-2+16,1&/$,5/HEHQGLJEHJUDEHQ *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWH...
31 downloads
385 Views
841KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
-2+16,1&/$,5/HEHQGLJEHJUDEHQ *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUODJ%HUJLVFK*ODGEDFK 5HGDNWLRQ5DLQHU'HOIVXQG3HWHU7KDQQLVFK 7LWHOELOG9LFHQWH%DOOHVWDU1RUPD%DUFHORQD (LQEDQGJHVWDOWXQJ$UWV *UDIL[3HWHU+HOOHU$XJVEXUJ *HVDPWKHUVWHOOXQJ(EQHU8OP 3ULQWHGLQ*HUPDQ\
/LHEH/HVHULQOLHEHU/HVHU ,QGHQEHUHLWVHUVFKLHQHQHUVWHQYLHU%lQGHQGHU:(/7%,/' 6DPPOHU(GLWLRQ-2+16,1&/$,5KDEHQ6LHPLW6XSHULQWHQGHQW -DPHV3RZHOO*OHQGD3HUNLQV%LOOXQG6KHLOD&RQROO\-DQH &ROOLQV6XNRXQG:LOO0DOOPDQQEHUHLWVGLHZLFKWLJVWHQ 0LWJOLHGHUGHV6LQGDLU7HDPVNHQQHQJHOHUQW'LHVH5RPDQHVLQG VlPWOLFKDOV(UVWDXIODJHLQGHU5HLKH*(63(167(5.50,LP %DVWHL9HUODJHUVFKLHQHQEHYRULP-DQXDUGLHHLJHQVWlQGLJH 6HULH-2+16,1&/$,5VWDUWHWH'LH5RPDQHVFKULHELFKQRFKLQ GHU3HUVRQª6FKDFKPLWGHP'lPRQ©GHUHUVWH5RPDQGHV %DQGHVGHQ6LHJHUDGHLQGHQ+lQGHQKDOWHQLVWDXFKGHU HUVWHGHQLFKLQGHU6HULHLQGHU,FK)RUPVFKULHE,FKKDEH GDPDOVODQJHEHUOHJWRELFKGLH(U]lKODUWZHFKVHOQVROOWH +HXWHELQLFKIURKGDUEHUHVJHWDQ]XKDEHQ$XIGLHVH:HLVH IKOWHLFKPLFKPHLQHP+HOGHQQRFKQlKHUXQGJODXEHGDVLFK VHLWGHPDXFKGLH/HVHUQRFKPHKUPLW-RKQ6LQFODLULGHQWLIL]LHUHQ N|QQHQ ,QGHP5RPDQª6FKDFKPLWGHP'lPRQ©VSLHOHQGLH&RQROO\V GLH+DXSWUROOH%LOOHUIlKUWYRQ6KHLODLQHLQHU6LWXDWLRQGDVLH GHP7RGHVHKUQDKHVLQGGDHU9DWHUZLUG 'LHZHLWHUHQ5RPDQHª'HU,UUHPLWGHU7HXIHOVJHLJH©XQG ª/HEHQGLJEHJUDEHQ©VLQGHLQ=ZHLWHLOHUGHUGDPDOV)XURUH PDFKWHZHLO-RKQ6LQFODLU]XPHUVWHQPDOLQHLQHU'LPHQVLRQ GHV6FKUHFNHQVJHODQGHWZDUZRHUVLFKJHJHQHQWVHW]OLFKH +RUURUZHVHQEHKDXSWHQPXWHXQGVFKOLHOLFKQXUPLW*OFN HLQHQ:HJ]XUFNDXIGLH(UGHIDQG,QGLHVHQ5RPDQHQKDWGHU 6FKZDU]H7RGDOV7HXIHOVJHLJHU=DUFDGLHLQHQVHLQHUHUVWHQ $XIWULWWHLQGHU6HULHXQGHV]HLFKQHWVLFKEHUHLWVDEGDHULQ GHUQlFKVWHQ=HLW]X-RKQ6LQFODLUV7RGIHLQG1XPPHUZHUGHQ ZLUG /LHEH/HVHULQOLHEHU/HVHUWDXFKHQ6LHDXFKGLHVPDOZLHGHUPLW PLUHLQLQGLH:HOWGHV8QKHLPOLFKHQXQGEHVWHKHQ6LH6HLWHDQ 6HLWHPLW-RKQ6LQFODLUXQGVHLQHQ)UHXQGHQGLHKDDUVWUlXEHQG VWHQ$EHQWHXHUJHJHQ)HLQGHGHQHQPDQVRQVWQXULQVHLQHQ $OSWUlXPHQEHJHJQHW -DVRQ'DUN
6&+$&+0,7'(0'b021 (VILQJDOOHVVRKDUPORVDQ 'LH6FKDWWHQGHU'lPPHUXQJKDWWHQHLQHQVWUDKOHQGHQ +HUEVWWDJDEJHO|VW'RFKMHW]WJHJHQ$EHQGNDPVFKRQGLH 1DFKWNKOHDXIhEHUGHQ:LHVHQWDQ]WHQGLH0FNHQZlKUHQG GHU:LQGEHUHLWVGLHHUVWHQJHOEHQ%OlWWHUYRQGHQ%lXPHQ ZHKWH %LOO&RQROO\IUKHU6WDUUHSRUWHUXQGKHXWHQXUQRFKJHOHJHQW OLFKIUGLHJURHQ0DJD]LQHLQDOOHU:HOWWlWLJEHWUDWVHLQHQ JURHQ:RKQUDXP(UKDWWH+RO]JHKROWXQGZROOWHPLWVHLQHU )UDX6KHLODHLQHQJHPWOLFKHQ$EHQGDP.DPLQYHUEULQJHQLP 6FKDXNHOVWXKOEHLNQLVWHUQGHP)HXHUXQGHLQHPJXWHQ%XFK 6HLW%LOOYHUKHLUDWHWZDUIKUWHHUGDV/HEHQHLQHVQRUPDOHQ (KHPDQQHVZHQQHUDXFKPDQFKPDODXVGHP$OOWDJDXVEUDFK XQGPLWVHLQHPEHVWHQ)UHXQG-RKQ6LQFODLUDXI'lPRQHQMDJG JLQJ'RFKGDVJHVFKDKVHOWHQGDIUVRUJWHVFKRQ6KHLODGLHVHV EORQGHOLHEHYROOH:HVHQGDV%LOOV+HU]LQ)ODPPHQJHVHW]W KDWWH %LOO&RQROO\VWDSHOWHGLH+RO]VFKHLWHLQHLQHQ(LVHQNRUEXQG ZLVFKWHVLFKGLH+lQGHVDXEHU$XVGHQ/DXWVSUHFKHUQGHU 6WHUHRDQODJHHUNODQJOHLFKWH0XVLN6FKODJHUGLHJHUDGH!LQ ZDUHQ %LOOJLQJLQGLH.QLHXQGOHJWHHLQLJH+RO]VWFNHIDFKPlQQLVFK DXIGHQ.DPLQURVW(LQH*DVDQODJHVRUJWHGDIUGDVLHVLFK VFKQHOOHQW]QGHWHQ 6FKRQEDOGSUDVVHOWHQGLH)ODPPHQ,KU]XFNHQGHU6FKHLQ WDXFKWHGDV=LPPHULQJHPWOLFKHV/LFKW%LOONQLSVWHQRFK]ZHL :DQGOHXFKWHQDQ]RJVLFKGHQ6FKDXNHOVWXKOHLQ6WFNQlKHUDQ GHQ.DPLQXQGEHJDQQ]XOHVHQ(UYHUWLHIWHVLFKLQHLQHQ 5HLVHEHULFKWGHQHLQGHXWVFKHU)RUVFKHUEHUGLH2VWHULQVHOQ JHVFKULHEHQKDWWH'DV%XFKIHVVHOWHGHQKRFKJHZDFKVHQHQ 0DQQVRVHKUGDHUGLH6FKULWWHQLFKWK|UWHGLHVLFKLKPQlKHU WHQ(UVFKOXJVRHEHQHLQH6HLWHXPGDOHJWHQVLFK]ZHL+lQGH EHUVHLQH$XJHQ%LOOOLHGDV%XFKVLQNHQª:HULVWGD"©IUDJWHHU JHVSLHOWEHUUDVFKW ª5DWHPDO©HUNODQJMHQHZHLFKHZHLEOLFKH6WLPPH
ª.HLQH$KQXQJ©%LOOPXWHJULQVHQ(UVFKZDQJVHLQH$UPH EHUGHQ.RSIOHJWHEHLGH+lQGHDXIHLQHVFKPDOH:HVSHQWDLOOH XQGIKOWHXQWHUVHLQHQ)LQJHUQGLH6HLGHHLQHV.OHLGHV ª:HQQPLFKQLFKWDOOHVWlXVFKWVWHKWKLQWHUPLUPHLQH+HUULQ XQG*HELHWHULQXQG%HWWJHVSLHOLQLQHLQHU3HUVRQ©VDJWH%LOO ª6FKXIW©'LH+lQGHYHUVFKZDQGHQYRQ%LOOV$XJHQª0LFKVR ]XEH]HLFKQHQ%HWWJHVSLHOLQZLHVLFKGDVDQK|UW©6KHLOD &RQROO\WUDWXPGHQ6WXKOKHUXPXQGVHW]WHVLFK]XLKUHP0DQQ DXIGHQ6FKR %LOOOHJWHVHLQH+lQGHXP6KHLODV.|USHU'DV%XFKUXWVFKWH]X %RGHQ(VZDULKPHJDO'LFKWYRUVHLQHQ$XJHQVFKLPPHUWHQ 6KHLODVYHUORFNHQGH/LSSHQ2EZRKO%LOOQXQVFKRQHLQLJH-DKUH YHUKHLUDWHWZDUEWH6KHLODQRFKLPPHUGLH)DV]LQDWLRQDXILKQ DXVZLHDP7DJGHU+RFK]HLW6LHZDUHLQH)UDXYRQGHUYLHOH 0lQQHUQXUWUlXPHQNRQQWHQ 'DVODQJH+DDUKDWWHHLQHEORQGH)DUEHXQGHULQQHUWHDQUHLIHQ .DQVDV:HL]HQ(VILHOELVDXIGLH6FKXOWHUQXQGOHJWHVLFKGRUWLQ HLQH$XHQUROOH6KHLODKDWWHHLQIHLQJHVFKQLWWHQHV*HVLFKWDQ GHPGLH.RVPHWLNLQGXVWULHPLWLKUHQ&UHPHVXQG:lVVHUFKHQ K|FKVWHQVHWZDVYHUVFKOLPPHUQNRQQWHXQGYROOHQDWXUURWH /LSSHQ,KUH)LJXUNRQQWHVLFKHEHQIDOOVVHKHQODVVHQ6KHLOD &RQROO\ZDUHLQ7\SGHULQDOWHQ-HDQVXQG76KLUWHEHQVRVH[\ ZLUNWHZLHLPZHLWDXVJHVFKQLWWHQHQ$EHQGNOHLG %LOOZDUVWRO]DXIVHLQH)UDXXQG6KHLODZDUVWRO]DXILKQ $QGLHVHP$EHQGWUXJVLHHLQODQJHV+DXVNOHLGLP&RXQWU\ /RRN'HU5RFNZDUEXQWYRQGHU7DLOOHDEJHVFKZXQJHQXQG QLFKWDQJHNUlXVHOW'DV2EHUWHLOVFKPLHJWHVLFKHQJDQGHQ .|USHU'LHNXU]HQZLHDXIJHEOlKWZLUNHQGHQbUPHOVWDQGHQLP NUDVVHQ:LGHUVSUXFKGD]X 6KHLODV=HLJHILQJHUIXKUEHU%LOOV/LSSHQª(VZLUGHLQZXQ GHUEDUHU$EHQG©IOVWHUWHVLHª1XUZLUEHLGH,FKKDEHPLFK VFKRQVHLW6WXQGHQGDUDXIJHIUHXW© %LOOYHU]RJGDV*HVLFKW'DEHLOHJWHVLFKVHLQH'HQNHUVWLUQLQ )DOWHQ(VVDKOXVWLJDXVª'XYHUJLWGHQ.QLOFKGHUXQVKHXWH QRFKGDV*HVFKHQNEULQJHQVROO©VDJWHHUª'HU.QDEHOlWVLFK YHUGDPPWYLHO=HLW©%LOOEOLFNWHDXIVHLQH8KUª6FKRQVLHEHQ
GXUFK:HQQHULQHLQHU6WXQGHQRFKQLFKWKLHUZDUUXIHLFKDQ© 6KHLODOlFKHOWHª(UZLUGVFKRQQRFKNRPPHQ© ª+RIIHQWOLFK© 'DV*HVFKHQNYRQGHP%LOO&RQROO\JHVSURFKHQKDWWHZDU HWZDVJDQ]%HVRQGHUHV6KHLODKDWWHHV]XIlOOLJLQHLQHP $QWLTXLWlWHQODGHQJHVHKHQXQGZDUVRIRUWKLQJHULVVHQJHZHVHQ %HLGLHVHP*HVFKHQNKDQGHOWHHVVLFKXPHLQ6FKDFKVSLHODXV GHPVHFK]HKQWHQ-DKUKXQGHUW'LH)LJXUHQZDUHQDXVNRVWEDUHP (OIHQEHLQJHVFKQLW]WXQGNRVWHWHQHLQNOHLQHV9HUP|JHQ 6KHLODKDWWHGDV6SLHOWURW]GHPJHNDXIW6LHXQG%LOOEUDXFKWHQ DXIGHQ6KLOOLQJQLFKW]XVFKDXHQ6KHLODKDWWHYRQLKUHP9DWHU PHKUHUHFKHPLVFKH)DEULNHQJHHUEW6LHVHOEVWKDWWHVLFKDXVGHP *HVFKlIW]XUFNJH]RJHQXQGEHUOLHGDV0DQDJHPHQWHUIDKUH QHQ)DFKOHXWHQ0LW(UIROJZLH6KHLODDQGHQ*HZLQQVSDQQHQ PHUNWH 'DV6FKDFKVSLHOZDUQLFKWIUVLHVRQGHUQIU-RKQ6LQFODLU(U KDWWHDPQlFKVWHQ7DJ*HEXUWVWDJXQGGD-RKQHLQ)UHXQGGHV N|QLJOLFKHQ6SLHOVZDUZUGHLKPGLHVHV*HVFKHQNVLFKHUOLFK HLQHULHVLJH)UHXGHEHUHLWHQ 'LH)HLHUVROOWHLQ-RKQV$SDUWPHQWVWDWWILQGHQXQGJHODGHQ ZDUHQDOOVHLQH)UHXQGH0lQQHUXQG)UDXHQDXIGLHVLFKGHU *HLVWHUMlJHUKXQGHUWSUR]HQWLJYHUODVVHQNRQQWHGLHHUVHOEVW DEHUDXFKQLHPDOVLP6WLFKODVVHQZUGH %LOO&RQROO\]QGHWHVLFKHLQH=LJDUHWWHDQ*HODVVHQEOLHVHU GHQ5DXFKLQGLHNQLVWHUQGHQ)ODPPHQZlKUHQG6KHLODV.RSI DQVHLQHUOLQNHQ6FKXOWHUUXKWH ª,FKZROOWHHVZlUHLPPHUVR©VDJWHVLHOHLVH ª:LHPHLQVWGXGDV"© ª,FKOLHEHGLHVH$EHQGHGDVUXKLJHJHPWOLFKH/HEHQXQG ZQVFKHPLUGDHVLPPHUVREOHLEHQZLUG© ª$EHUZDUXPVROOVLFKGDUDQHWZDVlQGHUQ"© 6KHLODQDKPGHQ.RSIKRFKª'XOJVWRKQHURW]XZHUGHQ %LOO©VDJWHVLHª'HQNPDODQGLHVFKUHFNOLFKHQ$XVHLQ DQGHUVHW]XQJHQGLHKLQWHUGLUOLHJHQ'LH.lPSIHPLW'lPRQHQ XQGZDVZHLLFKIU+|OOHQSDFN'DVLVWQRFKOlQJVWQLFKWYRU EHL©
%LOOGUFNWHGLH=LJDUHWWHLP$VFKHQEHFKHUDXVª:DVNDQQ LFKGDIU"© ª'XGDUIVWGLFKHEHQJDUQLFKWHUVWPLWVROFKHQ'LQJHQEHVFKlI WLJHQ©HUZLGHUWH6KHLODPLWEHVWHFKHQGHUZHLEOLFKHU/RJLN 'HU7UJRQJXQWHUEUDFKGDV*HVSUlFK ª'DVZLUGGHU.QDEHVHLQ©YHUPXWHWH%LOOXQGVFKRE6KHLOD VDQIWYRQVHLQHP6FKRª,FKPDFKHDXI© 0LWODQJHQ6FKULWWHQGXUFKTXHUWHGHU5HSRUWHUGHQJURHQ 5DXPXQGGLH'LHOHGDQQVWDQGHUYRUGHU+DXVWU'XUFKGLH 6SUHFKDQODJHHUNXQGLJWHHUVLFKZHUGUDXHQZDU (VZDUWDWVlFKOLFKGHU0DQQPLWGHP*HVFKHQN ª6LHN|QQHQKHUHLQNRPPHQ©VDJWH%LOOXQGGUFNWHDXIHLQHQ .QRSI'DV(LQJDQJVWRU]XVHLQHP*UXQGVWFNJOLWWDXWRPDWLVFK ]XU6HLWH %LOOHUZDUWHWHGHQhEHUEULQJHUYRUGHU+DXVWU'HU0DQQ PXWHHUVWQRFKGHQJURHQ9RUJDUWHQGXUFKTXHUHQLQGHP EHUHLWVGLH/DWHUQHQEUDQQWHQXQGXPGHUHQKHOOH/LFKWLQVHOQ +XQGHUWHYRQ0FNHQLKUHVHOWVDPHQ7DQ]VSLHOHDXIIKUWHQ 'HU%HVLW]HUGHV*HVFKlIWHVEHUEUDFKWHSHUV|QOLFKGDV *HVFKHQN 'HU0DQQKLH2FWDYLRXQGZDUIU%LOOV*HVFKPDFNHLQ XQV\PSDWKLVFKHU%XUVFKH(UWUXJHLQHQVFKZDU]HQ0DQWHOGHU LKPIDVWELV]XGHQ.Q|FKHOQUHLFKWH'HU6FKlGHOZDUHLI|UPLJ XQGQXUGHQ+LQWHUNRSIVFKPFNWHQQRFKHLQLJHKHOOJUDXH +DDUH2FWDYLRJLQJOHLFKWYRUQEHUJHQHLJW+DUWVWDFKGLH 5DXEYRJHOQDVHDXVVHLQHP*HVLFKWKHUYRU$XJHQEUDXHQKDWWH GHU0DQQNHLQHPHKUDXI]XZHLVHQGDIUDEHUHLQHQVLFKHOI|U PLJHQ%DUWGHUUHFKWVXQGOLQNVGHU0XQGZLQNHOKHUDEKLQJXQG QXUGLHVFKPDOH8QWHUOLSSH]XHUNHQQHQJDE 0U2FWDYLRKDWWHGLH$UPHDXVJHVWUHFNW'DVZHUWYROOH *HVFKHQNWUXJHUDXIEHLGHQ+lQGHQ(VZDUZRKOYHUSDFNW ª%LWWHVHKU0U&RQROO\©VDJWHGHU+lQGOHUXQGOLHVLFKGDV 3DNHWYRQ%LOODEQHKPHQ %LOOIDWHHVEHKXWVDPXQGVWHOOWHHVLQGHUJHUlXPLJHQ (LQJDQJVGLHOHDXIHLQHQNOHLQHQ7LVFK'DQQQDKPHUGHQVFKRQ YRUEHUHLWHWHQ6FKHFNXQGEHUUHLFKWHLKQGHP+lQGOHU
2FWDYLRVWHFNWHGDV3DSLHUHLQRKQHEHUKDXSWHLQHQ%OLFNGDU DXI]XZHUIHQ(UVDKQXU%LOODQXQGGHU5HSRUWHUJODXEWHHLQ ZLVVHQGHV/lFKHOQXPGLH0XQGZLQNHOGHV*HJHQEHUVVSLHOHQ ]XVHKHQ ª,VWQRFKHWZDV"©IUDJWH%LOO ª(LJHQWOLFKQLFKW© ª6RQGHUQ"© ª,FKZQVFKH,KQHQQXUYLHO6SDEHLPN|QLJOLFKHQ6SLHO© VDJWHGHU0DQQPLWHLQHP8QWHUWRQLQGHU6WLPPHGHU%LOO VWXW]LJZHUGHQOLH'HU5HSRUWHUHQWJHJQHWHMHGRFKQLFKWV DXFKQLFKWDOVVLFK2FWDYLRXPGUHKWHXQGJUXORVGHP7RU HQWJHJHQJLQJ %LOOZDUWHWHELVHUGHQ0DQQQLFKWPHKUVHKHQNRQQWH'DQQ NHKUWHHU]XUFNLQV+DXV 6KHLODHUZDUWHWHLKQEHUHLWV'DVLHPLWGHP5FNHQ]XP .DPLQVWDQGZDUIGHU:LGHUVFKHLQGHU)ODPPHQNXSIHUIDUEHQH 5HIOH[HDXILKUHJROGEORQGH$XHQUROOH6LHVDKEH]DXEHUQGDXV %LOOVWHOOWHGDV3DNHWDE 6KHLODV/lFKHOQJHUDQQDOVVLHLQGDV*HVLFKWLKUHV0DQQHV EOLFNWHª,VWHWZDVJHVFKHKHQ"© %LOOZLQNWHDEª'LHVHU2FWDYLRLVWHLQNRPLVFKHU.HUO'HUKDW PLFKDQJHVHKHQDOVZROOWHHUPLFKIUHVVHQ8QGGD]XKDWHUQRFK JHJULQVW6HOWVDP© 6KHLODWUDWDXILKUHQ0DQQ]XXQGOHJWHLKPEHLGH+lQGHDXI GLH6FKXOWHUQª0HLQOLHEHU%LOOGXVLHKVWPDOZLHGHU*HVSHQVWHU -HGHU0HQVFKLVWDQGHUV'DVPWHVWGXGRFKHLJHQWOLFKDP EHVWHQZLVVHQ© %LOOKREGLH6FKXOWHUQª6FKRQDEHU© ª.HLQDEHUPHLQ6FKDW]©6KHLOD&RQROO\]RJLKUHQ0DQQPLW VDQIWHU*HZDOW]XGHP)HOO6LHKDWWHHVDXIGHQ%RGHQJHOHJW XQGGDUDXIPHKUHUH.LVVHQ%LOOVDKGDDQ6KHLODV.OHLGVFKRQ HLQLJH.Q|SIHRIIHQVWDQGHQXQGHUZXWH%HVFKHLG 'DVZDVLKQMHW]WHUZDUWHWHOLHLKQGDV6FKDFKVSLHOYHU JHVVHQ
%HLQDKHODXWORVUROOWHGDV7RUEHUGLH6FKLHQHXQGJOLWWKLQWHU 2FWDYLRLQV6FKOR 'HU+lQGOHUGUHKWHVLFKXPYHUVWDXWHEHLGH+lQGHLQVHLQHQ 0DQWHOWDVFKHQXQGOlFKHOWH(VZDUHLQE|VHVZLVVHQGHVXQG WHXIOLVFKHV/lFKHOQ]XJOHLFK'HQQHU2FWDYLRKDWWHGHP5HSRU WHUHLQH%RPEHLQV+DXVJHEUDFKW (LQHPDJLVFKH%RPEHDOOHUGLQJVGHUHQ:LUNXQJMHGRFKQLFKW PLQGHUVFKUHFNOLFKVHLQZUGHDOVGLHHLQHUYRQKHUN|PPOLFKHU %DXDUW 'HU+lQGOHUJLQJQLFKWVRIRUW]XVHLQHP:DJHQ(UZDUIQRFK HLQHQ%OLFNGXUFKGLHDUPGLFNHQ*LWWHUVWlEHGHV7RUHVDXIGDV +DXV 2FWDYLRVDK/LFKWGXUFKGLH%VFKHVFKLPPHUQVHKUVFKZDFK QXUXQGEDOGZXUGHHVY|OOLJILQVWHU (UVWMHW]WZDQGWHVLFKGHU+lQGOHUDE 0LWJHPHVVHQHQ6FKULWWHQJLQJHUGXUFKGLHUXKLJH9LOOHQ VWUDH1LHPDQGEHREDFKWHWHLKQNHLQ0HQVFKEHIDQGVLFKXP GLHVH=HLWDXIGHP%UJHUVWHLJ'LH9LOOHQVLHODJHQPHLVW LQQHUKDOESDUNlKQOLFKHU*UXQGVWFNHZDUHQYRQGHU6WUDHKHU NDXP]XVHKHQ0DXHUQXQGZXFKWLJH%lXPHELOGHWHQHLQHQ ULFKWLJHQ6FKXW]ZDOO 'RFK2FWDYLRZDUGDVHJDO(UNPPHUWHVLFKXPDQGHUH 6DFKHQKDWWHYLHOJU|HUH3OlQH (UHUUHLFKWHVHLQHQ:DJHQ(VZDUHLQHVGLHVHUDOWPRGLVFKHQ KRFKUlGULJHQ7D[LVGLHVFKRQDXVJHPXVWHUW]X/LHEKDEHU SUHLVHQYHUNDXIWZXUGHQ2FWDYLRKDWWHVHLQHQ:DJHQHUVWHLJHUW (UIKOWHVLFKQXULQVROFKHLQHP*HIlKUWZRKO 'HU+lQGOHUVHOEVWIXKUQLFKW(UKDWWHHLQHQ'LHQHUHLQJHVWHOOW 'HU0DQQKLH0DONRZDU)DKUHU/HLEZlFKWHUXQG3XW]IUDX LQHLQHU3HUVRQ(UKDWWH2FWDYLRLP,QQHQVSLHJHOJHVHKHQXQG |IIQHWHLKPGLH7U 'HU+lQGOHUVWLHJHLQ=XIULHGHQJULQVHQGOLHHUVLFKDXIGHQ %HLIDKUHUVLW]VLQNHQ 0DONRGUHKWHGHQ.RSIª+DWDOOHVJHNODSSW"©IUDJWHHU6HLQH 6WLPPHNODQJQLFKWODXWHUDOVHLQ)OVWHUQREZRKOHUQRUPDO VSUDFK0DONRKDWWHHLQHQ6WLPPEDQGVFKDGHQhEHUKDXSWZDUHU
HLQVHOWVDPHU7\S$XIVHLQHU6WLUQEHIDQGVLFKHLQHVFKOHFKWYHU KHLOWHILQJHUGLFNH1DUEH6LH]RJVLFKZDDJHUHFKWYRQHLQHU 6WLUQVHLWH]XUDQGHUHQ'LH$XJHQYHUVWHFNWH0DONRKLQWHUHLQHU GXQNOHQ%ULOOHGLH1DVHZDUIODFKXQGVDKDXVZLHHLQ .LHVHOVWHLQ'HUJURH0DONRKDWWHHLQIOLHKHQGHV.LQQXQGHLQHQ NOHLQHQIDVWUXQGHQ0XQG(UKLHOWVLFKVWHWVJHEHXJWXQGVR HQWVWDQGGHU(LQGUXFNGDGLH1DWXU0DONRDXFKQRFKPLW HLQHP%XFNHOYHUVHKHQKDWWH 2FWDYLRZDUIGLH7ULQV6FKORª)DKUORV©VDJWHHU 0DONRVWDUWHWH(UZDUNHLQEHVRQGHUVJXWHU)DKUHUXQGGHU :DJHQUXFNWHEHLP6WDUWDQ 'HU+lQGOHUZXUGHQDFKYRUQJHZRUIHQXQGIOXFKWHª3D GRFKDXIGX,GLRW©]LVFKWHHU 0DONRHQWVFKXOGLJWHVLFK (UVWHXHUWHGDVKRFKUlGULJH7D[LGXUFKGDVDEHQGOLFKH/RQGRQ DXIGHQ6WDGWWHLO&KHOVHD]X:lKUHQGGHU)DKUWVSUDFKNHLQHU GHU0lQQHUHLQ:RUW (UVWDOVVLHGDV*HVFKlIWHUUHLFKWKDWWHQHUNXQGLJWHVLFK0DONR ª+DEHQ6LHQRFK$UEHLWIUPLFK"© ª1HLQ© 0DONROLHVHLQHQ%RDXVVWHLJHQXQGOHQNWHGHQ:DJHQGDQQ LQHLQH*DUDJH'LH(LQIDKUWEHIDQGVLFKLP(UGJHVFKRGHV 1DFKEDUKDXVHVGLUHNWQHEHQGHP$QWLTXLWlWHQODGHQ 2FWDYLRVFKORGLHJXWJHVLFKHUWH7UDXI8QWHUGHP+RO]YHU EDUJVLFKHLQH3DQ]HUSODWWHXQGDXFKGDV6FKORZDUVRJXWZLH HLQEUXFKVVLFKHU ,P'XQNHOQEHWUDWGHU+lQGOHUVHLQ*HVFKlIW'LHNOHLQH *ORFNHGLHQRUPDOHUZHLVHGHQ%HVXFKHLQHV.XQGHQDQNQ GLJWHKDWWHHUDEJHVWHOOW (VZDUQLFKWY|OOLJUXKLJLQGHP*HVFKlIW,UJHQGZRNQDFNWH XQGNQDUUWHLPPHUHWZDV'LH%RKOHQGHV)XERGHQVlFK]WHQ XQWHU2FWDYLRV*HZLFKW 'XUFKHLQH7UKLQWHUGHPEUHLWHQDEHU]LHPOLFKNXU]HQ +RO]WUHVHQYHUVFKZDQGGHU+lQGOHULQHLQHP1HEHQ]LPPHUGDV DOV%URHLQJHULFKWHWZDU 2FWDYLRPDFKWH/LFKW'HU:LGHUVFKHLQVSLHJHOWHVLFKDXI
HLQHPDOWHQ6WDKOVFKUDQN'HU6FKUHLEWLVFKKlWWHHEHQIDOOVVFKRQ LQHLQ0XVHXPJHK|UWXQGGHU6WXKOPLWGHQKRKHQ$UPOHKQHQ DXFK1XUGDV7HOHIRQZDUQHX 'HU+lQGOHUOLHVLFKLQGHQ6HVVHOIDOOHQ%HLGH+lQGHOHJWH HUDXIGHQ6FKUHLEWLVFKXQGVFKORGLH$XJHQ(UZDU]XIULHGHQ PLWVLFK'LH:HLFKHQZDUHQJHVWHOOWXP-RKQ6LQFODLUXQG GHVVHQ)UHXQGHHLQIUDOOHPDOYRQGLHVHU:HOWYHUVFKZLQGHQ ]XODVVHQ =LJDUHWWHQUDXFKNUlXVHOWHGHU'HFNHHQWJHJHQ'DV)HXHULP .DPLQZDUIDVWKHUXQWHUJHEUDQQW1XUQRFKHLQSDDUVSDUVDPH )ODPPHQIODFNHUWHQDXI+LQXQGZLHGHU]HUSODW]WHHLQ +RO]VSDQXQGJOKHQGH)XQNHQIORJHQGHU.DPLQ|IIQXQJHQW JHJHQ %LOOVDLP6FKDXNHOVWXKO(UQLSSWHDQVHLQHP%RXUERQ$E XQG]XZDUIHUHLQHQ%OLFNDXI6KHLODGLHHVVLFKDXIGHP)HOO EHTXHPJHPDFKWKDWWH(LQIODXVFKLJHUEODXZHLHU0RUJHQ PDQWHOKOOWHLKUHQ.|USHUHLQ %LOOWUDQNLQODQJVDPHQ6FKOXFNHQ(LVZUIHOVFKOXJHQPLW PHORGLVFKHP.OLQJHQJHJHQHLQDQGHU ª6FKRQHOI8KU©VDJWH6KHLODª,FKJODXEHHVZLUG=HLW©6LH UlNHOWHVLFKXQGNXVFKHOWHVLFKGDQQHQJHULQGHQ%DGHPDQWHO %LOOOlFKHOWH(UKREGDEHLGLH6FKXOWHUQª:DVVROO V"8QVWUHLEW GRFKQLHPDQG© ª7URW]GHPLFKELQPGH©6KHLODVHW]WHVLFK'HU0DQWHO NODIIWHDXVHLQDQGHUXQGJDE]ZHLPDNHOORVH%HLQHIUHL ª8QGGDV3DNHW"©IUDJWH%LOO 6KHLODUXQ]HOWHGLH6WLUQ ª-RKQV*HVFKHQN©KDNWHGHU5HSRUWHUQDFKª'XZROOWHVWHV PLUQRFK]HLJHQXQGGDQQLQ*HVFKHQNSDSLHUHLQZLFNHOQ'X KDVWHVPLUVHOEVWJHVDJW© 6KHLOD]RJHLQHQ)OXQVFKª(KUOLFKJHVDJWGD]XELQLFK]X PGH,FK]HLJHHVGLUPRUJHQ© ª)DXOSHO]©%LOOVWHPPWHVLFKDXVVHLQHP6WXKOª'DQQZHUGH LFKGLH)LJXUHQHEHQVHOEVWDXVSDFNHQ©
ª7XGDV,FKJHKHVFKRQLQV%HWW©6KHLODEHJDQQ]XJlKQHQ6LH OLHVLFKYRQ%LOOKRFK]LHKHQKDXFKWHLKPHLQHQ.XDXIGHQ 0XQGXQGIOVWHUWHª(VZDUVFK|Q'DUOLQJ© ª'DVLVWHVGRFKLPPHU© ª$EHUKHXWHEHVRQGHUV©6KHLODO|VWHVLFKYRQLKPXQGYHUOLH GDV=LPPHU %LOOWUDQNVHLQ*ODVOHHU'LH=LJDUHWWHZDULP$VFKHUYHU TXDOPW'HU5HSRUWHUKROWHHLQH6FKHUHXQGEHJDQQGLH.RUGHOQ GLHXPGDV3DSLHUJHZLFNHOWZDUHQDXI]XVFKQHLGHQ =XP9RUVFKHLQNDPHLQJUDXEUDXQHU.DUWRQ(UKDWWHGLH)RUP HLQHVJURHQ:UIHOV%LOO|IIQHWHGLHEHLGHQREHUHQ3DSSKlOIWHQ XQGKROWHGDVK|O]HUQH6FKDFKEUHWWKHUYRU 'LHVFKZDU]HQXQGZHLHQ)HOGHUVFKLPPHUWHQPLWHLQHP PDWWHQ*ODQ]%HLQlKHUHP+LQVHKHQHUNDQQWH%LOO0RWLYHGLHLQ GLH)HOGHUHLQJHDUEHLWHWZRUGHQZDUHQ 'HU5HSRUWHUUXQ]HOWHGLH6WLUQ6ROFKHLQ6FKDFKEUHWWKDWWHHU QRFKQLHJHVHKHQ1RUPDOHUZHLVHZDUHQGLH)HOGHUJODWWXQG RKQHLUJHQGZHOFKH=HLFKHQ$EHUKLHU %LOOZDU]XPGHXPVLFKQRFKJHQDXHUPLWGHP6FKDFKEUHWW ]XEHVFKlIWLJHQ(UKROWHVWDWWGHVVHQGLHNOHLQH.LVWHPLWGHQ )LJXUHQDXVGHP.DUWRQKHUYRU 'LH.LVWHZDUPLW6DPWDXVJHVFKODJHQ'LHVFKZDU]HQXQG ZHLHQ6SLHOILJXUHQDXV(OIHQEHLQJHVFKQLW]WODJHQQDFK )DUEHQJHWUHQQW %LOOILHO]XHUVWGHUZHLH.|QLJLQGLH+DQG(UZDUHWZDVR JURZLHHLQH0lQQHUKDQGWUXJHLQH.URQHDXIGHP.RSIXQG KDWWHHLQVRNXQVWYROOJHVFKQLW]WHV*HVLFKWGD%LOOGDV*HIKO KDWWHGLH)LJXUZUGHOHEHQ (UVWULFKPLWGHP)LQJHUGDUEHU'LH)LJXUIKOWHVLFKVHOWVDP ZDUPXQGZHLFKDQ1DFKJLHELJ %LOOOHJWHVLHEHLVHLWHQDKPGLH'DPHLQGLH+DQG %HLLKUKDWWHHUGDVJOHLFKH*HIKO:lKUHQGGHU.|QLJHLQ =HSWHULQGHU+DQGKLHOWWUXJGLH'DPHXPGHQ+DOVHLQH +RO]NHWWHPLWZLQ]LJHQNDXP]XHUNHQQHQGHQ'LDPDQW VSOLWWHUQ ª'DVLVWHLQ'LQJ©IOVWHUWH%LOOHKUIXUFKWVYROOªVRHWZDVKDEH
LFKQRFKQLHJHVHKHQ©(UVDKVLFKGLH'DPHJHQDXDQ'HU .QVWOHUGHUGLHVH)LJXUHQJHVFKQLW]WKDWWHZDUHLQZDKUHU 0HLVWHUVHLQHV)DFKV(UKDWWHLKQHQ/HEHQHLQJHKDXFKW-D%LOO VFKLHQHVDOVZUGHQGLH)LJXUHQLP/LFKWGHU:DQGODPSHQHLQ UHJHOUHFKWHV(LJHQOHEHQHQWZLFNHOQ 'HU5HSRUWHUZLVFKWHVLFKEHUGLH$XJHQª,FKJODXEHLFK EUDXFKHDXFKHLQH0W]HYROO6FKODI©PXUPHOWHHU 'DQQQDKPHUGLHDQGHUHQ)LJXUHQ]XU+DQG 'LH7UPH6LHVDKHQY|OOLJQRUPDODXV=\OLQGHUI|UPLJXQG PLWHLQHU=LQQHYHUVHKHQ 'LH/lXIHU$XFKQRUPDO6LHXQWHUVFKLHGHQVLFKLQQLFKWVYRQ DQGHUHQ6FKDFKILJXUHQ 'LH6SULQJHU+LHUKDWWHGHU0HLVWHUZLHGHUVHLQH.ODVVH EHZLHVHQ(UKDWWH7LHUHJHVFKQLW]WVRHFKWXQGVROHEHQVQDK DOVZUGHQVLFKGLH(OIHQEHLQILJXUHQLP*DORSSEHILQGHQ$XI GHQ5FNHQGHU3IHUGHVDHQ5HLWHUXQGVFKZDQJHQLKUH 6FKZHUWHU %LOOOHJWHGLH)LJXUHQZLHGHULQGHQ.DVWHQ %OLHEHQQRFKGLH%DXHUQ %LOO&RQROO\QDKPHLQHGLHVHUNOHLQVWHQ)LJXUHQLQGLH+DQG GLHQXUKDOEVRJURZDUHQZLHGLHDQGHUHQ(UGUHKWHVLHLQGHQ )LQJHUQXQGVWLHLPQlFKVWHQ$XJHQEOLFNHLQH9HUZQVFKXQJ DXV 'LH%DXHUQWUXJHQ/DQ]HQLQGHQ+lQGHQGLHYRUQVRVSLW] ZDUHQGDVLFKGHUJXWH%LOOGLH+DXWXQWHUKDOEGHV1DJHOVDXI JHULVVHQKDWWH ª6LQGMDOHEHQVJHIlKUOLFKGLH'LQJHU©NQXUUWHGHU5HSRUWHU(U VDKLQGDV*HVLFKWGHU)LJXU+LHUZDUHQ$XJHQ0XQGXQG1DVH QXUDQJHGHXWHW'HU6FKQLW]HUKDWWHVLFKQLFKWVRYLHO0KHJH JHEHQ$EHUHVZDUHQMDQXU%DXHUQ %LOO&RQROO\SDFNWHGLH)LJXUHQZLHGHUHLQ ª.RPPVWGX%LOO"©K|UWHHU6KHLODV6WLPPH ª-DJOHLFK©'HU5HSRUWHUOXWVFKWHGDV%OXWYRQVHLQHPUHFKWHQ =HLJHILQJHUNODSSWHGLH.LVWHZLHGHU]XXQGYHUOLHGHQ5DXP 9RUKHUO|VFKWHHUQRFKGDV/LFKWXQGVFKULWWGLH:HQGHOWUHSSH ]XP6FKODI]LPPHUKRFK
6FKODIXQG:DVFKUlXPHODJHQLQGHUREHUHQ(WDJH6KHLOD KDWWHVFKRQGLH%HWWHQDXIJHVFKODJHQ%LOOZDUIQRFKHLQHQ %OLFNLQGHQ6FKODIUDXPXQGVDJWHOlFKHOQGª,FKJHKHQXUQRFK LQV%DG© ª$EHUEHHLOGLFK'DUOLQJ,FKZLOOQLFKWRKQHGLFKHLQVFKODIHQ© %LOOGHXWHWHHLQHQ.XDQXQGYHUVFKZDQG'HU)LQJHUEOXWHWH QRFKLPPHU(LQ]LHKHQGHU6FKPHU]SXOVWHGXUFKVHLQH+DQG %LOOZXQGHUWHVLFKGDGLHVHNOHLQH:XQGHVRODQJHEOXWHWH'DV ZDULKPEHLlKQOLFKHQ9HUOHW]XQJHQQLFKWSDVVLHUW(UKDWWHJXWHV !+HLOIOHLVFK ,P%DGIDQG%LOOHLQ3IODVWHUXQGNOHEWHHVDXIGLH!:XQGH 'DQQVWLHJHUQRFKNXU]XQWHUGLH'XVFKH(UWURFNQHWHVLFKJDU QLFKWULFKWLJDEVRQGHUQ]RJVHLQHQGLFNHQIODXVFKLJHQ %DGHPDQWHOEHU 6KHLODVFKOLHIEHUHLWVDOVHUGDVJHPHLQVDPH6FKODI]LPPHU EHWUDW$XFK%LOOOHJWHVLFKKLQ (UO|VFKWHGDV/LFKW -HW]WZRHUDEVFKDOWHQNRQQWHIKOWHHUZLHGHUGDV=LHKHQLP )LQJHU%LOOPHLQWHVRJDUGHU=HLJHILQJHUZlUHHWZDVDQJH VFKZROOHQ (UGDFKWHQLFKWPHKUDQGLHNOHLQH9HUOHW]XQJXQGYHUVXFKWH ]XVFKODIHQ (VJHODQJLKPQLFKW 8QUXKLJZlO]WHHUVLFKYRQHLQHU6HLWHDXIGLHDQGHUH1HEHQ LKPDWPHWH6KHLODWLHIXQGJOHLFKPlLJ(UEHQHLGHWHVHLQH)UDX XPLKUHQJHVXQGHQ6FKODI %LOOKDWWHGLH7URIIHQJHODVVHQ6RZDUHVQLFKWY|OOLJILQVWHU 'HU5HSRUWHUNRQQWH8PULVVHHUDKQHQ(UEHJDQQGDVDOWH6SLHO XQG]lKOWH6FKlIFKHQ6FKODIIDQGHUWURW]GHPQLFKW :DUHQHV]ZHLRGHUGUHL6WXQGHQGLH%LOOZDFKJHOHJHQKDWWH" (UYHUPRFKWHHVQLFKW]XVDJHQ,UJHQGZDQQILHOHUGDQQLQHLQHQ WLHIHQ6FKOXPPHUHLQHQIDVWEHZXWORVHQ=XVWDQGGHU%LOOHLQHQ 7UDXPEHVFKHUWHXQGLKPGHQ6FKZHLDXVGHQ.|USHUSRUHQ WULHE %LOOVDKVLFKDOV6FKDFKILJXU$XIHLQHPULHVLJHQ%UHWW9RQDOOHQ 6HLWHQGUDQJHQVLHDXILKQHLQ'LH5HLWHUDXILKUHQ3IHUGHQ
JHIROJWYRQGHQ%DXHUQ'HU.|QLJXQGGLH'DPHWULHEHQLKUH 9DVDOOHQDQ$OOHKDWWHQQXUHLQ=LHO 6LHZROOWHQ%LOO&RQROO\W|WHQ 'LH%DXHUQWULHEHQLKQLQGLH(QJH/DQ]HQIORJHQDXILKQ]X %LOOZLFKDXVVSUDQJ]XU6HLWHGRFKHVIORJHQLPPHUPHKU /DQ]HQKHUDQ(UZXUGHDQGHUOLQNHQ6FKXOWHUJHWURIIHQDQGHU +IWH(LQH/DQ]HVWUHLIWHVHLQHQ+DOV %LOOILHO]X%RGHQ 'DQQVWDQGGHU.|QLJSHUV|QOLFKYRULKP6HLQ*HVLFKWKDWWH VLFKYHUlQGHUW(VZDU]XHLQHUGlPRQLVFKHQ)UDW]HJHZRUGHQ PLWJOKHQGHQ$XJHQXQGHLQHPULHVLJHQ0DXO 'HU.|QLJKLHOWHLQ6FKZHUWLQGHU+DQG+RFKVFKZDQJHUHV EHUGHP.RSI ª,FKW|WHGLFK%LOO&RQROO\,FKW|WHGLFK© (UVFKOXJ]X ª1HLLLQQQ©VFKULH%LOOVHW]WHVLFKLP%HWWDXIXQGZDUZDFK /LFKWEOHQGHWHLKQ 6KHLOD&RQROO\KDWWHHVDQJHNQLSVW%HVRUJWEOLFNWHVLHLKUHQ 0DQQDQª:DVLVW%LOO":DVLVWORV":DUXPKDVWGXJHVFKULHQ"© %LOOVFKWWHOWHGHQ.RSIXQGULHEVLFKEHUGLHVFKZHLQDVVH 6WLUQ(UPXWHVLFKHUVWZLHGHUEHUXKLJHQ6HLQH6WLPPHNODQJ KHLVHUDOVHUVDJWHª,FKKDWWHGDHLQHQ7UDXP(LQHQ$OSWUDXP *UDXHQKDIW© ª$EHUGHULVWMHW]WYRUEHL©HUZLGHUWH6KHLODEHUXKLJHQGª'X EUDXFKVWNHLQH$QJVWPHKU]XKDEHQ© %LOODWPHWHNHXFKHQG(UPXWH6KHLODGHQ7UDXPHLQIDFK HU]lKOHQª'DV6FKDFKEUHWW©IOVWHUWHHU ª:DVZDUGDPLW"© ª,FKLFKZDUHLQH6FKDFKILJXU8QGGLHDQGHUHQ)LJXUHQOHE WHQ%DXHUQGLH'DPHGHU.|QLJ6LHDOOHOLHIHQDXIPLFK]X ZROOWHQPLFKW|WHQ0HLQ*RWW©%LOOYHUJUXEVHLQ*HVLFKWLQEHLGH +lQGH ª6ROOLFKGLUHLQ*ODV:DVVHUKROHQ"©IUDJWH6KHLODIUVRUJOLFK ª1HLQQHLQQLFKWQ|WLJ'DQNH©'HU5HSRUWHUOLHVLFKZLHGHU ]XUFNIDOOHQ=LHOORVVWDUUWHHUJHJHQGLH'HFNH'DQQVDJWHHU ª*HEH*RWWGDGLHVHU7UDXPQLHPDOVLQ(UIOOXQJJHKW©
,FKEHWUDWGDV%DGXQGNQLSVWH/LFKWDQ$XJHQEOLFNOLFKVDKLFK PHLQ6SLHJHOELOG(LQ]LHPOLFKPLHVHVPXLFKHKUOLFKJHVWHKHQ 'DVLVWHUDOVRVWHOOWHLFKIHVW'HUEHUKPWH*HLVWHUMlJHU)HLQG DOOHU'lPRQHQXQGILQVWHUHQ0lFKWH ,P6FKODIDQ]XJVHKHQDOOH0HQVFKHQLUJHQGZLHJOHLFKDXV $XFKLFK-RKQ6LQFODLUMQJVWHU2EHULQVSHNWRUEHL6FRWODQG
'LH0lQQHUVWLPPHDPDQGHUHQ(QGHGHU/HLWXQJEHJDQQ]X ODFKHQª6LHKDEHQKHXWH*HEXUWVWDJ"© 0LUVFKZDQWHVFKRQ%|VHVª-D©HUZLGHUWHLFKª8QG"© ª(VZLUG,KUOHW]WHU*HEXUWVWDJVHLQ6LQFODLU1RFKKHXWHZHU GHQ6LH]XU+|OOHIDKUHQ(VLVW6FKOXYRUEHL© .OLFN'HU$QUXIHUKDWWHHLQJHKlQJW ,FKVWDUUWHDXIGHQ+|UHU:HQQGDVNHLQ*HEXUWVWDJVJUXZDU 9RQPHLQHQ+DDUHQWURSIWHGDV:DVVHU(VUDQQDXIGHQ7HSSLFK XQGZXUGHGRUWDXIJHVDXJW,FKZLVFKWHPLUEHUGLH6WLUQXQG OHJWHGHQ+|UHUDXIGLH*DEHO,FKIKOWHZLHGLH6SDQQXQJVLFK LQPHLQHP.|USHUEUHLWPDFKWH 2ND\PDQZROOWHPLFKDOVRZLHGHUXPOHJHQ:HUZXWHLFK QLFKW$EHUGLH8QEHNDQQWHQKDWWHQHLQHQ)HKOHUJHPDFKW6LH KDWWHQPLFKJHZDUQWXQGVRNRQQWHLFKPHLQH9RUEHUHLWXQJHQ WUHIIHQ ,FKEHJDQQPLFKDQ]X]LHKHQ,FKYHUVXFKWHVRHWZDVZLHHLQ IUHXGLJHV*HEXUWVWDJVJHIKO]XHQWZLFNHOQGRFKGDVZDUQLFKW GULQ=XGHXWOLFKZDUGLH:DUQXQJJHZHVHQ (VVFKHOOWH 'DVNRQQWHHLJHQWOLFKQXU6XNRVHLQ 'RFKYRUVLFKWLJJHZRUGHQEOLQ]HOWHLFKGXUFKGHQ6SLRQ 7DWVlFKOLFKVWDQG6XNRYRUGHU7U(UKDWWHVHLQEUHLWHV*HVLFKW ]XHLQHP/lFKHOQYHU]RJHQXQGDOVLFK|IIQHWHJUDWXOLHUWHHUPLW HLQHU+HU]OLFKNHLWGLHLFKGHPDOWHQ.lPSHQJDUQLFKW]XJHWUDXW KlWWH ª.RPPUHLQ©VDJWHLFKXQGVFKORGLH7U:LUKDWWHQYHUDE UHGHWJHPHLQVDP]XIUKVWFNHQ ª0DQKDWPLUVFKRQHLQHQ*HEXUWVWDJVJUXJHVFKLFNW©NOlUWH LFK6XNRDXI ª:HUKDWGHQQDQJHUXIHQ"-DQH"© ª,FKZROOWHHVZlUHVR1HLQHLQXQEHNDQQWHU)UHXQG(UKDW YHUVSURFKHQPLFKQRFKKHXWH]XU+|OOH]XVFKLFNHQ© 6XNRHUVWDUUWHPLWWHQLQGHU%HZHJXQJª6WLPPWGDV"© ª,FKPDFKHNHLQH6FKHU]H© ª(U]lKO© ,FKEHULFKWHWH
6XNRV*HVLFKWKDWWHHLQHQXQJOlXELJHQ$XVGUXFNDQJHQRP PHQª:HUNDQQGDVQXUVHLQ"©PXUPHOWHHU ,FK]XFNWHPLWGHQ6FKXOWHUQª'DEUDXWVLFKLUJHQGZDV]XVDP PHQ1DMDZLUZHUGHQVHKHQ$EHUODXQVHUVWPDOIUKVWFNHQ 'DVKDEHQZLUXQVYHUGLHQW© 'DV)UKVWFNVFKPHFNWHPLUQLFKW'LH'URKXQJGHV$QUXIHUV KLQJZLHHLQXQVLFKWEDUHV6FKZHUWEHUPHLQHP.RSI$XFK 6XNRZDUGHU$SSHWLWYHUJDQJHQ(UWUDQNQXU]ZHL7DVVHQ .DIIHHXQGVFKREGHQ7HOOHUYRQVLFK ª(LQWROOHU*HEXUWVWDJVDQIDQJ©VWHOOWHHUIHVW ª1LFKWPHLQH6FKXOG©VDJWHLFKXQGJULIIQDFKGHQ=LJDUHWWHQ ,FKJ|QQWHPLUGDVHUVWH6WlEFKHQGHV7DJHV0HLQH*HGDQNHQ NUHLVWHQLPPHUQRFKXPGHQ7HOHIRQDQUXI*DQ]SO|W]OLFK HQWVFKORLFKPLFKLQV%UR]XIDKUHQ 6XNR]RJHLQEHUUDVFKWHV*HVLFKWDOVLFKLKPPHLQH(QWVFKHL GXQJPLWWHLOWH ª,FKGHQNHGXKDVW8UODXE©VDJWHHUQXU ª,FKELQLQHLQSDDU6WXQGHQZLHGHU]XUFN©HUZLGHUWHLFK ª$EHULFKZLOOWURW]GHPGLHOHW]WHQ)lOOHQRFKHLQPDOGXUFK JHKHQ9LHOOHLFKWILQGHWVLFKGRUWHLQ$QKDOWVSXQNW© 6XNRJULQVWHVlXHUOLFKª8QGZDVVROOLFKVDJHQZHQQMHPDQG DQUXIWXQGGLUZLUNOLFKJUDWXOLHUHQZLOO"© ª6DJLKPLFKZlUHJHSODW]W© ª2ND\PDFKLFK© 0LWGHP/LIWIXKULFKLQGLH7LHIJDUDJH'RUWVWDQGPHLQVLOEHU JUDXHU%HQWOH\(LQ.ODVVHZDJHQ'LH6LW]HZDUHQDXVVFKZDU]HP /HGHUGDV&RFNSLWGHV6FKOLWWHQVKRO]YHUNOHLGHW 'HU:DJHQVSUDQJZLHLPPHUVRIRUWDQ,FKOHQNWHLKQGLH (LQIDKUWKRFKXQGUHLKWHPLFKLQGHQ/RQGRQHU9RUPLWWDJVYHU NHKUHLQ ,FKOLHPLU=HLW$OVLFKGHQ:DJHQDXIGHP3DUNSODW]DEVWHOO WHZDUHV]HKQ8KU,FKIXKUKRFK]XPHLQHP%URXQGWUDIHLQH EHUUDVFKWH*OHQGD3HUNLQVDQ ª,KU&KLQHVHVDJWHPLUVFKRQGD6LHDXIGHP:HJKLHUKHU VLQG©EHULFKWHWHVLHXQGKDWWHYRU$XIUHJXQJURWH:DQJHQª,FK ZROOWHHVJDUQLFKWJODXEHQ©
ª'DIUVHKHQ6LHPLFKMHW]W©HUZLGHUWHLFK *OHQGDZDUPHLQH6HNUHWlULQ(LQELOGKEVFKHV*LUOPLW VFKZDU]HQ+DDUHQXQGGXQNOHQ$XJHQ 6LHVWUHFNWHGLH+DQGDXVª'DQQGDQQGDUILFK,KQHQKHU]OLFK ]XP*HEXUWVWDJJUDWXOLHUHQ0U6LQFODLU©VWRWWHUWHVLHHLQZHQLJ YHUOHJHQ ,FKQDKPGLH+DQGXQG]RJ*OHQGDQlKHU'DQQEHGDQNWHLFK PLFKPLW]ZHL.VVHQDXIGLH:DQJHQ *OHQGDXQGLFKNDQQWHQXQVVFKRQHLQH:HLOHODQJ,FKZXWH GDGDVVFK|QH*LUOLQPLFKYHUOLHEWZDU 'DZXUGHGLH7UDXIJHULVVHQXQG6XSHULQWHQGHQW3RZHOO PHLQGLUHNWHU9RUJHVHW]WHUEHWUDWGDV%UR9HUEOIIWEOLHEHU VWHKHQXQGUXQ]HOWHGLH6WLUQ ª$KD©VDJWHHUQXU *OHQGDNLHNVWHDXILKU.RSIZXUGHQRFKURWHUXQGVLHYHU GUFNWHVLFKLQHLQH(FNH ,FKJULQVWHª0LVV3HUNLQVKDWPLUQXU]XP*HEXUWVWDJJUDWX OLHUW©HUNOlUWHLFKPHLQHP&KHIª8QGLFKKDEHPLFKEHGDQNW,Q DOOHQ(KUHQYHUVWHKWVLFK© $XFK6XSHULQWHQGHQW3RZHOOJUDWXOLHUWHPLU6HLQH$XJHQ KLQWHUGHUGLFNHQ%ULOOHVWUDKOWHQ6HOWHQKDEHLFKLKQVR PHQVFKOLFKJHVHKHQª$OOHV*XWH©ZQVFKWHHUª8QGZHLWHUKLQ YLHO(UIROJ-RKQ© ª'DQNHGDVNDQQLFKEUDXFKHQ© 3RZHOOZDUQLFKWQXUHLQKHUYRUUDJHQGHU6WUDWHJHVRQGHUQ DXFKHLQ0HQVFKHQNHQQHU(UPHUNWHVRIRUWGDHWZDVPLWPLU QLFKWVWLPPWHª*HKHQZLULQ,KU%UR©VFKOXJHUYRU :LUKDWWHQXQVELVKHULP9RU]LPPHUDXIJHKDOWHQ,FKVFKOR KLQWHUXQVGLH7U 3RZHOOVHW]WHVLFKDXIGHQ%HVXFKHUVWXKOXQGLFKQDKPKLQWHU PHLQHP6FKUHLEWLVFK3ODW] ª6LHVLQGGRFKQLFKWDXVSXUHU$QKlQJOLFKNHLW]XP
3RZHOO]HLJWHVLFKEHXQUXKLJWª8QG"©IUDJWHHUª+DEHQ6LH HLQH9HUPXWXQJ"© ª-DGHVZHJHQELQLFKMDKLHU,FKP|FKWHQRFKHLQPDOGLH$NWHQ GHUOHW]WHQ)lOOHGXUFKVHKHQ9LHOOHLFKWILQGHWVLFKGRUWHLQ $QKDOWVSXQNW© 3RZHOOYHUVWDQGPLFK(UIRUGHUWHGLH$NWHQDQ =ZHL6WXQGHQYHUEUDFKWHLFKPLWPHLQHP&KHIEHLP6WXGLXP GHU3DSLHUH+HUDXVNDPGDEHLQLFKWV 6FKOLHOLFKNODSSWHLFKGHQOHW]WHQ2UGQHU]Xª9LHOOHLFKWKDW VLFKDXFKQXUMHPDQGHLQHQ6FKHU]HUODXEW©VDJWHLFKXQGYHU VXFKWHHLQ/lFKHOQ 'DVZDUPLUZRKOPLOXQJHQGHQQGDV*HVLFKWPHLQHV *HJHQEHUVEOLHEHUQVW ª1HLQ-RKQGDVZDUNHLQ6FKHU]6ROOLFK3ROL]HLVFKXW]IU6LH EHDQWUDJHQ"© ,FKKREEHLGH+lQGHª8P+LPPHOVZLOOHQQHLQ,FKELQGRFK NHLQ3ROLWLNHURGHU,QGXVWULHOOHU© ª$EHUIUXQVHU/DQGHEHQVRZLFKWLJ© ,FKJULQVWHQXUPGHª7KHPDZHFKVHO©VDJWHLFKª+DEHQ6LH HVVLFKEHUOHJW".RPPHQ6LHKHXWHDEHQG]XU*HEXUWVWDJV IHLHU"© ª1HLQ-RKQ,FKKDEHHLQHXQDXIVFKLHEEDUH9HUDEUHGXQJLQ PHLQHP&OXEGDPXLFKXQEHGLQJWKLQ)DOOVHVQLFKW]XVSlW ZLUGVFKDXHLFKQRFKYRUEHL© ª,FKZUGHPLFKIUHXHQ© 6XSHULQWHQGHQW3RZHOOVWDQGDXIXQGYHUDEVFKLHGHWHVLFKYRQ PLUPLW+DQGVFKODJª8QGJHEHQ6LHK|OOLVFKDXIVLFKDFKW© VDJWHHU]XP$EVFKLHGHLQGULQJOLFK ª,FKZHUGHPLUHLQHNXJHOIHVWH+RUQKDXWZDFKVHQODVVHQ© ª6SRWWHQ6LHQLFKW-RKQ©3RZHOOYHUVFKZDQG 'DIUEHWUDW*OHQGDPHLQ%URª+DWHUQRFKZDVJHVDJW"© HUNXQGLJWHVLHVLFKDXIJHUHJW ª-D©HUZLGHUWHLFKPLWHUQVWHP*HVLFKW ª6RZDVGHQQ"©*OHQGDV$XJHQZXUGHQJUR ª(UIUDJWHZDQQZLU+RFK]HLWIHLHUQ(UZUGHGDQQVFKRQ DQIDQJHQ]XVDPPHOQ©
*OHQGDKROWHWLHI/XIW'DEHLKREVLFKLKUQLFKWXQEHWUlFKWOLFKHU %XVHQª6LH6LHVLQGXQP|JOLFK©ULHIVLHXQGOLHIDXVGHP%UR 'LH7UNQDOOWHLQV6FKOR .RSIVFKWWHOQGEOLFNWHLFKGHU.OHLQHQQDFK8QGGDQQGDFKWH LFKGDUDQZLHJXWHVGRFKZDUQLFKWYHUKHLUDWHW]XVHLQ -DQH&ROOLQVNDPDPIUKHQ$EHQG6WUDKOHQGVH[\HLQH.ODVVH IUVLFK6LHKLHOWHLQHQEHUGLPHQVLRQDOHQ%OXPHQVWUDXLQGHU UHFKWHQXQGHLQNOHLQHV3lFNFKHQLQGHUOLQNHQ+DQG 0LWHLQHP*HEXUWVWDJVOLHGDXIGHQ/LSSHQEHWUDWVLHPHLQH :RKQXQJ ª+DSS\ELUWKGD\WR\RX© ,FKIKOWHPLFKZLHEHVWHOOWXQGQLFKWDEJHKROWXQGZXUGH WDWVlFKOLFKURW 6XNRKLHOWVLFKLP+LQWHUJUXQGXQGVFKPXQ]HOWH 'DQQJUDWXOLHUWHPLU-DQH6LHOHJWH%OXPHQXQGGDV3lFNFKHQ DEXQGQDKPPLFKLQGLH$UPH :DUPH/LSSHQSUHWHQVLFKDXIGLHPHLQHQ,FKNRQQWHVSUHQ GD-DQHXQWHULKUHP.OHLGNHLQHQ%+WUXJ(LQSULFNHOQGHV *HIKOGXUFKVWU|PWHPHLQH$GHUQ -DQHZDUHLQHSKDQWDVWLVFKH)UDX,KUEORQGHV+DDUKLQJJODWW ELVDXIGLH6FKXOWHUQXQGZDULQGHU0LWWHJHVFKHLWHOW6LHKDWWH HLQHQYHUORFNHQGHQ0XQGXQGHLQLJH6RPPHUVSURVVHQXPGLH UHL]HQGH1DVHKHUXP%HLP%HWUDFKWHQLKUHU)LJXUNRQQWHHV HLQHP0DQQVFKRQVFKZLQGOLJZHUGHQ :HQQLFKPDOKHLUDWHGDQQQXU-DQH&ROOLQV$EHUGD]XPWH LFKPHLQHQJHIlKUOLFKHQ%HUXIDXIJHEHQ0LWGHU*HIDKUGD PHLQH)UDXVFKQHOO]XU:LWZHZLUGNDQQLFKQLFKWOHEHQ -DQHGLHDXVVLHKWZLHHLQ)RWRPRGHOOLVWGLHEHVWHXQGFOHYHU VWH3ULYDWGHWHNWLYLQGLHLFKNHQQH(VJLEWNDXPHLQHQ)DOOGHQ VLHQLFKWJHO|VWKDW (UVW6XNRV5lXVSHUQWUHQQWHXQV ª1XQPDFKWPDO3DXVHLKU7XUWHOWDXEHQ©VDJWHHU (WZDVDWHPORVWUDWHQZLU]XUFN-DQHVFKQDSSWHVLFKGLH %OXPHQXQGJLQJDXIGLH6XFKHQDFKHLQHUJHHLJQHWHQ9DVH
ª3DFNVFKRQPDODXV©EDWVLHXQGZLHVLP+LQDXVJHKHQDXIGDV 3lFNFKHQ -DQHKDWWHHVLQEXQWHV*HVFKHQNSDSLHUHLQJHZLFNHOW ,FKQDKPGDV3lFNFKHQXQGYHU]RJPLFKLQGHQ/LYLQJURRP (VKDWWHXQJHIlKUGLH*U|HHLQHU=LJDUUHQNLVWHZDUQXUHWZDV IODFKHU ,FKZLFNHOWHGDV*HVFKHQNDXVXQG]XP9RUVFKHLQNDPHLQH GXQNOH6FKDWXOOHPLWHLQHPNOHLQHQ+HEHODQGHU9RUGHUVHLWH GHQPDQKRFKGUFNHQPXWH ,FKVFKRELKQPLWGHP'DXPHQLQGLH+|KH 'HU'HFNHONODSSWHQDFKREHQ 'HU6FKRFNWUDIPLFKY|OOLJXQYRUEHUHLWHW ,QGHU6FKDWXOOHODJHLQ)DUEIRWR0LWEUXWDOHU'HXWOLFKNHLW ]HLJWHGDV%LOGHLQHEORQGH)UDXGLHYRQPHKUHUHQVFKUHFNOLFK DXVVHKHQGHQ*HVWDOWHQIHVWJHKDOWHQZXUGH8QGYRUGHU)UDX VWDQGHLQ'lPRQGHUHLQ6FKZHUWLQGHU+DQGKLHOWXQGLKU GDPLWGHQ.RSIDEVFKODJHQZROOWH 1LFKWGDV0RWLYZDUHVGDVPLFKVRHUVFKUHFNWH 1HLQHVZDUGLH)UDX ,FKNDQQWHVLH6HKUJXWVRJDU (VZDUNHLQHDQGHUHDOV-DQH&ROOLQV 6FKDUI]RJLFKGHQ$WHPHLQ,FKVSUWHGHQ6FKZHLDXIPHLQHU 6WLUQXQGVDKGDPHLQH+lQGH]LWWHUWHQ 'LHVHV%LOG:LHNDPHVLQGLH6FKDWXOOH"+DWWH-DQHHVGRUWKLQ HLQJHOHJW" 'DVNRQQWHLFKPLUHLQIDFKQLFKWYRUVWHOOHQ ª-RKQ:DVLVW"©K|UWHLFKGLH6WLPPHGHUEORQGHQ3ULYDW GHWHNWLYLQª.RPPVWGXQLFKW"2GHUJHIlOOWGLUPHLQ*HVFKHQN QLFKW"© ª'RFKGRFK©K|UWHLFKPLFKVDJHQª(VJHIlOOWPLUVFKRQ© ª'DVNOLQJWDEHUJDUQLFKWEHU]HXJHQG©,FKK|UWH6FKULWWHXQG ZDQGWHGHQ.RSI -DQHWUDWDXIPLFK]X,QGHU+DQGKLHOWVLHHLQH9DVHPLWHLQHP %OXPHQVWUDX(VZDUHQJHOEH5RVHQ-DQHEOLHEQHEHQPLU
VWHKHQ,FKURFKLKU3DUIP
ª6RLVWHV©,FKHU]lKOWHGHU'HWHNWLYLQYRQGHP$QUXIDP KHXWLJHQ0RUJHQ -DQHZXUGHEODª6HLMDYRUVLFKWLJ©ZDUQWHVLHª0LWGHQ 'LQJHQLVWQLFKW]XVSDHQ6LHVFKHLQHQGLFK]XEHREDFKWHQ© ª$XFKGLFK©IJWHLFKVFKQHOOKLQ]X ª9LHOOHLFKW$QGHUVNDQQLFKPLUGDV)RWRQLFKWHUNOlUHQ,FK KDWWHPLUGLH)HLHUDXFKHWZDVDQGHUVYRUJHVWHOOW© ,FKOHJWHEHLGH$UPHDXIGLH6FKXOWHUQGHV0lGFKHQV ª7URW]GHP-DQHZLUZROOHQXQVGHQ$EHQGQLFKWYHUGHUEHQ ODVVHQ(QWVFKXOGLJHPHLQH5HDNWLRQYRUKLQDEHULFKZDU]LHP OLFKJHVFKRFNW'DVNDQQVWGXGLUMDYRUVWHOOHQ'LH0Q]HQVLQG EULJHQVHLQH:XFKW© ª$FKK|UDXI-RKQ© ,FKIKUWHVLH]XPHLQHU6HVVHOJUXSSHª.RPPQLPPHUVW HLQHQ'ULQN6DJQXU6XNRQLFKWVYRQGHU6DFKH© -DQHQDKP3ODW]ª,FKJHEHGLUPHLQ:RUW-RKQ© ª:DVZLOOVWGXWULQNHQ"©HUNXQGLJWHLFKPLFK ª0DUWLQL© ª6FKRQIHUWLJ©ULHI6XNR(UNDPDXVGHU.FKHKLHOWHLQ 7DEOHWWPLWEHLGHQ+lQGHQXQGVWHOOWHHVYRU-DQHDXIGHQQLHGUL JHQ7LVFK'HU0DUWLQLZDUVRZLH-DQHLKQPRFKWH7URFNHQXQG PLWHLQHU2OLYH ª'XELVWGHUSHUIHNWH*DVWJHEHU6XNR©OREWHGLH'HWHNWLYLQ GHQ&KLQHVHQ ª'DQNHIUGLH%OXPHQ© ª&KHHULR©-DQHKREGDV*ODV :lKUHQGVLHVLFKPLW6XNRXQWHUKLHOWNLSSWHLFKPLUHLQHQ 6FRWFKHLQ :LUSURVWHWHQXQV]X-DQHVXQGPHLQH%OLFNHWUDIHQVLFK'LH 'HWHNWLYLQOlFKHOWH]ZDUGRFKLQLKUHQ$XJHQODVLFKGLH VWXPPH$QJVW 'DVFKHOOWHHV ª'DVZHUGHQ6KHLODXQG%LOOVHLQ©ULHI-DQHªXQGZLHLPPHU ]XVSlW© ª,FKPDFKHVFKRQDXI©VDJWHLFKVWHOOWHGDV*ODVDEXQGOLHI]XU 7UPHLQHU$SDUWPHQWZRKQXQJ
,P)OXUVWDQGWDWVlFKOLFKGDV(KHSDDU&RQROO\ª-RKQGXDOWHU +HQNHU©ULHIPHLQ)UHXQG%LOOXQGEUHLWHWHGLH$UPHDXV(U ZROOWHPLUUHJHOUHFKWXPGHQ+DOVIDOOHQGRFKGDVOLH6KHLOD QLFKW]Xª$XJHQEOLFNPDOHUVWELQLFKGUDQ© =XP]ZHLWHQPDODQGLHVHP$EHQGVSUWHLFKZHLFKH )UDXHQOLSSHQ'LHVPDODOOHUGLQJVDXIEHLGHQ:DQJHQ,FKVFKOR GLH$XJHQXQGIOVWHUWHª6DJPDONDQQVWGXGHLQHQ0DQQQLFKW ZHJVFKLFNHQ"© ª/VWOLQJ©NQXUUWH%LOO ª:DVK|UHLFKGD"/VWOLQJ"©-DQH&ROOLQVWDXFKWHLQGHU7U DXIª:HULVWGHUZLOGH.QDEH"© :LUODFKWHQXQGJLQJHQLQPHLQH:RKQXQJ ª5DWHPDOZDVZLUGLUPLWJHEUDFKWKDEHQ©ULHI%LOOXQG VFKZHQNWHGDV3DNHWEHUVHLQHP.RSI ,FKKREGLH6FKXOWHUQ ª'DVUlWVWGXQLH:HWWHQ"© ª3DFNVFKRQDXV©IRUGHUWHLFK %LOOXQG6KHLODVFKWWHOWHQGLH.|SIHª'DVPXWGXVHOEVWWXQ PHLQOLHEHU-RKQ©VDJWH6KHLOD ª2ND\©$EHUPDOVPDFKWHLFKPLFKGDUDQHLQ3DNHW]X|IIQHQ 'DEHLNRQQWHLFKHLQXQJHPWOLFKHV=LHKHQLQ+|KHGHU 0DJHQJHJHQGYHUVSUHQ1DFKDXHQKLQMHGRFKZLUNWHLFK XQEHNPPHUWXQGODFKWH $WHPORVH6SDQQXQJ'LH%OLFNHGHU*lVWHVWDUUWHQDEZHFK VHOQGPLFKXQGGDV3DNHWDQ 8QGGDQQKROWHLFKGDV6FKDFKVSLHOKHUYRU ,PHUVWHQ0RPHQWZDULFKEDII1RFKQLHKDWWHLFKVROFKHLQ SKDQWDVWLVFKHV6SLHOJHVHKHQ(VZDUEHVWHKDQGZHUNOLFKH$UEHLW XQGPXWHHLQNOHLQHV9HUP|JHQJHNRVWHWKDEHQ 6KHLODXQG%LOONDQQWHQPHLQHKHLPOLFKH/HLGHQVFKDIWIUGDV 6FKDFKVSLHODXFKZHQQPLUPHLQ-REQLFKWLPPHUGLH=HLWOLH HLQSDDU3DUWLHQGXUFK]XVSLHOHQ ª0HQVFK©VDJWHLFKªLKUVHLGYHUUFNWLKUEHLGHQ© %LOOGHUDOWH+DXGHJHQZXUGHYHUOHJHQ(UUlXVSHUWHVLFK ª*HIlOOWHVGLUGHQQZHQLJVWHQV"© ª'DIUDJVWGXQRFK"©
,FKEHGDQNWHPLFKDXVYROOHP+HU]HQIUGLHZLUNOLFKJH OXQJHQHhEHUUDVFKXQJ 'DQQQDKPHQZLUHLQHQ%HJUXQJVVFKOXFNª$XIGHQ*HLVWHU MlJHU©ULHI%LOO&RQROO\ª(U]IHLQGDOOHU'lPRQHQXQGILQVWHUHQ +RUURUZHVHQ0|JHVWGXQRFKGUHLPDOVRDOWZHUGHQXQG 0HQVFKKDELFKHLQHQ'XUVW©ODFKWHGHU5HSRUWHU :LUWUDQNHQ ,FKKDWWHHLQNDOWHV%IHWWNRPPHQODVVHQXQGLQGHU.FKH DXIJHEDXW -DQH&ROOLQVXQGLFKEHGLHQWHQXQV-DQHWUXJHLQHKHOOURWH %OXVHHLQHQSDVVHQGHQEXQWHQ6FKDOGD]XXQGHLQHQZHLWHQ VFKZLQJHQGHQ5RFN ª'HQNVWGXQRFKDQGDV%LOG"©IUDJWHVLHPLFKOHLVH ª-D©HUZLGHUWHLFKXQGOHJWHHLQJHUlXFKHUWHV)RUHOOHQILOHWDXI GHQ7HOOHU -DQHQDKPYRQGHP6DODWª8QG"+DVWGXVFKRQQDFKHLQHU (UNOlUXQJJHVXFKW"© ,FKKlXIWHHLQZHQLJ6DKQHPHHUUHWWLFKDXIGHQ7HOOHUª1HLQ QRFKQLFKW$EHULFKZHUGHDXIGHU+XWVHLQGDUDXINDQQVWGX GLFKYHUODVVHQPHLQ6FKDW]© ª:DVWXUWHOWLKUGHQQKLHUKHUXP"©%LOO&RQROO\GUlQJWHVLFK ]ZLVFKHQXQV(UODFKWHXQGZDULQ)RUPZLHVHOWHQ ,FKEOLFNWHLKQJULQVHQGDQª6DJPDOVWUHLNWGHLQH)UDXLQGHU .FKH"© ª:LHVR"© ,FKGHXWHWHDXIGHQ7HOOHUGHQ%LOOLQGHU5HFKWHQKLHOWª'HU TXLOOWEDOGEHU© ª+DKD©%LOOODFKWHKlPLVFKª,FKPXPLFKMDVFKOLHOLFKVDWW HVVHQ$XHUGHPEUDXFKHLFKHLQHJXWH8QWHUODJH,FKKDEHPLU QlPOLFKYRUJHQRPPHQGLUGLH)ODVFKHQOHHU]XWULQNHQ© ª*XWGDLFKQLFKWVHLQJHNDXIWKDEH© ª*HL]KDOV©EUXPPWH%LOOXQGYHU]RJVLFKLQGHQ/LYLQJURRP 6XNRKDWWHKHXWHGLH2EHUDXIVLFKW0HLQFKLQHVLVFKHU)UHXQG VWDQGDP.RSIHQGHGHV%IHWWVKDWWHGLH+lQGHDXIGHP5FNHQ YHUVFKUlQNWXQGJULQVWH ,KPJHILHOGLH)HLHU
0LUHLJHQWOLFKDXFK:HQQGDQXUQLFKWGLHYHUGDPPWH6DFKH PLWGHP%LOGXQGGHP$QUXIJHZHVHQZlUHQ 1LFKWLPHQWIHUQWHVWHQDKQWHLFKGDGLHPDJLVFKH%RPEH JDQ]ZRDQGHUVWLFNWH 0LWWHUQDFKWUFNWHQlKHU'LH6WLPPXQJZXUGHLPPHUEHVVHU ,FKKDWWHPHLQH1DFKEDUQVFKRQJHZDUQWXQGNRQQWHVRGLH 0XVLNHWZDVODXWHUGUHKHQ %LOOZDULQ+RFKIRUP $OVGLH$EEDVLKUH+LWVVFKPHWWHUWHQVDQJHUODXWKDOVPLW 6KHLOD-DQH6XNRXQGLFKDPVLHUWHQXQVN|VWOLFKEHUGHQ DQJHKHLWHUWHQ%LOO 1RFK]ZDQ]LJ0LQXWHQELV0LWWHUQDFKW ª%DOGLVWGHLQ*HEXUWVWDJYRUEHL©NODJWH-DQHXQGOHJWHPLU HLQHQ$UPDXIGLH6FKXOWHU$XFKEHULKUHQ3XSLOOHQODJVFKRQ HLQOHLFKWHU6FKOHLHU)DKUWFKWLJZDUVLHDXINHLQHQ)DOOPHKU $EHUVLHKDWWHVRZLHVRYRUJHKDEWEHLPLU]XEHUQDFKWHQ (VVROOWHGDVVFK|QVWH*HEXUWVWDJVJHVFKHQNIUPLFKZHUGHQ KDWWHVLHPLUYHUVSURFKHQ ,FKKDWWHPLFKPLWGHP7ULQNHQ]XUFNJHKDOWHQ,PPHUZLHGHU GDFKWHLFKDQGLH:DUQXQJXQGMHQlKHU0LWWHUQDFKWKHUDQ UFNWHXPVRQHUY|VHUZXUGHLFK +LQXQGZLHGHUKDWWHLFKPLW-DQHRGHU6KHLODJHWDQ]WGRFKLFK ZDUPLWPHLQHQ*HGDQNHQQLHJDQ]EHLGHU6DFKH 'DVPHUNWHDXFK6XNR(UNDP]XPLUDOVLFKHLQH6FKDOOSODWWH ZHFKVHOWH ª$QVFKHLQHQGEHGUFNWHVGLFKGDGXHLQ-DKUlOWHUZLUVW© VDJWHHUXQGQLSSWHDQVHLQHP2UDQJHQVDIW6XNRWUDQNIDVWQLH $ONRKRO ,FKOHJWHGHQ7RQDUPDXIGLH3ODWWHXQGKREGHQ.RSIª'DVLVW HVQLFKWDOOHLQ©JDELFK]XUFN ª'HU$QUXI"© ª-D© 6XNRVSLHOWHGHQ2SWLPLVWHQª%LVMHW]WLVWMDQLFKWVJHVFKHKHQ© VDJWHHUª9LHOOHLFKWZDUGDVDXFKQXUHLQGXPPHU6FKHU]©
,FKPXWHDQGDV)RWRGHQNHQXQGVFKWWHOWHGHQ.RSIª1HLQ 6XNRHVZDUNHLQ6FKHU]© %LOOJHVHOOWHVLFK]XXQV6HLQ*HVLFKWZDUJHU|WHWGLH$XJHQ OHXFKWHWHQª+HLKUWUEHQ7DVVHQMDJWHXFKPDOHLQSDDU'ULQNV GXUFKGLH*XUJHO+LQWHUKHUKHLWHVZLHGHUGHU&RQROO\ZDU DOVHLQ]LJHUEODX©%LOOODFKWHODXWKDOV'DQQZHFKVHOWHHUIDVW EHUJDQJVORVGDV7KHPDª:HLWGXZDV-RKQLFKKDEH/XVW HLQH3DUWLH6FKDFKPLWGLU]XVSLHOHQ.RPPZLUZHLKHQGDV 6SLHOHLQ© ª$EHUQLFKWMHW]W© %LOOOLHQLFKWORFNHU(UIDWHPHLQHQ$UPXQG]RJPLFK]XP 6FKDFKEUHWWKLQ ,FKKDWWHHVDXIHLQHQNOHLQHQ7LVFKJHVWHOOWXQGGLH)LJXUHQIHLQ VlXEHUOLFKDXIJHEDXW(VVDKVRKDUPORVDXVZLHHVGDVWDQG 8QGLFKPHUNWHQLFKWV.HLQVHFKVWHU6LQQZDUQWHPLFK,FKQDKP HLQHQ6SULQJHULQGLH+DQGª(LQHVDJHQKDIWH$UEHLW©PXUPHOWH LFKª:XQGHUEDU© ª-DGDKDW6KHLODHLQHQJXWHQ*ULIIJHWDQ©OREWH%LOOVHLQH)UDX ª$OOHLQGLH=HLFKHQDXIGHQ)HOGHUQ© ,FKEFNWHPLFK %LOO&RQROO\KDWWHUHFKW'LH)HOGHUZDUHQWDWVlFKOLFKPLWVHKU IHLQHQ6FKQLW]HUHLHQYHUVHKHQ'DVNRQQWHQXUHLQZLUNOLFKHU .QVWOHUJHVFKDIIHQKDEHQ ,FKVDKPLUGLH=HLFKHQJHQDXHUDQ5HJHOUHFKWH0RWLYH NRQQWHLFKQLFKWHUNHQQHQ,FKHQWGHFNWHHLQ'XUFKHLQDQGHU YRQ/LQLHQXQG6WULFKHQ$XHUGHPZDUGLH%HOHXFKWXQJQLFKW VRJXWGDLFKVlPWOLFKH(LQ]HOKHLWHQHUNHQQHQNRQQWH %LOOVFKOXJPLUDXIGLH6FKXOWHUª,FKPHUNHVFKRQPHLQ/LHEHU GXKDVWNHLQH/XVW© ,FKVWHOOWHGLH)LJXUZLHGHUDXIGDV]XJHK|ULJH)HOGª'XELVW PLUQLFKWE|VH%LOO"© ª1HLQKHXWHDQGHLQHP(KUHQWDJODVVHLFKPLUDOOHVJHIDOOHQ© (UEOLFNWHDXIVHLQOHHUHV*ODVª7HXIHOLFKEUDXFKHQRFKHLQHQ 'ULQN©%LOOGUHKWHVLFKXPXQGULHIQDFKVHLQHU)UDXª'DUOLQJ UHLFKPLUGLH)ODVFKH1DFKGLUGHUHLQ]LJH+DOWLQPHLQHP 'DVHLQ©
