-2+16,1&/$,5+RFK]HLWGHU9DPSLUH *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%D...
9 downloads
342 Views
1MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
-2+16,1&/$,5+RFK]HLWGHU9DPSLUH *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUODJ%HUJLVFK*ODGEDFK 5HGDNWLRQ5DLQHU'HOIVXQG3HWHU7KDQQLVFK 7LWHOELOG9LFHQWH%DOOHVWDU1RUPD%DUFHORQD (LQEDQGJHVWDOWXQJ$UWV *UDIL[3HWHU+HOOHU$XJVEXUJ *HVDPWKHUVWHOOXQJ(EQHU8OP 3ULQWHGLQ*HUPDQ\
/LHEH/HVHULQQHQOLHEHU/HVHU 'LHVHU%DQGGHU:(/7%,/'6DPPOHU(GLWLRQ-2+16,1&/$,5 HQWKlOWZLHGHUGUHL5RPDQHGLH]XGHQ+|KHSXQNWHQGHUGDPDOV QRFKMXQJHQ6LQFODLU6HULHJHK|UHQ1RFKJLEWHVGDVVSlWHUH 6LQFODLU7HDPQLFKW-RKQ6LQFODLU,QVSHNWRUEHL6FRWODQG
DXFKXQ]lKOLJHQ/HVHUQDQV+HU]JHZDFKVHQ'HU%HZHLVGDIU VWHKWULQJVXPPLFKLQGHQ2UGQHUQPLWPHKUDOVKXQGHUWWDX VHQG/HVHUEULHIHQGLHPLFKLQGHQOHW]WHQ-DKUHQHUUHLFKWHQ -DVRQ'DUN
+2&+=(,7'(59$03,5(
.DOWSILIIGHU:LQGEHUGLHNDUVWLJHQ+|KHQ]JHKLQXQWHULQV 7DO'HUHLQVDPH0DQQIU|VWHOWH(UKDWWHGHQ.UDJHQVHLQHV GLFNHQ0DQWHOVKRFKJHVFKODJHQXQGVWHPPWHVLFKJHGXFNWJHJHQ GHQ:LQG'HU0DQQKDWWHHVHLOLJ8P3XQNW0LWWHUQDFKW ZROOWHHUDQGHPEHZXWHQ7UHIISXQNWVHLQ8USO|W]OLFK EOLHEGHU0DQQVWHKHQ(LQ*HUlXVFKZDUDQVHLQH2KUHQ JHGUXQJHQ(VZDUHLQJHIlKUOLFKHV.QXUUHQGDVVRJDUGDV 3IHLIHQGHV:LQGHVEHUW|QWH 'HUHLQVDPH:DQGHUHUEHNDPHVPLWGHU$QJVW]XWXQ(U GUHKWHVLFKXPZROOWHZHJODXIHQGRFKGDKDWWHQVLHLKQVFKRQ HLQJHNUHLVW *HOEHWFNLVFKH$XJHQEDQQWHQLKQDXIGHU6WHOOH 'HP0DQQVWRFNWHGHU$WHP 'LH:|OIHZDUHQGD 'LHYLHUJUDXH6FKDWWHQKXVFKWHQDXIGLH6WUDH:LH6FKHPHQ ZDUHQVLHDXVGHQ%VFKHQ]XEHLGHQ6HLWHQGHVVFKPDOHQ:HJHV DXIJHWDXFKW 6LHKDWWHQDXIGHQ(LQVDPHQJHODXHUW 'HU0DQQ]LWWHUWHSO|W]OLFK.DOWHU6FKZHLOHJWHVLFKDXIVHLQH 6WLUQ(UEHUHXWHHVVLFKDXIGHQ:HJJHPDFKW]XKDEHQ$EHUHU ZDU*HVFKlIWVPDQQPXWHVHKHQGDHU*HOGYHUGLHQWHXQG +RUURU7RXUHQZDUHQHWZDV$XHUJHZ|KQOLFKHV 'HU0DQQKLH-DQRV5XII,PYRULJHQ0RQDWZDUHUYLHU]LJ -DKUHDOWJHZRUGHQXQGKDWWHYRUGRSSHOWVRODQJH]XOHEHQ 5XIIV*HGDQNHQVWRFNWHQ'LH:|OIHVFKOLFKHQQlKHU.HLQ/DXWZDU ]XK|UHQ'LH%HVWLHQEHZHJWHQVLFKZLHDXI6DPWSIRWHQ 5XIIV%OLFNHLUUWHQ]ZLVFKHQGHQJHOEOLFKIXQNHOQGHQ$XJHQ GHU7LHUHKLQXQGKHU-HGHQ0RPHQWUHFKQHWHHUGDPLWGDVLH LKQDQIDOOHQZUGHQ 1LFKWVJHVFKDK6LHVWDQGHQXPLKQKHUXPXQGODXHUWHQ 6HNXQGHQZXUGHQIU5XII]X(ZLJNHLWHQ:HQQHUGRFKQXU HWZDVWXQN|QQWH 0LWGHU=HLWIODXWHGLH(UUHJXQJDE6HLQH=XQJHKXVFKWHEHU GLHVSU|GHQDXIJHULVVHQHQ/LSSHQ'HU:LQGWURFNQHWHGHQ 6FKZHL
5XIIDWPHWHGXUFKGHQ0XQG1RFKHLQPDOULHUVLFK]XVDP PHQXQGZDJWHGHQHUVWHQYRUVLFKWLJHQ6FKULWW 'HQ]ZHLWHQ 'LH:|OIHZLFKHQ]XU6HLWHELOGHWHQHLQH*DVVH 5XIIDWPHWHDXI/DQJVDPXQGDXI=HKHQVSLW]HQJLQJHUZHLWHU (UKLHOWVHLQHQ.RSI]XU6HLWHJHZDQGWXQGEHREDFKWHWHDXVYHU GUHKWHQ$XJHQGLH%HVWLHQ 6LHIROJWHQLKPIODQNLHUWHQGHQHLQVDPHQ:DQGHUHU :LH/HLEZlFKWHUGDFKWH5XII9LHOOHLFKWZDUHQVLHHVVRJDU 9LHOOHLFKWKDWWHGHU*UDIVLHYRUJHVFKLFNW -DVRPXWHHVJHZHVHQVHLQ(LQHDQGHUH0|JOLFKNHLWNRQQWH VLFK5XIIQLFKWYRUVWHOOHQ (UVDK]XP+LPPHO :RONHQEHUJHWUPWHQVLFKGRUWREHQXQGZXUGHQYRQGHP :LQGZLH6SLHOElOOHGXUFKHLQDQGHUJHVFKOHXGHUW 'HU0RQGZDUQLFKW]XVHKHQ(VIXQNHOWHDXFKNHLQHLQ]LJHU 6WHUQ(VZDUHLQH1DFKW]XP)UFKWHQ,GHDOIUGXQNOH *HVWDOWHQDXVGHP7RWHQUHLFK -DQRV5XIIJLQJZHLWHU.DUUHQXQG:DJHQKDWWHQWLHIH)XUFKHQ LQGHQ:HJJHJUDEHQ'LH(UGHZDUKDUWXQGWURFNHQ(VKDWWH ODQJHQLFKWPHKUJHUHJQHW 5XIIVXFKWHHLQH=LJDUHWWHDXVGHU3DFNXQJ(VZDUHQDPHULND QLVFKH6WlEFKHQ5XIIPRFKWHNHLQHDQGHUHQ (UULHLQ=QGKRO]DQ'HU:LQGEOLHVGLH)ODPPHDXV%HLP YLHUWHQ9HUVXFKEUDQQWHGLH=LJDUHWWHHQGOLFK -DQRV5XIIVRJGHQ5DXFKWLHILQGLH/XQJHQ6HLQH1HUYHQ EHUXKLJWHQVLFKHWZDV 'HU0DQQUDXFKWHKDVWLJ6FKRQQDFKHLQSDDU0LQXWHQZDUIHU GLH=LJDUHWWHZHJ6LHZXUGHYRP:LQGQRFKZHLWHUJHWULHEHQ XQGEOLHEGDQQLP*UDEHQIUNXU]H=HLWDOVJOKHQGHU3XQNW OLHJHQ 'LH:|OIHZDUHQQRFKLPPHUGDOLHHQGHQ0DQQNHLQH 6HNXQGHDXVGHQ$XJHQ 5XIIJLQJVFKQHOOHU'XUFKGHQ$XIHQWKDOWYRUKLQKDWWHHU ]XYLHO=HLWYHUORUHQ8QGHUZROOWHSQNWOLFKVHLQ=XYLHOKLQJ GDYRQDE
'DQQKDWWHHUVHLQ=LHOHUUHLFKW(LQDQGHUHU3IDGVFKQLWWVHLQHQ :HJHUZXUGH]XP.UHX]ZHJ 'HU.UHX]ZHJ0\WKHQXQG/HJHQGHQUDQNWHQVLFKGDUXP 'HU.UHX]ZHJZDUGLH,QNDUQDWLRQGHV%|VHQ*HUDGHLQ6G XQG2VWHXURSDVSLHOWHHUHLQHJURH5ROOH(UZXUGHYRQGHQ 0HQVFKHQJHPLHGHQGHQQHUJDOWDOV7UHIISXQNWGHU8QWRWHQ XQG+H[HQ -DQRV5XIIEOLHEVWHKHQ(LQXQKHLPOLFKHV*HIKOEHVFKOLFKLKQ GHQQDXFKHUNDQQWHGLHDOWHQ*HVFKLFKWHQ 5XIIV%OLFNZDQGHUWHHLQ6WFN]XU6HLWHVDXJWHVLFKDQGHU NQRUULJHQXUDOWHQ(LFKHIHVWGLHLKUHGLFNHQbVWHZLHODQJH 7RWHQILQJHULQGHQJUDXHQ+LPPHOUHFNWH 'HU*DOJHQEDXP1RFKYRUVLHE]LJ-DKUHQKDWWHPDQKLHU 0|UGHUXQG6LWWHQVWUROFKHJHKlQJW1DFKWVPHLVWHQVEHL 9ROOPRQGVROOWHQGLH*HLVWHUGHU9HUEUHFKHUQRFKKHXOHQXQG ZHKNODJHQ 5XIIGDFKWHDQGHQ0DQQGHQHUKLHUWUHIIHQZROOWH *UDI0RQWHVL(UNDQQWHLKQQLFKWKDWWHQLFKWHLQPDOYRQLKP JHK|UW%ULHIOLFKZDUGHU*UDIDQLKQKHUDQJHWUHWHQ(UKDWWH 5XIIV$QQRQFHLQGHU=HLWXQJJHOHVHQ +2552572856(LQH5HLVHGLHPHKULVWDOVHLQ$EHQWHXHU :HQQ6LHHWZDV%HVRQGHUHVHUOHEHQZROOHQGDQQEXFKHQ6LHEHL +2552572856:LUJDUDQWLHUHQIU*lQVHKDXW 'DQQZDUGHU$QUXIYRQ*UDI0RQWHVLJHNRPPHQ'HU*UDI KDWWHVLFKQDFKGHQ%HGLQJXQJHQHUNXQGLJWXQGVHLQ6FKOR]XU 9HUIJXQJJHVWHOOW(VODJLUJHQGZRLQGHQ.DUSDWHQ5XIIVROOWH HUVWKHXWH(LQ]HOKHLWHQHUIDKUHQ'RFKHLQVPXWHHUGHP*UDIHQ YHUVSUHFKHQ(UGXUIWHPLWQLHPDQGHPEHUGLHVHV7UHIIHQUHGHQ 'D-DQRV5XIIVRZLHVRHLQ(LQ]HOJlQJHUZDUKDWWHLKQGDVQLFKW ZHLWHUJHVW|UW 5XIIVDKDXIVHLQH8KU 1RFK]HKQ0LQXWHQELV0LWWHUQDFKW'DQQZUGHVLFKDOOHVHQW VFKHLGHQ :LHGHUZDUIHUHLQHQ%OLFN]XP*DOJHQEDXPKLQEHU'LHYLHU :|OIHKDWWHQVLFKYRUGHPGLFNHQ6WDPPQLHGHUJHODVVHQXQG EHODXHUWHQ5XII
8QUXKLJJLQJ-DQRV5XIIKLQXQGKHU:LUUH*HGDQNHQWDQ]WHQ LQVHLQHP6FKlGHO(UZDUQHXJLHULJXQGlQJVWOLFK]XJOHLFK :HQQGDV*HVFKlIWNODSSHQVROOWHGDQQEUDXFKWHHUVLFKNHLQH 6RUJHQPHKUXPGLH=XNXQIW]XPDFKHQ +XIJHWUDSSHOVFKUHFNWH5XIIDXVVHLQHQ*HGDQNHQ(VNDPYRQ 2VWHQXQGZXUGHVFKQHOOODXWHU $XFKGLH:|OIHKDWWHQGDV*HUlXVFKJHK|UW,QODXHUQGHU +DOWXQJVWDUUWHQVLHLQGLHHQWVSUHFKHQGH5LFKWXQJ 6ROOWHGHU*UDIHWZDDXIHLQHP3IHUGNRPPHQ"2GHUZDUHQHV 6ROGDWHQGLH (WZDVVFKlOWHVLFKDXVGHU'XQNHOKHLW(WZDV*URHV :XFKWLJHV3IHUGHVFKQDXEWHQ -DQRV5XIIVSUDQJXQZLOONUOLFKHLQHQ6FKULWW]XU6HLWHDOVGLH EHLGHQVFKZDU]HQ7LHUHYRULKPDXIWDXFKWHQXQGZLHYRQ *HLVWHUKDQGJHVWRSSWDQKLHOWHQ -DQRV5XIIVWRFNWHGHU$WHP 'LH3IHUGH]RJHQHLQHQ:DJHQ (LQHQ/HLFKHQZDJHQ -HGH(LQ]HOKHLWSUlJWHVLFKLQ5XIIV*HKLUQHLQ'HU /HLFKHQZDJHQZDUSHFKVFKZDU]9LHUKRKH5lGHUWUXJHQLKQ$Q GHQYLHU(FNHQVWHFNWHQLQHLVHUQHQ+DOWHUQ.HU]HQGLHHEHQIDOOV VFKZDU]ZDUHQ'LH)ODPPHQZXUGHQYRQHLQHP*ODV]\OLQGHU YRUGHP:LQGJHVFKW]W'LH)HQVWHUZDUHQLP,QQHUQGHV /HLFKHQZDJHQVGXUFKGXQNOH9RUKlQJHYHUKlQJW=ZHL SUlFKWLJH3IHUGH]RJHQGHQ:DJHQ 'LH7LHUHVWDQGHQVWLOOXQGKDWWHQGLH.|SIHJHVHQNW$XVLKUHQ 1VWHUQGUDQJZDUPHU$WHPGHUZLHHLQH:RONHYRUGHQ 0lXOHUQVWDQG -DQRV5XIIUlXVSHUWHVLFKGLH.HKOHIUHL(UWUDXWHVLFKQLFKW GLH7UGHV/HLFKHQZDJHQV]X|IIQHQ0LWSRFKHQGHP+HU]HQ ZDUWHWHHUDEZDVJHVFKDK =XHUVWEOLHEHVVWLOO 'DQQK|UWH5XIIHLQ*HUlXVFKDXVGHP,QQHUQGHV /HLFKHQZDJHQV'LH7UZXUGHJH|IIQHW ª.RPPKHU©K|UWH5XIIHLQHOHLVHDEHUGHQQRFKEHIHKOV JHZRKQWH6WLPPH
-DQRV5XIIVHW]WHVLFKLQ%HZHJXQJ'DHUVHLWOLFKGHV /HLFKHQZDJHQVJHVWDQGHQKDWWHPXWHHUXPLKQKHUXPJHKHQ XP]XU+LQWHUVHLWH]XJHODQJHQ 'HU'UHFNNQLUVFKWHXQWHU5XIIV6RKOHQhEHUODXWNDPLKPGDV *HUlXVFKYRU -DQRV5XIIZLFKGHQ7UIOJHOQDXVXQGNRQQWHHQGOLFKLQGHQ /HLFKHQZDJHQVHKHQ ,QGHUVHOEHQ6HNXQGHWUDILKQGHU6FKRFN ,P/HLFKHQZDJHQVWDQGHLQRIIHQHU6DUJ ,Q/RQGRQEOlWWHUWHHLQJHZLVVHU%LOO&RQROO\HLQHQ6WDSHO =HLWXQJHQGXUFK8QWHUDQGHUHPILHOLKPDXFKHLQ%ODWWLQGLH +lQGHGDVHUVWVHLWHLQHP-DKUDXIGHP0DUNWZDUXQGPHLVWHQV YRQ6NDQGDOHQEHULFKWHWH %LOO&RQROO\ZDUIUHLHU5HSRUWHU'DVHLQH)UDX6KHLODHLQ JURHV9HUP|JHQPLWLQGLH(KHJHEUDFKWKDWWHNRQQWHHUVLFK VHLQH%HVFKlIWLJXQJDXVVXFKHQ0HLVWHQVMHGHQIDOOV(UVFKULHE PDOIUGLHVH=HLWVFKULIWXQGPDOIUMHQH,P$XJHQEOLFNDUEHL WHWHHUDQHLQHP5HLVHEHULFKWEHU6GDPHULND(UKDWWHGHQ .RQWLQHQWYRUHLQLJHQ:RFKHQPLWVHLQHU)UDXEHUHLVWXQGGLH (LQGUFNHZDUHQQRFKGHPHQWVSUHFKHQGIULVFK:HQQ%LOO QLFKWVFKULHEJLQJHUPHLVWHQVPLWVHLQHP)UHXQG,QVSHNWRU -RKQ6LQFODLUDXI*HLVWHUMDJG6HKU]XPbUJHUVHLQHUMXQJHQ )UDX6KHLOD $EHUVLHZDUIUGUHL7DJHYHUUHLVW(VJLQJXPHLQH)LOLDOHGLH GDV:HUNGDV6KHLODJHK|UWHLQ6FKZHGHQHUULFKWHQZROOWH8QG GD]XEUDXFKWHQGLH0DQDJHULKU2ND\%LOOKDWWHHUVWPLWIDKUHQ ZROOHQKDWWHHVVLFKGDQQDEHUDQGHUVEHUOHJW %LOO&RQROO\IKOWHVLFKLQVHLQHPPLWDOOHP.RPIRUWHLQJHULFK WHWHQ+DXV]LHPOLFKHLQVDP$XHUGHPVFKPHFNWHLKPGDV )UKVWFNOlQJVWQLFKWVRJXW %LOOQDKPHLQHQ6FKOXFN.DIIHHYHU]RJGDV*HVLFKWXQGVFKOXJ GLHOHW]WH6HLWHGHU=HLWXQJDXI 6LHZDUIDVWDXVVFKOLHOLFKPLW$Q]HLJHQEHGUXFNW (LQHILHO%LOOEHVRQGHUVLQV$XJH(LQJHZLVVHU-DQRV5XIISULHV
+RUURU7RXUHQQDFK5XPlQLHQLQGDVNODVVLVFKH9DPSLUODQGDQ 'HU5HSRUWHUODVGLH$Q]HLJHHLQPDOXQGGDQQQRFKHLQ]ZHL WHV0DO ª(LJHQWOLFKVROOWHPDQGDPLWIDKUHQ©PXUPHOWHHU(UZXWH GDLQOHW]WHU=HLWVROFKH5HLVHQXSWRGDWHZDUHQ$EHUELVKHU ZDU5XIIGHUHLQ]LJH8QWHUQHKPHUGHUQDFK5XPlQLHQIXKU8QG GDVNODVVLVFKH9DPSLUODQGZROOWH%LOOLPPHUVFKRQPDONHQQHQ OHUQHQ (LQH:RFKHZUGHGLH5HLVHGDXHUQ %LOOZDUQRFKLP=ZHLIHODOVGDV7HOHIRQDQVFKOXJ6KHLODVHLQH )UDXZDUDP$SSDUDW ª(VWXWPLUOHLG%LOO$EHULFKPXQRFKHLQLJH7DJHOlQJHU EOHLEHQ©WHLOWHVLHLKUHP0DQQPLWª9RUHLQHU:RFKHELQLFK QLFKWLQ/RQGRQ© ª,VWHVGHQQVRZLFKWLJ"© ª-D'XNHQQVWPLFK%LOO,FKZlUHYLHOOLHEHU]X+DXVH© 'DVZDUNHLQOHHUHV*HUHGH6KHLODPHLQWHHVWDWVlFKOLFKVR ª*XWGDQQNDQQLFKMDDXFKHWZDVXQWHUQHKPHQ© 6RIRUWZXUGH6KHLODPLWUDXLVFK ª+DWGLFK-RKQLQHLQHQ)DOOYHUZLFNHOW":LOOVWGXZLHGHUDXI *HLVWHUMDJGJHKHQ"© ª1HLQQHLQ©ODFKWH%LOOªVRVFKOLPPLVWHVQLFKW©'DQQ EHULFKWHWHHU6KHLODYRQGHQ+RUURU7RXUHQ 6HLQH)UDXEOLHEPLWUDXLVFK6FKOLHOLFKVWLPPWHVLHGRFK]X GHQQVLHZXWHGD%LOOVRZLHVRQLFKW]XKDOWHQZDU 'LHEHLGHQZHFKVHOWHQQRFKHLQSDDU:RUWHXQG%LOO&RQROO\ VFKULHEVLFKDQVFKOLHHQG0U5XIIV7HOHIRQQXPPHUDXI +RIIHQWOLFKKDWHUQRFKHLQHQ3ODW]IUHLGDFKWHHUXQGILQJLP VHOEHQ0RPHQWDQ]XJULQVHQ ª1HHHLJHQWOLFK]ZHL3OlW]H©VDJWH%LOO&RQROO\]XVLFKVHOEVW ª9LHOOHLFKWKDW-RKQGHUDOWH*HLVWHUMlJHUDXFKQRFK/XVWPLW]X NRPPHQ© 'HU5HSRUWHUDKQWHQLFKWGDGHU(QWVFKOXGHQHUJHIDW KDWWHGHU%HJLQQHLQHVXQKHLPOLFKHQXQGKDDUVWUlXEHQGHQ $EHQWHXHUVZDU
'DV*UDXHQSDFNWH-DQRV5XIIZLHHLQHHLVLJH)DXVW(UZDU XQIlKLJHLQHQNODUHQ*HGDQNHQ]XIDVVHQVRQGHUQVWDUUWH LPPHU]XDXIGHQRIIHQHQ6DUJ(VZDUHLQ3UXQNVWFN$XV HGOHP+RO]JHIHUWLJWXQGPLWZHLHPVHLGLJHP6WRIIDXVJH VFKODJHQ 'RFKGDVDOOHVQDKP5XIIQXUDP5DQGHZDKU0DJLVFKZXUGH VHLQ%OLFNYRQGHP0DQQDQJH]RJHQGHULQGHP6DUJODJ 5LFKWLJNRQQWH5XIIQXUGHQY|OOLJKDDUORVHQ6FKlGHOHUNHQQHQ LQGHVVHQ+|KOHQGLH$XJHQZLH]ZHLGXQNOH.RKOHQVWFNH ODJHQ'LH)LQJHUGHV0DQQHVZDUHQODQJXQGGUU'HU 8QKHLPOLFKHKDWWHGLH+lQGHDXIVHLQH%UXVWJHOHJW$QHLQHP )LQJHU5XIINRQQWHQLFKWJHQDXHUNHQQHQDQZHOFKHPVWHFN WHHLQ5LQJLQGHVVHQUXELQURWH2EHUIOlFKHHLQZHLHU7RWHQNRSI JUDYLHUWZDU'HU.|USHUGHV8QKHLPOLFKHQZDUHKHUVFKPlFKWLJ ]XQHQQHQ 'LH+lQGHGHV0DQQHVO|VWHQVLFKYRQGHU%UXVWXQGXPNODP PHUWHQ]XEHLGHQ6HLWHQGLH.DQWHQGHV6DUJHV 'HU0DQQVWHPPWHVLFKKRFK 5XIIHUNDQQWHGDHUJDQ]LQ6FKZDU]JHNOHLGHWZDU(LQ 8PKDQJDQGHQ6FKXOWHUQIHVWJHVWHFNWYHUGHFNWHVHLQHQ 5FNHQ ª*UDI0RQWHVL"© lFK]WHGHUQRFKLPPHUVFKUHFNHQVVWDUUH-DQRV 5XII 'HU8QKHLPOLFKHODFKWHOHLVH(VNODQJEOHFKHUQRKQHMHGHV *HIKO ª-DVRNDQQVWGXPLFKQHQQHQ©ODXWHWHVHLQH$QWZRUWª)U GLFKELQLFK*UDI0RQWHVL© 0LWJHVFKPHLGLJHQ%HZHJXQJHQVWLHJ0RQWHVLDXVGHP6DUJ *HGXFNWVSUDQJHUQDFKGUDXHQ'HU8PKDQJEDXVFKWHVLFKDXI ZLHHLQ9RUKDQJ -DQRV5XIINRQQWHQLFKWHUNOlUHQZHOFKH*HIKOHLKQLQGLHVHQ $XJHQEOLFNHQEHKHUUVFKWHQ:DUHV$QJVW*UDXHQRGHU1HX JLHUGH"9LHOOHLFKWDOOHV]XVDPPHQXQG-DQRV5XIIVSUWHYRQ 6HNXQGH]X6HNXQGHPHKUGDGLHVHU0DQQ0DFKWEHULKQ JHZDQQXQGVHLQHQ:LOOHQDXVVFKDOWHWH 5XIIDWPHWHJHSUHW
8QK|UEDUZDUHQGLH:|OIHKHUDQJHVFKOLFKHQNDXHUWHQVLFK]X EHLGHQ6HLWHQGHV*UDIHQQLHGHU'LH5DXEWLHUDXJHQIXQNHOWHQ E|VH/HLVHV.QXUUHQGUDQJDXVGHQKDOERIIHQHQ0lXOHUQ 0RQWHVLKREGLHUHFKWH+DQG'DV.QXUUHQGHU:|OIHYHU VWXPPWH ª'XELVWDOVRJHNRPPHQXPGLFKLQPHLQH'LHQVWH]XEH JHEHQ©VWHOOWHGHU*UDIIHVW 5XIIZROOWHHWZDVDQWZRUWHQGRFKHUEUDFKWHQXUHLQ1LFNHQ ]XVWDQGH 0RQWHVLIXKUIRUW6HLQH6WLPPHZDUNODUXQGGHXWOLFKª,FK KDEHPLFKLQGLHVHV/DQG]XUFNJH]RJHQXPHLQHQJDQ]HQ6WDDW LQPHLQH*HZDOW]XEHNRPPHQ8QGGDEHLZLUVWGXPLUKHOIHQ -DQRV5XII© 'HU$UPGHV*UDIHQVFKRYRUXQG-DQRV5XIIVDKZLHGHU 5LQJDQ0RQWHVLV)LQJHUVHLQH)DUEHlQGHUWH'DV5XELQURWYHU VFKZDQGXQGGHU7RWHQNRSIEHJDQQ]XVWUDKOHQZXUGH]X HLQHP6HQGHUGHUVHLQH6FKZLQJXQJHQLQ5XIIV*HKLUQ]HQWUXP VFKLFNWH -DQRV5XIIZDUJHEOHQGHW(UVDKQXUGHQ5LQJXQGVSUWH SO|W]OLFKGDVGUlQJHQGH*HIKOLQVHLQHP,QQHUQQXUQRFK GLHVHP0DQQ]XGLHQHQ 8QEHZHJOLFKVWDQGHQVLFKGLHEHLGHQYHUVFKLHGHQHQ3HUVRQHQ JHJHQEHU 'DQQQDFK0LQXWHQQDKPGHU5LQJZLHGHUVHLQQRUPDOHV $XVVHKHQDQ -DQRV5XIIHUZDFKWHZLHDXVHLQHP7UDXP(UZDUEHJLHULJ GDUDXIGLHQlFKVWHQ:RUWHVHLQHV0HLVWHUV]XK|UHQ ª-D©K|UWHHUVLFKIOVWHUQªLFKZHUGHDOOHVWXQ$OOHV©IJWHHU QRFKHLQPDOKLQ]X ª,FKZXWHGDGXPLUJHKRUFKHQZLUVW©VDJWH0RQWHVL ª'RFKQXQK|UHJXW]X'XZLUVW]XUFNQDFK(QJODQGUHLVHQ XQGGRUWHLQH*UXSSH]XVDPPHQVWHOOHQGLHLQGLHVHV/DQGIlKUW 'XIKUVWVLHDXIPHLQ6FKOR6LHVROOHQ*lVWHEHLHLQHU+RFK]HLW VHLQ%HLGHU+RFK]HLWGHU9DPSLUH(VZLUGHLQKHUUOLFKHV)HVW XQGGDQDFKJHK|UHQGLH0HQVFKHQVHOEVWGHP)UVWHQGHU )LQVWHUQLV,FKZHUGHVLH]X9DPSLUHQPDFKHQ$EHUGDVLVWHUVW
GHU$QIDQJ$QGHUHZHUGHQIROJHQ8QGGXKDVWGLH$XIJDEHVLH PLU]XEULQJHQ'RFKVROOWHVWGXGLFKMHPDOVZHLJHUQRGHULUJHQG MHPDQGHPHWZDVYHUUDWHQVRLVWGHLQ/HEHQDXFKYHUORUHQ+DVW GXPLFKYHUVWDQGHQ-DQRV5XII"© ª-D© ª'DQQLVWHVJXW,FKHUZDUWHGLFKLQHLQHU:RFKHDXIPHLQHP 6FKOR+LHU©*UDI0RQWHVLJULIIXQWHUVHLQH-DFNHXQGKROWHHLQ %ODWW3DSLHUKHUYRUª'DVLVWGHU:HJ]XP6FKOR0RQWHVL'X ZLUVWHLQHQ%XVEHVRUJHQXQGVHOEVWIDKUHQ© -DQRV5XIIQDKPGLH=HLFKQXQJDQVLFK6RUJIlOWLJYHUVWDXWHHU VLHLQVHLQHU0DQWHOWDVFKH *UDI0RQWHVL]RJGHQ8PKDQJIHVWHUXPVHLQH6FKXOWHUQ1RFK HLQPDOEOLFNWHHU-DQRV5XIILQGLH$XJHQ'DQQJLQJHUDQLKP YRUEHLXQGNOHWWHUWHZLHGHULQGHQ/HLFKHQZDJHQ %HYRUHUGLH7U]X]RJVDJWHHUQRFKHLQHQ6DW]ª9HUJLQLFKW LQHLQHU:RFKH© 'DQQYHUVFKZDQG*UDI0RQWHVL 6HNXQGHQVSlWHUVHW]WHQVLFKGLHEHLGHQ3IHUGHZLHGHULQ %HZHJXQJ,KUH+XIHNODSSHUWHQKRKODXIGHPKDUWHQ%RGHQ 'RFKQLHPDQGVDDXIGHP.XWVFKERFNXP]XOHQNHQ(VZDU HLQHJHVSHQVWLVFKH)DKUW 'HU/HLFKHQZDJHQIXKUXPGHQ*DOJHQEDXPKHUXP'LH 5DSSHQVFKQDXEWHQXQGZDUIHQZLOGLKUH.|SIHKRFK 'DQQUDVWHGHU:DJHQDQ-DQRV5XIIYRUEHL )U$XJHQEOLFNHJODXEWHHU*UDI0RQWHVLV*HVLFKWKLQWHUGHQ ]XU6HLWHJH]RJHQHQ9RUKlQJHQ]XHUNHQQHQDEHUHVZDUGRFK ZRKOHLQH7lXVFKXQJ 'DV*HUlXVFKGHU+XIHYHUORUVLFKLQGHU1DFKW -HW]WHUVWVSUWH-DQRV5XIIZLHGHUGLH.lOWH(LQH*lQVHKDXW KDWWHVHLQHQ.|USHUEHU]RJHQ5XIIDWPHWHVFKZHU6FKZHL WURSIHQUDQQHQDQVHLQHP+DOVKLQDE %|VHV.QXUUHQVFKUHFNWHLKQDXVVHLQHQ*HGDQNHQ 5XIIZDQGWHGHQ.RSI 'LH:|OIHZDUHQQRFKGDEHODXHUWHQLKQ6LHJOLWWHQDXILKQ]X 5RVLJH=XQJHQKLQJHQDXVGHQ0lXOHUQYRUGHQHQGHU$WHPDOV NOHLQHQLHDEUHLHQGH:RONHVWDQG
-DQRV5XIIVHW]WHVLFKZLHGHULQ%HZHJXQJ(UZROOWHVRVFKQHOO ZLHP|JOLFKZHJYRQGLHVHPXQKHLPOLFKHQ2UW1RFKHLQPDO ZDUIHUGHP*DOJHQEDXPHLQHQVFKHXHQlQJVWOLFKHQ%OLFN]X 5DEHQVDHQDXIGHQNDKOHQbVWHQ 7RWHQY|JHO",KU*HNUlFK]HKDOOWHODXWGXUFKGLH1DFKW'LH /DXWHNDPHQ-DQRVYRUZLH+RKQJHOlFKWHU*HOlFKWHUGDVQXU LKPJDOW (UJLQJQRFKVFKQHOOHUhEHUGUHL.LORPHWHUKDWWHHU]XUFN ]XOHJHQ 'LH:|OIHZLFKHQQLFKWYRQVHLQHU6HLWH 1DFKHLQLJHQ0LQXWHQZXUGHGHU:HJEUHLWHUXQGPQGHWH VFKOLHOLFKLQHLQHVFKPDOHDVSKDOWLHUWH6WUDH(LQH6HOWHQKHLWLQ GLHVHU*HJHQG /DXWVFKOXJHQ5XIIV$EVlW]HDXIGHQ$VSKDOW(UZDUKHLOIURK DOVHUGLH8PULVVHVHLQHV/HLKZDJHQVHUNDQQWH(VZDUHLQ :DUWEXUJ 5XIIVFKORGLH7UDXIXQGVHW]WHVLFKKLQWHUGDV6WHXHU'LH 6FKHLEHQEHVFKOXJHQVFKQHOO5XIIZLVFKWHHLQH6WHOOHEODQNXQG VWDUUWHQDFKGUDXHQ 'LH:|OIHNDXHUWHQLQHLQLJHU(QWIHUQXQJDXIGHU6WUDH5XII VDKQXUGLHJHOEHQ5DXEWLHUDXJHQ -DQRV5XIIGUHKWHGHQ=QGVFKOVVHO,QGLHVHP$XJHQEOLFN YHUVFKZDQGHQDXFKGLH:|OIH:LH6FKDWWHQKXVFKWHQVLH]ZL VFKHQGLH)HOVHQ -DQRV5XIIHUVFKLHQDOOHVZLHHLQE|VHU7UDXP8QGGRFKZDUHV NHLQHU7LHILQVHLQHP*HKLUQ]ZDQJLKQHLQHXQEHVWLPPWH 0DFKWGHQ%HIHKOHQGHV*UDIHQ]XJHKRUFKHQ *UDI0RQWHVL,KPKDWWHHUVLFKYHUVFKULHEHQ'RFK-DQRV5XII DKQWHQLFKWGDGLHVHU0DQQJDUQLFKW0RQWHVLKLH'DHUGLH VHQ1DPHQQXUDQJHQRPPHQKDWWH'DV*HVFKOHFKWGHU0RQWHVLV ZDUOlQJVWDXVJHVWRUEHQ 'HU*UDIZDUQLHPDQGDQGHUVDOV'U7RG
6FKRQVHLW:RFKHQOLHIHQGLHJURHQ&RPSXWHUEHL6FRWODQG
QLFKWLQHLQH)RUPHO]ZlQJHQVHLQHQlFKVWHQ7DWHQYRUDXVEH UHFKQHQQHLQEHLLKPPXWHPDQVLFKDXI)LQJHUVSLW]HQJHIKO XQG,QWXLWLRQYHUODVVHQ -HGHQ7DJWUDIHQVLFK-RKQ6LQFODLUXQGVHLQ&KHI6XSHU LQWHQGHQW3RZHOO]XHLQHU/DJHEHVSUHFKXQJ 6LHIDQGLPPHULQ3RZHOOV%URVWDWW8QGLPPHUZLHGHUGDV JOHLFKH5HVXOWDW 1LFKWV $XFKDQGLHVHP0RUJHQVDHQVLFKGLHEHLGHQ0lQQHUJHJHQ EHU$NWHQWUPWHQVLFKDXI3RZHOOV6FKUHLEWLVFK -RKQYHU]RJGDV*HVLFKWDOVHUGLH$NWHQVW|HVDK ª1HXHRGHUDOWH"©IUDJWHHU ª$XVZHUWXQJHQGHUOHW]WHQ:RFKH(VVLQGXQVHLQLJH9HUEUH FKHULQV1HW]JHJDQJHQGDVZLOOLFKPDOYRUZHJQHKPHQ0HKU DEHUDXFKQLFKW1DMDYLHOOHLFKWILQGHQ6LHHWZDV© 6XSHULQWHQGHQW3RZHOOZLUNWHPGH.ODUHUWUXJGLH9HU DQWZRUWXQJXQGPDQHUZDUWHWHYRQLKP(UIROJH,QGHUOHW]WHQ =HLWPDFKWHLKPVHLQ0DJHQQRFKPHKU]XVFKDIIHQ'HP HQWVSUHFKHQGVWLHJDXFKVHLQ7DEOHWWHQYHUEUDXFK'D3RZHOO 'U7RGV*HIlKUOLFKNHLWDPHLJHQHQ/HLEH]XVSUHQEHNRPPHQ KDWWHZDUHUGHUOHW]WHGHU-RKQ6LQFODLULUJHQGHLQHQ9RUZXUI PDFKWH 'HU*HLVWHUMlJHUZLH-RKQVFKHU]KDIWJHQDQQWZXUGHUDXFKWH VHLQHHUVWH=LJDUHWWH:lKUHQGHUGHQ5DXFK]ZLVFKHQGLH$NWHQ EOLHVPHLQWHHUª,FKKDEHPLUGLHJDQ]H6DFKHKXQGHUWPDOGXUFK GHQ.RSIJHKHQODVVHQDEHUKHUDXVJHNRPPHQLVWGDEHLQLFKWV :LUPVVHQWDWVlFKOLFKZDUWHQELV'U7RGZLHGHUDNWLYZLUG© ª:DV0HQVFKHQOHEHQNRVWHW©IJWH3RZHOOKLQ]X ª-D© 6XSHULQWHQGHQW3RZHOOQDKPHLQHQ6FKOXFN0LQHUDOZDVVHU 'DQQVWDQGHUDXIXQGJLQJ]XP)HQVWHU ª$OOHVZDVZLUDQJHNXUEHOWKDEHQNRVWHWHLQH8QPHQJH*HOG :LUKDEHQ,QWHUSROHLQJHVFKDOWHWGDV)%,XQGQRFKDQGHUH 3ROL]HLRUJDQLVDWLRQHQ8QGGDEHLGXUIWHQZLUQLFKWHLQPDOJHQDX VDJHQXPZDVHVHLJHQWOLFKJHKW$EHUXQVHU,QQHQPLQLVWHULXP ZHL%HVFKHLG8QGYRQGRUWDXVKDWPDQPLUTXDVLHLQ
8OWLPDWXPJHVWHOOW,FKPX'U7RGLQQHUKDOEGHUQlFKVWHQ]ZHL :RFKHQKDEHQVRQVW©3RZHOOPDFKWHHLQH3DXVHXQGIXKU VLFKEHUGLHVFKZHLQDVVH6WLUQªVRQVWNDQQLFKPHLQHQ+XW QHKPHQ©YROOHQGHWHHUGHQ6DW] ª'DVGDUIGRFKQLFKWZDKUVHLQ©-RKQ6LQFODLUIOVWHUWHGLH :RUWH ª(VVWLPPWDEHU6LHVLQGGHUHLQ]LJH,QVSHNWRUGHPLFKHWZDV JHVDJWKDEHXQGLFKP|FKWH6LHDXFKELWWHQ]XVFKZHLJHQ© ª'DVLVWGRFKVHOEVWYHUVWlQGOLFK© -RKQNRQQWHHVLPPHUQRFKQLFKWIDVVHQ(UZXWHZLH3RZHOO DQVHLQHP-REKLQJ'LHVHU0DQQJDEDOOHVGDIUKDWWHVLFKXP 6FRWODQG
6FKOR0RQWHVLODJLQHLQHPHQJHQ7DO+RFKWUPWHQVLFKGLH VFKURIIHQ)HOVHQ]XEHLGHQ6HLWHQLQGHQ+LPPHO6LHZDUHQ VFKPDOXQGODQJJH]RJHQXQGZXFKVHQPLW]XQHKPHQGHU+|KH DXIHLQDQGHU]XVRGDYRQXQWHQLPPHUQXUHLQVFKPDOHV )OHFNFKHQ+LPPHO]XVHKHQZDU (VGUDQJVRJXWZLHNHLQ:LQGLQV7DO'LH)HOVHQVFKLUPWHQ DOOHVDE 'DV6FKORVHOEVWZDUEHUYLHUKXQGHUW-DKUHDOW'DV *HVFKOHFKWGHU0RQWHVLVZDUDXVJHVWRUEHQ'LH0lQQHUXQG )UDXHQKDWWHQLP/DXIHGHU=HLWLPPHUZLHGHU.ULHJHJHIKUW XQGGLH0RQWHVLVZDUHQVHOEVWEHLGHQ7UNHQEHNDQQWXQG JHIUFKWHWJHZHVHQ-HW]WVWDQGGDV6FKORVFKRQEHLQDKHKXQ GHUW-DKUHYHUODVVHQGD +LQWHUGHQZXFKWLJHQ)HOVHQEHJDQQHQGLH%HUJH'LH .DUSDWHQPLWLKUHQWLHIHQ:lOGHUQLQGHQHQHV)OHFNHQJDEGLH QRFKQLHHLQHV0HQVFKHQ)XEHUKUWKDWWH+LHUZDUGLH+HLPDW GHU%lUHQXQG:|OIH ,QGHQYHUVWUHXWOLHJHQGHQ'|UIHUQZXFKVHQGLH6DJHQXQG /HJHQGHQ7LHIVWHFNWHQRFKGHU9DPSLUJODXEHLQGHQ*HKLUQHQ GHU0HQVFKHQ1LFKWXPVRQVWKDWWHLQGLHVHU*HJHQG9ODG 'UDFXODVHLQJUDXVDPHV5HJLPHQWJHIKUW 6FKOR0RQWHVLKDWWHPDQYHUJHVVHQ(VODJ]XDEJHOHJHQGDV QlFKVWH'RUIZDUYLHU]LJ.LORPHWHUHQWIHUQW1XUDEXQG]XYHU LUUWHVLFKHLQHLQVDPHU:DQGHUHUDQGLHGVWHUHQ0DXHUQGRFK HUNHKUWHLPPHUVFKQHOOXPGHQQGDV6FKORVWU|PWHHWZDV 8QKHLPOLFKHV'URKHQGHVDXV 8QGVRYHUJLQJGLH=HLW%LV'U7RGGDV6FKORIUVHLQH3OlQH HQWGHFNWH(UGHUEHUDOOLQGHU:HOW6WW]SXQNWHJHVFKDIIHQ KDWWHZDUYRQGHP6FKOREHJHLVWHUWJHZHVHQ8QGHUKDWWHGDV *HKHLPQLVGHV6FKORVVHV0RQWHVLKHUDXVJHIXQGHQ(LQ*HKHLP QLVGDVVFKUHFNOLFKXQGJUDXVDPZDU)U'U7RGZDUHVGHU $QIDQJVHLQHVJHQLDOHQ3ODQHVJHZHVHQ (VJDEQXUHLQH=XIDKUW]XP6FKOR(LQVFKPDOHU:HJDXI GHPGLFNH6WHLQHODJHQ6FKRQDOOHLQGLH$QIDKUWZDUIUlQJVW OLFKH*HPWHUVFKDXULJ'HU:HJZXUGHLPPHUVFKPDOHUXQG GLH)HOVHQUFNWHQPHKUXQGPHKU]XVDPPHQ0DQKDWWHGDV
*HIKOYRQGHQ6WHLQPDVVHQHUGUFNW]XZHUGHQ'DQQQDFK HLQLJHQKXQGHUW0HWHUQEHVFKULHEGHU:HJHLQH.XUYHXQGGHU %HVXFKHUNRQQWHGDV6FKORYRUVLFKOLHJHQVHKHQ 'LHGLFNHQ0DXHUQZDUHQPLW0RRVXQG(IHXEHZDFKVHQ 5DEHQXQG(OVWHUQKDWWHQKLHULKUH1LVWSOlW]HJHIXQGHQ'DV 6FKORKDWWHPHKUHUH)OJHOXQGHLQHQHLJHQHQ%UXQQHQ(U EHIDQGVLFKDXIGHP+RI-HW]WZDUHU]XP7HLOHLQJHIDOOHQXQG GLHgIIQXQJPLWHLQHP0XVWHUDXV6SLQQHQQHW]HQEHU]RJHQ 6RYHUNRPPHQGDV6FKORYRQDXHQDXVVDKVRHOHJDQWZDU VHLQ,QQHUHV 'U7RGKDWWHHV]XVDPPHQPLWGHPDOWHQ+DGXNQDFKVHLQHP *HVFKPDFNHLQJHULFKWHW'LH5lXPHZDUHQJHVlXEHUWZRUGHQ XQG+DGXNKDWWHIUDOOHVJHVRUJWZDVHLQ0HQVFKEUDXFKWH1XU HOHNWULVFKHV/LFKWJDEHVQLFKW$EHUGDVQDKPHQGLH7RXULVWHQ EHLHLQHU+RUURU7RXUJHUQLQ.DXI ,QGLHVHUVWRFNILQVWHUHQ1DFKWMDJWHGHU/HLFKHQZDJHQEHU GHQVFKPDOHQ:HJ'LHKRKHQ5lGHUSUDOOWHQJHJHQGLHNRSI JURHQ6WHLQH2IWZXUGHGHU/HLFKHQZDJHQKRFKJHULVVHQGRFK HUNLSSWHLPPHUZLHGHULQGLHDOWH/DJH]XUFN 'LH3IHUGHNDQQWHQMHGHQ)XEUHLW%HLQDKHPLWWUDXPZDQG OHULVFKHU6LFKHUKHLWIDQGHQVLHGHQ:HJ 6FKZHLIORFNHQEHGHFNWHQLKUH)ODQNHQXQG$WHPZRONHQ IDXFKWHQDXVGHQ1VWHUQ 'LHEHLGHQ5DSSHQVSUHQJWHQPLWHLQHP+|OOHQWHPSRDXVGHU :HJPQGXQJOLHIHQQRFKHLQSDDU0HWHUDXIGDV6FKOR]XXQG VWDQGHQGDQQVWLOO 'LH/HLEHUGHUSUlFKWLJHQ7LHUH]LWWHUWHQ 'LH3IHUGHKDWWHQNDXPDQJHKDOWHQDOVGLHVFKZHUH7UDXIJH ]RJHQZXUGH +DGXNWUDWQDFKGUDXHQ 0LWJHPHVVHQHQ6FKULWWHQQlKHUWHHUVLFKGHP/HLFKHQZDJHQ XQG|IIQHWHGLH7UHQXPVHLQHQ+HUUQ'U7RGDXVVWHLJHQ]X ODVVHQ +DGXNZDU7UNH(UKDWWHGLHPHLVWH=HLWVHLQHV/HEHQVLP =XFKWKDXVJHVHVVHQ(UZDUEHSDFNWPLW0XVNHOSDNHWHQXQG WUXJGDVVFKZDU]H+DDUVWUHQJQDFKKLQWHQJHNlPPW0DQVDK
+DGXNVHLQHVHFK]LJ-DKUHQLFKWDQ(UZDUHLQ.UDIWSURW]HLQ *HZDOWPHQVFK$EHUGDVEUDXFKWH'U7RG+DGXNVWFNLVFKH $XJHQYHUVFKZDQGHQIDVWKLQWHUGHQ)HWWSROVWHUQXQGVHLQH 1DVHZDUYRQHLQHP0HVVHUKLHEJHVSDOWHQ$QGHQ2KUHQWUXJHU EOLW]HQGH5LQJHXQGLQVHLQHP*UWHOVWHFNWHHLQ.UXPP VFKZHUW +DGXNWDWDOOGDVZDV'U7RGYHUODQJWH,QLKPSDDUWHQVLFK GHU,QVWLQNWHLQHV5DXEWLHUHVXQGGLH*HIlKUOLFKNHLWHLQHV.LOOHUV 'U7RGEOLHEIUZHQLJH$XJHQEOLFNHYRU+DGXNVWHKHQGHU GHQ.RSIGHPWLJJHVHQNWKDWWH ª(VKDWDOOHVJHNODSSW©VDJWH'U7RGPLWUDXKHU6WLPPHª,Q HLQHU:RFKHZHUGHQGLH/HXWHKLHUVHLQ© +DGXNNLFKHUWH'DEHLULHEHUVLFKGLHIOHLVFKLJHQ+lQGHª:LU ZHUGHQLKQHQHLQHQJHEKUHQGHQ(PSIDQJEHUHLWHQ© 'U7RGQLFNWHQXUXQGJLQJDQ+DGXNYRUEHLGHUGLH3IHUGH XQGGHQ/HLFKHQZDJHQZHJEUDFKWH 'U7RGEHWUDWGDV6FKOR ,QGHUULHVLJHQ+DOOHYHUKDUUWHHUIUHLQHQ0RPHQW.RVWEDUH /HXFKWHULQGHQHQEUHQQHQGH.HU]HQVWHFNWHQ]LHUWHQGLH :lQGH,KUIODFNHUQGHV/LFKWJDEHLQJHVSHQVWLVFKHV+DOEGXQNHO 9RUGHQ)HQVWHUQKLQJHQVFKZHUH9RUKlQJHXQGHLQHEUHLWH 7UHSSHIKUWH]XU*DOHULHZRGLH$KQHQELOGHUGHU0RQWHVLVKLQ JHQ0LWWHQLQGHU+DOOHVWDQGHLQVFKZHUHU+RO]WLVFKPLW]HKQ KRFKOHKQLJHQ6WKOHQ'LH(FNHQZDUHQPLW5LWWHUUVWXQJHQDXV JHIOOWXQGDQGHQ:lQGHQKLQJHQDOOHUOHL:DIIHQ 'LH=LPPHUGHU*lVWHEHIDQGHQVLFKLP2EHUJHVFKR6LH ZDUHQSUXQNYROODXVJHVWDWWHWERWHQGHQ.RPIRUWGHQPDQYRU YLHUKXQGHUW-DKUHQJHOLHEWKDWWH 'RFKGDVDOOHVLQWHUHVVLHUWH'U7RGQXULQ]ZHLWHU/LQLH6HLQ 5HLFKZDUHQGLH9HUOLHVHXQG)ROWHUNDPPHUQLP.HOOHU+LHU IKOWHHUVLFKZRKO+LHUKDWWHQDXFKVHLQHVFKUHFNOLFKHQ3OlQH *HVWDOWDQJHQRPPHQ 0LWODQJHQ6FKULWWHQGXUFKTXHUWH'U7RGGLH+DOOHXQG]RJGLH 7U]XU%LEOLRWKHNDXI (LQEUHLWHU.DPLQQDKPEDOGHLQHJDQ]H:DQGHLQ+RO]VFKHLWH NQLVWHUWHQLQGHQ]XFNHQGHQ)ODPPHQ
'HU.DPLQZDULQGHQ5DXPKLQHLQJHEDXWZRUGHQ'XUFK HLQHQVFKPDOHQ6FKDFKWNRQQWHGHU5DXFKDE]LHKHQ 1HEHQGHP.DPLQVWDQGHLQ(LVHQNRUE(UZDUPLWKDQGOLFKHQ +RO]VFKHLWHQJHIOOW 'U7RGQDKP]ZHL6FKHLWHLQGLH+DQGXQGZDUIVLHLQGLH )ODPPHQ(UEHREDFKWHWHZLHGDV)HXHUGLH6FKHLWHXPILQJXQG VLHODQJVDPYHUNRKOWHQ 'DQQGUHKWHVLFK'U7RGXPXQGWUDWDQHLQHGHUGUHL %FKHUZlQGH'LH5HJDOHZDUHQQXU]XU+lOIWHPLW%FKHUQ JHIOOW 'U7RGVWHOOWHVLFKDXIGLH=HKHQVSLW]HQXQG]RJHLQEHVWLPP WHV%XFKKHUDXV6RZHLWGDHVQRFKVRHEHQDXIGHP5HJDO VWDQG (LQ0HFKDQLVPXVZXUGHLQ*DQJJHVHW]W'DV5HJDOVFKREVLFK ZLHYRQ*HLVWHUKDQGEHZHJW]XU6HLWHXQGJDEHLQHHWZD WUJURHg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|UWHGLH7UHSSHDXI0HKUHUH*lQJH]ZHLJWHQDE (LQHUGDYRQZDUEUHLWHUXQGMHZHLOVPLW1LVFKHQDXVJHVWDWWHW,Q LKQHQVWDQGHQGLH6DUNRSKDJHLQGHQHQGLH0RQWHVLVLKUHOHW]WH 5XKHJHIXQGHQKDWWHQ 1XUHLQH1LVFKHZDUOHHU 'U7RGQDKPMHGRFKHLQHQDQGHUHQ*DQJ(UZDUQLHGULJXQG GHU0HQVFKHQKDVVHUPXWHVLFKPDQFKPDOEFNHQ
$QGHUH*lQJHWDXFKWHQDXI(VZDUHLQZDKUHV/DE\ULQWKKLHU XQWHQ 'U7RGERJLQHLQHQVFKPDOHQHWZDVK|KHUHQ4XHUJDQJHLQ XQGEOLHEVFKOLHOLFKYRUHLQHUNDXPPDQQVKRKHQ+RO]WU VWHKHQ (LQVFKZHUHV6FKORVLFKHUWHGLH7U 'RFK'U7RGKDWWHGHQ6FKOVVHO (UZHFKVHOWHGLH)DFNHOLQGLH/LQNHXQG]RJPLWGHUUHFKWHQ +DQGGHQ6FKOVVHOKHUYRU .UDW]HQGGUHKWHHUVLFKLP6FKOR 'U7RGVWLHGLH7UDXI6LHVFKDEWHEHUGHQ%RGHQXQGNDP GLFKWYRUGHU:DQG]XU5XKH *HGXFNWEHWUDW'U7RGGDV9HUOLHV .DKOHIHXFKWH:lQGHZXUGHQDXVGHU'XQNHOKHLWJHULVVHQ 'DV9HUOLHVZDUOHHUELVDXIHLQHQPDNDEUHQ*HJHQVWDQG (UVWDQGLQGHU0LWWHGLHVHVXQKHLPOLFKHQ5DXPHV (VZDUHLQ6DUNRSKDJ 'HU6WHLQJOlQ]WHJUDXJUQ'HUVFKZHUH6DUNRSKDJGHFNHOZDU PLWHLQHP1DPHQYHUVHKHQZRUGHQ 9HUD0RQWHVL*HERUHQ*HVWRUEHQ +LQWHUGHP:RUWJHVWRUEHQVWDQGNHLQH-DKUHV]DKO9HUD 0RQWHVLZDUHLQHV7DJHVYHUVFKZXQGHQ*HQDXGUHL:RFKHQYRU LKUHU9HUOREXQJ2IIL]LHOOKDWWHPDQHUNOlUWVLHZlUHLQHLQ .ORVWHUJHJDQJHQDEHUGDVKDWWHQLHPDQGJHJODXEW*HUFKWH HQWVWDQGHQ0DQVSUDFKYRP6HOEVWPRUGGHUVFK|QHQ9HUD8QG DOVLKU=XNQIWLJHUHLQHV7DJHVWRWDXIJHIXQGHQZXUGHJODXEWH PDQLQ9HUDGLH0|UGHULQ]XNHQQHQ 6HLWGLHVHP7DJHODVWHWHHLQ)OXFKDXIGHP+DXVHGHU0RQWHVLV XQGWDWVlFKOLFKVWDUEGDV*HVFKOHFKWGDQQDXV 9HUD0RQWHVLZXUGHQLHZLHGHUJHVHKHQ,KU6DUNRSKDJIHKOWH LQGHU5HLKHDEHUGDIUVWDQGHUKLHULQGLHVHPXQKHLPOLFKHQ 9HUOLHV 'U7RGQHLJWHVHLQHQ.RSIXQGOHJWHGDVOLQNH2KUDXIGHQ 6DUNRSKDJGHFNHO *DQ]VFKZDFKK|UWHHUGLH*HUlXVFKH (VZDUHLQ6HXI]HQXQG6W|KQHQGDVDXVGHP6DUNRSKDJ
GUDQJ6FKDXULJDQ]XK|UHQXQGGRFKZLH%DOVDPIU'U7RGV 2KUHQ ,PPHUODXWHUZXUGHGDV6W|KQHQ+lQGHVFKOXJHQYRQLQQHQ JHJHQGHQ'HFNHO ªgIIQH©JXUJHOWHHLQH6WLPPH ª(LQHQ$XJHQEOLFNPXWGXQRFKZDUWHQ©IOVWHUWH'U7RG(U JLQJ]XU:DQGXQGVWHFNWHGLH)DFNHOLQHLQH)HOVULW]H 'DQQWUDWHUZLHGHUDQGHQ6DUNRSKDJOHJWHEHLGH+lQGHDXI GHQ'HFNHOXQGVFKRELKQlFK]HQG]XU6HLWH /LFKWILHOLQGHQ6DUNRSKDJ'LH)ODPPHGHU)DFNHOPDOWH 6FKDWWHQDXIGDVZXQGHUVFK|QH*HVLFKWHLQHU)UDX ,QGHP6DUNRSKDJODJ9HUD0RQWHVL 'DV7HOHIRQVFKULOOWHDOV-RKQ6LQFODLUJHUDGHGLH$NWHQDXIGHQ 6FKUHLEWLVFKZDUI 5DVFKJULIIGHU,QVSHNWRU]XP+|UHU(UZDUEHLVHLQHUPRPHQ WDQHQ7lWLJNHLWIUMHGH6W|UXQJGDQNEDU ª6LQFODLU© %LOO&RQROO\VIU|KOLFKHV2UJDQVFKDOOWHLKPHQWJHJHQ -RKQVW|KQWHDXIª:HUNDQQXPGLHVH=HLWVFKRQDQGHUHVDQ UXIHQ6RJXWZLHGXP|FKWHLFKHVDXFKPDOKDEHQ%LOO'HQ JDQ]HQ7DJIUHLDXHUGHPQRFK6WURKZLWZHU© ª+|UDXIK|UDXI©ODFKWH%LOOªhEULJHQVGDV6WURKZLWZHU GDVHLQYHUOlQJHUWVLFKQRFK6KHLODKDWQRFKHLQLJH7DJH]XWXQ XQGGDPXLFKMDLUJHQGZLHGLH=HLWWRWVFKODJHQ© ª8QGLQPLUVLHKVWGXGDIUHLQ2SIHUZDV"©NRQWHUWH-RKQ ª%LOOLFKKDEHHLQHQbUJHUDP+DOVGDLFKZRKONDXPGD]X NRPPHQZHUGHDEHQGVQRFKJURHLQHQGUDXI]XPDFKHQ© ª$EHU-RKQ:HUVSULFKWGHQQYRQVROFKSURIDQHQ'LQJHQ" 1HLQGDUEHUVLQGZLUGRFKOlQJVWKLQDXV© ª-HW]WWXPDOQLFKWVR©-RKQYHU]RJVlXHUOLFKJULQVHQGVHLQ *HVLFKWª:HQQLFKGDVRDQPDQFKH$EHQGHGHQNH© ª6WUHLFKVLHDXVGHLQHP*HGlFKWQLV©VDJWH%LOOª,FKKDEHZDV YLHOEHVVHUHVJHIXQGHQ© ª'XPDFKVWPLFKQHXJLHULJ%UXGHU©
ª-D©ULHI%LOOª'DVZDUDXFKGHU6LQQGHU6DFKH8QG]ZDU KDEHLFKGLH6HQVDWLRQDXIJHULVVHQ'XIlOOVWYRQHLQHP6FKRFNLQ GHQDQGHUHQ©%LOOV6WLPPHVWHLJHUWHVLFK]X5HSRUWHUODXWVWlUNH ª+RUURU7RXUVGDVLVWGDV,UUVWHGDV1HXHVWH©'HU5HSRUWHU VFKQDXIWHª-HW]WELVWGXSODWWZDV-RKQ"© ª$OOHUGLQJVPHLQ)UHXQG'DPLWKlWWHLFKQXQQLFKWJHUHFKQHW GDGXPLUVROFKHLQHQ8QVLQQDXIWLVFKVW©-RKQ6LQFODLUVHW]WH VLFKHUVWPDOILQJHUWHHLQH=LJDUHWWHDXVGHU6FKDFKWHOXQGJDE VLFK)HXHU'DQQPHLQWHHUª+RUURU7RXUHQVLQGGRFKHLQDOWHU +XW:LHYLHOH&OXEVJLEW VDOOHLQEHLXQVDXIGHU,QVHOGLH:RFKH IU:RFKHGLHWUDGLWLRQHOOHQ6SXNVFKO|VVHUEHVXFKHQ1HHGDPLW ORFNVWGXPLFKQLFKWPHKUKLQWHUP2IHQKHUYRU© ª'XKDVWPLFKMDDXFKJDUQLFKWDXVUHGHQODVVHQ©%LOOV6WLPPH NODQJEHOHLGLJWª.ODUHLQHP*HLVWHUMlJHUNDQQPDQPLW 6SXNVFKORURPDQWLNQLFKWLPSRQLHUHQ$EHUGLHVH7RXUYRQGHU LFKJHVSURFKHQKDEHGLHJHKWQDFK5XPlQLHQ'LUHNWLQGLH .DUSDWHQLQ'UDFXODVHKHPDOLJHQ:LUNXQJVNUHLV1DLVWGDV QLFKWV"© ª(VLVWDEHUHLQHUHLVHSURJUDPPlLJHUIDWH+RUURU7RXU"© ª$OOHUGLQJV© ª'DQQKDWHVGRFKNHLQHQ=ZHFN%LOO© ª+LPPHOELVWGXKHXWHDEHUHLQH7UlQH©VW|KQWHGHU5HSRUWHU ª,FKZROOWHXQVEHLGHDQPHOGHQ:LHLVWHVDOWHU.QDEH"0DFKVW GXQXQPLW"© -RKQEHUOHJWH$QXQGIUVLFKKLHOWHUVROFKH5HLVHQIUEODQ NHQ8QVLQQ$EHULUJHQGHLQ*HIKOULHWLKPVLFKGHQ/DGHQGRFK PDOQlKHUDQ]XVHKHQ ª2ND\%LOOGXKDVWPLFKKDOEEHU]HXJW+ROPLFKKLHUDELFK IDKUHPLW© ª:XWHGRFKGXELVWGHU*U|WH©ODFKWH%LOOª$OVRELVJOHLFK GDQQ'XZLUVWGHQ(QWVFKOXEHVWLPPWQLFKWEHUHXHQ-RKQ© 'DPLWVROOWH%LOO&RQROO\DOOHUGLQJVUHFKWKDEHQ
9HUD0RQWHVLZDUHLQH6FK|QKHLW6HOEVWEHLGHPIODFNHUQGHQ /LFKWNRQQWHGLHYROOHQGHWH(EHQPlLJNHLWLKUHV*HVLFKWHVQLFKW YHUERUJHQEOHLEHQ 'DV+DDUZDUODQJXQGVFKZDU](VXPJDEGHQ.RSIZLHHLQ GXQNOHU5DKPHQ'LHIHLQJHVFKZXQJHQHQ%UDXHQODJHQEHU JUQHQOHLFKWVFKUlJJHVWHOOWHQ$XJHQ'LHVH$XJHQZDUHQHVGLH LPVHOWVDPHQ.RQWUDVW]XGHU)DUEHGHV+DDUHVVWDQGHQ+RFK DQJHVHW]WH:DQJHQNQRFKHQXQGHLQYHUORFNHQGHU0XQGJDEHQ GHP*HVLFKWGLH)DV]LQDWLRQGLHHLQHQ0DQQVRDQ]RJ /DQJHVWDUUWH'U7RGGLH)UDXDQGLHMHW]WVWXPPLQLKUHP 6DUJODJ 'HU0HQVFKHQKDVVHUEDOOWHGLH+lQGH]X)lXVWHQ'DQQIO VWHUWHHUª'XZLUVWOHEHQVFK|QH9HUD'DV%OXWGHU0HQVFKHQ ZLUGGLUGLH.UDIWJHEHQGLHGXEUDXFKVW© 'U7RGWUDWDQGDV(QGHGHV6DUNRSKDJVXQG]RJGHQ'HFNHO JDQ]KHUXQWHU(UNLSSWHGLHVFKZHUH6WHLQSODWWHKRFKXQGVWHOOWH VLHJHJHQGLH:DQG 9HUD0RQWHVLWUXJHLQODQJHVZHLHV*HZDQGGDVHQJDQLKUHP .|USHUODJ ª6WHKDXI©VDJWH'U7RG 9HUDJHKRUFKWH 5XFNDUWLJVFKUDXEWHVLFKLKU2EHUN|USHULQGLH+|KH'U7RG VWUHFNWHLKUVHLQH+DQGHQWJHJHQGLHVLHHUJULIIXQGVLFKGDQQ YRQLKPDXVGHP6DUJ]LHKHQOLH 1RFKKDWWHVLHNHLQHQ7RQJHVDJW8QEHZHJOLFKZLHHLQH VFK|QHYRQHLQHP0HLVWHUVHLQHV)DFKVJHVFKDIIHQH6WDWXH VWDQGVLHLQGHPGVWHUHQ9HUOLHV'HQ%OLFNGHUJUQHQ$XJHQ LQXQHQGOLFKH)HUQHQJHULFKWHW 3O|W]OLFK|IIQHWHVLHGHQ0XQG/DQJVDPVFKREHQVLFKGLH /LSSHQDXVHLQDQGHU)U$XJHQEOLFNHEOLW]WHHLQHKHUUOLFK JHZDFKVHQH=DKQUHLKHDXIXQG 'U7RGODFKWHOHLVHDOVHUGLHEHLGHQVSLW]HQ=lKQHOLQNVXQG UHFKWVLP2EHUNLHIHUVDK 9HUD0RQWHVLZDUHLQ9DPSLU 'DVZDUGDV*HKHLPQLVGLHVHU)UDX-DKUKXQGHUWHZDUVLH VFKRQDOWKDWWHVLFKYRQGHP%OXW8QVFKXOGLJHUHUQlKUWXQG
GDPLWLKUH6FK|QKHLWHUKDOWHQ6LHGLHYRQGHU)DPLOLHIUYHU VFKROOHQHUNOlUWZRUGHQZDUKDWWHLQ:LUNOLFKNHLWLP.HOOHUGHV 6FKORVVHVHLQVFKUHFNOLFKHV'DVHLQJHIKUW 6LHKDWWHLPPHULKUH2SIHUJHIXQGHQ(VZDUHQ6ROGDWHQJH ZHVHQXQGHLQIDFKH0HQVFKHQGHUHQ9HUVFKZLQGHQQLHPDQG EHPHUNWKDWWH $OVHVGLH0RQWHVLVQLFKWPHKUJDEZDUVLHQDFKWVDXVLKUHP 6DUJJHVWLHJHQXQGKDWWHVLFKLKUH2SIHUJHKROW 'DQQZDU'U7RGHUVFKLHQHQ(UGHUPLW$VPRGLVGHPREHU VWHQ+|OOHQIUVWHQLQ9HUELQGXQJVWDQGKDWWHVRIRUWJHVSUW GDGLHVH)UDXHLQ:HUN]HXJIUVHLQHWHXIOLVFKHQ3OlQHZDU 6LHKDWWHQHLQHQILQVWHUHQ3DNWJHVFKORVVHQPLWGHP6LHJHO GHV7HXIHOV 9HUD0RQWHVLEUDXFKWHHLQHQ0DQQHLQHQ%UlXWLJDP8QG'U 7RGZROOWHLKQEHVRUJHQ+LHUDXIGHP6FKORVROOWHGLH +RFK]HLWGHU9DPSLUHVWDWWILQGHQ'HU$QIDQJ]XU,QYDVLRQGHU 8QWRWHQ:LHHLQ6FKZDUPZUGHQVLHEHUGDV/DQGNRPPHQ XQGVLFKLKUH2SIHUKROHQ8QGGLHVH2SIHUZXUGHQZLHGHU 9DPSLUH(LQK|OOLVFKHU.UHLVODXIZXUGHLQ%HZHJXQJJHVHW]W 8QGQLHPDQGNRQQWHLKQVWRSSHQ 9HUDVJUQH$XJHQZDUHQXQYHUZDQGWDXI'U7RGJHULFKWHW ª:DQQLVWGLH+RFK]HLW"©IUDJWHVLH,KUH6WLPPHNODQJUDXKXQG XQJHGXOGLJ ª:DUWHQRFKHLQSDDU7DJHVFK|QH9HUD'DQQZLUVWGXGLU VHOEVWXQWHUGHQ*lVWHQGHLQHQ%UlXWLJDPDXVVXFKHQN|QQHQ© 9HUDVFKWWHOWHGHQ.RSIGDGLHODQJHQ+DDUHIORJHQª1HLQ© VDJWHVLHª'DVLVW]XVSlW,FKVSUHZLHGLH.UDIWPHLQHQ.|USHU YHUOlW,FKEUDXFKH%OXWXP]XOHEHQ,FKZLOOYRUKHUHLQ2SIHU KDEHQ© 'U7RGV$XJHQ]RJHQVLFK]X6FKOLW]HQ]XVDPPHQ (UZXWHGD9HUD0RQWHVLLQGLHVHP6WDGLXPXQEHUHFKHQEDU ZDU$OVRPXWHHUGDIUVRUJHQGDHLQ2SIHUEHUHLWVWDQG 'U7RGQDKPGLH)DFNHOXQGJLQJLQ5LFKWXQJ$XVJDQJ ª*HGXOGHGLFKQRFKHLQSDDU6WXQGHQ'XEHNRPPVWZDVGX EUDXFKVWGDVYHUVSUHFKHLFKGLU© 6HNXQGHQVSlWHUZDU'U7RGYHUVFKZXQGHQ
'XQNHOKHLWOHJWHVLFKEHUGDV9HUOLHV(LQH'XQNHOKHLWLQGHU ]ZHLJUQH$XJHQNDOWXQGP|UGHULVFKOHXFKWHWHQ %LOO&RQROO\ZDUSQNWOLFK(UHU]lKOWHGHP3RUWLHULQGHU+DOOH JHUDGHHLQSDDU:LW]HDOV-RKQGHQ/LIWYHUOLH 'HU,QVSHNWRUWUXJHLQHQVDQGIDUEHQHQ&RUGDQ]XJXQGGD]X SDVVHQG+HPGXQG.UDZDWWH0DQKlWWHEHLLKPHKHUDXIHLQHQ 3OD\ER\JHWLSSWGHQQHUJHK|UWH]XGHQ/HXWHQGHQHQPDQGHQ %HUXIQLFKWDQVDK -RKQKDWWHGLH'UHLLJNQDSSEHUVFKULWWHQZDUJURVFKODQN XQGGXUFKWUDLQLHUW6HLQEORQGHV+DDUWUXJHUNXU]JHVFKQLWWHQXQG XPVHLQH0XQGZLQNHOODJLPPHUHLQHWZDVMXQJHQKDIWHV/lFKHOQ 'LHEHLGHQ)UHXQGHVFKWWHOWHQVLFKGLH+lQGH ª:LUQHKPHQPHLQHQ:DJHQ©VDJWH%LOOª'XVROOVWVFKOLHOLFK PDOPLWHLQHPYHUQQIWLJHQ$XWRIDKUHQ© -RKQJULQVWHª+RIIHQWOLFKNRPPHLFKLQGHLQH6DUGLQHQEFKVH DXFKUHLQ© 0LW6DUGLQHQEFKVHZDU%LOOV3RUVFKHJHPHLQW-RKQ6LQFODLU IXKUHLQHQVLOEHUPHWDOOLFIDUEHQHQ%HQWOH\GDVHLQ]LJH+REE\GDV HUVLFKOHLVWHWH %LOO&RQROO\VDKVHLQHQ)UHXQGYRQGHU6HLWHDQXQGPHLQWH ª6HLIURKGDLFKJXWH/DXQHKDEHVRQVWKlWWHVWGXJOHLFKVFKRQ PLW QHU.UDQNHQVFKZHVWHUIOLUWHQN|QQHQ© 'LHEHLGHQODFKWHQXQG%LOO|IIQHWHGLH:DJHQWUHQ:HQLJ VSlWHUIlGHOWHHUVLFKLQGHQIOLHHQGHQ9HUNHKUHLQ ª6DJPDOZRLVWHLJHQWOLFKGLHVHVNRPLVFKH5HLVHEUR"©IUDJWH -RKQ ª$P%DKQKRI,QLUJHQGHLQHUNOHLQHQ6HLWHQVWUDH8IIRUG 6WUHHWJODXEHLFK,FKKDEHEULJHQVPLWGHP%HVLW]HUWHOHIRQLHUW (UKHLW-DQRV5XII© ª+|UWVLFKVFKRQUXPlQLVFKDQ© %LOO]XFNWHPLWGHQ6FKXOWHUQª.DQQDXFKHLQ3VHXGRQ\PVHLQ :HJHQGHU3XEOLFLW\© 6LHTXlOWHQVLFKGXUFKGHQ/RQGRQHU0RUJHQYHUNHKUXQGQDK PHQGLH$XIIDKUW]XU:DWHUORR%ULGJHXPGLH7KHPVH]XEHU
TXHUHQ6LHOLHHQGHQ%DKQKRIUHFKWVOLHJHQXQGERJHQHLQSDDU 0LQXWHQVSlWHULQGLH8IIRUG6WUHHWHLQ (VZDUHLQUHLQHV*HVFKlIWVXQG+RWHOYLHUWHO'LH+lXVHU VWDPPWHQDXVGHQIQI]LJHU-DKUHQXQGEHKHUEHUJWHQ]XPHLVW 0LWWHONODVVH+RWHOV(VJDE]DKOUHLFKHNOHLQH/lGHQXQG %RXWLTXHQGLH$QGHQNHQXQG.OHLGXQJ]XEHUK|KWHQ3UHLVHQ YHUNDXIWHQ (LQ5HLVHEXVDXV'HXWVFKODQGKDWWH6FKZLHULJNHLWHQPLWGHP /LQNVYHUNHKUXQGKlWWH%LOOIDVWPLWVHLQHP3RUVFKHJHJHQHLQH +DXVZDQGJHGUFNW 'HU5HSRUWHUIOXFKWH 'LH*HKVWHLJHZDUHQYROOHU0HQVFKHQ(VZDUHLQKHUUOLFKHU 6SlWVRPPHUWDJ9RUGHQ6FKDXIHQVWHUQGHU*HVFKlIWHKLQJHQ EXQWH0DUNLVHQXQGEHLYLHOHQ&DIHVKDWWHPDQ6WKOHXQG 7LVFKHQDFKGUDXHQJHVWHOOW ª'DDXIGHUUHFKWHQ6HLWHGDVPWHHVVHLQ©VDJWH-RKQ6LQFODLU ª6FKRQJHVHKHQ©HUZLGHUWH%LOOVDKNXU]LQGHQ,QQHQVSLHJHO XQG]RJGHQ3RUVFKHKHUXP(UKDWWHYRUGHP/DGHQHLQH 3DUNOFNHHQWGHFNWGLHJHUDGHVRDXVUHLFKWH %LOOUDQJLHUWHPLWGHU5RXWLQHHLQHV.|QQHUV'DQQVWLHJHQGLH EHLGHQ0lQQHUDXV -RKQVDKVLFKGHQ/DGHQDQ(UPDFKWHQLFKWJHUDGHHLQHQYHU WUDXHQHUZHFNHQGHQ(LQGUXFN:HQLJVWHQVQLFKWZDVGLH:HUEXQJ EHWUDI(VJDEHLQ6FKDXIHQVWHUhEHUGLH6FKHLEHZDUPLWVFKZDU] HU)DUEHGHU)LUPHQQDPH!+RUURU7RXUVJHPDOW=ZLVFKHQGHQ %XFKVWDEHQNRQQWHPDQLQV,QQHUHGHV*HVFKlIWHVEOLFNHQ %LOOGUFNWHVLFKEDOGGLH1DVHSODWW ª,FKVFKODJHYRUZLUJHKHQUHLQ©VDJWH-RKQ %LOOJULQVWHª0DQFKPDOKDVWGXZLUNOLFKJXWH,GHHQ$EHUGDV PDFKWGHU8PJDQJPLWPLU© (LQH*ORFNHOlXWHWHPHORGLVFKDOV-RKQGLH7UDXIVWLH +DOEGXQNHOHPSILQJGLHEHLGHQ)UHXQGH ,P+LQWHUJUXQGGHV/DGHQVZXUGHHLQ9RUKDQJ]XU6HLWHJH ]RJHQXQGHLQ0DQQWDXFKWHDXI (UJLQJXPGHQ7UHVHQKHUXPDXIGHPHLQLJH3URVSHNWHODJHQ XQGEOLHEK|IOLFKOlFKHOQGYRU-RKQXQG%LOOVWHKHQ
ª:RPLWNDQQLFKGHQ*HQWOHPHQGLHQHQ"©IUDJWHHU ª0HLQ1DPHLVW%LOO&RQROO\©VDJWHGHU5HSRUWHU hEHUGDV*HVLFKWGHV0DQQHVIORJHLQ/lFKHOQª6LHKDWWHQ KHXWHVFKRQDQJHUXIHQ6LUXQGVLFKQDFKHLQHU5HLVHHUNXQGLJW© ª*HQDXVRLVWHV© ª'DQQGDUILFK6LHELWWHQ© 'HU0DQQZLHVDXIGHQ]XUFNJH]RJHQHQ9RUKDQJ%LOOVDK -RKQDQ]XFNWHPLWGHQ6FKXOWHUQXQGVLHVHW]WHQVLFKLQ %HZHJXQJ :lKUHQG%LOOPLWGHP0DQQJHUHGHWKDWWHKDWWHVLFK-RKQ 6LQFODLU-DQRV5XIIDQVHKHQN|QQHQ (UPDFKWHDXILKQNHLQHQEHVRQGHUVV\PSDWKLVFKHQ(LQGUXFN 5XIIZDU]LHPOLFKNOHLQXQGKDWWHIDKOEORQGHVEHLQDKHJHOEHV +DDU(UWUXJHLQHQDOWHQ$Q]XJXQGHLQJHVWUHLIWHVIOHFNLJHV +HPG$XIHLQH.UDZDWWHKDWWHHUYHU]LFKWHW8QWHUVHLQHQ $XJHQKLQJHQGLFNH7UlQHQVlFNHXQGVHLQH)LQJHUZDUHQLQ GDXHUQGHU%HZHJXQJ$XHUGHPNRQQWH5XIINHLQHP%OLFN VWDQGKDOWHQHLQ=HLFKHQGDHULQVWLQNWLYLUJHQGHWZDVYHU EHUJHQZROOWH -RKQEHVFKORDXIGHU+XW]XVHLQ 'DV+LQWHU]LPPHUZDU]XJOHLFK*HVFKlIWV]LPPHU(LQ 6FKUHLEWLVFKHLQLJH6WKOH]ZHL$NWHQVFKUlQNH(LQVFKPDOHV )HQVWHUZLHV]XU+RIVHLWHKLQDXV 5XIINQLSVWHVHLQH6FKUHLEWLVFKODPSHDQXQGKROWHDXVHLQHP $NWHQVFKUDQN]ZHL$QPHOGHIRUPXODUH ª'DUILFKGDQQXPHLQLJH$QJDEHQELWWHQ©VDJWHHUXQGVHW]WH VLFKKLQWHUVHLQHQ6FKUHLEWLVFK*HVSDQQWEOLFNWHHUVHLQHEHLGHQ %HVXFKHUDQ ª(LQHQ$XJHQEOLFNQRFK0U5XII©PHLQWH-RKQ6LQFODLUª6LH ZHUGHQYHUVWHKHQGDZLUQLFKWVRHLQIDFKHWZDVXQWHUVFKUHLEHQ RKQH]XZLVVHQXPZDVHVHLJHQWOLFKJHQDXJHKW'HU%HJULII +RUURU7RXULVW]LHPOLFKZHLWOlXILJJHIDW© 5XIIOlFKHOWHJHTXlOWª6HOEVWYHUVWlQGOLFK*HQWOHPHQZHUGH LFK,KQHQHLQLJH(UNOlUXQJHQJHEHQ:LHLFK0U&RQROO\VFKRQ PLWWHLOWHIDKUHQZLUQDFK5XPlQLHQGLUHNWLQGLH+HLPDWGHU 9DPSLUHXQGDQGHUHU+RUURU*HVWDOWHQ©
ª:LUGHVHLQH5XQGUHLVH"©ZROOWH-RKQZLVVHQ ª1HLQ6LU:LUEOHLEHQHLQH:RFKHODQJDXIHLQHP6FKOR(V JHK|UWGHP*UDIHQ0RQWHVLXQG6LHILQGHQGRUWDOOGDVZDV VRQVWQXULQ*UXVHOILOPHQ]XVHKHQLVW)ROWHUNDPPHUQ *HKHLPJlQJHDOWH5LWWHUVlOH:HQGHOWUHSSHQXQGVRZHLWHU 6HOEVWYHUVWlQGOLFKVLQG6LHJXWXQWHUJHEUDFKW'LH=LPPHUVLQG PRGHUQDXVJHVWDWWHWXQGHVZLUG,KQHQDQQLFKWVIHKOHQ $XHUGHPN|QQHQ6LH$XVIOJHLQGLHQlKHUH8PJHEXQJXQWHU QHKPHQEHLGHQHQGHU*UDI6LHVHOEVWIKUHQZLUG© ª*UDI0RQWHVL"©KDNWH-RKQQDFK ª-D© ª.HQQHQ6LHLKQSHUV|QOLFK"© -DQRV5XIIKREGHQ.RSIª1DWUOLFK6LU,FKKDEHVHOEVWPLW LKPDOOHVJHUHJHOW© ª.RPLVFK©VDJWH-RKQXQGPXVWHUWHGHQ0DQQYRULKPJHQDX ª6RZHLWLFKLQIRUPLHUWELQXQGLFKKDEHPLFKHLQZHQLJPLWGHU *HVFKLFKWH5XPlQLHQVEHVFKlIWLJWLVWGDV*HVFKOHFKWGHU 0RQWHVLVDXVJHVWRUEHQ© 1DFK-RKQV:RUWHQHQWVWDQGHLQHNXU]H3DXVH-DQRV5XIIEL VLFKDXIGLH/LSSH6HLQ%OLFNIODFNHUWH'DQQKDWWHVLFKGHU0DQQ ZLHGHUJHIDQJHQ ª'DVNDQQQLFKWVWLPPHQ0DQPX6LHIDOVFKLQIRUPLHUW KDEHQ© -RKQOlFKHOWHª0DQKDWPLFKQLFKWLQIRUPLHUWVRQGHUQLFK VHOEVWKDEHHVLQHLQHUDOWHQ&KURQLNJHOHVHQ0LFKLQWHUHVVLHUWGLH 9HUJDQJHQKHLWHVLVWHLQ+REE\YRQPLU$EHUODVVHQZLUGDV,FK ZHUGHHVMDVHOEVWIHVWVWHOOHQN|QQHQ© ª'DQQELVWGXDOVRHLQYHUVWDQGHQ"©IUDJWH%LOO ª-D+RUURU5HLVHQKDEHQPLFKVFKRQLPPHUIDV]LQLHUW©'HU ,QVSHNWRUZDQGWHVLFKZLHGHUDQGHQ5HLVHXQWHUQHKPHUª:DV ZLUGGLH)DKUWNRVWHQXQGZLHVLHKWHVPLWGHQ9LVDDXV"© ª0LWGHQ9LVDJLEWHVNHLQH6FKZLHULJNHLWHQ,FKKDEHGDV EHUHLWVPLWGHQRIIL]LHOOHQ6WHOOHQJHUHJHOW'HU8QNRVWHQEHLWUDJ EHWUlJW]ZHLKXQGHUW3IXQG© -RKQVFKU]WHGLH/LSSHQª1LFKWJHUDGHELOOLJ© -DQRV5XIIKREGLH6FKXOWHUQª$OOHVLVWWHXHU6LU©
ª:LUVLQGHLQYHUVWDQGHQ©HUNOlUWH-RKQª:DQQVROOGLH5HLVH EHUKDXSWORVJHKHQ"© ªhEHUPRUJHQ©5XIIZKOWHLQVHLQHQ3DSLHUHQKHUXPXQG]RJ HLQH/DQGNDUWHYRQ5XPlQLHQKHUYRUª:HQQ6LHPDOVHKHQZRO OHQ*HQWOHPHQ"©-RKQXQG%LOOEHXJWHQVLFKEHUGLH.DUWHª:LU IOLHJHQELV%XNDUHVW9RQGRUWJHKWHVGDQQPLWHLQHP%XVZHLWHU GLUHNWELV]XP6FKOR(VLVWHLQHKHUUOLFKH)DKUWGXUFKGLHZLOG URPDQWLVFKHQ.DUSDWHQ6LHZHUGHQDXI,KUH.RVWHQNRPPHQ *HQWOHPHQ© -RKQXQG%LOOQDKPHQZLHGHU3ODW]5XIIZDUHWZDVLUULWLHUW(U KDWWHDQJHQRPPHQGLHEHLGHQZUGHQZLHGHUJHKHQª.DQQLFK ,KQHQVRQVWQRFKEHKLOIOLFKVHLQ"©IUDJWHHU ª-D©VDJWH-RKQª:LHYLHOH3HUVRQHQZHUGHQHVVHLQ"© ª0W,KQHQJHQDXVLHEHQXQG]ZDQ]LJ$OV5HLVHOHLWHUPVVHQ 6LHVLFKPLWPLU]XIULHGHQJHEHQ:LHZROOHQ6LH]DKOHQ"%DURGHU PLW6FKHFN"© -RKQZROOWHVFKRQLQGLH7DVFKHJUHLIHQDOV%LOODEZLQNWHª/D PDOGDVEHUQHKPHLFK6FKOLHOLFKELQLFKHVJHZHVHQGHUGLFK GD]XEHUUHGHWKDW© 5XIIV$XJHQOHXFKWHWHQDXIDOV%LOO&RQROO\HLQHQ6FKHFNEHU YLHUKXQGHUW3IXQGDXVVWHOOWH ª6R©VDJWHGHU5HSRUWHUªGDVZlUHHUOHGLJW©(UVFKRE-DQRV 5XIIGHQ6FKHFN]X 'HU5HLVHOHLWHUOLHGDV3DSLHUEOLW]VFKQHOOYHUVFKZLQGHQª:LU VHKHQXQVGDQQEHUPRUJHQ*HQWOHPHQ©VDJWHHUXQGUHLFKWH MHGHPGLH+DQG-RKQYHU]RJGDV*HVLFKW5XIIKDWWHHLQHQIHXFK WHQ+lQGHGUXFNª7UHIISXQNWKLHU:LUZHUGHQJHPHLQVDP]XP +HDWKURZ$LUSRUWIDKUHQ© 5XIIJLQJYRUXQG]RJGHQ9RUKDQJQRFKHLQ6WFN]XU6HLWH ª,FKGDUI6LHZLUNOLFK]XGLHVHP(QWVFKOXEHJOFNZQVFKHQ6LH ZHUGHQGLH5HLVHDXINHLQHQ)DOOEHUHXHQGDVYHUVSUHFKHLFK ,KQHQ$XHUGHPKDEHQZLUQRFKHLQHQ+|KHSXQNWLQXQVHUHP 3URJUDPP(LQHHFKWH+RFK]HLW© ª+RFK]HLW"©GHKQWH%LOOª:HUKHLUDWHWGHQQ"(WZD6LH"© 5XIIODFKWHJHNQVWHOWª1HLQQHLQ,FKVDJHQLFKWV/DVVHQ6LH VLFKEHUUDVFKHQ©
ª'DVZHUGHQZLUDXFK©VDJWH%LOO(UZROOWHQRFKHWZDVKLQ]X IJHQGRFKGDZXUGHGLH7UGHV/DGHQVDXIJH]RJHQXQGHLQH )UDXEHWUDWGDV*HVFKlIW %LOOXQG-RKQKDWWHQZLUNOLFK0KHHLQHQ3ILII]XXQWHU GUFNHQGHQQGLH3XSSHGLHJHUDGHGHQ/DGHQEHWUHWHQKDWWH ZDUZLUNOLFK([WUDNODVVH 6RJDU-DQRV5XIIEHNDPIHXFKWH$XJHQDOVHUVLHVDK 'DV*LUOWUXJHLQKLPEHHUURWHV76KLUWXQGHLQ+DOELQGLDQHU NRQQWHHUNHQQHQGDVLHGDUXQWHUNHLQHQ%+DQKDWWH'LHODQJHQ %HLQHVWHFNWHQLQHQJHQIODVFKHQJUQHQ&RUG-HDQVXQGGDV EORQGH+DDUILHOLKUELVDXIGLH6FKXOWHUQhEHUGHUNOHLQHQ1DVH JUXSSLHUWHQVLFKHLQLJH6RPPHUVSURVVHQ'LH/LSSHQZDUHQ]X HLQHPK|IOLFKHQ/lFKHOQYHU]RJHQ -DQRV5XIIZLHVHOWHDXIGLH)UDX]X ª*XWHQ0RUJHQ0LVV&ROOLQV:DVYHUVFKDIIWPLUGLH(KUH,KUHV %HVXFKHV"© 'DV*LUOODFKWHVLOEHUKHOOª,FKKDWWHYROONRPPHQYHUJHVVHQ]X IUDJHQZDQQGLH)DKUWORVJHKW8QGGDLFKJHUDGHKLHULQGHU *HJHQGZDUZROOWHLFKPLFKHEHQGDQDFKHUNXQGLJHQ© ª$EHUQDWUOLFK0LVV&ROOLQVhEHUPRUJHQhEHUPRUJHQJHKW HVORV(VZlUHZLUNOLFKVFKDGHJHZHVHQZHQQZLUDXI6LHKlWWHQ YHU]LFKWHQPVVHQ© 'LHIDGHQ.RPSOLPHQWHGHV5HLVHXQWHUQHKPHUVYHUXUVDFKWHQ -RKQ0DJHQEHVFKZHUGHQ ª1DGDQQLVWMDDOOHVLQ2UGQXQJ©VDJWH0LVV&ROOLQV6LH ZDQGWHVLFKVFKRQZLHGHU]XP*HKHQDOV5XIIHLQILHOGLHEHLGHQ QHXHQ5HLVHWHLOQHKPHUPLWLKUEHNDQQW]XPDFKHQ ª'DVVLQG0U6LQFODLUXQG0U&RQROO\=ZHL*HQWOHPHQGLH HEHQIDOOVGHQ0XWJHIXQGHQKDEHQVLFKXQVDQ]XVFKOLHHQ© ,Q0LVV&ROOLQV $XJHQEOLW]WHHVDXI6LHUHLFKWH-RKQXQG%LOO GLH+DQGª'DQQELQLFKMDQLFKWJDQ]RKQHPlQQOLFKHQ6FKXW]© VDJWHVLHODFKHQG ª(VZLUGPLUHLQ9HUJQJHQVHLQDXI6LH]XDFKWHQ©PHLQWH -RKQ ª7MD©0LVV&ROOLQVOlFKHOWHQRFKHLQPDOXQGZDQGWHVLFKGDQQ ]XU7Uª:LUVHKHQXQVEHUPRUJHQ%LVEDOGGDQQ©
%LOOVWLHGLH/XIWDXVª(LQKHLHU2IHQ-RKQ:DVPHLQVWGX"© ª-DHLQVHKUPXWLJHV*LUOGLHVH-DQH&ROOLQV©VFKQDSSWH-DQRV 5XIIª(VZLUGLKUEHVWLPPWDXIGHP6FKORJHIDOOHQ©IJWHHU QRFKPLWHLQHPVHOWVDPHQ8QWHUWRQLQGHU6WLPPHKLQ]X -RKQEHPHUNWHHVZRKOVDJWHDEHUQLFKWV :HQLJVSlWHUVWDQGHQGLHEHLGHQ0lQQHUZLHGHUYRU%LOOV 3RUVFKHª$OVRHLQVYHUVWHKHLFKQLFKW©PHLQWHGHU5HSRUWHU ª:LHVRKDVWGXGLFKVRVFKQHOOIUGLHVH5HLVHHQWVFKLHGHQ"© ª'DVNDQQLFKGLUJHQDXVDJHQ'DV*HVFKOHFKWGHU0RQWHVLVLVW WDWVlFKOLFKDXVJHVWRUEHQXQGLFKELQJHVSDQQWZHQPDQXQV GRUWLQ5XPlQLHQDOV*UDI0RQWHVLSUlVHQWLHUHQZLOO© ª9LHOOHLFKWGHLQHQDOWHQ)UHXQG'U7RG©VDJWH%LOOXQGJULQVWH 'HU5HSRUWHUNRQQWHQLFKWDKQHQZLHQDKHHUGDPLWGHU :DKUKHLWNDP 9RQHLQHP$XJHQEOLFN]XPDQGHUHQJDEGHU0RWRUVHLQHQ*HLVW DXI(UVWRWWHUWHQRFKHLQSDDUPDOXQGHUVWDUEGDQQLQVFKULOOHP 0LWRQ 'LQR=DFKHZIOXFKWH$XVJHUHFKQHWMHW]WXQGKLHUPXWHGDV SDVVLHUHQ0LWHLQHUZWHQGHQ%HZHJXQJGUHKWHHUGHQ$QODVVHU (VJDEHLQLJHXQGHILQLHUEDUH*HUlXVFKHXQWHUGHU.KOHUKDXEH DEHUVRQVWQLFKWV 'LQRPXUPHOWHQRFKHLQH9HUZQVFKXQJXQGVWLHGLH7UGHV )DKUHUKDXVHVDXI (UVSUDQJQDFKGUDXHQ*HUlXVFKORVODQGHWHHUDXIGHP ZHLFKHQ:DOGERGHQ (VZDU1DFKWXQGDXHUGHPVWRFNILQVWHU:LHHLQHXQGXUFK GULQJOLFKH0DXHUODJGHU:DOG]XEHLGHQ6HLWHQGHVVFKPDOHQ :HJHVhEHUDOOLP*HEVFKUDVFKHOWHXQGVFKDEWHHV'LH7LHUH GHU1DFKWZDUHQDXI%HXWH]XJ(LQ8KXIORJPLWUDXVFKHQGHQ 6FKZLQJHQEHU'LQRV.RSIKLQZHJ8QZLOONUOLFKVWUlXEWHQ VLFKGHP0DQQGLH+DDUH (UZDUQLFKWlQJVWOLFKHKHUGDV*HJHQWHLO$EHUHUEHIDQGVLFK LQGHU1lKHYRQ6FKOR0RQWHVLXQGGLH/HXWHHU]lKOWHQVLFKVR PDQFKVFKDXULJH'LQJH
'LQRZDUIQIXQG]ZDQ]LJ-DKUHDOWXQGNUlIWLJJHEDXW(U KDWWHEUDXQHVORFNLJHV+DDUXQGHLQYHUZHJHQHVDXIVHLQH$UW KEVFKHV*HVLFKW'DVVDJWHQMHGHQIDOOVGLH0lGFKHQLQGHU QlKHUHQXQGZHLWHUHQ8PJHEXQJGLH'LQRVFKRQPHKUDOVHLQ PDOEHJOFNWKDWWH 'LQR=DFKHZKDWWH+RO]JHODGHQ)UHLQH3DSLHUIDEULNLQGHU .UHLVVWDGW(UJHK|UWHHLQHU/DVWZDJHQNRORQQHDQXQGZDUDOV OHW]WHUDEJHIDKUHQ8QGMHW]WODJHUIHVW 'LQR|IIQHWHGLH0RWRUKDXEH'DILHOLKPHLQGDHUMDGLH 7DVFKHQODPSHLP:DJHQOLHJHQJHODVVHQKDWWH (UJLQJQRFKHLQPDO]XUFNXQGEUDFKWHDXFKGHQ :HUN]HXJNDVWHQPLW 'LQRVFKDOWHWHGLH/DPSHDQ'HUEUHLWH/LFKWVWUDKOVFKQLWW GXUFKGLH'XQNHOKHLW (LQ)XFKVZXUGHDXIJHVFKUHFNWXQGYHUVFKZDQGPLWHLQSDDU VFKQHOOHQ6lW]HQLQHLQQDKHV*HEVFK +RIIHQWOLFKNRPPHQNHLQH:|OIHGDFKWH'LQR /DQJVDPJHZ|KQWHVLFK'LQR=DFKHZDQGLH*HUlXVFKHGHU 1DFKW)ULKQZDUHVHUVWPDOZLFKWLJGHQ:DJHQZLHGHUIORWW ]XNULHJHQ 'LQRZDUVRLQVHLQH$UEHLWYHUWLHIWGDHUQLFKWEHPHUNWHZLH HLQH*HVWDOWDXVGHQ%VFKHQWUDW'LH*HVWDOWKDWWHGHQMXQJHQ 0DQQVFKRQHLQHJDQ]H:HLOHEHREDFKWHWXQGKLHOWMHW]WGLH=HLW ]XP(LQJUHLIHQIUJHNRPPHQ /DXWORVEHWUDWGHU8QKHLPOLFKHGHQVFKPDOHQ:HJ8QK|UEDU QlKHUWHHUVLFKGHPDUEHLWHQGHQ'LQR=DFKHZ 'UHL6FKULWWHYRQGHPMXQJHQ0DQQHQWIHUQWEOLHEGLH*HVWDOW VWHKHQ ª.DQQLFK,KQHQEHKLOIOLFKVHLQ"© ª$K©'LQR=DFKHZNUHLVHOWHHUVFKUHFNWKHUXPXQGULGDEHL LQVWLQNWLYHLQHQ$UPKRFK (LQVFKZHUHU6FKUDXEHQVFKOVVHOJOLW]HUWHJHIlKUOLFKLP/LFKW GHU/DPSH ª$EHUDEHU©'HU1HXDQN|PPOLQJVFKWWHOWHGHQ.RSIª:HU ZLUGGHQQJOHLFKJHZDOWWlWLJVHLQ"©(UJLQJ]ZHL6FKULWWH]XU 6HLWHGDPLW'LQRLKQEHVVHUVHKHQNRQQWH
ª:HUVLQG6LH"©IUDJWHGHUMXQJH0DQQIOVWHUQG1RFKLPPHU KLHOWHUGHQ6FKUDXEHQVFKOVVHOIHVW ª,FKELQ*UDI0RQWHVL© ª1HLQ©'LQRZDQNWH]XUFNª1HLQGDVJLEWHVQLFKW'HU*UDI LVWVFKRQODQJHWRW© 'LQRDWPHWHVFKZHU(UVWLHPLWGHP5FNHQJHJHQGLHRIIHQ VWHKHQGH7UGHV)KUHUKDXVHVª+DXHQ6LHDE0DQQ/RVZHJ YRQKLHU6RQVWVFKODJHLFK,KQHQGHQ6FKlGHOHLQ© 'HU8QKHLPOLFKHNPPHUWHVLFKQLFKWXPGLH:RUWH *HUDGHZHJVJLQJHUDXI'LQR=DFKHZ]X(UKDWWHGHQUHFKWHQ $UPYRUJHVWUHFNW'LQRV%OLFNZXUGHYRQGHP5LQJDQJH]RJHQ DXIGHPHLQ7RWHQNRSILPPHUJUHOOHUVWUDKOWH 'LQRNQLIIGLH$XJHQ]XVDPPHQ(UZXWHQLFKWZHUGLHVHU 8QKHLPOLFKHZDU(UKDWWHLKQQRFKQLHLQGHU*HJHQGJHVHKHQ 'LQRIKOWHMHGRFKLQVWLQNWLYGDYRQGLHVHP0DQQHWZDV%|VHV 6FKUHFNOLFKHVDXVJLQJXQGREZRKO'LQRGHQ8QEHNDQQWHQXP HLQHQKDOEHQ.RSIEHUUDJWHKDWWHHUGRFK$QJVWYRUGLHVHU XQKHLPOLFKHQ(UVFKHLQXQJ ª6LHKGLHVHQ5LQJJHQDXDQ©K|UWH'LQRGLH6WLPPHGHV 8QKHLPOLFKHQ 'HUMXQJH0DQQVFKWWHOWHLQZLOGHU9HU]ZHLIOXQJGHQ.RSI ª1HLQ©NHXFKWHHULPPHUZLHGHUª,FKZLOOQLFKW9HUVFKZLQGHQ 6LHHQGOLFK,FKZLOOZHLWHUIDKUHQ,FK© ª'X1DUU:DVJODXEVWGXGHQQZHVKDOEGHLQ0RWRUJHVWUHLNW KDW":HLOLFKGHU*UDI0RQWHVLPHLQHPDJLVFKHQ.UlIWHKDEH VSLHOHQODVVHQ'XELVWVFKRQOlQJVWDOV2SIHUDXVHUVHKHQ© 'DEUOOWH'LQR=DFKHZDXI8USO|W]OLFKZDUIHUVLFKYRUXQG GURVFKPLWGHPVFKZHUHQ6FKUDXEHQVFKOVVHODXIVHLQHQ XQKHLPOLFKHQ*HJQHUHLQ %HLQDKHVSLHOHULVFKWDXFKWH'U7RG]XU6HLWH 'LQRZXUGHYRQVHLQHPHLJHQHQ6FKZXQJPLWJHULVVHQXQGILHO GHU/lQJHQDFKDXIGHQ:HJ (UZROOWHVLFKVRIRUWKHUXPZHUIHQGRFKHLQP|UGHULVFKHU 'UXFNLQVHLQHP5FNHQQDJHOWHLKQDXIGHQ%RGHQIHVW 'U7RGKDWWH'LQRVHLQHQ)XLQV.UHX]JHGUFNW 'HUMXQJH0DQQVW|KQWH9HUJHEHQVVWHPPWHHUVLFKJHJHQGHQ
'UXFNDQ(UNUDOOWHVHLQH+lQGHLQGDV(UGUHLFK'LH$XJHQ WUDWHQLKPYRU$QVWUHQJXQJDXVGHQ+|KOHQ 8USO|W]OLFKOLHGHU'UXFNQDFK:LHHLQ(UWULQNHQGHUVDXJWH 'LQR/XIWLQGLH/XQJHQ(UZlO]WHVLFKDXIGHQ5FNHQXQG VFKORLPVHOEHQ0RPHQWJHEOHQGHWGLH$XJHQ hEHUJURHUVFKLHQLKPDXIHLQPDOGHU7RWHQNRSI'LQRPHUNWH GDHWZDVYRQGLHVHP7RWHQNRSIDXVJLQJVLFKLQVHLQ*HKLUQ ERKUWHXQGVHLQHQ:LOOHQOlKPWH (LQSDDU6HNXQGHQNlPSIWH'LQRQRFKGDJHJHQDQ'DQQYHU ORUHUGLH%HVLQQXQJ +DGXNZDUHVGHU'LQR=DFKHZLQ(PSIDQJQDKP ª%ULQJLKQLQGLH)ROWHUNDPPHU©EHIDKO'U7RG +DGXNQLFNWHHLIULJª,VWHUGHU%UlXWLJDP"©IUDJWHHU]LVFKHQG ª1HLQ© 'HU7UNHKDWWHVLFKGHQ%HZXWORVHQEHUEHLGH$UPHJHOHJW :lKUHQGHUGHQ:HJ]XU)ROWHUNDPPHUJLQJEDXPHOWHGHU.RSI GHVMXQJHQ0DQQHVKDOWORVKLQXQGKHU +DGXNEHJOHLWHWHMHGHQVHLQHU6FKULWWHPLWHLQHPLUUHQ)OVWHUQ (UZDUDXHU'U7RGDOVHLQ]LJHUHLQJHZHLKWZXWHZHOFKHLQ JUDXVDPHV6SLHOKLHULQGLHVHP6FKORDEOLHI8QGHVPDFKWHLKP )UHXGHGHQQHUZDUVHLQHP0HLVWHUKQGLVFKHUJHEHQ )DFNHOQEUDQQWHQ7DJXQG1DFKWLQGHU)ROWHUNDPPHU,KU/LFKW VWULFKEHUGLHP|UGHULVFKHQ,QVWUXPHQWHPLWGHQHQLQGHU EOXWLJHQ9HUJDQJHQKHLWGLH0HQVFKHQ]X7RGHJHTXlOWZRUGHQ ZDUHQ (VJDE6WUHFNElQNH9RUULFKWXQJHQIU'DXPHQVFKUDXEHQXQG HLQH)HXHUVWHOOHEHUGHUPDQGLH)HGHU9HUXUWHLOWHQJHU|VWHW KDWWH,QHLQHU(FNHVWDQGDXFKHLQH(LVHUQH-XQJIUDX 'LH:lQGHZDUHQPLW.HWWHQXQG5LQJHQEHVWFNW+LHUKDWWH PDQIUKHU0HQVFKHQDQJHNHWWHW +DGXNSUHWH'LQRV+DQGJHOHQNHLQ(LVHQPDQVFKHWWHQGLH PLWGLFNHQ+DNHQLQGHU:DQGYHUDQNHUWZRUGHQZDUHQ'LH 0DQVFKHWWHQZDUHQVRKRFKDQJHOHJWGDGHU%HZXWORVHLQ HLQHU6FKUlJODJHYRQGHU:DQGZHJKLQJ8PGLH)XJHOHQNH
VFKQDSSWHQGLH5LQJHHLQHUVFKZHUHQ(LVHQNHWWH +DGXNV$XJHQIXQNHOWHQDOVHUGHQ*HIDQJHQHQEHWUDFKWHWH :HKUORVKLQJGDV2SIHULQGHQ.HWWHQ+DGXNGHPHV6SD PDFKWH8QVFKXOGLJH]XTXl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ª'XZHLWGRFKGDGXLKQLQ5XKHODVVHQVROOVW©]LVFKWH 'U7RGXQGJDEVHLQHP'LHQHUHLQHQ)XWULWWª:LUEUDXFKHQ LKQQRFK:DVGXKLQWHUKHUPLWGHQDQGHUHQPDFKVWLVWPLU HJDO$EHUHUVWZHQQLFKHVEHIHKOH9HUVWDQGHQ"© +DGXNKHXOWHYRU6FKPHU](UGHUDQGHUHOlFKHOQGW|WHWH NRQQWHVHOEVWNHLQH6FKPHU]HQHUGXOGHQ 6FKZHUDWPHQGWUDW'U7RG]XU6HLWH+DGXNTXlOWHVLFKDXI GLH%HLQH ª6WHOOGHQ6SHHUZHJ©EHIDKO'U7RG +DGXNJHKRUFKWH]LWWHUQG'DQQYHUOLHHUZLHHLQJHSUJHOWHU +XQGGLH)ROWHUNDPPHU (VZDUHLQPDNDEUHU$QEOLFN 'LH)UDXVWDQGQHEHQGHP6DUNRSKDJ1LFKWVZDUPHKUYRQ LKUHU6FK|QKHLWEULJJHEOLHEHQ9HUD0RQWHVLZDUHLQHDOWH)UDX JHZRUGHQ 'DVHLQVWVRVFKZDU]H+DDUKLQJJUDXXQGVWUlKQLJELVDXIGLH 6FKXOWHUQ'LH+DXWZDUZHONXQG]HLJWH)OHFNHQ
9HUD0RQWHVLZDUHLQH*UHLVLQ'LH.OHLGXQJVFKORWWHUWHXP LKUHQ.|USHU'LH8QWRWHYHUILHO]XVHKHQGV 1XU%OXWNRQQWHVLHYHUMQJHQ 9HUD0RQWHVLZDQNWH]XU7U6LHUWWHOWHDQGHU(LVHQNOLQNH 2KQH(UIROJ'LH7UZDUDEJHVFKORVVHQ 9HUD0RQWHVLKHXOWHDXIZLHHLQZDLGZXQGHV7LHU,KUHODQJHQ )LQJHUQlJHONUDW]WHQJHJHQGDV+RO] 6LHVFKOXFK]WHMDPPHUWHXQGIOHKWH 8QGGDQQK|UWHVLH6FKULWWH %OLW]VFKQHOOWUDWVLH]XUFN,KUDXVJHPHUJHOWHU.|USHUQDKP HLQHDQJHVSDQQWH+DOWXQJDQ/HEHQWUDWLQGLHYRUKLQQRFK VWXPSIEOLFNHQGHQ$XJHQ 6HNXQGHQVSlWHUZXUGHHLQ6FKOVVHOLP6FKORJHGUHKW'DQQ ZXUGHGLH7UJH|IIQHW 9HUD0RQWHVLIDXFKWH.DPGRUWGDV2SIHU" 6SUXQJEHUHLWVWDQGVLHQHEHQLKUHP6DUNRSKDJ:HLWVWDFKHQ GLHEHLGHQP|UGHULVFKHQ9DPSLU]lKQHDXVLKUHP*HELKHUYRU 'DV*HVLFKWZDUQXQHLQHHLQ]LJH)UDW]H 'DQQVWDQG'U7RGLQGHP9HUOLHV0LWHLQHP%OLFNVDKHUZDV ORVZDU9HUD0RQWHVLZDULQHLQHU9HUIDVVXQJLQGHUVLHDXFKLKQ DQIDOOHQZUGH ª'HLQ2SIHULVWGD©VDJWH'U7RG 'LH)LQJHUGHU8QWRWHQEHJDQQHQ]X]XFNHQª:R"© ª,QGHU)ROWHUNDPPHU© (VZDUHQGLH6FKPHU]HQGLH'LQR=DFKHZDXVGHU%HZXWORVLJ NHLWULVVHQ (UKDWWHGDV*HIKODOVZlUHQVHLQH$UPHDEJHVWRUEHQ(U VSUWHVLHHLQIDFKQLFKWPHKU'LQRZROOWHGLH%HLQHKHEHQ(V JLQJQLFKW=HQWQHUJHZLFKWHVFKLHQHQGDUDQ]XKlQJHQ 'HUMXQJH0DQQ|IIQHWHGLH$XJHQ(UEUDXFKWH6HNXQGHQXP ]XEHJUHLIHQZRHUVLFKEHUKDXSWEHIDQG 6HLQ%OLFNLUUWHEHUGLHVFKUHFNOLFKHQ)ROWHULQVWUXPHQWHXQG HUDKQWHZDVLKPDOOHVEHYRUVWDQG 8USO|W]OLFKNDPGLH$QJVW
(LQHKHLH7RGHVDQJVWGLHVHLQ+HU]ZLOGSRFKHQOLHXQGLKP 6FKDXHUEHUGHQ5FNHQMDJWH :HKUORVZDUHUGHP*UDIHQDXVJHOLHIHUW 'LQRVFKULH 6FKULHVHLQH9HU]ZHLIOXQJVHLQH3DQLNKLQDXVXQGZXWHGRFK GDHVQLFKWVKDOI (UULDQGHQ.HWWHQ'RFKVLHKDWWHQ-DKUKXQGHUWHJHKDOWHQ XQGKLHOWHQDXFKMHW]W'LQRVFKHXHUWHVLFKQXUGLH+DXWYRQ VHLQHQ+DQGJHOHQNHQ%OXWZDU]XVHKHQ 'LQRKDWWHGHQ0XQGKDOEJH|IIQHWXQGVDXJWHGLHVFKOHFKWH /XIWLQVHLQH/XQJHQ'HU)DFNHOVFKHLQJDXNHOWHLKP+|OOHQ JHVWDOWHQYRUXQGHUVSUWHEHUHLWVGLHJOKHQGHQ(LVHQVSLW]HQ DXIVHLQHU%UXVW ,UJHQGZDQQKDWWH'LQRNHLQH.UDIWPHKU+DOWORVVDFNWHHULQ VHLQHQ.HWWHQ]XVDPPHQ 'LQR=DFKHZZDULQWLHIH/HWKDUJLHYHUIDOOHQ,KPZDUQXQ DOOHVHJDO 6FKULWWHVFKUHFNWHQLKQDXI 6LHZDUHQQLFKWODXWVRQGHUQHKHUVFKOXUIHQGJOHLWHQG 8QEHLUUEDUQlKHUWHQVLHVLFKGHU7UGHU)ROWHUNDPPHU 'LQRKLHOWGHQ$WHPDQ .DPHQVLHMHW]W":HVKDOEKDWWHPDQJHUDGHLKQDOV2SIHUDXV JHVXFKW" :LHGHUNDPGLH$QJVW .lOWHVFKDXHUMDJWHQEHUVHLQHQ.|USHU(U]LWWHUWHZLH (VSHQODXE 'LH6FKULWWHYHUVWXPPWHQ $XVEUHQQHQGHQ$XJHQVWDUUWH'LQR]XU7U 'DMHW]WEHZHJWHVLFKGLHVFKZHUH.OLQNHZXUGHXQHQGOLFK ODQJVDPKHUXQWHUJHGUFNW 6WFNIU6WFNZXUGHGLH7UDXIJHVFKREHQ (LQH+DQGXPNUDOOWHGDV+RO]6LHKDWWHVSLW]H)LQJHUQlJHOGLH ZLH'ROFKHZLUNWHQ 'LQRKLHOWGHQ$WHPDQ(UNRQQWHVHLQHQ%OLFNQLFKWPHKUYRQ GHU7UZHQGHQ (LQH*HVWDOWVFKREVLFKLQGLH)ROWHUNDPPHU
'LQR=DFKHZVW|KQWHDXI(UNRQQWHQLFKWJODXEHQZDVVHLQH $XJHQVDKHQ (LQH)UDXKDWWHGLH)ROWHUNDPPHUEHWUHWHQ6LHZDUXUDOWXQG XQEHVFKUHLEOLFKKlOLFK 'RFKGDVZDUHVQLFKWZDVGLH3DQLNLQ'LQRKRFKWULHE (VZDUHQGLHEHLGHQP|UGHULVFKHQ9DPSLU]lKQHGLHDXVGHP 2EHUNLHIHUKHUYRUVWDFKHQXQG6FKUHFNOLFKHVDKQHQOLHHQ $OVRJDEHVVLHGRFK'LH9DPSLUH 'LQRKDWWHGHQ*HVFKLFKWHQGHU$OWHQQLHVRUHFKWJHJODXEW(U ZDU6ROGDWJHZHVHQZDUPRGHUQHU]RJHQZRUGHQXQGKDWWHGLH 6DJHQXQG/HJHQGHQDOV8QVLQQDEJHWDQ (UKDWWHVLFKJHLUUW 'LH8QKHLPOLFKHNDPQlKHU6LHDWPHWHQLFKWVRQGHUQVWLH QXULPPHUHLQJUlOLFKHV)DXFKHQDXV 'LFKWYRU'LQREOLHEVLHVWHKHQ 'HUMXQJH0DQQNRQQWHMHGH(LQ]HOKHLWLKUHVHQWVWHOOWHQ *HVLFKWHVHUNHQQHQ /DQJVDPKREVLHGLH$UPH 6SLW]H)LQJHUQlJHOIXKUHQEHU'LQRV*HVLFKW]HLFKQHWHQ 6WUHLIHQDXIVHLQHQDFNWH%UXVW 'LH8QWRWHNLFKHUWH 'LHJHEHXJWH*HVWDOWEHJDQQVLFK]XVWUDIIHQDOVZUGHVLHPLW QHXHP/HEHQJHIOOW 'LQRZDQGWHGHQ.RSI]XU6HLWH(UNRQQWHGLHVHQ$QEOLFN QLFKWOlQJHUHUWUDJHQ 'LH$OWHVWDQGMHW]WGLUHNWYRULKP,KUHUHFKWH+DQGZXUGH]XU .ODXH 'LH)LQJHUJULIIHQLQ'LQRVORFNLJHQ+DDUVFKRSIERJHQGHQ .RSIQRFKZHLWHUQDFKKLQWHQ 'HUMXQJH0DQQVW|KQWHYRU6FKPHU]HQ$XVGHQ $XJHQZLQNHOQVDKHUZLHVLFKGDV*HVLFKWGHU8QWRWHQVHLQHP +DOVQlKHUWH
9HUD0RQWHVLKDWWHLKUH/HEHQVNUDIW]XUFNJHZRQQHQ'DVZDV -DKUKXQGHUWHJHKROIHQKDWWHWDWDXFKMHW]WVHLQH:LUNXQJ 'LH9HUZDQGOXQJQDKPLKUHQ$QIDQJ 'LH+DXWYRUKLQQRFKZHONXQGIDOWLJEHJDQQ]XOHEHQ,KUH =HOOHQHUQHXHUWHQVLFKXQGOLHHQ9HUD0RQWHVLVMXJHQGOLFKH 6FK|QKHLWZLHGHUHUEOKHQ 8QGGDV2SIHUZXUGHGDEHLVHOEVW]XP9DPSLU]XHLQHP 8QWRWHQGHUQLH5XKHILQGHQXQGLPPHUDXIGHU6XFKHQDFK QHXHQ2SIHUQVHLQZUGH 6RZDUHVVFKRQLPPHUJHZHVHQ,QGHQDOWHQ&KURQLNHQXQG .LUFKHQEFKHUQNDQQPDQQRFKKHXWHQDFKOHVHQGDLPPHU ZLHGHULP/DXIHGHU=HLW9DPSLUHDXIJHWDXFKWVLQG'LH 0HQVFKHQLQGLHVHP/DQGVWULFKVHOEVWWLHILP9DPSLUJODXEHQ YHUZXU]HOWKDEHQPHKUDOVHLQPDO8QWRWHPLWHLQHP3IORFN JHW|WHWXQGGLH.|USHUDQVFKOLHHQGYHUEUDQQW )QI]HKQ0LQXWHQGDXHUWHGLHVHVVFKUHFNOLFKH6FKDXVSLHO (QGOLFKOLHGLH8QWRWHYRQLKUHP2SIHUDE,KU.|USHUZDU MXJHQGOLFKIULVFKXQGHLQH9HUORFNXQJIUMHGHQ0DQQ 'LH8QWRWHZDQGWHVLFKXP,KU%OLFNWUDI'U7RGGHUDXIGHU 7UVFKZHOOHVWDQGXQGDOOHVPLWWLHIHU%HIULHGLJXQJEHREDFKWHW KDWWH ª%LVWGXQXQ]XIULHGHQ"©IUDJWH'U7RG 'LH8QWRWHQLFNWH ª'DVZDUHUVWGHU$QIDQJ©VDJWH'U7RGª6FKRQEDOGZLUVWGX GLH0HQVFKHQEHNRPPHQGLHGXEUDXFKVW'HLQHU+RFK]HLWVWHKW QLFKWVPHKULP:HJH© 'HU0HQVFKHQKDVVHUZDQGWHVLFKDE'UDXHQLP*DQJEOLFNWH HUVLFKQRFKHLQPDOWXQ ª.RPPMHW]W(VJLEWYLHO]XWXQ© 'LH8QWRWHIROJWHZLOOLJLKUHP0HLVWHU6LHXQGGHU 0HQVFKHQKDVVHUZDUHQHLQ3DDUZLHHVQXUGHU6DWDQVFKDIIHQ NRQQWH'HQQGHU+|OOHQIUVWVHOEVWKDWWHLQ'U7RGVHLQHQ EHVWHQ'LHQHUJHIXQGHQ
