,0=(17580'(66&+5(&.(16 6HLQ/lFKHOQ]HLJWHHLQHQ7ULXPSKZLHLKQQXUMHPDQG HPSILQGHQNRQQWHGHUDXIGHUJDQ]HQ/LQ...
18 downloads
585 Views
469KB 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
,0=(17580'(66&+5(&.(16 6HLQ/lFKHOQ]HLJWHHLQHQ7ULXPSKZLHLKQQXUMHPDQG HPSILQGHQNRQQWHGHUDXIGHUJDQ]HQ/LQLHJHVLHJWKDWWH 8QGGDVZDUEHL/RJDQ&RVWHOORWDWVlFKOLFKGHU)DOO (UEHVD-RKQ6LQFODLUV.UHX] 'DGDEHLGUHL0HQVFKHQYRQVHLQHQ/HXWHQHUVFKRVVHQ ZRUGHQZDUHQNPPHUWHLKQQLFKWZHLWHU'HU=ZHFNKHL OLJWMHGHV0LWWHOVRODXWHWHIUGHQ0DILDER/RJDQ&RVWHOOR GLH0D[LPH 'DV.UHX] :HQQHUGDUDQGDFKWHGDHUHVQXQLQGHQ+lQGHQKLHOW ZXUGHLKPJDQ]DQGHUV6HLQH*HIKOHZDUHQNDXP]X EHVFKUHLEHQ7ULXPSK)UHXGHhEHUVFKZDQJGDVDOOHV PLVFKWHVLFKXQGVWHLJHUWHVLFKEHLLKP]XHLQHUUHJHOUHFKWHQ (XSKRULH /RJDQ&RVWHOORZXWHHLQV,QGHU*XQVWVHLQHV*|QQHUV 'U7RGVWDQGHUMHW]WVHKUZHLWREHQ 9RULKPODJGDV.UHX](UKDWWHHVH[WUDDXIHLQ6DPWNLVVHQ JHOHJW'HU6DPWVFKLPPHUWHGXQNHOEODXXQGGDVVLOEHUQH .UHX]VWDFKGDYRQGHXWOLFKDE'LH.HWWHODJ]XVDPPHQJH UROOWQHEHQGHP.LVVHQ$XFKVLHEHVWDQGDXVJHZHLKWHP 6LOEHUXQGVRPDQFKHU9DPSLUKDWWHVLFKGDUDQVFKRQVHLQH .ODXHQYHUEUDQQW &RVWHOORV*HVLFKWYHU]RJVLFKDOVHUGDUDQGDFKWHGDHU GDV.UHX]QLFKWEHKDOWHQNRQQWH(UPXWHHV'U7RGJHEHQ 0RUDVVRXQWHUGLHVHP1DPHQNDQQWHPDQ'U7RGDXFK ZUGHLKQEDOGDXIVXFKHQXQGGDV.UHX]DQVLFKQHKPHQ GHQQLP*HJHQVDW]]XGHQ0LWJOLHGHUQVHLQHU0RUGOLJD NRQQWHHUHVDQIDVVHQGHQQHUZDUHLQ0HQVFK'lPRQ (UKDWWHGLH(LJHQVFKDIWHQHLQHV0HQVFKHQEHKDOWHQQXU NRQQWHQLKQQRUPDOH:DIIHQZLH%OHLJHVFKRVVHQLFKWPHKU W|WHQ'LHVH([LVWHQ]YHUGDQNWHHU$VPRGLQDXQGGHP 6SXN 6HLQH)LQJHUNXSSHQJOLWWHQEHUGDV6LOEHU6LHWDVWHWHQ JHQDXIKOWHQXQG]HLFKQHWHQGLH(LQJUDYLHUXQJHQQDFK 'HU0DILRVRNRQQWHVLFKHLQIDFKQLFKWHUNOlUHQGDLQGLH
VHP.UHX]VRVWDUNH.UlIWHVWHFNHQVROOWHQHUVHOEVWPHUNWH GDYRQQLFKWV6LHZDUHQDXFKQLFKW]XHUWDVWHQHUVSUWH NHLQ.ULEEHOQLQGHQ)LQJHUQGDV.UHX]EOLHEY|OOLJQRUPDO 8QGGRFKZDUHVGLHJHIlKUOLFKVWH:DIIHGLH-RKQ6LQFODLU EHVHVVHQKDWWH +DWWHZRKOJHPHUNW $OVHUEHUGLHVHV:RUWQDFKGDFKWHZXUGHVHLQ*ULQVHQ QRFKEUHLWHU(V]RJVLFKIDVWYRQ2KU]X2KUKLQ'DQQ MHGRFK]HUIDVHUWHHVEOLW]DUWLJGHQQYRUVHLQHPJURHQ 0DKDJRQLVFKUHLEWLVFKHQWVWDQGSO|W]OLFKHLQHJUDXH 1HEHOVSLUDOH /RJDQ&RVWHOORGHUJURH0DILDERHUVFKUDNVRKHIWLJ GDHUPLWVHLQHPJXWJHSROVWHUWHQ6WXKOIDVWXPJHNLSSW ZlUHGHQQHUZXWHGDV=HLFKHQJHQDX]XGHXWHQ 'U7RGZDUGD :HQQ&RVWHOORYRUQLFKWVDXIGHU:HOW$QJVWKDWWHYRU 0RUDVVRDOOHUGLQJVIUFKWHWHHUVLFK'LHVHU0DQQZDUVR XQEHUHFKHQEDUZLHHLQKXQJULJHU7LJHU(UNRQQWHYRQ HLQHP$XJHQEOLFN]XPDQGHUHQVHLQH0HLQXQJZHFKVHOQ XQGHLQHQ0RUGEHJHKHQ &RVWHOORVFKOXFNWH(UKROWHHLQ7XFKDXVGHU,QQHQWDVFKH VHLQHV-DFNHWWVXQGWURFNQHWHVLFKGHQ6FKZHLYRQGHU 6WLUQGHULKPSO|W]OLFKDXVJHEURFKHQZDU 6HLQH+lQGH]LWWHUWHQ(UKRIIWHDOOHVULFKWLJJHPDFKW]X KDEHQGHQQ0RUDVVRULHELKPMHGHQ)HKOHUXQWHUGLH1DVH 'LH1HEHOZRONHEUHLWHWHVLFKQLFKWDXVVRQGHUQZXUGH VFKPDOXQGVWLHJKRFK]XU'HFNH%HYRUVLHGLHMHGRFK HUUHLFKWKDWWHEOLHEVLH]LWWHUQGVWHKHQ /RJDQ&RVWHOORZDJWHQLFKWVLFK]XUKUHQ9RUDOOHQ 'LQJHQWUDXWHHUVLFKQLFKWVHLQHQ$UPDXV]XVWUHFNHQ XQGGLH:RONH]XEHUKUHQ'DQQZlUHHWZDV*UlOLFKHV JHVFKHKHQ 'LHVHU1HEHOKDWWHGLH(LJHQVFKDIW0HQVFKHQGDV)OHLVFK YRQGHQ.QRFKHQ]XO|VHQVRGDVLHDOVOHEHQGH6NHOHWWH KHUXPOLHIHQRGHUYHUJLQJHQ
'HVKDOEUKUWHHUVLFKQLFKWYRP)OHFNXQGEOLHEDXIVHL QHP6WXKOVLW]HQ $XVZHLWJH|IIQHWHQ$XJHQVWDUUWHHUGLHODQJH 1HEHOVSLUDOHDQ1RFKZDUYRQVHLQHPXQKHLPOLFKHQ*DVW QLFKWV]XVHKHQGRFKGDVZUGHVLFKUDVFKlQGHUQZLHHU ZXWH'U7RGEHVXFKWHLKQQLFKW]XPHUVWHQPDODXIGLHVH $UWXQG:HLVHDEHUMHGHVPDOIUFKWHWHVLFKGHUVRQVWHLVHQ KDUWH0DILRVR (UEUDXFKWHLQGHU7DWQLFKWODQJH]XZDUWHQGHQQLQQHU KDOEGHU6SLUDOHWDWVLFKHWZDV =XHUVWQXUDOV6FKDWWHQVLFKWEDUIRUPWHQVLFKDOOPlKOLFK GLH8PULVVHHLQHV0HQVFKHQKHUYRU6LH]LUNXOLHUWHQXQG YLEULHUWHQQRFKZXUGHQMHGRFKLP9HUODXIGHUQlFKVWHQ 6HNXQGHQLPPHUIHVWHUKlUWHUXQGGHXWOLFKHU (LQ0HQVFKHQWVWDQG 'U7RG 3O|W]OLFKVWDQGHUGD(UZDUQLFKWHLQPDOJURVRJDUNOHL QHUDOV&RVWHOORMHGRFKNRPSDNWJHEDXWXQGPLWEUHLWHQ 6FKXOWHUQ6HLQ*HVLFKWZDUEODHUKLHOWVLFKZHQLJDQGHU 6RQQHDXIJUDXVDPEOLFNWHQGLH$XJHQGDV.LQQVSUDQJ KDUWKHUYRUXQGGDVNXU]H+DDU]HLJWHHLQHGXQNHOJUDXH )DUEH (UKDWWHVLFKQLFKWYHUlQGHUWGLHVHU0HQVFK'lPRQ(U YHUlQGHUWHVLFKQLH 8QGHUWUDWDXVGHU1HEHOZRONHJLQJHLQHQ6FKULWWYRUXQG EOLHEHUVWVWHKHQDOVHUIDVWGHQ6FKUHLEWLVFKUDQGEHUKUWH /RJDQ&RVWHOORZXWHZDVHUVHLQHPJURHQ*|QQHU VFKXOGLJZDU(UVWDQGDXI 'LH1HEHOZRONHEOLHEKLQWHU0RUDVVR&RVWHOORZXWH DXFKGDGHU:UIHOGHV8QKHLOVVLHSURGX]LHUWKDWWH(U WUDQVSRUWLHUWHVHLQHQ%HVLW]HUEHU(QWIHUQXQJHQKLQZHJ]X VHLQHP=LHO 0RUDVVRVFKDXWH&RVWHOORNXU]DQXQGQLFNWH2KQHHLQ :RUWGHU%HJUXQJ]XVSUHFKHQVHQNWHHUGHQ.RSIXQG VFKDXWHDXIGDV.UHX]
ª'DVLVWHV©VDJWH&RVWHOORYRUGHPGLH/RQGRQHU8Q WHUZHOW]LWWHUWHPLWOHLVHU6WLPPH 8P0RUDVVRV/LSSHQ]XFNWHHVª,FKZHL©HUZLGHUWHHU WURFNHQ$QVRQVWHQZDUEHLLKPNHLQH*HIKOVUHJXQJ]X HQWGHFNHQ9LHOOHLFKWVSUWHHUGHQJOHLFKHQ7ULXPSKZLH &RVWHOORQXU]HLJWHHULKQQLFKWVRQGHUQEOLHENDOWXQG JHODVVHQ(UVWUHFNWHGHQ$UPDXVIDWHGDV.UHX]MHGRFK QLFKWDQVRQGHUQOLHVHLQH+DQGDXIGHP6FKUHLEWLVFK OLHJHQª+DWHVYLHO0KHEHUHLWHW"©HUNXQGLJWHHUVLFKPLW WRQORVHU6WLPPH ª1HLQ© 'U7RGYHU]RJGLH0XQGZLQNHOª'DEHLZDUHQZLUVR ODQJHKLQWHULKPKHUJHZHVHQ9HUGDPPWPDQEUDXFKW ZLUNOLFKQXUGLHJXWH,GHH]XKDEHQXQGGLHKDWWHLFK© 6HLQH)LQJHUEHZHJWHQVLFK6LH]LWWHUWHQHLQZHQLJVRJDQ] NRQQWHVLFK0RUDVVRGRFKQLFKWXQWHU.RQWUROOHKDOWHQ 'DQQJULIIHU]X (VZDUZLHGHU$QJULIIHLQHU.ODSSHUVFKODQJH6RVFKQHOO (UXPNUDOOWHGDV.UHX]UHJHOUHFKWKLHOWHVIUHLQHQ0RPHQW IHVWXQGKREHVGDQQODQJVDPDQ -DGDVZDUHV 8QGHUNRQQWHHVDQIDVVHQRKQHGDGLH.UlIWHGHV .UHX]HVLKQ]HUVW|UWHQ$EHUVLHZUGHQHLQHDQGHUH]HU VW|UHQHLQH7RGIHLQGLQGLHYHUQLFKWHWZHUGHQPXWHGDV KDWWHVLFK6ROR0RUDVVRJHVFKZRUHQ $VPRGLQD 6LHVROOWHVWHUEHQ9LHOOHLFKWDXFKGXUFKGDV.UHX]GDVHU DOVOHW]WHQ7UXPSIDXVVSLHOHQZROOWH (UKLHOWHVGLFKWYRUVHLQ*HVLFKW'LHZXOVWLJHQ/LSSHQ ]RJHQVLFKLQGLH%UHLWHXQGEHZHJWHQVLFKNDXPDOVHUGLH IROJHQGHQ:RUWHVSUDFK ª,FKKDEHGLFKHQGOLFKEHNRPPHQ©IOVWHUWHHUª/DQJH JHQXJKDWHVJHGDXHUWZLUNOLFKODQJHJHQXJ$EHUQXQ JHK|UVWGXPLU8QGQLHZLUVWGXLQ-RKQ6LQFODLUV+lQGH ]XUFNNHKUHQ'XKDVWPLUQRFKLQPHLQHU6DPPOXQJ
JHIHKOW,FKKDEHGHQ%XPHUDQJLFKKDEHGHQ:UIHOGHV 8QKHLOVXQGGDV.UHX]-HW]WELQLFKXQEHVLHJEDU© 8QGGDQQVWLHHUHLQ/DFKHQDXVGDVJUDXVDPXQGNDOW GXUFKGHQ5DXPKDOOWH6HOEVWGHUDEJHEUKWH/RJDQ &RVWHOOREHNDPHLQH*lQVHKDXW 6ROR0RUDVVRVFKOHXGHUWHVHLQHQUHFKWHQ$UPLQGLH+|KH 'LH)LQJHUKLHOWHQGDV.UHX]XPNODPPHUWQXUHLQNOHLQHU 7HLOYRQLKPUDJWHDXVVHLQHU)DXVW ,Q6LHJHUSRVHVWDQGHUGD (UKDWWHHVJHVFKDIIW (U6ROR0RUDVVR 6LHJDXIGHUJDQ]HQ/LQLH 8QGZLHGHUODFKWHHU/DQJHJHQXJKDWWHHUVLFKEHKHUU VFKHQPVVHQDEHUQXQPXWHHUVHLQHQ7ULXPSKORV ZHUGHQ(UKDWWHGDV6SLHOIUVLFKHQWVFKLHGHQ 'DIORJGLH7UDXI (LQ0DQQVWDQGDXIGHU6FKZHOOH(UJHK|UWH]XGHQEHL GHQ.LOOHUQGLHGLH0RUGHDQGHQGUHL6RKR6FKOlJHUQDXI GHP*HZLVVHQKDWWHQ'HU/HLEZlFKWHUHUKLHOWVLFKLPPHU LQ1lKHGHV$UEHLWV]LPPHUVVHLQHV&KHIVDXIZDUGXUFK GDV/DFKHQLUULWLHUWZRUGHQ6HLQH:DIIHKDWWHHU]ZDUQRFK QLFKWJH]RJHQGRFKVHLQHUHFKWH+DQGZDUEHUHLWVXQWHU GHP-DFNHWWYHUVFKZXQGHQXPGHQ5HYROYHUEOLW]VFKQHOO KHUYRUKROHQ]XN|QQHQ =ZHL6HNXQGHQVWDQGHUVWDUUGDQQVWU]WHHULQGHQ 5DXPª&DSRZDVLVW"6ROOLFK"© ª%OHLEVWHKHQ©VFKULH&RVWHOOR (UKDWWHGDV8QKHLONRPPHQVHKHQGRFKHUNRQQWHHV QLFKWPHKUYHUKLQGHUQZHLOVHLQ/HLEZlFKWHU]XVFKQHOO JHZHVHQZDU'LHVHU0DQQVDKGHQ1HEHOVWUHLIHQ]ZDU GRFKHUZXWHQLFKWVYRQVHLQHUVFKDXULJHQ)XQNWLRQ (UUDQQWHSUDNWLVFKPLWGHUOLQNHQ+lOIWHVHLQHV.|USHUV KLQGXUFK'DVZDUVHLQ9HUGHUEHQ ,PQlFKVWHQ0RPHQWEHZLHVGHU1HEHOZHOFKHLQHJUDX VDPHXQGP|UGHULVFKH.UDIWLQLKPVWHFNWH8QG'U7RGVDK
JULQVHQG]XZlKUHQG/RJDQ&RVWHOORIDVVXQJVORVGHQ.RSI VFKWWHOWHDEHUQLFKWZDJWHHLQ]XJUHLIHQ 'HU.LOOHUNDPQLFKWHLQPDOELV]XP6FKUHLEWLVFK(LQHQ KDOEHQ6FKULWWGDYRUVWRSSWHHU 6HLQ*HVLFKWYHUlQGHUWHVLFK'LH=JHVFKLHQHQHLQ]XIULH UHQDOVHUQDFKOLQNVVFKLHOWH 'RUWYHUlQGHUWHVLFKGHU6WRIIGHV-DFNHWWV(UZXUGH ]XHUVWJUDXGDVNOHLQH.DURPXVWHUGHU-DFNHYHUVFKZDQG JDQ]XQGDXFKGHU6WRIIO|VWHVLFKDXI 'DPLWZDUGDV*UDXHQQRFKQLFKWEHHQGHW'HUJHIlKUOL FKH1HEHOGUDQJZHLWHU(U]HUVW|UWHGDV+HPGXQGEHUKU WHDQVFKOLHHQGGLH+DXW 8QGQXQ]HLJWHHUVHLQHJHZDOWLJHP|UGHULVFKH.UDIW 'DV6FKUHLHQGHV0DQQHVZDUPDUNHUVFKWWHUQG'HU .LOOHUHUKLHOWIUVHLQH9HUEUHFKHQHLQHIXUFKWEDUH6WUDIH9RU GHP6FKUHLEWLVFKVDFNWHHU]XVDPPHQ'DEHLILHOVHLQ.RSI QDFKYRUQVRGDHUPLWGHP.LQQKDUWDXIGLH3ODWWHVFKOXJ 'HQ0XQGKDWWHHUDXIJHULVVHQ(LQJHTXlOWHV:LPPHUQ GUDQJEHUVHLQH/LSSHQ0LWHLQHPIOHKHQGHQ$XVGUXFNLQ GHQ$XJHQVFKDXWHHUGHQVWHKHQGHQ/RJDQ&RVWHOORDQ 'HUNRQQWHLKPQLFKWKHOIHQ&RVWHOORZDUIURKYRP1HEHO YHUVFKRQWJHEOLHEHQ]XVHLQ'HU.LOOHUKREGHQ.RSIHLQH OHW]WHYHU]ZHLIHOWH%HZHJXQJ(UKLHOWVLFKQRFKDQGHU .DQWHIHVWREZRKOVHLQHOLQNH+DQGEHUHLWVDXVZHLHQ NQ|FKHUQHQ)LQJHUQEHVWDQG 'DQQILHOHU]XU6HLWH 6ROR0RUDVVRKREGLH6FKXOWHUQª(UZDUHLQ,GLRW©HU NOlUWHHUª(UKlWWHQLFKWKHUHLQNRPPHQVROOHQ© &RVWHOORQLFNWH,P0RPHQWNRQQWHHUQLFKWVSUHFKHQ GDIUZDULKPGHU7RGHLQHVVHLQHUEHVWHQ/HLEZlFKWHU]X VHKUDXIGHQ0DJHQJHVFKODJHQ(UYHUIOXFKWH0RUDVVRXQG ZQVFKWHLKQZHLWZHJ 'U7RGEHGDFKWHLKQPLWHLQHP%OLFNDOVN|QQHHU *HGDQNHQOHVHQ/RJDQ&RVWHOORIKOWHVLFKHUWDSSWXQG ]XFNWHZLHXQWHUHLQHP3HLWVFKHQKLHE]XVDPPHQ
0RUDVVRJULQVWHQXU'DV.UHX]KLHOWHUQRFKLPPHUIHVW ª,FKZHUGHZLHGHUYHUVFKZLQGHQ©VDJWHHUXQGVRHWZDV ZLHHLQ/lFKHOQXPVSLHOWHVHLQH/LSSHQª0LWGLHVHP.UHX] KDVWGXGLUDXFKVHOEVWHLQHQ*HIDOOHQJHWDQPHLQ/LHEHU© ª:LHVR"© ª-RKQ6LQFODLUZLUGEDOGQLFKWPHKUOHEHQ:LUO|VFKHQLKQ DXV© 1DFKGLHVHQ:RUWHQEHZHJWHVLFK'U7RG]XUFNXQG VWLHJLQGLHVWHKHQGH1HEHOIDKQH6HLQH*HVWDOWEHJDQQ EHUHLWVQDFK]ZHL6HNXQGHQ]XIOLPPHUQXQGHLQHQ +HU]VFKODJVSlWHUZDUHQVLHXQGGHU1HEHOYHUVFKZXQGHQ /RJDQ&RVWHOORZLVFKWHVLFKEHUGLH$XJHQ+DWWHHUGDV DOOHVQXUJHWUlXPW" 1HLQHVZDUNHLQ7UDXP(UEUDXFKWHVLFKQXUYRU]X EHXJHQXQGEHUGHQ5DQGGHV6FKUHLEWLVFKHV]XVFKDXHQ 'RUWODJVHLQ/HLEZlFKWHU $OV6NHOHWW 9RUPLU|IIQHWHVLFKGLH:DQG -HGHQIDOOVKDWWHLFKGDV*HIKO0HLQH)LQJHUZDUHQQXU OHLFKWGDJHJHQJHVWRHQXQGVFKRQZDUGLHVHV5LHVHQ JHELOGHRGHU]XPLQGHVWHLQ7HLOGDYRQ]XUFNJH VFKZXQJHQ :DVODJGDKLQWHU" 'LH+|OOH"'DVZDUHQ9HUPXWXQJHQXQGLFKKROWHVLH QLFKWHLQPDOVRZHLWKHUGHQQYRP7RUGHU+|OOHKDWWHGHU VWHUEHQGH.XJHOGlPRQLQGHU7LHIJDUDJHJHVSURFKHQXQG DXFKGLH6WLPPHGHV0HGLXPV/XFLOOHLQPHLQHP*HKLUQ ,FKZDUGXUFKHLQHQEOXWURWHQ1HEHONDQDOJHVFKZHEW KDWWHLQQHUKDOEGHU1HEHOZRONHQGLH.XJHOGlPRQHQJHVH KHQXQGZDUYRQJLHULJHQJUQHQ$UPHQJHSDFNWZRUGHQ EHYRULFKJHJHQGLH0DXHUSUDOOWHGLHYRUPLUKRFKZXFKV 'DGXUFKVWLHLFKHLQHQ7HLODXI 'DV7RU]XU+|OOH
:DVHUZDUWHWHPLFKGDKLQWHU"7URW]GHUPLHVHQ/DJHLQ GHULFKPLFKEHIDQGVLHJWHGLH1HXJLHUGH,FKNRQQWHQlP OLFKNODUGHQNHQXQGDXFKHQWVSUHFKHQGUHDJLHUHQ'LH5HLVH LQGLHIUHPGH'LPHQVLRQKDWWHLFKVHHOLVFKXQGN|USHUOLFK ELVKHUXQEHVFKDGHWEHUVWDQGHQ 7DWVLFKZLUNOLFKYRUPLUGLH+|OOHDXIYRQGHULQGHUODQ JHQ*HVFKLFKWHGHU0HQVFKKHLWLPPHUZLHGHUJHVSURFKHQ XQGJHVFKULHEHQZXUGH":UGHLFKGDV+|OOHQIHXHUVHKHQ" 'DVDEVROXWH*UDXHQ"2GHUQXULQHLQHP3DQGlPRQLXP ODQGHQ" )UDJHQGLHPLFKTXlOWHQXQGDXIGLHLFKWURW]GHUJHIlKU OLFKHQ6LWXDWLRQJHUQHLQH$QWZRUWJHZXWKlWWH +LQWHUGHP7RUEHIDQGVLFKGLHDEVROXWH6FKZlU]H,FK WDXFKWHLQVLHKLQHLQXQGVSUWHVRIRUWGLH$XUDGHV 6FKUHFNHQV6LHZDUVRVWDUNXQGGURKHQGGDVLHPLUGLH %UXVW]XVDPPHQSUHWHXQGLFKEHUKDXSW0KHKDWWH HLQHQNODUHQ*HGDQNHQ]XIDVVHQ+LHUKHUUVFKWHGDVDEVROXW %|VHXQGLFKKDWWHGDV*HIKOWDWVlFKOLFKLQGLH+|OOH]X VFKZHEHQ6RVWDUNKDWWHLFKGDV*UDXHQQRFKQLHLQPHLQHP /HEHQHPSIXQGHQ(VSUHWHPLUGDV+HU]]XVDPPHQHLQ EHUVWDUNHV*HIKOGHU$QJVWEUHLWHWHVLFKLQPLUDXVGD MHW]WDOOHVYRUEHLZlUHGDPDQPLFKIULPPHUJHIDQJHQ KLHOWLQGHUHQGORVHQDEVROXWHQXQGWLHIHQ6FKZlU]HGHV 'lPRQHQUHLFKHV 'LH'XQNHOKHLWEOLHEQLFKW9RUPLUHLQHJHQDXH (QWIHUQXQJZDUVFKOHFKWDE]XVFKlW]HQVDKLFKHLQHQKHOOH UHQ8PULGHUVLFKEHZHJWH*HQDXHVNRQQWHLFKQLFKW HUNHQQHQ(UVWDOVLFKQlKHUKHUDQZDUGDHQWGHFNWHLFKGD HV]ZHL3HUVRQHQZDUHQGLHPLFKRIIHQEDUHUZDUWHWHQ 2KQHGDLFKPLFKGDJHJHQZHKUHQNRQQWHZXUGHLFKDXI GLHVH3HUVRQHQ]XJHWULHEHQ8QVLFKWEDUH+lQGHVFKLHQHQ PLFKYRUDQ]XVWRHQLPPHUZHLWHUELVLFKVFKOLHOLFKGLH EHLGHQLGHQWLIL]LHUHQNRQQWH 6LHZXWHQZHULKQHQGDHQWJHJHQNDPXQGLFKNRQQWH YHUVWHKHQGDVLHWULXPSKLHUHQGJULQVWHQ
(VZDUHQPHLQHEHLGHQ7RGIHLQGH $VPRGLVGHU7HXIHOXQG$VPRGLQDVHLQHK|OOLVFKH 7RFKWHU hEHUUDVFKWZDULFKQLFKWLFKKDWWHMDGDPLWJHUHFKQHW $VPRGLQDJULQVWHVRJDUQRFKK|KQLVFKHU*HJHQVLHKDWWH LFK|IWHUJHNlPSIWDOVJHJHQLKUHQ9DWHUDEHUEHLGHKDWHQ PLFKPLWGHUJOHLFKHQ,QWHQVLWlW :lKUHQGLFKQRFKZHLWHUDXIVLH]XVFKZHEWH|IIQHWH $VPRGLQDLKUHUHFKWH+DQGQDFKGHPVLHGHQ$UPDXVJH VWUHFNWKDWWH $XIGHU)OlFKHVDKLFKHWZDVEOLQNHQ (VZDUGHUVLOEHUQH1DJHOPLWGHPLFK'U7RGGDPDOV YHUQLFKWHWKDWWH hEHUGLH7LVFKSODWWHKLQZHJVFKDXWH6KDRGLH&KLQHVLQ LKUHQ)UHXQG6XNRDQª'LUVFKPHFNWHVQLFKWZDV"© ª'RFKGRFK© ª/JGRFKQLFKW6RQVWLWGXLPPHUPHKUDOVKHXWH'X KDVWHWZDV6XNR© ª.ODU'LUZUGHHVDXFKQLFKWVFKPHFNHQXQGGLU VFKPHFNWHVDXFKQLFKWREZRKOGXGLFK]ZLQJVW]XHVVHQ© 'HU&KLQHVHVFKREVHLQHQ7HOOHU]XUFNª,FKZDUVHOWHQLQ PHLQHP/HEHQVRXQUXKLJZLHKHXWHGDVNDQQVWGXPLU JODXEHQ© ª'DV.UHX]"© ª-D-RKQKDWHVYHUORUHQ6LHKDEHQHVLKPDEJHQRPPHQ .HLQHUZHLZRHVVLFKEHILQGHW,FKJODXEHQLFKWGDUDQGD &RVWHOORHVQRFKKDW6LFKHUOLFKEHILQGHWHVVLFKEHUHLWVLQ GHQ+lQGHQYRQ6ROR0RUDVVR-HW]WKDWHUDOOH7UPSIH 'HQ%XPHUDQJGHQ:UIHOGHV8QKHLOVXQGDXFKGDV .UHX]'DPLWNDQQHUVLFK]XP+|OOHQKHUUVFKHUDXIVFKZLQ JHQ© ª0DOVWGXGDQLFKW]XVFKZDU]"©IUDJWH6KDR ª.DXP'XZHLWVHOEVWEHUGDV.UHX]%HVFKHLGXQG
DXFKGDUEHUZHOFKH0DFKWXQG.UDIWHVEHVLW]W=XGHP NDQQ0RUDVVRHVDQIDVVHQGDVGDUIVWGXQLFKWYHUJHVVHQ(U LVWHLQ0HQVFK'lPRQHLQHJHIlKUOLFKH0LVFKXQJZLHVLH QRFKQLHYRUKHUHUVFKDIIHQZXUGH© ª'DQQLVWHUXQEHVLHJEDU"© 6XNRKREGLH6FKXOWHUQXQGEHPHUNWHZLHVHLQH3DUWQHULQ IU|VWHOWH'HVKDOEIRUPXOLHUWHHUGLH$QWZRUWDQGHUV ª8QEHVLHJEDULVWZRKONHLQHU(VLVW]XPLQGHVWVFKZHU JHJHQ'U7RG]XJHZLQQHQVDJHQZLUPDOVR© ª-DGDVVHKHLFKHLQ©$XFK6KDRVFKRELKUHQ7HOOHU]XU 6HLWHª6ROOHQZLU-RKQQLFKW]XXQVKROHQ"© ª'DVZLUGNDXP=ZHFNKDEHQ(UZROOWHMDDOOHLQEOHLEHQ ,FKYHUVWHKHGDVDXFK(UPXHVHUVWHLQPDOEHUZLQGHQ RKQHVHLQHVWlUNVWH:DIIHGD]XVWHKHQ© ª-DGDKDVWGXUHFKW© (LQLJH0LQXWHQYHUJLQJHQVFKZHLJHQG$OVGDV7HOHIRQ VFKULOOWH]XFNWH6KDR]XVDPPHQ 6XNRVWDQGEOLW]VFKQHOODXIXQGKDWWHGHQ+|UHUVFKRQ DEJHQRPPHQEHYRUHV]XP]ZHLWHQPDONOLQJHOWH(UHU ZDUWHWH-RKQ6LQFODLU]XK|UHQZDUDOOHUGLQJVEHUUDVFKW DOV6LU-DPHV3RZHOOV6WLPPHDQVHLQ2KUGUDQJ ª:REHILQGHWVLFK-RKQ6LQFODLU"©IUDJWHGHU6XSHU LQWHQGHQWVRIRUW ª,QVHLQHU:RKQXQJ6LU© ª1HLQGDLVWHUQLFKW© 6XNROLHIHVEHLGLHVHU$QWZRUWNDOWEHUGHQ5FNHQª'D LVWHUQLFKW"$EHUZLUKDEHQXQVGRFK© ª-HGHQIDOOVPHOGHWHUVLFKQLFKWDXIPHLQHQ$QUXI$OO ULJKWGDQQVDJHLFKHV,KQHQ'XUFK=XIDOOVLQGYRQHLQHP 1DFKWZlFKWHUGUHL7RWHJHIXQGHQZRUGHQ'LH/HLFKHQ ODJHQLQHLQHUOHHUVWHKHQGHQ)DEULNKDOOHLQGHU1lKHGHV +DIHQV6LHPVVHQHWZDVPLWGHPhEHUIDOODXI-RKQ6LQFODLU ]XWXQJHKDEWKDEHQGHQQEHLHLQHPGHUGUHLKDEHQZLUGLH %HUHWWDGHV2EHULQVSHNWRUVJHIXQGHQ© ª8QGGLH0lQQHUVLQGWRW"©IUDJWH6XNRHQWVHW]W
ª-DVLHZXUGHQHUVFKRVVHQ© ª&RVWHOORO|VFKWDOOH6SXUHQ© ª*HQDX-HW]WDEHU]X6LQFODLU+DWHU,KQHQJHVDJWZRHU KLQJHJDQJHQLVW"© ª1HLQ6LUHUZROOWHDOOHLQEOHLEHQXQGDXI,KUHQ$QUXI ZDUWHQ© ª,FKPDFKHPLU6RUJHQ6HKHQ6LHPDOQDFK6XNRXQG UXIHQ6LHPLFKGDQQDQ© ª'DVJHKWLQ2UGQXQJ6LU© 6XNROHJWHDXI6KDRKDWWHVLFKQHEHQLKQJHVWHOOWXQGVR HLQHQ7HLOGHV*HVSUlFKVPLWEHNRPPHQª-RKQLVWQLFKWGD"© 'HU&KLQHVHQLFNWH ª$EHUZRNDQQHUQXUVHLQ"© 'DKRE6XNRGLH6FKXOWHUQª,FKZHLHVQLFKWZLUNOLFK QLFKW'DLVWLUJHQGHWZDVSDVVLHUW,FKPXUEHU©6XNR GUHKWHVLFKXPXQGKROWHGHQ=ZHLWVFKOVVHO]XU:RKQXQJ VHLQHV)UHXQGHV(VZDUHQQXUHLQSDDU6FKULWWHEHUGHQ *DQJ6KDRZROOWHPLWGRFK6XNRVFKWWHOWHGHQ.RSI ª1HLQEOHLEGXOLHEHUKLHUHVLVWEHVVHUVR:HQQHWZDV SDVVLHUHQVROOWHKDEHLFKGLFKDXVGHP*HIDKUHQEHUHLFK© ª:HQQGXPHLQVW© 6XNRQDKPQLFKWQXUGHQ6FKOVVHOPLWVRQGHUQDXFK VHLQH:DIIHQ'LH%HUHWWDKDWWHHUVFKRQJH]RJHQ(UKLHOWVLH LQGHUUHFKWHQ+DQGPLWGHUOLQNHQKDWWHHUGLH7UDXIJH VFKORVVHQ ,QGHU:RKQXQJZDUHVVWLOO6XNRVSUWHGDHWZDV JHVFKHKHQZDUGHQQLKPHUVFKLHQGLH6WLOOHQLFKWQRUPDO VRQGHUQXQKHLPOLFK (UZDJWHNDXP]XDWPHQDOVHUGXUFKGLHVFKPDOH'LHOH VFKOLFK 'LH7U]XP:RKQUDXPVWDQGRIIHQ$XIGHU6FKZHOOH EOLHE6XNRVWHKHQXQGKDWWHHLQHQIUHLHQ%OLFN (UVDKVRIRUWGHQ6FKUDQNZRGHU.HOFKGHV)HXHUVVWDQG 'LH7UZDUJH|IIQHW 6XNREOLFNWHDXIGHQ.HOFK
$XVZHOFKHP*UXQGHKDWWH-RKQ6LQFODLUGLH7UJH|IIQHW" :ROOWHHUDQGHQ.HOFK" 7LHIDWPHWHGHU&KLQHVHHLQXQGJLQJODQJVDPYRU(LQ .DPSIKDWWHQLFKWVWDWWJHIXQGHQ1LFKWVZLHVGDUDXIKLQ $OOHVZDUQRUPDO$XIGHP7LVFKVWDQGQRFKHLQ*ODVDQ GHVVHQ,QQHQZDQGOHW]WH%LHUVFKDXPUHVWHNOHEWHQ 'HU&KLQHVHYHUVWDQGQLFKWV(VJDEDXFKNHLQH6SXUHQ DXVGHQHQHUHLQHQ7DWKHUJDQJKlWWHQDFKYROO]LHKHQ N|QQHQ$OOHVZDUVRVHOWVDPVRXQKHLPOLFK 9RUGHP6FKUDQNEOLHEHUVWHKHQVWHFNWHGLH3LVWROHZHJ XQGOLHVHLQH)LQJHUEHUGHQ.HOFKGHV)HXHUVJOHLWHQ (UIKOWHVLFKY|OOLJQRUPDODQ6XNRNRQQWHVLFKQLFKWYRU VWHOOHQGDYRQLKPHLQH*HIDKUDXVJHKHQVROOWH8QGGRFK PXWHHUPLW-RKQV9HUVFKZLQGHQ]XWXQKDEHQ ª+DVWGXHWZDVJHIXQGHQ"©6KDRZDULKUHP)UHXQG JHIROJWXQGVWDQGGLFKWKLQWHU6XNR 'HU&KLQHVHGUHKWHVLFKXPª1HLQ©HUZLGHUWHHUª1XU GHQ.HOFKLPRIIHQHQ6FKUDQN© ª'DQQKDWHULUJHQGHLQH%HGHXWXQJJHKDEW©IROJHUWH6KDR VRIRUW ª'DVNDQQVHLQ© ª$EHU-RKQNDQQVLFKGRFKQLFKWHLQIDFKLQ/XIWDXIJHO|VW KDEHQ©ULHI6KDRHUVFKUHFNWª'DVLVWXQP|JOLFK©6LH VWRFNWHGHQQLKUZDUHLQJHIDOOHQGDHVIUGDV6LQFODLU 7HDPHLJHQWOLFKGDV:RUWXQP|JOLFKQLFKWJHEHQGXUIWH ª,Q/XIWDXIJHO|VW©PXUPHOWH6XNRª9HUGDPPWGD NDQQVWGXUHFKWKDEHQRGHUDXFKQLFKW,FKZUGHHVJHUQ XPVFKUHLEHQ0DQNDQQDXFKVDJHQHUKDWHLQH'L PHQVLRQVUHLVHKLQWHUVLFKJHEUDFKW© ª'DVZHLWGXQLFKWJHQDX© ª1HLQHVLVW6SHNXODWLRQ:HQQLFKQXUZWHZHOFKH .UlIWHLQGHP.HOFKVWHFNHQ6LHPVVHQDXILUJHQGHLQH$UW XQG:HLVHJHZHFNWZRUGHQVHLQ© ª'XUFK-RKQ"© ª.DQQVHLQ©
