUQLH HUZRJHQQLHEHUOHJWHVZDUHEHQJHWDQZRUGHQ ZHUN]HXJPlLJXQWHUHLQHPEHUPlFKWLJHQ=ZDQJRKQHNODUHV %HZXWVHLQRKQHGHQ*HGDQNHQDQHLQ9HUGLHQVWYRQVHLQHU 6HLWHDQHLQH9HUSIOLFKWXQJYRQGHULKUHQ 1HXOLFKDEHULP:LUWVKDXVJDUWHQDOVVLHLKQDQJHNODJWXQG EHVFKLPSIWGDVFKZDQGGDV'lPPHUQGDVFKLHGHQ/LFKWXQG 6FKDWWHQVLFKJUHOOGDVDJWHHUVLFKZDVDOOHVHUIUVLHJHWDQ KDWWH8QHUK|UWHV8QJHKHXUHV XQGVLH"(UUHFKQHWH]XP
HUVWHQ0DOHXQGVFKORDXFKJOHLFKGLH5HFKQXQJDE(VLVWDXV ]ZLVFKHQLKPXQGLKUVLHOHEWIULKQQLFKWPHKU8QGGHQQRFK IKOWHULKU1DKHQ:DUXPIKOWHU VZHQQHVDXVLVW"(UZDUI GHQ.RSI]XUFNXQGKREGHQ%OLFNHPSRU]XPK|FKVWHQ:LSIHO GHU5VWHUXQGVDKGRUWREHQHWZDVGDVVHLQH$XIPHUNVDPNHLW IHVVHOWH,QPLWWHQGHUJUQHQ=ZHLJHGHU%OlWWHUXQHQGOLFKNHLW HLQHQJURHQKLPPHODQUDJHQGHQDEJHVWRUEHQHQ$VW 'HU $QEOLFNJULIILKPLQV+HU]DOVREHUDQGHPEOKHQGHQ/HLEHLQHV JHOLHEWHQ:HVHQVGDV=HLFKHQVFKZHUHQ6LHFKWXPVHQWGHFNW KlWWH :LSIHOGUUGHUKHUUOLFKH%DXP
ª3DYHO3DYHOK|UPLFKDQ©VSUDFKHLQHZRKOEHNDQQWH6WLPPH XQGHUHU]LWWHUWHHUIUFKWHWHVLFK YRUVLFK:LUGHVLKQZLHGHU EHUNRPPHQGDVHQWVHW]OLFKH*HIKOZHUGHQVLHLKQZLHGHU SDFNHQGLHIHXULJHQ.UDOOHQLKPGLH%UXVW]XVDPPHQSUHVVHQ XQGLKPGHQ$WHPUDXEHQ"
9LQVNDZLHGHUKROWHª3DYHOK|UPLFKDQLFKKDEHGLU8QUHFKW JHWDQYHU]HLKHPLU©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|QZLHGLH0DGRQQDDXI GHP$OWDUELOG3DYHOEOLFNWHDEZHFKVHOQGVLHDQXQG9LQVNDXQG HLQHVRUXKLJZLHGLHDQGHUH2 :XQGHUR *OFNR 6LHJ.HLQHQ EHIUHLWHQ*HIDQJHQHQNHLQHQYRQVFKZHUHU.UDQNKHLW*HQHVHQHQ KDWHU8UVDFKH]XEHQHLGHQ(ULVWJHKHLOWYRQGHU.UDQNKHLW GLHVHU /LHEHHULVWEHIUHLWYRQGHQ)HVVHOQGLHHUJHKDWKDWWH HULVWJHVXQGXQGIUHL
ª9HU]HLKHPLU©EDW9LQVNDYRQQHXHPXQGHUPLWZRQQLJ JHQRVVHQHU*HODVVHQKHLWHUZLGHUWHª/DJXWVHLQGLH=HLWLVW YRUEHLLQGHULFKPLUVRZDV]X+HU]HQJHQRPPHQKlWW©
6LHHUU|WHWHELVLFKDXIGLH/LSSHQXQGVHW]WHLKUHQ:HJZHLWHU IRUW6LHJLQJYHUZLUUWPLWGHUEHVFKlPHQGHQ(PSILQGXQJGDLKU HLQH0DFKWJHUDXEWZRUGHQZDUGLHVLHIUXQYHUOLHUEDUJHKDOWHQ KDWWH'LH)HLQHGLH%ORQGHIROJWHLKU3DYHODEHU VWHPPWHEHLGH +lQGHLQGLH6HLWHQZLHJWHVLFKEHUPWLJLQGHQ+IWHQXQG VSUDFKYRUVLFKKLQª'LH:HLEHUSIXL]XQLFKWVJXWDOV]XP 6FKOHFKWHQ©
3HWHUJLQJHVWlJOLFKEHVVHUHUGXUIWHZLHGHUVSUHFKHQXQGGXUIWH HVVHQZDVLKPVFKPHFNWHQXU6FKUHLHQXQG5DXFKHQZDULKP QRFKYHUERWHQ:lKUHQGVHLQHU.UDQNKHLWKDWWHHUQLFKWDXIJHK|UW VLFK]XIUFKWHQLP$QIDQJYRUGHP6WHUEHQXQGVSlWHUYRUGHU 5HFKQXQJGLHGHU$U]WLKPPDFKHQZUGH$OVGLHVHUVHLQH %HVXFKHHLQVWHOOWHXQGGLH5HFKQXQJQLFKWVRIRUWVFKLFNWHOLH 3HWHUVLHDEKROHQDEHUQXUXPLKUHLQHQVFKQ|GHQ(PSIDQJ]X EHUHLWHQ(UOHJWHVLHDXIGHQ7LVFKVHW]WHVLFKYRUVLHKLQXQG EHJDQQ3RVWHQIU3RVWHQJULPPLJDQ]XIHLQGHQ6HLQ:HLEVFKOLFK YROO%HVRUJQLVXPLKQKHUXPXQGEDWLKQVFKFKWHUQQLFKWVR]X WREHQZRUDXIHUHVQRFKYLHOlUJHUWULHE=X)OHL ZHLOHUGRFK VHKHQZROOWHREGLH5HSDUDWXUGLHGHUDOWH1RWHQUHLHUDQLKP YRUJHQRPPHQXQGVLFKVRXQYHUVFKlPWEH]DKOHQODVVH ZHQLJVWHQVRUGHQWOLFKJHPDFKWVHL (VZDULKPJHOXQJHQVLFKY|OOLJXPVHLQELFKHQ 0HQVFKHQYHUVWDQG]XEULQJHQXQGLQGHQQLFKWPHKU ]XUHFKQXQJVIlKLJHQ=XVWDQGKLQHLQ]XlUJHUQLQZHOFKHPLKQ 9LQVNDDPOLHEVWHQYRUGHU%HJHJQXQJPLWIUHPGHQ/HXWHQ EHZDKUWKlWWHDOVHVDQGHU7USRFKWHXQGUHFKW]XUXQJXWHQ 6WXQGHGHU:LUWHUVFKLHQ
(U]RJK|IOLFKGHQ+XWXQG9LQVNDVDKDXIGHQHUVWHQ%OLFN'HU ZLOOHWZDVXQG]ZDUHWZDVQLFKWJDQ]5HFKWPlLJHV
3HWHUJDEDXIGLH(UNXQGLJXQJQDFKVHLQHP%HILQGHQPLWGHUGHU %HVXFKVLFKHLQIKUWHNHLQH$QWZRUWVFKREDOVMHQHUVLFKQHEHQ LKQJHVHW]WKDWWHLKPQXUGLH5HFKQXQJKLQVFKQDXEWHª'D© XQGVDKLKQYRQGHU6HLWHJHVSDQQWXQGHUZDUWXQJVYROODQ
'HU:LUWYHUVDQNLQGDV6WXGLXPGHV6FKULIWVWFNHVXQGQDFK HLQHU=HLWGLH]XP$XVZHQGLJOHUQHQGHVVHOEHQKLQJHUHLFKWKlWWH VSUDFKHUVHLQH:RUWHPLWHLQHP6FKODJHGHUIODFKHQ+DQGDXI GDV3DSLHUEHNUlIWLJHQGª'DVLVWGLH5HFKQXQJYRP'RNWRU© ª'LH5HFKQXQJYRP'RNWRUYRP6SLW]EXEHQIXUFKWEDU EHUKDOWHQKDWPLFKGHU/XPS©
ª.DQQ VQLFKWILQGHQ©HUZLGHUWHGHU:LUWª'LFKEHUKDOWHQVR HLQ6SDUPHLVWHUNRPPWQLFKWYRU'LH5HFKQXQJHQVLQGLQ 2UGQXQJEHLGH5HFKQXQJHQGLHYRP'RNWRUXQG©HUOlFKHOWH YHUOHJHQJULIILQGLH%UXVWWDVFKHXQG]RJODQJVDPHLQJHIDOWHWHV 3DSLHUKHUYRUGDVHUGHP3HWHUKLQKLHOWªXQGGLHPHLQLJHDXFK© 3HWHUIXKU]XUFNZLHYRUHLQHP)HXHUEUDQGXQGVFKULHDXV /HLEHVNUlIWHQª5HFKQXQJ"© :DVGDV]XP7HXIHOIUHLQH 5HFKQXQJVHLQN|QQHKlWWHHUZLVVHQP|JHQHUKDWWHNHLQHQ .UHX]HU6FKXOGHQLP:LUWVKDXVHUWUDQNQLHHLQHQ7URSIHQGHQ HUQLFKWVRJOHLFKEH]DKOWH
-DPHLQWHGHU:LUWDOVHUHQGOLFK]X:RUWHNRPPHQNRQQWHHV KDQGOHVLFKDXFKQLFKWXP7URSIHQVRQGHUQXPHLQHQ=DXQGHQ =DXQVHLQHV*DUWHQVQlPOLFKGHUEHL*HOHJHQKHLWGHV /RNRPRELOVWXU]HV]X6FKDGHQJHNRPPHQZDU
1XQJHULHW3HWHUY|OOLJLQ:XW:DVLQDOOH:HWWHUJLQJGHU=DXQ LKQDQ":LHNRQQWHGHU:LUWVLFKHUIUHFKHQLKPGLH5HFKQXQJIU GHQ=DXQ]XEULQJHQ"'DGHU=DXQXPJHULVVHQZRUGHQGDV ZDUMDGLH8UVDFKHGHVJDQ]HQ8QJOFNVJHZHVHQ(VJHVFKDKLQ GHP$XJHQEOLFNLQGHP3HWHUMXVWLP%HJULIIJHZHVHQGLH3IHUGH ZLHGHULQGLH+DQG]XNULHJHQHUKDWWHVLHVFKRQHLQ5LQRFK XQGVLHZlUHQJHVWDQGHQZLH0DXHUQXQGKlWWHQGLH:HQGXQJ JHQRPPHQLQV+RIWRUZLHGLH/lPPHU)UHLOLFKZHQQGHU=DXQ XPSROWHUWYRULKUHQ1DVHQGDZHUGHQVROFKH7LHUHVFKHX.KH VLQG VMDQLFKW6RZDU V3HWHUVFKZRUHVKRFKXQGWHXHU VFKZRU DXFKMHGHQGHUHVQLFKWHLQVlKHPLWWHOVW)XWULWWHQGDYRQ]X EHU]HXJHQ,QVHLQHU$XIUHJXQJYHUOLHHUWURW]9LQVNDV $EPDKQXQJHQGDV+DXVXQGEHJDEVLFKPLWGHP:LUWDQGLH(FNH YRQGHVVHQ*DUWHQXPGHQ9RUJDQJDQ2UWXQG6WHOOH DXVIKUOLFKVW]XGHPRQVWULHUHQ 6RUJHQYROOEOLFNWHVHLQ:HLELKPQDFK6LHEHQ:RFKHQODQJKDWWH HUGDV=LPPHUQLFKWYHUODVVHQXQGXQWHUQDKPMHW]WVHLQHQHUVWHQ $XVJDQJDQHLQHPVWUPLVFKHQ2NWREHUWDJLPOHLFKWHQ +DXVDQ]XJKHLYRU=RUQXQGNHXFKHQGYRU$XIUHJXQJ%LV KHUEHUK|UWHVLHLKQVFKUHLHQ$OVHUGHQ=DXQHUEOLFNWKDWWH GHVVHQ:LHGHUDXIVWHOOXQJ]XEH]DKOHQLKP]XJHPXWHWZXUGHZDU HULQGLH+|KHJHVSUXQJHQZLHWROO:DVZDUGHQQGDV%HWUXJ 6FKXIWLJHU%HWUXJ1LFKWQXUHLQIDFKDXIJHVWHOOWQHXKHUJHVWHOOW
ZDUGHU=DXQ0HKUDOVGLH+lOIWHVHLQHUPRUVFKHQ%UHWWHUGXUFK QHXHHUVHW]W:LH"HLQDOWHU=DXQZDUXPJHIDOOHQXQGHLQQHXHU DXIJHVWDQGHQXQG]ZDUDXI3HWHUV.RVWHQ"(UWREWHHUULHI MHGHQ9RUEHLJHKHQGHQ]XP=HXJHQGHV'LHEVWDKOVGHQGHU:LUW DQLKPYHUEHQZROOWH9RUHLQHPLPPHUZDFKVHQGHQ3XEOLNXP HU]lKOWHHUGLH*HVFKLFKWHHLQKDOEHVGXW]HQGPDOQDFKHLQDQGHU HU]lKOWHVLHPLWLPPHUQHXHQVHLQH%HKDXSWXQJEHNUlIWLJHQGHQ =XVlW]HQ'HUYHUIOXFKWH=DXQXPUHLHUGHUª%XE©KDWDOOHVDXI GHP*HZLVVHQGDV6FKHXZHUGHQGHU3IHUGHGHQ6WXU]GHV /RNRPRELOVGHQ8QIDOO3HWHUV GHV+HOGHQGHUVHOEVWLP $XJHQEOLFNGULQJHQGHU/HEHQVJHIDKUGLH5HWWXQJGHV(LJHQWXPV GHU*HPHLQGHLP$XJHEHKDOWHQXQGVWDWW]XU6HLWH]XVSULQJHQ QRFKJDQ]]XOHW]WVHLQHP*HVSDQQHLQH:HQGXQJJHJHEHQHLQHQ 5XFNGHUYHUKLQGHUWKDWWHGDGLH0DVFKLQHDXIª)UDQVHQ©JLQJ (UZDU]XOHW]WVRKHLVHUZLHHLQH5RKUGRPPHOXQGILHOYRU 0GLJNHLWIDVWXP,QGHU1DFKWOLHGLH8QUXKHLKQQLFKW VFKODIHQXQGGHV0RUJHQVVFKLFNWHHU]XP%UJHUPHLVWHU]XGHQ 5lWHQXQG]XHLQLJHQ)UHXQGHQXQGHQWERWVLHLQV:LUWVKDXVZR HUHLQHHUQVWOLFKH%HUDWXQJPLWLKQHQSIOHJHQZROOWH6LHNDPHQ XQGHUVHW]WHLKQHQDXVHLQDQGHUGDHUVHLQ5HFKWYHUODQJHXQG ZHQQGLH*HPHLQGHHVLKPQLFKWJHZlKUHZHUGHHUVLFK VEHLP %H]LUNVJHULFKWKROHQEHLP.UHLVJHULFKWEHLP.DLVHU 'HU%UJHUPHLVWHUVWLH6HXI]HUXP6HXI]HUDXVZlKUHQG3HWHU VSUDFKOlFKHOWHlQJVWOLFKVDKGLH5lWHXP%HLVWDQGELWWHQGDQ (UZDUGHUVDQIWPWLJVWH0DQQLP2UWHVHKUMXQJIUVHLQ$PW XQG ZHLOHWZDVJHELOGHWHUDOVGLHPHLVWHQVHLQHU 6WDQGHVJHQRVVHQ LKUHU5RKHLWJHJHQEHU]LHPOLFKKLOIORV:DV GHQQDOVR3HWHUV5HFKWVHL"IUDJWHHUXQGGLHVHUVWDWW]X DQWZRUWHQEHJDQQVHLQH*HVFKLFKWH]XHU]lKOHQGLHVHLWJHVWHUQ QRFKYLHOZXQGHUEDUHUXQP|JOLFKHUXQGJORUUHLFKHUIULKQ JHZRUGHQZDU'HU%UJHUPHLVWHU]XFNWHGLH$FKVHOQGHUlOWHVWH GHU5lWHVFKOLHIHLQ$QWRQPDFKWHVHLQHDXVGUXFNVYROOVWH EHGDXHUQGH*HElUGH(LQLJH:LW]EROGHMHGRFKHUODXEHQVLFK 3HWHUV3UDKOHUHLHQLP6FKHU]]XEHUELHWHQXQGHUUHJHQGDPLW JURHV*HOlFKWHU(UVFKZDQNWHHLQH:HLOHREHUPLWODFKHQRGHU VLFKlUJHUQVROOWHZlKOWHDEHUGDQQGDVOHW]WHUHª+DELFKGHQ =DXQXPJHULVVHQ"©ULHIHU ª1HLQQHLQ©DQWZRUWHWHPDQLKP
ª6REH]DKOLFKLKQDXFKQLFKW© ª1HLQQHLQ©
ª:HUDEHUWXW V"©MDPPHUWHGHU:LUWGHPGLFNH6FKZHLWURSIHQ DXIGHQJOlQ]HQGHQ:DQJHQVWDQGHQ
ª:LHGXGLH5HFKQXQJJHVWHOOWKDVWQLHPDQGVLHLVWDXIDOOH)lOOH XQYHUVFKlPW©VDJWH$QWRQXQGGDQNEDUQLFNWHGHU %UJHUPHLVWHULKP]X%DURVFKMHGRFKGHUHEHQVHLQIQIWHV 6FKQDSVJOlVFKHQOHHUWHXQGJHUQHLQVHFKVWHVDXI.UHGLW EHNRPPHQKlWWHQHLJWHGHPWLJGHQNOHLQHQNXJHOUXQGHQ.RSI DXIGLH6HLWHKLQXQGVDJWHª:DUXPQLHPDQG":DUXPQLFKWGHU GHULKQXPJHULVVHQKDW":DUXPQLFKWGHU%XE"©
ª'HU%XE"'DVZlUH GDVZlUHZDV KDKDGHU%XE©NLFKHUWH ODFKWHVSRWWHWHPDQWURW]GHPDEHUOLHVLFKXQVFKZHUHUNHQQHQ GDGHU9RUVFKODJ$QNODQJJHIXQGHQKDWWH 3HWHUEHPlFKWLJWHVLFKVHLQHUVRJOHLFKXQGEHDQVSUXFKWHLKQDOV VHLQ(LJHQWXP'DVZDUGDV5HFKWYRQGHPHUJHUHGHWGLH *HQXJWXXQJGLHLKPJHEKUWHIUGLH*HIDKULQGLHGHU%XELKQ JHEUDFKWIUGHQ2SIHUPXWGHQKLQJHJHQHUEHL5HWWXQJGHU 0DVFKLQHDQGHQ7DJJHOHJWKDWWH
'HUlOWHVWH5DWZDUHEHQDXIJHZDFKWXQGILHOYHUGULHOLFKHLQPLW GLHVHU5HWWXQJVHLHVHLQYHUIOXFKWHV*HIOXQNHU%HLGLHVHU 5HWWXQJKDEHGDV/RNRPRELOªHLQHVKLQDXIEHNRPPHQ©YRQGHP HVVLFKQLFKWHUKROHQN|QQH,QHLQHPIRUWUHSDULHUH$QWRQDQLKP XQGN|QQHHVQLFKWªDXIJOHLFK©EULQJHQ(VSXVWHZLH VFKZLQGVFKWLJXQGVHLQYRUPDOVVRKHOOHU3ILIIJOLFKHMHW]WGHP 0LDXHQHLQHUNUDQNHQ.DW]H'DUDQOlJHJDUQLFKWVPHLQWH $QWRQ3IHLIHQXQG0LDXHQNlPHDP(QGHDXIHLQVKHUDXVGDV DEHUGDGLH0DVFKLQHZHLWZHQLJHUOHLVWXQJVIlKLJVHLDOVIUKHU PVVHHUOHLGHUJHOWHQODVVHQ 6HLQH(UNOlUXQJHUZHFNWHDOOJHPHLQH8Q]XIULHGHQKHLWQXU3HWHU QDKPNHLQH1RWL]YRQLKUWURPPHOWHPLWGHQ)lXVWHQDXIGHQ 7LVFKXQGULHIª'HU%XEPXKHUXQGGHU%XEPX]DKOHQ©
ª0XKHUIUHLOLFK©VWLPPWHPDQYRQYLHOHQ6HLWHQEHLXQGGHU %UJHUPHLVWHULPPHUXQJHGXOGLJHUZHUGHQGMHRKQPlFKWLJHUHU
VLFKIKOWHJHJHQGLH6WU|PXQJ]XVWHXHUQZHOFKHGLH|IIHQWOLFKH 0HLQXQJJHQRPPHQVDJWHODXWHUDOVVRQVWVHLQH:HLVHZDUª(U PXZDVPXHU"'DVQLFKWZDVLKUHXFKHLQELOGHW©XQGGLH (LQZHQGXQJHQEHDQWZRUWHQGGLHLKP]XJHUXIHQZXUGHQVFKOR HUª(UNRPPWQLFKWNDQQQLFKWNRPPHQZHLOHUXQGGHU$UQRVW HLQEHUXIHQZRUGHQVLQGXQGVLFKKHXWHKDEHQVWHOOHQPVVHQ©
'DVZDUQXQDOOHUGLQJVHWZDVDQGHUHVXQGHVKLHVLFK EHVFKHLGHQ:RKONDP3DYHODPQlFKVWHQ0RUJHQ]XUFNEUDFKWH DEHUQXUYLHUXQG]ZDQ]LJ6WXQGHQGDKHLP]XXQGVSUDFKQXUPLW ]ZHL3HUVRQHQPLWGHP%UJHUPHLVWHUXQGPLW$QWRQ%HLP HUVWHQPHOGHWHHUVLFKLQ*HVHOOVFKDIW$UQRVWV6LHKDWWHQEHLGH GDV*OFNJHKDEW]XU/DQGZHKUHLQJHWHLOW]XZHUGHQPXWHQ MHGRFKVRJOHLFKHLQUFNHQ 'HU]ZHLWHGHQHU]XIlOOLJWUDIGHU6FKPLHGNODJWHLKPVHLQH1RW PLWGHU0DVFKLQHXQGIRUGHUWHLKQDXIQDFKGHP+RIH3HWHUV]X NRPPHQZRVLHQRFKLPPHUVWDQG%HLPHUVWHQ%OLFNGHQ3DYHO DXIVLHZDUIZLHGHUKROWHHUVHLQVFKRQHLQPDO*HVDJWHVª6HKW ,KUQLFKWGDGDV6WDQJHOYHUERJHQLVW"© $QWRQJDEHV]XZDU DEHUGHU$QVLFKWDQGHU.OHLQLJNHLWOlJHQLFKWV ª$OOHVOLHJWGUDQ©HQWJHJQHWH3DYHOª'HVZHJHQVWRW VMDVR GHVZHJHQJHKWGHU6FKLHEHUQLFKWRUGHQWOLFKXQGZLHVROOGHQQ GHU'DPSIULFKWLJHLQWUHWHQ"(LQPDONRPPW]XYLHOHLQPDO ]XZHQLJ©
(VJHODQJLKPGHQ6FKPLHG]XEHU]HXJHQXQGQXQEUDFKWHQVLH PLWHLQDQGHUGLH6DFKHLQNXU]HU=HLWLQ2UGQXQJ 3HWHU]HLJWHVLFKQLFKWDEHUPDQK|UWHLKQLQGHU6FKHXHU MlPPHUOLFKKXVWHQª(UKDWVLFKYHUGRUEHQPLWODXWHU6FKUHLHQ© VDJWH$QWRQªGHU'RNWRUNRPPWZLHGHU]XLKP©
'LHVH0LWWHLOXQJZXUGHVRJOHLFKJOWLJDXIJHQRPPHQDOVVLH JHPDFKWZRUGHQ3DYHOJLQJKHLPEHVWHOOWHVHLQ+DXVVSHUUWHHV DEXQGEHJDEVLFKEHLQDKHIU|KOLFKHQ0XWHVQDFKGHP2UWHVHLQHU QHXHQ%HVWLPPXQJ'DVZHQLJHGDVHUEHLGHU $VVHQWLHUXQJVNRPPLVVLRQYRPPLOLWlULVFKHQ:HVHQJHVHKHQ KDWWHLKPVHKUJHIDOOHQ
'HP6FKPLHGHZXUGHYLHO/RE]XWHLOZHJHQGHUZLHGHU YROONRPPHQKHUJHVWHOOWHQ0DVFKLQHHUVFKLHQHVMHGRFKQXU XQJHUQDQ]XQHKPHQXQGEUDFKWHZHQQMHPDQGGDPLWDQILQJGDV *HVSUlFKVRIRUWDXIHWZDVDQGHUHV'DGLH+LOIH3DYHOVQ|WLJ JHZHVHQZDUXPGLH8UVDFKHGHV6FKDGHQVGHQGDV/RNRPRELO HUOLWWHQKDWWH]XHQWGHFNHQZROOWHLKPQLFKWEHUGLH/LSSHQ :lKUHQG3DYHOV$EZHVHQKHLWNDPGLH)UDJHZHUGLH5HFKQXQJ EHUGLH5HSDUDWXUGHV=DXQHVEH]DKOHQVROOHLP*HPHLQGHUDW DXIGLH7DJHVRUGQXQJ'HU:LUWOLHPLW'UlQJHQQLFKWQDFKXQG VHW]WHGLH(UOHGLJXQJGHU$QJHOHJHQKHLWHQGOLFKGXUFK 6WLPPHQPHKUKHLWHQWVFKLHG'HU%XE]DKOW PDQLVWMDEHUHLWV VFKRQIUKHUHLQLJGDUEHUJHZHVHQ ª:HQQHUDEHUQLFKWNDQQ©ZDQGWHGHU%UJHUPHLVWHUHLQ
ª$FKZDVZLHVROOHUQLFKWN|QQHQ"(UKDW*HOGXQGZHQQHU NHLQVKDWLVWMDVHLQ+DXVGDGDVLPPHUKLQHLQSDDU*XOGHQZHUW LVW0DJLKQGHU:LUWDXVSIlQGHQODVVHQ© 'DEHLEOLHEHVWURW]GHV 9HUGUXVVHVGHQGLHVHU%HVFKOXGHP %UJHUPHLVWHUYHUXUVDFKWH
1DFK3DYHOV5FNNHKUIDQGGHU:LUWVLFKVFKOHXQLJVWEHLLKPHLQ HU]lKOWHLKPZDVLQVHLQHU$QJHOHJHQKHLWDXVJHPDFKWZRUGHQ ZDUXQGHQGHWHPLWGHU9HUVLFKHUXQJGDDQGHU6DFKHQLFKWV PHKU ]XlQGHUQVHLXQG3DYHOXQZHLJHUOLFK]DKOHQPVVH
'HUULGLH$XJHQLPPHUZHLWHUDXIHVNRFKWHLQLKPREZRKOHU lXHUOLFKJDQ]UXKLJVFKLHQ'HQQRFKZXUGHGHPNOHLQHQGLFNHQ :LUWXQKHLPOLFKEHLP$QEOLFNGLHVHU5XKH
ª:HUKDWGHQQGDVEHVWLPPWGDLFK]DKOHQPX"©IUDJWH3DYHO ª1XQGLH*HPHLQGHGHU%UJHUPHLVWHUGLH%DXHUQ©
ª'HU%UJHUPHLVWHUGLH%DXHUQ©ZLHGHUKROWHGHU%XUVFKHXQG WUDWHLQHQ6FKULWWDXILKQ]XGHU:LUWDEHUPHKUHUH6FKULWWH ]XUFN ª=DKO©VDJWHHUªZHQQGXJOHLFK]DKOVWODLFKGLH.UHX]HU QDFKODLFKHLQHQ*XOGHQXQGGLH.UHX]HUQDFK©
ª6HW]GLFKXQG]LHKGHQ*XOGHQXQGGLH.UHX]HUJOHLFKYRQGHU 5HFKQXQJDE© 'HU:LUWKlWWHJHUQZLGHUVSURFKHQZlUHGLHVHU$XIIRUGHUXQJ VHKUJHUQQLFKWQDFKJHNRPPHQDEHUHUWDWHV GRFKXQG HUNXQGLJWHVLFKGDQQVFKFKWHUQª:LUVWGXMHW]W]DKOHQ"©
ª(KHUQLFKWDOVLFKPLWGHQ%DXHUQJHVSURFKHQKDEH$P 6RQQWDJNRPPLFKLQV:LUWVKDXVXQGVSUHFKHPLWGHQ%DXHUQ $XIZDVZDUWHVWGXQRFK"©
'LH)UDJHZDUPLWHLQHP1DFKGUXFNJHVWHOOW GHUGHQ:LUW YHUDQODWHVLHQLFKWHUVWLQZRKOJHVHW]WHU5HGHVRQGHUQ]XJOHLFK PLWGHU7DW]XEHDQWZRUWHQXQGGDEHLQLFKWPHKU=HLW]X YHUOLHUHQDOVHUEUDXFKWHXPGLH7U]XHUUHLFKHQGLHHUPLW YRUVLFKWLJHU*HVFKZLQGLJNHLWKLQWHUVLFKVFKOR
$EHQGVHU]lKOWHHUVHLQHQ*lVWHQª'HU.HUOKDWHXFKEHLP 0LOLWlUHLQ:HVHQDQJHQRPPHQZLHHLQ.RUSRUDO(LQHUGHUNHLQH &RXUDJHKDWN|QQWHVLFKYRULKPIUFKWHQXQGDP6RQQWDJZLOOHU NRPPHQKLHUKHULQV:LUWVKDXVXQGPLWGHQ%DXHUQUHGHQ© 'LH*lVWH XQWHUGHQHQDXFK$QWRQXQG%DURVFKVLFKEHIDQGHQ ZLGHUVSUDFKHQGHU%HKDXSWXQJGDPDQ&RXUDJHEUDXFKHXP VLFKYRU3DYHOQLFKW]XIUFKWHQXQG%DURVFKPHLQWHGLH$EVLFKW PLWGHQ%DXHUQ]XUHGHQN|QQHGHU%XEKDEHQDXVIKUHQZHUGH HUVLHVFKZHUOLFKªZHLO©XQGGDEHLNORSIWHHUYROOXQJHZRKQWHU +RFKDFKWXQJJHJHQVLFKVHOEVWDQGLHHLQJHIDOOHQH%UXVWªZHLO ZLUPLWXQVQLFKWUHGHQODVVHQ© ªhEHUKDXSW©ULHIGHU:LUWªQLPPWHUVLFKLQGHUOHW]WHQ=HLWYLHO ]XYLHOKHUDXV© ª:DVGHQQHLJHQWOLFK"©IUDJWH$QWRQGHUELVMHW]WJHVFKZLHJHQ KDWWHZRUDXIGHU:LUWYHUVHW]WHª8QGPDQVROOHVLKPHLQPDO ZLHGHU]HLJHQ© ª:DVVROOPDQLKP]HLJHQ"©
$XIGLHVH]ZHLWH)UDJHHUKLHOW$QWRQHEHQVRZHQLJ$QWZRUWZLHDXI GLHHUVWHQLHPDQGZXWHHLQHWURW]GHPVWLPPWHQDOOHGHP:LUWH
EHL'HU%XEQLPPWVLFK]XYLHOKHUDXVXQGPDQPXªHV©LKP HLQPDOZLHGHU]HLJHQ
8QGHLQHNOHLQH.DULNDWXUGHU)DPDVHW]WHHLQH.LQGHUWURPSHWH DQGHQ0XQGXQGKXVFKWHLP'RUIHXPKHUYRQ+DXV]X+DXVYRQ +WWH]X+WWHXQGYHUEUHLWHWHGLH.XQGHDP6RQQWDJNRPPW GDV*HPHLQGHNLQGLQV:LUWVKDXVXQGZLUGGRUW5HFKHQVFKDIW YHUODQJHQYRQVHLQHQ1lKUYlWHUQXQGGLHZHUGHQLKPGDVJHEHQ ZDVLKPJHEKUW6LHKDEHQVLFK VYRUJHQRPPHQVLHZHUGHQ ªHV©LKPHLQPDOZLHGHU]HLJHQ:RULQGDVJHKHLPQLVYROOH ª(V© EHVWDQGYHUULHWGLHNOHLQH)DPDQLFKWXQGJDEGDGXUFKGHP]X HUZDUWHQGHQ(UHLJQLVHLQHQJDQ]EHVRQGHUHQ5HL] $P6RQQWDJZDUGDV:LUWVKDXVEHUIOOWDEHUGHU%UJHUPHLVWHU HUVFKLHQQLFKWXQGYRQGHQ5lWHQQXUGHUlOWHVWH3HVFKHNHLQ EUDYHU0DQQXQGDXFKHQHUJLVFKZHQQHUQLFKWHEHQDQ 6FKODIVXFKWOLWW3HWHUKDWWHVLFKHLQJHIXQGHQPLWVHLQHU ]DKOUHLFKHQª)UHXQGVFKDIW©(UVDKEHODXVVHLQH.OHLGHU VFKORWWHUWHQXPLKQVHLQH6WLPPHZDUKHLVHUXQGVHLQ $WHPKROHQJOLFKGHP*HUlXVFKHLQHUDUEHLWHQGHQ6lJH ,QGHUGXQNOHQ(FNHQHEHQGHP2IHQKRFNWHDXIHLQHP6FKHPHO 9LUJLO'DVURWH*HVLFKWGHV$OWHQXQGVHLQHIXQNHOQGHQ$XJHQ JOlQ]WHQDXVGHP6FKDWWHQKHUYRU