,FKPXWHODFKHQ'HUJXWH%LOOZDUZLHGHULQ)RUP 1RFKIQI0LQXWHQELV]XU7DJHVZHQGH ,FKNDQQWHGHQ%UDXFK8P0LWWHUQDFKWZUGHQZLUXQVDOOH QRFKHLQPDO]XSURVWHQXQGDXIGHQDQVWRHQGHUGHQQlFKVWHQ *HEXUWVWDJIHLHUWH(VZDUZDUPLQPHLQHU:RKQXQJ'HU =LJDUHWWHQUDXFKKLQJLQ6FKOHLHUQXQWHUGHU'HFNH,FKKDWWHPHLQ -DFNHWWLQ]ZLVFKHQDXVJH]RJHQXQGDXFKGLH.UDZDWWHLQGLH (FNHJHIHXHUWVFKZLW]WHDEHUWURW]GHP ª,FKPDFKHPLFKQXUHLQZHQLJIULVFK©VDJWHLFK]X6XNRXQG JLQJ]XP%DG -DQH&ROOLQVOlFKHOWHPLU]X6LHNQDEEHUWHDQHLQHU6DO]VWDQJH ª'HQNDQGLH.DORULHQ0lGFKHQ©VDJWHLFKXQGKREZDUQHQG GHQ=HLJHILQJHU -DQHYROOIKUWHHLQHQJHNRQQWHQ$XJHQDXIVFKODJXQGERJPLW HLQHUDNUREDWLVFKDQPXWHQGHQ%HZHJXQJGDV.UHX]GXUFK ª0XLFKZLUNOLFKDXISDVVHQ"©HUNXQGLJWHVLHVLFKPLWHLQHP YHUVFKPLW]WHQ/lFKHOQ ª'XGDUIVWQLFKWDOOHVVRZ|UWOLFKQHKPHQ'DUOLQJ© 6LHODFKWHXQGLFKYHUVFKZDQGLQGHUNOHLQHQ'LHOH ,P%DGZDUHVNKOHU,FKVFKOSIWHDXVPHLQHP2EHUKHPG XQGGUHKWHGHQ+DKQGHV:DVFKEHFNHQVDXI ,QHLQHPILQJHUGLFNHQ6WUDKOVWU|PWHGDV:DVVHUDXVGHUgII QXQJ,FKOLHPLUGDVHLVNDOWH1D EHUGLH+lQGHODXIHQXQG ZXVFKPLUIOFKWLJGHQ2EHUN|USHU =XIlOOLJILHOPHLQ%OLFNDXIGLH8KU 6HFK]LJ6HNXQGHQYRU0LWWHUQDFKW ,FKJULII]XP+DQGWXFKWURFNQHWHPLFKDEXQGVSUKWHQRFK HWZDV$FKVHOVSUD\'DQQ]RJLFKGDV+HPGZLHGHUEHUXQG ZDQGWHPLFK]XU7U 'DK|UWHLFKGHQ6FKUHL )U%UXFKWHLOHYRQ6HNXQGHQVWDQGLFKVWDUU'DQQVFKOXJLFK GLH+DQGDXIGLH7UNOLQNHZROOWHDXVGHP%DGVWUPHQXQG SUDOOWHJHJHQGLH7U 6LHZDUYHUVFKORVVHQ(LQHPDJLVFKH6SHUUHKLQGHUWHPLFK GDUDQGDV%DG]XYHUODVVHQ
6XSHULQWHQGHQW3RZHOOZDUGHU3URWRW\SHLQHV(QJOlQGHUV(U OLHQLFKWVDXIGLH4XHHQNRPPHQWUXJQXU$Q]JHDXV VFKZHUHQWHXUHQ6WRIIHQXQGOLHEWHYRUDOOHQ'LQJHQGDV &OXEOHEHQ ,QZLHYLHOHQ&OXEVHU0LWJOLHGZDUNRQQWHHUVHOEVWQLFKWHLQ PDOVDJHQGRFKGLHZLFKWLJVWHQGLHKDWWHHUEHKDOWHQ$OVHKH PDOLJHU2IIL]LHUWUDIHUVLFKPRQDWOLFKPLWVHLQHQDOWHQ .DPHUDGHQEHL:KLVN\*LQXQGGQQHP%LHU8QGGDZLFK VHOEVWHLQ0DQQZLH3RZHOOYRQVHLQHQ3ULQ]LSLHQDE (UWUDQN$ONRKRO =ZHL*OlVHUDP$EHQG(LQ*ODV%LHUXQGHLQHQGRSSHOVW|FNL JHQ6FRWFK 'UHL6WXQGHQKLHOW3RZHOOHVLP&OXEDXV(VZXUGHEHUGHQ 7RGHLQHVDOWHQ.DPHUDGHQJHVSURFKHQ'HUHKHPDOLJH&RORQHO ZDUYRUDFKW7DJHQJHVWRUEHQXQGKDWWHQRFKLQ,QGLHQJHGLHQW 6HLQH2UGHQZDUHQLQHLQHU*ODVYLWULQHGHV&OXEVDXVJHVWHOOW ª:DUHLQIHLQHU.HUOGHUDOWH0F'RQDOG©VDJWH3RZHOOXQG KREVHLQ*ODV 'LH9HWHUDQHQWUDQNHQDXILKUHQWRWHQ.DPHUDGHQ 6XSHULQWHQGHQW3RZHOOKDWWHHLQVFKOHFKWHV*HZLVVHQ6HLQ EHVWHU0DQQIHLHUWHKHXWH*HEXUWVWDJXQGHU3RZHOOZDUQLFKW GD'HU6XSHULQWHQGHQWHQWVFKORVLFKQRFKKLQ]XIDKUHQ(U KDWWH]ZDUQLFKWGLUHNW]XJHVDJWDEHUHUZROOWH-RKQGHQ*HIDOOHQ GRFKWXQ 1DFKDXHQKLQZDU3RZHOO]ZDUHLQDOWHU%UXPPElUDEHU XQWHUGHUUDXKHQ6FKDOHVFKOXJHLQZHLFKHV+HU]9RUDOOHQ 'LQJHQIU-RKQ6LQFODLU 3RZHOOVWHOOWHVHLQOHHUHV*ODVDXIGHP7DEOHWWGHV&OXEEXWOHUV DEª,FKZHUGHJHKHQ©VDJWHHU]XGHP0DQQª%LWWHKROHQ6LH PLUPHLQHQ0DQWHO&KDUOHV© ª6HKUZRKO6LU© &KDUOHVYHUVFKZDQG (LQHUYRQ3RZHOOV&OXENDPHUDGHQKDWWHGLH:RUWHGHV6XSHU LQWHQGHQWHQJHK|UWª'XZLOOVWWDWVlFKOLFKVFKRQZHJ"©HUNXQ GLJWHHUVLFK ª-D:LOO©
'HUVFKQDX]ElUWLJH:LOOLDP3DWWHQJULQVWHª+DVWGXLUJHQGZR HLQHNOHLQH"© 3RZHOOVFKWWHOWHGHQ.RSIª1HLQDXVGHP$OWHUELQLFK KHUDXV© 3DWWHQZLHJWHGHQ.RSIª0DQNDQQQLHZLVVHQDOWHU-XQJH 6LHKPLFKDQ,FKKDEHGDVDXFKJHGDFKW$EHUGDQQELQLFKHLQHV 7DJHVLQPHLQHDOWH6DXQDJHJDQJHQXQGVLHKHGDGLHKDWWHQ HLQHQHXH%HVDW]XQJ*LUOVDOOHU5DVVHQXQG+DXWIDUEHQ,FKELQ ZLHGHUULFKWLJPXQWHUJHZRUGHQ:HQQGXZLOOVWNDQQLFKGLU GLH$GUHVVHJHEHQ6LHLVWHLQ*HKHLPWLS© ª'DQNH:LOONHLQ%HGDUI© 3DWWHQVFKOXJ3RZHOODXIGLH6FKXOWHUª0DFK VJXWDOWHU-XQJH %LV]XPQlFKVWHQPDO© 'HU%XWOHUNDPPLWGHU*DUGHUREH(UKDOI3RZHOOLQGHQ 0DQWHOXQGUHLFKWHLKPGHQ6WRFNVFKLUP'DQDFKEHJOHLWHWHHU GHQ6XSHULQWHQGHQWHQ]XU7U (LQ7D[LVWDQGYRUGHP&OXELPPHUEHUHLW 3RZHOOZLQNWHHVKHUDQ(UZDUIQRFKHLQHQ%OLFNDXIGLH8KU =ZDQ]LJ0LQXWHQYRU0LWWHUQDFKW:LHHU-RKQNDQQWHZDUGLH )HLHUHUVWMHW]WULFKWLJLP*DQJH 'HU:DJHQNDP.LHVVSULW]WHXQWHUGHQ5HLIHQZHJ'DV &OXEJHElXGHODJLQHLQHPNOHLQHQ3DUN=ZHL/DWHUQHQVWUHXWHQ YRUGHP(LQJDQJLKU/LFKWLQGLH'XQNHOKHLW ª:RKLQ6LU"©IUDJWHGHU)DKUHUDOV3RZHOOHLQJHVWLHJHQZDU 'HU6XSHULQWHQGHQWJDE-RKQ6LQFODLUV$GUHVVH(UDKQWHQLFKW ZDVLKQGRUWHUZDUWHWH 'HU7RQDUPGHV3ODWWHQVSLHOHUVVFKZDQJDXWRPDWLVFK]XUFN 'LH0XVLNYHUVWXPPWH 6KHLOD&RQROO\VWDQGDXVLKUHP6HVVHODXIª,FKOHJHHLQHQHXH 3ODWWHDXI©VDJWHVLH ª$EHUHLQ6WLPPXQJVOLHG©ULHI%LOOLKU]X(UVFKZHQNWHVHLQ *ODV 6KHLODPXWHDXILKUHP:HJ]XP3ODWWHQVSLHOHUDQGHP 6FKDFKEUHWWYRUEHL
3O|W]OLFKEOLHEVLHVWHKHQ'LUHNWQHEHQGHP6SLHO,KUH$XJHQ ZXUGHQJUR6LHEHXJWHGHQ.RSIXQGZXUGHEOHLFK -DQH&ROOLQVKDWWHHWZDVEHPHUNWª:DVLVWORV"©IUDJWHVLH 6KHLODKROWHWLHI/XIWª'DV6SLHOGLHGLH)LJXUHQ©IOVWHUWH VLHªVLHEHZHJHQVLFK© ª8QP|JOLFK©-DQH&ROOLQVUDVWHORVZLHHLQ6SULQWHUDXVGHQ 6WDUWO|FKHUQ8QGDXFK%LOOZDUPLWUDXLVFKJHZRUGHQ $XJHQEOLFNOLFKHULQQHUWHHUVLFKDQVHLQHQ7UDXP'DV*HIKO HLQHUGURKHQGHQVLFKQlKHUQGHQ*HIDKUEHVFKOLFKLKQ (UZROOWHGLH)UDXHQZDUQHQVLFKQLFKWPLWGHP6SLHO]X EHVFKlIWLJHQGDZDUHVVFKRQ]XVSlW -DQH&ROOLQVVWLHHLQHQ6FKUHLDXV(UNODQJHUVWLFNWVRDOV ZUGHVLHNHLQH/XIWPHKUEHNRPPHQ 'LH'HWHNWLYLQZDQNWH6LHZROOWHVLFKJHUDGHDQ6KHLODIHVWKDO WHQ,PVHOEHQ$XJHQEOLFNSXIIWHPLWWHQDXVGHP%UHWWHLQH 5DXFKZRONHKRFK 'LHHLQ]HOQHQ6FKDFKILJXUHQZXUGHQGXUFKGLH/XIWJHZLUEHOW YHUJU|HUWHQVLFKLQQHUKDOEYRQ6HNXQGHQEUXFKWHLOHQ6FKUHFN OLFKH)UDW]HQVFKlOWHQVLFKDXVGHP1HEHO %LOO&RQROO\VDKHLQH5DXFKZDQGDXIVLFK]XVFKLHHQ(U ZROOWHQRFKIOLHKHQGRFKGDKDWWHLKQGHU5DXFKVFKRQHLQ JHKOOW (WZDV*UDXHQKDIWHV8QEHJUHLIOLFKHVJHVFKDK 'HU5HSRUWHUVFKUXPSIWHLPPHUNOHLQHUZXUGHHU *HZDOWLJH.UlIWHSUHWHQVHLQHQ2EHUN|USHU]XVDPPHQ 6WHFKHQGH6FKPHU]HQUDVWHQKLQDXILQVHLQ+LUQXQGH[SORGLHU WHQLQHLQHPIXULRVHQ:LUEHO/lQJVWKDWWHQ%LOOV)HGHQ .RQWDNWPLWGHP%RGHQYHUORUHQ(UVDKVLFKHLQJHNHVVHOWYRQ HLQHU$Q]DKO6FKDFKILJXUHQ'LHVRQVWVRNOHLQHQ%DXHUQNDPHQ LKPYRUZLH8QJHKHXHU:LOGVFKZDQJHQVLHLKUH/DQ]HQ (LQ6SULQJHUULWWDXILKQ]X 'HU5HSRUWHUVFKULHZLHDP6SLH(UZDUMHW]WQXUQRFKVR JURZLHHLQ0lQQHUDUP9HU]ZHLIHOWGUFNWHHUVLFKLQHLQH 6HVVHOHFNH'DV:KLVN\JODVNDPLKPVRJURYRUZLHHLQ 3XW]HLPHU 8QG%LOOVFKUXPSIWHZHLWHU
%LVHUVRJURZDUZLHHLQH6FKDFKILJXU9HU]ZHLIHOWUXWVFKWH GHU5HSRUWHUDXIGHP6HVVHOVWRIIKHUXP9LHU%DXHUQYHUIROJWHQ LKQ6LHNUHLVWHQLKQHLQ 'URKHQGZLHVHQGLH/DQ]HQVSLW]HQDXIVHLQH%UXVW%LOOV +LOIHVFKUHLHZDUHQ]XHLQHP*HZLPPHUDEJHIODFKW(UVDKLQGLH IODFKHQ*HVLFKWHUGHUOHEHQGHQ)LJXUHQ$XJHQJOKWHQLQGlPR QLVFKHP)HXHU 'DVLVWGDV(QGHVFKRHVGHP5HSRUWHUGXUFKGHQ.RSI 'RFKHULUUWHVLFK 8USO|W]OLFKWDXFKWHHLQHULHVLJH*HVWDOWYRUGHP6HVVHODXI%LOO VDKHLQHQVFKZDU]HQODQJHQ0DQWHOHLQ]XHLQHUWULXPSKLHUHQ GHQ*ULPDVVHHUVWDUUWHV*HVLFKW]ZHLNDOWH$XJHQXQGHLQHQ 0XQGGHUVLFK]XHLQHPZLGHUOLFKHQ*ULQVHQYHU]RJHQKDWWH 2FWDYLR 'HU$QWLTXLWlWHQKlQGOHUZDU]XUFNJHNHKUWXP5DFKH]X EHQ -HW]WVWUHFNWHHUGLH+DQGDXV6LHZDUEHLQDKHVRJURZLH%LOO &RQROO\GURKHQGVFKZHEWHVLHEHUVHLQHQ.RSI (LQ%HIHKO,QHLQHU6SUDFKHJHVSURFKHQGLH%LOOQRFKQLH JHK|UWKDWWH 'LH%DXHUQWUDWHQ]XUFN'LH/DQ]HQVSLW]HQYHUVFKZDQGHQ DXV%LOO&RQROO\V1lKH $EHUPDOVHLQ%HIHKO ,PVHOEHQ$XJHQEOLFNGXUFKIXKUHLQJHZDOWLJHU2UNDQGDV =LPPHU-HGHQIDOOVKDWWH%LOOGDV*HIKO 'HU:LQGHUIDWHGHQ5HSRUWHUULLKQKRFKXQGVFKOHXGHUWH LKQJHJHQHLQHULHVLJH:DQGGLHLKQDXIVDXJWHZLHHLQWURFNHQHU 6FKZDPPGDV:DVVHU %LOO&RQROO\ZDUGXUFKHLQ'LPHQVLRQVWRUYHUVFKZXQGHQ *HQDXZLHVHLQH)UDX6KHLODGLH'HWHNWLYLQ-DQH&ROOLQV6XNR GHU&KLQHVHXQGGDVK|OOLVFKH6FKDFKVSLHO 7HLOHLQVGHVJUDXVDPHQ3ODQHVKDWWHJHNODSSW
,FKZDUIPLFKJHJHQGLH7U ,PPHUZLHGHUSUDOOWHLFKJHJHQGDV+RO]0LWGHP(UIROJGD LFKPLUHLQH6FKXOWHUSUHOOXQJ]X]RJ,FKK|UWHGLH6FKUHLH%L PLUYRU:XWGLH/LSSHQEOXWLJZHLOLFKVRKLOIORVZDUXQGQLFKWV WXQNRQQWH ,FKZXWHQLFKWZDVPLWPHLQHQ)UHXQGHQJHVFKDKPLUZDU QXUNODUGDVLHVLFKLQK|FKVWHU/HEHQVJHIDKUEHIDQGHQ :LHGHUUWWHOWHLFKDQGHU.OLQNH,FKPXWHHLQIDFKHWZDVWXQ LFKNRQQWHQLFKWUXKLJVWHKHQEOHLEHQXQGDEZDUWHQ (UIROJORV ,FKZDUGD]XYHUGDPPWDXIHLQH5HWWXQJ]XZDUWHQ$XIHLQH 3HUVRQGLHGHQPDJLVFKHQ5LQJEUDFK ,FKVHOEVWKDWWHNHLQPDJLVFKHV$PXOHWWEHLPLURGHULUJHQG HLQHQ*HJHQVWDQGPLWGHPLFKGHQGlPRQLVFKHQ.UlIWHQHQW JHJHQWUHWHQNRQQWH 0DQKDWWHPLFKMDJHZDUQW,FKKlWWHYRUVLFKWLJHUVHLQPVVHQ KlWWHPHLQH:RKQXQJDEVLFKHUQVROOHQ +lWWHKl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lFK]HQGHQ/DXWHVHOEVW QLFKW :DVZDUJHVFKHKHQ" /DQJVDPJLQJLFKLQPHLQ:RKQ]LPPHU,P$VFKHUTXDOPWH
QRFKHLQH.LSSH'LH6WLOOH]HUUWHDQPHLQHQ1HUYHQ6FKULWWIU 6FKULWWGXUFKZDQGHUWHLFKGHQ5DXP :RZDUHQPHLQH)UHXQGH" ,FKVDKVRJDULQPHLQHU9HU]ZHLIOXQJXQWHUGHU&RXFKQDFK REZRKOHVVLQQORVZDUVRHWZDV]XWXQ$EHUGLHDQGHUHQNRQQ WHQVLFKGRFKQLFKWLQ/XIWDXIJHO|VWKDEHQ 2GHUGRFK" ,FKGDFKWHDQPHLQHQ-REXQGGDUDQZDVLFKVFKRQDOOHVHUOHEW KDWWH,FKKDWWH7RWHDXV*UlEHUQVWHLJHQVHKHQKDWWHJHJHQGLH VFKUHFNOLFKVWHQ6FKDXHUJHVWDOWHQJHNlPSIW :DUXPVROOWHQQLFKWDXFK0HQVFKHQYHUVFKZLQGHQN|QQHQ" $EHUHLQIDFKVR" ,UJHQGZRPXWHHVHLQHQ%H]XJVSXQNWJHEHQMHGHU'lPRQ KLQWHUOLHHLQH6SXUZHQQHUHLQPDODXIWDXFKWH 0HLQ9HUVWDQGEHJDQQZLHGHUNKOXQGVDFKOLFK]XDUEHLWHQ *HZLVVHQKDIWGXUFKVXFKWHLFKGDV=LPPHU 8QGGDQQILHOHVPLUDXI 'DV6FKDFKEUHWWZDUYHUVFKZXQGHQ 1DFKGHQNOLFKVWDQGLFKYRUGHPOHHUHQ7LVFK 0LUZXUGHNODUGD%LOO&RQROO\V*HVFKHQNZLHHLQ.DWD O\VDWRUZLUNWH(LQ.DWDO\VDWRUGHUHLQHQ.RQWDNWPLWGHU 'lPRQHQZHOWEHVFKOHXQLJWH 'DVZDUGHV5lWVHOV/|VXQJ ,FKJULIIQDFKGHQ=LJDUHWWHQ'DV6WlEFKHQVWHFNWHNDXP ]ZLVFKHQPHLQHQ/LSSHQDOVHVVFKHOOWH'DV6XPPHQULPLFK DXVGHQWUEHQ*HGDQNHQ,FKJLQJ]XU7U 'XUFKGLH6SUHFKDQODJHK|UWHLFKGD6XSHULQWHQGHQW3RZHOO PHLQ&KHIXQWHQZDUWHWH :lUHGLH)HLHUQRUPDOYHUODXIHQLFKKlWWHPLFKULHVLJEHU VHLQHQ%HVXFKJHIUHXW6RDEHUPXWHLFKLKQPLWHLQHU/DJHNRQ IURQWLHUHQGLHMHJOLFKH)HVWWDJVVWLPPXQJZHJEODVHQZUGH 3RZHOONDPPLWGHP/LIW/lFKHOQGJLQJHUGXUFKGHQ)OXU EOLHEMHGRFKUXFNDUWLJVWHKHQDOVHULQPHLQ*HVLFKWVDK ª:DVLVWJHVFKHKHQ"©IUDJWHHU ª.RPPHQ6LHHUVWHLQPDOKHUHLQ6LU©,FKJDEGHQ:HJIUHLXQG IROJWHPHLQHP&KHILQGLH:RKQXQJ
3RZHOO]RJGHQ0DQWHOQLFKWDXVª:RVLQGGLHDQGHUHQ"© IUDJWHHUVRIRUWª6FKRQJHJDQJHQ"© ª6RNDQQPDQHVDXFKQHQQHQ©HUZLGHUWHLFKPLWEHOHJWHU 6WLPPH'DQQEHULFKWHWHLFKZDVPHLQHU0HLQXQJQDFKYRUJH IDOOHQZDU ª,UJHQGZLHPXGLHVHVYHUIOXFKWH6FKDFKVSLHOPLWGlPR QLVFKHQ0lFKWHQLQ9HUELQGXQJVWHKHQ8QGLFKJODXEHVRJDU IHVWGDUDQGDHVYRQLKQHQVHOEVWKHUJHVWHOOWZRUGHQLVW© ª8QGZDUXP"© ª8PPLFK]XYHUQLFKWHQ'DUXPDOOHLQJHKWHV6LU'LH0lFKWH GHU)LQVWHUQLVVFKHLQHQ]XP6WXUPDQJULIIJHEODVHQ]XKDEHQ6LH ZROOHQHVHQGOLFKZLVVHQ© 3RZHOOQLFNWHQDFKGHQNOLFKª:DVZROOHQ6LHXQWHUQHKPHQ -RKQ"2GHUJHEHQ6LHDXI"© ,FKVFKDXWHPHLQHQ&KHIDQZLHHLQHQ*HLVWHVNUDQNHQ3RZHOO VFKLHQ]XEHPHUNHQZDVLQPLUYRUJLQJGHQQHUKREEHVFKZLFK WLJHQGGLHUHFKWH+DQG ª5HJHQ6LHVLFKELWWHQLFKWDXI-RKQ,FKP|FKWHGD6LHPLFK ULFKWLJYHUVWHKHQ6LHVLQGPHLQEHVWHU0DQQXQGKDEHQ,KUH )lOOHELVKHUHUVWNODVVLJJHO|VW$EHUZHQQLUJHQGHLQH6HLWHMHW]W HLQH+HW]MDJGDXI6LHEHJLQQWHLQH+HW]MDJGEHLGHUDOOH0LWWHO UHFKWVLQGGDQQLVW,KU/HEHQDXIVK|FKVWHJHIlKUGHW8QGLFK P|FKWHPHLQHQEHVWHQ0DQQQLFKWYHUOLHUHQ/LHEHUVHW]HLFK6LH LUJHQGZRDQGHUVHLQ-RKQ,FKKRIIHZLUKDEHQXQVYHUVWDQGHQ© 6LFKHULFKYHUVWDQGPHLQHQ&KHI,FKEHJULIIJHQDXZDVHU PHLQWH8QGGRFKNRQQWHLFKLKPQLFKW]XVWLPPHQ0HLQH$UEHLW EH]HLFKQHWHLFKVFKRQOlQJVWQLFKWPHKUDOV-REQHLQIUPLFK ZDUHVHLQHHFKWH$XIJDEH,FKKDEHPLUYRUJHQRPPHQGLH 0lFKWHGHU)LQVWHUQLV]XEHNlPSIHQZRLPPHULFKVLHWUHIIH,FK ZXWHJHQDXGDGHUREHUVWH'lPRQ6DWDQDOVR]XHLQHP *HQHUDODQJULIIDQJHVHW]WKDWWH(UZROOWHGLH:HOWEHKHUUVFKHQ 8QGHUKDWWH=HLW)QI]LJ-DKUH]XP%HLVSLHOVSLHOWHQIULKQ NHLQH5ROOH(VJDEQXUZHQLJH0HQVFKHQDXIGHP(UGEDOOGLH YRQGLHVHU%HGURKXQJZXWHQ=XGHQ/HXWHQ]lKOWHQLFKXQG DXFKPHLQH)UHXQGH6LHLP6WLFK]XODVVHQGDVNlPHIUPLFK QLHLQ)UDJH'DVVDJWHLFKDXFKPHLQHP&KHI
3RZHOOOlFKHOWHVFKPDOª,FKKDEHJHZXWGD6LHVRUHDJLHUHQ ZUGHQ-RKQ9HUJHVVHQZLUGDV7KHPD© ,FKQLFNWHª:ROOHQ6LHHLQHQ:KLVN\"©IUDJWHLFK ª-DELWWH© ,FKKROWHHLQH)ODVFKHXQG]ZHL*OlVHU:LUWUDQNHQVFKZHL JHQG'DQQVHW]WH3RZHOOGDV*ODVDEXQGVDJWHª8QGMHW]W"© ,FK]QGHWHPLUHLQH=LJDUHWWHDQREZRKOVLFKPHLQ+DOV SHO]LJXQGWURFNHQDQIKOWH ª,FKPXGHU6SXUGHV6FKDFKVSLHOVQDFKJHKHQ©DQWZRUWHWH LFKª'DVLVWGLHHLQ]LJH0|JOLFKNHLW© 3RZHOOYHU]RJGDV*HVLFKWª:LVVHQ6LHGHQQZR%LOO&RQROO\ GDV6SLHOJHNDXIWKDW"© ª/HLGHUQLFKW© ª'DQQZLUGHVYHUGDPPWVFKZHU© ,FKVWlXEWHGLH$VFKHDEVWULFKQDFKGHQNOLFKEHUPHLQH6WLUQ ª9LHOOHLFKWILQGHLFKHLQH6SXULQ%LOOV+DXV(LQH5HFKQXQJHLQH 4XLWWXQJZDVZHLLFK© 3RZHOOQLFNWHª'DVLVWXQEHGLQJWHLQH0|JOLFKNHLW©JDEHU]X ª,FKZHUGH/HXWHDEVWHOOHQGLH,KQHQKHOIHQGHQ)DOO]XNOlUHQ© ª'DVHUOHGLJHLFKOLHEHUDOOHLQ© ª:DUXP"© ª(VLVWMDQXUHLQYDJHU9HUGDFKW,FKP|FKWHQLFKWGDLUJHQG ZHOFKH3ROL]LVWHQGLH:RKQXQJDXIGHQ.RSIVWHOOHQ$XHUGHP JlEHGDV]XYLHO$XIVHKHQ8QGGDVVROOWHQZLUGRFKEHLP PRPHQWDQHQ6WDQGGHU'LQJHWXQOLFKVWYHUPHLGHQ© ª:LH6LHPHLQHQ©VDJWH3RZHOOª:DQQZROOHQ6LHDQIDQJHQ -RKQ"© ª-HW]W1RFKLQGLHVHU1DFKW=XP*OFNKDEHLFKYRQ%LOOV +DXVHLQHQ=ZHLWVFKOVVHO,FK© 'DV7HOHIRQVXPPWH :LHK\SQRWLVLHUWVWDUUWHQ3RZHOOXQGLFKJOHLFK]HLWLJDXIGHQ $SSDUDW ª(UZDUWHQ6LHHLQHQ$QUXI"©IUDJWHPLFKPHLQ&KHI ,FKVFKWWHOWHGHQ.RSIDOVLFKVFKRQDXIGHP:HJ]XP7HOHIRQ ZDUXQGQDKPGHQ+|UHUDE ª-D©VDJWHLFKYRUVLFKWLJ
=XHUVWK|UWHLFKQLFKWV1XUHLQHQWIHUQWHV5DXVFKHQZDULQ GHU/HLWXQJ ª0HOGHQ6LHVLFK©ULHILFK /DFKHQ=XHUVWOHLVHGDQQODXWHUKlPLVFKHUXQGWULXPSKLH UHQGHUª6LQFODLU"©YHUQDKPLFKHLQHIUDJHQGH6WLPPH ª,FKELQHV© ª'DVLVWJXWVHKUJXWVRJDU9HUPLVVHQ6LHQLHPDQGHQ"=XP %HLVSLHO,KUH)UHXQGH"© ª:DVKDEHQ6LHPLWLKQHQDQJHVWHOOW"© ª%LVMHW]WQRFKQLFKWV,FKKDEHVLHQXUDQHLQHQVLFKHUHQ2UW JHEUDFKW6LHZUGHQVLFKZXQGHPZHQQ6LH,KUH)UHXQGHVHKHQ N|QQWHQ6LHKDEHQVLFKHLQZHQLJYHUlQGHUW,FKZHUGHPLW ,KQHQVSLHOHQ1RFK$EHU©GHUXQEHNDQQWH$QUXIHUOHJWHHLQH NOHLQH.XQVWSDXVHHLQªZHQQHVPLULQGHQ6LQQNRPPWZHUGH LFKHLQH3HUVRQW|WHQXQGVLH,KQHQ]XVFKLFNHQ© 'HU$QUXIHUVSUDFKLP3ODXGHUWRQ(UUHGHWHJODWWXQGVLFKHU DOVVSUlFKHHUEHUGDV:HWWHU,FKZDULP$XJHQEOLFNXQIlKLJ HLQ:RUW]XYHUOLHUHQ+DUWXPVSDQQWHQGLH)LQJHUPHLQHU UHFKWHQ+DQGGHQ+|UHU:HLXQGVSLW]WUDWHQGLH.Q|FKHOKHU YRU,QPLUWREWHHLQHXQJHKHXUH:XWZHLOLFKPHLQHQ*HJQHU QLFKWNDQQWH ª6LQG6LHQRFKGUDQ"© ª-D©HUZLGHUWHLFKJHSUHW ª*XWGDQQK|UHQ6LHZHLWHU]X*HLVWHUMlJHU©'DVOHW]WH:RUW VDJWHGHU$QUXIHUYHUlFKWOLFKª:LUKDEHQ,KUH)UHXQGHVHOEVW YHUVWlQGOLFKQLFKWXPVRQVWHQWIKUWVRQGHUQXQVHWZDVGDEHL JHGDFKW:LUZROOHQ6LH(QGOLFK$EHUYRUHUVWODVVHQZLU6LH VFKPRUHQ8QWHUQHKPHQ6LHQLFKWV:DUWHQ6LHXQVHUHQQlFKVWHQ $QUXIDE'DQQHQWVFKHLGHWVLFKDOOHV+DEHQ6LHPLFKYHUVWDQ GHQ"© ª,FKKDEHDOOHVJHK|UW© ª:XQGHUEDU©'HU8QEHNDQQWHODFKWHQRFKHLQPDOXQGOHJWH GDQQDXI $XFKLFKOLHGHQ+|UHUDXIGLH*DEHOVLQNHQ/DQJVDP ZDQGWHLFKPLFKXP 6XSHULQWHQGHQW3RZHOOZLUNWHLQVHLQHP6HVVHOZLHHLQ
'HQNPDO(UVDKHOHQGDXVDEHUPLUHUJLQJHVZDKUVFKHLQOLFK QLFKWEHVVHU'HU$QUXIKDWWHJDQ]VFK|QDQPHLQHP1HUYHQ NRVWPJH]HUUW:LUZDUHQKLOIORVZLHNOHLQH.LQGHUPHLQ&KHI XQGLFK+LQWHUXQVVWDQGHLQHGHUPlFKWLJVWHQ3ROL]HLRUJDQLVD WLRQHQGHU:HOW8QGZLUNRQQWHQQLFKWVWXQ 'LH'lPRQHQKLHOWHQDOOH7UPSIHLQGHU+DQG ª:DVLVWJHVFKHKHQ"©6XSHULQWHQGHQW3RZHOOV6WLPPHULPLFK DXVPHLQHQVFKZHUHQ*HGDQNHQ ,FKKROWHWLHI/XIWª0DQKDWPLUGLH%HGLQJXQJHQJHVWHOOW© HUZLGHUWHLFKOHLVH ª8QG"© ª,FKVROOPLFKUXKLJYHUKDOWHQXQGQLFKWVXQWHUQHKPHQ6LH VHW]HQVLFKZLHGHUPLWPLULQ9HUELQGXQJ© ª6LH©VDJWH3RZHOOª6LQGGDVPHKUHUH"© ª1HLQ(VZDUHLQ$QUXIHU© ª+DEHQ6LHHWZDVDXVGHU6WLPPHKHUDXVJHK|UW".DPVLH ,KQHQYLHOOHLFKWEHNDQQWYRU"© ª1HLQ© ª.|QQWHHVXQWHU8PVWlQGHQHLQ*DQJVWHUJHZHVHQVHLQ" 6FKOLHOLFKVLQG(QWIKUXQJHQPRGHUQJHZRUGHQ$XFKLQGLH VHP)DOOPVVHQQLFKWXQEHGLQJWGlPRQLVFKH.UlIWHDP:HUN JHZHVHQVHLQ© ª8QGGLHPDJLVFKH6SHUUH"©ZDUILFKHLQ ª'LHKDWWHLFKYHUJHVVHQ©3RZHOOVWW]WHEHLGH+lQGHDXIGLH 6HVVHOOHKQHXQGVWHPPWHVLFKKRFK:LHHLQ9DWHUOHJWHHUPLUGLH +DQGDXIGLH6FKXOWHUª:DVZHUGHQ6LHWXQ-RKQ"6LFKGHQ $QRUGQXQJHQIJHQRGHUPDFKHQ6LHZHLWHU"© 'HUDOWH.DPSIHVZLOOHIODPPWHZLHGHULQPLUDXIª,FKPDFKH ZHLWHU6LU,FKZHLFKHQLFKWYRQPHLQHP3ODQDE,FKZHUGH]X %LOOV+DXVIDKUHQXQGQDFK6SXUHQVXFKHQ(VK|UWVLFK]ZDU JHVFKZROOHQDQDEHULFKVDJH,KQHQ6LU-RKQ6LQFODLUJLEWQLFKW DXI1LFKWVRODQJHQRFKHLQZLQ]LJHU)XQNHQ+RIIQXQJEHVWHKW©
(VJLQJVFKRQDXIKDOEGUHLPRUJHQV]XDOVLFKPHLQHQ%HQWOH\ YRU%LOOV*UXQGVWFNDXVUROOHQOLH1LFKWVUHJWHVLFK'LH6WUDH ODJUXKLJXQGDEJHVFKLHGHQYRUPLU$XFKYRQGHQ+lXVHUQZDU QLFKWV]XVHKHQ.HLQ/LFKWVFKLPPHUWHGXUFKGDVVFKRQEXQW ZHUGHQGH/DXEGHU%lXPH ,FKEOLHEHLQLJH0LQXWHQLQPHLQHP:DJHQVLW]HQXQGEHRE DFKWHWHGLH8PJHEXQJ(VNRQQWHGXUFKDXVVHLQGDDXFKPHLQH *HJQHUGDV+DXVXQWHU.RQWUROOHKLHOWHQ 'LHVPDOZDULFKEHZDIIQHWLFKWUXJPHLQHPLWJHZHLKWHQ 6LOEHUNXJHOQJHODGHQH%HUHWWD(LQDQHLQHU.HWWHKlQJHQGHV 6LOEHUNUHX]ODJDXIPHLQHU%UXVW=XVlW]OLFKKDWWHLFKPLUQRFK HLQH*QRVWLVFKH*HPPHHLQJHVWHFNWHLQ7DOLVPDQGHU'lPRQHQ DEVFKUHFNWH $OVLFKVLFKHUZDUQLFKWEHREDFKWHW]XZHUGHQYHUOLHLFK GHQ%HQWOH\,FKPXWHEHUGLH0DXHUNOHWWHUQGDGDV7RU JHVFKORVVHQZDU*HGXFNWOLHILFKGXUFKGHQJURHQ*DUWHQ (LQH7DVFKHQODPSHKDWWHLFKHEHQIDOOVPLWJHQRPPHQ 'DQQVWDQGLFKYRUGHU+DXVWU$XIJHVFKUHFNWYHUVFKZDQG HLQ(LFKK|UQFKHQKLQWHUHLQHP%XVFK ,FKVFKORGLH7UDXI'DV/LFKWGHU7DVFKHQODPSHZLHVPLU GHQ:HJ]XP$UEHLWV]LPPHU,FKZXWHZRPHLQ)UHXQG%LOO 5HFKQXQJHQXQGSHUV|QOLFKH6FKUHLEHQDXIEHZDKUWH(UKDWWH VLFKGDIUHLQHQNOHLQHQ6HNUHWlUHLQJXWHUKDOWHQHV6WFNDXV GHPDFKW]HKQWHQ-DKUKXQGHUWJHNDXIW 'HU6HNUHWlUZDUYHUVFKORVVHQ0LWHLQHP'LHWULFKPDQLSX OLHUWHLFKRKQH*HZLVVHQVELVVHDQGHP6FKORKHUXP,FKNRQQWH PLUGDVUHFKWOLFKHUODXEHQGHQQKLHUODJHLQ1RWIDOOYRU 'DV6FKOROHLVWHWHQLFKWODQJH:LGHUVWDQG 'LH6FKXEODGHNQDUUWHDOVLFKVLHDXI]RJ8QWHUHLQLJHQ DQGHUHQ3DSLHUHQIDQGLFKGHQ+HIWHUPLWGHQ5HFKQXQJHQ ,FKOHJWHGLH/DPSHVRGDLKU/LFKWDXIGHQ+HIWHUILHO'DQQ VFKOXJLFKLKQDXI 'LH5HFKQXQJODJJOHLFK]XREHUVW %HLQDKHKlWWHLFKHLQHQ3ILIIDXVJHVWRHQVREHUUDVFKWZDU LFK)HLQVlXEHUOLFKZDUGLH$GUHVVHGHV$QWLTXLWlWHQODGHQVDXI GLHOLQNHREHUH+lOIWHGHV%ULHIERJHQVJHGUXFNW
,FKODVGHQ1DPHQ2FWDYLR1XULKQQLFKWVZHLWHUNHLQHQ9RU QDPHQ'DV*HVFKlIWODJLQ&KHOVHDHLQHPYRUQHKPHQ/RQGRQHU :RKQRUW ,FKNODSSWHGHQ+HIWHUZLHGHU]XXQGYHUVWDXWHLKQLQGHU 6FKXEODGH'LHJHQDXH$GUHVVHKDWWHVLFKLQPHLQHP*HGlFKWQLV IHVWJHVHW]W1LHPHKUZUGHLFKVLHYHUJHVVHQ 5DVFKYHUOLHLFKGDV+DXVXQGUDQQWHPLWODQJHQ6FKULWWHQ GXUFKGHQ*DUWHQ ,FKKDWWHHLQQHXHV=LHO 'HQ$QWLTXLWlWHQODGHQLQ&KHOVHD ,QGHU8QWHUZHOWQDQQWHPDQLKQGHQ$DO0LWULFKWLJHQ1DPHQ KLHHU0LNH%RQHWWLZDU]ZHLXQGGUHLLJ-DKUHDOWXQGKDWWH VFKRQHLQH.DUULHUHDOV(LQEUHFKHUKLQWHUVLFK%RQHWWLDUEHLWHWH QXUDXIHLJHQH5HFKQXQJ(UJHK|UWHNHLQHP6\QGLNDWDQYHU NDXIWHDEHUKLQXQGZLHGHUVHLQH'LHQVWH8QGGLHZHLWXQWHU 3UHLVGHQQQXUVRZDU%RQHWWLVLFKHUYRQGHQ%RVVHQDXFKLQ 5XKHJHODVVHQ]XZHUGHQ %RQHWWLV9DWHUVWDPPWHDXV6L]LOLHQVHLQH0XWWHUDXV 0DQFKHVWHU+HXWHOHEWHQEHLGHQLFKWPHKU9DWHU%RQHWWLKDWWH GHUODQJH$UPGHUVL]LOLDQLVFKHQ0DILDJHSDFNWXQGGLH0XWWHU ZDUDXV*UDPEHUGHQ7RGLKUHV0DQQHVLQGLH7KHPVHJH JDQJHQ'DPDOVZDU0LNHJHUDGHGUHL]HKQ-DKUHDOW(UKDWWH OHUQHQPVVHQVLFKGXUFK]XVFKODJHQ 8QGZLH =XHUVWUlXPWHHUNOHLQH/HEHQVPLWWHOOlGHQDXV%LVPDQLKQ IDWHXQGIUGUHL-DKUHLQHLQH-XJHQGVWUDIDQVWDOWVWHFNWH'RUW EUDFKWHPDQLKP7ULFNVEHLGLHHUQRFKQLFKWNDQQWH%RQHWWLZDU HLQJHOHKULJHU6FKOHU$XHUGHPVFKZRUHUVLFKVLFKQLHPHKU IDVVHQ]XODVVHQ'LHVHQ6FKZXUKDWWHHUELVKHXWHJHKDOWHQ ,QGHU(UIROJVOHLWHUZDUHULPPHUZHLWHUQDFKREHQJHVWLHJHQ 8QGGDQQKDWWHHUVLFKVSH]LDOLVLHUW$XI$QWLTXLWlWHQOlGHQ 6FKRQPDQFKHU+lQGOHUKDWWHIDVVXQJVORVDPIUKHQ0RUJHQ YRUVHLQHQOHHUHQ5HJDOHQJHVWDQGHQZlKUHQGGLH.XQVWZHUNH VFKRQDXIGHP6FKZDU]HQ0DUNWYHUK|NHUWZXUGHQ
$XFKLQGLHVHU1DFKWDUEHLWHWH0LNH%RQHWWLQLFKWDXIHLJHQH 5HFKQXQJ(UKDWWHHLQHQ$XIWUDJJHEHUXQGGLHVHUZROOWHXQEH GLQJWHLQHQ6WDQGVSLHJHOKDEHQGHULQ2FWDYLRV$QWLTXLWlWHQ ODGHQVWDQG )QIWDXVHQG'ROODUVROOWHGHU$DOIUGHQ-REHUKDOWHQ 8QGGDIUULVNLHUWHGHUJXWH0LNHVFKRQPDOHWZDV (UJLQJPHWKRGLVFKYRUVHLQH=HLWZDUHQGLHIUKHQ0RUJHQ VWXQGHQ'DQQWDXFKWHHUZLHHLQ6FKDWWHQDXIKXVFKWHLQGLHHQW VSUHFKHQGHQ/lGHQUlXPWHVHLQH%HXWHZHJXQGZDUZLHGHU YHUVFKZXQGHQ =XP$EWUDQVSRUWGHU!:DUHVWDQGLKPHLQ)RUG.RPEL]XU 9HUIJXQJ 'LHQDKH.LUFKWXUPXKUVFKOXJGUHLPDODOV%RQHWWLVHLQHQ :DJHQHLQ6WFNYRU2FWDYLRV+DXVDEVWHOOWH(UKDWWHVLFKGLH *HJHQGDP9RUWDJHVFKRQHLQPDODQJHVHKHQXQGIHVWJHVWHOOW GDHUNHLQHJURHQ6FKZLHULJNHLWHQKDEHQZUGH(UNRQQWH RKQHZHLWHUHVGXUFKHLQHQ+LQWHUHLQJDQJLQGDV+DXVJHODQJHQ %RQHWWLVSUDQJDXVVHLQHP.RPEL.HLQ/DXWZDU]XK|UHQDOV HUEHUGHQ%UJHUVWHLJJLQJ'LH.UHSSVRKOHQZDUHQZHLFKXQG QDFKJLHELJ%RQHWWLKDWWHHLQHVFKODQNH)LJXU(UZDUVFKZDU] KDDULJXQGKDWWHHLQHQ]LHPOLFKGXQNOHQ7HLQW6HLQH1DVH VSUDQJZLHHLQ(UNHUDXVGHPVFKPDOHQ*HVLFKWXQGDXIGHU 2EHUOLSSHZXFKVHLQVWULFKGQQHV%lUWFKHQ 'HU$DOHUUHLFKWHGDV+DXV (UEOLHEVWHKHQGUFNWHVLFKLQGHQ6FKDWWHQGHU+DXVZDQG XQGEOLFNWHVLFKVXFKHQGXP.HLQ0HQVFKZDUDXIGHU6WUDH]X VHKHQQLHPDQGEHREDFKWHWHLKQ %RQHWWLZDU]XIULHGHQ,QGLHVHU*HJHQGVFKOLHIHQGLH/HXWHXP GUHL8KUPRUJHQV(VJDENHLQH1DFKWEDUVXQGNHLQH7LQJHO WDQJHOGLHULQJVXPGLH8KUJH|IIQHWKDWWHQZLHZHLWHUQ|UG OLFKZR6RKRODJ (LQH(LQIDKUW]XP+LQWHUKRIZDUIUGHQ'LHEGLUHNWHLQH (LQODGXQJ%RQHWWLWDXFKWHLQGHQGXQNOHQ6FKODXFK$XIHLQH 7DVFKHQODPSHYHU]LFKWHWHHU(LQ0DQQZLHGHU$DOIDQGVLFK DXFKLP'XQNHOQ]XUHFKW (UJHODQJWHLQHLQHQ+LQWHUKRI
6FKHPHQKDIWKREHQVLFKGLH8PULVVHHLQHV*DUDJHQEDXVDE :HLWEHUGHQQXU]ZHLVW|FNLJHQ+lXVHUQVSDQQWHVLFKGHU 1DFKWKLPPHO9HUHLQ]HOWEOLQNWHQHLQSDDU6WHUQH 3O|W]OLFKVDK%RQHWWLGLHJOKHQGHQ$XJHQ,PHUVWHQ0RPHQW VWXW]WHHUGRFKDOVHUHLQ)DXFKHQYHUQDKPXQGGLH.DW]HGLFKW DQVHLQHQ%HLQHQYRUEHLVWULFKXPVSLHOWHHLQ*ULQVHQVHLQH /LSSHQ 'HU$DOZDQGWHVLFKGHU+LQWHUWU]X $XVGHU,QQHQWDVFKHVHLQHU/HGHUMDFNHKROWHHUGDV(LQ EUHFKHUEHVWHFN'LH:HUN]HXJHZDUHQ]ZDUDXV0HWDOOGRFK GUHL9LHUWHOGHU7HLOHZDUHQPLWHLQHU.XQVWVWRIIVFKLFKWEHU ]RJHQVRGDHLQDOO]XODXWHV.OLUUHQYHUPLHGHQZXUGH 0LNH%RQHWWLZDUHLQHFKWHU3URIL%HLQDKHODXWORV|IIQHWHHUGLH 7UXQGKXVFKWHLQGDV+DXV (LQH%OHLVWLIWODPSHEOLW]WHDXI1DGHOIHLQGXUFKGUDQJGHU 6WUDKOGLH'XQNHOKHLWEHVFKULHEHLQHQ.UHLVXQGEOLHEDQHLQHP 7UVFKORKDIWHQ 'HU$DOQLFNWH]XIULHGHQ'LH7UGLHHUHQWGHFNWKDWWHIKUWH ]XGHQ9HUNDXIVUlXPHQ6LHZDUDEJHVFKORVVHQGRFKIUGHQ JHZLHIWHQ(LQEUHFKHUELOGHWHVLHNHLQ+LQGHUQLV 0LNHVFKOLFKLQGHQ9HUNDXIVUDXP/DXVFKHQGVWDQGHUGD(V ZDUQLFKWY|OOLJUXKLJ,UJHQGZRNQDFNWHXQGNQDUUWHLPPHU HWZDV'LH6FKDXIHQVWHUKDWWHQQLFKWHLQPDOHLQ*LWWHUXQGZDUHQ DXFKQLFKWDEJHGHFNWZRUGHQ'HU+lQGOHUPXWHVLFKYHU GDPPWVLFKHUIKOHQ 6HLQ3HFK 0LNH%RQHWWLVXFKWHGHQ6SLHJHO(UEHZHJWHVLFK]ZLVFKHQGHQ HLQ]HOQHQ7HLOHQVRVLFKHUDOVZlUHHULQGHP/DGHQ]X+DXVH 1LFKWHLQPDOVWLHHULUJHQGZRJHJHQ 'HQ6SLHJHOIDQGHUQLFKW %RQHWWLZXUGHXQUXKLJ6ROOWHLKQVHLQ$XIWUDJJHEHUJHOHLPW KDEHQ".DXPGHQQZHUVROFKHLQH6XPPHDXVJDEGHUVSLHOWH DXFKPLW!HKUOLFKHQ.DUWHQ %RQHWWLKDWWHHLQ)RWRYRQGHP6SLHJHOJHVHKHQXQGYHUNDXIW KDWWHGHU+lQGOHUGDV'LQJDXFKQLFKWZLHHUZXWH 'HU$DOEHUOHJWH
'UDXHQDXIGHU6WUDHIXKUHLQ:DJHQYRUEHL'LHEHLGHQ /LFKWODQ]HQGHU6FKHLQZHUIHUVWUHLIWHQGLH6FKDXIHQVWHU %RQHWWLGXFNWHVLFK'DQQZDUGHU:DJHQYHUVFKZXQGHQ 'HU(LQEUHFKHUGDFKWHQLFKWLP7UDXPGDUDQDXI]XJHEHQ 1RFKQLHZDUHURKQH%HXWHYHUVFKZXQGHQXQGDXFKKLHUZUGH HVQLFKWDQGHUVVHLQ (UHQWGHFNWHGLH7UGLH]X2FWDYLRV3ULYDWUlXPHQIKUWH (LQGQQHV*ULQVHQXPVSLHOWHGLH/LSSHQGHV0DQQHVDOVHU VLFKGDV7UVFKORLP/LFKWGHUNOHLQHQ/DPSHDQVDK .HLQ3UREOHPIULKQ(UKDWWHGLHHQWVSUHFKHQGHQ:HUN]HXJH MDGDEHL 'LH7UVFKZDQJY|OOLJODXWORVDXI'HU(LQEUHFKHUNRQQWHQXU LPPHUZLHGHUEHUGLH6RUJORVLJNHLWGHV$QWLTXLWlWHQKlQGOHUV GHQ.RSIVFKWWHOQ:LHGLHVHU0DQQVHLQHZHUWYROOHQ9HUNDXIV REMHNWHVLFKHUWHGDVZDUVFKRQIDVWVWUDIEDU $OOHUGLQJVDKQWHGHUJXWH0LNH%RQHWWLQLFKWVYRQGHQPDJL VFKHQ)DOOHQGLHDXIHLQHQXQJHEHWHQHQ%HVXFKHUZDUWHWHQ 2FWDYLRKDWWHVLFKZRKOJHVLFKHUWDXIVHLQHJDQ]VSH]LHOOH:HLVH 'HU'LHEEHWUDWGDVNOHLQH$UEHLWV]LPPHU 8QGHUVDKGHQ6SLHJHO 'DVKHLWHLJHQWOLFKQXUKDOEGHQQGLHREHUH+lOIWHZDUPLW HLQHU'HFNHYHUKlQJW'LHEHLGHQ)HXQGGLH+RO]SODWWIRUP DXIGHUGHU6SLHJHOVWDQGVFKDXWHQKHUYRU $XI=HKHQVSLW]HQQlKHUWHVLFKGHU$DOGHPZHUWYROOHQ *HJHQVWDQG 0LWGHUUHFKWHQ+DQG]RJHUDQGHU'HFNH6LHJOLWW]X%RGHQ XQGJDEGLH6SLHJHOIOlFKHIUHL 'HU(LQEUHFKHUWUDWXQZLOONUOLFKHLQHQKDOEHQ6FKULWW]XUFN (UKDWWHMDVFKRQ]DKOUHLFKH6SLHJHOJHVHKHQDEHUVROFKHLQ6WFN ZDULKPQRFKQLHXQWHUGLH$XJHQJHNRPPHQ (UOHXFKWHWHPLWGHU7DVFKHQODPSHDXIGHQ6SLHJHO'HU6WUDKO ZXUGHDEHUQLFKWUHIOHNWLHUWVRQGHUQVFKLHQLQGHU)OlFKH]XYHU VFKZLQGHQVRDOVZUGHHUDEVRUELHUW 6HOWVDP 8QGEHUQRFKHWZDVZXQGHUWHVLFK0LNH%RQHWWL'DV 6SLHJHOJODVKDWWHHLQ0XVWHU(VZDUHQNOHLQH.lVWFKHQRGHU
)HOGHUlKQOLFKZLHEHLHLQHP6FKDFKEUHWW0DQFKH)HOGHUZDUHQ HWZDVGXQNOHU$QGHUHZLHGHUXPJOlQ]WHQLQHLQHPPDWWHQ :HL %RQHWWLKREGLH6FKXOWHUQ(LQVHOWVDPHU6SLHJHOGDFKWHHU 'LHHLQ]HOQHQ)HOGHUZDUHQJHQDXDEJHWUHQQW'LHZLQ]LJHQ 7UHQQXQJVOLQLHQVFKLHQHQDXV*ROGIlGHQ]XEHVWHKHQVLHJOLW]HU WHQLP/LFKWGHU/DPSH )UHLQHQ0RPHQWGDFKWH%RQHWWLGDUDQGHQ6SLHJHOPLW]X QHKPHQXQGLKQDXIHLJHQH5HFKQXQJ]XYHUNDXIHQGRFKGDQQ YHUZDUIHUGHQ*HGDQNHQZLHGHU(UKDWWHGRFKQLFKWGLH %H]LHKXQJHQXPGHQ*HJHQVWDQGDQGHQULFKWLJHQ0DQQ]X EULQJHQ 0LNH%RQHWWLNOHPPWHVLFKGLH/DPSH]ZLVFKHQGLH=lKQHXQG ZROOWHVHLQH+lQGHXPGHQJHVFKZXQJHQHQ5DKPHQGHV 6SLHJHOVOHJHQ (UVWRFNWHPLWWHQLQGHU%HZHJXQJ (LQ*HUlXVFKLQVHLQHP5FNHQKDWWHLKQJHZDUQW %OLW]VFKQHOONUHLVHOWHGHU'LHEKHUXP 9RULKPVWDQG0DONRGHUKQHQKDIWH/HLEZlFKWHUGHV $QWLTXLWlWHQKlQGOHUV 'LHULHVLJH*HVWDOWVFKLHQGDVJHVDPWH%URHLQ]XQHKPHQ6R MHGHQIDOOVNDPHV0LNH%RQHWWLYRU(UZXWHGDHUHQWGHFNW ZRUGHQZDU(UEUDFKGHQQRFKQLFKWLQ3DQLNDXVVRQGHUQJDE VLFKJDQ]UXKLJ(UKDWWHVFKRQlKQOLFKH6LWXDWLRQHQEHUVWDQGHQ +HLOEHUVWDQGHQ 0LNH%RQHWWLQDKPGLH7DVFKHQODPSHDXVGHQ=lKQHQXQGKRE GLHUHFKWH+DQGª2ND\)UHXQG©VDJWHHUªPDFKQXUNHLQH 'XPPKHLWHQ© 'HU0DQQYRULKPVWLHHLQ.QXUUHQDXVª:DVKDVWGXKLHU]X VXFKHQ"©6HLQH6WLPPHNODQJKHLVHUXQG]LVFKHQGVLHZDUNDXP ]XYHUVWHKHQ ª0LUJHILHOGHU6SLHJHO© ª'XZROOWHVWLKQVWHKOHQ*LEHV]X© %RQHWWLKREGLH6FKXOWHUQª1XQMDGLH6DFKHZDUGLH©
)LHEHUKDIWVXFKWHHUQDFKHLQHU$XVUHGH8QGDXVJHUHFKQHWMHW]W ILHOLKPNHLQHHLQ(VZDUZLHYHUKH[W'LH&KDQFHQVDQNHQ *HJHQGLHN|USHUOLFKH.UDIWGHV+QHQNRQQWHHUQLHLP/HEHQ HWZDVDXVULFKWHQ'HU.HUOZUGHLKPPLWHLQHPHLQ]LJHQ*ULII VlPWOLFKH5LSSHQEUHFKHQXQGGXUFKHLQHQEOLW]VFKQHOOHQ $XVIDOODQLKPYRUEHL]XKXVFKHQZDUDXFKQLFKWGULQ'HU7\S QDKPGLH%UHLWHGHU7UHLQ ª+DW6LQFODLUGLFKJHVFKLFNW"©]LVFKWH0DONRª/RVUHGH© ª:HULVW6LQFODLU"© 0DONRJOLWWHLQHQ6FKULWWYRUXQGVFKOXJDQVDW]ORV]X(UKDWWH QRFKQLFKWHLQPDOYLHO.UDIWLQGHQ+LHEJHOHJWGRFK0LNH %RQHWWLNUPPWHVLFK(UKDWWHDXIHLQPDOGDV*HIKOVLFKEHU JHEHQ]XPVVHQª,FKLFKNHQQHNHLQHQ6LQFODLU©ZUJWHHU ª(KUOLFK© 0DONRIDWHLQ%RQHWWLV+DDUVFKRSIXQG]RJGHQ(LQEUHFKHU KRFK(VVDKVSLHOHULVFKDXVZLHGHU0DQQPLWKDUWHP*ULIIGHQ $DOSDFNWH 'DQQZDUIHULKQJHJHQGHQSURYLVRULVFKHQ3DQ]HUVFKUDQN ª0DFKGHQ0XQGDXIGX'UHFNVNHUORGHUGXNRPPVWKLHUQLFKW PHKUOHEHQGUDXV© 0LNH%RQHWWLODJDXIGHP%DXFK,QVHLQHP.|USHUWREWHQRFK GHU6FKPHU]'HU$DONRQQWHQLFKWYLHOHLQVWHFNHQ0KVDPKRE HUGHQ.RSIª$OOULJKW0LVWHULFKHU]lKOHVGLU© ª$EHUKDOWHGLFKDQGLH:DKUKHLW© ª,FKVROOWHGHQ6SLHJHOKLHUPLWJHKHQODVVHQ0DQKDWPLFK DQJHUXIHQXQGHLQHJHZLVVH6XPPHKLQWHUOHJW© ª:HUKDWGLFKDQJHUXIHQ"6LQFODLU"© ª,FKNHQQHNHLQHQ6LQFODLU© KHXOWHGHU'LHEª:LUNOLFKQLFKW© ª5HGHZHLWHU© ª:LHVFKRQJHVDJWLFKVROOWHGHQ6SLHJHOPLWQHKPHQXQGLKQ PHLQHP$XIWUDJJHEHUEHUUHLFKHQ'DVLVWDOOHV© ª:RVROOWHGDVJHVFKHKHQ"© ª,P+\GH3DUN© ª8QGZDQQ"© ª1RFKKHXWH*OHLFKQDFKGHPLFKGHQ6SLHJHOPLWJHQRPPHQ KDWWH,FKVFKZ|U V,KQHQ0DQQ©
0DONREHUOHJWH(UZDUNHLQH/HXFKWHDEHUHUKDWWH,QVWLQNW 8QG2FWDYLRKDWWHLKQHLQJHZHLKW0DONRZXWHGDVLFKVHLQ %U|WFKHQJHEHULQHLQHUDQGHUHQ'LPHQVLRQDXIKLHOWXQGHULP $XJHQEOLFNXQHUUHLFKEDUZDU6WHOOWHVLFKMHW]WQXUGLH)UDJHZHU VROFKHLQJURHV,QWHUHVVHDQGHP6SLHJHOKDWWH":HUDXHU 6LQFODLUNRQQWHQRFK9HUGDFKWJHVFK|SIWKDEHQ"2GHUVDJWH GLHVHU'LHEGLH:DKUKHLWGDHUHLQIDFKHLQHQ/LHEKDEHUIU GHQ6SLHJHOJHIXQGHQKDWWH" )U0DONRHLQHYHUGDPPWH6LWXDWLRQGLHHUMHGRFKDXIVHLQH VSH]LHOOH$UWXQG:HLVHHQWVFKLHG(UVSUDQJSO|W]OLFKYRUXQG UL0LNH%RQHWWLYRP%RGHQKRFK ª6LQG6LHZDKQVLQQLJ"©EUOOWHGHU'LHE9HU]ZHLIHOWYHUVXFKWH HUVLFKDXVGHP*ULII]XEHIUHLHQGRFKRKQH(UIROJ(UKlP PHUWH0DONRGLH)DXVWLQV*HQLFNVWUDPSHOWHPLWGHQ)HQ VFKULHXQGNRQQWHGDV8QKHLOGRFKQLFKWYHUKLQGHUQ :XFKWLJVFKOHXGHUWH0DONRLKQDXIGHQ6SLHJHO]X .HLQ6SOLWWHUQNHLQ.OLUUHQQLFKWV 0LNH%RQHWWLWDXFKWHLQGHQ6SLHJHOKLQHLQZLHHLQ6WHLQLQ :DVVHU1XUHLQK|KQLVFKHV*HOlFKWHUEHJOHLWHWHLKQ $XV-HW]WLVWHVDXVVFKULHHVLQ0LNH%RQHWWLV*HKLUQ(UVDKGLH 6SLHJHOIOlFKHGLFKWYRUVLFKUHFKQHWHVFKRQGDPLWGDLKPGLH 6FKHUEHQGLH+DXW]HUVFKQHLGHQZUGHQXQGWDXFKWHHLQ -DHUYHUVFKZDQGLQGHU)OlFKH 7DXVHQGHYRQ(PSILQGXQJHQVWU]WHQDXI0LNH%RQHWWLJOHLFK ]HLWLJHLQ(UK|UWH6WLPPHQXQHQGOLFKZHLWZHJ.RQQWHVRJDU 1DPHQYHUVWHKHQ-HPDQGULHIGHQ1DPHQ%LOO(VZDUHLQH )UDXHQVWLPPH(LQ0DQQDQWZRUWHWH'DQQZDUHVZLHGHUUXKLJ 'DIUYHUQDKP0LNHHLQPRQRWRQHV%UDXVHQGDVVLFK]XHLQHP 'U|KQHQVWHLJHUWHXQGVHLQH7URPPHOIHOOH]X]HUUHLHQGURKWH )DUEHQ]XFNWHQYRUVHLQHQ$XJHQDXI(UKDWWHGDV*HIKOLQ HLQHU=HQWULIXJH]XVWHFNHQGLHVLFKPLWUDVHQGHU*HVFKZLQGLJ NHLWGUHKWH $XIHLQPDOZDUDOOHVYRUEHL0LNH%RQHWWLNRQQWHZLHGHUNODU VHKHQ8QGHUEOLFNWHLQGDV%URGHV$QWLTXLWlWHQKlQGOHUV
$EHUZLHZDUGDVP|JOLFK"(UZDUGRFKLQGHQ6SLHJHOJH WDXFKW+LQHLQLQHLQHXQEHJUHLIOLFKH:HOWGLH 6HLQH*HGDQNHQVWRFNWHQ -HPDQGGUHKWHLP%URGDV/LFKWDQ (VZDUGHUKQHQKDIWH.HUOGHQ0LNHHLJHQWOLFKELVKHUQRFK QLHULFKWLJ]X*HVLFKWEHNRPPHQKDWWH0DONRKDWWHGDV/LFKW DQJHNQLSVW -HW]WGUHKWHHUVLFKXP (LQH6RQQHQEULOOHYHUGHFNWHGLH$XJHQ%UHLWOLHIHLQHURWH 1DUEHEHUGLH6WLUQ'HU.HUOIOHWVFKWHGLH=lKQHZLHHLQ 5DXEWLHU(VVROOWHZRKOVRHWZDVZLHHLQ*ULQVHQZHUGHQ0LNH MDJWHGLHVH*ULPDVVH6FKDXHUEHUGHQ5FNHQ 0LNH%RQHWWLVSUWHDOOHVVDKDOOHVXQGNRQQWHDOOHVHPSILQ GHQ8QGGRFKZDUHWZDVDQGHUVJHZRUGHQ 8QGPLWHLQHP0DODKQWHGHU'LHEZDVJHVFKHKHQZDU (VWUDILKQZLHHLQ6WURPVWRVRXQZDKUVFKHLQOLFKXQG VFKUHFNOLFKZDUHV (U0LNH%RQHWWLVWHFNWHLQGHP6SLHJHOZDU]XHLQHP7HLOGLH VHV6WFNVJHZRUGHQ(LQHVFKUHFNOLFKH9RUVWHOOXQJ 0LNHVSUWHVHLQ+HU]KlPPHUQGDV%OXWUDXVFKWHLQVHLQHQ 2KUHQ,UJHQGHLQ5HIOH[]ZDQJLKQGHQ6SLHJHOYHUODVVHQ]X ZROOHQ (UVFKDIIWHHVQLFKW (UNRQQWHQLFKWHLQPDOGHQNOHLQHQ)LQJHUUKUHQ 0LNH%RQHWWLOHEWHXQGZDUGRFKWRW(LQ$OSWUDXPHLQH 9LVLRQ"1HLQHLQH7DWVDFKH 0DONRZDQGWHVLFKGHP6SLHJHO]X(LQHQ6FKULWWGDYRUEOLHEHU VWHKHQª.DQQVWGXPLFKYHUVWHKHQ"© 0LNH%RQHWWLYHUVXFKWH]XVSUHFKHQRGHU]XQLFNHQ%HLGHVZDU LKPXQP|JOLFK 0DONRZLQNWHDEª,VWDXFKQLFKWVRZLFKWLJ+DXSWVDFKH GXNDQQVWPLFKK|UHQ(VZLUGJOHLFKHWZDVJHVFKHKHQZDV GXGLULQGHLQHQNKQVWHQ7UlXPHQQLFKWYRUVWHOOHQNDQQVW $EHUGXKDVWHVGLUVHOEVW]X]XVFKUHLEHQ'XKlWWHVWHLQIDFK GHLQH*LHU]JHOQXQGQLFKWLQGLHVHV+DXVNRPPHQVROOHQ -HW]WLVWHV]XVSlW©
0DONRZDQGWHVLFKZLHGHUDEQDKPHLQHQ6WXKOXQGVHW]WH VLFK$EHUYHUNHKUWKHUXPVRGDHUGLH$UPHDXIGLH/HKQH OHJHQNRQQWH(UJULIILQGLH7DVFKHKROWHHLQHQ.DXJXPPLKHU YRUXQGVFKRELKQVLFK]ZLVFKHQGLH=lKQH *ULQVHQGZDUWHWHHUDE =XHUVWJHVFKDKQLFKWV6WHLIXQGEHZHJXQJVORVKLQJ0LNH %RQHWWLLQGHP6SLHJHO(UJODXEWHVFKRQGDDOOHV%OXIIJHZHVHQ VHLGDVSUWHHUGDVVWHFKHQGH=LHKHQGDVLP1XVHLQHQJDQ]HQ .|USHUHUIDWH (VZDUJUDXVDP :HLWZDUHQGLH$XJHQGHV'LHEHVJH|IIQHW(UVDKLQGDV =LPPHUXQGXUSO|W]OLFKYHU]HUUWHVLFKGLH3HUVSHNWLYH'LH *HJHQVWlQGHZXUGHQJU|HUXQGDXFKGHU.HUODXIGHP6WXKO ZXFKV :DVZDUORVZDVZDUJHVFKHKHQ" 0LNH%RQHWWLEHJULIIQLFKWVPHKU1XUGDVJHPHLQH=LHKHQKLHOW ZHLWHUKLQDQ(UKDWWHGDV*HIKO$UPHXQG%HLQHZUGHQDXV HLQDQGHUJHULVVHQ'HU(UGERGHQUFNWHLPPHUQlKHU:LHHLQ )HOVHQUDJWHGDVUHFKWH%HLQ0DONRVYRULKPDXI 8QGGDQQZDUDOOHVYRUEHL 0LNH%RQHWWLILHO )LHODXVGHP6SLHJHOSUDOOWH]X%RGHQVWLHVLFKVFKPHU]KDIW GLH6FKXOWHUQXQGVFKULH)ULKQZDUHVHLQ6FKUHLLQ:LUNOLFK NHLWMHGRFKQLFKWPHKUDOVHLQ:LPPHUQ 'HUPDJLVFKH6SLHJHOKDWWH0LNH%RQHWWLYHUNOHLQHUW(UZDU ]XVDPPHQJHVFKUXPSIWDXIGLH*U|HHLQHU6FKDFKILJXU 0DONRVWDQGDXI (UODFKWHPLWGU|KQHQGHU6WLPPH7ULXPSKLHUHQGXQGJHPHLQ LQHLQHP 0LNH%RQHWWLULGHQ.RSILQGHQ1DFNHQ9RULKPVWDQGHLQ 5LHVH(UNRQQWHNDXPLQGDV*HVLFKWGHV0DQQHVVFKDXHQ ª1DGX=ZHUJ©YHUQDKPHUHLQH6WLPPH6LHVFKLHQDXVGHU /XIW]XNRPPHQ0DONREFNWHVLFKNUPPWHGLH)LQJHUXQG VWLHGHQ'LHEPLWGHQ.Q|FKHOQDQ 0LNHSXU]HOWH]X%RGHQ(UVWLHVLFKDQGHP6WXKOEHLQ :LHGHUODFKWH0DONR(UJHQRGLH+LOIORVLJNHLWGHV=ZHUJHV
ª/DQJHKDEHLFKDXIGLHVH*HOHJHQKHLWZDUWHQPVVHQ(QGOLFK NDQQLFKGHQ6SLHJHOHLQPDODXVSURELHUHQ(QGOLFKKDEHLFKPHL QHQ6SDGXPLHVHU:XUP©0DONRKRE0LNH%RQHWWLKRFKXQG VHW]WHLKQQHEHQGHP6SLHJHODXIGHQ%RGHQ 'HU'LHEKDWWHGLH7UDJZHLWHVHLQHUN|USHUOLFKHQ9HUlQGHUXQJ QRFKJDUQLFKWEHJULIIHQ6HLQ*HKLUQZDU]XVHKUGDPLWEHVFKlI WLJWGLHYHUJDQJHQHQVFKUHFNOLFKHQ9RUJlQJH]XYHUGDXHQXQG HLQ]XVWXIHQ 'RFKY|OOLJH.ODUKHLWVROOWH0LNH%RQHWWLJDUQLFKWHUVWEH NRPPHQ 0DONRZROOWHVHLQHQVDGLVWLVFKHQ6SD ª6RGXGUHFNLJHU(LQEUHFKHU=XHLQHP:XUPELVWGXJHZRU GHQXQGGHVKDOEZHUGHLFKGLFKDXFK]HUWUHWHQZLHHLQHQ :XUP© (UODFKWHJUDXVDPXQGKREODQJVDPGHQUHFKWHQ)X 'LH/HHUHGHU)DOOLQGLHXQHQGOLFKH7LHIHGDV*HIKOGHU +RIIQXQJVORVLJNHLWGHU$QJVWXQGGHV6FKUHFNHQVHVKDWWH LUJHQGZDQQHLQ(QGH 8USO|W]OLFKXQGRKQHhEHUJDQJ $OVHUVWHUZDU6XNRZLHGHUYROOGD(UKDWWHGLHEHVWH .RQVWLWXWLRQXQGDXFKGLHEHVWH.RQGLWLRQ6XNRODJDXIGHU 6HLWH%HKXWVDPULFKWHWHHUVLFKDXI %LOO6KHLODXQG-DQH&ROOLQVODJHQQRFKDXIGHP5FNHQ 6HOWVDPVDKHQVLHDXV6LHZDUHQQLFKWJU|HUDOVHLQH 0lQQHUKDQG,KUH.OHLGXQJZDUPLWJHVFKUXPSIW(LJHQWOLFK ERWHQVLHHLQHQVSDLJHQ$QEOLFN'RFKGHP&KLQHVHQZDUZDKU OLFKQLFKWQDFK/DFKHQ]XPXWH (UEOLFNWHVLFKXP (LQHGVWHUH/DQGVFKDIWXPJDEVLH6LHEHIDQGHQVLFKDXIHLQHU ZHLWHQ(EHQHGLHLQGHU)HUQHYRQGHPGXQNHOURWHQ+LPPHO IDVWEHUKUWZXUGH6RMHGHQIDOOVHUVFKLHQHV6XNR'HU8QWHU JUXQGZDUVDQGLJDEHUGRFK]LHPOLFKIHVW9HUVWUHXWODJHQ HLQ]HOQH6WHLQHKHUXP$XVVHLQHU3HUVSHNWLYHVDKVFKRQHLQ QRUPDOHU=LHJHOVWHLQVRJURDXVZLHHLQ)HOVEURFNHQ
'LH/XIWZDUKHLXQGVWLFNLJ$EHU]XDWPHQ8QGGDVDOOHLQ ZDUZLFKWLJ(VJDENHLQHQ:LQG1LFKWHLQ6WDXENRUQWDQ]WHLQ GHU/XIWNHLQ,QVHNWIORJ 6XNRVSUWHEHLQDKHN|USHUOLFKGLHEHNOHPPHQGH$WPRVSKlUH GLHLKQXQGVHLQH)UHXQGHXPJDE 'LH*HGDQNHQGHV&KLQHVHQZDQGHUWHQ]XUFN(UHULQQHUWH VLFKZLHGHUDQGLH*HEXUWVWDJVIHLHU6LHKDWWHQJHWUXQNHQ JHODFKWJHWDQ]W-RKQ6LQFODLUZDUNXU]DXVGHP=LPPHUJHJDQ JHQXQGGDQQ 6XNRHULQQHUWHVLFKQRFKDQGLH5DXFKZRONH'LHVHUPDJLVFKH 5DXFKKDWWHVLHXPIDQJHQXQGKLQHLQJH]RJHQLQHLQ.DUXVVHOO GHV6FKUHFNHQV 6LHZDUHQ]X=ZHUJHQJHZRUGHQXQGGXUFKHLQ'LPHQVLRQVWRU LQGDV5HLFKGHU'lPRQHQYHUVFKOHSSWZRUGHQ -DHVJDEGLHVHV5HLFKXQG6XNRZDUDXFKVLFKHUGDHVQXU HLQHVXQWHUYLHOHQZDU (UNDPVLFKYRUZLHDXIHLQHPIUHPGHQ3ODQHWHQ.HLQH6RQQH NHLQH6WHUQHQXUGLHVHUHQGORVH+LPPHOGHUDOOHV]XHUGUFNHQ VFKLHQ ª:RVLQGZLUKLHU"©%LOO&RQROO\V6WLPPHOLHGHQ&KLQHVHQ KHUXPIDKUHQ 'HU5HSRUWHUKDWWHVLFKDXIJHVHW]W(UZLVFKWHVLFKPLWGHU +DQGEHUGLH6WLUQVFKLHQVHLQH*HGDQNHQ]XRUGQHQXQG GDQQNHKUWHDXFKEHLLKPGLH(ULQQHUXQJ]XUFN $XVZHLWJH|IIQHWHQ$XJHQEOLFNWHHU6XNRDQª:LUVLQGLQ© 6XNRXQWHUEUDFKLKQª1HLQGLH+|OOHZLUGDQGHUVVHLQ© %LOOVWDQGDXI(UVDKGLHEHLGHQ)UDXHQGLHQRFKLQWLHIHU %HZXWORVLJNHLWODJHQ 'DQQEOLFNWHHUZLHGHUGHQ&KLQHVHQDQª8QGZLHNRPPHQ ZLUKLHUKHUDXV"©IUDJWHHUNUlFK]HQG ª,FKZHLHVQLFKW%LOO© ª$EHU-RKQ(UPWHXQVGRFKKROHQ© ª*ODXEVWGXLP(UQVWHUZHLZRKLQPDQXQVYHUVFKOHSSW KDW"©IUDJWH6XNR ª(UZLUGHVHUIDKUHQ©HUZLGHUWHGHU5HSRUWHUEHVWLPPW ª8QGZDUXP"©
ª:HLOHVIUXQVHUH(QWIKUXQJHLQ0RWLYJHEHQPX*DQ] HLQIDFK'LH0lFKWHGHU)LQVWHUQLVKDEHQXQVHQWIKUWXP-RKQ 6LQFODLUGDPLW]XWUHIIHQ,FKNDQQPLUJXWYRUVWHOOHQGDVLHDXI HLQHQ7DXVFKDXVVLQG-RKQJHJHQXQV'DVOLHJWDXIGHU+DQG© 6XNRQLFNWHODQJVDPª'DNDQQVWGXUHFKWKDEHQ%LOO(VPXWH MDHLQPDOVRNRPPHQ© ª8QGZDVWXQZLUMHW]W"©IUDJWH%LOO(UGHXWHWHPLWGHP$UP HLQHQ+DOENUHLVDQª6LHKGLFKGRFKPDOXP'LHVHVVFKUHFNOLFKH /DQG:RKLQVROOHQZLUJHKHQ":HLWHUKLQHLQLQGLH(LQ|GH"© ª(VZlUHLPPHUKLQHLQH0|JOLFKNHLW© %LOO&RQROO\OlFKHOWHYHUORUHQªIUXQVEHLGHMDDEHUPLWGHQ )UDXHQ©(UPDFKWHHLQHQ*HGDQNHQVSUXQJª+lWWH6KHLOD GRFKQXUGLHVHVYHUGDPPWH6FKDFKVSLHOQLFKWJHNDXIW© ª(VZDU6FKLFNVDO© %LOOUXQ]HOWHGLH6WLUQª:LHPHLQVWGXGDV6XNR"© ª'HU3ODQPXYRQODQJHU+DQGYRUEHUHLWHWJHZHVHQVHLQ 9LHOOHLFKWKDWMHPDQG6KHLODV*HGDQNHQJHVWHXHUWLFKZHLHV QLFKW%LOO© 'HU5HSRUWHUVHQNWHGHQ%OLFNª8QGGDEHLKlWWHLFKJHZDUQW VHLQPVVHQ© ª:LHVR"© ª,FKKDWWHHLQHQ7UDXP(LQHQJUlOLFKHQ$OSWUDXP,FKVDK PLFKDOV6FKDFKILJXUYRQGHQDQGHUHQ6SLHOILJXUHQHLQJHNUHLVW 0DQKDWWHPLFKPLW/DQ]HQEHGURKWXQGZROOWHPLFKW|WHQ8QG NXU]GDYRUHUZDFKWHLFK6FKZHLJHEDGHW,FK© 3O|W]OLFK]XFNWH%LOO]XVDPPHQ ª'HU7UDXP6XNRHUNDQQ:LUNOLFKNHLWZHUGHQ:HLWGXZLH JURZLUVLQG"© ª-DZLH6FKDFKILJXUHQ© ª'DQQVLQGZLUYHUORUHQ© 6XNROHJWHGHP5HSRUWHUGLH+DQGDXIGLH6FKXOWHUª6HLWZDQQ JLEVWGXVRVFKQHOODXIPHLQOLHEHU%LOO"'XXQG-RKQKDEWGRFK VFKRQJDQ]DQGHUH6DFKHQJHVFKDXNHOW© ª-DDEHULQXQVHUHUQRUPDOHQ*U|H1HLQ6XNRGLHVPDO ZHUGHQZLUXQVDXVHLJHQHU.UDIWQLFKWPHKUEHIUHLHQN|QQHQ )UXQVLVWGRFKVFKRQHLQH)OLHJHHLQNOHLQHV8QJHKHXHU©
'LHEHLGHQ)UDXHQZXUGHQZDFK(VJHVFKDK]XUVHOEHQ=HLW 9HUZXQGHUWEOLFNWHQ-DQH&ROOLQVXQG6KHLODXPVLFK %LOOHUNOlUWHLKQHQPLWNQDSSHQ:RUWHQZRVLHZDUHQ 6KHLODEHJDQQ]XZHLQHQ -DQHGLHPHKUYHUWUDJHQNRQQWHZXUGHQXUEOD$EHUDXFKLQ LKUHQ$XJHQODVHQ%LOOXQG6XNR$QJVW 6XNRYHUVXFKWH7URVW]XVSHQGHQª1RFKLVWMDQLFKWVYHUORUHQ© VDJWHHUXQGEHPKWHVLFKVHLQHU6WLPPHHLQHQJODXEZUGLJHQ .ODQJ]XJHEHQ:LUPVVHQXQVHEHQDXFKLQQHUOLFKDXIXQVHUH *U|HHLQVWHOOHQ'DVLVWDOOHV© -DQH&ROOLQVVWDQGDXI6LHZLUNWHPLWLKUHPODQJHQEORQGHQ +DDUZLHHLQHNOHLQH]HUEUHFKOLFKH*OLHGHUSXSSHª,FKKDEHGDV *HIKO]XWUlXPHQ©IOVWHUWHVLHª8QGGDEHLZHLLFKJHQDX GDHV:LUNOLFKNHLWLVW6FKUHFNOLFK© %LOO&RQROO\KDWWH6KHLODXPIDW(UUHGHWHEHUXKLJHQGDXI VLHHLQ 6XNRVWDQGQHEHQGHQEHLGHQ6HLQH%OLFNHVFKZHLIWHQEHUGLH XQKHLPOLFKH/DQGVFKDIW 3O|W]OLFKQDKPVHLQ*HVLFKWHLQHQEHVWU]WHQ$XVGUXFNDQ 9RULKPYLHOOHLFKWGUHLQRUPDOH6FKULWWHHQWIHUQWKDWWHVLFK HWZDVJHUHJW'LHVDQGLJH2EHUIOlFKHJHULHWGRUWLQ%HZHJXQJ (WZDVVFKlOWHVLFKDXVGHP%RGHQ (LQKDOEUXQGHU.|USHUPLWVHFKV%HLQHQZXUGHVLFKWEDU'DQQ ]ZHL)DFHWWHQDXJHQGLHGLHYLHU0HQVFKHQDQVWDUUWHQ (LQH6SLQQH 1RUPDOHUZHLVHKlWWH6XNRGLHVHV7LHUPLWHLQHP)XWULWW]HU TXHWVFKW$EHUMHW]WXQGKLHUZXUGHGLH6SLQQH]XHLQHUOHEHQV JHIlKUOLFKHQ%HGURKXQJ +LQWHUGHP&KLQHVHQVWLH6KHLODHLQHQ6FKUHLDXV$XFKVLH KDWWHGDV7LHUJHVHKHQ 6XNRZDQGWHKDVWLJGHQ.RSIª6HLGUXKLJXQGYHUVWHFNWHXFK KLQWHULUJHQGHLQHP)HOVHQ%LOONRPPGX]XPLU© 'LHEHLGHQYRPbXHUHQKHUXQJOHLFKHQ)UHXQGHZROOWHQGHQ .DPSIJHJHQGLHJLIWLJH6DQGVSLQQHDXIQHKPHQ
,FKNDQQWHPLFKJXWDXVLQ&KHOVHD'LH6WUDHLQGHUVLFKGDV *HVFKlIWEHIDQGODJLP1RUGHQYRQ&KHOVHDQDKHGHQ&KHOVHD %DUUDFNV ,FKOHQNWHGHQ%HQWOH\GXUFKGHQQDFKWGXQNOHQ9RURUW0HLQH *HGDQNHQEHVFKlIWLJWHQVLFKLPPHUQRFKPLWPHLQHQ)UHXQGHQ :DVZDUPLWLKQHQJHVFKHKHQ":REHIDQGHQVLHVLFKMHW]W" ,FKKRIIWHHLQHQ7HLOGHV5lWVHOVQRFKLQGHQQlFKVWHQ6WXQGHQ O|VHQ]XN|QQHQ 0HLQ=LHOZDUVFKQHOOJHIXQGHQ,FKVFKDOWHWH]XUFNXQGOLH GHQ6LOEHUJUDXHQODQJVDPEHUGLH)DKUEDKQUROOHQ ,FKNDPDQHLQHPSDUNHQGHQ)RUG.RPELYRUEHLSDVVLHUWH DXFKGDV+DXVGHV+lQGOHUVXQGOHQNWHGHQ%HQWOH\GDQQDQGHQ %UJHUVWHLJ ,FKVWLHJDXV 'LH6WUDHZDUW\SLVFKIU&KHOVHDbOWHUH:RKQKlXVHUPDQ FKHVFKRQIQI]LJ-DKUHDOWVlXPWHQGLH)DKUEDKQ'LHVH+lXVHU ZDUHQGDVZXWHLFKYRQLQQHQOlQJVWUHQRYLHUWZRUGHQ &KHOVHDJHK|UWH]XGHQEHYRU]XJWHQ:RKQJHJHQGHQ'LH0LHWHQ ZDUHQHQWVSUHFKHQGKRFK ,FKJLQJGLHSDDU6FKULWWH]XUFN]X2FWDYLRV*HVFKlIW 1LHPDQGEHJHJQHWHPLU6WLOOXQGYHUODVVHQODJGLH6WUDHLP IDKOHQ/LFKWGHV+DOEPRQGHV(LQLJH+lXVHUZHLWHUEUDQQWHLP ]ZHLWHQ6WRFNKLQWHUHLQHP)HQVWHUHLQ/LFKW'HUKHOOH6FKHLQ ZLUNWHGLUHNWZLHHLQ)UHPGN|USHU 2FWDYLRV/DGHQKDWWH]ZHL6FKDXIHQVWHU*HVLFKHUWZDUNHLQHV .HLQHHLVHUQHQ5ROOlGHQNHLQHHOHNWULVFKH:DUQDQODJHKLQWHU *ODVQLFKWV'LHVHU2FWDYLRPXWHVLFKYHUIOXFKWVLFKHUIKOHQ ,FKVWDUUWHGXUFKGLH6FKHLEHXQGVDKHLQHQ/LFKWVFKLPPHU (UGUDQJGXUFKHLQHVSDOWEUHLWRIIHQVWHKHQGH7UGHUHQ 8PULVVHLFKLP+LQWHUJUXQGGHV5DXPHVHUNDQQWH'HU /LFKWVWUHLIHQILHODXIHLQHDOWH7UXKHXQGVWUHLIWHDXFKQRFKGLH 9RUGHUVHLWHHLQHU]ZHLWULJHQ.RPPRGH ,FKJUDWXOLHUWHPLUGD]XGDLFKHLQHQ%OLFNGXUFKGDV)HQVWHU JHZRUIHQKDWWH'DGXUFKZDULFKJHZDUQW(VEHIDQGVLFKGHP QDFKQRFKMHPDQGLQGHP*HVFKlIW 'HU%HVLW]HUVHOEVW"