'HU)OXJYRQ/RQGRQQDFK%XNDUHVWYHUOLHIRKQH=ZLVFKHQIlOOH -RKQ6LQFODLUKDWWHGLHPHLVWH=HLWYHUVFKODIHQHEHQVR%LOO &RQROO\GHUQHEHQ-RKQLP6LW]ODJ )UGHQ,QVSHNWRUZDUHVHLQ5LVLNRJHZHVHQMHW]W]XIOLHJHQ %HLP
ª*HQDX8QVHU,QQHQPLQLVWHULXPKDWEHLGHPKLHVLJHQLQWHUYH QLHUW,FKUHLVHGHPQDFKPLWGHURIIL]LHOOHQ*HQHKPLJXQJGHU UXPlQLVFKHQ5HJLHUXQJ© %LOO]RJGLH$XJHQEUDXHQ]XVDPPHQª'DVWLPPWGRFKZDV QLFKW-RKQ%HVWLPPWVWHFNWKLQWHUGHP)DOOPHKUDOVGXVDJHQ ZLOOVW.RPPVFKRQUDXVPLWGHU6SUDFKHZDVLVWORV"© ª+|U]X%LOO'XZHLWGD5XPlQLHQHLQHDQGHUH6WDDWVIRUP KDWDOVZLUXQGZHQQLQGHQOHW]WHQ0RQDWHQXQG:RFKHQ *HUFKWHDXIJHNRPPHQVLQGGDHVLQGHQ.DUSDWHQ9DPSLUH JHEHQVROOGDQQLVWGDVHLQ'LQJGHU8QP|JOLFKNHLW6RHWZDV GDUIHVKLHUJDUQLFKWJHEHQ0DQKDWVHOEVWKRKH3ROL]HLEHDPWH LQGLH'|UIHUJHVFKLFNWXPGHQ/HXWHQGHQ9DPSLUJODXEHQ DXV]XWUHLEHQDEHURKQH(UIROJ'LH(UOHEQLVVHVLQG]XWLHIYHU ZXU]HOW$XHUGHPVLQG0HQVFKHQYHUVFKZXQGHQ6SXUORV RKQH0RWLY© %LOOQLFNWHEHGlFKWLJª+DWPDQGLHVH9DPSLUHGHQQJHVHKHQ"© ª$QJHEOLFKMD© %LOO&RQROO\JULQVWHYHUVFKPLW]Wª-HW]WYHUVWHKHLFK8PVLFK QLFKW]XEODPLHUHQKDEHQGLHRIIL]LHOOHQ6WHOOHQPLW)UHXGHQ ]XJHJULIIHQDOVGDV$QJHERWDXV/RQGRQNDP:HQQGXQLFKWV HUUHLFKVWKDEHQVLHZHQLJVWHQVMHPDQGHQGHPVLHGHQ 6FKZDU]HQ3HWHU]XVFKLHEHQN|QQHQ5DIILQLHUWJHGDFKW© ª%LVWGXQXQ]XIULHGHQ"©IUDJWH-RKQ ª1LFKWJDQ]© ª'DQQK|UDEHUELWWHDXI]XIUDJHQ© ª6FKRQJXW$EHUYHUJLQLFKWVFKOLHOLFKZDULFKHVGHUGLFK DXIGLH6SXUJHEUDFKWKDW© ª,FKZHUGHGLFKLQPHLQHP7HVWDPHQWHUZlKQHQ$OV(UEH PHLQHU6FKXOGHQ8QGGLH$OLPHQWHNDQQVWGXDXFKZHLWHU ]DKOHQ© ª7HXIHO©ODFKWH%LOOª:LHYLHOLVWHVGHQQ"© ª)U]ZDQ]LJ.LQGHU6LHVLQGLQJDQ](QJODQGYHUWHLOW© ª:XWHJDUQLFKWGD6LHVRSRWHQWVLQG©K|UWH-RKQLQVHLQHP 5FNHQHLQH)UDXHQVWLPPH 'HU,QVSHNWRUGUHKWHGHQ.RSIXQGSHLOWH]ZLVFKHQGHQ 6LW]OHKQHQKLQGXUFK
=ZHL%HLQHGLHYRQHLQHP5RFNLQPRGLVFKHU/lQJHXP VFKPHLFKHOWZXUGHQJHULHWHQLQ-RKQV%OLFNIHOG'HUGD]X JHK|ULJH2EHUN|USHUEHXJWHVLFKHLQZHQLJYRU(VZDU-DQH &ROOLQVGLH-RKQDQOlFKHOWH ª=XGLHVHU/HLVWXQJNDQQPDQ,KQHQZLUNOLFKJUDWXOLHUHQ 0U6LQFODLU©VDJWHVLHXQGHLQ.UDQ]YRQNOHLQHQ/DFKIlOW FKHQXPJDELKUH$XJHQ -RKQEUDFKWHHVWDWVlFKOLFKIHUWLJXQGZXUGHOHLFKWURW :lKUHQGVLFK%LOOQHEHQLKPGDV/DFKHQQLFKWYHUEHLHQNRQQWH XQG-RKQVHLQHQ)UHXQGGRVLHUWJHJHQGDV6FKLHQEHLQWUDWHU ZLGHUWHHUª6LHPVVHQVFKRQHQWVFKXOGLJHQ0LVV&ROOLQVLFK DKQWHQLFKWGD6LHKLQWHUXQVVLW]HQ© ª:DUDXFKQLFKWVFKOLPP6LHJODXEHQJDUQLFKWZHOFKHLQ 9HUJQJHQPLU,KUH8QWHUKDOWXQJEHUHLWHWKDW© 'DV)OXJ]HXJVHW]WHLQGLHVHP0RPHQWDXIYHUULQJHUWHGLH *HVFKZLQGLJNHLWXQGUROOWHODQJVDPDXV (LQ%XVZDUWHWHVFKRQXQGIXKUGLH3DVVDJLHUHEHUGDV 5ROOIHOGELV]XGHQ$EIHUWLJXQJVKDOOHQ(LQ0DQQGHU=LYLOWUXJ XQGWURW]GHP]HKQ0HLOHQJHJHQGHQ:LQGQDFK3ROL]HLDXVVDK NDPDXI-RKQ6LQFODLU]X ª,QVSHNWRU6LQFODLU"©IUDJWHHULQVFKOHFKWHP(QJOLVFK ª-D© ª'DUILFK6LHELWWHQPLU]XIROJHQ"© -RKQQLFNWH(UVDKVLFKXQDXIIlOOLJXPRE-DQRV5XIIQLFKW HWZDVEHPHUNWH'RFKHUZDU]XVHKUPLWHLQLJHQDQGHUHQ 5HLVHQGHQEHVFKlIWLJWXPYRQ-RKQ1RWL]]XQHKPHQ 1XU-DQH&ROOLQVILHOHVDXI6LHVDKDEHUVFKQHOOZLHGHUZHJDOV -RKQV%OLFNVLHVWUHLIWH 'HU%HDPWHIKUWH-RKQLQHLQHQNOHLQHQ5DXPLQGHPHVXQ HUWUlJOLFKVFKZOZDU 'DV*HSlFNGHV,QVSHNWRUVODJDXIGHP7LVFK8QJH|IIQHW-RKQ EHNDPHVDXFKVRZHLWHUJHUHLFKWª,FKZQVFKH,KQHQHLQHQ DQJHQHKPHQ$XIHQWKDOWLQXQVHUHP/DQG,QVSHNWRU8QGZLU K|UHQYRQ,KQHQ© ª6HOEVWYHUVWlQGOLFK©HUZLGHUWH-RKQXQGVFKQDSSWHVLFK VHLQHQ.RIIHUª'DQQELVGHPQlFKVW©
'HU*HLVWHUMlJHUKLHOWVLFKQRFKHWZDVLQGHU+DOOHDXIXQG EHREDFKWHWHGLH5HLVHJUXSSH (VZDUZLUNOLFKHLQEXQWJHPLVFKWHV9|ONFKHQ9RQGHUlOWHUHQ -XQJIHUELV]XUKHLHQ3XSSHZLH-DQH&ROOLQV'D]ZLVFKHQJDE HVQRFKVNXUULOH7\SHQZLH'U0RWKHUODLQHLQZLHHUVLFKVHOEVW QDQQWH6FKORIRUVFKHU'U0RWKHUODLQKDWWHLQ(QJODQGVFKRQ HLQ%XFKEHU*HVSHQVWHUYHU|IIHQWOLFKWXQGZDUQDWUOLFK ZlKUHQGGHU5HLVHHLQEHJHKUWHU*HVSUlFKVSDUWQHUJHZHVHQ 'HQQZDVHU]XEHULFKWHQZXWHOLHPDQFKHPMHW]WVFKRQGLH +DDUH]X%HUJHVWHKHQ ,QVJHVDPWZDUHQQXUGUHLXQG]ZDQ]LJ3HUVRQHQPLWJHIORJHQ 9LHUZDUHQLPOHW]WHQ$XJHQEOLFNDEJHVSUXQJHQ(LQMXQJHV (KHSDDUEHIDQGVLFKVRJDUDXIGHU+RFK]HLWVUHLVH6LHKLH&DURO XQGHU6LPRQ6KXVWHU'HUMXQJH0DQQZXUGHDEHUYRQVHLQHU )UDXQXU5RFN\JHQDQQWZHLOHUWDWVlFKOLFKZLHHLQ)HOVHQDXV VDK6LPRQJDEGDPLWDQIUKHUHLQPDOJHER[W]XKDEHQXQG MHGHPGHUHVK|UHQZROOWH]lKOWHHUVHLQHDQJHEOLFKHQ 0HLVWHUVFKDIWHQDXI:lKUHQGGLHVHU*HVSUlFKHKLQJVHLQH)UDX GDQQPLWJOlQ]HQGHQ$XJHQDQGHQ/LSSHQLKUHV0DQQHV -RKQNRQQWHVLFKHLQ/lFKHOQQLFKWYHUNQHLIHQZHQQHUGLH EHLGHQVDK 6FKOLHOLFKKDWWHGLH5HLVHJHVHOOVFKDIWGLH.RQWUROOHQEHUVWDQ GHQXQG-DQRV5XIIVDPPHOWHVHLQH6FKlIFKHQZLHGHUHLQ$XFK -RKQJHVHOOWHVLFKGD]X (UVWHOOWHVLFKQHEHQ%LOOXQGNQLIIVHLQHP)UHXQGHLQ$XJH]X 5XIIVFKOXJHLQSDDUPDOLQGLH+lQGHXQGEDWXP5XKH'DQQ VDJWHHUª:LUZHUGHQMHW]WLQGHQ%XVVWHLJHQXQGHLQHOlQJHUH )DKUWXQWHUQHKPHQ,FKIDKUHGHQ%XVXQGKRIIH6LHYHUWUDXHQ VLFKPHLQHQ.QVWHQDQ© ª:DVEOHLEWXQVGHQQDQGHUHVEULJ"©NRQQWH%LOOVLFKQLFKW YHUNQHLIHQ]XVDJHQ 5XIIYHU]RJGDV*HVLFKWXQGJULQVWHSIOLFKWVFKXOGLJPLWZHLO GLHDQGHUHQEHJRQQHQKDWWHQ]XODFKHQ ª'DQQIROJHQ6LHPLUELWWH©VDJWH5XII 0LWODQJHQ6FKULWWHQXQGOHLFKWYRUJHEHXJWHP2EHUN|USHUJLQJ HUYRUDQ0DQNRQQWHPHUNHQGD5XIILQVHLQHP(OHPHQWZDU
8QGGDQQVDKHQVLHGHQ%XVHLQHQ0HUFHGHVDXVGHQIQI]LJHU -DKUHQPLWHLQHUODQJHQ.KOHUVFKQDX]HXQGHLQHPEOLW]HQGHQ 6WHUQGDUDXI 6WRO]VFKOR-DQRV5XIIGLH7UDXIª%LWWHHLQVWHLJHQGLH +HUUVFKDIWHQ© ª(LQHQEHVVHUHQKDEHQ6LHZRKOQLFKWILQGHQN|QQHQZDV"© IUDJWH%LOO&RQROO\DOVHUDQ-DQRV5XIIYRUEHLJLQJ ª:LHPHLQHQ6LH"© ª+LHUGHQNRPLVFKHQ7UDQVSRUWHU© ª6LHZHUGHQVLFKQRFKGDUDQJHZ|KQHQ0U&RQROO\8QGDQ PDQFKDQGHUH6DFKHQ© 'LHOHW]WHQ:RUWH]LVFKWH5XIIQXUVRKHUDXV (KH%LOOHLQH$QWZRUWJHEHQNRQQWHZXUGHHUDQJHVWRHQ ª:HLWHUJHKHQ©ULHIHLQH6WLPPHXQG%LOONOHWWHUWHLQGHQ%XV RKQH5XIIVKDHUIOOWH%OLFNH]XEHPHUNHQ 'XUFKGLHVHQNOHLQHQ=ZLVFKHQIDOOZDUHQ-RKQ6LQFODLUXQG %LOO&RQROO\JHWUHQQWZRUGHQ-RKQKDWWHVLFKEHUHLWVKLQJHVHW]W XQGVHLQHQ.RIIHUDXIGDV*HSlFNQHW]JHOHJWDOV-DQH&ROOLQV SO|W]OLFKQHEHQGHP,QVSHNWRUVWDQG ª,VWGLHVHU3ODW]QRFKIUHL"© ª$EHUELWWH© -DQHVHW]WHVLFKXQGEOLHVHLQH+DDUVWUlKQHDXVGHU6WLUQ-RKQ VWHPPWHLQ]ZLVFKHQLKUHQ.RIIHULQGDV*HSlFNQHW] 'DVDKHU%LOO&RQROO\'HU5HSRUWHUZLQNWHLKP]Xª:LHLFK VHKHKDVWGXDQJHQHKPHUH*HVHOOVFKDIW-RKQ,FKZHUGHGLH )DKUWDXFKRKQHGLFKEHUVWHKHQ© ª'DQQZDUGHU3ODW]DOVRGRFKEHVHW]W"©-DQH&ROOLQV*HVLFKW QDKPHLQHQHUVWDXQWHQ$XVGUXFNDQ ª$EHUQLFKWIU6LH©HUNOlUWH-RKQ ª$KVRLVWGDV© ª8QGZHVKDOEKDEHQ6LHJHUDGHGLHVHQ3ODW]JHZlKOW"©ZROOWH -RKQZLVVHQ(UPXWHODXWVSUHFKHQXPGDV6WLPPHQJHZLUULP %XV]XEHUW|QHQ ª:HLO6LHXQG,KU)UHXQGGLHHLQ]LJHQVLQGGLHLFKVFKRQ NHQQH© ª'DVLVWHLQH$QWZRUW©-RKQQLFNWHEHLIlOOLJª'DPLWVWHKHQ6LH
DEMHW]WXQWHUPHLQHPSHUV|QOLFKHQ6FKXW],FKZHUGHGDUDXI DFKWHQGD,KQHQLP*HLVWHUVFKORNHLQ9DPSLUEHUGHQ:HJ OlXIW© -RKQPHLQWHGLH:RUWHPHKUVFKHU]KDIWGRFKVLHVROOWHQVLFK QRFKDXIJUDXVDPH:HLVHEHVWlWLJHQ )QI0LQXWHQVSlWHUIXKUHQVLHORV,Q5LFKWXQJ1RUGZHVWHQ JHUDGHZHJVDXIGLH.DUSDWHQ]X -RKQ6LQFODLUXQG-DQH&ROOLQVEHVFKORVVHQVLFKIUGLHZHLWHUH =HLWEHLP9RUQDPHQ]XQHQQHQ$OVVLFKGHU*HLVWHUMlJHUHLQPDO XPGUHKWHPXWHHUIHVWVWHOOHQGDVLFKGLHlOWHUH-XQJIHUDXVJH UHFKQHWQHEHQ%LOO&RQROO\JHVHW]WKDWWH'HU5HSRUWHUYHUGUHKWH YRUODXWHU!)UHXGHGLH$XJHQ $XFK-RKQNRQQWHVLFKHLQ*ULQVHQQLFKWYHUEHLHQXQGHVILHO VRJDUHWZDVVFKDGHQIURKDXV ª6DJHQ6LH-RKQZHVKDOEKDEHQ6LHVLFKHLJHQWOLFK]XGLHVHU HWZDVDXHUJHZ|KQOLFKHQ5HLVHHQWVFKORVVHQ"©IUDJWH-DQH &ROOLQVSO|W]OLFK 'HU,QVSHNWRU]XFNWHPLWGHQ6FKXOWHUQª5HLQH$EHQWHXHUOXVW :HQQPDQGHQJDQ]HQ7DJLP%URVLW]WZLOOPDQMDDXFKPDO HWZDVDQGHUHVVHKHQ© ª:DVPDFKHQ6LHGHQQEHUXIOLFK"© ª,FKELQEHLHLQHU9HUVLFKHUXQJDQJHVWHOOW© ª2K©-DQH&ROOLQVOlFKHOWHKLQWHUJUQGLJª8QGGDQQVLQG6LH VFKRQVREHNDQQW"© ª:LHPHLQHQ6LHGDV"© ª1XQ6LHZDUHQEHLGHU*HSlFNNRQWUROOHQLFKWGDEHLXQGVLQG JHVRQGHUWEHKDQGHOWZRUGHQ'DVEHGHXWHWHWZDV© 'HU,QVSHNWRUZDUZLUNOLFKLPHUVWHQ0RPHQWEHUUDVFKW 'RFKHKHHUVLFKHLQHJODXEKDIWH$XVUHGHHLQIDOOHQODVVHQNRQQ WHZLQNWH-DQH&ROOLQVODFKHQGDEª6LHEUDXFKHQPLUQLFKWV]X HUNOlUHQ6FKOLHOLFKJLEWHVHLQ'LHQVWJHKHLPQLVQLFKWZDKU ,QVSHNWRU6LQFODLU© -HW]WZDU-RKQY|OOLJSODWWª6LHNHQQHQPLFK"©IUDJWHHU ª-D6LHKDEHQYRUXQJHIlKU]ZHL-DKUHQHLQHQ)DOOJHO|VWGHU 6FKODJ]HLOHQJHPDFKWKDW(VJLQJGDPDOVXPHLQH6HNWH,FK KDWWH]XGHU=HLWJHUDGHPHLQ6WXGLXPDEJHVFKORVVHQXQGPHLQH
NOHLQH'HWHNWHLHU|IIQHW,FKZDULPPHUDXIGHU6XFKHQDFK DXHUJHZ|KQOLFKHQ)lOOHQ8QGGDEHLELQLFKEHU-RKQ6LQFODLU JHVWROSHUW© 'HU*HLVWHUMlJHUSILIIGXUFKGLH=lKQHª$KDHLQH 3ULYDWGHWHNWLYLQDOVR'DPLWKlWWHLFKDOOHUGLQJVQLFKWJHUHFKQHW 8QG6LHVLQGEHUXIOLFKDQGLHVHU5HLVHLQWHUHVVLHUW"© -DQH&ROOLQVODFKWHª1HLQGDNDQQLFK6LHEHUXKLJHQ$EHU ZHQQHLQ,QVSHNWRU6LQFODLUPLWIlKUWZLUGHVEHVWLPPWQLFKW ODQJZHLOLJ© ª,FKNDQQ,KQHQQLFKWZLGHUVSUHFKHQ-DQH$EHUWXQ6LHPLU HLQHQ*HIDOOHQ]XQLHPDQGHPHLQ:RUWMD"© ª6LHN|QQHQVLFKDXIPLFKYHUODVVHQ-RKQ© ª'DQQELQLFKMDEHUXKLJW$XHUGHPYLHOOHLFKWZLUGHV WDWVlFKOLFKQXUHLQH9HUJQJXQJVUHLVH© 'RFKKLHUVROOWHVLFK-RKQ6LQFODLULUUHQ 'LH=HLWZXUGHLPPHUOlQJHU-HGHQIDOOVKDWWHQGLH5HLVHQGHQ GDV*HIKO'LHPHLVWHQYRQLKQHQZDUHQHLQJHVFKODIHQXQG KRFNWHQPHKURGHUZHQLJHUXQEHTXHPDXIGHQ.XQVWVWRIIVLW]HQ $XFK-RKQ6LQFODLUV8QWHUKDOWXQJPLW-DQH&ROOLQVZDUYHUVLHJW (LQPDOQXUKDWWHQVLHXQWHUZHJVHLQHNXU]H3DXVHHLQJHOHJW $EVHLWVGHU6WUDHDQHLQHPDOWHQ*DVWKRI'RUWKDWWHHVQRFK QLFKWHLQPDOHWZDV]XHVVHQJHJHEHQ-RKQ6LQFODLUXQG%LOO &RQROO\PXWHQVLFKVFKOLHOLFKPLWODXZDUPHPGQQHP%LHU ]XIULHGHQJHEHQ 'HU7DJVFKZDQGXQGGLH'lPPHUXQJEUDFKKHUHLQ 0LWWOHUZHLOHKDWWHQVLHVFKRQGLH$XVOlXIHUGHU.DUSDWHQHU UHLFKW'LH*HJHQGZXUGHLPPHUHLQVDPHUXQGXQZLUWOLFKHU +RKHPLW:DOGEHZDFKVHQH%HUJHIODQNLHUWHQGLHVFKPDOH 6WUDH'LH7HPSHUDWXUZDUVWDUNJHIDOOHQXQGGHU:LQGWULHE GLFNHGXQNOH:RONHQEHUGHQIDKOJUDXHQ+LPPHO'LH:LSIHO GHUGLFKWEHODXEWHQ%lXPHERJHQVLFKXQWHUGHP'UXFNGHV :LQGHV2IWIXKUGHU%XVGXUFKHQJH6FKOXFKWHQXQGQLFKW VHOWHQK|UWHPDQGDV5DXVFKHQHLQHV:DVVHUIDOOV 2UWHZXUGHQQLFKWPHKUDQJHIDKUHQ(VWDXFKWHQZRKODEXQG
]XYHUZLWWHUWH+LQZHLVVFKLOGHUDXIGDVZDUDEHUDXFKDOOHV'LH '|UIHUODJHQGDQQPHLVWPHKUHUH.LORPHWHUYRQGHU6WUDHHQW IHUQW 1XUZHQLJH5HLVHQGHZDUIHQHLQHQ%OLFNQDFKGUDXHQ'D]X JHK|UWHDXFK-RKQ6LQFODLU'LH*HGDQNHQGHV,QVSHNWRUVZDUHQ QLFKWJHUDGHIUHXQGOLFK(UDKQWHGDVLHLQHLQHJRWWYHUODVVHQH *HJHQGNXWVFKLHUWZXUGHQXQGGDVLHGRUWDXI*HGHLKXQG 9HUGHUEGHP6FKORKHUUQDXVJHOLHIHUWZDUHQ -RKQ]QGHWHVLFKHLQH=LJDUHWWHDQ'LH]ZHLWHZlKUHQGGHU ODQJHQ)DKUW*HQXYROOEOLHVHUGHQ5DXFKJHJHQGLH'HFNHGHV %XVVHV 1HEHQLKPLP6LW]VFKOLHI-DQH&ROOLQV$XVGLHVHU)UDXZXUGH -RKQDXFKQLFKWVFKODX6LHJDEYRU'HWHNWLYLQ]XVHLQ2EHV MHGRFKVWLPPWHVWDQGLQGHQ6WHUQHQ-RKQKDWWHMHGHQIDOOV NHLQHQ$XVZHLVYRQLKUJHVHKHQ$EHUGDVVSLHOWHDXFKLP $XJHQEOLFNQXUHLQHVHNXQGlUH5ROOH %LOO&RQROO\VFKOLHIHEHQIDOOV:DKUVFKHLQOLFKKDWWHLKQVHLQH 1DFKEDULQLQGHQ6FKODIJHUHGHW,P%XVEUDQQWHQXUHLQH 1RWEHOHXFKWXQJXQGEHUJRGLH*HVLFKWHUGHU5HLVHQGHQPLW HLQHPVFKZDFKHQU|WOLFKHQ6FKHLQ -DQRV5XIIIXKUUHODWLYVFKQHOO(UQDKPGLH.XUYHQZLHHLQ *UDQG3UL[0DWDGRUXQGGHUVFKZHUH%XVVFKZDQJRIWYRQHLQHU 6HLWH]XUDQGHUHQ1XUJXWGDNHLQ*HJHQYHUNHKUKHUUVFKWH -RKQGUFNWHVHLQH=LJDUHWWHLQGHP$VFKHQEHFKHUDXV (UZROOWHVLFKJHUDGH]XUFNOHKQHQXQGQRFKHLQZHQLJGLH $XJHQVFKOLHHQGDWUDW5XIIYROODXIGLH%UHPVH (LQJHZDOWLJHU5XFNJLQJGXUFKGHQ%XV :LH3XSSHQZXUGHQGLH5HLVHQGHQKLQXQGKHUJHVFKWWHOW -RKQIORJJHJHQGLH5FNHQOHKQHGHV9RUGHUVLW]HVXQGVWLH VLFKVFKPHU]KDIWGHQ(OOHQERJHQDQ=XP*OFNNRQQWHHU GLHVFKODIHQGH-DQH&ROOLQVPLWGHPIUHLHQ$UPQRFKHWZDV DEIDQJHQVRGDVLHVLFKQLFKWDOO]XZHKWDW ,P*HJHQVDW]]XGHQDQGHUHQ -RKQK|UWH6FKPHU]HQVVFKUHLHXQG)OFKH%LOOV1DFKEDULQZDU DXIGHQ*DQJJHIDOOHQXQGZXUGHYRQGHP5HSRUWHUJHUDGH KRFKJH]RJHQ
:HQLJVSlWHUKDWWHQVLFKGLH0HQVFKHQZLHGHUEHUXKLJW-RKQ VDKJHVSDQQWHHUZDUWXQJVYROOHDEHUDXFKlQJVWOLFKH*HVLFKWHU $OOHZDUWHWHQDXIHLQH(UNOlUXQJGHV%XVIDKUHUV -DQH&ROOLQVKDWWHLKUH+DQGDXI-RKQV$UPJHOHJW(LQSDDU QDFKGHQNOLFKH)DOWHQKDWWHQVLFKLQLKUHVRQVWJODWWH6WLUQJH JUDEHQXQGVLHQDJWHQHUY|VDQGHU8QWHUOLSSH ª+DEHQ6LHHLQH(UNOlUXQJGDIU-RKQ"© ª1RFKQLFKW© (QGOLFKHUKREVLFK-DQRV5XIIYRQVHLQHP3ODW]KLQWHUGHP 6WHXHU(UVWHOOWHVLFKLQGHQ*DQJ]ZLVFKHQGLHHUVWHQEHLGHQ 6LW]ElQNHXQGKLHOWVLFKPLWEHLGHQ+lQGHQDQGHQ*ULIIVWDQJHQ XQWHUGHP'DFKGHV%XVVHVIHVW ª,FKP|FKWHPLFKIUGLHVHSO|W]OLFKH9ROOEUHPVXQJHQWVFKXO GLJHQDEHUHVZDUOHLGHUQLFKWDQGHUV]XPDFKHQ:LUZHUGHQ QlPOLFKDEMHW]WHLQLJH%HJOHLWHUEHNRPPHQ© *HPXUPHOZXUGHODXW ª:ROOHQ6LHQRFKPHKU0HQVFKHQLQGLHVH.LVWHSIHUFKHQ"©ULHI HLQ0DQQ 5XIIOlFKHOWHEHUKHEOLFKª.HLQH$QJVW,KUHQHXHQ%HJOHLWHU ZHUGHQNHLQH0HQVFKHQVHLQ© ª9LHOOHLFKW9DPSLUHZDV"©VDJWHGHU0DQQZLHGHUXQGODFKWH VFKULOO 'RFKQLHPDQGGHU0LWUHLVHQGHQJLQJDXIGHQ!:LW]HLQ $XFK-DQRV5XIIQLFKWGHUVLFKDEZDQGWH]XU7UJLQJXQGVLH |IIQHWH -RKQ6LQFODLUKDWWHVLFKLQGLHlXHUVWH(FNHGHV6LW]HV JHNOHPPWXQGSUHWHVHLQ*HVLFKWJHJHQGLH6FKHLEH 'UDXHQZDUHVVFKRQ]XGXQNHOXQGHUNRQQWHQLFKWVHU NHQQHQ 6HNXQGHQVSlWHUOLHLKQHLQVSLW]HU6FKUHL]XVDPPHQ]XFNHQ -RKQV.RSIIORJKHUXP ,PHUVWHQ$XJHQEOLFNGDFKWHGHU*HLVWHUMlJHULKQWUlIHGHU 6FKODJ(UVDK]ZHLJUDXH6FKDWWHQLQGHQ%XVVSULQJHQXQGPLW JHVFKPHLGLJHQ%HZHJXQJHQGXUFKGLH6LW]UHLKHKXVFKHQ :|OIH ª8P+LPPHOVZLOOHQ©IOVWHUWH-DQH&ROOLQVQHEHQLKP
'DEUDFKVFKRQGLH3DQLNORV9LHOH5HLVHQGHVSUDQJHQDXI ZROOWHQQDFKGUDXHQVWU]HQ 'LH5DXEWLHUHUHDJLHUWHQEOLW]VFKQHOO6LHIORJHQDXIGLH 0HQVFKHQ]X'XUFKGHQ$QSUDOOZXUGHQGLHPHLVWHQ]X%RGHQ JHZRUIHQ6FKUHLHQGYHUVXFKWHQVLHVLFKYRUGHQ5DXEWLHUHQLQ 6LFKHUKHLW]XEULQJHQ 2KQH(UIROJ 0LWWOHUZHLOHZDUHQQRFK]Z|OI:|OIHLQGHQ%XVJHKXVFKW6LH NDXHUWHQVSUXQJEHUHLWYRUGHU7U'LH=lKQHZDUHQJHIOHWVFKW XQGGLHJHOEHQ5DXEWLHUDXJHQIXQNHOWHQJHIlKUOLFK $OOH0HQVFKHQZDUHQDXIJHVSUXQJHQ8USO|W]OLFKKDWWHVLHGLH KHLH$QJVWEHUIDOOHQ0DQFKHLQHUELGLH=lKQH]XVDPPHQ XPQLFKWODXWDXI]XVFKUHLHQ 6HOWVDPHUZHLVHKDWWHQGLH:|OIHQLHPDQGHPHWZDVJHWDQ .HLQHUZDUYHUOHW]WZRUGHQXQG-DQRV5XIIVFKDIIWHHVGLH/HXWH ZLHGHU]XEHUXKLJHQ 9HUlQJVWLJWNURFKHQGLH5HLVHQGHQ]XUFNLQLKUH6LW]H 'LH:|OIHKDWWHQDXIGHP*DQJ6WHOOXQJEH]RJHQ,KUH 6FKQDX]HQZDUHQKDOEJH|IIQHWXQGGLHQDGHOVSLW]HQ=lKQH ZDUHQIUMHGHQ5HLVHQGHQHLQHVWXPPH'URKXQJ $EHUPDOVJDE-DQRV5XIIHLQH(UNOlUXQJ ª,FKNDQQ,KUH$QJVWJXWYHUVWHKHQPHLQH+HUUVFKDIWHQ©VDJWH HUª$EHUZROOWHQ6LHQLFKWHLQH+RUURU7RXUXQWHUQHKPHQ"© (UPDFKWHQDFKGLHVHQ:RUWHQHLQHNXU]H3DXVHXPGLH6lW]H ULFKWLJZLUNHQ]XODVVHQ 1LHPDQGJDE$QWZRUW -DQRV5XIIVSUHL]WHGLH$UPHª*XWGDQQZLOOLFKIRUWIDKUHQ 'LH:|OIHGLHVLFK]XXQVJHVHOOWKDEHQVLQGGLH%RWHQGHV *UDIHQ0RQWHVL6LHPVVHQVLFKHLQIDFKGDPLWDEILQGHQ6LHZHU GHQXQVELV]XP6FKOREHJOHLWHQ(LQ=XUFNJLEWHVQLFKWPHKU ,FKKRIIHLFKKDEHPLFKGHXWOLFKJHQXJDXVJHGUFNW© -DQRV5XIIOLHVHLQH%OLFNHQRFKHLQPDOEHUGLH5HLVHQGHQ VFKZHLIHQXQGVHW]WHVLFKGDQQZLHGHUKLQWHUGDV6WHXHU (UVWMHW]WZXUGHGHQ3DVVDJLHUHQGLH%HGHXWXQJGHU:RUWHNODU 6WLPPHQJHZLUUEUDQGHWHDXIGDVEDOGYHUVWXPPWHDOVGLH:|OIH DQILQJHQ]XNQXUUHQ
-RKQ6LQFODLUGHUDOOHPELVKHUVFKZHLJHQGJHIROJWZDUZDUI HLQHQ%OLFNDXI%LOO&RQROO\'HU5HSRUWHUVDPLWJHEDOOWHQ )lXVWHQDXIVHLQHP6LW]XQGVWDUUWHVWXUJHUDGHDXV6HLQH 1DFKEDULQZDUEODZLHHLQ/HLFKHQWXFK -DQH&ROOLQVJLQJHVQLFKWEHVVHU 'LUHNWQHEHQLKUHP6LW]KDWWHVLFKHLQ:ROIQLHGHUJHODVVHQGHU VLHPLWJHOEOLFKIXQNHOQGHQ$XJHQDQVWDUUWHXQGDXIMHGHLKUHU %HZHJXQJHQDFKWHWH -RKQ6LQFODLUVDKZRKOXQWHUZHOFKHUQHUYOLFKHQ$QVSDQQXQJ GLH)UDXVWDQG ª/DVVHQ6LHVLFKQLFKWYHUUFNWPDFKHQ-DQH©VDJWHHU6HLQH 6WLPPHNODQJEHUXKLJHQG 'LH'HWHNWLYLQOlFKHOWHJHTXlOWª:LUGVFKRQVFKLHIJHKHQ© HUZLGHUWHVLHª$XHUGHPKDEHLFKMDPlQQOLFKHQ6FKXW],FKELQ QXUJHVSDQQWZHOFKHhEHUUDVFKXQJHQQRFKDXIXQVZDUWHQ:HLW NDQQHVELV]XGHP6FKORGRFKQLFKWPHKUVHLQ© -RKQEOLFNWHDXIGLH8KUª(LJHQWOLFKQLFKW6FKOLHOLFKVROOHQ ZLUGRUWQRFK]X$EHQGHVVHQ1DMDPDOVHKHQZDVGHU*UDI XQVELHWHW8QGGLH:|OIH-DQHGLHGUIHQ6LHQLFKWVRHUQVW QHKPHQ(LQHNOHLQH6SLHOHUHLPHKUQLFKW© -DQH&ROOLQVEOLFNWH-RKQVFKUlJYRQGHU6HLWHDQª'DVJODXEHQ 6LHGRFKVHOEVWQLFKW© -RKQXQWHUGUFNWHHLQH$QWZRUWGHQQGHU%XVERJVRHEHQLQ HLQHQVFKPDOHQ:HJHLQ%DXP]ZHLJHNUDW]WHQEHUGDV'DFK GHV%XVVHV'LH6WUHFNHZXUGHQRFKVFKOHFKWHUXQGGLHZHLWHUH )DKUWZDUHLQHHLQ]LJH+ROSHUHL 'UHLLJ0LQXWHQVSlWHUZDUHVGDQQVRZHLW 6FKOR0RQWHVLWDXFKWHDXI'HU%XVJHUDGHQRFKKDWWHHUVLFK GXUFKGLHHQJH6FKOXFKWJHZXQGHQVWRSSWHYRUGHPJURHQ 3RUWDO 0LWHLQHPKXVWHQGHQ*HUlXVFKHUVWDUEGHU0RWRU 'LH:|OIHZXWHQJHQDXGDGLH5HLVHKLHU]X(QGHZDU6LH HUKREHQVLFKDXVLKUHUNDXHUQGHQ+DOWXQJXQGGUlQJWHQGHP $XVJDQJHQWJHJHQ -DQRV5XII|IIQHWHGLH7UXQGGLH:|OIHVSUDQJHQQDFKGUDXHQ ª%LWWHDXVVWHLJHQGLH+HUUVFKDIWHQ©VDJWHHUª'DV*HSlFN
N|QQHQ6LHUXKLJVFKRQPLWQHKPHQ(VJLEWKLHUOHLGHUQLHPDQ GHQGHUVLFKGDUXPNPPHUW© 'LH5HLVHQGHQGUlQJWHQDXVLKUHQ6LW]HQ-HGHUZROOWHDOVHUVWHU GUDXHQVHLQ8QGVRNDPHVGD-RKQ6LQFODLUXQG%LOO&RQROO\ ]XVDPPHQWUDIHQ %LOOVWLHVHLQHQ)UHXQGLQGLH6HLWHª:DVKlOWVWGXYRQGHU 6DFKH-RKQ"© ª,P$XJHQEOLFNQRFKQLFKWV©HUZLGHUWHGHU,QVSHNWRUIO VWHUQGª,FKJODXEHDEHUGDLFKLQHLQHU6WXQGHPHKUZHL© -RKQVSUDQJQDFKGUDXHQXQGKDOIDQVFKOLHHQG-DQH&ROOLQV EHLP$XVVWHLJHQ 'XQNHOKHLWXQGKHUUOLFKNKOH/XIWHPSILQJHQVLH -RKQV$XJHQVXFKWHQYHUJHEOLFKQDFKHLQHP/LFKWVFKLPPHUDQ GHU)URQWVHLWHGHV6FKORVVHV(LQJHNHLOW]ZLVFKHQGHQDQGHUHQ 5HLVHQGHQVDKHUZLH-DQRV5XIIDXIGDV3RUWDO]XJLQJXQGPLW EHLGHQ)lXVWHQJHJHQGDV(LQJDQJVWRUKlPPHUWH 6HNXQGHQVSlWHUZXUGHHVDXIJH]RJHQ (LQHEUHLWH/LFKWEDKQILHOQDFKGUDXHQ (LQ0DQQVWDQGDXIGHU7UVFKZHOOH6RZRKO-RKQ6LQFODLUDOV DXFKGLHDQGHUHQ5HLVHQGHQNRQQWHQLKQGHXWOLFKHUNHQQHQ (LQ]ZHL6HNXQGHQVWDUUWH-RKQGHQ0DQQDQ8QGGDWUDILKQ GLH(UNHQQWQLVZLHHLQ%OLW]VWUDKO'LHVHU0DQQGHUVLFKKLHU ZDKUVFKHLQOLFKDOV*UDI0RQWHVLDXVJDEZDULQ:LUNOLFKNHLW -RKQV(U]IHLQG 'U7RG 'LHJUDXVDPHhEHUUDVFKXQJZDUJHOXQJHQ hEHUGHXWOLFKNRQQWH-RKQ6LQFODLUGHQ0HQVFKHQKDVVHUHUNHQ QHQ(UVDKGHQJURHQNDKOJHVFKRUHQHQ6FKlGHOXQGGHQLP 9HUKlOWQLVGD]XVFKPlFKWLJZLUNHQGHQ.|USHU6RJDUGHQ5LQJ NRQQWH-RKQLP/LFKWVFKHLQEOLW]HQVHKHQ ,QQHUKDOEYRQ6HNXQGHQ]XFNWHQXQ]lKOLJH*HGDQNHQGXUFK -RKQV.RSI 'U7RGKLHU":DVKDWWHGDV]XEHGHXWHQ":HVKDOEJDEHUVLFK DOV*UDI0RQWHVLDXV":HOFKH7HXIHOHLKDWWHHUDXVJHKHFNW"
(LQHVZDU-RKQ6LQFODLUMHGRFKNODU'U7RGGXUIWHLKQQLFKW VHKHQ1RFKQLFKW -RKQVFKDXWHVLFKEOLW]VFKQHOOXP1LHPDQGDFKWHWHDXILKQ 6HOEVW-DQH&ROOLQVKDWWHLKU*HVLFKWGHP(LQJDQJ]XJHZDQGW -RKQPXWHGLH=HLWGHU$EOHQNXQJQXW]HQ *HZDQGWVFKOlQJHOWHHUVLFKGXUFKGLH*UXSSHGHU5HLVHQGHQ XQGNDVVLHUWHPDQFKHUVWDXQWHQRGHUlUJHUOLFKHQ%OLFN'DQQ KDWWHVLFK-RKQYRQGHU*UXSSHJHO|VW :LHHLQ6FKDWWHQWDXFKWHHULQGHU'XQNHOKHLWXQWHUKLHOWVLFK IU6HNXQGHQLQ'HFNXQJGHV%XVVHVXQGKXVFKWHGDQQLP %RJHQDXIGLH6HLWHGHV6FKORVVHV]X +LQWHUHLQHP%DXPOHJWH-RKQHLQH3DXVHHLQ 9RQKLHUDXVNRQQWHHUGLH*UXSSHQRFKVHKHQ*HUDGHVHW]WH VLHVLFKLQ%HZHJXQJXQGJLQJDXIGDV6FKOR]X-DQRV5XIIDQ GHU6SLW]H -RKQVFKU]WHYHUlFKWOLFKGLH/LSSHQ -DQRV5XII(UZDUDXFKHLQHXQGXUFKVLFKWLJH)LJXULQGLHVHP K|OOLVFKHQ6SLHO:LHGHUHLQHUYRQGHQDUPHQ7HXIHOQGLHPLW'U 7RGSDNWLHUWHQXQGVLFKYRQLKPXQHUPHOLFKHQ5HLFKWXP HUKRIIWHQ 0HLVWHQVVWDUEHQVLHMlPPHUOLFK-DQRV5XIIZlUHQLFKWGHU HUVWHJHZHVHQ -RKQEHJOFNZQVFKWHVLFKGD]XGDHUVHLQHQ.RIIHUPLW JHQRPPHQKDWWH-HW]WVWHOOWHHULKQDXIGHQ%RGHQDEXQGJLQJ LQGLH.QLH 'LH6FKO|VVHUVFKQDSSWHQ]XUFN-RKQQDKPHLQHKDQGOLFKH 7DVFKHQODPSHKHUDXVVFKDOWHWHVLHHLQXQGVFKLUPWHGHQ6WUDKO PLWGHU+DQGDE (VVLFNHUWHQRFKJHQJHQG/LFKWLQGHQ.RIIHUXP(LQ]HOKHLWHQ ]XHUNHQQHQ 'LH%HUHWWDODJLQHLQHPPLW6DPWDXVJHVFKODJHQHP.lVWFKHQ (EHQIDOOVGHU'ROFK -RKQQDKPEHLGHVDQVLFK'DV0DJD]LQGHU3LVWROHZDUPLW 6LOEHUNXJHOQJHIOOW'LH(UVDW]PDJD]LQHYHUVFKZDQGHQLQGHQ +RVHQWDVFKHQ'HQ'ROFKVWHFNWH-RKQLQHLQHOHGHUQH6FKHLGH GLHHUDQVHLQHP*UWHOEHIHVWLJWH
-RKQQDKPDXFKQRFKGLHEHLGHQ)OlVFKFKHQPLW:HLKZDVVHU DQVLFKXQGYHUVWHFNWHGHQ.RIIHUGDQQLQHLQHP*HEVFK -HW]WIKOWHHUVLFKXPYLHOHVZRKOHU 6HOEVWYHUVWlQGOLFKKDWWHGHU,QVSHNWRUVFKRQHLQHQ3ODQZLHHU YRUJHKHQZROOWH'DHWZDVPLWGHQ5HLVHQGHQJHVFKHKHQVROOWH VWDQGDXHU=ZHLIHO1XUGXUIWHPDQHVVRZHLWQLFKWNRPPHQ ODVVHQ-RKQKDWWHYRU'U7RG]XEHUUDVFKHQ(UZROOWHVLFKGLH VHV0HQVFKHQKDVVHUVEHPlFKWLJHQXQGLKQHLQIUDOOHPDODXV VFKDOWHQ'DQQZDUGLH*HIDKUDXFKYRQGHQEULJHQ5HLVHQGHQ JHQRPPHQ $EHUZLHVROOWHHULQGDV6FKORJHODQJHQ"-RKQKRIIWHHVYRQ GHU5FNVHLWH]XVFKDIIHQ0HLVWHQVJDEHVEHLGLHVHQ6FKO|VVHUQ (LQJlQJHZRIUKHUGLH.DXIOHXWHLKUH:DUHQDEJHOLHIHUWKDWWHQ 'HU*HLVWHUMlJHUVFKREVLFKDXVVHLQHU'HFNXQJ 'HU3ODW]YRUGHP6FKORZDUMHW]WOHHU1XUQRFKGHU%XV VWDQGGRUW(UZDUDOVNRPSDNWHU6FKDWWHQ]XHUNHQQHQ (VZDUPHUNOLFKNKOHUJHZRUGHQ -RKQNDPHVYRUZLHGLHEHUKPWH5XKHYRUGHP6WXUP 9RUVLFKWLJEHZHJWHHUVLFKDQGHU6FKORPDXHUHQWODQJ6WHLQH XQGbVWHNQLUVFKWHQXQWHUVHLQHQ6RKOHQ-RKQKDWWHGDV*HIKO GLHVHV*HUlXVFKZlUHPHLOHQZHLW]XK|UHQ 1HEHQGHU6FKORPDXHUEHIDQGVLFKQXUHLQVFKPDOHU3IDG'LH %HUJIHOVHQUHLFKWHQELVGLFKWDQGDV6FKORKHUDQ,QGHQ5LW]HQ GHUNDKOHQ6WHLQHIULVWHWHQ%lXPHGHUHQ$VWVSLW]HQEHUHLWVGLH 0DXHUEHUKUWHQLKUNlUJOLFKHV'DVHLQ $EXQG]XULVNLHUWHHV-RKQXQGOLHGLH/DPSHDXIEOLW]HQ'HU /LFKWVWUDKOKXVFKWHDOVJHOEHU6WUHLIHQDQGHUULVVLJHQ0DXHU HPSRUGRFKHLQ)HQVWHURGHUHLQHDQGHUHgIIQXQJZDUHQQLFKW ]XHQWGHFNHQ 'HU,QVSHNWRU]HUELHLQHQ)OXFK]ZLVFKHQGHQ=lKQHQ 6ROOWHHUWDWVlFKOLFKQXUYRQYRUQLQGDV6FKORKLQHLQJHODQJHQ N|QQHQ" (UJLQJZHLWHU 'HU3IDGZXUGHLPPHUVFKPDOHU'LH)HOVHQGUlQJWHQVLFK QRFKQlKHUDQGDV6FKORKHUDQ -RKQEOLHEVWHKHQXQGVDKVLFKXP
*UDEHVVWLOOHKHUUVFKWHKLHUXQGGD]XNDPGLHSHFKVFKZDU]H )LQVWHUQLVGLHQLFKWHLQPDOHLQIDKOHU0RQGHUKHOOWH 'HU,QVSHNWRUEHVFKORVRZHLW]XJHKHQELVGHU3IDG]X(QGH ZDU(UKDWWHVHLQH6FKULWWHJH]lKOWXQGNDPMHW]WVFKRQDXIHWZD IQI]LJ0HWHU 6FKOR0RQWHVLKDWWHZLUNOLFKJLJDQWLVFKH$XVPDH 'DQQKDWWHHUHQGOLFKGLH5FNVHLWHHUUHLFKW:LHGHUOLHGHU ,QVSHNWRUVHLQH/DPSHDXIEOLW]HQ 'HU%HUJKDQJWUDWKLHUHWZDV]XUFNELOGHWHXPGLH5FNVHLWH GHV6FKORVVHVHLQHQ+DOENUHLV'LFKWHU%DXPEHVWDQGEUHLWHWHVLFK ELV]XUHEHQHQ(UGHDXV 'HU,QVSHNWRUGUHKWHVLFKXPGLHHLJHQH$FKVH'LH/DPSH KLHOWHULQGHUUHFKWHQ+DQG 8QGGDVDKHUGLH7U 6LHZDUDXV+RO]]LHPOLFKVFKPDOGRFK]LHPOLFKKRFK(LQ HLVHQEHVFKODJHQHV6FKORZDUIGDV/DPSHQOLFKW]XUFN -RKQWUDWQlKHUZROOWHVLFKGDV6FKORDQVHKHQ'RFK]XHUVW SURELHUWHHUGLHJHVFKZXQJHQH.OLQNH (VNUHLVFKWHDOVHUVLHQDFKXQWHQGUFNWH -RKQYHU]RJGDV*HVLFKW1DWUOLFKZDUGLH7UDEJHVFKORVVHQ -RKQEHUOHJWHJHUDGHZDVHUZHLWHUXQWHUQHKPHQVROOWHGD K|UWHHUKLQWHUVLFKHLQOHLVHV.LFKHUQ :LHYRP%OLW]JHWURIIHQIXKUGHU,QVSHNWRUKHUXP'HU /DPSHQVWUDKOEUDFKVLFKDXIGHUEOLW]HQGHQ.OLQJHHLQHV .UXPPVFKZHUWHVGDVHLQZLOGDXVVHKHQGHU%XUVFKHLQGHU +DQGKLHOW %LOO&RQROO\EHPHUNWH-RKQ6LQFODLUV9HUVFKZLQGHQDOVHUVWHU PDFKWHVLFKMHGRFKNHLQHZHLWHUHQ*HGDQNHQVRQGHUQVWDUUWHDXI GLH:|OIHGLHDQ*UDI0RQWHVLYRUEHLLQGDV6FKORKXVFKWHQ 'HU5HSRUWHUNDQQWH'U7RGQLFKW(UKLHOWGHQ0DQQGRUWDXI GHU6FKZHOOHGHV(LQJDQJVWRUHVLPPHUQRFKIUGHQ*UDIHQ 0RQWHVL %LOOKDWWH]ZDUVFKRQYLHOYRQ'U7RGJHK|UWHUZDUDXFKLQ $XVHLQDQGHUVHW]XQJHQPLWGHVVHQ6FKHUJHQYHUZLFNHOWJHZHVHQ
DEHU]X*HVLFKWEHNRPPHQKDWWHHUGLHVHQ0HQVFKHQKDVVHUQRFK QLFKW %LOOZDUIHLQHQ]ZHLWHQ%OLFN]XGHU6WHOOHKLQZR-RKQHEHQ QRFKJHVWDQGHQKDWWH 9RQGHP,QVSHNWRUNHLQH6SXU -HW]WZXUGH%LOOQHUY|V$EHUZDKUVFKHLQOLFKZXWHGLHVH-DQH &ROOLQV%HVFKHLG %LOOVFKREVLFKLQ-DQHV5LFKWXQJ ª0LVV&ROOLQV©VDJWHHUOHLVH 'LH'HWHNWLYLQ]XFNWH]XVDPPHQ,UULWLHUWZDQGWHVLHGHQ .RSI %LOOJULQVWHª.HLQH$QJVW,FKELQHVQXU© ª:DVZROOHQ6LHGHQQ"© %LOOVWULFKEHUVHLQ+DDUXQGEOLFNWHVLFKSUIHQGXPª,FK VXFKH-RKQ6LQFODLU:LVVHQ6LHQLFKWZRHU"© ª$EHUHUVWHKWGRFKQHEHQ© -DQH&ROOLQVYHUVWXPPWHZLH]ZHL6HNXQGHQYRUKHUGHU 5HSRUWHU,KU*HVLFKWQDKPHLQHQXQJOlXELJHQ$XVGUXFNDQ ª'DVEHJUHLIHLFKQLFKW,FKKDEHGRFKQRFKYRUHLQHU0LQXWHPLW LKPJHVSURFKHQ%HYRUGLHVHU*UDIDXVGHU7UWUDW© ª-HW]WLVWHUDXIMHGHQ)DOOZHJ©EHPHUNWH%LOOWURFNHQª8QG ZLHLFK-RKQNHQQHKDWHUDXFKVHLQH*UQGHIUGLHVHVXUSO|W] OLFKH8QWHUWDXFKHQ© -DQH&ROOLQVIDWHQDFK%LOOV$UPª6LHPHLQHQHUKDWHWZDV HQWGHFNW"© ª0|JOLFK© ª'DQQLVWHUGRFKEHUXIOLFKPLWJHIDKUHQ©VDJWH-DQH %LOOSILIIOHLVHGXUFKGLH=lKQHª(UKDW,KQHQJHVDJWZDVHU YRQ%HUXILVW"© ª1LFKWGLUHNW,FKKDEHPDOVHLQ)RWRLQGHQ=HLWXQJHQJH VHKHQ© ª$KDGDKHUZHKWDOVRGHU:LQG$EHUSDVVHQ6LHDXI0LVV &ROOLQVHVJHKWORV© %LOOKDWWHUHFKW-DQRV5XIIULHIVHLQH6FKlIFKHQZLHGHU]XVDP PHQ*UDI0RQWHVLKDWWHVLFKLQGDV,QQHUHVHLQHV6FKORVVHV ]XUFNJH]RJHQ
1DFKHLQDQGHUEHWUDWHQGLH5HLVHQGHQGLHJURH+DOOH(V PDQJHOWHQLFKWDQHUVWDXQWHQ$KXQG2K5XIHQ 'HU*UDIVHOEVWZDUYHUVFKZXQGHQ%LOOZXQGHUWHVLFKGDUEHU GHQQQRUPDOHUZHLVHOLHHVVLFKHLQ*DVWJHEHUQLFKWQHKPHQ VHLQH*lVWHSHUV|QOLFK]XEHJUHQ -DQRV5XIIJDEHLQH(UNOlUXQJDE ª'HU*UDIZLUG6LHRIIL]LHOOEHLGHPKHXWHDEHQGVWDWWILQGHQGHQ *DOD(VVHQHPSIDQJHQ,QJHQDX]ZHL6WXQGHQ(UKDWVLFKMHW]W ]XUFNJH]RJHQXQGELWWHW6LHGLHV]XHQWVFKXOGLJHQ© -DQRV5XIIZLHVDXIGLHEUHLWH7UHSSHGLHQDFKREHQIKUWH ª'RUWOLHJHQ,KUH=LPPHU'HU*UDIKDWPLFKEHDXIWUDJWVLH ,KQHQ]X]HLJHQ© ª+DEWLKUGHQQKLHUNHLQ3HUVRQDO"©ULHI5RFN\6KXVWHU -DQRV5XIIZDQGWHVLFKGHPHKHPDOLJHQ%R[HU]Xª7XWPLU OHLG6LUDEHUDXIGLHVHQ/X[XVPVVHQ6LHIUGLH'DXHUGHV $XIHQWKDOWHVYHU]LFKWHQ© 5RFN\ZROOWHHWZDVHUZLGHUQGRFKVHLQH)UDX]LVFKWHLKP HLQLJH:RUWH]XXQGGDUDXIKLQ]RJHUHVYRU]XVFKZHLJHQ ª'DUILFK6LHGDQQELWWHQ©VDJWH5XIIXQGEHWUDWDOVHUVWHUGLH 7UHSSH %LOOQDKPVHLQHQXQG-DQHV.RIIHUXQGVHW]WHVLFKLQ%H ZHJXQJ 'HUIODFNHUQGH.HU]HQVFKHLQZDUIWDQ]HQGH6FKDWWHQDXIGLH *HVLFKWHUGHU5HLVHQGHQXQGPDQFKHLQHPOLHIVFKRQMHW]WHLQH *lQVHKDXWEHUGHQ5FNHQ 'LH=LPPHUZDUHQEHUGHQHUVWHQXQG]ZHLWHQ6WRFNGHV 6FKORVVHVYHUWHLOW %LOOXQG-DQHZRKQWHQLP]ZHLWHQGDKHUNDPHQVLHDXFKDOV OHW]WHDQGLH5HLKH 'HU5HSRUWHUPHUNWHGD5XIIQHUY|VJHZRUGHQZDU 6FKOLHOLFKWUDWGHU5HLVHOHLWHUDXI%LOO&RQROO\]X(UZDUIQRFK HLQHQVFKUlJHQ%OLFNDXI-DQH&ROOLQVXQGIOVWHUWHGDQQª,FK YHUPLVVH0U6LQFODLU(UZDUGRFKYRUKLQQRFKLP%XV.|QQHQ 6LHPLUVDJHQZRHUKLQJHJDQJHQLVW"© %LOOJULQVWHYRQHLQHP2KU]XPDQGHUHQª.HLQH$KQXQJPHLQ %HVWHU$EHUZHQQ6LHLKQILQGHQGDQQJUHQ6LHLKQYRQPLU©
5XIIEOLFNWH%LOOZWHQGDQXQGPDFKWHDXIGHP$EVDW]NHKUW ,PPHUQRFKJULQVHQG|IIQHWHGHU5HSRUWHUVHLQH=LPPHUWU ª0U&RQROO\"©-DQH&ROOLQV 6WLPPHKLHOW%LOO]XUFN ª:DVLVWGHQQ"©%LOOZDQGWHVLFKQRFKHLQPDOXP 'LH'HWHNWLYLQKLHOWGLH7UNOLQNHLQGHU+DQG'LHHLQH+lOIWH LKUHV*HVLFKWHVODJLP6FKDWWHQXQGGRFKNRQQWH%LOOHUNHQQHQ GDGLH)UDX$QJVWKDWWH(UVDKHVDQLKUHQ$XJHQ ª,FKZHLZDV6LHMHW]WVDJHQZROOHQ0LVV&ROOLQV$EHUNHLQH %DQJHXQVSDVVLHUWVFKRQQLFKWV)DOOVZLUNOLFKHWZDV8QJH Z|KQOLFKHVJHVFKLHKWUXIHQ6LHPLFK8QVHUH=LPPHUOLHJHQVLFK MDVFKOLHOLFKJHJHQEHU© ª'DQNH© %LOOOlFKHOWHLKUQRFKHLQPDO]XZDUWHWHELVVLHLQLKUHP =LPPHUYHUVFKZXQGHQZDUXQG|IIQHWHGDQQVHLQH7U hEHUUDVFKWEOLHEHUVWHKHQ 'HU5DXPZDUZLUNOLFKIDQWDVWLVFKHLQJHULFKWHW'HQ0LWWHO SXQNWELOGHWHHLQEUHLWHV+LPPHOEHWWGHVVHQ%DOGDFKLQDXV VFKZHUHU6HLGHZDU8QWHUVHLQHQ)HQVSUWH%LOOGLFNH 7HSSLFKHXQGDQGHU:DQGVWDQGQHEHQHLQHP6FKUDQNHLQNOHL QHU7LVFKPLW]ZHLJHSROVWHUWHQ6WKOHQ(VJDEDXHUGHPQRFK HLQHQ6FKUDQNXQGHLQHQPLW6FKQLW]HUHLHQYHU]LHUWHQ6HNUHWlU ª$OOH$FKWXQJ©PXUPHOWH%LOOª+LHUNDQQPDQHVDXVKDOWHQ© ª(VIUHXWPLFKGDHV,KQHQJHIlOOW©VDJWHSO|W]OLFKHLQH )UDXHQVWLPPH %LOO]XFNWHLPHUVWHQ$XJHQEOLFN]XVDPPHQXQGZDQGWHGDQQ GHQ.RSI (LQH)UDXWUDWDXVGHU'HFNXQJGHV6FKUDQNHVKHUYRU(LQH )UDXGLHDQ6FK|QKHLWVlPWOLFKH)LOPVWDUVEHUWUDI (VZDU9HUD0RQWHVL $XVGHP6WDQGKHUDXVKHFKWHWH+DGXNGHQ,QVSHNWRUDQ(LQ JHEDOOWHV%QGHODXV.UDIWXQG(QHUJLH'DVP|UGHULVFKH .UXPPVFKZHUW]LHOWHDXI-RKQV.RSI 'HU,QVSHNWRUUHDJLHUWHZLHDXVGHP/HKUEXFK(UJLQJLQGLH .QLHXQGULJOHLFK]HLWLJGHQUHFKWHQ$UPKRFK
'DV6FKZHUWSILIIEHUVHLQHP.RSIGXUFKGLH/XIWZlKUHQG GLH7DVFKHQODPSHJHJHQGHQ6FKlGHOGHV$QJUHLIHUVNUDFKWH (VJDEHLQGXPSIHV*HUlXVFK+DGXNJUXQ]WHEHUUDVFKW 'RFKVWRSSHQNRQQWH-RKQLKQVRQLFKW 'HU,QVSHNWRUOLHGLHQRFKEUHQQHQGH/DPSHIDOOHQ(UVSUDQJ PLWHLQHPJURHQ6DW]DXVGHPXQPLWWHOEDUHQ*HIDKUHQEHUHLFK +DGXNGUHKWHVLFKDXIGHU6WHOOH6HLQHWFNLVFKJOLW]HUQGHQ $XJHQVXFKWHQGHQ*HJQHU -RKQVWDQGLQJHGXFNWHU+DOWXQJGHP0|UGHUJHJHQEHU(U ZDUYROOHU.RQ]HQWUDWLRQXQGGDFKWHQLFKWGDUDQVHLQH3LVWROH ]X]LHKHQ:HQQHEHQP|JOLFKZROOWHHUGHQ.HUOPLWEORHQ )lXVWHQEHUZlOWLJHQGHQQHUHUKRIIWHVLFKYRQLKPQRFKHLQLJH ,QIRUPDWLRQHQEHUGDV6FKORXQG'U7RG $EHUDXFK+DGXNZXWHGDKLHUMHPDQGYRULKPVWDQGGHU QLFKWVROHLFKW]XEH]ZLQJHQZDUGDHUKLHUVHLQJHVDPWHV .|QQHQDXIELHWHQPXWHXPGHQ0DQQ]XEHUZlOWLJHQ 'LHEUHQQHQGH7DVFKHQODPSHOHJWHHLQHQEUHLWHQ/LFKWVWUHLIHQ ]ZLVFKHQGLH.lPSIHU-HGHUVDKGLH%HZHJXQJGHVDQGHUHQ 'DV.UXPPVFKZHUWZDUHLQHP|UGHULVFKH:DIIH'LHJHVDPWH 6FKQHLGHDQGHU,QQHQVHLWHZDUK|OOLVFKVFKDUI8QG+DGXN PDFKWHJDQ]GHQ(LQGUXFNDOVN|QQWHHUGDPLWXPJHKHQ ,QVWLQNWLYZXWHHUGDGLHVHU)UHPGHHLQH*HIDKUIU'U7RG GDUVWHOOWH +DGXNILQWLHUWHJHVFKLFNWVHW]WHDOOVHLQH7ULFNVHLQ,PPHU ZLHGHUVWLHHUGDV6FKZHUWYRUXQG]RJHVGDQQEOLW]VFKQHOO ZLHGHU]XUFN'DEHLEOLHE+DGXNQLFKWDXIHLQHP)OHFNVWHKHQ ,PPHUZDUHULQ%HZHJXQJ 'HU*HLVWHUMlJHUSHQGHOWHPLWEHREDFKWHWHMHGH$NWLRQDXV VFKPDOHQ$XJHQVFKOLW]HQ(LQH=HKQWHOVHNXQGHGHU8QDXIPHUN VDPNHLWNRQQWHLKQGDV/HEHQNRVWHQ 1XUGDV.HXFKHQGHUEHLGHQ0lQQHUNODQJGXUFKGLHGUFNHQ GH6WLOOH -RKQ6LQFODLUZXUGHLPPHUPHKU]XUFNJHGUlQJW1HEHQLKP UDJWHQEHUHLWVGLHKRKHQ%lXPHGHVDXVODXIHQGHQ%HUJKDQJVLQ GHQ+LPPHO:HQQ-RKQHVVFKDIIWHLQGLHVHP:DOG]XYHU VFKZLQGHQVDKHQVHLQH&KDQFHQZHVHQWOLFKEHVVHUDXV
$EHUGDVZXWHDXFK+DGXN(UVHW]WHDOOHVDXIHLQH.DUWH /HLFKWILJZLHHLQ%DOOHWWlQ]HUVSUDQJHUYRU$XVVHLQHP0XQG GUDQJHLQZLOGHU.DPSIVFKUHL'HU$UPPLWGHP6FKZHUW]HU WHLOWHGLH/XIW (VZDUHLQK|OOLVFKHU$QJULII .OHLQHUHbVWHXQG%OlWWHUIHJWHQDXI-RKQ]X 8QGGD]ZLVFKHQVDKHULPPHUZLHGHUGLHEOLW]HQGH6FKZHUW NOLQJHDXIWDXFKHQ 'D(LQZHLWHUHUVFKULOOHU6FKUHLGUDQJEHU+DGXNV/LSSHQ 6HLQ$UPVFKZDQJ]XUFN+DGXNVHW]WH]XPOHW]WHQDOOHVYHU QLFKWHQGHQ6FKODJDQ 'RFKDXFK-RKQ6LQFODLUZDUNHLQ$QIlQJHU:lKUHQGVLFK +DGXNVHLQHV2SIHUVVLFKHUZDUXQGPHKURGHUZHQLJHUJODXEWH PLW-RKQ6LQFODLU]XVSLHOHQKDWWHVLFKGHU*HLVWHUMlJHUHLQHQ KDQGOLFKHQ$VWJHSDFNW -RKQVDKGDV6FKZHUWDXIVLFK]XUDVHQVDKJOHLFK]HLWLJ+DGXNV VFKZHLQDVVHKDYHU]HUUWH)UDW]HXQGVFKOXJVHLQHUVHLWV]X -RKQVSUWHZLHDQVHLQHUOLQNHQ6FKXOWHUGDV-DFNHWWUL,Q GHUVHOEHQ6HNXQGHWUDIGHU.QSSHO+DGXNV*HVLFKW 'HU.DPSIVFKUHLJLQJLQHLQJUlOLFKHV+HXOHQEHU+DGXN ZDUDEJHOHQNWKDWWHJHQXJPLWVLFKVHOEVW]XWXQ -RKQV+DQGNDQWHIHJWHKHUDQ'LHJHEDOOWH:XFKWGHV6FKODJHV WUDI+DGXNV:DIIHQDUP 'HU6FKUHLGHV7UNHQEUDFKDE'DV6FKZHUWILHODXIGHQ :DOGERGHQ%HZHJXQJVXQIlKLJKLQJ+DGXNVUHFKWHU$UPDQGHU 6HLWHKHUXQWHUZlKUHQGGHU7UNHGLHOLQNH+DQGYRUGDV *HVLFKWJHSUHWKLHOW -RKQVNQDOOKDUWH5HFKWHOLH+DGXNHQGJOWLJ]XVDPPHQ VDFNHQ 'HU7UNHNUPPWHVLFKDP%RGHQ -RKQ]RJGHQ.HUOKDFKª6RPHLQ)UHXQGMHW]WZHUGHQZLU XQVPDOLQDOOHU5XKHXQWHUKDOWHQ© 'HU*HLVWHUMlJHUVWLH+DGXNPLWGHP5FNHQJHJHQHLQHQ %DXPVWDPP $XVGHU1DVHGHV7UNHQOLHI%OXW6HLQH$XJHQZDUHQZHLW DXIJHULVVHQ.HLQ=ZHLIHOGHU0|UGHUKDWWH$QJVW
-RKQVUHFKWH)DXVWXPNUDOOWH+DGXNV+HPGª5DXVPLWGHU 6SUDFKH©]LVFKWHGHU,QVSHNWRUª:DVZLUGKLHUJHVSLHOW"© +DGXNVFKWWHOWHGHQ.RSI'XPSIHXQYHUVWlQGOLFKH/DXWH GUDQJHQDXVVHLQHP0XQG -RKQ]RJGHQ*ULIIIHVWHUª5HGH]XP7HXIHO© :LHGHUVFKWWHOWH+DGXNGHQ.RSI(U]LWWHUWHDPJHVDPWHQ .|USHU 3O|W]OLFKZXUGH-RKQNODUGDGHU0DQQNHLQ:RUW(QJOLVFK YHUVWDQG8QGGHU*HLVWHUMlJHUEHKHUUVFKWHVHLQHUVHLWVGLH UXPlQLVFKH6SUDFKHQLFKW -RKQOLHGHQ7UNHQORVGHUDXJHQEOLFNOLFK]XVDPPHQVDFNWH (UILHODXIGHQ5FNHQ6WRZHLVHNDPGHU$WHPDXVVHLQHP 0XQG ,QVSHNWRU6LQFODLUKREGDV6FKZHUWDXIZRJHVLQVHLQHU+DQG +DGXNYHUNUDPSIWHGLH+lQGHLQHLQDQGHUXQGKREVLHPLW HLQHUIOHKHQGHQ*HVWH(UQDKPDQ-RKQZUGHLKQMHW]W XPEULQJHQ 'HU*HLVWHUMlJHUJULQVWHYHUlFKWOLFK1HLQYRQGLHVHU6RUWHZDU HUQLFKW -RKQGUHKWH+DGXNDXIGHQ5FNHQ'DQQ]RJHULKPGHQ *UWHODXVGHU+RVHXQGIHVVHOWHLKPVRJXWHVJLQJGLH+lQGH -RKQV7DVFKHQWXFKGLHQWHDQVFKOLHHQGDOV.QHEHO 6FKOLHOLFK]RJGHU,QVSHNWRUGHQ7UNHQQRFKHLQ6WFNGHQ +DQJKRFKXQGOHJWHLKQLQHLQ*HEVFK(UZXWHGDGLH )HVVHOXQJQLFKWODQJHYRUKDOWHQZUGHDEHULP0RPHQWJDEHV NHLQHDQGHUH0|JOLFKNHLW 'DV.UXPPVFKZHUWGHV7UNHQVWHFNWHHULQVHLQHQ*UWHO -RKQUXWVFKWHGHQ%HUJKDQJZLHGHUKLQXQWHUXQGVWDQGEDOGDQ GHU6FKORPDXHU (UKDWWHYRUKHUQRFK+DGXNV7DVFKHQGXUFKVXFKWXQGWDWVlFK OLFKHLQ6FKOVVHOEXQGJHIXQGHQ'UHL6FKOVVHOKLQJHQGDUDQ (LQHUSDWHEHVWLPPW -RKQKREVHLQH/DPSHDXI'DV*ODVZDUZLUNOLFKEUXFKVLFKHU VRZLHHVGHU+HUVWHOOHUYHUVSURFKHQKDWWH (UVWMHW]WVSUWH-RKQGHQ6FKPHU]'DV.UXPPVFKZHUWKDWWH LKQDQGHUOLQNHQ6FKXOWHUJHWURIIHQGRUWGDV-DFNHWW]HUIHW]WXQG
HLQHEOXWLJH)XUFKHEHUVHLQH+DXWJH]RJHQ-RKQV+HPGZDU DQGLHVHU6WHOOHEOXWJHWUlQNW 'HU,QVSHNWRU]HUELHLQHQ)OXFK6RHLQHNOHLQH6FKUDPPH NRQQWHLKQQLFKWDXIKDOWHQ (UNOHPPWHVLFKGLH7DVFKHQODPSH]ZLVFKHQGLH=lKQHXQG SURELHUWHGLH6FKOVVHO 'HUGULWWHSDWH 1DFKDQIlQJOLFKHP:LGHUVWDQGGUHKWHHUVLFKLP6FKOR -RKQGUFNWHDXIGLH.OLQNHXQGGLH7UVFKZDQJNQDUUHQG DXI (LQILQVWHUHV/RFKJlKQWHGHP,QVSHNWRUHQWJHJHQ -RKQQDKPGLH7DVFKHQODPSHDXVGHP0XQGXQGOLHGHQ 6WUDKOLQGLH'XQNHOKHLWZDQGHUQ )HXFKWHGLFNH0DXHUQXQGHLQHQLHGULJH'HFNHERWHQVLFK VHLQHQ$XJHQ -RKQEHWUDWGHQ*DQJXQG]RJGLH7UZLHGHUKLQWHUVLFK]X 7RWHQVWLOOHXPILQJLKQ 9RUVLFKWLJJLQJ-RKQGXUFKGHQ*DQJ$XIGHP%RGHQODJ *HU|OO 1DFKHLQLJHQ0HWHUQYHUEUHLWHUWHVLFKGHU*DQJXQGHQGHWH VFKOLHOLFKYRUHLQHU7UHSSHGLHLQGLH7LHIHIKUWH 'LH6WXIHQZDUHQKRFKXQGPLWHLQHUJUDXJUQHQ6FKLPPHO VFKLFKWEHU]RJHQ -RKQVFKZHQNWHGHQ$UPPLWGHU/DPSH(LQHGLFNH6WHLQVlXOH YHUVSHUUWHGLH6LFKW-RKQJLQJGLHSDDU6FKULWWHXPGLH6lXOH KHUXPXQGVDKGDGLH7UHSSHDXFKQDFKREHQIKUWH 'HU,QVSHNWRUEHUOHJWH)UZHOFKH5LFKWXQJVROOWHHUVLFK HQWVFKHLGHQ" :LHHUDXV(UIDKUXQJZXWHEHJDQQHQVROFKH7UHSSHQPHL VWHQVKLQWHUHLQHP*HKHLPJDQJ$EHUZRHQGHWGLHVHKLHU" )U-RKQ6LQFODLUZDUHQGLH.HOOHUJHZ|OEHYLHOLQWHUHVVDQWHU 8QWHU8PVWlQGHQHQWGHFNWHHUGRUW'U7RGV*HKHLPQLV -RKQVWLHJYRUVLFKWLJGLH6WXIHQKLQDE6LHVFKLHQHQNHLQ(QGH QHKPHQ]XZROOHQ 'RFKGDQQKDWWHHUHVJHVFKDIIW'LHOHW]WHQIQI6WXIHQZXUGHQ YRQGHU/DPSHDXVGHU'XQNHOKHLWJHULVVHQ
'HU*HLVWHUMlJHUVDKPHKUHUH*lQJHYRUVLFK(LQHUGDYRQZDU EHVRQGHUVEUHLW 'HU,QVSHNWRUJLQJQHXJLHULJGDUDXI]X 6WDXEXQG6SLQQZHEHQ]LWWHUWHQLQGHPJHEQGHOWHQ /LFKWVWUDKO-RKQHQWGHFNWH1LVFKHQLQGHQ:lQGHQLQGHQHQ NRVWEDUH6DUNRSKDJHVWDQGHQ +LHUZDUHQGLH0RQWHVLV]XUOHW]WHQ5XKHJHEHWWHWZRUGHQ'LH 6DUNRSKDJHVFKLHQHQXQEHUKUW -RKQJLQJZLHGHU]XUFN(UKDWWHYRUKLQQRFKHLQHQDQGHUHQ *DQJHQWGHFNW(UZDUZHVHQWOLFKVFKPDOHUDOVGLHDQGHUHQXQG DXFKQLHGULJHU 6FKRQQDFKZHQLJHQ0HWHUQWUDIGHU/LFKWVWUDKOHLQHGLFNH +RO]WU=X-RKQV(UVWDXQHQZDUVLHRIIHQ 'HU,QVSHNWRUODXVFKWHHLQLJH6HNXQGHQGRFKNHLQ/DXWGUDQJ DXVGHPGDKLQWHUOLHJHQGHQ5DXP -RKQ6LQFODLU]RJGLH7UQRFKHLQ6WFNZHLWHUDXIGDPLWHU KLQGXUFKVFKOSIHQNRQQWH'DV+RO]VFKOHLIWHEHUGHQ%RGHQ XQGGLHVHV*HUlXVFKYHUXUVDFKWHEHL-RKQ6LQFODLUHLQH *lQVHKDXW 'HU*HLVWHUMlJHUEHWUDWHLQ9HUOLHV(VZDUVWLFNLJXQGURFK LUJHQGZLHVOLFK -RKQ]RJVFKQXSSHUQGGLH1DVHKRFK'DQQZXWHHUZRQDFK HVKLHUURFK 1DFK%OXW" :HOFKVFKDXULJHV*HVFKHKHQPXWHVLFKKLHUXQWHUDEJHVSLHOW KDEHQ")U|VWHOQG]RJ-RKQGLH6FKXOWHUQKRFK 'HU/DPSHQVFKHLQZDUDXIHLQHPRIIHQHQ6DUNRSKDJKlQJHQ JHEOLHEHQ -RKQ6LQFODLUWUDWQlKHUKHUDQ 'HU6DUNRSKDJZDULQQHQPLWURWHP6DPWDXVJHVFKODJHQ,Q +|KHGHV.RSIHVODJHLQZHLHV.LVVHQ -RKQ6LQFODLUKDWWHGDV*HIKOGDLQGLHVHP6DUNRSKDJELVYRU NXU]HPQRFKMHPDQGJHOHJHQKDEHQPXWH(UGDFKWHVRIRUWDQ HLQHQ9DPSLU8QGZHQQHVWDWVlFKOLFKVRZDUGDQQZDUHQGLH 0HQVFKHQGHU5HLVHJUXSSHYHUORUHQGHQQJHJHQGLH%OXWVDXJHU KDWWHQVLHNHLQH&KDQFH1LFKWPLWQRUPDOHQ0LWWHOQ
-RKQ6LQFODLUDKQWHGDGLH=HLWMHW]WGUlQJWHZHQQHUQRFK HWZDVUHWWHQZROOWH 3O|W]OLFK]RJHQVLFKVHLQH$XJHQEUDXHQ]XVDPPHQ'HU /LFKWNHJHOGHU7DVFKHQODPSHKDWWHHLQHQJHOEHQ.UHLVDXIGDV .LVVHQJHZRUIHQ-RKQHUNDQQWHHLQODQJHVVFKZDU]HV+DDU 0LW]ZHL)LQJHUQKREHUHVKRFK .HLQ=ZHLIHOHVZDUHLQ)UDXHQKDDUXQGPXWHGHU3HUVRQ JHK|UHQGLHLQGHP6DUNRSKDJJHOHJHQKDWWH (LQH)UDXDOVRHLQH8QWRWH -RKQ|IIQHWHGLH)LQJHUXQGGDV)UDXHQKDDUVFKZHEWH]X %RGHQ ,PVHOEHQ$XJHQEOLFNK|UWHGHU,QVSHNWRULQVHLQHP5FNHQ HLQ+HFKHOQ ,QVWLQNWLYWUDWHUHLQHQ6FKULWW]XU6HLWHXQGZDQGWHVLFKXP =ZHL:|OIHVWDUUWHQLKQDQ'LHJHOEOLFKHQ5DXEWLHUDXJHQIXQ NHOWHQPRUGOVWHUQXQGDXVGHQKDOERIIHQHQ0lXOHUQWURIIGHU *HLIHU -RKQ6LQFODLUEUDXFKWHNHLQ3URSKHW]XVHLQXP]XZLVVHQGD HUMHW]WNlPSIHQPXWH .lPSIHQRGHUXQWHUJHKHQ %LOO&RQROO\EHUZDQGVHLQHhEHUUDVFKXQJ]LHPOLFKVFKQHOO ª1DZHQQGDVNHLQ6HUYLFHLVW©VDJWHHUXQGZDUIGHQ.RIIHU VFKZXQJYROODXIGDVSUlFKWLJH+LPPHOEHWW 'LH)UDXWUDW]ZHL6FKULWWHYRU$XILKUHP*HVLFKWODJHLQ YHUORFNHQGHV/lFKHOQ 6LHWUXJHLQJUQOLFKVFKLPPHUQGHVODQJHV.OHLGPLWHLQHP RIIHQKHU]LJJHVFKQLWWHQHQ'HNROOHWpGDVGHQ$QVDW]LKUHV %XVHQVVHKHQOLH8PLKUHQPDNHOORVHQ+DOVZDQGVLFKHLQH NRVWEDUH3HUOHQNHWWH'DV*HVLFKWZDUYRQHEHQPlLJHU 6FK|QKHLWMHGRFKVHOWVDPEOHLFKXQGGHU0XQGZLUNWHGDULQZLH HLQEOXWURWHV0DO 'LH$XJHQZDUHQHVGLH%LOODPPHLVWHQIDV]LQLHUWHQ6LH KDWWHQHLQHJUQH)DUEHXQGVWUDKOWHQHWZDVDXVGDVHLQHQ 0DQQXQZLOONUOLFKLQVHLQHQ%DQQ]RJ
%LOOUlXVSHUWHVLFKGLH.HKOHIUHLXQGVHQNWHGHQ%OLFNª'DUI PDQHUIDKUHQZDVGLHVHU%HVXFKEHGHXWHWRGHUELQLFKYHU VHKHQWOLFKLQHLQHPIDOVFKHQ=LPPHUJHODQGHW"© ª1HLQGDVEHVWLPPWQLFKW©VDJWHGLH)UDX6LHKDWWHHLQHZRKO NOLQJHQGH6WLPPH,KU(QJOLVFKKDWWHHLQHQKDUWHQ$N]HQWZLH PDQLKQEHLGHQ2VWHXURSlHUQRIWILQGHW ª:DVYHUVFKDIIWPLUGDQQGLH(KUH,KUHV%HVXFKHV"©ZROOWH%LOO ZLVVHQ(UWDVWHWHXQZLOONUOLFKQDFKVHLQHQ=LJDUHWWHQXPPLW HLQHP6WlEFKHQVHLQH1HUYRVLWlW]X]JHOQ ª/DVVHQ6LHGRFK©VDJWHGLH8QEHNDQQWH %LOOVWHFNWHDXWRPDWLVFKGLH3DFNXQJZLHGHUZHJ ª,FKELQ9HUD0RQWHVL©K|UWH%LOOGLH6FK|QHVDJHQ ª'LH*UlILQ"©HFKRWHGHU5HSRUWHU ª-D© %LOOVDKZLHGHULQGLHJUQHQ$XJHQGLHHLQHHLQ]LJH9HU ORFNXQJGDUVWHOOWHQ=XP7HXIHOGLHVH)UDXPDFKWHLKQQRFK YHUUFNW %LOOULVLFK]XVDPPHQGRFKGDVSUWHHUVFKRQ9HUD0RQWHVLV +lQGHEHUVHLQH%UXVWJOHLWHQ ª'LFKKDEHLFKDXVJHVXFKW©IOVWHUWHGLH*UlILQXQGLKUH /LSSHQEHIDQGHQVLFKGLFKWYRU%LOOV*HVLFKW 'HU5HSRUWHU]RJVFKDUIGLH/XIW]ZLVFKHQVHLQH=lKQH:HQQ HUMHW]WQLFKWVWDQGKDIWEOLHEGDQQ 3O|W]OLFKVWXW]WH%LOO8QZLOONUOLFKWUDWHUHLQHQ6FKULWW]XUFN (LQVHOWVDPHU*HUXFKZDULQVHLQH1DVHJHGUXQJHQ %LOONQLIIGLH$XJHQ]X6FKOLW]HQ]XVDPPHQ 'LH*UlILQPXWHZRKOHWZDVEHPHUNWKDEHQGHQQDXFKVLH KDWWHHLQHDQJHVSDQQWH+DOWXQJDQJHQRPPHQ %LOOVFKOXFNWH'DQQVDJWHHUª,FKP|FKWH6LHGRFKMHW]WELWWHQ GDV=LPPHU]XYHUODVVHQ,FKZLOOPLFKYRUGHP(VVHQQRFKHLQ ZHQLJDXVUXKHQ© ª9RUGHP(VVHQ"©'LH*UlILQODFKWHOHLVHª$EHUHVZLUGGRFK QXUIUXQVJHJHEHQ(VLVWHLQ+RFK]HLWV'LQQHU© ª:LHELWWH"© ª(LQ+RFK]HLWV'LQQHU,FKZHUGHKHXWHKHLUDWHQXQGGXZLUVW PHLQ%UlXWLJDPVHLQ©
'LH*UlILQKDWWHEHVWLPPWJHVSURFKHQVRDOVGXOGHVLHNHLQHQ :LGHUVSUXFK %LOO&RQROO\KDWWHGHQ9HUGDFKWLQHLQHP,UUHQKDXVJHODQGHW]X VHLQ$POLHEVWHQKlWWHHUGLHVH3HUVRQUDXVJHZRUIHQ7URW]LKUHU 6FK|QKHLW$EHU%LOOEHKHUUVFKWHVLFK ª'DVVROOGRFKZRKOQXUHLQ6FKHU]VHLQ©VDJWHHUª6XFKHQ6LH VLFK,KUHQ%UlXWLJDPZR6LHZROOHQQXUODVVHQ6LHPLFKLQ5XKH 8QGIDOOVHVHLQ6SDGHV5HLVHOHLWHUVVHLQVROOGDQQEHVWHOOHQ6LH LKPHVZDUHLQYHUGDPPWVFKOHFKWHU© 'DV*HVLFKWGHU*UlILQYHUVFKORVLFKª,FKKDEHGDV*HIKO 6LHYHUNHQQHQQRFKLPPHU,KUH/DJH©6LHZDUZLHGHULQHLQHQ I|UPOLFKHQ7RQIDOO]XUFNJHIDOOHQª(VJLEWIU6LHNHLQ=XUFN PHKU6LHZHUGHQPLUJHKRUFKHQRGHUVWHUEHQ© -HW]WZXUGHGHU5HSRUWHUHQGJOWLJlUJHUOLFK2ND\HUKDWWH GLHVH5HLVHPLWJHPDFKWKDWWHVLFKHLQHJUXVHOLJH$EZHFKVOXQJ YHUVSURFKHQDEHUPLWVROFKHP8QVLQQGXUIWHPDQLKPQLFKW NRPPHQ ª9HUVFKZLQGHQ6LHHQGOLFK©]LVFKWHHUªVRQVWYHUJHVVHLFKGD 6LHHLQH)UDXVLQG© 9HUD0RQWHVLODFKWHOHLVHª,FKJODXEHGDVZHUGHQ6LHVLFK EHUOHJHQ© ª5DXV©VFKULH%LOO6HLQ*HVLFKWZDU]RUQURW(UVSUDQJDXIGLH *UlILQ]XXQGSDFNWHLKUHQ$UP ,PVHOEHQ0RPHQW]XFNWH%LOO]XUFN 'LH+DXWGHU*UlILQZDUHLVNDOW:LHEHLHLQHU7RWHQ 6FKODJDUWLJHULQQHUWHVLFK%LOOZLHGHUDQGHQ*HUXFK6ROOWH 9HUD0RQWHVLHLQH8QWRWHVHLQ" %LOO&RQROO\ZDQGWHGHQ.RSIEOLFNWHGHU)UDXLQV*HVLFKW 'LH*UlILQOlFKHOWHE|VHª,FKPHUNHGXDKQVWHWZDV©VDJWHVLH XQGVFKREODQJVDPLKUH2EHUOLSSH]XUFN %LOO&RQROO\EDOOWHGLH+lQGH]X)lXVWHQ*HEDQQWVWDUUWHHUDXI GLHEHLGHQQDGHOVSLW]HQ9DPSLU]lKQHGLHODQJVDP]XP 9RUVFKHLQNDPHQ 6HLQHVFKUHFNOLFKHQ$KQXQJHQKDWWHQVLFKEHVWlWLJW9HUD 0RQWHVLZDUHLQH8QWRWH
:LHHLQ7ULXPSKDWRUVWDQG'U7RGLQGHPJURHQ6DDO 'U7RG'DVZDUGLH,QNDUQDWLRQGHV%|VHQGDVZDUGHU0DQQ GHUGLH0HQVFKKHLWELVDXIV%OXWKDWHXQGVLFKPLWDOOHQ .RQVHTXHQ]HQGHP6DWDQYHUVFKULHEHQKDWWH 6FKFKWHUQNORSIWHHVJHJHQGLH7U ª-D©'U7RGV6WLPPHNODQJPHWDOOLVFK 'LHJURH)OJHOWUZXUGHHLQ6WFNJH|IIQHW-DQRV5XII VFKDXWHKHUHLQ 6HLQIDKOJHOEHV+DDUNOHEWHVFKZHLQDDP.RSI,QVHLQHP *HVLFKW]XFNWHQHLQLJH0XVNHOQ.HLQ=ZHLIHOGHU0DQQZDU QHUY|V ª:DVJLEWHV5XII"© 'U7RGV$XJHQIL[LHUWHQGHQ5HLVHXQWHUQHKPHUVFKLHQHQDXI GHQ*UXQGVHLQHU6HHOHEOLFNHQ]XN|QQHQXQGEHPHUNWHQGLH $QJVWGLHLQGLHVHP0DQQVWHFNWH ª6LULFKLFKZHLQLFKWVRUHFKWZLHLFKHV,KQHQVDJHQVROO $EHUYRQGHU5HLVHJHVHOOVFKDIWIHKOWMHPDQG© ª:DVKHLWGDV"© -DQRV5XIIOlFKHOWHYHU]HUUWª1XQLP%XVZDUHQVLHQRFK DOOHYRUKDQGHQXQGKLQWHUKHUDOVLFKGHQ/HXWHQLKUH=LPPHU ]HLJWHZDUHLQH3HUVRQQLFKWPHKUGDEHL© ª:DUHVHLQ0DQQRGHUHLQH)UDX"© ª(LQ0DQQ© ª:RNDQQHU,KUHU0HLQXQJQDFKJHEOLHEHQVHLQ"© -DQRV5XII]XFNWHPLWGHQ6FKXOWHUQª(UNDQQVLFKQXUGUDXHQ LQGHU1lKHGHV6FKORVVHVKHUXPWUHLEHQ,QGLHQlFKVWH6WDGW]X ODXIHQZLUGLKPNDXPJHOLQJHQGD]XQRFKLQHLQHPY|OOLJ IUHPGHQ/DQG© ª'HU%XVVWHKWGRFKQRFKYRUGHP6FKOR"©IUDJWH'U7RG ª-D© ª'DQQZLUGHVIUGHQ0DQQNHLQH6FKZLHULJNHLWHQEHGHXWHQ ]XIOLHKHQ© ª'DVLVWXQP|JOLFK6LU,FKKDEHGLH6FKOVVHO© ª0DQNDQQVROFKH:DJHQDXFKNQDFNHQ© 5XII]XFNWHPLWGHQ6FKXOWHUQª,FKN|QQWHGLH5HLIHQGXUFK VWHFKHQ©VFKOXJHUYRU
ª'DVZlUHHLQH0|JOLFKNHLW©JDE'U7RG]Xª$EHUYRUKHU YHUVXFKHQ6LHGHQ0DQQ]XILQGHQ.HQQHQ6LHVHLQHQ1DPHQ"© ª6HOEVWYHUVWlQGOLFK6LU©-DQRV5XQLFNWHHLIULJª6HLQ1DPH ODXWHW-RKQ6LQFODLU© ,QGHQHUVWHQ6HNXQGHQGDQDFKZDUHVWRWHQVWLOO'DQQVFKOXJ 'U7RGVHLQHUHFKWH)DXVWLQGLHRIIHQHOLQNH+DQGIOlFKH ª,QVSHNWRU6LQFODLU©IOVWHUWHHUª'HU%OXWKXQGYRP
-RKQOLHQLFKWORFNHUElXPWHVLFKDXIXQGVWHPPWHGDV 5DXEWLHULPPHUZHLWHU]XUFN 'RFKVFKRQKRFNWHGLH]ZHLWH%HVWLHVSUXQJEHUHLWYRUGHQ EHLGHQ.lPSIHQGHQ6LHZDUWHWHQXUGDUDXIHLQJUHLIHQ]X N|QQHQ -RKQ6LQFODLUNlPSIWHYHUELVVHQPRELOLVLHUWHDOOH.UlIWH8QG GHU:ROIPXWHZHLFKHQ,PPHUZHLWHUZXUGHHU]XUFN JHGUlQJW0LWGHUIUHLHQ+DQGXPNODPPHUWH-RKQMHW]WGLH.HKOH GHU%HVWLHXQGZDUIGDV7LHUPLWHLQHPUXFNDUWLJHQ$XVIDOOYRQ VLFK 'DVSUDQJGHUDQGHUH:ROI :lKUHQGGLHHUVWH%HVWLHMDXOHQGEHUGHQ%RGHQUROOWHKHFK WHWHHUDXI-RKQ6LQFODLU]X 0LWHLQHPJHZDOWLJHQ6DW]ZLFKGHU,QVSHNWRUGHP:ROIDXV 'LH%HVWLHVSUDQJLQV/HHUHZLUEHOWHMHGRFKDXIGHU6WHOOHKHUXP XPZLHGHUDQ]XJUHLIHQ -RKQ]RJGDV.UXPPVFKZHUW-HW]WZDUHVIULKQHLQHZHUW YROOH:DIIH 'HU:ROIZLFK]XFNHQG]XUFN(UPXWHZRKOGLH:DIIH NHQQHQKDWWHYLHOOHLFKWVFKRQVHOEVWGDPLW%HNDQQWVFKDIW JHPDFKW $XFKGLHDQGHUH%HVWLHKDWWHVLFKZLHGHUHUKROW6LHYHUVXFKWH -RKQLQGHQ5FNHQ]XJHODQJHQ'LHJHOEHQ5DXEWLHUDXJHQ IL[LHUWHQGHQ,QVSHNWRU 'HU*HLVWHUMlJHUZROOWHVLFKQLFKWHLQNUHLVHQODVVHQ:HQQGDV JHVFKDKNRQQWHLKPDXFKGDV6FKZHUWQLFKWYLHOKHOIHQGDQQ ZDUHUJHOLHIHUW(LQH%HVWLHEUDXFKWHLKPQXUDXIGLH6FKXOWHUQ ]XVSULQJHQXQGGLH=lKQHLQVHLQHQ+DOV]XVFKODJHQ -RKQ6LQFODLUEHUQDKPVHOEVWGLH,QLWLDWLYH(UJULIIDQNDP EHUGLH%HVWLHQZLHHLQ7RUQDGR -RKQGUHKWHVLFKDXIGHU6WHOOHXQGHLQJHZDOWLJHU6DW]EUDFKWH LKQGLUHNWQHEHQGHQ:ROIGHULKQYRQKLQWHQEHUOLVWHQZROOWH 'LH%HVWLHZDU]XEHUUDVFKW 'DV6FKZHUWEOLW]WHDXI3IHLIHQG]HUVFKQLWWHVGLH/XIWXQG WUHQQWH6HNXQGHQEUXFKWHLOHVSlWHUGHQ.RSIYRP5XPSIGHU PRUGJLHULJHQ%HVWLH
$XVGHQ$XJHQZLQNHOQVDK-RKQGHQ]ZHLWHQ6FKDWWHQKHUDQ IOLHJHQ 'HU,QVSHNWRUSDFNWHGDV6FKZHUWPLWEHLGHQ+lQGHQULHV KRFKXQGLPQlFKVWHQ$XJHQEOLFNMDJWHGLH6FKQHLGHGHP 5DXEWLHUHQWJHJHQ 'HU:ROIZXUGHPLWWHQLQGHU/XIWJHWURIIHQ 'HU,QVSHNWRUVSUDQJVFKQHOO]XU6HLWHGDPLWGHU.|USHUQLFKW JHJHQLKQSUDOOWH 6FKZHUVWW]WHVLFK-RKQDXIGHQ5DQGGHV6DUNRSKDJV'DV 6FKZHUWKDWWHHUZLHGHULQVHLQHQ*UWHOJHVWHFNW -RKQV$WHPJLQJVFKQHOOXQGNHXFKHQG'HU,QVSHNWRUZDULQ 6FKZHLJHEDGHW'LH6DFKHQNOHEWHQQXUVRDQVHLQHP.|USHU 8QGGLHYHUEUDXFKWH/XIWWDWHLQEULJHVXPVHLQHQ0DJHQ UHYROWLHUHQ]XODVVHQ 0LQXWHQODQJEOLHE-RKQVRVWHKHQ=ZHL%HVWLHQKDWWHHUHU OHGLJW$EHUHVZDUHQQRFK]ZHLGD -RKQ6LQFODLUKREGLH7DVFKHQODPSHYRP%RGHQDXI 'DPLWOHXFKWHWHHUGDV9HUOLHVDE(UVDKGLH.DGDYHUGHU:|OIH XQGVFKWWHOWHVLFK'DQQWUDIGHU6WUDKOHLQHQGHUDEJHWUHQQWHQ .|SIH -RKQV+HU]VFKODJVWRFNWH8USO|W]OLFKEHUNDPGHQ,QVSHNWRU GDVQDFNWH*UDXHQ 'HU.RSIKDWWHVLFKYHUZDQGHOWKDWWHPHQVFKOLFKH=JHDQJH QRPPHQ'LH6FKQDX]HZDUIODFKHUJHZRUGHQHLQ7HLOGHU+DDUH ZDUYHUVFKZXQGHQXQGGLH$XJHQKDWWHQHLQHQIDVWIOHKHQGHQ $XVGUXFNDQJHQRPPHQ -RKQ6LQFODLUVFKWWHOWHVLFK:DVZDUKLHUJHVFKHKHQ":DUHQ GLHVH:|OIHLQ:LUNOLFKNHLW0HQVFKHQJHZHVHQRGHU :ROIVPHQVFKHQ":HOFKJUDXVDPHV6SLHOKDWWH'U7RGPLWLKQHQ JHWULHEHQ"(UKDWWHGLHVH0HQVFKHQPLW+LOIHGHU6FKZDU]HQ 0DJLHLQ:|OIHYHUZDQGHOW(LQHXQYRUVWHOOEDUH7DW -RKQ6LQFODLUZDQGWHVLFKDE(UNRQQWHGLHVHQ$QEOLFNQLFKW OlQJHUHUWUDJHQ (UZDUDXIGHU+XWDOVHUGHQ6FKDXSODW]GHV.DPSIHVYHUOLH -RKQUHFKQHWHMHGHQ$XJHQEOLFNPLWHLQHP$QJULIIGHUDQGHUHQ EHLGHQ:|OIH
-RKQEOLHEVWHKHQXQGODXVFKWH.HLQ+HFKHOQRGHU.HXFKHQ GUDQJDQVHLQH2KUHQ(VZDUPHUNZUGLJVWLOOLQGLHVHPXQWHU LUGLVFKHQ/DE\ULQWKYRQ*lQJHQXQG9HUOLHVHQ -RKQ6LQFODLUUHFKQHWHPLWZHLWHUHQhEHUUDVFKXQJHQZlKUHQG HUGXUFKGLH*lQJHVFKOLFK'HUKHOOH/DPSHQVWUDKOZLHVLKPGHQ :HJ -RKQ6LQFODLUJLQJGXUFK4XHUJlQJHXQGPDFKWHPDNDEUH (QWGHFNXQJHQ ,QHLQHP9HUOLHVODJHQGLHhEHUUHVWHYRQ0HQVFKHQGLHKLHU YRU+XQGHUWHQYRQ-DKUHQHLQHQJUDXVDPHQ+XQJHUWRGHUOLWWHQ KDEHQPXWHQ 'LHEOHLFKHQ.QRFKHQXQG6FKlGHOZDUHQWHLOZHLVHVFKRQ]X 6WDXE]HUIDOOHQ 6LHZDUHQ=HXJHQHLQHUJUDXVDPHQ9HUJDQJHQKHLWLQGHU 0HQVFKHQRIWZLH7LHUHEHKDQGHOWZXUGHQWHLOZHLVHVRJDUQRFK VFKOHFKWHU 8QGGDQQVWDQG-RKQ6LQFODLUYRUGHU)ROWHUNDPPHU'LH7U GLHGLH.DPPHUYHUVFKORZDUJU|HUXQGPDVVLYHUDOVGLH DQGHUHQ -RKQV/LSSHQSUHWHQVLFKKDUWDXIHLQDQGHUDOVHUGLH7UDXI ]RJ(UVWUHFNWHGHQ$UPPLWGHU/DPSHYRU 'HU/LFKWVWUDKOULGLH0DUWHULQVWUXPHQWHDXVGHU'XQNHOKHLW 'HU,QVSHNWRUEHWUDWGLH)ROWHUNDPPHU%LVDXIGLH0DUWHU LQVWUXPHQWHVFKLHQVLHOHHU]XVHLQ 6FKLHQGHQQ-RKQVDKGHQ6FKDWWHQQLFKWGHUKLQWHUGHU7U ODXHUWH.HLQ$WHPYHUULHWGHVVHQ$QZHVHQKHLW 'HQQ8QWRWHDWPHQQLFKW 'HU*HLVWHUMlJHUWUDWQRFKHLQHQ6FKULWWYRU 6FKUlJKLQWHULKPKREGHU9DPSLUGHQUHFKWHQ$UP6HLQH )LQJHUXPNODPPHUWHQHLQHQDUPODQJHQ.QSSHO (LQHQ+HU]VFKODJVSlWHUVSUWH-RKQKLQWHUVLFKHLQHQ/XIW]XJ (UZROOWHVLFKQRFKKHUXPZHUIHQGRFKHVZDUVFKRQ]XVSlW (WZDVWUDIPLWP|UGHULVFKHU:XFKWVHLQHQXQJHVFKW]WHQ 6FKlGHOXQGIU-RKQ6LQFODLUJLQJHQGLH/LFKWHUDXV :LHHLQ%DOORQDXVGHPPDQGLH/XIWOlWVDFNWH-RKQDXIGHQ KDUWHQ6WHLQERGHQ'LH/DPSHUROOWHLKPDXVGHQ)LQJHUQ
'HU9DPSLUWUDWDXVGHP6FKDWWHQGHU7U(UODFKWHWULXP SKLHUHQGDXI 'RUWODJVHLQHUVWHV2SIHU 'HU8QWRWHHVZDUQLHPDQGDQGHUHVDOV'LQR=DFKHZ GUHKWH-RKQDXIGHQ5FNHQ (LQ5DXVFKSDFNWHGHQ8QWRWHQ(UEHXJWHVHLQHQ.RSIYRU'LH ODQJHQKlVVOLFKHQ=lKQHVFKLPPHUWHQ 3O|W]OLFK]XFNWHGHU9DPSLU]XUFN1HLQGLHVHV2SIHUZDU LKPVLFKHU$EHUGRUWREHQGDEHIDQGHQVLFK0HQVFKHQGLHQRFK QLFKWVYRQVHLQHU([LVWHQ]DKQWHQ =DFKHZSDFNWH-RKQ6LQFODLUXQWHUEHLGH$FKVHOK|KOHQXQG VFKOHLIWHLKQ]XGHU:DQGKLQDQGHUGLH.HWWHQEHIHVWLJWZDUHQ =DFKHZODFKWHZLOG$XFKHUKDWWHKLHUVFKRQJHKDQJHQ%LV 9HUD0RQWHVLJHNRPPHQZDUXQGLKQEHIUHLWKDWWH -DVRZUGHHUHVPLWGLHVHP)UHPGHQDXFKPDFKHQ 6FKRQEDOGKLQJGHUEHZXWORVH-RKQ6LQFODLULQGHQ.HWWHQ XQGHVJDENHLQH&KDQFHIULKQVLFK]XEHIUHLHQ 9HUD0RQWHVLODFKWHJUDXVDP,KUHLQVWVRVFK|QHV*HVLFKWZDU QXUQRFKHLQH)UDW]H=ZLVFKHQGHQEOXWURWHQ/LSSHQVWDFKHQ GURKHQGGLH9DPSLU]lKQHKHUYRU'LHJUQHQ$XJHQEOLFNWHQ JLHULJ %LOO&RQROO\ZDUELV]XU:DQG]XUFNJHZLFKHQ:HQQGLH 8QWRWHDQQDKPHUKlWWH$QJVWGDQQLUUWHVLHVLFK(UZXWHZLH PDQGLHVH%HVWLHQEHNlPSIHQPXWH1XUIHKOWHQLKPLQGLHVHP $XJHQEOLFNGLH0LWWHO 9HUD0RQWHVLNUPPWHLKUH)LQJHU]X.UDOOHQ6LHIL[LHUWHLKU 2SIHUDXVVWDUUHQNDOWHQ$XJHQ ª1XQKDVWGXHVGLUMHW]WEHUOHJW"©]LVFKWHVLH %LOOJULQVWHKDUWª,FKGHQNHJDUQLFKWGDUDQ'XKDVWGLUGHQ IDOVFKHQDXVJHVXFKWOLHEH9HUD,FKZHUGHGLFKGRUWKLQVFKLFNHQ ZRKLQGXJHK|UVW,QGLH+|OOH© 'LH8QWRWHIDXFKWHKDHUIOOW 6LHKDWWHGDPLWJHUHFKQHWHLQHQYRU$QJVWJHOlKPWHQ0DQQ YRU]XILQGHQGRFKGDVZDUHLQ,UUWXP
'LHVHU0DQQ]HLJWHNHLQH$QJVW$OVRPXWHHUPLW*HZDOW JHIJLJJHPDFKWZHUGHQ ª,FKZHUGHGLFK]XPHLQHP'LHQHUPDFKHQ©NHXFKWHGLH 0RQWHVL :lKUHQGGLHVHU:RUWHNDPVLHXQEHLUUEDUDXI%LOO&RQROO\]X 'HU5HSRUWHUZDUNDOWELVLQV0DUN(UZUGHVLFKVHLQHU+DXW VFKRQ]XZHKUHQZLVVHQ *DQ]GLFKWOLH%LOOGLH*Ul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gVHQ %LOO]RJHLQHQ'HJHQKHUDXV 'HU5HSRUWHUUDQQWHGDPLW]XUFNLQGDV=LPPHU 9HUD0RQWHVLKDWWHVLFKLQ]ZLVFKHQDXVGHP%HWWJHUROOW:LH HLQ5DXEWLHUYRUGHP6SUXQJVWDQGVLHJHGXFNWLQGHU0LWWHGHV 5DXPHV %LOOV$XJHQYHUHQJWHQVLFK]XVFKPDOHQ6FKOLW]HQª6R© IOVWHUWHHUªMHW]WVLHKWGLH6DFKHVFKRQJDQ]DQGHUVDXV 'HQNGDUDQZDVLFKGLUYRUKLQYHUVSURFKHQKDEHVFK|QH9HUD© 'LHKHLH$QJVWOHJWHVLFKDXIGDV*HVLFKWGHU8QWRWHQ6LH ZXWHSO|W]OLFKGDVLHMHW]WXPLKU!/HEHQNlPSIHQPXWH %LOOKLHOWGHQ'HJHQLQGHUUHFKWHQ+DQG'HU$UPZDUZHLW YRUJHVWUHFNW 0LWIHGHUQGHQ6FKULWWHQJLQJHUDXIGLH8QWRWH]XGLHLPPHU ZHLWHU]XUFNZLFK'DV.HU]HQOLFKWEUDFKVLFKIXQNHOQGDXIGHU EODQNHQ'HJHQNOLQJH
'LH8QWRWHVWLHPLWGHP5FNHQJHJHQGLH:DQG6LHNRQQWH QLFKWPHKUZHLWHU(VJDENHLQHQ$XVZHJ %LOOKREGLH:DIIH]XP6WR 9HUD0RQWHVLKDWWHEHLGH$UPHDEZHKUHQGYRUJHVWUHFNW$XV LKUHP0XQGGUDQJHQXQDUWLNXOLHUWH$QJVWVFKUHLH-DDXFK 9DPSLUHHPSILQGHQ7RGHVDQJVW %LOOKROWHQRFKHLQPDOWLHI/XIWXPGDQQGLHVHPXQVHOLJHQ !/HEHQHLQ(QGH]XEHUHLWHQ ª:HQQ6LHGDVWXQVFKLHHLFK,KQHQHLQH.XJHOLQGHQ 5FNHQ©K|UWH%LOO&RQROO\SO|W]OLFKHLQH6WLPPH 'HU5HSRUWHUYHUHLVWH'HU$UPPLWGHP'HJHQEOLHELQGHU /XIWKlQJHQ 9RULKPODFKWH9HUD0RQWHVLK\VWHULVFKDXI)DXFKHQGIXKUVLH %LOOHQWJHJHQ ª%OHLEVWHKHQ©HUVFKROOZLHGHUGLHNDOWH6WLPPHª8QG6LH 0LVWHUODVVHQGHQ'HJHQIDOOHQ© %LOO|IIQHWHGLH)LQJHU'LH:DIIHSROWHUWH]X%RGHQ ª6RMHW]WN|QQHQ6LHVLFKXPGUHKHQ© %LOOJHKRUFKWH 9RULKPVWDQGQLHPDQGDQGHUHVDOV*UDI0RQWHVL (VGDXHUWH6HNXQGHQELV%LOO&RQROO\GHQ6FKRFNEHUZXQGHQ KDWWH'DQQ]XFNWHHUPLWGHQ6FKXOWHUQXQGVDJWHNUlFK]HQG ª2ND\*UDI6LHKDEHQJHZRQQHQ© 0RQWHVLOlFKHOWH]\QLVFKª,FKJHZLQQHLPPHU0LVWHU© ª&RQROO\©NQXUUWH%LOOª0HUNHQ6LHVLFKGHQ1DPHQJXW :DKUVFKHLQOLFKZHUGHLFKHVVHLQGHU6LH]XU+|OOHVFKLFNW© 0RQWHVLNUDXVWHGLH6WLUQª*URH:RUWH0U&RQROO\0LFK KDEHQVFKRQYLHOHDXV]XVFKDOWHQYHUVXFKW'RFKQLHPDQGKDWHV JHVFKDIIW6RJDUGLH/HXWHYRQ6FRWODQG
GHQ'DVZDUDOVRGHUOHJHQGlUH'U7RG6LFKHUHUKlWWHHVVLFK VRIRUWGHQNHQN|QQHQ-RKQKDWWHLKPGHQ0DQQVFKRQHLQLJH 0DOHEHVFKULHEHQ $XFKMHW]WWUXJHUZLHGHUVHLQHGXQNOH.OHLGXQJ'LH$XJHQLQ GHPEHUJURHQNDKOHQ6FKlGHOVFKLHQHQ%LOOELVDXIGHQ*UXQG VHLQHU6HHOH]XGXUFKERKUHQ'HUZHLH7RWHQNRSIHLQJHIDWLQ GHQUXELQURWHQ5LQJOHXFKWHWHLQHLQHPNDOWHQ)HXHU 8QYHUZDQGWKLHOW'U7RGHLQHQ5HYROYHUDXI%LOO&RQROO\ JHULFKWHW'LH:DIIHKDWWHVLFKXPNHLQHQ'HXWEHZHJW -HW]WPLVFKWHVLFK9HUD0RQWHVLZLHGHULQGDV*HVSUlFKHLQ6LH OLHIXP%LOO&RQROO\KHUXPDFKWHWHMHGRFKGDUDXIQLFKWLQGLH 6FKXVVOLQLH]XJHUDWHQ ªhEHUODLKQPLU©NHXFKWHVLHª,FKZLOOLKQ]XPHLQHP %UlXWLJDPPDFKHQ(UVROODOV9DPSLUDQPHLQHU6HLWHVLW]HQ,FK ZLOOLKQKDEHQ© ª'XEHNRPPVWLKQDXFK©HUZLGHUWH'U7RGª$EHUQLFKWDOV 9DPSLU(UZLUGDQGHU+RFK]HLWWHLOQHKPHQXQGDOOHVEHZXW HUOHEHQXQGGRFKQLFKWHLQJUHLIHQN|QQHQ6DWDQVHOEVWKDWPLU GLH0DFKWGHU+\SQRVHJHJHEHQXQGGLHVHU0DQQZLUGVLH]X VSUHQEHNRPPHQ:DVKDOWHQ6LHGDYRQ0U&RQROO\"© %LOOJDENHLQH$QWZRUW,KPZDUNODUGDHU'U7RGLP 0RPHQWQLFKWVHQWJHJHQ]XVHW]HQKDWWH6FKZHLWURSIHQVDPPHO WHQVLFKDXI%LOOV6WLUQXQGOLHIHQLQNOHLQHQ%lFKHQLQVHLQH $XJHQEUDXHQ ª6LHKPLFKDQ©IRUGHUWH'U7RG 8QG%LOOJHKRUFKWHPXWHJHKRUFKHQREHUZROOWHRGHUQLFKW 'U7RGV$XJHQZLUNWHQSO|W]OLFKZLH6FKlFKWHLQGHQHQDOOHV ]XYHUVLQNHQGURKWH %LOOVDKQXUGLHVH$XJHQK|UWH'U7RGVPRQRWRQH6WLPPHXQG PHUNWHZLHHLQIUHPGHU:LOOHGHQVHLQHQYHUGUlQJWH %LOO&RQROO\ZXUGH]X'U7RGV6NODYHQ6HNXQGHQGHKQWHQ VLFK]X(ZLJNHLWHQ%LOOYHUORUGDV*HIKOIU5DXPXQG=HLW'HU 5HSRUWHUZXUGH]X:DFKVLQGHQ+lQGHQHLQHV6DWDQV :DVDXFKJHVFKDKHUZUGHMHGHQ%HIHKODXVIKUHQ
-DQH&ROOLQVKDWWHVLFKJOHLFKLQLKUHP=LPPHUKLQJHOHJW'LH (LQULFKWXQJGHV5DXPHVJOLFKGHUGHUDQGHUHQ-DQHKDWWH5RFN XQG3XOORYHUDXVJH]RJHQXQGODJDXIGHPEUHLWHQ%HWW 'RFKGHU6FKODIZROOWHVLFKQLFKWHLQVWHOOHQ=XYLHOZDUDXIGLH )UDXHLQJHVWUPW 'LH(LQGUFNHGHUODQJHQ%XVIDKUWVFKZLUUWHQYRULKUHQ $XJHQ6LHVDKGLHJHIlKUOLFKHQ:|OIHGLHVLHSO|W]OLFKDQJULIIHQ XQG]HUIOHLVFKHQZROOWHQ'DQQWDXFKWHSO|W]OLFK-RKQ6LQFODLU DXIXPVLH]XEHVFKW]HQ6LQFODLUKLHOWHLQH0DVFKLQHQSLVWROHLQ GHQ+lQGHQXQGWULHEGLH%HVWLHQLQGLH)OXFKW (LQ]XIULHGHQHV/lFKHOQOHJWHVLFKDXIGDV*HVLFKWGHU)UDX -RKQ6LQFODLUHUEHGHXWHWHLKUPHKUDOVVLH]XJHEHQZROOWH6LH VDKVLFKLQGHQ$UPHQGLHVHV0DQQHVOLHJHQXQG (LQ6FKUHLGUDQJDQLKUH2KUHQ (UVFKUHFNWVSUDQJ-DQH&ROOLQVDXI6LHIDWHVLFKDQGHQ.RSI +LPPHOMHW]WZDUVLHGRFKHLQJHVFKODIHQ -DQHDWPHWHWLHIHLQ6LHIU|VWHOWHSO|W]OLFK5RFNXQG3XOORYHU ODJHQDXIGHP%HWW6LHVWUHLIWHVLFKEHLGHVEHU 'DK|UWHVLHZLHGHUGHQ6FKUHL([NODQJJHGlPSIWZDUDEHU GHQQRFKGHXWOLFK]XYHUQHKPHQ -DQHIU|VWHOWH 6LH]RJLKUH6FKXKHDQXQGVFKOLFKDXI=HKHQVSLW]HQ]XU7U 6FKULWWHZDUHQGUDXHQ]XK|UHQ -DQH]RJYRUVLFKWLJGLH7UDXIXQGOXJWHDXIGHQ*DQJ 6LHVDKJHUDGHQRFKZLH*UDI0RQWHVLLQ%LOO&RQROO\V=LPPHU YHUVFKZDQG 'LH'HWHNWLYLQJUXEGLH=lKQHLQGLH8QWHUOLSSH:DVKDWWHGDV ]XEHGHXWHQ":DVVXFKWHGHU*UDILQ%LOO&RQROO\V=LPPHU" -DQHZDUWHWHHLQLJH0LQXWHQ'DQQK|UWHVLHZLHGLH7U JHJHQEHUJH|IIQHWZXUGH :LHGHUVDKVLHLQGHQ*DQJ 'UHL3HUVRQHQYHUOLHHQGDV=LPPHU=ZHL0lQQHUXQGHLQH )UDX (LQHUGHU0lQQHUZDU%LOO&RQROO\GHUDQGHUH*UDI0RQWHVL XQGGLH)UDXKDWWH-DQHQRFKQLHJHVHKHQ 'LHGUHL3HUVRQHQJLQJHQGHQ*DQJHQWODQJ
-DQH&ROOLQVNDPVLFKDXIHLQPDOXQVDJEDUYHUODVVHQYRU6LH KDWWHDXI%LOO&RQROO\YHUWUDXW:HQQHUMHW]WZHJJLQJZDUVLH JDQ]DXIVLFKDOOHLQJHVWHOOW (QWVFKLHGHQVFKWWHOWH-DQHGHQ.RSI1HLQVLHZROOWHDXI HLJHQH)DXVWORV]LHKHQZROOWHKHUDXVILQGHQZDVLQGLHVHP 6FKORJHVFKDK -DQH]RJGLH7UGHV=LPPHUVKLQWHUVLFK]X'HU*DQJODJLP +DOEGXQNHO=XU7UHSSHKLQZXUGHHUHWZDVHUKHOOWGRFKDXIGHU DQGHUHQ6HLWHYHUORUHUVLFKLQGHU'XQNHOKHLW -DQHVFKOXJGHQ:HJLQ5LFKWXQJ7UHSSHHLQ 9RUVLFKWLJVHW]WHVLHLKUH6FKULWWH0DQEUDXFKWHVLHQLFKW]X K|UHQ hEHUDOOVWDQGHQ5LWWHUUVWXQJHQRGHUKLQJHQ:DIIHQDQGHQ :lQGHQ'D]ZLVFKHQVDK-DQHSUlFKWLJHgOJHPlOGH 'LH$KQHQJDOHULHGHU0RQWHVLV.HU]HQOLFKWWUDIGLH*HVLFKWHU DXIGHQ%LOGHUQXQGJDELKQHQHLQXQZLUNOLFKHVGVWHUHV/HEHQ 5HFKWVVWDQGHLQHJURH5VWXQJ'DV(LVHQJOlQ]WHPDWW =ZLVFKHQGHQ)LQJHUQGHVHLVHUQHQ+DQGVFKXKVZDUHLQ6SHHU JHNOHPPWGHVVHQ6SLW]HJHJHQGLH'HFNH]HLJWH -DQHZDUVFKRQDQGHU5VWXQJYRUEHLGDVDKVLHGHQ6FKDWWHQ (UVFKUHFNWIXKUVLHKHUXP (LQJUDXHQKDIWHV*HVLFKWVWDUUWHVLHDQ'LH1DVHZDUHLQJH GUFNWXQGHLQHGLFNH%OXWNUXVWHOLHIELV]XP0XQG -DQHKDWWHGDV*HIKOLKU+HU]ZUGHVWHKHQEOHLEHQ$XVPLW YRU$QJVWZHLWDXIJHULVVHQHQ$XJHQVWDUUWHVLHDXIGLHJUlOLFKH (UVFKHLQXQJ (VZDU+DGXNGHUYRU-DQH&ROOLQVVWDQG'HU7UNHKDWWHVLFK EHIUHLHQN|QQHQXQGZDULQGDV6FKORJHNRPPHQXPVLFK]X UlFKHQ 6HLQHVWlPPLJHQ$UPHIXKUHQYRU )LQJHUXPNUDOOWHQ-DQHV.HKOHHUGUFNWHQMHGHQ+LOIHVFKUHL ª7|WHQZHUGHLFK©NHXFKWH+DGXNª7|WHQ©(UGUFNWHQRFK IHVWHU]Xª'LH(LVHUQH-XQJIUDXZDUWHW©JHLIHUWHGHU7UNHXQG LQVHLQHQ$XJHQJOKWHGHUQDFNWH+D 'LHVH:RUWHZDUHQGLHOHW]WHQGLH-DQH&ROOLQVK|UWHEHYRU HLQHJQlGLJH2KQPDFKWVLHHUO|VWH