$QGLHJURH:LUWVKDXVVWXEHVWLHGDVHLQIHQVWULJH=LPPHUFKHQ LQGHPGHU+RQRUDWLRUHQWLVFKVWDQG9RUHLQHU:HLOHKDWWHQGHU 'RNWRUXQGGHU)|UVWHUDQGHPVHOEHQ3ODW]JHQRPPHQXQGGHQ HLQ]LJHQ=XJDQJGHQHVKDWWHGLH7ULQVDQVWRHQGH*HPDFK RIIHQVWHKHQJHODVVHQGDDXFKVLHQLFKWJDQ]RKQH1HXJLHUGHQ 'LQJHQGLHGDNRPPHQVROOWHQHQWJHJHQVDKHQ6LHEOLQ]HOWHQ HLQDQGHU]XDOVGHU:LUWKHUHLQJOLWWPLWDQPXWLJDXVZlUWV JHVHW]WHQ)HQZLHHU]XWXQSIOHJWHZHQQHUGDV +RQRUDWLRUHQ]LPPHUEHWUDWXQGOLVSHOWHª'DLVWHU©
3DYHOWUDWHLQXQG]XPDOOJHPHLQHQ(UVWDXQHQNDP$UQRVWLQ VHLQHU%HJOHLWXQJ:DUHQDP(QGHJXWH.DPHUDGHQDXVGHQ ]ZHLHQJHZRUGHQZlKUHQGLKUHUNXU]HQ'LHQVW]HLW" HWZDV 0LOLWlULVFKHVKDWWHQEHLGHDQJHQRPPHQ,QVWUDPPHU+DOWXQJ RKQHGHQ+XW]XOIWHQWUDW3DYHODXIGHQ7LVFKGHU%DXHUQ]X(U WUXJHLQZHLHV%ODWWGDVHUODQJVDPHQWIDOWHWHLQGHU+DQG
QlKHUWHVLFK3HVFKHNKLHOWHVLKPYRUGLH$XJHQXQGVSUDFK ª'HU:LUWVDJWGDGHU%UJHUPHLVWHUXQGGLH%DXHUQZROOHQLFK VROOGLH5HFKQXQJEH]DKOHQ,VWGDVZDKU"© .HLQ/DXWGHU(UZLGHUXQJOLHVLFKYHUQHKPHQ3HVFKHNKDWWHJDU QLFKWDXIJHEOLFNWXQG3DYHOV6WLPPHNODQJYRU%HZHJXQJVR XQWHUGUFNWGDGHU5DWEHLGHPKHUUVFKHQGHQ'XUFKHLQDQGHU DXFKZLUNOLFKWXQNRQQWHDOVKlWWHHUGLH)UDJHEHUK|UW(U NORSIWHPLWGHPJHOHHUWHQ%LHUJODVWUDXPVHOLJDXIGHQ 7LVFKXQG PDKQWHGHQ:LUWHLQ]XVFKHQNHQ3DYHOZDUWHWHELVGDV JHVFKHKHQZDUGDQQZLHGHUKROWHHU:RUWIU:RUWVHLQ 6SUFKOHLQ=XP]ZHLWHQ0DOHYHUZHLJHUWHLKP3HVFKHNVHLQH $XIPHUNVDPNHLWXQGQXQOHJWH3DYHOGLH+DQGDXIGHVVHQ 6FKXOWHUXQGVSUDFKIHVWXQGGURKHQGª$QZRUWHWPLU©
ª+XQG©HUW|QWHHVYRPDQGHUQ(QGHGHV7LVFKHV3HWHUKDWWH JHUHGHWXQGLQVHLQHU8PJHEXQJHUKREVLFKHLQEHLIlOOLJHV *HPXUPHO3DYHOMHGRFKGUFNWHVWlUNHUDOVHUZXWHXQGZROOWH GLH6FKXOWHUGHVDOWHQ5DWHV ª2ELFK]DKOHQPXIUDJLFK(XFKIUDJLFKGLH%DXHUQIUDJLFK GHQGRUW©ULHIHU]X3HWHUKLQEHU
ª-DMDMD©ZHWWHUWHQLKPDOOHXQWHUHLQHU)OXWYRQ)OFKHQ HQWJHJHQ3HVFKHNZDQGXQGNUPPWHVLFKLKPZDUGHU6FKODI YHUJDQJHQVRZDFKKDWWHHUVLFKODQJHQLFKWJHIKOWXQGNDXPMH VRKHOOVHKHQG
ª/DPLFKORV©GURKWHHU]X3DYHOKLQDXVXQGGDFKWHEHLVLFK$Q GHP0HQVFKHQZLUGHLQ8QUHFKWEHJDQJHQ ª,FKNDQQGLUQLFKW KHOIHQ©IXKUHUIRUWªDXFKZHQQLFKP|FKWH'XPXW]DKOHQ© 3DYHOZHFKVHOWHGLH)DUEHXQG]RJVHLQH+DQG]XUFNª*XW© NQLUVFKWHHUªJXWDOVR©
/DQJVDPPLWHLQHUIHLHUOLFKHQ*HElUGHJULIIHULQGLH %UXVWWDVFKHHQWQDKPHLQHP8PVFKODJHGHQHUEHGlFKWLJ |IIQHWHHLQH=HKQJXOGHQQRWHUHLFKWHVLHVDPWGHU5HFKQXQJGHP :LUWXQGVSUDFKª6DOGLHUXQGJLEKHUDXV© (LQH3DXVHGHV(UVWDXQHQVHQWVWDQGGDVKDWWHQLHPDQGHUZDUWHW 6FKDGHQIUHXGHXQG(QWWlXVFKXQJWHLOWHQVLFKLQGLH+HUUVFKDIW
EHUGLH*HPWHUQXUGHU:LUWZDUHLWHO(QW]FNHQ%HUHLWZLOOLJVW OHJWHHUQDFKGHPHUGLH%DQNQRWH HLQJHVWHFNWHLQHQ*XOGHQYRU 3DYHOKLQ
'LHVHUQDKPLKQLQ(PSIDQJNUHX]WHGLH$UPHXQGZDUIHLQHQ NKQHQKHUDXVIRUGHUQGHQHLQHQZDKUHQ)HOGKHUUQEOLFNEHUGLH JDQ]H*HVHOOVFKDIWª6R©VDJWHHUVHLQH6WLPPHZDUQLFKWPHKU XPVFKOHLHUWVLHNODQJODXWXQGPlFKWLJXQGPLWHLQHPZDKUHQ *HQXOLHHUVLH]XGHQ:RUWHQHUVFKDOOHQª8QGMHW]WVDJLFK GHP*HPHLQGHUDWXQGGHQ%DXHUQGDVLHDOOH]XVDPPHQHLQH /XPSHQEDJDJHVLQG©
(LQHLQ]LJHU$XIVFKUHLEHDQWZRUWHWHGLHVHQXQHUK|UWHQ6FKLPSI GHQGHU*HULQJVWHLP'RUIGHQ5HLFKHQGHQ0DFKWKDEHUQ ]XJHVFKOHXGHUW'LH1lFKVWVWHKHQGHQVWU]WHQVLFKDXILKQXQG KlWWHQLKQQLHGHUJHULVVHQRKQH$UQRVWXQG$QWRQGLHLKP]X+LOIH NDPHQ$OVLQGHPIXUFKWEDUHQ/lUPGLH:RUWHªXQGDQNEDUH .DQDLOOH©GLH3HWHUDXVJHVWRHQDQ3DYHOV2KUVFKOXJHQ ElXPWHHUVLFKDXIXQGPLWGHU%HZHJXQJHLQHV6FKZLPPHUV GHUPLWEHLGHQ$UPHQGLHDXILKQHLQGULQJHQGHQ:HOOHQGHU)OXW WHLOWKLHOWHUVLFKGLH0HQJHGLHLKQEHGURKWHYRP/HLEH ª8QGDQNEDU©GRQQHUWHHUXQGGXUFKGLH(PS|UXQJKLQGXUFK YRQZHOFKHUHUJOKWHXQGEHEWHNODQJHUVFKWWHUQGHLQH.ODJH ODQJHUOLWWHQHQ6FKPHU]HVª8QGDQNEDU"8QGZDVYHUGDQNLFK HXFK")UGHQ%HWWHOGHQLKU]XPHLQHP8QWHUKDOWKHUJHJHEHQ KDELFKPLWPHLQHU$UEHLWWDXVHQGIDFKEH]DKOW'HQ8QWHUULFKWLQ GHU6FKXOKDWPLUGHU/HKUHUXPVRQVWHUWHLOW.HLQH+RVHNHLQ +HPGNHLQHQ6FKXKKDELFKYRQHXFKEHNRPPHQ'HQ*UXQG DXIGHPPHLQ+DXVVWHKWKDEWLKUPLUGRSSHOWVRWHXHUYHUNDXIW DOVHUZHUWLVW:LHGHU%UJHUPHLVWHUJHVWRUEHQLVWKDEWLKUPLU GLH6FKXOGJHJHEHQDQVHLQHP7RGHXUH.LQGHUKlWWHQPLFK EHLQDKJHVWHLQLJWXQGZLHLFKIUHLJHVSURFKHQZDUGDKDWHV JHKHLHQ%LVWGRFKHLQ*LIWPLVFKHU-HW]WUHWWHLFKGHP3HWHU VHLQ/HEHQXQGZHLOLFKGDEHLGHP:LUWVHLQHQ=DXQXPJHULVVHQ KDEPXLFKGHQ=DXQEH]DKOHQ%DJDJH©(UZDUILKQHQ]XP ]ZHLWHQ0DOHGDV:RUWLQV*HVLFKWZLHHLQHXQJHKHXUH2KUIHLJH GLHDOOHQJDOWXQGIUDOOHDXVUHLFKWHXQG ZDU VGLHHOHPHQWDUH 0DFKWGHV=RUQHVGHULKPDXVGHQ$XJHQORGHUWHZDUHVGLH KDOEXQEHZXWH(PSILQGXQJGHU%HUHFKWLJXQJGLHVHV=RUQHV WURW]GHV$XIUXKUVGHQMHQHV:RUWKHUYRUULHINRQQWH3DYHO
IRUWIDKUHQª:DUXPZDUWLKUVRPLWPLU":HLOLFKDOV.LQGHLQ 'LHEJHZHVHQELQ" :LHYLHOHYRQHXFKVLQGGHQQHKUOLFK":HLO PHLQ9DWHUDP*DOJHQJHVWRUEHQLVW" .DQQLFKGDIU" %DJDJH©XQGMHW]WEHUPDQQWHLKQGLH:XWEHWlXEHQG UDFKHKHLVFKHQGVWLHJGLH(ULQQHUXQJDQDOOHVZDVHUHUGXOGHW KDWWHXQGZDVXQJHVKQWJHEOLHEHQZDULQLKPDXI(UIDQGNHLQH :RUWHPHKUIUHLQH$QNODJHHUIDQGQXUQRFK:RUWHIUHLQH 'URKXQJXQGGLHVWLHHUKHUDXVª:HQQLFKDEHUKHXWHHWZDV WXHZDVDXFKPLFKDQGHQ*DOJHQEULQJWGDQQLVWHVHXUH 6FKXOG© 1LFKWZDVHUJHVDJWXQGZDVGLHZHQLJVWHQYHUVWDQGHQKDWWHQ DEHUVHLQHJHEDOOWHQ)lXVWHGLHKHUDXVIRUGHUQGH)HFKWHUVWHOOXQJ GLHHUDQJHQRPPHQUHL]WHQGLH*HVFKPlKWHQXQGSO|W]OLFK KDJHOWHQ6FKOlJHDXI3DYHOQLHGHURKQHYLHOPHKU:LUNXQJ KHUYRU]XEULQJHQDOVREVLHDXIHLQHQ)HOVHQJHIDOOHQZlUHQ(U PDFKWHDEHUMHGHQGHUDXFKQXUHLQHQ6FKODJYRQLKPHPSILQJ NDPSIXQIlKLJIUGLHVHQ7DJXQGYHUPXWOLFKDXFKIUGLH QlFKVWIROJHQGHQ ª*LEMHW]W5XK©ULHIGHU)|UVWHUGHVVHQJURH*HVWDOWLQGHU7U GHV+RQRUDWLRUHQ]LPPHUVHUVFKLHQªGXKDVWHVLKQHQJHVDJW MHW]WJLE5XK© ª*LE5XK©W|QWHHLQKHLVHUHV(FKR]XUFN3HWHUZDUDXIGHQ 7LVFKJHVWLHJHQXQGVFKOHXGHUWHHLQHQ%LHUNUXJQDFKGHP.RSI 3DYHOVIHKOWHLKQXQGWUDI$UQRVWVRKDUWDQGLH6WLUQGDGHU %XUVFKHWDXPHOWHGRFKUDIIWHHUVLFKVRIRUW]XVDPPHQVSUDQJ DXIGHQWFNLVFKHQ$QJUHLIHUORVXQGULLKQYRP7LVFKKHUXQWHU 1XQZDUGHU.DPSIHQWEUDQQW
=ZHL3DUWHLHQELOGHWHQVLFKGLHNOHLQH3DYHOVGLHJURH3HWHUV GHU:LUWXQG3HVFKHNIOFKWHWHQ]XP'RNWRULQV1HEHQ]LPPHU 'HU)|UVWHUGHUDOV)ULHGHQVVWLIWHUDXI]XWUHWHQJHVXFKWKDWWHVDK GLH1XW]ORVLJNHLWVHLQHU%HVWUHEXQJHQHLQEUDFKVLFK%DKQGXUFK GHQ7XPXOWXQGYHUOLHGDV+DXV'UDXHQZDUVFKRQHLQH ]DKOUHLFKH0HQJHPHLVWDXV:HLEHUQXQG.LQGHUQEHVWHKHQG ]XVDPPHQJHODXIHQ'LH%XEHQEHUDXVFKWYRQGHU1lKHHLQHU JURHQ3UJHOHLVFKULHQVSUDQJHQDQGHQ)HQVWHUQHPSRU UDXIWHQVLFKXPGLHEHVWHQ3OlW]H'LH6FKZlFKHUHQYRQGHQ
)HQVWHUQGHU:LUWVVWXEHYHUGUlQJWPDFKWHQVLFKDQGDVGHV +RQRUDWLRUHQ]LPPHUVKHUDQVWREHQDEHUDXIHLQPDONUHLVFKHQG DXVHLQDQGHUhEHULKQHQZDUHQHLQ3DDU%HLQH]XP9RUVFKHLQ JHNRPPHQXQGKDWWHQGLH.|SIHGHU-XQJHQDOV6WW]SXQNWH EHQXW]HQZROOHQXP%RGHQ]XJHZLQQHQ'HU)|UVWHUHLOWHKLQ]X XQGKDOIGHP,QKDEHUGLHVHU%HLQHGHP'RNWRUDXVVHLQHU VFKZHEHQGHQ6WHOOXQJ
ª1LFKWPHKUP|JOLFKVLFKLQDQGHUHU:HLVH]XHQWIHUQHQ©VDJWH GHUDOWH+HUUNRSIVFKWWHOQGªXQGHQWIHUQHQPXLFKPLFK'HU +ROXEJHKWIUFKWHUOLFKORV(LQ%lUGHU0HQVFK GDVJODXEW QXUZHUHVJHVHKHQKDW ,FKHPSIHKOHPLFK©
$XIGHPVHOEHQ:HJHZLHGHU'RNWRUNDPDXFK3HVFKHNDXIGLH 6WUDHXQGKLQWHULKPGHU:LUWGHUODXWNOLUUWHDOVHUDXIGHQ %RGHQVSUDQJ'LHVHV*HUlXVFKZXUGHGXUFKGLH0HVVHUXQG *DEHOQKHUYRUJHUXIHQGLHHUHLOLJVWYRQGHQ7LVFKHQJHQRPPHQ XQGLQVHLQHQZHLWOlXILJHQ.OHLGHUQJHERUJHQKDWWHEHYRUHU GLH *DVWVWXEHGHPWROOHQ+HHUEHUOLHGDVMHW]WGDULQKDXVWH(U NODJWHGDHUQLFKWDXFKGLH.UJHXQG*OlVHUKDEHQPLWQHKPHQ N|QQHQMDPPHUWHWULHEGLH*DVVHQMXJHQGKLQZHJSUHWHGDV *HVLFKWDQGLH)HQVWHUVFKHLEHQXQGVXFKWH]XHUNHQQHQZDVLQ GHU 6WXEHJHVFKDK$EHUGDVIXUFKWEDUH5LQJHQJLQJLP +DOEGXQNHOGHUVFKRQKHUHLQJHEURFKHQHQ'lPPHUXQJYRULP 4XDOPDXIJHZLUEHOWHQ6WDXEHV0DQVDKQXUHLQHQZLOG LQHLQDQGHUJHNHLOWHQKLQXQGKHUEHZHJWHQ0HQVFKHQNQlXHO K|UWH6W|KQHQXQG)OXFKHQXQGGDV6WDPSIHQVFKZHUHU7ULWWHXQG GDV.UDFKHQ]HUWUPPHUWHQ+RO]ZHUNV ª2KPHLQH%lQNH2 PHLQH7LVFKH©VHXI]WHGHU:LUWXQGZLHHU VLFKDQ3HVFKHNPLWGHU)UDJHZHQGHQZROOWHREPDQQLFKWQDFK GHP*HQGDUPVFKLFNHQVROOHZDUGHUYRUVLFKWLJH5DWLQ *HVHOOVFKDIWGHV'RNWRUVYHUVFKZXQGHQ ª+HUU)|UVWHUPDFKHQ6LH2UGQXQJ©ULHIGHU:LUWªLFKVWHKIU QLFKWV GHU6FKPLHGGHU$UQRVWGHU+ROXE GUHLJHJHQDOOHVLH ZHUGHQDOOHGUHLHUVFKODJHQPLWPHLQHQ%lQNHQPHLQHQ 7LVFKHQ©VHW]WHHULQ9HU]ZHLIOXQJDXVEUHFKHQGKLQ]X ª:LUGQLFKWVRDUJZHUGHQ©HUZLGHUWHGHU)|UVWHUXQGSO|W]OLFK NDPHQGXUFKGLHRIIHQH7UKHUDXVJHIORJHQ]ZHL%DXHUQV|KQH
DXV3HWHUV6LSSH6LHKDWWHQVLFKQRFKQLFKWDXIJHUDIIWDOVHLQ SDDUJXWH)UHXQGHLKQHQQDFKNROOHUWHQXQGQLFKWPLQGHU XQZLOONUOLFKDOVGLH9RUKHUJHKHQGHQGUHLXQGYLHUXQGIQI DQGHUHHUVFKLHQHQLP3XU]HOEDXPLPNXU]HQ%RJHQGHUPLWGHQ )HQ]XHUVWXQGMHQHUPLWGHP.RSIH8QGGHU)|UVWHUEHJUWH GLH$QN|PPOLQJHXQGYHUVWDQGHVPHLVWHUOLFK XQWHUVWW]WYRQ GHQhEHUUHGXQJVNQVWHQLKUHU)UDXHQ GLHMHQLJHQGLHVLFK DQVFKLFNWHQDXIGHQ.DPSISODW]]XUFN]XNHKUHQYRQGHU $XVIKUXQJLKUHV9RUVDW]HVDE]XKDOWHQ
(LQHQXQYHUKRIIWHQ9HUEQGHWHQIDQGHUDQ%DURVFKGHUXQWHU NUlIWLJHU1DFKKLOIHDP$XVJDQJGHV)OXUVHUVFKLHQXQGKLQWHUGHP EDOGPHKUHUHGHUlOWHUHQ*HQHUDWLRQDQJHK|UHQGH0lQQHU VLFKWEDUZXUGHQ$XIGHUREHUHQ7UHSSHQVWXIHEOLHE%DURVFK VWHKHQXQGEUDFKWHPLWJURHU$QVWUHQJXQJKHUYRUª'HU *HVFKHLWHUHJLEWQDFK©(UEHVDQQVLFKJULIIPLWGHQ+lQGHQLQ GLH/XIWZLHGHUKROWHª'HU*HVFKHLWHUHJLEWQDFK©XQGILHOGLH 6WXIHQKHUXQWHU ª6RLVW VUHFKW©ULHIGHU)|UVWHUª0HLQH+RFKDFKWXQJYRUGHQ *HVFKHLWHUHQ©8QGDOVDOOHLQGHU7U(LQJHNHLOWHQVLFK KHUDXVJHGUlQJWKDWWHQVSUDQJHUGLH6WLHJHKLQDXIXQGYRUGHU :LUWVVWXEHDQJHODQJWHQWIXKULKPHLQª3RW]%OLW]XQG 'RQQHUZHWWHU©
:LHKDWWHQGLH5HLKHQVLFKJHOLFKWHW,QPLWWHQGHU7UPPHU GHVVHQZDVGLH(LQULFKWXQJGHU*DVWVWXEHJHZHVHQZDU EHKDXSWHWHQ3HWHUXQGGLHZHQLJHQ*HWUHXHQGLHEHLLKP DXVJHKDOWHQKDWWHQQRFKGDV)HOGJHJHQ3DYHO'HUKDWWHVLFK VHLQHU-DFNHHQWOHGLJWXQGVWDQGLQ+HPGlUPHOQYRU$UQRVWXQG GHP6FKPLHG]XVHLQHQ)HQNDXHUWHVHLQHQ6FKXW]DQUXIHQG 9LUJLO3HWHUDXHUVLFKLP)LHEHUJOKHQGVXFKWHGLH6HLQHQ]X QHXHPRIIHQEDUVFKRQRIW]XUFNJHVFKODJHQHP$QJULIIDXIGHQ *HJQHUDQ]XIHXHUQ6LHDEHU]DJWHQXQGDOVQXQGHU)|UVWHUDXI VLHORVGRQQHUWHª)ULHGHQ'DVLFKNHLQHUPHKUUKUW© JHKRUFKWHQVLHLKPXQGDXFK3DYHOJHKRUFKWHDEHUVHLQ*HVLFKW ZXUGHHUGIDKOXQGW|GOLFKHU+DVSUKWHDXVVHLQHQDXI3HWHU JHULFKWHWHQ$XJHQ
'LH5XKHZDUYRQNXU]HU'DXHU:DVGLH]ZHLPLWHLQDQGHU DXV]XPDFKHQKDWWHQYHUPRFKWHGXUFKGLH'D]ZLVFKHQNXQIWHLQV 'ULWWHQQLPPHUPHKUJHVFKOLFKWHW]XZHUGHQ ª+XQG+XQG+XQG©NUHLVFKWH3HWHUIXKUSO|W]OLFKLQGLH +RVHQWDVFKHHLQHLQVFKQDSSHQGHV0HVVHUNQDFNWHXQGHUZDUI VLFKPLWEODQNHU.OLQJHDXIGHQ*HJQHU$UQRVWZDUYRUJHVWU]W GHQ$QJULII]XSDULHUHQ(VJHODQJLKPKDOEXQGKDOEGHUJHJHQ 3DYHOV%UXVWJHIKUWH6WRVWUHLIWHGLH5LSSHQHLQJURHU %OXWIOHFNHQIlUEWHVHLQ+HPG
ª=XUFN©VFKULHHUª]XUFN/DWGHQ.HUOPLUDOOHLQ©XQGHLQ 5LQJHQEHJDQQZLHGDVHLQHV0HQVFKHQPLWHLQHPZLOGHQ7LHUH 3HWHUVFKlXPWHELXQGNUDW]WH3DYHOZHKUWHVLFKQXUKLHOWLKQ QXUYRQVLFKOLHVLFK=HLWVDPPHOWHVHLQH.UDIW]XHLQHP HQWVFKHLGHQGHQ6WUHLFK
8QGQXQJHVFKDK V0LWGHU/LQNHQVHLQ*HVLFKWGHFNHQGVFKRE HUUDVFKHQ*ULIIVGLH)LQJHUGHU5HFKWHQLQ3HWHUVOHGHUQHQ*XUW KRELKQDQGHPVHOEHQKRFKLQGLH/XIWKLHOW LKQVRPLW DXVJHVWUHFNWHP$UPVFKWWHOWHLKQXQGNHXFKWHª%HVWLH:HQQ LFKGLFKMHW]WKLQKDXELVWGXIHUWLJ© ª7X V©ULHI$UQRVW
ª7X VQLFKW©ULHIGHU)|UVWHUXQG3DYHOIKOWHGLH/DVWVHLQHV )HLQGHVVFKZHUZHUGHQZLH%OHL3HWHUV]XVDPPHQJHNUDPSIWH +lQGH|IIQHWHQVLFKGDV0HVVHUHQWILHOLKPGLHKLQDXIJH]RJHQHQ %HLQHVDQNHQPDWWKHUDE HLQ(UVFK|SIWHUHUZDUWHWHGDLKPGHU 5HVWJHJHEHQZHUGH 'DOLHIHLQ6FKDXHUEHU3DYHOV5FNHQXQGVHLQ=RUQHUORVFK (UOLH3HWHUODQJVDPQLHGHUJOHLWHQ VDJWHª,FKPHLQGXKDVW JHQXJ©XQGZDUILKQVHLQHQ)UHXQGHQ]XGLHGHQ:DQNHQGHQ KDOE%HVLQQXQJVORVHQVFKZHLJHQGDXVGHU6WXEHJHOHLWHWHQ
'HU)|UVWHUVFKORKLQWHULKQHQGLH7UXQG3DYHOEUDFKLQ -DXFK]HQDXVª'UDXHQDOOHXQGZLUGULQQHQ©(UVSUWHQLFKWV YRQVHLQHU:XQGHQLFKWVYRQGHQ%HXOHQPLWGHQHQHUEHGHFNW ZDUHUVSUWHQLFKWVDOVVHLQH6LHJHVZRQQHXQGHLQHVWUPLVFKH lXHUXQJVEHGUIWLJH'DQNEDUNHLWIUVHLQH9HUEQGHWHQ ª'UDXHQDOOHXQGZLUGULQQHQZLUGUHL©
ª:LUYLHU©ZLPPHUWH9LUJLOªKDELFKQLFKWELV]XOHW]WEHLGLU DXVJHKDOWHQ3DYOLFHNJHJHQGHQ6FKZLHJHUVRKQ© 3DYHOIXKUIRUW]XMXEHOQª*HVDJWKDELFKHVLKQHQDXFK©
ª*HVDJWXQGJH]HLJW©VFKULH$UQRVWªXQGZHQQVLHEDOGZLHGHU ZDVK|UHQRGHUVHKHQZROOHQNDQQVW DXIPLFK]lKOHQ.DPHUDG© 'HU)|UVWHUPXVWHUWH3DYHOYRP.RSIELV]XGHQ)HQ ª9HUIOXFKWHU%XUVFK©VSUDFKHUOlFKHOQGXQG$QWRQOlFKHOWH HEHQIDOOV'HUOHW]WH:LGHUVWUHLW]ZLVFKHQVHLQHU(LWHONHLWXQG VHLQHU5HFKWVFKDIIHQKHLWZDUJHVFKOLFKWHW
ª8QG GLH0DVFKLQHKDWHUDXFKUHSDULHUW©VDJWHGHU6FKPLHG
8P0LWWHUQDFKWZDQGHUWH3DYHOQDFK+DXVH(VZDUNDOWXQG VWHUQHQKHOO,QGHU1lKHGHU.LUFKHEHJHJQHWHHUGHP 1DFKWZlFKWHU0XFKGHULKQPLWHLQHUJHZLVVHQVFKHXHQ 9HUELQGOLFKNHLWJUWHXQG]XLKPVDJWHª8QVHUH+XQGHKDEHQ MXVWHLQHQIUHPGHQ+XQGHUELVVHQ9HUIOXFKWHV9LHKKDWVLFK JHUDXIWZLHGHU7HXIHO©
$XFKHLQHUJHJHQHLQHJDQ]H0HQJHGDFKWH3DYHOXQGDOVHU EHLPJURHQ=LHKEUXQQHQDQODQJWHXQGEHUHLQ'LQJVWROSHUWH GDVDXIGHP%RGHQODJIUHXWHHUVLFKDOVHUHVXQWHUVHLQHP )XWULWWZLPPHUQK|UWH(U]RJGHQ+XQGDXVGHU%OXWODFKHLQ GHUHUODJVFK|SIWH:DVVHUXQGVFKWWHWHGHQYROOHQ(LPHUEHU LKQDXV6RYLHOHULQGHU'XQNHOKHLWZDKUQHKPHQNRQQWHZDUGHU XQYRUVLFKWLJH(LQGULQJOLQJEHO]XJHULFKWHW*UDXVDPKDWWHVLFK DQLKPGHUWLHULVFKH3DWULRWLVPXVEHZlKUWGHPGHUEOLQGH=XJ ]XP(LQKHLPLVFKHQEOLQGHQ+DJHJHQGDV)UHPGHEHGHXWHW
'HU+XQGJDENHLQ=HLFKHQGHV/HEHQVPHKU3DYHOOLHLKQOLHJHQ XQGVHW]WHVHLQHQ:HJIRUW%DOGMHGRFKEHPHUNWHHUGDGDV 7LHULKPQDFKNURFKPKVHOLJGHQ%HUJKLQDXIHUZHKUWHLKP QLFKWOLHVLFKVHLQH%HJOHLWXQJJHIDOOHQXQGGDKHLPDQJHODQJW SIOHJWHHUHVWURW]GHV$EVFKHXVXQG(NHOVGHQVHLQH DXHUJHZ|KQOLFKH+lOLFKNHLWXQGVHLQHNODIIHQGHQ:XQGHQLKP HLQIO|WHQ $PQlFKVWHQ7DJHJLQJHUZLHDQMHGHPDQGHUQ:LQWHUWDJ KLQEHULQGLH)DEULN'LH$UEHLWNDPLKQKHXWHVFKZHUDQLQ VHLQHP.RSIHZDUHVVFKZOXQGGHUJDQ]H.|USHUVFKPHU]WH %HLGHU+HLPNHKUDP$EHQGHUZDUWHWHHUHLQH9RUODGXQJ]XP %UJHUPHLVWHU]XILQGHQVLHZDUQLFKWGDXQGNDPDXFKVSlWHU QLFKW
,QGHUQlFKVWHQ=HLWVRRIWHUDQHLQHPVHLQHU)HLQGHYRUEHLNDP PDFKWHHUVLFKDXIHLQHQ$QJULIIJHIDWXQGEHUHLW]XU *HJHQZHKU$EHUMHGHVPDOXPVRQVWQLHPDQGVFKLHQ/XVW ]X KDEHQPLWLKPDQ]XELQGHQ)UFKWHWHQVLHLKQ"6LHDOOH ]XVDPPHQLKQDOOHLQZDUHQVLHVRIHLJ"2GHUJHGDFKWHQVLHQXU LKQVLFKHU]XPDFKHQXQGZDUWHWHQDXIHLQH*HOHJHQKHLWVLFK]X UlFKHQ ZDUHQVLHVRVFKOHFKWXQGWFNLVFK"-HGHQIDOOVZROOWHHU
NHLQHQ$XJHQEOLFNXQWHUODVVHQDXIVHLQHU+XW]XVHLQQLH YHUJHVVHQGDHUXQWHUODXWHU*OlXELJHUQZDQGHOWHGLHHLQHE|VH 6FKXOGEHLLKPHLQ]XNDVVLHUHQKDWWHQ,QGHVVHQYHUJLQJGHU :LQWHURKQHGDHV]XP$XVEUXFKYRQ)HLQGVHOLJNHLWHQJHJHQ LKQJHNRPPHQZDU(UNRQQWHXQDQJHIRFKWHQLQVHLQHU+WWH KDXVHQ GHU$QEOLFNGHUVHOEHQGHUVRODQJHXQGVRYLHO0LJXQVW HUZHFNWKDWWHOLHGLH/HXWHMHW]WJOHLFKJOWLJ,PVWLOOHQVWDXQWH VRJDUPDQFKHUEHUGHQ+DXFKYRQ:RKOKDEHQKHLWGHUVLFK DOOPlKOLFKEHUGLHNOHLQH$QVLHGOXQJEUHLWHWH
