Die Geheimarmee des Kriegers



2GTTZ4JQFCP

 3(7(5*5,(6(

'LH*HKHLPDUPHHGHV.ULHJHUV

 3URORJ 'HU 0DQQ PLW GHP SRFNHQQDUELJHQ *HVLFKW VWDUUWH GDV .lVWFKHQ LQ VHLQHQ +lQGHQ QDFKGHQNOLFKDQ'DV.lVWFKHQZDUGXUFKHLQHQJOFNOLFKHQ=XIDOOLQVHLQHQ%HVLW]JHODQJW (V KDWWH XQYHUVHKUW GLH =HLWHQ GHU +HUUVFKDIW 0RQRV  EHUVWDQGHQ LUJHQGZR LP $UFKLY HLQHV$QZDOWVEURVLQ7HUUDQLD&LW\GDVVFKRQVHLW(ZLJNHLWHQQLFKWPHKUH[LVWLHUWH 'HU QDFKGHQNOLFKH 0DQQ PLW GHP SRFNHQQDUELJHQ *HVLFKW KLH‰ 5RQDOG 7HNHQHU 'HU 3ODW]DQGHPGHUHKHPDOLJH7UlJHUHLQHV=HOODNWLYDWRUVVD‰XQGDXIGDV.lVWFKHQVFKDXWH ZDUHLQH3DUNEDQNLQHLQHPUXKLJHQ:LQNHODP8IHUGHV*RVKXQ6HHV 5RQDOG7HNHQHUZDUDOOHLQ 'DV VHOWVDPH .lVWFKHQ VWDPPWH DXV GHU 0lFKWLJNHLWVEDOOXQJ GHU (67$578 (V KDQGHOWH VLFK XP HLQ 2UGHUWDS HLQ KDOELQWHOOLJHQWHV 6SHLFKHUV\VWHP ZLH HV YRUZLHJHQG LQ GHQ *DOD[LHQ6LRP6RPXQG(UHQG\UDHWZDLQGHQ-DKUHQELV1*=LQGHQHQGRUWGLH .ULHJHU(67$5786JHKHUUVFKWKDWWHQYLHOHURUWVYHUZHQGHWZRUGHQZDU 9RUEHU-DKUHQ 'HQQKHXWHVFKULHEPDQDXI7HUUDGHQ-XOL1*= 'DV .lVWFKHQ PX‰WH YRU ODQJHU =HLW DXV HLQHU VFKLHU XQHQGOLFK ZHLW HQWIHUQWHQ *DOD[LV QDFK7HUUDJHODQJWVHLQ9LHOOHLFKWDOV(ULQQHUXQJVVWFNHLQHVKHLPNHKUHQGHQ9LURQDXWHQ 5RQDOG 7HNHQHU HULQQHUWH VLFK DQ GDV 2UGHUWDS GHV .DUWDQLQ 6LDNRQ YRQ 7URSHOD] GHVVHQ 1DPH HLJHQWOLFK ;LD4. \RQ JHZHVHQ ZDU ,Q GHQ $XI]HLFKQXQJHQ GHV 2UGHUWDSV GHV )HOLGHQ ZDUHQ VRUJIlOWLJ DOOH (UHLJQLVVH XP GLH )OXFKW 3HUU\ 5KRGDQV XQG VHLQHU 7RFKWHU (LUHQH GXUFK GLH 5HJHQZHOW 7URSHOD] DXIJH]HLFKQHW JHZHVHQ 'LHV KLHU ZDU HLQ JDQ] lKQOLFKHV*HUlW 'LH 1RWL] DQ GHP .lVWFKHQ KDQGVFKULIWOLFK DXI HLQH VHOEVWKDIWHQGH 3ODVWLNNDUWH JHVFKULHEHQZDUVHKUNXU] 1DFKGHP-DKUDQ5RQDOG7HNHQHURGHU-HQQLIHU7K\URQEHUJHEHQ 'DUXQWHUVWDQGHLQHXQOHVHUOLFKH8QWHUVFKULIWXQGHLQ'DWXP6HSWHPEHU1*= (V ZDU 7HNHQHU NODU GD‰ GHU GHU GLHVH hEHUJDEH YRU PHKU DOV IQIKXQGHUW -DKUHQ KlWWH GXUFKIKUHQ VROOHQ GXUFK GLH GDPDOLJHQ 8PVWlQGH GD]X QLFKW PHKU LQ GHU /DJH JHZHVHQ ZDU 'HU 0DQQ UL‰ GLH 1RWL] EHKXWVDP DE XQG VWHFNWH VLH LQ HLQH 7DVFKH VHLQHV 2YHUDOOV 9LHOOHLFKWHUJDEHQVLFKDXVLKUVSlWHUQRFK$XIVFKOVVHDXIGHQRGHUGLH8UKHEHU 9RU]ZHL7DJHQZDUGHU0DQQPLWGHP1DUEHQJHVLFKWQDFKHLQHPHLQZ|FKLJHQ$XIHQWKDOW DXI GHP 3ODQHWHQ 0HQDK PLW GHU $5'867$$5 XQG 'DR/LQ+ D\ ]XU (UGH ]XUFNJHNHKUW 6LH KDWWHQ GRUW LP )HUGXXU6\VWHP QDFK GHQ 6SXUHQ HLQHV JHKHLPQLVYROOHQ 6FKLUPKHUUQ GHU /LQJXLGHQ JHVXFKW XQG KHUDXVJHIXQGHQ GD‰ HV VLFK GDEHL XP +RPXQN HLQH 0DQLIHVWDWLRQGHU6XSHULQWHOOLJHQ](6KDQGHOWH 'DV$EHQWHXHUKDWWHLKQQXUZHQLJYRQVHLQHP6FKPHU]DEJHOHQNWGHULKQEHJOHLWHWHVHLW HU VHLQH /HEHQVJHIlKUWLQ -HQQLIHU 7K\URQ YHUORUHQ KDWWH ,Q GHU .DUWDQLQ 'DR/LQ+ D\ KDWWH HU HLQH ZDKUH )UHXQGLQ JHIXQGHQ DEHU QDWUOLFK NRQQWH GLH )HOLGH VHLQH -HQQ\ LQ 



NHLQHU3KDVHHUVHW]HQ /HW]WHQ(QGHVZDUHVGDEHLDEHUDXFKGDUXPJHJDQJHQHLQH6SXUYRQ(6]XILQGHQXPVR ZLHGHULQGHQ%HVLW]GHVDEJHOLHIHUWHQ=HOODNWLYDWRUV]XJHODQJHQ8QGGDVWUDIQLFKWQXUIU LKQ]X (UVWH $Q]HLFKHQ KDWWHQ LQ GHQ OHW]WHQ :RFKHQ GHQ 9HUGDFKW DXINRPPHQ ODVVHQ GD‰ GLH 9HUELQGXQJHQ ]ZLVFKHQ (6 XQG (67$578 LQ LKUHU %HGHXWXQJ YLHOOHLFKW XQWHUVFKlW]W ZRUGHQ ZDUHQ hEHU GLH ZDKUHQ 9HUKlOWQLVVH LQ GHU 0lFKWLJNHLWVEDOOXQJ (67$578 ZX‰WH QLHPDQGJHQDX%HVFKHLG :DUGLHVHV2UGHUWDSHLQ+LQZHLV" (LJHQWOLFKQLFKWGHQQGDIUZDUHV]XDOW 'LH1RWL]GLHLUJHQGMHPDQGDQGDVKDQGWHOOHUJUR‰H*HUlWJHNOHEWKDWWHZHFNWHZHJHQGHU (UZlKQXQJGHV1DPHQVHUQHXWGLH(ULQQHUXQJDQGLHYHUVWRUEHQH3DUWQHULQGHUDXIEUXWDOH $UW GHU OHEHQVHUKDOWHQGH $NWLYDWRU JHVWRKOHQ ZRUGHQ ZDU 6HLQH JDQ]H (LQVDPNHLW ZXUGH GHP0DQQEHZX‰W +HXWH QDFKPLWWDJ ZDU GDV .lVWFKHQ EHL LKP HLQJHWURIIHQ (LQ MXQJHU 7HUUDQHU GHU HV LP =XJ GHU QRFK LPPHU DQGDXHUQGHQ $XIUlXPDUEHLWHQ QDFK GHU +HUUVFKDIWV]HLW YRQ 0RQRV JHIXQGHQ KDWWH ZDU GHU $EVHQGHU JHZHVHQ ,Q VHLQHP %HJOHLWVFKUHLEHQ KDWWH HU YHUPHUNW GD‰GHU6SHLFKHUIHKOHUIUHLDUEHLWHGHU,QKDOWDEHUZRKOQXUIU7HNHQHUEHVWLPPWVHL,KP ZDUHVMHGHQIDOOVQLFKWJHOXQJHQGLH'DWHLHQDXV]XOHVHQ 'HU 6PLOHU NODSSWH GHQ 'HFNHO GHV .lVWFKHQV KRFK (LQ NOHLQHU %LOGVFKLUP XQG HLQH 7DVWDWXU PLW 6\PEROHQ ZXUGHQ VLFKWEDU 'HU (QHUJLHVSHLFKHU ]HLJWH HLQH IQIXQGQHXQ]LJSUR]HQWLJH /DGXQJ DQ 'DV 2UGHUWDS ZUGH QRFK QDFK ZHLWHUHQ IQIKXQGHUW-DKUHQGDPLWDXVNRPPHQ (UGUFNWHGHQ6WDUWVHQVRUDXIGHPNOHLQHQ7DVWHQIHOG9RUGHP%LOGVFKLUPEDXWHVLFKHLQH HQHUJHWLVFKH/LQVHDXIGLHGLHVHQDXIGHQ]ZDQ]LJIDFKHQ:HUWYHUJU|‰HUWH 6RJOHLFK HUVFKLHQ HLQ %LOG GHU .RSI HLQHU MXQJHQ )UDX HLQ *HVLFKW EHUVlW PLW 6RPPHUVSURVVHQXQGHLQJHUDKPWLQJODWWHELV]XU6FKXOWHUUHLFKHQGHURWEORQGH+DDUH ³3DWKHQWIXKUHV5RQDOG7HNHQHUXQZLOONUOLFK 6HLQH*HGDQNHQEHUVFKOXJHQVLFK6HLQ$WHPVWRFNWH ³'DV.RGHZRUWLVWULFKWLJVSUDFKGDV0lGFKHQDXIGHP%LOG³$OVRELVWGX5RQRGHU-HQQ\ ,FK JU‰H HXFK 'LH JHVDPWHQ $XI]HLFKQXQJHQ VWHKHQ HXFK ]XU 9HUIJXQJ :HQQ LKU GLHVHV 2UGHUWDSHUKDOWHWOHEHLFKVFKRQODQJHQLFKWPHKU$EHUGHVKDOEEUDXFKWLKUQLFKW]XWUDXHUQ 'LHV LVW GHU HUVWH YRQ PHKUHUHQ 'DWHQVSHLFKHUQ GLH LFK LQ PHLQHP /HEHQ IU HXFK IOOHQ ZHUGH 8QG GLH HXFK QDFK PHLQHP 7RG HUUHLFKHQ VROOHQ ,FK KRIIH HV JHKW HXFK JXW (V JU‰WHXFKKHU]OLFKHXUH7RFKWHU3DWK\WKLD 'DV%LOGHUORVFKDEHUGDV2UGHUWDSEOLHEDNWLYLHUW(VZDUWHWHDXIGLHQlFKVWH(LQJDEH 5RQDOG7HNHQHUVFKWWHOWHGHQ.RSI 3DWK 2GHU EHVVHU 3DWK\WKLD %DDO ZLH LKU YROOHU 1DPH ODXWHWH (V ZDU YHUGDPPW YLHO =HLW YHUJDQJHQ VHLW VLH -HQQ\ XQG LKQ (QGH -XOL  LQ 6LRP 6RP YHUODVVHQ KDWWH 'DQDFK ZDUHQVHLQH*HIlKUWLQXQGHULKUQLHZLHGHUEHJHJQHW$XFKKDWWHQVLHQLHHLQ/HEHQV]HLFKHQ YRQ3DWKHUKDOWHQ (U PX‰WH VLFK HLQJHVWHKHQ GD‰ HU GDV 0lGFKHQ HLJHQWOLFKYHUJHVVHQKDWWH$QIDQJVKDWWHQ VLH QRFKRIWYRQ LKU JHVSURFKHQDEHULUJHQGZDQQKDWWHGDVQDFKJHODVVHQQLFKW]XOHW]WXQWHU GHP 'UXFN GHU (UHLJQLVVH GHU IROJHQGHQ -DKU]HKQWH GHU Y|OOLJHQ 7UHQQXQJ YRQ 3HUU\ 5KRGDQ GHP $XIWDXFKHQ GHU &DQWDUR LQ GHU 0LOFKVWUD‰H GHU 0DFKWHQWIDOWXQJ 0RQRV  XQG GHP$XIEDXGHU2UJDQLVDWLRQGHU)UHLKlQGOHU 



$XFK-HQQLIHUKDWWH3DWKVSlWHUQLFKWPHKUHUZlKQW (LJHQH.LQGHUOHLEOLFKHHLJHQH.LQGHUKDWWHQVLHQLHJHKDEW -HW]WNHKUWHQGLH(ULQQHUXQJHQVFKODJDUWLJ]XUFN 3HUU\5KRGDQKDWWHGDVGDPDOVVHFK]HKQMlKULJH0lGFKHQYRP+HLPDWSODQHWHQGHU$QWLVYRQ 7UDNDUDWLP$SWXW6\VWHPQDFK7HUUDJHEUDFKWXQGLQGLH2EKXW-HQQLIHU7K\URQVJHJHEHQ $OV)UHPGUDVVHQSV\FKRORJLQZDUVLH LKPDOV(UVDW]PXWWHUXQGYLHOOHLFKW DXFKDOV HUIDKUHQH )UHXQGLQJHHLJQHWHUVFKLHQHQ 5RQDOG 7HNHQHU VFKLHQ HV MHW]W DOV ZlUH HU LQ GLH =HLW ]XUFNYHUVHW]W DOV HU 3DWK ]XP HUVWHQPDOJHVHKHQKDWWH (LQ VHKU VFKODQNHV 0lGFKHQ YRQ EODVVHU +DXWIDUEH  0HWHU JUR‰ URWEORQGH +DDUH XQG GDV*HVLFKWYROOHU6RPPHUVSURVVHQ6LHZLUNWHHKHUZLHHLQ.LQGNDXPZLHHLQHDQJHKHQGH )UDX,KUHZHLWHQ*HZlQGHUNRQQWHQGLHIDVWNODSSULJ]XQHQQHQGH)LJXUHWZDVYHUGHFNHQ ³3DWK HQWZLFNHOW VLFK P|JOLFKHUZHLVH ]X HLQHU DX‰HUJHZ|KQOLFKHQ 0XWDQWLQ KDWWH 3HUU\ 5KRGDQEHLHLQHP*HVSUlFKPLW-HQQLIHUXQGLKPGDPDOVJHVDJW³,KU3UREOHPOLHJWDEHULQ LKUHP JHVW|UWHQ 9HUKlOWQLV ]X (UZDFKVHQHQ ,FK KDEH KLHU HLQH DXVIKUOLFKH ([SHUWLVH IU -HQQLIHU DXV GHU LKU HUVHKHQ N|QQW GD‰ 3DWK LQ HLQHU JHIKOVDUPHQ )DPLOLH DXIJHZDFKVHQ LVW 6LH LVW HLQH (LQ]HOJlQJHULQ LQWURYHUWLHUW XQG RIW YROOHU 9HUDFKWXQJ IU GLH 'LQJH GHV QRUPDOHQ/HEHQV$EHUVLHLVWDXFKHLQSILIILJHV.HUOFKHQ,FKPHLQHHVLVWZLFKWLJHUGD‰VLH ]XVLFKVHOEVWILQGHWDOVGD‰LKUH3VL)lKLJNHLWHQLQGHQ9RUGHUJUXQGWUHWHQ 5RQDOG7HNHQHUV*HGDQNHQEOLHEHQEHLGHQ(ULQQHUXQJHQ'DV2UGHUWDSNRQQWHZDUWHQ(V KDWWHVHFKVRGHUVLHEHQ-DKUKXQGHUWHEHUVWDQGHQXQGGDNDPHVDXIHLQSDDU0LQXWHQDXFK QLFKWPHKUDQ 'LH(ULQQHUXQJHQ -HQQLIHU NPPHUWH VLFK LQ GHQ IROJHQGHQ :RFKHQ IDVW DXVVFKOLH‰OLFK XP GDV $QWL 0lGFKHQ6LHWDWGLHVPLWGHP(LQIKOXQJVYHUP|JHQHLQHUHUIDKUHQHQ3V\FKRORJLQXQG)UDX 3DWKZDULQGHU7DWHLQ3UREOHPNLQG(VGDXHUWHHLQLJH:RFKHQELV-HQQLIHUGLH8UVDFKHQ LKUHV ODXQLVFKHQ XQG XQEHUHFKHQEDUHQ 9HUKDOWHQV ]XU *lQ]H YHUVWDQGHQ KDWWH XQG XQDXIIlOOLJ EHJLQQHQ NRQQWH DXI GDV 0lGFKHQ SRVLWLY HLQ]XZLUNHQ 'LH (UIROJH VWHOOWHQ VLFKHLQZHQQJOHLFKHVLPPHUZLHGHUHLQ]HOQH5FNIlOOHLQIUHFKHRGHUXQVWHWH5HDNWLRQHQ JDE (LJHQWOLFK OLHI DOOHV DXI HLQHQ 1HQQHU KLQDXV :DV 3DWK IHKOWH ZDU HFKWH =XQHLJXQJ XQG /LHEH XQG GDV *HIKO GHU *HERUJHQKHLWXQG GHV JHJHQVHLWLJHQ ,QWHUHVVHV 'DUDXV UHVXOWLHUWH ZHLWJHKHQG LKU ZLGHUVSUFKOLFKHV 9HUKDOWHQ (V ZDU JDQ] QDWUOLFK GD‰ HV HLQLJH =HLW NRVWHWH ELV VLH 9HUWUDXHQ ]X -HQQLIHU XQG 5RQDOG IDVVHQ NRQQWH 'LH EHLGHQ VSUWHQ HV DE GHP7DJDOV3DWKVLHSO|W]OLFKPLW³-HQQ\XQG³5RQDQVSUDFK 8QG HLQ SDDU ZHLWHUH :RFKHQ VSlWHU ZDJWH VLH VFKRQ HLQPDO HLQ VFKHLQEDU VFKHU]KDIW JHPHLQWHV³0DXQG³3D´ ,KUH 6HKQVXFKW QDFK PHQVFKOLFKHU :lUPH EOLHE DEHU XQJHEURFKHQ ,PPHUKLQ  HLQ 9HUWUDXHQVYHUKlOWQLVZDUKHUJHVWHOOWZRUGHQ,KU9HUKDOWHQEHJDQQVLFK]XVWDELOLVLHUHQ -HQQLIHU7K\URQNRQQWHHVQXQZDJHQVLHDXILKUHOHW]WHQ(UOHEQLVVHDXI7UDNDUDWDXILKUH GRUWLJH %HJHJQXQJ PLW 3HUU\ 5KRGDQ XQG DXI LKUH 0XWDQWHQIlKLJNHLW DQ]XVSUHFKHQ 6LH ZDUEHUGLH*HVFKHKQLVVHEHUHLWVGHWDLOOLHUWLQIRUPLHUWDEHUVLHZROOWH3DWKGD]XEULQJHQ GDUEHU]XVSUHFKHQ =X -HQQLIHUV DQJHQHKPHU hEHUUDVFKXQJ VSUDFK 3DWK JDQ] RIIHQ GDYRQ ZDV VLFK DXI 7UDNDUDW LP 6RPPHU  HUHLJQHW KDWWH 6LH VFKLHQ ]X GHQ 'LQJHQ $EVWDQG JHZRQQHQ ]X KDEHQ7\SLVFKZDUDOOHUGLQJVGD‰VLHLKUH(OWHUQXQGLKUHQ%UXGHUGDEHLNDXPHUZlKQWH 0HKUHUH 'LQJH ZDUHQ ]XVDPPHQJHWURIIHQ =XP HLQHQ JLQJ HV XP LKU +REE\ GLH 



+RORJUDSKLH0LWHLQSDDUMXJHQGOLFKHQ)UHXQGHQKDWWHVLHHLQHQ&OXEJHJUQGHWGHUVLFK WHFKQLVFK DEHU DXFK WKHRUHWLVFK PLW GHU (U]HXJXQJ YRQ P|JOLFKVW UHDOHQ +RORJUDPPHQ EHID‰W KDWWH 'HU 7UDXP DOOHU ZDU GDEHL JHZHVHQ +RORJUDPPH DOOHLQ PLW GHU .UDIW GHU *HGDQNHQSURGX]LHUHQ]XN|QQHQ 'DQQZDUGLH$UPDGD(LQKHLWPLWGHUJHZDOWLJHQ)ORWWHGHU6DVNURRMHUEHU7UDNDUDW HUVFKLHQHQ $XI 3DWK KDWWH GLHV ZLH HLQ 6FKRFN XQG HLQH 6HQVDWLRQ ]XJOHLFK JHZLUNW $XI DQGHUH$QWLVQDWUOLFKDXFKDEHUGDKDWWHHVNHLQH)ROJHQJHKDEW 'LH ODWHQWH 3VL)lKLJNHLW ZDU EHL GHP MXQJHQ 0lGFKHQ GXUFKJHEURFKHQ 6LH NRQQWH *HGDQNHQELOGHU JHLVWLJH +RORJUDPPH HU]HXJHQ XQG IU EHJUHQ]WH =HLW :LUNOLFKNHLW ZHUGHQODVVHQ'HU8QIXJGHQVLHGDPLWDQJHVWHOOWKDWWHZDUOlQJVWYHUJHVVHQ6RJDU3DWK VHOEVWNRQQWHGDUEHUODFKHQ 1DFK -HQQLIHUV 'LDJQRVHEHVWDQGHLQ =XVDPPHQKDQJ]ZLVFKHQGHU*HIKOVYHUDUPXQJGHV 0lGFKHQVLQVHLQHU)DPLOLHGHUDOOHQ$QWLVEHL]XPHVVHQGHQ1lKH]X3VL.UlIWHQXQGGHP (UVFKHLQHQ GHU $UPDGD(LQKHLW XQG GHP 3HUU\ 5KRGDQV K|FKVWSHUV|QOLFK *DQ] OLH‰ VLFK GLHVH %LQGXQJ QLFKW GHXWHQ DEHU GLHVH )DNWRUHQ EHVWLPPWHQ GLH 3VL)lKLJNHLW 3DWKV DOV 5HDOKRORJUDSKLQ 8QWHU GHU 2EKXW GHU (UVDW](OWHUQ -HQQ\ XQG 5RQ VWDELOLVLHUWH VLFK 3DWK GDQQ PHKU XQG PHKU 'LHVH (QWZLFNOXQJ WUXJ DEHU DXFK GD]X EHL GD‰ VLFK LKUH 3VL)lKLJNHLW ]XUFNHQWZLFNHOWH )QI 0RQDWH VSlWHU YHUOLH‰HQ VLH JHPHLQVDP 7HUUD PLW GHP 9LUHQVFKLII /$6+$7 'HU EHUKPWJHZRUGHQH³=XJYRJHOLQVWLQNWKDWWHDXFKGLHGUHLHUJULIIHQ ,Q GHQ *DOD[LHQ (UHQG\UD XQG 6LRP 6RP LQ GHU 0lFKWLJNHLWVEDOOXQJ (67$578 EHVWDQG 3DWK LKUH HUVWHQ $EHQWHXHU DOV GLH /$6+$7 DXI /RQJDVF GHQ 6KDEHUHQ XQG VHLQHQ 'LVWHOIURVFK 3OXPS JHVWR‰HQ ZDU XQG PLW GLHVHP ]X GHQ 7LHUPHLVWHUQ YRQ 1DJDWK YHUVFKODJHQZXUGH 6LH PHLVWHUWH DOOH *HIDKUHQ DXFK DOV GLH /$6+$7 HLQH YHUODVVHQH *RULP6WDWLRQ DXI 6KDGGLQQ LQ 6LRP 6RP DXIVXFKWH LQ GHU HLQH ZDKQVLQQLJH 0DWHULHSURMHNWLRQ HLQHV 4XHULRQHQUHVLGLHUWH 'DV ZDUHQ GLH 6WDWLRQHQ GLH VLH JHPHLQVDP LQ QLFKW HLQPDO ]ZHL -DKUHQ YHUEUDFKW KDWWHQ XQGGLH7HNHQHUVRIRUWHLQILHOHQ 8QG DQ QRFK HWZDV NRQQWH HU VLFK MHW]W HULQQHUQ DOV HU GDV %LOG GHV 0lGFKHQV DXI GHP 6FKLUPGHV2UGHUWDSVDQVWDUUWH 3DWK KDWWH VFKRQ EDOG LQ (UHQG\UD XQG 6LRP 6RP EHU HLQ VHOWVDPHV +HLPZHK ]X NODJHQ EHJRQQHQ'DKDWWHVLFKGDV(QGHLKUHVJHPHLQVDPHQ:HJHVVFKRQDEJH]HLFKQHW 8QGDOVHLQ9LUHQVFKLIIHUVFKLHQHQZDUVRHULQQHUWHVLFKGHU6PLOHUJUREKDWWHQ-HQQ\XQG HUVFKZHUHQ+HU]HQVGDV0lGFKHQ]LHKHQODVVHQ :HQQGDV2UGHUWDSYRQLKUVWDPPWHXQGGDUDQ]ZHLIHOWHGHU0DQQPLWGHQ/DVKDW1DUEHQ QLFKW PHKU GDQQ PX‰WH HV LKU ]XPLQGHVW JHOXQJHQ VHLQ ZLHGHU QDFK 7HUUD ]X JHODQJHQ 9LHOOHLFKWKDWWHGLHGDPDOLJHVFKQHOOH(QWZLFNOXQJGHU0LOFKVWUD‰HHVXQP|JOLFKJHPDFKWGD‰ VLH VLFK QRFK HLQPDO EHJHJQHQ NRQQWHQ 9LHOOHLFKW ZDU VLH QDFK 7UDNDUDW ]XUFNJHNHKUW 9LHOOHLFKWKDWWHVLHDEHULKUH=LHKHOWHUQJDUQLFKWPHKUVHKHQZROOHQ 9LHOOHLFKW KDWWH VLH DEHU GDV +HLPZHK EHUZXQGHQ XQG ZDU HUQHXW LQV IHUQH 5HLFK (67$5786JHIORJHQZRVLHLKUHHUVWHQ%HZlKUXQJVSUREHQEHVWDQGHQKDWWHQDFK6LRP6RP RGHU(UHQG\UDQDFK6KlGGLQQRGHU1DJDWK 5RQDOG 7HNHQHU UHFKQHWH GDPLW GD‰ GLH 6SHLFKHU GHV 2UGHUWDSV LKP $QWZRUWHQ JHEHQ ZUGHQ (UGUFNWHGHQ6WDUWVHQVRUXQGVFKRQZX‰WHHUZRKHUGLH%LOGHUVWDPPWHQGLHHU]XVHKHQ 



EHJDQQ 'LH VDXULHUlKQOLFKHQ ,QWHOOLJHQ]HQ XQG GLH H[WUHPH 'VFKXQJHOODQGVFKDIW PLW HLQHU HLQPDOLJHQ)DXQDGDVZDU1DJDWKGLH:HOWGHULQWHOOLJHQWHQ6DXULHUXQG7LHUPHLVWHU   (VZDUHQGUHL1DJDWKHUDXV.DJKDPVNULHJHULVFKHP6WDPPGLHVLFKDXIGLH-DJGPDFKWHQ 0RUEDW3HU[XVVXQG)DPHOODG'LHGUHL7LHUPHLVWHUGHUMXQJHQ*HQHUDWLRQPLWGHUJU|‰WHQ (UIDKUXQJ :HU PHKU DOV YLHU]LJ -DKUH ]lKOWH ZDU EHL GLHVHU -DJG QLFKW ]XJHODVVHQ GHQQ GLH7UDGLWLRQYHUODQJWHGD‰HLQMXQJHU.lPSIHUDQGLH6SLW]HGHV6WDPPHVWUDW 0RUEDW 3HU[XVV XQG )DPHOODG $XV LKUHP .UHLV PX‰WH HLQ QHXHU 'RPSWHXU EHVWLPPW ZHUGHQ GHU GDQQ +lXSWOLQJ 0HGL]LQPDQQ XQG +DXSWMlJHU ]XJOHLFK ZlUH 'HU 1DFKIROJHU .DJKDPV ,KUH :DIIHQ ZDUHQ 3IHLO XQG %RJHQ GD]X 0HVVHU 6SHHUH XQG )DQJQHW]H 8QG LKUH .|USHUEHPDOXQJ VRZLH LKUH )lKLJNHLW GHU 7LHUVWLPPHQLPLWDWLRQ 2E GLHVH EHLGHQ OHW]WHUHQ 3XQNWHDXIGLHVHU-DJGMHGRFKKLOIUHLFKVHLQZUGHQEH]ZHLIHOWHQVHOEVWGLH-lJHU .DJKDP ZDU WRW 'HU DOWH (UVWH 'RPSWHXU ZDU GHU (UGH 1DJDWKV ZLHGHUJHJHEHQ ZRUGHQ (U ZDU NOlJOLFK JHVWRUEHQ  DP %L‰ HLQHV ZLQ]LJHQ ,QVHNWV HLQHU =LOOHUIOLHJH GLH HU ZRKO ]X VSlW EHPHUNW KDWWH 8QG GDV LQ HLQHP $OWHU YRQ JHUDGH HWZDV PHKU DOV KXQGHUW -DKUHQ XQGQDFKHLQHU=HLWDOV(UVWHU'RPSWHXUYRQIDVWVLHE]LJ-DKUHQ 6FKPDFKODJGDPLWEHUGHP6WDPPGHUQXQRKQH)KUHUZDU (LQV KDWWHQ DOOH 6DXULHUY|ONHU YRQ 1DJDWK JHPHLQVDP ,Q LKUHQ %DXPKWWHQ RGHU DQ GHQ /DJHUIHXHUQHU]lKOWHPDQVLFKEHUDOOGLH/HJHQGHYRP:DGGHOGDU1XUZHUGLHVHVVHOWHQH 7LHUIDQJHQRGHUHUOHJHQNRQQWHZDUZUGLJGDV2EHUKDXSWGHV6WDPPHV]XZHUGHQ (LQ(UVWHU'RPSWHXU )UHLOLFK JDOWHQ EHL GHQ YHUVFKLHGHQHQ 6LSSHQJHPHLQVFKDIWHQ DXFK YHUVFKLHGHQH 5HJHOQ $EHULPPHUJLQJHVGDEHLXPGDV:DGGHOGDUZHQQHLQQHXHV2EHUKDXSWJHIXQGHQZHUGHQ PX‰WH 'LH /HJHQGH VDJWH ZHLWHU GD‰ HLQ 6WDPP GHVVHQ -lJHU QLFKW ELQQHQ ]ZDQ]LJ 7DJHQ HLQ :DGGHOGDUHUOHJWHQXQZHLJHUOLFK]XP8QWHUJDQJYHUGDPPWZDU +LHU ODJ GDV +DXSWSUREOHP GHU GUHL -lJHU 6LH DOOH NDQQWHQ GDV :DGGHOGDU DXV GHQ (U]lKOXQJHQ DEHU NHLQHU YRQ LKQHQ KDWWH GLHVHV VHOWHQH 7LHU MH JHVHKHQ (V H[LVWLHUWHQ XUDOWH %LOGHU YRQ LKP 8QG GLH %HVFKUHLEXQJHQ ZDUHQ DXFK UHFKW JHQDX 8QG EHL DOOHQ 6WlPPHQJOHLFK (V ZDU HLQH GRSSHOWH -DJG IU GLH GUHL 7LHUPHLVWHU GHQQ HV JDOW IU MHGHQ QLFKW QXU GDV :DGGHOGDU ]X HUOHJHQ VRQGHUQ DXFK GLH EHLGHQ .RQNXUUHQWHQ DXV GHP )HOG ]X VFKODJHQ 1XUHLQHUYRQLKQHQNRQQWHGDV$PWGHV(UVWHQ'RPSWHXUVHLQQHKPHQ'LHEHLGHQDQGHUHQ PX‰WHQ QDFK GHQ XQJHVFKULHEHQHQ *HVHW]HQ YRQ .DJKDPV .lPSIHUYRON DXV GHP 6WDPP DXVVFKHLGHQ 'LHVHV$XVVFKHLGHQNRQQWHGDGXUFKYROO]RJHQZHUGHQGD‰ GHU )lQJHU GHV :DGGHOGDUV HJDO RE HUHVWRWRGHUOHEHQGLJ]XU6WUHFNHEUDFKWHVHLQH0LWVWUHLWHUHUOHGLJWH2GHUGDGXUFK GD‰ VLH IORKHQ XQG VLFK HLQHP DQGHUHQ 6WDPP DQVFKO|VVHQ 'RUW PX‰WHQ VLH GDQQ QDWUOLFK LQ GHU+LHUDUFKLHJDQ]XQWHQDXIVQHXHEHJLQQHQ 'LH 6LWWHQ EHL GHQ .lPSIHUY|ONHUQ ZDUHQ HWZDV UDXKHU DOV EHL GHQ YHUZHLFKOLFKWHQ 6\PELRQWHQ GLH PLW GHQ 7LHUHQ YRQ 1DJDWK LQHLQHU $UW *HPHLQVFKDIW OHEWHQ YRQ GHU EHLGH 6HLWH SURILWLHUWHQ 'LH /HXWH DXV .DJKDPV 6WDPP SILIIHQ DXI VROFKH VFKHLQEDUHQ 9RUWHLOH 6LHQDKPHQVLFKHLQIDFKGDVDXVGHU1DWXUZDVVLHEUDXFKWHQ 'LH GUHL -lJHU VDKHQ DXI GHQ HUVWHQ %OLFN Y|OOLJ JOHLFK DXV -HGHU YRQ LKQHQ ZDU HWZD ]ZHL 0HWHU JUR‰ HLQH (FKVH GLH DXIUHFKW JLQJ 'LH NUlIWLJHQ /DXIEHLQH ZDUHQ EHVRQGHUV VWDUN 



DXVJHELOGHW 'LH DXVJHSUlJWHQ 2EHUVFKHQNHO ZLUNWHQ IDVW XQI|UPLJ 'HU ELUQHQI|UPLJH .|USHUYHUMQJWHVLFKQDFKREHQKLQ]XVFKPDOHQ6FKXOWHUQ 'LHREHUHQ([WUHPLWlWHQ VFKLHQHQLP9HUJOHLFK PLWGHQ/DXIEHLQHQIDVWYHUNPPHUWZDUHQ DEHUVHKQLJXQG PXVNXO|V XQG LPPHUKLQ QRFK HLQHQ GUHLYLHUWHO 0HWHU ODQJ 6LHHQGHWHQ LQ ]ZHLKRUQLJHQ)LQJHUQXQGHLQHP'DXPHQ $XIGHPNXU]HQGQQHQ+DOVVD‰HLQPlFKWLJHU(FKVHQVFKlGHOPLWHLQHP5DXEWLHUJHEL‰DXV ]ZHL 5HLKHQ YRQ PHVVHUVFKDUIHQ =lKQHQ 'LH NOHLQHQ IOLQNHQ $XJHQ ZDUHQ LQ VFKZHUH 7UlQHQVlFNHHLQJHEHWWHW'DUEHU UDJWHERUVWLJHVEUDXQHV.RSIKDDULQGLH+|KH 'LHGLFNHERUNLJH+DXWZDUVRNOHLQVFKXSSLJGD‰VLHY|OOLJJODWWZLUNWH(LJHQWOLFKZDUVLH GXQNHOEUDXQDEHUMHGHU1DJDWKHUSIOHJWHVLFKSKDQWDVLHYROOPLW6FKODPPIDUEHQ]XEHPDOHQ QLFKWQXUZHJHQGHU:LUNXQJGHU)DUEHQDXIEHVWLPPWH7LHUDUWHQ 'HU NUlIWLJH 6FKZDQ] GLHQWH DOV 6FKODJZDIIH DEHU DXFK DOV $EVWW]XQJ LQ GHU )XQNWLRQ HLQHVGULWWHQ%HLQHV bX‰HUOLFK XQWHUVFKLHGHQ VLFK GLH 1DJDWKHU YRQ .DJKDPV 6WDPP NDXP YRQ GHQHQ GHU DQGHUHQ 9RONVJUXSSHQ ,KUH .|USHU ZDUHQ DOOH ]LHPOLFK JOHLFK QLFKW MHGRFK LKUH (LQVWHOOXQJHQ ]XP /HEHQ XQG ]XU 1DWXU (LQHQ .lPSIHU7LHUPHLVWHU GHQ GLH 6\PELRQWHQ DEIlOOLJ 3DUDVLWHQ QDQQWHQ NRQQWH PDQ DEHU DQ VHLQHU %HZDIIQXQJ XQG $XVUVWXQJ HUNHQQHQ GHQQ 1DJDWKHU GHU YHUZHLFKOLFKWHQ 6WlPPH GLH PLW GHU 1DWXU LQ +DUPRQLH OHEWHQEHQXW]WHQNHLQHNQVWOLFKHQ+LOIVPLWWHO 'DQQ JDE HV GD QRFK HLQH GULWWH *UXSSH GLH 3KOHJPDWLNHU GLH VLFK SDVVLY JHJHQEHU GHQ .lPSIHUQ XQG GHQ 6\PELRQWHQ YHUKLHOWHQ 6LH ZDUHQ RKQHKLQ ]XP $XVVWHUEHQ YHUXUWHLOW GHQQ LQ LKUHQ 6WlPPHQ JDE PDQ ZHQLJ RGHU QLFKWV DXI GLH -DJG QDFK GHP :DGGHOGDU 9LHOH*UXSSHQYRQLKQHQEHVD‰HQQLFKWHLQPDOHLQHQ(UVWHQ'RPSWHXU 'LH .ULHJHU DXV .DJKDPV 6WDPP RGHU GLH YRQ DQGHUHQ .lPSIHU*UXSSHQ EHQXW]WHQ GLH 3KOHJPDWLNHUELVZHLOHQVRJDUDOV-DJGREMHNWHEHLGHU$XVELOGXQJLKUHU-XJHQGOLFKHQ $OO GDV VSLHOWH MHW]W IU GLH GUHL -lJHU NHLQH 5ROOH )U VLH ]lKOWH QXU GLH -DJG QDFK :DGGHOGDU 'LH $OWH HLQH EHU ]ZHLKXQGHUW -DKUH ]lKOHQGH 1DJDWKHULQ DXV .DJKDPV 9RON KDWWH GHQ HQWVFKHLGHQGHQ +LQZHLV JHJHEHQ 'LH HLQHQ QDQQWHQ VLH +H[H GLH DQGHUHQ .DXUL.DXUL RGHUHLQIDFKGLH$OWH6LHKDWWHGHQ-lJHUQYHUUDWHQZRVLHHLQ:DGGHOGDUILQGHQNRQQWHQ $QJHEOLFK KDWWH VLH GLHVH ,QIRUPDWLRQ GLUHNW YRQ HLQHP GHU +HOIHU GHV .ULHJHUV .DOPHU HUKDOWHQ 0RUEDW 3HU[XVV XQG )DPHOODG JODXEWHQ GHQ :RUWHQ .DXUL.DXULV GHQQ GLH /HJHQGH YRP :DGGHOGDUEHULFKWHWHDXFKGDYRQGD‰MHZHLOVQXUGDVlOWHVWH0LWJOLHGHLQHV6WDPPHVZLVVHQ RGHUHUDKQHQNRQQWHZRPDQGDVVHOWHQH7LHUDXIVSUHQZUGH ³+LQWHU GHQ *HOEHQ +JHOQ KDWWH GLH $OWH JHVDJW ³'DV :DGGHOGDU ZLUG GDQQ NRPPHQ ZHQQGHUVLHEWH0RQGDP+LPPHOVWHKW 'LH7LHUPHLVWHUZX‰WHQGD‰QDFKWVRIWELVDQGLHGUHL‰LJ0RQGH]XVHKHQZDUHQKHUUOLFK OHXFKWHQGH 3XQNWH YHUWUDXHQHUZHFNHQG XQG QLFKW VR IXUFKWHUUHJHQG ZLH ELVZHLOHQ GLH 6RQQH GLH VLFK JHZDOWLJ DXIEOlKWH DOV ZROOH VLH GLH JDQ]H :HOW GHU 7LHUPHLVWHU YHUVFKOLQJHQ 'HU :HJ ]X GHQ *HOEHQ +JHOQ ZDU ZHLW )DVW HLQ JDQ]HU 7DJHVPDUVFK GXUFK ZHQLJ EHNDQQWH =RQHQ GHV 'VFKXQJHOJUWHOV 'LH GUHL OHJWHQ LKQ LQ IULHGOLFKHU (LQWUDFKW ]XUFN $EHUGHUlX‰HUH6FKHLQ WURJ 6FKRQZlKUHQGGHV0DUVFKHVEHODXHUWHQVLHVLFKJHJHQVHLWLJ XQG YHUVXFKWHQ KHUDXV]XILQGHQ PLW ZHOFKHQ )DUEHQ GLH 0LWVWUHLWHU VLFK ZRKO HLQIlUEHQ ZUGHQ 6LH NRQQWHQ GLH 6WLPPHQ IDVW DOOHU 7LHUH QDFKDKPHQ XQG VLH GDPLW OHQNHQ 2GHU ]XPLQGHVW 



VROFKH *HUlXVFKH HU]HXJHQ GLH GLH 7LHUH ]X HLQHP JHZQVFKWHQ 9HUKDOWHQ YHUOHLWHWHQ $XFK LP8PJDQJPLW.|USHUIDUEHQGLHVLHDXV6FKODPPO|FKHUQJHZDQQHQNRQQWHQVLHYLHOH7LHUH EHHLQIOXVVHQ :LHPDQDEHUHLQ :DGGHOGDU DQVSUDFKRGHU DXIZHOFKH.|USHUEHPDOXQJ HVUHDJLHUWHGDV ZX‰WHQVLHQLFKW ,QGHU/HJHQGHZXUGHGDUEHUQLFKWVEHULFKWHW $EHUGDUEHUZLHGDV:DGGHOGDUDXVVDK (V JOLFK HLQHP 1DJDWKHU GHQQ DXFK HV EHVD‰ ]ZHL $UPH XQG ]ZHL %HLQH 8QG HV JLQJ DXIUHFKW(VZDUGDVHLQ]LJH7LHUGDVDXIUHFKWJLQJ 6HLQJDQ]HU.|USHUZDU]LHPOLFKJOHLFKPl‰LJVFKODQN'HU.RSIZLUNWHHLQJHGUFNWXQGIODFK 'DV DXIIDOOHQGVWH 0HUNPDO GHV VHOWHQHQ 7LHUHV DEHU ZDU VHLQH +DXW GLH ZHL‰ ELV URVD VHLQ NRQQWH 8QG VHKU ]DUW XQG GQQ $XFK ZDU GDV :DGGHOGDU NHLQ .lPSIHU XQG OHLFKW YHUZXQGEDU 'DV 3UREOHP GHU-DJG ODJ DOOHLQ GDULQHLQV ]X ILQGHQ 8QGGLH.RQNXUUHQWHQ XPGDV$PWGHV(UVWHQ'RPSWHXUVDXV]XVFKDOWHQ2GHULKQHQ]XYRU]XNRPPHQ 'DZDUQRFKHLQZLQ]LJHU8QWHUVFKLHG]XHLQHP1DJDWKHU'DV:DGGHOGDUEHVD‰DQMHGHU +DQGYLHU)LQJHUSOXVHLQHQ'DXPHQ)QI(QGHQDQGHQ([WUHPLWlWHQGDVJDEHVVRQVWEHL NHLQHP7LHUDXIJDQ]1DJDWK $OVVLHGLH*HOEHQ+JHOHUUHLFKWHQQHLJWHVLFKGHU7DJGHP(QGH]X0RUEDW3HU[XVVXQG )DPHOODGOLH‰HQVLFKZRUWORV]XHLQHU5DVWQLHGHU-HGHUD‰HWZDVYRQVHLQHQ9RUUlWHQRGHU WUDQN:DVVHUDXVHLQHPNOHLQHQ5LQQVDO 'LH (QWVFKHLGXQJ NRQQWH VFKRQ LQ GLHVHU HUVWHQ 1DFKW IDOOHQ 'DV ZX‰WHQ VLH 'LH KHLPOLFKH )HLQGVFKDIWXQWHUHLQDQGHUZXFKV9LHOOHLFKWZDJWHHVJDUHLQHUYRQLKQHQVHLQH.RQNXUUHQWHQ XP]XEULQJHQEHYRUGLH-DJGDXIGDV:DGGHOGDUEHJRQQHQKDWWH 6LH ZX‰WHQ DOOH GUHL GD‰ VLH YRQ QXQ DQ HLJHQH :HJH JHKHQ ZUGH 9HUJHVVHQ ZDUHQ GLH JHPHLQVDPHQ -XJHQGVWUHLFKH GLH )UHXQGVFKDIW XQWHUHLQDQGHU GLH JHPHLQVDPH $XVELOGXQJ IUGLH-DJGGHUJHPHLQVDPH$XIVWLHJELVLQGLH.ODVVHGHU=ZHLWHQ'RPSWHXUH -HW]W JDE HV QXU QRFK HLQ HLQ]LJHV =LHO 8QG XP GDV ]X HUUHLFKHQ EUDXFKWH PDQ NHLQH )UHXQGHXQGNHLQH+HOIHU,P*HJHQWHLO $OV3HU[XVVVLFKHUKREIROJWHQ0RUEDWXQG)DPHOODGVHLQHP%HLVSLHO 9RQQXQDQKHUUVFKWH.ULHJ*HJHQGDV:DGGHOGDU8QGXQWHUHLQDQGHU  'DV:DGGHOGDUHUZDFKWH (VHUKREVLFKXQGID‰WHVLFKDQGHQ.RSI6HLQH*OLHGHUVFKPHU]WHQ(VUHFNWHXQGVWUHFNWH VLFK 'DQQ JOLWWHQ GLH OHLFKW YHUVFKPXW]WHQ +lQGH EHU GLH +DXW GHV .|USHUV 'DV :DGGHOGDUVDKPLWXQJOlXELJHP%OLFNDQVLFKKLQXQWHUXQGHVHUNDQQWHVLFKQLFKW (VKREGHQ.RSIXQGGUHKWHVLFKLP.UHLV$XFKGLH8PJHEXQJZDULKPY|OOLJIUHPG'LH )X‰VRKOHQ VFKPHU]WHQ DXI GHP VWHLQLJHQ %RGHQ 'LH 6RQQH ZDU KLQWHU GHP +RUL]RQW YHUVFKZXQGHQ 'DV:DGGHOGDUZDUKXQJULJXQGHVIURU (V VFKWWHOWH GHQ .RSI GHU PLW NXU]HQ EORQGHQ +DDUHQ EHGHFNW ZDU DOV ZROOH HV HWZDV YHUVFKHXFKHQ $EHUHV EOLHE EHL GLHVHU LQVWLQNWLYHQ *HVWH (V VSUWH QXU+XQJHU.lOWHXQG 8QVLFKHUKHLW (V UHDJLHUWH ZLH HLQ 1HXJHERUHQHV GDV NUDEEHOQ XQG JUHLIHQ NRQQWH DEHU QRFK NHLQHQ 9HUVWDQGEHVD‰ (VVHW]WHODQJVDPHLQHQ)X‰YRUGHQDQGHUHQ'DV*OHLFKJHZLFKWVJHIKOZDUYRUKDQGHQ(V OHJWHGLHHUVWHQ0HWHU]XUFN (LQ SDDU %VFKH WDXFKWHQ YRU LKP DXI $Q GHQ =ZHLJHQ KLQJHQ GLFNH URWH %HHUHQ (V 



ZROOWH HLQH )UXFKW PLW GHQ /LSSHQ DEUHL‰HQ DEHU HV VWHOOWH VLFK ]X XQJHVFKLFNW GDEHL DQ 'LH%HHUHILHO]X%RGHQ 'HU=ZHLEHLQHUVWDUUWHGHUYHUORUHQHQ1DKUXQJWUDXULJKLQWHUKHU,PKRKHQ*UDVNRQQWHHU VLHQLFKWPHKUILQGHQ =XIlOOLJULFKWHWHQVLFKVHLQH$XJHQDXIGLHHLJHQHQ+lQGH1HXJLHULJVSUHL]WHHUVHLQH)LQJHU XQGGUHKWHGLH+lQGHKLQXQGKHU'DV:DGGHOGDUIDQG*HIDOOHQDQGHU%HZHJXQJXQGVWLH‰ HLQNXU]HV/DFKHQDXV'DEHLHUVFKUDNHVDEHUYRUGHUHLJHQHQ6WLPPH $XWRPDWLVFKZROOWHHVIOLHKHQ(VVWROSHUWHYRUDQXQGUDQQWHLQGHQ%XVFKPLWGHQ)UFKWHQ 'RUQHQ ULVVHQ EOXWLJH 6FKUDPPHQ LQ GLH KHOOH +DXW 'DV :DGGHOGDU VFKULH HUQHXW DXI XQG ]XFNWH]XUFN(VHUNDQQWHGD‰HVVLFKJDQ]IDOVFKYHUKDOWHQKDWWH 1DFK HLQHU NXU]HQ 3DXVH GHU %HVLQQXQJ OHUQWH HV VHLQH +lQGH ]X EHQXW]HQ (V ]RJ GLH 'RUQHQDXVGHU+DXWDEHUGLH6FKPHU]HQEOLHEHQYRUHUVWDXFKZHQQHVVLFKDQGHQ:XQGHQ NUDW]WH 'DQQ EHJDQQ HV GLH %HHUHQ PLW GHQ )LQJHUQ YRP 6WUDXFK ]X SIOFNHQ XQG ]X YHUVSHLVHQ (WZDV VSlWHU IDQG HV HLQHQ %DFK 6HLQ ,QVWLQNW IXQNWLRQLHUWH VFKRQ HWZDV EHVVHU (V JHODQJ LKPDXI$QKLHEPLWGHQ+lQGHQ:DVVHU]XVFK|SIHQXQG]XWULQNHQ -HW]WIKOWHHVVLFKHWZDVEHVVHU$EHUQRFKSHLQLJWHHVGLH.lOWH (V VFKULWW HLQHQ IODFKHQ +DQJ KLQDXI XQG HQWGHFNWH HLQH*UXSSHDXVGLFKWHQ%VFKHQ'LH (UIDKUXQJ KDWWH HV JHOHKUW GD‰ VLFK DQ GHQ %VFKHQ 'RUQHQ EHILQGHQ NRQQWHQ (V VXFKWH GDKHUGLH=ZHLJHHUVWHLQPDODE +LHUJDEHVNHLQH'RUQHQ'DV:DGGHOGDUNURFK]ZLVFKHQGLHGLFKWHQ%OlWWHUGLHHVHWZDV ZlUPWHQ'UDX‰HQVHQNWHVLFKGLH'XQNHOKHLWEHUGLH/DQGVFKDIW(VIURUQRFKLPPHU'LH 6FKPHU]HQGHU:XQGHQGLHGLH'RUQHQGHV%HHUHQVWUDXFKVJHULVVHQKDWWHQNODQJHQDE 'DV :DGGHOGDUVWDUUWH GXUFK GLH%OlWWHU DQ GHQGXQNOHQ1DFKWKLPPHO ZRHLQSDDUJUR‰H OHXFKWHQGH 3XQNWH VWDQGHQ (LQ YDJHV *HIKO YHUULHW LKP GD‰ HV GLHVHV %LOG NDQQWH DEHU MHW]W NRQQWH HV GDPLW QLFKWV DQIDQJHQ (V NDXHUWH VLFK DXI GHP %RGHQ ]XVDPPHQ XQG ]RJ GLH=ZHLJHPLWGHQJUR‰HQ%OlWWHUQQRFKGLFKWHUDQVLFKKHUDQ 'LH.lOWHGHU1DFKWGUDQJGHQQRFKLPPHUWLHIHULQGHQVFKXW]ORVHQ.|USHU$QHLQ5XKHQ ZDUQLFKW]XGHQNHQ 6FKOLH‰OLFK HUKRE VLFK GDV :DGGHOGDU VHLQHQ YHUNPPHUWHQ ,QVWLQNWHQ IROJHQG XP VLFK GXUFK %HZHJXQJ HWZDV :lUPH ]X EHVFKDIIHQ (V OLHI ZHLWHU GHQ +DQJ KLQDXI 'LH /LFKWSXQNWH DP QlFKWOLFKHQ +LPPHO VSHQGHWHQ HLQHQ NPPHUOLFKHQ 6FKHLQ GHU HLQH 2ULHQWLHUXQJJHUDGHQRFKHUP|JOLFKWH 'HQQRFKVWHOOWHQVLFK6HKVFKZLHULJNHLWHQHLQ'DV:DGGHOGDUZX‰WHQLFKWZRUDQGDVODJ (V UHDJLHUWH QXU LQVWLQNWLY $OV HV DEHU HLQHQ %XVFK PLW GHQ VFKRQ EHNDQQWHQ %HHUHQ YRU VLFKDXIWDXFKHQVDKZDQGWHHVVLFKDQJHHNHOWDE'LHVH)UFKWHZUGHHVQLHZLHGHUHVVHQ (V VDK ELVZHLOHQ GLH 'LQJH GRSSHOW 8QG LP .RSI UXPRUWH HLQ GXPSIHU 6FKPHU] GHU DOOPlKOLFK]XQDKP$XFK LP%DXFKUXPSHOWH HVKHIWLJ6FKZHUHU'UXFNEUHLWHWHVLFKGRUW DXV (V HLOWH ZHLWHU 'LH %HZHJXQJ WDW LKP JXW 'LH YRQ GHU 1DFKWNlOWH IDVW HUVWDUUWHQ *OLHGHU ZXUGHQZLHGHUJHVFKPHLGLJ(VIDQGHLQHZDUPH4XHOOHXQGQDKPHLQNXU]HV%DG'DQDFK IKOWHHVVLFKQRFKEHVVHU$EHUGLH0DJHQVFKPHU]HQZXUGHQKHIWLJHU 0LWGHQ+lQGHQEUDFKHVHLQHQGLFNHQ$VWDEXQGVFKOHXGHUWHLKQSUIHQGGXUFKGLH/XIW RKQHGDV(QGHORV]XODVVHQ (LQ QHXHV *HUlXVFK ZHFNWH VHLQH $XIPHUNVDPNHLW (LQ OHLVHV 6FKQDXIHQ HLQ 6W|KQHQ VFKZHUHU$WHP (V VFKRE VLFK LQ GHQ 6FKDWWHQ HLQHV PlFKWLJHQ %DXPHV XQG OHKQWH VLFK DQ GHVVHQ 6WDPP 



6HLQH NOHLQHQ $XJHQ VXFKWHQ GLH 8PJHEXQJ DE :LHGHU VDK HV 7HLOH GHU QlFKWOLFKHQ /DQGVFKDIWGRSSHOWXQGGDVZDUVHKULUULWLHUHQG 'DQQHUNDQQWHHVXQWHQDP5DQGGHV$EKDQJVHLQH%HZHJXQJ(WZDVNDPODQJVDPQlKHU HLQHPlFKWLJH*HVWDOWGLHDXWRPDWLVFK)XUFKWEHLLKPDXVO|VWH(VNODPPHUWHEHLGH+lQGH QRFKIHVWHUXPGHQ.QSSHO 'LH *HVWDOW ZDU QXU QRFK ZHQLJH 0HWHU HQWIHUQW ,KU $WHP ZDU NHXFKHQG XQG VFKZHU 'DV :DGGHOGDUUKUWHVLFKQLFKW(VZDUWHWHLP6FKXW]GHU'XQNHOKHLWGLHGDV/DXEGHV%DXPHV VSHQGHWH 'LHPlFKWLJH*HVWDOWKDQWLHUWHPLWGQQHQ6WDQJHQ'DQQ]LVFKWHHWZDVGXUFKGLH/XIW'DV :DGGHOGDU ZROOWH DXVZHLFKHQ DEHU HV ZDU ]X ODQJVDP (LQ 3IHLO ERKUWH VLFK LQ VHLQHQ %UXVWNRUE 'LH *HVWDOW VWLH‰ HLQ 7ULXPSKJHKHXO DXV GDV GLH 6FKPHU]HQVVFKUHLH GHV JHWURIIHQHQ =ZHLEHLQHUVEHUW|QWH'DV:DGGHOGDUVDQN]X%RGHQXQGNODPPHUWHVHLQH+lQGHXPGHQ 3IHLOVFKDIW 0LW HLQHU *HZDOWDQVWUHQJXQJ UL‰ HV GDV *HVFKR‰ DXV GHP )OHLVFK 'HU QHXH 6FKPHU]GURKWHLKPGLH%HVLQQXQJ]XUDXEHQ 'DV :DGGHOGDUVDKGLH:XQGH8QG HVVSUWHGLHOlKPHQGH:LUNXQJGHV*LIWHVPLWGHP GLH 3IHLOVSLW]H *HVWULFKHQ ZDU (V HUNDQQWH GD‰ VHLQ /HEHQ ]X (QGH JHKHQ PX‰WH (V NRQQWHVLFKQXUQRFKXPHLQHJHULQJH=HLWVSDQQHKDQGHOQGLHLKP]XU9HUIJXQJVWDQG 'LH (UNHQQWQLV GHV VLFKHUHQ 7RGHV O|VWH HLQH PHQWDOH 6SHUUH LQ VHLQHP %HZX‰WVHLQ )U GDV :DGGHOGDU ZDU HV DOV RE HV VLFK LQ HLQHP VFKZDU]HQ 6DFN EHIlQGH GHU GLH :LUNOLFKNHLW DEVFKLUPWH8QGLQGHQMHPDQGQXQHLQSDDUNOHLQH/|FKHUJHVFKQLWWHQKDWWH 'LH 6FKPHU]HQ ZDUHQ SO|W]OLFK XQZLFKWLJ (UNHQQWQLVVH SUDVVHOWHQ DXI HV HLQ %UXFKVWFNH GHU (ULQQHUXQJ GLH VLFK ]X XQYROOVWlQGLJHQ %LOGHUQ ]XVDPPHQIJWHQ .ODUH *HGDQNHQ XQG YHUVFKZRPPHQH,GHHQ (VVDKHLQ]ZHLWHV6DXULHUZHVHQGDVGHQ+DQJKLQDXIVWUPWHXQGHLQHQ6SHHUVFKOHXGHUWH ³6WLUE)DPHOODGU|KUWHGDV]ZHLWH:HVHQ³'DV:DGGHOGDUJHK|UWPLUDOOHLQ 'HU 6SHHU GXUFKERKUWH GHQ +DOV )DPHOODGV 1XQ VWLH‰ GHU ]ZHLWH .lPSIHU GHQ 6LHJHVVFKUHL DXV$EHUDXFKHUKDWWHVLFK]XIUKJHIUHXW(LQHGULWWH(FKVHVWUPWHKHUDQ=ZLVFKHQGHQ EHLGHQ hEHUOHEHQGHQ HQWVSDQQ VLFK HLQ ZLOGHU XQG JQDGHQORVHU .DPSI 0HVVHU EOLW]WHQ LP 0RQGOLFKWDXIXQGGLHU|KUHQGHQ.DPSIVFKUHLHGXUFKEUDFKHQGLH6WLOOHGHU1DFKW 'DV:DGGHOGDUVFKOHXGHUWHLQVHLQHU 9HU]ZHLIOXQJGHQ.QSSHOQDFKGHQEHLGHQ=ZHLEHLQHUQ 'DZXUGHHVVLFKJDQ]SO|W]OLFKVHLQHU$EVWDPPXQJXQG,GHQWLWlWEHZX‰W'HUQDKH7RGKDWWH VHLQHQ 9HUVWDQG ]XP 7HLO ZLHGHU LQ GLH 5HDOLWlW JHKROW  LQ HLQH JUDXVDPH XQEDUPKHU]LJH XQGY|OOLJIUHPGDUWLJH5HDOLWlW (U ZDU =HUJRO 3KHUVDQW PDUGHODQLVFKHU (QHUJLHIRUVFKHU XQG :LGHUVWDQGVNlPSIHU JHJHQ :KDVSV5LHJH 8QGHUZDUQDFNWXQGW|GOLFKYHUZXQGHW (U ZROOWH QRFK QLFKW VWHUEHQ DEHU HU KDWWH NHLQH &KDQFH 6HLQ .|USHU JHKRUFKWH GHP HUZDFKWHQ 9HUVWDQG VFKRQ QLFKW PHKU 'DV *LIW GUDQJ LPPHU ZHLWHU LQ LKQ HLQ XQG PDFKWH LKQ]XQHKPHQGEHZHJXQJVXQIlKLJ 'LHEHLGHQ(FKVHQOLHIHUWHQVLFKHLQHQHUEDUPXQJVORVHQ.DPSI=HUJRO3KHUVDQWZX‰WHGD‰HV GDEHLXPLKQJLQJ'DVKDWWHHUVFKQHOOHUNDQQW (UZDUGLHEHJHKUWH%HXWHDXVZHOFKHQYHUUFNWHQ*UQGHQDXFKLPPHU9LHOOHLFKWKDWWHHU QRFK HLQ SDDU 0LQXWHQ RGHU 6WXQGHQ ]X OHEHQ (U ZROOWH VLFK GLHVH =HLWVSDQQH DEHU QLFKW YHUNU]HQODVVHQ (UZDUVSOLWWHUQDFNW6LHKDWWHQLKPDOOHVDEJHQRPPHQ  6LH":HU"'LH8QJHKHXHUYRQ:KDVSV5LHJH" 