-RKQ6LQFODLUHUZDFKWHPLWERKUHQGHQ.RSIVFKPHU]HQ6HLQ 6FKlGHOVFKLHQHLQ%HUJZHUN]XVHLQLQGHPWDXVHQG=ZHUJH KlPPHUWHQXQGNORSIWHQ 'HU*HLVWHUMlJHUVW|KQWHDXIXQG|IIQHWHPKVDPGLH$XJHQ (UKRFNWHLQNQLHQGHU6WHOOXQJDP%RGHQ'LH%HLQHZDUHQ DXVHLQDQGHUJHGUFNWXQGGLH$UPHQDFKREHQJH]RJHQ-RKQ ZROOWHGLH$UPHKHUXQWHUQHKPHQGRFKGDV.OLUUHQYRQ .HWWHQJOLHGHUQPDFKWHLKPGHXWOLFKLQZHOFKHU/DJHHUVLFK EHIDQG 'XELVWDQJHNHWWHWVFKRHVLKPGXUFKGHQ.RSI )U6HNXQGHQGURKWH-RKQGLH3DQLN]XEHUZlOWLJHQ:LOGUL HUDQGHQ.HWWHQ'RFKGDV.OLUUHQGHU*OLHGHUGDVLKPZLH 0XVLNDXVGHU+|OOHYRUNDPZDUGHUHLQ]LJH(UIROJ -RKQ6LQFODLU]ZDQJVLFK]XU5XKH(UPXWHMHW]WHLQIDFKHLQHQ NODUHQ.RSIEHKDOWHQ*XWHUEHIDQGVLFKLQHLQHUYHUWHXIHOWHQ /DJHDEHUQRFKOHEWHHU8QGVRODQJHGLHVGHU)DOOZDUJDEHLQ -RKQ6LQFODLUQLHDXI 'LH:DIIHQKDWWHPDQLKPJHODVVHQ+DGXNV6FKZHUWVWHFNWH QRFKLQVHLQHP*UWHO(VZXUGHYRQGHUOLQNHQ-DFNHQKlOIWHYHU GHFNW)HUQHUEHVD-RKQQRFKVHLQHQJHZHLKWHQ'ROFKXQGGLH PLW6LOEHUNXJHOQJHODGHQH%HUHWWD$XHUGHPVWHFNWHQGLHEHLGHQ )OlVFKFKHQPLW:HLKZDVVHULQVHLQHQ7DVFKHQ6LHZDUHQZLHGLH 7DVFKHQODPSHXQ]HUEUHFKOLFK -HPDQGKDWWHHLQH)DFNHODQJH]QGHWXQGVLHLQHLQHHLVHUQH +DOWHUXQJLQGHU:DQGJHVWHFNW'LH)DFNHOJDEVRYLHO/LFKWGD -RKQGLH(LQ]HOKHLWHQGHU)ROWHUNDPPHUHUNHQQHQNRQQWH8QG HUUHFKQHWHGXUFKDXVPLWGHU0|JOLFKNHLWGDPDQGLHVH 0DUWHULQVWUXPHQWHDQLKPDXVSURELHUHQZUGH -RKQ6LQFODLUVFKOXFNWHEHLGLHVHU9RUVWHOOXQJ 6FKRQMHW]WWDWHQLKPGLH6FKXOWHUJHOHQNHZHK$XFKGLH :XQGHGLH+DGXNV6FKZHUWJHULVVHQKDWWHVFKPHU]WHZLHGHU 'D]XNDPHQQRFKGLHERKUHQGHQ.RSIVFKPHU]HQ -RKQELGLH=lKQH]XVDPPHQEHZHJWHVLFK]XUFNELVHUGLH :DQGLP5FNHQVSUWHXQGVWHPPWHVLFKGDQQKRFK'LH-DFNH NUDW]WHEHUGLHUDXKHQ6WHLQHDEHU-RKQVFKDIIWHHVVFKOLHOLFK GRFKDXIHLJHQHQ)HQ]XVWHKHQ
6FKZHLOLHILKPEHUGDV*HVLFKW(UNHXFKWHYHUELVVHQ-HW]W KLQJHQVHLQHDQJHNHWWHWHQ$UPHLQHLQHUZDDJHUHFKWHQ/DJH6LH ZDUDXFKXQEHTXHPXQGDXIGLH'DXHUNDXP]XHUWUDJHQ -RKQV=XQJHIXKUEHUGLHVSU|GHQ/LSSHQ'XUVWTXlOWHGHQ ,QVSHNWRU(UKlWWHZHUZHLZDVIUHLQHQ6FKOXFN:DVVHU JHJHEHQ %LOO&RQROO\XQG-DQH&ROOLQVNDPHQLKPLQGHQ6LQQ+LPPHO ZLHPRFKWHHVGHQEHLGHQJHKHQ"$KQWHQVLHEHUKDXSWHWZDV YRQGHU*HIDKULQGHUVLHVFKZHEWHQ":HOFKJUDXVDPHV6SLHO KDWWHVLFK'U7RGIUGLH0HQVFKHQDXVJHGDFKW" -RKQV%OLFNIORJ]XGHU(LVHUQHQ-XQJIUDXKLQ)ULKQZDUHV GDVVFKOLPPVWH0DUWHULQVWUXPHQWGDVVLFKHLQPHQVFKOLFKHU *HLVWMHPDOVDXVJHGDFKWKDWWH /DQJVDPVFKZDQGGDV*HIKODXV-RKQV$UPHQ'HU.UHLVODXI ZXUGHJHKHPPW :HQQHUQRFKODQJHKLHUKLQJZDUVHLQ:LGHUVWDQGVZLOOH VFKQHOOJHEURFKHQ -RKQGUHKWHGHQ.RSIQDFKUHFKWV(UVDKGDGLH.HWWHQLQ GLFNHQLQGLH:DQGHLQJHPDXHUWHQgVHQKLQJHQ'DZDUQLFKWV ]XPDFKHQ $EHUVHLQH+DQGJHOHQNHZDUHQYRQHLQHU6WDKOPDQVFKHWWH XPNODPPHUW-RKQ6LQFODLUHQWGHFNWHNHLQ6FKORVRQGHUQQXU HLQH.ODPPHUGLHGLH0DQVFKHWWHIHVWKLHOW$OOHUGLQJVNRQQWHHU DXVHLJHQHU.UDIWDQGLH.ODPPHUQLFKWKHUDQ(VPXWHLKQ VFKRQMHPDQGEHIUHLHQ 3O|W]OLFKK|UWH-RKQ6FKULWWH8QZLOONUOLFKVSDQQWHGHU ,QVSHNWRUVHLQH0XVNHOQ .DPPDQMHW]WXPLKQ]XKROHQ" 'LH6FKULWWHQlKHUWHQVLFKGHU)ROWHUNDPPHU -RKQK|UWHHLQHKHLVHUHZDKQVLQQLJNOLQJHQGH6WLPPHXQGLP VHOEHQ$XJHQEOLFNHUNDQQWHHUZHPGLHVH6WLPPHJHK|UWH +DGXNGHP0|UGHU
9RQ+DEHVHHOWLUUWH+DGXNGXUFKGLHILQVWHUHQ*lQJHGHV 6FKORVVHV$XIVHLQHQ$UPHQODJGLHEHZXWORVH-DQH&ROOLQV 'DVEORQGH+DDUKLQJZLHHLQGLFKWHU9RUKDQJYRQLKUHP.RSI KHUDE,KUH%UXVWKREXQGVHQNWHVLFKXQWHUVFKZDFKHQ$WHP ]JHQ +DGXNGHUYRQ)UDXHQXQG0lGFKHQZHJHQVHLQHV$XVVHKHQV LPPHUYHUVWRHQZRUGHQZDUKDWWHMHW]WHQGOLFKGLH*HOHJHQKHLW VLFK]XUlFKHQ$XHUGHPIUDGLH1LHGHUODJHGLHLKP-RKQ 6LQFODLUEHUHLWHWKDWWHZLH6lXUHLQLKP6LHVWDFKHOWHVHLQHQ+D QRFKPHKUDQ 2EZRKOHVKLHUXQWHQGXQNHOZDUIDQGVLFK+DGXNPLWWUDXP ZDQGOHULVFKHU6LFKHUKHLW]XUHFKW1LFKWHLQHLQ]LJHV0DOVWLHHU JHJHQLUJHQGHLQHQ0DXHUYRUVSUXQJ'LHVHV/DE\ULQWKYRQ *lQJHQXQG9HUOLHVHQZDUVHLQHHLJHQWOLFKH+HLPDW+LHUKDWWHHU VLFKMDKUHODQJYHUVWHFNWJHKDOWHQ (UZDUDXIGHP:HJ]XU)ROWHUNDPPHUVHLQHPHLJHQWOLFKHQ 5HLFK(QGOLFKKDWWHHUZLHGHUHLQ2SIHUJHIXQGHQ 'LH6FKULWWHGHV7UNHQNODQJHQGXPSI(UEHPKWHVLFKHUVW JDUQLFKWOHLVH]XVHLQ1LHPDQGZUGHLKPKLHULQGLH4XHUH NRPPHQ8QHQWZHJWPXUPHOWHHUXQYHUVWlQGOLFKH:RUWHYRU VLFKKLQ 'HUVFKZDFKH)DFNHOVFKHLQLQGHU)ROWHUNDPPHUGUDQJGXUFK GLHVSDOWEUHLWJH|IIQHWH7UELVLQGHQ*DQJ+DGXNEOLHEHLQHQ $XJHQEOLFNVWHKHQXQGVWLHGDQQGLH7UDXI 6LHVFKZDQJJHJHQGLHGDKLQWHUOLHJHQGH:DQG =ZHLVFKQHOOH6FKULWWHEUDFKWHQGHQ7UNHQLQGDV,QQHUHGHU )ROWHUNDPPHU 8QGSO|W]OLFKZHLWHWHQVLFKVHLQH$XJHQ6HLQ%OLFNZDUDXI -RKQ6LQFODLUJHIDOOHQGHUDQJHNHWWHWDQGHU:DQGKLQJ)UHLQ SDDU6HNXQGHQQDKP+DGXNGLHVHV%LOGLQVLFKDXIGDQQHQW UDQJVLFKVHLQHU.HKOHHLQP|UGHULVFKHU:XWVFKUHL (UKDWWHQXUQRFK$XJHQIUVHLQHQYHUKDWHQ*HJQHU :LHHLQ6WFN+RO]OLHHUGLHEHZXWORVH-DQH&ROOLQVIDOOHQ 8QDUWLNXOLHUWH6FKUHLHDXVVWRHQGUDQQWH+DGXNDXI-RKQ]X 'HU*HLVWHUMlJHUVDKGHQ0RUGUDXVFKLQ+DGXNV$XJHQOHXFK WHQXQGYHUNUDPSIWHVLFKXQZLOONUOLFK
1RFKLP/DXIHQKROWH+DGXNDXVZROOWHGHP,QVSHNWRUVHLQH )DXVWLQV*HVLFKWVFKPHWWHUQ 'LHVHU6FKODJKlWWHXQWHU8PVWlQGHQW|GOLFKIU-RKQVHLQ N|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lQHQVFKRVVHQDXVGHQ$XJHQGHV7UNHQ(UZDQNWH]XUFN 6HLQEOXWYHUNUXVWHWHV*HVLFKWZDU]XHLQHU*ULPDVVHYHU]RJHQ :DKUVFKHLQOLFKNRQQWHHUGLHUHFKWH+DQGQLFKWPHKUJHEUDX FKHQ -RKQZDUIHLQHQVFKQHOOHQ%OLFN]X-DQH&ROOLQVKLQ'LH 'HWHNWLYLQNDPVRHEHQ]XVLFK 9HUVW|UWEOLFNWHVLHVLFKLQGHU)ROWHUNDPPHUXP6LHNRQQWH QLFKWEHJUHLIHQZRVLHVLFKEHIDQG ª-DQH© -RKQV6WLPPHEHUW|QWHGDV+HXOHQGHV7UNHQ 'LH'HWHNWLYLQZDQGWHGHQ.RSI6LHVDK-RKQJHIHVVHOWLQGHQ .HWWHQKlQJHQXQGVWLHHLQHQVSLW]HQ6FKUHLDXV ª.RPPHQ6LH-DQH6LHPVVHQPLFKEHIUHLHQ+LHUDQGHQ 0DQVFKHWWHQ© 'HU,QVSHNWRUKDWWHVHLQHHLQ]LJH&KDQFHHUNDQQW1RFKKDWWH +DGXNPLWVLFKVHOEVW]XWXQXQGZHQQ-DQHMHW]WULFKWLJUHD JLHUWHGDQQ 'LH'HWHNWLYLQNDPDXIGLH%HLQH,KU%OLFNZDUOHLFKWJODVLJVLH NRQQWHQRFKQLFKWVRH[DNWUHDJLHUHQZLHVRQVW 6LHVWROSHUWHLQ-RKQV5LFKWXQJGDZDQGWH+DGXNGHQ.RSI
,QQHUKDOEHLQHV+HU]VFKODJVHUIDWHHUZDV-DQH&ROOLQVYRU KDWWH +DGXNEUOOWHDXIZLHHLQ7LHU0LWHLQHPJHZDOWLJHQ6DW] VFKQLWWHU-DQHGHQ:HJDE:LHHLQIXUFKWHUUHJHQGHV8QJHKHXHU VWDQGHUYRUGHU'HWHNWLYLQ 6HLQHEOXWLJHUHFKWH+DQGKLHOWHUJHJHQGHQ.|USHUJHSUHW 8QGPLWGHUDQGHUHQVFKOXJHU]X -RKQ6LQFODLUVFKORGLH$XJHQXQGELVLFKYRU:XWXQG 9HU]ZHLIOXQJDXIGLH/LSSHQ -DQH&ROOLQVZLPPHUWH 6LHODJDXIGHP%RGHQXQG+DGXNGDVPHQVFKOLFKH8Q JHKHXHUVWDQGEHULKU ª.RPPKHUGX5DWWH©NHXFKWH-RKQ6LQFODLUª.RPPGRFK GDPLWLFKGLU]HLJHQNDQQZDVPDQPLW.HUOHQPDFKWGLH)UDXHQ EUXWDO]XVDPPHQVFKODJHQ© +DGXNZDQGWHGHQ.RSIXQGVWLHUWH-RKQPLWWUEHP%OLFNDQ 9HU]ZHLIHOWVFKORGHU,QVSHNWRUGLH$XJHQ:DVQXW]WHDOOHV 5HGHQGHU7UNHYHUVWDQGLKQMDGRFKQLFKW 'RFKSO|W]OLFKNDP%HZHJXQJLQ+DGXN(UEFNWHVLFKXQG KREGLHDQJVWVFKORWWHUQGH-DQH&ROOLQVPLWGHUOLQNHQ+DQGKRFK :LHHLQ3DNHWNOHPPWHHUVLHVLFKXQWHUGHQ$UP =LHOVWUHELJJLQJHUPLWVHLQHP2SIHUDXIGLH(LVHUQH-XQJ IUDX]X ª1HLQ©-RKQ6LQFODLUEUOOWHGDV:RUWKLQDXV(UZROOWH+DGXN VWRSSHQLKQYRQGLHVHU:DKQVLQQVWDWDEEULQJHQGRFKGHU7UNH ODFKWHQXUKlOLFK 'DZXWH-RKQ6LQFODLUGD-DQH&ROOLQVYHUORUHQZDU:DVHU LQGLHVHQ$XJHQEOLFNHQIKOWHZDUXQEHVFKUHLEOLFK+D:XW =RUQHLQHLQQHUH/HHUHGDV*HIKOYHUVDJW]XKDEHQDOOHV GUHKWHVLFKZLHLQHLQHP.UHLVHO $EHUDXFK-DQH&ROOLQVZXUGHSO|W]OLFKNODUZDV+DGXNPLW LKUYRUKDWWH 6LHZHKUWHVLFKYHU]ZHLIHOWYHUVXFKWHGHQJQDGHQORVHQ*ULII GHV7UNHQ]XVSUHQJHQ (VJHODQJLKUQLFKW=XVWDUNZDUGLHVHV0XVNHOSDNHW 3O|W]OLFKZLUEHOWHHU-DQH&ROOLQVKHUXPXQGVWHOOWHVLHDXIGLH
)H(KH-DQHMHGRFKDXVGLHVHU6LWXDWLRQ.DSLWDOVFKODJHQ NRQQWHVFKQHOOWHGLHOLQNH3UDQNHGHV7UNHQYRUXQGXPNODP PHUWHLKUHQ+DOV -DQHZXUGHGLH/XIWDEJHZUJW +DGXNVFKREGLH'HWHNWLYLQZHLWHU 0RUGOXVWVSLHJHOWHVLFKMHW]WLQVHLQHQ$XJHQ 'LHHLQH+lOIWHGHU(LVHUQHQ-XQJIUDXVWDQGRIIHQ6FKRQ NRQQWH-DQHGLH(LVHQVSLW]HQVHKHQXQGKHLH$QJVWVFKDXHU MDJWHQGXUFKLKUHQ.|USHU 8QG-RKQ6LQFODLUPXWHGLHVHVJUDXVDPH6FKDXVSLHOPLWDQ VHKHQ:LHHLQ%HUVHUNHU]HUUWHHUDQVHLQHQ.HWWHQ0LWGHP (UIROJGDHUVLFKVHLQH+DQGJHOHQNHEOXWLJVFKHXHUWH 1RFKHLQPDOVWHPPWHVLFK-DQH&ROOLQVJHJHQGHQGURKHQGHQ 7RG'RFK+DGXNV.UDIWZDUXQJHEURFKHQ (UVWLH-DQH&ROOLQVLQGLHIUHLH+lOIWHGHU(LVHUQHQ-XQJIUDX ª7XQ6LH VQLFKW©VFKULH-RKQª7XQ6LH VQLFKW© 'HU7UNHK|UWHQLFKWDXILKQ $XHU+DGXNZDUQRFKMHPDQGDXIGHU6XFKHQDFKHLQHP 2SIHU 'LQR=DFKHZGHU9DPSLU :HQQHUQLFKWEDOGHLQ2SIHUIDQGZUGHHULQGLH)ROWHU NDPPHU]XUFNJHKHQ 'RFKSO|W]OLFKYHUQDKP=DFKHZ6FKULWWH $XJHQEOLFNOLFKYHUVFKZDQGHULQHLQHU1LVFKHXQGYHUKLHOW VLFKVWLOO 'LH6FKULWWHNDPHQQlKHU=DFKHZK|UWHHLQHQ0DQQLUJHQG HWZDVYRUVLFKKLQIOVWHUQ 'DQQKXVFKWHGHU8QEHNDQQWHDQVHLQHP9HUVWHFNYRUEHL =DFKHZZDUWHWHHLQSDDU6HNXQGHQXQGQDKPGLH9HUIROJXQJ DXI8QK|UEDUVFKOLFKHUKLQWHUGHP0DQQKHU 'HU8QEHNDQQWHVWHXHUWHGLH)ROWHUNDPPHUDQ|IIQHWHGLH7U /LFKWILHOLQGHQ*DQJ 'HU9DPSLUEOLHEHWZDV]XUFNGDPLWHUQLFKWJHVHKHQZXUGH 'DQQK|UWHHUHLQHQP|UGHULVFKHQ6FKUHL
=DFKHZEDOOWHGLH+lQGH]X)lXVWHQ:ROOWHVLFKGHU0DQQDQ VHLQHP2SIHUYHUJUHLIHQ"1HLQGDVGXUIWHHUQLFKW]XODVVHQ'HU $QJHNHWWHWHJHK|UWHLKPJDQ]DOOHLQ 'HU8QWRWHVFKOLFKDXIGLH)ROWHUNDPPHU]X(VNRVWHWHLKQ %HKHUUVFKXQJQLFKWHLQIDFKORV]XUHQQHQ (USUHWHVLFKJHJHQGLH*DQJZDQGXQGOXJWHLQGLH)ROWHU NDPPHU 1XUPLW0KHNRQQWHHUHLQHQ)UHXGHQVFKUHLXQWHUGUFNHQ (LQH)UDXODJDXIGHP%RGHQXQGEHULKUVWDQGGHU.HUOGHU VLHKHUJHVFKOHSSWKDWWH 'HU9DPSLUKDWWHQXUQRFK$XJHQIUGLH)UDX6LHKDWWHODQJH EORQGH+DDUHXQGZDUJHQDXGDVZDVHUMHW]WEUDXFKWH$EHUGD ZDUQRFKGHUDQGHUH 1HLQGLH)UDXJHK|UWHDXFKLKP )U-RKQ6LQFODLUKDWWH=DFKHZNHLQHQ%OLFN(UDFKWHWHDXFK QLFKWGDUDXIZDVGHU*HLVWHUMlJHUVFKULH)ULKQJDEHVQXUGDV EORQGH2SIHU +DGXN=DFKHZKDWWHLKQLQ]ZLVFKHQDOVVHLQHQ*HJQHUHLQ JHVWXIWULGLH%ORQGHKRFK*HZDOWVDP]HUUWHHUVLH]XGHU (LVHUQHQ-XQJIUDX 'LH)UDXZHKUWHVLFKNRQQWHJHJHQGLHURKH.UDIWGHV7UNHQ MHGRFKQLFKWVDXVULFKWHQ %UXWDOVWLHVLHGHU0DQQLQGDV,QQHUHGHV*HKlXVHV 6HLQH5HFKWHIDWHQDFKGHUPLW(LVHQVSLW]HQEHVWFNWHQ .ODSSH ,QGHUQlFKVWHQ6HNXQGHZUGHHUGDV)ROWHULQVWUXPHQW VFKOLHHQ 'DVSUDQJGHU9DPSLUYRU 0LWHLQHP)DXFKODXWMDJWHHULQGLH)ROWHUNDPPHUZDUPLW ]ZHL6SUQJHQEHLGHP7UNHQXQGULLKQDQGHU6FKXOWHU ]XUFN +DGXNZXUGHYRQGHP$QJULIIY|OOLJEHUUDVFKW+LQWHUGHP *ULIIKDWWHVRYLHO.UDIWJHVHVVHQGDGHU7UNHDXIGHQ%RGHQ JHVFKOHXGHUWZXUGH 'HU9DPSLUKDWWH-DQH&ROOLQVGDV/HEHQJHUHWWHW:HQLJVWHQV IUGLHQlFKVWHQ0LQXWHQ
+DGXNHLQJHEWHU.lPSIHUUROOWHVLFKVRIRUW]XU6HLWH(KH VLFK=DFKHZYHUVDKVWDQGHUZLHGHUDXIGHQ%HLQHQ 'HU9DPSLUIOHWVFKWHGLH=lKQH'URKHQGWUDWHQGLHVSLW]HQ +DXHUDXVVHLQHP2EHUNLHIHUKHUYRU +DGXNZLFK]XUFN$QJVWHQWVWHOOWHVHLQ*HVLFKW(UZXWHXP GLH9DPSLUHXQGNDQQWHDXFKLKUH*HIlKUOLFKNHLW'LHVHUGRUW ZROOWHLKQW|WHQ (LQSDQWKHUKDIWHU6SUXQJEUDFKWH+DGXNELVDQGLH:DQG'RUW KLQJHLQ0RUJHQVWHUQHLQHK|OOLVFKJHIlKUOLFKH:DIIH6LHEH VWDQGDXVHLQHPDUPODQJHQ+RO]VWFNDQGHVVHQ(QGHHLQH (LVHQNXJHOEHIHVWLJWZDU'LH.XJHOKDWWHPDQGDQQPLWILQJHU ODQJHQ6SHHUVSLW]HQEHVWFNW :LH]ZHL5DXEWLHUHEHODXHUWHQVLFKGLHEHLGHQ*HJQHU$XI -RKQ6LQFODLUXQG-DQH&ROOLQVDFKWHWHQLHPDQG ,QGHQQlFKVWHQ6HNXQGHQHQWEUDQQWHHLQP|UGHULVFKHU=ZHL NDPSI(LQ.DPSIZLHLKQ-RKQ6LQFODLUVHOWHQLQVHLQHP/HEHQ JHVHKHQKDWWH -DQH&ROOLQVNRQQWHLKUDXJHQEOLFNOLFKHV*OFNQRFKJDUQLFKW IDVVHQ'DV(QWVHW]HQXQGGLH$QJVWKLHOWHQVLHLPPHUQRFKLQ LKUHP%DQQ :LHHLQH3XSSHVWDQGVLHLQGHU(LVHUQHQ-XQJIUDXGHQ%OLFN DXIGLHW|GOLFKHQ6SLW]HQJHULFKWHWGLHVLHK|KQLVFKDQ]XJULQVHQ VFKLHQHQ 1XULP8QWHUEHZXWVHLQQDKPVLHGDV.HXFKHQXQG6FKUHLHQ GHU.lPSIHQGHQZDKU $EHU-RKQ6LQFODLUVDKVHLQH&KDQFH :LH:DVVHUOLHIGHU6FKZHL EHUVHLQ*HVLFKW6HLQ%OLFNVDXJ WHVLFKDQ-DQH&ROOLQVIHVW ª-DQH© 'LH'HWHNWLYLQK|UWHLKQQLFKW -RKQVW|KQWHDXI1RFKHLQPDOULHIHULKUHQ1DPHQ 'DZDQGWH-DQH&ROOLQVGHQ.RSI6LHNRQQWHLKQQXUXPHLQ SDDU=HQWLPHWHUEHZHJHQGRFKHVUHLFKWHXP-RKQ6LQFODLU DQVHKHQ]XN|QQHQ
-RKQ6LQFODLUZDUDXIVK|FKVWHNRQ]HQWULHUWª.RPP]XPLU -DQH.RPP© 6HLQH6WLPPHNODQJEHVFKZ|UHQG6HLQXQGGDV/HEHQGHU 'HWHNWLYLQKLQJHQDQHLQHPKDXFKGQQHQ)DGHQ 8QG-DQH&ROOLQVK|UWHGHQ5XI 6LHVFKLHQDXVHLQHPWLHIHQ7UDXP]XHUZDFKHQ,KUH$XJHQ EHNDPHQZLHGHUGHQDOWHQ*ODQ]XQGVLHEHJULIISO|W]OLFKGLH VFKUHFNOLFKH6LWXDWLRQLQGHUVLHVLFKEHIDQG 6LHVDKGLHEHLGHQJUlOLFKHQ*HVWDOWHQGLHYHUELVVHQPLWHLQ DQGHUNlPSIWHQXQGLKU0XQG|IIQHWHVLFK]XHLQHPHUO|VHQGHQ 6FKUHL :HQQVLHQXUQLFKWVFKUHLWEHWHWH-RKQ6LQFODLU ª-DQH© -RKQV6WLPPHULGLH'HWHNWLYLQDXVLKUHU3DQLN3O|W]OLFK ZXWHVLHZDVVLH]XWXQKDWWH 6LHYHUOLHGDV0DUWHULQVWUXPHQW+DGXNXQG=DFKHZZDUHQ]X VHKUPLWVLFKVHOEVWEHVFKlIWLJWDOVGDVLHHWZDVJHPHUNWKlWWHQ :DQNHQGOLHI-DQH&ROOLQVDXIGHQ*HLVWHUMlJHU]X ª6FKQHOO-DQHGLH0DQVFKHWWHQ©-RKQEHZHJWHGLH$UPHª6LH KDEHQ%JHOGLHGXQXU]XO|VHQEUDXFKVW%HHLOGLFK© -DQH&ROOLQVKDQGHOWHZLHLQ7UDQFH6LHXPIDWHGLHHLVHUQH 0DQVFKHWWHVDKGHQ5LHJHOXQGULLKQ]XUFN 'LH.HWWHILHOXQG-RKQDWPHWHDXI ª8QGMHW]WGLHDQGHUH© 'LH'HWHNWLYLQWUDWDQ-RKQVOLQNH6HLWH6LHEHPHUNWHQLFKWZDV XPVLHKHUXPJHVFKDK)UVLHJDEHVQXU-RKQ6LQFODLU'HQ 0DQQGHQVLHEHIUHLHQPXWH 'RFKGDQQNDPDOOHVJDQ]DQGHUV +DGXNZDUHVGHUJHVHKHQKDWWHZDVPLWGHP,QVSHNWRUSDV VLHUWH(UEUDXFKWHQXUHLQH6HNXQGHXP]XEHJUHLIHQGDHU YHUORUHQZDUZHQQ-RKQ6LQFODLUKHUNDP (UWDWGDVIULKQHLQ]LJ5LFKWLJH 0LWHLQHP+HFKWVSUXQJIODQNWHHUEHUGLH6WUHFNEDQNXQG UDQQWHGHQ0RUJHQVWHUQZLOGEHUVHLQHQ.RSIVFKZLQJHQGDXI -RKQ6LQFODLU]X
(VZDUHLQXQKHLPOLFKHU$QEOLFN 'LH0HQVFKHQJLQJHQZLH0DULRQHWWHQ,QHLQHUODQJHQ5HLKH VFKULWWHQVLHGXUFKGLH*lQJHGHV6FKORVVHV 'U7RGV+\SQRVHKDWWHKXQGHUWSUR]HQWLJJHZLUNW 'LH$XJHQGHU5HLVHQGHQZDUHQVHOWVDPOHHUXQGYHUGUHKW 1LHPDQGVSUDFKHLQ:RUW'LHJHVDPWH6]HQHHULQQHUWHDQ HLQHQ/HLFKHQ]XJ 'LHHUVWHQHUUHLFKWHQEHUHLWVGLH7UHSSHZlKUHQGGDV(QGHGHU PDNDEUHQ3UR]HVVLRQQRFKLP'XQNHOGHV*DQJHVODJ -DQRV5XIIZDUGHU$QIKUHU$XFKHUVWDQGXQWHU+\SQRVH 'U7RGKDWWHHVIUVLFKHUHUJHKDOWHQ5XIIZLUNWHZLHHLQH JURH6SLHO]HXJSXSSH6HLQH$UPHSHQGHOWHQEHLMHGHP6FKULWW UK\WKPLVFKKLQXQGKHU 'LH6FKULWWHGHU5HLVHQGHQGU|KQWHQLQHLQHUPRQRWRQHQ *OHLFKKHLW'DV/LFKWGHU.HU]HQ]DXEHUWH]XFNHQGH0XVWHUDXI GLHEOHLFKHQ*HVLFKWHU 1LHPDQGVSUDFKHLQ:RUW:LH*HLVWHUZLUNWHQGLHVH 0HQVFKHQ -DQRV5XIIOLHGLHOHW]WH6WXIHKLQWHUVLFKXQGJLQJQDFKOLQNV 0LWEHLGHQ+lQGHQVWLHHUHLQHEUHLWH'RSSHOWUDXILQGHUHQ +RO]JUlOLFKH'lPRQHQIUDW]HQJHVFKQLW]WZDUHQ 'LH)OJHOVFKZDQJHQ]XUFNXQGNDPHQ]XU5XKH (LQJURHU6DDOWDWVLFKDXI 'HU%RGHQEHVWDQGDXV6WHLQEHPDOWPLW6]HQHQDXVGHU9HU JDQJHQKHLWGHV6FKORVVHV'LH0DOHUHLHQDQGHU'HFNH]HLJWHQ PHLVWlKQOLFKH0RWLYH 'LHKRKHQ)HQVWHUZDUHQGXUFKGLFNH9RUKlQJHYHUKlQJW .HU]HQVSHQGHWHQ/LFKW 'LH:lQGHZDUHQVFKZDU]JHWQFKW'LH)DUEHJOlQ]WHXQG UHIOHNWLHUWHGDV/LFKWGHU.HU]HQ 'RFKGHQ0LWWHOSXQNWGHV6DDOHVELOGHWHHLQ7LVFK (UKDWWHGLH)RUPHLQHV'UHLHFNV(LQHVPDJLVFKHQ'UHLHFNV 3HFKVFKZDU]ZDUGLH7LVFKSODWWH$XILKUVWDQGHQHEHQIDOOV GXQNOH.HU]HQ6LHVWHFNWHQLQ+RO]OHXFKWHUQXQGEUDQQWHQPLW UXKLJHU)ODPPH -HZHLOVDQGHQVSLW]HQ(QGHQGHV'UHLHFNVVWDQGHQGUHL6HVVHO
6LHZDUHQPLWGXQNOHP6DPWEHU]RJHQXQGGLH(QGHQGHU $UPOHKQHQ]HLJWHQHLQHQJHVFKQLW]WHQ'lPRQHQNRSI $QGHQ6HLWHQGHVGUHLHFNLJHQ7LVFKHVVWDQGHQGLH6WKOHIU GLH+RFK]HLWVJlVWH6LHZDUHQHEHQIDOOVJHSROVWHUWXQGKDWWHQ KRKH/HKQHQ :LHHLQVWXGLHUWJLQJHQGLH5HLVHQGHQDXIGHQVHOWVDPJHIRUP WHQ7LVFK]X-HGHUQDKPVHLQHQ3ODW]HLQDOVKlWWHPDQLKQLKP YRUKHU]XJHZLHVHQ 8QEHZHJOLFKVDHQGLH0HQVFKHQDXILKUHQ6WKOHQKDUUWHQ GHU'LQJHGLHGDNRPPHQVROOWHQ 6LHKDWWHQGLH+lQGHDXIGHQ7LVFKJHOHJWXQGYLHOHVSUWHQ SO|W]OLFKGDVVHOWVDPH%UHQQHQGDVYRQGHU7LVFKSODWWHDXVJLQJ 'LHPDJLVFKHQ.UlIWHEHJDQQHQ]XZLUNHQ8QVLFKWEDUZXUGHQ GLH0HQVFKHQDQHLQDQGHUJHNHWWHW 8QGHVZDUQLHPDQGGDGHUVLFKGLHVHPK|OOLVFKHQ(LQIOX HQW]LHKHQNRQQWH %LOO&RQROO\OlFKHOWHYHUNOlUW (UVDKGLHVHVVFKDXULJVFK|QH*HVLFKWPLWGHQ9DPSLU]lKQHQ GLFKWYRUVLFKXQGKDWWHSO|W]OLFKGDV9HUODQJHQGLH/LSSHQGHU 6FK|QHQ]XNVVHQ 'RFKLUJHQGHWZDVKLHOWLKQGDYRQDE(VZDUQLFKWVHLQ HLJHQHU:LOOHVRQGHUQGLH0DFKWGLH'U7RGDXILKQ%LOO &RQROO\DXVEWHXQGGLHQLHZLHGHUJHEURFKHQZHUGHQVROOWH 9HUD0RQWHVLVWDQGGHUHUVWH.X]X'HU.XGHV9DPSLUV 'DQQHUVWZUGH%LOO&RQROO\HQGJOWLJHLQJHKHQLQGDV5HLFK GHU)LQVWHUQLVZRGHU7HXIHOUHJLHUWHXQGGDV%|VH7UXPSIZDU 0LWDXIUHL]HQGHU/DQJVDPNHLWVFKOSIWH9HUD0RQWHVLDXV LKUHP.OHLG 'HU5HSRUWHUVWDUUWHJHEDQQWDXIGHQPDNHOORVHQ.|USHU(U VDKVLFKEHUHLWVLQGHQ$UPHQGHU)UDXOLHJHQXQG 'LH8QWRWHOlFKHOWHYHUIKUHULVFK 'HU5HSRUWHUVDLQHLQHP6HVVHO(UKDWWHVLFKXPJH]RJHQ WUXJMHW]WHLQEOXWURWHV*HZDQGGDVPLW6\PEROHQGHU 6FKZDU]HQ0DJLHEHPDOWZDU
(UZDUGHU%UlXWLJDP8QGHUZDUQLFKWPHKU+HUUVHLQHU VHOEVW'LH+\SQRVHXQWHUGHUHUVWDQGKDWWHVHLQHLJHQHV 'HQNHQY|OOLJDXVJHO|VFKW (LQHXUDOWH=HUHPRQLHZUGHKHXWHDEODXIHQVRZLHHVLQGHQ %FKHUQGHV6FKUHFNHQVVWDQG (LQ0HQVFKVROOWHVHLQ/HEHQGHU+|OOHRSIHUQ 9HUD0RQWHVLVFKULWWDXIHLQHQ6FKUDQN]X|IIQHWHGLH7UHQ XQG]RJHLQSHFKVFKZDU]HV.OHLGKHUYRU 0LWHLQHUOlVVLJHQ%HZHJXQJVFKOSIWHVLHKLQHLQ 'DV.OHLGVDZLHHLQH]ZHLWH+DXWEHWRQWHMHGH%HZHJXQJ LKUHV.|USHUV 'LH8QWRWHZDUILKUHQ.RSILQGHQ1DFNHQ'LHODQJHQ+DDUH ILHOHQZLHHLQ9OLHVDXIGLH6FKXOWHUQ 9HUD0RQWHVLZDUEHUHLW *DQ]GLFKWWUDWVLHDQGHQ6HVVHOKHUDQ,KUH+lQGHPLWGHQ EOXWURWHQ)LQJHUQlJHOQVWULFKHQEHU%LOOV*HVLFKW ª.RPP*HOLHEWHU©VDJWHGLH8QWRWH6LHUHLFKWH%LOOLKUH +lQGHXQG]RJGHQ5HSRUWHUKRFK %LOO&RQROO\OlFKHOWHDOVHUGLFKWYRULKUVWDQG,KUH.|USHU EHUKUWHQVLFK ª(VZLUG=HLW©VDJWHGLH*UlILQ *HPHLQVDPVFKULWWHQVLH]XU7U9HUD0RQWHVLKDWWHVLFKEHL %LOO&RQROO\HLQJHKDNWXQGGHU5HSRUWHUVSUWHQLFKWHLQPDOGLH .lOWHLKUHV.|USHUV %LOO|IIQHWHGLH7U 6HNXQGHQVSlWHUKDWWHVLHHLQGXQNOHU*DQJYHUVFKOXFNW 7UDXPKDIWVLFKHUJLQJHQVLHGXUFKGDV6FKORXQGHUUHLFKWHQ VFKOLHOLFKGLH7UHSSHGLHQDFKXQWHQLQGHQ6DDOIKUWH 1XULKUH6FKULWWHZDUHQ]XK|UHQDOVVLHGLH6WXIHQKLQXQWHU VWLHJHQ 'LH7U]XP)HVWVDDOVWDQGRIIHQ%LOOVDKGLH0HQVFKHQDQ GHP7LVFKVLW]HQXQGHLQVHOWVDPHV*OFNVJHIKOEHUNDPLKQ XQGEHOHEWHVHLQHQYRQ'U7RGNRQWUROOLHUWHQ*HLVW 6LHZDUHQVHLQHWZHJHQJHNRPPHQZROOWHQGDEHLVHLQZHQQHU LQGDV5HLFKGHU)LQVWHUQLVHLQWUDW 'UHL3OlW]HZDUHQIUHL9HUD0RQWHVLJHOHLWHWH%LOO]XVHLQHP6HVVHO
'HU5HSRUWHUVHW]WHVLFKOHJWHEHLGH+lQGHIODFKDXIGHQ7LVFK $XFK9HUD0RQWHVLKDWWH3ODW]JHQRPPHQ1XUHLQHUIHKOWHQRFK LQGLHVHPK|OOLVFKHQ5HLJHQ 'U7RG (UNDP0LQXWHQVSlWHUXQGKDWWHHLQHQ$XIWULWWZLHGHU +|OOHQIUVWSHUV|QOLFK %HJOHLWHWZXUGHHUYRQ]ZHL:|OIHQGLHIXUFKWHUUHJHQGLKUH =lKQHIOHWVFKWHQ 'U7RGWUXJEHUVHLQHU.OHLGXQJHLQHQVFKZDU]HQ6HLGHQ XPKDQJDXIGHVVHQ5FNHQHLQJURHU7RWHQNRSIHLQJHVWLFNW ZRUGHQZDU 'HU8PKDQJEDXVFKWHVLFKKLQWHUGHP5FNHQGHV 0HQVFKHQKDVVHUVZLHHLQH)DKQHLP:LQG 'U7RGV*HVLFKWJOLFKHLQHU0DVNH1LHPDQGNRQQWHDKQHQ ZDVLQGHP0DQQYRUJLQJ6HOEVWGLH$XJHQLQGHPVWDUUHQ *HVLFKW]HLJWHQNHLQHUOHL*HIKO 'LH*HVLFKWHUGHU0HQVFKHQKDWWHQVLFKGHP(LQWUHWHQGHQ ]XJHZDQGW(LQHXQVLFKWEDUH6SDQQXQJODJEHUGHQKLHU 9HUVDPPHOWHQ 'U7RGJLQJDQVHLQHQ3ODW])ULKQZDUGHUSUlFKWLJVWH6HVVHO UHVHUYLHUW(UZDUDXVNRVWEDUHP+RO]JHVFKQLW]WXQGGLHKRKH 5FNHQOHKQHUHLFKWHELV]X'U7RGV1DFNHQ -HGHUGHU0HQVFKHQKDWWHGDV*HIKOGHU0HLVWHUZUGHELVLQ VHLQH6HHOHEOLFNHQ$OOHVWDQGHQVLHXQWHUGHPVFKUHFNOLFKHQ %DQQ =ZHL3OlW]HZDUHQOHHUJHEOLHEHQ 'RUWKlWWHQ-RKQ6LQFODLUXQG-DQH&ROOLQVVLW]HQVROOHQ(V NPPHUWH'U7RGQLFKWZHLWHU(UZDUVLFKHUGDGHU,QVSHNWRU QRFKLQGLHVHU1DFKWVWHUEHQZUGH 0LWGHU*HVWHHLQHVJURHQ0DJLHUVKRE'U7RGEHLGH$UPH ª'LH+RFK]HLWNDQQEHJLQQHQ©VDJWHHU ,PVHOEHQ$XJHQEOLFNHUW|QWHHLQGXPSIHV%UDXVHQ:LQGIXKU GXUFKGHQ5DXPXQGOLHGLH.HU]HQIODFNHUQ 'LH7UHQNODSSWHQ]X 'U7RGUHJLHUWHGLH.UHDWXUHQGHU+|OOH6LHZDUHQ]XHLQHP PDNDEUHQ+RFK]HLWVUHLJHQHUVFKLHQHQ
6FKUHFNOLFKHGXUFKVFKHLQHQGH*HVWDOWHQWDQ]WHQSO|W]OLFKLQ GHPJURHQ6DDO(VZDUHQ8QJHKHXHUDXVGHP6FKDWWHQUHLFK GLH'U7RGXQGGHP%UDXWSDDULKUH5HYHUHQ]HUZHLVHQZROOWHQ 'LHJUlOLFKHQ:HVHQXPWDQ]WHQGHQ7LVFKXQGVWLHHQVFKULOO NOLQJHQGH/DXWHDXV .DOWH)ODPPHQ]QJHOWHQDXVRIIHQHQ0lXOHUQJOLWWHQZLH IHXULJH6FKODQJHQEHUGHQ7LVFKXQGKXVFKWHQDXIGLH 6LW]HQGHQ]X %LOOVSUWHZLHGLH=XQJHQEHUVHLQ*HVLFKWOHFNWHQXQGHU HPSIDQGGLHVH%HUKUXQJHQDOV/LHENRVXQJ 0LQXWHQODQJGDXHUWHGLHVHUK|OOLVFKH5HLJHQ'DQQYHU VFKZDQGHQGLH+|OOHQERWHQVRVFKQHOOZLHVLHDXIJHWDXFKW ZDUHQ 'LH:|OIHGLHZlKUHQGGHV7DQ]HVDXIJHVSUXQJHQZDUHQ KRFNWHQVLFKZLHGHUQLHGHU,KUKHFKHOQGHU$WHPGUDQJGXUFKGLH 6WLOOH 6FKOLHOLFKHUKREVLFK'U7RGYRQVHLQHP6LW](UEOLFNWHHUVW 9HUD0RQWHVLDQXQGGDQQ%LOO&RQROO\$XIGHP5HSRUWHUEOLHE VHLQ%OLFNHWZDVOlQJHUUXKHQPDQNRQQWHVSUHQGD'U7RG JURH*HQXJWXXQJHPSIDQGGLHVHQ0DQQLQVHLQH*HZDOW JHEUDFKW]XKDEHQ %LOOUHDJLHUWHQLFKW6HLQVHHOHQORVHU%OLFNKLQJDQ'U7RGV /LSSHQ )UGHQ5HSRUWHUZDUDOOHVYHUJHVVHQ1LFKWHLQH6HNXQGH GDFKWHHU]XUFNDQVHLQHLJHQWOLFKHV/HEHQ)ULKQH[LVWLHUWH QLFKWV3RVLWLYHVPHKU1LFKWVHLQH)UDXQLFKW-RKQ6LQFODLU(V JDEQXUQRFK'U7RG 'HU0HQVFKHQKDVVHUEHJDQQVHLQHPDNDEUH+RFK]HLWVUHGH(U VSUDFKPLWNKOHUOHLGHQVFKDIWVORVHU6WLPPHZLHHLQ+HQNHU]X VHLQHP2SIHU ª'HU)OXFKGHU6FKZDU]HQ0DJLHLVWHUIOOW©VDJWHHUª:LHHV LQGHQ6FKULIWHQGHV6DWDQVJHVFKULHEHQVWHKW(LQ0HQVFKZLUG VLFKKHXWHPLWHLQHU*HIlKUWLQDXVGHP6FKDWWHQUHLFKYHUPlKOHQ 'DV%OXWGLHVHV0DQQHVZLUG9HUD0RQWHVLGLH.UDIWJHEHQZHL WHU]XOHEHQ(UVHOEVWEHUVFKUHLWHWLQZHQLJHQ0LQXWHQGLH 6FKZHOOH]XP5HLFKGHU6FKDWWHQXQGLKUGLHLKUDOVDXVJH
VXFKWH*lVWHDQGLHVHU+RFK]HLWWHLOKDEWZHUGHWVHLQHP %HLVSLHOIROJHQ$OV$UPHHYRQ8QWRWHQOHEWLKUZHLWHUXQG QHKPWGLHVHV/DQGLQHXUHQ%HVLW]:LUZHUGHQGDV5HLFKGHV 6FKUHFNHQVJUQGHQ© 'U7RGGUHKWHGHQ.RSIXQGVDK9HUD0RQWHVLDQ 'LH8QWRWHKDWWHGHQ0XQGJH|IIQHW'LHODQJHQ9DPSLU]lKQH EHUKUWHQLKUH8QWHUOLSSH.DONZHLVDKGLH+DXWDXV ª*HKMHW]W]XGHLQHP%UlXWLJDPXQGJLELKPGHQ9DPSLUNX© EHIDKO'U7RG 9HUD0RQWHVLVWDQGDXI'HU6WXKOUXFNWHOHLFKW]XUFN'DV 6FKDEHQGUDQJEHUODXWGXUFKGLHKHUUVFKHQGH6WLOOH 6HKQVXFKWVYROOEOLFNWH%LOO&RQROO\GHU8QWRWHQHQWJHJHQ(U NRQQWHHVNDXPHUZDUWHQGHQ9DPSLUNX]XHPSIDQJHQ 8QWHUHLQHPXQKHLPOLFKHQ=ZDQJHUKREVLFKGHU5HSRUWHUYRQ VHLQHP6WXKO(UGUHKWHVLFKXQGJLQJ9HUD0RQWHVLHLQHQ6FKULWW HQWJHJHQ 'LH*lVWHVWDUUWHQGLHEHLGHQDQ'LH=HLWVFKLHQIU $XJHQEOLFNHVWLOO]XVWHKHQ'HU+DXFKGHV%|VHQODJGURKHQGLQ GHU/XIW (LQXQEHVFKUHLEOLFKHU5DXVFKKDWWHGLH8QWRWHJHSDFNW6LH KDWWHQXUQRFK$XJHQIU%LOO&RQROO\ ,KUH$UPHIXKUHQYRUIDWHQQDFK%LOOV6FKXOWHUQ :LOOHQORVOLHGHU5HSRUWHUDOOHVPLWVLFKJHVFKHKHQ(UVWDQG Y|OOLJXQWHUGHPPDJLVFKHQ%DQQ 9HUD0RQWHVLGUFNWH%LOOV.RSI]XU6HLWH'LH+DXWGHV+DOVHV VWUDIIWHVLFK 9HUD0RQWHVL|IIQHWHGHQ0XQG(LQKHLVHUHV)DXFKHQGUDQJ DXVLKUHP5DFKHQ %LOOVFKORGLH$XJHQXQGZDUWHWHDXIGHQ.X 'HU,QVSHNWRUHUIDWHGLHEUDQGJHIlKUOLFKH6LWXDWLRQLQQHUKDOE YRQ6HNXQGHQEUXFKWHLOHQ1RFKKDWWHHUQXUGHQUHFKWHQ$UP IUHLXQGZHQQ+DGXN]XVFKOXJGDQQZDUQLFKWQXUHUVRQGHUQ DXFK-DQH&ROOLQVHUOHGLJWGLHGHP7UNHQGHQ5FNHQ ]XZDQGWHXQGDQ-RKQVHLVHUQHU)HVVHOKDQWLHUWH
-RKQ6LQFODLUULVHLQHQUHFKWHQ)XKRFKXQGVWLHGHQ$EVDW] JHJHQ-DQH&ROOLQVYHUOlQJHUWHQ5FNHQ 'LH'HWHNWLYLQIORJVFKUHLHQGGXUFKGLH)ROWHUNDPPHU1RFK ZlKUHQG-RKQV%HLQLQ$NWLRQZDUULGHU,QVSHNWRUGDV .UXPPVFKZHUWDXVVHLQHP*UWHO ,PVHOEHQ0RPHQWIHJWHGHU0RUJHQVWHUQDXILKQ]X 'HU*HLVWHUMlJHUJLQJEOLW]VFKQHOOLQGLH.QLH 'LHJHIlKUOLFKH:DIIHSILIIEHUVHLQHQ.RSI'LH(LVHQVSLW]HQ GHU.XJHONQDOOWHQJHJHQGDV0DXHUZHUN)XQNHQVSUKWHQ 'LFKWQHEHQ-RKQ6LQFODLUSUDOOWHGHU0RUJHQVWHUQDXIGHQ%RGHQ 'HU,QVSHNWRUKLHOWGDV6FKZHUWVRLQGHU+DQGGDGLH6SLW]H QDFKREHQ]HLJWH +DGXNV6FKZXQJZDUQLFKWPHKU]XEUHPVHQ(UUDQQWHJHQDX LQGLH.OLQJHGHV6FKZHUWHVKLQHLQ (LQJXUJHOQGHU6FKUHLGUDQJDXVVHLQHP0XQGXQGJLQJLQHLQ JHTXlOWHV5|FKHOQEHU -RKQOLHGDV.UXPPVFKZHUWORV'HU7UNHEUDFK]XVDPPHQ +DGXNZDUWRW $EHUQRFKOHEWHGHU9DPSLU(UZDUQLFKWVROHLFKW]XHUOHGLJHQ ZLH+DGXN %HYRUVLFK-RKQDXIGLH6LWXDWLRQHLQVWHOOHQNRQQWHUDQQWH =DFKHZORV0LWODQJHQ6SUQJHQKHW]WHHUDXIGLHDP%RGHQ OLHJHQGH-DQH&ROOLQV]X 'LH'HWHNWLYLQVFKULH -RKQV+DQGUDVWHXQWHUGDV-DFNHWW]RJGLHPLW6LOEHUNXJHOQ JHODGHQH3LVWROHKHUYRU =LHOHQIHXHUQHVZDUHLQV 'DVVLOEHUQH*HVFKRIOLUUWHGXUFKGLH/XIWXQGGUDQJGHP 9DPSLULQGLH+IWH =DFKHZZXUGHPLWWHQLP6SUXQJJHVWRSSW(UZXWHGD 6LOEHUIUHLQHQ8QWRWHQW|GOLFKZDUDEHUQXUZHQQGLH.XJHO RGHUGHU'ROFKGDV+HU]WUDIHQ -RKQV*HVFKRVWHFNWHLQVHLQHU+IWHOlKPWH]ZDUGLH .DPSINUDIWGHV9DPSLUVPDFKWHLKQMHGRFKQLFKWNDPSIXQIlKLJ =DFKHZZDU]X%RGHQJHVFKOHXGHUWZRUGHQ-RKQZROOWHHLQ ]ZHLWHV0DOVFKLHHQGRFKHUVDKNHLQ=LHO
'HU8QWRWHZXUGHGXUFKGLH6WUHFNEDQNJHGHFNW1XUVHLQ 6W|KQHQZDU]XK|UHQ'LH6LOEHUNXJHOGLHLQVHLQHP.|USHU VWHFNWHPXWHLKPZDKQVLQQLJH6FKPHU]HQEHUHLWHQ -DQH&ROOLQVNQLHWHDXIGHP%RGHQ,KU%OLFNIUDVLFKDQGHP 9DPSLUIHVWGHUODQJVDPDXIVLH]XNURFK =DFKHZV$XJHQZDUHQEOXWXQWHUODXIHQ(UKDWWHGDV*HVLFKW]X HLQHU)UDW]HYHU]RJHQ'LH$UPHZDUHQYRUJHVWUHFNWGLH)LQJHU JHNUPPW =HQWLPHWHUZHLVHQlKHUWHHUVLFKVHLQHP2SIHU ª-DQH©EUOOWH-RKQ6LQFODLUª.RPPHQ6LH-DQH/RV6LHPV VHQGDZHJ© -DQH&ROOLQVVFKWWHOWHLQJUHQ]HQORVHU3DQLNGHQ.RSI=XYLHO ZDUDXIVLHHLQJHVWUPW6LHUHDJLHUWHNDXPQRFKDXIVHLQHQ $QUXI 8QGGHU9DPSLUNDPLPPHUQlKHU -RKQ6LQFODLUZDUQDKHGDUDQGLH1HUYHQ]XYHUOLHUHQ:LHGHU EUOOWHHUGHQ1DPHQGHUEORQGHQ)UDX 'DHQGOLFKEHZHJWHVLFK-DQH&ROOLQV 0KVDPVWW]WHVLHVLFKDQGHU:DQGKRFK,KUH.QLH]LWWHUWHQ XQGLKU+HU]VFKODJJLQJZLHUDVHQG 0LWHLQHP3DQWKHUVDW]ZDUIVLFK'LQR=DFKHZGHUDQJVWVFKORW WHUQGHQ)UDXHQWJHJHQ6HLQHODQJHQ$UPHZROOWHQ-DQHV+IWH XPIDVVHQXQG 'HU*HLVWHUMlJHUIHXHUWH 6FKLHHQNRQQWHHUZLHNHLQ=ZHLWHU'DULQKDWWHPDQLKQ JHWULPPW-HW]WPDFKWHVLFKGLHVH6FKXOHEH]DKOW 'LH6LOEHUNXJHONODWVFKWHLQGHQ+DOVGHV9DPSLUV (LQODQJHU6FKUHLGUDQJDXVVHLQHU.HKOHXQGHKHHUGRFKQRFK ]XSDFNHQNRQQWHVSUDQJ-DQH&ROOLQV]XU6HLWH 'LQR=DFKHZSUDOOWHJHJHQGLH:DQG $XIKHXOHQGZDUIHUVLFKZLHGHUKHUXP 'HU9DPSLUERWHLQVFKUHFNOLFKHV%LOG(UGUHKWHVLFKNUHL VFKHQGDXIGHU6WHOOH(UKDWWHYROOHQGVGLH.RQWUROOHXQGhEHU VLFKWYHUORUHQ 'LH6FKPHU]HQPXWHQLKQY|OOLJYHUUFNWJHPDFKWKDEHQ XQGXQEHUHFKHQEDU
0LWEHLGHQ+lQGHQSDFNWHHUHLQH/DQ]HULVLHDXVGHU +DOWHUXQJ+RFKVFKZDQJHUGLH:DIIHEHUGHQ.RSI ,PQlFKVWHQ$XJHQEOLFNZUGHGLH/DQ]HDXI-RKQ6LQFODLU ]XIOLHJHQXQGLKQGXUFKERKUHQ %UHLWEHLQLJXQGOHLFKWLQGHQ.QLHQIHGHUQGVWDQGGHU ,QVSHNWRUDQGHU:DQG:LHIHVWJHVFKZHLWODJGLH3LVWROHLQ VHLQHU5HFKWHQ 'HU8QWRWHEHXJWHVLFKHWZDV]XUFNZROOWHQRFKPHKU 6FKZXQJKROHQ 'DVNRVWHWH%UXFKWHLOHYRQ6HNXQGHQ -RKQ6LQFODLUVFKRHLQGULWWHV0DO +DUWEHOOWHGLH:DIIHDXI 'DVVLOEHUQH*HVFKRERKUWHVLFKJHQDXLQ+HU]K|KHLQGLH %UXVWGHV8QWRWHQ 'LH:XFKWGHV(LQVFKODJHVVWLH=DFKHZKHUXP(UKDWWHQLFKW PHKUGLH.UDIWGLH/DQ]H]XVFKOHXGHUQ6LHUXWVFKWHLKPDXV GHQ)LQJHUQ 'DQQEUDFKGHU8QWRWH]XVDPPHQ 0LWGHP*HVLFKWVFKOXJHUDXIGHPVWHLQLJHQ%RGHQDXI -RKQ6LQFODLUKDWWHGHQ.DPSIJHZRQQHQ-HW]WHUVWPHUNWHHU ZLHHUVFK|SIWHUZDU'LH%HLQHNRQQWHQGDV*HZLFKWVHLQHV .|USHUVNDXPKDOWHQ-RKQPXWHVLFKDQGHU:DQGDEVWW]HQ XPQLFKWXP]XIDOOHQ -DQHV6FKOXFK]HQGUDQJDQVHLQH2KUHQ -RKQZROOWHHWZDVVDJHQPXWHVLFKMHGRFKHUVWGLH.HKOHIUHL UlXVSHUQXPHLQHQ7RQKHUDXV]XEULQJHQ ª.RPPHQ6LH-DQH(VLVWYRUEHL© 'LH'HWHNWLYLQKREGHQ.RSI,KUH$XJHQZDUHQJHU|WHWYRP :HLQHQ6WUlKQLJNOHEWHGDVEORQGH+DDUDXILKUHUVFKZHLQDV VHQ6WLUQ6LHWDXPHOWHDXI-RKQ]XXQGYHUPLHGHVWXQOLFKVWGLH EHLGHQ/HLFKHQDQ]XEOLFNHQ 0LW]LWWHUQGHQ)LQJHUQPDFKWHVLHVLFKDQGHU]ZHLWHQ6FKHOOH ]XVFKDIIHQ'DEHLEUDFKVLHVLFK]ZHL1lJHODEGRFKVFKOLHOLFK KDWWHVLHHVJHVFKDIIW 'LH.HWWHILHO-RKQKDWWHGDV*HIKOYRQHLQHU=HQWQHUODVW EHIUHLWZRUGHQ]XVHLQ
,PQlFKVWHQ$XJHQEOLFNILHOLKP-DQH&ROOLQVVFKOXFK]HQGLQ GLH$UPH6LHEDUJLKU*HVLFKWDQ-RKQV6FKXOWHUQ 'HU,QVSHNWRUVWULFKGHU'HWHNWLYLQVDFKWEHUGDVEORQGH+DDU ,KPVD]ZDUGLH=HLWLP1DFNHQGRFKHUEUDFKWHHVQLFKWIHUWLJ -DQH&ROOLQVMHW]WZHJ]XVWRHQ 6FKOLHOLFKKRE-DQHGHQ.RSIXQGEOLFNWH-RKQDXVWUlQHQ IHXFKWHQ$XJHQDQ ª-HW]WLVWGRFKDOOHVYRUEHLQLFKW"©IUDJWHVLHKRIIQXQJVYROO -RKQV/lFKHOQILHOJHTXlOWDXVª)DVWDOOHV©VDJWHHU -DQHVWLHHLQHQHUVWLFNWHQ6FKUHLDXVª6LH6LHPHLQHQHVJLEW QRFKPHKUYRQGLHVHQ9DPSLUHQ"© ª-DGDVJODXEHLFK© ª0HLQ*RWWZDQQKDWGDVDOOHVHLQ(QGH"© 6DQIWVFKREGHU,QVSHNWRU-DQH&ROOLQVYRQVLFKª,KQHQZLUG QLFKWVPHKUSDVVLHUHQ-DQHGDVYHUVSUHFKHLFK7URW]GHPPV VHQZLUMHW]WQDFKREHQJHKHQ(VJHKWXPGDV/HEHQYRQEHU ]ZDQ]LJ0HQVFKHQ© -RKQ6LQFODLUVWHFNWHVHLQH%HUHWWDZHJQLFKWRKQHVLHYRUKHU QDFKJHODGHQ]XKDEHQXQGIDWH-DQH&ROOLQVDQGHU+DQG %HYRUVLHGLH)ROWHUNDPPHUYHUOLHHQQDKP-RKQQRFKGLH3HFK IDFNHOYRQGHU:DQG6LHJDEPHKU/LFKWDOVVHLQH7DVFKHQ ODPSH :LH]ZHL9HUVFKZ|UHUVFKOLFKHQ-RKQ6LQFODLUXQG-DQH&ROOLQV GXUFKGLHGVWHUHQ*lQJH 'HU*HLVWHUMlJHUZDUGDUDXIJHIDWZLHGHUGHQ:|OIHQ]X EHJHJQHQGRFKNHLQHVGHU7LHUHOLHVLFKEOLFNHQ ª:LVVHQ6LHGHQQZLHZLUKLHUKLQDXVNRPPHQ"©IUDJWH-DQH IOVWHUQG ª,FKKRIIHHVGRFK©HUZLGHUWHGHU,QVSHNWRUª9RUDOOHQ'LQJHQ PVVHQZLUGLH7UHSSHILQGHQ© ª:HOFKH7UHSSH"© -RKQZDQGWHGHQ.RSIXQGOlFKHOWH-DQHDQª'LH7UHSSHGLH QDFKREHQIKUW© -RKQJLQJMHW]WVFKQHOOHU,UJHQGHLQXQEHVWLPPWHV*HIKO GUlQJWHLKQ]XU(LOH 8QGGDQQVWDQGHQVLHYRUGHQHUVWHQ6WXIHQ
-DQHVHXI]WHDXIª-HW]WKDEHQZLUHVJHVFKDIIW-RKQ.RPPHQ 6LH©6LHKDWWHHVSO|W]OLFKVFKUHFNOLFKHLOLJ -RKQEHUQDKPGLH)KUXQJ 6LHSDVVLHUWHQGLHGLFNH6lXOHKLQWHUGHUGLH6WXIHQZHLWHUQDFK REHQIKUWHQ $XIHLQPDOZDUGLH7UHSSH]X(QGH 6LHVWDQGHQMHW]WYRUHLQHU7URGHU:DQG6RJHQDXOLHHVVLFK QLFKWHUNHQQHQ -RKQVXFKWHYHUJHEHQVQDFKHLQHU.OLQNH-DQHKDWWHVHLQHQ VXFKHQGHQ%OLFNEHPHUNW ª-HW]WLVWZRKODOOHVDXV©VDJWHVLH 'HU,QVSHNWRUJDENHLQH$QWZRUW(UGUFNWH-DQHGLH)DFNHOLQ GLH+DQGXQGWDVWHWHIOLQNGLH+RO]ZDQGQDFKLUJHQGZHOFKHQ )XJHQRGHU(LQEXFKWXQJHQDE (UIDQGHLQHQNOHLQHQ+HEHO -RKQ]RJLKQQDFKYRUQ 6HNXQGHQVSlWHUJDEHVHLQVFKDEHQGHV*HUlXVFK'LH+RO] ZDQGVFKREVLFKLQGHU0LWWHDXVHLQDQGHU -RKQVFKOSIWHDOVHUVWHUGXUFKGHQ=ZLVFKHQUDXP (UEHIDQGVLFKLQGHU%LEOLRWKHNGHV6FKORVVHV'LHKRKHQ 5HJDOHUHLFKWHQELV]XU'HFNH(LQJURHU.DPLQZDUYRQGHU :DQGLQGHQ5DXPKLQHLQJHEDXWZRUGHQ9HUNRKOWH+RO]VFKHLWH YHUEUHLWHWHQHLQHQVFKDUIHQ*HUXFK -RKQVFKORGDUDXVGDGDV)HXHUQRFKELVYRUNXU]HP JHEUDQQWKDEHQPXWH ª8QGMHW]W"©IUDJWH-DQH&ROOLQV ª:LUZHUGHQGLHDQGHUHQVXFKHQ'DVKHLWLFKPDFKHHV6LH EOHLEHQLQVLFKHUHU'HFNXQJ©-RKQQDKPLKUGLH)DFNHODXVGHU +DQG ª:DVZROOHQ6LHGHQQGDPLW"© ª9DPSLUHNDQQPDQDXFKPLW)HXHUEHNlPSIHQ©JDEGHU *HLVWHUMlJHU]XU$QWZRUW 'DQQJLQJHUPLWVFKQHOOHQXQGZHLWHQ6FKULWWHQDXIGLH7U GHU%LEOLRWKHN]X 6LHZDU]XP*OFNRIIHQ -RKQ6LQFODLUVWDQGLQGHUJURHQ+DOOHGHV6FKORVVHV
6HLQ%OLFNVFKZHLIWHDQGHQ:lQGHQHQWODQJXQGDQGHQ]DKO UHLFKHQ7UHQGLHGRUWDE]ZHLJWHQ$XFKGLHEUHLWH7UHSSHJHULHW LQVHLQ%OLFNIHOG /DQJVDPJLQJGHU,QVSHNWRUGXUFKGLH+DOOH -DQH&ROOLQVVWDQGLQGHPRIIHQHQ7UUHFKWHFNGHU%LEOLRWKHN XQGZDUWHWH 'HU,QVSHNWRUKDWWHGLH4XDOGHU:DKO(UNDQQWHGDV6FKOR QLFKWZXWHQLFKWZLHYLHOH5lXPOLFKNHLWHQHVKLHUJDE 3O|W]OLFKEOLHEHUVWHKHQ (LQ*HUlXVFKZDUDQVHLQ2KUJHGUXQJHQ(VKDWWHVLFKDQ JHK|UWZLHGDV6FKDEHQHLQHV6WXKOVGHU]XUFNJHVHW]WZXUGH -RKQKREGHQ%OLFN 6HLQH$XJHQJOLWWHQEHUGLHEUHLWH'RSSHOWU(UVDKGLH JUlOLFKHQ'lPRQHQIUDW]HQGLHLQGDV+RO]JHVFKQLW]WZDUHQ XQGZXWHPLWHLQHPPDOGDHUKLHUULFKWLJZDU +LQWHUGHU7UPXWHHWZDV6FKUHFNOLFKHVJHVFKHKHQ -RKQIDWHQDFKGHQEHLGHQ*ULIIHQ%HYRUHUGLH7U|IIQHWH ZDQGWHHUQRFKHLQPDOGHQ.RSIXQGEHGHXWHWH-DQH&ROOLQVVLFK QLFKWYRP)OHFN]XUKUHQ 'DQQ]RJHUGLH*ULIIHDXVHLQDQGHU(VJLQJOHLFKWHUDOVHU JHGDFKWKDWWH :LHHLQ6FKDWWHQKXVFKWH-RKQ6LQFODLULQGHQGDKLQWHUOLHJHQ GHQ5DXP ,PVHOEHQ$XJHQEOLFNSDFNWHLKQGDV*UDXHQ8QDXVO|VFKOLFK SUlJWHVLFKGDVPDNDEUH%LOGLQVHLQ*HGlFKWQLVHLQ (UVDK'U7RGVDKGLH0HQVFKHQZLH3XSSHQDQGHPGUHL HFNLJHQ7LVFKVLW]HQXQGVDKGLHVSLW]HQ=lKQHGHU*UlILQGLH VLFKEHU%LOO&RQROO\JHEHXJWKDWWH 0LWHLQHP6DW]VSUDQJ-RKQPLWWHQLQGHQ6DDO ª,FKJODXEHKLHUIHKOWQRFKGHU(KUHQJDVW1LFKWZDKU 'U7RG"© 'LHVWDKOKDUWH6WLPPHGHV*HLVWHUMlJHUV]HUVFKQLWWGLHXQKHLP OLFKH6WLOOH
'LH'HWRQDWLRQHLQHUH[SORGLHUHQGHQ%RPEHKlWWHNHLQH JU|HUH:LUNXQJ]HLJHQN|QQHQ)UNXU]H=HLWZDUHQGLH +DXSWDNWHXUHGLHVHVJUDXVDPHQ6SLHOVPLWWHQLQLKUHQ %HZHJXQJHQHUVWDUUW 9HUD0RQWHVLKDWWHGHQ.RSIJHGUHKW,KU*HVLFKWZDUGHP ,QVSHNWRU]XJHZDQGW'HXWOLFKVDK-RKQGLHEHLGHQJUlOLFKHQ 9DPSLU]lKQH %LOO&RQROO\V%OLFN]HLJWHHLQHQQLFKWVVDJHQGHQ$XVGUXFN'HP 5HSRUWHUVFKLHQDOOHVJOHLFKJOWLJ]XVHLQ-RKQZXWHVRIRUWGD HUXQWHU+\SQRVHVWDQG $XFK'U7RGZDUEHUUDVFKW(UVDKDXVDOVN|QQHHU-RKQV $XIWULWWQLFKWEHJUHLIHQ'LHVHU0DQQKDWWHHLQHQUHJHOUHFKWHQ 6FKRFNHUOLWWHQXQGGDVVROOWHEHLLKPHWZDVKHLHQ 'HU*HLVWHUMlJHUKLHOWGLHEUHQQHQGH3HFKIDFNHOLQGHUOLQNHQ +DQGZlKUHQGHUPLWGHUUHFKWHQVHLQH3LVWROH]RJ $OVHUVWHUHDJLHUWHQGLH:|OIH :lKUHQGGLH0HQVFKHQVWXPPXQGVWDUULQLKUHU+\SQRVH VDHQKHW]WHQGLHEHLGHQ5DXEWLHUHPLWJHIOHWVFKWHQ=lKQHQDXI -RKQ6LQFODLU]X -RKQVFKR]ZHLPDOEOLW]VFKQHOOKLQWHUHLQDQGHU %HLGH.XJHOQWUDIHQ 1RFKLQGHU/XIWZXUGHQGLH:|OIH]XUFNJHVFKOHXGHUW SUDOOWHQDXIGHQ%RGHQXQGYHUHQGHWHQ 'RFKGLHVHEHLGHQ6FKVVHZLUNWHQDXI9HUD0RQWHVLZLHHLQ 6LJQDO .UHLVFKHQGZROOWHVLHVLFKDXI%LOO&RQROO\VWU]HQDOVZWH VLHGDGDV2SIHULKULPOHW]WHQ$XJHQEOLFNQRFKHQWULVVHQ ZHUGHQVROOWH =ZHLODQJH6SUQJHEUDFKWHQ-RKQ6LQFODLULQGLH1lKHGHU 8QWRWHQ-RKQULGHQ$UPPLWGHU3LVWROHKRFKXQG]LHOWHDXI GLH*UlILQ 'DJULII'U7RGHLQ -RKQVDKDXVGHQ$XJHQZLQNHOQZLHGHU0HQVFKHQKDVVHUYRQ VHLQHP6WXKOVSUDQJXQGXQWHUGHQ8PKDQJJULII -RKQVOLQNH+DQGEHVFKULHEHLQHQ%RJHQ :LHHLQIHXULJHU6FKZHLIVHJHOWHGLH)DFNHOGXUFKGLH/XIW
SUDOOWHJHJHQGHQEHUUDVFKWHQ'U7RGGHUZLHGHU]XUFNDXI VHLQHQ6WXKOILHOXQGIU6HNXQGHQEUXFKWHLOHQLFKWUHDJLHUWH 'DVZDUPH3HFKGHU)DFNHONOHEWHDQGHU.OHLGXQJ,P1X VWDQGGHU6WRIILQ)ODPPHQZREHLGHU6HLGHQXPKDQJEHVRQGHUV OHLFKWH1DKUXQJERW $OOHVKDWWHVLFKLQQHUKDOEYRQ6HNXQGHQDEJHVSLHOWXQGGRFK UHLFKWHGLH=HLWGHU8QWRWHQ )LQJHUZLH6WDKONODPPHPXPIDWHQSO|W]OLFK-RKQVUHFKWHV +DQGJHOHQN 'HU,QVSHNWRUVFKULHDXIXQGJLQJLQGLH.QLH hEHULKPIDXFKWH9HUD0RQWHVLWULXPSKLHUHQGDXI 8QGZlKUHQG'U7RGEUOOHQGGXUFKGHQ6DDOQDFKGUDXHQ UDQQWHNlPSIWH6LQFODLUPLWGHUK|OOLVFKHQ*UlILQXPVHLQ/HEHQ ,PPHUZHLWHUZXUGHVHLQ$UP]XUFNJHERJHQ2EHUZROOWH RGHUQLFKW-RKQPXWHPLWGHP2EHUN|USHUIROJHQ -RKQULGHQUHFKWHQ$UPKRFKXQGGURVFKGLH)DXVWLQGDV *HVLFKWGHU8QWRWHQ (VKDOIQLFKWV 'HU*HLVWHUMl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|USHU 'DK|UWHHUGHQJHOOHQGHQYRQSDQLVFKHU$QJVWHUIOOWHQ 6FKUHL
$OVOHEHQGH)DFNHOUDQQWH'U7RGDXVGHP6DDO'HU8PKDQJ ZLUEHOWHZLHHLQHIHXULJH/RKHKLQWHUVHLQHP5FNHQKHU 9HU]ZHLIHOWYHUVXFKWHGHU0HQVFKHQKDVVHULKQDE]XVWUHLIHQ 'U7RGHUUHLFKWHGLH+DOOH%OLQGYRU:XWXQG6FKPHU]HQZDUI HUVLFKDXIGHQ%RGHQZlO]WHVLFK]XFNHQGKHUXPYHUVXFKWHVR GLH)ODPPHQ]XO|VFKHQ 'U7RGVDKQLFKW-DQH&ROOLQVGLHGLHJUDXHQYROOH6]HQHPLW DQJVWJHZHLWHWHQ$XJHQEHREDFKWHWH 'LH'HWHNWLYLQKDWWHVLFKKLQWHUHLQHU5LWWHUUVWXQJYHUVWHFNW ,PHUVWHQ$XJHQEOLFNZXWHVLHQLFKWZDVVLHWXQVROOWH'HP 0DQQKHOIHQRGHU 8QZLOONUOLFKWUDW-DQH&ROOLQV]ZHL6FKULWWHYRUNRQQWHVR GXUFKGLHRIIHQH6FKLHEHWULQGHQ6DDOEOLFNHQ 6LHVDK-RKQ6LQFODLUDP%RGHQXQG9HUD0RQWHVLGLHLP *HIKOLKUHV6LHJHVGHQ,QVSHNWRUDXIGHP%RGHQIHVWKLHOW 'DGUHKWH-DQH&ROOLQVGXUFK$OOLKUHLQOHW]WHU=HLWDXVJHVWDQ GHQH$QJVWXQG6RUJHOLHVLHGXUFKGLHRIIHQH7UYRUZlUWV VFKQHOOHQDXIGLHEHLGHQ.lPSIHQGHQ]X (LQZLOGHU6FKUHLHQWUDQJVLFKLKUHU.HKOH(LQ6FKUHLGHU /HEHQUHWWHWH 9HUD0RQWHVLZXUGHHLQSDDU/LGVFKOlJHODQJDEJHOHQNW6LHUL GHQ.RSIKRFKVDKGHUDQVWUPHQGHQ-DQH&ROOLQVHQWJHJHQXQG ORFNHUWHXQZLOONUOLFKGHQJQDGHQORVHQ*ULII (LVNDOWQXW]WH-RKQ6LQFODLUVHLQH&KDQFHNlPSIWHVLFKIUHL (UUROOWHVLFKHLQSDDUPDOXPGLHHLJHQH$FKVH 'LHEHLGHQ)UDXHQSUDOOWHQ]XVDPPHQ ª-DQH©JHOOWH-RKQ6LQFODLUV6WLPPH 'HU,QVSHNWRUZDUDXIGLH.QLHJHNRPPHQKDWWHVHLQHQ'ROFK JH]RJHQXQGKLHOWGLH6FKQHLGH]ZLVFKHQ'DXPHQXQG=HLJH ILQJHUJHNOHPPW -DQH&ROOLQVDXVJHELOGHWH'HWHNWLYLQGXFNWHVLFKXQWHU9HUD 0RQWHVLV*ULIIKLQZHJXQGZDUIGLH8QWRWHPLWHLQHP+IW VFKZXQJ]X%RGHQ ª:HJ-DQH©EUOOWH-RKQ 'LH'HWHNWLYLQVFKQHOOWH]XU6HLWHXQG-RKQ6LQFODLUKDWWH IUHLH%DKQ
0LWXQJHKHXUHU:XFKWVFKOHXGHUWHHUGHQVLOEHUQHQ'ROFK'LH :DIIHWUDIGLH%UXVWGHU8QWRWHQ 9HUD0RQWHVLEUDFK]XVDPPHQ 1RFKLPPHUEUOOWHVLHPDUNHUVFKWWHUQG'LH6FKUHLHKDOOWHQ JUHOOXQGVSLW]GXUFKGHQKRKHQ6DDO (VZDUHLQPDNDEUHV%LOGZLHGLHHEHQPlLJHQ*HVLFKWV]JH ]HUIORVVHQ]XHLQHUJUDXHQ0DVVHZXUGHQGLHODQJVDP]HU EU|FNHOWHXQGDOV6WDXEOLHJHQEOLHE 'LH8QWRWHKDWWHDXIJHK|UW]XH[LVWLHUHQ'LHOHW]WHDXVGHP *HVFKOHFKWGHU0RQWHVLVZDUQLFKWPHKU $EHUQRFKOHEWH'U7RG 'HU*HGDQNHWUDI-RKQZLHHLQ%OLW]VFKODJ ª:RLVW'U7RG"© -DQH&ROOLQVZDQGWHGHQ.RSI6LHGHXWHWHPLW]LWWHUQGHU+DQG ]XU+DOOHKLQEHUª'RUWLFK© -RKQK|UWHLKUHQlFKVWHQ:RUWHVFKRQQLFKWPHKU(UUDQQWHORV 'U7RGODJDXIGHP5FNHQ1RFKLPPHUEUDQQWHHLQ7HLOGHU .OHLGXQJ 'DQQVDK-RKQGDV*HVLFKW 'HU*HLVWHUMlJHUVFKOXFNWH+LHUNRQQWHQLHPDQGPHKUKHOIHQ (VZDUEHUKDXSWHLQ:XQGHUGDGHU0HQVFKHQKDVVHUQRFK OHEWH ª'XGXKDVWHVQXQGRFKJHVFKDIIW*HLVWHUMlJHU©JXUJHOWH'U 7RGª$EHUHLQVLVWJHZLPHLQ(UEHZLUGZHLWHUOHEHQ$VPRGLV ZLUGVLFKHLQHQQHXHQ'LHQHUKROHQXQGGLFKDKKKK© 0LWHLQHP6FKPHU]HQVVFKUHLKDXFKWH'U7RGVHLQ/HEHQDXV *OHLFK]HLWLJZXUGHDXFKGHU5LQJDQVHLQHU+DQG]X6WDXE ,Q*HGDQNHQYHUVXQNHQEOLHE-RKQ6LQFODLUQHEHQGHU/HLFKH KRFNHQELVLKQGLH6WLPPHQDXIVFKUHFNWHQ -RKQZDQGWHGHQ.RSI 'XUFKGHQ7RGGHV0HQVFKHQKDVVHUVZDUDXFKGLH+\SQRVH HUORVFKHQ'LH5HLVHQGHQUHGHWHQZLOGGXUFKHLQDQGHU6LHVWUP WHQPLW)UDJHQDXI-DQH&ROOLQVHLQ%HVRQGHUV%LOO&RQROO\GHU VLFKZXQGHUWHZLHHU]XVROFKHLQHU.OHLGXQJNDP 'HU5HSRUWHUEDKQWHVLFKHLQHQ:HJ]X-RKQ6LQFODLU ª$OVR-RKQLFKPXVFKRQVD©'DILHO%LOOV%OLFNDXIGLH
/HLFKH6HLQH$XJHQZXUGHQJURYRU(QWVHW]HQª:DVLVWGHQQ JHVFKHKHQ"© 'HU,QVSHNWRUZLQNWHDEª*HK]XUFNLQGHQ6DDOLFKHUNOlUH HVHXFK© %LOOQLFNWH :HQLJVSlWHUVFKOR-RKQ6LQFODLUGLHJURH)OJHOWUKLQWHU VLFK =ZHL7DJHVSlWHUEHIDQGHQVLFKGLH5HLVHQGHQZLHGHULQ %XNDUHVW ,P)OXJ]HXJVDHQ-RKQ6LQFODLUXQG-DQH&ROOLQVQHEHQHLQ DQGHU6LHKDWWHQVLFKHLQLJHV]XHU]lKOHQ8QWHUDQGHUHPKDWWH -DQHYRULKUHQ-REDQGHQ1DJHO]XKlQJHQXQGEHLP
'2.72572'6+g//(1)$+57
(VZDUHLQVFKPXFNORVHU6DUJ0HKUHLQH7RWHQNLVWH6LHZDUDXV URKHQXQJHKREHOWHQ%UHWWHUQ]XVDPPHQJH]LPPHUW%LOOLJVWHV )LFKWHQKRO]+LHUXQGGDEOLQNHQGLHJURHQ1lJHON|SIH PHWDOOLVFK 'DVIULVFKH+RO]GHV6DUJHVYHUVWU|PWHHLQHQ*HUXFKGHUEHL HPSILQGOLFKHQ0HQVFKHQHLQHQ1LHVUHL]EHZLUNWH$XFKEHLGHQ EHLGHQ3ROL]LVWHQGLHGHQ6DUJEHZDFKWHQ ª0LVW©EUXPPWHGHUHLQHXQGQLHVWH'DHUNHLQ7DVFKHQWXFK EHVDZLVFKWHHUVLFKGLH1DVHDP8QLIRUPlUPHODEª,FKKDEHMD VFKRQYLHOH$XIWUlJHHUKDOWHQDEHUHLQHQELOOLJHQ6DUJEHZDFKHQ QHHLFKZHLQLFKWVRUHFKW© 6HLQ.ROOHJHJDELKPNHLQH$QWZRUW'HU0DQQKDWWHGLH +lQGHDXIGHP5FNHQYHUVFKUlQNWXQGJLQJODQJVDPDXIXQG DE0DQFKPDO]XFNWHVHLQOLQNHU$UPKLQWHUGHP.|USHUKHUYRU XQGGHU3ROL]LVWZDUIHLQHQ%OLFNDXIVHLQH8KU 6FKRQVHFKV0LQXWHQEHUGLH=HLW /DQJVDPZXUGHGHU%HDPWHXQJHGXOGLJ6FKOLHOLFKZDUGHU DOWH6FKXSSHQLPDXVUDQJLHUWHQ7HLOGHV/RQGRQHU+DIHQVQLFKW JHUDGHGHULGHDOH$XIHQWKDOWVRUW(VVWDQNHUElUPOLFKXQG 5DWWHQIHLHUWHQKLHULKUH)HVWH 'HU3ROL]LVWEHGDFKWHGHQELOOLJHQ6DUJPLWHLQHPZWHQGHQ %OLFN 'LH7RWHQNLVWHNDPDXV5XPlQLHQPHKUZXWHQGLH%HZDFKHU QLFKW6LHZXWHQQLFKWZHUGDULQODJXQGREHVHLQ0DQQRGHU HLQH)UDXZDU,KQHQZDUQXUJHVDJWZRUGHQGDMHPDQGGHQ 6DUJ]XHLQHUEHVWLPPWHQ7DJHV]HLWDEKROHQZUGH8QGGLHVH =HLWZDUEHUHLWVEHUVFKULWWHQ 'XUFKGLHWHLOZHLVH]HUEURFKHQHQ)HQVWHUGHV6FKXSSHQVILHOHQ GLH6RQQHQVWUDKOHQHLQHV6SlWVRPPHUWDJHV6WDXESDUWLNHOIOLUU WHQLPKHOOHQ/LFKW(VZDUUXKLJLQGHU+DOOH1XUGHU6DQGXQWHU GHQ6RKOHQGHV3ROL]LVWHQNQLUVFKWH 3O|W]OLFKK|UWHGHU%HDPWHHLQNORSIHQGHV*HUlXVFK(VNODQJ LUJHQGZLHGXPSIXQGKRKO 'HU0DQQZDQGWHGHQ.RSIª+H*DUU\©VSRWWHWHHUªNORSIVW GXQHXHUGLQJVDXIGHLQHPHLJHQHQ6FKlGHOKHUXP"©
'RFK*DUU\JDENHLQH$QWZRUW(UVWDQGZLH]XU6DO]VlXOH HUVWDUUWXQGKDWWHGHQ2EHUN|USHUOHLFKWYRUJHEHXJW ª:DVLVW"© .RQVWDEOHU*DUU\%HGIRUGVWLHSIHLIHQGGLH/XIWDXVª'DV .ORSIHQHEHQ© ª-DZDVLVWGDPLW"© ª(VLVWHVLVW©*DUU\PXWH]ZHLPDOVFKOXFNHQHKHHU ZHLWHUVSUHFKHQNRQQWHª(VLVWDXVGHP6DUJJHNRPPHQ© 6HLQ.ROOHJHJDENHLQH$QWZRUWNRQQWHDEHUQLFKWYHUPHLGHQ GDLKPHLQH*lQVHKDXWEHUGHQ5FNHQOLHI ª6DJGDVQRFKPDO© ,PVHOEHQ$XJHQEOLFNK|UWHQHVGLHEHLGHQ%HDPWHQZLHGHU 7RFNWRFNWRFN 'XPSINODQJHQGLH/DXWH $XVVFKUHFNJHZHLWHWHQ$XJHQVWDUUWHQGLH3ROL]LVWHQDXIGHQ ELOOLJHQ6DUJ6LHVDKHQZLHVLFKGHU6DUJGHFNHOZ|OEWHZLHHU KRFKJHGUFNWZXUGHDOVVWHPPHVLFKMHPDQGPLWDOOHU0DFKW GDJHJHQ .RQVWDEOHU%HGIRUGPDFKWHGHQ$QIDQJª+LHUEOHLEHLFKQLFKW OlQJHU©VFKULHHUª'DVJHKWQLFKWPLWUHFKWHQ'LQJHQ]X,FKKDX DE/RV%LOONRPPPLW© %HGIRUGIDWHVHLQHQ.ROOHJHQDP$UP 'DK|UWHQVLHGDV0RWRUHQJHUlXVFK(LQ:DJHQZDUDXIGHQ 3LHUJHIDKUHQ ª-HW]WZLUGGLH.LVWHDEJHKROW©IOVWHUWH.RQVWDEOHU%LOO 6SHQFHUª6RODQJHN|QQHQZLUQRFKZDUWHQ© 6SHQFHUZDUIHLQHQVFKHXHQ%OLFNDXIGHQ6DUJGHUZLHGHUVR UXKLJXQGKDUPORVDXIGHP%RGHQVWDQGZLHYRUKHU ª8QGODGLUQLFKWVDQPHUNHQ©VFKlUIWH6SHQFHUQRFKVHLQHP .ROOHJHQHLQ ª1HLQQHLQ6FKRQJXW© 'DV0RWRUHQJHUlXVFKYHUVWXPPWH:HQLJVSlWHUNODSSWHHLQH 7U8QGGDQQZXUGHGDVJURH(LQJDQJVWRUGHU+DOOH]XUFN JH]RJHQ ,P*HJHQOLFKWGHU6RQQHZDUGLH*HVWDOWGHV$QN|PPOLQJV ZLHHLQ6FKHUHQVFKQLWW]XHUNHQQHQ
ª*XWHQ7DJ©VDJWHHLQHGXQNOHHWZDVKHLVHUH6WLPPH .RQVWDEOHU6SHQFHUUlXVSHUWHVLFKª.RPPHQ6LH0LVWHUKLHU VWHKWGLH.LVWH© 'HU0DQQWUDWQlKHU (UWUXJWURW]GHVZDUPHQ:HWWHUVHLQHQEUHLWNUHPSLJHQ+XW GHUVHLQH6WLUQSDUWLHYHUGHFNWH,QGHPURWHQJURESRULJHQ *HVLFKWEOLW]WHQ]ZHLNOHLQHYHUVFKODJHQH$XJHQ'LH1DVHGHV 0DQQHVZDUODQJXQGVSLW]XQGGHU0XQGQXUHLQGQQHU6WULFK (LQH$ONRKROIDKQHZHKWHGHQ3ROL]LVWHQHQWJHJHQ 'HU0DQQWUXJHLQHDEJHZHW]WHHKHPDOVEUDXQH-DFNHXQG HLQHDXVJHEHXOWH+RVH6HLQH)HVWHFNWHQLQXQPRGHUQHQ 6FKXKHQ ª,FKKHLH'RXJ3HQGHU©VDJWHHUXQGGHXWHWHDXIGLH.LVWH ª'DVLVWDOVRPHLQQHXHU*DVW© ª-D©PHLQWH.RQVWDEOHU%HGIRUGª:LHVRHLJHQWOLFK*DVW"© 3HQGHUKREGHQ%OLFNª-DZLVVHQ6LHGDVGHQQQLFKW",FKELQ /HLFKHQEHVWDWWHU'HUEHVWHLQJDQ]/RQGRQ,FKKDEHGLHEHVRQ GHUHQ$XIJDEHQ]XHUIOOHQ,FKYHUVFKDUUHQXU0|UGHUXQG DQGHUHV*HVLQGHOGLHDXIHLQHPQRUPDOHQ)ULHGKRINHLQHQ3ODW] ILQGHQZUGHQ©'RXJ3HQGHUNLFKHUWH .RQVWDEOHU%HGIRUG]RJXQEHKDJOLFKGLH6FKXOWHUQKRFK$XFK VHLQHP.ROOHJHQZDUQLFKWZRKOLQVHLQHU+DXW ª*LEWHVGHQQVRHWZDVDXFK"©IUDJWH%HGIRUG ª8QGRE©3HQGHUVFKOLFKXPGHQ6DUJKHUXPZLHGLH.DW]H XPGLH0DXVª'LHPHLVWHQZLVVHQQXUQLFKWVGDYRQ(VLVWNHLQ VFK|QHU)ULHGKRIZRLFKLKQKLQEULQJH8QGQDFKWVVROOHVGRUW VRJDUVSXNHQ©3HQGHUEOLHEVWHKHQEUHLWHWHGLH$UPHDXVXQG YHUGUHKWHGLH$XJHQ ª+|UHQ6LHDXI©VFKQDUUWH%HGIRUGGHVVHQ1HUYHQQDFKGHP HEHQ(UOHEWHQQLFKWPHKUGLHEHVWHQZDUHQª3DFNHQ6LHVLFKGLH .LVWHXQGGDQQZHJ© ª$OOHLQ"© ª*XWZLUKHOIHQ,KQHQ3HQGHU© ª'DQNHVHKU*HQWOHPHQ© 'HU6DUJKDWWHNHLQH*ULIIH'LH0lQQHUPXWHQXQWHUGLH.LVWH IDVVHQXPVLHDQKHEHQ]XN|QQHQ6LHVFKDIIWHQHV
%HGIRUGXQG6SHQFHUWUXJHQDQHLQHP(QGH3HQGHUDP DQGHUHQ'LH*HVLFKWHUGHUEHLGHQ3ROL]LVWHQZDUHQVWDUUZLH 0DVNHQDOVGLHVHOWVDPH3UR]HVVLRQGHP$XVJDQJ]XVWUHEWH 1XU3HQGHUEUDEEHOWHXQYHUVWlQGOLFKHV=HXJLQVHLQHQ%DUW 6LHQlKHUWHQVLFKGHP7RU 'DK|UWHQGLH0lQQHUHLQVFKUHFNOLFKHVbFK]HQ(VNDPGLUHNW DXVGHP6DUJ $EUXSWEOLHEHQGLHEHLGHQ3ROL]LVWHQVWHKHQ3HQGHUUHDJLHUWH JHUDGHQRFKLPOHW]WHQ0RPHQWVRQVWZlUHLKPGHU6DUJDXVGHQ +lQGHQJHUXWVFKW ª:DVLVWGHQQ":DUXPJHKHQ6LHQLFKWZHLWHU",FKKDENHLQH =HLWPXQRFKHLQJDQ]HV6WFNIDKUHQ© 6SHQFHUILQJVLFKDOVHUVWHUª+DEHQ6LHGDVJHK|UW"'DV bFK]HQHVLVWGLUHNWDXVGHP6DUJJHNRPPHQ© 'HU/HLFKHQEHVWDWWHU|IIQHWHGLH/LSSHQª'DVKDWPDQVFKRQ PDO©HUZLGHUWHHUXQGVHQNWHVHLQH6WLPPHª9LHOOHLFKWLVWGHU GDGULQQXUVFKHLQWRWXQGNQDEEHUWMHW]WYRU+XQJHUDQVHLQHP HLJHQHQ7RWHQKHPG© ª6LHVLQGYHUUFNW©]LVFKWH6SHQFHUª'DPLWPDFKWPDQZHL *RWWNHLQH6FKHU]H© 3HQGHUNLFKHUWHZLHGHUª:DVZLVVHQ6LHGHQQ"© ª/RVJHKHQZLUZHLWHU©VDJWH6SHQFHU 'LH0lQQHUWUDWHQQDFKGUDXHQ7URW]GHVZDUPHQ6RQQHQ VFKHLQVEOLHEGLH*lQVHKDXWDXILKUHQ5FNHQ'DV*UDXHQKDWWH VLHJHVWUHLIWXQGVHLQH6SXUHQKLQWHUODVVHQ 3HQGHUV:DJHQZDUHLQ.RPEL'LH/DGHIOlFKHZDUPLWHLQHU 3ODQHDEJHGHFNW'LH.ODSSHKLQJEHUHLWVQDFKXQWHQVRGDGHU 6DUJVRIRUWDXIGLH/DGHIOlFKHJHVFKREHQZHUGHQNRQQWH 'LH0lQQHUEHHLOWHQVLFK(UVWDOV'RXJ3HQGHUGLH/DGHNODSSH ZLHGHUVFKORDWPHWHQGLH3ROL]LVWHQDXI 3HQGHUJULQVWHª-HW]WIDKUHLFKZLHGHULQPHLQ5HLFK%HVXFKHQ 6LHPLFKGRFKPDO(LQHQJXWHQ6FKOXFNKDEHLFKLPPHUGD© ª0DQULHFKWHV©VDJWH.RUSRUDO%HGIRUGª1RUPDOHUZHLVH GUIWHQZLU6LHPLWGLHVHU)DKQHJDUQLFKWIDKUHQODVVHQDEHULQ ,KUHP)DOOZROOHQZLUQLFKWVJHURFKHQKDEHQ© ª'DQNHIUGLH*UR]JLJNHLW*HQWOHPHQ©VDJWH3HQGHU
'HU/HLFKHQEHVWDWWHUGHXWHWHHLQHOLQNLVFKH9HUEHXJXQJDQXQG ZROOWH]XP)KUHUKDXVJHKHQGRFK%HGIRUGKLHOWLKQ]XUFN ª(LQHQ$XJHQEOLFNQRFK3HQGHU-HW]WVDJHQ6LHXQVGRFKPDO ZHULQGLHVHP6DUJOLHJW© ª,FKZHLHVQLFKW,FKKDEHQXUGHQ$XIWUDJHUKDOWHQLKQ]X YHUVFKDUUHQ'HU6DUJLVWDXV5XPlQLHQJHNRPPHQ6LHKDEHQ LKQYRP)OXJSODW]DXVKLHUKHUJHVFKDIIWGDPLWLFKLKQXQJHVW|UW DEKROHQNDQQ$EHUZHQQ6LHPHLQH0HLQXQJZLVVHQZROOHQ© 3HQGHUPDFKWHHLQHNXU]H.XQVWSDXVHXPGLH6SDQQXQJ]X HUK|KHQª$OVRLFKPHLQHLQGHP6DUJOLHJWHLQ9DPSLU 5XPlQLHQLVWHLQ/DQGZRHVDXFKKHXWHQRFK9DPSLUHJLEW© ª-HW]WKDXHQ6LHDEHUDE©NQXUUWH6SHQFHUGHPGDV7KHPDDXI HLQPDO]XZLGHUZDUXQGGHUDXFKDQGLHVHOWVDPHQ9RUIlOOH GDFKWH 3HQGHU]XFNWHPLWGHQ6FKXOWHUQXQGVFKZDQJVLFKLQVHLQHQ :DJHQ/DXWVFKOXJHUGLH7UGHV)DKUHUKDXVHVKLQWHUVLFK]X %DOGUXPSHOWHGHU:DJHQGDYRQ 'RXJ3HQGHUXQGGLHEHLGHQ3ROL]LVWHQDKQWHQQLFKWZHOFK HLQH)UDFKWGDGXUFK/RQGRQUROOWH'HQQLQGHP6DUJODJHQGLH VWHUEOLFKHQhEHUUHVWHYRQ'U7RG (VJLQJVFKRQDXIGHQ$EHQG]XDOV'RXJ3HQGHUVHLQ5HYLHU HUUHLFKWH8QWHU5HYLHUYHUVWDQGHUGHQ)ULHGKRIXQGGDV :RKQKDXVGDVDOOHUGLQJVPHKUHLQHUEDXIlOOLJHQ6WHLQEDUDFNH JOLFK 'LHHUVWHQ6FKDWWHQGHU'lPPHUXQJNURFKHQEHUHLWVEHUGHQ 7RWHQDFNHU(VURFKQDFK/DXEXQGIULVFKDXIJHZRUIHQHU(UGH (LQSDDU5DEHQ]RJHQNUlFK]HQGLKUH.UHLVH'LHVHVFKZDU]HQ 7RGHVY|JHOZDUHQ3HQGHUVHLQ]LJH)UHXQGHXQGGLH7RWHQ QDWUOLFK 6RQVWODJEHUGHP)ULHGKRIHLQHEHLQDKHEHlQJVWLJHQGH6WLOOH 'LHVHU)OHFNHQ(UGHZXUGHJHPLHGHQ1LHPDQGEHVXFKWHKLHU VHLQH9HUZDQGWHQ:HUDXIGLHVHP7RWHQDFNHUODQGHWHZDUIU LPPHUYHUJHVVHQDXVJHO|VFKW 'LH*UlEHUZDUHQXQJHSIOHJW(VJDENHLQH.UHX]HRGHU
DQGHUHFKULVWOLFKH6\PEROH1XU/HKPKJHOGLHLP/DXIHGHU =HLW]XVDPPHQILHOHQ1RFKQLFKWHLQPDO1DPHQVVFKLOGHUZDUHQ DQGHQ*UlEHUQDQJHEUDFKW 8QGGRFKZDUGLH6WDGW/RQGRQIURKGDHVGLHVHQ2UWXQG HLQHQ0DQQZLH'RXJ3HQGHUJDE'HQQKLHUZXUGHQGLH/HXWH YHUVFKDUUWGLHGHU0RORFK/RQGRQDXVJHVSXFNWKDWWH3HQGHU ZXUGHVRJDUEHVVHUEH]DKOWDOVGLH.ROOHJHQDXIGHQ!QRUPDOHQ )ULHGK|IHQ0DQWDWGLHVXPGHP0DQQGHQ-REVFKPDFNKDIW]X PDFKHQ8QG3HQGHUEOLHE,KPZDUHVQRFKQLHVRJXWJHJDQJHQ (UKDWWHVRJDUHLQHQ:DJHQZHQQGLHVHUDXFKGHU6WDGWJHK|UWH (LQH0DXHUXPJDEGHQ)ULHGKRI'LH6WHLQHZDUHQGLFNXQG ]ZLVFKHQGHQ5LW]HQXQG)XJHQZXFKVGXQNHOJUQHV0RRV 7UDXHUZHLGHQVFKLUPWHQHLQHQ7HLOGHV6RQQHQOLFKWHVDEXQG HLQLJH.DVWDQLHQVWUHFNWHQLKUHNQRUULJHQbVWHDXVZLHEHUJURH )LQJHU 'HUQlFKVWH2UWODJYLHU0HLOHQHQWIHUQW(UJHK|UWHVFKRQQLFKW PHKU]XGHU5LHVHQVWDGW/RQGRQ'LH(LQZRKQHUKWHWHQVLFK EHUKDXSWLQGLH1lKHGHV)ULHGKRIV]XNRPPHQ'DV*HUFKW GDHVGRUWVSXNHQVROOHKLHOWVLFKVFKRQPLWHLQHUSKlQRPHQD OHQ%HKDUUOLFKNHLW 'RXJ3HQGHUIUHXWHHVQDWUOLFKGDVLFKKLHUNHLQ0HQVFK EOLFNHQOLH6RKDWWHHUVHLQ5HLFKIUVLFKDOOHLQ6HOEVWGLHYHU DQWZRUWOLFKHQ0lQQHULQGHU6WDGWYHUZDOWXQJKDWWHQLKQQRFK QLFKWEHVXFKW6HLQ*HOGZXUGH3HQGHULPPHUSQNWOLFKDXIHLQH /RQGRQHU%DQNEHUZLHVHQ 'HU7RWHQJUlEHUIKOWHVLFKSXGHOZRKOLQ*HVHOOVFKDIWGHU 7RWHQ$XHUGHPKDWWHHUQLFKWDOO]XYLHO]XWXQXQGNRQQWH VHLQHP+REE\GHP:KLVN\IU|QHQ 'RFKDQGLHVHPIUKHQ$EHQGKDWWHHV'RXJ3HQGHUHLOLJ(U ZROOWHGDV*UDEQRFKYRUGHP'XQNHOZHUGHQ]XJHVFKDXIHOW KDEHQ /DQJVDPUROOWHGHU/LHIHUZDJHQGXUFKGDVYHUURVWHWHZLQG VFKLHILQGHQ$QJHOQKlQJHQGH7RU=XP*OFNKDWWHHUGDV*UDE VFKRQDP7DJYRUKHUDXVJHKREHQVREUDXFKWHHUQXUQRFKGHQ 6DUJLQGDV/RFKKLQXQWHU]XODVVHQ(VZDUMHGHVPDOHLQH 4XlOHUHLIUHLQHQHLQ]LJHQ0DQQ
3HQGHUIXKUGHQ:DJHQTXHUEHUGDV*HOlQGH'LH5HLIHQ ZDUIHQGHQ'UHFNGHUHLQJHIDOOHQHQ*UlEHUDXIXQG'RXJ 3HQGHUZXUGHYRQGHU5XPSHOHLJDQ]VFK|QGXUFKJHVFKWWHOW 6FKOLHOLFKVWRSSWHHUYRUGHPIULVFKDXVJHKREHQHQ*UDE(U GUHKWHGHQ:DJHQQRFKVRGDHUPLWGHU/DGHIOlFKHHWZDHLQHQ KDOEHQ
3HQGHUEOLHEZLHYRP'RQQHUJHUKUWVWHKHQ8QHQGOLFKODQJ VDPZDQGWHHUGHQ.RSIVWDUUWHDXIGLHK|O]HUQH7RWHQNLVWH 'HU'HFNHOEHZHJWHVLFK 'RXJ3HQGHUEHUNDPGDV*UDXHQ(UVSUWHZLHHUDQILQJ ]X]LWWHUQ ª1HLQ©IOVWHUWHGHU7RWHQJUlEHUª,FKLFKVFKODJGLH 7RWHQNLVWHNDSXWW,FK© 3HQHUYHUVWXPPWH'HU6DUJVWDQGZLHGHUGRUWZLHYRUKHU +DUPORVXQGLUJHQGZLHXQEHUKUW 3HQGHUZLVFKWHVLFKEHUGLH6WLUQ(UKDWWHGRFKQLFKWJH WUlXPW'DV+RO]KDWWHVLFKWDWVlFKOLFKJHZHOOW$OVYHUVXFKHGHU 7RWHGLH.LVWHYRQLQQHQDXI]XEUHFKHQXQGDOVKDEHHUQRFK QLFKWGLH.UDIWGD]X 'RXJ3HQGHUDKQWHQLFKWZLHQDKHUPLWVHLQHU9HUPXWXQJGHU :DKUKHLWNDP 'HU7RWHQJUlEHUVFKZLW]WHYRU$QJVW)LHEHUKDIWPDFKWHHUVLFK DQGLH$UEHLW(USDFNWHGHQELOOLJHQ6DUJXQGZDUILKQEHUVWU]W LQGLH*UXEH 'HU6DUJSROWHUWHDXIGHQ%RGHQGHV*UDEHVVSUDQJQRFKHLQ PDO]XUFNXQGEOLHEGDQQHQGJOWLJOLHJHQ 3HQGHUVWDUUWHLQGDV*UDE(UHUZDUWHWHMHGHQ0RPHQWGD VLFKGHU'HFNHOKHEHQZUGHXQG 1LFKWVJHVFKDK 'RXJ3HQGHUDWPHWHDXV:DKUVFKHLQOLFKKDWWHHUVLFKGDVGRFK DOOHVQXUHLQJHELOGHW 'HU7RWHQJUlEHUSDFNWHVHLQH6FKDXIHO:LOGVWLHHUGDV EODQNH0HWDOOEODWWLQGDVIHXFKWH(UGUHLFK 'LHHUVWH/DGXQJNODWVFKWHDXIGHQ6DUJGHFNHO 'LH]ZHLWH/DGXQJ 3HQGHUDUEHLWHWHYHUELVVHQ%DOGZDUQXUQRFKGLH+lOIWHGHV 6DUJHV]XHUNHQQHQ 'HU7RWHQJUlEHUVFKDXWHQLFKWPHKULQGDV*UDEKLQHLQ(U VFKXIWHWHZLHHLQ5RERWHU 8QGGHVKDOEEHNDPHUGHQ%HJLQQGHVJUDXVDPHQ6SLHOVJDU QLFKWPLW(UVWDOVGDV+RO]NQDFNWHZXUGH3HQGHUDXIPHUNVDP (UWUDWDQGLH*UXEH
,PVHOEHQ$XJHQEOLFNSODW]WHGHU6DUJGHFNHOZHJ'LH1l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lFKHQDFK REHQ]HLJWH 3HQGHUELEEHUWHDPJHVDPWHQ.|USHU6HLQH=l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lPPHUXQJZDUVFKRQIRUWJHVFKULWWHQ'LH.RQWXUHQGHU %lXPHYHUZLVFKWHQZXUGHQ]XHLQHPXQGXUFKVLFKWLJHQ*UDX 8QG'RXJ3HQGHUUDQQWH5DQQWHZLHQRFKQLHLQVHLQHP
/HEHQ(LQSDDUPDOUXWVFKWHHUDXVUDSSHOWHVLFKMHGRFKVRIRUW ZLHGHUDXIGLH%HLQHXQGKHW]WHZHLWHU 6FKRQWDXFKWHVHLQH:RKQEDUDFNHDXI 3HQGHUKDWWHZLHLPPHUQLFKWDEJHVFKORVVHQ(UULGLH7UDXI XQGZDUIVLHEOLW]VFKQHOOKLQWHUVLFK]X =XP*OFNJDEHVYRQLQQHQHLQHQ5LHJHO(UZDUVFKRQYHU URVWHWXQGOLHVLFKQXUVFKZHUEHZHJHQ3HQGHUVFKDIIWHHVWURW] GHPLKQLQGLHGDIUYRUJHVHKHQH+DOWHUXQJ]XVFKLHEHQ -HW]WZDULKPZRKOHU 3HQGHUWDXPHOWHLQVHLQ=LPPHU'LH)ODVFKHVWDQGDXIGHP 7LVFK3HQGHUV+lQGHXPIDWHQGHQVFKODQNHQ+DOV'HQ.RUNHQ ]RJGHU7RWHQJUlEHUPLWGHQ=l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|VWYRQHLQHP .|USHUGHUVFKUHFNOLFKHQWVWHOOWZDU 8QUXKLJZDQGHUWHGHU*HLVWGXUFKGLHVHXQKHLPOLFKHQ:HOWHQ 5HJLRQHQLQGHQHQGDV%|VHUHJLHUWHXQGGLHGLH+HLPDWGHU IUFKWHUOLFKVWHQ'lPRQHQZDUHQ $EHU$VPRGLVGHU+|OOHQIUVWKDWWHHLQ(LQVHKHQ(UGHP 'U7RGELVDQVHLQ/HEHQVHQGHJHGLHQWKDWWHNQSIWHDXFK GLHVPDOZLHGHUGLH)lGHQ
hEHUGLH=HLWVFKUDQNHQKLQZHJIKUWHHUGHQ*HLVWZLHGHUGHP .|USHU]X 'LH5HJHQHULHUXQJEHJDQQ 1RFKGDXHUWHHV7DJHELVGHU7RWHZLHGHU]XP/HEHQHUZHFNW ZXUGH 1XUODQJVDPEHJDQQHQGLH/HEHQVVlIWH]XNUHLVHQXQG'U7RG HUOHEWHVHLQHJURH:LHGHUJHEXUW 0LWHLQHP.QDOOSODW]WHGHU6DUJGHFNHOHQGJOWLJZHJ0LWXQJH KHXUHU:XFKWZXUGHQGLHOHW]WHQ1lJHODXVGHP+RO]JHULVVHQ 'HU'HFNHOILHOQHEHQGHQ6DUJ (LQ6FKLPPHUGHVOHW]WHQ7DJHVOLFKWHVGUDQJLQGDVRIIHQH *UDEEHVFKLHQGDVVFKUHFNOLFKHQWVWHOOWH$QWOLW]GHV :LHGHUHUZHFNWHQ 'U7RGV*HVLFKWZDUYHUEUDQQW*HQDXVRVDKVHLQJHVDPWHU .|USHUDXV 'RFK'U7RGZDUQLFKWJDQ]YHUEUDQQW1DWUOLFKKDWWHHUVLFK :XQGHQ]XJH]RJHQGLHEHLHLQHPQRUPDOHQ0HQVFKHQDOOHV /HEHQDXVO|VFKHQDEHUHUZDUQLFKW]X6WDXE]HUIDOOHQ 8QGGDVVROOWHVLFKQRFKELWWHUUlFKHQ bFK]HQGNQLHWHVLFK'U7RGKLQ(UKREGHQ.RSI6FKDWWHQKDIW QXUVDKHUGLH:LSIHOGHUKRKHQ%lXPH6LHNDPHQLKPYRUZLH ULHVLJH'lFKHU 'U7RGVWLHJDXVGHP6DUJ 9RQ0LQXWH]X0LQXWHNHKUWHPHKU.UDIWLQVHLQHQ.|USHU ]XUFN (UEUDXFKWH(QHUJLHXP6DWDQSHUV|QOLFKHLQ'DQNHVRSIHU]X EULQJHQ 'HU8QKHLPOLFKHNLFKHUWHEHLGLHVHP*HGDQNHQ(UKDWWHQRFK YLHOYRU'LH0HQVFKHQLQ/RQGRQZUGHQVLFKZXQGHUQ 'U7RGVWHOOWHVLFKDXIGHQ6DUJUDQGEDODQFLHUWHVHLQHQ.|USHU DXVXQGHUUHLFKWHPLWGHQ)LQJHUQGHQ5DQGGHV*UDEHV 9HUELVVHQ]RJHUVLFKKRFK (VZDUNDXP]XJODXEHQZHOFKH.UlIWHZLHGHULQGHPVR VFKUHFNOLFKHQWVWHOOWHQ.|USHUVWHFNWHQ
'U7RGWUXJQLFKWHLQPDOHLQ/HLFKHQKHPG(UVWHFNWHQRFKLQ GHQYHUEUDQQWHQ6DFKHQGLHHLJHQWOLFKQXUQRFKYHUNRKOWH )HW]HQZDUHQ 0DQKDWWHLKQVRZLHHUZDULQGHQ6DUJJHOHJW :HQLJVSlWHUVWDQG'U7RGYRUGHP*UDEGDVEHLQDKHVHLQH OHW]WH5XKHVWlWWHJHZRUGHQZDU9HUlFKWOLFKEOLFNWHHUDXIGLH 6FKDXIHOGLHGHU7RWHQJUlEHUKDWWHIDOOHQODVVHQ 'U7RGVHW]WHVLFKLQ%HZHJXQJ (UZDQGWHVLFKQDFKOLQNVGHPJHOEHQ/LFKWSXQNW]XGHUDXV GHP)HQVWHUHLQHV+DXVHVGUDQJ /DXWORVQl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|UPOLFKGLH1lKH GHV0HQVFKHQ6HLQHQWVWHOOWHV*HVLFKWYHU]RJVLFK]XHLQHP KlOLFKHQ*ULQVHQ *OHLFKZDUHVVRZHLW*OHLFK 'DVKHOOHUH+RO]GHU7UZDUGHXWOLFK]XHUNHQQHQ'LH.OLQNH ZDUYHUURVWHWXQGKLQJOHLFKWQDFKXQWHQ 'U7RGKREEHLGH$UPH (LQHQZLQ]LJHQ0RPHQW]|JHUWHHUQRFKGDQQGU|KQWHQVHLQH )lXVWHJHJHQGDV+RO] 'XPSIKDOOWHQGLH6FKOlJHGXUFKGDV+DXV 'ULQQHQZXUGHHLQ6WXKO]XUFNJHZRUIHQ6FKULWWHNODQJHQ DXI8QVLFKHU]|JHUQG :LHGHUKlPPHUWH'U7RGJHJHQGLH7U 'LH6FKULWWHYHUVWXPPWHQ6HNXQGHQODQJKHUUVFKWH6WLOOH
'DQQNQDUUWHGDV+RO]HLQHV)HQVWHUUDKPHQV'LH)OJHO ZXUGHQDXIJH]RJHQ (LQ*HVLFKWWDXFKWHDXI 'U7RGJLQJHLQHQ6FKULWW]XUFNGDQQ]ZHLQDFKOLQNV(U ZDQGWHGHP0DQQDP)HQVWHUVHLQ*HVLFKW]X (LQHQ$WHP]XJVSlWHU]HUVFKQLWWHLQJHOOHQGHU6FKUHLGLH KHUHLQEUHFKHQGH1DFKW 'RXJ3HQGHUNLFKHUWH )DVWHLQHKDOEH)ODVFKH:KLVN\KDWWHHUJHOHHUWXQGVHLQ $ONRKROSHJHOZDUVFKRQLQEHWUlFKWOLFKH+|KHQJHVWLHJHQ ª*HLVWHU©JOXFNVWHGHU7RWHQJUlEHUª/HLFKHQGLHDXIHUVWHKHQ 'DVVROOPLUHLQHUPDOHU]lKOHQ$OOHV0LVWDOOHV© 3HQGHUZLVFKWHPLWGHU+DQGEHUGHQ7LVFKXQGVWLHJHJHQ GLH)ODVFKH6LHILHOXPXQGUROOWHELV]XP5DQGGHV7LVFKHV'HU :KLVN\JOXFNHUWHDXIGHQ%RGHQ ª0LVWYHUGDPPWHU©EUDEEHOWH3HQGHUXQGVWHOOWHGLH)ODVFKH ZLHGHUKLQ =ZHL)LQJHUEUHLW:KLVN\KDWWHHUQRFKJHUHWWHW(UWUDQNGHQ )XVHOVFKQHOODXV0DQNRQQWHMDQLHZLVVHQREGLH)ODVFKHQLFKW QRFKHLQPDOXPNLSSWH 'DV/LFKWLQGHP=LPPHUZDUWUEH)OLHJHQGUHFNNOHEWHDXI GHUHKHPDOVZHLHQ/DPSHQVFKDOH,QGHU%XGHVDKHVDXVDOV KlWWHQ9DQGDOHQGDULQJHKDXVWhEHUDOOODJHQ.OHLGXQJVVWFNH 'HU7LVFKZDUZDFNHOLJXQGGDVDOWH6RIDKDWWH3HQGHUYRP 0OODEODGHSODW]JHKROW :DVVROO VHUIKOWHVLFKKLHUZRKO 3HQGHUJORW]WHPLWVWLHUHP%OLFNDXIGLHOHHUH)ODVFKH:LHGHU GDFKWHHUDQGLHYHUJDQJHQHKDOEH6WXQGH)UHLQHQ0RPHQW VSLHOWHHUPLWGHP*HGDQNHQ]XUFN]XJHKHQXQGGDV*UDEGRFK QRFK]X]XVFKDXIHOQ $EHUGDQQOLHHUHVOLHEHUEOHLEHQ:HUZXWHZDVDXIGHP :HJQRFKDOOHVJHVFKHKHQZUGH $EHUMHW]WKDWWHHUNHLQHQ:KLVN\PHKU8QGGDVZDUDP VFKOLPPVWHQ
3HQGHUUOSVWHª*HLVWHU©EUDEEHOWHHUª:HQQHVZLUNOLFK *HLVWHUJLEWGDQQVROOHQVLHPLU:KLVN\KHU]DXEHUQ© 'HU7RWHQJUlEHUYHU]RJGDV*HVLFKWYROOIKUWHPLWEHLGHQ $UPHQHLQSDDUXQNRQWUROOLHUWH%HZHJXQJHQXQGNLFKHUWHGDEHL DOEHUQ 'DVFKOXJHVJHJHQGLH7U 3HQGHU]XFNWH]XVDPPHQ (VZDUHQZXFKWLJH6FKOlJH6LHGU|KQWHQGXUFKGDVJDQ]H +DXV 3HQGHUVWDQGDXI:HUZROOWHLKQGHQQXPGLHVH=HLWQRFK EHVXFKHQ"6RQVWNDPGRFKNHLQHUXQGHUVWUHFKWQLFKWEHL1DFKW 3HQGHUZLVFKWHVLFKEHUGDV*HVLFKW(UVWDQGDXIXQGPXWH VLFKLPQlFKVWHQ0RPHQWDQGHU7LVFKNDQWHIHVWKDOWHQGDGDV =LPPHUSO|W]OLFKLQ%HZHJXQJJHULHW 3HQGHUPHUNWHQLFKWHLQPDOZLHKLQWHULKPGHU6WXKOXPILHO (UKDWWHVLFKHQWVFKORVVHQ]X|IIQHQ 8QVLFKHUZDQNWHHULQGHQVFKPDOHQ.RUULGRU+LHUJDEHV QLFKWHLQPDO/LFKW'LHIHXFKWJHZRUGHQHQ7DSHWHQKLQJHQYRQ GHQ:lQGHQ :LHGHUKlPPHUWHGHU8QEHNDQQWHJHJHQGLH7U ª-DGRFK©PXUPHOWH3HQGHUªLFKNRPPH+RIIHQWOLFKKDVWGX ZDV]XWULQNHQPLWJHEUDFKW©IJWHHUQRFKKLQ]X 0LWEHLGHQ+lQGHQVWW]WHVLFK'RXJ3HQGHUDQGHU)OXUZDQG DE:HQQQXUGLHVHVEO|GH6FKZLQGHOJHIKOQLFKWJHZHVHQZlUH (UNRQQWHGLH7UJDUQLFKWULFKWLJHUNHQQHQ 1RFKHLQHQ6FKULWWGDQQKDWWHHUGLH+DXVWUHUUHLFKW 3O|W]OLFKEOLHE'RXJ3HQGHUVWHKHQ6HLQ*HVLFKWQDKPHLQHQ HUVFKURFNHQHQ$XVGUXFNDQ :HQQQXQGHU7RWHDXVGHP6DUJYRUGHU7UVWDQG" *ODVNODUNDPHQ'RXJ3HQGHUGLHVH*HGDQNHQ6REHWUXQNHQHU DXFKZDUHUWDWJHQDXGDVLQVHLQHU/DJH5LFKWLJH (UPDFKWHDXIGHP$EVDW]NHKUWXQGZDQNWH]XUFNLQVHLQ =LPPHU 8QVLFKHUVFKREHUVLFKDQGHP6RIDYRUEHLXQGWUDWDQV)HQVWHU 'HU*ULIIEHIDQGVLFKHWZDLQ.RSIK|KH 3HQGHUUHFNWHGHQ$UP