3DYHOKDWWHVHLQ+DXVULQJVXPPLWHLQHP=DXQDXVNUHX]ZHLV JHVWHFNWHQ:HLGHQUXWHQXPJHEHQKLQWHUGHPHU*HPVH]RJ $OOHVJHGLHKGDQNVHLQHPXQHUPGOLFKHQHLJHQVLQQLJHQVHLQHP HLVHUQHQ)OHLH'DV)LFKWHQElXPFKHQGDVHLQ]LJHGDVGHQ $QJULIIHQGHUhEHOZROOHQGHQZLGHUVWDQGHQKDWWHHVJOFNOLFKELV ]XP6ROGDWHQPDHJHEUDFKWHVJXFNWHPLWGHP:LSIHOLQGDV )HQVWHUDQGHU6HLWHGHU+WWHKLQHLQ(LQVWlPPLJHV'LQJYRQ HLQHP%lXPFKHQPLWEUHLWHQbVWHQGLHHVWURW]LJYRQVLFK VWUHFNWHXQGGDVVLFKVRMXQJHVZDUVFKRQHLQHQZHLHQ 0RRVEDUWDQJHVFKDIIWKDWWH'DVJDQ]H$QZHVHQGLH+WWHPLW LKUHPVFKLHIHQ'DFKGHU)LFKWHQEDXPGDQHEHQGHU=DXQGDYRU QDKPVLFKDXVZLHHLQ%LOGFKHQGDV.LQGHUHQWZHUIHQEHLLKUHQ HUVWHQ9HUVXFKHQLQGHU=HLFKHQNXQVW$XIGHU6FKZHOOHXQWHU ZHOFKHUGHU6WHLQHLQJHJUDEHQZDUGHU3DYHOLPPHUPDKQHQ VROOWHDQ+DXQG9HUDFKWXQJJHJHQVHLQH0LWPHQVFKHQODJVHLQ QHXHU+DXVJHQRVVHVHLQELVVLJHU+XQGGHQHULQXQEHZXWHP +XPRUO DPRXUJHQDQQW / DPRXUQDFK3DYHOV2UWKRJUDSKLH /DPXUKDWWHGLH*U|HHLQHV+KQHU XQGGHQ.QRFKHQEDXHLQHV )OHLVFKHUKXQGHVVHLQHEUHLWH1DVHZDUYRQ1DWXUDXVJHVSDOWHQ ZDVLKPHWZDVVHKU8QKHLPOLFKHVJDEEHLPJHULQJVWHQ$QOD EOHFNWHHUGLH=lKQHXQGVWUlXEWHVHLQNXU]HVVFKZDU]HV+DDU (LQELWWHUHU*UROOJHJHQDOOHV/HEHQGLJHVFKLHQXQDEOlVVLJLQ VHLQHU6HHOH]XJlUHQ1LHOLHHUVLFKLQHLQH/LHEHVDIIlUHHLQ +XQGRGHU+QGLQZDUHQLKPJOHLFKYHUKDWXQGHUZXWHVLFK EHLGHQ*HVFKOHFKWHUQJOHLFKIUFKWHUOLFK]XPDFKHQ1XUHLQH WLHIHVWLOOHDQbXHUXQJHQDUPH$QKlQJOLFKNHLWNDQQWHHUGLHDQ VHLQHQ+HUUQ6WXQGHQODQJVDHUYRUGHP+DXVHRKQHGHQ%OLFN YRQGHP:HJH]XZHQGHQDXIGHP3DYHONRPPHQPXWH:XUGH HUVHLQHUHQGOLFKJHZDKUVRYHUULHWHQK|FKVWHQVHLQLJH )UHXGHQVFKDXHUGLHLKPEHUGLH+DXWOLHIHQXQGHLQ
NPPHUOLFKHV:HGHOQGHVNXU]HQ6FKZDQ]HVHWZDVYRQGHQ *HIKOHQVHLQHV,QQHUQ6RZHQLJ=lUWOLFKNHLWHQ/DPXUVSHQGHWH VRZHQLJZXUGHQLKP]XWHLODEHUVHLQ)XWWHUHUKLHOWHUJOHLFK QDFKGHU+HLPNHKUVHLQHV+HUUQXQGEHYRUGLHVHUQRFKHLQHQ %LVVHQ]XVLFKJHQRPPHQKDWWH
$XVGHUXQJHWUEWHQ*HPWVUXKHLQZHOFKHU3DYHOVHLWHLQLJHQ 0RQDWHQGDKLQOHEWHZXUGHHUGXUFKGLH$QNXQIWHLQHV%ULHIHV VHLQHU0XWWHUJHULVVHQ1RFKKDWWHHULKUOHW]WHV6FKUHLEHQQLFKW EHDQWZRUWHWXQGQXQNDPGLHVHVQDFKIDVWHLQMlKULJHU3DXVHXQG HQWKLHOWZHGHUHLQH.ODJHQRFKHLQHQ9RUZXUIHVZLHGHUKROWHQXU GLH%LWWHQYRQGHQHQVFKRQGDVIUKHUHHUIOOWJHZHVHQ%LWWHQ XP1DFKULFKWHQYRQGHQ.LQGHUQXQGVFKORHEHQIDOOVZLHMHQHV XQGZLHDOOHVHLQH9RUJlQJHUPLWGHQ:RUWHQª0LUJHKWHVVRZHLW JXW©'DQQIROJWHGLH8QWHUVFKULIWXQGHQGOLFKHLQH0LWWHLOXQJGLH YRQGHU6FKUHLEHULQELV]XOHW]WDXIJHVSDUWXQGGDQQDQGHQ lXHUVWHQ5DQGGHV3DSLHUHVYHUZLHVHQZRUGHQZRVLHZLH ]DJHQGXQGYHUVFKlPWVWDQGª+HXWEHUYLHU]HKQ0RQDWLV PHLQH6WUDI]HLWDXV© 'DVZDUDP$EHQGGHV0lU]
3DYHOUHFKQHWHDQVHLQHQ)LQJHUQ,P0DLGHVQlFKVWHQ-DKUHV ZLUGVLHDOVRNRPPHQXPPLWLKP]XKDXVHQGLH0XWWHU 'LH 0XWWHUGLH*HQRVVLQHLQHV5DXEP|UGHUVGLHYRU*HULFKWJHJHQ GLHIXUFKWEDUH$QNODJHGLH7HLOQHKPHULQVHLQHV9HUEUHFKHQV JHZHVHQ]XVHLQNHLQH6LOEHNHLQHQ/DXWGHU(LQZHQGXQJ JHIXQGHQKDWQLFKWJHOHXJQHWKDW QLH3O|W]OLFKHUZDFKWHLQ LKPGHU*HGDQNH:LHLFK$XFKHUKDWWHYRU*HULFKWQLFKW JHOHXJQHWDXFKHUVLFKQLFKWHQWVFKXOGLJW:HLOHUQLFKWJHNRQQW KlWWH"1HLQ ZHLOHUQLFKWJHZROOW9LHOOHLFKW XQDXVVSUHFKOLFK WU|VWHQGVHLQJDQ]HV,QQHUHVHUKHOOHQGEHUNDPHVLKQ 9LHOOHLFKWKlWWHDXFKVLHJHNRQQWXQGKDWHVQLFKWJHZROOW
1RFKDPVHOEHQ7DJHVFKULHEHUDQVHLQH0XWWHUDEHUHUVFKlPWH VLFKLKUHLQ]XJHVWHKHQGDHUYRQ0LODGDQLFKWVZLVVHXQG EHVFKORVHLQHQ%ULHIHUVWDE]XVFKLFNHQZHQQHUVLFKGLH 0|JOLFKNHLWYHUVFKDIIWKDEHQZUGHGDULQ.XQGHYRQVHLQHU 6FKZHVWHU]XJHEHQVROOWHHVDXFKQXUGLHNXU]HNDUJHVHLQ 0LODGDLVWJHVXQGVLHOlW(XFKJUHQ
'HUJUDXHQGH0RUJHQIDQGLKQDXIGHU:DQGHUXQJQDFKGHU 6WDGWXQGVRIUKNDPHUYRUGHU.ORVWHUSIRUWHDQGDHUODQJH QLFKWZDJWH]XVFKHOOHQ
(UOHKQWHVLFKDQGLH0DXHUGHVJURHQ+DXVHVGHVVHQ'DFKGDV /LHEVWHEDUJGDVHUDXI(UGHQEHVD'DVHLQ]LJHLKP 1DKHVWHKHQGHLKP7HXHUHGDVUHLQXQGXQHQWZHLKWJHEOLHEHQ ZDUGDVHLQ]LJHDQGHPVHLQJDQ]HV+HU]KLQJ GLH6FKZHVWHU GLHVLFKIUHLZLOOLJYRQLKPDEJHZHQGHWKDWWH
'LH*ORFNHQGHU.ORVWHUNLUFKHOlXWHWHQ]XU0HVVHIHLHUOLFKH 2UJHOW|QHHUNODQJHQXQGHLQ*HVDQJHUKREVLFKVRKHOOVRZHLFK ZLHGLHOHLVHEHZHJWH/XIWGLHLKQDXIEHEHQGHQ6FKZLQJHQ KHUEHUWUXJDXVGHU)HUQH$XVHLQHPLUGLVFKHQ+LPPHOGDFKWH 3DYHO DXVHLQHP5HLFKGHU6HOLJHQXQG)ULHGIHUWLJHQ]XKRFK ]XKHKUXPYRQGHU6HKQVXFKWHLQHVPDNHOYROOHQ(UGHQNLQGHV DXFKQXUHUUHLFKW]XZHUGHQ]XKRFK]XKHKUXPLKPDQGHUHV HLQ]XIO|HQDOV(KUIXUFKWXQG$QEHWXQJ
$OOPlKOLFKKDWWHVLFKXP3DYHOHLQHNOHLQH9HUVDPPOXQJYRQ DOWHQ/HXWHQXQG.LQGHUQJHELOGHWVWlQGLJHQ.RVWJlQJHUQGHV .ORVWHUVGLHDXI(LQODZDUWHWHQ$OVHULKQHQJHZlKUWZXUGH VFKORVLFK3DYHODOVGHUOHW]WHLKUHP=XJHDQ'LH3I|UWQHULQZLHV GLH$UPHQDQHLQHQ7LVFKDXIGHPHLQ)UKPDKOIUVLH EHUHLWVWDQGXQGULFKWHWHDQ3DYHOGHUDP(LQJDQJ VWHKHQJHEOLHEHQZDUXQGVLFKQLFKWUKUWHGLH)UDJHª:DV ZROOHQ6LH"© 8QGHUREZRKOLKPZDUDOVZUGHHUDQGHU*XUJHOJHIDWXQG JHZUJWEUDFKWHGRFKGLH:RUWHKHUDXVª,FKKHLH3DYHO +ROXE© (LQHGXQNOH5|WHEHUIORJGDVVWUHQJH*HVLFKWGHU3I|UWQHULQ ª$FKMD©VDJWHVLHGLHXQDQJHQHKPH(ULQQHUXQJDQ3DYHOV HUVWHQ%HVXFKGlPPHUWHLQLKUDXI ª,FKELQ©QDKPHUZLHGHUGDV:RUWªGHU%UXGHUGHUNOHLQHQ 0LODGD©
ª$FKMDDFKMD XQG6LHP|FKWHQ,KUH6FKZHVWHUVHKHQ"©VHW]WH VLHEHUVWU]WKLQ]X
1HLQ]XHLQHUVRNKQHQ+RIIQXQJKDWWHHUVLFKQLFKWYHUVWLHJHQ HUVWEHLGLHVHU)UDJHIODPPWHVLHLQLKPDXIXQGWULHELKP VFKZLQGHOQGGDV%OXW]X.RSIª2ELFKP|FKWH"©VWDPPHOWHHU ªIUHLOLFK XQGZLH©
'LH3I|UWQHULQZXUGHGHUEHJDQJHQHQhEHUHLOXQJLQQHXQGVDJWH YHUOHJHQª(VLVWDEHUNHLQ(LQOD]XGLHVHU6WXQGHHVLVWKHXWH EHUKDXSWNHLQ(LQODXQG$EHUGDLVW0XWWHU$IUD©XQWHUEUDFK VLHVLFKªZDUWHQ6LHHLQZHQLJ©
6LHJLQJHLQHUDOWHQ.ORVWHUIUDXHQWJHJHQZHOFKHJHIROJWYRQ ]ZHL/DLHQVFKZHVWHUQGLHLQGLH+DOOHIKUHQGH7UHSSH KHUXQWHUJHVFKULWWHQNDP3DYHOHUNDQQWHVLHVRJOHLFKHVZDUGDV )UlXOHLQgNRQRPLQGDVHLQVWHLQVRZLFKWLJHV:RUWJHVSURFKHQ KDWWHLQGHU6DFKHDQGHULKPGDPDOVVHLQJDQ]HV+HLO]XKlQJHQ VFKLHQ'LH3I|UWQHULQVSUDFKOHLVH]XLKUXQG3DYHONRQQWHQLFKW ]ZHLIHOQGDYRQLKPGLH5HGHZDUGHQQ)UlXOHLQ$IUDKDWWH ZlKUHQGVLHVFKZHLJHQG]XK|UWHGHQ%OLFNZLHGHUKROWXQGPLW JURHU$XIPHUNVDPNHLWDXILKQJHULFKWHW 1XQZLQNWHVLHLKQKHUDQIUDJWHPHODQFKROLVFKOlFKHOQGREHU ZLUNOLFK3DYHO+ROXEVHLXQGVDJWHDOVHUHVEHMDKWHª6FKZHU]X JODXEHQVRVHKUKDEHQ6LHVLFKYHUlQGHUW8QGZDVEULQJHQ6LH XQV*XWHV"© 5DVFKZLHVLHHQWVWDQGHQZDU3DYHOV+RIIQXQJDXIHLQ :LHGHUVHKHQPLWVHLQHU6FKZHVWHUHUORVFKHQXQGHUZDJWHQLFKW HLQPDO]XJHVWHKHQGDHUVLHJHKHJWKDWWH(LQHU6WXEHYROO URKHUKDOEEHWUXQNHQHU*HVHOOHQKDWWHHUGHQ0HLVWHU JH]HLJW GLHVHDOWH)UDXLQLKUHUKHLWHUHQ:UGHPLWGHUPLOGHQ )UHXQGOLFKNHLWLQGHQOHLGYHUNOlUWHQ=JHQVFKFKWHUWHLKQHLQ 8QWHUGUFNWHQXQGEHZHJWHQ7RQHVDQWZRUWHWHHUª,FKEULQJ HLQHQ*UXYRQGHU0XWWHUDQPHLQH6FKZHVWHU0LODGDXQG P|FKWHDXFKIUDJHQ©VHLQH6WLPPHZXUGHEHLQDKHXQK|UEDU ª:LHHVPHLQHU6FKZHVWHUJHKW"©
ª'LH)UDJHN|QQHQZLUEHDQWZRUWHQQLFKWZDKU6FKZHVWHU &RUQHOLD"©ZDQGWH)UlXOHLQ$IUDVLFKDQGLH3I|UWQHULQª,KUH 6FKZHVWHULVWJHVXQGDQ/HLEXQG6HHOHGHP+LPPHOVHL 'DQN GHUVLHJHVFKDIIHQKDW]XXQVHUHU)UHXGHXQG(UEDXXQJ:DVGHQ *UXEHWULIIWGDPVVHQZLUHUVW(UODXEQLVHLQKROHQLKQ]X
EHVWHOOHQQLFKWZDKU6FKZHVWHU&RUQHOLD"©,KU$XJHUXKWH ZRKOZROOHQGDXI3DYHOZlKUHQGHULPPHUQRFKVFKZHU EHNORPPHQVDJWHª,FKP|FKWHDXFKJHUQGHU0XWWHUVFKUHLEHQ GDGLH6FKZHVWHUVLHJUHQOlW©
ª-DVR©YHUVHW]WH$IUDªQXQDXFKGDVNDQQEHVWHOOWZHUGHQ QLFKWZDKU6FKZHVWHU&RUQHOLD"1XUHLQZHQLJJHGXOGHQPVVHQ 6LHVLFK+DEHQ6LH=HLWVLFK]XJHGXOGHQ"©VHW]WHVLHVFKHU]HQG KLQ]XQLFNWHPLWGHP.RSIXQGVFKULWWZHLWHUDQ3DYHOYRUEHLGHU VLFKXQJHVFKLFNWDEHUWLHIYRULKUYHUEHXJWH (UZXUGHYRQGHU3I|UWQHULQLQGDVVHOEH=LPPHUJHIKUWLQGHP HUDOVNOHLQHU-XQJHVRXQYHUJHOLFKH6WXQGHQGHUSHLQOLFKVWHQ (UZDUWXQJGXUFKOHEWKDWWH
1LFKWVYHUlQGHUWLQGHPWUDXULJHQ5DXPHMHGHU6HVVHODQGHU DOWHQ6WHOOHDQGHU0DXHUGHUVHOEHIHXFKWH)OHFN1XUGLH $XVVLFKWDXVGHQYHUJLWWHUWHQ)HQVWHUQERWKHXWHHLQIULHGOLFKHV %LOGGHQQGLHGDPDOVKDOEHQWEOlWWHUWHQ2EVWElXPHSUDQJWHQ MHW]WLP)UKOLQJVVFKPXFNZHLHUXQGURVLJHU%OWHQ$P(QGH GHV5DVHQSODW]HVYRUGHPELVDQGLH*DUWHQPDXHUUHLFKHQGHQ 6HLWHQIOJHOGHV+DXVHVWULHEVLFKHLQHOXVWLJH*HVHOOVFKDIWYRQ NOHLQHQ.ORVWHU]|JOLQJHQKHUXP6LHXQWHUEUDFKHQRIWLKUH6SLHOH XQGUDQQWHQLP:HWWODXIDXIGLH1RYL]H]XGHUGLH$XIVLFKWEHU VLHDQYHUWUDXWZDU8QGZDVKDWWHGLHVHQXU]XWXQXPVLFKGHU /LHENRVXQJHQGHVDQVWUPHQGHQ6FKZDUPV]XHUZHKUHQ8QG ZLHJWLJWDWVLH VXQGZLHHUQVWZLHYHUVWDQGVLH GLH:LOGIlQJH ]XElQGLJHQXQGGLH6FKFKWHUQHQDXI]XPXQWHUQ7DGHOXQG/RE ]XYHUWHLOHQ=lUWOLFKNHLW]XVSHQGHQXQG6WUHQJHZDOWHQ]X ODVVHQQDFK9HUGLHQVWXQG*HEKU3DYHOV$XJHQKLQJHQ XQYHUZDQGWDQLKUHUKROGHQJHUWHQVFKODQNHQ*HVWDOW,KU=JH JHQDX]XXQWHUVFKHLGHQYHUPRFKWHHUQLFKWGRFKELOGHWHHUVLFK HLQGDV:HVHQGHVMXQJHQ0lGFKHQVPDKQHDQGDV0LODGDV6R XQJHIlKUVRPRFKWHVLHMHW]WDXVVHKHQGLHNOHLQH0LODGD1XU QLFKWVRJURNRQQWHVLHJHZRUGHQVHLQGDVVFKLHQLKP XQP|JOLFKXQP|JOLFKDXFKGDVLHMHW]WVFKRQGDV.OHLGGHU 1RQQHQWUDJH (LQ*ORFNHQ]HLFKHQHUVFKROOGLH1RYL]HQDKPGDVNOHLQHUH 0lGFKHQDXIGHQ$UPGLHDQGHUQOLHIHQYRULKURGHUQHEHQLKU KHU HLQHQ$XJHQEOLFNXQGDOOHYHUVFKZDQGHQLP+DXVH
3DYHOWUDWYRP)HQVWHU]XUFN(UZDUGXUFKGLH:RUWHGHV )UlXOHLQ$IUDDXIHLQODQJHV:DUWHQYRUEHUHLWHWJHZHVHQXQGQXQ VHKUEHUUDVFKWDOVVLFKVFKRQQDFKZHQLJHQ0LQXWHQGLH7ULQ LKUHQ$QJHOQGUHKWH$XIGHU6FKZHOOHHUVFKLHQLQJHZRKQWHU HGOHU5XKHXQYHUlQGHUWGXUFKGLHDQLKUKLQJHJDQJHQHQ-DKUH GLH2EHULQ6LHIKUWHHLQMXQJHV0lGFKHQDQGHU+DQGHLQ KRKHVVFKODQNHVGDVVHOEHGHVVHQVWLOOHV:DOWHQ3DYHOJHVHKHQ GDVVHOEHGDVLKQDQVHLQH6FKZHVWHUJHPDKQWKDWWH 0LODGDLP 1RYL]HQNOHLGH
(UVWDUUWHVLHDQ LQJUHQ]HQORVZRQQLJHPJUHQ]HQORV ZHKPWLJHP6WDXQHQEHULKUH/LSSHQNDPEHLVHLQHP$QEOLFN HLQ$XVUXIGHV(QW]FNHQVGLH%OlVVHLKUHV]DUWHQ*HVLFKWVZXUGH QRFKGXUFKVLFKWLJHUQRFKIDUEORVHU ª3DYHOOLHEHUOLHEHU3DYHO©VSUDFKVLHDEHUVLHULVLFKQLFKWORV YRQGHUIKUHQGHQ+DQGVLHVWDQGVWLOOXQGVDKLKQPLWJURHQ JOFNVWUDKOHQGHQ$XJHQDQ
$XFKHUVWDQGVWLOO0lFKWLJHUDOVGHU:XQVFKDXIVLH]X]XVWU]HQ XQGVLHDQVHLQH%UXVW]X]LHKHQZDUGLHHKUHUELHWLJH6FKHXGLH LKQHUJULIIHQKDWWHXQGLKQJHEDQQWKLHOWXQGLKPGLHJHOLHEWH (UVHKQWHGLH1DKH XQQDKEDUPDFKWH %HNORPPHQVFKZLHJHULQVHLQHP.RSIMDJWHQVLFKGLH *HGDQNHQ'LHVHMXQJH+HLOLJHZDUGDVVHLQH6FKZHVWHU" 'XUIWHHUVLHQRFKVRQHQQHQ" :DUVLH VGLHHUWDXVHQGPDOLQ VHLQHQ$UPHQJHKDOWHQJHNWJHKHU]WKDWWH PDQFKPDODXFK JHVFKODJHQ" :DUVLH VGHUHQ*HVFKUHLª+XQJHU3DYOLFHN +XQJHU©LKQ]XP'LHEVWDKOYHUOHLWHWKDWWHZLHRIWZLHRIW:DU VLH VGHUHQ)FKHQHUYHUEXQGHQZHQQVLHVLFKZXQGJHODXIHQ EHLGHQ:DQGHUXQJHQYRQ2UW]X2UWKLQWHUGHP9DWHUXQGGHU 0XWWHUKHU":DUVLH V"
'LH2EHULQZHLGHWHVLFKDQGHUhEHUUDVFKXQJGHU*HVFKZLVWHU ª1XQ©VDJWHVLHVLFKIUHXQGOLFK]X0LODGDZHQGHQGªZHUKDW GHQQHLQVWLQNLQGLVFKHP9RUZLW]JHVDJW,FKVHKHGLFKQLHPHKU VLHZHUGHQPLUQLHPHKUHUODXEHQGLFK]XVHKHQ"8QGMHW]WLVW HUGDGHLQ%UXGHU%HJUWHXFKJHEWHXFKGLH+lQGH©
'LH$XIIRUGHUXQJPXWHZLHGHUKROWZHUGHQEHYRU3DYHOXQG 0LODGDLKUQDFK]XNRPPHQZDJWHQXQGGDQQDOV3DYHOGLH+DQG VHLQHU6FKZHVWHULQGHUVHLQHQKLHOWEHlQJVWLJWHLKQLKU*OKHQ XQGGDV-DJHQGHU3XOVHGLHDQVHLQH)LQJHUNORSIWHQ,QVHLQHU GHUEHQ5HFKWHQODJHLQHNOHLQHVFKPDOH+DQGDEHUQLFKWGLH ZHLFKH+DQGHLQHU0LJJlQJHULQVRQGHUQHLQHPLWGHU$UEHLW YHUWUDXWH6RKDWWHPDQGLH]DUWH3LOJHULQDXIGHP:HJH]XP +LPPHOQLFKWHQWKREHQYRQGHUJHPHLQHQ0KVDOGHU(UGH
(LQDOVGHU/HKUHUHV]XLKPJHVSURFKHQKDOEYHUVWDQGHQHV:RUW WDXFKWHLP*HGlFKWQLV3DYHOVDXIª:LHODQJHNDQQHLQHDQ EHLGHQ(QGHQDQJH]QGHWH)DFNHOEUHQQHQ© 6HLQ+HU]VFKQUWH VLFK]XVDPPHQHUHUKREGLH$XJHQYRQGHU+DQG0LODGDV]X LKUHP$QJHVLFKWª(LQH1RQQHDOVRHLQH1RQQH©VDJWHHU 'LH2EHULQHUZLGHUWHª1RFKQLFKWEHUHLQNOHLQHVMHGRFKZLUG VLH]XGHQHQJHK|UHQGLH PLWXQVHUHPJ|WWOLFKHQ(UO|VHU VSUHFKHQ:HULVWPHLQH0XWWHU":HUVLQGPHLQH%UGHU"©
%HLGHP:RUWH0XWWHUHUZDFKWH3DYHOZLHDXVGHP7UDXPª'LH 0XWWHUOlWGLFKJUHQ©VDJWHHUªHVJHKWLKUJXW6LHP|FKWH DXFKJHUQZLVVHQZLHHVGLUJHKW:DVVROOLFKLKUVFKUHLEHQ"©
ª6FKUHLEHLKU©DQWZRUWHWH0LODGDXQWHUEUDFKVLFKMHGRFKXQG ULFKWHWHHLQHQXP(UODXEQLVELWWHQGHQ%OLFNDXIGLH2EHULQ(UVW DOVGLHVH]XVWLPPHQGJHQLFNWEHJDQQVLHZLHGHUª6FKUHLEHLKU GDPHLQJDQ]HV/HEHQQLFKWVLVWDOVHLQHLQ]LJHV*HEHWIUVLH XQG QRFKIUHLQHQXQVHUHQDUPHQXQJOFNOLFKHQ9DWHU©LKUH 6WLPPHKDWWHVLFKJHVHQNWQXQHUKREVLHVLFKIUHXGLJHQ.ODQJHV ªXQGDXFKIUGLFKOLHEHUOLHEHU3DYHO© 3DYHOPXUPHOWHHWZDV8QYHUVWlQGOLFKHVVHLQH$XJHQEHJDQQHQ XQHUWUlJOLFK]XEUHQQHQSO|W]OLFKOLHHU0LODGDV+DQGDXVGHU VHLQHQJOHLWHQXQGWUDWHLQHQ6FKULWW]XUFN
6LHIXKUIRUWª'HU$OOEDUPKHU]LJHKDWPLFKHUK|UWHUKDWGLFK JXWZHUGHQODVVHQQLFKWZDKU"6SULFKOLHEHU3DYHOVDJMDGX GDUIVWHVVDJHQ HVLVWMDHLQ:HUNVHLQHU*QDGH6DJLFKELWWH GLFKGDGXJXWXQGEUDYJHZRUGHQELVW3DYHO/LHEHUELVWGX JXWXQGEUDY"©
(UVHQNWHGHQ.RSIJHSHLQLJWGXUFKLKU)OHKHQXQGVSUDFKª,FK ZHLHVQLFKW© ª'XZHLWHVQLFKW"©IUDJWH0LODGDXQG DOVHUVFKZLHJULHIVLH PLWDXIVWHLJHQGHU%HVRUJQLVGLH2EHULQDQª(UZHLHVQLFKW HKUZUGLJH0XWWHUZLHNDQQGDVVHLQ"©
'LH2EHULQVDK%DQJLJNHLWXQG8QUXKHVLFKLQGHQ=JHQGHU 1RYL]HPDOHQVDKLKUHEOHLFKHQ:DQJHQVLFKPLWLPPHUGXQNOHU ZHUGHQGHU5|WHIlUEHQXQGYHUVHW]WHEHVFKZLFKWLJHQGª(VNDQQ ZRKOVHLQ(UKDWGLUHLQHVFK|QH$QWZRUWJHJHEHQGLHGHV %HVFKHLGHQHQGHUVHLQHQ:HUWQLFKWNHQQW:LUNHQQHQLKQZLU ZLVVHQYRQGHQ)RUWVFKULWWHQGLHGHLQ%UXGHUDXIGHP:HJHGHV +HLOHVPDFKW'DUXPDXFKGXUIWHHUVHLQHQ$XIWUDJVHOEVW EHVWHOOHQXQGGHQGHLQHQVHOEVWHLQKROHQ(VLVWJHVFKHKHQXQG QXQOLHEH.LQGHUVDJWHXFK/HEHZRKO© 3DYHOVHXI]WHWLHIDXIª-HW]WVFKRQ"©XQG]XJOHLFKXQGPLW GHUVHOEHQ%HVWU]XQJGUDQJHQDXV0LODGDV0XQGGLHVHOEHQ :RUWH$EHUQXUHLQNXU]HU.DPSIXQGGHPXQZLOONUOLFKHQ 6FKUHLGHV+HU]HQVIROJWHGHU$XVGUXFNGHU(UJHEXQJLQIUHPGHQ :LOOHQXQGVLHVSUDFKª/HEHZRKO3DYHO© ,KUIURPPHU*HKRUVDPZXUGHEHORKQWGLH2EHULQOlFKHOWHJWLJ ª'XNDQQVWDXFKVDJHQDXI:LHGHUVHKHQ©
ª%HLPHLQHU(LQNOHLGXQJ©ILHO0LODGDEHJHLVWHUWHLQª]XPHLQHU (LQNOHLGXQJZLUVWGXNRPPHQGDVGDUIPDQ1LFKWZDKU HKUZUGLJH0XWWHUPDQGDUI HUGDUIXQGLFK©VHW]WHVLHQDFK NXU]HP%HVLQQHQGHPWLJKLQ]XªGDUILFKQRFK HLQH)UDJHDQLKQ VWHOOHQ"© ª)UDJH©
0LODGDGLHVFKRQLP%HJULIIHJHZHVHQGHU2EHULQ]XIROJHQ ZDQGWHVLFKZLHGHU3DYHO]Xª/LHEHUKDVWGXDOOHQYHU]LHKHQGLH GLU%|VHVJHWDQKDEHQ"©
(UVDKGLHJHVSDQQWHEHEHQGH(UZDUWXQJPLWGHUVLHVHLQHU $QWZRUWODXVFKWHHUSUIWHVHLQ+HU]XQGVDJWHª(LQLJHQVFKRQ©
ª'XPXWDEHUDOOHQYHU]HLKHQVLHVLQGMD:HUN]HXJH*RWWHVGLH GLFK]XLKPIKUHQGXUFK3UIXQJHQ9HU]HLKLKQHQOLHEHVLH YHUVSULFKHVPLU© 6LHEHVFKZRULKQPLWHLQHP8QJHVWPGHUDQGLH0LODGDIUKHUHU 7DJHJHPDKQWHª9HUVSULFK VPHLQ3DYHO:HQQGXHVQLFKWWXVW PXLFKOHLGHQ©NODJWHVLHªHVLVWHLQ=HLFKHQGDLFKQRFK QLFKWJHQXJJHWDQJHEHWHWJHEWKDEH© ª,FKYHUVSUHFKHV©ULHIHUEHUZlOWLJWXQGVWUHFNWHVHLQH$UPH QDFKLKUDXV
ª'DQN©K|UWHHUVLHQRFKVDJHQª'DQNOLHEHUOLHEHU3DYHO© XQGDOOHVZDUYRUEHLGLH/LFKWHUVFKHLQXQJHQWJOLWWHQ'LH2EHULQ KDWWH0LODGDPLWVLFKIRUWJH]RJHQHUZDUDOOHLQ
%DOGGDUDXI|IIQHWHGLH3I|UWQHULQGLH7UXQGEOLHEDQGHUVHOEHQ VWHKHQGLH.OLQNHLQGHU+DQG3DYHOOHLVWHWHLKUHUVWXPPHQ $XIIRUGHUXQJ)ROJHHUWUDWLQGLH+DOOHHUWUDWLQV)UHLH
3DYHOVFKULWWODQJVDPEHUGHQ3ODW]GHULKPHLQVWHLQHQVR JURDUWLJHQ(LQGUXFNJHPDFKWXQGIUGHVVHQ+HUUOLFKNHLWHQHU KHXWHNHLQHQ%OLFNKDWWH'DV*OFNVJHIKOEHUGDVXQHUZDUWHWH :LHGHUVHKHQPLW0LODGD]LWWHUWHQRFKHLQH:HOOHLQLKPQDFK ZLFKDEHUEDOGHLQHUMHGHDQGHUHYHUGUlQJHQGHQ(PSILQGXQJ TXDOYROOHU%HVRUJQLVXQGIOOWHVHLQH6HHOHPLW/HLGXQGPLW5HXH
(UKlWWH VLFKQLFKWIRUWZHLVHQODVVHQGUIHQZLHHUHVLQIHLJHU 6FKFKWHUQKHLWJHWDQHUKlWWHEOHLEHQXQGGHU)UDX2EHULQVDJHQ VROOHQ0LUEDQJWXPPHLQH6FKZHVWHUVHKHQ6LHQLFKWGDVLH VLFKYHU]HKUWLQ$UEHLW*HEHWXQG%XH"'DVZlUHVHLQH3IOLFKW JHZHVHQZRKODXFKVHLQ5HFKW 'HU*HGDQNHHLQPDOJHIDW XQGVRJOHLFKZDUHUDXFK]XP(QWVFKOX3DYHONHKUWHQDFKGHP .ORVWHU]XUFNXQG]RJDQGHU*ORFNH 'LH7U|IIQHWHVLFKQLFKWDEHUDQHLQHPLQGHUVHOEHQ DQJHEUDFKWHQNOHLQHQ*LWWHUZXUGHHLQ$XJHVLFKWEDUGLH 3I|UWQHULQIUDJWHQDFKGHP%HJHKUGHV6FKHOOHQGHQXQGDXI 3DYHOV$QWZRUWNDPGHU%HVFKHLGGLH)UDX2EHULQVHLQLFKW]X VSUHFKHQ'LH.ODSSHKLQWHUGHP*LWWHUVFKORVLFK