(U YHUPXWHWH GD‰ GHU 6LHJHU GHV =ZHLNDPSIV LKQ HQGJOWLJ W|WHQ ZUGH 'HU 7RG VHOEVW PDFKWH LKP ZHQLJ DXV (U KDWWH VWHWV PLW GHU *HIDKU JHOHEW VHLW HU VLFK GHQ :LGHUVWDQGVNlPSIHUQDQJHVFKORVVHQKDWWH (UZROOWHVHLQHOHW]WH)ULVW 6HLQH %HLQH XQG $UPH IXQNWLRQLHUWHQ QRFK KDOEZHJV (U NURFK DXI GDV WRWH 6DXULHUZHVHQ ]XXQGEUDFKWHGHVVHQ3IHLOHXQGGHQ%RJHQDQVLFK'LHEHLGHQ.lPSIHQGHQZDUHQNHLQH ]ZDQ]LJ 0HWHU YRQ LKP HQWIHUQW DEHU VLH EHPHUNWHQ GDV LQ GHU QXU YRP 0RQGOLFKW DXIJHKHOOWHQ 'XQNHOKHLW GHU 1DFKW QLFKW 3KHUVDQW KRFNWH VLFK DXI GHQ %RGHQ XQG OHJWH HLQHQ3IHLOEHUHLW 'LH 6FKPHU]HQ QDKPHQ ]X XQG VHLQ .|USHU ZXUGH LPPHU XQEHZHJOLFKHU $EHU VHLQ 9HUVWDQGNOlUWHVLFKPHKUXQGPHKU (UHULQQHUWHVLFKDQGLHOHW]WH6]HQHEHYRUHUGHQEHZX‰WHQ9HUVWDQGYHUORUHQKDWWH:LH ODQJHGDVKHUZDUNRQQWHHUQLFKWVDJHQ(VNRQQWHYRU7DJHQRGHU6WXQGHQJHZHVHQVHLQ 'LHVHU 'XIW (U JODXEWH QRFK MHW]W LKQ LQ GHU 1DVH ]X VSUHQ 'HU %OXPHQKWHU 'HU 9HUUlWHU'LHIUHPGH:HOW $QGHUH(ULQQHUXQJHQGUlQJWHQVLFKLQGHQ9RUGHUJUXQG 6HLQH)UDXGLH6SRUWVFKXOHZRHUGDV.lPSIHQPLWDOOHQP|JOLFKHQ:DIIHQJHOHUQWKDWWH 6HLQH$UEHLWDOV(QHUJLHIRUVFKHULQGHQ%XQNHUQYRQ 6HLQH)UDX&RQDQDGHU.DPSIOHKUHU$QWU\VHLQ%UXGHU %LOGHUHLQ]HOQH%LOGHU 'HUDOWH;XULH 'HU.DPSIJHJHQ:KDVSV5LHJH 'LH)UDJPHQWHGHU(ULQQHUXQJHQIJWHQVLFK]XVDPPHQ (UPX‰WHGHQ-lJHUQYRQ:KDVSV5LHJHLQGLH+lQGHJHIDOOHQVHLQ(LQHDQGHUH(UNOlUXQJ JDEHVQLFKW$EHUGDUDQNRQQWHHUVLFKQLFKWHULQQHUQ 'DV HLQH 6DXULHUZHVHQ VFKULH VFKULOO DXI DOV GDV DQGHUH LKP GHQ W|GOLFKHQ 0HVVHUVWLFK YHUVHW]WH (V ILHO DXI GHQ 5FNHQ 'LH *OLHGPD‰HQ ]XFNWHQ QRFK DEHU 6HNXQGHQ VSlWHU ZDUDXFKGDVYRUEHL 'HU6LHJHUHUKREVLFKXQGEOLFNWHVLFKXP(UVXFKWHVHLQH%HXWHDEHUHUNRQQWHVLHQLFKW HQWGHFNHQ =HUJRO 3KHUVDQW EHQXW]WH GHQ /HLE GHU WRWHQ (FKVH DOV 'HFNXQJ DOV HU PLW DOOHUOHW]WHU .RQ]HQWUDWLRQ ]LHOWH 'HU 3IHLO YHUOLH‰ GLH 6HKQH XQG WUDI GDV 6DXULHUZHVHQ LQ GHQ +DOV 'DV*LIWZLUNWHKLHUYLHOVFKQHOOHUDOVEHLLKP'HU7RGHVNDPSIGDXHUWHQXU6HNXQGHQ 'HUPDUGHODQLVFKH)RUVFKHUZROOWHVLFKHLQ6WFNYRQGHQGUHLOHEORVHQ.|USHUQHQWIHUQHQ DEHUGD]XZDUHUQLFKWPHKULQGHU/DJH %DOG ZUGH DXFK LKQ GHU 7RG HUHLOHQ 'D‰ HU VHLQH :LGHUVDFKHU EHUOHEW KDWWH ZDU HLQ OHW]WHU7URVW (UKDWWHNHLQH$KQXQJZDUXPHUGDV=LHOGLHVHUJQDGHQORVHQ-DJGJHZRUGHQZDUGHQQGLH LKPXQEHNDQQWHQ6DXULHUZHVHQKDWWHQGXUFKDXVLQWHOOLJHQWJHZLUNW'D‰:KDVSV5LHJHLKQ KDWWH EHVHLWLJHQ ZROOHQ GDV VWDQG KLQJHJHQ DX‰HU )UDJH $XFK ZHQQ HU VLFK QLFKW DQ (LQ]HOKHLWHQHULQQHUQNRQQWHGLH]XVHLQHU*HIDQJHQQDKPHJHIKUWKDWWHQ (U OHKQWH VLFK DQ HLQHQ 6WHLQ XQG YHUVXFKWH VHLQHQ OHW]WHQ *HGDQNHQ ]XU .ODUKHLW ]X YHUKHOIHQ ,UJHQG HWZDV HUUHLFKHQ NRQQWH HU QLFKW PHKU 6HLQ NPPHUOLFKHV :LVVHQ QDKP HUPLWLQGHQ7RG 'LHVH6DXULHUZHVHQKDWWHQLKQJH]LHOWJHMDJW6LHZDUHQLQWHOOLJHQWGHQQVLHKDWWHQWHLOZHLVH YHUVWlQGOLFKH /DXWH YRQ VLFK JHJHEHQ 9LHOOHLFKW ODJ KLHU HLQH (UNOlUXQJ IU GDV VSXUORVH 9HUVFKZLQGHQYLHOHU0DUGHODQHU" 



%UDFKWHQGLH+lVFKHUYRQ:KDVSV5LHJHVLH]XGLHVHPIUHPGHQ3ODQHWHQGDPLWVLHHLQ2SIHU GHU -DJG ZXUGHQ" :HOFKH %HGHXWXQJ KDWWH GDV IU GHQ .ULHJHU .DKQHU GHU IUDJORV KLQWHU GLHVHQ$NWLRQHQVWDQG" (LQHQ ZLUNOLFKHQ 6LQQ HUNDQQWH GHU YRP 7RG JH]HLFKQHWH 0DUGHODQHU QLFKW (U GDFKWH DEHU ZHLWHU 'LHVHU3ODQHWJHK|UWHQLFKW]XPYHUWUDXWHQ.HUMDKRW6\VWHP +LHU ZDU QLFKW VHLQH +HLPDW 6LH KDWWHQ LKQ YHUVFKOHSSW  XP LKQ W|WHQ ]X ODVVHQ :HOFKHU 6LQQVWHFNWHKLQWHUGLHVHP)UHYHO" 'HU3ODQHWZDUQLFKW0DUGHOQLFKW4XRODWRGHU3LHUDQN'DVHUNDQQWH=HUJRO3KHUVDQWDXV GHUJUR‰HQ=DKOYRQ0RQGHQGLHDPQlFKWOLFKHQ+LPPHOLKUH%DKQ]RJHQ 'LH $XJHQ GURKWHQ GHP 0DUGHODQHU ]X]XIDOOHQ $XFK VHLQH *HGDQNHQ YHUVLHJWHQ 0LW HLQHU OHW]WHQ.UDIWDQVWUHQJXQJULFKWHWHHUVLFKKRFKHLQPDODXIXQGEOLFNWHVLFKXP (UHUKLHOWHLQHQ6WR‰YRUGLH%UXVWXQGILHO]XUFN(UVDKHLQHQ.QSSHODXV6WDKOGHULKQ GLFKWQHEHQGHU:XQGHJHWURIIHQKDWWH 9RU LKP VWDQG HLQH NOHLQH Kl‰OLFKH *HVWDOW (LQHV GHU 8QJHKHXHU DXV :KDVSV 5LHJH HLQ 3WHUXV (LQ'LHQHUGHV.ULHJHUV.DKQHU ³1LFKW VFKOHFKW :DGGHOGDU VSRWWHWH GHU =ZHUJHQKDIWH ³'X KDVW GLH GUHL -lJHU EHUOHEW $EHUGDVlQGHUWQLFKWVDQGHLQHP7RG (LQH :DIIH WDXFKWH LQ GHU +DQG GHV 3WHUXV DXI 6LH ]HUVWUDKOWH GLH GUHL .|USHU GHU 6DXULHUZHVHQYROOVWlQGLJ ³.HLQH=HXJHQNHLQHhEHUOHEHQGHQJUXQ]WHGHU3WHUXV ³'XELVWYHUUFNWVW|KQWHGHU0DUGHODQHU ³'DV GHQNVW GX :DGGHOGDU ]LVFKWH GHU 3WHUXV JLIWLJ ³2GHU VROO LFK GLFK =HUJRO 3KHUVDQW QHQQHQ" $EHU GDV LVW HJDO :LFKWLJ LVW GD‰ GLH /HJHQGH YRP :DGGHOGDU EHZDKUW ZLUG .DJKDPV 6WDPP ZLUG QHXH .ULHJHU DXVVFKLFNHQ 6LH ZHUGHQ HLQ QHXHV :DGGHOGDU MDJHQ 9LHOOHLFKWGHLQH)UDX&RQDQD"2GHUGHLQHQ%UXGHU$QWU\"'XZLUVWHVQLFKWPHKUHUOHEHQ *OHL‰HQGH +HOOLJNHLW XQG HLQ JOKHQGHU 6FKPHU] EHHQGHWHQ GDV 'DVHLQ GHV OHLGJHSUIWHQ 0DQQHV =HUJRO3KHUVDQWGDV:DGGHOGDUGHU(QHUJLHIRUVFKHUYRQ0DUGHOVWDUEDXI1DJDWK (LQ +XPDQRLGH(LQHUGHUZLHHLQ 0HQVFKZDU(UVWDUEDOVHUHWZDVYRQGHU JUDXVDPHQ :DKUKHLW HUNDQQW KDWWH 9RQ GHU :DKUKHLW GLH LKP ]HLJWH GD‰ VLH VWlUNHU ZDU DOV GLH *HGDQNHQGHU5HFKWVFKDIIHQKHLWXQG*WH (UKDWWHGLH:DKUKHLWLQLKUHQ%UXFKVWFNHQZRKOQXUGHVKDOEHUNDQQWZHLOHUQLFKWVFKQHOO VWDUE(UKDWWHHWZDV=HLW]XP1DFKGHQNHQJHKDEW,P7RGHVNDPSIGHQHUQLFKWJHZLQQHQ NRQQWH 1LHPDQG NRQQWH VDJHQ ZLH YLHOH ³:DGGHOGDUV YRU LKP DXI 1DJDWK VFKRQ GLH %HXWH GHU 7LHUPHLVWHU JHZRUGHQ ZDUHQ 6LH DOOH ZDUHQ VLFKHU VFKQHOOHU JHVWRUEHQ GHQQ HLQH &KDQFH JHJHQGLH-lJHUKDWWHQVLHLP=XVWDQGGHUWRWDOHQ9HUGXPPXQJZRKOQLFKWJHKDEW 5RQ-HQQ\LKUHULQQHUWHXFKGD‰DXFKPLUHLQVROFKHV:DGGHOGDUDXI1DJDWKEHJHJQHWLVW" ,FKKDEHGDPDOVQLFKWVHUNDQQW   'LH EHLGHQ '\UDQHU OHEWHQ KRFK REHQ LQ GHQ %HUJHQ QDKH GHU ZHQLJHQ VFKQHHEHGHFNWHQ *LSIHOXQGZHLWDEYRQGHQJU|‰HUHQ.RORQLHQDQGHQ)OVVHQXQGLQGHQ7lOHUQ -DXQWHFFXQG0RUDEHWDZDUHQVFKRQVHLWEHUGUHLKXQGHUW-DKUHQHLQ3DDUDEHUVLH]lKOWHQ EHVWLPPWQLFKW]XGHQlOWHVWHQ,QWHOOLJHQ]HQGHV3ODQHWHQ'\UD 



6LH OLHEWHQ LKUH +HLPDW VHKU 1LH ZlUH HV LKQHQ LQ GHQ 6LQQ JHNRPPHQ LQ GLH QDWUOLFKHQ $EOlXIH HLQ]XJUHLIHQ  ZLH HV GLH 9RUIDKUHQ YRU YLHOHQ ]HKQWDXVHQG -DKUHQ ZRKO JHWDQ KDWWHQ 6LHEHVD‰HQDXFKJDUNHLQHWHFKQLVFKHQ0|JOLFKNHLWHQRGHU9RUVWHOOXQJHQXPGLH1DWXU]X YHUlQGHUQ²ZLHGLH8UG\UDQHUVLHYRUODQJHQ=HLWHQHQWZLFNHOWKDWWHQ 'LH /HJHQGHQ XP GLH 9HUJDQJHQKHLW ZDUHQ YLHOIlOWLJ 6LH GLHQWHQ HLJHQWOLFK QXU GHU 8QWHUKDOWXQJ 9LHOHV GDUDQ ZDU VLFKHU LP /DXI GHU =HLW YRQ GHQ SKDQWDVLHEHJDEWHQ 6FKZHVWHUQ XQG %UGHUQ GD]XHUIXQGHQ ZRUGHQ  RKQH E|VH $EVLFKW RGHU JDU PLW GHP EHZX‰WHQ=LHOGLH*HVFKLFKWH]XYHUIlOVFKHQ 'LH 9HUJDQJHQKHLW VSLHOWH IU GLH 0DVVH GHU '\UDQHU QXU HLQH DOOJHPHLQH 5ROOH 6LH ZDU ZLFKWLJDEHUQLFKWLQLKUHQ(LQ]HOHUHLJQLVVHQVRQGHUQLQGHQ(UNHQQWQLVVHQXQG$XVVDJHQ GLHGDV9RONGDUDXVJHZRQQHQKDWWH 'DV OLH‰ VLFK OHLFKW DXI HLQHQ 1HQQHU EULQJHQ 7HFKQLN 5DXPIDKUW 9HUlQGHUXQJ GHU 1DWXU (UULFKWHQ YRQ 0DFKWEHUHLFKHQ $XIEDX HLQHU VWDDWOLFKHQ +LHUDUFKLH DOO GDV ZXUGH YRQ GHQ '\UDQHUQVHLWODQJHQ=HLWHQDEJHOHKQW /HEHQ PLW GHU 1DWXU 9HU]LFKW DXI NQVWOLFKH +LOIVPLWWHO +DUPRQLH XQWHUHLQDQGHU XQG JHLVWLJH+LQJDEHGDVZDUHQHLQSDDU:HUWHQDFKGHQHQGLHVHVXUDOWH9RONOHEWH 'DKHU KDWWH PDQ VLFK DXFK VFKRQ GDPDOV DOV GLH WHFKQLVFKH +RFKNXOWXU DEJHVFKDIIW ZRUGHQ ZDU JDQ] DXI GHQ +HLPDWSODQHWHQ '\UD EHVFKUlQNW XQG VLFK DXV DOOHQ DQGHUHQ 6RQQHQV\VWHPHQGHU*DOD[LV]XUFNJH]RJHQ 9HUZXQGHUOLFK ZDU HV GDKHU QLFKW GD‰ GLH '\UDQHU GUDX‰HQ LQ GHQ :HLWHQ ]ZLVFKHQ GHQ 6WHUQHQ LQ 9HUJHVVHQKHLW JHUDWHQ ZDUHQ :DV VLH GRUW DQ 6SXUHQ KLQWHUODVVHQ KDWWHQ ZDU GHQ 9|ONHUQ QLFKW PHKU EHZX‰W 'HQQRFK VWDPPWH HLQH JUR‰H =DKO GHU %HJULIIH GHV KHXWLJHQ 6RWKDONYRQGLHVHPXUDOWHQ9RONGDVHLQHUJDQ]HQ*DOD[LVLKUHQ1DPHQJHJHEHQKDWWH (UHQG\UDKDWWHXUVSUQJOLFKQLFKWVDQGHUHVEHGHXWHWDOV³6WHUQHGHU'\UDQHU 9HUHLQ]HOW KDWWH VLFK GDV :LVVHQ XP GLH ([LVWHQ] GLHVHV DOWHQ 9RONHV LQ )RUP YRQ 6DJHQ HUKDOWHQ ,Q GLHVHQ (U]lKOXQJHQ WDXFKWH GHU 1DPH ³'\UDQHU MHGRFK QLFKW PHKU DXI (U ZDU Y|OOLJ LQ 9HUJHVVHQKHLW JHUDWHQ 6WDWW GHVVHQ VSUDFK PDQ YRQ GHQ ³6WDFKHOEROOHQ GHQ ³:DQGHUNQROOHQRGHUGHQ³6SULQJJHPVHQ -DXQWHFFXQG0RUDEHWDZDUHQ]ZHLGHUVHKUZHQLJHQ'\UDQHUGLHVLFKLQVROFKHQ)UDJHQXQG =XVDPPHQKlQJHQGLHGLH9HUJDQJHQKHLWEHWUDIHQQRFKHWZDVDXVNDQQWHQ'DVKDWWHHLQHQ HLQIDFKHQ*UXQG ,UJHQGZDQQ LQ VHLQHP /HEHQ HQWVFKLHG HLQ '\UDQHU PLW ZHOFKHU JHLVWLJHQ 'LV]LSOLQ HU VLFK LQWHQVLYEHIDVVHQZROOWH0HLVWID‰WHHUGLHVHQ(QWVFKOX‰LQ$EVWLPPXQJPLWVHLQHP3DUWQHU -DXQWHFF XQG 0RUDEHWD KDWWHQ YRU ODQJHU =HLW EHVFKORVVHQ VLFK PLW GHU *HVFKLFKWH GHV HLJHQHQ9RONHVDXVHLQDQGHU]XVHW]HQXQGDXIGLHVHP*HELHW)RUVFKXQJHQ]XEHWUHLEHQ (LJHQWOLFK JDOW GDVDOV HWZDVYHUS|QW0DQ SIOHJWHQLFKWDQGHQJHLVWLJHQ *UXQGIHVWHQ GHU HLJHQHQ.XOWXU]XUWWHOQ'LHEHLGHQKDWWHQGDV]ZDUQLHYRUJHKDEWXQGHVDXFKQLHJHWDQ VLH KDWWHQ DEHU XP 0L‰YHUVWlQGQLVVHQ DXV GHP :HJ ]X JHKHQ DXV GLHVHP *UXQG HLQ /HEHQLQGHU(LQVDPNHLWYRUJH]RJHQ 'DV KDWWH HLQHQ ZHLWHUHQ 9RUWHLO GHQQ VLH PX‰WHQ IU LKUH )RUVFKXQJHQ ODQJH 5HLVHQ GXUFKIKUHQ XQG NRQQWHQ VFKRQ GDKHU QLFKW LQ HLQHU JU|‰HUHQ *HPHLQVFKDIW DXI OlQJHUH =HLWOHEHQ 'LH$XIJDEHGHUVLHVLFKJHVWHOOWKDWWHQZDUVHKUPKVDPGHQQGLH9RUIDKUHQKDWWHQVLFK HLIULJEHPKWDOOH6SXUHQGHUWHFKQLVFKHQ.XOWXU]XYHUZLVFKHQ bX‰HUOLFKZDUGHP3ODQHWHQ'\UDQLFKWPHKUDXI$QKLHEDQ]XVHKHQGD‰KLHUHLQPDOEHU PHKUHUH-DKUWDXVHQGHHLQHKRKHWHFKQLVFKH=LYLOLVDWLRQGDV%LOGEHVWLPPWKDWWH'DPX‰WH 



PDQVFKRQJHQDXHUKLQVHKHQ '\UDEHVD‰HLQHJHZLVVHbKQOLFKNHLWPLWGHP3ODQHWHQ9HQXVGHV6ROV\VWHPV,QGHU*U|‰H XQG GHU PHLVW GLFKWHQ :RONHQGHFNH VWLPPWHQ EHLGH UHFKW JXW EHUHLQ 'LH 7HPSHUDWXUHQ ZDUHQ KLHU DOOHUGLQJV HWZDV JHULQJHU XQG LQ GHQ 3ROUHJLRQHQ KDWWH VLFK VRJDU HZLJHV (LV JHELOGHW$XFKGLHK|FKVWHQ%HUJHZDUHQVWHWVZHL‰XQGVRJDU HLQSDDU*OHWVFKHUVFKREHQ VLFKKLQDELQGLHZDUPHQ7lOHUXQG6XPSIUHJLRQHQ 0HHUH JDE HV NHLQH DEHU YLHOH )OVVH XQG NOHLQHUH 6HHQ 'LH 9HUGXQVWXQJ ZDU HQRUP KRFK VR GD‰ VLFK NHLQH JU|‰HUHQ *HZlVVHU KHUDXVJHELOGHW KDWWHQ $EJHVHKHQ YRQ GHQ EHLGHQ3RONDSSHQKHUUVFKWHIDVWEHUDOOHLQHGLFKWH)ORUDYRQDX‰HUJHZ|KQOLFKHU9LHOIDOW 'LH7LHUZHOWKLQJHJHQKDWWHVLFKQXU]|JHUQG]XQHXHQXQGJU|‰HUHQ$UWHQGXUFKJHNlPSIW 'LHPHLVWHQGDYRQZDUHQZLHGHUDXVJHVWRUEHQ $XV ZHOFKHP =ZHLJ GHU (QWZLFNOXQJ GLH '\UDQHU KHUYRUJHJDQJHQ ZDUHQ NRQQWH KHXWH QLHPDQGPHKUVDJHQ6HOEVWHLIULJH)RUVFKXQJHQLQGLHVHU5LFKWXQJZDUHQELVODQJQLFKW]X VFKOVVLJHQ(UJHEQLVVHQJHNRPPHQ 'LH 8UG\UDQHU KDWWHQ GDUEHU VLFKHU EHVVHUH (UNHQQWQLVVH JHKDEW DEHU VLH KDWWHQ VLH QDFK GHP UDGLNDOHQ :DQGHO ]X HLQHP /HEHQ PLW GHU 1DWXU XQG RKQH 7HFKQLN UHJHOUHFKW DXVJHPHU]W 2E HV LUJHQGZR GDUEHUQRFK ,QIRUPDWLRQHQJDEEH]ZHLIHOWHQDXFK-DXQWHFF XQG 0RUDEHWD (V H[LVWLHUWHQ hEHUOLHIHUXQJHQ QDFK GHQHQ HV $UFKLYH LQ XQWHULUGLVFKHQ %XQNHUQJHEHQVROOHDEHUQRFKQLHKDWWHPDQ+LQZHLVHDXIGLHVH2UWHILQGHQN|QQHQ 6HOEVW HLQH LQWHQVLYH *HQIRUVFKXQJ ZLH VLH DQJHEOLFK LQ GHU MQJHUHQ 9HUJDQJHQKHLW YRQ HLQLJHQ'\UDQHUQGXUFKJHIKUWZRUGHQZDUKDWWH]XNHLQHP(UJHEQLVJHIKUW*HWUHXGHQ /HEHQVJUXQGVlW]HQ ZDUHQ GLH GDEHL YHUZHQGHWHQ *HUlWH XQG 0DWHULDOLHQ GLH PDQ DXV HLQHPJHVWUDQGHWHQ5DXPVFKLIIHUZRUEHQKDWWHZLHGHUYHUQLFKWHWZRUGHQ 'LH 9RUIDKUHQ KDWWHQ RIIHQVLFKWOLFK GDV HLJHQH JHQHWLVFKH 0DWHULDO VR YHUlQGHUW GD‰ YHUZDQGWVFKDIWOLFKH %H]LHKXQJHQ ]X DQGHUHQ 3IODQ]HQ XQG 7LHUHQ YRQ '\UD QLFKW PHKU QDFKZHLVEDU ZDUHQ $XV HLQHP *UXQG GHQ KHXWH QLHPDQG PHKU NDQQWH KDWWHQ VLH GDV *HKHLPQLVLKUHU+HUNXQIWRGHULKUHUELRORJLVFKHQ(QWZLFNOXQJUHJHOUHFKWDXVJHO|VFKW 'DV 3lUFKHQ KDWWH HLQHQ JUR‰HQ 7HLO VHLQHV ELVKHULJHQ /HEHQV IU GLH 6XFKH QDFK YHUVFKROOHQHQ ,QIRUPDWLRQVTXHOOHQ RGHU QDFK DQGHUHQ 6SXUHQ GHU 9HUJDQJHQKHLW YHUZHQGHW :DV VLH ELVKHU JHIXQGHQ KDWWHQ ZDU HLJHQWOLFK NPPHUOLFK (V EHVFKUlQNWH VLFK DXI HLQH HUIROJUHLFKH $XVJUDEXQJ  HLQH 6WHLQVlXOH HLQ 0DKQPDO RGHU 'HQNPDORGHU HWZDVbKQOLFKHV 'LH ,QVFKULIW GDUDXI KDWWHQ VLH WHLOZHLVH HQW]LIIHUQ N|QQHQ (LQ JHZLVVHU 7R'\UD ZRKO HLQH $UW +HUUVFKHU EHU HLQH 6WDGW EHVFKZHUWH VLFK |IIHQWOLFK EHU GHQ /HLFKWVLQQ GHU MXJHQGOLFKHQ'\UDQHUXQGIRUGHUWHPHKU%HVLQQXQJXQG+LQJDEH %HL -DXQWHFF XQG 0RUDEHWD KDWWH GLHVHU 7H[W QXU 8QYHUVWlQGQLV JHZHFNW :LH EHGHXWHQG GLHVH 6WHLQWDIHO IU GLH GDPDOLJH =LYLOLVDWLRQ JHZHVHQ VHLQ PRFKWH OLH‰ VLFK QLFKW PHKU IHVWVWHOOHQ 'LH '\UDQHULQ GLH HWZDV NOHLQHU ZDU DOV -DXQWHFF PHLQWH VRJDU VLH KlWWH JDU NHLQH%HGHXWXQJ'HQQQXUVROLH‰VLFKHUNOlUHQGD‰VLHQLFKWYHUQLFKWHWZRUGHQZDU (VJDEDXI'\UDNHLQH=HLWUHFKQXQJPHKU'LHNOHLQHQ.XJHOZHVHQOHEWHQLPZDKUVWHQ6LQQ GHV :RUWHV ]HLWORV (V JDE QLFKWV ZDV VRIRUW HUOHGLJW ZHUGHQ PX‰WH XQG QLFKWV ZDV ]XU /HEHQVHUKDOWXQJ GULQJHQG QRWZHQGLJ ZDU 'LH 1DWXU ERW GHQ '\UDQHUQ GDV ZDV VLH DQ 1DKUXQJEUDXFKWHQ8QGDOOHVDQGHUHZDUUHODWLYEHGHXWXQJVORV -DXQWHFF XQG 0RUDEHWD OHJWHQ RIW ODQJH 3DXVHQ HLQ EHYRU VLH VLFK ZLHGHU DXI GLH 6XFKH QDFK GHQ 6SXUHQ GHU 9HUJDQJHQKHLW EHJDEHQ 'DQQ ODJHQ VLH GLFKW DQHLQDQGHUJHNXVFKHOW DXIHLQHU:LHVHRGHU]ZLVFKHQZDUPHQ6WHLQHQXQGPHGLWLHUWHQVWXPP -DXQWHFF KDWWH GLH )RUP HLQHU OHLFKW DEJHIODFKWHQ .XJHO YRQ HWZD YLHU]LJ =HQWLPHWHUQ 



'XUFKPHVVHU 6HLQH DFKW 6WXPPHOI‰H ZDUHQ LQ GHU 5XKHODJH JDU QLFKW XQG LQ GHU %HZHJXQJ QXUVFKZHU ]X HUNHQQHQ 6HLQ .|USHUZDUGXQNHOJUQXQGPLW YLHOHQJU|‰HUHQ XQG NOHLQHUHQ 6WDFKHOQ EHGHFNW 'LHVH XQUHJHOPl‰LJHQ $XVZFKVH ZDUHQ WHLOZHLVH ELHJVDP XQG HEHQIDOOV YRQ JUQHU )DUEH $X‰HU HLQ SDDU NOHLQHQ GXQNHOEUDXQHQ 0XOGHQ ]ZLVFKHQGLHVHQ6WDFKHOQ]HLJWHVLFKDQGHU.|USHUREHUVHLWHQLFKWV$XIIlOOLJHV 'LH '\UDQHU VSUDFKHQ PLW HLQHU VHKU YLHOVHLWLJ PRGXOLHUEDUHQ 6WLPPH 8QWHUHLQDQGHU NRQQWHQ VLH VR LKUHQ :RUWHQ HLQH ]XVlW]OLFKH EHVRQGHUH %HGHXWXQJ YHUOHLKHQ GLH MHGHP )UHPGHQYHUERUJHQEOLHE$QZHOFKHU6WHOOHGHV.|USHUVGLHVH6WLPPHHU]HXJWZXUGHOLH‰ VLFKlX‰HUOLFKQLFKWIHVWVWHOOHQ 7DWVlFKOLFK ZDU HV VR GD‰ ZLQ]LJH +DXWSDUWLHQ LQ 9LEUDWLRQHQ YHUVHW]W ZXUGHQ XQG ]XVlW]OLFK PLW HLQLJHQ 6WDFKHOQ GLH H[WUHP VFKQHOO VFKZLQJHQ NRQQWHQ /DXWH HU]HXJW ZXUGHQ .|USHU|IIQXQJHQ IU GLH $WPXQJ GLH 1DKUXQJVDXIQDKPH RGHU IU $XVVFKHLGXQJHQ EHIDQGHQ VLFK QXU DQ GHU 8QWHUVHLWH XQG ZDUHQ GDKHU QRUPDOHUZHLVH QLFKW VLFKWEDU:HQQ HLQ '\UDQHU HLQHQ JUR‰HQ 6SUXQJ PDFKWH  XQG HU NRQQWH PLW GHQ 6WXPPHOEHLQFKHQ PHKUHUH0HWHUKRFKKSIHQGDQQUROOWHHUVLFKDXWRPDWLVFKVRHLQGD‰GLHgIIQXQJHQDQ GHU8QWHUVHLWHYHUGHFNWXQGJHVFKW]WZDUHQ 'LH 6LQQHVRUJDQH EHIDQGHQ VLFK DQ GHQ (QGHQ HLQLJHU 6WDFKHOQ ,KUH =DKO ZDU QLFKW HLQKHLWOLFK XQG ODJ EHL HWZD IQIXQG]ZDQ]LJ 9HUORUHQH 6WDFKHOQ NRQQWHQ QDFK %HOLHEHQ HUVHW]WZHUGHQ 'LH ZLQ]LJHQ 0XOWLRUJDQH HUODXEWHQ GDV 6HKHQ +|UHQ XQG 5LHFKHQ VRZLH QDWUOLFK GDV 7DVWHQ6LHZDUHQVRNOHLQGD‰VLHIUHLQHQ%HREDFKWHUJDUQLFKW]XHUNHQQHQZDUHQ (LQ '\UDQHU ZLUNWH GDKHU DXI GHQ HUVWHQ %OLFN ZLH HLQH *HPVHNQROOH XQG QLFKW ZLH HLQ LQWHOOLJHQWHV:HVHQ %HL LKUHU OHW]WHQ ([NXUVLRQ GLH -DXQWHFF XQG 0RUDEHWD XQWHUQDKPHQ IROJWHQ VLH HLQHP +LQZHLV GHQ VLH YRP DOWHQ .RSDUWHFF HUKDOWHQ KDWWHQ 'HU (LQ]HOJlQJHU ZDU QDFK HLQHP OlQJHUHQ $XIHQWKDOW DXI HLQHP GHU ZHQLJHQ KRKHQ %HUJH ]XP +DXSWYRON ]XUFNJHNHKUW 'RUW KDWWH HU YRQ HLQHU 0HWDOODQVDPPOXQJ HLQHP :UDFN RGHU HLQHP DOWHQ %DXZHUN EHULFKWHWGDVHUQDKHGHP*LSIHOLP(LVHLQHV*OHWVFKHUVHQWGHFNWKDEHQZROOWH'DLKQQXU NlOWHUHVLVWHQWH3IODQ]HQLQWHUHVVLHUWHQKDWWHHUDXIZHLWHUH1DFKIRUVFKXQJHQYHU]LFKWHW 'DV 3DDU HUUHLFKWH QDFK HLQHU :DQGHUXQJ YRQ PHKUHUHQ KXQGHUW 7DJHQ GHQ YRQ .RSDUWHFF EH]HLFKQHWHQ%HUJ'HU(LQ]HOJlQJHUKDWWHLKPGHQ1DPHQ³6WXPSIHU6WDFKHOJHJHEHQXQG GLHVH%H]HLFKQXQJZDUVHKUWUHIIHQG (LQHLQ]LJHU*OHWVFKHUNOHEWHZLHHLQHVFKPXW]LJZHL‰H=XQJHDQGHUVDQIWDEIDOOHQGHQ6HLWH GHV³6WXPSIHQ6WDFKHOV ³:LU ZHUGHQ HLQH 5DVW HLQOHJHQ PVVHQ EOXEEHUWH 0RUDEHWD XQG YHUULHW PLW GLHVHU ]XVlW]OLFKHQ0RGXODWLRQGHU6WLPPHLKUH=ZHLIHO³EHYRUZLUGHQ$XIVWLHJLQ$QJULIIQHKPHQ N|QQHQ ³'RUW GUEHQ ZDFKVHQ %RGHQEHHUHQ LQ JUR‰HU 0HQJH -DXQWHFFV 6WLPPH NODQJ ZLH GDV 3OlWVFKHUQHLQHV:DVVHUIDOOVXQGVWUDKOWHVRPLW=XYHUVLFKWXQG5XKHDXV³:LUN|QQHQXQV HUVWHLQPDOIUGLHQlFKVWHQKXQGHUW7DJHVWlUNHQ'DQQEHJLQQHQZLUPLWGHP$XIVWLHJ ,QGHU7DWZDUHVVRGD‰GLH'\UDQHUQDFKHLQHUJUQGOLFKHQ1DKUXQJVDXIQDKPHHVKXQGHUW RGHU PHKU 7DJH RKQH 6SHLVHQ XQG *HWUlQNH DXVKLHOWHQ ,KUH NOHLQHQ .|USHU EHVWDQGHQ RKQHKLQ ]X EHU IQI]LJ 3UR]HQW DXV YHUVFKLHGHQHQ )OVVLJNHLWHQ VR GD‰ DXFK GLH *HIDKU HLQHV$XVWURFNQHQVQLFKWEHVWDQG 'LH EHLGHQ .XJHOZHVHQ YHU]HKUWHQ HLQH DXVUHLFKHQGH 0HQJH GHU %RGHQEHHUHQ XQG GUlQJWHQ VLFK GDQQ DQHLQDQGHU DOV GLH 1DFKW EHJDQQ 6LH UXKWHQ XQG PHGLWLHUWHQ ELV ]XP QlFKVWHQ 



0RUJHQ'DQQVHW]WHQVLHLKUHQ:HJIRUW =XQlFKVWEHZHJWHQVLHVLFKQRFKWLSSHOQGDXILKUHQDFKW%HLQFKHQDEHUEDOGYHUOLH‰HQVLH GLH=RQHGHU9HJHWDWLRQ'HU%RGHQZXUGHVWHLQLJXQGQDKH]XXQSDVVLHUEDU)UGLH'\UDQHU JDEHVVROFKH+LQGHUQLVVHDEHUQLFKW6LHZHFKVHOWHQQXUGLH$UWGHU)RUWEHZHJXQJ 1XQJLQJHVLQJUR‰HQ6SUQJHQYRQPHKUHUHQ0HWHUQKDQJDXIZlUWV:lKUHQGGHV6SUXQJHV ZXUGHHLQJHHLJQHWHU/DQGHSODW]DXVJHVXFKWXQGGXUFKJHVFKLFNWH.|USHUGUHKXQJPLW+LOIH GHV 6WDFKHONOHLGV DQJHVWHXHUW $XI GHU HUVWHQ 7HLOVWUHFNH KSIWH -DXQWHFF YRUDXV XQG 0RUDEHWD EHQXW]WH GLH YRQ LKP EHUHLWV HUNXQGHWHQ XQG EHQXW]WHQ /DQGHSOlW]H *U|‰HUH 6WHLQHXQGNOHLQH6DQGIODFKHQERWHQDXVUHLFKHQGH0|JOLFKNHLWHQ 'DQQ ZHFKVHOWHQ VLH VLFK DE 0RUDEHWD EHUQDKP GLH )KUXQJ ZlKUHQG LKU 3DUWQHU EHJDQQ VLFK JHQDXHU ]X RULHQWLHUHQ (V JDOW QDFK GHQ 0HUNPDOHQ DXV GHU %HVFKUHLEXQJ GHV DOWHQ .RSDUWHFF GLH 6WHOOH ]X EHVWLPPHQ DQ GHU HU GDV PHUNZUGLJH 2EMHNW JHVHKHQ KDEHQZROOWH'DEHLNDPHQVLHGHP*OHWVFKHULPPHUQlKHU 0HKUIDFK JDE -DXQWHFF GHU *HIlKUWLQ $QZHLVXQJHQ GLH 5LFKWXQJ ]X lQGHUQ $OV VLH GDV (LV HUUHLFKWHQ KLHOWHQ VLH DQ 'LH .lOWH PDFKWH LKUHQ .|USHUQ QLFKWV DXV GHQQ VLH YHUWUXJHQVWDUNH7HPSHUDWXUVFKZDQNXQJHQ ³'LH 6WHOOH PX‰ MHQVHLWV GHU =ZLOOLQJVIHOVHQ VHLQ XQG XQWHUKDOE HLQHU URWHQ )HOVQDVH PHLQWH-DXQWHFF³6RKDWHV.RSDUWHFFXQVHU]lKOW*DQ]VLFKHUVFKLHQHUVLFKQLFKW]XVHLQ ³(VLVWZRKODPEHVWHQZHQQZLUEHUGDV(LVODXIHQHQWJHJQHWH0RUDEHWD 6LHWLSSHOWHQQHEHQHLQDQGHUXQGYHUKDNWHQVLFKGDEHLPLWHLQSDDU6WDFKHOQXPEHLHLQHP $EJOHLWHQ GHV 3DUWQHUV VFKQHOO UHDJLHUHQ ]X N|QQHQ $XI 6SUQJH PX‰WHQ VLH YHU]LFKWHQ GHQQGLH/DQGXQJHQZlUHQSUREOHPDWLVFKJHZRUGHQ 0HKUIDFK KLHOWHQ VLH DQ -DXQWHFF GHU GLH (U]lKOXQJHQ .RSDUWHFFV ZRUWJHWUHX JHVSHLFKHUW KDWWHYHUJOLFKGLH8PJHEXQJLPPHUZLHGHUPLWGHQ*HGDQNHQELOGHUQ'DEHLZXUGHHUVLFK VHLQHU6DFKHLPPHUVLFKHUHU ³'RUW WULOOHUWH HU SO|W]OLFK ³(V PX‰ XQWHU GHU (UKHEXQJ MHQVHLWV GLHVHU EUHLWHQ *OHWVFKHUVSDOWH VHLQ 'LH KDW .RSDUWHFF HUZlKQW 8QG GD LVW DXFK GLH URWH )HOVQDVH XQWHU GHUGDV2EMHNWYHUERUJHQVHLQVROO:LUPVVHQEHUGHQ*UDEHQVSULQJHQ ³,FK ZHUGH EHL GHU /DQGXQJ VRIRUW HLQ /RFK VFKPHO]HQ SILII 0RUDEHWD ³'DV LVW GLH VLFKHUVWH0HWKRGHXPHLQ$EJOHLWHQ]XYHUKLQGHUQ -DXQWHFF ZDU PLW GLHVHP 9RUVFKODJ HLQYHUVWDQGHQ 0RUDEHWD VSUDQJ ]XHUVW EHU GLH *OHWVFKHUVSDOWH 6LH ODQGHWH ZHQLJH 0HWHU KLQWHU GHP 6FKOXQG 1RFK EHYRU VLH GDV (LV EHUKUWHVSULW]WHVLHHLQHJHULQJH0HQJHHLQHU)OVVLJNHLWDXVGHQ.|USHU|IIQXQJHQDQGHU 8QWHUVHLWH 'DPSI VWU|PWH XQWHU LKU KRFK ,P 1X ELOGHWH VLFK HLQH 0XOGH YRQ HWZD HLQHP 0HWHU 'XUFKPHVVHU XQG GDULQ ODQGHWH VLH -DXQWHFF KSIWH QXQ ORV XQG ODQGHWH VLFKHU LQ GHP .UHLVQHEHQGHU3DUWQHULQ 6LH NOHWWHUWHQ JHPHLQVDP EHU GHQ 5DQG XQG VFKREHQ VLFK ODQJVDP EHU GDV (LV LQ 5LFKWXQJGHUURWHQ)HOVQDVH'LH1HLJXQJGHV(LVHVZDUKLHUJHULQJVRGD‰VLHVFKQHOOYRQ GHU6WHOOHNDPHQ ³'XNDQQVWEHVVHULQV(LVEOLFNHQPHLQWHGLH'\UDQHULQXQGKLHOWDQ³:DVVLHKVWGXGRUW XQWHQ" ³(LQH JUR‰H 0DVVH KDXFKWH -DXQWHFF DOV $QWZRUW (U ZLUNWH MHW]W DXIJHUHJW ³6LH LVW DQQlKHUQGHLI|UPLJXQGEHVWLPPWDXV0HWDOO.RPP (U WLSSHOWH EHU GDV (LV ELV HU HWZDV REHUKDOE GHU GXQNOHQ 6WHOOH DQJHNRPPHQ ZDU +LHU OLH‰ HU )OVVLJNHLW DXV VHLQHP .|USHU DE 0RUDEHWD GLH QHEHQ LKP KRFNWH IROJWH GLHVHP %HLVSLHO 



'LH6XEVWDQ]HQIUD‰HQLQ:LQGHVHLOHHLQJHZDOWLJHV/RFKLQV(LV(VHQWZLFNHOWHVLFKHLQ 6WXU]EDFK DXV 6FKPHO]ZDVVHU GHU ZHLWHUH (LVEURFNHQ PLWUL‰ 'LFNH :RONHQ DXV YHUGDPSIWHP(LVVWLHJHQLQGLH+|KH 6FKRQZHQLJVSlWHUZXUGHQGLH 8PULVVHGHV2EMHNWVLP(LVVLFKWEDU(VKDQGHOWHVLFKXP HLQHQ DEJHUXQGHWHQ =\OLQGHU GHU DX‰HQ Y|OOLJ JODWW ZDU -DXQWHFF VFKlW]WH VHLQH +DXSWDFKVHDXIHWZD]HKQ.|USHUOlQJHQ ³'DLVWHLQ(LQVWLHJULHI0RUDEHWDXQGVSUDQJLQGLH7LHIH 6LHODQGHWHQHEHQHLQHP%XOODXJHXQGHLQHPUXQGHQYHUULHJHOWHQ/XN -DXQWHFFIROJWHLKUXQGODQGHWHGLUHNWDXIGHPNOHLQHQ6LFKWIHQVWHU(UUROOWHVHLQHQ.|USHU HWZDV]XU6HLWHGDPLWGLH6LQQHVRUJDQHDQGHQ(QGHQVHLQHU6WDFKHOQEHVVHULQV,QQHUHGHV .|USHUVEOLFNHQNRQQWHQ ³,FK VHKH WHFKQLVFKH $QODJHQ EHULFKWHWH GHU '\UDQHU ³9HUPXWOLFK KDQGHOW HV VLFK KLHU XPGLH5HWWXQJVNDSVHOHLQHV5DXPVFKLIIV1DFKGHU(LQGULQJWLHIHLQV(LVPX‰VLHYRUPHKU DOV WDXVHQG -DKUHQ KLHU JHODQGHW VHLQ ,FK JODXEH QLFKW GD‰ VLH YRQ XQVHUHQ 9RUIDKUHQ VWDPPWGHQQGDQQP‰WHVLHOlQJVWPLWGHP*OHWVFKHULP7DODQJHNRPPHQVHLQ ³9LHOOHLFKW KDW VLH VLFK DXI GHP *UXQG YHUKDNW YHUPXWHWH 0RUDEHWD VFKPDW]HQG 8QJHZROOW YHUULHW VLH LKUHP 3DUWQHU GDPLW GD‰ VLH DQ LKUH HLJHQHQ :RUWH QLFKW UHFKW JODXEWHDEHUGHQQRFKKRIIWHGD‰VLHULFKWLJZDUHQ³6ROOLFKGDV/XNDXIVFKPHO]HQ" ³1HLQQHLQULHI-DXQWHFF³,FKZHUGHYHUVXFKHQHVRKQH%HVFKlGLJXQJ]X|IIQHQ (UWLSSHOWH]XU9HUULHJHOXQJXQGVWXGLHUWHGLHVHDXVJLHELJ ³'DV 3UREOHP LVW VFKQHOO JHO|VW EHKDXSWHWH HU XQG VFKRE VLFK XQWHU GHQ NUHLVI|UPLJHQ (LQVWLHJ6HLQH)‰FKHQEHJDQQHQPLWGHPYRUKDQGHQHQ+HEHO]XVSLHOHQ ³'LH %HQXW]HU GLHVHU .DSVHO EHUOHJWH VHLQH *HIlKUWLQ XQWHUGHVVHQ ODXW ³N|QQHQ QLFKW JU|‰HUJHZHVHQVHLQDOVZLU'DVHUNHQQHLFKDXVGHQ$EPHVVXQJHQGHV(LQVWLHJV -DXQWHFF EHZHJWH VLFK IOLQN ]XU 6HLWH DOV GDV /XN VLFK VFKPDW]HQG QDFK LQQHQ |IIQHWH 6HLQH6WDFKHOQEHZHJWHQVLFKVDQIW ³,FKULHFKHQLFKWV$XIIlOOLJHVWHLOWHHU0RUDEHWDPLW³'DVZLOOLFKPLUPDODXVGHU1lKH EHWUDFKWHQ ,Q GHU 1DWXU '\UDV JDE HV IU GLH JUQHQ 6WDFKHOZHVHQ HLJHQWOLFK NHLQH ZLUNOLFKHQ *HIDKUHQ ,KUH 6LQQH ZDUHQ GDKHU IU XQYRUKHUVHKEDUH *HVFKHKQLVVH QLFKW EHVRQGHUV JHVFKXOW$XFKMHW]WYHUWUDXWHQGLHEHLGHQJDQ]DXIVLFKXQGDOOHVZDVULQJVXPH[LVWLHUWH 'D]XJHK|UWHDXFKGLHIUHPGH.DSVHO -DXQWHFFNUDOOWHVLFKHUVWHLQPDODP5DQGGHUgIIQXQJPLWGUHL%HLQFKHQIHVWXQGOLH‰VLFK VFKDXNHOQ 6HLQH 6LQQH WDVWHWHQ GDV ,QQHUH GHU .DSVHO DE XQG VXFKWHQ QDFK HLQHP JHHLJQHWHQ/DQGHSODW]$OVHUGHQJHIXQGHQKDWWHOLH‰HUVLFKLQGLH7LHIHIDOOHQ =XVHLQHUhEHUUDVFKXQJJORPPHLQNQVWOLFKHV/LFKWDXIVRGD‰GHU5DXPQXQ]XVlW]OLFK YRQ LQQHQ KHU HUKHOOW ZXUGH (U EHWUDFKWHWH GDV JUR‰H 6FKDOWSXOW DQ HLQHP (QGH GHV =\OLQGHUV 'RUW VFKLHQ GHU %XJ ]X VHLQ 'DV +HFN ZDU QLFKW ]XJlQJOLFK GHQQ KLHU YHUVSHUUWHHLQH:DQGGHQ%OLFN =X EHLGHQ 6HLWHQ GHU .DSVHO EHIDQGHQ VLFK JHSROVWHUWH /LHJHQ )U ZHOFKH $UW YRQ /HEHZHVHQVLHHUVFKDIIHQZRUGHQZDUHQOLH‰VLFKQLFKWVDJHQ ,Q]ZLVFKHQ ZDU 0RUDEHWD JHIROJW *HPHLQVDP VWXGLHUWHQ VLH GLH 6FKULIW]HLFKHQ DXI GHP 6FKDOWSXOWDEHUVLHNRQQWHQNHLQHVGDYRQGHXWHQ 3O|W]OLFK JLQJ HLQ 5XFN GXUFK GLH .DSVHO 0LW HLQHP .QDOO VFKOR‰ VLFK GDV (LQVWLHJVOXN (LQ6XPPHQODJLQGHU/XIW ³:DVKDWGDV]XEHGHXWHQ"IUDJWH0RUDEHWDSIHLIHQG8QUXKHKDWWHVLHHUJULIIHQ ³.HLQH $KQXQJ PHLQWH LKU 3DUWQHU JHODVVHQ ³8QVHUH $QZHVHQKHLW VFKHLQW LUJHQGHLQ 



DXWRPDWLVFKHV6\VWHPGHU.DSVHODQJHVSURFKHQ]XKDEHQ:DVVROOXQVVFKRQSDVVLHUHQ" 'LH .DSVHO ULFKWHWH VLFK DXI 'XUFK GDV HLQ]LJH NOHLQH )HQVWHU VDKHQ GLH EHLGHQ '\UDQHU GD‰VLHVFKQHOOLQGLH+|KHVWLHJ ³'DVJHIlOOWPLUJDUQLFKWEUXPPWH-DXQWHFF ³+|UVWGXGLHVHV=LVFKHQ"IUDJWH0RUDEHWD³'LHVHU*HUXFK ,QGLHVHP0RPHQWHUVWHUNDQQWHQGLH'\UDQHUGD‰VLHLQHLQH)DOOHJHJDQJHQZDUHQ$EHU GD ZDU HV VFKRQ ]X VSlW 'HU 'XIW GHU SO|W]OLFK GLH .DSVHO DXVIOOWH GUDQJ GXUFK LKUH .|USHUSRUHQXQGODKPWHLKUH6LQQH 5RQ -HQQ\ KDEW LKU LKQ ZLHGHUHUNDQQW" ,FK VSUHFKH YRQ /RQJDVFV NOHLQHP XQG UHLFKOLFK YHUUFNWHP%HJOHLWHU3OXPSGHQGHU5DXPIOHGGHUHU³'LVWHOIURVFKJHQDQQWKDW" :LU DOOH KDEHQ XQV GDPDOV XP GLHVHV :HVHQ NHLQH *HGDQNHQ JHPDFKW 6HLQH YHUPHLQWOLFKHQ6SD‰HKDEHQXQVDPVLHUWXQG/RQJDVF]XU:HL‰JOXWJHWULHEHQ ,FK ELQ PLU VLFKHU GD‰ LKU HXFK HULQQHUW DEHU LKU P‰W ZLVVHQ GD‰ LKU QXU HLQ SDDU %UXFKVWFNHHLQHUYLHOVFKOLPPHUHQ:DKUKHLWHUIDKUHQKDEW   -DXQWHFFNDP]XHUVWZLHGHU]XU%HVLQQXQJ(UNODSSWHHLQHQ7HLOGHU6WDFKHOQQDFKDX‰HQ GLHZlKUHQGGHU%HVLQQXQJVORVLJNHLWHQJDP.XJHON|USHUJHOHJHQZDUHQ(UVDPPHOWHHUVWH (LQGUFNH 'LFKWQHEHQLKPODJ0RUDEHWD6LHUKUWHVLFKQLFKW 'DZDUHQDEHUQRFKDQGHUH'\UDQHU-DXQWHFF]lKOWHLQVJHVDPW]Z|OIVLFKVHOEVWXQGVHLQH *HIlKUWLQHLQJHVFKORVVHQ6LHDOOHVFKLHQHQEHWlXEWZRUGHQ]XVHLQGHQQVLHEHZHJWHQVLFK QLFKW 1XQ UHJLVWULHUWH GDV NOHLQH .XJHOZHVHQ GLH QlKHUH 8PJHEXQJ (U EHIDQG VLFK PLW VHLQHQ UHJORVHQ $UWJHQRVVHQ LQ HLQHP JHVFKORVVHQHQ TXDGUDWLVFKHQ 5DXP GHU NHLQHUOHL 0RELOLDU HQWKLHOW 'HU %RGHQ EHVWDQG DXV NDOWHP NQVWOLFKHP *HVWHLQ GLH :lQGH HEHQIDOOV REZRKO VLH PHUNZUGLJVFKLPPHUWHQ(LQHQ(LQJDQJNRQQWHHUQLFKWHQWGHFNHQ:HLWREHQLQGHU'HFNH EHIDQGVLFKHLQNOHLQHVHEHQIDOOVTXDGUDWLVFKHV)HQVWHUGXUFKGDVNQVWOLFKHV/LFKWLQGDV *HIlQJQLVILHO'LFNH(LVHQVWlEHGHFNWHQGLHVHgIIQXQJDE -DXQWHFFV.|USHUIXQNWLRQLHUWHQRFKQLFKWJDQ]ULFKWLJDEHUVHLQH*HGDQNHQEHZHJWHQVLFK LQ NODUHQ %DKQHQ 0RUDEHWD XQG HU ZDUHQ LQ HLQH )DOOH JHJDQJHQ XQG GXUFK GLH YHUPHLQWOLFKH5HWWXQJVNDSVHOHQWIKUWZRUGHQ'DVVWDQGIULKQIHVW :DVGHU6LQQGLHVHU$NWLRQVHLQN|QQWHOLH‰VLFKQLFKWIHVWVWHOOHQ1DFK-DXQWHFFV0HLQXQJ ZDUVLH Y|OOLJ XQORJLVFK9LHOOHLFKWZDUHVJDUVRGD‰GLH.DSVHOHWZDVJDQ]DQGHUHVKDWWH HLQIDQJHQVROOHQ 'HPZLGHUVSUDFKGLH7DWVDFKHGD‰QLFKWQXUVHLQH3DUWQHULQXQGHUDQGLHVHQIUHPGHQ2UW JHEUDFKWZRUGHQZDUHQVRQGHUQQRFK]HKQZHLWHUH'\UDQHU(UEHUOHJWHKLQXQGKHUDEHU HUNDP]XNHLQHUORJLVFKHQ6FKOX‰IROJHUXQJ (V ZDU DXFK Y|OOLJ XQYHUVWlQGOLFK IU LKQ GD‰ HV GHU .DSVHO JHOXQJHQ ZDU LKQ ]X EHWlXEHQ)UHLQHQ'\UDQHUZDUHVVHKUHLQIDFKGDV(LQGULQJHQYRQ*DVHQLQGHQHLJHQHQ .|USHU]XYHUKLQGHUQ(UNRQQWHVLFKHULQQHUQGD‰HUDXFKYHUVXFKWKDWWHVLFKJHJHQGHQ IUHPGHQ*HUXFK]XZHKUHQDEHUHVZDULKPDXVXQEHNDQQWHQ*UQGHQQLFKWJHOXQJHQ -DXQWHFF OLHI ]X VHLQHU 3DUWQHULQ XQG WDVWHWH VLH DE 0RUDEHWD OHEWH (U VWHOOWH VFKQHOO HLQH FKHPLVFKH6XEVWDQ]LQVHLQHP/HLEKHUXQGVRQGHUWHHLQSDDU7URSIHQHLQHU)OVVLJNHLWDE GLH GXUFK LKUH +DXWSRUHQ LQ GHQ .|USHU 0RUDEHWDV HLQGULQJHQ VROOWHQ XP LKUH /HEHQVJHLVWHU]XEHIOJHOQ 



:HQLJ VSlWHU UHJWH VLH VLFK ,KUH HUVWHQ /DXWH ZDUHQ HLQ ]XVDPPHQKDQJORVHV *HVWDPPHO 0RUDEHWDZDUWRWDOYHUXQVLFKHUW (UOLH‰LKU=HLWXPVLFKHLQ%LOGGHU6LWXDWLRQ]XPDFKHQ:lKUHQGGLHVJHVFKDKVFKLFNWH HU OHLVH /DXWH RKQH 6LQQJHKDOW DXV GLH DEHU EHUXKLJHQG ZLUNHQ VROOWHQ 'DPLW KDWWH HU (UIROJ ³:DVLVWPLWXQVJHVFKHKHQ"IUDJWH0RUDEHWD³8QGZHUVLQGGLHVHDQGHUHQ'\UDQHU",FK NHQQHNHLQHQ8QGZREHILQGHQZLUXQV" ³,FK NDQQ GLU NHLQH GLHVHU )UDJHQ EHDQWZRUWHQ JDE -DXQWHFF ]X ³$EHU LFK GHQNH ZLU ZHUGHQ HLQH /|VXQJ ILQGHQ %LV MHW]W ELQ LFK PLU QXU EHU HLQV LP NODUHQ ,UJHQG MHPDQG KDW XQV HQWIKUW (U KDW GD]X GLH .DSVHO LP (LV EHQXW]W KLQWHU GHU ZLU HLQ 5HOLNW XQVHUHU 9RUIDKUHQYHUPXWHWKDWWHQ8QGZHQQPLFKQLFKWDOOHVWlXVFKWLVWHVGLHVHQ%XUVFKHQQLFKW DQGHUVHUJDQJHQ:LUVROOWHQYHUVXFKHQVLHDXVGHU%HVLQQXQJVORVLJNHLW]XKROHQ 6LH KSIWHQ JHPHLQVDP LQ GLH +|KH XP VR GLH OHEHQVVSHQGHQGHQ )OVVLJNHLWHQ DXI GLH VWDUUHQ .|USHU GHU '\UDQHU WUlXIHOQ ]X ODVVHQ 'DQQ ZDUWHWHQ VLH JHGXOGLJ ELV VLFK GLH .XJHOOHLEHUUHJWHQ (LQ KHLOORVHV 'XUFKHLQDQGHU YRQ *HVSUlFKHQ VHW]WH HLQ -DXQWHFF OLH‰ GHQ DXIJHEUDFKWHQ $UWJHQRVVHQ HWZDV =HLW ELV VLH VLFK PLWHLQDQGHU EHNDQQW JHPDFKW XQG GHQ =XVWDQG LKUHU /DJHHLQLJHUPD‰HQYHUVWDQGHQKDWWHQ'DQQEDWHUHQHUJLVFKXP5XKH ³8QV KLOIW MHW]W QXU 5XKH XQG VDFKOLFKH hEHUOHJXQJ HUNOlUWH HU ³,FK P|FKWH GD‰ MHGHU YRQHXFKEHULFKWHWZDVLKPZLGHUIDKUHQLVWEHYRUHUEHVLQQXQJVORVZXUGH 'LH DQGHUHQ '\UDQHU HUNDQQWHQ LKQ DOV :RUWIKUHU ZLGHUVSUXFKVORV DQ YLHOOHLFKW ZHLO HU DOV HUVWHU ZLHGHU ]XU %HVLQQXQJ JHNRPPHQ ZDU 'HU 5HLKH QDFK HU]lKOWHQ VLH YRQ LKUHQ (QWIKUXQJHQ (V KDQGHOWH VLFK XP IQI 3DDUH XQG GLH *HVFKLFKWHQ lKQHOWHQ HLQDQGHU VHKU VWDUN 6WHWV ZDUHQ VLH LQ HLQH NQVWOLFKH )DOOH JHORFNW XQG GRUW YRQ HLQHP VHOWVDPHQ *HUXFK EHWlXEW ZRUGHQJHJHQGHQVLHVLFKQLFKWKDWWHQZHKUHQN|QQHQ,QDOOHQ)lOOHQZDUHVDXFKVRGD‰ GLH 3lUFKHQ VLFK LUJHQGZR LQ GHU (LQVDPNHLW XQG IHUQDE YRQ JU|‰HUHQ *HPHLQVFKDIWHQ DXIJHKDOWHQKDWWHQ 6LH DOOH VWDPPWHQ YRQ JDQ] YHUVFKLHGHQHQ 2UWHQ LKUHV 3ODQHWHQ XQG NDQQWHQ VLFK XQWHUHLQDQGHUQLFKW (LQ 3DDU ZDU ZlKUHQG HLQHU :VWHQZDQGHUXQJ YRQ HLQHP 6FKDWWHQ RGHU HLQHU JUR‰HQ 'HFNH EHUIDOOHQ XQG EHWlXEW ZRUGHQ 'LH EHLGHQ PHLQWHQ MHGHQIDOOV HWZDV KlWWH VLH DXV GHU /XIW DQJHJULIIHQ $Q (LQ]HOKHLWHQ NRQQWH VLFK DEHU NDXP HLQHU GHU '\UDQHU HULQQHUQ 6WHWV ZDU DOOHV VR VFKQHOO DEJHODXIHQ GD‰ GLH %HZX‰WORVLJNHLW VFKRQ QDFK 6HNXQGHQ HLQVHW]WH ³(V KDQGHOWH VLFK DOVR XP JH]LHOWH (QWIKUXQJHQ IROJHUWH -DXQWHFF ³:LU ZLVVHQ DEHU ZHGHUZDUXPVLHJHVFKDKHQQRFKGXUFKZHQ ³,FK P|FKWH GD]X HWZDV VDJHQ PHOGHWH VLFK +DDNRQ HLQ lOWHUHU '\UDQHU ]X :RUW ³0HLQH *HIlKUWLQ XQGLFKOHEWHQIDVWDXVVFKOLH‰OLFKLQGHU*UR‰JHPHLQVFKDIWQDKHGHQ1RUGVPSIHQ :LU KDEHQ GRUW VFKRQ VHLW ODQJHU =HLW EHREDFKWHW GD‰ LPPHU ZLHGHU HLQ]HOQH '\UDQHU RGHU 3DDUH DXI :DQGHUXQJHQ JLQJHQ XQG QLH ]XUFNNHKUWHQ (V LVW MD QLFKW XQJHZ|KQOLFK ZHQQ VLFK )UHXQGH IU -DKUH YHUDEVFKLHGHQ DEHU GHU 9HUGDFKW GD‰ YLHOH YRQ XQV YHUVFKOHSSW ZXUGHQXQG GDVVFKRQVHLWOlQJHUHU=HLWJDOWEHLXQVDOVJHVLFKHUW1DWUOLFKNRQQWHVLFK QLHPDQGHLQHQ5HLPGDUDXIPDFKHQGHQQGLHVH(QWIKUXQJHQHQWEHKUHQQDFKXQVHUHP:LVVHQ MHJOLFKHU/RJLN 'LHVH 0LWWHLOXQJ VWLPPWH GLH DQGHUHQ .XJHOZHVHQ QDFKGHQNOLFK (LQ DQGHUHV 3lUFKHQ EHULFKWHWH DXFK GDYRQ GD‰ HLQ SDDU )UHXQGH YRQ LKQHQ VFKRQ YRU OlQJHUHU =HLW VSXUORV 