0LWHLQHP5XFNULHUGHQ5LHJHOQDFKXQWHQ+RO]VFKDEWH NQDUUHQGEHU+RO] 3HQGHU]RJGDV)HQVWHUDXI'XUFKGHQSO|W]OLFKHQ5XFNKDWWH HU0KHGDV*OHLFKJHZLFKW]XEHZDKUHQ (UJDEVLFKHLQHQ6FKZXQJNLSSWHZLHGHUQDFKYRUQXQG VWHFNWHGHQ.RSIDXVGHP)HQVWHU 'DVJUlOLFKH0RQVWUXPVHKHQXQGEHJUHLIHQZDUHLQV 1RFKLQGHUVHOEHQ6HNXQGHJHOOWH3HQGHUV$QJVWVFKUHLGXUFK GLH'XQNHOKHLW 'RXJ3HQGHUZXUGHVFKODJDUWLJQFKWHUQ 9HUVFKZXQGHQZDUGHU:KLVN\UDXVFKGDVGHFNHQGH*HIKO DXIGHQ6FKOlIHQ (UVDKQXUGHQ8QKHLPOLFKHQ 'LHVHV*HVLFKWGLH*HVWDOWGLH%UDQGZXQGHQDP.|USHUHV PXWHGHU0DQQDXVGHP6DUJVHLQ(VJDENHLQHDQGHUH 0|JOLFKNHLWIU3HQGHU 'HU7RWHQJUlEHUVSUWHZLHVLFKVHLQ+HU]VFKODJYHUGUHL IDFKWHZLHGLH1HUYHQLPPHUPHKUVHLQHU.RQWUROOHHQWJOLWWHQ 8QGLPPHUQRFKVFKULHHUVHLQHERKUHQGH$QJVWLQGLHDQ EUHFKHQGH1DFKWKLQDXV 'U7RGUHDJLHUWHZLHHLQ5RERWHU(UOLHNHLQHXQQW]H 6HNXQGHYHUVWUHLFKHQ (UPDFKWH]ZHLVFKQHOOHJOHLWHQGH6FKULWWHXQGSDFNWH]X 3HQGHUV6FKUHLHQGHWHZLHDEJHVFKQLWWHQ =ZHLNDOWH7RWHQKlQGHKDWWHQVLFKXPVHLQHQ+DOVJHOHJW 6RIRUWZXUGHGHP0DQQGLH/XIWNQDSS (UU|FKHOWH 'RFKGHUJQDGHQORVH:UJHJULIIJDELKQQLFKWIUHL 'HU8QKHLPOLFKHKDWWHEHUPHQVFKOLFKH.UlIWH:lKUHQGVHLQH +lQGHQRFKXP3HQGHUV+DOVODJHQ]RJHUGHQ0DQQDXVGHP RIIHQHQ)HQVWHU 3HQGHUV)HYHUORUHQGHQ.RQWDNWPLWGHP%RGHQ6HLQ .|USHUUXWVFKWHEHUGLH)HQVWHUEDQN'LFKWYRUVLFKVDKGHU 7RWHQJUlEHUGDVVFKUHFNOLFKH*HVLFKWGHV8QJHKHXHUV
3HQGHUZQVFKWHVLFKDXIHLQPDOWRW]XVHLQRGHU]XPLQGHVW EHZXWORVGHQQGHU$QEOLFNZDUVFKUHFNOLFK 6HLQHUHFKWH6FKXOWHUEOLHEDP5DKPHQGHV)HQVWHUVKlQJHQ )UHLQHQ$XJHQEOLFNGDFKWH3HQGHUGDV0RQVWUXPZUGHLKQ ORVODVVHQ 'RFKHUKDWWHVLFKJHLUUW 1RFKIHVWHUJULIIHQGLH.ODXHQ]X 'DV)HQVWHUNUHX]VSOLWWHUWH(LQ7HLOGHU6FKHLEHILHOKHUDXVXQG ]HUEUDFKNOLUUHQG 'DQQZDU3HQGHUGUDXHQ (UVSUWHGHQ$XISUDOODXIGHP%RGHQNDXPQRFK(UEHIDQG VLFKEHUHLWVDXIGHPVFKPDOHQ*UDW]ZLVFKHQ%HZXWORVLJNHLW XQG:DFKVHLQ /XIW'DVZDUVHLQHLQ]LJHU*HGDQNH 'LH)UDW]HYRULKPYHUVFKZDPP]XHLQHPGLFNHQ1HEHO 6WHUQH]HUSODW]WHQYRUVHLQHQ$XJHQ1XUQRFK6HNXQGHQGDQQ KDWWHLKQGHU8QKHLPOLFKHHQGJOWLJHUZUJW 'RXJ3HQGHUODJDXIGHP5FNHQ6HLQH$XJHQZDUHQZHLWDXV GHQ+|KOHQJHWUHWHQ'U7RGNQLHWHDXIVHLQHP2SIHU 'RFKSO|W]OLFKO|VWHQVLFKGLHZUJHQGHQ+lQGHYRP+DOVGHV 7RWHQJUlEHUV 3HQGHUULGHQ0XQGDXIVFKQDSSWHQDFK/XIWZLHHLQ (UWULQNHQGHU $P$QIDQJKDWWHHUGDV*HIKOJDUQLFKWPHKUDWPHQ]X N|QQHQGRFKGDQQVWU|PWHGHUHUO|VHQGH6DXHUVWRIILQVHLQH JHSHLQLJWHQ/XQJHQ 'DV6FKZLQGHOJHIKOOLHQDFK,QVFKQHOOHQ=JHQSXPSWH 'RXJ3HQGHUGLH/XIWLQVLFKKLQHLQ 'DQQ|IIQHWHHUGLH$XJHQ (LQGXQNOHU+LPPHOVSDQQWHVLFKEHUGHQ%DXPNURQHQ'LH 6WHUQHZLUNWHQZLHHLQHXQHQGOLFKH.HWWHYRQ'LDPDQWHQ 'RXJ3HQGHUEHUNDPHLQQLHJHNDQQWHV*OFNVJHIKO(U KDWWHVFKRQPLWVHLQHP/HEHQDEJHVFKORVVHQJHKDEW1LHKlWWHHU JHGDFKWQRFKHLQPDOGHQ+LPPHOVHKHQ]XN|QQHQ (UIKOWHIDVWHLQH(XSKRULHLQVLFKDXIVWHLJHQ 'RXJ3HQGHUEHZHJWHGHQ.RSI
,PVHOEHQ$XJHQEOLFNKDWWHLKQGLHEUXWDOH:LUNOLFKNHLWZLHGHU 'DV*HVLFKWGHV7RWHQVWDUUWHLKQDQ 'U7RGEHZHJWHVLFK(UKREGDVUHFKWH%HLQXQGVWHOOWHGHQ )XDXI'RXJ3HQGHUV%UXVW :LHGHUZXUGHGHP7RWHQJUlEHUGLH/XIWNQDSS'RFKHU NRQQWHZHQLJVWHQVQRFKDWPHQ ª+|U]XGX:XUP©VDJWH'U7RG6HLQH6WLPPHNODQJUDXK EHIHKOHQG8QGGDEHLNDOWZLH(LVª,FKKlWWHGLFKW|WHQN|QQHQ $EHULFKKDEHGDUDXIYHU]LFKWHW8QGGDIUHUZDUWHLFKGHLQH 'DQNEDUNHLW© ª-D©NUlFK]WHGHU7RWHQJUlEHU,KPZDULQGLHVHU6HNXQGHDOOHV HJDO(UZROOWHQXUZHLWHUOHEHQ ª'XZLUVWPLUGLHQHQ$OOHVGDVDXVIKUHQZDVLFKGLUEHIHKOH 'HQQLFKELQGHU(UVWH'LHQHUGHV6DWDQV8QGGDPLWGXZHLW PLWZHPGXHV]XWXQKDVW0DQQHQQWPLFK'U7RG© 'RXJ3HQGHUVFKOXFNWH6FKRQDOOHLQGLHVHU1DPHOLHHLQHQ NDOWHQ6FKDXHUEHUVHLQHQ5FNHQJOHLWHQ'U7RG'DVNODQJ QDFK'lPRQ*HLVWRGHU0DJLHU$EHUYLHOOHLFKWZDUHVDXFKGHU 7HXIHOSHUV|QOLFKGHUVLFKVHLQHU6HHOHEHPlFKWLJHQZROOWH 'U7RGQDKPGHQ)XYRQ'RXJ3HQGHUV%UXVW ª6WHKDXI©EHIDKOGHU8QKHLPOLFKH bFK]HQGTXlOWHVLFK'RXJ3HQGHUDXIGLH%HLQH(UPXWHVLFK DQGHU+DXVZDQGDEVWW]HQGHQQHLQSO|W]OLFKHV6FKZLQGHO JHIKOOLHLKQWDXPHOQ 0LWKDOERIIHQHP0XQGXQGVFKUHFNJHZHLWHWHQ$XJHQVWDUUWH 'RXJ3HQGHUGLH*HVWDOWDQ1RFKLPPHUZHLJHUWHVLFKVHLQ 9HUVWDQGGDV]XJODXEHQZDV'RXJPLWHLJHQHQ$XJHQVDK 'LHNDOWH7RWHQKDQGJULIIQDFKVHLQHP$UP'LH)LQJHUZDUHQ ZLH6WDKONODPPHUQ ª*HKLQV+DXV© 'RXJ3HQGHUJHKRUFKWH]LWWHUQG0LWWDXPHOQGHQ6FKULWWHQ JLQJHUYRUDXV'HUDXINRPPHQGH1DFKWZLQGNKOWHVHLQHU KLW]WHV*HVLFKW1RFKLPPHUKDWWH'RXJ3HQGHU$QJVWYRQ HLQHPSO|W]OLFKHQ$QJULIIEHUUDVFKW]XZHUGHQ 'RFKQLFKWVSDVVLHUWH'HU7RWHQJUlEHUK|UWHQXULQVHLQHP 5FNHQGLH6FKULWWHGHV8QKHLPOLFKHQ
9RUGHU+DXVWUEOLHE3HQGHUVWHKHQ-HW]WHUVWILHOLKPHLQGD HUVLHYRQLQQHQYHUULHJHOWKDWWH ª(VLVW]X©VDJWHHUª,FKKDEHGHQ5LHJHOYRUJHOHJW© ª%ULFKGLH7UDXI©KHUUVFKWHLKQ'U7RGDQª'XEUDXFKVWGDV +DXVVRZLHVRQLFKWPHKU© 3HQGHUZDUIVLFKJHJHQGLH+RO]ERKOHQ-HGHVPDOZHQQHU JHJHQGLH7UNUDFKWH]XFNWHGHU6FKPHU]ZLHHLQH)ODPPH GXUFKVHLQHQ.|USHU %HLPYLHUWHQ9HUVXFKKDWWHHUHVJHVFKDIIW 0LWVDPWGHU7UIORJ3HQGHULQGHQVFKPDOHQ)OXU'HU 7RWHQJUlEHUYHUORUGDV*OHLFKJHZLFKW0LWGHU6WLUQVWLHHUDXI GHQKDUWHQ%RGHQ )U6HNXQGHQEOLHEHUOLHJHQ ª+RFKPLWGLU©GU|KQWH'U7RGV6WLPPHGXUFKVHLQVFKZLQ GHOQGHV%HZXWVHLQ 'RXJ3HQGHUQDKPDOOH.UDIW]XVDPPHQXQG]RJVLFKDQGHU :DQGKRFK(UZXQGHUWHVLFKVHOEVWGDLQVHLQHP.|USHUQRFK VRYLHO(QHUJLHVWHFNWH 'U7RGWULHELKQLQGDV=LPPHUGDVHLQHU5XPSHONDPPHU JOLFK'DV)HQVWHUZDU]XP7HLO]HUEURFKHQ(LQSDDU6FKHLEHQ UHVWHKLQJHQQRFKLPEU|FNHOLJHQ.LWW 'RXJ3HQGHUILHODXIGDVDOWH6RID'LH6SULQJIHGHUQTXLHWVFK WHQHUElUPOLFK 'U7RGOLH3HQGHU=HLWVLFKZLHGHU]XEHUXKLJHQ'DQQVDJWH HUª(VJHKWPLUXPHLQHQ0DQQKLHULQ/RQGRQ8P,QVSHNWRU 6LQFODLU(UKDWPLFKYHUQLFKWHWGRFKQLFKWGDPLWJHUHFKQHWGD 6DWDQPLFK]XUFNKROHQZUGH©0DQVSUWHI|UPOLFKGDGHU +DGLHVHV0RQVWUXPEDOGDXIIUDª(UVWZHQQ-RKQ6LQFODLUYHU QLFKWHWLVWNDQQLFKPLFKGHQJU|HUHQ$XIJDEHQ]XZHQGHQ,FK ELQGLHVPDOLP9RUWHLO(UZHLQLFKWGDLFKZLHGHULQ/RQGRQ ELQ:LUZHUGHQLKPHLQH)DOOHVWHOOHQDXVGHUHVNHLQ(QWULQQHQ PHKUJLEW8QGGXZLUVWPLUGDEHLKHOIHQ© 'RXJ3HQGHUVFKLHQHLQ.ORLP+DOV]XVLW]HQ(UNRQQWHQXU QRFKQLFNHQ )U'U7RGZDUHVNHLQH)UDJHGDHUGLHVPDOGHQ,QVSHNWRU HQGJOWLJEH]ZLQJHQZUGH
ª'U7RGLVWZLHGHULQ/RQGRQ© ª:DVVDJHQ6LHGD"©,QVSHNWRU6LQFODLUZlUHIDVWZLHHLQH 5DNHWHYRQVHLQHP6WXKOKRFKJHVFKRVVHQ1XUPLW0KHEH ZDKUWHHU)DVVXQJ (VZDUVHOWHQGD6XSHULQWHQGHQW3RZHOO-RKQPDOLQVHLQHP %URDXIVXFKWH+HXWHZDUVRHLQ7DJXQGGHU*HLVWHUMlJHUDKQWH QLFKWV*XWHV 3RZHOOOLHVLFKDXIGHQ%HVXFKHUVWXKOIDOOHQXQGSXW]WH XPVWlQGOLFKVHLQH%ULOOHQJOlVHU -RKQEUDQQWHYRU8QJHGXOGEH]lKPWHVLFKDEHU3RZHOOVHW]WH GLH%ULOOHZLHGHUDXIXQGOlFKHOWHVIILVDQW ª'DVZDUHLQHhEHUUDVFKXQJZDV,QVSHNWRU"©IUDJWH3RZHOO XQGOlFKHOWHLPPHUQRFKª$EHUNHLQH$QJVW©IXKUHUIRUWª,KU 'U7RGOHEWVFKOLHOLFKQLFKWPHKU'LH5XPlQHQKDEHQGLH /HLFKHEHUIKUW6LHZROOWHQVLHQLFKWKDEHQ© ª(QWVFKXOGLJHQ6LHZHQQLFK6LHXQWHUEUHFKH6LU$EHUZDUXP KDWPDQXQVQLFKWLQ.HQQWQLVJHVHW]W",FKPHLQHZLUZXWHQ GRFKDPEHVWHQ%HVFKHLG8QGVFKOLHOLFKELQLFKHVJHZHVHQGHU 'U7RG]XU+|OOHJHVFKLFNWKDW© ª:DVIUDJHQ6LHPLFK,QVSHNWRU"'LH6DFKHLVWDXIGLSORPD WLVFKHP:HJHEHUHLQLJWZRUGHQ'DV$XHQPLQLVWHULXPKDWVLFK HLQJHVFKDOWHW'HU*HKHLPGLHQVWKDWDXFKHLQH5ROOHJHVSLHOW XQGOHW]WHQ(QGHVODQGHWHGHU6DUJLQ/RQGRQZRHUGDQQDEJH KROWZXUGH© ª8QGZRLVWHUMHW]W"© ª'DJLEWHVHLQHQDOWHQ)ULHGKRILQGHU1lKHYRQ6NXOO'RUWKDW PDQGLH/HLFKHKLQJHVFKDIIW© ª,VWGDVQLFKWGLHVHUNRPLVFKH7RWHQDFNHUDXIGHPQXU0|UGHU XQGDQGHUH9HUEUHFKHUEHJUDEHQZHUGHQ"© ª*HQDX,QVSHNWRU'HU7RWHQJUlEHUGLHVHV)ULHGKRIVKDWGHQ 6DUJDEJHKROW'DVLVWVFKRQHLQLJH7DJHKHU© -RKQVFKWWHOWHLPPHUZLHGHUGHQ.RSIª,FKYHUVWHKHGDVHLQ IDFKQLFKW(VZLUGDOOHVEHUXQVHUH.|SIHKLQZHJJHPDFKW $QVWDWWGDPDQXQVEHQDFKULFKWLJWQHLQPDQVWHOOWXQVYRU YROOHQGHWH7DWVDFKHQ:LVVHQ6LH6LUGLH%HK|UGHQDKQHQQLFKW ZDVVLHPLW'U7RGIUHLQHQ)DQJJHPDFKWKDEHQ(UVROOWHLQ
5XPlQLHQYHUVFKDUUWZHUGHQ0DQZROOWHGLUHNWYRUVHLQH *UDEVWHOOHHLQ.UHX]VHW]HQGDPLWGDV%|VHDEJHKDOWHQZLUG6R KDWPDQHVPLUZHQLJVWHQVHU]lKOW8QGMHW]W"© ª,FKNDQQHVDXFKQLFKWlQGHUQ,QVSHNWRU©VDJWH6XSHU LQWHQGHQW3RZHOOXQGVWDQGDXIª,FKKDEHGDV6FKUHLEHQKHXWH HUKDOWHQ(VZDUTXDVLQXUHLQH$NWHQQRWL]PHKUQLFKW8QG ZDVKDEHQ6LHMHW]WYRU,QVSHNWRU"© ª,FKZHLHVQRFKQLFKW,FKZHUGHDEHUZDKUVFKHLQOLFK]XP )ULHGKRIIDKUHQXPPLUGDV*UDEPHLQHVJU|WHQ*HJQHUVHLQ PDODQ]XVHKHQ© ª'DVZUGHLFKDQ,KUHU6WHOOHDXFKWXQ©VDJWH3RZHOOª8QG LQIRUPLHUHQ6LHPLFKZHQQ6LH]XUFNVLQG,QVSHNWRU© ª6HOEVWYHUVWlQGOLFK6LU© 3RZHOOYHU]RJGDV*HVLFKWXQGJLQJDXVGHP=LPPHU-RKQ ZXWHGDVHLQ&KHIMHW]WHLQH0DJHQWDEOHWWHQHKPHQZUGH 3RZHOOlUJHUWHVLFKPDORVEHUGLHVH6DFKH(UNRQQWHHLQIDFK QLFKWOHLGHQZHQQPDQLKQEHUJLQJ8QGGDVZDUVRJDUYHU VWlQGOLFK -RKQ6LQFODLUEOLHEHLQLJH0LQXWHQKLQWHUGHP6FKUHLEWLVFK VLW]HQXQGVWW]WHGDV*HVLFKWLQEHLGH+DQGIOlFKHQ (UGDFKWHDQVHLQHIUKHUHQ%HJHJQXQJHQPLWGHP0HQVFKHQ KDVVHU(LQPDOKDWWH'U7RGVRJDUHLQHQ'RSSHOJlQJHUGHV ,QVSHNWRUVJHVFKDIIHQ(UKDWWHGDIUYRQ-RKQV:DQJHHLQ6WFN +DXWDEJHVFKQLWWHQ0LW+LOIHGlPRQLVFKHU0lFKWHKDWWHHUGDQQ GHQ]ZHLWHQ-RKQ6LQFODLUJHIHUWLJW ,QVSHNWRU-RKQ6LQFODLUNlPSIWHMHW]WVFKRQHLQLJH-DKUHJHJHQ GLH0lFKWHGHU)LQVWHUQLV(UKDWWHYLHO8QKHLOYHUKLQGHUQN|Q QHQGRFKPDQFKPDOIUDJWHHUVLFKZDQQHVDXFKLKQPDOHU ZLVFKHQZUGH0|JOLFKZDUDOOHV -RKQ6LQFODLUGHULPPHUHLQHPLWJHZHLKWHQ6LOEHUNXJHOQJH ODGHQH%HUHWWD3LVWROHEHLVLFKWUXJKDWWHHUVWYRUNXU]HPYRQVHL QHPLQGLVFKHQ)UHXQG0DQGUD.RUDEHLQHQ6LOEHUQDJHOJHVFKLFNW EHNRPPHQ'HU,QGHUKDWWHGLHVHQ1DJHOYRQHLQHP0|QFKDXV &KLQDJHHUEW'RUWKDWWHPDQPLWGLHVHU:DIIHYRUHLQLJHQKXQ GHUW-DKUHQHLQHQ9DPSLUHUOHGLJW8QG0DQGUD.RUDEKDWWH VRIRUWDQ-RKQJHGDFKWXQGLKPGHQ1DJHOJHVFKLFNW
'HU1DJHOZDUKDQGODQJXQGHWZDGRSSHOWVRGLFNZLHHLQ QRUPDOHU,QGDV0HWDOOZDUHQ'lPRQHQEDQQHUHLQJUDYLHUW6LH JDEHQGLH*DUDQWLHGDVHOEVWGLHVWlUNVWHQK|OOLVFKHQ.UlIWHDQ LKPDESUDOOWHQ 'HQ1DJHOWUXJ-RKQLQHLQHPNOHLQHQ(WXLEHLVLFK 'HU,QVSHNWRUVFKWWHOWHGLHGVWHUHQ*HGDQNHQDEXQGVWDQG DXI(VZDUVSlWHU1DFKPLWWDJXQGGLHKHLHQ6WUDKOHQHLQHU $XJXVWVRQQHPDFKWHQGLH0LOOLRQHQVWDGW/RQGRQ]XHLQHP %DFNRIHQ-RKQIXKUQDFKXQWHQLQGLH7LHIJDUDJHGHV
-RKQZXQGHUWHVLFKHLQZHQLJGDGHU7RWHQJUlEHUQLFKW]X VHKHQZDUDEHUZDKUVFKHLQOLFKKDWWHGHU0DQQLUJHQGZRDQGHUV ]XWXQ -RKQVDKVFKRQYRQZHLWHPGDGLH7UGHV+DXVHVIHKOWH 'XQNHOJlKQWHLKPGLHgIIQXQJHQWJHJHQ 'HU,QVSHNWRUEHVFKOHXQLJWHVHLQH6FKULWWH+LHUVWLPPWHHWZDV QLFKW(UVSUWHHVJHQDX 'LH+DXVWUODJLP,QQHUQGHV.RUULGRUVGHVVHQ:lQGHIHXFKW ZDUHQXQGHLQHQPXIILJHQ*HUXFKDXVVWU|PWHQ -RKQEHWUDWGDV+DXV /LQNVIKUWHHLQH7ULQHLQ=LPPHU -RKQVFKOLFKLQGHQ5DXP (UVDKPLWHLQHP%OLFNZDVORVZDU'DVHLQ]LJH)HQVWHUZDU ]HUVSOLWWHUW(VKHUUVFKWHHLQH8QRUGQXQJZLHLQHLQHP7U|GOHU ODGHQ -RKQXQWHUVXFKWHGDV)HQVWHUJHQDXHU (LQSDDUGXQNOH)OHFNHQVWDFKHQLKPLQV$XJH6LHKLQJHQDQ HLQHP6WFNGHV5DKPHQV %OXW" -RKQELVLFKDXIGLH8QWHUOLSSH:HOFKHV'UDPDKDWWHVLFKKLHU DEJHVSLHOW":DUGHU7RWHQJUlEHUYLHOOHLFKWEHUIDOOHQZRUGHQ" $EHUZHUVROOWHGDVJHWDQKDEHQ"5RFNHU"6WUDHQUlXEHU".DXP GHQQGLHVH7\SHQEHUDXEWHQQXU0HQVFKHQEHLGHQHQHVHWZDV ]XKROHQJDE8QGGDGHU7RWHQJUlEHUNDXP*HOGJHKDEWKDEHQ NRQQWHGDYRQ]HXJWHQDOOHLQVFKRQGLHOHHUHQ:KLVN\IODVFKHQ GLHEHUDOOKHUXPODJHQ:HQQPDQGDV]XVDPPHQUHFKQHWHZDV VLHJHNRVWHWKDEHQPXWHQNDPVFKRQGHU0RQDWVORKQHLQHV 7RWHQJUlEHUVGDEHLKHUDXV 1HLQ-RKQ6LQFODLUKDWWHHLQHQJDQ]DQGHUHQHLQHQVFKUHFN OLFKHQ9HUGDFKW%HVWLPPWKDWWHKLHU'U7RGEHUHLWVVHLQH+DQG LP6SLHOJHKDEW2GHU" -RKQVWLHHLQHQOHLVHQ)OXFKDXV(UGXUFKVXFKWHGDV+DXV VLFKHUKHLWVKDOEHUYRQREHQELVXQWHQRKQHMHGRFKHLQHQ+LQZHLV DXIGHQ9HUEOHLEGHV7RWHQJUlEHUV]XHQWGHFNHQ -RKQ6LQFODLUWUDWZLHGHUQDFKGUDXHQXQG]QGHWHVLFKHUVW HLQPDOHLQH=LJDUHWWHDQ
:lKUHQGHUUDXFKWHJOLWWVHLQ%OLFNEHUGHQYHUODVVHQHQ )ULHGKRI$OOHVZDUXQJHSIOHJWXQGYHUORWWHUW'LH*UlEHUZDUHQ ]XP7HLOHLQJHIDOOHQXQG5HLIHQVSXUHQ]HXJWHQGDYRQGDGHU 7RWHQJUlEHURIWTXHUGXUFKGDV*HOlQGHJHIDKUHQZDU -RKQWUDWGLH=LJDUHWWHDXV,KPZDUHLQH,GHHJHNRPPHQ(U ZROOWHVLFK'U7RGV*UDEHLQPDODQVHKHQ'DV*UDEZUGHEH VWLPPW]XILQGHQVHLQHVPXWHHLQVYRQGHQQHXHUHQVHLQ -RKQQDKPQLFKWGHQ:HJVRQGHUQVFKULWWNXU]HUKDQGGLH QHXHQ*UDEKJHODE ,QGHQEUDXQHQ/HKPKDXIHQNURFKDOOHUOHL*HWLHUKHUXP $PHLVHQXQG:UPHUIDQGHQGRUWLKUH1DKUXQJ -RKQJLQJZHLWHU 3O|W]OLFKZHLWHWHQVLFKVHLQH$XJHQ'HU,QVSHNWRUZDUDQHLQ IULVFKDXVJHVFKDFKWHWHV*UDEJHNRPPHQ'RFKGDVZDUHVQLFKW ZDVLKQDXVGHU)DVVXQJEUDFKWH (VZDUGHU]HUVW|UWH6DUJDXIGHP%RGHQGHV*UDEHV'HU 'HFNHOZDU]HUVSOLWWHUWXQGODJQHEHQGHP8QWHUWHLO-HPDQG KDWWHVFKRQHLQLJH6FKDXIHOQ/HKPLQGDV*UDEJHZRUIHQGHQQ QHEHQGHP6DUJZ|OEWHVLFKHLQNOHLQHU(UGKDXIHQ +DWWHKLHU'U7RGJHOHJHQ" -RKQ6LQFODLUVRJVFKDUIGLH/XIWHLQ$OOH$Q]HLFKHQGHXWHWHQ GDUDXIKLQ $EHUGHU,QVSHNWRUZROOWH*HZLKHLWKDEHQ.XU]HQWVFKORVVHQ VSUDQJHULQGDV*UDE(UEFNWHVLFKXQGXQWHUVXFKWHGHQ6DUJ JHQDXHU9LHOOHLFKWKDWWHGHU+HUVWHOOHULUJHQGHLQ=HLFKHQHLQJH EUDQQW-RKQXQWHUVXFKWHMHGHV6WFN+RO](UIDQGQLFKWV 7URW]GHPZDUHUVLFKHUGD'U7RGKLHUJHOHJHQKDWWHXQGHV PLW$VPRGLV +LOIHJHVFKDIIWKDWWHZLHGHUOHEHQGLJ]XZHUGHQ (LQHJUDXHQKDIWH9RUVWHOOXQJ -RKQNRQQWHVLFKDQGHQ)LQJHUQHLQHU+DQGDE]lKOHQGD 'U7RGMHW]WQXUQRFKHLQVZROOWH 6HLQH5DFKH 8QGGDV=LHOVHLQHU5DFKHZDU-RKQ6LQFODLU 'HU,QVSHNWRUNRQQWHQLFKWYHUPHLGHQGDLKPWURW]GHU+LW]H HLQNDOWHU6FKDXHUEHUGHQ5FNHQJOLWW
-RKQ6LQFODLUNOHWWHUWHDXVGHP*UDEXQGVlXEHUWHVRJXWHVJLQJ VHLQH.OHLGXQJ 0LWJHPLVFKWHQ*HIKOHQPDFKWHHUVLFKDXIGHQ:HJ]X VHLQHP:DJHQ 'HU7RWHQJUlEHUJLQJLKPQLFKWDXVGHP6LQQ+DWWH'U7RG LKQXPJHEUDFKW"0|JOLFKZDUHVGHQQHLQH/HLFKHOLHVLFKKLHU OHLFKWYHUVFKDUUHQ$EHUZDQQ":LHODQJHWULHEGLHVHU8QKROG VFKRQVHLQ8QZHVHQ"-RKQV/DXQHVDQNDXIGHQ1XOOSXQNW ZHQQHUDQGLH5HDNWLRQGHU%HK|UGHQGDFKWH6LHKDWWHQQRFK QLFKWHLQPDODQJHJHEHQZDQQGHU6DUJ(QJODQGHUUHLFKWKDWWH -RKQEHVFKORVLFKVRIRUWKLQWHUGLH6DFKH]XNOHPPHQ (UKDWWHHWZDGLH+lOIWHGHV:HJHV]XVHLQHP%HQWOH\]XUFN JHOHJWDOVGDV.OLQJHOQHLQHV7HOHIRQVGLH6WLOOHXQWHUEUDFK 'HU,QVSHNWRUEOLHEVWHKHQ (UHULQQHUWHVLFKLP+DXVGHV7RWHQJUlEHUVHLQHQ$SSDUDW JHVHKHQ]XKDEHQ -RKQOLHIVFKQHOO]XGHU:RKQEDUDFNH %HLPVLHEWHQ6FKHOOHQKREHUGHQ+|UHUDE ª-D"© ª(QGOLFKHUUHLFKHLFK6LH3HQGHU©K|UWHGHU,QVSHNWRUHLQH 6WLPPHª6HLWYLHU7DJHQYHUVXFKHLFK6LHDQ]XUXIHQ6DJHQ6LH PDOZRKDEHQ6LHHLJHQWOLFKJHVWHFNW]XP7HXIHO"(VLVWZLHGHU 1DFKVFKXEGDGHQ6LHVLFKDEKROHQN|QQHQ8QGHLQVVDJHLFK ,KQHQ:HQQ,KUH'LHQVWDXIIDVVXQJQLFKWDQGHUVZLUGPVVHQ ZLUXQVQDFKHLQHPQHXHQ0DQQXPVHKHQ(VJLEWYLHOH/HXWH GLHVLFKXP,KUHQ3RVWHQUHLHQ© 'HU0DQQVSUDFKRKQH/XIW]XKROHQ 6FKOLHOLFKXQWHUEUDFKLKQ-RKQPLWHLQHPNQDSSHQª0RPHQW PDO© 'HU0DQQDPDQGHUHQ(QGHGHU/HLWXQJYHUVFKOXFNWHVLFKIDVW 6ROFKHLQHQ7RQZDUHUYRQ3HQGHUZRKOQLFKWJHZRKQW ª,FKELQQLFKW3HQGHU©VDJWH-RKQª,FKELQ,QVSHNWRU6LQFODLU YRQ6FRWODQG
ª=XP7HXIHOZHVKDOEGHQQ"+DWHUHWZDVDXVJHIUHVVHQ"©ULHI GHU$QUXIHUIDVWHUVFKURFNHQ ª1HLQ(ULVWYHUVFKZXQGHQ:DQQKDEHQ6LH]XPOHW]WHQPDO PLW3HQGHUJHVSURFKHQ"©ZROOWH-RKQZLVVHQ ª/DVVHQ6LHPLFKQDFKGHQNHQ,QVSHNWRU'DVZDUYRUHLQHU :RFKHHWZD1HLQJHQDXYRUVHFKV7DJHQ© ª8QGZRUXPJLQJHVGD"© ª3HQGHUVROOWHHLQH/HLFKHDEKROHQ9RP+DIHQ(VZDUHLQ 7RWHUGHUYRQ5XPlQLHQEHUIKUWZRUGHQLVW$EHUGDYRQ PWHQ6LHGRFKZLVVHQ(VVLQGGRFKH[WUD]ZHL%HDPWHDEJH VWHOOWZRUGHQGLHGHQ6DUJEHZDFKWHQ© ª$EHUQLFKWYRQXQVHUHU'LHQVWVWHOOH©VDJWH-RKQ ª.RPLVFK1DMDPDQFKPDODUEHLWHQGLH%HK|UGHQMDDXFK JHJHQHLQDQGHU© ª+DEHQ6LHGLH1DPHQGHUEHLGHQ3ROL]LVWHQ"©IUDJWH-RKQ ª'DPWHLFKQDFKVHKHQ© ª7XQ6LHGDV© ª%OHLEHQ6LHVRODQJHDP$SSDUDW,QVSHNWRU© -RKQZDUWHWH1DFK]ZHL0LQXWHQKDWWHHUGHQ0DQQZLHGHUDQ GHU6WULSSHª+|UHQ6LH,QVSHNWRU'LHEHLGHQ3ROL]LVWHQZDUHQ .RQVWDEOHU%HGIRUGXQG.RQVWDEOHU6SHQFHU6LHVLQGYRP 9LHUWHQ5HYLHU+DIHQ]RQHHLQV© ª,FKGDQNH,KQHQ©VDJWH-RKQ ª.HLQH8UVDFKH,QVSHNWRU© -RKQOHJWHGHQ+|UHUDXIGLH*DEHO-HW]WZXWHHUVHLWZDQQ 'U7RGZLHGHUVHLQ8QZHVHQWULHE)DVWHLQH:RFKHKLHOWHUVLFK VFKRQLQ/RQGRQDXI 2GHUZDUHUEHUHLWVQLFKWPHKULP/DQG" $EHUDQGLHVH0|JOLFKNHLWJODXEWH-RKQQLFKWVRUHFKWGHQQ LPPHUKLQZUGH'U7RGDOOHVGDUDQVHW]HQVLFKDQ-RKQ6LQFODLU ]XUlFKHQ(UVWZHQQVHLQH5DFKHEHIULHGLJWZDUNRQQWHHUVLFK DQGHUHQ$XIJDEHQZLGPHQ ,QHLQHU+LQVLFKWZDUHVVRJDUJXWGD-RKQGLH=LHOVFKHLEH GLHVHV0HQVFKHQKDVVHUVZDU(UPXWHQXU]XVHKHQGDQLFKW QRFK8QVFKXOGLJHLQGLHVHQ.DPSIPLWKLQHLQJH]RJHQZXUGHQ -RKQ6LQFODLUKDWWHVHLQHQ%HQWOH\HUUHLFKW'DV,QQHUHGHV
:DJHQVJOLFKHLQHP%DFNRIHQ-RKQNXUEHOWHZlKUHQGGHU)DKUW EHLGH)HQVWHUKHUXQWHUXPVLFKZHQLJVWHQVHWZDV.KOXQJ]X YHUVFKDIIHQ %LV]XP5HYLHUIXKUHUEHUHLQH6WXQGH'DV*HElXGHODJ LQPLWWHQGHV+DIHQJHOlQGHV'XUFKGLH)HQVWHUKDWWHPDQHLQHQ %OLFNDXIGLH7KHPVH3DXVHQORVZXUGHQ6FKLIIHEHXQGHQW ODGHQ'LH0lQQHUPXWHQHLQLJHVDXIKROHQGHQQGHUOHW]WH 6WUHLNODJQRFKQLFKWODQJH]XUFN =ZHL6WUHLIHQZDJHQVWDQGHQYRUGHP*HElXGH-RKQSDUNWH VHLQHQ%HQWOH\KLQWHUGHP]ZHLWHQ:DJHQVWLHJDXVXQGEHWUDW GLH3ROL]HLVWDWLRQ 9LHUVFKZLW]HQGH%HDPWHVDHQKLQWHULKUHQ6FKUHLESXOWHQ(LQ 0DQQKDFNWHDXIHLQHUDOWHUWPOLFKHQ6FKUHLEPDVFKLQHKHUXP 'HU9HQWLODWRUXQWHUGHU'HFNHYHUWHLOWHQXUGLH/XIWEUDFKWH DEHUNHLQH.KOXQJ 'HU5HYLHUOHLWHUHLQ6HUJHDQWNDP-RKQHQWJHJHQXQGIUDJWH QDFKGHVVHQ:QVFKHQ 'HU0DQQYRQ6FRWODQG
ª.RQVWDEOHU6SHQFHULVWEULJHQVDXI6WUHLIHQIDKUW©HUNOlUWH GHU6HUJHDQW ª6FKRQJXW©VDJWH-RKQª(U]lKOHQ6LHZHLWHU.RQVWDEOHU© ª$OVRZLUKDEHQMDHLQLJH=HLWDXIGHQ7RWHQJUlEHUZDUWHQ PVVHQ'HU6DUJVWDQGLQHLQHU+DOOHXQGPDQKDW]LHPOLFK JHKHLPQLVYROOJHWDQ'DVJDQ]H'UXPKHUXPXQGVR$XIMHGHQ )DOOKDEHQZLUGHXWOLFKGLH*HUlXVFKHJHK|UW© ª:HOFKH*HUlXVFKH"©IUDJWH-RKQ .RQVWDEOHU%HGIRUGEOLFNWHHUVWGHQ6HUJHDQWHQDQXQGGDQQ GHQ,QVSHNWRUª'LH*HUlXVFKHNDPHQDXVGHP6DUJ(UVWZDUHV QXUHLQ.ORSIHQXQGKLQWHUKHUDOVZLUGHQ6DUJGDQQWUDQVSRU WLHUWHQKDEHQZLUVRJDUHLQbFK]HQJHK|UW:HQQ6LHPHLQHQ .ROOHJHQIUDJHQ,QVSHNWRUGHUNDQQHVEHVWlWLJHQ© ª:DUXPKDEHQ6LHPLUGHQQQLFKWVGDYRQJHVDJW"©EODIIWHGHU 6HUJHDQW %HGIRUGKREGLH6FKXOWHUQª+lWWHQ6LHPLUGHQQJHJODXEW 6HUJHDQW"© ª+P:DKUVFKHLQOLFKQLFKW© ª'DVVSLHOWMDDXFKNHLQH5ROOH©PLVFKWHVLFK-RKQ6LQFODLUHLQ ª7DWVDFKHLVWGD,KU.ROOHJHXQG6LHGLH*HUlXVFKHYHUQRPPHQ KDEHQ© ª-D© 'HU6HUJHDQWKDWWHVLFKQRFKLPPHUQLFKWEHUXKLJWª6LHZDUHQ GRFKQLFKWEHWUXQNHQ"© ª$XINHLQHQ)DOO6LU© -RKQKLHOWVLFKQRFKHLQLJH0LQXWHQLQGHP5HYLHUDXIXQG EHGDQNWHVLFKGDQQEHLGHP.RQVWDEOHU'HU,QVSHNWRUYHUJDW WHUWHGLH%HDPWHQEHUGLHVHQ)DOO6WLOOVFKZHLJHQ]XEHZDKUHQ $QVFKOLHHQGIXKU-RKQ6LQFODLUZLHGHU]XP
.QDUUHQG|IIQHWHVLFKGHU6DUJGHFNHO'LHEHLGHQ.HU]HQ IODPPHQ]XEHLGHQ6HLWHQGHV3RGHVWHVEHJDQQHQ]XIODFNHUQ 0LWVFKUHFNJHZHLWHWHQ$XJHQVWDUUWHGLHMXQJHEORQGH)UDX DXIGHQ6DUJ 'LH*HVWDOWVFKUDXEWHVLFKODQJVDPDXVGHU7RWHQNLVWH 'LHMXQJH)UDXNRQQWHQLFKWVFKUHLHQ6LHZDUXQIlKLJEHU KDXSWHLQ*OLHG]XUKUHQ 'HU8QKHLPOLFKHDXVGHP6DUJZDUHLQ9DPSLUhEHUGHXWOLFK WUDWHQGLHVSLW]HQ=lKQH]XEHLGHQ6HLWHQGHV.LHIHUVKHUYRU'LH +lQGHZDUHQ]X.UDOOHQJHNUPPWGLH$XJHQYHUULHWHQHLQH QDPHQORVH*LHU /DXWORVQlKHUWHHUVLFKVHLQHP2SIHU 1DGLQH%HUJHUNUDPSIWHLKUH+lQGHXPGLH6LW]OHKQHQ,KU $WHPJLQJIODFKXQGVFKQHOO(LQ6FKZHLILOPKDWWHVLFKDXILKUH 6WLUQJHOHJW 'DV*HVFKHKHQDXIGHU/HLQZDQGKLHOWVLHJHIHVVHOW'HQQGLH MXQJH)UDXGLHGLHVFKUHFNOLFKH$QJVWYRUGHP9DPSLUKDWWH ZDUVLHVHOEVW 1DGLQH%HUJHU6FKDXVSLHOHULQLQGLHVHPJUlOLFKHQ+RUURU ILOPGXUFKOHEWHQRFKHLQPDOGLH$QJVWGLHVLHDXFKVFKRQEHL GHQ$XIQDKPHQJHVSUWKDWWHREZRKOEDOGDOOHVYRUEHLZDU 'HU9DPSLUNDPQLFKWPHKUGD]XGLHEORQGH)UDX]XVHLQHU 6NODYLQ]XPDFKHQ 6HNXQGHQYRUKHUWDXFKWHGHU5HWWHUDXIXQGHUOHGLJWHGHQ 8QWDWHQDXIGLHNODVVLVFKH$UWXQG:HLVH*HQOLFKZXUGHGHU 7RGHVNDPSIGHV9DPSLUVJH]HLJWXPGHQ)LOPGDQQDQ VFKOLHHQGPLWHLQHU/LHEHVV]HQHHQGHQ]XODVVHQ $OOHVKDWWHZLHGHUVHLQH2UGQXQJ 6WXIHQORVJLQJLQGHPJURHQ6DDOGDV/LFKWDQ8QGGDQQ EUDFKHLQ%HLIDOOVVWXUPORVZLH1DGLQH%HUJHULKQVHOWHQHUOHEW KDWWH ª'DVZLUGHLQ(UIROJ©VDJWHQHEHQLKUHLQ0DQQª/RV1DGLQH 6LHPVVHQDXIVWHKHQ© 1DGLQHHUKREVLFK6LHZDUQRFKLPPHUHWZDVEHQRPPHQ $XFKGLHDQGHUHQ+DXSWGDUVWHOOHUZDUHQDXIJHVWDQGHQ *HPHLQVDPJLQJHQVLH]XGHUSURYLVRULVFKDXIJHEDXWHQ%KQH
$OVOHW]WHUNDPGHU5HJLVVHXUGHV+RUURU6WUHLIHQV6HLQ =DKQSDVWDOlFKHOQZDUUHNODPHUHLI(UKDWWHGLH+lQGHEHUGHP .RSIYHUVFKUlQNWXQGVWDQGGDZLH0XKDPPHG$OLLQVHLQHQ EHVWHQ7DJHQ (LQJHULQJVFKlW]LJHV/lFKHOQXPVSLHOWH1DGLQHV/LSSHQ6LH PRFKWH0LNH&DOODKDQQLFKW(UHULQQHUWHVLHLPPHUDQHLQHQDXI JHEODVHQHQ*HLHU 7URW]GHPGLHVHU0DQQKDWWH(LQIlOOH6FKRQDOOHLQGHUKHXWLJH $EHQGZDUHLQH%RPEH 3UHPLHUHHLQHV+RUURU6WUHLIHQVDQGHQ2ULJLQDOVFKDXSOlW]HQ :HQQGDVNHLQ5HNODPHJDJZDU*HGUHKWKDWWHQVLHDXI'DUZRRG &DVWOHHLQHPJDUDQWLHUW!HFKWHQ6SXNVFKOR(VZDUHQ]ZHLDXI UHJHQGH0RQDWHJHZHVHQ*HVFKODIHQZXUGHREHQLQGHQ *lVWH]LPPHUQ'DVJHVDPWH)LOPWHDPZDULQGHQ]ZHL0RQDWHQ ]XHLQHU)DPLOLHJHZRUGHQ%HOHXFKWHU.DPHUDPlQQHU6FKDX VSLHOHUMHGHUZDUIUGHQDQGHUHQGD 8QGGDQQGLH3UHPLHUH0LNH&DOODKDQ5HJLVVHXUXQGJOHLFK ]HLWLJ3URGX]HQWKDWWHVHLQH%H]LHKXQJHQVSLHOHQODVVHQ'LH 3UHVVHZDUJHODGHQ9HUWUHWHUGHU)LOPLQGXVWULHXQGGLH 5HSUlVHQWDQWHQGHUJURHQ,OOXVWULHUWHQ 0LNH&DOODKDQKDWWHHLQH+RUURU1DFKWDUUDQJLHUW(LQH +RUURU1DFKWPLWNDOWHP%IHWW&KDPSDJQHU0XVLNXQG HLQLJHQHQJDJLHUWHQ6WDWLVWHQGLHGLH*UXVHODWPRVSKlUHEULQJHQ VROOWHQ'LH/HXWHVROOWHQJHJHQ0LWWHUQDFKWDXIWUHWHQ$OV :HUZ|OIHRGHU9DPSLUHYHUNOHLGHW$XFKZDUHQHLQLJH 0RQVWHUUROOHQYRUJHVHKHQ0DQYHUVSUDFKVLFKYRQGLHVHP*DJ HLQHWROOH:LUNXQJ(LQJHZHLKWZDUHQQXUZHQLJH'LH*lVWH VROOWHQEHUUDVFKWZHUGHQ (VGDXHUWHHLQH:HLOHELVVLFKGHU/lUPLQGHUJURHQ 9RUIKUKDOOHJHOHJWKDWWH+LHUKDWWHQLQIUKHUHQ=HLWHQ5LWWHU LKUH)HVWHJHIHLHUW 0LNH&DOODKDQJULII]XP0LNURSKRQ'HU5HJLVVHXUZDUHLQ PLWWHOJURHU0DQQPLWGLFKWHP6FKQXUUEDUW6HLQHZLHVHOIOLQNHQ $XJHQVFKLHQHQEHUDOO]XVHLQ'LHZHQLJHQVFKZDU]HQ+DDUH KDWWHHU]XUFNJHNlPPW'HUYRUGHUH7HLOGHV.RSIHVOHXFKWHWH ZLHHLQH%LOODUGNXJHO&DOODKDQKDWWHVFKRQEHUGUHLLJ)LOPH
JHGUHKWXQGZROOWHPLWGLHVHP+RUURU6WUHLIHQDQGLH6SLW]H YRUVWRHQ 'DQQKLHOWGHU5HJLVVHXUVHLQH5HGH(UVHW]WHVLFKGDULQVHOEVW HLQ'HQNPDOYHUVlXPWHHVDEHUDXFKQLFKWGLH6FKDXVSLHOHU]X HUZlKQHQ ª8QGQXQ/DGLHVDQG*HQWOHPHQGDUILFKVLH]XHLQHPNOHLQHQ $SHULWLIHLQODGHQ'DVNDOWH%IHWWIROJWVSlWHU6FKOLHOLFKKDEHQ ZLUQRFKHLQHODQJH1DFKWYRUXQV© :LHGHUNODWVFKWHQVLFKGLH*lVWHGLH+lQGHZXQG &DOODKDQJHQRGHQ%HLIDOOZLHHLQ3IDXVHLQHQ)HGHUVFKPXFN (UJDEHLQH]LHPOLFKOlFKHUOLFKH)LJXUDE6HLQ6PRNLQJZDUXP HLQH1XPPHU]XJUR(UZLUNWHGDULQZLHHLQ3LQJXLQ 'HU5LWWHUVDDOZDUJUR'LH:lQGHZDUHQPLW0DOHUHLHQDXV GHUKLVWRULVFKHQ9HUJDQJHQKHLWGHV6FKORVVHVEHPDOW6LH]HLJWHQ GLHJURHQ6FKODFKWHQGLHGDPDOVGDV/DQGYHUZVWHWKDWWHQ .ULVWDOOVWHUVSHQGHWHQ/LFKW'HU6FKHLQEUDFKVLFKDXIGHP SSLJHQ6FKPXFNGHU'DPHQXQGOLH+XQGHUWHYRQ/LFKW UHIOH[HQDXIEOLW]HQ 0DQEHJDEVLFKLQGLHDQGHUHQ5lXPH 'LHQHULQZHLQURWHU/LYUHHHLOWHQKLQXQGKHU6LHVHUYLHUWHQ &RFNWDLOVDXIVLOEHUQHQ7DEOHWWV'LH3DUW\YHUVSUDFKHLQ5LHVHQ HUIROJ]XZHUGHQ 1DGLQH%HUJHUVWU]WHGDVHUVWH*ODV6HNWI|UPOLFKKLQXQWHU XQGJULIIVRIRUWQDFKGHP]ZHLWHQ 'LH*lVWHVWDQGHQLQ*UXSSHQEHLVDPPHQXQGXQWHUKLHOWHQ VLFK(VZXUGHYLHOJHODFKWXQGDXFKDQ.RPSOLPHQWHQIHKOWHHV QLFKW 1DGLQHZDUYRQHLQLJHQ+HUUHQHLQJHNUHLVW'LHLQWHUHVVLHUWH ZHQLJHUGHU)LOPDOVGLH+DXSWGDUVWHOOHULQ-HGHUYHUVXFKWHEHL 1DGLQHPLWPHKURGHUZHQLJHUJDODQWHQ%HPHUNXQJHQ]X ODQGHQ ª:HQQ6LHGHPQlFKVWHLQHQ%HVFKW]HUEUDXFKHQ1DGLQHLFK ELQLPPHUIU6LHGD©VDJWHHLQVFKZDU]JHORFNWHU*LJRORWKHD WUDOLVFKXQG]HLJWHVHLQHVWUDKOHQGHQ-DFNHWNURQHQ ª'DQNHDEHULFKVXFKHPLUPHLQH%HVFKW]HUVHOEVWDXV© ª2KGLH/DG\LVWHPDQ]LSLHUW©PHLQWHHLQDQGHUHU
ª:DUXPDXFKQLFKW"©HUZLGHUWHHLQGXQNHOKDDULJHU=HLWXQJV PDQQªZLUKDEHQVFKOLHOLFKGDV-DKUGHU)UDX:DVKDOWHQ6LH EULJHQVGDYRQ1DGLQH"© ª1LFKWVPHLQH+HUUHQ:HQLJVWHQVLP$XJHQEOLFNQLFKWV,FK ELQKLHUXPPLFK]XDPVLHUHQ© :LHDXI.RPPDQGREHJDQQGLH.DSHOOH]XVSLHOHQ+HLH 5K\WKPHQHUIOOWHQGLHHKUZUGLJHQ5lXPHGHV6FKORVVHV 'LH7lQ]HUULVVHQVLFKXP1DGLQH'RFKHKHVLHVLFKHQWVFKORV VHQKDWWHGXUFKEUDFK0LNH&DOODKDQGHQ.UHLVª'HQHUVWHQ7DQ] KDW1DGLQHPLUYHUVSURFKHQ© 'DVVWLPPWH]ZDUQLFKWDEHU1DGLQHZROOWHNHLQH6SLHOYHU GHUEHULQVHLQ 'LH+HUUHQ]RJHQVLFKOHLFKWYHUlUJHUW]XUFN$EHUHVZDUMD QRFKJHQJHQG:HLEOLFKNHLWGD 'LH0XVLNHUVSLHOWHQHLQHQ%OXHV&DOODKDQJLQJEHL1DGLQHDXI 7XFKIKOXQJ 'LH6FKDXVSLHOHULQYHUVWHLIWHVLFK6LHPRFKWHGLHVHQ0DQQ QLFKW &DOODKDQPHUNWHGDVZRKO(UOlFKHOWHEHUIUHXQGOLFKª1XQ 1DGLQHZDUGDVHLQ(UIROJ"© ª'DVPXVLFKHUVWQRFKKHUDXVVWHOOHQ0DQZHLQLHZLHGDV 3XEOLNXPUHDJLHUW6FKOLHOLFKJLEWHV+RUURUILOPHHQPDVVH© ª-DDEHUQLFKWVROFKHLQHQ)LOP'DVLVWHLQ7RS6WUHLIHQ8QGHV ZLUGQLFKWGHUOHW]WHEOHLEHQYHUODVVHQ6LHVLFKGDUDXI© ª'DVNDQQLFKYHUVWHKHQ© ª,FKVXFKHIUPHLQHQQlFKVWHQ)LOPQRFKHLQH+DXSW GDUVWHOOHULQ©VDJWH&DOODKDQª,FKKDEHGDDQ6LHJHGDFKW 1DGLQH© ª6ROOGDVZLHGHUHLQ+RUURUILOPZHUGHQ"© ª,FKZHLHVQRFKQLFKW$EHUVSUHFKHQZLUGRFKYRQ,KQHQ6LH EHNRPPHQGLH+DXSWUROOHYRUDXVJHVHW]W© ª-D"© ª9RUDXVJHVHW]W6LHEHKDQGHOQPLFKQLFKWVRNKOXQGVLQG HWZDVHQWJHJHQNRPPHQGHU© -HW]WZDUGLH.DW]HDXVGHP6DFN1DGLQHKDWWHHVJHDKQW &DOODKDQZDUVFKRQYRPHUVWHQ'UHKWDJDQKLQWHULKUKHU
'RFKVLHZDUHVJHZRKQWVLFKLKUH0lQQHUVHOEVWDXV]X VXFKHQ8QG&DOODKDQZDUQLFKWLKU7\S 1DGLQHEOLFNWHGHP5HJLVVHXULQGLH$XJHQ6LHVDKGRUWGDV JLHULJH/HXFKWHQGLHVHQ%OLFNGHUDOOHQ0lQQHUQ]XHLJHQ ZDUZHQQVLHXQEHGLQJWHWZDVYRQHLQHU)UDXZROOWHQ1DGLQH VSUWHZLH&DOODKDQVLHQlKHUDQVLFK]LHKHQZROOWHXQG VWHPPWHVLFKJHJHQGHQ*ULII ª1XQZLHODXWHW,KUH$QWZRUW"©&DOODKDQV6WLPPHNODQJ KHLVHUYRU$XIUHJXQJ ª1HLQ© 1DGLQHVDJWHHVVRNDOWXQGHQWVFKLHGHQGD0LNH&DOODKDQ UHJHOUHFKW]XVDPPHQ]XFNWH,QQHUKDOEYRQ6HNXQGHQZHFKVHOWH VHLQ*HVLFKWVDXVGUXFN+DVWDKOVLFKLQVHLQH$XJHQª6LHZHU GHQGDVEHUHXHQ1DGLQH,FKZHUGH6LHLQGHU)LOPEUDQFKH XQP|JOLFKPDFKHQ1LHPDQGZLUG,KQHQQRFKHLQH5ROOHJHEHQ 6HOEVWLQHLQHP3RUQRILOPZHUGHQ6LHQLFKWODQGHQN|QQHQ)U 6LHLVWGLH)LOPNDUULHUHEHHQGHW© 1DGLQHZDUEOHLFKJHZRUGHQª'DQNH0U&DOODKDQ,FKKDEH YHUVWDQGHQ© 0LWHLQHUVFKQHOOHQ%HZHJXQJO|VWHVLHVLFKDXVGHQ$UPHQ GHV5HJLVVHXUV:LHHLQGXPPHU-XQJHEOLHE0LNH&DOODKDQ DXIGHU7DQ]IOlFKHVWHKHQ6HLQ*HVLFKWZDUKRFKURWYRU=RUQ XQG:XW 1DGLQH%HUJHUEDKQWHVLFKHLQHQ:HJGXUFKGLHWDQ]HQGHQ 3DDUH,PPHUZLHGHUZROOWHPDQVLHDXIIRUGHUQGRFK1DGLQH OHKQWHDE $QGHU7UVWDQG5RVV7D\ORULKU3DUWQHULQGHP+RUURU 6WUHLIHQ ª+DOOR1DGLQH©VDJWHHUXQGYHU]RJGDVEUDXQJHEUDQQWH *HVLFKW]XHLQHP/lFKHOQ 7D\ORUZDUHLQ%LOGHUEXFK0DQQ(UKDWWHGXQNOHVPRGLVFK JHVFKQLWWHQHV+DDUXQGKHOOEODXH$XJHQ6HLQ*HVLFKWVWUDKOWH GLH0lQQOLFKNHLWDXVGLH)UDXHQLPPHUIDV]LQLHUW'RFK]X 1DGLQHV/HLGZHVHQPDFKWHVLFK7D\ORUQLFKWVDXV)UDXHQ(UZDU HLQSUlFKWLJHU.ROOHJHGRFKPLWHLQHU)UDXHLQH/LHEVFKDIWDQ]X IDQJHQGDVKlWWHHUQLHEHUVLFKJHEUDFKW
ª$FKGXELVW V5RVV©HUZLGHUWH1DGLQHXQGOHJWHLKUHQ$UP DXIVHLQH6FKXOWHU 5RVV7D\ORUZDQGWHGHQ.RSIª+DVWGX.XPPHU"© ª$FKZRKHU,FKELQQXUHWZDVPGHZHLWGX,FKJODXEHLFK ZHUGHPLFKPDOIUHLQSDDU0LQXWHQ]XUFN]LHKHQ© ª'LH,GHHLVWJXW©VDJWH5RVV7D\ORU(UJLQJHLQLJH6FKULWWH]XU 6HLWHXQGGHXWHWHGHQ*DQJKLQXQWHUª'LHOHW]WHJURH7UDXI GHUUHFKWHQ6HLWHIKUWLQGHQ*HPlOGHVDDOGHV6FKORVVHV'RUW NDQQVWGXGHP7UXEHOIUHLQSDDU0LQXWHQHQWNRPPHQ© ª'DQNGLU5RVV©VDJWH1DGLQHKDXFKWHGHP0DQQHLQHQ.X DXIGLH:DQJHXQGYHUVFKZDQG 'LHVFKZHUH'RSSHOWUZDURIIHQ 1DGLQHKDWWHWDWVlFKOLFK.RSIVFKPHU]HQ'LHVHU7UXEHOGHU =LJDUHWWHQTXDOPGLHOHHUHQ8QWHUKDOWXQJHQGDVZDUQLFKWVIU 1DGLQH6LHEUDXFKWHPDQFKPDOGLH6WLOOH 1DGLQH%HUJHUVFKORGLH7UVRUJIlOWLJKLQWHUVLFK]X'HU *HPlOGHVDDOZDUJUR3UDFKWYROOH%LOGHUKLQJHQDQGHQ :lQGHQ(LQH$EVSHUUXQJEHVWHKHQGDXVHLQHPGLFNHQ7DX ]RJVLFKTXHUGXUFKGHQ6DDO6FKLOGHUZLHVHQGDUDXIKLQGDHLQ %HUKUHQGHU%LOGHUQLFKWJHVWDWWHWZDU 'HU%RGHQZDUPLW3DUNHWWDXVJHOHJW1DGLQHV6FKULWWHKDOOWHQ YRQGHQ:lQGHQZLGHUZlKUHQGVLHODQJVDPGXUFKGHQ6DDO JLQJXQGVLFKGLH%LOGHUEHWUDFKWHWH9RQGHP/lUPXQG7UXEHO ZDUNDXPHWZDV]XK|UHQ'LH6WLOOHWDWLKUULFKWLJJXW 9RUHLQHPEHVRQGHUVSUXQNYROOHQ6FKODFKWHQJHPlOGHEOLHE 1DGLQHOlQJHUVWHKHQ6LHEHWUDFKWHWHMHGH(LQ]HOKHLWXQGZDUVR GDULQYHUWLHIWGDVLHGLH6FKULWWHHUVWLPOHW]WHQ0RPHQWK|UWH (UVFKUHFNWNUHLVHOWH1DGLQHKHUXP8QZLOONUOLFKSUHWHVLH LKUHUHFKWH+DQGJHJHQGHQ0XQG 'HU0DQQGHULKUJHJHQEHUVWDQGZDUJUREUHLWVFKXOWULJ XQGKDWWHHLQJXWJHVFKQLWWHQHV*HVLFKW(LQ(KHULQJEOLW]WHDQ VHLQHUUHFKWHQ+DQG ª(QWVFKXOGLJHQ6LH0LVV%HUJHUZHQQLFK6LHHUVFKUHFNWKDEH (VODJEHVWLPPWQLFKWLQPHLQHU$EVLFKW*HVWDWWHQ6LHGDLFK PLFKYRUVWHOOH0HLQ1DPHLVW%LOO&RQROO\©
1DGLQHEHUZDQGLKUHhEHUUDVFKXQJVFKQHOO$XHUGHPZDULKU GHU0DQQV\PSDWKLVFK(UPDFKWHQLFKWGHQ(LQGUXFNHLQHV 6FKU]HQMlJHUV ª6LQG6LHDXVGHU)LOPEUDQFKH0U&RQROO\",FKKDEH6LHQRFK QLHJHVHKHQ© %LOOZHKUWHODFKHQGDEª1HLQXP+LPPHOVZLOOHQ0LWGHP )LOPKDEHLFKQLFKWV]XWXQ'RUWLVWHVPLU]XKHNWLVFK,FKELQ IUHLHU-RXUQDOLVWXQG5HSRUWHU,FKDUEHLWHIUYHUVFKLHGHQH =HLWXQJHQXQG0DJD]LQH© ª0XHLQLQWHUHVVDQWHU%HUXIVHLQ© ª'DVJHEHLFK]X$EHUPDQJHZ|KQWVLFKDQDOOHV© %LOOEOLFNWH1DGLQHDQ6LHZDUZLUNOLFKHLQHDXHUJHZ|KQOLFK VFK|QH)UDX1DGLQHWUXJHLQKHOOEODXHVILJXUEHWRQWHV&KLIIRQ NOHLGPLWHLQHPUDIILQLHUWHQ$XVVFKQLWWGHUGHQ$QVDW]LKUHV %XVHQVVHKHQOLH'DVZHL]HQEORQGH+DDUILHOELVDXIGLHQDFN WHQ6FKXOWHUQXQGZDUVRUJIlOWLJJHNlPPW1DGLQHZDUNDXP JHVFKPLQNWZDVGLH$SDUWKHLWLKUHV*HVLFKWHVEHVRQGHUV EHWRQWH6LHILHOLUJHQGZLHDXVGHP5DKPHQGHUEOLFKHQ )LOPVFKDXVSLHOHULQQHQ(VZDUJHUDGHGLHVH1DWUOLFKNHLWGLH 0lQQHUVRDQ]RJ ª=XIULHGHQPLWGHU0XVWHUXQJ0U&RQROO\"©IUDJWH1DGLQH ª'DQNHMD© 1DGLQHODFKWHª'DQQZROOHQ6LHPLFKEHVWLPPWLQWHUYLHZHQ© ª1LFKWXQEHGLQJW© 1DGLQHKREEHUUDVFKWGLH$XJHQEUDXHQª'DVLVWMDHLQQHXHU =XJGHQLFKDQHXFK-RXUQDOLVWHQHQWGHFNH© ª0DQGDUIHEHQQLFKWDOOHEHUHLQHQ.DPPVFKHUHQ© ª8QGZDVKDW6LHLQGLHVHQ6DDOJHIKUW0U&RQROO\"© ª,FKZROOWHGHP7UXEHOHLQZHQLJHQWJHKHQ© ª'DQQJHKWHV,KQHQVRZLHPLU© ª$XHUGHPLQWHUHVVLHUHLFKPLFKIU6FKO|VVHUXQG%XUJHQ9RU DOOHQ'LQJHQIUGLH.XQVWGHUYHUJDQJHQHQ-DKUKXQGHUWH 0DQFKPDOEHNRPPWPDQGLUHNW(KUIXUFKWYRUGHQ.QVWOHUQ ILQGHQ6LHQLFKWDXFK0LVV%HUJHU"© ª-D$EHUIU6LHELQLFK1DGLQH© ª1XUZHQQ6LH%LOOVDJHQ©
ª$EJHPDFKW©1DGLQH%HUJHUJLQJHLQSDDU6FKULWWH]XUFN,KU %OLFNVFKZHLIWHGXUFKGHQJURHQ6DDOª:LVVHQ6LH%LOOLFKIUHXH PLFKLPPHUZHQQLFKQRFKHLQHQQRUPDOHQ0HQVFKHQWUHIIH© ª:LHVROOLFKGDVGHQQYHUVWHKHQ"© ª1XQHLQHQ0DQQGHUQLFKWVREHUNDQGLGHOWLVW(VJLEWLQ XQVHUHU%UDQFKH/HXWHDFKZDVHU]lKOHLFK,KQHQGDVZLVVHQ6LH EHVWLPPWVHOEVW© ª8QGZRUDXVHQWQHKPHQ6LHGDLFKDQGHUVELQ"©IUDJWH%LOO ª5HLQH0HQVFKHQNHQQWQLV'D]X,KU%HQHKPHQ(VSDWHLQ IDFKDOOHV,KUH)UDXNDQQVLFKIUHXHQ6LHVLQGGRFKYHUKHLUDWHW RGHU"© ª-D6RJDUVHKUJOFNOLFK© ª'DVK|UWPDQVHOWHQ© (LQHNOHLQH3DXVHHQWVWDQG 1DGLQHILHODXIGD%LOOPHKUPDOVDXIVHLQH8KUEOLFNWH ª(UZDUWHQ6LHMHPDQGHQ"©IUDJWHGLH6FKDXVSLHOHULQ ª-D(LQHQ)UHXQG,FKKDEHLKQDXIGLHVH3DUW\PLWJHVFKOHLIW© ª,VWGLHVHU0DQQHLQ.ROOHJHYRQ,KQHQ"©1DGLQHOHJWHLKUH +DQGDXIGLH/LSSHQª(QWVFKXOGLJHQ6LHZHQQLFKVRQHXJLHULJ ELQDEHULFKP|FKWHYRQHLQHP0HQVFKHQLPPHUJHUQHDOOHV ZLVVHQ(VLVWVRHLQH0DURWWHYRQPLU© ª'DVPDFKWGRFKQLFKWV0HLQ)UHXQGZLUGQLFKWVGDJHJHQ KDEHQ6LHNHQQHQ]XOHUQHQ(VLVWNHLQ.ROOHJHYRQPLUVRQGHUQ HLQ3ROL]HLEHDPWHU,QVSHNWRUEHL6FRWODQG
1DGLQHUHLFKWHGHP,QVSHNWRUGLH+DQG6HLQ+lQGHGUXFNZDU IHVWXQG1DGLQHZDUVLFKHUGDGLHVHU0DQQ]XSDFNHQNRQQWH ZHQQHVVHLQPXWH ª-HW]WVW|UHLFKZRKO©VDJWHVLHXQGEOLFNWHXQVLFKHUYRQHLQHP ]XPDQGHUHQ ª$EHUJDUQLFKW0LVV%HUJHU©VDJWH-RKQª,FKZROOWHPLFK VRZLHVRJOHLFKZLHGHULQGHQ7UXEHOVWU]HQ© %LOOPLVFKWHVLFKHLQª,FKKDEH0LVV%HUJHUHU]lKOWGDGX -XQJJHVHOOHELVWXQGIUGLHVHQ$EHQGQRFKXQEHZHLEW(VLVW GRFKQDKHOLHJHQGZHQQ© -RKQODFKWHª+|UDXI%LOOGXZHLWGD.XSSHOHLYHUERWHQ LVW©0LWHLQHPHQWVFKXOGLJHQGHQ/lFKHOQZDQGWHVLFKGHU ,QVSHNWRUDQ1DGLQH%HUJHUª,FKNDQQQLFKWVPDFKHQ%LOO &RQROO\LVWVR6HLWHUYHUKHLUDWHWLVWZLOOHUDXFKPLFKGDXHUQG XQWHUGLH+DXEHEULQJHQ© ª1XQK|UDEHUDXI-RKQ©VDJWH%LOOXQGPXWHVLFKHLQ/DFKHQ YHUEHLHQª:LVVHQ6LH1DGLQH-RKQ6LQFODLULVWHLQJDQ]KHLP OLFKHU'HUVLHKWQXUVRKDUPORVDXV,Q:LUNOLFKNHLWLVWHU© ª)LQGHQ6LHGD0U6LQFODLUVRKDUPORVDXVVLHKW"©IUDJWH 1DGLQHNRNHWWGHUGLH8QWHUKDOWXQJJURHQ6SDEHUHLWHWHª,FK PHLQHGD© 'LH6FKDXVSLHOHULQNDPQLFKWPHKUGD]XZHLWHU]XVSUHFKHQ $EHUPDOVZXUGHGLH7UDXIJHVWRHQ -DFN0RWWDVWDQGDXIGHU6FKZHOOH0RWWDZDUHLQHUYRQ 1DGLQHV3DUWQHUQ(UKDWWHLQGHP6WUHLIHQGHQ9DPSLUJHVSLHOW 0RWWDZDUHLQYHUVFKORVVHQHU7\SPLWNDQWLJHQ*HVLFKWV]JHQ 'HU0DVNHQELOGQHUKDWWHLKQJDUQLFKWJUR]XVFKPLQNHQEUDX FKHQbQJVWOLFKH*HPWHUIUFKWHWHQVLFKDXFKVFKRQVRYRULKP ª$FKKLHUELVWGX©VDJWH0RWWDPLWVFKZHUHU6WLPPH(UZDU OHLFKWDQJHWUXQNHQXQGKLHOWQRFKHLQKDOEYROOHV:KLVN\JODVLQ GHUUHFKWHQ+DQGª,FKKDEHGLFKVFKRQEHUDOOJHVXFKW0DQ ZLOOQRFKHLQLJH)RWRVYRQXQVPDFKHQ©0RWWDZDUI-RKQXQG %LOOHLQHQYHUlFKWOLFKHQ%OLFN]Xª6HLWZDQQYHUNHKUVWGXPLW 3UHVVHIULW]HQ"©IUDJWHHUDQ]JOLFK ª-DFNLFKELWWHGLFK©1DGLQHV$XJHQVSUKWHQYRU=RUQª'X KDVWVFKRQZLHGHU]XYLHOJHWUXQNHQ©
0RWWDODFKWHDOEHUQª1DXQG",VWHVHLQ)HKOHU"6RQVWNDQQ PDQGLHVHVEHVFKLVVHQH/HEHQGRFKJDUQLFKWHUWUDJHQ $XHUGHPJHKWGLFKGDVHLQHQ© ª-DMDVFKRQJXW©VDJWH1DGLQHJLQJDXILKUHQ.ROOHJHQ]X XQGVFKRELKQDXVGHP6DDO $QGHU7UZDQGWHVLHQRFKHLQPDOGHQ.RSIXQGZDUIHLQHQ HQWVFKXOGLJHQGHQ%OLFN]XUFN ª:LUVHKHQXQVVSlWHU©VDJWH%LOOQRFKEHYRUVLHGLH7U KLQWHUVLFKVFKOR 'DQQZDQGWHVLFKGHU5HSRUWHUDQ-RKQ6LQFODLUª1DZDVVDJVW GX"© -RKQQLFNWHDQHUNHQQHQGª'LH.OHLQHJHIlOOWPLUZLUNOLFK 1LFKWVREHUGUHKWZLHPDQFKDQGHUH6FKDXVSLHOHULQQHQ© %LOOVFKOXJVHLQHP)UHXQGDXIGLH6FKXOWHUª+DELFKGRFKGDV ULFKWLJHJHWURIIHQhEULJHQVJLEWHVZDV1HXHV",FKPHLQHGX KDVWGRFKYRUKLQEHLP
'HFNHPLWHLQHPE|VHQ%OLFNª0DQVROOWHGLH'LQJHUDEUHLHQ© NQXUUWHHU 'LHVH/DXWVSUHFKHUZDUHQLQDOOHQ5lXPHQGHV6FKORVVHV LQVWDOOLHUWZRUGHQ0DQZROOWHVLHLQGHQQlFKVWHQ7DJHQZLHGHU HQWIHUQHQZHQQGDV)LOPWHDPDEJHUHLVWZDU -RKQZDUVFKRQGUDXHQ0LWVFKQHOOHQ6FKOLWWHQJLQJHUGHQ *DQJHQWODQJ ,PPHUZLHGHUPXWHHUHLQLJHQ/HXWHQDXVZHLFKHQGLHLKP ODFKHQGHQWJHJHQNDPHQ'LH3DUW\VFKLHQWDWVlFKOLFKHLQJURHU (UIROJ]XZHUGHQ 'DV7HOHIRQZDUXQWHUHLQHUVFKDOOVFKOXFNHQGHQ+DXEHDQGHU :DQGGHV*DQJHVDQJHEUDFKW(VJDEQRFKPHKUHUH$SSDUDWH ZLHGLHVHQLP6FKOR (LQ%HGLHQVWHWHUKLHOWGHQ+|UHULQGHU+DQG(UEHUJDELKQ -RKQXQG]RJVLFKGLVNUHW]XUFN 'HU,QVSHNWRUGXFNWHVLFKXQWHUGLH+DXEH ª6LQFODLU©VDJWHHU =XHUVWK|UWHHUQXUHLQ/DFKHQ'DQQIUDJWHHLQH6WLPPH ª,QVSHNWRU6LQFODLU"© ª-D©-RKQZXUGHEHUHLWVXQJHGXOGLJ ª*HQLHHQ6LHQRFKGLHOHW]WHQ6WXQGHQ,KUHV/HEHQV ,QVSHNWRU'HQQGLHVH3DUW\ZHUGHQ6LHQLFKWPHKUOHEHQG YHUODVVHQ'DVJDUDQWLHUHLFK,KQHQ'HQNHQ6LHGDUDQ'U7RG LVWGD© ,PVHOEHQ$WHP]XJZXUGHGLH9HUELQGXQJXQWHUEURFKHQ -RKQ6LQFODLUKDWWHGDV*HIKOLQHLVNDOWHV:DVVHUJHWDXFKW ZRUGHQ]XVHLQ $OVRGRFK'U7RGEHIDQGVLFKXQWHUGHQ/HEHQGHQ (UZDUVRJDUDXIGHP6FKOR8QGZDVGDVEHGHXWHWHZDU NDXP]XHUPHVVHQ (VEHVWDQGGXUFKDXVGLH0|JOLFKNHLWGDGLH3DUW\]XHLQHP 0|UGHUIHVWZXUGH
0LWHLQHUPGHZLUNHQGHQ%HZHJXQJOHJWH-RKQ6LQFODLUGHQ +|UHUDXI6HLQ.|USHUZDUVFKZHLQD'DVNDPQLFKWQXUYRQ GHU+LW]HQHLQGLHVHU7HOHIRQDQUXIKDWWHLKQ]XWLHIVWJHVFKRFNW 'U7RGLQGHQ5lXPHQGHV6FKORVVHV8QYRUVWHOOEDU'LHVHP 0HQVFKHQKDVVHUZUGHHVQLFKWVDXVPDFKHQZDKOORVGLH*lVWH ]XW|WHQQXUXPIUGLH+|OOHHLQHQ6LHJ]XHUULQJHQ $EHUHLQH+RIIQXQJJDEHVQRFK9LHOOHLFKWZDU'U7RGV+D DXI-RKQ6LQFODLUVRJURGDHUVLFKPLWVHLQHQ$QJULIIHQQXUDXI LKQNRQ]HQWULHUHQZUGH8QG-RKQPXWHGDQQ]XVHKHQGDHU GHQ.DPSIJHZDQQ 'LHVPDOIULPPHU 'HU,QVSHNWRUWDXFKWHXQWHUGHUVFKDOOGLFKWHQ+DXEHZHJ(LQ %HGLHQVWHWHUGHUHLQHQ6HNWNEHOWUXJNUHX]WHVHLQHQ:HJ ª(LQHQ$XJHQEOLFN©VDJWH-RKQ 'HU0DQQEOLHEVWHKHQª6LU"© ª,FKELQHEHQKLHUDQJHUXIHQZRUGHQ©HUNOlUWH-RKQª,VWHV P|JOLFKGDGHU$QUXIDXFKYRQDXHUKDOEJHNRPPHQLVW"© ª$XVJHVFKORVVHQ6LU'LHVHU$SSDUDWLVWQXUPLWGHUVFKOR LQWHUQHQ/HLWXQJJHNRSSHOW6REDOGGDV)LOPWHDPDEUHLVW ZHUGHQGLH7HOHIRQDSSDUDWHZLHGHUGHPRQWLHUW© ª(VPXDEHUGRFK$XHQDSSDUDWHJHEHQ©VDJWH-RKQ ª6HOEVWYHUVWlQGOLFK6LU6LHEHILQGHQVLFKLP+HUUHQKDXV(V VLQGPHKUHUH'LHVH5lXPHOLHJHQEULJHQVLP6GIOJHOXQG VLQGYRQGHQ)LOPOHXWHQQLFKWEHQXW]WZRUGHQ'HU&RXQWRI 'DUZRRGKDWVLFKGDVDXVJHEHWHQ©'HU2EHUPXWH]XU6HLWH WUHWHQXPHLQLJH/HXWHYRUEHL]XODVVHQ(UVDJWGDHVQRFK HLQHQ$SSDUDWLPSURYLVRULVFKHQ%URGHV5HJLVVHXUVJlEH -RKQEHGDQNWHVLFKIUGLH$XVNQIWHXQG]QGHWHVLFKHUVW HLQPDOHLQH=LJDUHWWHDQ 'LH0XVLNIHW]HQGUDQJHQQXUYHUVFKZRPPHQDQVHLQH2KUHQ (UK|UWHDXFKQLFKWGDV*HOlFKWHUGHU3DUW\JlVWH6HLQH*H GDQNHQJLQJHQLQHLQHJDQ]DQGHUH5LFKWXQJ ª:DVLVWGLUGHQQIUHLQH/DXVEHUGLH/HEHUJHODXIHQ"© IUDJWH%LOO&RQROO\SO|W]OLFK -RKQKREGHQ.RSIXQGVDKVHLQHQ)UHXQGQHEHQVLFKVWHKHQ (UKDWWHLKQQLFKWNRPPHQJHK|UW
ª0HQVFK-RKQGLHVH1DGLQHKDWVFKRQQDFKGLUJHIUDJW .RPPVWHOOGLFKQLFKWVRDQ© 'HU,QVSHNWRUVFKWWHOWHGHQ.RSIª,FKZHUGHQLFKWPLWHXFK IHLHUQ%LOO'LHVHU$QUXIYRUKLQ:HLWGXZHUDP$SSDUDW ZDU"© ª'XELVWJXW:LHVROOWHLFK"© ª(VZDU'U7RG8QGHULVWKLHULP6FKOR© ª2YHUGDPPW©IOVWHUWH%LOOXQGYHUORUVFKODJDUWLJVHLQH *HVLFKWVIDUEH -RKQEHULFKWHWHLQNQDSSHQ6lW]HQ %LOO&RQROO\NDQQWH'U7RG(UKDWWHGLH*HIlKUOLFKNHLWGLHVHV 0DQQHVVFKRQDPHLJHQHQ/HLEH]XVSUHQEHNRPPHQ ª1DGDQQN|QQHQZLUXQVMDDXIHWZDVJHIDWPDFKHQ© VW|KQWHGHU5HSRUWHUª$EHUZRKHUZHLGHU.HUOGHQQGDGX KLHUELVW"© ª(UZLUGPLFKEHREDFKWHWKDEHQ:DKUVFKHLQOLFKVFKRQWDJH ODQJ© ª8QGZDUXPKDWHUGDQQQLFKWVFKRQIUKHU]XJHVFKODJHQ"(V ZLGHUVSULFKWGRFKGHQ*HVHW]HQGHU/RJLN+LHUVLQGYLHO]X YLHOH0HQVFKHQ© ª$EHUHVZLGHUVSULFKWQLFKW'U7RGV1DWXU©XQWHUEUDFK-RKQ VHLQHQ)UHXQGª(UPX3XEOLNXPKDEHQVRVFKOLPPHVDXFKLVW© ª1DGDQQ©VDJWH%LOOª$EHUGDIlOOWPLUHWZDVHLQ© 'HU5HSRUWHUOHJWH]ZHL)LQJHUVHLQHUUHFKWHQ+DQGDQGLH 6WLUQ(LQ=HLFKHQGDHUQDFKGDFKWH ª'LHVHU'U7RGLVWGRFKGDPDOVLQ5XPlQLHQYHUEUDQQW,FK KDEHGLH/HLFKHVFKOLHOLFKVHOEVWJHVHKHQ:HQQHUMHW]WGXUFK 6FKZDU]H0DJLHZLHGHU]XP/HEHQHUZHFNWZRUGHQLVWGDQQ IlOOWHUGRFKDXIYRUDXVJHVHW]WHUKDWVLFKQLFKWYHUlQGHUW© ª'DVVWLPPW©JDE-RKQ]XªDEHUELVKHUKDW'U7RGQRFKQLH DOOHLQJHKDQGHOW(UKDWMHGHVPDO+HOIHUJHKDEW(UVHOEVWZLUG VLFKLP9HUERUJHQHQKDOWHQ(UVWZHQQ$QJVWXQG6FKUHFNHQ UHJLHUHQWULWWHULQ(UVFKHLQXQJ,FKNHQQHLKQEDOGEHVVHUDOV PLFKVHOEVW© ª8QGZDVZLOOVWGXXQWHUQHKPHQ"'LH3DUW\DEEUHFKHQODVVHQ" 1LHPDQGZUGHGLUJODXEHQ'DVLVWHLQH+RUURUIHWHGHQN
GDUDQ6RYLHOLFKZHLZLOOPDQXP0LWWHUQDFKWPLWHLQLJHQ hEHUUDVFKXQJHQDXIZDUWHQ'HU5HJLVVHXUKDW6WDWLVWHQHQJD JLHUWGLHDOV0RQVWHUYHUNOHLGHWKHUXPODXIHQ'DQQZLUGPDQ 'U7RGV(UVFKHLQHQHEHQIDOOVIUHLQHQ*DJKDOWHQ© -RKQ6LQFODLUZXWHQXU]XJXWZLHUHFKWVHLQ)UHXQGKDWWH 8QGHVPDFKWHLKQZDKQVLQQLJXQWlWLJKHUXPVLW]HQ]XPVVHQ XQG]XZDUWHQZDQQ'U7RG]XPHUVWHQPDO]XVFKOXJ ª6ROOHQZLUGDV6FKORGXUFKVXFKHQ"©IUDJWH%LOO ª(VZlUHHLQH0|JOLFKNHLW©-RKQEHUOHJWHª:LUN|QQHQXQV DEHUDXFKGUDXHQXPVHKHQ© ª2ND\%HVVHUDOVKLHUKHUXP]XVWHKHQ6DJPDO-RKQKDVWGX HLJHQWOLFKGHLQH%HUHWWDPLW"© ª-D© ª:HQLJVWHQVHWZDV© 'LHEHLGHQ0lQQHURULHQWLHUWHQVLFKLQ5LFKWXQJ$XVJDQJ'LH 3DUW\IDQGLPJHVDPWHQ0LWWHOWHLOGHV6FKORVVHVVWDWW(VJDE NDXPHLQHQ5DXPPHKULQGHPQLFKWJHWDQ]WZXUGH /DXWVSUHFKHUEHUWUXJHQGLHKHLH0XVLNGHU.DSHOOH ª'HU6SDKDWHWZDVJHNRVWHW©VDJWH%LOOXQGEHWUDWDOVHUVWHU GLH6WXIHQGHUJURHQ)UHLWUHSSHGLHKLQDXVLQGHQ6FKORKRI IKUWH 'HU6FKORKRIZDUHLQJUR]JLJDQJHOHJWHV*HYLHUWPLW JHSIOHJWHQ5DVHQIOlFKHQVRUJIlOWLJJHVWXW]WHQ%lXPHQXQGHLQL JHQ%XVFKLQVHOQ'LHNLHVEHVWUHXWHQ:HJHGXUFKNUHX]WHQZLH GDV1HW]HLQHU6SLQQHGLHNXOWLYLHUWH/DQGVFKDIW 'RFKKHXWHZDUGHU6FKORKRI]ZHFNHQWIUHPGHWZRUGHQ %XQWH*LUODQGHQYHUEDQGHQGLH%lXPHPLWHLQDQGHU+XQGHUWH YRQ*OKELUQHQOHXFKWHWHQLQDOOHQ)DUEHQ6FKHLQZHUIHUZDUHQ DQGHQ%lXPHQEHIHVWLJW,KUHJUHOOHQ/LFKWEQGHONRQ]HQWULHUWHQ VLFKDXIGHQ0LWWHOSXQNWGLHVHU3DUW\LP)UHLHQGDVNDOWH%IHWW (VZDUHLQSDDU
-RKQXQG%LOOEOLHEHQXQWHUHLQHUGHUDOWHQ3ODWDQHQVWHKHQ ª*ODXEVWGXLP(UQVWGDVLFKKLHUMHPDQGYHUVWHFNWKlOW"© IUDJWHGHU5HSRUWHU -RKQ]XFNWHPLWGHQ6FKXOWHUQª:RKONDXP© (VZUGHZRKOEDOGORVJHKHQGHQQGLH0XVLNZXUGHEHUHLWV LQGHQ6FKORKRIEHUWUDJHQ(VVSUDQJHQQRFKHLQSDDU 6FKHLQZHUIHUDQXQGULVVHQ]DKOUHLFKH/LFKWLQVHOQDXVGHU 'XQNHOKHLW ª/DXQVVRODQJHUHLQJHKHQ©VDJWH%LOOXQGIDWHQDFK-RKQV $UP ,PVHOEHQ$XJHQEOLFNK|UWHQVLHGHQ6FKUHL ª'DVZDULP6FKOR©ULHI-RKQ6LQFODLUXQGVSXUWHWHORV %LOO&RQROO\NRQQWHNDXP6FKULWWKDOWHQ 0LW5LHVHQVlW]HQMDJWH-RKQGLH7UHSSHKRFK $XIUHJXQJKHUUVFKWHLQGHU+DOOHDEHUDXFK*HOlFKWHU -RKQGUlQJWHVLFKGXUFKGLH0HQVFKHQPHQJHGLHQXUDXIHLQHQ 3XQNWVWDUUWH 1DFKHLQLJHQ(OOERJHQVW|HQNRQQWH-RKQDXFKVHKHQZDV ORVZDU (LQ:HUZROIZDUDXIJHWDXFKWXQGKDWWHVLFKHLQHU)UDX EHPlFKWLJW 'DV*HELPLWGHQ5HL]lKQHQVFKLPPHUWHJHIlKUOLFKXQGDXV GHP0DXOGUDQJHQNQXUUHQGH/DXWH:DVGLH6DFKHOlFKHUOLFK PDFKWHZDUGDV.RVWPGHV:HUZROIV(VZDUDP5FNHQ JHSODW]WXQGOLHGDV8QWHUKHPGGHVGDULQVWHFNHQGHQ0DQQHV VHKHQ $XFKGLH!hEHUIDOOHQHKDWWHVLFKZLHGHUEHUXKLJW'HU*DJ ZDUDQJHNRPPHQGDJDEHVNHLQHQ=ZHLIHO$PPHLVWHQIUHXWH VLFK0LNH&DOODKDQ(UNUHLVFKWHYRU9HUJQJHQXQGHU]lKOWH MHGHPGHUHVK|UHQZROOWHGDGLHVVHLQH,GHHJHZHVHQVHL8QG HVVROOWHQLFKWGLHOHW]WHVHLQZLHHUYHUVLFKHUWH &DOODKDQVSUDQJDXIHLQHQ6WXKO 'HU5HJLVVHXUZDUDXFKQLFKWPHKUJDQ]QFKWHUQª8QGQXQ /DGLHVDQG*HQWOHPHQ©ULHIHUªKDEHLFKHLQHQWROOHQ9RUVFKODJ
1DFKGLHVHP6FKUHFNHQYHUDQVWDOWHQZLUHLQHQ*HQHUDODQJULII (LQHQ$QJULIIDXIGDVNDOWH%IHWW© 6HLQHQlFKVWHQ:RUWHJLQJHQLP%HLIDOOVJHVFKUHLGHU*lVWH XQWHU'HU:HUZROIZDUYRQVHLQHP2SIHU!HQWIKUWZRUGHQ -RKQVDKGLHEHLGHQJHPHLQVDPLQHLQHP5DXPYHUVFKZLQGHQ 'HU,QVSHNWRUZROOWHVLFKJHUDGHDEZHQGHQDOVLKQMHPDQGDXI GLH6FKXOWHUWLSSWH (VZDU1DGLQH%HUJHU6LHKDWWHVFKRQHLQHQNOHLQHQ6FKZLSV -RKQVDKHVDP$XVGUXFNLKUHU$XJHQ ª:HQQ6LHMHW]WQLFKWPLWPLUNRPPHQELQLFK,KQHQHUQVWOLFK E|VH©VDJWH1DGLQHXQGOHKQWHVLFKVRIHVWJHJHQ-RKQGDHU GHQ'UXFNLKUHU)RUPHQGHXWOLFKVSUHQNRQQWHª:DVPHLQHQ 6LH,QVSHNWRUZLHYLHOH0lQQHULFKVFKRQ,KUHWZHJHQDEJHZLH VHQKDEH.RPPHQ6LH6LHZHUGHQPLUGLHEHVWHQ6DFKHQDP NDOWHQ%IHWWDXVVXFKHQ-D"© -RKQ]XFNWHHUJHEHQPLWGHQ6FKXOWHUQ(UNRQQWHQLFKWV PDFKHQ$OVHUIUHLQHQ$XJHQEOLFNGHQ.RSIGUHKWHVDKHU %LOO&RQROO\]ZLVFKHQ]ZHL'DPHQHLQJHNOHPPW%LOOPDFKWH HLQODQJHV*HVLFKW 6LHJLQJHQQDFKGUDXHQ 1DGLQHKDWWHVLFKEHL-RKQHLQJHKlQJW ª,VWGLHVH1DFKWQLFKWKHUUOLFK"©IOVWHUWHVLHª'HU0RQGGLH /XIW,FKZQVFKWHPLUGDGLHVDOOHVQLHYRUEHLJHKHQZUGH© -RKQJLQJQLFKWDXILKUHQ7RQHLQ6HLQH*HGDQNHQEHVFKlIWLJ WHQVLFKPLWHWZDVDQGHUHP 3RSPXVLNVROOWHGHQ$SSHWLWGHU*lVWHDQUHJHQ :LHKXQJULJH/|ZHQVWU]WHVLFKGLH0HXWHDXIGDVNDOWH %IHWW-RKQZDUVR]LHPOLFKHLQHUGHUOHW]WHQGHUDQGLH5HLKH NDP1DGLQH]HLJWHLKPZDVVLHKDEHQZROOWH -RKQUHLFKWHLKUGHQJHIOOWHQ7HOOHU(UZROOWHJHUDGHVHOEVW QDFKHLQHP+lKQFKHQVFKHQNHOJUHLIHQDOVHUGLH*HVWDOWVDK 8QGGDZXWH-RKQ6LQFODLUGD'U7RG]XPHUVWHQPDO]XJH VFKODJHQKDWWH
'LH.FKHQUlXPHODJHQLPZHVWOLFKHQ6HLWHQWUDNWGHV6FKORVVHV GLUHNWEHUGHQ9RUUDWVNDPPHUQ +LHUZXUGHKDUWJHVFKXIWHW0LNH&DOODKDQKDWWH]XVlW]OLFKHV 3HUVRQDOHLQJHVWHOOWXPGLHOHLEOLFKHQ%HGUIQLVVHGHU*lVWH]X EHIULHGLJHQ=ZDUZXUGHYLHOHVVFKRQIHUWLJJHOLHIHUWGRFKHV EOLHEQRFKVHKUYLHO]XWXQ 'HUJURH.FKHQUDXPKDWWHIDVWGLH$XVPDHHLQHV6DDOHV$Q GHQ:lQGHQVWDQGHQPHKUHUHZXFKWLJHgIHQGLHPLW*DVEH KHL]WZXUGHQ7LVFKHVWDQGHQLQGHU0LWWHGHV5DXPHV+LHUJDE PDQYLHOHQ6SHLVHQQRFKGHQOHW]WHQGHNRUDWLYHQ6FKOLII hEHUDOOGLH$UEHLWHQZDFKWHGHU&KHINRFKPLW$UJXVDXJHQ(U OHLWHWHGLH.FKHZLHHLQ3DWULDUFKXQGPDQFKHLQHUGHU*HVHOOHQ KlWWHLKQDPOLHEVWHQVHOEVW]X*XODVFKYHUDUEHLWHW 'LH$E]JHIXQNWLRQLHUWHQNDXPQRFK6LHVROOWHQLQGHQQlFK VWHQ:RFKHQHUVWEHUKROWZHUGHQ'XQVWVFKZDGHQKLQJHQZLH HLQH1HEHOZDQGLQGHU.FKHXQGWULHEHQGHQIQIDUEHLWHQGHQ .|FKHQGHQ6FKZHLDXIGLH6WLUQ 7LPGHUMQJVWHYRQLKQHQVFKQLWWJHUDGHHLQ)LOHWVWFNDOV LKQGHU&KHINRFK]XVLFKULHI ª'XZHLWZRGLH:HLQNHOOHUVLQG"© 7LPQLFNWH0LWGHU6FKU]HWURFNQHWHHUVLFKGHQ6FKZHLDE ª1LPPGLUGHQJURHQ.RUEXQGKROHPLU]ZDQ]LJ)ODVFKHQ 3RUWZHLQ'LH.HOOQHUVLQGLP$XJHQEOLFNEHUODVWHW$XHUGHP ZLVVHQVLHDXFKLQGHQ5lXPHQQLFKWVRJXW%HVFKHLG© 7LPZROOWHVFKRQJHKHQDOVLKQGHU&KHINRFKQRFKPDO]XUFN KLHOWª6FKLQNHQEUDXFKHQZLUDXFKQRFK7LP1LPPDOVRGDV 0HVVHUPLW© ª:LUGJHPDFKW© 7LPVFKQDSSWHVLFKGDVVFKDUIH)OHLVFKPHVVHUYRQGHU:DQG (VKDWWHHLQHQPDVVLYHQ+RO]JULIIXQGHLQHODQJHEHLGVHLWLJ JHVFKOLIIHQH.OLQJH ª3DDXIGDGXGLUGHQ'ROFKQLFKWLQGLH%UXVWUDPPVW© ZLW]HOWHHLQ.ROOHJH 7LP]XFNWHPLWGHQ6FKXOWHUQ(UKDWWHIUVROFKHUOHL6SlH QLFKWVEULJ7LPZDUHLQVWLOOHUMXQJHU0DQQGHU]XDOOHPMDXQG DPHQVDJWH
'LH.HOOHUUlXPHZDUHQYRQGHU.FKHDXVQLFKWGLUHNW]X HUUHLFKHQ0DQPXWHHUVWDXIGHQ*DQJJHKHQXQGYRQGRUWDXV JHODQJWHPDQGXUFKHLQHDOWH7ULQGHQ.HOOHU7LPK|UWHGDV /DFKHQGHU0HQVFKHQXQGGHU1HLGNDPLQLKPDXI :LHJHUQHKlWWHHUGDMHW]WPLWJHPDFKW6WDWWGHVVHQPXWHHU GHQ/HXWHQQRFKGLH.|VWOLFKNHLWHQKROHQ7LPIOXFKWHOHLVHYRU VLFKKLQ(UZXWHDXFKQLFKWZDVKHXWHLQLKQJHIDKUHQZDU 'HQ6FKOVVHOKDWWHHUPLWJHQRPPHQ,PPHUZLHGHUZDUI7LP HLQHQVHKQVFKWLJHQ%OLFNQDFKGUDXHQ0DQKDWWHDOOH7UHQ GLHDXVGLHVHP7HLOGHV6FKORVVHVIKUWHQJH|IIQHW 7LPVFKORGLH.HOOHUWUDXI'HQ.RUEKDWWHHULQGLHOLQNH +DQGJHQRPPHQ 'XQNHOKHLWJlKQWH7LPHQWJHJHQ (UPDFKWH/LFKW (LQHWUEH)XQ]HOEHOHXFKWHWHKRKHDXVJHWUHWHQH6WHLQVWXIHQ 'DV(LVHQJHOlQGHUKDWWHVFKRQ5RVWDQJHVHW]W(VZDUOHEHQV JHIlKUOLFKGLH7UHSSHKLQXQWHU]XJHKHQ 7LPZDUDXFKGHPHQWVSUHFKHQGYRUVLFKWLJ 'LH7UHSSHPQGHWHLQHLQJURHV*HZ|OEH+RO]UHJDOHYHU GHFNWHQGLH:lQGH7DXVHQGHYRQ:HLQIODVFKHQODJHUWHQKLHU XQWHQ'LH:HLQHZDUHQQDFK+HUNXQIWVRUWXQG-DKUJDQJLQGHQ 5HJDOHQVRUWLHUW(LQVHOWVDPHU*HUXFKODJEHUGHP.HOOHU 7LPPDFKWHVLFKDQGLH$UEHLW'HU3RUWZHLQODJHUWHLPOHW]WHQ )DFKGHV5HJDOV9RUVLFKWLJOHJWH7LPGLH)ODVFKHQLQGHQ.RUE 1DFKHLQLJHQ0LQXWHQKDWWHHU]ZDQ]LJ6WFNDEJH]lKOW -HW]WEUDXFKWHHUQXUQRFKGHQ6FKLQNHQ]XKROHQ 'D]XPXWHHULQGLH9RUUDWVNDPPHU6LHVFKORVLFKGLUHNWDQ GHQ:HLQNHOOHUDQZDUDEHUGXUFKHLQH+RO]WUJHVLFKHUW 7LPVWXW]WHDOVHUGDVHLQIDFKH9RUKlQJHVFKORVDK(VZDU EHVFKlGLJWDXVGHU+DOWHUXQJJHULVVHQ 'DKDWHVMHPDQGYRU+XQJHUQLFKWPHKUDXVJHKDOWHQGDFKWH 7LPXQG]RJGLH7UDXI'HQ.RUEKDWWHHUYRUKHUDEJHVWHOOW 1LFKWVDKQHQGEHWUDWGHUMXQJH0DQQGLH9RUUDWVNDPPHU 'DV0HVVHUKLHOW7LPLQGHUUHFKWHQ+DQG'LH.OLQJH]HLJWH QDFKXQWHQ (UPDFKWH]ZHL6FKULWWHXQG
'DV*UDXHQSDFNWHLKQZLHHLQZLOGHV7LHU9RULKPVWDQGHLQH VFKUHFNOLFKH*HVWDOW (VZDUHLQ0HQVFKRGHUGDVZDVYRQLKPEULJJHEOLHEHQZDU 'DV*HVLFKWZDUY|OOLJHQWVWHOOW%UDQGZXQGHQKDWWHQGLH+DXW ]HUVW|UW 1XUGLH$XJHQOHEWHQLQGLHVHP*HVLFKW6LHOHXFKWHWHQZLH ]ZHLKHOOH)OHFNHXQGKLHOWHQ7LPLQHLQHPGlPRQLVFKHQ%DQQ 6HNXQGHQYHUWLFNWHQ ,PPHUQRFKVWDUUWH7LPGHQ8QKHLPOLFKHQDQ(UKDWWHGDV *HIKOHLQHQ$OSWUDXP]XHUOHEHQ ª:DVZLOOVWGXKLHU"©K|UWH7LPSO|W]OLFKHLQH6WLPPH6LHNDP DXVGHP6FKlGHOGHV8QKHLPOLFKHQ (VZDUDOVKlWWHQGLHVH:RUWHGHQ%DQQJHO|VW(LQ=LWWHUQOLHI GXUFK7LPV*HVWDOW(UZDUIVLFKDXIGHP$EVDW]KHUXPXQG UDQQWHZHJ(UVWMHW]WO|VWHVLFKGHUEHIUHLHQGH$QJVWVFKUHLYRQ VHLQHQ/LSSHQ 7LPKHW]WHGXUFKGHQ.HOOHU'DVNDOWH(QWVHW]HQSHLWVFKWHLKQ YRUZlUWV 8QGQRFKLPPHUVFKULHHU 'DVDKHUGLH7UHSSH'LH6WXIHQYHUVFKZDPPHQYRUVHLQHQ $XJHQ7LPVWROSHUWHXQGNQDOOWHPLWGHP*HVLFKWJHJHQGHQ 6WHLQ (UNDPZLHGHUDXIGLH)HZROOWHZHLWHUODXIHQ =XVSlW (LQHNDOWH+DQGXPNODPPHUWHVHLQHQ1DFNHQULLKQKHUXP 'DV*HVLFKWZDUJHQDXYRULKP 7LPKLHOWQRFKLPPHUGDV0HVVHULQGHU+DQG(UGDFKWHJDU QLFKWGDUDQHV]XJHEUDXFKHQ 'DIUDEHUGHU8QKHLPOLFKH0LWHLQHPEOLW]VFKQHOOHQ*ULII ZDQGHU7LPGDV0HVVHUDXVGHU+DQG 7LPVDKGLH.OLQJHEHUVHLQHP.RSIVFKZHEHQ6HLQH$XJHQ ZHLWHWHQVLFKYRU(QWVHW]HQ ,QGLHVHQVFKUHFNOLFKHQ6HNXQGHQZXUGH7LPNODUGDHU VWHUEHQPXWHGDGLHVHV0RQVWHUYRULKPNHLQH*QDGH NDQQWH 1RFKHLQPDOQDKP7LPDOOH.UDIW]XVDPPHQ,QVWLQNWLYWUDWHU
QDFKGHP8QKHLPOLFKHQEHNDPIUHLQLJH$XJHQEOLFNH/XIW XPNODPPHUWHGDVURVWLJH*HOlQGHUXQG]RJVLFKHLQSDDU6WXIHQ KRFK 'RFK'U7RGGHQQHUZDUHVJDENHLQ3DUGRQ (UEUDXFKWHQXU]ZHL6FKULWWH]XPDFKHQKREGHQ$UPPLW GHP0HVVHUXQGVWLH]X 'HUMXQJH0DQQVSUWHHLQHQVLHGHQGKHLHQ6FKPHU]XQG KDWWHGDV*HIKODOVZlUHHULQ]ZHL+lOIWHQJHWHLOWZRUGHQ'LH 7UHSSHEHJDQQVLFKDXIHLQPDOYRUVHLQHQ$XJHQ]XGUHKHQ8QG WURW]GHP7LPVWROSHUWHZHLWHU ,UJHQGHWZDVKLHOWLKQQRFKDXIUHFKW0LWGHPOHW]WHQ)XQNHQ /HEHQVZLOOHQ]RJHUVLFKGLH6WXIHQKRFK 6HLQ0XQGZDU]XHLQHPODXWORVHQ6FKUHLJH|IIQHW'HU 6FKPHU]ZXUGHLPPHUVFKOLPPHU(UNDPYRQLQQHQVFKLHQLKQ DXI]XIUHVVHQ 7LPHUUHLFKWHGLH.HOOHUWU 0LWEHLGHQ+lQGHQNODPPHUWHHUVLFKDQGHP+RO]IHVW (UVSUWHZLHVHLQH.QLHQDFKJDEHQXQGVWLHVLFKDE :LHHLQ%HWUXQNHQHUWRUNHOWH7LPGXUFKGLH7UQDFKGUDXHQ (UK|UWHGLH6WLPPHQGHU0HQVFKHQZLHDXVZHLWHU)HUQHVDKGLH EXQWHQ/LFKWHUGHU/DPSLRQVDOV]HUIOLHHQGH)OHFNHXQGGDQQ GLHXQHQGOLFKH6FKZlU]HGLHLKQLQGLH:HOWGHV7RGHV]RJ 'HU0DQQWRUNHOWHDXVGHP6FKDWWHQGHU6FKORPDXHUZDQNWH GXUFKHLQH/LFKWLQVHOXQGVFKZDQNWHDXIGHQOHW]WHQ7LVFKGHV NDOWHQ%IHWWV]X -RKQ6LQFODLUOLHGDV%HVWHFNIDOOHQ(UZXWHGDHVGLHVPDO NHLQ7ULFNZDU'HU0DQQWUXJGLH.OHLGXQJHLQHV.RFKV(LQ 0HVVHUVWHFNWHLQVHLQHP.|USHU -RKQ6LQFODLUVSUDQJYRU 'RFKDXFKHUNRQQWHGDV8QKHLOQLFKWPHKUYHUKLQGHUQ'HU 6FKZHUYHUOHW]WHKDWWHGHQ5DQGGHV7LVFKHVHUUHLFKWEHNDPGDV hEHUJHZLFKWXQGILHOLQGLH6SHLVHQGHVNDOWHQ%IHWWV0LWDXV JHEUHLWHWHQ$UPHQEOLHEHUOLHJHQ6HLQ.|USHU]XFNWHQRFK HLQPDOGDQQZDUHVYRUEHL
-RKQ6LQFODLUZDUPLWHLQSDDU6lW]HQEHLGHP0DQQXQG GUHKWHLKQDXIGHQ5FNHQ %OLFNORVH$XJHQVWDUUWHQGHQ,QVSHNWRUDQ'DZDUQLFKWVPHKU ]XPDFKHQ 'HU0DQQZDUWRW -RKQZDQGWHGHQ.RSI ,PVHOEHQ$XJHQEOLFNJHOOWHHLQYLHOVWLPPLJHU(QWVHW]HQVVFKUHL GXUFKGHQ6FKORSDUN(UVWMHW]WEHJULIIHQGLH/HXWHZDVHLJHQW OLFKORVZDUGDGLHVNHLQ6FKHU]JHZHVHQZDUVRQGHUQHLQJUDX VDPHUEUXWDOHU0RUG )UDXHQNUHLVFKWHQVFKULOOXQGVWDQGHQGLFKWYRUHLQHU2KQ PDFKW'LH0lQQHUIOXFKWHQXQGEHNDPHQEODVVH*HVLFKWHU 3O|W]OLFKVWDQG%LOO&RQROO\DQ-RKQV6HLWH $XFK%LOOZDUEODJHZRUGHQª'U7RG"©IUDJWHHUOHLVH ª:DKUVFKHLQOLFK© 0LNH&DOODKDQEDKQWHVLFKPLWUXGHUQGHQ$UPHQHLQHQ:HJ GXUFKGLH0HQJH ª'DVJHK|UWQLFKW]XGHQ6FKHU]HQ©EUOOWHHUª:DVIlOOWGHP .HUOHLQVLFKDXIGDVNDOWH%IHWW]XVFKPHLHQ"© 'DYHUORU-RKQ6LQFODLUGLH*HGXOG(USDFNWHGHQ5HJLVVHXUDP .UDJHQXQGVFKWWHOWHLKQZLHHLQH6WRIISXSSHKLQXQGKHU ª'LHVHU0DQQLVWWRW©EUOOWHHU&DOODKDQDQª(ULVWDXIGLHVHU YHUGDPPWHQ3DUW\XPJHEUDFKWZRUGHQ$XIHLQHEHVWLDOLVFKH :HLVH%HJUHLIHQ6LHGDV"© &DOODKDQV0XQGNODSSWH]X-RKQVWLHGHQ0DQQYRQVLFK ª'DVZHUGHQ6LHEHUHXHQ©NUHLVFKWH&DOODKDQª'DVEUDXFKH LFKPLUQLFKWJHIDOOHQ]XODVVHQ,FKZHUGH6LHXQP|JOLFK PDFKHQ:DVVW|UWHVPLFKZHQQGLHVHU.HUOKLH© %LOO&RQROO\VSUDQJYRU(UZDUNHLQ3ROL]LVWZLH-RKQ6LQFODLU (UNRQQWHDXFKPDO]XVFKODJHQZHQQHVGLH6LWXDWLRQVHLQHU 0HLQXQJQDFKHUIRUGHUWH %LOOVIODFKH+DQGNODWVFKWHLQGDV*HVLFKWGHV5HJLVVHXUV &DOODKDQV6FKLPSIWLUDGHEUDFKDE'HU5HJLVVHXUIORJHLQSDDU 6FKULWWH]XU6HLWHXQGZXUGHHUVWGXUFKHLQHQ%DXPVWDPP JHVWRSSW ª'DVPXWHPDOVHLQ©VDJWH%LOOXQGULHEVLFKGLH)DXVW
-RKQ6LQFODLUJDENHLQH$QWZRUW(UVDKLQGLH5LFKWXQJDXVGHU GHU6FKZHUYHUOHW]WHYRUKLQJHNRPPHQZDU %LOO&RQROO\ZROOWHQRFKHWZDVVDJHQGRFKLQGLHVHP$XJHQ EOLFNJLQJGDV/LFKWDXV :LHHLQHULHVLJH*ORFNHVWOSWHVLFKGLH'XQNHOKHLWEHUGHQ 3DUNXQGGDV6FKOR'LH0XVLNEUDFKPLWHLQHPMDXOHQGHQ 0LNODQJDE 6HNXQGHQODQJVWDQGHQGLH0HQVFKHQZLHIHVWJHZDFKVHQ %LVHLQJHOOHQGHV*HOlFKWHUGXUFKGLH6WLOOHVFKQLWW(VVFKLHQ YRQEHUDOOKHU]XNRPPHQXQGMDJWHGHQ*lVWHQ$QJVWVFKDXHU EHUGHQ5FNHQ 'DV/DFKHQZDUGHUDUWWHXIOLVFKGDVHOEVWGHUDEJHEUKWH ,QVSHNWRUVSUWHZLHVHLQH1HUYHQYLEULHUWHQ 'U7RGKDWWHVHLQHQHUVWHQ6LHJHUUXQJHQ (LQHKDOEH6WXQGHVSlWHU 'LH*lVWHZDUHQZLHGHULQGDV6FKORJHVWUPW8QGJHVWUPW LVWJHQDXGHUULFKWLJH$XVGUXFN%HLQDKHSDQLNDUWLJKDWWHQVLH GHQ2UWGHV6FKUHFNHQVYHUODVVHQ(LQ'LHQHUKDWWHIHVWJHVWHOOW GDHLQ8QEHNDQQWHUDOVSO|W]OLFKGDV/LFKWYHUO|VFKWZDUGLH +DXSWVLFKHUXQJKHUDXVJHGUHKWKDWWH -HW]WZDUDEHUDOOHVZLHGHULQ2UGQXQJJHEUDFKWZRUGHQ 1RFKLPPHUVWDQGGHU6FKUHFNHQDXIGHQ*HVLFKWHUQGHU 0HQVFKHQ -HPDQGKDWWHPHKUPDOVYHUVXFKWGLH3ROL]HLDQ]XUXIHQGRFK GHU5XINDPQLFKWGXUFK,UJHQGHWZDVPXWHPLWGHU/HLWXQJ QLFKWVWLPPHQ 'DVKDWWHQDWUOLFKGLH)XUFKWGHU*lVWHQRFKJHVWHLJHUW0DQ VSUDFKZLOGGXUFKHLQDQGHUPDFKWHGLHYHUUFNWHVWHQ9RUVFKOlJH XQGYHUZDUIVLHZLHGHU 6FKOLHOLFKVXFKWHPDQHLQHQ6QGHQERFN8QGGDNDP0LNH &DOODKDQGHU5HJLVVHXUJHUDGHUHFKW &DOODKDQKDWWHVHLQHQ+HPGNUDJHQJH|IIQHWXQGGLVNXWLHUWH ZLOGPLWHLQLJHQ3UHVVHYHUWUHWHUQ6HLQ*HVLFKWKDWWHGDEHLGLH )DUEHHLQHUEHUUHLIHQ7RPDWHDQJHQRPPHQ
ª1LHPDQGKLQGHUW6LHGDUDQDE]XUHLVHQ©ULHI&DOODKDQ VRHEHQªDEHU6LHVLQGDQVFKHLQHQGQXU6FKUHLEPDVFKLQHQ KHOGHQ6FKRQHLQNOHLQHU0RUGEULQJW6LHDXVGHU)DVVXQJ© ª'HUNOHLQH0RUGZDUHLQ9HUEUHFKHQ©VDJWHGHUHUVWH .DPHUDPDQQGHV)LOPV(UJHK|UWH]XGHP7HDPGDVZLHGHU DEIDKUHQZROOWH(UKDWWHVLFKXQEHPHUNWDQ&DOODKDQKHUDQJH VFKOLFKHQ 'HU5HJLVVHXUIXKUZLHYRQGHU7DUDQWHOJHELVVHQKHUXPª'D 6LHPLU6FKZLHULJNHLWHQPDFKHQZHUGHQKDEHLFKJHDKQW %DOODUG+DXHQ6LHDE0DQQLFKNDQQ,KUH9LVDJHQLFKWPHKU VHKHQ© %DOODUGJULQVWHE|VHª'DVZHUGHQZLUDXFK0U&DOODKDQ 8QGZLUNRPPHQPLWGHU3ROL]HL]XUFNGDUDXIN|QQHQ6LH VLFKYHUODVVHQ© ª-DMDPDFKHQ6LHGRFKZDV6LHZROOHQ©ULHIGHU5HJLVVHXU lUJHUOLFK (VZDUHQLQVJHVDPWDFKW/HXWHGLHDEKDXHQZROOWHQ'LH :DJHQSDUNWHQKLQWHUGHP6FKORDXIHLQHP3ODW] %DOODUGZDUGHUHUVWHLQGHU5HLKH(UIXKUHLQHQQDJHOQHXHQ $XVWLQ +DUWNQDOOWHQGLH:DJHQWUHQ-HZHLOVYLHU3HUVRQHQVDHQLQ GHQ)DKU]HXJHQ 'HU.LHVVSULW]WHZLH3RSFRUQXQWHUGHQ5HLIHQZHJDOVGLH EHLGHQ)DKU]HXJH.XUVDXIGDV7RUQDKPHQ6LHIXKUHQUHODWLY VFKQHOOXQGGHVKDOEWUDIVLHGHU6FKRFNXPVREHUUDVFKHQGHU %DOODUGV$XVWLQZXUGHSO|W]OLFKEUXWDODEJHVWRSSW'DGHU .DPHUDPDQQQLFKWDQJHVFKQDOOWZDUNQDOOWHHUPLWGHP.RSI JHJHQGLH6FKHLEH'HP0DQQDXIGHP%HLIDKUHUVLW]JLQJHVQLFKW EHVVHU $XFKGLHEHLGHQLP)RQGZXUGHQNUlIWLJGXUFKHLQDQGHUJH VFKWWHOW ª:DVLVW":DUXPIlKUVWGXQLFKWZHLWHU-LP"© %DOODUGULFKWHWHVLFKlFK]HQGDXI(UKDWWHDQGHU6WLUQHLQH 3ODW]ZXQGH(LQGQQHU%OXWIDGHQVLFNHUWHEHUGLH:DQJHELV ]XP0XQGZLQNHO%DOODUGZLVFKWHLKQPLWGHPbUPHOZHJXQG ZDUIHLQHQ%OLFNDXVGHP)HQVWHU
'HPDQGHUHQ:DJHQZDUHVQLFKWDQGHUVHUJDQJHQ$XFKHU VWDQG ª:DUXPIlKUVWGXQLFKW"©VFKULH%DOODUGV$VVLVWHQWYRP 5FNVLW]KHUª'HQNVWGXLFKZLOOKLHUEHUQDFKWHQ"© ª+DOWGLH6FKQDX]H©HUZLGHUWH%DOODUGXQGVWDUWHWHGHQ0RWRU .XSSOXQJHUVWHU*DQJ*DV 1LFKWV 'HU$XVWLQEOLHEVWHKHQZLHHLQVW|UULVFKHV0DXOWLHU %DOODUGIOXFKWH :WHQGVSUDQJHUQDFKGUDXHQOLHIGLHSDDU6FKULWWHELV]XU .KOHUKDXEHXQG 'DWUDIHLQP|UGHULVFKHU6FKODJVHLQHQ.|USHU%DOODUGVSUWH ZLHHUHLQ6WFNGXUFKGLH/XIWIORJXQGJHJHQGLH0RWRUKDXEH GHV$XVWLQNUDFKWH /DQJVDPUXWVFKWHHUGDUDQKHUXQWHU 'LHDQGHUHQZDUHQHEHQIDOOVDXVGHQ$XWRVJHVSUXQJHQ *HPHLQVDPXPULQJWHQVLHGHQ.DPHUDPDQQ ª:DVLVWJHVFKHKHQ-LP"© 0DQKDOI%DOODUGKRFK ª,FKZHLHVQLFKW©VW|KQWHGHU.DPHUDPDQQª,FKELQHLQSDDU 6FKULWWHJHJDQJHQXQGGDQQHUKLHOWLFKHLQHQ6FKODJZLHPLWGHP +DPPHU$OVZlUHLFKJHJHQHLQHXQVLFKWEDUH:DQGJHODXIHQ© 8QZLOONUOLFKVDKHQGLHDQGHUHQLQGLHYRQLKPJH]HLJWH 5LFKWXQJ ª'DLVWDEHUQLFKWV©VDJWHHLQHU ª'DVZHLLFKDXFKGX7URWWHO$EHUGXNDQQVWHVMDPDODXV SURELHUHQ©JDE%DOODUGZWHQG]XUFN ª'DVZHUGHLFKDXFK© 'HU0DQQJLQJORV )RUVFKXQGDQJULIIVOXVWLJ]XJOHLFK 6HNXQGHQVSlWHUVFKULHHUDXI'LFKWQHEHQGHP$XVWLQODQGH WHHUDXIGHP%RGHQ ª'DVLVW+H[HUHL©VDJWHHLQ7RQWHFKQLNHU 'LH0lQQHUYHUVXFKWHQHVDQHLQHUDQGHUHQ6WHOOHhEHUDOOGDV JOHLFKH ª8QGMHW]W"©IUDJWH%DOODUG
ª+LHUNRPPWQLHPDQGPHKUUDXV©HUZLGHUWHGHU7RQ WHFKQLNHUª-HPDQGPXHLQHOHNWULVFKHV)HOGXPGDV6FKOR JHOHJWKDEHQ'DVLVWGLHHLQ]LJH(UNOlUXQJGLHLFKIUGLHVHV XQKHLPOLFKH3KlQRPHQKDEH© ª$PEHVWHQZLUJHKHQ]XUFN©VFKOXJ%DOODUGYRU 'LHDQGHUHQZDUHQHLQYHUVWDQGHQXQGDKQWHQQLFKWGDVLH JHQDXGDVWDWHQZDV'U7RGYRQLKQHQZROOWH (VZDUHLQPDJLVFKHU5LQJGHQ'U7RGXPGDVJHVDPWH6FKOR JHOHJWKDWWH(UKDWWHGLHVHV*HOlQGHYRQGHU$XHQZHOWDEJH VFKQLWWHQ 8QG0LWWHUQDFKWUFNWHLPPHUQlKHU 9RQDOOGLHVHQ'LQJHQDKQWHQ-RKQ6LQFODLUXQG%LOO&RQROO\ QLFKWV 6LHKDWWHQGHQ:HJGHV7RWHQ]XUFNYHUIROJWXQGEHIDQGHQ VLFKMHW]WLP:HLQNHOOHUGHV6FKORVVHV'HU.FKHQFKHIZDUHEHQ IDOOVEHLLKQHQ-RKQKDWWHVLFKDXVJHZLHVHQXQGVRPLWGLH %HGHQNHQGHV.RFKV]HUVWUHXW 'LH/HLFKHGHVMXQJHQ0DQQHVKDWWHQ-RKQXQG%LOOLQHLQH $EVWHOONDPPHUGHV6FKORVVHVJHWUDJHQ+LHUZXUGHVLHELV]XP $EWUDQVSRUWDXIEHZDKUW 'HU&KHINRFKVWDUUWHDXIGHQ.RUEPLWGHQ:HLQIODVFKHQ ,PPHUZLHGHUVFKWWHOWHHUGHQ.RSIª,FKNDQQHVQLFKWJODXEHQ 'DVLVWVRXQP|JOLFKVR© ª:LUPVVHQXQVDEHUPLWGHQ7DWVDFKHQDEILQGHQ0U +DPPRQG©VDJWH-RKQª8QGZLUPVVHQDOOHVWXQXPMHW]WGHQ 0|UGHUGLHVHV0DQQHV]XILQGHQ© ª1DWUOLFK,QVSHNWRU6LHKDEHQUHFKW© 'HU&KHINRFKZDUHQWJHJHQGHUODQGOlXILJHQ0HLQXQJYRQ HLQHP.RFKEHUGXUFKVFKQLWWOLFKKDJHU(UKDWWHVHLQEORQGHV +DDUXQWHUHLQHUKRKHQ0W]HYHUERUJHQXQGGDV*HVLFKWLQ QDFKGHQNOLFKH)DOWHQJHOHJW ª,FKNDQQ,KQHQEHLPEHVWHQ:LOOHQQLFKWVVDJHQ,QVSHNWRU 'HU0DQQLVWJDQ]QRUPDOLQGHQ.HOOHUJHJDQJHQXQGGDQQGLHV KLHU©'HU.RFKVFKWWHOWHVLFK