:DVWXQ"3RFKHQVWUPHQGHQ(LQODHU]ZLQJHQDXIGLH*HIDKU KLQGHQ 8QZLOOHQGHUIURPPHQ)UDXDXIVLFK]XODGHQ"8QG ZHQQGLHVJHVFKDK ZHUZUGHIU3DYHOV9HUJHKHQEHQPHKU EHQZROOHQDOVPVVHQ" 0LODGD(UZXWHHVZRKOXQGWUDW YRQQHXHPVHLQH:DQGHUXQJDQ $P(QGHGHU6WDGWLQXQPLWWHOEDUHU1lKHGHU%UFNHVWDQGHLQ (LQNHKUKDXVXQGGDYRUHLQHEUHLWlVWLJH/LQGHGLHHLQSDDUPLW GHQGQQHQ)HQLQGLH(UGHHLQJHODVVHQH7LVFKHXQG%lQNH EHVFKDWWHWH3DYHOQDKPDXIHLQHUGHUOHW]WHUHQ3ODW]HUZDU KXQJULJXQGGXUVWLJXQGULHIQDFK%LHUXQG%URW$EHUDOVGDV 9HUODQJWHLKPJHEUDFKWZDUGYHUJDHU]XHVVHQXQG]XWULQNHQ ,P+RIHGHV*DVWKDXVHVJLQJHVOHEKDIW]X(LQ6WHOOZDJHQZDU DQJHNRPPHQXQGKDWWHHLQLJH5HLVHQGHDEJHVHW]WYRQGHQHQ VLFK]ZHLLQOHEKDIWHP6WUHLWPLWGHP.XWVFKHUZHJHQGHVYRQ LKPJHIRUGHUWHQ7ULQNJHOGHVEHIDQGHQ(LQHDOWH)UDXYHUPLWH HLQ%DJDJHVWFNXQGGXUFKVW|EHUWH]XP9HUGUXGHUDQGHUHQ
)DKUJlVWHGHQNOHLQHQ%HUJYRQ0DQWHOVlFNHQXQG%QGHOQGHU XQWHUGHP7UERJHQ]XVDPPHQJHWUDJHQZRUGHQZDU 'LHVHQ9RUJlQJHQVFKHQNWH3DYHODQIDQJVQXUHLQHIOFKWLJH $XIPHUNVDPNHLWDEHUVLHZXUGHVHKUUHJHDOVLKPSO|W]OLFKHLQ .|IIHUFKHQHLQ3HO]XQGHLQ.QRWHQVWRFNDXIILHOHQGLHHUQHEHQ GHP(FNVWHLQDXIGHU(UGHOLHJHQVDK'DVZDUHQMDGUHLDOWH %HNDQQWHEHVRQGHUVGHU6WRFNGHU KDWWHLKPHLQPDOUHFKW OXVWLJDXIGHP5FNHQJHWDQ]W 2KQHVLFK]XEHVLQQHQULHIHUODXWª+HUU/HKUHU+HUU/HKUHU VLQG6LHGD"©VSUDQJDXIXQGZROOWHLQV+DXVVWU]HQGDWUDW LKP+DEUHFKWVFKRQPLWDXVJHEUHLWHWHQ$UPHQHQWJHJHQ ª$OOHJXWHQ*HLVWHU3DYHOOLHEHU0HQVFK© ª:RKHU":RKLQ"©IUDJWHGHU%XUVFKH
ª:RKLQ"=XGLUGLFKZROOWHLFKEHVXFKHQXQGWUHIIHGLFKDXI PHLQHP:HJH(LQJOFNOLFKHU=XIDOOHLQJXWHV2PHQ©
ª6LHKDEHQPLFKEHVXFKHQZROOHQ GDVLVWVFK|Q+HUU/HKUHU©
ª6FK|Q",ZDUXPQLFKWJDU$EHUVDJPLUQLFKW¾+HUU/HKUHU½ LFKELQNHLQ/HKUHUPHKUGDVLVWDOOHVYRUEHL,FKELQHLQ-QJHU JHZRUGHQXQG© HUVSLW]WHGLH/LSSHQXQGVRJGLH/XIWPLW WLHIHP%HKDJHQHLQDOVREHUYRQHWZDV.|VWOLFKHPVSUlFKH ªXQGHLQQHXHV/HEHQEHJLQQW© 3DYHOZDUHUVWDXQWGDVQHXH/HEHQKDWWHHUJHPHLQWKDEH OlQJVWEHJRQQHQ
ª:DUQLFKWVLVWGXUFKDXVPLUDWHQ©HUZLGHUWH+DEUHFKW NRSIVFKWWHOQGªVROOVWK|UHQZLH.RPPLQV+DXVXQWHUGHU /LQGH HLQVFK|QHU%DXPZHUGHPLFKYLHOOHLFKWVHKUEDOGQDFK GHP$QEOLFNHLQHUVROFKHQ/LQGHVHKQHQ LVW VPLU]XIULVFK .RPPOLHEHU0HQVFKLFKKDEHYLHOIUGLFKDXIGHP+HU]HQXQG ZLOODXFKYLHOYRQGLUK|UHQHKHZLUXQVWUHQQHQYRUDXVVLFKWOLFK DXI1LPPHUZLHGHUVHKHQ© (UEHVWHOOWH HLQ0LWWDJHVVHQIUVLFKXQG3DYHOOLHGDVEHVWH =LPPHUGHVHUVWHQ6WRFNHVDXIVSHUUHQXQGHUNOlUWHVLFK
XQJHPHLQ]XIULHGHQDOVLKPHLQHJURH6WXEHDQJHZLHVHQZXUGH GHUHQ(LQULFKWXQJDXV]ZHLVFKPDOHQ%HWWHQPLWKRFK DXIJHWUPWHQURVHQIDUELJHQ.LVVHQDXVHLQHPPLW :DFKVOHLQZDQGEHU]RJHQHQ7LVFKXQGDXVYLHU6HVVHOQEHVWDQG $XFKGLHWUEH6XSSHXQGGHUQRFKWUEHUH:HLQGDV DXVJHZlVVHUWH5LQGIOHLVFKXQGGLHKDOEURKHQ.DUWRIIHOQGLHGHU :LUWLKPYRUVHW]WHEHJUWHHUPLWXQEHGLQJWHQ /REHVHUKHEXQJHQ6HLQHLJHQHV1DKUXQJVEHGUIQLVZDUQLFKW JU|HUDOVGDVHLQHVLQGLVFKHQ%HUVDEHUVHLQHQ*DVWPXQWHUWH HUIRUWZlKUHQGDXIª,XQGWULQNODGLU VVFKPHFNHQGDV0DKO LVWJXWXQGLFKZU]HHVGLUPLWQW]OLFKHQ*HVSUlFKHQPLWGHU 4XLQWHVVHQ]PHLQHU(UIDKUXQJHQ©
(UEHJDQQ]XHU]lKOHQJHULHWLQLPPHUHUK|KWHUH6WLPPXQJKLHOW HVQLFKWODQJHDXVDXIHLQHP3ODW]HVSUDFKMHW]WVWHKHQGMHW]W VLW]HQGMHW]WLP=LPPHUKLQXQGKHUVFKZLUUHQGXQGVWHWVPLW HLJHQWPOLFKKDVWLJHQ*HElUGHQ -DGDVZDUHLQ,UUWXPJHZHVHQGDVPLWGHP*ODXEHQDQGLH QHXH/HEHQVVRQQHGLHLKPLQGHPQHXHQ:LUNXQJVNUHLVH DXIJHKHQZUGH'LH*HVSHQVWHUGHUWRWHQ9HUJDQJHQKHLW KXVFKWHQQDFKLQGLHOHEHQGLJH*HJHQZDUWXQGULFKWHWHQ 9HUZLUUXQJXQG+DGHUDQZR.ODUKHLWXQG)ULHGHQKHUUVFKHQ VROOWHQ=XJXWKDWWH+DEUHFKWHVPDFKHQZROOHQ]XYLHO(LIHUDQ GHQ7DJJHOHJWVLFK]XGHPWLJXP*XQVWEHZRUEHQ GLHVDOOHV YHUEXQGHQPLWVHLQHP)OHLHVHLQHUVWUHQJHQ3IOLFKWHUIOOXQJXQG PDNHOORVHQ/HEHQVIKUXQJHUZHFNWH0LWUDXHQª'HU0DQQPX HLQVFKOHFKWHV*HZLVVHQKDEHQ©VDJWHQGLH/HXWH
ª6SUVWGXZDV"©IUDJWH+DEUHFKWª$OVLFKGDVK|UWHJULQVWHGDV *HVSHQVWPLFKDQYRQGHPLFKLP$QIDQJJHVSURFKHQKDEH:lU LFKJHZHVHQZLHHLQHUGHUQLFKWVJXW]XPDFKHQKDW KlWWLFK V QLFKW]XJXWPDFKHQZROOHQZlUHPHLQHQJHUDGHQ:HJHLQIDFK XQGVFKOLFKWJHJDQJHQXQEHNPPHUWXPIUHPGH:RKOPHLQXQJ 1RFKHLQV6LHVLQGGRUWYLHOUDELDWHUWVFKHFKLVFKDOVKLHUPHLQ GHXWVFKHU1DPHYHUGURVLH6LHKDEHQEHLPLUGHXWVFKH *HVLQQXQJHQJHVXFKWEHLPLUGHPGLH(UGHHLQH6WlWWHGHU 'UDQJVDOHLVWXQGMHGHU0HQVFKHLQPHKURGHUPLQGHUVFKZHU *HSUIWHU,FKZHUGHHLQHQ8QWHUVFKLHGPDFKHQLFKZHUGH VDJHQ$P:RKOHUJHKHQGHVVHQGHUKEHQDP%DFK]XU:HOW JHNRPPHQOLHJWPLUPHKUDOVDP:RKOHUJHKHQGHVVHQGHU
GUEHQJHERUHQZRUGHQLVW(VJLEWHLQH1DWLRQMDHLQHGLH OHLWHWGLHIKUWGLHYRUDQOHXFKWHWDOOHWFKWLJHQ0HQVFKHQ GHU DQ]XJHK|UHQZlULFKVWRO]:DVMHGHQDQGHUHQ 1DWLRQDOLWlWHQVWRO]EHWULIIW©HUJULIIVLFKDQGHQ.RSIXQG ODFKWH ª1DUUKHLWXQZUGLJGHV-DKUKXQGHUWV'DVLVWPHLQ*HIKO *HIlOOWHXFKPHLQ1DPH+DEUHFKWQLFKW VDJWHLFKQHQQWPLFK 0DPSUDYPLUJLOWGDVJOHLFK1XQGDPLWGDLFKEHUHLWZDU LKQHQDXFKLQGHU6DFKHQDFK]XJHEHQGDPLWKDELFK VJDQ] YHUVFKWWHW-HW]WZDULFKHLQ6SLRQGHUVLHNLUUHQZROOWH*RWW ZHLLQZHOFKHP,QWHUHVVH8QGMHW]WWUDWLFKDXI6FKODQJHQEHL 7ULWWXQG6FKULWW=XOHW]WNRQQWHLFKEHLP%lFNHUNHLQ6WFN%URW PHKUEHNRPPHQIUPHLQJXWHV*HOGXQGEHLGHU+|NHULQNHLQHQ $SIHO2KGLH0HQVFKHQGLH0HQVFKHQ0DQPXVLHOLHEHQ XQGZLOOMD DEHUPDQFKPDOJUDXWHLQHPHVJUDXWHLQHPVRJDU VHKURIW© 'LH(ULQQHUXQJDQGDVMQJVW(UOHEWHGUFNWHLKQQLHGHUHUEOLHE HLQH:HLOHVWLOOEDOGMHGRFKJHZDQQVHLQHXQYHUZVWOLFKH /HEKDIWLJNHLWGLH2EHUKDQGXQGQHXHUGLQJVOLHHUGHQ6WURP VHLQHU5HGHVSUXGHOQXQGYHUJDYRQLKPKLQJHULVVHQDXIGLH %HJULIIVIlKLJNHLWVHLQHV=XK|UHUV5FNVLFKW]XQHKPHQ3DYHOV ,QWHUHVVHIUGLH$XVHLQDQGHUVHW]XQJHQVHLQHVDOWHQ*|QQHUV KDWWHJURH0KHVLFKGHPPDQJHOKDIWHQ9HUVWlQGQLV JHJHQEHUGDVHULKQHQELHWHQNRQQWH]XEHKDXSWHQ
'LHOHW]WH3UIXQJGLH+DEUHFKWEHVWDQGHQKDWWHZDUELWWHUDEHU NXU]JHZHVHQ(LQ)UHXQGHLQHLQVWLJHU6FKXONDPHUDGPLWGHP HULQVWHWHU9HUELQGXQJJHEOLHEHQHUVFKLHQHLQHV0RUJHQVEHLLKP DOV(UO|VHUDXVDOOHU3HLQXQG1RW=ZLVFKHQGHQ6FKLFNVDOHQ EHLGHU0lQQHUEHVWDQGHLQHJHZLVVHbKQOLFKNHLWXQGHVZDUGLH DXHURUGHQWOLFKHhEHUHLQVWLPPXQJLKUHU6LQQHVDUWZHOFKHLKUHQ 6HHOHQEXQGWURW]MDKUHODQJHU 7UHQQXQJDXIUHFKWHUKDOWHQKDWWH 6LHEHVFKORVVHQLQGHUHUVWHQ6WXQGHGHV:LHGHUVHKHQVGLH )RUWVHW]XQJGHV/HEHQVNDPSIHV6HLWHDQ6HLWHDXI]XQHKPHQ)U GLH0LWWHOVLFKDXIGDVYRQLKQHQJHZlKOWH6FKODFKWIHOG]X EHJHEHQVRUJWHGHU)UHXQGVRUJWHQGLH)UHXQGHGHV)UHXQGHV 'LHVHOHEWHQLQ$PHULNDLQ:RKOKDEHQKHLWXQG$QVHKHQXQG JHK|UWHQ]XGHQHLIULJVWHQ$SRVWHOQHLQHUªHWKLVFKHQ *HVHOOVFKDIW©GHUHQ=ZHFNGLH9HUEUHLWXQJPRUDOLVFKHU.XOWXU ZDUXQGGLHWlJOLFKDQ$QKDQJXQG(LQIOXJHZDQQ
ª%HNHQQHUHLQHU5HOLJLRQGHU0RUDOQHQQHQVLHVLFK©ULHI +DEUHFKWªLFKQHQQHVLHGLH(QW]QGHUXQG+WHUGHVKHLOLJVWHQ )HXHUVGDVMHDXI(UGHQEUDQQWHXQGGHVVHQ/LFKWEHVWLPPWLVW DXIGHP$QWOLW]GHUPHQVFKOLFKHQ*HPHLQGHGHQ:LGHUVFKHLQ HLQHUHGOHQELVKHUIUHPGHQ)UHXGLJNHLWZDFK]XUXIHQ,KUH %RWVFKDIWLVW]XPLUJHGUXQJHQLQ*HVWDOWHLQHV%XFKHV GHUJOHLFKHQQRFKQLHHLQHVJHVFKULHEHQZXUGH2 OLHEHU0HQVFK HLQ:XQGHUEXFKXQGKDWEHLPLUEHLQDKHGDVMHQLJHDXVJHVWRFKHQ GDVGXHLQVWGX7RUHLQ+H[HQEXFKQDQQWHVW,FKIROJHGHU %RWVFKDIWLFKJHKHKLQEHUHWZDV]XVXFKHQGDVLFKYHUORUHQ XQGHZLJYHUPLWKDEHHLQH$QNQSIXQJPLWGHP-HQVHLWV(LQV YRQEHLGHQEUDXFKHQZLUZLUDUPHQ(UGHQNLQGHUHLQ ZHQQDXFK QRFKVRJHULQJHV:RKOHUJHKHQRGHUHLQHQ*UXQGIUXQVHUH /HLGHQVRQVWZHUGHQZLUWUDXULJXQGGDVLVWHLQHV:DFNHUHQ XQZUGLJ© +LHUXQWHUEUDFKLKQ3DYHO]XPHUVWHQ0DOHª,VW7UDXULJNHLW XQZUGLJ"©
ª'XUFKDXV7UDXULJNHLWLVW6WLOOHLVW7RG+HLWHUNHLWLVW 5HJVDPNHLW%HZHJXQJ/HEHQ©(UEOLHEYRUGHP7LVFKHVWHKHQ VDK3DYHOIRUVFKHQGDQXQGVSUDFKª6LHIHKOWGLUQRFKLPPHUGLH +HLWHUNHLWGXELVWQLFKWPXQWHUHUJHZRUGHQ8QGZLHJHKWHVGLU LP'RUIH"© ª%HVVHU©HUZLGHUWH3DYHO
ª'DVOlWVLFKK|UHQ6HLWZDQQGHQQ"©
ª6HLWGHPLFKHVLKQHQHLQPDOJHVDJWXQGJH]HLJWKDEH© ª*HVDJWRK JH]HLJWRKRK:LHJH]HLJW"+DVWVLH JHSUJHOW"© ª)UFKWHUOLFKJHSUJHOW©
ª(LHLHL©+DEUHFKWPDFKWHHLQEHGHQNOLFKHV*HVLFKWXQG NUHX]WHGLH$UPHª1XQOLHEHU0HQVFK3UJHOVLQGQLFKW VFKOHFKWDEHUQXUIUGHQ$QIDQJGXUFKDXVQXUXQGEHUKDXSW QLHPHKUDOVHLQ3DOOLDWLY6DOEDGHUIUHLOLFKYHUVWHKHQYRQ 5DGLNDOPLWWHOQQLFKWVOHXJQHQGDUXPDXFKGDHVVROFKHJHEH 6HLNHLQ6DOEDGHU©VFKULHHUGHQHUVWDXQWHQ3DYHODQGHUVLFK
QLFKWHLQPDOHLQHXQJHIlKUH9RUVWHOOXQJYRQGHPPDFKHQNRQQWH ZDVGDPLWJHPHLQWZDU 8QGQXQIRUGHUWH+DEUHFKWLKQDXI]XVSUHFKHQª,FKKDEHGLU PHLQH*HQHUDOEHLFKWHDEJHOHJWODPLFKGLHGHLQHK|UHQ©(U EHJDQQLKQDXV]XIUDJHQYHUODQJWHYRQGHP7XQXQG/DVVHQ VHLQHVHKHPDOLJHQ6FKW]OLQJVJHQDXH5HFKHQVFKDIWXQGHUKLHOW VLHVRUDVFKGLH$XVUXIXQJHQ%HWUDFKWXQJHQXQGJXWHQ 5DWVFKOlJHPLWGHQHQHU3DYHOIRUWZlKUHQGXQWHUEUDFKHV HUODXEWHQ'HPDEHUZDUGDVJDQ]UHFKWVW|UWHLKQQLFKWPHKU DOVGDV*HUlXVFKHLQHVPXUPHOQGHQ%DFKHVJHWDQKlWWHXQGJDE LKP=HLWQDFKMHGHP6DW]HVHLQH*HGDQNHQ]XVDPPHOQXQG HLQHQSDVVHQGHQ$XVGUXFNIUVLH]XVXFKHQ(QGOLFKKDWWHHUMD GRFKVHLQIHVWYHUVFKORVVHQHVEHUYROOHV+HU]LQGDVVHLQHV ZXQGHUOLFKHQ)UHXQGHVDXVJHVFKWWHW
6LHEHIDQGHQVLFKEHLGHLQIHLHUOLFKHU6WLPPXQJ'HUDOWH0DQQ OHJWHGHPMXQJHQGLH+lQGHDXIV+DXSWXQGVSUDFKHLQHQZDUPHQ 6HJHQEHULKQ ª9RQ9HUQXQIWXQG*HPHLQGHZHJHQ©VFKORHUªKlWWHHLQ VFKOHFKWHU.HUODXVGLUZHUGHQPVVHQVWDWWGHVVHQELVWGXHLQ WFKWLJHUJHZRUGHQ0DFKVRIRUWVFKODJLKQHQHLQ6FKQLSSFKHQ XPVDQGHUH$UEHLWHGLFKKLQDXI]XP%DXHUZHUGHLKU %UJHUPHLVWHU©
3DYHOPDFKWHJU|HUH$XJHQDOVMHLQVHLQHP/HEHQXQGVDKGHQ /HKUHUPLWHLQHP]XJOHLFKVWRO]HQXQGXQJOlXELJHQ/lFKHOQDQ +DEUHFKWQLFNWHKDVWLJª-DMDXQGZHQQGX VELVWGDQQ]DKO LKQHQPLW*XWHPKHLPZDVVLHhEOHVDQGLUJHWDQKDEHQ©
'HU$EHQGEUDFKDQGLH6WXQGHGHU$EIDKUWQlKHUWHVLFKXQG +DEUHFKWZXUGHYRQILHEHUKDIWHU8QUXKHHUJULIIHQ(UIRUGHUWH VHLQH5HFKQXQJEH]DKOWHVFKHQNWHGHQ9HUVLFKHUXQJHQGHV :LUWHVGDHV]XP$XIEUXFKYLHO]XIUKVHLNHLQ*HK|UYHUOLH GDV+DXVXQGVFKOXJYRQ3DYHOJHIROJWGHUGDV.RIIHUFKHQGHQ 3HO]XQGGHQ6WRFNWUXJLP(LOPDUVFKGHQ:HJ]XP%DKQKRIHLQ $OVHUGRUWDQODQJWHXQGIUDJWHREHUQRFK]XUHFKWNRPPH]XP $EHQG]XJHQDFK:LHQZXUGHHUDXVJHODFKWZDVLKQEHUXKLJWH
(LQKHIWLJHU6WXUPKDWWHVLFKHUKREHQXQGVFKWWHOWHGLHYRUGHP 6WDWLRQVJHElXGHJHSIODQ]WHQ$ND]LHQElXPHGDHVHLQ(UEDUPHQ ZDUDXVGHQJUDXHQMDJHQGHQ:RONHQIHJWHNDOWHU6WULFKUHJHQ QLHGHU+DEUHFKWDFKWHWHGHVVHQQLFKWXQGVHW]WHVHLQHQ HKUZUGLJHQ)UDFNGHQHUDXFK]XGLHVHU5HLVHDQJHOHJWKDWWH VFKRQXQJVORVGHQ8QELOGHQGHU:LWWHUXQJDXV1XUVHLQHP JUDXHQODQJKDDULJHQ=\OLQGHUJHZlKUWHHUGHQ6FKXW]HLQHVEHU LKQJHEUHLWHWHQXQGXQWHUGHQVFKQ|UNHOI|UPLJHQ.UHPSHQ EHIHVWLJWHQ7DVFKHQWXFKVXQGSHQGHOWHVRQHEHQ3DYHODXIGHP 3HUURQKLQXQGKHUXQGVSUDFKRKQH8QWHUOD 1DFKGHPGLH.DVVHHU|IIQHWZRUGHQXQGHUHLQ%LOOHWWJHO|VW KDWWHNDQQWHVHLQH8QJHGXOGNHLQH*UHQ]HQPHKU(U]RJVHLQH 8KUGHUGHV%DKQKRIHVWUDXWHHUQLFKW=HKQ0LQXWHQQRFK P|JOLFKHUZHLVHNRQQWHDEHUGHU=XJJHUDGHKHXWHXPIQI 0LQXWHQIUKHUHLQWUHIIHQXQGGDPDQGDQQLQIQI0LQXWHQ VFKHLGHQPXWHZDUXPQLFKWOLHEHUJOHLFK"(UEDW3DYHO LQVWlQGLJVWKHLP]XJHKHQVLFKVHLQHWZHJHQQLFKWOlQJHU DXI]XKDOWHQ9RUKHUDEHU]ZDQJHULKQQRFKIDVWPLW*HZDOW VHLQH8KUDQ]XQHKPHQ
ª,FKEUDXFKHVLHQLFKWPHKUPHLQ)UHXQGKDWHLQH'HQNQDFK :HQQLPPHUDXI]ZHL0HQVFKHQHLQH8KUNlPHZDVZlUHGDVIU HLQJQVWLJHVVWDWLVWLVFKHV9HUKlOWQLV /HEZRKOJHKMHW]W© 0LWHLQHU+DQGVFKREHULKQIRUWPLWGHUDQGHUHQKLHOWHULKQ ]XUFNª0HLQHOHW]WHQ:RUWHOLHEHU0HQVFKPHUNVLHGLUSUlJH VLHGLULQ GLH6HHOHLQV+LUQ*LEDFKW:LUOHEHQLQHLQHU YRU]XJVZHLVHOHKUUHLFKHQ=HLW1LHLVWGHQ0HQVFKHQGHXWOLFKHU JHSUHGLJWZRUGHQ6HLGVHOEVWORVZHQQDXVNHLQHPHGOHUHQVR GRFKDXV6HOEVWHUKDOWXQJVWULHEDEHULFKVHKHGDVLVWGLUZLHGHU ]XKRFK DQGHUVDOVR,QIUKHUHQ=HLWHQNRQQWHHLQHUUXKLJ YRUVHLQHPYROOHQ7HOOHUVLW]HQXQGVLFK VVFKPHFNHQODVVHQRKQH VLFKGDUXP]XNPPHUQGDGHU7HOOHUVHLQHV1DFKEDUVOHHUZDU 'DVJHKWMHW]WQLFKWPHKUDXHUEHLGHQJHLVWLJY|OOLJ%OLQGHQ $OOHQEULJHQZLUGGHUOHHUH7HOOHUGHV1DFKEDUVGHQ$SSHWLW YHUGHUEHQ GHP%UDYHQDXV5HFKWVJHIKOGHP)HLJHQDXV $QJVW'DUXPVRUJHGDIUZHQQGXGHLQHQ7HOOHUIOOVWGDHV LQGHLQHU1DFKEDUVFKDIWVRZHQLJOHHUHDOVP|JOLFKJLEW%HJUHLIVW GX"©
ª,FKJODXEHMD©
ª%HJUHLIVWGXDXFKGDGXQLHHLQHV0HQVFKHQ)HLQGVHLQVROOVW DXFKGDQQQLFKWZHQQHUGHUGHLQHLVW"© ª6RHWZDV©HUZLGHUWH3DYHOªKDWPLUVFKRQPHLQH6FKZHVWHU JHVDJW©
+DEUHFKWGUFNWHVHLQH)UHXGHDQGLHVHUhEHUHLQVWLPPXQJDXV XQGIXKU IRUWª)HUQHUYHUOHUQHGDV/HVHQQLFKW,FKKDEHDXV PHLQHP9RUUDWYRQ6FKXOEFKHUQHKHLFKLKQYHUVFKHQNWHVHFKV 6WFNIUGLFKEHLVHLWHJHEUDFKW GXZLUVWVLHGXUFKGLH3RVW HUKDOWHQ VFKOLFKWH%FKOHLQYRQXQEHUKPWHQ0lQQHUQ ]XVDPPHQJHVWHOOWZHQQGXDEHUDOOHVZHLWZDVLQLKQHQVWHKW XQGDOOHVWXVWZDVVLHGLUDQUDWHQGDQQZHLWGXYLHOXQGZLUVW JXWIDKUHQ/LHVVLHOLHVVLHLPPHUXQGZHQQGXPLWGHP VHFKVWHQIHUWLJELVWIDQJHPLWGHPHUVWHQZLHGHUDQ:DVGDV $OOHUVFKZLHULJVWHLP/HEHQEHWULIIWGLHVHVWHGLHJUDXVDPVWH GLHPlFKWLJVWHXQGIUFKWHUOLFKVWHDOOHU/HLGHQVFKDIWHQ LFKPDJ VLHJDUQLFKWQHQQHQ VRPHLQHLFKGXZlUVWDEJHVFKUHFNWXQG N|QQWHVWHVEOHLEHQ6LHLVWGLUDP4XHOOYHUJLIWHWZRUGHQEHL LKUHPHUVWHQ8UVSUXQJGDVKLOIWPDQFKPDOIULPPHU'XKDVWHV PLWLKUVRVFKOHFKWJHWURIIHQZLHGHLQDXIULFKWLJVWHU)UHXQGIU GHQLFKPLFKKDOWHHVGLUQLFKWEHVVHUKlWWHZQVFKHQN|QQHQ©
$XIGHP%DKQKRIHZDUHQLPPHUPHKU/HXWH ]XVDPPHQJHNRPPHQHLQHUVWHV*ORFNHQ]HLFKHQZXUGHJHJHEHQ DXVGHU)HUQHJHOOWHHLQ3ILII+DEUHFKWPHUNWHYRQDOOHGHP QLFKWVHUKDWWH3DYHODP5RFNJHIDWXQGUHGHWHKDVWLJXQG KHIWLJLQLKQKLQHLQª1LFKWMHGHUEUDXFKWHLQHQ+DXVVWDQG]X JUQGHQGDVLVWGHUJU|WH:DKQGDPDQHLQLJH.LQGHUKDEHQ PVVH HVJLEW.LQGHUJHQXJDXIGHU:HOWXQGMHEHVVHUHLQ 9DWHULVWGHVWRZHQLJHUKDWHUYRQVHLQHQ.LQGHUQ ZHUIKOW HGHOXQGVHOEVWORVJHQXJXPVLFK]XWUDXHQ]XGUIHQHUZHUGH HLQJXWHU9DWHUVHLQ"8QGGHLQHQ5XIOLHEHU0HQVFKDFKWHDXI GHLQHQ5XIGXZHLWVFKRQGLHJHZLVVH7DIHOGLHEODQNVHLQPX GLHGHLQHZDUVHKUYHUNULW]HOWSXW]HIHJHVWUHEHYRUZlUWV JODXEHZHQQGXKHXWHQLFKWHWZDVEHVVHUELVWDOVGXJHVWHUQ ZDUVWELVWGXJHZLHWZDVVFKOHFKWHU©
ª+HUU/HKUHU©ZROOWH3DYHOLKQDXIPHUNVDPPDFKHQDOVQXQ]XP ]ZHLWHQ0DOHJHOlXWHWZXUGHDEHUXQWHUGHP=LSIHOGHV 7DVFKHQWXFKHVKHUYRUGDVVLFKDXVGHU+XWNUHPSHORVJHPDFKW KDWWHXQGQXQYRP:LQGHEHZHJW+DEUHFKWV*HVLFKWXPIORJ VDKGLHVHULKQOLHEUHLFKDQXQGIXKUIRUWª:HQGHPLUQLFKWHLQ 'DVVLQGODXWHU]XKRKH*UXQGVlW]HIUXQVHUHLQHQJHKHQ6LH GDPLW]XGHQHQGLHRKQHKLQVFKRQKRFKVWHKHQZLUVLQGJHULQJH /HXWHIUXQVLVWDXFKHLQHJHULQJH0RUDOJXWJHQXJ,FKVDJH GLUJHUDGHGLHEHVWHLVWIUHXFKGLHUHFKWHLKU*HULQJHQLKUVHLG GLH:LFKWLJHQRKQHHXUH0LWZLUNXQJNDQQQLFKWV*URHVVLFK PHKUYROO]LHKHQ YRQHXFKJHKWDXVZDV)OXFKRGHU6HJHQGHU =XNXQIWVHLQZLUG© ª+HUU/HKUHU+HUU/HKUHUHVLVW=HLW©VDJWH3DYHOXQG+DEUHFKW YHUVHW]WHª(XUH=HLWMDZRKO XQGZDVLKUDXVGHUVHOEHQPDFKW GDVZLUG© ª(LQVWHLJHQ©ULHIHVGLFKWDQVHLQHP2KUXQGHUVDKVLFKXP VDKGHQ=XJGDVWHKHQXQGHUVFKUDNIXUFKWEDUª'ULWWH.ODVVH QDFK:LHQ©VFKULHHUUDQQWHDXIGHQLKPYRP6FKDIIQHU EH]HLFKQHWHQ:DJJRQ]XXQGHUNORPPLKQPLWQLFKWJHUDGH DQPXWLJHUDEHUZXQGHUEDUHU%HKHQGLJNHLW
3DYHOHLOWHLKPQDFKXQGUHLFKWHLKPVHLQH(IIHNWHQLQGHQ EHUIOOWHQ:DJHQLQGHPHUXQWHUYLHOHQ(QWVFKXOGLJXQJHQHLQHQ 3ODW]JHIXQGHQKDWWH(LQQHXHU3ILIIGHU=XJVHW]WHVLFKLQ %HZHJXQJHLQHNOHLQH6WUHFNHNRQQWHLKQ3DYHOLQVFKDUIHP /DXIHEHJOHLWHQ ª*RWWEHKWH6LH+HUU/HKUHU©VFKULHHUXQGGXUFKGDV%UDXVHQ GHUGDYRQUROOHQGHQ/RNRPRWLYHXQGDXV5DXFKXQG'DPSIZRONHQ NDPGLH$QWZRUWª8QGGLFKOLHEHU0HQVFK$PHQ$PHQ $PHQ© $PVSlWHQ$EHQGQDFKGHP3DYHOKHLPJHNRPPHQZDUIWWHUWH HUVHLQHQ+XQGQDKPHLQH+DXHXQGJUXEGHP6WHLQHQDFKGHQ HUXQWHUGLH6FKZHOOHVHLQHV+DXVHVYHUVHQNWKDWWH/DPXUVD GDQHEHQXQGZDUIDXVYHUGULHOLFK]XJHNQLIIHQHQ$XJHQVR VFKHHOH%OLFNHDXIGLH$UEHLWVHLQHV+HUUQOHFNWHVLFKGLH1DVHVR RIWXQGVDKVRYHUlFKWOLFKGUHLQGDMHQHUVHLQHEOH/DXQH EHPHUNHQPXWH