YHUVFKZXQGHQZDUHQ ³:HQQLFKGDVDOOHVEHUGHQNHSILII-DXQWHFF³GDQQHQWVWHKWGHU(LQGUXFNGD‰$QJHK|ULJH XQVHUHV9RONHV VFKRQ VHLW OlQJHUHU =HLW V\VWHPDWLVFK HQWIKUWZXUGHQ'LH(QWIKUHUVXFKHQ VLFKJDQ]JH]LHOWHLQ]HOQH3lUFKHQLQGHU(LQVDPNHLWKHUDXVVRGD‰GLH0DVVHGHU'\UDQHUHV JDU QLFKW EHPHUNW GD‰ GLHVH YHUVFKZLQGHQ :HU NDQQ QRFK HLQHQ %HLWUDJ ]XU $XINOlUXQJ OLHIHUQ" ³,FK 0HLQ 1DPH LVW 6RSHUF PHOGHWH VLFK HLQ ]LHPOLFK NOHLQHU '\UDQHU ³,FK ELQ $WPRVSKlUHQIRUVFKHU XQG KDEH PHLQHQ 0HWDEROLVPXV VFKRQ VHLW ODQJHU =HLW GUDXI WUDLQLHUW GLH =XVDPPHQVHW]XQJ GHU $WPRVSKlUH ]X DQDO\VLHUHQ ,KU ZL‰W YLHOOHLFKW GD‰ GLH /XIW DEKlQJLJYRQGHU+|KHEHUGHQWLHIVWHQ/DQGVWULFKHQXQWHUVFKLHGOLFK]XVDPPHQJHVHW]WLVW ³6SULFKZHLWHUEDW-DXQWHFF ³,FK KDEH GLH KLHVLJH $WPRVSKlUH EHUSUIW 6LH VWHOOW XQV QDWUOLFK YRU NHLQH 3UREOHPH ZHLOVLFKXQVHUH.|USHUIDVWDXWRPDWLVFKGHQ*HJHEHQKHLWHQDQSDVVHQ(VIlOOWHXFKGDKHU QLFKWDXIGD‰KLHUNHLQHJHZRKQWH$WPRVSKlUHYRUKHUUVFKW ³:DVZLOOVWGDGDPLWDQGHXWHQ"JUROOWH+DDNRQGHUVFKRQHWZDV]XDKQHQVFKLHQZDVLKP ZHQLJEHKDJWH ³*DQ] HLQIDFK PHLQH )UHXQGH :LU EHILQGHQ XQV PLW DEVROXWHU 6LFKHUKHLW QLFKW PHKU DXI '\UD ³'HQ 9HUGDFKW KDWWH LFK DXFK VFKRQ EHVWlWLJWH VHLQH 3DUWQHULQ +DDNRQD ³,FK KDEH GLH PHUNZUGLJH 6XEVWDQ] WHLODQDO\VLHUW GLH XQVEHVLQQXQJVORV PDFKWH (V KDQGHOW VLFK GDEHL XP%OWHQVWDXE'DLFKPLFKPLWGHQ3IODQ]HQXQVHUHU+HLPDWDXVJLHELJEHID‰WKDEHNDQQ LFK HXFK PLWWHLOHQ GD‰ HV VROFKHQ %OWHQVWDXE DXI '\UD QLFKW JLEW 'LH 6XEVWDQ] GLH XQV EHWlXEWHPX‰YRQHLQHPDQGHUHQ3ODQHWHQVWDPPHQ 1DFK HLQHU :HLOH GHV EHWUHWHQHQ 6FKZHLJHQV EHJDQQHQ ]ZHL '\UDQHU GLH :lQGH GHV *HIlQJQLVVHV JHQDXHU LQ $XJHQVFKHLQ ]X QHKPHQ 6LH YHUVXFKWHQ PLW VlXUHKDOWLJHQ 6XEVWDQ]HQHLQSDDU/|FKHULQHLQH:DQG]XlW]HQDEHUGHU9HUVXFKPL‰JOFNWH 'LH DEJHVRQGHUWHQ &KHPLNDOLHQ ERKUWHQ ]ZDU /|FKHU LQ GHQ %RGHQ GHU QDFK -DXQWHFFV 0HLQXQJ DXV %HWRQ EHVWDQG 'LH :lQGH MHGRFK EOLHEHQ XQYHUVHKUW (LQH (UNOlUXQJ GDIU ZXUGHDXFKJHIXQGHQ $XVGHQhEHUOLHIHUXQJHQNDQQWHQHLQLJH'\UDQHUGLH6WUXNWXUHQYRQHQHUJHWLVFKHQ)HOGHUQ (LQH VROFKH 6SHUUH JHJHQ GLH GLH 6lXUHQ QLFKWV DXVULFKWHQ NRQQWH ZDU LQ GHQ :lQGHQ HQWKDOWHQ 6LH HUNOlUWH DXFK GHQ PHUNZUGLJHQ *ODQ] GHU -DXQWHFF VFKRQ NXU] QDFK GHP (UZDFKHQDXIJHIDOOHQZDU ³(VKDWZRKOZHQLJ6LQQPHLQWH0RUDEHWD³ZHQQZLU/|FKHULQGHQ%RGHQERKUHQXP YRQ KLHU ]X HQWNRPPHQ $Q GHQ :lQGHQ KDW GDV VRZLHVR NHLQHQ 6LQQ %OHLEW QRFK GLH 'HFNH ,UJHQGZR PX‰ HLQ $XVJDQJ VHLQ GHQQ ZLU PVVHQ MD DXI HLQHP :HJ KLHUKHU JHNRPPHQVHLQ ³(LQH)OXFKWKDWIUXQVJDUNHLQHQ6LQQWULOOHUWH-DXQWHFF³:LUEHILQGHQXQVDXIHLQHP IUHPGHQ 3ODQHWHQ :LU NHQQHQ GLH 9HUKlOWQLVVH GUDX‰HQ QLFKW :LU N|QQHQ QXU HLQV WXQ QlPOLFKDEZDUWHQ ³:LUN|QQHQDXFKYHUVXFKHQXQVHUH/DJHEHVVHU]XYHUVWHKHQVDJWH+DDNRQ³'DQQVLQG ZLUEHVVHUDXIGDVYRUEHUHLWHWZDVQRFKNRPPW ³:lKUHQG LFK PLFK GDPLW EHIDVVH HLQH 6XEVWDQ] LQ PHLQHP .|USHU ]X HU]HXJHQ GLH GLH :LUNXQJGLHVHVWHXIOLVFKHQ%OXWHQVWDXEVQHXWUDOLVLHUWHUJlQ]WH+DDNRQD 'DPLW ZDU HUVW HLQPDO DOOHV JHVDJW ZDV ]X VDJHQ ZDU 'LH 3lUFKHQ KRFNWHQ VLFK VWXPP ]XVDPPHQ -HGHU EHUOHJWH IU VLFK DOOHLQ $Q GLH VFKODIlKQOLFKH 0HGLWDWLRQ ZROOWH MHW]W QLHPDQGGHQNHQ'DIUZDUHQGLH*HPWHUGHU*HIDQJHQHQ]XDXIJHZKOW 



6WLOOH0LQXWHQYHUUDQQHQGLHQLHPDQG]lKOWH 'DQQZDUGDSO|W]OLFKHLQVFKDUUHQGHV*HUlXVFKREHQDP*LWWHU]XK|UHQ6RIRUWULFKWHWHQ VLFKGLH6WDFKHOQPLWGHQ6LQQHVRUJDQHQVWHLODXI (LQ 6HLO ILHO LQV ,QQHUH GHV *HIlQJQLVVHV (V UHLFKWH ELV IDVW DXI GHQ %RGHQ 'DQQ VDK -DXQWHFFZLHREHQHLQHUGHU*LWWHUVWlEH]XU6HLWHJH]RJHQZXUGH(LQNOHLQHU.|USHUGHU EHL GHU WUEHQ %HOHXFKWXQJ QXU VFKZHU ]X HUNHQQHQ ZDU GHQQ HU YHUGHFNWH WHLOZHLVH GLH /LFKW|IIQXQJNOHWWHUWHDQGHP6HLOLQGLH7LHIH ³6HLG LKU ZDFK" HUW|QWH HLQH DXIJHUHJWH 6WLPPH ³,FK ELQ HLQ )UHXQG HLQ '\UDQHU ZLH LKU ³:LUVLQGZDFKDQWZRUWHWH-DXQWHFF 'LH .XJHOJHVWDOW OLH‰ VLFK IDOOHQ XQG ODQGHWH VLFKHU LQPLWWHQ GHU ]Z|OI YHUEOIIWHQ *HIDQJHQHQ,QGHU7DWKDQGHOWHHVVLFKXPHLQHQ'\UDQHU ³0HLQ1DPHLVW:D[VSUXGHOWHGHU$QN|PPOLQJKDVWLJKHUYRU³,FKKDEHQLFKWYLHO=HLW XPHXFK(UNOlUXQJHQ]XJHEHQ,FKELQDXFKQXUEHUHLQLJH'LQJHLQIRUPLHUW,FKJHK|UH ]X HLQHU NOHLQHQ *UXSSH YRQ HKHPDOLJHQ *HIDQJHQHQ GLH HQWNRPPHQ NRQQWHQ :LUQHQQHQ XQVGLH$XVUHL‰HU ³,FK NHQQH GLFK :D[ VDJWH +DNRRQ ³:LU VLQG XQV YRU YLHOHQ -DKUHQ EHL GHQ 6XPSIZDQGHUHUQEHJHJQHW'XHULQQHUVWGLFKVLFKHU ³+DDNRQ QDWUOLFK MDSVWH :D[ ³,FK ZXUGH YRU HWZD IQI]LJ 7DJHQ YRQ '\UD HQWIKUW 0HLQ *HIlKUWH LVW QLFKW PHKU KLHU ,FK ZHL‰ QLFKW RE HU QRFK OHEW (V JHVFKHKHQ VHOWVDPH 'LQJHGLHLFKQLFKWYHUVWHKH ³:DV JHKW KLHU YRU :D[" IUDJWH -DXQWHFF ³,FK ZHUGH HXFK VDJHQ ZDV LFK ZHL‰ 8QG LFK ZHUGHHXFKUDWHQZDVLKUWXQVROOW$EHUHLQVVROOWLKUJOHLFKZLVVHQ0HLQH.HQQWQLVVHVLQG VHKU GUIWLJ 8QG QRFK HLQV PX‰ JOHLFK JHVDJW ZHUGHQ (V JLEW QRFK NHLQHQ $XVZHJ DXV GLHVHU*HIDQJHQVFKDIW ³:LUK|UHQVDJWH-DXQWHFF ³:LUKDEHQHLQHQE|VHQ)HLQGXQGGHUZLUG:KDVSV5LHJHJHQDQQW(ULVWXQVHU*HJQHUXQG GHUGHU0DUGHODQHUYRPYLHUWHQ3ODQHWHQXQVHUHV6RQQHQV\VWHPVGHUGRUW0DUGHOKHL‰W 'LH 0DUGHODQHU VLQG LQWHOOLJHQWH JUR‰H ]ZHLEHLQLJH :HVHQ PLW JODWWHU KHOOHU +DXW 6LH OHEHQLQHLQHUWHFKQLVLHUWHQ:HOWEHKHUUVFKHQDEHUQRFKNHLQHULFKWLJH5DXPIDKUW :LH JHVDJW PHLQ /HEHQVSDUWQHU 0HNRFF XQG LFK ZXUGHQ YRU HWZD IQI]LJ 7DJHQ HQWIKUW :LUGXUFKIRUVFKWHQDOWH+|KOHQDXI'\UDXPGLH/HEHQVIRUPHQ]XVWXGLHUHQGLHVLFKGRUWLQ GHU HZLJHQ 'XQNHOKHLW HQWZLFNHOW KDEHQ %HLP 9HUODVVHQ GHU +|KOH JHULHWHQ ZLU LQ HLQH 6DFNJDVVHGLH]XYRUQLFKWYRUKDQGHQJHZHVHQZDU:LUPHUNWHQ]XVSlWGD‰VLHNQVWOLFK DQJHOHJW ZRUGHQ ZDU 'DQQ NDP GHU EHWlXEHQGH 'XIW XQG LUJHQGZDQQ VSlWHU GDV (UZDFKHQLQHLQHU=HOOHGLHVLFKLQIDVWQLFKWVYRQHXUHP*HIlQJQLVXQWHUVFKLHG $XFKEHLXQVEHIDQGHQVLFKZHLWHUH'\UDQHUGLHDXIlKQOLFKH$UWXQG:HLVHEHWlXEWXQG HQWIKUWZRUGHQZDUHQXQGGLHYHUVWlQGQLVORVDXIGDVUHDJLHUWHQZDVJHVFKHKHQZDU (LQHJDQ]H:HLOHQDFKGHP(UZDFKHQEHNDPHQZLU%HVXFK(LQH%RGHQSODWWHVFKREVLFK ]XU6HLWHXQGHLQ'\UDQHUNOHWWHUWHDXVHLQHP6WROOHQLP%RGHQ6HLQ1DPHZDU/RSHVHFF 9LHOOHLFKW NDQQWH LKQ HLQHU YRQ HXFK (U LVW WRW (U ZXUGH ZHQLJH 7DJH VSlWHU YRQ GHQ 5RERWHUQHUZLVFKWXQG]HUVWUDKOW /RSHVHFFWDWGDVZDVLFKMHW]WPLWHXFKPDFKH(ULQIRUPLHUWHXQVEHUGDVZDVHUZX‰WH 'DEHL KDQGHOWH HV VLFK XP 7HLOLQIRUPDWLRQHQ GLH VHLW ODQJHU =HLW ]XVDPPHQJHWUDJHQ ZXUGHQ XQG DQ GHUHQ =XUHFKWNRPPHQ YLHOH '\UDQHU XQG DXFK HLQ SDDU 0DUGHODQHU PLWJHZLUNWKDEHQPVVHQ'LHVHV:LVVHQPX‰HUKDOWHQEOHLEHQXQGYHUWLHIWXQGYHUEUHLWHW ZHUGHQ 1XU GDQQ KDEHQ ZLU HLQH &KDQFH ]X HUNHQQHQ ZDV KLHU PLW XQV JHVFKLHKW 1XU 



GDQQJLEWHVYLHOOHLFKWHLQHQ$XVZHJ 'DV EHGHXWHW DEHU DXFK GD‰ MHGHU YRQ HXFK GHU HLQH &KDQFH VLHKW GLHVHV NPPHUOLFKH :LVVHQ ]X HUKDOWHQ XQG ZHLWHU]XJHEHQ GLHV WXQ PX‰ $XFK ZHQQ HU GDEHL VHLQ /HEHQ ULVNLHUWRGHUYHUOLHUW :LU'\UDQHUOHEHQVHLW-DKUWDXVHQGHQDXI'\UDRKQHXQVXPGLH*HVFKHKQLVVHGUDX‰HQLQ GHU *DOD[LV ]X NPPHUQ 9LHO :LVVHQ LVW DXFK EHL XQV YHUORUHQJHJDQJHQ (V JHVFKHKHQ DEHU 'LQJH GRUW GUDX‰HQ XQG DXFK KLHU LP .HUMDKRW6\VWHP YRQ GHQHQ ZLU QLFKW HLQPDO WUlXPWHQ:LUJODXEWHQXQVLQXQVHUHP/HEHQLQGHU1DWXUXQGPLWGHU1DWXUY|OOLJVLFKHU XQGDEVROXWXQLQWHUHVVDQWIUMHGHDQGHUH,QWHOOLJHQ] 'DULQOLHJWHLQJUR‰HU,UUWXP :LU EHILQGHQ XQV DXI GHP IQIWHQ 3ODQHWHQ XQVHUHV 6RQQHQV\VWHPV (U WUlJW GHQ 1DPHQ 4XRODW+LHUKHUZXUGHWLKUYHUVFKOHSSW$EHU4XRODWLVWZRKOQXUHLQH=ZLVFKHQVWDWLRQ =XU =HLW OHEHQ KLHU GUHL '\UDQHU XQG ]ZHL 0DUGHODQHU GLH :KDVSV 5LHJH HQWNRPPHQ NRQQWHQXQGGLHGLHHLQ]LJHQ,QIRUPDWLRQVWUlJHUVLQG(LQHUGDYRQELQLFK:HQQZLUIQI DXIIOLHJHQ ZDU DOOHV XPVRQVW XQG GLH MDKUHODQJH $UEHLW DXV GHP 8QWHUJUXQG HLQHU *HIDQJHQHQZHOWZDUYHUJHEHQV :LUZLVVHQQLFKWZHOFKH=LHOH:KDVSV5LHJHZLUNOLFKYHUIROJW$EHUZLUZLVVHQGD‰GLHVH Kl‰OLFKHQ :HVHQ XQG LKUH 5RERWHU XQXQWHUEURFKHQ '\UDQHU XQG 0DUGHODQHU YRQ LKUHQ +HLPDWSODQHWHQHQWIKUHQ6LHEULQJHQVLHKLHUKHUQDFK4XRODW :HQQ VLH GHQ 3ODQHWHQ ZLHGHU YHUODVVHQ ZHUGHQ VLH HUQHXW EHWlXEW (V JLEW +LQZHLVH GDIU GD‰ ZlKUHQG GLHVHU %HWlXEXQJ XQG DQ HLQHP DQGHUHQ XQV XQEHNDQQWHQ 2UW HLQH JHLVWLJH.RQGLWLRQLHUXQJHUIROJW 'LH 0DUGHODQHU ZHUGHQ GDGXUFK ]X JHKRUVDPHQ 'LHQHUQ 6LH ZHUGHQ QDFK GHU 5FNNHKU ]X .lPSIHUQ WHFKQLVFKHQ 6SH]LDOLVWHQ 5DXPSLORWHQ RGHU LQ lKQOLFKHQ )DFKULFKWXQJHQ DXVJHELOGHW'DVJHVFKLHKWKLHUDXI4XRODW:HQQLKUH$XVELOGXQJEHHQGHWLVWYHUODVVHQVLH 4XRODW ZLHGHU 'DQDFK NHKUHQ VLH QLH ZLHGHU KLHUKHU ]XUFN XQG NHLQHU ZHL‰ ZRKLQ VLH YHUVFKZXQGHQVLQG 9HUHLQ]HOWVFKHLQWGLHJHLVWLJH.RQGLWLRQLHUXQJEHLGHQ0DUGHODQHUQQLFKW]XIXQNWLRQLHUHQ 'LHVH )UDXHQ XQG 0lQQHU ZHUGHQ GDQQ LQ JHVRQGHUWHQ .OHLQWUDQVSRUWHQ HEHQIDOOV ZHJJHVFKDIIW:RKLQGDVZHL‰NHLQHU8QGQRFKQLHNHKUWHHLQHUYRQLKQHQ]XUFN (XFK LQWHUHVVLHUW VLFKHU PHKU ZDV PLW GHQ :HVHQ XQVHUHV 9RONHV JHVFKLHKW $XFK GLH '\UDQHU ZHUGHQ LUJHQGZDQQ LQ JU|‰HUHQ 7UDQVSRUWHQYRQ 4XRODW ZHJJHVFKDIIW XP JHLVWLJ NRQGLWLRQLHUW ]X ZHUGHQ :HQQ VLH ]XUFNNHKUHQ VLQG DXFK VLH JHKRUVDPH 'LHQHU 6LH ZHUGHQ GDQQ LQ ]ZHL *UXSSHQ HLQJHWHLOW GLH JHWUHQQW JHVFKXOW ZHUGHQ (V LVW ELVKHU QRFK QLHPDQGHP JHOXQJHQ LQ GLH 6FKXOXQJV]HQWUHQ HLQ]XGULQJHQ XQG LQ (UIDKUXQJ ]X EULQJHQ ZDVGRUWJHVFKLHKW :HQQ GLHVH $XVELOGXQJ DEJHVFKORVVHQ LVW ZHUGHQ GLH '\UDQHU IRUWJHVFKDIIW 6LH NHKUHQ QLHZLHGHUQDFK4XRODW]XUFN $XV GHQ %HULFKWHQ XQVHUHU NOHLQHQ 8QWHUJUXQGRUJDQLVDWLRQ ZLVVHQ ZLU GD‰ HV LQ HLQHP 6FKXOXQJV]HQWUXP LQ XQUHJHOPl‰LJHQ $EVWlQGHQ ]X VFKZHUHQ ([SORVLRQHQ NRPPW 'DV JLEW ]X GHQNHQ ,KU ZL‰W GD‰ MHGHU YRQ XQV LQ GHU /DJH LVW VHLQH .|USHUIOVVLJNHLW VR ]X YHUlQGHUQGD‰KRFKH[SORVLYH6XEVWDQ]HQHQWVWHKHQ:LUN|QQHQVHOEVWH[SORGLHUHQ (VLVWYRUVWHOOEDUGD‰HLQ'\UDQHU GHQ)UHLWRGLQGHU6HOEVWYHUQLFKWXQJZlKOW(VLVWDEHU QLFKWYHUVWHOOEDUGD‰HUGLHVWXWQDFKGHPHUJHLVWLJVRNRQGLWLRQLHUWZXUGHGD‰HUQXUGHQ 5RERWHUQYRQ:KDVSV5LHJHJHKRUFKW'LHVHV5lWVHOPX‰DXFKQRFKJHO|VWZHUGHQ 9HUHLQ]HOW VROOHQ '\UDQHU DXV GHQ EHLGHQ Ã)DEULNHQ  VR QHQQHQ ZLU GLHVH XQWHULUGLVFKHQ *HElXGH HQWNRPPHQ VHLQ 6LH ZDUHQ MHGRFK IDVW Y|OOLJ YHUGXPPW NRQQWHQ QXU QRFK 



VWDPPHOQ XQG QLFKW PHKU ORJLVFK GHQNHQ 6LH ZXUGHQ GDQQ HLQH OHLFKWH %HXWH IU GLH (QHUJLHZDIIHQYRQ:KDSV5LHJH 'DV*HElXGHLQGHPZLUXQVEHILQGHQLVWHEHQIDOOVXQWHULUGLVFK(LQH)OXFKWYRQKLHULVW VLQQORV'LH2EHUIOlFKH4XRODWVLVWHLQHHLQ]LJHNDOWH6DQGZVWH 'DVVLQGGLHZLFKWLJVWHQ)DNWHQGLHLFKHXFKOLHIHUQNDQQ :LU $X‰UHL‰HU KDEHQ XQV KLHU YHUNURFKHQ YHUVWHFNW ² VHLW *HQHUDWLRQHQ 'LH 5RERWHU YRQ :KDVSV 5LHJH VXFKHQ VWlQGLJ QDFK XQV 8QG LPPHU ZLHGHU HUZLVFKHQ VLH HLQHQ $XVUHL‰HU $EHU ELVKHU LVW HV LPPHU JHOXQJHQ GDV ZHQLJH :LVVHQ DQ DQGHUH PXWLJH '\UDQHU XQG 0DUGHODQHUZHLWHU]XJHEHQ hEHUOHJW ZHOFKHQ :HJ LKU JHKHQ ZROOW (LQ RGHU ]ZHL YRQ HXFK N|QQWHQ ZLU EHL GHQ $XVUHL‰HUQ DXIQHKPHQ :HQQ PHKU YRQ HXFK YHUVFKZlQGHQ ZUGH GDV ]X HLQHU 5D]]LD IKUHQGLHGDQQDOOH$XVUHL‰HUJHIlKUGHQZUGH +HOIWXQVXQGHXFK:DVJHVFKLHKWKLHU":LHYLHOH6FKZHVWHUQXQG%UGHUYRQ'\UDVROOHQ QRFKHQWIKUWZHUGHQ" 8QGZDUXP" ³+DEWLKUHVPDOPLW.lPSIHQYHUVXFKW"IUDJWH-DXQWHFF ³1DWUOLFKDQWZRUWHWH:D[³$EHUJHJHQGLH0DVFKLQHQZHVHQYRQ:KDSV5LHJHRGHUJHJHQ GLH NOHLQHQ 7HXIHO VHOEVW KDEHQ ZLU NHLQH &KDQFH 6LH W|WHQ UFNVLFKWVORV )U MHGHQ XPJHNRPPHQHQ *HIDQJHQHQ ZHUGHQ VLFKHU QHXH '\UDQHU XQG 0DUGHODQHU HQWIKUW XQG QDFK 4XRODW JHEUDFKW 8QG ZHQQ GLH *HIDQJHQHQ HUVW JHLVWLJ NRQGLWLRQLHUW ZRUGHQ VLQG HUODKPW IDVW MHGHU :LGHUVWDQG 'LU VHKW GD‰ GHU RIIHQH .DPSI ZHQLJ 6LQQ KDW 1DWUOLFK KDEHQ YLHOH XQVHUHU %UGHU XQG 6FKZHVWHUQ GLHVHQ :HJ EHVFKULWWHQ DEHU VLH KDEHQ QLFKWV HUUHLFKW ³(V PX‰ HLQH 0|JOLFKNHLW JHEHQ EHKDXSWHWH 0RUDEHWD ³VLFK JHJHQ GLH EHWlXEHQGH :LUNXQJGHVYHUPXWOLFKHQ%OXWHQVWDXEV]X ZHKUHQ:LUPVVHQ XQVHUH.|USHUQXUULFKWLJ GDUDXIHLQVWHOOHQ ³$XFK GDV ZXUGH RIW YHUVXFKW PHLQWH :D[ EHGDXHUQG ³$EHU HV KDW LQ NHLQHP )DOO IXQNWLRQLHUW ³9LHOOHLFKWQXUGHVKDOEZHLOHVIDOVFKJHPDFKWZXUGH ³:HULVWGLHVHU:KDVSIUDJWH-DXQWHFF³GHQGXPHKUIDFKHUZlKQWKDVW" ³:LUEHVLW]HQHLQSDDUDOWH$XI]HLFKQXQJHQGLHHLQ0DUGHODQHUYRU-DKUHQJHPDFKWKDW'LH GRUWLJHQ $QJDEHQ VLQG WHLOZHLVH VHKU XQNODU XQG YHUZRUUHQ 'HU 9HUIDVVHU KDW VLH ZDKUVFKHLQOLFKLP=XVWDQGGHUKDOEHQ9HUGXPPXQJ]X3DSLHUJHEUDFKW'LHVH,QIRUPDWLRQHQ VLQGGDKHUPLWJUR‰HU9RUVLFKW]XJHQLH‰HQ ³0LFKLQWHUHVVLHUHQVLHGHQQRFKEHKDUUWH-DXQWHFF ³,Q GHU *DOD[LV ]X GHU XQVHU 6RQQHQV\VWHP JHK|UW VROO HV HLQHQ PlFKWLJHQ +HUUVFKHU JHEHQ GHU .ULHJHU .DOPHU JHQDQQW ZLUG 6HLQ ZLFKWLJVWHU +HOIHU VROO :KDVS KHL‰HQ XQG GHU LVW YHUDQWZRUWOLFK IU GLH (QWIKUXQJHQ XQG GLH JHLVWLJH 8PVFKXOXQJ :KDVS LVW HLQ PLWWHOJUR‰HU =ZHLEHLQHU PLW HLQHP IXUFKWHLQIO|‰HQGHQ 6FKlGHO,QGHQ$XI]HLFKQXQJHQZLUG HU PLW GHQ %HJULIIHQ $QLPDWHXU XQG 3WHUXV EH]HLFKQHW DEHU ZLU ZLVVHQ QLFKW ZDV GLHVH :RUWHEHGHXWHQ ³$OVRZHUGHQGLH(QWIKUWHQIUGLH=ZHFNHGLHVHV.ULHJHUVYHUZHQGHW" ³9LHOOHLFKW:LUZLVVHQQLFKWDXVZHOFKHP*UXQG ³$OV1DKUXQJRGHUDOV6ROGDWHQYHUPXWHWH0RUDEHWD ³8PXQV]XYHUVSHLVHQEUDXFKWPDQXQVQLFKWJHLVWLJ]XNRQGLWLRQLHUHQIROJHUWHLKU3DUWQHU ³'DKLQWHUPX‰HWZDVDQGHUHVVWHFNHQ,FKZHUGHHVKHUDXVILQGHQNRVWHHVZDVHVZROOH ³6WHOOGLUGDVQLFKW]XHLQIDFKYRUZDUQWH:D[ 



³0HLQH =HLW JHKW ]X (QGH ,Q .U]H NRPPW GLH QlFKVWH .RQWUROOH XQG GDQQ PX‰ LFK ZLHGHULQPHLQHP9HUVWHFNVHLQ (UVSUDQJLQGLH+|KHXQGNODPPHUWHVLFKDQGDV6HLO ³,FKPX‰YHUVFKZLQGHQULHIHU³hEHUOHJWJXWZDVLKUWXQZROOW,KUKDEWVLFKHUHLQSDDU 7DJH =HLW ELV VLH HXFK KROHQ ,FK NRPPH EHL GHU QlFKVWHQ *HOHJHQKHLW QRFK HLQPDO YRUEHL (U ZDUWHWH NHLQH $QWZRUW DE XQG NOHWWHUWH VFKQHOO LQ GLH +|KH .XU] GDUDXI ZDU HU GXUFK GLHgIIQXQJYHUVFKZXQGHQ'HUORVH*LWWHUVWDEZXUGHZLHGHULQ3RVLWLRQJHEUDFKW 'LH*HIDQJHQHQZDUHQZLHGHUDOOHLQ 5RQ-HQQ\,FKZHL‰QLFKWZDQQLKUGLHVHV2UGHUWDSHUKDOWHQZHUGHWDEHUEHVWLPPWHUVW YLHOH-DKUHQDFKHXUHP$XIHQWKDOWLQGHU0lFKWLJNHLWVEDOOXQJGHU(67$578'DKHUP‰W LKU HXFK HLQ SDDU 'LQJH ZLHGHU LQ (ULQQHUXQJ UXIHQ :KDVS GHU $QLPDWHXU GHV .ULHJHUV .DOPHUYRQGHPLKUVLFKHUJHK|UWKDEWJHK|UWGD]X(UZDUHLJHQWOLFKQLFKWVDQGHUHVDOV 6WDONHUV6NRUVK 1RFK HLQHVLVW ZLFKWLJ%LV MHW]WKDEHLFKHXFKYRQ'LQJHQEHULFKWHW GLHLFKQDFKXQVHUHU 7UHQQXQJHUIDKUHQKDEHGLHDEHU]HLWOLFK-DKUH]XYRUJHVFKHKHQVLQG'LH$NWXDOLWlWZDU JHEOLHEHQ'DVP‰WLKUYHUVWHKHQ 'RFK MHW]W P|FKWH LFK ZLHGHU XP HXUH $XIPHUNVDPNHLW IU XQVHUHQ NOHLQHQ )UHXQG -DXQWHFFXQGVHLQH*HIlKUWLQ0RUDEHWDELWWHQ   0HKUHUH 7DJH ODQJ JHVFKDK QLFKWV (V OLH‰ VLFK QLHPDQG YRQ :KDVSV 5LHJH VHKHQ XQG DXFK:D[PDFKWHVHLQ9HUVSUHFKHQLKQHQHLQHQZHLWHUHQ%HVXFKDE]XVWDWWHQQLFKWZDKU 9LHOOHLFKWZDUHUGHQ5RERWHUQLQGLH)DOOHJHJDQJHQ 'LH '\UDQHU GLVNXWLHUWHQ XQG VFKPLHGHWHQ 3OlQH XQG YHUZDUIHQ VLH ZLHGHU -DXQWHFF KDWWH HLQ SDDUPDO YHUVXFKW PLW HLQHP JHZDOWLJHQ 6SUXQJ DQ GDV *LWWHU REHQ LQ GHU 'HFNH ]X JHODQJHQDEHUHVZDULKPQLFKWJHOXQJHQ'LH+|KHNRQQWHHUQLFKWVFKDIIHQ 0RUDEHWD XQG +DDNRQD H[SHULPHQWLHUWHQ HLIULJ PLW LKUHQ .|USHUIOVVLJNHLWHQ 6LH ZROOWHQ HLQH 6XEVWDQ] HQWZLFNHOQ GLH GLH :LUNXQJ GHV EHWlXEHQGHQ %OXWHQVWDXEV QHXWUDOLVLHUWH 1DFK :D[  %HULFKW ZDU MD GDPLW ]X UHFKQHQ GD‰ LKUH )HLQGH GLHVH :DIIH HUQHXW HLQVHW]HQ ZUGHQ $P YLHUWHQ 7DJ LKUHU *HIDQJHQVFKDIW EHHQGHWHQ VLH LKUH %HPKXQJHQ 6LH KDWWHQ MHGHU ]ZHL YHUVFKLHGHQH )OVVLJNHLWHQ KHUJHVWHOOW XQG KLHOWHQ GLHVH LQ HLQLJHQ LKUHU ]DKOORVHQ 'UVHQEHUHLW 2E GLH HUZQVFKWH :LUNXQJ LP (UQVWIDOO HLQWUHWHQ ZUGH NRQQWHQ VLH QLFKW VDJHQ 'LH 3UREH DXIV ([HPSHO IHKOWH QRFK GHQQ HV VWDQG LKQHQ QLFKWV PHKU YRQ GHU EHWlXEHQGHQ 6XEVWDQ]]XU9HUIJXQJ +DDNRQ EHPHUNWH GLH 9HUlQGHUXQJ LQ HLQHU 6HLWHQZDQG ]XHUVW 'DV 6FKLPPHUQ GHV (QHUJLHIHOGV ZDU SO|W]OLFK YHUVFKZXQGHQ (U PDFKWH GLH DQGHUHQ '\UDQHU GDUDXI DXIPHUNVDP (LQ .QLVWHUQ HUIOOWH GLH /XIW XQG SO|W]OLFK VDQN GLH 6HLWHQZDQG LQ VLFK ]XVDPPHQ 6LH O|VWHVLFKUHJHOUHFKWDXI ³)RUPPDWHULHEHPHUNWH6RSHUF³8QVHUH8UYlWHUEHKHUUVFKWHQVLHDXFK (LQ EUHLWHU *DQJ ZXUGH VLFKWEDU LQ GHP HLQ *HIlKUW VFKZHEWH 'DYRU VWDQGHQ YLHU ULHVLJH *HVWDOWHQ DXV 6WDKO  5RERWHU YRQ :KDVSV 5LHJH 6LH KLHOWHQ YHUVFKLHGHQH :DIIHQ LQ GHQ +lQGHQ ³+DOOR PHLQH NOHLQHQ )UHXQGH GU|KQWH GHU YRUGHUVWH 5RERWHU ³'DUI LFK HXFK ]X HLQHU 



NOHLQHQ5HLVHHLQODGHQ",FKUDWHHXFKNHLQH'XPPKHLWHQ]XPDFKHQGHQQZHUQLFKWVSXUW ZLUG SDUDO\VLHUW )DOOV HLQLJH YRQ HXFK QLFKW ZLVVHQ VROOWHQ ZDV GDV LVW KLHU JLEW HV HLQH .RVWSUREH (LQ GXUFKGULQJHQGHV 6LUUHQ HUIOOWH GLH /XIW (LQ PDWW IOLPPHUQGHU EUHLWHU 6WUDKO YHUOLH‰ GLH :DIIH GHV 5RERWHUV XQG WUDI +DDNRQD 'LH '\UDQHULQ VDQN VFKODJDUWLJ LQ VLFK ]XVDPPHQ XQG UKUWH VLFK QLFKW PHKU (LQ ]ZHLWHU 5RERWHU WUDW KLQ]X XQG QDKP GLH VFKODIIH.XJHODXI0LWHLQHUOlVVLJHQ%HZHJXQJZDUIHU+DDNRQDLQGLHJH|IIQHWH/DGHOXNH GHV*OHLWHUV ³+DW QRFK MHPDQG /XVW DXI GLHVH :HLVH EHI|UGHUW ]X ZHUGHQ" VSRWWHWH GHU 6SUHFKHU GHU 5RERWHUXQGIXFKWHOWHPLWVHLQHQ:DIIHQKHUXP 'LH '\UDQHU EOLHEHQ VWXPP XQG VWDUU YRU 6FKUHFN 1XU +DDNRQ UHDJLHUWH LPSXOVLY (U QDKPQLFKWKLQZDVPLWVHLQHU*HIlKUWLQJHVFKHKHQZDU0LWHLQHPJHZDOWLJHQ6DW]VSUDQJ HU LQ 5LFKWXQJ GHV .RSIHV GHV 5RERWHUV 1RFK EHYRU HU GLHVHQ HUUHLFKWH VSUKWH HU ]HUVHW]HQGH)OVVLJNHLWHQDE $EHU GLH EXQWHQ 7URSIHQ SUDOOWHQ DQ HLQHP XQVLFKWEDUHQ .UDIWIHOG DE GDV GHQ 5RERWHU HLQKOOWH6LHWURSIWHQDXIGHQ%RGHQZRVLFKKl‰OLFKH/|FKHULQGHU%HWRQIOlFKHELOGHWHQ (LQHVWlKOHUQH+DQGGHV5RERWHUV]XFNWHKRFKXQGILQJGHQ'\UDQHUDE'HU5RERWHUKLHOW +DDNRQ GLUHNW YRU GLH $XVWULWWVGVH GHV 3DUDO\VDWRUV XQG YHUSD‰WH LKP HLQH 'RVLV 'DQQ ZDUIHUGHQVFKODIIHQ/HLELQV*HIlKUW ³:LOOQRFKMHPDQGGHQ$XIVWDQGSUREHQ"GRQQHUWHHU 'LH.XJHOZHVHQEOLHEHQVWLOO ³*XW PHLQH NOHLQHQ )UHXQGH YRQ '\UD 'HQQ KSIW PDO VFK|Q LQ GHQ *OHLWHU DEHU HWZDV SO|W]OLFK :LOOLJ NDPHQ GLH NOHLQHQ *HVWDOWHQ GHU $XIIRUGHUXQJ QDFK 6LH KDWWHQ HLQJHVHKHQ GD‰ MHGHU:LGHUVWDQG]ZHFNORVZDU'LH7UVFKOR‰VLFKKLQWHULKQHQ'DHVNHLQH)HQVWHUJDE KHUUVFKWHLP,QQHUQGHV*OHLWHUVY|OOLJH'XQNHOKHLW 'DV)DKU]HXJUXFNWHKDUWDQXQGEHVFKOHXQLJWHVWDUN(VJDENHLQHQ$QGUXFNQHXWUDOLVDWRU XQGVRZXUGHQGLH'\UDQHUJHJHQGLH+HFNWUJHSUH‰W ³3D‰WDXIULHI-DXQWHFF³GD‰LKU+DDNRQXQG+DDNRQDQLFKW]HUTXHWVFKW 'LH VWDFKHOLJHQ .XJHOZHVHQ NODPPHUWHQ VLFK DQHLQDQGHU XQG QDKPHQ GLH EHLGHQ %HVLQQXQJVORVHQLQLKUH0LWWH'LHUDVHQGH)DKUWJLQJZHLWHUXQG-DXQWHFFKDWWHGDEHLGHQ (LQGUXFN GD‰ VLH EHUJDXI JHVWHXHUW ZXUGHQ 'DQQ HQGOLFK YHUODQJVDPWH VLFK GLH *HVFKZLQGLJNHLW ³1D JHKW V HXFK JXW" GU|KQWH YRQ GUDX‰HQ GLH 6WLPPH GHV 5RERWHUV KHUHLQ ³:LU VLQG JOHLFK DP HUVWHQ=ZLVFKHQ]LHO HXUHU 5HLVH XQG GDQQ ZHUGHW LKU XPJHODGHQ 'HQNW GDUDQ :HUQLFKWVSXUWZLUGJHOlKPW ³'LHVH/lKPVWUDKOHQ KDEHQ QLFKWV PLW GHP %OWHQVWDXE]XWXQIOVWHUWH0RUDEHWD LKUHP 3DUWQHU ]X ³*HJHQ GLHVH (QHUJLHVWUDKOXQJ KDEHQ ZLU NHLQH &KDQFH 'D KLOIW DXFK NHLQH .|USHUIOVVLJNHLW ³9HUKDOWHW HXFK UXKLJ XQG ZDUWHW DE GUlQJWH -DXQWHFF GLH DQGHUHQ '\UDQHU ³:HQQ ZLU HLQHYHUQQIWLJH&KDQFHVHKHQVFKODJHQZLU]X$EHULP$XJHQEOLFNVHKHLFKVLHQLFKW .XU] GDUDXI UHJWHQ VLFK +DDNRQ XQG VHLQH *HIlKUWLQ ZLHGHU 'LH %HWlXEXQJ PLW GHQ (QHUJLHVWUDKOHQ KDWWH QLFKW VHKU ODQJH DQJHKDOWHQ (V NRVWHWH -DXQWHFF HLQLJH 0KH GHQ DXIJHEUDFKWHQ+DDNRQ]XEHVlQIWLJHQ 'DV )DKU]HXJ KLHOW DQ 'HU %HKlOWHU PLW GHQ *HIDQJHQHQ ZXUGH DXV GHP *OHLWHU LQ GLH +|KHJHKREHQ'DEHLZXUGHDXIHLQHU6HLWHHLQZDDJUHFKWHU6SDOWIUHLGXUFKGHQ/LFKWLQ GHQ&RQWDLQHUILHO8QGGXUFKGHQPDQQDFKGUDX‰HQEOLFNHQNRQQWH 



-DXQWHFF EHI|UGHUWH VLFK PLW HLQHP 6DW] DQ GLH gIIQXQJ XQG NODPPHUWH VLFK KLHU IHVW 'UHL VHLQHU 6LQQHVVWDFKHOQ VFKREHQ VLFK LQ GHQ 6SDOW =ZHL ZHLWHUH '\UDQHU IROJWHQ VHLQHP %HLVSLHO)UPHKUZDUNHLQ3ODW] 6LHEHIDQGHQVLFKDQGHU2EHUIOlFKHGHV3ODQHWHQ:D[VFKLHQGLH:DKUKHLWJHVDJW]XKDEHQ GHQQ ELV ]XP +RUL]RQW HUVWUHFNWH VLFK HLQH 6DQGZVWH -DXQWHFF VSUWH GLH NKOH /XIW 6HLWOLFKYRQLKPUFNWHPLWGHUVFKZDQNHQGHQ%HZHJXQJGHV&RQWDLQHUVHLQULHVLJHV'LQJ LQV%OLFNIHOG 'HU'\UDQHUKDWWHQRFKQLHHLQ5DXPVFKLIIJHVHKHQDEHUHUHUNDQQWHVRIRUWGD‰HVVLFKXP HLQ VROFKHV KDQGHOWH ,Q GHQ YLHOHQ (U]lKOXQJHQ EHU GLH 9HUJDQJHQKHLW DXI '\UD ZDUHQ GLHVHGXUFKV$OOIOLHJHQGHQ2EMHNWHRIWJHQXJHUZlKQWZRUGHQ'LH8UG\UDQHUKDWWHQGDPLW SUDNWLVFK GLH JDQ]H *DOD[LV (UHQG\UD EHVXFKW EHYRU VLH LQQHUH (LQNHKU JHKDOWHQ KDWWHQ XQG]XU1DWXU]XUFNJHNHKUWZDUHQ (LQ +DQJDUWRU ZDU ZHLW JH|IIQHW ,Q GLH 5LFKWXQJ GLHVHV GXQNOHQ /RFKHV ZXUGH GHU %HKlOWHU PLW GHQ *HIDQJHQHQ EHI|UGHUW 0LW GXPSIHP 'U|KQHQ VHW]WH HU DXI GHP 0HWDOOERGHQDXI 'LH 7U ZXUGH JH|IIQHW (LQH *UXSSH YRQ 5RERWHUQ GLH HLQ HWZDV DQGHUHV $XVVHKHQ EHVD‰HQ DOV GLH GLH VLH DXV GHP *HIlQJQLV DEJHKROW KDWWHQ HUZDUWHWH VLH 0LW *HVWHQ ZXUGHQ VLH DQ HLQH 6HLWH GHV JUR‰HQ 5DXPHV GLULJLHUW $OV VLH VLFK KLHU YHUVDPPHOW KDWWHQ OHJWHQGLH5RERWHUHLQH(QHUJLHJORFNHXPGLHVHQ$EVFKQLWW ,P GXQNOHQ +LQWHUJUXQG GHV 5DXPHV HUVFKLHQHQ JDQ] NXU] ]ZHL *HVWDOWHQ $XI VLH SD‰WH GLH GUIWLJH%HVFKUHLEXQJGHU/HEHZHVHQYRQ:KDVSV5LHJH9LHOOHLFKWVRGDFKWH-DXQWHFFZDU VRJDUGHUJHKHLPQLVYROOH:KDVSVHOEVWGDEHL'LHKl‰OLFKHQ6FKlGHOPLWGHPJUR‰HQ*HEL‰ ZLUNWHQIXUFKWHUUHJHQG 'DV +DQJDUWRU ZXUGH YHUVFKORVVHQ 'LH 5RERWHU YHUVFKZDQGHQ NRPPHQWDUORV LP ,QQHUQ GHV 5DXPVFKLIIV 'LH '\UDQHU EHJDQQHQ DXIJHUHJW ]X GLVNXWLHUHQ DEHU GDEHL NDP QLFKWV DQGHUHV DOV GDV KHUDXVZDV-DXQWHFFIUVLFKVFKRQJHIROJHUWKDWWH 'HU YRQ :D[ DQJHNQGLJWH $EWUDQVSRUW KDWWH EHJRQQHQ -HW]W ZXUGHQ VLH DQ GHQ 2UW JHEUDFKWDQGHPGLHJHLVWLJH.RQGLWLRQLHUXQJVWDWWILQGHQVROOWH$QGHUVNRQQWHHVNDXPVHLQ 'XUFK GLH ZHQLJHQ 'LQJH GLH GLH '\UDQHU KDWWHQ EHREDFKWHQ N|QQHQ ZXUGH DXFK EHVWlWLJW GD‰GLHVHU2UWQLFKWDXI4XRODWVRQGHUQLUJHQGZRGUDX‰HQLP$OO]XVXFKHQZDU $Q GHQ 9LEUDWLRQHQ VSUWH -DXQWHFF GD‰ GDV 5DXPVFKLII VWDUWHWH ,P 8QWHUVFKLHG ]X GHP *OHLWHUZDUKLHUDEHUNHLQ$QGUXFN]XVSUHQ'HU'\UDQHUNRQQWHVLFKGXUFKDXVYRUVWHOOHQ GD‰ GLHV WHFKQLVFK EHZHUNVWHOOLJW ZXUGH (U YHUORU GDPLW DEHU DXFK GLH (LQGUFNH YRQ GHU %HZHJXQJGHV5DXPVFKLIIV =X VHKHQ ZDU DXFK QLFKWV $OVR ZDU HU DXI 9HUPXWXQJHQ DQJHZLHVHQ 8QG GLH KDOIHQ VHLQHQ /HLGHQVJHQRVVHQXQGLKPQLFKWZHLWHU (LQHODQJH=HLWJHVFKDKJDUQLFKWV-DXQWHFFYHUPXWHWHGD‰GDV5DXPVFKLIIGXUFKV$OOUDVWH(U KDWWH DEHU NHLQH 9RUVWHOOXQJ GDYRQ ZHOFKH 6WUHFNH ]XUFNJHOHJW ZXUGH 6LH NRQQWHQ VFKRQ MHW]WZHLWDX‰HUKDOEGHV.HUMDKRW6\VWHPVVHLQRGHUDEHUDXFKQRFKLQGHVVHQ1lKH 'LH 'LVNXVVLRQHQ EHL GHQ DQGHUHQ ZDUHQ OlQJVW YHUVWXPPW 5HVLJQDWLRQ EUHLWHWH VLFK DXV +DDNRQD PHLQWH GD‰ VLH ZlKUHQG GHU 3DUDO\VH LKUH PKVDP KHUJHVWHOOWHQ .|USHUVlIWH YHUORUHQKlWWH1XU0RUDEHWD]HLJWHQRFKHWZDV2SWLPLVPXV ³,FK KDEH PLW PHLQHQ .|USHUVlIWHQ MHGH HUGHQNOLFKH 9RUVLFKWVPD‰QDKPHQ HLQNDONXOLHUW :HQQPDQXQVYHUGXPPHQRGHU]XZLOOHQORVHQ:HUN]HXJHQPDFKHQZLOOGDQQ VROOHQ GLHVH 5RERWHUQRFKHLQHhEHUUDVFKXQJHUOHEHQ -DXQWHFFHUZLGHUWHQLFKWVGHQQHUWHLOWHGLHVHQ2SWLPLVPXVQLFKW 



(LQOHLFKWHU6WR‰GUDQJ]XGHQ*HIDQJHQHQKLQGXUFK ³,FKVFKlW]HSILII-DXQWHFF³ZLUVLQGJHODQGHW 'LH+DQJDUKDOOHZXUGHSO|W]OLFKKHOOHUOHXFKWHW0HKUHUH5RERWHUHUVFKLHQHQ,P+LQWHUJUXQG VWDQGZLHGHUHLQ=ZHLEHLQHUVWXPPGDXQGEHREDFKWHWHPLWJOKHQGHQ$XJHQGHQ$EODXIGHU 'LQJH 'HU(QHUJLHVFKLUPHUORVFK,PJOHLFKHQ0RPHQWEHVWULFKHQGLH5RERWHUPLWHLQHP3URMHNWRUGLH '\UDQHU -DXQWHFF VSUWH HLQH JDQ] VHOWVDPH :LUNXQJ 8QG VLFKHU HUJLQJ HV GHQ DQGHUHQ HEHQVR 6HLQH %HZHJXQJHQ ZDUHQ QXU QRFK VHKU ODQJVDP P|JOLFK (V ZDU DOV RE HU VLFK GXUFK HLQHQ]lKHQ%UHLNlPSIHQPX‰WH$OVHU0RUDEHWDPLWWHLOWHZDVHUHPSIDQGPHUNWHHU]X VHLQHP6WDXQHQGD‰DXFKGLH(U]HXJXQJYRQ:RUWHQH[WUHPYHUODQJVDPWZRUGHQZDU ³(LQH7HPSRUDOOlKPXQJWHLOWHLKP6RSHUFLP=HLWOXSHQWHPSRPLW 'LH%HIHKOHGHU5RERWHUHUUHLFKWHQGLH'\UDQHUDEHURKQHMHGH9HU]|JHUXQJ ³9HUOD‰WGDV5DXPVFKLIIEHUGLH5DPSHXQGEHJHEWHXFKLQGLH*ODVKDOOH -DXQWHFFPDFKWHGHQ$QIDQJ0RUDEHWDIROJWHLKP (LQ VFKPDOHU 6WHJ IKUWH DXV GHP 5DXPVFKLII ]X HLQHP ULHVLJHQ JOlVHUQHQ *HElXGH GDV GXUFK4XHUZlQGHLQPHKUHUH6HNWRUHQDXIJHWHLOWZDU'UDX‰HQZDUHVXQJHZ|KQOLFKKHOOXQG DXFK VHKU ZDUP'LH 6RQQHGLHYRQHLQHPZHL‰HQ+LPPHOVFKLHQZLUNWHULHVLJXQGIUHPG .HUMDKRWKDWWHGHU'\UDQHUJDQ]DQGHUVLQ(ULQQHUXQJ'HU6FKOX‰ODJQDKHGD‰VLHLQHLQ IUHPGHV6RQQHQV\VWHPJHEUDFKWZRUGHQZDUHQ $OV VHLQH 6LQQHVRUJDQH VLFK DQ GLH H[WUHPH +HOOLJNHLW JHZ|KQW KDWWHQ HUNDQQWH -DXQWHFF GUHLZHLWHUHULHVLJH%DXPVFKLIIHLQXQPLWWHOEDUHU1lKHGHVJOlVHUQHQ*HElXGHV$XVHLQHP GLHVHU PRQVWU|V ZLUNHQGHQ )DKU]HXJH VFKRE VLFK HLQH *UXSSH YRQ HWZD HLQHP 'XW]HQG '\UDQHUQ$XVGHQEHLGHQDQGHUHQVFKULWWHQLQ=HLWOXSHQWHPSRJUR‰H=ZHLEHLQHU-DXQWHFF YHUJOLFKVLHPLWGHU%HVFKUHLEXQJGHV$XVUHL‰HUV:D[(VJDENHLQHQ=ZHLIHOGDVPX‰WHQ GLH0DUGHODKHUVHLQ -HGHU 7UXSS ZXUGH YRQ GHQ 5RERWHUQ LQ HLQHQ HLJHQHQ 5DXP GHV JOlVHUQHQ *HElXGHV JHORWVW 'LH '\UDQHU XQG 0DUGHODQHU NRQQWHQ VLFK XQWHUHLQDQGHU DXFK MHW]W QRFK VHKHQ GHQQ GLH :lQGH LP ,QQHUQ GHV *HElXGHV ZDUHQ GXUFKVLFKWLJ DEHU VLH NRQQWHQ VLFK QLFKW YHUVWlQGLJHQ+LQ]XNDPGLH7HLOOlKPXQJGLHQXUHLQVHKU]lKHV%HZHJHQHUODXEWH 'LHYLHU5lXPHLQGHQHQGLH*HIDQJHQHQXQWHUJHEUDFKWZXUGHQODJHQQHEHQHLQDQGHU$Q GHU/lQJVVHLWHGD]XEHIDQGVLFKGLHHLQ]LJHXQGXUFKVLFKWLJH:DQGKLQWHUGHUVLFKVRKDWWH HV -DXQWHFF EHLP 9HUODVVHQ GHV 5DXPVFKLIIV JHVHKHQ GDV *HElXGH QRFK VHKU ZHLW IRUWVHW]WH 2EHUKDOE GLHVHU :DQG GLFKW XQWHU GHU JOlVHUQHQ 'HFNH GXUFK GLH GDV JUHOOH /LFKW GHU 6RQQH VFKLHQ JOLWW HLQH 6FKZHEHSODWWIRUP PLW YHUVFKLHGHQHQ *HUlWHQ KLQ XQG KHU (LQ LQ HLQ ZHL‰HV *HZDQG JHNOHLGHWHU 0DUGHODQHU KDQWLHUWH KLHU DQ GHQ WHFKQLVFKHQ 6\VWHPHQ :DV HU JHQDX WDW NRQQWH -DXQWHFF QLFKW IHVWVWHOOHQ 1HEHQ LKP VWDQG VWXPP XQG XQEHZHJOLFKHLQHVGHUKl‰OLFKHQ=ZHUJZHVHQDXV:KDVSV5LHJH 'LH (LQJDQJVWUHQ ]X GHQ YLHU 5lXPHQ VFKORVVHQ VLFK DOV GHU OHW]WH *HIDQJHQH GDV *ODVKDXVEHWUHWHQKDWWH'LH5RERWHUEOLHEHQGUDX‰HQ ³-HW]W RGHU QLH EUOOWH +DDNRQ SO|W]OLFK (U VFKLHQ GLH 7HPSRUDOOlKPXQJ ]XP 7HLO EHUZXQGHQ]XKDEHQ³0DFKWVLHQLHGHU 'HU$QJULIIVEHIHKOHQWVSUDFKQLFKWGHQ$EPDFKXQJHQXQG-DXQWHFFDKQWHGD‰ZLHGHUHLQH 1LHGHUODJHIROJHQZUGH +DDNRQKDWWHGLH3ODWWIRUPPLWGHPZHL‰JHNOHLGHWHQ0DUGHODQHUXQGGHP=ZHUJZHVHQDOV $QJULIIV]LHO JHZlKOW 6HLQ 6SUXQJ JHULHW DEHU ]X NXU] 0LW -DPPHUJHVFKUHL ILHO HU DXI GHQ 



%RGHQ]XUFN'LHDQGHUHQ'\UDQHUUHJWHQVLFKZRKODEHUVLHZDUHQ]XNHLQHUZLUNOLFKHQ $QJULIIVDNWLRQIlKLJ ³/D‰GDVVHLQULHI-DXQWHFF+DDNRQ]XDEHUGHUVFKLHQZLHYRQ6LQQHQ]XVHLQ(UKSIWH KHUXP XQG YHUVSULW]WH VHLQH .|USHUVlXUH JHJHQ GLH *ODVZlQGH DEHU HU HU]LHOWH NHLQH :LUNXQJ $XFK LQ GHQ GUHL DQGHUHQ 5lXPHQ ZDU 8QUXKH HQWVWDQGHQ 'DQQ DEHU JOLWW GLH XQGXUFKVLFKWLJH:DQGLQGLH+|KH5LHVLJHIHLQVlXEHUOLFKDQJHOHJWH%OXPHQIHOGHUZXUGHQ VLFKWEDU5RWHXQGEODXHXQGJHOEH%OWHQZHFKVHOWHQVLFKLQJOHLFKPl‰LJHQ$EVWlQGHQDE (LQ KHIWLJHU :LQG EOLHV DXV GHP +LQWHUJUXQG GHV *ODVKDXVHV KHUEHU 'RUW PX‰WHQ VLFK 0DVFKLQHQEHILQGHQGLHGLH/XIWVWU|PXQJHU]HXJWHQ'HUYLHOIlOWLJH'XIWGHU%OXPHQZDU DQJHQHKPXQGEHWlXEHQG]XJOHLFK -DXQWHFFGDFKWHQRFKGD‰ZRKOGHU0DUGHODQHUREHQDXIGHU3ODWWIRUPGLH:DQGVWHXHUWH GDQQZDULKPGDVDOOHVSO|W]OLFKHJDO (LQ QHXHV *OFNVJHIKO HUJULII YRQ LKP %HVLW] ,KP ZDU DOV ZUGH HLQ 6FKOHLHU YRQ VHLQHP %HZX‰WVHLQ JH]RJHQ XQG HU ZUGH LQ QHXH 'LPHQVLRQHQ EOLFNHQ (U IKOWH VLFK ORFNHUXQGXQEHVFKZHUW9RQGHU7HPSRUDOOlKPXQJZDUDXFKQLFKWVPHKU]XVSUHQ 'HU'\UDQHUNDXHUWHVLFKDXIGHQ%RGHQXQGJHQR‰GLHQHXHQ(UNHQQWQLVVH(UZX‰WHQXQ GD‰HUVHLQJDQ]HV/HEHQYHUJHXGHWKDWWHZHLOHUVLFKXPVLQQORVH'LQJHJHNPPHUWKDWWH (U KDWWH VLFK PLW 9HUJDQJHQKHLWVIRUVFKXQJ RGHU PLW GHQ ,GHHQ 0RUDEHWDV EHVFKlIWLJW 'LH (UNHQQWQLV VR XQVLQQLJ JHOHEW ]X KDEHQ ZDU XQDQJHQHKP DEHU GHU EOH %HLJHVFKPDFN YHUIORJVFKQHOO -HW]WODJHLQHQHXH=XNXQIWYRULKP(LQHZDKUH=XNXQIWLQGHUVHLQ'DVHLQHLQHQULFKWLJHQ 6LQQ HUKDOWHQ ZUGH (U ]ZHLIHOWH QLFKW GDUDQ GD‰ VLH LKP VHKU EDOG VDJHQ ZUGHQ ZRULQ VHLQHQHXH$XIJDEHEHVWQGH8QGGD‰HUOHUQHQZUGHVLH]XHUIOOHQ 1HEHQLKPKRFNWH+DDNRQGHUVLFKQDWUOLFKDXFKZLHGHUEHUXKLJWKDWWH(UKDWWHZRKOGLH JOHLFKHQ(UNHQQWQLVVHJHZRQQHQ 'HU ZHL‰JHNOHLGHWH 0DUGHODQHU KDWWH GLH 3ODWWIRUP LQ]ZLVFKHQ YHUODVVHQ 'LH JOlVHUQHQ =ZLVFKHQZlQGH ]X GHQ DQGHUHQ 5lXPHQ LQ GHQHQ '\UDQHU XQG 0DUGHODQHU JHVSDQQW ZDUWHWHQ ZDUHQ LP %RGHQ YHUVFKZXQGHQ -HW]W ZDUHQ VLH DOOH HLQH JUR‰H )DPLOLH HLQH *HPHLQVFKDIW $XIGHU3ODWWIRUPVWDQGQXUQRFKGHUIUHXQGOLFKH=ZHLEHLQHUPLWGHPOXVWLJHQ.RSIXQGGHP YHUWUDXHQHUZHFNHQGHQ*HEL‰ ³,FK ELQ :KDVS GHU 3WHUXV WHLOWH GHU GXQNHOKlXWLJH VHLQHQ =XK|UHUQ PLW 6HLQH 6WLPPH NODQJVHKUDQJHQHKP³,FKKHL‰HHXFKLQ:KDVSV5LHJHZLOONRPPHQª(XHU*OFNOLHJWQXQ LQ HXUHQ +lQGHQ :LU IOLHJHQ MHW]W ]XUFN QDFK 4XRODW ZR LKU HXUH 6SH]LDODXVELOGXQJ HUKDOWHW $XI GHP 5FNZHJ ]X GHQ 5DXPVFKLIIHQ GDFKWH -DXQWHFF GD‰ HU VLFK QRFK QLH LQ VHLQHP JDQ]HQ/HEHQVRZRKOJHIKOWKDWWH0RUDEHWDGLHQHEHQLKPWLSSHOWHEHDFKWHWHHUQLFKW 6LH ZDUHQ DOOH JHPHLQVDP LQ HLQHP 5DXPVFKLII XQG GRUW LQ HLQHU JUR‰HQ +DOOH XQWHUJHEUDFKW ZRUGHQ $QIDQJV KDWWHQ GLH 5RERWHUZDFKHQ VLH QRFK NRQWUROOLHUW DEHU DOV VLFK DOOH '\UDQHU XQG 0DUGHODQHU UXKLJ XQG ]XIULHGHQ JH]HLJW KDWWHQ ZDUHQ VLH YHUVFKZXQGHQ -DXQWHFFKRFNWHVWXPPGDXQGGDFKWHDQGLHJORUUHLFKH=XNXQIW'D‰HUYRQGLHVHU*ORULH GLHLKQHUZDUWHWHQRFKNHLQHNRQNUHWH9RUVWHOOXQJKDWWHPDFKWHLKPQLFKWVDXV0RUDEHWD KLHOWVLFKJDQ]LQVHLQHU1lKHDXIDEHUGDVEHDFKWHWHHUDXFKMHW]WQLFKW 'LH '\UDQHULQ ZDU KHOOZDFK 6LH KDWWH EHLP $QEOLFN GHU %OXPHQIHOGHU VRIRUW GDPLW EHJRQQHQ GLHYRUEHUHLWHWHQ 6XEVWDQ]HQ LQ GLH HLJHQHQ .|USHU]HOOHQ]XSXPSHQGLHIU LKU 