,FKJUEHOWHQLFKWODQJHKHUXPVRQGHUQVXFKWHQDFKHLQHP :HJXPLQGHQ/DGHQHLQ]XGULQJHQ 'LH(LQJDQJVWUZDUYHUVFKORVVHQ8QGOlXWHQZROOWHLFKDXFK QLFKW 'LH(LQIDKUWERWVLFKQDKH]XDQ6LHIKUWHDXIHLQHQ+LQWHUKRI LQGHPHLQ*DUDJHQEDXVWDQG,FKZLFKHLQLJHQ$VFKNEHOQDXV XQGVWDQGGDQQYRUGHU+LQWHUWU 8QGGLHZDURIIHQ 6HOWVDP (LQXQDQJHQHKPHV3ULFNHOQEHUILHOPLFK(VWUDWLPPHUGDQQ DXIZHQQPLUHLQLJHVQLFKWJHKHXHUZDUZHQQ*HIDKUXQG 9HUGUXLQGHU/XIWODJHQ ,FKVWLHGLH7UDXI/DXWORVVFKZDQJVLH]XUFN.HLQ.QDUUHQ YHUULHWPLFK 0HLQH$XJHQKDWWHQVLFKLQ]ZLVFKHQDXIGLHKHUUVFKHQGHQ /LFKWYHUKlOWQLVVHHLQJHVWHOOWVRGDLFK8PULVVHHUNHQQHQ NRQQWHXQGQLFKWY|OOLJEOLQGLQGHQPLUXQEHNDQQWHQ*DQJ KLQHLQVFKOLFK :LHGHUVDKLFKGHQ/LFKWVFKLPPHU 9RUVLFKWLJEHZHJWHLFKPLFKGXUFKGHQ9HUNDXIVUDXP(VZDU JDUQLFKWHLQIDFKGHQZLOGGXUFKHLQDQGHUVWHKHQGHQ*HJHQVWlQ GHQDXV]XZHLFKHQDEHULFKVFKDIIWHHVWURW]GHPHLQLJHUPDHQ ODXWORVYRUDQ]XNRPPHQ 'DQQK|UWHLFKHLQH6WLPPH 6LHNODQJUDXKXQGXQEHKHUUVFKW ,FKJLQJQRFKHLQLJH6FKULWWHYRUXQGNRQQWHGHXWOLFKGLH:RUWH YHUVWHKHQGLHJHVDJWZXUGHQ ª6RGXGUHFNLJHU(LQEUHFKHU=XHLQHP:XUPELVWGXJH ZRUGHQXQGGHVKDOEZHUGHLFKGLFKDXFK]HUWUHWHQZLHHLQHQ :XUP© ,QPHLQHP+LUQNOLQJHOWHGLH$ODUPJORFNH ,FKKDWWHlKQOLFKH:RUWHPHKUDOVHLQPDOYHUQRPPHQ8QG LPPHUGDQQZDUHLQ0HQVFKLQ/HEHQVJHIDKUJHZHVHQ 6FKRQVWDQGLFKDQGHU7UXQGULVLHDXI (LQKQHQKDIWHU.HUOZDUYRQGHP*HUlXVFKDXIJHVFKUHFNW ZRUGHQXQGIHGHUWHKHUXP
=ZHLGUHL6HNXQGHQKDWWHLFK=HLWPLUGLH6]HQHGLHVLFK PHLQHQ$XJHQERWHLQSUlJHQ]XN|QQHQ 'HU.HUOYRUPLUVDK]XP)UFKWHQDXVhEHUJURHLQNDQWLJHV *HVLFKWXQGHUWUXJWURW]GHU+HOOLJNHLWLP=LPPHUHLQH 6RQQHQEULOOHDXIGHU1DVH(LQH1DUEHYHUOLHITXHUEHUGLH6WLUQ 8QGLFKVDKGHQ=ZHUJ (UKRFNWHDXIGHP%RGHQQLFKWJU|HUDOVHLQH6SLHOSXSSH $QJVWOHXFKWHWHLQVHLQHQ$XJHQ(UVWLHHLQNOlJOLFKHV :LPPHUQDXV1XUVFKZDFKYHUVWDQGLFKVHLQH:RUWHª=HUWUHWHQ ZROOWHHUPLFK=HUWUHWHQ© 'HU+QHJULIIDQ0LWGHU$WWDFNHEHUUDVFKWHHUPLFK(U]RJ GHQ.RSIHLQXQGZROOWHPLFKEHUGHQ+DXIHQUHQQHQ :LHHLQH%RPEHSUDOOWHHUJHJHQPLFK6HLQHLVHQKDUWHU6FKlGHO JUXEVLFKLQPHLQH0DJHQJUXEH,FKZXUGH]XUFNNDWDSXOWLHUW KLQHLQLQGHQ9HUNDXIVUDXP'DEHLXPNODPPHUWHPLFKGHU5LHVH PLWEHLGHQ$UPHQVRGDLFKGDV*HIKOKDWWHPHLQ.UHX] ZUGHEUHFKHQ(LQH:DQGVWRSSWHXQV (LQDOWHV5DGXQJHIlKUVRJURZLHHLQ $XWRUHLIHQUXWVFKWHDXVGHU+DOWHUXQJXQGILHOQDFKXQWHQ:LU EHNDPHQEHLGHHWZDVDE0HLQ*HJQHUPHKUDOVLFK 0LUULGLH1DEHGHQ-DFNHWWNUDJHQHQW]ZHLGHP+QHQ GRQQHUWHGDVVFKZHUH5DGLQGHQ1DFNHQ0LWODXWHP*HW|VH SROWHUWHHV]X%RGHQ 0HLQ*HJQHUVW|KQWHXQGOLHPLFKORV(UWDXPHOWH]XUFN 'XUFKGLHRIIHQH7UILHOVRYLHO/LFKWGDLFKGHQ.HUOHUNHQQHQ XQGPLFKDXILKQHLQVWHOOHQNRQQWH ,FKVFKOXJPLWGHU5HFKWHQ]XWUDILKQKDUW(UIORJZHLWHU ]XUFN'LH6RQQHQEULOOHUXWVFKWHLKPYRQGHU1DVHKLQJDEHU QRFKDQGHQ2KUHQ (UVDKXONLJDXVJDEVLFKDEHUOlQJVWQLFKWJHVFKODJHQ(LQ7ULWW IHJWHPLUGLH%HLQHZHJ,FKVFKOXJHLQHQKDOEHQ6DOWRXQGNUDFK WH]X%RGHQ 0HLQ*HJQHUEUOOWHWULXPSKLHUHQG,FKUROOWHPLFKKHUXPVDK GDHUGDV5DGKRFKJHKREHQKDWWHXQGHVEHUVHLQHP.RSI VFKZDQJ,PQlFKVWHQ0RPHQWZUGHHUPLUGDPLWGHQ6FKlGHO ]HUVFKPHWWHUQ
0HLQH%HLQHVFKLHQHQVLFKVHOEVWlQGLJ]XPDFKHQ=XJOHLFK VFKQHOOWHQVLHYRU 'HU5LHVHPXWHGHQ7ULWWYROOQHKPHQ(UUROOWHPLWGHQ $XJHQVWLHJXUJHOQGH/DXWHDXVZDQNWH]XUFNXQGOLHGDV YHUGDPPWH5DGORV =XP]ZHLWHQPDONUDFKWHHV]X%RGHQ 'DZDULFKVFKRQDXIGHQ)HQSDFNWHHLQHQKHUXPOLHJHQGHQ +RO]NQSSHOXQGJLQJDXIGHQ.HUOORV 'HU0DQQVFKLHQXQEHVLHJEDU]XVHLQ'HQHUVWHQ6FKODJXQWHU OLHIHUJODWWGHQ]ZHLWHQEORFNWHHUDEXQGVHW]WHPLUGLH)DXVW JHQDXDXIGHQ6RODUSOH[XV ,FKKDWWHGDV*HIKOLQPLUDOVVHLHQ:HLKQDFKWHQXQG2VWHUQ DXIHLQHQ7DJJHIDOOHQ ,FKK|UWHDOOH(QJHOVLQJHQ'HU.QSSHOZXUGHPLUDXVGHU +DQGJHZLUEHOWXQGGXUFKVFKOXJGLH6FKHLEHHLQHV*HVFKLUU VFKUDQNHV 'DQQZDUGHU%XOOHZLHGHUGD0LWHLQHP)XWULWWIHJWHHU HLQHQ6WXKO]XU6HLWHGHULKPLP:HJVWDQG(UKDWWHEHLGH )lXVWH]XVDPPHQJHOHJWXQGZROOWHVLHPLUYRQREHQDXIGHQ .RSIGUHVFKHQ(LQ+DPPHUVFKODJZLHGDV%XG6SHQFHULPPHU LQVHLQHQOXVWLJHQ+DXGUDXI)LOPHQYRUIKUW ,FKVWHSSWH]XU6HLWH7URW]GHU6FKPHU]HQZDULFKVFKQHOO JHQXJ 'HU6FKODJHUKlWWHVLFKHUOLFKGHQEHUKPWHQ2FKVHQJH IlOOW]LVFKWHDQPLUYRUEHL ,QGHUVHOEHQ6HNXQGHEUOOWHPHLQ*HJQHUDXI(UKDWWHJHQDX LQHLQHQ1DJHOJHVFKODJHQ'DV'LQJVWDQGVFKUlJDXVGHU:DQG ZDUURVWLJXQG]LHPOLFKODQJ -HW]WKDWWHGHU5LHVHPLUQLFKWVPHKUHQWJHJHQ]XVHW]HQ(UYHU ]RJGDV*HVLFKWWDQ]WHYRQHLQHP%HLQDXIVDQGHUHXQGKLHOWVLFK GLHYHUOHW]WH+DQG ,FKZDUWHWHELVVLFKPLUHLQH*HOHJHQKHLWERW 'DQQVFKOXJLFKZRKOGRVLHUW]X 'HU+QHEHNDPHLQHQJODVLJHQ%OLFNVHXI]WHQRFKHLQPDOXQG ILHO]X%RGHQ 6WDXEZDOOWHDXIDOVHUGLH+RO]GLHOHQEHUKUWH
,FKDWPHWHDXI(UVWMHW]WIROJWHGLH5HDNWLRQ6FKZLQGHOSDFNWH PLFK,FKPXWHPLFKLUJHQGZRIHVWKDOWHQXPQLFKWXP]X NLSSHQ 'XUFKDWPHQNRQQWHLFKQRFKQLFKWULFKWLJGHU6FKODJDXIGHQ 6RODUSOH[XVKDWWHPLFK]XVHKUJHVFKDIIW =ZHL0LQXWHQJ|QQWHLFKPLU3DXVH'DQQNPPHUWHLFKPLFK XPGHQ1LHGHUJHVFKODJHQHQ 'LH:XQGHVDKEHODXV0LWHLQHP7DVFKHQWXFKYHUEDQGLFK VLH:HQQVLFKGHU.QDEHNHLQH%OXWYHUJLIWXQJKROHQZROOWH PXWHHUVRUDVFKZLHP|JOLFK]XHLQHP$U]W +DQGVFKHOOHQEUDXFKWHLFKLKPQLFKWDQ]XOHJHQ(UZUGH DXFKVRQRFKHLQH:HLOHVFKODIHQ6FKOLHOLFKNDQQWHLFKPHLQHQ 3XQFK ,FKJLQJLQGHQ1HEHQUDXPXQGNPPHUWHPLFKXPGHQ =ZHUJ(UZDUYHUVFKZXQGHQ ª+H0LVWHU©ULHILFKª=HLJHQ6LHVLFK,FKWXH,KQHQQLFKWV© (UNDPWDWVlFKOLFKbQJVWOLFKNURFKHUOLQNVKLQWHUGHP 6FKUHLEWLVFKKHUYRU 'LH6]HQHVDKOlFKHUOLFKDXVDEHU]XP7HXIHOQRFKPDOPLU ZDUZLUNOLFKQLFKW]XP/DFKHQ]XPXWH'LHVHV0HQVFKOHLQZDU YRQLUJHQGHLQHUGlPRQLVFKHQ.UDIWYHUNOHLQHUWZRUGHQXQGLFK KDWWHGDVEDQJH*HIKOGDHVPHLQHQ)UHXQGHQHEHQVRHU JDQJHQZDU ,FKEFNWHPLFKKREGHQ0DQQKRFKXQGVHW]WHLKQDXIGLH 6FKUHLEWLVFKSODWWH ª1XQHU]lKOHQ6LHPDO©VDJWHLFK (U]LWWHUWHQRFKLPPHUYRU$QJVWª:HUVLQG6LH"©HUNXQGLJWH HUVLFKPLWKHOOHU6WLPPH ª0HLQ1DPHLVW-RKQ6LQFODLU,FKELQ2EHULQVSHNWRUEHL 6FRWODQG
%RQHWWLKHUYRU(UUHGHWHVLFKDOOHVYRQGHU6HHOHXQGDOVHUYRP 6SLHJHO]XVSUHFKHQEHJDQQILQJHUDQ]XZHLQHQ ,FKYHUVXFKWHLKQ]XWU|VWHQHVJHODQJPLUNDXP ª'HQ%HVLW]HUGHV/DGHQVKDEHQ6LHKLHUQLFKWJHVHKHQ"© ZROOWHLFKZLVVHQ ª1HLQGDPLWNDQQLFK,KQHQQLFKWKHOIHQ© ,FKVWDQGYRQPHLQHP6WXKODXIXQGVDKPLUGHQ6SLHJHO JHQDXHUDQ'HUlXHUH5DKPHQXQWHUVFKLHGVLFKLQNHLQHU:HLVH YRQQRUPDOHQ6SLHJHOQ1XUGDV*ODVIDOOVHVEHUKDXSWHLQ VROFKHVZDUKDWWHHLQHDQGHUH)lUEXQJ (VZDUPDWWOHXFKWHWHDEHULUJHQGZLHYRQLQQHQ ,FK]QGHWHPLUHLQH=LJDUHWWHDQXQGGDFKWHQDFK 'LHVHU6SLHJHOKDWWHHLQHEHVRQGHUH)XQNWLRQ(UZDUHLQH 1DKWVWHOOH]XP'lPRQHQUHLFKZLUNWHZLHHLQ7RUGXUFKGDV PDQQXUKLQGXUFK]XJHKHQEUDXFKWHXQGVFKRQZDUPDQLQHLQHU DQGHUHQ:HOW 1XUGHU5FNZHJZDURIWYHUVSHUUW ,FKVDKGLHVH6SLHJHOQLFKW]XPHUVWHQ0DO1LHPDQGZXWH HLJHQWOLFKVRUHFKWZRKHUVLHVWDPPWHQXQGZLHDOWVLHZDUHQ(V JDEVLHXQGGDPLWIHUWLJ0DQFKH6SLHJHOZDUHQVFKRQ 7DXVHQGHYRQ-DKUHQDOWXQGVLH]HLJWHQQLFKWGLH6SXUYRQ 9HUIDOO(VJDE6DJHQXQG/HJHQGHQGLHYRQXUDOWHQ6WHUQHQ Y|ONHUQHU]lKOWHQGLHGHU(UGHLQJUDXHU9RU]HLW%HVXFKHDEJH VWDWWHWKDWWHQ$QJHEOLFKKDWWHQVLH5HTXLVLWHQXQG'LQJH ]XUFNJHODVVHQGLHHLQHQ%HZHLVLKUHU([LVWHQ]OLHIHUQVROOWHQ $EHUGDVZDUHQDOOHVQXU9HUPXWXQJHQ*HQDXHVZXWHNHLQHU ]XVDJHQ 'DV0XVWHUGHV6SLHJHOVEHUKUWHPLFKHLJHQDUWLJ1RUPDOHU ZHLVHZDUHQGLH)OlFKHQLPPHUJODWWDEHUKLHUZDUGLHJHVDPWH 6SLHJHOIOlFKHLQNOHLQH4XDGUDWHDXIJHWHLOW $XJHQEOLFNOLFKNDPPLUGDV6FKDFKEUHWWZLHGHULQGHQ6LQQ $XFKGLHVHV6SLHOPXWHHLQ7RULQV'lPRQHQUHLFKVHLQ ,FKKREPHLQHQUHFKWHQ$UPVWUHFNWHGHQ=HLJHILQJHUDXVXQG EHUKUWHGLH6SLHJHOIOlFKH 'HU)LQJHUWUDIDXI:LGHUVWDQGHUVWLHQLFKWGXUFKZLHLFKHV EHLDQGHUHQWUDQV]HQGHQWDOHQ7RUHQHUOHEWKDWWH
'RFKGLHVHU:LGHUVWDQGZDUQLFKWVWDUN(UJDEQDFK'LH )OlFKHHUVFKLHQPLUZLHHLQHZHLFKHJDOOHUWDUWLJH0DVVH$OVLFK VWlUNHU]XGUFNWHZROOWHVLFKGLH0DVVHXPPHLQHQ)LQJHU VFKOLHHQ +DVWLJ]RJLFKLKQ]XUFN 0LUNDPHLQHDQGHUH,GHH ,FK|IIQHWHGLH.Q|SIHPHLQHV2EHUKHPGHV]RJGLHVFKPDOH .HWWHEHUGHQ.RSIXQGKLHOWGDV.UHX]LQGHU+DQG(VZDU NHLQQRUPDOHV.UHX]bXHUOLFKMDGRFKGLH.UlIWHGHU:HLHQ 0DJLHZRKQWHQGDULQ ,FKKLHOWGLH.HWWHXPIDWVRGDGDV.UHX]YRUPHLQHQ JHNUPPWHQ)LQJHUQEDXPHOWH/DQJVDPEHZHJWHLFKGLH+DQG DXIGHQPDJLVFKHQ6SLHJHO]X ,FKVSUWHI|UPOLFKZLHVLFKHLQH$XUD]ZLVFKHQ.UHX]XQG 6SLHJHODXIEDXWH'LH/XIWVFKLHQ]XYLEULHUHQ]XIOLPPHUQDOV VWQGHVLHXQWHU+RFKVSDQQXQJ /HLFKWHUZlUPWHVLFKGLH.HWWH'LHVH:lUPHJLQJYRQGHP .UHX]DXVGDVPLWGHQ.UlIWHQGHV%|VHQ]XVDPPHQSUDOOWH 'DQQEHUKUWHHVGLH6SLHJHOIOlFKH (WZDV8QKHLPOLFKHVJHVFKDK 'LHPDWWH)DUEHYHUVFKZDQG9RQHLQHU6HNXQGH]XUDQGHUHQ ZXUGHGLH6SLHJHOIOlFKHVWUDKOHQGKHOO)DVWPXWHLFKGLH$XJHQ VFKOLHHQVRVHKUEOHQGHWHPLFKGHU6FKHLQ 'LH)OlFKHJOLW]HUWHOHXFKWHWHSXOVLHUWH 8QGLFKNRQQWHLQVLHKLQHLQVHKHQ ,FKVDKHLQH/DQGVFKDIWgGHWURVWORVYHUODVVHQ(LQGVWHUHU URWHU+LPPHOVSDQQWHVLFKEHUGHPZVWHQDUWLJHQ*HELHW )HOVEO|FNHUDJWHQZLH)LQJHULQGLH/XIW ,FKWUDWQRFKHLQHQ6FKULWWQlKHUDQGHQ6SLHJHOKHUDQXQG EHXJWHPHLQHQ.RSIHWZDVXPEHVVHULQGLH)OlFKHKLQHLQVHKHQ ]XN|QQHQ 'DVXQKHLPOLFKH/DQGVFKLHQLQHLQHUXQHQGOLFKHQ)HUQH]X OLHJHQ6lPWOLFKH%H]XJVSXQNWHYHUVFKZDQGHQ,FKNRQQWHQLFKW VDJHQREHV]HKQKXQGHUWRGHUWDXVHQG
VHW]HQ6RHLQVDPXQGYHUODVVHQZDUGDV/DQGGRFKQLFKW 0HQVFKHQEHIDQGHQVLFKGDULQ:LQ]LJH0HQVFKHQ 0HQVFKHQGLHLFKNDQQWH 6XNR%LOO6KHLODXQG-DQH 8QGVLHZDUHQLQ*HIDKU.ODUXQGGHXWOLFK]HLJWHPLUGHU 6SLHJHOGDVLFKGHU6DQGEHZHJWHXQGHLQH6SLQQHGDUDXV KHUYRUNURFK ,FKEDOOWHGLH+lQGH]X)lXVWHQVDKZLHGLH6SLQQHDXI6XNR XQG%LOO]XOLHI 6FKQHOOYLHO]XVFKQHOO 'LHEHLGHQ)UDXHQUDQQWHQZHJ ª6XNR©VW|KQWHLFKª6XNR© 'DK|UWHLFKGHQ6FKUHL(UGUDQJMHGRFKQLFKWDXVGHP6SLHJHO VRQGHUQZDUKLQWHUPLUHUW|QW 'HU6FKUHLULPLFKDXVPHLQHU%HQRPPHQKHLW0LWHLQHUEOLW] VFKQHOOHQ%HZHJXQJZLUEHOWHLFKKHUXP 'HU+QHVWDQGLQGHU7U(UZDUIUKHUDXVVHLQHU%HZXW ORVLJNHLWHUZDFKWDOVLFKDQJHQRPPHQKDWWH%OXWXQWHUODXIHQ ZDUHQVHLQH$XJHQ,QGHUUHFKWHQ+DQGKLHOWHUHLQHQODQJHQ 6SHHU ª,FKZHUGHGLFKW|WHQ©VWLHHUPLWKHLVHUHU6WLPPHDXVª6R ZDKULFK0DONRKHLH© 0DONRVWUPWHORV :LOGXQJH]JHOW(LQ.UDIWSDNHW'HQ6SHHUKLHOWHUMHW]WPLW EHLGHQ)lXVWHQXPNODPPHUW6HLQH:XQGHVFKLHQLKQQLFKW]X VW|UHQ 0LNH%RQHWWLIOFKWHWHVFKUHLHQGLQGLHKLQWHUVWH(FNHGHV =LPPHUV 8QGLFKHUZDUWHWHGHQ$QJULII *HGDQNHQVFKQHOOULLFKHLQHQNOHLQHQOHHUHQ6FKUHLE PDVFKLQHQWLVFKKRFKKLHOWLKQDOV'HFNXQJYRUPLFKXQG VSUDQJJOHLFK]HLWLJ]XU6HLWH0LWDOOHU.UDIWVFKOHXGHUWHLFK GHQ7LVFKDXI0DONR]X (UWUDILKQLQ+|KHGHU+IWH
0DONRJULIIDQ'HU6SHHUZLVFKWHDQPLUYRUEHL'LH6SLW]HZDU DXV(LVHQ(VKDWWHGLH-DKUKXQGHUWHEHUVWDQGHQXQGZUGH DXFKPLFKDXIVSLHHQZHQQLFKQLFKWDFKWJDE 0DONRVWLHHLQHQ:XWVFKUHLDXVXQGGUHKWHVLFKXPGLHHLJH QH$FKVHXPJOHLFKGDUDXIZLHGHU]X]XVWRHQ 'LHVPDOIKUWHHUGHQ6WRYRQREHQQDFKXQWHQ(UKlWWHPLU JODWWGHQ)XIHVWJHQDJHOW ,FKVSUDQJKRFK'LH6SLW]HUDVWHGLFKWQHEHQPHLQHPJURHQ =HKLQGHQ%RGHQ+RO]VSOLWWHUWH ,FKSDFNWHGHQ6SHHUDEHUDXFK0DONRJULII]X ,FK]RJGHQ6SHHU]XU6HLWHULLKQDXVGHQ%RKOHQXQGZROOWH 0DONRPLWGHUIODFKHQ6HLWHGHU6SLW]HDEHUPDOVLQV5HLFKGHU 7UlXPHVFKLFNHQ ,FKZDUQLFKWVFKQHOOJHQXJ'HU5LHVHIORJJHJHQPLFK(U GUFNWHPLFKDXIGHQ6FKUHLEWLVFKNOHPPWHGHQ6SHHU]ZLVFKHQ VHLQHPXQGPHLQHP.|USHU ,FKVWDQGVRGLFKWYRULKPGDLFKVHLQHQKHLHQ$WHPVSUWH (UNQXUUWHZLHHLQKXQJULJHU:ROI6HLQHEHLGHQ3UDQNHQVXFKWHQ PHLQHQ+DOV -HW]WZXUGHHVNULWLVFK ,FKOLHGHQ6SHHUORVKREEHLGH+l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hEHUJHZLFKW
0DONREUOOWHYRU:XWDXI(UNRQQWHVHLQHQ*ULIIQLFKWOlQJHU KDOWHQ:LUILHOHQYRP6FKUHLEWLVFK'HU+QHVHJHOWHQRFKEHU PLFKKLQZHJ,FKVWLHPLUGLH6FKXOWHUUROOWHPLFKZLHGHUDE XQGJHODQJWHDXIGLH)H *LHULJVDXJWHLFKGLH/XIWHLQ'LHVHU0DONRZDUNHLQJHZ|KQ OLFKHU*HJQHU(UVFKLHQVFKLHUXQEHUZLQGOLFK]XVHLQ 8QGHUJDEQLFKWDXI (KHLFKUHDJLHUHQNRQQWHKDWWHHUVLFKZLHGHUGHQYHUGDPPWHQ 6SHHUJHVFKQDSSW(UNUHLVHOWHGDPLWKHUXPVXFKWHPLFK ,FKVSUDQJDXVGHPXQPLWWHOEDUHQ*HIDKUHQEHUHLFKJHULHW GDGXUFKLQGLH1lKHGHV6SLHJHOV 0DONRQDKPHLQHQOHW]WHQZWHQGHQ$QODXI $XIEUOOHQGZDUIHUVLFKLQPHLQH5LFKWXQJ*OHLFK]HLWLJ VFKOHXGHUWHHUPLWDOOHU.UDIWGHQ6SHHU ,FKOLHPLFKLQVWLQNWLYIDOOHQ +DXWQDKZLVFKWHGLH:DIIHEHUPLFKKLQZHJ8QGLQGHU QlFKVWHQ6HNXQGHIORJ0DONRDXIPLFK]X :LHHLQ7LHUVSUDQJHUPLFKDQ ,FKZDUQXUIURKGD0DONRQLFKWVYRQ.DPSIWHFKQLNYHU VWDQGVRQGHUQVLFKQXUDXIVHLQH.UDIWYHUOLH 0HLQH5HDNWLRQHUIROJWHJDQ]DXWRPDWLVFK %HLQHDQGHQ.|USHU]LHKHQLKQDXIIDQJHQXQGQDFKKLQWHQ ZHJKHEHOQ (VJHODQJ 6FKUHLHQGIORJ0DONRGXUFKGLH/XIW,FKVDKLKQQXUDOV 6FKDWWHQ(UKDWWHVRYLHO6FKZXQJGDHUYRUGHP6SLHJHOQLFKW PHKUDXIGHQ%RGHQSUDOOWH (UILHOGDJHJHQ1HLQHUILHOKLQHLQ (UIROJWHGHP6SHHUGHUHEHQIDOOVGHQ:HJGXUFKGHQ 'lPRQHQVSLHJHOJHQRPPHQKDWWH ,FKZlO]WHPLFKKHUXPXQGREZRKOVLFKGLH6]HQHEOLW]VFKQHOO DEVSLHOWHNDPVLHPLUZLHHLQH=HLWOXSHQDXIQDKPHYRU ,FKVDK0DONRLQGHQ6SLHJHOHLQWDXFKHQ.DXPKDWWHHUGLH )OlFKHEHUKUWGDYHUNOHLQHUWHHUVLFK'HU6SLHJHOQDKPLKQDXI WULHELKQLQGLHHQGORVH:HLWHGHU'LPHQVLRQHQ .HLQ6FKUHLNHLQ/DXWGUDQJPHKUDQPHLQH2KUHQ
$XVZHLWDXIJHULVVHQHQ$XJHQYHUIROJWHLFK0DONRV)OXJ(U VFKZHEWHZLHHLQ9RJHO :HLWHULPPHUZHLWHU ,FKVDKLKQPLW$UPHQXQG%HLQHQUXGHUQ(LQHDQGHUHVFKUHFN OLFKH'LPHQVLRQKDWWHLKQDXIJHQRPPHQJHVFKOXFNWZLHPHLQH YLHU)UHXQGH 'DQQZXUGHGLH)OlFKHGHV6SLHJHOVPDWWHU'LH/DQGVFKDIW YHUZLVFKWH1XUQRFKHLQSDDU)DUEHQVFKLPPHUWHQQDFK$OV DXFKGLHVYRUEHUZDUVDKLFKZLHGHUGLHJUDXH)OlFKHPLWGHQ ]DKOUHLFKHQ.lVWFKHQ6RQVWQLFKWV ,FKHUKREPLFKlFK]HQG0HLQH%HLQH]LWWHUWHQ,FKIKOWHPLFK ZLHHLQ.LQGGDVODXIHQOHUQWH'D]XVFKPHU]WHPHLQ+DOV:DV LFKKLHUHUOHEWKDWWHZDUGHUUHLQVWH+RUURUhEHUPHLQHQ5FNHQ OLHIHLQH*lQVHKDXW 0LWHLQHUDXWRPDWLVFKZLUNHQGHQ%HZHJXQJVWULFKLFKPLUHLQH +DDUVWUlKQHDXVGHU6WLUQ ª'DVGDUIGRFKQLFKWZDKUVHLQ©YHUQDKPLFK0LNH%RQHWWLV 6WLPPH ,FKEOLFNWHGHQ=ZHUJDQª'RFK©VDJWHLFKWRQORVªHVLVW ZDKU© ª8QGZDVNDQQPDQGDJHJHQWXQ"©IUDJWHHUPLFK ,FKKREGLH6FKXOWHUQª.HLQH$KQXQJ7XWPLUOHLGLFKZHLHV QLFKW1RFKQLFKW©'DEHLVDKLFKLKQUDWORVDQ 'LH6SLQQHZDUVFKQHOO 6FKQHOOHUDOV6XNRDQJHQRPPHQKDWWH,POHW]WHQ$XJHQEOLFN ZLFKGHU&KLQHVHGHU$QJUHLIHULQDXV 'DQQWDXFKWH%LOO&RQROO\DXI(UKDWWHGLH)UDXHQLQ6LFKHUKHLW JHEUDFKWXQGZROOWH6XNRQXQ]XU6HLWHVWHKHQ 'HU&KLQHVHZDUJHVWU]W(UUROOWHVLFKHLQSDDUPDOEHUGHQ %RGHQXQGVSUDQJDXIDOVHU%LOOLQVHLQHU1lKHVDK ª:LUPVVHQ'HFNXQJVXFKHQ©ULHIGHU5HSRUWHU(UOLHGLH 6SLQQHGDEHLNHLQHQ$XJHQEOLFNDXVGHQ$XJHQ'LHKDWWHVLFK JHGUHKW,KUH)DFHWWHQDXJHQVXFKWHQGLHEHLGHQ*HJQHUGLHVLH XQEHGLQJWYHUQLFKWHQZROOWH
'HXWOLFKNRQQWH%LOOGLHIHLQHQ+lUFKHQDXIGHQ%HLQHQVHKHQ 6LHVWDQGHQKRFKJOLFKHQHLQHU%UVWH 'HU5HSRUWHUXQG6XNRKHW]WHQDXIHLQHQ6WHLQ]XGHUIUVLH GLH*U|HHLQHV)HOVHQVKDWWH $XJHQEOLFNOLFKQDKPGLH6DQGVSLQQHGLH9HUIROJXQJDXI6LH ZDUVFKQHOOVFKQHOOHUDOVGLHEHLGHQ=ZHUJH %LOO&RQROO\ULVNLHUWHHLQHQ%OLFNEHUGLH6FKXOWHUXQG HUVFKUDN5LHVHQJURVDKHUGLHJLIWLJH6SLQQHYRUVLFK ª6XNR©EUOOWHHU0LWHLQHPOHW]WHQYHU]ZHLIHOWHQ6DW]ZDUIHU VLFKYRUZlUWV 'LHEHLGHQYRUGHUHQ%HLQHGHU6SLQQHGURKWHQ%LOO&RQROO\ XP]XZHUIHQGRFKVLHYHUIHKOWHQLKQ'LFKWKLQWHU%LOOV+DFNHQ EHUKUWHQVLHGHQ6DQG 6XNRKDWWHGHQ6FKUHLYHUQRPPHQ (UNUHLVHOWHKHUXPEFNWHVLFKKREHLQHQDXFKIULKQNOHLQHQ 6WHLQDXIXQGVFKOHXGHUWHLKQGHU6SLQQHJHJHQGLH)UHZHUN]HXJH 'DV,QVHNWZDUIUHLQHQ$XJHQEOLFNDEJHOHQNW'LH=HLW UHLFKWH6XNRXQG%LOOXPVLFKLQ'HFNXQJ]XZHUIHQ ª:RVLQGGLH)UDXHQ"©NHXFKWH6XNR ª(UVWHLQPDOLQ6LFKHUKHLW© 'HU&KLQHVHZLVFKWHVLFK6FKZHLXQG6WDXEYRQGHU6WLUQ ª9HUGDPPW%LOORKQH:DIIHQN|QQHQZLUDXIGLH'DXHUQLFKWV JHJHQGLH6SLQQHDXVULFKWHQ© %LOOQLFNWH,QVHLQHQ$XJHQVWDQGSXUH9HU]ZHLIOXQJª$EHU ZDVVROOHQZLUWXQ":LUN|QQHQGRFKQLFKWHZLJYRUGLHVHUYHU IOXFKWHQ6SLQQHZHJUHQQHQ© ª$FKWXQJ6LHNRPPW©6XNRV:DUQUXIXQWHUEUDFK%LOOV $XVIKUXQJHQ 'LH6SLQQHNURFKEHUGHQ6WHLQKLQWHUGHPGLHEHLGHQ )UHXQGHODJHQ=XHUVWZDUQXUHLQULHVLJHU6FKDWWHQ]XVHKHQ GDQQWDXFKWHQGLHEHLGHQYRUGHUHQ%HLQHDXIXQGDQVFKOLHHQG VDKHQVLFK%LOOXQG6XNRYRQGHQVFKUHFNOLFKHQ$XJHQIL[LHUW ª-HW]WKDWVLHXQV©IOVWHUWH%LOOª:LUZLUNRPPHQQLFKW PHKUZHJ©6HOWHQKDWWHGHU5HSRUWHUVROFKHLQH$QJVWJHKDEW 1RUPDOHUZHLVHNRQQWHLKQQLFKWVVROHLFKWHUVFKWWHUQDEHUVHLW HU]XHLQHP=ZHUJJHZRUGHQZDUKDWWHVLFKDXFKVHLQH3V\FKH
Y|OOLJYHUlQGHUW+LQ]XNDPQRFKGHUVFKUHFNOLFKH7UDXPLQ GHPVLFK%LOODOV6FKDFKILJXUJHVHKHQKDWWH%HLGHV]XVDPPHQ ZDUDXFKIUHLQHQ0DQQZLH%LOO&RQROO\]XYLHO 'LH6SLQQH]|JHUWH(VVFKLHQDOVZHLGHVLHVLFKDQGHU$QJVW LKUHU2SIHU6LHZXWHGDVLHQLFKWPHKUHQWNRPPHQNRQQWHQ $XFKZHQQVLHGDYRQJHODXIHQZlUHQGLH6SLQQHKlWWHVLHLPPHU PLWHLQHP6SUXQJHLQKROHQN|QQHQ %LOOXQG6XNRVWDQGHQJHGXFNWGD 'HU&KLQHVHYHUVXFKWHHLQHOHW]WH5HWWXQJVDNWLRQYRU]X VFKODJHQª:HQQVLHVSULQJWIOLW]HQZLUJOHLFK]HLWLJQDFKOLQNV XQGUHFKWVZHJ+DVWGXYHUVWDQGHQ%LOO"© 'HU5HSRUWHUQLFNWHQXU6SUHFKHQNRQQWHHUQLFKW 'RFKGDJHVFKDKHWZDVZDVGLHEHLGHQ0lQQHUDQLKUHP9HU VWDQG]ZHLIHOQOLH (WZDVIORJDXIVLH]X9LHOOHLFKWGHUEHUKPWH5HWWXQJVVWURK KDOP 'HU*HJHQVWDQGVFKZHEWHMHW]WEHULKQHQ(UVFKLHQDXVHLQHU XQHQGOLFKHQ)HUQH]XNRPPHQXQGSUDOOWHQLFKWZHLWYRQ6XNR XQG%LOOHQWIHUQWLQGHQ6DQG (VZDUHLQ6SHHU (UZDUHEHQIDOOVYHUNOHLQHUWDEHULPPHUKLQHLQH:DIIH 'HU&KLQHVHHUIDWHGLH&KDQFHLQQHUKDOEHLQHV+HU]VFKODJV (UZDUIVLFK]XU6HLWHXQGULGHQ6SHHUGHUPLWGHU6SLW]HLP %RGHQVWHFNWHKHUDXV ª6XNR'DNRPPWQRFKMHPDQG©%LOOV6WLPPHJHOOWHDXI 'HU&KLQHVHULGHQ.RSILQGHQ1DFNHQ (UVDKHLQHQ0HQVFKHQNOHLQZLHVLH(UVFKZHEWHDXIVLH]X UXGHUWHPLW$UPHQXQG%HLQHQXQGKDWWHGHQ0XQGZHLWDXIJH ULVVHQ 'LHVHU0HQVFKZDU0DONR 'HU'LPHQVLRQVVSLHJHOKDWWHLKQYHUNOHLQHUWXQGLQGDV 'lPRQHQUHLFKKLQHLQJHVFKOHXGHUW 0DONRODQGHWHGLFKWQHEHQGHP6WHLQDXIGHPGLH6SLQQH KRFNWH(UILHODXIGHQ5FNHQ6HLQ*HVLFKWVSLHJHOWHGDVXQ JHKHXUH*UDXHQZLGHUGDVHUDXIVHLQHU5HLVHGXUFKGLH 'LPHQVLRQHQHUOHEWKDWWH
'LH6SLQQHUHDJLHUWHVRIRUW6LHVDKGDVLHPLWGLHVHUQHXHQ %HXWHOHLFKWHV6SLHOKDEHQZUGH 6XNRVFKULH0DONRQRFKHLQH:DUQXQJ]XHUKDWWHGDV8QKHLO NRPPHQVHKHQDEHUHVZDUEHUHLWV]XVSlW 'LH6SLQQHOLHVLFKIDOOHQ *HQDXDXI0DONRV.|USHU 'HU=ZHUJVFKULHGRFKGHU6FKUHLZXUGHHUVWLFNWDOVHUGDV 6SLQQHQEHLQDXIVHLQ*HVLFKW]XUDVHQVDK .HLQH&KDQFHIULKQ 'LH6SLQQHWUDI 6XNRXQG%LOOZDQGWHQVLFKDE'LH6SLQQH!EHVFKlIWLJWHVLFK PLWGHP2SIHUDXILKUH$UW1DFKGHPVLH0DONRJHW|WHWKDWWH DNWLYLHUWHVLHLKUH'UVHQ6LHSURGX]LHUWHHLQHQNOHEULJHQ)DGHQ XQGEHJDQQGDPLWGHQ7RWHQ]XXPVFKQUHQ ª-HW]WQLFKWVZLHZHJ©ULHIGHU5HSRUWHUª'LH&KDQFHZDUQLH VRJQVWLJ© (UZROOWHODXIHQGRFK6XNRKLHOWLKQIHVWª(LQHQ$XJHQEOLFN QRFK©EDWGHU&KLQHVHª%OHLEGXEHLGHQ)UDXHQLFKNRPPH VRIRUWQDFK© ª:DVKDVWGXYRU"© ª:LUVWGXVFKRQVHKHQ© %LOO&RQROO\JLQJQXU]|JHUQG 6XNRPDFKWHHLQHXQZLUVFKH$UPEHZHJXQJ 'LH6SLQQHZDUQRFKLPPHUPLWLKUHP2SIHUEHVFKlIWLJW6LH KDWWHDQGHQDQGHUHQMHJOLFKHV,QWHUHVVHYHUORUHQ 9RUOlXILJMHGHQIDOOV 6XNRVFKOXJHLQHQ%RJHQ(UKDWWHGHQ6SHHUQLFKWYHUJHVVHQ GHUNXU]YRUGHP7RWHQDXIVLH]XJHIDOOHQZDU:RKHUHUVRSO|W] OLFKNDPLQWHUHVVLHUWHGHQ&KLQHVHQQLFKW'LH+DXSWVDFKHZDU GDHUMHW]WHLQH:DIIHLQGHU+DQGKLHOW 6XNRQDKPKLQWHUGHP6WHLQ'HFNXQJ 'LH6SLQQHYRULKPDUEHLWHWHYHUELVVHQ,PPHUZHLWHUVSDQQVLH LKU1HW]6XNRNRQQWHVLHQLFKWVHKHQHUK|UWHDEHUZLHVLHVLFK KLQXQGKHUEHZHJWH 'HU&KLQHVHNOHPPWHVLFKGHQ6SHHUVFKDIW]ZLVFKHQGLHNUlI WLJHQ=lKQH'LH:DIIHZDUHWZDGRSSHOWVRJURZLH]ZHLDXI
HLQDQGHUJHVWHOOWH1lKQDGHOQ6XNRSDFNWHPLWEHLGHQ+lQGHQ GLH.DQWHGHVREHUHQ6WHLQVXQG]RJVLFKPLWHLQHP.OLPP]XJ KRFK(UVFKDIIWHHVHUVWEHLP]ZHLWHQ9HUVXFKDOVVHLQH)X VSLW]HQLQVFKPDOHQ5LVVHQ+DOWIDQGHQ 'DQQODJHUDXIGHP6WHLQ 'HQ6SHHUQDKPHUMHW]WLQGLHUHFKWH+DQG(UKLHOWGHQ6FKDIW HWZDLQGHU0LWWHXPIDWEDODQFLHUWHGLH:DIIHDXVXQGQLFNWH GDQQ]XIULHGHQ 'LH6SLQQHZDUQRFKLPPHUYROOEHVFKlIWLJW+DVWLJXQGDUEHLW VDPOLHIVLHLPPHUZLHGHUXPLKU2SIHUKHUXP6LHKDWWHHLQ EUHLWIOlFKLJHV1HW]JHZHEWXQWHUGHPGHU2EHUN|USHUGHV7RWHQ VFKRQIDVWYHUVFKZXQGHQZDU 6XNRULFKWHWHVLFKDXI(UEOLHELQHLQHUNQLHQGHQ6WHOOXQJ0LW GHUOLQNHQ+DQGVWW]WHHUVLFKDEGHQUHFKWHQ$UPKREHUHWZD LQ6FKXOWHUK|KH 6XNRZXWHJHQDXZRUDXIHVDQNDP:HQQHUGLH6SLQQHEHLP HUVWHQ:XUIQLFKWULFKWLJWUDIGDQQZDUHUYHUORUHQ (UIKOWHVLFKZLHHLQ+HOGDXVHLQHUFKLQHVLVFKHQ6DJHGHUPLW 0RQVWHUQXQG8QJHKHXHUQNlPSIWH 'D-HW]WKDWWHGLH6SLQQHGHQ&KLQHVHQHQWGHFNW 6RIRUWOLHVLHYRQLKUHP2SIHUDEZDQGWHVLFKGHPQHXHQ $QJUHLIHU]X 6LHGUHKWHGHQ.RSI 'LHEHLGHQ)DFHWWHQDXJHQVFKLOOHUWHQXQGVFKLPPHUWHQZDUHQ DXI6XNRIL[LHUW ,QGLHVHP$XJHQEOLFNZDUGHU&KLQHVHHLVNDOW(UDWPHWHQRFK HLQPDOWLHIHLQVDKGDGLH6SLQQHZHQLJH6HNXQGHQODQJDXI GHP)OHFNVWDQGXQGVFKOHXGHUWHGHQ6SHHUPLWDOOHU.UDIW 'LHNOHLQH:DIIH]LVFKWHGXUFKGLH/XIW 8QGWUDI 0LW:XFKWGUDQJVLHLQGDVUHFKWH$XJHGHU6SLQQHXQG]HU VW|UWHHV%LV]XU+lOIWHVWHFNWHGHU6FKDIWLQGHP6SLQQHQDXJH 'DV7LHUNRQQWHSO|W]OLFKQLFKWVPHKUVHKHQ(VNUHLVHOWH KHUXP]HUULGDVHEHQQRFKVRNXQVWYROODQJHIHUWLJWH1HW] ZKOWHPLWGHQVHFKV%HLQHQGHQ6DQGDXIILHOVRJDUDXIGHQ 5FNHQXQGEOLHEGDQQVWLOOOLHJHQ
6XNRGHU&KLQHVHDWPHWHDXI(UNOHWWHUWHYRQGHP6WHLQJLQJ DXIGLH6SLQQH]XXQGULGHQ6SHHUDXVGHUHQ$XJH 'LH6SLQQHUKUWHVLFKQLFKWPHKU'HU6SHHUPXWHHLQHQ OHEHQVZLFKWLJHQ1HUYJHWURIIHQKDEHQ6XNRZDUVWRO]GDUDXI GDHUVRJXWJH]LHOWKDWWH(VKlWWHDXFKJDQ]DQGHUVDXVJHKHQ N|QQHQ 8QZLOONUOLFKZDUIHUHLQHQ%OLFN]XGHPGVWHUHQ+LPPHO HPSRU 9RQGRUWREHQZDUHQGHU6SHHUXQGGHU0HQVFKKHUDEJHIDOOHQ DXVHLQHUXQJHKHXUHQ(QWIHUQXQJ'HU0HQVFKZDUJHODQGHWXQG KDWWHVLFKGRFKQLFKWVJHWDQ 'DPXWH6FKZDU]H0DJLHLP6SLHOJHZHVHQVHLQ 6XNRKLHOWVHLQHUHFKWH+DQGDOV6FKDOOWULFKWHUDQGHQ0XQG ª%LOO©ULHIHUª%LOOVRPHOGHGLFK© 1XUVFKZDFKNDPGLH$QWZRUW6XNRJLQJLQGLH5LFKWXQJDXV GHUHUGLH6WLPPHJHK|UWKDWWH (UIDQG%LOOXQGGLHEHLGHQ)UDXHQLQHLQHU0XOGHKRFNHQ bQJVWOLFKVDKHQVLHLKPHQWJHJHQ 6XNRZLQNWHDEª$OOHVNODU©VDJWHHUªLKUN|QQWEHUXKLJWVHLQ 'LH6SLQQHOHEWQLFKWPHKU© $OOJHPHLQHV$XIDWPHQ'LHEHLGHQ)UDXHQILHOHQVLFKJOFNOLFK OlFKHOQGLQGLH$UPH ª)UDJWVLFKQXUZLHHVZHLWHUJHKHQVROO©VDJWHGHU5HSRUWHU ª+DVWGXHLQH,GHH6XNR"© 'HU&KLQHVHVFKWWHOWHGHQ.RSIª1HLQ'LH.DUWHQLQGLHVHP 6SLHOKDWHLQDQGHUHUYHUWHLOW8QGGHQPVVHQZLUVXFKHQ© %LOOEOLFNWHGHQ)UHXQGYHUGXW]WDQª:LHZLOOVWGXGDVGHQQ PDFKHQ"© ª*DQ]HLQIDFK:LUEOHLEHQQLFKWKLHUVRQGHUQPDUVFKLHUHQ ORV©6XNROlFKHOWHXQGVDKDQVLFKKHUXQWHUª0DUVFKLHUHQLVW QDWUOLFK]XYLHOJHVDJW:LUJHKHQ,UJHQGZDQQZHUGHQZLUMD KRIIHQWOLFKDXILUJHQGZHQWUHIIHQ2GHUKDVWGXHLQHQDQGHUHQ 9RUVFKODJ"© ª1HLQ©
6HOWHQLQPHLQHP/HEHQKDWWHLFKPLFKVRPLHVJHIKOW:LHYLHOH )lOOHKDWWHLFKVFKRQJHO|VW",FKZXWHHVQLFKWPHKU8QG]XP +HQNHUDXFKPLUZDUHVHJDO ,FKKDWWHYHUVDJW -DLFKIKOWHPLFKDOV9HUVDJHU0DQKDWWHPHLQH)UHXQGH HQWIKUWXQGLFKGHUEHUKPWH*HLVWHUMlJHU-RKQ6LQFODLU KRFNWHLQHLQHP=LPPHUXQGKlWWHPLFKDQOLHEVWHQLQHLQ 0DXVHORFKYHUNURFKHQ 'LH=LJDUHWWHGLHLFKPLUDQJH]QGHWKDWWHYHUTXDOPWH]ZL VFKHQPHLQHQ)LQJHUQ'LH$VFKHILHO]X%RGHQ(VVW|UWHPLFK QLFKWHLQPDO ,FKZXWHQLFKWPHKUZRLFKDQIDQJHQVROOWH'LHDQGHUHQ KLHOWHQVlPWOLFKH7UPSIHLQGHU+DQG ,FKVWDUUWHDXIGHQ6SLHJHOXQGVDKLKQGRFKQLFKW:LHPRFKWH HVLQGLHVHQ$XJHQEOLFNHQ6XNR-DQH6KHLODXQG%LOOHUJHKHQ" ,FKKDWWHVLHJHVHKHQIUHLQHQNXU]HQ$XJHQEOLFNQXUXQGGD]X QRFKDOV=ZHUJH 'DVZDUHLQIDFK]XYLHO ,FKK|UWHQHEHQPLUHLQ+VWHOQ(VZDU0LNH%RQHWWL,FKKDWWH LKQDXIGHQ7LVFKJHVHW]W ª(VWXWPLUOHLG©VDJWHGHUNOHLQH0DQQ ,FKOlFKHOWHVFKPHU]OLFKª6LHN|QQHQGRFKQLFKWVGDIU© ª7URW]GHP© ª,KUH/DJHLVWGRFKYLHOVFKOLPPHU©HULQQHUWHLFKLKQ ª0HLQHQ6LHGDLFKQLHPHKUPHLQHQRUPDOH*HVWDOWDQQHK PHQZHUGH"©IUDJWHHUPLFK,QVHLQHU6WLPPHVFKZDQJWURW] DOOHPQRFKHWZDV+RIIQXQJPLW ª,FKZHLHVQLFKW© ª$OVRXQP|JOLFK© ª'DVZUGHLFKQLFKWVDJHQ© 0LNHODFKWHª,FKKDEHHVPLUMDVHOEVW]X]XVFKUHLEHQ©VDJWHHU ª,FKKlWWHKLHUQLFKWHLQEUHFKHQVROOHQ$EHUGDV*HOGORFNWHXQG ELVKHUELQLFKDXFKQLHHUZLVFKWZRUGHQ$XVJHUHFKQHWKHXWHKDW HVPLFKHUZLVFKW'RSSHOWXQGGUHLIDFK© ª.DQQWHQ6LHGHQ/DGHQGHQQKLHU"©ZROOWHLFKZLVVHQ ª.HQQHQLVW]XYLHOJHVDJW,FKKDEHLKQPLUZRKOVFKRQPDO
DQJHVHKHQ,FKZHLDXFKZLHGHU%HVLW]HUDXVVLHKWGDVLVWDEHU DXFKDOOHV© ª6LHKDEHQQLHPLWLKPJHVSURFKHQ"© ª1HLQ,FKZHUGHPLFKKWHQ© ª$EHUHUZRKQWKLHU"©ERKUWHLFKZHLWHU 'HUNOHLQH0HQVFKQLFNWHª-D6RYLHOLFKZHLLQGHUHUVWHQ (WDJH:LHVR"9HUVSUHFKHQ6LHVLFKHWZDVGDYRQ"© ,FKVWDQGDXIª0|JOLFKHUZHLVHVFKRQ,FKVHKHPLUGLH5lXPH HLQPDODQ© 0LNH%RQHWWLEOLFNWHPLFKDXVIOHKHQGHQ$XJHQDQª%LWWH6LU QHKPHQ6LHPLFKPLW,FKZLOOKLHUQLFKWDOOHLQVHLQ© ,FKVDKDXIGHQ=ZHUJQLHGHUª2ND\NRPPHQ6LH©,FKQDKP LKQXQGVWHFNWHLKQLQPHLQHUHFKWH-DFNHWWDVFKH(VZDUVFKRQ HLQNRPLVFKHV*HIKO,PPHUZLHGHUPXWHLFKHLQHQ%OLFNDXI GDVNOHLQH/HEHZHVHQZHUIHQ 'RFKGDQQEHUOHJWHHUVLFKHVDQGHUV:LUZDUHQQRFKXQWHQ LP/DGHQDOVHUZLHGHUKLQDXVZROOWHª,FKZDUWHGRFKOLHEHU KLHU©VDJWHHUª:HQQ6LHGRUWREHQLQHLQH$XVHLQDQGHUVHW]XQJ JHUDWHQZUGHLFK6LHQXUEHKLQGHUQ© ª,VWJXW©,FKQDKPLKQDXVGHU7DVFKHXQGVHW]WHLKQLQHLQHQ 6HVVHO(UYHUNURFKVLFKLQGLHOHW]WH(FNHVRNRQQWHHUDPZHQLJ VWHQHQWGHFNWZHUGHQ ,FKVFKDOWHWHHUVWHLQPDOGDV/LFKWHLQXQGVXFKWHGDQQGHQ :HJ]XP7UHSSHQKDXV*HIXQGHQZDUHUVFKQHOO,FKPXWH GXUFKHLQHVFKPDOH7UXQGVWDQGLQGHPPXIILJULHFKHQGHQ )OXU 'LH%LUQHDQGHU'HFNHZDUPLW)OLHJHQGUHFNYHUNOHEW'LH :lQGHVWDUUWHQYRU6FKPXW]9RQGHPVFKXOWHUKRKHQ6RFNHOZDU GLHPHLVWH)DUEHEHUHLWVDEJHEOlWWHUW1HLQPLWGLHVHP+DXVZDU ZLUNOLFKNHLQ6WDDW]XPDFKHQ'DV(LVHQJHOlQGHUKDWWHVFKRQ 5RVWDQJHVHW]W 8QDQJHIRFKWHQJHODQJWHLFKLQGLHHUVWH(WDJH 'LH:RKQXQJVWUVWDQGRIIHQ ,FK]RJPHLQH%HUHWWDDXVGHP+ROVWHUXQGKLHOWVLHLQGHUUHFK WHQ+DQG'LH:DIIHZDUPLWJHZHLKWHQ.XJHOQJHODGHQ'LHVH *HVFKRVVHKDWWHQVFKRQPDQFKHQ'lPRQ]XP7HXIHOJHVFKLFNW
0LWGHP)XNLFNWHLFKGLH7UDXIVFKOLFKLQGLHGDKLQWHU OLHJHQGH:RKQXQJXQGEHJDQQPLWGHU'XUFKVXFKXQJ 7URW]LQWHQVLYHU%HPKXQJHQIDQGLFKQLFKWV :HQQPDQPDOYRQGHUlUPOLFKHQ(LQULFKWXQJDEVDKZDUHQ GLH=LPPHUOHHU,FKNRQQWHQXULPPHUZLHGHUGHQ.RSIVFKW WHOQ6HOWHQKDWWHLFKMHPDQGHUOHEWGHULQVROFKHLQHPVFKPXW]L JHQ/RFKKDXVWH'DEHLNDPPLUHLQ9HUGDFKW9LHOOHLFKWZRKQWH GLHVHU2FWDYLRJDUQLFKWKLHU"1DFKDXHQKLQKDWWHHU]ZDUGLH :RKQXQJJHPLHWHWGRFKWDWVl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|W]OLFKOLHVLH VLFKIDOOHQª*HKWRKQHPLFK,FKZLOOQLFKWPHKU© 6RIRUWZDU%LOOEHLLKU(UKRE6KHLODDQIDWHLKUGDEHLXQWHU EHLGH$FKVHOQª:LUPVVHQ'DUOLQJ%LWWHNRPP© ª$EHULFK© -DQH&ROOLQVGUlQJWHGHQ5HSRUWHU]XU6HLWHª/DPLFKGDVPDO PDFKHQ,KU0lQQHUVHLGYLHO]XXQJHVFKLFNW© -DQHVSUDFKDXI6KHLOD&RQROO\HLQ%LOOVWDQGGDQHEHQZLHHLQ EHJRVVHQHU3XGHO
6XNRZDUVFKRQHLQ6WFNYRUDXVJHJDQJHQKDWWHDEHUDQJH KDOWHQXQGZDUWHWH ª:DVLVWPLW6KHLOD"©ULHIHU%LOO]X 'HU5HSRUWHUKREGLH6FKXOWHUQª6LHZLOOQLFKWPHKU©(UVDK 6XNRYHU]ZHLIHOWDQ6HLQH$XJHQZDUHQDQGHQ5lQGHUQURWHQW ]QGHWGLH/LSSHQDXIJHVSUXQJHQ 'HQDQGHUHQHUJLQJHVQLFKWEHVVHU 'XUVWTXlOWHVLH'LHVH7URFNHQKHLWVDXJWHLKQHQGHQOHW]WHQ 5HVW)HXFKWLJNHLWDXVGHP.|USHU'HU=HLWSXQNWZDUHLJHQWOLFK DE]XVHKHQZDQQDXFKGLH0lQQHUQLFKWPHKUZHLWHUNRQQWHQ 8QGQLUJHQGZRHLQ+RIIQXQJVVFKLPPHU1XUGLHZHLWHVFKLHU HQGORVH(EHQH /HEHZHVHQKDWWHQVLHELVDXIGLH6SLQQHNHLQHPHKUJHVHKHQ 7URW]GHPKLHOW6XNRLPPHUQRFKVHLQHQ6SHHULQGHU+DQG(U ZDUVLFKHUGDHULKQQRFKHLQPDOEUDXFKHQZUGH 6KHLODTXlOWHVLFKZLHGHUDXIGLH)H%LOOJLQJ]XLKUXQG VWW]WHVLH ª:HQQQLFKWEDOGHWZDVJHVFKLHKWLVWVLHDP(QGH©IOVWHUWH -DQHGHP5HSRUWHULQV2KU %LOO&RQROO\QLFNWHQXU 6KHLODKDWWHGLHVFKZlFKVWH.RQVWLWXWLRQYRQLKQHQ-DQH &ROOLQVGLH'HWHNWLYLQZDUGXUFKLKUHKDUWHQ(LQVlW]HLPPHULP 7UDLQLQJ$XHUGHPDEVROYLHUWHVLH]ZLVFKHQ]HLWOLFKLKU-XGR XQG.DUDWHWUDLQLQJZlKUHQG6KHLODGDV/HEHQHLQHUQRUPDOHQ 'XUFKVFKQLWWVIUDXIKUWH 6LHJLQJHQZHLWHU ,KUH6FKULWWHZXUGHQVFKOHSSHQGHUVFKZHUIlOOLJHU%LOOKDWWH GDV*HIKODOVVlH%OHLLQVHLQHQ2EHUVFKHQNHOQ,PPHUZLHGHU OHFNWHHUVLFKGLHVSU|GHQ/LSSHQDEHUVHOEVWGLH=XQJHZDU NDXPQRFKPLW)HXFKWLJNHLWEHKDIWHW $PEHVWHQKLHOWVLFKQRFK6XNR'HU&KLQHVHZDUHLQ.UDIW SDNHWXQG.RQGLWLRQVEQGHO(UJLQJQRFKJHQDXVRHODVWLVFK XQGIHGHUQGZLH]X%HJLQQGHV0DUVFKHV 6XNRV*HGDQNHQNUHLVWHQXP-RKQ6LQFODLU'HU&KLQHVH NRQQWHVLFKHLQIDFKQLFKWYRUVWHOOHQYRQPLULP6WLFKJHODVVHQ ]XZHUGHQ(UZDUDEHU5HDOLVWJHQXJXPVLFKHLQ]XJHVWHKHQ
GDGLH&KDQFHDXVGLHVHU+|OOHZLHGHUKHUDXV]XNRPPHQYHU GDPPWJHULQJZDUHQ 'LH=HLWYHUJLQJ 1LHPDQGVSUDFKHLQ:RUW8QGLUJHQGZDQQlQGHUWHVLFKGLH /DQGVFKDIW 6XNREHPHUNWHHV]XHUVW(UZLHVQDFKYRUQª'DVHKW© 6FKZHUDWPHQGXQGHUVFK|SIWEOLHEHQGLHDQGHUHQVWHKHQ (LQH$OSWUDXPODQGVFKDIWWDWVLFKYRULKQHQDXI%OHLFKH 6FKlGHOELOGHWHQHLQULHVLJHV.DUUHH.QRFKHQYHUEDQGHQGLH 6FKlGHOPLWHLQDQGHU$QHLQHU6WHOOHQXUJDEHVHLQHgIIQXQJ lKQOLFKHLQHP7RU$EHUGDV7RUVDKVFKUHFNOLFKDXV(VZDUHLQ EHUJURHU7RWHQVFKlGHOGXUFKGHVVHQ0DXOPDQVFKUHLWHQ PXWH 6KHLODEHJDQQ]XVFKUHLHQª,FKZLOOQLFKWPHKUZHLWHU©ZLP PHUWHVLHª/DWPLFKKLHU/DWPLFKKLHUVWHUEHQ© %LOOVDKNHLQHDQGHUH0|JOLFKNHLW(UPXWH6KHLOD]XU%HVLQ QXQJEULQJHQ6RVFKOXJHULKULQV*HVLFKW'DEHLKlWWHHUVLFKDP OLHEVWHQVHOEVWGLH+DQGDEJHKDFNW 'LH0HWKRGHKDOIDEHU 6KHLODK|UWHDXI]XVFKUHLHQVWDUUWHLKUHQ0DQQVHNXQGHQODQJ YHUVWlQGQLVORVDQOlFKHOWHGDQQXQGVDJWHª(VWXWPLUOHLG%LOO ,FKKDEHPLFKZRKOGXPPEHQRPPHQ© %LOOVWULFKLKUEHUGDV+DDUª1HLQ6KHLODGXQLFKW© ª,FKJHKHDOVHUVWHU©HQWVFKLHG6XNRª:DUWHWKLHU© (KHHLQDQGHUHUHLQH$QWZRUWJHEHQNRQQWHZDUGHU&KLQHVH VFKRQLQGHP6FKlGHOWRUYHUVFKZXQGHQ $WHPORVYHUKDUUWHQGLH)UHXQGH 1LFKWVJHVFKDK %LOO&RQROO\ELVLFKDXIGLH/LSSHQª6ROOHQZLUQLFKWYHU VXFKHQGDV.QRFKHQIHOG]XXPJHKHQ"© (UZDUWHWHHLQH$QWZRUWJDUQLFKWHUVWDEVRQGHUQPDFKWHVLFK DXIGHQ:HJ(UJLQJJHUDGHZHJVDXIHLQHQGHU.QRFKHQ]X )ULKQZDUHVHLQVFKUHFNOLFKHV*HIKOYRQGHQOHHUHQ $XJHQK|KOHQGHU6FKlGHODQJHJORW]W]XZHUGHQ 8QGGDQQHUKLHOWHUSO|W]OLFKHLQHQ6FKODJ(LQHPDJLVFKH)DOOH ZDU]XJHVFKQDSSW
'LFKWYRUGHU.QRFKHQPDXHUZXUGH%LOO]XUFNJHVFKOHXGHUW (UILHO]X%RGHQXQGYHUORUIUZHQLJH6HNXQGHQGLH%HVLQQXQJ $OVHUZLHGHUNODUVHKHQNRQQWHNQLHWH-DQHQHEHQLKP ª/DHVVHLQ%LOO©IOHKWHVLH 'HU5HSRUWHUQLFNWHXQGHUKREVLFKlFK]HQG(UIDWHGLHEHL GHQ)UDXHQDQGHQ+lQGHQ*HPHLQVDPJLQJHQVLHDXIGDV 6FKlGHOWRU]X:HLWNODSSWHGHU5DFKHQDXI'LHVWXPSIHQ=lKQH GHV2EHUNLHIHUVELOGHWHQHLQH/LQLH ª,FKKDEVRHLQH$QJVW©KDXFKWH6KHLOD %LOOGUFNWHLKUH+DQGVWlUNHU 6LHGXUFKVFKULWWHQGHQ6FKlGHO 8QEHKHOOLJW 6XNRHUZDUWHWHVLHEHUHLWV(UVWDQGDXIVHLQHP6SHHUJHVWW]W XQGVDKVLHHUQVWDQª6HKWPDOZRZLUJHODQGHWVLQG©VDJWHGHU &KLQHVH 'LHGUHLEOLFNWHQVLFKXP %LOO&RQROO\ZDUDPPHLVWHQJHVFKRFNW(UNRQQWHHVNDXP IDVVHQ'DVZDUXQP|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
(UVDLQGHPKRFKOHKQLJHQ6HVVHODXIGHQLFK]XYRU0LNH %RQHWWLDEJHVHW]WKDWWH(LQH7LVFKODPSHVWUHLFKHOWHPLWLKUHP /LFKWGLH*HVWDOWGHV0DQQHV ,FKEOLHEVWHKHQ 6HNXQGHQODQJNUHX]WHQVLFKPHLQHXQG2FWDYLRV%OLFNH'HU +lQGOHUWUXJHLQHQELVEHUGLH.QLHUHLFKHQGHQ0DQWHO'LH +lQGHKDWWHHULQGHQ7DVFKHQYHUJUDEHQ6HLQHLI|UPLJHU.RSI ZDUNDKO'HUVLFKHOI|UPLJH6FKQXUUEDUWEHUKUWHEHLQDKHGLH .LQQVSLW]HQ ,FKKREGLH+DQGPLWGHU:DIIHDQ,QPLUWREWHHLQXQEH VFKUHLEOLFKHU=RUQ ,FKPXWHPLFKEHKHUUVFKHQXPGHP.HUOQLFKWLQV*HVLFKW]X VFKODJHQ ª2FWDYLR"©IUDJWHLFK0HLQH6WLPPHHUNDQQWHLFKNDXPQRFK ZLHGHU6LHNODQJNUDW]LJXQGUDXK ª-D$EHUQHKPHQ6LHGLH:DIIHZHJ©HUZLGHUWHHUª6LHQW]W ,KQHQQLFKWV© ,FKEHKLHOWGLH%HUHWWDLQGHU+DQG ª(LQH.XJHOLVWEDOGQRFK]XVFKDGHIU6LH6LH%HVWLH©,FK VFKOHXGHUWHLKPGLH:RUWHLQV*HVLFKWª:DUXPGLHVHU0RUGDQ 0LNH%RQHWWL"'HU0DQQZDUY|OOLJKLOIORV(UZDUVFKRQJHQXJ JHVWUDIW© 2FWDYLRZLQNWHDEª6LHVROOWHQVLFKPHKU]XVDPPHQUHLHQ 6LQFODLUXQGQLFKWVRHPRWLRQHOOKDQGHOQ(VVWHKW,KQHQQLFKW 8QGMHW]WQHKPHQ6LHHQGOLFKGLHYHUGDPPWH.QDUUHZHJRGHU ,KUH)UHXQGHZHUGHQHVEHQ© ,FKEOLFNWHGHQ0DQQDQXQGZXWHGDHUHVHUQVWPHLQWH 2FWDYLREHIDQGVLFKLQHLQHUVRVWDUNHQ3RVLWLRQGDHUHLQHQ %OXIIJDUQLFKWQ|WLJKDWWH,FKVDRKQHKLQDPNU]HUHQ+HEHO ª6LHN|QQHQUXKLJ3ODW]QHKPHQ6LQFODLU,P6LW]HQSODXGHUWHV VLFKEHVVHU© ,FKQDKPPLUHLQHQ6HVVHO(UZDUVFKRQ]LHPOLFKDOWXQGGLH 6SUXQJIHGHUQDXVJHOHLHUW,FKVDQNWLHIHLQ 2FWDYLROlFKHOWHGQQª6RJHIDOOHQ6LHPLUVFKRQEHVVHU© PHLQWHHUVS|WWLVFK ª.RPPHQ6LHHQGOLFK]XU6DFKH©IRUGHUWHLFKLKQDXI
ª6LHVLQG]XXQJHGXOGLJ6LQFODLU,FKVWHOOHKLHUGLH)UDJHQ,KUH /DJHLVWGHQNEDUVFKOHFKW=XYRUZLOOLFKZLVVHQZDVPLW0DONR JHVFKHKHQLVW© ª(UKDWGHP6SLHJHOQLFKWZLGHUVWHKHQN|QQHQ© ª6LHPHLQHQHUKDWHLQH5HLVHLQGLHDQGHUH'LPHQVLRQ JHPDFKW"© ª-D© )UHLQHQZLQ]LJHQ$XJHQEOLFNYHU]HUUWHVLFK2FWDYLRV *HVLFKW'DQQKDWWHHUVLFKZLHGHULQGHU*HZDOWª)UHLZLOOLJLVW 0DONRGRFKQLHLQGHQ6SLHJHOKLQHLQJHUDWHQ© ª,FKKDEHQDFKKHOIHQPVVHQ© ª'DQQEHILQGHWVLFK0DONRMHW]WGRUWZRDXFK,KUH)UHXQGH VLQG6LQFODLU©8QGMHW]WJULQVWH2FWDYLRQLHGHUWUlFKWLJ ª*DUDQWLHUHQNDQQLFKIUQLFKWV0DONRLVWHLQ%lU(ULVWVRJXW ZLHXQEHVLHJEDU8QGHUZLUGVHLQH:XWDQ,KUHQ)UHXQGHQDXV ODVVHQ© ª,FKKDEHLKQEHVLHJW©NRQWHUWHLFK 2FWDYLRVDJWH]XQlFKVWQLFKWVPHKU(UKROWHHUVWHLQPDO/XIW ª-D6LHVLQGJHIlKUOLFK6LQFODLUGDVKDEHLFKVFKRQLPPHU JHZXW$EHUQLFKWQXUIUPLFKDXFKIUDQGHUHVWHOOHQ6LHHLQH JURH*HIDKUGDU:LHJXWIUXQVGLH)DOOHLVW]XJHVFKQDSSW 'D6LHQLFKWVWLOOKDOWHQZUGHQKDEHLFKPLUVFKRQJHGDFKW,FK KDWWHQLFKWGDPLWJHUHFKQHWGD6LHPLFKVRUDVFKDXVILQGLJ PDFKHQZUGHQ6LHVLQGVFKRQHLQEHVRQGHUHU0DQQ'RFKGDV DOOHVVSLHOWQXUQRFKHLQHXQWHUJHRUGQHWH5ROOH:LFKWLJLVWGD 6LHLQ=XNXQIWNHLQH6FKZLHULJNHLWHQPHKUPDFKHQZHUGHQ8QG GDIUVRUJHLFK© ª:ROOHQ6LHPLFKW|WHQ"© ª8QWHU8PVWlQGHQMD© ª$EHU"© ª-HW]WVLQG6LH]XQHXJLHULJ©2FWDYLROlFKHOWHE|VHª-DLFKDQ ,KUHU6WHOOHZlUHHVDXFK.RPPHQ6LHPLWLFKZLOO,KQHQHWZDV ]HLJHQ*HLVWHUMlJHU© 2FWDYLRHUKREVLFK,FKWDWHVLKPQDFK:LUYHUOLHHQGHQ /DGHQXQGEHWUDWHQGDVNOHLQH%URLQGHPGHU6SLHJHOVWDQG 2FWDYLRKDWWHGRUWHLQLJHVYHUlQGHUW$XIGHP6FKUHLEWLVFKVWDQG
GDV6FKDFKVSLHOGDV%LOOXQG6KHLOD&RQROO\PLU]XP*HEXUWVWDJ JHVFKHQNWKDWWHQ 0LUNDPHVYRUDOVZlUHGLHVVFKRQ7DJHKHUGDEHLZDUHQHUVW 6WXQGHQYHUJDQJHQ ª(UNHQQHQ6LHHVZLHGHU"©IUDJWH2FWDYLRK|KQLVFK ,FKQLFNWH 'LH)LJXUHQZDUHQDXIJHEDXW)HLQVlXEHUOLFKVWDQGHQVLHDXI LKUHQ)HOGHUQ,FKVDKGHQ.|QLJGLH'DPHGLH7UPHGLH /lXIHUGLH6SULQJHUXQGGLH%DXHUQ ª'LHZHLHQ)LJXUHQVLQGIU6LH©VDJWH2FWDYLR ,FKKREGHQ%OLFNª6LHZROOHQPLWPLUHLQH3DUWLHVSLHOHQ"© ª-DPHLQ%HVWHU©2FWDYLRULHEVLFKGLH+lQGHª:LHLFKK|UWH EHKHUUVFKHQ6LHGDV6SLHOGHU.|QLJH,FKKDEHPLFKHEHQIDOOV GDPLWEHVFKlIWLJW:LUZHUGHQXQJHIlKUJOHLFKJXWVHLQ$OOHU GLQJVKDWGLH6DFKHEHL,KQHQHLQHQ+DNHQ6LHVSLHOHQXPGDV /HEHQ,KUHU)UHXQGH© ,FKVFKOXFNWH2EZRKOLFKPLWHLQHUlKQOLFKHQ6LWXDWLRQJHUHFK QHWKDWWHZDULFKGRFKEHUUDVFKW$EHUHVVROOWHQRFKVFKOLPPHU NRPPHQ9LHOVFKOLPPHU ª'LHZHLHQ)LJXUHQVLQGIU6LH6LQFODLU'LH5HJHOQEUDXFKH LFK,KQHQMDQLFKW]XHUNOlUHQ$EHULFKZLOO,KQHQHWZDVDQGHUHV ]HLJHQ6HKHQ6LHPDOLQGHQ6SLHJHO© ,FKGUHKWHPLFKVRGDLFKGLHPDWWVFKLPPHUQGH)OlFKH EHWUDFKWHQNRQQWH 1HEHQPLUPXUPHOWH2FWDYLRHLQLJHPDJLVFKH)RUPHOQ(U VWLHGLH:RUWHVFKDUIXQGDEJHKDFNWKHUYRU 'LH6SLHJHOIOlFKHYHUlQGHUWHVLFK6LHZXUGHNODUXQGGXUFK VLFKWLJ:LHGHUNRQQWHLFKHLQHQ%OLFNLQGLHDQGHUH'LPHQVLRQ ZHUIHQ 3O|W]OLFKZXUGHQPHLQH$XJHQJURGHQQLFKVDKHWZDVZDV PLFKDQPHLQHP9HUVWDQG]ZHLIHOQOLH
$XFK6KHLOD&RQROO\ZXWHVRIRUWZDVORVZDUbQJVWOLFKNODP PHUWHVLHVLFKDQLKUHQ0DQQª'HLQ7UDXP%LOO©IOVWHUWHVLH ª'HLQ7UDXP© %LOO&RQROO\QLFNWH7URW]GHU+LW]HEUDFKLKPGHUNDOWH 6FKZHLDXV:LHHLQH]ZHLWH+DXWEHGHFNWHHUGHQ.|USHU 6XNRGDFKWHQDFKª:LUVLQGKLHUKHUJHORFNWZRUGHQ©VDJWHHU ª$QGHUVNDQQLFKPLUGDVQLFKWYRUVWHOOHQ© ª:LHVR"©IUDJWH-DQH ª'UHKGLFKPDOXP© 'LH'HWHNWLYLQZDQGWHGHQ.RSI6LHKDWWH0KHHLQHQ6FKUHL ]XXQWHUGUFNHQ 'HUULHVLJH7RWHQVFKlGHOGHUJOHLFK]HLWLJDOV(LQJDQJGLHQWH ZDUYHUVSHUUW'DV0DXOHVKDWWHDQGHU5FNVHLWHGLHJOHLFKH )RUPZLHYRUQZDUYHUVFKORVVHQ 'LHYLHU0HQVFKHQZDUHQ*HIDQJHQH*HIDQJHQHDXIHLQHP ULHVLJHQ6FKDFKEUHWW ª$EHUZLHVRGHQQ"©IOVWHUWH-DQHª:DVZDVZLOOPDQKLHU PLWXQV":HVKDOEIKUWPDQXQV]XHLQHP6FKDFKEUHWW"© ª'DUDXIZHUGHQZLUVLFKHUOLFKEDOGHLQH$QWZRUWHUKDOWHQ© HUZLGHUWH6XNR(UKDWWHVLFKJHEFNWXQGXQWHUVXFKWHGHQ %RGHQDXIGHPVLHVWDQGHQ (UZDUVSLHJHOEODQNXQGJODWW'LHGXQNHOURWH6RQQHVWDQG VHQNUHFKWEHUGHP)HOG'LHNOHLQHQ0HQVFKHQZDUIHQNDXP HLQHQ6FKDWWHQ ª:LUVLQGHEHQIDOOV]X)LJXUHQJHZRUGHQ©VDJWH%LOOPLWKHLVH UHU6WLPPHª=X)LJXUHQLQHLQHPWHXIOLVFKHQ6SLHO,FKZHLHV 8QGLFKZHLDXFKGDZLUGLHVHV6FKDFKEUHWWQLFKWPHKUOHEHQG YHUODVVHQZHUGHQ© 6XNRIXKUKHUXPª:LHNDQQVWGXVRHWZDVQXUVDJHQ© ª:HLOLFKHLQHQ7UDXPJHKDEWKDEH©%LOOQLFNWHKHIWLJDOVHU 6XNRVYHUVWlQGQLVORVHQ%OLFNVDKª-D]XP7HXIHOLFKKDEHHLQHQ 7UDXPJHKDEW,FKVHOEVWKDEHPLFKDXIGLHVHP6FKDFKEUHWWJH VHKHQ(LQJHNUHLVWYRQGHQHLQ]HOQHQ6SLHOHUQ6SULQJHUQ %DXHUQ/lXIHUQVLHDOOHZROOWHQPLFKW|WHQ+LHUDXIGHP %RGHQODJLFK©%LOOGHXWHWHDXIHLQ.DUUHHª,FKKDWWHNHLQH &KDQFH*ODXEWPLUZLUZHUGHQKLHUVWHUEHQ©
'HU5HSRUWHUZDUPLWVHLQHQ1HUYHQDP(QGH(UVHW]WHVLFK HLQIDFKKLQXQGYHUJUXEGDV*HVLFKWLQEHLGHQ+lQGHQª,FK KlWWHHVZLVVHQPVVHQ,FKKlWWHHVZLVVHQPVVHQ©VWDPPHOWH HULPPHUZLHGHU 6KHLODNPPHUWHVLFKXPLKUHQ0DQQZlKUHQG6XNRHLQLJH 6FKULWWH]XU6HLWHJLQJXPGDV6FKDFKIHOGDE]XODXIHQ -DQH&ROOLQVKROWHGHQ&KLQHVHQHLQª:DVVDJVWGX]X%LOOV 7UDXP"© 'HU&KLQHVHEOLHEVWHKHQª7UlXPHN|QQHQRIWLQ(UIOOXQJ JHKHQ©HUZLGHUWHHU -DQHKREGLH$XJHQEUDXHQ$XFKLKU*HVLFKWZDUYRQGHQYHU JDQJHQHQ6WUDSD]HQJH]HLFKQHW1XUPLW0KHEHZDKUWHVLHLKUH +DOWXQJ ª'XVDJWHVW!N|QQHQ6XNR© ª-D6LHPVVHQQLFKW%LOOKDWEHLVHLQHP%HULFKWHLQVYHU JHVVHQ© ª8QGGDVZlUH"© 6XNROlFKHOWHª0LFKZXQGHUWHVGDGXQRFKQLFKWYRQVHOEVW GUDXIJHNRPPHQELVWJURH'HWHNWLYLQ© ª/DGRFKMHW]WGLH6FKHU]H© ª%LOOKDWQXUVLFKLQVHLQHP7UDXPJHVHKHQ$EHULQ:LUNOLFK NHLWVLQGZLU]XYLHUWGDVVROOWHVWGXQLFKWYHUJHVVHQ:LUZHUGHQ XQVXQVHUHU+DXWZHKUHQ© -DQH&ROOLQVQLFNWHª'XKDVWUHFKW6XNR:LUVLQG]XYLHUW $OOHUGLQJVZDIIHQORV© 'HU&KLQHVHKREVHLQHQ6SHHUª8QGGLHV"© ª:LOOVWGXGDPLWHUQVWKDIWJHJHQGlPRQLVFKH:HVHQDQ JHKHQ"© ª(VEOHLEWPLUMDQLFKWVDQGHUHVEULJ© -DQHVWUHLFKHOWH6XNREHUVHLQ*HVLFKWª'XELVWDXFKQLFKW NOHLQ]XNULHJHQZLH"© ª,FKELQLPPHU2SWLPLVWJHEOLHEHQ© -DQH&ROOLQVOLH6XNRVWHKHQXQGNPPHUWHVLFKXP%LOO 6KHLODHPSILQJGLH'HWHNWLYLQDFKVHO]XFNHQGª,FKZHLQLFKW ZDVPLW%LOOORVLVW6RNHQQHLFKLKQJDUQLFKW.PPHUHGXGLFK GRFKPDOXPLKQ©
ª$XFK0lQQHUKDEHQPDOGDV5HFKWVFKZDFK]XVHLQ©HU ZLGHUWH-DQHª(VLVWJXWZHQQVLHQLFKWLPPHUGLH+HOGHQ VSLHOHQXQGDXFKPDOLKUHQ*HIKOHQIUHLHQ/DXIODVVHQ© ª$EHUGDVN|QQHQZLUXQVGRFKMHW]WQLFKWOHLVWHQ©IOVWHUWH 6KHLOD ª'DVVWLPPWDXFKZLHGHU©-DQH&ROOLQVJLQJQHEHQ%LOOLQGLH .QLHXQGOHJWHLKPLKUH+DQGDXIGLH6FKXOWHUª5HLGLFKGRFK ]XVDPPHQ©VDJWHVLHHLQGULQJOLFKª'XGDUIVWMHW]WQLFKWVFKODSS PDFKHQ%LOO.RPPKRFKZLUGUIHQXQVQLFKWDXIJHEHQ© 'HU5HSRUWHUOLHGLH+lQGHVLQNHQ(UVWDUUWHYRUVLFKDXIGHQ %RGHQ'DQQKREHUSO|W]OLFKGHQ.RSI(LQPDVNHQKDIWHV /lFKHOQKDWWHVLFKLQVHLQH0XQGZLQNHOJHJUDEHQ(UVWDQGDXI ª,FKPXPLFKZRKOHQWVFKXOGLJHQ©VDJWH%LOOª$EHUGLHVHU 7UDXPXQGMHW]WGLH6]HQHLFKKDWWHEHLGHVQRFKQLFKWYHUNUDIWHW 1XQJHKWHVZLHGHU© ª2%LOO©6KHLODZDUIVLFKLQGLH$UPHLKUHV0DQQHVª(VZLUG GRFKDOOHVZLHGHUJXW%LOO(VPXHLQIDFK© %LOO&RQROO\VWUHLFKHOWHVHLQHU)UDXEHUGDVODQJH%ORQGKDDU (UWDWGLHVPLWHLQHUXQHQGOLFK]lUWOLFKHQ%HZHJXQJ ª(VPXHLQIDFKJXWJHKHQ©IOVWHUWH6KHLODª,FKLFKZROOWHHV GLUKHXWHDEHQGVFKRQVDJHQDEHULFKELQQLFKWGD]XJHNRPPHQ 9HU]HLKPLU/LHEOLQJ© %LOOUXQ]HOWHGLH6WLUQª$EHUZDVLVWGHQQORV"© ª'XGXZLUVW9DWHU%LOO9LHOOHLFKW© ª:DV"©'HU5HSRUWHUULEHLGH$XJHQZHLWDXIª,FKZHUGH LFKZHUGH© ª1LFKWVRODXW©,Q6KHLODV$XJHQODJSO|W]OLFKHLQZDUPHV /HXFKWHQª(VLVWQRFKQLFKWKXQGHUWSUR]HQWLJ8QGLFKZHLLFK KDEHGHQ=HLWSXQNWVFKOHFKWJHZlKOWXPGLUGDV]XVDJHQDEHU LFKVDKHLQIDFKNHLQHDQGHUH0|JOLFKNHLWGLFKDXVGHLQHU JHGUFNWHQ6WLPPXQJ]XUHLHQ(VORKQWVLFKZLHGHUIUHWZDV ]XNlPSIHQ© ª-D©VDJWH%LOOXQGQLFNWHHQWVFKORVVHQª(VORKQWVLFKZLHGHU )UPHLQHQ6RKQ© ª)DOOVHVHLQ6RKQZLUG© ª1DWUOLFK©