ª,VWGLU VYLHOOHLFKWQLFKWUHFKW"©IUDJWH3DYHO
(LQK|KQLVFKHV=lKQHIOHWVFKHQZDUGLH$QWZRUW
3DYHODEHUKDWWHGHQ6WHLQDXVJHKREHQEHWUDFKWHWHLKQZRJLKQ LQGHU+DQGXQGIDQGLKQNOHLQHUXQGOHLFKWHUDOVHUVLFKLKQ YRUJHVWHOOW
ª'DLVWHUVFKDX QLPP©VDJWHHUXQGKLHOWLKQGHP+XQGHKLQ GHULKQDXI%HIHKOVHLQHV+HUUQLQGLH6FKQDX]HQDKPXQGLKP QDFKWUXJ
$P%UXQQHQDQJHODQJWDQGHPLKUHHUVWH%HJHJQXQJVWDWWJHKDEW KDWWHQDKP3DYHOGHP+XQGHGHQ6WHLQDXVGHP0DXOXQG VFKOHXGHUWHLKQLQV:DVVHULQGHPHUPLWHLQHPODXWHQ*OXFNVHQ YHUVDQN /DPXUJDEGXUFK.QXUUHQVHLQH0LELOOLJXQJ]XHUNHQQHQ
6HLWHLQLJHU=HLWKDWWHGLH)UDX%DURQLQLKUH:RKQXQJLPHUVWHQ *HVFKRGHVJURHQ6FKORVVHVPLWHLQHU]XHEHQHU(UGH JHOHJHQHQYHUWDXVFKW6LHIKOWHVLFKVHKUDOWZHUGHQGDV 7UHSSHQVWHLJHQPDFKWHLKU0KHXQGVLHXQWHU]RJVLFKGHUVHOEHQ QXUQRFKEHLEHVRQGHUHQ)HLHUOLFKNHLWHQGLHQLUJHQGVDQGHUVDOV LP$KQHQVDDOHVWDWWILQGHQNRQQWHQ$PHUVWHQ-DQXDU]XP %HLVSLHOZHQQGLH%DURQLQGLH*OFNZQVFKHLKUHULQFRUSRUH PLW *HPDKOLQQHQXQGFRXUIlKLJHQ1DFKNRPPHQDXVJHUFNWHQ %HDPWHQHPSILQJRGHUDP*UQGRQQHUVWDJZHQQVLHHLQHU )DPLOLHQWUDGLWLRQJHWUHXGDVVHOEH)HVWLQEHVFKHLGHQHU 1DFKDKPXQJEHJLQJGDVDQGLHVHP7DJHLQGHU+RIEXUJ]X:LHQ PLWNDLVHUOLFKHP*ODQ]HYROO]RJHQZLUG
'DVJHZ|KQOLFKH/HEHQGHU*UHLVLQYHUIORLQJOHLFKPlLJHU LPPHUWLHIHUZHUGHQGHU6WLOOH6LHEHVFKlIWLJWHVLFKYLHOPLWGHP *HGDQNHQDQLKUHQ7RGGHPVLHRKQH)XUFKWXQG WURW]PDQFKHU TXlOHQGHQ/HLGHQXQG%HVFKZHUGHQ RKQH8QJHGXOG HQWJHJHQVDK6LHKDWWHLKUHOHW]WHQ$QRUGQXQJHQJHWURIIHQXQG ]XP (UEHQLKUHV*XWHV6ROHVFKDXGDV.ORVWHUHLQJHVHW]WDQ GHVVHQ6SLW]HLKUHKRFKYHUHKUWH)UHXQGLQVWDQGXQGLQGHP 0LODGDHU]RJHQZRUGHQZDUGLHVRHV*RWWXQGVHLQHQ 6WHOOYHUWUHWHUQDXI(UGHQJHILHOEHVWLPPWVHLQNRQQWHGLH REHUVWH/HLWHULQGHV+DXVHV]XZHUGHQLQGDVVLHYRU]HLWHQDOV GHUlUPVWH=|JOLQJJHWUHWHQZDU'LH%HGUIWLJHQGHU*HPHLQGH ZDUHQLP7HVWDPHQWGHUDOWHQ'DPHQLFKWYHUJHVVHQXQGDXFK NHLQHULKUHU'LHQHU]XOHW]WKDWWHVLHDQVLFKJHGDFKWGDQQDEHU UHFKWDXVIKUOLFKXQGGDV=HUHPRQLHOOGDVVLHEHLLKUHP /HLFKHQEHJlQJQLVEHREDFKWHWZLVVHQZROOWHJHQDXEHVWLPPW'LH *UXIWGLHKDOEYHUIDOOHQZDUXQGIUGHUHQ(UKDOWXQJVLH JUXQGVlW]OLFKQLHHWZDVJHWDQKDWWHVROOWHQRFKLKUH5HVWH DXIQHKPHQGDQQ]XJHPDXHUWXQGGHU(LQJDQJPLW(UGHXQG 5DVHQEHUGHFNWZHUGHQ'LH/HXWHGLHGDGULQQHQOLHJHQ VFKOLHHQVLFKPLW9HUJQJHQYRUGHUKHXWLJHQ:HOWDEPHLQWH VLHRUGQHWHMHGRFKDQGDGLH.DSHOOHGLHGHQ*UXIWKJHO NU|QWHLQJXWHP6WDQGHUKDOWHQZHUGHXQGLPPHU XQYHUVFKORVVHQ]XEOHLEHQKDEHGDPLWMHGHUGHVVHQ+HU]GDQDFK YHUODQJHQVROOWHDQGHUKHLOLJHQ6WlWWHHLQ9DWHUXQVHUIUGLHDOWH
*XWVIUDX]XVSUHFKHQGLHVHPIURPPHQ%HGUIQLVVHQDFKNRPPHQ N|QQH 'LH%DURQLQVDQQMHW]WRIWGDUEHUQDFKZHUYRQGHQ/HXWHQ GHQHQVLHPDQFKH :RKOWDWHUZLHVHQKDWWHGHQ:XQVFK HPSILQGHQZUGHIULKUHHZLJH5XKH]XEHWHQXQGJHZ|KQWH VLFKMHGHQPLWGHPVLHVSUDFKGDUDXIDQ]XVHKHQREHUZRKO]X GHQMHQLJHQJHK|UHGLHLKUHUYHUJHVVHQRGHU]XGHQMHQLJHQGLH LKUHUJHGHQNHQZUGHQ8QGZHQQ GLH%HMDKXQJRGHU9HUQHLQXQJ GHUYRQLKUGDUEHUDQJHVWHOOWHQ9HUPXWXQJHQDXFKQLFKW DXVVFKODJJHEHQGIULKUH:HUWPHVVXQJGHU0HQVFKHQZDUVR EWHVLHDXIGLHVHOEHGRFKJURHQ(LQIOX
(LQHV0RUJHQVDP7DJHQDFK3DYHOVOHW]WHP.ORVWHUEHVXFK GLH %DURQLQVDEHLLKUHU$UEHLWLQGHU0LWWHHLQHV.DQDSHHVGDV EHTXHPQRFKHLQHPKDOEHQ'XW]HQG3HUVRQHQYRQLKUHP8PIDQJ 3ODW]JHERWHQKlWWHKLQWHUHLQHPHEHQVRODQJHQVFKZHUIlOOLJHQ 7LVFK |IIQHWHVLFKGLH7UGHV=LPPHUVXQG0DWWKLDVWUDWHLQ XQGPHOGHWH ª'HU+ROXELVWVFKRQZLHGHUGUDXHQ© ª6FKRQZLHGHU" 0HLQHV:LVVHQVNRPPWHUMDQLH©VDJWHGLH 6FKORIUDXXQG0DWWKLDVHUZLGHUWHª-D DEHUGRFK© ª+PKPZDVZLOOHU"© ª6SUHFKHQP|FKWHU© ª0LWZHP"©
ª0LWIUHLKHUUOLFKHQ*QDGHQ©
ª6ROONRPPHQ©EHIDKOGLH%DURQLQXQGEDOGGDUDXINQDUUWHQ 3DYHOVVFKZHUH6WLHIHODXIGHQ3DUNHWWHQ
(UZROOWHDXIGLH%DURQLQ]XJHKHQXQGLKUGLH+DQGNVVHQZLHHV VLFKJHVFKLFNWKlWWHDEHUGHU7LVFKYHUVSHUUWHGHQ=XJDQJ]XP .DQDSHHXQGGHQZHJ]XVFKLHEHQKlWWHVLFKZLHGHUQLFKW JHVFKLFNW6RJHULHW3DYHOLQHLQHQSHLQOLFKHQ.RQIOLNWGHU 3IOLFKWHQOLHLQVHLQHU9HUOHJHQKHLWGHQ+XWIDOOHQXQGZDJWH QLFKWLKQDXI]XKHEHQ
'LH%DURQLQZLQNWHLKPQlKHU]XWUHWHQVWDQGDXIEHXJWHVLFK EHUGHQ7LVFKXQGVXFKWHVLFKVRJXWLKUH]XQHKPHQGH%OLQGKHLW HVHUODXEWHGXUFKGHQ$XJHQVFKHLQGDYRQ]XEHU]HXJHQGD ZLUNOLFK3DYHO+ROXEYRULKUVWDQG'DQQVHW]WHVLHVLFKZLHGHU XQGIUDJWHZDVLKQKHUIKUH (ULQGHVVHQKDWWHDEZHFKVHOQGVLHXQGGLH6WULFNDUEHLWHQ DQJHVHKHQGLHRIIHQEDU]XUOHW]WHQ$XVIHUWLJXQJEHUHLWYRULKU ODJHQXQGQHXHXQGIDUEHQIULVFKH(EHQELOGHUGHU5|FNOHLQXQG -DFNHQZDUHQLQGHQHQDOOHDUPHQ'RUINLQGHUKHUXPOLHIHQ $QJHKHLPHOWGXUFKGHQ$QEOLFNXQGJHUKUWGXUFKGHQ)OHLGHU DOWHQJHEUHFKOLFKHQ)UDXIDWHHUVLFKDXIHLQPDOHLQ+HU]XQG NDPPLWVHLQHP$QOLHJHQKHUDXV(VEHVWDQGLQGHU%LWWHGLH )UDX%DURQLQP|JHVLFKJQlGLJVWGDIUYHUZHQGHQGDPDQ VHLQHU6FKZHVWHU0LODGDGHQ'LHQVWLP.ORVWHUHUOHLFKWHUHVRQVW N|QQHVLHHVQLFKWDXVKDOWHQXQGPVVHVWHUEHQ
ª6WHUEHQ"0LODGDVWHUEHQ"©'LH*UHLVLQODFKWHZDUHQWUVWHW EHIDKOGHPLPSHUWLQHQWHQ'XPPNRSIGHUVRHWZDV]XGHQNHQ ZDJHGHPURKHQXQGJUDXVDPHQ6FKOLQJHOGHUHLQVROFKHV:RUW EHUVHLQH/LSSHQEULQJHGDV=LPPHU]XYHUODVVHQ ULHIGHQ %HVWU]WHQDOVHUJHKRUFKHQZROOWHZLHGHU]XUFNXQGIRUGHUWH LKQDXILKU]XHUNOlUHQZLHHULQV.ORVWHUXQGGD]XJHNRPPHQ VHL0LODGD]XVSUHFKHQª$EHUOJQLFKWZLHHLQ=LJHXQHUGHUGX ELVW©VHW]WHVLHKHIWLJHUUHJWKLQ]X 3DYHOHUVWDWWHWHVHLQHQ%HULFKWLQlXHUVWHU.U]HMHGRFKPLW HLQHP*HSUlJHGHU:DKUKDIWLJNHLWGDVZRKOGHQYHUKlUWHWVWHQ =ZHLIOHUEHU]HXJWKlWWH
'LH%DURQLQVHQNWHGHQ.RSILPPHUWLHIHUDXILKUH6WULFNHUHLVLH EHUHXWHVFKRQLKUH$XVIlOOHJHJHQ3DYHOEHVRQGHUVGHQOHW]WHQ :DUXPKDWWHVLHLKQHLQHQ=LJHXQHUJHQDQQW":DUXPLKQGDPLW DQGDVHOHQGH:DQGHUOHEHQGDVHULQVHLQHU.LQGKHLWIKUHQ PXWHXQG]XJOHLFKDQ9DWHUXQG0XWWHUHULQQHUWXQGLKPVHLQ 8QJOFN]XP9RUZXUIJHPDFKW" 3IXLGDVLHVLFKVRZHLWYRQ LKUHPbUJHUEHUGHQ%XUVFKHQKDWWHKLQUHLHQODVVHQZHLOHU HLQHXQEHJUQGHWH%HVRUJQLVXPVHLQH6FKZHVWHUJHlXHUW1DFK DOOHPZDVGLH%DURQLQLQGHUOHW]WHQ=HLWYRQLKPJHK|UW YHUGLHQWHHUHKHU/REDOV7DGHO+DWWH$QWRQHLQHULKUHU 9HUWUDXHQVPlQQHUQLFKWJHVDJWª:DU1LFKWVQXW]+ROXEDEHU
MHW]WPDFKWVLFK©+DWWHGHU)|UVWHULKQQLFKWJDQ] DXHURUGHQWOLFKJHUKPW"+DWWHQLFKWVRJDUGHULKPGXUFKDXV QLFKWZRKOJHVLQQWH3IDUUHUDXILKUH(UNXQGLJXQJQDFKLKP HUZLGHUWª(VOLHJWQLFKWVJHJHQLKQYRU© 8QGVLHEHVFKLPSIWH LKQ6LHGLHDP5DQGHGHV*UDEHVVWDQGGLHEDOGQLFKWPHKU YHUP|JHQZUGHHLQHP0HQVFKHQZRKO]XWXQWDWQRFKHLQHP RKQHKLQ+DUWJHSUIWHQZHK
ª+ROXE©VSUDFKVLHSO|W]OLFKªGHLQHU6FKZHVWHUIHKOWQLFKWV 7URW]GHPZLOOLFK ]XGHLQHU%HUXKLJXQJXQGDXFKHLQZHQLJ]XGHU PHLQHQPRUJHQLQV.ORVWHUIDKUHQ'HQQ HLQHQXQDQJHQHKPHQ (LQGUXFNPDFKHQPLUGHLQHHLQJHELOGHWHQ%HIUFKWXQJHQGRFK XQGLFKP|FKWHLKQEDOGORVZHUGHQ 3DYHOV*HVLFKWVWUDKOWHYRU)UHXGH ª:HQQGLH)UDX%DURQLQ© VDJWHHUªVLFKVHOEVWYRP$XVVHKHQ0LODGDVEHU]HXJHQP|FKWH XQGIDOOVVLHGDPLWXQ]XIULHGHQLVWEHVWLPPHQZROOWHGDEHVVHU DFKWDXIVLHJHJHEHQXQGPDQLKUYHUELHWHQZUGHVLFKZHLWEHU LKUH.UlIWHDQ]XVWUHQJHQZLHVLHHVWXWZHLOVLHVLFK YRUJHQRPPHQKDWJDU]XVFKZHUH6QGHUORV]XEHWHQ GDVZlUH HLQHJURH:RKOWDWXQGGHUOLHEH+HUUJRWWZUGHHVGHU)UDX %DURQLQWDXVHQGIDFKYHUJHOWHQ© 6LHOlFKHOWHXQGPHLQWHª'DKlWWHGHUOLHEH+HUUJRWWYLHO]XWXQ ZHQQHUDOOHGLH:HFKVHOHLQO|VHQVROOWHGLHYRQXQEHIXJWHQ 6FKDW]PHLVWHUQDXILKQDXVJHVWHOOWZHUGHQ© ª)UHLOLFKIUHLOLFK©HUZLGHUWH3DYHOJHGDQNHQORVKREVHLQHQ+XW YRP%RGHQDXIVDKVLFKLP=LPPHUXPXQGHUNDQQWHHVDOV GDVVHOEHLQZHOFKHPHUQDFKGHP)HGHUQUDXEHDQGHPE|VHQ 3IDXVHLQHHUVWH$XGLHQ]LP6FKORVVHJHKDEWKDWWH8QZLOONUOLFK ZDUIHUHLQHQ%OLFNQDFKGHUGQQHQ6FKQXUDQGHU'HFNHXQG VDKGDVLHQRFKLPPHUIHVWKLHOWXQGGDGHUYHUJROGHWH.EHO ELV]XU6WXQGHQLFKWKHUDEJHIDOOHQZDU-HGH(LQ]HOKHLWGHV GDPDOLJHQ9RUJDQJHVWDXFKWHYRULKPDXI(UHULQQHUWHVLFK EHVRQGHUVGHXWOLFKGHUJURHQ$EQHLJXQJGLHLKPGLH)UDX %DURQLQHLQJHIO|WKDWWHXQGGLHLQVROFKHP*HJHQVDW]]XGHU +RFKDFKWXQJVWDQGYRQZHOFKHUHUVLFKMHW]WIUVLH GXUFKGUXQJHQIKOWH
:DVKDWWHVLFKGHQQYHUlQGHUW"6LHQLFKWVLHZDUGLHVHOEH JHEOLHEHQLQVHLQHQ$XJHQQLFKWHLQPDOlOWHUJHZRUGHQHLQH *UHLVLQGDPDOVHLQH*UHLVLQMHW]W(UZDUHLQDQGHUHUHLQ UHLFKHUHU0HQVFKQLFKWPHKUGHUVWXPSIHIUGHQHVQLFKWV 9HUHKUXQJVZUGLJHVJLEWZHLOLKPGHU6LQQHV]XHUNHQQHQ IHKOW(UHPSIDQGGDVPLW]LHPOLFKHU.ODUKHLWXQGKlWWHHVJHUQDQ GHQ7DJJHOHJWKlWWHVLFKDEHUDXFKJHUQHPSIRKOHQQDFKGHP VHLQ*HVFKlIWEHHQGHWVHLQ*HVXFKDQJHEUDFKWXQGDXIGDVEHVWH DXIJHQRPPHQZRUGHQZDU2KQH$KQXQJGDHVLKP]XNRPPH ]XZDUWHQELVHUHQWODVVHQZHUGHVSUDFKHUª,FKZLOO(XHU *QDGHQQLFKWOlQJHUEHOlVWLJHQLFKVDJGHU)UDX%DURQLQ WDXVHQGPDOYHUJHOW V*RWWXQGZHQQ6LHVWHUEHQZHUGHLFKIU 6LHEHWHQ© ª6R"VR"©VLHULFKWHWHVLFKHPSRUª:LUVWGXGDVZLUNOLFKWXQXQG DQGlFKWLJ"© ª6HKUDQGlFKWLJ©
ª3DYHO+ROXE©VDJWHGLH%DURQLQLQIUHXQGOLFKHP7RQHªHVIUHXW PLFKGDGXIUPLFKEHWHQZLOOVW 8QGMHW]WVDJPLU0HLQ)HOG GDVMHQLJHDQGHVVHQ5DQGGHLQH+WWHVWHKWKDVWGXHVGLUZRKO UHFKWDXIPHUNVDPDQJHVHKHQ" :LHJURVFKlW]HVWGX V"© ª(VZLUGVRVHLQHIQI]HKQ0HW]HQKDEHQQLFKWJDQ]GUHL +HNWDUH©VSUDFK3DYHORKQH=|JHUQ ª(LQVFKOHFKWHV)HOGZDV"©
ª-DGLH)HOGHUGRUWREHQVLQGDOOHVFKOHFKW:HQQLFKGHU 9HUZDOWHUZlUZUGLFKGRUWREHQQLH:HL]HQDXVVlHQ© ª6RQGHUQ"©
ª+DIHURGHU.RUQXQG.LUVFKElXPHZUGLFKSIODQ]HQYLHOH YLHOH©
ª6RSIODQ]H.LUVFKElXPH©YHUVHW]WHGLH%DURQLQHUQVWXQGUDVFK ªGDV)HOGLVWGHLQ© ª0HLQ ZDVLVWPHLQ"©
ª1XQGDV)HOGLFKVFKHQNHVGLU©
ª8P*RWWHVZLOOHQ PLU GDV)HOG©,KPZDUDOVREDOOHVLQV :DQNHQJHULHWHGHU%RGHQXQWHUVHLQHQ)HQGLH:lQGHGDV .DQDSHHXQGDXIGHP.DQDSHHGLH)UDX%DURQLQ(UVWUHFNWHGLH $UPHDXVXQGJULIIQDFKHLQHP6WW]SXQNWLQGLH/XIWª'DV JURHGDVVFK|QHGDVJXWH)HOG© ª+DVWGXQLFKWHEHQJHVDJWGDHVHLQVFKOHFKWHV)HOGLVW"©
ª)U6LHDEHUQLFKWIUPLFKIUPLFKLVWHVHLQJXWHV]X JXWHV8P*RWWHVZLOOHQ©ZLHGHUKROWHHUªVFKHQNHQ6LHHVPLU LP(UQVWGDV)HOG"©
'LH%DURQLQEOLQ]HOWHª(VWXWPLUOHLG+ROXE©VDJWHVLHªGDLFK GDV*HVLFKWGDVGXMHW]WPDFKVWQLFKWUHFKWGHXWOLFKVHKHQNDQQ 'DV%OLQGZHUGHQPHLQOLHEHU+ROXE©VHW]WHVLHOHLFKW DXIVHXI]HQGKLQ]XªYHUGLUEWGHP0HQVFKHQPDQFKH)UHXGH *HKMHW]WXQGVFKLFNHPLUGHQ9HUZDOWHU,FKZLOOJOHLFK $QRUGQXQJHQWUHIIHQGDGLH6FKHQNXQJUHFKWVNUlIWLJJHPDFKW ZHUGH© ª5HFKWVNUlIWLJ(XHU*QDGHQVRJDUUHFKWVNUlIWLJ©3DYHO NDQQWHVLFKQLFKWPHKUVHLQ(QW]FNHQEHUZDQGVHLQH 6FKFKWHUQKHLWHUVWU]WHDXIGHQ7LVFK]XVFKRELKQ]XU6HLWH HUJULIIGLH+lQGHGHU*XWVIUDXXQGNWHVLHXQGDOVVLHLKPPLW DOOHU.UDIWGLHVLHDXI]XEULQJHQYHUPRFKWHGLH+lQGHHQW]RJ NWHHUGHQ6DXPLKUHV.OHLGHVXQGLKUHbUPHOXQGLKU 8PKlQJHWXFKXQGVW|KQWHXQGMDXFK]WHXQGNRQQWHQLFKW VSUHFKHQ
,KUZXUGHVRPXWLJVLHZDUHLQZHQLJEDQJYRUGLHVHP HQWIHVVHOWHQ6WXUPHVLH]DQNWH3DYHOWFKWLJDXVXQGHUNOlUWH LKPDOOHVPVVHHLQ(QGHKDEHQDXFK'DQNEDUNHLWVEH]HLJXQJHQ XQGZHQQHUGHQ9HUZDOWHUQLFKWDXJHQEOLFNOLFKKROHQJHKHVHLHV PLWGHUJDQ]HQ6FKHQNXQJQLFKWV 'DVEUDFKWHLKQ]XVLFK,QGHUQlFKVWHQ0LQXWHZDUHUGUDXHQ LP+RIH9RUGHP7RUVWDQGGLHEORQGH6ODYDGDV+lXVOHUNLQG VFKQ|GHQ$QJHGHQNHQV6LHGLHQWHLP6FKORVVHVHLWLKUHU 5FNNHKUXQGZDUMHW]WGDPLWEHVFKlIWLJWNHFNH7XUWHOWDXEHQ]X IWWHUQGLHVLFK VQLFKWHLQIDOOHQOLHHQGHPKHUDQVWU]HQGHQ
3DYHODXV]XZHLFKHQHUPXWHVLFKLQDFKWQHKPHQQLFKWHLQH YRQLKQHQ]X]HUWUHWHQ6ODYDULHILKPHLQHQJXWHQ0RUJHQ]X XQGHUJDQ]YHUJHVVHQGGDHVVHLQHVFKOLPPVWH)HLQGLQZDU GLH]XLKPJHVSURFKHQHUZLGHUWHª,FKKDEHLQ)HOGGLH%DURQLQ KDWPLUHLQ)HOGJHVFKHQNW© 'LH)HLQGLQZXUGHURWELVXQWHUGLH+DDUZXU]HOQª'DVLVWDEHU VFK|Q©VDJWHVLHªGDVIUHXWPLFK©
-HW]WHUVWEHVDQQHUVLFKPLWZHPHUUHGHWHXQGHLOWHRKQH*UX KLQZHJ
6RJDQ]DQGHUHVXQG:LFKWLJHUHVLKQDXFKHUIOOWHQHEHQEHL PXWHHUGRFKGDUDQGHQNHQZLHJXWGDV5RWZHUGHQLKU JHVWDQGHQKDWWHZHOFKHLQELOGKEVFKHV0lGFKHQVLHZDUXQG GDHVQLFKW UHFKWVHLYRPOLHEHQ+HUUJRWWHLQHUVRVFKZDU]HQ 6HHOH:RKQXQJDQ]XZHLVHQLQHLQHUVRKROGHQ+OOH-HGHU 8QEHIDQJHQHPXWHGDGXUFKLUUHJHPDFKWZHUGHQ=XP*OFNZDU 3DYHONHLQ8QEHIDQJHQHULKQYHUPRFKWHGHU6FKHLQQLFKW]X WlXVFKHQ(UNDQQWHGLHVH6ODYDXQGRELKUH/LSSHQVLFKLP 6SUHFKHQEHZHJWHQREVLHYRQOLHEOLFKVWHU6DQIWPXWXPVFKZHEW DXIHLQDQGHUUXKWHQHUNRQQWHVLHQLFKWDQVHKHQRKQHGHU6WXQGH ]XJHGHQNHQLQZHOFKHUVLHVLFKJH|IIQHWKDWWHQXPLKQGHP +RKQXQG6SRWWSUHLV]XJHEHQPLWGHUJUDXVDPHQ)UDJHª)DKUVW ]XP9DWHURGHU]XU0XWWHU"©9HU]HLKDOOHQ KDWWHQ0LODGDXQG +DEUHFKWJHVDJWXQGHUZDKUOLFKHUZROOWHHVWXQDEHUGHU JHPDKQWZLUG]XYHU]HLKHQZLUGHUQLFKWXQG]XJOHLFKDQGDV JHPDKQWZDVHU]XYHU]HLKHQKDW" 'LH(ULQQHUXQJELOGHWHGLHXQEHUEUFNEDUH.OXIW]ZLVFKHQLKP XQGGHQMHQLJHQPLWZHOFKHQ)ULHGHQ]XVFKOLHHQVHLQHOLHEVWHQ 0HQVFKHQLKQEHVFKZRUHQ
'LH)UDX%DURQLQKLHOW:RUWGLH6FKHQNXQJZXUGHUHFKWVNUlIWLJ JHPDFKW3DYHOZDUHLQ*UXQGEHVLW]HUJHZRUGHQ'DVXQHUK|UWH *OFNGDVLKPYRP+LPPHOJHIDOOHQWUXJDOOHUGLQJVQLFKWVEHL ]XU9HUPLQGHUXQJVHLQHU8QEHOLHEWKHLW1LHPDQGJ|QQWHHVLKP VRJDU$UQRVWKDWWHDOVLKP3DYHOGLHJURH1DFKULFKWJHEUDFKW GHQ0XQGYHU]RJHQXQGJHIUDJWª:LHNRPPVWGXGD]X"©$XFK GHU)|UVWHUXQG$QWRQlXHUWHQLPHUVWHQ0RPHQWPHKU hEHUUDVFKXQJDOV7HLOQDKPH:DVGHQ9HUZDOWHUEHWUDIVRVSUDFK
HUGHU)UDX%DURQLQJHJHQEHUXQYHUKRKOHQDXVVLHKDEHVLFK YRQLKUHU*URPXWOHLGHUKLQUHLHQODVVHQ'DV*HVFKHQNVHLHLQ YLHO]XQDPKDIWHVXQGPVVHLQGHU'RUIEHZRKQHUVFKDIW1HLG JHJHQGHQ(PSIlQJHUHUUHJHQXQG0LPXWJHJHQGLHHGOH 6SHQGHULQ
'LH)UDX%DURQLQEHJQJWHVLFKGDPLWGLHVHbXHUXQJHQGHU 8Q]XIULHGHQKHLWLKUHVHUVWHQ:UGHQWUlJHUV]XU.HQQWQLV]X QHKPHQDOVMHGRFKGHU+HUU3IDUUHUGDVVHOEH/LHGDQVWLPPWHXQG YRQHGOHQDEHUJDU]XVSRQWDQHQ(QWVFKOVVHQGHU)UDX%DURQLQ VSUDFKHQWJHJQHWHVLH'LH6FKHQNXQJDQ3DYHO+ROXEVHLGLH )UXFKWHLQHVYRQLKUDXVQDKPVZHLVHODQJJHKHJWHQ(QWVFKOXVVHV XQGGXUFKDXVNHLQH]XJURPWLJHVRQGHUQGLHJHQDX HQWVSUHFKHQGH6SHQGHIUHLQHQEUDYHQYRP6FKLFNVDOELVKHU YHUQDFKOlVVLJWHQ%XUVFKHQGHUEHUGLHVGHU%UXGHUGHU PXWPDOLFK]XNQIWLJHQ2EHULQHLQHV)UlXOHLQVWLIWHVVHL +LHUDXIVFKZLHJGHUJHLVWOLFKH+HUU
$XVGHP.ORVWHUZDUGLH)UDX%DURQLQQDFKPHKUWlJLJHP $XIHQWKDOWJDQ]YHUJQJW]XUFNJHNHKUWKDWWH3DYHOUXIHQ ODVVHQLKP]DKOORVH*UHYRQVHLQHU6FKZHVWHUJHEUDFKWLKQ ZHJHQVHLQHU6RUJHQXPVLHEHUXKLJWXQGPLWXQHQGOLFKHU/LHEH XQGPLWXQHQGOLFKHP6WRO]YRQLKUHU]lKOW'LHDOWH)UDXZXUGH I|UPOLFKVFKZlUPHULVFKLQLKUHU%HJHLVWHUXQJEHUGDVª.LQG© 'HU$OOJWLJHVHOEVWKDWWHLKUGHUDOWHQPGHQ3LOJHULQGDV.LQG JHVDQGWGDPLWHVLKUGLHOHW]WHQ/HEHQVMDKUHHUKHOOHXQGLKUGLH 3IRUWHQVHLQHV+LPPHOV|IIQH
ª0DFKHGLFK HLQHUVROFKHQ6FKZHVWHUZUGLJ©VFKlUIWHVLH3DYHO HLQXQGHUIDWHGLHEHVWHQ9RUVlW]HQDFKGLHVHP=LHOGDVLKP DOVGDVGHQNEDUK|FKVWHHUVFKLHQ]XVWUHEHQNRQQWHDEHUGHQ JHKHLPHQ=ZHLIHOREHUDXFKMHPDOVLPVWDQGHVHLQZHUGHHV]X HUUHLFKHQQLFKWORVZHUGHQ'RFKNlPSIWHHUUHGOLFKXQG ZQVFKWHKHLGDGLH)UDX%DURQLQXQGGDVHLQH6FKZHVWHUQXU QRFK*XWHVYRQLKP]XK|UHQEHNlPHQ(LQHJURHbQJVWOLFKNHLW XPVHLQHQ5XIEHJDQQVLFKVHLQHU]XEHPlFKWLJHQ'LH 6HKQVXFKWJHOREW]XZHUGHQGLH)UHXGHDQGHU$QHUNHQQXQJ HUZDFKWHLQLKPXQGHUDKQWHQLFKWGDVLHLKQVRVFKZDFK PDFKWHZLHHLQVWVHLQ7URW]JHJHQGLH0HQVFKHQXQGVHLQH
KHUDXVIRUGHUQGH*OHLFKJOWLJNHLWJHJHQLKU8UWHLOLKQVWDUN JHPDFKWKDWWHQ
ª:HUNDQQPLUZDVQDFKVDJHQ"©ZXUGHVHLQHVWHKHQGH 5HGHQVDUW(LQVFKHHOHU%OLFNHLQUDXKHV:RUWYHUPRFKWHQGHQ VRQVWJHJHQGLHURKHVWHQbXHUXQJHQGHU0LJXQVW*HIHLWHQ]X EHOHLGLJHQGHU1HLGGHQVHLQ%HVLW]WXPHUUHJWHXQGGHULKPLQ IUKHUHQ7DJHQGLH)UHXGHGDUDQJHZU]WKlWWHYHUGDUE VLHLKP MHW]W6HLQ)HOGZXUGH]XP5lXEHUVHLQHU5XKHXQGVHLQHV 6FKODIHVVHLQHJHOLHEWH4XDO6RRIWHUHVQDFKNXU]HU7UHQQXQJ ZLHGHUVDKZDUHVLQLUJHQGHLQHU:HLVHJHVFKlGLJWZRUGHQXQG HUEUDFKWHXPHV]XYHUWHLGLJHQGLH(QHUJLHQLFKWDXIPLW ZHOFKHUHUGHUHLQVWVHLQH=LHJHOYHUWHLGLJWKDWWH(UZROOWHQLFKW GDGHU)UDX%DURQLQ]X2KUHQNRPPHHUKDEHVLFKZLHGHUDXIV 3UJHOQHLQJHODVVHQXQGEHUKDXSWVROOWHVLHQLHHUIDKUHQZLH VHKUGDV*HVFKHQNGDVVLHLKPJHPDFKWKDWWHLKPEHVWULWWHQ ZXUGH