%HZX‰WVHLQYHUDQWZRUWOLFKZDUHQ =ZDU KDWWH DXFK VLH VLFK GHU EHWlXEHQGHQ :LUNXQJ QLFKW JDQ] HQW]LHKHQ N|QQHQ DEHU VLH ZDUQRFK+HUULKUHU6LQQHJHEOLHEHQ8P-DXQWHFF]XKHOIHQZDUHVDEHU]XVSlWJHZHVHQ 6LH KDWWH VLFK LQ LKUHP 9HUKDOWHQ GHQ DQGHUHQ '\UDQHUQ DQJHSD‰W XP QLFKW DXI]XIDOOHQ -HW]W YHUVXFKWH VLH ZHLWHUH QHXWUDOLVLHUHQGH )OVVLJNHLWHQ ]X HU]HXJHQ XP GDPLW GHQ 3DUWQHU]XYHUVRUJHQ9LHOOHLFKWNRQQWHVLHLKQVRDXVGHP7UDXPGDVHLQUHL‰HQ 6LH EHJDQQ -DXQWHFF XQDXIIlOOLJ ]X EHVSUKHQ 2E GLH 6XEVWDQ] DEHU LQ VHLQHQ .|USHU HLQGUDQJXQGGDV%HZX‰WVHLQV]HQWUXPHUUHLFKWHZDUHLQHDQGHUH)UDJH(VNRQQWHVHLQGD‰ GDV JDU QLFKW NODSSWH 2GHU GD‰ HV VHKU ODQJH GDXHUQ ZUGH ELV EHUKDXSW HLQH :LUNXQJ HLQWUDW ,KUH 6LQQH DUEHLWHWHQ XQXQWHUEURFKHQ XQG NlPSIWHQ GHQ 5HVW GHU )UHPGEHHLQIOXVVXQJ QLHGHU 6R VWHOOWH VLH DXFK IHVW GD‰ VLFK HLQ HLQ]HOQHU RIIHQVLFKWOLFK QRFK VHKU MXQJHU 0DUGHODQHU XQJHZ|KQOLFK YHUKLHOW (U KRFNWH QLFKW PHKU VWXPP LQ HLQHU (FNH VHLW GLH 5RERWZDFKHQ DEJH]RJHQ ZDUHQ 'HU KRFKJHZDFKVHQH =ZHLEHLQHU ZDU DXIJHVWDQGHQ (U EHZHJWH VLFK ODQJVDP GXUFK GLH 5HLKHQ GHU '\UDQHU XQG 0DUGHODQHU XQG OLH‰ VHLQH %OLFNH VFKZHLIHQDEHUQLHPDQGUHDJLHUWHDXILKQ 0RUDEHWD JHZDQQ GHQ (LQGUXFN GD‰ GLHVHV :HVHQ DXFK QLFKW XQWHU GHP JHLVWLJHQ =ZDQJ GHV%OXWHQVWDXEVVWDQG6LHZDUWHWHELVGHU0DUGHODQHULQLKUHU1lKHZDU ³+HGXZLVSHUWHVLHGDQQXQGULFKWHWHVLFKHWZDVDXI³:DVLVWORVPLWGLU0DUGHODQHU" %LVWGXHWZDJHLVWLJQRFKIUHL" ³(QGOLFK 'HU +XPDQRLGH JLQJ LQ GLH +RFNH ³,FK KDWWH QLFKW GDPLW JHUHFKQHW GD‰ VLFK DX‰HU PLU QRFK MHPDQG GLHVHU *HKLUQZlVFKH HQW]LHKHQ NRQQWH DEHU GX VFKHLQVW HV DXFK JHVFKDIIW]XKDEHQ,FKKHL‰H:DOIR3KHUVDQW ³1HQQH PLFK 0RUDEHWD ,FK ZDU DXI GHQ JHLVWLJHQ $QJULII YRUEHUHLWHW XQG KDEH LKQ PLW N|USHUHLJHQHQ 6XEVWDQ]HQ]XQlFKVWQHXWUDOLVLHUHQN|QQHQ-HW]WYHUVXFKHLFKPHLQHP3DUWQHU -DXQWHFF]XKHOIHQ ³(LQ 0DUGHODQHU GHU *UXSSH GHU $XVUHL‰HU KDW PHLQHQ 9DWHU YRU OlQJHUHU =HLW JHZDUQW HUNOlUWH:DOIR3KHUVDQW³'DKHUZDULFKHLQLJHUPD‰HQYRUEHUHLWHW,FKKDEHPHLQHQ.|USHUVR PLW'URJHQYROOJHSXPSWGD‰GDV%HZX‰WVHLQIUQLFKWVDQGHUHVPHKUHPSIlQJOLFKZDU,FK KDEHHWZDQRFKHLQH6WXQGH=HLW ³(LQH6WXQGH"IUDJWHGLH'\UDQHULQ³:LHODQJHLVWGDV"8QGZDVJHVFKLHKWGDQQ" ³(LQH 6WXQGH 'HU MXQJH =ZHLEHLQHU DWPHWH VFKZHU ³'DV VLQG IU PLFK HWZD WDXVHQG $WHP]JH 'DQQ ZHUGH LFK XQZHLJHUOLFK VWHUEHQ GHQQ GLH 'URJHQ GLH LFK ]X PHLQHP 6FKXW] JHQRPPHQ KDEH EULQJHQ PLFK XP ,FK KDEH GLHVHQ :HJ JHZlKOW GHU LP 7RG HQGHW XP HWZDV :LVVHQ EHU GLH 0DFKHQVFKDIWHQ YRQ :KDVSV 5LHJH ]X JHZLQQHQ ,FK KDEH JHKRIIW GD‰ LFK MHPDQGHQ ILQGH GHP LFK ]XU )OXFKW YHUKHOIHQ NDQQ XQG GHU GLHVHV :LVVHQ]XPHLQHP9RONEULQJW 0RUDEHWD EHJDQQ GLH 8QJHKHXHUOLFKNHLW GLHVHV 3ODQV ]X YHUVWHKHQ 'HU MXQJH 0DUGHODQHU ZROOWHVLFKWDWVlFKOLFKIUHLQSDDU(UNHQQWQLVVHRSIHUQ(UZUGHVWHUEHQDXFKZHQQVHLQH 0LVVLRQVFKHLWHUWH ³,FK ZUGH GLU ]XU 6HLWH VWHKHQ :DOIR 3KHUVDQW SILII GDV .XJHOZHVHQ ³$EHUZDV N|QQHQ ZLUWXQ" ³-HPDQGPX‰GLHVHV5DXPVFKLIIYHUODVVHQEHYRUZLUDXI4XRODWODQGHQ(UPX‰YHUVXFKHQ VLFK QDFK 0DUGHO GXUFK]XVFKODJHQ 2GHU DXFK QDFK '\UD 'HLQ 9RON ZHL‰ QRFK ZHQLJHU EHUGLHXQPHQVFKOLFKHQ$NWLYLWlWHQYRQ:KDVSV5LHJHDOVPHLQHV,FKKDEHHLQHQ3ODQGHQ LFKPLW)UHXQGHQDXI0DUGHODXVJHKHFNWKDEH(ULVWULVNDQW'LHVHV5DXPVFKLIIKDW ³:DUWHXQWHUEUDFKVLHGHQ=ZHLEHLQHU³-DXQWHFFEHJLQQWVLFK]XUHJHQ(VVFKHLQWVRDOV 



REPHLQH%HKDQGOXQJHUVWH(UIROJH]HLJW ³,FK K|UH HXFK ]X NQXUUWH -DXQWHFF ³DEHU LFK YHUVWHKH HXFK QLFKW (EHQ ZDU QRFK DOOHV YROOHU*OFNXQGMHW]WK|UHLFKGLHVH:RUWH,FKJODXEHLFKKDEHJHWUlXPW ³'HU %OWHQVWDXE KDW GHLQ %HZX‰WVHLQ JHOlKPW HUNOlUWH 0RUDEHWD ³(U KDW GLU HWZDV YRUJHJDXNHOW XQG GLFK ]X HLQHP ZLOOHQORVHQ 6NODYHQ GLHVHU 8QJHKHXHU YRQ :KDVSV 5LHJH JHPDFKW ,FK KDEH PLW PHLQHQ 6lIWHQ YHUVXFKW GLFK ZLHGHU LQ GLH :LUNOLFKNHLW ]X KROHQ :LHJHKWHVGLU" ³,FK ELQ QRFK EHQRPPHQ DEHU LFK VHKH GHQ ,UUWXP GHP LFK YHUIDOOHQ ZDU ,KU N|QQW DXI PLFK]lKOHQZHQQZLUHWZDV6LQQYROOHVXQWHUQHKPHQZROOHQ ³'DQQ NRPPW GUlQJWH :DOIR 3KHUVDQW ³:LU KDEHQ QLFKW YLHO =HLW ,FK NHQQH PLFK ]XPLQGHVWWKHRUHWLVFKKLHUDQ%RUGHWZDVDXV:LU0DUGHODQHUVDPPHOQVHLWYLHOHQKXQGHUW -DKUHQ ,QIRUPDWLRQHQ EHU GLH 7HXIHO :LU EHVLW]HQ QXU HLQH HLQIDFKH 7HFKQLN XQG HLQH YHUKlOWQLVPl‰LJ SULPLWLYH 5DXPIDKUW 'DKHU N|QQHQ ZLU ZHQLJ JHJHQ :KDVSV 5LHJH DXVULFKWHQ 'HU =ZHLEHLQHU ZDUWHWH NHLQH $QWZRUW DE (U NOHPPWH VLFK GLH EHLGHQ '\UDQHU XQWHU GLH $UPHXQGHLOWHLQHLQHQVFKPDOHQ6HLWHQJDQJ 6LHHUUHLFKWHQHLQ6FKRWW ³.ULHJWLKUGDVDXI"IUDJWH:DOIR3KHUVDQW 0RUDEHWD GUHKWH VLFK HWZDV EHVVHU LQ 3RVLWLRQ XQG VFKR‰ HLQHQ GQQHQ 6lXUHVWUDKO JHJHQ GDV 6FKOR‰ (V ]LVFKWH XQG UXPSHOWH 6HNXQGHQ VSlWHU NRQQWH GHU 0DUGHODQHU GDV 6FKRWW ]XU6HLWHVFKLHEHQ ³-HW]W KDEHQ ZLU $ODUP DXVJHO|VW HUNOlUWH HU ³'LH 3WHUXV RGHU LKUH 5RERWHU ZHUGHQ VFKQHOOHU KLHU VHLQ DOV HV XQV UHFKW LVW 'DV EHGHXWHW GD‰ ZLU XQV QRFK PHKU EHHLOHQ PVVHQ 3KHUVDQWUDQQWHZHLWHU1DFKHLQLJHU=HLWEOLHEHUYRUHLQHP6FKRWWVWHKHQ ³:LU KDEHQ VLH YRUHUVW DEJHKlQJW (U DWPHWH VFKZHU ³=XPLQGHVW YHUPXWH LFK GDV ,FK PX‰HXFKMHW]WHUNOlUHQZDVZHLWHUJHVFKLHKW ³:LUK|UHQ]XDQWZRUWHWH0RUDEHWD ³-DMDPHLQWH-DXQWHFFHWZDVVFKOlIULJ³:LU]XK|ULFKPHLQH ³(U LVW QRFK QLFKW JDQ] EHL 6LQQHQ HQWVFKXOGLJWH GLH '\UDQHULQ LKUHQ *HIlKUWHQ ³$EHU LFKGHQNHGD‰GDVQXUHLQH)UDJHGHU=HLWLVW ³:DV LKUHUOHEW KDEW ZL‰WLKU EHVVHUDOV LFK VDJWH:DOIR3KHUVDQW³%ULQJWGLHVHV:LVVHQ ]X XQVHUHQ 9|ONHUQ GDPLW VLH VLFK JHJHQ :KDVSV 5LHJH ZDSSQHQ N|QQHQ 'DV LVW GDV REHUVWH=LHO ³:LUZHUGHQWXQZDVZLUN|QQHQYHUVLFKHUWH0RUDEHWD ³3D‰W DXI +LQWHU GLHVHU 7U EHILQGHQ VLFK 1RWUHWWXQJVNDSVHOQ GHV 5DXPVFKLIIV (LQ VROFKHV 6FKLII GHU 5LHJH LVW HLQPDO DXI 0DUGHO JHVWUDQGHW 'DKHU EHVLW]H LFK GLHVH .HQQWQLVVH ,FK NDQQ HXFK LQ HLQH VROFKH .DSVHO VWHFNHQ XQG VLH VWDUWHQ ,FK IKUH HLQHQ 6SUHQJVDW] PLW GHQ LFK GDQQ ]QGH ,FK KRIIH GD‰ LFK GLHVHV 5DXPVFKLII GDGXUFK VR EHVFKlGLJHGD‰PDQHXFKQLFKWZLHGHUHLQIDQJHQ NDQQ,FK VWHUEHVRZLHVRXQGLFKZHUGH YHUVXFKHQHXFKHLQHQHQWVSUHFKHQGHQ9RUVSUXQJ]XYHUVFKDIIHQ+DEWLKUGDVYHUVWDQGHQ" ,P 3ULQ]LS MD HQWJHJQHWH 0RUDEHWD ³$EHU LFK NDQQ PLU QLFKW YRUVWHOOHQ ZLH GX GLHVHV JUR‰H6FKLII]HUVW|UHQZLOOVW ³'D OLHJW HLQ 6FKZDFKSXQNW JDE GHU 0DUGHODQHU ]X ³$EHU ZLU PVVHQ HV YHUVXFKHQ (V JLEW NHLQHQ DQGHUHQ :HJ ,FK WUDJH HLQHQ YHUVWHFNWHQ 6SUHQJVDW] DQ PHLQHP .|USHU (V KDQGHOWVLFKXPHLQHSULPLWLYH$WRPERPEH:HQQLKUEHUHLWVHLGGDQQ|IIQHWGLHVHV6FKRWW 'DQDFKPX‰DOOHVVHKUVFKQHOOJHKHQ 



³%LVW GX EHL NODUHQ 6LQQHQ -DXQWHFF" ZDQGWH VLFK GLH '\UDQHULQ DQ LKUHQ 3DUWQHU ³:HL‰W GXZRUDXIHVDQNRPPW" ³,FK JODXEH MD HQWJHJQHWH -DXQWHFF PDWW ³:LU PVVHQ QDFK 0DUGHO RGHU QDFK '\UD XP ]XEHULFKWHQ'HU)HLQGZLHKLH‰HUQRFK" *DQ] ILW ZDU GHU '\UDQHU QRFK QLFKW 0RUDEHWD NRQQWH QXU KRIIHQ GD‰ VLFK VHLQ =XVWDQG ZHLWHUEHVVHUWH 6FKZHUH6FKULWWHGU|KQWHQXQZHLWGXUFKGDV5DXPVFKLII ³/RVGUlQJWH:DOIR3KHUVDQW³6LHNRPPHQVFKRQ:LUPVVHQHVMHW]WYHUVXFKHQVRQVW LVWHV]XVSlW 0RUDEHWD VFKR‰ HLQHQ 6lXUHVWUDKO DE 6HNXQGHQ VSlWHU OLH‰ VLFK GDV 6FKRWW |IIQHQ 'HU =ZHLEHLQHUVFKQDSSWHVLFKZLHGHUGLH.XJHOZHVHQXQGUDQQWHORV(URULHQWLHUWHVLFKNXU] GDQQ|IIQHWHHUHLQH.ODSSHXQGVFKRE-DXQWHFFLQGHQ]\OLQGULVFKHQ.|USHU 'LHVFKZHUHQ6FKULWWHGHU5RERWHUZDUHQSO|W]OLFKJDQ]QDK 0RUDEHWD VSUDQJ DXV VHLQHP $UP DOV HLQ 6WUDKOVFKX‰ GXUFK GHQ 5DXP IHJWH XQG GHQ 0DUGHODQHUWUDI(UVWU]WHJHJHQGLH(LQJDQJVNODSSHGHU5HWWXQJVNDSVHOXQGGUFNWHGLHVH ]X'HU]ZHLWH6FKX‰]HUIHW]WHVHLQH%HLQH ³,FK VFKDIIH HV QLFKW VW|KQWH GHU W|GOLFK JHWURIIHQH +XPDQRLGH ³,FK NDQQ DXFK GLH ([SORVLRQQLFKWPHKUDXVO|VHQ(VZDUDOOHVYHUJHEHQV 0RUDEHWDKSIWHLQGLH1lKHVHLQHV.RSIHV ³:LHVWDUWHWPDQGLH.DSVHO"IUDJWHVLH ³'HU EODXH 6FKDOWHU REHQ UHFKWV (LQ GQQHU %OXWVWUHLIHQ IOR‰ :DOIR 3KHUVDQW DXV GHP 0XQG ³:LUVFKDIIHQHVYHUVLFKHUWH0RUDEHWD³'HLQ(LQVDW]ZDUQLFKWXPVRQVW,FKPDFKHGDV VFKRQ8QVHUEHLGHU7RGVROOQLFKWVLQQORVVHLQ 6LHVSUDQJLQGLH+|KHXQGVFKOXJJHJHQGHQ6FKDOWHU0LWHLQHPJHZDOWLJHQ'U|KQHQMDJWH GLH.DSVHOGDYRQ 'DQQ ZDUHQ GLH 5RERWHU ]XU 6WHOOH 6LH VFKRVVHQ DXI GLH '\UDQHULQ DEHU VLH ZLFK GXUFK JHVFKLFNWH 6SUQJH GHP )HXHU PHKUPDOV DXV 6LH EUDXFKWH QRFK HLQ SDDU 6HNXQGHQ XP LKUH .|USHUIOVVLJNHLWHQ XP]XVWHOOHQ XQG ULFKWLJ ]X PLVFKHQ VR GD‰ DXV LKU HLQH OHEHQGH %RPEHZXUGH0LWHLQHP6DW]ODQGHWHVLHGLUHNW]ZLVFKHQGHQ5RERWHUQ +LHU O|VWH VLH GLH (LJHQ]QGXQJ DXV GLH IDVW LP JOHLFKHQ 0RPHQW GHQ DWRPDUHQ 6SUHQJVDW] HUUHLFKWH GHQ GHU 0DUGHODQHU DP .|USHU WUXJ 'LH EHLGHQ ([SORVLRQHQ YHUHLQLJWHQVLFKXQG]HUULVVHQGDV5DXPVFKLIIYRQLQQHQKHUDXV 'LH .DSVHO PLW -DXQWHFF DQ %RUG ZDU ]X GLHVHP =HLWSXQNW VFKRQ PHKUHUH .LORPHWHU YRQ GHU*OXWZRONHHQWIHUQWGLHVLFKPLWUDVHQGHU*HVFKZLQGLJNHLWLQGHU/HHUHGHV:HOWUDXPV DXVGHKQWH 'HU NOHLQH '\UDQHU LQ VHLQHP JHLVWLJHQ 'lPPHU]XVWDQG EHNDP YRQ DOOHGHP QLFKWV PHKU PLW (LQH :HLOH NlPSIWHHUJHJHQGLHIUHPGHQ*HGDQNHQLQVHLQHP.RSIGDQQJDE HUDXFK GDVDXI(UOLH‰VLFKWUHLEHQ 6HLQHWHFKQLVFKH 8PJHEXQJYHUVWDQGHU QLFKW(UZROOWHVLH DXFKQLFKWYHUVWHKHQbQGHUQ NRQQWHHUVRZLHVRQLFKWV $OVQDFKHWZDKXQGHUW7DJHQVHLQ+XQJHUEHUPlFKWLJZXUGHPDFKWHHUVLFKDXIGLH6XFKH QDFKHWZDV(‰EDUHP(UIDQG:DVVHUXQGNOHLQH:UIHOGLHDXVJH]HLFKQHWVFKPHFNWHQ -DXQWHFF]lKOWH GLH 7DJH QLFKW GLHHU VRGXUFKV $OOUDVWH 6HOEVW IUKHUDOV VHLQ 9HUVWDQG QRFKQRUPDOJHDUEHLWHWKDWWHKDWWH=HLWLKPQLFKWVEHGHXWHW(UIKUWHHLQHLQVDPHV'DVHLQ RKQH$QVSUFKHXQGRKQHJUR‰DUWLJH*HGDQNHQ(UKDWWHDOOHVYHUJHVVHQZDVIULKQYRQ %HGHXWXQJ ZDU 'HU %OWHQVWDXE KDWWH OHW]WHQ (QGHV GRFK JHVLHJW XQG VHLQ 



%HZX‰WVHLQV]HQWUXPJHOlKPW ,UJHQGZDQQ YLHO VSlWHU YLHOOHLFKW QDFK -DKUHQ RGHU QDFK-DKU]HKQWHQVFKOXJ HWZDV +DUWHV YRQDX‰HQJHJHQVHLQHNOHLQH+HLPVWDWW(LQ5WWHOQJLQJGXUFKGLH.DSVHODEHUGDVVW|UWH -DXQWHFFQLFKW 'DV(LQJDQJVVFKRWWZXUGHYRQGUDX‰HQJH|IIQHW(LQ.RSIPLWODQJHQXQJHSIOHJWHQ+DDUHQ HUVFKLHQXQGHLQ0XQGPLWJHOEHQ=lKQHQJULQVWHEUHLW ³:HQ KDEHQ ZLU GHQQ GD" (LQH PLW IUDQVLJHQ +DDUHQ YHUVHKHQH +DQG VWUHFNWH VLFK QDFK GHP'\UDQHUDXV -DXQWHFFKSIWHYRQHLQHU.RQVROHXQGVFKOXJHWZDVXQJHVFKLFNWDXI ³3OXPSPDFKWHHU ³3OXPS" (LQ LQWHUHVVDQWHU 1DPH 8QG GHLQ $XVVHKHQ ,FK JODXEH GX ELVW HLQH .UHX]XQJ DXV HLQHU 'LVWHO XQG HLQHP )URVFK DOVR HLQ 'LVWHOIURVFK 'X NDQQVW PHLQ )UHXQG XQG +DXVWLHU ZHUGHQ GHQQ LFK OHEH VFKRQ ODQJH JHQXJ DOOHLQ ]ZLVFKHQ GHQ 6WHUQHQ :LOONRPPHQDQ%RUGGHU&$17/(5<:LOONRPPHQEHL/RQJDVFGHP5DXPIOHGGHUHU ³:LOONRPPHQ QDFK +DXVH IOHGGHUQ JOXFNVWH GLH VWDFKHOLJH .XJHO XQG KSIWH DXV GHU .DSVHOKHUDXV ³'X NDQQVW VRJDU VSUHFKHQ VWDXQWH /RQJDVF ³$XFK ZHQQ HV QXU GXPPHV =HXJ LVW $XVJHUHFKQHW 8QG GLH .DSVHO LVW HLQH ZLOONRPPHQH %HXWH 0DO VHKHQ ZDV PDQ GDYRQ EHQXW]HQRGHUYHUNDXIHQNDQQ 5RQ -HQQ\ ,KU N|QQW HXFK YRUVWHOOHQ ZDV LQ PHLQHP .RSI YRUJLQJ DOV LFK GLHVH *HVFKLFKWHHUIXKU"'DPDOVDOVLFKHXFKYHUOLH‰KDWWHLFKGDYRQQDWUOLFKNHLQH$KQXQJ ,FK PX‰ HXFK DEHU YRQ GLHVHQ'LQJHQ EHULFKWHQ VRQVW N|QQW LKU QLFKW YHUVWHKHQ ZDV LFK ²HQWJHJHQPHLQHP9HUVSUHFKHQ²DOOHVDQJHULFKWHWKDEH   'DV +HLPZHKKDWWHHLJHQWOLFK VFKRQEHJRQQHQEHYRUZLUPLWGHU/$6+$7DXI/RQJDVF GHQ 6KDEDUHQ XQG 5DXPIOHGGHUHU JHVWR‰HQ ZDUHQ ,FK ZDU ]ZDU GLH HLQ]LJH 3HUVRQ DQ %RUG GLH GDV DXFK DXVVSUDFK DEHU LFK NRQQWH PLU YRUVWHOOHQ GD‰ HV DXFK DQGHUHQ 9LURQDXWHQ lKQOLFK HUJLQJ 'HU *UXQG GDIU ZDU NODU 'LH PLW JUR‰HQ :RUWHQ YHUVSURFKHQHQ :XQGHU YRQ (67$578 JDE HV HQWZHGHU QLFKW RGHU VLH ZDUHQ XQHUUHLFKEDU RGHUXQDXIILQGEDU 1DFKGHQ$EHQWHXHUQDXI1DJDWKXQG6KDGGLQQZDUGLHVHV*HIKOQRFKVWlUNHUJHZRUGHQ 0LUJHILHOHVKLHULP5HLFK(67$5786HLQIDFKQLFKW0LUJHILHODXFKQLFKWGD‰LFKLPPHU ZLHGHU GD]X YHUOHLWHW ZXUGH PHLQH 3DUDIlKLJNHLW DOV VRJHQDQQWH 5HDOKRORJUDSKLQ HLQVHW]HQ ]XPVVHQ(LJHQWOLFKZDUHVVRGD‰LFKGLHVH*DEHIUDEDUWLJKLHOW2GHUPHKUQRFK,FK YHUIOXFKWHVLH,FKZROOWHVRVHLQZLHDOOHDQGHUHQ ,FKYHUVXFKWHYRUGLHVHP0DNHO]XIOLHKHQ'LHVHV6WUHEHQYHUVWlUNWHPHLQHQ:XQVFKGLH *DOD[LHQ (67$5786 VR VFKQHOO ZLH P|JOLFK ZLHGHU ]X YHUODVVHQ 'HU VR VSULFKZ|UWOLFK JHZRUGHQH =XJYRJHOLQVWLQNW ZDU LQ PLU QDFK GHP HUVWHQ (UOHEQLV LQ GHU *DOD[LV (UHQG\UD JHVWRUEHQ 9LHOOHLFKW ZDU LFK DXFK ]X VFKQHOO JHUHLIW XP DQ $EHQWHXHUQ RGHU DQ GHU 5HDOKRORJUDSKLHQRFKHWZDV]XILQGHQZDVPLFKZLUNOLFKEHIULHGLJWH 9HUVWlQGQLVIDQGLFKHLJHQWOLFKQXUEHL-HQQ\2GHUEHL9LGHUNQVWOLFKHQ,QWHOOLJHQ]GHV 9LUHQVFKLIIV/$6+$7$EHUGDVDOOHVQW]WHZHQLJGHQQZHJHQPLUDOOHLQNRQQWHGDV6FKLII QLFKWLQGLH0LOFKVWUD‰H]XUFNNHKUHQ'DVVDKLFKHLQ 5RQKDWWHHLQHQ$XIWUDJEHUQRPPHQXQGGHUNRQQWHLKQQRFKIU0RQDWHKLHUIHVWKDOWHQ(U ZROOWH EHZHLVHQ GD‰ 6WDONHU HLQ /JQHU ZDU 8QG HU ZROOWH GHQ YHUVFKROOHQHQ 7681$0, ILQGHQ 



0LFKLQWHUHVVLHUWHQGLHVH'LQJHYRQ7DJ]X7DJZHQLJHU0HLQH/DXQHZXUGHGDGXUFKQLFKW VFKOHFKWHU DEHU LFK ]RJ PLFK |IWHU DXV GHU =HQWUDOH ]XUFN LQ PHLQH .DELQH XQG KLQJ GRUW PHLQHQ*HGDQNHQQDFK 2IW GLVNXWLHUWH LFK VWXQGHQODQJ PLW GHU 9LUHQLQWHOOLJHQ] GHU /$6+$7 GHQQ LKUH *HGXOG NDQQWH NHLQH *UHQ]HQ ,FK HQWZDUI $XVUVWXQJVJHJHQVWlQGH RGHU .OHLGXQJVVWFNH XQG VLH IHUWLJWH VLH DQ 'DV KDOI PLU EHU PDQFKHV 7LHI KLQZHJ DEHU DXVIOOHQ NRQQWH HV PLFK QLFKW 'DV+HLPZHKKDWWHQLFKWVPLWPHLQHQ(OWHUQRGHUPLWPHLQHP*HEXUWVSODQHWHQ7UDNDUDW]X WXQ,FKZDUVRJDUIURKGD‰YLHOH/LFKWMDKUH]ZLVFKHQPLUXQGLKQHQRGHUPHLQHP%UXGHU %RQDPHVODJHQ 1DFKGHQ$EHQWHXHUQLQ GHU*RULP6WDWLRQWUDWHLQHHUVWHNOHLQHbQGHUXQJHLQ8QGGDQQ HLQH ]ZHLWH (V JLQJ DOOHV ]LHPOLFK VFKQHOO DEHU LFK JODXEWH QLFKW EHUVWU]W ]X KDQGHOQ RGHU]XUHDJLHUHQ :LU YHUOLH‰HQ GHQ HLQVDPHQ 3ODQHWHQ6KDGGLQQQLFKWQXUXP/RQJDVFEHLVHLQHU+RFK]HLW PLW&KHU XELQ5XKH]XODVVHQRGHUXPLKQEHLGHU$XVEHXWXQJGHUDOWHQ6WDWLRQLQGHUGLH ZDKQVLQQLJH 0DWHULHSURMHNWLRQ GHV 4XHULRQHQ /D\PRQHQ JHKHUUVFKW KDWWH ]X VW|UHQ 'HU :HJ GHU /$6+$7 IKUWH PHLQH=LHKHOWHUQ ZHLWHU LQ GHQ0DFKWEHUHLFK GHU (ZLJHQ .ULHJHU YRQ(67$578 $XFK 5RQ XQG -HQQ\ PDFKWHQ VLFK NHLQH EHVRQGHUHQ *HGDQNHQ GDUEHU GD‰ HLQH (LJHQPlFKWLJNHLW YRQ /RQJDVFV 'LVWHOIURVFK 3OXPS GDV (QGH /D\PRQHQV KHUEHLJHIKUW KDWWH $XFK LFK VDK GDULQ QLFKWV %HVRQGHUHV (V ZDU HLQIDFK VR SDVVLHUW XQG GDPLW VFKLHQ DOOHVHUNOlUW]XVHLQ :LU ZDUHQ ]ZHL 7DJH ZLHGHU PLW GHU /$6+$7 XQWHUZHJV XQG LFK EHJDQQ VFKRQ /RQJDVF XQG VHLQHQ 'LVWHOIURVFK ]X YHUJHVVHQ 0HLQ +HLPZHK EHVFKlIWLJWH PLFK PHKU DOV DOOHV DQGHUH 'LH 0|JOLFKNHLWHQ GHU $EOHQNXQJ ZDUHQ YLHOIlOWLJ GHQQ 9L ERW DXFK HLQH EUHLWH 3DOHWWH DQ 6SLHOHQ %FKHUQ RGHU VRQVWLJHQ 0|JOLFKNHLWHQ GHU 8QWHUKDOWXQJ DQ $EHU PLU ZDUQLFKWVUHFKW ,FK ]RJ PLFK ZLHGHU HLQPDO LQ PHLQH .DELQH ]XUFN XQG EHJDQQ .UHLVH DXI HLQ OHHUHV %ODWW3DSLHU]XPDOHQ (LQ 5DVFKHOQ LQ GHU XQWHUVWHQ 6FKXEODGH PHLQHV :DQGVFKUDQNV ZHFNWH PHLQH $XIPHUNVDPNHLW6ROOWHQVLFKKLHUDP(QGHJDU0lXVHHLQJHQLVWHWKDEHQ" ,FKWUDWOHLVHYRUGLH/DGHXQG]RJPLWHLQHP5XFNDXI,FKVWDXQWHQLFKWVFKOHFKWDOVLFKGRUW ]ZLVFKHQ PHLQHU 8QWHUZlVFKH 3OXPS /RQJDVFV 'LVWHOIURVFK KRFNHQ VDK (LQ SDDU VHLQHU 6WDFKHOQEHZHJWHQVLFKVDQIW ³+HLPZHK PDFKHQ EOXEEHUWH HU PLU HQWJHJHQ ³3OXPS ZLOO DXFK +HLPZHK PDFKHQ ZLH 3DWK ,FKYHUVWDQGQLFKWZDVHUPHLQWH%LVKHUKDWWHLFKMDQXUHLQSDDU6lW]HPLWLKPJHZHFKVHOW (UZDUPHLQHU$QVLFKWQDFKQLFKWVZHLWHUDOVHLQSXW]LJHV+DXVWLHU ³.RPP KHUDXV VDJWH LFK VWUHQJ ³'LVWHOIU|VFKH KDEHQ QLFKWV LQ 'DPHQXQWHUZlVFKH ]X VXFKHQ8QGGDQQHUNOlUHPLUELWWHZDVGXKLHUZLOOVW8QGZDUXPGXKLHUELVW (UPDFKWHWDWVlFKOLFKHLQHQ6DW]QDFKGUDX‰HQDXIGHP%RGHQ9RQGRUWKSIWHHUDXIGHQ 7LVFKZRGLH%OlWWHUPLWPHLQHQ.UHLVHQODJHQ ³+HLPZHKPDFKHQZLHGHUKROWHHU 'DV NODQJIDVW ZHLQHUOLFK ,FK NRQQWH PLFK LQ GLHVHU %HXUWHLOXQJDEHU DXFKWlXVFKHQGHQQ HUZHFKVHOWHVHLQH$UW]XVSUHFKHQIDVWVWlQGLJ'LH%HGHXWXQJVHLQHU0RGXODWLRQZDUPLU PHLVWUlWVHOKDIW ³,FKKDEH+HLPZHKDQWZRUWHWHLFKLKP 



³,FKKDEH+HLPZHKVFKQDUUWHHU ³'X ZLOOVW PLU VDJHQ GX KDVW DXFK +HLPZHK" 1XQ PX‰WH LFK VWDXQHQ GHQQ LFK GDFKWH ELVKHU GD‰GLHVHV KDOELQWHOOLJHQWH+DXVWLHU/RQJDVFVVLFKEHLGHP5DXPIOHGGHUHUVHKUZRKO JHIKOWKDWWH ³'XKDVW/RQJDVFHLQIDFKYHUODVVHQZDUILFKLKPYRU(LJHQWOLFKPX‰WHHUGDVYHUVWHKHQ ³'DVZDUQLFKWULFKWLJ ³/RQJDVF XQG &KHU XE JUXQ]WH HU 'DV NODQJ YHUlFKWOLFK ³1DFKZXFKV PDFKHQ %HXWH PDFKHQ ,FK YHUVWDQG LKQ (U KDWWH VHLQHQ +HUUQ YHUODVVHQ ZHLO HU VLFK GRUW EHUIOVVLJ YRUNDP /RQJDVF KDWWH HLQH /HEHQVSDUWQHULQ LQ &KHU XE JHIXQGHQ (U KDWWH MHW]W HWZDV :LFKWLJHUHV ]X WXQ DOV VLFK XP VHLQHQ YHUUFNWHQ 'LVWHOIURVFK ]X NPPHUQ RGHU GHVVHQ 6FKHU]H ]X HUWUDJHQ ³'HLQ +HUU KDW HLQH )UDX JHIXQGHQ VDJWH LFK ³'D KDVW GX LKQ YHUODVVHQ 'DV NDQQ LFK YHUVWHKHQ ³3OXPSPX‰+HLPZHKDQWZRUWHWHHUVlXVHOQGXQGPLWKRKHU6WLPPH ,FK]|JHUWH:DVZROOWHPLUGHU%XUVFKHZLUNOLFKVDJHQ" ³(V WXW PLU OHLG PHLQWH LFK ³$EHU LFK YHUVWHKH GLFK QLFKW 'X KDVW +HLPZHK" :RQDFK KDVWGX+HLPZHK"1DFKZHOFKHP2UW"'XPX‰WHVPLUVDJHQ ³+HLPZHKZLHGHUKROWHHU³0X‰WHVVDJHQ 'HU 7UVXPPHU JLQJ 3OXPS ]XFNWH ]XVDPPHQ ,FK DXFK ,UJHQG MHPDQG NDP LQ HLQHP Y|OOLJXQJHHLJQHWHQ0RPHQW ³0X‰LFKGHLQH$QZHVHQKHLWJHKHLPKDOWHQ"IUDJWHLFK ³*HKHLP JHKHLP IOVWHUWH GHU 'LVWHOIURVFK XQG VSUDQJ ]XUFN LQ GLH QRFK RIIHQH 6FKXEODGH *HVFKLFNW GUHKWH HU VHLQHQ .|USHU VR GD‰ HU VLFK DQ GHU 2EHUVHLWH IHVWKDOWHQ NRQQWHXQGVRGLH/DGH]XGUFNWH(LQHQXQDXIIlOOLJHQ6SDOWOLH‰HURIIHQ ,FK|IIQHWHGLH7UPHLQHU.DELQH(VZDU-HQQ\ ³+DOOR 6LHOlFKHOWH³,FKJODXEHLFK KDEHHLQH JXWH1DFKULFKWIUGLFKREZRKOVLH PLFK HWZDVWUDXULJVWLPPW ³(LQH JXWH 1DFKULFKW" ,FK ZDU GXUFK GDV XQYHUPXWHWH$XIWDXFKHQGHV'LVWHOIURVFKVQRFK HWZDVLUULWLHUW 6LHWUDWHLQXQGVHW]WHVLFK ³1LFKW QXU GX NODJVW EHU +HLPZHK VDJWH VLH ³:LU KDEHQ 1DFKULFKWHQ YRQ DQGHUHQ 9LURQDXWHQ EHNRPPHQ $XFK DQ %RUG DQGHUHU 9LUHQVFKLIIH JLEW HV MXQJH +XPDQRLGH GLH EXFKVWlEOLFKGLH1DVHYROOKDEHQXQG]XUFNLQGLH0LOFKVWUD‰HZROOHQ ³'DVLVWIUPLFKHLQVFKZDFKHU7URVW,FKOLH‰PLFKHQWWlXVFKWLQHLQHQ6WXKOIDOOHQ ³,UJHQGZR ]ZLVFKHQ 6LRP 6RP XQG (UHQG\UD LVW HLQ NOHLQHV 9LUHQVFKLII QDPHQV 1$87,/86DXIJHEURFKHQXPDOOHYRP+HLPZHKJHSODJWHQ:HVHQHLQ]XVDPPHOQXQGLQ GLH 0LOFKVWUD‰H ]X EULQJHQ 8QVHUH 9L KDW EHUHLWV PLW GHP .RPPDQGDQWHQ GHU 1$87,/86 $DURQ &RQWDUJHW .RQWDNW DXIJHQRPPHQ XQG GLFK DQJHPHOGHW :HQQ GX ZHLWHUKLQDXIGHLQHU5FNUHLVHEHVWHKVWVRN|QQHQZLUEHUHLWVIUPRUJHQHLQHQ7UHIISXQNW PLW GHU 1$87,/86 YHUHLQEDUHQ 'DQQ NDQQVW GX JHKHQ XQG LQ ZHQLJHQ 7DJHQ RGHU :RFKHQELVWGXZLHGHULQGHU0LOFKVWUD‰H ,FK DQWZRUWHWH QLFKW VRIRUW GHQQ ]ZHL hEHUUDVFKXQJHQ NXU] KLQWHUHLQDQGHU ZROOWHQ HUVW HLQPDOYHUNUDIWHWZHUGHQ0HLQ(QWVFKOX‰VWDQGIHVWDEHUGLH)UDJHZDUQXQZDVLFKPLW 3OXPSPDFKHQVROOWH :HQQ LFK VHLQ 9HUKDOWHQ ULFKWLJ LQWHUSUHWLHUW KDWWH VR OHJWH HU NHLQHQ :HUW GDUDXI GD‰ MHPDQG ² DX‰HU PLU ² YRQ VHLQHU $QZHVHQKHLW HUIXKU ,FK ZX‰WH QLFKW ZHOFKHV 



9HUKlOWQLV ]ZLVFKHQ LKP XQG -HQQ\ RGHU 5RQ EHVWDQG .RQQWH LFKLKQ GHQEHLGHQ HLQIDFK EHUODVVHQ" 2GHU ZDU GDV 9HUUDW" :DV ZDU DQ VHLQHP *HIDVHO YRP +HLPZHK ZLUNOLFK GUDQ" 6HOEVW ZHQQ LFK LKQ EHLP :HFKVHO ]XU 1$87,/86 PLWQHKPHQ ZUGH ZDU LKP GDPLW JHGLHQW":RKONDXPGHQQDXVGHU0LOFKVWUD‰HVWDPPWHHUEHVWLPPWQLFKW(UZUGHVHLQ +HLPZHKGRUWQLFKWVWLOOHQN|QQHQ ³'X]|JHUVW"IUDJWH-HQQ\ ³(LJHQWOLFK QLFKW DQWZRUWHWH LFK ³$Q PHLQHP :XQVFK KDW VLFK QLFKWV JHlQGHUW 9LHOOHLFKW ZlUH HV DEHU JDQ] JXW ZHQQ ZLU EHLGH XQV YRUKHU QRFK EHU HLQ SDDU 'LQJH DXVVSUHFKHQ N|QQWHQ ³*HUQ3DWK,FKELQIUGLFKGDZDQQLPPHUGXPLFKEUDXFKVW ³'DQNH ,FK OlFKHOWH ³9HUHLQEDUH ELWWH GDV 7UHIIHQ PLW GHU 1$87,/86 :LU VSUHFKHQ KHXWHQDFKGHP$EHQGHVVHQHLQYHUVWDQGHQ" ³(LQYHUVWDQGHQ2EZRKOPLFKGHLQ(QWVFKOX‰QLFKWJOFNOLFKPDFKW ,FKDQWZRUWHWHQLFKWVXQGZDUWHWHELVVLHJHJDQJHQZDU 'DQQKROWHLFK3OXPSDXVGHU/DGH ³'X KDVW GDV *HVSUlFK JHK|UW" IUDJWH LFK LKQ ³'X KDVW MD VHKU JHVFKLFNW HLQHQ 6SDOW JHODVVHQGDPLWGLUQLFKWVHQWJHKW ³*HK|UW *HKHLPZHK HUNODQJHV GXPSI :LHGHUNRQQWH LFK QLFKWYLHO PLW VHLQHQbX‰HUXQJHQ DQIDQJHQ ³'XPX‰WPLUHLQHYHUQQIWLJH$QWZRUWJHEHQ'LVWHOIURVFKYHUODQJWHLFKVWUHQJ³,FKZHUGH PRUJHQ GLH /$6+$7 YHUODVVHQ XQG DQ %RUG GHV 6DPPOHUVFKLIIV 1$87,/86 JHKHQ 'LH 1$87,/86 IOLHJW GDQQ LQ GHQ QlFKVWHQ 7DJHQ LQ 5LFKWXQJ PHLQHU +HLPDWJDOD[LV GHU 0LOFKVWUD‰H:HQQGXGDVYHUVWDQGHQKDVWGDQQDQWZRUWHMHW]WPLW-D ³-DEOXEEHUWHHU ³:HQQGXP|FKWHVWGD‰LFKGLFKKHLPOLFKPLWQHKPHIXKULFKIRUW³GDQQEHVWlWLJHGDV ³-D+HLPOLFKPLWQHKPHQHUNODQJHVYRQLUJHQGZRKHUDXVGHUVWDFKOLJHQJUQHQ.XJHO 'DPLW VWDQG IU PLFK IHVW ZDV LFK WXQ ZUGH %OLHE QRFK GDV *HVSUlFK XQWHU YLHU $XJHQ PLW -HQQ\ 'DV ZDU ZLFKWLJ GHQQ LFK ZROOWH RKQH 6FKXOGJHIKOH YRQ PHLQHQ =LHKHOWHUQ VFKHLGHQ8QGRKQH*HKHLPQLVVH :LU WUDIHQ XQV QDFK GHP $EHQGHVVHQ LQ HLQHU VWLOOHQ (FNH GHU %RUGNDQWLQH 'LH 9LUHQLQWHOOLJHQ] GHU /$6+$7 VRUJWH DXI PHLQH %LWWH KLQ GDIU GD‰ HLQH ]XVlW]OLFKH $EVFKLUPXQJHLQ]XIlOOLJHV0LWK|UHQDQGHUHUXQP|JOLFKPDFKWH ,FK VFKWWHWH -HQQ\ PHLQ +HU] DXV XQG GLHVPDO PDFKWH LFK DXV PHLQHQ SHUV|QOLFKHQ *HIKOHQ NHLQ *HKHLPQLV ,FK HUNOlUWH LKU GD‰ LFK VLH XQG 5RQ VHKU OLHEWH XQG GD‰ LFK LKQHQYLHO]XYHUGDQNHQKDWWH8QGGD‰LFKGHQQRFKJHKHQPX‰WH6LHYHUVWDQGPLFKVHKU JXW=XPLQGHVWVDJWHVLHGDV 'DQQNDPLFKDXIGHQHQWVFKHLGHQGHQ3XQNW]XVSUHFKHQ ³,FKP|FKWHLUJHQGZRHLQQHXHV/HEHQEHJLQQHQ-HQQ\,UJHQGZRGHU2UWVSLHOWZLUNOLFK QXUHLQHXQWHUJHRUGQHWH5ROOH$EHUGRUWVROOHQQXU0HQVFKHQOHEHQGLHQLFKWVYRQPHLQHU DEDUWLJHQ )lKLJNHLW GHU 5HDOKRORJUDSKLQ ZLVVHQ ,FK ZHL‰ 3HUU\ 5KRGDQ KDW JHVDJW DXV PLU N|QQWH HLQH JXWH 0XWDQWLQ ZHUGHQ 7KHRUHWLVFK LVW GDV GHQNEDU DEHU HLQHQ HQWVFKHLGHQGHQ3XQNWKDWHUEHUVHKHQ,FKZLOOGDVQLFKW,FKKDVVHGLHVHVFKHLQEDUH*DEH GLHPLFK]XHLQHPXQQRUPDOHQ'LQJDEVWHPSHOW$QGHUHP|JHQHVJUR‰DUWLJILQGHQZHQQ VLH PLW SVLRQLVFKHQ .UlIWHQ VFKHLQEDU :XQGHU YROOEULQJHQ DEHU IU PLFK LVW GDV HNHOHUUHJHQG ,FK NRPPH PLU ZLH HLQ 0RQVWHU YRU ,FK ELQ HLQ VROFKHV GXUFK GLH IDOVFKH (U]LHKXQJ PHLQHU (OWHUQ XQG GXUFK GLH HUEOLFKH 9RUEHODVWXQJ DXV GHP %DDORO.XOW 



JHZRUGHQ,FKNDQQGLUQLFKWJHQDXVDJHQZRKHUGLH$EVFKHXNRPPW9LHOOHLFKWNDQQVWGX HVEHVVHUGHXWHQGHQQGXELVWGLH3V\FKRORJLQ'XNHQQVWPHLQHQ/HEHQVODXIGXZDUVWPLU YLHOPHKUDOVHLQHJXWHXQGHUIDKUHQH)UHXQGLQ -HQQ\QDKPPHLQH+lQGH ³,FKP|FKWHQLFKW3DWKGD‰GXGLFKZHLWHUTXlOVW'XELVWHUZDFKVHQXQGGXNDQQVWJHKHQ XQGEHUGLFKVHOEVWHQWVFKHLGHQ,FKKDEHQXUHLQH%LWWHGHQQ7HNXQGLFKKlQJHQVHKUDQ GLU /D‰ XQV LUJHQGZDQQ HLQH 1DFKULFKW ]XNRPPHQ ,FK P|FKWH ZLVVHQ ZDV DXV GLU JHZRUGHQLVW ³,FKYHUVSUHFKHGLU]ZHL'LQJHHUNOlUWHLFKHUQVW³5RQXQGGXLKUZHUGHW]XUSDVVHQGHQ =HLWHLQHRGHUPHKUHUH%RWVFKDIWHQHUKDOWHQ,FKZHL‰QRFKQLFKWJHQDXZLHLFKGDVPDFKH DEHU HV ZLUG PLU VFKRQ HWZDV HLQIDOOHQ 'DV LVW GDV HLQH 'DV DQGHUH LVW PHKU DOV HLQ 9HUVSUHFKHQHVLVWHLQ*HO|EQLV ,FKPDFKWHHLQH3DXVHXPPHLQHQ:RUWHQGDVULFKWLJH*HZLFKW]XYHUOHLKHQXQGXP-HQQ\ *HOHJHQKHLW]XJHEHQHWZDV]XVDJHQ6LHEOLHEDEHUVFKZHLJVDPXQGVWDUUWHPLFKQXUDQ ³,FK JHOREH VSUDFK LFK ³QLH ZLHGHU XQG XQWHU NHLQHQ 8PVWlQGHQ UHDOH +RORJUDSKLHQ ]X HU]HXJHQ ³(V LVW GHLQ SHUV|QOLFKHU (QWVFKOX‰ DQWZRUWHWH -HQQ\ ³,FK KDEH LKQ YRQ GLU QLFKW YHUODQJW 8QG7HNDXFKQLFKW 'DPLWZDU]ZLVFKHQXQVDOOHV:LFKWLJHJHVDJW'HU5HVWEHVWDQGDXVIUHXQGOLFKHQ:RUWHQ XQGDXVHLQSDDU7UlQHQ $OV LFK DP QlFKVWHQ 7DJ GLH /$6+$7 YHUOLH‰ KDWWH LFK 3OXPS LQ PHLQHP SHUV|QOLFKHQ *HSlFN YHUVWHFNW (V KDW QLH MHPDQG HUIDKUHQ GD‰ HU VLFK DQ %RUG GHU /$6+$7 JHVFKPXJJHOWXQGLFKLKQPLWJHQRPPHQKDWWH 'HQQRFKYHUOLHIDQGLHVHP7DJQLFKWDOOHVVRZLHLFKHVPLUYRUJHVWHOOWKDWWH$Q%RUGGHU 1$87,/86ZDUHUVWHLQPDODOOHVIUHPGIUPLFKXQGLFKIKOWHPLFKHLQVDP+LQ]XNDP HLQH $UW .DW]HQMDPPHU HLQH QHXH 6HKQVXFKW ]XUFN ]X GHQ EHNDQQWHQ *HVLFKWHUQ GHU /$6+$7 (VZDUZLGHUVSUFKOLFKDEHUVROFKH*HIKOHH[LVWLHUWHQQXQHLQPDO'HUJU|‰WH6FKRFNZDU GLHVHU PHUNZUGLJH .RPPDQGDQW $DURQ &RQWDUJHW HLQ VFKZDU]KDDULJHU 6FKQ|VHO GHU PLFKEHLGHU%HJU‰XQJYRQREHQELVXQWHQPXVWHUWHXQGDEIlOOLJEHPHUNWH ³'LHVLVWHLQ5DXPVFKLIIXQGNHLQ.LQGHUJDUWHQ%LVWGXVLFKHUGD‰GX]XXQVZLOOVW" ,FK ZDUI LKP HLQHQ YHUQLFKWHQGHQ %OLFN ]X XQG VFKZLHJ (U ZDU PLU YRQ $QIDQJ DQ XQV\PSDWKLVFK XQG LFK ZX‰WH GD‰ VLFK GDV QLH lQGHUQ ZUGH 6HLQH GLFNHQ SHFKVFKZDU]HQ $XJHQEUDXHQ EHVD‰HQ IU PLFK HWZDV $QLPDOLVFKHV $XFK IDQG LFK GD‰ VHLQH $XJHQ ]X HQJ VWDQGHQ XQG GD‰ VHLQ .|USHU LUJHQGZLH IDOVFK SURSRUWLRQLHUW ZDU $Q GHQ6FKXOWHUQZLUNWHHU]XVFKPDOLP9HUJOHLFK]XGHQ+IWHQRGHUGHQ2EHUVFKHQNHOQ (U ZDU HLQ +XPDQRLGH ZLH LFK XQG GLH DQGHUHQ DEHU LFK NRQQWH WURW] XPIDQJUHLFKHU 6FKXOXQJHQ GXUFK GLH 9LUHQLQWHOOLJHQ] GHU /$6+$7 QLFKW VDJHQ DXV ZHOFKHP 9RON HU VWDPPWH :DKUVFKHLQOLFK KDQGHOWH HV VLFK XP HLQHQ 0LVFKOLQJ RGHU XP HLQHQ 7\S GHU VHOEVWQLFKWZX‰WHDXIZHOFKHP3ODQHWHQHUGDV/LFKWGHU:HOWHUEOLFNWKDWWH (V ZDUHQ LQVJHVDPW HOI 9LURQDXWHQ DQ %RUG GHU 1$87,/86 DOOHV MXQJH 0lQQHU LP $OWHU ]ZLVFKHQHWZD]ZDQ]LJXQGGUHL‰LJ-DKUHQ$DURQZDUQLFKWQXUGHU.RPPDQGDQWVRQGHUQ DXFKGHU:RUWIKUHU'DVGHPRQVWULHUWHHUYRQ$QIDQJDQPLWJHVWHQUHLFKHQ)ORVNHOQ (VZDUHLQVFKZDFKHU7URVWIUPLFKGD‰GLHDQGHUHQLKQQLFKWLPPHUIUYROOQDKPHQXQGLKQ EHLMHGHUSDVVHQGHQRGHUXQSDVVHQGHQ*HOHJHQKHLWPLW³0XIIW\DQVSUDFKHQ 'DVZDUHLQH$QVSLHOXQJDXIVHLQHSHUPDQHQWVFKOHFKWH/DXQH$EHULQGLHVHP3XQNWZDUHU QLFKW GHU HLQ]LJH 8Q]XIULHGHQH DQ %RUG (LJHQWOLFK ]HLJWHQ DOOH GD‰ VLH VLFK QLFKW ZRKO 



IKOWHQ HLQ VFKPlFKWLJHU 7\S QDPHQV -RQN &DSURFLD HLQ ZDVFKHFKWHU 7HUUDQHU YLHOOHLFKW DXVJHQRPPHQGHQQGHUEUDFKWHNHLQ:RUWEHUGLH/LSSHQ -RQNEHJOHLWHWHPLFKQDFKGHU$QNXQIWVWXPP]XPHLQHU.DELQHZRHUVLFKRKQHHLQ:RUW ZLHGHUYHUDEVFKLHGHWH $OVLFKGLH7UKLQWHUPLUJHVFKORVVHQKDWWHKRFNWHLFKPLFKHUVWHLQPDODXIGLH/LHJHXQG YHUVHQNWH PHLQHQ .RSI LQ GHQ +lQGHQ 0HLQH *HGDQNHQ ZDUHQ QDFK GLHVHQ HUVWHQ (LQGUFNHQ QRFK ]X XQJHRUGQHW 6FKOLH‰OLFK HULQQHUWH LFK PLFK DQ 3OXPS XQG OLH‰ LKQ KHUDXV 'HU 'LVWHOIURVFK VFKLHQ ]X VSUHQ GD‰ PHLQH 6WLPPXQJ DXI GHP 1XOOSXQNW ZDU GHQQHUVDJWHNHLQ:RUW ,FK ULFKWHWH HV PLU LQ PHLQHU .DELQH HLQ DOV LFK SO|W]OLFK HLQH ZHLFKH XQG ZHLEOLFKH 6WLPPHYHUQDKP ³+DOOR 3DWK LFK P|FKWH GLFK JHUQ EHJU‰HQ *HVWDWWHVW GX GD‰ LFK HLQHQ %OLFN EHL GLU KHUHLQZHUIH" ,FK ]XFNWH ]XVDPPHQ XQG EUDXFKWH HLQHQ 0RPHQW XP ]X YHUVWHKHQ GD‰ GLH 9LUHQLQWHOOLJHQ]GHU1$87,/86VLFKJHPHOGHWKDWWH ³$Q%RUGGHU/$6+$7QDQQWHQZLUGHLQ*HJHQVWFN9LDQWZRUWHWHLFKVFKOLH‰OLFK ³'DVLVWDXFKKLHUEOLFK'XZLUVWGLFKLP.UHLVGLHVHUMXQJHQXQGZHLWJHKHQGIUXVWULHUWHQ 0lQQHUQLFKWVHKUZRKOIKOHQ6LHVLQGHQWWlXVFKWXQGYHUELWWHUWGHQQVLHKDWWHQVLFKGLH 5HLVHQDFK(VWDUWXDQGHUVYRUJHVWHOOW6LHKDWWHQLKUH(UZDUWXQJHQ]XKRFKJHVFKUDXEW,FK ZLOOPLFKQLFKWDXIGUlQJHQDEHULFKN|QQWHPLUYRUVWHOOHQGD‰GXPHLQH+LOIHEUDXFKVW ³'DV JODXEH LFK DXFK 8QG PHLQH (UZDUWXQJHQ KDEHQ VLFK DXFK QLFKW HUIOOW 'X NDQQVW JHUQ LQ PHLQH .DELQH VFKDXHQ 'X ZLUVW IHVWVWHOOHQ GD‰ LFK HLQHQ NOHLQHQ %HJOHLWHU PLWJHEUDFKWKDEH(UKHL‰W3OXPS ³6HLG PLU ZLOONRPPHQ VDJWH 9L (LQ RSWLVFKHV 6LJQDO DQ GHU 7U ]HLJWH DQ GD‰ VLH PLW LKUHQRSWLVFKHQ6HQVRUHQJHJHQZlUWLJZDU :LU SODXGHUWHQ ]ZDQJORV XQG PHLQH 6RUJHQ OHJWHQ VLFK HWZDV ,FK HUIXKU GD‰ GLH 1$87,/86 QRFK YLHU ZHLWHUH 7UHIISXQNWH DQIOLHJHQ VROOWH XP XQ]XIULHGHQH 9LURQDXWHQ DXI]XQHKPHQ 2E HV VLFK GDEHL DXFK DXVVFKOLH‰OLFK XP PlQQOLFKH :HVHQKDQGHOWHZX‰WH9LQLFKW%HYRU ZLU DEHU LQ 5LFKWXQJ 0LOFKVWUD‰H VWDUWHQ NRQQWHQ ZUGHQ PLQGHVWHQV QRFK ]ZHL :RFKHQ YHUJHKHQ'DPLWIDQGLFKPLFKDE $P (QGH GLHVHV HUVWHQ *HVSUlFKV LQ GDV 3OXPS DE XQG ]X HLQ SDDU PHKU RGHU ZHQLJHU SDVVHQGH PHLVW QDFKJHSODSSHUWH :RUWH HLQVWUHXWH VWHOOWH GLH 9LUHQLQWHOOLJHQ] HLQH VHOWVDPH )UDJH ³3DWKEHIDQGVLFKGHLQNOHLQHU)UHXQG3OXPSOlQJHUH=HLWDXIGHU/$6+$7" ³(LJHQWOLFKQLFKWHQWJHJQHWHLFK³1XUHLQSDDU7DJHXQGGLHJDQ]KHLPOLFKGHQQHUKDWWH VLFKVHOEVWDQ%RUGJHVFKPXJJHOW ³0HLQVWGXGD‰GLHGRUWLJH9LUHQLQWHOOLJHQ]LKQEHPHUNWKDW" ³,FKZHL‰HVQLFKW*HVDJWKDWVLHQLFKWV8QGLFKKDEHYRQVHLQHU$QZHVHQKHLWHUVWJHVWHUQ HUIDKUHQ,FKNHQQHLKQDEHUVFKRQVHKUYLHOOlQJHU:DUXPIUDJVWGX" ³,FKELQPLUQRFKQLFKWVLFKHUVDJWH9L³/D‰PLUHWZDV=HLWXQGJHVWDWWHPLUGD‰LFK3OXPS XQDXIIlOOLJEHUSUIH(VN|QQWHVHLQGD‰HWZDVPLWLKPQLFKWVWLPPW ,FKVWDXQWHXQGVWDUUWHGLHVWDFKHOLJH.XJHODQ ³(WZDVQLFKWVWLPPWJUXQ]WHGHU'LVWHOIURVFK³+HLPZHKPVVHQ ³:HL‰WGXZRKHUHUVWDPPW"ZROOWH9LZLVVHQ ³.HLQH$KQXQJDEHUEHVWLPPWDXVGHU0lFKWLJNHLWVEDOOXQJGHU(67$578:LUKDEHQLKQ EHL HLQHP VKDEDULVFKHQ 5DXPIOHGGHUHU QDPHQV /RQJDVF DQJHWURIIHQ 8QG GHVVHQ 