6KDRZROOWHHVJHQDXZLVVHQXQGGXUFKVXFKWHGLH :RKQXQJ$OVVLH]XLKUHP)UHXQG]XUFNNHKUWHKREVLH QXUGLH6FKXOWHUQª1LFKWV©VWHOOWHVLHPLWWRQORVHU6WLPPH IHVW 6XNRJLQJHUVWJDUQLFKWLQGLH1DFKEDUZRKQXQJ]XUFN VRQGHUQULHIGLUHNWDQ(UWLSSWHGLHHLQ]HOQHQ=DKOHQ6LU -DPHV3RZHOOPHOGHWHVLFKDXIGHU6WHOOH ª6LU-RKQ6LQFODLULVWYHUVFKZXQGHQ6HLQH:RKQXQJIDQ GHQZLUOHHU,UJHQGMHPDQGPXLKQHUZLVFKWKDEHQZHQQ LFKGDVPDOVRVDJHQGDUI8QGGDEHLVSLHOWGHU.HOFKGHV )HXHUVHLQHHQWVFKHLGHQGH5ROOH© 6LU-DPHVDWPHWHKHIWLJHLQª6RQVWKDEHQ6LHNHLQH6SXU JHIXQGHQ6XNR"© ª1HLQ6LU© ª'DQQEOHLEWXQVQLFKWVDQGHUHV]XWXQDOVDE]XZDUWHQ© JDE6LU-DPHVNOHLQODXW]X ª6ROOHQZLUQLFKW&RVWHOORDXIGHQ=DKQIKOHQ"© ª'DVZLUGNHLQHQ=ZHFNKDEHQ:LH6LHPLU]XGHPGLH 6DFKODJHJHVFKLOGHUWKDEHQQHKPHLFKDQGD/RJDQ &RVWHOORGDPLWQLFKWV]XWXQKDW$PEHVWHQLVWHVZHQQ6LH LQ6LQFODLUV:RKQXQJEOHLEHQ9LHOOHLFKWPHOGHWHUVLFKDXI LUJHQGHLQH$UWXQG:HLVH© ª-DGDVN|QQWHP|JOLFKVHLQ©HUZLGHUWH6XNROHLVH ª6LHUXIHQPLFKDQIDOOVHWZDVJHVFKHKHQVROOWH© ª1DWUOLFK6LU© ª8QG"©IUDJWH6KDR6LHKDWWHGLHVPDOQLFKWPLWJHK|UW 'HU&KLQHVHKREQXUGLH6FKXOWHUQ'LHVH*HVWHVDJWH HLJHQWOLFKDOOHV (LQVFKULOOHU(QWVHW]HQVVFKUHLGUDQJDXVGHP0XQGGHUHKH PDOLJHQ7HUURULVWLQ3DPHOD6FRWWDXFK/DG\;JHQDQQWXQG VHLWNXU]HU=HLWHLQ9DPSLU6LHKDWWHGDV.UHX]JHVHKHQGDV 6ROR0RUDVVRKRFKKLHOWXQGVLHVSUWHGLHVWDUNH $XVVWUDKOXQJGHV.UX]LIL[HVVRGDVLH]XVlW]OLFKQRFK
]XUFNZLFKXQGGHQUHFKWHQ$UPDOV'HFNXQJYRULKU *HVLFKWUL ª1LPPHVZHJ1LPPHVZHJ©NUHLVFKWHVLH 0RUDVVRODFKWHª:DVKDVWGX"'XEUDXFKVWHVGRFKQLFKW ]XEHUKUHQ/DG\;© ª7URW]GHP© 'U7RGGDFKWHQLFKWGDUDQGHP:XQVFKGHU9DPSLULQ QDFK]XNRPPHQ(UEHKLHOWGDV.UHX]RIIHQLQGHU+DQG 6FKOLHOLFKPXWHQGLHDQGHUHQVHKHQGDHUJHVLHJWKDWWH 8QG]ZDUDXIGHUJDQ]HQ/LQLHJHVLHJWGHQQHUKDWWHGDV :HUWYROOVWHZDVHVIULKQEHUKDXSWJHEHQNRQQWH ,QGHPDOWHQXQWHULUGLVFKHQ%HWRQEXQNHUHLQHPhEHUUHVW GHV=ZHLWHQ:HOWNULHJVKDOOWHGDV/DFKHQGHV6ROR0RUDVVR YRQGHQNDKOHQ:lQGHQZLGHUª-HW]WLVW6LQFODLUHUOHGLJW© VFKULHHUª(QGJOWLJXQGIUDOOH=HLWHQ© $EHUPDOVODFKWHHU'LH/DPSHQDQGHQ:lQGHQXQGGHU 'HFNHEHJDQQHQ]XIODFNHUQDOVZROOWHQVLHLKP]XVWLPPHQ 'LHDQGHUHQ0LWJOLHGHUGHU0RUGOLJDVFKDXWHQHEHQIDOOV DXILKQXQGGDV.UHX] 9RUDOOHQ'LQJHQ0U0RQGR(UNRQQWHHVDXFKDQIDVVHQ GHQQHUZDUGHUHLQ]LJH0HQVFKLQGHU0RUGOLJD6HLQ%OLFN ]HLJWHJURHV,QWHUHVVHGLH$XJHQKLQWHUGHQ%ULOOHQJOlVHUQ EOLW]WHQ /XSLQDGLHGDV.UHX]HEHQVRIUFKWHWHZLH/DG\;KDWWH VLFK]XUFNJH]RJHQ6LHZXWHHEHQIDOOVXPGLH *HIlKUOLFKNHLWGLHVHU:DIIH7RNDWD9DPSLURGHOPDUXQG ;RUURQVFKDXWHQ]LHPOLFKWHLOQDKPVORVDOVREGDV.UHX] VLHQLFKWLQWHUHVVLHUWH1XU0U0RQGRNRQQWHQLFKWOlQJHU KLQWHUGHP%HUJKDOWHQ ª'LUQXW]WGDV.UHX]QLFKWVJHJHQ-RKQ6LQFODLU©VDJWHHU ª'DPLWNDQQVWGXLKQQLFKWEHVLHJHQ© 0RUDVVRIXKUKHUXPª'DVZHLLFKVHOEVW$EHU6LQFODLU LVWJHVFKZlFKWXQGLFKZLOOGDV.UHX]JHJHQ$VPRGLQDHLQ VHW]HQ,FKKDEHHLQHVRVWDUNH:DIIHGDVLHGLH 7HXIHOVWRFKWHUYHUQLFKWHQNDQQ6LQFODLULVWLQGLHVHP)DOOH
HLQH1HEHQVDFKHHLQ$EIDOOSURGXNW:LUHUZLVFKHQLKQVR RGHUVR$VPRGLQDLVWPLUZLFKWLJHU:HQQZLUVLHDXVJH VFKDOWHWKDEHQVWHKWHLQHU0DFKWEHUQDKPHQLFKWVPHKULP :HJH,KUH5HLFKHZHUGHQGDQQXQVJHK|UHQ© 6WDUNH:RUWHMHGRFKQLFKWEHUWULHEHQZHQQHVLKQHQ JHODQJGLH7HXIHOVWRFKWHU]XVWU]HQ 6ROR0RUDVVRKDWWHHVLP/DXIHGHU=HLWJHVFKDIIWDOOVHLQH 0LWJOLHGHUGDYRQ]XEHU]HXJHQGD$VPRGLQDDOV 7RGIHLQGLQ1XPPHU(LQVDQJHVHKHQZHUGHQPXWH'DV ZDUSUDNWLVFKGLH%HGLQJXQJEHUKDXSW0LWJOLHGGHU 0RUGOLJD]XEOHLEHQ(UVWZHQQ$VPRGLQDDXVGHP:HJ JHVFKDIIWZDUNRQQWHPDQVLFKDQGHUHQJURHQ$XIJDEHQ ZLGPHQ 'DYRQJDEHVJHQXJ'HQQDXFK'U7RGKDWWHYRQHLQHU YRUDWODQWLVFKHQXQKHLPOLFKHQ0DJLHJHK|UWGLHQRFK VFKOLHIYRQLKPMHGRFK]XP/HEHQHUZHFNWZHUGHQVROOWH :HQQHVLKPJHODQJDXFKGLHVHIUFKWHUOLFKHQ'lPRQHQ XQG:HVHQDXIVHLQH6HLWH]X]LHKHQZDUGDVGLHKDOEH 0LHWH=XYRUPXWHQDOOHUGLQJVVlPWOLFKH+LQGHUQLVVHDXV GHP:HJJHUlXPWZHUGHQ ª,KUVWHKWYROODXIPHLQHU6HLWH"©IUDJWH6ROR0RUDVVRQRFK HLQPDO 'LH0LWJOLHGHUGHU0RUGOLJDVDJWHQQLFKWV0RUDVVR VFKDXWHMHGHVYRQLKQHQDQ %HL0RQGREHJDQQHU'HUYHUEUHFKHULVFKH:LVVHQVFKDIWOHU JULQVWHXQGQLFNWH /DG\;JDEHEHQIDOOVGXUFKHLQH.RSIEHZHJXQJLKUH =XVWLPPXQJ 9DPSLURGHOPDUVWLHHLQXQGHILQLHUEDUHV*HUlXVFKDXV (LQ=HLFKHQGDDXFKHUHLQYHUVWDQGHQZDU ;RUURQHEHQIDOOV 8QGDXFK/XSLQDGLH.|QLJLQGHU:|OIHKDWWHQLFKWV GDJHJHQREZRKOVLHLKUHLJHQHV6SSFKHQVSlWHUNRFKHQ ZROOWH'DYRQDOOHUGLQJVVDJWHVLHQLFKWV %OLHE7RNDWD
ª:LHLVWHVPLWGLU"©IUDJWH'U7RGDOVHUVDKGDGHU 6DPXUDLGHV6DWDQVNHLQH$QVWDOWHQPDFKWHGHP9RUVFKODJ ]X]XVWLPPHQ ª,FKELQDXFKGDPLWHLQYHUVWDQGHQ©GUDQJHVGXPSI XQWHUVHLQHU0DVNHKHUYRU ª'DQQLVWHVMDJXW© ª$OOHUGLQJVP|FKWHLFKGD]XQRFKHWZDVVDJHQ© 6ROR0RUDVVRNUDXVWHGLH6WLUQ(UVSUWHGD7RNDWDGRFK QLFKWVRHLQYHUVWDQGHQZDUXQGVFKLFNWHLKPHLQJHGHKQWHV ª-D"©HQWJHJHQ ª,FKZHUGHHXFKIUHLQH:HLOHYHUODVVHQPVVHQGHQQLFK VSUHGDGHUJURH.DPSIEHYRUVWHKW© 0RUDVVREHXJWHVLFKQDFKYRUQ6HLQ*HVLFKWQDKPHLQHQ ODXHUQGHQ$XVGUXFNDQª9RQZHOFKHLQHP.DPSIVSULFKVW GX"© ª1LFKWYRQGHLQHPVRQGHUQYRQPHLQHP© ª'XZLOOVWDOOHLQJHJHQ$VPRGLQDYRUJHKHQ"© ª1LFKWJHJHQ$VPRGLQDVRQGHUQJHJHQHLQHQDQGHUHQ 'HU*ROGHQH6DPXUDLWUHLEWVLFKDXIGLHVHU:HOWKHUXP (LQHUYRQXQVLVW]XYLHO,FKKDEHLQ]ZLVFKHQKHUDXVJHIXQ GHQGDHUVLFKDXIGHQ:HJJHPDFKWKDWXPGHQKHLOLJHQ )lFKHUGHU*|WWLQ$PDWHUDVX]XVXFKHQ(UEHILQGHWVLFK YHUVWHFNWDXIHLQHU,QVHO:HQQGHU*ROGHQHGHQ)lFKHU ILQGHWLVWHUVHKUVWDUN6RVWDUNGDHUXQVJHIlKUGHQNDQQ 8QGGDVZLOOLFKQLFKW]XODVVHQ© 6HOEVW6ROR0RUDVVRZXWHQLFKWZDVHUGDUDXIDQWZRUWHQ VROOWH0LWGLHVHQ:RUWHQKDWWHHUQLFKWJHUHFKQHW6ROOWH 7RNDWDHWZD$QJVWKDEHQ" 'DQDFKIUDJWHHULKQ ª1HLQLFKKDEHNHLQH$QJVW,FKZHUGHPLFKGHP *ROGHQHQVWHOOHQGDVLVWDOOHV© ª'XZLUVWKLHUJHEUDXFKW© ª,KUVHLGGRFKMHW]WVWDUNJHQXJ© 'DVVWLPPWH8QGGRFKZROOWH6ROR0RUDVVRHVQLFKW]XJH EHQ:HQQGDV%HLVSLHO7RNDWDV6FKXOHPDFKWHGDQQJLQJ
KLQWHUKHUMHGHV0LWJOLHGGHU0RUGOLJDVHLQHQHLJHQHQ:HJ $QGHUHUVHLWVNRQQWHHUVLFKGHQ$UJXPHQWHQGHVXQWRWHQ 6DPXUDLQLFKWYHUVFKOLHHQ(UZXWHDXFKXPGHQ *ROGHQHQ%HVFKHLGXQGGDGLHVHUHLQ)HLQG7RNDWDVZDU GHVKDOEVXFKWH'U7RGQDFKHLQHP.RPSURPLXQGIDQG LKQDXFK ª(VLVWNODU©VDJWHHUªGDGHU*ROGHQHHLQH*HIDKUGDU VWHOOW:LUVROOWHQVLHJHPHLQVDPDQJHKHQ'HVKDOEVDJHLFK GLUEOHLEGXVRODQJHKLHUELVZLU$VPRGLQDHUOHGLJWKDEHQ 'DQQZHUGHQZLUXQVGHQ*ROGHQHQYRUNQ|SIHQ© 7RNDWDVFKWWHOWHGDV0DVNHQJHVLFKWª'DVJHKWQLFKW%LV ZLU$VPRGLQDHUOHGLJWKDEHQNDQQHVOlQJVW]XVSlWVHLQ ,FKPXLKQYRUKHUILQGHQ© 0RUDVVRVFKZLHJ(UEHIDQGVLFKLQHLQHU=ZLFNPKOH 8USO|W]OLFKZDUHLQH6LWXDWLRQHQWVWDQGHQGLHHUQLFKWHLQ NDONXOLHUWKDWWH7RNDWDVSLHOWHQLFKWPHKUPLW .RQQWHHUGDV]XODVVHQ" 0RUDVVRGDFKWHDQVHLQJURHV=LHO(UPXWH$VPRGLQD YHUQLFKWHQXQGHUEHVDGDV.UHX]:HQQPDQHVDOV:DIIH PLW7RNDWDYHUJOLFKGDQQZDUHVZHVHQWOLFKVWlUNHUDOVGHU 6DPXUDLGHV6DWDQVYRUDOOHQ'LQJHQDXI$VPRGLQDV3HUVRQ EH]RJHQ8QGGHU*ROGHQH6DPXUDLH[LVWLHUWHWDWVlFKOLFK XQGZDUHLQ)HLQG7RNDWDV$OVRPXWHHUDXVJHO|VFKWZHU GHQ1XUSDWH0RUDVVRGHUPRPHQWDQH=HLWSXQNWQLFKW(U NRQQWHDOOHUGLQJVGDUDQQLFKWVlQGHUQ ª8QGHVJLEWWDWVlFKOLFKNHLQHQDQGHUHQ:HJIUGLFK"© KDNWHHUQRFKHLQPDOQDFK ª1HLQ©HUZLGHUWH7RNDWD 6ROR0RUDVVRQLFNWH(UKDWWHVLFKHQWVFKORVVHQQDFK]X JHEHQ(WZDVZDVEHLLKPVRJXWZLHQLHJHVFKDK'RFKGLH 9RU]HLFKHQKDWWHQVLFKYHUlQGHUW=XGHPEHVDHUGDV .UHX] ª'XNDQQVWJHKHQ©VDJWHHUª*HKXQGW|WHGHLQHQ *HJQHU© 7RNDWDYHUEHXJWHVLFKª'XZLUVWPLWPLU]XIULHGHQVHLQ©
DQWZRUWHWHHUJUROOHQG$XIGHP$EVDW]PDFKWHHUNHKUWXQG YHUVFKZDQGDXVGHPJURHQ%XQNHUUDXP 'LHDQGHUHQVFKDXWHQLKPQLFKWQDFK8QWHUGHQ 0LWJOLHGHUQGHU0RUGOLJDJDEHVNHLQH9HUELQGXQJ6LH ZDUHQHLQH,QWHUHVVHQJHPHLQVFKDIWPHKUQLFKW )U6ROR0RUDVVRZDUGDV7KHPD7RNDWDHUOHGLJW (UGUHKWHVLFKXPXQGZDQGWHVLFKZLHGHUGHQJHJHQ ZlUWLJHQ3UREOHPHQ]X$XIHLQHP7LVFKVWDQGGHU:UIHO GHV8QKHLOV+DUPORVVDKHUDXV:HLEOlXOLFKVFKLPPHUWHQ VHLQH)OlFKHQ6FKOLHUHQKDWWHQVLFKLQQHUKDOEGHV0DWHULDOV JHELOGHWVLHEHZHJWHQVLFKODQJVDP 'U7RGKDWWHPLW+LOIHGHV:UIHOVGHQ1HEHOSURGX]LHUW (LQHXQJHPHLQVWDUNHXQGJHIlKUOLFKH:DIIH'LHQlFKVWH GHQ%XPHUDQJOHJWHHUUHFKWVQHEHQGHQ:UIHO'DV.UHX] GHFNWHGLHOLQNH6HLWHDE 'DQQXPIDWH0RUDVVRGHQ:UIHOPLWEHLGHQ+lQGHQ(U VHQNWHGHQ.RSIXQGNRQ]HQWULHUWHVHLQH*HGDQNHQDXIGHQ 6SXN'XUFKGHQ:UIHODOV.DWDO\VDWRUVROOWHGHU6SXNPLW LKPLQ.RQWDNWWUHWHQ'XUFK0RUDVVRV*HGDQNHQZDUHU]X PDQLSXOLHUHQ ,QQHUKDOEGHV:UIHOVEHJDQQHQVLFKGLH6FKOLHUHQVFKQHO OHU]XEHZHJHQ6LHURWLHUWHQQLFKWDEHUVLH]XFNWHQYRUXQG ]XUFNVRZLHQDFKREHQXQGXQWHQ (LQHIHLQH1HEHOVSLUDOHTXROODXVGHU2EHUVHLWH6LHVWLHJ ELV]XUKRKHQ'HFNHXQGGXUFKGUDQJVLHQLFKWVRQGHUQ EUHLWHWHVLFKZLHHLQJURHU3LO]DXV +HIWLJGDFKWH0RUDVVRDQGHQ6SXN'HU'lPRQGHU LQ]ZLVFKHQDXIVHLQHU6HLWHVWDQGPXWHVHLQHJHGDQNOLFKHQ :QVFKHHLQIDFKYHUQHKPHQ (UUHDJLHUWHDXI6FKZDU]H0DJLHZLHHLQ6HLVPRJUDSKDXI GLH:HOOHQHLQHV(UGEHEHQV 8QGHVWDWVLFKHWZDVGHU6SXNHUVFKLHQHUKDWWHGHQ5XI GHV0HQVFK'lPRQVYHUQRPPHQ ,QQHUKDOEGHU1HEHOZRONHELOGHWHVLFKHLQGXQNOHUHU 6FKDWWHQ(UEOLHEQLFKWUXKLJGRFK'U7RGXQGDXFKGLH
0LWJOLHGHUGHU0RUGOLJDZXWHQGDVLHKRKHQ%HVXFK EHNRPPHQKDWWHQ ª'XKDVWPLFKJHUXIHQ"©'LH6WLPPHGHV6SXNVVFKLHQDXV GHP1LFKWV]XHUVFKDOOHQ 'U7RGGUHKWHVHLQHQ.RSIHLQZHQLJVRGDHUMHW]W]XU 'HFNHEOLFNWHXQGGHQ6SXNRGHUYLHOPHKUGHQ6FKDWWHQLQ GHU1HEHOZRONHDQVFKDXHQNRQQWH ª-DLFKKDEHGLFKJHUXIHQ© ª8QGZDUXP"© 6ROR0RUDVVRNLFKHUWHZLHHLQ7HHQDJHUª6FKDXPDOQHEHQ GHQ:UIHO'RUWVLHKVWGXHWZDV© 'HU6FKDWWHQLQGHU1HEHOZRONHJHULHWLQ%HZHJXQJ'DQQ GUDQJHLQGXPSIHV*UROOHQKHUYRUXQGLPQlFKVWHQ $XJHQEOLFNHUIOOWHGDVVFKDXULJH*HOlFKWHUGHVJHVWDOWORVHQ 'lPRQVGHQ%XQNHUª'DV.UHX]©GRQQHUWHGHU6SXNª'X KDVWGDV.UHX]© ª*HQDX©VFKULH'U7RG]XUFNª,FKKDEHHVXQGGDPLW ZHUGHLFK$VPRGLQDYHUQLFKWHQ6HLIURKGDGXGLFKDXI PHLQH6HLWHJHVWHOOWKDVW-HW]WNDQQQLFKWVPHKUVFKLHIJHKHQ :LUVFKODJHQ]ZHL)OLHJHQPLWHLQHU.ODSSHGHQQDXFK-RKQ 6LQFODLULVWQXQZHKUORV:LUN|QQHQLKQ]HUTXHWVFKHQ© ª'DVVWLPPW©HUZLGHUWHGHU+HUULP5HLFKGHUJHNQHFK WHWHQ'lPRQHQVHHOHQª$EHULFKKDEHDXFKHLQHhEHUUD VFKXQJIUGLFK6ROR0RUDVVR'XZLUVWGLFKXP-RKQ 6LQFODLUZRKONDXPQRFK]XNPPHUQEUDXFKHQ'DVEHU QHKPHQDQGHUH© ª:LHVR"© ª-RKQ6LQFODLUEHILQGHWVLFKQLFKWPHKULQVHLQHU:RKQXQJ DXFKQLFKWLQ/RQGRQXQGQLFKWDXIGHU:HOW(ULVWYRQ $VPRGLQDLQLKU5HLFKJHKROWZRUGHQ6LHKDWVLFKPLW $VPRGLV]XVDPPHQJHWDQGLHEHLGHQNlPSIHQMHW]WPLWHLQ DQGHUJHJHQ6LQFODLU6LHZHUGHQLKQW|WHQ'XEUDXFKVWGLU XPLKQNHLQH*HGDQNHQ]XPDFKHQ© 'U7RGGXFNWHVLFKXQWHUGHQ:RUWHQGHV6SXNVª6WLPPW GDVZLUNOLFK"©IUDJWHHUODXHUQG
ª-D© 0RUDVVRVWLHHLQWLHIHV.QXUUHQDXV6HLQH+lQGHEHZHJ WHQVLFKXQUXKLJ'LH9RUVWHOOXQJVHLQHQ7RGIHLQGDOV/HLFKH ]XVHKHQPDFKWHLKQUDVHQGª'DVLVWQDWUOLFKQRFKEHVVHU JHODXIHQDOVLFKDQQDKP©HUZLGHUWHHUªYLHOEHVVHU© ª6HLYRUVLFKWLJ©ZDUQWHGHU6SXNª'HQNHGDUDQGD $VPRGLQDGLFKYHUQLFKWHQZLOO8QGLP9HUHLQPLWLKUHP 9DWHULVWVLHVHKUJHIlKUOLFK=XGHPKDWVLHHWZDVGDVGLU VFKRQHLQPDOGHQ7RGJHEUDFKWKDW'HQVLOEHUQHQ1DJHO© 0RUDVVRUHFNWHGLH)DXVWLQGLH/XIW6HLQ*HVLFKWYHU ]HUUWHVLFKª1HLQVLHZLUGHVQLFKWVFKDIIHQ'DVVFKZ|UH LFKGLU6SXN6LHSDFNWHVQLFKWJODXEHPLU© ª,FKKRIIHHVGHQQZHQQVLHJHZLQQHQVROOWHJLQJHHVPLU DXFKVFKOHFKW© (VZDUHQVHLQHOHW]WHQ:RUWH6RUDVFKZLHHUHUVFKLHQHQ ZDUYHUVFKZDQGHUDXFKZLHGHU =XUFNEOLHEHQGLHIQI0LWJOLHGHUGHU0RUGOLJDXQG6ROR 0RUDVVRª$VPRGLQDZLUGQLFKWJHZLQQHQ©IOVWHUWHHU KHLVHUª6LHVFKDIIWHVQLFKW,FKZLOOLKUHQ.RSIXQGLFK ZHUGHLKQEHNRPPHQ=XP6FKOXWULXPSKLHUHLFK© (UVDJWHGLHVXQGVFKOXJ]XU%HNUlIWLJXQJVHLQHU:RUWH PLWGHU)DXVWDXIGHQ7LVFK 1LHPDQGGHUDQGHUHQZLGHUVSUDFKLKP'LH0RUGOLJDZDU YRQLKUHP6LHJEHU]HXJW ,FKVFKDXWHDXIGHQ1DJHO (UODJDXIGHP+DQGWHOOHUGHU7HXIHOVWRFKWHUXQGKDWWHLKU QLFKWVJHWDQ6HLQH.UDIWZDUHLQIDFKQLFKWVWDUNJHQXJXP $VPRGLQD]X]HUVW|UHQ'DKlWWHLFKVFKRQVWlUNHUH.DOLEHU ZLHPHLQ.UHX]DXIIDKUHQPVVHQ *XWJHJHQ%|VH 'HUXUDOWH.DPSI%LVKHUKDWWHLFKLKQIUPLFKHQWVFKHL GHQN|QQHQQXQDEHUKDWWHQVLFKGLH9RU]HLFKHQYHUlQGHUW 0HLQ%OLFNO|VWHVLFKYRQGHP1DJHOXQGJOLWWEHUGLH
*HVWDOWGHU7HXIHOVWRFKWHU6LHVDKVRDXVZLHLFKVLHLQ (ULQQHUXQJKDWWHELVDXIHLQH.OHLQLJNHLW ,KU*HVLFKW (V]HLJWHQLFKWPHKUGLHQRUPDOH+DXWVRQGHUQZDUSHFK VFKZDU]XQGZLUNWHOHGHUQ,UJHQGHWZDVPXWHPLWLKU JHVFKHKHQVHLQLFKZDJWHDOOHUGLQJVQLFKWGDQDFK]X IUDJHQ (LQHQ6FKULWWQHEHQLKUVWDQG$VPRGLV'HU7HXIHO 9RQ$QJHVLFKW]X$QJHVLFKWVDKLFKLKQ 'DVGUHLHFNLJH*HVLFKW6SLW]OLHIHVXQWHQ]XhEHUGHP .LQQEHIDQGVLFKGHUODQJJH]RJHQHYLHUHFNLJH0XQG'DQQ HLQH1DVHGLHNHLQHQRUPDOH)RUPDXIZLHV6LHHULQQHUWH PLFKDQHLQH0LVFKXQJ]ZLVFKHQGHP*HUXFKVRUJDQHLQHV 7LHUHVXQGGHPHLQHV0HQVFKHQ'DV*HVLFKWVFKLPPHUWH EUlXQOLFK,FKNRQQWHVRJDUGLHZHQLJHQ+DDUHHLQHV)HOOV HUNHQQHQ$XVGHUEUHLWHQ6WLUQZXFKVHQ]ZHL+|UQHU6LH ZDUHQHLQZHQLJJHGUHKWGLH6SLW]HQ]HLJWHQQDFKREHQ'HU 7HXIHOWUXJHLQHQVFKZDU]HQ8PKDQJGHQHUIHVWXPVHLQH PDJHUH*HVWDOWJH]RJHQKDWWH,QGHU0LWWHNODIIWHGHU 8PKDQJDXI,FKVDKHLQ%HLQ$QGDV%HLQVFKORVLFK MHGRFKNHLQPHQVFKOLFKHU)XVRQGHUQGHUHLQHV3IHUGHVDQ -HW]WVDKLFKGHQ6DWDQYRUPLU 8QGLFKOHEWHZDVIUPLFKVFKRQVRHWZDVZLHHLQNOHLQHV :XQGHUZDU =XPHUVWHQPDOVSUDFK$VPRGLV(UVDJWHHLQHQ6DW]GHU PLUXQWHUGLH+DXWJLQJª:LOONRPPHQLQGHU+|OOH-RKQ 6LQFODLU© 2EZRKOLFKJURH$QJVWYHUVSUWHEOLHELFKlXHUOLFK UHODWLYJHODVVHQª%LQLFKWDWVlFKOLFKLQGHU+|OOH"© ª-DLP=HQWUXPGHV6FKUHFNHQV© ª'LH+|OOHKDEHLFKPLULPPHUDQGHUVYRUJHVWHOOW© 'DULGHU6DWDQVHLQHQ5DFKHQDXIXQGVHLQH$XJHQ URWLHUWHQIHXHUURWª'XGHQNVW]XPHQVFKOLFK6LQFODLU'LH +|OOHKDWWDXVHQG*HVLFKWHUHLQHVGDYRQVLHKVWGXKLHU(V JLEWDXFKGDVDQGHUH*HVLFKWGDVJUDXHQYROOH9LHOOHLFKW
ZLUVWGXHVVHKHQ1HLQQLFKWQXUYLHOOHLFKWVRQGHUQ EHVWLPPW© ª'DQNHPLUUHLFKWGLHVVFKRQ© 6DWDQODFKWHª'XELVWZLUNOLFKQRFKQLFKWNOHLQJHQXJ -RKQ6LQFODLU$EHUZLUZHUGHQHVVFKRQVFKDIIHQ©'DEHL ZDUIHUVHLQHU7RFKWHUHLQHQDXIIRUGHUQGHQ%OLFN]X ª8QGZLH©VDJWH$VPRGLQD6LHKDWWHPLFKGLHJHVDPWH =HLWEHUDQJHVWDUUWXQGGHU+DLQLKUHQ$XJHQZDUQLFKW ]XEHUVHKHQ6LHZROOWHPLFKYHUQLFKWHQ 9RQLKUHP6WDQGSXQNWDXVJHVHKHQZDUGDVVRJDUOHJLWLP 'HQQLFKKDWWHLKUZLUNOLFK]XYLHOH1LHGHUODJHQEHLJH EUDFKW6LHKDWWHHVRIWYHUVXFKWDEHULPPHUZLHGHUZDUVLH ]XUFNJHVFKODJHQZRUGHQ:LHPXWHHVLQHLQHP:HVHQ GHVVHQ,QQHUVWHVSUDNWLVFKQXUDXV+DEHVWDQGDXVVHKHQ ZHQQHVMHW]WVHLQHPlUJVWHQ7RGIHLQGJHJHQEHUVWDQG ª+DWHU:DIIHQ"©IUDJWH$VPRGLV(UGDFKWHGDVFKRQ SUDNWLVFKHUDOVVHLQH7RFKWHU ª%HVWLPPW©HUZLGHUWHVHLQH7RFKWHUXQGYHU]RJGDV VFKZDU]H*HVLFKW]XHLQHP*ULQVHQª*LEHV]X©IXKUVLH PLFKVFKDUIDQ ,FKZROOWHVFKRQQLFNHQDOVPLUHWZDVHLQILHO'LH,GHH ZXUGHZLUNOLFKLQHLQHPZLQ]LJHQ$XJHQEOLFNLQPHLQHP .RSIJHERUHQXQGZHQQPDQYRQGHP%HJULII*H GDQNHQEOLW]VSUHFKHQNDQQGDQQZDUHVEHLPLUGHU)DOO :DUXPVROOWHLFKQLFKWYHUVXFKHQ$VPRGLQDXQGLKUHQ 9DWHUPLWHLQHP%OXII]XEHUOLVWHQ"'LH)UDJHGHV7HXIHOV ZDUVRJHVWHOOWZRUGHQGDLFKGDYRQDXVJHKHQNRQQWHHLQ :HVHQYRUPLU]XKDEHQGDVQLFKWZXWHZDVOLHI,Q PHLQHP)DOOKLHGDV'HU6DWDQKDWWHEHVWLPPWQLFKWHU IDKUHQGDPHLQ.UHX]QLFKWHFKWZDU8QGVHLQH7RFKWHU QDWUOLFKDXFKQLFKW ,FKQLFNWH ª'XKDVWDOVR:DIIHQ"©IUDJWH$VPRGLQD ª-D© ª:HOFKH"©
ª0HLQH3LVWROHGHQ'ROFK© $VPRGLQDZLQNWHDEª'LH'LQJHNDQQVWGXYHUJHVVHQ 0LFKLQWHUHVVLHUWQXUGHLQ.UHX]© ,FKVFKDXWHVLHDQXQGVLHOLHVLFKWDWVlFKOLFKEOXIIHQ GHQQVLHVDJWHª'XKDVWHVDOVR© ª,FKJHKHQLHRKQH.UHX]© 'LH7HXIHOVWRFKWHUZDUILKUHP9DWHUHLQHQUDVFKHQ%OLFN ]X'HU7HXIHOJULQVWHE|VH$XFKHUKDWWHHLQHQUHJHOUHFKWHQ +RUURUYRUGHPJHZHLKWHQ.UX]LIL[XQGHUYHUODQJWHPLW KHUULVFKHU6WLPPHGDLFKHVDEQDKPXQGQLHGHUOHJWH 1LHGHUOHJHQZDUJXW%LVKHUKDWWHLFKQLFKWEHPHUNWGD ZLUEHUKDXSWDXIIHVWHP%RGHQVWDQGHQ0LUVFKLHQHVHKHU DOVZUGHLFKEHUGHU(UGHVFKZHEHQ'LH*UDYLWD WLRQVNUDIWZDULQGLHVHU:HOWDXIJHKREHQGHQQLFKHUNDQQWH NHLQH/lQJH%UHLWHRGHU+|KH $OOHVZDUVRVHOWVDPVRXQZLUNOLFK(VJDENHLQH:lQGH GLHLFKJUHLIHQNRQQWHNHLQHIHVWHQ3XQNWH]XP2ULHQWLHUHQ K|FKVWHQVGHU7HXIHOXQGVHLQH7RFKWHU 8QGLFKVWDQGGHQEHLGHQJHJHQEHU 'DVPXWHPDQVLFKHLQPDOYRUVWHOOHQ(VZDU]ZDUNHLQ 0HQVFKKHLWVWUDXPLQ(UIOOXQJJHJDQJHQDEHULFKHUOHEWH HLQHQ7HLOGHU+|OOHZLHHUWDWVlFKOLFKZDU,FKNRQQWHMHW]W YRUDXVJHVHW]WLFKZUGHMHKLHUKHUDXVNRPPHQPHKU EHUGLH+|OOHEHULFKWHQ'RFKZLHKDWWHPDQPLUJHVDJW" 'LH+|OOHLVWYLHOVFKLFKWLJ6LHELOGHWNHLQH(LQKHLW,FK VWHOOWHPLUGDUXQWHUHLQH.RQ]HQWUDWLRQPHKUHUHU 'LPHQVLRQHQYRUGLHVLFKZLHGLH+lXWHHLQHU=ZLHEHO EHUODSSWHQ(LQHDQGHUH9RUVWHOOXQJYRQGLHVHP3Kl QRPHQVFKDIIWHLFKHLQIDFKQLFKW ª:DV]|JHUVWGX"©IXKUGLH7HXIHOVWRFKWHUPLFKDQ ª1LPPGDVYHUIOXFKWH.UHX]DE© ,FKKREPHLQH$UPH*OHLFK]HLWLJEHZHJWHVLFKDXFK $VPRGLV0LWGHUOLQNHQ.ODXH]HLFKQHWHHUHLQHQ.UHLVLQ GLH/XIW,PVHOEHQ$XJHQEOLFNHUVFKLHQHQDXVGHP1LFKWV :HVHQGLHLFKJHQDXNDQQWH