(LQPDOIDQGHUHLQHQ7HLOGHVPDJHUHQDXIVHLQHP)HOGH VWHKHQGHQ:HL]HQVQRFKJUQDEJHPlKW,QGHUQlFKVWHQ1DFKW SDWHHUGHQhEHOWlWHUQDXIGLHDXFKZLUNOLFKLQ*HVWDOWHLQLJHU PLW6LFKHOQEHZDIIQHWHU:HLEHUXQG.LQGHUZLHGHUNDPHQ3DYHO EHJQJWHVLFKGDPLWLKQHQGLH6LFKHOQXQGGLH*UDVWFKHU DE]XQHKPHQXQGWUXJGLHVHOEHQDPQlFKVWHQ0RUJHQ]XP %UJHUPHLVWHU'HU]HLJWHVLFKHUIUHXWEHUGLHVHVJHVHW]PlLJH XQGVFKRQHQGH9RUJHKHQYHUVSUDFKGHQ6FKDGHQHUKHEHQ]X ODVVHQXQGGDV'LHEVYRON]XU=DKOXQJDQ]XKDOWHQ'UHL:RFKHQ VSlWHUODJHQGLH6LFKHOQXQG*UDVWFKHUDEHUQRFKLPPHUEHLP 2UWVYRUVWHKHUZHLOGLH0LWWHOVLHHLQ]XO|VHQIHKOWHQ3DYHO HUVXFKWHHQGOLFKVHOEVWVLHLKUHQ(LJHQWPHUQ]XUFN]XJHEHQ XQWHUGHU%HGLQJXQJGDGLH/HXWH]XLKPNlPHQXPVLFKEHL LKP]XEHGDQNHQ(VJHVFKDKQXUDOO]XJHUQGDVZDUHLQQHXHU HLQJXWHU6SDVRZRKOIHLOGXUFK]XVFKOSIHQXQGVLFKGDQQ]X EHGDQNHQEHL3DYHOGHP*HPHLQGHNLQG$OOHZHOFKHGHQ6FKHU] PLWJHPDFKWIDQGHQLKQVROXVWLJGDVLHEHVFKORVVHQVLFKLKQ EDOGZLHGHU]XJ|QQHQ 'LH'LHEHUHLHQK|UWHQQLFKWDXIXQG3DYHOIXKUIRUWVLFKLKQHQ JHJHQEHUHUVWDXQOLFKZHKUORV]X]HLJHQZlKUHQGHU DQGHUHUVHLWVHLQHDXHURUGHQWOLFKH7DWNUDIWHQWIDOWHWH
(UKlWWHVLFKYHUYLHOIlOWLJHQDQ]HKQ2UWHQ]XJOHLFKVHLQXQGDQ MHGHPVHLQHQ0DQQVWHOOHQP|JHQ(UULJROWHHLQHQ7HLOVHLQHV )HOGHVXQGEHUHLWHWHHVYRU]XU$XIQDKPHGHU.LUVFKElXPFKHQ HUKDOIGHP6FKPLHGZRHUNRQQWHGHU)|UVWHUYHUOLHVLFKEHLP $QOHJHQGHU:DOGNXOWXUHQDXIQLHPDQGHQVRJHUQZLHDXILKQXQG PHLQWHGDV)RUVWZHVHQZlUH3DYHOVHLJHQWOLFKHV)DFKJHZHVHQ ZHQQHUVLFKLKPYRQ-XJHQGDXIKlWWHZLGPHQN|QQHQª8QG ZDVIUHLQ6FKPLHGZlUHHUJHZRUGHQZHQQHUHWZDVJHOHUQW KlWWH©VDJWH$QWRQª$EHUHLQ*HPHLQGHNLQGOlWPDQQLFKWV OHUQHQGLH*UXQGODJHQIHKOHQXQGEHLP$QIDQJDQ]XIDQJHQLVW HVMHW]W]XVSlW(UZLUGVLFKPLWGHPVFKOHFKWHQ)HOGSODJHQELV DQVHLQ(QGHXQGGRFKQLFKWV5HFKWHVKHUDXVEULQJHQ©
'LHVH3URSKH]HLXQJEHWUEWH3DYHO LKQLP*ODXEHQDQVHLQ)HOG ]XHUVFKWWHUQYHUPRFKWHVLHQLFKW(UEHVWHOOWHGHQDOWHQ9LUJLO GHUVLFKVHLQHP3IOHJHVRKQZLHHULKQQDQQWHPLW+DXWXQG+DDU JHVFKHQNWKDWWHXQGWDJHODQJQHEHQ/DPXUDXIVHLQHU6FKZHOOH KRFNWH]XP+WHUVHLQHV*UXQGEHVLW]HVXQG9LUJLOEHUQDKPGDV $PWIUHXGLJYHUPRFKWHMHGRFKQLFKWPHKUHV]XYHUVHKHQ9RU VHLQHQ$XJHQYROO]RJVLFK)UHYHOXP)UHYHODQ3DYHOV(LJHQWXP 'LH9RUZUIHGLH9LUJLOGHVKDOEK|UHQPXWHQDKPHUPLWHLQHP YHUVFKPLW]WVFKDONKDIWHQ/lFKHOQKLQXQGVSUDFKª*HK3DYOLFHN ZDVOLHJWGLUDQGHP.UHPSHO"'XNDQQVWLKQHQEDOGGLHJDQ]H *HVFKLFKWHKLQZHUIHQZLUVWEDOGJDQ]DQGHUH*UXQGVWFNH KDEHQ© 3DYHOJHULHWLQ=RUQYHUZLHVLKPVROFKH5HGHQXQGZDQGWHVLFK UDVFKDEXPGHQ(LQGUXFN]XYHUEHUJHQGHQVLHDXILKQ KHUYRUEUDFKWHQ
'HU$OWHZXUGHLPPHUDXIJHUlXPWHUVHLQVFKZDFKHV /HEHQVIOlPPFKHQVFKLHQQHXDXI]XIODFNHUQLQGHVGHU6RPPHU KLQZHONWH(LQ:XQGHUGDVLKQEHJOFNWHZDULP%HJULIIVLFK]X YROO]LHKHQ(UGHUJHEUHFKOLFKH*UHLVVROOWHGHQMXQJHQVWDUNHQ 3HWHUEHUOHEHQ-DGDVZDUGDVHLQ]LJHGDVLKQIUHXWHHUVROOWH GHQ3HWHUEHUOHEHQ'HU$U]WPDFKWHNHLQ*HKHLPQLVGDUDXV GDHULKQDXIJHJHEHQDOOH/HXWHZXWHQHVQXU9LQVNDZROOWH HVQLFKWJODXEHQXQGGHU.UDQNHVHOEVWVDJWHª,FKZHUGH JHVXQGVREDOGLFKPLFKDXVJHKXVWHWKDEH©
3HWHUNlPSIWHPLWGHP7RGHZLHHLQ5LHVHMHQlKHUGHULKPNDP GHVWRPXWLJHUZHKUWHHUVLFK ª1W]WDOOHVQLFKWV©YHUWUDXWHVHLQ6FKZLHJHUYDWHUMHGHPGHUHV K|UHQZROOWHDQªGHUHUVWH)URVWQLPPWLKQGRFKPLWGHU+HUU 'RNWRUKDWHVPLUJHVDJW© XQG9LUJLONRQQWHGHQHUVWHQ)URVW NDXPHUZDUWHQ
(LQHVIUKHQ0RUJHQVLP2NWREHUVFKDOOWHGHU.ODQJGHV =JHQJO|FNOHLQVGXUFKGDV'RUI$QHLQ)HQVWHUGHU*UXEHQKWWH ZXUGHJHNORSIWXQG/DPXUVFKOXJDQ3DYHOIXKUDXVGHP 6FKODIHGLH7UVHLQHU6WXEHZDUJH|IIQHWZRUGHQ9LUJLOVWDQG GDGDV*HVLFKWEUHQQURWGLHPLWHLQHP5RVHQNUDQ]XPZXQGHQHQ +lQGHDXIGHQ6WRFNJHVWW]WXQGVSUDFKª:DVVDJVWGD]X 3DYOLFHN"GLH9LQVNDLVWHLQH:LWWLE©
'HU:LQWHULQGLHVHP-DKUWUDWJOHLFKLP$QIDQJPLW XQJHZ|KQOLFKHU.lOWHXQGXQJHZ|KQOLFKHU5HLQOLFKNHLWDXI'HU 6FKQHHGHUHLQHQJDQ]HQ7DJXQGHLQHJDQ]H1DFKWKLQGXUFKLQ NOHLQHQGLFKWHQ)ORFNHQDXVPDVVLJHQ:RONHQQLHGHUJHZLUEHOW ZDUEOLHEVLOEHUZHLOLHJHQDXIGHQ)DKUZHJHQELOGHWHQVLFK JODWWH6FKOLWWHQEDKQHQXQGVFKPDOH)XSIDGHOLHIHQJOLW]HUQGYRQ +DXV]X+DXVXQGDP5DQGHGHU)HOGHUKLQ$QGHU+WWH3DYHOV YRUEHLVFKOlQJHOWHVLFKGHUPHLVWEHQW]WHYRQDOOHQGHU3IDGGHQ GLH+RO]NQHFKWHDXILKUHQMHW]WUHJHOPlLJHQ*lQJHQLQGHQ KHUUVFKDIWOLFKHQ:DOGDXVJHWUHWHQKDWWHQ:HQQVLHDP0RUJHQ DQGLH$UEHLWJLQJHQWUDIHQVLH3DYHOVFKRQDQGHUVHLQHQXQG ZHQQVLHJHJHQ$EHQGDXVGHU$UEHLWNDPHQVFKLHQGHU XQHUPGOLFKH%XUVFKHJHUDGHDXIGHP3XQNWDQJHODQJWDXIGHP GHU)OHL]XP+RFKJHQXZLUG]XUVHOLJHQ%HVHVVHQKHLW6LH EOLHEHQGDQQPHLVWHQVYRUVHLQHP*lUWOHLQHLQZHQLJVWHKHQ VDKHQLKP]XXQGZHFKVHOWHQHLQSDDU:RUWHPLWLKP (LQPDO WDW+DQXVFKGHU5RKHVWHXQWHUGHQ5RKHQDOVREHUQLFKW LPVWDQGHZlUH]XHUNHQQHQZDVIUHLQ'LQJGDVVHLPLWGHP 3DYHOVLFKSODJH ª(LQ'DFKVWXKOZLUG V©HUNOlUWHGLHVHU ª6R"%DXVWQRFKHLQ*UXEHQKDXV"©
1HLQNHLQ+DXVHLQHQ6WDOOEHDEVLFKWLJWHHULPQlFKVWHQ )UKMDKU]XEDXHQ ª8QGZDVZLUVWHLQVWHOOHQ"©
ª:HUGHWVFKRQVHKHQ©ODXWHW3DYHOV$QWZRUWXQG+DQXVFKEUDFK LQHLQ+RKQJHOlFKWHUEHUVHLQH*HKHLPQLVWXHUHLDXVXQGULHI LQGHPHUGHQYLHUHFNLJHQ.RSI]XU6HLWHQHLJWHXQGPLWGHP 3IHLIHQURKUQDFKGHQEULJHQGHXWHWHª'LHZHUGHQ VVHKHQLFK ZHL VVFKRQ:HWW VWXPHLQ6HLGHOGDLFK VZHL"© 'DV*HNLFKHUGHUDQGHUHQEHZLHVGDVLHHLQJHZHLKWZDUHQLQ GHQYHUVWHFNWHQ6LQQGHU%HKDXSWXQJLKUHV*HIlKUWHQ3DYHODEHU NPPHUWHQGLHVHHOHQGHQ1HFNHUHLHQZHQLJXQGHUVDQGWHGHQ
8UKHEHUQGHUVHOEHQZHQQVLHVLFKHQGOLFKWUROOWHQK|FKVWHQVHLQ JHODVVHQHVª+ROHXFKGHU7HXIHO©QDFK
'HU+RO]NQHFKWHZHJHQZlUHHVLKPQLFKWHLQJHIDOOHQGHQDQ VHLQHP:RKQRUWYRUEHLIKUHQGHQ)XVWHLJ]XYHUZQVFKHQHU YHUZQVFKWHLKQDXVHLQHPYLHOWULIWLJHUHQ*UXQGH $XIGLHVHP )XVWHLJNDPMHW]WHLQDXFK]ZHLPDOGLH:RFKH0lJGOHLQ6ODYD GDKHUJHZDQGHUWDOV%RWLQGHU)UDX%DURQLQDQGHQ2EHUI|UVWHU 'HUDOWH+HUUZDUNUDQNJHZHVHQHUKROWHVLFKODQJVDPXQG]XU 8QWHUVWW]XQJGHU)RUWVFKULWWHVHLQHU5HNRQYDOHV]HQ]VDQGWHLKP GLHJQlGLJH)UDXDOOHUOHLJXWH6DFKHQHGOHQ:HLQDXVLKUHP .HOOHUIHLQH5HKUFNHQNUlIWLJH+DPPHONHXOHQXQGPHLVWHQV ZDU6ODYDGLHhEHUEULQJHULQGLHVHU/HFNHUELVVHQ3DYHOEHPHUNWH PLW9HUGUXGDVLHGHQ6FKULWWYHUODQJVDPWHZHQQVLHLQGLH 1lKHVHLQHV*lUWOHLQVNDPXQGVHLQH$QVLHGOXQJQHXJLHULJ EHWUDFKWHWH:DVKDWWHVLH]XEHWUDFKWHQZDVKDWWHVLHVLFKXP VHLQH$QVLHGOXQJ]XNPPHUQ",QJXWHU$EVLFKWJHVFKDKHVJHZL QLFKW(UJHILHOVLFKGDULQVHLQ9RUXUWHLOJHJHQVLH]XQlKUHQHU EHUUHGHWHVLFKXQWHUDQGHUHPGDVLHGLH$QIKUHULQGHU.LQGHU JHZHVHQGLHLKPGHUHLQVWVHLQH=LHJHO]HUWUHWHQKDWWHQ6LHDXI GHU7DW]XHUWDSSHQZDULKPDOOHUGLQJVQLFKWJHOXQJHQDEHUGDV EHZLHVNHLQHVZHJVLKUH8QVFKXOGHV]HLJWHQXUGDVLHVLFK GDUDXIYHUVWDQGHQUHFKW]HLWLJGLH)OXFKW]XHUJUHLIHQGLHYRQLKU 9HUOHLWHWHQLPHQWVFKHLGHQGHQ$XJHQEOLFNWUHXORVYHUODVVHQG:LH VLHDQLKUHQ6SLHJHVHOOHQKDWWHQKXQGHUW XQGKXQGHUWPDOGLH *HQRVVHQVHLQHU%XEHQVWUHLFKHDQLKPJHKDQGHOW(UZXWHZLH HVWDWLQGHU3DWVFKHVWHFNHQJHODVVHQ]XZHUGHQ1DFKWUlJOLFK QRFKKlWWHHUIUVHLQ/HEHQJHUQGHQ9HUUDWHQHQHLQH *HQXJWXXQJYHUVFKDIIWVROOWHVLHDXFKLQQLFKWVDQGHUHP EHVWHKHQDOVLQHLQHPDQGLH9HUUlWHULQJHULFKWHWHQHLQGULQJOLFKHQ 9RUZXUI*HZ|KQOLFKYHUELVLFK 3DYHOZHQQHU6ODYDYRQZHLWHP HUEOLFNWHGHUDUWLQVHLQH%HVFKlIWLJXQJGDHVQLFKWV]XJHEHQ VFKLHQZLFKWLJJHQXJLKQGDULQ]XXQWHUEUHFKHQ (LQPDOPDFKWHHUDEHUGRFKHLQH$XVQDKPH
'DNDPVLHGDKHUPLWLKUHP+HQNHONRUEHOHLFKWHQ*DQJHVYRP 6RQQHQOLFKWXPIORVVHQGLH+H[HWUXJHLQGXQNOHV:ROOWXFKXP GDVYRQGHU:LQWHUNlOWHURVLJDQJHKDXFKWH*HVLFKWJHNQSIWHLQH JXWJHIWWHUWHXQGGRFKXQJHPHLQ]LHUOLFKH-DFNHHLQ IDOWHQUHLFKHV5|FNOHLQGDVELV]XGHQ.Q|FKHOQUHLFKWHEODXPLW
ZHLHQ6WHUQFKHQEHVlWXQGKRKH6WLHIHODQGHQVFKODQNHQ )HQXQWHUGHQHQGHU6FKQHHNQLVWHUWH8QGPXQWHUXQGIULVFK ZDUVLHGDHVHLQ9HUJQJHQKlWWHVHLQPVVHQVLHDQ]XVHKHQ ZHQQHLQHPGDV+HU]QLFKWYROOGHV*UROOVJHJHQVLHJHZHVHQ ZlUH %HLGHU8P]lXQXQJGHU*UXEHQKWWHDQJHODQJWKHPPWHVLHZLH VLHSIOHJWHGHQ6FKULWWXQGPXVWHUWHGDV+lXVFKHQYRP*UXQGH ELV]XP)LUVWH 3O|W]OLFKULFKWHWH3DYHOVLFKYRQVHLQHU$UEHLWDXIZDUIGLH+DFNH KLQXQGDXIGDV0lJGOHLQ]XVFKUHLWHQGVSUDFKHUª:DV VFKDXVW"©
8QGVLHEHUUDVFKWDEHUQLFKWLPPLQGHVWHQHUVFKURFNHQZXUGH VHKUURWXQGHUZLGHUWHª:DVVROOLFKVFKDXHQ"© ª1LFKWV©YHUVHW]WH3DYHOXQZLUVFKªJDUQLFKWVFKDXHQVROOVW ZHLWHUJHKHQVROOVW©
'DVVFKLHQMHGRFKNHLQHVZHJVLKUH$EVLFKWYLHOPHKUKDWWHVLH VLFKGHP=DXQJHQlKHUWXQGGD3DYHOGLHVVHLQHUVHLWVDXFK JHWDQVWDQGHQVLH]LHPOLFKQDKHDQHLQDQGHU6LHLQGHUJDQ]HQ =XYHUVLFKWLKUHU6FK|QKHLWLKUHU-XJHQGLKUHV)URKVLQQVHULQ VHLQHUEHIDQJHQPDFKHQGHQ(UELWWHUXQJJHJHQVLHJHJHQLKUH OJHQKDIWH$QPXWXQG+ROGVHOLJNHLW 6ODYDKDWWHLKUHQ.RUEQHEHQVLFKDXIGHQ%RGHQJHVHW]WXQG EHZDFKWHLKQIRUWZlKUHQGPLWLKUHQ%OLFNHQDOVREVLHIUFKWH GDHUGDYRQODXIHQZHUGHVREDOGVLHLKQDXVGHQ$XJHQOLHH XQGVRPLWJHVHQNWHQ/LGHUQXQGOHLVHEHEHQGHQ/LSSHQVDJWH VLHª,FKVFKDXGDV+DXVDQZHLOLFKPLFKQLFKWJHWUDXGLFK DQ]XVFKDXHQ©
3DYHO]RJGLH%UDXHQILQVWHU]XVDPPHQXQGPXUPHOWHHWZDVYRQ HLQHPªE|VHQ*HZLVVHQ© 'DZXUGHVLHZLHGHUURWª:HUKDWHLQE|VHV*HZLVVHQ"© ª'HUIUDJW©
ª,FK"ZDUXPKlWWHGHQQLFKHLQE|VHV*HZLVVHQ"©
'LHJHKHXFKHOWH7UHXKHU]LJNHLWPLWZHOFKHUGLHVH)UDJHJHVWHOOW ZDUHUZHFNWH3DYHOV=RUQXQGZlKUHQGWDXVHQGEUHQQHQGH $XVGUFNHIUGHQVHOEHQVLFKLKPDXIGLH/LSSHQGUlQJWHQ SOXPSVWHHUKHUDXV PLWGHPVFKZlFKVWHQGHPNLQGOLFKVWHQ ª+DVWGXPLUQLFKWPHLQH=LHJHO]HUWUHWHQ"©
'DV0lGFKHQHUKREGLH$XJHQLKU%OLFNUXKWHYROOXQGKHOODXI LKPª:DQQVROOLFKGDVJHWDQKDEHQ"'DVKDELFKQLHJHWDQ© ª/JQLFKW©KHUUVFKWHHUVLHDQ
ª,FKOJ QLFKW©HUZLGHUWHVLHªZDUXPVROOWLFKOJHQ",FKKDE V QLFKWJHWDQXQGGDPLWJXW©
(UJODXEWHLKUHUNRQQWHQLFKWDQGHUVDOVLKUJODXEHQXQGVFKRQ HWZDVEHVlQIWLJWIXKUHUIRUWª%LVWGXPLUQLFKWQDFKJHODXIHQPLW HLQHP6WHLQLQGHU+DQG"© ª$EHU 3DYHOZHUZLUGVLFKGHQQVRZDVPHUNHQZDVHLQGXPPHV .LQGJHWDQKDW:DVKDVWGXQLFKWDOOHVJHWDQ"©6LHVFKOXJOHLFKW XQG]LHUOLFKPLWGHU+DQGLQGLH/XIWª6RZDVYHUJLWPDQ,FK ELWWHGLFK3DYHOYHUJLGDV© (UVFKZLHJHVEHUNDPLKQZLH6FKDPEHUVHLQDOO]XWUHXHV *HGlFKWQLV+DWWHVLHQLFKWUHFKW" VRZDVYHUJLWPDQ9RQ 9HU]HLKHQMDYRQ'DQNEDUNHLWJHJHQGLH8UKHEHUXQVHUHU 3UIXQJHQKDWWH0LODGDJHVSURFKHQYRP9HUJHVVHQGHU %HOHLGLJXQJ QLFKW8PLKPGDYRQ]XVSUHFKHQYRQGLHVHP JUQGOLFKHQ+HLOPLWWHOKDWWHGLHNOHLQHQLFKWVQXW]LJH)HLQGLQ NRPPHQPVVHQ
6LHVDJWHQRFKHLQSDDUIUHXQGOLFKH:RUWHEHXJWHVLFKKRELKUHQ .RUEDXIXQGVHW]WHLKUH:DQGHUXQJIRUW
3DYHOEOLHEDOOHLQPLW/DPXUPLWVHLQHU$UEHLWXQGPLWVHLQHQ *HGDQNHQ 9HUJLGDQQEUDXFKVWGXQLFKW]XYHU]HLKHQ9HUJL GDQQKDVWGXDXFKNHLQHQ*UXQGGLUHWZDVGDUDXIHLQ]XELOGHQ GDGXYHU]LHKHQKDVW:HQQPDQ VQXUWUlIH(UEHVDQQVLFK GDHUHVHLQPDOJHWURIIHQKDWWHGHUKEVFKHQ:LGHUVDFKHULQ JHJHQEHUGDPDOVDOVHUDXVGHP6FKORJHVWU]WNDPYROOGHV *OFNVEHUGDVJURH*HVFKHQNGHU)UDX%DURQLQ8QGZDV
HLQPDO]XIlOOLJXQGXQZLOONUOLFKJHODQJVROOWHHVQLFKWZLHGHU JHOLQJHQN|QQHQIUHLZLOOLJXQGPLWJXWHP%HGDFKW"
%HLLKUHPQlFKVWHQ*DQJH]XP)RUVWKDXVH KLHOW6ODYDDEHUPDOV HLQ6WlQGFKHQPLW3DYHOXQGVHLQHHUVWH)UDJHDQVLHZDU ª:HQQGXNHLQVFKOHFKWHV*HZLVVHQJHJHQPLFKJHKDEWKDVW ZDUXPKDVWGXGLFKJHIUFKWHWPLFKDQ]XVFKDXHQ"©
ª:HLOGXLPPHUVRYHUGULHOLFKJHZHVHQELVWXQGVFKUHFNOLFKH $XJHQ DXIPLFKJHPDFKWKDVW'DVPDJLFKQLFKWLFKKDE VJHUQ GDPDQIU|KOLFKLVWXQGPLFKIUHXQGOLFKDQVLHKW©
0LWGLHVHPªPDQ©PHLQWHVLHQLFKWHWZDLKQDOOHLQVLHPHLQWH MHGHQ3DYHOWlXVFKWHVLFKQLFKWODQJHGDUEHU(VZDUHLQ 7HXIHOFKHQGHU/XVWLJNHLWLQLKUGDVVLHDQWULHEGHQ(UQVW]X EHNlPSIHQZRLPPHUVLHLKPEHJHJQHWHXQGGLHVH/XVWLJNHLW GLHIDVWELVDQGLH*UHQ]HGHU$XVJHODVVHQKHLWJHKHQNRQQWH YHUEXQGHQPLWGHQKRKHQ(KUHQLQZHOFKHQVLHLKUQHWWHV 3HUV|QFKHQKLHOWXQGLKUHPMXQJIUlXOLFK]FKWLJHQ:HVHQPDFKWH LKUHQYRQMXQJXQGDOWHPSIXQGHQHQ=DXEHUDXV $XIQLHPDQGHQMHGRFKZLUNWHHUXQZLGHUVWHKOLFKHUDOVDXI$UQRVW GHQKDWWHVLHY|OOLJXPVWULFNWXQGHUPDFKWH3DYHOJHJHQEHU ZHGHUHLQ+HKODXVVHLQHQ/LHEHVVFKPHU]HQQRFKDXVVHLQHU (LIHUVXFKWDXILKQ$OVHLQYHUVWlQGLJHUPLWSUDNWLVFKHP6LQQ DXVJHUVWHWHU%XUVFKHIDQGHUQLFKWVHUNOlUOLFKHUDOVGD6ODYD GHQ,QKDEHUHLQHV+DXVHVXQGHLQHV)HOGHVLKPGHUQXUHLQ+DXV XQGGHQGD]XJHK|UHQGHQNOHLQHQ*HPHLQGHDQWHLOEHVD YRU]LHKHQPVVH 'D3DYHOLQGLH5HLKHQGHU%HZHUEHUXPGLH*XQVWRGHUGLH +DQGGHVKEVFKHQ0lGFKHQV]XWUHWHQEHDEVLFKWLJHVFKLHQLKP VRDXVJHPDFKWGDHUQLFKWHLQPDOGDQDFKIUDJWHXQGVHLQ )UHXQGGHPHUGDV]XYHUVWHKHQJDEXQGGHUVFKRQKDWWHVDJHQ ZROOHQ%LVWHLQ1DUULFKGHQNQLFKWDQVLHVLHLVWPLUJOHLFKZLH ZDVYHUVFKOXFNWHGLHVH$QWZRUWGHQQ HUZROOWHQLFKWOJHQ *OHLFKJOWLJZDUVLHLKPQLFKWVLHKDWWHHVGRFKDXFKLKP DQJHWDQ1LFKWZLHGHP$UQRVWYRQHLQHPEOLQGHQ9HUOLHEWVHLQ ZDUEHLLKPNHLQH5HGHDEHUZDUPPDFKWHLKPLKUH1lKHXQG EHUDXVJXWJHILHOVLHLKPXQGEHUDXVOLHEZlUHHVLKP
JHZHVHQZHQQHUGHQ=ZHLIHOKlWWHORVZHUGHQN|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ª(LQH0XWWHUEOHLEWKDOWGRFKLPPHU HLQH0XWWHUVLHVROOVHLQZLHVLHZLOOZHQQPDQQXUHLQHKDW,FK KDENHLQH©
3DYHOEHJUWHVLHQXQVWHWVVHKUDUWLJPDFKWHQLHPHKU VFKUHFNOLFKH$XJHQªDXIVLH©YHUKLHOWVLFKDEHUZDVDXFKLQ VHLQHP,QQHUQGUlQJWHXQGJlUWHlXHUVW]XUFNKDOWHQGJHJHQ GLH.OHLQHZlKUHQG$UQRVWYRULKULQ:HLFKKHLW]HUVFKPRO]RGHU LQ)ODPPHQDXIORGHUWH'HUYHUOLHEWH%XUVFKHZDULPPHUJHQDX XQWHUULFKWHWYRQMHGHPLKUHU6FKULWWHXQGLPPHUWUDIVLFK VGD HUDQGHQ7DJHQDQGHQHQVLHHLQHQ%RWHQJDQJLQV)RUVWKDXV XQWHUQDKP]XIlOOLJMXVWQLFKWV]XWXQKDWWHXQGVLFK3DYHO]XU 9HUIJXQJVWHOOHQNRQQWHXPLKPEHLVHLQHU$UEHLWEHKLOIOLFK]X VHLQ.DPGLH(UZDUWHWHGDQQVRIDQGVLHGLH ]ZHLDQGHQ=DXQ JHOHKQWXQGLKUHUKDUUHQG:HUHVLQJU|HUHU6HKQVXFKWWDWRE GHU(UQVWHYHUVFKORVVHQHREGHUDQGHUHVLHVHOEVWZXWHHV QLFKW6LHEHQDKPVLFKPLWEHLGHQJOHLFKKHU]OLFKJOHLFK NDPHUDGVFKDIWOLFKVSUDFKDEHUPHKUPLW$UQRVWZHLOVLFKGHUYLHO EHVVHUDXIV6FKHU]HQXQG6SDHQYHUVWDQG 1DFK:HLKQDFKWHQEUDFKWH6ODYDHLQPDOHLQH.XQGHDXVGHP 6FKORVVHGXUFKZHOFKHDOOHHLQJHVFKOXPPHUWHQ6RUJHQ3DYHOV EHUVHLQH6FKZHVWHUZLHGHUZDFKJHUWWHOWZXUGHQ0LODGDZDU NUDQNJHZHVHQGLH)UDX%DURQLQKDWWHQHXHUGLQJVHLQHQ%HVXFK LP.ORVWHUJHPDFKWXQGZDUYRQQHXHPJHWU|VWHWKHLPJHNHKUW (VJLQJEHVVHUYHUVLFKHUWHVLHHVJLQJJXW'HQQRFKKDWWHVLH VLFKYRQªLKUHP.LQGH©QLFKWOHLFKWJHWUHQQWJHGDFKWHEDOG]X LKP]XUFN]XNHKUHQXQGGDQQPHKUHUH:RFKHQDOV*DVWGHU
)UDX2EHULQLP.ORVWHU]XYHUZHLOHQ9RUKHUDEHU OLHVLH3DYHO VDJHQ ZROOHVLHLKQQRFKVSUHFKHQ (UEHHLOWHVLFKYRQGHU(UODXEQLV*HEUDXFK]XPDFKHQIDQGGLH DOWH'DPHJHEHXJWXQGXQUXKLJXQGMHPHKUVLHGDVZDUGHVWR EHPKWHUVLFKVHOEVW)ULHGHQ]XHUULQJHQXQGGHQGHUDQGHUHQ QLFKW]XVW|UHQ
'LH)UDX%DURQLQJDE3DYHOGDV9HUVSUHFKHQLKPXQPLWWHOEDU QDFKLKUHP(LQWUHIIHQLQGHU6WDGWHLQH=XVDPPHQNXQIWPLW 0LODGD]XHUZLUNHQXQGQDKPGDIUVHLQ:RUWLQ(PSIDQJGDHU VLFKXPHLQHVROFKHQLFKWDXIHLJHQH+DQGEHPKHQZHUGH (UVFKULHEDQ0LODGDHUKLHOWHLQLJHVFK|QHWU|VWOLFKH=HLOHQ ZDUWHWHDXIGLH$EUHLVHGHU)UDX%DURQLQXQGDOVGLHVHHUIROJWH DXIGLH%HUXIXQJ]XVHLQHU6FKZHVWHU6HLQ+HU]ZDUVFKZHUXQG ZXUGHQXUHWZDVOHLFKWHUZHQQHV3DYHOJHJ|QQWZDUVLFKDQ GHP$QEOLFNGHVKROGHQ0lGFKHQV]XODEHQGDV$UQRVWXQGHU QLFKWPHKUDQGHUVDOVGLHª*ROGDPVHO©QDQQWHQ
'LH=HLWNDPLQZHOFKHUHUHVW|ULFKW]XILQGHQEHJDQQVLFK OlQJHUJHJHQGLHLQLKPDXINHLPHQGH1HLJXQJ]XU:HKU]X VHW]HQ'D6ODYDHLQHEHVRQGHUH/LHEHIULKQKHJHELOGHWHHU VLFKQLFKWHLQDEHUHU]ZHLIHOWHDXFKQLFKWGDVLHZHQQ$UQRVW XQGHUXPVLHIUHLWHQLKPGHQ9RU]XJJHEHQXQGHLQPDO YHUKHLUDWHWHLQEUDYHV:HLEVHLQZHUGHZLHVLHHLQEUDYHV 0lGFKHQJHZHVHQZDU$XV5FNVLFKWIUGHQ)UHXQGDXIVLH]X YHU]LFKWHQGHU*HGDQNHZDULKPLP$QIDQJDOOHUGLQJVPDQFKPDO GXUFKGHQ6LQQJHIORJHQDEHUGLHVH5HJXQJHQGHU*URPXW KDWWHQVLFKLQGHP0DHYHUPLQGHUWDOVVHLQ:RKOJHIDOOHQDQ GHPPXQWHUHQ'LQJZXFKVXQGZXFKV *HJHQ$UQRVWZDUHUVRDXIULFKWLJZLHGLHVHUJHJHQLKQ ª:LHOLHEGXVLHKDVWLFKKDEVLHOLHEHU©VDJWH$UQRVW