=LJHXQHUYRON VWDPPW PHLQHV :LVVHQV DXV (UHQG\UD 9LHOOHLFKW NDQQVW GX HWZDV KHUDXVILQGHQ9L" ³,FK ZHUGH HV YHUVXFKHQ 3DWK YHUVSUDFK 9L ³,FK ZHUGH DXFK YHUVXFKHQ HLQH (UNOlUXQJ IUVHLQHLJHQDUWLJHV9HUKDOWHQ]XILQGHQ ³)LQGHQMDXOWH3OXPSJHGHKQW³)LQGHQ ,FKZDUQDFKGHQNOLFKJHZRUGHQ:DVZDUGHQQHLJHQDUWLJDQ3OXPS" 5RQ -HQQ\ ,KU VHKW DQ GLHVHP 2UGHUWDS GD‰ LFK PHLQ HUVWHV 9HUVSUHFKHQ JHKDOWHQ KDEH :DV GDV ]ZHLWH EHWULIIW VR PX‰ LFK HXFK VDJHQ GD‰ LFK PLFK LPPHU ZLHGHU DQ -HQQ\V :RUWH HULQQHUW KDEH DOV VLH VDJWH HV VHL PHLQ SHUV|QOLFKHU (QWVFKOX‰ 'DUI PDQ VROFKH SHUV|QOLFKHQ(QWVFKOVVHGLHPDQZLHHLQHQ(LGJHPHLQWKDWHLQIDFKDXIKHEHQ" ,FKJODXEHHVQLFKW   ,FK ZDU MHW]W ]ZHL 7DJH DQ %RUG ,Q]ZLVFKHQ KDWWHQ ZLU HLQHQ ZHLWHUHQ MXQJHQ 0DQQ DXIJHQRPPHQ GHQ GDV +HLPZHK SODJWH 'HQ DQGHUHQ 9LURQDXWHQ JLQJ LFK DXV GHP:HJ ZRLPPHUHVP|JOLFKZDU6HOEVWGLH0DKO]HLWHQQDKPLFKQLFKWLP*HPHLQVFKDIWVUDXPHLQ VRQGHUQLQPHLQHU.DELQH1DWUOLFKPDFKWHLFKPLUGDPLWNHLQH)UHXQGHDEHUGDVZDUPLU HJDO $DURQ &RQWDUJHW OLH‰ VLFK ]XP *OFN QXU VHOWHQ EOLFNHQ 'LH ZHLWHUHQ %HJHJQXQJHQ PLW LKP]HLJWHQGD‰ZLUZLH)HXHUXQG:DVVHUZDUHQ $OVVLFKXQVHUH:HJHDQGLHVHP0RUJHQEHLHLQHP,QVSHNWLRQVJDQJNUHX]WHQGHQLFK]XP .HQQHQOHUQHQ GHU 1$87,/86 XQWHUQDKP EODIIWH HU PLFK ZLHGHU DQ ,FK ZROOWH HLQIDFK ZHLWHUJHKHQDEHUHUVWHOOWHVLFKPLULQGHQ:HJ ³0DGDPH (LQVDP VS|WWHOWH HU ³'X VSLHOVW ZRKO PLW GLU VHOEVW 9HUVWHFNHQ 2GHU JODXEVW GXGXELVWHWZDV%HVVHUHV" ³(WZDV %HVVHUHV DOV GX JDQ] EHVWLPPW DQWZRUWHWH LFK GHQQ LFK KDWWH PHLQ 6HOEVWYHUWUDXHQLQ]ZLVFKHQZLHGHUJHZRQQHQ ³:DVZLOOVWGXGDPLWDQGHXWHQ"(UZXUGHURWLP*HVLFKW ,FK DKQWH GD‰ LFK XQEHDEVLFKWLJW HLQHQ ZXQGHQ 3XQNW EHL LKP JHWURIIHQ KDWWH 'DV ZDU ]ZDU QLFKW PHLQH $EVLFKW JHZHVHQ DEHU QDFK GHQ YLHOHQ XQIUHXQGOLFKHQ %HPHUNXQJHQ EHVFKOR‰LFKGLH6LWXDWLRQDXV]XQXW]HQ ³'DV ZHL‰W GX VHOEVW 2GHU ELVW GX ]X GXPP GDIU" 0LW GLHVHU %HPHUNXQJ NRQQWH HU DQIDQJHQZDVHUZROOWH3URYR]LHUHQGZDUVLHDOOHPDO ³'X PHLQVW GX N|QQWHVW GLU HWZDV KHUDXVQHKPHQ ]LVFKWH HU JULPPLJ ³QXU ZHLO GX HLQ UHLQUDVVLJHV$QWL0lGFKHQELVW'DOLHJVWGXEHLPLUDEHUWRWDOGDQHEHQ ³+DW9LGLUGDVHU]lKOW",FKEHNDPQRFKPHKU2EHUZDVVHUGHQQQXQJODXEWHLFKHUNDQQW ]X KDEHQ ZR EHL 0XIIW\ GHU ZXQGH 3XQNW ODJ ³0LU NRQQWH VLH QLFKW VDJHQ ZRKHU GX VWDPPVW6LHZX‰WHHVQLFKW 'DV ZDU JODWW JHORJHQ GHQQ LFK KDWWH PLW GHU 9LUHQLQWHOOLJHQ] NHLQ :RUW EHU GHQ 6FKZDU]KDDULJHQJHZHFKVHOW (UVFKQDXIWHVFKZHU ³6LH NRQQWH HV QLFKW ZLVVHQ IXKU LFK VFKHLQEDU XQEHNPPHUW IRUW ³GHQQ GX KDVW HV LKU QLFKW JHVDJW :LH N|QQWHVW GX DXFK" 'X ZHL‰W MD VHOEVW QLFKW ZR GX DXV ZHVVHQ :LHJH JHIDOOHQELVW ³)U  GLHVH  )UHFKKHLW ZHUGH  LFK  GLFK  EHVWUDIHQ EUOOWH HU ³1RFK ELQ LFK KLHU GHU .RPPDQGDQW,FKVHW]HGLFKDXIGHPQlFKVWHQgGSODQHWHQDE'DQQKDVWGX=HLWXPEHU GLFKXQGGHLQH8QYHUVFKlPWKHLWHQQDFK]XGHQNHQ 



³hEHUPLFKGHQNHLFKJHUQQDFKHQWJHJQHWHLFKNKO³'DORKQWVLFKGDV'HQNHQQRFK)U GLFKZUGHLFKKLQJHJHQNHLQH*HGDQNHQYHUVFKZHQGHQ (UZROOWHVFKRQZLHGHUORVOHJHQDOVXQVGLHVDQIWH6WLPPH9LVXQWHUEUDFK ³%LWWHEHHQGHWGLHVLQQORVH'LVNXVVLRQ,FKPX‰GULQJHQGPLW$DURQEHUGHQZHLWHUHQ.XUV GHU1$87,/86VSUHFKHQ ³'D KDVW GX QRFK HLQPDO *OFN JHKDEW $DURQ &RQWDUJHW VSLHOWH GHQ 1DFKVLFKWLJHQ :DKUVFKHLQOLFK ZDU HU VHOEVW IURK GD‰ GLH 9LUHQLQWHOOLJHQ] LKP DXV GLHVHU SHLQOLFKHQ 6LWXDWLRQKDOI³:LUVSUHFKHQXQVQRFK (UHLOWHGDYRQ ,FK EUDFK PHLQHQ 5XQGJDQJ DE XQG NHKUWHLQ PHLQH .DELQH]XUFN'DV6LJQDODQGHU7U YHUULHWPLUGD‰9LPLWLKUHQ6HQVRUHQJHJHQZlUWLJZDU3OXPSKRFNWHLQHLQHP:DQGIDFK GDVLFKIULKQUHVHUYLHUWXQGPLWHLQHU'HFNHDXVJHOHJWKDWWH ³,FK PX‰WH HXHU 6WUHLWJHVSUlFK XQWHUEUHFKHQ 3DWK\WKLD PHOGHWH VLFK 9L ³GHQQ LFK KDEH HLQHZLFKWLJH0LWWHLOXQJIUGLFK ³,FKGDFKWHGXZROOWHVWPLWGLHVHP,GLRWHQEHUGHQ.XUVGHU1$87,/86VSUHFKHQ ³'DV ZDU HLQ 9RUZDQG $EJHVHKHQ GDYRQ $DURQ LVW NHLQ ,GLRW (U KDW QXU HLQ SDDU 3UREOHPH ³,FK JODXEH DQWZRUWHWH LFK ³HU VFKlPW VLFK ZHJHQ VHLQHU +HUNXQIW (U VFKHLQW HLQ 0LVFKOLQJDXV]ZHLRGHUPHKUHUHQKXPDQRLGHQ9|ONHUQ]XVHLQ ³6R N|QQWH HV VHLQ  DEHU GDUEHU ELQ LFK QLFKW LQIRUPLHUW :HQQ LFK HWZDV Z‰WH ZUGH LFKHVDXV7DNWJUQGHQIUPLFKEHKDOWHQ ³'X KDVW LKP JHVDJW GD‰ LFK HLQH $QWL ELQ ZDUI LFK LKU YRU GHQQ QXQ IKOWH LFK PLFK XQJHUHFKWEHKDQGHOW ³(UKDWGDVJHVDJW 9LODFKWH³(VJHK|UWQLFKWYLHO (UIDKUXQJ GD]XXPGDV ]XHUNHQQHQ ,FKZUGHQLHPDOVEHUHLQHQ9LURQDXWHQVSUHFKHQZHQQGLHVHUQLFKWDQZHVHQGLVWRGHUHV DXVGUFNOLFKZQVFKW ³/DVVHQZLUGDV,FKVDKPHLQHQ,UUWXPHLQZLQNWHDEXQGVHW]WHPLFKKLQ³'XZROOWHVW PLUHWZDV:LFKWLJHVPLWWHLOHQ ³(V JHKW XP GHLQHQ NOHLQHQ )UHXQG 3OXPS ,FK KRUFKWH DXI ³,FK NRQQWH QLFKW KHUDXVILQGHQ ZRKHU HU VWDPPW REZRKO LFK PLW YLHOHQ DQGHUHQ 9LUHQVFKLIIHQ .RQWDNW DXIJHQRPPHQKDEH$EHULFKKDEHHLQH0HQJHDQGHUHU'LQJHHUIDKUHQ.HQQVWGX6WDONHUV %HJOHLWHUGHQ$QLPDWHXU6NRUVK" ³,FKKDEHYRQLKPJHK|UWXQG%LOGHUYRQLKPJHVHKHQ ³6NRUVKJHK|UW]XHLQHP9RONGHVVHQ%HGHXWXQJYRQGHQ9LURQDXWHQELVKHURIIHQVLFKWOLFK XQWHUVFKlW]W ZRUGHQ LVW 0DQ QHQQW GLHVH :HVHQ 3WHUXV 6LH VFKHLQHQ LQ PDQFKHQ %HUHLFKHQYRQ(VWDUWXHLQHEHGHXWHQGH5ROOH]XVSLHOHQDEHUVLHKDOWHQVLFKZRKOVWHWVLP +LQWHUJUXQG,FKNDQQGLUPHKUHUH%LOGHUYRQGLHVHQ:HVHQDQELHWHQ ³,FK ZHUGH VLH PLU DQVHKHQ YHUVSUDFK LFK ]|JHUQG ³$EHU LFK NDQQ PLU QLFKW YRUVWHOOHQ GD‰GDVIUPLFKYRQ,QWHUHVVHLVW ³'LHVH3WHUXVVLQGYHUPXWOLFK'UDKW]LHKHULP+LQWHUJUXQGHUNOlUWH9L³'LHVH(UNHQQWQLV VFKHLQWMHW]WJHVLFKHUW8QGQRFKHLQVLVWZLFKWLJ6LHVLQGNHLQHDQJHQHKPHQ%XUVFKHQ ³'DQQ VROOWHQ ZLU LKQHQ DXV GHP :HJ JHKHQ VDJWH LFK GHQQ LFK YHUVWDQG LPPHU QRFK QLFKWZRUDXI9LKLQDXVZROOWH ³(V JLEW HLQHQ =XVDPPHQKDQJ ]ZLVFKHQ ]XPLQGHVW HLQLJHQ 3WHUXV DXV GHU *DOD[LV (UHQG\UD XQG GHP 9RON GHU 'LVWHOIU|VFKH 'DUEHU OLHJW PLU HLQ %HULFKW YRQ HLQHP DQGHUHQ9LUHQVFKLIIYRUGHU]ZDUDXVGHU=HLWYRUGHU$QNXQIWGHU9LURQDXWHQVWDPPWGHU DEHU GRFK DOV JHVLFKHUW JLOW 'LH 9LURQDXWHQ KDEHQ HLQHQ 6SHLFKHUNULVWDOO JHIXQGHQ GHU 



GUDPDWLVFKH 6FKLOGHUXQJHQ HQWKlOW 'LH 3WHUXV MDJHQ GLH 'LVWHOIU|VFKH ZR LPPHU VLH VLH DQWUHIIHQ 8QG GLH 'LVWHOIU|VFKH YRQ GHQHQ LQ GHP EHUPLWWHOWHQ %HULFKW GLH 5HGH LVW ZDUHQ DEVROXW LQWHOOLJHQW XQG GHV SHUIHNWHQ 6RWKDON PlFKWLJ ,FK ZLOO GDPLW VDJHQ GD‰ HV VLFK EHL LKQHQ QLFKW XP KDOELQWHOOLJHQWH +DXVWLHUH KDQGHOW VRQGHUQ XP :HVHQ YRQ HLQHP KRKHQJHLVWLJHQ1LYHDX 'DPLW ZXUGH GLH 6DFKH GRFK LQWHUHVVDQW GHQQ LFK KDWWH GDV %HGUIQLV 3OXPS ]X KHOIHQ :DV KDWWH GDV DEHU ]X EHGHXWHQ ZDV 9L GD EHULFKWHWH" 'LH 'LVWHOIU|VFKH VROOWHQ ULFKWLJ LQWHOOLJHQWVHLQ ,FKVSUDFKGLH9LUHQLQWHOOLJHQ]GDUDXIDQ ³'DV EHVDJWGHU%HULFKW 'LH%HVFKUHLEXQJGLHVHU:HVHQGLHLP EULJHQGLH 8UKHEHU GHV %HULFKWV ]X VHLQ VFKHLQHQ SD‰W HLQGHXWLJ DXI GHLQHQ 3OXPS ,Q GHP %HULFKW ZLUG YRU GHQ 3WHUXVJHZDUQWRKQHGD‰PDQJHQDXHUIlKUWZRULQGLH*HIDKUEHVWHKW ³0HUNZUGLJ,FKNRQQWHPLUDXIGDV*HK|UWHQRFKNHLQHQ5HLPPDFKHQ ³,FK P|FKWH HLQHQ 9HUVXFK PLW 3OXPS PDFKHQ IXKU 9L IRUW ³'HLQ (LQYHUVWlQGQLV VHW]H LFK YRUDXV ,FK VDJWH GLU VFKRQ EHL XQVHUHP HUVWHQ *HVSUlFK GD‰ 3OXPS PLU HLJHQDUWLJ YRUNRPPW ,FK KDEH LKQ QXQ GXUFKJHKHQG EHREDFKWHW XQG PLW PHLQHQ 0|JOLFKNHLWHQ ELRORJLVFK DXVJHWHVWHW RKQH GD‰HU HWZDVGDYRQ JHPHUNW KDW'DEHL KDEH LFK GHQ 9HUGDFKW HQWZLFNHOWGD‰3OXPSV%HZX‰WVHLQNQVWOLFKJHOlKPWZXUGH(UNDQQQLFKWULFKWLJGHQNHQ XQGVSUHFKHQDEHUHUNRQQWHHVIUKHUHLQPDO 'LH3HUVSHNWLYHQGLHVLFKKLHU|IIQHWHQYHUEOIIWHQPLFK ³'X ZLOOVW HLQHQ 9HUVXFK GXUFKIKUHQ YHUVXFKWH LFK ]X UDWHQ ³XP GLHVHQ 9HUGDFKW EHVWlWLJW]XEHNRPPHQ" ³1LFKW JDQ] 3DWK ,Q GHP %HULFKW ZLUG GHU ULFKWLJH 1DPH YRQ 3OXPSV 9RON HUZlKQW 'LVWHOIURVFK LVW VLFKHU QXU HLQH HUIXQGHQH %H]HLFKQXQJ GLH YRQ GHP IUKHUHQ +HUUQ 3OXPSVVWDPPHQN|QQWH,FKP|FKWH3OXPSPLWGLHVHP1DPHQNRQIURQWLHUHQXQGGDEHLGLH 6WU|PXQJHQVHLQHV%HZX‰WVHLQVPHVVHQ ,FK KDWWH QLFKWV JHJHQ GLHVHV ([SHULPHQW HLQ]XZHQGHQ 3OXPS GHU DOOHV PLWJHK|UW KDWWH UHJWHVLFKQLFKW(USODSSHUWHDXFKQLFKWVQDFKZLHHVVRQVWIDVWVWlQGLJGHU)DOOZDU 9LVFKLFNWHHLQHNOHLQH6FKZHEHSODWWIRUPDXIGHUVLFK*HUlWHEHIDQGHQGHUHQ)XQNWLRQLFK QXUHUDKQHQNRQQWH'LHURERWLVFKH(LQKHLWVWDQGGLUHNWPLW9LLQ9HUELQGXQJZLHVLHPLU YHUVLFKHUWH1DFKLKUHQ$QZHLVXQJHQULHILFKGLHVWDFKHOLJH.XJHO ³3OXPS.RPPKHUXQGKRFNHGLFKKLHUKLQ (UWLSSHOWHKHUDQXQGEUXPPWH³+RFNHGLFKKLQ ³$FKWHDXIGDVZDV9LVDJW6LHLVWIUGLFKXQVLFKWEDUDEHUVLHVLHKWXQGK|UWGLFK ³8QVLFKWEDUZLHGHUKROWHHU³+HLPZHKPDFKHQ 'LH9LUHQLQWHOOLJHQ]ZDUWHWHQRFKHLQZHQLJ:DKUVFKHLQOLFKQDKPVLHMHW]W9HUPHVVXQJHQ GHU 0HQWDOVWU|PXQJHQ GHV 'LVWHOIURVFKV YRU XP GLHVH :HUWH PLW GHQHQ ]X YHUJOHLFKHQ GLH JOHLFKIROJHQZUGHQ ³+|UVWGXPLFK3OXPS"IUDJWHVLH ³+|UHPLFKNDPGLH$QWZRUWSIHLIHQG ³,FKEHJU‰HGLFK'\UDQHU1HQQHPLUGHLQHQULFKWLJHQ1DPHQ 'LH :LUNXQJ ZDU YHUEOIIHQG 3OXPS VDQN Y|OOLJ LQ VLFK ]XVDPPHQ (U YHUORU VHLQH .XJHOJHVWDOW XQG lKQHOWH PHKU HLQHP PLW 6WDFKHOQ JHVSLFNWHQ 3IDQQNXFKHQ 'DQQ VFKWWHOWHHUVLFKXQGOHJWHDOOH6WDFKHOQIODFKDQGLH$X‰HQKDXWRGHUHU]RJVLHJDULQVLFK KLQHLQ1XQVDKHUHUVWUHFKWZLHHLQXQDQVHKQOLFKHU)ODGHQDXV ³:DVLVWPLWLKP"IOVWHUWHLFK ³:DUWH 



,FK ID‰WH PLFK LQ *HGXOG 0LQXWHQ YHUVWULFKHQ LQ GHQHQ 3OXPS JDQ] DOOPlKOLFK VHLQH QRUPDOH *HVWDOW ]XUFNJHZDQQ 9L PHOGHWH VLFK LPPHU QRFK QLFKW 'LH NOHLQH 3ODWWIRUP PLWGHQ*HUlWHQNUHLVWHXQWHUGHVVHQXPGHQ'LVWHOIURVFK 3O|W]OLFKPDFKWH3OXPSHLQHQ6DW]XQGVSUDQJDXIVHLQHQ3ODW]LP:DQGIDFK]XUFN ³(U KDW HLQGHXWLJ DXI GDV :RUW '\UDQHU UHDJLHUW WHLOWH PLU 9L PLW ³$EHU GLH 6SHUUH LQ VHLQHP %HZX‰WVHLQ NRQQWH LFK QLFKW GXUFKEUHFKHQ RGHU JDU EHVHLWLJHQ (U LVW HLQ '\UDQHU GDV ZHL‰ HU ZLHGHU XQG HU NRQQWH VLFK GDUDQ HULQQHUQ ,P 0RPHQW VWUHLWHQ VLFK LQ LKP YHUVFKLHGHQH%HUHLFKHVHLQHV%HZX‰WVHLQVXPGLH2EHUKHUUVFKDIW ,FK ZHUGH YHUVXFKHQ HLQ 0HGLNDPHQW ]X HQWZLFNHOQ GDV LKP KLOIW LQ GLH 5HDOLWlW ]XUFN]XNHKUHQ :UGHVWGXPLU 3OXPS IU HLQHQ RGHU ]ZHL 7DJH EHUODVVHQ" ,FK KDEH HLQ /DERU DQ %RUG GDV IU GLH 9LURQDXWHQQLFKW]XJlQJOLFKLVW 1DWUOLFKZDULFKHLQYHUVWDQGHQ ³,FKVFKLFNHGLUHLQH.DSVHOLQGHUGXLKQWUDQVSRUWLHUHQNDQQVW%LWWHEULQJHLKQSHUV|QOLFK LQ GDV XQWHUVWH 'HFN LP :HVWIOJHO ,FK KHOIH GLU PLW RUDQJHIDUEHQHQ /LFKWVLJQDOHQ GHQ :HJ]XILQGHQ(VZLUGLKPQLFKWV6FKOHFKWHVZLGHUIDKUHQGDVYHUVLFKHUHLFKGLU ³,FKYHUWUDXHGLU9L ,FK KDWWH SO|W]OLFK 0LWOHLG PLW GHP NOHLQHQ .HUO $EHU GLH $EZHFKVOXQJ GLH HU XQG 9L SO|W]OLFKLQPHLQ'DVHLQJHEUDFKWKDWWHQOHQNWHPLFKYRQPHLQHP6HHOHQVFKPHU]DEXQGZDU PLUGDKHUVHKUZLOONRPPHQ,FKIKOWHPLFKHLQIDFKZLHGHUEHVVHU 'LHDQJHNQGLJWH.DSVHOHLQH$UW7DVFKHPLW7UDJHJULIIHQWUDIDXIHLQHUDQGHUHQ3ODWWIRUP HLQ ,FK QDKP VLH DQ PLFK XQG IRUGHUWH 3OXPS DXI KLQHLQ]XVSULQJHQ (U WDW GLHV NRPPHQWDUORV 'LHEHLGHQ6FKZHEHHLQKHLWHQ9LV]RJHQDE ,FKIKOWHPLFKZLUNOLFKYLHOEHVVHU0LWGLHVHPSRVLWLYHQ(PSILQGHQPDFKWHLFKPLFKDXI GHQ:HJ]X9LV/DERU $XI KDOEHP :HJ GXUFK GLH 1$87,/86 NDP PLU $DURQ ³0XIIW\ &RQWDUJHW HQWJHJHQ 1HXJLHULJ VWDUUWHHU DXI GHQ %HKlOWHU GHQ LFKLQGHU UHFKWHQ+DQGWUXJ,FK LJQRULHUWH LKQ XQGZROOWHDQLKPYRUEHLJHKHQDEHUHUEUHLWHWHVHLQH$UPHDXVXQGULHIVFKDUI ³+DOW ,FKEOLHEVWHKHQXQGVDJWHQLFKWV ³:DVKDVWGXLQGHP%OHFKNDVWHQ"IUDJWHHU ³(WZDV 3HUV|QOLFKHV DQWZRUWHWH LFK UXKLJ ³(WZDV ZDV GLFK QLFKWV DQJHKW 8QG QXQ P|FKWHLFKJHKHQ ³,FKVDJHGLUZDQQGXJHKVW'XYHUJL‰WZRKOZLHGHUHLQPDOZHUKLHUGHU.RPPDQGDQWLVW 'DGHU9HUGDFKWEHVWHKWGD‰GXHWZDV9HUERWHQHVWXVWP|FKWHLFKGHQ,QKDOWGHV.DVWHQV NRQWUROOLHUHQ ³'DVVWHKWGLUQLFKW]X,FKZXUGHDOOPlKOLFKXQJHGXOGLJ³'XVROOWHVWGRFKZLVVHQZHOFKH 6SLHOUHJHOQ DQ %RUG YRQ 9LUHQVFKLIIHQ JHOWHQ 2GHU KDVW GX QRFK QLFKWV YRQ )UHL]JLJNHLW JHK|UW"$X‰HUGHPJLEWHVNHLQH.RPPDQGDQWHQVRQGHUQDOOHQIDOOVHLQHQ0HQWRURGHUHLQH 0HQWRULQIU9L ³$Q%RUGGHU1$87,/86EHVWLPPHLFKZHOFKH6SLHOUHJHOQXQG*HVHW]HJHOWHQ|IIQHGLH .LVWH ³'DV ZHUGH LFK QLFKW WXQ HUNOlUWH LFK HQWVFKLHGHQ 0HLQ =RUQ ZXUGH JU|‰HU 'HU EO|GH .HUO ZUGH PLFK QLFKW DXIKDOWHQ 8QG HU ZUGH DXFK QLFKWV YRQ GHU $QZHVHQKHLW GHV 'LVWHOIURVFKV HUIDKUHQ GHQQ GDV ZUGH QXU ZLHGHU HLQ $QOD‰ ]X QHXHQ 'LVNXVVLRQHQ RGHU 6WUHLWHUHLHQVHLQ ³'X PX‰W HV WXQ (U JULQVWH EO|G XQG KLHOW SO|W]OLFK HLQHQ 3DUDO\VDWRU LQ GHU +DQG 



³)UHLZLOOLJRGHUQLFKWGDVVSLHOWNHLQH5ROOH ,FK ZDU WRWDO YHUGDWWHUW GHQQ PLW HLQHP VR PDVVLYHQ 9RUJHKHQ KDWWH LFK QLFKW JHUHFKQHW 6FKODJDUWLJ EHILHO PLFK PHLQH DOWH 8QVLFKHUKHLW GLH :XW XQG GLH +LOIORVLJNHLW ,FK IKOWH PLFKDQGLHVFKOLPPHQ=HLWHQPLWPHLQHQ(OWHUQDXI7UDNDUDWHULQQHUW 1DWUOLFKPX‰WHLFKQDFKJHEHQ,FKKDWWHNHLQHDQGHUH:DKO ³$XIPDFKHQULHIHU³2GHULFKGUFNHDE =X PHLQHP *OFNWDXFKWH5RQDOG7HNHQHU LQ GLHVHP 0RPHQWKLQWHU$DURQ&RQWDUJHWDXI 5RQ VFKOXJ LKP GLH :DIIH DXV GHU +DQG XQG GDQQ GLH )DXVW LQV *HVLFKW $DURQ VDQN ]X %RGHQ XQG LFK PX‰WH GHP IDOOHQGHQ .|USHU DXVZHLFKHQ %HLQDKH ZlUH PLU GDEHL GHU %HKlOWHUPLW3OXPSDXVGHU+DQGJHJOLWWHQ ,FKILQJPLFKDQHLQHU6HLWHQZDQGDEXQGUDIIWHPLFKDXI$OVLFKPLFKEHL5RQEHGDQNHQ ZROOWH ZDU HU VFKRQ ZLHGHU YHUVFKZXQGHQ 1XU $DURQ &RQWDUJHW ODJ EHZX‰WORV DP %RGHQ 6HLQOLQNHV$XJHVFKZROODQXQGDXVGHU1DVHOLHIHLQGQQHU6WUHLIHQ%OXW5RQKDWWHLKQ EOLW]VDXEHUJHWURIIHQ 5RQ" 'HQ 6FKZHL‰DXVEUXFK NRQQWH LFK QLFKW YHUKLQGHUQ DOV LFK HUNDQQWH ZDV ZLUNOLFK JHVFKHKHQ ZDU ,FK EHIDQG PLFK DXI GHU 1$87,/86 5RQ DEHU ZDU DXI GHU /$6+$7 XQG YRQ GHU WUHQQWHQPLFK/LFKWMDKUH 'HU 7HNHQHU GHU PLU KLHU JHKROIHQ KDWWH ZDU QLFKW 5RQ JHZHVHQ REZRKO HU GXUFKDXV DOV UHDOEH]HLFKQHWZHUGHQPX‰WH$OVUHDOH0DWHULHDEHUQLFKWDOVUHDOHV/HEHZHVHQ (UZDUVRUHDOJHZHVHQZLHDOOH+RORJUDSKLHQGLHLFKVFKRQIUKHUDXVPHLQHPPXWLHUWHQ*HLVW KHUDXVHU]HXJWKDWWH ,FK KDWWH GLHVPDO DEHU QDKH]X LQVWLQNWLY JHKDQGHOW 'DPLW KDWWH LFK PLU VHOEVW EHZLHVHQ GD‰ LFK PHLQHQ 9RUVDW] QLH ZLHGHU 5HDOKRORJUDSKLHQ ]X HU]HXJHQ P|JOLFKHUZHLVH JDU QLFKW HLQKDOWHQNRQQWH ,FKNDPPLUZLHGHUYRUZLHHLQ0RQVWHU $XIGHP:HJ]X9LV/DERUPX‰WHLFKPLFK]XVDPPHQUHL‰HQXPQLFKWODXWORV]XKHXOHQ ,FK OLH‰ 3OXPS GRUW ]XUFN XQG HLOWH ZLHGHU GXUFK GLH *lQJH GHU 1$87,/86 LQ 5LFKWXQJ PHLQHU.DELQH (LQ *HIKO GHU *OHLFKJOWLJNHLW EHVFKOLFK PLFK GDEHL :DKUVFKHLQOLFK ZDU HV DXV GHU 5HVLJQDWLRQHQWVWDQGHQ (V KDOI PLU JDQ] UXKLJ ]X EOHLEHQ DOV LFK YRU GHP .DELQHQHLQJDQJ &RQWDUJHW -RQN &DSURFLD XQG ]ZHL ZHLWHUH 9LURQDXWHQ ZDUWHQ VDK 'HU 0HQWRU GHU VLFK KLHU DOV .RPPDQGDQWEH]HLFKQHWHKLHOWVLFKQRFKGDVJHVFKZROOHQH$XJH ³3DWK\WKLD %DDO VSUDFK HU VWUHQJ DXV ³,FK YHUODQJH XPJHKHQG HLQH (UNOlUXQJ 1LHPDQG JUHLIWPLFKXQJHVWUDIWDQ ³1LHPDQG EHGURKW PLFK PLW HLQHU :DIIH HUNOlUWH LFK ³8QG GDV KDVW GX JHWDQ 8QG GD‰ LFKGLFKQLFKWDQJHJULIIHQKDEHLVWGLUZRKONODU 6HLQHGUHL%HJOHLWHUEOLFNWHQVLFKDQ ³'DYRQKDVWGXXQVQLFKWVJHVDJWPHOGHWHVLFK-RQN&DSURFLDOHLVH³'XKDVWVLHPLWHLQHU :DIIHEHGURKW" ³(V VSLHOW NHLQH 5ROOH $DURQ IXFKWHOWH ZWHQG PLW GHP IUHLHQ $UP LQ GHU /XIW KHUXP ³,FKKDEHQXUNRQWUROOLHUHQZROOHQZDVGLHVHV:HLELQGHP%HKlOWHUGXUFKV6FKLIIWUXJ ³0XIIW\ZHQQGXQRFKHLQPDOGLHVHV:HLEVDJVWHUNOlUWH-RQNQDFKGUFNOLFKDEHUNDXP K|UEDU³GDQQKDVWGXJOHLFK]ZHLEODXH$XJHQ ³/DQJVDPODQJVDP,FKZROOWHGLH0lQQHUEHUXKLJHQXQGKREEHLGH+lQGHLQGLH+|KH ³$DURQ UHJW VLFK Y|OOLJ XPVRQVW DXI (U KDW LQ PHLQHQ 3ULYDWDQJHOHJHQKHLWHQ QLFKW ]X 



VFKQIIHOQ $OV HU GDV YHUVXFKWH KDW LKP HLQHU GHQ 3DUDO\VDWRU DXV GHU +DQG JHVFKODJHQ XQGLKQGDQQLQV5HLFKGHU7UlXPHJHVFKLFNW'DVDOOHVZHL‰HUVHOEVW ³,FKZLOOZLVVHQZHUPLFKJHVFKODJHQKDWYHUODQJWHGHU'XQNHOKDDULJHXQEHKHUUVFKW ³'DV PX‰W GX VHOEVW KHUDXVILQGHQ HQWJHJQHWH LFK ³,FK NHQQH HXFK DOOH QRFK QLFKW PLW 1DPHQ8QGLP+DOEGXQNHOGHV.RUULGRUVNRQQWHLFKPLUVHLQ*HVLFKWDXFKQLFKWPHUNHQ 'DVLVWDOOHV-HW]WP|FKWHLFKLQPHLQH.DELQH0DFKWGHQ:HJIUHL -RQN XQG HLQ DQGHUHU 9LURQDXW ]RJHQ $DURQ &RQWDUJHW ]XU 6HLWH 6LH VFKLHQHQ HKHU DXI PHLQHU6HLWH]XVWHKHQDOVDXIGHU0XIIW\V ³'DQNHVDJWHLFKXQGOlFKHOWH-RQN&DSURFLD]X 'LH0lQQHU]RJHQDE ,QPHLQHU .DELQH OHJWHLFKPLFKDXIGLH/LHJHXQG VFKOR‰GLH$XJHQ(LQVFKODIHQNRQQWH LFK QDWUOLFK QLFKW 9RU PHLQHP JHLVWLJHQ $XJH ]RJHQ DOO GLH %LOGHU DXV GHQ (UOHEQLVVHQ YRUEHL EHL GHQHQ LFK 5HDOKRORJUDSKLHQ HU]HXJW KDWWH ,FK YHUVXFKWH DXV GHU (ULQQHUXQJ HWZDV3RVLWLYHVGDEHL]XHPSILQGHQDEHUHVJHODQJPLUQLFKW ,UJHQGZDQQEHUPDQQWHPLFKGLH0GLJNHLWXQGLFKVFKOLHIHLQ $OV LFK VSlWHU YRQHLQHP6LJQDOWRQHUZDFKWHIKOWH LFKPLFK HUVWDXQOLFKHUZHLVHVHKUJXW ,FK KDWWH NHLQH (ULQQHUXQJHQ DQ LUJHQGZHOFKH 7UlXPH 8QG DXFK GHQ =XVDPPHQVWR‰ PLW $DURQVDKLFKMHW]WJHODVVHQHU (U NRQQWH EHVWLPPW QLFKW EHZHLVHQ ZDV ZLUNOLFK JHVFKHKHQ ZDU DOV ZLU XQV EHJHJQHW ZDUHQ 6ROOWH HU VHLQH .UlIWH DQ GHQ DQGHUHQ 9LURQDXWHQ DXIUHLEHQ XQG GRUW GHQ YHUPHLQWOLFKHQ7lWHUVXFKHQ(UZUGHLKQQLHILQGHQ ,FKKDWWHZlKUHQGGLHVHU=HLWPHLQH5XKH 'HU7RQGHUPLFKJHZHFNWKDWWHZDUYRQ9LJHNRPPHQ ³,FK NRQQWH YRUEHUJHKHQG HLQHQ 7HLO GHU 0HQWDOVSHUUH EHL 3OXPS EHVHLWLJHQ WHLOWH VLH PLUPLW³(LQHEOHLEHQGH+HLOXQJEHUVWHLJWPHLQH0|JOLFKNHLWHQGHQQLFKNHQQHGLH8UVDFKH GHU/lKPXQJQLFKW$EHULFKKDEHHLQLJHVLQ(UIDKUXQJJHEUDFKW ³,FKK|UH ³3OXPSKHL‰WLQ:LUNOLFKNHLW-DXQWHFF(UVWDPPWYRP3ODQHWHQ'\UDLP.HUMDKRW6\VWHP XQG GDV ZLHGHUXP LVW LQ GHU *DOD[LV (UHQG\UD ]X ILQGHQ 6HLQ *HSODSSHU YRQ +HLPZHK EHGHXWHW QLFKWV DQGHUHV DOV GD‰ HU XPJHKHQG QDFK '\UD ZLOO (U PHLQWH DOOHLQ VHLQH $UWJHQRVVHQGRUWN|QQWHQLKPKHOIHQ 'DVZDUHQLQGHU7DWYHUEOIIHQGH1HXLJNHLWHQ ³(U EHILQGHW VLFK MHW]W ZLHGHU LQ GHP =XVWDQG LQ GHP GX LKQ NHQQVW EHULFKWHWH 9L ZHLWHU ³'LH3UR]HGXUGLHLFKGXUFKJHIKUWKDEHNDQQLFKYRUHUVWQLFKWZLHGHUKROHQGHQQHUN|QQWH EOHLEHQGH 6FKlGHQ HUOHLGHQ ,FK KDEH LKP HLQ SDDU .|USHUVXEVWDQ]HQ HQWQRPPHQ 'DPLW H[SHULPHQWLHUH LFK ZHLWHU XP HLQHQ YHUWUlJOLFKHQ ,PPXQPRGXODWRU ]X ILQGHQ GHU LKQ HQGJOWLJKHLOW,FKZHL‰QLFKWREGDVVHKUEDOGJHOLQJW'LH)UDJHGLHVLFKMHW]WGLUXQGPLU VWHOOWLVWZDVVROOJHVFKHKHQ" ³/LHJW(UHQG\UDDXIGHP:HJ]XGHQDQGHUHQ7UHIISXQNWHQRGHUDXIGHP:HJLQ5LFKWXQJ 0LOFKVWUD‰H"IUDJWHLFK ³1HLQODXWHWHGLH$QWZRUW ³:HQQZLULKQGRUWDEVHW]HQZLHYLHO=HLWYHUOLHUHQZLUGDQQ" ³0LQGHVWHQV]ZHL7DJH ³:HQQLFKGLFKELWWHQZUGHQDFK(UHQG\UD]XIOLHJHQRKQHGD‰$DURQXQGDQGHUHHWZDV GDYRQHUIDKUHQZUGHVWGXHVGDQQWXQ",KU(LQYHUVWlQGQLVEHNlPHLFKQlPOLFKQLH ³(LQH VFKZLHULJH )UDJH JDE GLH 9LUHQLQWHOOLJHQ] ]X ³,FK VWLPPH GLU LQ GHU %HXUWHLOXQJ $DURQ&RQWDUJHWV]X 



³'DV LVW NHLQH DXVUHLFKHQGH $QWZRUW ,FK ZLOO ]XUFN ]XU 0LOFKVWUD‰H DEHU LFK P|FKWH DXFK3OXPSKHOIHQ:HUZHL‰ZHOFKHV6FKLFNVDOVLFKKLQWHUVHLQHU*HVFKLFKWHYHUELUJW ³%LWWHKROHLKQLP/DERUDEVDJWH9L(VZDUGDVHUVWH0DOGD‰LFKJODXEWH8QVLFKHUKHLW DXV LKUHQ :RUWHQ KHUDXVK|UHQ ]X N|QQHQ ³0HLQH HQGJOWLJH $QWZRUW EHNRPPVW GX QRFK KHXWH ,FK KROWH 3OXPS VWHFNWH LKQ LQ VHLQ :DQGIDFK XQG ZDUWHWH 9L PHOGHWH VLFK QLFKW 'LH $QWZRUWNDPYRQHLQHUJDQ]DQGHUHQ6HLWH 1DFKGHP$EHQGHVVHQPHOGHWHVLFK$DURQ&RQWDUJHWEHUGDV%RUGVSUHFKQHW] ³,FK KDEH VRHEHQ YRQ 9L HUIDKUHQ HUNOlUWH HU ³GD‰ ZLU QRFK MHPDQGHQ KDEHQ GHQ GDV +HLPZHK SODJW 'DV HUIRUGHUW HLQHQ NOHLQHQ 8PZHJ YRQ YLHOOHLFKW ]ZHL 7DJHQ 'HU %XUVFKHKDWVLFKDXI'\UDGHPGULWWHQ3ODQHWHQHLQHV6RQQHQV\VWHPVQDPHQV.HUMDKRWLQ GHU*DOD[LV(UHQG\UDDEVHW]HQODVVHQ:LUQHKPHQGDKHUHUVWHLQPDO.XUV'\UD ,FKPX‰WHOlFKHOQ9LKDWWHHLQHHOHJDQWH/|VXQJJHIXQGHQ 5RQ -HQQ\ 6R QDKPHQ GLH 'LQJH LKUHQ /DXI *DQ] DQGHUV DOV LFK VLH PLU YRUJHVWHOOW KDWWH GHQQ HV JLQJ QLFKW DXI GHP JHUDGHQ :HJ XQG RKQH .RPSOLNDWLRQHQ LQ 5LFKWXQJ 0LOFKVWUD‰H 8QGDXFKQLFKWJDQ]RKQH5HDOKRORJUDSKLHQ   'LHGUHL‰LJ6WXQGHQELV]XP(UUHLFKHQGHV.HUMDKRW6\VWHPVYHUOLHIHQRKQH=ZLVFKHQIlOOH $DURQ &RQWDUJHWVFKLHQ DXV GHP MQJVWHQ =XVDPPHQVWR‰ VHLQH /HKUHQ JH]RJHQ]XKDEHQ (UEHOlVWLJWHPLFKQLFKWPHKU ,FK EOLHE PLW 3OXPS LQ PHLQHU .DELQH XQG SODXGHUWH QXU DE XQG ]X PLW 9L RGHU GHP 'LVWHOIURVFK 'HU ZDU ]LHPOLFK VFKZHLJVDP JHZRUGHQ ,FK ZX‰WH QLFKW JHQDX ZDV LQ LKP YRUJLQJRGHUREHUEHLGHU%HKDQGOXQJLQ9LV/DERUJDUVRHWZDVZLHHLQHQ6FKRFNHUOLWWHQ KDWWH 0DQFKPDO ZQVFKWH LFK PLU GD‰ LFK PLFK PLW LKP IUHL XQG YHUQQIWLJ XQWHUKDOWHQ N|QQWHDEHUGDVZUGHZRKOIULPPHUHLQ7UDXPEOHLEHQ ³,FK KDEH GLH 2UWXQJVV\VWHPH DNWLYLHUW WHLOWH 9L PLU PLW ³'DV .HUMDKRW6\VWHP OLHJW YRU XQV XQG LFK EHZHJH PLFK MHW]W PLW 8QWHUOLFKWJHVFKZLQGLJNHLW $XFK GLH DQGHUHQ 9LURQDXWHQZHUGHQEHUGLH9RUJlQJHLQIRUPLHUW 6LH HU]HXJWH HLQHQ %LOGVFKLUP LQ PHLQHU .DELQH GHU HLQHQ $XVVFKQLWW GHV :HOWDOOV ZLHGHUJDE ,FK NRQQWH PLU HLQHQ SHUV|QOLFKHQ (LQGUXFN YRQGLHVHP 6RQQHQV\VWHP PDFKHQ GHVVHQ3ODQHWHQ9LQDWUOLFKH[WUHPYHUJU|‰HUWH .HUMDKRWZDUHLQJUR‰HUOHLFKWKHOOEODXHU6WHUQ$XVGHU=XRUGQXQJ]XDQGHUHQ6WHUQHQLQ GHU NRVPLVFKHQ 8PJHEXQJ HUJDE VLFK HWZDV 9HUEOIIHQGHV %LV QDFK 1DJDWK PLW GHU YHUlQGHUOLFKHQ SXOVLHUHQGHQ 6RQQH &HSRU EHWUXJ GHU $EVWDQG JDQ]H VLHEHQXQG]ZDQ]LJ /LFKWMDKUH$XI1DJDWKKDWWHGLH/$6+$7PLW5RQ-HQQ\XQGPLUHLQLJHVFKZHUH:RFKHQ YHUEUDFKW +DWWHGDVHWZDV]XEHGHXWHQ" 6FKOLH‰OLFK ZDUHQ DXFK /RQJDVF XQG 3OXPS GDPDOV PLW YRQ GHU 3DUWLH JHZHVHQ 8QG IROJOLFK KDWWH VLFK GHU 'LVWHOIURVFK VFKRQ HLQPDO JDQ] LQ GHU 1lKH VHLQHU +HLPDWZHOW DXIJHKDOWHQ GHQQ VLHEHQXQG]ZDQ]LJ /LFKWMDKUH ZlUHQ VHOEVW IU GLH DOWHUVVFKZDFKH &$17/(5< GHV 5DXPIOHGGHUHUV QXU HLQ .DW]HQVSUXQJ JHZHVHQ =XPLQGHVW ZXUGH PLU MHW]W EHZX‰W GD‰ ZLU XQV LP +HUUVFKDIWVEHUHLFK GHV .ULHJHUV .DOPHU DXIKLHOWHQ GHU DXI 1DJDWKPLWJHZDOWLJHQ3URMHNWLRQHQVHLQHU*HVWDOWLQ(UVFKHLQXQJJHWUHWHQZDU 'DV 6\VWHP YHUIJWH EHU HOI 3ODQHWHQ YRQ GHQHQ PLQGHVWHQV GUHL LQ GHU =RQH ODJHQ GLH HV HUODXEWH GD‰ ELRORJLVFKHV /HEHQ KHUYRUJHEUDFKW ZXUGH 'HU PLWWOHUH GDYRQ GHU GULWWH 



3ODQHWZDU'\UD'LH1DPHQGHUDQGHUHQ3ODQHWHQZDUHQ9LXQEHNDQQW 'HULQQHUVWH3ODQHWZDUHLQH*OXWK|OOH 'LH )HUQDXIQDKPHQ GHV ]ZHLWHQ XQG YLHUWHQ 3ODQHWHQ OLH‰HQ YHUPXWHQ GD‰ GRUW ]XPLQGHVW SIODQ]OLFKHV /HEHQ H[LVWLHUWH 'LH 1XPPHU  HQWKLHOW VRJDU QRFK HLQH UHODWLY GLFKWH $WPRVSKlUHDEHUDXFK]ZHLULHVLJHYHUHLVWH3RONDSSHQ 'HU VHFKVWH 3ODQHW ZDU HLQ DWPRVSKlUHORVHU *UR‰SODQHW XQG VFKRQ ]LHPOLFK NDOW DEHU DXV IHVWHP*HVWHLQ 'DQQ IROJWHQ ]ZHL *DVULHVHQ YRP 6WLO -XSLWHUV XQG GUHL lX‰HUH .OHLQSODQHWHQ GLH GHP IUKHUHQ3OXWRGHV6ROV\VWHPVQLFKWXQlKQOLFKZDUHQ ³,FKNDQQQLFKWV$X‰HUJHZ|KQOLFKHVIHVWVWHOOHQXQGQHKPHGLUHNWHQ.XUVDXI'\UDWHLOWH GLH9LUHQLQWHOOLJHQ]PLWXQGEHVFKOHXQLJWH ³*OHLFKKDEHQZLUGHLQH+HLPDWHUUHLFKWVSUDFKLFK]X3OXPS ³+HLPDW HUUHLFKW ZLHGHUKROWH HU PRQRWRQ ,FK KDWWH LUJHQGZLH GDPLW JHUHFKQHW GD‰ HU VLFK IUHXWH $EHU GDV ZDU QLFKW GHU )DOO 0LU EHKDJWH GDV QLFKW (LQ XQJXWHV *HIKO EHVFKOLFKPLFK ³3OXPSVDJWHLFK³IUHXVWGXGLFKQLFKW" ³*UR‰H*HIDKUEOXEEHUWHHUSO|W]OLFK³$XISDVVHQ ³9LKDVWGXGDVJHK|UW"ULHILFK³,FKJODXEH3OXPSZLOOXQVZDUQHQ ³,FK SDVVH DXI 3DWK YHUVLFKHUWH 9L ³,FK NDQQ QLFKWV 8QJHZ|KQOLFKHV IHVWVWHOOHQ $XI 3ODQHW1XPPHUJLEWHVSULPLWLYH(QHUJLHHFKRV'RUWKDWVLFKHLQH=LYLOLVDWLRQHQWZLFNHOW DEHUGLHNDQQXQVQLFKWJHIlKUOLFKZHUGHQ :LUSDVVLHUWHQGLH8PODXIEDKQGHUEHLGHQ*DVULHVHQDOV9L$ODUPVFKOXJ ³7lXVFKXQJHQ (QHUJLHIHOGHU 7DUQVFKLUPH VSUXGHOWH VLH KHUYRU ³(WZDV OHJW VLFK XP GLH 1$87,/86,FKELQQLFKWPHKUYROOPDQ|YULHUIlKLJ:LUZHUGHQDQJHJULIIHQDEHULFKNDQQ QLFKWVDQDO\VLHUHQ ,FK ]RJ LQ DOOHU (LOH PHLQH 6SH]LDODXVUVWXQJ EHU GLH LFK QRFK YRQ GHU 9L DXI GHU /$6+$7KDWWHKHUVWHOOHQODVVHQ,P5FNHQWRUQLVWHUZDUDXVUHLFKHQG3ODW]IU3OXPS,FK VWRSIWHLKQKLQHLQZDVHUZLOOLJEHUVLFKHUJHKHQOLH‰ 6HLQH:DUQXQJZDU]XVSlWJHNRPPHQ ,FK HLOWH LQ GLH =HQWUDOH ZR LFK GLH DXIJHUHJWHQ 9LURQDXWHQ DQWUDI (LQ 5HWWXQJVJOHLWHU VWDQGYRUGHU$X‰HQVFKOHXVHEHUHLWDEHUQLHPDQGZROOWHLKQEHVHW]HQ1RFKKRIIWHQDOOHGD‰ 9LGLH6DFKHLQGHQ*ULIIEHNDP ³6FKXW]DQ]JHDQOHJHQEUOOWH$DURQ&RQWDUJHW 0HLQHP.RPPHQVFKHQNWHHUNHLQHUOHL$XIPHUNVDPNHLW ³(VVLHKWQLFKWJXWDXVEHULFKWHWH9LZHLWHU³:LUVLQGLQHLQH)DOOHJHJDQJHQ,FKNDQQVLH QLFKW DQDO\VLHUHQ XQG GHVKDOE DXFK NHLQHQ )OXFKWYHUVXFK XQWHUQHKPHQ :LU PVVHQ =HLW JHZLQQHQELVLFKHUNHQQHZDVGUDX‰HQYRUJHKW0HLQH)DKUWZXUGHDEJHEUHPVW(VQlKHUW VLFKHLQJUR‰HVIUHPGHV5DXPVFKLII$XIPHLQH)XQNVSUFKHHUIROJWNHLQH$QWZRUW ,UJHQG HWZDV NUDFKWH PLW XQKHLPOLFKHP*HW|VHJHJHQ GLH $X‰HQZDQG GHU 1$87,/86 'DV 6FKLIIVFKZDQNWHEHGHQNOLFK'LH$QGUXFNQHXWUDOLVDWLRQIXQNWLRQLHUWHQLFKWPHKU ³0HLQH 6\VWHPH VLQG JHOlKPW WHLOWH GLH 9LUHQLQWHOOLJHQ] PLW ³,FK NDQQ QLFKWV JHJHQ GLH $QJUHLIHUDXVULFKWHQXQGGHDNWLYLHUHPLFKGDKHU]XDFKWXQGQHXQ]LJ3UR]HQW ³'DVGDUIVWGXQLFKWVFKULH$DURQ&RQWDUJHW³1RFKELQLFKKLHUGHU.RPPDQGDQWXQGLFK JHEHGLH%HIHKOH (UEHNDPNHLQH$QWZRUW 8QVHUH 6FKXW]DQ]JH VFKORVVHQ VLFK 'DV 6FKRWW ZXUGH YRQ GUDX‰HQ DXIJHVSUHQJW XQG ZLU VDKHQ HLQ 'XW]HQG 5RERWHU PLW VFKZHUHU .DPSIDXVUVWXQJ GLH VFKQHOO HLQGUDQJHQ 8QG 



GDKLQWHUNDPHLQH]ZHUJHQKDIWH*HVWDOW 'DPLWZDUNODUZHUXQVVREUXWDODQJHJULIIHQKDWWH ³(LQ3WHUXVHQWIXKUHVPLUXQGLFKHULQQHUWHPLFKDQGLH%LOGHUGLH9LPLUJH]HLJWKDWWH :LUZDUHQ3OXPSV)HLQGHQLQGLH+lQGHJHIDOOHQ -HGH *HJHQZHKU ZDU VLQQORV 0HLQ 9HUVWDQG VDJWH PLU GD‰ LFK JHJHQ GLHVHQ SO|W]OLFKHQ hEHUIDOODXFKPLWPHLQHQ0LWWHOQQLFKWVDXVULFKWHQNRQQWH (LQVFKLPPHUQGHV(QHUJLHIHOGVFKLUPWHGDV/HFNDE2EGLH$QJUHLIHUHVDXIJHEDXWKDWWHQ RGHU GLH QRFK DNWLYHQ 6\VWHPH GHU 1$87,/86 GDV NRQQWH LFK QLFKW IHVWVWHOOHQ +LQWHU GHP)HOGIKUWHHLQVFKODXFKDUWLJHV*HELOGH]XGHPDQGHUHQ5DXPVFKLII ³$EZDUWHQ =HLW JHZLQQHQ IOVWHUWH 9L PLU EHU GLH WHFKQLVFKHQ 6\VWHPH PHLQHU 6SH]LDOPRQWXU ]X ³,FK KDEH QXU QRFK 9HUELQGXQJ ]X GLU 8QG HV VLHKW ZLUNOLFK QLFKW JXW DXV:LUZHUGHQDEJHVFKOHSSW 'LH5RERWHUGUlQJWHQGLH9LURQDXWHQXQGPLFKDQHLQH6HLWHQZDQG6LHVXFKWHQXQVDE=XP *OFNHQWGHFNWHQVLH3OXPSQLFKWLQPHLQHP5FNHQWRUQLVWHU$X‰HUGHP3DUDO\VDWRUGHQ $DURQ&RQWDUJHWEHVD‰IDQGHQVLHQLFKWV ³6LHVLQGXQEHZDIIQHWULHIHLQHUYRQLKQHQGHP3WHUXV]X (LQ 7HLO GHU 5RERWHU GUDQJ ZHLWHU LQ GLH 1$87,/86 HLQ XP QDFK DQGHUHQ %HVDW]XQJVPLWJOLHGHUQ]XVXFKHQ(VZDUHQDEHUDOOHKLHUYHUVDPPHOW ³:LU VLQG IULHGOLFKH 5HLVHQGH VFKULH &RQWDUJHW ZWHQG ³:DV IlOOW HXFK HLQ XQV ]X EHUIDOOHQ 'HU3WHUXVWUDWQlKHUKHUDQXQGPXVWHUWHGHQMXQJHQ0DQQLQWHUHVVLHUW'DEHL]HLJWHHUVHLQ 5DXEWLHUJHEL‰ ³'XZHL‰WZHULFKELQ"IDXFKWHHULKQDQ³1HLQ"'XVSULFKVWPLW:KDVSSHUV|QOLFK ³'HU1DPHVDJWPLUQLFKWVDQWZRUWHWHGHU6FKZDU]KDDULJH ³'X ELVW KLHU ZRKO GHU &KHI JUROOWH :KDVS PLW UDXKHU 6WLPPH ³,FK GDFKWH HUVW LKU VHLG 0DUGHODQHU DEHU MHW]W VHKH LFK GD‰ GDV HLQ ,UUWXP ZDU ,KUVHKW DXV ZLH 0DUGHODQHUDEHU VHLGNHLQH:RKHUNRPPWLKU"8QGZDVVXFKWLKUKLHU" ³,FKVDJWHHVVFKRQZLUVLQGIULHGOLFKH5HLVHQGH0XIIW\EHNDPVLFKZLHGHUHWZDVLQGHQ *ULII³0HLQ1DPHLVW$DURQ&RQWDUJHW0HLQH)XQNWLRQKLHUDQ%RUGLVWGLHHLQHV0HQWRUV GHU NQVWOLFKHQ ,QWHOOLJHQ] GHV 6FKLIIHV :LU VWDPPHQ QLFKW DXV GLHVHU *DOD[LV GLH LKU (UHQG\UDQHQQW:LUVLQG%HVXFKHULQ(67$5786*HILOGHQ ³,Q (67$5786 *HILOGHQ 'HU =ZHUJHQKDIWH ODFKWH LURQLVFK ³'LH ,QWHOOLJHQ] HXUHV 5DXPVFKLIIV KDEHQ ZLU ODKPJHOHJW 8QG LKU VHLG 6SLRQH HLQHV DQGHUHQ .ULHJHUV 0LFK N|QQWLKUQLFKWWlXVFKHQ ³'DVLVWQLFKWZDKUZHKUWHVLFK$DURQ³:LUZROOHQKLHUQLFKWVZHLWHUDOVHLQHQYRQXQV DXIGHP3ODQHWHQ'\UDDEKROHQGHUVLFKGRUWKDWDEVHW]HQODVVHQ'DQQIOLHJHQZLU]XUFN LQXQVHUH*DOD[LVGLHQLFKW]XP+HUUVFKDIWVEHUHLFK(67$5786JHK|UW ³'DV LVW GLH GPPVWH /JH GLH LFK MH JHK|UW KDEH :KDVS ODFKWH PHFNHUQG ³$XI '\UD JLEWHVQXU'\UDQHUDEHUNHLQH=ZHLEHLQHU ³,FK NHQQH NHLQH '\UDQHU HUNOlUWH $DURQ ³(V ZlUH YHUQQIWLJHU ZHQQ LKU XQV MHW]W :HLWHUUHLVHQOD‰W:LUKDEHQHXFKQLFKWVJHWDQ :KDVS JDE HLQHP GHU 5RERWHU HLQ =HLFKHQ 'HU YHUVFKZDQG QDFK GUDX‰HQ LQ VHLQHP 5DXPVFKLII $OV HU ]XUFNNHKUWH ZDUI HU HLQ JUQHV .QlXHO DXI GHQ %RGHQ HLQ (EHQELOG YRQ3OXPS'HU'\UDQHUZLHVHOWHKLQXQGKHU$OVHULQGLH+|KHVSUDQJEHWlXEWHLKQGHU 5RERWHUPLWHLQHP3DUDO\VHVWUDKO ³'DVLVWHLQ'\UDQHUVDJWH:KDVS ³(LQ VROFKHV 7LHU KDEH LFK QRFK QLH JHVHKHQ VDJWH 0XIIW\ 'DV JODXEWH LFK LKP DEHU 