(VZDUHQGLHJHIlKUOLFKHQ.XJHOGlPRQHQWUHXH'LHQHU GHV6DWDQVXQGGLHEDXWHQVLFKZLHHLQH:DQGYRU$VPRGLV XQGGHVVHQ7RFKWHUDXIVRGDLFKGLHEHLGHQQLFKWPHKU VHKHQNRQQWH 7URW]PHLQHUSUHNlUHQ/DJHNRQQWHLFKPLUHLQ/lFKHOQ QLFKWYHUNQHLIHQ%HLGH$VPRGLVDOVDXFKVHLQH7RFKWHUKDW WHQYRUGHP.UHX]HLQHQUHJHOUHFKWHQ+RUURU6LHZXWHQ JHQDXXPVHLQH6WlUNHXQGVLHEDXWHQGHVKDOEHLQHQ 6FKXW]ZDOODXIGDPLWLFKVLHQLFKWGLUHNWDQJUHLIHQNRQQWH :HQQGLHJHZXWKlWWHQ )HUQHUZXQGHUWHHVPLFKGDVLHQRFKQLFKWVYRQGHPYRQ PLUJHW|WHWHQ.XJHOGlPRQHUIDKUHQKDWWHQ(UKlWWHLKQHQMD VDJHQN|QQHQGDPHLQ.UHX]YHUVDJWH2GHUKLHOWHQVLH VLFKEHZXWGDPLW]XUFN" (LQH$QWZRUWZXWHLFKQLFKW6LHVSLHOWHDXFKNHLQH5ROOH LFKPXWHQXUPHLQHQ%OXIIZHLWHUDXVEDXHQ 0HLQH)LQJHUIDQGHQGLH.HWWH,FKGDFKWHGDUDQZLHRIW LFKGDV.UHX]VFKRQEHUGHQ.RSIJHVWUHLIWKDWWHDEHUGLHV PDOZDUHVHLQXQHFKWHV8QGLFKGUFNWHPLUEHLGH 'DXPHQGDGLH*HJHQVHLWHDXIGHQ%OXIIKHUHLQILHO ,FK]RJHVKHUYRUGDEHLVFKLHOWHLFKDXIGLHYRUPLU VWHKHQGHQ.XJHOGlPRQHQ 6LHUKUWHQVLFKQLFKWXQGKDWWHQQXULKUH0lXOHUZHLWDXI JHULVVHQVRGDLFKGLHJHIlKUOLFKHQ=lKQHVHKHQNRQQWH XQGGLH5DFKHQPLWGHQHQVLHLKUH2SIHUYHUVFKODQJHQ 'DQQODJGDV.UHX]LQPHLQHU+DQG,FKKDWWHGHQUHFKWHQ $UPDXVJHVWUHFNWXQGGDV.UX]LIL[RIIHQDXIGLH)OlFKH JHOHJW'LH.XJHOGlPRQHQJHULHWHQLQ%HZHJXQJ=ZHLYRQ LKQHQUFNWHQHLQNOHLQHV6WFN]XU6HLWH(VHQWVWDQGHLQ =ZLVFKHQUDXPGXUFKGHQ$VPRGLQDXQGGHU7HXIHOPLFK DQVFKDXHQNRQQWHQ 6LHVWDUUWHQDXFKDXIGDV.UHX]*HUQKlWWHLFKJHVHKHQ ZLHHVLQLKUHQ*HVLFKWHUQDXVVDK6WDWWGHVVHQK|UWHLFK HLQHQ]LVFKHQGHQ%HIHKO ª:LUIHV]X%RGHQ©
%RGHQZDUJXW,FKNLSSWHPHLQH+DQGQDFKOLQNVVRGD GDVQDFKJHPDFKWH.UHX]YRQGHU)OlFKHUXWVFKHQNRQQWH :UGHHVLUJHQGZRYHUVFKZLQGHQRGHUYRUPHLQHQ)HQ OLHJHQEOHLEHQ" (VEOLHEOLHJHQ ,PVHOEHQ$XJHQEOLFNYHUVFKZDQGHQDXFKGLHJUlOLFKHQ )UDW]HQGHU.XJHOGlPRQHQ'LH.|SIHPRQVWHUKDIWYHU ]HUUW]RJHQVLFK]XUFN'HU.UHLVXPPLFKO|VWHVLFKDXI ,FKNRQQWHZLHGHUPHLQH(U]IHLQGHGLUHNWDQVFKDXHQXQG ]ZLVFKHQXQVODJMHW]WGDVZDVGLHEHLGHQLPPHUJHIUFKWHW KDWWHQ 'DV.UHX] :UGHQVLHGHQ%OXIIVFKOXFNHQ"%LVMHW]WKDWWHVLFKQLFKWV JHWDQ,FKNRQQWHHUNHQQHQZLHEHLGHGLH.|SIHVHQNWHQ XQGDXIGDV.UHX]VFKDXWHQ ª-HW]WELVWGXRKQH6FKXW]©VWLH$VPRGLVKHUYRUXQG IXQNHOWHPLFKDXVVHLQHQURWHQ$XJHQDQ ª-DGDVELQLFK© $VPRGLQDVDJWHQLFKWV'DVEHXQUXKLJWHPLFK6LHVWDUUWH QXUDXIGDV.UHX]VFKDXWHPLFKNXU]DQGDQQLKUHQ9DWHU XQGJLQJSO|W]OLFKDXIGDV.UX]LIL[]X 'UHL6FKULWWHEUDXFKWHVLHQXU.OHLQH6FKULWWH'DQQEOLHE VLHYRUGHP.UHX]VWHKHQXQGEFNWHVLFK 6LHEHIDQGVLFKQRFKLQGHU%HZHJXQJDOV$VPRGLVVFKULH ª:DVWXVWGX"'XZLUVWVWHUEHQ'XZLUVWYHUJHKHQ© $VPRGLQDNPPHUWHVLFKQLFKWXPGLH:RUWHLKUHV9DWHUV 6LHVWUHFNWH]ZDUGHQ$UPDXVDEHUJULIIQRFKQLFKW]XVRQ GHUQKREQXULKUVFKZDU]HV*HVLFKWXP$VPRGLVDQ]X VFKLHOHQ ª.HLQH$QJVWLFKZHLJHQDXZDVLFKWXH'XZLUVWGLFK ZXQGHUQ$VPRGLV© 'DZXWHLFK%HVFKHLG:HUUHDJLHUWHZLH$VPRGLQDGHU ZDUQLFKWDXIHLQHQ%OXIIKHUHLQJHIDOOHQ 6LHSDFNWHGDV.UHX] (VZDUHLQZLOGHUEHLQDKHE|VHU*ULIIDOVLKUH)LQJHUGHQ
*HJHQVWDQGXPNODPPHUWHQ$XIGHP$EVDW]IXKUVLH KHUXPXQGVFKOHXGHUWH$VPRGLVGDV.UHX]HQWJHJHQ ª'D©VFKULHVLHª1LPPHV)DQJHVDXI(VZLUGGLUQLFKWV WXQ*DUQLFKWV© 'HU7HXIHOJULIIWDWVlFKOLFK]X(UEHNDPGDV.UHX]DXFK ]XIDVVHQ(VYHUVFKZDQGIDVWLQVHLQHU.ODXHXQGHVJH VFKDKQLFKWV.HLQH]HUVW|UHULVFKH.UDIWULGHQ6DWDQDXV HLQDQGHU(UEHUVWDQGGLHVHEHQVRZLHVHLQH7RFKWHU 'HU7HXIHOKLHOWGDV.UHX]IHVW/DQJVDPVHQNWHHUVHLQHQ GUHLHFNLJHQKlOLFKHQ6FKlGHOXQGQXUDOOPlKOLFKVFKLHQHU ]XEHJUHLIHQGDHWZDVQLFKWVWLPPWHGHQQHUVFKWWHOWH GHQ.RSI ª1HLQ©IOVWHUWHHUª1HLQGDVLVWQLFKWP|JOLFK(VWXWPLU QLFKWV(V]HUVW|UWPLFKQLFKW'DV=HLFKHQGHV*XWHQGLH 'UDQJVWGHV%|VHQLVWYRUEHL:LUGLH+|OOHKDEHQJHVLHJW© 1DFKGLHVHQ:RUWHQVWLHHUHLQWULXPSKLHUHQGHV%UOOHQ DXVXQGVFKDXWHVHLQH7RFKWHUDQGLHVHOWVDPXQEHWHLOLJW XQGPLWKlQJHQGHQ$UPHQYRULKPVWDQG 'DV%UOOHQEUDFKDE(LQH6HNXQGHODVWHWHGLH6WLOOH ]ZLVFKHQXQV 0HLQ0DJHQVSDQQWHVLFK'LH6]HQHWULHEMHW]WGHP +|KHSXQNW]X ª'XIUHXVWGLFK]XIUK©VDJWH$VPRGLQDPLWNDOWHU 6WLPPHª9LHO]XIUK6LQFODLUKDWXQVUHLQJHOHJW© ª:LHVR"© ª'DV.UHX]GDVZLUEHLGHDQIDVVHQNRQQWHQXQGGDVGX QXQLQGHU+DQGKlOWVWLVWQLFKWGDVHFKWH© 'LHVPDOGDXHUWHGDV6FKZHLJHQOlQJHU'HU7HXIHOVDJWH QLFKWV(UVFKDXWHDXIGDV.UHX]]XFNWHGUHKWHGHQ.RSI EOLFNWHPLFKDQXQGGDQQZLHGHUGDV.UHX]ª(VLVWQLFKW GDVHFKWH"©IOVWHUWHHUUDXK ª1HLQQXUHLQ'XSOLNDW©$VPRGLQDZDQGWHVLFKDQPLFK ª+DEHLFKUHFKW-RKQ6LQFODLU"© (VKDWWHNHLQHQ=ZHFNQRFKHLQHJURH/JH]XYHU VXFKHQ'HVKDOEEHMDKWHLFK
'HU6DWDQHUOLWWHLQHQ7REVXFKWVDQIDOO'DVJHVFKDK XUSO|W]OLFKLFKKDWWHGDPLWQLFKWJHUHFKQHW(UVFKULHZLH YRQ6LQQHQGUHKWHVLFKVFKOHXGHUWHGDV.UHX]YRQVLFKWUDW PLWVHLQHP3IHUGHIXDXI%OLW]H]XFNWHQYRP%RGHQKRFK )HXHUUHJQHWHKLQWHULKP]X%RGHQHLQJHZDOWLJHV*UROOHQ HUVFKWWHUWHGLH'LPHQVLRQ,FKVDKGLH.XJHOGlPRQHQ GXUFKHLQDQGHUZLUEHOQDOVKlWWHMHPDQGPLWLKQHQJHNHJHOW HLQZLOGHU6WXUPHUIDWHPLFKXQGVFKOHXGHUWHPLFKIDVW]X %RGHQ6RVFKLHQHV]XVHLQZHQQGLH+|OOHLKUH3IRUWHQ|II QHWH:LHDXVGHP1LFKWVHUVFKLHQHQVFKUHFNOLFKH*HVWDOWHQ YRQGHQHQLFKQXUGLH.|SIHVDK8QKHLPOLFKH0RQVWHU GDJHJHQZDU)UDQNHQVWHLQQRFKHLQH6FK|QKHLW6LHKHXOWHQ XQGMDXOWHQEOLHVHQPLUGHQ3HVWKDXFKGHU+|OOHLQV *HVLFKWXQGGLH$QJVWKLHOWPLFKXPNODPPHUW )UHLQHQ$XJHQEOLFNKDWWHLFKZLUNOLFKGDV*HIKO VWHUEHQ]XPVVHQGHQQGLH0RQVWHUKDWWHQLKUH0lXOHU DXIJHULVVHQDOVZROOWHQVLHPLFK]HUUHLHQ 'DQQYHUVFKZDQGHQVLHZLHGHU =XUFNEOLHEHQ$VPRGLQDGHU6DWDQXQGLFK 6LHVFKDXWHQPLFKDQ,FKODVNHLQ(UEDUPHQLQLKUHQ %OLFNHQ+DWWHLFKMHW]WPHLQ7RGHVXUWHLOJHVSURFKHQ" 7LHIKROWHLFK/XIWXQGLFKIUHXWHPLFKGDUEHUGDLFK QRFKDWPHQNRQQWH :LHODQJH" ª'XKDVWXQVUHLQJHOHJW*HLVWHUMlJHU©VSUDFKGHU7HXIHO ª'XKDVWHVWDWVlFKOLFKJHZDJWXQVLQGHU+|OOHDXIV *ODWWHLV]XIKUHQ©(UODFKWHNUHLVFKHQGª$EHUGDVKDVWGX QLFKWXPVRQVWJHWDQGDVVFKZ|UHLFKGLU9HUGDPPWGDV KDVWGXQLFKWXPVRQVWJHWDQ'XZLUVWGLH4XDOHQGHU+|OOH HUOHLGHQ'XZLUVWGDVHUOHEHQZDVGLH0HQVFKHQLPPHULQ LKUHQ%FKHUQVFKUHLEHQ%HLGLUZHUGHQZLUHVZLHGHUHLQ PDODXVSURELHUHQ/HUQHGHQ2UWNHQQHQZR+HXOHQXQG =lKQHNQLUVFKHQKHUUVFKHQ'LH+|OOH|IIQHWLKUH3IRUWHQ )UGLFK-RKQ6LQFODLU1XUIUGLFK© $VPRGLQDQLFNWHEHLMHGHP:RUW6LHEHVWlWLJWHGLH5HGH
LKUHV9DWHUV)UHXQGHHVILHOPLUYHUIOXFKWVFKZHUUXKLJ]X EOHLEHQ,FKKlWWHQRFKVRYLHO]XVDJHQJHKDEWLFKKlWWH LKQHQHUNOlUHQN|QQHQZHUGDV.UHX]ZLUNOLFKEHVLW]WDEHU LFK]|JHUWH :DKUVFKHLQOLFKKlWWHGLHVQXUHLQHQ$XIVFKXEEHGHXWHW 0HKUQLFKW(LQHQ3DNWPLWLKQHQVFKOLHHQNRQQWHPDQ QLFKW,FKVHOEVWNRQQWHPLUDXFKQLFKWPHKUKHOIHQGHQQ GDVPXWHQMHW]WDQGHUHWXQZHQQEHUKDXSW 6LHKLH7DQLWKXQGVLHZDUGDVZDVPDQLPDOOJHPHLQHQ DOV:DKUVDJHULQXQG$VWURORJLQEH]HLFKQHW$EHUVLHNRQQWH QRFKPHKUYLHOPHKU6LHEHVDHLQHURWH.XJHO XQHUPHOLFKLQLKUHP:HUWGHQQPLW+LOIHGHU.XJHOXQG HLQHV0HGLXPVZDUHV7DQLWKP|JOLFKPLWGHU:HOWGHU 'lPRQHQ.RQWDNWDXI]XQHKPHQ 'DV0HGLXPKLH/XFLOOHXQGODJWRWDXIGHU&RXFK(LQ 3IHLOKDWWHVLHLQGLH%UXVWJHWURIIHQ$XFK7DQLWKZlUH JHVWRUEHQZHQQQLFKW]ZHL5HWWHUDXIZLUNOLFKZXQGHUVDPH $UWXQG:HLVHEHLLKUHUVFKLHQHQZlUHQ (LQ0DQQXQGHLQH)UDX 0\[LQXQG.DUD =ZHLZLUNOLFKVHOWVDPH:HVHQGLHHEHQIDOOVXQJODXEOLFKH )lKLJNHLWHQEHVDHQ'HU0DQQNOHLQYRQ*HVWDOWXQGPLW JUQOLFKVFKLPPHUQGHU+DXWHUOHGLJWHHLQHQ7RGHVHQJHO .UDIWVHLQHUPDJLVFKHQ)lKLJNHLWHQ$XVVHLQHQ)LQ JHUVSLW]HQVFKRVVHQ%OLW]HGLHGDV:HVHQDXIGHU6WHOOH W|WHWHQ 'HQ]ZHLWHQQDKPVLFKGLHJHKHLPQLVYROOHVFKZDU]KDD ULJH)UDXYRU6LHW|WHWHLKQGXUFKLKU6FKZHUWPLWGHUJRO GHQHQ.OLQJH8QGDXVGHP.|USHUGHV:HVHQVGUDQJ NHLQQRUPDOHV%OXWVRQGHUQHLQHVFKZDU]JUQH)OVVLJNHLW )U7DQLWKHLQ%HZHLVGDVLHHVKLHUQLFKWPLW0HQVFKHQ VRQGHUQGlPRQLVFKHQ:HVHQ]XWXQKDWWH 'LH:DKUVDJHULQXQG$VWURORJLQKDWWHVFKRQYLHOHUOHEW
GRFKGHQOHW]WHQ9RUIDOOPXWHVLHHUVWQRFKYHUNUDIWHQ,KUH 5HWWHUZDUHQJHEOLHEHQXQGVLHOLHHQ7DQLWKIUHLQSDDU 0LQXWHQLQ5XKHGDPLWVLHVLFKIDQJHQNRQQWH 6LHKDWWHQDXFKHLQH(UNOlUXQJJHOLHIHUWZLHVRXQGZHV KDOEVLHVRSO|W]OLFKDXIJHWDXFKWZDUHQ'LH(UNOlUXQJZDU HLQIDFKDEHUWURW]GHPNRPSOL]LHUW 0\[LQXQG.DUDKDWWHQHEHQIDOOVGLH*HGDQNHQVWU|PHGHV 0HGLXPVHPSIDQJHQXQGEHPHUNWGDVLFK0HQVFKHQLQ *HIDKUEHIDQGHQ6LHKDQGHOWHQVFKQHOOOHLGHUKDWWHQVLH /XFLOOHGDV0HGLXPQLFKWYRUGHP7RGEHZDKUHQN|QQHQ (VZDULQQHUKDOEGHV+DXVHVUXKLJJHZRUGHQ7DQLWKGLH GXQNHOKDDULJH:DKUVDJHULQVDLQHLQHP6HVVHOKLHOWGHQ .RSIJHVHQNWXQGGLH+lQGHEHUHLQDQGHUJHOHJW,KUH )LQJHUQlJHOZDUHQJUQODFNLHUWXQGVDKHQDXVZLH 3IHLOVSLW]HQ7DQLWKV%OLFNJOLWWLQV/HHUHLQLKUHP.RSI MDJWHQVLFKGLH*HGDQNHQDEHUVLHZDJWHQLFKWVLHDXV]X VSUHFKHQ(VKHUUVFKWHHLQ]XJURHV'XUFKHLQDQGHU .DUDIUDJWHª0|FKWHQ6LHHWZDVWULQNHQ"© 7DQLWKQLFNWHª-DJHEHQ6LHPLUELWWHHLQHQ&RJQDF(U VWHKWLQGHPNOHLQHQ6FKUDQN'RUWILQGHQ6LHDXFKGLH 6FKZHQNHU© .DUDZROOWHJHKHQ0\[LQQDKPLKUGLH$UEHLWDEª,FK PDFKHGDVVFKRQ©VDJWHHU 7DQLWKOHEWHLQ3DULV$OV)UDQ]|VLQWUDQNVLHQXQPDOGHQ ZHLFKHQKHUUOLFKHQ&RJQDF0\[LQVFKHQNWHHWZDVYRQGHU KHOOEUDXQHQ)OVVLJNHLWLQGHQNULVWDOOHQHQ6FKZHQNHUXQG EHUUHLFKWHLKQGHU$VWURORJLQ6LHEHGDQNWHVLFKPLWHLQHP 1LFNHQ 7DQLWKOLHGLH)OVVLJNHLWNUHLVHQGDPLWVLFKLKU'XIWHQW IDOWHQNRQQWHXQGQDKPGDQQ]ZHLNOHLQH6FKOXFNH $OOPlKOLFKNHKUWH)DUEHLQLKU*HVLFKW]XUFNXQGGLH $XJHQYHUORUHQLKUHQVWXPSIHQ*ODQ] ª*HKWHV,KQHQEHVVHU"©IUDJWH.DUD ª-DGDQNH©7DQLWKVWHOOWHGDV*ODVZHJ ª6LHZHUGHQVLFKYRUVWHOOHQN|QQHQGDZLU]DKOUHLFKH
)UDJHQKDEHQ6LQG6LHEHUHLWXQVGLHVH]XEHDQWZRUWHQ"© 'LHVH:RUWHVSUDFK0\[LQGHU0DJLHU ª-DIUDJHQ6LH© ª(VZlUHYLHOOHLFKWEHVVHUZHQQ6LHHU]lKOHQ©VFKOXJ .DUDYRUª,FKPHLQHYRQ,KUHQ([SHULPHQWHQXQG6HDQFHQ© ª:HQQ6LHGDVZQVFKHQELWWH,FKVWHKHWLHILQ,KUHU 6FKXOG© .DUDZLQNWHDEª'DVZROOHQZLUMHW]WHLQPDOYHUJHVVHQ 0DGDPH%HWUDFKWHQ6LHXQVDOV)UHXQGH© ª'DQNH© 'DQQEHULFKWHWH7DQLWK6LHVSUDFKYRQLKUHUZDKUVDJHUL VFKHQ%HJDEXQJXQGGDYRQGDVLHLKU*HOGGDGXUFKYHU GLHQWHSURPLQHQWHQ=HLWJHQRVVHQGLH=XNXQIWYRUDXV]XVD JHQ'DQDFKNDPVLHDXIGDVHLJHQWOLFKH7KHPD6LHUHGHWH EHU/XFLOOHGDV0HGLXPGDVVLHNHQQHQJHOHUQWKDWWHXQG GHVVHQ%HJDEXQJVR]LHPOLFKHLQPDOLJZDU)DVWHLQH 9LHUWHOVWXQGHVSUDFKQXUVLH.DUDXQG0\[LQK|UWHQ VFKZHLJHQG]X ª(VLVWQDWUOLFKDOOHVVHKULQWHUHVVDQWZDV6LHXQVGD EHULFKWHWKDEHQ©EHJDQQ0\[LQª,FKP|FKWHGLUHNWHLQ VWHLJHQ.DQQWHQ6LH-RKQ6LQFODLUVFKRQIUKHU"+DEHQ6LH MHPDOVHWZDVYRQGLHVHP0DQQJHK|UW"© 7DQLWKVFKDXWHGHQNOHLQHQ0DJLHUDQ,KU%OLFNZDUHKU OLFK.HLQ)XQNH)DOVFKKHLWODXHUWHLQLKUHQ$XJHQª1HLQ© HUZLGHUWHVLHª9RQHLQHP0DQQQDPHQV-RKQ6LQFODLUKDEH LFK]XYRUQRFKQLHHWZDVJHK|UWRGHUJHOHVHQ(UVWDOVVLFK /XFLOOHLQWLHIHU7UDQFHEHIDQGXQGLKU*HLVWDXI:DQ GHUVFKDIWJLQJILHOGHU1DPH6LQFODLU© ª'DQQZLVVHQ6LHDOVRQLFKWGD-RKQ6LQFODLUHLQ)HLQG GHU'lPRQHQLVW"© 7DQLWKVFKWWHOWHGHQ.RSI 0\[LQVFKDXWH.DUDDQ'LH6FK|QHDXVGHP7RWHQUHLFK KREGLHVFKPDOHQ6FKXOWHUQ$XFKVLHZDUUDWORV$OOHUGLQJV ODJDXILKUHP*HVLFKWGLHXQDXVJHVSURFKHQH)UDJHGLHDXFK GHQNOHLQHQ0DJLHUEHVFKlIWLJWH:HOFKH9HUELQGXQJJDEHV
]ZLVFKHQGHU.XJHOGHPMHW]WWRWHQ0HGLXPXQG7DQLWK" 'DVZROOWHQGLHEHLGHQKHUDXVILQGHQ .DUDHUKREVLFKPLWHLQHUJOHLWHQGHQ%HZHJXQJYRQLKUHU 6HVVHOOHKQH6LHWUDWDQGHQ7LVFKVWW]WHGLH+lQGHGLFKW QHEHQGHU.XJHODXIXQGVFKDXWHVLHDQ 7DQLWKKDWWH.DUDV%OLFNEHPHUNWª6LHLQWHUHVVLHUWLKU *HKHLPQLVQLFKWZDKU"© ª-D© ª1XQHVLVWVR©EHULFKWHWHVLHPLWVWRFNHQGHU6WLPPH ª,FKZHLVHOEVWQLFKWJHQDXZLHGLH.XJHOIXQNWLRQLHUW 'DVKHLWZLHVLHLKUH0DJLHHQWIDOWHW© 'LHEHLGHQVFKDXWHQ7DQLWKHUVWDXQWDQ ª$EHU6LHDUEHLWHQMHGHQ7DJGDPLW8QGGDQQZLVVHQ6LH QLFKWVEHUGLH)XQNWLRQ"© ª1HLQ© 0\[LQUXQ]HOWHGLH6WLUQª'DVLVWVHOWVDP©PHLQWHHU OlFKHOQGª:RKDEHQ6LHGLH.XJHOKHU"© ª9RQHLQHPYHUVWRUEHQHQ0|QFK© ª'HUKDWVLH,KQHQDOV(UEHKLQWHUODVVHQ"© ª-D(UZXWHYRQPHLQHQ)lKLJNHLWHQ'HU0|QFKOHEWHLQ HLQHP.ORVWHU(VEHILQGHWVLFKLP(OVD(UKDWGLH.XJHO =HLWVHLQHV/HEHQVJHKWHWXQGHUKDWVLHYRQHLQHP$EW HUKDOWHQ'HUZLHGHUXPYRQHLQHP$EWXQGVRZHLWHU© ª:LHNDPGHU0|QFKGD]X,KQHQGLH.XJHO]XYHUHUEHQ"© ZROOWH.DUDZLVVHQª'DPLWKDWHUGRFKGLH5HLKHQIROJH XQWHUEURFKHQ© ª'DVVWLPPW(VZDUNHLQHUPHKUGDGHPHUGLH.XJHO KlWWHJHEHQN|QQHQ'DV.ORVWHUZXUGHDXIJHO|VW'LH .LUFKHNODJWEHU1DFKZXFKVPDQJHO© ª8QG6LHKDEHQQLHJHIUDJWZHPGLH.XJHO]XHUVWJHK|UW KDW"© 1DFKHLQHU:HLOHDQWZRUWHWH7DQLWKª'RFKGDVKDEHLFK© ª'DQQVDJHQ6LHHVELWWH© 7DQLWKOlFKHOWHHLQZHQLJELWWHUª6LHPVVHQ9HUVWlQGQLV GDIUKDEHQGDHVPLUVFKZHUIlOOWYRQVRHWZDV]XVSUH
FKHQ'LHPHLVWHQZUGHQPLFKDXVODFKHQZHQQLFK© ª:LUVLQGQLFKWGLHPHLVWHQ©KLHOW0\[LQHQWJHJHQª'DV VROOWHQ6LHEHPHUNWKDEHQ© ª1DWUOLFK©7DQLWKVHQNWHGHQ.RSIXQGVFKDXWHDXILKUH ODQJHQJUQODFNLHUWHQ)LQJHUQlJHOª6RYLHOLFKJHK|UWKDEH VROOGLH.XJHOHLQPDOGHPJURHQ:DKUVDJHUXQG+HOOVHKHU 1RVWUDGDPXVJHK|UWKDEHQ(UZDUGHUHUVWH%HVLW]HU©1DFK GLHVHU$QWZRUWKREVLHGHQ.RSIXQGVFKDXWHEHLGHDQ :HGHU0\[LQQRFK.DUDODFKWHQ,KUH*HVLFKWHUZDUHQ VHKUHUQVW6LHGDFKWHQEHUGLH(UZLGHUXQJQDFKXQGHV KDWWHIU7DQLWKGHQ$QVFKHLQDOVZUGHQGLHEHLGHQLKU JODXEHQ ª9RQ1RVWUDGDPXVDOVR©VDJWH.DUDVFKOLHOLFK ª'DQQJODXEHQ6LHPLU"©,QGHU)UDJHNODQJ+RIIQXQJPLW ª:DUXPQLFKW"© ª'LHDQGHUHQ0HQVFKHQZUGHQPLFKIUYHUUFNW HUNOlUHQ© .DUDOlFKHOWHª'DVLVWHEHQLKU)HKOHU6LHZROOHQHLQIDFK QLFKWVHKHQ6LHVFKDXHQEHZXWDQGHQ7DWVDFKHQYRUEHL $QGHUVNDQQPDQHVQLFKWEH]HLFKQHQ© ª+DEHQ6LHVFKRQHLQPDO.RQWDNW]X1RVWUDGDPXV JHKDEW"©ZROOWH0\[LQZLVVHQ ª6LHPHLQHQPLWVHLQHP*HLVW"© ª-D© 'LH+HOOVHKHULQNUDXVWHGLH6WLUQª(LQPDO©VDJWHVLHOHLVH ª(LQPDOKDWWHLFK.RQWDNW$EHUQLFKWLFKVHOEVWVRQGHUQ /XFLOOHV*HLVW(UGXUFKZDQGHUWHGLH'LPHQVLRQHQXQGHU PXDXFKLQHLQ5HLFKJHODQJWVHLQLQGHPGLH6HHOHQGHU 9HUVWRUEHQHQDOVUHLQH*HLVWZHVHQH[LVWLHUHQ'RUWKDW /XFLOOHGDQQGHQ*HLVWGHVJURHQ:DKUVDJHUV1RVWUD GDPXVJHWURIIHQ© ª8QGGLHEHLGHQKDEHQVLFKXQWHUKDOWHQ"© ª-DGDVKDEHQVLH1RVWUDGDPXVZDUIURKXQGJOFNOLFK GDVLFKGLH.XJHOLQPHLQHP%HVLW]EHIDQG'XUFKVLHKDW HUIUKHULQGLH=XNXQIWEOLFNHQN|QQHQDOOHUGLQJVEHVVHU
DOVLFKHVMHJHNRQQWKDEH'HQQGDV*HUlWLVWQLFKWYROOVWlQ GLJZLOOLFKHLQPDOVDJHQ(VIHKOWQRFKHWZDVGDVLFKWURW] LQWHQVLYHU6XFKHQLHPDOVJHIXQGHQKDEH© ª'DVZlUH"© ª(LQ.HOFK© 'LH$QWZRUWHQWKLHOW%ULVDQ]0\[LQXQG.DUDZDUHQ EHLGHYRQLKUEHUUDVFKWZRUGHQ ª:HOFKHQ.HOFK"©IUDJWH.DUD ª,FKKDEHVRJDUGHQJHQDXHQ1DPHQ(UKHLWGHU.HOFK GHV)HXHUV© -HW]WZDUHVKHUDXV $Q0\[LQVXQG.DUDV*HVLFKWHUQZDUDE]XOHVHQGDVLH PLWHLQHUlKQOLFKHQ$QWZRUWJHUHFKQHWKDWWHQXQGLUJHQG ZLH]HLJWHLKUH0LPLN%HIULHGLJXQJ ª6LHVDJHQJDUQLFKWV©IOVWHUWH7DQLWK ª:LUNHQQHQGHQ.HOFKGHV)HXHUV© 'LH$XJHQGHU:DKUVDJHULQZXUGHQJUR6LHVFKOXFNWH HLQSDDUPDOVHW]WH]XP6SUHFKHQDQXQGNRQQWHHUVWQDFK HLQHU:HLOHGLHQlFKVWHQ:RUWHIRUPXOLHUHQª6LH6LH NHQQHQGHQ.HOFK"(KUOLFK"© ª-DZLUZLVVHQVRJDUZHULKQEHVLW]W©ZXUGH0\[LQGHXW OLFKHU ª:HU"© ª'HU*HLVWHUMlJHU-RKQ6LQFODLU© ª1HLQ©(LQ$XIVFKUHL ª'RFK©VDJWH0\[LQª-RKQ6LQFODLUEHVLW]WGHQ.HOFK 'HVKDOEJDEHV]ZLVFKHQGHU.XJHOXQGGHP.HOFKHLQH 9HUELQGXQJ1XUDXVGLHVHP*UXQGHNRQQWH/XFLOOHGLH *HGDQNHQGHV*HLVWHUMlJHUVHPSIDQJHQXQGDXFKWHOHSD WKLVFKPLWLKPVSUHFKHQ:LUKDEHQGLH/|VXQJJHIXQGHQ 6LHZDUHLQIDFKHUDOVLFKJHGDFKWKDEH© 7DQLWKVFKWWHOWHLPPHUZLHGHUGHQ.RSIª,FKNDQQHV HLQIDFKQLFKWJODXEHQ©KDXFKWHVLHª,FKNDQQHVQLFKWJODX EHQ'DVJHKWEHUPHLQHQ+RUL]RQW© ª,FKNDQQYHUVWHKHQGD6LHEHUUDVFKWVLQG©VDJWH
0\[LQª$EHUHVLVWHLQH7DWVDFKHDQGHUHVQLFKWV]XUWWHOQ JLEW*ODXEHQ6LHPLU7DQLWK© ª+DWWHGLHVHU-RKQ6LQFODLUGHQQDXFKPLW1RVWUDGDPXV .RQWDNW"©ZROOWHVLHZLVVHQ ª6RYLHOZLUZLVVHQQLFKW©HUZLGHUWH.DUD ª:RKHUKDWHUGDQQGHQ.HOFK"© ª$XFKDXVHLQHP.ORVWHU(UKDWGHQ.HOFKGHQVRJHQDQQ WHQ7HXIHOVP|QFKHQDEJHQRPPHQ6LHKDEHQVLFKDXIGLH 6HLWHGHV6DWDQVJHVWHOOWDEHUGHQ.HOFKGHV)HXHUVNRQQWHQ VLHQLFKWYHUQLFKWHQ© ª(VZDUQXUVRlKQOLFK©EHULFKWLJWH0\[LQª6RYLHOLFK ZHLPXWH-RKQGHQ.HOFKHUVWKROHQXPGDPLWGLH 7HXIHOVP|QFKH]XYHUQLFKWHQ(UVWDQGLUJHQGZRLQ 6FKRWWODQG$EHUGDVVSLHOWMHW]WNHLQH5ROOH:LFKWLJDOOHLQ LVWGDHV]ZLVFKHQGHP.HOFKXQGGHU.XJHOHLQH 9HUELQGXQJJLEW© ª6LHJHK|UHQ]XVDPPHQ©EHVWlWLJWH7DQLWK .DUDXQG0\[LQVFKDXWHQVLFKDQVLHGDFKWHQEHLGHGDV JOHLFKH1XU.DUDVSUDFKHVDXV ª:LUPVVHQQDFK/RQGRQ© ª0LWGHU.XJHO"©IUDJWH7DQLWK 'LH6FK|QHDXVGHP7RWHQUHLFKOlFKHOWHª,FKELQVLFKHU GD6LHXQVGLH.XJHO]XWUHXHQ+lQGHQEHUODVVHQZHU GHQ© 'LH:DKUVDJHULQVHQNWHGHQ.RSI6HKUZRKOZDULKU DQVFKHLQHQGQLFKWGDEHL6LHJDEGLH.XJHOQLFKWJHUQKHU GDVPHUNWHPDQLKUDQ .DUDXQG0\[LQNRQQWHQGLH)UDXYHUVWHKHQ6LHKlWWHQDQ GHUHQ6WHOOHQLFKWDQGHUVJHKDQGHOW'HVKDOEVFKOXJ0\[LQ HLQHQ.RPSURPLYRU ª:lUHHV,KQHQUHFKWZHQQZLU6LHPLWQDFK/RQGRQQHK PHQ"'DQQN|QQHQ6LHLQGHU1lKHGHU.XJHOEOHLEHQ© ª-DGDVZlUHZLUNOLFKDXVJH]HLFKQHW©6LHVWUDKOWHIU HLQHQ0RPHQWGDQQYHUGXQNHOWHVLFKLKU*HVLFKWª1HLQ GDVJHKWMDQLFKW:LUKDEHQHLQHZHLWH5HLVHGLH=HLWLQ
$QVSUXFKQLPPW8QG/XFLOOHLVWWRWZLUPVVHQGLH/HLFKH DEKROHQODVVHQDXFKGLH3ROL]HLDQUXIHQ(VJHKWQLFKW© ª,P3ULQ]LSKDEHQ6LHUHFKW©JDEGHUNOHLQH0DJLHU ]XUFNª$EHUGLHVHU)DOOLVWQLFKWPLWQRUPDOHQ0DVWlEHQ ]XPHVVHQ9HUWUDXHQ6LHXQV7DQLWKZLUZHUGHQ6LHQLFKW HQWWlXVFKHQ'LH7RGHVHQJHOEHZHLVHQHVPDQZROOWH6LH HLVNDOWW|WHQ'HVKDOEPVVHQ6LHEHLXQVEOHLEHQVRQVWVLQG 6LH,KUHV/HEHQVQLFKWPHKUVLFKHU'LHDQGHUH6HLWHZHL GD6LHLKUJHIlKUOLFKZHUGHQN|QQHQXQGGDVZLUGVLHDXI NHLQHQ)DOOGXOGHQ© 7DQLWKV*HVLFKWZDUEHLGHQ:RUWHQGHVNOHLQHQ0DJLHUV LPPHUHUQVWHUJHZRUGHQª(VLVW]ZDUVFKZHU]XEHJUHLIHQ© PXUPHOWHVLHªDEHULFKKDEHHLQJURHV(UEHEHUQRPPHQ (VPXZRKOVHLQ© ª=HLJHQ6LHVLFKGHVVHQZUGLJ©HQWJHJQHWH0\[LQ ª8QGZLHUHLVHQZLU"© ª1LFKWPLWGHP)OXJ]HXJXQGDXFKQLFKWPLWGHU (LVHQEDKQ©OlFKHOWH.DUDª:LUZHUGHQLQQHUKDOEHLQHV /LGVFKODJHVLQ/RQGRQVHLQ0DJLVFKH5HLVHQQHQQWPDQVR HWZDV© ª:LUNOLFK"©7DQLWKVWDXQWH ª-D©VDJWH.DUDXQGEHUJDE0\[LQGLH.XJHO6LHVHOEVW ]RJLKU6FKZHUWKROWHDXVLKUHP.OHLGHLQ6WFN.UHLGHXQG ]HLFKQHWHHLQHQ.UHLVDXIGHQ%RGHQ ,QLKQVWHOOWHQVLFKGLHGUHL 0\[LQXQG7DQLWKKLHOWHQVLFKDQ.DUDIHVW6LHXPNODP PHUWHGDV6FKZHUW 'LH6FK|QHDXVGHP7RWHQUHLFKVSLHOWHLKUHPDJLVFKHQ .UlIWHDXV=XHUVWHQWVWDQGHLQ)OLPPHUQGDVVLFKDOV .RQWXUXPGLHGUHL3HUVRQHQOHJWH,PQlFKVWHQ$XJHQEOLFN O|VWHQVLHVLFKDXIXQGZDUHQYHUVFKZXQGHQ