)UZHQLJH0LQXWHQKDWWHQ6KHLODXQG%LOOGLHVFKUHFNOLFKHQ (UHLJQLVVHYHUJHVVHQ6LHZDUHQHLQIDFKQXUHLQJOFNOLFKHV (KHSDDU'RFKGDQQZXUGHQVLHZLHGHUPLWDOOHU'HXWOLFKNHLWDQ LKUH6LWXDWLRQHULQQHUWGHQQ6XNRV6WLPPHJHOOWHDXI ª9RUVLFKW© ,QQHUKDOEGHU6FKlGHOZXUGHHVSO|W]OLFKOHEHQGLJ%LOOXQGGLH EHLGHQ)UDXHQZLUEHOWHQKHUXP6LHVDKHQ%HZHJXQJHQXQG GDQQWUDWHQDXIHLQPDO)LJXUHQDXVGHQ7RWHQN|SIHQKHUYRU 6FKDFKILJXUHQ'DZDUGHU.|QLJ*DQ]LQ6FKZDU]0LWHLQHU IODPPHQGHQ.URQHDXIGHP.RSIXQGVWDWWGHV=HSWHUVHLQ 6FKZHUWLQGHU+DQG$XFKGLH$XJHQJOKWHQLQHLQHPGVWHUHQ 5RW'DV*HVLFKWZDUHLQHVFKUHFNOLFKH)UDW]H (VIROJWHGLH'DPH$XFKVLHWUXJHLQODQJHV*HZDQGYRQ GXQNOHU)DUEH,KU*HVLFKWZDUVHOWVDPEOHLFKZLHGDVHLQHU /HLFKH6LHWUXJHLQH.HWWHDXV.QRFKHQXPGHQ+DOV%HLMHGHP 6FKULWWNOLUUWHQGLH.QRFKHQJHJHQHLQDQGHU 'LH6SULQJHUVSUHQJWHQDXIGDV)HOG'LH)LJXUHQVDHQDXI VFKZDU]HQ3IHUGHQ,QGHUUHFKWHQ+DQGKLHOWHQVLHMHHLQHQ %RJHQLP.|FKHUDXIGHP5FNHQVWHFNWHQ3IHLOH'LH*HVLFKWHU GHU5HLWHUZDUHQKDOEH6NHOHWWIUDW]HQGXUFKGLHGLH.QRFKHQ VFKLPPHUWHQ 'LHEHLGHQ/lXIHUUDQQWHQKLQWHUGHQ3IHUGHQKHU'LHWUXJHQ VFKZDU]HHQJDQOLHJHQGH7ULNRWVJLQJHQOHLFKWJHEHXJWXQG KDWWHQNDKOH6FKlGHO 'DQQIROJWHGHU3XONGHU%DXHUQ$XFKVLHZDUHQLQ6FKZDU] JHNOHLGHWWUXJHQHLQIDFKH.LWWHO,QLKUHQIODFKHQ*HVLFKWHUQ ZDUHQZHGHU1DVHQ$XJHQQRFK2KUHQ]XHUNHQQHQ%HZDIIQHW ZDUHQGLH%DXHUQPLW/DQ]HQ 'LHGXQNOHQOHEHQGHQ)LJXUHQQDKPHQLKUH3OlW]HDXIGHQ VFKZDU]HQ)HOGHUQGHUDQGHUHQ6FKDFKEUHWWVHLWHHLQ$OOHVJH VFKDKODXWORV(VZLUNWHZLHHLQVWXGLHUW6RDOVKlWWHQVLHHV KXQGHUWPDOJHEW 'HQ6FKOXELOGHWHQGLH7UPH(VZDUHQUHJHOUHFKWH.RORVVH 0XWDQWHQ(LQH0LVFKXQJDXV0HQVFKXQG'lPRQ6LHEHZHJWHQ VLFKQXUODQJVDPYRUDQ 6XNR%LOO6KHLODXQG-DQHKDWWHQVLFKLQGHUJHJHQEHUOLHJHQ
GHQlXHUVWHQ(FNHGHV6FKDFKIHOGHV]XVDPPHQJHGUlQJW0LW EDQJHQ%OLFNHQEHREDFKWHWHQVLHGHQ$XI]XJ'LHEHLGHQ)UDXHQ KDWWHQKLQWHUGHQ0lQQHUQ'HFNXQJJHIXQGHQ $XVGHQUHFKWVYRQLKQHQOLHJHQGHQ7RWHQVFKlGHOQO|VWHQVLFK GLHZHLHQ)LJXUHQ6LHVDKHQJHQDXVRDXVZLHLKUH.RQWUDKHQ WHQQXUIHKOWHQYLHUYRQLKQHQ 8QG]ZDUGLH'DPHGHU.|QLJHLQ6SULQJHUXQGHLQ/lXIHU 6FKZHLJHQGQDKPHQGLHZHLHQ)LJXUHQDXIGHQIUVLHYRUJH VHKHQHQ)HOGHUQ$XIVWHOOXQJ ª(VIHKOHQZHOFKH©IOVWHUWH-DQH 6XNRQLFNWHª-DPDQKDWIUXQV3ODW]JHODVVHQ,FKJODXEHZLU VROOWHQ© 3O|W]OLFKJHVFKDKHWZDVZDV6XNRYHUVWXPPHQOLH'HU GVWHUH+LPPHOYHUVFKZDQGXQGZLFKHLQHUULHVLJHQJOlVHUQHQ .XJHO6LHVFKLHQVRQDKGDPDQVLHPLWGHU+DQGJUHLIHQ NRQQWHXQGZDUGRFKVRXQHQGOLFKZHLWHQWIHUQW (LQ*HVLFKWWDXFKWHKLQWHUGHU.XSSHODXI 2FWDYLR ª'DVGDUIQLFKWZDKUVHLQ©VW|KQWH%LOOYHUVWXPPWHDEHUGHQQ 2FWDYLRZDUQLFKWDOOHLQ (UKDWWHMHPDQGHQPLWJHEUDFKW -RKQ6LQFODLU ª,FKGUHKHQRFKGXUFK©NHXFKWH%LOOª,FKZHUGHYHUUFNW -RKQHULVW© 6KHLODEHJDQQ]XZHLQHQXQGDXFK-DQHKDWWH0KHGLH 7UlQHQ]XUFN]XKDOWHQ 6XNRV*HVLFKWZLUNWHZLHHLQH0DVNH+DUWXPNODPPHUWHVHLQH UHFKWH+DQGGHQ6SHHUVFKDIW -RKQV*HVLFKWZDUGHXWOLFK]XHUNHQQHQ6LHVDKHQGLH4XDO GLHDXIGHQ=JHQODJXQGMHGHPZDUNODUGDLKU)UHXQGHEHQ VROLWWZLHVLH 'DQQGU|KQWH2FWDYLRV6WLPPHª+|UWJHQDX]XZDVLFKHXFK ]XVDJHQKDEH,KUVWHKW]ZDUDXIHLQHP6FKDFKEUHWWDEHULFK VRUJHGDIUGDDXVGHP6SLHOEOXWLJHU(UQVWZLUG©
,FKKDWWHGDV*HIKOGXUFKHLQHEHUJURH/XSH]XVFKDXHQ (LQH2SWLNGLHMHGH.RQWXULQGHU8QHQGOLFKNHLWGHU'LPHQVLRQ JHQDXQDFK]HLFKQHWH 8QGLFKVDKPHLQH)UHXQGH $XIHLQHPULHVLJHQ6FKDFKEUHWW :LHYHUlQJVWLJWH7LHUHGUlQJWHQVLFK%LOO6XNR6KHLODXQG-DQH ]XVDPPHQ ,FKVDKDEHUDXFKGLHVFKZDU]HQ6FKDFKILJXUHQGLHVFKRQDXI GHQ)HOGHUQ$XIVWHOOXQJJHQRPPHQKDWWHQ(VZDUHQNHLQHQRU PDOHQ6SLHOHU1HLQLUJHQGHLQH.UDIWKDWWHLKQHQGlPRQLVFKHV /HEHQHLQJHKDXFKW 'DV6FKDFKEUHWWZXUGHYRQ7RWHQVFKlGHOQEHJUHQ]WGLHVH ZLHGHUXPZDUHQGXUFK.QRFKHQPLWHLQDQGHUYHUEXQGHQ,FK YHUPXWHWHGDHVVLFKXP0HQVFKHQNQRFKHQKDQGHOWH 'LH6FKlGHO|IIQHWHQVLFKXQGGLHZHLHQ)LJXUHQVWU|PWHQ KHUDXV ,FKYHUPLWHYLHUXQGMHW]WHUVWNRQQWHLFKPLUYRUVWHOOHQZDV 2FWDYLRYRUKDWWH (UZROOWHPHLQH)UHXQGHDQVWHOOHGHU6FKDFKILJXUHQRSIHUQ6LH ZUGHQLKUH3OlW]HHLQQHKPHQ 8QGLFKPXWHXPLKU/HEHQVSLHOHQ (LQHJUDXVDPH9RUVWHOOXQJ6RHWZDVNRQQWHVLFKQXUHLQ ZDKUHU7HXIHODXVJHGDFKWKDEHQ 'HU6FKZHLVDPPHOWHVLFKLQPHLQHQ+DQGIOlFKHQXQGGRFK ]HLJWHLFKGLHVHP2FWDYLRQLFKWZLHPLHVPLUZLUNOLFK]XPXWH ZDU,FKIUDJWHVWDWWGHVVHQª:DVJHVFKLHKWZHQQLFKJHZLQQH"© (UVDKPLFKYRQGHU6HLWHKHUDQª:LUZHUGHQVHKHQ©HU ZLGHUWHHUDXVZHLFKHQG ª,FKZLOOGLH)UDJHEHDQWZRUWHWKDEHQ© ª1HLQMHW]WQLFKW6LHWXQZDVLFK,KQHQVDJH+LHUKDEHLFK]X EHIHKOHQ© (UOHJWHVHLQH+lQGHYRUGHQ0XQGXQGELOGHWHVRHLQHQ7ULFK WHU'DQQWUDWHUGLFKWYRUGHQ6SLHJHOXQGEHJDQQ]XVSUHFKHQ )UHLQHQZLQ]LJHQ0RPHQWVSLHOWHLFKPLWGHP*HGDQNHQ GLHVHQ2FWDYLRHLQIDFKLQGHQ6SLHJHOKLQHLQ]XVWRHQGRFK GDPLWZlUHQLFKWVJHZRQQHQ
2FWDYLRVSUDFKGLH:RUWHLQ=LPPHUODXWVWlUNHXQGGRFK PXWHQVLHYRQPHLQHQ)UHXQGHQYHUVWDQGHQZRUGHQVHLQGDV EHPHUNWHLFKDQLKUHQ5HDNWLRQHQ ª+|UWJHQDX]XZDVLFKHXFK]XVDJHQKDEH,KUVWHKW]ZDU DXIHLQHP6FKDFKEUHWWDEHULFKVRUJHGDIUGDDXVGHP6SLHO EOXWLJHU(UQVWZLUG© ,QPLUWREWHHLQH+|OOH'LHYLHUVFKLHQHQPLFKVHKHQ]XN|Q QHQ:HOFKH*HIKOHKDWWHQVLHLQGLHVHQ$XJHQEOLFNHQ":DV JLQJLQLKQHQYRU"(VPXWHXQEHVFKUHLEOLFKVHLQ ª,FKKRIIHLKUVHKWHXUHQ)UHXQGGHQ*HLVWHUMlJHU©ULHI 2FWDYLRª(XHU/HEHQOLHJWMHW]WLQVHLQHU+DQG(UZLUGPLWPLU 6FKDFKVSLHOHQ$XIHLQHP]ZHLWHQ%UHWWGDVMHGRFKLQPDJLVFKHU 9HUELQGXQJPLWGHPVWHKWDXIGHPLKUHXFKEHILQGHW-HGHU=XJ GHQ-RKQ6LQFODLUXQWHUQLPPWZLUGEHLXQGPLWHXFKQDFKYROO ]RJHQ1LPPWHUGHQ.|QLJVRZLUG6KHLOD&RQROO\EHZHJW+lOW HUVLFKDQGLH'DPHVRLVW-DQH&ROOLQVDQGHU5HLKH'HU6SULQJHU LVWIU%LOO&RQROO\UHVHUYLHUW$OOHUGLQJVHUKlOWHUNHLQ3IHUG ZLHHVGLHDQGHUHQVFKZDU]HQ)LJXUHQKDEHQ'HUJXWH%LOOPX VLFKVFKRQHWZDVHLQIDOOHQODVVHQ8QGGHQ3DUWGHV/lXIHUV ZLUG6XNREHUQHKPHQ(ULVWMDVRHWZDVZLHHLQ7UXPSI$VLP 6SLHO©2FWDYLREHJDQQ]XODFKHQ(UULHEVLFKGLH+lQGHª,FK KRIIHLKUKDEWDOOHVYHUVWDQGHQ'DQQJHKWDXIHXUH3OlW]H© 'HU8QKHLPOLFKHZDQGWHVLFKXP=XPHUVWHQPDOVDKLFKVHLQH $XJHQEHZXW ,QLKQHQOHXFKWHWHIDQDWLVFKHU+D-DGLHVHU0DQQVFKLHQDOOHV ]XKDVVHQZDVDXIGHU6HLWHGHV*XWHQXQGGHU*HUHFKWLJNHLW VWDQG*HPHLQOlFKHOQGGHXWHWHHUDXIHLQHQ6WXKO ª1HKPHQ6LH3ODW]-RKQ6LQFODLU© ,FKVHW]WHPLFK 2FWDYLRYHUUFNWHGHQ6SLHJHOQRFKHLQZHQLJVRGDZLULKQ EHLGHVHKHQNRQQWHQXQGDXFKHLQHQJXWHQ(LQEOLFNKDWWHQ,FK PXWHGDEHLGHQ.RSIQDFKOLQNVGUHKHQ2FWDYLRQDFKUHFKWV 6RJDUHLQ$VFKHQEHFKHUVWDQGEHUHLW'DQHEHQODJHLQ 3lFNFKHQ=LJDUHWWHQ ª:HQQ6LHUDXFKHQZROOHQELWWH© ª1HLQ©
ª:LH6LHZQVFKHQ©2FWDYLREHKLHOWVHLQIDOVFKHV/lFKHOQEHL ª,FKELQ*|QQHU©VDJWHHUXQGPDFKWHHLQHHLQODGHQGH +DQGEHZHJXQJª6LHKDEHQGHQHUVWHQ=XJ0U6LQFODLU© 'DV6SLHOEHJDQQ 6XNR%LOO6KHLODXQG-DQHK|UWHQGLH:RUWH8QGVLHVSUWHQ MHGHVHLQ]HOQHZLHHLQHQJHLVWLJHQ+DPPHUVFKODJ:DVVLFK GLHVHU6DWDQDXVJHGDFKWKDWWHZDUGHUUHLQVWH+RUURU -RKQ6LQFODLUVROOWHXPVHLQH)UHXQGH]XUHWWHQPLW2FWDYLR 6FKDFKVSLHOHQ 6LFKHU-RKQZDUHLQJXWHU6FKDFKVSLHOHUXQGHVEHVWDQGGXUFK DXVGLH0|JOLFKNHLWGDHUGDV6SLHOJHZDQQ1XUZUGH 2FWDYLRVHLQ9HUVSUHFKHQQLFKWHLQKDOWHQ'DIUZDUHQGLH 'lPRQHQEHNDQQW6LHVLHJWHQQXUGXUFK/XJ7UXJXQG *HPHLQKHLW ª:LUGUIHQQXUQLFKWGLH1HUYHQYHUOLHUHQ©IOVWHUWH6XNR ªDXFKGLH)UDXHQQLFKW(JDOZDVJHVFKLHKW© ª0HLQVWGXGHQQGD-RKQHVVFKDIIW"©IUDJWH%LOO,QVHLQHU 6WLPPHVFKZDQJOHLFKWHU=ZHLIHOPLW ª(UZLUGHVGHPYHUGDPPWHQ.HUODXIMHGHQ)DOOQLFKWOHLFKW PDFKHQ-RKQKDWVLFKHUOLFKQRFKHLQHQ7UXPSILQGHU+LQWHU KDQG'D]XNHQQHLFKLKQLQ]ZLVFKHQODQJHJHQXJ© ª8QGZLU"6ROOHQZLUXQVIJHQ"© 6XNRQLFNWHª(VEOHLEWXQVQLFKWVDQGHUHVEULJ:LUPVVHQ NlPSIHQ'XKDVWMDJHK|UWZHOFKHQ3DUWGXEHUQRPPHQKDVW ,FKNDQQGLUDXFKPHLQHQ6SHHUJHEHQ%LOO© 'HU5HSRUWHUVFKWWHOWHGHQ.RSIª1HLQQHLQEHKDOWHGXLKQ OLHEHU,FKVFKODJHPLFKVFKRQGXUFK©%LOOZDUIHLQHQ%OLFNQDFK REHQZRGLHULHVLJH.XSSHOGHQ+LPPHOELOGHWH'LHEHLGHQ *HVLFKWHUZDUHQYHUVFKZXQGHQ (UXQG6XNRJLQJHQDXILKUH)HOGHU 6XNRQDKPQHEHQGHU'DPHDOVRQHEHQ-DQH&ROOLQV $XIVWHOOXQJ'DV*HVLFKWGHU'HWHNWLYLQZLUNWHDXVGUXFNVORV6LH KDWWHGLH+lQGH]X)lXVWHQJHEDOOW6FKZHLSHUOHQVWDQGHQDXI LKUHU6WLUQ
%LOOKDWWHQHEHQ6XNRVHLQHQ3ODW]6HLQH%OLFNHVXFKWHQLPPHU ZLHGHU6KHLOD&RQROO\(UPHUNWHZLHLKUH:DQJHQPXVNHOQ ]XFNWHQ6KHLODZHLQWH 'LHKHLH:XWVWLHJLQGHP5HSRUWHUKRFK$POLHEVWHQKlWWHHU GD]ZLVFKHQJHKDXHQXQGDOOH)LJXUHQ]X%RGHQJHGURVFKHQ 'LH6SDQQXQJZXFKV 6LHZXUGHXQHUWUlJOLFKXQGOHJWHVLFKZLHHLQHLVHUQHU5HLIXP GLH.|USHUGHU)UHXQGH $XIGHUJHJHQEHUOLHJHQGHQ6HLWHGHV)HOGHVVWDQGHQGLH VFKZDU]HQ)LJXUHQZLHHLQHILQVWHUH'URKXQJ'LH%DXHUQKLHOWHQ LKUH/DQ]HQ]ZLVFKHQ$UPXQG.|USHUJHNOHPPW'LH6SLW]HQ ]HLJWHQVFKUlJQDFKREHQ 6WRO]VDHQGLH6SULQJHUDXILKUHQ3IHUGHQ'LHEODQNHQ 6FKZHUWHUEOLW]WHQLQLKUHQ)lXVWHQ1XUGLH7UPHZLUNWHQ SOXPSDEHU%LOOXQG6XNROLHHQVLFKGXUFKGDV$XVVHKHQQLFKW WlXVFKHQ6LHZDUHQEHVWLPPWJHIlKUOLFKXQGVWDQGHQPLWGHQ DQGHUHQDXIHLQHU6WXIH :LHKDWWHMHPDQGGDV6FKDFKVSLHOJHWDXIW"'DV.|QLJOLFKH 6SLHO%LOO&RQROO\KDWWHHKHUGDV*HIKOGDHVIULKQXQGVHLQH )UHXQGH]XHLQHP0|UGHUVSLHOZHUGHQVROOWH ,FK]|JHUWHQRFKLPPHU,PPHUZLHGHU]HUPDUWHUWHLFKPLUGDV +LUQQDFKHLQHP$XVZHJ ª%LWWH0U6LQFODLU6LHKDEHQGHQHUVWHQ=XJ2GHUWUDXHQ6LH VLFKQLFKW"© ,FKKREGHQ%OLFNª'DUIPDQEHL,KQHQQLFKWEHUOHJHQ"© 2FWDYLRODFKWHª6LFKHUGRFK1XUQLFKWVRODQJHYRUGHPHUVWHQ =XJ,FKZLOO,KQHQGHU)DLUQHKDOEHUQRFKHWZDVPLWWHLOHQ,FK KDEHGLH/lQJHGHV6SLHOVDXI]ZHL6WXQGHQEHJUHQ]W6LHVROOWHQ VLFKGDUDQKDOWHQ:HQQ,KQHQDP%HJLQQVFKRQ]XYLHO=HLWYHU ORUHQJHKWIHKOWVLH,KQHQXQWHU8PVWlQGHQ]XP6FKOX© ª'DQNHIUGHQ+LQZHLV©HUZLGHUWHLFKVDUNDVWLVFK ,FKIDWHGHQ%DXHUQYRU%LOO&RQROO\XQGVFKRELKQHLQ)HOG QDFKYRUQDXI*'DPLWKDWWHLFKGHQ:HJIU6XNRVFKRQIUHL JHPDFKW$XI6XNRVHW]WHLFKDOOPHLQH+RIIQXQJHQ
2FWDYLRVDKPLFKDQª1LFKWVFKOHFKW6LQFODLUQLFKWVFKOHFKW© (UQDKPVHLQHQ%DXHUXQGVFKRELKQDXI%'DVZDUJHQDXGHU 3DUDOOHO]XJDXIGHUDQGHUHQ+lOIWH 1LFKWHLQPDOXQJQVWLJIUPLFKGDLFKXPHLQHQ=XJLPYRU DXVZDU ª:HLWHU0U6LQFODLU© ,FKKROWHWLHI/XIW-HW]WZUGHLFK]XPHUVWHQPDOPHLQHQ )UHXQG6XNRLQV6SLHOEULQJHQ,FKZROOWHLKQDXI*VHW]HQ GDPLWHUIUHLH%DKQGLDJRQDOEHUGDV6SLHOIHOGKDWWH ,FKIDWHGHQ/lXIHUDQXQGVFKRELKQYRU 'HU%DXHUYRU%LOO&RQROO\VHW]WHVLFKLQ%HZHJXQJ=ZHL6FKULWWH JLQJHUYRUGDQQKDWWHHUGDVQlFKVWH)HOGHUUHLFKW ª(VJHKWORV©IOVWHUWH%LOOGHP&KLQHVHQLQV2KUª,FKDKQH ZDV-RKQYRUKDW*DUQLFKWPDOVFKOHFKW:LUKDEHQGLH3DUWLH VHOEVWVFKRQHLQLJH0DOHGXUFKH[HU]LHUW8QGZLHLFK-RKQNHQQH ELVWGXJOHLFKDQGHU5HLKH6XNR+DOWGHLQH:DIIHJULIIEHUHLWGX ZLUVWREHQOLQNVGHQ7XUPVFKODJHQN|QQHQ© 'HU&KLQHVHQLFNWH $EHUHUVWHLQPDOZDU2FWDYLRDP=XJ %LOO&RQROO\VHOEVWHLQJXWHU6FKDFKVSLHOHUKDWWHLQGHQOHW] WHQ0LQXWHQGLH$QJVWDEJHVFKWWHOW(UNRQ]HQWULHUWHVLFKYROO DXIGDV6SLHOXQGHUYHUWUDXWHGDUDXIGD-RKQGLH=JHGXUFK IKUWHGLHHUPLWGHP5HSRUWHUVFKRQHLQVWXGLHUWKDWWH ª-HW]WELQLFKDQGHU5HLKH©]LVFKWHGHU&KLQHVH ª8QGNlPSIH©ULHILKP%LOOQRFKQDFK 6XNRQLFNWH6SUHFKHQNRQQWHHUQLFKW(UVSUWHSO|W]OLFKGLH .UDIWGLHLKQYRP%RGHQKRFKULXQGYRU%LOO&RQROO\ZLHGHU DXIGDV)HOGVWHOOWH ª)UHLH%DKQ©K|UWHHUGLH6WLPPHGHV5HSRUWHUV 6XNRODFKWHKDUWª,FKIKOHPLFKYHUGDPPWNRPLVFK$EHUGHU %DXHUGHFNWPLFKMD© ª-HW]WLVWHUVWHLQPDO2FWDYLRDQGHU5HLKH©VDJWH%LOO ª$FKWXQJ© 'HU5HSRUWHUXQG6XNRVWDUUWHQDXIGLHVFKZDU]HQ)LJXUHQ
ª'HUPDFKWGLHJOHLFKHQ=JHZLH-RKQ©IOVWHUWH%LOOª(UZLOO XQVXQVHUHQ7XUPPLWVHLQHP/lXIHUZHJQHKPHQ9HUGDPPW DXFK© ª8QG",VWGDVWUDJLVFK"© ª(LJHQWOLFKQLFKW$EHU-RKQPXMHW]WDXISDVVHQ+RIIHQWOLFK QLPPWHUGLFKMHW]W'DQQNDQQVWGXGHQDQGHUHQ/lXIHUVFKOD JHQ,KUVWHKWHXFKMDGLDJRQDOJHJHQEHU©%LOOZDUDXIJHUHJW ª0HQVFK-RKQPDFKPDFK© :LHGHUVSUWH6XNRGLH.UDIW'LHVPDOZXUGHHUGLDJRQDOEHU GDV)HOGJHVFKOHXGHUW,PPHUQlKHUNDPHQGLHVFKZDU]HQ )LJXUHQ'DQQVDKHUGHQNDKOHQ6FKlGHOGHV/lXIHUVGLFKWYRU VLFKODQGHWHDXIGHVVHQ)HOG 6XNRVWDFK]X 6HLQH)HKDWWHQNDXPGHQ%RGHQEHUKUWGDUDPPWHHUGHQ 6SHHULQGHQ/HLEGHUGlPRQLVFKHQ6FKDFKILJXU(UKDWWHGDEHL NHLQHUOHL*HZLVVHQVELVVHGHQQHUNlPSIWHKLHUQLFKWJHJHQ 0HQVFKHQ (LQHGXQNOHJUQVFKZDU]H)OVVLJNHLWTXROODXVGHU:XQGH GHV/lXIHUV8QGGDQQYRQHLQHU6HNXQGH]XUDQGHUHQO|VWHHU VLFKDXI1XUHLQ5DXFKIDGHQ]RJWUlJHGHPJOlVHUQHQ+LPPHO HQWJHJHQ 6XNRKDWWHGHQHUVWHQ.DPSIJHZRQQHQ 'HU&KLQHVHNQLUVFKWHPLWGHQ=lKQHQ6HLQhEHUOHEHQVZLOOH KDWWHVLFKJHVWHLJHUW'LFKWYRUVLFKVDKHUGHQ6SULQJHU(UVD DXIGHPVFKZDU]HQ3IHUG'LH6NHOHWWIUDW]HXQWHUGHUZHLOLFKHQ +DXWVFKLPPHUWH'HU6SULQJHUJULIIKLQWHUVLFKKROWHHLQHQ3IHLO DXVGHP.|FKHUVHW]WHLKQDXIGLH6HKQHXQGVSDQQWHGHQ%RJHQ 6XNRVSUWHHLQ3ULFNHOQDXIGHP5FNHQ(UIKOWHVLFKSO|W] OLFKJDUQLFKWPHKUZRKO+LQWHULKPVWDQGGHU%DXHUYRULKP GHU6SULQJHU(UZDUHLQJHNHVVHOW 8QGGHU6SULQJHUOHJWHDXILKQDQ ,QVWLQNWLYPDFKWH6XNRHLQHQ6FKULWW]XU6HLWHJHULHWDEHUDQ GHQ5DQGGHV)HOGHVXQGZXUGHGXUFKHLQHPDJLVFKH%DUULHUH JHVWRSSW(UNRQQWHQLFKWKHUXQWHU 'DZXUGHLKPNODUGD2FWDYLRIDOVFKVSLHOWH 6HNXQGHQYHUWURSIWHQ
'DV*HVLFKWGHV6SULQJHUVYHU]HUUWHVLFK,PQlFKVWHQ$XJHQ EOLFNZUGHGHU3IHLOYRQGHU6HKQHVFKQHOOHQ 'HU6SULQJHUOLHORV 8QGMHW]W]HLJWHGHU&KLQHVHVHLQH.ODVVH (UILHO]XVDPPHQZLHHLQ%DOORQGHPGHUOHW]WH5HVWDQ/XIW HQWZLFK'HU3IHLOVLUUWHGLFKWDQVHLQHPOLQNHQ2KUYRUEHLXQG IXKUPLWHLQHPGXPSIHQ/DXWKLQWHULKPLQGHQ5FNHQGHV GlPRQLVFKHQ%DXHUQ 6XNRK|UWHHLQNHXFKHQGHV*HUlXVFK'HU6SULQJHUVWLHHLQHQ :XWVFKUHLDXVJULII]XHLQHPQHXHQ3IHLO'LH%HZHJXQJZDU JODWWYHUULHW5RXWLQH 'DVFKOHXGHUWH6XNRGHQ6SHHU (UWUDIGLHGlPRQLVFKH6FKDFKILJXU 'HQ6SULQJHUVFKOHXGHUWHHVYRQVHLQHP5DSSHQ(UYHUVXFKWH VLFKQRFKIHVW]XKDOWHQYHUJHEOLFK0LWHLQHPGXPSIHQ/DXWILHO HUDXIGHQ%RGHQXQGYHUJLQJ :LHVHLQ5HLWWLHUPLWGHPHUHLQHPDJLVFKH6\PELRVHHLQJH JDQJHQZDU 'HU&KLQHVHNUHLVHOWHKHUXP 'DV)HOGKLQWHULKPZDUOHHU'HUW|GOLFKH3IHLOGHV6SULQJHUV KDWWHGHQ%DXHUQYHUQLFKWHW 6XNRKDWWHGLHVH6FKODFKWJHZRQQHQ $EHUOlQJVWQRFKNHLQHQ6LHJHUUXQJHQ ,FKVSUDQJDXI'HXWOLFKNRQQWHLFKLQGHP6SLHJHOHUNHQQHQGD VLFKGHU6SULQJHUVHOEVWlQGLJPDFKWHHLQHQ3IHLODXIOHJWHXQG GDPLWDXI6XNR]LHOWH,FKVDKGDVKLQWHUOLVWLJH/lFKHOQLQ 2FWDYLRV*HVLFKWXQGPLUZXUGHNODUGDHUPLWJH]LQNWHQ .DUWHQVSLHOWH ª6LHVSLHOHQIDOVFK©EUOOWHLFKLKQDQ,FKZlUHLKPJHUQDQGLH .HKOHJHJDQJHQDEHULFKZXWHQLFKWZDVGDQQPLWPHLQHQYLHU )UHXQGHQJHVFKHKHQZUGH (UODFKWHQXUª-D©VFKULHHUª+LHUZLUGQDFKPHLQHQ5HJHOQ JHVSLHOW,FKGDFKWHLPPHU6LHZlUHQHLQ©$XIHLQPDOYHU ]HUUWHVLFKVHLQ*HVLFKW
,FKZDUIZLHGHUHLQHQUDVFKHQ%OLFNLQGHQ6SLHJHOXQGVDKGHQ *UXQG 6XNRKDWWHGHQ6SULQJHUHUOHGLJW(UH[LVWLHUWHQLFKWPHKUKDWWH VLFKDXIJHO|VWXQGZDUHLQJHJDQJHQLQGDV1LHPDQGVODQGGHU +|OOH 2FWDYLRVWDUUWHDXIGDV6FKDFKEUHWWª*DUQLFKWVFKOHFKW,KU &KLQHVH©IOVWHUWHHUªDEHUGDVZLUGLKPDXFKQLFKWKHOIHQ,FK KDEHQRFKDQGHUH7UPSIH© ,FK]RJPHLQH%HUHWWDXQGOHJWHDXI2FWDYLRDQ ª:HQQ6LHQRFKHLQPDOIDOVFKVSLHOHQHUVFKLHHLFK6LH©VDJWH LFKNDOW ª'DQQZHUGHQ,KUH)UHXQGHIULPPHULQGHU'LPHQVLRQGHV 6FKUHFNHQVYHUVFKROOHQEOHLEHQ©ODXWHWHGLH$QWZRUW ª'DUDXIODVVHLFKHVDQNRPPHQ©HUZLGHUWHLFK (UVDKPLFKDQXQGPXWHZRKOLQPHLQHQ$XJHQHUNDQQW KDEHQGDHVPLUELWWHUHUQVWZDU *ULQVHQGOHKQWHHUVLFK]XUFNª2ND\*HLVWHUMlJHU©VDJWH HUªVSLHOHQZLUZHLWHU©(UEHXJWHVLFKYRUXQGJULIIQDFKGHU QlFKVWHQ)LJXU 6XNRZXWHQDWUOLFKGD-RKQV*HJQHUGLH6SLHOUHJHOQQLFKW HLQJHKDOWHQKDWWH$EHUHUKDWWHVLFKGDPLWLQVHLJHQH)OHLVFK JHVFKQLWWHQ(UKDWWHGUHL6SLHOHUYHUORUHQ6HLQH3RVLWLRQZDU JHVFKZlFKW 1XQZDUHUZLHGHUDP=XJ /LQNVQHEHQ6XNRVWDQGQRFKHLQ%DXHU(UZXUGHXPHLQ)HOG YRUJHUFNWGDPLWGHUVFKZDU]H7XUPPHKU3ODW]EHNDP -HW]WPXWH-RKQULFKWLJUHDJLHUHQ 6XNRILHEHUWHGHPQlFKVWHQ=XJHQWJHJHQ:HQQ-RKQHLQH DQGHUH)LJXUVHW]HQZUGHVDKHVVFKRQVFKOHFKWHUIU6XNRDXV GDQQPXWHHU]XUFNXPDXVGHU5HLFKZHLWHGHV7XUPV]X JHODQJHQ 'RFK6LQFODLUUHDJLHUWHSKDQWDVWLVFK :LHGHUIKOWHGHU&KLQHVHGLHXQKHLPOLFKH.UDIWGLHLKQDQKRE XQGDXIGDV)HOGVFKUlJYRULKP]XEHZHJWH
'HU7XUPYHUJLQJ.DXPKDWWH6XNRGLH*UHQ]HEHUVFKULWWHQ GDO|VWHVLFKGHU7XUPDXI (UVWDQGMHW]WDQGHUlXHUVWHQGLDJRQDOHQ6HLWHGHVVFKZDU]HQ )HOGHV(UZDUZLHHLQ:DJHQKHOGLQGHU3KDODQ[GHUIHLQGOLFKHQ 6SLHOHUHLQJHEURFKHQ 'LHEHLGHQ)HOGHUOLQNVQHEHQLKPZDUHQOHHU'DQQNDPVFKRQ GHU.|QLJ 6XNRVDKZLH%LOOLKP]XZLQNWH 'HU&KLQHVHJUWH]XUFN -RKQV*HJQHUPXWHQXQHLQHQQHXHQ$QJULIIDXIEDXHQ(U QDKPHLQHQ%DXHUQ8QG]ZDUGHQGHUYRUGHU'DPHVWDQG (LQ)HOGVHW]WHHULKQYRU'DPLWKDWWHHUIUVHLQHQ]ZHLWHQ /lXIHUIUHLH%DKQJHVFKDIIHQ 1XQZDU-RKQZLHGHUDP=XJ =XHUVWWDWVLFKQLFKWV6XNRKDWWH=HLWVLFKQDFKVHLQHU:DIIH XP]XVHKHQ 'HU6SHHUODJXQHUUHLFKEDUIULKQLQHLQHPDQGHUHQ)HOG'LH PDJLVFKH*UHQ]HKLQGHUWH6XNRDQLKQKHUDQ]XNRPPHQ 'RFK-RKQYHUODJHUWHGDV6SLHO(UVHW]WHQXQVHLQHQ]ZHLWHQ -RNHUHLQ %LOO&RQROO\ $OV6SULQJHUKDWWH%LOOGLH0|JOLFKNHLWPHKUHUH)HOGHU]X EHUVSULQJHQ -RKQQXW]WHGLH&KDQFH =XPHUVWHQPDOVSUWHGHU5HSRUWHUGLHJHZDOWLJH.UDIWGLHLKQ KRFKKREEHUDQGHUH)LJXUHQKLQZHJWUXJXQGDQGHQ5DQGGHV )HOGHVVHW]WH$XI+ %LOO&RQROO\NDP]XU5XKH,KQKDWWHHLQOHLFKWHV6FKZLQGHO JHIKOHUIDWGDVDEHUODQJVDPZLHGHUYHUVFKZDQG(UEOLFNWH VLFKXP 6KHLODXQG-DQHVWDQGHQQRFKDXILKUHQ)HOGHUQ$EHU%LOOVDK GLH+RIIQXQJLQLKUHQ$XJHQOHXFKWHQ,QHLQHULPSXOVLYHQ %HZHJXQJKREHUGHQUHFKWHQ$UPXQGVSUHL]WH0LWWHOXQG =HLJHILQJHUDE 9ZLH9LFWRU\'DV6LHJHV]HLFKHQ 'HUQlFKVWH=XJJHK|UWH-RKQV*HJQHU
(UMDJWHVHLQHQ/lXIHULQV)HOGVHW]WHLKQDXI%XQGOLHLKQ GRUWVWHKHQ'HU=XJZDUUDIILQLHUWGHQQMHW]WZDUGLH'DPH ZDU-DQH&ROOLQVLQ*HIDKUIDOOVGHU%DXHUGHUVLHGHFNWHZHJ JH]RJHQZXUGH 'HUQlFKVWH=XJJHK|UWH-RKQ (UQDKPGHQOLQNHQlXHUHQ%DXHUQXQGVHW]WHLKQDXI$ %LOOIURKORFNWHLQQHUOLFK-RKQKDWWHDXVJH]HLFKQHWSDULHUW1XQ ZDUDXFKGHU]ZHLWH/lXIHUVHLQHV*HJQHUVLQ*HIDKU(UPXWH ]XUFNJHKHQGHQQZHQQHUGHQ%DXHUQVFKOXJGDQQVWDQG VFKRQHLQ]ZHLWHUEHUHLWXPLKPGHQ*DUDXV]XPDFKHQ -RKQ6LQFODLUEHJDQQVLFKHLQ]XVSLHOHQ 'RFK2FWDYLRJLQJQLFKW]XUFN (UJULIIDQ (UGURVFKVHLQHQ/lXIHUYRUXQGVFKOXJGHQ%DXHUQZHJGHU GHQ.|QLJYRQYRUQXQGGLH'DPHYRQGHUOLQNHQ6HLWHKHU GHFNWH :DUXPPDFKWHHUGDV" 'HU/lXIHUZDUOHLFKW]XVFKODJHQ-RKQV]ZHLWHU/lXIHU EUDXFKWHQXUXPHLQ)HOGYRU]XUFNHQ $EHUDXFK-RKQUHDJLHUWHQLFKW 8QZLOONUOLFKZDUI%LOO&RQROO\HLQHQ%OLFNLQGLH+|KH 1LFKWVQLFKWVZDUYRQGHP*HJQHU]XVHKHQ 8QGGRFKKDWWH%LOOGDV*HIKOGDHWZDVSDVVLHUWZDUZDV GHP6SLHOHLQHHQWVFKHLGHQGH:HQGXQJJHJHEHQKDWWH ,FKKDWWHPHLQHQ*HJQHULP6FKDFKVSLHOEHUVFKlW]WXQGGDV ZXUGHPLUVHKUVFKQHOONODU 2FWDYLRKDWWHNHLQHQ6FKLPPHUYRP6FKDFKVSLHOHQ(UPDFKWH KDDUVWUlXEHQGH)HKOHU $OVHUMHW]WDXFKQRFKVHLQHQ]ZHLWHQ/lXIHUGXUFKHLQHQ IDOVFKHQ=XJRSIHUWHNRQQWHLFKPLUHLQ/lFKHOQQLFKWPHKUYHU NQHLIHQ ª'DPLWVLQG6LHGHQDXFKORV©VDJWHLFK,FKZROOWHVFKRQ PHLQHQ/lXIHUHLQ)HOGYRUVHW]HQDOV2FWDYLRDXIVSUDQJ ª+DOW©VFKULHHU
(KHLFKHVYHUKLQGHUQNRQQWHZDUIHUVLFKEHUGHQ7LVFKXQG KDWWHPHLQH3LVWROHDQVLFKJHULVVHQ,FKKDWWHVLHOHLFKWVLQQLJ QHEHQGDV6FKDFKEUHWWJHOHJW'DIUKlWWHLFKPLFKMHW]WQRFKLQ GHQ+LQWHUQEHLHQN|QQHQ 2FWDYLRVSUDQJ]ZHL6FKULWWH]XUFN ª%OHLEVRVLW]HQ*HLVWHUMlJHU©EODIIWHHUª-HW]WZLUGQDFK PHLQHQ5HJHOQJHVSLHOW© ,FKOHJWHEHLGH+lQGHIODFKDXIGHQ7LVFKª:DVZHUIHQ6LHPLU YRU2FWDYLR"+DEHLFKIDOVFKJHVSLHOW"+DEHLFKGLH5HJHOQQLFKW EHDFKWHW"2GHUZDV"© ª:HGHUQRFK6LQFODLU© ª:DVGDQQ"©IUDJWHLFKK|KQLVFKª2GHUVLQG6LHHWZDVDXHU GDLFKGRFKGHU%HVVHUHELQ"© 2FWDYLRV*HVLFKWYHU]HUUWHVLFKª'DVZLUGVLFKHUVWQRFKKHU DXVVWHOOHQ©]LVFKWHHUª6LHVLQGQRFKOlQJVWQLFKW6LHJHU0HLQH 7UXPSINDUWHVSLHOHLFKHUVWQRFKDXV© ,FKGHXWHWHDXIVHLQHQ3ODW]ª'DQQVHW]HQ6LHVLFKGRFKXQG VSLHOHQ6LHZHLWHU© ª1HLQPHLQ/LHEHU,FKZHUGHZHLWHUVSLHOHQ$EHUQLFKWKLHU ,FKZHUGHPLFKVHOEVWLQGDV6SLHOHLQPLVFKHQ6LHN|QQHQHVMD DXFK©(UEHZHJWHVLFKEHLVHLQHQ:RUWHQDXIGHQ6SLHJHO]XXQG LFKDKQWHZDVHUYRUKDWWH ª0DFKHQ6LHNHLQHQ8QVLQQ©,FKVSUDQJDXI ª6ROOLFKDEGUFNHQ"©VFKULH2FWDYLRª,FKZHLGD,KUH .DQRQHPLW6LOEHUNXJHOQJHODGHQLVW8QGLFKZHLGD6LHDXFK IU0HQVFKHQW|GOLFKVLQG,FKPDFKHNXU]HQ3UR]H6LQFODLU ,FKZHUGH6LHXPOHJHQXQGDQVFKOLHHQGGXUFKGHQ6SLHJHO YHUVFKZLQGHQ6HFKV.XJHOQVLQGLP0DJD]LQ:HQQLFK6LH HUVFKLHHKDEHLFKQRFKIQI'LHUHLFKHQIU,KUH)UHXQGH© 8QGREGLHUHLFKWHQ ,FK,GLRWKDWWHPLFKEHUW|OSHOQODVVHQKDWWHPLFK]XVHKUDXI GDV6FKDFKVSLHONRQ]HQWULHUWXQGYHUJHVVHQZHOFKHLQHP *HJQHULFKJHJHQEHUVD 1RFKWUHQQWHXQVGHU6FKUHLEWLVFK,FKYHUIROJWHMHGH%HZHJXQJ 2FWDYLRV ,PPHUZHLWHUQlKHUWHHUVLFKGHP6SLHJHO8QGLFKDKQWHDXFK
ZDVHUYRUKDWWH(UZUGHVFKLHHQNXU]EHYRUHULQGHQ6SLHJHO HLQWDXFKWH 'RFKYRUKHUVFKQHOOWHVHLQOLQNHU$UPYRUXQGHKHLFKHVYHU KLQGHUQNRQQWHIHJWHHUDOOHQRFKDXIGHP6FKDFKEUHWWEHILQG OLFKHQ)LJXUHQXP ,FKNRQQWHPLUYRUVWHOOHQZDVMHW]WDXIGHPDQGHUHQ6FKDFK EUHWWORVZDU(LQHQ%OLFNLQGHQ6SLHJHO]XULVNLHUHQZDJWHLFK QLFKW'DIUK|UWHLFK2FWDYLRVKlPLVFKHV/DFKHQ ª'HLQH)UHXQGHZHUGHQVLFKZXQGHUQ©NLFKHUWHHUª9LHOOHLFKW VLQGVLHDXFKVFKRQWRWZHQQLFKXQWHQELQGDQQKDEHLFK .XJHOQJHVSDUW© (UJLQJZLHGHUHLQHQ6FKULWWQlKHUDXIGHQ6SLHJHO]X ª9HUORUHQ6LQFODLU©ULHIHUª$XVXQGYRUEHL© (UVWDQGMHW]WPLWGHP5FNHQYRUGHP6SLHJHO=ZHL
1HLQ]XP7HXIHO+DWWHLFKELVKHUQLFKWDOOHVDXIHLQH.DUWH JHVHW]W"'DQQZROOWHLFKDXFKMHW]WQLFKWNQHLIHQ,FKPXWHLKP QDFKPXWHGXUFKGHQ'LPHQVLRQVVSLHJHOLQGDV5HLFKGHV 6FKUHFNHQVWDXFKHQ ,FKEHUOHJWHQLFKWOlQJHUVRQGHUQVWROSHUWHDXIGHQ6SLHJHO]X XQGZDUIPLFKJHJHQGLH)OlFKH %LOO&RQROO\GUHKWHGHQ.RSIQDFKOLQNVXQGVDKGLHlQJVWOLFKHQ *HVLFKWHUGHU)UDXHQ ª:DUXPVSLHOHQGLHEHLGHQQLFKWZHLWHU"©ULHI6KHLOD ª,FKZHLHVQLFKW©%LOOKREGLH6FKXOWHUQª9LHOOHLFKWKDEHQVLH HLQH3DXVHHLQJHOHJW© 'HU5HSRUWHUZDUI6XNRHLQHQ%OLFN]XGRFKDXFKGHU&KLQHVH VFKLHQ]LHPOLFKUDWORV]XVHLQ(UVWDQGDXIVHLQHP6FKDFKIHOG XQGKLHOWGLHLQGHU1lKHVWHKHQGHQVFKZDU]HQ'lPRQHQILJXUHQ LP$XJH =HLWYHUJLQJ 'LH6SDQQXQJZXFKV,PPHUZLHGHUZDUIHQGLHYLHU)UHXQGH LKUH%OLFNHQDFKREHQZRVLFKGHUJOlVHUQHULHVLJH+LPPHO VSDQQWH 8QGGDQQJHVFKDKHV(LQ:LQGVWRVFKLHQPLWXQJHKHXUHU :XFKWEHUGDV6FKDFKEUHWW]XIHJHQ(UZDUVRJHZDOWLJGDGLH )LJXUHQHUIDWZXUGHQDOVZlUHQVLHQXUWURFNHQH%OlWWHU =XHUVWSDFNWHHV6XNR(LQ:LUEHOULLKQYRP%RGHQKRFKXQG VFKOHXGHUWHLKQGXUFKGLH/XIW(UNUDFKWHPLWHLQHPGHU6SULQJHU ]XVDPPHQZDUIGLHVHQDXVGHP6DWWHOXQGSUDOOWH]X%RGHQZR HUEHQRPPHQOLHJHQEOLHE $XFK%LOO&RQROO\JHULHWLQGHQ6WUXGHO6HLQH%HLQHZXUGHQ LKPZHJJHULVVHQ(UNLSSWHQDFKYRUQILHODXIGHQ%DXFKXQG ZXUGHLQGLH0LWWHGHV6FKDFKIHOGHVJHVFKOHXGHUW'RUWEOLHEHU VW|KQHQGOLHJHQ 'HU6WXUPPDFKWHDXFKYRUGHQ)UDXHQQLFKWKDOW6KHLODXQG -DQHSUDOOWHQJHJHQHLQDQGHUXQGNODPPHUWHQVLFKDQHLQDQGHU IHVW-DQHV%HLQHKREHQYRP%RGHQDE,KUH)HNQDOOWHQHLQHU DQGHUHQGlPRQLVFKHQ)LJXULQV*HVLFKWHLQH:DIIHUXWVFKWHDXI
VLH]XXQG-DQHZDUJHLVWHVJHJHQZlUWLJJHQXJGDV6FKZHUWDQ VLFK]XUHLHQ0LWGHUOLQNHQ+DQGKLHOWVLH6KHLODJHSDFNWXQG GHFNWHVLHPLWLKUHP.|USHU 'DQQZXUGHHVUXKLJ (LQHQDKH]XXQQDWUOLFKH6WLOOHNHKUWHHLQ 'DV6FKDFKEUHWWJOLFKHLQHP6FKODFKWIHOG $OOH)LJXUHQZDUHQXPJHVWU]WODJHQZLUUGXUFKHLQDQGHU'LH YLHU)UHXQGHZDUHQJHWUHQQW'HUHUVWHGHUVLFKHUKREZDU6XNR 'HU&KLQHVHKDWWHGHQ6WXUPDPEHVWHQEHUVWDQGHQ7RUNHOQG OLHIHUHLQLJH6FKULWWHXQGULGHPVFKZDU]HQ.|QLJGDV6FKZHUW DXVGHU+DQG 'DHUZDFKWHGLH6FKDFKILJXU]XK|OOLVFKHP/HEHQ'LH.URQH DXIVHLQHP6FKlGHOVFKLHQQRFKVWlUNHU]XIODPPHQ(UVWUHFNWH GLH$UPHDXVXQGNUPPWHGLH+lQGH$XVVHLQHP0XQGGUDQJ HLQVFKUHFNOLFKHV)DXFKHQ :LHHLQJHUPDQLVFKHU5HFNHVWDQG6XNRDXIGHP6FKODFKWIHOG 0LWEHLGHQ)lXVWHQXPNODPPHUWHHUGHQ.QDXIGHV6FKZHUWHV (LVNDOWOLHHUGHQ.|QLJNRPPHQ 8QGGHUUDQQWHJHQDXLQVHLQ9HUGHUEHQ 6XNRKLHOWGDV6FKZHUWOHLFKWDQJHZLQNHOWXQGVFKOXJLP ULFKWLJHQ0RPHQW]X 0LWHLQHPHLQ]LJHQ+LHEWUHQQWHHUGHUVFKDXULJHQ6FKDFKILJXU GHQ6FKlGHOYRP5XPSI 'HU.RSISUDOOWHJDUQLFKWPHKU]X%RGHQ(UYHUJOKWHQRFKLQ GHU/XIW 6XNRNUHLVHOWHKHUXP'DEHLVWLHHUHLQHQKHLVHUHQ.DPSI VFKUHLDXV$XIVHLQHP*HVLFKWODJHLQZLOGHU$XVGUXFN6XNR ZDUEHUHLWGHP+RUURUHLQ(QGH]XVHW]HQ (LQ%DXHUJULIIDQ(UKDWWHGHQ7RGGHV.|QLJVPLWEHNRPPHQ XQGZROOWHLKQUlFKHQ'LH/DQ]HVROOWH6XNRV%UXVWGXUFK ERKUHQ 'HU&KLQHVHZDUVFKQHOOHU(UVWHSSWH]XU6HLWHXQGIKUWH HLQHQEOLW]VFKQHOOHQ+LHE 'LHGlPRQLVFKH6FKDFKILJXUZXUGHDXVJHO|VFKW )UGLHQlFKVWHQ$XJHQEOLFNHZDJWHVLFKQLHPDQGDQGHQ &KLQHVHQKHUDQ
:LOGVDK6XNRVLFKXP8QGSO|W]OLFKZXUGHQVHLQH$XJHQ ZHLW(UKDWWH%LOO&RQROO\HQWGHFNWGHUDXIGHP%RGHQODJXQG YRQPHKUHUHQ6FKDFKILJXUHQDWWDFNLHUWZXUGH 6XNR]lKOWHHLQHQ6SULQJHUXQGGUHL%DXHUQ8QGZDVLKQ QRFKPHKUHUVWDXQWHDXFKGLHZHLHQ)LJXUHQJULIIHQLQGLH $XVHLQDQGHUVHW]XQJPLWHLQ6LHVWHOOWHQVLFKDEHUJHJHQGLH VFKZDU]HQ ,KUH&KDQFHZDUJOHLFK1XOO6LHKDWWHQGHQ:DIIHQQLFKWVHQW JHJHQ]XVHW]HQ'LHGlPRQLVFKHQ6FKDFKILJXUHQJDEHQNHLQHQ 3DUGRQ 6XNRUDQQWHORV'DEHLVFKZDQJHUZLOGVHLQ6FKZHUW $EHUDXFKQRFKMHPDQGVDKQLFKWXQWlWLJ]X -DQH&ROOLQV 6LHZROOWHGHP5HSRUWHUHEHQIDOOV]X+LOIHHLOHQ %LOOZDUELVKHUGXUFKJH]LHOWH$XVZHLFKPDQ|YHUHLQHU 9HUOHW]XQJHQWJDQJHQ -HW]WDEHUVDKHUVLFKHLQJHNUHLVW 6RJDUGLHJHJQHULVFKH'DPHJULIIDQ6LHZDUHEHQIDOOVPLW HLQHU/DQ]HEHZDIIQHWGUlQJWHGLH%DXHUQ]XU6HLWHXQGVWLH]X %LOOVFKQHOOWHQDFKYRUQ'LH/DQ]H]LVFKWHDQLKPYRUEHLXQG ERKUWHVLFKLQGHQ%RGHQ6LHQDJHOWHJOHLFK]HLWLJHLQ+RVHQEHLQ GHV5HSRUWHUVIHVW %LOO&RQROO\ZDUEHKLQGHUW (LQ3IHLOZXUGHDXILKQDQJHOHJW(UVDKKLQWHUGHP%RJHQ HLQHQ7RWHQVFKlGHOVFKLPPHUQ 'HU7UDXP'HU7UDXPVFKRHV%LOO&RQROO\GXUFKGHQ.RSI 'DIOLUUWHHWZDVGXUFKGLH/XIWXQGERKUWHVLFKPLWXQJHKHXUHU :XFKWLQGLH%UXVWGHVGlPRQLVFKHQ%RJHQVFKW]HQ -DQH&ROOLQVKDWWHDXVYROOHP/DXIPLWDOOHU.UDIWLKU6FKZHUW JHVFKOHXGHUW 8QGJHWURIIHQ 'HU%RJHQVFKW]HZXUGH]XUFNJHZRUIHQYHUORUGHQ+DOWILHO ]X%RGHQXQGYHUJOKWH %LOO&RQROO\HUIDWHVHKUVFKQHOOGLH6LWXDWLRQ(UULGLH/DQ]H GLHVHLQ+RVHQEHLQIHVWQDJHOWHDXVGHP%RGHQVSUDQJDXIXQG VFKULHª-HW]WPDFKHQZLUVLHIHUWLJ©
ª1LFKWVJHKWPHKU©SHLWVFKWHSO|W]OLFKHLQH6WLPPHEHUGDV 6FKODFKWIHOG 'LH0HQVFKHQHUVWDUUWHQ 'LHVH6WLPPHNDQQWHQVLH6LHJHK|UWH-RKQ6LQFODLUV*HJQHU 8QGHUZDUPLWWHQXQWHULKQHQ 0LWHLQHU3LVWROHEHZDIIQHW 'LH0QGXQJNOHEWHDQ6KHLOD&RQROO\V+DOV'LHOLQNH+DQG KDWWHGHU.HUOLQLKUODQJHV+DDUJHNUDOOWXQG6KHLODV.RSI ]XUFNJH]RJHQ,QGHU5HFKWHQKLHOWHUGLH:DIIH -RKQV%HUHWWD %LOO&RQROO\HUNDQQWHVLHVRIRUW)UHLZLOOLJKlWWHVLFKGHU *HLVWHUMlJHUQLFKWGDYRQJHWUHQQW8QGGDGLHVHU+XQGHVRKQ GLH3LVWROHQXQEHVDEHGHXWHWHIU%LOOGD-RKQ6LQFODLUDXIGHU 6WUHFNHJHEOLHEHQZDU ª%OHLEWMDZRLKUVHLG©VFKULH2FWDYLRª-HW]WZLUGDOOHVQDFKPHL QHU3IHLIHWDQ]HQ© ª:RLVW-RKQ6LQFODLU"©ULHI%LOO ª(UOHGLJW©EUOOWHGHU0DQQWULXPSKLHUHQGª,FK2FWDYLR KDEHHVHQGOLFKJHVFKDIIW© %LOO&RQROO\NQLUVFKWHYRU:XWPLWGHQ=lKQHQ(UKlWWH GLHVHP2FWDYLRYRQ$QIDQJDQ0LVVWUDXHQVROOHQ:HQQ6KHLOD GRFKQXUQLFKWDXIGLH,GHHJHNRPPHQZlUHGDV6FKDFKVSLHO ]XNDXIHQ %LOOKlWWHVLFKYRU:XWLQGHQ+LQWHUQWUHWHQN|QQHQ,QRKQ PlFKWLJHP=RUQEDOOWHHUGLH+lQGH]X)lXVWHQ,P$XJHQEOLFN KLHOW2FWDYLRDOOH7UPSIHLQGHU+DQGXQGHVVDKDXVDOVVROOH HUVLHDXFKEHKDOWHQ 1LHPDQGZDJWHVLFK]XUKUHQ 6XNRVWDQGZLHHLQ'HQNPDODXIGHP6FKODFKWIHOG(UKDWWHGLH +DQGPLWGHP6FKZHUWVLQNHQODVVHQ6HLQ*HVLFKWZLUNWHZLH HLQHPDUPRUQH0DVNH $XFK-DQH&ROOLQVVWDQGZLHIHVWJHQDJHOW1XUGDV=XFNHQXP LKUH0XQGZLQNHOYHUULHWZLHHUUHJWVLHZDU 2FWDYLRODFKWHE|VH$XFKHUZDUNOHLQHUJHZRUGHQDEHUGDV
VW|UWHLKQQLFKWGHQQHUIKOWHVLFKLQGHQ'LPHQVLRQHQGHV 6FKUHFNHQVUHFKWZRKOª'LHVPDOLVWHVDXV©ULHIHUª6HOEVWHLQ -RKQ6LQFODLUNDQQHXFKQLFKWPHKUKHOIHQ,FKKlWWHZLUNOLFK QLFKWJHGDFKWGDHVVROHLFKWVHLQZUGH$EHUHUKDWVHLQH HLJHQH8Q]XOlQJOLFKNHLWHUNDQQWHXHUDFKVRXQEHVLHJEDUHU *HLVWHUMlJHU© %LOO&RQROO\NRQQWHVLFKQLFKWPHKUEHKHUUVFKHQª,VWHUWRW"© VFKULHHU%HLGLHVHQ:RUWHQVFKLPPHUWHQ7UlQHQLQVHLQHQ $XJHQ 2FWDYLRZDQGWHKDVWLJGHQ.RSIª,FKKDEHQRFKIQI.XJHOQ LQGLHVHP0DJD]LQ6HFKVZDUHQYRUKHUGDULQ(LQHKDEHLFK 6LQFODLUJHJHEHQ,VWGLH)UDJHGDPLWEHDQWZRUWHW"© %LOOSUHWHGLH/LSSHQ]XVDPPHQ'LH:XWXQGGHU=RUQGURK WHQLKQZLHHLQH:RJH]XEHUVFKZHPPHQ(UVDK6KHLODDXI GHP%RGHQNQLHQGLH3LVWROHQPQGXQJGUFNWHJHJHQGLH VWUDIIH+DXWLKUHV+DOVHV(UVDKGHQJHTXlOWHQ$XVGUXFNDXI GHP*HVLFKWVHLQHU)UDXXQGDOOGDVPDFKWHLKQZDKQVLQQLJ ª/DVLHORV©EUOOWH%LOO&RQROO\SO|W]OLFKª/DVLHORV©6HLQH 6WLPPHEHUVFKOXJVLFK 2FWDYLRODFKWHQXU 3IHLIHQGVRJ%LOOGHQ$WHPHLQ6HLQH6WLUQDGHUQVFKZROOHQDQ :LHGHUVDKHU6KHLODDQXQGHUPXWHGDUDQGHQNHQZHOFKHV *HKHLPQLVVLHLKPDQYHUWUDXWKDWWH ª'X6FKZHLLLQQQ©EUOOWHGHU5HSRUWHUXQGUDQQWHHLQIDFKORV 2FWDYLRVWLHHLQHQ)OXFKDXVQDKPGLH:DIIHYRQ6KHLODV+DOV XQGIHXHUWHDXIGHQKHUDQMDJHQGHQ%LOO ,FKVHJHOWHGXUFKGLH8QHQGOLFKNHLW 7DXVHQG(LQGUFNHJOHLFK]HLWLJVWUPWHQDXIPLFKHLQ,FKVDK JUlOLFKH*HVWDOWHQHLQYHUZLUUHQGHV)DUEHQVSLHOILHOLQHLQHQLH HQGHQZROOHQGH6FKZlU]HXPLPQlFKVWHQ$XJHQEOLFNLQHLQHP WRVHQGHQ)ODPPHQNRUULGRU]XODQGHQ =HLW5DXP*HVFKZLQGLJNHLWHVZDUHQ%HJULIIHGLHHVIU PLFKQLFKWPHKUJDE :DULFK6WXQGHQ0LQXWHQRGHUQXU6HNXQGHQXQWHUZHJV",FK
ZXWHHVQLFKW,FKQDKPGLH(LQGUFNHDXIXQGYHUJDVLHJOHLFK ZLHGHUXPYRQQHXHQIUHPGHQ%LOGHUQJHIHVVHOW]XZHUGHQ 3O|W]OLFKVDKLFKGDV6FKDFKEUHWW 8QGGDV&KDRV ,FKZROOWHVFKUHLHQPLFKEHPHUNEDUPDFKHQGRFKPHLQH 6WLPPHEOLHEVWXPP:LHHLQJURHUWRWHU9RJHOILHOLFKDXIGDV 6FKDFKEUHWW]X ,FKVDKPHLQH)UHXQGH 6XNR%LOO6KHLODXQG-DQH 8QG2FWDYLR ,FKKDWWHGDV*HIKOPHLQ+HU]VFKODJZUGHDXVVHW]HQ'LHVHU 2FWDYLRSDFNWH6KHLOD&RQROO\XQGVHW]WHLKUGLH0QGXQJGHU 3LVWROHDQGHQ+DOV ,FKULHILFKVFKULHEUOOWH 0HLQ*RWWZDUXPK|UWHPLFKGHQQNHLQHU ,FKVFKZHEWHWLHIHUKDWWHGDV*HIKODQHLQHPULHVLJHQ)DOO VFKLUP]XKlQJHQ 1lKHUXQGQlKHUNDPGDV%UHWW (UVWMHW]WEHPHUNWHLFKGDLFKPHLQH+lQGHXPGDV.UHX]DP +DOVJHNODPPHUWKDWWH6LHKLHOWHQHVIHVWZLHHLQHQNRVWEDUHQ 6FKDW]:UGHHVPLULQGLHVHU+|OOHKHOIHQ" 1lKHUXQGQlKHUNDPLFKGHP6FKDFKEUHWW-HGH(LQ]HOKHLW HUNDQQWHLFK,FKVDKZLH%LOO&RQROO\SO|W]OLFKORVUDQQWHXQG ZLH2FWDYLRGLH:DIIHKHUXPULXQGVFKR 5LHVHQJURHUVFKLHQGHP5HSRUWHUGLH0QGXQJ'LH0QGXQJ GHU3LVWROHDXVGHULP%UXFKWHLOHLQHU6HNXQGHGHU7RGSODW]HQ ZUGH 'RFKGDUHDJLHUWH-DQH&ROOLQV %LOOPXWHDQLKUYRUEHLXQGLPVHOEHQ0RPHQWVFKQHOOWHLKU UHFKWHV%HLQYRU 'LH%HZHJXQJXQGGHU6FKXILHOHQ]XVDPPHQ%LOOVWROSHUWH EHUGDVDXVJHVWUHFNWH%HLQXQGGDV%OHLMDXOWHDQVHLQHPOLQNHQ 2KUYRUEHL +DUWSUDOOWHGHU5HSRUWHU]X%RGHQ
(KH2FWDYLRMHGRFKHLQ]ZHLWHV0DOVFKLHHQNRQQWHZXUGH 6KHLODDNWLY 6LHULGHQ8QKHLPOLFKHQHLQIDFKXP 'DPLWKDWWH2FWDYLRQLHLP/HEHQJHUHFKQHW(UVFKDIIWHHV QLFKWPHKUVLFKDE]XVWW]HQ0LWYROOHU:XFKWSUDOOWHHU]X %RGHQ+DHUIOOWEUOOWHHUDXIGRFKHUJDEVLFKQLFKWJHVFKOD JHQ-HW]WPRELOLVLHUWHHUVHLQH+LOIVWUXSSHQ ª7|WHWVLH©VFKULHHUª7|WHWVLH© 8QGGLHOHEHQGHQ6FKDFKILJXUHQVHW]WHQVLFKLQ%HZHJXQJ 6FKZHUWHUXQG/DQ]HQZXUGHQJHKREHQ3IHLOHDXIGLH6HKQHQ JHOHJWGHU7RGVROOWHJUDXVDPH(UQWHKDOWHQ 'DVZDUJHQDXGHU$XJHQEOLFNDQGHPLFK%RGHQNRQWDNW EHNDP ª-RKQ©K|UWHLFKHLQHQJHOOHQGHQ6FKUHL,FKNPPHUWHPLFK QLFKWXPGLHVHQ5XIKDWWHQXU$XJHQIU2FWDYLRGHPHVJDOW GDVVFKUHFNOLFKH+DQGZHUN]XOHJHQ ,FKVXFKWHLKQZXUGHGDEHLDQJHJULIIHQ(LQ%DXHUZROOWHPLFK PLWVHLQHU/DQ]HGXUFKERKUHQ ,FKZLFK]XU6HLWHXQGGUFNWHLKPGDVJHZHLKWH.UHX]LQV *HVLFKW'LHGlPRQLVFKH)LJXUYHUEUDQQWH ,FKQDKPGLH/DQ]H 'DQQVDKLFK2FWDYLR (UKHW]WHDP5DQGGHV6FKDFKIHOGHVHQWODQJ,FKZXWHQLFKW ZDVHUYRUKDWWHXQGZRHUKLQZROOWH $XJHQEOLFNOLFKQDKPLFKGLH9HUIROJXQJDXI2EZRKOGLH 6LOEHUNXJHOQRFKLQPHLQHU6FKXOWHUVWHFNWHVSUWHLFKGLH 9HUOHW]XQJQLFKW,FKKDWWHGLH6FKPHU]HQHLQIDFKYHUGUlQJW GHQQMHW]WJDEHVHLQZLFKWLJHV=LHO ,FKKROWHDXI2FWDYLRZDUIHLQHQ%OLFNEHUGLH6FKXOWHUHUVDK PLFKXQGVHLQ*HVLFKWYHU]HUUWHVLFK(UVFKR 9LHO]XEHUKDVWHW'LH6LOEHUNXJHO]LVFKWHDQPLUYRUEHL,FK KDWWHGDV*HIKODOVJHEHHVQXU2FWDYLRXQGPLFKDXIGLHVHP 6FKDFKIHOG,FKVDKXQGK|UWHQLFKWVPHKUYRQGHP.DPSI JHWPPHOXPPLFKKHUXP:LHGHUIHXHUWHHUXQGZLHGHUJLQJ GHU6FKXGDQHEHQ 'DQQKRELFKGLHHUEHXWHWH/DQ]H,FKULGHQ$UPZHLWEHU
PHLQH6FKXOWHUQDFKKLQWHQXQGVFKOHXGHUWHGLH:DIIHDXVYROO HP/DXIXQGPLWDOOGHU.UDIWGLHQRFKLQPLUVWHFNWH 'LH/DQ]HEHVFKULHEHLQHQ%RJHQ6LHSUDOOWHQLFKWLQGHQ 5FNHQGHV'lPRQVVRQGHUQIHJWHGHP)OLHKHQGHQ]ZLVFKHQ GLH%HLQH 2FWDYLRVWROSHUWH =XP]ZHLWHQPDOLQQHUKDOENXU]HU=HLWILHOHUKLQ'LHVPDOZDU GHU6WXU]MHGRFKEHGHXWHQGKHIWLJHU0HLQH%HUHWWDZXUGHLKP DXVGHU+DQGJHSUHOOWXQGUXWVFKWHHLQ6WFNZHLWHU ,QQHUKDOEGHUQlFKVWHQ]ZHL6HNXQGHQZDULFKEHULKP +DUWULLFK2FWDYLRKHUXP(UODJMHW]WDXIGHP5FNHQ EOLFNWHPLFKDXVDQJVWYROOJHZHLWHWHQ$XJHQDQ ,FKZDUIPLFKDXILKQ ª(VLVWDXV©NHXFKWHLFKª(QGJOWLJ©%HLGLHVHQ:RUWHQQDKP LFKGDV.UHX]XQGGUFNWHHVLKPDXIGLH%UXVW (UVFKULHPDUNHUVFKWWHUQGElXPWHVLFKDXIDOVVWQGHHU XQWHU6WURP (WZDV6FKUHFNOLFKHVJHVFKDK 'DV)HXHUKOOWHLKQHLQZLHHLQ9RUKDQJ,FKPXWH]XUFN ZHLFKHQXPPLFKYRUGHU+LW]H]XVFKW]HQ2FWDYLRDEHUGHU 'lPRQGHUPLFKXQGPHLQH)UHXQGHIDVWEHVLHJWKlWWHYHUJLQJ LQVHLQHUXUHLJHQHQ'LPHQVLRQ ,FKNDPQLFKWPHKUGD]XPLUZHLWHUH*HGDQNHQ]XPDFKHQ 8USO|W]OLFKYHUlQGHUWHVLFKGLH:HOW(LQP|UGHULVFKHU6RJ SDFNWHPLFK,FKZXUGHGXUFKGLH/XIWJHZLUEHOWVDKZLHGLH (UGHDXIEUDFKGDV6FKDFKEUHWWXQGGLH7RWHQN|SIHYHUVFKODQJ VDKHLQHJOKHQGH)HXHUVEUXQVWDXVGHUVLFKGLH)UDW]HGHV 6DWDQVVFKlOWH:DUGDVGLH+|OOH" 3O|W]OLFKVDGLH$QJVWLQPHLQHP.|USHUGLH$QJVWGD DOOHVGRFKQRFKVFKLHIJHKHQN|QQWH,FKYHUQDKPGLH6FKUHLH GHUEHLGHQ)UDXHQZROOWHHWZDVWXQPLFKJHJHQGHQ'UXFN VWHPPHQ 'DQQYHUVDQNGLH8PJHEXQJLQHLQHUERGHQORVHQ6FKZlU]H 0HLQ'HQNHQPHLQ)KOHQHVZXUGHDXVJHVFKDOWHW'LH XQHQGOLFKHQ'LPHQVLRQHQKDWWHQPLFKXPIDQJHQ
$OOPlKOLFKVFKlOWHQVLFKGLH.RQWXUHQDXVGHP'XQNHO(LQ 6FKUHLEWLVFKHLQ6WXKOHLQ6FKUDQNHLQ6SLHJHO ,FKEHJULIIQXUODQJVDP 'RFKGLH(ULQQHUXQJNDP ,FKVFKOXJGLH$XJHQDXI ,FKEHIDQGPLFKZLHGHULQQRUPDOHU*U|HDXIGHUQRUPDOHQ :HOWLFKZDULP%URGHV$QWLTXLWlWHQKlQGOHUV 6XNR%LOO6KHLODXQG-DQHVLHZDUHQGD+DWWHQPLWPLUGLHVH XQYRUVWHOOEDUH5HLVHJHPDFKWXQGVLHKHLOEHUVWDQGHQ (UVWHV0RUJHQOLFKWILHOGXUFKGDV)HQVWHU,FKIKOWHQDFK PHLQHUOLQNHQ6FKXOWHU'DZDUQLFKWV'LH:XQGHZDUYHU VFKZXQGHQ$XIPDJLVFKH:HLVH 8QEHJUHLIOLFK :LUVDKHQXQVQXUDQ:RUWHZDUHQEHUIOVVLJ'DQQILHOHQ ZLUXQVLQGLH$UPH8QGEHL*RWWZLUVFKlPWHQXQVXQVHUHU 7UlQHQQLFKW1RFKQLHZDUHQZLULQVROFKHLQHU6LWXDWLRQJHZH VHQ'DZLUVLHKHLOEHUVWDQGHQKDWWHQHUVFKLHQPLUZLHHLQ :XQGHU ª$QXQVGHQNWZRKOQLHPDQG©EHNODJWHVLFK-DQH 'RFKZLUGDFKWHQDQGLH)UDXHQ8QGDOOHP]XP7URW]ZLU VHW]WHQGLH)HLHUIRUW,QPHLQHU:RKQXQJ,FKJDE6XSHULQWHQ GHQW3RZHOOWHOHIRQLVFK%HVFKHLGGDQQVWHOOWHQZLU7HOHIRQXQG .OLQJHODEXQGIHLHUWHQ(VZDUZLHHLQ5DXVFK,UJHQGZDQQ UFNWH6KHLODGDQQPLWGHU6SUDFKHKHUDXV 6LHZXUGHVRJDUURWDOVVLHXQVHUNOlUWHGDVLHLQDQGHUHQ 8PVWlQGHQZDU ª'DVZLUGHLQ-XQJH©ULHI%LOOXQGULEHLGH$UPHKRFK ª:LHVROOHUGHQQKHLHQ"©IUDJWHLFK ª-RKQQDWUOLFK-RKQ:LHGHQQVRQVW"2GHUN|QQWLKUHXFK HLQHQEHVVHUHQ1DPHQYRUVWHOOHQ"© 1HLQGDVNRQQWHQVLHZLUNOLFKQLFKW(KUOLFKJHVDJWLFKKLHOW PLFKGDUDXV6FKOLHOLFKZLOOPDQMDQLFKWDOVXQEHVFKHLGHQ JHOWHQQLFKWZDKU"
'(5,55(0,7'(57(8)(/6*(,*( (VZDUHLQVFKUHFNOLFKHV%LOG $XVGHP1HEHOHLQHUXQZLUWOLFKHQ/DQGVFKDIWVFKlOWHVLFKHLQH PDNDEUH*HVWDOW6LHZXFKVYRQ6HNXQGH]X6HNXQGHZXUGH KLPPHOKRFKXQGYHUGUlQJWHGHQIHXULJHQ1HEHOGHUVLHXP VFKZHEWH 'LH*HVWDOWZDUHLQ'lPRQ6LHWUXJHLQHVFKZDU]HHQJDQ OLHJHQGH-DFNHXQGHLQH+RVHLQGHUJOHLFKHQ)DUEH$XVGHP +DOVDXVVFKQLWWUDJWHHLQJUlOLFKHU7RWHQVFKlGHO3HFKVFKZDU] XQGPLWULHVLJHQZHLHQ$XJHQLQGHQHQGLH.lOWHGHV3ROV]X VFKLPPHUQVFKLHQ'LHVHU8QKHLPOLFKHZDUNHLQ*HULQJHUHU DOVGHU6FKZDU]H7RGHLQHUGHUPlFKWLJVWHQ'lPRQHQGHV +|OOHQUHLFKV ,FKVDKGDVVFKUHFNOLFKH%LOGZROOWHHVYRUPHLQHQ$XJHQZHJ ZLVFKHQ(VJLQJQLFKW -HW]W|IIQHWHGLH*HVWDOWLKUHQ5DFKHQ:HLWVDKLFKKLQHLQZLH LQHLQHQ6FKOXQGGHU+|OOH(LQODXWORVHV/DFKHQVFKWWHOWHGHQ .QRFKHQPDQQ6HLQUHFKWHUVNHOHWWLHUWHU$UPIXKUYRU]HLJWHDXI HLQHQ*HJHQVWDQGQDKPLKQGDQQLQGLH+|KHXQGSUlVHQWLHUWH LKQPHLQHQ%OLFNHQ (VZDUHLQ6DUJ0LW%XFKVWDEHQGDUDXIGLHVLFK]XHLQHP:RUW DQHLQDQGHUUHLKWHQ]XHLQHP1DPHQ 8USO|W]OLFKZDUGDV%LOGYHUVFKZXQGHQ1LFKWVEOLHEPHKU 1XUHLQHJlKQHQGHVFKZDU]H/HHUH ,FKHUZDFKWHULGLH$XJHQDXIVFKQDSSWHQDFK/XIWZLH MHPDQGGHULPOHW]WHQ$XJHQEOLFNGHP7RGGXUFK(UWULQNHQHQW URQQHQLVW0HLQ+HU]KlPPHUWHLQPHLQHP.RSIUDXVFKWHHV ,FKIKOWHPLFKZLHQDFKHLQHP9ROOUDXVFK 'HU$OSWUDXPKDWWHPLFKIHUWLJJHPDFKW ,FKGUHKWHGHQ.RSI'XUFKGDV6FKODI]LPPHUIHQVWHUVLFNHUWH VFKZDFKHU/LFKWVFKHLQ'UDXHQZDU9ROOPRQG'LH=HLWGHU *HLVWHU)HHQXQG'lPRQHQ 'HU'UXFNZROOWHHLQIDFKQLFKWZHLFKHQ,FKGUHKWHPLFK]XU 6HLWHIKOWHXQWHUPLUGDV%HWWODNHQ (VZDUQDGXUFKJHVFKZLW]W,FKPXWHLP7UDXP+|OOHQ lQJVWHDXVJHVWDQGHQKDEHQ
,FKODJDOVRLQPHLQHP%HWW:RDXFKVRQVW",FKKDWWHPLFKIUK DP$EHQGQLHGHUJHOHJW,FKZROOWHPDOULFKWLJDXVVFKODIHQ8QG GDQQNDPGLHVHUYHUGDPPWH7UDXP 'HU6FKZDU]H7RGZDUPLUHUVFKLHQHQ *WLJHU+LPPHOZHQQLFKGDUDQGDFKWH'HU6FKZDU]H7RG ZDUHLQ'lPRQHLQ$EELOGGHV*UDXHQVHLQ0DJLHUHLQ7HXIHO XQG$VPRGLV UHFKWH+DQG:DKUKDIWLJGLH.UlIWHGHU+|OOH PDFKWHQLKUH+HHUVFKDUHQPRELOXQGGHU6FKZDU]H7RGIKUWH VLHRIIHQEDUDQ 'DV6FKOLPPHZDUGDLFKQLFKWGLHJHULQJVWH$KQXQJKDWWH ZLHGLHVHUPlFKWLJH'lPRQ]XEHVLHJHQZDU (LQHEHGUFNHQGH9RUVWHOOXQJGLHEHLPLULQ'HSUHVVLRQHQ PQGHWH,FKZXWHGDHWZDV8QEHVFKUHLEOLFKHVDXIGLH 0HQVFKKHLW]XNDP'LH)UDJHZDUQXUZDV" 0HLQH)UHXQGHXQGLFKPXWHQGLHVHQ'l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lPSIWHLKQPLW2UDQJHQVDIWXQG(LV'LH:UIHONOLPSHUWHQ JHJHQHLQDQGHU 0HLQH*HGDQNHQNHKUWHQLPPHUZLHGHU]XGHP6FKZDU]HQ 7RG]XUFN,FKKDWWHHLQLJHVYRQLKPJHK|UW6HLQ$OWHUZDU QLFKW]XHUIDVVHQ6HLW-DKUKXQGHUWHQJHLVWHUWHHUGXUFKGLH *HVFKLFKWHZDUYHUDQWZRUWOLFKIU.ULHJHXQG6HXFKHQXQG KROWHLQXQVHUHUPRGHUQHQWHFKQLVFKKRFKHQWZLFNHOWHQ:HOW]X HLQHPQHXHQVHLQHPJU|WHQ6FKODJDXV,FKKlWWHQLHJHGDFKW GDLFKHLQHV7DJHVPLWLKP]XWXQKDEHQZUGH
,FKVWlXEWHGLH$VFKHDEXQGQDKPKLQXQGZLHGHUHLQHQ 6FKOXFN0HLQH%OLFNHJOLWWHQGXUFKGDV)HQVWHUEHUGLH 0LOOLRQHQVWDGWDQGHU7KHPVHKLQZHJ,FKVDKGLH/LFKWHUGHU 7RZHU%ULGJHGHQVFKODQNHQDQJHVWUDKOWHQ7XUPYRQ%LJ%HQ XQGGLHGXQNOH)OlFKHGHV+\GH3DUNVLQGHPWDJVEHUGDV /HEHQEHUVFKlXPWH 6ROOWHQDOOGLHVH6FK|QKHLWHQGLHVHU6WDGWHLQPDO]HUVW|UWZHU GHQ"6ROOWHQGLH$SRNDO\SWLVFKHQ5HLWHUDOV6HQGERWHQGHV 7HXIHOVEHUGLHVH6WDGWKHUIDOOHQ" ,FKVSUWHZLHVLFKGHU:LGHUVWDQGLQPLUUHJWHZLHGHUDOWH .DPSIHVZLOOHHPSRUORGHUWHXQGDXVGHP%UJHU-RKQ6LQFODLU ZLHGHUGHU*HLVWHUMlJHUZXUGH 1HLQLFKZUGHDOOHVLQPHLQHU0DFKW6WHKHQGHYHUVXFKHQXP GLHVHPJUDXVDPHQ7UHLEHQ(LQKDOW]XJHELHWHQ 3O|W]OLFKZXUGHPHLQH*HGDQNHQNHWWHXQWHUEURFKHQ(WZDV 6HOWVDPHVHUUHLFKWHPHLQ2KU,FKNRQ]HQWULHUWHPLFKGRFKGLH 7|QHEOLHEHQ-DHVZDU0XVLNZDVLFKYHUQDKP *HLJHQVSLHO 6FKPHO]HQGVFKOXFK]HQGZHLQHQG9RQXQVDJEDUHP/HLG HU]lKOWHGLH0HORGLH,PQlFKVWHQ$XJHQEOLFNYHUEUHLWHWHVLH KLPPHOKRFKMDXFK]HQGH)UHXGH3KDQWDVWLVFKJHVSLHOWZXQGHU EDUDQ]XK|UHQ'HU*HLJHUPXWHHLQ0HLVWHUVHLQHV)DFKVVHLQ ,FKEHJDQQPLFKDXIGDV6SLHO]XNRQ]HQWULHUHQXQGYHUVXFK WHGHQXQEHNDQQWHQ.QVWOHU]XORNDOLVLHUHQ(VJHODQJPLU QLFKW'DV*HLJHQVSLHOVFKLHQYRQEHUDOOKHU]XNRPPHQ9RQ REHQYRQXQWHQYRQOLQNVYRQUHFKWV ,FKODXVFKWH'DV6SLHOZDUYRQHLQHUGlPRQLVFKHQ)DV]LQDWLRQ (VQDKPPLFKJHIDQJHQ]RJPLFKLQVHLQHQ%DQQZLHYRU ZHQLJHQ6WXQGHQQRFKGHU7UDXP 7UDXP" $EHUPDOVGDFKWHLFKDQGHQ6FKZDU]HQ7RGXQGHULQQHUWH PLFKGDHUMHGHEHOLHELJH*HVWDOWDQQHKPHQNRQQWH:DUXP QLFKWGLHHLQHV*HLJHQVSLHOHUV" 8QVLQQMHW]WVDKLFKZLUNOLFKVFKRQ*HVSHQVWHU1HLQGHU 9LUWXRVHPXWHLUJHQGZRLP+DXVVLW]HQXQGVSLHOHQ $EHU]XGLHVHU6WXQGH"
,FKODXVFKWHZHLWHUGHU0HORGLH(UVSLHOWHHLQ6WFNGDVLFK QLFKWNDQQWH,UJHQGHWZDV.ODVVLVFKHVYHUPXWOLFK 'LH0LQXWHQYHUUDQQHQZlKUHQGLFKHQW]FNWGHP*HLJHQ VSLHOODXVFKWH(VGUDQJLQPHLQH6HHOHHLQVFKLHQVLHDXVGHP .|USHUO|VHQ]XZROOHQXPPLWLKULQGLH8QHQGOLFKNHLW]XHQW IOLHKHQ ,FKYHUJDGLH8PZHOWGLH:RKQXQJPHLQHQ7UDXP,FK YHUJDPLFKVHOEVW (VZDUHLQ)HKOHU ,FKDFKWHWHQLFKWDXIGLHEHLGHQURWHQ3XQNWHDPQDFKW VFKZDU]HQ+LPPHOGLHVLFKUDVHQGVFKQHOOQlKHUWHQLPPHU JU|HUZXUGHQXQGSO|W]OLFKGLFKWYRUGHP)HQVWHUVFKZHEWHQ 0HLQ%OLFNIUDVLFKLQGLHJOKHQGHQ$XJHQ,FKVDKGLH VFKLOOHUQGHURWH)DUEHGLHPLFKDQ%OXWHULQQHUWH %OXW 'DVSUWHLFKGLH*HIDKU0HLQWDXVHQGIDFKJHVFKXOWHU,QVWLQNW OLHPLFKKDQGHOQ,FKZDUIPLFKYRP6WXKO ,PVHOEHQ$WHP]XJQRFK]HUVSOLWWHUWHEHUPLUGLH)HQVWHU VFKHLEH(VJDEHLQNOLUUHQGHV*HUlXVFKDOVGDV7KHUPRSDQHJODV ]HUNQDOOWH'LH6FKHUEHQZLUEHOWHQEHUPLFKKLQZHJLQV =LPPHUXQGLKQHQIROJWHHLQ8QWLHU ,FKK|UWH)OJHOVFKODJHQYHUQDKPHLQNUlFK]HQGHV*HUl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