QLFKWGHU3WHUXV ,FK GDFKWH GDUDQ GD‰ HV QRFK JDU QLFKW VR ODQJH KHU ZDU GD‰ HU XP HLQ +DDU YRQ 3OXPS HUIDKUHQ KlWWH 8QG ZHQQ HU VLFK QLFKW VR EHUKHEOLFK DQJHVWHOOW KlWWH KlWWH LFK LKP GHQ 'LVWHOIURVFKVRJDUJH]HLJW ³'DV LVW NHLQ 7LHU $DURQ &RQWDUJHW 'HU '\UDQHU LVW EHVWLPPW LQWHOOLJHQWHU DOV GX 'HLQH /JHQ KHOIHQ HXFK QLFKWV ,KU VHLG PHLQH *HIDQJHQHQ XQG ZLU EULQJHQ HXFK HUVW HLQPDO QDFK 4XRODW :HQQ HLQHU YRQ HXFK EHUHLW LVW HLQ YROOHV *HVWlQGQLV DE]XOHJHQ XQG YRQ VHLQHP$XIWUDJ]XEHULFKWHQVRLVWHUHLQIUHLHU0DQQ :KDVS YHUVFKZDQG DXI VHLQ 5DXPVFKLII 6LHEHQ 5RERWHU EOLHEHQ ]X XQVHUHU %HZDFKXQJ ]XUFN ³:LUQHKPHQ.XUVDXIGHQIQIWHQ3ODQHWHQLQIRUPLHUWHPLFK9L³4XRODWVFKHLQWGHVVHQ 1DPH]XVHLQ ,FK YHUKLHOW PLFK Y|OOLJ UXKLJ XQG DXFK 3OXPS UKUWH VLFK QLFKW :HQQ VLH LKQ EHL PLU HQWGHFNHQ ZUGHQ ZlUH GDV ZDKUVFKHLQOLFK HLQH .DWDVWURSKH GHQQ GDQQ ZUGH GLHVHU :KDVS XQV HUVW UHFKW IU 9HUEQGHWH GHU '\UDQHU KDOWHQ XQG EHVWLPPW QLFKW PHKU DXI IUHLHQ)X‰VHW]HQ ³:LU QlKHUQ XQV GHP 3ODQHWHQ HUIXKU LFK YRQ 9L ³0|JOLFKHUZHLVH ZLUG PDQ HXFK GRUW YRQ %RUG VFKDIIHQ :LU EHLGH EOHLEHQ LP NRGLHUWHQ )XQNNRQWDNW 3DWK =XYRU PX‰ LFK GLU KHLPOLFK HWZDV EHUJHEHQ ,FK KDEH HLQHQ ,PPXQPRGXODWRU IU 3OXPS HQWZLFNHOW (V KDQGHOW VLFK XP HLQ 6HUXP GDV GX LQ HLQH EHOLHELJH 6WHOOH VHLQHV .|USHUV VSULW]HQ PX‰W 'LH:LUNXQJZLUGYHUPXWOLFKQLFKWVHKUVFKQHOOXQGDXFKQLFKWYROOVWlQGLJHLQVHW]HQDEHU QDFKPHLQHQ%HUHFKQXQJHQP‰WH3OXPSHWZD]ZHL7DJHQDFKGHU,PPXQLVLHUXQJZLHGHULP 9ROOEHVLW]VHLQHU(ULQQHUXQJHQXQGDXFKVHLQHUJHLVWLJHQ)lKLJNHLWHQVHLQ ³:LH VROO LFK LQ GHQ %HVLW] GHV ,PPXQPRGXODWRUV JHODQJHQ" IUDJWH LFK XQDXIIlOOLJ XQG EHZHJWH GDEHL PHLQH /LSSHQ VR ZHQLJ ZLH P|JOLFK ³'LH :DFKURERWHU GUIHQ QLFKWV PHUNHQ ³/HKQ GLFK DQ GLH :DQG ,FK ILQGH HLQHQ :HJ XP GLH $PSXOOH PLW GHU 6SULW]H LQ GHLQH 7DVFKH]XVFKPXJJHOQ$OOHVDQGHUHOLHJWGDQQEHLGLU ,FKWDWZDV9LYHUODQJWH:HQLJVSlWHUVSUWHLFKZLHVLFKHWZDVDXVGHU:DQGVFKREXQG LQPHLQHOLQNH$X‰HQWDVFKHILHO'LH5RERWHUKDWWHQ]XP*OFNQLFKWVEHPHUNW $OVZLUODQGHWHQHUVFKLHQGHU3WHUXVZLHGHU(U]HLJWHDXI0XIIW\-RQN&DSURFLDXQGPLFK ³,KUGUHLNRPPWPLWEHIDKOHU³'LHDQGHUHQEOHLEHQDQ%RUG :LUEHIDQGHQXQVLQHLQHPXQWHULUGLVFKHQ+DQJDU'LH:lQGHXQGGHU%RGHQEHVWDQGHQDXV NDOWHP%HWRQ%HZDIIQHWH5RERWHUHVNRUWLHUWHQXQVGXUFKPDWWHUOHXFKWHWH*lQJH'HU3WHUXV EOLHE]XUFN :LU PDUVFKLHUWHQ HWZD KXQGHUW 0HWHU GDQQ IKUWHQ XQV GLH 5RERWHU LQ HLQHQ HWZD ]HKQ 0HWHU KRKHQ TXDGUDWLVFKHQ 5DXP 'XUFK HLQ NOHLQHV *LWWHUIHQVWHU LQ GHU 'HFNH ILHO HWZDV /LFKWKHUHLQ(LQHVFKZHUH6WDKOWUILHOKLQWHUXQVLQV6FKOR‰ ³6HKU EHTXHP ZLUG GDV QLFKW PHLQWH -RQN &DSURFLD (U VSLHOWH GDPLW DXI GDV )HKOHQ MHJOLFKHQ0RELOLDUVDQ ,FKQDKPPHLQHQ5FNHQWRUQLVWHUDEXQGVHW]WHPLFKDXIGHQ%RGHQ$DURQIOXFKWHYRUVLFK KLQZlKUHQGHUGLH:lQGHDEWDVWHWHXQGYHUVXFKWHGLH7U]X|IIQHQ ³.DQQPLUHLQHUYRQHXFKVDJHQNQXUUWHHU³ZDVGDV]XEHGHXWHQKDW"1DWUOLFKQLFKW ³,FKNDQQHVYLHOOHLFKWVDJWHLFK³$EHUQLFKWVRIRUW ³:DVZLOOVWGXGDPLWDQGHXWHQ"0XIIW\EDXWHVLFKEUHLWEHLQLJYRUPLUDXI³:LOOVWGXGLFK ZLHGHUDXIVSLHOHQ" ³'XUFKDXVQLFKW$DURQ,UJHQGZDQQZLUVWGXHVGRFKHUIDKUHQ,FKP|FKWHGLFKDEHUELWWHQ 



QLFKWJOHLFKDXVGHU+DXW]XIDKUHQ ³'XVSULFKVWLQ5lWVHOQ:HLE ³,FK KDEH HLQHQ 1DPHQ GX ERUQLHUWHU 7\S ,FK KHL‰H 3DWK\WKLD 8QG ZHQQ GX GLFK RUGHQWOLFKEHQLPPVWGDUIVWGXPLFK3DWKQHQQHQ ³9RQPLUDXV(UOHQNWHHLQEL‰FKHQHLQ³:DVZROOWHVWGXXQVVDJHQ" ³,FK ZHUGH HUVW HLQPDO GLH .DW]H DXV GHP 6DFN ODVVHQ PHLQWH LFK OHLFKWKLQ ³$EHU ELWWH NHLQH:XWDXVEUFKH ,FK|IIQHWHGHQ7RUQLVWHU]RJGHQ'LVWHOIURVFKKHUDXVXQGVHW]WHLKQDXIGHQ%RGHQ 'HQEHLGHQYHUVFKOXJHVHUVWHLQPDOGLH6SUDFKH ³'DVLVWQLFKWGLHHLQ]LJHhEHUUDVFKXQJVDJWHLFK³GLHLFKIUHXFKDXI/DJHUKDEH'DV KLHULVW3OXPSGHU'LVWHOIURVFK2GHUULFKWLJHUJHVDJWGDVLVW-DXQWHFFHLQ'\UDQHU(ULVW GHU*UXQGIUGHQ)OXJGHU1$87,/86LQV.HUMDKRW6\VWHP3OXPSZROOWHQDFK+DXVH,KU VHKWHUKDWWHHWZDGLHJOHLFKHQ0RWLYHZLHZLU ³,FKJODXEHLFKK|UQLFKWULFKWLJ'LH$XJHQTXROOHQ$DURQDXVGHP.RSI³6ROOGDVHWZD KHL‰HQ GD‰ KLHU NHLQ 9LURQDXW DXI XQV ZDUWHW XQG GD‰ GX PHLQH 9L GD]X EHUUHGHW KDVW ZHJHQGLHVHP6WDFKHOIURVFKHLQH.XUVlQGHUXQJYRU]XQHKPHQ" ³6R XQJHIlKU NDQQVW GX HV VHKHQ JDE LFK ]X ³+LQWHU GHU JDQ]HQ *HVFKLFKWH VWHFNW DEHU PHKU ZLH ZLU MD DXV GHP hEHUIDOO HUVHKHQ KDEHQ,FK ZHUGH HXFK DOOHV HU]lKOHQ ZDV LFK ZHL‰DEHUGDVHUIRUGHUWHWZDV=HLW=XYRUPX‰LFKHWZDV:LFKWLJHUHVWXQ ,FK KROWH GLH6SULW]H PLW GHU $PSXOOH DXV GHU 7DVFKH :lKUHQGLFK GHQ ,PPXQPRGXODWRU LQGLH6SULW]HIOOWHVSUDFKLFKZHLWHU ³,FK NDQQ PLU GHQNHQ GD‰ HV LQVEHVRQGHUH $DURQ QLFKW JHIlOOW ZDV LFK MHW]W VDJH $EHU XQWHU GHQ JHJHEHQHQ 8PVWlQGHQ LVW HV IU DOOH GDV EHVWH ZHQQ LFK MHW]W GDV .RPPDQGR EHUQHKPH 'DV LVW NHLQH $QPD‰XQJ ,FK ZHUGH PHLQHQ $QVSUXFK ORJLVFK EHJUQGHQ ,FK ZHL‰QlPOLFKZRUXPHVJHKW ³'XZLUVWEHUKDXSWQLFKWV0XIIW\VSUDQJDXIPLFK]X³'XKDVWQLFKWV]XVDJHQ,FKEOLFNH QXQ GXUFK 'DV JDQ]H 8QKHLO LQ GDV ZLU JHUDWHQ VLQG KDEHQ ZLU DOOHLQ GLU XQG GHLQHQ (LJHQPlFKWLJNHLWHQ]XYHUGDQNHQ 6HLQH )DXVW KROWH DXV XP PLU GLH 6SULW]H DXV GHU +DQG ]X VFKODJHQ ,FK KDWWH PLW HLQHU XQNRQWUROOLHUWHQ 5HDNWLRQ YRQ VHLQHU 6HLWH JHUHFKQHW XQG PLFK GDUDXI HLQJHVWHOOW $X‰HUGHP PX‰WHLFKLKPGHPRQVWULHUHQGD‰LFKMHW]WGDV.RPPDQGRIKUWH (U VFKOXJ ]X DEHU VHLQH )DXVW WUDI HLQH %HWRQZDQG GLH SO|W]OLFK ]ZLVFKHQ LKP XQG PLU HWZD HLQHQ0HWHUDXVGHP%RGHQUDJWH(VNUDFKWHJHZDOWLJDOVHUVLHWUDI6FKUHLHQGKLHOWHUVLFK GLHEOXWHQGHQ)LQJHU ³:DVLVWGDV"EUOOWHHU³+H[HUHL 3OXPSZLHVHOWHLQHLQH(FNHXQGSODSSHUWHXQYHUVWlQGOLFKH:RUWH 'LH:DQGO|VWHVLFKZLHGHUDXI ³:HQQGXGLFKQLFKWEHQLPPVW0XIIW\VDJWHLFKJDQ]UXKLJ³GDQQPDXHUHLFKGLFKJDQ]HLQ :DV GX HEHQ JHVHKHQKDVWZDUHLQH+RORJUDSKLHGLHIUHLQHEHJUHQ]WH=HLW]XUHDOHU0DWHULH ZXUGH,FKNDQQZHQQ VGDUDXIDQNRPPWVROFKHUHDOHQ+RORJUDSKLHQHU]HXJHQ ³:HU ]XP 7HXIHO ELVW GX" (U VWDUUWH PLFK DQ DOV VHL LFK HLQ *HVSHQVW ³:DV VLQG GDV IU 7ULFNVPLWGHQHQGXDUEHLWHVW" ³'X ZLUVW HV QLFKW YHUVWHKHQ HQWJHJQHWH LFK ³REZRKO GX MHW]W VFKRQ GHLQH ]ZHLWH (UIDKUXQJ GDPLWJHVDPPHOWKDVW ³8QVHUH%HJHJQXQJDXIGHU1$87,/86 ³'DVEODXH$XJHHUJlQ]WHLFK³(VWXWPLUOHLG0XIIW\DEHULFKPX‰WHPLFKZHKUHQ8QG MHW]WVHLELWWHVRQHWWXQGOD‰PLFKLQ5XKH 



(UKRFNWHVLFKWDWVlFKOLFKDXIGHQ%RGHQXQG-RQNIROJWHVWXPPGLHVHP%HLVSLHO ,FKULHI3OXPSDEHUHUUKUWHVLFKQLFKW ³%LWWH NRPP KHU ZLHGHUKROWH LFK ³(V LVW ]X GHLQHP 9RUWHLO 9L KDW HLQ 0HGLNDPHQW HQWZLFNHOW HLQHQ ,PPXQPRGXODWRU 9LHOOHLFKW JHOLQJW HV GDPLW GLH 6SHUUHQ LQ GHLQHP %HZX‰WVHLQ]XHOLPLQLHUHQ ³(OLPLQLHUHQEUXPPWHHUXQGNURFKODQJVDPDXIPLFK]X'DQQEOLHEHUDEHUVWHKHQXQG ULFKWHWHVHLQH6WDFKHOQVHQNUHFKWDXI ³'X EUDXFKVW NHLQH $QJVW ]X KDEHQ YHUVXFKWH LFK LKQ ]X EHUXKLJHQ ³'X ZLUVW HLQHQ NOHLQHQ 6WLFK VSUHQ XQG GDQQ ZHUGHQ GHLQH (ULQQHUXQJHQ QDFK XQG QDFK ZLHGHUNHKUHQ =XPLQGHVWKRIIHLFKGDV (U NURFK ZHLWHU ELV LFK QDFK LKP JUHLIHQ NRQQWH 1XQ OHJWH HU GLH 6WDFKHOQ IODFK DQ GHQ .|USHU0LWHLQHP5XFNGUFNWHLFKGLH1DGHOGHU6SULW]HLQVHLQHQ/HLE6FKQHOOHQWOHHUWH LFKGDV*HIl‰(UOLH‰DOOHVZLOOLJEHUVLFKHUJHKHQ ³1XQPX‰LFKGLFKZLHGHUYHUVWHFNHQHUNOlUWHLFKLKP³'LHVHU:KDVSXQGVHLQH5RERWHU GUIHQGLFKQLFKWVHKHQVRQVWJHKWHVXQVDQGHQ.UDJHQ ³:KDVSDQGHQ.UDJHQJOXFNVWHHUXQGNURFKLQGHQ7RUQLVWHU ³:KDVSV5LHJHSODSSHUWHHUEHYRUHUYHUVFKZDQG³$QGHQ.UDJHQ ³:KDVSV5LHJH"IUDJWH-RQN&DSURFLD³:DVPHLQWHUGDPLW" ³9HUPXWOLFKGLHVHQ:KDVSXQGVHLQH.DPSIPDVFKLQHQHQWJHJQHWHLFK ³,FKZDUWHDXIGHLQH(UNOlUXQJHQPHOGHWHVLFK$DURQ&RQWlUJHW ³$OOHV]XVHLQHU=HLW=XQlFKVWP‰WLKUZLVVHQGD‰LFKSUDNWLVFKRKQH8QWHUEUHFKXQJPLW 9LLQ.RQWDNWVWHKH =ZLVFKHQ LKU XQG PHLQHU .RPEL H[LVWLHUW HLQH NRGLHUWH +\SHUIXQNYHUELQGXQJ ,KU VHKWGD‰ LFKIUDOOH(YHQWXDOLWlWHQ9RUVRUJHJHWURIIHQKDEH ,FKVFKDOWHWHHLQHQ$X‰HQODXWVSUHFKHUPHLQHV6SH]LDODQ]XJVHLQVRGD‰$DURQXQG-RQNK|UHQ NRQQWHQ ZDV 9LVDJWH 'DQQ ULHI LFK GLH 9LUHQLQWHOOLJHQ] XQG WHLOWH LKU PLWGD‰LFK3OXPS GHQ,PPXQPRGXODWRUJHVSULW]WKDWWH ³6HKU JXW DQWZRUWHWH VLH ³:LU ZROOHQ KRIIHQ GD‰ HU IXQNWLRQLHUW (LJHQWOLFK ELQ LFK PLU VLFKHUDEHUGHU]HLWOLFKH$EODXILVWHWZDVXQJHZL‰:LHJHVDJWHVNDQQ7DJHGDXHUQELVVLFK GHU ,PPXQPRGXODWRU JDQ] GXUFKJHVHW]W KDW XQG 3OXPS ZLHGHU NODU GHQNHQ XQG VSUHFKHQ NDQQ ³'LH=HLWPVVHQZLULQ.DXIQHKPHQZDUILFKHLQ ³,FK ZDU DXFK QLFKW XQWlWLJ IXKU 9L IRUW ³,FK KDEH MHW]W GLH HQHUJHWLVFKHQ 9HUKlOWQLVVH YHUPHVVHQ PLW GHQHQ GLHVH %XUVFKHQ DUEHLWHQ ,FK K|UH DXFK LKUH )XQNJHVSUlFKH DE 6LH EH]HLFKQHQ VLFK VHOEVW DOV :KDVSV 5LHJH ,FK WUDXH PLU ]X YRQ KLHU ]X VWDUWHQ XQG GLH $EVSHUUXQJ ]X GXUFKEUHFKHQ $Q ZHLWHUHQ 'HIHQVLYPD‰QDKPHQ DUEHLWH LFK QRFK :DUWH +LHUWXWVLFKHWZDV'LH5RERWHU]LHKHQDE,FKZHL‰QRFKQLFKWZDVGDV]XEHGHXWHQKDW ,FKEOLFNWHGLHEHLGHQ0lQQHUDQDEHUGLHVFKWWHOWHQDXFKQXUUDWORVGLH.|SIH ³'LH 9LURQDXWHQ VROOHQ DXFK YRQ %RUG JHKHQ EHULFKWHWH 9L ZHLWHU ³6LH IDKUHQ GUDX‰HQ VFKZHUH'HVLQWHJUDWRUHQDXI:KDVSVFKHLQWHLQHQE|VHQ%HIHKOJHJHEHQ]XKDEHQ ³6LH ZROOHQ GLH 1$87,/86 ]HUVW|UHQ YHUPXWHWH $DURQ &RQWDUJHW ³3DWK NDQQ 9L PLFK K|UHQ" ³/HLGHUJHKWGDVQLFKWDQWZRUWHWHLFK 'HU6FKZDU]KDDULJHVSUDQJDXI ³6DJLKUGD‰VLHDEKDXHQVROOZHQQVLHHLQH&KDQFHVLHKW6LHVROONHLQH5FNVLFKWDXIXQV QHKPHQ :LFKWLJ LVW GD‰ VLH HUVW HLQPDO GLH 1$87,/86 LQ 6LFKHUKHLW EULQJW 2KQH VLH KDEHQ ZLU EHUKDXSWNHLQH&KDQFH :HQQ:KDVSGDV5DXPVFKLII]HUVW|UWVLQGZLUXQGDOOH 



DQGHUHQ9LURQDXWHQYHUORUHQ ,FKNRQQWH0XIIW\QLFKWOHLGHQXQGGDVZUGHVLFKDXFKQLHlQGHUQ$EHUZDVHUGDVDJWH GDVKDWWH+DQGXQG)X‰,FKJDEHVDQ9LZHLWHUDEHUGLHDQWZRUWHWHQLFKWVRIRUW 6FKZHUH'RQQHUVFKOlJHJUROOWHQGXUFKGLHXQWHULUGLVFKH$QODJH'DVNRQQWHQXUEHGHXWHQGD‰ GLH 1$87,/86 EHUHLWV XQWHU %HVFKX‰ JHQRPPHQ ZXUGH :DV GLHVHQ 7HXIHO YRQ :KDVS GD]X YHUDQOD‰W KDWWH EOLHE HLQ 5lWVHO 9LHOOHLFKW KDWWH LKQ GLH )UHPGDUWLJNHLW GHV 9LUHQVFKLIIV YHUXQVLFKHUWXQG]XGLHVHPGUDVWLVFKHQ6FKULWWYHUOHLWHW ³,FK VWDUWH PHOGHWH VLFK 9L SO|W]OLFK ³'LH 5RERWHU VLQG YRQ %RUG JHJDQJHQ DEHU GLH 9LURQDXWHQ VLQG QRFK KLHU ,FK YHUVXFKH ]X IOLHKHQ 3DWK LFK EUDXFKH MHW]W DOOH ,QWHOOLJHQ]HLQKHLWHQIUPLFKVHOEVW(VZLUGQLFKWHLQIDFK,FKPHOGHPLFKVSlWHUZLHGHU ³+RIIHQWOLFKPHLQWHLFKQXU 'HU/lUPGHUELVLQXQVHU*HIlQJQLVGUDQJVFKZROOQRFKHLQPDODQ'DQQKHUUVFKWHSO|W]OLFK 5XKH )U GLH EHLGHQ 0lQQHU XQG PLFK EHJDQQ HLQH EDQJH =HLW GHV :DUWHQV .HLQHU VSUDFK GLH HQWVFKHLGHQGH)UDJHDXV'LH)UDJHZDVDXVGHU1$87,/86QXQJHZRUGHQZDU ,FK IOOWH GLH =HLW GDPLW GD‰ LFK $DURQ XQG -RQN DOOHV EHU 3OXPS XQG GLH 3WHUXV HU]lKOWH ZDV LFK ZX‰WH 1DWUOLFK HUJDE GDV HLQ JDQ] XQYROOVWlQGLJHV %LOG DEHU GLHEHLGHQNDSLHUWHQ DOOPlKOLFKLQZHOFKHU6LWXDWLRQZLUXQVEHIDQGHQ (QGOLFK QDFK IDVW HLQHU 6WXQGH PHOGHWH VLFK 9L ,FK OLH‰ GLH EHLGHQ 0lQQHU EHU GHQ $X‰HQODXWVSUHFKHUPLWK|UHQ ³+DOOR3DWK,FKVHQGHPLWJHULQJHU/HLVWXQJGDPLWPDQPLFKQLFKWHQWGHFNW'LH)OXFKWLVW JHOXQJHQXQGGLH9HUIROJHUNRQQWHLFKHUVWHLQPDODEVFKWWHOQ:LUYHUVWHFNHQXQVDXIGHP 3ODQHWHQ 1XPPHU  GHU KLHU 0DUGHO JHQDQQW ZLUG XQG YRQ +XPDQRLGHQ EHZRKQW ZLUG ,KUH 7HFKQLN LVW ZHQLJ HQWZLFNHOW 6LH NHQQHQ GLH $WRPNUDIW XQG VLQG LQ GHU /DJH 6DWHOOLWHQ PLW 5DNHWHQ LQ 8PODXIEDKQHQ ]X VFKLH‰HQ (LQ SDDU YRQ XQV ZHUGHQ LQ GHQ QlFKVWHQ 7DJHQ .RQWDNW PLW GHQ 0DUGHODQHUQ DXIQHKPHQ GLH QDFK PHLQHQ ELVKHULJHQ %HREDFKWXQJHQJDQ]IULHGOLFKVLQG'XK|UVWZLHGHUYRQPLU 5RQ-HQQ\$DURQV9RUZXUIWUDIPLFKPHKUDOVLFK]XJDE(VZDUWDWVlFKOLFKVRGD‰LFK GLH9LURQDXWHQLQGLHVHPLHVH/DJHJHEUDFKWKDWWH,FKEHUQDKPGLH9HUDQWZRUWXQJXQG LFKZROOWHXQVDXFKZLHGHUGDUDXVEHIUHLHQ 0LU ZDU DXFK NODU GD‰ LFK GDV QXU HUUHLFKHQ NRQQWH ZHQQ LFK PHLQH XQJHOLHEWH 3DUDIlKLJNHLWEHQXW]WH   :LU ZXUGHQ QRFK DP JOHLFKHQ 7DJ YRQ HLQHP VFKZHLJVDPHQ 5RERWHUNRPPDQGR XPTXDUWLHUW 'DV QHXH *HIlQJQLV ZDU JHUlXPLJHU XQG EHVWDQG DXV ]ZHL =HOOHQ XQG HLQHU +\JLHQHHLQULFKWXQJ GLH +XPDQRLGHQ DQJHSD‰W ZDU :DV XQV VWXW]LJ PDFKWH ZDUHQ GLH 6SXUHQYRQIUKHUHQ,QVDVVHQGLHZLUKLHUYRUIDQGHQ ,Q HLQHU (FNH ODJHQ .OHLGXQJVVWFNH ,Q GHU :DVFK]HOOH VWDSHOWH VLFK EHQXW]WHV (‰JHVFKLUU 'LH0|EHOLQGHQEHLGHQ:RKQ]HOOHQ]HLJWHQHLQGHXWLJH6SXUHQYRQKlXILJHU%HQXW]XQJ ³+LHU PVVHQ VLFK +XPDQRLGH DXIJHKDOWHQ KDEHQ EHUOHJWH -RQN &DSURFLD ODXW 'HU VFKPlFKWLJH%XUVFKHEHKLHOWDXFKMHW]WGLH5XKHXQGGDVPDFKWHLKQV\PSDWKLVFK ³(V JHK|UW QLFKW YLHO 3KDQWDVLH GD]X VDJWH LFK ³]X HUNHQQHQ XP ZHQ HV VLFK GDEHL JHKDQGHOWKDW ³:DV UHGHVW GX IU GXPPHV =HXJ $DURQ SROWHUWH ZLHGHU HLQPDO GUDXIORV ³:HOFKH 9LURQDXWHQVROOHQGDVGHQQJHZHVHQVHLQ" ³,FK VSUHFKH QLFKW YRQ 9LURQDXWHQ 'X KDVW ZRKO QLFKW ULFKWLJ ]XJHK|UW DOV 9L YRQ GHQ 



%HZRKQHUQGHVYLHUWHQ3ODQHWHQEHULFKWHWH'LH0DUGHODQHUVLQG+XPDQRLGH,FKQHKPHDQ GD‰ :KDVSV 5LHJH VLFK QLFKW QXU PLW GHQ '\UDQHUQ DEJLEW VRQGHUQ DXFK PLW GHQ 0DUGHODQHUQ:LUPVVHQKHUDXVILQGHQZDVVLFKKLHUZLUNOLFKDEVSLHOW ³8QGGDVPDFKVWGXJDQ]DOOHLQVSRWWHWHGHU6FKZDU]KDDULJH ³9LHOOHLFKW KLOIW -RQN PLU 2GHU 3OXPS ZHQQ HU ZLHGHU LP 9ROOEHVLW] VHLQHU .UlIWH XQG )lKLJNHLWHQ LVW 2GHU DP (QGH JDU GX ZHQQ GX HQGOLFK DXIK|UVW GLFK SDXVHQORV DXI]XVSLHOHQ ³:LUVLQG*HIDQJHQHXQGKDEHQNHLQH&KDQFH6LHKVWGXGDVQLFKW" ³1HLQ0LVWHU&RQWDUJHWHQWJHJQHWHLFK³'DVVHKHLFKQLFKW)UPHLQH(UNXQGXQJHQLVWHV QRFK ]X IUK ,FK P|FKWH HUVW DEZDUWHQ ZLH VLFK 3OXPS QDFK GHU %HKDQGOXQJ PLW GHP ,PPXQPRGXODWRUHQWZLFNHOW ,FK KROWH GHQ 'LVWHOIURVFK DXV PHLQHP 7RUQLVWHU XQG VHW]WH LKQ DXI GHQ 7LVFK $DURQ XQG -RQNKROWHQVLFK6WKOHXQGVHW]WHQVLFK]XPLU ³1D 3OXPS VDJWH LFK OHLFKWKLQ ³:LH JHKW HV GLU" 6SUVW GX VFKRQ GLH :LUNXQJ GHV ,PPXQPRGXODWRUV" 'LHVWDFKHOLJH.XJHOUKUWHVLFKQLFKW6LHHU]HXJWHQLFKWHLQHQ/DXW ³:DVKDWHU"IUDJWH-RQN ³,FKZHL‰HVQLFKW:DUWH,FKKREPHLQH6WLPPH ³3OXPS 2GHU VROO LFK GLFK MHW]W -DXQWHFF QHQQHQ" %LWWH JLE XQV ZHQLJVWHQV HLQ /HEHQV]HLFKHQ )DVW]ZHL0LQXWHQYHUVWULFKHQ ³/D‰WPLU=HLWHUNODQJHVGDQQNDXPK|UEDU 'DV ZDU HLQ JXWHV 6LJQDO GHQQ ]XP HUVWHQ 0DO KDWWH HU HLQHQ NOHLQHQ 6DW] Y|OOLJ ULFKWLJ DXVJHVSURFKHQ ,FKZROOWHLKQZLHGHULQGHQ7RUQLVWHUVHW]HQDEHUHUVSUDQJYRQVLFKDXVLQVHLQ9HUVWHFN 'DEHLOLH‰LFKHVEHZHQGHQ 'LH 6WXQGHQ YHUUDQQHQ 9L PHOGHWH VLFK QLFKW XQGLFKYHU]LFKWHWHDXFK DXI 9HUVXFKH PLW LKU LQ .RQWDNW ]X NRPPHQ 'LH :DFKURERWHU YHUVRUJWHQ XQV PLW HLQHP *HPLVFK DXV YHUVFKLHGHQHQ JHNRFKWHQ 3IODQ]HQ VRZLH PLW NODUHP :DVVHU 6LH EHQXW]WHQ HLQH VFKPDOH .ODSSH DQ GHU 8QWHUVHLWH GHU 7U XP GDV 7DEOHWW KHUHLQ]XVFKLHEHQ :DKUVFKHLQOLFK HUQlKUWHQ VLFK GLH 0DUGHODQHU YRUZLHJHQG YRQ GHP %UHL :LU D‰HQ GDYRQ GHQQ PHLQH 9RUUlWHDQ1DKUXQJVNRQ]HQWUDWHQZDUHQEHJUHQ]W $DURQ &RQWDUJHW QXW]WH DP QlFKVWHQ 7DJ GLH =HLW XP GDV JDQ]H *HIlQJQLV JUQGOLFK DE]XVXFKHQ8QWHUHLQHU/LHJHHQWGHFNWHHUHLQH6WHLQSODWWHGLHVLFKDXVGHQ)XJHQKHEHQ OLH‰ 'LH gIIQXQJ ZDU VHOEVW IU PHLQHQ VFKODQNHQ .|USHU ]X NOHLQ 'DUXQWHU EHJDQQ HLQ VFKPDOHU*DQJGHULP'XQNHOQYHUVFKZDQG :LUGLVNXWLHUWHQZDVGDV]XEHGHXWHQKDEHQN|QQWH'HV5lWVHOV/|VXQJHUIXKUHQZLUVHKU EDOG 3OXPS ZDU XQEHPHUNW DXV GHP 7RUQLVWHU JHNURFKHQ (U KDWWH XQVHU *HVSUlFK PLWJHK|UW ³(LQ *HKHLPJDQJ EOXEEHUWH HU PXQWHU ³GHU YRQ HQWNRPPHQHQ '\UDQHUQ EHQXW]W ZXUGH RGHU EHQXW]W ZLUG (V JDE IUKHU KLHU DXI 4XRODW HLQH NOHLQH *UXSSH YRQ VRJHQDQQWHQ $XVUHL‰HUQ 9LHOOHLFKW JLEW HV VLH KHXWH QRFK 'DEHL KDQGHOWH HV VLFK XP '\UDQHU XQG 0DUGHODQHUGLHGHQ5RERWHUQYRQ:KDVSV5LHJHHQWNRPPHQNRQQWHQ -HW]WEOLHEPLUGHU0XQGYRU6WDXQHQRIIHQVWHKHQ$XIGHQ,QKDOWGHVVHQZDV3OXPSJHVDJW KDWWH DFKWHWH LFK JDU QLFKW PHKU $XFK GLH EHLGHQ 0lQQHU VFKDXWHQ YHUEOIIW DXI GLH VWDFKHOLJH .XJHO GLH SO|W]OLFK NODU VSUHFKHQ NRQQWH 'HU ,PPXQPRGXODWRU KDWWH RIIHQVLFKWOLFKEHJRQQHQ]XZLUNHQ 



³3OXPS ,FK NODWVFKWH VSRQWDQ LQ GLH +lQGH ³'DV LVW MD ZXQGHUEDU 'X NDQQVW ZLHGHU ULFKWLJVSUHFKHQ ³6R ZXQGHUEDU LVW HV DXFK QLFKW ZLHJHOWH GHU DE ³0LW GHP (UZDFKHQ HUOLWW LFK HLQ SDDU VFKZHUH 6FKRFNV 0LU ZXUGH HUVW MHW]W EHZX‰W GD‰ VLFK PHLQH /HEHQVJHIlKUWLQ 0RUDEHWD YRUYLHOHQ-DKUHQJHRSIHUWKDWXPPLUGLH)OXFKW]XHUP|JOLFKHQ$XFKHLQ0DUGHODQHUKDW GDIU VHLQ/HEHQJHJHEHQ9LHOOHLFKWN|QQWLKUPLFKYHUVWHKHQZHQQLFKHXFKPHKU HU]lKOW KDEH 1RFK VLQG PHLQ (ULQQHUXQJVYHUP|JHQ XQG PHLQ IUHLHU :LOOH QLFKW ]XU *lQ]H ]XUFNJHNHKUWDEHUGDVLVWZLUNOLFKQXUHLQH)UDJHGHU=HLW'DVVSUHLFKJDQ]GHXWOLFKLQ PLU ,FKVFKZLHJXQGVWDUUWHLKQZLHHLQNOHLQHV:XQGHUDQ ³(LQV PX‰ LFK DEHU MHW]W VRIRUW VDJHQ IXKU 3OXPS IRUW ³3DWK LFK NHQQH QLFKW GDV JDQ]H $XVPD‰ GHU 9RUJlQJH XP PHLQ 9RON GDV GHU 0DUGHODQHU XQG GLH :HVHQ YRQ :KDVSV 5LHJH$EHUGDSDVVLHUWVHLWODQJHPHWZDV8QJHKHXHUOLFKHV,FKKDEHHXFKPHKUXQEHZX‰W LQ GLH MHW]LJH /DJH JHEUDFKW GHQQ LQ PLU OHEWH QRFK GHU *HGDQNH QDFK '\UD ]XUFN]XNHKUHQXPPHLQHP9RONYRQGHQ*HVFKHKQLVVHQ]XEHULFKWHQ'DVLVWDXFKMHW]W QRFK PHLQ =LHO 2KQH GLFK 3DWK XQG RKQH GHQ ,PPXQPRGXODWRU HXUHU 9L ZlUH GDV DOOHV QLFKWJHOXQJHQ'DIUGDQNHLFKHXFK,FKELWWHHXFKPLFKEHLGHPZHLWHUHQ.DPSIJHJHQ :KDVSV5LHJH]XXQWHUVWW]HQ ,FK EOLFNWH HUVW $DURQ DQ GHU ZLHGHU HLQPDO VHLQ ³0XIIW\*HVLFKW DXIJHVHW]W KDWWH XQG QLFKWVHKUJOFNOLFKZLUNWHGDQQ-RQN ³,FKNDQQ]ZDUQLFKWYLHOGD]XEHLWUDJHQPHLQWHGHUVFKPlFKWLJH7HUUDQHU³DEHUDXIPLFK NDQQVWGX]lKOHQ ³$XIPLFKQDWUOLFKDXFKEHNUlIWLJWHLFK $DURQEOLFNWHXQUXKLJXPKHU ³+PPDFKWHHU³,FKELQHV]ZDUQLFKWJHZRKQWPLWNOHLQHQ0lGFKHQXQG'LVWHOIU|VFKHQ ]XVDPPHQ]XDUEHLWHQ DEHU LQ $QEHWUDFKW XQVHUHU /DJH ELQ LFK ]X HLQHP .RPSURPL‰ EHUHLW ³'DQNHIUGLHJUR‰H*QDGHVS|WWHOWHLFK³*XFNPDOQDFKREHQ 0XIIW\KREVHLQHQ.RSI (LQ %OHFKHLPHUVFKZDQNWH HLQH+DQGEUHLWEHUVHLQHQVFKZDU]HQ +DDUHQ'HU(LPHUNLSSWHXQGHLQ6FKZDOO:DVVHUJR‰VLFKLKPPLWWHQLQV*HVLFKW (U VSUDQJ DXI XQG IOXFKWH 'DQQ VFKWWHOWH HU VLFK ZLH HLQ EHJRVVHQHU 3XGHO XQG IOXFKWH ZHLWHU ³.OHLQH 0lGFKHQ VDJWH LFK ³KDEHQ PDQFKPDO GXPPH 6WUHLFKH LP .RSI 'X VROOWHVW PLW GHLQHQbX‰HUXQJHQHWZDVEHGDFKWVDPHUXPJHKHQ0XIIW\8QGQXQSD‰JXWDXI ,FKVFKQLSSWHGHPRQVWUDWLYPLWGHQ)LQJHUQXQGO|VWHGLH+RORJUDSKLHDXI6RIRUWH[LVWLHUWH QLFKW PHKU HLQ HLQ]LJHU 7URSIHQ GHV :DVVHUV XQG DXFK GHU (LPHU GHU DXI GHQ %RGHQ JHSROWHUWZDUYHUVFKZDQG -RQN&DSURFLDODFKWHODXW ³+H[HVFKLPSIWH$DURQ$EHUGDQQEHUXKLJWHHUVLFKZLHGHU 3OXPSKRFNWHPLWWHQDXIGHP7LVFK$OVHUDQILQJ]XHU]lKOHQJOlWWHWHQVLFKDXFK$DURQV =RUQHVIDOWHQ'HU'LVWHOIURVFKVSUDFKVHKUODQJH$OVHULUJHQGZDQQ]XVSlWHU1DFKWVWXQGH VFKZLHJ ZX‰WHQ ZLU PHKU EHU LKQ VHLQ 9RON GLH 0DUGHODQHU XQG :KDVSV 5LHJH $EHU GLH=DKOGHU)UDJHQGLHPLFKEHVFKlIWLJWHQZDUQLFKWNOHLQHUJHZRUGHQ ³0RUJHQ JHKHQ ZLU LQ GLH 2IIHQVLYH YHUVSUDFK LFK GHQ 0lQQHUQ ³-HW]W EUDXFKHQ ZLU HUVW HLQPDOHLQH3RUWLRQ6FKODI ,FK KDWWH HLQHQ PHUNZUGLJHQ 7UDXP ,FK UXKWH DXI PHLQHU /LHJH XQG VFKOLHI DEHU PLW HLQHP7HLOPHLQHV%HZX‰WVHLQVZDULFKDXIHLQHU:DQGHUVFKDIW,FKEHVD‰VHKUYLHOHNOHLQH 



$XJHQGLHLQDOOH5LFKWXQJHQJOHLFK]HLWLJEOLFNHQNRQQWHQ%HZHJHQNRQQWHLFKPLFKQLFKW DEHULFKZXUGHEHZHJW(VGUDQJHQNHLQH*HUlXVFKHDQPHLQH2KUHQ,FKZDUZLHWDXE 'LHYLHOHQRSWLVFKHQ(LQGUFNHIRUPWHQVLFK]XHLQHP%LOG(VZDUIUPLFKDOVRELFKLQ GHU 2SWLN HLQHU IOLHJHQGHQ .DPHUD VD‰ GLH YRQ LUJHQG MHPDQG DQGHUHP JHVWHXHUW ZXUGH ,FKNRQQWHDOVRDXIGHQ$EODXIGHU'LQJH NHLQHQ (LQIOX‰ DXVEHQ$XFKNRQQWH LFK PLFK VHOEVWQLFKWVHKHQ ,FK JOLWW XQWHU GLH /LHJH $DURQ &RQWDUJHWV +LHU ZDU HV VHKU GXQNHO DEHU LFK HUNDQQWH GLH IHLQHQ 5LW]HQ GHU 3ODWWH GLH VLFK DXV GHP %RGHQ KHEHQ OLH‰ 'DV /RFK ZDU SO|W]OLFK JH|IIQHW'LH'XQNHOKHLWNDPPLUHQWJHJHQ ,FKEHZHJWHPLFKLQGHQNOHLQHQDQQlKHUQGUXQGHQ7XQQHOREZRKOHUIUPHLQHQ.|USHU NHLQHQ 3ODW] ERW 'DLFK DEHUQXU]X HLQHP 7HLO DQZHVHQG ZDU HUJDEHQVLFKGDUDXV NHLQH 3UREOHPH ,FK NRQQWH GLH 6HLWHQZlQGH JHQDX HUNHQQHQ :LQ]LJH /LFKWHU ELOGHWHQ HLQHQ EXQWHQ7HSSLFK 'HU7XQQHOYHUOLHIHLQ6WFNDEZlUWVXQGLFKEHZHJWHPLFKLQLKP$XFKMHW]WEHVD‰LFKQXU GLH0|JOLFKNHLWGHURSWLVFKHQ:DKUQHKPXQJ=XK|UHQZDUDEVROXWQLFKWV ,FK JOLWW ZHLWHU GXUFK GHQ 7XQQHO ELV HU VLFK PLW HLQHP ]ZHLWHQ ZHVHQWOLFK JU|‰HUHQ YHUHLQLJWH 'LHVHU ]ZHLWH 7XQQHO ZDU H[DNW NUHLVUXQG XQG DXFK LQ LKP IXQNHOWHQ ZLQ]LJH /LFKWHU .OHLQH 6WDXEEDOOHQ ZLUEHOWHQ DQ PLU YRUEHL XQG YHUVFKZDQGHQ LUJHQGZR LQ GHU 'XQNHOKHLW,FKVFKZHEWHGLFKWEHULKQHQXQGEHZHJWHPLFKZHLWHU 'HU 7XQQHO HQGHWH DQ HLQHP *LWWHU 'DKLQWHU ZDU HV KHOO ,FK NRQQWH LQ HLQHQ JU|‰HUHQ 5DXP EOLFNHQ GHU VLFK QDFK XQWHQ HUVWUHFNWH 'LH NDOWHQ %HWRQZlQGH HULQQHUWHQ PLFK DQ XQVHUHUVWHV*HIlQJQLV ,FKZDUIHLQHQ%OLFNQDFKXQWHQ$XIGHP%RGHQKRFNWHQHWZD]ZDQ]LJ'LVWHOIU|VFKH$E XQG ]X EHZHJWH VLFK HLQHU YRQ LKQHQ XQG GUlQJWH VLFK HQJHU DQ VHLQHQ 3DUWQHU 6LH OHEWHQ DOVR 'DQQ ZXUGH LFK ZLHGHU EHZHJW (V JLQJ GHQ :HJ GXUFK GHQ 7XQQHO ]XUFN GHQ LFK JHNRPPHQZDUELVLFKPLFKZLHGHUYROOVWlQGLJIKOWHXQGDXIPHLQHU/LHJHUXKWH ,FK HUZDFKWH DP QlFKVWHQ 0RUJHQ YRP *HUlXVFK GDV XQVHU 7DEOHWW PLW GHU 7DJHVUDWLRQ HU]HXJWH GDV GXUFK GHQ VFKPDOHQ 6FKOLW] DQ GHU 7U JHVFKREHQ ZXUGH 6RIRUW ZDU LFK PLW HLQHP6DW]DXIGHQ%HLQHQ $DURQ XQG -RQN ZDUHQ VFKRQ DXI ,FK EHJU‰WH VLH NXU] 'HU 7HUUDQHU KROWH GDV 7DEOHWW ZlKUHQG LFK GLH +\JLHQH]HOOH DXIVXFKWH XP PLFK HWZDV IULVFK ]X PDFKHQ =X PHLQHU hEHUUDVFKXQJ VD‰ 3OXPS DXI HLQHU .RQVROH QHEHQ GHU 1D‰]HOOH 6HLQ 6WDFKHONOHLG EHZHJWH VLFKVDQIW ³*XWHQ0RUJHQ3DWKMRGHOWHHU³,FKKDEHGLHHUOLWWHQHQ6FKRFNVQDFKGHU5FNNHKUGHU (ULQQHUXQJ EHUZXQGHQ 1RFKPDOV P|FKWH LFK PLFK EHGDQNHQ REZRKO LFK VSUH GD‰ GX GDVJDUQLFKWK|UHQZLOOVW ³*XWHQ 0RUJHQ 'LVWHOIURVFK ,FK OlFKHOWH ³:LH VROO LFK GLFK DQVSUHFKHQ" 3OXPS" -DXQWHFF" ³(V LVW Y|OOLJ XQZLFKWLJ ZDV GX VDJVW ,FK YHUVWHKH HV 8QG LFK ZHL‰ ZLH HV JHPHLQW LVW 6DJGDVZRQDFKGLUJHUDGHGHU6LQQVWHKW+DVWGXJXWJHVFKODIHQ" 6ROFKK|IOLFKH)UDJHQKDWWHLFKVFKRQODQJHQLFKWPHKUJHK|UW ³(LJHQWOLFKMDDQWZRUWHWHLFKZlKUHQGLFKGDVNDOWH:DVVHUEHUPHLQHQ.RSIODXIHQOLH‰ XQG PLU GLH 6SXUHQ GHV 6FKODIHV DXV GHQ $XJHQ ZXVFK ³,FK KDWWH HLQHQ PHUNZUGLJHQ 7UDXP,FKZXUGHGXUFKHLQHQXQWHULUGLVFKHQ7XQQHOJHIORJHQXQGVDKHLQ+lXIOHLQ'\UDQHU LQHLQHU%HWRQ]HOOH ³(V ZDU NHLQ 7UDXP 3OXPS VSUDFK ]XP HUVWHQ 0DO RKQH PHORGLVFKH 8QWHUPDOXQJ 'DV 



PX‰WH HWZDV EHGHXWHQ ³(V ZDU 5HDOLWlW ,FK KDEH GLU QLFKWV YRQ GHQ ZDKUHQ JHLVWLJHQ )lKLJNHLWHQ PHLQHV 9RONHV HU]lKOW :LU ODVVHQ GLHVH QRUPDOHUZHLVH UXKHQ +DVW GX GLU HLQPDO GDUEHU *HGDQNHQ JHPDFKW GD‰ GLHVH *DOD[LV (UHQG\UD KHL‰W XQG ZLU '\UDQHU" :LU VLQG GDV 8UYRON GLHVHU *DOD[LV DEHU ZLU KDEHQ ZLH GX DXV PHLQHQ JHVWULJHQ (U]lKOXQJHQ ZHL‰W HLQHQ DQGHUHQ :HJ JHZlKOW 'HQ :HJ LQ GLH1DWXU:LU ZROOHQ HLQ 7HLO GHU 1DWXU XQVHUHV 3ODQHWHQ VHLQ *HLVWLJH .UlIWH VLQG GRUW QLFKW QRWZHQGLJ 'RFK MHW]W ZR GHU.DPSIJHJHQ:KDVSV5LHJHYLHOOHLFKWLQHLQHDQGHUH3KDVHWULWWELQLFKGXUFKDXVEHUHLW GLHVH.UlIWHLQPLU]XPRELOLVLHUHQXQGDXFKDQ]XZHQGHQ ,FKYHUVWDQGQLFKWJDQ]ZDVHUPHLQWH ³'XKDVWQLFKWJHWUlXPW3DWK,FKKDEHGLHVHQXQWHULUGLVFKHQ:HJDXVJHIRUVFKW8QGGDEHL KDEHLFKHLQHQ7HLOGHLQHV%HZX‰WVHLQVPLWJHQRPPHQ ³0LWJHQRPPHQ",FKVWDXQWH³:LHVROOLFKGDVYHUVWHKHQ" ³'X EUDXFKVW HV QLFKW ]X YHUVWHKHQ $DURQ YHUVWHKW GHLQH 5HDOKRORJUDSKLHQ DXFK QLFKW 2E LFK MHW]W VDJH LFK KDEH HLQHQ 7HLO GHLQHV %HZX‰WVHLQV PLWJHQRPPHQ RGHU RE LFK VDJH HV EHVWDQG ZlKUHQG PHLQHV $XVIOXJV ]X GHQ JHIDQJHQHQ '\UDQHUQ HLQH JHLVWLJH 9HUELQGXQJ ]ZLVFKHQGLUXQGPLUVRGD‰GXPLWPHLQHQ$XJHQVHKHQNRQQWHVWGDVVSLHOWNHLQH5ROOH ,FKWURFNQHWHPLFKDEXQGEHUOHJWH ³-D PHLQWH LFK GDQQ ³:DKUVFKHLQOLFK YHUVWHKH LFK GLFK ,FKQHKPHGLFK VRZLH GXELVW 8QG LFK YHUVXFKH QLFKW 'LQJH ]X YHUVWHKHQ GLH MHQVHLWV PHLQHV JHLVWLJHQ +RUL]RQWV ]X VXFKHQVLQG ³,FK NDQQ NHLQH 0DWHULH DXV GHQ *HGDQNHQ HU]HXJHQ WULOOHUWH 3OXPS ³'X NDQQVW HV (V EHODVWHWGLFK'XOLHEVWGLHVH)lKLJNHLWQLFKWDEHUZHQQGXVSRQWDQUHDJLHUVWZHQGHVWGXVLH DQ ³:RKHUZLOOVWGXGDVZLVVHQ" ³0HLQH (ULQQHUXQJ LVW OFNHQORV $XFK DQ GLH =HLW EHL /RQJDVF RGHU DQ GLH EHL GLU DXI GHU 1$87,/86'DVVROOVWGXZLVVHQ1XQNULHFKHLFKLQGHQ7RUQLVWHUXQGZDUWH 'DVWDWHUWDWVlFKOLFK$DURQXQG-RQNVD‰HQDP7LVFKXQGD‰HQ,FKVHW]WHPLFK]XLKQHQXQG QDKP HLQ ZHQLJ YRQ GHP *HPVHEUHL +HXWH VFKPHFNWH HU QRFK VFKOHFKWHU DOV JHVWHUQ 'LH EHLGHQ0lQQHUZDUHQZRUWNDUJ6FKOLH‰OLFKIUDJWHLFKVLHZDVGDV]XEHGHXWHQKDWWH ³(LQH PHUNZUGLJH *HVFKLFKWH 3DWK -RQN &DSURFLD ULVNLHUWH HV WDWVlFKOLFK HLQPDO PHKU DOV HLQHQ 6DW] LQ HLQHP=XJ]XVDJHQ³:LUKDEHQXQVEHUXQVHUH7UlXPHGHUOHW]WHQ1DFKW XQWHUKDOWHQXQGGDEHLIHVWJHVWHOOWGD‰ZLUEHLGHGHQJOHLFKHQ7UDXPKDWWHQ ,FKYHUVFKOXFNWHPLFKIDVWDPOHW]WHQ+DSSHQ ³/D‰WPLFKUDWHQZLHGLHVHU7UDXPDEOLHIVDJWHLFK³,KUNRQQWHWVHKHQDEHUQLFKWVWXQ,KU VHLGGXUFKHLQHQ7XQQHOJHIORJHQXQGKDEW'LVWHOIU|VFKHLQ*HIDQJHQVFKDIWJHVHKHQ ³6WLPPW JHQDX +H[H $DURQ &RQWDUJHW GRQQHUWH GLH JHEDOOWH )DXVW DXI GHQ 7LVFK ³'DV ZDUZLHGHUHLQHUGHLQHUEOHQ7ULFNV,FKP|FKWHGD‰GXGDVHLQIUDOOHPDOXQWHUOl‰W ,FK]HLJWHLKPHLQHQ9RJHO6HLQ%HQHKPHQZDUXQP|JOLFK ³+DWWHVWGXQHEHQGHP3UREOHPGHLQHUXQJHNOlUWHQ$EVWDPPXQJDXFKHLQPDOHLQH6W|UXQJ LP .RSI" IUDJWH LFK ERVKDIW ³9LHOOHLFKW HLQHQ NOHLQHQ 7XPRU GHQ PDQ GLU KHUDXVRSHULHUHQ ZROOWH" 0LU VFKHLQW PDQ KDW GDEHL DXV 9HUVHKHQ GDV *HKLUQ HQWIHUQW XQG GHQ 7XPRU DQ VHLQHU6WHOOHEHODVVHQ8QGMHW]WEUHLWHWGHUVLFKLPHQWVWDQGHQHQ+RKOUDXPDXV (UZXUGHURWLP*HVLFKWDEHUHUEOLHEJDQ]UXKLJ,FKZDUWHWH ³'XULVNLHUVWHLQHVWDUNH/LSSH6FKZHVWHUVW|KQWHHUVFKOLH‰OLFK 6FKZHVWHUGDVNODQJEHVVHUDOV:HLERGHUNOHLQHV0lGFKHQ ³,FK ZHKUH PLFK OLHEHU PLW :RUWHQ DOV PLW 7DWHQ VDJWH LFK ³$EHU ZHU PLFK ]X 8QUHFKW DQJUHLIWPX‰PLW5HDNWLRQHQUHFKQHQ 



³6FKRQJXW(UKREEHVFKZLFKWLJHQGEHLGH+lQGH³hEHU]HXJWKDVWGXPLFKQLFKWDEHULFK JHEH QDFK .HLQ .UDFK PHKU 9RUHUVW 'X ZROOWHVW PLU DOVR PLWWHLOHQ GD‰ GX DQ GLHVHP 7UDXPXQVFKXOGLJELVW"2GHUZLHVROOLFKGHLQH:RUWDWWDFNHVRQVWLQWHUSUHWLHUHQ" ³'XELVWDXIGHPULFKWLJHQ:HJ,FKZXUGHZLHGHUVDFKOLFK³,FKELQQLFKWGHU9HUXUVDFKHU GHV 7UDXPHV LFK KDEH LKQ VRJDU VHOEVW HUOHEW 'DKHU NHQQH LFK LKQ 8QG XQVHUH DXIJHZDFKWH*HLVWHVJU|‰H3OXPSRGHU-DXQWHFF²KDWPLULQHLQHPNOHLQHQ*HVSUlFKYRU ZHQLJHQ0LQXWHQHUNOlUWZDVGDJHVFKDK $DURQ&RQWDUJHWZDUIVHLQHQ.RSILQEHLGH+lQGH(UVHXI]WHODXW ³,FK HUWUDJH :DKQVLQQ LFK HUWUDJH :KDVSV 5LHJH ,FK HUWUDJH GLHVH *HIDQJHQVFKDIW $EHU LFKHUWUDJHNHLQHKRORJUDSKLVFKHQ$QWL0lGFKHQGLHPLW'LVWHOIU|VFKHQSDNWLHUHQ ³,FK NRPPH GDPLW JDQ] JXW ]XUHFKW YHUVLFKHUWH -RQN &DSURFLD ³$EHU PLFK ZUGH VFKRQ LQWHUHVVLHUHQZLHGLHVHEHUGLPHQVLRQDOH.DVWDQLHGDVJHPDFKWKDW ³(UVDJWHPLUHUKlWWHHLQHQ7HLOPHLQHV%HZX‰WVHLQVPLWJHQRPPHQDQWZRUWHWHLFK³8QG GD LFK GDV QLFKW YHUVWDQG IRUPXOLHUWH HU GDV DQGHUV 'DV NODQJ GDQQ HWZD VR DOV ZlUH ]ZLVFKHQ LKP XQG PLU ² XQG GDPLW DXFK ]X GLU XQG XQVHUHP YHU]ZHLIHOWHQ 1$87,/86 .RPPDQGDQWHQ$DURQÃ0XIIW\µ&RQWDUJHWHLQHJHLVWLJH9HUELQGXQJEHVWDQGHQ -RQN&DSURFLDQLFNWHDEHU$DURQVWDQGDXIXQGVWW]WHVLFKPLWEHLGHQ+lQGHQDXIGHQ7LVFK ³3DWK 6HLQH 6WLPPH YLEULHUWH OHLFKW DEHU DQ GLH 0RGXODWLRQVP|JOLFKNHLWHQ 3OXPSV NDP HUQLFKWKHUDQ³,FKVHW]HPLFKMHW]WPLW:KDVSLQ9HUELQGXQJ1HEHQGHU7UEHILQGHWVLFK HLQ 5XINQRSI ,FK VWHOOH PLFK XQG JHEH]XGD‰LFKYRP.ULHJHU-DFNHONRUJHVFKLFNWZRUGHQ ELQXQGELWWHXP9ROOVWUHFNXQJGHV7RGHVXUWHLOV8QG]ZDUVRIRUW ³,FK VHKH DQWZRUWHWH LFK ³GX ZLUVW DOOPlKOLFK QRUPDO 'HU .ULHJHU KHL‰W DEHU QLFKW -DFNHONRU VRQGHUQ ,MDUNRU $EHU GDV LVW QLFKW ZLFKWLJ 'X UXIVW MHW]W GLHVHQ :KDVS RGHU VHLQH5RERWHU8QGGDQQVWHOOVWGXGLFKGRUWGUEHQDQGLHOHHUH:DQG-RQNGXELWWHDXFK 3OXPSXQGLFKNRPPHQGD]X ³:HQQLFKGLUEOR‰HWZDV9HUWUDXHQVFKHQNHQN|QQWHGXYHUUFNWHV:HLE$DURQ³0XIIW\ &RQWDUJHWNQLUVFKWHPLWGHQ=lKQHQ ³9HUVXFK V GRFK HLQIDFK ,FK EHPKWH PLFK LKQ DQ]XOlFKHOQ DEHU GDV IXQNWLRQLHUWH QDWUOLFKQLFKW $DURQ&RQWDUJHWJLQJ]XU7UXQGEHWlWLJWHGLH5XIHLQULFKWXQJ(UZX‰WHZRKOVHOEVWQLFKW ZDVHUWDWDEHUHVZDULQPHLQHP6LQQ ³+LHU &RQWDUJHW EHOOWH HU ³,FK P|FKWH PLW :KDVS VSUHFKHQ ,FK ELQ EHUHLW HLQ YROOHV *HVWlQGQLVEHUPHLQH$JHQWHQWlWLJNHLWIUGHQ(ZLJHQ.ULHJHU,MDUNRUDE]XOHJHQ ,FKZLQNWH-RQNXQGQDKPPHLQHQ7RUQLVWHUDXI ³0DFKW HXFK IODFK YHUODQJWH LFK XQG PDFKWH HV YRU ,FK GUFNWH PLFK HQJ DQ GLH HLQ]LJH :DQGGHUYRUGHUHQ:RKQ]HOOHGLHY|OOLJIUHLYRQLUJHQGZHOFKHP0RELOLDUZDU ³.RPPMHW]W$DURQULHILFK (UNDPXQGVWHOOWHVLFKQHEHQPLFK ³0DFKGLFKGQQIXKULFKLKQDQ ³+H[HGXPHLQVWLFKVROOYHUVFKZLQGHQ"(UUPSIWHGLH1DVH ³1HLQ'UFNGLFKDQGLH:DQG'DVPHLQHLFK ³'DPLW NDQQVW GX GDV 3UREOHP GDV LFK GLU MHW]W HLQJHEURFNW KDEH DXFK QLFKW O|VHQ 6LH ZHUGHQPLFKKROHQXQG]XGLHVHP3WHUXVEULQJHQ8QGGDQQ ³.DQQVWGXPDOGHQ0XQGKDOWHQ",FKWUDWLKPDXIGHQ)X‰³-HW]WIlQJWGHLQH+H[HDQ]X KH[HQ(VLVWEHVVHUZHQQLKUMHW]WQLFKWVPHKUVDJWGHQQLQVFKDOOGlPPHQGHQ0D‰QDKPHQ NHQQHLFKPLFKQLFKWEHVRQGHUVJXWDXV =XP *OFN VFKZLHJHQ EHLGH ,FK ]RJ HLQH %HWRQZDQG YRQ HLQHP =HQWLPHWHU 'LFNH YRU XQV 



DXI1DFKLQQHQKLQKDWWHGLHVH:DQGH[DNWGDVJOHLFKH$XVVHKHQZLHGLHJHJHQGLHZLUXQV GUFNWHQ 'D LFK IU GLHVH 5HDOKRORJUDSKLH GLH 2ULJLQDOZDQG DOV 0XVWHU JHQRPPHQ KDWWH NRQQWH HV NHLQHQ 8QWHUVFKLHG JHEHQ 'HU 5DXP YHUNOHLQHUWH VLFK GDGXUFK XP IDVW IQI]LJ =HQWLPHWHU 'LHVHV NOHLQH 0DQNR NRQQWH LFK QLFKW DXVJOHLFKHQ DEHU LFK UHFKQHWH GDPLW GD‰GDVQLFKWDXIILHO'DIUZDUGHU5DXP]XJUR‰ ³1XQVLQGZLUHLQJHPDXHUWWHLOWHLFKGHQEHLGHQPLW³$EHUPLW5HDOKRORJUDSKLHNDQQPDQ QRFK PHKU HUUHLFKHQ 'LH :DQG LVW QXU ZLUNOLFK LQ PHLQHP .RSI 8QG IU GHQ GHU VLH GXUFKEUHFKHQZLOO,FKP|FKWHDEHUGD‰VLHYRQGLHVHU6HLWHDXVGXUFKVLFKWLJZLUG 'LH:DQGZXUGHGXUFKVLFKWLJ(VGDXHUWHNHLQHGUHL0LQXWHQGDQQZDUHQGLH5RERWHUYRQ :KDVSV 5LHJH GD 6LH GXUFKVXFKWHQ DOOH 5lXPH DEHU VLH IDQGHQ QDWUOLFK NHLQH 6SXU YRQ XQV'DQQVFKOXJHQVLH$ODUP $DURQXQG-RQNYHUKLHOWHQVLFKVWLOO (LQ 3WHUXV HUVFKLHQ 0HLQ 9HUGDFKW GD‰ HV VLFK XP :KDVS SHUV|QOLFK KDQGHOWH ZXUGH EHVWlWLJW GHQQ GLH 5RERWHU VSUDFKHQ LKQ PLW GLHVHP 1DPHQ DQ 1RFK HLQPDO ZXUGH DOOHV XQWHUVXFKW /HLGHU ZXUGH GDEHL GHU XQWHULUGLVFKH 7XQQHO ]XP *HIlQJQLV GHU '\UDQHU HQWGHFNW 1DFKGLHVHU(QWGHFNXQJEHIDKO:KDVSGLH6XFKHDE]XEUHFKHQ ³3OXPS IOVWHUWH LFK ³,FK ZHL‰ GD‰ GX PLFK K|UVW :LH VLHKW GDV =HXJ DXV GDV LKU 'LVWHOIU|VFKHSURGX]LHUHQ N|QQW XQG GDV ]X HLQHU ([SORVLRQ IKUW" 8QG ZLH ]QGHW PDQHV XQDXIIlOOLJ" ³,FK NDQQ HLQ SDDU 7URSIHQ DXVVWR‰HQ HUNODQJ HV DXV GHP 7RUQLVWHU ³%UDXFKVW GX HLQ 0XVWHU" 1DWUOLFK EUDXFKVW GX HLQV 'X VROOVW DEHU ZLVVHQ GD‰ GDV ZDV GX EHDEVLFKWLJVW QLFKWPLWGHU0RUDOGHU'\UDQHUYHUWUlJOLFKLVW ³:DVKDWVLHYRU"]LVFKWH-RQN&DSURFLD $DURQ&RQWDUJHWVFKWWHOWHGHQ.RSI ³'DV0XVWHUYRQ'\QDPLWKDEHLFKSDUDWZDQGWHLFKPLFKDQ3OXPS³1XUOHLGHUQLFKWGDV GHV=QGHUV8QGPLWGHP=QGHQHUJlEHVLFKHLQZHLWHUHV3UREOHP (UNURFKDXIPHLQH6FKXOWHUXQGNODPPHUWHVLFKDQPHLQHQ.RSI=XPHUVWHQ0DOVDKLFK HLQHQ 7HLO VHLQHU 8QWHUVHLWH $XFK GRUW VD‰HQ 6WDFKHOQ ]ZLVFKHQ GHQ DFKW %HLQFKHQ $XV HLQHP6WDFKHOO|VWHVLFKHLQGXQNHOEUDXQHU7URSIHQ ³,FK ]LHKH LKQ LQ GUHL‰LJ 6HNXQGHQ ZLHGHU LQ PLFK HLQ MDPPHUWH 3OXPS PLW ]LWWHUQGHU 6WLPPH³6RQVWH[SORGLHUWHUYRQVLFKDXV ,FK QDKP GDV 0XVWHU DXI YHUYLHOIlOWLJWH HV KXQGHUWIDFK XQG HU]HXJWH HV UHDO LP .|USHU :KDVSV ³3DWKULHI$DURQ³:DVPDFKVWGX" $EHUGDHUIROJWHVFKRQGLH([SORVLRQ:KDVSZXUGH]HUULVVHQ)HW]HQVHLQHV.|USHUVILQJHQ VLFK LQ GHU :DQG GLH LFK ]X XQVHUHU 7DUQXQJ DXIJHEDXW KDWWH 0HKUHUH 5RERWHU ZXUGHQ XPJHZRUIHQXQGDX‰HU)XQNWLRQJHVHW]W ³-HW]W ZHL‰ LFK ZDUXP LFK GLFK QLFKW OLHEHQ NDQQ VDJWH $DURQ &RQWDUJHW ³'X ELVW ]X JHIlKUOLFK ,FKK|UWHQLFKWKLQ0LW:KDVSZDUHUVWHLQPDOGHU.RSIGLHVHV*HJQHUVEHVHLWLJW'DVZDU HLQZLFKWLJHUHUVWHU6FKULWW 5RQ-HQQ\ ,FK ZHL‰ GD‰ LFK PLFK HLJHQWOLFKVFKlPHQ P‰WH$EHU HXFK JHJHQEHU NDQQ LFKHVMD]XJHEHQ0LUKDWHV6SD‰JHPDFKW:KDVS]XW|WHQ 6RKDEHLFKLQGLHVHQ6HNXQGHQJHGDFKWXQGJHIKOW (V LVW GDV 0RQVWHU LQ PLU GDV PLU 6RUJHQ PDFKWH (V KDWWH PHKUHUH *HVLFKWHU QLFKW QXU GDV GHU 5HDOKRORJUDSKLH ,FK ZX‰WH QLFKW RE LFK HV MH ZUGH NRQWUROOLHUHQ N|QQHQ 2GHU 