,FKKLQJDQHLQHP*DOJHQ :LHKDWWH$VPRGLVGRFKJHVDJW"'LH+|OOHLVWYHUVFKLHGHQ 0DQNDQQVLHPLWGHQ+lXWHQHLQHU=ZLHEHOYHUJOHLFKHQ =LHKWPDQHLQH6FKLFKWZHJHUZDUWHWGHQ%HWUDFKWHUVFKRQ GLHQlFKVWHhEHUUDVFKXQJ:LHDXFKLP=HQWUXPGHV 6FKUHFNHQVGHQQGHU1DPH+|OOHZROOWHPLUQLFKWEHUGLH /LSSHQ $OOHUGLQJVZDULFKLQGHUVFKOLPPVWHQJHODQGHW :HQLJVWHQVNRQQWHLFKPLUNHLQH6WHLJHUXQJYRUVWHOOHQ 1HEHQPLUSHQGHOWHQPHLQH/HLGHQVJHQRVVHQGLH7RWHQ :HQQLFKGHQ.RSIGUHKWHXQGGDVNRQQWHLFKZHLOGHU 6WULFNGHUPLFKIHVWKLHOWXQWHUGHQ$UPHQKHUOLHIGDQQ VDKLFKGLH5HLKHGHU*HKlQJWHQ (VZDUHQEOHLFKH*HVWDOWHQ0lQQHUXQG)UDXHQZREHL HUVWHUHEHUZRJHQ6LHHQWVWDPPWHQDOOHQ=HLWHQXQG -DKUKXQGHUWHQ0DQFKHWUXJHQQRFK)HW]HQLKUHUDOWHQ .OHLGXQJ6FKDXULJZDUHQVLHDQ]XVHKHQ$XIJHGXQVHQGLH +DXWPDQFKHDXFKUHJHOUHFKWYHUEUDQQWRGHU]HUIDOOHQ'LH *OLHGPDHQEDXPHOWHQYRQLKUHQ.|USHUQDOVZUGHQVLH EHUKDXSWQLFKW]XLKQHQJHK|UHQ 5HFKWVQHEHQPLUKLQJHLQ0DQQ(UWUXJHLQH8QLIRUP,FK NUDPWHLQPHLQHP*HGlFKWQLVQDFKXQGZXWHGDGLHVH 8QLIRUPHWZD]XU=HLWHLQHV1DSROHRQVJHWUDJHQZXUGH 'DV*HVLFKWGHV0DQQHV]HLJWHHLQHQJUQHQ6FKLPPHUGLH =XQJHKLQJLKPDXVGHP+DOVTXHUGXUFKVHLQ*HVLFKWOLHI HLQEUHLWHU5LLQGHPURVWURWGDVHLQJHWURFNQHWH%OXW VFKLPPHUWH'HU0DQQZDUYLHOOHLFKWGXUFKHLQHQ6lEHOKLHE JHVWRUEHQ ,FKGUHKWHGHQ.RSIQDFKOLQNV 'DZXUGHLFKYRQHLQHU)UDXHLQJHUDKPW6LHKLQJVFKLHILQ GHP6HLO'HU.RSIZDUYHUGUHKWDXFKLKUH=XQJHVWDFK ]ZLVFKHQGHQEOXWOHHUHQ/LSSHQKHUYRU,KU+DDUJOHLFK HLQHUVWUlKQLJHQ)OXW(VPXWHIUKHUHLQPDOVFKZDU] JHZHVHQVHLQMHW]WQXUQRFKJUDXXQGYHUILO]W ,FKUlXVSHUWHPLFKXQGZROOWHVFKRQZLHGHUZRDQGHUV
KLQVFKDXHQDOVLFKVDKZLHGLH)UDXLKUH$XJHQ|IIQHWHXQG PLFKDQVWDUUWH 'HU%OLFNJLQJPLUGXUFKXQGGXUFK(UZDUOHHUWRWDEHU WURW]GHPYROOHU+D ,FKVFKDXGHUWH *OHLFK]HLWLJGDFKWHLFKGDUDQGDYLHOOHLFKWDOOHGLHKLHU KLQJHQQRFKHLQXQWRWHVVHHOHQORVHV/HEHQIKUWHQ'DV ZDUGXUFKDXVP|JOLFKXQGLFKVWHOOWHPLUGLH)UDJHZRLFK KLHUJHODQGHWZDU6ROOWHGLHVKLHUHWZDGDV)HJHIHXHUVHLQ YRQGHPGLH0HQVFKHQLQLKUHQ9RUVWHOOXQJHQVSUDFKHQ" 0HLQ%OLFNJOLWWGLH5HLKHGHU*HKlQJWHQHQWODQJ6RZHLW LFKLQGHPGVWHUHQDEHUGHQQRFKNODUHQ/LFKWVFKDXHQ NRQQWHVDKLFKQXU/HLGHQVJHQRVVHQGLHHEHQVRDQGHP JHZDOWLJHQ*DOJHQKLQJHQZLHLFK(LQHZLUNOLFKVFKDXULJH 6]HQHULHGHQQGDV/LFKWJDELKUHLQHQ]XVlW]OLFKHQJHVSHQ VWLVFKHQ$QVWULFK (LQJUDXHVNDOWHVNODUHV/LFKW(VHQWVWHKWPDQFKPDO ZHQQKHOOHXQGGXQNOH:RONHQJHJHQHLQDQGHUVWRHQXQG GDKLQWHUGDQQGLH6RQQHODXHUW6RlKQOLFKZDUHVKLHUQXU GDLFKNHLQH6RQQHVDKVRQGHUQ]XEHLGHQ6HLWHQGLH JHZDOWLJH5HLKHGHU7RWHQ ,FKZXWHQLFKWHLQPDOZLHLFKKLHUKHUJHNRPPHQZDU 1DFK$VPRGLQDV9HUVSUHFKHQPLFK]XW|WHQKDWWHGHU 7HXIHOQRFKJHODFKWGDQQZDUGLH:HOW]XHLQHP.UHLVHO JHZRUGHQXQGLFKZDUHUVWKLHUDP*DOJHQZLHGHUHUZDFKW ,FKZDUIHLQHQ%OLFNQDFKXQWHQ$OVLFKPLW$VPRGLQD XQGGHUHQ9DWHUJHUHGHWKDWWHGDZDUNHLQ8QWHUJUXQG]X VHKHQJHZHVHQ1XQZROOWHLFKZLVVHQREHVVLFKKLHUlKQ OLFKYHUKLHOW ,FKVDKGHQ8QWHUJUXQGDEHUOLHEHUZlUHPLUGHUYRU KHULJH=XVWDQGJHZHVHQGHQQGLHODQJH5HLKHGHU *HKlQJWHQ]XGHUDXFKLFK]lKOWHVFKZHEWHEHUHLQHP JHZDOWLJHQ6HH .HLQ6HHZLHZLULKQNHQQHQ'DV:DVVHUZDUGXQNHO 6HLQH)DUEHNRQQWHVFKZDU]YLROHWWXQGDXFKURWVHLQ$XI
GHU2EHUIOlFKHWDQ]WHQNOHLQH)OlPPFKHQGLHVLFKVRZHLW DXVJHEUHLWHWKDWWHQZLHGHU6HHUHLFKWH :LHGHUHULQQHUWHLFKPLFKDQGHQ%HJULII)HJHIHXHUXQG HLQDEHUPDOLJHU6FKDXHUUDQQEHUPHLQHQ5FNHQ ,FKIUDJWHPLFKZDVGLHVHUJHZDOWLJH6HHIUHLQH %HGHXWXQJKDEHQN|QQWHXQGIURUSO|W]OLFKGHQQPDQ EUDXFKWHZLUNOLFKNHLQHJURH3KDQWDVLH]XKDEHQXPVLFK YRUVWHOOHQ]XN|QQHQZDVLQGLHVHP%OXWVHHDOOHVJHVFKHKHQ NRQQWH 'LH*HKlQJWHQKLQJHQQLFKWUXKLJ9RQLUJHQGZRKHU ZHKWHVRHWZDVZLHHLQ:LQGHLQODXHV/IWFKHQYLHOOHLFKW GDVJHJHQGLH.|USHUIXKUXQGVLH]XP3HQGHOQEUDFKWH ,FKJODXEWHQLFKWGDUDQGDDOOHQRFKOHEWHQ'D]XVDKHQ VLHPLUHLQIDFK]XOHEORVDXV8QGZLHODQJHKLQJHQVLHKLHU VFKRQ"(LQH(ZLJNHLW"-DKUH0RQDWH" *DEHVGLH=HLWLQGHU+|OOHEHUKDXSW" 'DVIUDJWHLFKPLFKZLUNOLFK=HLWLVWHLQUHODWLYHU%HJULII 8PLKQIHVWOHJHQ]XN|QQHQEUDXFKWPDQHLQHQ%H ]XJVSXQNWXQGGDVVFKLHQPLULQGHU+|OOHQLFKWP|JOLFK ]XVHLQ ,FKPXWHPLFKLQPHLQ6FKLFNVDOHUJHEHQ 7HXIOLVFKZDUGLH)HVVHOXQJ,PHUVWHQ$XJHQEOLFNZDULFK IURKGDPDQPLFKQLFKWHUKlQJWKDWWHDEHUZHQQLFK JHQDXHUGDUEHUQDFKGDFKWHGDZXUGHPLUGDV5DIILQLHUWH GHU)HVVHOXQJHUVWEHZXW,FKNRQQWHGLH$UPHEHZHJHQ ZHQQDXFKHLQJHVFKUlQNWDEHUGHQQRFK'HU6WULFNOLHI XQWHUPHLQHQ$FKVHOK|KOHQKHUEHLGH6HLWHQELOGHWHQEHU PHLQHP.RSIHLQ'UHLHFNXQGWUDIHQVLFKREHQDQGHUODQ JHQ*DOJHQVWDQJHGLHZDDJHUHFKWOLHIXQGLQGLH 8QHQGOLFKNHLW]XIKUHQVFKLHQ8QWHU8PVWlQGHQZUGHHV PLUVRJDUJHOLQJHQDXVGHU)HVVHOXQJKHUDXV]XUXWVFKHQ QXUEUDFKWHGLHVQLFKWV,FKZlUHLQGHQ%OXWVHHJHVWU]WXQG MlPPHUOLFKHUWUXQNHQ 9LHOOHLFKWVRJDU]XP7HLOYHUEUDQQWGHQQGLH)ODPPHQ WDQ]WHQZHLWHUKLQDXIGHUXQEHUVHKEDUHQ2EHUIOlFKH
)HUQHUZDULFKHKUOLFKJHQXJ]X]XJHEHQGD$VPRGLQD XQGGHU7HXIHOJHVLHJWKDWWHQ2IWJHQXJKDWWHQVLHPLUYHU VSURFKHQPLFKLQGLH+|OOH]XVFKLFNHQ 'LHVPDOZDULFKGD'DV=HQWUXPGHV6FKUHFNHQVKDWWH VLFKIUPLFKJH|IIQHW 'DVSUWHLFKHLQH%HUKUXQJ*HQDXDQGHUOLQNHQ6HLWH $OVLFKPHLQH$XJHQGUHKWHXQGDXFKGHQ.RSIHLQZHQLJ ]XU6HLWHZDQGWHEHPHUNWHLFKGDVLFKGLH*HKlQJWH EHZHJWH6LHEUDFKWHLKU%HLQLQPHLQH5LFKWXQJXQGVWLH PLFKPLWGHP)XDQ 8QVHUH%OLFNHWUDIHQVLFK (LQ*ULQVHQVSDOWHWHGDV*HVLFKWGHU)UDX(VZDUHLQ E|VHVJHPHLQHV*ULQVHQPLUNDPHVYRUDOVZUGHHVGHU *HKlQJWHQ6SDEHUHLWHQPLFKKLHU]XVHKHQ(LQZDKUOLFK K|OOLVFKHU:LOONRPPHQVJUX ,FKYHU]LFKWHWHGDUDXIVLHDQ]XOlFKHOQVLHVDJWHDXFKNHLQ HLQ]LJHV:RUWVRQGHUQJULQVWHZHLWHU:LHIHVWJHIURUHQODJ HVDXILKUHP*HVLFKW0LFKSDFNWHHLQ6FKDXGHU =HLWYHUJLQJ ,FKIUDJWHPLFKREPLFKPHLQH*HJQHU]ZLVFKHQGHQ *HVWDOWHQIULPPHUKlQJHQODVVHQZUGHQXQGZHQQLFK GDUEHUQDFKGDFKWHVWLHJ$QJVWLQPLUKRFK 1HLQGLHVH*HGDQNHQPXWHLFKXQWHUGUFNHQ'DPLW GXUIWHLFKPLFKHUVWJDUQLFKWEHVFKlIWLJHQ 'DQQK|UWHLFKGDV6W|KQHQ (LQJUDXVDPHV*HUlXVFK'HU*HKlQJWHQHEHQPLUKDWWHHV DXVJHVWRHQ6HLQ*HVLFKW]HLJWHMDGHQ5LXQGDOVLFKKLQ VFKDXWHGDKDWWHHUVLFKYHUJU|HUW 'DV6W|KQHQYHUNODQJ 6WLOOHXPJDEXQVZLHGHU 5XKLJODJGLH2EHUIOlFKHGHVJHZDOWLJHQ6HHVXQWHUXQV .HLQH:HOOHGXUFKEUDFKGLH*OlWWHQXUGLHWDQ]HQGHQ )ODPPHQDXIGHU2EHUIOlFKHIDQGHQLPPHUZLHGHUQHXH 1DKUXQJ :DUGHU6HHOHHURGHUODXHUWHQGDULQ0RQVWHUXQGDQGHUH
*HVFK|SIH"5HFKQHQPXWHLFKPLWDOOHPGHQQGLH+|OOH KLHOWVLFKHUOLFKQRFKVFKOLPPHhEHUUDVFKXQJHQEHUHLW 8QGGLHHUVWHEHJDQQ hEHUPLUNQDUUWHHWZDV'DQQHU]LWWHUWHGDVJHZDOWLJH *DOJHQJHUVWlFK]WHXQGSO|W]OLFKEHZHJWHQVLFKHLQLJH *HVWDOWHQ $XFKLFK ,PHUVWHQ$XJHQEOLFNKLHOWLFKGHQ$WHPDQ,FKVSUWHGHQ 5XFNXQWHUPHLQHQ$FKVHOQVFKZDQNWHVWlUNHUXQGJOLWWLQ GLH7LHIH'DVKHLWEHUPLUPXWHVLFKHLQH5ROOHEH ZHJHQGLHLFKQLFKWVDKDEHUVLHEUDFKWHPLFKQDFKXQWHQ 8QGEHUGLH5ROOHPXWHDXFKGHU6WULFNODXIHQDQGHQLFK DQJHEXQGHQZDU 'HU6HHZDUWHWH (VZDUHLQVFKOLPPHV*HIKO$QJVWKDWWHLFKELVKHUNDXP YHUVSUWMHW]WDEHUHUIDWHVLHPLFK5XFNZHLVHJLQJHVLQ GLH7LHIH,PPHUZHLWHULPPHUHLQNOHLQHV6WFNGHP 9HUGHUEHQQlKHU 8QGPLWPLUWDXFKWHQHWZDGLH+lOIWHGHUDP*DOJHQKlQ JHQGHQ*HVFK|SIHLQGLH7LHIHZRGHU6HHODXHUWHXQG )ODPPHQXQVIUHVVHQZUGHQ 'LH)UDXXQGGHU0DQQQHEHQPLUEOLHEHQKlQJHQ,FK UXWVFKWHMHGRFKQDFKXQWHQXQGVDKOLQNVXQGUHFKWVGLH %HLQHDQPLUYRUEHLJOHLWHQ'LH)UDXWUXJNHLQH6FKXKH /XPSHQKLQJHQDQLKUHQ%HLQHQGLH)HVFKDXWHQGDUDXV KHUYRU'DV)OHLVFKVDKVFKZDU]DXVXQGZLUNWHZLHYHU EUDQQW ,FKYHU]RJGDV*HVLFKW,FKVSUWHPHLQHQ0DJHQ(U VFKLHQXPGDV'UHLIDFKHDQJHZDFKVHQ]XVHLQ,P,QQHUQ PHLQHV.|USHUVODJHUZLHHLQGLFNHU6WHLQ (VZDUGLH$QJVW 'LH$QJVWYRUGHP8QKHLPOLFKHQGHP8QEHNDQQWHQ ,FKZUGHLQGHQGXQNOHQ6HHHLQWDXFKHQXQGYLHOOHLFKW HOHQGLJHUWULQNHQ ,FKGDFKWHZLHGHUGDUDQHLQHQ%HIUHLXQJVYHUVXFK]X
XQWHUQHKPHQ1XUZDVQXW]WHHUPLU",FKZUGHLQGHQ6HH IDOOHQGHULQVHLQHQ$XVPDHQXQHQGOLFKZDU6RZHLW NRQQWHLFKJDUQLFKWVFKZLPPHQXPGDV8IHU]XHUUHLFKHQ XQGZHUNRQQWHPLUJDUDQWLHUHQGDXQWHUGHU2EHUIOlFKH NHLQH*HIDKUHQODXHUWHQ" (VZDUJUDXVDP hEHUPLUNQDUUWHGDV5DGGHU:LQGH(LQHKlOLFKH %HJOHLWPXVLNGLH0HORGLHGHV7RGHVGLHPLFKDXIPHLQHP :HJLQGLH7LHIHEHJOHLWHWH 'LH+lOIWHGHU6WUHFNHODJEHUHLWVKLQWHUPLU1RFKLPPHU WDQ]WHQGLH)ODPPHQDEHULFKVSUWHNHLQH:lUPHDQ PHLQHQ)HQ1RUPDOHUZHLVHKlWWHLFKVLHVFKRQPHUNHQ PVVHQDEHUGDV)HXHUVFKLHQNDOW]XVHLQ 0LWPLUJOLWWHQ]DKOUHLFKH*HVWDOWHQLQGLH7LHIH =HUOXPSWH*HVFK|SIHXQGDXVNHLQHP0XQGGUDQJHLQ /DXWGHU.ODJH$OOHVJHVFKDKLQHLQHUHUVFKUHFNHQGHQ6WLOOH QXUGDV.QDUUHQGHU:LQGHDPJURHQ4XHUEDONHQGHV *DOJHQVZDU]XK|UHQ *UDXVDPH0XVLNIUPLFK :DULFKGHUHLQ]LJQRUPDOH0HQVFK"/HEWHQRGHUH[LVWLHU WHQGLHDQGHUHQDOV8QWRWH" $POLHEVWHQKlWWHLFKJHVFKULHQDEHUGHQ7ULXPSKZROOWH LFKPHLQHQ*HJQHUQQLFKWJ|QQHQ$VPRGLQDXQGLKU9DWHU ODXHUWHQVLFKHUOLFKLUJHQGZRLP+LQWHUJUXQGXPPLFKMDP PHUQ]XK|UHQ1HLQGHQ6SDJ|QQWHLFKLKQHQZLUNOLFK QLFKW 6FKRQXPWDQ]WHQGLHNOHLQHQ)ODPPHQPHLQH)H'LH =XQJHQEHZHJWHQVLFKVLHOHFNWHQJLHULJQDFKPHLQHQ 6FKXKHQ,FKPHUNWHNHLQH+LW]H'DV)HXHUZDUNDOW 'DQQEHUKUWHLFKGLH2EHUIOlFKH ,PHUVWHQ0RPHQWVFKUDNLFK]XVDPPHQ]RJZLHGHUGLH %HLQHDQXQGHLQ6FKWWHOIURVWSDFNWHPLFK,FKKLHOWGHQ $WHPDQGDV+HU]VFKOXJQRFKVFKQHOOHUHVSRFKWHGXPSI LQPHLQHU%UXVWXQGVHLQH6FKOlJHKDOOWHQLQPHLQHP.RSI ZLGHU
(LQ5XFN ,FKWDXFKWHELV]XGHQ6FKLHQEHLQHQHLQ,QHLQH )OVVLJNHLWGLH]LHPOLFKGLFNXQGWUlJHZDUXQGDXFKHLQH HQWVSUHFKHQGH7HPSHUDWXUKDWWH 6LHZDUZLUNOLFKQLFKWNDOWVRQGHUQHULQQHUWHPLFKLQLKUHU 7HPSHUDWXUDQGLHHLQHVEHUPlLJVWDUNEHKHL]WHQ 6FKZLPPEDGHV'HU9HUJOHLFKPLWYHUGQQWHP6LUXSILHO PLUHLQ ,FKZDUIHLQHQ%OLFNQDFKOLQNV h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lQGHQ EHUKUWXQGDEJHWDVWHW]XZHUGHQ ,FKKROWH/XIW (LQSDDUPDODWPHWHLFKWLHIGXUFK:HQQLFKLQQHUKDOE GHV6HHVYHUVFKZDQGZROOWHLFKGLH/XIWVRODQJHZLHQXU P|JOLFKDQKDOWHQ9LHOOHLFKWZUGHLFKPLFKDXFKEHIUHLHQ XQGGRFKVRODQJHVFKZLPPHQELVHVQLFKWPHKUJLQJ :HQQXQGDEHU]lKOWHQLFKWPHKUDOVGLH)OVVLJNHLWPHLQ .LQQHUUHLFKWKDWWH
-HW]WJDEHVNHLQ=XUFNPHKU ,FKWDXFKWHHLQ )HXHUXPWDQ]WHPHLQ*HVLFKW,FKNRQQWHDXFKNHLQH/XIW KROHQQRFKHLQ5XFNHLQH8PGUHKXQJGHV5DGVXQGGHU 6HHKDWWHPLFKYHUVFKOXQJHQ .HLQH1DFKULFKWYRQ-RKQ6LQFODLU 6XNR)UHXQGXQG.ROOHJHGHV*HLVWHUMlJHUVPDFKWHVLFK JURH6RUJHQ=XGHPIKOWHHUVLFKZLHHLQJHIDQJHQHV 5DXEWLHUGDVXQUXKLJLQVHLQHP.lILJDXIXQGDEUHQQW(U NRQQWHZLUNOLFKQLFKWVWXQZDU]XU+LOIORVLJNHLWYHUGDPPW XQGJHUDGHGDV]HUUWHDQVHLQHQ1HUYHQ 6XNRJHK|UWH]ZDU]XGHQ0HQVFKHQGLHHLQHXQHUVFKW WHUOLFKH*HGXOGDXV]HLFKQHWHDEHULQ6LWXDWLRQHQZLHGLH VHQGDJDEHVDXFKIULKQNHLQH*HGXOG'DZDUGDV*HIKO GHU$QJVWXPGHQ)UHXQGYRUKHUUVFKHQG,QGLHVHU :RKQXQJZDUHWZDV8QKHLPOLFKHVJHVFKHKHQ-RKQ6LQFODLU ZDUZLUNOLFKZLHYRP(UGERGHQYHUVFKOXFNW6XNRJLQJ GDYRQDXVGDVLFKVHLQ3DUWQHULQHLQHUDQGHUHQ 'LPHQVLRQDXIKLHOW(VZDUQXUGLH)UDJHLQZHOFKHU"'LH 5HLFKHXQG'LPHQVLRQHQGHUDQGHUHQ:HOWZDUHQXQ]lKO EDU0DQNRQQWH-RKQEHUDOOKLQYHUVFKOHSSWKDEHQ:HQQ VLFKHUVWHLQPDOHLQ6SDOW|IIQHWHRGHUGXUFK6FKZDU]H 0DJLHHUZHLWHUWZXUGHGDQQJDEHVNHLQ+DOWHQPHKU 9RUGHP6FKUHLEWLVFKLP:RKQUDXPEOLHEGHU&KLQHVH VWHKHQ(LQHEXQWH$QVLFKWVNDUWHODJGRUW-DQH&ROOLQVKDWWH VLHDXV*UDQ&DQDULDJHVFKLFNW6RQQH0HHUHLQ6WUDQG IU|KOLFKH0HQVFKHQ6LHVFKULHEGDVLHHLQHQKHUUOLFKHQ 8UODXEYHUEUDFKWHXQGHVHLJHQWOLFKVFKDGHIlQGHGD-RKQ QLFKWPLWJHIDKUHQZDU 6XNRUXQ]HOWHGLH6WLUQ'DEHLQLFNWHHU-RKQKlWWHPLW IDKUHQVROOHQGDQQZlUHLKPVLFKHUOLFKHLQLJHVHUVSDUWJH EOLHEHQ$QGHUHUVHLWVEHIDQGHQVLFKGLH'lPRQHQXQGK|OOL VFKHQ:HVHQEHUDOO(VJDENHLQHQ3ODW]DXIGHU:HOWZR
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lH JHGDFKW'DHUDNWLYLQHLQHQ)DOOHLQJUHLIHQZUGHGDUDQ KDWWHQEHLGHQLFKWJHGDFKW ,P6FKORGHU:RKQXQJVWUGUHKWHVLFKHLQ6FKOVVHO 6XNREUDXFKWHHUVWJDUQLFKW]XUDWHQZHUVLFKGD]XVFKDI IHQPDFKWH(VZDU6KDRGLHHEHQIDOOVNHLQH5XKHPHKU KDWWH 6LHEHWUDWGLH:RKQXQJXQGEOLHEGLFKWDQGHU:RKQ ]LPPHUWUVWHKHQZREHLVLH6XNRIUDJHQGDQVFKDXWH ª1LFKWV"© 'HU&KLQHVHQLFNWH 6KDRKREGLHVFKPDOHQ6FKXOWHUQ6LHVFKOXFNWHKDUWGDV ZDUGHXWOLFK]XHUNHQQHQ,KU*HVLFKW]HLJWHHLQHXQQDWU OLFKH%OlVVH'LH:DQJHQPXVNHOQEHZHJWHQVLFKLQLKUHQ $XJHQODJGHU$XVGUXFNGHU$QJVW$XFKVLHIKOWHZLH 6XNRGLH+LOIORVLJNHLWGLHEHLGHLQLKUHQ.ODXHQKLHOW ª+DVWGXVFKRQZLHGHUDQJHUXIHQ"©HUNXQGLJWHVLHVLFK 'HU&KLQHVHVFKWWHOWHGHQ.RSIª1HLQ6KDRHVZLUG ZRKONHLQHQ6LQQKDEHQ© ª0|JOLFK© 6XNRJLQJDXIVHLQH)UHXQGLQ]XXQGQDKPVLHLQGLH $UPHª'XGDUIVWDXIDOOH)lOOHGLH+RIIQXQJQLHPDOVDXI JHEHQ6KDR,UJHQGZLHSDFNHQZLUHVVFKRQ©
ª$EHUZLH"© 6XNRKLHOW6KDRZHLWHUKLQIHVWXQGGUHKWHGHQ.RSIVRGD VHLQ%OLFNDXIGHQ.HOFKILHO ª'XUFKLKQ"©IUDJWH6KDR ª(LQHDQGHUH0|JOLFKNHLWJLEWHVQLFKW© ª$EHUZLHZLOOVWGXHVVFKDIIHQ"© ª'DVZHLLFKDXFKQLFKW©6XNRZDUHKUOLFK ª1HLQLFKJODXEHQLFKWGDZLUIU-RKQHWZDVWXQN|Q QHQ:LUVLQGHLQIDFKYLHO]XKLOIORV]XNOHLQQLFKWPlFKWLJ JHQXJ'DVVLQGQXUGLHDQGHUHQ© 6XNRVFKZLHJ(LQ=HLFKHQGDHU6KDRUHFKWJDE'LH DQGHUHQZDUHQZLUNOLFKVWlUNHU6LHKDWWHQHVZLHGHUHLQPDO EHZLHVHQ ª:HUZHLHLJHQWOLFKDOOHVYRQ-RKQV9HUVFKZLQGHQ"© 6XNRO|VWHVLFKYRQVHLQHU)UHXQGLQª:LU6LU-DPHV© ª$XFKGLH&RQROO\V"© ª1HLQ© ª0DQVROOWHLKQHQ%HVFKHLGJHEHQ© 6XNRKREGLH6FKXOWHUQª:DVKlWWHGDVIUHLQHQ6LQQ" 6ROOHQZLUVLHDXFKEHXQUXKLJHQ"© ª6WLPPW©6KDRQDKPLQHLQHP6HVVHO3ODW]ª$EHUGX YHUJLWGDGLH&RQROO\VHLQQHXHV)DPLOLHQPLWJOLHG KDEHQ© 6XNRQLFNWHª-D1DGLQHGLH:|OILQ©(UGDFKWHGDUDQ ZLHIURK-RKQ6LQFODLUJHZHVHQZDUDOVGLH:|OILQPLWGHU 6HHOHGHUJHW|WHWHQ1DGLQH%HUJHUYRUHLQSDDU7DJHQSO|W] OLFKEHLGHQ&RQROO\VDXIJHWDXFKWZDUXQGVLFKPLWGHP NOHLQHQ-RKQQ\YRQ$QIDQJDQVRJXWYHUVWDQGHQKDWWHGD 6KHLODXQG%LOOQDFKNXU]HP=|JHUQGDPLWHLQYHUVWDQGHQ JHZHVHQZDUHQGDGLH:|OILQEHLLKQHQHLQQHXHV=XKDXVH IDQG (LQVFKPDOHV/lFKHOQJHLVWHUWHXP6KDRVYROOH/LSSHQ ª9LHOOHLFKWN|QQWH1DGLQHHWZDVKHUDXVILQGHQ6LHLVWHLQ VHOWVDPHVDXFKVHQVLEOHV*HVFK|SIXQGYLHOOHLFKWNDQQVLH .RQWDNW]XGHQDQGHUHQ5HLFKHQDXIQHKPHQ©
ª'DVLVWQDWUOLFKVFKZLHULJ© ª6LFKHUDEHUZLUGUIHQQLFKWVXQYHUVXFKWODVVHQ© 1DFKHLQLJHPhEHUOHJHQJDE6XNRVHLQHU)UHXQGLQUHFKW :HQQZLUNOLFKQLFKWVKDOIPXWHQVLHWDWVlFKOLFKDXFK GLHVHQ:HJHLQVFKODJHQ.HLQH&KDQFHGXUIWHDXHUDFKW JHODVVHQZHUGHQ 6KDRGHXWHWHDXIGDV7HOHIRQª:LOOVWGX%LOODQUXIHQ"© ª-D©6XNRJLQJ]XP$SSDUDWXQGKDWWHLKQQRFKQLFKW HUUHLFKWDOVHUNOLQJHOWH 6LU-DPHVZROOWHPLW6XNRUHGHQ ª:LVVHQ6LHHWZDV1HXHV6XNR"© ª1HLQNHLQH6SXU© 6XNRDWPHWHWLHIHLQª8QGZDVLVWPLW/RJDQ&RVWHOOR"© ª=ZHL/HXWHZDUHQEHLLKP+RKH%HDPWH9HUK|U H[SHUWHQ'HU0DILRVRKDWVLHDXVJHODFKW(UZDUVRJDUJXWHU /DXQHLUJHQGZLHMRYLDODOVKlWWHHUHLQHQJURHQ)LVFK]XJ JHPDFKW© ª'DVVWLPPWOHLGHUDXFK© ª8QGYRQ-RKQ6LQFODLUZLVVHQ6LHDXFKQLFKWV6XNR"© ª1HLQ6LUJDUQLFKWV© ª:HQQPDQQXUHLQH6SXUKlWWHRGHU]XPLQGHVWHLQHQ 9HUGDFKW'DVLVWMDGDV6FKOLPPHZRKLQPDQJUHLIW QLUJHQGZR:LGHUVWDQGPDQIDWLPPHULQV/HHUH© ª-RKQZLUGVLFKLQHLQHPGHU5HLFKHEHILQGHQGLH $VPRGLQDJHK|UHQ© ª6LQG6LHGDVLFKHU"© ª(VLVW]XPLQGHVWPHLQH$QVLFKW6LU© ª8QGHVJLEWNHLQH0|JOLFKNHLWGRUWKLQ]XJHODQJHQ"6LH ZLVVHQVFKRQZLHLFKHVPHLQH© ª1DWUOLFK6LUQXUVHKHLFKNHLQH&KDQFH© ª,P3ULQ]LSH[LVWLHUWLPPHUHLQH© ª-DQXUPWHQZLUGHQ:HJILQGHQXQGVRHWZDVNDQQ GDXHUQ© ª8QGHVN|QQWHDXFK]XVSlWZHUGHQ© ª6RLVWHVOHLGHU6LU©
ª*XW6XNRZLUZHUGHQZDUWHQ9LHOOHLFKWJHVFKLHKWHLQ NOHLQHV:XQGHU'DIlOOWPLUHLQ6LHKDEHQGRFK]ZHL 3DUWQHUGLH.RQWDNW]XGHQ-HQVHLWVUHLFKHQKHUVWHOOHQ N|QQHQ,FKUHGHYRQ0\[LQGHP0DJLHUXQG.DUD© ª'DVVWLPPW6LU© ª'DQQVHW]HQ6LHVLFKPLWLKQHQLQ9HUELQGXQJ7DWHQORV KHUXPVLW]HQEULQJWQLFKWV© ª6LU0\[LQXQG.DUDVLQGQLFKWVRRKQHZHLWHUHV]XHU UHLFKHQ6LHNRPPHQXQGJHKHQZDQQVLHZROOHQ© ª7UHLEHQ6LHHVLKQHQDXV+LHUJHKWHVXPZLUNOLFKDOOHV RGHUQLFKWV'LH([LVWHQ]GHU:HOWRGHU]XPLQGHVWHLQHV JURHQ7HLOVGHU:HOWVWHKWDXIGHP6SLHO© ª'DVZHLLFKOHLGHU6LU© ª'DQQK|UHLFKYRQ,KQHQ©0LWGLHVHQ:RUWHQOHJWH6LU -DPHV3RZHOODXI 6XNRKDWWHGHQOHW]WHQ6DW]ZRKOYHUVWDQGHQ(VZDUHLQH $XIIRUGHUXQJJHZHVHQHWZDV]XXQWHUQHKPHQ$EHU6LU -DPHVKDWWHJXWUHGHQ(UEHIDQGVLFKQLFKWDQGHU)URQWZDU QLFKWPLWGHP*UDXHQXQPLWWHOEDUNRQIURQWLHUWZRUGHQ 6KDROHJWH6XNRLKUHUHFKWH+DQGDXIGHQ$UPª'XKDVW WURW]GHPQRFKRSWLPLVWLVFKJHVSURFKHQ©VDJWHVLH ª:LHVR"© ª'XKDVWQLHGDUEHUJHUHGHWGD-RKQ©6LHVFKOXFNWH KROWH/XIWXQGVSUDFKGDQQHUVWZHLWHUª1XQMDGD-RKQ XQWHU8PVWlQGHQDXFKWRWVHLQN|QQWH© 'HU&KLQHVHVFKWWHOWHKHIWLJGHQ.RSIª1HLQGDVZLOO PLUHLQIDFKQLFKWEHUGLH/LSSHQ$EHU6LU-DPHVKDWHWZDV *XWHVJHVDJW0\[LQXQG.DUDPWHQXQVKHOIHQ6LHN|QQ WHQXQWHU8PVWlQGHQ© ª'DVLHKGRFK©6KDRXQWHUEUDFKLKUHQ)UHXQG6XNR GUHKWHVLFKKDVWLJXP (VJLEWHLQ6SULFKZRUWGDVKHLW:HQQPDQYRP7HXIHO VSULFKWLVWHUQLFKWZHLWhEHUWUDJHQKLHGDV0\[LQXQG .DUDYRQGHQHQHUVWJHVSURFKHQZRUGHQZDUHUVFKLHQHQ 6LHNDPHQDXVGHP1LFKWV
3O|W]OLFKIOLPPHUWHGLH/XIW.RQWXUHQELOGHWHQVLFKXQG LPQlFKVWHQ$XJHQEOLFNVWDQGHQGLHEHLGHQLP5DXP $EHUQLFKWDOOHLQ =ZLVFKHQLKQHQEHIDQGVLFKHLQHGXQNHOKDDULJH)UDXPLW JUQODFNLHUWHQ)LQJHUQlJHOQGLHZHGHU6XNRQRFK6KDRMH LQLKUHP/HEHQJHVHKHQKDWWHQ'LH)UDXVFKLHQVRHLQH5HLVH ]XPHUVWHQ0DOJHPDFKW]XKDEHQGHQQVLHVFKDXWHVLFK HUVWDXQWXPXQGZLUNWHHLQZHQLJJHLVWHVDEZHVHQG 6LHWDXPHOWHOHLFKW'LHVHOWVDPH5HLVHXQGGHUHQ)ROJHQ KDWWHVLHQRFKQLFKWEHUZXQGHQ ª.DUD0\[LQ©ULHI6KDR(LQ/lFKHOQJOLWWEHULKU *HVLFKWXQGVLHDWPHWHWLHIHLQ 'LHEHLGHQOlFKHOWHQDXFK'RFKVFKQHOOZXUGHQLKUH *HVLFKWHUZLHGHUHUQVWª-RKQLVWYHUVFKZXQGHQQLFKW"© VDJWH.DUD ª-D©HUZLGHUWH6KDRª:RKHUZLWLKU"© ª'XUFK7DQLWK©VDJWH0\[LQXQGGHXWHWHDXIGLHVFKZDU] KDDULJH)UDXGLHVLFKXPVDKXQGGDQDFKIUDJWHREVLHZLUN OLFKLQ/RQGRQZlUH ª'DVVLQG6LH©HUZLGHUWH6XNR(UVWHOOWH6KDRXQGVLFK YRU 1DFKGHPPDQVLFKEHNDQQWJHPDFKWKDWWHNDPGLH)UDX VRIRUW]XU6DFKH0\[LQGUlQJWH .DUDJLQJ]XP7LVFKXQGVWHOOWHGRUWHWZDVDE(VZDUHLQH .XJHO6LHVFKLPPHUWHURWXQGLKUH)OlFKHEHVWDQGDXV]DKO UHLFKHQNOHLQHQ*ODVZDEHQ6XNRXQG6KDRVSUWHQGD GLHVH.XJHOHLQ*HKHLPQLVEDUJXQGGDHVYLHOOHLFKWPLW -RKQ6LQFODLUV9HUVFKZLQGHQ]XVDPPHQKLQJ 7DQLWKOLHVLFKDXFKQLFKWPHKUODQJHELWWHQVRQGHUQ EHULFKWHWH6LHHU]lKOWHPLWUXKLJHQ:RUWHQ(PRWLRQHQ NDPHQQLFKWDXIGHQQVLHZROOWHGLHVFKZHUH$XIJDEHVR VDFKOLFKZLHP|JOLFKDQJHKHQ 6KDRXQG6XNRZDUHQJXWH=XK|UHU6WDXQHQEUHLWHWH VLFKDXIGHP*HVLFKWGHU&KLQHVHQDXVDOVVLHGLH =XVDPPHQKlQJH]ZLVFKHQGHU.XJHOXQGGHP.HOFKGHV