%LOO&RQROO\KDWWHHLQH7DVFKHQODPSHDXIJHWULHEHQXQGOHXFK WHWHGHQ%RGHQDE)XVSXUHQZDUHQNDXP]XVHKHQQXUHLQ SDDU%OXWIOHFNHDXIGHU7UHSSHGLHVLFKZLHHLQH.HWWHGLH6WXIHQ KLQDXI]RJHQ -RKQ6LQFODLUNRQQWHVLFKYRUVWHOOHQZLHVLFKGHU.DPSIKLHU XQWHQDEJHVSLHOWKDWWH'LHVHUMXQJH0DQQPXWH'U7RGHQW GHFNWXQGGDQQVHLQ:LVVHQPLWGHP/HEHQEH]DKOWKDEHQ -RKQ6LQFODLUJLQJLQGLHNOHLQH9RUUDWVNDPPHU$QHLQHP +RO]JHVWHOOKLQJHQ:UVWHXQG6FKLQNHQ'HU*HUXFKNLW]HOWHLQ GHU1DVH ª,UJHQGZLHPX'U7RGGRFKLQGLH.DPPHUJHODQJWVHLQ© VDJWHGHU,QVSHNWRU %LOO&RQROO\KDWWHGLH:RUWHDXIJHVFKQDSSWª'DV6FKORZDU GRFKDXIJHEURFKHQ© ª'DVVFKRQ1XUEUDXFKWHHUMDDXFKHLQHQ6FKOVVHO]XP .HOOHU:RKHUKDWHULKQ"© ª'HQZLUGLKPLUJHQGMHPDQGJHJHEHQKDEHQ© ª$EHUZHU"© ª.HLQH$KQXQJ© ª9LHOOHLFKWGHU6FKOREHVLW]HU'HU&RXQWRI'DUZRRG© ª'DIUDJHQZLULKQDPEHVWHQVHOEVW©PHLQWH%LOO -RKQJLQJGLHSDDU6FKULWWHLQGHQ:HLQNHOOHU]XUFN ª:DVLVWHLJHQWOLFKPLWGHP%HVLW]HUGHV6FKORVVHV"©IUDJWH -RKQGHQ&KHINRFK ª:LHVROOLFK,KQHQGDVHUNOlUHQ,QVSHNWRU"'HU&RXQWRI 'DUZRRGUHVLGLHUWLP0LWWHOWUDNWGHV6FKORVVHV(ULVWDQGHQ 5ROOVWXKOJHIHVVHOWXQGOlWVLFKVRJXWZLHQLHDXHUKDOEVHLQHU 5lXPHVHKHQ(ULVWHLQHWZDVNRPLVFKHU.DX]8QWHUKlOWHLQH JHVDPWH'LHQHUVFKDIWIUVLFKDOOHLQ(UOHEWSUDNWLVFKYRQVHLQHP 9HUP|JHQ$EXQG]XVWHOOWHUVHLQ6FKORDXFKIULUJHQGZHOFKH SXEOLNXPVZLUNVDPHQ=ZHFNH]XU9HUIJXQJZLHIUGLHVHQ +RUURUILOP© ª.DQQPDQGHQ&RXQWVSUHFKHQ"©IUDJWH-RKQ 'HU&KHINRFKYHU]RJGDV*HVLFKWª'DVLVWVRJXWZLHXQP|J OLFK'HU&RXQWHPSIlQJWQXUVHKUVHOWHQ%HVXFKHU8QGVFKRQ JDUQLFKWRKQHYRUKHULJH$QPHOGXQJ©
ª'DQQZLUGHUGLHVPDOHLQH$XVQDKPHPDFKHQ©VDJWH-RKQ ªVFKOLHOLFKJHKWHVXPHLQHQ0RUGIDOO© ª,FKZHUGHDPEHVWHQPLW,KQHQJHKHQ,QVSHNWRU©VDJWHGHU .RFKª0LFKNHQQWGHU&RXQW© -RKQZDUHLQYHUVWDQGHQ$XFK%LOO&RQROO\VFKORVLFKDQ =XGULWWWUDWHQGLH0lQQHUDXIGHQ6FKORKRI'DVNDOWH%IHWW ZDUYHUZDLVW 'LH*lVWHKDWWHQVLFKZLHGHULQGLH6FKORUlXPHYHU]RJHQ(V ZDUHQHUUHJWH'LVNXVVLRQHQLP*DQJH0DQK|UWHGLHODXWHQ 6WLPPHQELVQDFKGUDXHQ -RKQ6LQFODLUNRQQWHVLFKXPGLHVH/HXWHMHW]WQLFKWNPPHUQ ,KPNDPHVGDUDXIDQ'U7RGVRVFKQHOOZLHP|JOLFKDXI]X VSUHQXQGXQVFKlGOLFK]XPDFKHQ (VKDWWHVLFKDEJHNKOW(LQOHLFKWHU1DFKWZLQGUDXVFKWHGXUFK GLHPlFKWLJHQ%DXPNURQHQ -RKQKDWWHHVHLOLJ0LWODQJHQ6FKULWWHQEHUTXHUWHHUGHQVRUJ IlOWLJJHVWXW]WHQ5DVHQ 6LHPXWHQGHQ:HVWIOJHOXPJHKHQHKHVLHVLFKGHP 0LWWHOWUDNWGHV6FKORVVHVQlKHUWHQ 'HU9ROOPRQGKLQJZLHHLQHJURH6FKHLEHDP+LPPHO6HLQ IDKOHV/LFKWWDXFKWHGLH=LQQHQGHV6FKORVVHVLQHLQHQXQJH ZLVVHQ*ODQ] :LHHLQ6FKHUHQVFKQLWWZLUNWHGHU7XUPYRQ'DUZRRG&DVWOH (UJHK|UWHQRFK]XGHPDOWHQ6FKORGDV]HUVW|UWZRUGHQ ZDU0DQKDWWH'DUZRRG&DVWOHGDQQZLHGHUDXIJHEDXWXQG GLHVHQ7XUPSUDNWLVFKDOVhEHUEOHLEVHOVWHKHQODVVHQ (LQLGHDOHV9HUVWHFNIU'U7RGVFKRHV-RKQGXUFKGHQ.RSI =XJHJHEHQHU=HLWZROOWHHUVLFKLQGHP7XUPXPVHKHQ %DOGVWDQGHQVLHYRUGHPZXFKWLJHQ(LQJDQJVSRUWDO ª6LHPVVHQNORSIHQZHQQ6LHKLQHLQZROOHQ©VDJWHGHU &KHINRFKXQG]HLJWHDXIHLQHQJXHLVHUQHQ.ORSIHUGHUHWZDLQ $XJHQK|KHDQGHU7UEHIHVWLJWZDU :XFKWLJVFKOXJ-RKQ6LQFODLUJHJHQGDV+RO] 'LH6FKOlJHGU|KQWHQGXUFKGLH+DOOH ª,FKJODXEHMDNDXPGDMHPDQG|IIQHW©VDJWHGHU.RFKXQG ]RJIU|VWHOQGGLH6FKXOWHUQKRFK
'RFKGHU0DQQVROOWHVLFKLUUHQ6FKRQQDFKHLQLJHQ6HNXQGHQ NODQJHQ6FKULWWHDXI'DQQEHZHJWHVLFKGLH.OLQNHXQGGLH7U ZXUGHDXIJH]RJHQ (LQlOWHUHU0DQQLQGHU.OHLGXQJHLQHV%HGLHQVWHWHQKDWWH LKQHQJH|IIQHW(UKLHOWHLQHQGUHLDUPLJHQ/HXFKWHULQGHU+DQG 'LHEUHQQHQGHQ.HU]HQEHUJRVVHQVHLQ*HVLFKWPLW]XFNHQGHQ 6FKDWWHQ ª6LHZQVFKHQ"©IUDJWHGHU0DQQ -RKQ6LQFODLUWUDWYRUª:LUKlWWHQJHUQGHQ&RXQWRI'DUZRRG JHVSURFKHQ©VDJWHGHU,QVSHNWRU 'HU0DQQVWXW]WHHLQHQ0RPHQWJDEDEHUGDQQGHQ:HJIUHL XQGVDJWHª%LWWHIROJHQ6LHPLU© 'LH0lQQHUVDKHQVLFKEHGHXWXQJVYROODQ ª'HQKDEHLFKDEHUKLHUQRFKQLHJHVHKHQ©IOVWHUWHGHU &KHINRFK%LOO&RQROO\]X 'HU5HSRUWHUJDENHLQH$QWZRUW'LH$WPRVSKlUHGLHVHV 6FKORWHLOVQDKPLKQLUJHQGZLHJHIDQJHQ$OOHVZLUNWHGVWHU XQGXQKHLPOLFK'LH*HPlOGHDQGHQ:lQGHQGHUIODFNHUQGH .HU]HQVFKHLQGLHODQJHQ9RUKlQJHGLHKRKHQ5lXPH %LOO&RQROO\KDWWHGDV*HIKOLQHLQH)DOOH]XWDSSHQ(UVDJWH DEHUQLFKWV 'HU%HGLHQVWHWHJLQJYRUDXVXQG]RJHLQHEUHLWH6FKLHEHWU DXVHLQDQGHU 'LHGUHL0lQQHUJLQJHQDQGHP%XWOHUYRUEHL.HLQHUYRQ LKQHQVDKGDVVLHJHVVLFKHUH/lFKHOQDXIGHP*HVLFKWGHV'LHQHUV 'HQQGLHVHU0DQQZDUQLHPDQGDQGHUHVDOV'RXJ3HQGHU 'U7RGVQHXHU*HKLOIH 'LH7UJOLWWZLHGHULQV6FKOR -RKQ6LQFODLUOLHVHLQH%OLFNHVFKZHLIHQ6LHEHIDQGHQVLFKLQ HLQHUKRKHQ+DOOHGHUHQ'HFNHGXUFKGLFNH6lXOHQJHVWW]W ZXUGH$QGHUUHFKWHQ/lQJVZDQGGHU+DOOHJDEHVNOHLQH 1LVFKHQLQGHQHQMHZHLOV]ZHL6WKOHVWDQGHQ 'LH0lQQHUJLQJHQZHLWHU/DXWKDOOWHQLKUH6FKULWWHYRQGHQ NDKOHQ:lQGHQZLGHU 'HUJU|WH7HLOGHU+DOOHODJLP6FKDWWHQ'DV.HU]HQOLFKW UHLFKWHQXUIUHLQHQNOHLQHQ8PNUHLV
'HU'LHQHUEOLHEVWHKHQ(UGUHKWHVLFKKDOE]XU6HLWHZHFK VHOWHGHQ/HXFKWHULQGLHOLQNH+DQGXQGVDJWHª'HU&RXQWRI 2DUZRRG© =XHUVWVDKPDQQLFKWVGDQQZXUGHSO|W]OLFKHLQ5ROOVWXKODXV GHP'XQNHOGHU+DOOHJHIDKUHQ'LH6SHLFKHQGHUOXIWEHUHLIWHQ 5lGHUEOLW]WHQLP.HU]HQOLFKW 'LFKWYRU-RKQ6LQFODLUNDPGHU5ROOVWXKO]XU5XKH(LQH *HVWDOWVDGDULQ -RKQJLQJHLQHQ6FKULWWYRU8QZLOONUOLFKKLHOWHUGHQ$WHPDQ (UDKQWHHWZDV6FKUHFNOLFKHV (LQH6HNXQGHVSlWHUKDWWHHU*HZLKHLW'HU.RSIGHV&RXQWV ZDUVHLWOLFKDXIGLH.RSIVWW]HJHIDOOHQ%OLFNORVH$XJHQVWDUUWHQ JHJHQGLH'HFNH'LH$UPHEDXPHOWHQ]XEHLGHQ6HLWHQGHV 5ROOVWXKOVKLQDE (VJDENHLQHQ=ZHLIHOGHU&RXQWRI'DUZRRGZDUWRW 1RFKLPVHOEHQ$XJHQEOLFNHUNDQQWH-RKQ6LQFODLUGLHJUDXVDPH XQGEUXWDOH:DKUKHLW'U7RGKDWWHVHLQ1HW]JHIORFKWHQXQGVLH KDWWHQVLFKZLHDKQXQJVORVH)OLHJHQGDULQYHUIDQJHQ -RKQVWDUUWHLQGDVZlFKVHUQH*HVLFKWGHV7RWHQ$XFKGLHVHQ 0DQQKDWWHGHU0HQVFKHQKDVVHUDXIGHP*HZLVVHQ-RKQ NRQQWHQLFKWVDJHQDXIZHOFKH:HLVHGHU&RXQWRI'DUZRRG XPJHEUDFKWZRUGHQZDUbXHUOLFKZDUMHGHQIDOOVNHLQH:XQGH ]XHUNHQQHQ ª:LUPVVHQKLHUUDXV-RKQ©]LVFKWH%LOO&RQROO\KLQWHUGHP 5FNHQGHV,QVSHNWRUVXQGVWLHJOHLFKGDUDXIHLQHQOHLVHQ)OXFK DXV 'RXJ3HQGHUZDUYHUVFKZXQGHQ1XUQRFKGLH.HU]HQEUDQQ WHQ3HQGHUPXWHGHQ/HXFKWHULUJHQGZRDEJHVWHOOWKDEHQ %HLQDKHN|USHUOLFKVSUWHGHU,QVSHNWRUGLH*HIDKU6LHZDUHLQ +DXFKGHULKQVWUHLIWHXQG-RKQV,QVWLQNWHDUEHLWHWHQZLHKRFK HPSILQGOLFKH6HQVRUHQ 'LH6WLOOHZDUGUFNHQGJHIlKUOLFK %LOO&RQROO\XQGGHU.RFKRULHQWLHUWHQVLFKVFKRQLQ5LFKWXQJ 7UDOVHLQHNDOWH6WLPPHGLH0lQQHUVWRSSWH
ª)OXFKWKDWNHLQHQ6LQQ,KUVHLGGLH*HIDQJHQHQGHV+HUUQGHU +|OOH© 'LH6WLPPHNDQQWHQGLH0lQQHU6LHJHK|UWHGHP.HUOGHUVLH LQGLH+DOOHJHIKUWKDWWH 'HU.RFKYHUORUDOVHUVWHUGLH1HUYHQ(UULGHQ0XQGDXIXQG ILQJDQ]XVFKUHLHQª/DWPLFKJHKHQ,FKZLOOZHJKLHU,FKKDEH HXFKQLFKWVJHWDQ,FK© 6HLQH6WLPPHEUDFKDEXQGGLH$XJHQGHV0DQQHVZHLWHWHQ VLFKLQHLQHPXQJOlXELJHQ(QWVHW]HQ $XFK-RKQXQG%LOOIKOWHQZLHLKQHQGLHNDOWH)XUFKWEHUGHQ 5FNHQOLHI /DXWORVKDWWHQVLFKYLHU*HVWDOWHQDXVGHP6FKDWWHQGHU6lXOHQ JHQlKHUW 'LH*HVLFKWHUZLUNWHQEOHLFKXQGZlFKVHUQLQGHPJUDXHQ +DOEGXQNHO*HNOHLGHWZDUHQGLH0lQQHUZLH%HGLHQVWHWH6LH WUXJHQJHVWUHLIWH:HVWHQZHLH+HPGHQXQGHQJH+RVHQ 'RFKGDVVFKOLPPVWHDQLKQHQZDUHQGLH6SHHUHGLHVLHLQ LKUHQ)lXVWHQKLHOWHQ %OLW]VFKQHOOKDWWHQGLHYLHU8QKHLPOLFKHQGLH0lQQHUHLQ JHNUHLVW'LH6SLW]HQGHU6SHHUHZDUHQHLQHVWXPPHW|GOLFKH 'URKXQJ 'HU:HJ]XU7UZDUDEJHVFKQLWWHQ-HW]WJDEHVQXUQRFKHLQH $OWHUQDWLYH .DPSI (LQ6WDUOHWGUHKWHDOVHUVWHGXUFK 'DV*LUOZDUVFKRQOHLFKWDQJHWUXQNHQXQGVFKWWHWHDXFK ZHLWHUKLQGHQ$ONRKROZLH:DVVHULQVLFKKLQHLQ ª,FKZLOOKLHUUDXV©NUHLVFKWHVLHª,FKZLOOZHJYRQKLHU'LHVH YHUGDPPWH3DUW\UDXEWPLUGHQOHW]WHQ1HUY© 0LWHLQHUVFKQHOOHQ%HZHJXQJKREVLHLKUHUHFKWH+DQGXQG ZDUILKUOHHUHV:KLVN\JODVPLWHLQHP:XWVFKUHLJHJHQGLH:DQG 0LNH&DOODKDQVSUDQJYRU(U]RJGLH.OHLQHDQGHU6FKXOWHU ]XUFNXQGVFKOXJLKUHLQSDDUPDOLQV*HVLFKW ª,FKKRIIHGDVUHLFKW©EUOOWH&DOODKDQ
'DV6WDUOHWVFKOXFK]WH6LHULEHLGH+lQGHYRULKU*HVLFKWXQG OLHVLFKKHXOHQGLQHLQHQ6HVVHOIDOOHQ 0LNH&DOODKDQVSUWHGDDXFKGLHDQGHUHQ*lVWHJHJHQLKQ ZDUHQ:HQQHUMHW]WQLFKWVXQWHUQDKPZUGHHVZRKOQRFK]X HLQHU3DQLNNRPPHQ 'HU5HJLVVHXUVSUDQJDXIGDV3RGHVWDXIGHPYRUKHUGLH .DSHOOHJHVSLHOWKDWWH0LWZLOGHQ$UPEHZHJXQJHQYHUVFKDIIWH HUVLFKGLHJHZQVFKWH5XKH ª+|UW]X/HXWH©ULHIHUª:LUODVVHQXQVGRFKQLFKWGLH3DUW\ YHUGHUEHQ,FKJHEH]XHVVLQGHLQLJHXQHUNOlUOLFKH'LQJHJH VFKHKHQ© ª=lKOHQ6LHDXFKHLQHQ0RUGGD]X"©ULHIMHPDQG &DOODKDQZXUGHGXUFKGHQ=ZLVFKHQUXIDXVGHP.RQ]HSW JHEUDFKWª1XQVLFKHUGDVLVWGDVXQHUIUHXOLFKVWHDQGHUJDQ]HQ *HVFKLFKWHDEHULFKELQEHU]HXJWGDGLH3ROL]HLGHQ0|UGHU ILQGHQZLUG© ª:LHVROOGLHGHQQKHUNRPPHQXQGZHUZLOOVLHDODUPLHUHQ"© 'DUDXIZXWH&DOODKDQDXFKNHLQH$QWZRUW$XIJHUHJWZLQNWH HUGLH0XVLNHUKHUEHL (VNDPHQQXU]ZHL ª0DFKHQ6LH0XVLN©VFKQDX]WH&DOODKDQGLH0lQQHUDQ ª6FKOLHOLFKEH]DKOHLFK6LHGDIU© ª2ND\VSLHOHQZLUPDOHLQHQ+RUURU3RS©VDJWHGHU%DQG /HDGHUXQGJDEVHLQHQ.ROOHJHQHLQ=HLFKHQ 0XUUHQGQDKPHQGLH0XVLNHULKUH,QVWUXPHQWH6FKRQEDOG IHJWHQGLH5K\WKPHQGHU3RS0XVLNGXUFKGHQ5DXP 0LNH&DOODKDQZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQXQG VWLHJZLHGHUQDFKXQWHQ -DFN0RWWDGHU)LOPE|VHZLFKWZDUWHWHVFKRQDXILKQ 0RWWDZDUVWXU]EHWUXQNHQ6HLQ%OLFNZDUJODVLJXQGGDV *HVLFKWDXIJHGXQVHQ 'LH)LQJHUVHLQHUUHFKWHQ+DQGKDWWHQVLFKXPHLQ:KLVN\JODV JHNODPPHUW ª+LHUWULQNGXJU|WHUDOOHU)LOPHPDFKHU7ULQNDXIGHQ PRUJLJHQ7DJGHQZLUDOOHQLFKWPHKUHUOHEHQ© 0RWWDZROOWH&DOODKDQVHLQ*ODVLQGLH+DQGGUFNHQ
'HU5HJLVVHXUYHU]RJGDV*HVLFKW$QJHZLGHUWVWLHHUGHQ 6FKDXVSLHOHU]XUFN ª+DXDEGXELVWMDEHVRIIHQ© 'RFK0RWWDOLHVLFKQLFKWDEZLPPHOQª,FKEHVRIIHQ"©U|KUWH HUª,FKELQHLQ9DPSLU8QG9DPSLUHEUDXFKHQ%OXW:XWHVWGX GDVQLFKW&DOODKDQ"© 0LWHLQHP)DXFKHQVSUDQJ0RWWDYRUXQGWDWDOVZROOHHUGHP 5HJLVVHXUGLH=lKQHLQGHQ+DOVERKUHQ &DOODKDQNRQQWHQLFKWPHKUDXVZHLFKHQ0RWWDILHOJHJHQLKQ XQGEHLGHNUDFKWHQ]X%RGHQ 'LH8PVWHKHQGHQVSUDQJHQVFKQHOO]XU6HLWH)RWRDSSDUDWH ZXUGHQJH]FNW :HQQGDVNHLQH6HQVDWLRQJDE5HJLVVHXUVFKOlJWVLFKPLW HLQHPVHLQHU+DXSWGDUVWHOOHU 6FKRQ]XFNWHQGLHHUVWHQ%OLW]OLFKWHU 0RWWDKLHOW&DOODKDQXPNODPPHUW0LWGHU%HWUXQNHQHQHLJH QHQ6WXUKHLWZROOWHHU&DOODKDQWDWVlFKOLFKLQGHQ+DOVEHLHQ 'HU5HJLVVHXUNHXFKWHXQGZHKUWHVLFKYHU]ZHLIHOW9LHOH J|QQWHQLKPGLH1LHGHUODJH6LHVDKHQWDWHQORV]XMDPDQFKH NODWVFKWHQVRJDUQRFK%HLIDOO %LVHV1DGLQH%HUJHU]XYLHOZXUGH0LWUXGHUQGHQ$UPEH ZHJXQJHQGXUFKEUDFKVLHGHQ3XONGHU*DIIHUXQGUL0RWWDDQ GHU6FKXOWHU]XUFN 'HU%HWUXQNHQHYHUORUGDV*OHLFKJHZLFKWXQGILHODXIGHQ 5FNHQ ª,FKKDEHLKQJHELVVHQ©NLFKHUWHHUªLFKKDEHLKQJHELVVHQ,FK ELQHLQ9DPSLU© 0RWWDZROOWHVLFKNUPPHQYRU/DFKHQ 'HU5HJLVVHXUTXlOWHVLFKDXIGLH%HLQH(UZDUI0RWWDHLQHQ KDHUIOOWHQ%OLFN]X'HU6FKDXVSLHOHUZXUGHJHUDGHYRQ HLQLJHQ/HXWHQKRFKJHVWHPPW 0LNH&DOODKDQZLVFKWHVLFKEHUGDV*HVLFKW(UZDUDXIJHUHJW ZLHVHOWHQ]XYRU6RJDUVHLQ6FKQXUUEDUWYLEULHUWH ª'DVNULHJWGLHVHV6FKZHLQ]XUFN©IOVWHUWH&DOODKDQKHLVHU ª:HQQZLUHUVWPDOKLHUUDXVVLQGZHUGHLFKLKPVFKRQ]HLJHQ ZHU+HUULP+DXVLVW©
ª.|QQHQ6LHVLFKHLJHQWOLFKQXUPLW'URKXQJHQ5HVSHNWYHU VFKDIIHQ"©IUDJWH1DGLQH%HUJHUJHODVVHQ &DOODKDQKREGHQ%OLFNª0LVFKHQ6LHVLFKQLFKWDXFKQRFKHLQ© ª:HQQLFKQLFKWJHZHVHQZlUHOlJHQ6LHLPPHUQRFKGD XQWHQ©HUZLGHUWH1DGLQHVFKODJIHUWLJ ª'DIUZHUGHLFKPLFKDXFKUHYDQFKLHUHQ©VDJWH&DOODKDQ ª'DQNH,FKELQDXIHLQH5ROOHLQHLQHP,KUHUQHXHQ)LOPHQLFKW PHKUVFKDUI© ª:LH6LHZROOHQ©&DOODKDQZROOWHQRFKHWZDVKLQ]XIJHQ GRFKGDKDWWH1DGLQHLKPVFKRQGHQ5FNHQ]XJHNHKUW 'LH6FKDXVSLHOHULQPDFKWHVLFK6RUJHQ9RUDOOHQ'LQJHQXP -RKQ6LQFODLUXQG%LOO&RQROO\'DKLHUQLFKWDOOHVPLWUHFKWHQ 'LQJHQ]XJLQJKDWWHVLHEHPHUNWDOVGLHDFKW0lQQHU]XUFN NHKUWHQGLHXQEHGLQJWYRUKHUGDV6FKORYHUODVVHQZROOWHQ6LH ZDUHQVFKZHLJVDPXQGKDWWHQVLFKYRQGHQDQGHUHQDEJHNDSVHOW 1DGLQHJLQJDXIGLH*UXSSH]X6LHNDQQWH-LP%DOODUGUHFKW JXWXQGHUKRIIWHVLFKYRQLKPHLQLJH$XVNQIWH %DOODUGEOLFNWHGHU6FKDXVSLHOHULQPLWUDXLVFKHQWJHJHQ ª:DUXPVLQG6LHQLFKWJHIDKUHQ"©IUDJWH1DGLQH ª:HLOZLUHVXQVDQGHUVEHUOHJWKDEHQ©ODXWHWHGLH$QWZRUW ª6RVFKQHOO"© ª3DW,KQHQGDVQLFKW"© 1DGLQHVSUWHZLHJHUHL]WGLH6WLPPXQJZDU6LHZROOWHHV GHVKDOEQLFKWQRFKZHLWHUDXIGLH6SLW]HWUHLEHQ ª3DUGRQHVZDUMDDXFKQXUHLQH)UDJH© ª6FKRQJXW©VDJWH%DOODUG ª(VLVWEULJHQVMHPDQGYRQGHU3ROL]HLXQWHUGHQ$QZHVHQ GHQ©VDJWHGLH6FKDXVSLHOHULQEHLOlXILJ -LP%DOODUGUXFNWHKHUXPª:HU"© ª(LQ,QVSHNWRUYRQ6FRWODQG
%O|GVLQQLJHVJHVDJWKDWWHDEHUVFKOLHOLFKZROOWHVLHKHUDXVILQ GHQZDVSDVVLHUWZDU 6LHIUDJWHQRFKHLQPDOGRFKHLQH$QWZRUWHUKLHOWVLHQLFKW6LH DKQWHQXUGDGLHVHQ0lQQHUQHWZDV8QKHLPOLFKHVSDVVLHUWZDU HWZDVGDVVLHVLFKQLFKWHUNOlUHQNRQQWHQ 1DGLQHVSLHOWHVFKRQPLWGHP*HGDQNHQVHOEVWGXUFKGHQ 3DUN]XODXIHQOLHHVDEHUGDQQEOHLEHQ 'LH=HLWZDUVFKQHOOYHUJDQJHQ$OV1DGLQHHLQPDODXIGLH8KU EOLFNWHVSUDQJGHU=HLJHUJHUDGHDXI0LWWHUQDFKW ,QGLHVHU6HNXQGHHUORVFKGDV/LFKW 8QGGDQQVWDQGSO|W]OLFKGHU8QKHLPOLFKHVHOEVWDXIGHP 3RGLXP 'U7RGZDUJHNRPPHQ -RKQ6LQFODLUXQG%LOO&RQROO\UHDJLHUWHQEHLQDKHV\QFKURQ :lKUHQG%LOOLQGLHVFKW]HQGH'XQNHOKHLWWDXFKWHKHFKWHWH -RKQIODFKEHUGHQ%RGHQ 'HU.RFKZDUDOVHLQ]LJHUGHU0lQQHUVWDUUYRU*UDXHQ(U EHJULIIEHUKDXSWQLFKWGDLKQQXUQRFK6HNXQGHQEUXFKWHLOH YRQHLQHPVFKUHFNOLFKHQ7RGWUHQQWHQ 'DNUDFKWH-RKQJHJHQGLH%HLQHGHV0DQQHV 'HU.RFKVFKULHZLOGDXIUXGHUWHPLWGHQ$UPHQXQGEHNDP GDVhEHUJHZLFKW+DUWILHOHUDXIGHQ5FNHQ'HU6FKPHU] OlKPWHVHLQHZHLWHUHQ6FKUHLH -RKQKDWWHNHLQHQ$XJHQEOLFN]XVSlWUHDJLHUW(UK|UWHQRFK GDV3IHLIHQGHU6SHHUHGLHEHUVHLQHQ.|USHUKLQZHJ]LVFKWHQ XQGPLWNOLUUHQGHQ*HUlXVFKHQJHJHQGLH6WHLQZDQGSUDOOWHQ 'HU*HLVWHUMlJHUUROOWHVLFKVRIRUWDXVGHP*HIDKUHQEHUHLFK 'HQ.RFK]RJHUPLW:HQQGLHVHP0DQQHWZDVJHVFKDKPXWH HUVLFKGLHELWWHUVWHQ9RUZUIHPDFKHQGHQQVFKOLHOLFKZDU -RKQHVJHZHVHQGHULKQLQGLHVH/DJHJHEUDFKWKDWWH 'HU.RFKZLPPHUWH,QVHLQHUKHOOHQ%HUXIVNOHLGXQJJDEHUHLQ SUlFKWLJHV=LHODE ª+|UHQ6LHDXI©]LVFKWH-RKQGHQ0DQQDQª5HLHQ6LHVLFK ZHQLJVWHQVIUHLQSDDU0LQXWHQ]XVDPPHQ©
-RKQGHFNWHGHQ.RFKVRJXWHVJLQJPLWVHLQHP.|USHU'LH YLHU0RUGURERWHUKDWWHQVLFK]XUFNJH]RJHQXQGODXHUWHQDXI LKUH&KDQFH -RKQKLHOWGHQ$WHPDQ 9RQ%LOO&RQROO\ZDUHEHQIDOOVQLFKWVPHKU]XK|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lXOHQ$XFKGLH7UVFKlOWHVLFKDOVJUDXHU6FKDWWHQDXVGHU 'XQNHOKHLW -RKQWLSSWHGHQ.RFKDQ 'HU0DQQKREGHQ.RSI7URW]GHU'XQNHOKHLWVDK-RKQGLH $QJVWLQGHQ$XJHQGHV.RFKVOHXFKWHQ -RKQOHJWHVHLQHQ=HLJHILQJHUDXIGLH/LSSHQXQGGHXWHWHLQ 5LFKWXQJ7U 'HU.RFKQLFNWH(UKDWWHYHUVWDQGHQ 'HU,QVSHNWRUVHW]WHVLFKLQ%HZHJXQJ:LHHLQH6FKODQJH NURFKHUEHUGHQ%RGHQ (UKDWWHJHUDGHHLQHQKDOEHQ
ZDUGLH7UDEJHVFKORVVHQ6LHPXWHHLQ6FKORKDEHQGDV ZHQQPDQGLH7UYRQLQQHQ]X]RJHLQUDVWHWH $EHU%LOOKDWWHPLWGLHVHU$NWLRQVHLQHQ6WDQGRUWYHUUDWHQ 6FKDWWHQKDIWVDK-RKQ]ZHLGHU0RUGURERWHULQ%LOOV5LFKWXQJ KHW]HQ'LH6SLW]HQGHU6SHHUHEOLW]WHQJHIlKUOLFK )UGHQ,QVSHNWRUJDEHVNHLQ+DOWHQPHKU*HJHQ]ZHLKDWWH %LOONDXPHLQH&KDQFH$XHUGHPZDUHUXQEHZDIIQHW -RKQ6LQFODLUVSUDQJKRFK(UVDKGLH8PULVVHGHU.lPSIHQGHQ XQGNRQQWHGRFKQLFKWVFKLHHQ=XOHLFKWKlWWHHU%LOO&RQROO\ WUHIIHQN|QQHQ -RKQV$QJULIIZXUGHEHPHUNW(LQHUGHU6SHHUWUlJHUZLUEHOWH KHUXP(UULVHLQHIUFKWHUOLFKH:DIIHKRFK 'HU,QVSHNWRUKLHOWQRFKLPPHUVHLQH%HUHWWDLQGHU+DQG -RKQIHXHUWHLP/DXIHQ /DXWEUDFKVLFKGHU.QDOODQGHQ:lQGHQXQGGHU'HFNH'DV 3URMHNWLOWUDIGLH%UXVWGHV0RUGURERWHUVXQGVWLHGLHVHQHLQLJH
-RKQKLHOWVHLQHHUEHXWHWH:DIIHZDDJHUHFKW]ZLVFKHQGHQ )lXVWHQ'LH6SLW]H]HLJWHQDFKOLQNV 'HU0RUGURERWHUWUDWQRFKHLQHQ6FKULWWYRUXQGZROOWH-RKQ PLWHLQHPHLQ]LJHQ6WRDQGHQ%RGHQIHVWQDJHOQ -RKQV%HLQHVFKQHOOWHQYRU(VZDUHLQHEOLW]VFKQHOOH%H ZHJXQJPHKUDXVGHP,QVWLQNWJHERUHQ 'HU,QVSHNWRUWUDI 6HLQH$EVlW]HNQDOOWHQJHJHQGLH6FKLHQEHLQHGHV$QJUHLIHUV 'HU.HUOJHULHWDXVGHP*OHLFKJHZLFKWXQGNRQQWHWURW]GHP QRFKZHUIHQ 'LHVFKZHUH:DIIHEOLHEGLFKWQHEHQ-RKQV.RSILP3DUNHWW VWHFNHQ 'HU,QVSHNWRUVSUWHQRFKGHQ/XIW]XJVRKDXWQDKZDUHUGHP 7RGHQWJDQJHQ(UVFKQHOOWHKRFK6HLQ*HJQHUKDWWHQRFKLPPHU XPVHLQ*OHLFKJHZLFKW]XNlPSIHQ -RKQQW]WHGLH6HNXQGHQHLVNDOWDXV(UVFKZDQJGHQ6SHHU KHUXPXQGGHU6FKDIWNODWVFKWHJHJHQGHQ.RSIGHV%XUVFKHQ 2KQHHLQHQ/DXWYRQVLFK]XJHEHQEUDFKGHU.HUO]XVDPPHQ ,PVHOEHQ$WHP]XJK|UWHGHU,QVSHNWRU%LOO&RQROO\V6FKUHL 'HU5HSRUWHUZDUJHWURIIHQZRUGHQ -RKQZLUEHOWHKHUXP1XUXQGHXWOLFKVDKHUGLHGUHL*HVWDOWHQ NRQQWHDEHUHUNHQQHQZLH%LOO]X%RGHQVDFNWH (LQHUGHUXQKHLPOLFKHQ.HUOHZROOWHLKPGHQ5HVWJHEHQ -RKQVFKOHXGHUWHGHQ6SHHUSUDNWLVFKDXVGHP+DQGJHOHQN(V ZDUHLQH9HU]ZHLIOXQJVWDW 'RFKHUWUDI 'LH:DIIHGUDQJGHP8QEHNDQQWHQLQGLHXQWHUH5FNHQSDUWLH 5|FKHOQGNLSSWHHU]XU6HLWH 'HU]ZHLWHZLUEHOWHKHUXPOLHVRPLWYRQ%LOO&RQROO\DE (LVNDOWHUZDUWHWH-RKQ6LQFODLUVHLQHQ*HJQHU (VZXUGHHLQK|OOLVFKHU.DPSIXQG-RKQ6LQFODLUPXWHDOO VHLQH.XQVWDXIELHWHQXPGHP*HJQHUGLH6WLUQ]XELHWHQ ,PPHUZLHGHUNUDFKWHQGLHEHLGHQ6SHHUHDXIHLQDQGHU-RKQ SDULHUWHJHVFKLFNWXQGWHLOWHVHOEVWDXVELVGHU%XUVFKHSO|W]OLFK HLQHQ)HKOHUPDFKWH (UZDJWHVLFK]XGLFKWDQGHQ,QVSHNWRUKHUDQ
-RKQOLHLKQOHHUODXIHQXQGVFKOXJEOLW]VFKQHOOPLWGHU +DQGNDQWH]X'HU6FKODJZDUJHQDXDEJH]LUNHOWXQGWUDIGHQ %XUVFKHQPLWWHQLP/DXI:LHHLQQDVVHU0HKOVDFNJLQJ-RKQV *HJQHU]X%RGHQ (UZDUEHZXWORVEHYRUHUVLFKDXIGHQNDOWHQ6WHLQHQDXV VWUHFNWH -RKQ6LQFODLUZROOWHVLFKVFKRQXPZHQGHQXQG]X%LOO&RQROO\ ODXIHQGDK|UWHHUGLH6FKULWWH 6LHKDOOWHQYRQGHQ:lQGHQZLGHUXQGQlKHUWHQVLFKGHU7U -RKQUDQQWHORV (UVDKZLHGLH7UDXIJHULVVHQZXUGHXQGHUNDQQWHJOHLFK ]HLWLJGHQIQIWHQ0DQQ(VZDU'RXJ3HQGHUGHUVLHHLQJH ODVVHQKDWWH 3HQGHUVWDQGDXIGHU6FKZHOOHDOVLKQ-RKQV6WLPPH]XUFN KLHOW ª+DOW© 3HQGHU]|JHUWHHLQHQ6HNXQGHQEUXFKWHLOXQGZDQGWH-RKQGDV *HVLFKW]X 'HU,QVSHNWRUVDKGLHDQJVWYHU]HUUWHQ=JHXQGGLH:DIIHLQ GHU+DQGGHV0DQQHV 'HU.HUOULGHQ$UPKRFK*OHLFK]HLWLJGUFNWHHUDE 'HU.QDOOGHV6FKXVVHVUL-RKQ6LQFODLUGLHZHLWHUHQ:RUWH YRQGHQ/LSSHQ(UZROOWHVLFKQRFK]XU6HLWHZHUIHQGDWUDIHLQ P|UGHULVFKHU6FKODJVHLQHQ.RSI -RKQ6LQFODLUEUDFK]XVDPPHQ ª-RKQ© %LOO&RQROO\ZROOWHGHQ1DPHQGHV)UHXQGHVKLQDXVVFKUHLHQ GRFKQXUHLQ.UlFK]HQGUDQJDXVVHLQHU.HKOH 'HU5HSRUWHUVFKOXFK]WHDXI(UKDWWHJHVHKHQZLH-RKQ]X VDPPHQJHEURFKHQZDUXQGHLQHHLVNDOWH)DXVWVFKLHQVHLQ+HU] ]XXPNODPPHUQ %LOOTXlOWHVLFKDXIGLH%HLQH(UVHOEVWKDWWHHLQHNODIIHQGH 6FKXOWHUZXQGH6HLQ-DFNHWWZDUPLW%OXWJHWUlQNWXQGHUNRQQWH GHQOLQNHQ$UPVRJXWZLHEHUKDXSWQLFKWEHZHJHQ
%LOO&RQROO\WDXPHOWHDXIGHQ,QVSHNWRU]X-HW]WHQGOLFKZDJWH VLFKDXFKGHU.RFKDXVVHLQHU'HFNXQJ$QJVWVFKORWWHUQGNDPHU QlKHU ª,VWLVWHUWRW"©NUlFK]WHGHU0DQQ %LOOILHOQHEHQ-RKQDXIGLH.QLHª%HL*RWWKRIIHQWOLFKQLFKW© 'HU5HSRUWHUNRQQWHLQGHU'XQNHOKHLWQLFKWVHUNHQQHQ(UVDK QXUGDV%OXWDQ-RKQV.RSI ª+ROHQ6LHGHQ/HXFKWHU©KHUUVFKWH%LOOGHQ.RFKDQ ª-DMDLFKJHKMDVFKRQ© 'HU.RFKVWDPSIWHGDYRQ *HZDOWVDPPXWH%LOOHLQ:UJHQXQWHUGUFNHQ)DVW]|JHUWH HUQDFK-RKQV3XOV]XWDVWHQ:HQQHUMHW]WQLFKWPHKUVFKOXJ ZHQQHUMHW]W %LOOZDJWHQLFKWGDUDQ]XGHQNHQ 9RUVLFKWLJXPIDWHQVHLQH)LQJHU-RKQV+DQGJHOHQN%LOO NRQ]HQWULHUWHVLFKVRZHLWHVLKPVHLQHHLJHQHQ6FKPHU]HQ HUODXEWHQXQG 'HU3XOVVFKOXJ %LOO&RQROO\ILHOHLQH=HQWQHUODVWYRP+HU]HQ 'HU.RFKNDP]XUFNLQGHUUHFKWHQ+DQGGHQ/HXFKWHULQ GHUDQGHUHQ-RKQ6LQFODLUV3LVWROH ª'LHKDEHLFKJHIXQGHQ©VDJWHHUXQGVWHOOWHGHQ/HXFKWHUDXI GHQ%RGHQ ª'DQNH©VDJWH%LOO 3O|W]OLFKULGHU.RFKGLH$XJHQDXIª+LPPHO©ULHIHUª6LH EOXWHQMD6LHVLQGYHUOHW]W6LH© %LOO&RQROO\K|UWHQLFKWDXIGHQ0DQQ(UKDWWHJHVHKHQZLH VLFKGLHEHLGHQEHZXWORVHQ*HVWDOWHQEHZHJWKDWWHQXQGVLFK MHW]WODQJVDPDXIULFKWHWHQ ª'LH3LVWROHKHU©ULHI%LOO 'HU5HSRUWHUULGLH:DIIHGHP.RFKDXVGHU+DQG %LOOKLHOWGLH3LVWROHLQGHUJHVXQGHQ5HFKWHQ(UZDUEHUHLW VHLQ/HEHQXQGGDVVHLQHV)UHXQGHVVRWHXHUZLHP|JOLFK]XYHU NDXIHQ
:LHDQJHNOHEWVDHQGLH0XVLNHUDXILKUHQ3OlW]HQ0LWVFKULOOHQ 0LNOlQJHQYHUVWXPPWHQGLH,QVWUXPHQWH 'DVEODQNH(QWVHW]HQOlKPWHGLH3DUW\JlVWH$OOHVWDUUWHQVLH]X GHP3RGLXPKRFKZR'U7RGVHLQH+RUURU6FKDXDE]RJ 'HU0HQVFKHQKDVVHUZDUHLQHJUDXHQKDIWH(UVFKHLQXQJ(U WUXJHLQHQVFKZDU]HQ$Q]XJGHVVHQ-DFNHWWKRFK]XJHNQ|SIW ZDU-HGHUGHU*lVWHNRQQWHGDVYRQ%UDQGZXQGHQHQWVWHOOWH *HVLFKWVHKHQZLHHVNHLQ0DVNHQELOGQHULQHLQHP+RUURUILOP EHVVHUVFKPLQNHQNRQQWH1XUGLH$XJHQOHEWHQQRFKXQGVWUDKO WHQHLQXQJHElQGLJWHV)HXHUDXV (LQ)HXHUGHV+DVVHV (LQ/LFKWXPJDEGLH*HVWDOWGHV0HQVFKHQKDVVHUV(VZDUHLQ JUQJHOEVFKLPPHUQGHV/HXFKWHQGDVMHGH(LQ]HOKHLWGHU 6SXNJHVWDOWGHXWOLFKKHUYRUKRE 'LH0HQVFKHQVSUWHQEHLQDKHN|USHUOLFKGLH%HGURKXQJGLH YRQGHP8QKHLPOLFKHQDXVJLQJ8QVLFKWEDUH:HOOHQGHV%|VHQ VFKLHQHQGLH*lVWH]XWUHIIHQXQGVLH]XOlKPHQ 0DQK|UWHNDXPMHPDQGHQDWPHQ'LH*HVLFKWHUZDUHQKHOOH DQJVWYROOYHU]HUUWH)OHFNHQ9LHOH$XJHQZDUHQVWXPSIXQG EOLFNORV:LHEHL9HUXUWHLOWHQGLHVLFKPLWLKUHP6FKLFNVDODEJH IXQGHQKDWWHQ 'U7RGJLQJELVGLFKWDQGHQ5DQGGHV3RGLXPV(VVFKLHQ DOVVDXJHHUGLH$QJVWXQGGDV(QWVHW]HQGLHLKPHQWJHJHQ VWUDKOWHQLQVLFKDXI-DHUZHLGHWHVLFKDQGHU4XDOVHLQHU 0LWPHQVFKHQ 'U7RGWUDWZLHGHU]ZHL6FKULWWH]XUFNXQGULFKWHWHVLFKDXI ª:RLVW-RKQ6LQFODLU"©SHLWVFKWHVHLQH6WLPPH 'LH0HQVFKHQVFKZLHJHQ 'U7RGV%OLFNJOLWWEHUVLHKLQZHJXQGGHU0HQVFKHQKDVVHU EHJULII'HU,QVSHNWRUEHIDQGVLFKQLFKWXQWHUGHQ$QZHVHQGHQ (UKlWWHVLFKVRQVWOlQJVWJHPHOGHW6RJXWNDQQWH'U7RGVHLQHQ lUJVWHQ)HLQG 1LHPDQGNRQQWHVDJHQZRKHUGLHVHU0DQQJHNRPPHQZDU(U ZDUSO|W]OLFKGDXQGQXUGDV]lKOWH 'U7RG]RJGLHYHUEUDQQWHQ/LSSHQDXVHLQDQGHU(VVROOWHHLQ /lFKHOQGDUVWHOOHQZXUGHMHGRFKQXUHLQHHQWVWHOOWH*ULPDVVH
ª,FKELQGHUZDKUH+HUUVFKHUDXI6FKOR'DUZRRG©GU|KQWH VHLQH6WLPPHª8QGLFKZHUGHGLHVPDOPHLQH5DFKHYROOHQGHQ (VVROOWHHLQH+RUURU3DUW\ZHUGHQ*XWLFKKDEHVLHHUVWGD]X JHPDFKW8QGQXUGLH.UDIWGHU+|OOHKDWPLFKGD]XEHIlKLJW :HQQLKUGLHVHV6FKORYHUODWZHUGHWLKUQXUQRFKGHP6DWDQ GLHQHQXQGLQVHLQHP1DPHQGDVWXQZDVYRQHXFKYHUODQJW ZLUG'RFKYRUKHUPXLFK-RKQ6LQFODLUKDEHQ,FKKDEHHLQHQ PDJLVFKHQ%DQQXPGDV6FKORJHOHJW1LHPDQGNDQQHQWNRP PHQ%ULQJWPLU-RKQ6LQFODLU© 'LHOHW]WHQ:RUWHVFKULH'U7RGGHQ0HQVFKHQLQV*HVLFKW 0DQVSUWHSO|W]OLFKGHQ+DGHULQGLHVHP0DQQVWHFNWH8QG GLH*lVWHGXFNWHQVLFKEHLGLHVHQ:RUWHQZLHXQWHU3HLWVFKHQ VFKOlJHQ 1XUHLQHUKDWWHYRQDOOGHPNDXPHWZDVPLWEHNRPPHQ -DFN0RWWDGHU9DPSLUGDUVWHOOHU(UKDWWHLQHLQHP6HVVHOJH OHJHQXQGVHLQXPQHEHOWHV*HKLUQKDWWHGLH:RUWHNDXPYHU VWDQGHQ$XHUGHPVD0RWWDPLWGHP5FNHQ]XP3RGLXP (UEUDXFKWHVHLQH=HLWELVHUDOOHVYHUGDXWKDWWH8QGGLH=HLW ZDUMHW]WXP /DQJVDPGUHKWH0RWWDGHQ.RSI0LWVWLHUHP%OLFNVWDUUWHHU DXIGLHNOHLQH%KQH (VGDXHUWHQRFKHLQLJH0LQXWHQELVHUEHJULIIHQKDWWH'RFK GDQQVWHPPWHHUVLFKDXVGHP6HVVHOKRFK 6HLQSO|W]OLFKHV*HOlFKWHUEHUW|QWHVHOEVWGLH6WLPPHGHV 0HQVFKHQKDVVHUV ª+H&DOODKDQ©EUOOWH0RWWDª,VWGDVZLHGHUHLQHUGHLQHU QHXHQ6FKHU]H":RKHUKDVWGXGHQQGLH+RUURU)LJXUDXIJH WULHEHQ"© 8QVLFKHUZDQNWH0RWWDDXIGDVNOHLQH3RGLXP]X 8QGQLHPDQGKLHOWLKQ]XUFN ª,FKNRPPHJOHLFK]XGLUKRFK©ODOOWH0RWWDª6FKOLHOLFKELQ LFKHLQ9DPSLU©0RWWDEOHFNWHJULQVHQGVHLQ*HEL 'U7RGJDENHLQH$QWZRUW(UDKQWHZDVIROJHQZUGHXQG ZDUEHUHLWRKQH(UEDUPHQHLQ([HPSHO]XVWDWXLHUHQ 0RWWDWRUNHOWHDXIGLHNOHLQH+RO]WUHSSH]XGLH]XP3RGLXP IKUWHDXIGHPLKQ'U7RGHUZDUWHWH
(UYHUIHKOWHGLHHUVWHQ6WXIHQXQGNURFKDXIDOOHQYLHUHQZHLWHU 'DEHLEUDEEHOWHHUXQXQWHUEURFKHQYRUVLFKKLQ 2EHQKDWWHHU6FKZLHULJNHLWHQVLFKDXI]XULFKWHQVFKDIIWHHV DEHUGDQQGRFK $QGHQ0XVLNHUQYRUEHLJLQJHUDXI'U7RG]X 0RWWDJULQVWHHLQIlOWLJ6HLQ*HLVWZDUVRXPQHEHOWGDHUGHQ +DXFKGHUW|GOLFKHQ*HIDKUEHUKDXSWQLFKWUHJLVWULHUWH 0LWHLQHPVFKQHOOHQ*ULIIUL0RWWDHLQHP0XVLNHUHLQ ,QVWUXPHQWDXVGHQ+lQGHQ(VZDUHLQH7URPSHWH 0RWWDVFKZHQNWHGDV,QVWUXPHQWZLHHLQH6LHJHVSDOPHª,FK ZHUGHGLUMHW]WPDOGHQ+RUURU%OXHVVSLHOHQ©NLFKHUWH0RWWD XQGYHUVXFKWHGLH7URPSHWHDQGLH/LSSHQ]XVHW]HQ (VPLVVODQJ 0RWWDIOXFKWHXQGVWDUWHWHHLQHQQHXHQ9HUVXFK 'LHJHVDPWH6]HQHHULQQHUWHDQHLQHPDNDEUH.RP|GLHMHGRFK RKQH+DSS\(QG ,QGLHVHP0RPHQWWUDW'U7RGLQ$NWLRQ%LVMHW]WKDWWHHUVLFK ]XUFNJHKDOWHQKDWWHDEJHZDUWHW'RFKQXQZDUHUDQGHU5HLKH 0LW]ZHL6FKOLWWHQVWDQGHUYRU-DFN0RWWD 8QGSO|W]OLFKVFKLHQ0RWWD]XEHJUHLIHQGDHUVLFK]XYLHO YRUJHQRPPHQKDWWH'LHMlKH(UNHQQWQLVWUDILKQZLHHLQ %OLW]VFKODJ 0RWWDOLHGLH7URPSHWHIDOOHQZROOWHVLFKKHUXPZHUIHQXQG GDYRQODXIHQ =XVSlW 'U7RGKDWWHVFKRQ]XJHSDFNW 6HLQH+DQGXPNODPPHUWH0RWWDV$UP%HLQDKHVSLHOHULVFK ]RJHUGHQ6FKDXVSLHOHU]XVLFKKHUDQ 0RWWDV$XJHQZDUHQYRU(QWVHW]HQZHLWDXIJHULVVHQ(UZROOWH HWZDVVDJHQVLFKLUJHQGZLHYHUVWlQGOLFKPDFKHQGRFKVHLQH .HKOHZDUZLH]XJHVFKQUW -DFN0RWWDEHJULIIGDHUVWHUEHQVROOWH :LOGVFKWWHOWHHUGHQ.RSIVHLQJHVDPWHU.|USHU]XFNWHXQWHU XQVLFKWEDUHQ6WURPVW|HQ0RWWDK|UWHQLFKWGD'U7RGHLQLJH )RUPHOQGHU6FKZDU]HQ0DJLHVSUDFKHUVSUWHQXUGDHLQ XQJHKHXUHV%UHQQHQVHLQHQ.|USHUHUJULII
(VILQJEHLGHQ=HKHQVSLW]HQDQGUDQJGXUFKGLH%HLQHKRFK ]XU+IWHXQGXPNODPPHUWHVHLQHQ%UXVWNRUEZLHHLQHLVHUQHU 5LQJ 'U7RGOLH-DFN0RWWDORV (UVWMHW]WO|VWHVLFKDXVGHU.HKOHGHV6FKDXVSLHOHUVHLQ6FKUHL (VZDUHLQ6FKUHLDXVK|FKVWHU4XDOXQG3HLQJHERUHQ(UJHOOWH GXUFKGHQ6DDONDPDOVYLHOIDFKHV(FKR]XUFNXQGHUVWDUELQ HLQHP:LPPHUQ -DFN0RWWDGUHKWHGXUFK ,PPHUKHLHUZXUGHGDV%UHQQHQXQG0RWWDIKOWHZLHGLH )ODPPHQGHU+|OOHLKQYRQLQQHQDXV]HKUWHQ 'HU6FKDXVSLHOHUZDUIVLFKKHUXP6HLQH%HZHJXQJHQZDUHQ JURWHVNYRP6FKPHU]GLNWLHUW(UWDXPHOWHDXIGLHZLHJHOlKPW GDVLW]HQGHQ0XVLNHU]XUL,QVWUXPHQWH]X%RGHQXQGYHUILQJ VLFKPLWGHQ)HQLQHLQHP.DEHO 0RWWDV7RGHVWDQ]GDXHUWHPHKUHUH0LQXWHQ 8QGGLH)RUPHOQGHU6FKZDU]HQ0DJLHWDWHQLKUH:LUNXQJ 9RQHLQHU6HNXQGH]XUDQGHUHQEUDFK-DFN0RWWD]XVDPPHQ (UZlO]WHVLFKQRFKLQZLOGHQ=XFNXQJHQDXIGHP%RGHQKHUXP XQGODJGDQQVWLOO -DFN0RWWDZDUWRW'DV)HXHUGHU6FKZDU]HQ0DJLHKDWWH VHLQHP/HEHQHLQ(QGHJHVHW]W 'U7RGVVFKUHFNOLFKH5DFKHDQGHQ0HQVFKHQZDUJHOXQJHQ -DFN0RWWDVDKQXQDXVZLHHU 8QG'U7RGZDUGHU6LHJHU*HOOHQGXQGE|VHKDOOWHVHLQ 7ULXPSKJHOlFKWHUGXUFKGHQ6DDO6FKRQHLQPDOKDWWHQGLH 0HQVFKHQGLHVHV*HOlFKWHUJHK|UWXQGVFKRQHLQPDOKDWWHLKQHQ GDV*UDXHQGLH.HKOHQ]XJHVFKQUW 'DV/DFKHQHQGHWHDEUXSW'U7RGGHXWHWHDXI0RWWDV/HLFKH ª'LHVHU1DUU(UZROOWHGLH+|OOHYHUVXFKHQ'DVLVWGHU(UIROJ 8QGVRZLUGHVMHGHPHUJHKHQGHUQLFKWPHLQHQ%HIHKOHQ JHKRUFKW0LUJHKWHVQXUXPHLQHQ8P-RKQ6LQFODLU1RFKLQ GLHVHU1DFKWZHUGHLFKLKQYHUQLFKWHQ(UVROO]XPLUNRPPHQ VDJWHVLKP,FKZDUWHDXILKQLP7XUPGHVDOWHQ6FKORVVHV(LQH 6WXQGHJHQDXJHEHLFKLKP=HLW:HQQHUELVGDQQQLFKWHUVFKLH QHQLVWVWLUEWGLHHUVWH*HLVHO©
'U7RGJLQJELV]XGHUNOHLQHQ7UHSSH(UEOLHEHLQHQ$XJHQ EOLFNVWHKHQXQGNDPGDQQGLH6WXIHQKHUXQWHU 'LH0HQVFKHQZLFKHQHQWVHW]W]XUFNDOVVLFKGHU8QKHLP OLFKHLKQHQQlKHUWH ª'UHL*HLVHOQZHUGHLFKQHKPHQ©VDJWH'U7RGª'XELVWGLH HUVWH© 'U7RGVDXVJHVWUHFNWH+DQG]HLJWHDXI0LNH&DOODKDQ 'HU5HJLVVHXUVSUDQJDXIª1HLQLFK© ª:LOOVWGXVRHQGHQZLHGHUREHQDXIGHU%KQH"© 'DEUDFK&DOODKDQV:LGHUVWDQG]XVDPPHQ6FKOXFK]HQG VFKWWHOWHGHU+RUURU5HJLVVHXUGHQ.RSI 'U7RGV%OLFNVWUHLIWHGLHDQZHVHQGHQ3HUVRQHQ-HGHQVDKHU DQ8QGMHGHUZQVFKWHVLFKGDHVGHU1DFKEDUVHLQP|JHGHQ VLFK'U7RGDOV*HLVHODXVHUZlKOWH 'DQQKDWWHHUGLH]ZHLWH*HLVHOJHIXQGHQ ª'X©VDJWHHUXQG]HLJWHDXI5RVV7D\ORU 'HUJXWDXVVHKHQGH6FKDXVSLHOHU]XFNWH]XVDPPHQ6HLQ EUDXQJHEUDQQWHV*HVLFKWYHU]HUUWHVLFK]XHLQHU*ULPDVVH(U ZROOWHHWZDVVDJHQZDUIDEHUGDQQHLQHQ%OLFN]XU%KQHKLQDXI XQGVFKZLHJ 5RVV7D\ORUZXUGHDVFKIDKOXQWHUVHLQHU6RQQHQEUlXQH(U VFKDXWH]X&DOODKDQKLQEHUGRFKGLHVHUKDWWHGHQ.RSIJHVHQNW XQGVWLHUWH]X%RGHQ $XFK7D\ORUKDWWH0KHGLH3DQLNQLHGHU]XNlPSIHQ,P ,QQHUQVFKORHUVFKRQPLWVHLQHP/HEHQDE 'U7RGJLQJZHLWHU6FKZHLJHQGPDFKWHQLKPGLH0HQVFKHQ 3ODW]'LH$XUDGLHGLHVHQ8QKHLPOLFKHQXPJDEXPZHKWHGLH $QZHVHQGHQZLHHLQ7XFK,QDOOHQ*HVLFKWHUQVWDQGGHU 6FKUHFNHQGHUYHUJDQJHQHQ0LQXWHQ]XOHVHQXQGHVJDEQLH PDQGHQPHKUGHUDQGHQ:RUWHQGHV0HQVFKHQKDVVHUV JH]ZHLIHOWKlWWH 'U7RGVXFKWHHLQHEHVWLPPWH3HUVRQ 1DGLQH%HUJHUDKQWHLKU6FKLFNVDO$XFKVLHKDWWHGDV*UDXHQ JHSDFNW 6LHVDKGLHVFKUHFNOLFKH(UVFKHLQXQJQlKHUNRPPHQXQGKLHOW XQEHZXWGHQ$WHPDQ-HW]WPXWH'U7RGVLHVHKHQ
1DGLQHKDWWHVLFKQLFKWJHLUUWª'X©VDJWH'U7RGQXUXQGGLH )LQJHUVHLQHU7RWHQKDQG]HLJWHQDXI1DGLQH 'DV0lGFKHQVWDQGDXI 1DGLQHKDWWHMDVFKRQYRUKHUJHDKQWGDVLHGDV6FKLFNVDO WUHIIHQZUGH$XVGLHVHP*UXQGQDKPVLHGLH(QWVFKHLGXQJ DXFKJHIDWHUHQWJHJHQ 1RFKHLQPDOZDQGWHVLFK'U7RGGHQYHUVDPPHOWHQ*lVWHQ ]Xª6DJW,QVSHNWRU6LQFODLUGDLFKLKQREHQLP7XUPHUZDUWH ,QHLQHU6WXQGH:HQQHUQLFKWNRPPWVWLUEWVLH© 'DPLWVWDQG1DGLQH%HUJHUV6FKLFNVDOIHVW 'LH6FKZHLWURSIHQVDPPHOWHQVLFKDXI%LOOV6WLUQXQGZXUGHQ ]XNOHLQHQ%lFKHQGLHLKPLQGLH$XJHQEUDXHQIORVVHQ %LOOV+DQG]LWWHUWH6FKZHLIHXFKWNOHEWHGHU3LVWROHQJULII ]ZLVFKHQVHLQHQ)LQJHUQ 'LHEHLGHQ.LOOHUVWHPPWHQVLFKDXIGLH)H6LHVFKZDQNWHQ QRFKHWZDVXQGVFKLHQHQQLFKW]XEHJUHLIHQLQZHOFKHLQHU 6LWXDWLRQVLHVWHFNWHQ 'DQQVDKGHUHUVWHGHQDP%RGHQKRFNHQGHQ5HSRUWHUXQGGLH 3LVWROHLQGHVVHQ+DQG 'HU0DQQVFKWWHOWHGHQ.RSIULXQJOlXELJGLH$XJHQDXI XQGVWLHHLQHQHUVFKUHFNWHQ/DXWDXV ª8P+LPPHOVZLOOHQ6LU1LFKWVFKLHHQ%LWWHQLFKW© %LOO&RQROO\OLHGLH:DIIHVLQNHQ 'HU0DQQNDPDXILKQ]Xª:DVLVWJHVFKHKHQ6LU",FKLFK NDQQPLFKDQQLFKWVPHKUHULQQHUQ© ª6HLHQ6LHIURK©HUZLGHUWH%LOODWPHWHLQQHUOLFKDXIXQG JDEHLQHQNXU]HQ%HULFKW$XFKGHU]ZHLWH'LHQHUKDWWHVLFK LQ]ZLVFKHQ]XLKQHQJHVHOOWXQGK|UWH]X 0DQVDKGHQEHLGHQDQZLHVHKUVLH%LOOV%HULFKWJHVFKRFNW KDWWH6FKZHLJHQGPDFKWHQVLHVLFKDQVFKOLHHQGGDUDQGHQ WRWHQ&RXQWRI'DUZRRGLQVHLQHP5ROOVWXKOKLQDXV]XIDKUHQ -RKQ6LQFODLUZDUQRFKLPPHUEHZXWORV%LOOKDWWHGHP )UHXQGPLWHLQHP7DVFKHQWXFKGDV%OXWYRP.RSIJHZLVFKWXQG JHVHKHQGDGHU,QVSHNWRUHLQHQ6WUHLIVFKXDEEHNRPPHQKDWWH
'LHEHLGHQ'LHQHUWUXJHQDXFKLKUHWRWHQ.DPHUDGHQKLQDXV %LOOK|UWHGDGLH0lQQHUVFKOXFK]WHQ (UVWMHW]WVSUWHHUZLHVHKUVHLQH6FKXOWHUVFKPHU]WH 'HU.RFKKRFNWHQRFKLPPHUZLHHLQ+lXIFKHQ(OHQGDP %RGHQ ª6HKHQ6LHPDO]XGD6LH9HUEDQGV]HXJDXIWUHLEHQ©VDJWH%LOO &RQROO\ª)UDJHQ6LHGLH'LHQHU'LHKDEHQEHVWLPPWHWZDV© ª-DQDWUOLFK© 'HU.RFKVSUDQJDXIXQGOLHIKLQDXV ,Q%LOOV6FKXOWHUVFKLHQHQWDXVHQGNOHLQH7HXIHO]XKlPPHUQ 'HU6FKPHU]SRFKWHELVLQVHLQHQ.RSI'HU5HSRUWHUKDWWHK|O OLVFKH$QJVWYRUHLQHU%OXWYHUJLIWXQJ6HLQOLQNHU6PRNLQJlUPHO ZDUEOXWGXUFKWUlQNW 'HU.RFKNDP]XUFN(UKDWWHWDWVlFKOLFKHLQHQ9HUEDQGV NDVWHQDXIJHWULHEHQ|IIQHWHLKQPLW]LWWHUQGHQ)LQJHUQ ª,FKKDEHPDOHLQHQ.XUVXVLQ(UVWHU+LOIHPLWJHPDFKW©VDJWH HUXQGVDK%LOOV6FKXOWHUDQ %LOOTXlOWHVLFKDXVGHU-DFNHXQGGHU.RFKOHJWHLKPHLQHQ 1RWYHUEDQGDQ 'DQQNPPHUWHHUVLFKXP-RKQ6LQFODLU (UEHWXSIWHGLH:XQGHDQGHU6FKOlIHPLW-RGXQGNOHEWHHLQ 3IODVWHUGDUDXI (VPXWHZRKOGDV%UHQQHQVHLQGDV-RKQDXVVHLQHU2KQ PDFKWUL (VGDXHUWHHLQLJH0LQXWHQELVGHU,QVSHNWRUZLHGHUNODUVDK %LOO&RQROO\JULQVWHVHLQHQ)UHXQGYHU]HUUWDQª1RFKPDO *OFNJHKDEWDOWHU-XQJH© ª'DVNDQQPDQZRKOVDJHQ©JDE-RKQVW|KQHQG]XUFN (UUDSSHOWHVLFKDXIXQGPXWHVLFKLPQlFKVWHQ0RPHQWDQ GHU:DQGDEVWW]HQXPGDV6FKZLQGHOJHIKO]XEHUZLQGHQ 'DQQKDOIHU%LOOKRFK ª.DQQVWGXODXIHQ"© ª,FKZLOOHVZHQLJVWHQVYHUVXFKHQ© %LOO&RQROO\KDWWHHLQHHLVHUQH.RQVWLWXWLRQ(UVFKDIIWHDXFK GLHV 'LHEHLGHQ'LHQHUZDUWHWHQGUDXHQ1RFKLPPHUZDUHQLKUH
*HVLFKWHUYRP(QWVHW]HQJH]HLFKQHW6LHVFKLHQHQEHUKDXSW QRFKQLFKWULFKWLJEHJULIIHQ]XKDEHQZDVJHQDXYRUJHIDOOHQZDU -RKQXQG%LOOEHULFKWHWHQDOOHV 'DQQZDUHQGLH'LHQHUDQGHU5HLKH6LHHU]lKOWHQYRQGHP 8QKHLPOLFKHQGHUJHNRPPHQZDUXQGVLHK\SQRWLVLHUWKDWWH 9RQGHU(UPRUGXQJGHV&RXQWVKDWWHQVLHQLFKWVPLWEHNRPPHQ ª:DVZDUPLWGHPDQGHUHQ0DQQ"©ZROOWH-RKQ6LQFODLU ZLVVHQª2GHULVW'U7RGDOOHLQJHNRPPHQ"© ª1HLQHUKDWWHQRFKMHPDQGHQEHLVLFK$EHUGDVZDUHLQ QRUPDOHU0HQVFK© 'LHVHUQRUPDOH0HQVFKKDWWH-RKQDXFKGLH.XJHOYHUSDW(U OLHVLFKQRFKPDOVYRQGHQEHLGHQ0lQQHUQ'U7RGVJHQDXH %HVFKUHLEXQJJHEHQ ª:LHLFKHVPLUVFKRQJHGDFKWKDEH%LOO'DVYHUEUDQQWH *HVLFKW'U7RGPXGLUHNWDXVGHP6DUJJHNRPPHQVHLQ© ª(LQHJUDXHQKDIWH9RUVWHOOXQJ©HUZLGHUWHGHU5HSRUWHU'DQQ IUDJWHHUª8QGZDVPDFKHQZLUMHW]W"© ª'XJDUQLFKWV:LUZHUGHQ]XUFNJHKHQXQGLFKPDFKHPLFK DOOHLQDXIGLH6XFKHQDFK'U7RG© ª-RKQGDV© ª.RPPHU]lKOQLFKWV(VZLUGVRJHPDFKWXQGGDPLWIHUWLJ© -RKQZDQGWHVLFKDQGLHEHLGHQ'LHQHU ª.PPHUQ6LHVLFKELWWHXPGLH7RWHQ(VZLUGPRUJHQDOOHVLQ 2UGQXQJNRPPHQ© ª)DOOVHVHLQ0RUJHQJLEW©IJWHGHU.RFKKLQ]X -RKQ6LQFODLUHUZLGHUWHQLFKWV(UNRQQWHGHP0DQQGLHVHQ 3HVVLPLVPXVQRFKQLFKWHLQPDOEHOQHKPHQ 'HUDOWH7XUP 'URKHQGXQGGVWHUZLUNWHHUHLQ0DKQPDODXVHLQHUEOXWLJHQ 9HUJDQJHQKHLW 8Q]lKOLJH/HJHQGHQUDQNWHQVLFKXPGDV*HPlXHU(VJLQJGLH 6DJHXPGDPDQLQPRQGKHOOHQ1lFKWHQQRFKGDV6FKUHLHQGHU *HIROWHUWHQK|UHQN|QQH1LHPDQGKDWWHVLFKLQGHQ7XUPKLQ HLQJHWUDXW(LQHUGHUHVPDOJHZDJWKDWWHZDUJDUQLFKWELVLQGLH
6SLW]HJHODQJW(UZDUYRUKHUDXVJHUXWVFKWXQGKDWWHVLFKDXIGHU VWHLOHQ:HQGHOWUHSSHGDV*HQLFNJHEURFKHQ 8QGDXVJHUHFKQHWGLHVHQ*HLVWHUWXUPKDWWHVLFK'U7RGDOV +DXSWTXDUWLHUDXVJHVXFKW 'HU&RXQWRI'DUZRRGKDWWHQDFKGHPW|GOLFKHQ8QIDOOGDV 7RUGXUFKHLQVFKZHUHV6FKORVLFKHUQODVVHQ(VKDWWHLP/DXIH GHU=HLW5RVWDQJHVHW]WXQG'U7RGNHLQHQJURHQ:LGHUVWDQG JHERWHQ -HW]WVFKZDQJGDVVFKZHUH+RO]WRUNQDUUHQGLQGHQYHUURVWHWHQ $QJHOQ 'HU7XUPZDUDXVGLFNHQ4XDGHUQJHEDXW,QGHQ0DXHUULW]HQ ZXFKHUWH0RRVXQG9|JHOKDWWHQGRUWLKUH1HVWHUJHEDXW $XFKLQGLHVHU1DFKWJRHLQVLOEULJHU9ROOPRQGZLHGHUVHLQ /LFKWDXIGDVDOWH*HPlXHUXQGZHFNWHGLH*HLVWHUGHU'DKLQ JHVFKLHGHQHQ 9LHU0HQVFKHQJLQJHQLQJHUDGHU/LQLHDXIGHQDOWHQ7XUP]X (VZDU'U7RGPLWVHLQHQGUHL*HLVHOQ 'LH*HIDQJHQHQZDJWHQNHLQHQ:LGHUVWDQG=XWLHIVDQRFK GHU6FKUHFNHQGHUYHUJDQJHQHQ0LQXWHQLQLKQHQ'HU6FKRFN KDWWHLKUHQ:LOOHQDXVJHVFKDOWHW 1DGLQH%HUJHUNRQQWHGLH7UlQHQQLFKWPHKUXQWHUGUFNHQ6LH KDWWHGLH+lQGHYRUGDV*HVLFKWJHVFKODJHQXQGVWROSHUWHGXUFK GLH1DFKW 0LNH&DOODKDQGHU5HJLVVHXUZDUEOHLFKZLHHLQH/HLQZDQG (UKDWWHGLH=lKQH]XVDPPHQJHSUHWXQGQXUHLQHQ*HGDQNHQ GDQLFKWJHUDGHHUDOVHUVWHUDQGLH5HLKHNRPPHQZUGH 5RVV7D\ORUJLQJHVXPNHLQHQ'HXWEHVVHU'HU/HLQZDQG 6FK|QOLQJ]LWWHUWHDPJHVDPWHQ.|USHU0DQFKPDONRQQWHPDQ VRJDUGDV.ODSSHUQVHLQHU=lKQHK|UHQ 'U7RGJLQJKLQWHUGHQGUHLHQKHU,PXQJHZLVVHQ0RQGOLFKW VDKHUQRFKJUlOLFKHUDXVDOVEHLQRUPDOHP/LFKW(VZDUHLQH +RUURUJHVWDOWGLHLQGLHVHV%LOGSDWH'HU7HXIHOVHOEVWVFKLHQ KLHU5HJLH]XIKUHQ 6LHKDWWHQHWZDGLH+lOIWHGHV:HJHVKLQWHUVLFKJHEUDFKWDOV GLH6FKVVHILHOHQ*HGlPSIWNODQJHQVLHKHUEHU 'U7RGEOLHEVWHKHQ$XFKGLHDQGHUHQYHUKDUUWHQ)UHLQHQ
ZLQ]LJHQ$XJHQEOLFNVSLHJHOWHVLFK+RIIQXQJDXILKUHQ *HVLFKWHUQZLGHU'LH+RIIQXQJDXIHLQHQ0DQQQDPHQV-RKQ 6LQFODLUGHUVLHDXVGLHVHUVFKUHFNOLFKHQ/DJHEHIUHLHQNRQQWH 'RFKQXU0LQXWHQVSlWHU]HUSODW]WHGHU)XQNHZLHHLQH 6HLIHQEODVH ,P0LWWHOWUDNWGHV6FKORVVHVZXUGHHLQH7UDXIJHULVVHQXQG HLQ0DQQLQGHU.OHLGXQJHLQHV%HGLHQVWHWHQVWUPWHKHUDXV(U EOLHEHLQPDONXU]VWHKHQZDUIHLQHQ%OLFN]XUFNOLHIGDQQZHL WHUXQGHQWGHFNWHGLHNOHLQH0HQVFKHQJUXSSH 6WDPSIHQGUDQQWHHUDXIVLH]X 6HLQ$WHPJLQJVFKQHOOXQGNHXFKHQGDOVHUYRU'U7RG VWHKHQEOLHE ª:DVLVWJHVFKHKHQ3HQGHU"©EODIIWHGHU0HQVFKHQKDVVHUGHQ 0DQQDQ 3HQGHUVWHFNWHVHLQH3LVWROHZLHGHUHLQXQGUDQJQDFK/XIW 'DQQEHULFKWHWHHUVWRFNHQGYRQGHU$XVHLQDQGHUVHW]XQJ ª8QG"©IUDJWH'U7RGJHIlKUOLFKOHLVH ª,FKLFKJODXEHGLHVHU6LQFODLUOHEWQLFKWPHKU© 'U7RGEOLHEEHUUDVFKHQGUXKLJ(UHUOLWWNHLQHQ7REVXFKWV DQIDOOXQGZXUGHDXFKQLFKWZWHQG5HLQlXHUOLFK]HLJWHHUJDU NHLQH5HDNWLRQ (UVDJWHQXUª:HQQ-RKQ6LQFODLUWDWVlFKOLFKVFKRQWRWLVW ZHUGHLFKPLWGLUDEUHFKQHQ©0HKUQLFKW 3HQGHUZDQNWH]XUFNª$EHULFKVROOWHGRFK© ª'XVROOWHVWJDUQLFKWV1XU]XVHKHQGDGLHEHLGHQDQGHUHQ DXVGHP:HJJHVFKDIIWZHUGHQ$EHUGDVLVWGLUMDDQVFKHLQHQG DXFKQLFKWJHOXQJHQ,FKKRIIHQXULQGHLQHP,QWHUHVVHGD 6LQFODLUQRFKDP/HEHQLVW© 0LNH&DOODKDQIDWHVLFKHLQ+HU]ª:HQQGLHVHU,QVSHNWRUWRW LVWZDVJHVFKLHKWGDQQPLWXQV"%ULQJHQ6LHXQVZLUNOLFKXP"© 'U7RGV*HVLFKWYHU]RJVLFKª,FKZHLHVQRFKQLFKW(VLVW GXUFKDXVP|JOLFK,FKZHUGHDEHUYRUKHUQRFKQHXH3OlQH PDFKHQPVVHQ© 'HU0HQVFKHQKDVVHUZDQGWHVLFKZLHGHUDQ'RXJ3HQGHU ª*HK]XGHQDQGHUHQ*lVWHQXQGZDUWHGRUWDXI-RKQ6LQFODLU(U VROOLQGHQ7XUPNRPPHQ(LQ7HLOGHU)ULVWLVWVFKRQDEJHODXIHQ
8QGZHQQHUOHEWXQGQLFKWNRPPWZHUGHLFKGLHHUVWH*HLVHO EHUGLH%UVWXQJZHUIHQ© 'RXJ3HQGHUQLFNWHHLIULJª,FKNDQQMDQRFKPDOQDFKVHKHQ© VDJWHHU ª'DVEHUODVVHLFKGLU© 'RXJ3HQGHUYHUVFKZDQGPLWVFKQHOOHQ6FKULWWHQ ª8QGZLUJHKHQZHLWHU©KHUUVFKWH'U7RGGLHGUHL*HLVHOQDQ $XVGHU)HUQHJOLFKGHU7XUPHLQHUVFKPDOHQ5|KUHlKQOLFK ZLHHLQ6FKRUQVWHLQ'RFKMHQlKHUPDQNDPXPVRZXFKWLJHU XQGGURKHQGHUUDJWHGDV0DXHUZHUNLQGHQ+LPPHO 'HU(LQJDQJGHV7XUPVJlKQWHLQGHUPRQGKHOOHQ1DFKWZLH HLQGXQNOHUDOOHVYHUVFKOLQJHQGHU6FKOXQG 1DGLQH%HUJHU]|JHUWHZHLWHU]XJHKHQGRFK'U7RGVEUXWDOHU 6WRLQGHQ5FNHQWULHEVLHZLHGHUYRUDQ 0LNH&DOODKDQEHWUDWDOVHUVWHUGHQ7XUP(LQ$QJVWVFKDXHUOLHI EHUVHLQHQ5FNHQDOVGLH'XQNHOKHLWLKQYHUVFKOXFNWH(U SUHWHVHLQH)LQJHUQlJHOLQGLH+DQGEDOOHQXQGVSUWHDQGHP 6FKPHU]GDHVNHLQ$OSWUDXPZDUGHQHUHUOHEWHVRQGHUQ EUXWDOH:LUNOLFKNHLW &DOODKDQEOLHEVWHKHQVRGD1DGLQH%HUJHUIDVWDXILKQ JHSUDOOWZlUH 'LH6FKDXVSLHOHULQVWLHHLQHQ6FKUHLDXVJLQJHLQSDDU6FKULWWH ]XU6HLWHXQGJULIILQHWZDV*OLWVFKLJHV 1DGLQH]XFNWH]XUFN1XUPKVDPXQWHUGUFNWHVLHLKUHQ (NHO(VZDULQGHU'XQNHOKHLWQLFKW]XHUNHQQHQLQZDVVLH JHIDWKDWWH (LQ)HXHU]HXJNOLFNWH 5RVV7D\ORUKLHOWHVLQGHU+DQG'LH)ODPPH]LWWHUWHPLW VHLQHQ)LQJHUQXPGLH:HWWH 'U7RGV.UDOOHQKDQGWDXFKWHDXI=ZLVFKHQGHQ)LQJHUQKLHOW HUHLQH3HFKIDFNHO 6HNXQGHQVSlWHUKDWWHQVLH/LFKW 'LHHUVWHQ6WXIHQHLQHUVFKPDOHQ:HQGHOWUHSSHZXUGHQDXV GHU'XQNHOKHLWJHULVVHQ'LH7UHSSHZDUVWHLO6LH]RJVLFKLQ HQJHQ.HKUHQXPHLQHVWHLQHUQH6lXOHQDFKREHQ ª'LH7UHSSHKRFK©EHIDKO'U7RG
'LHVPDOPDFKWH1DGLQHGHQ$QIDQJ6LHWUXJHLQODQJHV.OHLG ZDVGDV6WHLJHQQRFKVFKZLHULJHUPDFKWH(LQ*HOlQGHUJDEHV DXFK'RFKHVZDUDOWXQGYHUURVWHW 1DGLQHIDWHPLWGHUOLQNHQ+DQGQDFKGHP+DQGODXIXQG UDIIWHPLWGHUUHFKWHQLKU.OHLGKRFK 'U7RGGHUOHW]WHLQGHU5HLKHKLHOWGLH3HFKIDFNHO'LH 6FKDWWHQ]XFNWHQEHUGLHGLFNHQ:lQGH)OHGHUPlXVHZXUGHQ DXIJHVFKUHFNWXQGIORJHQGLFKWEHUGLH.|SIHGHU0HQVFKHQ KLQZHJ ,PPHUK|KHUJLQJHV 0DQFKPDOZDUHLQ5DXQHQXQG6W|KQHQ]XK|UHQGDVJUDXHQ HUUHJHQGNODQJXQGDXVGHU+|OOHVHOEVW]XNRPPHQVFKLHQ ª'DVVLQGGLH*HLVWHUGHU*HTXlOWHQ©VDJWH'U7RGXQGVWLH HLQKHLVHUHV/DFKHQDXVª:LUEHILQGHQXQVLQEHVWHU*HVHOOVFKDIW 9LHOOHLFKWZHUGHLFKHXFKVHOEVWHLQPDOPLWQHKPHQLQGLH 'LPHQVLRQHQGHV:DKQVLQQVZRGHU6FKUHFNHQXQGGDV*UDXHQ UHJLHUHQ(VLVWHLQ/DQGGDVQRFKQLHGHU)XHLQHV6WHUEOLFKHQ EHWUHWHQKDW,KUZHUGHWGLHHUVWHQVHLQGLHHVVHKHQXQGHVDXFK QLHYHUJHVVHQN|QQHQ,KUZHUGHWIULPPHUJH]HLFKQHWVHLQYRQ GHU+DQGGHV6DWDQV© 'U7RGUHGHWHZHLWHU(UVWHLJHUWHVLFKLQHLQH(NVWDVHKLQHLQ ZLHHUVLHVHOWHQHUOHEWKDWWH0DFKWUDXVFKKDWWHLKQJHSDFNW(U GHUOHEHQGH7RWHKDWWH0DFKWEHUGLH0HQVFKHQ1LHPDQG NRQQWHLKQMHW]WQRFKEHVLHJHQ -HPDQGGHUVFKRQWRWZDUNRQQWHQLFKWPHKUVWHUEHQ $XFKHLQ-RKQ6LQFODLUZUGHPDFKWORVVHLQ ,PPHUK|KHUJLQJHVKLQDXI5RVV7D\ORUZDUGHUHUVWHGHU ]XVDPPHQEUDFK(UILHODXI+lQGHXQG.QLHXQGEOLHEHLQIDFK DXIGHQ6WXIHQKRFNHQ 'LHDQGHUHQVWRSSWHQ 'U7RGWUDWYRU(UEFNWHVLFKXQGNUDOOWHVHLQHIUHLH+DQGLQ 7D\ORUV6FKXOWHU ª6WHKDXIRGHULFKZHUGHGHLQH.OHLGXQJDQ]QGHQGDGXDOV OHEHQGH)DFNHOGLH7UHSSHKLQXQWHUVWU]W© 5RVV7D\ORUGUDQJHQGLH:RUWHZLH6WURPVW|HLQV*HKLUQ(U KHXOWHDXIYRU$QJVWXQG*UDXHQ
ª1XQ":LUG VEDOG"©'LH)DFNHOQlKHUWHVLFKEHUHLWV7D\ORUV +DDUHQ'HU6FKDXVSLHOHUVSUWHGLHVHQJHQGH+LW]HXQGJDEDXI 0KVDPTXlOWHHUVLFKKRFK(UVFKQDSSWHQDFK/XIWXQGVHLQ *HVLFKWZDUVFKZHLQD 'HQDQGHUHQEHLGHQJLQJHVQLFKWEHVVHU&DOODKDQKDWWHVHLQH +lQGHDXIGLH%UXVWJHSUHW(UVDKDXVZLHMHPDQGGHUNXU]YRU VHLQHP+HU]LQIDUNWVWHKW 1DGLQHKDWWHVLFKDQGHU0DXHUDEJHVWW]W$XFKVLHZDUHU VFK|SIWXQGGLFKWYRUGHP=XVWDQGZRHLQHPDOOHVHJDOZLUG ª:HLWHU©KHUUVFKWH'U7RGVHLQH*HIDQJHQHQDQ 6LHTXl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lUPHO]XUFNXQGEOLFNWHDXIGDV =LIIHUEODWWGHU8KU ª(UKDWQLFKWPHKUYLHO=HLWGHUOLHEH,QVSHNWRU'LH+lOIWHGHU )ULVWLVWYRUEHL© ª8QGZHQQHUWRWLVW"©ZDUI&DOODKDQHLQ 'U7RGODFKWH,KPZDUGLH$QVWUHQJXQJQLFKWDQ]XPHUNHQ ª-RKQ6LQFODLULVWQLFKWWRW,FKVSUHVRHWZDV8QGHUZLUG NRPPHQ*ODXEWPLU© ª:DVJHVFKLHKWGDQQ"©IUDJWHGHU5HJLVVHXUGHU0KHKDWWH VHLQHQ$WHPXQWHU.RQWUROOH]XEHNRPPHQ ª,FKZHUGHLKQW|WHQ©DQWZRUWHWH'U7RGª(QGJOWLJ©
&DOODKDQVWRFNWHEHYRUHUGLHQlFKVWH)UDJHDXVVSUDFKª:DV JHVFKLHKWPLWXQV"© 'U7RGODFKWHEOHFKHUQª'HU6DWDQZDUWHWDXIQHXH2SIHU© 'LHGUHL*HLVHOQKLHOWHQGHQ$WHPDQ 8QGDOVZlUHQGLHOHW]WHQ:RUWHGHV0HQVFKHQKDVVHUVHLQ 6LJQDOIU5RVV7D\ORUJHZHVHQVFKOLFKHU]XU6HLWH $XI=HKHQVSLW]HQQlKHUWHHUVLFKGHU)DFNHO 'U7RGZDQGWHLKPGHQ5FNHQ]X 7D\ORUELGLH=lKQH]XVDPPHQ(UNDPVLFKSO|W]OLFKXQVDJ EDUYHUORUHQYRU1RFKQLHLQVHLQHP/HEHQKDWWHHUYRUVROFK HLQHU(QWVFKHLGXQJJHVWDQGHQ 7D\ORUV)LQJHUXPNODPPHUWHQGHQ*ULIIGHU)DFNHO(LQ5XFN XQGVLHJOLWWDXVGHU+DOWHUXQJ 9RUKLQZROOWH'U7RGLKQYHUEUHQQHQ-HW]WZDUHUDQGHU5HLKH 5RVV7D\ORUKREGHQ$UPPLWGHU)DFNHOXPVLH'U7RGLQGHQ 5FNHQ]XVFKPHWWHUQ 'RXJ3HQGHUKXVFKWHGXUFKGHQ6FKORSDUN:LHHLQ6FKDWWHQ VSUDQJHUYRQ%XVFK]X%XVFK+LQWHUHLQHP%DXPJLQJHU VFKOLHOLFKLQ'HFNXQJ (UKDWWHNDXPHLQH0LQXWHGRUWYHUKDUUWDOVDXVGHP 0LWWHOWUDNWGHV6FKORVVHVGUHL*HVWDOWHQWUDWHQ 3HQGHUWULXPSKLHUWH-RKQ6LQFODLUOHEWHQRFK(UOHEWHXPYRQ 'U7RGJUDXVDPKLQJHULFKWHW]XZHUGHQ 3HQGHUOHFNWHVLFKGLHWURFNHQHQ/LSSHQYHUOLHVHLQH'HFNXQJ XQGUDQQWH]XGHQ6lOHQKLQEHUZRGLH*lVWHYHUVDPPHOW ZDUHQ (UZROOWH-RKQ6LQFODLU'U7RGV1DFKULFKWSHUV|QOLFKEHUEULQ JHQ2EZRKOGHU7RWHQJUlEHU'RXJ3HQGHUGLHVHQ0DQQQLFKW NDQQWHKDWHHULKQELVDXIV%OXW (VKDWWHVLFKZLHGHUHLQPDOEHZDKUKHLWHW'U7RGPDFKWHDXV QRUPDOHQ0HQVFKHQ0DULRQHWWHQ -RKQ6LQFODLUPXWHVHLQHQ)UHXQGVWW]HQDOVVLHGHQ 0LWWHOWUDNWGHV6FKORVVHVYHUOLHHQ'LH9HUOHW]XQJPDFKWH%LOO &RQROO\GRFKPHKU]XVFKDIIHQDOVHU]XJHEHQZROOWH
'HUSURYLVRULVFKH9HUEDQGZDUEOXWGXUFKWUlQNWXQG%LOOKDWWH GDV*HIKOEHUKDXSWNHLQHQ$UPPHKU]XEHVLW]HQ 'HU.RFKKDWWHVHLQHQ6FKUHFNEHUZXQGHQ7URW]GHPVFKDXWH HUVLFKLPPHUYRUVLFKWLJXPDOVHUZDUWHHUMHGHQ0RPHQWHLQH QHXH+RUURUJHVWDOWDXVGHP'XQNHOGHV6FKORSDUNVDXIWDXFKHQ ]XVHKHQ 'LH0lQQHUKDWWHQGLH7UHSSHKLQWHUVLFKJHODVVHQXQGEHWUDWHQ HLQHQJHKDUNWHQ.LHVZHJ ª+LPPHO-RKQLFKELQGRFKNHLQ%DE\©NQXUUWH%LOOª,FKNDQQ DOOHLQJHKHQ© ª5HGNHLQ%OHFK©JDEGHU,QVSHNWRU]XUFNXQG]RJVHLQHQ )UHXQGZHLWHU %LOOIJWHVLFKPXUUHQG hEHUGHP3DUNODJHLQHVHOWVDPH6WLOOH6LHZDULUJHQGZLHJUHLI EDUHUGUFNHQG.HLQ/XIWKDXFKUHJWHVLFK(VVFKLHQDOVKDOWH GLH1DWXUGHQ$WHPDQ 'HU.LHVNQLUVFKWHXQWHUGHQ6RKOHQGHU0lQQHU-RKQYHU VXFKWHGLH'XQNHOKHLWPLWVHLQHQ%OLFNHQ]XGXUFKERKUHQ ,UJHQGZRLQGLHVHU6FKZlU]HODXHUWH'U7RG :HQQGHU,QVSHNWRUGHQ.RSIZDQGWHNRQQWHHU]XP:HVW IOJHOGHV6FKORVVHVVHKHQ+LHUKDWWHGLH3DUW\VWDWWJHIXQGHQ (LQ)HVWGDVHLQHQJUDXHQYROOHQEOXWLJHQ$EVFKOXJHIXQGHQ KDWWHXQGGDVXQWHU8PVWlQGHQQRFKJDUQLFKWEHHQGHWZDU /LFKWEDKQHQILHOHQDXVGHQ)HQVWHUQ'LH/DPSLRQNHWWHLP *DUWHQOHXFKWHWHZLHGHUIDUEHQIURKGRFKQLHPDQGOLHVLFKGRUW GUDXHQEOLFNHQ(VJDENHLQH0XVLNNHLQ*HOlFKWHUQLFKWV 8QVLFKWEDUKLQJGLH'URKXQJGHV'U7RGEHUGHP6FKORXQG GHP3DUN 'HU.RFKOLHIHLQSDDU6FKULWWHYRUXQGZDUGDQQPLW-RKQDXI JOHLFKHU+|KH ª6LHEUDXFKHQPLFKQLFKWPHKU,QVSHNWRU"© ª1HLQ© 'HU.RFKOlFKHOWHGDQNEDUª,FKZHUGHGDQQZLHGHU]XUFNLQ GLH.FKHJHKHQ6ROOWHQRFKHWZDVVHLQ6LHZLVVHQZR6LHPLFK HUUHLFKHQN|QQHQ© ª6FKRQJXW©
'HU.RFKHQWIHUQWHVLFKPLWVFKQHOOHQ6FKULWWHQ(UKDWWHHV HLOLJGHU'XQNHOKHLWGHV3DUNV]XHQWIOLHKHQ-RKQNRQQWHGHQ 0DQQJXWYHUVWHKHQ 'HU,QVSHNWRUGUHKWHGHQ.RSIXQGEOLFNWHVHLQHQ)UHXQGDQ %LOOV*HVLFKWZDUVFKZHLQD'HU5HSRUWHUKDWWHGHQ0XQGKDOE JH|IIQHW3IHLIHQGGUDQJGHU$WHP]ZLVFKHQVHLQHQ/LSSHQKHU YRU6HOEVWGDV*HKHQEHUHLWHWH%LOO6FKZLHULJNHLWHQ(UZXUGH YRQ-RKQPHKUPLWJHVFKOHLIW ª*OHLFKKDVWGX VEHUVWDQGHQ©VDJWHGHU,QVSHNWRU %LOOYHU]RJGDV*HVLFKW]XHLQHP/lFKHOQGRFKHVZXUGHQXU HLQH*ULPDVVH 6LHEHWUDWHQGDV6FKORZLHGHUGXUFKHLQHQ6HLWHQHLQJDQJ hEHUDOOEUDQQWHQGLH/LFKWHU'LHJOHLHQGH+HOOLJNHLWGHU/VWHU EOHQGHWH-RKQXQG%LOOIUHLQLJH$XJHQEOLFNH (LQ0DQQNDPLKQHQHQWJHJHQ(UVWXW]WHIUHLQHQ0RPHQW PDFKWHGDQQDXIGHP$EVDW]NHKUWXQGUDQQWHVFKUHLHQGGDYRQ ª'HU,QVSHNWRUYRQ6FRWODQG
$Q6WHOOHHLQHU$QWZRUWIDWH-LP%DOODUGGHQ,QVSHNWRUDP bUPHOXQG]RJ-RKQ]XGHPNOHLQHQ3RGLXP$QNODJHQG GHXWHWHGHU.DPHUDPDQQDXIGLH/HLFKHGHV6FKDXVSLHOHUV ª6HLQ:HUN©VDJWH%DOODUGXQGVHLQH6WLPPHNODQJKHLVHUª(U KDWHLQ([HPSHOVWDWXLHUWDOV:DUQXQJIUDOOHDQGHUHQKLHU© 'LH3DUW\JlVWHKDWWHQHLQHQ.UHLVXPGLHEHLGHQ0lQQHUJH ELOGHW-HGHUZDUEHJLHULJGDUDXI]XHUIDKUHQZLH-RKQVLFKYHU KDOWHQZUGH 'HU,QVSHNWRUSUHWHGLH=lKQH]XVDPPHQ-DGDVZDUHLQ GHXWLJ'U7RGV:HUN8QG-RKQVSUWHGDGLHVHU6DWDQGLHVPDO GLH(QWVFKHLGXQJZROOWH ª(U]lKOHQ6LH©EDW-RKQGHQ.DPHUDPDQQ 8QG%DOODUGEHULFKWHWH(UIRUPXOLHUWHNXU]XQGSUl]LVH=XP 6FKOXZLHGHUKROWHHUQRFKHLQPDO'U7RGV%HGLQJXQJHQ -RKQ6LQFODLUQLFNWH -LP%DOODUGVDKGHQ,QVSHNWRUIUDJHQGXQGlQJVWOLFK]XJOHLFK DQª:HUGHQ6LHDXIGLHVH%HGLQJXQJHQHLQJHKHQ"©IUDJWHHUPLW OHLVHU6WLPPH -RKQOLHVHLQHQ%OLFNLQGLH5XQGHVFKZHLIHQ'LHVH0HQVFKHQ VSUWHQVHLQHQ%OLFNXQG-RKQODVLQGHQ$XJHQZHOFKHV9HU WUDXHQGLH/HXWHLQLKQVHW]WHQ ª(LQH6WXQGHVDJWHQ6LH"© %DOODUGQLFNWH ª'DQQZLUGHV=HLWGDLFKPLFKDXIGHQ:HJPDFKH© (LQK|UEDUHV$XIDWPHQJLQJGXUFKGLH5HLKHGHU*lVWH*H UDXQHNODQJDXIHUO|VHQGXQGGRFKVFKZHEWHEHUDOOHPGLH EDQJH)UDJH:LUGHUHVVFKDIIHQ" ª,FKZQVFKH,KQHQYLHO*OFN,QVSHNWRU©VDJWH-LP%DOODUG XQGGUFNWH-RKQGLH+DQG ª'DQNHLFKNDQQHVEUDXFKHQ© 'HU,QVSHNWRUKDWWHGDVOHW]WH:RUWQRFKQLFKWJDQ]DXVJH VSURFKHQDOVHU%LOO&RQROO\V6FKUHLK|UWH ª-RKQ'DLVWGHU.HUOYRQYRUKLQ© 'HU,QVSHNWRUUDQQWHORV'LHDQGHUHQ0HQVFKHQUHDJLHUWHQ QLFKWVRVFKQHOO-RKQZDUJH]ZXQJHQVLFKUFNVLFKWVORVHLQH *DVVH]XEDKQHQ
$EHUDXFK'RXJ3HQGHUKDWWHQLFKWVRIRUWUHDJLHUW)ULKQZDU %LOOV(QWGHFNXQJHEHQIDOOVY|OOLJEHUUDVFKHQGJHNRPPHQ :HUWYROOH=HLWYHUJLQJ3HQGHUVWDQGDXIGHUEUHLWHQ7U VFKZHOOH+LQWHULKPEHJDQQHLQ*DQJDQGHQVLFKHLQH7UHSSH LQGLHREHUHQ*HVFKRVVHDQVFKOR 3HQGHUUDQQWHORV'HU7RWHQJUlEHUGHU'U7RGV8OWLPDWXP HUVWGHP,QVSHNWRUSHUV|QOLFKEHUEULQJHQZROOWHEHNDPHVQXQ PLWGHU$QJVW]XWXQ(UUDQQWHZHJ 3HQGHUZDUIDVWGRSSHOWVRDOWZLHGHU,QVSHNWRU(UKDWWH-RKQ QLFKWVHQWJHJHQ]XVHW]HQ $XIGHU]ZHLWHQ7UHSSHQVWXIHKROWH-RKQLKQHLQ 8QWHU6LQFODLUV*ULIIIORJ3HQGHU]XUFN.UDFKHQGODQGHWHHU DXIGHP%RGHQ -RKQSDFNWHEOLW]VFKQHOOHLQHQ$UPGHV7RWHQJUlEHUVXQG]RJ GHQ0DQQZLHGHUKRFK(LVHUQKLHOWHULKQIHVW 0LWWOHUZHLOHZDUGHU9HUELQGXQJVJDQJPLW1HXJLHULJHQYHU VWRSIW-RKQNPPHUWHVLFKQLFKWGDUXP:DVHUPLW3HQGHUDXV ]XPDFKHQKDWWHZDUNHLQH*HKHLPVDFKH ª6RPHLQ)UHXQG©VDJWHGHU,QVSHNWRUªMHW]WZHUGHQZLUEHLGH XQVPDOXQWHUKDOWHQ© 3HQGHUKDWWHLQ]ZLVFKHQVHLQH)DVVXQJZLHGHUJHIXQGHQ(U JULQVWH-RKQIUHFKLQV*HVLFKW ª:ROOHQ6LHPLFKDENQDOOHQ"©K|KQWHHUª'DUEHUZLUG'U7RG GDQQDEHUQLFKWJHUDGHEHJHLVWHUWVHLQ© ª:HUVSULFKWGHQQYRQDENQDOOHQ"©HUZLGHUWH-RKQª1HLQLFK KDEHDQGHUH0HWKRGHQ© 'HU7RWHQJUlEHU]XFNWH]XVDPPHQ(UGDFKWHDQ)ROWHUXQJ RGHUQRFKHWZDV6FKOLPPHUHV ª:HVKDOEZROOWHQ6LHPHLQHQ)UHXQGXQGPLFKHUVFKLHHQ"© ª'DVNDQQ,KQHQMD'U7RGEHDQWZRUWHQ© ª,FKKDEHDEHU6LHJHIUDJW© 3HQGHUZDQGWHGHQ.RSI9HUlFKWOLFKEOLFNWHHUGLH3DUW\JlVWH DQª6WHOOWHXFKQXUQLFKWDXIVHLQH6HLWH©]LVFKWHHUª,QVSHNWRU 6LQFODLUZLUGEDOGWRWVHLQ*HJHQ'U7RGNRPPWQLHPDQGDQ© -RKQ6LQFODLUPDFKWHNXU]HQ3UR]H(U]RJ3HQGHU]XU6HLWH XQGVWLHLKQGDQQLQ5LFKWXQJ$XVJDQJ
'HU7RWHQJUlEHUSURWHVWLHUWHGRFK-RKQVKDUWHU*ULIIZDUEHU ]HXJHQGJHQXJ ª'UHL*HLVHOQKDW'U7RGQLFKWZDKU"©IUDJWH-RKQJHSUHW ª1XQJXWLFKKDEHHLQH© ª6LHZROOHQGRFKQLFKW6LH© ª:DVGDFKWHQ6LHGHQQ"*ODXEHQ6LHLFKKlWWHPLWHLQHP0DQQ 0LWOHLGGHUPLFKHUPRUGHQZROOWH"© 0LWHLQHPVFKQHOOHQ*ULIIVHLQHUIUHLHQ+DQG]RJ-RKQGHP 7RWHQJUlEHUGLH:DIIHDXVGHP+RVHQEXQGXQGVWHFNWHVLHVHOEVW HLQª%HZHLVVWFN1XPPHUHLQV© 3HQGHUEOLHEVWHKHQ(UHUNDQQWHGDLKPGLH)HOOHZHJ VFKZDPPHQ (UKDWWHGHQ,QVSHNWRUXQWHUVFKlW]W8QGGDVLQMHGHU+LQVLFKW 'LHVHU0DQQZDUQLFKWVRRKQHZHLWHUHVDXVGHP6SLHO]X EOXIIHQ -RKQKDWWHQRFK]ZDQ]LJ0LQXWHQ=HLWXPGDV/HEHQGHUGUHL *HIDQJHQHQ]XUHWWHQ =ZDQ]LJMlPPHUOLFKH0LQXWHQ 'HU,QVSHNWRUKLHOW3HQGHUHLVHUQIHVWZlKUHQGHUPLWLKP GXUFKGHQ3DUNJLQJXQGVLHVLFKGHPDOWHQ7XUPQlKHUWHQ 8QGGLH=HLWYHUUDQQ 'DQQKDWWHQVLHGHQ7XUPHUUHLFKW'LH7UXQWHQVWDQGRIIHQ 'XQNHOJlKQWHGHU(LQJDQJ ª$QGHU:DQGKlQJHQ3HFKIDFNHOQ©VDJWHGHU7RWHQJUlEHU ª+ROHQ6LHHLQH© -RKQV$XJHQKDWWHQVLFKLQ]ZLVFKHQDQGLH'XQNHOKHLW JHZ|KQW(UNRQQWHGLH8PULVVHHUNHQQHQ 'HU,QVSHNWRUOLH'RXJ3HQGHUORV,QVWLQNWLYUHFKQHWH-RKQ QRFKLPPHUPLWHLQHP$QJULIIXQGZLHJXWHUGDUDQWDWPHUNWH HUGUHL6HNXQGHQVSlWHU $XVGHP6WDQGNUHLVHOWH3HQGHUKHUXP(UZROOWH-RKQ6LQFODLU GLHJHEDOOWH)DXVWLQV*HVLFKWVFKODJHQ 'HU,QVSHNWRUGXFNWHDEOLH3HQGHUOHHUODXIHQXQGNRQWHUWH PLW]ZHLEOLW]VFKQHOOHQ*HUDGHQ6LHWULHEHQGHP7RWHQJUlEHUGLH /XIWDXVGHU/XQJH(LQNQDOOKDUWHU.DUDWHVFKODJVFKLFNWH3HQGHU HQGJOWLJLQV5HLFKGHU7UlXPH
ª,GLRW©VDJWH-RKQ(UKROWHVLFKHLQH)DFNHO]QGHWHVLHDQ XQGEHJDQQGLH7UHSSHKRFK]XVWHLJHQ (VZDUHLQH0RUGVDUEHLW'LH$QVWUHQJXQJWULHE-RKQ6LQFODLU GHQ6FKZHLDXIGLH6WLUQ 8QHUELWWOLFKUFNWHGHU0LQXWHQ]HLJHUZHLWHU -RKQJLQJVFKQHOOHU 1RFKIQI0LQXWHQ 9HUELVVHQQDKP-RKQ6WXIHIU6WXIH=ZHLPDOVWROSHUWHHUXQG VWLHVLFKVFKPHU]KDIWGDV6FKLHQEHLQ 'DQQZDUGLH=HLWXP -RKQ6LQFODLUKDWWHHUVWGUHL9LHUWHOGHV:HJHVJHVFKDIIW -HW]WZUGHGLHHUVWH*HLVHOVWHUEHQ 'HU,QVSHNWRUQDKPDOOHQ0XW]XVDPPHQ(UOHJWHGLH)DFNHO DXIHLQH6WXIHXQGIRUPWHVHLQH+lQGHYRUGHP0XQG]XHLQHP 7ULFKWHU ª'U7RG©KDOOWHVHLQH6WLPPH 7RG7RG 6FKDXULJNODQJGDV(FKRGXUFKGLHXUDOWHQ0DXHUQ (LQJHOOHQGHV*HOlFKWHUZDUGLH$QWZRUWª.RPPQXUKHU-RKQ 6LQFODLU©GU|KQWHGLH6WLPPHGHV0HQVFKHQKDVVHUVª,FKKDEH HLQHhEHUUDVFKXQJIUGLFK'LHHUVWH*HLVHOKDKDKD© 'DV7XUP]LPPHUZDUYROOHU*HUPSHO+RO]ODWWHQODJHQEHU HLQDQGHUJHWUPWDP%RGHQEHGHFNWPLW6WDXEXQG6SLQQZHEHQ ,QGHU(FNHVWDQGHLQHYRP+RO]ZXUP]HUQDJWH.RPPRGHXQG DQGHU6WLUQVHLWHGHV5DXPHVHLQKRKHV]HUIDOOHQHV%HWW (LQHGHUPRUVFKHQ+RO]ODWWHQZXUGH5RVV7D\ORU]XP 9HUKlQJQLV(UKDWWHVLFKVRLQVHLQHQ0RUGZLOOHQJHVWHLJHUWGD HUVLHHLQIDFKEHUVDK6HLQHUHFKWH)XVSLW]HSUDOOWHGDJHJHQ 'LH+RO]ODWWHVFKOHLIWHHLQ6WFNEHUGHQ%RGHQ 'DV*HUlXVFKUL'U7RGKHUXP(UUHDJLHUWHLQQHUKDOEHLQHV 6HNXQGHQEUXFKWHLOV 5RVV7D\ORUVWDQGHLQHQ+HU]VFKODJODQJZLHIHVWJHZDFKVHQ 'HQ$UPPLWGHUEUHQQHQGHQ)DFNHOHUKREHQ'LH)ODPPHQ ]XFNWHQEHUVHLQVFKZHLIHXFKWHVKDYHU]HUUWHV*HVLFKW
'U7RGJULIIJHGDQNHQVFKQHOO]X6HLQH.ODXHQKlQGHXPNODP PHUWHQGHQIDFNHOEHZHKUWHQ$UP(VZDUHLQJQDGHQORVHU*ULII HLVHQKDUWXQGRKQH(UEDUPHQ 7D\ORUVW|KQWHDXI(UZXUGH]XUFNJHGUlQJWRKQHGDHU HWZDVGDJHJHQWXQNRQQWH 'U7RGODFKWHKlOLFK(UZXFKWHWHVHLQ.QLHKRFK'HU6FKDX VSLHOHUEUOOWHDXI ,PPHUZHLWHUERJGHU0HQVFKHQKDVVHUGHQ$UPPLWGHU)DFNHO ]XU6HLWH'LH)ODPPHQlKHUWHVLFK7D\ORUV.RSIXQGYHUVHQJWH VHLQH+DDUH 7D\ORUNHXFKWH(UZXWHZHOFKHV6FKLFNVDOLKPEHVFKLHGHQ ZDUXQGNRQQWHGRFKQLFKWVGDJHJHQWXQ=XJHZDOWLJZDUGLH .UDIWGHV8QWRWHQ ª1HLQ1HLQ©NHXFKWH7D\ORUGHVVHQ*HVLFKWXQG2EHUN|USHU YRQGHPURWHQ6FKHLQGHV)HXHUVEHUJRVVHQZXUGHQª1HLQ LFKDKKKK© 6HLQHZHLWHUHQ:RUWHYHUVWXPPWHQLQHLQHPNOlJOLFKHQ :LPPHUQ 5RVV7D\ORUV.OHLGXQJKDWWH)HXHUJHIDQJHQ 'HU6FKPHU]NDPEOLW]VFKQHOOXQGOLHGHP6FKDXVSLHOHUQLFKW HLQPDOPHKU=HLW]XVFKUHLHQ 'LHDQGHUHQEHLGHQ*HLVHOQZDUHQXQIlKLJVLFK]XEHZHJHQ 'DVNDOWH(QWVHW]HQQDJHOWH1DGLQH%HUJHUXQG0LNH&DOODKDQ DXIGHU6WHOOHIHVW 'U7RGULGHP6FKDXVSLHOHUGLH)DFNHODXVGHQ)LQJHUQXQG VWLHGHQ0DQQLQ5LFKWXQJ7U ,QGLHVHP$XJHQEOLFNKDOOWH-RKQ6LQFODLUV6WLPPHDXIª'U 7RG© 'HU0HQVFKHQKDVVHUODFKWHLUUª.RPPQXUKHU-RKQ6LQFODLU© VFKULHHUª,FKKDEHHLQHhEHUUDVFKXQJIUGLFK+LHUNRPPWGLH HUVWH*HLVHO© :LHGHUIROJWHHLQJHOOHQGHV*HOlFKWHU 0LWHLQHPOHW]WHQ5XFNVWLH'U7RGGHQ6FKDXVSLHOHUGLH HUVWHQ6WXIHQGHU:HQGHOWUHSSHKLQXQWHU'HUVFKDXULJH6FKUHL GHV0DQQHVEUDFKVLFKDOVYLHOIDFKHV(FKR
-RKQ6LQFODLUV1DFNHQKDDUHVWUlXEWHQVLFKDOVHUVDKZHQ 'U7RGGRUWGLH7UHSSHKLQXQWHUJHZRUIHQKDWWH'HU6FKUHL JHOOWHQRFKLQ-RKQV2KUHQDOVGHU6FKDXVSLHOHUZHQLJH6WXIHQ YRUGHP,QVSHNWRUYHUNUPPWOLHJHQEOLHE -RKQKHW]WHYRU(UULVLFKVHLQH-DFNHYRP.|USHUZDUIGDV .OHLGXQJVVWFNDXIGHQ0DQQXQGHUVWLFNWHGLH)ODPPHQ 5RVV7D\ORUOHEWHQRFK'DV)HXHUKDWWHHUVWVHLQH.OHLGXQJYHU EUDQQWXQGGLH+DXWZDUQRFKQLFKWDOO]XYLHOLQ0LWOHLGHQVFKDIW JH]RJHQZRUGHQ(VZDUHLQ:XQGHUGDVLFKGHU0DQQQLFKW GDV*HQLFNJHEURFKHQKDWWH 7D\ORUZLPPHUWHOHLVHYRUVLFKKLQ(UVWDUUWH-RKQDXVZHLWDXI JHULVVHQHQ$XJHQDQ,QVHLQHP%OLFNODJDOOGHU6FKUHFNHQGHQ HULQGHQOHW]WHQ6HNXQGHQHPSIXQGHQKDWWH -RKQOlFKHOWHª(VLVWDOOHVYRUEHL6LHZHUGHQVFKRQGXUFK NRPPHQ© 7D\ORUVW|KQWHª'RUWREHQVLQGQRFK]ZHL,FKLFKZROOWH 1DGLQHXQG0LNHUHWWHQ(UHULVWPLU]XYRUJH© 'HU6FKDXVSLHOHUEUDFKPLWWHQLP6DW]DEElXPWHVLFKDXIXQG ODJVWLOO :DUHUWRW" -RKQKDWWHLPHUVWHQ0RPHQWGDV*HIKOGRFKDOVHUVHLQ2KU DXI7D\ORUV%UXVWOHJWHK|UWHHUZLHGHVVHQ+HU]VFKOXJ %HUXKLJWULFKWHWH-RKQVLFKDXI (UQDKPZLHGHUGLH)DFNHODQVLFKXQGVWLHJHLQLJH6WXIHQ K|KHU(UZROOWHP|JOLFKVWQDKHDQ'U7RGKHUDQNRPPHQXP PLWLKPYHUKDQGHOQ]XN|QQHQ)DOOVVLFKGLHVHU0HQVFKHQKDVVHU GDUDXIHLQOLH ª,QVSHNWRU6LQFODLU©GU|KQWHZLHGHUGLHK|KQLVFKH6WLPPH -RKQEOLHEVWHKHQª,FKELQKLHU© ª,VWPHLQHUVWHU*UXEHLGLUDQJHODQJW"© ª-D©NQLUVFKWH-RKQ 'U7RGODFKWHª*XWQLFKWZDKU"6ROOLFKGLUMHW]WGHQQlFKVWHQ VFKLFNHQ"© 'LH$QJVWXPGLHEHLGHQ*HLVHOQNUDPSIWH-RKQV+HU] ]XVDPPHQª:HVKDOE",FKKDEHPHLQ:RUWJHKDOWHQXQGELQ JHNRPPHQ+DOWHGXHVQXQDXFK©
ª'XVSHNXOLHUVWDXIPHLQH(KUOLFKNHLW*HLVWHUMlJHU":LH GXPPVLQGGLH0HQVFKHQGRFK$EHULFKZLOOGLUHLQH&KDQFH JHEHQ.RPPKRFKXQGZLUIGHLQH:DIIHZHJDEHUVRGDLFKHV VHKHQNDQQ,FKODVVHGLH*HLVHOQGDQQIUHL© ª.DQQLFKPLFKGDUDXIYHUODVVHQ"© ª'XPXWHV-RKQ6LQFODLUGXPXWHV2GHUVROOLFKGLUGHQ QlFKVWHQVFKLFNHQ"'DV0lGFKHQKDOWHLFKPLUGDQQELV]XP 6FKOXDOV.U|QXQJVR]XVDJHQ© -RKQELGLH=lKQH]XVDPPHQ'U7RGVDDPOlQJHUHQ+HEHO XQGHUZXWHGDVDXFK(UNRVWHWHVHLQH6LWXDWLRQELVLQVOHW]WH DXV ª$OVRJXWLFKNRPPH©ULHI-RKQ (UZHFKVHOWHGLH)DFNHOLQGLHOLQNH+DQGKROWHPLWGHUUHFKWHQ VHLQH3LVWROHKHUYRUXQGVWLHJGLHQlFKVWHQ6WXIHQKLQDXI 1DFKGHU]ZHLWHQ.HKUHNRQQWHHUVFKRQGHQ6FKHLQYRQ 'U7RGV)DFNHOVHKHQ 1RFKHLQH.HKUH 8QGGDQQVWDQG-RKQ6LQFODLUGHP0HQVFKHQKDVVHUYRQ $QJHVLFKW]X$QJHVLFKWJHJHQEHU %HLGHVWDUUWHQVLFKVHNXQGHQODQJLQGLH$XJHQ'U7RGKDWWH VHLQHQ$UPXP1DGLQHV.HKOHJHNUDOOW'LH6FKDXVSLHOHULQ U|FKHOWHEHNDPNDXPQRFK/XIW-RKQNRQQWHQLFKWULVNLHUHQ HLQHQVFKQHOOHQ6FKX]XODQGHQ(UKlWWHEHVWLPPWGHQNU]HUHQ JH]RJHQ 'HU,QVSHNWRUZDUYRQ'U7RGV$QEOLFNQLFKWEHUUDVFKW 6FKOLHOLFKKDWWHHULKQQRFKVRDXV5XPlQLHQLQ(ULQQHUXQJ ª'LH:DIIHZHJ6LQFODLU© -RKQZDUIGLH3LVWROHLQGHQ5DXP6LHUXWVFKWHIDVWELVXQWHU GDV%HWW 'U7RGKDWWHVHLQH)DFNHOLQHLQHGHU6FKLHVFKDUWHQJHVWHFNW GLHLQGHP0DXHUZHUNYHUWHLOWZDUHQ -RKQV$XJHQJOLWWHQWDVWHQGGXUFKGDV7XUP]LPPHU(VPXWH VFKRQVHLWHLQHUKDOEHQ(ZLJNHLWQLFKWPHKUEHZRKQWVHLQ$OOHV ZDU]HUIDOOHQXQGPLW6WDXEEHGHFNW-RKQVDKGDLP+LQWHU JUXQGGHV=LPPHUVXQGNDXP]XHUNHQQHQHLQH6WHLQWUHSSH ELVLQGLH6SLW]HGHV7XUPVIKUWH
ª6LQFODLU©VW|KQWHGHU5HJLVVHXUSO|W]OLFKª(QGOLFK+ROHQ6LH XQVKLHUUDXV© (UOLHI]ZHL6FKULWWHYRUGRFK'U7RGV%HIHKOVWRSSWHLKQVRIRUW ZLHGHU 'HU,QVSHNWRUEUHLWHWHGLH$UPHDXVª+LHUELQLFK'U7RG +DOWHMHW]WGHLQ9HUVSUHFKHQXQGODGLH*HLVHOQIUHL© 'HU0HQVFKHQKDVVHUODFKWHª-D-RKQ6LQFODLULFKZHUGHVLH IUHLODVVHQ6LHJHK|UHQPLUVRZLHVR'XUFKGHQPDJLVFKHQ%DQQ GHQLFKXPGDV6FKORJHOHJWKDEHN|QQHQVLHQLFKWIOLHKHQ,FK ZHUGHVLHDOOH]XPHLQHQ.UHDWXUHQPDFKHQDEHUHUVWUHFKQHLFK PLWGLUDE'XZLUVWVWHUEHQ© 'U7RGOLH1DGLQH%HUJHUORVGLHGDPLWQLFKWJHUHFKQHWKDWWH XQG]XVDPPHQEUDFK -RKQVSUDQJYRUXQGNRQQWHVLHJHUDGHQRFKDXIIDQJHQ(LQ *HGDQNHEOLW]WHLQLKPDXI-HW]WKlWWHHU'U7RGYLHOOHLFKWEHU UXPSHOQN|QQHQGRFKGHU0HQVFKHQKDVVHUKDWWHZRKOVHLQH $EVLFKWJHDKQW 0LWGUHLVFKQHOOHQ6FKULWWHQZDUHUEHL-RKQV3LVWROHXQGKREVLH DXI(UOLHGHQ,QVSHNWRULQGLH0QGXQJVHLQHUHLJHQHQ:DIIH EOLFNHQ ª'DPLWKDVWGXZRKOQLFKWJHUHFKQHWZDV*HLVWHUMlJHU"-HW]W VSLHOHQZLUPLWXPJHNHKUWHQ9RU]HLFKHQ:LHODQJHKDEHLFKDXI GLHVH6WXQGHJHZDUWHW,QGHQ'LPHQVLRQHQGHV:DKQVLQQV KDWPLU$VPRGLVGLH.UDIWJHJHEHQXPPLWGLUDEUHFKQHQ]X N|QQHQ© 'U7RGVFKOHXGHUWH-RKQVHLQHQJDQ]HQ+DLQV*HVLFKW(V ZDUHLQ+DZLHHUQXULQGHU+|OOHJHERUHQVHLQNRQQWH -RKQVSUWHGDV)OXLGXPGHV%|VHQXQGGHU*HIDKUGDVYRQ GLHVHP!7RWHQDXVJLQJ=ZHLXQYHUV|KQOLFKH)HLQGHSUDOOWHQ DXIHLQDQGHU*XWXQG%|VH8QGHVKDWWHGHQ$QVFKHLQDOVVROOWH GLH6FKZDU]H0DJLHGLHVPDOWULXPSKLHUHQ 1RFKLPPHUODJ1DGLQH%HUJHULQ-RKQV$UPHQ'LH 6FKDXVSLHOHULQVFKOXFK]WH6LHZDUPLWLKUHQ1HUYHQY|OOLJDP (QGH -RKQKRE1DGLQHYRUVLFKWLJKRFK(UJDE&DOODKDQHLQ=HLFKHQ PLWGHP.RSIª*HKHQ6LHPLWLKUQDFKXQWHQ©