REHVVLFKHOLPLQLHUHQOLH‰   'LH5RERWHUZDUHQDEJH]RJHQ6LHKDWWHQGLH5HVWHGHV3WHUXVHQWIHUQWXQGGLH7UXQVHUHV *HIlQJQLVVHV QLFKW HLQPDO PHKU JHVFKORVVHQ 6LH VFKLHQHQ GLH 6XFKH QDFK XQV QXQ DQGHUHQRUWVIRUW]XIKUHQ ,FKHQWIHUQWHGLHKRORJUDSKLVFKH:DQG ³3DWK VDJWH $DURQ ³'X ELVW HLQVDPH .ODVVH DXFK ZHQQ LFK GLFK QLFKW OHLGHQ NDQQ 6LFKHUZHL‰WGXZDVMHW]WZHLWHUJHVFKHKHQVROO" ³:LUZHUGHQXQVHLQZHQLJXPVHKHQHUNOlUWHLFK 3OXPS VSUDQJ YRQ PHLQHU 6FKXOWHU XQG ZLHVHOWH ]XU 7U KLQDXV 1DFK HLQHU NXU]HQ (UNXQGXQJGUDX‰HQDXIGHP*DQJNHKUWHHU]XUFN ³'LH /XIW LVW UHLQ MXELOLHUWH HU LP 6WLO HLQHU WHUUDQLVFKHQ 1DFKWLJDOO ³-HW]W N|QQWHQ ZLU QDFKVHKHQ ZDV LQ GHQ )DEULNHQ SDVVLHUW ,FK VSUH GLH 1lKH GHU JHIDQJHQHQ '\UDQHU ,FK NDQQXQVIKUHQ/HLGHUEHNRPPHLFKNHLQHQJHLVWLJHQ.RQWDNWDXI*HJHQVHLWLJNHLWGHQQ LKUH*HKLUQHVLQGJHOlKPW 0LW ³)DEULNHQ PHLQWH HU GLH $QODJHQ LQ GHQHQ VHLQH $UWJHQRVVHQ YHUVFKZDQGHQ RKQH MH ZLHGHU ]X HUVFKHLQHQ $XFK LFK ZROOWH QXQ .ODUKHLW ,FK KLHOW HV DEHU QLFKW IU NOXJ PLW $DURQXQG-RQNDXI(UNXQGXQJ]XJHKHQ:DVZLUEUDXFKWHQZDUHLQQHXHV 9HUVWHFN ,FK HUNOlUWHGHQEHLGHQGD‰LFKPLW3OXPSDOOHLQJHKHQZROOWH ³:LUN|QQHQXQV]X]ZHLWDXFKEHVVHUVFKW]HQ'LH)UDJHLVWQXUZRLKUHXFKYHUVWHFNW ³:KDVSV5LHJHZLUGXQVEHUDOOVXFKHQPHLQWH$DURQ³1XUKLHUQLFKW$OVREOHLEHQZLU HLQIDFKLQXQVHUHU=HOOHXQGYHUKDOWHQXQVVWLOO ³(LQJXWHU*HGDQNH,FKVWDXQWHEHUVHLQH%HUHLWVFKDIW ,FKVWHFNWH3OXPSLQPHLQHQ7RUQLVWHUXQGOLHIKLQDXVDXIGHQ*DQJ ³'LH 1lKH PHLQHU $UWJHQRVVHQ LVW IU PLFK MHW]W ZLH GHU +DXFK GHV /HEHQV VDQJ GHU 'LVWHOIURVFK³'DV/HEHQLVWPLUQlKHUDOVGHU7RG ³'XZLOOVWPLUVDJHQGD‰GXGHLQH$UWJHQRVVHQVSUVW" ³-D3DWK,FKPHLQHQLFKWGLH*HIDQJHQHQGLHZLULQGHUYHUJDQJHQHQ1DFKWJHVHKHQKDEHQ ,FK PHLQH GLH GLH VFKRQ GXUFK GLH JHLVWLJH .RQGLWLRQLHUXQJ JHJDQJHQ VLQG XQG GLH LQ GHQ EHLGHQ )DEULNHQ JHVFKXOW ZHUGHQ ,FK ZHL‰ QLFKW ZDV PDQ GRUW PLW PHLQHQ %UGHUQ XQG 6FKZHVWHUQPDFKW ³=HLJHPLUGHQ:HJ3OXPS (UNOHWWHUWHDXIPHLQH6FKXOWHU6HLQH$QZHLVXQJHQZDUHQQLFKWVHKUJHQDX(UVFKLHQVLFK VHLQHU6DFKHRIWQLFKWVLFKHU]XVHLQ2GHULKQEHVFKOLFKHLQHWLHIH$QJVW :LU HLOWHQ GXUFK |GH .RUULGRUH XQG EHU 7UHSSHQ ELV ZLU GLH 2EHUIOlFKH HUUHLFKWHQ +LHU ZDU HV HPSILQGOLFK NDOW 1XQ ZXUGHQ 3OXPSV 2ULHQWLHUXQJVKLOIHQ DEHU JHQDXHU 1DFK ZHQLJHQ KXQGHUW 0HWHUQ )X‰PDUVFK GXUFK HLQH .ULVWDOOZVWH JHODQJWHQ ZLU DQ HLQHQ (LQJDQJGHULQGLH7LHIHIKUWH ³9RUVLFKWZDUQWH3OXPS³+LHUJLEWHVEHVWLPPW:DFKHQXQG6LFKHUKHLWVV\VWHPH0HLQHV :LVVHQV LVW HV QRFK QLHPDQGHQ JHOXQJHQ LQ HLQH )DEULN HLQ]XGULQJHQ XQG DXFK ZLHGHU ]XUFN]XNHKUHQ ,FK YHUODQJVDPWH PHLQH 6FKULWWH 'HU *DQJ ZDU EUHLW XQG HU IKUWH LQ GLH 7LHIH GHV 3ODQHWHQ ,FK VFKDOWHWH GHQ 7DUQ XQG 'HIOHNWRUVFKLUP PHLQHV 6SH]LDODQ]XJV HLQ 'HU OLH‰ VLFK ]ZDU PLW HPSILQGOLFKHQ *HUlWHQ RUWHQ DEHU HV ZDU IUDJOLFK RE HV KLHU GHUDUWLJH hEHUZDFKXQJVHLQULFKWXQJHQ JDE 3OXPS GHU DXI PHLQHU 6FKXOWHU VD‰ ZXUGH YRQ GHP 7DUQIHOGHLQJHVFKORVVHQ 



0LW WHFKQLVFKHQ 0LWWHOQ ]X EHUOHEHQ GDV JHILHO PLU EHVVHU DOV PLW SVLRQLVFKHQ +RORJUDSKLHQ8QGGRFKZX‰WHLFKGD‰LFKRKQHVLHKLHUQLFKWDXVNRPPHQZUGH :LU SDVVLHUWHQ ]ZHL :DFKURERWHU GLH QLFKW UHDJLHUWHQ 0HLQH 7DUQXQJ ZDU DXVUHLFKHQG XQGLFKNRQQWHDXIKRORJUDSKLVFKH7ULFNVYHU]LFKWHQ :LU JHODQJWHQ LQ HLQHQ VFKPDOHQ *DQJ GHU DXI HLQHU 6HLWH HLQ GXUFKJHKHQGHV )HQVWHU EHVD‰'XUFKGLHVHVNRQQWHPDQQDFKXQWHQLQHLQHJUR‰HHUOHXFKWHWH+DOOHEOLFNHQ 'XUFKGHQEHVWLPPW]ZHLKXQGHUW0HWHUODQJHQ5DXP]RJHQVLFKHQJH5HLKHQYRQNOHLQHQ YHUJLWWHUWHQ .lILJHQ 8QWHU GLHVHQ .lILJHQ YHUOLHIHQ 5LQQHQ DXV 0HWDOO (V ZDUHQ IQIXQG]ZDQ]LJ5HLKHQXQGLQMHGHUEHIDQGHQVLFKHWZDIQIKXQGHUW.lILJH ,Q MHGHP .lILJ VD‰ HLQ 'LVWHOIURVFK $Q HLQHU 6HLWH VHLQHV *HIlQJQLVVHV EHIDQG VLFK HLQH gIIQXQJLP%RGHQGLHJHQDXLQGLH0HWDOOULQQHIKUWH ³0HON]HLWULHI HLQH GXQNOH *HVWDOW PLW HLQHP 6FKZDQ]GLHXQWHU GHU 'HFNH GHU+DOOHLQ HLQHP.RUEVFKZHEWH³/D‰WDE ,FKHUVFKDXGHUWH,FKHPSIDQGVRWLHIH(NHOJHIKOHZLHQRFKQLH ³+DOWHGLFK]XUFNIOHKWH3OXPS³%H]lKPHGHLQHQ'UDQJ*UHLIMHW]WQLFKWHLQGHQQGX ZUGHVW PHKU ]HUVW|UHQ DOV UHWWHQ :LU HUUHLFKHQ QXU HWZDV ZHQQ ZLU GDV hEHO DQ GHU :XU]HOSDFNHQ 'LH '\UDQHU UFNWHQ LQ GHQ KLQWHUHQ %HUHLFK LKUHU .lILJH XQG |IIQHWHQ LKUH 'UVHQ (LQH JUQH)OVVLJNHLWOLHILQGLH5LQQHXQGYHUVFKZDQGYRQGRUWKLQWHUGHUQlFKVWHQ:DQG ³'\6lXUH ]XU +HUVWHOOXQJ YRQ +\SHU6SUHQJVWRII ZLVSHUWH 3OXPS DXIJHUHJW ³'HU LVW ]LJPDOVFKOLPPHUDOVGDV=HXJGDVLFKGLUDOV0XVWHUJH]HLJWKDEH.HLQ'\UDQHUHU]HXJW '\6lXUH IUHLZLOOLJ 6LH JHK|UW ]X GHQ JHlFKWHWHQ 6XEVWDQ]HQ PHLQHV 9RONHV 'LHVH *HIDQJHQHQ VLQG GXUFK GLH +|OOH GHU JOlVHUQHQ %OXPHQKDOOH JHJDQJHQ 6LH EHVLW]HQ NHLQHQ SHUV|QOLFKHQ:LOOHQPHKU 5RERWHUHUVFKLHQHQXQGVDPPHOWHQHLQSDDU'\UDQHUHLQGLHNHLQH6XEVWDQ]PHKUDEJHEHQ NRQQWHQ 6LH ODKPWHQ GLH DUPHQ *HVFK|SIH XQG ZDUIHQ VLH GDQQ DFKWORV LQ HLQHQ $EIDOOYHUQLFKWHU(VZDUVFKUHFNOLFKDQ]XVHKHQ ,FKVWDUUWHQRFKLPPHUDXIGLHGXQNOH*HVWDOWGHQ3WHUXVLP.RUEXQWHUGHU+DOOHQGHFNH (LQ,UUWXPZDUHLJHQWOLFKDXVJHVFKORVVHQ'DVZDU:KDVS $EHU:KDVSZDUGRFKWRW    2GHU" (WZDV VWLPPWH KLHU QLFKW 0X‰WH LFK PLFK MHW]W EHIUHLW IKOHQ ZHLO LFK LKQ YLHOOHLFKW GRFK QLFKWJHW|WHWKDWWH" 1HLQHVPX‰WHHLQHDQGHUH(UNOlUXQJJHEHQ 3OXPSKDWWHJHQXJJHVHKHQ ³6LH PHONHQ KLHU PHLQH 6FKZHVWHUQ XQG %UGHU VFKOXFK]WH HU WUDXULJ ³6LH KDEHQ VLH ]XYRU GXUFK GHQ %OWHQVWDXE YHUGXPPW 8QG MHW]W PHONHQ VLH VLH *HZLQQXQJ YRQ 6SUHQJVWRIIGDVLVWHV(VLVWVFKOLPP ³:HQQGLH'LQJHVWLPPHQVDJWHLFK³YRQGHQHQGXEHULFKWHWKDVWGDQQJLEWHVQRFKHLQH ]ZHLWH)DEULNIUGLH'\UDQHU,FKPHLQHGLHLQGHUVLFKDEXQG]XHLQH([SORVLRQHUHLJQHW ³,FK EUDXFKH HUVW HLQPDO HWZDV 5XKH DQWZRUWHWH HU³'DQQ JHKHQ ZLU DXI GLH 6XFKH QDFK GHUDQGHUHQ)DEULN ³'DQQOD‰XQV]X-RQNXQG$DURQ]XUFNNHKUHQVDJWHLFK 'HQ:HJ]XUFNIDQGLFKDXFKRKQH3OXPSV+LQZHLVH$Q GHQ:DFKHQNDPLFKXQEHPHUNW YRUEHLXQGDXFKVRQVWEHJHJQHWHQZLUQLHPDQGHQ8QVHU*HIlQJQLVZDUQLFKWYHUVFKORVVHQ $DURQ&RQWDUJHWXQG-RQN&DSURFLDEHJU‰WHQ XQV EHUVFKZHQJOLFK DEHU GDQQ ZXUGHQ VLH HUQVW 



³3DWK GX +H[H VDJWH $DURQ ³(WZDV DQ GHLQHU +RORJUDSKLH KDW QLFKW ULFKWLJ IXQNWLRQLHUW ,FKGDFKWHGXKlWWHVWGLHVHQ7\SHQPLWGHP5DXEWLHUJHEL‰XQGGHP.QRUSHOVFKZDQ]LQGLH /XIWJHVSUHQJW:LUKDEHQLKQDEHUGUDX‰HQDXIGHP*DQJYRUZHQLJHQ0LQXWHQJHVHKHQ 8QGHUZDUVHKUOHEHQGLJ ³(U ZDU DXFK GD ZR ZLU ZDUHQ HQWJHJQHWH LFK ³=XJHJHEHQ HWZDV VWLPPW GD QLFKW ,FK JHKHGDYRQDXVGD‰HVHLQHJU|‰HUH=DKOYRQ:KDVSVJLEW 3OXPS EHULFKWHWH GHQ EHLGHQ YRQ GHU )DEULN LQ GHU VHLQH $UWJHQRVVHQ ZLH 9LHK JHKDOWHQ XQG JHPRONHQ ZXUGHQ ,FK VHW]WH PLFK XQWHUGHVVHQ PLW 9L LQ 9HUELQGXQJ XQG LQIRUPLHUWH VLHEHUGDVZDVJHVFKHKHQZDUXQGZDVZLUZHLWHUSODQWHQ ³'LH -XQJV KDEHQ .RQWDNW PLW GHQ 0DUGHODQHUQDXIJHQRPPHQHUIXKUHQZLUGDQQYRQGHU 9LUHQLQWHOOLJHQ]³(VJLEWGDHLQHQ:HLVHQGHQQHQQHQVLHGHQDOWHQ;XULH'LHVHU0DUGHODQHU VDPPHOW VHLW ODQJHU =HLW ,QIRUPDWLRQHQ EHU GLH 0DFKHQVFKDIWHQ YRQ :KDVSV 5LHJH hEHU GLH'\UDQHULVWHUDOOHUGLQJVQLFKWLQIRUPLHUW8QGJHJHQGLH(QWIKUXQJHQGXUFKGLH5RERWHU NRQQWHQGLHWHFKQLVFKQLFKWVHKUHQWZLFNHOWHQ0DUGHODQHUNDXPHWZDVDXVULFKWHQ ³:DUXPHQWIKUWHQGLH5RERWHUGLH0DUGHODQHU" ³'HU DOWH ;XULH EHKDXSWHW GLHVH /HXWH ZUGHQ ]X 5DXPVFKLIIEHVDW]XQJHQ DXVJHELOGHW (U YHUPXWHW GD‰ :KDVSV 5LHJH DXI GHP 3ODQHWHQ 3LHUDQN GDV LVW GHU VHFKVWH GHV .HUMDKRW 6\VWHPV HLQ JHZDOWLJHV $UVHQDO XQWHULUGLVFK DQJHOHJW KDW 'RUWKLQ IORJHQ GHV |IWHUHQ 5DXPVFKLIIH ;XULH YHUPXWHW ZHLWHU GD‰ GLH DXVJHELOGHWHQ 0DUGHODQHU GRUW LP 7LHIVFKODI UXKHQ ³:DUXP EHWUHLEW MHPDQG GLHVHQ $XIZDQG" ³(V JLEW QXU HLQH (UNOlUXQJ GDIU VDJWH 9L ³+HUUVFKHUGLHVHU*DOD[LVLVWGHU.ULHJHU.DKQHU:KDVSLVWGHU1DPHVHLQHV$QLPDWHXUV 8QG :KDVSV 5LHJH VWHOOW ZDKUVFKHLQOLFK VR HWZDV ZLH GLH *HKHLPDUPHH GHV .ULHJHUV .DOPHUGDU:HUZHL‰VFKRQZDVGHUIUGLH=XNXQIWSODQW :LU ]RJHQ XQV LQ GHQ KLQWHUHQ 7HLO XQVHUHU =HOOHQ ]XUFN XP GLH ZHLWHUHQ 6FKULWWH ]X EHUDWHQ$DURQVWHOOWHGDVEHQXW]WH*HVFKLUULQQHQDQGLH7U:HQQMHPDQGNlPHVRZUGHQ ZLU VFKQHOO JHZDUQW VHLQ ,FK KlWWH GDQQ LPPHU QRFK =HLW XP HLQH 5HDOKRORJUDSKLH ]X HU]HXJHQ KLQWHU GHU ZLU XQV YHUVWHFNHQ NRQQWHQ 9L QDKP DQ GHP *HVSUlFK EHU GLH NRGLHUWH+\SHUIXQNVWUHFNHWHLO (V ZDU IU XQV DOOH HWZDV HUVWDXQOLFK GD‰ :KDVSV 5LHJH QLFKW VHKU JH]LHOW UHDJLHUWH 'LH 9HUIROJXQJ GHU 1$87,/86 KDWWH NHLQHQ 7DJ JHGDXHUW 8QG DXFK QDFK XQVHUHP VFKHLQEDUHQ 9HUVFKZLQGHQ ZDUHQ NHLQH QDFKKDOWLJHQ 6XFKDNWLRQHQ HUIROJW 6HOEVW GHU $QVFKODJDXIGHQ:KDVSLQXQVHUHU=HOOHKDWWHNDXP:LUNXQJKHUYRUJHUXIHQ 9LOLHIHUWHHLQHP|JOLFKH(UNOlUXQJ ³'LHVH %XUVFKHQ JHKHQ GDYRQ DXV GD‰ GLH 1$87,/86 GDV .HUMDKRW6\VWHP YHUODVVHQ KDW 8QGVHOEVWZHQQGDVQLFKWVWLPPWVLHVFKlW]HQGDV5DXPVFKLIIDOVKDUPORVHLQXQGGDVLVW HV MD DXFK :LU EHVLW]HQ NHLQHUOHL 2IIHQVLYEHZDIIQXQJ XQG GDV KDEHQ VLH VLFKHU EHL GHU .DSHUXQJIHVWJHVWHOOW ³'DVN|QQWHVWLPPHQPHLQWH-RQN ³1DFK XQVHUHQ ELVKHULJHQ (UNHQQWQLVVHQ H[LVWLHUW :KDVSV 5LHJH VFKRQ VHKU ODQJH IXKU 9L IRUW³+LHULVWDOOHVLQ5RXWLQHHUVWDUUW(LQSDDU$XVUHL‰HUQ'\UDQHUQRGHU0DUGHODQHUQKDW PDQIUKHUNDXP%HGHXWXQJEHLJHPHVVHQ0DQZLUGHVDXFKKHXWHNDXPDQGHUVVHKHQ ³:LUVLQGNHLQH0DUGHODQHUVWHOOWH$DURQIHVW ³:DVHXFKEHWULIIWVRVHLGLKULQGHQ$XJHQYRQ:KDVSV5LHJH]ZDUHQWNRPPHQDEHUZDV N|QQW LKU GHQQ DQULFKWHQ" 1LFKWV ,KU VHLG DXI 4XRODW JHIDQJHQ 6LFKHU ZHUGHQ VLH GLH %HZDFKXQJ LKUHU 5DXPVFKLIIH YHUVWlUNW KDEHQ GDPLW LKU QLFKW IOLHKHQ N|QQW (JDO ZLH PDQHVVLHKWLKUKDEWNHLQH:DIIHQXQGNHLQ5DXPVFKLII(LQHZLUNOLFKH*HIDKUVWHOOWLKU 



IUGLH3WHUXVXQGLKUH5RERWHUWUXSSHQLFKWGDU ³,QGLHVHU)HKOHLQVFKlW]XQJOLHJWXQVHUH6WlUNHVWHOOWHLFKIHVW³,FKNRQQWHUHODWLYHLQIDFK LQ GLH HLQH )DEULN HLQGULQJHQ (V JLEW KLHU HLQH $UW 1DFKWUXKH :HQQ GLH EHJLQQW PDFKHQ ZLU XQV ZLHGHU DXI GHQ :HJ 3OXPS P|FKWH XQEHGLQJW ZLVVHQ ZDV LQ GHU DQGHUHQ )DEULN JHVFKLHKW $X‰HUGHP PX‰ HV KLHU HLQH =HQWUDOH JHEHQ LQ GHU LFK PLFK PDO XPVFKDXHQ P|FKWH:LHVLHKWHVPLWGHLQHQ0|JOLFKNHLWHQDXVXQVKLHUDE]XKROHQ9L" ³,FK KDEH DOOHV EHU GLH 6LFKHUXQJVPD‰QDKPHQ GHU 5LHJH DXVJHIRUVFKW ZDV P|JOLFK ZDU :HQQ GLH 1$87,/86 4XRODW DQIOLHJW VR PVVHQ VLH GDV PHUNHQ 'DV 6FKLII LVW ]X JUR‰ 6HOEVW EHL GHQ EHVWHQ 7DUQYHUIDKUHQ NDQQ HV QLFKW EHUVHKHQ ZHUGHQ 'DV 5LVLNR HLQHU 9HUQLFKWXQJ LVW VR JUR‰ GD‰ LFK GLHVHQ 9HUVXFK QXU LP lX‰HUVWHQ 1RWIDOO ZDJHQ ZUGH (WZDVDQGHUHVZlUHHVZHQQLFKGLH%HLERRWH1$8RGHU1$8VFKLFNH ³,FKZX‰WHQLFKWVWDXQWH$DURQ&RQWDUJHW³GD‰GX%HLERRWHPLWIKUVW ³,FK KDWWH DXFK JDU NHLQH JDE GLH 9LUHQLQWHOOLJHQ] ]X ³,FK KDEH VLH QDFK GHU JHKHLPHQ /DQGXQJ DXI 0DUGHO JHEDXW XQG PLW GHQ EHVWHQ 7DUQVFKLUPHQ YHUVHKHQ GLH PLU ]XU 9HUIJXQJ VWHKHQ :HQQ LKU 4XRODW YHUODVVHQ ZROOW GDQQ QXU EHU GLH %HLERRWH ,Q HLQHU 1$8KDEWLKUDOOHEHTXHP3ODW] ³:LUNRPPHQDXIGLHVHV$QJHERW]XUFNYHUVLFKHUWHLFK9L :LUZDUWHWHQELV]XP$EHQG'D‰GLH1DFKWSKDVHEHJDQQZDUDQHLQHU$EGXQNHOXQJGHU %HOHXFKWXQJLQGHQ.RUULGRUHQ]XHUNHQQHQ'DQQEUDFKHQZLUDXI3OXPSVROOWHXQV]XHUVW ]XU]ZHLWHQ)DEULNIKUHQ :LU NDPHQ VFKQHOO XQG XQJHKLQGHUW DXI GHP PLU VFKRQ EHNDQQWHQ :HJ LQV )UHLH $Q GHU 2EHUIOlFKH VFKOXJ 3OXPS DEHU HLQH DQGHUH 5LFKWXQJ DOV OHW]WHV 0DO HLQ 1DFK HLQHP OlQJHUHQ)X‰PDUVFKGXUFKGLH'XQNHOKHLWGHUNDOWHQ.ULVWDOOZVWHVWRSSWHHUSO|W]OLFK ³'LH )DEULN EHILQGHW VLFK GLUHNW XQWHU XQV EHKDXSWHWH HU ³,FK VSUH YLHOH *HLVWHVHFKRV PHLQHU$UWJHQRVVHQ6LHVLQGDOOHEHWlXEW(VLVWDOVREVLHVFKODIHQDQGHUVDOVEHLGHQHQLQ GHUDQGHUHQ)DEULN,FKNDQQDXFKNHLQHQ=XJDQJHQWGHFNHQ :LU VXFKWHQ GLH 8PJHEXQJ ZHLWOlXILJ DE -RQN &DSURFLD HQWGHFNWH HLQHQ %HOIWXQJVVFKDFKW'DVZDUDOOHV ³(V PX‰ XQWHULUGLVFKH =XJlQJH JHEHQ YHUPXWHWH LFK ³9LHOOHLFKW VROOWHQ ZLU GRFK HUVW GLH =HQWUDOH VXFKHQ XQG XQV GRUW RULHQWLHUHQ 9RQ GRUW NRPPHQ ZLU EHVWLPPW OHLFKWHU DQV =LHO ³,FKP|FKWHHWZDVDQGHUHVYRUVFKODJHQEOXEEHUWHGHU'LVWHOIURVFK³,FKNOHWWHUHGXUFKGHQ %HOIWXQJVVFKDFKWQDFKXQWHQ,FKZLOOZLVVHQZDVGRUWJHVFKLHKW,FKZLOOHVMHW]WZLVVHQ (VLVWPHLQ9RONGDVKLHUPL‰EUDXFKWZLUGXQGLFKKDEHVFKRQKXQGHUW-DKUHYHUVFKODIHQ ,KUN|QQWHXFKQLFKWYRUVWHOOHQZLHZLFKWLJGDVDOOHVIUPLFKLVW ³'HLQ3ODQLVWJHIlKUOLFKZDUQWHLFK ³'DV KlOW PLFK QLFKW DXI ,FK NRPPH VFKRQ ZLHGHU GD UDXV 3OXPS EHHQGHWH GLH NXU]H 'LVNXVVLRQGDGXUFKGD‰HUVLFKNRSIEHULQGHQ%HOIWXQJVVFKDFKWIDOOHQOLH‰ ³(ULVWYHUUFNWNQXUUWH$DURQ³:LHZLOOHUGDZLHGHUUDXVNRPPHQ" ,FKEHVD‰LQPHLQHP6SH]LDODQ]XJHLQHNOHLQH/DPSH'DPLWOHXFKWHWHLFKLQGHQ6FKDFKW (U JLQJ VHQNUHFKW QDFK XQWHQ XQG VHKU ZHLW 'HU /LFKWVFKHLQ NRQQWH GHQ %RGHQ QLFKW HUUHLFKHQ1DWUOLFKZDUYRQGHP'LVWHOIURVFKOlQJVWQLFKWVPHKU]XVHKHQ ³(V KDW NHLQHQ 6LQQ KLHU ]X ZDUWHQ VWHOOWH LFK IHVW ³:LU NHKUHQ XP XQG VXFKHQ GLH XQWHULUGLVFKHQ5HJLRQHQDE,FKNDQQPLWHLQHP6HQVRUPHLQHV$Q]XJVJUREIHVWVWHOOHQLQ ZHOFKHU5LFKWXQJJU|‰HUHHQHUJHWLVFKH$NWLYLWlWHQH[LVWLHUHQ'DPLWKDEHQZLUHLQHNOHLQH 2ULHQWLHUXQJVKLOIH ,FKLQIRUPLHUWH9LEHUXQVHUH6FKULWWH 



$XI GHP :HJ ]XUFN EHREDFKWHWHQ ZLU HLQ PLWWHOJUR‰HV 5DXPVFKLII GDV LQ HWZD HLQHP .LORPHWHU(QWIHUQXQJVWDUWHWH9LHOZDULQGHU'XQNHOKHLWQLFKW]XHUNHQQHQDEHULFKKDWWH GHQ(LQGUXFNGD‰HVDXVHLQHPXQWHULUGLVFKHQ+DQJDUJHNRPPHQZDU ³:LU ZHUGHQ XQV LQ GLHVH 5LFKWXQJ EHJHEHQ VDJWH LFK XQG GHXWHWH GHP GDYRQIOLHJHQGHQ 5DXPHU QDFK ³9LHOOHLFKW EHILQGHW VLFK GRUW GLH =HQWUDOH 'LHVH 5LFKWXQJ VWLPPW PLW GHU PHLQHV (QHUJLHVHQVRUV EHUHLQ %OHLEW GLFKW LQ PHLQHU 1lKH :HQQ ZLU GHQ :KDVS 5RERWHUQEHJHJQHQLVWPHLQH5HDOKRORJUDSKLHXQVHUHHLQ]LJH:DIIH :LUNOHWWHUWHQGXUFKGLHVFKUlJHQgIIQXQJHQZLHGHULQGLH7LHIH'HUZHLWHUH:HJIKUWHDQ XQVHUHQ=HOOHQYRUEHLLQGLHHQWJHJHQJHVHW]WH5LFKWXQJ'HUY|OOLJVFKPXFNORVH*DQJPLW VHLQHQ NDOWHQ %HWRQZlQGHQ PQGHWH LQ HLQHQ JU|‰HUHQ .RUULGRU LQ GHP DXFK VFKZHUH *OHLWHUJHQJHQG3ODW]IDQGHQ :LU GUFNWHQ XQV HUVW HLQPDO LQ HLQH 6HLWHQQLVFKH XQG ODXVFKWHQ 9HUVFKLHGHQH *HUlXVFKH ZDUHQ]XK|UHQDEHULFKNRQQWHQLFKWVDJHQZRKHUVLHNDPHQXQGZDVVLHEHGHXWHWHQ 3O|W]OLFKHUVFKWWHUWHQPHKUHUHVFKZHUH([SORVLRQHQGLH/XIW:LUEOLFNWHQXQVHQWVHW]WDQ GHQQ GLH ([SORVLRQHQ NODQJHQ DXV GHU 5LFKWXQJ KHUEHU LQ GHU GLH )DEULN ODJ GLH 3OXPS DXIJHVXFKWKDWWH $ODUPVLUHQHQVFKULOOWHQDXI.HLQH0LQXWHVSlWHUUDVWHQ]ZHLRIIHQH*OHLWHUDQXQVYRUEHL LQ GHQHQ PHKUHUH 5RERWHU PLW VFKZHUHQ 3URMHNWRUHQ VWDQGHQ ,FK KDWWH EOLW]VFKQHOO HLQH :DQGYRUXQVDXIJHEDXWVRGD‰ZLUQLFKWHQWGHFNWZHUGHQNRQQWHQ ³:DVKDWGDV]XEHGHXWHQ"IUDJWH$DURQ ,FKZX‰WHHVQLFKWXQGVDJWHLKPGDV'DQQVSUDFKLFKNXU]PLW9LDEHUDXFKVLHZDUUDWORV ³'LH*OHLWHUNDPHQDXVGHUJOHLFKHQ5LFKWXQJLQGHUGDV5DXPVFKLIIVWDUWHWHPHLQWH-RQN &DSURFLD³:HQQZLUQRFKHWZDVKHUDXVILQGHQZROOHQGDQQPVVHQZLUZHLWHU :LU VFKULWWHQ ]JLJ GXUFK GHQ EUHLWHQ XQWHULUGLVFKHQ :HJ XQG NDPHQ LQ HLQH =RQH GLH KHOOHUHUOHXFKWHWZDU0HKUHUH6HLWHQJlQJHXQGRIIHQH7RUH]XNOHLQHQ+DOOHQZLHVHQGDUDXI KLQ GD‰ ZLU XQV GHP YHUPXWHWHQ =HQWUXP QlKHUWHQ ,FK IROJWH PHLQHP *HIKO XQG GHU $Q]HLJHPHLQHV(QHUJLHVHQVRUVDOVLFKHLQHQ6HLWHQJDQJZlKOWHGHUVWHLOQDFKREHQIKUWH $DURQPDXOWH]ZDUZLHGHUHLQPDODEHULFKJLQJHLQIDFKZHLWHU 9RU XQV ZXUGH HV SO|W]OLFK VHKU KHOO ,FK VFKULWW ODQJVDPHU YRUDQ 'HU *DQJ HQGHWH KRFK REHQ LQ GHU 6HLWHQZDQG HLQHV KHOO HUOHXFKWHWHQ 5DXPHV *DQ] ODQJVDP VFKRE LFK PLFK ZHLWHUQDFKYRUQXQGEHWUDFKWHWHGLH6]HQH (WZD ]HKQ 0HWHU XQWHUKDOE EHIDQG VLFK HLQ KDOEUXQGHU .RPPDQGRVWDQG PLW %LOGVFKLUPHQ XQG6FKDOWSXOWHQ(LQ3WHUXVVWDQGKLHU]XVDPPHQPLW]ZHLYRQGHQGXQNOHQ5RERWHUQ ³'DLVWHUZLHGHUULHIHLQHUGHU5RERWHUXQGGHXWHWHDXIGHQJUR‰HQ%LOGVFKLUPGHUHLQH KDOEH6HLWHQZDQGDXVIOOWH³*OHLFKKDEHQZLUGHQYHUIOL[WHQ$WWHQWlWHU ,FKZLQNWH$DURQXQG-RQNKHUDQGDPLWDXFKVLHHWZDVVHKHQNRQQWHQ $XI GHP %LOGVFKLUP UDQQWH XQG KSIWH HLQ '\UDQHU ,FK ZDU PLU HLJHQWOLFK ]LHPOLFK VLFKHU GD‰ HV VLFK GDEHL XP 3OXPS KDQGHOWH ,PPHU ZHQQ HU HLQHQ JU|‰HUHQ 6SUXQJ PDFKWH HUIROJWHDQ GHU 6WHOOH DQGHU HUDEJHVSUXQJHQZDUHLQH([SORVLRQ(UKDWWHEHVWLPPWGRUW HLQHH[SORVLYH6XEVWDQ]KLQWHUODVVHQGLHHULQVHLQHP.|USHUHU]HXJWKDWWH 'DEHLKDQGHOWHHVVLFKDEHUXPUHODWLYVFKZDFKH'HWRQDWLRQHQGLHQLFKWVPLWGHQHQ]XWXQ KDEHQNRQQWHQGLHZLU]XYRUDXVGHU)HUQHZDKUJHQRPPHQKDWWHQ ³.|QQHQZLULKPQLFKWLUJHQGZLHKHOIHQ"IUDJWH-RQN ,FKVFKWWHOWHGHQ.RSI 'HU3WHUXVJDEMHW]WSDXVHQORV$QZHLVXQJHQDQVHLQH5RERWHU(UGLULJLHUWHVLHKLQXQGKHU 6HLQH 2UWVDQJDEHQ YHUVWDQG LFK QLFKW DEHU PLU ZXUGH NODU GD‰ VLH 3OXPS V\VWHPDWLVFK HLQNUHLVWHQ 



³'X PX‰W HWZDV WXQ 3DWK GUlQJWH $DURQ ³6RQVW LVW 3OXPS YHUORUHQ .DQQVW GX GLHVHQ 7HXIHOGDXQWHQQLFKW ³,FKNDQQXQWHUEUDFKLFKLKQ ,Q GHU 0LWWH GHU +DOOH HQWVWDQG HLQH ULHVLJH 4XDGHU 'HU JDQ]H %URFNHQ PX‰WH PLQGHVWHQV YLHU]LJ7RQQHQZLHJHQ(U GRQQHUWH QDFKXQWHQXQG]HUVFKPHWWHUWH GLH $QODJHGHQ 3WHUXV XQGGLHEHLGHQ5RERWHU$ODUPVFKULOOWHDXIDEHUGDVVW|UWHPLFKMHW]WQLFKW 9RQKLHUZXUGHQLFKWVPHKUGLULJLHUW 'HU %LOGVFKLUP DQ GHU :DQG HUORVFK 1DWUOLFK NRQQWH LFK MHW]W QLFKW PHKU VHKHQ ZDV PLW 3OXPSJHVFKDKDEHUGDVOLH‰VLFKQLFKWlQGHUQ ³6HKW LKU GRUW GUEHQ GLH 6FKDOWZDQG" ,FK GHXWHWH QDFK XQWHQ QHEHQ GHQ +DXSWHLQJDQJ GHU +DOOH ³,FK VFKlW]H GD‰ VLFK GRUW GLH 'DWHLHQ GHU KLHVLJHQ &RPSXWHUDQODJH EHILQGHQ 8QGGLHZLOOLFKKDEHQ ³:LHVROOGDVJHKHQ"IUDJWH$DURQNRSIVFKWWHOQG ³,KU KROW VLH XQG EULQJW VLH KLHU KHUDXI HUNOlUWH LFK ³,FK VRUJH GDIU GD‰ HXFK QLHPDQG EHOlVWLJW ³,FKNDQQGDQLFKWUXQWHUVSULQJHQXQGVFKRQJDUQLFKWZLHGHUKLQDXI ³%LWWH PHLQH )UHXQG ,FK HU]HXJWH HLQH QHXH +RORJUDSKLH HLQH VWHLQHUQH 7UHSSH GLH YRQ KLHUREHQLQGLH7LHIHIKUWH'LH7UHSSHJHILHOPLUQLFKWXQGLFKHU]HXJWHHLQ*HOlQGHU ³%HHLOWHXFK 'LHEHLGHQVSXUWHWHQORV,FKEHXJWHPLFKHWZDVQDFKYRUQXPGHQJDQ]HQ5DXPEHVVHU]X EHUEOLFNHQ(VJDELQVJHVDPWGUHL(LQJlQJH,FKHU]HXJWHYRUDOOHQ3DQ]HUSODVWZlQGHXQG ULFKWHWHGLHVHVRHLQGD‰VLHPHKUHUH7DJHVWDELOEOLHEHQ $DURQ XQG -RQN KDWWHQ XQWHUGHVVHQ EHJRQQHQ GLH 'DWHLEO|FNH DXV GHQ :DQGIlFKHUQ ]X ]LHKHQ ,FK VFKLFNWH LKQHQ HLQH .LVWH GLH JUR‰ JHQXJ ZDU GDPLW VLH DOOHV YHUVWDXHQ NRQQWHQ 'UDX‰HQYRUGHQYHUULHJHOWHQ(LQJlQJHQEHJDQQHV]XUXPRUHQ6LFKHUZDUHQGRUWGLHHUVWHQ 5RERWHUDQJHNRPPHQGLHGHU$ODUPDQJHORFNWKDWWH1RFKKDWWHQVLHNHLQH&KDQFH ³9LULHILFKXQGVLHPHOGHWHVLFKVRIRUW ,FK EHULFKWHWH YRQ XQVHUHP 9RUGULQJHQ LQ GLHVH +DOOH XQG IRUGHUWH VLH DXI VRIRUW HLQ %HLERRW]XVFKLFNHQXPGLH'DWHQVSHLFKHUDE]XKROHQ ³:LU N|QQHQ QRFK QLFKW PLWNRPPHQ VFKOR‰ LFK ³,FK P|FKWH HUVW VHKHQ ZDV DXV 3OXPS JHZRUGHQLVW 9L YHUVLFKHUWH PLU GD‰ GDV %HLERRW VRIRUW YRQ 0DUGHO VWDUWHQ ZUGH ,Q VSlWHVWHQV HLQHU 6WXQGH ZlUH HV DXI 4XRODW 1DFK GHQ 6LJQDOHQ PHLQHV 6SH]LDODQ]XJV NRQQWH HV VLFK RULHQWLHUHQ $OV GLH EHLGHQ 0lQQHU PLW GHU .LVWH EHL PLU DQNDPHQ O|VWH LFK GLH +RORJUDSKLHQ DXI GLH LFK QLFKW PHKU EUDXFKWH 8QWHU GHP 4XDGHU NDPHQ GLH 7UPPHU GHU 5RERWHU XQG GHV 3WHUXV ]XP 9RUVFKHLQ 0HLQ 9HUGDFKW ZXUGH EHVWlWLJW 'LH 3WHUXV*HVWDOW ZDU NHLQ /HEHZHVHQVRQGHUQDXFKHLQ5RERWHU ³=XUFN]XU=HOOHULHILFK³/D‰WPLFKYRU :LU HUUHLFKWHQ GHQ EUHLWHQ .RUULGRU JHUDGH LQ GHP 0RPHQW DOV HLQ NOHLQHU *OHLWHU PLW HLQHP 3WHUXV KHUDQUDVWH ,FK JLQJ GDYRQ DXV GD‰ HV VLFK DXFK GLHVPDO XP HLQHQ 5RERWHU KDQGHOWH 'D ZDU SO|W]OLFK HLQ GLFNHU 6WHLQ LQ GHU /XIW GHU GHQ 3WHUXV DP 6FKlGHOWUDI XQG DXV GHP *OHLWHU VFKOHXGHUWH $DURQ VSXUWHWH VRIRUW ORV XQG ILQJ GDV IKUHUORVH *HIlKUW HLQ :lKUHQG GLH0lQQHUGLH.LVWHYHUOXGHQXQGVLFKPLWGHU6WHXHUXQJYHUWUDXWPDFKWHQXQWHUVXFKWHLFK GHQ3WHUXV 



(V ZDU ]ZHLIHOORV HLQ 5RERWHU DEHU LFK ZXUGH GHQ *HGDQNHQ QLFKW ORV GD‰ HV LUJHQGZR DXFKHLQHQHFKWHQ:KDVSJHEHQPX‰WH :HQLJH0LQXWHQVSlWHUHUUHLFKWHQZLUXQVHUH=HOOH:LUYHUVWHFNWHQGHQNOHLQHQ*OHLWHUPLWGHU .LVWH ]XQlFKVW LQ GHU +\JLHQHNDPPHU GHQQ QRFK PX‰WHQ ZLU ZDUWHQ ELV GDV %HLERRW HLQWUDI 'D LFK PLW 9L LQ 9HUELQGXQJ VWDQG NRQQWHQ ZLU GHQ $EWUDQVSRUW JHQDX ]HLWOLFK DEVWLPPHQ 'DQQ ZDUHV VRZHLW'LH 1$8KDWWH4XRODWHUUHLFKWXQGVHW]WH]XU/DQGXQJDQ9LKDWWH VLHPLWHLQHP7HLOLKUHU,QWHOOLJHQ]DXVJHVWDWWHWXQGRKQH3HUVRQDODXIGLH5HLVHJHVFKLFNW :LUPX‰WHQQRFKHLQPDOVFKQHOOKDQGHOQXQGGDVZHUWYROOH0DWHULDODQ%RUGVFKDIIHQ'LH $XVZHUWXQJ NRQQWH QXU 9L YRUQHKPHQ GHQQ ZLU EHVD‰HQ ZHGHU GLH HUIRUGHUOLFKHQ .HQQWQLVVH QRFK LUJHQGZHOFKH WHFKQLVFKHQ (LQULFKWXQJHQ (V NODSSWH DOOHV ]LHPOLFK SUREOHPORV :KDVSV 5LHJH ZDU PLW GHQ MQJVWHQ =ZLVFKHQIlOOHQ VR EHVFKlIWLJW GD‰ ZLU EHLP 9HUODGHQ QLFKW JHVW|UW ZXUGHQ :HQLJH 0LQXWHQ QDFK GHP 5FNVWDUW GHV %HLERRWV WHLOWH 9L PLU PLW GD‰GLH1$8DOOHU:DKUVFKHLQOLFKNHLWQDFKQLFKWEHPHUNWZRUGHQZDU (UVFK|SIW NHKUWHQ ZLU LQ GLH =HOOH ]XUFN :LU KRFNWHQ XQV DQ GHQ 7LVFK DEHU NHLQHU ZDU PHKUEHUHLWHWZDV]XVDJHQ,FKPDFKWHPLU*HGDQNHQXP3OXPSXQGGLHEHLGHQ0lQQHU YLHOOHLFKWDXFK ,FK VFKOLHI LP 6LW]HQ HLQ DEHU LUJHQGZDQQ 6WXQGHQ VSlWHU ZXUGH LFK ZDFK DOV HWZDV DQ GHU7UUDVFKHOWH,FKIXKUKRFKXQGVDK]XHUVW$DURQXQG-RQNGLHEHLGHQVFKOLHIHQ 'DQQ VDK LFK GLH VWDFKHOLJH .XJHO ,FK XQWHUGUFNWH HLQHQ -XEHOVFKUHL DOV LFK 3OXPS HUNDQQWH ³+DOOR ULHI HU XQG VSUDQJ DXI GHQ 7LVFK ³'DV ZDU NQDSS DEHU LP NULWLVFKHQ 0RPHQW YHUORUHQGLH5RERWHUGLHhEHUVLFKWXQGGUHKWHQGXUFK,FKNRQQWHHQWNRPPHQ ³3DWK KDW GD HLQ EL‰FKHQ QDFKJHKROIHQ PHLQWH $DURQ 6R IHVW KDWWH HU ZRKO QLFKW JHVFKODIHQ ³:LU ZDUHQ LQ HLQHU +DXSW]HQWUDOH GLHVHV 6WW]SXQNWV XQG KDEHQ XQV ,QIRUPDWLRQHQEHVRUJWGLH'DWHLHQLKUHV&RPSXWHUV8QGZDVKDVWGXHUUHLFKW.OHLQHU" ³,FK ZDU LQ GHU DQGHUHQ )DEULN HU]lKOWH 3OXPS WUDXULJ ³0HLQH %UGHU XQG 6FKZHVWHUQ ZHUGHQ GRUW JHLVWLJ XQG N|USHUOLFK XPJHEDXW 6LH PDFKHQ OHEHQGH %RPEHQ DXV LKQHQ ZLOOHQORVHOHEHQGH%RPEHQ'DQQWUDQVSRUWLHUHQVLHVLHDE(VLVWXQJHKHXHUOLFK9LHUYRQ LKQHQ VLQG DXV HLJHQHP :LOOHQ H[SORGLHUW DOV VLH PHLQH *HJHQZDUW XQG PHLQH *HGDQNHQ YHUVSUWHQ 'HVKDOE PX‰WH LFK IOLHKHQ ,FK PX‰ VR VFKQHOO ZLH P|JOLFK ]X PHLQHP 9RON :LUPVVHQHWZDVJHJHQGLHVHV9HUEUHFKHQXQWHUQHKPHQ ³:LUEULQJHQGLFKKLQYHUVLFKHUWHLFKLKP ,FK VHW]WH PLFK QRFK HLQPDO PLW 9L LQ 9HUELQGXQJ XQG EDW VLH GLH 1$8 LQ 0DUVFK ]X VHW]HQ 5RQ -HQQ\ 'LH (UNHQQWQLV GD‰ LFK QLFKW GHQ ULFKWLJHQ :KDVS JHW|WHW KDEHQ NRQQWH EHGHXWHWHIUPLFKHLQH(UOHLFKWHUXQJ$EHUPHLQVFKOHFKWHV*HZLVVHQEOLHEDXFKMHW]WQRFK $X‰HUGHP ZDU LFK PLU GDUEHU LP NODUHQ GD‰ GHU HFKWH :KDVS QRFK LUJHQGZR H[LVWLHUWH XQGHVVLFKHUQLFKW]XOLH‰GD‰ZLUVHLQH3OlQHGXUFKNUHX]WHQ   6FKRQZlKUHQGXQVHUHV)OXJHVPLWGHU1$8LQ5LFKWXQJ'\UDWHLOWHPLU9LPLWGD‰GLH $XVZHUWXQJ GHU HQWZHQGHWHQ 'DWHLHQ LP *DQJ ZDU XQG GD‰ ZLFKWLJH (UNHQQWQLVVH JHZRQQHQ ZHUGHQ ZUGHQ ,FK VSUDFK 3OXPS GDUDXI DQ DEHU GHU KDWWH NHLQ 2KU GDIU (U ZROOWH]XVHLQHP9RON ³:LUZHUGHQLQGHQQlFKVWHQ6WXQGHQZDKUVFKHLQOLFKDOOHZLFKWLJHQ=XVDPPHQKlQJHEHU 



GLH $NWLYLWlWHQ YRQ :KDVSV 5LHJH YHUVWHKHQ HUNOlUWH LFK LKP ³'DV LVW DXFK IU GLFK ZLFKWLJ:HQQGXDXI'\UDELVWN|QQHQZLUGLFKQLFKWHUUHLFKHQ ³*LEPLUHLQ)XQNJHUlWERWVLFK-RQN&DSURFLDDQ³8QGLFKEOHLEHEHLLKPELVLKUPLFK ZLHGHUDEKROW ³(LQH JXWH ,GHH OREWH $DURQ &RQWDUJHW DEHU LFK KDWWH GDV GXPSIH *HIKO GD‰ HU LQ -RQN HKHU HLQHQ 1HEHQEXKOHU VDK DOV HLQHQ 0LWVWUHLWHU 8QG GD‰ HU GDKHU JDQ] IURK ZDU ZHQQ VLFKXQVHUH:HJHHUVWHLQPDOWUHQQWHQ ,PPHUKLQ3OXPSZDUPLWGHP9RUVFKODJHLQYHUVWDQGHQ8QG9LWHLOWHXQVPLWGDVVLFKHLQH WUDJEDUH+\SHUIXQNDQODJHDQ%RUGGHU1$8EHIDQG'LHVHQDKP-RQNDQVLFK ³,FK EUDXFKH HLQHQ 7DJ WULOOHUWH GHU 'LVWHOIURVFK ³XP PLW PHLQHP 9RON ]X VSUHFKHQ ,FK ]ZHLIOH QLFKW GDUDQ GD‰ HLQH 5HDNWLRQ HUIROJHQ ZLUG /D‰W PLFK EDOG ZLVVHQ ZDV LKU DXV GHQ'DWHQVSHLFKHUQHUIDKUHQKDEW)UPLFKLVWVFKRQMHW]WHLQVNODU'HU6FKOVVHOOLHJWDXI /RR\DXQ 'DVYHUVWDQGLFKQXQZLHGHUQLFKWDEHULFKGUlQJWHQLFKWDXIHLQH(UNOlUXQJ3OXPSZUGH VLHOLHIHUQZHQQHUGHQ=HLWSXQNWIUULFKWLJKLHOW $DURQ KDWWH PLW 9LV (LQYHUVWlQGQLV GLH 6WHXHUXQJ GHU 1$8 EHUQRPPHQ 3OXPS OLH‰ XQV ZLVVHQ GD‰ VHLQ 9RON DXI JHLVWLJHU (EHQH EHUHLWV EHU VHLQH $QNXQIW LQIRUPLHUW ZRUGHQ ZDU :DKUVFKHLQOLFK KDQGHOWH HV VLFK GDEHL XP HLQH $UW 7HOHSDWKLH 'LH '\UDQHU ZLUNWHQDXIPLFKLPPHUHUVWDXQOLFKHU :LU VHW]WHQ -RQN XQG 3OXPS DE 'HU 7HUUDQHU ZLQNWH PLU VFKFKWHUQ ]X DOV VLFK GDV /XN GHU1$8VFKOR‰ $DURQ&RQWDUJHWVSUDFKZlKUHQGGHV)OXJHVQDFK0DUGHONHLQ:RUW8QGGDVZDUPLUVHKU UHFKW$OVZLUGRUWDQNDPHQXQGLQGLH1$87,/86HLQIORJHQO|VWHVLFKEHL$DURQHWZDVGLH 9HUNUDPSIXQJ ³'LH$XVZHUWXQJGHU 'DWHLHQ LVW EHHQGHW WHLOWH 9LXQV PLW ³,FK KDEH HLQH %QGHOXQJGHU YLHOHQ'DWHQYRUJHQRPPHQ'LHZLFKWLJVWHQ)DNWHQEHUWUDJHLFKMHW]WJOHLFK]HLWLJDQ-RQN &DSURFLDGHUGLH'\UDQHULQIRUPLHUHQNDQQVRZLHDQGHQDOWHQ;XULHKLHUDXI0DUGHO,KU VROOWHWPLWK|UHQ $DURQ XQG LFK OLH‰HQ XQV LQ GHU %RUGNDQWLQH LQ GLH 6WKOH IDOOHQ :LU EHVWHOOWHQ HLQ YHUQQIWLJHV(VVHQGHQQGDVKDWWHQZLUQ|WLJXQGODXVFKWHQ9LV6WLPPH :KDVSV 5LHJH H[LVWLHUWH VFKRQ VHLW EHU GUHLKXQGHUW -DKUHQ 'HU $XIWUDJJHEHU ZDU GHU .ULHJHU .DOPHU 'HU &KHIPDQDJHU ZDU VHLQ $QLPDWHXU :KDVS 'LH 'DWHLHQ JDEHQ NHLQH $XVNXQIW GDUEHU ZDUXP GHU .ULHJHU GLHVHV JHKHLPH $UVHQDO DQJHOHJW KDWWH DEHU GLH $QWZRUWHQGDUDXINRQQWHVLFKMHGHUVHOEVWJHEHQ.DOPHUVWUHEWHQDFK0DFKW8QGGD‰VLFK GLH.ULHJHUXQWHUHLQDQGHUPL‰WUDXWHQKDWWH9LLQ]ZLVFKHQDXFKLQ(UIDKUXQJJHEUDFKW 'LH WDWVlFKOLFKH 5ROOH GLH GHU $QLPDWHXU :KDVS EHLP $XIEDX GHU *HKHLPDUPHH VSLHOWH EOLHE XQNODU (LQGHXWLJ ZDU GD‰ VWHWV PHKUHUH 5RERWHU PLW VHLQHP $XVVHKHQ YRUKDQGHQ ZDUHQ GLH GHQ QRUPDOHQ 5RERWHUQ $QZHLVXQJHQ JDEHQ )U OHW]WHUH PDFKWH HV NHLQHQ 8QWHUVFKLHGRE:KDVSHFKWZDURGHUQLFKW ,P .HUMDKRW6\VWHP JDE HV GUHL 6FKOVVHOZHOWHQ IU GLH $NWLYLWlWHQ YRQ :KDVSV 5LHJH (LQPDOZDUGDV4XRODWZRKLQGLHHQWIKUWHQ'\UDQHUXQG0DUGHODQHUHUVWHLQPDOJHEUDFKW ZXUGHQ1DFKGHUJHLVWLJHQ.RQGLWLRQLHUXQJHUIROJWHQKLHUGLH$XVZDKOXQGGLH$XVELOGXQJ 'LH '\UDQHU ZXUGHQ ]XP 7HLO LQ GHU '\6lXUH)DEULN XQWHUJHEUDFKW ]XP DQGHUHQ 7HLO LQ ³OHEHQGH %RPEHQ XPIXQNWLRQLHUW 'LH 0DUGHODQHU ZXUGHQ LQ YHUVFKLHGHQHQ XQWHULUGLVFKHQ $XVELOGXQJV]HQWUHQ JHVFKXOW XQG GDQQ QDFK 3LHUDQN EHI|UGHUW XP QHXH 0DQQVFKDIWHQDXI]XEDXHQRGHUXPYHUVWRUEHQH]XHUVHW]HQ 6RPLW ZDU 3LHUDQN GHU DWPRVSKlUHORVH *UR‰SODQHW GLH ]ZHLWH 6FKOVVHOZHOW +LHU ZDUHQ 



JHZDOWLJHXQWHULUGLVFKH +DQJDUV JHEDXW ZRUGHQ 8QG KLHU UXKWHQ GLH 5DXPVFKLIIH GLH YRQ HLQHP DQGHUHQ 2UW (UHQG\UDV NDPHQ GLH DXVJHELOGHWHQ 0DUGHODQHU DOV .lPSIHU XQG 7HFKQLNHULP7LHIVFKODIVRZLHGLH'\UDQHUDOVOHEHQGH6SH]LDOERPEHQ 'LH VWlUNVWH :DIIH GHU 5DXPVFKLIIH ZDUHQ GLH '\%RPEHQ VSH]LHOOH +\SHUHQHUJLHVlW]H GLH LQ HLQHU ILNWLYWUDQVPLWWHUlKQOLFKHQ 0HWKRGH DEJHVWUDKOW ZXUGHQ 'HU 6SUHQJVDW] VHOEVW ZXUGHDXVGHU'\6lXUHJHZRQQHQGLHGLHYHUVNODYWHQ'\UDQHUSURGX]LHUHQPX‰WHQ 'DV JHVDPWH $UVHQDO UHLFKWH DXV XP PHKUHUH 6RQQHQV\VWHPH LQQHUKDOE YRQ ZHQLJHQ 6WXQGHQDXV]XO|VFKHQ(VZDUHLQH$QVDPPOXQJYRQ*HZDOWXQG:DKQVLQQ '\UD XQG 0DUGHO OLHIHUWHQ PLW LKUHQ %HZRKQHUQ GLH XQIUHLZLOOLJH 6XEVWDQ] GHU *HKHLPDUPHH 8QG :KDVSV 5LHJH ZDU GDEHL VWHWV GDUDXI EHGDFKW JHZHVHQ DOOHV VR KHLPOLFKZLHQXUP|JOLFKGXUFK]XIKUHQ 'LHGULWWH6FKOVVHOZHOWZDUQDFK$XVNXQIWGHU'DWHLHQGHU3ODQHW/RR\DXQGHU]ZHLWHXQG VHKU KHL‰H 3ODQHW GHU 6RQQH .HUMDKRW 6HLW 8U]HLWHQ ZXFKVHQ KLHU DXVVFKOLH‰OLFK EOWHQUHLFKH3IODQ]HQ $XI/RR\DXQUHVLGLHUWHGHU%OXPHQKWHU'DVZDUHLQ0DUGHODQHUGHUVLFKGHP=ZDQJYRQ :KDVSV5LHJHKDWWHXQWHUZHUIHQPVVHQXQGGHUVLFKEHVRQGHUVJXWPLWGHQ:LUNXQJHQGHU YHUVFKLHGHQHQ$UWHQYRQ%OWHQVWDXEDXVNDQQWH 'LH JHLVWLJH *UXQGNRQGLWLRQLHUXQJ HUIROJWH VWHWV DXI /RR\DXQ VHOEVW 6LH ZDU QXU GRUW P|JOLFK ZHLO GHU GDIU YHUZHQGHWH %OWHQVWDXE QXU XQPLWWHOEDU QDFK 9HUODVVHQ GHU %OWHQ ZLUNWH )U DOOH DQGHUHQ =ZHFNH ZLH EHLVSLHOVZHLVH GLH 8PIRUPXQJ YRQ '\UDQHUQ LQ OHEHQGH %RPEHQ RGHU GDV 9HUVHQNHQ YRQ DXVJHELOGHWHQ 0DUGHODQHUQ LQ GHQ 7LHIVFKODI ZXUGHQGLH%OWHQVWDXEDUWHQQDFK4XRODWRGHU3LHUDQNWUDQVSRUWLHUWXQGGRUWHLQJHVHW]W 'LH '\UDQHU EDWHQ GDUXP DXFK EHU DOOH (LQ]HOKHLWHQ DXV GHQ 'DWHQElQNHQ LQIRUPLHUW ]X ZHUGHQ9LZDUQDWUOLFKEHUHLWGDV]XWXQ'DGDV6WXQGHQGDXHUQZUGHXQGLFK]LHPOLFK HUVFK|SIWZDU]RJLFKPLFKDEHULQPHLQH.DELQH]XUFN 6WXQGHQ VSlWHU PHOGHWHVLFK -RQN&DSURFLD YRQ'\UD,FKZDUJHUDGHDXIJHVWDQGHQXQGKDWWH HWZDVJHWUXQNHQ-HW]WZDULFKZLHGHUKHOOZDFK ³'LH 'LVWHOIU|VFKH KDEHQ VLFK EHUDWHQ EHULFKWHWH HU³6LHKDEHQ HLQHQ%HVFKOX‰ JHID‰W GHQ LFKDEHUQXU]XP7HLOYHUVWHKH,FKPHLQHDEHUZLUN|QQHQLKQHQYHUWUDXHQ ³1DWUOLFK-RQNZDUILFKHLQ³'DUDQKDWHVQLHHLQHQ=ZHLIHOJHJHEHQ ³6LH ELWWHQ XQV XP +LOIH GHQQ DOOHLQ N|QQHQ VLH GLH 0DFKW YRQ :KDVSV 5LHJH QLFKW ]HUVFKODJHQ ,KU 3UREOHP LVW GD‰ VLH DQ LKUHQ 3ODQHWHQ JHEXQGHQ VLQG XQG NHLQH 5DXPIDKUW PHKU EHKHUUVFKHQ 3OXPS XQG HLQH *UXSSH YRQ ]HKQ DXVJHZlKOWHQ '\UDQHUQ P|FKWHQ YRQ XQVQDFK/RR\DXQJHEUDFKWZHUGHQ ³.HLQH(LQZlQGHHUNOlUWH9L ³(V JHKW XP GHQ %OXPHQKWHU IXKU -RQN IRUW ³,Q LKP VHKHQ GLH 'LVWHOIU|VFKH HLQH 6FKOVVHOILJXU 1DWUOLFK VROOWH GHU %HVXFK DXI /RR\DXQ KHLPOLFK HUIROJHQ GHQQ :KDVSV 5LHJH VROO QRFK QLFKW HUIDKUHQ GD‰ MHW]W PDVVLY JHJHQ LKUH 0DFKHQVFKDIWHQ YRUJHJDQJHQ ZHUGHQVROO ,FK EHULHW PLFK PLW 9L :LU NDPHQ ]X GHP (QWVFKOX‰ GD‰ LFK PLW GHU 1$8 QDFK '\UD IOLHJHQ VROOWH XP GRUW GLH '\UDQHU XQG -RQN DXI]XQHKPHQ XQG VLH QDFK /RR\DXQ ]X EHJOHLWHQ'LH*HIDKUYRQ:KDVSV5LHJHGDEHLJHVW|UW]XZHUGHQVFKlW]WHQZLUDOVJHULQJ HLQ 1DFK GHP 8QKHLO GDV LFK DXI 4XRODW DQJHULFKWHW KDWWH ZDUHQ GLH 5RERWHU MHW]W EHVWLPPW QLFKW GDUDQ LQWHUHVVLHUW (QWIKUWH ]XU *UXQGNRQGLWLRQLHUXQJ QDFK /RR\DXQ ]X EULQJHQ $DURQ &RQWDUJHW JHILHO GDV QLFKW GHQQ HU ZlUH JHUQ PLWJHNRPPHQ DEHU HV JDE HLQ JXWHV $UJXPHQWJHJHQ LKQ'DV%HLERRWZDU QLFKW JUR‰JHQXJ GHQQ]HKQ 'LVWHOIU|VFKH EUDXFKWHQ 