)HXHUVHUIXKUHQ,KUH/LSSHQEHZHJWHQVLFKDOOHUGLQJV ZDUHQLKUH:RUWHVROHLVHJHVSURFKHQGDVLHYRQNHLQHP YHUVWDQGHQZXUGHQ $OVVLHPLWLKUHP%HULFKWIHUWLJZDUODVWHWHGDV6FKZHLJHQ LQQHUKDOEGHV:RKQUDXPV'LH9HUVDPPHOWHQPXWHQGLH :RUWHHUVWHLQPDOGXUFKGHQNHQXQGHLQVRUWLHUHQ 0\[LQXQWHUEUDFKGDV6FKZHLJHQZlKUHQG7DQLWKGLH JHVSURFKHQKDWWHVWLOOGDVDXQGGLH+lQGHLQGHQ6FKR JHOHJWKDWWH ª:DVVDJWLKUGD]X"©IUDJWHHU6KDRXQG6XNR ª(VLVW]XPLQGHVWHLQ+RIIQXQJVVFKLUQPHU©HUZLGHUWHGHU &KLQHVHª:HQQDXFKNOHLQDEHULPPHUKLQ© ª-DGHU$QVLFKWVLQGZLUDXFK© ª:LUPWHQQXUYHUVXFKHQGDXQVGHU.HOFKGHV)HXHUV ]XVDPPHQPLWGHU.XJHOGLH9HUELQGXQJ]XGHPYHUVFKRO OHQHQ-RKQ6LQFODLUVFKDIIW©'LHVH:RUWHVSUDFK.DUD 'DJHJHQKDWWHQLHPDQGHWZDV$OOHZDUHQHLQYHUVWDQGHQ ª$EHUZLH"©IUDJWH6KDR .DUDVDGHU.XJHODPQlFKVWHQVLHQDKPVLHYRUVLFKWLJLQ EHLGH+lQGHª6LHELUJWHLQ*HKHLPQLVHEHQVRZLHGHU .HOFKGHV)HXHUV*HQDXHVZHLLFKQLFKWDEHUPLW+LOIHGHU .XJHOXQGGHV0HGLXPV/XFLOOHNRQQWH7DQLWK]XDQGHUHQ 5HLFKHQ.RQWDNWDXIQHKPHQ'HU*HLVWGHV0HGLXPVZDQ GHUWHREZRKOQXUGLH.XJHOYRUKDQGHQZDUXQGQLFKWGHU .HOFK-HW]WLVWEHLGHVLQXQVHUHQ+lQGHQXQGYLHOOHLFKW JHOLQJWHVXQVDXFKRKQHGDV0HGLXPHLQH9HUELQGXQJ]X GHQDQGHUHQ5HLFKHQKHU]XVWHOOHQXQGGDPLWDXFK]X-RKQ 6LQFODLU© 'LH6FK|QHDXVGHP7RWHQUHLFKEOLFNWHVLFKQDFKGLHVHQ :RUWHQXP9RQGHQDQGHUHQHUQWHWHVLHHLQEHLIlOOLJHV 1LFNHQ0LWGLHVHP9RUVFKODJZDUMHGHUHLQYHUVWDQGHQ ª$OOHUGLQJVKDEHQZLUHLQHQLQXQVHUHU5HFKQXQJYHUJHV VHQ©JDE6XNR]XEHGHQNHQ$OVHUIUDJHQGDQJHVFKDXW ZXUGHVDJWHHUª'U7RG(ULVWGHU-RNHU© ª:LHVR"©
6XNRUXQ]HOWHGLH6WLUQXQGEOLFNWH.DUDDQª'XZHLW QLFKWVGDYRQ"© ª1HLQ© -HW]WEHULFKWHWHGHU&KLQHVH.DUDXQG0\[LQZXUGHQ EOD'DPLWKDWWHQVLHQLFKWJHUHFKQHW'DVZDUIUVLHZLUN OLFKHLQKDUWHU6FKODJ8QGHLQ=HLFKHQGDVLHVLFKDXIGHU 9HUOLHUHUVWUDHEHIDQGHQ:HQQ-RKQVHLQ.UHX]QLFKWPHKU EHVDZDUHULQGHUDQGHUHQ:HOWUHWWXQJVORVYHUORUHQ $XFKGLH:DKUVDJHULQKDWWHGLH:RUWHYHUQRPPHQª+DW HVGDQQEHUKDXSWQRFK6LQQ"©IUDJWHVLHª,FKPHLQHZHQQ XQVHUH&KDQFHQVRVFKOHFKWVWHKHQ© ª(VKDWLPPHU6LQQ©JDE6XNRVFKlUIHUDOVEHDEVLFKWLJW ]XUFNª1RFKZLVVHQZLUQLFKWV:LUKRIIHQQXUHWZDV GXUFKGLH.XJHO]XHUIDKUHQ©(UVWDQGDXIWUDWDQGHQ 6FKUDQNXQGKROWHGHQ.HOFKGHV)HXHUVKHUYRU6XNREDXWH LKQGRUWDXIZR.DUDVDGLHGLHJHKHLPQLVYROOH.XJHO KLHOW 'LH6FK|QHDXVGHP7RWHQUHLFKZXWH%HVFKHLG6LH GUHKWHVLFKHLQZHQLJXQGOHJWHGLH.XJHOLQGHQ.HOFK 6LHSDWHKDDUJHQDX :LHIUGHQ.HOFKJHVFKDIIHQ ª-D©IOVWHUWH0\[LQªHVLVWGLHHFKWH©(UVFKDXWHGLH :DKUVDJHULQXQG$VWURORJLQDQª:UGHQ6LHIUXQVGHQ 9HUVXFKXQWHUQHKPHQ"© 7DQLWKQLFNWHª-D©HUZLGHUWHVLHPLWUDXKHU6WLPPH'DQQ EHXJWHVLHVLFKYRUXQGOHJWHEHLGH+lQGHDXIGLH.XJHOGD VLHHLQH9HUELQGXQJ]ZLVFKHQLKUXQGGHPPDJLVFKHQ.HOFK GHV)HXHUVVFKDIIHQZROOWH 'LH6SDQQXQJVWLHJ-HGHUGHU$QZHVHQGHQZXWHGD GLHVHV([SHULPHQWGLHOHW]WH&KDQFHZDUHWZDVEHUGDV 6FKLFNVDOGHV*HLVWHUMlJHUV-RKQ6LQFODLU]XHUIDKUHQ
,FKEHIDQGPLFKYRQPHLQHQ)UHXQGHQVRZHLWZHJGD =DKOHQGDIUQLFKWDXVUHLFKWHQ,QDQGHUHQ'LPHQVLRQHQ NRQQWHPDQQLFKWUHODWLYLHUHQ+LHUZXUGHQ*HVHW]HGHU 3K\VLNDXIJHKREHQ 'LH)OVVLJNHLWGHV6HHVVFKZDSSWHIDVWEHU'DVKHLW LFKPXWHGLH/LSSHQVFKRQVFKOLHHQVRQVWZlUHPLUGDV =HXJEHUHLWVLQGHQ0XQGJHGUXQJHQ(LQHQOHW]WHQ%OLFN ZDUILFKEHUGLH2EHUIOlFKHZREHLLFKGLH$XJHQZHLWDXI JHULVVHQKDWWH 9RUPLUWDQ]WHQGLHNDOWHQ)ODPPHQ(VZDUHLQEL]DUUHU EOlXOLFKURWVFKLPPHUQGHU5HLJHQHLQHZLJHV=QJHOQHLQ $XIXQG$EJOHLWHQ'DQQHLQOHW]WHU5XFNLFKWDXFKWH XQWHU hEHUPLUVFKZDSSWHGDVVLUXSDUWLJH=HXJ]XVDPPHQ )UHLQHQ0RPHQWUHFKQHWHLFKGDPLWGDVLFKGLH5ROOH DP*DOJHQQLFKWPHKUZHLWHUEHZHJHQZUGHGRFKGDVZDU HLQ,UUWXP6LHUXFNWHWLHIHUXQGLFKVDQNZHLWHULQGHQ XQKHLPOLFKHQ6HHKLQHLQ:HQQGLH0HFKDQLNGHV*DOJHQV QLFKWVWRSSWHZUGHLFKLUJHQGZRDXIGHP*UXQGGHV6HHV ODQGHQ 'LHVH9RUVWHOOXQJEHUHLWHWHPLU$QJVW,FKZDUIDOOH 9RUVlW]HEHUGHQ+DXIHQXQGEHJDQQGDPLWPLFK]X EHIUHLHQ,FKPXWHGDV6HLOXQWHUGHQ6FKXOWHUQDEVWUHLIHQ (VJLQJUHODWLYOHLFKW(LQSDDUVFKODQJHQJOHLFKH %HZHJXQJHQGDQQKDWWHLFKHVKLQWHUPLFKJHEUDFKW ,P*HJHQVDW]]XGHQDQGHUHQHLQJHVXQNHQHQ3HUVRQHQ ZDULFKIUHL1XU/XIWKROHQNRQQWHLFKQLFKWGDIUULLFK GLH$XJHQDXI(VEHUUDVFKWHPLFKGDLFKXQWHUKDOEGHU 2EHUIOlFKHHLQDQGHUHVNODUHUHV*HZlVVHUYRUIDQG ,P.ODUWH[WKLHGDV,FKNRQQWHVHKHQ =ZDUQLFKWVHKUGHXWOLFKVRQGHUQQXUHLQJHVFKUlQNW 6FKDWWHQKDIWHUNDQQWHLFKPHLQH/HLGHQVJHQRVVHQGLHHEHQ IDOOVLQGHQXQKHLPOLFKHQ6HHJHWDXFKWZDUHQ 5HFKWVXQGOLQNVYRQPLUKDWWHQVLHGLH2EHUIOlFKHGXUFK EURFKHQ,FKEHZHJWHPHLQH$UPHXQG%HLQHVFKZDPP
XQWHU!:DVVHUHLQ6WFNZHLWHUXQGVWLHPLFKGDQQQDFK REHQ (VZDUNHLQQRUPDOHV6FKZLPPHQVRQGHUQHVNDPPLU YRUDOVPWHLFKJHJHQHLQH6WU|PXQJNlPSIHQRGHUPLFK GXUFK/HLPEHZHJHQ$XIWULHEZDUVRJXWZLHQLFKWYRUKDQ GHQPHLQH.OHLGXQJKDWWHVLFKYROOJHVRJHQXQGHVZDU VFKZHUIUPLFKDXI]XWDXFKHQREZRKOLFKEHUKDXSWQLFKW WLHIHLQJHVXQNHQZDU 9LHO]XODQJVDPGXUFKEUDFKPHLQ.RSIGLH:DVVHU REHUIOlFKH(VVFKZDSSWHHLQSDDUPDOLFKULGHQ0XQGDXI XQGKROWH/XIW'DQQVFKOHXGHUWHLFKPHLQH+DDUHQDFKKLQ WHQXQGUHLQLJWHVRJXWHVJLQJPHLQ*HVLFKW'LHVH )OVVLJNHLWUDQQKHUDEZLHgO hEHUPLUVDKLFKGHQXQKHLPOLFKHQ*DOJHQXQGDXFKGLH %HLQHGHU*HKlQJWHQ6LHERWHQHLQVFKDXULJHV%LOGZLHLKUH .|USHUSHQGHOWHQDOVGHUODXH:LQGJHJHQVLHIXKU ,QUHJHOPlLJHQ$EVWl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|SIH(VZDUHQYHUZVWHWH
*HVLFKWHU+DXWGLHDQDOWH%DXPULQGHHULQQHUWHXQGLQ GHUHQ)DOWHQVLFKGLH)OVVLJNHLWIHVWJHVHW]WKDWWH =HUVW|UWH)UDW]HQKDOEH7RWHQVFKlGHO0DQFKH$XJHQ K|KOHQZDUHQOHHULQDQGHUHQZLHGHUXPJOKWHHLQJUQHV RGHUURWHV)HXHU'LHPHLVWHQ0lXOHUZDUHQJH|IIQHWXQG GLH0RQVWHUGHUHQ.|SIHZLH.RUNHQDXIGHU2EHUIOlFKH KSIWHQVFKOUIWHQXQGVFKOXFNWHQGLHZLGHUOLFKH )OVVLJNHLWVFKPDW]HQG 6LHPDFKWHLKQHQQLFKWVDXV,P*HJHQWHLOVLHVFKLHQIU VLHVRJDUHLQ/DEVDO]XVHLQ *HQDXHLQKDOEHV'XW]HQG0RQVWHUVFKlGHOVDKLFK8QG GLHVHVHFKVKDWWHQXPPLFKHLQHQ.UHLVJHELOGHW(LQHQ .UHLVGHQLFKQLHGXUFKEUHFKHQNRQQWH 'LHDQGHUHQZXUGHQYRQGHQ0RQVWHUQLQ5XKHJHODVVHQ 6LHZDUHQHLQJHWDXFKWXQGQLFKWPHKUJHIlKUOLFKDEHUPLFK ZROOWHQVLHSDFNHQGHQQLFKKDWWHHVJHZDJWPLFK]XEH IUHLHQ 6LH]RJHQGHQ.UHLVHQJHU 9LHOOHLFKWZLUNWHGLHVVRJDUHLQZHQLJOXVWLJGHQQLFKVDK NHLQH$UPHRGHU%HLQHQXUHEHQGLHVHYHUGDPPWHQ 6FKlGHOGLHDXIGHU2EHUIOlFKHKSIWHQ 0LUZDUQLFKWQDFK6SDHQ]XPXWH :LHNDPLFKZHJ" 7DXFKHQXQGYHUVXFKHQXQWHUGHU2EHUIOlFKH]XVFKZLP PHQ"1HLQGDVNRQQWHLFKYHUJHVVHQGLHVHUXQKHLPOLFKH 6HHZDUXIHUORV,FKZXWHEHUKDXSWQLFKWRELFKMHPDOV IHVWHQ%RGHQXQWHUGHQ)HQHUUHLFKHQZUGH8QGLQ GLHVHP*HZlVVHUVFKZLPPHQZDUPHKUDOVPKVDP 0HLQH.UlIWHZUGHQVHKUVFKQHOOHUODKPHQ 9LHOOHLFKWKDWWHLFKQRFKIQI6HNXQGHQ=HLWPLUHWZDV HLQIDOOHQ]XODVVHQGDQQPXWHLFKNlPSIHQ 0HLQHQ'ROFKWUXJLFKEHLPLU$XFKHLQH(UVDW]%HUHWWD $OOHUGLQJVNRQQWHLFKPLUQLFKWYRUVWHOOHQGDGLH:DIIH QRFKIXQNWLRQLHUWH6LHZDUQDJHZRUGHQ ,FK]RJGLH3LVWROH
'DEHLWUDWLFKQRFKKHIWLJHUPLWGHQEHLGHQ)HQ,FK PXWHPLFKXP+LPPHOVZLOOHQDQGHU2EHUIOlFKHKDOWHQ 0KVDPEUDFKWHLFKGHQUHFKWHQ$UPKRFK]LHOWHNXU] XQGGUFNWHGDQQDE 'LHVHVª.ODFN©LVWZRKOIUMHGHQ0HQVFKHQGHUVLFK LQHLQHU1RWZHKUVLWXDWLRQEHILQGHWXQGVFKLHHQZLOOHLQ UHLQHV+RUURU*HUl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lQGHQIDVVHQNRQQWH,FKVDPPHOWH .UDIWVFKQHOOWHPLFKDXVGHUVLUXSDUWLJHQ)OVVLJNHLWXQG SDFNWHGDV6HLO .DXPEHUKUWHQPHLQH+DQGIOlFKHQGHQUHWWHQGHQ$QNHU GDUXWVFKWHLFKDE(LQVKDWWHLFKYHUJHVVHQ'LH)OVVLJNHLW KDWWHQLFKWQXUGLH'LFKWHYRQgOVLHZLUNWHDXFKVR'DV 6HLOEHNDPLFK]XIDVVHQDEHULFKNRQQWHPLFKQLFKWKDOWHQ LFKUXWVFKWHDE (LQQHXHU9HUVXFK 'LHVPDOZDULFKJHZDUQW,FKKLHOWGDV6HLOHLVHUQPLWHLQHU +DQGGHUOLQNHQIHVWXQGVFKWWHOWHGLHUHFKWHKLQXQG KHU6RYHUORULFKHLQLJHGLFNH7URSIHQGHU)OVVLJNHLW6LH
NODWVFKWHQZLHGHU]XUFNXQGLFKNRQQWHEHVVHU]XJUHLIHQ .HLQZHLWHUHV5XWVFKHQPHKUXQGDXFKGLH5ROOHEHZHJWH VLFKQLFKWPHKU'DV6HLOVWDQGVWLOO ,FKKDQJHOWHPLFKKRFK =XHUVWJULIILFKPLWGHUUHFKWHQ+DQG]XGDQQPLWGHUOLQ NHQ6WFNIU6WFNDUEHLWHWHLFKPLFKZHLWHU(VZDUZLUN OLFKHLQNUlIWH]HKUHQGHV8QWHUQHKPHQDEHULFKNRQQWHQLFKW DEZDUWHQRGHU3DXVHQHLQOHJHQVRQGHUQPXWHZHLWHUPD FKHQ $XFKGLH0RQVWHUEOLHEHQQLFKWXQWlWLJ'LHVHFKV6FKlGHO VDKHQVLFKLKUHU%HXWHEHUDXEWZDVLKQHQEHUKDXSWQLFKW SDWH6LHEHZHJWHQVLFKMHW]WVFKQHOOHUXQGPHLQH%HLQH KLQJHQQRFKLPPHULQGHUZLGHUOLFKHQ)OVVLJNHLW ,FKVFKLHOWHQDFKXQWHQZlKUHQGLFKGLH=lKQH]X VDPPHQELXQGPLFKZHLWHULQGLH+|KH]RJ 1XUQLFKWDXIJHEHQ1XUQLFKWVFKODSSPDFKHQ'DVKlP PHUWHLFKPLUEXFKVWlEOLFKHLQ =ZHL6FKlGHOHUUHLFKWHQGDV6HLO]XHUVW:LGHUOLFKH.|SIH PLWDXIJHULVVHQHQ0lXOHUQXQGQRFK)HW]HQYRQLUJHQG ZHOFKHP)OHLVFK]ZLVFKHQGHQ=lKQHQ 'DQQELHLQ0RQVWHU]X :DKUVFKHLQOLFKZDUHV=XIDOOGDLFKJHUDGHMHW]WGDV UHFKWH%HLQIHVWDQ]RJ'LH=lKQHYHUIHKOWHQPLFKVLHHU ZLVFKWHQQXUQRFK6HLOXQGUWWHOWHQGDUDQ *OHLFK]HLWLJZXUGHPLUKHLGHQQGLHVHV5WWHOQKDWWH PLFKDXIHLQH,GHHJHEUDFKW'XUFKEHLHQNRQQWHQVLHGDV 6HLOUXKLJZHLOVLHVLFKXQWHUPLUEHIDQGHQDEHUZHQQGLH 6FKlGHOZLHLFKDQGHP6WULFNKRFKNOHWWHUWHQVDKGDVVFKRQ E|VHDXV'DQQZUGHQVLHPLFKVLFKHUOLFKSDFNHQEHYRULFK GDV*HUVWHUUHLFKWKDWWHGDVLFKDOVPHLQH5HWWXQJDQVDK =LHKHQ.OLPP]XJ]LHKHQ.OLPP]XJ (LQ:HFKVHOVSLHOLQGHPHVZLUNOLFKXP6HNXQGHQJLQJ 'LH(QWIHUQXQJHUVFKLHQPLUYLHO]XZHLW:DVYRQXQWHQ QXUZLHHLQH.XU]VWUHFNHDXVJHVHKHQKDWWHZXUGHOlQJHU XQGOlQJHUMHPHKUPLUGLH=HLWLP1DFNHQVD
=XGHPEHVWlWLJWHQVLFKPHLQH%HIUFKWXQJHQ'LH 0RQVWHUVFKlGHONOHWWHUWHQPLUQDFK ,FKJ|QQWHPLUHLQH6HNXQGH3DXVHXQGVFKLHOWHGDEHL QDFKXQWHQ6LHVWHOOWHQHVVHKUJHVFKLFNWDQ0LWLKUHQ =lKQHQKDFNWHQVLHLQGDV6HLOELVVHQDOOHUGLQJVQLFKWVRIHVW ]XGDHVUL 8QGVLHKSIWHQ6WFNIU6WFNK|KHULQGHPVLHLPPHU ZLHGHU]XELVVHQXQGVLFKVRIHVWKLHOWHQ'DEHLZDUHQVLH VFKQHOOHUDOVLFK6LHYHUORUHQNHLQH.UDIWGHQQVLHZDUHQ GlPRQLVFKH:HVHQXQGGLH(QHUJLHGHU+|OOHWULHEVLHDQ ,FKNOHWWHUWHZHLWHU 0HLQH0XVNHOQVSDQQWHQVLFK,FKKDWWHVRJURH)XUFKW GDLFKPLFKLQQHUOLFKYHUNUDPSIWHXQGLFKPXWHPHLQHQ LQQHUHQ6FKZHLQHKXQGHUVWEHUZLQGHQZDVHEHQVRKDUW ZDUZLHGDVHLJHQWOLFKH.OHWWHUQ 'RFKDXIJHEHQGXUIWHLFKQLFKW(VPXWHHLQIDFKZHLWHU JHKHQXQGWDWVlFKOLFKZDUGHU4XHUEDONHQGHV*DOJHQV VFKRQHLQJDQ]HV6WFNQlKHUJHUFNW 8QWHUPLUDP6HLOZXUGHQGLH%HZHJXQJHQKHIWLJHU,FK VSUWHVLHMHW]WLQUDVFKHUHU)ROJHHLQ=HLFKHQGDGLHYHU IOXFKWHQ0RQVWHUVFKlGHODXIJHKROWKDWWHQ ,FKVHW]WHDOOHVHLQ 0HLQ$WHPSILIIXQGNHXFKWH0DQFKPDOVFKULHLFKDXFK (VZDUHQUHJHOUHFKWH%HIUHLXQJVVFKUHLHGLHLFKDXVVWLH XQGLFKVDKGDPLFK]DKOUHLFKHWRWH$XJHQEHREDFKWHWHQ 'LHQRFKKlQJHQGHQ/HLGHQVJHQRVVHQKDWWHQVRZHLW VLHVLFKLQPHLQHU1lKHEHIDQGHQGLH.|SIHJHGUHKW,KUH OHHUHQ%OLFNHZDUHQDXIPLFKJHULFKWHW 8QGHVJLQJZHLWHU 9LHUIQI*ULIIHYLHOOHLFKWGDQQKDWWHLFKHVHQGOLFKKLQWHU PLFKJHEUDFKW 'DVSUWHLFKGLH%HUKUXQJDP)X (VZDUHLQUHJHOUHFKWHU6FKODJGHUPLFKWUDI)UHLQHQ ZLQ]LJHQ$XJHQEOLFNVWLHJHLQHKHLH:HOOHGHU$QJVWLQ PLUKRFK%HLPHUVWHQ%LKDWWHQVLHQXUPHLQHQ$EVDW]
JHWURIIHQGHU]ZHLWHZUGHDXVLKUHU6LFKWEHVWLPPWEHVVHU VLW]HQ 'HVKDOEULLFKKDVWLJPHLQH%HLQHKRFK *OFNJHKDEW'HUQlFKVWH%LYHUIHKOWHPLFKWDWVlFKOLFK $XFKEHLPGULWWHQ9HUVXFKVFKQDSSWHQGLH=lKQHYRUEHL ,FKK|UWHZLHVLHDXIHLQDQGHUNODFNWHQ 'HUOHW]WH5HVW 5HFKWHU$UPKRFKJHVFKOHXGHUWGLH+DQGHUVWDXVJH VWUHFNWGDQQIHVWGDV6HLOXPNODPPHUW 0LWGHUOLQNHQJHVFKDKGDVJOHLFKH ,FKSDFNWHHV 1RFKHLQPDO]RJLFKGLH)HQDFK8QGDOVLFKHLQHQ%OLFN QDFKREHQZDUIVDKLFKGDV*HUVWGHV*DOJHQV(LQH]XP *OFN]LHPOLFKEUHLWH.DQWHGLHEHUPLUYHUOLHIXQGDQGHU GLH5ROOHQIUGLH6HLOHEHIHVWLJWZDUHQ 1RFKHLQPDOVWUHFNWHLFKPHLQHQUHFKWHQ$UPDXVGDQQ NRQQWHLFKGHQ4XHUEDONHQIDVVHQ (LVHUQKLHOWLFKIHVW 'HQDQGHUHQ$UPQDFK]LHKHQ,FKKDWWHHVJHVFKDIIW (QGOLFK -HW]WKLQJLFKDQGHP%DONHQZLHHLQ7XUQHUDP5HFN'LH %HLQHEDXPHOWHQKRFKEHUGHU2EHUIOlFKHGHVXQKHLP OLFKHQ6HHVXQGLFKKRIIWHGDLFKQRFKJHQJHQG.UDIW IUHLQHQOHW]WHQ.OLPP]XJKDWWH 7LHIGXUFKJHDWPHWGDQQOHJWHLFKDOOHVLQGLH:DDJVFKDOH ,FKVW|KQWHVFKULHXQGNHXFKWHDEHULFKNDPKRFK)UHXQGH -DZRKOLFKVFKDIIWHHV 'DVUHFKWH%HLQKRFKJHVFKZXQJHQ$XFKZLHGDPDOVLP 7XUQXQWHUULFKW0HLQ.QLHIDQG]XHUVWDXIGHU6WDQJH+DOW ,FKUXWVFKWHPLWGHP%HLQDQGHUDQGHUHQ6HLWHKLQXQWHU XQGHVJHODQJPLUPLFKKLQ]XVHW]HQ(LQQRUPDOHV6LW]HQ ZDUGDVQDWUOLFKQLFKW-HW]WPHUNWHLFKGDGHU%DONHQ GRFKVHKUVFKPDOZDUHUKDWWHQXULP9HUKlOWQLV]XP6HLO EUHLWDXVJHVHKHQ ,FKEHXJWHPHLQHQ2EHUN|USHUHWZDVYRUXQGNODPPHUWH
PLFKPLWEHLGHQ+lQGHQDQGHP+RO]IHVW 'DEHL]LWWHUWHLFKYRQGHQ+DDUHQELV]XGHQ =HKHQVSLW]HQ'LHOHW]WH+DQJHOHLKDWWHPLFKJHVFKODXFKW 1DWUOLFKGDFKWHQGLH6FKlGHOQLFKWGDUDQGLHHLQPDOVR VLFKHUJHJODXEWH%HXWHIDKUHQ]XODVVHQ6LHKLHOWHQQLFKWPLW GHU9HUIROJXQJLQQHELVVHQVLFKLPZDKUVWHQ6LQQHGHV :RUWHVK|KHUXQGLFKVDKZLHGDV6HLOYRQHLQHU6HLWH]XU DQGHUHQVFKDXNHOWH :LHZHLWZDUHQVLHQRFKHQWIHUQW" (LQH$UPOlQJH" *HJHQWHXIOLVFKH6FKlGHOKDWWHLFKYRU-DKUHQVFKRQ JHNlPSIWDOOHUGLQJVPLWHLQHUIXQNWLRQVWFKWLJHQ%HUHWWD +LHUYHUVDJWHVLH$EHULFKEHVDQRFKGHQ'ROFK 8QGGHQKROWHLFKKHUYRU 'LHIQI)LQJHUGHUOLQNHQ+DQGXPVSDQQWHQGHQ 'ROFKJULIIGHQQGLH6FKlGHONOHWWHUWHQDQGHUYRQPLUDXV JHVHKHQOLQNHQ6HLWHLQGLH+|KH 6LHQlKHUWHQVLFKODQJVDPDEHUVWHWLJ 'HUHUVWHVDKEHVRQGHUVVFKDXULJDXV:HLWKDWWHHUGHQ 5DFKHQDXIJHULVVHQ,FKNRQQWHLQVHLQHQ6FKOXQGXQGLQ GHQ+DOVKLQHLQVFKDXHQ:HQQHUQRFKHLQZHQLJK|KHU NURFKGDQQNRQQWHHU]XEHLHQXQGPHLQH:DGHQWUHIIHQ ,FKKLHOWPLFKPLWGHUUHFKWHQ+DQGHLVHUQIHVWEHXJWH PLFKQDFKOLQNVXQGVWDFK]X 'LH.OLQJHWUDIDXI:LGHUVWDQG6FKUlJIXKUVLHLQGHQ 6FKlGHODP$XJHYRUEHLLQGLH:DQJHKLQHLQZHQQPDQ EHUKDXSWYRQVRHLQHUVSUHFKHQNRQQWH :UGHGDV6LOEHUVWDUNJHQXJVHLQ" -DHVZDUVWDUNJHQXJ 3O|W]OLFK]LVFKWHHVLQGHU:XQGHDXI'DVVDKLFKDOVLFK GHQ'ROFKZLHGHU]XUFNUL*OHLFK]HLWLJTXROOHLQJUDXHU 5DXFKIDGHQDXVGHUgIIQXQJGLH=lKQHNODFNWHQ]X VDPPHQXQGELVVHQGDEHLQLFKWPHKULQGDV6HLOVRQGHUQ GDQHEHQ(VNDPZLHLFKHVPLUHUKRIIWKDWWH'HU6FKlGHO NRQQWHVLFKQLFKWPHKUKDOWHQXQGILHOQDFKXQWHQ
.ODWVFKHQGYHUVFKZDQGHULQGHUGLFNHQ%UKH ,FKDWPHWHDXI(LQ*HJQHUZHQLJHU2ELFKLKQ]HUVW|UW KDWWHRGHUQLFKWZDUPLULQGLHVHP0RPHQWHJDOIUPLFK ]lKOWHQXUGDGLHHUVWH*HIDKUJHEDQQWZDU 'LHDQGHUHQ6FKlGHOUFNWHQQLFKWQDFK6LHYHUKDUUWHQ LQLKUHU+DOWXQJXQGHQGOLFKKDWWHLFKGLH=HLWGLHLFK EUDXFKWHXPGDVYHUGDPPWH6HLO]XNDSSHQ 'HQ'ROFKZHFKVHOWHLFKLQGLHUHFKWH+DQGXQGVlEHOWH GDPLWDQGHP6WULFNKHUXP (VJDEHLQHQ5XFNGDQQKDWWHLFKLKQGXUFKWUHQQW 'DV6HLOILHOPLWGHQGDUDQKlQJHQGHQ.|SIHQQDFKXQWHQ XQGYHUVFKZDQGLQGHU%UKH ,FKODFKWHDXI(VZDUHLQ*HOlFKWHUGHU(UOHLFKWHUXQJ GDVLFKQLFKWEHZXWVWHXHUWH(VNDPHLQIDFKVRXQGLFK EHXJWHPLFKQDFKYRUQXPHUVWHLQPDO/XIW]XKROHQ *HVFKDIIW (QGOLFKJHVFKDIIW :HQQVLFKDQGHU*HVDPWVLWXDWLRQDXFKQLFKWVJHlQGHUW KDWWHVRIUHXWHLFKPLFKGRFKEHUMHGHQNOHLQHQ7HLOVLHJ GHQLFKLQGLHVHU+|OOHHUULQJHQNRQQWH (LQ.QDUUHQXQWHUEUDFKPHLQH*HGDQNHQ 'DV*HUlXVFKZDUEHUPLUDXIJHNOXQJHQ,FKGUHKWHPLFK VREHKXWVDPZLHHVHEHQJLQJXP'DEHLVFKLHOWHLFKEHU GLH6FKXOWHUQDFKREHQ'LHDQGHP%DONHQDQJHEUDFKWHQ 5lGHUEHZHJWHQVLFK8QGPLWLKQHQDXFKGLH6HLOHDQ GHQHQGLHXQKHLPOLFKHQ*HVWDOWHQKLQJHQ$OOHUGLQJVGUHK WHQVLFKGLH5lGHUMHW]WLQGLHDQGHUH5LFKWXQJDOVR]XUFN 'DVKLHGLH*HVWDOWHQZUGHQZLHGHUKRFKNRPPHQ ,FKKLQJQLFKWGDUDQ'DUEHUZDULFKYHUGDPPWIURK 1RFKLPPHUWDQ]WHQGLHNOHLQHQ)ODPPHQDXIGHU 2EHUIOlFKH9RQGHQ.|SIHQVDKLFKQLFKWVGDIUWDXFKWHQ PHLQHHKHPDOLJHQ/HLGHQVJHQRVVHQDXVGLHVHUPDNDEUHQ %UKHDXI ,PHUVWHQ0RPHQWVFKLHQVLFKQLFKWVJHlQGHUW]XKDEHQ $OVLFKJHQDXHUKLQVFKDXWHGDHUNDQQWHLFKGDHLQLJHYRQ
LKQHQQLFKWPHKUVRDXVVDKHQZLH]XYRU 'LH)OVVLJNHLWKDWWHVLHYHUlQGHUW$XIHLQHVFKUHFNOLFKH $UWXQG:HLVHGHQQVLHKDWWHQLFKWQXULKUH.OHLGXQJDXI JHO|VWVRQGHUQDXFKZDVYRQGHU+DXWPLWJHQRPPHQ6LH ZLUNWHVHOEVWEHLGLHVHPIDKOHQ/LFKWDXIJHGXQVHQXQG VFKLPPHUWHU|WOLFK$OVZlUHVLHPLWHLQHUJHIlKUOLFKHQ 6lXUHLQ9HUELQGXQJJHNRPPHQ 'DVKlWWHPLUDXFKEHYRUJHVWDQGHQZHQQLFKOlQJHULQ GLHVHU)OVVLJNHLWJHVFKZRPPHQZlUH,PQDFKKLQHLQ EHNDPLFKQRFKGDV=LWWHUQ9RQGHQ*HVWDOWHQILHOHQGLH 7URSIHQDE(VZDUHQVFKRQPHKU.OXPSHQGLHLQGLH%UKH ]XUFNNODWVFKWHQ :LHZUGHHVMHW]WZHLWHUJHKHQ"*HVDJWKDWWHPLUQLH PDQGHWZDVPHLQHXQKHLPOLFKHQ1DFKEDUQEHZHJWHQVLFK ]ZDUGRFKVLHZDUHQVWXPPZLHGLH)LVFKH ,FKZDUWHWHDEELVGLH5ROOHQJHVWRSSWZXUGHQXQGPXWH GDQQPLWDQVHKHQZLHGHU]ZHLWH7HLOGHU+lQJHQGHQLQGLH 7LHIHJOLWW -HW]WUXWVFKWHQDXFKPHLQH1DFKEDUQ$OOHVOLHIVRDEZLH EHLPHUVWHQPDO 'LH)UDXZDUIPLUQRFKHLQHQ%OLFN]X,KU*HVLFKW]HLJWH EHUHLWVGLH4XDOHQDQGLHVLHVSUHQZUGH /DQJVDPZXUGHPLUGHU6LQQGLHVHUWHXIOLVFKHQ0HWKRGH NODU'LH%HVWUDIWHQZXUGHQLQGLHVH)OVVLJNHLWJHWDXFKWHLQ HZLJHVVFKUHFNOLFKHV:HFKVHOEDGXQGVLHKDWWHQQLHPHKU HLQH&KDQFHGLHVHU+|OOH]XHQWULQQHQ $EHUKDWWHLFKHLQH" 'DVZDUZLUNOLFKGLHJURH)UDJH:HQQLFKHKUOLFKJHJHQ PLFKVHOEVWZDUZRKONDXP1HLQGLHDQGHUHQZUGHQPLU NHLQHODVVHQ'DIUKDWWHQVFKRQ$VPRGLVXQGVHLQH7RFKWHU JHVRUJW :DVGLHEHLGHQZRKOPDFKWHQ"8QGZLHZUGHHVGHQ )UHXQGHQHUJHKHQ"+DWWH&RVWHOORGHUVLFKHUOLFKPHLQ .UHX]LQGHQ+lQGHQKLHOWHVEHUHLWVDQ'U7RGZHLWHU JHUHLFKW"