ª:DVQW]WGDVZHQQVLHPLFKQLPPW©VDJWH3DYHOª8QGLFK ZHUGVLHQlFKVWHQVIUDJHQLFKZLOODXFKHLQPDOJOFNOLFKVHLQ©
$UQRVWHUZLGHUWHª)UDJVLH© 6HLQ(QWVFKOXZDUJHIDW$P 7DJHDQGHP3DYHOGDV-DZRUW6ODYDVHUKLHOWZROOWHHUGLH+WWH LQZHOFKHUHUVHLWGHP7RGHVHLQHU0XWWHUDOOHLQKDXVWH
YHUNDXIHQXQG6ROGDWZHUGHQ(VLVWNHLQVFKOHFKWHV/HEHQEHLP 0LOLWlUEHVRQGHUVIUHLQHQGHUHVZLH$UQRVWVFKRQQDFK ]ZHLPRQDWOLFKHU'LHQVW]HLW]XHLQHU&KDUJHJHEUDFKWKDW
(LQHVQHEOLJHQ-DQXDUYRUPLWWDJVNDPHULQK|FKVWHU$XIUHJXQJ]X 3DYHOXQGWHLOWHLKPPLWKHXWHPDFKHGLH.OHLQHLKUHQOHW]WHQ %HVXFKEHLP2EHUI|UVWHUHUVHLJHVXQGGLH6HQGXQJHQDXVGHP 6FKORVVHK|UWHQDXI $UQRVWVWDQGGHU$QJVWVFKZHLDXIGHU6WLUQLQVHLQHU%UXVWJLQJ HV]XZLHLQHLQHP3RFKZHUNª,FKKDOW VQLFKWPHKUDXV©VDJWH HUª+HXWHPXWGXUHGHQRGHULFKUHGH© ª6RUHG©VDJWH3DYHOªLFKZHUGDEHUDXFKUHGHQ©
6LHVDKHQHLQDQGHUPLW$XJHQDQDXVGHQHQGHU+DIXQNHOWH XQGJLQJHQKLQWHUGHP=DXQKLQXQGKHUZLH]ZHL/|ZHQLP .lILJ
/DPXUVDDXIGHU6FKZHOOHVFKZDU]XQGKlOLFKXQG EHREDFKWHWHLQVWLOOHU9HUDFKWXQJGLHEHLGHQYRQGHU/HLGHQVFKDIW JHTXlOWHQ0HQVFKHQNLQGHU
1XQEUDFKHLQEUHLWHU6RQQHQVWUDKOGXUFKGHQZHLHQ'XQVWGHU ULQJVXPDXIGHQ)HOGHUQXQG:HJHQODJHUWHXQGYHUZDQGHOWHLKQ LQOLFKWXQGIDUELJJOLW]HUQGHQ'XIWYRQGHVVHQGXUFKVLFKWLJHQ 6FKOHLHUQXPZREHQGLHNOHLQH6ODYDKHUDQQDKWHDQGLHVHP7DJH JHUDGHDQGLHVHPDQGHPGLHIHLQGOLFKHQ)UHXQGHHLQ:RUWLP 9HUWUDXHQDQVLH]XULFKWHQJHGDFKWHQQLFKWDOOHLQ 6LHKDWWHHLQH%HJOHLWHULQPLWJHQRPPHQ GLH9LQVND
$UQRVWXQG3DYHOHQWGHFNWHQHV]XJOHLFKXQGGHUHUVWHULHIXQG GHU]ZHLWHPXUPHOWHª9HUZQVFKW© (LQNOHLQHV6WFN:HJHVKLQWHUGHPMXQJHQ:HLEHXQGGHP MXQJHQ0lGFKHQNDPGLH6FKDUGHU+RO]NQHFKWH6LHJLQJHQ KHXWHVRXQJHZ|KQOLFKVSlWLQGHQ:DOGZHLOJHVWHUQ6RQQWDJ JHZHVHQZDUXQGZHLOHLQ+RO]NQHFKWGHUVLFKDFKWHWªDP 0RQWDJIUKLPPHU)HLHUDEHQGPDFKW©ZLH+DQXVFK]XVDJHQ SIOHJWH
9LQVNDVFKLHQHVIUQ|WLJ]XKDOWHQLKU.RPPHQGDGXUFK]X HUNOlUHQGDVLHPLWGHP+HUUQ2EHUI|UVWHUZHJHQGHV$QNDXIV YRQ%DXKRO]VSUHFKHQPVVHXQGVLFK6ODYDDQJHVFKORVVHQKDEH ZHLOVLFK V]X]ZHLHQGRFKLPPHUEHVVHUJHKH $UQRVWILQJGDV:RUWVRJOHLFKDXIJDELKUUHFKWXQGLKUH *HIlKUWLQDQVWDUUHQGVWDPPHOWHHUHWZDV9HUZRUUHQHVYRQGHU 7RUKHLWGDVQLFKWHLQ]XVHKHQXQGOLHEHUDOOHLQGDKLQ]X]RWWHOQ GXUFKV/HEHQVWDWWPLWHLQHPGHUHLQHQEHUPHQVFKOLFKJHUQ KDW
3DYHOIOVWHUWHLKPHLQ]RUQLJHVª5HGGXQXU©]XXQGQDFKGHP VHLQHUVWHU9HUGUXEHU9LQVNDV$QZHVHQKHLWYHUUDXFKWZDU IRUGHUWHHUVLHXQG6ODYDDXIEHLLKPHLQ]XWUHWHQXQGHLQZHQLJ ]XUDVWHQ'DPLW|IIQHWHHUGDV*LWWHUSI|UWFKHQXQGKLHVLH QDFKGHPVLHVHLQHU(LQODGXQJ)ROJHJHOHLVWHWKDWWHQQLFKWRKQH KDXVKHUUOLFKH:UGHDXIHLJHQHP*UXQGXQG%RGHQZLOONRPPHQ 'LHVH+|IOLFKNHLWYROO]RJVLFKYRUGHQ$XJHQGHUKHUDQUFNHQGHQ +RO]NQHFKWHXQGJDEGHQZVWHQ*HVHOOHQ$QOD]X*ORVVHQGHU HPS|UHQGVWHQ$UW
3DYHOZXWHNHLQH$QWZRUWGDUDXIXQGYRQVHLQHP3ODW]HDXVULHI HUPLWXQWHUGUFNWHU:XWGHQ+RO]NQHFKWHQ]Xª3DFNWHXFK© 6LHHUZLGHUWHQPLW5RKHLWHQVFKOLPPHUDOVDOOHYRUKHUJHKHQGHQ XQG+DQXVFKEHTXHPDQGHQ=DXQJHOHKQWGLH3IHLIH]ZLVFKHQ GHQ=lKQHQWDWDOVREHUGHQLP*lUWOHLQOLHJHQGHQ'DFKVWXKO DXIPHUNVDPEHWUDFKWHWHXQGVSUDFKª'HULVMDIHUWLJMHW]W NDQQVWDQIDQJHQGHQ6WDOO]XEDXHQ%DXLKQEDXLKQWXPPHO GLFKGLHGXHLQVWHOOHQZLOOVWLVVFKRQDXI P:HJGLHDXV P =XFKWKDXV©
ª'LHMD GLH©VFKROOHVLP&KRUXQG+DQXVFKVFKULHGDGLH $GHUQDQVHLQHP+DOVHVFKZROOHQª1HKPWLKQ:HLEOHLQ9RUGHU 6FKZLHJHUPXWWHUDXV P=XFKWKDXVEUDXFKWLKUHXFKQLFKW]X IUFKWHQGLHNRPPWLQGHQ6WDOOGLH0XWWHU© 'LH:RUWHUHXWHQLKQ
3DYHOKDWWHVLFKDXIJHElXPWDXVVHLQHU%UXVWGUDQJHLQ JUlOLFKHV6W|KQHQEHUGLH=lKQHIORGDV%OXWGHU]HUELVVHQHQ
/LSSH(LQHQ$XJHQEOLFNVFKDXWHHU'DVWDQGGLH)UDXGLHHU JHOLHEWKDWWH GDVWDQGGDV0lGFKHQGDVHUOLHEWHGDGHU HKUOLFKH%XUVFKHGHPHUHVVWUHLWLJPDFKHQZROOWHXQGGRUWDP =DXQGHU6FKXUNHGHULKQLQLKUHU*HJHQZDUWXQDXVO|VFKOLFK EHVFKLPSIWKDWWHDXI GHP%RGHQDEHU]XVHLQHQ)HQODJVHLQ JXWHV=LPPHUPDQQVEHLO'LH'DXHUHLQHV%OLW]HVXQGHUKDWWHHV HUJULIIHQXQGJHVFKOHXGHUW +DQXVFKNUHLVFKWHXQGERJDXV'DV QDFKVHLQHP.RSIJH]LHOWH%HLOIORJKDDUVFKDUIDQVHLQHP2KU YRUEHL$OOHVFKULHQ3DYHOVWLH9LQVNDZHJGLHLKPGHQ:HJ YHUWUHWHQZROOWHVFKZDQJVLFKEHUGHQ=DXQXQGVSUDQJPLWWHQ XQWHUGLH+RO]NQHFKWHKLQHLQ
6RIXUFKWEDUZDUHUDQ]XVHKHQHLQVRPDORVHU=RUQVSUKWHDXV VHLQHQ$XJHQGDGHUJDQ]H7UXSSYRULKP]XUFNZLFK DP ZHLWHVWHQ+DQXVFKGLH+DQGDP2KU$EHUVFKRQZDUHUHUHLOW XQGJHVWHOOWYRQHLQHPGHUQRFKUDVFKHUJHZHVHQDOV3DYHO /DPXUKDWWHHLQXQKHLOYHUNQGHQGHV.QXUUHQDXVJHVWRHQVLFK VHLQHP+HUUQYRUDQJHZRUIHQXQG+DQXVFKDQGHU*XUJHOJHSDFNW 'HUJOLWWDXVZDQNWHXQGVWU]WHGLFKWYRU3DYHOQLHGHUGLH KHUYRUJHTXROOHQHQ$XJHQLQYHU]ZHLIOXQJVYROOHU$QJVWDXILKQ JHULFKWHWGHUVFKRQVHLQHQ)XHUKREXPGHQ0XQG]X ]HUPDOPHQGHULKPVROFKH6FKPDFKDQJHWDQ3O|W]OLFKMHGRFK ZLHYRQ$EVFKHXXQG(QWVHW]HQ HUJULIIHQWRWHQEOHLFKJHZRUGHQ VWDPSIWHHUGHQ%RGHQXQGULHIª=XUFN/DPXU© 8QJHUQOLHGHU+XQGDEYRQVHLQHU%HXWH+DQXVFKHUKREVLFK PKVDPVHLQH*HQRVVHQPDFKWHQ0LHQHDOOH]XVDPPHQDXI 3DYHOORV]XJHKHQEHVDQQHQVLFKDEHUHLQHVDQGHUHQ6LH SDUODPHQWLHUWHQQRFKHLQH:HLOHPLW$UQRVWZlKUHQG3DYHO GXPSIYRUVLFKKLQEUWHQGGDVWDQGXQG]RJHQHQGOLFKNOHLQODXW JHZRUGHQZHLWHU(UVWLQHLQLJHU(QWIHUQXQJYRP*UXEHQKDXV IDWHQVLHGHQ0XWVLFK]XUFN]XZHQGHQXQGLQ'URKXQJHQ]X HUJHKHQDXIZHOFKHQLHPDQGK|UWHXQGGLHDXFKQLFKWHUIOOW ZXUGHQ
'LH=XUFNJHEOLHEHQHQELOGHWHQHLQHNOHLQHVWXPPH*UXSSH 3DYHOVFKLHQGHUOHW]WHVHLQ]XZROOHQGDV6FKZHLJHQ]XEUHFKHQ (UZDUDQGLH7UGHU+WWHJHWUHWHQXQGVDK]XVHLQHP+XQGH QLHGHUGHUVHLQHQ%OLFNHUQVWXQGYHUVWlQGQLVYROOHUZLGHUWH
(LQH:HLOHYHUJLQJEHYRUVLFK6ODYDVRZHLWHUPXQWHUWHGDVLH 3DYHODQVHLQHYRUKLQJHPDFKWH(LQODGXQJHULQQHUQNRQQWH +DOEODXWHUQHXHUWHHUGLHVHOEHXQGOlFKHOWHGDV0lJGOHLQDXI GHVVHQ*HVLFKWVLFK GLH6SXUHQGHVEHUVWDQGHQHQ6FKUHFNHQV PDOWHQIUHPGXQGWUDXULJDQ0DQWUDWLQV+DXVLQGLHGXUFK +DEUHFKWV*URPXWHLQJHULFKWHWH6WXEHPLWGHUQLHGHUHQ'HFNH PLWGHQNOHLQHQ)HQVWHUQXQGGHP)XERGHQDXVJHVWDPSIWHP /HKP'HU7LVFKVWDQGLQGHU0LWWHGHU6WXEHZLHHULQGHU0LWWH GHV/HKUHU]LPPHUVJHVWDQGHQKDWWHGHUDOWH/HKQVWXKOXQGGUHL 6HVVHOXPLKQKHUXP,QGHU(FNHGHU+HUGQLVFKHJHJHQEHU GHUVFKPDOH6FKUDQNGHUGDV+HLOLJWXPGHV+DXVHVWUXJGHV )UHXQGHVNRVWEDUHV9HUPlFKWQLVGLH%FKHULQGHQHQLPPHU]X OHVHQHU3DYHOHPSIRKOHQKDWWH1LFKWXPVRQVWPDQVDKHVGHQ VFKOLFKWHQ%lQGHQDQGDVLHRIWZHQQDXFKLQVFKRQHQGHU (KUIXUFKW]XU+DQGJHQRPPHQZXUGHQ 9LQVNDQDKP3ODW]LP/HKQVWXKO6ODYDDXIHLQHP6HVVHOQHEHQ LKU'LHHUVWH VFKZLHJGLH]ZHLWHlXHUWHVLFKYHUELQGOLFKEHU GLH5HLQOLFKNHLWGLHLP+DXVHKHUUVFKWHEUDFKDEHUDEYHUZLUUW GXUFKGLHVWUHQJHQ0LHQHQGHUGUHLDQGHUHQ
$UQRVWZDU]X3DYHOJHWUHWHQXQGKDWWHLKPHLQSDDU:RUWH ]XJHUDXQWXQG3DYHOKDWWHGHQ.RSIJHVFKWWHOWVLFKQLFKWPHKU JHUHJWXQGVWDQGZLHDXIGHP)OHFNDQJHZXU]HOWLQILQVWHUH *HGDQNHQYHUVXQNHQ /DQJHEH]ZDQJVLFK$UQRVW]XOHW]WDEHUVLHJWHVHLQH8QJHGXOG HUIDWH3DYHOEHLGHU6FKXOWHUXQGVSUDFKª:DVVLPXOLHUVW"+|U DXI:DVOLHJWGLUGUDQZDVHLQSDDU%HWUXQNHQHUHGHQ"© ª-D©ILHOGLH.OHLQHPLWLKUHUJORFNHQKHOOHQ6WLPPHHLQªZDV OLHJWGLUGUDQ"/DGLH/HXWUHGHQXQGVSUHFKHQZLUOLHEHUYRQ ZDV/XVWLJHP©
3DYHOKRUFKWHDXI HLQHVROLHEH6WLPPHXQGNRQQWHGRFKHLQHQ 0LNODQJHUZHFNHQ ª9RQZDV/XVWLJHP" *XW LFKKDE VQLFKWDQGHUVLP6LQQ©(U ODFKWHKHUEXQGWURFNHQNDPDXIGHQ7LVFK]XXQGZDQGWHVLFK DQGLH.OHLQHª,FKELQHLQ)UHLZHUEHU©VSUDFKHUªIUGHQGD
IUGHQ$UQRVW:LUKDEHQHVVFKRQODQJ]XVDPPHQDXVJHPDFKW GDLFKGLFKIUDJHQVROOREGXLKQQLPPVW"©
ª0DFKNHLQHQVFKOHFKWHQ6SD©IXKULKQ$UQRVWGHUEDQªZDV VROOGHQQGDVKHLHQ"©8QGQRFKGHUEHUJDE3DYHO]XUFNª:LOOVW YLHOOHLFKWQLFKWPHKUZHUEHQ",VWGLH/LHEVFKRQYHUUDXFKW"© ª2KZDVGLH/LHEEHWULIIW©
'HU$XVGUXFNPLWGHPGLHVH:RUWHJHVSURFKHQZXUGHQHUOHGLJWH GLH)UDJHEHUJHQJHQG (LQH9LHUWHOVWXQGHVSlWHUYHUOLHHLQ%UDXWSDDUGLH+WWH3DYHOV 'HU%UlXWLJDPJOFNVHOLJGLH%UDXWVWLOO]XIULHGHQ$UQRVWZDULKU OLHEHUDOV3DYHOQRFKOLHEHUMHGRFKZlUHLKU$UQRVWPLWGHP)HOGH 3DYHOVJHZHVHQ 9LQVNDHPSIDKOVLFK]XJOHLFKPLWGHQ9HUOREWHQGLHVLHLQV )RUVWKDXVEHJOHLWHQZROOWH$P$XVJDQJGHV*lUWFKHQVMHGRFK KLHVLHGLHMXQJHQ/HXWHYRUDQJHKHQEOLHEVWHKHQXQGVSUDFK]X 3DYHOª:DVZDUGDVMHW]W"(VKDWJHKHLHQGXKDVWGLH6ODYD JHUQ"©
ª,FKKDEVLHDXFKJHUQ©ULHIHUXQGPLWVHLQHU 6HOEVWEHKHUUVFKXQJZDUHV]X(QGHªDEHUZLHVROOGHQQLFK KHLUDWHQZLHVROOGHQQLFKHLQ:HLEQHKPHQLFKGHP VDOOH7DJ JHVFKHKHQNDQQHUZHLQLFKWZLHGDHUHLQHQHUVFKODJHQPX ZHLOHUVLFKQLFKWDQGHUVKHOIHQNDQQ",FKKDE6FKDQGIUHVVHQ VROOHQGD]XKDWGLH0XWWHUPLFKJHERUHQ-HW]WKDEHQVLH¾ZDV %HVVUHV½DXVPLUPDFKHQZROOHQGHU+HUU/HKUHUXQGPHLQH 6FKZHVWHU0LODGDXQG MHW]WVFKPHFNWPLUGLH6FKDQGQLFKWPHKU XQGMHW]WEULQJLFKVLHQLFKWPHKUKLQXQWHUGDVLVWPHLQ 8QJOFN©
1DFKHLQHU3DXVHLQZHOFKHU9LQVNDGLH$XJHQIHVWDXIGHQ%RGHQ JHULFKWHWKLHOWVDJWHVLHª'XELVWPLWJHJDQJHQEHLP%HJUlEQLV YRQPHLQHPDUPHQ3HWHU,FKKDEGLUQRFKQLFKWGDQNHQN|QQHQ ZHLOGXPLULPPHUDXVZHLFKVW© (U]XFNWHGLH$FKVHOQXQGHUZLGHUWHª,FKZHUGGLUQLPPHU DXVZHLFKHQ/HEZRKO©
ª/LHEHU3DYHO©QDKPVLHQDFKDEHUPDOLJHU3DXVHZLHGHUGDV :RUWªHKLFKJHKPXWGXQRFKZDVDQK|UHQ,FKKDENHLQH 5XKGLH/HXWODVVHQPLUNHLQH5XK0HLQDUPHU3HWHULVWHUVWGUHL 0RQDWHWRWXQGVFKRQKDEHQVLFK]ZHL)UHLHUEHLPLUJHPHOGHW© ª6RVXFKGLUHLQHQDXV©
ª,FKJODXEH©VDJWH9LQVNDQDFKGHPVLHHLQH:HLOHLQGHQ 6FKQHHJHEOLFNWªGDLFKHLQH:LWIUDXEOHLEHQZHUGH© ª6REOHLEHLQH:LWIUDX/HEZRKO©
6FKRQLP%HJULIIH]XJHKHQZDQGWHVLHVLFKQRFKHLQPDO]XLKP XQGEHJDQQYRQQHXHPPLWEHNORPPHQHU6WLPPHª'XKDVWJXW VDJHQ/HEZRKO:HQQPDQJHJHQMHPDQGHQVRVFKOHFKW JHZHVHQ LVWZLHLFKJHJHQGLFKOHEWVLFK VQLFKWZRKO©
ª'HVZHJHQEUDXFKVWGLUNHLQHJUDXHQ+DDUHZDFKVHQ]XODVVHQ© VSUDFKHUUXKLJªGDVKDELFKDOOHVYHUJHVVHQ© 6LHVHQNWHGHQ.RSIDXIGLH%UXVWHLQ6FKPHU]HQV]XJXPVSLHOWH LKUHQ0XQGª8QGGX©IUDJWHVLHªZLUVWGXZLUNOLFKLPPHUHLQ -XQJJHVHOOEOHLEHQ"© ª-D©HQWJHJQHWHHUªLFKEOHLEGHUHLQVDPH0HQVFK]XGHPLKU PLFKJHPDFKWKDEW©
'LH1DFKULFKWGLH3DYHODXVGHU6WDGWHUKDOWHQVROOWHWUDIHLQXQG ODXWHWHVHKUXQEHIULHGLJHQG'LH)UDX%DURQLQOLHVDJHQQRFK N|QQHLKPGLH(UODXEQLVVHLQH6FKZHVWHU]XEHVXFKHQQLFKW HUWHLOWZHUGHQDXVZHOFKHP*UXQGHVROOHHUVSlWHUHUIDKUHQXQG VLFKYRUOlXILJLQ*HGXOGIDVVHQ
%DOGGDUDXINDPHLQ%ULHIYRQ0LODGDLQZHOFKHPVLH3DYHOEDW VHLQ.RPPHQDXI]XVFKLHEHQ$XIGDVOLHEUHLFKVWHGDQNWHVLHLP YRUKLQHLQIUGLH(UIOOXQJLKUHU%LWWHYHUWU|VWHWHLKQDXIGDV )UKMDKUYHUVLFKHUWHGDHVLKUYRQ7DJ]X7DJEHVVHUJHKHXQG VFKORPLWGHU.XQGHGDLKUH(LQNOHLGXQJDXIZHOFKHVLHVLFK XQDXVVSUHFKOLFKIUHXHLP0DLVWDWWILQGHQZHUGH
6RPXWH3DYHOVLFKEHVFKHLGHQXQGWDWHVGRFKZXUGHHVLKP QLFKWOHLFKW-HGH:RFKHZHQLJVWHQVHLQPDOJLQJHULQV6FKORXQG IUDJWHª,VWGLH)UDX%DURQLQ]XUFNJHNRPPHQ"©XQGHUKLHOW LPPHU]XU$QWZRUWª1HLQ© ª+DW VLHDXFKQLFKWJHVFKULHEHQ"© ª'DVZRKO XP$QRUGQXQJHQ]XWUHIIHQGLHDXIHLQHQHXH 9HU]|JHUXQJLKUHU5FNNHKUVFKOLHHQODVVHQ© 0LWGHU+HLUDW6ODYDVGLHLKUSIOLFKWJHPlDQJH]HLJWZRUGHQ KDWWHVLHVLFKHLQYHUVWDQGHQHUNOlUWGHP0lGFKHQGLHHUEHWHQH (QWODVVXQJXQGHLQ*HVFKHQNJHJHEHQGDVQLFKWQXUKLQUHLFKWH XPGLH.RVWHQGHU+RFK]HLW]XEHVWUHLWHQVRQGHUQDXFKXPHLQ UXQGHV6PPFKHQIUGLH:LUWVFKDIW]XHUEULJHQ'LHVDOOHVZHLO 6ODYDREZRKOYRQIUKHU-XJHQGDQYHUZDLVWXQGDXIHLJHQHQ )HQVWHKHQGVLFKVWHWVEUDYJHIKUWXQGQXQXQEHVFKROWHQDQ GHQ$OWDUWUHWHQNRQQWH $PGULWWHQ6RQQDEHQGQDFK2VWHUQIDQGGLH7UDXXQJVWDWW3DYHO IXQJLHUWHDOV%UDXWIKUHU(UKDWWHVLFKVFKZHUGD]XHQWVFKORVVHQ WDWHVDEHUGDQQLQJXWHU+DOWXQJXQGPLW6WRO]DXIVHLQHQEHU VLFKVHOEVWHUUXQJHQHQ6LHJ$QWRQGHU6FKPLHGYHUWUDWGLH6WHOOH GHV%UDXWYDWHUV9LQVNDGLHGHU%UDXWPXWWHU6LHZDUWURW]GHV JURHQ:LWZHQWXFKHVGDVVLHVLFKEHUGHQ.RSIJH]RJHQKDWWH VFK|QHUDOVGLH%UDXWVHOEVW'HU+HUU3IDUUHUVSUDFKGLH7UDXUHGH PLWJDQ]XQJHZ|KQOLFKHU:lUPHEHHKUWHDXFKGLH 1HXYHUPlKOWHQPLWVHLQHU*HJHQZDUWEHLP)HVWHVVHQLP :LUWVKDXVH'HU'RNWRUGHU9HUZDOWHUGHU)|UVWHUGHU
%UJHUPHLVWHUXQGHLQLJHJURH%DXHUQNDPHQLKUHQ *OFNZXQVFK]XEULQJHQXQGGHQ'DQNGHVMXQJHQ3DDUHVIUGLH LKPLQV+DXVJHVFKLFNWHQ*HVFKHQNH]XHPSIDQJHQ$OOHVJLQJ RKQHXQDQVWlQGLJHQ/lUPHLQIDFKDEHU ªXUQREHO©]X
1DFKGHP(VVHQZXUGHJHWDQ]WXQGQXQHUHLJQHWHVLFKGDV (UVWDXQOLFKH9LUJLOGHUVHLW-DKUHQQXUQRFKVFKOHLFKHQNRQQWH IKUWHPLWHLQHUXQJHIlKULPJOHLFKHQ$OWHUZLHHUVWHKHQGHQ 0DJGHLQH5HGRZDWVFKNDDQ $OVGLH0XVLNDXIVHLQ*HKHLGLH :HLVHGHVOlQJVWDXVGHU0RGHJHNRPPHQHQ7DQ]HVDQJHVWLPPW KDWWHQVLFKGLH*HVLFKWHUDOOHUDQZHVHQGHQDOWHQ/HXWHHUKHLWHUW 'LH0lQQHUVWDQGHQDXIMHGHUZLQNWHGHUª6HLQLJHQ©VLHOHJWHQ GLHVFKZLHOLJHQ+lQGHLQHLQDQGHUXQGVFKZHQNWHQVLFKLP7DQ]H KLQWHUGHP+LUWHQXQGVHLQHUJUDXHQ3DUWQHULQ(LQPDOZLHGHU NDPHQVLHLQIUHXQGOLFKHU(LQWUDFKW]XVDPPHQGLHDOWHQ3DDUH GLHYLHOOHLFKWOlQJVWQLFKWVPHKUNDQQWHQDOV+DGHURGHU *OHLFKJOWLJNHLW'DVSLHOWHHLQYHUVFKlPWHV/lFKHOQXPPDQFKHQ ZHONHQ)UDXHQPXQGGDEOLW]WHHVXQWHUQHKPHQGDXVPDQFKHP WUEHQ0lQQHUDXJH%HLGHUOLHEHQ5HGRZDHULQQHUWHQVLHVLFKGHU 7DJHLQGHQHQVLHMXQJJHZHVHQZDUHQXQGHLQDQGHUVHKUJXW XQGWDQ]WHQVLHXQWHUGHP$SSODXVLKUHU.LQGHUXQG(QNHOGXUFK ELVDQV(QGH 0DQFKHVKEVFKH0lGFKHQKDWWH3DYHOVFKRQDQJHEOLQ]HOWXQG JHIUDJWª:DVLVW VPLWGLU".DQQVWQLFKWWDQ]HQ"© ª:HLQLFKW©JDEHU]XU$QWZRUWªKDE VQRFKQLHSURELHUW© ª6RSURELHU VMHW]W©
$EHUGDVZROOWHHUQLFKWXPQLFKWVLQGHU:HOWVLFKGDOlFKHUOLFK PDFKHQYRUHLQHUVRJURHQ9HUVDPPOXQJHUEOLHEGDEHLXQG ZLGHUVWDQGVRJDUGHQ%LWWHQ6ODYDVGLHGXUFKDXVZHQLJVWHQV HLQPDOPLWLKPJHWDQ]WKDEHQZROOWHDQLKUHP(KUHQWDJH
'HP%HLVSLHOGDVHULP(QWVDJHQJDEIROJWHGLH9LQVND6LH GURKWHVRJDUGDV)HVW]XYHUODVVHQDOVGHUVWUPLVFKVWHLKUHU )UHLHUVLH]ZLQJHQZROOWHPLWLKPLQGHQ5HLJHQ]XWUHWHQ3DYHO XQGVLHZHFKVHOWHQKLHXQGGDHLQ:RUWYRQVHLQHU6HLWHZHQQ QLFKWLQ)UHXQGVFKDIWVRGRFKLQ)ULHGHQYRQGHULKUHQLQWLHIHP 'DQNGDIUGDHUPHKUDOVYHU]LHKHQ GDHUYHUJHVVHQKDWWH
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|UVWHUVSUDFK ODQJHPLWLKPLQIDVWYlWHUOLFKHU*WHGHU+HUU3IDUUHUKROWHVHLQH 0HLQXQJLQHLQHUODQGZLUWVFKDIWOLFKHQ)UDJHHLQGHU6FKPLHG ZROOWHGXUFKDXVGLH*HVFKLFKWHYRQGHU0DVFKLQH|IIHQWOLFK HU]lKOHQXQGOLHVLFKQXUDXV5FNVLFKWIU9LQVNDGDYRQ DEKDOWHQ$UQRVWEHWHXHUWHLKPODXWXQGEHJHLVWHUWVHLQH 'DQNEDUNHLWXQGHZLJH)UHXQGVFKDIW 'DV*HPHLQGHNLQGEHZHJWHVLFKLQHLQHU$WPRVSKlUHYRQ $FKWXQJXQG:RKOZROOHQGLHHVHLQVRJGXUFKDOOH3RUHQXQGXP VRLQQLJHUJHQRDOVHLQHOHLVH6WLPPHLQVHLQHP,QQHUQPDKQWH )UHXGLFKGLHVHU6WXQGHVLHZLHGHUKROWVLFKGLUYLHOOHLFKWQLH0LW GHU$FKWXQJPLWGHP:RKOZROOHQZLUGHVDXVVHLQZHQQGLH 0XWWHUNRPPW8QGVLHNDQQPRUJHQNRPPHQ ZHUZHL"VLH NDQQVFKRQGDVHLQ(UNDQQVLHILQGHQZHQQHUVHLQ+DXVEHWULWW LQVHLQHU6WXEHDQVHLQHP+HUG
'DIDWHHVLKQPLWWHQLQVHLQHPVWLOOHQVFKZHUPWLJHQ*OFNH PLWEHUPlFKWLJHP'UDQJ+LQZHJEHUODGHU0XWWHU+WWHXQG )HOGXQGGXZDQGHUIRUWZHLWZHLWLQGLH:HOWXQWHUIUHPGH 0HQVFKHQGLHQLFKWVYRQGLUXQGQLFKWVYRQGHLQHQ(OWHUQZLVVHQ /HUQHXQGZHUGH ZHQQDXFKVSlWHUDOVHLQDQGHUHUPHKUDOVGLH DQGHUHQ 'LHVH*HGDQNHQKDIWHWHQEHJOHLWHWHQLKQKHLPZDUHQVHLQH OHW]WHQDOVHUHLQVFKOLHIXQGVHLQHHUVWHQDOVHUHUZDFKWH
$P0RUJHQMHGRFKDOVHUVHLQHLP+HUEVWJHSIODQ]WHQ .LUVFKElXPHEHVXFKHQJLQJXQGVDKZLHGLHPHLVWHQYRQLKQHQ
VFKRQ%OWHQEHU%OWHQDQJHVHW]WKDWWHQXQGDOVHUVHLQ)HOG DEVFKULWWDXIGHPGLHHUVWHYRQLKPJHVlWH)UXFKWJUQWHGD IKOWHHUGDLKPGDV6FKHLGHQGRFKVFKZHUVHLQ ZUGH8QG GDQQZHQQVHLQH6FKZHVWHU0LODGDZHQQ+DEUHFKWYRQGHQ )OXFKWJHGDQNHQGLHHUKHJWHZWHQZDVZUGHQGLHZRKO VDJHQ"
ª.OHLQHU0HQVFKEOHLEHLQGHLQHPNOHLQHQ.UHLVHXQGVXFKHVWLOO XQGYHUERUJHQ]XZLUNHQDXIGLH*HVXQGKHLWGHV*DQ]HQ©