,FKVFKDIIWHHVQLFKWPHKUGLH)OXFKW]XHUJUHLIHQXQGPHLQH :DIIH]XKROHQGHQQGLH(XOHJULIIDQ 6LHZDUVFKQHOOZLHGHU%OLW]*HUDGHQRFKJHODQJHVPLUGLH $UPHKRFK]XUHLHQXQGPHLQ*HVLFKW]XVFKW]HQGDKDFNWHQ GLH.UDOOHQVFKRQJHJHQPHLQH%UXVW ,FKNlPSIWHYHUELVVHQSDFNWHGHQ+DOVGHV7LHUHVGUHKWHLKQ KHUXPXQGVFKDIIWHHVGLH(XOHZHJ]XVWRHQXQG]X%RGHQ]X VFKPHWWHUQ 6LHIODWWHUWHZLOGPLWGHQ)OJHOQ)HGHUQIORJHQZLH6FKQHH IORFNHQXPKHUGRFKYHUOHW]WZDUVLHQLFKW ,Q%UXFKWHLOHQYRQ6HNXQGHQZXUGHPLUEHZXWGDLFKHV KLHUQLFKWPLWHLQHPQRUPDOHQ7LHU]XWXQKDWWH1HLQGLHVH %OXWHXOHZDUHLQ'lPRQ(LQ'lPRQGHUPLFKW|WHQZROOWH ,FKVSUDQJ]XU7UULVLHZXFKWLJDXIXQGVWU]WHLQGLH NOHLQH'LHOH1RFKLP)DOOHQGURVFKLFKGLH7UPLWGHPUHFKWHQ )XZLHGHU]X(LQNODWVFKHQGHV*HUlXVFK]HLJWHPLUDQGDGLH .XJHOJHJHQGDV+RO]JHSUDOOWZDU ,FKGXUIWHNHLQH6HNXQGHPHKUYHUOLHUHQMDJWHLQGHQ /LYLQJURRPULGRUWGLH6FKXEODGHHLQHUNOHLQHQ.RPPRGHDXI XQGKLHOWLPQlFKVWHQ$WHP]XJPHLQH%HUHWWDLQGHU+DQG 'LH3LVWROHZDUPLWJHZHLKWHQ6LOEHUNXJHOQJHODGHQHLQH :DIIHGLHDXIIDVWMHGHQ'lPRQW|GOLFKZLUNWH:HQLJVWHQVIU +RUURUZHVHQGHUXQWHUHQXQGPLWWOHUHQ.DWHJRULH 'LH%OXWHXOHWREWHLQGHU.FKH(LQKDUWHVSRFKHQGHV*H UlXVFKZDU]XK|UHQDOVVLHPLWLKUHP6FKQDEHOJHJHQGLH7U KlPPHUWH'LHVHVYHUGDPPWH%LHVWNlPSIWHYHUELVVHQ ,FKDXFK ,QPHLQHU:RKQXQJEUDQQWHMHW]WEHUDOO/LFKW$XFKLQGHU 'LHOHGXUFKGLHLFKPLFK]XU.FKHQWU]XUFNVFKOLFK 'LH(XOHPXWHHLQHXQJHKHXUH.UDIWEHVLW]HQ6LHKlPPHUWH YRQLQQHQVRVWDUNJHJHQGDV7UEODWWGDGHU%RGHQHU]LWWHUWH =|JHUQGWDVWHWHVLFKPHLQHOLQNH+DQGLQ5LFKWXQJ.OLQNH ZlKUHQGLFKLQGHUUHFKWHQGLH%HUHWWDKLHOW $OOHVPXWHEOLW]VFKQHOOJHKHQ,FKGXUIWHPLFKDXINHLQH .RPSURPLVVHHLQODVVHQ 'LH7UDXIUHLHQ]LHOHQVFKLHHQWUHIIHQ
,FKJULIIDQEHIROJWHPHLQHQ9RUVDW]LQGHUJOHLFKHQ5HLKHQ IROJH'LH7UJLQJQDFKLQQHQDXI'XUFKPHLQHEHUUDVFKHQGH $WWDFNHZXUGHGLH(XOHJHJHQHLQHQ6FKUDQNJHGUFNW,FK KXVFKWHGXUFKGHQ7UVSDOWEHIDQGPLFKLPQlFKVWHQ$XJHQ EOLFNLP5FNHQGHVGlPRQLVFKHQ7LHUHVOLHGLHUHFKWH+DQG PLWGHU:DIIHYRUVFKQHOOHQXQGIHXHUWH 7URFNHQEHOOWHGLH%HUHWWDDXI,KU'UXFNMDJWHGLHJHZHLKWHQ 6LOEHUNXJHOQDXVGHP/DXIXQGLQGHQ.|USHUGHU(XOH *UlOLFKNUHLVFKWHVLHDXIVFKOXJZLOGPLWGHQ)OJHOQVRGD LFK]XUFNZHLFKHQPXWH 'XPSINODWVFKWHGDVGlPRQLVFKH7LHU]X%RGHQ(V]XFNWHHLQ SDDUPDOXQGEOLHEGDQQOLHJHQ 'RFKGDQQJHVFKDKHWZDV6HOWVDPHV'LH(XOHEHJDQQVLFK]X YHUZDQGHOQ'LH)HGHUQILHOHQDEDOVZUGHHLQHXQVLFKWEDUH +DQGVLHDXVUHLHQ'LH+DXWGHV7LHUHVNDP]XP9RUVFKHLQ$XV GHQ3RUHQVWLHJZHLHU'DPSI]XU'HFNHDXI 'XUFKGLH]HUERUVWHQH6FKHLEHSILIIGHU:LQG'LH6FKZDGHQ ZXUGHQLQPHLQH5LFKWXQJJHGUFNWUHL]WHQPLFK]XP+XVWHQ 7UlQHQWUDWHQLQPHLQH$XJHQXQGKlWWHLFKQLFKWVRGLFKWDP )HQVWHUJHVWDQGHQZlUHQPHLQH/XQJHQYLHOOHLFKWJHSODW]W 6RDEHUYHUIOFKWLJWHVLFKGHU4XDOP =XUFNEOLHE ,FKVWXW]WHKLHOWGHQ$WHPDQVFKWWHOWHGHQ.RSIVFKORGLH $XJHQ|IIQHWHVLHZLHGHUGRFKGDV%LOGEOLHE 9RUPLUODJQLFKWGLHWRWH(XOH $XIGHP%RGHQUXKWHHLQMXQJHV0lGFKHQ ,FKZDUPLWHLQHP6FKULWWEHLLKUJLQJQHEHQLKULQGLH.QLHXQG IKOWHGHQ3XOV .HLQ$XVVFKODJ1LFKWV'DV0lGFKHQZDUWRW -HW]WSDFNWHQPLFKGLH9RUZUIH,FKKlWWHVLHQLFKW]XW|WHQ EUDXFKHQKlWWHYHUVXFKHQPVVHQGLH(XOHDXIHLQHDQGHUH$UW ]XEHVLHJHQ$EHUZHUNRQQWHYRUKHUZLVVHQGDGLHVHPRUG JLHULJH(XOHLQ:LUNOLFKNHLWHLQMXQJHV0lGFKHQZDU"
6HOWVDPGUFNHQGHUVFKLHQPLUGLH6WLOOHGHU:RKQXQJ$XFK GDV*HLJHQVSLHOZDUQLFKWPHKU]XK|UHQ2EHVHWZDVPLWGHP 7RGGHV0lGFKHQV]XWXQKDWWH" )DVWNDPHVPLUVRYRU 'DV*LUOODJDXIGHU6HLWHKDWWHGDVUHFKWH%HLQDQJHZLQNHOW(V ZDUQDFNW,FKGUHKWHHVEHKXWVDPDXIGHQ5FNHQ'DVODQJH EORQGH+DDUXPUDKPWHGDV*HVLFKWZLHHLQJROGHQHV9OLHV'LH /LSSHQZDUHQKDOEJH|IIQHW'LH1DVHZDUNOHLQXQG]LHUOLFK 6LHZXUGHYRQZLQ]LJHQ6RPPHUVSURVVHQXPUDKPWhEHUGHQ VFK|QHQEODXHQ$XJHQODJMHW]WGLH6WDUUHGHV7RGHV 'LFKWXQWHUKDOEGHUOLQNHQ%UXVWEHIDQGHQVLFKGLHEHLGHQ (LQVFKXO|FKHU.HLQ7URSIHQ%OXWZDUDXVGHQ:XQGHQJH TXROOHQQLFKWHLQPDOVFKZDU]HV'lPRQHQEOXWEHIDQGVLFKLQ LKUHP.|USHU ,FKKDWWHVLHQRFKQLHLP/HEHQJHVHKHQ0LQXWHQODQJVWDUUWH LFKDXIGLH7RWHXQGPHUNWHZLHVLFKHLQHLQQHUH/HHUHLQPHLQHP .|USHUDXVEUHLWHWH (VJLEW7\SHQGHQHQPDFKWHVQLFKWVDXVZHQQVLHHLQHQ DQGHUHQ0HQVFKHQHUVFKRVVHQKDEHQ,FKJHK|UHQLFKWGD]X ,UJHQGZDQQVWDQGLFKDXI:LUKDWWHQ$QIDQJ0lU]XQGGXUFK GDV]HUEURFKHQH.FKHQIHQVWHUSILIIHLQVFKDUIHU:LQG(U EDXVFKWHPHLQH6FKODIDQ]XJMDFNHDXIXQGMDJWHHLQHQNDOWHQ 6FKDXHUEHUPHLQHQ5FNHQ ,FKJLQJ]XUFNLQPHLQ6FKODI]LPPHUXQG]RJPLFKDQ'DEHL OLHLFKPLUGDV*HVFKHKHQQRFKHLQPDOGXUFKGHQ.RSIJHKHQ ,FKZXWHQLFKWZDVGLH0lFKWHGHU)LQVWHUQLVPLWGHP$QJULII DXIPHLQH3HUVRQEH]ZHFNWHQ(LQHVZDUMHGRFKVLFKHUGHU JHKHLPQLVYROOH6FKZDU]H7RGSODQWHHLQHJURH6DFKH ,FK]RJ+RVH5ROONUDJHQSXOORYHUXQG-DFNHEHU$Q VFKOLHHQGVFKOSIWHLFKLQGLH6OLSSHU 0LUILHO6XNRHLQ0HLQFKLQHVLVFKHU.DPSIJHIlKUWHKDWWHVLFK QLFKWJHPHOGHW(UKDWWHHLQHQXQHUK|UWOHLFKWHQ6FKODIXQGKlWWH GHQ.UDFKGHU]HUVSOLWWHUQGHQ6FKHLEHK|UHQPVVHQ 6XNREHVDHLQHQ6FKOVVHO]XPHLQHU:RKQXQJZLHLFK]X VHLQHU,FKQDKPGHQ=ZHLWVFKOVVHOXQGOLHIDXIGHQ)OXUGHU YHUODVVHQYRUPLUODJ
'LHKDOEUXQGHQ/DPSHQDQGHU'HFNHVSHQGHWHQWUEHV/LFKW 0LW]LWWHUQGHQ)LQJHUQVFKRELFKGHQ6FKOVVHOLQV6FKOR GUHKWHLKQKHUXP ,FKVWUPWHLQGLH:RKQXQJ ª6XNR"© .HLQH$QWZRUW$OOHVZDUUXKLJ,FKPDFKWH/LFKWZDQGWHPLFK QDFKOLQNVGHP6FKODI]LPPHU]X ,FKVWLHGLH7UDXI(LQ'UXFNDXIGHQ/LFKWVFKDOWHU (VZXUGHKHOO 7LHIVRJLFKGHQ$WHPHLQ,FKVDKGHQ6FKUDQNGHQ6SLHJHODQ GHU:DQGXQGGDV%HWW (VZDUOHHU9RQ6XNRIHKOWHMHGH6SXU +LQWHUPLUHLQ*HUlXVFK,FKZLUEHOWHKHUXPULGLH%HUHWWD DXVGHP+RVHQEXQGXQGOLHGLH:DIIHJOHLFKZLHGHUVLQNHQ 9RUPLUVWDQG6XNR$EHUZLHVDKHUDXV (UVFK|SIWGLH.OHLGXQJ]HUIHW]WGDV*HVLFKWJHVFKZROOHQ'LH +DXWVFKLOOHUWHJUQXQGEODX,FKVDKEOXWLJH6WHOOHQDQVHLQHP .|USHUXQGEHPHUNWHGD6XNR0KHKDWWH/XIW]XKROHQ ª0HLQ*RWWZDVLVWJHVFKHKHQ"© 6XNRZDQNWH(UELGLH=lKQHDXIHLQDQGHUKLHOWVLFKDP 7UUDKPHQIHVW ,FKVWW]WHLKQª5HGH:DVZDUORV"© 6XNRV$WHPSILIIª*LEPLUHUVWHLQHQ6FKOXFN:DVVHU©6HLQH 6WLPPHZDUNDXP]XYHUVWHKHQ ,FKIKUWHGHQ&KLQHVHQLQGHQ/LYLQJURRP'RUWOLHVLFK6XNR LQHLQHQ.RUEVHVVHOIDOOHQ'DVHLQ]LJH0|EHOVWFNGDVQLFKW XPJHVWU]WZDU6RQVWVDKHVLQGHP5DXPDXVZLHDXIHLQHP 6FKODFKWIHOG 6XNROLHIGHU6FKZHLLQGLFNHQ7URSIHQEHUGDV*HVLFKW(U PXWHHLQHQP|UGHULVFKHQ.DPSIKLQWHUVLFKKDEHQ,FKNDQQWH LKQMHW]WODQJHJHQXJXP]XZLVVHQGD6XNRVROHLFKWQLFKWV XPZDUI:HQQHUILJKWHWHZDUHUZLHHLQ:LUEHOVWXUP8QG ZHQQLKPMHPDQGVR]XVHW]WHGDQQPXWHGHU*HJQHUVFKRQ EHUPlFKWLJVHLQ ,FKUHLFKWHLKPGDV:DVVHUJODV6XNRWUDQNLQODQJHQJLHULJHQ =JHQXQGVDKPLFKGDEHLEHUGHQ5DQGGHV*ODVHVKLQZHJDQ
$XFKLFKZDUYHUOHW]W'LH.UDOOHQGLHVHU(XOHKDWWHQPLUYRU GHU%UXVWGLH6FKODIDQ]XJMDFNHDXIJHULVVHQXQGGDEHLDXFKGLH +DXWQLFKWYHUVFKRQW,FKZROOWHVSlWHUGLHEUHQQHQGHQ:XQGHQ PLW-RGYHUVRUJHQ 6XNRJDEPLUGDV*ODV]XUFN'DQQEHJDQQHU]XEHULFKWHQ 6HLQH6WLPPHNODQJMHW]WNODUHUª,FKKDEHJHVFKODIHQELVPLFK GLHVHVYHUGDPPWH*HLJHQVSLHODXIJHZHFNWKDW$EHULFKNRQQWH QLFKWDXIVWHKHQ-RKQ(WZDVKLHOWPLFKLP%HWWIHVWZUJWH PHLQH.HKOH'XNHQQVWPLFK,FKELQNHLQ$QJVWKDVHDEHUGD ELQLFKGRFKLQ3DQLNJHUDWHQ© ª:DVKDWGLFKJHZUJW"©IUDJWHLFK 6XNRHLQ.HUOPLWGHU)LJXUHLQHV3UHLVULQJHUVXQGNHLQHP *UDPP)HWW]XYLHODP.|USHUEOLFNWHPLFKUDWORVDQª,FKZHL HVQLFKW-RKQ,FKNRQQWHQXUWDVWHQ'DVPXHLQH6FKODQJHRGHU HWZDVbKQOLFKHVJHZHVHQVHLQ© 0HLQ%OLFNPXZRKO]LHPOLFKXQJOlXELJJHZHVHQVHLQGHQQ 6XNRQLFNWHKHIWLJ ª(VZDUZLUNOLFKVRHLQ8QJHWP-RKQ© ª$EHUZLHVROOHVLQGLH:RKQXQJJHNRPPHQVHLQ"© ª.HLQH$KQXQJ,FKZDUMDQXUIURKDOVLFKGDVYHUGDPPWH %LHVWYRP+DOVKDWWH6HOWHQKDEHLFKPLFKVRHOHQGJHIKOWGDV NDQQVWGXPLUJODXEHQ,FKGDFKWHGDV8QJHKHXHUEULFKWPLU VlPWOLFKH.QRFKHQ7HXIHODXFK© ª8QGLQPHLQHP$SDUWPHQWOLHJWHLQWRWHV0lGFKHQ©IJWHLFK 6XNRGHQQlFKVWHQ6FKRFNKLQ]X 'LHVPDOVFKDXWHHUXQJOlXELJ ,FKEHJDQQ]XEHULFKWHQ%HLGHZDUHQZLUGHU0HLQXQJGD GLHVHV*HLJHQVSLHOHWZDVPLWGHQXQKHLPOLFKHQ9RUJlQJHQ]X WXQKDWWH ª)UDJWVLFKQXUZHUKLHULP+DXV*HLJHVSLHOW©PHLQWH6XNR ª'HQQDOVLFKPLFKEHIUHLWKDWWHZDUYRQGHP8QWLHUDXFKQLFKWV PHKU]XVHKHQ,FKELQGDQDFKEHQRPPHQGXUFKGLH:RKQXQJ JHWRUNHOW'DNRPPWZDVDXIXQV]X-RKQ© ,FKODFKWHELWWHUª:HPVDJVWGXGDV"© 6XNRVWW]WHVLFKKRFKª8QGMHW]W"©IUDJWHHU ,FKVWHXHUWH6XNRV7HOHIRQDQª,FKZHUGHHUVWGDIUVRUJHQ
GDGLH/HLFKHDXVPHLQHU:RKQXQJDEJHKROWZLUG8QGGDQQ ZHUGHQZLUXQVXPGLHVHQ*HLJHQVSLHOHUNPPHUQPVVHQ 8QGDQVFKOLHHQGJHEHQZLUGHQ7DNWDQQDFKGHPHU]XVSLHOHQ KDW© ,FKZDUGDPDOVQRFK]LHPOLFKRSWLPLVWLVFK$EHULUJHQG MHPDQGKDWPDOJHVDJWGD2SWLPLVWHQDXFK1DUUHQVLQG1XU KDWWHLFKGDUDQQLFKWJHGDFKW (VJLEW0RPHQWHLQGHQHQLFKPLFKEHUPHLQH6RQGHUYROO PDFKWIUHXH'LHVHUYRP,QQHQPLQLVWHUDXVJHVWHOOWH$XVZHLV HUODXEWHVPLUGLH%URNUDWLHDXV]XVFKDOWHQ:HQQLFKHVIU Q|WLJKDOWHGDVFKQHOOJHKDQGHOWZHUGHQPXGDQQJHQJW GDV ,QGLHVHU1DFKWKDWWHLFKZLHGHUVROFKHLQHQ)DOO(LQH/HLFKHLQ PHLQHU:RKQXQJ1RUPDOHUZHLVHZUGHGLHVHU8PVWDQGHLQHQ )UDJHQNRPSOH[KHUDXIEHVFKZ|UHQDEHUEHLPLUJHQJWHHLQ $QUXI 'LH/HLFKHZXUGHDEJHKROWXQGLQV6FKDXKDXVYRQ6FRWODQG
'LHVHU:DJHQKDWWHVFKRQRIWGHQ1HLG]DKOUHLFKHU.ROOHJHQ KHUYRUJHUXIHQDEHULUJHQGHLQ+REE\PXGHU0HQVFKQXQPDO KDEHQ8QGEHLPLULVWHVHEHQGHU%HQWOH\ 0HQVFKHQOHHUSUlVHQWLHUWHVLFKGLH7LHIJDUDJH'LHNDKOHQ :l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lFKVWHQ$XJHQEOLFNK|UWHLFKGDV6SLHO 'LH7|QHVFKZROOHQDQVFKLHQHQYRQXQVLFKWEDUHQ+lQGHQ GXUFKGLH*DUDJHJHWUDJHQ]XZHUGHQXQGVFKPHU]WHQLQPHLQHQ 2KUHQ 6HNXQGHQODQJVDLFKZLHEHWlXEW'DQQVFKOXJLFKDXIGLH +DOWHUXQJGHV*XUWVOLHLKQKRFKUROOHQNOLQNWHGLH7UDXIXQG VSUDQJDXVGHP:DJHQ 'HU*HLJHUVSLHOWHQRFKLPPHU *UHOOXQGGLVKDUPRQLVFKK|UWHVLFKGLH0XVLNDQ6LHVWDFKLQ PHLQHQ2KUHQGXUFKWRVWHPHLQ*HKLUQ 8QWHUGHP6FKODSSKXWVDKLFKHLQZHLHV2YDODEHUNHLQH 1DVH$XJHQXQG0XQGZDUHQHEHQIDOOVQLFKW]XHUNHQQHQ ,FKZROOWHPLFKDXIGHQXQKHLPOLFKHQ*HLJHUVWU]HQGRFKLFK VFKDIIWHHVQXUELV]XPUHFKWHQ.RWIOJHO3O|W]OLFKKDWWHLFKGDV *HIKOYRQHLQHU:DQGJHVWRSSW]XZHUGHQ,FKZDUILQHLQHU KLOIORVHQ%HZHJXQJGLH$UPHKRFKEUDFKLQGLH.QLHXQG VSUWHVFKPHU]KDIWGHQKDUWHQ%HWRQDQPHLQHQ.QLHVFKHLEHQ 8QGQRFKLPPHUVSLHOWHGHU*HLJHU 6HLQH0XVLNZDUZLOGHUJHZRUGHQQRFKVFKUHFNOLFKHU6LH VFKLHQPHLQHQ6FKlGHOVSUHQJHQ]XZROOHQ
'HU.RSIVDQNPLUDXIGLH%UXVW(VEHUHLWHWHPLUXQHQGOLFKH 0KHGHQUHFKWHQ$UP]XKHEHQ ,FKPXWHXQEHGLQJWDQPHLQH:DIIHJHODQJHQ 0HLQHUHFKWH+DQGEOLHELP-DFNHWWDXVVFKQLWWKlQJHQ'LH )LQJHUZDUHQSO|W]OLFKZLHJHOlKPW,FKEUDFKWHGLH+DQGQLFKW PHKUZHLWHUVRVHKULFKPLFKDXFKDQVWUHQJWH 6FKZHLODJNDOWXQGZLHHLQH]ZHLWH+DXWDXIPHLQHU6WLUQ .HXFKHQGVRJLFKGHQ$WHPHLQ,FKOLHGLHUHFKWH+DQGIDOOHQ VWW]WHGHQ$UPDXIGHQNDOWHQ%RGHQ'DV*HOHQNNQLFNWHZHJ )ODFKILHOLFKKLQ'LFKWYRUPHLQHQ$XJHQVFKLPPHUWHHLQHgO ODFKH 0KVDPKRELFKGHQ.RSI'LHVHYHUGDPPWH0XVLNPDFKWH PLFKQRFKKDOEZDKQVLQQLJ'DQQJHULHWHQ]ZHL6FKXKVSLW]HQLQ PHLQ%OLFNIHOG 'HU*HLJHUNDPQlKHU +LOIORVODJLFKDXIGHP%RGHQ(UNRQQWHPLFK]HUWUHWHQZLH HLQHQ:XUP$EHUHUWDWHVQLFKW(UZHFKVHOWHVHLQ6SLHO'LH VFKULOOHGlPRQLVFKH0HORGLHZXUGHEHUODJHUWYRQKDUPR QLVFKHQ7|QHQGLHPHLQHQ2KUHQVHOWVDPJXWWDWHQ (VZDUHQ/RFNXQJHQUHJHOUHFKWH/RFNXQJHQXQGLFKPXWH LKQHQIROJHQ 'HU*HLJHUHQWIHUQWHVLFK(UJLQJ]XUFN6FKULWWIU6FKULWW ,FKNURFKLKPQDFKUXWVFKWHEHUGHQ%RGHQZROOWHQLFKWGD GLH0HORGLHOHLVHUZXUGHRGHUZRP|JOLFKY|OOLJYHUNODQJ(V VFKLHQDOVKLQJHDQGLHVHP*HLJHQVSLHOPHLQ/HEHQ =ROOIU=ROONURFKLFKZHLWHUTXHUGXUFKGLHgOODFKH6LHYHU VFKPLHUWHPHLQ-DFNHWW(LQ.QRSIVSUDQJDE$EHUZDVZDUHQ GDVIU1HEHQVlFKOLFKNHLWHQJHJHQEHUGHPVHQYHUWUlXPWHQ XQGORFNHQGHQ*HLJHQVSLHO ,FKPXWHGHPGlPRQLVFKHQ6SLHOHUHLQIDFKIROJHQ(VJDEQXU QRFKGLHVHQEUHQQHQGHQ:XQVFKLQPLU 8QGZHQQHUPLFKLQGLH+|OOHORFNWH 'HU*HLJHUZDQGWHVLFKQDFKOLQNV6FKDWWHQKDIWVDKLFKVHLQH *HVWDOWEOLFNWHZLHGXUFKHLQHQ6FKOHLHU(UVFKULWWGHQEUHLWHQ *DQJ]ZLVFKHQGHQSDUNHQGHQ:DJHQKLQXQWHUXQGQlKHUWHVLFK GHU$XIIDKUWVUDPSH
2ZLHKHUUOLFKOHEHQGLJZDUGLHVH0XVLN6LHOXOOWHPLFKHLQ ZDUPLUJDQ]QDK $EHUGDK|UWHLFKHLQDQGHUHV*HUlXVFK (LQ%UXPPHQ(VVW|UWHGDV6SLHOGUDQJLQPHLQH*HKLUQ]HOOHQ HLQ,FKYHUIOXFKWHGLHVHIUHPGHQ7|QHGLHLPPHUODXWHUVWDWW OHLVHUZXUGHQ (WZDVNUHLVFKWH 5HLIHQ" +HOOLJNHLW%OHQGHQGJUDXVDP0HLQH$XJHQVFKPHU]WHQ (WZDVUDVWHDXIPLFKXQGGHQ*HLJHU]X (LQ8QJHKHXHUHLQ:DJHQ 'U|KQHQGKDOOWHHLQ+XSVLJQDOGXUFKGLH*DUDJH6RQQHQ H[SORGLHUWHQYRUPHLQHQ$XJHQ 4XLHWVFKHQ.UHLVFKHQ6WLOOH 9RUEHL$XV 'RFKLFKOHEWH,FKK|UWHPHLQHQ$WHPXQGHLQGXPSIHVVDWWHV *HUlXVFKGDVHQWVWHKWZHQQHLQH$XWRWU]XJHVFKODJHQZLUG 6FKULWWH'DQQHLQH6WLPPH:WHQGDEHUDXFKHUOHLFKWHUW ]XJOHLFKª6LQG6LHZDKQVLQQLJ".ULHFKHQKLHUDXIGHP%RGHQ KHUXP%HLQDKHKlWWHLFK6LHEHUIDKUHQ© ,FKKREGHQ%OLFN6DKHLQHEUDXQH+RVHPLWVFKDUIJHEJHOWHQ )DOWHQ -HPDQG]RJPLFKDQGHU6FKXOWHUKHUXPª1HLQEHWUXQNHQ VLQG6LHQLFKW© 'RFK,FKZDUEHWUXQNHQ7UXQNHQYRQGHP*HLJHQVSLHOGDV LPPHUQRFKLQPHLQHP.RSIQDFKKDOOWH $EHUZRZDUGHU6SLHOHU" ,FKYHUVXFKWHPLFKKRFK]XVWHPPHQ(VJHODQJPLUQXUPLW 0KH,FKIKOWHPLFK]HUVFKODJHQZLHGXUFKGHQ:ROIJHGUHKW 'HUXQEHNDQQWH$XWRIDKUHUKDOIPLU'LFKWYRUPHLQHQ$XJHQ VDKLFKGLHEUHLWH*XPPLVWRVWDQJHHLQHV9ROYRV0HLQ*RWWGDV ZDUYHUIOL[WNQDSSJHZHVHQ'HU)DKUHUKDWWHZLUNOLFKHUVWLP OHW]WHQ$XJHQEOLFNEUHPVHQN|QQHQ ,FKOHKQWHPLFKDQGHQ.KOHUJULOO7LHIKROWHLFK/XIW6LH VFKPHFNWHQDFK$EJDVHQXQGgOª'HQ*HLJHQVSLHOHU©NUlFK]WH LFKªKDEHQ6LHGHQ*HLJHQVSLHOHUQLFKWJHVHKHQ"©
'HU0DQQVFKWWHOWHGHQ.RSI(UVDKPLFKDQDOVKlWWHHU HLQHQ,UUHQYRUVLFK,FKDQVHLQHU6WHOOHKlWWHVLFKHUOLFKQLFKW DQGHUVJHGDFKW ª9RQZHPVSUHFKHQ6LH0LVWHU"© ,FKZLQNWHDEª6RUU\VFKRQJXW© 0HLQXQEHNDQQWHU+HOIHUWUXJHLQHQQDFKWEODXHQ6PRNLQJ ª.DQQLFKLUJHQGHWZDVIU6LHWXQ":RKQHQ6LHLQGHP$SDUW PHQWEORFN"© ª-D© ª6ROOLFK6LHLQ,KUH:RKQXQJEHJOHLWHQ"© ª1HLQGDQNH(VJHKWVFKRQ,FKP|FKWHPLFKEHL,KQHQEHGDQ NHQ0LVWHU:HQQ6LHQLFKWVRUDVFKUHDJLHUWKlWWHQ©,FKOLH GLHOHW]WHQ:RUWHXQDXVJHVSURFKHQ ª6LHKDEHQDXFKJDUQLFKWVJHK|UW©HUZLGHUWHHUª6LHODJHQDXI GHP%RGHQZLHWRW$EHUZDVHU]lKOWHQ6LHYRQGLHVHP*HLJHQ VSLHOHU"*HVHKHQKDEHLFKNHLQHQ© ,FKZLQNWHDEª9HUJHVVHQ6LH V8QGYLHOHQ'DQNQRFKHLQPDO 0HLQ1DPHLVWEULJHQV-RKQ6LQFODLU© ª8QGLFKKHLH0RUWRQ)DQZLFN:HQQ6LHPDO+LOIHEUDXFKHQ LFKZRKQHLPYLHUWHQ6WRFN6WHKHMHGHU]HLW]X'LHQVWHQ© ª:LHVRGDV"© ª,FKELQ3ULYDWGHWHNWLY6SH]LDOLVWLQ6DFKHQ(KHVFKHLGXQJXQG VHLWGUHL:RFKHQLQ/RQGRQ'LHHUVWHQKHLHQ)lOOHKDEHLFK VFKRQKLQWHUPLU© ª1DGDQQZHLWHUKLQYLHO*OFN© )DQZLFNODFKWHª9LHO*OFNLVWJXW'DVZQVFKHLFK,KQHQ%HL GHQPHLVWHQ0HQVFKHQIlQJWHVMDPLWZHLHQ0lXVHQDQDEHU EHL,KQHQPLWHLQHP*HLJHQVSLHOHU© ª%LQHEHQVHKUPXVLNDOLVFK©HUZLGHUWHLFKELVVLJ /DFKHQGVWLHJ)DQZLFNLQVHLQHQ9ROYR ,FKNRQQWHLKPVHLQHQ6SRWWQLFKWPDOYHUEHOQ)UKHU KlWWHLFKDXFKVRUHDJLHUWGRFKVHLWLFKPLWGHPhEHUVLQQ OLFKHQDXI'XXQG'XVWHKHKDWVLFKIUPLFKYLHOHVJH lQGHUW ,FKKDOWHLQGLHVHU:HOWJDUQLFKWVIUXQP|JOLFK'LHVHV:RUW KDEHLFKDXVPHLQHP*HGlFKWQLVJHVWULFKHQ
1RFK]LHPOLFKZDFNOLJLQGHQ.QLHQVWHXHUWHLFKGHQ)DKUVWXKO DQ,FKIKOWHPLFKZLHJHUlGHUW 6XNR]RJHLQ*HVLFKWDOVKlWWHLFKQLFKWDOOH7DVVHQLP6FKUDQN ª:DVLVWGLUGHQQSDVVLHUW"©IUDJWHHUHUVWDXQWª+DVWGXGHQ %RGHQJHNW"© ª6RXQJHIlKU©,FKVFKORGLH7UXQGEHULFKWHWH6XNRV*HVLFKW ZXUGHLPPHUHUQVWHU ª9HUGDPPWQRFKPDO©VDJWHHUªZDVNRPPWGDQRFKDOOHVDXI XQV]X"© ,FKKREGLH6FKXOWHUQ (LQH'XVFKHEUDFKWHPLFKZLHGHUDXI9RUGHUPDQQ,FKZHFK VHOWHGLH.OHLGXQJIXKUKLQXQWHULQGLH7LHIJDUDJHXQGNRQQWH XQJHKLQGHUWORVIDKUHQ ,QGHU2EGXNWLRQGHV
,QGHU0LWWHGHV5DXPHVKLQJHLQHULHVLJHNUHLVUXQGH/DPSH 0HKUHUHVWDUNH6WUDKOHUZDUIHQLKU/LFKWDXIGLH%DKUHPLWGHU /HLFKH ª(VLVWVHKUVHOWVDP©GR]LHUWHGHU$U]Wª,FKKDEHVFKRQ]DKO UHLFKH/HLFKHQXQWHUVXFKWDEHUDXVGLHVHPMXQJHQ0lGFKHQ ZHUGHLFKHLQIDFKQLFKWVFKODX'LH7RWHLVWY|OOLJDQGHUV© ª%OXWOHHU"©IUDJWHLFK ª1HLQ© ª'DVYHUVWHKHLFKQLFKW© ª6HKHQ6LH0U6LQFODLU©(UGHXWHWHDXIGLHEHLGHQ(LQVFKX O|FKHUª(VLVWNHLQ%OXWDXVGHP.|USHUJHTXROOHQDEHUGDVJLQJ DXFKQLFKW'DV%OXWGLHVHV0lGFKHQVLVWYHUGLFNWVLHKWDXVZLH *HOHHHLQJHIURUHQZDVZHLLFKQRFKDOOHV© ª+DEHQ6LHHLQH3UREHGDYRQXQWHUVXFKW"©'LH)UDJHVWHOOWH 6XSHULQWHQGHQW3RZHOO ª-D© ª8QG"© 'HU$U]WQDKPVHLQH+RUQEULOOHDEXQGSXW]WHJHGDQNHQYHU ORUHQGLH*OlVHUª'LH$QDO\VHGHV%OXWHVLVWY|OOLJQRUPDOYHU ODXIHQ'LH$Q]DKOGHUURWHQXQGGHUZHLHQ%OXWN|USHUFKHQ VLQGLP9HUKlOWQLV]XHLQDQGHUVRJHODJHUWZLHEHLHLQHPQRUPD OHQ0HQVFKHQ$XFKGLH3UR]HQW]DKOHQGHU6SXUHQHOHPHQWHXQG 6DO]HVWLPPHQ:DV]XHLQHU9HUGLFNXQJGHV%OXWHVJHIKUW KDWZHLLFKQLFKW(VLVWPLUHLQ5lWVHO,FKKDEHVFKRQYHUIOL[W YLHOJHVHKHQXQGHUOHEWDEHUVRHWZDVLVWQRFKQLFKWYRUJH NRPPHQ© ,FKULHEQDFKGHQNOLFKPHLQ.LQQ6XSHULQWHQGHQW3RZHOOVWDQG QHEHQPLUXQGVWDUUWHDXIGLH7RWHDOVZROOWHHUVLHZLHGHU]XP /HEHQHUZHFNHQ ª6LHLVWDEHUWRW©PXUPHOWH3RZHOO 'HU$U]WQLFNWHKHIWLJª9RPPHGL]LQLVFKHQ6WDQGSXQNWMD$OOH /HEHQVIXQNWLRQHQVLQGHLQJHVWHOOW© 9RQGHU6HLWHKHUEOLFNWHLFKPHLQHQ9RUJHVHW]WHQDQ(UVDK JUDXDXVLP*HVLFKW$EHUYLHOOHLFKWEHZLUNWHGDVDXFKQXUGDV NDOWH1HRQOLFKW'LH$XJHQKLQWHUGHQGLFNHQ%ULOOHQJOlVHUQ ZLUNWHQYHUZDVFKHQ'LH/LSSHQKDWWHHUIHVW]XVDPPHQJHSUHW
3RZHOOWUXJHEHQVRZLHLFKHLQHXQJHKHXUH9HUDQWZRUWXQJ 1XUOLWWHUPHKUGDUXQWHU8QWHU8PVWlQGHQNDPHVGDKHUGDHU PHKU=HLW]XP1DFKGHQNHQKDWWHZlKUHQGLFKPLULPGLUHNWHQ (LQVDW]DQGHU!)URQWNHLQHJURHQ*HGDQNHQPDFKHQNRQQWH ª'DLVWQRFKHWZDV6HOWVDPHV©VDJWHGHU$U]Wª:LUKDEHQ NOHLQH3UREHQXQWHUGHQ)LQJHUQlJHOQGHU7RWHQZHJJHNUDW]W XQGXQWHUVXFKW8QGLQGLHVHU6XEVWDQ]IDQGHQZLU%ODWWJUQ RGHU&KORURSK\OOGLHVHV(Q]\PGDVVLFKDXFKLQ3IODQ]HQEH ILQGHWXQGGDVPLWKLOIW=XFNHULQ6WlUNH]XYHUZDQGHOQ© -HW]WZXWHLFKJDUQLFKWVPHKU'LH*HGDQNHQURWLHUWHQQXU QRFKVRLQPHLQHP.RSI 'HU7HXIHOVJHLJHUGHU$QJULIIGHU%OXWHXOHGLH7RWHGDVYHU GLFNWH%OXW8QG%ODWWJUQXQWHUGHQ)LQJHUQlJHOQ:HOFKHV 5lWVHOKDWWHPDQXQVKLHUYRUJHVHW]W" 3RZHOOEHUQDKPGLH,QLWLDWLYHª+|UHQ6LH]X'RF©VDJWHHU ª6LHZHUGHQGLH7RWHXQWHU9HUVFKOXKDOWHQ,FKZLOOQLFKWGD MHPDQGDQVLHKHUDQNRPPW(UNOlUHQ6LHGLHVH/HLFKHPHLQHW ZHJHQ]XP6WDDWVJHKHLPQLV1XU2EHULQVSHNWRU6LQFODLUXQGLFK KDEHQ=XWULWW© ª1DWUOLFK6LU©HQWJHJQHWHGHU$U]Wª,FKZHUGHDOOHVYHU DQODVVHQ6LHN|QQHQVLFKDXIPLFKYHUODVVHQ© ª'DQNHVHKU© :LUYHUOLHHQGHQ5DXP,P)OXU]QGHWHLFKPLUHLQH =LJDUHWWHDQ ª:LVVHQ6LHVFKRQZLHHVZHLWHUJHKHQVROO"©IUDJWH6XSHU LQWHQGHQW3RZHOO ,FKEOLHVGHQ5DXFKJHJHQGLH'HFNHª1HLQ©HUZLGHUWHLFK RIIHQª,FKZHLQXUHLQHV© ª'DVZlUH"© ª'DLFKGHP*ODVHU%HVFKHLGJHEHQPXGDPLWHUHLQHQHXH )HQVWHUVFKHLEHHLQVHW]W© ª:LW]EROG©NQXUUWH3RZHOO
'LH3DUW\JLQJQXQVFKRQLQGLHVHFKVWH6WXQGH8QGQRFK LPPHUZDUGLH6WLPPXQJJURDUWLJ9LHOOHLFKWUHVXOWLHUWHHV DXFKGDKHUGDVLFKGLH*HVHOOVFKDIWXPGDVJHKHL]WH +DOOHQEDGJUXSSLHUWHXQGHLQLJH*LUOVXQEHGLQJWWH[WLOIUHL VFKZLPPHQZROOWHQ 1DWUOLFKNRQQWHQGLH0lQQHUVLFKGDQLFKWOXPSHQODVVHQ 'LQQHUMDFNHWWVXQG+RVHQIODWWHUWHQZLH)DKQHQ]X%RGHQXQG DXVGHQ/DXWVSUHFKHUQGHU6WHUHRDQODJHGU|KQWHGHU+LWGHUEHL GHQ6SDQLHULQQHQ6RUU\, PD/DG\ -DQH&ROOLQVEHWHLOLJWHVLFKQLFKWDQGHPDOOJHPHLQHQ6SHN WDNHO6LHIDQGHVDQGHU=HLWVLFKVWLOOXQGKHLPOLFKDXVGHP 6WDXE]XPDFKHQ$EHUGDJHJHQKDWWHLKU6FKDWWHQHWZDV 6FKDWWHQGHVKDOEZHLOGHU.QDEHVHLW]ZHL6WXQGHQQLFKWYRQGHU 6HLWHGHUEORQGHQlXHUVWDWWUDNWLYHQ3ULYDWGHWHNWLYLQZLFK $QJHEOLFKZDUHUYRP)LOP:HU VJODXEWHZDUVHOEVWVFKXOG -DQHJODXEWHHVQLFKW 6LHVDLQHLQHP5RKUVWXKODP5DQGGHV3RROVKLHOWHLQJHIOO WHV*ODVLQGHU+DQGXQGEHWUDFKWHWHDPVLHUWGDV7UHLEHQLQ GHPEODXJHNDFKHOWHQ6FKZLPPEHFNHQ ª1DKlWWHQ6LHQLFKW/XVWDXIHLQHNOHLQH$ENKOXQJ"© 'DZDUHUZLHGHUGHU6FKDWWHQ+DWWHVLFKQXUHEHQHLQQHXHV *ODVJHKROW'HU.QDEHEHXJWHVLFKYRUXQGVHLQDONRKROLVLHUWHU $WHPVWUHLIWH-DQHV*HVLFKW 'HU0DQQKLH0DUN0DUN5DQJHU(LQ1DPHIUGLH /HLQZDQG8QGHUVDKXQYHUVFKlPWJXWDXV%UDXQJHEUDQQW 6FKZDU]HVPRGLVFKJHVFKQLWWHQHV+DDUKHUUOLFKH=lKQH VFKPDOH/LSSHQXQGGXQNHOEODXH$XJHQ6HOWHQEHLHLQHP0DQQ 'LHZHLH6PRNLQJMDFNHVDZLHDQJHJRVVHQ(UVFKLHQGDPLWDXI GLH:HOWJHNRPPHQ]XVHLQ 0DUN5DQJHUGHU)UDXHQKHOG/LHEOLQJDOOHU%HWWKlVFKHQ -DQH&ROOLQVZDUNHLQ%HWWKlVFKHQVRQGHUQ/RQGRQVEHVWH 3ULYDWGHWHNWLYLQbXHUVWHUIROJUHLFKLQLKUHP-REDOOHP1HXHQ DXIJHVFKORVVHQXQG-RKQ6LQFODLUVEHVWH)UHXQGLQ6LHKDWWH 6HLWHDQ6HLWHPLWGHP*HLVWHUMlJHUJHNlPSIWXQGZXWHJHQDX ZLH-RKQGDHVPHKU'LQJH]ZLVFKHQ+LPPHOXQG(UGHJDEDOV PDQFKHUGDFKWH
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|UWH]XGHQ )UDXHQGLHDXFKEHLVLHE]LJMlKULJHQ0lQQHUQQRFK+HU]NORSIHQ DXVO|VWHQ6LHKDWWHHLQH)LJXUDQGHUDOOHVVWLPPWH'D]XILHOGDV ODQJHlKUHQIDUEHQH+DDUELVDXIGLH6FKXOWHUQGHUZHLFK JHVFKZXQJHQH0XQGGLHKHUUOLFKHQ$XJHQXQGGDV/lFKHOQ GDVMHGHQLQVHLQHQ%DQQ]RJIDOOVHUQLFKWDXV6WHLQZDU 0DUN5DQJHUZDUVFKRQOlQJVWJHVFKPRO]HQ(UVHW]WHVLFK QHEHQ-DQHDXIHLQHQNOHLQHQJHSROVWHUWHQ+RFNHUQDKPHLQHQ 6FKOXFNXQGZLHGHUKROWHVHLQH)UDJH 'LH'HWHNWLYLQZDQGWHLKPLKU*HVLFKW]Xª$FKZLVVHQ6LH 0DUNLFKELQQLFKWVRKHLGDLFKHLQH$ENKOXQJEHQ|WLJH© 5DQJHUYHUGUHKWHGLH$XJHQª$EHULFK©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
-DQH&ROOLQVVWDQGDP5DQGGHV%HFNHQVXQGODFKWH-HW]WZDU GHUJXWH0DUNHUVWHLQPDOEHVFKlIWLJW'UHL*LUOVZDUHQHLQ ELFKHQYLHODXFKIULKQ 0U+ROOHUR\VFKOHQGHUWHDXI-DQH]Xª'HPKDEHQ6LHHVDEHU JHJHEHQ©PHLQWHHUJULQVHQGª8QGGDEHLGHQNWHULPPHUHULVW XQZLGHUVWHKOLFK© 'LH'HWHNWLYLQODFKWHVLOEHUKHOOª0DQFKPDONDQQPDQVLFK WlXVFKHQ©6LHVFKDXWHLQGHQ3RRO0DUN5DQJHUWUXJQXUQRFK VHLQH8QWHUKRVH8QGDXFKGDUDQEHJDQQHQGLH0lGFKHQKlQGH ]X]HUUHQ ª:RKHUNHQQHQ6LH0U5DQJHUHLJHQWOLFK"©IUDJWH-DQH +ROOHUR\OlFKHOWHVFKLHIª(ULVWPHLQ3URNXULVW9HUNDXIVOHLWHU LQXQVHUHU)LUPD%HLVHLQHP$XVVHKHQEULQJWGHUGLH6WUXPSI KRVHQDQGHQ0DQQRGHUGLH)UDXZLHLPPHUHUHVZLOO5DQJHU LVW6SLW]H© ª8QGHUKlOWVLFKHUOLFKHLQ6SLW]HQJHKDOW©YHUPXWHWH-DQH ª:RUDXI6LHVLFKYHUODVVHQN|QQHQ0LVV&ROOLQV© 0DUN5DQJHUZDUQLFKWQXUHLQ)UDXHQKHOGVRQGHUQDXFKHLQ JXWHU6FKZLPPHU(UWDXFKWHXQWHUGHQ!DQJUHLIHQGHQ*LUOV KLQZHJGUFNWHHLQHQGHUPlQQOLFKHQ3DUW\JlVWHXQWHU:DVVHU XQGHUUHLFKWHPLW]ZHLNUlIWLJHQ6FKZLPPVW|HQGHQ5DQG 6FKZXQJYROO]RJHUVLFKKRFK 0DUN5DQJHUXQG-DQH&ROOLQVZDUHQGXUFKGLH/lQJHGHV 3RROVJHWUHQQW'HU%OLFNPLWGHP5DQJHUGLH'HWHNWLYLQ EHGDFKWHVSUDFK%lQGH +ROOHUR\ODFKWHª'HUJXWH0DUNLVWQLFKWPHKUJXWDXI6LH]X VSUHFKHQ©EHPHUNWHHU -DQHKREGLH6FKXOWHUQXQGOHHUWHLKU*ODVª,FKNDQQQXQPDO GLHVHXQZLGHUVWHKOLFKHQ7\SHQQLFKWDXVVWHKHQ)UPLFKZLUG HVDEHUDXFK=HLW0U+ROOHUR\© ª-HW]WJHKWHVGRFKHUVWULFKWLJORV©SURWHVWLHUWHGHU)DEULNDQW (UZDUHLQ0DQQYRQVHFK]LJ-DKUHQHWZDVXQWHUVHW]WXQGWUXJ HLQ7RXSHW ª:HQQGLH)HLHUDPVFK|QVWHQLVWVROOPDQVLHYHUODVVHQ©HU ZLGHUWH-DQHª,FKGDQNH,KQHQIUGLH(LQODGXQJ© ª:DUWHQ6LHLFKEULQJH6LHQRFK]XU7U©
*HPHLQVDPPLW+ROOHUR\VWLHJVLHGLHIUHLVFKZHEHQGH7UHSSH KRFK'LH*DUGHUREHEHIDQGVLFKLP(UGJHVFKR(LQ%HGLHQ VWHWHUOLHILKQHQEHUGHQ:HJ(UWUXJHLQ7DEOHWWPLWELV]XP 5DQGJHIOOWHQ&KDPSDJQHUNHOFKHQ ª1RFKHLQHQ$EVFKLHGVVFKOXFN"©IUDJWH+ROOHUR\ -DQHOlFKHOWHª1HLQGDQNH©+ROOHUR\UHLFKWH,KUGHQ0DQWHO ª,FKPXQRFK$XWRIDKUHQ© -DQHZDUIGHQOHLFKWHQ:ROOPDQWHOQXUEHULKUH6FKXOWHUQ6LH WUXJHLQHZHLH%OXVHPLWHLQHPZHLWHQVFKXOWHUIUHLHQ$XV VFKQLWWHLQHQEXQWHQ=LJHXQHUURFNXQGZDGHQKRKH6WLHIHO $QGHU7UEHGDQNWHVLFK+ROOHUR\QRFKHLQPDOIUGLHJH OHLVWHWH$UEHLWXQGZQVFKWHLKUDOOHV*XWH -DQHVFKULWWGLHJURH)UHLWUHSSHGHV+DXVHVKLQXQWHUhEHUGHU 7UEUDQQWHQ/DPSHQ'LH:DJHQGHU*lVWHVWDQGHQDXIGHPPLW .LHVEHVWUHXWHQ3DUNSODW]YRUGHP+DXV (LQEUHLWHU:HJIKUWH]XP7RUGHV*UXQGVWFNV0lFKWLJH 8OPHQVlXPWHQLKQ -DQHKDWWHGLH7UHSSHJHUDGHKLQWHUVLFKJHODVVHQGDO|VWHVLFK DXVGHP6FKDWWHQGHU+DXVPDXHUHLQ0DQQ 0DUN5DQJHU ª,FKPHLQH6LHVROOWHQQLFKWVRHLQIDFKYHUVFKZLQGHQ©VDJWHHU XQGYHUVSHUUWH-DQH&ROOLQVGHQ:HJ %UHLWEHLQLJVWDQGHUGDWUXJHLQHQ3XOORYHUXQGHLQHKHOOH &RUGKRVH6HLQ+DDUJOlQ]WHQDXQGKLQJXQRUGHQWOLFKLQGLH 6WLUQ $XIVHLQH/LSSHQKDWWHVLFKHLQWULXPSKLHUHQGHV+DELFKGLFK HQGOLFK*ULQVHQJHOHJW -DQHV&ROOLQV:DJHQVWDQGDOVOHW]WHULQGHU5HLKHXQGZDU NDXP]XVHKHQ]ZLVFKHQGHQ3UXQNVFKOLWWHQGHUEULJHQ 3DUW\JlVWH'LH'HWHNWLYLQIXKUHLQHQXUDOWHQ9:.lIHU'HU 0RWRUMHGRFKKDWWHHLQLJH36PHKU]XELHWHQDOVHLQ1RUPDOIDKU ]HXJGLHVHU.ODVVH8QGDXFKVRQVWZDUGHU:DJHQWLSSWRSS -DQHKDWWHLKQYRQHLQHP$XWRPHFKDQLNHUIULVLHUHQODVVHQ'HU MXQJHWFKWLJH0DQQVFKZlUPWHIUGLH'HWHNWLYLQZLHPDQFK HLQ7HHQDJHUIUHLQHQ5RFNVlQJHU ª/DVVHQ6LHPLFKYRUEHL©VDJWH-DQHLQIUHXQGOLFKHP7RQ
0DUN5DQJHUVFKWWHOWHGHQ.RSIª,VWQLFKWGULQ3XSSH'X KDVWGHLQHQ6SDPLWPLUJHKDEWMHW]WZLOOLFKDXIPHLQH.RVWHQ NRPPHQ,FKODVVHPLFKQLFKWIHUWLJPDFKHQPHUNGLUGDV© ª8QGLFKP|FKWHQLFKWGDZLUXQVGX]HQ©HUZLGHUWH-DQH IURVWLJ ª+DEGLFKQLFKWVR6H©5DQJHUIOHWVFKWHGLH=lKQHZLHHLQ :ROI'DQQIDWHHUQDFK-DQHV6FKXOWHU 'DVKHLWHUZROOWHHV'RFKGLH'HWHNWLYLQKDWWHVFKRQDQGHUH *HJQHUDXIV.UHX]JHOHJWDOVGLHVHQ6FKDXPDFKHU6LHILQJGLH +DQGDEGUHKWHVLHKHUXPXQGWUDW0DUN5DQJHUGLH%HLQHXQWHU GHP.|USHUZHJ 6FKQDXIHQGODQGHWHGHUJURH)UDXHQKHOGDXIGHP%RGHQ-DQH &ROOLQVZDUEHLGLHVHU$NWLRQQLFKWHLQPDOGHU0DQWHOYRQGHU 6FKXOWHUJHUXWVFKW 'HU:HJZDUIUHL1LFKWHLQPDOEHUPlLJVFKQHOOJLQJ-DQH]X LKUHP:DJHQ +LQWHULKUUDSSHOWHVLFK5DQJHUZLHGHUKRFK(UNRFKWH1RFK QLHKDWWHLKQMHPDQGVRDXIV.UHX]JHOHJW8QGGD]XQRFKHLQH )UDX1HLQGDVVFKULHI|UPOLFKQDFK9HUJHOWXQJ -DQHHUUHLFKWHLKUHQ9:6LHVFKDIIWHHVDEHUQLFKWPHKUGLH7U DXI]XVFKOLHHQGHQQ5DQJHUKHW]WHZLHHLQZLOGJHZRUGHQHU %IIHODXIVLH]X -DQH&ROOLQVIXKUKHUXP 'HU)UDXHQW\SVWRSSWH(UDWPHWHKHIWLJXQGKDWWHGLH+lQGH ]X)lXVWHQJHEDOOW .DOWEOLFNWH-DQH&ROOLQVLKQDQª5HLFKW,KQHQGLH$EIXKUQRFK QLFKW"©IUDJWHVLH ª2ND\6HGXKDVWPLFKEHUUXPSHOW'DVSDVVLHUWPLUHLQ PDODEHUNHLQ]ZHLWHV0DO,FK© :DVHUZROOWHEOLHEXQDXVJHVSURFKHQGHQQSO|W]OLFKZXUGHQ EHLGHJHVW|UW 'XUFK*HLJHQVSLHO (VGUDQJDXVGHP3DUNGHUYRUGHP+DXVZLHHLQHGXQNOH ,QVHOODJ1DFKWVFKZDU]XQGYROOHUXQKHLPOLFKHU*HUlXVFKH'D UDXVFKWHGHU:LQGGDNQDFNWH+RO]RGHUHVUDVFKHOWHLQGHQ %VFKHQ8QGMHW]WQRFKGDV6SLHO
ª+DEHQ6LHGLH0XVLNEHVWHOOW"©HUNXQGLJWHVLFK-DQHVS|WWLVFK 0DUN5DQJHUVFKWWHOWHGHQ.RSIª6HOWVDP©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lXPHDXIVLHQLH GHU]XVFKZLQJHQ $XI0DUN5DQJHUV*HVLFKWODJHLQHQWUFNWHU$XVGUXFN'LH $XJlSIHOZDUHQHWZDVQDFKLQQHQJHGUHKWVHLQH/LSSHQ]X HLQHP/lFKHOQYHU]RJHQ (LQ(LFKK|UQFKHQKXVFKWHGLUHNWYRULKUHQ6FKXKVSLW]HQ HQWODQJ6LHVDKHQGDV7LHUJDUQLFKW 9LHOOHLFKWLQLKUHPOHW]WHQ*HKLUQZLQNHOKDWWH-DQHQRFKVR HWZDVZLHNKOHQ9HUVWDQGEHZDKUW(LQHOHLVH6WLPPHVDJWH LKUGDHVEHLGLHVHP*HLJHQVSLHOQLFKWPLWUHFKWHQ'LQJHQ ]XJLQJGRFKGHU'UDQJGHQJHKHLPQLVYROOHQ*HLJHU]XILQGHQ ZDUVWlUNHU 'LH/LFKWHUGHV+DXVHVEOLHEHQ]XUFN'LFNH%DXPVWlPPH OLHHQGHU+HOOLJNHLWNHLQH&KDQFHVLFKZHLWHUDXV]XEUHLWHQ -DQHV$XJHQKDWWHQVLFKDQGLH'XQNHOKHLWJHZ|KQW6LHVDKGLH %lXPHPLWLKUHQPlFKWLJHQ6WlPPHQXQGGHQDUPGLFNHQbVWHQ GDV%XVFKZHUNLQGHPHVJHKHLPQLVYROO]XUDVFKHOQVFKLHQXQG GHQDP+LPPHOVWHKHQGHQ0RQGGHVVHQVLOEULJIDKOHV/LFKWDQ GHQLKQXPJHEHQGHQ:RONHQUlQGHUQ]HUIDVHUWZXUGH
$XIHLQPDOJLQJ0DUN5DQJHUVFKQHOOHU+DWWHHUHWZDVHQW GHFNW"9LHOOHLFKWGHQ*HLJHU" (UEHJDQQ]XODXIHQ ª,FKNRPPH©IOVWHUWHHUª,FKNRPPH© -DQH&ROOLQVIROJWHLKP6LHNRQQWHJDUQLFKWDQGHUVKDWWH GDV*HIKODOVZUGHQGLH%HLQHQLFKWPHKULKUHP:LOOHQ JHKRUFKHQ 8QGSO|W]OLFKVDKVLHGHQ*HLJHU(UWUDWKLQWHUHLQHP %DXPVWDPPKHUYRU(LQEHUGXUFKVFKQLWWOLFKJURHU0DQQPLW HLQHP6FKODSSKXWDXIGHP.RSIXQGDOV*HVLFKWQXUHLQEODVVHV 2YDO(UWUXJGXQNOH.OHLGXQJKLHOWGLH*HLJHLQGHUOLQNHQ +DQGVWULFKPLWGHP%RJHQEHUGLH6DLWHQXQGZLHJWHVHLQHQ .|USHULP7DNWGHU0XVLN 0DUN5DQJHUEOLHEVWHKHQª0HLVWHU©KDXFKWHHUª0HLVWHU© 'HU*HLJHUVFKLHQLKQQLFKW]XK|UHQ(UVSLHOWHXQEHODVWHW ZHLWHU$XFK-DQH&ROOLQVZDUVWHKHQJHEOLHEHQ6LHWUDXWHVLFK QLFKWPHKUZHLWHU]XJHKHQ,UJHQGHLQHOHW]WH6FKZHOOHKLQGHUWH VLHGDUDQDXIGHQ6SLHOHU]X]XJHKHQ 'LHVHU0DQQZDULKUXQKHLPOLFK 8QGGRFKNRQQWHVLHVLFKGHU)DV]LQDWLRQVHLQHV6SLHOVQLFKW HQW]LHKHQ6LHPXWHHLQIDFK]XK|UHQ $XIHLQPDOKREGHU*HLJHUGHQ.RSI -DQH&ROOLQVHUVFKUDN=ZLVFKHQ+XWXQG0DQWHONUDJHQEHIDQG VLFKHLQHKHOOHIOLPPHUQGH)OlFKH .HLQ*HVLFKWQXU 'DEUDFKGDV6SLHODE (LQH6WLPPH)OVWHUQGXQGGRFKGURKHQGª'LFKZROOWHLFK -DQH&ROOLQV'XVROOVWGLH%OXPHLQPHLQHP*DUWHQZHUGHQ,Q PHLQHP+RUURU*DUWHQ©(UNLFKHUWH ª$EHULKQZLOOLFKQLFKW© 5XFNDUWLJZDQGWHHUVLFK0DUN5DQJHU]X6HLQHUHFKWH+DQG IKUWHHLQHEOLW]VFKQHOOH%HZHJXQJDXVXQGLPQlFKVWHQ $XJHQEOLFN]LHOWHGLH6SLW]HGHV%RJHQVDXI0DUN5DQJHUV%UXVW 6LHGXUFKGUDQJGHQ.|USHUDOVZlUHHUDXV%XWWHU
)UHLQ]ZHL6HNXQGHQEOLHE0DUN5DQJHUVWRFNVWHLIVWHKHQ6HLQ *HVLFKWVDXVGUXFNHEHQQRFKYROOIUHXGLJHUhEHUUDVFKXQJ ZHFKVHOWH8QJOlXELJHV(QWVHW]HQXQG(UVWDXQHQPDFKWHQVLFK EUHLW0LWHLQHP5XFN]RJGHUGlPRQLVFKH*HLJHQVSLHOHUVHLQHQ %RJHQZLHGHUDXVGHU%UXVWGHV0DQQHV 0DUN5DQJHUEUDFKLQGLH.QLH(USUHWHVHLQH+lQGHJHJHQ GLHJHWURIIHQH6WHOOHXQGILHOVFKZHU]X%RGHQ$XIGHU6HLWHEOLHE HUOLHJHQ1LFKWHLQ/DXWGUDQJPHKUEHUVHLQH/LSSHQ -DQH&ROOLQVKDWWHGLHVHU9RUJDQJJHVFKRFNW'LHVHUEUXWDOH $QJULIIULVLHDXVLKUHU/HWKDUJLH9HUIORJHQZDUGLHJHIlKUOLFKH $XUD+DUWXQGJQDGHQORVSUlVHQWLHUWHVLFKGHU'HWHNWLYLQGDV *HVFKHKHQ (LQHP,PSXOVIROJHQGVSUDQJVLHGHQ*HLJHQVSLHOHUDQ +lPPHUWHLKPEHLGH+DQGNDQWHQJHJHQGLH+DOVVHLWHQGRFK GDZDUQLFKWVZDVVLHWUHIIHQNRQQWHQ 'LH+DQGNDQWHQWUDIHQDXIHLQDQGHU-DQHKDWWH0KHHLQHQ 6FKPHU]HQVVFKUHL]XXQWHUGUFNHQ6LHZLFK]XUFNZROOWHQLFKW YRQGHP%RJHQJHWURIIHQZHUGHQ'RFKGHU7HXIHOVJHLJHUKDWWH HWZDVDQGHUHVYRU(UZROOWH-DQH&ROOLQVQLFKWW|WHQHUEUDXFKWH VLHQRFK $XVGHPIOLPPHUQGHQ2YDOGUDQJHQSO|W]OLFKVHOWVDPH/DXWH 3IHLIHQG]ZLWVFKHUQG :LH9RJHOVWLPPHQ -DHUORFNWHGLH9|JHOGLHVFKRQOlQJVWVFKOLHIHQ6LHNDPHQDXV LKUHQ9HUVWHFNHQDXV1HVWHUQKSIWHQYRQ=ZHLJHQRGHUIORJHQ IODWWHUQGDXVGHQ%VFKHQKHUYRU 6LHKDWWHQQXUHLQ=LHO -DQH&ROOLQV 'DV=ZLWVFKHUQ3IHLIHQXQG=LUSHQHUIOOWHGLH/XIW'LH9|JHO VDPPHOWHQVLFK]XHLQHP6FKZDUP6SDW]HQ5DEHQXQG'RKOHQ :LH*HZHKUNXJHOQVWLHHQVLHDXI-DQH&ROOLQVQLHGHUDQJH WULHEHQGXUFKGDV3IHLIHQGHVXQKHLPOLFKHQ*HLJHQVSLHOHUV -DQH&ROOLQVEHUILHOGLHQDFNWH$QJVW6LHIUFKWHWHVLFKQLFKW GDYRUVLFKPLW*DQJVWHUQDQ]XOHJHQDEHUGHU$WWDFNHGHU9|JHO KDWWHVLHQLFKWVHQWJHJHQ]XVHW]HQ ,KUEOLHEQXUQRFKHLQV)OXFKW
'LH'HWHNWLYLQZDUIVLFKDXIGHP$EVDW]KHUXP6LHUDQQWH ZDVLKUH%HLQHKHUJDEHQKHW]WHGXUFKGHQ3DUNDOVVlHQLKU WDXVHQG7HXIHOLP1DFNHQ 3IHLOVFKQHOOVWLHHQGLH7LHUHDXIVLHQLHGHU-DQHUDQQWHQDFK UHFKWVQDFKOLQNVVFKOXJ+DNHQZLHHLQ+DVHZDUIVLFKGXUFK GLH%VFKHNHXFKWHXQGVFKQDSSWHQDFK/XIW 8QGGRFKKDWWHVLHNHLQH&KDQFH 'HU6FKZDUPEHUKROWHVLHKOOWHVLHDXIHLQPDOHLQZLHHLQH :RONH6SLW]H6FKQlEHOKDFNWHQDXIVLHHLQ]HUUWHQDQGHU.OHL GXQJULVVHQGLH+DXWDXIIJWHQLKUOHLVHEOXWHQGH:XQGHQEHL -DQHVFKULHVFKOXJXPVLFKZDUIVLFK]X%RGHQSUHWHLKU *HVLFKWLQGLHIHXFKWH(UGHXQGPHUNWHJDUQLFKWGDGLH7LHUH VFKRQOlQJVWYRQLKUDEJHODVVHQKDWWHQ 6LHEHODXHUWHQVLHQXUQRFKIODWWHUWHQZLH:lFKWHUEHULKUHP .|USHU .DXP]XYHUQHKPHQGH6FKULWWHQlKHUWHQVLFK 'HU7HXIHOVJHLJHUNDP(UKDWWHVLFKVHLQ,QVWUXPHQWXQWHUGHQ OLQNHQ$UPJHNOHPPWEFNWHVLFKXQG]RJ-DQH&ROOLQVPLWGHU UHFKWHQ+DQGKRFK 'LH'HWHNWLYLQZDUPLWLKUHQ1HUYHQDP(QGH6LHVFKOXFK]WH 7UlQHQElFKHUDQQHQEHULKUH:DQJHQ 'DQQYHUQDKPVLHHLQH6WLPPHGLFKWQHEHQLKUHPOLQNHQ2KU ª'LFKKDEHLFKDXFKZHQQPLUGHUDQGHUHHQWZLVFKWLVW'HQNH LPPHUGDUDQGHU6FKZDU]H7RGVFKOlIWQLFKW(ULVWEHUDOO hEHUDOO© 'HU*HLJHUVFKOHLIWH-DQHPLW'LH6FKXKHKDWWHVLHOlQJVWYHU ORUHQLKUH)XVSLW]HQ]RJHQ6SXUHQLQGDVIHXFKWH(UGUHLFK 'HU*HLJHUZDQGWHVLFKGHP$XVJDQJ]X'DVHLVHUQH*LWWHU WRUVWHOOWHIULKQNHLQ+LQGHUQLVGDU(UKDWWHHVVFKRQYRUKHU JH|IIQHW 9RUGHP+DXVSDUNWHHLQSHFKVFKZDU]HU&LWURHQ'6'HU *HLJHU|IIQHWHGLHKLQWHUHUHFKWH7UXQGVWLH-DQH&ROOLQVLQGHQ )RQG(UVFKOXJGLH7UZLHGHU]XXQGVFKORDE(UVHOEVWVHW] WHVLFKKLQWHUGDV/HQNUDGGUFNWHHLQHQ.QRSIXQGLPQlFKVWHQ $XJHQEOLFNVFKREVLFKHLQHGLFNH*ODVVFKHLEH]ZLVFKHQ)DKUHU VLW]XQG5FNEDQN
(LQZHLWHUHU.QRSIGUXFN$XVHLQHU'VHVFKRHLQIDUEORVHV *DV1XUGDVOHLVH=LVFKHQZDU]XK|UHQ (UVWMHW]WNDP-DQH&ROOLQVZLHGHUULFKWLJ]XVLFK6LHVHW]WHVLFK DXIPHUNWHLQGHQHUVWHQ6HNXQGHQQLFKWZRVLHZDU$OVVLHVLFK LKUHU6LWXDWLRQEHZXWZXUGHXQGGHQ5FNHQGHV)DKUHUVVDK GDZDUHVVFKRQ]XVSlW 'DV*DVZLUNWHEHUHLWV -DQHVSUWHGLH0GLJNHLWXQGKDWWHGDV*HIKO%OHLLQGHQ .QRFKHQ]XKDEHQ6LHNURFKEHUGHQ6LW]DXIGLH7U]X'LH )LQJHUWDVWHWHQQDFKGHP5LHJHOIDQGHQLKQNRQQWHQLKQMHGRFK QLFKWPHKUEHZHJHQ 'LH7UZDUYHUULHJHOW ,QHLQHPOHW]WHQ,PSXOVZDUI-DQHLKUHQ.|USHUKRFKWURP PHOWHJHJHQGLH6FKHLEHGRFKQDFK]ZHL6FKOlJHQUXWVFKWHQLKUH +lQGHDE %HZXWORVILHO-DQH&ROOLQVXP'DV*DVKDWWHVHLQH:LUNXQJ YROOHQWIDFKW 'HUXQKHLPOLFKH*HLJHQVSLHOHUMHGRFKIXKUUXKLJZHLWHU.HLQ $XWRIDKUHUGHUGHP&LWURHQEHJHJQHWHPHUNWHGDKLQWHUGHP 6WHXHUGHUVFKZDU]HQ/LPRXVLQHHLQ0DQQRKQH*HVLFKWVD $Q6FKODIZDULQGLHVHU1DFKWQDWUOLFKQLFKWPHKU]XGHQNHQ ,FKEOLHELP%UR =XHUVWULHILFKEHLPLU]X+DXVHDQ6XNRPHOGHWHVLFKVRIRUW ª$OOHVNODU©VDJWHHUª1XULQGHU.FKHLVWHVHWZDVNDOW6RQVW KDWDEHUQLHPDQGYHUVXFKWXQV]XU+|OOH]XVFKLFNHQ© ª,VWMDEHUXKLJHQG©HUZLGHUWHLFK ª:LHODQJHVROOLFKGHQQKLHUQRFKGLH6WHOOXQJKDOWHQ"©ZROOWH 6XNRZLVVHQ ª%LVLFKHVGLUVDJH© ª:QVFKHKDVWGX© ª-DPDQKDW VQLFKWOHLFKW©,FKOHJWHZLHGHUDXI'DQQGDFKWH LFKGHQ)DOOQRFKHLQPDOGXUFK/LHGLHYHUJDQJHQHQ(UHLJQLVVH YRUPHLQHPJHLVWLJHQ$XJH5HYXHSDVVLHUHQXQGPLUILHODXFK PHLQ7UDXPZLHGHUHLQ
'HXWOLFKVDKLFKGHQULHVLJHQ6FKZDU]HQ7RGYRUPLUZLHHU GHQ6DUJLQGHU+DQGKLHOWDXIGHPPHLQ1DPHVWDQG,FK EUDXFKWHZLUNOLFKNHLQ+HOOVHKHU]XVHLQXP]XZLVVHQGDGHU 6DUJIUPLFKEHVWLPPWZDU$OVRKDWWHGHU6FKZDU]H7RGPHLQ $EOHEHQVFKRQYRUSURJUDPPLHUW $EHUZHUZDUGHU*HLJHU":DUHVXQWHU8PVWlQGHQGHU 6FKZDU]H7RGSHUV|QOLFK" 6RYLHOLFKZXWHNRQQWHHUMHGHEHOLHELJH*HVWDOWDQQHKPHQ 8QWHU8PVWlQGHQVRJDUGLHHLQHV7LHUHVRGHUHLQHVWRWHQDQRU JDQLVFKHQ*HJHQVWDQGHV ,FKPXHKUOLFKJHVWHKHQGDPLUEHLGHP*HGDQNHQGDUDQ YHUGDPPWIODXLP0DJHQZXUGH hEHUGLHVHV*HIKOKDOIPLUDXFKHLQ6FRWODQG
6LHVFKOXFNWHª1DWUOLFKVRIRUW0U6LQFODLU©6LHGUHKWHVLFK XPXQGJLQJ]XU7UYHUJDDEHUQLFKWLKUH+IWHQJHNRQQW]X VFKZLQJHQ ,FKOlFKHOWH1DFK*OHQGDV.DIIHHOHFNWHQVLFKDXIGHU(WDJH DOOHGLH/LSSHQ ,FKHUKLHOWLKQVFKQHOO0LW=XFNHURKQH0LOFK*DQ]QDFK PHLQHP*HVFKPDFN ª,FKWLSSHGDQQGHQ%HULFKWIU6XSHULQWHQGHQW3RZHOO©VDJWH *OHQGD ª7XQ6LHGDV© *OHQGDJLQJZLHGHU1DFKGHQNOLFKUKUWHLFKGHQ.DIIHHXP ,PPHUZLHGHUHQWVWDQGGDV%LOGGHV*HLJHUVYRUPHLQHPJHL VWLJHQ$XJH,FKZXUGHGDUDXVHLQIDFKQLFKWVFKODX 0HLQ*RWWZHUVSLHOWHVFKRQVR*HLJH",FKNDQQWHNHLQHQ'LH .QVWOHUGLHPLUHLQ%HJULIIZDUHQOHEWHQDOOHOlQJVWQLFKWPHKU 3DJDQLQL]XP%HLVSLHO,KQQDQQWHPDQGHQ7HXIHOVJHLJHU $QJHEOLFKVROOWHHUPLWGHP6DWDQLP%XQGHJHVWDQGHQKDEHQ 2EGLHVHU*HLJHUXQWHU8PVWlQGHQDXFK" ,FKEHVFKORGHU6SXUQDFK]XJHKHQ$EHUZHUNRQQWHPLU $XVNXQIWJHEHQ"(LQ0XVLNOH[LNRQOLHLFKPLUYRQ*OHQGD EHVRUJHQ'RUWIDQGLFK]ZDUYLHOH1DPHQDEHUGLHPHLVWHQ 0XVLNHUZDUHQWRW 6RYHUJLQJHQGUHL6WXQGHQ,UJHQGZDQQHUVFKLHQ*OHQGD ZLHGHULQPHLQHP%URGHQIHUWLJJHWLSSWHQ%HULFKWEUDFKWH VLHPLW ª+DEHQ6LH3UREOHPH0U6LQFODLU"© ª-D,FKVXFKHHLQHQ*HLJHU$EHUHLQHQOHEHQGHQ© ª2KGDJLEWHVYLHOH© ª'DVZHLLFKDXFK$EHULFKVXFKHHLQHQGHVVHQ6SLHO EHUKPWLVWGHUGLH/HXWHPLWVHLQHU0XVLNLQ7UDQFHYHUVHW]HQ NDQQZLHGDPDOV3DJDQLQL© ª'DJLEWHVGRFKHLQHQ©HUZLGHUWH*OHQGD ª6DJHQ6LHEOR8QGZHULVWHV"© ª=DUFDGL3URIHVVRU=DUFDGL6WDQGLQDOOHQ0XVLN]HLWVFKULIWHQ +DEHQ6LHGDVQLFKWJHOHVHQ"© ª1HLQLFKOHVHQXUGLH7DJHV]HLWXQJ©
*OHQGDZXWHZHOFKHLQHQ-RELFKKDWWHXQGZDUJOFNOLFK GDVLHPLUHLQPDOEHKLOIOLFKVHLQNRQQWH ª=DUFDGLLVWHLQ0DQQGHUGLH0HQVFKHQGXUFKVHLQ6SLHO LQ7UDQFHYHUVHW]HQNDQQ'LH=HLWXQJHQVFKULHEHQHUVHLDXI JHWDXFKWZLHHLQ.RPHWDP+LPPHO$OOHUGLQJVJLEWHUQXU 3ULYDWNRQ]HUWHXQGVHLQH9HUHKUHU]DKOHQKRKH(LQWULWWVSUHLVH© ª6LHVLQGHLQH:XFKW*OHQGD©ULHILFKª-HW]WEUDXFKHQ6LHPLU QXUQRFK]XVDJHQZRLFKGLHVHQ6DLWHQTXlOHUILQGHQNDQQ© *OHQGDV*HVLFKWQDKPHLQHQHQWWlXVFKWHQ$XVGUXFNDQª7XW PLUOHLG0U6LQFODLU'DVZHLLFKQLFKW© ª+DEHQ6LHLQ,KUHU0XVLN]HLWVFKULIWGHQQQLFKWJHOHVHQZRHU DXIWULWWRGHUZRHUZRKQW"© ª,Q(QJODQG(ULVW8QJDUXQGDXVVHLQHU+HLPDWJHIOFKWHW $QJHEOLFKKDWHUVLFKHLQ/DQGKDXVJHNDXIW,QPLWWHQHLQHV JURHQ3DUNV:HQQHUHLQ.RQ]HUWJLEWPVVHQGLH0HQVFKHQ VFKRQ]XLKPNRPPHQ=LHPOLFKJHKHLPQLVYROOGLHVHU0DQQ )LQGHQ6LHQLFKWDXFK0U6LQFODLU"© ª-D©,FKQLFNWH 'DQQGUFNWHLFK*OHQGDGLH+DQGª6LHJODXEHQJDUQLFKWZLH VHKU6LHPLUJHKROIHQKDEHQ© ª$EHU0U6LQFODLU© *OHQGD3HUNLQVZXUGHURWELVXQWHUGLH+DDUZXU]HOQ8QG ZDUHVVLFKHUOLFKDXFKQRFKDOVVLHOlQJVWZLHGHULQLKUHP %URVD ,FKDEHUZROOWHPLFKKLQWHUGLHVHQ*HLJHUNOHPPHQ'RFKHLQ $QUXIEUDFKWHDOOHVGXUFKHLQDQGHU (LQ.ROOHJHYRQGHU0RUGNRPPLVVLRQZDUDP$SSDUDW,FK NDQQWHLKQQXUGHP1DPHQQDFK ª,FKUXIH6LHDXVHLQHP/DQGKDXVLQ.LOEXUQDQ©VDJWHGHU .ROOHJHª:HQQ6LH=HLWKDEHQP|FKWHLFK6LHGRFKELWWHQ KHU]XNRPPHQ© ª:DVLVWGHQQSDVVLHUW"© ,QVSHNWRU(DJOHVRKLHGHU.ROOHJHZDQGVLFKZLHHLQ:XUP ª(VLVWVFKOHFKWDP7HOHIRQ]XHUNOlUHQ(VJHKWDEHUXP0RUG XQGXPHLQH)UDXQDPHQV-DQH&ROOLQV© ,FKZDUZLHHOHNWULVLHUWª8PGLH3ULYDWGHWHNWLYLQ"©
ª-D:LUKDEHQHLQH+DQGWDVFKHJHIXQGHQPLWLKUHQ$XV ZHLVHQ$XHUGHPIDQGHQZLUHLQHQ+LQZHLVDXI6LH$EHULFK JODXEHHVLVWEHVVHUZHQQ6LHVLFKGDVHLQPDOSHUV|QOLFKDQ VHKHQ© ª1DWUOLFK,Q.LOEXUQVDJWHQ6LH:RJHQDXGRUW"© ª.RPPHQ6LHDPEHVWHQ]XXQVHUHP5HYLHU,FKJHEH,KQHQ GLH$GUHVVHGXUFK6DOLVEXU\5RDGYLHUXQG]ZDQ]LJ$OOHVYHU VWDQGHQ"© ª$OOHVNODU©HUZLGHUWHLFK 0HLQH6WLPPHNODQJOlQJVWQLFKWPHKUVRRSWLPLVWLVFKZLHDP $QIDQJ'LH:RUWHPHLQHV.ROOHJHQKDWWHQPLFKJHVFKRFNW-DQH &ROOLQVDOVRDXFK ,FKKHJWHJDUNHLQHQ=ZHLIHOGDUDQGDDOOGLH9RUIlOOHPLW GHP$XIWDXFKHQGHVJHKHLPQLVYROOHQ*HLJHUVLQHLQHPGLUHNWHQ =XVDPPHQKDQJVWDQGHQ %LV.LOEXUQZDUHVHLQHJDQ]VFK|QH6WUHFNH,FKPXWHGXUFK KDOE/RQGRQ5LFKWXQJ1RUGZHVWHQ9RUEHLDQGHQEHLGHQ JURHQ3DUNV+\GH3DUNXQG5HJHQWV3DUN hEHUGLHEUHLWH(GJHZDUH5RDGGXUFKTXHUWHLFKGHQ2UW 3DGGLQJWRQXQGIXKUEHUGLH%UFNHGLHGHQ(QGSXQNWGHU :HVWDXWREDKQEHLXQV0RWRUZD\JHQDQQWELOGHW5HFKWHU +DQGODJGHU5HJHQW3DUNGHUYRQ]DKOUHLFKHQ6WUDHQGXUFK ]RJHQZLUG ,Q.LOEXUQWULIIWPDQVFKRQDXIGDVOlQGOLFKH/RQGRQ.OHLQH QLHGULJH+lXVHUZHFKVHOQDEPLWLG\OOLVFKJHOHJHQHQ9LOOHQXQG /DQGKlXVHUQ'LH6DOLVEXU\5RDGJHK|UW]XGHQ'XUFKJDQJV VWUDHQ'DV5HYLHUIDQGLFKVFKQHOO=ZHL6WUHLIHQZDJHQSDUNWHQ GDYRU ,QVSHNWRU(DJOHHUZDUWHWHPLFKLQVHLQHPVSDUWDQLVFKHLQJH ULFKWHWHQ%UR (UZDUHLQQRFKMXQJHU0DQQXQGVDXQWHUGHP%LOGGHUKXOG YROOOlFKHOQGHQ4XHHQ 'HU,QVSHNWRUEHJUWHPLFKPLWHLQHPNUlIWLJHQ+lQGHGUXFN ª,FKIUHXHPLFKHLQHQVREHUKPWHQ.ROOHJHQNHQQHQ]XOHUQHQ© VDJWHHU6HLQH6WLPPHNODQJGDEHLHKUOLFK ,FKZLQNWHDEª'DVPHLVWHLVWVLFKHUOLFKEHUWULHEHQ©
(DJOHOlFKHOWHª,FKZHLQLFKW©(UGHXWHWHDXIHLQHQ %HVXFKHUVWXKOPLWKDUWHU6LW]IOlFKHª1HKPHQ6LHELWWH3ODW]© $XFKHUVHW]WHVLFKZLHGHU(DJOHWUXJHLQHQ*OHQFKHFNDQ]XJHLQ XQLIDUEHQHVEHLJHV+HPGXQGHLQHQ6WULFNELQGHU6HLQGLFKWHU 2EHUOLSSHQEDUWZDUHEHQVRVFKZDU]ZLHVHLQOLQNVJHVFKHLWHOWHV +DDU,QVSHNWRU(DJOHKDWWHGLH$NWHVFKRQEHUHLWOLHJHQ ª0|FKWHQ6LHVHOEVWOHVHQRGHUVROOLFK6LHLQ6WLFKZRUWHQLQIRU PLHUHQ"© ª,FKOHVHVHOEVW© (DJOHEHUJDEPLUGLH$NWH=ZDQ]LJ0LQXWHQEHQ|WLJWHLFK GDQQKDWWHLFKDOOHV:HVHQWOLFKHHUIDW 1DFK=HXJHQDXVVDJHQPXWH-DQH&ROOLQVGLH3DUW\JHJHQGUHL 8KUPRUJHQVYHUODVVHQKDEHQ'HU*DVWJHEHUKDWWHVLHQRFKELV ]XU7UJHEUDFKW:DVGDQQJHVFKHKHQZDUNRQQWHPDQQXUYHU PXWHQ(LQJHZLVVHU0DUN5DQJHUGHU-DQHVFKRQDXIGHU3DUW\ QDFKJHVWHOOWKDWWHPXWHGUDXHQDXIVLHJHODXHUWKDEHQ6SXUHQ ]HLJWHQDQGD-DQHZLHDXFK5DQJHULQGHQ3DUNKLQHLQJHODXIHQ ZDUHQ $EHUDXVZHOFKHP*UXQG"%HVWLPPWQLFKWXPHLQ6FKlIHU VWQGFKHQ]XKDOWHQGHQQLP+DXVKDWWHVLFK-DQH&ROOLQV 5DQJHUJHJHQEHU]LHPOLFKDEZHLVHQGYHUKDOWHQ 'HUJDQ]HYHUGDPPWH)DOOEOLHEUlWVHOKDIW$XFK0DUN5DQJHUV 7RG(LQH8QWHUVXFKXQJKDWWHHUJHEHQGDHUPLWHLQHPVSLW]HQ *HJHQVWDQGHUPRUGHWZRUGHQZDU'HU$U]WPHLQWHPLWHLQHU ODQJHQGLFNHQ1DGHORGHUHLQHP6SHHU 6HOWVDPH6SXUHQZDUHQJHIXQGHQZRUGHQ)HGHUQYRQ9|JHOQ ]XP%HLVSLHO'HU%RGHQZDUDXIJHZKOWXQGDXIJHKDFNWZRU GHQ'LHVHU9RUJDQJZDUHEHQVRUlWVHOKDIWZLHGLHJHVDPWH (QWIKUXQJ :DUXPKDWWHGLHVHU8QEHNDQQWHGLH'HWHNWLYLQJHNLGQDSSW" 8PPLFKXQWHU'UXFN]XVHW]HQ"(LQDQGHUHV0RWLYNRQQWHLFK PLUQLFKWYRUVWHOOHQGHQQVRYHUP|JHQGZDU-DQHQLFKWGDVLFK HLQH(QWIKUXQJVDPW(USUHVVXQJORKQWH ,QVSHNWRU(DJOHODFKWHOHLVHDXIª,FKVHKHVFKRQ0U6LQFODLU 6LHEOLFNHQDXFKQLFKWGXUFK© ,FKNODSSWHGLH$NWH]Xª,P0RPHQWQLFKW©