DXFKLKUHQ3ODW] ,FK HUUHLFKWH'\UD RKQH=ZLVFKHQIlOOH -RQNV6HQGHU OLHIHUWH HLQ6LJQDO GHP GDV %HLERRW IROJHQNRQQWH'HU7HUUDQHUNDPPLWGHQ]HKQ'LVWHOIU|VFKHQ²GDUXQWHU3OXPSGHQLFK DQ VHLQHU HWZDV GXQNOHUHQ )DUEH XQWHUVFKHLGHQ NRQQWH  DQ %RUG XQG ZHLWHU JLQJ HV LQ 5LFKWXQJ/RR\DXQ 8QWHUZHJVHUNOlUWHPLU3OXPSZDVGLH'\UDQHUVLFKEHUOHJWKDWWHQ ³:LU PVVHQ GHQ %OXPHQKWHU IU XQVHUH 6DFKH JHZLQQHQ 'DV EHGHXWHW GD‰ ZLU LKQ ]XHUVW YRP =ZDQJ EHIUHLHQ PVVHQ GHU LKQ IU :KDVSV 5LHJH DUEHLWHQ Ol‰W (U EHKHUUVFKW GLH JDQ]H 3DOHWWH GHU %OWHQVWDXEDUWHQ 'DPLW N|QQWHQ ZLU GDQQ XQVHUH %UGHU XQG 6FKZHVWHUQ DXI 4XRODW XQG 3LHUDQN ZLHGHU ]X QRUPDOHQ '\UDQHUQ PDFKHQ 8QG IU GLH 0DUGHODQHU DXI GHP $UVHQDOSODQHWHQ JLOW GDV HEHQVR :HQQ XQV GDV JHOLQJW VLQG GLH 5DXPVFKLIIHXQG:DIIHQZHUWORV ,FK NRQQWH PLU QLFKW UHFKW YRUVWHOOHQ GD‰ GDV DOOHV IXQNWLRQLHUHQ ZUGH DEHU LFK VFKZLHJ GD]X ³'D LVW QRFK HLQ 3UREOHP WULOOHUWH 3OXPS ³%HL GHP %OXPHQKWHU EHILQGHW VLFK HLQ 5RERWHU LQ GHU :KDVS0DVNH (U P‰WH DXVJHVFKDOWHW ZHUGHQ EHYRU HU $ODUP VFKODJHQ NDQQ ³hEHUOD‰W GDV PLU VDJWH LFK ³,FK PX‰ LKQ QXU PLW HLQHP%OLFNHUIDVVHQN|QQHQXQG GDV GUIWHVLFKZlKUHQGGHV$QIOXJVZRKOPDFKHQODVVHQ 9L PHOGHWH VLFK NXU] YRU GHU /DQGXQJ XQG WHLOWH XQV PLW GD‰ GHU 5DXPVFKLIIYHUNHKU ]ZLVFKHQGHQ3ODQHWHQ4XRODWXQG3LHUDQNYHUVWlUNWZRUGHQVHL$XFKKDEH:KDVSV5LHJH RIIHQVLFKWOLFKZLHGHUGLH6XFKHQDFKGHU1$87,/86DXIJHQRPPHQ,FKKDWWHPLWVROFKHQ 0D‰QDKPHQ JHUHFKQHW GHQQ VFKOLH‰OLFK KDWWHQ ZLU DXI 4XRODW HLQH JDQ]H 0HQJH 8QUXKH HU]HXJW ³,KUVHLGDXIDOOH)lOOHJXWEHUDWHQPHLQWH9L³ZHQQLKUHXFKEHHLOW(VLVWQXUHLQH)UDJH GHU=HLWELVHV]XVWlUNHUHQ5HDNWLRQHQNRPPW :LU HUUHLFKWHQ XQDQJHIRFKWHQ /RR\DXQ XQG JLQJHQ LQ HLQHQ 2UELW 'LH '\UDQHU KRFNWHQ VLFKLP.UHLV]XVDPPHQ3OXPSVD‰LQGHU0LWWH ³:LU SRWHQ]LHUHQ XQVHUH *HLVWHVNUlIWH HUNOlUWH HU PLU ³(V JLOW GHQ 2UW DXI]XVSUHQ DQ GHPGHU%OXPHQKWHUXQGGHU:KDVS5RERWHUVLW]HQ 6LH VFKDIIWHQ GDV LQQHUKDOE ZHQLJHU 0LQXWHQ 'LH $QZHLVXQJHQ JLQJHQ DQ GDV %HLERRW XQGZLUVWHXHUWHQGLHULHVLJHQJOlVHUQHQ+lXVHUDQ3OXPSEHKDXSWHWHGD‰VLFKGHU5RERWHU XQWHUGHP*ODVGDFKGHVYRUGHUVWHQ*HElXGHVDXIKDOWHQZUGH ,FK KDWWH GDV V\QWURQLVFKH 2NXODU PHLQHV 6SH]LDODQ]XJV DNWLYLHUW VR GD‰ LFK VFKRQ DXV HLQHU (QWIHUQXQJ YRQ PHKUHUHQ .LORPHWHUQ DOOH (LQ]HOKHLWHQ HUNHQQHQ NRQQWH 'HU :KDVS 5RERWHU VWDQG DXI HLQHU *OHLWSODWWIRUP JDQ] VR ZLH HV 3OXPS PLU QDFK VHLQHQ IUKHUHQ (UOHEQLVVHQJHVFKLOGHUWKDWWH (U KDWWH GLH 1$8 QRFK QLFKW EHPHUNW GD KDWWH LFK LKQ VFKRQ LQ HLQH .XJHO DXV 6WDKOEHWRQJHSDFNW'LH/HHUUlXPHLP,QQHUQIOOWHLFKPLWHLQHU6lXUHGHUHQ0XVWHUPLU 3OXPS ]XU 9HUIJXQJ JHVWHOOW KDWWH ,QQHUKDOE YRQ ZHQLJHQ 0LQXWHQ ZUGH YRQ GHP 5RERWHUQLFKWVPHKUYRUKDQGHQVHLQ :LUODQGHWHQ 'HU %OXPHQKWHU ZDU HLQ DOWHU 0DUGHODQHU LQ HLQHP ODQJHQ ZHL‰HQ *HZDQG (U NDP XQV HQWJHJHQ XQG VWDUUWH GLH 'LVWHOIU|VFKH -RQN XQG PLFK IUDJHQG DQ (U NRQQWH QLFKW YHUVWHKHQZDVJHVFKHKHQZDU 'LH '\UDQHU ELOGHWHQ HLQHQ .UHLV LQ GHVVHQ 0LWWH MHW]W GHU %OXPHQKWHU VWDQG 3OXPS ULHI LKP EHUXKLJHQGH :RUWH ]X DEHU GHU $OWH LQ GHP ZHL‰HQ 8PKDQJ ZXUGH SO|W]OLFK YRQ 



3DQLNHUJULIIHQ(UZROOWHZHJUHQQHQ ³3DWKULHIGHU'LVWHOIURVFK³%LWWHKDOWHLKQLUJHQGZLHIHVW:LUWXQLKPQLFKWV%|VHV ,FK HULQQHUWH PLFK DQ HLQ %LOG DXV HLQHP JUl‰OLFKHQ ')LOP GHQ PHLQ 9DWHU VLFK PHKUPDOVDQJHVFKDXWKDWWH(VJLQJGDXP*HIDQJHQHDXIGHU)OXFKW $Q EHLGHQ )‰HQ GHV %OXPHQKWHUV KLQJHQ SO|W]OLFK GLFNH .HWWHQ XQG DQ GHUHQ (QGHQ ZDUHQGLFNH6WDKONXJHOQEHIHVWLJW'HU$OWHILHOQDFKYRUQLQGHQZHLFKHQ6DQGXQGVFKULH DXI 'LH '\UDQHU KSIWHQ ]X LKP KLQ XQG ELOGHWHQ HUQHXW HLQHQ .UHLV 6LH VDQNHQ LQ VLFK ]XVDPPHQXQGDXFKGHU$OWHZXUGHQXQJDQ]VWLOO(UVFKOR‰GLH$XJHQXQGYHUVHQNWHGHQ .RSI LQ GHQ +lQGHQ 'D‰ GLH VFKZHUHQ (LVHQNHWWHQ DQ VHLQHQ )‰HQ ZLHGHU YHUVFKZDQGHQEHPHUNWHHUVFKRQQLFKWPHKU :DV VLFK GD DEVSLHOWH EOLHE PLU HLQ 5lWVHO DEHU SO|W]OLFK VDFNWH GHU 0DUGHODQHU ]XVDPPHQ (U VFKWWHOWH VLFK XQG U|FKHOWH VR GD‰ LFK VFKRQ IUFKWHWH VHLQH OHW]WH 6WXQGH ZlUHJHNRPPHQ 3OXPSHLOWH]XPLU ³:LU KDEHQ HV JHVFKDIIW WLULOLHUWH HU ³'HU %DQQ LQ VHLQHP %HZX‰WVHLQ ZXUGH GXUFK XQVHUHQ *HPHLQVFKDIWVJHLVW JHEURFKHQ (U PX‰ VLFK QRFK HWZDV HUKROHQ DEHU GDQQ LVW HU XQVHU 0DQQ 'HU HUVWH HUIROJUHLFKH 6FKULWW LVW JHWDQ 6FKRQ EDOG ZLUG HUXQV DOO GLH 'IWH XQG%OWHQVWDXEDUWHQ]XU9HUIJXQJVWHOOHQGLHZLUEUDXFKHQ,FKVFKlW]HGD‰HUVHKUYLHO ]XWXQEHNRPPW ,Q GHQ QlFKVWHQ VLHEHQ 7DJHQ ZDUHQ GLH 1$8 XQG GLH 1$8 IDVW SDXVHQORV LP (LQVDW] $QIDQJV IORJHQ $DURQ -RQN RGHU LFK QRFK PLW GDQQ DXFK DQGHUH 9LURQDXWHQ XQG DXFK 0DUGHODQHUVRZLH'\UDQHU :LU VFKDIIWHQ 8QPHQJHQ YRQ %OWHQVWDXE YRQ /RR\DXQ QDFK 4XRODW XQG 3LHUDQN 3OXPS VHOEVW VRUJWH PLW HLQ SDDU DQGHUHQ '\UDQHUQ GDIU GD‰ GLH %HKlOWHU GLH 9L LQ 0DVVHQ SURGX]LHUW KDWWH DQ GLH ULFKWLJHQ 2UWH JHEUDFKW XQG GRUW YHUVWHFNW ZXUGHQ 1DFK GHP 3ODQ GHU 'LVWHOIU|VFKH VROOWHQ DOOH %HKlOWHU GXUFK HLQH YRQ 9L DXVJHO|VWH )HUQ]QGXQJ ]XU JOHLFKHQ=HLWJH|IIQHWZHUGHQ $XVJHZlKOWH 0DUGHODQHU XQG '\UDQHU ZXUGHQ ]X NOHLQHQ (LQVDW]WHDPV ]XVDPPHQJHVWHOOW XQGDXI3LHUDQNHLQJHVFKOHXVW6LHVROOWHQ]XU6WHOOHVHLQZHQQGLH6WXQGH;JHNRPPHQZDU XP LKUHQ %UGHUQ XQG 6FKZHVWHUQ ]XU 6HLWH ]X VWHKHQ 2KQH ,QIRUPDWLRQHQ YRQ GUDX‰HQ ZUGHHVZDKUVFKHLQOLFK]XHLQHP&KDRVJU|‰WHQ$XVPD‰HVNRPPHQ $XFK 9L PX‰WH 9RUEHUHLWXQJHQ WUHIIHQ 0LW GHP =HLWSXQNW GHU %HIUHLXQJ VROOWH VLH EHU DOOH P|JOLFKHQ 1RUPDO XQG +\SHUIXQNNDQlOH QLFKW QXU GLH %HIUHLWHQ DQVSUHFKHQ XQG DQOHLWHQVRQGHUQDXFK:KDVSV5LHJHHLQ8OWLPDWXPVWHOOHQ 'LH 7DUQYRUULFKWXQJHQ GLH 9L IU GLH NOHLQHQ %HLERRWH JHVFKDIIHQ KDWWH EHZlKUWHQ VLFK DXVJH]HLFKQHW (V JDE QLFKW HLQHQ =XVDPPHQVWR‰ PLW GHQ 5DXPVFKLIIHQ YRQ :KDVSV 5LHJH $XFK EHLP (LQGULQJHQ LQ GLH XQWHULUGLVFKHQ $QODJHQ YRQ 4XRODW XQG 3LHUDQN HUHLJQHWHQ VLFK NDXP QHQQHQVZHUWH =ZLVFKHQIlOOH *UXSSHQ YRQ '\UDQHUQ VRUJWHQ IU HLQ JHLVWLJHV $XVIRUVFKHQ VR GD‰ ZLULQIRUPLHUW ZDUHQZHOFKH $ODUPV\VWHPH ]X XPJHKHQ ZDUHQ RGHU ZR VLFK :DFKDQODJHQ EHIDQGHQ 8QG ZHQQ HV ZLUNOLFK HLQPDO SUREOHPDWLVFK ZXUGH ZHLO GLH5RERWHUXQVHQWGHFNWHQGDQQZDUHQWZHGHULFK]XU6WHOOHRGHUGLH'LVWHOIU|VFKHJULIIHQ PLWLKUHQ6lXUHZDIIHQEOLW]VFKQHOOHLQXQGVFKDOWHWHQGLH5RERWHUDXV ,FK PDFKWH PLU LQ GLHVHQ 7DJHQ DXFK *HGDQNHQ XP GHQ HFKWHQ :KDVS (V JDE NHLQHQ %HZHLV DXV GHQ HUEHXWHWHQ 'DWHQ GD‰ GHU 3WHUXV$QLPDWHXU ]HLWZHLVH RGHU VWlQGLJ LP .HUMDKRW6\VWHP ZHLOWH (V JDE DEHU DXFK NHLQHQ *HJHQEHZHLV ,FK WUXJ 9L PHLQH 



*HGDQNHQYRU (LQHQ 7DJ VSlWHU EHNDP LFK YRQ LKU HLQ NOHLQHV *HUlW GDV LFK LQ PHLQHQ 6SH]LDODQ]XJ LQWHJULHUHQ NRQQWH 1DFK 9LV $XVVDJH VXFKWH GLHVHV *HUlW JDQ] DXWRPDWLVFK QDFK (EHQELOGHUQ:KDVSV:HQQHVHLQVHQWGHFNWHPHOGHWHHVGLHVPLWHLQHPGXQNOHQ:DUQWRQ *OHLFK]HLWLJ ZXUGH DEHU HLQ ]ZHLWHU 6HQVRU DNWLYLHUW GHU IHVWVWHOOHQ VROOWH RE HV VLFK EHL GHP MHZHLOLJHQ :KDVS XP HLQ ELRORJLVFKHV :HVHQ KDQGHOWH :HQQ GLHV GHU )DOO ZDU VR ZUGHHLQKHOOHU:DUQWRQLP:HFKVHOPLWGHPGXQNOHQHUNOLQJHQ $XV GHQ %HREDFKWXQJHQ GLH ZLU LQ GLHVHQ 7DJHQ PDFKWHQ NRQQWHQ ZLU HQWQHKPHQ GD‰ GLH ]HUVW|UWH =HQWUDOH DXI 4XRODW VFKQHOO ZLHGHU DXIJHEDXW ZRUGHQ ZDU 2IIHQVLFKWOLFK YHUIJWHGLH5LHJHEHUDXVUHLFKHQGH5HVHUYHQ $XI '\UD ZR GLH 'LVWHOIU|VFKH VHKU YHUVWUHXW OHEWHQ ZDUHQ LQ]ZLVFKHQ DOOH %HZRKQHU EHU GLH 9RUJlQJH LQIRUPLHUW ZRUGHQ 'LH .XJHOZHVHQ KDWWHQ VLFK VHOEVW HLQH $UW 1RWVWDQGVUHJHOXQJ JHJHEHQ ZRQDFK HV YRUEHUJHKHQG QLFKW QXU JHVWDWWHW VRQGHUQ VRJDU JHIRUGHUWZDUVLFKZLHGHULQWHOHSDWKLVFKHQ.RQWDNWHQ]XEHQXQG]XYHUVWlQGLJHQ (V WDXFKWHQ LQ GLHVHQ 7DJHQ DEHU NHLQH 5DXPVFKLIIH GHU 5LHJH DXI 9RUEHUHLWHWH )DOOHQ ZXUGHQ YRQ GHQ '\UDQHUQ MHW]W HUNDQQW XQG PLW HQWVSUHFKHQGHU 9RUVLFKW EHKDQGHOW XQG GDQQXQVFKlGOLFKJHPDFKW(VEUDFKHQVRJDUPHKUHUH6XFKWUXSSVDXIXPJH]LHOWQDFKGHQ )DOOHQGHU(QWIKUHU]XVXFKHQ)UGLH'\UDQHUHQWZLFNHOWH VLFK GD QHEHQEHL HLQH $UW 6SRUW GLHGHQ(UQVWGHU/DJHHWZDVYHUJHVVHQOLH‰ $XFK DXI 0DUGHO OLH‰HQ VLFK NHLQH (QWIKUHU PHKU EOLFNHQ (V VFKLHQ VR DOV RE GLH 8QUXKHQIUGLHZLUJHVRUJWKDWWHQHUVWHLQPDOGLH$NWLYLWlWHQDEJHEUHPVWKlWWHQ 'DQQ UFNWH GLH 6WXQGH ; LPPHU QlKHU :LU DOOH DXFK GHU DOWH ;XULH YRQ 0DUGHO XQG GLH 'LVWHOIU|VFKH YRQ '\UD ZDUHQ JXWHU 'LQJH XQG UHFKQHWHQ GDPLW GD‰ GLH JUR‰H %HIUHLXQJVDNWLRQSUREOHPORVEHUGLH%KQHJHKHQNRQQWH ,FK EHIDQG PLFK LQ GHU 1$87,/86 DXI 0DUGHO 'LH %HLERRWH KDWWHQ ZLU DXI 4XRODW XQG 3LHUDQN YHUWHLOW XP DXI XQYRUKHUJHVHKHQH (UHLJQLVVH VFKQHOO UHDJLHUHQ ]X N|QQHQ $DURQ &RQWDUJHWKDWWHHVVLFKQLFKWQHKPHQODVVHQXQVHU.RPPDQGRDXI3LHUDQNJHPHLQVDPPLW 3OXPS]XIKUHQ-RQN&DSURFLDZDUWHWHPLWGHU1$8LQHLQHP9HUVWHFNDXI4XRODW 'LH=HLWHQZDUHQDEJHVWLPPWXQG9LZDUEHUHLWSHU)XQNEHIHKOGLH%HKlOWHU]X|IIQHQXQG GHQKHLOHQGHQ%OWHQVWDXEIUHL]XVHW]HQ8QPLWWHOEDUEHYRUGLHVHU$XJHQEOLFNJHNRPPHQZDU VHQGHWH VLH DXI )UHTXHQ]HQ GLH :KDVSV 5LHJH ]X EHQXW]HQ SIOHJWH HLQH $XIIRUGHUXQJ DQ GLH 5RERWHU 'DULQNQGLJWHVLHGLHJHLVWLJH%HIUHLXQJDOOHUHQWIKUWHQ'\UDQHUXQG0DUGHODQHUDQ:KDVSV 5LHJHZXUGHDXIJHIRUGHUWGDV.HUMDKRW6\VWHPVRIRUWXQGIULPPHU]XYHUODVVHQ'LHZHLVHQ 'LVWHOIU|VFKH KDWWHQ DXI GLHVHU 0D‰QDKPH EHVWDQGHQ ZHLO VLH GDPLW XQQ|WLJH .lPSIH ]ZLVFKHQGHQ5RERWHUQXQGGHQ%HIUHLWHQYHUPHLGHQZROOWHQ (V NDP DQGHUV DOV ZLU HV JHSODQW KDWWHQ 'LH 5RERWHU UHDJLHUWHQ QLFKW PLW :RUWHQ RGHU PLW GHP $E]XJ DXI GLH )XQNERWVFKDIW 6WDWW GHVVHQ KDWWHQ VLH RIIHQVLFKWOLFK GLH 1DFKULFKW DQJHSHLOW XQG GHQ 6WDQGRUW GHU 1$87,/86 EHVWLPPW 6LH VWDUWHWHQ LQQHUKDOE ZHQLJHU 0LQXWHQLQ5LFKWXQJ0DUGHO 'DVZDUDEHUQRFKQLFKWDOOHV9LVWHOOWHIHVWGD‰DXI3LHUDQNHLQ*UR‰WUDQVPLWWHUDNWLYLHUW ZRUGHQ ZDU YRQ GHVVHQ 9RUKDQGHQVHLQ ZLU JDU QLFKWV JHZX‰W KDWWHQ (U ZDU LQ GHQ HUEHXWHWHQ'DWHQQLFKWHUZlKQWZRUGHQ hEHU 3LHUDQN HUVFKLHQHQ SO|W]OLFK PHKUHUH 5DXPVFKLIIH 'LH 9HUPHVVXQJ LKUHU 5RXWH HUJDE GD‰ VLH LQ NXU]HQ )OXJHWDSSHQ YRQ GHQ GUHL SOXWRlKQOLFKHQ .OHLQSODQHWHQDP5DQG GHV6RQQHQV\VWHPVJHNRPPHQZDUHQ (LQ%LOGVFKLUPHUKHOOWHVLFKLP=HQWUDOUDXPGHU1$87,/86ZRLFKPLFKPLWGHQDQGHUHQ 



9LURQDXWHQ YHUVDPPHOW KDWWH 'HU 2EHUN|USHU HLQHV 3WHUXV HUVFKLHQ 0HLQ 6SH]LDOVHQVRU VSUDFKDXIGDV%LOGQDWUOLFKQLFKWDQDEHULFKGDFKWHPLUDXFKRKQHVHLQH+LQZHLVHGD‰ GLHVGHUHFKWH:KDVSVHLQPX‰WH ³,KUKDEWQXUHLQH$OWHUQDWLYHHUNOlUWHGHU3WHUXVPLWGXQNOHU6WLPPH³/D‰WGLH%HKlOWHU PLW GHP %OWHQVWDXE JHVFKORVVHQ XQG HUJHEW HXFK (QWVFKHLGHW HXFK VRIRUW (V JLEW NHLQH 9HUKDQGOXQJHQ ³:HQQ LFK IOXFKHQ N|QQWH VDJWH 9L ³GDQQ ZUGH LFK HV MHW]W WXQ :DV VROO QXQ JHVFKHKHQ":LUZHUGHQLQZHQLJHQ0LQXWHQKLHUDQJHJULIIHQ8QGLFKZHL‰QLFKWZDVLFK PDFKHQVROO ³,FK QHKPH GLU DOOH (QWVFKHLGXQJHQ DE ULHI LFK ³|IIQH VRIRUW GLH %HKlOWHU *LE GHQ )XQNEHIHKO8QGGDQQVWDUWHQZLULQ5LFKWXQJ3LHUDQN   ,FKEDW9LHLQHQ7HLOGHU:lQGHGXUFKVLFKWLJ]XPDFKHQVRGD‰LFKLQV$OOEOLFNHQNRQQWH 6LFKWNRQWDNWZDUIUPLFKHLQH9RUDXVVHW]XQJ 'HU 3ODQHW 3LHUDQN ZDU VFKRQ GHXWOLFK ]X HUNHQQHQ 'LH 5DXPVFKLIIH LQ VHLQHP 2UELW YHUJU|‰HUWH 9L VR GD‰ LFK VLH ]lKOHQ NRQQWH (V ZDUHQ YLHU]HKQ 2EMHNWH MHGHV XP HLQ 9LHOIDFKHVJU|‰HUDOVXQVHUH1$87,/86 $FKW 0LQXWHQ ZDUHQ YHUJDQJHQ VHLW GHU )XQNEHIHKO ]XP |IIQHQ GHU %HKlOWHU JHJHEHQ ZRUGHQZDU,FKUHFKQHWHGDPLWGD‰EDOGGLHHUVWHQ$XVZLUNXQJHQJHPHOGHWZXUGHQ 'LH6FKLIIHGLHYRQ4XRODWDXVLQ5LFKWXQJ0DUGHOJHVWDUWHWZDUHQKDWWHQDEJHGUHKW6LH IROJWHQXQVLQNRQVWDQWHU(QWIHUQXQJDEHUVLHJULIIHQQRFKQLFKWPLWVFKZHUHQ:DIIHQDQ ³:LU ZHUGHQ YRQ 7UDNWRUVWUDKOHQ HUID‰W WHLOWH 9L PLW ³1RFK NDQQ LFK GLHVH .UlIWH QHXWUDOLVLHUHQDEHUZHQQZHLWHUH5DXPVFKLIIHHLQJUHLIHQNRPPWGHU3XQNWDQGHPPHLQH 6\VWHPH]XVDPPHQEUHFKHQ 9RQ 3LHUDQN VFKOXJ XQV SO|W]OLFK VFKZHUHV )HXHU HQWJHJHQ 0HKUHUH 5DXPVFKLIIH YHUOLH‰HQGHQ3XONLP2UELWXQGMDJWHQDXIXQV]X6LHZDUHQHVDXFKGLHIHXHUWHQXQGGLH 'HIHQVLYVFKLUPH ]XP *OKHQ EUDFKWHQ 'LH UHVWOLFKHQ 6FKLIIH EOLHEHQ QRFK LP 2UELW XP GHQ3ODQHWHQ ³:HOFKHLQ$XIZDQGIUHLQKDUPORVHV9LUHQVFKLIIVSRWWHWHLFK ³)U KXPRUYROOH $QZDQGOXQJHQ LVW HV ZRKO ]X VSlW PHLQWH HLQHU GHU 9LURQDXWHQ ³+LHU KLOIWQXUQRFKHLQVZLUPVVHQ ³,FK PX‰ IOLHKHQ 3DWK 9LV 6WLPPH EOLHE WURW] GHU *HIDKU UXKLJ ³6RQVW VLQG ZLU LQ ZHQLJHQ6HNXQGHQYHUJOKW ³)OLHJH QRFK HLQ $XVZHLFKPDQ|YHU EDW LFK ³,FK P|FKWH GD‰ VLH DOOH LQ JU|‰HUH 1lKH NRPPHQ'DQQLVWHV ,FKEUDFKDEZHLOLFKPLFKMHW]WDXIVlX‰HUVWHNRQ]HQWULHUHQPX‰WH ³/HLFKWHU"IUDJWH9L ³/D‰XQVYHUVFKZLQGHQULHIHQGLHDQGHUHQ9LURQDXWHQ 'LH 1$87,/86 PDFKWH SO|W]OLFK HLQHQ 6DW] ]XU 6HLWH 'LH $QJUHLIHU YRQ YRUQ XQG KLQWHQ VFKRVVHQLQV/HHUHXQGPX‰WHQ:HQGHPDQ|YHUHLQOHLWHQ)UHLQSDDU0LQXWHQZDUHQVLHDOOH LQHLQHU5DXPNXJHOYRQQXUVLHEHQRGHUDFKW.LORPHWHUQ'XUFKPHVVHUYHUVDPPHOW %HYRU VLH VLFK ZLHGHU O|VHQ NRQQWHQ OLH‰ LFK PHLQHQ *HGDQNHQ IUHLHQ /DXI 8QEHZX‰W KDWWHLFKPLUOlQJVWDOOHVDXVJHPDOW 0HWHUGLFNH(EHQHQDXV6WDKOXQG%HWRQELOGHWHQVLFKNUHX]XQGTXHU,QZHQLJHUDOVGUHL‰LJ 6HNXQGHQ ZDU GHU JDQ]H 5DXP XP GLH 5DXPVFKLIIH KHUXP YRQ JHZDOWLJHQ 6FKHLEHQ XQG 6WUlQJHQGXUFK]RJHQGLHPLWHLQDQGHUYHUEXQGHQZDUHQ 



,FKK|UWHHUVWGDPLWDXIDOVLFKHLQHEHGURKOLFKH/HHUHLQPHLQHP.RSIVSUWH 'LH 5DXPVFKLIIH IDQGHQ NHLQHQ 5DXP PHKU ]XP 0DQ|YULHUHQ 6LH SUDOOWHQ JHJHQ GLH +LQGHUQLVVH ZXUGHQ JHJHQHLQDQGHU JHVFKOHXGHUW RGHU YHUNHLOWHQ VLFK KRIIQXQJVORV 'LH 6FKXW]VFKLUPH ZXUGHQ GXUFK GHQ HQJHQ .RQWDNW PLW GHU 0DWHULH EHUODGHQ XQG EUDFKHQ ]XVDPPHQ ,QDQGHUHQ )lOOHQH[SORGLHUWHQGLH$JJUHJDWH GLH GLH 6FKLUPH YHUVRUJWHQRGHU GLH 6FKLIIH EHVFKlGLJWHQ VLFK EHL GHQ =XVDPPHQVW|‰HQ VR VHKU GD‰ DQGHUH (LQULFKWXQJHQ KRFKJLQJHQ 'LH 9LURQDXWHQ NODWVFKHQ EHJHLVWHUW LQ GLH +lQGH RKQH ]X YHUVWHKHQ ZDV GD ZLUNOLFK JHVFKDK 'LHDQGHUHQ5DXPVFKLIIHEHU3LHUDQNYHUIROJWHQGDVXQKHLPOLFKH*HVFKHKHQDXVVLFKHUHU (QWIHUQXQJ$QHLQ(LQJUHLIHQVFKLHQHQVLHQLFKW]XGHQNHQGHQQVLHVDKHQMDNHLQHQ)HLQG 'DV KDUPORVH NOHLQH 9LUHQVFKLII GDV VLFK DEVHLWV GHU ([SORVLRQHQ PLW 8QWHUOLFKWJHVFKZLQGLJNHLWEHZHJWHQDKPHQVLHJDUQLFKWHUQVW ³(VJHKHQHUVWH0HOGXQJHQYRQ-RQN&DSURFLDHLQEHULFKWHWH9L³$XI4XRODWKDEHQVLFK GLH '\UDQHU HUIROJUHLFK DXV LKUHQ JHLVWLJHQ )HVVHOQ UHL‰HQ ODVVHQ 6LH NlPSIHQ PLW LKUHQ .|USHUZDIIHQ GLH 5RERWHU QLHGHU XQG PDFKHQ DXV GHQ )DEULNHQ 6WDXE XQG $VFKH 'LH HUVWHQ(LQKHLWHQYRQ:KDVSV5LHJHIOLHKHQEHUHLWV ³+DVWGX.RQWDNW]X$DURQXQG3OXPS"IUDJWHLFK'LHEHLGHQEHIDQGHQVLFKMDLUJHQGZR LQGHQXQWHULUGLVFKHQ$QODJHQGHV$UVHQDOSODQHWHQ 9LYHUQHLQWH ³1LPPZLHGHU.XUV 3LHUDQNYHUODQJWHLFK³:LUPVVHQPLWGHQ5DXPVFKLIIHQGRUWGDV YROOHQGHQZDVKLHUGUDX‰HQEHJRQQHQKDW 1XQ NDP HQGOLFK %HZHJXQJ LQ GLH EULJHQ 6FKLIIH 'LHVH %HZHJXQJ ZDU ZLFKWLJ ,Q GHP 0RPHQW LQ GHP VLH DXFK QRFK GDV )HXHU HU|IIQHWHQ VFKOXJ LFK ZLHGHU ]X ,FK PX‰WH GD]X GDV DOWH *HELOGH DXV 6FKHLEHQ (EHQHQ XQG 6WDQJHQ DEEDXHQ GHQQ ]ZHL VROFK ULHVLJH 2EMHNWHNRQQWHLFKQLFKWJOHLFK]HLWLJVWHXHUQ(LQ%OLFN]XUFN]HLJWHPLUDEHUGD‰GRUWDOOHV LQ6FKXWWXQG$VFKH]HUIDOOHQZDU'LH7UPPHUXQG5HWWXQJVERRWHGLHGXUFKGHQ5DXP WULHEHQNRQQWHQXQVQLFKWPHKUJHIlKUOLFKZHUGHQ 'LHVPDO GDXHUWH GDV 6SHNWDNHO NHLQH 0LQXWH GDQQ KDWWHQ VLFK DOOH 5DXPVFKLIIH LQ GHQ YHUVFKDFKWHOWHQ )OlFKHQ JHIDQJHQ XQG VR EHVFKlGLJW GD‰ DXFK VLH NHLQH *HIDKU PHKU GDUVWHOOWHQ ³:DV LVW PLW $DURQ XQG 3OXPS" ,FK PDFKWH PLU DOOPlKOLFK 6RUJHQ ³+DVW GX HWZDV YRQ LKQHQJHK|UW9L" ³1HLQ6LHPHOGHQVLFKQLFKWPHKU,FKKDEHQRFKJDUNHLQH0HOGXQJYRP$UVHQDOSODQHWHQ $EHUKLHUNRPPWHLQHQHXH1DFKULFKWYRQ:KDVS 'HU3WHUXVHUVFKLHQDXIGHP%LOGVFKLUP ³,KUKDEWHLQHQ7HLOVLHJHUUXQJHQVDJWHHUXQGIOHWVFKWHVHLQ5DXEWLHUJHEL‰³$EHUGDVZLUG HXFKQLFKWVQW]HQ,FKVLW]HLQGHU*HKHLP]HQWUDOHYRQ3LHUDQNXQGNRQWUROOLHUHDOOHV$XFK ZHQQHVHXFKJHOXQJHQ LVWGLH 0DQQVFKDIWHQDXVGHP7LHIVFKODI]XKROHQVLHN|QQHQGLH 5DXPVFKLIIH QLFKW VWDUWHQ 6LH N|QQHQ GHQ $UVHQDOSODQHWHQ DXFK QLFKW YHUODVVHQ GHQQ LFK KDEHDOOHVDEJHULHJHOW$X‰HUGHPKDEHLFKKLHUHLQSDDU)UHXQGHYRQHXFK (LQ ]ZHLWHV %LOG ZXUGH HLQJHEOHQGHW ,FK HUNDQQWH $DURQ &RQWDUJHW 3OXPS VRZLH GUHL ZHLWHUH '\UDQHU XQG 0DUGHODQHU 6LH DOOH VWDQGHQ LP +LQWHUJUXQG GHV 5DXPHV DXV GHP KHUDXV:KDVSVSUDFK(LQ)HVVHOIHOGKOOWHVLHHLQ ³6FKDOWHPLFKDXIGLH9HUELQGXQJEDWLFK9L (LQ6LJQDO]HLJWHDQGD‰GDVJHVFKHKHQZDU ³:KDVS VDJWH LFK ³:DV ZLOOVW GX QRFK" 'X KDVW YHUORUHQ 9HUVFKZLQGH ]X GHLQHP 



.DOPHUXQGOD‰GLFKKLHUQLHPHKUEOLFNHQ ³:HUELVWGXNOHLQH.U|WH"VFKULOOWHHU³:LHNDQQVWGXHVZDJHQVRPLWPLU]XUHGHQ"2MD MHW]WHUNHQQHLFKHWZDV'XELVWHVGHUGLHPlFKWLJHQ)UHXQGHLQGLHVHP.DPSIKDW'XELVW PHLQ HLJHQWOLFKHU )HLQG :HOFKHU .ULHJHU KDW GLFK VR VWDUN JHPDFKW" :HU KDW GLFK JHVFKLFNW" ³)LQGHGLFKGDPLWDEGD‰HVVRLVWZLHHVLVW,FKZHL‰GD‰GXEHUGHLQH7UDQVPLWWHUVWUHFNH QDFK3LHUDQNJHNRPPHQELVW'XNDQQVWVLHDXFKZLHGHUIUGHQ:HJ]XUFNEHQXW]HQ ³,FKZHUGHVLHEHQXW]HQ(UIOHWVFKWHZLHGHUGLH=lKQH³$EHUGXNDQQVWHQWVFKHLGHQRE LFK VLH DOOHLQ EHQXW]H RGHU JHPHLQVDP PLW GLU ,FK JODXEH ZLU ZHUGHQ GLHVHQ :HJ JHPHLQVDP JHKHQ :HQQ GX QlPOLFK QLFKW IUHLZLOOLJ PLW PLU JHKVW ZHUGH LFK GHQ JDQ]HQ $UVHQDOSODQHWHQ PLWVDPW GHLQHQ )UHXQGHQ KXQGHUWWDXVHQG 0DUGHODQHUQ XQG HEHQVR YLHOHQ '\UDQHUQLQGLH+|OOHVFKLFNHQ8QGGDJHJHQN|QQWLKUJDUQLFKWVPDFKHQ ³,FK NRPPH DQWZRUWHWH LFK ³,FK KDWWH VFKRQ VHLW OlQJHUHU =HLW GHQ :XQVFK GLFK NHQQHQ]XOHUQHQ 9L EHRUGHUWH GLH 1$8 ]XUFN VR GD‰ LFK HLQ )DKU]HXJ KDWWH XP DOOHLQ QDFK 3LHUDQN ]X IOLHJHQ 'HP *HVFKUHL GHU 9LURQDXWHQ VFKHQNWH LFK NHLQH $XIPHUNVDPNHLW ,FK ZDU HLQ 0RQVWHU GDV KDWWH LFK KHXWH ZLHGHU HLQPDO EHZLHVHQ 8QG QDFK PHLQHQ 9RUVWHOOXQJHQ GXUIWH HLQ 0RQVWHU GHQ 7RG QLFKW IUFKWHQ $X‰HUGHP KLQJ LFK DQ 3OXPS XQG LFK ZROOWH QLFKWGD‰HURGHUGLHYLHOHQDQGHUHQ8QVFKXOGLJHQGHQ7RGIDQGHQ :KDVS VFKLFNWH PLU HLQHQ /HLWVWUDKO DQ GHP LFK PLFK RULHQWLHUHQ NRQQWH 'DV %HLERRW DUEHLWHWH DXWRPDWLVFK XQG VWHXHUWH LQ HLQHQ EUHLWHQ 6FKDFKW ,FK ZDU LQ GHQ YHUJDQJHQHQ 7DJHQQXUHLQPDODXI3LHUDQNJHZHVHQXQGGDKHUNDQQWHLFKPLFKKLHUNDXPDXV 'LH1$8ODQGHWHLQHLQHUOHHUHQ+DOOH:KDVSPHOGHWHVLFKEHU)XQN ³%HQXW]HGHQ:HJGXUFKGDVURWH7RUWHLOWHHUPLUPLW³'HU6SHUUVFKLUPZLUGHUO|VFKHQ ZHQQGXYRULKPVWHKVW (U EHREDFKWHWH PLFK DOVR EHU YHUVWHFNWH WHFKQLVFKH (LQULFKWXQJHQ DEHU GDV VW|UWH PLFK QLFKW,FKKDWWHQRFKNHLQHQIHVWHQ3ODQDEHULFKYHUWUDXWHPHLQHU3KDQWDVLH ,P 0RPHQW ]lKOWH HLJHQWOLFK QXU GD‰ LFK YHUVXFKHQ PX‰WH LKQ YRQ GHQ 0|JOLFKNHLWHQ DE]XKDOWHQ GHQ JDQ]HQ $UVHQDOSODQHWHQ LQ GLH /XIW ]X MDJHQ XQG ]LJWDXVHQG XQVFKXOGLJH :HVHQGD]X ,FKPDFKWHPLFKDXIGHQ:HJ(VJLQJWLHIHULQGHQXQWHULUGLVFKHQ%HUHLFK+LHUKHUUVFKWH DEVROXWH 6WLOOH 'LH +DQJDUV PLW GHQ HUZDFKWHQ 0DUGHODQHUQ NRQQWHQ QLFKW ZHLW HQWIHUQW VHLQDEHUGDYRQZDUQLFKWV]XVSUHQ ,Q UHJHOPl‰LJHQ $EVWlQGHQ EHNDP LFK EHU )XQN QHXH 2ULHQWLHUXQJVKLOIHQ 6FKOLH‰OLFK SDVVLHUWH LFK HLQH GRSSHOWH (QHUJLHVFKOHXVH XQG HUUHLFKWH HLQHQ NUHLVI|UPLJHQ 5DXP (U HULQQHUWHPLFKDQGLH=HQWUDOHDXI4XRODWGLHLFKVRKHUUOLFKGHPROLHUWKDWWH8QGDXFKDQ GDV%LOGLQ:KDVSV+LQWHUJUXQGEHLGHP)XQNNRQWDNWDXIGHU1$87,/86 (U OLH‰ PLFK HLQH 0LQXWH ODQJ ZDUWHQ'DQQ WUDW HU GXUFKHLQH6HLWHQWULQGHQ 5DXPYRU GDV]HQWUDOH6FKDOWSXOW(UPXVWHUWHPLFKODQJXQGVWXPP ,FKUHJLVWULHUWHQHEHQEHLGHQ6LJQDOWRQGHV=XVDW]JHUlWVGDV9LIUPLFKJHEDXWKDWWH'HU GXQNOH7RQNDPSURPSWDEHUGHUHUZDUWHWHKHOOHIHKOWH'DVNRQQWHQXUEHGHXWHQGD‰LFK HVKLHUHQWJHJHQDOOHU(UZDUWXQJPLWHLQHP5RERWHU]XWXQKlWWH )U HLQH 6HNXQGH GDFKWH LFK GDUDQ GHP .HUO HLQHQ %HWRQTXDGHU DXI GHQ 6FKlGHO ]X VHW]HQDEHUGDQQ NDPPLUHLQDQGHUHU*HGDQNH9LHOOHLFKWZDUGHUHFKWH:KDVSWDWVlFKOLFK LQ GHU 1lKH (U KDWWH DEHU DXV UHLQHU 9RUVLFKW HUVW HLQV VHLQHU NQVWOLFKHQ (EHQELOGHU YRUJHVFKLFNW ,FK PX‰WH XPGLVSRQLHUHQ 'LH *HVFKLFKWH GLH LFK PLU LQ GHQ OHW]WHQ 0LQXWHQ DXVJHGDFKW 



KDWWHSD‰WHMHW]WQLFKWPHKU(LQQHXHU*HGDQNHHQWVWDQG ³+LHU ELQ LFK :KDVS VDJWH LFK ³'X KDVW PLFK ]XP 7HLO ULFKWLJ HLQJHVFKlW]W $XFK LFK ELQ QLFKW VRQGHUOLFK JUR‰ XQG LPSRVDQW DEHU LFK KDEH .UlIWH ]XU 9HUIJXQJ YRQ GHQHQ GHLQ.ULHJHU.DOPHUQXUWUlXPW(UNDQQVHLQHJDQ]H*HKHLPDUPHHJHWURVWYHUJHVVHQZHQQHU EHUGLHVH.UlIWHKHUUVFKWGLHDOOHLQLFKLKPEULQJHQNDQQ'XN|QQWHVWGHU%RWHVHLQXQG YRQGLHVHU7DWHUKHEOLFKSURILWLHUHQ ³'XPDFKVWPLFKQHXJLHULJDQWZRUWHWHHUODXHUQG³=HLJHPLUGLHVH.UDIW:RVWHFNWVLH" ³+DVW GX GLH (UHLJQLVVH GUDX‰HQ EHU 3LHUDQN QLFKW YHUIROJW" +DVW GX QLFKW JHVHKHQ ZLH GHLQH VWDWWOLFKH (LQVDW]IORWWH GLH GX KHLPOLFK DXI GHQ lX‰HUHQ .OHLQSODQHWHQ YHUVWHFNW KDWWHVWDXIJHULHEHQZXUGH":HOFKHQ%HZHLVZLOOVWGXQRFKVHKHQ" ³7|WHPLFKVDJWHHU³7|WHPLFK,FKZHL‰GD‰HVGLUQLFKWJHOLQJHQNDQQDEHULFKP|FKWH VHKHQZLHGXHVYHUVXFKVW ³)DOVFK :KDVS ,FK ZHL‰ GD‰ HV PLU JHOLQJW ,FK ZLOO DEHU PLW GLU XQG .DOPHU ]XVDPPHQDUEHLWHQ ,FK EUDXFKH GLFK QRFK $OV 7RWHU ELVW GX IU PLFK QLFKWV ZHUW GHQQ RKQHGLFKJHODQJHLFKQLFKW]X.DOPHU 'DHU]XQlFKVWQLFKWPHKUDXIGLHVHV7KHPDHLQJLQJEHWUDFKWHWHLFKPHLQHQ9HUVXFKLKQ DXVGHU5HVHUYH]XORFNHQDOVJHJOFNW ³:RKHUEH]LHKVWGXGHLQH.UlIWH"IUDJWHHUVWDWWGHVVHQ ³'XZLUVWHVPLUQLFKWJODXEHQDQWZRUWHWHLFK,FKPX‰WHLKQZHLWHUN|GHUQELVHUHLQHQ HQWVFKHLGHQGHQ)HKOHUEHJLQJXQGVLFKYHUULHW ³$QWZRUWH KHUUVFKWH HU PLFK DQ ³,FK NDQQ /JHQ YRQ GHU :DKUKHLW VHKU JXW XQWHUVFKHLGHQ ³9RQ (67$578 VHOEVW ORJ LFK IUHFK ³,FK ELQ GLH OHW]WH OHEHQGH ,QNDUQDWLRQ GHU 6XSHULQWHOOLJHQ]:DV(67$578VHLWLKUHP9HUVFKZLQGHQDEHUQLFKWZLVVHQNDQQLVWGD‰ LFKPLFKOlQJVWYHUVHOEVWlQGLJWKDEH 'DVPX‰WHHUHUVWHLQPDOYHUGDXHQ,FKEHNDPNHLQH$QWZRUW ³0HLQ $QJHERW LQWHUHVVLHUW GLFK DOVR QLFKW VWHOOWH LFK IHVW ³'DQQ IDKUH PLW GLHVHP $UVHQDOSODQHWHQ]XU+|OOH(VJLEWQRFKDQGHUH(ZLJH.ULHJHUPLWLQWHOOLJHQWHUHQ$QLPDWHXUHQ GLHPHLQ$QJHERWEHVWLPPWQLFKWDXVVFKODJHQ (UVWDQGGDXQGGUFNWHHLQSDDU7DVWHQ,FKVWHOOWHPLUYRUGD‰GHUHFKWH:KDVSLQGHU1lKH ZDU XQG GLHVH 5RERWHUPDULRQHWWH OHQNWH -HW]W ZROOWH HU =HLW JHZLQQHQ (U ZDU XQVLFKHU JHZRUGHQ'HQ.DPSIKLHUKDWWHHUOlQJVWYHUORUHQ'LH)UDJHZDUIUGHQHFKWHQ:KDVSQXUGLH PLWZHOFKHQ:RUWHQHUYRUVHLQHQ.ULHJHU.DOPHUWUDW ,FK JLQJ XQJHGXOGLJ HLQ SDDU 6FKULWWH DXI XQG DE 6FKHLQEDU XQJHGXOGLJ GHQQ LQ :LUNOLFKNHLW EHUOHJWHLFKPLUGLHQlFKVWHQ$WWDFNHQ 'D JHVFKDK HWZDV JDQ] 0HUNZUGLJHV 'HU =XVDW]VHQVRU JDE GHQ GXQNOHQ 6LJQDOWRQ DE (LJHQWOLFKNRQQWHGDVQXUEHGHXWHQGD‰HUHLQDQGHUHV%LOGGHV3WHUXVHQWGHFNWKDWWHGHQQODXW9LV ,QIRUPDWLRQHQ NRQQWH HU ]ZLVFKHQ PHKUHUHQ (UVFKHLQXQJHQ XQWHUVFKHLGHQ 8QG HU PHOGHWH MHGHQXUHLQPDO 'LHVPDOPLVFKWHVLFKLQGHQGXQNOHQ7RQDXFKGHUKHOOH ,FK KlWWH DP OLHEVWHQ ODXW ³+XUUD JHEUOOW GHQQ MHW]W ZDU HLQV VLFKHU 'HU HFKWH :KDVS ZDU KLHU LUJHQGZRQXUKDWWHQ PHLQH $XJHQ LKQ QRFK QLFKW HQWGHFNW :DKUVFKHLQOLFKKDWWHHUVLFKJHWDUQW DEHUGHU6HQVRUKDWWHVLFKQLFKWWlXVFKHQODVVHQ ³,FK NRPPH DXI PHLQH )RUGHUXQJ ]XUFN VDJWH GHU IDOVFKH :KDVS VFKOLH‰OLFK ³9HUVXFKH PLFK ]X W|WHQ ,FK P|FKWH VHKHQ XQG VSUHQ ZLH PlFKWLJ GX ELVW ,FK P|FKWH DXFK VHKHQ GD‰GXNHLQH6NUXSHOKDVW (LQ0RQVWHUKDWNHLQH6NUXSHOGDFKWHLFKXQGVSLHOWHPHLQHQQlFKVWHQ7UXPSIDXV 



³(LQYHUVWDQGHQ:KDVS(VN|QQWHDEHUVHLQGD‰GXDXIPHLQHQ$QJULIIVRKHIWLJUHDJLHUVW GD‰ GX PLFK W|WHVW 'DKHU P|FKWH LFK YRU GLHVHP 9HUVXFK QRFK HLQPDO PHLQH IUKHUHQ )UHXQGHVHKHQGLHLQGHLQHU*HZDOWVLQG ³%LWWHVHKU'LH5HDNWLRQNDPYHUGDPPWVFKQHOO'DVVFKLHQLQVHLQH3OlQH]XSDVVHQ'HU IDOVFKH:KDVSGHXWHWH]XU6HLWH³'DNRPPHQVLH =ZHL YRQ GHQ NORELJHQ 6WDQGDUGURERWHUQ GHU 5LHJH VFKREHQ $DURQ &RQWDUJHW GHU 3OXPS XQGGUHL ZHLWHUH'LVWHOIU|VFKH LP$UPKLHOWKHUHLQVRZLHGLHEHLGHQ0DUGHODQHUGLHLFK EHLP %LOGIXQNNRQWDNW PLW :KDVS NXU] JHVHKHQ KDWWH 'LH 5RERWHU KLHOWHQ LKUH :DIIHQ VFKX‰EHUHLWXQGGLH*HIDQJHQHQZDUHQ]XVlW]OLFKLQHLQ)HVVHOIHOGJHKOOW ³6FKDOWH GDV )HVVHOIHOG DE YHUODQJWH LFK ³6R NDQQ LFK QLFKW PLW PHLQHP )UHXQG 3OXPS UHGHQYRQGHPLFKQXQ$EVFKLHGQHKPHQPX‰ 'HUIDOVFKH:KDVSEOLFNWHJDQ]NXU]LQHLQHDQGHUH5LFKWXQJXQGGDZX‰WHLFKZRLFKGHQ HFKWHQ:KDVS]XVXFKHQKDWWH 'DV)HVVHOIHOGHUORVFK ³%HZHJW HXFK QLFKW HLQHQ 0LOOLPHWHU GRQQHUWH HLQHU GHU EHLGHQ :DFKURERWHU ODXWVWDUN $XFKGDVZDUHWZDVXQJHZ|KQOLFK ,FK JLQJ DXI $DURQ XQG 3OXPS ]X ,FK EUDXFKWH GDV 0XVWHUXQG LFK KRIIWH GD‰ HU GDV DXV PHLQHQ*HGDQNHQHUNDQQWH ³3OXPS PHLQ )UHXQG ,FK VWUHFNWH LKP HLQH +DQG HQWJHJHQ ³(LQ 7URSIHQ *OFN ZROOWHVW GXPLUVFKHQNHQHVLVW (VJHVFKDKHQPHKUHUH'LQJHJOHLFK]HLWLJ 'HU IDOVFKH :KDVS EUOOWH ³9RUVLFKW '\6SUHQJVWRII JHRUWHW ,FK O|VH GLH =HUVW|UXQJVVFKDOWXQJDXV 3OXPS VSUDQJ DXV $DURQV $UPHQ DXI GHQ %RGHQ XQG OLH‰ HLQ 7U|SIFKHQ HLQHU )OVVLJNHLW IDOOHQ ,FK HUID‰WH GLH 6XEVWDQ] DOV 0XVWHU XQG HU]HXJWH VLH DOV UHDOH +RORJUDSKLH PLWWHQ LQ GHQ .|USHUQ GHU EHLGHQ :DFKURERWHU ,Q HLQHP GDYRQ PX‰WH GHU HFKWH :KDVS VWHFNHQ ZDKUVFKHLQOLFKLQGHPGHUVRKHUULVFKJHEUOOWKDWWH 1RFKLQGHUJOHLFKHQ6HNXQGHHUIROJWHQGLHEHLGHQ([SORVLRQHQ(LQH'UXFNZHOOHIHJWHGXUFK GHQ 5DXP XQG UL‰ PLFK XP ,P )DOOHQ VDK LFK ZLH GHU IDOVFKH :KDVS HLQH 6HQVRUWDVWH DP JUR‰HQ6FKDOWSXOWGUFNHQZROOWH$EHUDXFKHUZXUGH]XQlFKVW]X%RGHQJHULVVHQ $OVHUZLHGHUDXIGHQ%HLQHQZDUZDU$DDURQEHLLKPXQGZDUIVLFKLKPHQWJHJHQ,FKZDU]X ODQJVDPGHQQLFKZDUPLWGHP.RSIJHJHQHLQH0DXHUJHNQDOOWXQGVHKUEHQRPPHQ,FKNDP ]XVSlW 'HU IDOVFKH :KDVS UL‰ VHLQH :DIIH KRFK XQG WUDI $DURQ PLWWHQ LQ GLH %UXVW GDQQ KROWH HU HUQHXW DXV XPGLH 9HUQLFKWXQJVVFKDOWXQJ]X]QGHQ,FKPDXHUWHGDVJDQ]H3XOW HLQXQGOLH‰ ]XVlW]OLFKHLQHQ6WDKOWUlJHUDXIGHQ.RSIGHVIDOVFKHQ:KDVSNQDOOHQ 'DQQHLOWHLFK]X$DURQ'HPDUPHQ.HUONRQQWHQLHPDQGPHKUKHOIHQ$XFK3OXPSKSIWH KHUDQDEHUHUVDJWHQLFKWV ³3DWK $DURQ VW|KQWH ³(LJHQWOLFK KDEH LFK GLFK JHPRFKW ,FKZDU ]X EO|G1XUZHLOLFKHLQ 0LVFKOLQJVNLQGDXV$UDXQG7HUUDQHUELQKDEHLFKPLFKLPPHUIUHWZDV6FKOHFKWHVJHKDOWHQ (VWXWPLUOHLG (U VWDUE LQ PHLQHQ $UPHQ XQG LFK GDFKWH GD‰ HU HV EHVVHU KDWWH DOV HLQ 0RQVWHU GHU +RORJUDSKLH ,QPHLQHP.RSIKHUUVFKWH/HHUH'LH*HGDQNHQZDUHQNODU$EHUGLH/HHUHEOLHE,FKNRQQWH QXUKRIIHQGD‰GLHVHJUDXVDPJURWHVNH)lKLJNHLWIULPPHUYHUVFKZXQGHQZDU ³,FK PX‰ 9L UXIHQ VDJWH LFK ]X 3OXPS 8QG GDV NODQJ VHKU PGH ³'LH $XIUlXPDUEHLWHQ 



EHUODVVHQZLUGHLQHQ '\UDQHUQXQGGHQ0DUGHODQHUQ,FKZLOOMHW]WHQGOLFKGLH5HLVHQDFK +DXVHLQGLH0LOFKVWUD‰HDQWUHWHQ 5RQ -HQQ\ ,FK KlWWH DQ GLHVHP 7DJ JHUQ JHZX‰W ZLH LKU PHLQ 9HUKDOWHQ EHXUWHLOW KlWWHW $EHULFKNRQQWHQLFKW]XUFN]XHXFK,FKZX‰WHDXFKQLFKWJHQDXRELFKPHLQH)lKLJNHLWHQ GHU 5HDOKRORJUDSKLH QXQ HQGOLFK YHUORUHQ KDWWH DEHU LFK QDKP HV DQ ,FK ZROOWH MD JDQ] QRUPDOXQGJOFNOLFKZHUGHQ 9LHOOHLFKWZDUGHU:HJGDKLQDEHUZHLWHUDOVLFKHVHUKRIIWH   (SLORJ 1DFKGHQNOLFK GUFNWH 5RQDOG 7HNHQHU GLH 6HQVRUWDVWH GLH GDV 2UGHUWDS DEVFKDOWH 'HU YHUJU|‰HUWH%LOGVFKLUPHUORVFK'HU'HFNHOVFKOR‰VLFK (V WDW 7HNHQHU ZHK GD‰ LQ GHQ SHUV|QOLFKHQ $QPHUNXQJHQ LPPHU ZLHGHU DXFK -HQQLIHU DQJHVSURFKHQ ZRUGHQ ZDU 3DWK ZDU QDWUOLFK GDYRQ DXVJHJDQJHQ GD‰ -HQQ\ XQG HU DOV $NWLYDWRUWUlJHUVLHLQMHGHP)DOOEHUOHEHQZUGHQ $EHU HV ZDU JDQ] DQGHUV JHNRPPHQ -HQQ\ ZDU WRW XQG ZLH ODQJH HU QRFK OHEHQ ZUGH VWDQGDXFKQLFKWIHVW 3DWKKDWWHDXFKYHUVXFKWGLH6DFKHVR]XUHJHOQGD‰GDV2UGHUWDSQDFKHLQHUYHUQQIWLJHQ =HLWVSDQQHLQVHLQH+lQGHJHODQJWH$EHUGDKDWWHQ0RQRVXQGGLH&DQWDURLKUHLQHQ6WULFK GXUFKGLH5HFKQXQJJHPDFKWXQGIUHLQH9HU]|JHUXQJYRQUXQG-DKUHQJHVRUJW (UVW MHW]W PHUNWH GHU 0DQQ PLW GHQ /DVKDWQDUEHQ LP *HVLFKW GD‰ GLH JDQ]H 1DFKW YHUVWULFKHQZDUXQGHUQRFKLPPHUDXIGHUHLQVDPHQ%DQNDP*RVKXQ6HHKRFNWH 3DWKV %HULFKW OLH‰ HLQH HQWVFKHLGHQGH )UDJH RIIHQ :DV ZDU DXV GHP 0lGFKHQ QDFK GHQ $EHQWHXHUQ LP .HUMDKRW 6\VWHP JHZRUGHQ" 'DVLHGHQ 6SHLFKHU DXI 7HUUD KLQWHUOHJWKDWWH PX‰WH VLH ZRKO LUJHQGZDQQ QDFK GHQ JHVFKLOGHUWHQ (UOHEQLVVHQ ZLHGHU LQ GLH 0LOFKVWUD‰H JHODQJWVHLQ :DVZDUGDQQDXVLKUJHZRUGHQ" 5RQDOG 7HNHQHU PDFKWH VLFK DXI GHQ :HJ ]X VHLQHU 8QWHUNXQIW 'DV 2UGHUWDS KLHOW HU LQ VHLQHU +DQG :HQQ 3DWKV $QNQGLJXQJ ULFKWLJ ZDU GDQQ H[LVWLHUWHQ YLHOOHLFKW LUJHQGZR QRFKZHLWHUH'DWHQVSHLFKHUPLWLKUHQ(UOHEQLVVHQ 2E HU GLHVH ILQGHQ ZUGH" 8QG RE VLH GLH )UDJH QDFK GHP ZHLWHUHQ /HEHQ GHU 5HDOKRORJUDSKLQ EHDQWZRUWHWHQ" 5HLFKWH VHLQH =HLW EHUKDXSW QRFK XP QDFK GLHVHQ 'DWHQVSHLFKHUQ]XVXFKHQ" (1'(