*DQ]EHVWLPPWXQGMHW]WPXWHVLFK$VPRGLQDYRUVHKHQ DXFKZHQQVLHGHQ1DJHOEHVD ,FKVFKDXWHZLHGHUQDFKXQWHQXQGJOHLFK]HLWLJQDFKYRUQ 'LHKlQJHQGHQ*HVWDOWHQZDUHQEHUHLWVELVEHUGLH.QLH HLQJHVXQNHQ1LFKWVZUGHVLHQRFKUHWWHQ'LHVDWDQLVFKHQ :HFKVHOElGHUZXUGHQZHLWHUJHIKUWELVLQDOOH(ZLJNHLWHQ ,FKZDUVRPLWPHLQHQ*HGDQNHQEHVFKlIWLJWGDLFKGLH 6WLPPHHUVWIUHLQH+DOOX]LQDWLRQKLHOW'DQQDEHUKRUFKWH LFK:HUULHIPLFKGD" 3O|W]OLFKZXWHLFKHV 1HLQGDVZDUNHLQH6WLPPHGLHPLFKGDULHINHLQHHFKWH MHGHQIDOOV(VZDUHQ*HGDQNHQWDVWHQGH6LJQDOHGLHLQ PHLQHP.RSILKUHQ:LGHUKDOOIDQGHQ ,FKK|UWHHLQHQ1DPHQ ª-RKQ6LQFODLU© 8QGGDZXWHLFK%HVFKHLG(VZDU.DUDV6WLPPHGLH PHLQHQ1DPHQDXVJHVSURFKHQKDWWH 'HU.HOFKGHV)HXHUV -HW]WZDU]XVHKHQDXVZHOFKHP*UXQGHHUGLHVHQ1DPHQ WUXJ $OVGHU.RQWDNW]ZLVFKHQLKPGHU.XJHOXQG7DQLWKKHU JHVWHOOWZRUGHQZDUGDEHJDQQHU]XJOKHQ1LFKWQXUGLH .XJHOVWUDKOWHDXIVRQGHUQDXFKGHU.HOFK(UYHUEUHLWHWH HLQHQURWHQXQGGHQQRFKJOHLHQGHQ6FKHLQGHUQLFKWQXU GLH0HQVFKHQEOHQGHWHVRQGHUQDXFKGDVJHVDPWH=LPPHU HLQKOOWH ª,FKKDEH.RQWDNW©KDXFKWH7DQLWKª+LPPHOLFKKDEH .RQWDNWPLWLKP© ª0LW-RKQ6LQFODLU"©IUDJWH6XNR ª1HLQPLWGHP/DQGZRHUVLFKEHILQGHW,FKVSUHHV JHQDXHULVWLQGHU1lKHDEHUDXFKJOHLFK]HLWLJVRZHLW ZHJGDLFKVHLQH*HGDQNHQQLFKWIKOHQNDQQ$EHULFK PXGDVHLQ©
ª0DFKHQ6LHXP+LPPHOVZLOOHQZHLWHU©IOVWHUWH6XNR ª6LHGUIHQQLFKWVFKZDFKZHUGHQDXINHLQHQ)DOO© 'LH$VWURORJLQVFKWWHOWHGHQ.RSI6LHJDEVLFKZLUNOLFK 0KHXQGNRQ]HQWULHUWHVLFKDXIGLHYRULKUOLHJHQGH $XIJDEH 8QGGLHZDUKDUWJHQXJ6LHVROOWHPLWHLQHPLP +|OOHQUHLFK9HUVFKROOHQHQ.RQWDNWDXIQHKPHQ:UGHQ LKUHXQGGLH.UDIWGHV.HOFKHVEHUKDXSWUHLFKHQ" ,KUH+lQGHUXWVFKWHQVHLWOLFKDQGHU.XJHODEVRGDVLH MHW]WJHQDXDXIGLH.XJHOVFKDXHQNRQQWHXQGKLQHLQ ,QWHQVLYGDFKWHVLHDQGHQ*HLVWHUMlJHU'HU1DPH-RKQ 6LQFODLUKlPPHUWHLQLKUHQ*HGDQNHQ6LHULHILKQPLWDOOGHU .UDIW]XGHUVLHIlKLJZDU (VZDUHLQHXQJHZ|KQOLFKHJHLVWLJH$QVWUHQJXQJ.HOFK .XJHOXQGGLH$VWURORJLQVFKLHQHQHLQH(LQKHLW]XELOGHQ 6LQFODLU 6RIRUPXOLHUWH7DQLWKGHQ1DPHQLQ*HGDQNHQ:HQQHU GLHVHQ5XIQLFKWK|UWHGDQQNRQQWHVLHQLFKWPHKUGHQQ HUKDWWHPHKUHLQHP9HU]ZHLIOXQJVVFKUHLJHJOLFKHQ 'DZDUHWZDV ,QGHU.XJHO 6LHVDKJHQDXZLHGLH6FKOLHUHQZDQGHUWHQXQGVLFK]XU 6HLWHEHZHJWHQ6RJDUGDV:DEHQPXVWHUYHU]HUUWHQLFKWV PHKUIU6HNXQGHQKDWWH7DQLWKHLQHQIUHLHQ%OLFN 6LHVDKLKQ -RKQ6LQFODLU (UEHIDQGVLFKLQHLQHUIUHPGHQNDXPYRUVWHOOEDUHQ:HOW 8QGHUVDDXILUJHQGHLQHP*HUVWGDV7DQLWKMHGRFKQLFKW JHQDXHUNHQQHQNRQQWH*XWHUJLQJHVLKPQLFKWGHQQGLH 8PJHEXQJXPLKQKHUXPDWPHWHGDVUHLQH*UDXHQDXV 7LHIKROWH7DQLWK/XIWª,FKLFKVHKHLKQ©IOVWHUWHVLH HUVWLFNWª(UOHEWHULVWGDLQHLQHUDQGHUHQ:HOW'HU.HOFK KDWUHDJLHUW'DVHKW© $XFKGLHDQGHUHQEHXJWHQVLFKEHUGLH.XJHO,KUH *HVLFKWHUZDUHQVWDUULQGHQ$XJHQIDQGHQVLFK+RIIQXQJ
$QJVWXQG1HXJLHUGHZLHGHU .DUD0\[LQ6XNR6KDRVLHEHXJWHQVLFKEHUGLHNOHLQH .XJHO-HGHUZROOWHHLQHQ%OLFNHUKlVFKHQ-RKQ6LQFODLU VHKHQXQG 0LWHLQHP6FKUHLDXIGHQ/LSSHQIXKU7DQLWKSO|W]OLFKLQ GLH+|KH6KDRKDWWH]XQDKHEHLLKUJHVWDQGHQVLHHUKLHOW HLQHQ(OOERJHQVWRLQGLH5LSSHQXQGWDXPHOWHHLQSDDU 6FKULWWHQDFKKLQWHQ 'LH$VWURORJLQEOLHEIUHLQHQ0RPHQWVWDUUVWHKHQGDQQ VDQNVLHHUVFK|SIWDXILKUHQ6WXKO 'LHDQGHUHQVFKDXWHQQRFKLQGLH.XJHO'DV%LOGZDUYHU ORVFKHQ'LH.XJHOVDKDXVZLHLPPHU /HHU /DQJVDPULFKWHWHQVLFKGLH)UHXQGHDXIª+DVWGXLKQ JHVHKHQ"©IUDJWH0\[LQXQGVFKDXWH.DUDGDEHLDQ ª1HLQ© ª$EHULFK©VDJWH6XNR ª:DV"©'LHDQGHUHQIXKUHQ]XLKPKHUXP ª-D8QG-RKQOHEW0LWHLJHQHQ$XJHQNRQQWHLFKPLFK GDYRQEHU]HXJHQ(UKDWVLFKEHZHJWXQGEHIDQGVLFKDXFK QLFKWLQGLUHNWHU/HEHQVJHIDKU© ª$EHUZRHUVLFKJHQDXDXIKlOWNRQQWHVWGXDXFKQLFKW HUNHQQHQ"©IUDJWH.DUD6LHKDWWHVLFKHEHQIDOOVYROODXI-RKQ NRQ]HQWULHUW ª1HLQ© ª,FKQHKPHDQGD$VPRGLVRGHUVHLQH7RFKWHUGDKLQWHU VWHFNHQ6LHZHUGHQ-RKQLQLUJHQGHLQHPLKUHU5HLFKHDOV *HIDQJHQHQKDOWHQ(WZDVDQGHUHVNDQQLFKPLUQLFKWYRU VWHOOHQ© ª:HQQPDQQXUZWHZR©VDJWH6KDRJHTXlOW6LHIXKU IRUWª.DQQPDQGHQ9HUVXFKQLFKWZLHGHUKROHQ"© $OOHVFKDXWHQDXI7DQLWK (UVFK|SIWVDVLHDXILKUHP6WXKO'HU.RSIZDUQDFKYRUQ JHVXQNHQGLH6WLUQEHUKUWHGLH7LVFKSODWWH1LHPDQGVDJWH HWZDVGLUHNWDEHUMHGHUZXWHGDPDQYRQ7DQLWKGLH
JOHLFKH(QHUJLHOHLVWXQJQLFKWQRFKHLQPDOVRVFKQHOOHU ZDUWHQNRQQWH ª%OHLEWQXUGHU.HOFKGHV)HXHUV©PHLQW0\[LQª$EHURE HUXQV]X-RKQ6LQFODLUIKUHQNDQQLVWZLUNOLFKIUDJOLFK© 'DJDEHQLKPGLHDQGHUHQUHFKW -HPDQGULHIPHLQHQ1DPHQ 1HLQQLFKWMHPDQGVRQGHUQ.DUD ,FKK|UWHLKUH6WLPPHVDXJWHLKUH*HGDQNHQDXVHLQHU XQYRUVWHOOEDUHQ(QWIHUQXQJDXIXQGK|UWHDXFKHLQHDQGHUH 6WLPPHGLHHEHQIDOOVPHLQHQ1DPHQULHI 'LHNDQQWHLFKQLFKW 6WLOOKRFNWHLFKDXIGHP*HUVWXQGODXVFKWH(LQXQEH VFKUHLEOLFKHV*HIKOGXUFKVWU|PWHPLFKGHQQGLHDQGHUH 6HLWHGLHQRUPDOH:HOWKDWWH.RQWDNWPLWPLUDXIJHQRP PHQ(VJDEPLUGLH6LFKHUKHLWGDPHLQH)UHXQGHDOOHVWXQ ZUGHQXPPLU]XKHOIHQ6LHVHW]WHQZLUNOLFKDOOHVHLQXP PLFKDXVGLHVHU+|OOH]XKROHQ 'DQQZDUHQGLH6WLPPHQZHJ 1RFKEHYRULFKJHGDQNOLFK$QWZRUWJHEHQNRQQWHULGHU .RQWDNWDE,UJHQGHLQXQEHNDQQWHU6W|UIDNWRUZDULQV6SLHO JHNRPPHQGHQZLUEHLGH6HQGHUXQG(PSIlQJHUQLFKW KDWWHQDXVVFKDOWHQN|QQHQ 6RVHKULFKPLFKDXFKNRQ]HQWULHUWHNHLQIUHPGHU*HGDQNH HUUHLFKWHPHKUPHLQ*HKLUQ 'DIUVDKLFKHWZDV -HPDQGJLQJEHUGDV:DVVHU0LWJHPHVVHQHQ6FKULWWHQ XQGYRQGHQNOHLQHQ)ODPPHQXPVSLHOWVFKULWW$VPRGLQD DXIGDV*HUVWGHV6FKUHFNHQV]X :DUVLHGHU6W|UIDNWRU"+DWWHVLHYLHOOHLFKWEHPHUNWGD PHLQH)UHXQGH.RQWDNWPLWPLUDXIJHQRPPHQKDWWHQ" %HVWLPPWGHQQLQGLHVHP5HLFKUHJLHUWHVLHDOOHLQ 6LHOLHVLFK=HLW,FKZDUIURKGDUEHUVRNRQQWHLFKPLU ]XUHFKWOHJHQZDVLFKLKUVDJHQZUGH
7URW]GHVJHVFKZlU]WHQ*HVLFKWVZDUGDV/lFKHOQDXI LKUHQ/LSSHQ]XVHKHQ8QGHVKDWWHQLFKWVYRQGLHVHP 6LHJHUDXVGUXFNYHUORUHQ$VPRGLQDIKOWHVLFKVLFKHU ª1XQJURHU*HLVWHUMlJHU"©VDJWHVLHDOVVLHQDKHJHQXJ KHUDQJHNRPPHQZDUª'XOHEVWMDQRFK© ª-DVROHLFKWELQLFKQLFKW]XW|WHQ© ª(VKlWWHPLFKZLUNOLFKJHZXQGHUW© ª:DV"© ª'LFKDOV/HLFKH]XILQGHQ$EHUGDVJHVFKLHKWQRFKIUK JHQXJ:DVLVWGDVHLJHQWOLFKIUHLQ*HIKOVLFKEHIUHLW]X KDEHQXQGWURW]GHP]XZLVVHQGDPDQYHUORUHQLVW"© ª(LQJXWHVXQGHLQVFKOHFKWHV© ª'XELVWHKUOLFK$EHUGDVKLHU©VLHGHXWHWHLQGLH 5XQGHªLVWHUVWGHU$XIWDNW© ª:DVZLOOVWGX"© ª'LFKIUDJHQREGLUGLH8QWHUKDOWXQJYRUKLQJXWJHIDOOHQ KDW"© 6LHZXWHDOVR%HVFKHLG'HPQDFKZDU$VPRGLQDGHU 6W|UIDNWRULQXQVHUHPJHGDQNOLFKHQ*HVSUlFKJHZHVHQ ª'DV*HVSUlFKKDWPLUJXWJHIDOOHQ©JDELFK]Xª(VEH ZHLVWPLUGDPHLQH)UHXQGHDQPLFKGHQNHQ© $VPRGLQDQLFNWHª'DVJHEHLFK]X*HLVWHUMlJHU6LHGHQ NHQDQGLFK6RJDUVHKUVWDUNDEHUHVQXW]WLKQHQXQGGLU QLFKWV6LHZHUGHQGLFKKLHUQLFKWUDXVKROHQN|QQHQ©0LW HLQHUYHUlFKWOLFKHQ%HZHJXQJZLQNWHVLHDEª1HLQGXKDVW NHLQH&KDQFH*HLVWHUMlJHU© 'DVZXWHLFKVHOEVW'RFKZROOWHLFKPLUPHLQHQ 2SWLPLVPXVQLFKWQHKPHQODVVHQ(VZDUVFKRQHLQVHOW VDPHV%LOG,FKKRFNWHEHU$VPRGLQDXQGVFKDXWHDXI LKUHQ.RSIKLQXQWHU 8QGVLHVWDQGDXIGLHVHU)OVVLJNHLW'LH*HKlQJWHQKLQ JHQQDFKZLHYRULQGHU%UKHVLHEOLHEHQDXFKGRUW1XU GLH6HLOHVFKDXWHQQRFKGDUDXVKHUYRU ,FKEOLFNWH$VPRGLQDDQ,QLKUHP*HVLFKW]XFNWHHV(V VWUDKOWHGHQ7ULXPSKDEGHQGLH7HXIHOVWRFKWHUHPSIDQG
1RFKQLHKDWWHLFKPLFKVRLQLKUHU+DQGEHIXQGHQ,FKZDU QLFKWQXULKU*HIDQJHQHUVRQGHUQDXFKGHUPHLQHUMHW]LJHQ 8PZHOW(QWNRPPHQNRQQWHLFKDXVHLJHQHU.UDIWQLFKW ª:DVLVWGDVIUHLQH+|OOHLQGLHGXPLFKJHVFKOHSSW KDVW"©ZROOWHLFKZLVVHQ ª'LH+|OOHGHUHZLJHQ/HLGHQ© ª(LQJXWHU1DPH© ª)HJHIHXHUNRPPWGLUYLHOOHLFKWEHNDQQWHUYRU'DVKLHULVW GDV)HJHIHXHU,KU0HQVFKHQKDEWGLHVHQ$XVGUXFNJHSUlJW LFKKDEHLKQEHUQRPPHQ© ª8QGZDVKDEHQGLH%HGDXHUQVZHUWHQJHWDQ"© ª6LHVLQGLQXQVHUH)DOOHJHODXIHQ:LUEUDXFKWHQVLH8QG GDQQKDEHQZLUVLHQLHPHKUORVJHODVVHQ$OVLFKQXU$SHS ZDUKDEHLFKLPPHUPLWDQJHVHKHQZLHGHUJURH$VPRGLV GLHVH0HQVFKHQKHUEUDFKWH6LHHQWVWDPPHQDOOHQ-DKU KXQGHUWHQDEHUZDVLVWVFKRQ=HLWLQGHU+|OOH"'DVZLUVW DXFKGXQRFKPHUNHQ-RKQ6LQFODLU'XYHUJLWGLH=HLWGX ZLUVWGLUQXUHLQHVKHUEHLVHKQHQ'HLQHQ7RG© 'LH'URKXQJHQOLHHQPLFKNDOW,FKKDWWHVLHVFKRQ]XRIW YHUQRPPHQ'DIUIUDJWHLFKª'DQQZLOOVWGXPLFKQRFK DP/HEHQODVVHQ$VPRGLQD"8QGLFKGDFKWHVFKRQGX ZlUVWJHNRPPHQXPPLFK]XW|WHQ© ª'XELVWVFKRQVRJXWZLHWRW© ª:HQQGXGDVVDJVW"© ª-DGDVVDJHLFK'XKDVWDXVJHVSLHOW-RKQ6LQFODLU'DV 7HDPXPGLFKZLUG]HUIDOOHQ'DQQJLEWHVQXUQRFKPLFK XQG$VPRGLV© ª:LHVWHKWHVGHQQPLW'U7RG"©IUDJWHLFKGD]ZLVFKHQ ª'HULVWGRFKDXFKQLFKWGHLQ)UHXQG© ª,FKZHUGHLKQPLWGHP1DJHOYHUQLFKWHQ© ª%UDYR©ULHILFKYRP*DOJHQJHUVWKHUXQWHUª:DVGX DOOHVZLOOVW1XUPXWGXGLUEHUHLQVLPNODUHQVHLQ $VPRGLQD'HLQH)HLQGHVLQG]DKOUHLFKHUXQGVWlUNHU JHZRUGHQ6LHKDEHQHVJHVFKDIIWPHLQHFKWHV.UHX]JHJHQ HLQH.RSLHDXV]XWDXVFKHQ©
'DODFKWHGLH7HXIHOVWRFKWHUª'XELVWZDKQVLQQLJ6LQFODLU -HW]WYHUVXFKVWGXDEHUDXFKDOOHV© ª(VLVWNHLQ9HUVXFK:HQQGXHLQZHQLJQDFKGHQNHQ ZUGHVWZlUVWGXOlQJVWGDUDXIJHNRPPHQ,FKELQLQ GHLQHU*HZDOW2ND\GDVQHKPHLFKKLQGDUDQNDQQLFK QLFKWVlQGHUQ$EHULVWGLUQLFKWDXIJHIDOOHQGDGDV.UHX] EHUKDXSWNHLQH5HDNWLRQJH]HLJWKDW"© ª,FKELQMDQLFKWGXPP© ª*XW©VDJWHLFKXQGOlFKHOWHª6RZHLWZlUHQZLUDOVR'DV .UHX]KDWNHLQH5HDNWLRQJH]HLJW(VNRQQWHNHLQH]HLJHQ GHQQHVZDUQLFKWGDVHFKWH© ª6WLPPWGXZROOWHVWXQVUHLQOHJHQDEHUGDVLVWGLUQLFKW JHOXQJHQ*HLVWHUMlJHU© ª1HLQLFKZROOWHHXFKQLFKWUHLQOHJHQ© ª-HW]WUHGHVWGXGLFKVFKRQZLHGHUKHUDXV©]LVFKWHVLH XQGLQLKUHQ$XJHQJOKWHHV6LHZDU]LHPOLFKQHUY|V XQGIKOWHVLFKYRQPLUDXIGHQ$UPJHQRPPHQYLHOOHLFKW DXFKEHUUDVFKWZHJHQPHLQHU6LFKHUKHLWGLHLFK]XU6FKDX VWHOOWH ª1HLQGDVKDEHLFKJDUQLFKWQ|WLJ,FKJHEHGRFKRIIHQ]X GDLFKPHLQ.UHX]QLFKWPHKUKDEH©(VPDFKWHPLUPLWW OHUZHLOH6SD$VPRGLQDHLQZHQLJKLQ]XKDOWHQVRZXUGH PLUDXFKGDV0LHVHPHLQHUHLJHQHQ6LWXDWLRQQLFKWVR EHZXWª:LOOVWGXZLUNOLFKZLVVHQZRVLFKPHLQ.UHX] EHILQGHW"© ª-DUHGH© ª(UKDWHV© ª:HULVWHU"© ,FKKROWHWLHI/XIWVWHLJHUWHGLH6SDQQXQJGXUFKGLHVH 9HU]|JHUXQJQRFKXQGHUZLGHUWHODXWXQGGHXWOLFKª6ROR 0RUDVVRDXFK'U7RGJHQDQQW© ª1HLQ©(VZDUHLQ6FKUHLGHUDXV$VPRGLQDV.HKOH GUDQJ,FKKlWWHQLFKWJHGDFKWGDGLH7HXIHOVWRFKWHUHLQPDO VREHUUDVFKWVHLQN|QQWH(UOHEWKDWWHLFKGDVQRFKQLH6LH GXFNWHVLFKDOVKlWWHVLHHLQHQ3HLWVFKHQKLHEHUKDOWHQGDQQ
ULFKWHWHVLHVLFKZLHGHUDXI|IIQHWHGHQ0XQGXQGHLQH JHVSDOWHQH=XQJHKXVFKWHGDUDXVKHUYRU(LQH=XQJHZLH VLHDXFK$SHSKDWWHQXUZDUVLHMHW]WNOHLQHUª,FKJODXEHGLU QLFKW*HLVWHUMlJHU'XYHUVXFKVWGLFKDXVGHLQHU/DJHKHU DXV]XZLQGHQZHLOGXDQGHUVNHLQH&KDQFHPHKUVLHKVW 'DVNDQQJDUQLFKWVHLQGDVLVWQLFKWP|JOLFK'U7RGLVW QLFKWVWlUNHUDOVLFK:DVLFKQLFKWJHVFKDIIWKDEHGDVVFKDIIW HUVFKRQODQJHQLFKW(UKDWGHLQ.UHX]QLFKW*HLVWHUMlJHU $OOHVQXU%OXIIXPGHLQHQPLHVHQ.RSI]XUHWWHQ© ª,FKKDEHHVQLFKWQ|WLJ]XEOXIIHQ©HUZLGHUWHLFKJHODV VHQª(VLVWJHQDXVRZLHLFKHVGLUJHVDJWKDEH'XNDQQVWHV JODXEHQRGHUQLFKW'DVEOHLEWGLUEHUODVVHQ© ª:LHVROOWHHUHVJHVFKDIIWKDEHQ"© ª'XXQWHUVFKlW]WLKQ9LHOOHLFKWLVWHUVRJDUVWlUNHUDOVGX $VPRGLQD© ª1LHPDQGLVWVWlUNHUDOVGLH7HXIHOVWRFKWHU©6LHOLWWQRFK LPPHUXQWHU6HOEVWEHUVFKlW]XQJ ª'DQQLVWHUHEHQVFKODXHU8QGHUUHLEWVLFKQLFKWLQ .lPSIHQVRVHKUDXIZLHGX(UKDWVLFKDXIPLFKNRQ]HQ WULHUW6HLQHQ+HOIHUQLVWHVJHOXQJHQPLFK]XEHUIDOOHQ XQGPLUGDV.UHX]ZHJ]XQHKPHQ,Q/RQGRQJLEWHVHLQHQ 0DQQGHUDXILKQK|UW/RJDQ&RVWHOORDUEHLWHWIU'U7RG 6HLQH/HXWHKDEHQPLFKEHUIDOOHQXQGVLHKDEHQDXFK GDIUJHVRUJWGDPLUGDV.UHX]ZHJJHQRPPHQZXUGH *ODXEVWGXPLUQXQ7HXIHOVWRFKWHU"© 6LHVFKZLHJ$VPRGLQDZDUZLUNOLFKVRHQWVHW]WGDVLH NHLQHQ/DXWKHUYRUEUDFKWH6LHVFKOXFNWHXQGVFKWWHOWHGHQ .RSIVRGDLKUHODQJHQURWHQ+DDUHIORJHQ'LH$XJHQ VDKHQLQGHPGXQNOHQ*HVLFKWZHLXQGKHOODXV ,FKKRFNWHDXIGHP*DOJHQXQGZDUWHWHDE-HW]WZDULFK ZLUNOLFKJHVSDQQWZDVVLHWXQZUGH6FKOLHOLFKKREVLH GHQ.RSIXQGVFKDXWHPLFKDQª1HKPHQZLUHLQPDODQ *HLVWHUMlJHUHVVWLPPWZDVGXJHVDJWKDVWGDQQJODXEVWGX ZLUNOLFKGD'U7RGVWlUNHULVWDOVLFK"© ª0LWGHP.UHX]EHVWLPPW©
ª+|UGRFKGDPLWDXI(ULVWHLQ:LQ]OLQJJHJHQPLFK:DV KDWHUGHQQ"'LH0RUGOLJD(LQSDDUELOOLJH*HVWDOWHQGLHLFK PLWHLQHU+DQGDP%RGHQ]HUTXHWVFKH8QGLKQDXFK+DVW GXQLFKWVHOEVWHUOHEWZLHLFKLKQJHGHPWLJWKDEHGDPDOV DOV0\[LQHQWIKUWZHUGHQVROOWH:HLWGXGDVQLFKW"© ª-DGDVKDEHLFKQRFKLQ(ULQQHUXQJ© 6LHODFKWHJHOOHQGª8QGGDQQZLOOVWGXPLU$QJVWPDFKHQ GXYHUGDPPWHU+XQGHVRKQ"© ª=ZLVFKHQGDPDOVXQGKHXWHKDWVLFKHLQLJHVJHlQGHUW© ª:DVGHQQ"© ª'U7RGLVWPlFKWLJHUJHZRUGHQ(UKDWVLFKEHVWLPPW XQWHUGHLQHQ)HLQGHQ)UHXQGHDXVJHVXFKW(UVWHKWQLFKW PHKUDOOHLQGD$VPRGLQD,FKZHLGDGLH$(%$ 'lPRQHQGLUQLFKWJHUDGHZRKOJHVRQQHQVLQGXQGVLFKHU OLFKDXFKQRFKDQGHUH'lPRQHQGLHQLHEHUZXQGHQ KDEHQGDGHU6FKZDU]H7RGXPJHNRPPHQLVW© ª'HQKDVWGXYHUQLFKWHW© ª'DVZHLLFKGHQQGLHDQGHUHQVLQGDXFKPHLQH)HLQGH :LUVLW]HQJHZLVVHUPDHQLQHLQHP%RRW7HXIHOVWRFKWHU'X NDQQVWHVGUHKHQXQGZHQGHQHVLVWVR,FKELQGHLQ*H IDQJHQHUDEHUGLUHUJHKWHVDXFKQLFKWEHVVHUGHQQPDQKDW GLFKEHUHLWVXP]LQJHOW)UGHQJURHQ6FKODJJHJHQGLFKLVW DOOHVYRUEHUHLWHWZRUGHQ© ª'DVVLQG0lUFKHQ© ª1HLQHVVLQGNHLQH$OOH$Q]HLFKHQGHXWHQGDUDXI KLQ© (VZDUHLQHUHJHOUHFKWH$EUHFKQXQJGLHLFKPLWGHU 7HXIHOVWRFKWHUWULHE,FKKLHOWLKUDOOHVYRUGHFNWHLKUH.DUWHQ DXIXQGEHZLHVZLHZHQLJPlFKWLJVLHGRFKZDU 0HLQH:RUWHUHL]WHQVLH'LH.HWWHDXV7RWHQVFKlGHOXP LKUHQ+DOVEHJDQQ]XJOKHQXQGLKUH+DDUHVWHOOWHQVLFK KRFK6LHZDUGUDXIXQGGUDQPLFKXP]XEULQJHQGDV EHPHUNWHLFKGHQQEHULKUHQ+lQGHQWDQ]WHHLQPDJLVFKHV )HXHU ,FKEHNDPZLHGHU$QJVW
%LVKHUZDUDOOHVJODWWYHUODXIHQ6ROOWH$VPRGLQD]XP 6FKOXGLH1HUYHQYHUOLHUHQ",FKKlWWHGHQ%RJHQGRFKQLFKW EHUVSDQQHQVROOHQXQGVDKMHW]WZLHVLFKGLH%OLW]HYRQ LKUHQ)LQJHUQO|VWHQEHUGLH2EHUIOlFKHWDQ]WHQZRQRFK LPPHUGDV)HXHU]QJHOWHXQGGLH%OLW]HVLFKPLWGHQ )ODPPHQYHUHLQLJWHQ 'DQQYHUORVFKHQVLHZLHGHUXQGLFKDWPHWHDXI $VPRGLQDVFKLHQHVVLFKZLUNOLFKEHUOHJW]XKDEHQ ,FKOLHHWZDV=HLWYHUVWUHLFKHQEHYRULFKZLHGHUGDV:RUW EHUQDKP ª:DVZLOOVWGXMHW]WWXQ"©IUDJWHLFKVLHª:LOOVWGXGLFK 6ROR0RUDVVR]XP.DPSIVWHOOHQ"© ª(UZLUGQLFKWJHJHQPLFKNlPSIHQ© ª:DUXPGDVQLFKW"© ª:HLOLFKGDIUJHVRUJWKDEHGDHUHUZHFNWZXUGH8QG LFKJODXEHQRFKLPPHUQLFKWGDHUGHLQ.UHX]EHVLW]W© ª'XNDQQVWMD]XLKPJHKHQXQGGLFKGDYRQEHU]HXJHQ© HUZLGHUWHLFKª$EHUZDKUVFKHLQOLFKVFKDIIVWGXHVQLFKW 'U7RGKDWVLFKDEJHVLFKHUW(UEHVLW]WVFKOLHOLFKQRFKGHQ :UIHOGHV8QKHLOVZLHLFKJHK|UWKDEH© ª,FKJODXEHGDGXGLFKWlXVFKVW-RKQ6LQFODLU©KLHOWPLU GLH7HXIHOVWRFKWHUHQWJHJHQª'XWlXVFKVWGLFKVRJDUVHKU ,FKZHUGHPLU'U7RGDQVHKHQXQG]ZDUVHKUJHQDX$EHU QLFKWDOOHLQ'XZLUVWPLFKEHJOHLWHQ*HLVWHUMlJHUXQGLFK ZHUGH'U7RGGHLQH/HLFKHYRUGLH)HZHUIHQ© ,QVHLQHPXQWHULUGLVFKHQ%XQNHUV\VWHPKRFNWH'U7RGDXI HLQHP6WXKOXQGVWDUUWHGLHGUHL:DIIHQDQGLHIULKQGLH DEVROXWH0DFKWEHGHXWHWHQ 'DODJHQGHU:UIHOGHV8QKHLOVXQGGHU%XPHUDQJXQG DXFKGLHZLFKWLJVWH:DIIHZDUGD 'DV.UHX] 6HLQH$XJHQJOLW]HUWHQDOV0RUDVVRGLH:DIIHQDQVFKDXWH -HW]WZDUHUPlFKWLJ'DPLWNRQQWHHUGHU+|OOHHQWJHJHQ
WUHWHQ8QGGLH+|OOHVHW]WHHUPLW$VPRGLQDXQG$VPRGLV JOHLFK 6HLQH+lQGHVWULFKHQEHUGHQ:UIHO(UIKOWHVLFK ZDUPDQ0RUDVVRVSUWHUHJHOUHFKWGDHUPLWHLQHU XQKHLPOLFKHQ0DJLHJHIOOWZDU'DQQIDWHHUQDFKGHP %XPHUDQJ$XFKGLHVHV*HUlWEHGHXWHWH0DFKW(VVWDPPWH DXVGHP%XFKGHUJUDXVDPHQ7UlXPHXQGZDUIUGHQ6RKQ GHV/LFKWVJHGDFKWZRUGHQ 6RKQGHV/LFKWV -RKQ6LQFODLUVROOWHGHU(UEHVHLQDEHUZHQQ0RUDVVR GDUDQGDFKWHNRQQWHHUQXUODFKHQ6LQFODLUZDUQLFKWV PHKUHUKDWWHDOOHVYHUORUHQ'HU6LHJHU'U7RGVDZR DQGHUV8QGHUVFKPLHGHWHILQVWHUH3OlQH (UKDWWHGHP6SXNYHUVSURFKHQLKPGHQ.RSIGHU $VPRGLQD]XEULQJHQ'LHVHV9HUVSUHFKHQZROOWHHUHLQKDO WHQGLH0DFKWGHU7HXIHOVWRFKWHUVROOWHHQGOLFKJHEURFKHQ ZHUGHQ=XODQJHKDWWHVLHVFKRQUHJLHUWXQGDXFKLKQ JHGHPWLJW1LHPHKUVROOWHVLHGD]XLQGHU/DJHVHLQ1LH PHKU 0LWHLQHUKHIWLJHQ%HZHJXQJVWDQGHUDXI(UZDUDOOHLQ GLH0LWJOLHGHUGHU0RUGOLJDKLHOWHQVLFKLQDQGHUHQ5lXPHQ GHVXQWHULUGLVFKHQ6\VWHPVDXI ;RUURQZDUVLFKHUOLFKEHLVHLQHQ=RPELHVXQG*KRXOV$OV 0RUDVVRGDUDQGDFKWHXPVSLHOWHHLQ/lFKHOQVHLQH/LSSHQ =XLKQHQZROOWHHUGHQQHUPXWHHWZDVDXVSURELHUHQ 'U7RGGXUFKTXHUWHGHQ5DXPXQGYHUOLHLKQ(UJH ODQJWHLQHLQHQNDKOHQ*DQJGHUVRDXVVDKZLHDOOH*lQJH GHVXQWHULUGLVFKHQ6\VWHPV*UDXXQGWURVWORV $P(QGHGHV*DQJVJDEHVHLQHQDOWHQ)DKUVWXKOGHULKQ LQGLH+|KHEULQJHQVROOWH'U7RG]RJGLHVFKZHUH7UDXI XQGEHWUDWGHQDOWHQ$XI]XJ $QHLQHU/HLVWHEHIDQGHQVLFKPHKUHUH.Q|SIH(UGUFNWH GHQ]ZHLWREHUVWHQ 5XPSHOQGVHW]WHVLFKGHU)DKUVWXKOLQ%HZHJXQJ0DQ PHUNWHLKPDQZLHDOWHUZDU$OVHUREHQVWRSSWHXQG
'U7RGGLH7UZLHGHUDXI]RJVFKDXWHHULQHLQHJURH +DOOHGHUHQ]ZHLIOJHOLJHV7RUDXV(LVHQEHVWDQG ,QGHU+DOOHKLHOWHQVLFK/DG\;XQG/XSLQDDXI6LHEOLFN WHQ]XP)DKUVWXKODOV0RUDVVRLKQYHUOLH /DG\;NDPQlKHU6LHKDWWHGLH/LSSHQ]XUFNJH]RJHQ LKUH9DPSLU]lKQHJOlQ]WHQ ª,VWHVVRZHLW"©IUDJWHVLH 'U7RGEOLHEVWHKHQª)DVW1RFKP|FKWHLFKZDUWHQZHLO LFKHWZDVDXVSURELHUHQPX© ª:DV"© 0RUDVVRJULQVWHª'DV.UHX]©(UJULIILQGLH7DVFKHXQG KROWHHVKHUYRU 6RIRUW]XFNWHGLH6FRWW]XUFNª1LPPHVZHJ©VFKULHVLH XQGVFKWWHOWHVLFKª2GHUZLOOVWGXPHLQHQ8QWHUJDQJ"© ª1HLQ©0RUDVVRJULQVWHª:DUXPVROOWHLFK"© /DG\;ZDQGWHVLFKDE$OOHLQGHU$QEOLFNGHV.UHX]HV PDFKWHVLHQHUY|V ª:RVWHFNW;RUURQ"©IUDJWH0RUDVVR ª(ULVWEHLVHLQHQ)UHXQGHQ© 'U7RGQLFNWH'DVKDWWHHUQXUK|UHQZROOHQ;RUURQKLHOW VLFKJHUQGUDXHQDXI(UKDWWHLPPHUHLQLJH*KRXOVXQG =RPELHVXPVLFKYHUVDPPHOW=ZLVFKHQLKQHQIKOWHHUVLFK ZRKO$XHUGHPODXHUWHHUGDUDXIGD0HQVFKHQLQVHLQH 1lKHJHULHWHQ $XI.QRSIGUXFN|IIQHWHVLFKGDVVFKZHUH7RU'LH6FKLHQH DXIGHUHVOLHIZDULQGHQ%RGHQHLQJHODVVHQ5XPSHOQG UROOWHHV]XU6HLWHXQG0RUDVVRYHUOLHGHQ%XQNHU 6HLQ%OLFNJOLWWEHUGLHJURH,QVHO=XVHLQHP5HLFK]lKO WHQPHKUHUH,QVHOQGRFKGDV+DXSWTXDUWLHUPLWGHPJHZDO WLJHQ%XQNHUODJDXIGHUJU|WHQ (WZDVILHODXI'LH6LFKWZDUQLFKWNODU'DVODJDOOHUGLQJV QLFKWDP:HWWHUVRQGHUQDQ'U7RGVHOEVW(UKDWWHGLH,QVHO GXUFKVHLQHQP|UGHULVFKHQ1HEHODEVLFKHUQODVVHQ :LHHLQHGQQH6FKLFKWODJHUEHUGHP/DQGXQGZUGH GHQ)HLQGHQGHU0RUGOLJDGLH+DXWYRP.|USHUO|VHQ