3O|W]OLFKVFKULH1DGLQHDXIª8QG6LH-RKQ":ROOHQ6LHVLFK RSIHUQ":ROOHQ6LHIUXQV,KU/HEHQKHUJHEHQ"© 'LH6FKDXVSLHOHULQNODPPHUWHVLFKDQGHQ,QVSHNWRUXQG-RKQ PXWHVLHPLWVDQIWHU*HZDOWIRUWVWRHQ ª,FKZDUWHQLFKWOlQJHU©SHLWVFKWH'U7RGV6WLPPH 'DHQGOLFKKDWWHDXFK1DGLQHYHUVWDQGHQ0LNH&DOODKDQIDWH VLHDP$UP-RKQGHUVHLQH)DFNHOYRUKHUDXIGHQ%RGHQJH OHJWKDWWHKREVLHDXIXQGJDEVLHGHP5HJLVVHXUª6HLHQ6LH YRUVLFKWLJ©VDJWHHUQRFKªXQGQHKPHQ6LH5RVV7D\ORUPLW© 1DGLQH%HUJHUXQG0LNH&DOODKDQYHUVFKZDQGHQ1RFKODQJH K|UWHGHU,QVSHNWRU1DGLQHV6FKOXFK]HQ ª6RMHW]WVLQGZLUDOOHLQ©VDJWH6LQFODLU ª-D©IOVWHUWH'U7RGª:LHODQJHKDEHLFKGDUDXIJHZDUWHW© 6HLQH.UDOOHQKDQGKDWWHVLFKXPGLH:DIIHJHNODPPHUW'DV 0QGXQJVORFKGHU3LVWROHJORW]WH-RKQDQ-HGH6HNXQGHNRQQWH 'U7RGDEGUFNHQ ª,FKN|QQWHGLFKMHW]WHUVFKLHHQ©IOVWHUWHGHU0HQVFKHQ KDVVHUUDXKªDEHUGDVZlUH]XELOOLJ,FKKDEHPLUHWZDVJDQ] DQGHUHVDXVJHGDFKW:LUZHUGHQREHQDXIGLH6SLW]HGHV7XUPV JHKHQ,FKZHUGHGLFKPLWHLQHPPDJLVFKHQ%DQQEHOHJHQXQG GLFKDQVFKOLHHQGEHUGLH%UVWXQJZHUIHQ'XZLUVWDOOHVHU OHEHQIKOHQPLWEHNRPPHQGRFKHVZLUGGLUQLFKWVQW]HQ'LH 6FKZDU]H0DJLHZLUGGLFKY|OOLJZHKUORVPDFKHQ/RVJHK MHW]W© -RKQ6LQFODLUZXWHZRKLQHUVLFK]XZHQGHQKDWWHXQGJLQJ DXIGLH6WHLQWUHSSH]X 'U7RGKLHOWLPPHUGHQULFKWLJHQ$EVWDQG1LHKDWWH-RKQHLQH &KDQFHLKPGLH3LVWROHDXVGHU+DQG]XVFKODJHQ 9LHOOHLFKWVROOWHHULKQWURW]GHPDQJUHLIHQ8QWHU8PVWlQGHQ ZDUHLQH.XJHOEHVVHUDOVGLHVHUDQGHUHJUlOLFKH7RGGHQVLFK GHU0HQVFKHQKDVVHUIULKQDXVJHGDFKWKDWWH $OVKlWWH'U7RGVHLQH*HGDQNHQHUUDWHQVDJWHHUª:HQQGX HVYHUVXFKHQZLOOVWVFKLHHLFKGLU]XHUVWLQV%HLQ'HLQHP 6FKLFNVDOHQWJHKVWGXQLFKW© 6FKZHLJHQGJLQJ-RKQGLH6WXIHQKRFK(LQH)DOOWUYHUVSHUUWH EDOGGHQZHLWHUHQ:HJ
-RKQVWHPPWHVLFKPLWGHQ6FKXOWHUQJHJHQGLH7U(U EUDXFKWHVHLQHJHVDPWH.UDIWGDPLWVLFKGDV+RO]LQGHQ URVWLJHQ$QJHOQEHZHJWH 'U7RGVWDQGPLWGHU:DIIHLP$QVFKODJDXIGHU]ZHLWHQ6WXIH XQGEHREDFKWHWH-RKQV%HPKXQJHQ 'DQQKDWWHHVGHU,QVSHNWRUJHVFKDIIW'LH)DOOWUNUDFKWH ]XUFN :LQGZLUEHOWHGXUFK-RKQ6LQFODLUV+DDUHXQGNKOWHVHLQ HUKLW]WHV*HVLFKW ª*HKODQJVDPYRUXQGNHLQHIDOVFKH%HZHJXQJ©VDJWHGHU 0HQVFKHQKDVVHU -RKQJHKRUFKWH %HLQDKHLP=HLWOXSHQWHPSRVWLHJHUGLHOHW]WHQ6WXIHQKRFK XQGVFKZDQJVLFKDXIGLH6SLW]HGHV7XUPV 'U7RGKDWWHGLHOHW]WHQEHLGHQ6WXIHQEOLW]VFKQHOOJHQRPPHQ XQGEHWUDWNXU]QDFK-RKQ6LQFODLUGDV'DFK :LHGXQNHOEODXHU6DPWODJGHU6WHUQHQKLPPHOEHULKQHQ'HU EOHLFKH0RQGVFKLFNWHVHLQVLOEHUQHV/LFKWDXIGLHEHLGHQ 7RGIHLQGH 'U7RGKDWWH-RKQ6LQFODLUHLQ6WFN]XUFNJHWULHEHQELVGLFKW YRUGLHKIWKRKH0DXHU 7URW]GHUUHODWLYVFKOHFKWHQ6LFKWYHUKlOWQLVVHVDK-RKQ6LQFODLU GHQ+DLQ'U7RGV$XJHQEOLW]HQ'LHVHU0DQQHUOHEWHGHQ JU|WHQ7ULXPSKLQVHLQHPUXFKORVHQ/HEHQ ª,FKZHUGHMHW]WGLHPDJLVFKHQ)RUPHOQVSUHFKHQ-RKQ 6LQFODLU©VDJWH'U7RGªXQGQLFKWVNDQQGHLQ/HEHQGDQQQRFK UHWWHQ© 'LHPDJLVFKHQ)RUPHOQ 6FKRQVHLW8U]HLWHQH[LVWLHUWHQVLH(UIXQGHQYRQGHQ0lFKWHQ GHV%|VHQZDUHQVLHEHUOLHIHUWZRUGHQDQGLH'LHQHUGHV6DWDQV (VZDUHQVFKUHFNOLFKH:RUWH/DXWHDXVGHU'lPRQHQVSUDFKH ZLHVLHLQIUHPGHQJUDXHQKDIWHQ8QLYHUVHQJHVSURFKHQZXUGH 'LHVH:RUWHVFKDOWHWHQGHQPHQVFKOLFKHQ:LOOHQDXVPDFKWHQ ,QGLYLGXHQ]X5RERWHUQGHUILQVWHUHQ0lFKWH
-DKUKXQGHUWHODQJKDWWHQDXVHUZlKOWH0HQVFKHQYHUVXFKW GDJHJHQDQ]XNlPSIHQKDWWHQVLFKGHU:HLHQ0DJLHEHGLHQW XQGHVZDULKQHQJHOXQJHQGLHVHVFKUHFNOLFKHQ)RUPHOQYRQGHU 0HQVFKKHLWIHUQ]XKDOWHQ 8QGGRFKZXUGHQGLHVH:RUWHEHUOLHIHUW2IWZHQQHWZDV *UDXVDPHV8QHUNOlUOLFKHVDXIGHU:HOWJHVFKDKZDUHQPDJL VFKH.UlIWHXQG)RUPHOQLP6SLHO6RDXFKKHXWH'HU%DQQGHQ 'U7RGXPGDV6FKORJHOHJWKDWWHEHUXKWHDXIGLHVHQJUDXHQ KDIWHQ6lW]HQXQG)RUPHOQ 8QGQXQVROOWH-RKQ6LQFODLULKQHQ]XP2SIHUIDOOHQ,QVSHNWRU -RKQ6LQFODLUVHOEVWGHUJU|WH)HLQGGHV%|VHQVROOWHDXVJH VFKDOWHWZHUGHQ6HLQ7RGZUGHGHP0HQVFKHQKDVVHUGHQ:HJ ]XU%HKHUUVFKXQJGHU(UGHHEQHQ$VPRGLVGHU+|OOHQIUVW ZUGHWULXPSKLHUHQXQGDOOVHLQH5HJLVWHUGHV6FKUHFNHQV ]LHKHQXPGLH0HQVFKKHLW]XXQWHUGUFNHQ -RKQZXWHYRQGHU([LVWHQ]GLHVHUPDJLVFKHQ)RUPHOQ(U NDQQWH]ZDUQLFKWLKUHQJHQDXHQ:RUWODXWKDWWHDEHUGDHUVLFK PLW'lPRQRORJLHEHVFKlIWLJWHYLHOGDUEHUJHOHVHQ -RKQ6LQFODLUKDWWHGLH$UPHKDOEHUKREHQ6SUXQJEHUHLWVWDQG HUGD(UVFKlW]WHGLH(QWIHUQXQJ]XVHLQHP*HJQHUDEZROOWH HLQHQ0RPHQWODQJDOOHVDXIHLQH.DUWHVHW]HQ 'RFKGHU,QVSHNWRU]|JHUWH'LH.XJHOKlWWHLKQXQZHLJHUOLFK HUUHLFKWLKQYHUOHW]WZHQQQLFKWJHW|WHW8QGHLQJHVFKZlFKWHU -RKQ6LQFODLUZDUQRFKZHQLJHUZHUW 9LHOOHLFKWNRQQWHHUDEHUDXFKGHQPDJLVFKHQ.UlIWHQHQW JHJHQZLUNHQ(VNDPDXIGLH.RQ]HQWUDWLRQDQ 'U7RGJHQRVHLQHQ6LHJ(UDKQWHZRKOZLHHVLQ-RKQV+LUQ DUEHLWHWHZLHGHU,QVSHNWRUYHU]ZHLIHOWQDFKHLQHP$XVZHJ VXFKWH ª(VJLEWNHLQH&KDQFH*HLVWHUMlJHU©VDJWHGHU0HQVFKHQ KDVVHUª1LFKWIUGLFK© 'HU,QVSHNWRUVDJWHQLFKWV(UEOLFNWHDQ'U7RGYRUEHLKLQDXV LQGLH1DFKW/lQJVWKDWWHGHU:LQGGHQ6FKZHLDXI-RKQV *HVLFKWJHWURFNQHW 'HU*HLVWHUMlJHUELVLFKDXIGLH/LSSHELVHU%OXWVFKPHFNWH (UKDWWHGLH+lQGH]X)lXVWHQJHEDOOW'LH)LQJHUQlJHOJUXEHQ
VLFKWLHILQGDV)OHLVFKGHU+DQGEDOOHQ(UVSUWHGHQ6FKPHU] ZROOWHVLFKQXUGDUDXINRQ]HQWULHUHQ 2KQHhEHUJDQJEHJDQQ'U7RG]XUHGHQ 8UODXWHGUDQJHQDXVVHLQHP0DXO/DXWHGLHVRVFKUHFNOLFK ZDUHQGDVLHLQGHQ2KUHQVFKPHU]WHQ (LQH.lOWHDXUDVWUHLIWH-RKQ8QVLFKWEDUH:HOOHQJOLWWHQDXILKQ ]XYHUVXFKWHQLQVHLQ*HKLUQHLQ]XGULQJHQ -RKQ6LQFODLUNHXFKWH 1XUQLFKWDXIJHEHQ1XUQLFKWDXIJHEHQKlPPHUWHHUVLFKHLQ 'RFKZDVZDUGDV" -RKQNRQQWHGHQ'UXFNGHUPDJLVFKHQ6WU|PHVSUHQGRFKGLH :HOOHQJOLWWHQDQVHLQHP*HKLUQYRUEHLRGHUSUDOOWHQDEZLHDQ HLQHP3UHOOERFN 'U7RGPHUNWHYRQDOOHGHPQLFKWV8QEHLUUWVSUDFKHUZHLWHU GUDQJHQ6FKUHFNHQVODXWHDXVVHLQHU.HKOH -RKQV*HGDQNHQUDVWHQ :DVZDUJHVFKHKHQ":HVKDOE]HLJWHQGLHPDJLVFKHQ:HOOHQEHL LKPNHLQH:LUNXQJ" :LHHLQ%OLW]VWUDKOWUDI-RKQGLHSO|W]OLFKH(UNHQQWQLV 'HU1DJHO 'HUVLOEHUQH1DJHOGHV0DQGUD.RUDE6HLQ)UHXQGKDWWHLKQ DXV,QGLHQJHVFKLFNW-RKQWUXJLKQEHLVLFK 'HU1DJHOVHOEVWHLQ5HOLNWGHV*XWHQDEVRUELHUWHGLHPDJL VFKHQ.UlIWHPDFKWHVLHSUDNWLVFKZLUNXQJVORV 8QG'U7RGKDWWHQRFKQLFKWVGDYRQEHPHUNW 1DFKZLHYRUVSUDFKHUZHLWHU(UKLHOWGLH$XJHQKDOE JHVFKORVVHQ6HLQYRQ%UDQGZXQGHQ]HUVW|UWHV*HVLFKWZLUNWH GXUFKGDV0RQGOLFKWEODXQGXQZLUNOLFK 'U7RGVHOEVWEHIDQGVLFKLQHLQHU$UW7UDQFH(UKDWWHGLH+DQG PLWGHU:DIIHHLQZHQLJJHVHQNWZDUVLFKVHLQHV(UIROJHVYROO NRPPHQVLFKHU -RKQQXW]WHGLHVHKDXFKGQQH&KDQFH %HKXWVDPWUDWHUHLQHQ6FKULWWYRU 'DQQQRFKHLQHQ ,QGLHVHP$XJHQEOLFNVFKUHFNWH'U7RGKRFK 'RFKGDZDUHVVFKRQ]XVSlW
:LHHLQ5DPPERFNIORJGHU,QVSHNWRUGHP0HQVFKHQKDVVHU HQWJHJHQ6HLQ.RSIERKUWHVLFKLQGHQ0DJHQGHUVFKUHFNOLFKHQ *HVWDOW*OHLFK]HLWLJGURVFK-RKQPLWHLQHUZLOGHQ%HZHJXQJ 'U7RGV5HYROYHUKDQGQDFKREHQ (LQ6FKXO|VWHVLFK :LUNXQJVORVSILIIGLH6LOEHUNXJHOLQGHQQDFKWGXQNOHQ +LPPHO -RKQILJKWHWHKDUWXQGRKQH(UEDUPHQ6HLQH+lQGHKDWWHQ 'U7RGV:DIIHQKDQGXPNODPPHUWXQGGUFNWHQVLH]XU6HLWH 0LWDOOHU0DFKWVWHPPWHVLFK'U7RGJHJHQGHQ*ULII'HU !7RWHNRQQWHNHLQH6FKPHU]HQPHKUVSUHQXQGHUEHVDXQJH KHXUH.UlIWH +|OOHQNUlIWH -RKQ6LQFODLUQRFKLPHUVWHQ6FKZXQJGHV$QJULIIVJHODQJ HV'U7RGELVGLFKWDQGLH%UVWXQJ]XVFKOHXGHUQ'LH0DXHU ZDUDXVGLFNHP*HVWHLQXQGQXUKIWKRFK0DQEUDXFKWHQXU HLQHQZLQ]LJHQ0RPHQWQLFKWDXI]XSDVVHQXQGGHU6WXU]LQGLH 7LHIHZDUVLFKHU 'U7RGNlPSIWHYHUELVVHQ(UZXWHZHQQ-RKQHUVWHLQPDOLQ GHQ%HVLW]GHU:DIIHJHODQJWHZDUVHLQ6FKLFNVDOEHVLHJHOW,P QRUPDOHQ.DPSIKDWWHHUQRFKHLQH&KDQFHGHQQNUlIWHPlLJ ZDUHQVLHJOHLFKZHUWLJZHQQQLFKW'U7RGGHP*HLVWHUMlJHU VRJDUEHUOHJHQZDU -RKQUL'U7RGVUHFKWHQ$UPKRFKXQGVFKPHWWHUWHLKQGDQQ PLWDOOHU0DFKWDXIGHQ5DQGGHU%UVWXQJ 'RFKVFKRQYRUKHU|IIQHWHQVLFK'U7RGV)LQJHU (KH-RKQGHQ6FKDFK]XJHUIDWKDWWHZDUGLH3LVWROHVFKRQ EHUGLH%UVWXQJJHUXWVFKWXQGILHOGHU(UGHHQWJHJHQ 'U7RGV+RKQJHOlFKWHUGUDQJ-RKQGXUFK0DUNXQG%HLQ0LW HLQHUEOLW]VFKQHOOHQ%HZHJXQJEHIUHLWHVLFK'U7RGDXV-RKQV *ULII6FKQHOOVSUDQJHU]ZHL6FKULWWH]XU6HLWHXQGVWUHFNWHEHLGH $UPHDXV ª6R*HLVWHUMlJHUMHW]WVLQGGLH&KDQFHQZLHGHUEHVVHUYHUWHLOW ,FKELQJHVSDQQWZLHODQJHGXHLQHQ.DPSIPLWPLUGXUFK VWHKVW,FKKDEH=HLW8QEHJUHQ]W,FKZHUGHGLFKEHUGLH %UVWXQJVWRHQXQGGHLQH/HLFKHXQWHQYHUPRGHUQODVVHQ©
-RKQZLVFKWHPLWHLQHUVFKQHOOHQ%HZHJXQJGHQ6FKZHLDXV GHU6WLUQ2ND\HUKDWWHHLQH5XQGHYHUORUHQDEHUQLFKWGHQ .DPSI1RFKKDWWHHUHLQH:DIIHYRQGHU'U7RGQLFKWVZXWH 'HU6LOEHUQDJHO -RKQWUXJLKQLQHLQHPNOHLQHQIODFKHQ(WXLGDVHUVLFKLQGLH UHFKWH+RVHQWDVFKHJHVWHFNWKDWWH 0LWHLQHPEOLW]VFKQHOOHQ*ULIIKROWHHUGDV(WXLKHUYRU|IIQHWH GLH.ODSSHXQGKLHOWLPQlFKVWHQ$WHP]XJGHQ6LOEHUQDJHOLQGHU +DQG (WZDV6HOWVDPHVJHVFKDK 'HU1DJHOEHJDQQSO|W]OLFK]XOHXFKWHQ(UVWUDKOWHHLQ/LFKW DXVGDVVHOEVW-RKQ6LQFODLUEOHQGHWH -RKQPXWHGHQ.RSIGUHKHQXQGK|UWH'U7RGVP|UGHULVFKHQ 6FKUHL 'HU0HQVFKHQKDVVHUKDWWHEHLGH$UPHKRFKJHULVVHQXQGYHU VXFKWHVHLQ*HVLFKW]XEHGHFNHQ'LH.UDIWGLHVHV6LOEHUQDJHOV EUDFKWHLKQDQGHQ5DQGGHU9HU]ZHLIOXQJ*UlOLFKHNUHL VFKHQGH/DXWHGUDQJHQDXV'U7RGV0XQG'HU0HQVFKHQKDVVHU ZXUGHKLQXQGKHUJHULVVHQ(UWDXPHOWH -RKQ6LQFODLUJLQJYRU ª'DVLVWGHLQ(QGH'U7RG©SHLWVFKWHVHLQH6WLPPHª'LHVPDO ZHUGHLFKGLFKHQGJOWLJYHUQLFKWHQ$XFK$VPRGLVZLUGGLU QLFKWPHKUKHOIHQN|QQHQ)UGLFKZLUGHVHLQH)DKUWLQGLH WLHIVWH+|OOH© 'HU0HQVFKHQKDVVHUZLQVHOWH (UZDULQGLHVHQ$XJHQEOLFNHQY|OOLJDXIVLFKDOOHLQJHVWHOOW 1LHPDQGNDPLKP]X+LOIH9HU]ZHLIHOWYHUVXFKWHHUVHLQHOHW] WHQ5HVHUYHQ]XPRELOLVLHUHQ'RFKGLH:RUWHGHU6FKZDU]HQ 0DJLHEOLHEHQLKPLP+DOVVWHFNHQ 1LFKWVNRQQWHLKQPHKUUHWWHQ (LQOHW]WHU6FKULWWQRFKXQG'U7RGKDWWHGLH%UVWXQJ HUUHLFKW (UVWLHPLWGHQ%HLQHQGDJHJHQXQG -RKQ6LQFODLUDKQWHGDV9RUKDEHQGHV0HQVFKHQKDVVHUVLQGHU VHOEHQ6HNXQGH(UVWU]WHYRUZlUWVZROOWH'U7RGIHVWKDOWHQ (VZDU]XVSlW
:LHHLQVFKZHUHU6WHLQUDVWHGHU0HQVFKHQKDVVHULQGLH JlKQHQGH7LHIH 1RFKLP)OXJVWLHHUHLQJUDXHQKDIWHV7ULXPSKJHOlFKWHUDXV GDV-RKQELVLQGLHOHW]WHQ6SLW]HQVHLQHU1HUYHQHUVFKWWHUWH 8USO|W]OLFKZDUDXFKGDV/LFKWHUORVFKHQ -RKQ6LQFODLUVWDQGDOOHLQLQGHU'XQNHOKHLW1RFKLPPHUKLHOW HUGHQVLOEHUQHQ1DJHOXPNODPPHUW :LHGHUZDU'U7RGHQWNRPPHQ'HQQHUNRQQWHQLFKWPHKU VWHUEHQ6HOEVWHLQ6WXU]DXVGLHVHU+|KHZUGHLKQQLFKW XPEULQJHQ 'U7RGZDUNHLQ0HQVFKPHKU(UZDUHLQ'lPRQ 'HU,QVSHNWRUVSUWHZLHVHLQ+HU]JHJHQGLH5LSSHQKlP PHUWH*ODVNODUZXUGHLKPEHZXWGDGLHGUHL*HLVHOQZLHGHU LQK|FKVWHU*HIDKUVFKZHEWHQXQGPLWLKQHQVlPWOLFKH*lVWHGHU 6FKUHFNHQVSDUW\ -RKQ6LQFODLUYHUORUQLFKWHLQH6HNXQGH:HQQHUWDWVlFKOLFK QRFKHWZDVUHWWHQZROOWHPXWHHUVRVFKQHOOVHLQZLHQLH (VZDUHLQH4XDO 0LNH&DOODKDQVFKOHSSWHVLFKPLWGHPYHUOHW]WHQ5RVV7D\ORU DEGHULPPHUQXUNXU]DXVVHLQHU%HZXWORVLJNHLWHUZDFKWH 1DGLQHKDOIGHP5HJLVVHXUVRJXWVLHNRQQWH(LQSDDUPDOZDUHQ VLHVFKRQDXVJHUXWVFKWXQGKDWWHQVLFKQXUPLW0KHZLHGHUIDQ JHQN|QQHQ ª,FKVFKDIIHHVQLFKW©NHXFKWH&DOODKDQª(VLVW]XYLHO,FK© 1DGLQHJDEQLFKWDXIª.RPPHQ6LHQXUQRFKHLQSDDU6WXIHQ GDQQVLQGZLUXQWHQ© ª'DVVDJHQ6LHMHGHVPDO© 1DGLQHVFKZLHJ'HU0DQQKDWWHMDUHFKW6LHKLHOWLQ]ZLVFKHQ GLH)DFNHO,KU$UP]LWWHUWH,PPHUZLHGHUGDFKWHVLHDQ-RKQ 6LQFODLU2EHUHVVFKDIIHQZUGH" 8QGZHLWHUJLQJHV 1DGLQHNDPGHU5FNZHJGRSSHOWVRODQJYRU6WXIHIU6WXIH VFKOHSSWHQVLHVLFKQDFKXQWHQ 8QGGDQQKDWWHQVLHHVJHVFKDIIW
'LH6FKDXVSLHOHULQZHLQWHIDVWYRU)UHXGH'DQQVDKVLHGHQ EHZXWORVHQ'RXJ3HQGHUDP%RGHQOLHJHQ 6LH]XFNWH]XUFN &DOODKDQVDKGHQ0DQQHEHQIDOOV ª.HQQHQ6LHGHQ"©IUDJWH1DGLQH ª1HLQ©'HU5HJLVVHXUVFKWWHOWHGHQ.RSIª=XXQVJHK|UWHU QLFKW$XHUGHPLVWHVPLUHJDO© *HPHLQVDPEUDFKWHQ1DGLQH%HUJHUXQG0LNH&DOODKDQGHQ %HZXWORVHQQDFKGUDXHQ 6LHOHJWHQLKQDXIGLH(UGH 'DK|UWHQVLHGDV*HOlFKWHUXQG6HNXQGHQVSlWHUNODWVFKWHHLQ .|USHUQHEHQLKQHQ]X%RGHQ 1DGLQH%HUJHUVWDUUWHDXVVFKUHFNJHZHLWHWHQ$XJHQLQGDV *HVLFKWYRQ'U7RG -RKQ6LQFODLUEUDFKVlPWOLFKH5HNRUGH (UIORJI|UPOLFKGLH6WXIHQKLQXQWHU6HLQH/XQJHQNHXFKWHQ GDV+HU]KlPPHUWH,QGHUOLQNHQ+DQGKLHOW-RKQGLH)DFNHO XQGPLWGHUUHFKWHQNODPPHUWHHUVLFKDQGHPURVWLJHQ (LVHQJHOlQGHUIHVW -RKQZXWHQLFKWPHKUZROLQNVRGHUUHFKWVZDU(UVDKQXU QRFK6WXIHQXQGGLHYRUEHLUDVHQGHQ0DXHUVWHLQH $XWRPDWLVFKVHW]WH-RKQVHLQH)H(UNRQQWHVLFKQXU ZXQGHUQGDHUELVKHUQRFKQLFKWHLQPDODXVJHUXWVFKWZDU 1RFKGUHL.HKUHQ 'LHOHW]WHQ6WXIHQVSUDQJGHU,QVSHNWRU(UIORJGXUFKGLH/XIW ODQGHWHKDUWXQGNLSSWH]XU6HLWH $OOHVGUHKWHVLFKYRUVHLQHQ$XJHQDXHUGHPZDULKP VFKOHFKW -RKQOLHGLH)DFNHOORVXQGDWPHWHQXUGXUFKGLH1DVH6FKRQ EDOGJLQJHVLKPEHVVHU 'HU,QVSHNWRUTXlOWHVLFKDXIGLH%HLQH1RFKLPPHUVWDQGHU ZDFNHOLJXQGPXWHVLFKDEVWW]HQDEHUYRQ6HNXQGH]X 6HNXQGHIDQGHUVHLQHQ*OHLFKJHZLFKWVVLQQZLHGHU 'LH)DFNHOEUDQQWHDXIGHP%RGHQZHLWHU'LH)ODPPHZXUGH
YRQGHUGXUFKGLHRIIHQH7UKHUHLQVWU|PHQGHQ/XIWQDFKXQWHQ JHGUFNWXQG-RKQPXWHDXISDVVHQGDVHLQH+RVHQEHLQHNHLQ )HXHUILQJHQ -RKQV%OLFNIORJVXFKHQGXPKHU9RQGHQGUHL3DUW\JlVWHQZDU QLFKWV]XVHKHQ6LHKDWWHQKRIIHQWOLFKGLH*XQVWGHU6WXQGH JHQXW]WXQGZDUHQYHUVFKZXQGHQ 1XUGHU7RWHQJUlEHUZDUGD(UODJLPPHUQRFKEHZXWORVLQ GHU(FNH'DVZUGHDXFKQRFKHLQLJH=HLWVREOHLEHQ-RKQV 6FKODJKDWWHGDIUJHVRUJW $EHUZRZDU'U7RG" +DWWHHUEHUKDXSWGHQ6WXU]EHUVWDQGHQRGHUZDUVHLQYHU UXFKWHV/HEHQOlQJVWEHHQGHW" -RKQIUFKWHWHVLFKHLQHQ0RPHQWGDYRUQDFKGUDXHQ]X JHKHQDEHUVFKOLHOLFKKDWWHHUGDVXQJXWH*HIKOEHUZXQGHQ 6ROOWH'U7RGWDWVlFKOLFKQRFKDP/HEHQVHLQGDQQZROOWHHU -RKQ6LQFODLUVLFKHEHQZLHGHU]XP.DPSIVWHOOHQ 0LWDQJHVSDQQWHQ6LQQHQYHUOLH-RKQGHQ7XUP(UZDQGWH VLFKQDFKUHFKWVZRVHLQHUJUREHQ6FKlW]XQJQDFK'U7RGDXI GHQ%RGHQJHSUDOOWVHLQPXWH -RKQJLQJHLQKDOEHV'XW]HQG6FKULWWH 8QGGDQQVDKHUGDVGXQNOH%QGHOLP*UDVOLHJHQ $XJHQEOLFNOLFKKLHOW-RKQZLHGHUGHQ1DJHOLQGHU+DQG /DQJVDPWUDWHUQlKHUMHGHQ0RPHQWPLWHLQHP$QJULII UHFKQHQG (VSDVVLHUWHQLFKWV -RKQ6LQFODLUEOLHEQHEHQGHP0HQVFKHQKDVVHUVWHKHQ6HLQH )HEHUKUWHQIDVWGHQYHUEUDQQWHQ.|USHU:LHGHUEHJDQQGHU JHZHLKWH6LOEHUQDJHO]XVWUDKOHQ-RKQKDWWHGLH)DXVWXPGLHVH :DIIHJHNODPPHUWXQGHUVSUWHZLHVHLQH+DQGIOlFKHQGLH :lUPHDXIQDKPHQ 'U7RGOHEWHQRFK 'RFKHUERWHLQHQJUDXHQYROOHQ$QEOLFN$XVGHP0XQGGUDQJ HLQVFKUHFNOLFKHV6W|KQHQ :DVZDUJHVFKHKHQ" 1RFKKDWWH-RKQNHLQH(UNOlUXQJ1RUPDOHUZHLVHKlWWH'U7RG DOV8QWRWHU!QRUPDOZHLWHUOHEHQPVVHQ$EHUMHW]W"
'HU,QVSHNWRUVSUWHEHLQDKHN|USHUOLFKGHQ+DGHULKP HQWJHJHQVWU|PWHXQGHVVWDQGIULKQIHVWGDHUGLHVPDOHQG JOWLJJHZRQQHQKDWWH 'U7RGZDULQVHLQHU+DQG 8QGGDVVSUWHDXFKGHU0HQVFKHQKDVVHU2KQHGDHUYRQ -RKQDXIJHIRUGHUWZHUGHQPXWHEHJDQQHU]XUHGHQ ª'XKDVWHVJHVFKDIIW-RKQ6LQFODLU,FKLFKNDQQPLFKQLFKW PHKUUKUHQ©-RKQPHUNWHZLHGDV6SUHFKHQGHP0HQVFKHQ KDVVHU0KHEHUHLWHWH(UVWHOOWHNHLQH)UDJHQVRQGHUQOLH 'U7RGZHLWHUUHGHQ ª'HUJHZHLKWH1DJHO©NHXFKWH'U7RGªHUKDWGLH.UDIWDXV PHLQHP.|USHUJHVDXJW,FKELQJHVFKZlFKWNDQQPLFKQLFKW HLQPDOPHKUHUKHEHQ'XKDVWJHZRQQHQ© 'U7RGYHUVXFKWHVLFKKHUXP]XZlO]HQ1LFKWHLQPDOGDV VFKDIIWHHU0LWOHW]WHU.UDIWZDQGWHHU-RKQGDVYHUEUDQQWH *HVLFKW]X ª*LEPLUGHQ1DJHO©NHXFKWHHUª,FKZHUGHPHLQHP'DVHLQ VHOEVWHLQ(QGHEHUHLWHQ/RV-RKQ6LQFODLUJLELKQPLU© -RKQ]|JHUWH.RQQWHHUGHP0HQVFKHQKDVVHUYHUWUDXHQ" ª(VLVWNHLQ7ULFN-RKQ6LQFODLU©GUDQJ'U7RGV6WLPPHLQ VHLQH*HGDQNHQ -RKQ|IIQHWHGLH)DXVW$XJHQEOLFNOLFKXPJDELKQHLQHVLOEULJ IOLPPHUQGH/LFKWDXUD 'U7RGEUOOWH (UPXWHUDVHQGH6FKPHU]HQKDEHQ+LHUSUDOOWHQ]ZHL JHJHQVlW]OLFKH6WU|PHDXIHLQDQGHU*XWXQG%|VH 8QGGDV*XWHZDUVWlUNHU 'HU]HUVFKPHWWHUWH.|USHUGHV0HQVFKHQKDVVHUV]LWWHUWH -RKQ6LQFODLUEFNWHVLFKXQGOHJWHGHQJHZHLKWHQ6LOEHUQDJHO LQ'U7RGV+DQG ª7|WHGLFKVHOEVW©VDJWH-RKQ (UHUKREVLFKJLQJHLQSDDU6FKULWWH]XU6HLWHXQGZDQGWH VLFKDE -RKQZROOWHGHQ7RGHVNDPSIGLHVHV0HQVFKHQKDVVHUVQLFKWPLW DQVHKHQ,UJHQGZLHNRQQWHHU'U7RGVRJDUYHUVWHKHQGDHU LKPGHQ7ULXPSKGHU9HUQLFKWXQJQLFKWJ|QQHQZROOWH
0LQXWHQODQJK|UWH-RKQKLQWHUVHLQHP5FNHQHLQVFKDXULJHV bFK]HQXQG6W|KQHQ(VZDUHQ/DXWHZLHVLHGHU,QVSHNWRUQRFK QLHYHUQRPPHQKDWWH 'U7RGPXWHDOOH4XDOHQGXUFKOHLGHQGLHPDQVLFKQXUYRU VWHOOHQNRQQWH 'HU7RGHVNDPSIZDUJUlOLFK 'LH*HUlXVFKHZXUGHQOHLVHUJLQJHQLQHLQ5|FKHOQXQG :LPPHUQEHUXQGYHUVWXPPWHQ -RKQ6LQFODLUZDUWHWHQRFKHWZDVHKHHUVLFKXPGUHKWH $XFKGHUDEJHNOlUWHXQGKDUWH,QVSHNWRUPXWHGLH=lKQH ]XVDPPHQEHLHQDOVHU'U7RGVDK (UZDUEHUHLWV]X6WDXEYHUIDOOHQGHQGHU1DFKWZLQGGDYRQ WULHE =ZLVFKHQGHQ5HVWHQODJGHUVLOEHUQH1DJHO-RKQ6LQFODLU EFNWHVLFKXQGQDKPLKQZLHGHUDQVLFK:HUZHLYLHOOHLFKW NRQQWHHULKQQRFKHLQPDOJHEUDXFKHQ 2KQHGD-RKQHVHLJHQWOLFKZROOWHOHJWHVLFKHLQEHIUHLWHV /lFKHOQXPVHLQH/LSSHQ (UKDWWHGHQ.DPSIJHJHQHLQHQ'lPRQJHZRQQHQhEHU 0RQDWHKDWWHVLFKGLHVH$XVHLQDQGHUVHW]XQJKLQJH]RJHQ0HKU DOVHLQPDOKDWWH-RKQ6LQFODLUDP$EJUXQGGHV7RGHVJHVWDQGHQ -HW]WZDUHVHQGJOWLJYRUEHL 'UHLLJ0LQXWHQVSlWHU -RKQ6LQFODLUKDWWHDOOH*lVWH]XVDPPHQWURPPHOQODVVHQXQG JDEHLQLJH(UNOlUXQJHQDE 'HUPDJLVFKH%DQQZDUJHEURFKHQ'DV7RUXQWHQVWDQGZHLW RIIHQ(LQ$U]WXQGHLQ.UDQNHQZDJHQZDUHQXQWHUZHJVXQG GHU/HLFKHQZDJHQ -RKQKDWWHQRFKLQGLHVHU1DFKWVHLQHQ&KHI6XSHULQWHQGHQW 3RZHOODQJHUXIHQ6HOEVW3RZHOOEHJOFNZQVFKWH-RKQDXIGDV KHU]OLFKVWH8QGGDVZDUHLQH$XV]HLFKQXQJZLHVLHQRFK NHLQHPVHLQHU/HXWH]XWHLOJHZRUGHQZDU'HU6XSHULQWHQ GHQWYHUVSUDFKDXFKLQ-RKQV6LQQDOOHVPLWGHQ]XVWlQGLJHQ 3ROL]HLEHK|UGHQ]XUHJHOQ'LH3UHVVHOHXWHKDWWHQGLH9RUJlQJH
JDUQLFKWULFKWLJEHJULIIHQ(VJDEVRJDUQRFKHLQLJHGLHDOOHVIU HLQHQ6FKHU]KLHOWHQ6ROOWHQVLH-RKQZDUGDVPHKUDOVUHFKW %LOO&RQROO\JLQJHVGHQ8PVWlQGHQHQWVSUHFKHQG(UKRFNWH EOHLFKLQVHLQHP6HVVHOXQGWUDQNHLQ*ODV:KLVN\DXI-RKQV6LHJ 'HU,QVSHNWRUDEHUJLQJLQGHQ*DUWHQ(UZROOWHDOOHLQVHLQPLW VHLQHQ*HGDQNHQ
:(11'(5:(5:2/)+(8/7 'HU,UUHKRFNWHKLQWHUHLQHP*HEVFK 6HLQ0XQGVWDQGKDOERIIHQ6FKDXPUDQQEHUGLH8QWHUOLSSH WURSIWHYRP.LQQXQGEHQHW]WHGHQKRFKJHVFKORVVHQHQJUDXHQ .LWWHONUDJHQ %DOGZDUHVZLHGHUVRZHLW ,PPHUZHQQGHU9ROOPRQGVHLQEOHLFKHV/LFKWDXIGLH(UGH VDQGWHVSUWHHUGLH(UUHJXQJ (UVWDQGDXIVFKREVLFKPLWUDXEWLHUKDIWHQ6FKULWWHQKLQWHUGHP *HEVFKKHUYRUXQGVSUDQJDXIGLHNOHLQH/LFKWXQJ +LHUWUDILKQGDV0RQGOLFKWYROO'HU,UUHEHJDQQVLFK]XYHUZDQGHOQ =XHUVWVSUWHHUGDVP|UGHULVFKH%UHQQHQGDV6WFNIU6WFN VHLQHQJHVDPWHQ.|USHUHUIDWH 'HU,UUHVFKULHDXI0LWZLOGHQDEJHKDFNWHQ%HZHJXQJHQ WRUNHOWHHUEHUGLH/LFKWXQJ6RZHLWHVJLQJULHUGHQ.RSI LQGHQ1DFNHQ$XVVHLQHU.HKOHGUDQJHQVFKDXULJH/DXWHGLH DQGDV+HXOHQHLQHV7LHUHVHULQQHUWHQ 9RQHLQHU6HNXQGH]XUDQGHUHQYHUlQGHUWHVLFKGLH+DXWGHV 0DQQHV6LHIlUEWHVLFKGXQNHODOVKlWWHMHPDQGGHQ.RSILQHLQH 7LQNWXUJHWDXFKW 'HU.LWWHOSODW]WHDXI'LH+RUQNQ|SIHVSUDQJHQDXIGHQ %RGHQZRVLHYRPKRKHQ*UDVYHUVFKOXFNWZXUGHQ +DDUHEHJDQQHQ]XZDFKVHQ=XHUVWQXUNOHLQXQGZHLFKGRFK LQ6HNXQGHQVFKQHOOHYHUlQGHUWHQVLHVLFK]XIHVWHQELHJVDPHQ %RUVWHQ $XFKGDV*HVLFKWPDFKWHHLQH9HUZDQGOXQJPLW'LH1DVHWUDW ]XUFN'DIUVSUDQJGHU0XQGYRUZXUGHODQJXQGVSLW]XQG YHUlQGHUWHVLFK]XHLQHU:ROIVVFKQDX]H *OHLFK]HLWLJGHKQWHVLFKGHU.|USHUQRFKZHLWHUDXV/lQJVW ZDUGLH+RVHDXVGHQ1lKWHQJHSODW]W0LWHLQHUZLOGHQ %HZHJXQJVFKOHXGHUWHGHU:ROIVPHQVFKGLH6FKXKHYRQGHQ )HQ6HLQH+lQGHIRUPWHQVLFK]X3UDQNHQ$Q6WHOOHGHU )LQJHUZXFKVHQODQJHJHNUPPWH1lJHO'LH)HHULQQHUWHQ DQ7DW]HQhEHUDOOZDUGHU.|USHUMHW]WPLWGLFKWHPEUDXQ VFKZDU]HP)HOOEHGHFNW 'LH9HUZDQGOXQJ]XP:HUZROIZDUYROOHQGHW
-HJOLFKHVPHQVFKOLFKHV)KOHQZDUDXVJHVFKDOWHWZRUGHQ+LHU VWDQGHLQ7LHUGDVVLFKQXUYRQVHLQHPWLHULVFKHQ,QVWLQNWOHLWHQ OLH 'HU:HUZROIKREGHQ.RSIULFKWHWHGLHVSLW]H6FKQDX]HJHJHQ GHQQDFKWGXQNOHQ+LPPHO 6FKDXULJKDOOWHVHLQ+HXOHQGXUFKGHQ:DOG (VZDUHLQH:DUQXQJ(LQH:DUQXQJIUGLH0HQVFKHQGLHDXI GHU2SIHUOLVWHGHV:HUZROIVVWDQGHQ 'DV8QJHKHXHUVFKWWHOWHVHLQHQ]RWWHOLJHQ.|USHU(VPDFKWH HLQSDDUXQJHOHQNH%HZHJXQJHQZLHHLQ%DE\GDVHUVWULFKWLJ ODXIHQOHUQW 6FKZHUIlOOLJWDSSWHGHU:HUZROIEHUGLH/LFKWXQJHUUHLFKWH GHQNOHLQHQ:LOGZHFKVHOSIDGXQGYHUVFKPRO]PLWGHP6FKDWWHQ GHUKRKHQ%lXPH 'LH%HVWLHZDUXQWHUZHJV1LFKWVNRQQWHVLHMHW]WQRFKDXI KDOWHQ 0LWMHGHP6FKULWWZXUGHQGLH%HZHJXQJHQIOVVLJHUGLH *HVFKZLQGLJNHLWVFKQHOOHU ,QXQUHJHOPlLJHQ$EVWlQGHQVWLHGDV8QJHKHXHUZLHGHUGDV VFKDXULJH+HXOHQDXV'LH3UDQNHQZLVFKWHQGXUFKGLH/XIW NQLFNWHQ=ZHLJHXQGNOHLQHUHLP:HJEHILQGOLFKHbVWHPLW ZWHQGHQ+LHEHQZHJ6FKRQMHW]WNRQQWHPDQDKQHQZHOFK HLQH.UDIWLQGLHVHP8QWLHUVWHFNWH 'LH7LHUHGHV:DOGHVIORKHQ1LFKWHLQPDO9|JHOZDJWHQVLFKLQ GLH1lKHGHV:HUZROIV$QJVWUHJLHUWH(LQH$QJVWGLHDXFKEDOG GLH0HQVFKHQEHUIDOOHQVROOWH 'HU:DOGOLFKWHWHVLFKXQGK|UWHVFKOLHOLFKJDQ]DXI)HOGHU XQG:LHVHQEUHLWHWHQVLFKYRUGHQJHOEHQWFNLVFKIXQNHOQGHQ $XJHQGHV:HUZROIVDXV 3DUDOOHO]XP:DOGUDQGYHUOLHIHLQHVFKPDOH6WUDHPHKUHLQ :HJ(UIKUWH]XP'RUIXQGZDUPLW6FKODJO|FKHUQXQGDXV JHIDKUHQHQ5HLIHQULOOHQEHUVlW(LQ:DJHQPXWHHLQHJXWH )HGHUXQJKDEHQXPGLH6WUHFNHKLQWHUVLFKEULQJHQ]XN|QQHQ 'HU:HUZROIZDQGWHVLFKQDFKUHFKWVYRQHLQHPXQHUNOlU OLFKHQ,QVWLQNWJHOHLWHW
%DOGILHOGHU:HJHWZDVDEHQGHWHLQHLQHUJURHQ0XOGHLQ GHUGDV'RUIODJ 'HU:HUZROIEOLHEVWHKHQ :LH6FKHUHQVFKQLWWHKREHQVLFKGLH+lXVHUJHJHQGDV JHOEZHLH0RQGOLFKWDE'HXWOLFKVDKPDQGHQVSLW]HQ.LUFK WXUPGHUDOOH*HElXGHEHUUDJWH 'HU:HUZROI|IIQHWHVHLQH6FKQDX]H (LQZLOGHVVFKDXULJHV+HXOHQKDOOWHZHLWEHUGDV/DQG(V VFKLHQKLQDXILQGHQ+LPPHO]XWUHLEHQXPLQGHU8QHQGOLFKNHLW ]XYHUNOLQJHQ 'LH%HVWLHNQGLJWHLKU.RPPHQDQ 0D['R\OH]XFNWH]XVDPPHQDOVHUGDV+HXOHQK|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|OIHGDVJHVDPWH'RUI $FKW0HQVFKHQZDUHQLKQHQVFKRQ]XP2SIHUJHIDOOHQ0DQ KDWWHLKUH/HLFKHQJHIXQGHQ%LV]XU8QNHQQWOLFKNHLWYHU VWPPHOW 8QGQLHPDQGZROOWHDQGLH:HUZ|OIHJODXEHQ0DQGDFKWHDQ HLQHQLUUHQ0|UGHU'LH7RWHQZXUGHQEHJUDEHQKHLPOLFKLQ
DOOHU6WLOOH.HLQ6WHUEHQVZRUWGUDQJDXVGHP'RUIQDFKGUDXHQ 6HOEVWGHU3IDUUHUVDJWHQLFKWV'LH0HQVFKHQKLHOWHQ]XVDPPHQ XQGGXFNWHQVLFKXQWHUGHP7HUURUGHU%HVWLHQ 1XU0D['R\OHQLFKW 'R\OHZDUGHU.VWHUGHV2UWHVhEHU]ZDQ]LJ-DKUHEHWULHEHU GLHVHQ%HUXIVFKRQ'R\OHZDUQLFKWYHUKHLUDWHW(UKDWWH=HLW JHKDEWVLFKVHLQHQ+REE\V]XZLGPHQ$OOHVhEHUQDWUOLFKH KDWWHLKQIDV]LQLHUW (UNDQQWHVLFKDXVLQGHU:HOWGHVhEHUVLQQOLFKHQXQGZXUGH GHVKDOEYRQGHQEULJHQ(LQZRKQHUQGHV2UWHVDOV6SLQQHU EHOlFKHOWXQGJHPLHGHQ 'RFK0D['R\OHOLHVLFKQLFKWEHLUUHQ(UWULHEZHLWHUVHLQH 6WXGLHQXQGGDQQJHVFKDKHQLQGHU8PJHEXQJGLHJUlOLFKHQ 0RUGH'R\OHKDWWHGLH7RWHQJHVHKHQ-HGHQYRQLKQHQ6HOEVW YRU)UDXHQPDFKWHQGLH%HVWLHQQLFKWKDOW'R\OHKDWWHJHQXJ EHU:HUZ|OIHJHOHVHQXP]XZLVVHQZHUIUGLH7DWHQYHUDQW ZRUWOLFKZDU (UKDWWHHVGHQ/HXWHQPLWJHWHLOW $XVJHODFKWKDWWHPDQLKQXQG0D['R\OHZDUQRFKVFKZHLJ VDPHUQRFKLQVLFKJHNHKUWHUJHZRUGHQ 6FKOLHOLFKKDWWHHUVLFKHQWVFKORVVHQGHQ.DPSIDXI]XQHK PHQ(UDOOHLQZROOWHGLH%UXWDXVURWWHQ'RFKJOHLFK]HLWLJKDWWH HUVLFK5FNHQGHFNXQJYHUVFKDIIW(LQ%ULHIZDUYRU]ZHL7DJHQ QDFK6FRWODQG
0D['R\OHYHUOLHGDV+DXV1LHPDQGVDKLKQDXIGLH6WUDH WUHWHQ6RUJIlOWLJVFKORGHU.VWHUGLH7UDE (UZDUIQRFKHLQHQOHW]WHQ%OLFNDXIGDVHLQVW|FNLJH6WHLQKDXV XQGZDQGWHVLFKGDQQDE 0LWUXKLJHQ6FKULWWHQJLQJHUGLH6WUDHKLQDE6FKRQQDFK HLQHUKDOEHQ0LQXWHKDWWHHUGDV'RUIHQGHHUUHLFKW9RULKPODJ GDVIUHLH/DQG (LQOHLFKWHU1DFKWZLQGVWULFKGXUFKGLHJURH0XOGHXQG ZLUEHOWH'R\OHV+DDUGXUFKHLQDQGHU ,QHLQLJHU(QWIHUQXQJZDUHLQHGXQNOH:DQG]XHUNHQQHQ 'LHVZDUGHU:DOGGHUVLFKHWOLFKH0HLOHQZHLWKLQ]RJGLUHNW ELV]XU.OLQLN 'R\OHJLQJZHLWHU(VKDWWHODQJHQLFKWPHKUJHUHJQHW'HU %RGHQZDUWURFNHQXQGYHUNUXVWHW 'HU.VWHUKLHOWVLFKDP:HJUDQG(UZROOWHQLFKWVRIRUWJH VHKHQZHUGHQ 1DFKHLQLJHQKXQGHUW
0D['R\OHVSUWHZLHVHLQ+HU]VFKQHOOHUVFKOXJ$XIHLQPDO KDWWHHU$QJVW'RFKHUGXUIWHQLFKWDXIJHEHQ-HW]WQLFKWPHKU 9RUVLFKWLJULFKWHWHVLFKGHU.VWHUDXI'LH*UDVKDOPHEHZHJ WHQVLFKXQUXKLJ 6FKRQK|UWH'R\OHGDV.HXFKHQGHV:HUZROIV -HW]WZDUGLH%HVWLHPLWLKPDXIJOHLFKHU+|KH ,QGLHVHP$XJHQEOLFNVSUDQJGHU.VWHUYRU 'HU:HUZROIZDUEHUUDVFKW1LHKlWWHHUGDPLWJHUHFKQHWVFKRQ KLHUDXIHLQHQ0HQVFKHQ]XWUHIIHQ'RFKGDQQPHOGHWHVLFKVHLQ 0RUGLQVWLQNW :LOGIDXFKWHHUDXIXQGULGLH6FKQDX]HDXVHLQDQGHU'LH VSLW]HQGROFKDUWLJHQ=lKQHEOHFNWHQ'HU:HUZROIKDWWHHLQ P|UGHULVFKHV*HEL:HKHGHPMHQLJHQGHUGLHVHQ5HL]lKQHQ DXVJHOLHIHUWZDU 0D['R\OHVWDQGYRUGHU%HVWLH$OOVHLQHQ0XWKDWWHHU]XVDP PHQJHUDIIWXPGHPVFKUHFNOLFKHQ7UHLEHQ(LQKDOW]XJHELHWHQ (U]LWWHUWHDPJDQ]HQ.|USHU:LH6WURPVW|HNDPGLH$QJVW MDJWH6FKDXHUGXUFKVHLQH$GHUQ 0D['R\OHKLHOWGDV.UHX]PLWEHLGHQ+lQGHQIHVWXPNODP PHUW(UKDWWHGLH$UPHYRUJHVWUHFNWSUlVHQWLHUWHGHU%HVWLHGDV JHZHLKWHFKULVWOLFKH6\PERO ª:HLFKH%HVWLH+LQZHJPLWGLU©ULHI'R\OHPLWKDOOHQGHU 6WLPPH 0D['R\OHJODXEWHDQGLH0DFKWGHV*XWHQGRFKLQGHQQlFK VWHQ$XJHQEOLFNHQ]ZHLIHOWHHUGDUDQ 'LH3UDQNHGHV:HUZROIVFKQHOOWHYRU0LWHLQHPKHIWLJHQ 6FKODJIHJWHVLHGHP.VWHUGDV.UHX]DXVGHQ+lQGHQ 5DWVFKHQGJLQJGHU0DQWHOlUPHOLQ)HW]HQ 'R\OHEHJULIIQLFKWVPHKU$XVEHUJURHQ$XJHQVWDUUWHHUDXI GDVDP%RGHQOLHJHQGH.UHX](UKDWWHDOOVHLQH+RIIQXQJGDUDXI JHVHW]WXQGMHW]W 'HU:HUZROIQXW]WHGLH&KDQFHGLHLKP0D['R\OHGXUFK VHLQH%HZHJXQJVXQIlKLJNHLWERW (UVSUDQJGHQ.VWHUDQ
'R\OHVSUWHHLQHQXQJHKHXUHQ6FKODJJHJHQGLH%UXVWXQG NLSSWHQDFKKLQWHQ+DUWVFKOXJHUDXIGHP%RGHQDXI(UVWLH VLFKLUJHQGZRGHQ+LQWHUNRSIDQXQGIUHLQHQ6HNXQGHQ EUXFKWHLOYHUVFKZDPPDOOHVYRUVHLQHQ$XJHQ 'HU:HUZROIWULXPSKLHUWH(UKLHOWVHLQ2SIHUDXIGHU(UGHIHVW 1RFKKDWWHGHU.VWHUEHLGH$UPHIUHL:LOGVFKOXJHUXPVLFK WUDIDXFKHLQSDDUPDOGHQ6FKlGHOGHU%HVWLH 'LH6FKOlJHVWHLJHUWHQGHUHQ:XW 'LHKDDULJH7DW]HERKUWHVLFKLQ'R\OHV0XQGHUVWLFNWHMHGHQ 6FKUHL 'HU.VWHUEHNDPNHLQH/XIWPHKU(LQZHLWHUHU6FKODJJHJHQ VHLQHQ.RSIO|VFKWHGDV%HZXWVHLQDXV (VZDUJXWIU0D['R\OH2KQHQRFKHLQPDODXVGHU2KQ PDFKW]XHUZDFKHQVWDUEHUHLQHQVFKUHFNOLFKHQ7RG :HQLJH0LQXWHQVSlWHU]RJGHU:HUZROIVHLQ2SIHULQGDVQDKH *HEVFK'LH7DW]HQIXKUHQQHUY|VGXUFKGLH/XIW (UVSUDQJ]XUFNDXIGHQ:HJXQGVWLHHLQVFKDXULJHV+HXOHQ DXV /DQJJH]RJHQKDOOWHGLH6LHJHVPHORGLHGHU%HVWLHEHUGDV ZHLWH/DQG 8QGGLH0HQVFKHQLQGHPQDKHOLHJHQGHQ2UWDWPHWHQDXIIURK GDUEHUGDHVGLHVPDOQLFKWVLHHUZLVFKWKDWWH $EHUGHU:HUZROIZUGH]XUFNNRPPHQ 9LHOOHLFKWVFKRQLQGHUQlFKVWHQ1DFKW :LHGHUOLHIGHU:HUZROIGXUFKGHQ:DOG'RFKGLHVPDOZDUHQ GLH%HZHJXQJHQPDWWHU'LH%HVWLHWRUNHOWHPHKUDOVVLHJLQJ 9RQ0LQXWH]X0LQXWHIORGLH.UDIWDXVGHP]RWWLJHQ.|USHU 'HU:HUZROINRQQWHVLFKQXUIUHLQH6WXQGHYHUZDQGHOQGDQQ QDKPHUZLHGHUVHLQHDOWH*HVWDOWDQ 0LWOHW]WHU.UDIWHUUHLFKWHHUGLH/LFKWXQJ'RUWILHOHU]X %RGHQ :LHGHUGUDQJGDVVHOWVDPH%UHQQHQLQVHLQHQ.|USHU'HU :HUZROIMDXOWHVFKPHU]HUIOOWGRFKLQGLHVHV-DXOHQPLVFKWHVLFK VFKRQGHUHUVWHPHQVFKOLFKH7RQ
'DQQEHJDQQGLH5FNYHUZDQGOXQJ'HU.|USHUVFKUXPSIWH ]XVDPPHQGLH+DDUHO|VWHQVLFKZLHZHONH%OlWWHUGLH6FKQDX]H WUDW]XUFNGLH.RQWXUHQHLQHVPHQVFKOLFKHQ*HVLFKWVHQW VWDQGHQ $EHUGDYRQPHUNWHGLH%HVWLHQLFKWV(LQHWLHIH2KQPDFKWKLHOW VLHXPIDQJHQDXVGHUVLHHUVWZLHGHUHUZDFKWHDOVGLH9HUZDQG OXQJYROOVWlQGLJDEJHVFKORVVHQZDU 9HUZLUUWULFKWHWHVLFKGHU0DQQDXI(UEOLFNWHDQVHLQHP .|USHUKLQXQWHUXQGHUVFKUDN (UZDUQDFNW 8QJOlXELJVFKWWHOWHGHU,UUHGHQ.RSI9HUJHEOLFKYHUVXFKWH HUGLHOHW]WHQ0LQXWHQRGHU6WXQGHQ]XUHNRQVWUXLHUHQ(VILHO LKPQLFKWVHLQ,QVHLQHP*HKLUQZDUHLQHDEVROXWH/HHUH 'HU,UUHOHEWH]ZDULQHLQHU$QVWDOWGRFKHUVHOEVWKLHOWVLFKIU JHVXQG:DVVRJDUVWLPPWH'HQQGLHVHU0DQQGHUY|OOLJQRU PDOLQHLQH+HLODQVWDOWHLQJHOLHIHUWZRUGHQZDUNRQQWHQLFKW DKQHQZHOFKHLQVFKPXW]LJHV6SLHOPDQPLWLKPJHWULHEHQKDWWH -DPDQZROOWHLKQ]XP:DKQVLQQWUHLEHQDEHUDXIHLQHJDQ] JHULVVHQH$UWXQG:HLVH 'RFKGDYRQDKQWHGHU0DQQQLFKWV ,KQIU|VWHOWH'HUNKOH1DFKWZLQGVWULFKEHUVHLQHQ5FNHQ :LHHLQ+lXIFKHQ(OHQGKRFNWHGHU0DQQDXIGHU/LFKWXQJ(U ZDQGWHGHQ.RSIXQGHQWGHFNWHVHLQH.OHLGHU (UJULIIQDFKGHQ6DFKHQXQG]RJVLHEHURKQHGDUEHUQDFK ]XGHQNHQZHVKDOEDOOHVVRJHNRPPHQZDU 'DV8QWHU]HXJZDU]HUULVVHQHVIHKOWHQDXFKGLH.Q|SIHDQ GHPJUDXHQ$QVWDOWVNLWWHO6LHODJHQYHUVWUHXWLP*UDV]ZLVFKHQ GLFKWHQEUDXQVFKZDU]HQ+DDUEVFKHOQ 'HU0DQQVWXW]WH :LHNDPHQGLH%VFKHOKLHUKHU"(UOLHHLQSDDU+DDUHGXUFK VHLQH)LQJHUJOHLWHQ'HU3HO]IKOWHVLFKLUJHQGZLHERUVWLJXQG ZLGHUVWDQGVIlKLJDQ 'HU0DQQ]XFNWHPLWGHQ$FKVHOQXQG]RJVHLQHQ*UWHOIHVW =XP*OFNZDUGLHVHUQLFKWEHVFKlGLJWZRUGHQ 'HU0DQQZXWHJHQDXZRKLQHUVLFK]XZHQGHQKDWWH =LHOVLFKHUVFKOXJHUVLFKLQGLH%VFKHXQGJHODQJWHZHQLJVSlWHU
DXIHLQHQVFKPDOHQNDXPHUNHQQEDUHQ3IDG-HW]WNRQQWHHU VFKQHOOHUODXIHQ :LHHLQJURHV7LHUKXVFKWHGHU0DQQGXUFKGHQ:DOG(LQ 0HQVFKGHVVHQ(ULQQHUXQJIUHLQH6WXQGHDXVJHVHW]WKDWWH XQGGHULQGLHVHU=HLW]XHLQHPEHVWLDOLVFKHQ0|UGHUJHZRUGHQ ZDU 'HU0DQQKLHOWGHQ'DXHUODXIGXUFKXQGHUUHLFKWHHLQH 9LHUWHOVWXQGHVSlWHUHLQHQVHFKV)XKRKHQDXVGLFNHP'UDKW JHIORFKWHQHQ=DXQ 'HU0DQQZXWHGDHVULVNDQWZDUGHQ=DXQ]XEHUKUHQ(U VWDQGXQWHU6WURPXQGHUZlUHQLFKWGHUHUVWHJHZHVHQGHUVHLQ /HEHQGRUWDXVJHKDXFKWKlWWH (UKWHWHVLFKGHP=DXQ]XQDKH]XNRPPHQXQGJHODQJWH VFKOLHOLFKDQHLQHNOHLQH7UGLHKDUPRQLVFKLQGHQ0DVFKHQ GUDKW]DXQHLQJHIJWZRUGHQZDU 'LH7UZDURIIHQ 0DQNRQQWHVLHRKQHZHLWHUHVEHUKUHQGDGLHVHU7HLOGHV =DXQVJXWLVROLHUWZDU 6RUJIlOWLJVFKORGHU0DQQGLH7UKLQWHUVLFK (LQJHSIOHJWHU5DVHQEUHLWHWHVLFKYRULKPDXVGHUOHLFKW DQVWLHJXQGDQGHU5FNVHLWHHLQHVJURHQEXQJDORZlKQOLFKHQ *HElXGHVHQGHWH 'DV*HElXGHZDU/I|UPLJJHEDXW'HUOlQJHUH7HLOEHKHU EHUJWHGLH=HOOHQXQG8QWHUVXFKXQJVUlXPH,PVFKPDOHUHQ7HLO ZDUHQGLH=LPPHUGHUbU]WHXQGGHVEULJHQ3HUVRQDOVXQWHUJH EUDFKW$XHUGHPJDEHVQRFKHLQHQ.HOOHUWUDNWGHUJHIUFKWHW XQGEHUFKWLJWZDU +LQWHUGHQ)HQVWHUQGHV*HElXGHVEUDQQWHNHLQ/LFKW$OOHV ZDUVWLOOXQGQXUGHUNHXFKHQGH$WHPGHV0DQQHVGUDQJGXUFK GLH6WLOOH (LQQLHGULJHU%XVFKJUWHO]RJVLFKXPGLH5FNVHLWHGHV +DXVHV'HU0DQQZXWHGDGRUWLPPHUHLQHUGHUJHIUFKWHWHQ $XISDVVHUVWHFNWH 6RZDUHVDXFKGLHVPDO 8USO|W]OLFKO|VWHVLFKHLQ6FKDWWHQDXVGHQ%VFKHQ(LQ0DQQ LQGHU.OHLGXQJGHU:lUWHUJLQJDXIGHQ$QN|PPOLQJ]X
ª1DZLHGHU]XUFN5LFN"© 'HUPLW5LFN$QJHUHGHWHEOLHEVWHKHQ(UNHXFKWHQRFKYRP VFKQHOOHQ/DXIHQ ª-D©MDSVWHHUªLFKELQZLHGHU]XUFN© 'HU:lUWHUIL[LHUWHGHQ0DQQDXVNDOWHQJHOEHQ5DXEWLHU DXJHQ'DQQIDWHHUQDFKGHVVHQ6FKXOWHU'HU*ULIIZDU VFKPHU]KDIWGRFK5LFNJDENHLQHQ7RQYRQVLFK ª/RVNRPPUHLQ© 'HU:lUWHUVFKRE5LFNDXIGDV+DXV]X|IIQHWHHLQH7UXQG EHWUDWPLWVHLQHP!2SIHUGDV,QQHUH 'XUFKHLQHQVFKPDOHQ.RUULGRUHUUHLFKWHQVLHHLQHQODQJHQ %HWRQJDQJ]XGHVVHQEHLGHQ6HLWHQGLHHLQ]HOQHQ=HOOHQODJHQ .DOWHV/HXFKWVWRIIU|KUHQOLFKWHUKHOOWHGHQ*DQJ 'LHJUQJHVWULFKHQHQ0HWDOOWUHQJOlQ]WHQ 6LHWUXJHQMHZHLOV1XPPHUQ5HFKWVGHV*DQJHVGLHJHUDGHQ OLQNVGLHXQJHUDGHQ 9RUGHU1XPPHU]Z|OIEOLHEGHU:lFKWHUPLW5LFNVWHKHQ'HU $XISDVVHUKROWHHLQHQ8QLYHUVDOVFKOVVHODXVGHU7DVFKHXQG VFKORGLH7UDXI 5LFNJLQJVFKQHOOLQGLH=HOOH0DQOLHEWHHVKLHUQLFKWZHQQ MHPDQGODQJVDPZDU6WUDIHQZlUHQGLH)ROJHJHZHVHQXQG PDQFKH1DFKWKDWWH5LFNGDV6FKUHLHQGHU*HIROWHUWHQVFKRQ JHK|UW (LQ%HWWPHKUHLQH3ULWVFKHHLQ6FKHPHOXQGHLQ:DVFKEHFNHQ GDVZDUGLHJHVDPWH(LQULFKWXQJ'LH/DPSHDQGHU'HFNHZDU GXUFKHLQ0DVFKHQGUDKWJLWWHUJHVFKW]W :XFKWLJZDUIGHU:lUWHUGLH7UKLQWHU5LFNLQV6FKOREOLFNWH QRFKHLQPDOGXUFKGDV*XFNORFKXQGEHU]HXJWHVLFKGDYRQGD GHU3DWLHQWUXKLJDXIVHLQHP6FKHPHOVD 'DQQJLQJHUZHJ 'LHPLW(LVHQSOlWWFKHQYHUVHKHQHQ$EVlW]HVHLQHU6FKXKH NQDOOWHQDXIGHPJODWWHQ%HWRQ'LH(FKRVZXUGHQYRQGHQ NDKOHQ:lQGHQ]XUFNJHZRUIHQ 'HU:lUWHUJLQJELV]XHLQHUJURHQ7UXQGVFKORGLHVHPLW HLQHP6SH]LDOVFKOVVHODXI'DKLQWHUEHIDQGVLFKGHUDQGHUH7HLO GHU.OLQLN
+LHUZDUDOOHVZHVHQWOLFKIUHXQGOLFKHUHLQJHULFKWHW7HSSLFKH EHGHFNWHQGHQ%RGHQGLH:lQGHZDUHQIDUEHQIURKWDSH]LHUW XQG5HSURGXNWLRQHQPRGHUQHU.QVWOHUJDEHQGHQOHW]WHQ 6FKOLII,PJURHQXQGJDQ]HQNRQQWHPDQVLFKKLHUVFKRQZRKO IKOHQ 'HU:lUWHU]QGHWHVLFKHLQH=LJDUHWWHDQ(USDIIWHKDVWLJXQG KlWWHVLFKIDVWDQGHP5DXFKYHUVFKOXFNW,KPSDWHGLH *HVFKLFKWHQLFKWPHKU0DQZDULQGLHVHUYHUGDPPWHQ.OLQLN]X VHKULVROLHUW.HLQH)UDXHQNHLQ9HUJQJHQQLFKWV1XULPPHU DXISDVVHQXQGPDQFKPDODOOHYLHU:RFKHQZHQQ9ROOPRQG ZDUHLQHQGHU,UUHQZLHGHUDXIGDV$QVWDOWVJHOlQGHODVVHQ -HGHVPDOZDUHVHLQDQGHUHUJHZHVHQ'HU:lUWHUKDWWHVRZLHVR GDV*HIKOGDGLHVH/HXWHJDUQLFKWKLHUKHUJHK|UWHQDEHUHU NPPHUWHVLFKQLFKWZHLWHUGDUXP'LH%H]DKOXQJVWLPPWHXQG GDVZDUIULKQGLH+DXSWVDFKH1XUHEHQGLHNOHLQHQ9HU JQJHQGLHPDQDOVULFKWLJHU0DQQHEHQEUDXFKWHGLHJDEHV KLHUQLFKW 'HU:lUWHUKDWWHODQJHQDFKJHGDFKWXQGZDU]XGHUhEHU]HX JXQJJHODQJWHLQPDOPLW'U&D]DOLVHLQHPGHUOHLWHQGHQbU]WH ]XUHGHQ &D]DOLV %UREHIDQGVLFKLP0LWWHOWUDNWGHVNOHLQHQ)OJHOV 'LH)HQVWHUODJHQQDFKYRUQKLQDXV&D]DOLVKDWWHKHXWH1DFKW GLHQVWXQGGHU:lUWHUPXWHVRZLHVR]XLKPXP%HULFKW]X HUVWDWWHQ (UEOLHEIUHLQLJH6HNXQGHQYRUGHU7UVWHKHQIXKUVLFKQRFK HLQPDOGXUFKGLH+DDUHXQGNORSIWHGDQQJHJHQGDVEUDXQ JHEHL]WH+RO] ª-DELWWH©HUW|QWHHLQH6WLPPH 'HU:lUWHUWUDWHLQ 'U&D]DOLVVDKLQWHUVHLQHP6FKUHLEWLVFK(UKDWWHHLQ%XFKYRU VLFKOLHJHQXQGNODSSWHHVMHW]W]XDOVGHU:lUWHUGDV=LPPHU EHWUDW &D]DOLVZDUQRFKUHODWLYMXQJXQGGRFKVFKRQHLQHUHVSHNWDEOH (UVFKHLQXQJ
(UKDWWHGXQNOHV+DDUGDVLPPHUVRUJIlOWLJJHNlPPWZDU'LH ODQJHQ.RWHOHWWHQKDWWHQHLQHQ6WLFKLQV*UDXHXQG6S|WWHU VDJWHQGD&D]DOLVVLHLPPHUIlUEHQOLH6HLQH(LWHONHLWZDU EHUKPWXQGEHUFKWLJW(UZDUGHU7\SGHUMHGHU)UDXQDFKVWLHJ XQGZHQQHUVLHHUVWHLQPDOUXPJHNULHJWKDWWHVLHZLHGHU IDOOHQOLHZLHHLQHOHHUH7WH &D]DOLV *HVLFKWVWUDKOWH+lUWHXQG(QHUJLHDXV(FNLJVSUDQJ VHLQ.LQQYRU)UHLQHLPPHUEUDXQH+DXWIDUEHVRUJWHGLH +|KHQVRQQH'LH$XJHQZDUHQNDOWXQGYRQXQGHILQLHUEDUHU )DUEH6LHYHUVFKZDQGHQIDVWLQGHQWLHIOLHJHQGHQ+|KOHQ 'U&D]DOLVWUXJHLQHQZHLHQ.LWWHO,P.UDJHQDXVVFKQLWW OHXFKWHWHGLHURWH.UDZDWWHZLHHLQJURHU%OXWVWURSIHQ 'HU:lUWHUEOLHEGLFKWYRUGHP6FKUHLEWLVFKVWHKHQXQGHU OlFKHOWHYHUOHJHQZlKUHQGHUQLFKWZXWHZDVHUPLWVHLQHQ +lQGHQDQIDQJHQVROOWH 'DV%URZDUPRGHUQHLQJHULFKWHWPLW6FKLHEHVFKUlQNHQXQG HLQHU6LW]JUXSSHDXVVFKZDU]HP/HGHU &D]DOLVVDKGHQ:lUWHUYRQXQWHQKHUDXIDQ6HLQHNUlIWLJHQ )LQJHUVSLHOWHQPLWHLQHP%OHLVWLIW'HU:lUWHUNRQQWHHUNHQQHQ GDDXIGHP+DQGUFNHQGHV0DQQHVGLFKWHVFKZDU]H+lUFKHQ ZXFKVHQ 'U&D]DOLVZLUNWHLUJHQGZLHGHVLQWHUHVVLHUW'RFKGDVZDUQXU lXHUOLFK,Q:LUNOLFKNHLWZDUHUJHVSDQQWZLHLPPHU(U]HLJWH HVQXUQLFKW 'LH6FKUHLEWLVFKODPSHJDEGHPQFKWHUQHLQJHULFKWHWHQ%UR HLQHQOHLFKWJHPWOLFKHQ$QVWULFKGHUMHGRFKGXUFK'U&D]DOLV (UVFKHLQXQJJHWUEWZXUGH ª+DWDOOHVJHNODSSW"©IUDJWH&D]DOLV6HLQH6WLPPHNODQJ EHIHKOVJHZRKQW0DQNRQQWHLKUDQPHUNHQGD&D]DOLVHV JHZRKQWZDUQLHPDOVHWZDV]ZHLPDO]XVDJHQ ª-D'RNWRU'HU0DQQLVW]XUFNJHNRPPHQ©'HU:lUWHU EHVWlWLJWHGXUFKHLQNUlIWLJHV1LFNHQVHLQH:RUWH ª*XW6LHN|QQHQGDQQJHKHQ8QG]XQLHPDQGHPHLQ:RUW YHUVWDQGHQ"© ª.ODU'RNWRU:DULFKVFKRQMHPDOVJHVFKZlW]LJ"©'HU:lUWHU YHUVXFKWHVLFKDQ]XELHGHUQ
ª'DVP|FKWHLFK,KQHQDXFKQLFKWJHUDWHQKDEHQ©)U&D]DOLV ZDUGDV*HVSUlFKEHHQGHW(UZLGPHWHVLFKZLHGHUVHLQHP%XFK &D]DOLVKREGHQ.RSIª,VWQRFKZDV"© 'HU:lUWHUIDWHVLFKHLQ+HU]ª-D6LULFKlKLFKKlWWHGD QRFKHLQ3UREOHP© ª6DJHQ6LHHV© ª'DQNH6LUGDQNH©'HU:lUWHUOlFKHOWH ª*HVFKHQNW© ª(VLVWQlPOLFKVR6LU,FKPHLQHLFKWXKLHUPHLQHQ'LHQVW7DJ XQG1DFKWXQGLFK© ª6LQG6LHPLWGHU%H]DKOXQJXQ]XIULHGHQ"'LHLVWGRFKZRKO JXWJHQXJ©XQWHUEUDFK&D]DOLVGHQ0DQQ ª1HLQ6LU8P+LPPHOVZLOOHQ'DYRQUHGHLFKMDJDUQLFKW *HOGYHUGLHQHLFKKLHUUHLFKOLFK© ª:DVLVWHVGDQQ"© ª1XQ6LULFKZHLQLFKWVRUHFKWZLHLFKHVHUNOlUHQVROO$OVR LFKELQVFKRQEHUVHFKV:RFKHQLQGHU.OLQLNXQGQLHLQGHU =ZLVFKHQ]HLWUDXVJHNRPPHQ,FKKDEHNHLQH.QHLSHJHVHKHQ NHLQH)UDXJHKDEW'DVLVWHVZDVPLFKDPPHLVWHQVW|UW© 'HU:lUWHUDWPHWHDXI(QGOLFKZDUHVKHUDXV &D]DOLVVDJWHHUVWPDOQLFKWV'RFKGDQQOHJWHVLFKHLQVS|WWL VFKHV/lFKHOQXPVHLQH0XQGZLQNHOª(LQH)UDXZROOHQ6LHDOVR 0HKUQLFKW-DVLQG6LHGHQQGHV:DKQVLQQV"6LHJHK|UHQZRKO EDOGVHOEVW]XGHQ,UUHQ6LHKDEHQHLQHQ9HUWUDJXQWHUVFKULHEHQ PHLQOLHEHU0DQQ8QGGHQPVVHQ6LHHLQKDOWHQ:HQQQLFKW KDEHQ6LHVLFKGLH)ROJHQVHOEHU]X]XVFKUHLEHQ6LHKDEHQEHU DOOHVZDV6LHVHKHQVWUHQJVWHV6WLOOVFKZHLJHQ]XEHZDKUHQGDU EHUVLQGZLUXQVGRFKHLQLJ2GHU"© 'HU:lUWHUQLFNWH ª*XW8QGZLHLFK/HXWH,KUHV6FKODJHVNHQQHODXIHQ6LHLQGLH QlFKVWH.QHLSHODVVHQVLFKYROODXIHQXQGULVNLHUHQHLQHJURH /LSSH6LHUHGHQYRQGHU$QVWDOWXQGYRQGHPZDV6LHKLHUJH VHKHQKDEHQ(VZUGHQVLFKEHVWLPPWEDOGHLQLJH/HXWHIUXQV LQWHUHVVLHUHQGLHZLUKLHUQLFKWJHUQVHKHQ,FKZWHGDKHUVHKU EDOGZHPLFKGLHVHQ%HVXFK]XYHUGDQNHQKlWWH:DVVFKlW]HQ 6LHZUGHPLW,KQHQJHVFKHKHQ"©
'HU:lUWHUZDUEHLGHQ:RUWHQGHV$U]WHVEODJHZRUGHQ(U VFKOXFNWHNUDPSIKDIW6HLQ$GDPVDSIHOKSIWHDXIXQGDEª,FK ZHLHVQLFKW6LU©SUHWHHUKHUYRU &D]DOLVOlFKHOWHª6LHNlPHQQLHPHKUGD]XDXFKQXUQRFKHLQ :RUW]XVDJHQ,FKKRIIHZLUKDEHQXQVYHUVWDQGHQ8QGMHW]W JHKHQ6LH© 'HU:lUWHUKDWWHGLHYHUVWHFNWH0RUGGURKXQJZRKOYHU VWDQGHQ (UQLFNWHVFKQHOOXQGVDJWHª,FKZHUGH,KQHQNHLQH6FKZLHULJ NHLWHQPDFKHQ6LU© 'DUXPGUHKWHHUVLFKDXIGHP$EVDW]XPXQGJLQJPLWKDVWLJHQ 6FKULWWHQDXVGHP%UR'UDXHQDXIGHP)OXUPHUNWHHUGDHU LQ6FKZHLJHEDGHWZDU 'U&D]DOLVDEHUEOLFNWHQDFKGHQNOLFKDXIGDV7UEODWW'HU :lUWHUZXUGH]XP5LVLNR8QG5LVLNHQPXWHPDQYRQYRUQ KHUHLQDXVVFKDOWHQ 0LWHLQHP5XFN]HUEUDFKGHU$U]WGHQ%OHLVWLIWLQVHLQHU+DQG XQGVFKOHXGHUWHGLHEHLGHQ+lOIWHQLQHLQHQ3DSLHUNRUE ,QGHQ0RUJHQVWXQGHQKDWWHVLFK1HEHOJHELOGHW:LHGLFNH :DWWHVFKOHLHUNURFKHQGLH6FKZDGHQEHUGHQ%RGHQXQGQlWHQ :LHVHQXQG:lOGHU ,Q+DZLFNVRKLHGHUNOHLQH2UWQDKHGHU.OLQLNVFKOLHIHQ GLHPHLVWHQQRFK 1XUGLH+RO]IlOOHUZDUHQVFKRQDXIGHQ%HLQHQ6LHZROOWHQPLW LKUHP:DJHQKLQDXVLQGHQ:DOGIDKUHQXPHLQLJH%DXPULHVHQ ]XIlOOHQ 'UHL0lQQHUZDUHQHV.UlIWLJH%XUVFKHQPLWZHWWHUJHJHUEWHQ *HVLFKWHUQXQGVFKZLHOLJHQ+lQGHQ6LHWUDIHQVLFKDP2UWVDXV JDQJ=LJDUHWWHQJOKWHQ 'LH0lQQHUZDUHQVFKZHLJVDP0DQNDQQWHVLFKXQGDP IUKHQ0RUJHQJDEHVVRZLHVRQLFKWYLHO]XHU]lKOHQ ª'DQQPDOORV©VDJWHGHUNUlIWLJVWHXQWHULKQHQ(UVFKZDQJ VLFKDXIGHQJUQODFNLHUWHQ7UHFNHUXQGOLHGLH0DVFKLQHNRP PHQ'LH6FKHLQZHUIHUNlPSIWHQYHUJHEOLFKJHJHQGHQ1HEHODQ
'LHEHLGHQDQGHUHQ0lQQHUNOHWWHUWHQDXIGLH/DGHIOlFKHGHV $QKlQJHUVZRDXFKGLH:HUN]HXJHODJHQ'LHJURH0RWRUVlJH PHKUHUH%HLOHXQGDXFK6FKDXIHOQ 'LH+RO]IlOOHUDXIGHP$QKlQJHUEUWHWHQYRUVLFKKLQ6LH KLQJHQLKUHQ*HGDQNHQQDFK 'LH+RO]IlOOHUZDUHQ$QJHVWHOOWHGHVVWDDWOLFKHQ)RUVWDPWHV GDVDOOHUGLQJVEHU]ZDQ]LJ0HLOHQZHLWZHJODJ)UKHUZDUHQ GLH0lQQHUVHOEVWlQGLJJHZHVHQDEHUGHU'UXFNGHU.RQNXU UHQ]ZDU]XJURJHZRUGHQDOVGDVLHKlWWHQZHLWHUH[LVWLHUHQ N|QQHQ6RZDUHQVLHGDQQLQGHQ'LHQVWGHV6WDDWHVJHWUHWHQ 'HUSO|W]OLFKH5XFNPLWGHPGHU)DKUHUVWRSSWHZDUIGLHEHL GHQDXIGHU/DGHIOlFKHGXUFKHLQDQGHU6LHUROOWHQELVJHJHQGHQ 5DQGXQGVWLHHQVLFKVFKPHU]KDIWGLH.|SIH )OXFKHQGVSUDQJHQVLHDXIGLH(UGH ª.DQQVWGXQLFKWDXISDVVHQGX(VHO"6DJXQVQlFKVWHQV© 'HU0DQQYHUVWXPPWHDOVHUSO|W]OLFKGHQ)DKUHUDXIWDXFKHQ VDK(UKDWWH$XJHQXQG0XQGDXIJHULVVHQ(LQJHTXlOWHV 6W|KQHQGUDQJEHUVHLQH/LSSHQ7URW]GHV1HEHOVZDU]XHU NHQQHQGDVHLQ*HVLFKWHLQHJHOEJUQH)DUEHDQJHQRPPHQ KDWWH'HU)DKUHUVDKDXVDOVPVVHHUVLFKMHGHQ$XJHQEOLFN EHUJHEHQ ª:DVLVWORV%HQ"©ULHIHLQHUVHLQHU.ROOHJHQXQGIDWHGHQ )DKUHUDQEHLGH6FKXOWHUQ ª'RUWGRUWLP*HEVFK,FKLFKVDK]XHUVWQXUGLH+DQG XQGGDQQ© 'HU)DKUHUULVLFKORVWDXPHOWH]XU6HLWHXQGEHUJDEVLFK 'LHEHLGHQDQGHUHQ0lQQHUVDKHQVLFKVFKZHLJHQGDQ /DQJVDPVWDKOVLFKGLH$QJVWLQLKUH*HVLFKWHU ª'DVQHXQWH2SIHU©IOVWHUWHGHUlOWHVWHYRQLKQHQXQG NRQQWHQLFKWYHUPHLGHQGDLKPHLQH*lQVHKDXWEHUGHQ 5FNHQOLHI %HQGHU)DKUHUNDP]XUFN(UKDWWHGLHOHW]WHQ:RUWHJHUDGH QRFKPLWJHK|UW ª-D©ZUJWHHUª'HU,UUHZDUZLHGHUDP:HUN© ª:HULVWHVGHQQ"© ª0D['R\OHGHU.VWHU©
ª+LPPHODXVJHUHFKQHW0D[©'HU+RO]IlOOHUGHUGLH)UDJH JHVWHOOWKDWWHIDWHVLFKDQGHQ.RSIª0D[KDWGRFKLPPHUYRQ GHQ:HUZ|OIHQHU]lKOW'DVLVWGLH5DFKH-HW]WKDWHVLKQVHOEVW HUZLVFKW(UKlWWHQLFKWVRYLHOUHGHQVROOHQ© ª9LHOOHLFKWZDUHVHLQ:ROI©ZDUI%HQHLQª:HQQGXGLH 9HUOHW]XQJHQVLHKVW© ª*ODXEVWGXMHW]WDXFKQRFKDQGHQ4XDWVFK"1HLQGDVZDUHQ GLH,UUHQDXVGHU.OLQLN© ª8QGZHQQZLUGUIHQQLFKWPHKUOlQJHUVFKZHLJHQ©VDJWH %HQª(VPXHQGOLFKZDVJHVFKHKHQ'DVLVWMHW]WGHUQHXQWH 0RUG:LUZHUGHQQLFKWPHKUGHQ0XQGKDOWHQ'LHURWWHQMDGDV JDQ]H'RUIDXV© ª:DUWHHUVWPDODE©HUZLGHUWHVHLQ.ROOHJHª:LUIDKUHQ ]XUFNXQGPHOGHQGHQ)DOO© 'LH0lQQHUVFKZDQJHQVLFKZLHGHUDXIGHQ7UHFNHUXQG IXKUHQGHQVHOEHQ:HJ]XUFN 6LHKLHOWHQDQGHU.LUFKH %HQZDUHVGHUEHLP3IDUUHU6WXUPOlXWHWH 'HU3IDUUHUNDPQDFKIQI0LQXWHQ(UZDUVHKUXQZLUVFKEHU GLHIUKH6W|UXQJ ª:DVJLEWHVGHQQ"© %HQEHULFKWHWHPLW]LWWHUQGHU6WLPPH'HU3IDUUHUK|UWHGHP +RO]IlOOHU]X(QWVHW]HQEUHLWHWHVLFKDXIVHLQHP*HVLFKWDXV ª:LUGUIHQMHW]WQLFKWPHKUOlQJHUVFKZHLJHQ©ULHI%HQZLOG 'HU3IDUUHUEOLFNWHGHQ+RO]IlOOHUDQª1LFKWVZLUGZHLWHUJHPHO GHWQLFKWV:LUZHUGHQGHQ7RWHQEHJUDEHQXQGDOOHVJHKWZLH GHUVHLQHQJHZRKQWHQ*DQJ© %HQVFKWWHOWHGHQ.RSIª'DVYHUVWHKHLFKQLFKW9HUGDPPW QRFKPDO,FKELQKLHULQ+DZLFNJHERUHQOHEHMHW]WVHFKV XQGGUHLLJ-DKUHKLHUXQG©%HQEUDFKDEª6DJHQ6LHPLU GHQ*UXQG3IDUUHU6DJHQ6LHPLUZDUXP6LHGHQRGHUGLH 0|UGHUGHFNHQ© ª1HLQ© %HQDWPHWHJHSUHWDXVª(VJLEWDEHUHLQHQ*UXQG© 'HU3IDUUHUZDQGWHVLFKDEª,FKPXPLFKMHW]WXP]LHKHQ,FK IDKUHGDQQPLWQDFKGUDXHQ©
%HQEDOOWHGLH+lQGH]X)lXVWHQ(WZDVVWLPPWHLP'RUIQLFKW (VPXWHLUJHQGHLQ*HKHLPQLVJHEHQYRQGHPGLHPHLVWHQ QLFKWVZXWHQ $EHUZHOFKHV" 'HU+RO]IlOOHU%HQVFKZRUVLFKLQGLHVHQ$XJHQEOLFNHQGDV *HKHLPQLV]XOIWHQ 'HU3IDUUHUZDUVFKQHOOIHUWLJ(UKDWWHVLFKQXUQRFKHLQHQ ODQJHQ0DQWHOEHUJHZRUIHQ ª:LUJHKHQQRFKEHLP%UJHUPHLVWHUYRUEHL©VDJWHHUª8QG GHQ/HLFKHQEHVWDWWHUQHKPHQZLUDXFKJOHLFKPLW© %HQQLFNWH(UEHVFKORYRUHUVWPDOGHQ0XQG]XKDOWHQ =XYLHOIUDJHQZDUDXFKQLFKWJXW$EHUGDIUZUGHHULQ =XNXQIWGLH$XJHQEHVVHURIIHQKDOWHQ 9LHOOHLFKWNDPHUGHP*HKHLPQLVDXIGLH6SXU -RKQ6LQFODLUZDUEHI|UGHUWZRUGHQ 2EHULQVSHNWRUVWDQGMHW]WQHEHQVHLQHU%URWU6lXEHUOLFKLQ 1RUPVFKULIWJHSLQVHOW8QGPHKU*HOGJDEHVDXFK-RKQZDUPLW GHU%HI|UGHUXQJHLQH*HKDOWVNODVVHK|KHUJHUXWVFKW 'LHRIIL]LHOOH)HLHUIDQGDP9RUPLWWDJVWDWW6XSHULQWHQGDQW 3RZHOO-RKQV&KHIXQGGLUHNWHU9RUJHVHW]WHUKLHOWHLQHVHLQHU EHUKPWEHUFKWLJWHQ5HGHQ(UVSUDFKODQJHXQGYLHOXQGKRE LPPHUZLHGHU-RKQV9HUGLHQVWHKHUYRU ,QVEHVRQGHUHZXUGHGHU.DPSIJHJHQ'U7RGPHKUPDOV HUZlKQW'DVZDUDXFKGHU*UXQGZDUXPPDQ-RKQEHI|UGHUW KDWWH 'LH
)U3RZHOOZDUGLHVHU9RUPLWWDJHEHQIDOOVHLQJURHU7ULXPSK :LHRIWZDUHQHUXQGVHLQH$EWHLOXQJEHOlFKHOWZRUGHQ0DQ KDWWHVLHQLHJDQ]HUQVWJHQRPPHQELVGLHHUVWHQ(UIROJHQDFK JHZLHVHQZHUGHQNRQQWHQ8QGYRQGLHVHP=HLWSXQNWDQQDKP GLH$EWHLOXQJ3RZHOOHLQH6RQGHUVWHOOXQJHLQ )DOOIU)DOOZXUGHJHO|VW:RDQGHUHDXIJDEHQXQGVLFKQLFKW ]XVWlQGLJIKOWHQILQJ-RKQ6LQFODLUHUVWDQ,KPKDWWHQVLHHV]X YHUGDQNHQGDGLH6FKUHFNHQGHU'lPRQHQZHOWQRFKQLFKWLQ GDV/HEHQDXIGHU(UGHHLQJHJULIIHQKDWWHQ-RKQ6LQFODLUDXFK *HLVWHUMlJHUJHQDQQWXQGHLQLJHVHLQHU)UHXQGHKDWWHQGLH 0lFKWHGHV%|VHQLPPHULQLKUH6FKUDQNHQ]XUFNJHZLHVHQ 7URW]GHPZDU2EHULQVSHNWRU6LQFODLUNHLQ0DQQGHUYLHO$XI VHKHQXPVHLQH3HUVRQPDFKWH-RKQNDPHLJHQWOLFKPLWMHGHP JXWDXVXQGKDWWHLPPHUHLQHQ:LW]DXIGHU=XQJH (UZDUNQDSSEHUGUHLLJXQG-XQJJHVHOOH]XU)UHXGHYLHOHU 9HUHKUHULQQHQ 6XSHULQWHQGDQW3RZHOOVWLH-RKQYRQGHU6HLWHDQª1DZLH JHIlOOW,KQHQGDV2EHULQVSHNWRU"© ª0lLJELVUHJHOPlLJ© 3RZHOOYHU]RJGDV*HVLFKWDOVKlWWHHUZLHGHUHLQHQ6FKOXFN YRQVHLQHP0DJHQZDVVHUJHQRPPHQ ª6ROFKHLQH(KUXQJKDWHVQRFKQLHIUHLQHQ%HDPWHQJH JHEHQ©IOVWHUWH3RZHOOª8QG6LHQHKPHQGDVKLQDOVZlUHHV HLQH6WHKSDUW\© ª'DVZlUHPLUHKUOLFKJHVDJWOLHEHU6LU© 1DFKGLHVHU$QWZRUW]RJ3RZHOOHVYRU]XVFKZHLJHQ 1RFKHLQH6WXQGHGHKQWHVLFKGHURIIL]LHOOH7HLO'DQQNDPHQ GLH*UDWXODWLRQHQ-RKQVFKWWHOWHYLHOH+lQGH0DQFKlOWHUHU .ROOHJH]RJHLQVlXHUOLFKHV*HVLFKW6LHKDWWHQVLFKHKHUHLQH %HI|UGHUXQJDXVJHUHFKQHW 'DQQJLQJPDQHVVHQXQGDQVFKOLHHQGKDWWH-RKQIUHL(U PXWHVLFKDXVUXKHQGHQQDP$EHQGEHJDQQHUVWGLHULFKWLJH %HI|UGHUXQJVIHLHU %LOO&RQROO\-RKQVEHVWHU)UHXQGKDWWHVHLQ+DXVXQG *DUWHQ]XU9HUIJXQJJHVWHOOW'HUDOWH+DXGHJHQKDWWHHVVLFK QLFKWQHKPHQODVVHQ-RKQGLHVHQ$EHQG]XYHUVFK|QHUQ
*HJHQQHXQ]HKQ8KUWUDI-RKQEHLGHQ&RQROO\VHLQ6KHLOD %LOOV)UDXEHJUWHLKQ(LQLJH*lVWHZDUHQVFKRQGDXQWHU DQGHUHPDXFK-DQH&ROOLQVHLQH3ULYDWGHWHNWLYLQGLH-RKQEHL VHLQHP$EHQWHXHULQ5XPlQLHQNHQQHQJHOHUQWKDWWH 'HU*HLVWHUMlJHUZDUZLUNOLFKEHUUDVFKWDOVHU-DQHVDK ª7HXIHOGDPLWKDEHLFKQLFKWJHUHFKQHW©VDJWHHUPLWUDXKHU 6WLPPH %LOO&RQROO\JULQVWHLP+LQWHUJUXQG -DQH&ROOLQVVDKWROODXV6LHWUXJHLQHQJDQOLHJHQGHVEXQWHV .OHLGGDVELV]XGHQ)HQUHLFKWH'HU$XVVFKQLWWZDUJHZDJW XQGVWHOOWHHLQH+HUDXVIRUGHUXQJGDU'DVEORQGH+DDUILHO-DQH ELVDXIGLH6FKXOWHUQXQGEHULKU*HVLFKWIORJHLQKHU]OLFKHV /lFKHOQDOVVLH-RKQHUNDQQWH ª*UDWXOLHUH+HUU2EHULQVSHNWRU©VDJWHVLHXQGKlQJWHVLFKEHL -RKQ6LQFODLUHLQ 'HUIULVFK%HI|UGHUWHZDQGWHGHQ.RSIª,UJHQGZDQQKDEHQ ZLUXQVGRFKPDOGHQ%UXGHUNXJHJHEHQRGHULUUHLFKPLFK GD"© ª1HLQJDQ]EHVWLPPWQLFKW© ª1DDOVR©-RKQ]RJ-DQH&ROOLQVZHLWHULQGHQ*DUWHQª.RPP ODXQVHLQH5XQGHWDQ]HQ,FKEUDXFKHHWZDV%HZHJXQJ© (LQVFKPHLFKHOQGH0XVLNNODQJDXVGHQ/DXWVSUHFKHUQ%LOO KDWWHGHQJURHQ*DUWHQPLW/DPSLRQVVFKPFNHQODVVHQ(V VROOWHHLQHULFKWLJH6RPPHUIHWHZHUGHQ $XIGLHVHQ7DQ]KDWWH-DQHODQJHJHZDUWHW6LHVFKPLHJWHVLFK VRHQJDQ-RKQ6LQFODLUGDGLHVHPKHLXQGNDOW]XJOHLFK ZXUGH6DQIWIXKUHQ-DQHV/LSSHQEHU-RKQV:DQJHQ ª'XKDWWHVWPLUGRFKHWZDVYHUVSURFKHQJURHU*HLVWHUMlJHU© -RKQUlXVSHUWHVLFKGLH.HKOHIUHLª:DVGHQQ"© ª:ROOWHPLFKHLQJHZLVVHU-RKQ6LQFODLUQLFKWPDOLQPHLQHU :RKQXQJEHVXFKHQ"© ªGDPLWGXLKPGLH%ULHIPDUNHQ]HLJHQNDQQVW"©VSDQQ-RKQ GHQ)DGHQZHLWHU ª0XHVJHUDGHGLH%ULHIPDUNHQVDPPOXQJVHLQ"© 'DVZDUGHXWOLFK8QG-RKQJDEDXFKHLQHHEHQVRGHXWOLFKH $QWZRUW
1DFKJXW]HKQ0LQXWHQ1DKNDPSIWUHQQWH%LOOGLHEHLGHQ 7DQ]HQGHQª0HQVFKLKUKDEW VQ|WLJ©ULHIHUYHUJQJW ª'XELVWMDYHUKHLUDWHW©PHLQWH-RKQODFKHQG %LOO&RQROO\WUXJGHQOLQNHQ$UPLPPHUQRFKLQGHU6FKOLQJH (LQ$QGHQNHQDQGHQOHW]WHQ)DOO -RKQEOLFNWHVLFKLP*DUWHQXPª)DVWVRZLHEHLGHU+RUURU )HWHDXI6FKOR'DUZRRG© ª0HQVFKK|UMDDXI©ULHI%LOOª$EHUHWZDVDQGHUHV:HLWGX ZHUJHUDGHJHNRPPHQLVW"© ª1HLQ© ª'HLQ&KHI© ª'DVJLEWHVGRFKQLFKW© ª:LHGXVLHKVWMD© ª1DGHQQ©VDJWH-RKQXQGJLQJDXI6KHLOD&RQROO\]XGLHPLW HLQHP7DEOHWWYROO6HNWJOlVHUQDQNDP %LOOV)UDXKDWWH6XSHULQWHQGDQW3RZHOOLP6FKOHSSWDX6KHLOD EUDXFKWHVLFKKLQWHU-DQH&ROOLQVQLFKW]XYHUVWHFNHQ6LHWUXJHLQ IODVFKHQJUQHV*DUWHQNOHLGXQGKDWWHHLQHIODPPHQGURWH 3HUFNHEHULKUQDWUOLFKHV+DDUJHVWOSW ª'LHWL]LDQURWH%HVWLH©VDJWH-RKQXQGKREVHLQ*ODV $XFKGLHDQGHUHQKDWWHQLQ]ZLVFKHQGLH6HNWJOlVHUJHQRP PHQ6RJDU6XSHULQWHQGDQW3RZHOOVRQVW6SUXGHOIDQOLHHV VLFKQLFKWQHKPHQHLQHQNUlIWLJHQ6FKOXFNDXI-RKQV%HI|UGH UXQJ]XWULQNHQ 'HU$EHQGZXUGHHLQ(UIROJ (LQPDOIUDJWH%LOO&RQROO\ª6DJPDOVROOLFKGLFKMHW]WHLJHQW OLFK2EHUJHLVWHUMlJHUQHQQHQ"© ª8QWHUVWHKGLFK©GURKWH-RKQª'XZHLWLFKKDEHQRFKGHQ 6LOEHUQDJHO'HUZLUGGLUEHVWLPPWDOVGULWWHV$XJHJXW]X *HVLFKWVWHKHQ© ª,FKVDJ VMDLPPHU©VW|KQWH%LOOª0LWGHU=HLWVWXPSIWPDQ DE© ª'DVVLHKWPDQEHLGLUDPEHVWHQ© 'LH)ODFKVHUHLJLQJKLQXQGKHU'HUZU]LJH'XIWYRQJHJULOO WHP)OHLVFKODJEHUGHP*DUWHQXQGKHL]WHLPPHUZLHGHUGHQ $SSHWLWGHU*lVWHDQ
6HOEVW6XSHULQWHQGDQW3RZHOOJULIINUlIWLJ]X%LOOGHUVHLQ ORVHV0XQGZHUNQDWUOLFKQLFKWKDOWHQNRQQWHIUDJWHª6ROOLFK ,KQHQHWZDVHLQSDFNHQGDPLW6LH]X+DXVHDXFKQRFKHWZDV KDEHQ"© 'HU%OLFNPLWGHP3RZHOOGHQ5HSRUWHUDQVFKOLHHQGEH GDFKWHKlWWHHLQHJDQ]H.RPSDQLHW|WHQN|QQHQ'RFK%LOOZDU HLQH)URKQDWXU(U]RJVLFKODFKHQG]XUFN 'LH=HLWYHUJLQJZLHLP)OXJ8QGHKHPDQVLFKYHUVDKZDU 0LWWHUQDFKWVFKRQYRUEHL ª+HXWHLVWVFKRQPRUJHQ©VDJWH-RKQODXWXQGKREQRFKPDO VHLQ*ODV (UZDULQHLQHUEOHQGHQGHQ6WLPPXQJ1RFKDKQWHHUQLFKW ZDVLKQLQGHQQlFKVWHQ7DJHQDOOHVHUZDUWHWH8QGGDVZDUDXFK JXWVR *HJHQGUHL8KUZXUGH-DQH&ROOLQVDXIHLQPDOPGH6LH ZROOWHQDFK+DXVH'D-RKQVLFKQLFKWPHKUWUDXWH]XIDKUHQ EHVRUJWH%LOO&RQROO\HLQ7D[L ª'XNDQQVWMDQRFKKLHUEOHLEHQ©PHLQWHGHU5HSRUWHUDOV-DQH PDONXU]ZHJZDUXPVLFKIULVFK]XPDFKHQ ª,FKNDQQPLUDXFKHLQHQ5LQJLUJHQGZRGXUFKVWHFNHQ©HU ZLGHUWHGHU*HLVWHUMlJHU ª:DVZLUGGHQQ-DQHGD]XVDJHQ"©IUDJWH%LOOJULQVHQG (KH-RKQHLQH$QWZRUWJHEHQNRQQWHNDPGLH3ULYDWGHWHNWLYLQ ]XUFN 6LHZDUVFKRQHWZDVEHVFKZLSVWXQGGURKWHVFKHOPLVFKPLW GHP=HLJHILQJHU ª:HQQ]ZHL0lQQHUIOVWHUQJHKWHVPHLVWHQVXP7KHPD 1XPPHUHLQV© ª$EHUZRGHQNVWGXKLQ©VDJWH-RKQªZLUKDEHQXQVEHU 'lPRQHQXQWHUKDOWHQ© ª:HU VJODXEWZLUGVHOLJ©HUZLGHUWH-DQHª.RPPHQ6LH+HUU 2EHULQVSHNWRUGDV7D[LZDUWHW© -RKQNDP]ZDULQGLHVHU1DFKWQRFKLQV%HWWDEHUYRQ6FKODIHQ NRQQWHNHLQH5HGHVHLQ
$PQlFKVWHQ0RUJHQVFKLHQGLH6RQQHDEHUWURW]GHPKDWWH-RKQ HLQHQOHLFKWWUEHQ%OLFN (UULHILP
ZHQQLFKHUVWQRFKHLQH0W]HYROO6FKODIQHKPH"$XHUGHPLVW PHLQ:DJHQQRFKQLFKWGD%LOO&RQROO\ZLUGLKQLP/DXIHGHV 7DJHV]XUFNEULQJHQ,FKIDKUHGDQQDPVSlWHQ$EHQGORVXQG ELQPRUJHQIUKLQ+DZLFN© 6XSHULQWHQGDQW3RZHOOQLFNWHª9LHO*OFN-RKQ©VDJWHHU ªXQGVHKHQ6LHVLFKYRU,FKKDEHGDVRHLQNRPLVFKHV*HIKO© ª:LUGVFKRQVFKLHIJHKHQ6LU© (VUHJQHWH(LQZDUPHUXQDQJHQHKPHU6RPPHUUHJHQILHODXV GHQWLHIKlQJHQGHQ:RONHQ:LHXQ]lKOLJHJUDXH%LQGIlGHQ VFKLHQHQGLH5HJHQVFKOHLHUDXIGLH(UGHQLHGHU]XJHKHQ 'DV:HWWHUPDFKWHGLH8PJHEXQJGHVNOHLQHQ2UWHV+DZLFN QRFKWURVWORVHU'LH+lXVHUYHUVFKZDPPHQLQHLQHPYHUZDVFKH QHQ*UDX6FKRQDP7DJHPXWHGDV/LFKWDQJHPDFKWZHUGHQ XQGGLHHUOHXFKWHWHQ)HQVWHUZLUNWHQZLHYHUZDVFKHQH)OHFNH $XVJHUHFKQHWDQGLHVHP7DJZDU0D['R\OHV%HHUGLJXQJ)DVW DOOH'RUIEHZRKQHUKDWWHQVLFKLQGHUNOHLQHQ.LUFKHYHUVDPPHOW XPDQGHU7UDXHUIHLHUWHLO]XQHKPHQ 'LH*HEHWHGHV3IDUUHUVZXUGHQQXUDEXQG]XYRQGHP 6FKOXFK]HQGHU)UDXHQXQWHUEURFKHQ0D['R\OHKDWWHNHLQH $QJHK|ULJHQJHKDEW$QJHEOLFKVROOWHGD]ZDUQRFKHLQH&RXVLQH H[LVWLHUHQGRFKQLHPDQGNDQQWHLKUHQ:RKQVLW]6RNDPHVGD NHLQ9HUZDQGWHUDQ'R\OHV%HHUGLJXQJWHLOQDKP 1DFKGHP5HTXLHPJLQJHQGLH0HQVFKHQ]XP)ULHGKRI6HFKV 0lQQHUWUXJHQGHQ6DUJPLWGHQVWHUEOLFKHQhEHUUHVWHQGHV .VWHUV'LHVFKZHLJHQGH3UR]HVVLRQ]RJVLFKZLHHLQHODQJH 6FKODQJHGXUFKGDV'RUI 'HU)ULHGKRIODJQLFKWQDKHGHU.LUFKHVRQGHUQLQGHUHQW JHJHQJHVHW]WHQ5LFKWXQJ8PJHEHQYRQHLQHUPDQQVKRKHQ 6WHLQPDXHUPLWHLQHPEUHLWHQ(LVHQWRUGDVMHGRFKLPPHURIIHQ VWDQG 'HU3IDUUHUJLQJPLWGHQEHLGHQ0HGLHQHUQYRUDQ'LH 0lQQHUZDUHQQDELVDXIGLH+DXWVLHWUXJHQNHLQH6FKLUPH 'LH:HJHDXIGHP*RWWHVDFNHUZDUHQPLW.LHVEHVWUHXW(U JOlQ]WHYRU)HXFKWLJNHLW
0D['R\OHV*UDEZDUVFKRQDXVJHKREHQZRUGHQ6HLOHODJHQ EHUHLWXPGHQ6DUJLQGLH7LHIH]XODVVHQ 6FKZHLJHQGPDFKWHQVLFKGLH0lQQHUDQGLHPDNDEUH$UEHLW 'HUVFKZHUH6DUJUXWVFKWHEHUGLH6HLOHXQGKDWWHGDQQIHVWHQ *UXQGXQWHUVLFK 'LHVHFKV0lQQHUWUDWHQ]XUFNXQGIDOWHWHQLKUH+lQGH 3IDUUHU+DUNHUEHJDQQPLWVHLQHUNXU]HQ3UHGLJW(UKREQXU GLH9HUGLHQVWHGHV.VWHUVKHUYRUXQGHUZlKQWHPLWNHLQHPHLQ ]LJHQ:RUWGHVVHQVFKUHFNOLFKHV(QGH 'LH)UDXHQZHLQWHQXQWHULKUHQJURHQGXQNOHQ6FKLUPHQ(V ZDUQLFKWVRVHKUGLH7UDXHUXP0D['R\OHVRQGHUQYLHOPHKU GLH$QJVWYRUHLQHUXQJHZLVVHQ=XNXQIW1LHPDQGZXWHZLHHV ZHLWHUJHKHQVROOWH 'LH0lQQHUYHUEDUJHQLKUH*HIKOHEHVVHU$XFKVLHEHZHJWH HLQHRKQPlFKWLJH:XWXQGPDQFKHLQHUVWDQGGDPLW]X)lXVWHQ JHEDOOWHQ+lQGHQ 3IDUUHU+DUNHUKDWWHVHLQH3UHGLJWEHHQGHWVHJQHWHGHQ6DUJ XQGQDKPDOVHUVWHUGLH6FKDXIHO]XU+DQGXP/HKPLQGLH *UXEH]XZHUIHQ 'LH0lQQHUWDWHQHVLKPQDFK'LH)UDXHQZDUIHQ%OXPHQLQ GDV*UDE(LQSDDU.UlQ]HGHUHQ6FKOHLIHQQDDXIGHP/HKP ERGHQODJHQZDUHQGHUOHW]WH*UXGHU'RUIJHPHLQVFKDIW %HYRUGHU3IDUUHUVLFKDEZDQGWHEOLFNWHHUMHGHQHLQ]HOQHQDQ (VVFKLHQDOVZROOHHUVLFKGLH*HVLFKWHUQRFKHLQPDOHLQSUlJHQ $XI%HQ6WURPGHP+RO]IlOOHUEOLHEVHLQ%OLFNHWZDVOlQJHU KDIWHQ %HQVHQNWHQLFKWGHQ.RSI,P*HJHQWHLOHUVDKGHP3IDUUHU IHVWLQGLH$XJHQ 'LH0HQVFKHQZDQGWHQVLFKDEVFKZHLJHQGLQVLFKJHNHKUW ,QGLHVHP$XJHQEOLFNHUW|QWHHLQKlOLFKHV*HKHXO(VVFKLHQ YRQEHUDOOKHU]XNRPPHQXQGKDOOWHZLHHLQHVFKDXULJH 0HORGLHEHUGHQNOHLQHQ)ULHGKRI'DV*HKHXO]HUUWHDQGHQ 1HUYHQGHU0HQVFKHQXQGOLHGLH$QZHVHQGHQVWRFNVWHLI VWHKHQEOHLEHQ 1RFKHLQPDOVWHLJHUWHVLFKGLHVHUKlOLFKH7RQXQGYHUNODQJ GDQQODQJVDPLQHLQHUXQHQGOLFKHQ)HUQH
'LH0HQVFKHQDWPHWHQDXI'RFKQLHPDQGZDJWHHLQ:RUW]X VDJHQ6HOEVWGHU3IDUUHUKLHOWVHLQHQ0XQG(VVFKLHQDOVOlJHQ XQVLFKWEDUH)HVVHOQEHUGHQ0HQVFKHQ /DQJVDP]HUVWUHXWHQVLFKGHU%HHUGLJXQJVJHVHOOVFKDIW0DQ JLQJQDFK+DXVHVFKZHLJHQG(VELOGHWHQVLFKNDXP*UXSSHQ XQGZHQQGDQQJHK|UWHPDQ]XU)DPLOLH %HQ6WURPZDUDOOHLQJHNRPPHQ(UOHEWHPLWVHLQHUl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lQ]WHYRU 1lVVH %HQZDUIGLH=LJDUHWWHZHJXQGWUDWDXVVHLQHU'HFNXQJ 3IDUUHU+DUNHUZXUGHGXUFKGDVSO|W]OLFKH$XIWDXFKHQGHV +RO]IlOOHUVEHUUDVFKW (UVFKUHFNWEOLHEHUVWHKHQ ª7XWPLUOHLG+HUU3IDUUHU©VDJWH%HQªDEHULFKPXPLW,KQHQ UHGHQ© 3IDUUHU+DUNHUEOLFNWH%HQHLQSDDU6HNXQGHQDQXQGHUNDQQWH ZRKOGDGHU+RO]IlOOHUVLFKMHW]WQLFKWPHKUDEZLPPHOQOLH(U VDJWHª.RPPPLWPHLQ6RKQ© 'LH0lQQHUJLQJHQ]XP3IDUUKDXV6LHQDKPHQ6FKOHLFKZHJH GHQQPDQEUDXFKWHVLHQLFKWXQEHGLQJW]XVDPPHQ]XVHKHQ ,P3IDUUKDXVZDUHVDQKHLPHOQGZDUP%HQ]RJVHLQHQDVVH
-DFNHDXVXQGVHW]WHVLFKDQGHQNORELJHQ(LFKHQWLVFK'HU 3IDUUHUHQWVFKXOGLJWHVLFKHLQHQ0RPHQWXQGNDPZHQLJVSlWHU PLWVHOEVWJHEUDQQWHP6FKQDSV]XUFN ª'HUZLUGXQVJXWWXQ©VDJWHHUDOVHUGLH*OlVHUIOOWH 'LH0lQQHUWUDQNHQQRFKHLQ]ZHLWHV*ODVXQGGDQQVFKOXJ %HQ6WURPPLWGHUIODFKHQ+DQGDXIGHQ7LVFK ª,FKZLOOHQGOLFKZLVVHQZDVORVLVW+HUU3IDUUHU© 6WURPZDUHLQNUlIWLJHU0DQQPLWIHXHUURWHP+DDU6HLQH $XJHQEUDXHQZDUHQVHOWVDPHUZHLVHGXQNHOXQGZXFKVHQGLFKW EHUGHU1DVHQZXU]HO]XVDPPHQZDV%HQ6WURPLPPHUHLQ HWZDVILQVWHUHV$XVVHKHQJDE'LH+lQGHGHV+RO]IlOOHUVZDUHQ EUHLWZLH6FKDXIHOQXQGPLW6FKZLHOHQEHGHFNW0DQVDKHVGLH VHP0DQQDQGDVHU]XSDFNHQNRQQWH 'HU3IDUUHUHLQVFKRQlOWHUHUVFKODQNHU0DQQPLWUDXFKJUDXHQ HUQVWHQ$XJHQXQGVFKWWHUHP+DDUEOLFNWHGHQ+RO]IlOOHUQDFK GHQNOLFKDQ ª*XWLFKZLOOHVGLUVDJHQ%HQ9RUDXVJHVHW]WGXEHKlOWVWHV IUGLFK© ª'DVLVWVHOEVWYHUVWlQGOLFK+HUU3IDUUHU© ª,FKJODXEHGLUPHLQ6RKQ©'HU3IDUUHUULFKWHWHVHLQHQ%OLFN LQHLQHXQHQGOLFKH)HUQHXQGEHJDQQ]XUHGHQª(VVWLPPW QLFKWGDKLHULQGHU*HJHQGHLQLUUHU0|UGHUXPJHKW(VVLQG :|OIHJHZHVHQGLHXQVHUH)UHXQGHHUPRUGHWKDEHQ:HUZ|OIH JHQDXHUJHVDJW0D['R\OHKDWPLWVHLQHQ$XVVDJHQUHFKW JHKDEW'LHVH%HVWLHQH[LVWLHUHQWDWVlFKOLFK© %HQ6WURPV$XJHQZDUHQLPPHUJU|HUJHZRUGHQ-HW]WIUDJWH HUª:DUXPURWWHWPDQVLHQLFKWDXV":HQQZLUXQVDOOH]XVDP PHQWXQPWHHVJHKHQ© 'HU3IDUUHUVFKWWHOWHGHQ.RSIª1HLQ%HQ1XUGXXQGLFK ZLVVHQGDYRQ'LHDQGHUHQLP'RUIDKQHQHVQLFKWHLQPDO6LH JODXEHQZHLWHUDQGHQLUUHQ0|UGHUDXVGHU$QVWDOW© ª8QGZHVKDOEKDWPDQNHLQH3ROL]HLJHKROW"©%HQ6WURP VSUDQJDXI ª%HUXKLJHGLFK©VDJWHGHU3IDUUHUª,FKKDEHHVYHUVXFKWGRFK PDQKDWPLUHLQHQ'URKEULHI]XJHVFKLFNW:HQQLFKGLH3ROL]HL KROHZHUGHQGLH:HUZ|OIHGDVJHVDPWH'RUIDXVURWWHQ©
ª$EHUGDVN|QQHQVLHGRFKJDUQLFKW©%HQ6WURPOLHIXQUXKLJ LQGHP=LPPHUDXIXQGDEª:LUZLVVHQZRKHUVLHNRPPHQ XQGHVPXIUGLH3ROL]HLHLQH.OHLQLJNHLWVHLQPLWGLHVHU%UXW IHUWLJ]XZHUGHQ0HLQ*RWWZDVZDULFKELVKHUIUHLQ,GLRW© %HQVFKOXJVLFKJHJHQGLH6WLUQ ª'LHVH*HGDQNHQKDEHLFKDXFKJHKDEW©VDJWHGHU3IDUUHU ª$EHUHVNRPPWQRFKVFKOLPPHU'LH:HUZ|OIHKDOWHQEHUHLWV YLHOHXQVHUHU0LWEUJHULQLKUHQ.UDOOHQ:DVLFKGLUMHW]WHU ]lKOHKDEHLFKVHOEVWJHVHKHQ,Q9ROOPRQGQlFKWHQJHKHQVLHORV ZLH6FKODIZDQGOHU=Z|OI3HUVRQHQKDEHLFKJH]lKOW,KU=LHOLVW GHU:DOGXQGGRUWYHUVDPPHOQVLHVLFKDXIHLQHU/LFKWXQJ6LH VWLPPHQHLQ.ODJHJHKHXODQXQGYHUZDQGHOQVLFKLQGLHVH VFKUHFNOLFKHQ%HVWLHQ1DFKHLQHU6WXQGHHWZDNRPPHQVLH ]XUFNJHKHQZLHGHULQLKUH+lXVHUXQGZLVVHQDPQlFKVWHQ 0RUJHQQLFKWZDVJHVFKHKHQLVW%LVMHW]WKDEHQVLH]XP*OFN QRFKQLFKWJHPRUGHW$KQVWGXQXQLQZHOFKHLQHU=ZLFNPKOH LFKVWHFNH"© ª0HLQ*RWW©IOVWHUWH%HQ6WURPXQGNRQQWHQLFKWYHUKLQGHUQ GDHUEOHLFKZXUGHª%LQELQLFKHWZDDXFKEHLGLHVHQ 0HQVFKHQJHZHVHQ"©IUDJWHHUVWRFNHQG ª1HLQGXQLFKW$EHUDQGHUH/HXWHGLHGXVHKUJXWNHQQVW /DGLUJHVDJWVHLQPHLQ6RKQGLHVHV'RUILVWYHUIOXFKW'LH 3ROL]HLZUGHKLHUDXIHLQH0DXHUVWRHQhEULJHQVZDUHQHVQXU 0lQQHUGLHQDFKWV]XGHU/LFKWXQJJHJDQJHQVLQG© %HQKDWWHVLFKZLHGHUKLQJHVHW]WGHQ.RSILQGHQ1DFNHQ JHOHJWXQGPLWEHLGHQ+lQGHQVHLQ*HVLFKWEHGHFNW)UHLQHQ $XJHQEOLFNKDWWHGHU3IDUUHU$QJVWGDGHU+RO]IlOOHUGLH :DKUKHLWQLFKWHUWUDJHQNRQQWHGRFKGDQQKDWWHVLFK%HQ6WURP ZLHGHUJHIDQJHQ ª8QGWURW]GHP+HUU3IDUUHUZLUPVVHQGLHVH%HVWLHQ EHNlPSIHQ:LUN|QQHQGDVQLFKWVRRKQHZHLWHUHVKLQQHKPHQ 'DV0RUGHQZLUGGDQQQLHHLQ(QGHKDEHQ:LUPVVHQGDJHJHQ DQJHKHQ6LHXQGLFKZLUEHLGHZHUGHQGLHVH%UXWEHNlPSIHQ 8QGGHU+HUUJRWWP|JHXQVGLH.UDIWGD]XJHEHQ© 3IDUUHU+DUNHUOlFKHOWHYHUORUHQª,FKELQHLQYHUVWDQGHQ:LU N|QQHQHVYHUVXFKHQ©