(DJOHVWRSIWHVLFKJHODVVHQHLQH3IHLIHª+DEHQ6LHGHQQHLQHQ 9HUGDFKWZHUKLQWHUGLHVHU6DFKHVWHFNHQN|QQWH"© ,FKVFKWWHOWHGHQ.RSI (DJOHEOLHVJHODVVHQ]ZHLGLFNH5DXFKZRONHQDXVGHPUHFKWHQ 0XQGZLQNHOª:LUZHUGHQGHQ)DOOVHOEVWYHUVWlQGOLFKHEHQIDOOV YHUIROJHQ©VDJWHHUª'XUFKGHQ0RUGDQ0DUN5DQJHUVLQGZLU GD]XJH]ZXQJHQ(LQIDLUHV$QJHERW:LUDUEHLWHQQLFKWJHJHQ HLQDQGHUVRQGHUQPDUVFKLHUHQJHWUHQQWXQGVFKODJHQYHUHLQW]X %HOLHIHUQXQVDXFKPLW,QIRUPDWLRQHQ6ROOWHGHUHLQHHWZDV (QWVFKHLGHQGHVKHUDXVJHIXQGHQKDEHQWHLOWHUHVGHPDQGHUQ PLW,FKILQGHDXIGLHVHU%DVLVOlWVLFKDUEHLWHQ© ª1DWUOLFK©,FKQLFNWHª1XU6LHZLVVHQYRQPHLQHP-RE 0U(DJOH,FKEHDUEHLWHNHLQHQRUPDOHQ)lOOHXQGHVNDQQ,KQHQ XQG,KUHQ0lQQHUQSDVVLHUHQGDVLHPLW'LQJHQNRQIURQWLHUW ZHUGHQGLHQLFKWPLWGHPUHLQHQ9HUVWDQG]XEHJUHLIHQVLQG© (DJOHOlFKHOWH'DEHLGUHKWHHUGLH3IHLIH]ZLVFKHQGHQ)LQJHUQ ª,FKNHQQHQDWUOLFK,KUHQ5XI0U6LQFODLU8QGLFKELQ JHVSDQQWGDUDXIREHVVLFKZLUNOLFKVRYHUKlOWZLHLPPHU HU]lKOWZLUG,FKP|FKWHPLW,KQHQYRUXUWHLOVIUHL]XVDPPHQ DUEHLWHQQDWUOLFKQXUZHQQHVVLFKPDFKHQOlW© )UPHLQHQ*HVFKPDFNHQWZLFNHOWH,QVSHNWRU(DJOH]XYLHO 6HQVDWLRQVJLHU9LHOOHLFKWKRIIWHHUDXFKDXIHLQH%HI|UGHUXQJ ª6HOEVWYHUVWlQGOLFKVWHKWHLQHP,QIRUPDWLRQVDXVWDXVFKQLFKWV LP:HJH©HUZLGHUWHLFKª1XUPXLFK6LHZDUQHQ0U(DJOH 8QWHUVFKlW]HQ6LHELWWHGLHDQGHUHQ.UlIWHQLFKW© (DJOHQDKPZLHGHUHLQHQ=XJDXVVHLQHU3IHLIHª:ROOHQ6LH VLFKGHQ7DWRUWYLHOOHLFKWQRFKHLQPDODQVHKHQ"© ª1HLQ,FKJODXEHQLFKWGDLFKQRFKHWZDVILQGHQZHUGH© ª:RZROOHQ6LHGHQQHLQKDNHQ"©IRUVFKWH(DJOH ª,FKZHLHVQRFKQLFKW© ,QVSHNWRU(DJOHOlFKHOWHKLQWHUJUQGLJª(KUOLFK"© ª-D,FKZLOOHUVWHLQPDODEZDUWHQREVLFKGHURGHUGLH(QW IKUHUEHLPLUPHOGHQ© ª:LUKDEHQ0LWWDJ©VDJWH(DJOHª*HKHQZLU]XVDPPHQ HVVHQ"© ª'DQNH$EHULFKPX]XUFN]XP
(DJOHUHLFKWHPLUGLH+DQGª:LUK|UHQVLFKHUYRQHLQDQGHU© *HJHQYLHU]HKQ8KUWUXGHOWHLFKZLHGHULP%URHLQ6XNR ZDUWHWHQRFKLPPHULQPHLQHU:RKQXQJ$OVLFKDQULHIZDU JHUDGHGHU*ODVHUGDEHLHLQHQHXH6FKHLEHHLQ]XVHW]HQ 'LH6RUJHQXP-DQH&ROOLQVVWHLJHUWHQVLFKYRQ0LQXWH]X 0LQXWH(LQPDONOLQJHOWHLFKEHLLKUDQLQGHU+RIIQXQJGDVLH ]X+DXVHZDU (VKREQLHPDQGDE 0HLQ=LJDUHWWHQNRQVXPVWLHJ,FKHULQQHUWHPLFKZLHGHUDQ GHQ*HLJHUGLHVHQ3URIHVVRU=DUFDGL*OHQGD3HUNLQVZDUVRQHWW XQGJDEPLUGLH$GUHVVHGHU0XVLN]HLWVFKULIWGLHEHUGHQ *HLJHUEHULFKWHWKDWWH 'RUWULHILFKDQ 9LHUPDOYHUEDQGPDQPLFKZHLWHUEHYRULFKHQGOLFKGHQULFK WLJHQ0DQQDQGHU6WULSSHKDWWH ª=X=DUFDGLZROOHQ6LH"©IUDJWHGHU5HGDNWHXUª'DQQZQVFKH LFK,KQHQYLHO9HUJQJHQ'HULVWPHQVFKHQVFKHXXQGOlGWQXU )UHXQGHHLQ© ª7URW]GHPKlWWHLFKJHUQVHLQH$QVFKULIW© ª2ND\'HU3URIHVVRUZRKQWLQ6XIIRONLQGHQ(DVW$QJOLDQ +HLJKWV'DV.DIIKHLW0RPHQWPDOQHLQGHUZRKQWMDJDU QLFKWLQHLQHP'RUI,FKNDQQ,KQHQQXUGHQQlFKVWOLHJHQGHQ2UW QHQQHQ8QGGHUKHLW2UOLQJWRQ'DVLQGVLFKHU.DW]HXQG +XQGEHJUDEHQ© ª+DW3URIHVVRU=DUFDGL7HOHIRQ"© ª6RYLHOLFKZHLQLFKW6LU'HUKDWVLFKY|OOLJ]XUFNJH]RJHQ (VLVWEHUKDXSWHLQ:XQGHUGDHUHLQHP0LWDUEHLWHUYRQXQV HLQ,QWHUYLHZJHZlKUWKDW© ª:LHKHLWGHU0DQQ"© ª6FRWW)UDQN6FRWW© ª:RKQKDIW"© ª,Q/RQGRQ6WDGWWHLO+ROERUQ,QGHU%HGIRUG6WUHHW1HEHQ GHPJURHQ3RVW2IILFH$EHULFKPX6LHZDUQHQ6LU,FKZHL QLFKWRE)UDQN6FRWW]X+DXVHLVWXQGZHQQGDQQLVWHVIUDJ OLFKREHU6LHEHUKDXSWHPSIlQJW© ª.|QQWHQ6LHVLFKNODUHUDXVGUFNHQ"©
ª6LFKHU6FRWWLVW]XHLQHP(LQ]HOJlQJHUJHZRUGHQ1DFKGHP %HVXFKEHL=DUFDGLKDWHUVHLQHQ-REKLQJHVFKPLVVHQ(UKDW JHVDJWGDHUQXUQRFKIUHLEHUXIOLFKIUXQVDUEHLWHQZLOO© ª8QG"6LQG6LHGDUDXIHLQJHJDQJHQ"©IUDJWHLFK ª-D6FRWWLVWHLQJXWHU0LWDUEHLWHU:LVVHQ6LHHUKDWGHQJH ZLVVHQ7RXFKNRPPWEHLGHQ,QWHUYLHZSDUWQHUQXQKHLPOLFKJXW DQ.DXPHLQHPDQGHUHQKlWWH=DUFDGLHLQ,QWHUYLHZJHZlKUW© :HLWHUH)UDJHQKDWWHLFKQLFKW,FKEHGDQNWHPLFKQRFKHLQPDO IUGLH$XVNQIWHXQGOHJWHGDQQDXI$OVQlFKVWHVVWDQGEHLPLU HLQ%HVXFKEHLGLHVHP)UDQN6FRWWDXIGHP3URJUDPP ,UJHQGZDQQNDP-DQH&ROOLQVZLHGHU]XVLFK7DJHVOLFKWNLW]HOWH LKUH1DVH-DQHPXWHQLHVHQ8QGGDPLWZDUVLHKHOOZDFK 6LHODJDXIHLQHP6RID9HUZLUUWVHW]WHVLHVLFKDXIXQGVRIRUW ZDUHQGLH(ULQQHUXQJHQGD6LHGDFKWHDQGLH3DUW\DQ0DUN 5DQJHUXQGDQGHQ*HLJHQVSLHOHU (UVWDQGGDVSLHOWHGLH9|JHO ª0HLQ*RWW©IOVWHUWH-DQHVSUDQJYRQGHP6RIDXQGOLHI]X GHUKRKHQZHLODFNLHUWHQ7U6LHZDUYHUVFKORVVHQ 6LHKDWWHEHUKDXSWNHLQH.OLQNHNHLQHQ'UHKNQDXIQLFKWV 1XUHLQHZHLHJODWWH)OlFKH 'LH'HWHNWLYLQPDFKWHNHKUWXQGOLHI]XP)HQVWHU(LQH 6FKHLEHHLQJHODVVHQLQGLH:DQG.HLQ5DKPHQNHLQ9HUVFKOX -DQH&ROOLQVVFKOXJJHJHQGLH6FKHLEH,KUH.Q|FKHOEHJDQQHQ ]XVFKPHU]HQ(VZDUDOVKlWWHVLHJHJHQ6WDKOJHSRFKW$EHU QLFKW6WDKOZDUHVVRQGHUQ3DQ]HUJODV'DVOLHDXFKNHLQH .XJHOQGXUFK 'XELVWJHIDQJHQ.QDOOKDUWNDPIU-DQH&ROOLQVGLH(UNHQQW QLV8QG]ZDUJHIDQJHQLQHLQHPJROGHQHQ.lILJ'DV=LPPHU ZDUSUDFKWYROODXVVWDIILHUW'LH0|EHOVWDPPWHQDXVGHU=HLWGHV %LHGHUPHLHU:DUPHV.LUVFKEDXPKRO]'HURYDOH7LVFKGLH KRFKOHKQLJHQ6WKOHGHU(FNVFKUDQNPLWGHQ%OHLJODVVFKHLEHQ XQGGDV%HWWPLWVHLQHPYHUVSLHOWHQ*HVWHOO$XIGHP%RGHQ ODJHLQDOWHUGLFNHU7HSSLFK(U]HLJWH0RWLYHDXVGHURULHQ WDOLVFKHQ6DJHQZHOW
=ZHL'LQJHILHOHQ-DQH&ROOLQVDXI(UVWHQVGLH5XKHXQG ]ZHLWHQVLKUJXWHU=XVWDQG6LHYHUVSUWHQLFKWHLQPDO .RSIVFKPHU]HQ'DV*DVKDWWHVLFKDOVRRKQH1DFKZLUNXQJHQ YHUIOFKWLJW -DQH&ROOLQVEOLFNWHDXILKUH8KU(VZDUHLQH6WXQGHYRU 0LWWDJVLHZDUDOVR]LHPOLFKODQJHEHZXWORVJHZHVHQ $EHUZDVKDWWHPDQPLWLKUYRU":HVKDOEKDWWHVLHGLHVHU *HLJHQVSLHOHUJHNLGQDSSW"8QGZHUZDUGHU0DQQEHUKDXSW" -DQH&ROOLQVHULQQHUWHVLFKZLHGHUDQGDV*HLJHQVSLHO1DFK WUlJOLFKQRFKUDQQHLQH*lQVHKDXWEHULKUHQ5FNHQ'HXWOLFK VDKVLHGLH*HVWDOWYRUVLFK'HUODQJH0DQWHOGHU6FKODSSKXW XQGGDV*HVLFKWGDVNHLQVZDU1XUHLQIOLPPHUQGHV2YDORKQH 6LQQHVRUJDQH 0LW6FKUHFNHQHUNDQQWH-DQH&ROOLQVZDVORVZDU'LHVHU *HVLFKWVORVHGLHVHU*HLJHUHUZDUHLQ'lPRQ(LQ%RWHGHU )LQVWHUQLVHLQHUGHUDXI6DWDQV.RPPDQGRK|UWH 8QGHUKDWWHVLHJHIDQJHQ (LQHDQGHUHKlWWHYLHOOHLFKWGLH1HUYHQYHUORUHQ1LFKW-DQH &ROOLQV'DVLHNHLQH)OXFKWP|JOLFKNHLWDXVGHP=LPPHUPHKU VDKEOLHELKUQLFKWVDQGHUHVEULJDOVDE]XZDUWHQ,UJHQGZDQQ ZUGHVLFKVFKRQMHPDQGVHKHQODVVHQXQGYLHOOHLFKWDXFKHLQH (UNOlUXQJDEJHEHQ0DQZROOWHZDVYRQLKU'DVODJDXIGHU +DQG'HQQVRQVWKlWWHGHU8QEHNDQQWHVLHMDXPEULQJHQ N|QQHQ$EHUZDV"(LQ5DFKHDNW".DXP$OOHUGLQJVZDUVLH PLW-RKQ6LQFODLUEHIUHXQGHWXQGVLHZXWHVHKUJHQDXEHU VHLQHQ-RE%HVFKHLG9LHOOHLFKWZROOWHPDQLKQGXUFKGLH (QWIKUXQJLQHLQH)DOOHORFNHQ-DQHZDUVLFKEHULKUH *HIKOHIU-RKQLPNODUHQ,KUZDUDXFKNODUGDGHU *HLVWHUMlJHUDOOHVGDUDQVHW]HQZUGHXPVLH]XEHIUHLHQ8QG GDVZXWHQDXFKVHLQH)HLQGH-RKQZDUGHQ'lPRQHQVFKRQ OlQJVWPHKUDOVQXUHLQ'RUQLP$XJH6LHKDWHQLKQPLWDOOHU EUXWDOHQ.RQVHTXHQ]ZROOWHQLKQDXVVFKDOWHQHUQLHGULJHQ XQGW|WHQ%LVKHUKDWWH-RKQ6LQFODLUVHLQH*HJQHULPPHUEHVLHJW PDQFKPDOLQOHW]WHU6HNXQGH'LH0lFKWHGHU)LQVWHUQLVPXWHQ VLFKEHLQDKHOlFKHUOLFKYRUNRPPHQGDVLHLKUHQPHQVFKOLFKHQ )HLQGQRFKQLFKW]HUWUHWHQKDWWHQ
:LHJHVDJW-DQH&ROOLQVNDQQWHDOOGLH3UREOHPHZDUDEHU PRPHQWDQQLFKWLQGHU/DJHHWZDVGDJHJHQ]XXQWHUQHKPHQ-D VLHZXWHEHUKDXSWQLFKWZRVLHVLFKEHIDQG 6LHJLQJ]XP)HQVWHUXQGZDUIHLQHQ%OLFNQDFKGUDXHQ(LQ *DUWHQSUlVHQWLHUWHVLFKLKUHQ%OLFNHQ :LOGXQGXQJHSIOHJW'LH%lXPHZXFKVHQELVGLFKWDQGDV )HQVWHUKHUDQVFKLHQHQPLWLKUHQbVWHQDQGHU6FKHLEHNUDW]HQ ]XZROOHQ'LFKWHV8QWHUKRO]EHGHFNWHGHQ%RGHQ)DUQXQG VSHUULJHV*HVWUSS -DQHKDWWHGDV*HIKODOVZUGHVLFKGDV8QWHUKRO]EHZHJHQ ZHQQVLHODQJHJHQXJGDUDXIVFKDXWH =ZLVFKHQGHQ=ZHLJHQVDKVLHHLQH*ODVIOlFKHVFKLPPHUQ -DQHEFNWHVLFKNRQQWHMHW]WJHQDXHUKLQVHKHQXQGHUNDQQWH GDGLH*ODVIOlFKHGDV'DFKHLQHV7UHLEKDXVHVELOGHWH :DUVLHLQHLQHU*lUWQHUHLJHODQGHW" 'DILHOHQLKUSO|W]OLFKGLH:RUWHGHV*HLJHQVSLHOHUVHLQªGX VROOVWGLH%OXPHLQPHLQHP*DUWHQZHUGHQ,QPHLQHP+RUURU *DUWHQ© +DWWHGHU8QKHLPOLFKHGLHVHQYHUZLOGHUWHQ3DUNGDPLW JHPHLQW" /DQJVDPEHUILHO-DQH&ROOLQVGRFKHLQXQJXWHV*HIKO'LHVHU +RUURU*DUWHQVFKLHQGRFKQLFKWQXULQGHU3KDQWDVLHGHV *HLJHUV]XEHVWHKHQ (UVWMHW]WILHOLKUDXIGDHVVHKUZDUPZDU(LQHUHJHOUHFKWH 7UHLEKDXVOXIWKHUUVFKWHLQGHP=LPPHU2EZRKO-DQHQXULKUH %OXVHXQGGHQ5RFNWUXJVFKZLW]WHVLH6LHVHKQWHVLFKQDFKHLQHU 'XVFKHRGHUHLQHP%DG 6LHVHOEVWVDKVFKRQIDVWZLHHLQ0RQVWHUDXV9HUVFKPXW]WXQG ]HUVFKXQGHQ6HOWVDPHUZHLVHEUDQQWHQGLH:XQGHQGLHLKUGLH 9|JHO]XJHIJWKDWWHQQLFKW(VZDUDXFKQLFKWV]XVHKHQ'LH :XQGHQKDWWHQVLFKDXIZXQGHUVDPH:HLVHZLHGHUJHVFKORVVHQ $XIGlPRQLVFKH:HLVH 3O|W]OLFK]XFNWH-DQH]XUFN(LQ9RJHOZDUGLFKWYRULKUHP )HQVWHUYRUEHLJHIORJHQ'LH)OJHOZDUHQODQJZLHGHUDXVJH ZDFKVHQH$UPHLQHV0DQQHV'HU9RJHOGUHKWHVLFKXQGJOLWW GDQQDXIHLQHQVWDUNHQ$VW]XZRHUVLFKQLHGHUOLH(UVFKW
WHOWHVHLQ*HILHGHUKSIWHQRFKHLQSDDUPDOXQGGUHKWHVHLQHQ .RSIIDVWXPKXQGHUWDFKW]LJ*UDG 6RHWZDVNRQQWHQ(XOHQJXW 7DWVlFKOLFKHVZDUHLQH(XOHGLH-DQH&ROOLQVDQVWDUUWH 8QGVLHKDWWHEOXWURWH$XJHQ 8QZLOONUOLFKWUDWGLH'HWHNWLYLQ]ZHL6FKULWWH]XUFN'LH (XOHVDY|OOLJEHZHJXQJVORVDXIGHP$VWXQGVFKDXWHLQGDV =LPPHU6LHVFKLHQ-DQHEHZDFKHQ]XZROOHQ8QYHUZDQGW VWDUUWHVLHGLH'HWHNWLYLQDQ -DQH&ROOLQVWUDWYRP)HQVWHUZHJ6LHNRQQWHGHQ%OLFNGHU %OXWDXJHQQLFKWHUWUDJHQ6FKZHUDWPHQGOLHVLHVLFKDXIGHP 6RIDQLHGHUEOLHEVLW]HQXQGKLQJLKUHQ*HGDQNHQQDFK 8QGGDQQZXUGHGLH5XKHGHV+DXVHVSO|W]OLFKJHVW|UW 6FKULWWHNODQJHQDXI 7DSSWDSSWDSS 6LHNDPHQHLQH7UHSSHKRFK(VK|UWHVLFKXQKHLPOLFKDQ ,PPHUODXWHUZXUGHQGLH6FKULWWHQlKHUWHQVLFKGHU7UXQGYHU NODQJHQ -DQHZDUDXIJHVSUXQJHQ6LHOLHI]XHLQHP6WXKOSDFNWHLKQ DQGHU/HKQHXQGZDUEHUHLWMHGHP(LQGULQJOLQJGDV0|EHO VWFNEHUGHQ.RSI]XVFKPHWWHUQ $EHUQRFKEOLHEHVVWLOO 'DQQHLQH6WLPPH+HFKHOQGNLFKHUQGª6LHLVWKLHUGULQ QLFKWZDKU"© (LQH]ZHLWH6WLPPHDQWZRUWHWHª-D© ª:DUXPJHKHQZLUQLFKWKLQHLQ"© ª(VLVWDEJHVFKORVVHQ© ª$OVREXQVGDVGDUDQKLQGHUQN|QQWH© :LHGHUGDV+HFKHOQ :LHK\SQRWLVLHUWVWDUUWHGLH'HWHNWLYLQDXIGLH7U6LHZDUWHWH GDUDXIGDHLQ5LHJHO]XUFNVFKQDSSWHXQGGLH7UDXIIORJ 'DVJHVFKDKQLFKW 'DIUHWZDVDQGHUHV(LQHJUQHJDOOHUWDUWLJH)OVVLJNHLW NURFKXQWHUGHU7UULW]HKHUYRUXQGEUHLWHWHVLFKEOLW]VFKQHOOLP =LPPHUDXV
,FKZROOWHGLHVHQ)UDQN6FRWWJDUQLFKWHUVWYRUZDUQHQXQGULHI LKQGHVKDOEDXFKQLFKWDQ,QGHU%HGIRUG6WUHHWVHOEVWIDQGLFK NHLQHQ3DUNSODW]GDIUDXIHLQHPLQGHU1lKHOLHJHQGHQ 6FKXOKRIGHUQDFKPLWWDJVDOV$EVWHOOIOlFKHIU:DJHQEHQXW]W ZHUGHQGXUIWH ,FKPXWHXQJHIlKU]ZHLKXQGHUW
,FKIDQGHLQH.OLQJHOXQGEHWlWLJWHDOVK|IOLFKHU0HQVFKGHQ 'UFNHU'HU*RQJZDUPHORGLVFKXQG]LHPOLFKODXW 6FRWWPXWHGLUHNWKLQWHUGHU7UJHODXHUWKDEHQGHQQHU|II QHWHVRIRUW 8QWHUVFKZDU]HP+DDUVDKPLFKIUDJHQGHLQEODVVHVHWZDV VSLW]ZLUNHQGHV*HVLFKWDQ)UDQN6FRWWZDUPLWWHOJUR]LHPOLFK GQQWUXJHLQH&RUGKRVHHLQNDULHUWHV+HPGXQGHLQHZHLW IDOOHQGH6WULFNMDFNH ª6LHZQVFKHQ"© ,FKVWHOOWHPLFKHUVWHLQPDOYRU 6FRWWV$XJHQZXUGHQJURª3ROL]HL"© ª6FRWODQG
ª1HLQ(VLVW,KUH*HVXQGKHLWGLH6LHVLFKUXLQLHUHQ,FKELQDXV HLQHPDQGHUHQ*UXQGKLHU© ª8QGGHUZlUH"© ª,FKP|FKWHGD6LHPLUHWZDVEHU3URIHVVRU=DUFDGL HU]lKOHQ6LHKDEHQLKQGRFKLQWHUYLHZW© ª'DVVWLPPW© ª8QGLFKP|FKWHJHUQPHKUEHULKQZLVVHQ:DVLVWHUIUHLQ 0HQVFK",FKKDEHJHK|UWHUOHEWLQHLQHP/DQGKDXV":RPLW ILQDQ]LHUWHUVHLQHQ/HEHQVXQWHUKDOW"1XUGXUFKGDV*HLJHQ VSLHO"© )UDQN6FRWWVHQNWHGHQ%OLFNª+DEHQ6LHPHLQHQ$UWLNHOQLFKW JHOHVHQ"© ,FKORJª'RFKDEHULFKEUDXFKHQRFKPHKU,QIRUPDWLRQHQEHU GHQ3URIHVVRU© ª8QGZRIU"© ª'DUEHUGDUILFKPLW,KQHQOHLGHUQLFKWVSUHFKHQ0U6FRWW $OOHUGLQJVKlWWHLFKDXFKJHUQHLQ%LOGYRQLKP© ª=DUFDGLP|FKWHDEHULQ5XKHJHODVVHQZHUGHQ©VDJWH)UDQN 6FRWWª(UKDWJHQXJKLQWHUVLFK© ª:DV]XP%HLVSLHO"© ª0DQKDWLKQLQVHLQHU+HLPDWYHUIROJW(UKDWJHGDFKWLQ (QJODQGKlWWHHU5XKHXQG6LFKHUKHLW:HQQLFK,KQHQMHW]W ,QIRUPDWLRQHQJHEHNRPPHLFKPLUYRUZLHHLQ9HUUlWHU© ª:HQQ6LHPLW,QIRUPDWLRQHQ]XUFNKDOWHQPDFKHQ6LHVLFK VWUDIEDU©KLHOWLFKLKPHQWJHJHQª6LHKDEHQGLH3IOLFKWGHU 3ROL]HLEHLLKUHQ(UPLWWOXQJHQ]XKHOIHQ© ª'DEHLZHLLFKQLFKWHLQPDOZRUXPHVJHKW© ª8PHLQHQ0RUGIDOO0U6FRWW0HKUGDUILFK,KQHQZLUNOLFK QLFKWVDJHQ© (UOlFKHOWH(VHUVFKLHQPLULUJHQGZLHKLQWHUJUQGLJª1XQ MD©PHLQWHHU 'LHVHU)UDQN6FRWWZDUHLQNRPLVFKHU7\S,FKZXUGHDXVLKP HLQIDFKQLFKWVFKODX$EHUVHLQHKHPDOLJHU.ROOHJHKDWWHPLUMD EHULFKWHW]XZHOFKHQ5HDNWLRQHQ6FRWWQHLJWH=DUFDGLPXWHLKQ XQJHKHXHUEHHLQGUXFNWKDEHQ ª:DQQJLEWGHU0HLVWHUGHQQVHLQQlFKVWHV.RQ]HUW"©
6FRWWOHJWHGHQ.RSILQGHQ1DFNHQXQGSHLOWHGLH+lQJHODPSH PLWGHQWUEHQ6FKDOHQDQGHU'HFNHDQª+HXWHDEHQG©HU ZLGHUWHHUEHUUDVFKHQGVFKQHOOª$OOHUGLQJVQXUIUJHODGHQH *lVWH© ª8QGVLQG6LHJHODGHQ"© 6FRWWVHQNWHGHQ.RSIXQGEOLFNWHPLFKDQª-D0U6LQFODLU,FK JHK|UH]XGHQ$XVHUZlKOWHQ© ª:LHIHLQIU6LH'DQQ]HLJHQ6LHPLUPDOHLQH$XIQDKPHYRQ ,KUHPJURHQ*XUX© ª6LHVROOWHQQLFKWVRUHVSHNWORVYRQLKPUHGHQ0U6LQFODLU(U K|UWVRHWZDVQLFKWJHUQH© ª(QWVFKXOGLJXQJ©,FKHUKREPLFK $XFK)UDQN6FRWWVWDQGDXI(UJLQJDXIHLQHNOHLQH7U]XGLH HEHQIDOOVEHPDOWZDU'HVKDOEZDUVLHPLUDXFKLQGHU:DQGQLFKW DXIJHIDOOHQ +LQWHUGHU7UODJHLQH'XQNHONDPPHU$QGHU:DQGKLQJHQ ]ZHL/DPSHQ6LHYHUEUHLWHWHQPDWWHV5RWOLFKW 'LH'XQNHONDPPHUZDU]LHPOLFKNOHLQ'HU/DERUWLVFKDXV URWHP.XQVWVWRIIQDKPHLQH:DQGKlOIWHHLQ ,FKHQWGHFNWHHLQHQ7URFNQHU6FKDOHQLQGHQHQVLFKPHKUHUH /|VXQJHQEHIDQGHQXQGHLQHQ.UDQLQGHU:DQGYRQGHPHLQ 6FKODXFK]XHLQHP*HIlIKUWH 6RJDUHLQ7HOHIRQVWDQGDXIHLQHPNOHLQHQ:DQGEUHWW ,QGHQ/DERUWLVFKZDUHQ)lFKHUHLQJHEDXW)UDQN6FRWWEFNWH VLFKXQGKROWHHLQHQ6WDSHO)RWRVKHUYRU1RFKLQGHU'XQNHO NDPPHUVDKHUVLHGXUFK ,FKEOLFNWHLKPEHUGLH6FKXOWHU 'HU-RXUQDOLVWKDWWHEHNDQQWH3HUVRQHQGHV|IIHQWOLFKHQ/HEHQV DXIJHQRPPHQ,FKVDKGLH.RQWHUIHLVYRQ6FKDXVSLHOHUQ 0LQLVWHUQXQGDXFKHLQHQSURPLQHQWHQ*DQJVWHUERDXV6RKR HQWGHFNWHLFK =DUFDGLV)RWRODJDOV]ZHLWOHW]WHVª+LHU©VDJWH)UDQN6FRWW XQGUHLFKWHPLUGDV%LOG ,FKQDKPHVHQWJHJHQEHXJWHPLFKEHUGHQ/DERUWLVFKXQG KLHOWGLH$XIQDKPHJHJHQGLH/DPSHXPVLHEHVVHUEHWUDFKWHQ ]XN|QQHQ
6FRWWJLQJHLQHQ6FKULWW]XU6HLWH,FKDFKWHWHQLFKWZHLWHUDXI LKQXQGGDVZDUPHLQ)HKOHU $XI6FRWWV/LSSHQODJHLQWHXIOLVFKHV*ULQVHQDOVHUXQWHUGHQ /DERUWLVFKJULIIXQGHLQHQVFKZHUHQ6FKUDXEHQVFKOVVHOXP IDWH *HUlXVFKORV]RJHUGLH+DQGZLHGHUKHUYRUKREGHQ$UPXQG GURVFKLPQlFKVWHQ0RPHQWEOLW]VFKQHOO]X -DQH&ROOLQVPXWH]XUFNZHLFKHQZROOWHVLHYHUKLQGHUQGD GLHJUQHVFKOHLPLJH)OVVLJNHLWEHULKUH)HUDQQXQGGDQQ DQGHQ%HLQHQKRFKVWLHJ (VZDUZLGHUOLFKDQ]XVHKHQZLHGLHVHU6FKODPPVLFKDXV EUHLWHWHXQGYRQGHP=LPPHU%HVLW]HUJULII -DQHEOLHEQLFKWVDQGHUHVEULJDOVDXIGDV6RID]XVSULQJHQ +LHUZDUVLHYRUHUVWLQ6LFKHUKHLW 6LHKDWWHYRUKLQ6WLPPHQJHK|UW$EHUZHUKDWWHGRUWYRUGHU 7UJHVSURFKHQ":RZDUHQGLH3HUVRQHQGLH" -DQHV*HGDQNHQZXUGHQXQWHUEURFKHQ'HU6FKOHLPGHUELVKHU GHQ%RGHQEHGHFNWKDWWHJHULHWLQ%HZHJXQJ(U]RJVLFK]XVDP PHQXQG-DQHZXUGHGDEHLDQHLQHQ:DVVHUVWUXGHOHULQQHUW ,PPHUVFKQHOOHUEHJDQQHV]XIOLHHQ 'HUJUQH6FKOHLPVWLHJLQGLH+|KHZXUGH]XHLQHU :LQGKRVHURWLHUWHXQGZLUEHOWHXPGLHHLJHQH$FKVH $WHPORVVDK-DQH&ROOLQVGHP6FKDXVSLHO]X=ZHLJUQ VFKLOOHUQGH:LQGKRVHQXPWDQ]WHQGHQ7LVFKZLUEHOWHQKLQ XQGKHUXQGNDPHQSO|W]OLFK]XU5XKH -DQHILHOHQIDVWGLH$XJHQDXVGHP.RSI 9RULKUVWDQGHQ]ZHL0RQVWHU *UQKlXWLJHJDOOHUWDUWLJH*HVFK|SIHPLWODQJJH]RJHQHQ *HVLFKWHUQGHUHQ$XVVHKHQVLFKYRQ6HNXQGH]X6HNXQGH lQGHUWH 'LH0DVVHZDUQLFKWIHVWVLHZDEHUWHZDUVWlQGLJLQ %HZHJXQJIORVWLHJYHUlQGHUWHLKUH)DUEHZXUGHPDOKHOOHU GDQQZLHGHUGXQNOHUXQGGRFKEOLHEHQGLH8PULVVHGLHVHU EHLGHQPHQVFKHQJURHQ0RQVWHU
-DQHVSUDQJZLHGHUDXIGHQ%RGHQ6LHIKOWHZLHHLQ$QJVW VFKDXHUQDFKGHPDQGHUHQEHULKUHQ5FNHQUDQQ.HLQHQ%OLFN NRQQWHVLHYRQGHQ*HVLFKWHUQGHU0RQVWHUZHQGHQ 6LHZDUHQHEHQVRVFKOHLPLJZLHGHUEULJH.|USHU(LQJH GUFNWH6WHOOHQNHQQ]HLFKQHWHQGLH$XJHQ1DVHXQG0XQGYHU OLHIHQVWlQGLJELOGHWHQLPPHUQHXH)RUPHQ 9RQGHQKHUDEKlQJHQGHQ$UPHQWURSIWHHV]X%RGHQ'LH 7URSIHQEOLHEHQMHGRFKQLFKWOLHJHQVRQGHUQYHUHLQLJWHQVLFK VRIRUWZLHGHUPLWGHU0DVVHGHV.|USHUV 8QGGLH0RQVWHUNRQQWHQVSUHFKHQ ª:LUKDEHQVLHHUVFKUHFNWGLH.OHLQHQLFKWZDKU"© ª-DVHKU© -DQH&ROOLQVKLHOWGHQ$WHPDQ'LHVH6WLPPHQ(VZDUHQGLH JOHLFKHQGLHVLHDXFKGUDXHQYRUGHU7UYHUQRPPHQKDWWH ª6ROOHQZLULKUPDOEHZHLVHQZDVZLUDOOHVN|QQHQ"© 'DVYRQ-DQHDXVJHVHKHQUHFKWH0RQVWHUJLQJYRU(VVWUHFNWH GHQ$UPDXVXQGJULIIQDFKHLQHU%OXPHQYDVH,Q6HNXQGHQ VFKQHOOHXPIDWHGHU6FKOHLPGLH9DVHLQWHJULHUWHGDV6WFNLQ VHLQHQ.|USHUO|VWHHVDXIZLH6lXUH 'LH9DVHEOLHEYHUVFKZXQGHQ 'HU'HWHNWLYLQZXUGHNODUPLWZHOFKVFKUHFNOLFKHQ+RUURU ZHVHQVLHHVKLHU]XWXQKDWWH:HUVLHEHUKUWHGHUZDUUHW WXQJVORVYHUORUHQGHQVDXJWHQVLHNXU]HUKDQGDXIOLHHQLKQ HLQVZHUGHQPLWLKUHQJDOOHUWDUWLJHQ.|USHUQ 'LH0RQVWHUVDKHQGDV(QWVHW]HQDXI-DQH&ROOLQV *HVLFKW6LH KDWWHQLKUHQ6SDª0|FKWHVWGXDXFKPDOYRQXQVXPIDWZHU GHQ"©K|KQWHQVLHXQGVFKREHQVLFKQlKHU ª1HLQ©VFKULH-DQHª%OHLEWZHJ/RVYHUVFKZLQGHW© 'LH0RQVWHUODFKWHQ6LHQDKPHQ-DQH&ROOLQVLQGLH=DQJH 6FKRQVWUHFNWHQVLHLKUHJLHULJHQ$UPHDXV6LHHULQQHUWHQ-DQHDQ ODQJH7HQWDNHOQXUGLH6DXJQlSIHIHKOWHQDQGHQ(QGHQ 9HU]ZHLIHOWYHUVXFKWHGLH'HWHNWLYLQGLHVHQJHIUlLJHQ%HVWLHQ ]XHQWJHKHQ6LHIDWHHLQHQ6WXKOXQGVFKOHXGHUWHLKQDXIGDVLKU DPQlFKVWHQVWHKHQGH0RQVWHU]X (VNODWVFKWHDOVGHU6WXKODXIGLHZDEHUQGH0DVVHWUDI'DV 0RQVWHUlQGHUWHVHLQH*HVWDOWZXUGHUXQGXQGXPVSDQQWHGHQ
6WXKOZLHHLQ.RNRQGLH5DXSH'DQDFKO|VWHQVLFKGLH7HLOHGHV 0|EHOVWFNVDXI)UHLQHQ$XJHQEOLFNQRFKVDKHV-DQHLP .|USHUGHV0RQVWHUVEUDXQVFKLPPHUQGDQQZDUDXFKGLHV YRUEHL 'LH'HWHNWLYLQKDWWHVFKRQYLHOLQLKUHPDEZHFKVOXQJVUHLFKHQ /HEHQHUOHEW$EHUGDVKLHUJLQJHLQIDFKEHULKUHQ9HUVWDQG'LH 0RQVWHUZLUNWHQZLHDXV+ROO\ZRRGV*UXVHONFKHJHVFKDIIHQ 6LHJHK|UWHQLQV5HLFKGHU)DEHOGHU0lUFKHQXQG6DJHQDEHU QLFKWLQGLHUHDOH:HOWZRVLH$QJVWXQG6FKUHFNHQYHUEUHLWHWHQ $EHUKDWWHQLFKWGLHVHU*HLJHQVSLHOHUYRQHLQHP+RUURU*DUWHQ JHVSURFKHQ":DUGHU0DQQGHU9|JHOVHLQHQHLJHQHQ:LOOHQDXI ]ZLQJHQNRQQWHQLFKWDXFKLQGHU/DJHGLH1DWXU]XYHUlQGHUQ" .RQQWHHUGLH8UlQJVWHGHU0HQVFKHQZHFNHQXQG$OSWUlXPH VFKDIIHQ":DUHUVRJDUGHU7HXIHOVHOEVW" $OOHLQEHLGLHVHP*HGDQNHQVW|KQWHGLH'HWHNWLYLQDXI'LH $QJVWIOXWHWHLQLKUKRFKZLHHLQH:HOOH6LHZXWHZHQQGLH EHLGHQVFKOHLPLJHQ0RQVWHUVLHHUUHLFKWHQXQGVLHXPIDWHQ GDQQZDUHVDXV'DQQZUGHVLHHEHQVRDXIJHO|VWZHUGHQZLH GLHWRWHQ*HJHQVWlQGH )LHEHUKDIWVDKVLHVLFKXP,KUH%OLFNHKHW]WHQI|UPOLFKGXUFK GHQ5DXP (LQ$XVZHJ+LPPHOQRFKPDOZRJDEHVHLQHQ$XVZHJ" (VJDELKQQLFKW-DQH&ROOLQVZDUGLHVHQJUQHQ6FKUHFNHQV ZHVHQKRIIQXQJVORVDXVJHOLHIHUW 6LHSUHWHVLFKPLWGHP5FNHQJHJHQGLH:DQG5HFKWVYRQLKU EHIDQGVLFKGDV)HQVWHUPLWGHP3DQ]HUJODV6LHVDKGXUFKGLH 6FKHLEH 1RFKLPPHUKRFNWHGLH(XOHPLWGHQEOXWURWHQ$XJHQDXIGHP $VWGHV%DXPHVXQGVWDUUWHLQGDV=LPPHU 'LH/XIWLP5DXPZDUQRFKVFKOHFKWHUJHZRUGHQ'LH0RQVWHU YHUEUHLWHWHQHLQHQSHUILGHQ*HUXFK 1DFKYHUZHONWHP/DXEQDFK(UGHQDFK9HUZHVXQJXQG 7RG ª6LHLVWVFK|Q©ZXUGH-DQHDQJHVSURFKHQ ª,FKIUHXHPLFKVFKRQDXIVLH©VDJWHGDVDQGHUH ª:LUZHUGHQVLHXQVWHLOHQ©.LFKHUQIROJWH
-DQHV+HU]VFKODJKDWWHVLFKYHUYLHOIDFKW8QJHKHXHUVWDUNZDU GLH$QJVWJHZRUGHQ 'HU7RGLQ)RUPHLQHUVFKOHLPLJHQWURSIHQGHQXQI|UPLJHQ +DQGJULIIQDFKLKU'HU$UPGHV0RQVWHUVSHQGHOWHGLFKWYRU LKUHP*HVLFKW -HW]WMHW]WPXWHHU]XJUHLIHQ -DQH&ROOLQVVFKULHDXI 1HQQHQ6LHHV,QVWLQNWQHQQHQ6LHHV5HDNWLRQRGHUHLQIDFKQXU *OFN,FKZHLHVVHOEVWQLFKW $XVGHQ$XJHQZLQNHOQVDKLFKGHQ6FKODJKHUXQWHUVDXVHQ(U ZDUPLWXQJHKHXUHU:XFKWJHIKUWXQGKlWWHVLFKHUOLFKPHLQHQ 6FKlGHO]HUWUPPHUW ,PEXFKVWlEOLFKOHW]WHQ0RPHQWVFKQHOOWHLFKQDFKOLQNV 1RFKLP6SUXQJVWUHLIWHPLFKGHUVFKZHUH6FKUDXEHQVFKOVVHO ,FKKDWWHGDV*HIKOPHLQUHFKWHV2KUZUGHDEJHULVVHQGDQQ GU|KQWHGHU6FKOVVHODXIPHLQH6FKXOWHUNDQWHDEHUGDVPHUNWH LFKVFKRQJDUQLFKWGHQQGHUHUVWH6FKPHU]ZDU]XJUDXVDP]X VWHFKHQG ,FKILHO]X%RGHQ 6FKZHUXQJHOHQN+DWWH0KHHLQHQ6FKUHL]XXQWHUGUFNHQ 9RUPHLQHQ$XJHQWDQ]WHQGLFNH6FKOHLHUPHLQ6FKlGHOVFKLHQ H[SORGLHUHQ]XZROOHQ (VZDUJUDXVDP(LQ.LQGKlWWHPLUMHW]WGHQ5HVWJHEHQ N|QQHQ hEHUPLUK|UWHLFK)UDQN6FRWWVSUHFKHQª+LQ©PXUPHOWHHU ªGHULVWKLQ© (UOHJWHGHQ6FKUDXEHQVFKOVVHOZHJXQGULHEVLFKGLH+lQGH :LHWRWODJLFKDXIGHP%RGHQKLHOWGLH$XJHQKDOEJHVFKORVVHQ NlPSIWHJHJHQGLH6FKPHU]HQDQXQGEHREDFKWHWHGHQQRFK )UDQN6FRWWGHUPLUMHW]WGHQ5FNHQ]XZDQGWHXQGDQGDV NOHLQH5HJDOPLWGHP7HOHIRQJLQJ (UKREGHQ+|UHUDEXQGZlKOWHHLQH1XPPHU :HQQLFKPLFKNRQ]HQWULHUHK|UHLFKDP=XUFNODXIHQGHU :lKOVFKHLEHZHOFKH7HOHIRQQXPPHUGHU7HLOQHKPHUZlKOW:LH
JHVDJWGDVJHKWDEHUQXUZHQQLFKPLFKNRQ]HQWULHUHXQGQLFKW KDOEWRWELQ 6REHNDPLFKQXUGDV*HVSUlFKPLW'RFKHVZDUDXI VFKOXUHLFKJHQXJ )UDQN6FRWWQDKPDQHUKlWWHPLFKEHZXWORVJHVFKODJHQ 'HVKDOEUHGHWHHUIUHLXQGXQJHKHPPW ª6LQFODLUZDUEHLPLU©PHOGHWHHU (UK|UWH]XXQGODFKWHGDQQ ª1HLQHULVWQLFKWWRW,FKKDEHLKQEHZXWORVJHVFKODJHQ6ROO LFKLKQW|WHQ"© 3DXVH ,FKZDUJHVSDQQWDXIGLH$QWZRUW(UZUGH6FKZLHULJNHLWHQ KDEHQPLFKXP]XEULQJHQGHQQHVJLQJPLUEHUHLWVHWZDVEHVVHU DOVQRFKYRUZHQLJHQ0LQXWHQ ª$OVRGDQQEULQJHLFKLKQQLFKWXP©VDJWH)UDQN6FRWW6HLQH 6WLPPHNODQJGLUHNWWUDXULJª$EHUZDVVROOLFKGDQQWXQ"© (UK|UWHZLHGHU]X ª*XW©HUZLGHUWHHUQDFKHLQHU:HLOHª,FKEULQJHGLHVHQ 6LQFODLU]X,KQHQ3URIHVVRU:XQGHUEDU-DKHXWHDEHQG)HVVHOQ ZHUGHLFKLKQDXFKQLFKW,FKJODXEHNDXPGDHV6FKZLHULJ NHLWHQJLEW6RJHIlKUOLFKLVWGHUJDUQLFKW© ,FKK|UWHQLFKWPHKUKLQVRQGHUQNRQ]HQWULHUWHPLFKDXIHLQHQ hEHUUDVFKXQJVDQJULII'LHVHU7\SZUGHVLFKZXQGHUQ %HKXWVDPWDVWHWHLFKQDFKPHLQHPUHFKWHQ2KU,FKIKOWH%OXW DEHUHVZDUQRFKDOOHVGUDQ$XFKGHUUHFKWH$UPOLHVLFKEH ZHJHQ=ZDUVFKPHU]WHGLH6FKXOWHUQRFKXQGGDVZDUIUPLFK HLQ+DQGLNDSDEHULFKZDUVLFKHUGDLFKHLQHQ.DPSIEHU VWHKHQZUGH ª%LVKHXWHDEHQGGDQQ©VDJWH6FRWWXQGOHJWHGHQ+|UHUDXI ,FKKDWWHPHLQH%HLQHVFKRQDQJH]RJHQ ,QGHU'XQNHONDPPHUZDUHVQLFKWQXUHQJVRQGHUQGLH %HOHXFKWXQJWDXJWHDXFKQLFKWJHUDGHYLHO'LHhEHUUDVFKXQJ PXWHDOVRJHOLQJHQ )UDQN6FRWWGUHKWHVLFKXP 'DVFKQHOOWHQPHLQH%HLQHYRU 6FRWWPXWHGHQ7ULWWYROOQHKPHQ'LH6RKOHQERKUWHQVLFKLQ
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|KQWHGXPSI XQGEUDFKLQGLH.QLH 0LWGHQ+lQGHQYHUVXFKWHHUPHLQH%HLQH]XXPNODPPHP 7URW]GLHVHV7UHIIHUVZDUHUQLFKWJHVFKODJHQYHUVXFKWHVLFK JHJHQPLFKDXI]XOHKQHQ ,FKWUDWGLH+lQGH]XU6HLWH1RFKLPPHUVSUWHLFKGLH 6FKPHU]HQZROOWHLKQLQHLQHPHUVWHQZLOGHQ,PSXOVPLWHLQHP 7ULWWLQV5HLFKGHU7UlXPHVFKLFNHQGRFKLFKEHKHUUVFKWHPLFK LPOHW]WHQ$XJHQEOLFN:HQQLFKVRUHDJLHUWHVWHOOWHLFKPLFK OHW]WHQ(QGHVPLWGHQHQDXIHLQH6WXIHGLHLFKEHNlPSIWH 'DIUEFNWHLFKPLFKSDFNWHVHLQUHFKWHV+DQGJHOHQNXQGUL LKQKHUXP 'DV:HLWHUHJLQJEOLW]VFKQHOO+DQGVFKHOOHQKLQJHQLPPHUKLQ WHQDQPHLQHP*UWHO0LWHLQHUURXWLQLHUWHQKXQGHUWPDOJH EWHQ%HZHJXQJNOLFNWHLFKGLHVWlKOHUQH$FKWXPVHLQH*HOHQNH )UDQN6FRWWZDUEHUZlOWLJW 6HNXQGHQODQJOHKQWHLFKPLFKJHJHQGLH:DQG'HU.DPSI KDWWHPLFKGRFK]LHPOLFKPLWJHQRPPHQ0HLQUHFKWHU$UPKLQJ LPPHUQRFKDP.|USHUDOVZUGHHUPLUJDUQLFKWJHK|UHQ )UDQN6FRWWEHJDQQ]XWREHQ(UVFKULHEUOOWHXQGVFKOHX GHUWHPLU)OFKHHQWJHJHQ ,FKOLHLKQ
6FRWWK|UWHYRQDOOHLQDXI(UKRFNWHMHW]WDXIGHP%RGHQKDWWH GHQ.RSI]ZLVFKHQGLH6FKXOWHUQJH]RJHQXQGSHLOWHPLFKVFKUlJ YRQXQWHQDQ ª6WHKHQ6LHDXI©EHIDKOLFKª/RVPDFKHQ6LHVFKRQ© (UTXlOWHVLFKDXIGLH%HLQH6HLQH$UPHZDUHQDXIGHP5FNHQ JHIHVVHOW,FKIDWHLKQDQGHU6FKXOWHUXQGGUFNWHLKQGXUFKGLH VFKPDOH'XQNHONDPPHUWUKLQHLQLQGHQ:RKQUDXP'DV%LOG GHV3URIHVVRUVQDKPLFKPLW ,FKEOLFNWHGDV)RWRDQ(V]HLJWHGDV*HVLFKWHLQHVHWZDIQI ]LJMlKULJHQ0DQQHV'LHUHFKWH*HVLFKWVKlOIWHODJLP6FKDWWHQ GLHOLQNHVWDFKNODUXQGGHXWOLFKKHUYRU =DUFDGLPXWH]LHPOLFKNQRFKLJVHLQ'LHJHERJHQH1DVH VSUDQJKHUYRUZLHHLQ(UNHUGLHVFKPDOHQ/LSSHQZDUHQIHVWDXI HLQDQGHUJHSUHWXQGHULQQHUWHQDQGLH6FKQHLGHHLQHV0HVVHUV 'DV.LQQOLHIXQWHQVSLW]]XVDPPHQXQG]HLJWHLQGHU0LWWHHLQH VFKDUIH.HUEH9RQGHQ$XJHQNRQQWHLFKQLFKWYLHOHUNHQQHQ $XFKGDVDXIGHUKHOOHUHQ*HVLFKWVKlOIWHZDUEHUVFKDWWHW 6RYLHOLFKVHKHQNRQQWHWUXJGHU3URIHVVRUGLH+DDUHJODWW QDFKKLQWHQJHNlPPW'HU+DOVDQVDW]ZDUIDOWLJZLUNWHZLH HLQJHNHUEW ,FKYHUVWDXWHGDV%LOGLQPHLQHU,QQHQWDVFKH )UDQN6FRWWVDKPLFKDQDOVZROOWHHUPLFKMHGHQ0RPHQWDXI IUHVVHQ,FKKDWWHVHLQHQVFK|QHQ3ODQGXUFKNUHX]W3HFKIULKQ ,FKJULIIQDFKGHQ=LJDUHWWHQ ª$XFKHLQH"©IUDJWHLFK (UVFKWWHOWHGHQ.RSI ,FKKREGLH6FKXOWHUQXQGJ|QQWHPLUVHOEVWHLQ6WlEFKHQ'DQQ EHJDQQLFK]XVSUHFKHQª:DV6LHHEHQJHJHQPLFKXQWHUQRP PHQKDEHQZDUHLQUHLQHU0RUGYHUVXFK,FKKRIIHGDVZLVVHQ 6LH8QGZLVVHQ6LHDXFKZDVDXI0RUGYHUVXFKVWHKW"© 6FRWWV*HVLFKWYHU]HUUWHVLFK,FKVDKGHQ+DLQVHLQHQ$XJHQ IOLPPHUQª,FKZUGHHVLPPHUZLHGHUWXQ©VFKULHHUª,PPHU ZLHGHU© ª'LH&KDQFHLVWYRUEHL©HQWJHJQHWHLFKNDOWª,FKDQ,KUHU6WHOOH ZUGHPLUDEHUEHUOHJHQRE6LHPLUQLFKWYLHOOHLFKWKHOIHQ,FK N|QQWHGDQQVRHLQLJHVYHUJHVVHQ©
(UULGHQ0XQGDXIXQGNLFKHUWHIDVWODXWORVª9HUJHVVHQ":DV ZROOHQ6LHGHQQYHUJHVVHQ"(LQ7RWHUEUDXFKWQLFKWVPHKU]XYHU JHVVHQ8QG6LHVLQGVFKRQWRW© ª6LHZROOWHQPLFK]X,KUHP3URIHVVRUVFKOHSSHQ©VDJWHLFK (UVFKZLHJ ª'HQ*HIDOOHQNDQQLFK,KQHQJHUQHWXQ©UHGHWHLFKZHLWHU ª:LUIDKUHQ]XVDPPHQ1XUJHOWHQGDEHLPHLQH6SLHOUHJHOQ© 6FRWWEOLFNWHPLFKDQZLHHLQHQ*HLVWHVNUDQNHQ ª:LUIDKUHQPLWPHLQHP:DJHQ©IXKULFKIRUWª6LH]HLJHQPLU GHQ:HJXQGDOOHVDQGHUHZLUGVLFKHUJHEHQ,FKELQVLFKHUGD ZLUEHL,KUHP3URIHVVRUHLQLJHLQWHUHVVDQWH/HXWHILQGHQ=XP %HLVSLHO-DQH&ROOLQV© ,FKHUZlKQWHEHZXWGHQ1DPHQGHU'HWHNWLYLQGRFK)UDQN 6FRWWUHDJLHUWHQLFKW(UIUDJWHQLFKWHLQPDOZHUGLHVH-DQH &ROOLQVZDU:DKUVFKHLQOLFKKDWWHHUZLUNOLFKQRFKQLFKWVYRQLKU JHK|UW :HQQZLUDP$EHQGGDV=LHOHUUHLFKWKDEHQZROOWHQGDQQ PXWHQZLUMHW]WORVIDKUHQ$EHURKQH%HJOHLWXQJZROOWHLFKDXFK QLFKWZHJ %HYRULFKPLFKPLW)UDQN6FRWWDXIGHQ:HJPDFKWHPXWHLFK QRFK6XNR%HVFKHLGVDJHQ(UVROOWHPLUGDVJHEHQZDVPDQ 5FNHQGHFNXQJQHQQW 0LWHLQHP.UDFKIORJGLH7UDXISUDOOWHELV]XU:DQGWLFNWH ZLHGHU]XUFNXQGZXUGHYRQHLQHP)XJHVWRSSW ª+DOW© 'HU%HIHKOJHOOWHGXUFKGHQ5DXP 'HUVFKOHLPLJH$UPEHU-DQH&ROOLQVHUVWDUUWHZXUGH]XUFN JH]RJHQXQGGDQQGUHKWHQVLFKGLHEHLGHQ0RQVWHUXP 0LWZWHQGHQ6FKULWWHQWUDWGHU(LQGULQJOLQJQlKHU'LH 0RQVWHUZLFKHQ]XU6HLWH-DQHVDKGHXWOLFKGDVLH$QJVW KDWWHQ 6LHNDQQWHQGHQ0DQQGHULQV=LPPHUJHVWUPWZDU(VZDU GHUJHKHLPQLVYROOH*HLJHQVSLHOHUGHULKUXQG0DUN5DQJHULP 3DUNDXIJHODXHUWKDWWH
'LH'HWHNWLYLQVSUWHZLHLKUH.QLHZHLFKZXUGHQ$EHUQLFKW YRU$QJVWVRQGHUQYRU(UOHLFKWHUXQJ6LHKDWWHZLUNOLFKPLW LKUHP/HEHQDEJHVFKORVVHQ 'LHEHLGHQVFKOHLPLJHQ0RQVWHUGXFNWHQVLFK]XVDPPHQ 'DEHLQDKPHQVLHYRQHLQHU6HNXQGH]XUDQGHUHQYHUVFKLHGHQH *HVWDOWHQDQ:LUNWHQHLQPDOZLHHLQH.XJHOGDQQZLHGHUODQJ JH]RJHQRGHUELOGHWHQGLH)RUPHLQHU(OOLSVH 'HU*HLJHUVFKHXFKWHGLH0RQVWHUDXVGHP=LPPHU0LWHLQHP HQWVFKXOGLJHQGHP/lFKHOQZDQGWHHUVLFK-DQH&ROOLQV]Xª(V WXWPLUOHLGGDPHLQH)UHXQGH,KQHQHLQHQ6FKUHFNHQHLQJHMDJW KDEHQ©VDJWHHUªDEHUPDQGDUIVLHHEHQQLFKWDXVGHU.RQWUROOH ODVVHQ© -DQHJODXEWHGHP0DQQNHLQHLQ]LJHV:RUW(UVFKLHQVHKUZRKO JHZXW]XKDEHQZDVVHLQHEHLGHQ/LHEOLQJHWDWHQ:DKUVFKHLQ OLFKZROOWHHU-DQHQXUVFKRFNHQ 'LH3ULYDWGHWHNWLYLQULVLFK]XVDPPHQ6LHZROOWHLKUH$QJVW QLFKW]HLJHQVRQGHUQIUDJWHª:HUVLQG6LH"© 'HU0DQQYHUGUHKWHGLH$XJHQª(QWVFKXOGLJHQ6LHYLHOPDOV GDLFKPLFKQRFKQLFKWYRUJHVWHOOWKDEH(LQH3DQQHGLHXQWHU ]LYLOLVLHUWHQ0HQVFKHQQLFKWSDVVLHUHQGDUI0HLQ1DPHLVW =DUFDGL3URIHVVRU=DUFDGL0XVLNOLHEKDEHUQELQLFKHLQ%HJULII 0HLQ*HLJHQVSLHOLVWLQLQWHUQDWLRQDOHQ.UHLVHQDQHUNDQQW(V JLEW/HXWHGLHEH]HLFKQHQPLFKEHUHLWVDOV]ZHLWHQ3DJDQLQLIDOOV ,KQHQGHU1DPHHWZDVVDJW0LVV&ROOLQV© ª-D'HU7HXIHOVJHLJHU$QJHEOLFKVROOHUVRJDUPLWGHP6DWDQ LP%XQGHJHVWDQGHQKDEHQ© =DUFDGLEHJDQQ]XODFKHQª1LFKWQXUDQJHEOLFK(UKDWVHLQH 6HHOHGHP6DWDQYHUVFKULHEHQ© ª:LH6LHQHKPHLFKDQ© =DUFDGLOlFKHOWH(UKLHOWGHQ.RSIHWZDVJHVHQNWXQGEOLFNWH -DQHODXHUQGDQ 'HU3URIHVVRUWUXJGXQNOH.OHLGXQJ(LQHVFKZDU]HGUHL YLHUWHOODQJH-DFNHHLQHHQJH+RVHLQGHUJOHLFKHQ)DUEHXQG GXQNOH6FKXKH 'LH-DFNHKDWWHHLQHQ6WHKNUDJHQGHUELV]XP+DOVJH VFKORVVHQZDU
6HLQ+DDUZDUHEHQIDOOVGXQNHOXQGJODWWQDFKKLQWHQ JHNlPPW'LHKRFKVWHKHQGHQ:DQJHQNQRFKHQOLHHQGHQVODZL VFKHQ7\SHUNHQQHQGDV.LQQZDUVSLW]GLH1DVHVFKPDOXQG JHERJHQ %HVRQGHUVGLH+lQGHLQWHUHVVLHUWHQ-DQH6LHZDUHQVHKU VFKPDOMHGRFKPLWODQJHQNUlIWLJHQ)LQJHUQYHUVHKHQDXIGHUHQ 2EHUVHLWHQGXQNOH+lUFKHQZXFKVHQ ª=XIULHGHQPLWGHU0XVWHUXQJ"©HUNXQGLJWHVLFKGHU3URIHVVRU ª1HLQ© ª:DVIHKOW,KQHQ"© ª,FKEHUOHJHZLHLFKHV,KQHQEHJUHLIOLFKPDFKHQNDQQGD DXI0HQVFKHQUDXEHLQHVHKUKRKH6WUDIHVWHKWXQGGDVLFK .LGQDSSLQJQLFKWORKQW© =DUFDGLODFKWH(UPDFKWHHLQHZHJZHUIHQGH+DQGEHZHJXQJ ª.RPPHQ6LHPLUGRFKQLFKWGDPLW0LVV&ROOLQV,FKKDEHYRU ,KUHQ*HVHW]HQNHLQH$QJVW,FKEUDXFKHGDYRUNHLQH$QJVW]X KDEHQVDJHQZLUHVPDOVR8QGRELFK6LHHQWIKUHRGHUKXQGHUW DQGHUHGDVVSLHOWIUPLFKNHLQH5ROOH:LVVHQ6LHLUJHQGZDQQ YHUOLHUWVLFKGLH*U|HQRUGQXQJGDQQ]lKOWQXUQRFKGHU (UIROJ© ª8QGZLHVROOGHUEHL,KQHQDXVVHKHQ"©IUDJWH-DQH ª'HU(UIROJKHLW-RKQ6LQFODLU'DVOLHJWGRFKDXIGHU+DQG 6LHVLQGIUXQVQLFKWZLFKWLJ1XUDOV/RFNPLWWHO6LHN|QQHQXQV NHLQH6FKZLHULJNHLWHQEHUHLWHQ$EHU,KU)UHXQGGHUNDQQHV XQGHUKDWHVVFKRQRIWJHQXJEHZLHVHQ:LUZLVVHQDXFKZDVHU YRQ,KQHQKlOW0LVV&ROOLQV:HQQZLU6LHHQWIKUHQGDQQ KDEHQZLULKQDQVHLQHUVFKZlFKVWHQ6WHOOHJHWURIIHQ(UZLUG DOOHVWXQXP6LHZLHGHUKHUDXV]XSDXNHQ© ª:HQQ6LHVLFKGDPDOQLFKWWlXVFKHQ© ª1HLQ0LVV&ROOLQV,KUH(QWIKUXQJLVWMDQXUHLQZLQ]LJHV 5lGFKHQLPGlPRQLVFKHQ*HWULHEH7DWVlFKOLFKJHKWHVXPJDQ] DQGHUH'LPHQVLRQHQ6LHKlWWHQ2UOLQJWRQGHQQlFKVWHQ2UW VHKHQVROOHQGDQQZlUH,KQHQHLQLJHVNODUJHZRUGHQ© ª2UOLQJWRQ":ROLHJWGDV"© =DUFDGLOlFKHOWHª,FKZLOOHV,KQHQVDJHQ(VVSLHOWGRFKNHLQH 5ROOHPHKU%DOGZHUGHQ6LHHLQHYRQXQVVHLQXQGDOV%OWHLQ
PHLQHP*DUWHQVWHKHQ2UOLQJWRQOLHJWLQGHU*UDIVFKDIW6XIIRON LQGHQ|VWOLFKHQ$XVOlXIHUQGHU(DVW$QJOLDQ+HLJKWVDOVR]LHP OLFKZHLWYRQ/RQGRQHQWIHUQW:LUVLQGKLHUJDQ]XQWHUXQV,FK KDEHKLHU]XEHVWLPPHQ©=DUFDGLVWULFKVLFKEHUGLH6WLUQª8QG VFKPLQNHQ6LHVLFKGHQ*HGDQNHQDQGLH3ROL]HLDE0LVV&ROOLQV (VJLEWKLHUNHLQH3ROL]HL8QGZHQQGDQQKlOWVLH]XPLU6LH VHKHQDOVR6LHVLQGXQWHU)UHXQGHQ© ª'LHLFKPLUYHUGDPPWQLFKWDXVJHVXFKWKDEH© ª7MDPDQFKPDOJHKWGDV6FKLFNVDOHEHQVHOWVDPH:HJH©'LH 6WLPPHGHV*HLJHUVWURIIYRU=\QLVPXV ª8QG6LHVLQGGHU0HLQXQJGD-RKQ6LQFODLUIUHLZLOOLJLQGLH +|KOHGHV/|ZHQVSD]LHUW"© =DUFDGLKREGLH6FKXOWHUQª(VEOHLEWLKPJDUQLFKWVDQGHUHV EULJ6LQFODLULVWLQWHOOLJHQWHUZLUGEDOGKHUDXVILQGHQZRKLQ GLH6SXUHQIKUHQ(UOlXIWXQVDOVRIUHLZLOOLJLQV1HW]8QGKLHU LVWDOOHVYRUEHUHLWHW© -DQHDWPHWHWLHIHLQ'LHVHU0HQVFKYRULKUVSUDFKPLWVROFK HLQHU6LFKHUKHLWGDHVLKUVFKDXGHUWH(UZXWHJHQDXZDVHU ZROOWHXQGHUKDWWH-RKQ6LQFODLUULFKWLJHLQJHVFKlW]W'HU *HLVWHUMlJHUZUGHNHLQH0LQXWHUXKHQELVHULKU-DQHV 9HUVWHFNKHUDXVJHIXQGHQKDWWH 8QGGDQQOLHIHULQGLH)DOOH $EHU-DQHJDEQLFKWDXIDXFKZHQQVLHVLFKHUVWHLQPDOLQGDV XQYHUPHLGEDUH6FKLFNVDOIJWH6LHZUGHDXIDOOH)lOOHYHU VXFKHQGLH)OXFKW]XHUJUHLIHQXP-RKQ]XZDUQHQ6LHZROOWH NHLQH%OXPHLQ=DUFDGLV+RUURU*DUWHQZHUGHQ ª:DVKDEHQ6LHPLWPLUYRU"©IUDJWHVLH ª6LHZHUGHQHUVWHLQPDOPHLQ*DVWVHLQ0LVV&ROOLQV,FK]HLJH ,KQHQPHLQHQ*DUWHQPHLQ+DXVXQGVROOWHQ6LHDQ)OXFKWGHQ NHQVRVFKODJHQ6LHVLFKGHQ*HGDQNHQJOHLFKDXVGHP.RSI(V JLEWIU6LHNHLQH&KDQFHYRQKLHU]XIOLHKHQ0HUNHQ6LHVLFK GDV,FKKDEHGLHEHVWHQ:lFKWHUGLHHVJLEW© ª'LHEHLGHQVFKOHLPLJHQ0RQVWHUXQGGLH(XOHQPLWGHQEOX WLJHQ$XJHQ"© =DUFDGLOlFKHOWHZLVVHQGª1LFKWQXUGLH$EHUIROJHQ6LHPLU ZLUZROOHQXQVGLH=HLWHLQZHQLJYHUWUHLEHQ©
-DQH&ROOLQVOLHVLFKYRQGHUlXHUHQ)DVVDGHQLFKWWlXVFKHQ 'LHJODWWH+|IOLFKNHLWZDUQXUJHVSLHOW'LHVHU0DQQZUGH NHLQH6NUXSHOKDEHQVLH]XW|WHQ'DEHLVWHOOWHVLFKGLH)UDJHRE VLHEHUKDXSWHLQHQ0HQVFKHQYRUVLFKKDWWH2GHUZDUHUYLHO OHLFKWHLQ'lPRQ" ª(LQH)UDJHKlWWHLFKQRFK©VDJWHGLH'HWHNWLYLQ ª%LWWHVHKU© ª:DUXPKDEHQ6LH-RKQ6LQFODLUQLFKWGLUHNWHQWIKUW":DUXP VLQG6LHGLHVHQ8PZHJEHUPLFKJHJDQJHQ"© ª'DPXLFK,KQHQHLQH1LHGHUODJHHLQJHVWHKHQ0LVV&ROOLQV :LUKDEHQYHUVXFKWGHQ*HLVWHUMlJHU]XNLGQDSSHQ/HLGHULVWHV XQVPLOXQJHQ,FKVHOEVWKDEHLQGHU7LHIJDUDJHDXILKQJHODXHUW ,FKKDEHLKPDXFKPHLQH%OXWHXOHJHVFKLFNW(VKDWQLFKWV JHQXW]W(VLVW]ZHLPDOVFKLHIJHJDQJHQ(LQPDOZDUGHU=XIDOO JHJHQPLFK(LQ+DXVEHZRKQHULVWDXIJHWDXFKWXQGKDWLKQ RKQHHV]XZLVVHQJHUHWWHW$EHUGDVZLUGVLFKDOOHVlQGHUQ© 3URIHVVRU=DUFDGLZDUVFKRQYRUDQJHJDQJHQ$QGHU7UEOLHE HUVWHKHQª%LWWH0LVV&ROOLQVNRPPHQ6LH'HU5XQGJDQJZLUG IU6LHVLFKHUOLFKVHKULQWHUHVVDQWVHLQ© ,FKOLHIHUWH)UDQN6FRWWYRUEHUJHKHQGLP8QWHUVXFKXQJV JHIlQJQLVGHV
3RZHOO]HLJWHVLFKEHVRUJWª:ROOHQ6LHZLUNOLFKDOOHLQGLHVHV /DQGKDXVDXIVXFKHQ"© ª1HLQQLFKWDOOHLQ6XNRZLUGPLU5FNHQGHFNXQJJHEHQ© 3RZHOOZLQNWHDEª,FKGHQNHGDHKHUDQHLQHJURH3ROL]HL DNWLRQ© ª(LQJURHV3ROL]HLDXIJHERWZlUHYLHO]XDXIIlOOLJ:LUZUGHQ QLFKWVILQGHQ6LU© 3RZHOOVFKOXJPLWGHU+DQGDXIGHQ6FKUHLEWLVFKGDVHLQ*ODV PLW0LQHUDOZDVVHUWDQ]WHª$EHUGDUDXIZDUWHQGLHVH+DOXQNHQ GRFKQXUGD6LHDOOHLQHUVFKHLQHQ© ª6LFKHU©JDELFK]Xª$EHULFKZHLDXFKZDVPLFKHUZDUWHW 8QGGDVLVWGDV*XWH(LQHHUNDQQWH*HIDKULVWQXUHLQHKDOEH *HIDKUVRVDJWPDQGRFKRGHU"© 3RZHOOZLHJWHGHQ.RSIª0LUJHIlOOWGDVDOOHVQLFKW,FKZHL QLFKWVRUHFKW'LHVHU*HLJHULVWYHUGDPPWPlFKWLJ'HUZLUG ,KQHQ]XVFKDIIHQPDFKHQ-RKQ© ,FKOlFKHOWHª6LHVROOWHQQLFKWVRSHVVLPLVWLVFKVHLQ6LU,FK ZHUGH6LHDXIMHGHQ)DOOWHOHIRQLVFKDXIGHPODXIHQGHQKDOWHQ DEJHPDFKW"© ª0HLQHQ6HJHQKDEHQ6LH©3RZHOOUHLFKWHPLUGLH+DQGª8QG YLHO*OFNPHLQ-XQJH,FKJODXEHGLHVPDOJHKWHVZLUNOLFKXP DOOHV© 6HOWHQKDWWHLFKPHLQHQ&KHIVREHVRUJWJHVHKHQ0LUUDQQ UHJHOUHFKWHLQH*lQVHKDXWEHUGHQ5FNHQ,FKELQZDKUKDIWLJ QLFKWDXIGHQ0XQGJHIDOOHQGRFKGLHVPDOEUDFKWHLFKQXUHLQ SDDUJHVWDPPHOWH$EVFKLHGVZRUWHKHUYRU ,QPHLQHP%URZDUWHWHVFKRQ6XNR,FKKDWWHLKQDQJHUXIHQ XQGHUOLHVLFKYRQ*OHQGD3HUNLQVPLW7HHYHUVRUJHQ*OHQGD KDWWHLKU8QEHKDJHQJHJHQEHU6XNRQRFKQLFKWEHUZXQGHQ ,PPHUZLHGHUEHWUDFKWHWHVLHLKQPLWVFKHXHQ6HLWHQEOLFNHQ,FK PX]XJHEHQZHU6XNRQLFKWNDQQWHGHUKLHOWLKQIUHLQHQ .LQGHUVFKUHFN6XNRNRQQWH%lXPHDXVUHLHQXQGQLFKWVHOWHQ EHNlPSIWHHU'lPRQHQPLWEORHQ)lXVWHQ'DQQIORJHQGLH )HW]HQXQGHVEOLHENHLQ$XJHWURFNHQ *HUDGHLQGHPQHXHQ)DOOZROOWHLFKDXI6XNRV+LOIHNHLQHVIDOOV YHU]LFKWHQ6XNRVROOWHPLUSUDNWLVFKDOV]ZHLWHU0DQQIROJHQ
8QG]ZDUDXIVHLQHU+DUOH\'DYLGVRQ'D6XNRHWZDVJHJHQ $XWRVKDWWHXQGGRFKEHZHJOLFKVHLQPXWHKDWWHHUGLHVH 0DVFKLQHHUKDOWHQ,QGLHVHP)DOOZROOWHHUVLH]XPHUVWHQ0DO HLQVHW]HQ 6XNRWUXJVFKRQVHLQH0RWRUUDGNOXIW6FKZDU]JUQHVGLFNHV /HGHU]HXJ'D]X6WLHIHOXQGHLQHQ+HOPPLWHLQJHIDWHP9LVLHU 'HQ+HOPKDWWHHUDOOHUGLQJVDXIGHQ.QLHQOLHJHQDOVLFKGDV =LPPHUEHWUDW ª'DVLQG6LHMD©VDJWH*OHQGD ª:LHVR"+DWPHLQ)UHXQG6LHJHODQJZHLOW"©,FKJULQVWH *OHQGD]RJGLH/XIWGXUFKGLH1DVHHLQXQGUDXVFKWHDQPLU YRUEHL ª'LHPDJPLFKQLFKW©PHLQWH6XNR ,FKGHXWHWHDXIGLH7DVVHª'DQQGDUIVWGXDXFKQLFKWYRQ LKUHP7HHWULQNHQ© ª'DVLVWZDVDQGHUHV'HQKDWVLHPLUMDQXUJHEUDFKWGDPLWLFK ]XIULHGHQELQ©6XNRQDKPHLQHQ6FKOXFNª,VWDEHUSULPD© ª6DJLFKGRFK©,FKVHW]WHPLFKXQGJ|QQWHPLUHLQH=LJDUHWWH 0HLQ%OLFNVFKZHLIWHGXUFKGDV)HQVWHU$P+LPPHOVHJHOWHQ JUDXH:RONHQ6LHODJHQLQPHKUHUHQ6FKLFKWHQEHUHLQDQGHU XQGKLQJHQ]LHPOLFKWLHI(VVDKQDFK5HJHQDXV6FKQHHZUGH HVQLFKWJHEHQGD]XZDUHV]XZDUP 6XNRKDWWHVFKRQHLQH.DUWHDXIPHLQHP6FKUHLEWLVFKDXV JHEUHLWHWXQGGHQ:HJHLQJH]HLFKQHW'LH.XJHOVFKUHLEHUOLQLH YHUOLHIYRQ/RQGRQDXVJHVHKHQLQ5LFKWXQJ1RUGRVWHQ ª'LHVHVNRPLVFKH/DQGKDXVNRQQWHLFKQLFKWILQGHQ,FKPHLQH GHQ2UWGHULQGHU1lKHOLHJW© ,FKEOLFNWH6XNRDQª2UOLQJWRQKHLWGHU"© ª-D© ª0DFKWQLFKWV©VDJWHLFKª6FRWWZHUGHQZLUMDPLWQHKPHQ 8QGGHUZDUQLFKW]XPHUVWHQPDOGD© ª8QGZDVVROOLFKWXQ"© ,FKWLSSWH6XNRJHJHQGLHEUHLWH%UXVWª'XNDQQVW3IDGILQGHU VSLHOHQ:LHLFKGHLQ*HVSUNHQQHILQGHVWGXGDV/DQGKDXVPLW KXQGHUWSUR]HQWLJHU6LFKHUKHLW© ª1RFKZDVXQGLFKPXODFKHQ©PHLQWH6XNR
ª+DVWGXHLJHQWOLFK%LOO&RQROO\LQIRUPLHUW"© 6XNRZHKUWHDEª8P+LPPHOVZLOOHQQHLQ'DZlUHPLU GRFKVHLQH)UDXDQGHQ+DOVJHVSUXQJHQ6KHLODKDWGLH1DVH QRFKYRPOHW]WHQPDOYROO$XHUGHPZLOOLFKHLQHUZHUGHQGHQ 0XWWHUQLFKWGHQ0DQQZHJQHKPHQ© %LOOXQG6KHLOD&RQROO\ZDUHQPHLQHlOWHVWHQ)UHXQGH9RUVHL QHU+HLUDWKDWWHLFKPLW%LOOGLHWROOVWHQ6DFKHQJHGUHKWNHLQ*LUO ZDUYRUXQVVLFKHUJHZHVHQ$EHUZLUZXUGHQlOWHULFKHUKLHOW PHLQHQ6SH]LDOMREXQG%LOO&RQROO\GHU5HSRUWHUEHJOHLWHWH PLFKRIW(UKDWWHDXFKPDQFKHQ'lPRQ]XU+|OOHJHVFKLFNW 8QGEHLHLQHPGLHVHU)lOOHOHUQWHHU6KHLODVHLQHMHW]LJH)UDX NHQQHQ'DKDWWHHV%LOOHUZLVFKW+DOVEHU.RSIYHUNQDOOWHHU VLFKLQGDVJXWDXVVHKHQGH*LUO(VNDPZLHHVNRPPHQPXWH +HLUDW%LOOJDEVHLQHQ-REDXIGD6KHLODHLQ0LOOLRQHQYHUP|JHQ PLWLQGLH(KHJHEUDFKWKDWWH-HW]WDUEHLWHWHHUDOVIUHLHU 0LWDUEHLWHUIUGLHJU|WHQ,OOXVWULHUWHQGHU:HOW:HQQHUHLQHQ %HULFKWYHUIDWHGDQQULPDQLKPGHQI|UPOLFKDXVGHU+DQG ,FKYHUVWDQGPLFKPLW6KHLODVHKUJXW1XUZHQQ%LOOPDOPLW DXI'lPRQHQMDJGJLQJGDQQJDEHVbUJHU6KHLODKDWWH$QJVWXP LKUHQ0DQQ9HUVWlQGOLFK$EHUPDQFKPDOSDFNWHHV%LOO'D ZXUGHHUZLHGHULQGHQ6WUXGHOGlPRQLVFKHU(UHLJQLVVHPLWKLQ HLQJH]RJHQ 0HLQH*HGDQNHQNRQ]HQWULHUWHQVLFKZLHGHUDXIGLH *HJHQZDUW6XNRIDOWHWHGLH.DUWH]XVDPPHQ ª,FKZHUGHHLQHDQGHUH6WUHFNHQHKPHQ©HUNOlUWHHUª,UJHQG MHPDQGZLUGPLUGHQ:HJ]XGLHVHPNRPLVFKHQ/DQGKDXVVFKRQ ]HLJHQ© 6XNRZDUZLHLPPHU]XYHUVLFKWOLFKhEHUKDXSWKDWWHLFKLKQ QRFKQLHEHLVFKOHFKWHU/DXQHHUOHEWXQGHVZDUVFKRQPDQFKHV 0DOYHUGDPPWKDUWKHUJHJDQJHQ :LUYHUDEVFKLHGHWHQXQVYRQHLQDQGHUPLWHLQHPNUlIWLJHQ +lQGHGUXFN1LHPDQGYRQXQVEHLGHQDKQWH]XGLHVHP=HLW SXQNWGDHVHLQODQJHU$EVFKLHGZHUGHQVROOWH ,FKIXKUKLQXQWHULQGHQ=HOOHQWUDNW)UDQN6FRWWVDKPLU VWXPPHQWJHJHQ1XUXPVHLQH/LSSHQVSLHOWHHLQE|VHV /lFKHOQ
ª.RPLVFKHU.DX]GHQ6LHPLUGDLQGLH=HOOHJHVHW]WKDEHQ© VDJWHGHU]XVWlQGLJH.ROOHJHª'HU.HUOTXDVVHOWXQXQWHUEURFKHQ YRP7HXIHOXQGZDVZHLLFKQLFKWDOOHV© ,FKQLFNWHª-DHVJLEWVFKRQVHOWVDPH6SH]LHV©,FKJLQJQLFKW QlKHUDXIGHQ*HIDQJHQHQHLQVRQGHUQKROWHLKQDXVGHU=HOOH ª:ROOHQ6LHPLU+DQGVFKHOOHQDQOHJHQ"©IUDJWH)UDQN6FRWW ELVVLJ 9RQGHU6HLWHKHUEOLFNWHLFKLKQDQª,FKZHUGHHV]XHUVWRKQH YHUVXFKHQ6ROOWHQ6LHLUJHQGZHOFKH6FKZLHULJNHLWHQPDFKHQ JLEWHVbUJHU© (UNLFKHUWHª.HLQH$QJVW%XOOHLFKHQWWlXVFKH6LHVFKRQQLFKW :DVDXI6LHZDUWHWLVWVFKOLPPJHQXJ© ,FKJDENHLQH$QWZRUWVRQGHUQGUFNWHLKQLQGHQ)DKUVWXKO 3URIHVVRU=DUFDGLIKUWH-DQH&ROOLQVHLQHJHZXQGHQH7UHSSH KLQXQWHU9RQGHQEHLGHQ0RQVWHUQZDUQLFKWVPHKU]XVHKHQ )DVWPDFKWHGLHVHV/DQGKDXVHLQHQQRUPDOHQ(LQGUXFN$EHU QXUIDVW 6HOWVDPXQGEHGUFNHQGZDUGLH6WLOOHGLHVLFKZLHHLQH/DVW DXI-DQH&ROOLQVOHJWH6LHVSUWHGDKLHUGDV%|VHODXHUWHGD HVXQVLFKWEDULQ]DKOUHLFKHQ(FNHQXQG:LQNHOQKRFNWHXQGGDV /DQGKDXVZLHHLQHVFKDXULJH$XUDXPJDE 'HU3URIHVVRUEOLHELPPHUHLQHQ6FKULWWKLQWHULKU/DXWORVVWLHJ HUGLH6WXIHQKLQXQWHU6HLQHOLQNH+DQGODJGDEHLDXIGHPJH GUHFKVHOWHQJODWWHQ*HOlQGHUGHUUHFKWH$UPKLQJDP.|USHU KHUDE 'LH7UHSSHPQGHWHLQHLQHJURH+DOOH,QGHQKRKHQ)HQVWHUQ VDHQNOHLQHYLHUHFNLJH%OHLJODVVFKHLEHQ6LHILOWHUWHQHLQHQ JURHQ7HLOGHV/LFKWV'LHEUHLWH(LQJDQJVWUEHVWDQGDXVGXQ NOHP+RO]9RQGHU+DOOHIKUWHQPHKUHUH7UHQDE6LHZDUHQ DOOHJHVFKORVVHQ *URHIDUEHQIUHXGLJH%LOGHUYHU]LHUWHQGLH:lQGH'LH *HPlOGH]HLJWHQGXUFKZHJ6]HQHQDXVGHP.ULHJVJHVFKHKHQ JUDXVDPH6FKODFKWHQ7RGXQG9HUQLFKWXQJ'DV%|VHEHKLHOWDXI GHQ%LOGHUQLPPHUGLH2EHUKDQGGHU7HXIHOWULXPSKLHUWH
.DOWSUlVHQWLHUWHVLFKGHU0DUPRUERGHQGHU+DOOH'LH JHOEOLFKZHLH)DUEHVWDQGLQVFKDUIHP.RQWUDVW]XGHQGXQNOHQ 0|EHOQ'LH6WKOHGLHHLQHQRIIHQHQ.DPLQIODQNLHUWHQEHVWDQ GHQDXV0DKDJRQLKRO] 'HU/HXFKWHUDQGHUKRKHQ+DOOHQGHFNHZDUPLW]DKOUHLFKHQ .HU]HQJHVSLFNW9RQGHQYHU]ZHLJWHQ$UPHQKLQJHQXQ]lKOLJH NOHLQH*ODVSOlWWFKHQ6LHNOLUUWHQEHLMHGHP:LQG]XJJHJHQ HLQDQGHU ª*HIlOOWHV,KQHQ0LVV&ROOLQV"©HUNXQGLJWHVLFKGHU3URIHVVRU (UKDWWHVLFKYRUGLH'HWHNWLYLQJHVWHOOWXQGKLHOWVHLQH+lQGHDXI GHP5FNHQYHUVFKUlQNW6HLQH6WLPPHNODQJODXWREZRKOHULP QRUPDOHQ7RQIDOOJHVSURFKHQKDWWH'LH+DOOHZDUVFKOHFKWLVR OLHUW(VIHKOWHQGLH9RUKlQJHGLHGLH*HUlXVFKHGlPSIWHQ -DQHVFKWWHOWHGHQ.RSIª:DVHUZDUWHQ6LHHLJHQWOLFKIUHLQH $QWZRUWYRQPLU0U=DUFDGL":LHNDQQHVPLULQHLQHP*H IlQJQLVJHIDOOHQ"© =DUFDGLOlFKHOWHGQQª6LHVROOWHQGDVDOOHVQLFKWVRHQJ VHKHQ0LVV&ROOLQV)UHLQ*HIlQJQLVKDOWHLFKPHLQ+DXVQXQ ZLUNOLFKQLFKW© ª)UZDVGHQQGDQQ"© ª6DJHQZLUIUHLQH$UWhEHUJDQJVVWDWLRQ$EHUNRPPHQ6LH LFKZHUGH,KQHQPHLQ3UXQNVWFNGHQ*DUWHQ]HLJHQ9LHOOHLFKW JHIlOOW,KQHQGHUEHVVHU©(UOHJWH-DQHVHLQH+DQGDXIGLH 6FKXOWHU'LH'HWHNWLYLQVFKWWHOWHVLFK =DUFDGLPHUNWHHVª6LHVLQG]XVHQVLEHO0LVV&ROOLQV9RQ HLQHU3ULYDWGHWHNWLYLQKlWWHLFKGDVQLFKWJHGDFKW© ª0DQNDQQVLFKWlXVFKHQ© :lKUHQGGHV'LDORJVKDWWHQVLHGLH7UHUUHLFKW=DUFDGLKROWH HLQHQ6FKOVVHOKHUYRUXQGVFKORDXIª%LWWHVHKU0LVV&ROOLQV© -DQHWUDWLQV)UHLH(LQHEUHLWH7UHSSHIKUWHLQGHQYHUZLOGHU WHQ*DUWHQ'LH6WHLQVWXIHQ]HLJWHQVFKRQ5LVVH(EHQVRZLHGDV *HOlQGHUGHVVHQ+DQGODXIYRQ6lXOHQJHVWW]WZXUGH -DQH&ROOLQVILHOVRIRUWGLH/XIWDXIGLHEHUGHP*DUWHQODJ 6LHZDUVHOWVDPGUFNHQGXQGIHXFKWHUVFKZHUWHGDV$WPHQ 3URIHVVRU=DUFDGLZDUKLQWHUGHU'HWHNWLYLQVWHKHQJHEOLHEHQ (USILIIHLQPDOGXUFKGLH=lKQH