'U7RGXQG0U0RQGRWDWHUQLFKWV 'LH,QVHOODJGLFKWYRUGHU6GVSLW]HGHVVGDPHULND UVFKHQ.RQWLQHQWVHLQJHUHLKWLQQHUKDOEHLQHU,QVHONHWWH 1LHPDQGZXWHVRUHFKWZHPGLH,QVHOQRIIL]LHOOJHK|U WHQ&KLOHXQG$UJHQWLQLHQVWULWWHQVLFKGDUXP'U7RG LQWHUHVVLHUWHGLHVQLFKW)ULKQ]lKOWHGDGLH,QVHOQQLFKW EHZRKQWZDUHQ 6ROR0RUDVVRKDWWHIUVLFKXQGVHLQH0RUGOLJDKLHUHLQHQ LGHDOHQ8QWHUVFKOXSIJHIXQGHQ $XHUGHPEHVDHUGHQ:UIHOGHV8QKHLOV6HLQP|UGH ULVFKHU1HEHOVFKLUPWHGLH,QVHOYRU$QJULIIHQYRQDXHQDE 'LHVHU1HEHOEHVWDQGDXVGHQ6HHOHQJHW|WHWHU'lPRQHQ 0LWGHP:UIHOXQGGDPLWGHP1HEHOZDU'U7RGHLQH VDWDQLVFKH0DFKWLQGLH+lQGHJHIDOOHQGLHHUDXFKHLVNDOW DXVVSLHOWHGHQQ6NUXSHONDQQWHHLQ0HQVFK'lPRQZLH 'U7RGQLFKW(UJLQJLPZDKUVWHQ6LQQHGHV:RUWHV EHU/HLFKHQ -HW]WYHUOLHHUGHQ%XQNHU'HU(LQJDQJODJ]XHEHQHU (UGH,QGHU/XIWODJHLQQLHDEUHLHQGHV5DXVFKHQHLQH )ROJHGHU%UDQGXQJ6LHZXUGH7DJXQG1DFKWYRQGHQ .OLSSHQDP6GUDQGGHU,QVHOJHEURFKHQVRGDKRKH ZHLH*LVFKWIRQWlQHQEHUGLH:lQGHQZHKWHQ 6ROR0RUDVVRKDWWHGDV.UHX]ZLHGHUZHJJHVWHFNWXQG GDIUGHQ%XPHUDQJLQVHLQHUHFKWH+DQGJHQRPPHQ'LH )LQJHUXPVSDQQWHQGDVXQWHUH(QGH(LQSDDUPDOKDWWH 'U7RGPLWGHU:DIIHJHEWXQGHUZDU]XIULHGHQPLWVLFK VHOEVW -DHUNRQQWHGDPLWXPJHKHQ 9RQ;RUURQZDUQLFKWV]XVHKHQ'DYRU0RUDVVRGDV *HOlQGHOHLFKWDQVWLHJEHIDQGVLFKGHU+HUUGHU8QWRWHQ XQG=RPELHVVLFKHUOLFKKLQWHUGHQ+JHOQ6LHZLHVHQHLQH GQQH*UDVVFKLFKWDXIGLHDOOHUGLQJVEUDXQVFKLPPHUWH ,P%RGHQVWHFNWHHLQIDFK]XYLHO)HXFKWLJNHLW,QGLHVHU ZLQGLJHQ(FNHGHU:HOWUHJQHWHHVRIWXQGLUJHQGZDQQZDU GHU%RGHQJHVlWWLJW
6ROR0RUDVVRKDWWH=HLW'HU:LQGIXKUEHUVHLQHQ.RSI 'DVNXU]JHVFKQLWWHQH+DDUJHULHWLQ%HZHJXQJ+LQWHU 'U7RGYHUOLHHQ/DG\;XQG/XSLQDGHQ%XQNHU %HLGHEOLHEHQDOOHUGLQJVLQGHU1lKHGHV(LQJDQJVVWHKHQ XQGVFKDXWHQLKUHP+HUUQXQG0HLVWHUDXIGHQ5FNHQ 6HLWHUGDVJHZHLKWH.UHX]EHVDIKOWHQVLHVLFKQLFKW PHKUZRKO6LHKDWWHQZLUNOLFKHLQHXQEHVFKUHLEOLFKH$QJVW GDYRUZHLOEHLGHZXWHQZLH]HUVW|UHULVFKHVVHLQNRQQWH (WZDIQI]LJ
VFKQHOOHQXQG|IIQHWHGLH+DQG 9RQ6FKZXQJXQG.UDIWJHWUDJHQIORJGHU%XPHUDQJDXI VHLQ=LHO]X(UZDUHLQZLUEHOQGHV(WZDVGDVGLH/XIW]HU VFKQLWW]XHLQHPUDVHQGHQ%OLW]ZXUGHXQGPLWHLQHP KHIWLJHQ6FKODJGHQ.RSIYRP5XPSIGHV8QWRWHQWUHQQWH $XV 'U7RGNQLFNWHOHLFKWLQGHQ.QLHQHLQ6HLQ*HVLFKWYHU ]RJVLFK(U|IIQHWHGHQ0XQGXQGODFKWH-DHUODFKWHXQG VHLQ*HOlFKWHUKDOOWHEHUGLH,QVHO (UKDWWHJHZRQQHQ (LQ7RUVRVWDQGYRULKP(UZXQGHUWHVLFKGDGHU =RPELHQLFKWXPNLSSWH(UVWQDFKZHQLJHQ6HNXQGHQ ILHOHUODQJVDPQDFKYRUQXQGGHU7RUVREOLHEQHEHQGHP .RSIOLHJHQ 6ROR0RUDVVRQLFNWH]XIULHGHQ(UVHW]WHVLFKLQ%HZHJXQJ XQGJLQJPLWODQJVDPHQ6FKULWWHQGRUWKLQZRGHU%X PHUDQJ]X%RGHQJHIDOOHQZDU'DEHLSDVVLHUWHHU7RUVRXQG .RSI(UJ|QQWHGHQEHLGHQ7HLOHQNHLQH%OLFN 'HU%XPHUDQJZDUQLFKW]XLKP]XUFNJHNHKUW'XUFK GHQ:LGHUVWDQGGHQLKPGHU=RPELHHQWJHJHQJHVHW]WKDWWH ZDUHUDXVVHLQHUXUVSUQJOLFKHQ)OXJULFKWXQJJHUDWHQXQG KDWWHGHQ%RJHQQLFKWPHKUJHVFKDIIW'HVKDOEODJHULP *UDV 'U7RGKRELKQDXI $OVHUVLFKZLHGHUKRFKGUFNWHYHUQDKPHU6FKULWWH(U GUHKWHGHQ.RSIXQGVDKHLQHKRFKJHZDFKVHQHZHLOLFK JOlQ]HQGH*HVWDOWGLHVRGXUFKVLFKWLJZDUGDGDV .QRFKHQJHVWHOOVFKLPPHUWH (VZDU;RUURQ (UKDWWHEHPHUNWGDHLQHUVHLQHU'LHQHUGXUFKHLQHQ %XPHUDQJJHW|WHWZRUGHQZDU(WZDYLHU6FKULWWHYRU'U 7RGEOLHEHUVWHKHQXQGVWDUUWHVHLQHQ+HUUQXQG0HLVWHU DQ %LVDXIHLQLJH6FKOLW]HZDULQVHLQHP*HVLFKWQLFKWV]X VHKHQ:HLXQGJODWWSUlVHQWLHUWHVLFKGLH+DXWGLHXQYHU
OHW]EDUZDUZLHHVLPPHUKLH6LHZLGHUVWDQGQLFKWQXU .XJHOQDXFKJHZHLKWHQVRQGHUQVRJDU)HXHU ª'XKDVWLKQJHW|WHW©VSUDFK;RUURQ ª-D©0RUDVVRQLFNWHª,FKPXWHPHLQHQ%XPHUDQJDXV SURELHUHQ(VZDUQLFKWVFKDGHXPLKQ© ª(UJHK|UWH]XPLU©HUZLGHUWH;RUURQ 6ROR0RUDVVRKDWWHGHQGURKHQGHQ8QWHUWRQLQVHLQHU 6WLPPHZRKOYHUQRPPHQXQGVRJVFKDUIGLH/XIWGXUFKGLH 1DVHHLQª:DVZLOOVWGXGDPLWVDJHQ"© ª'XKlWWHVWPLFKIUDJHQN|QQHQ© 0RUDVVRZXUGHEODYRU:XWª%LVWGXGHQQZDKQVLQQLJ© VFKULHHUª,FKKlWWHGLFKIUDJHQVROOHQ",FK"©(UGHXWHWHLQ GLH5XQGHª$OOHVZDVGXKLHUVLHKVWJHK|UWPLU$OOHVKDVW GXYHUVWDQGHQ",FKELQGHLQ0HLVWHU,FKKDEHGLFKHUZHFNW GDVVROOWHVWGXGLUHLQPDOPHUNHQ;RUURQ(VJLEWQLFKWV ZDVGXPLU]XVDJHQKlWWHVW,FKKRIIHZLUKDEHQXQVYHU VWDQGHQ© ª-D© ª'DQQLVWHVJXW(VZDUHLQH:DUQXQJPHUNGLUGDV,FK ZDUQHQXUHLQPDO©0HKUEUDXFKWHXQGZROOWH0RUDVVR QLFKWVDJHQ(UGUHKWHVLFKXPXQGJLQJ 0DUYLQ0RQGRGHU0RQVWHUPDFKHUHUZDUWHWHLKQYRU GHP(LQJDQJGHV%XQNHUVZlKUHQGVLFK/DG\;XQG /XSLQD]XUFNJH]RJHQKDWWHQ0RQGRNODWVFKWHLQGLH +lQGHª'XELVWJXW6ROR©VDJWHHUªVRJDUVHKUJXW(LQH DXVJH]HLFKQHWH'HPRQVWUDWLRQ)UZHQZDUVLHEHVWLPPW"© ª)UPLFK© ª(LQHhEXQJ"© ª-D© ª'DQQZLOOVWGXGHQ%XPHUDQJHLQVHW]HQ"© 6ROR0RUDVVRQLFNWHª-DLKQXQGDXFKGDV.UHX] DXHUGHPGHQ:UIHOGHV8QKHLOV*ODXEVWGXZLUNOLFKGD $VPRGLQDGLHVHUJHEDOOWHQ0DFKWZLGHUVWHKHQNDQQ"© 0RQGRV$XJHQKLQWHUGHQ%ULOOHQJOlVHUQ]XFNWHQª1HLQ GDVJODXEHLFKQLFKW©
ª*HQDX,FKKDEHGHP6SXNYHUVSURFKHQLKPGHQ.RSI GHU$VPRGLQD]XEULQJHQ8QGGDV9HUVSUHFKHQZHUGHLFK HLQKDOWHQ1LHPDQGNDQQPLFKGDUDQKLQGHUQ© ª'DQQZlUHQZLUPlFKWLJ©VDJWH0RQGR ª*HQDX:LUZlUHQPlFKWLJXQGN|QQWHQGHQDQGHUHQ XQVHUH%HGLQJXQJHQGLNWLHUHQ.HLQH$UPHHGHU:HOWNDQQ JHJHQGLH0RUGOLJDHWZDVDXVULFKWHQ.HLQH©]LVFKWH 0RUDVVR 0RQGRQLFNWH:HQQHU'U7RGQLHUHFKWJHJHEHQKDWWH GLHVPDOWDWHUHV 0RUDVVRQLFNWHª.RPPODXQVJHKHQLFKKDEHHWZDV PLWGLU]XEHVSUHFKHQ© ª*HKWHVXP$VPRGLQD"© 'U7RGZDUIGHP0RQVWHUPDFKHUHLQHQVFKUlJHQ%OLFN]X ª8PZHQZRKOVRQVW"© ,FKKDWWHGLHVHQSO|W]OLFKHQ:XWDXVEUXFKGHU7HXIHOVWRFKWHU QLFKWHUZDUWHWDEHUGDVKDWWHLFKPLUVHOEVW]X]XVFKUHLEHQ ,FKKlWWHVLHQLFKWVRUHL]HQVROOHQGHQQGHU%RJHQLKUHU *HGXOGZDUEHUVSDQQW 6LHZROOWHPLFKW|WHQXQGPHLQH/HLFKH'U7RGYRUGLH )HZHUIHQ8QGGDQQVROOWHHUEHVWLPPWGDUDQJODXEHQ GHQQ$VPRGLQDKDWHGLHVHQ0HQVFK'lPRQVLFKHUOLFK HEHQVRVWDUNZLHPLFK =ZHL)OLHJHQPLWHLQHU.ODSSHVFKODJHQVRKLHGLH 'HYLVH 'U7RGGDFKWHHEHQVRGDVNRQQWHLFKQLFKWZLVVHQ,FKVDK QXUGLH7HXIHOVWRFKWHU /lVVLJEHZHJWHVLHVLFKDXIGHU2EHUIOlFKHLQGLHLFKHLQ JHVXQNHQZDU ,FKKRFNWHQRFKLPPHUDXIGHP*DOJHQJHUVWLQPHLQHU YHUGDPPWXQEHTXHPHQ/DJH/HLFKWKDWWHLFKPHLQHQ 2EHUN|USHUYRUJHEHXJWXQGNODPPHUWHPLFKIHVW6FKZHL EHGHFNWHPHLQH6WLUQGDV+HU]NORSIWHODXWXQGGHXWOLFK
,FKK|UWHGLH6FKOlJHVRJDULQPHLQHP*HKLUQQDFKKDOOHQ 'DQQGDFKWHLFKGDUDQZHOFKH:DIIHQLFKEHVD 1XUGHQ'ROFKGLHPDJLVFKH.UHLGHXQGGLH*QRVWLVFKH *HPPH0LWLKQHQNRQQWHLFKHEHQVRZHQLJHWZDVDQIDQJHQ ZLHPLWGHU%HUHWWDGLHDXHU)XQNWLRQJHVHW]WJHZRUGHQ ZDU 'HQ.RSIKDWWHLFKHLQZHQLJQDFKOLQNVJHGUHKWVRGD LFKGLH7HXIHOVWRFKWHUDQVFKDXHQNRQQWH 8QGVLHNDPQlKHU 6FKULWWIU6FKULWW .DOWZDULKU/lFKHOQ'DVJHVFKZlU]WH*HVLFKWJOLFKHLQHU ZLGHUOLFKHQ*ULPDVVH'LH$XJHQOHXFKWHWHQ,FKVSUWHIDVW N|USHUOLFKGHQ+DGHQVLHPLUHQWJHJHKVWUDKOWH ª,FKZHUGHGHLQ/HEHQ]HUVW|UHQ6LQFODLU,FKZHUGH© 'HU)HXHUEDOOHQWVWDQGDXVGHP1LFKWV8USO|W]OLFKSXIIWH HV]ZLVFKHQPLUXQGGHU7HXIHOVWRFKWHUDXIXQGHLQJHZDO WLJHV)ODPPHQUDGEOHQGHWHXQVEHLGH (LQ*HVLFKWHUVFKLHQLQQHUKDOEGHV5DGV(VZDUVRJH GUHKWGDHVPLFKZLHDXFK$VPRGLQDDQVFKDXHQNRQQWH 'LH9LVDJHGHV7HXIHOV $VPRGLVZDUJHNRPPHQ :ROOWHHUGDEHLVHLQXQG]XVHKHQZLHLFKVWDUE"=X ]XWUDXHQZDUHVLKPGHU6DWDQHUJ|W]WHVLFKJHUQDQ 'LQJHQGLHIU0HQVFKHQGDV6FKOLPPVWHZDUHQZDVHV EHUKDXSWJDE 'LHJULQVHQGH)UDW]HLQQHUKDOEGHV)ODPPHQUDGHVGUHKWH VLFKHLQSDDUPDO,FKK|UWHGDVVFKDXULJH/DFKHQGDVMHGRFK DEUXSWJHVWRSSWZXUGH ª:DVZLOOVWGX"©$VPRGLQDIUDJWHGLHVª'XVW|UVWPLFK© 'DODFKWHLKU9DWHUª,FKVW|UHGLFK":REHLGHQQ"© ª,FKZROOWH6LQFODLUW|WHQXQGVHLQH/HLFKH6ROR0RUDVVR YRUGLH)HZHUIHQGDPLWHUHQGOLFKPHUNWZHUKLHUGHU 6WlUNHUHLVW'HQQQDFK6LQFODLUNRPPWHUDQGLH5HLKH© )UZHQLJH6HNXQGHQZXUGHHVVWLOO$XFKLFKKLHOWGHQ $WHPDQ:LHZUGHVLFKGHU7HXIHOYHUKDOWHQ"
(UODFKWH -DHUODFKWH/DXWXQGXQKHLPOLFKJHOOWHVHLQ*HOlFKWHU GXUFKGLH'LPHQVLRQGHV6FKUHFNHQVª'XZLOOVW6LQFODLU W|WHQXQGLKQ0RUDVVRYRUGLH)HZHUIHQ"©K|KQWHHU ª-DGDVZLOOLFK©NUHLVFKWH$VPRGLQD ª7|WHQNDQQVWGXLKQ6LFKHUGDJHJHQKDEHLFKQLFKWV $EHUGXZLUVWLKQ0RUDVVRQLFKWYRUGLH)HZHUIHQ N|QQHQ© ª8QGZDUXPQLFKW"© ª:HLOHUXQGVHLQHYHUIOXFKWH0RUGOLJDGHQ6WW]SXQNW OlQJVWYHUODVVHQKDEHQ© $VPRGLQDZLFK]XUFN6LHVFKWWHOWHGDEHLGHQ.RSI$XV LKUHP0XQGIXKUZLHGHUGLH=XQJHKHUYRUª'DVJODXEHLFK QLFKW1HLQGDVNDQQLFKQLFKWJODXEHQ© ª(VVWLPPW© ª'DQQKDWGLHVHU)HLJOLQJHWZDVJHPHUNW©VDJWHVLH ª'DQQKDWHUJHDKQWGDZLULKQDXVVFKDOWHQZUGHQ© ª,FKJODXEHGXVLHKVWGDVIDOVFK©HUZLGHUWH$VPRGLV ª6RJDUJDQ]IDOVFK© ª,VW)OXFKWNHLQH)HLJKHLW"© ª:HQQHVHLQH)OXFKWZDU© ª:DVVROOWHHVGHQQVRQVWJHZHVHQVHLQ"©$VPRGLQDKLHOW NUDPSIKDIWDQLKUHU9RUVWHOOXQJIHVW 'LHGUHLHFNLJH6DWDQVIUDW]HYHU]RJVLFK]XHLQHPVFKLHIHQ *ULQVHQª)HLJKHLWLVWHVQLFKW)OXFKWDXFKQLFKWGDVNDQQ LFKGLUVDJHQ'U7RGKDWEHUHLWV]XVHLQHPJURHQ6FKODJ JHJHQGLFKXQGGDPLWDXFKJHJHQPLFKDXVJHKROW© ª$EHUGDVWXWHUQLH'DVWUDXWHUVLFKQLFKW© ª:LHGXPPELVWGXHLJHQWOLFK"6LHKHQGOLFKHLQGD 'U7RGHLQ)HLQGYRQGLUJHZRUGHQLVW8QG]ZDUHLQ 7RGIHLQG'DVVROOWHVWGXGLUHLQIUDOOHPDOPHUNHQ© 'LH7HXIHOVWRFKWHUVFKZLHJ$XFKLFKVDJWHQLFKWV,FK ZROOWHPLFKDXINHLQHQ)DOOLQLKUHQ6WUHLWHLQPLVFKHQGDV NRQQWHQXUJHIlKUOLFKZHUGHQ $OVYRUVLFKWLJHU2SWLPLVWJODXEWHLFKDOOHUGLQJVGDLFK
HLQHQ$XIVFKXEHUKDOWHQKDWWH,FKNRQQWHIUGLHQlFKVWH =HLWZHLWHUOHEHQ'DEHLNDPHVQDWUOLFKGDUDXIDQZHUIU $VPRGLQDZLFKWLJHUZDU'U7RGRGHULFK 6LHGDFKWHODQJHQDFK 0HLQHLQQHUH6SDQQXQJVWHLJHUWHVLFK6LHVWDQGVRJDU GLFKWYRUGHP6LHGHSXQNW,FKVSUWHGDV=LWWHUQLQPHLQHQ $UPHQXQG%HLQHQ:DQQZUGHVLFK$VPRGLQDHQWVFKHL GHQ" :LHHLQ:XUPZDQGVLHVLFKNRQQWHQLFKWULFKWLJVWHKHQ EOHLEHQXQGWUDWYRQHLQHP)XDXIGHQDQGHUHQ6FKOLHOLFK NDPGDV7KHPDGRFKZLHGHUDXIPLFKª$EHUZDVLVWPLW 6LQFODLU",KQZROOWHLFKDXFKW|WHQ(ULVWPLUDPQlFKVWHQ HU© ª:HULVWGHQQJHIlKUOLFKHU"©GUDQJGLH)UDJHDXVGHP )HXHUUDG ª,FKZHLHVQLFKW© ª6LQFODLUKDWVHLQ.UHX]QLFKWPHKU© ª'DVKDW0RUDVVR©VDJWHGLH7HXIHOVWRFKWHUVFKQHOO ª:DV"© ª-DPDQKDWHVGHP*HLVWHUMlJHUZHJJHQRPPHQ© 'LH6WLPPHGHV7HXIHOVNODQJGURKHQGª8QGGDQQZDJVW GXHVQRFKQDFKGHU*HIlKUOLFKNHLW]XIUDJHQ"6LQFODLU NDQQVWGXMHW]WZRHUSUDNWLVFKZDIIHQORVLVWQHEHQEHLHUOH GLJHQ0RUDVVRLVWXQGEOHLEWGHUZLFKWLJHUHXQGDXFK JHIlKUOLFKHUHYRQEHLGHQ6LHK]XGDGXLKQ]X%RGHQ ]ZLQJVW'XKDVWGRFKGHQ1DJHO6FKODJLKQ0RUDVVRLQ VHLQHQYHUGDPPWHQ6FKlGHO© 'DVK|UWHVLFKQDFKHLQHP%HIHKODQHVZDUDXFKHLQHU $VPRGLQDNXVFKWHGDVEHZLHVHQLKUHQlFKVWHQ:RUWH ª:DVPDFKHQZLUGDQQPLW6LQFODLU"© 'HU7HXIHOGUHKWHVLFKXPVRGDLFKLQGDV)HXHUUDG EOLFNWH(LQJOXWURWHU]XFNHQGHU6WUHLIHQEHIDQGVLFK]ZL VFKHQGHP*DOJHQJHUVWDXIGHPLFKVDXQGGHP7HXIHO ª,KQQHKPHQZLUPLW(UVROODXFKVHLQHQ7ULXPSKKDEHQ XQGHUOHEHQZLH6ROR0RUDVVRYHUQLFKWHWZLUGGHQQLKP
PXHLQPDOJH]HLJWZHUGHQGDGLH+|OOHXQEHVLHJEDULVW© ª,FKELQHLQYHUVWDQGHQ©HUNOlUWH$VPRGLQD ª(VZlUHGLUDXFKQLFKWVDQGHUHVEULJJHEOLHEHQ8QG MHW]WKROGHLQH+HOIHUGDPLWZLUJHUVWHWVLQG© ª-D©HUZLGHUWHGLH7HXIHOVWRFKWHUXQGYHUVFKZDQG ,FKDEHUVDKZHLWHUKLQHLQHP8QJHZLVVHQ6FKLFNVDOHQW JHJHQ0HLQ7RGZDUQLFKWDXIJHKREHQVRQGHUQQXUDXI JHVFKREHQ'LH)UDJHZDUIUZLHODQJH" ,FKKRIIWHDOOHUGLQJVLQGHU=ZLVFKHQ]HLWQRFKHLQH &KDQFH]XHUKDOWHQDXFKZHQQPHLQH=XNXQIWVDXVVLFKWHQ PHKUDOVWUEHZDUHQ 6KDRNDPDXVGHU.FKH6LHEDODQFLHUWHHLQ7DEOHWWPLW 2UDQJHQVDIW'LHJHOEH)OVVLJNHLWIOOWHGLHKRKHQ*OlVHU MHZHLOVELVEHUGLH+lOIWH 'DV7HDPZDUGHSULPLHUW,KUH*HVLFKWHUVSUDFKHQGDV DXVZDVGLH0HQVFKHQIKOWHQ 5HVLJQDWLRQ 'DVHUJLQJ6XNRHEHQVRZLH6KDR.DUDRGHU0\[LQ$XFK 7DQLWKVLHZDUHUVFK|SIWYRQGHUOHW]WHQ6HDQFHHUKROWHVLFK QXUPKVDP ª7ULQNHQ6LH©VDJWH6KDRXQGUHLFKWHLKUHLQ*ODV 2UDQJHQVDIWª'DVZLUG,KQHQJXWWXQ© 7DQLWKKREGHQ.RSIª-DGDQNH©HUZLGHUWHVLHXQGQDKP GDV*ODV6LHWUDQNQXUHLQHQNOHLQHQ6FKOXFNXQGIKOWH GDGLH%OLFNHDXIVLHJHULFKWHWZDUHQ 'LH$VWURORJLQKRELKUH6FKXOWHUQª,FKZHLZDV6LHGHQ NHQ©VDJWHVLHOHLVHª$EHUHVLVWIUPLFKXQP|JOLFKQRFK HLQPDOPLW-RKQ6LQFODLU.RQWDNWDXI]XQHKPHQ© ª:DUHVVRVFKZHU"©IUDJWH.DUDOHLVH 7DQLWKQLFNWH 'DVFKOXJGDV7HOHIRQDQ6XNRVSULW]WHI|UPOLFKLQGLH +|KHVFKQDSSWHGHQ+|UHUXQGPHOGHWHVLFK 6LU-DPHVZDUDP$SSDUDW
ª+DEHQ6LHHWZDVHUUHLFKW"©IUDJWHHUVRIRUW ª(LQHQPLQLPDOHQ(UIROJ© ª:LHGLHV"© ª=XPLQGHVWZLVVHQZLUMHW]WGD-RKQ6LQFODLUQRFKDP /HEHQLVW:LUKDEHQLKQVRJDUJHVHKHQ© 'HU6XSHULQWHQGHQWZDUVREHUUDVFKWGDHUYHUJD HWZDVGDUDXI]XVDJHQ ª6ROOLFKHVEHULFKWHQ6LU"© ª1DWUOLFK:RUDXIZDUWHQ6LH"5HGHQ6LH© 'HU&KLQHVHHU]lKOWH(UPDOWHQLFKWVDXVEHULFKWHWHQXU GLH)DNWHQXQGWURW]GHPGDXHUWHGDV*HVSUlFKIDVWIQI ]HKQ0LQXWHQ:LHLPPHU]HLJWHVLFK6LU-DPHVDOVJXWHU =XK|UHU ª'DVLVWHV6LUZDVLFK,KQHQVDJHQZROOWH© ª0HKUKDEHQDXFK0\[LQXQG.DUDQLFKWHUUHLFKW"© ª1HLQ6LHVLQGVRJDUVFKZlFKHUDOVGLH:DKUVDJHULQ JHZHVHQ=ZLVFKHQGHU.XJHOGHP.HOFKVRZLH0\[LQXQG .DUDVFKHLQWHVNHLQH9HUELQGXQJ]XJHEHQ© ª+DEHQ6LHVFKRQHLQHQZHLWHUHQ9HUVXFKJHVWDUWHW"© ª1HLQ6LU0DGDPH7DQLWKIKOWHVLFK]XVFKZDFK©6XNR ZDUIGHU$VWURORJLQEHLGLHVHU$QWZRUWHLQHQ%OLFN]XXQG VDKLKU1LFNHQ ª6LHPXHVQRFKHLQPDOYHUVXFKHQ©GUlQJWH6LU-DPHV ª6LHLVWGDVHLQ]LJH9HUELQGXQJVJOLHG© ª'DVZHLLFK6LU© ª'DQQIUDJHQ6LH0DGDPH7DQLWKQRFKHLQPDO8QG PDFKHQ6LHGHU)UDXYRUDOOHQ'LQJHQGHQ(UQVWGHU/DJH NODU6LHPXHVYHUVXFKHQ$EHUMHW]W]XP*UXQGPHLQHV $QUXIHV1DFKGHPZLUZLVVHQZRVLFK'U7RGPLWVHLQHU 0RUGOLJDDXIKlOWVLQGVRIRUW$XINOlUXQJVPDVFKLQHQORVJH VFKLFNWZRUGHQ6LHKDEHQIRWRJUDILHUWDEHUHLQHJHQDXH 2UWXQJZDUQLFKWP|JOLFK© ª:HVKDOE6LU"© ª(LQLJH,QVHOQNRQQWHPDQEHUKDXSWQLFKWIRWRJUDILHUHQ (VEOLHEHQQXUZHLHPLOFKLJH)OHFNHQ©
ª'DQQVLQGHVGLH,QVHOQGLHVLFK6ROR0RUDVVRDXVJH VXFKWKDW© ª'DVQHKPHLFKDXFKDQGHQQGLHQLFKWYRQLKPEHVHW]WHQ ,QVHOQVLQGNODUXQGGHXWOLFKDXIGHQ)RWRV]XVHKHQ© ª'DZLUVHLQHQ$XIHQWKDOWVRUWQXQZLVVHQ©VDJWH6XNR ªZROOHQ6LHHWZDVXQWHUQHKPHQ"© ª:LHPHLQHQ6LHGDV"© ª*DQ]HLQIDFK:ROOHQ6LHGLH,QVHOQDQJUHLIHQ"© ª'DVJHKWDXINHLQHQ)DOO:LUZUGHQQXULQWHUQDWLRQDOH 5HFKWHYHUOHW]HQ,FKZHUGHGDV:LVVHQDXFKIUPLFKEHKDO WHQ$QGHUH3HUVRQHQVLQGVRZLHVRNDXPHLQJHZHLKW© ª+HLWGDVGDZLULQGLHVHU5LFKWXQJQLFKWVXQWHU QHKPHQXQGXQVVWLOOYHUKDOWHQ"© ª6RJHQDXZLUGHVVHLQ:LUZHUGHQGLH,QVHOQDOOHUGLQJV XQWHU%HREDFKWXQJKDOWHQJHZLVVHUPDHQDQGHUODQJHQ /HLQHIKUHQ8QGELWWH6XNRYHUVXFKHQ6LHQRFKHLQPDO 0DGDPH7DQLWK]XEHUUHGHQ1XUVRNRPPHQZLUZHLWHU© ª,FKZHUGHHVWXQ6LU© ª'DQNH8QGKDOWHQ6LHPLFKDXIGHPODXIHQGHQ© ª$XFKGDV6LU© ª(UIROJH"©IUDJWH0\[LQDOVVLFK6XNRXPGUHKWH ª.DXP©(UEHULFKWHWHXQGPHLQWHGDQDFKª8QVHUHJURH +RIIQXQJLVWXQGEOHLEW0DGDPH7DQLWK6LHPWHHVQRFK HLQPDOYHUVXFKHQ© 'LH$VWURORJLQQLFNWH]ZDUGRFKGLH%HZHJXQJKDWWHNHLQ HUOHLhEHU]HXJXQJVNUDIW$OOHUGLQJVZXWHVLHVHOEVWZDV DXIGHP6SLHOVWDQG9LHOOHLFKWVROOWHVLHHVWURW]GHPQRFK HLQPDOYHUVXFKHQ6LHQDKPLKU*ODVXQGOHHUWHHV 6XNROLHGLH)UDXLQ5XKH(UZDQGWHVLFKDQ0\[LQGHQ NOHLQHQ0DJLHUª'XKDVWGRFKGHLQH.UDIWDXFK]XUFNJH ZRQQHQ.DQQVWGXGHQQQLFKWVYHUVXFKHQ"© 'DV/DFKHQGHV*HIUDJWHQNODQJELWWHUª'LHDOWHQ.UlIWH" 1HLQ6XNR'LHKDEHLFKQXU]XP7HLO]XUFNHUKDOWHQ.DQQ LFK.UDIWPHLQHU*HGDQNHQHWZDVYHUlQGHUQ".DQQLFK 'lPRQHQKHHUHEHIHKOHQ"1HLQGDVZDUHLQPDO,FKELQ
]ZDUQRFKHLQ0DJLHUXQGNDQQDXFKPHKUDOVIUKHUGRFK YRQGHQ.UlIWHQDXVDWODQWLVFKHU=HLWNDQQLFKQXUWUlXPHQ *ODXEHHVPLU© ª-DQDWUOLFK8QGGX.DUD"© ª0LUIHKOWGHU7UDQNGHV9HUJHVVHQV,FKELQQRFKLPPHU DXIGHU6XFKH:HQQLFKLKQKlWWHVlKHDOOHVDQGHUVDXV $EHUVRELQLFKPDFKWORV© 6XNROLHVLFKDXIHLQHQ6HVVHOIDOOHQ(UVFKDXWHGHQ.HOFK PLWGHU.XJHOGDULQDQXQGEHPHUNWHEHUKDXSWQLFKWZLH 6KDRLKPHLQH+DQGDXIGLH6FKXOWHUOHJWH 'HU.HOFKXQGGLH.XJHO" :HOFKH9HUELQGXQJEHVWDQG]ZLVFKHQLKQHQ"'HU.HOFK VWDPPWHDXV6FKRWWODQGGLH.XJHOHWZDDXFK"$EHUZLH 7DQLWKHU]lKOWHVROOWHVLHGHPJURHQ1RVWUDGDPXVJHK|UW KDEHQ:LHKDWWHHUGLH.XJHOJHKDQGKDEW"+DWWHHUGXUFK LKUH+LOIHDOOGLH9RUDXVVDJHQWUHIIHQN|QQHQ"8QGPXWH PDQHLQEHVRQGHUHU0HQVFKVHLQXPGLHV]XWXQ" )UDJHQDXIGLH6XNRNHLQH$QWZRUWZXWH $XFKGHU.HOFKJDELKQHQNHLQ=HLFKHQ(UVFKLPPHUWH JROGHQXQG6XNRVDKVHOWVDPH=HLFKHQDXIVHLQHU $XHQKDXW'DVNRQQWHQJHUPDQLVFKH5XQHQVHLQ $OOHUGLQJVZDU6XNRQLFKWVRILUPGDHUGHUHQ%HGHXWXQJ NDQQWH 'DV5lXVSHUQGHU:DKUVDJHULQXQWHUEUDFKGLH6WLOOHLQ GHP=LPPHUª:LUN|QQWHQHLQHQQHXHQ9HUVXFKVWDUWHQ© VFKOXJVLHYRU 6XNRZDUZLHHOHNWULVLHUWª)KOHQ6LHVLFKVWDUNJHQXJ 0DGDPH"© ª0|JOLFK© ª$EHUHVGDUIQLFKWEHU,KUH.UlIWHJHKHQ© ª,FKPHOGHPLFKVFKRQ©6LHOlFKHOWHVFKPDOª:HQQ6LH YLHOOHLFKWGDV/LFKWO|VFKHQZUGHQ"© ª1DWUOLFK© 0\[LQVSUDQJDXIOLHI]XP6FKDOWHUXQGGUFNWHLKQQDFK XQWHQ'XQNHOKHLWEUHLWHWHVLFKDXV
ª(LQH.HU]H©K|UWH6XNRGLH6WLPPHGHU:DKUVDJHULQ ª,FKJHKHVFKRQ©VDJWH6KDR6LHGXUFKTXHUWHGHQ5DXP ,KU6FKDWWHQZDU]XVHKHQZLHHUVLFKGHU.FKHQWUQlKHU WH6LHGUFNWHGLH7UDXIGLHDQGHUHQVLHVDHQVFKZHL JHQGGDK|UWHQVLHLQGHU.FKHKDQWLHUHQ(LQH6FKXEODGH ZXUGHDXIJH]RJHQXQGZLHGHU]XJHVFKREHQ *HLVWHUKDIWWDQ]WHHLQ)ODPPHQVFKHLQGXUFKGLHRIIHQ VWHKHQGH7UXQGILHOLQGHQ:RKQUDXPDOV6KDRPLWGHU EUHQQHQGHQ.HU]H]XUFNNHKUWH ª%LWWHVWHOOHQ6LHVLHQHEHQGLH.XJHO$EHUQLFKWVRGD VLHPLFKEOHQGHW©EDW7DQLWK ª1DWUOLFK©6KDRVWHOOWHGLH.HU]HDEZXUGHQRFKNRUUL JLHUWXQGWUDWGDQQ]XUFN 'DQQKROWH7DQLWK$WHPª,FKNDQQ,KQHQQLFKWVYHUVSUH FKHQ©VDJWHVLHOHLVHª8QGLFKKRIIHGDLFKHVPLWVHLQHU +LOIHVFKDIIH'HU*HLVWGHV1RVWUDGDPXVVROOPLU]XU6HLWH VWHKHQQXUGXUFKLKQNDQQLFKHVVFKDIIHQ© ª(UKDWVLFKEHLPHUVWHQ0DODXFKQLFKWJH]HLJW©VDJWH 6XNR ª1HLQDEHUGLHVPDOUXIHLFKLKQGLUHNWDQ(ULVWLPPHUGHU )KUHUGHV0HGLXPVJHZHVHQ)DOOVHULUJHQGHWZDVIU /XFLOOHHPSIXQGHQKDEHQVROOWHGDQQLVWHVVHLQH3IOLFKW VLFK]XPHOGHQ'HQQVLHVROOQLFKWXPVRQVWJHVWRUEHQVHLQ© ª'DVKRIIHQZLUDOOH©VSUDFK.DUDJHQDXGDVDXVZDVGLH DQGHUHQGDFKWHQ ª$EHUZLUNOLFKYHUVSUHFKHQ6LHVLFKQLFKW]XYLHOYRQ GLHVHU%HVFKZ|UXQJRGHU6HDQFH0DQNDQQGHQ*HLVWQLFKW HLQIDFKUXIHQZLHHLQHQ[EHOLHELJHQ0HQVFKHQ© ª'HU9HUVXFKLVWHVZHUW©VDJWH6XNRª%LWWH© (VZXUGHVWLOOLP5DXP'LH$XJHQGHU$QZHVHQGHQ ZDUHQDXI0DGDPH7DQLWKJHULFKWHW6KDR.DUD0\[LQXQG 6XNRVDHQVRXPGLH)UDXKHUXPGDVLHVLHLP$XJH EHKDOWHQNRQQWHQ-HGHUVDKZLHVLFKLKUH)LQJHUXPGLH .XJHOOHJWHQ 'DQQEHXJWHVLHLKUHQ2EHUN|USHU]XUFNYHUHQJWHGLH