ª:LVVHQ6LHVFKRQZHUGDKLQWHUVWHFNW+HUU3IDUUHU",FKPHLQH ZHULVWGHU$QIKUHUGLHVHU:HUZ|OIH"© ª,FKP|FKWHQLHPDQGHQYHUGlFKWLJHQDEHULFKQHKPHDQHVLVW 'U&D]DOLV© ª'HU,UUHQDU]WQLFKWZDKU"© ª-D© ª,FKKlWWHHVPLUEDOGJHGDFKW$EHUZHVKDOEWXWHUVRHWZDV" :HOFKHV0RWLYKDWHU"© ª,FKZHLHVQLFKWPHLQ6RKQ© %HQ6WURPHUKREVLFKª$EHULFKZHUGHHVKHUDXVILQGHQ8QG ZHQQLFKGLHVHP&D]DOLVGLH:UPHUHLQ]HOQDXVGHU1DVH ]LHKHQPX© ª.HLQHYRUHLOLJHQ$NWLRQHQ©ZDUQWHGHU3IDUUHU ª6LHEUDXFKHQNHLQH6RUJHQ]XKDEHQ©HUZLGHUWH6WURPª,FK ZHLZDVLFKPLU]XWUDXHQNDQQ© 'HU+RO]IlOOHUQDKPVHLQH-DFNHQLFNWHGHP*HLVWOLFKHQQRFK HLQPDO]XXQGYHUOLHGDV+DXV 3IDUUHU+DUNHUEOLFNWHQDFKGHQNOLFKDXIGLH7LVFKSODWWHª:HQQ GDVQXUJXWJHKW©PXUPHOWHHU -RKQ6LQFODLUZDUNXU]QDFK0LWWHUQDFKWORVJHIDKUHQ%LOO&RQROO\ KDWWHLKPGHQ:DJHQ]XUFNJHEUDFKWXQGZDUQRFKDXIHLQHQ 'ULQNPLWJHNRPPHQ -RKQKDWWHVLFKJHZXQGHUWGD%LOOWURW]VHLQHV$UPHVIDKUHQ NRQQWHDEHUGHU5HSRUWHUKDWWHQXUJHJULQVWXQGJHPHLQWª$OOHV QXU7DUQXQJ$OV9HUOHW]WHUZLUGPDQYLHOPHKUYHUZ|KQW© 'HUVLOEHUIDUEHQH%HQWOH\IUDGLH0HLOHQZLHHLQXQHUVlWWOLFKHU 0RORFK(VJLQJLQ5LFKWXQJ1RUGHQ'LH$XWREDKQZDUOHHU XQGVRNRQQWH-RKQVWlQGLJDXIGUHKHQ ,QGHQIUKHQ0RUJHQVWXQGHQEHJDQQHV]XUHJQHQ-RKQKDWWH GLH6WDGW/HHGVVFKRQKLQWHUVLFKJHODVVHQXQGGXUFKTXHUWHGDV 3HQQLQH&KDLQ%HUJODQG -RKQPXWHPLWGHU*HVFKZLQGLJNHLWKHUXQWHU(VZDUHLQH XQZLUWOLFKHURPDQWLVFKH*HJHQGGXUFKGLHHUIXKU'LFKWHU :DOGVFKURIIH)HOVHQ%HUJHXQGJUQH7lOHU
'HU7DJZDUVFKRQDQJHEURFKHQ'LH6RQQHODXHUWHKLQWHUGHQ 'XQVWVFKOHLHUQ-RKQVDKVLHDOVYHUZDVFKHQHQKHOOHQ)OHFN 'HU5HJHQOLHQDFKXQGHVNODUWHDXI6FKODJDUWLJEHVVHUWHVLFK DXFK-RKQV/DXQH 'HU2EHULQVSHNWRUVSLHOWHPLWGHP*HGDQNHQLUJHQGZR]X IUKVWFNHQOLHHVGDQQDEHUEOHLEHQ(UZROOWHQLFKWQRFKPHKU =HLWYHUOLHUHQ %DOGKDWWHHUGDV%HUJODQGKLQWHUVLFKJHODVVHQ$XIHLQHU /DQGVWUDHJLQJHVLQ5LFKWXQJ:HVWHQZHLWHUGHU.VWH]X 8QGSURPSWEHJDQQHVZLHGHU]XUHJQHQ'LHEHLGHQJURHQ :LVFKHUEOlWWHUGHV%HQWOH\ZDUHQMHW]WLQVWlQGLJHU$NWLRQ -RKQPXWHMHW]WDXISDVVHQGDHUGHQ:HJQLFKWYHUIHKOWH :HLWNRQQWHHVELV+DZLFNQLFKWPHKUVHLQ 'LH6WUDHZDUVFKPDO:DOGXQG:LHVHQEHVWLPPWHQGLH /DQGVFKDIWEHUGHUZLHHLQJURHVJUDXHV7XFKGHU5HJHQ VFKOHLHUODJ )QI0HLOHQZDUHQHVQRFKELV]XGHP=LHORUWDOV-RKQLQHLQH .XUYHIXKU'LH5HLIHQGHV:DJHQVVFKPDW]WHQEHUGLHQDVVH 6WUDH6FKPXW]ZDVVHUVSULW]WHDXI+LQWHUGHU.XUYHK|UWHGLH $VSKDOWGHFNHDXI 'LH6WUDHZXUGHPDWVFKLJ-RKQIOXFKWHKLHOWDEHU6HNXQGHQ VSlWHUGHQ0XQGDOVHUGHQNDQDULHQJHOEHQ-DJXDUDP6WUDHQ UDQGVDK 'HU:DJHQLQWHUHVVLHUWHGHQ2EHULQVSHNWRUDOOHUGLQJVQLFKWVR VHKU(VZDUYLHOPHKUGLH)UDXGLHYRUGHUJH|IIQHWHQ0RWRU NODSSHVWDQGXQGMHW]W]XU6HLWHWUDWDOVVLHGHQ%HQWOH\KHUDQ IDKUHQVDK -RKQEUHPVWH (UKDWWH0KHVHLQHhEHUUDVFKXQJ]XYHUEHUJHQGHQQGLH )UDXSDWHLQGLHVH*HJHQGZLHHLQH1DFKWLJDOODQGHQ6GSRO 'DV:HVHQKDWWHIHXHUURWHV+DDUGDV]XU+lOIWHXQWHUHLQHP JUQHQ.RSIWXFKYHUERUJHQZDU6LHVWHFNWHLQHLQHPJHOEHQ /HGHUPDQWHODXVGHP]ZHLUDVVLJH%HLQHUDJWHQ,QVJHVDPW PDFKWHVLHHLQHQKLOIORVHQ(LQGUXFNZDVVLFKLQGLHVHP)DOODXI GLH7HFKQLNGHV-DJXDUVEH]RJ -RKQ]RJGHQ.UDJHQVHLQHU:LOGOHGHUMDFNHKRFKXQGVWLHJDXV
$XJHQEOLFNOLFKQLHVHOWHLKPGHU5HJHQLQV*HVLFKW7URW]GHP VHW]WHGHU2EHULQVSHNWRUVHLQ6RQQWDJVOlFKHOQDXIDOVHUIUDJWH ª.DQQLFK,KQHQLUJHQGZLHEHKLOIOLFKVHLQ0DGDP"© 'LH6FK|QHOlFKHOWH]XUFN-RKQVDKGDVLHHLQHQHWZDV ]XEUHLWHQ0XQGKDWWHXQGEOLW]HQGHHEHQPlLJH=lKQH,KUH $XJHQZDUHQJURXQGYRQHLQHUIDV]LQLHUHQGHQJHOEJUQHQ )DUEH 7DXVHQG)XQNHQVFKLHQHQGDULQ]XVSUKHQ-RKQPXWHVLFK PLW*HZDOWYRQGHP$QEOLFNORVUHLHQ ª(WZDVVWLPPWQLFKWPLWPHLQHP0RWRU©VDJWHGLH6FK|QH XQG-RKQVWHOOWHIHVWGDVLHHLQHZHLFKHHLQVFKPHLFKHOQGH 6WLPPHKDWWH -RKQQLFNWHª,FKELQ]ZDUNHLQ$XWRPHFKDQLNHUDEHUQDFK VFKDXHQNDQQLFKMDPDO© 'HU2EHULQVSHNWRUJLQJGLFKWDQGHU)UDXYRUEHL(LQ+DXFK YRQIUDQ]|VLVFKHP3DUIPVWUHLIWHLKQ -RKQEHXJWHVLFKEHUGHQ0RWRU:lKUHQGHUHLQLJH.RQWDNWH EHUSUIWHIUDJWHHUª:LHNRPPWHLQH)UDXZLH6LHLQGLHVHYHU ODVVHQH*HJHQG"© 'LH5RWKDDULJHOlFKHOWHª6LHVLQGQLFKWGHUHUVWHGHUPLFKGDV IUDJW(VLVWGHU%HUXI0LVWHU© ª2SDUGRQPHLQ1DPHLVW-RKQ6LQFODLU© ª8QGLFKELQ9LYLDQ'HODQR'U'HODQR,FKELQbU]WLQLQHLQHU +HLODQVWDOW'DPLWLVW,KUH)UDJHZRKOEHDQWZRUWHW© -RKQOLHVLFKVHLQHhEHUUDVFKXQJQLFKWDQPHUNHQ9RQHLQHU +HLODQVWDOWKDWWHDXFK0D['R\OHJHVFKULHEHQ6ROOWHGHU=XIDOO -RKQGLUHNWDXIGLHULFKWLJH6SXUJHEUDFKWKDEHQ"-HW]WKDWWHHU VRJDUHLQHQ*UXQG'U'HODQR]XEHVXFKHQ6FKOLHOLFKKDWWHHU VLFKXPLKUHQ:DJHQJHNPPHUW ª8QGZDVWUHLEW6LHLQGLHVH*HJHQG0U6LQFODLU"© -RKQGUHKWHGHQ.RSI(UVDKGLHUDVVLJHQ%HLQHGHU)UDXXQG HLQHQ7HLOGHV2EHUN|USHUV ª,FKP|FKWHPDOULFKWLJDXVVSDQQHQ:LVVHQ6LHLFKELQHLQHU YRQGHQMHQLJHQGLHGHU6WUH7DJIU7DJIHUWLJPDFKW,FKKDEH PLUVDJHQODVVHQKLHUVROOGLH=LYLOLVDWLRQQRFKQLFKWVRIRUW JHVFKULWWHQVHLQ$EHUZHQQLFK6LHXQGGHQ:DJHQVHKH©
'U'HODQRODFKWHª,FKELQGLHEHUKPWH$XVQDKPH$EHU6SD EHLVHLWH,QGLHVHU*HJHQGN|QQHQ6LHVLFKWDWVlFKOLFKQRFKHQW VSDQQHQ.HLQ7RXULVWHQUXPPHONHLQH+HW]HQLFKWV1XU5XKH (QWVSDQQXQJXQGPLHVHV:HWWHU© ª'DVQHKPHLFKJHUQLQ.DXI© -RKQNURFKZLHGHUXQWHUGHU0RWRUKDXEHKHUYRU ª6WDUWHQ6LHPDO©VDJWHHU 9LYLDQ'HODQRVHW]WHVLFKKLQWHUV6WHXHUGUHKWHGHQ=QG VFKOVVHOXQGGHU:DJHQVSUDQJDQ ª1DZXQGHUEDU©ULHIGLH)UDXª%HVVHUKlWWHHVHLQ$XWR PHFKDQLNHUDXFKQLFKWPDFKHQN|QQHQ© -RKQOlFKHOWHJHVFKPHLFKHOWXQGZLVFKWHVLFKGLH+lQGHDQ HLQHP7XFKDEGDHULP0RWRUUDXPJHIXQGHQKDWWH'DQQ NODSSWHHUGLH+DXEHZLHGHU]X 9LYLDQ'HODQRKDWWHGLH6HLWHQVFKHLEHKHUXQWHUJHNXUEHOWª,FK ZHLJDUQLFKWZLHLFK,KQHQGDQNHQVROO©VDJWHVLHª$EHU ZHQQ6LHPDOQLFKWVYRUKDEHQ0U6LQFODLUN|QQHQ6LHPLFKMD EHVXFKHQ'HQ:HJ]XU.OLQLNZLUG,KQHQKLHUMHGHU]HLJHQN|Q QHQ:LUN|QQWHQGDQQHWZDVUDXVIDKUHQ,FKNHQQHKLHUIDVW MHGHQ6WHLQ'LH*HJHQGLVWZLUNOLFKVHKUVFK|Q© ª'DVJODXEHLFK,KQHQ'RF©VDJWH-RKQ(UKDWWHVLFKPLWGHP UHFKWHQ$UPJHJHQGDV:DJHQGDFKGHV-DJXDUVJHVWW]Wª,FK ZHUGHPLFKEHVWLPPWDQ,KU9HUVSUHFKHQHULQQHUQ© ª,FKKRIIHHV©VDJWH9LYLDQ'HODQROHLVHXQG-RKQHQWJLQJ QLFKWGHUZLOGH$XVGUXFNLQLKUHQ$XJHQ 'HU2EHULQVSHNWRUWUDW]XUFN 'LHbU]WLQVFKRPLWHLQHP.DYDOLHUVWDUWGDYRQ'LH+LQWHU UHLIHQGUHKWHQGXUFKXQG-RKQKDWWH*OFNGDLKQGHU 6FKODPPQLFKWEHVSUHQNHOWH 0LWJHPLVFKWHQ*HIKOHQEOLFNWHHUGHPNDQDULHQJHOEHQ-DJXDU QDFK (LQHJHQDXVRUlWVHOKDIWHZLHVFK|QH)UDXGDVZDU'U9LYLDQ 'HODQR6LHSDWHQLFKWLQGLHVH*HJHQG6LHZDUGHU7\SHLQHU 0RGHlU]WLQZLHHVVLHLQ/RQGRQQLFKWQXUHLQPDOJDE :HVKDOEKDWWHVLHVLFKLQGLHVH(LQ|GHYHU]RJHQ":DUHVZLUN OLFKQXU,GHDOLVPXV"
-RKQJODXEWHQLFKWVRUHFKWGDUDQ,UJHQGZLHZUGHHUVFKRQ QRFKGDKLQWHUNRPPHQ6FKOLHOLFKKDWWHHUVLHMDQLFKW]XPOHW] WHQPDOJHVHKHQ -RKQNOHWWHUWHZLHGHULQVHLQHQ%HQWOH\XQGIXKUZHLWHU(U ZROOWHXPGLH0LWWDJV]HLWLQ+DZLFNHLQWUHIIHQXQGVLFKHUVWPDO HLQ=LPPHUVXFKHQ %LV]XP2UWZDUHQHVQXUQRFKHLQLJH0HLOHQ=XHUVWVDK-RKQ GHQ.LUFKWXUPDXVGHP5HJHQGXQVWDXIWDXFKHQGDQQGLHHUVWHQ +lXVHU(VZDUHQDOWH%DXWHQDXVGLFNHQ6WHLQHQHUULFKWHW :HJHQGHVWUEHQ:HWWHUVEUDQQWHKLQWHUYLHOHQ)HQVWHUQ/LFKW 0HQVFKHQNDPHQ-RKQHQWJHJHQ6LHZDUHQVFKZHLJVDPXQG VFKLHQHQLUJHQGZLHEHGUFNW]XVHLQ 'HU2EHULQVSHNWRUVWRSSWHNXUEHOWHGDV)HQVWHUKHUXQWHUXQG ULHIHLQHQ0DQQDQ 'HU0DQQVFKDXWHVLFKNXU]QDFKGHP:DJHQXPXQGJLQJ GDQQVFKQHOOZLHGHUZHLWHU ª'DQQHEHQQLFKW©PXUPHOWH-RKQ %HL]ZHLZHLWHUHQ(LQZRKQHUQHUOHEWHHUGDVJOHLFKH 'LHVHV'RUIVFKLHQZLUNOLFKQLFKWJDQ]JHKHXHU]XVHLQ :HQLJVWHQVKDWWH-RKQVRHWZDVQRFKQLFKWHUOHEW (UIXKUZHLWHUXQGVDKHLQ*DVWKDXVDXIWDXFKHQ 'HU:LUWVWDQGYRUGHU7U(LQNOHLQHV+RO]GDFKVFKW]WHLKQ YRUGHP5HJHQ -RKQVWLHJDXV 'HU:LUWEOLFNWHGHP2EHULQVSHNWRUPLWUDXLVFKHQWJHJHQ (UWUDWVRJDUHLQHQ6FKULWW]XUFN(VVDKDXVDOVZROOHHUYHU VFKZLQGHQ -RKQZDUVFKQHOOEHLLKP ª*XWHQ7DJ©JUWHHUª*HK|UW,KQHQGDV*DVWKDXVKLHU"© 'HU0DQQQLFNWH]|JHUQG -RKQILHODXIGDGLH$XJHQGHV:LUWHVHLQHQlQJVWOLFKHQ $XVGUXFNDQJHQRPPHQKDWWHQ=XGHPWUXJGHU0DQQGXQNOH .OHLGXQJDOVZlUHHUHEHQYRQHLQHU%HHUGLJXQJJHNRPPHQ ª.DQQLFKHLQ=LPPHUKDEHQ"©IUDJWH-RKQIUHXQGOLFK 'HU:LUWVFKWWHOWHGHQ.RSIª7XWPLUOHLG0LVWHU,FKYHU PLHWHQLFKW©
-RKQEOLHEZHLWHUKLQUXKLJª'HPQDFKKDEHQ6LH=LPPHU"© 'HU:LUWKREGLH6FKXOWHUQ -RKQ]FNWHHLQHJURH3IXQGQRWHª,FKP|FKWHPLFKJHUQ]ZHL 7DJHDXVUXKHQ©VDJWHHUXQGOLHGHQ6FKHLQ]ZLVFKHQ=HLJH XQG0LWWHOILQJHUNQLVWHUQ 'HU$XVGUXFNLQGHQ$XJHQGHV0DQQHVZHFKVHOWH*HOGJLHU EHVWLPPWHMHW]WVHLQHQ%OLFN ª,FKN|QQWHPDOHLQH$XVQDKPHPDFKHQ©VDJWHHUXQGJULII QDFKGHP6FKHLQªDEHUQXUIU]ZHL1lFKWH© ª*HKWLQ2UGQXQJ©HUZLGHUWH-RKQ(UKDWWHVLFKEHUHLWVDEJH ZDQGWXQGKROWHGLH5HLVHWDVFKHDXVGHP%HQWOH\ 'HU:LUWZDUVFKRQYRUJHJDQJHQ -RKQIROJWHLKP'HU*DVWUDXPZDUGXQNHOXQGURFKPXIILJ 1XUZHQLJH/DPSHQEUDQQWHQ 'XUFKHLQH+LQWHUWUJHODQJWHQVLHLQHLQHQHQJHQ*DQJ YRQGHPDXVHLQH7UHSSHLQGLHREHUH(WDJHIKUWHZR-RKQV =LPPHUODJ (LQHWUEH)XQ]HOOLHVRHEHQQRFKGLH7UHQGHUDQGHUHQ =LPPHUHUNHQQHQ(VZDUHQGUHL 'HU:LUWVFKORGLH7UDXIª+LHULVWHV0LVWHU© ª6LQFODLU-RKQ6LQFODLU© 'HU2EHULQVSHNWRUTXHWVFKWHVLFKDQGHP:LUWYRUEHL 'DV=LPPHUZDUHLQEHVVHUHV/RFK%HVVHUZHLOHLQZDFNOLJHV %HWWHLQ6FKUDQNXQGHLQYRQ+RO]ZUPHUQIUHTXHQWLHUWHU6WXKO GDULQVWDQGHQ ª*HIlOOWHV,KQHQ"©IUDJWHGHU:LUWXQGVHLQH6WLPPHNODQJ QLFKWHLQPDOVFKDGHQIURK -RKQZDQGWHVLFKXPª,FKKDEHVFKRQVFKOHFKWHUJHVFKODIHQ© HUZLGHUWHHUXQGGDFKWHGDEHLDQVHLQH0LOLWlU]HLWXQGZLHHU GDPDOVRIWLP)UHLHQNDPSLHUWKDWWH'HU2EHULQVSHNWRUNORSIWH HLQH=LJDUHWWHDXVGHU3DFNXQJª6DJHQ6LHNDQQPDQDXFKEHL ,KQHQHVVHQ"©(UERWGHP:LUWHLQ6WlEFKHQDQ'RFKGHU0DQQ VFKWWHOWHGHQ.RSI ª6LFKHU0LVWHU6LHPVVHQQXUQDFKXQWHQNRPPHQ0HLQ 6RKQNRFKW(ULVWPDO]XU6HHJHIDKUHQXQGKDWHVGRUWJHOHUQW© ª9LHOHQ'DQN©-RKQVWLHGHQ5DXFKGXUFKGLH1DVHQO|FKHU
DXVª:DUXPVLQGGLH/HXWHKLHUVRXQIUHXQGOLFK"©ZROOWHGHU 2EHULQVSHNWRUZLVVHQª,FKKDWWHHLQLJHQDFKHLQHP*DVWKDXV JHIUDJWGRFKQLHPDQGZROOWHPLU$XVNXQIWJHEHQ© 'DV*HVLFKWGHV:LUWHVYHUVFKORVLFKª:LUVLQGKLHUNHLQH )UHPGHQJHZ|KQW6LU:LUOHEHQIUXQVXQGP|FKWHQDXFK QLFKWGDVLFKMHPDQGXPXQVHUH$QJHOHJHQKHLWHQNPPHUW,FK KRIIH6LHKDEHQPLFKYHUVWDQGHQ6LU© ª(VZDUMDGHXWOLFKJHQXJ©JDE-RKQOlFKHOQG]XUFN 2KQHQRFKHLQZHLWHUHV:RUW]XVDJHQVFKORGHU:LUWGLH7U YRQDXHQ -RKQ6LQFODLUDEHUKREGLH6FKXOWHUQª'DVNDQQMDQRFKKHLWHU ZHUGHQ©VDJWHHU(UQDKPVHLQH5HLVHWDVFKHXQGEHJDQQDXV]X SDFNHQ -RKQ6LQFODLUZHFKVHOWHGLH.OHLGXQJXQGEHUSUIWHGDQQ VHLQH%HUHWWD (VZDUHLQHDXHUJHZ|KQOLFKH:DIIH6LHVDKJDQ]QRUPDODXV GRFKLP0DJD]LQVWHFNWHQJHVRQGHUWDQJHIHUWLJWHJHZHLKWH 6LOEHUNXJHOQ*HVFKRVVHGLH9DPSLUHXQG+|OOHQPRQVWHUNDXP YHUNUDIWHWHQ$XFKQLFKW:HUZ|OIH 0LWHLQHPODXWHQ*HUlXVFKNQDOOWHGLH7UKLQWHU'U5DPRQ &D]DOLV]X 'HU$U]WEHIDQGVLFKMHW]WLP7UDNWGHU,UUHQ /DQJVDPJLQJHUGHQNDKOHQ%HWRQJDQJHQWODQJ+LQWHUGHQ HLQ]HOQHQ7UHQVSLHOWHQVLFKJUDXVDPH6]HQHQDE'DV6FKUHLHQ XQGbFK]HQGHU.UDQNHQHU]HXJWHEHLHLQHPQRUPDOHQ 0HQVFKHQHLQH*lQVHKDXW 1LFKWEHL'U&D]DOLV)ULKQZDUHV0XVLN (UKREDQMHGHU7UHLQH.ODSSHKRFKXQGEOLFNWHIUZHQLJH 6HNXQGHQGXUFKGHQ6SLRQ (QWVWHOOWH*HVLFKWHUVWLHUWHQLKQDQ &D]DOLVOlFKHOWHZLHHLQ7HXIHOª-D©IOVWHUWHHUUDXKª%DOG VHLGLKUVRZHLW%DOGZHUGHWLKUVlPWOLFKH+HPPXQJHQIDOOHQ ODVVHQXQGQXUQRFKVRGHQNHQXQGIKOHQZLHHLQ:HUZROI© &D]DOLVZDUPLWVHLQHP:HUN]XIULHGHQ'LHVHU7UDNWGHU
$QVWDOWZDUYRQGHPDQGHUHQJHWUHQQW+LHUNRQQWH&D]DOLV XQJHVW|UWVHLQHQWHXIOLVFKHQ([SHULPHQWHQQDFKJHKHQ (UKDWWHJHIRUVFKW-DKUHODQJ8QGGDQQZDUHVLKPJHOXQJHQ HLQ6HUXP]XHQWZLFNHOQGD0HQVFKHQ]X:HUZ|OIHQPDFKWH $QGHQ,UUHQKDWWHHUHV]XHUVWDXVSURELHUW'LH(UIROJHKDWWHQ LKPUHFKWJHJHEHQ'DQQZDUHQGLH*HVXQGHQDQGLH5HLKH JHNRPPHQ&D]DOLVKDWWHNXU]HUKDQG0HQVFKHQHQWIKUHQODV VHQXQGVLHPLWGHP6HUXPJHLPSIW (VVFKOXJDQ *HVXQGHXQGY|OOLJQRUPDOH0HQVFKHQZXUGHQ]XUHLHQGHQ %HVWLHQ $FKW7RWHKDWWHHVELVKHUJHJHEHQ(LQJDQ]HV'RUIGXFNWHVLFK XQWHUGHP7HUURUGHU%HVWLHQ &D]DOLVZDU]XIULHGHQ$EHUHUZROOWHWURW]GHPQRFKPHKU(U ZROOWHHLQH$UPHHYRQ8QJHKHXHUQVFKDIIHQGLHQXUVHLQHP %HIHKOJHKRUFKWHQ1RFKVHW]WHLPPHUGLH5FNYHUZDQGOXQJHLQ 1RFKEUDXFKWHQVLHGDV/LFKWGHV9ROOPRQGHVGRFKEDOGZUGH DXFKGDVQLFKWPHKUQ|WLJVHLQ (LQHKDOEH6WXQGHGDXHUWH&D]DOLV 5XQGJDQJ'DQQ]RJHU VLFKZLHGHULQVHLQ%UR]XUFN (LQH=HLWODQJVWDQGHUDP)HQVWHUXQGEOLFNWHQDFKGUDXHQLQ GHQ3DUN 7URW]GHV5HJHQVKLHOWHQVLFKHLQLJH$QVWDOWVLQVDVVHQGRUWDXI 6LHJLQJHQVSD]LHUHQGLHGXQNOHQ5HJHQVFKLUPHJOlQ]WHQ$XFK GLHVH/HXWHVROOWHQLUJHQGZDQQDQGLH5HLKHNRPPHQ(UGXUIWH QXUQLFKWVEHUVWU]HQ 'LH%URWUZXUGHDXIJHVWRHQ &D]DOLVIXKUKHUXP 9LYLDQ'HODQREHWUDWGHQ5DXP6LHULVLFKGDV7XFKYRP.RSI XQGVFKWWHOWHGLHIODPPHQGURWH+DDUPlKQHDXV ª:LHRIWKDEHLFKGLUJHVDJWGXVROOVWDQNORSIHQ©IDXFKWH &D]DOLV ª+|UDXI©VDJWH9LYLDQXQGOLHVLFKDXIHLQHQ6WXKOIDOOHQ *HQXYROO]QGHWHVLHVLFKHLQH=LJDUHWWHDQ &D]DOLVEOLHEYRUVHLQHU.ROOHJLQVWHKHQª:RKDVWGXVRODQJH JHVWHFNW"©
ª,FKKDWWHHLQH$XWRSDQQH© ª2K+DVWGXGHQ:DJHQVHOEVWUHSDULHUW"© 9LYLDQOlFKHOWHEHUOHJHQª(VJLEW]XP*OFNQRFK.DYDOLHUH© ª:DVKHLWGDV"+DWLUJHQGHLQ7URWWHODXVGHP'RUIGLUGHQ -DJXDUZLHGHUIORWWJHPDFKW"© ª1HLQNHLQ'RUIWURWWHOVRQGHUQHLQ)UHPGHU(LQJHZLVVHU -RKQ6LQFODLU(UNDP]XIlOOLJYRUEHL© &D]DOLVZXUGHPLWUDXLVFKª=XIlOOLJ"©IUDJWHHU ª*HQDX(LQLQWHUHVVDQWHU0DQQ©9LYLDQEOLHVGHQ5DXFK GXUFKLKUHJHVSLW]WHQ/LSSHQª:HQQLFKHKUOLFKVHLQVROOHU N|QQWHPLUJHIlKUOLFKZHUGHQ© ª'DVKHLWGXVLHKVWLKQZLHGHU"© ª-DHUZLOOZRKOKLHUVHLQHQ8UODXEYHUEULQJHQ(UNRPPW EULJHQVDXV/RQGRQZLHLFKDP1XPPHUQVFKLOGGHV:DJHQV IHVWVWHOOHQNRQQWH© 5DPRQ&D]DOLVODFKWHDXIª8QGGXJODXEVWGDMHPDQGDXV /RQGRQKLHUQXU8UODXEPDFKW":LHQDLYELVWGXHLJHQWOLFK"'DV LVWHLQ6FKQIIOHUODGLUGDVJHVDJWVHLQ© ª8QGZDVVROOWHHUKLHUVXFKHQ"© ª0XLFKGLUGDVQRFKJURHU]lKOHQ"© ª1HLQQDWUOLFKQLFKWPHLQOLHEHU5DPRQ©9LYLDQ'HODQR VWUHLIWHGLH$VFKHLQHLQHU.ULVWDOOVFKDOHDEª:HQQHUWDWVlFKOLFK KLHUKHUNRPPWNDQQVWGXMDKHUDXVILQGHQREHUHLQ6FKQIIOHU LVW,FKZHUGHHXFKEHLGHPLWHLQDQGHUEHNDQQWPDFKHQ$EHUHLQV VDJHLFKGLUMHW]WVFKRQ5DPRQhEHUODLKQPLU9HUVWHKVWGX"© 5DPRQ&D]DOLVEUDXFKWHQXULQGLH$XJHQGHU)UDX]XVHKHQ XP]XHUNHQQHQZDVVLHPLW-RKQ6LQFODLUYRUKDWWH8QGSO|W] OLFKZDUDXFKGHU$U]WHLQYHUVWDQGHQª*XW9LYLDQHVEOHLEW GDEHL(UJHK|UWGLU© ª'DVZROOWHLFKGLUDXFKJHUDWHQKDEHQ© 'U9LYLDQ'HODQRVWDQGDXIª:LUVHKHQXQVVSlWHU©VDJWHVLH XQGJLQJPLWVFKQHOOHQ6FKULWWHQ]XU7U 5DPRQ&D]DOLV]HUELHLQHQ)OXFK]ZLVFKHQGHQ=lKQHQ(U ZROOWHVLFKJHUDGHHLQH=LJDUHWWHDQ]QGHQDOVGDV7HOHIRQDXI GHP6FKUHLEWLVFKVXPPWH &D]DOLVKREDEª-D©NQXUUWHHUZWHQG
'LH)UDXYRQGHU$QPHOGXQJZDUDPDQGHUHQ(QGHGHU /HLWXQJª'DP|FKWH6LHMHPDQGVSUHFKHQ'RNWRU(LQJHZLVVHU 0U6WURP© ª1LHJHK|UWGHQ1DPHQ© ª(UVDJWHUNlPHDXV+DZLFNXQGGLH$QJHOHJHQKHLWZlUH VHKUGULQJHQG© &D]DOLVEHUOHJWHHLQHQ0RPHQW'DQQPHLQWHHUª%ULQJHQ6LH GHQ0DQQ]XPLU© &D]DOLVULHEVLFKEHUGDV*HVLFKW:DVZROOWHGHU0DQQYRQ LKP"(VNDPGRFKVRQVWQLFKWYRUGDMHPDQGIUHLZLOOLJDXVGHP 'RUIGLH.OLQLNDXIVXFKWH(VPXWHDOVRHLQHQEHVRQGHUHQ *UXQGJHEHQ &D]DOLVZDUJHVSDQQW (VGDXHUWHHLQLJH0LQXWHQELVJHJHQGLH7UJHNORSIWZXUGH 'LH)UDXOLHGHQ0DQQHLQWUHWHQXQG]RJVLFKGLVNUHW]XUFN 5DPRQ&D]DOLVVHW]WHVHLQ6RQQWDJVOlFKHOQDXIXQGJLQJGHP %HVXFKHUPLWDXVJHVWUHFNWHU+DQGHQWJHJHQª,FKELQ'U&D]DOLV :DVNDQQLFKIU6LHWXQ0U6WURP"© 'HU+RO]IlOOHUKDWWHVHLQHUHFKWH+DQGLQGLH7DVFKHVHLQHV 3DUNDVJHVWHFNW ª)UPLFKN|QQHQ6LHJDUQLFKWVWXQ&D]DOLV+|FKVWHQVIU VLFK© ª:LHVROOLFKGDVYHUVWHKHQ"© ª'DVZHUGHQ6LHJOHLFKPHUNHQ© %HQ6WURPKDWWHGHQ6DW]NDXPDXVJHVSURFKHQGDULHUVHLQH UHFKWH+DQGDXVGHU7DVFKH=ZLVFKHQVHLQHQ)LQJHUQVFKLPPHUWH GDV0HWDOOHLQHU3LVWROH ª-HW]WN|QQHQ6LHQXUQRFKEHWHQ&D]DOLV©VDJWH%HQ6WURPPLW UDXKHU6WLPPH 5DPRQ&D]DOLVEOLHEHUVWDXQOLFKUXKLJ8QWHUKRFKJH]RJHQHQ $XJHQEUDXHQEOLFNWHHUDXIGLH3LVWROHZlKUHQGHLQVS|WWLVFKHV /lFKHOQVHLQH0XQGZLQNHONHUEWH(UVHW]WHVLFKZLHGHU ª6LHZROOHQPLFKDOVRW|WHQ"©(VZDUPHKUHLQH)HVWVWHOOXQJDOV HLQH)UDJH
ª-D©HUZLGHUWH%HQ6WURPXQGPDQK|UWHVHLQHU6WLPPHDQ GDHUVLFKNDXPQRFKEHKHUUVFKHQNRQQWH6FKZHLSHUOHQ KDWWHQVLFKDXIVHLQHU6WLUQJHVDPPHOWXQGOLHIHQLQILQJHU EUHLWHQ%lFKHQLQGLHEXVFKLJHQ$XJHQEUDXHQ &D]DOLVQLFNWH'RFKGDQQKREHUUXFNDUWLJGHQ.RSIª'DUILFK ZHQLJVWHQVGHQ*UXQGHUIDKUHQ"© 6WURPODFKWHKDUWXQGZWHQGª'DIUDJHQ6LHQRFK6LH%HVWLH" 6LHVLQGHVGRFKGHUKLQWHUDOOGHQJUDXVDPHQ0RUGHQVWHFNW6LH VLQGGHU$QVWLIWHU8QGJODXEHQ6LHQXUQLFKWGDLFKQLFKW,KU *HKHLPQLVNHQQH6LHSURJUDPPLHUHQGLH,UUHQ]X:HUZ|OIHQ XPPDFKHQ6LH]XUHLHQGHQ8QWLHUHQGLHQXUQRFKW|WHQZRO OHQ7|WHQXPMHGHQ3UHLV© -HW]WZDUHV&D]DOLVGHUODFKWHª6LHVLQGZLUNOLFKYRQ6LQQHQ 0U6WURP:HQQLFKMDQLFKWVFKRQYLHOHVLQPHLQHP/HEHQHUOHEW XQGJHK|UWKlWWHZUGHLFK6LHJODWWKLHUEHKDOWHQXQGGHU3ROL]HL EHUJHEHQ©&D]DOLVZXUGHVFKODJDUWLJHUQVW(UEHXJWHVHLQHQ 2EHUN|USHUYRU2KQHGD%HQ6WURPHVVHKHQNRQQWHEHUKUWHQ &D]DOLV )LQJHUGHQNOHLQHQ.QRSIXQWHUGHU.DQWHGHV 6FKUHLEWLVFKHV(LQ$ODUPVLJQDOZXUGHLP:lUWHU]LPPHUDXV JHO|VW8QGGLHEHLGHQEXOOLJHQ7\SHQZXWHQVRIRUW%HVFKHLG ª+DEHQ6LHHLJHQWOLFKVFKRQPDOMHPDQGHQXPJHEUDFKW"©VSDQQ &D]DOLVGHQ)DGHQZHLWHU (UZDUHLQJXWHU3V\FKRORJHXQGZXWHZLHHU6WURPSDFNHQ XQGKLQKDOWHQNRQQWH :LOGVFKWWHOWHGHU+RO]IlOOHUGHQ.RSIª1HLQ%LVMHW]WKDEH LFKQRFKQLFKWJHW|WHW$EHU6LHZHUGHQGHUHUVWHVHLQ8QG*RWW P|JHPLUYHU]HLKHQ© 6WURPV+DQGPLWGHU3LVWROH]LWWHUWH(VNRVWHWHGHQ0DQQ VLFKWOLFK0KHVLFKXQWHU.RQWUROOH]XKDOWHQ ª%HLPHUVWHQPDOLVWHVLPPHUVFKZHU©PHLQWH&D]DOLV(U VSUDFKMHW]WLP3ODXGHUWRQZROOWHGHQ+RO]IlOOHUQLFKWQRFKLP OHW]WHQ0RPHQW]XHLQHU3DQLNUHDNWLRQYHUOHLWHQ ª,FKZHUGHHVVFKRQVFKDIIHQ.HLQH$QJVW© 6WURPWUDWHLQHQ6FKULWWYRU &D]DOLVHUKREVLFK(UKLHOWGLH+lQGHJHJHQGLH'HFNH JHVWUHFNWª'DQQVFKLHHQ6LH©VDJWHHUUXKLJ
6WURPZDUIUHLQHQ$XJHQEOLFNEHUUDVFKW6HLQH$XJHQ ZHLWHWHQVLFKª8QG6LHKDEHQNHLQH$QJVW"© ª:RYRU"9RUHLQHU.XJHO"9LHOOHLFKWVFKLHHQ6LHGDQHEHQ,FK ZHLQLFKWZLHJXW6LHLP=LHOHQVLQG8QGGDUDXIEDXHLFK(V NDQQDXFKVHLQGD6LHPLFKQXUYHUOHW]HQ© 'U&D]DOLVUHGHWHXQGUHGHWH(UOHQNWHGHQ+RO]IlOOHUDEGHQQ KLQWHU6WURPV5FNHQ|IIQHWHVLFKGLH%URWU .HLQ*HUlXVFKHQWVWDQGDOVVLHQDFKLQQHQJHGUFNWZXUGH 'LHPXVNHOEHSDFNWHQ.|USHUGHUEHLGHQ:lUWHUWDXFKWHQDXI &D]DOLVJDEPLWNHLQHU%HZHJXQJ]XHUNHQQHQGDHUGLH 0lQQHUEHPHUNWKDWWH(UKLHOWGXUFKVHLQ5HGHQGHQ+RO]IlOOHU ZHLWHUKLQ]XUFN 6FKOLHOLFKZXUGH%HQ6WURPGLH6DFKH]XEXQW9LHOOHLFKW DKQWHHUDXFKGLH*HIDKU$XIMHGHQ)DOOULHUGLH+DQGPLWGHU 3LVWROHXPHLQH:LQ]LJNHLWKRFKXQGGUFNWHDE ,PVHOEHQ$XJHQEOLFNIHJWHHLQEUHWWKDUWHU+DQGNDQWHQVFKODJ VHLQHQ:DIIHQDUPQDFKXQWHQ'LFKWYRU&D]DOLV 6FKUHLEWLVFK IXKUGLH.XJHOLQGHQ%RGHQ .UlIWLJH)lXVWHSDFNWHQ]XZDQGHQ%HQ6WURPGLH3LVWROHDXV GHQ)LQJHUQ (LQZHLWHUHU6FKODJGU|KQWHLQVHLQHQXQJHVFKW]WHQ1DFNHQ %HQ6WURPILHOQDFKYRUQXQGNQDOOWHDXIV*HVLFKW'HQ 6FKPHU]HQVVFKUHLYHUVFKOXFNWHGHU7HSSLFKERGHQ ª$XIK|UHQ©VDJWH5DPRQ&D]DOLVDOVHLQHUGHU:lUWHUHUQHXW DXVKROWH 6FKQDXIHQGWUDWHQGLH:lUWHU]XUFN,KUH*HVLFKWHUZDUHQ JHU|WHW6FKZHLEHGHFNWHLKUH6WLUQHQ &D]DOLVVFKREHLQHQ)XXQWHU6WURPV.|USHUXQGGUHKWHGHQ +RO]IlOOHUDXIGHQ5FNHQ(LQHUGHU:lUWHUUHLFKWHGHP$U]W 6WURPV:DIIH&D]DOLVVWHFNWHVLHLQVHLQH.LWWHOWDVFKHGLHGXUFK GDV*HZLFKWQDFKXQWHQJH]RJHQZXUGH ª6ROOHQZLULKQXPOHJHQ"©IUDJWHGHU:lUWHUGHU&D]DOLVDP QlFKVWHQVWDQG(UZDUHLQEUHLWVFKXOWULJHUPXVNHOEHSDFNWHU7\S PLW|OLJHQVFKZDU]HQ+DDUHQ6HLQ.XPSDQZDUHWZDVJU|HU GDIUDEHUDXFKVFKPlFKWLJHU$EHUEHLGHZDUHQVLHJHPHLQH KLQWHUKlOWLJH6FKOlJHU
&D]DOLVGDFKWHHLQHQ0RPHQWQDFK'DQQVFKWWHOWHHUGHQ .RSI,QVHLQHQ$XJHQOHXFKWHWHHVDXIZLHEHLHLQHPGHP JHUDGHHLQHEOHQGHQGH,GHHHLQJHIDOOHQLVW 8QGGDVZDUEHL&D]DOLVWDWVlFKOLFKGHU)DOO ª:LUZHUGHQLKQQLFKWW|WHQ©VDJWHHUª:HQLJVWHQVQLFKWDXI GLHEOLFKH:HLVH:HQQXQVGLH9HUVXFKVNDQLQFKHQVFKRQ IUHLZLOOLJ]XODXIHQEUDXFKHQZLUXQVJDUQLFKWHUVWJURDQ]X VWUHQJHQ(UNRPPWLQXQVHUH6SH]LDODEWHLOXQJ© %HQ6WURPODJQRFKLPPHUDP%RGHQXQGNUPPWHVLFKYRU 6FKPHU]HQ(UKDWWH]ZDUGLH:RUWHJHK|UWGRFKLKUHQ6LQQ QLFKWJHQDXYHUVWDQGHQ(UZXQGHUWHVLFKQXUGDHUQRFKDP /HEHQZDU &D]DOLVPDFKWHHLQHNQDSSH%HZHJXQJPLWGHUUHFKWHQ+DQG ª)HVVHOWLKQ© 'LH:lUWHUEFNWHQVLFK(LQHU]RJDXVHLQHU0HWDOO|VHDP *UWHOHLQ3DDU+DQGVFKHOOHQ+DUWULHU6WURPV+lQGHLQGLH ULFKWLJH6WHOOXQJ(LQHQ$WHP]XJVSlWHUVFKQDSSWHQGLH6WDKO VSDQJHQ]X %HQ6WURPZDUJHIDQJHQ 'LH:lUWHU]RJHQ6WURPEUXWDODXIGLH)H'HU+RO]IlOOHU ZDQGVLFKLQLKUHP*ULII ª6WHOOGLFKQLFKWVRDQ©IDXFKWH&D]DOLVª9RUKLQDOVGXPLFK XPEULQJHQZROOWHVWKDVWGXGLFKQRFKJDQ]DQGHUVEHQRPPHQ (LQ7\SZLHGXVROOWHPHKUYHUWUDJHQN|QQHQ.RPPWPLW© &D]DOLVJLQJYRUELV]XU7UXQG|IIQHWHVLHª$ELQGLH 6SH]LDODEWHLOXQJ© 'LHEHLGHQ:lUWHUVFKOHLIWHQGHQ+RO]IlOOHUEHUGHQ*DQJDXI HLQH)DKUVWXKOWU]X 'HU/LIWPXWHHUVWQRFKJHKROWZHUGHQ %HQ6WURPEHNDPDOOHVQXUKDOEPLW 'DQQJOLWWHQGLH7UHQDXVHLQDQGHU 6WURPGLHEHLGHQ:lUWHUXQG'U&D]DOLVJLQJHQLQGLHVFKPDOH .DELQH&D]DOLVGUFNWHDXIGHQXQWHUVWHQ.QRSIQHEHQGHPGDV :RUW!1RWVLJQDOVWDQG 'HU/LIWVDQNQDFKXQWHQ 1DFK6HNXQGHQKDWWHQGLH0lQQHUGLH6SH]LDODEWHLOXQJ
HUUHLFKW'LHVH$EWHLOXQJODJQRFKXQWHUGHP7UDNWGHU,UUHQXQG GLHPHLVWHQZXWHQQLFKWPDOYRQLKUHU([LVWHQ](LQHJURH (LVHQWUPLWHLQHP6LFKHUKHLWVVFKORYHUZHKUWHGHQ=XWULWW ª,KUN|QQWHMHW]WJHKHQ©VDJWH&D]DOLV]XGHQEHLGHQ:lUWHUQ 6HOEVWVLHGXUIWHQQLFKWZLVVHQZDVVLFKKLHUXQWHQYHUEDUJ'DV JLQJQXU&D]DOLVHWZDVDQ 'LH:lUWHUWUROOWHQVLFK &D]DOLVZDUWHWHQRFKELVGHU/LIWHQGJOWLJYHUVFKZXQGHQZDU XQGKROWHGDQQHLQHQNRPSOL]LHUWDQJHIHUWLJWHQ6FKOVVHODXVGHU +RVHQWDVFKH'LHVHQVWHFNWHHULQGDVGD]XSDVVHQGH6FKORLQ GHU7U %HQ6WURPOHKQWHDQGHU:DQG'HU+RO]IlOOHUKDWWH0KHGDV *OHLFKJHZLFKW]XKDOWHQ1RFKLPPHUJLQJVHLQ$WHPVWRZHLVH XQGNHXFKHQG(UKLHOWGLHJHIHVVHOWHQ+lQGHJHJHQVHLQHQ/HLE JHSUHW ª:DVZDVKDEHQ6LHPLWPLUYRU"© lFK]WHHU &D]DOLVODFKWHª'DVZLUVWGXJOHLFKVHKHQPHLQ-XQJH$EHU HLQHVVDJWHLFKGLUMHW]WVFKRQ0DQEHGURKWNHLQHQ5DPRQ &D]DOLVPLWHLQHU:DIIH,FKZHUGHGDVHKUlUJHUOLFK'LH6WUDIHQ VLQGPHLVWHQVW|GOLFK8QGDXFKEHLGLUPDFKHLFKGDNHLQH $XVQDKPH© %HQ6WURPZUJWH(UKDWWHQXQEHJULIIHQGDHUMHW]WVWHUEHQ VROOWH 6WHUEHQ:LHHLQ%UDQGPDOVHW]WHVLFKGDV:RUWLQVHLQHP *HKLUQIHVW 1HLQVFKULHHVLQLKP8PDOOHVLQGHU:HOW1LFKWVWHUEHQ 1LFKWVWHUEHQ &D]DOLVZDUQRFKPLWGHP6FKOREHVFKlIWLJWXQGDFKWHWHQLFKW DXIGHQ*HIDQJHQHQ 7URW]GHU6FKPHU]HQGLHLQVHLQHP.|USHUZWHWHQVWLHVLFK %HQ6WURPYRQGHU:DQGDE(UWDXPHOWHDXI&D]DOLV]XXQG ZROOWHLKPGHQ.RSILQGHQ0DJHQUDPPHQ 'RFK6WURPZDU]XODQJVDP9LHO]XODQJVDP &D]DOLVVDKGHQ+RO]IlOOHUYRQGHU6HLWHKHUNRPPHQWUDW VFKQHOOHLQHQ6FKULWW]XUFNXQGVFKOXJ%HQ6WURPYRQXQWHQKHU GLH)DXVWLQV*HVLFKW
6WURPZXUGH]XUFNJHVFKOHXGHUWXQGEUDFKDQGHU:DQG ]XVDPPHQ6HLQH1DVHEOXWHWH7UlQHQOLHIHQLKPDXVGHQ$XJHQ ª,GLRW©NQXUUWH&D]DOLV 6RVFKQHOOHVJLQJVFKORHUGLH7UDXI(UZROOWHGLHVHYHU GDPPWH6DFKHHQGOLFKKLQWHUVLFKEULQJHQ /DXWORVXQGJXWJH|OWVFKZDQJGLH7U]XUFN(LQVWRFN GXQNOHV9HUOLHVWDWVLFKDXI &D]DOLV +DQGIXKUDQGHU:DQGHQWODQJ'LH)LQJHUIDQGHQ GHQ/LFKWVFKDOWHUXQGGUFNWHQGHQ.LSSKHEHOKHUXP 'DV/LFKWIODPPWHDXI (VZDUHLQNDOWHV/HXFKWVWRIIU|KUHQOLFKWGDVDOOHVLQHLQHU JHUDGH]XEUXWDOHQ'HXWOLFKNHLWKHUDXVKRE ,QGHU0LWWHGHV9HUOLHVHVEHIDQGVLFKHLQVWDELOHV(LVHQJLWWHU =XJDQJ]XGHU=HOOHGDKLQWHUELOGHWHHLQH(LVHQWUGLHLQQHUKDOE GHV*LWWHUVKDUPRQLVFKHLQJHODVVHQZDU (LQSDDUDOWH0DWUDW]HQODJHQDXIGHP%RGHQ 8QGDXIGHQ0DWUDW]HQKRFNWHQVLH 'LH3URGXNWHHLQHU:DKQVLQQV]XFKW 'UHL:HUZ|OIH *HOEOLFKOHXFKWHWHQGLH$XJHQGHU8QJHKHXHU'LH%HVWLHQZXU GHQXQUXKLJDOVVLHGHQ$U]WVDKHQ 0LWHLQSDDU6SUQJHQVWDQGHQVLHDP*LWWHU.ODXHQNUDOOWHQ VLFKXPGLH6WlEH*HOEH5DXEWLHUDXJHQIXQNHOWHQPRUGOVWHUQ &D]DOLVODFKWHª.HLQH$QJVWPHLQH)UHXQGH,KUEHNRPPW ZDVLKUEUDXFKW/RV]XUFN© 'LH:HUZ|OIHJHKRUFKWHQLKUHP0HLVWHUDXIV:RUW &D]DOLVJLQJZLHGHUGXUFKGLHRIIHQH7UXQG]RJ%HQ6WURPLQ GDV9HUOLHV 'HU+RO]IlOOHUZHKUWHVLFKMHW]WQLFKWPHKU(UKDWWHVFKRQPLW GHP/HEHQDEJHVFKORVVHQ 'LH:HUZ|OIHKDWWHQVLFKLQGHQ+LQWHUJUXQGGHV9HUOLHVHVYHU ]RJHQ'RUWKDUUWHQVLHDXILKU2SIHU &D]DOLV|IIQHWHGLH*LWWHUWU 1RFKHLQPDOYHUVXFKWH%HQ6WURPVLFKJHJHQGHQ*ULIIGHV
$U]WHV]XVWHPPHQGRFKHVEOLHEHLQHUIROJORVHV8QWHUIDQJHQ 5RKVWLH&D]DOLVGHQ0DQQLQGHQ.lILJ %HQ6WURPEOLHEDXIGHPQDFNWHQ%HWRQERGHQOLHJHQ(UODJDXI GHU6HLWHGHQ.RSIKLQ]XU7UJHULFKWHWXQGHUKDWWHGLH%HVWLHQ ZDKUVFKHLQOLFKQRFKJDUQLFKWJHVHKHQ 5DPRQ&D]DOLVZDUIQRFKHLQHQ%OLFNLQGHQ.lILJXQGJLQJ GDQQPLWVFKQHOOHQ6FKULWWHQGDYRQ)ULKQZDUGHU+RO]IlOOHU %HQ6WURPVFKRQJHVWRUEHQ $OV&D]DOLVGLH7UKLQWHUVLFKVFKORQlKHUWHVLFKGLHHUVWH %HVWLHGHPZHKUORVHQ%HQ6WURP $P1DFKPLWWDJK|UWHHVDXI]XUHJQHQ -RKQ6LQFODLUKDWWHVLFKIUHLQH6WXQGHKLQJHOHJW'DGLH 7URSIHQQLFKWPHKUDXIGLHVFKPDOH)HQVWHUEDQNWURPPHOWHQ ZXUGHGHU2EHULQVSHNWRUYRQGHUKHUUVFKHQGHQ6WLOOHZDFK -RKQVWDQGDXIXQG|IIQHWHGDV)HQVWHU .KOH/XIWVWU|PWHLQGDVNOHLQH=LPPHU'HU+LPPHOZDUYHU KDQJHQGRFKLP:HVWHQNOlUWHHUVFKRQDXIXQG-RKQZDUVLFKHU GDQDFKWVGHU+LPPHOZLHEODQNJHSXW]WVHLQZUGH 'DV=LPPHUODJDQGHU5FNVHLWHGHV+DXVHV'HU%OLFNILHODXI NOHLQH*lUWHQPRUVFKH=lXQHXQGDXIHLQ:DOGJHELHWGDVVLFK ELV]XP+RUL]RQWKLQ]RJ (VZDUVWLOO6HOWVDPXPGLHVH6WXQGHZRLQGHQPHLVWHQ2UWHQ YLHO%HWULHEKHUUVFKWH.HLQ/DFKHQNHLQ.LQGHUJHVFKUHLQLFKWV (VVFKLHQDOVKlWWHQVLFKGLH0HQVFKHQLQLKUHQ+lXVHUQYHU NURFKHQ )OLHHQGHV:DVVHUJDEHV]XP*OFN-RKQZXVFKVLFKGDV *HVLFKWXQG]RJVLFKGDQQVHLQH.OHLGXQJEHU(UYHU]LFKWHWH DXIVHLQHQ0DQWHO(UZlUHLKPQXUKLQGHUOLFKJHZHVHQ'LH 3LVWROHYHUVFKZDQGLQHLQHU+DOIWHUDXVZHLFKHP5LQGVOHGHU -RKQWUDWDXIGHQ*DQJXQGVFKORGLH7U'LHWUEH)XQ]HO EUDQQWHQRFKLPPHU hEHUGLHDXVJHWUHWHQHQ6WXIHQGHU7UHSSHJLQJ-RKQ6LQFODLU QDFKXQWHQ (UWUDIGHQ:LUWLP*DVWUDXP'HU0DQQVDDP7LVFKXQGODV
HLQHYHUJLOEWH=HLWXQJ%HLP1lKHUWUHWHQVDK-RKQGD%LHURGHU /LPRQDGHEHUGDV3DSLHUJHODXIHQVHLQPXWH 'HU2EHULQVSHNWRUJUWHIUHXQGOLFK 'HU:LUWKREGHQ%OLFNXQGVDKGDQQDXIVHLQH8KUª=XP (VVHQLVWHVQRFK]XIUK© ª'DVZLOOLFKDXFKQRFKQLFKW©-RKQVHW]WHVLFK]XGHP:LUWDQ GHQ7LVFKZDVGLHVHUQLFKWJHUDGHIUHXQGOLFKDXIQDKP 0LJHODXQWYHU]RJHUGDV*HVLFKW ª9LHO$EZHFKVOXQJKDEHQ6LHMDKLHUQLFKW©EHJDQQ-RKQGDV *HVSUlFK 'HU:LUWKREGLH6FKXOWHUQª:LUVLQG]XIULHGHQ© -RKQIUDJWHQDFKHLQHP:KLVN\'HU:LUWVWDQGDXIXQGEUDFKWH VRIRUWGLHJDQ]H)ODVFKH$XHUGHPQRFK]ZHL*OlVHU (UVFKHQNWHHLQXQGGLH0lQQHUSURVWHWHQVLFK]X ª*XWHU6WRII©VDJWH-RKQXQGQLFNWHDQHUNHQQHQG 'HU:LUWJULQVWHJHVFKPHLFKHOWª6HOEVWJHEUDQQW©PHLQWHHULP 9HUVFKZ|UHUWRQ ª9HUVWHKH©-RKQEHXJWHVLFKYRUª6DJHQ6LHPDO0LVWHU$OVLFK NXU]YRU+DZLFNZDUVWDQGDP6WUDHQUDQGHLQJHOEHU-DJXDU (LQHURWKDDULJH)UDXIXPPHOWHXQWHUGHU0RWRUKDXEHKHUXP(LQ 3UDFKWZHLEVDJHLFK,KQHQ+lWWHQLHJHGDFKWGDHVVRHWZDVLQ GLHVHU*HJHQGJLEW0DOHKUOLFKNHQQHQ6LHGLHQlKHU"© ª1HLQ© ª6FKDGH©-RKQOHKQWHVLFK]XUFNXQGVSLHOWHPLWVHLQHP :KLVN\JODVª,FKKlWWHJHUQPHKUYRQLKUHUIDKUHQ2E6LH VJODX EHQRGHUQLFKWGLH3XSSHKDWPLFKVRJDUHLQJHODGHQ,QHLQH .OLQLNRGHU6DQDWRULXP,VWGLHHWZDbU]WLQ"© 'HU:LUWQLFNWHª-DVLHLVWVRJDUVWHOOYHUWUHWHQGH/HLWHULQGHU ,UUHQDQVWDOW© ª(LQH,UUHQDQVWDOWLVWGDV"© ª8QGZDVIUHLQH1XUVFKZHUH)lOOH$XVJHUHFKQHWLQXQVHUHU *HJHQG'LHKlWWHQGDV'LQJDXFKDXIHLQHU,QVHOEDXHQN|QQHQ© ª'DVNOLQJWMDDOVRE6LHHWZDVJHJHQGLH$QVWDOWKlWWHQ© ª+DEHLFKDXFK© ª'DUIPDQGHQ*UXQGHUIDKUHQ"© ª1HLQ'DVJHKW6LHQLFKWVDQ$PEHVWHQLVW6LHEOHLEHQGLH
]ZHL7DJHKLHUXQGNPPHUQVLFKXPQLFKWV/HJHQ6LHVLFKPHL QHWZHJHQLQ,KU%HWWRGHUEHVXFKHQ6LHGLHURWKDDULJHbU]WLQ $EHUODVVHQ6LHXQVLQ5XKH© ª(QWVFKXOGLJHQ6LH©VDJWH-RKQª,FKZROOWH,KQHQQLFKW]X QDKHWUHWHQ$EHUVROFKHLQH(LQODGXQJODVVHLFKPLUQLFKWHQW JHKHQ'LH3XSSHLVWQlPOLFK6XSHUNODVVH,FKZHUGHJOHLFK]XU .OLQLNIDKUHQ.|QQHQ6LHPLUGHQQGHQ:HJEHVFKUHLEHQ"© 'HU:LUWWDWHV=LHPOLFKXPVWlQGOLFKDEHUKLQWHUKHUZXWH -RKQJHQDXZRHUGUDQZDU 'HU2EHULQVSHNWRUVWDQGDXIXQGWLSSWHDQ6HLQHLPDJLQlUH +XWNUHPSH ª'DQQZHUGHLFKPDO© 'HU:LUWQLFNWHª9LHO9HUJQJHQ© -RKQJULQVWHZLVVHQGª'DVZHUGHLFKVFKRQKDEHQ6FKOLHOLFK LVWPDQQXUHLQPDO-XQJJHVHOOH© )U|KOLFKYRUVLFKKLQSIHLIHQGPDUVFKLHUWHGHU2EHULQVSHNWRU QDFKGUDXHQ(UKDWWHEHZXWGLH5ROOHHLQHV6FKU]HQMlJHUV JHVSLHOW0DQVROOWHGLUHNWGHQULFKWLJHQ(LQGUXFNYRQLKP EHNRPPHQ 'RFKGUDXHQlQGHUWHVLFK-RKQV0LHQHVFKODJDUWLJ=LHPOLFK QDFKGHQNOLFKVWLHJHULQVHLQHQ%HQWOH\1HXJLHULJH%OLFNHVWDUU WHQLKQDXVPDQFKHQ)HQVWHUQDQ 'HUVLOEHUJUDXH:DJHQUROOWHODQJVDPGXUFKGHQ2UW.DXPHLQ 0HQVFKEHIDQGVLFKDXIGHU6WUDH$P5DQGHLQHUGLFNHQ :RONHQEDQNOXJWHGLH6RQQHKHUYRU(LQSDDU6WUDKOHQNLW]HOWHQ GLH(UGH)HXFKWLJNHLWVWLHJLQGLFNHQ6FKZDGHQYRP%RGHQKRFK XQGIRUPWHVLFK]XVHOWVDPHQ*HELOGHQ 'LH/XIWGDPSIWH -RKQKDWWHGLH6FKHLEHKHUXQWHUJHGUHKW'HUNKOH)DKUWZLQG WDWJXW 'HU2EHULQVSHNWRUOLHVLFK=HLW$XHUGHPZDUGLH:HJ VWUHFNHVFKOHFKW1DFK]ZDQ]LJ0LQXWHQWDXFKWHGLH$E]ZHL JXQJDXIGLH]XU.OLQLNIKUWH (LQDVSKDOWLHUWHU:HJIKUWHMHW]WGXUFKGHQ:DOG8QGVFKRQ EDOGVDK-RKQGLH*HElXGHDXIWDXFKHQ 'HU:DOGJLQJLQHLQHNOHLQHDEHUJHSIOHJWH3DUNODQGVFKDIW
EHU=ZLVFKHQGHQHLQ]HOQHQ5DVHQIOlFKHQJDEHV3DUNEXFKWHQ 'LHPHLVWHQGDYRQZDUHQOHHU -RKQOHQNWHVHLQHQ%HQWOH\LQHLQHGHU3DUNER[HQXQGVWLHJDXV 'HU.RPSOH[ZDU/I|UPLJDQJHOHJWXQGLP%XQJDORZVWLO JHEDXW(LQHEUHLWH*ODVWUQDKPHLQHQ7HLOGHU9RUGHUIURQWHLQ (LQJHSIOHJWHU9RUJDUWHQ]LHUWHGHQ(LQJDQJ -RKQVFKREGLH*ODVWUDXI(UJHODQJWHLQHLQHJURH+DOOH 7HUUD]]RIOLHVHQEHGHFNWHQGHQ%RGHQ5HFKWHU+DQGODJGLH (LQJDQJVORJH(LQHlOWHUH)UDXEOLFNWHGHQ2EHULQVSHNWRUDQ -RKQWUDWELVYRUGLH)URQWVFKHLEHXQGEHXJWHVLFKJHJHQGDV 6SUHFKORFKª,FKP|FKWH]X9LYLDQ'HODQR© 'LH)UDXVHW]WH,KUH%ULOOHDXIª6LQG6LHDQJHPHOGHW"(LQQHXHU 3DWLHQW"© -RKQJULQVWHª6HKHLFKVRDXV"8QGDQJHPHOGHWELQLFKDXFK QLFKW,FKP|FKWH9LYLDQLQHLQHUSULYDWHQ$QJHOHJHQKHLWVSUH FKHQZHQQ6LHYHUVWHKHQZDVLFKPHLQH© 'LH)UDXYHUVWDQG6LHNULHJWHHLQHQURWHQ.RSIXQGEHXJWHVLFK EHULKU6FKDOWSXOWZRVLHHLQLJH.Q|SIHGUFNWH-RKQHUKLHOW HUVWQDFKHLQHU0LQXWH%HVFKHLGª'U'HODQRNRPPWJOHLFK 0LVWHU$XHUGHPKDEHLFK,KUHQ1DPHQQLFKWYHUVWDQGHQ© ª$FKMDGDVKDWWHLFKJDQ]YHUJHVVHQ6DJHQ6LHGHU3DQQHQ KHOIHUZlUHKLHU© ª,FKZHUGHHVDXVULFKWHQ© 'LH(PSIDQJVGDPHEHXJWHVLFKQRFKPDOVEHULKUH7DVWDWXU XQGVSUDFKHLQSDDU:RUWH'DQQZDQGWHVLHVLFKZLHGHUDQ-RKQ ª6LHN|QQHQKLHULQGHU+DOOHZDUWHQ© ª'DVKDWWHLFKVRJDUYRU© -RKQOLHVLFKLQHLQHP/HGHUVHVVHOQLHGHU'DYRUVWDQGHLQNOHL QHU7LVFKDXIGHPODJHQHLQLJH)DFK]HLWVFKULIWHQ8PVLFKGLH /DQJHZHLOH]XYHUWUHLEHQEOlWWHUWH-RKQGDULQKHUXP 3O|W]OLFKVWXW]WHHU(LQ$UWLNHOZDULKPLQV$XJHJHIDOOHQ ª/\NDQWKURSLH,VWHVP|JOLFK:HUZ|OIH]X]FKWHQ"© -RKQV3XSLOOHQYHUHQJWHQVLFK'RFKHKHHUGD]XNDPGHQ $UWLNHO]XOHVHQULLKQHLQH)UDXHQVWLPPHDXVVHLQHQ *HGDQNHQ ª1DQXVRYHUWLHIW0U6LQFODLU"©
-RKQNRQQWHJHUDGHQRFKGHQ1DPHQGHV9HUIDVVHUVHQW]LIIHUQ 'U5DPRQ&D]DOLV'DQQVWDQGGHU2EHULQVSHNWRUDXI ª9HU]HLKHQ6LH'RNWRU©-RKQOHJWHGLH=HLWVFKULIWZLHGHUDXI GHQ7LVFK 9LYLDQ'HODQRWUXJHLQHQEOWHQZHLHQ.LWWHO'HVKDOEILHOHQ -RKQGLH%OXWVSULW]HUEHVRQGHUVDXI 'U9LYLDQ'HODQRODXHUWHLQHLQHU1LVFKH6LHVDK5DPRQ&D]DOLV GLHEHLGHQ:lUWHUXQG%HQ6WURPLQGHPNOHLQHQ/LIWYHUVFKZLQ GHQXQGZXWHLPVHOEHQ$XJHQEOLFNZRUDQVLHZDU &D]DOLV :|OIHKDWWHQZLHGHUHLQ2SIHU ,Q9LYLDQVJHOEJUQHQ$XJHQEOLW]WHHVDXI0LWHLQHPZWHQ GHQ5XFNZDUIVLHGLHURWH0lKQHLQGHQ1DFNHQ6LHZUGH &D]DOLVHLQHQ6WULFKGXUFKGLH5HFKQXQJPDFKHQ=XODQJHKDWWH VLHVHLQ7UHLEHQJHGXOGHWZXWHYRQ&D]DOLV *HKHLPQLV,KUZDU EHNDQQWGDGHU$U]WHLQ6HUXPHQWZLFNHOWKDWWHGDV0HQVFKHQ ]X:HUZ|OIHQXPIXQNWLRQLHUWH (LQHJUDXHQKDIWH9RUVWHOOXQJ-HGRFKQLFKWVRVHKUIU9LYLDQ 'HODQR$XFKVLHYHUEDUJHLQ*HKHLPQLVYRQGHPQLHPDQGHLQH $KQXQJKDWWH1LFKWXPVRQVWKDWWHVLHVLFKLQGLH(LQVDPNHLWGHV 1RUGZHVWHQV]XUFNJH]RJHQ 8QGVLHZXWHDXFKGDLKU&D]DOLVUHJHOUHFKWYHUIDOOHQZDU(V ZDULKPQRFKQLFKWJHOXQJHQVLH]XHUREHUQXQGGDVZXUPWH GHQ$U]W,PPHUZLHGHUKDWWHHUHVYHUVXFKWGRFK9LYLDQ'HODQR ZDUVWDQGKDIWJHEOLHEHQ$OOHUGLQJVKDWWHVLHPLWLKUHU7DNWLN HLQHVHUUHLFKW 5DPRQ&D]DOLVZDULKUJHJHQEHUVRUJORVJHZRUGHQ (LVNDOWKDWWHGLHbU]WLQLKUH&KDQFHJHQXW]W (LQ:DFKVDEGUXFNGHVJHKHLPHQ6FKOVVHOVZDUVFKQHOOKHUJH VWHOOW8QGELV]XU$QIHUWLJXQJGHV1DFKVFKOVVHOVZDUHVGDQQ QXUHLQ.LQGHUVSLHO 5DPRQ&D]DOLVKDWWHNHLQH$KQXQJGDYRQGDVLFK9LYLDQLQ GHQ%HVLW]GLHVHV6FKOVVHOVJHEUDFKWKDWWH (VZDUHLQE|VHV6SLHOGD]ZLVFKHQGHQEHLGHQbU]WHQJHWULH EHQZXUGH
'HUEUXWDOH&D]DOLVZDUDXIGLHZHLEOLFKH5DIILQHVVHGHUURW KDDULJHQbU]WLQKHUHLQJHIDOOHQ'HQQQLFKWHUZDUGHUHLJHQWOLFKH &KHIGHU.OLQLN :lKUHQGVLFK9LYLDQ'HODQRQRFKYRQLKUHQ*HGDQNHQWUHLEHQ OLHVWRSSWHGHU/LIW 6XPPHQGVFKZDQJHQGLHEHLGHQ7UKlOIWHQDXVHLQDQGHU 1XUGUHL0lQQHUYHUOLHHQGLH.DELQH &D]DOLVXQGGLHEHLGHQ:lUWHU -HW]WPXWHVLFK9LYLDQEHHLOHQVRQVWZDUHVIUGHQDUPHQ 7HXIHO]XVSlW 'HQQHUZXUGHQRFKJHEUDXFKW 'LHbU]WLQZDUWHWHELVGLH0lQQHUQLFKWPHKU]XVHKHQZDUHQ XQGKXVFKWHGDQQDXIGHQ/LIW]X 6FKQHOO]RJVLHGLH7UHQ]XU6HLWH ,QGHU.DELQHGUFNWHVLHDXIGHQEHZXWHQ.QRSI 'HU/LIWMDJWHQDFKXQWHQ 9LYLDQKLHOWGHQ6FKOVVHOVFKRQLQGHU+DQGDOVVLHVLFKGHU (LVHQWUQlKHUWH ,KUH)LQJHU]LWWHUWHQZlKUHQGVLHGHQ6FKOVVHOLQV6FKOR VFKRE 'LH7UZDUNDXPRIIHQGDK|UWHVLHGLH6FKUHLH )UHLQHQZLQ]LJHQ$XJHQEOLFNKDWWHGLHbU]WLQGDV*HIKO]X VSlW]XNRPPHQ 3DQLNNHLPWHLQLKUKRFK'HU6FKZHLEUDFKLKUDXVGHQ3RUHQ =ZHLVFKQHOOH6SUQJHEUDFKWHQVLHDQGLHGLFNHQ*LWWHUVWlEH :DUGDV2SIHUQRFK]XUHWWHQ" )DVWVDKHVQLFKWVRDXV (LQ]RUQLJHVZLOGHV)DXFKHQUL%HQ6WURPZLHGHULQGLH:LUN OLFKNHLW]XUFN 0KVDPUROOWHVLFKGHU+RO]IlOOHUDXIGHQ5FNHQ 6FKODJDUWLJXPNODPPHUWHLKQGDVQDFNWH(QWVHW]HQ9RULKP VWDQGHLQ:HUZROI *HLIHUWURIIDXVGHP0DXOGHV8QWLHUHV(VKDWWHGLH=lKQH JHIOHWVFKW'LHJHOEHQ5DXEWLHUDXJHQIXQNHOWHQPRUGOVWHUQ
'HU:ROIZDUVRJURZLHHLQ0HQVFK(UVWDQGDXIGHQ +LQWHUEHLQHQ'LH9RUGHUSUDQNHQKDWWHHUKDOEHUKREHQEHUHLW GLHP|UGHULVFKHQ6FKOlJH]XIKUHQ %HQ6WURPNRQQWHLPHUVWHQ$XJHQEOLFNQRFKQLFKWPDO VFKUHLHQ'LHQDFNWH$QJVWVFKQUWHLKPGLH.HKOH]X$OOGHU 6FKUHFNHQGDV*UDXHQVWUPWHQLQGLHVHP0RPHQWDXILKQ HLQZLHHLQSO|W]OLFKHV8QJHZLWWHU 8QGHUZDUKLOIORV ,P+LQWHUJUXQGGHVJURHQ.lILJVHUNDQQWH%HQQRFK]ZHL :HUZ|OIHGLHLKUHQ$UWJHQRVVHQLQWHUHVVLHUWEHREDFKWHWHQ %HQ6WURPVDPPHOWHDOOVHLQH.UlIWH (UVWHPPWHVLFKPLWGHQ+DQGIOlFKHQYRP%RGHQDEXQG UXWVFKWH]XUFN (VZDUQXUHLQNOHLQHV6WFNXQGEDOGVSUWH%HQGLH*LWWHU VWlEHLQVHLQHP5FNHQ $XVYRUEHL 'HU:HUZROIVSUDQJDXILKQ]X6HLQHUHFKWH3IRWH]XFNWH YRUYHUNUDOOWHVLFKLQ%HQV.OHLGXQJXQGULGHQ0DQQYRP %RGHQKRFK *DQ]GLFKWVDKGHU+RO]IlOOHUGDVJHLIHUQGH0DXOYRUVLFK +HLHU$WHPWUDIVHLQ*HVLFKW $EHU%HQ6WURPZROOWHQLFKWVWHUEHQ6HLQH6FKPHU]HQZDUHQ LP$QJHVLFKWGLHVHUQHXHQW|GOLFKHQ*HIDKUYHUJHVVHQ %HQULGLH$UPHKRFK0LWEHLGHQ)lXVWHQWURPPHOWHHUJHJHQ GLHKDDULJH%UXVWGHV8QWLHUV *OHLFK]HLWLJWUDWHUPLWGHQ%HLQHQYHUVXFKWHHPSILQGOLFKH 6WHOOHQ]XWUHIIHQ 'HU:HUZROIZXUGHQRFKZWHQGHU (UVFKWWHOWHGHQ+RO]IlOOHUGXUFKZLHHLQH6WURKSXSSH%HQV .RSINQDOOWHJHJHQGLH6WlEH 6WHUQH]HUSODW]WHQYRUVHLQHQ$XJHQ6HLQ6FKlGHOVFKLHQLQ WDXVHQG6WFNH]X]HUVSULQJHQ 7URW]GHPZHKUWHHUVLFK 'DIHW]WHLKPGLH3UDQNHGHU%HVWLHGHQ3DUNDYRP.|USHU(LQ 7HLOGHVUHFKWHQ+HPGVlUPHOVZXUGHHEHQIDOOV]HUULVVHQ8QG GLH.UDW]VSXUJUXEVLFKLQGHQ$UP
$XFKGLHEHLGHQDQGHUHQ%HVWLHQVHW]WHQVLFKMHW]WLQ %HZHJXQJ %HQ6WURPVDKGLH8QJHKHXHUDOVNRPSDNWH6FKDWWHQ/DQJVDP JOLWW6WURPDQGHQ*LWWHUVWlEHQKLQXQWHU(UKDWWHVLFKGDPLW DEJHIXQGHQHLQHQJUlOLFKHQ7RG]XHUOHLGHQ %HQ6WURPV6FKUHLHZDUHQLQHLQNOlJOLFKHV:LPPHUQEHU JHJDQJHQ 6FKRQQlKHUWHVLFKGLH6FKQDX]HGHV:HUZROIVVHLQHP+DOV 6FKRQVFKLHQHUGLHK|OOLVFKHQ5HL]lKQH]XVSUHQGDKDOOWHHLQ SHLWVFKHQGHU%HIHKOGXUFKGDV9HUOLHV ª=XUFN©JHOOWHGLH6WLPPHª=XUFNLKU%HVWLHQ© 'LH:HUZ|OIHHUVWDUUWHQPLWWHQLQGHU%HZHJXQJ 9LYLDQ'HODQRVWDQGDP*LWWHU6LHKDWWHEHLGH)lXVWHXPGLH 6WlEHJHNUDOOW,QLKUHQ$XJHQODJHLQVHOWVDPHV)OLPPHUQ(V ZDUHLQK\SQRWLVFKHU6WUDKOGHUGLH8QJHKHXHUDXIGHU6WHOOH EDQQWH ª*HKW©EHIDKOGLHURWKDDULJHbU]WLQª/DWGLHVHQ0DQQLQ 5XKH© 'LH:HUZ|OIHEHJDQQHQ]XZLQVHOQ6LHGXFNWHQVLFKXQWHUGHQ :RUWHQZLHXQWHUXQVLFKWEDUHQ6WURPVW|HQ /DQJVDP6FKULWWIU6FKULWW]RJHQVLHVLFK]XUFN 'LH0RQVWHUEHVWLHQJHVFKDIIHQYRQHLQHP$U]WJHKRUFKWHQ GHP:LOOHQHLQHU)UDX (VZDUVFKLHUXQEHJUHLIOLFK :HOFKHV5lWVHOYHUEDUJVLFKKLQWHUGHUURWKDDULJHQ9LYLDQ 'HODQR" 0LWGHPVHOEHQ6FKOVVHOZLHYRUKLQVFKORGLHbU]WLQGLH *LWWHUWUDXI ª.RPPHQ6LH6FKQHOO©ULHIVLH%HQ6WURP]X 'HU+RO]IlOOHUKDWWHGHQ.RSIJHZDQGW,QVHLQHQ$XJHQODJ HLQXQJOlXELJHV6WDXQHQ(UNRQQWHQLFKWEHJUHLIHQGDHUQRFK HLQPDOPLWGHP/HEHQGDYRQJHNRPPHQZDU ª%HHLOHQ6LHVLFK©VFKULH9LYLDQ %HQ6WURPWDXPHOWHQDFKGUDXHQ$OOHLQGHUhEHUOHEHQVZLOOH KLHOWLKQQRFKDXIUHFKW 9LYLDQKDWWHGLH(LQJDQJVWURIIHQJHODVVHQ6LH]RJVLHZLHGHU
KLQWHUVLFK]XYHUJDMHGRFKLQGHU(LOHVLHDE]XVFKOLHHQJHQDX ZLHGLH*LWWHUWU 9LYLDQZROOWHVSlWHUQRFKHLQPDOLQGHQ.HOOHU]XUFNNRPPHQ XPGDVQDFK]XKROHQ 6LHKDWWHGLH/LIWWUEORFNLHUW ,QVFKQHOOHU)DKUWJLQJHVQDFKREHQ ª,FKZHUGH6LHMHW]WDXVGHU.OLQLNVFKOHXVHQ©VDJWH9LYLDQ ª$EHUHU]lKOHQ6LHQLHPDQGHPZDV6LHKLHUHUOHEWKDEHQ 9HUVWDQGHQ"© %HQ6WURPQLFNWH ª,FKLFKZHLQLFKWZLHLFK,KQHQGDQNHQVROO0LVV:DV6LH IUPLFKJHWDQKDEHQGDVLVW© ª8QVLQQ©9LYLDQVFKQLWWLKPGDV:RUWDEª$EHUXPVRQVWKDEH LFKHVQLFKWJHWDQ© 6LH|IIQHWHGLH/LIWWUHQXQGEHU]HXJWHVLFKPLWHLQHP%OLFN GDGHU*DQJIUHLZDU ª/RVUDXV© 'DVOLHVLFK%HQ6WURPQLFKW]ZHLPDOVDJHQ 9LYLDQ]RJLKQEHUGHQ)OXU]XHLQHP+LQWHUDXVJDQJZR]X VLHDXFKGHQ6FKOVVHOEHVD ª6LHJHKHQMHW]WHLQIDFKXPGLHVHV*HElXGHKHUXPXQGNXU ]HUKDQGGXUFKGDV+DXSWWRUQDFKGUDXHQ9HUVWDQGHQ"© %HQQLFNWH ª8QGVSUHFKHQ6LHPLWQLHPDQGHP$XFKZHQQ6LHHLQHU DQVSULFKWODXIHQ6LHZHLWHU© ª6LHN|QQHQVLFKDXIPLFKYHUODVVHQ©NUlFK]WHGHU+RO]IlOOHU ª1XUQRFKHLQH.OHLQLJNHLWZlUH]XUHJHOQ©VDJWH9LYLDQ 'HODQR ª8QGZHOFKH"© ª6LHVSUDFKHQYRUKLQYRQ'DQNEDUNHLW-DZRKO6LHN|QQHQ VLFKGDQNEDUHUZHLVHQ,FKHUZDUWH6LHKHXWHXP0LWWHUQDFKW DXIGHUNOHLQHQ:DOGOLFKWXQJ6LHZLVVHQYRQZHOFKHU/LFKWXQJ LFKVSUHFKH"© ª-D© ª*XW©9LYLDQVWLHGLH7UDXIª%LV0LWWHUQDFKWGDQQ8QG NRPPHQ6LHVRQVWNDQQLFKIUQLFKWVJDUDQWLHUHQ©
%HQQLFNWHKHIWLJXQGUDQQWHQDFKGUDXHQ(UGDFKWHEHUGLH OHW]WHQ:RUWHGHUbU]WLQJDUQLFKWQDFK(UKlWWHHVOLHEHUWXQ VROOHQ 9LYLDQ'HODQRJLQJXQWHUGHVVHQ]XUFNLQLKU%UR6LHZDU DXIVbXHUVWHHUUHJW,KUH)LQJHU]LWWHUWHQDOVVLHVLFKHLQH =LJDUHWWHDQVWHFNHQZROOWH=ZHL6WUHLFKK|O]HUNQLFNWHQDE 9LYLDQNRQQWHGLH=HLWELV0LWWHUQDFKWNDXPQRFKHUZDUWHQ ,QJLHULJHQ=JHQVRJVLHGHQ5DXFKLQGLH/XQJH8QUXKLJOLHI VLHLP=LPPHUDXIXQGDE%LVGLH6SUHFKDQODJHVXPPWH =XHUVWZROOWH9LYLDQQLFKWDQWZRUWHQPHOGHWHVLFKGDQQDEHU GRFK 'LH)UDXYRP(PSIDQJZDUDPDQGHUHQ(QGHGHU/HLWXQJ6LH WHLOWH9LYLDQPLWGDHLQ%HVXFKHUDXIVLHZDUWHWH ª:HULVWHVGHQQ"© 'LH(PSIDQJVGDPHIUDJWHQRFKHLQPDO]XUFNXQGGDQQNDP KHUDXVGDGHU%HVXFKHU-RKQ6LQFODLULKU3DQQHQKHOIHUZDU 9LYLDQV$XJHQOHXFKWHWHQDXIª6DJHQ6LHGHU+HUUVROODXI PLFKZDUWHQ© -RKQ6LQFODLUHUNDPLKUJHUDGHUHFKW ª+DEHQ6LHVLFKYHUOHW]W"©IUDJWH-RKQ6LQFODLUOlFKHOQG ª:LHVR"© -RKQGHXWHWHDXIGLH%OXWVSULW]HUGLHVLFKHWZDLQ+IWK|KHDXI GHP.LWWHOEHIDQGHQ 9LYLDQVHQNWHGHQ%OLFNª$FKVRGDVPHLQHQ6LH©'LHbU]WLQ ODFKWHJHNQVWHOWª(LQHNOHLQH8QJHVFKLFNOLFKNHLW,FKKlWWHGHQ .LWWHOZHFKVHOQVROOHQ(QWVFKXOGLJHQ6LH© ª$EHUGDVPDFKWGRFKQLFKWV'RNWRU© ª7MD©9LYLDQ'HODQROHJWHGLH)LQJHULKUHU+lQGHJHJHQHLQ DQGHUXQGVDKVLFKPLWHLQHPUDVFKHQ%OLFNLQGHU+DOOHXP ª+LHULVWHVPLU]XXQEHTXHP,FKVFKODJHYRUZLUJHKHQLQPHLQ %UR$XHUGHPKDEHLFKGRUWHLQHQ]Z|OI-DKUHDOWHQ:KLVN\ 6LHWULQNHQGRFKHLQHQPLW"© ª:WHQLFKWZDVLFKOLHEHUWlWHXQGGD]XLQ*HVHOOVFKDIW HLQHU)UDXZLH6LH©
-RKQWUXJH[WUDGLFNDXIHUVSLHOWHVHLQH5ROOHGHVPlGFKHQ MDJHQGHQ-XQJJHVHOOHQZHLWHU ª'DQQGDUILFKELWWHQ© 'U9LYLDQ'HODQRJLQJYRU'DV%URODJLQGHUHUVWHQ(WDJH 'DGHU/LIWLP$XJHQEOLFNXQWHUZHJVZDUQDKPHQVLHGLH 7UHSSH -RKQ6LQFODLUNRQQWH9LYLDQVDXIUHJHQGH5FNHQSDUWLHEHZXQ GHPXQGGLHSKDQWDVWLVFKJHZDFKVHQHQ%HLQH*HUDGH]XSUR YR]LHUHQGVWLHJGLHURWKDDULJHbU]WLQGLH6WXIHQKRFK$EHUGDIU KDWWHGHU2EHULQVSHNWRULP0RPHQWJDUNHLQHQ6LQQ6FKOLHOLFK ZROOWHHUHLQHJUDXVDPH0RUGVHULHDXINOlUHQXQGKLHUKRIIWHHU DXIHLQHKHLH6SXU]XVWRHQ 'LH.OLQLNZDUPRGHUQHLQJHULFKWHW*URH/LFKWK|IHVRUJWHQ LQQHUKDOEGHV7UHSSHQKDXVHVIUJHQJHQG+HOOLJNHLW'LH :lQGHZDUHQEHPDOW0RGHUQH.QVWOHUKDWWHQGRUWLKUH6SXUHQ KLQWHUODVVHQ3DVWHOOIDUEHQKHUUVFKWHQYRU 9LYLDQ'HODQRV%URZDUEHLQDKHHLQ:RKQUDXP(VJDE]ZDU HLQHQ6FKUHLEWLVFKDEHUDXFKHLQH&RXFKXQGGLHGD]XSDVVHQGH NOHLQH6HVVHOJUXSSH$XIGHPQLHGULJHQ*ODVWLVFKVWDQGHLQH *ODVYDVHPLWIULVFKHQ%OXPHQ 'LH+DXVEDUEHIDQGVLFKLQHLQHP:DQGVFKUDQN ª1HKPHQ6LHGRFK3ODW]0U6LQFODLU©VDJWH9LYLDQXQG GHXWHWHDXIHLQHQ6HVVHO ª,FKELQVRIUHL© 'LHbU]WLQJLQJXQWHUGHVVHQDQGLH+DXVEDUXQGKROWHHLQH )ODVFKH:KLVN\XQG]ZHL*OlVHU5HLFKOLFKVFKWWHWHVLHYRQGHP HGOHQ*HWUlQNHLQ ª$XI,KU:RKO0U6LQFODLU© ª,FKKHLH-RKQ© ª'DQQELQLFKIU6LH9LYLDQ© 6LHWUDQNHQVLFK]X 9LYLDQ'HODQRKDWWHVLFKDXIGLH&RXFKJHVHW]WXQG]XUFN JHOHKQW,KU.LWWHONODIIWHGDEHLDXVHLQDQGHUXQG-RKQNRQQWHGLH $QGHXWXQJHLQHVURWHQ6OLSVVHKHQ 9LYLDQ'HODQRKDWWHGHQ%OLFNZRKOEHPHUNW6LHVFKREGLH .LWWHOKlOIWHQMHGRFKQLFKW]XVDPPHQVRQGHUQOlFKHOWHNRNHWW
1XULKUH$XJHQGLHOlFKHOWHQQLFKWPLW'LHbU]WLQPXVWHUWH-RKQ PLWHLQHPWD[LHUHQGHQ%OLFN:LHHLQ6WFN6FKODFKWYLHKEHLGHP GHU3UHLVQRFKIHVWJHOHJWZHUGHQPX -RKQWDWDOVKlWWHHUQLFKWVEHPHUNWª1HWWKDEHQ6LHHVKLHU© SODXGHUWHHUXQYHUELQGOLFK ª(VJHKW/RQGRQLVWVLFKHUOLFKDQJHQHKPHU© ª6DJHQ6LHGDVQLFKW'LH.OLQLNEHILQGHWVLFKGRFKLQHLQHUULFK WLJHQ,G\OOH:DOG:LHVHQJXWH/XIWZDVZROOHQVLHPHKU"©-RKQ QDKPQRFKHLQHQ6FKOXFNEHYRUHUZHLWHUVSUDFKª$OOHUGLQJV KDEHLFKLP'RUIVRHLQLJHVJHK|UW© 9LYLDQEHXJWHVLFKJHVSDQQWYRUª:DVGHQQ"© ª+LHUVROOHV:HUZ|OIHJHEHQ© ª:DV"© -RKQZLQNWHDEª(VLVWMDDXFKQXUHLQ*HUFKWZDVLFKJHK|UW KDEH6LHZLVVHQMDZDVLQGHQ.QHLSHQJHUHGHWZLUG,FKKDEH GDVQDWUOLFKQLFKWJHJODXEW6WHOOHQ6LHVLFKYRU©-RKQODFKWH VFKDOOHQGªPDQKDWPLFKVRJDUJHZDUQWKLHUKHULQGLH.OLQLN]X JHKHQ$QJHEOLFKVROOHQGLH:HUZ|OIHKLHUJH]FKWHWZHUGHQ© ª-HW]WK|UWGRFKDOOHVDXI(VLVWNODUGLH'RUIEHZRKQHUVWHKHQ GHU.OLQLNQHJDWLYJHJHQEHU,UJHQGZLHVRJDUYHUVWlQGOLFK $EHUGLHVH:HUZ|OIHGLHVLFKDQJHEOLFKKLHUKHUXPWUHLEHQVROOHQ LFKELWWH6LH-RKQ*ODXEHQ6LHGLHVHQ4XDWVFKHWZD"© -RKQKREGLH6FKXOWHUQ:DVDOOHVDEHUDXFKQLFKWVEHGHXWHQ NRQQWH 8QZLUVFKVFKWWHOWH9LYLDQ'HODQRGHQ.RSI5XFNDUWLJVWDQG VLHDXIXQGOLHILP=LPPHUKLQXQGKHU -RKQ6LQFODLUVWHFNWHVLFKJHODVVHQHLQH=LJDUHWWHDQ(UZDU VLFKHUGDGLH)UDXVFKDXVSLHOHUWH-RKQJULQVWHDOVHUGDUDQ GDFKWHGDHUQRFKHLQHQ7UXPSILQGHU+LQWHUKDQGKLHOW 9LYLDQ'HODQRUHJWHVLFKJHNQVWHOWDXIª'DVLVWHVMDZDV XQVHUH$UEHLWLPPHUHUVFKZHUW:HQQLUJHQGHWZDVLQGLHVHU *HJHQGJHVFKLHKWZDVQLFKWLQGHQQRUPDOHQ$OOWDJVNUDPSDW VFKLHEWPDQHVXQVLQGLH6FKXKH:LUVLQGGD]XGDXPGHQ DUPHQ0HQVFKHQ]XKHOIHQ:HQQ6LHZROOHQ-RKQN|QQHQ6LH VLFKGLH/HXWHDQVHKHQ$EHU6LHPVVHQYHUGDPPWVWDUNH 1HUYHQKDEHQ©
-RKQZLQNWHDEª8P+LPPHOVZLOOHQYHUVFKRQHQ6LHPLFK ELWWHGDPLW© ª,VWGRFKZDKU:DVZHUGHQ6LHIUHLQHQ(LQGUXFNYRQXQV KDEHQ,FKELWWH6LHQXUXPHLQHV-RKQ6HLHQ6LHREMHNWLY© ª'DVELQLFKLQMHGHP)DOO©HUZLGHUWH-RKQ]ZHLGHXWLJ 9LYLDQVHW]WHVLFKDXIGLH6HVVHOOHKQH-RKQURFKGDV3DUIP(V URFKLUJHQGZLHZLOGXQGKHUESDWHDEHU]XHLQHU)UDXZLH 9LYLDQ'HODQR 'LHURWODFNLHUWHQ)LQJHUQlJHOGHUbU]WLQVWULFKHQEHU-RKQV :DQJHIXKUHQEHUGHQ+DOVXQGNUDXOWHQGDV1DFNHQKDDU ª1LFKWZDKU-RKQGXZLUVWGRFKGLHVHQJDQ]HQ8QVLQQQLFKW JODXEHQ"© -RKQ6LQFODLUGUHKWHGHQ.RSIXQGEOLFNWH9LYLDQGLUHNWDQ ª2E8QVLQQRGHUQLFKW,FKODVYRUKLQDOVLFKDXIGLFKZDUWHWH LQHLQHU)DFK]HLWVFKULIW8QGZHLWGXZDVLFKGRUWJHIXQGHQ KDEH"(LQHQ$UWLNHOEHUGHQ:HUZROI$OV9HUIDVVHU]HLFKQHWH HLQ© ª'DVLVWGRFK©9LYLDQ'HODQRVSUDQJDXI ª/DPLFKDXVUHGHQ$OV9HUIDVVHU]HLFKQHWHHLQJHZLVVHU 'U5DPRQ&D]DOLV=XIlOOLJKDEHLFKGHQ1DPHQDXIGHU $Q]HLJHWDIHOLQGHU+DOOHJHOHVHQ'DVPLWGHU:HUZROIWKHRULH VFKHLQWPLUGRFKQLFKWJDQ]XQEHJUQGHW]XVHLQ© ª'XKDVWJHVFKQIIHOW"© ª:HUVSULFKWGHQQYRQVFKQIIHOQ",FKKDEHPLUGLH=HLWYHU WULHEHQ$XHUGHPODJHQGLH=HLWVFKULIWHQGDVRKHUXP© 'U9LYLDQ'HODQRZROOWHHWZDVHUZLGHUQOLHHVGDQQMHGRFK EOHLEHQ6FKOLHOLFKVDJWHVLHª'DVKDWQLFKWV]XEHGHXWHQ 'U&D]DOLVLVWHLQ.ROOHJHYRQPLU(UEHVFKlIWLJWVLFKPLW GHP:HUZROIWKHPD(LQUHLQHU=XIDOO© 9LYLDQV6WLPPHNODQJVFKULOODEHUQLFKWEHU]HXJHQG ª,FKJODXEHQLFKWDQHLQHQ=XIDOO©PHLQWH-RKQª:HQLJVWHQV GDQQQLFKWZHQQVRYLHOH=XIlOOH]XVDPPHQWUHIIHQ(WZDVLVW KLHUIDXOPHLQH/LHEH© ª%LVWGXGHVKDOE]XPLUJHNRPPHQXPPLUGDV]XVDJHQ"© ª8QWHUDQGHUHP© ª:DVKHLWGDV"©IUDJWH9LYLDQ'HODQRPLWVFKULOOHU6WLPPH
ª(VLVWHLJHQWOLFKPHLQ%HUXI)UDJHQ]XVWHOOHQ,FKELQQLFKW GHUGHQ© -RKQZROOWHJHUDGHVHLQH,GHQWLWlWSUHLVJHEHQDOVGLHJHOOHQGHQ 6FKUHLHLKQ]XVDPPHQIDKUHQOLHHQ6LHNDPHQGUDXHQYRP *DQJKHUXQGK|UWHQVLFKDQDOVZUGHQ0HQVFKHQ7RGHVlQJVWH DXVVWHKHQ -RKQVWDQGHLQLJH$XJHQEOLFNHVWRFNVWHLI6FKRQK|UWHHUGDV KDVWLJH7UDPSHOQYRQ6FKULWWHQXQGHLQHVLFKEHUVFKODJHQGH 6WLPPHEUOOWHª:|OIH'LH:|OIHNRPPHQ© 'LHEHLGHQ$XISDVVHUGLHPLW'U5DPRQ&D]DOLVXQGGHP +RO]IlOOHUQDFKXQWHQJHIDKUHQZDUHQKLHHQ-DFN4XD\OHXQG 5LFN'RELH 4XD\OHZDUHLQ%XUVFKHPLW|OLJHQVFKZDU]HQ+DDUHQXQGHU KDWWHDXFKPHLVWHQVGDV.RPPDQGR ,P0RPHQWKDWWHQGLH:lUWHUIUHL6LHKRFNWHQLQLKUHU%XGH XQGSRNHUWHQ'HU5DXPODJHEHQIDOOVLQHLQHP.HOOHUWUDNW(U ZDUTXDGUDWLVFKDQJHOHJWXQGGLH$XISDVVHUKDWWHQGLHEODQNHQ %HWRQZlQGHPLW$NWIRWRVEHNOHEW (VJDE]ZHL%HWWHQQXUHLQHQ6FKUDQNHLQHQ7LVFKXQG]ZHL 6WKOH'LH/DPSHDQGHU'HFNHZDUPLW6SLQQZHEHQEHU]RJHQ ª0HQVFKHLQPDOZLHGHU QH)XSSHLP$UPKDEHQ©VDJWH 'RELHXQGEHNDPIHXFKWH$XJHQZlKUHQGHUDXIGDV%LOGGHU GUDOOHQ%ORQGLQHDQGHUJHJHQEHUOLHJHQGHQ:DQGVWDUUWH ª5HGNHLQHQ4XDWVFK©NQXUUWH4XD\OHª3DOLHEHUDXIGHLQ %ODWWDXI© 'RELHVHXI]WH(UVFKLHOWHLQVHLQH.DUWHQZLVFKWHVLFKGHQ 6FKZHLYRQGHU6WLUQXQGVFKREHLQ*HOGVWFNLQGLH0LWWHGHV 7LVFKHV ª,FKHUK|KHXP]HKQ6KLOOLQJ© 4XD\OHJULQVWHª'LH]HKQXQGHLQ3IXQG© 'RELHULGLH$XJHQDXIª,FKSDVVH9HUGDPPWQRFKPDO LPPHUKDEHLFK3HFK© ª'XKlWWHVWMDPLW]LHKHQN|QQHQ9LHOOHLFKWEOXIIHLFKQXU 1DZLHLVWHV"©
ª1HLQ©NQXUUWH'RELHXQGZDUIGLH.DUWHQDXIGHQ7LVFKGD VLHIlFKHUI|UPLJDXVHLQDQGHUILHOHQ 4XD\OHJULQVWH'DQQOHJWHHUVHLQ%ODWWZHJXQGNDVVLHUWH 4XD\OHVWDPPWHDXVGHQ6WDDWHQXQGKDWWHGRUWIDVWDXV VFKOLHOLFKYRP*OFNVVSLHOJHOHEW=ZHLPDOKDWWHPDQLKQ ZHJHQ)DOVFKVSLHOVDQVWlQGLJYHUSUJHOWDEHU4XD\OHKDWWHQLFKW LP7UDXPGDUDQJHGDFKWGDV6SLHOHQDXI]XJHEHQ8QGHUIDQG LPPHUZLHGHU/HXWHGHQHQHUGDV*HOGDEQHKPHQNRQQWH :LH5LFN'RELH 4XD\OHPLVFKWHHUQHXWª8QGDXIJHKW V©VDJWHHUJULQVHQG ª$EHURKQHPLFK'HQNVWGXLFKZLOOPHLQJDQ]HV0RRVDQ GLFKYHUOLHUHQ"1HH6RKDEHQZLUQLFKWJHZHWWHW© ª)HLJHU+XQG© ª(JDO/LHEHUIHLJHDOVEODQN© ª1DGXPXWHVZLVVHQ© ª8QGRE© 'RELHJULIIQDFKGHU:KLVN\IODVFKHGLHQHEHQVHLQHPNlUJ OLFKHQ*HOGKDXIHQVWDQG'HU:lUWHUQDKPHUVWPDOHLQHQWLHIHQ =XJ'DQQZLVFKWHHUVLFKEHUGHQ0XQGXQGUOSVWH ª:DV&D]DOLVZRKOPLWGHP.QDEHQJHPDFKWKDW"©VDJWHHU ª,QWHUHVVLHUWPLFKQLFKW© ª2EGHUQRFKOHEW"© 4XD\OHEHXJWHVLFKYRUXQGGHXWHWHPLWGHP=HLJHILQJHUDXI GLH%UXVWVHLQHV.XPSDQVª,FKZLOOGLUPDOZDVVDJHQ5LFN 0DFKGLUQLFKW]XYLHOH*HGDQNHQEHU'LQJHGLHGLFKQLFKWV DQJHKHQ'DVLVWYHUGDPPWXQJHVXQG'XNULHJVWGHLQ*HOG GDPLWIHUWLJ8QGZHQQGXQDFKWVPDODEXQG]XHLQHQGHU ,GLRWHQUHLQODVVHQPXWGDQQPDFKGLH$XJHQ]X'XZHLWZDV LFKPHLQH© ª1DWUOLFK,FKELQMDQLFKWEO|GH'DVLVWPLUDXFKHJDO$EHU KLHUJHKHQQRFKDQGHUH'LQJHYRU© ª8QGZHOFKHVLQGGDVGHLQHUEHVFKHLGHQHQ0HLQXQJQDFK"© 'RELHV6WLPPHVHQNWHVLFK]XHLQHP)OVWHUQª+DVWGXQLFKW DXFKVFKRQGLH*HUlXVFKHDXVGHP.HOOHUJHK|UW",FKPHLQH KLQWHUGHUYHUVFKORVVHQHQ7U'DVNODQJGRFKVRDOVZlUHQGD 7LHUHHLQJHVSHUUW%HVWLPPW]FKWHW&D]DOLVLUJHQGHLQ0RQVWHU©
ª'XELVWMDEHVFKHXHUW©DQWZRUWHWH4XD\OHODNRQLVFK ª:LUZHUGHQHVMDQRFKVHKHQ0DQPXQNHOWQlPOLFKHWZDV EHUJHKHLPH([SHULPHQWHGLH&D]DOLVGXUFKIKUHQVROO*DQ] JHIlKUOLFKH6DFKHQVDJHLFKGLU© ª:HQQGXVFKRQVRJXW%HVFKHLGZHLWGDQQPHOGHGLFKGRFK EHL&D]DOLV9LHOOHLFKWNDQQVWGXVHLQ$VVLVWHQWZHUGHQ©4XD\OH ODFKWHDOVREHUHLQHQJXWHQ:LW]JHK|UWKlWWH 'RELHQDKPZLHGHUHLQHQ6FKOXFNª,FKNULHJHGDVVFKRQQRFK UDXV©VDJWHHU ª8QGZHQQLFKGLFKYHUSIHLIH"© 'RELHVFKOXJPLWGHUIODFKHQ+DQGDXIGHQ7LVFKª'DVWXVWGX GRFKQLFKW© ª0DQNDQQQLHZLVVHQ© 'RELHZROOWHJHUDGHHLQH$QWZRUWJHEHQDOVHUGLH*HUlXVFKH GUDXHQDXIGHP*DQJK|UWH ª:DVZDUGDV-DFN"© ª:DV"©IUDJWH4XD\OHXQZLOOLJ(UKDWWHQLFKWVJHK|UW ª'LHVHV)DXFKHQ'DMHW]WVFKRQZLHGHU© 'LH0lQQHUODXVFKWHQJHVSDQQWª'XKDVWUHFKW©VDJWH4XD\OH 6HLQH6WLPPHNODQJUDXK %RELHVWDQGDXIª,FKVHKPDOQDFK%HVWLPPWKDEHQVLFKHLQ SDDU,UUHZLHGHUVHOEVWlQGLJJHPDFKW©'RELH]RJPLWHLQHP WDXVHQGPDOJHEWHQ*ULIIVHLQHQ+DUWNQSSHODXVGHU 6FKODXIHDP+RVHQJUWHO+LHEHPLWGLHVHP6FKODJVWRFNWDWHQ LKUH:LUNXQJXQGGLHEHLGHQ:lUWHUJLQJHQQLFKWJHUDGH]LP SHUOLFKGDPLWXP 'RELHODXVFKWHQRFKHLQPDOEHYRUHUGLH7UDXI]RJ 0HUNZUGLJMHW]WZDUZLHGHUDOOHVUXKLJ 'RELHOHJWHVHLQH+DQGDXIGLH.OLQNHGUFNWHVLHQDFKXQWHQ XQGULPLWHLQHP5XFNGLH7UDXI 'HU*DQJYRUGHU7UZDUOHHU 'RELHWUDWEHUGLH6FKZHOOHZDQGWHGHQ.RSIXQGHUVWDUUWH =ZHL:HUZ|OIHKDWWHQVLFKOLQNVXQGUHFKWVQHEHQGHU7UDXI JHEDXW(LQGULWWHUODXHUWHDP(QGHGHV*DQJHV ª1HLQ©NUlFK]WH'RELHGHPGLH$QJVWDXIHLQPDOGLH.HKOH ]XVFKQUWHªGDVGDVJLEWHVQLFKW©
'LH%HVWLHQZDUHQPDQQVKRFK6LHVWDQGHQDXIUHFKWXQGKDWWHQ GLH3UDQNHQDQJHZLQNHOW+DOERIIHQZDUHQGLH0lXOHULQGHQHQ VSLW]H5HL]lKQHEOHFNWHQ 'DVFKOXJGHUHUVWH:ROI]X(VZDUGHUGHUKLQWHU'RELHVWDQG (LQ+LHEWUDIGHQ1DFNHQGHV:lUWHUV'RELHIORJQDFKYRUQ JHQDXLQGLHPRUGEHUHLWHQ.ODXHQGHU]ZHLWHQ%HVWLH 5LFN'RELHNDPQLFKWHLQPDOPHKUGD]XHLQHQ7RGHVVFKUHL DXV]XVWRHQ (UVWDUEODXWORV ª+H5LFNYHUGDPPWZDVLVWGHQQGDORV"© -DFN4XD\OHZDUXQJHGXOGLJJHZRUGHQ$XHUGHPKDWWHHUHLQ XQJXWHV*HIKO'RELHV9HUPXWXQJHQKDWWHQLKQGRFKPHKU EHXQUXKLJWDOVHUVLFKHLQJHVWHKHQZROOWH 4XD\OHVSUDQJDXI ,QGLHVHP$XJHQEOLFNVWDSIWHGHUHUVWH:HUZROILQV=LPPHU 6HLQH6FKQDX]HZDUKDOEJH|IIQHW 4XD\OHYHUHLVWH,QQHUKDOEYRQ6HNXQGHQEUXFKWHLOHQZXWHHU GDVHLQ.XPSDQQLFKWPHKUOHEWH8QGGLHVH(UNHQQWQLVWUDILKQ ZLHHLQ6FKRFN ª1HLQ©4XD\OHEUOOWHDXIXQGULJOHLFK]HLWLJGHQ*XPPL NQSSHODXVGHU6FKODXIH/HLFKWZROOWHHUHVGLHVHU%HVWLHQLFKW PDFKHQ 'HU:HUZROIUFNWHHLQHQ6FKULWWDXI4XD\OH]X0LWHLQHP HLQ]LJHQ+LHEIHJWHHUGHQ7LVFK]XU6HLWH'DV0|EHOVWFN SUDOOWHJHJHQGLH:DQGXQG]HUEUDFK $OOHLQGDGXUFKNRQQWH4XD\OHHUPHVVHQZHOFKHLQH.UDIWLQ GLHVHP8QJHKHXHUVWHFNWH $EHUQRFKJDEVLFK4XD\OHQLFKWJHVFKODJHQ (UJULIIDQ 6FKUHLHQGKREHUGHQ$UPXQGVFKPHWWHUWHGHP:HUZROIGHQ *XPPLNQSSHODXIGLH6FKQDX]H 'LH%HVWLHEUOOWH 1RFKHLQPDOGURVFKGHU:lUWHU]X $OOVHLQH:XWXQG9HU]ZHLIOXQJOHJWHHULQGLHVHQ6FKODJ :LHGHUWUDIHUGHQ.RSIGHV8QJHKHXHUV 'LH%HVWLHZXUGH]XUFNJHGUlQJW6FKDXULJKHXOWHVLHDXI
4XD\OHKDWWHVLFKIU6HNXQGHQ/XIWYHUVFKDIIW'HU:HJ]XU 7UZDUIUHL (UVSULQWHWHORV 4XD\OHKDWWHGLH7UVFKZHOOHNDXPHUUHLFKWGDWDXFKWHGLH ]ZHLWH%HVWLHDXI'HU:lUWHUNRQQWHVHLQHQ/DXIQLFKWPHKU VWRSSHQRGHULKPHLQHDQGHUH5LFKWXQJJHEHQ(UUDQQWHGHP :HUZROIJHQDXLQGLH)lQJH 6WDKOKDUWH3UDQNHQXPVFKORVVHQVHLQHQ.|USHU%HLHQGHU $WHPWUDIVHLQ*HVLFKW 4XD\OHVWHPPWHVLFKJHJHQGHQ*ULII 2KQH(UIROJ (UUDPPWHGHP:HUZROIGHQ.QSSHOLQGHQ/HLEGRFKGDV ]RWWLJH)HOOKLHOWDXFKGLHVH6FKOl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lUWHUHUUHLFKWHGLH6WXIHQ$P*HOlQGHU]RJHUVLFKKRFK QDKPIQI6WXIHQDXIHLQPDO (UKDWWHQRFKHLQPDODOOH5HVHUYHQPRELOLVLHUW+LQWHUVHLQHP 5FNHQK|UWHHUGDV)DXFKHQGHV:HUZROIV:HQQHUMHW]WQLFKW DXISDWHGDQQ 4XD\OHEUDXFKWHJDUQLFKWZHLWHU]XGHQNHQ'LH3UDQNH ZLVFKWHGXUFKGLH/XIWXQG]HUIHW]WHGHQ6WRIIVHLQHV+HPGHV
'DVUDWVFKHQGH*HUlXVFKJLQJ4XD\OHGXUFK0DUNXQG%HLQ(U VSUWHZLHLKPGLH7DW]HQGLH+DXWDXIULVVHQXQGEHYRUGHU 6FKPHU]NDPKDWWHHUGDV%LOGVHLQHVIXUFKWEDU]XJHULFKWHWHQ .ROOHJHQYRU$XJHQ)UHLQHQ0RPHQWQXUKDWWHHU5LFN'RELH JHVHKHQ(LQJUlOLFKHU$QEOLFN 4XD\OHUDQQWHZHLWHU (ULJQRULHUWHGLH6FKPHU]HQGLHVLFKEHUVHLQHQJHVDPWHQ 5FNHQ]RJHQ (UKDWWHQXUHLQHQ*HGDQNHQ)OXFKW:HJDXVGLHVHU+|OOH 6FKUHLHQGQDKP4XD\OH6WXIHIU6WXIH :LHGHUZLVFKWHGLH3UDQNHGXUFKGLH/XIW 'LHVPDOWUDIVLHGLH6FKXOWHUGHV:lUWHUV4XD\OHZXUGHZLH HLQH3XSSHKHUXPJHIHJWXQGNUDFKWHJHJHQGLH:DQG 'LH%HVWLHVFKRYRU ,POHW]WHQ$XJHQEOLFNZDUIVLFK4XD\OH]XU6HLWHXQGHQWJLQJ QXUXP+DDUHVEUHLWHGHPW|GOLFKHQ+LHE $EHUDXFKGHU:HUZROIZDUDXVGHP*OHLFKJHZLFKWJHUDWHQ(V GDXHUWHHWZDVELVHUVLFKJHIDQJHQKDWWH 'DUDQQWH4XD\OHVFKRQZHLWHU(UZXWHVHOEVWQLFKWZDVLKQ DXIUHFKWKLHOW9HUVFKZRPPHQVDKHUGLH7UHQ]XEHLGHQ6HLWHQ GHV)OXUHVYRUEHLKXVFKHQ+LHUEHIDQGHQVLFKGLH%URXQG 3ULYDWUlXPHGHV$U]WSHUVRQDOV +LHUPXWHHVMHPDQGHQJHEHQGHULKPKHOIHQNRQQWH 4XD\OH|IIQHWHGHQ0XQG]XHLQHP6FKUHL ª:|OIH©EUOOWHHUª'LH:|OIHNRPPHQ© -RKQ6LQFODLUIORJI|UPOLFKDXVGHP%URLQGHQ*DQJ(UULGLH 7UDXISUDOOWHJHJHQGLH:DQGXQGZLUEHOWHKHUXP 'DVDKHUGHQ0DQQ %OXWEHUVWU|PWWDXPHOWHHUGHP2EHULQVSHNWRUHQWJHJHQ'HU .OHLGXQJQDFKPXWHHVHLQHUGHUKLHULQGHU.OLQLNDQJHVWHOOWHQ :lUWHUVHLQ 'HU0DQQKDWWHGHQ0XQGDXIJHULVVHQ,PPHUQRFKEUOOWHHU ª:|OIH© hEHUDOOIORJHQMHW]W7UHQDXI
0HQVFKHQVFKULHQLQZLOGHU3DQLNDXI=XP*OFNVFKOXJHQVLH GLH7UHQKLQWHUVLFKZLHGHU]X -RKQVDKGLHJUlOLFKH%HVWLHGLHGHQ:lUWHUVFKRQIDVWHLQ JHKROWKDWWH'LH5DXEWLHUDXJHQEOLW]WHQPRUGOVWHUQ$P(QGH GHV*DQJHVWDXFKWHHLQ]ZHLWHU:HUZROIDXI 'HU:lUWHUZDQNWHDQ-RKQYRUEHL(UEOXWHWHDXVYLHOHQ :XQGHQ(VZDUHLQ:XQGHUGDHUEHUKDXSWQRFKDXIUHFKW JLQJ$EHUZDKUVFKHLQOLFKKLHOWLKQQXUGHUhEHUOHEHQVWULHEDXI GHQ%HLQHQ -RKQYHUVSHUUWHGHU%HVWLHGHQ:HJ 'HU:HUZROIVWRSSWHXQGVWLHHLQ]RUQLJHVJLHULJHV)DXFKHQ DXV 'HU2EHULQVSHNWRUVDKQLFKWGDGHU:lUWHUKLQWHULKP ]XVDPPHQEUDFK 'HU:HUZROIZDUIUHLQHQ0RPHQWLUULWLHUW:DKUVFKHLQOLFK KDWWHHUQLFKWGDPLWJHUHFKQHWGDVLFKLKPMHPDQGLQGHQ:HJ VWHOOHQXQG]XP.DPSIKHUDXVIRUGHUQZUGH 'LH%HVWLHGUHKWHGHQ.RSIXQGKLHOWQDFKLKUHP*HIlKUWHQ $XVVFKDX 'HU]ZHLWH:HUZROIZDUVFKRQKHUDQ(UKDWWHGLH=lKQH JHIOHWVFKWXQGIDXFKWHVLHJHVVLFKHU -RKQ6LQFODLUEOLHENDOWELVLQV0DUN %HLQDKHJHODVVHQ]RJHUVHLQHPLWJHZHLKWHQ6LOEHUNXJHOQJH ODGHQH3LVWROH 5XKLJZLHIHVWJHZDFKVHQODJGLH:DIIHLQVHLQHU5HFKWHQ 'HU:HUZROIKDWWHVHLQHhEHUUDVFKXQJEHUZXQGHQ(UVWLH QRFKHLQPDOHLQVFKDUIHV)DXFKHQDXVXQGJULIIDQ -RKQIHXHUWH (VJDEHLQHQSHLWVFKHQGHQ.QDOO'DV6LOEHUJHVFKRGUDQJLQ GHQ.|USHUGHV:HUZROIVHLQJHQDXDQGHU6WHOOHZRGDV+HU] VD 'HU:HUZROIVWLHHLQPDUNHUVFKWWHUQGHV%UOOHQDXV6HLQ $QJULIIZXUGHPLWWHQLQGHU%HZHJXQJJHVWRSSW:LOGZDUIHU GHQ.RSIKLQXQGKHU *HLIHUWURIIDXVVHLQHU.HKOH8QGSO|W]OLFKEUDFKHULQGLH.QLH -RKQ6LQFODLUNRQQWHGLH%HVWLHQLFKWZHLWHUEHREDFKWHQGHQQ
GHU]ZHLWH:HUZROIJULIILKQDQ(UVSUDQJNXU]HUKDQGEHU VHLQHQDP%RGHQOLHJHQGHQ$UWJHQRVVHQ -RKQ]RJGHQ6WHFKHUGHU:DIIHGXUFK 'LH.XJHONODWVFKWHLQGDV)HOOGHV7LHUHVEHUHLWHWHGHU%HVWLH ]ZDUHQWVHW]OLFKH6FKPHU]HQW|WHWHVLHDEHUQLFKW ,P*HJHQWHLO6LHZXUGHQXUQRFKZWHQGHU -RKQVDKGHQ.RORDXIVLFK]XIOLHJHQXQGZDUIVLFKDXIGHU 6WHOOH]XUFNZHLWHUQDFKKLQWHQLQGHQ*DQJ 'HU:HUZROIYHUIHKOWHLKQ 0WVHLQHPJHVDPWHQ*HZLFKWNUDFKWHHUJHJHQGLHOLQNH *DQJZDQG %UOOHQGULHUVLFKZLHGHUKRFK $EHUDXFK-RKQ6LQFODLUVWDQGVFKRQZLHGHUDXIGHQ%HLQHQ 8QGGLHVPDO]LHOWHHUEHVVHU 'DV3URMHNWLODXVJHZHLKWHP6LOEHUW|WHWHGLH%HVWLHDXIGHU 6WHOOH 'HUEUDXQVFKZDU]H.|USHU]XFNWHQRFKHLQPDOXQGUXWVFKWH GDQQDQGHU*DQJZDQGKLQDE]X%RGHQ -RKQZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQ(UKDWWHGHQ .DPSIJHZRQQHQ -RKQVWDNVWHEHUGHQHUOHGLJWHQ:HUZROIKLQZHJXQGVDKVLFK GLH%HVWLHDQGLHHU]XHUVWJHW|WHWKDWWH 'LH1DFNHQKDDUHVWUlXEWHQVLFKGHP2EHULQVSHNWRU 'HUWRWH:HUZROIKDWWHVLFKYHUZDQGHOW(UZDUZLHGHU]XGHP JHZRUGHQZDVHUHLQPDOZDU =XHLQHP0HQVFKHQ -RKQPXWHGHQXQVLFKWEDUHQ.ORKLQXQWHUZUJHQGHUDXI HLQPDOLQVHLQHP+DOVVD 9RULKPDXIGHP%RGHQODJHLQQDFNWHUVFKRQlOWHUHU0DQQ,Q +|KHGHV+HU]HQVZRLKQ-RKQV.XJHOJHWURIIHQKDWWHEHIDQG VLFKHLQURWHU)OHFN 'HU0DQQKDWWHVFKWWHUHV+DDU'DVUHFKWH%HLQKDWWHHUDQJH ZLQNHOW'LH$XJHQVWDUUWHQEOLFNORVJHJHQGLH'HFNH -RKQ6LQFODLUZDQGWHVLFKDEXQGWUDW]XGHP]ZHLWHQ:HUZROI +LHUZDUGLH9HUZDQGOXQJQRFKLP*DQJH 'DVEUDXQVFKZDU]H)HOOYHUVFKZDQG(VO|VWHVLFKHLQIDFKDXI