9RQHLQHPQDKHQ%DXPO|VWHVLFKHLQJURHU9RJHO(UEUHLWHWH GLH6FKZLQJHQDXVXQGVHJHOWHQlKHU %OXWURWH$XJHQOHXFKWHWHQEHUGHPVSLW]HQ6FKQDEHO8QZLOO NUOLFK]RJGLH'HWHNWLYLQGHQ.RSIHLQDOVGLH(XOHDXIVLH ]XIORJ 'RFKGDV7LHUZLVFKWHEHUVLHKLQZHJXQGQDKPDXIGHU UHFKWHQ6FKXOWHUGHV3URIHVVRUV3ODW] ª0HLQ:lFKWHU©HUNOlUWH=DUFDGLª1XUIUGHQ)DOOGD6LH 'XPPKHLWHQYRUKDEHQ© (UJLQJGLH7UHSSHKLQXQWHU+RFKDXIJHULFKWHWZLHHLQ.|QLJ (VJDENHLQHJHSIOHJWHQ:HJHLQGLHVHPYHUZLOGHUWHQ*DUWHQ 1XUHLQHQ7UDPSHOSIDGGHUELV]XP+DXVIKUWH'LH%lXPH VWDQGHQGLFKWDQGLFKW9LHOHYRQLKQHQWUXJHQVFKRQHLQ %ODWWZHUNREZRKOGHU9RUIUKOLQJHUVWVHLQH]DJKDIWHQ9HUVXFKH XQWHUQDKPGLHZLQWHUOLFKHUVWDUUWH1DWXUZLHGHU]XP/HEHQ]X HUZHFNHQ 'LH%HODXEXQJGHU%lXPHJHK|UWHDXFK]XGHQ5lWVHOQGLH -DQH&ROOLQVQLFKWYHUVWDQG 6HKUGLFKWSUlVHQWLHUWHVLFKGDV8QWHUKRO](VZXFKHUWH ]ZLVFKHQGHQ%DXPVWlPPHQPDFKWHDXVGHP*DUWHQHLQHQ UHJHOUHFKWHQ'VFKXQJHOPLWLQHLQDQGHUYHUILO]WHQ%VFKHQXQG 6WUlXFKHUQ]ZLVFKHQGHQHQZLOGHV*UDVXQG)DUQNUDXWZLHHLQ 7HSSLFKZXFKV 'DV7UHLEKDXVGDV-DQH&ROOLQVYRP)HQVWHUDXVJHVHKHQKDWWH NRQQWHVLHDXVGLHVHU3HUVSHNWLYHQLFKWHUNHQQHQ%DXPVWlPPH XQGGLFKWHV8QWHUKRO]YHUZHKUWHQGLH6LFKW 'LH%OXWHXOHKRFNWHXQEHZHJOLFKDXI=DUFDGLV6FKXOWHU6LH KDWWHGHQ.RSIJHGUHKWVRGDVLH-DQH&ROOLQVLPPHUEHREDFK WHQNRQQWH 'LH'HWHNWLYLQIKOWHVLFKLQGHU8PJHEXQJlXHUVWXQZRKO 2EZRKOVLHVLFKLQHLQHPJURHQ*DUWHQEHIDQGHQXQG=DUFDGL VHLQHQGlPRQLVFKHQ:LOOHQDXFKGHQ7LHUHQDXI]ZLQJHQNRQQWH YHUQDKP-DQHNHLQH9RJHOVWLPPHQXQGDXFKNHLQHDQGHUHQ 7LHUODXWH 1DKH]XVWLOOSUlVHQWLHUWHVLFKGHU!'VFKXQJHO 6LHWDXFKWHQLQGHQ:DOGHLQ=ZHLJHVFKLHQHQQDFK-DQH
JUHLIHQ]XZROOHQ'LVWHOQKDNWHQVLFKLP6WRIIGHV.OHLGHVIHVW 'HU+LPPHOZDUNDXP]XVHKHQ6DWWJUQH%DXPNURQHQYHU ZHKUWHQGHQ%OLFN )DUQXQG*UDVUDVFKHOWHQDOV=DUFDGLPLWVHLQHU*HIDQJHQHQ GXUFKGHQ:DOGVFKULWW(UVFKOXJGHQ:HJQDFKOLQNVHLQ VWDPSIWHGXUFKGDV8QWHUKRO]ZLHHLQ)KUHUGXUFKGHQ8UZDOG 8QGZLHGHUGDFKWH-DQH&ROOLQVDQ)OXFKW9RUVLFKVDKVLH =DUFDGLV5FNHQXQGVHLQHQ1DFNHQ8QJHVFKW]WERWHUVLFK LKUHQ%OLFNHQ -DQH&ROOLQVEHKHUUVFKWH.DPSIWHFKQLNHQ.DUDWH-XGR.DUDWH EHGHXWHWHDXFK+DQGNDQWHQVFKOlJH3OD]LHUWDQJHVHW]WVFKLFNWHQ VLHHLQHQ0HQVFKHQLQV5HLFKGHU7UlXPH $XJHQEOLFNOLFKVHW]WHGLH'HWHNWLYLQLKUH,GHHLQGLH7DWXP :LHHLQH6SUXQJIHGHUVFKQHOOWHVLHQDFKYRUQOLHGLHJH NUPPWH+DQGGXUFKGLH/XIWSIHLIHQXQGWUDI 3URIHVVRU=DUFDGLILHOQDFKYRUQVDFNWHPLWHLQHPbFK]ODXWDXI GHQ/LSSHQ]XVDPPHQXQGEOLHEOLHJHQ :LOGIODWWHUQGHUKREVLFKGLH(XOHYRQVHLQHU6FKXOWHU$XFKVLH ZDUYRQ-DQHV$NWLRQEHUUDVFKWZRUGHQ 'LH'HWHNWLYLQUDQQWHQDFKUHFKWV6LHYHUVXFKWHZLHGHUDXIGLH +|KHGHV+DXVHV]XJHODQJHQXPGDQQLQHQWJHJHQJHVHW]WHU 5LFKWXQJZHLWHU]XODXIHQ6LHQDKPDQGDVLHLUJHQGZDQQDXI HLQ7RUWUHIIHQZUGHGDVDXVGLHVHPYHUGDPPWHQ*DUWHQKLQ DXVIKUWH +LQWHUVLFKYHUQDKPVLHHLQKHLVHUHV.UlFK]HQ'DVPXWHGLH (XOHDXVJHVWRHQKDEHQGLHVLFKHUGLH9HUIROJXQJDXIQHKPHQ ZUGH *HGXFNWUDQQWH-DQHZHLWHU'HU%RGHQZDUXQHEHQ.QRUULJH JODWWH:XU]HOQUDJWHQZLH+|FNHUGDUDXVKHUYRU-DQHPXWH VSULQJHQZLHHLQ+DVHWDXFKWHXQWHUWLHIKlQJHQGHQ=ZHLJHQ KLQZHJKXVFKWHDQYHUZDFKVHQHQJHVSHQVWLVFKDXVVHKHQGHQ %DXPVWlPPHQYRUEHLXQGlQGHUWHGLH5LFKWXQJDOVVLHJODXEWH XQJHIlKUDXI+|KHGHV+DXVHV]XVHLQ 1DFKHLQSDDU6FKULWWHQEOLHEVLHVWHKHQ9HUZLUUWVDKVLHVLFK XP$OOHVVDKJOHLFKDXV1LFKWVZDUGDZRQDFKVLHVLFKKlWWH RULHQWLHUHQN|QQHQ'HU:DOGHEHQQRFKUXKLJZDUMHW]W]X
HLQHPJHVSHQVWLVFKHQ/HEHQHUZDFKWhEHUDOOLP*HEVFK UDVFKHOWHXQGEHZHJWHVLFKHWZDV'RFK-DQHVDKQLFKWVVRVHKU VLHVLFKDXFKDQVWUHQJWH :LHGHUGDV.UlFK]HQ 6RJDUJDQ]LQLKUHU1lKH 'LH%OXWHXOHZDUGD *HKHW]WEOLFNWHVLFK-DQH&ROOLQVXP'DVWRFNWHLKUGHU$WHP 6LHVDKQLFKWQXUHLQH%OXWHXOHVRQGHUQJOHLFK]ZHL5HFKWVXQG OLQNVYRQLKUKRFNWHQVLHDXIDUPGLFNHQ%DXPlVWHQVWDUUWHQVLH PLWLKUHQJOKHQGHQ$XJHQXQYHUZDQGWDQ $EHU-DQHJDEQLFKWDXI6LHZDUIVLFKKHUXPUDQQWHZHLWHU 'LH(XOHQIODWWHUWHQYRQLKUHQbVWHQVFKOXJHQKHIWLJPLWLKUHQ )OJHOQNU]WHQGHQ:HJDEXP-DQHLQGLH=DQJH]XQHKPHQ 3O|W]OLFKEHIDQGHQVLHVLFKYRUGHU'HWHNWLYLQVFKQLWWHQLKUGHQ :HJDE ª1HLQYHUGDPPW©]LVFKWH-DQHª6RHLQIDFKEHNRPPWLKUPLFK QLFKW©6LHEOLHEVWHKHQ,KU$WHPIORJ'LFKWYRULKUVDKVLHHLQHQ $VWDXIGHP%RGHQOLHJHQ5DVFKKREVLHLKQDXIXQGEHKLHOWLKQ VFKODJEHUHLWLQGHU+DQG 'DQQOLHIVLHZHLWHU 3IHLOVFKQHOOVFKRGLHOLQNH(XOHDXIVLH]X6LHKDWWHLKU0DXO DXIJHULVVHQ-DQHVDKGLH5HL]lKQHPLWGHQHQGLH(XOHQRUPD OHUZHLVH0lXVHVFKOXJ $XVYROOHP/DXIGURVFKGLH'HWHNWLYLQ]X'HUVFKZHUH$VW NUDFKWHJHJHQGHQ.|USHUGHU(XOHZDUIVLHDXVGHU)OXJ ULFKWXQJ 'DV7LHUILHO]X%RGHQODQGHWHLQHLQHP*HEVFKVFKOXJPLW GHQ)OJHOQXQGVWLH*HUlXVFKHDXVGLHDQGDV:HLQHQHLQHV NOHLQHQ.LQGHVHULQQHUWHQ 'DJULIIGLH]ZHLWH(XOHDQ 6LHNDPYRQKLQWHQ -DQHK|UWHLPOHW]WHQ$XJHQEOLFNGDV6FKODJHQGHU)OJHOXQG ZDUIVLFK]X%RGHQ (WZDV%HLHQGHVIXKUEHULKUHQ5FNHQ 'LH(XOHKDWWHLKUH.UDOOHQIHDXVJHVWUHFNW-DQHV%OXVHDXI JHULVVHQXQG]ZHL6WULHPHQLQGLH+DXWJHULW]W
'LH'HWHNWLYLQYHUELVLFKGHQ6FKPHU]6LHGXUIWHMHW]WQLFKW DXIJHEHQPXWHGHQ.DPSIJHJHQGLHEHLGHQ%OXWHXOHQJH ZLQQHQ.RVWHHVZDVHVZROOH -DQHVSUDQJDXIGLH)HSDFNWHGHQ$VWPLWEHLGHQ+lQGHQ XQGHKHGLH(XOH]XHLQHPHUQHXWHQ$QJULIIDQVHW]HQNRQQWH VFKOXJ-DQH]X 6LHWUDIGDVEUHLWH9RJHOJHVLFKW]HUWUPPHUWHHVXQGGLH(XOH EOLHE]XFNHQGDP%RGHQOLHJHQ (UOHLFKWHUWVFKOXFK]WH-DQH&ROOLQVDXI'RFKVLHJ|QQWHVLFK NHLQH3DXVHZLUEHOWHVRIRUWKHUXPXPGHU]ZHLWHQ(XOHGHQ *DUDXV]XPDFKHQ 'LH%OXWHXOHKDWWHVLFKDXVGHP*HEVFKEHIUHLWIODWWHUWHLQ HLQHU+|KHGLHIU-DQH&ROOLQVJQVWLJZDU0LWHLQHP6FKODJ NRQQWHVLHDOOHVEHHQGHQ 6LHKREGHQ$VWOLHIQRFK]ZHL6FKULWWHYRUXQG 0LWHLQHP6FKUHLOLH-DQH&ROOLQVLKUH!:DIIHIDOOHQ6LHVSUDQJ ]XU6HLWHLKU*HVLFKWYHU]HUUWHVLFKYRU(NHO-DQHVWDUUWHDXIGHQ $VWGHUVLFKYHUZDQGHOWKDWWH ,QHLQHJUQVFKLOOHUQGH6FKODQJH 6LHULQJHOWHYRU-DQHDXIGHP%RGHQKXVFKWHGLFKWDQLKUHQ )XVSLW]HQYRUEHLXQGYHUVXFKWHVLFKDQLKUHQ%HLQHQKRFK]X VFKOlQJHOQ $QJHZLGHUWVSUDQJGLH'HWHNWLYLQ]XUFN6LHSUDOOWHPLWGHQ +DFNHQJHJHQHLQHQDXVGHP%RGHQUDJHQGHQ$VWVWROSHUWH YHUORUGDV*OHLFKJHZLFKW =ZHL+lQGHSDFNWHQ]XZLH6WDKONODPPHUQKLHOWHQHLVHUQIHVW XQGGUFNWHQGDV)OHLVFKDQGHQ2EHUDUPHQ]XVDPPHQ 'LFKWQHEHQ-DQHVUHFKWHP2KUUDXQWHHLQH6WLPPHª,FKKDEH ,KQHQGRFKJHVDJWGD)OXFKWNHLQHQ6LQQKDW8QGPLWOlFKHU OLFKHQ.DUDWHVFKOlJHQN|QQHQ6LHPLFKDXFKQLFKWEHVLHJHQ© 6HNXQGHQODQJVFKOR-DQH&ROOLQVGLH$XJHQ$XV,KUH)OXFKW LKU.DPSIHVZDUDOOHVXPVRQVWJHZHVHQ6LHKDWWHYHUORUHQ 3URIHVVRU=DUFDGLZDUGHU6WlUNHUH-DQHVSUWHGDLKUH.QLH ZHLFKZXUGHQ'RFKQXUHLQHQ0RPHQWODQJGDQQKDWWHVLHVLFK ZLHGHUJHIDQJHQ ª,FKKRIIH6LHVLQGQXQHQGOLFKYHUQQIWLJ0LVV&ROOLQV1RFK
HLQPDOODVVHLFKPLUGDVQLFKWELHWHQ'DQQZHUGHLFK6LHW|WHQ (QGJOWLJ© =DUFDGLOLHVLHORV(UJLQJDXIGLHHUVFKODJHQH(XOH]XKREVLH DXIXQGZDUIVLH-DQHYRUGLH)H ª(VZDUQLFKWJXWYRQ,KQHQGLHVHV7LHU]XW|WHQ6LHKDEHQ VLFKGHQ=RUQLKUHU%UGHU]XJH]RJHQ'LHVH7DWYHUODQJWQDFK %OXWQDFK,KUHP%OXW6REDOGGLH(XOHQ6LHDOOHLQDQWUHIIHQ JUHLIHQVLHDQ$OVREOHLEHQ6LHLPPHULQPHLQHU1lKH=X,KUHU HLJHQHQ6LFKHUKHLW©=DUFDGLZDQGWHGHQ.RSIXQGEOLFNWH-DQH XQYHUZDQGWLQGLH$XJHQª6LHKDEHQPLWEHNRPPHQZLHVLFK GHU$VWLQHLQH6FKODQJHYHUZDQGHOWKDW'DVZDUQXUHLQHVGHU *HKHLPQLVVHGLHVHV:DOGHV(VJLEWQRFKDQGHUH:HLWVFKOLP PHUH8QGMHW]WIROJHQ6LHPLU,FKZLOO,KQHQHWZDV]HLJHQ© $OV-DQH&ROOLQVQLFKWUHDJLHUWHIDWH=DUFDGLVLHJUREDQGHU 6FKXOWHU(UOLHVLHDXFKGHQZHLWHUHQ:HJEHUQLFKWORV VWUHLIWHPLWLKUTXHUGXUFKGHQ:DOG -DQHVWROSHUWHZLOOHQORVPLW6LHKDWWHDXFKGLH2ULHQWLHUXQJ YHUORUHQ,KUZDULQGLHVHQ0RPHQWHQDOOHVHJDOJHZRUGHQ'LH 'HWHNWLYLQEHPHUNWHNDXPGDVLFKGHU:DOGOLFKWHWH8QG SO|W]OLFKVWDQGVLHPLW=DUFDGLYRUGHP7UHLEKDXV 'LH:lQGHEHVWDQGHQDXVGLFNHPXQGXUFKVLFKWLJHP*ODV'LH HLQ]HOQHQ)HQVWHUZXUGHQYRQ6WDKOVWUHEHQJHKDOWHQ=DUFDGL JLQJPLW-DQHXPGDV7UHLEKDXVKHUXPHUUHLFKWHGLH6WLUQVHLWH XQGEOLHEYRUHLQHU7UVWHKHQ (UVFKORVLHDXI ª%OHLEHQ6LHMHW]WGLFKWEHLPLU©IOVWHUWHHUZDUQHQG 'DQQEHWUDWHQVLHGDV7UHLEKDXV :DUPHVFKZOH/XIWPLWKRKHP)HXFKWLJNHLWVJHKDOWVFKOXJ LKQHQHQWJHJHQ-DQHEHNDP$WHPEHVFKZHUGHQ'HU.DPSIYRU KLQXQGGHU/DXIKDWWHQVLHDQJHVWUHQJW %OKHQGHIUHPGDUWLJH*HZlFKVHSUlVHQWLHUWHQVLFKLKUHQ %OLFNHQ(LQ*DQJWHLOWHZLHPLWGHP/LQHDOJH]RJHQGLHVHQ SUlFKWLJHQ*DUWHQEHUGHPHLQEHW|UHQGHU'XIWVFKZHEWH 0DQFKH*HZlFKVHZXFKVHQELVKRFKDQGDV*ODVGDFKERJHQ VLFKGDQQZLHGHUGHP%RGHQHQWJHJHQXQGVDKHQDXVZLHJURH JUQH$UPH
-DQHVDKIDUELJHNRSIJURH%OWHQGLHLKUH.HOFKHZHLWJH |IIQHWKDWWHQXQGGHUHQ%OlWWHUVLFKKLQXQGKHUEHZHJWHQZLH :HOOHQDXIGHP0HHU 6LHGXUFKTXHUWHQGDV7UHLEKDXVXQGEOLHEHQDEHUPDOVYRUHLQHU 7UVWHKHQ6LHZDUVFKPDOXQGIKUWHLQHLQHQNOHLQHQ$QEDX GHUDOV*HUlWHVFKXSSHQGLHQWH $EHUQLFKWQXU+DUNHQ6FKDXIHOQXQG+DFNHQVWDQGHQGDULQ 'HQ0LWWHOSXQNWGHV6FKXSSHQVELOGHWHHLQ6DUJ =DUFDGLPDFKWH/LFKWXQGVFKREGHQ6DUJQlKHUDQ-DQH&ROOLQV KHUDQ(UZDUDXVGXQNOHPVFKZHUHP+RO]JHIHUWLJWZDUPLW 6LOEHUJULIIHQYHUVHKHQXQGKDWWHEHVWLPPWHLQ9HUP|JHQJH NRVWHW 'RFKGDVDOOHVLQWHUHVVLHUWH-DQH&ROOLQVQLFKW6LHODVQXUGHQ 6FKULIW]XJDXIGHP'HFNHOGHV6DUJHV*ROGHQVFKLPPHUQGH %XFKVWDEHQVHW]WHQVLFK]XHLQHP1DPHQ]XVDPPHQ=XHLQHP 1DPHQGHU-DQH&ROOLQVPHKUDOVQXUHLQ%HJULIIZDU -2+16,1&/$,5 -DQH&ROOLQVZXUGHOHLFKHQEOD6LHKDWWH0KHVLFKDXIGHQ %HLQHQ]XKDOWHQ:LHDXVXQHQGOLFKZHLWHU)HUQHK|UWHVLHGLH 6WLPPHGHV3URIHVVRUV ª,KU)UHXQGNDQQUXKLJNRPPHQ0LVV&ROOLQV6LHVHKHQ VHOEVWGDDOOHVIUVHLQH%HHUGLJXQJYRUEHUHLWHWLVW© :LUHUUHLFKWHQGHQ2UWEHL$QEUXFKGHU'lPPHUXQJ(UODJ LG\OOLVFKLQHLQHP7DOGDVYRQEHZDOGHWHQ+lQJHQXPJHEHQ ZDU'LH.URQHQGHU)LFKWHQERJHQVLFKLPOHLFKWHQ:LQGXQG ]ZLVFKHQGHP*UQGHU1DGHOElXPHVFKDXWHQGLHQRFKNDKOHQ =ZHLJHGHU/DXEElXPHZLHODULJHJHERJHQH)LQJHUKHUYRU 1LFKWHLQPDOHLQ2UWVVFKLOGJDEHV2UOLQJWRQVFKLHQZLUNOLFK DP(QGHGHU:HOW]XOLHJHQ 'HU$VSKDOWGHU6WUDHKDWWHVFKRQZHQLJH0HLOHQYRUGHP2UW HLQHPEHVVHUHQ)HOGZHJZHLFKHQPVVHQ%HL5HJHQNDPPDQ KLHUEHVWLPPWQXUPLWGHP7UHFNHURGHUHLQHP5DQJH5RYHU ZHLWHU(LQQRUPDOHU:DJHQZUGHVHLQH6FKZLHULJNHLWHQ KDEHQVLFKGXUFKGHQVFKODPPLJHQ%RGHQ]XZKOHQ
2UOLQJWRQZLUNWHZLHHLQH*HLVWHUVWDGW/HHUYHUODVVHQ.HLQ 0HQVFKDXIGHU6WUDH'LH)DKUEDKQYHUOLHIVFKQXUJHUDGHELV ]XP2UWVHQGHZRGLH6FKDWWHQGHU'lPPHUXQJGLH.RQWXUHQ ]HUIOLHHQOLHHQ 8QGKLHULQGHU1lKHVROOWHHLQEHUKPWHU*HLJHUZRKQHQ" .DXPYRUVWHOOEDU )UDQN6FRWWKDWWHVLFKGHQ8PVWlQGHQHQWVSUHFKHQGJXW EHQRPPHQ1LFKWHLQHQ)OXFKWYHUVXFKZDJWHHU(UKDWWHVLFK VRJDUNRPSURPLEHUHLWJH]HLJWXQGPLUGHQJHQDXHQ:HJ HUNOlUW ,FKOHQNWHGHQ:DJHQDQGHQ5DQGGHU)DKUEDKQXQGVWRSSWH 1HEHQPLUDWPHWH)UDQN6FRWWEHIUHLWDXIª:LUKDEHQHV JHVFKDIIW©VDJWHHUª6LHKDEHQVLFKELVDQGDVHLJHQH*UDE NXWVFKLHUW%XOOH© ª$EZDUWHQ©HUZLGHUWHLFKHLQVLOELJª6WHLJHQ6LHDXV© (U|IIQHWHGLH7UXQGVFKZDQJVLFKLQV)UHLH(UVWMHW]WEH PHUNWHLFKZRLFKGHQ%HQWOH\DEJHVWHOOWKDWWH*HQDXQHEHQ HLQHP)ULHGKRI'LHGXQNOH6WHLQPDXHUZDUK|FKVWHQVHLQ
6FRWWODFKWHª+|UHQ6LH"'HU7RWHQYRJHOUXIW'UHLPDO(U NQGLJWHLQHQHXH/HLFKHDQ1lPOLFK6LH© ª+|UHQ6LHHQGOLFKDXIPLWGHP4XDWVFK©KHUUVFKWHLFKGHQ HKHPDOLJHQ-RXUQDOLVWHQDQª,KU*HUHGHJHKWPLUODQJVDPDXI GHQ1HUY6LHN|QQHQPLUNHLQH$QJVWGDPLWHLQMDJHQ0HUNHQ 6LHVLFKGDVHQGOLFK© ,FKOLHGHQ.HUOVWHKHQJLQJDQGHU)ULHGKRIVPDXHUHQWODQJ XQGVXFKWHGDV(LQJDQJVWRU (VZDUJDUNHLQVYRUKDQGHQ(LQ6WFN0DXHUIHKOWHZDUHLQ IDFKDXVJHVSDUW'DVZDUGHU(LQJDQJ3UDNWLVFK (VZDUHLQXUDOWHUXQJHSIOHJWHU7RWHQDFNHU(VJDENHLQH:HJH RGHU3IDGH:DKOORVODJHQGLH*UlEHUDQHLQDQGHU'LHPHLVWHQ *UDEVWHLQHVWDQGHQVFKUlJZDUHQLQGDV(UGUHLFKJHNLSSWGDV XQWHULKQHQQDFKJHJHEHQKDWWH.UHX]HRGHUDQGHUHFKULVWOLFKH 6\PEROHVDKLFKDXFKQLFKW9LHOH*UlEHUZDUHQHLQJHVXQNHQ +LHUXQGGDODJYHUZHONWHV/DXEGDVYRP:LQGUDVFKHOQGEH ZHJWZXUGHXQGEHUGHQ*UlEHUQNUHLVHOWH 'HUJDQ]H)ULHGKRIERWHLQHGHSULPLHUHQGHWURVWORVH$WPRV SKlUH(UKlWWHZLUNOLFKHLQHLGHDOH.XOLVVHIUHLQHQ+RUURUILOP DEJHJHEHQ ,FKJLQJODQJVDP9RQGHQ%HUJHQKHUIULVFKWHGHU:LQGDXI(U VSLHOWHPLWPHLQHP+DDU,QGHU/XIWNUHLVWHQHLQSDDU5DEHQ .UlFK]HQGOLHHQVLHVLFKKLQWHUGHP)ULHGKRIDXIHLQHPOHHUHQ )HOGQLHGHU 'HU$OWHK|UWHPLFKQLFKWRGHUZROOWHPLFKQLFKWK|UHQ=ZHL 6FKULWWHKLQWHULKPEOLHELFKVWHKHQVDKDQVHLQHU6FKXOWHUYRUEHL XQGHQWGHFNWHGLH*UXEHGLHHUIULVFKDXVJHKREHQKDWWH(LQSDDU %UHWWHUODJHQEHUHLWPLWGHQHQGDV*UDEDEJHGHFNWZHUGHQ VROOWH$QVFKHLQHQGZDUMHPDQGLP2UWJHVWRUEHQXQGLFK KDWWHGHQ7RWHQJUlEHUYRUPLU ,FKUlXVSHUWHPLFK 'HU0DQQDUEHLWHWHXQJHUKUWZHLWHU(UNORSIWHPLWGHP 6FKDXIHOEODWWGHQ/HKPEHUJDXIGHP*UDESODWW ,FKWLSSWHLKPDXIGLH6FKXOWHU 'HU0DQQ]XFNWH]XVDPPHQVFKLHQGDQQ]X(LV]XHUVWDUUHQ 8QHQGOLFKODQJVDPGUHKWHHUVLFKXP
,PHUVWHQ$XJHQEOLFNHUVFKUDNLFK(LQEOHLFKHVKRKOZDQJLJHV *HVLFKW$XJHQGLHWLHILQGHQ+|KOHQODJHQ%DUWVFKDWWHQEH GHFNWHQGDV.LQQ'LH+DXWZLUNWHZLHHLQH/DQGNDUWH:DUYRQ XQ]lKOLJHQ)DOWHQGXUFK]RJHQ 'HU$OWHWUXJHLQHJUDXH-DFNHHLQHLQIDFKHV+HPGRKQH .UDJHQHLQHJHIOLFNWH+RVHXQGGXUFKO|FKHUWH6FKXKH 0LUILHOHVVFKZHU]XOlFKHOQ,FKVFKDIIWHHVDEHUWURW]GHP ª*XWHQ$EHQG©JUWHLFKLKQ 'HU0DQQJDENHLQH$QWZRUW6WDQGDXIVHLQH6FKDXIHOJHVWW]W XQGVWDUUWHPLFKVFKZHLJHQGDQ ª6LHVLQGZRKOKLHUGHU7RWHQJUlEHUQLFKWZDKU"© :LHGHUNHLQH$QWZRUW ,FKVFKOXFNWHª.|QQHQ6LHQLFKWUHGHQ"© 'DEHZHJWHGHU7RWHQJUlEHUGLH/LSSHQª:LUVLQGYHUIOXFKW© PXUPHOWHHUNDXPK|UEDUª$OOHVLQGZLUYHUIOXFKW'HU'lPRQ ZLUGXQVSDFNHQ'XELVWHLQ)UHPGHU:LUZDUWHQDXIHLQHQ )UHPGHQ'HU6FKZDU]H7RGODXHUWEHUDOO© 0HKUVDJWHHUQLFKW $EHUHUKDWWHGHQ1DPHQGHV'lPRQVHUZlKQW'HU6FKZDU]H 7RG,FKZXUGHZLHGHUDQPHLQHQ7UDXPHULQQHUWVDKVHLQH VFKUHFNOLFKH*HVWDOW ª'XKHEVWHLQ*UDEDXV"© 'HU7RWHQJUlEHUQLFNWH ª:HULVWJHVWRUEHQ"© ª1RFKQLHPDQG© ª)UZHQLVWGDQQGDV*UDE"© -HW]WYHU]RJHUVHLQH/LSSHQ]XHLQHPZLVVHQGHQ/lFKHOQª'DV *UDELVWIUHLQHQ)UHPGHQ(UKHLW-RKQ6LQFODLU© (VJHODQJPLUQXUPKVDPPHLQHhEHUUDVFKXQJ]XYHUEHUJHQ RGHUDXFKPHLQ(QWVHW]HQ$EHUEODPXLFKZRKOJHZRUGHQ VHLQGHQQGHU7RWHQJUlEHUIUDJWHª'XELVW-RKQ6LQFODLUQLFKW ZDKU"©,FKQLFNWHª'DQQELVWGXGHV7RGHV© ,FKSDFNWHLKQDQGHUPDJHUHQ6FKXOWHUª:HUKDWGLUEHIRKOHQ GDV*UDEDXV]XKHEHQ:HU"/RVUHGH©
hEHUVHLQH$XJHQVFKLHQVLFKSO|W]OLFKHLQ6FKOHLHU]XOHJHQ 6HLQ%OLFNQDKPHLQHQHQWUFNWHQ$XVGUXFNDQª'HU6FKZDU]H 7RG©IOVWHUWHHUª'HU6FKZDU]H7RG(ULVWEHUDOO(UVLHKWXQV (UZLOO© 6HLQ*HVLFKWYHU]HUUWHVLFKHQWVHW]Wª'HU%RWH©NUlFK]WHHU ª6LHKGRFK© ,FKZDQGWHPLFKXP$XIHLQHPQDKHOLHJHQGHQ%DXPKRFNWH HLQ9RJHO(LQH(XOH%OXWURWOHXFKWHWHQGLH$XJHQ'LH%OLFNH VFKLHQHQPLFKGXUFKERKUHQ]XZROOHQ 0LFKSDFNWHGLH:XW ,FKULPHLQH%HUHWWDDXVGHP+ROVWHUKREGHQ$UP]LHOWH (LQKDUWHU6FKODJWUDIPHLQ+DQGJHOHQN'HU$UPIHJWHQDFK XQWHQ,POHW]WHQ$XJHQEOLFN]RJLFKGHQ)LQJHUYRP 'UXFNSXQNW'LH(XOHEUHLWHWHGLH)OJHODXVXQGIODWWHUWHGDYRQ ,KU.UlFK]HQHUVFKLHQPLUZLH+RKQJHOlFKWHU bUJHUOLFKZDQGWHLFKPLFKXP'HU$OWHKDWWH]XJHVFKODJHQ(U VWDQGGDXQG]LWWHUWHª0DQGDUIVLHQLFKWW|WHQ©]LVFKWHHUª:HU GLH(XOHQW|WHWLVWYHUIOXFKW© ª=XP7HXIHOGDPLW©VFKULHLFKª+LHULVWNHLQHUYHUIOXFKW,FK ZHUGHGHP'lPRQVFKRQ]HLJHQZHUGHU6WlUNHUHLVW© ª'XZLUVWVWHUEHQ©XQWHUEUDFKPLFKGHU7RWHQJUlEHUª6RZLH ZLUDOOHHLQPDOVWHUEHQZHUGHQ$EHUGXGXELVWKHXWHVFKRQDQ GHU5HLKH'LH*UXEHZDUWHW'LHNDOWH(UGHGLH:UPHUGLHLQ GHLQH$XJHQK|KOHQNULHFKHQXQGDOOGDV.OHLQJHWLHUGDVVLFK GHLQHV.|USHUVEHPlFKWLJW© 'HU$OWHULHEVLFKGLHWURFNHQHQ+lQGH/HKPLJHU6WDXEULH VHOWHGHP%RGHQHQWJHJHQ 'DQQJULIIGHU7RWHQJUlEHUQDFKVHLQHU6FKDXIHOULVLHDXV GHP(UGUHLFKª(UVFKODJHQ©VFKULHHUª(UVFKODJHQZLHHLQHQ +XQGZHUGHQZLUGLFK© (UGURVFK]XZDUDEHUYLHO]XODQJVDP,FKZLFKDXVOLHGDV 6FKDXIHOEODWWDQPHLQHU6FKXOWHUYRUEHL]LVFKHQXQGJDEGHP $OWHQHLQHQ6WRYRUGLH%UXVW ,FKKDWWHZRKOHWZDV]XYLHO.UDIWKLQWHUGHQ6WRJHOHJWXQG DXFKQLFKWPHKUDQGDVIULVFKDXVJHKREHQH*UDEJHGDFKW'HU $OWHNLSSWHLQGLH*UXEHXQGZDUYHUVFKZXQGHQ
ª5DFKH©K|UWHLFKVHLQHGXPSIH6WLPPHª'HU6FKZDU]H7RG ZLUGPLFKUlFKHQ© ,FKZROOWHDQGLH*UXEHWUHWHQXQGGHP$OWHQKHUDXVKHOIHQDOV LFK]XIlOOLJHLQHQ%OLFN]XP(LQJDQJGHV)ULHGKRIVZDUI ,FKKDWWHGDV*HIKOYRQHLQHP(LVVFKRFNJHWURIIHQ]XVHLQ 6LHKDWWHQVLFKDXIJHEDXWZLHHLQHOHEHQGH0DXHU6lPWOLFKH (LQZRKQHUGHV'RUIHVZLHPLUVFKLHQ6LHZDUHQEHZDIIQHW0LW 6SDWHQ+DFNHQ6FKDXIHOQXQG6lJHQ8QGDOOH*HVLFKWHU]HLJWHQ GLHJOHLFKHXQJHVXQGH%OlVVHZLHLFKVLHDXFKEHLGHP7RWHQ JUlEHUJHVHKHQKDWWH 6FKULWWIU6FKULWWNDPHQVLHQlKHU $QGHU6SLW]HJLQJ)UDQN6FRWW$XIVHLQHQ/LSSHQODJHLQWHXI OLVFKHV/lFKHOQ0LWEHLGHQ+lQGHQKLHOWHUHLQHJHZDOWLJH$[W XPSDFNW 6LHVWHOOWHQHVYHUGDPPWUDIILQLHUWDQQlKHUWHQVLFKYRQ]ZHL 6HLWHQXPPLFKLQGLH=DQJHQHKPHQ]XN|QQHQ 0DQKDWWHPLUGHQ7RGYHUVSURFKHQ8QGHVVDKYHUGDPPWVR DXVDOVVROOWHGLHVHV9HUVSUHFKHQHLQJHO|VWZHUGHQ 3URIHVVRU=DUFDGLKDWWH-DQH&ROOLQV]XP(VVHQHLQJHODGHQ ª9HUWUHLEHQZLUXQVVRDQJHQHKPZLHP|JOLFKGLH=HLW©VDJWH HUMRYLDOª0HLQHQ*DUWHQNHQQHQ6LHMDEHUHLWV8QGVROOWH-RKQ 6LQFODLUKLHUOHEHQGDXIWDXFKHQPVVHQ6LHJHVWlUNWVHLQ© ª8QWHUGLHVHQ8PVWlQGHQLVWPLUGHU$SSHWLWMHW]WVFKRQYHU JDQJHQ©HUZLGHUWH-DQHIURVWLJ ª,FKZLOODEHUPLW,KQHQVSHLVHQ©ODXWHWHGLH$QWZRUWGLHZLH HLQ%HIHKONODQJ -DQHJDEQDFK'HU3URIHVVRUIKUWHVLHZLHGHUDXILKU=LPPHU 'RUWODJHQLQ]ZLVFKHQDQGHUH.OHLGXQJVVWFNHEHUHLWª6LH VROOWHQVLFKXP]LHKHQ0LVV&ROOLQV,KUH6DFKHQVLQG]XVHKU PLWJHQRPPHQ© =DUFDGLVFKORGLH7UXQGOLH-DQHDOOHLQ 'LH'HWHNWLYLQVHW]WHVLFKXQGYHUJUXELKU*HVLFKWLQEHLGHQ +lQGHQ,QGHQOHW]WHQ6WXQGHQZDUGRFKHWZDV]XYLHODXIVLH HLQJHVWUPW
'LH*HGDQNHQZLUEHOWHQQXUVRGXUFKLKUHQ.RSI,PPHUZLH GHUIUDJWHVLHVLFKZLHVLH-RKQ6LQFODLUKHOIHQNRQQWH'LHVHU =DUFDGLIKOWHVLFKXQJHKHXHUVLFKHU)ULKQZDUGHU7RGGHV *HLVWHUMlJHUVVFKRQEHVFKORVVHQH6DFKH 0LWQDKH]XEHUPHQVFKOLFKHU$QVWUHQJXQJULVLFKGLH 'HWHNWLYLQ]XVDPPHQ'XGDUIVWMHW]WQLFKWVFKODSSPDFKHQ KlPPHUWHVLHVLFKHLQ'XGDUIVWQLFKWQDFKJHEHQ$XINHLQHQ )DOO1XUNHLQH%O|H]HLJHQNHLQHVFKZDFKH6WHOOH6LHKRIIWH LPPHUQRFKGDUDXIGDHVLKUJHOLQJHQZUGH=DUFDGLHLQ 6FKQLSSFKHQ]XVFKODJHQ -DQH&ROOLQVEHVDKVLFKGLH.OHLGXQJVVWFNH(LQHEUDXQHODQJH +RVHHLQH$UW.LWWHOGHULQGHU7DLOOHGXUFKHLQH.RUGHOJHKDOWHQ ZXUGH6FKXKHXQGHLQGXQNHOURWHV+DOVWXFK -DQHSURELHUWHGLH6DFKHQDQ6LHSDWHQOHLGOLFK6LHZDUHQ KEVFKHUDOVLKUHHLJHQHQ.OHLGXQJVVWFNHGLHGXUFKGLH)OXFKW GRFKVHKUJHOLWWHQKDWWHQ 'LH'HWHNWLYLQKDWWHJHUDGHGLHREHUVWHQ.Q|SIHGHV.LWWHOV JHVFKORVVHQDOVJHJHQGLH7UJHNORSIWZXUGH -DQHJDENHLQH$QWZRUW 3URIHVVRU=DUFDGLEHWUDWDXFKVRGDV=LPPHU $XFKHUKDWWHVLFKXPJH]RJHQ(UWUXJHLQHQNQDSSVLW]HQGHQ )UDFNGD]XHLQVFKQHHZHLHV+HPGPLWDOWHUWPOLFKHP6WHK NUDJHQVFKZDU]H/DFNVFKXKHXQGHUKDWWHVLFKHLQHQODQJHQ ZHLHQ6FKDOXPGHQ+DOVJHVFKOXQJHQ ,UJHQGZLHZLUNWHHULQVHLQHU9HUNOHLGXQJOlFKHUOLFK:LHGHU VWUDKOHQGH+HOGLQHLQHU2SHUHWWH 'RFK-DQHKWHWHVLFKJHULQJVFKlW]LJ]XODFKHQ=DUFDGLKlWWH HVLKUVLFKHUOLFKEHOJHQRPPHQ ª,FKVHKH6LHVLQGIHUWLJ©VDJWHHUª'DQQN|QQHQZLUJHKHQ 0HLQH'LHQHUKDEHQDOOHVYRUEHUHLWHW.RPPHQ6LH© (UUHLFKWH-DQHGHQ$UP 'LH'HWHNWLYLQVSLHOWHPLW:lKUHQGVLHGLH7UHSSHKLQXQWHU VWLHJHQSODXGHUWH=DUFDGLZLHHLQFKDUPDQWHU*DVWJHEHU1XU ZDUHQVHLQH:RUWHZHQLJHUFKDUPDQW ª'LHVHV'LQQHUZLUGPLUPXQGHQ©VDJWHHUª)UPLFKLVWHV 6LQFODLUV+HQNHUVPDKO]HLW$XFKZHQQHUVLHQLFKWSHUV|QOLFK
HUOHEWVRVLQGXQVHUH*HGDQNHQGRFKEHLLKP+DEHLFK UHFKW0LVV&ROOLQV"© -DQHQLFNWH6DJHQNRQQWHVLHQLFKWV,QLKUHP+DOVVDDXIHLQ PDOHLQGLFNHU.OR 6LHHUUHLFKWHQZLHGHUGLHJURH+DOOHJLQJHQDP.DPLQYRUEHL LQGHPMHW]WHLQ)HXHUNQLVWHUWHXQGVFKULWWHQDXIHLQH7U]XGLH YRQHLQHP0DQQLQGXQNHOURWHU/LYUHHDXIJHKDOWHQZXUGH -DQHKDWWHGHQ.QDEHQQRFKQLHJHVHKHQ(UZDU]LHPOLFK KDJHUKDWWHWLHILQGHQ+|KOHQOLHJHQGH$XJHQXQGHLQHJUQ OLFKHXQJHVXQGH*HVLFKWVIDUEH (UVWDUUWH-DQHDQDOVZROOWHHUVLHDXIIUHVVHQ =DUFDGLEOLHEVWHKHQª'DVLVWEULJHQV:DNX,KQXQGVHLQHQ )UHXQG8ODNHQQHQ6LHEHUHLWV0LVV&ROOLQV(VVLQGGLHEHLGHQ 0RQVWHUGLH6LHVRHUVFKUHFNWKDEHQ:LHLFK,KQHQVFKRQVDJWH :DNXXQG8ODVLQGVHKUDQSDVVXQJVIlKLJXQGDXHUGHPPHLQH WUHXHVWHQ'LHQHU'LHEHLGHQVLQGEULJHQV*KRXOV,FKKRIIH6LH ZLVVHQZDVGDVKHLW© -DQHVFKRHLQH%OXWZHOOHLQV*HVLFKW-DVLHZXWHZDV*KRXOV ZDUHQ'lPRQHQGLHDXIGHUXQWHUVWHQ6WXIHVWDQGHQ2IWPDOV ZXUGHQVLHYRQLKUHQHLJHQHQ%UGHUQYHUDFKWHWGHQQ*KRXOV HUQlKUWHQVLFKYRQ7RWHQ (LQHJUDXHQKDIWH9RUVWHOOXQJIUGLHMXQJH'HWHNWLYLQ $OVVLHDQ:DNXYRUEHLVFKULWWJODXEWHVLHGHQ0RGHUJHUXFK]X ULHFKHQGHUYRQGLHVHP6FKHXVDODXVJLQJ -DQHVFKULWWUDVFKDQLKPYRUEHL=DUFDGLEHPHUNWHZRKOLKUHQ :LGHUZLOOHQHUOlFKHOWH 8ODZDUWHWHLP6DORQ(UVWDQGKLQWHUHLQHPGHUEHLGHQKRFK OHKQLJHQ6WKOHXQGUFNWHLKQIUGLH'HWHNWLYLQ]XUHFKW8OD VDKHEHQVRDXVZLH:DNX'LHEHLGHQKlWWHQ=ZLOOLQJHVHLQ N|QQHQ 'LH'HWHNWLYLQQDKP3ODW]6LHXQG=DUFDGLVDHQVLFKJHJHQ EHUJHWUHQQWGXUFKGLHODQJH7LVFKSODWWH ,P6DORQZDUHVDQJHQHKPZDUP%UHQQHQGH.HU]HQVLHVWDQ GHQLQVLOEHUQHQ/HXFKWHUQYHUEUHLWHWHQHLQHQDQKHLPHOQGHQ 6FKHLQ$XIGHU0LWWHGHVGXQNOHQ7LVFKHVODJHLQH'HFNH'DUDXI VWDQGHLQH6FKDOHPLW2EVW
'DV.ULVWDOOGHU:HLQJOlVHUIXQNHOWH8ODJR=DUFDGLHLQHQ VFKZHUHQ5RWHQLQV*ODVOLHLKQNRVWHQXQGDOV=DUFDGLEHL IlOOLJQLFNWHZDQGWHHUVLFK-DQH]XXQGOLHLKU*ODVKDOE YROODXIHQ ª&KHHUV©=DUFDGLSURVWHWHVHLQHP*DVW]X -DQH&ROOLQVKRELKU*ODVDQ'DEHLEHPHUNWHVLHGDLKUH +lQGH]LWWHUWHQ'LH1HUYHQDQVSDQQXQJZDU]XJUR 'HU:HLQVFKPHFNWHOHLFKWKDU]LJ-DQH&ROOLQVQDKPQXUHLQHQ NOHLQHQ6FKOXFNXQGVWHOOWHGDV*ODVZLHGHU]XU6HLWH 9RULKUVWDQGDXIHLQHP6HWGLH6XSSHQWDVVHGDUXQWHUHLQ NOHLQHUHU7HOOHUXQGGDUXQWHUZLHGHUGHU7HOOHUIUGDV+DXSW JHULFKW'HU*ROGUDQGGHV3RU]HOODQVVFKLPPHUWHLP/LFKWGHU .HU]HQ 'DV%HVWHFNZDUDXVVFKZHUHP6LOEHUXQGPLW*UDYLHUXQJHQ YHUVHKHQ(VPXWHHLQ9HUP|JHQJHNRVWHWKDEHQ 'LH6XSSHZXUGHDXIJHWUDJHQ6LHGDPSIWHLQHLQHUVLOEHUQHQ 6FKVVHO0XVFKHOVXSSHJDUQLHUWPLWVHU6DKQH,QGHUGLFNHQ )OVVLJNHLWVFKZDPPGDVJUDXH0XVFKHOIOHLVFK :DNXVHUYLHUWHEHL-DQH8ODEHL3URIHVVRU=DUFDGL 'HU3URIHVVRUEDQGVLFKHLQH6HUYLHWWHXP(UEOLFNWH-DQHEHU GHQ7LVFKKLQZHJDQ ª,FKZQVFKH,KQHQHLQHQJXWHQ$SSHWLW0LVV&ROOLQV/DVVHQ 6LHHVVLFKVFKPHFNHQGLH6XSSHLVWZLUNOLFKDXVJH]HLFKQHW© ,FKZUGHVLHGLUDPOLHEVWHQLQV*HVLFKWVFKWWHQGDFKWH-DQH IJWHVLFKMHGRFKXQGWXQNWHGHQ/|IIHOLQGLH6XSSH6LHSUR ELHUWH$XVKDOEJHVFKORVVHQHQ$XJHQOLGHUQKLQZHJSHLOWHVLHGLH EHLGHQ*KRXOVDQGLHDEZDUWHQGLQ1lKHGHU7UOHKQWHQXQG VFKZHLJHQGEHREDFKWHWHQ 'LH0XVFKHOFUHPHVXSSHVFKPHFNWHWDWVlFKOLFKYRU]JOLFK 7URW]GHPOLHGLH'HWHNWLYLQGLH+lOIWHVWHKHQ6LHVFKREGLH 7DVVH]XUFN ª+DWHV,KQHQQLFKWJHVFKPHFNW"©HUNXQGLJWHVLFK=DUFDGL JULQVHQG ª,FKKDEHNHLQHQ+XQJHU© (UODFKWHZlKUHQGGLH*KRXOVDEUlXPWHQª$OV9RUVSHLVHJLEW HV)RUHOOHQILOHWV'D]XHLQH0HHUUHWWLFK6DKQH6RH©
-DQHUKUWHYRQGHU9RUVSHLVHQLFKWVDQ=DUFDGLOLHHVVLFK VFKPHFNHQ 8QGDXFKYRQGHU/DPPNHXOHGHP+DXSWJHULFKWDGLH 'HWHNWLYLQNHLQHQ%LVVHQ,PPHUZLHGHUVFKZHLIWHQLKUH%OLFNH ]XGHQ)HQVWHUQKLQEHU'UDXHQZDULQ]ZLVFKHQGLH'lP PHUXQJDQJHEURFKHQ-DQHOHEWHYRQGHUZDKQZLW]LJHQ +RIIQXQJ-RKQ6LQFODLUSO|W]OLFKKHUHLQVWUPHQ]XVHKHQ6LH NDQQWHGHQ*HLVWHUMlJHUXQGWUDXWHLKP]XGDHUPLWGHQ *KRXOVIHUWLJZHUGHQZUGH :LH6FKDWWHQWDXFKWHQGLHEHLGHQVFKUHFNOLFKHQ'lPRQHQ LPPHUZLHGHUDXI$XVJLHULJHQ$XJHQVWDUUWHQVLH-DQH&ROOLQV DQXQGGHU'HWHNWLYLQOLHIMHGHVPDOHLQH*lQVHKDXWEHUGHQ 5FNHQ 3O|W]OLFKWUDW:DNXGLFKWDQVHLQHQ+HUUQKHUDQXQGIOVWHUWH LKPHWZDVLQV2KU =DUFDGLK|UWHJHVSDQQW]X'DQQODFKWHHUª(VLVWJXW'X NDQQVWJHKHQ:DNX© 3URIHVVRU=DUFDGLVWDQGDXI6HLQHP*HVLFKWVDXVGUXFNZDU GDEHL]XHQWQHKPHQGDHU-DQH&ROOLQVHLQH0LWWHLOXQJPDFKHQ ZROOWH=DUFDGLOHJWHGLH6HUYLHWWH]XU6HLWHXQGVWW]WHEHLGH +lQGHDXIGLH7LVFKSODWWH ª,FKKDEHVRHEHQHUIDKUHQGD,KU)UHXQG6LQFODLULQ2UOLQJWRQ HLQJHWURIIHQLVW(UEHILQGHWVLFKVFKRQDPULFKWLJHQ2UW8QG ]ZDUDXIGHP)ULHGKRI$OOHUGLQJVQLFKWDOOHLQ'LH(LQZRKQHU GHV2UWHVVLQGGDEHL,KUHQ)UHXQG]XHUVFKODJHQ© -DQH&ROOLQVVSUDQJDXIª1HLQ©VFKULHVLHª'DVJLEWHVQLFKW'DV GDUIQLFKWVHLQ© 0LWHLQHUXQNRQWUROOLHUWHQZWHQGHQ%HZHJXQJIHJWHVLHGDV ZHUWYROOH3RU]HOODQYRP7LVFK.OLUUHQG]HUEUDFKHVDXIGHP %RGHQ 6RIRUWZDUHQGLHEHLGHQ*KRXOVGD0LWLKUHQNDOWHQ+lQGHQ KLHOWHQVLH-DQHDQGHQ2EHUDUPHQIHVWELV=DUFDGLLKQHQPLW HLQHU+DQGEHZHJXQJGHQ%HIHKOJDE-DQH&ROOLQVORV]XODVVHQ -DQHVWDQGVFKZHUDWPHQGQHEHQLKUHP6WXKO
ª$XVZHOFKHP*UXQGVROOWHLFK6LHEHOJHQ0LVV&ROOLQV"© IUDJWH=DUFDGLª$EHUGD6LHPLULPPHUQRFKQLFKWJODXEHQZHU GHQ6LHVLFKVHOEVWEHU]HXJHQN|QQHQ3DVVHQ6LHDXI© 3URIHVVRU=DUFDGLKREEHLGH+lQGH(UGUHKWHGLH+DQGIOlFKHQ ]XP*HVLFKWKLQVWULFKGDPLWEHUVHLQH+DXWXQGPXUPHOWH %HVFKZ|UXQJHQ 'LH/XIWEHULKPEHJDQQ]XWDQ]HQXQG]XIOLPPHUQ(LQ U|WOLFKHU6FKHLQOHJWHVLFKXPVHLQHQ.RSIVFKLHQGDV*HVLFKW UHJHOUHFKWDXI]XVDXJHQXQGPDFKWHHLQHP]ZHLWHQVFKUHFN OLFKHUHQ3ODW] (LQHPVFKZDU]HQ7RWHQVFKlGHO 9RU-DQH&ROOLQVVWDQGGHU6XSHUGlPRQGHU6FKZDU]H7RG :HLVFKLPPHUWHQGLHJURHQ$XJHQK|KOHQ ª.RPPQlKHU©GU|KQWHVHLQHGXPSIH6WLPPH -DQHJHKRUFKWH*HJHQLKUHQ:LOOHQ'LH$XUDGHV6FKZDU]HQ 7RGHV]ZDQJVLHGD]X 6FKULWWIU6FKULWWJLQJVLHDXIGHQ'lPRQ]X ª+DOW© -DQHEOLHEVWHKHQ ª6LHKLQPHLQH$XJHQ© 'LH'HWHNWLYLQVWDUUWHLQGLHEHLGHQKHOOHQ+|KOHQGLHVLFKLQ GHUQlFKVWHQ6HNXQGHYHUlQGHUWHQGXUFKVFKHLQHQGZXUGHQXQG SO|W]OLFK%LOGHU]HLJWHQGLH-DQH&ROOLQVHUVFKUHFNWHQ 6LHVDK-RKQ6LQFODLUVDKHLQHQ)ULHGKRIGLHXQKHLPOLFKHQ 'RUIEHZRKQHUGLHPHKU7RWHQlKQHOWHQDOV/HEHQGHQXQG ª6FKDXJHQDXKLQ©GU|KQWHGLH6WLPPHGHV'lPRQV ª1HLQ©-DQH&ROOLQVVFKULHDXIXQGVFKWWHOWHZLHZLOGGHQ .RSIª-RKQ1LFKW©ULHIVLHª%LWWH© 'RFK-RKQ6LQFODLUNRQQWHVLHQLFKWK|UHQ -DQH&ROOLQVILHODXIGLH.QLHVWU]WHQDFKYRUQXQGEOLHEDXI GHP%RGHQOLHJHQ 'DVJUlOLFKH/DFKHQGHV'lPRQVK|UWHVLHQLFKWPHKU(LQH JQlGLJH2KQPDFKWKLHOWVLHXPIDQJHQ
)UPLFKVDKHVYHUGDPPWPLHVDXVXQGHVJDEHLJHQWOLFKQXU QRFKHLQH&KDQFH :HQQLFKGHU0HXWHHQWNRPPHQZROOWHGDQQPXWHLFK]X PHLQHP:DJHQ1XUPLWGHP%HQWOH\KDWWHLFKGLH&KDQFH]X IOLHKHQ $EHUGDVZDUVFKZHU 'LH'RUIEHZRKQHUQDKPHQIDVWGHQJHVDPWHQ)ULHGKRIHLQ 'URKHQGVFKZDQJHQVLHLKUH:DIIHQ.HLQHUVSUDFKHLQ:RUW 1XULKUH6FKULWWHZDUHQ]XK|UHQ /DXEUDVFKHOWHXQWHUGHQ6RKOHQ=ZHLJHNQLFNWHQZHJXQG EUDFKHQ +|FKVWHQVGUHLLJ
LFKGLHEODVVHQ*HVLFKWHU+lQGHXPIDWHQGLH0DXHUNURQH'LH 0HQVFKHQ]RJHQVLFKKRFKNOHWWHUWHQEHUGHQ:DOOKLQZHJ 0DQFKHVFKOXJHQDXFKPLWLKUHQ6SDWHQXQG+DUNHQQDFKPLUVR GDLFKHLQ6WFNYRQGHU0DXHUZHJPXWH $EHUGDQQSDVVLHUWHHV9RUPLUOLHHQVLFK]ZHL0lQQHUEHU GHQ0DXHUUDQGIDOOHQ(LQHUKLHOWHLQH6lJHLQGHU+DQGGHU DQGHUHHLQH6FKDXIHO 'LH.HUOHZDUHQQLFKWVHKUJHOHQNLJODQGHWHQXQJOFNOLFK6LH PXWHQVLFKHUVWQRFKIDQJHQ ,FKVSUDQJVLHDXVYROOHP/DXIDQ0LWGHQ)HQ]XHUVW6LH NDPHQJDUQLFKWGD]XPLWLKUHQ:DIIHQQDFKPLU]XVFKODJHQ GHU$XISUDOOVFKOHXGHUWHVLH]X%RGHQ 6LHVFKULHQXQGIOXFKWHQ,FKVSUDQJEHUGLH0lQQHUKLQZHJ XQGMDJWHZHLWHU 'LH0DXHUDP)ULHGKRIVUDQGNQLFNWHDQGHU6FKPDOVHLWHDE,FK VDKGDV%DQGGHUXQJHSIODVWHUWHQ6WUDH 8QGPHLQHQ:DJHQ 6LHKDWWHQPLFKHUZDUWHWELOGHWHQHLQHOHEHQGH:DQGYRQHLQHU 6WUDHQVHLWH]XUDQGHUHQXQGYHUVSHUUWHQPLUVRGHQ:HJ]X PHLQHP%HQWOH\ -HW]WZXUGHHVYHUGDPPWNULWLVFK ,FKVWRSSWH =HKQ
0LWHLQHP5XFNIHW]WHLFKPLUGLH.Q|SIHYRP+HPG'DQQ JLQJLFKYRU6FKULWWIU6FKULWW*LQJJHUDGHZHJVDXIGLH'RUI EHZRKQHU]X ,KUH%OLFNHILHOHQDXIPHLQHXQEHGHFNWH%UXVW ,FKZXWHVHOEVWZLHJURGDV5LVLNRZDUGDVLFKHLQJLQJ 'RFKLFKVDKHLQIDFKNHLQHDQGHUH0|JOLFKNHLWPHKU 0HLQ+HU]VFKODJKlPPHUWHELV]XP+DOV0HLQ$WHPIORJ'HU /DXIKDWWHPLFKDQJHVWUHQJW 'LH*HVWDOWHQYRUPLUZLFKHQNHLQHQ6FKULWW]XUFNVWDUUWHQ PLFKDQXQGVDKHQGDV.UHX]9LHOOHLFKWZDUHVHLQOHW]WHU 6RQQHQVWUDKOGHUDXIGDVJHZHLKWHVLOEHUQH0HWDOOILHOLFKZHL HVQLFKW$XIMHGHQ)DOOEOLW]WHGDV.UHX]DXIPDFKWHGHQ %HVHVVHQHQEHZXWGDYRULKQHQMHPDQGVWDQGGHUPLWGHP 6\PEROGHV*XWHQNlPSIWH (LQ+HXOWRQGUDQJDXVGHU.HKOHGHVYRUGHUVWHQ0DQQHV 3DQLVFKVFKULHHUDXIULGLH$UPHYRUVHLQ*HVLFKWXQGWDXPHO WH]XUFN6HLQH6FKDXIHOOLHHUIDOOHQ)ULKQ]lKOWHQXUQRFK GLH)OXFKW 'HQDQGHUHQHUJLQJHVQLFKWEHVVHU'HU$QEOLFNGHV.UHX]HV IUDVLFKLQLKUHYRQGlPRQLVFKHP:LOOHQYHUVNODYWHQ*HKLUQH ]HUVW|UWHGRUWGLH.UDIWGHV%|VHQXQGVLHUHDJLHUWHQZLHGHU HUVWHLKUHU0LWEHZRKQHU 'XUFK)OXFKW +DOVEHU.RSIUDQQWHQVLHGLH6WUDHKLQXQWHUYHUVFKZDQGHQ LQ+lXVHUQXQG1LVFKHQYHUVWHFNWHQVLFKXPGLH6FKPHU]HQ QLFKWPHKUHUWUDJHQ]XPVVHQGLHLKQHQGHU$QEOLFNGHV .UHX]HVEHUHLWHWKDWWH 0LUZDUQDWUOLFKNODUGDLFKOlQJVWQRFKQLFKWJHZRQQHQ KDWWH1XUHLQH*DOJHQIULVWZDUPLUJHJHEHQGLHLFKQDFK.UlIWHQ QXW]HQPXWH ,FKNUHLVHOWHKHUXP *HUDGHLPUHFKWHQ$XJHQEOLFNGHQQGLH0HQVFKHQGLHKLQWHU PLUVWDQGHQKDWWHQLKUH:DIIHQVFKRQ]XP6FKODJHUKREHQ 8QYRUEHUHLWHWWUDIVLHGHU$QEOLFNGHV.UHX]HV 8QGZLHGHUIORKHQVLHDOVVlHLKQHQGHU/HLEKDIWLJHLP 1DFNHQ%UOOHQGUDQQWHQVLHGLH6WUDHKLQXQWHU
,FKDWPHWHDXI'LHHUVWH+UGHKDWWHLFKJHVFKDIIW'LH 0HQVFKHQLQGLHVHPJRWWYHUODVVHQHQ2UWPXWHQZDKUKDIWLJ OHLFKW]XEHHLQIOXVVHQVHLQ,FKNRQQWHPLUVHKUJXWYRUVWHOOHQ GDGHU7HXIHOVJHLJHUPLWLKQHQOHLFKWHV6SLHOJHKDEWKDWWH'RFK GDVLHDXIGHQ$QEOLFNGHV.UHX]HVVRHUVWDXQOLFKVFKQHOOUHDJLHUW KDWWHQNRQQWHGLHGlPRQLVFKH%HHLQIOXVVXQJQLFKWDOO]X VFKOLPPVHLQ,FKKRIIWHVHKUVWDUNGDGLH%HZRKQHUJHUHWWHW ZHUGHQNRQQWHQ .DXPHLQHUYRQLKQHQZDUQRFK]XVHKHQ=ZHLlOWHUH)UDXHQ VDKLFKKLQWHUGHU)ULHGKRIVPDXHUYHUVFKZLQGHQ(LQ0DQQ KXPSHOWHLQHLQHQ6WDOO $XIGHU)DKUEDKQODJHQLKUH:DIIHQb[WH6lJHQ6SDWHQ 6FKDXIHOQXQG+DUNHQ'DPLWKlWWHQVLHZHUZHLZDVDQVWHOOHQ N|QQHQ =XPHLQHPJURHQ*OFNIDQGLFKGHQ%HQWOH\XQEHVFKlGLJW YRU1LHPDQGKDWWHVHLQH:XWDQLKPDXVJHODVVHQ,FKVXFKWH QDFKGHP7UVFKOVVHOZDUDEHUZHLWHUKLQGDUDXIEHGDFKWGLH 6WUDHYRUPLULP$XJH]XEHKDOWHQ 'RFKGLH*HIDKUODXHUWHDQHLQHUDQGHUHQ6WHOOH 3O|W]OLFKWDXFKWHYRUGHU.KOHUKDXEHGHV:DJHQVHLQH*HVWDOW DXI)UDQN6FRWW (UKDWWHGRUWJHODXHUWDXIHLQHQJQVWLJHQ$XJHQEOLFNJH ZDUWHWXPPLFKXPEULQJHQ]XN|QQHQ 6FRWWZDUYHUGDPPWVFKQHOOXQGJHIlKUOLFK(UVSUDQJXPGHQ :DJHQKHUXPXQGLPQlFKVWHQ$XJHQEOLFNIHJWHGLHVFKDUIH$[W JHQDXDXIPLFK]X ,FKKHFKWHWH]XU6HLWH1DFKOLQNVZHJYRQPHLQHP:DJHQ 'LH6FKQHLGHYHUIHKOWHPLFK,FKDEHUODQGHWHLQHLQHP*UDEHQ 'HU8QWHUJUXQGZDUVFKODPPLJ:DVVHUSIW]HQEOLQNWHQPLU HQWJHJHQ )UDQN6FRWWVWLHHLQHQU|KUHQGHQ6FKUHLDXVXQGVSUDQJZLH HLQ8QWLHULQGHQ*UDEHQ,QGHUUHFKWHQ+DQGKLHOWHUGLH$[WLQ GHUOLQNHQHLQ0HVVHU:XWHGHU+HQNHUZRKHUHUGLHVH]ZHLWH :DIIHKDWWH ,FKZlO]WHPLFK]XU6HLWH]RJJOHLFK]HLWLJGLH%HLQHDQXQGOLH VLHYRUVFKQHOOHQ
=ZHLHUOHLJHVFKDK1HEHQPLUNODWVFKWH)UDQN6FRWWLQHLQH 3IW]HXQGDOVHUQRFKLQGHU%HZHJXQJZDUWUDILKQPHLQ7ULWW DQGHU+IWH 6FRWWZXUGH]XUFNJHVFKOHXGHUWXQGODQGHWHUFNOLQJVLP 6FKODPP'DVVFKPXW]LJH:DVVHUVSULW]WHDXI(UIOXFKWHZDUI DEHUQRFKLQGHU%HZHJXQJVHLQH$[W ,FKZDUVFKRQKDOEKRFKVDKGDVYHUGDPPWH'LQJDXIPLFK ]XIOLHJHQXQGOLHPLFKLQGLH.QLHIDOOHQ ,UJHQGHWZDVH[SORGLHUWHDQPHLQHUUHFKWHQ6FKOlIH:DKU VFKHLQOLFKGLHVWXPSIH6HLWHGHU:DIIH,FKVDK6WHUQHK|UWHYHU VFKLHGHQH(QJHOVLQJHQXQGGDQQJHULHWYRUPLUDOOHVLQHLQH NUHLVHQGH%HZHJXQJ$XFKZXUGHPLUEHO 6FRWWV.DPSIVFKUHLEUDFKWHPLFKZLHGHU]XU%HVLQQXQJ(U ZDUQWHPLFKZLHGHU+HXOWRQHLQHU6LUHQHULPLFKKHUDXVDXV PHLQHUGXPSIHQ/HWKDUJLH ,FKVDK)UDQN6FRWWQXUDOVZLUEHOQGHQ6FKDWWHQ(WZDVEOLW]WH DXIMDJWHDXIPLFK]X 'DV0HVVHU" ,QHLQHULQVWLQNWLYHQ%HZHJXQJNUHX]WHLFKGLH$UPHJHJHQ HLQDQGHUXQGULVLH]XU$EZHKUKRFK 8QGLFKKDWWH*OFN 6FRWWV0HVVHUJHOHQNKlPPHUWHJHJHQPHLQHQ$EZHKUULHJHO (LQH+DQGEUHLWEHUPHLQHQ%UXVWNRUEEOLHEGLH0HVVHUVSLW]HLQ GHU/XIWVWHKHQ =ZHL6HNXQGHQJHVFKDKQLFKWV,FKK|UWH6FRWWV.HXFKHQVHLQ KHLHU$WHPVWUHLIWHPHLQ*HVLFKW(UVWUHQJWHVLFKDQZROOWHGHQ 5LHJHOEUHFKHQ ,FKIHJWHLKQPLWHLQHP.QLHVWR]XUFN+DOWORVWDXPHOWHHU VHLQ.|USHUZDURKQH'HFNXQJ 0HLQH)DXVWH[SORGLHUWHDQVHLQHP.LQQ6FRWWZXUGHGHU.RSI LQGHQ1DFNHQJHULVVHQ'HU0DQQNLSSWHXPZLHHLQ%UHWWXQG EOLHEOLHJHQ 6FKZHUDWPHQGVWDQGLFKLQGHPVFKPDOHQ*UDEHQ,FKVDKDXV DOVKlWWHLFKLP6FKODPPJHZKOW$EHUDXIbXHUOLFKNHLWHQ NRQQWHLFKMHW]WNHLQH5FNVLFKWQHKPHQDQGHUH'LQJHKDWWHQ MHW]W9RUUDQJ
,FKNOHWWHUWHDXVGHP*UDEHQ0LWHLQHP7DVFKHQWXFKUHLQLJWH LFKVRJXWHVP|JOLFKZDUPHLQ*HVLFKW6FRWWOLHLFKOLHJHQ(U KDWWH]ZHLPDOYHUORUHQHLQGULWWHV0DOZUGHHUHVVLFKHUOLFK QLFKWYHUVXFKHQ 6HOWHQKDWWHLFKPLFKVRJHWlXVFKWZLHDQGLHVHP7DJH ,FKVHW]WHPLFKKLQWHUGDV/HQNUDGXQGJ|QQWHPLUHLQH =LJDUHWWH'DEHLEHUOHJWHLFKGLHQlFKVWHQ6FKULWWH,FKZROOWHVR UDVFKZLHP|JOLFKGDV/DQGKDXVGHV7HXIHOVJHLJHUVILQGHQ'D LFKYRQ6FRWWNHLQH,QIRUPDWLRQHQHUKDOWHQKDWWHZROOWHLFKVLH PLUYRQHLQHPGHU(LQZRKQHUYHUVFKDIIHQ /DQJVDPOLHLFKGHQ:DJHQDQUROOHQ (VZDULQ]ZLVFKHQVRGXQNHOGDLFKGLH6FKHLQZHUIHUDQVWHO OHQPXWH'LHODQJHQJHOEHQ)LQJHUJOLWWHQEHUGLHKROSULJH )DKUEDKQULVVHQ0LOOLRQHQYRQ6WDXESDUWLNHOQDXVGHU 'XQNHOKHLWXQGOLHHQVLHDXIOHXFKWHQZLHZLQ]LJH*ROG N|UQFKHQ %UJHUVWHLJHJDEHVQLFKW(EHQVRIHKOWHHLQH.DQDOLVDWLRQ'LH %HZRKQHUNLSSWHQLKU6FKPXW]ZDVVHUNXU]HUKDQGLQGLH*RVVH 'LH'XQNHOKHLWQLVWHWHMHW]WEHUDOO]ZLVFKHQGHQ+lXVHUQ'DV %OHFKVFKLOGHLQHV*DVWKDXVHVEOLQNWHLP6FKHLQZHUIHUOLFKWDXI ,FKVWRSSWHKDWWHKLQWHUGHQPDWWHUOHXFKWHWHQ6FKHLEHQGLH 8PULVVHYRQ0HQVFKHQJHVHKHQ 'DV*DVWKDXVODJLQHLQHPEDXIlOOLJHQ*HElXGH'LHXQWHUH +lOIWHZDUDXV6WHLQHUEDXWZRUGHQGLHREHUHDXV+RO],FK VFKQXSSHUWH'LH/XIWURFKLUJHQGZLHDQGHUV.ODUHUIULVFKHUPLW )LFKWHQGXIWGXUFK]RJHQ +RFKDP+LPPHOVDKLFKGLH3RVLWLRQVOHXFKWHQHLQHV )OXJ]HXJHV 'LHVHV:XQGHUGLQJGHU7HFKQLNNDPPLULQPHLQHUDXJHQ EOLFNOLFKHQ6LWXDWLRQ]LHPOLFKGHSODFLHUWYRU'HQQLFKKDWWHGDV *HIKOPLFKLP0LWWHODOWHU]XEHILQGHQ 'LH]HUNUDW]WH+RO]WUGHV*DVWKDXVHVEHZHJWHVLFKLP:LQG $OVLFKGLH6WXEHEHWUDWYHUVWXPPWHQVlPWOLFKH*HVSUlFKH'LH *lVWHGXFNWHQVLFK]XVDPPHQZLHXQWHU3HLWVFKHQKLHEHQ0LW RIIHQHU)HLQGVHOLJNHLWVWDUUWHPDQPLFKDQ'RFKQLHPDQGZDJWH GLH+DQGJHJHQPLFK]XHUKHEHQ
,FKEOLHEQHEHQGHPHLQIDFKHQ+RO]WUHVHQVWHKHQhEHUGHU 7KHNHVFKDXNHOWHQ3HWUROHXPODPSHQ7DEDNVTXDOPXPZ|ONWH GLHJHOEOLFKVFKLPPHUQGHQ*ODVEHKlOWHU 7ULQNHQZROOWHLFKQLFKWV,FKWUDXWHGHQ/HXWHQQLFKW(VZDU OHLFKWIUVLHPLULUJHQGHWZDVLQV*ODV]XPL[HQGDVPLFK XPKDXWH 'HU:LUWVWDQGQHEHQVHLQHU6SOWRQQH(UKDWWHGLH)LQJHU VSLW]HQQRFKLP:DVVHUKlQJHQ ,UJHQGZRWLFNWHHLQH8KU,FKEOLFNWHPLFKVRUJIlOWLJXPXQG VDKQHEHQGHU6WDQGXKUHLQHQQRFKMQJHUHQ0DQQVWHKHQ(U WUXJHLQH6FKOlJHUPW]HDXIGHP.RSIKDWWHHLQDOWHV+HPGXQG YHUEHXOWH+RVHQDQXQGHLQHGXQNHOJUQH6WULFNMDFNHEHUVHLQH PDJHUHQ6FKXOWHUQJHZRUIHQ ª+HGX©VSUDFKLFKLKQDQª.DQQVWGXPLUHLQH$XVNXQIW JHEHQ"© (UVWDUUWHPLULQV*HVLFKWVFKZLHJGUHKWHVLFKGDQQXPXQG JLQJ,FKXQWHUQDKPHUVWJDUQLFKWGHQ9HUVXFKLKQDXI]XKDOWHQ 6HLQ9HUVFKZLQGHQZDUGDV6WDUWVLJQDOIUGHQDOOJHPHLQHQ $XIEUXFK6FKZHLJHQGVWDQGHQGLH0lQQHUDXI6WXKOEHLQH VFKDUUWHQEHUGHQURKHQ%RGHQ7LVFKHZXUGHQJHUFNW=ZHL 0LQXWHQVSlWHUZDUGLH*DVWVWXEHOHHU6HOEVWGHU:LUWZDUYHU VFKZXQGHQ/DXWXQGGHXWOLFKVFKOXJHUGLH7UKLQWHUVLFK]X ,FKIKOWHPLFKZLHHLQ$XVVlW]LJHU'LHVH0HQVFKHQPLHGHQ PLFKKLHOWHQPLFKIULKUHQ)HLQG 'HU*DVWUDXPZLUNWHVHOWVDPWURVWORV,QGHQ$VFKHQEHFKHUQ YHUTXDOPWHQGLHVHOEVWJHGUHKWHQ=LJDUHWWHQ'DVGXQNOH%LHULQ GHQKDOEOHHUHQ*OlVHUQYHUVFKDOWH 0LUEOLHEQLFKWVDQGHUHVEULJDOVHEHQIDOOV]XJHKHQ 3O|W]OLFKVDKLFKDQGHU+LQWHUWUHLQH%HZHJXQJ$XWRPDWLVFK IXKUPHLQH+DQGXQWHUGLH$FKVHOK|KOHGRFKGDQQOLHLFKGHQ $UPZLHGHUVLQNHQ (LQKHOOHU)OHFNOHXFKWHWHLQGHUGlPPULJHQ(FNH (LQ*HVLFKW'DVHLQHV0lGFKHQV ª0LVWHU©ZLVSHUWHHLQH6WLPPHª,FKPXPLW,KQHQUHGHQ $EHUQLFKWKLHUNRPPHQ6LHKLQWHUGDV+DXV© 'DV*HVLFKWYHUVFKZDQG
(LQH)DOOH"1DWUOLFKGDFKWHLFKGDUDQ$EHUZDVVROOWHLFK PDFKHQ",FKEHIDQGPLFKLQ=XJ]ZDQJ:HQQLFKHWZDVHUUHL FKHQZROOWHPXWHLFKGHP0lGFKHQIROJHQ ,FKVFKULWWTXHUGXUFKGDV/RNDO+LQWHUGHU7UEHJDQQHLQ HQJHU)OXU(UZDUVWRFNGXQNHO6LFKHUKHLWVKDOEHU]RJLFKPHLQH %HUHWWD'DQQVSUWHLFKGLH1lKHGHV0lGFKHQV)LQJHUWDVWHWHQ QDFKPHLQHP$UP ª.RPPHQ6LHPLWDXIPHLQ=LPPHU© 'LH6WLPPHZDUQXUHLQ+DXFKGLFKWDPOLQNHQ2KU ,FKVWLHJHLQHHQJH:HQGHOWUHSSHKRFKLQGLHHUVWH(WDJH'DV +DXVZDUKLHUQLFKWJXWDEJHGLFKWHWGXUFKGLH5LW]HQSILII GHU:LQG 'DV=LPPHUGHV0lGFKHQVZDUQXUHLQH.DPPHU(LQ%HWWHLQ 7LVFKHLQ6WXKOHLQ6FKUDQN$XIGHP7LVFKVWDQGHLQHUXQGH :DVFKVFKVVHO ,P/LFKW]ZHLHU.HU]HQNRQQWHLFKPLUGDV0lGFKHQJHQDXHU DQVHKHQ(VZDUXQJHIlKUDFKW]HKQ-DKUHXQGDXIHLQHZLOGH$UW KEVFK$PVFK|QVWHQZDUGDVURWHORFNLJH+DDU(VEHUKUWHIDVW GLH6FKXOWHUQXQGXPUDKPWHHLQVFKPDOHVEOHLFKHV*HVLFKW'DV 0lGFKHQWUXJHLQELV]XGHQ:DGHQUHLFKHQGHV.OHLGDXVJUR EHP6WRII8PGLH6FKXOWHUQKDWWHHVHLQHJHVWULFNWH6WRODJHOHJW ª:RKHUNHQQHQ6LHPLFK"©IUDJWHLFKVLH 6LHVDKPLFKDXVJURHQ$XJHQDQ'LH)DUEHVFKLHQJUQ]X VHLQ6RJHQDXNRQQWHLFKGDVDOOHUGLQJVLP.HU]HQOLFKWQLFKW HUNHQQHQ ª0DQKDWYLHOEHU6LHJHVSURFKHQLQGHQOHW]WHQ7DJHQ©JDE VLH]Xª'LH/HXWHKLHUVWHKHQXQWHUGHP%DQQGHV3URIHVVRUV(U PDFKWVLHPLWVHLQHP*HLJHQVSLHOYHUUFNW(UKDW6FKDOOSODWWHQ YHUWHLOW:LUKDEHQQRFKDOWH*UDPPRSKRQH'RUWODVVHQZLUGLH 3ODWWHQDEODXIHQ8QGLPPHUZHQQGLH0XVLNHUNOLQJWLVWHV VRZHLW'DQQPVVHQGLH0HQVFKHQLQVHLQ+DXVNRPPHQ© ª$EHU6LHQLFKW©VDJWHLFK ª1HLQ© ª'DUILFKGHQ*UXQGHUIDKUHQ"© 6LHVHQNWHGHQ.RSIª,FKELQVHKUJOlXELJ0U6LQFODLU,PPHU ZHQQGLHVHVWHXIOLVFKH*HLJHQVSLHOHUNOLQJWVWHFNHLFKPLU:DWWH
LQGLH2KUHQXQGEHWH%LVKHULVWDOOHVJXWJHJDQJHQ,FKZHLGD GHU3URIHVVRUPLWGHP7HXIHOLP%XQGHVWHKW©6LHWUDWDXIPLFK ]XXQGXPIDWHPHLQH$UPHLQ+|KHGHU(OOHQERJHQª%LWWH 0U6LQFODLUUHWWHQ6LHGLH0HQVFKHQKLHU,FKIOHKH6LHDQ© ª:LHKHLHQ6LH"©ZROOWHLFKZLVVHQ ª0RQMD0RQMD'XQKLOO$EHU6LHN|QQHQUXKLJGX]XPLU VDJHQ,FKELQHUVWVLHE]HKQ© ª2ND\0RQMD:HQQGXPLUKLOIVWKHOIHLFKGLUDXFKDE JHPDFKW"© ª-D0U6LQFODLU©6LHVDKPLFKIHVWDQXQGLQLKUHQ$XJHQODV LFKHLQXQVDJEDUHV9HUWUDXHQ ª:DQQZLUGGDV*HLJHQVSLHOZLHGHUHUNOLQJHQ"© ª%DOG(VPWHHLJHQWOLFKJOHLFKVRZHLWVHLQ'DQQOHJWPHLQ 9DWHUHULVWGHU:LUWKLHUGLH3ODWWHDXI'LH0HQVFKHQYHU ODVVHQDQVFKOLHHQGJHVFKORVVHQGDV'RUIXQGJHKHQ]XGHP /DQGKDXV© ,FKOlFKHOWHKDUWª'LHVPDOZLUGHVHLQH3HUVRQPHKUVHLQ,FK ZHUGHPLFKGHU*UXSSHDQVFKOLHHQ© ª$EHUGDVLVWJHIlKUOLFK©ZDUQWH0RQMDª,FK©6LHYHU VWXPPWH'DV*HLJHQVSLHOZDUDXIJHNOXQJHQ ,FKVFKREGDV0lGFKHQ]XU6HLWHXQGJLQJDXIGLH7U]Xª-HW]W GUFNHPLUDPEHVWHQQXUGLH'DXPHQ©VDJWHLFK'DQQVFKOLFK LFKDXI=HKHQVSLW]HQGLHVWHLOH7UHSSHKLQXQWHU 0HLQH$XJHQKDWWHQVLFKLQ]ZLVFKHQJXWDQGLH'XQNHOKHLW JHZ|KQW-HZHLWHULFKPLFKGHP(UGJHVFKRQlKHUWHXPVR ODXWHUZXUGHGDV6SLHOGHU*HLJH(VZDUHLQHDOWH3ODWWH6LH OHLHUWH8QGGDDXFKGDV*UDPPRSKRQVFKRQHLQH0HQJH-DKUH DXIGHP%XFNHOKDWWHZDUGLH0XVLNGHPHQWVSUHFKHQG $EHUVLHWDWLKUH:LUNXQJ ,FKK|UWHGDV6FKOXUIHQYRQ6FKULWWHQXQGYHUQDKPGDV 6FKDUUHQYRQ6WLHIHOVRKOHQ'LH0HQVFKHQPXWHQZLHGLH7LHUH DXVLKUHQ+|KOHQJHNRPPHQVHLQ'LH0XVLNORFNWHVLH'LHVH VFKULOOHQPLW|QHQGHQ*HLJHQNOlQJHGLHIUGDV2KUHLQHV 1RUPDOVWHUEOLFKHQHLQH4XDOEHGHXWHWHQ
,FKEOLHEDXIKDOEHU7UHSSHVWHKHQ'UFNWHPLFKHQJJHJHQ GLH:DQG8QWHQVFKOXJHLQH7U'DQQK|UWHLFKHLQHWLHIH 0lQQHUVWLPPH ª6LQGGLHDQGHUHQVRZHLW"=DUFDGLZDUWHWQLFKWJHP© (VZDUGLH6WLPPHGHV:LUWHV(LQH)UDXDQWZRUWHWHLKPª-D ZLUN|QQHQJHKHQ© 'LH6WLPPHQHQWIHUQWHQVLFK,FKQDKPDQGDGLH0HQVFKHQ GXUFKGLH*DVWVWXEHJLQJHQ ,FKKWHWHPLFKLKQHQVRIRUW]XIROJHQ8QWHUNHLQHQ 8PVWl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|KQOLFKHV ,FKVDKGLH(LQZRKQHUZLHVLHVLFKGHP'RUIDXVJDQJQlKHUWHQ ,FKZDUYRP:HVWHQKHULQGLH6WDGWJHNRPPHQ6LHVFKULWWHQLQ GLHHQWJHJHQJHVHW]WH5LFKWXQJ 'LH0HQVFKHQJLQJHQLQ=ZHLHUUHLKHQGDVNRQQWHLFKWURW]GHU 'XQNHOKHLWHUNHQQHQ 9RUVLFKWLJKHIWHWHLFKPLFKDQLKUH)HUVHQ,FKKLHOWPLFKLPPHU LP6FKDWWHQGHUDOWHQ+lXVHUYHUVXFKWHNHLQ*HUlXVFK]XYHU XUVDFKHQ 9RUPLUK|UWHLFKWUDPSHOQGH6FKULWWH.HLQ:RUWZXUGH JHVSURFKHQ'LH3UR]HVVLRQYRUPLUZDUZLHHLQXQKHLPOLFKHU /HLFKHQ]XJ 'LHVH0HQVFKHQZXWHQQLFKWZDVVLHWDWHQ,KUHLJHQHU:LOOH ZDUDXVJHVFKDOWHW3URIHVVRU=DUFDGLKlWWHVLHPLWWHQLQGLH+|OOH ORFNHQN|QQHQ8QGQLHPDQGZUGHVLFKZHKUHQ