$XJHQ]X6FKOLW]HQXQGEHZHJWHGLH/LSSHQ =XHUVWGUDQJNHLQ/DXWDXVLKUHP0XQGGDQQHLQ )OVWHUQXQGZHQLJVSlWHUNRQQWHPDQGLH:RUWHYHUVWHKHQ ª'XGHUGLH8QHQGOLFKNHLWGXUFKZDQGHUWIUGHQ=HLW XQG5DXPQLFKWH[LVWLHUHQELWWH]HLJHGLFK=HLJHGLFKXQV 0HQVFKHQGLHZLUGLFKUXIHQXQG+LOIHYRQGLUHUIOHKHQ /DXQVQLFKWLP6WLFK1RVWUDGDPXVJURHU0DQQGHV 0LWWHODOWHUV]HLJHGLFKGXUFKGLHVH.XJHOXQGKLOIXQV HLQHQ0HQVFKHQ]XILQGHQGHU]ZLVFKHQ=HLWXQG5DXP YHUVFKROOHQLVW© 2EZRKOGLH:RUWHIOVWHUQGJHVSURFKHQZDUHQKDWWHQVLH DQ(LQGULQJOLFKNHLWQLFKWVYHUORUHQ-HGHUYHUVWDQGVLHXQG 6KDROLHIVRJDUHLQH*lQVHKDXWEHUGHQ5FNHQ:DVVLH KLHUHUOHEWHVFKLHQHLQ7UDXP]XVHLQDOOHUGLQJVHLQUHDOHU 7UDXP 'LH.HU]HEUDQQWHUXKLJ*HUDGHVWDFKGLH)ODPPHGHU 'HFNH]X'XQNHOURWZDULKU.HUQKHOOHUGLH$XHQUlQGHU 6LHZDUHLQXQWUJOLFKHV=HLFKHQGDIUGDVLFKLQGLHVHP 5DXPHLQHDEVROXWH:LQGVWLOOHEHIDQGDQVRQVWHQKlWWHVLH JHIODFNHUW =HKQ6HNXQGHQYHUJLQJHQ1LFKWVJHVFKDK'LH:RUWHGHU :DKUVDJHULQVFKLHQHQXQJHK|UWYHUKDOOW]XVHLQ9HUNOXQJHQ LQGHU(ZLJNHLW(V]HLJWHVLFKNHLQH5HDNWLRQ'HU*HLVWGHV 1RVWUDGDPXVVFKLHQQLFKWVYHUQRPPHQ]XKDEHQ 2GHUKDWWHHUQLFKWK|UHQZROOHQ" 7DQLWKVFKDXWHDXIGLH.XJHO'LH%OLFNHEUDQQWHQVLFKDQ GHU2EHUIOlFKHGHV*ODVHVIHVW(VKDWWHGHQ$QVFKHLQDOV ZROOWHQVLHVRJDUGDV*ODVGXUFKERKUHQXQGLQGLH0LWWH VFKDXHQZRVLFKXQWHU8PVWlQGHQHLQ%LOG]HLJWH 9LHOOHLFKW1RVWUDGDPXV" 1LHPDQGK|UWH7DQLWK$EHUVLHVWUHQJWHVLFKXQJHPHLQDQ GDVZDU]XK|UHQ6FKZHUH$WHP]JHGXUFKEUDFKHQGLH 6WLOOH,KU*HVLFKWZDULP5HVWOLFKWGHU.HU]HQIODPPH]X VHKHQ0LWLKUHP5DQGVWUHLIWHVLHHVXQGMHGHUGHU7DQLWK DQVFKDXWHVDKGHQ6FKZHLDXILKUHU6WLUQ6LHJDEVLFK
0KHVWUHQJWHVLFKDQXQGVLHZROOWHGDV%HVWHIUDOOH ,KU5FNHQEHZHJWHVLFKXQWHUGHQ$WHP]JHQ'LH6WLUQ VFKLHQIDVWDXIGHU.XJHO]XOLHJHQVRZHLWKDWWHVLFK7DQLWK EHUVLHJHEHXJW +DWWHEHLPHUVWHQ0DOGHU.HOFKGHV)HXHUVUHDJLHUWVR EOLHEHUMHW]WVWXPP.HLQ/HXFKWHQ]HLJWHDQGDHUGLH %HVFKZ|UXQJDQQDKP'LH:RUWHZDUHQDQLKPYRUEHLJH JOLWWHQ $EHUPDOVULHI7DQLWKGHQ1DPHQGHVJURHQ*HLVWHV 1RVWUDGDPXV6LHHULQQHUWHDXFKDQ/XFLOOHVSUDFKYRQ GHUHQ7RGXQGDXFKYRQGHQ6FKXOGLJHQ :UGH1RVWUDGDPXVUHDJLHUHQ"2GHUOLHLKQGDVDOOHV NDOW" 1LFKWQXU6XNR]XFNWH]XVDPPHQDXFKGLHDQGHUHQGHQQ VLHKDWWHQHEHQIDOOVGHQNDOWHQ+DXFKEHPHUNWGHUVLFK SO|W]OLFKLP=LPPHUDXVEUHLWHWH 'LH)ODPPHIODFNHUWH)UHLQHQZLQ]LJHQ0RPHQWKDWWH HVGHQ$QVFKHLQDOVZUGHVLHYHUO|VFKHQ'HU+DXFKDXFK DOV:LQG]XVSUHQGUFNWHVLHQDFKXQWHQXQGVLHJOLWW ]LWWHUQGEHUGHQ7DOJUDQGGHU.HU]HKLQZHJ 'DQQULFKWHWHVLHVLFKZLHGHUDXI1XU]|JHUQGXQGGDEHL IODFNHUQG5XKLJEUDQQWHVLHQLFKWPHKUZHLWHU-HGHULP =LPPHUZXWHGDHWZDV(QWVFKHLGHQGHVJHVFKHKHQZDU 'LH$XUDH[LVWLHUWHDXIHLQPDO(LQH$XUDGLHQLFKWVPLWGHU QRUPDOHQ:HOW]XWXQKDWWHVRQGHUQDXVGHP-HQVHLWV JHNRPPHQZDU (LQ*HLVW ª'XELVWGD©ZLVSHUQGGLH6WLPPHª,FKPHUNHHV'XELVW HUVFKLHQHQ'XZLOOVWXQVHWZDVVDJHQ7XHVWXHVMHW]W VRQVWNDQQHV]XVSlWVHLQ=HLJHGLFK©8USO|W]OLFKIXKU GLH:DKUVDJHULQLQGLH+|KH6LHZDUDXVLKUHU7UDQFH HUZDFKW'LH$XJHQORGHUWHQVLHZDUIGHQ.RSIKHUXPXQG ULHIª1RVWUDGDPXV©'DQQKREVLHGHQ$UPVWUHFNWHLKQ DXVXQGLKU)LQJHUZLHVGRUWKLQZRVLFKGDV)HQVWHU EHIDQG
-HGHUVDKHV 'RUWEHIDQGVLFKHWZDIXKRFKEHUGHP%RGHQHLQ *HLVWHUZHVHQ $EHUQLFKW1RVWUDGDPXVVFKZHEWHGRUWVRQGHUQMHPDQG DQGHUHU /XFLOOHGDV0HGLXP 6LHWDXFKWHQHEHQVRVFKQHOODXIZLH$VPRGLVHQWVWDQGHQ I|UPOLFKDXVGHP1LFKWVXQGZDUHQGD ,FKPHLQHGDPLWGLH7RGHVHQJHO 0DQNRQQWHVLHDOV$VPRGLQDV/HLEJDUGHEH]HLFKQHQ(V ZDUHQVHOWVDPH*HVFK|SIHVLHVDKHQ]ZDUPHQVFKOLFKDXV DEHUVLHZDUHQNHLQH0HQVFKHQ]XGHPZXFKVHQDXILKUHQ 5FNHQ)OJHOPLWGHUHQ+LOIHVLHVLFKIRUWEHZHJHQNRQQ WHQ ,KUH.OHLGXQJZDULPPHUJOHLFK6FKZDU]HV/HGHUGDV HQJDQGHU+DXWODJMHGRFKLQGHU.|USHUPLWWHGXUFKEUR FKHQZXUGH'LH7RGHVHQJHOKDWWHQIHXHUURWH+DDUHXQG LKUH:DIIHQZDUHQ3IHLOXQG%RJHQPLWGHQHQVLHYRU]J OLFKXPJHKHQNRQQWHQ ,FKKDWWHVFKRQ]DKOUHLFKHYRQLKQHQHUOHGLJWDEHU $VPRGLQDVFKLHQEHU/HJLRQHQGLHVHU/HLEZlFKWHULQQHQ ]XYHUIJHQGHQQHVZXUGHQLPPHUPHKU $XVGHQ7LHIHQGHU'LPHQVLRQHQVWLHHQVLHXQGEDKQWHQ GHU7RFKWHUGHV7HXIHOVLKUHQ:HJ $XFKEHLPLUWDXFKWHQVLHEOLW]VFKQHOODXVGHU'VWHUQLV DXI,FKK|UWHQRFKGDV5DXVFKHQLKUHU)OJHOXQGZXUGH VFKRQJHSDFNW'LHNDOWHQ)LQJHUXPIDWHQPHLQH$UPH GLFKWXQWHUKDOEGHU6FKXOWHUQ,KUH*ULIIHZDUHQKDUWXQG VFKPHU]KDIWXQGHVKDWWHQVLFKJOHLFKYLHUGHU7RGHVHQJHO HLQJHIXQGHQ$QVFKHLQHQGWUDXWHPDQPLUQLFKWEHUGHQ :HJ9HUVWlQGOLFKEHLGHQE|VHQ(UIDKUXQJHQGLHGLH(QJHO PLWPLUJHPDFKWKDWWHQ 'LHVPDOZROOWHQVLHDXI1XPPHU6LFKHUJHKHQ
(VKDWWHEHUKDXSWNHLQHQ6LQQLKQHQ:LGHUVWDQGHQW JHJHQ]XVHW]HQ6RHUJDELFKPLFKLQPHLQ6FKLFNVDOXQG OLHPLFKYRP*HUVWGHV*DOJHQVLQGLH+|KH]LHKHQ 'DVZDUYLHOOHLFKWHLQ*HIKO )U6HNXQGHQNUDPSIWHVLFKPHLQ0DJHQ]XVDPPHQDOV LFKLQGLH7LHIHVFKDXWHZRPHLQ%OLFNGLH2EHUIOlFKHGHV JHKHLPQLVYROOHQ6HHVWUDIDXIGHP$VPRGLQDVWDQGXQG QLFKWHLQVDQN 6LHVFKDXWH]XPLUKRFKZlKUHQGVLFKGHU7HXIHOVFKRQ ZLHGHU]XUFNJH]RJHQKDWWH 9LHU(QJHOKLHOWHQPLFK 0LQGHVWHQV]HKQPDOVRYLHOVDKLFKLQGHU/XIW,KUH)OJHO EHZHJWHQVLFKKHNWLVFK6LH]RJHQ.UHLVHGLHVLHKRFKLQGLH /XIWIKUWHQIDOOVPDQKLHUYRQ/XIWEHUKDXSWVSUHFKHQ NRQQWH $XFKPLFKVFKDIIWHQVLHQRFKK|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|SIHGHU 8QJHKHXHU'LH$XISDVVHUGLHVRIRUWHLQJULIIHQZHQQVLFK
MHPDQGEHIUHLWKDWWHVRZLHLFK1XUKDWWHQVLHEHLPLU3HFK JHKDEW $OVLFKGLH.|SIHVDKGDFKWHLFKZLHGHUDQPHLQHQ'ROFK GLH*HPPHGLH.UHLGHXQGDXFKDQGLH%HUHWWD8QWHU 8PVWlQGHQZDUVLHMHW]WJHWURFNQHWXQGLFKNRQQWHVLH EHQXW]HQ(LQHQ9HUVXFKZROOWHLFKMHW]WQLFKWVWDUWHQGRFK ZHQQVLFKGLH*HOHJHQKHLWHUJDEPXWHLFKHVDXVSURELHUHQ :RIORJHQZLUKLQ"'DVZDUIUPLFKGLHJURH)UDJH :LHGHUGDFKWHLFKDQGHQ9HUJOHLFKPLWGHU=ZLHEHO6LHKDW PHKUHUH6FKLFKWHQHEHQIDOOVGLH+|OOH6ROOWHXQVHU=LHOHLQH DQGHUH6FKLFKWVSULFK'LPHQVLRQVHLQ" 'DPLWUHFKQHWHLFKIHVWDOOHUGLQJVVDJWHLFKPLUDXFKGD $VPRGLQDMDSULPlULKUHLJHQWOLFKHV=LHOGLH9HUQLFKWXQJ 'U7RGVXQGGHU0RUGOLJDYHUIROJWH $XVGLHVHP*UXQGHKDWWHVLHDXFKGLH]DKOUHLFKHQ 7RGHVHQJHOPLWJHQRPPHQ0LWLKQHQ]XVDPPHQZROOWHQVLH GLH0RUGOLJDDQJUHLIHQXQGLKUHLQHQHUQVWHQ6FKDGHQ]X IJHQ6RMHGHQIDOOVPDOWHLFKPLUGDVLQPHLQHPMXJHQG OLFKHQ/HLFKWVLQQDXV (VZDULPSRQLHUHQGXQGDEVFKUHFNHQG]XJOHLFKIUPLFK GLH7RGHVHQJHODXVGHP*UDXGHUXQHQGOLFKHQ:HLWHLQQHU KDOEGLHVHV6FKUHFNHQV]HQWUXPVVWU]HQ]XVHKHQ6LH UDXVFKWHQKHUDQIORJHQHOHJDQWXQGVFKOXJHQGLHHQWVSUH FKHQGHQ%|JHQXPVLFKLQGHQ3XONGHUDQGHUHQHLQ]X UHLKHQ $VPRGLQDDOVLKUH+HUUVFKHULQOLHVLFKHEHQIDOOVYRQ LKQHQWUDJHQ6LHJOLWWGDKLQZLHDXIHLQHU6lQIWHOLHJHQG XQGHLQHP)HOGKHUUJOHLFKIKUWHVLHGLHNOHLQH$UPHHDQ ,FKEHIDQGPLFKGLFKWKLQWHULKU'LHYLHU(QJHOKLHOWHQ PLFKQDFKZLHYRUIHVW,FKKDWWHPLFKDXFKQLFKWPHKUYHU NUDPSIWVRQGHUQZDU]LHPOLFKJHORFNHUW0LWGHU=HLW JHZ|KQWPDQVLFKDQDOOHV 'LH(QJHOIORJHQEHUXQGXQWHUPLU'LH/XIWZDUHUIOOW YRQHLQHPJHZDOWLJHQ5DXVFKHQXQGDOVLFKGHQ.RSIKRE VDKLFK]XPHUVWHQPDOXQVHU=LHO
=XPLQGHVWKRIIWHLFKVWDUNGDHVGDV=LHOZDU 9RUXQVEHIDQGVLFKHLQKHOOHU6WUHLIHQ(UOLHIYRQUHFKWV QDFKOLQNVVFKLHQNHLQHQ$QIDQJXQGNHLQ(QGH]XKDEHQ XQGHUZDUOHLFKWJHNUPPW :UGHQZLULQHLQHDQGHUH'LPHQVLRQVWRHQ" ,FKKDWWHGHQ*HGDQNHQNDXPIRUPXOLHUWGDZDUHQZLU EHUHLWVGLFKWGDYRU 8QGWDXFKWHQKLQHLQ 'LH=HLWVSDQQHZDUNDXP]XPHVVHQDEHULFKIKOWHVR JXWZLHQLFKWVPHKU(LQH6FKZlU]HRGHU/HHUHVFKLHQPLFK UHJHOUHFKW]XIUHVVHQPHLQ%OXWNUHLVODXIVWRFNWHGLH (LQGUFNHGHUQlKHUHQ8PJHEXQJYHUZLVFKWHQLFKPHUNWH JDUQLFKWVKLHOWDXFKGLH$XJHQJHVFKORVVHQXQG|IIQHWHVLH HUVWZLHGHUDOVLFKGDV5DXVFKHQYHUQDKPXQGGLH.lOWH VSUWH -DHVZDUYHUIOXFKWNDOW'LH/XIWGUDQJLQPHLQH/XQJHQ DOVLFK$WHPKROWHXQGPHLQHQ.RSIGUHKWHXPQDFKXQWHQ ]XVFKDXHQ :LUKDWWHQGDV=HQWUXPGHV6FKUHFNHQVYHUODVVHQXQG ZDUHQLQHLQHDQGHUH'LPHQVLRQJHIORJHQ $EHUXQGMHW]WZXUGHPHLQHhEHUUDVFKXQJULHVHQJUR ZLUEHIDQGHQXQVQLFKWPHKULP5HLFKGHV7HXIHOVVRQGHUQ DXIGHU(UGH8QWHUPLUVDKLFKHLQHJUDXJUQHZRJHQGH )OlFKHDXVGHUHLQLJH)OHFNHQKHUDXVVWDFKHQ ,QVHOQ (VGDXHUWHHWZDVELVLFKPHLQH*HGDQNHQIRUPXOLHUWXQG JHVDPPHOWKDWWH 'DQQZXWHLFK%HVFKHLG-D)UHXQGHLFKNDQQWHJHQDX GHQ2UWDQGHQPDQPLFKJHIKUWKDWWH6LU-DPHV3RZHOOV :RUWHILHOHQPLUHLQ'U7RGKDWWHVHLQ+DXSWTXDUWLHUGRUW ZRVLFKGLH6GVSLW]HGHVDPHULNDQLVFKHQ.RQWLQHQWV EHIDQG ,Q)HXHUODQG 8QGEHUGLHVHQ,QVHOQEHIDQGHQZLUXQVDXFK
,PHUVWHQ$XJHQEOLFNEHUVSUDQJPHLQ+HU]YRU)UHXGH HLQHQ6FKODJ,FKKDWWHGLH'LPHQVLRQGHV6FKUHFNHQVKLQWHU PLUJHODVVHQ'LHK|OOLVFKH5HLVHZDU]X(QGHLFKEHIDQG PLFKZLHGHULQPHLQHU:HOW$EHUZDUGLH5HLVHZLUNOLFK EHHQGHW" ,FKGDFKWHGDUDQZDV$VPRGLQDYRUKDWWH6LHZROOWH'U 7RGXQGGLH0RUGOLJDYHUQLFKWHQ'LH7DNWLNZDUGDEHL OHLFKW]XHUUDWHQ=XVDPPHQPLWLKUHQ7RGHVHQJHOQZROOWH VLHGLH)HVWXQJGHV6ROR0RUDVVRVWUPHQ6LHYHUWUDXWHGHQ :RUWHQGHV7HXIHOVQLFKWGHULKUJHVDJWKDWWHGD'U7RG VHLQ9HUVWHFNOlQJVWQLFKWPHKUEHZRKQWHVRQGHUQVLFKPLW VHLQHQ0RQVWHUQDXIGHQ:HJJHPDFKWKDWWHXP$VPRGLQD ]XILQGHQ-HW]WZDUVLHJHNRPPHQXQGLKU$QJULIIZUGH LQV/HHUHVWRHQ :LUJOLWWHQWLHIHU (LQHVWDUNH6SDQQXQJKDWWHPLFKHUJULIIHQ(VZDUDOV KlWWHLFKHLQHQ6WURPVWRHUKDOWHQ-HWLHIHUZLUIORJHQXP VRGHXWOLFKHUHUNDQQWHLFKGLH]DKOUHLFKHQ,QVHOQGHUHQ 8PULVVHPLWHLQHUKHOOHQ6FKDXPNURQHYHUVHKHQZDUHQ 9HUDQWZRUWOLFKGDIUZDUGLH%UDQGXQJGLH7DJXQG1DFKW JHJHQGLH.OLSSHQGURVFK $EHULFKVDKQRFKHWZDV hEHUGUHL,QVHOQODJHLQIHLQHU'XQVW(VZDUHQNHLQH 7URSIHQGLHGXUFK*LVFKWIRQWlQHQYHUXUVDFKWZXUGHQXQG VLFK]XGLHVHP9RUKDQJYHUHLQWHQ 'DVVDKPLUJDQ]QDFK1HEHODXV 1HEHO"8QGGDNOLFNWHHVLQPHLQHP*HKLUQ,FKEUDXFKWH GLHVHQ%HJULIIQXUGXUFK]ZHLDQGHUH]XHUZHLWHUQ'HU :UIHOGHV8QKHLOVXQG'U7RG 'XUFKGHQ:UIHOZDU6ROR0RUDVVRLQGHU/DJHGHQ 7RGHVQHEHO]XSURGX]LHUHQ(UKDWWHHVJHVFKDIIW'HU1HEHO EOLHEEHUGHQ,QVHOQOLHJHQXQGDXFKGHUVWlUNVWH:LQG NRQQWHLKQQLFKWYHUWUHLEHQ,FKEHPHUNWHZLHGHUODQJH )DKQHQVFKOHLHUKLQXQGKHUEHZHJWZXUGHGLHHLQ]LJH .RQ]HVVLRQDQGHQVWDUNHQ:LQG
,FKNDQQWHDXFKVHLQH]HUVW|UHULVFKH.UDIW:HQQHLQ 0HQVFKPLWGLHVHPYHUIOXFKWHQ1HEHOLQ%HUKUXQJNDP GDQQO|VWHLKPGLHVHUGLH+DXWYRP.|USHU 0LFKKDWWHHUELVKHUYHUVFKRQWREZRKOLFKPLWLKPVFKRQ PHKUHUH0DOHLQ%HUKUXQJJHNRPPHQZDU(UWDWPLU GDPDOVGHVKDOEQLFKWVZHLOLFKPHLQ.UHX]EHLPLUWUXJ(V VFKW]WHPLFKGDYRU 1XQDEHUZDULFK!QDFNW 1RFKEHIDQGHQZLUXQVKRFKJHQXJ'HU1HEHOKDWWHXQV QRFKQLFKWHUUHLFKWGRFKPLWMHGHU6HNXQGHGLHYHUVWULFK QlKHUWHQZLUXQVGHPGURKHQGHQ9HUKlQJQLV $QJVWNURFKLQPLUKRFK 2EGHU1HEHOGHQ7RGHVHQJHOQHWZDVWDWNRQQWHLFKQLFKW VDJHQ0LFKMHGHQIDOOVZUGHHUDXIJUDXVDPH$UWXQG :HLVHW|WHQ 1lKHUXQGQlKHUNDPHQZLU ,FKNRQQWHVRJDUKLQGXUFKVFKDXHQXQGDXIGHUJU|WHQ ,QVHOGLHEUDXQHQ+JHOHUNHQQHQVRQDKHZDUHQZLU EHUHLWV7URW]PHLQHU$QJVWYHUVXFKWHLFKPLUDXV]XUHFKQHQ ZDQQGLHYLHU7RGHVHQJHO]XVDPPHQPLWPLUHLQWDXFKHQ ZUGHQ 'UHL6HNXQGHQYLHOOHLFKWYLHU" :HQQGLH=HLWXPZDUXQGELVGDKLQQLFKWVJHVFKDKJDE HVIUPLFKNHLQH5HWWXQJPHKU :RKOQLHPDQGKDWWHPLW/XFLOOHV$XIWUHWHQJHUHFKQHW$XFK 7DQLWKQLFKWGHQQVLHVWLHHLQHQHUVFKURFNHQHQ5XIDXV ª/XFLOOH© ª-DLFKELQHV©'LH$QWZRUWNODQJVFKZDFKDOVKlWWHGDV :HVHQ0KHVLH]XIRUPXOLHUHQ ª$EHULFKKDEHGLFKQLFKWJHUXIHQ© ª'DVZHLLFK'HLQ5XIJDOWGHPJURHQ1RVWUDGDPXV $EHUHUKDWPLFKDXIGHU5HLVHLQV-HQVHLWVHUUHLFKW(UZDU VRVWDUNGDLFKGDJHJHQQLFKWVWXQNRQQWHXQGXPNHKUHQ
PXWH© 7DQLWKVWDQGQRFKLPPHUXQWHU6WUH0LWHLQHUIDKULJHQ %HZHJXQJVWULFKVLHHLQH+DDUVWUlKQHDXVGHU6WLUQ6LH NOLPSHUWHPLWGHQ$XJHQGHFNHOQXQGVDKVLFKXP 'LHDQGHUHQZDUHQHEHQVREHUUDVFKWXQGHUVFKURFNHQ ZLHVLH1LHPDQGNRQQWHVLFKHLQHQ5HLPGDUDXIPDFKHQ $OOHVWDUUWHQGDVGXUFKVFKHLQHQGZLUNHQGH:HVHQDQGDV VLFKLQGHU1lKHGHV)HQVWHUVDXIKLHOWXQGZLHHLQ 1HEHOVWUHLIZLUNWH 1LHPDQGUHGHWHPHKU:DVKLHUJHVFKDKNRQQWHPDQPLW GHP:RUWXQJHKHXHUOLFKXPVFKUHLEHQXQGHVZDUQXU GXUFK6FKZDU]H0DJLHP|JOLFKJHZHVHQ ª)UDJHQ6LHGHQ*HLVWREHUHWZDVEHU-RKQ6LQFODLU ZHL©]LVFKWH6XNR 7DQLWKQLFNWH6LHXPNODPPHUWHZLHGHUGLH.XJHOKLHOW LKUHQ%OLFNMHGRFKDXIGHQ*HLVWGHVWRWHQ0HGLXPVJHULFK WHWª:DVZHLWGXEHU-RKQ6LQFODLU"(ULVWGHU0DQQGHP GHU.HOFKJHK|UWLQGHQGLH.XJHOJHQDXKLQHLQSDW© HUNOlUWH7DQLWKZHLWHUªXQGHULVWHLQEHUKPWHU*HLVWHU VRZLH'lPRQHQMlJHU© ª,KUVXFKWLKQ"© ª-D© ª:RNDQQHUGHQQVHLQ"© $XIGLHVH)UDJHZXWH7DQLWKNHLQH$QWZRUW'LHMHGRFK JDE6XNRGHU&KLQHVH ª(VLVWP|JOLFKGDHUVLFKDXIGHP:HJLQGLH+|OOH EHILQGHWRGHUVFKRQGRUWLVW© 'HU*HLVWYLEULHUWHª%HL$VPRGLV"© ª-D© ª'DNRPPHLFKQLFKWKLQ,FKJHK|UHQLFKW]XGHQ6HHOHQ GLHJHTXlOWZHUGHQ0HLQ=LHOLVWGDV/LFKW(VOHXFKWHWHV ZDUWHWDXIPLFK,FKVROOKLQ© ª'DQQZHLWGXQLFKWVYRQ-RKQ6LQFODLU"© ª1HLQRGHUNDXP© 'RFKHLQH+RIIQXQJ"6XNRIUDJWHZHLWHUª:LHVRNDXP"
+DVWGXLUJHQGHWZDVJHVHKHQ"© ª'DVQLFKWQXUJHK|UW'LH:HOWGHU*HLVWHUVSULFKWEHU LKQ(VLVWHLQIUHPGHV:LVSHUQXQG5DXQHQ6LHUHGHQEHU HLQHQ*HUHFKWHQGHULQGLH+|OOHJHNRPPHQLVWXPGHQ 6DWDQ]XVWU]HQ© ª'DVLVW-RKQ©ULHI6XNRª+DWHUHLQH&KDQFH"© ª(ULVWDOOHLQ© 'LHVH$QWZRUWVDJWHDOOHV6XNRVHQNWHGHQ.RSIXQGK|UWH NDXPGLHQlFKVWHQ:RUWHGHV*HLVWZHVHQV ª,FKNDQQQLFKWPHKUEOHLEHQ,FKJHK|UHQLFKW]XHXFK,FK PXZLHGHUZHJ6LHUXIHQPLFK6LHZROOHQPLFKEHLVLFK KDEHQ,FKGDUIQLFKWPHKU© 'LH9HUVDPPHOWHQVDKHQZLHGLH*HVWDOWQRFKEOHLFKHU XQGGXUFKVLFKWLJHUZXUGH6LH]HUIODWWHUWH]XHLQHPKDXFK GQQHQ1HEHOVWUHLIHQ (LQOHW]WHV0DOK|UWHQVLHGLH6WLPPHGHV0HGLXPV'D NODQJVLHEHUHLWVZHLWHQWIHUQW(VK|UWHVLFKDQDOVOlJHQ JHZDOWLJH:HOWHQGD]ZLVFKHQ ª-RKQ6LQFODLU*HIDKUNHLQH$QJVW1RVWUDGDPXVHU LVW© 6FKOX1LFKWVPHKU'HU*HLVWGHVWRWHQ0HGLXPVYHU VFKZDQGZLHHLQ6SXN(UZDUHEHQVRUDVFKZHJZLHHUYRU KLQHUVFKLHQHQZDU1XUQRFKGLH0HQVFKHQVRZLH0\[LQ XQG.DUDEHIDQGHQVLFKLP/LYLQJURRP 6LHVFKZLHJHQ(LQMHGHUPXWHGDVHEHQ(UOHEWHHUVWHLQ PDOYHUNUDIWHQ :DVJHVFKHKHQZDUJOLFKHLQHPNOHLQHQ:XQGHU1XU KDWWHGDV:XQGHUQLFKWYLHOJHEUDFKWGHQQEHU-RKQ 6LQFODLUKDWWHGHU*HLVWGHV0HGLXPVVRJXWZLHQLFKWVVDJHQ N|QQHQ6HLQ1DPHZDU]ZDUJHIDOOHQPHKUDOOHUGLQJV QLFKW ª-RKQ6LQFODLU*HIDKUNHLQH$QJVW1RVWUDGDPXV6R ODXWHWHQGRFKGLHOHW]WHQ:RUWHRGHU"©IUDJWH6XNR ª-D©'LHDQGHUHQJDEHQLKPUHFKW ª'HPQDFKEHILQGHWVLFK-RKQLQ*HIDKU©IRUPXOLHUWHGHU
&KLQHVHZHLWHUª$EHUZDVEHGHXWHQGLH%HJULIIHNHLQH $QJVWXQG1RVWUDGDPXV".DQQHLQHUYRQHXFKGDPLWHWZDV DQIDQJHQ"© 6XNRKDWWHDOOHJHPHLQWQXU.DUDJDELKPHLQH$QWZRUW ª9LHOOHLFKWEHILQGHWVLFK-RKQLQ*HIDKU$EHUZLUVROOHQXQV NHLQH6RUJHQPDFKHQ© ª*HIDKUXQGNHLQH$QJVW"'DVLVWHLQ:LGHUVSUXFK©VDJWH 0\[LQ 6XNRJDELKPUHFKW ª'XYHUJLW1RVWUDGDPXV©ZDUI.DUDHLQ 'HU0DJLHUVFKDXWHGLHVFKZDU]KDDULJH)UDXDQª(UKDW VLFKMDQLFKWJHPHOGHW© ª7URW]GHP© ª:LUVLQGGDDXIGHP+RO]ZHJ©PHLQWH6XNRª=ZLVFKHQ -RKQXQG1RVWUDGDPXVJLEWHVNHLQH9HUELQGXQJJODXEW PLU© ª*HQDXZHLWGXHVDEHUQLFKW©KLHOWLKP.DUDHQWJHJHQ 'HU&KLQHVHVWDQGDXIª:LHVROOWHHV"-RKQ6LQFODLUKDW QRFKQLH.RQWDNWPLWGHP*HLVWGHVJURHQ6HKHUVJHKDEW ,FKZWHGDVZLUNOLFK)UHXQGH© ª(VLVWDEHUQLFKWJDQ]YRQGHU+DQG]XZHLVHQ©PLVFKWH VLFK7DQLWKHLQª,FKKDEHVFKRQHLQPDOJHVDJWGDVLFKGLH *HLVWHUQLFKWVRRKQHZHLWHUHVPHOGHQ6LHVLQGVHKUVHQVL EHOJODXEHQ6LHPLU(VLVWQLFKWDXVJHVFKORVVHQGD/XFLOOH ZLUNOLFKGLH:DKUKHLWJHVDJWKDW'DVPHLQHLFKMHGHQIDOOV© ª:HQQLFKQXUZWHZLHZLUGDVHUIDKUHQN|QQHQ©PXU PHOWH6XNRª:HQQLFKGDVQXUZWH©(UEOLFNWHVHLQH )UHXQGHDQ1LHPDQGNRQQWHLKPHLQH$QWZRUWJHEHQ ,Q6KDRV$XJHQIXQNHOWHQ7UlQHQ :LUVWLHHQKLQDE 'DZDUGHU1HEHOGLHVHUDOOHV]HUIUHVVHQH6PRJ'LH HUVWHQPXWHQMHW]WKLQHLQWDXFKHQXQG 1HLQ$VPRGLQDEHUOHJWHHVVLFKDQGHUV.XU]EHYRUVLH
GHQ1HEHOHUUHLFKWHVFKZHQNWHVLHZLHGHUKRFK'DEHL IORJHQGLH(QJHOPLWLKUHLQHQHOHJDQWHQ%RJHQXQGDXFK LFKZXUGHKRFKJHULVVHQXQGZHLWHUKLQIHVWJHKDOWHQRKQH PLWGHP1HEHOLQ%HUKUXQJJHNRPPHQ]XVHLQ :LUEOLHEHQLQGHU/XIW,FKDWPHWHDXI $VPRGLQDJDEGLH%HIHKOH9LHULKUHU(QJHOVROOWHQGLH ,QVHOEHWUHWHQ $XVGHP3XONO|VWHQVLHVLFKXQGJOLWWHQSIHLOVFKQHOOLKUHP =LHOHQWJHJHQ ,FKVFKDXWHLKQHQJHVSDQQWQDFK6LHWDXFKWHQLQGHQ 1HEHOHLQXQGHVJHVFKDKQLFKWVPLWLKQHQ6DQIWODQGHWHQ VLHDXIGHU,QVHO9RQPHLQHU6LFKWDXVZLUNWHQVLHQLFKW JU|HUDOVNOHLQH6SLHO]HXJSXSSHQ$XIGHP%RGHQEOLHEHQ VLHVWHKHQVSUDFKHQPLWHLQDQGHUXQGYHUWHLOWHQVLFKGDQQ 'LH:DIIHQKLHOWHQVLHVFKXEHUHLW'LH6HKQHQGHU%|JHQ ZDUHQJHVSDQQWGLH3IHLOHODJHQDXI6ROOWHVLFKHLQ*HJQHU ]HLJHQZUGHQVLHPLWW|GOLFKHU3Ul]LVLRQWUHIIHQ :LUZDUWHWHQ 9LHU7RGHVHQJHOWHLOWHQVLFKXQGGXUFKVXFKWHQGLH,QVHO ,FKOLHPHLQHQ%OLFNZDQGHUQ(UJOLWWEHUGDVZHLWH 0HHU8QGIHUQDP+RUL]RQWZR+LPPHOXQG:DVVHU ]XVDPPHQZXFKVHQJODXEWHLFKHLQ6FKLII]XVHKHQ 'LHYLHU(QJHOKLHOWHQPLFKZHLWHUKLQIHVW$QGLH VFKPHU]KDIWHQ*ULIIHKDWWHLFKPLFKHEHQVRJHZ|KQWZLH DXFKGDUDQNHLQHQ%RGHQXQWHUGHQ)HQ]XZLVVHQ 'LHDQGHUHQGXUFKVXFKWHQGLH,QVHO 8QGGDJHVFKDKHV ,FKKDWWHJHGDFKWGHU1HEHOZUGHLKQHQQLFKWVDXV PDFKHQ(VZDUHLQH7lXVFKXQJ$XFKGLH7RGHVHQJHONRQQ WHQLKPQLFKWZLGHUVWHKHQDOOHUGLQJVGDXHUWHEHLLKQHQGLH :LUNXQJOlQJHU 'LHEHLGHQHUVWHQJHULHWHQLQV7DXPHOQ6LHZDUIHQGLH $UPHKRFKGLH:DIIHQZXUGHQ]X%RGHQJHVFKOHXGHUW GDQQEUDFKHQGLH7RGHVHQJHO]XVDPPHQ,KUH)OJHOO|VWHQ VLFKGDEHL]XHUVWDXIXQGDOVVLHDXIGHU(UGHODJHQYHU
VFKZDQGGLH.OHLGXQJHEHQVRZLHGLH+DXWGLHVHU:HVHQ (VZDUJUDXHQKDIW =ZHLEOLHEHQEULJ 6LHKDWWHQQLFKWJHVHKHQZDVPLWLKUHQEHLGHQ $UWJHQRVVHQJHVFKHKHQZDU(VHUZLVFKWHVLHDXFKVREHU UDVFKHQGZLHGLHHUVWHQ 7DXPHOQGDV+RFKUHLHQGHU$UPH=XVDPPHQEUXFK DXV $VPRGLQDKDWWHPLWDQVHKHQPVVHQZDVPLWLKUHQYLHU 'LHQHULQQHQJHVFKHKHQZDU 6LHWREWH,KUH6WLPPHNUHLVFKWHYRU+Dª6ROR0RUDVVR© EUOOWHVLHODXWª'DV]DKOHLFKGLUKHLP9HUGDPPWHU %DVWDUGGXZLUVWPHLQH5DFKH]XVSUHQEHNRPPHQ© ,KUH:RUWHKDOOWHQEHUGDV0HHUXQGVLHYHUKDOOWHQQLFKW XQJHK|UWGHQQKRFKEHUXQVZHLWLQGHQ:RONHQHUW|QWH PLWHLQHPPDOHLQKHUULVFKHV/DFKHQ :LUEOLFNWHQKRFK =XHUVWVDKLFKQLFKWVGDQQMHGRFKVFKlOWHVLFKHLQH*HVWDOW KHUYRUGLHGLH8PULVVHHLQHVJHZDOWLJHQ'lPRQVKDWWH (VZDUGHU6SXN ª$VPRGLQD©VFKULHHUPLWGRQQHUQGHU6WLPPHDOVVHLQ /DFKHQYHUNOXQJHQZDUª'XVXFKVWGRFK6ROR0RUDVVR QLFKWZDKU"© ª-DGHQVXFKHLFK© ª,FKZHLZRHUVLFKEHILQGHW© ª6DJHVPLU©NUHLVFKWHGLH7HXIHOVWRFKWHUKREGHQUHFKWHQ $UPXQG]HLJWHGHQ1DJHO ª(ULVWEHLPLU'XNDQQVWLKQGLUKROHQ©:LHGHUODFKWHGHU 6SXNXQGLQVHLQ/DFKHQVFKDOOWH$VPRGLQDV$QWZRUW ª8QGRELFKLKQPLUKROH6SXN'DUDXIKDEHLFKJHZDUWHW 'U7RGZLUGYHUQLFKWHW©