'LH+DDUHDP.RSIWUDWHQ]XUFNXQGOLHHQHLQQRFKMXQJHV *HVLFKWHQWVWHKHQ 5DVHQGVFKQHOOJLQJGLHVH5FNYHUZDQGOXQJYRUVLFK $OVGLHHUVWHQ7UHQJH|IIQHWZXUGHQODJHQ]ZHLQDFNWH /HLFKHQDXIGHP*DQJ 6WLPPHQZXUGHQODXWbU]WHOLHIHQKHUEHL -RKQKLHOWHLQHQDQGHU6FKXOWHUIHVWª.PPHUQ6LHVLFKXP GHQ0DQQGRUW©VDJWHGHU2EHULQVSHNWRUXQG]HLJWHDXIGHQDP %RGHQOLHJHQGHQEOXWHQGHQ:lUWHU 'HU$U]WQLFNWH -RKQJLQJHLQSDDU6FKULWWH]XUFNXQG|IIQHWHGLH7U]X 9LYLDQ'HODQRV%UR 'LH)UDXZDUQLFKWPHKUGD -RKQIOXFKWH 9LYLDQPXWHZlKUHQGGHV.DPSIHVYHUVFKZXQGHQVHLQ+DWWH VLHHLQVFKOHFKWHV*HZLVVHQ" :DKUVFKHLQOLFK%HVWLPPWVWHFNWHVLHWLHILQGHP)DOOGULQ-RKQ QDKPVLFKYRUQRFKHLQLJH:RUWHPLWGHUURWKDDULJHQbU]WLQ]X UHGHQ:HJODXIHQZUGHVLHLKPEHVWLPPWQLFKW $EHUHUVWZDU'U&D]DOLVDQGHU5HLKH -RKQJLQJZLHGHU]XUFNDXIGHQ*DQJ(UKLHOWHLQHQGHU 3IOHJHUDQ ª:RNDQQLFK'U&D]DOLVILQGHQ"© 'HU3IOHJHUEOLFNWHLKQDQXQGNQXUUWHª:DVZROOHQ6LHGHQQ YRQLKP"© ª'DVZHUGHLFKLKPVHOEHUVDJHQ© 'HU3IOHJHU]XFNWHPLWGHQ6FKXOWHUQª*HKHQ6LHHLQ 6WRFNZHUNK|KHU'RUWKDW'U&D]DOLVVHLQ%UR© ª'DQNH© 0DQKDWWHGLHEHLGHQ7RWHQLQ]ZLVFKHQZHJJHVFKDIIW$XFKGHU YHUOHW]WH:lUWHUZDUQLFKWPHKU]XVHKHQ-RKQVFKQDSSWH *HVSUlFKVIHW]HQDXI(VZDUIUDJOLFKREGHU0DQQGXUFKNRP PHQZUGH hEHUGLH7UHSSHJLQJ-RKQ6LQFODLUHLQ6WRFNZHUNQDFKREHQ +LHUVDKDOOHVVRDXVZLHDXFKVFKRQHLQH(WDJHWLHIHU 'U&D]DOLV %URZDUVFKQHOOJHIXQGHQ
-RKQZROOWHJHUDGHDQNORSIHQDOVHU6FKULWWHYHUQDKP(U ZDQGWHVLFKXP (LQ0DQQLPEOWHQZHLHQ$U]WNLWWHONDPLKPHQWJHJHQ'LH URWH.UDZDWWHOHXFKWHWHZLHIULVFKHV%OXW8QGRKQHGD-RKQGHQ 0DQQJHNDQQWKDWWHDKQWHHUGDLKP5DPRQ&D]DOLVJHJHQ EHUVWDQG $XFK&D]DOLVZXWHPLWZHPHUHV]XWXQKDWWH(LQVS|W WLVFKHV/lFKHOQXPVSLHOWHVHLQH/LSSHQ ª-RKQ6LQFODLUQHKPHLFKDQ© ª(UUDWHQ© ª%LWWH.RPPHQ6LHGRFKKHUHLQ© 5DPRQ&D]DOLV|IIQHWHGLH%URWUXQGOLH-RKQYRUJHKHQ'HU 2EHULQVSHNWRUVDKQLFKWGHQWFNLVFKHQ$XVGUXFNLQGHQ$XJHQ GHV0DQQHV 'U&D]DOLVVDK-RKQVFKRQDOVQHXHV2SIHUDQ ª$EHUQHKPHQ6LHGRFK3ODW]0U6LQFODLU© 5DPRQ&D]DOLVWDWVHKUYHUELQGOLFKVSLHOWHGHQIUHXQGOLFKHQ XQGDXIPHUNVDPHQ*DVWJHEHU ª(LQHQ:KLVN\"© ª1HLQGDQNHLFKP|FKWHLP$XJHQEOLFNQLFKWV© &D]DOLVODFKWHª$QJVWGDGHU:KLVN\YHUJLIWHWLVW"© -RKQKREGLH$XJHQEUDXHQª6RSULPLWLYZHUGHQ6LHGRFKZRKO QLFKWVHLQ© ª:DUMDDXFKQXUHLQH)UDJH$XI,KU:RKO0U6LQFODLU© &D]DOLVVHW]WHVLFKKLQWHUVHLQHQ6FKUHLEWLVFK-RKQKDWWHHVVLFK DXIHLQHP6WXKOEHTXHPJHPDFKW(UZROOWHQLFKWXQEHGLQJWLQ GHUVFKZDU]HQ/HGHUFRXFKYHUVLQNHQ ª7MD0U6LQFODLUZDVNDQQLFKIU6LHWXQ"© ª:RKHUNHQQHQ6LHHLJHQWOLFKPHLQHQ1DPHQ"© &D]DOLVODFKWH8QHFKWZLHHV-RKQVFKLHQª6LHVLQGHLQEH JHKUWHU0DQQ0U6LQFODLU(LQH.ROOHJLQ'U'HODQRKDWVFKRQ YRQ,KQHQEHULFKWHW6LHKDWEULJHQVQXULQGHQK|FKVWHQ /REW|QHQYRQ,KQHQJHVSURFKHQ6LHPVVHQVHKUYLHO(LQGUXFN DXIXQVHUH9LYLDQJHPDFKWKDEHQ©
ª/DVVHQZLU0LVV'HODQRDXVGHP6SLHO©VDJWH-RKQªXPVLH JHKWHVLP0RPHQWQLFKWVRQGHUQ© 'DV6XPPHQGHV7HOHIRQVXQWHUEUDFK-RKQV:RUWH ª(QWVFKXOGLJHQ6LH©VDJWH&D]DOLVXQGKREDE (UODXVFKWHHLQLJH0LQXWHQJDEKLQXQGZLHGHUHLQHQNQDSSHQ .RPPHQWDUXQGOHJWHVFKOLHOLFK]LHPOLFKXQVDQIWGHQ+|UHUDXI GLH*DEHO &D]DOLVVDK-RKQDXVKDOE]XVDPPHQJHNQLIIHQHQ$XJHQDQ ª0DQKDWHLQ6WRFNZHUNWLHIHU]ZHL7RWHJHIXQGHQ'LH0lQQHU VLQGHUVFKRVVHQZRUGHQ+DEHQ6LHGDPLWJHPLVFKW"© ª-D©HUZLGHUWH-RKQª8QGGDPLWZlUHQZLUJOHLFKEHLP 7KHPD©'HU2EHULQVSHNWRUJULIILQGLH7DVFKHXQGKROWHVHLQHQ $XVZHLVKHUYRU ª'DPLW6LHZLVVHQPLWZHP6LHHV]XWXQKDEHQ©VDJWH-RKQ XQGEHUUHLFKWH&D]DOLVGLH.ODUVLFKWKOOHLQGHUGHU$XVZHLV VWHFNWH &D]DOLV *HVLFKWEOLHEXQEHZHJWDOVHUVLFKGHQ$XVZHLVDQVDK 'DQQJDEHULKQ-RKQ]XUFNª6R©VDJWHHUª6LHVLQGDOVRHLQ 6FKQIIOHU© ª(VVWHKW,KQHQIUHLPLFKVR]XEH]HLFKQHQ©HUZLGHUWH-RKQ ª8QGZDVZROOHQ6LHKLHU",FKPHLQH6LHNRPPHQGRFKQLFKW RKQH*UXQGLQGLH.OLQLN9RUKLQKDEHLFKQRFKJHJODXEW6LH ZROOWHQ0LVV'HODQREHVXFKHQDEHUMHW]WVHKHLFKGHQ)DOO DQGHUV:DVIKUW6LHDOVR]XPLU"© ª.|QQHQ6LHVLFKGDVQLFKWGHQNHQ"© ª1HLQ© ª'DQQPXLFKHEHQGHXWOLFKHUZHUGHQ© ª%LWWHWXQ6LHGDV©&D]DOLVVWHFNWHVLFKLQDOOHU5XKHHLQH =LJDUHWWHDQª,FKZDUWH2EHULQVSHNWRU© ª(VJHKWXP:HUZ|OIH© ª$FK6LHVSLHOHQDXIPHLQHQ$UWLNHODQ© ª'DVDXFK,FKLQWHUHVVLHUHPLFKDEHUYRUUDQJLJIUGLH 0RUGVHULHGLHLQ+DZLFNSDVVLHUWLVW© &D]DOLVOlFKHOWHVFKPDOª8QG6LHQHKPHQDQMHPDQGDXV XQVHUHU.OLQLNKDWGDVJHWDQ"© ª'LH0|JOLFKNHLWEHVWHKWGXUFKDXV©
&D]DOLVVFKWWHOWHWDGHOQGGHQ.RSIª,FKZLOO,KQHQPDOZDV VDJHQ+HUU2EHULQVSHNWRU6LHN|QQHQVLFKGLH6LFKHUKHLWV PDQDKPHQLQGLHVHU.OLQLNDQVHKHQ+LHUNRPPWQLHPDQG KLQDXVRKQHGDZLUHVPHUNHQ'DV*HOlQGHLVWGXUFKHLQHQ HOHNWULVFKHQ=DXQJHVLFKHUW'HU6WURPZLUGQDFKWVHLQJH VFKDOWHWXQGLFKP|FKWHGHQVHKHQGHUGLHVH6SHUUHRKQH +LOIVPLWWHOEHUZLQGHW© ª(UEUDXFKWHVMDQLFKWDOOHLQ]XWXQ(UNDQQMDRKQHZHLWHUHV +HOIHUKDEHQ© ª6LHPHLQHQKLHULQGHU.OLQLN"© ª*HQDX© ª'DVLVWHLQH8QWHUVWHOOXQJ2EHULQVSHNWRUGLH6LHGXUFKQLFKWV EHZHLVHQN|QQHQ© ª8P%HZHLVH]XVDPPHOQELQLFKMDKLHU© ª'DQQZQVFKHLFK,KQHQYLHO(UIROJ©HQWJHJQHWH&D]DOLV VS|WWLVFK ª$EHU'RNWRUWXQ6LHGRFKQLFKWVRVFKHLQKHLOLJ©-RKQVSUDFK EHLQDKHPLOGHª6LHZLVVHQGRFKJHQDXZDVJHVSLHOWZLUG,FK ELQHVEULJHQVJHZHVHQGHUGLHEHLGHQ0lQQHUHUVFKRVVHQKDW (VZDUHQ:HUZ|OIHYHUVWHKHQ6LH"© ª-HW]WJHKWDEHUGLH3KDQWDVLHPLW,KQHQGXUFK,FKKDEHKLHU QRFKNHLQHQ:HUZROIJHVHKHQ+DEHQ6LH=HXJHQIU,KUH%H KDXSWXQJHQ"8QGZHQQ6LHDXIPHLQHQ$UWLNHODQVSLHOHQELWWH HVJLEWYLHOH:LVVHQVFKDIWOHUGLHVLFKPLWDXHUJHZ|KQOLFKHQ 7KHPHQEHVFKlIWLJHQ:HQQ6LHMHGHQGHVKDOEDQNODJHQZUGHQ KlWWHQ6LHYHUGDPPWYLHO]XWXQ© ª(VJHKWQLFKWXPMHGHQ(VJHKWXP6LH'U&D]DOLV© ª*XW:DVZHUIHQ6LHPLUDOVRYRU"© ª9HUERWHQH([SHULPHQWH6LHIXQNWLRQLHUHQ0HQVFKHQ]X 0RQVWUHQXP*ODXEHQ6LHQLFKW'U&D]DOLV6LHKlWWHQHVPLW HLQHP6FKXOMXQJHQ]XWXQ,FKEHVFKlIWLJHPLFKVFKRQVHLW HLQLJHQ-DKUHQPLW'lPRQRORJLHXQGDOOHPZDVGD]XJHK|UW 'D]XJHK|UWDXFKGLH/\NDQWKURSLHDOVRGLH:HUZROIVNXQGH6LH KDEHQVLFKGHQIDOVFKHQ0DQQDXVJHVXFKW'RNWRU'LHEHLGHQ 7RWHQZDUHQYRUKHU:HUZ|OIH(LQHU,KUHU/HXWHZLUGHVEH]HX JHQN|QQHQ=ZHLGHU%HVWLHQKDEHLFKHUOHGLJHQN|QQHQ/HLGHU
ZHLLFKQLFKWZLHYLHOH:HUZ|OIHVLFKQRFKLQGHU.OLQLNKHU XPWUHLEHQ8QGGHVKDOEZHUGHQ6LHPLFKEHLPHLQHP5XQGJDQJ EHJOHLWHQ© ª6LHZROOHQDOVRHLQH'XUFKVXFKXQJYRUQHKPHQ"© ª-D© ª+DEHQ6LHHLJHQWOLFKHLQHQ'XUFKVXFKXQJVEHIHKO"© ª:HQQ6LHQLFKWV]XYHUEHUJHQKDEHQLVWGLHVHV3DSLHUGRFK EHUIOVVLJ© ª'DVVWLPPWQDWUOLFKDXFK+HUU2EHULQVSHNWRU$OVRJXW JHKHQZLU© &D]DOLVHUKREVLFKYRQVHLQHP6WXKOª+LQWHUKHUZHUGHQ6LH PHUNHQZLHOlFKHUOLFK,KUH9HUGlFKWLJXQJHQZDUHQ%LWWH© &D]DOLVGHXWHWHDXIGLH7U ª1DFK,KQHQ'RNWRU© ª*DQ]ZLH6LHZROOHQ$OV3ROL]LVWPXPDQZRKOYRQ1DWXU DXVPLWUDXLVFKVHLQ©VDJWH&D]DOLVDOVHUDQ-RKQYRUEHLJLQJ ª-DGDQQOHEWPDQOlQJHU© 8QGGDQQZXUGH-RKQGRFKQRFKEHUUDVFKW &D]DOLVZDUVFKRQDQGHU7UDOVHUXUSO|W]OLFKKHUXPZLUEHOWH $OOHVJLQJVRVFKQHOOGD-RKQNDXPQRFKUHDJLHUHQNRQQWH :LHHLQ)DOOEHLOUDVWH&D]DOLV $UPDXILKQ]X-RKQVDK]ZL VFKHQGHQ)LQJHUQGHU+DQGHWZDVEOLW]HQ(UYHUVXFKWHVLFKLP OHW]WHQ0RPHQW]XU6HLWH]XZHUIHQGRFKHVZDU]XVSlW &D]DOLV +DQGNQDOOWHJHJHQVHLQH6FKXOWHU-RKQVSUWHHLQHQ 6WLFKXQGLPQlFKVWHQ$XJHQEOLFNHUIDWHLKQHLQ6FKZLQGHO 'LH:lQGHGDV=LPPHUGLH0|EHOVWFNHDOOHVGUHKWHVLFK YRUVHLQHQ$XJHQ 'DQQUDVWHGHU%RGHQPLWHLQHUXQJHKHXUHQ*HVFKZLQGLJNHLW DXI-RKQ6LQFODLU]X %HYRUHUDXISUDOOWHZDUGHU2EHULQVSHNWRUVFKRQEHZXWORV &D]DOLVZDUHLQHQ6FKULWW]XU6HLWHJHWUHWHQXPQLFKWYRQGHP VWU]HQGHQ.|USHUJHVWUHLIW]XZHUGHQ-HW]WEOLFNWHHUOlFKHOQG DXIVHLQHUHFKWH+DQG=ZLVFKHQ0LWWHOXQG=HLJHILQJHUKDWWHHU HLQHNOHLQH6SULW]HYHUVWHFNWJHKDEWQLFKWJU|HUDOVGHU 'DXPHQ:LHGLH6SULW]HZLUNWHVDKPDQDQ-RKQ6LQFODLUGHU UHJXQJVORVDXIGHP%RGHQODJ
&D]DOLVEFNWHVLFK6HLQH+DQGIXKUXQWHU-RKQV-DFNHWWXQG NDPPLWGHU%HUHWWDZLHGHU]XP9RUVFKHLQ ª'DVKDWWHVWGXGLUVRJHGDFKW©VDJWH&D]DOLVJLQJ]XVHLQHP 6FKUHLEWLVFKXQGOHJWHGLH:DIIHLQGLH6FKXEODGH(LQHQ $XJHQEOLFNODQJVWDUUWHHUDXIGLHJH|IIQHWH/DGH =ZHL6SULW]HQEHIDQGHQVLFKGDULQ6LHHQWKLHOWHQGDVYRQ &D]DOLVKHUJHVWHOOWH6HUXPGDV0HQVFKHQ]X%HVWLHQPDFKWH &D]DOLVQDKPHLQH6SULW]HDQVLFK(UOlFKHOWH]\QLVFKDOVHU VDJWHª0DOVHKHQREGLHVHV6HUXPDXFKEHLHLQHP2EHULQVSHN WRUDQVFKOlJW© 'HUGULWWH:HUZROIZDUQRFKIUHL 8QJHVHKHQKDWWHHUHVJHVFKDIIWDXVGHU.OLQLN]XHQWNRPPHQ -HW]WWULHEHUVLFKLP3DUNJHOlQGHKHUXP(VZDUHQHLQLJH 3DWLHQWHQXQWHUZHJVXQGGLH0RUGJLHUEHUILHOGHQ:HUZROI ZLHHLQKHIWLJHU5DXVFK 'RFKHUKLHOWVLH]XUFN ,UJHQGHWZDVZDUQWHLKQ(LQ,QVWLQNWHLQ*HIKO:HQQHU VLFKMHW]W]HLJWHNRQQWHHVXQWHU8PVWlQGHQGDV(QGHIULKQ EHGHXWHQ(VZDUHQ]XYLHOH0HQVFKHQGD 1HLQVHLQH&KDQFHZUGHQRFKNRPPHQ 'LH%HVWLHKLHOWVLFKLPPHULP6FKDWWHQGHU%VFKH(LQPDO OLHIHQLKP]ZHL)UDXHQEHUGHQ:HJ'HU:HUZROINRQQWH QLFKWPHKUDXVZHLFKHQ 'LH)UDXHQHUVWDUUWHQYRU6FKUHFN'RFKQXUIU6HNXQGHQ GDQQILQJHQVLHDQ]XVFKUHLHQ -HW]WPXWHHUVLHW|WHQ 'RFKDXFKGLHVPDOVSLHOWHGDV6FKLFNVDOGHU%HVWLHHLQHQ 6WUHLFK0HKUHUH6SD]LHUJlQJHUDODUPLHUWGXUFKGLH6FKUHLH WDXFKWHQSO|W]OLFKDXI 'HU:HUZROI]RJVLFKEOLW]VFKQHOO]XUFNXQGYHUVFKZDQG KLQWHUHLQHU%DXPJUXSSH 6FKRQEDOGKDWWHHUGHQ=DXQHUUHLFKWGHUWDJVEHUQLFKWXQWHU 6WURPVWDQG7DW]HQNUDW]WHQEHUGDV*LWWHU'DQQEHJDQQGHU :HUZROIGDUDQKRFK]XNOHWWHUQ
(UZDUJHZDQGWZLHHLQ$UWLVW*HVFKPHLGLJEHUNOHWWHUWHHU GLHREHUH.DQWHXQGOLHVLFKDQGHUDQGHUHQ6HLWHKLQXQWHU JOHLWHQ'HQOHW]WHQ
%HQ6WURPWDXPHOWHGHP'RUIHQWJHJHQ1RFKLPPHUVWHFNWHLKP GHU6FKUHFNHQLQGHQ.QRFKHQ(UEHJULIIHLQIDFKQRFKQLFKWULFK WLJGDHUJHUHWWHWZDU ,PPHUZLHGHUVDKVLFK%HQ6WURPXP'RFKQLHPDQGZDU KLQWHULKPNHLQHUKDWWHGLH9HUIROJXQJDXIJHQRPPHQ8QGMH ZHLWHUHUOLHIGHVWRVWlUNHUZXUGHVHLQHhEHU]HXJXQJGDHUHV MHW]WJHVFKDIIWKDWWH 'LH)UDXILHOLKPZLHGHUHLQ'LHURWKDDULJHbU]WLQGLHVHV 3UDFKWZHLEPLWGHPHUVLFKIU0LWWHUQDFKWDXIGHU/LFKWXQJ YHUDEUHGHWKDWWH +LPPHOQLHKlWWHHUJHGDFKWHLQPDOVROFKHLQH)UDX]X EHVLW]HQ6LHKDWWHLKPGDV/HEHQJHUHWWHWXQGVLFKLKPHLQIDFK DQJHERWHQ 8P0LWWHUQDFKW %HQ6WURPOLHIXQZLOONUOLFKVFKQHOOHU'LH9RUVWHOOXQJEDOG PLWGHUbU]WLQDOOHLQ]XVHLQEHIOJHOWHVHLQH6FKULWWH %HQ6WURPKDWWHVHLQH:XQGHQQRWGUIWLJDQHLQHP%DFKJH UHLQLJW6HLQHQ3DUNDKDWWHHUYHUORUHQXQGVHLQ+HPGZDUHEHQ IDOOVKLQEHU $EHUGDVVSLHOWHZHLWHUNHLQH5ROOH+DXSWVDFKHHUKDWWHVHLQ /HEHQJHUHWWHW 'HU+RO]IlOOHUEHUOHJWHZDVHUGHQ/HXWHQLP'RUIVDJHQ VROOWH'LH:DKUKHLW"8QP|JOLFK1LHPDQGZUGHLKPJODXEHQ XQGDXHUGHPJLQJVHLQH9HUDEUHGXQJDXFKNHLQHQHWZDVDQ 'LHHUVWHQ+lXVHUYRQ+DZLFNWDXFKWHQDXI(LQHIDKOH 1DFKPLWWDJVVRQQHVFKLFNWHLKUH6WUDKOHQDXIGDV'RUIXQG]RJ GLH)HXFKWLJNHLWDXVGHP%RGHQ (VZDUVFKZO'LH/XIWZDUGUFNHQGXQGVFKZHU,UJHQGZLH URFKHVQDFK*HZLWWHU0FNHQVFKZlUPHWDQ]WHQYRUGHQ *HVLFKWHUQGHU0HQVFKHQ $P'RUIHLQJDQJWUDI%HQ6WURP]ZHL%HNDQQWH'LH0lQQHU EOLFNWHQLKQVWDXQHQGDQ ª:DVLVWGHQQPLWGLUSDVVLHUW%HQ"© 'HU+RO]IlOOHUJULQVWHYHUOHJHQª,FKKDWWHHLQHNOHLQH$XVHLQ DQGHUVHW]XQJ© ª$EHUGXEOXWHVWMD©
%HQEOLFNWHDXIVHLQHQ$UPª1LFKWZHLWHUVFKOLPP1XUHLQ .UDW]HU© ª:HUKDWGLFKGHQQDQJHJULIIHQ"©'LH0lQQHUOLHHQQLFKW ORFNHU ª,VWGRFKHJDO©%HQZXUGHlUJHUOLFKXQGOLHGLHEHLGHQ NXU]HUKDQGVWHKHQ =ZHLQDFKGHQNOLFKH$XJHQSDDUHEOLFNWHQLKPQDFK9HU PXWXQJHQHQWVWDQGHQ*HUFKWH :lKUHQG%HQ6WURPVFKQHOO]XVHLQHP+DXVOLHIJLQJHQGLH 0lQQHU]XP*DVWKRIXPGLH1DFKULFKW]XHU]lKOHQ 'HU+RO]IlOOHUZRKQWHPLWVHLQHU6FKZHVWHU]XVDPPHQ:DQGD 6WURPZDUHLQLJH-DKUHlOWHUXQGJHQDXZLHLKU%UXGHUQLFKWYHU KHLUDWHW6LHZUGHDXFKZRKONDXPQRFKHLQHQ0DQQILQGHQ GHQQVLHKDWWHVLFKLP/DXIHGHU-DKUH]XHLQHUNHLIHQGHQ$OWHQ HQWZLFNHOW :DQGD6WURPKDWWHHLQYHUNQLIIHQHV*HVLFKWXQGWUXJGLH XQPRGHUQVWH.OHLGXQJGLHPDQVLFKYRUVWHOOHQNRQQWH6LHKDWWH PHLVWHQVVFKOHFKWH/DXQHXQGDQDOOHPHWZDVKHUXP]XQ|UJHOQ %HLGHQ'RUIEHZRKQHUQZDUVLHVREHOLHEWZLHHLQH.ODSSHU VFKODQJH 'RFKGDVVW|UWH:DQGD6WURPQLFKW $OV%HQGDV+DXVEHWUDWSXW]WHVLHJHUDGHGLHHLQIDFKHLQJH ULFKWHWH.FKH ª%HQ"©ULHIVLHEHUGLH6FKXOWHU]XUFN,KUH6WLPPHNODQJHLQ ZHQLJVFKULOO %HQ6WURPNPPHUWHVLFKQLFKWXPGHQ5XIVRQGHUQJLQJGLH VFKPDOH7UHSSHKRFK6HLQ=LPPHUODJLQGHUHUVWHQ(WDJH 'HU+RO]IlOOHU]RJVLFKHUVWHLQPDOGLH6DFKHQDXV -HW]WPHUNWHHUGRFKGDVHLQ$UPQRFKYHUIOXFKWVFKPHU]WH 'LH3UDQNHQGHU%HVWLHKDWWHQWLHIH.UDW]ZXQGHQKLQWHUODVVHQ 'DV%OXWZDUJHWURFNQHWXQGKDWWHHLQHKDUWH.UXVWHJHELO GHW :DQGD6WURPEHWUDW%HQV=LPPHURKQHDQ]XNORSIHQ%HQZDU JHUDGHGDEHLVHLQ8QWHUKHPGDXV]X]LHKHQ-HW]WZDQGWHHUGHQ .RSIXQGEOLFNWHVHLQH6FKZHVWHUDQGLHDXIGHU7UVFKZHOOH VWHKHQJHEOLHEHQZDU
ª:RKDVWGXGLFKGHQQKHUXPJHWULHEHQ"©ODXWHWHLKUHHUVWH )UDJH ª'DVLVWPHLQH6DFKH© ª6RPHLQVWGX"©:DQGD6WURPIOHWVFKWHGLH=lKQH,KUPDJH UHU$UPVFKRYRUXQGGHUGUUH=HLJHILQJHU]HLJWHDXI%HQV :XQGHª8QGZRKHUKDVWGXGDV"'XKDVWGLFKGRFKQLFKWVHOEVW LQGHQ$UPJHELVVHQ© ª$FKODPLFKGRFKLQ5XKH© ª1HLQ,FKZLOOZLVVHQZDVJHVFKHKHQLVW6FKOLHOLFKKDEHLFK HLQ5HFKWGDUDXI© ª(LQ5HFKW"©%HQODFKWHDXIª:HQQLFKGLUVFKRQHWZDVHU]lKOH GDQQWXHLFKGDVIUHLZLOOLJ© ª,FKK|UH© %HQUHVLJQLHUWH(VZDULPPHUGDVJOHLFKH6HLQH6FKZHVWHUZDU GLH6WlUNHUH6LHPDFKWHPLWLKPZDVVLHZROOWH %HQHU]lKOWHLKUGDHUDXIHLJHQH)DXVW1DFKIRUVFKXQJHQ DQJHVWHOOWKlWWH(UYHUlQGHUWHGLH*HVFKLFKWHDOOHUGLQJVHLQ ZHQLJXQGVDJWHQLFKWVYRQGHQ:HUZ|OIHQ'LH9HUOHW]XQJ VFKREHUDXIHLQH$XVHLQDQGHUVHW]XQJPLW]ZHL,UUHQ :DQGD6WURPVFKWWHOWHGHQ.RSIª,FKKDEHGLUMDLPPHU JHVDJWGDGXPDOUHLQIlOOVW+HXWHKDVWGXQRFKPDO*OFN JHKDEW6HLIURKGDGLHVHbU]WLQGD]ZLVFKHQJHNRPPHQLVW:DU HVGLH5RWH"© ª-D© ª+WHGLFKYRULKU© ª:LHVR"© ª'LHLVWIDOVFKZLHHLQH6FKODQJH© ª'DVVDJVWGXYRQMHGHUGLHEHVVHUDXVVLHKWDOVGX© :DQGD6WURPVFKOXFNWHGHQ9RUZXUIRKQHPLWGHU:LPSHU]X ]XFNHQ ª,FKKDEHGLFKMHGHQIDOOVJHZDUQW© ª,VWVFKRQJXW©%HQZLQNWHDEª+ROPLUOLHEHUHLQ3IODVWHUXQG ODKHLHV:DVVHULQGLH:DQQHODXIHQ© ª:LOOVWGXMHW]WEDGHQ"© ª-D]XP7HXIHO© :DQGD6WURP]XFNWHPLWGHQ6FKXOWHUQXQGWUROOWHVLFK%HQ
6WURPVFKORVHLQH=LPPHUWUYRQLQQHQDEXQGOHJWHVLFKDXIV %HWW(VGDXHUWHQRFKHWZDVELVGDV:DVVHUKHLZDU %HQNDPLQV*UEHOQXQGHKHHUVLFKYHUVDKZDUHULQHLQHQ OHLFKWHQ+DOEVFKODIKLQEHUJHJOLWWHQ (UWUlXPWHYRQ0RQVWHUQ:HUZ|OIHQXQGYRQGHU5RWKDDUL JHQ(UVDKVLFKPLWLKU]XVDPPHQDXIHLQHP%HWWOLHJHQ%HLGH ZDUHQVLHQDFNW8QGSO|W]OLFKYHUZDQGHOWHVLFKGLH)UDXLQHLQ VFKUHFNOLFKHV0RQVWHU 9LHU$UPHVFKLHQHQQDFK%HQ]XJUHLIHQ9LHU+lQGHXP NODPPHUWHQVHLQH.HKOHXQGGUFNWHQLKPGLH/XIWDE %HQU|FKHOWH 8USO|W]OLFKZXUGHHUZDFK6FKZHLJHEDGHWVHW]WHHUVLFKDXI 9HUZLUUWEOLFNWHHUVLFKLP=LPPHUXP 'DZDUQLHPDQG(UKDWWHDOOHVQXUJHWUlXPW(LJHQDUWLJGLH VHU7UDXP6ROOWHHUYLHOOHLFKWHLQH:DUQXQJJHZHVHQVHLQ" %HQVWDQGDXIXQGZXVFKVLFKGDV*HVLFKW'DQQYHUOLHHUVHLQ =LPPHUXQGJLQJQDFKXQWHQ'DV%DGHZDVVHUPXWHEHUHLWV IHUWLJVHLQ .UHLVFKHQGIUDVLFKGLH6lJHGXUFKGHQ+RO]VWDPP6LH]HU VFKQLWWLKQZLH%XWWHU 'LHIHUWLJHQ6WFNHHWZDDUPODQJZXUGHQDQGHU6HLWH JHVWDSHOW 'LH+RO]IlOOHUDUEHLWHWHQQXQVFKRQVHLWGHQIUKHQ 0RUJHQVWXQGHQ1XUQRFKZHQLJH0LQXWHQGDQQZUGHGHU :DJHQGHU+RO]IDEULNNRPPHQXQGGLH]XJHVFKQLWWHQHQ 6WlPPHDEKROHQ0DQKDWWHHLQHQ:HJ]XU6WUDHJHVFKDIIHQ GDPLWGHU:DJHQPLWVHLQHP$QKlQJHUGXUFKNDP 'HQYLHU+RO]IlOOHUQOLHIGDV:DVVHUYRP.|USHU%HVRQGHUV VWDUNVFKZLW]WHQGLHEHLGHQGLHPLWLKUHQb[WHQHLQHQ %DXPULHVHQEHDUEHLWHWHQ 'HUULHVLJH6WDPPZDUVFKRQPLWHLQHU0RWRUVlJHDQJHVlJW ZRUGHQ(VJLQJMHW]WGDUXPGHQOHW]WHQ5HVWVR]XVFKODJHQGD GHU%DXPDXFKLQGLHJHZQVFKWH5LFKWXQJNLSSWH(LQH$UEHLW GLH(UIDKUXQJXQG)LQJHUVSLW]HQJHIKOHUIRUGHUWH
,PPHUZLHGHUKROWHQGLHEHLGHQ+RO]IlOOHUDXV'LHK|OOLVFK VFKDUIHQ6FKQHLGHQGHUb[WHEOLW]WHQDXIEHYRUVLHPLWHLQHP GXPSIHQ*HUlXVFKLQGDV+RO]VFKOXJHQ %HLMHGHP6FKODJWUDWHQGLH0XVNHOQGHU0lQQHUZLHJHEQ GHOWH6WDKOWURVVHQKHUYRU'LHEUDXQJHEUDQQWHQQDFNWHQ.|USHU JOlQ]WHQVFKZHLQD ª1RFKHLQSDDU6FKOlJHGDQQKDEHQZLU V© 'LHEHLGHQ+RO]IlOOHUPDFKWHQIUHLQHQ$XJHQEOLFN3DXVHXQG EHVDKHQVLFKGHQ.HLO ª9HUGDPPWZDUGDVHLQ%URFNHQ© ª:LUVFKODJHQLKQVRGDHUGLUHNW]XU6HLWHNLSSW,FKVFKlW]H QRFK]HKQ6FKOlJHGDQQLVWHVVRZHLW© 'LH+RO]IlOOHUPDFKWHQVLFKZLHGHUDQLKUH$UEHLW6LHZROOWHQ GHQ%DXPXQEHGLQJWQRFKDQGLHVHP7DJIlOOHQ (LQ.QLUVFKHQGHXWHWHDQGDHVEDOGVRZHLWZDU 'LHEHLGHQDQGHUHQ0lQQHUDQGHU0RWRUVlJHKDWWHQLKUH $UEHLWXQWHUEURFKHQXQGVDKHQGHPJLJDQWLVFKHQ6FKDXVSLHO]X .HLQHUGHUYLHU+RO]IlOOHUKDWWHGHQ:HUZROIHQWGHFNWGHUKLQWHU HLQHP%XVFKODXHUWHXQGGDV7UHLEHQGHU0lQQHUDXVPRUG OVWHUQHQ$XJHQEHREDFKWHWH 'RFKHWZDVZXWHGLH%HVWLHQLFKW 6LHEHIDQGVLFKJHQDXLQGHU)DOOULFKWXQJGHV%DXPULHVHQ (LQOHW]WHV0DOVFKOXJHQGLHEHLGHQ0lQQHU]X-HW]WDXVHLQHU 5LFKWXQJ /DQJVDPZLHEHLHLQHU=HLWOXSHQDXIQDKPHQHLJWHVLFKGHU %DXPULHVH]XU6HLWH 'LHEHLGHQ+RO]IlOOHUVSUDQJHQ]XUFN(LQKlOLFKHV .QLUVFKHQOLHIGXUFKGHQ6WDPP 'HU5LHVHZDQNWH 8QGGDQQNLSSWHHUXP 'HU:HUZROIGHUQRFKLPPHULQVHLQHU'HFNXQJNDXHUWH ZXUGHYRQGHPNUDFKHQGHQ*HUlXVFKDXIJHVFKUHFNW (UULGHQ.RSILQGHQ1DFNHQ (LQULHVLJHV/DXEGDFKQHLJWHVLFKLKPHQWJHJHQ(UVDKGHQ JHZDOWLJHQ6WDPPGHUDXILKQ]XNLSSWHXQGNOHLQHUH VFKZlFKHUH%lXPHZLH*UDVKDOPHXQWHUVLFKEHJUXE
'HU,QVWLQNWZDUQWHGLH%HVWLHYRUGHU*HIDKU0LWHLQHP JHZDOWLJHQ6SUXQJMDJWHVLHDXVLKUHU'HFNXQJEUDFKGXUFKGDV 8QWHUKRO]XQGYHUVXFKWHGHPIDOOHQGHQ%DXPULHVHQ]XHQW JHKHQ )DVWKlWWHGHU:HUZROIHVJHVFKDIIW 'RFKGHU%DXPZDUVFKQHOOHU-HWLHIHUHUILHOXPVRUDVFKHU ZXUGHHU 'DVRKUHQEHWlXEHQGH.UDFKHQHUIOOWHGLH/XIW'LHPlFKWLJH %DXPNURQHIHJWHGHQ%RGHQ(LQ1HW]YRQbVWHQXQG=ZHLJHQ IORJDXIGHQ:HUZROI]X (LQ$VWVWUHLIWHVHLQHQ.RSIOLHLKQWDXPHOQ=ZHLZHLWHUH bVWHGUFNWHQLKQ]X%RGHQ 'HU:HUZROIEUOOWH (LQJHNOHPPWYRQbVWHQXQG=ZHLJHQZXUGHHUDP%RGHQQLH GHUJHGUFNW0LW*HZDOWEHNDPHUHLQH3UDQNHIUHL:LOGVFKOXJ HUXPVLFKIHW]WH/DXEXQGNOHLQHbVWH]XU6HLWH 'RFKEHIUHLHQNRQQWHHUVLFKQLFKW1RFKQLFKW :lKUHQGGHU:HUZROIGDUXPNlPSIWHDXVGHU)DOOH]XJH ODQJHQUDQQWHQGLH+RO]IlOOHUORV6LHZROOWHQVLFKGHQJHIlOOWHQ %DXPDQVHKHQXQGGLHGLFNVWHQbVWHDEVFKODJHQ 'LH0lQQHUKDWWHQVLFKJHWUHQQW %RE)LVKHUHLQHUGHU$[WWUlJHUEDKQWHVLFKHLQHQ:HJ]XGHU ULHVLJHQ%DXPNURQH,PPHUZLHGHUPXWHHUPLWGHU$[W ]XVFKODJHQ(UKDQGKDEWHGLHVHV:HUN]HXJZLHHLQ=DXEHU NQVWOHUVHLQHQ6WDE'LHVFKZHUH$[WSILIIGXUFKGLH/XIW:RGLH .OLQJHKLQWUDIIORJHQbVWHXQG%OlWWHU]XU6HLWH 3O|W]OLFKEOLHE%RE)LVKHUVWHKHQ (LQDQGHUHV*HUlXVFKZDUGXUFKGDVKlPPHUQGH.ORSIHQGHU $[WJHGUXQJHQ :WHQGHV.UHLVFKHQXQG+HXOHQ(VPXWHGLUHNWYRULKP VHLQ $EHUZHUNRQQWHGDVVHLQ"(LQ7LHU":DKUVFKHLQOLFK%HVWLPPW KDWWHHVVLFKQLFKWVRVFKQHOOLQ6LFKHUKHLWEULQJHQN|QQHQ %RE)LVKHUZDUHLQ7LHUIUHXQG9LHOOHLFKWNRQQWHHUGHU.UHDWXU QRFKKHOIHQVLHDXVGHUPLOLFKHQ/DJHEHIUHLHQ(VZlUHQLFKW GDVHUVWHPDOJHZHVHQ(LQPDOKDWWHHUVRJDUVFKRQHLQ5HKUHWWHQ
N|QQHQ(UKDWWHHVGDQQPLWQDFK+DXVHJHQRPPHQXQG JHVXQGJHSIOHJW1RFKKHXWHNDPGDV5HKLP:LQWHU]XU )WWHUXQJ 'HU+RO]IlOOHUJLQJZHLWHU(UVFKOXJMHW]WNHLQHbVWHPHKUDE XPGDVJHIDQJHQH7LHUQLFKWXQQ|WLJ]XHUVFKUHFNHQ'LH +LQGHUQLVVHERJHUPLWGHU+DQG]XU6HLWH (LQSDDUPDOPXWHHUVLFKWLHIGXFNHQXPEHUKDXSWZHLWHU ]XNRPPHQ 3O|W]OLFKEOLHE%RE)LVKHUVWHKHQ (UYHUQDKPGLFKWYRUVLFKGDV%UHFKHQXQG.QDFNHQYRQ bVWHQ1RFKYHUZHKUWHLKPHLQ/DXEGDFKGHQ%OLFN 8QGZLHGHUK|UWHHUGDVVFKUHFNOLFKH*HKHXO (LQH*lQVHKDXWOLHIGHP+RO]IlOOHUEHUGHQ5FNHQ(UKDWWH VROFKHLQ*HUlXVFKQRFKQLHJHK|UW 'HU+RO]IlOOHUEHNDPDXIHLQPDO$QJVW(UGDFKWHQLFKWPHKU GDUDQZHLWHU]XJHKHQ $EHUGDZDUHVVFKRQ]XVSlW 'LHbVWHYRULKPZXUGHQPLW%UDFKLDOJHZDOW]XU6HLWH JHGUFNW(VVSOLWWHUWHXQGNQDFNWH 8QGGDQQVDK%RE)LVKHUGLH%HVWLH ,PHUVWHQ$XJHQEOLFNJODXEWHHULQHLQHQ+RUURUILOPYHUVHW]W 8QJODXEOLFKZDUGDVZDVHUVDK +RFKDXIJHULFKWHWVWDQGHLQ:HUZROIYRULKP'LH=lKQH JHIOHWVFKWXQGPLWPRUGEHUHLWHQ3UDQNHQ 6HNXQGHQODQJVWDQGHQVLFK0HQVFKXQG%HVWLHJHJHQEHU 'DQQJULIIGLH%HVWLHDQ:WHQGXQGIDXFKHQGVWDSIWHGHU :HUZROIORV:LHORVH%OlWWHU3DSLHUZLVFKWHHUHLQLJHOlVWLJH =ZHLJH]XU6HLWH(UKDWWHQXUQRFKHLQHQ'UDQJW|WHQ %RE)LVKHUZROOWHVLFK]XUFNZHUIHQZROOWHZHJODXIHQGRFK HUEHUVDKGHQ$VWGHUTXHUDXIGHP%RGHQODJ )LVKHUVWROSHUWH 0LWHLQHPEHUUDVFKWHQ6FKUHLNLSSWHHU]XU6HLWHJHQDXLQHLQ *HZLUUYRQ=ZHLJHQXQGNOHLQHUHQ$VWHQ,UJHQGZRVFKUDPPWH HUVLFKGHQ.RSIXQGPLWGHU+IWHNQDOOWHHUJHJHQHLQHQYRU VSULQJHQGHQ$VW
%RE)LVKHUZlO]WHVLFKDXIGHQ5FNHQ'LHVFKZHUH$[WKLHOW HUQDFKZLHYRUXPNODPPHUW(UKDWWHLP0RPHQWGHUhEHU UDVFKXQJQLFKWPHKUDQGLHVH:DIIHJHGDFKW 6FKRQZDUGHU:HUZROIGD (UVDKHLQ2SIHUDP%RGHQOLHJHQXQGVWLHHLQVLHJHVVLFKHUHV *HKHXODXV 'RFKVROHLFKWJDEVLFK%RE)LVKHUQRFKQLFKWJHVFKODJHQ :lKUHQGGHU:HUZROIDXILKQ]XVWU]WHULHUQRFKDP%RGHQ OLHJHQGGLH$[WKRFK 'LHVFKDUIH6FKQHLGH]HUVFKQLWWGLH/XIWXQGWUDIGHQ:HUZROI LQGLHUHFKWH6FKXOWHU 'HU6FKPHU]IUDGLH%HVWLHIDVWDXI %RE)LVKHUKDWWHGHQ6FKODJPLWXQJHKHXUHU:XFKWDXVJH IKUW(UEUDFKWHGHQ:HUZROIDXVGHU)DOOULFKWXQJVRGDGHU VFKZHUH.|USHUQHEHQLKP]X%RGHQNUDFKWH 1HUYHQ]HUIHW]HQGZDUGDVVFKDXULJH*HKHXOGHU%HVWLH6LH ZDUIVLFKDXIGLH6HLWH'LHJHIlKUOLFKHQ3UDQNHQVFKOXJHQQDFK %RE)LVKHUULVVHQLKPGLH+DXWDXIXQGEUDFKWHQLKPWLHIH :XQGHQEHL 'HU+RO]IlOOHUZXWHVHOEVWQLFKWZLHHUDXIGLH%HLQHJHODQJWH (VZDUZRKOPHKUHLQ5HIOH[GHUQDFNWHhEHUOHEHQVZLOOH$XI MHGHQ)DOOVWDQGHUSO|W]OLFKXQGGLH%HVWLHKRFNWHQRFKLPPHU DP%RGHQ %RE)LVKHUEUOOWHDXIDOVHUZHLWPLWGHU$[WDXVKROWH(UOLH GHP:HUZROINHLQH&KDQFH )LVKHUWDXPHOWHVFKOLHOLFK]XU6HLWH1XUZHJKLHU:HJYRQ GLHVHP2UWGHV6FKUHFNHQV 5RWH.UHLVHWDQ]WHQYRUVHLQHQ$XJHQ=ZHLJHXQGbVWH NODWVFKWHQJHJHQVHLQ*HVLFKW%REKDWWHGLH$[WIDOOHQODVVHQ(U KDWWHGHQ0XQG]XHLQHP6FKUHLDXIJHULVVHQGRFKDXVVHLQHU .HKOHGUDQJQXUHLQVFKOXFK]HQGHV.UlFK]HQ ,UJHQGZDQQNQDOOWHHUPLWGHP.RSIJHJHQHLQHQZHLWYRU VSULQJHQGHQ$VW (WZDVIXQNWHQRFKLQVHLQHP*HKLUQDXIGDQQYHUORU%RE )LVKHUGDV%HZXWVHLQ 6RIDQGHQLKQVHLQH.ROOHJHQ
6LHVFKOHSSWHQLKQ]XGHPLQ]ZLVFKHQHLQJHWURIIHQHQ:DJHQ GHU+RO]IDEULN 5DWORVVWDQGHQGLH0lQQHUXPLKUHQEHZXWORVHQ.ROOHJHQ KHUXP(LQHUKDWWHHLQH7DVFKHQIODVFKH:KLVN\EHLVLFK(UIO|WH %REHWZDVYRQGHP$ONRKROEHUGLH/LSSHQ 'HU:KLVN\VFKDIIWHHV(UKROWH%RE)LVKHUDXVGHU%H ZXWORVLJNHLW]XUFN ª0HQVFK%REZDVLVWSDVVLHUW"© %RE)LVKHUULFKWHWHVLFKDXI6FKPHU]KDIWYHU]RJHUGDV*HVLFKW ª:DVLVWJHVFKHKHQ"/RVUHGVFKRQ%RE©'LH)UDJHQGHU .ROOHJHQVWUPWHQDXILKQHLQ 8QGGHU+RO]IlOOHUHU]lKOWH=XHUVWZDUHQGLH*HVLFKWHUGHU 0lQQHUJHVSDQQWGRFKGDQQPDFKWHQVLFK=ZHLIHOXQG(QW VHW]HQJOHLFK]HLWLJEUHLW 6FKOLHOLFKUDQQWHQ]ZHL0lQQHUORVXPGLH6WHOOH]XVXFKHQ ZRDOOHVJHVFKHKHQZDU (VGDXHUWHHLQLJH0LQXWHQELVVLH]XUFNNDPHQ,KUHQ *HVLFKWHUQVDKPDQDQGD%REQLFKWJHORJHQKDWWH ª(UHUKDWGLH%HVWLHJHW|WHW©VDJWHGHUHLQHXQGKDWWH0KH HLQHQ%UHFKUHL]]XXQWHUGUFNHQª(VHVVDKVFKUHFNOLFKDXV ,FKJODXEHGDVZDUGHU0|UGHUGHUGLHQHXQ/HXWHXPJH EUDFKWKDW© 'LH0lQQHUDQWZRUWHWHQQLFKW6LHEOLFNWHQLKUHQ.ROOHJHQQXU VFKZHLJHQGDQ8QGLQLKUHQ$XJHQVWDQGGDV*UDXHQ ª2EHULQVSHNWRU©5DPRQ&D]DOLVODFKWHDXIª$XFKVROFKH 6FKQIIOHUZLHGXHLQHUELVWN|QQHQPLUQLFKWGDV:DVVHU UHLFKHQ© 7ULXPSKLHUHQGVWDUUWHGHUYHUEUHFKHULVFKH$U]WDXIGHQUHJ ORVHQ-RKQ6LQFODLUKLQDE,QHLQHPSO|W]OLFKHQ$QIDOOYRQ:XW ZROOWH&D]DOLVGHQ0DQQYRQ6FRWODQG
5DPRQ&D]DOLVWUDWDQV)HQVWHU(UKDWWHNHLQH(LOH6HLQH %HZHJXQJHQZDUHQODQJVDPXQGEHGDFKW'LHVHU6LQFODLUZDU LKPVLFKHU +LQWHUGHQ9RUKlQJHQEHIDQGHQVLFKGLH/DXIElQGHUIUGLH 5ROOlGHQ &D]DOLV]RJGDV%DQGDQ 5DVVHOQGJOLWWHQGLH5ROOlGHQQDFKXQWHQ&D]DOLVOLHHLQH 6SDOWHIUHLXPQRFKJHQJHQGVHKHQ]XN|QQHQ &D]DOLVKDWWHEHYRUHUGLH5ROOlGHQQDFKXQWHQJH]RJHQKDWWH GLHEHZXWH6SULW]HZLHGHUDXIGHQ7LVFKJHOHJW-HW]WQDKPHU VLHDEHUPDOVDQVLFKXQGKLHOWVLHSUIHQGKRFK (VZDUJHUDGHQRFKKHOOJHQXJXPHUNHQQHQ]XN|QQHQGD GHU=\OLQGHUUHVWORVJHIOOWZDU'LH)OVVLJNHLWKDWWHHLQHQOHLFK WHQ6WLFKLQV*HOEOLFKH6LHVDKKDUPORVDXVZDUDEHUK|OOLVFK JHIlKUOLFK 0LWNULWLVFKHP%OLFNSUIWH&D]DOLVQRFKHLQPDOGHQ,QKDOW-D HVZDUDOOHVLQ2UGQXQJ -RKQ6LQFODLUODJQRFKLPPHUEHZHJXQJVORVDP%RGHQ'LH %HWlXEXQJVVSULW]HKDWWHLKQJDQ]VFK|QJHVFKDIIW &D]DOLVNQLHWHVLFKQLHGHU*HNRQQWKLHOWHUGLH6SLW]HPLWGHU WHXIOLVFKHQ)OVVLJNHLWLQGHUUHFKWHQ+DQG 0LWGHUOLQNHQ+DQGNQ|SIWHHU-RKQV+HPGDXI-RKQ6LQFODLU WUXJHLQZHLWDXVJHVFKQLWWHQHV8QWHUKHPGGDVHLQHQJURHQ7HLO GHU%UXVWIUHLOLH 'DVUHLFKWH&D]DOLV (UVHW]WHGLH6SULW]HDQ 1LFKWVNRQQWH-RKQ6LQFODLUPHKUYRUHLQHPJUDXVDPHQ 6FKLFNVDOUHWWHQ ,QGLHVHP$XJHQEOLFNNORSIWHHVJHJHQGLH7U 'UlQJHQGIRUGHUQG 5DPRQ&D]DOLVYHUVFKOXFNWHHLQHQ)OXFK ª-D]XP7HXIHOZDVLVWGHQQ"© ªgIIQHQ6LHHVLVWHWZDV6FKUHFNOLFKHVJHVFKHKHQ© &D]DOLVVWDQGDXI6LFKHUHUKlWWHVDJHQN|QQHQGHU0DQQ N|QQHVLFK]XP7HXIHOVFKHUHQDEHUGDQQZlUH&D]DOLVDXIJHIDO OHQKlWWHVLFKXQWHU8PVWlQGHQYHUGlFKWLJJHPDFKW
6RHUKLHOW-RKQ6LQFODLUQRFKHLQH*DOJHQIULVW &D]DOLVKDWWHYRUKHUDEJHVFKORVVHQ-HW]WGUHKWHHUGHQ 6FKOVVHO]ZHLPDOXQG|IIQHWHGLH7U 'DVVFKZHLEHUVWU|PWHXQGYRQQDFNWHP(QWVHW]HQJH]HLFK QHWH*HVLFKWHLQHV3IOHJHUVVWDUUWHLKQDQ ª'RNWRU©SUHWHGHU0DQQKHUYRUª8QWHQXQWHQLP.HOOHU ª:DVLVWGRUWXQWHQ"©&D]DOLVZXUGHlUJHUOLFK ª(LQH/HLFKH'RNWRU(LQHJUlOLFK]XJHULFKWHWH/HLFKH'DV GDVPXGDV7LHUJHWDQKDEHQ© ª:HULVWHVGHQQ"©VFKQDSSWH&D]DOLV ª5LFN'RELH'RNWRU©'HU0DQQVFKQDSSWHQDFK/XIWª:HQQ 6LHVHOEVWNRPPHQZROOHQXQGVLFKGLH6DFKHDQVHKHQ,FKJODX EHZLUPVVHQGLH3ROL]HLKROHQ© ª.HLQH3ROL]HL©HUZLGHUWH&D]DOLVVFKDUI 8QGDOVGHU0DQQLKQXQJOlXELJDQVWDUUWHOHQNWHHUHLQ ª:HQLJVWHQVYRUOlXILJQLFKW© ª-D'RNWRU© ª8QGMHW]WJHKHQ6LH0DQQ©VDJWH&D]DOLVª=XQLHPDQGHP HLQ:RUWYHUVWDQGHQ",FKUHJHOHGLH6DFKHVFKRQ$XFKPLWGHU 3ROL]HL:LUPVVHQGDEHLEHKXWVDP]X:HUNHJHKHQ6FKOLHOLFK VWHKWGHUJXWH5XIGHU.OLQLNDXIGHP6SLHO8QGZHQQGLHVHU 0RUGlKGLHVH7DWDQGLHgIIHQWOLFKNHLWGULQJWYHUOLHUHQZLU XQWHU8PVWlQGHQEHLGHXQVHUHQ-RE© 'HU3IOHJHUQLFNWHHLIULJ 5DPRQ&D]DOLVVFKOXJGHP0DQQDXIGLH6FKXOWHUª'DVZlU V GDQQZRKO© ª-D'RNWRU8QGHQWVFKXOGLJHQ6LHQRFKPDOVGDLFK© ª$EHUGDVZDUGRFK,KUH3IOLFKW,FKKlWWHHV,KQHQVHKUEHO JHQRPPHQZHQQ6LHPLUGLHVHDEVFKHXOLFKH7DWQLFKWJHPHOGHW KlWWHQ© 'HU3IOHJHUJLQJEHUXKLJWGDYRQ &D]DOLVZDUWHWHQRFKELVHUXPGLHQlFKVWH%LHJXQJYHU VFKZXQGHQZDUXQGKXVFKWHGDQQZLHGHU]XUFNLQVHLQ%UR (UKDWWHGLH7UZlKUHQGGHV*HVSUlFKVJHVFKORVVHQJHKDOWHQ GDGHU3IOHJHUNHLQHQ%OLFNLQGDV=LPPHUZHUIHQNRQQWH
&D]DOLVGLHVHU7HXIHOKDWWHVLFKGHQ3IOHJHUVFKRQDOVQHXHV 2SIHUDXVJHZlKOW 1DFK-RKQ6LQFODLU 'HU2EHULQVSHNWRUODJQRFKLPPHUVRDXIGHP%RGHQZLH &D]DOLVLKQYHUODVVHQKDWWH &D]DOLVKDWWHGLH6SULW]HDOVHVNORSIWHZLHGHULQVHLQH.LWWHO WDVFKHJHVWHFNW-HW]WKROWHHUVLHKHUYRU ª1XQKLOIWGLUQLHPDQGPHKU2EHULQVSHNWRU©&D]DOLVNLFKHUWH E|VH 'HU$UPPLWGHU6SLW]HQlKHUWHVLFK-RKQV]XP7HLOHQWEO|WHU %UXVW 'DH[SORGLHUWHGHU2EHULQVSHNWRULPZDKUVWHQ6LQQHGHV :RUWHV 0LWXQJHKHXUHU:XFKWIHJWHVHLQH+DQGNDQWHJHJHQGHQ$UP PLWGHU6SULW]H &D]DOLVZXUGHY|OOLJEHUUDVFKW'LH6SULW]HIORJLKPDXVGHQ )LQJHUQSUDOOWHJHJHQGLH:DQGXQG]HUEUDFKPLWHLQHPVDWWHQ *HUlXVFKDXIGHP%RGHQ'LHJHOEOLFKH)OVVLJNHLWKLQWHUOLH EHUDOONOHLQH)OHFNHQ -RKQKDWWHYLHO:XFKWLQGHQ6FKODJJHOHJW&D]DOLVZDU]XUFN JHZRUIHQZRUGHQ(UODJNHXFKHQGDP%RGHQXQGKLHOWVLFKGHQ $UP $EHUDXFKGHU2EHULQVSHNWRUZDUQRFKQLFKWYROOGD(UZDU HUVWYRUZHQLJHQ$XJHQEOLFNHQDXVGHU%HZXWORVLJNHLWHUZDFKW 8QGGLHVKDWWHHUDXFKQXUVHLQHUHLVHUQHQ.RQVWLWXWLRQ]XYHU GDQNHQ (LQ6FKZlFKHUHUZlUHOlQJHUEHZXWORVJHEOLHEHQ -RKQYHUVXFKWHPLWDOOHU.UDIWDXIGLH%HLQH]XJHODQJHQ1RFK GUHKWHVLFKDOOHVYRUVHLQHQ$XJHQ (UTXlOWHVLFKDXIGLH.QLHVWW]WHVLFKPLWEHLGHQ+lQGHQDE $EHUDXFK&D]DOLVHUNDQQWHLQZHOFKHLQHU/DJHVLFKVHLQ *HJQHUEHIDQG(UYHUELGLH6FKPHU]HQXQGWDXPHOWHKRFK(V PXWHLKPJHOLQJHQDQVHLQHQ6FKUHLEWLVFK]XNRPPHQ'RUW ODJHQVHLQHXQG-RKQV3LVWROH -RKQ6LQFODLUEHPHUNWHGLH$EVLFKWXQGKHFKWHWHYRU6HLQH )LQJHUXPNODPPHUWHQ&D]DOLV UHFKWHQ.Q|FKHO
'HU$U]WYHUORUGDV*OHLFKJHZLFKW(UUXGHUWHPLWGHQ$UPHQ XQGILHO *HQDXDXIVHLQHQ$UP 6FKPHU]JHEUOOKDOOWHGXUFKGDV%UR -RKQOLHGHQ.Q|FKHOQLFKWORV(UGUHKWHGDUDQXQG&D]DOLV PXWHVLFK]ZDQJVOlXILJDXIGHQ5FNHQZHUIHQ (UWUDWPLWGHPDQGHUHQ%HLQQDFK-RKQXQGWUDILKQDP.RSI -RKQ6LQFODLUNRQQWHQLFKWVFKQHOOJHQXJDXVZHLFKHQ'LH 6FKXKVRKOHUDWVFKWHDQVHLQHP2KUHQWODQJ(VWDWK|OOLVFKZHK 7URW]GHPOLHGHU2EHULQVSHNWRUQLFKWORV 'LHEHLGHQ0lQQHUNlPSIWHQYHUELVVHQ:lUH-RKQLP9ROO EHVLW]VHLQHU.UlIWHJHZHVHQKlWWHLKPHLQ0DQQZLH&D]DOLV NHLQH6FKZLHULJNHLWHQEHUHLWHW6RDEHUZXUGHHVHLQP|UGH ULVFKHUPLWDOOHQ7ULFNVJHIKUWHU.DPSI 6FKOLHOLFKJHODQJHV-RKQ&D]DOLVDXIGHQ%RGHQ]XGUFNHQ (UKDWWHVHLQHQUHFKWHQ8QWHUDUPJHJHQ&D]DOLV +DOVJHSUHW 9HUJHEOLFKVWHPPWHVLFKGHU$U]WJHJHQGHQ*ULIIDQ ª*LEDXI©NHXFKWH-RKQ &D]DOLVVSLHLKPLQV*HVLFKW -RKQZROOWHGHQ.RSIQRFKZHJGUHKHQ(VJHODQJLKPDEHU QLFKW'XUFKGLHVH%HZHJXQJORFNHUWHHUXQZLOONUOLFKGHQ*ULII 0LW]ZHLEOLW]VFKQHOOHQXQGJHPHLQHQ.QLHVW|HQNRQQWHVLFK &D]DOLVDXVGHP:UJHJULIIEHIUHLHQ -RKQ6LQFODLUVW|KQWHYRU6FKPHU]DXI0LWEHLGHQ+lQGHQKLHOW HUVLFKGHQ8QWHUOHLE 'U&D]DOLVVWLHHLQ+RKQJHOlFKWHUDXV(UVFKQHOOWHDXIGLH %HLQH(VZDUHLQ:XQGHUZLHYLHO.UDIWQRFKLQGHP0DQQ VWHFNWH 0LW5LHVHQVlW]HQKHW]WHHUDXIGHQ6FKUHLEWLVFK]XJULIILQGLH RIIHQVWHKHQGH/DGHXQGKLHOWSO|W]OLFK-RKQ6LQFODLUV3LVWROHLQ GHU+DQG ª-HW]WELVWGXGUDQ©EUOOWHHU &D]DOLVVSUDQJXPGHQ6FKUHLEWLVFKKHUXPXQGOHJWHDXI-RKQ 6LQFODLUDQ (VJLQJXP6HNXQGHQEUXFKWHLOH 8QGQXQ]HLJWHVLFKZHOFKHLQ)LJKWHU-RKQ6LQFODLUZDU(U
VDKGD&D]DOLVDXIHLQHU7HSSLFKEUFNHVWDQGXQGGDVLFKGDV HLQH(QGHGHV7HSSLFKVGLUHNWYRU-RKQEHIDQG 0LWHLQHPJHZDOWLJHQ5XFN]RJ-RKQ6LQFODLUDQGHP7HSSLFK 6HLQH%HZHJXQJZDUVRVFKQHOOGD&D]DOLVVLHNDXPYHUIROJHQ NRQQWH :LHYRP.DWDSXOWDEJHIHXHUWIORJHUQDFKKLQWHQ6HLQEHU UDVFKHQGHU6FKUHLJLQJLQGHP/DXWXQWHUPLWGHPHUDXIGHQ %RGHQSUDOOWH (KHVLFK&D]DOLVKHUXPZlO]HQNRQQWHZDU-RKQKHUDQ(UKDWWH DOOVHLQH.UlIWHNRQ]HQWULHUWXQGMDJWH&D]DOLVPLWHLQHP7ULWWGLH 3LVWROHDXVGHU+DQG 'DQQZDUGHUYHUEUHFKHULVFKH$U]WVHOEVWDQGHU5HLKH0LW GUHLJH]LHOWHQZLUNXQJVYROOHQ6FKOl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|IIQHWHGLH$XJHQXQGHUNDQQWHGXUFKGHQ:DVVHUVFKOHLHU VHLQHQ*HJQHU-RKQ6LQFODLU 'HU2EHULQVSHNWRUKLHOWGLH3LVWROHLQGHU5HFKWHQ'LH 0QGXQJ]HLJWHDXI&D]DOLV %UXVW 'HU$U]WVFKLHOWHDXIGLH6FKUHLEWLVFKVFKXEODGH -RKQOlFKHOWHZLVVHQGª)DOOV6LH,KUH3LVWROHVXFKHQLFKKDEH PLUHUODXEWVLHHLQ]XVWHFNHQ©-RKQNORSIWHDXIVHLQH-DFNHQ WDVFKH(UKDWWHGLH:DIIHWDWVlFKOLFKHLQJHVWHFNWEHYRUHUJHJDQ JHQZDUXPGDV*ODV:DVVHU]XKROHQ ª8QGMHW]WZHUGHQ6LHPLUGRFKEHVWLPPWHLQLJHV]XHU]lKOHQ KDEHQ'U&D]DOLV©VDJWH-RKQXQGKREGLH3LVWROHHLQZHQLJDQ GDPLWGHU$U]WJHQDXLQGLH0QGXQJEOLFNHQNRQQWH
5DPRQ&D]DOLVILQJVLFKEHUUDVFKHQGVFKQHOO(U]DXEHUWHVRJDU VRHWZDVZLHHLQ/lFKHOQDXIVHLQHVWULFKGQQHQ/LSSHQ(LQHQ VS|WWLVFKHQ%OLFNDXIGLH3LVWROHZHUIHQGPHLQWHHUª'DVLVW $XVVDJHHUSUHVVXQJ+HUU2EHULQVSHNWRU© -RKQKREGLH6FKXOWHUQª1HKPHQ6LHHVZLH6LHZROOHQ'LH :DIIHVROO6LHQXUYRUZHLWHUHQ'XPPKHLWHQEHZDKUHQ$EHU LQGLHVHP)DOOJHKWHVXPPHKUDOVXP$XVVDJHHUSUHVVXQJ 1HXQ0HQVFKHQVLQGEHVWLDOLVFKHUPRUGHWZRUGHQ8QG6LH 'U&D]DOLVKlQJHQLQGLHVHU0RUGVHULHGULQ,FKQHKPHVRJDU VWDUNDQGDDOOHVQXUQDFK,KUHP:LOOHQJHVFKHKHQLVW'DGHU RGHUGLH0|UGHUJDUQLFKWVGDYRQJHZXWKDEHQ8QGGDNRP PHQ6LHPLUQRFKPLWHLQHUEURNUDWLVFKHQ/DSSDOLH)UZHQ KDOWHQ6LHPLFK'RNWRU"© ª)UHLQHQPLHVHQ6FKQIIOHUGDVKDEHLFK,KQHQMDVFKRQ JHVDJW© -RKQEHUK|UWHGLHVH$QWZRUW6FKDUIVDJWHHUª$OVRZDVZLUG KLHUJHVSLHOW"2GHUZROOHQ6LHHVHUVWDXIHLQH'XUFKVXFKXQJ DQNRPPHQODVVHQ"© &D]DOLV 6LFKHUKHLWEOlWWHUWHDEZLHGHU3XW]YRQHLQHPDOWHQ +DXV(UVHQNWHGHQ.RSIXQGSUHWHGLH/LSSHQ]XVDPPHQ -RKQVDKI|UPOLFKZLHHVKLQWHUGHU6WLUQGHV0DQQHVDUEHLWHWH *DEHUMHW]WDXI" 'HU2EHULQVSHNWRUOLHLKP=HLW 6WLOOZDUHVLQGHP%UR'LH0LQXWHQWURSIWHQGDKLQ'UDXHQ JLQJEHUHLWVGLH6RQQHXQWHU-RKQVWDQGDXIWUDWDQV)HQVWHUXQG ]RJGLH5ROOlGHQKRFK-HW]WGUDQJZHQLJVWHQVQRFKHWZDV7DJHV OLFKWLQGDV=LPPHU -RKQVHW]WHVLFKZLHGHU(UZROOWHJHUDGHHLQH)UDJHVWHOOHQGD KRE&D]DOLVGHQ.RSI(LQVFKZHUHU$WHP]XJGXUFKEUDFKGLH 6WLOOH ª,FKKDEHPLFKHQWVFKORVVHQ]XUHGHQ:DVZROOHQ6LHZLVVHQ"© &D]DOLV 6WLPPHNODQJEHOHJW ª$OOHV© &D]DOLVVFKOXFNWHVFKZHUXQGULHEVLFKEHUGDVVFKZHLQDVVH *HVLFKWª-D©VDJWHHUªLFKKDEHHLQ6HUXPHQWZLFNHOWGDVDXV 0HQVFKHQ:HUZ|OIHPDFKW-DKUHODQJKDEHLFKPLFKPLWGHP
*HELHWGHU/\NDQWKURSLHEHVFKlIWLJW=XHUVWQXUDXVUHLQHP +REE\DEHUGDQQZXUGHHV]XHLQHU%HVHVVHQKHLW,FKKDEHGDIU JHVRUJWGDLFKLQGLHVH.OLQLNKLHUNDP6LHLVWVHKUDEJHOHJHQ XQGQLHPDQGIUDJWGDQDFKZRPLWPDQVLFKEHVFKlIWLJW,FKELQ DXFKPLWHLQLJHQ$UWLNHOQDQGLHgIIHQWOLFKNHLWJHWUHWHQKDEH MHGRFKQXU+RKQXQG6SRWWJHHUQWHW© &D]DOLVOHJWHHLQHNOHLQH3DXVHHLQXQGUHGHWHGDQQZHLWHU ª6FKOLHOLFKZDUHVVRZHLW,FKKDWWHGDV6HUXP,FKVSULW]WHHV GHPHUVWHQ0HQVFKHQHLQ(VZDUHLQ,UUHU'DV6HUXPVFKOXJDXI GHU6WHOOHDQ'HU,UUHEHJDQQVLFK]XYHUZDQGHOQ(UZXUGH]X HLQHP:HUZROI,FKOLHLKQIUHLUDXVDXVGHU.OLQLN(UNDP ]XUFNXQGKDWWHJHPRUGHW'DVJDEPLU0XW-HW]WSURELHUWHLFK GDV6HUXPDQY|OOLJQRUPDOHQ0HQVFKHQDXV,FKKDWWHVLHNXU ]HUKDQGJHNLGQDSSW$XFKKLHUKDWWHLFK(UIROJH$OOHUGLQJVGDX HUWHHVEHLGHQ*HVXQGHQHWZDVOlQJHU(UVWEHLPGULWWHQRGHU YLHUWHQPDOVFKOXJGDV6HUXPULFKWLJDQ$EHUDXFKVLHPRUGHWHQ 1DFKHLQHU6WXQGHMHZHLOVVHW]WHGDQQLPPHUGLH 5FNYHUZDQGOXQJHLQ'LH:HUZ|OIHZXUGHQZLHGHU]XQRUPD OHQ0HQVFKHQ6LHKDWWHQDOOHVYHUJHVVHQ8QGLFKZDUGHUXQJH NU|QWH.|QLJ(VJLQJHLQLJH=HLWJXW'LH0HQVFKHQLPQDKHQ 'RUIKDWWHQ$QJVW1DWUOLFKYHUGlFKWLJWHPDQGLH,QVDVVHQGHU .OLQLNDEHUHLQHQNRQNUHWHQ%HZHLVJDEHVQLFKW-DGLH/HXWH KWHWHQVLFKVRJDUGLH3ROL]HLHLQ]XVFKDOWHQ'HQQVRJDUVLHKLQ JHQPLWGULQ© ª:LHVROOLFKGDVYHUVWHKHQ"© ª:HUGHQ6LHJOHLFK+HUU2EHULQVSHNWRU$EHUZLHVLQG6LH HLJHQWOLFKDXIPHLQH6SXUJHNRPPHQ"© ª'XUFKGHQ%ULHIHLQHV.VWHUV'HU0DQQVWDPPWHDXV +DZLFN6RYLHOLFKYRQGHQ'RUIEHZRKQHUQJHK|UWKDEHLVWHU WRW© ª-DHUZDUGDVOHW]WH2SIHU(UZROOWHZRKOEHVRQGHUVVFKODX VHLQ*HQDXZLHGLHVHU%HQ6WURP© ª:HULVWGDVVFKRQZLHGHU"© ª(LQMXQJHU0DQQDXV+DZLFN(UVXFKWHPLFKYRUHLQLJHQ 6WXQGHQDXIXQGEHGURKWHPLFKPLWGHU:DIIH:LH6LH1XUKDWWH HUVFKOHFKWH1HUYHQ,FKKDEHXQWHUPHLQHP6FKUHLEWLVFKHLQ
$ODUPVLJQDOJHGUFNWXQGGDQQVLQG]ZHLPHLQHU/HXWHJHNRP PHQ© -RKQV+DOWXQJVSDQQWHVLFKXQZLOONUOLFK &D]DOLVOlFKHOWHª.HLQH$QJVW+HUU2EHULQVSHNWRU%HL,KQHQ ZUGHGHU7ULFNQLFKW]LHKHQ,FKKDEHPHLQH&KDQFHYHUVSLHOW LFKZHLHV$EHUZHLWHU'LHVHU6WURPZXUGHDOVRYRQPHLQHQ /HXWHQEHUZlOWLJW,FKKDWWHGLHVPDODOOHUGLQJVQLFKWYRULKQ ]XPHLQHP2SIHU]XPDFKHQVRQGHUQLFKZROOWHPHLQHQGUHL VSH]LHOOHQ)UHXQGHQHLQH)UHXGHJ|QQHQ,FKKDWWHGUHL :HUZ|OIH%HLGLHVHQIUKHUHQ0HQVFKHQLVWGDV6HUXPVR DQJHVFKODJHQGDVLHIULPPHU:HUZ|OIHEOHLEHQZHUGHQ)U VLHJLEWHVNHLQ=XUFNPHKU8QG%HQ6WURPZROOWHLFKLKQHQ SUDNWLVFKVFKHQNHQXPVLHEHL/DXQH]XKDOWHQ© &D]DOLVEHJDQQ]XODFKHQ -RKQ6LQFODLUSUHWHGLH=lKQH]XVDPPHQ(UPXWHVLFK EHKHUUVFKHQ'LHVHP0DQQEHGHXWHWHHLQ0HQVFKHQOHEHQJDU QLFKWV1LFKWPHKUDOVHLQHOHHUH.RQVHUYHQGRVHGLHPDQPLWGHQ )HQDXVGHP:HJWULWW 5DPRQ&D]DOLVUHGHWHZHLWHUª6WURPEHUOHEWH$EHUQLFKW GXUFKHLJHQH.UDIWZLHLFKMHW]WZHL-HPDQGKDWLKQEHIUHLW 8QGZLVVHQ6LHZHU"© -RKQVFKWWHOWHGHQ.RSI ª,KUH)UHXQGLQ9LYLDQ'HODQRGLHVHV%LHVW6LHZROOWH%HQ 6WURPIUVLFKKDEHQ© ª:LHKlQJWGDVGHQQ]XVDPPHQ"© &D]DOLVODFKWHª'DVPVVHQ6LHVFKRQVHOEVWKHUDXVILQGHQ :lKUHQGLFK,KQHQGDYRQHU]lKOWKDEHKDEHLFKHLQH=\DQ NDOLNDSVHO]HUELVVHQ,FKKDEHQXUQRFK6HNXQGHQ]XOHEHQ 'HQNHQ6LHGDUDQ9LYLDQ'HODQRVLHLVWDXFKGDV'RUIGLH 0lQQHU© &D]DOLVEHJDQQSO|W]OLFKQDFK/XIW]XVFKQDSSHQ -RKQVSUDQJDXI(UZROOWHHLQHQ$U]WKROHQ ª1HLQ©NHXFKWH&D]DOLVPLWOHW]WHU.UDIWª,FKLFKZHLZDV 6LHYRUKDEHQ0LUPLUQW]WNHLQ$U]WPHKU,FK© &D]DOLV *HVLFKWOLHIEODXDQ:HLWWUDWHQVHLQH$XJHQDXVGHQ +|KOHQ
,QHLQHU5HIOH[EHZHJXQJULVLFKGHU$U]WGLHREHUVWHQ +HPGHQNQ|SIHDXI*OHLFK]HLWLJElXPWHHUVLFKDXIVHLQHP6WXKO KRFKVDFNWHMHGRFKJOHLFKGDUDXIZLHGHU]XVDPPHQ1RFKHLQ OHW]WHVYHU]ZHLIHOWHV/XIWKROHQGDQQZDUHVYRUEHL /DQJVDPNLSSWH&D]DOLV 2EHUN|USHUQDFKYRUQ0LWGHU6WLUQ ILHOHUDXIGLH6FKUHLEWLVFKSODWWH -RKQ6LQFODLUVWHFNWHVHLQH3LVWROHZHJ'DQQVFKREHUGHQWRWHQ &D]DOLVHWZDV]XU6HLWHXPDQGLH6FKXEODGH]XJHODQJHQ (U]RJVLHDXI 1RFK]ZHL6SULW]HQILHOHQLKPLQV$XJH6LHVDKHQVRDXVZLH GLHPLWGHUHUEHKDQGHOWZHUGHQVROOWH -RKQQDKPGLH6SULW]HQXQGZDUIVLHLQGDV:DVFKEHFNHQ(U OLHGDV:DVVHUODXIHQVRGDGLHJHIlKUOLFKH)OVVLJNHLWLQGHQ $XVJXJHVSOWZXUGH 'DQQULHI-RKQGLHQlFKVWH3ROL]HLGLHQVWVWHOOHDQ (UUHGHWHHWZD]ZDQ]LJ0LQXWHQELVHUGLH=XVLFKHUXQJGHV ]XVWlQGLJHQ,QVSHNWRUVKDWWHPLWHLQHU$Q]DKO%HUHLWVFKDIWV EHDPWHQDQ]XUFNHQ -RKQKDWWHQlPOLFKYRUGLH.OLQLNKLHUXQWHU4XDUDQWlQH]X KDOWHQELVDOOHVUHVWORVJHNOlUWZDU (LQ9HU]HLFKQLVGHULQGHU.OLQLNDUEHLWHQGHQbU]WHIDQG-RKQ XQWHUGHU6FKUHLEWLVFKXQWHUODJH(UZlKOWHGLH1XPPHUHLQHV JHZLVVHQ'U0RUURZ-RKQKRIIWHQXUGD&D]DOLVDXIHLJHQH )DXVWJHDUEHLWHWKDWWH 'U0RUURZYHUVSUDFKVRVFKQHOOZLHP|JOLFK]XNRPPHQ 'HU$U]WHQWSXSSWHVLFKDOVHLQPLWWHOJURHU0DQQPLWHLQHU +DOEJODW]H$OVHUGHQWRWHQ&D]DOLVVDKYHUORUVHLQ*HVLFKWGLH )DUEH -RKQJDEGLHZLFKWLJVWHQ(UNOlUXQJHQ 'U0RUURZNRQQWHQXULPPHUZLHGHUIDVVXQJVORVPLWGHP .RSIVFKWWHOQ ª6LHVLQGPLUGDIUYHUDQWZRUWOLFKGDQLHPDQGGLHVHV =LPPHUKLHUEHWULWW©VDJWH-RKQª(VVHLGHQQMHPDQGYRQGHU 3ROL]HL© 'U0RUURZVDK-RKQXQJOlXELJDQª-DZROOHQ6LHGHQQQLFKW KLHUEOHLEHQ"©
ª1HLQ,FKKDEHQRFKHWZDV]XHUOHGLJHQNRPPHDEHULP/DXIH GHU1DFKWZLHGHU© ª:LVVHQGLH%HDPWHQGHQQJHQDX%HVFKHLG"© ª-D© ª(QWVFKXOGLJHQ6LHDEHULFKELQ]LHPOLFKGXUFKHLQDQGHU© -RKQOlFKHOWHGHP$U]WDXIPXQWHUQG]XXQGYHUOLHGDQQGDV %UR ,QGHU.OLQLNKHUUVFKWH8QUXKH6FKZHVWHUQXQG3IOHJHUOLHIHQ DXIJHUHJWXPKHU-RKQZXUGHPHKUPDOVDXIJHKDOWHQXQGJHIUDJW GRFKHUJDENHLQH$QWZRUW 'HU2EHULQVSHNWRUKDWWHHVHLOLJ (UIKOWHZLHVHLQH1DUEHDXIGHUUHFKWHQ:DQJHZLHGHU]X EUHQQHQEHJDQQ%HL-RKQLPPHUHLQ=HLFKHQLQQHUHU(UUHJXQJ 'LHVHU)DOOZDUQRFKOlQJVWQLFKWDEJHVFKORVVHQ1RFKJDEHVHLQ DQGHUHV5lWVHO'DV5lWVHOXP%HQ6WURPHLQHQMXQJHQ0DQQ :DVKDWWHHUPLWGHU*HVFKLFKWH]XWXQ" $OV-RKQGLH.OLQLNYHUOLHZDUHVEHUHLWVGXQNHO'HU2EHU LQVSHNWRUEOLFNWHDXIVHLQH8KU6FKRQEDOGKDOEHOI -RKQ6LQFODLUVHW]WHVLFKLQVHLQHQ:DJHQ'LHTXlOHQGH8QUXKH ZXUGHLPPHUVWlUNHU :DVPRFKWHGLHVH1DFKWQRFKEULQJHQ" ,PPHUPHKUVSUWH%HQ6WURPGLHVHQ'UDQJ8QUXKLJJLQJGHU +RO]IlOOHULQVHLQHP=LPPHUDXIXQGDE(UNRQQWHGLH=HLWELV 0LWWHUQDFKWNDXPHUZDUWHQ(UEHIDQGVLFKLQHLQHPUHJHOUHFKWHQ 5DXVFK ,QGHUXQWHUHQ(WDJHK|UWHHUVHLQH6FKZHVWHULQGHU.FKHKDQ WLHUHQ6LHKDWWHGDV5DGLRHLQJHVFKDOWHW'HU6HQGHUEUDFKWH 6FKODJHUPXVLN'LH0HORGLHQZDUHQKLHUREHQVRJXWZLHNDXP ]XK|UHQ %HQ6WURPUDXFKWH(WZDVZDVHUVRQVWVHOWHQWDW$EHUGLHVHV URWKDDULJH:HLEKDWWHLKQYHUUFNWJHPDFKW6HLQQRUPDOHU 9HUVWDQGZDUY|OOLJODKPJHOHJW $QGLHZDUQHQGHQ:RUWHGHV3IDUUHUVGDFKWHHUQLFKWPHKU 0HLQ*RWWZLHODQJHZDUGDVVFKRQKHU"
6FKOLHOLFKKLHOWHV%HQQLFKWPHKUDXV'UDXHQZDUHVEHUHLWV GXQNHODOVHUGLH=LPPHUWUKLQWHUVLFKVFKOR 8QWHQLP)OXUZDUWHWHVHLQH6FKZHVWHU6LHKDWWHJHK|UWGD %HQGLH7UHSSHKLQXQWHUJHVWLHJHQZDU ª:RZLOOVWGXKLQ"©IUDJWH:DQGD6WURPODXHUQG ª'DVKDEHLFKGLUGRFKVFKRQJHVDJW© ª'XZLOOVWDOVRQLFKWDXIPHLQHQ5DWK|UHQ© ª1HLQXQGQRFKPDOVQHLQ,FKELQPHLQHLJHQHU+HUU8QG YHUVXFKHQXUQLFKWPLFK]XKLQGHUQ© :DQGD6WURPZLFKHLQSDDU6FKULWWH]XUFN'LHVHQ7RQKDWWH VLHEHLLKUHP%UXGHUQRFKQLHJHK|UWª+LPPHO%HQGDV:HLE KDWGLFKMDY|OOLJYHUUFNWJHPDFKW© ª$FKZDVZHLWGXVFKRQGDYRQ©NQXUUWHGHU+RO]IlOOHUXQG VWLHVHLQH6FKZHVWHU]XU6HLWHª*HKDXVGHP:HJ]XP7HXIHO© %HQ6WURPOLHIDXIGLH+DXVWU]X*HUDGHDOV%HQVLHDXIUL VFKOXJGLHDOWPRGLVFKH.OLQJHODQ'HU3IDUUHUVWDQGDXIGHU 6FKZHOOH %HQZDUVREHUUDVFKWZLHHU'RFKGHU+RO]IlOOHUILQJVLFK VFKQHOOHUª/DVVHQ6LHPLFKGXUFK©ULHIHUE|VH 'HU3IDUUHUWUDW]XU6HLWH %HQUDQQWHDQLKPYRUEHLLQGLH1DFKWKLQDXV :DQGD6WURPUDQJGLH+lQGHª+ROHQ6LHLKQ]XUFN+HUU 3IDUUHU%LWWHKROHQ6LHLKQ]XUFN© 3IDUUHU+DUNHUOlFKHOWHª1XQEHUXKLJHQ6LHVLFK0LVV6WURP :DVLVWGHQQEHUKDXSWJHVFKHKHQ"© ª:DVJHVFKHKHQLVW"©ZLHGHUKROWHGLH)UDXVFKULOOª(UOlXIW ZHJ8QGZLVVHQ6LHZRKLQ=XGHPURWKDDULJHQ:HLE=XGLHVHU bU]WLQ(UZLOOVLHKHXWHQDFKWWUHIIHQ'LHVH)UDXEULQJW8QJOFN ,FKVSUHHV© 'HQ3IDUUHUWUDIHQGLH:RUWHZLH.HXOHQKLHEH(UZXUGH ZDFKVEOHLFKXQWHUGHUJHEUlXQWHQ*HVLFKWVKDXW ª/DVVHQ6LHXQVHUVWPDOLQV+DXVJHKHQ0LVV6WURP©VDJWHHU ª'DZROOHQZLUDOOHVEHUHGHQ© 7URW]GHUWU|VWHQGHQ:RUWHNDPVLFKGHU3IDUUHUKLOIORVZLHQLH PDOVLQVHLQHP/HEHQYRU+LHUVWDQGHQ0lFKWHJHJHQLKQGHQHQ HULP$XJHQEOLFNQLFKWVHQWJHJHQ]XVHW]HQKDWWH
-RKQ6LQFODLUIDQGGDV+DXVLQGHP%HQ6WURPZRKQWHHUVW QDFKHLQLJHP6XFKHQ(UKDWWHHLQSDDU'RUIEHZRKQHUJHIUDJW GRFKGLHXQIUHXQGOLFKHQ$XVNQIWHKDWWHQLKPNDXPZHLWHU JHKROIHQ -RKQIXKUODQJVDP'HU%HQWOH\ZLUNWHLQGHPJRWWYHUODVVHQHP 2UWZLHHLQ)UHPGN|USHU+LHUEHVWLPPWHQQRFK7UDNWRUHQRGHU XUDOWH3NZ0RGHOOHGDV6WUDHQELOG 'LH6FKHLQZHUIHUULVVHQHLQJURHV/RFKLQGLH'XQNHOKHLW:LH JLHULJHODQJH)LQJHUVWULFKHQVLHDQGHQ+DXVZlQGHQHQWODQJ,P 'RUIVHOEVWZDUHVUXKLJ6RJDUGHU*DVWKRIKDWWHJHVFKORVVHQ 9HUHLQ]HOWEUDQQWHLQGHQ+lXVHUQ/LFKW8QGDOVIDKOHV=HQWUXP SUDQJWHGLH6FKHLEHGHV9ROOPRQGHVDP)LUPDPHQW -RKQ6LQFODLUOLHVHLQHQ:DJHQODQJVDPDXVUROOHQ(UEUDFKWH LKQGLUHNWYRU6WURPV+DXV]XP6WHKHQ'DV+DXVVHOEVWZDUHLQ VW|FNLJZLHIDVWDOOH*HElXGHKLHU(VZDUDXFKMHPDQGGD-RKQ NRQQWHGLH8PULVVH]ZHLHU3HUVRQHQKLQWHUGHPHUOHXFKWHWHQ )HQVWHULP(UGJHVFKRVHKHQ 'HU2EHULQVSHNWRUO|VFKWHGLH6FKHLQZHUIHUXQGVWLHJDXV0LW WLHIHQ=JHQVRJHUGLHIULVFKH1DFKWOXIWLQGLH/XQJHQ 'LH+DXVWUKDWWHHLQHDOWPRGLVFKH'UHKNOLQJHO'DVVFKULOOH *HUlXVFKZDUVRJDUKLHUGUDXHQJXW]XK|UHQ 6FKQHOOH6FKULWWHQlKHUWHQVLFK 'DQQZXUGHGLH7UDXIJH]RJHQª%HQHLQ*OFN© 'LH)UDXHQVWLPPHYHUVWXPPWH6FKUHFNKDIWJHZHLWHWH$XJHQ VWDUUWHQ-RKQ6LQFODLUDQ -RKQOlFKHOWHIUHXQGOLFKXQG]HLJWHGDQQVHLQHQ$XVZHLV'LH VFKRQHWZDVlOWHUH)UDXODVLKQLP/LFKWGHU)OXUODPSH ª6LHVLQGYRQGHU3ROL]HL"©IUDJWHVLHXQGJDE-RKQGHQ $XVZHLV]XUFN ª-D0DGDP$EHUGDUILFKHLQWUHWHQ"© ª%LWWH©'LH)UDXJDEGHQ:HJIUHL -RKQEHGDQNWHVLFKPLWHLQHP.RSIQLFNHQ $XVGHP+LQWHUJUXQGGHV)OXUHVWUDWHLQ0DQQDXI-RKQ 6LQFODLU]X$QGHU.OHLGXQJHUNDQQWHGHU2EHULQVSHNWRULQLKP HLQHQ3IDUUHU %HLGHVRZRKOGHU3IDUUHUDOVDXFKGLH)UDXZLUNWHQYHUVW|UW
-RKQEHVFKORRKQHJURH9RUUHGHGLUHNW]XU6DFKH]XNRP PHQª,VW0U6WURP]XVSUHFKHQ"©IUDJWHHU 'LH)UDXVFKWWHOWHGHQ.RSIXQGVHQNWHGDQQGHQ%OLFN -RKQPHUNWHVRIRUWGDHWZDVQLFKWVWLPPWHª:LVVHQ6LHGHQQ ZDQQHU]XUFNNRPPW"© ª1HLQ© -RKQVIUDJHQGHU%OLFNWUDIGHQ3IDUUHUGRFKDXFKGHU]XFNWH PLWGHQ6FKXOWHUQ ª'LHVHU+HUULVWYRQGHU3ROL]HL©VDJWH:DQGD6WURPXQG]X -RKQ6LQFODLUJHZDQGWª,FKELQ%HQ6WURPV6FKZHVWHU© %HLGHP:RUW3ROL]HLKHOOWHVLFKGDV*HVLFKWGHV3IDUUHUVDXI ª$EHUNRPPHQ6LHGRFKKHUHLQ0LVWHU© ª2EHULQVSHNWRU6LQFODLU© ª%LWWH+HUU2EHULQVSHNWRU© 'HU3IDUUHUXQG:DQGD6WURPIKUWHQ-RKQLQGDV:RKQ ]LPPHU(VZDUHLQIDFKHLQJHULFKWHWGRFKDOOHVEOLW]WHYRU 6DXEHUNHLW ª7MD+HUU2EHULQVSHNWRUZDVN|QQHQZLUIU6LHWXQ"©IUDJWH GHU3IDUUHU ª,FKKlWWHMDOLHEHUPLW0U6WURPSHUV|QOLFKJHVSURFKHQDEHU GDVLVWZRKOQLFKWP|JOLFK(VJHKWXPIROJHQGHV©6FKQHOOXQG SUl]LVHEHULFKWHWH-RKQYRQVHLQHQ(UOHEQLVVHQXQG9HU PXWXQJHQ 'LHEHLGHQ0HQVFKHQK|UWHQVFKZHLJHQG]X+LQXQGZLHGHU QLFNWHGHU3IDUUHUEHVWlWLJHQG :DQGD6WURPKDWWHVLFKLQHLQHQ6HVVHOJHVHW]WXQGGLH+lQGH LQGHQ6FKRJHOHJW,KU%OLFNVFKLHQLQXQHQGOLFKH)HUQHQ]X VFKZHLIHQ 6FKOLHOLFKZDU-RKQIHUWLJ (VHQWVWDQGHLQHNOHLQH3DXVH'DQQEHJDQQGHU3IDUUHU]X UHGHQª,FKZXWHQLFKWGDPHLQ.VWHUHLQHQ%ULHIDQ6LH JHVFKULHEHQKDW,FKKlWWHDXFKQLHJHGDFKWGDHUGD]XGHQ0XW DXIEULQJHQZUGH0XWGHUPLUJHIHKOWKDW$EHUGDVVSLHOWMHW]W NHLQH5ROOH6LHKDEHQ*OFN0U6LQFODLUGDLFKJHUDGHKLHU ZDU,FKZROOWH%HQ6WURPHEHQIDOOVZDUQHQQLFKWV8QEHUOHJWHV ]XWXQ,FKKDWWHHLQODQJHV*HVSUlFKPLWLKP$EHUODVVHQZLU
GDV'LHVHV'RUI+HUU2EHULQVSHNWRULVWYHUIOXFKW(LQJUDX VDPHV6FKLFNVDOKDW]Z|OIXQVHUHUPlQQOLFKHQ(LQZRKQHUJHWURI IHQ9LHOOHLFKWLVW%HQ6WURPMHW]WGHUGUHL]HKQWH,FKZLOOHV,KQHQ HUNOlUHQ9RU-DKUHQKDWHVKLHULQGHU*HJHQGHLQPDO:HUZ|OIH JHJHEHQ0DQKDWVLHGDQQLUJHQGZLHDXVJHURWWHWGRFKGHQ $QIKUHUQLFKWJHIDW(VKHLWGDGHU$QIKUHUPLWHLQHU)UDX HLQ.LQGJH]HXJWKDEHXQGGLHVHV.LQGVHLDXFK]XU:HOW JHNRPPHQ(VPXLP:DOGJHOHEWKDEHQGHQQPDQFKPDO KDEHQGLH+RO]IlOOHU.LQGHUVFKUHLHQJHK|UW'DQQZDUSO|W]OLFK DOOHVYRUEHL.HLQH:|OIHNHLQ.LQGHUUXIHQQLFKWVHVZDUZLH HLQH(UO|VXQJ%LVYRUHLQLJHQ0RQDWHQ© 'HU3IDUUHUWDWHLQHQWLHIHQ$WHP]XJXQGZLVFKWHVLFKPLW HLQHP7XFKGHQ6FKZHLYRQGHU6WLUQ'DQQUHGHWHHUZHLWHU ª(LQHJUDXVDPH0RUGVHULHEHJDQQ,PPHUZDUHQHV0HQVFKHQ DXVGLHVHP'RUIRGHUGHUQlKHUHQ8PJHEXQJ'HU9HUGDFKWILHO DXIGLH,UUHQDQVWDOWGLHYRU]ZHL-DKUHQJHEDXWZRUGHQZDU ,KUHQ$XVVDJHQQDFK+HUU2EHULQVSHNWRUKDWHUVLFKDXFK EHVWlWLJW'RFKGDVLVWQRFKQLFKWDOOHV:RFKHQVSlWHUILHOPLUEHL HLQHPQlFKWOLFKHQ5XQGJDQJDXIGDVLFKHLQLJH0lQQHUDXV XQVHUHP'RUILQ5LFKWXQJ:DOG]XUFN]RJHQ$QXQGIUVLFK QLFKWV%HVRQGHUHV'RFKHVZLHGHUKROWHVLFK8QGLPPHULQ 9ROOPRQGQlFKWHQ6FKOLHOLFKKDEHLFKHLQHQ0DQQYHUIROJW%LV ]XP=LHO6LHKDWWHQVLFKDXIHLQHU/LFKWXQJJHWURIIHQ$OOHZDUHQ VLHNHLQH0HQVFKHQPHKUVRQGHUQ:HUZ|OIH(LQ)HXHUORGHUWH DXIGHU/LFKWXQJ8QGPLWWHQLQGHQ)ODPPHQVWDQGGLH :HUZ|OILQ© ª+DWWHVLHURWHV+DDURGHUHLQHQURWHQ3HO]"©IUDJWH-RKQ JHSUHW ª-D© ª'DQQLVWHV9LYLDQ'HODQR©IOVWHUWHGHU2EHULQVSHNWRUUDXK 'HU3IDUUHUQLFNWHª6LHZDUGDV.LQGGDVGDPDOVJH]HXJWZRU GHQLVW'LH1DWXUKDWHLQJUDXVDPHV6SLHOJHWULHEHQ8QGGHU :LOOHGHV6DWDQVKDWGLHVH)UDXPLW'U&D]DOLV]XVDPPHQJH IKUW© ª'DEHLELQLFKQRFKJDUQLFKWVLFKHURE&D]DOLVHWZDVYRQGHP 7UHLEHQJHZXWKDW©PHLQWH-RKQ
ª(VZDUHQQXU0lQQHUDXIGHU/LFKWXQJ©VDJWHGHU3IDUUHU ª,FKKDEHJHVHKHQZLHVLHVLFK]XUFNYHUZDQGHOWHQ,FKZDUZLH JHOlKPWXQGNRQQWHQXUQRFKEHWHQ© -RKQVFKWWHOWHLPPHUZLHGHUGHQ.RSI8QJODXEKDIWZDUGDV ZDVKLHUJHVFKHKHQZDU(UVWGHUYHUEUHFKHULVFKH$U]WGHUHLQ 6HUXPHQWZLFNHOWKDWWHXQGGDQQHLQH)UDXKDOE0HQVFKKDOE 7LHU(LQHJUDXVDPH,URQLHGHV6FKLFNVDOV 'U9LYLDQ'HODQR-RKQKDWWHJHDKQWGDPLWGLHVHU)UDX HLQLJHVQLFKWVWLPPWH$EHUGDVLHGLH$QIKUHULQZDU (UPXWHVLHW|WHQ /HLVHV6FKOXFK]HQVFKUHFNWHLKQDXVVHLQHQ*HGDQNHQ-RKQ ZDQGWHGHQ.RSIXQGVDK:DQGD6WURPGLHLKU*HVLFKWLQEHLGH +lQGHYHUJUDEHQKDWWH 'HU3IDUUHUWUDW]XGHU)UDXXQGOHJWHLKUEHKXWVDPGLH+DQG DXIGHQ.RSI ª.HLQH$QJVWHVZLUGVFKRQDOOHVJXWZHUGHQ© ª8QG%HQ":HQQLKPZDVSDVVLHUW",FKZUGHPLUHLQ/HEHQ ODQJ9RUZUIHPDFKHQGDLFKLKQQLFKW]XUFNJHKDOWHQKDEH© 'HU3IDUUHUKDWWH0KHGLHZHLQHQGH)UDX]XEHUXKLJHQ-RKQ 6LQFODLUEUDQQWHGLH=HLWDXIGHQ1lJHOQ1RFKHLQHNQDSSHKDOEH 6WXQGHELV0LWWHUQDFKW (UZDQGWHVLFKDQGHQ3IDUUHUª.|QQHQ6LHPLUGHQ:HJ EHVFKUHLEHQ"© 'HU3IDUUHUEOLFNWH-RKQHUVWDXQWDQª:DVKHLWEHVFKUHLEHQ" ,FKZHUGHPLW,KQHQJHKHQ=XODQJHKDEHLFKJH]|JHUW-HW]W P|FKWHLFKGDEHLVHLQZHQQGHU6DWDQYHUOLHUW© ª'DQQGUIHQZLUNHLQH6HNXQGHPHKUYHUOLHUHQ© ª(LQHQ$XJHQEOLFNQRFK©VDJWHGHU3IDUUHUXQGYHUVFKZDQGLQ HLQHPDQGHUHQ=LPPHU $OVHUZLHGHU]XUFNNDPKLHOWHUHLQVFKOLFKWHVHWZDHLQ
1LFKWQXU%HQ6WURPZDULQGLHVHU1DFKWXQWHUZHJV$XFK]Z|OI ZHLWHUH0lQQHUKXVFKWHQZLH6FKDWWHQGXUFKGHQQDFKWGXQNOHQ :DOG:LHYRQHLQHP0DJQHWDQJH]RJHQQlKHUWHQVLHVLFKLKUHP =LHO 'LHHLQVDPH/LFKWXQJ 6LHNDPHQDXVGHQYHUVFKLHGHQVWHQ5LFKWXQJHQXQGJLQJHQ ZLHLQ7UDQFH:HQQVLHVLFKWUDIHQVSUDFKHQVLHQLFKWPDOPLW HLQDQGHU(VVFKLHQDOVKLHOWHQXQVLFKWEDUH)HVVHOQVLHJHIDQJHQ %HQ6WURPZDUEHLGHQHUVWHQ6HLQH$XJHQZDUHQVHOWVDPYHU GUHKW$XIVHLQHP*HVLFKWODJHLQJOFNOLFKHU=XJ(UGDFKWHQXU QRFKDQGLH)UDXGLHHUKHXWHQDFKWJDQ]]XEHVLW]HQKRIIWH 9HUJHVVHQZDUVHLQIUKHUHV/HEHQYHUJHVVHQVHLQH6FKZHVWHU VHLQH.ROOHJHQIULKQ]lKOWHQXUQRFK9LYLDQ'HODQR (UVSUWHQLFKWPDOGLH=ZHLJHGLHLKPZlKUHQGGHVVFKQHOOHQ *HKHQVLQV*HVLFKWVFKOXJHQ 6WRFNILQVWHUZDUHVLQGHPJURHQ:DOGJHELHW'DV0RQGOLFKW VFKDIIWHHVQLFKWGDV/DXEGDFKGHU%lXPH]XGXUFKGULQJHQ8QG GRFKIDQGMHGHUGHU0lQQHUPLWWUDXPZDQGOHULVFKHU6LFKHUKHLW VHLQ=LHO 'LH/LFKWXQJZDUHLQJURHU.UHLVZLHPLWHLQHU6FKHUH JHVFKQLWWHQ(LQGLFNHU*UDVWHSSLFKEHGHFNWHGHQ%RGHQ8P 0LWWHUQDFKWEHL9ROOPRQGILHOGDV/LFKWGHV+LPPHOVN|USHUV QDKH]XVHQNUHFKWDXIGLHVHNOHLQH/LFKWXQJXQGEHOHXFKWHWHVLH PLWVHLQHPIDKOHQJHVSHQVWLVFKHQ6FKHLQ 'HU+RO]IlOOHUHUUHLFKWHGHQ)OHFNDOVHUVWHU$QGlFKWLJEOLHEHU VWHKHQGDV*HVLFKWGHP0RQG]XJHZDQGW (UKDWWHGLH$XJHQKDOEJHVFKORVVHQXQGVFKLHQGDVIDKOH 0RQGOLFKWJHUDGH]XLQVLFKDXIVDXJHQ]XZROOHQ ,QQHUKDOEGHUQlFKVWHQ0LQXWHZDUHQDXFKGLHDQGHUHQGD 6FKZHLJHQGYHUWHLOWHQVLHVLFKDP5DQGGHU/LFKWXQJ-HGHUKDWWH LQGLHVHP.UHLVVHLQHQEHVWLPPWHQ3ODW]1XU%HQ6WURPEOLHELQ GHU0LWWHVWHKHQ(UPXWHQRFKGDV$XIQDKPHULWXDOKLQWHUVLFK EULQJHQ 8QGSO|W]OLFKZDUVLHGD9LYLDQ'HODQR 1LHPDQGKDWWHVLHJHK|UW:LHHLQ6FKDWWHQZDUVLHDXIJH WDXFKW6FK|QZLHHLQH*|WWLQVWDQGVLHYRU%HQ6WURP'LHURWHQ
+DDUHILHOHQDOV9OLHVEHULKUH6FKXOWHUQ6LHWUXJHLQZHLWHV *HZDQGZHLHU)DUEH,KU*HVLFKWZDUEOHLFKXQGGLH/LSSHQ VFKLPPHUWHQGXQNHOURW %HQ6WURPYHUJD]XDWPHQ 'LH6FK|QKHLWGLHVHU)UDXUDXEWHLKPGDVOHW]WHPHQVFKOLFKH 'HQNHQ 9LYLDQ'HODQROlFKHOWHXQG%HQ6WURPKDWWHGDV*HIKOGD GLHVHV/lFKHOQQXULKPDOOHLQJDOW (VZDULQGHU7DWVR'HQQ%HQ6WURPZDUGHUGUHL]HKQWH0DQQ 'UHL]HKQ2SIHUPXWHQHVVHLQGDPLW9LYLDQ'HODQRYRQLKUHP JUDXVDPHQ)OXFKHUO|VWZHUGHQNRQQWH 'UHL]HKQ0lQQHU :DUGLHVH=DKOHUUHLFKWNRQQWHVLHZLHGHUHLQQRUPDOHV/HEHQ IKUHQGRFKLKUH2SIHUEOLHEHQLPPHUPRUGHQGH%HVWLHQ (LQ:HUNZLHHVQXUGHU6DWDQVHOEVWLQV]HQLHUHQNRQQWH 9LYLDQ'HODQRKREEHLGH$UPH6LHOHJWHVLHKLQWHULKUHQ 1DFNHQXQG|IIQHWHPLWHLQHUNOHLQHQ'UHKXQJGHQ9HUVFKOX LKUHV*HZDQGHV 'DV*HZDQGUDXVFKWH]X%RGHQ 'DUXQWHUWUXJ9LYLDQ'HODQRQLFKWV9|OOLJQDFNWVWDQGVLHDXI GHUYRP0RQGOLFKWEHUJRVVHQHQ/LFKWXQJ :LHHLQH)ODPPHVWLHJGDV9HUODQJHQLQGHPMXQJHQ+RO]IlOOHU KRFK ª9LYLDQ©VW|KQWHHU6HLQH)lXVWH|IIQHWHQXQGVFKORVVHQVLFK NUDPSIKDIW ª.RPP.RPPKHU]XPLU©ORFNWHGLH)UDXGHQZLOOHQORVHQ +RO]IlOOHU 8QG%HQ6WURPJHKRUFKWH*HEOHQGHWYRQGHU6FK|QKHLWXQG EHVHHOWYRQGHP:LOOHQGLHVH)UDXQXUHLQPDO]XEHVLW]HQJLQJ HUYRUZlUWV 9LYLDQ'HODQRWUDWQLFKWHLQHQ6FKULWW]XUFN,P*HJHQWHLOVLH NDP%HQ6WURPVRJDUQRFKHQWJHJHQ :HLFKH$UPHXPVFKPLHJWHQVHLQHQ1DFNHQXQGGHUQDFNWH .|USHUSUHWHVLFKJHJHQGHQVHLQHQ %HQ6WURPYHUJDDOOHV(UVDKQLFKWZLHVLFKGLH*HVLFKWV]JH GHU)UDXYHU]HUUWHQXQGGDV*UDXHQVHLQHQ$QIDQJQDKP
1DFKHLQHU9LHUWHOVWXQGHPDFKWH3IDUUHU+DUNHUVFKODSS'HU VFKRQlOWHUH*HLVWOLFKHZDUGLHVHP0DUVFKWHPSRQLFKWPHKU JHZDFKVHQ(UOHKQWHVLFKDQHLQHQ%DXPVWDPPXQGUDQJQDFK /XIWª,FKNDQQQLFKWPHKUKDEHPLUZRKO]XYLHO]XJHPXWHW *HKHQ6LHDOOHLQZHLWHU© -RKQ6LQFODLUGHUHLQLJH6FKULWWHYRUDXVJLQJZDUVWHKHQJH EOLHEHQ(UEHUOHJWHQRFKHLQH6HNXQGHXQGVDJWHGDQQª*XW +HUU3IDUUHU© ª,FKNRPPHGDQQQDFK©NHXFKWH3IDUUHU+DUNHUª8QGDOOHV *XWHPHLQ-XQJH©IJWHHUQRFKOHLVHKLQ]Xª*RWWP|JH6LH EHVFKW]HQ© -RKQOlFKHOWH]XYHUVLFKWOLFKXQGJLQJZHLWHU1DFKGUHL 6FKULWWHQZDUVFKRQQLFKWVPHKUYRQLKP]XVHKHQ'HU:DOG XQGGLH'XQNHOKHLWKDWWHQLKQYHUVFKOXFNW $XFK-RKQDWPHWHVFKZHU'HU6FKZHLNOHEWHLKPDP.|USHU $EHUGHU2EHULQVSHNWRUKDWWHHLQHHLVHUQH.RQVWLWXWLRQXQGHU YHUIJWHEHUJURH.UDIWUHVHUYHQ 'HU:DOGOHEWH hEHUDOOK|UWH-RKQ*HUlXVFKH(LQ8KXVWULFKKDDUVFKDUIEHU VHLQHQ6FKlGHOKLQZHJ)UHLQHQ$XJHQEOLFNVDK-RKQGLHKHOOHQ $XJHQ5HFKWVYRQLKPKXVFKWHHLQ7LHUDXVGHP8QWHUKRO] $OOHVJLQJVRVFKQHOOGD-RKQQLFKWHUNHQQHQNRQQWHZDVHV ZDU *URH$QJVWKDWWHHUGDYRUVLFK]XYHUODXIHQ$EHU3IDUUHU +DUNHUKDWWHXQWHUZHJVGLHJHQDXH5LFKWXQJHUNOlUW(VGXUIWH HLQIDFKQLFKWVPHKUVFKLHIODXIHQ 'HU2EHULQVSHNWRUZDUIHLQHQ%OLFNDXIGDV/HXFKW]LIIHUEODWW VHLQHU8KU 1RFK]HKQ0LQXWHQELV0LWWHUQDFKW 'HU2EHULQVSHNWRUYHUGRSSHOWHVHLQH$QVWUHQJXQJHQ=ZHLJH XQGYRPOHW]WHQ5HJHQIHXFKWH%OlWWHUNODWVFKWHQLKPLQV*H VLFKW$XVGHP%RGHQUDJHQGH%DXPZXU]HOQELOGHWHQUXWVFKLJH +LQGHUQLVVH 'RFKWURW]DOOHU:LGULJNHLWHQVFKDIIWHHV-RKQ6LQFODLU 3O|W]OLFKVDKHUGHQ)HXHUVFKHLQ:LHHLQURWHV7XFKODJHUEHU GHQ%DXPZLSIHOQ'DV=LHOZDUQDK
9RUVLFKWLJSLUVFKWHVLFK-RKQZHLWHU/lQJVWODJGLHPLWJHZHLK WHQ6LOEHUNXJHOQJHODGHQH3LVWROHLQVHLQHUUHFKWHQ+DQG:LHHLQ 7LHUGHU1DFKWJOLWW-RKQ6LQFODLULPPHUQlKHUDQGLH/LFKWXQJ KHUDQ .HLQ/DXWZDU]XK|UHQ'LHJUlOLFKHQ9RUJlQJHPXWHQVLFK LQJHVSHQVWLVFKHU6WLOOHDEVSLHOHQ 1XUQRFKZHQLJH
+DDUHZXFKVHQODQJHURWH+DDUHGLHDXVVDKHQZLH6HLGH=XHUVW HQWVWDQGHQVLHQXUDQGHQ%HLQHQGRFKGDQQZXFKVHQVLHLQ :LQGHVHLOHZHLWHUHUUHLFKWHQGLH+IWHQGHQ2EHUN|USHUGHQ +DOVXQGGDV*HVLFKW ,QQHUKDOEYRQ6HNXQGHQYHUGLFKWHWHQVLHVLFK]XHLQHPU|WOLFK VFKLPPHUQGHQ3HO] (LQHJUlOLFKH:ROIVVFKQDX]HVWDFKDXVGHQ)ODPPHQKHUYRU 9LYLDQ'HODQRZDU]XHLQHU:HUZ|OILQJHZRUGHQ *OHLFK]HLWLJILHOHQGLH)ODPPHQ]XVDPPHQ'DVNDOWH+|OOHQ IHXHUIODFNHUWHQRFKHLQOHW]WHV0DOXQGYHUO|VFKWH .HLQ*UDVKDOPZDUYHUEUDQQW1LFKWV1DFKZLHYRUODJGLH /LFKWXQJVRZLHVLHYRUKHUJHZHVHQZDULP6FKHLQGHV0RQGHV 'LH:|OILQZDQGWHGHQ.RSI5RWH$XJHQIXQNHOWHQWULXP SKLHUHQGDOVVLHEHULKUH]Z|OI'LHQHUEOLFNWH $XFKVLHKDWWHQVLFKYHUZDQGHOWZDUHQ]X:HUZ|OIHQJH ZRUGHQ :LHDXI.RPPDQGRVWDQGHQVLHDXI 6FKULWWZHLVH]RJHQVLHGHQ.UHLVXPGLH:HUZ|OILQXQGGHQ +RO]IlOOHUHQJHU 1XQZDUGLH(QWVFKHLGXQJJHNRPPHQ 'LH6HNXQGHQ]HLJHUGHU8KUHQQlKHUWHQVLFKGHU*HLVWHU VWXQGH-HW]WWULXPSKLHUWHGLH+|OOH 'LH:HUZ|OIHEOLHEHQVWHKHQ6LHKDWWHQGHQ.UHLVVRHQJJH ]RJHQGD%HQ6WURPNHLQH0|JOLFKNHLWPHKUEOLHE]XHQWNRP PHQ(UKDWWHVLFKHQWVFKLHGHQXQGVROOWHQXQGHQ3UHLV]DKOHQ (UZDUGDVGUHL]HKQWH2SIHUGDV9LYLDQ'HODQREUDXFKWHXP YRQGHPJUDXVDPHQ)OXFKHUO|VW]XZHUGHQ 'LH:|OILQIOHWVFKWHGLH=lKQH8QGGDQQGUDQJ9LYLDQ 'HODQRV6WLPPHDXVGHPJUlOLFKHQ.|USHU ª:LOOVWGXPLFKLPPHUQRFK%HQ6WURP"© 'HU+RO]IlOOHUKDWWHVLFKDXIJHULFKWHW6HLQ%OLFNILHEHUWH ª-D©ULHIHU ª'DQQNRPP©
ª+DOW©:LHGDV*UROOHQHLQHV'RQQHUVKDOOWH-RKQ6LQFODLUV 6WLPPHEHUGLH/LFKWXQJ 'HU2EHULQVSHNWRUVWUPWHYRUGXUFKEUDFKPLW]ZHLZXFK WLJHQ6W|HQGHQ.UHLVGHU%HVWLHQ 8QGGDQQVWDQGHUYRU9LYLDQ'HODQR 0LWHLQHUEOLW]VFKQHOOHQ%HZHJXQJULHULKU%HQ6WURPDXVGHQ 3UDQNHQ -RKQZXWHGDHUKLHUHLQHUhEHU]DKOYRQ*HJQHUQJHJHQ EHUVWDQG(LQ%HIHKOQXUYRQGHU:|OILQXQGVLHZUGHQLKQ ]HUIOHLVFKHQ 'HVKDOEPXWHHUGLH,QLWLDWLYHDQVLFKUHLHQXQGGDV 6FKOLPPVWHYHUKLQGHUQ ª'X1DUU©VFKULHGLH:|OILQª'XKLUQYHUEUDQQWHU1DUU *ODXEVWGXLP(UQVWJHJHQPLFKDQNlPSIHQ]XN|QQHQ"'LHVHV OlFKHUOLFKH6SLHO]HXJLQGHLQHU+DQGZLUGGLUQLFKWVQW]HQ*DU QLFKWV© ª'LHVHVOlFKHUOLFKH6SLHO]HXJLVWPLWJHZHLKWHQ6LOEHUNXJHOQ JHODGHQ©VDJWH-RKQ 'LH:|OILQ]XFNWH]XVDPPHQ-RKQVSUWHGDVLHVHLQH:RUWH JHWURIIHQKDWWHQ,KU%OLFNYRUKLQQRFKVLHJHVVLFKHUZXUGH lQJVWOLFK ª'XEOXIIVW-RKQ6LQFODLU©ULHIVLH ª1HLQ©HUZLGHUWH-RKQª,FKELQQLFKW]XIlOOLJKLHU8QGGXELVW DXFKQLFKWGLHHUVWH+|OOHQNUHDWXUGLHPLUEHUGHQ:HJOlXIW 0DQQHQQWPLFKGHQ*HLVWHUMlJHUXQGLFKZHUGHDXFKGLHVPDO PHLQH3IOLFKWHUIOOHQ© 'DJULIIGLH:|OILQ]XPOHW]WHQ0LWWHO 6LHZROOWHLKUH+HOIHUHLQVHW]HQ ª3DFNWLKQ©EUOOWHVLHª%ULQJWLKQXP© -RKQIHXHUWH =ZHLPDO 'LHSHLWVFKHQGHQ(FKRVEHUW|QWHQGLH:RUWHGHU:|OILQ %HLGH.XJHOQKDWWHQJHWURIIHQ 0LWHLQHPJHOOHQGHQ6FKUHLEUDFK9LYLDQ'HODQR]XVDPPHQ 'DV)HOOYRUZHQLJHQ6HNXQGHQQRFKGLFKWXQGIHVWVFKUXPSIWH ]XVDPPHQ(LQQDFNWHU)UDXHQN|USHUNDP]XP9RUVFKHLQ
-RKQ6LQFODLUZLUEHOWHKHUXP1RFKZDUHQGLHDQGHUHQGD 'RFKGDVPDNDEUH6SLHOZDUVFKRQEHHQGHW 1DFKGHP7RGGHU:HUZ|OILQKDWWHQDXFKGLHDQGHUHQ%HVWLHQ ZLHGHULKUHQRUPDOH*HVWDOWDQJHQRPPHQ -RKQ6LQFODLUVDKLQUDWORVH*HVLFKWHULQGHQHQVLFK$QJVW +LOIORVLJNHLWXQG*UDXHQVSLHJHOWH 'LH0lQQHUVDKHQDQVLFKKLQDE,KUH.OHLGXQJZDU]XP7HLO DXIJHSODW]WGLH1lKWHJHULVVHQ -RKQ6LQFODLUZDUIQRFKHLQHQOHW]WHQ%OLFNDXIGLHWRWH9LYLDQ 'HODQR(UEFNWHVLFKXQGVFKORLKUH$XJHQª-HW]WKDVWGX GHLQHQ)ULHGHQ©VDJWHHU 8QGGDQQJDEHUHLQLJH(UNOlUXQJHQDE(UZDUJHUDGHGDPLW IHUWLJDOV3IDUUHU+DUNHUGLH/LFKWXQJEHWUDW 'HU3IDUUHUEUDXFKWH6HNXQGHQXP]XEHJUHLIHQ'RFKGDQQ EHJDQQHQVHLQH$XJHQ]XOHXFKWHQ ª'HU)OXFKLVWJHWLOJWGDV%|VHLVWEHVLHJW+DZLFNNDQQZLHGHU DXIDWPHQ© 0DQEUDXFKWHNHLQ6SH]LDOLVW]XVHLQXP]XHUNHQQHQGDLQ GHU6WLPPHGHV3IDUUHUVGHU*ODXEHDQGDV*XWHLQGLHVHU:HOW ZLHHLQH)DQIDUHPLWVFKZDQJ 8QGVRVROOWHHVDXFKVHLQ )U-RKQ6LQFODLUJDEHVQRFKYLHO$UEHLW(UKDWWHVHLQ +DXSWTXDUWLHULQGHU+HLODQVWDOWDXIJHVFKODJHQ3O|W]OLFKZDU DXFKGLH3UHVVHGD6RJDUDXVGHPIHUQHQ/RQGRQZDUHQGLH 5HSRUWHUJHNRPPHQ $EHUGHU2EHULQVSHNWRUKDWWH=HLWJHQXJJHKDEWVLFKHLQH SODXVLEOH*HVFKLFKWHHLQIDOOHQ]XODVVHQ(UVFKREDOOHVDXI 'U&D]DOLVXQGGHVVHQWHXIOLVFKH([SHULPHQWH1DWUOLFK HUZlKQWHHUQLFKWVYRQGHQ:HUZ|OIHQ(UVSUDFKLPDOOJH PHLQHQEHUYHUEUHFKHULVFKH7LHUYHUVXFKHGLHGLHVHU0DQQ JHPDFKWKDWWH -RKQZRKQWHZlKUHQGGHU=HLWLQ+DZLFN'HU3IDUUHUKDWWH LKPHLQ=LPPHUEHUODVVHQ-RKQZDUDXVGHP+RWHODXVJH ]RJHQ
9LYLDQV/HLFKHZDULQGDVJHULFKWVPHGL]LQLVFKH,QVWLWXWYRQ /RQGRQEHUIKUWZRUGHQ'HU:HUZROIGHQGLH+RO]IlOOHULP :DOGJHW|WHWKDWWHQZDUEHJUDEHQZRUGHQ1XU-RKQ6LQFODLU XQGGHU3IDUUHUNDQQWHQGLH6WHOOH 1DFKIQI7DJHQIXKUGHUIULVFKJHEDFNHQH2EHULQVSHNWRU ZLHGHULQ5LFKWXQJ/RQGRQ'RUWZXUGHHUEHUHLWVHUZDUWHW 9RQ%LOO&RQROO\ -RKQV)UHXQGZDUOHLFKWlUJHUOLFKGDHUGLHVPDOQLFKW LQIRUPLHUWZRUGHQZDU'DIUMHGRFKZDU6KHLOD&RQROO\XP VRHUIUHXWHUGHQQGLHVPDOKDWWHVLHLKUHQ0DQQJDQ]IUVLFK JHKDEW8QGGDVNDPVHOWHQJHQXJYRUZLHVLHLPPHU EHKDXSWHWH (1'(