'DVZDUDXFKHLQHUGHU$XVVSUFKHGHV)UHXQGHVJHZHVHQGHU LP$XJHQEOLFNLQGHPHUJHWDQZXUGHYRQ3DYHOV9HUVWlQGQLV HPSIDQJHQZRUGHQZDUZLHGDV6DPHQN|UQOHLQGHV(YDQJHOLXPV YRP)HOVHQJUXQGH-HW]WDEHUJOLFKVHLQH6HHOHQLFKWPHKUGHP VWHLQLJHQ%RGHQVRQGHUQHLQHPJXWHQ(UGUHLFKXQGGDV 6DPHQN|UQOHLQNHLPWHXQGJLQJDXIXQGPLWLKPHLQH)OOHYRQ (UZlJXQJHQ (LQH6WLPPHGLHVHLQHQ1DPHQULHIZHFNWH3DYHOSO|W]OLFKDXV VHLQHP6LQQHQDXILKQ]XJHODXIHQNDPHLQKHUUVFKDIWOLFKHU 6WDOOSDJHZLQNWHYRQZHLWHPXQGULHIª'LH)UDX%DURQLQKDW HLQHQ%RWHQJHVFKLFNWGXVROOVWJOHLFK]XLKULQGLH6WDGWGX VROOVWIDKUHQ©
ª,FKZHUGGRFKJHKHQN|QQHQ©HUZLGHUWH3DYHOGHPHVYRU hEHUUDVFKXQJ)UHXGH6FKUHFNHQKHLXQGNDOWGXUFKGLH$GHUQ OLHIªZDUXPGHQQIDKUHQ"© ª'DGXIUKHUGRUWELVWYHUPXWOLFKPDFKQXUHVZLUGVFKRQ HLQJHVSDQQW©
+DVWLJZHFKVHOWH3DYHOGLH.OHLGHUXQGUDQQWHLQV6FKOR'LH )DKUJHOHJHQKHLWZDUWHWHEHUHLWVHLQSDDUNUlIWLJH :LUWVFKDIWVSIHUGHYRUHLQHQOHLFKWHQ:DJHQJHVSDQQWEUDFKWHQ LKQLQNXU]HU=HLWQDFKGHU6WDGWDQGLH3IRUWHGHV.ORVWHUVZR LKQDXIVHLQ6FKHOOHQGLH3I|UWQHULQPLWGHQ:RUWHQHPSILQJª,FK VROO6LH]XGHU)UDX%DURQLQIKUHQ© ª,VWPHLQH6FKZHVWHUEHLLKU":LHJHKW VPHLQHU6FKZHVWHU"© IUDJWH 3DYHOPLWYHUVDJHQGHP$WHP
'LH1RQQHDQWZRUWHWHQLFKWVLHVFKULWWLKPVFKRQYRUDQEHUHLQH 7UHSSHGXUFKHLQHQELOGHUJHVFKPFNWHQ*DQJDQGHVVHQ(QGH HLQHUGXQNOHQ'RSSHOWUJHJHQEHUHLQOHEHQVJURHU+HLODQGDP .UHX]HKLQJ ª:LHJHKW VPHLQHU6FKZHVWHU"©ZLHGHUKROWH3DYHO
'LH3I|UWQHULQGHXWHWHQDFKGHPGRUQHQJHNU|QWHQ+DXSWHGHV (UO|VHUVVSUDFKª'HQNHQ6LHDQ6HLQH/HLGHQ©|IIQHWHGLH7U XQGKLHLKQHLQWUHWHQ3DYHOJHKRUFKWHXQGEHIDQGVLFKLQHLQHP VDDOlKQOLFKHQIHLHUOLFKHQ*HPDFKLQGHPGLH)UDX%DURQLQXQG GLH)UDX2EHULQVWDQGHQGLHDOWH'DPHDXIGHQ$UPGHU)UHXQGLQ JHVWW]W ª*RWW]XP*UXH©VDJWHGLHHKUZUGLJH0XWWHUGLH%DURQLQ ZROOWHUHGHQYHUPRFKWHHVDEHUQLFKWXQGEUDFKLQ7UlQHQDXV
$XFK3DYHONRQQWHQXUVWDPPHOQª8P*RWWHVZLOOHQXP*RWWHV ZLOOHQZDVLVW VPLWPHLQHU6FKZHVWHU",VWVLHNUDQN"©
ª6LHLVWJHQHVHQ©VSUDFKGLH2EHULQª(LQJHJDQJHQ]XPHZLJHQ /LFKWH© 3DYHOVWDUUWHVLHDQPLWHLQHP%OLFNHGHU4XDOXQGGHV=RUQHV YRUGHPLKUHVFK|QHQUXKLJHQ$XJHQVLFKVHQNWHQ ª:DVKHLWGDV"©VFKULHHUDXILQVHLQHU3HLQ
'DPDFKWHGLHNOHLQH*UHLVLQVLFKORVYRQGHP$UPLKUHUVWDUNHQ )UHXQGLQXQGVFKZDQNWHDXI3DYHO]XPLWDXVJHVWUHFNWHQ ]LWWHUQGHQ+lQGHQª$UPHU%XUVFKH©VFKOXFK]WHVLHªGHLQH 6FKZHVWHULVW WRWPHLQOLHEHV.LQGLVWPLUYRUDQJHJDQJHQPLU $OWHQ0GHQ©
'LH.QLHYHUVDJWHQLKUVLHZDULP%HJULIIXP]XVLQNHQ3DYHOILQJ VLHDXIXQGGLHDOWH*XWVIUDXZHLQWHDQVHLQHU%UXVW (UJHOHLWHWHVLHEHKXWVDP]XHLQHP/HKQVHVVHOXQGKDOILKUVLFK GDULQQLHGHU]XODVVHQGDQQDPJDQ]HQ/HLEHEHEHQGZDQGWHHU VLFK]XU2EHULQª:DUXPKDWPHLQH6FKZHVWHUPLUJHVFKULHEHQ GDHVLKUEHVVHUJHKWYRQ7DJ]X7DJ"©
ª6LHKDWHVJHJODXEWXQGZLUGXUIWHQLKUGLHVHQ*ODXEHQODVVHQ ELVGLH=HLWNDPVLH]XP(PSIDQJGHUKHLOLJHQ:HJ]HKUXQJ YRU]XEHUHLWHQ©VLHKLHOWLQQH ª9RU]XEHUHLWHQ©ZLHGHUKROWH3DYHOXQGGUFNWHGLH+DQGDQ VHLQHWURFNQHQJOKHQGHQ$XJHQªVLHKDWDOVRJHZXWGDVLH VWHUEHQPX"© 'LH2EHULQPDFKWHHLQEHMDKHQGHV=HLFKHQ
ª8QGKDWVLHQLFKWJHVDJWGDVLHPLFKVHKHQZLOOQLFKWJHVDJW ,FKZLOOPHLQHQ%UXGHUQRFKVHKHQ" )UDX%DURQLQ©ULHIHUGLH *UHLVLQPLWHUKREHQHU6WLPPHDQªKDWVLHQLFKWJHVDJWLFKZLOO PHLQHQ%UXGHUQRFKVHKHQ"© ª6LHKDWGLFKWDXVHQG XQGWDXVHQGPDOJUHQ XQGVHJQHQ ODVVHQDEHUGLFK]XVHKHQKDWVLHQLFKWPHKUYHUODQJW©ODXWHWH GLH$QWZRUWXQGGLHHKUZUGLJH0XWWHUILHOHLQª6LHZDU ORVJHO|VWYRQDOOHP,UGLVFKHQVLHJHK|UWHVFKRQGHP+LPPHO DQ6LHVDKLKQRIIHQLQLKUHUOHW]WHQ6WXQGHVDK*RWWLQ VHLQHU +HUUOLFKNHLWXQGK|UWHGHQMDXFK]HQGHQ*HVDQJGHU(QJHOFK|UH GLHVLHZLOONRPPHQKLHHQLP5HLFKHGHU*OFNVHOLJHQ© ª:DQQLVWVLHJHVWRUEHQ"©ZUJWH3DYHOKHUYRU ª*HVWHUQDEHQG©
*HVWHUQDEHQG ZlKUHQGHUHLQ)HVWPLWIHLHUWHZlKUHQGVHLQH *HGDQNHQVRIHUQYRQLKUZDUHQ0LWZLOGHP=ZHLIHOHUJULIIHV LKQ(VNDQQQLFKWVHLQHVLVWMDXQP|JOLFK XQGHUULHIª:R LVWVLH")KUHQ6LHPLFK]XLKU©
ª6LHLVWQRFKQLFKWDXIJHEDKUW©YHUVHW]WHGLH2EHULQDEHU3DYHO OLHNHLQHQ(LQZDQGJHOWHQXQGGLH*HELHWHQGHGLH]XKHUUVFKHQ *HZRKQWHJDEQDFK
6LHVWLHJHQGLH7UHSSH]XP]ZHLWHQ*HVFKRHPSRU GXUFKVFKULWWHQHLQHQ*DQJLQZHOFKHQYLHOH7UHQPQGHWHQ9RU GHUHLQHQEOLHEGLH2EHULQVWHKHQª'DV=LPPHU0DULDV©VSUDFK VLHLQWLHIHU(UJULIIHQKHLW
3DYHOVWU]WHYRUXQGULGLH7UDXI,QGHUZHLJHWQFKWHQ YRQ6RQQHQOLFKWGXUFKIOXWHWHQ=HOOHPLWGHPYHUJLWWHUWHQ)HQVWHU PLWGHQJODWWHQ:lQGHQVWDQGHLQVFKPDOHV%HWWHLQH :DFKVNHU]HLQVFKZDU]HPHLVHUQHP/HXFKWHUEUDQQWH]XGHVVHQ +lXSWHQXQGHLQH]XGHVVHQ)HQYRUGHPVHOEHQNQLHWHQLP *HEHWYHUVXQNHQ]ZHL.ORVWHUIUDXHQXQGDXIGHP%HWWHODJPLW HLQHP/LQQHQEHGHFNWHLQHVWDUUHKDJHUH/HLFKH'LH2EHULQ QlKHUWHVLFKLKUXQG]RJGDV7XFKYRP*HVLFKWKHUDE
3DYHOSUDOOWH]XUFNWDXPHOWHXQGVFKOXJDQGHQ7USIRVWHQDQ DQGHPHUVWHKHQEOLHEXQGVLFKZDQGZLHHLQ*HIROWHUWHU(QGOLFK HQGOLFKEUDFKHQ7UlQHQDXVVHLQHQ$XJHQXQGHUVFKULHª'DVLVW QLFKWPHLQH0LODGDGDVLVWVLHQLFKW:RLVWPHLQH0LODGD"© (UZDUQLFKW]XEHUXKLJHQVHLQ6FKPHU]VSRWWHWHGHV7URVWHV
'LH)UDX%DURQLQOLHLKQUXIHQZHLQWHVSUDFKYRQ0LODGDXQGHU KDWWHQLFKWGDV+HU]LKU]XVDJHQZDVHUXQDXIK|UOLFKGDFKWH :UGHPDQVLH]XUHFKWHU=HLWDXVGHP.ORVWHUJHQRPPHQ KDEHQVLHZlUHMHW]W DP/HEHQGXKlWWHVWGHLQ.LQGQRFKXQG LFKQRFKPHLQOLFKWHV9RUELOGPHLQNRVWEDUVWHV*XW $XIGHQ:XQVFKGHUDOWHQ)UDXEOLHEHULQGHU6WDGWELV]XP7DJH GHV%HJUlEQLVVHVLUUWHLQGHQ*DVVHQXPKHUGXUFKGHQ XQJHZRKQWHQ0LJJDQJVHLQHP6FKPHU]HRKQPlFKWLJ SUHLVJHJHEHQ ª0LODGDPHLQHOLHEH6FKZHVWHU©VSUDFKHUYRUVLFKKLQXQG PDQFKPDOEOLHEHUVWHKHQXQGPHLQWHHVPVVHLKPMHPDQG QDFKNRPPHQXQGLKPVDJHQ.HKUXPVLHOHEWVLHIUDJWQDFK GLU'DVNOHLQH]XVDPPHQJH]RJHQH7RWHQDQJHVLFKWGDVGX JHVHKHQKDVWZDUQLFKW0LODGDV$QJHVLFKW
$OVVLHLQGHU.DSHOOHDXIJHEDKUWODJLP*ODQ]YRQKXQGHUW /LFKWHUQZHLJHNOHLGHWPLWZHLHQ5RVHQEHGHFNWZDUHUQLFKW ]XEHZHJHQDQGHQ.DWDIDONKHUDQ]XWUHWHQ (UVWDOVGHU6DUJ JHVFKORVVHQZXUGHGHUGLH5HVWHVHLQHU0LODGDEDUJZDUIHUVLFK EHULKQXQGEHWHWHQLFKWIUVLHVRQGHUQ]XLKU
%HLGHU%HHUGLJXQJPDFKWHGHU$QEOLFNGHV6FKPHU]HVVHLQHU DOWHQ*XWVIUDXLKQIDVWXQHPSILQGOLFKIUVHLQHQHLJHQHQ*DQ] JHEURFKHQVWDQGVLHQHEHQLKPDP*UDEHLKUHV/LHEOLQJVDXIGHP
VWLOOHQ.ORVWHUIULHGKRIHXQGOLHQDFKEHHQGHWHU7UDXHUIHLHUOLFKNHLW GHQ=XJGHU1RQQHQYRUEHUVFKUHLWHQRKQHVLFKLKP DQ]XVFKOLHHQ1DFKHLQHU:HLOHHUVWVSUDFKVLH]X3DYHOª)KUH GXPLFKMHW]W]XUFNDXIPHLQ=LPPHUXQGGDQQJHKQDFK+DXVH XQGVDJHLP6FKORGDVLHDOOHV]XPHLQHP(PSIDQJ YRUEHUHLWHQVROOHQ2UGHQWOLFK HVZLUGRKQHKLQGLHOHW]WH0KH VHLQGLHLFKPHLQHQ/HXWHQPDFKH,FKJODXEHGDLFKQXU KHLPNRPPHQZHUGHXPPLFKKLQ]XOHJHQ]XP6WHUEHQ© 3DYHOZLGHUVSUDFKLKUQLFKW(UIKOWHZRKODXIHLQHQ:LGHUVSUXFK ZDUHVKLHUQLFKWDEJHVHKHQZLHVRRIWEHLDOWHQ/HXWHQZHQQVLH $QVSLHOXQJHQPDFKHQDXILKUHQQDKHQGHQ7RG(VZDUHUQVW JHPHLQWXQGDOVRZXUGHHVDXIJHQRPPHQ 6SlWDP1DFKPLWWDJODQJWHHULP'RUIHDQ6HLQHUVWHU*DQJZDU QDFKGHP6FKORZRHUGHQ$XIWUDJGHU)UDX%DURQLQEHVWHOOWH 'LH'LHQHUVFKDIWOLHI]XVDPPHQDOVHVKLHHUVHLGDDOOHVDKHQ LKQYROO1HXJLHUDQXQGHUPDFKWHVLFKUDVFKGDYRQEHVRUJHQG GD)UDJHQEHU0LODGDDQLKQJHVWHOOWZHUGHQN|QQWHQ$XIGHU 6WUDHEHJHJQHWHHUGHUVHOEHQ$XIPHUNVDPNHLWGLHHULP 6FKORVVHHUUHJWKDWWH(LQHURGHUGHUDQGHUHEOLHEVWHKHQLQGHU $EVLFKWLKQDQ]XUHGHQDEHU3DYHOHLOWHPLWNXU]HP*UXYRUEHL 9RUGHP+DXVH9LQVNDVDXIHLQHU%DQNVD9LUJLOGHUVLFKVHLW GHP$EOHEHQ3HWHUVEHLVHLQHU7RFKWHUHLQTXDUWLHUWKDWWH
(UZLQNWH3DYHOKHUDQª%LVWHQGOLFKGD"©ULHIHULKP]Xª'X GHLQ+XQGZlUHYHUKXQJHUWZHQQLFKPLFKVHLQHUQLFKW DQJHQRPPHQKlWW©
ª+DEPLFKRKQHKLQGDUDXIYHUODVVHQ©HUZLGHUWH3DYHOXQGVFKULWW ZHLWHU9LUJLOMHGRFKVFKULHDXVDOOHQ.UlIWHQª/DXIQLFKWEOHLE 'LH9LQVNDKDWGLUZDV]XVDJHQ©XQGGDWUDWVLHDXFKVFKRQDXV GHU7UJLQJDXI3DYHO]XXQGVSUDFKLQGHUGHPWLJHQ:HLVHLQ ZHOFKHUVLHVLFKLKPJHJHQEHUMHW]WLPPHUYHUKLHOWª:LUKDEHQ YRQGHLQHP8QJOFNJHK|UWHVWXWXQVOHLG© ª/DODGDV©ILHOHULKULQV:RUW
ª6DJLKPGRFKGDVDQGHUH©HUPDKQWH9LUJLOYROO8QJHGXOG
ª9LQVNDYHUIlUEWHVLFKª/LHEHU3DYHO©EHJDQQVLHªOLHEHU3DYHO GHLQH0XWWHULVWDQJHNRPPHQ© (U]XFNWH]XVDPPHQª:RLVWVLH"LVWVLHLQPHLQHP+DXVH"©
ª1HLQVLHKDWLQGHLQ+DXVQLFKWWUHWHQZROOHQEHYRUGXGDELVW 6LHKDWDXFKQLFKW]XPLUNRPPHQZROOHQ©VHW]WHVLHKLQ]X ª+DVWGXVLHHLQJHODGHQ"
ª-DLFKKDEVLHHLQJHODGHQ]XPLU]XNRPPHQXQGEHLPLUDXI GLFK]XZDUWHQ6LHKDWQLFKWJHZROOWVLHZRKQWEHLP:LUWDEHU YRQGLUHU]lKOWKDEHLFKLKUGHQJDQ]HQ7DJXQGVLHKDWVLFKJDU QLFKWVDWWK|UHQN|QQHQ'DQQLVWVLHKLQDXIJHJDQJHQ]XGHLQHP +DXV6LHZLUG MHW]WGRUWVHLQ© 3DYHOZDU]XPXWDOVREHLQJURHV6WFN(LVDXIVHLQH%UXVW JHIDOOHQZlUHª*XW©PXUPHOWHHUªJXWVRJHKLFK©DEHUHU UKUWHVLFKQLFKW6HLQXQVWHWLUUHQGHU%OLFNEHJHJQHWHGHPGHU 9LQVNDGHUDQJVWYROOJHVSDQQWDXIVHLQHPILQVWHUHQ*HVLFKWH UXKWHXQGSO|W]OLFKVSUDFKHUª,FKGDQNGLUGDGXVLH HLQJHODGHQKDVW© ª1LFKWV]XGDQNHQ©YHUVHW]WH9LQVND
'LH+HU]HQEHLGHUSRFKWHQK|UEDUGHXWOLFKODVMHGHULQGHU6HHOH GHVDQGHUQ6LHIDQGLQGHUVHLQHQQLFKWPHKUGLHDOWH/LHEHDEHU DXFKQLFKWPHKUGHQDOWHQ*UROOGLHLKUHZDULQDOOHQ7LHIHQHUIOOW YRQVFKZHUHUYRQQXW]ORVHU5HXHKHUYRUJHJDQJHQDXVGHP %HZXWVHLQ:DVLFKDQGLUJHIUHYHOWKDEHYHUPDJLFKQLH ZLHGHUJXW]XPDFKHQ 2KQHQRFKHLQ:RUW]XZHFKVHOQVFKLHGHQVLH
3DYHOJLQJODQJVDPGLH'RUIVWUDHKLQDXI 'LH6RQQHYHUVDQN KLQWHUGHQZDOGEHNUlQ]WHQ+JHOQVFKDUIXQGVFKZDU]UDJWHQGLH :LSIHOGHV1DGHOKRO]HVLQGLHSXUSXUIDUELJH/XIW$XIGDV *UXEHQKDXVKDWWHQNODUH6FKDWWHQVLFKJHEUHLWHWVLHJOLWWHQEHU VHLQlUPOLFKHV'DFKWUEWHQGHQ*ODQ]VHLQHUNOHLQHQ )HQVWHUVFKHLEHQXQGXPIORVVHQHLQHKRKH*HVWDOWGLHYRUGHP *lUWFKHQVWDQGYHUWLHIWLQGHQ$QEOLFNGHVXQWHUJHKHQGHQ 7DJHVJHVWLUQV
'LH0XWWHUVDJWHVLFK3DYHO GLH0XWWHU
'DZDUVLHXQJHEHXJWYRQGHU/DVWGHUOHW]WHQ]HKQ-DKUH XQJHEURFKHQGXUFKGLH6FKPDFKLKUHUODQJHQ.HUNHUKDIW3DYHO VHW]WHVHLQHQ:HJIRUW QLFKWPHKUDOOHLQ'DVXQWHUGUFNWH *HUlXVFKYRQIOVWHUQGHQ6WLPPHQYRQ6FKULWWHQGLHLKP QDFKVFKOLFKHQVFKOXJXQVlJOLFKZLGHUZlUWLJDQ VHLQ2KU(LQH 6FKDUYRQ1HXJLHULJHQJDELKPGDV*HOHLWHXQGZROOWH=HXJHVHLQ GHUHUVWHQ%HJHJQXQJ]ZLVFKHQ0XWWHUXQG6RKQ(UVDKVLFK QLFKWXPHUJLQJYRUZlUWVlXHUOLFKUXKLJVHLQHP9HUKlQJQLV HQWJHJHQ 'LH0XWWHUKDWWHVLFKJHZDQGWHUEOLFNWHLKQXQG:RQQH6WRO] HUIOOWH6HKQVXFKWOHXFKWHWHQLQLKUHQ$XJHQDXIDEHUVLHEOLHE VWHKHQZRVLHVWDQGPLWKHUDEKlQJHQGHQ$UPHQVLHVSUDFKLKQ QLFKWDQ ª*U(XFK*RWW0XWWHU©VDJWHHUUDVFKXQGJHSUHWªZDUXP EOHLEW,KUYRUGHU7UWUHWHWHLQ©
ª,FKZHLQLFKWRELFKVROO©DQWZRUWHWHVLHRKQHLKQDXVGHQ $XJHQ]XODVVHQDXVGHQHQHLQH/LHEHVSUDFKHLQJOFNVHOLJHV (QW]FNHQGLHZLH/LFKWXQG:lUPHEHULKQKHUHLQVWU|PWHQ ª,FKKDEHQLFKWJHGDFKWGLFKVR]XILQGHQ6RKQ©LKUH6WLPPH EHEWHYRUWLHILQQHUOLFKVWHP-XEHO ªQLFKWVRZLHLFKGLFKILQGH ,FKP|FKWHGLUQLFKW6FKDQGHEULQJHQ3DYHO©
1XQIDWHHULKUH+DQGª.RPPWNRPPWXQGQRFKHLQPDO*U (XFK*RWW©(UIKUWHVLHLQV+DXVXQGVDKGDVLHXQZLOONUOLFK GDV=HLFKHQGHV.UHX]HVPDFKWHDOVVLHHVEHWUDWª6HW]W(XFK 0XWWHU©VDJWHHUªLFKKDE(XFKYLHO]XVDJHQYLHO7UDXULJHV© 6LHZDUVHLQHU$XIIRUGHUXQJJHIROJWVDKVLFKEHZHJWXQG VWDXQHQGLQGHU6WXEHXPXQGVSUDFKª:DVGXPLUVDJHQZLOOVW ZHLLFKLPYRUKLQHLQGDLFKKLHUQLFKWEOHLEHQNDQQ(VLVWPLU QLFKWWUDXULJ HLQH)UHXGHQXUGDLFKGLFKVRJHIXQGHQKDEH ZLHGXELVWZLHLFKGLFKVHKH1LHZlUHHVPLULQGHQ.RSI JHNRPPHQ6RKQGDLFKGLUEHVFKZHUOLFKIDOOHQZLOOXQGZLHGX JHVFKULHEHQKDVW,FKEDXHLQ+DXVIU(XFKGDKDEHLFK JHGDFKW%DXHXQG*RWWVHJQHMHGHQ=LHJHOLQGHLQHQ0DXHUQ %DXHEDXHDEHUIUGLFK QLFKWIUPLFK©
ª:DUXPKDEW,KUVRJHGDFKW"©
ª:HLOGXPLFKKLHUQLFKWEUDXFKHQNDQQVW©DQWZRUWHWHVLHUXKLJ XQGRKQHGHQ6FKDWWHQHLQHV9RUZXUIV(UDEHUPXUPHOWHª:DV PHLQW,KU"©
ª:HQQGLFKLQGHQYLHOHQ-DKUHQGHLQ+HU]DQGLH0XWWHUJHPDKQW KlWWH©IXKUVLHLQLKUHU*HODVVHQKHLWIRUWªKlWWHVWGXGLFK PDQFKPDOQDFKLKUXPJHVFKDXW'XKDVWHVQLHJHWDQXQG GDUXPELQLFKDXFKQXUJHNRPPHQZHLOLFKHVQLFKWPHKU DXVJHKDOWHQKDEHGLFKQLFKW]XVHKHQXQGJHKHZLHGHUKHXWH QRFK© ª:RKLQ",KUN|QQWGRFKQLFKWZLHGHULQGHQ.HUNHU]XUFN"©
ª'DVQLFKWDEHULQXQVHU6SLWDOZRLFK.UDQNHQZlUWHULQELQ© ª6R0XWWHUVR"6HLWZDQQ"©
ª6HLWHLQSDDU0RQDWHQVFKRQ©
ª'DVPXZDV6FKZHUHVVHLQ.UDQNHQZlUWHULQEHLGHQ VFKOHFKWHQ/HXWHQ©
ª6FKZHUXQGOHLFKWGLHbUJVWHQZHUGHQRIWGLH%HVWHQZHQQVLH HLQHQEUDXFKHQXQGVFKZHURGHUOHLFKWZDVOLHJWGDUDQ",FK KDEGRUWHLQPDOPHLQ+HLPLFKELQ]XIULHGHQ2KOLHEHU*RWW PHKUDOV]XIULHGHQ©XQGZLHGHUXPIDWHQLKUHVWUDKOHQGHQ %OLFNHGHQ6RKQPLWXQHUJUQGOLFKHU/LHEHª0HKUDOV]XIULHGHQ ZHLOLFKGLFKMHW]WJHVHKHQKDEHVRVWDUNVREUDYVRJHVXQG 8QGPHLQ]ZHLWHV.LQGGDVVLHGHPOLHEHQ+HUUJRWWJHVFKHQNW KDEHQGDVLFKQLFKWVHKHQGDUI 0LODGD©3DYHOVW|KQWH ªLVW VLHVFKRQHLQHNOHLQH.ORVWHUIUDX"© ª1HLQ0XWWHU©
ª1HLQ"©6LHHUEHEWHEHLGHPJUDPYROOHQ7RQVHLQHU:RUWH ª1HLQ©PXUPHOWHVLHPLWWURFNHQHQ/LSSHQXQGVWRFNHQGHP $WHPªQRFKQLFKWZUGLJEHIXQGHQZRUGHQGLHVHUK|FKVWHQ *QDGH"©
ª2 0XWWHU©ULHI3DYHOªZLHUHGHW,KU" QLFKWZUGLJ"6LHZDU HLQH+HLOLJH'DVLVWGDV7UDXULJHGDVLFK(XFKJOHLFKKDEH VDJHQZROOHQ 0LODGDLVWWRW©
ª7RW©=ZHLIHOQGGXPSIXQGJHGHKQWVSUDFKVLHHVLKPQDFK XQGVFKULHSO|W]OLFKª1HLQQHLQ© ª6HLWGUHL7DJHQ0XWWHU©
6LHVDQN]XUFNHUGUFNWYRQGHU:XFKWHLQHV6FKPHU]HVGHU PlFKWLJHUZDUDOVVLH $OOPlKOLFKHUVWNDPZLHGHU/HEHQLQLKUH =JHXQGLKUH6WDUUKHLWZLFKGHP$XVGUXFNZHKPWLJHU %HJHLVWHUXQJª,FKJODXEHGLU6RKQLFKJODXEHGLU6LHZDUHLQH +HLOLJHXQGMHW]WLVWVLHLP+LPPHOXQGGRUWZHUGHLFKVLHILQGHQ ZHQQHVGHP+HUUQJHIDOOHQZLUGPLFKDE]XUXIHQ© ª0XWWHU©HQWJHJQHWH3DYHO]|JHUQGªKRIIW,KUGHQQGD,KULQ GHQ+LPPHONRPPHQZHUGHW"©
ª2ELFKHVKRIIH" ,FKZHLHV *RWWLVWJHUHFKW© ª%DUPKHU]LJVDJW6DJW,KUQLFKWEDUPKHU]LJ"©6HLQH0XWWHU ULFKWHWHVLFKDXIª,FKVDJHJHUHFKW©VSUDFKVLHPLWHLQHU JURDUWLJHQ=XYHUVLFKWYRUGHUDOOHVHLQH=ZHLIHOYHUVDQNHQGLH HLQHQ*ODXEHQDQGLHVHVDUPHYHUIHPWH:HLELQLKPHQW]QGHWH IHVWHUWUHXHUVHOLJPDFKHQGHUDOVMHHLQ*ODXEHDQGDV+|FKVWH XQG+HUUOLFKVWH(UWUDWQlKHUVHLQ0XQG|IIQHWHVLFKVLHHUKRE ELWWHQGGLH+lQGHª)UDJPLFKQLFKWPHKULFKNDQQGLUQLFKW DQWZRUWHQ'LH)UDXKDWDP$OWDUJHVFKZRUHQLKUHP0DQQ XQWHUWlQLJ]XVHLQXQGWUHX'DIUZLUGHUXQVHUHP+HUUJRWW GHUHLQVW5HFKHQVFKDIWEHUVLHDEOHJHQPVVHQ0|JLKPGHU HZLJH5LFKWHUEDUPKHU]LJVHLQ 6REHWHLFKXQGVRVROOVWDXFK GXEHWHQXQGVFKZHLJHQXQGQLFKWIUDJHQ© ª1HLQ©EHWHXHUWHHUªQHLQ XQGLFKIUDJHMDQLFKW,FKELWWH (XFKQXUGD,KUHVYRQVHOEVWDXVVSUHFKWGD,KUNHLQHQ7HLO KDEWDP9HUEUHFKHQGHV9DWHUV(UEDUPHW(XFKPHLQHUXQG VSUHFKWHVDXV©
(LQVFKPHU]OLFKHV/lFKHOQXPVSLHOWHLKUH/LSSHQª3DYHO3DYHO GDVWXWPLUVHKUZHK(VKDWPLUMDRIWHLQHQ6WLFKLQV+HU] JHJHEHQ :HUZHLZDVGLH.LQGHUGHQNHQ" ,FKKDEPLFK LPPHUGDYRQORVJHPDFKWZLHYRQHLQHU(LQJHEXQJGHV%|VHQ
'DVZDUJHIHKOW© 6LHKREGDV+DXSWHLQHUQVWHUXQGHGOHU6WRO] PDOWHVLFKLQLKUHQ=JHQ ª,FKKlWWHGLUQLFKWEHUGLH6FKZHOOH WUHWHQVROOHQEHYRULFK]XGLUJHVDJWKlWWH,FKELQXQVFKXOGLJ YHUXUWHLOWZRUGHQ6RKQ© 'DEUDFKHUDXVª%DUPKHU]LJHU*RWWZLHVFKOHFKWZDULFKJHJHQ (XFK© ª.ODJHGLFKQLFKWDQ©YHUVHW]WHVLHPLWXQHUVFKWWHUOLFKHU5XKH ªGXZDUVWVRMXQJDOVLFKGLFKYHUODVVHQPXWH'XKDVWPLFK QLFKWJHNDQQW©
ª0XWWHU©NRQQWHHUQXUVDJHQª0XWWHU©XQGHUVWU]WHYRULKU QLHGHUEDUJVHLQ+DXSWLQLKUHP6FKRXPVFKODQJVLHXQG ZXWHGDHUMHW]WVHLQHQEHVWHQ5HLFKWXPVHLQ.RVWEDUVWHVXQG 7HXHUVWHVLQVHLQHQ$UPHQKLHOWª%OHLEWEHLPLUOLHEH0XWWHU© ULHIHUª,FKZHUGHPHLQH+lQGHXQWHU(XUH)H OHJHQLFKZHUGH (XFKDOOHVYHUJHOWHQZDV,KUJHOLWWHQKDEW%OHLEWEHLPLU© 8QGVLHYHUNOlUWHQ$QJHVLFKWVHLQHQ+LPPHOLQGHU%UXVWEHXJWH VLFKEHULKQSUHWHGLHVFKPDOH:DQJHLQVHLQH+DDUHNWH VHLQHQ1DFNHQVHLQH6FKOlIHQVHLQH6WLUQª,FKZHLQLFKWRE LFKGDUI©VDJWHVLH ª'HU/HXWHZHJHQ"© ª'HU/HXWHZHJHQ©
'DVDKHU]XLKUHPSRUª:DVKDEW,KUHEHQJHVDJW" 'LH bUJVWHQZHUGHQRIWGLH%HVWHQZHQQVLHHLQHQEUDXFKHQ1XQ OLHEH0XWWHUGDVPWGRFKNXULRV]XJHKHQZHQQPDQ]ZHL 0HQVFKHQZLHZLUVLQGQLFKWPDQFKPDOEUDXFKHQVROOWH%OHLEW EHLPLUOLHEH0XWWHU©