,FK]HUEUDFKPLUGHQ.RSIEHUGDV0RWLYGDVGLHVHQ'lPRQ OHLWHWH$XVZHOFKHP*UXQGOLHHUGLH0HQVFKHQ]XVLFKLQVHLQ /DQGKDXVNRPPHQ":DVKDWWHHUPLWLKQHQYRU" 2GHUZROOWHHUQXUHLQHJURH6FKDXDE]LHKHQ"'HU7RWHQ JUlEHUKDWWHPLUMDGHXWOLFKJHQXJ]XYHUVWHKHQJHJHEHQGD DOOHVIUPHLQH%HHUGLJXQJYRUEHUHLWHWZDU6RJDUGDV*UDEKDWWH HUVFKRQJHVFKDXIHOW8QGVLFKHUVWDQGDXFKVFKRQHLQ6DUJIU PLFKEHUHLW,P7UDXPKDWWHLFKLKQMDGHXWOLFKJHVHKHQ 'HU*HGDQNHGDUDQEHUHLWHWHPLU8QEHKDJHQ,FKPXWHDQ 6XNRGHQNHQGHUHLJHQWOLFKVFKRQKlWWHKLHUVHLQPVVHQ0LW LKPLP5FNHQIKOWHLFKPLFKGRFKZRKOHU 'LH3UR]HVVLRQKDWWHMHW]WGDV'RUIHQGHHUUHLFKW+LQWHUGHQ OHW]WHQ+lXVHUQVFKORVVHQVLFKIODFKHVFKRQXPJHSIOJWHbFNHU DQGLHYRQ:LHVHQXQG:DOGVWUHLIHQDEJHO|VWZXUGHQ,P 1RUGHQXQG6GHQEHJDQQHQGLHEHZDOGHWHQ+lQJHGHU(DVW $QJOLDQ+HLJKWV ,UJHQGZRLQGHQGLFKWHQ:lOGHUQVRVFKlW]WHLFKPXWHGDV JHKHLPQLVYROOH/DQGKDXVOLHJHQ 1RFKKDWWHGLH0HQVFKHQVFKODQJHGLH6WUDHQLFKWYHUODVVHQ REZRKOGDV'RUIHQGHVFKRQHLQLJHKXQGHUW
(VZDUYHUIOXFKWGXQNHO,QGLHVHU)LQVWHUQLVNRQQWHLFKQLFKW HLQPDOGLHEHUKPWH+DQGYRU$XJHQVHKHQ'DV1DGHOGDFKGHU %lXPHILOWHUWHDXFKGDVOHW]WH6WHUQHQOLFKW ,Q:LQGXQJHQVFKOlQJHOWHVLFKGHU:HJZHLWHUXQGK|KHU'DV /DQGKDXVPXWHDQHLQHP+DQJOLHJHQ 1DFKHLQHP)XPDUVFKYRQIQI]HKQ0LQXWHQKDWWHLFKGDV *UXQGVWFNHUUHLFKW (LQKRKHUVFKPLHGHHLVHUQHU=DXQKLHOWPLFKDXI'LH6Wl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lPPHGHU/DXEXQG1DGHOElXPHZLHGLH$UPH YRQ6FKOLQJSIODQ]HQ8QGQRFKHWZDVZDUVHOWVDP'LH/DXE ElXPHWUXJHQHLQJUQHV.OHLG 8QGGDVXPGLHVH-DKUHV]HLW (WZDVVWLPPWHKLHUQLFKW ,FKVFKOLFKZHLWHU6LFKHUKHLWVKDOEHUQDKPLFKPHLQH%HUHWWDLQ GLH+DQG,FKZDUJDUQLFKWPDOEHUUDVFKWDOVGHU:HJSO|W]OLFK DXIK|UWH 1XUQRFKGHU:DOGIDVWHLQ'VFKXQJHOODJYRUPLU9HUILO]W XQGLQHLQDQGHUJHZREHQGDV8QWHUKRO].QRUULJXQGGLFNGLH %DXPVWlPPH 'DQQGLH*HUlXVFKHhEHUDOOUDVFKHOWHIOVWHUWHXQGUDXQWHHV ,FKJODXEWH6WLPPHQ]XYHUQHKPHQ (ULVWGD'DNRPPWHU(UNDQQQLFKWPHKUIOLHKHQ:LUIUHXHQ XQVDXILKQ
'LH.HKOHZXUGHPLUWURFNHQ0LUZDUYHUGDPPWPXOPLJ ]XPXWH,UJHQGZHUKDWWHIUPLFKHLQH)DOOHDXIJHEDXWXQGLFK ZDUGUDXIXQGGUDQLQGLHVH)DOOHKLQHLQ]XVWROSHUQ $EHUJDEHVHLQHDQGHUH0|JOLFKNHLW"1HLQ:HQQLFKGLHVHQ =DUFDGLEHVLHJHQZROOWHGDQQPXWHLFKVRYRUJHKHQ 3O|W]OLFKK|UWHLFKHLQKHLVHUHV.UlFK]HQ$EUXSWEOLHELFK VWHKHQXQGODXVFKWH 'DV.UlFK]HQNDPPLUEHNDQQWYRU,FKKDWWHHVJHVWHUQVFKRQ JHK|UWLQPHLQHU:RKQXQJDOVLFKPLWGHU%OXWHXOHNlPSIWH 8QGVFKRQVDKLFKGDV$XJHQSDDU %OXWLJURWOHXFKWHWHHVLQGHU'XQNHOKHLW'LH(XOHVFKLHQYRU PLUDXIHLQHP$VW]XVLW]HQ*HGDQNHQEHUGLHVH%OXWHXOHQ VFKRVVHQPLUGXUFKGHQ.RSI6LHWUXJHQGHQVSH]LHOOHQ1DPHQ 6WULJHQZDUHQ1DFKWJHVFK|SIHGLHVLFKYRP%OXW8QVFKXOGLJHU HUQlKUWHQlKQOLFKZLHGLH9DPSLUH'LHVH6WULJHQJHLVWHUWHQ GXUFKGLH/HJHQGHQPDQVDJWHLKQHQDXFKQDFKGDVLH8QKHLO XQG7RGEUDFKWHQ $XWRPDWLVFKKRELFKGHQUHFKWHQ$UP]LHOWHJHQDX]ZLVFKHQ GLHEHLGHQEOXWURWHQ$XJHQ,FKZDUEHUHLW]XIHXHUQGRFKGDQQ GDFKWHLFKZLHGHUDQGLH6]HQHLQPHLQHU.FKHDOVGDV 0lGFKHQWDWYRUPLUDXIGHP%RGHQODJ 1HLQVRODQJHGLH(XOHPLFKQLFKWDQJULIIZROOWHLFKDXFKQLFKW VFKLHHQ ,FKJLQJZHLWHUWDVWHWHPLFK6FKULWWIU6FKULWWGXUFKGHQ 8UZDOG:RGDV+DXVODJNRQQWHLFKQLFKWVHKHQ.HLQ/LFKW VFKLPPHUEOLW]WHGXUFKGLH'XQNHOKHLW,FKNRQQWHPLFKQXU DQKDQGGHU6SXUHQRULHQWLHUHQGLHGLH3UR]HVVLRQKLQWHUODVVHQ KDWWH 'LH(XOHZDUYHUVFKZXQGHQ6LFKHUOLFKIORJVLHMHW]W]XLKUHP +HUUQXQG0HLVWHUXP]XEHULFKWHQGDLFKGDZDU 'LH=HLWYHUUDQQ/DQJVDPJHZ|KQWHLFKPLFKDQGLH*H UlXVFKHGHVXQKHLPOLFKHQ:DOGHV$XFKGDVEHNOHPPHQGH *HIKOZLFKHWZDV]XUFN%LVLFKGDV*HLJHQVSLHOK|UWH $XIHLQPDOVFKZHEWHHVLQGHU/XIW .ODJHQGXQGEHUDXVFKHQG]XJOHLFK'LH0HORGLHIDV]LQLHUWH PLFK]RJPLFKLQLKUHQ%DQQ
'LH7|QHVFKLHQHQYRQDOOHQ6HLWHQ]XNRPPHQVFKZDQJHQ GXUFKGHQ:DOGZXUGHQHLQVPLWGHU1DWXUXQGORFNWHQPLFK ZHLWHULPPHUZHLWHU ,FKPHUNWHGDLFKGDVUHDOH'HQNHQYHUORUGDGHU%DQQ VWlUNHUZXUGH$EHULFKWDWQLFKWVGDJHJHQOLHPLFKYRQGLHVHP *HIKOOHLWHQXQGPHUNWHGDLFKOlFKHOWH -DLFKIUHXWHPLFKEHUGLHVHVEHUDXVFKHQGH6SLHO 3O|W]OLFKHUVFKLHQPLUGHU:DOGDXFKQLFKWPHKUVRGXQNHO 9RQEHUDOOKHUVFKZHEWHQVLQJHQGHXQGNOLQJHQGH*HUlXVFKH DXIPLFK]X%lXPH6WUlXFKHUVLHEHZHJWHQVLFKLQHLQHP VHQYHU]DXEHUWHQ5HLJHQGHUPLFKHLQOXGPLW]XWDQ]HQXQG PLW]XVLQJHQ 0HLQ*DQJZXUGHEHVFKZLQJWHU,FKYHUPHLQWH*ORFNHQVSLHO ]ZLVFKHQGHQ*HLJHQW|QHQKHUDXVK|UHQ]XN|QQHQ=ZLVFKHQ GHQ%lXPHQWDQ]WHQVLOEHUQH5HIOH[HZXUGHQ]X6FKOHLHUQGLH VLFKZLH*HVSLQVWHEHUGDV8QWHUKRO]OHJWHQ 8QGGDQQVDKLFKGLH*HVWDOW (LQ0lGFKHQHLQH)UDX -DQH&ROOLQV :LHHLQH*HLVWHUHUVFKHLQXQJWDXFKWHVLHDXI7UDWKLQWHUHLQHP %DXPVWDPPKHUYRU(LQH/LFKWJORFNHXPVFKZHEWHVLH,KUJROG EORQGHV+DDUZHKWHXPGHQ.RSI-DQHVWUHFNWHEHLGH$UPHDXV ,FKVDKGDV/lFKHOQDXILKUHP*HVLFKWLKUH/LSSHQ|IIQHWHQVLFK ª.RPP©ORFNWHVLHª.RPP]XPLU-RKQKLHULVWHVZXQGHU EDU%LWWHNRPP© ,FKK|UWHGLH:RUWHYHUQDKPGDV*HLJHQVSLHOGD]ZLVFKHQGDV VHOWVDPH.OLQJHQXQGIKOWHPLFKLQHLQHQYHU]DXEHUWHQ 0lUFKHQZDOGYHUVHW]W ,FKYHUJDDOOHVDQGHUHGDFKWHQLFKWPHKUDQ*HIDKUHQ'RUW VWDQG-DQH&ROOLQVGLH)UDXGLHPLFKOLHEWHXQGGLHDXFKPLU QLFKWJOHLFKJOWLJZDU ,FKZDUIGLH3LVWROHZHJ'LH:DIIHEUDXFKWHLFKQLFKWPHKU(V ZDUVRKHUUOLFKVRVFK|QVRIULHGOLFK 3O|W]OLFKKDWWHLFKHVPHKUDOVHLOLJ:LHDQHLQHPXQVLFKWEDUHQ )DGHQJH]RJHQUDQQWHLFKDXI-DQH&ROOLQV]X
6XNRGHU&KLQHVHVFKLHQDQGLHVHP7DJGDV3HFKJHSDFKWHW]X KDEHQ(UVWHQVVSUDQJVHLQH0DVFKLQHQLFKWDQ'HIHNWDP 9HUJDVHUXQG]ZHLWHQVJHULHWHUZHQLJH0HLOHQQRUG|VWOLFKYRQ /RQGRQLQHLQH3ROL]HLNRQWUROOH 7HUURULVWHQIDKQGXQJ 6XNRZXUGH]XU6HLWHJHZXQNHQ9LHU3ROL]LVWHQNUHLVWHQLKQ HLQ=ZHL03L0QGXQJHQ]HLJWHQDXIVHLQHQ.|USHU 'D6XNRDOOHLQVFKRQlXHUOLFKQLFKWXQWHUGHQ%HJULII!QRUPDO ILHO]XVlW]OLFKQRFKHLQVFKZHUHV0RWRUUDGIXKUXQGLQVHLQHU .OXIWDXVVDKZLHHLQ0DUVPHQVFKEHVFKlIWLJWHQVLFKGLH %HDPWHQLQWHQVLYPLWLKP 6XNRZXUGHJHILO]W 8QGGDVGDXHUWH 0DQPHUNWHLKPZRKOVHLQH8QUXKHDQ'HU6WUHLIHQIKUHU IUDJWHJULQVHQGª(LOLJ0LVWHU"© ª-D© 'DPLWZDUGHU'LDORJEHHQGHW(LQQRFKMXQJHU%HDPWHUJDE GHP&KLQHVHQGLH3DSLHUH]XUFNª6LHN|QQHQZHLWHUIDKUHQ© 'DVZDUGHUHLQ]LJH.RPPHQWDU 6XNRVFKZDQJVLFKZLHGHUDXIVHLQH+DUOH\(UNLFNWHVLHDQ 6DWWU|KUWHGHU0RWRU'DVZDU0XVLNLQ6XNRV2KUHQ(UOLHEWH GLHVHQ6RXQGKHLXQGLQQLJ 1RFKODJHQKXQGHUW0HLOHQ0RWRUZD\YRULKP'DQQMHGRFK K|UWHGLH$XWREDKQDXI$QGLH6WUDHQGLHGDQDFKNDPHQ ZDJWH6XNRQLFKWPDO]XGHQNHQ =XP*OFNZDUHQGLH)DKUEDKQHQWURFNHQ6XNRGUHKWHDXI )ODFKODJHUDXIVHLQHU0DVFKLQH'HU:LQGSILIIXPGHQ+HOP 'RFK6XNRV9LVLHUVDVRIHVWGDHUGDYRQQLFKWVVSUWH'LH /HGHUMDFNHKLHOWHEHQIDOOV.lOWHXQG:LQGDE6LHZDULQQHQ VSH]LDOJHIWWHUW:lUPHLVROLHUHQGHU6FKDXPVWRII 6XNRVFKDIIWHGHQ0RWRUZD\LQ5HNRUG]HLW'DQQIXKUHUEHU 1HEHQVWUDHQZHLWHU 'HU1DFKPLWWDJQHLJWHVLFKGHP(QGHHQWJHJHQ6XNRVDKGHQ :HJZHLVHUQDFK6DIIURQ'LHVHU2UWEHIDQGVLFKVFKRQLQPLWWHQ GHU(DVW$QJOLDQ+HLJKWV9RQ6DIIURQDXVZDUHVQLFKWPHKUZHLW ELV2UOLQJWRQ+|FKVWHQVQRFKGUHLLJ0HLOHQ
$EHUGLHZXUGHQ]XU7RUWXU(QJH6WUDHQ]DKOUHLFKH.XUYHQ 6XNRPXWHGXUFK'|UIHUIDKUHQGHUHQ1DPHQHUQRFKQLH JHK|UWKDWWH=XPHLVWZDUHQGLH6WUDHQQLFKWHLQPDOJHSIODVWHUW (UXQGVHLQH0DVFKLQHZXUGHQDQJHVWDUUWDOVNlPHQVLHGLUHNW YRP0DUV:DKUVFKHLQOLFKKDWWHQGLH/HXWHQRFKQLHVRHLQHQ KHLHQ2IHQLQQDWXUDJHVHKHQ .XU]YRU2UOLQJWRQZXUGHGLH6WUDHQRFKPLHVHU%LVLQGHQ 2UWKLQHLQZDUVLHQXUQRFKHLQH6FKODJORFKSLVWH 6XNRHUUHLFKWH2UOLQJWRQDOVHVVFKRQGXQNHOZDU'HUEUHLWH 6FKHLQZHUIHUVWUDKOJOLWWGXUFKGDV'XQNHO]HUVFKQLWWHVZLHHLQ 6SHHUXQGULHLQHQ:DJHQDXVGHU)LQVWHUQLV -RKQ6LQFODLUV%HQWOH\ 6XNRVWRSSWH0LWHLQHPOHW]WHQ%OXEEHUQHUVWDUEGHU0RWRU 'HU&KLQHVHERFNWHGLH0DVFKLQHDXIVFKREVHLQ9LVLHUKRFKXQG QlKHUWHVLFKGHP:DJHQ(UKDWWHGLH+DUOH\VRDEJHVWHOOWGD GHU%HQWOH\DQJHVWUDKOWZXUGH 6XNRHUUHLFKWHGHQ:DJHQXQGVFKDXWHLQGDV,QQHUH 'HU%HQWOH\ZDUOHHU9RQ-RKQ6LQFODLUNHLQH6SXU'HU&KLQHVH ZDUWHWHDE(UNDPVLFKSO|W]OLFKXQVDJEDUYHUODVVHQYRU9RQ /HEHQNHLQH6SXU1XUGDV6lXVHOQGHV1DFKWZLQGHVZDU]X K|UHQ6XNRIKOWHVLFKZLHLQHLQHU*HLVWHUVWDGW 'DK|UWHHUHLQ*HUlXVFK'LUHNWQHEHQVLFK 6XNRJLQJHLQHQ6FKULWWYRUXQGVWDQGYRUHLQHP*UDEHQ$XV LKPZDUGDV*HUlXVFKJHNRPPHQ-HW]WYHUQDKP6XNRDXFKHLQH 0lQQHUVWLPPH ª9HUGDPPWGLHVHUGUHFNLJH+XQG:HQQLFKGHQLQGLH)LQJHU NULHJH'LHWLHIVWH+|OOHVROOLKQYHUVFKOLQJHQ© 6XNRKDWWHJHQXJJHK|UW(UKXVFKWH]XVHLQHP0RWRUUDG ]XUFNXQGO|VFKWHGHQ6FKHLQZHUIHU'DQQJLQJHUKLQWHUGHP %HQWOH\LQ'HFNXQJ (VGDXHUWHJDUQLFKWODQJHELVHUGLH8PULVVHHLQHUPHQVFK OLFKHQ*HVWDOWVDK'HU.HUONOHWWHUWHDXVGHP*UDEHQEOLHEDXI +lQGHQXQG)HQKRFNHQVFKWWHOWHEHQRPPHQGHQ.RSIXQG EUDEEHOWHXQYHUVWlQGOLFKHV=HXJYRUVLFKKLQ(WZDVEOLQNWHLQ VHLQHUUHFKWHQ+DQG'DVNRQQWHHLQ0HVVHUVHLQ 6XNREHVFKORYRUVLFKWLJ]XKDQGHOQ
'HU0DQQULFKWHWHVLFKDXI0LWGHUIUHLHQ+DQGIDWHHUVLFKDQ GHQ.RSIXQGVW|KQWH6HLQH6FKULWWHZDUHQXQVLFKHUDOVHUHLQHQ )XYRUGHQDQGHUHQVHW]WHXQGDXIGLH6WUDHQPLWWH]XJLQJ 'DEHLSDVVLHUWHHUGDV+HFNGHV%HQWOH\ 8QGGRUWODXHUWH6XNR 'HU0DQQVDKLKQQLFKWJLQJYRUEHL=ZHL
6XNRULGHQ.HUOHLQ6WFNKRFKª1RFKELQLFKJXWHU/DXQH© IOVWHUWHHUª6ROOWHVLFKPHLQH6WLPPXQJMHGRFKlQGHUQVLHKWHV E|VHIUGLFKDXV1RFKHLQPDO:RVWHFNW-RKQ6LQFODLU"© )UDQN6FRWWDWPHWHWLHIHLQª(UHUZDUKLHU©JDEHU]X ª8QG"© ª(UKDWPLWGHQ'RUIEHZRKQHUQJHNlPSIW(VLVWMDVFKRQDOOHV IULKQYRUEHUHLWHW(UKDWNHLQH&KDQFHPHKU:LUVFKDIIHQLKQ© ª:RVWHFNWHUMHW]W]XP7HXIHO"© ª,FKZHLHVQLFKWJHQDX.DQQHVQXUUDWHQ© ª'DQQUDWH© ª,FKKDEHPLFKPLWLKPJHVFKODJHQ(UKDWJHZRQQHQXQG LFKELQEHZXWORVJHZRUGHQ'LHDQGHUHQVLQGEHVWLPPW]X 3URIHVVRU=DUFDGLJHJDQJHQ© ª:HUVLQGGLHDQGHUHQ"© ª'LH%HZRKQHUGHV'RUIHV© ª6LQGDOOHZHJ"© ª1HLQLFKELQQRFKKLHU©'LH6WLPPHNODQJKLQWHU6XNRV 5FNHQDXI6LHZDUZHLFKXQGJHK|UWHHLQHU)UDX 'HU&KLQHVHGUHKWHVLFKXPRKQH6FRWWGDEHLORV]XODVVHQ 0RQMD'XQKLOOVDKLKQDQ,KU*HVLFKWEHKLHOWGHQHUQVWHQ $XVGUXFNEHLDOVVLHHUNOlUWHª-RKQ6LQFODLUZDUEHLPLU,FKKDEH PLWLKPJHVSURFKHQ© ª:DVKDWHUJHVDJW"5HGHQ6LH©6XNRKDWWHHVSO|W]OLFKHLOLJ ª.RPPHQ6LHPLW©HUZLGHUWHGDV0lGFKHQª,FKZLOO,KQHQ HWZDV]HLJHQ© ª'DUILFK,KUHQ1DPHQHUIDKUHQ"©HUNXQGLJWHVLFK6XNR 'DV*LUOZDUVFKRQDXIGHP:HJEOLHEMHGRFKVWHKHQXQG GUHKWHVLFKXP ª,FKKHLH0RQMD'XQKLOO6LHN|QQHQPLUYHUWUDXHQ,FKPHLQH HVJXWPLW,KQHQ© ª+RIIHQWOLFK©NQXUUWH6XNR(USDFNWH)UDQN6FRWWDP$UP ª'XZLUVWPLFKEHJOHLWHQ)UHXQGFKHQ8QGZHQQGX'XPP KHLWHQPDFKVWJLEWHVZDVDXIGLH1X© 6XNRV*ULIIZDUHEHQVRKDUWZLHVHLQH6SUDFKH'HQQHUVSUWH LQVWLQNWLYGD-RKQ6LQFODLULQJURHU*HIDKUVFKZHEWH'HVKDOE UHDJLHUWHHUYLHOOHLFKWDJJUHVVLYHUDOVJHZ|KQOLFK
0RQMD'XQKLOOEHJDQQ]XODXIHQ6LHKDWWHHVSO|W]OLFKVHKU HLOLJ6XNRKDWWH0KHLKU]XIROJHQ )UDQN6FRWWPDFKWHLKP6FKZLHULJNHLWHQ(UYHUVXFKWH6XNRV *ULII]XVSUHQJHQGRFKGLH)LQJHUGHV&KLQHVHQZDUHQZLH 6WDKONODPPHUQ 0GHJDE6FRWWQDFK'DVWDQGHQVLHVFKRQGLFKWYRUGHU)ULHG KRIVPDXHU ª(UVFKDIIWHVQLFKWPHKU©IUHXWHVLFK)UDQN6FRWWª6LQFODLULVW GHV7RGHVZLHLFKJHVDJWKDEH© ª+DOWV0DXO©6XNRVWLHGHQ.HUODXIGHQ7RWHQDFNHU0RQMD ZDUVFKRQHLQLJH6FKULWWHYRUJHODXIHQ-HW]WGUHKWHVLHVLFKXP XQGZLQNWHKDVWLJª5DVFKEHHLOHQ6LHVLFK© 6XNRVWLH)UDQN6FRWWEHUGLHHLQJHVXQNHQHQ*UlEHUKLQZHJ (VZDUYHUGDPPWILQVWHU(LQPDOVWROSHUWHGHU&KLQHVHEHU HLQHQ*UDEVWHLQ'HQKDWWHHUHLQIDFKQLFKWJHVHKHQ 0RQMDZDUWHWHVFKRQDXIGLH0lQQHU6RYLHO6XNRHUNHQQHQ NRQQWHVWDQGVLHDP5DQGHLQHVRIIHQHQ*UDEHV ª'DVLVWHV©HUNOlUWHVLHª'DVLVWGDV*UDEIU-RKQ6LQFODLU© 8QZLOONUOLFKKLHOW6XNRGHQ$WHPDQ(UEHXJWHVLFKHWZDV YRUXPLQGLH*UXEHKLQHLQVHKHQ]XN|QQHQ ª1RFKLVWHVOHHU©VDJWH0RQMDªDEHUEDOG© 6XNRZDQGWHLKUGDV*HVLFKW]Xª:DUXPKDEHQ6LHPLFK]X GLHVHP*UDEJHIKUW"©ZROOWHHUZLVVHQª'DKDW-RKQQLFKWV YRQ© ª(VLVWDEHUGLHHLQ]LJH&KDQFHLKP]XKHOIHQ© ª1HLQ©6XNRVFKWWHOWHGHQ.RSIª'DVNDQQLFKQLFKWJODXEHQ ,FKPX]XGLHVHP=DUFDGL© ª(VLVW]XVSlW© ª'DQQZLOOLFKHVZHQLJVWHQVYHUVXFKWKDEHQ©'HU&KLQHVH EHKDUUWHDXIVHLQHP6WDQGSXQNW(UZROOWHPLWVHLQHP*HIDQ JHQHQZHJUHQQHQGRFKGDV0lGFKHQILHOLKPLQGHQ$UP ª%OHLEHQ6LHXP+LPPHOVZLOOHQKLHU6LHKDEHQNHLQH&KDQFH 'HU+RUURU*DUWHQZLUG6LHYHUVFKOLQJHQ©0RQMDIOHKWH6XNRDQ 8QGLQLKUH:RUWHPLVFKWHVLFK)UDQN6FRWWVKlPLVFKHV.LFKHUQ 'RFK6XNROLHVLFKYRQVHLQHP9RUKDEHQQLFKWDEEULQJHQ ª(QWZHGHURGHU©VDJWHHUª/RVNRPP©(UUL)UDQN6FRWWPLW
1RFKHLQPDOYHUVXFKWHLKQGDV0lGFKHQ]XUFN]XKDOWHQ6LH VFKDIIWHHVQLFKW 9HUORUHQXQGHLQVDPEOLHEVLHDP5DQGGHV*UDEHVVWHKHQ,KUH $UPHKLQJHQDP.|USHUKHUDE6LHVDKDXVZLHHLQH3XSSH ª-HW]WLVWDOOHVDXV©IOVWHUWHVLHPLWEHEHQGHQ/LSSHQ 1LHPDQGVDKGLH7UlQHQGLHDQLKUHQVFKPDOHQ:DQJHQ HQWODQJOLHIHQ $XFK6XNRQLFKWGHUPLW)UDQN6FRWWGHQ)ULHGKRILQ]ZLVFKHQ YHUODVVHQKDWWH ª:DVKDEHQ6LHPLWPLUYRU"©NUHLVFKWH6FRWW 6XNRODFKWHKDUWª'DVZLUVWGXVFKRQIUKJHQXJPHUNHQ'X ]HLJVWPLUQlPOLFKGHQ:HJ]XGLHVHPYHUGDPPWHQ=DUFDGL© 6FRWWODFKWHª$XIGHP0RWRUUDG"© ª1HLQZLUJHKHQ]X)X© 'D6XNRIUGHQ%HQWOH\NHLQHQ(UVDW]VFKOVVHOEHVDXQGLKP HLQH)DKUWDXIGHU+DUOH\]XJHIlKUOLFKHUVFKLHQEOLHELKPQXU QRFKGLHVHHLQH0|JOLFKNHLW6XNRZDULQGHPIHVWHQ*ODXEHQ ULFKWLJJHKDQGHOW]XKDEHQ'DEHLDKQWHHUQLFKWGDHUVRHEHQ GHQZRKOJU|WHQ)HKOHUVHLQHV/HEHQVEHJDQJHQKDWWH ,PPHUQRFKVWUHFNWHPLU-DQH&ROOLQVEHLGH$UPHHQWJHJHQ6LH ZLQNWHGDEHLPLWGHQ+lQGHQOlFKHOWHZLHHLQ(QJHO ª-DQH© 6LHXPNODPPHUWHPLFKSUHWHLKUH:DQJHJHJHQGLHPHLQH ,FKVSUWHLKUH+lQGHEHUPHLQHQ5FNHQVWUHLFKHQGHQ'UXFN LKUHU%UVWH0HLQH/LSSHQVXFKWHQLKUHQ0XQGXQG 0LWHLQHP6FKUHLIXKULFK]XUFN 'DODJNHLQH-DQH&ROOLQVPHKULQPHLQHQ$UPHQGDZDUEHU KDXSWNHLQH)UDXPHKU ,FKKLHOWHLQ6NHOHWWXPNODPPHUW +DVWLJO|VWHLFKGLH+lQGHYRQGHQNQRFKLJHQ6FKXOWHUQ ZROOWH]XU3LVWROHJUHLIHQGDV+ROVWHUZDUOHHU 6LHGHQGKHLILHOPLUHLQGDLFKGLH:DIIHZHJJHZRUIHQKDWWH ,FKIKOWHPLFKPHKUDOVHOHQG0LWHLQHPVFKULOOHQ7RQYHU VWXPPWHGLH0XVLN6WLOOHEUHLWHWHVLFKDXV(VZXUGHILQVWHUXP
PLFK9HUVFKZXQGHQZDUHQGLHORFNHQGHQ%LOGHUGDV6LQJHQ XQG.OLQJHQGHV=DXEHUZDOGHV *HEOLHEHQZDUGDV6NHOHWW 8QGQLFKWQXUGDV6LHKDWWHQPLFKHLQJHNUHLVW'LH0HQVFKHQ DXVGHP'RUIXPVWDQGHQPLFKZLHHLQH0DXHU,FKVDKLKUH EOHLFKHQ*HVLFKWHULQGHU'XQNHOKHLWOHXFKWHQ0RUGOXVWVFKLP PHUWHLQLKUHQ$XJHQ'LH0HQVFKHQEUDXFKWHQQXUGLH+DQG DXV]XVWUHFNHQXPQDFKPLU]XJUHLIHQ6LHWDWHQHVQLFKWVWDQ GHQVWXPPXQGVSUDFKHQNHLQHLQ]LJHV:RUW ,FKSXPSWHGLH1DFKWOXIWLQPHLQH/XQJHQ'HU=DXEHUGHU OHW]WHQ0LQXWHQZDUYHUIORJHQ$XVPLUZDUZLHGHUGHU*HLVWHU MlJHUJHZRUGHQ $EHUHLQZDIIHQORVHU 7URW]GHP]HLJWHLFKNHLQH6FKZlFKHVRVFKZHUHVPLUDXFKILHO ª:DVZROOWLKU"©KHUUVFKWHLFKGLH0HQVFKHQDQª/RVVDJWZDV LKUYRQPLUZROOW© .HLQH$QWZRUW 6FKZHLJHQ'VWHUGURKHQG ,FKJLQJ]ZHL6FKULWWHQDFKYRUQ1LHPDQGZLFK]XUFN$XFK GDV.UHX]DXIPHLQHU%UXVWKDWWHVHLQHDEVFKUHFNHQGH:LUNXQJ YHUORUHQ$XIQLFKWVNRQQWHLFKPLFKPHKUYHUODVVHQ 'DQQK|UWHLFKGLH6WLPPH6LHZDUVHKUODXW'XPSIKDOOWHVLH GXUFKGHQ:DOG ª-RKQ6LQFODLU©ULHIGHU8QKHLPOLFKHª(VLVWVRZHLW(QGOLFK VWHKHQZLUXQVJHJHQEHU© ,FKULHI]XUFNª:RELVWGX=DUFDGL"=HLJGLFKYHUGDPPW QRFKPDO,FKP|FKWHGLFKVHKHQ© /DFKHQ+RKOXQGWHXIOLVFK'DQQK|UWHLFK6FKULWWH(VZDUQXU HLQGXPSIHV3RFKHQ =ZHLJHNQDFNWHQ,UJHQGHWZDVUDVFKHOWH 8QGGDQQWUDWHUDXVGHP6FKDWWHQHLQHVGLFNHQ%DXPVWDPPV 3URIHVVRU=DUFDGL" 1HLQHVZDUGHU6FKZDU]H7RG +lOLFKZDUHUDQ]XVHKHQPLWVHLQHPGXQNOHQ6FKlGHOXQG GHQKHOOHQIDUEORVHQ$XJHQK|KOHQ'LH6NHOHWWKlQGHUDJWHQDXV GHQbUPHOQGHUGXQNOHQ-DFNHKHUYRU
'HU6FKZDU]H7RGKLHOWHWZDVLQGHUUHFKWHQ+DQG (VZDUHLQH*HLJH (UXQG3URIHVVRU=DUFDGLZDUHQHLQXQGGLHVHOEH3HUVRQ,FK KDWWHHVJHDKQWDEHUMHW]WZXWHLFKHV 6WXPPVWDQGHQZLUXQVJHJHQEHU$XFKGLH'LHQHUGHV 6FKZDU]HQ7RGVZDJWHQNHLQHQ/DXWYRQVLFK]XJHEHQ*HEDQQW VDKHQVLHXQVHUHP5LQJHQ]X (UKDWWHQXQGLHEHVWHQ&KDQFHQHLQHQGHUJU|WHQ:LGHU VDFKHUGHU+|OOH]XYHUQLFKWHQ (UJHQRVHLQHQ7ULXPSKPLFKZDIIHQORVYRULKPVWHKHQ]X VHKHQ'DV.UHX]DXIPHLQHU%UXVWVFKUHFNWHLKQQLFKWDE0LW VROFKHQIULKQOlFKHUOLFKHQ:DIIHQNRQQWHPDQGHQ6FKZDU]HQ 7RGQLFKWVFKRFNHQ 8QGGRFKGDFKWHLFKLQGLHVHQ$XJHQEOLFNHQQLFKWDQPLFK VRQGHUQDQ-DQH&ROOLQV ª:RLVW-DQH&ROOLQV"© 0HLQH:RUWHWURSIWHQLQGDVEHGUFNHQGH6FKZHLJHQ 'HU6FKZDU]H7RGODFKWHKRKOª,QJXWHQ+lQGHQ6LHZLUG QRFKDQGHLQHU%HHUGLJXQJWHLOQHKPHQ*HLVWHUMlJHU9RUKLQGDV ZDUHLQH7lXVFKXQJ'XELVWGDUDXIKHUHLQJHIDOOHQZLHHLQEOXWL JHU$QIlQJHU,FKJODXEHPDQKDWGLFKEHUVFKlW]W-RKQ6LQFODLU ,FKJHEH]XGXKDVWHLQLJHPHLQHU)UHXQGHEHVLHJWDEHUGDPLWLVW HVYRUEHL(QGJOWLJ© 'LH:RUWHWUDIHQPLFK(VZDUHLQH(UQLHGULJXQJZLHLFKVLH QRFKQLHHUOHEWKDWWH*OHLFK]HLWLJSHLWVFKWHQVLHDXFKPHLQH:XW KRFKVWDFKHOWHQGHQ+DDQJHJHQGLH0lFKWHGHU)LQVWHUQLV JHJHQGLH.UlIWHGHV%|VHQGLHEHUGLH0HQVFKKHLWKHUHLQ EUDFKHQZLHHLQDOOHVYHUQLFKWHQGHV8QJHZLWWHU ,FKEHUOHJWHQLFKWPHKUODQJH,FKJULIIDQ $XVGHP6WDQGVSUDQJLFKYRUZROOWHGLHVHPYHUGDPPWHQ 8QJHKHXHUEHLGH)lXVWHLQGHQ/HLEUDPPHQ ,FKVFKOXJKLQGXUFK'HU6FKZDU]H7RGKDWWHVLFKLQQHUKDOE HLQHV$WHP]XJHVDXIJHO|VW6HLQH*HVWDOWZDUYHUVFKZXQGHQ ZLHZHJJHZLVFKW ,FKK|UWHQXUQRFKHLQJHOOHQGHVKlPLVFKHV/DFKHQXQG VWU]WHYRQPHLQHPHLJHQHQ6FKZXQJJHWUDJHQ]X%RGHQ
ª3DFNWLKQ©JHOOWHGHU%HIHKODXVGHP8QVLFKWEDUHQ 6LHILHOHQEHUPLFKKHUZLHHLQKXQJULJHV:ROIVUXGHO0lQQHU XQG)UDXHQ6LHVFKOXJHQXQGWUDWHQDXIPLFKHLQ ,FKZHKUWHPLFKYHUELVVHQNlPSIWHZLHHLQ%HUVHUNHU'UHL YLHU*HJQHUVFKOHXGHUWHLFK]XU6HLWHGLHQlFKVWHQVFKLFNWHLFK PLW.DUDWHWULWWHQ]X%RGHQYHUVFKDIIWHPLUGDGXUFKHWZDV/XIW XQGNRQQWHVWROSHUQGZHJODXIHQ 1DFK]ZHL6FKULWWHQKHFKWHWHPLUMHPDQGLQGLH%HLQH :LHGHUILHOLFKSUDOOWHDXIV*HVLFKW 'HUZHLFKH%RGHQGlPSIWHGHQ)DOO]XP*OFN7URW]GHP VSUWHLFKGDV%OXWDXVPHLQHU1DVHODXIHQ 8QGGDQQEUDFKGLH:HOOHDXV0HQVFKHQOHLEHUQEHUPLU ]XVDPPHQ(WZDVWUDIPLWXQJHKHXUHU:XFKWPHLQHQ+LQWHU NRSIXQGLPQlFKVWHQ$XJHQEOLFNYHUO|VFKWHQVlPWOLFKH/LFKWHU EHLPLU :LHHLQ6WHLQILHOLFKLQGHQWLHIHQ6FKDFKWGHU%HZXWORVLJNHLW 6XNRKDWWH)UDQN6FRWWV+lQGHPLWHLQHP+RVHQJUWHOJHIHV VHOW'HU.QDEHHUVFKLHQLKPGRFKHLQZHQLJ]XZLGHUVSHQ VWLJ6HLQHQ%HVFKLPSIXQJHQNRQQWH6XNRMHGRFKQLFKWHQW JHKHQ 'HU&KLQHVHKDWWHHLQH.RQGLWLRQIUGUHL(UVFKOHLIWH6FRWW I|UPOLFKKLQWHUVLFKKHUXQGDOVVLHLQGHQ:DOGWDXFKWHQZXUGH GDV7HPSRNDXPODQJVDPHU $XFK6XNRNDPGHU:DOGZLHHLQHHLQ]LJH%HGURKXQJYRU 'RFKGHU&KLQHVHPLWVHLQHPSRVLWLYHQ1DWXUHOOVFKWWHOWHGDV *HIKOHLQIDFKDE:LHHLQH5DPPNXJHOEUDFKHUGXUFKGLH %VFKH'DEHL]RJHU6FRWWLPPHUPLW (LQPDOEOLHEHUVWHKHQXQGYHUVXFKWHPLWVHLQHQ%OLFNHQGDV 'XQNHO]XGXUFKGULQJHQª:LHZHLWLVWHVQRFK"© ª:HLLFKQLFKW©)UDQN6FRWWNLFKHUWH 6XNRJLQJZHLWHU8QGRKQHGDHUHVPHUNWHZLFKHUYRQGHU +DXSWULFKWXQJDEXQGQlKHUWHVLFKGHP7UHLEKDXV'DQQYHU VSHUUWHLKPHLQ=DXQGHQ:HJ 6XNRKDNWHVHLQHIODFKHYLHUHFNLJH/DPSHYRP*UWHO(U
OHXFKWHWHGLH(LVHQVWlEHDQHUNDQQWHGDVLHREHQVSLW]]XOLHIHQ XQGIOXFKWH 'LHVHV+LQGHUQLVSDWHLKPJDUQLFKW $EHUHUPXWHKLQEHU 6XNRGUHKWHGLH/DPSHXQGGHU6FKHLQILHODXI)UDQN6FRWWV JULQVHQGHV*HVLFKW ª)UHXGLFKQLFKW]XIUK©VDJWH6XNR(LQZRKOGRVLHUWHU6FKODJ VFKLFNWH6FRWWLQV5HLFKGHU7UlXPH6XNRZDUHLQ0HLVWHULQ GHU7HFKQLNYRQ+DQGNDQWHQVFKOlJHQ)UDQN6FRWWZUGHQXU ZHQLJH0LQXWHQEHZXWORVEOHLEHQ(LQH=HLWVSDQQHGLHGHU &KLQHVHEHQ|WLJWHXPGDV+LQGHUQLV]XEHUZLQGHQ 6XNRZDUIVLFKGHQ%HZHJXQJVORVHQEHUGLHOLQNH6FKXOWHU XQGEHJDQQDQGHPHLVHUQHQ+LQGHUQLVKRFK]XNOHWWHUQ(UXP NODPPHUWH]ZHL6WDQJHQJOHLFK]HLWLJXQGHVJUHQ]WHVFKRQDQ $UWLVWLNZLHHUHVVFKDIIWHGDGDEHLGHU%HZXWORVHQLFKWYRQ VHLQHU6FKXOWHUUXWVFKWHXQG]X%RGHQILHO *HVFKLFNWEHUWXUQWHHUDXFKGLH(LVHQVSLW]HQXQGVWDQGZHQLJ VSlWHUDXIGHUDQGHUHQ6HLWHGHV=DXQV (USHLOWHHUVWHLQPDOGLH/DJHQDKPGLH/DPSHLQGLHOLQNH +DQGXQGOLHGHQ6WUDKOKLQXQGKHUZDQGHUQ %DXPVWlPPH%VFKH*UDVXQG)DUQNUDXWZXUGHQDXVGHU 'XQNHOKHLWJHULVVHQ=ZHLJHXQG%OlWWHUZLHJWHQVLFKLP 1DFKWZLQG(LQHXQQDWUOLFKH5XKHODJEHUGHPZLOGHQ3DUN .HLQH9RJHOVWLPPHZDU]XK|UHQ.HLQ7LHUMDXOWH 'LH6WLOOH]HUUWHI|UPOLFKDQGHQ1HUYHQ -HOlQJHU6XNRDXIGLH%lXPHVWDUUWHXPVRPHKUKDWWHHUGDV *HIKOQLFKWPHKUDOOHLQ]XVHLQ6HLWHUGHQ=DXQEHUVSUXQJHQ KDWWHVFKLHQVLFKXPLKQKHUXPHWZDV'URKHQGHV8QIDEDUHV ]XVDPPHQ]XEUDXHQ 6XNRGHUPLWVHKUVHQVLEOHQ1HUYHQDXVJHVWDWWHWZDUVSUWH GLH*HIDKUZLHVLHKHUDQNURFK +LQXQGKHUEHZHJWHHUGLH/DPSH 'DHLQ*HVLFKW'LUHNWQHEHQHLQHP%URPEHHUVWUDXFK ,PQlFKVWHQ$XJHQEOLFNZDUGDV*HVLFKWYHUVFKZXQGHQ'RFK 6XNRJODXEWHQLFKWGDHUVLFKJHWlXVFKWKDWWH (UJLQJ]ZHL6FKULWWHYRU
3O|W]OLFKYHUQDKPHUHLQHQ3ILII 'QQVWDQGGHU7RQLQGHU/XIWXQGEUDFKHEHQVRVFKQHOO ZLHGHUDEZLHHUDXIJHNOXQJHQZDU 6XNRGUHKWHGHQ.RSI'HU3ILIIZDUYRQUHFKWVJHNRPPHQ ZXUGHDEHUDXVGHUHQWJHJHQJHVHW]WHQ5LFKWXQJEHDQWZRUWHW (VZDUHQDOVR]ZHL 0HQVFKHQ'lPRQHQ" 'HU&KLQHVHVHW]WHMHW]WDOOHVDXIHLQH.DUWH(UGUHKWHVLFK LP.UHLVXQGOLHGHQ/LFKWVWUDKOGXUFKGLHQlKHUVWHKHQGHQ %VFKHVWUHLIHQ :LHHLQH/DQ]HQVSLW]HWUDIGHU/LFKWVFKHLQGDV0RQVWHU(VZDU HLQVFKOHLPLJHV*HVFK|SIXQGWDXFKWH]ZLVFKHQ]ZHLGLFKWEHL HLQDQGHUVWHKHQGHQ%lXPHQDXI 6XNRVWDUUWHGDVVFKUHFNOLFKH*HVFK|SIDQ(UVDKGHQXQ I|UPLJHQVFKOHLPLJHQXQGVLFKLPPHUZLHGHUYHUlQGHUQGHQ .|USHUXQGHUZXWHZDVGDYRULKPVWDQG (LQ*KRXO 6FKUHFNOLFKVWHUXQGZLGHUOLFKVWHUDOOHU'lPRQHQ (UVDKDXVZLHHLQHJURH)ODVFKHVHLQ.|USHUZDUGXUFK VLFKWLJ(UVFKLOOHUWHLP,QQHUQJUQEUDXQ9RQGHPODQJ JH]RJHQHQ.RSIILHOHQ7URSIHQDXIGHQ%RGHQUROOWHQVLFK ]XVDPPHQXQGJOLWWHQDP8QWHUWHLOGHV.|USHUVZLHGHUKRFK (VNDPQlKHU6DKLQ6XNRVFKRQHLQHVLFKHUH%HXWH ,PVHOEHQ$XJHQEOLFNEHJDQQVLFK)UDQN6FRWW]XUHJHQ(U VW|KQWHXQGVHW]WHVLFKDXI 8QGGLHVHV*HUlXVFKUHWWHWH6XNRGDV/HEHQ:HQLJVWHQVIU GLHQlFKVWHQ0LQXWHQ'HU&KLQHVHZDQGWHVLFKXP(UZROOWH VHKHQZLHHVVHLQHP*HIDQJHQHQJLQJ 6HLQ%OLFNWUDIGDV]ZHLWHHEHQVRVFKUHFNOLFKH0RQVWHU 8QGGHU*KRXOZDUQXUQRFKHLQHQ6FKULWWYRQLKPHQWIHUQW ,UJHQGZDQQNDPLFKZLHGHU]XPLU,FKZHLQLFKWZLHODQJHLFK EHZXWORVJHZHVHQZDUDEHUGLH6WLPPHQEUDFKWHQPLFKLQGLH :LUNOLFKNHLW]XUFN ,FKZXUGHKLQXQGKHUJHVFKDXNHOW:LHDXIHLQHP6FKLIIEHL
PLWWOHUHP6HHJDQJ,PPHUZHQQLFKLQHLQ!:HOOHQWDOILHOVFKLHQ VLFKPHLQ0DJHQLQ5LFKWXQJ.HKOH]XEHZHJHQ(VZDUHLQ VFKUHFNOLFKHV*HIKO ,FKKDWWH0KHHLQ:UJHQ]XXQWHUGUFNHQ$XFKVFKLHQ PHLQ6FKlGHOXPGDV'RSSHOWHDQJHZDFKVHQ]XVHLQ'LH$XJHQ OLGHUVFKZHUZLH%OHLGLH=XQJHKLQJSHO]LJLP5DFKHQXQGLFK VSUWH%OXWJHVFKPDFNDXIGHQ/LSSHQ 0KVDPQXUEHJDQQLFKPLWGHU6DPPOXQJPHLQHU*HGDQNHQ /LHGLH(UHLJQLVVHGHUYHUJDQJHQHQ0LQXWHQ5HYXHSDVVLHUHQ 'DV(UJHEQLVZDUIUPLFKQLHGHUVFKPHWWHUQG 'HUEHUKPWH*HLVWHUMlJHUKDWWHYHUVDJW *OHLFK]HLWLJZDUGLHDQGHUH6WLPPHLQPLU0HQVFKUHLGLFK ]XVDPPHQ-RKQ6WHOOGLFKQLFKWDQZLHHLQH0HPPH =XP*OFNZDUGLH]ZHLWH6WLPPHVWlUNHU ,FK|IIQHWHGLH$XJHQ 'XQNHOKHLW*HVWDOWHQOLQNVXQGUHFKWVQHEHQPLU.UlIWLJH $UPHGLHPLFKWUXJHQ%OHLFKH*HVLFKWHUVWDUUWHQDXIPLFK KHUDE9RUPLUVDKLFKGLH5FNHQGHU0HQVFKHQVWDUUWHDXI ODQJH0lQWHORGHUDOWH-RSSHQ 6LHWUXJHQPLFKGXUFKGHQ:DOG6FKZHLJHQG1XUGDVPRQR WRQH*HUlXVFKLKUHU6FKULWWHZDU]XK|UHQ,FKZDUQLFKWJH IHVVHOWDEHULFKZXWHDXFKVRGD)OXFKWNHLQHQ=ZHFNKDWWH 6LHZUGHQPLFKEHVWLPPWNHLQHGUHL6FKULWWHZHLWNRPPHQ ODVVHQZHQQEHUKDXSW 'DQQVDKLFK]ZLVFKHQGHQ6WUlXFKHUQXQG%DXPVWlPPHQ /LFKWVFKLPPHUQ1lKHUWHQZLUXQVGHP/DQGKDXV" 1HLQQLFKWGHP6LW]GHV7HXIHOVJHLJHUVVRQGHUQHLQHP 7UHLEKDXV'LH.RORQQHVWRSSWHYRUHLQHUJUDXJHVWULFKHQHQ7U -HPDQGVFKORDXI )HXFKWHKHLH/XIWVFKOXJPLUHQWJHJHQOHJWHVLFKVFKZHUDXI GLH/XQJHQXQGOLHGDV$WPHQ]XU4XDOZHUGHQ :LUGXUFKVFKULWWHQHLQHQODQJHQ*DQJ/LQNVXQGUHFKWV VWDQGHQHWZDVHUK|KWGLH5HLKHQPLW]DKOUHLFKHQ3IODQ]HQ hEHUPLUVDKLFKGDV*ODVGDFK(VZDUXQGXUFKVLFKWLJ /HXFKWVWRIIU|KUHQEUDQQWHQLQXQUHJHOPlLJHQ$EVWlQGHQ 'DV/LFKWVFKPHU]WHPHLQHQ$XJHQ
1RFKKDWWHQLHPDQGEHPHUNWGDLFKDXVPHLQHU%HZXW ORVLJNHLWHUZDFKWZDU,FKZROOWHGLHVHQ=XVWDQGDXFKVRODQJH ZLHP|JOLFKJHKHLPKDOWHQ 9RUHLQHU]ZHLWHQZHVHQWOLFKVFKPDOHUHQ7UVWRSSWHGHU=XJ DEHUPDOV 'LH7UVWDQGRIIHQ6LHIKUWHLQHLQHQ$EVWHOORGHU*HUlWH VFKXSSHQ9RQGHU+DOOHILHOJHQJHQG/LFKWKHUHLQXPGLH HLQ]HOQHQ*HJHQVWlQGHHUNHQQHQ]XN|QQHQ +DUNHQ)RUNHQ0LVWJDEHOQ6SDWHQHLQHDOWH.DUUHXQG (LQ6DUJ $XVVFKZDU]HPODFNLHUWHP+RO] 0LWHLQHP1DPHQGDUDXI -2+16,1&/$,5 6FKODJDUWLJNDPPLUGLH(UNHQQWQLV'HU7UDXPGDVWULXP SKLHUHQGH*ULQVHQGHV6FKZDU]HQ7RGHVXQGGHU6DUJ 'LH6FKUHFNHQVROOWHQVLFKEHZDKUKHLWHQ =ZHL0lQQHUKREHQGHQ'HFNHODQ,FKVDKGLHZHLH6HLGHGHU ,QQHQYHUNOHLGXQJ0HLQ0DJHQNUDPSIWHVLFK]XVDPPHQ3DQLN ZROOWHPLFKEHUIDOOHQ ,FKYHUVXFKWHHV0XWHHLQIDFKHWZDVWXQ ,FKWUDWPLWGHQ)HQDXVVFKOXJJOHLFK]HLWLJPLWGHQ+lQGHQ XPPLFKWUDI.|USHUK|UWH6W|KQHQXQG)OXFKHQ 'DQQJDEHQVLHHVPLUNQSSHOGLFN6LHOLHHQPLFKHUVWJDU QLFKWDXIGLH)HNRPPHQ(VKDJHOWH6FKOlJH9RUGHPYHU GDPPWHQ6DUJILHOLFKLQGLH.QLH 'LHJROGHQVFKLPPHUQGHQ%XFKVWDEHQWDQ]WHQYRUPHLQHQ $XJHQ,FKZDUQLFKWEHZXWORV1HLQVRZHLWKDWWHQVLHHVQLFKW NRPPHQODVVHQ$EHUHVJDENDXPHLQH6WHOOHDQPHLQHP.|USHU GLHQLFKWVFKPHU]WH)DVWKlWWHLFKPLUHLQH2KQPDFKWJH ZQVFKW6RZlUHQPLUGLHQlFKVWHQ(UHLJQLVVHLQPHLQHP %HZXWVHLQHUVSDUWJHEOLHEHQ 6LH]HUUWHQPLFKKRFK,FKK|UWHLKU/DFKHQLKUVLHJHVVLFKHUHV *HJHLIHU ,FKPDFKWHPLFKVRVFKZHUZLHP|JOLFK(VKDOIQLFKWV+DUWH )lXVWHVFKOHLIWHQPLFK]XP)XHQGHGHV6DUJHV,FKHUKLHOWHLQHQ 6WRXQGNLSSWHLQGLHNRPIRUWDEOH7RWHQNLVWH
,FKILHOZHLFK.LVVHQGlPSIWHQPHLQHQ)DOO'LH6HLGHIKOWH VLFKNDOWDQ6HNXQGHQODQJQRFKVDKLFKGLHEOHLFKHQ*HVLFKWHU EHUPLU'DQQILHOGHU'HFNHO]X 'XQNHOKHLW3HFKVFKZDU]8QGXUFKGULQJOLFK 9RQDXHQK|UWHLFKGXPSIH*HUlXVFKH'LH6FKUDXEHQ ZXUGHQIHVWJH]RJHQ $XVHQGJOWLJ ,FKZDUOHEHQGLJEHJUDEHQ
/(%(1',*%(*5$%(1 +DEHQ6LHVFKRQHLQPDOLQHLQHP6DUJJHOHJHQ",FKJODXEHNDXP XQGLFKP|FKWHHVDXFKNHLQHPYRQ,KQHQZQVFKHQ(VLVWHLQ IDFKXQEHVFKUHLEOLFK ,FKK|UWHQRFKZLHGHU6DUJGHFNHOJHVFKORVVHQZXUGH'DQQ JDEHVXPPLFKKHUXPQXUGLHDOOHVYHU]HKUHQGH'XQNHOKHLW /XIW,FKEUDXFKH/XIW :LHODQJHUHLFKWHGHU6DXHUVWRIIGHUVLFKLQPHLQHP*HIlQJQLV EHIDQG"(LQHKDOEH6WXQGH"2GHUPHKU" ,FKZXWHHVQLFKWKDWWHPLFKPLWGLHVHQ'LQJHQQRFKQLH EHVFKlIWLJW0LUZDUQXUHLQHVNODU,FKGXUIWHDXINHLQHQ)DOO]X WLHIHLQDWPHQXQGPXWHVSDUVDPPLWGHPNRVWEDUHQ6DXHUVWRII XPJHKHQ /HEHQ+DWWHHVEHUKDXSWQRFKHLQHQ6LQQ":DUHVQLFKWHJDO RELFK]HKQ0LQXWHQIUKHUVWDUEHLQIDFKHUVWLFNWH"'LHVHU7RG PXWHJUDXVDPVHLQ,FKVWHOOWHPLUVFKRQYRUZLHGLH/XIW NQDSSHUZXUGHLPPHUNQDSSHU :LHHLQH]ZHLWH+DXWODJGHU6FKZHLDXIPHLQHU6WLUQ/lQJVW ZDUGLH6HLGHGHU.LVVHQQLFKWPHKUWURFNHQXQGNKOVRQGHUQ GXUFKJHVFKZLW]W,FKDWPHWHQXUGXUFKGLH1DVHEHZHJWHGLH $UPHHWZDV]XU6HLWHXQGVWLHVFKRQDQGLHVHLWOLFKH%HJUHQ ]XQJGHV6DUJHV :HQQLFKPLFKNRQ]HQWULHUWHNRQQWHLFKGLH6WLPPHQGHU 0HQVFKHQK|UHQ'LH(LQZRKQHUYRQ2UOLQJWRQKDWWHQHV WDWVlFKOLFKJHVFKDIIW0LW=DUFDGLV+LOIHKDWWHQVLHPLFKDXV JHVFKDOWHW +RIIQXQJ"+DWWHLFKEHUKDXSWQRFK+RIIQXQJ"-DGDZDU QRFK6XNRGHUHEHQIDOOVQDFK2UOLQJWRQIDKUHQVROOWHXPPLU GHQ5FNHQ]XGHFNHQ%LVMHW]WKDWWHLFKYRQLKPQLFKWHLQHQ +HPG]LSIHOJHVHKHQ 0HLQH*HGDQNHQZXUGHQXQWHUEURFKHQ-HPDQGKREGHQ6DUJ DQ'LH7RWHQNLVWHJHULHWLQV6FKDXNHOQ'DGLH7UlJHUQLFKWLP *OHLFKVFKULWWJLQJHQVFKZDQJGHU6DUJEHLMHGHPLKUHU6FKULWWH KLQXQGKHU,FKIKOWHPLFKZLHDXIHLQHP6FKLIIILHOPDOQDFK UHFKWVGDQQZLHGHUQDFKOLQNV ,FKDKQWHZRKLQGLH7UlJHUPLFKEUDFKWHQ=XP)ULHGKRIYRQ
2UOLQJWRQGHQLFKLQYHUGDPPWVFKOHFKWHU(ULQQHUXQJKDWWH 'RUWZDUGDV*UDEIUPLFKVFKRQJHVFKDXIHOW'HUDOWH7RWHQ JUlEHUKDWWHHVPLUGHXWOLFKJHQXJ]XYHUVWHKHQJHJHEHQ ,FKYHUVXFKWHUXKLJOLHJHQ]XEOHLEHQXQGZXQGHUWHPLFK GDLFKNHLQH$QJVWKDWWH1RUPDOHUZHLVHKlWWHPLFK3DQLN HUJUHLIHQPVVHQ 1LFKWV,FKZDUVHOWVDPHUZHLVHUXKLJ *HVFKLFKWHQYRQ6FKHLQWRWHQILHOHQPLUHLQ0DQVDJWH6FKHLQ WRWHQQDFKGDVLHLQLKUHU3DQLNGDVHLJHQH7RWHQKHPGDXIHVVHQ ZHQQVLHNXU]YRUGHP(UVWLFNHQVLQG 6ROOWHHVEHLPLULUJHQGZDQQDXFKVRZHLWVHLQ" 0|JOLFKZDUDOOHV 'DV6FKDXNHOQGHV6DUJHVZXUGHKHIWLJHUhEHONHLWEHILHOPLFK *HSUHWVRJLFKGHQ$WHPGXUFKGLH1DVHHLQ$EHUZXUGHGLH /XIWQLFKWVFKRQVFKOHFKWHU"+DWWHLFKVFKRQ]XYLHO6DXHUVWRII YHUEUDXFKW" 3O|W]OLFKVWRSSWHQGLH7UlJHU :LHDXVZHLWHU)HUQHYHUQDKPLFKGDV:LHKHUQHLQHV3IHUGHV 'DQQZXUGHGHU6DUJZLHGHUDQJHKREHQHVJDEHLQHQ5XFN HLQHQGXPSIHQ/DXWXQWHUPLUXQGGDQQVWDQGGLH7RWHQNLVWH ,FKNRQQWHHLQVXQGHLQV]XVDPPHQ]lKOHQXQGJHODQJWH]X GHP(UJHEQLVGDGHU6DUJDXIGHU/DGHIOlFKHHLQHV:DJHQV VWHKHQPXWH,FKKDWWHPLWPHLQHU9HUPXWXQJUHFKW6HNXQGHQ VSlWHUUXFNWHGHU:DJHQDQ*HGlPSIWK|UWHLFKGDV7UDPSHOQ YRQ3IHUGHKXIHQ 'UDXHQTXLHWVFKWHHWZDV:DKUVFKHLQOLFKGLH5lGHUGHUHQ /DJHUVFKOHFKWJH|OWZDUHQ ,FKODJMHW]WXQEHZHJOLFK$XIPHLQHU6WLUQVDPPHOWHVLFKGHU 6FKZHL]X7URSIHQUDQQDQGHQ6HLWHQKLQDEXQGEHQHW]WHGDV 6HLGHQNLVVHQ-DVLHKDWWHQVLFK0KHJHJHEHQXQGHLQHQNRVW EDUHQ6DUJEHVRUJW$EHUGHUVWHKWPLUDXFK]XGDFKWHLFKLQ HLQHP$QIOXJYRQ*DOJHQKXPRU6FKOLHOLFKKDWWHLFKGHQ 0lFKWHQGHU)LQVWHUQLVVFKRQVRPDQFKH1LHGHUODJHEHLJHEUDFKW ,FKZXWHZLHVHKUPDQPLFKLP5HLFKGHU'lPRQHQKDWH 0HLQ1DPHZLUNWHZLHHLQURWHV7XFK$EHUELVMHW]WKDWWHLFK QRFKMHGHQ)DOOJHO|VW
0HLQH*HGDQNHQZHFKVHOWHQXQGNHKUWHQ]XPHLQHQ)UHXQGHQ ]XUFN-DQH&ROOLQVKDWWHLFKJDUQLFKW]X*HVLFKWEHNRPPHQ 'DVKHLWLKUH*HLVWHUHUVFKHLQXQJVDKLFKZRKOGDPLWKDWWHPDQ PLFKLQGLH)DOOHJHORFNW$EHUZRVLHJHIDQJHQJHKDOWHQZXUGH XQGZLHHVLKUMHW]WJLQJGDVZXWHLFKQLFKW 8QG6XNR:DUHUEHUKDXSWLQ2UOLQJWRQHLQJHWURIIHQ",FK KRIIWHHVLQVWlQGLJGHQQHUZDUPHLQHOHW]WH&KDQFH)DOOVHU ZLUNOLFKLP2UWZDUPXWHLKPPHLQH%HHUGLJXQJDXIIDOOHQ(V EHVWDQGHEHQVRGLH0|JOLFKNHLWGD6XNRJHQDXZLHLFKLQHLQH )DOOHJHORFNWZRUGHQZDU 'HU*HGDQNHGDUDQOLHPHLQ+HU]UDVFKHUVFKODJHQ:DUGDV VFKRQGLH$QJVW":DKUVFKHLQOLFK ,FKKLHOWGLH$XJHQJHVFKORVVHQXQGNRQ]HQWULHUWHPLFKDXIGLH *HUlXVFKHGLHYRQGUDXHQDQPHLQH2KUHQGUDQJHQ'DZDU QXUGDV6FKODJHQGHU+XIH'DV0DKOHQGHU5lGHUXQGKLQXQG ZLHGHUGDV6FKQDXEHQHLQHV3IHUGHV*HVSUlFKHK|UWHLFKNHLQH 'XUFKGDVVWHLIH/LHJHQVFKOLHIHQPLU$UPHXQG%HLQHHLQ'DV ZROOWHLFKDXINHLQHQ)DOO6REHZHJWHLFKGLH+lQGHXQGGLH =HKHQXPHWZDVIUGHQ.UHLVODXI]XWXQ 'HU:DJHQIXKULQHLQH.XUYH'LH:HJVWUHFNHZXUGHQRFK VFKOHFKWHU'HUVFKZHUH6DUJEHZHJWHVLFKDXIGHU/DGHIOlFKH,FK KRIIWHGDHUKLQXQWHUILHOXQGDXIVSUDQJ 'LHVH+RIIQXQJHUIOOWHVLFKQLFKW:HLWHUIXKUGHU:DJHQ VHLQHQ:HJ'DQQERJHUDXIHLQPDOVFKDUIQDFKOLQNVDE -HW]WKDWWHQZLUGHQ)ULHGKRIHUUHLFKWGDVZDUPLUNODU 8QGYRQ6XNRZDUQRFKLPPHUQLFKWV]XPHUNHQ /DQJVDPEHJDQQHQPHLQH1HUYHQ]XIODWWHUQ0HLQH)LQJHU]LW WHUWHQYRP0DJHQKHUGUFNWHHLQZUJHQGHV*HIKOLQPHLQHU .HKOHKRFK 'HU7RGNDPQlKHU6LFKHUKLHOWHUVFKRQVHLQH.QRFKHQKDQG QDFKPLUDXVJHVWUHFNW 'DQQKLHOWGHU:DJHQ 6WLPPHQ%HIHKOH 'HU6DUJZXUGHYRQGHU/DGHIOlFKHJHKLHYW:LHGHUVFKDX NHOWHLFKLQPHLQHPVFKPDOHQ*HIlQJQLVKLQXQGKHUELVGLH SUlFKWLJH7RWHQNLVWHDXIGHP%RGHQVWDQG
-2+16,1&/$,5LQVFKLPPHUQGHQ/HWWHUQVWDQGPHLQ 1DPHDXIGHP6DUJGHFNHO-DVLHZXWHQZDVVLHPLUVFKXOGLJ ZDUHQGHPEHUKPWHQ*HLVWHUMlJHUGHVVHQ(QGHXQZHLJHUOLFK QlKHUUFNWH 'HU6DUJZXUGHDXIJHKREHQXQGHLQ6WFNZHLWHUJHWUDJHQ 8QWHUPLUK|UWHLFKVFKDEHQGH*HUlXVFKH,FKDKQWHZDVVLH ]XEHGHXWHQKDWWHQ6HLOHZXUGHQXQWHUGHP6DUJERGHQ GXUFKJH]RJHQ 6WLPPHQª+HEWLKQKRFK$EHUYRUVLFKWLJ3DWDXIZHQQHULQ GLH*UXEHJHODVVHQZLUG'HU7HXIHOVROOLKQKROHQ©/DFKHQ 'HU.ORYRP0DJHQVDMHW]WLQPHLQHP+DOV(UHUVFKZHUWH GDV$WPHQ:LHGHUVFKDXNHOWHGHU6DUJ8QGPLWMHGHU%H ZHJXQJOLHIPHLQH/HEHQVXKUXPHLQH6HNXQGHDE 'DV(QGHNDP8QZHLJHUOLFK ª*XWVR©*HGlPSIWK|UWHLFKGHQ5XIHUª/DWLKQMHW]WKLQ XQWHU©5XFNZHLVHJLQJHVDEZlUWV'LH0lQQHUKDWWHQNHLQH 5RXWLQH 0HLQ.|USHUVSDQQWHVLFK2KQHHV]XZROOHQEHJDQQLFK]X VSUHFKHQª5DXV©IOVWHUWHLFKª,FKZLOOUDXV0HLQ*RWW© 7LHIHUXQGWLHIHUVDFNWHGHU6DUJ 8QG6XNRJULIIQLFKWHLQ1LHPDQGKDOIPLU,FKZDUXQGEOLHE DOOHLQ+LOIORVLQPHLQHPHQJHQ*HIlQJQLV 'DVUXKPORVH(QGHHLQHV*HLVWHUMlJHUV1LFKWHLQPDOYLHU]LJ -DKUHDOWZDULFKJHZRUGHQ,FKHUWDSSWHPLFKGDEHLZLHLFK ]XUFNGDFKWH.LQGKHLW-XJHQG8QLYHUVLWlW 'DV*HVLFKWPHLQHU0XWWHUWDXFKWHDXI%HLQDKHVSUWHLFK LKUHVWUHLFKHOQGHQ+lQGHDQPHLQHQ:DQJHQ6LHVFKLHQPLU EHUXKLJHQG]X]XVSUHFKHQ:DUPIKOWHLFKHVDQPHLQHP *HVLFKWKHUDEODXIHQ 7UlQHQ 'HU6DUJNDP]XU5XKH(UVWDQGMHW]WDXIGHP%RGHQGHV *UDEHV(WZDVILHODXIGHQ'HFNHO.XU]KLQWHUHLQDQGHU (VZDUHQGLH6HLOH'LH7UlJHUKDWWHQVLHLQGDV*UDEJHZRUIHQ ,FKGUHKWHPLFKLQPHLQHP*HIlQJQLVKHUXP'DQQEHJDQQLFK ]XVFKUHLHQ%UOOWHDOOPHLQH1RWXQG$QJVWKLQDXV+LPPHOLFK ZDUDXFKQXUHLQ0HQVFK
1LHPDQGK|UWHPLFKRGHUQLHPDQGZROOWHPLFKK|UHQ,FK VFKULHELV]XU(UVFK|SIXQJ(LQ+XVWHQDQIDOOVFKWWHOWHPLFK GXUFK,FKEHNDPNDXPQRFK/XIW'HU6DXHUVWRIIYRUUDWQHLJWH VLFKGHP(QGHHQWJHJHQ 0HLQ7RGGXUFK(UVWLFNHQZDUQDK (WZDVSROWHUWHDXIGHQ6DUJGHFNHO'DV*HUlXVFKOLHPLFK ]XVDPPHQ]XFNHQ 6LHZDUIHQ/HKPKLQDEEHJUXEHQPLFKHQGJOWLJ :LHGHUSUDOOWHKDUWH(UGHDXIGHQ6DUJGHFNHO=ZHL6HNXQGHQ VSlWHUDEHUPDOVHLQH6FKDXIHOYROOHU'UHFN 'DQQUDVFKHULPPHUUDVFKHU (EHQVRUDVFKZXFKVGLH$QJVWYRUGHP7RG9RUGLHVHUHQG ORVHQHUVFKUHFNHQGHQ'XQNHOKHLWYRUGHPNDOWHQ1LFKWV 2KQHHVHLJHQWOLFK]XZROOHQIDOWHWHLFKGLH+lQGH(VZDU ZRKOGDVOHW]WHZDVPLUQRFKEOLHE 0LWHLQHPNDW]HQKDIWHQ6SUXQJKHFKWHWH6XNR]XU6HLWHXQG ODQGHWHLQHLQHP*HEVFK'DVVFKOHLPLJH0RQVWHUGDVVFKRQ GHQ$UPDXVJHVWUHFNWKDWWHYHUIHKOWHLKQ 6XNRZDUVRIRUWZLHGHUDXIGHQ%HLQHQ'LHEHLGHQ*KRXOVGLH LKQDQJHJULIIHQKDWWHQVWDQGHQQXUZHQLJH6FKULWWHYRQLKPHQW IHUQW6LHKDWWHQVHOEVWQLFKWGDPLWJHUHFKQHWGDGLHVHU0HQVFK VFKQHOOHUZDUDOVVLHPXWHQHUVWPLWLKUHUhEHUUDVFKXQJIHUWLJ ZHUGHQ $EHUDXFK)UDQN6FRWWGHULQ]ZLVFKHQDXVVHLQHU%H ZXWORVLJNHLWHUZDFKWZDUHUIDWHGLH6LWXDWLRQVRIRUWª)UHW LKQ©EUOOWHHUª(ULVW=DUFDGLV)HLQG© 'LH*KRXOVJHKRUFKWHQ*OHLFK]HLWLJVHW]WHQVLHVLFKLQ %HZHJXQJXQGVFKOLFKHQDXI6XNR]X$XVGHQ$XJHQZLQNHOQ VDKGHU&KLQHVHGD6FRWWDXIDOOHQYLHUHQGDYRQNURFKXPLQ GHQ5FNHQVHLQHV)HLQGHV]XJHODQJHQ 6XNRZDUNHLQ)HLJOLQJXQGDXFKNHLQ0DQQGHUVFKQHOODXI JDEXQGIOFKWHWH(UVWHOOWHVLFK]XP.DPSI0DJLVFKH:DIIHQ KDWWHHUQLFKW(UPXWHYHUVXFKHQGLH0RQVWHUPLWDQGHUHQ 0LWWHOQ]XEHVLHJHQ
6FRWWV6FKUHLKDWWHLKPJH]HLJWPLWZHOFKHU$UWYRQ'lPRQHQ HUHV]XWXQKDWWH0LW*KRXOVGHQ/HLFKHQIUHVVHUQGHQ VFKUHFNOLFKVWHQXQGZLGHUOLFKVWHQDOOHU'lPRQHQ8QG6XNR ZXWHDXFKGDPDQVLHHQWZHGHUPLW)HXHURGHUPLWHLQHUVLO EHUQHQ.XJHOYHUQLFKWHQNRQQWH%HLGHVKDWWHHUQLFKW]XU+DQG .XU]HQWVFKORVVHQEUDFKGHU&KLQHVHHLQHQVWDUNHQ$VWYRQ HLQHPGHU%lXPHDE'DV+RO]NQDFNWHXQGVSOLWWHUWH6XNRKDWWH WURW]VHLQHULPPHQVHQ.UDIW0KHGDV+RO]VWFNORV]XUHLHQ (UVFKDIIWHHVJHUDGHQRFKUHFKW]HLWLJ $XVGHU'UHKXQJKHUDXVGURVFKHU]X(UIHJWHGHPYRQUHFKWV NRPPHQGHQ*KRXOGDV$VWHQGHJHJHQGHQXQI|UPLJHQ6FKlGHO (WZDV6HOWVDPHVJHVFKDK'HU*KRXOZXUGHQLFKW]XUFNJH WULHEHQVRQGHUQQDKPGHQ$VWLQVHLQHP.|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|W]OLFKHWZDV.DOWHV0HWDOO (LQH3LVWROH (LQH%HUHWWD -RKQV%HUHWWD 8QGGLHZDUPLWJHZHLKWHQ6LOEHUNXJHOQJHODGHQ.XJHOQGLH DXFKHLQHQ*KRXOIlOOWHQ
6XNRKDWWHGDV*HIKOHLQHQHOHNWULVFKHQ6FKODJHUKDOWHQ]X KDEHQ(LQHQ.UDIWVWURP(UNRQQWHVHLQ*OFNNDXPIDVVHQ-HW]W ZUGHHVGHQ*KRXOVDQGLH:lVFKHJHKHQ 6XNRULGLH%HUHWWDDQVLFKUROOWH]ZHLPDOXPGLHHLJHQH $FKVHXQGVDKLPQlFKVWHQ0RPHQWHLQHQGHU*KRXOVGXUFK KDOEKRKHV*HEVFKEUHFKHQ 'DV0RQVWHUKDWWHVLFKYHUlQGHUW7URW]GHUPLHVHQ/LFKWYHU KlOWQLVVHEHPHUNWH6XNRGLH5HL]lKQHLQGHPDEVWRHQG KlOLFKHQ*HVLFKW9RQGHPEULJHQ.|USHUNRQQWHHUQLFKWYLHO HUNHQQHQDEHUHVUHLFKWHLKPDXFKVFKRQVR 'HU*KRXOVWLHHLQVLHJHVVLFKHUHV*HEUOODXVVDK6XNRXQG VWU]WHVLFKDXILKQ (UVWROSHUWHJHQDXLQGLH6FKXOLQLH :lKUHQG6XNRDXIGHP%RGHQODJIHXHUWHHU'DVJHZHLKWH 6LOEHUJHVFKRVWLHGHQ*KRXO]XUFN)DUQNUDXWXQG*UDV EHGHFNWHQVHLQHQ.|USHU'DV*HEUOOGDVLPQlFKVWHQ $XJHQEOLFNGXUFKGHQ+RUURU:DOGVFKDOOWHKDWWHQLFKWV 0HQVFKOLFKHVPHKUDQVLFK6XNRNRQQWHGHQ*KRXOQLFKWVHKHQ GRFKGLH*HUlXVFKHGLHGLHVHUEHLVHLQHP7RGHVNDPSIDXVVWLH UHLFKWHQLKP :LHHLQ5HNUXWUREEWH6XNREHUGHQ%RGHQ ,UJHQGZRODXHUWHGHU]ZHLWH*KRXO 6XNRJULQVWHKDUWDOVHUGDUDQGDFKWH(UKDWWHVFKRQHLQHQ3ODQ DXVJHNQREHOWXQGGDULQVSLHOWHGHU*KRXOHLQHZLFKWLJH5ROOH 6FKRQDOOHLQEHLGHP1DPHQ*KRXOEHUNDPHLQHQQRUPDOHQ 0HQVFKHQGDV6FKWWHOQ'LHVH$DVJHLHUGHU'lPRQHQKLHUDUFKLH NRQQWHQYHUVFKLHGHQH*HVWDOWHQXQG)RUPHQDQQHKPHQ 9LHOOHLFKWDOV$XVJOHLFKIULKUH:LGHUZlUWLJNHLW 1XUGHU*HUXFKYRQ0RGHUXQG9HUZHVXQJGHUKDIWHWHLKQHQ LQMHGHU*HVWDOWDQ 'HU&KLQHVHYHUKLHOWVLFKMHW]WUXKLJ(UZROOWHGLHVHVYHU GDPPWH0RQVWHUDXVGHU5HVHUYHORFNHQ'DV%UOOHQGHV VWHUEHQGHQ*KRXOVKDWWHDXIJHK|UWXQGZDUYRQHLQHUQlFKW OLFKHQ6WLOOHDEJHO|VWZRUGHQ6XNRVFKLHQHVDOVKDOWHVHOEVW GLH1DWXUGHQ$WHPDQDOVZUGHVLHGDUDXIZDUWHQZHUQXQ DOV6LHJHUDXVGHP.DPSIKHUYRUJLQJ
'LH=HLWYHUUDQQ0LQXWHUHLKWHVLFKDQ0LQXWH6XNRKDWWHGDV 1DWXUHOOVHLQHU9lWHUJHHUEW*HGXOGJHK|UWH]XVHLQHQJURHQ 7XJHQGHQ 'DQQVFKUHFNWHLKQHLQ*HUlXVFKDXI(VNDPYRQYRUQZDUJDU QLFKWPDOZHLWHQWIHUQW 'HU&KLQHVHYHUVXFKWHPLWVHLQHQ$XJHQGLH'XQNHOKHLW]X GXUFKGULQJHQ(VZDUVFKZHU%lXPHXQG%VFKHVFKLHQHQHLQ (LJHQOHEHQ]XIKUHQ-HOlQJHU6XNRLQGLH'XQNHOKHLWVWDUUWH XPVRJU|HUZXUGHGDV*HIKOYRQDOOHQ6HLWHQHLQJHVFKORVVHQ ]XVHLQ /DXHUWHQQRFKPHKU)HLQGH" +LHUXQGGDUDVFKHOWHHV:LQGEHZHJWHGDV*UDVXQGGHQ )DUQ,QGHQ%DXPNURQHQVFKLHQHQ6FKDWWHQKLQXQGKHU]X KXVFKHQ :DUHQHV*HKLOIHQGHV*KRXOV"%RWHQDXVGHP'lPRQHQUHLFK" 'LH6FKDWWHQZDUHQQXU(LQELOGXQJDEHUHLQDQGHUHU*HJQHU ODXHUWHDXIGHQ&KLQHVHQ 'LH%OXWHXOH /DXWORVZDUVLH]XGHP&KLQHVHQJHIORJHQ-HW]WKRFNWHVLHDXI HLQHP$VWVFKUlJEHULKPGUHKWHGHQ.RSIXQGVWDUUWHGHQ &KLQHVHQDXVLKUHQEOXWURWHQ$XJHQDQ 6LHVSDQQWHGLH)OJHOXQGVFKQHOOWHVLFKYRQGHP$VW :LHHLQ6WHLQVDXVWHVLHKHUXQWHU 6XNRKDWWHGDV*HK|UHLQHV)XFKVHV(LQZLQ]LJHV*HUlXVFK QXUZDUQWHLKQHUULGHQ.RSIQDFKUHFKWVVDKGLH*OXWDXJHQ GHQVFKZHUHQ.|USHUXQGGDQQSUDOOWHGLH(XOHVFKRQDXILKQ ,QVWLQNWLYKDWWH6XNRGHQOLQNHQ$UPJHNUPPWXQGLKQ DEZHKUHQGKRFKJHULVVHQ'LHEHLGHQP|UGHULVFKHQ.UDOOHQ KDFNWHQLQGLH/HGHUPRQWXUVHLQHU0RWRUUDGNOXIW'DV/HGHU ZDUVWDELOXQGUHLIHVW1RUPDOHUZHLVHKlWWHQGLHYHUGDPPWHQ .UDOOHQGHU(XOHHVQLFKWGXUFKVWRHQ 6XNRKLHEPLWGHP3LVWROHQODXI]X=ZHLPDO (UWUDIKDUWXQGGLH(XOHVFKULHNUlFK]HQGDXI:LOGXQGXQ NRQWUROOLHUWIODWWHUWHVLHPLWGHQ)OJHOQGHU]ZHLWH6FKODJKDWWH VLHDXIGHQ%RGHQEHI|UGHUW 6XNRVFKR
'LH6LOEHUNXJHOGUDQJGXUFKGHQEUHLWHQ6FKlGHOGHU(XOHWUDI JHQDX]ZLVFKHQGLH$XJHQ 8QGLQGHQ6FKXPLVFKWHVLFKHLQU|KUHQGHU6FKUHL 'HU*KRXOZDUGD(UKHFKWHWHDXI6XNR]X*UDXVDPZDUVHLQ *HVLFKWYHU]HUUWZHLWGHU5DFKHQDXIJHULVVHQ'LH+lQGHKDWWHHU YRUJHVWUHFNW6HLQH)LQJHUZDUHQ]XJHIlKUOLFKHQ.ODXHQJH NUPPW'DPLWZROOWHHUGHP&KLQHVHQDQGLH.HKOH :LHGHUVFKOXJ6XNRPLWGHP3LVWROHQODXI]X8QGHUWUDI *OHLFK]HLWLJZDUIHUVLFK]XU6HLWHVRGDGHU*KRXOQHEHQLKP ]X%RGHQNUDFKWH *HGDQNHQVFKQHOOZDU6XNREHULKP+DUWSUHWHHULKPGLH 0QGXQJGHU%HUHWWDJHJHQGLH6FKOlIH 'HU*KRXOHUVWDUUWH 6XNRODFKWHOHLVHª+|U]XPHLQ)UHXQG©]LVFKWHHUª'LHVH :DIIHLVWPLWJHZHLKWHQ6LOEHUNXJHOQJHODGHQ'HLQ)UHXQGKDW GLH.RVWSUREHQLFKWEHUOHEW'XKDVWQRFKHLQH&KDQFH:HQQ GXUHGHVW© 'HU*KRXONQXUUWH'DV*HUlXVFKGUDQJWLHIDXVGHU.HKOH ª:DVZDVZLOOVWGXZLVVHQ"© 6XNRERJGHQ2EHUN|USHUHWZDV]XUFNGDHUGHQ*HVWDQN GHUYRQGHP*KRXODXVJLQJQLFKWHUWUDJHQNRQQWHª:REHILQGHW VLFK-RKQ6LQFODLU"© ª$XIGHP)ULHGKRI© ª,Q2UOLQJWRQ"© ª-D0DQKDWLKQGRUWEHJUDEHQ'XKDVWNHLQH&KDQFHPHKU 6LQFODLUZLUGVWHUEHQ(UZLUGOHEHQGLJHUVWLFNHQNUHSLHUHQ© 7LHIVDXJWH6XNRGLH/XIWHLQª'X%DVWDUG©NHXFKWHHUXQG GDQQGUFNWHHUDE 'HU]ZHLWH*KRXOVFKULHQLFKWDOVHUVWDUE6XNRHPSIDQGPLW GLHVHUZLGHUOLFKHQ.UHDWXUNHLQ0LWOHLG'HQ*KRXOVZDUMHGHV PHQVFKOLFKH*HIKOIUHPG+lWWH6XNRLKQDP/HEHQJHODVVHQ ZlUHGXUFKLKQVLFKHUOLFKQRFKYLHO8QKHLODQJHULFKWHWZRUGHQ :LHGHUZDU6XNR]XVSlWJHNRPPHQ8QGHUHULQQHUWHVLFK DQGLH:RUWHGHVMXQJHQ0lGFKHQV0RQMD'XQKLOOKDWWHLKQ JHZDUQW(UKlWWHDXIGHP)ULHGKRIEOHLEHQVROOHQ-HW]WZDUHV YLHOOHLFKW]XVSlW
7URW]GHPUDQQWH6XNRORV(UHUUHLFKWHGHQKRKHQVFKPLHGH HLVHUQHQ=DXQNOHWWHUWHKDVWLJKLQEHUXQGOLHIZHLWHU (LQHLQVDPHU0DQQGHQGLH+RIIQXQJYHUODVVHQKDWWH=XP HUVWHQPDOLQVHLQHP/HEHQVSUWH6XNRJURH$QJVWXPVHLQHQ )UHXQG-RKQ6LQFODLU (VZDUXQEHVFKUHLEOLFKJUDXVDP 0LWMHGHU6FKDXIHO(UGHGLHDXIGHQ6DUJGHFNHOSROWHUWHVFKLHQ HLQ)QNFKHQ/HEHQDXVPLU]XHQWZHLFKHQ/lQJVWK|UWHVLFK GHU$XISUDOOGHVIHXFKWHQ/HKPVQLFKWPHKUVRODXWXQGSROWHUQG DQ'LH*HUlXVFKHZDUHQGXPSIHUJHZRUGHQ(LQ=HLFKHQGD EHUGHP6DUJGLH(UGHKRFKZXFKV 'HUHUVWH3DQLNDQIDOOZDUDEJHNOXQJHQKDWWHHLQHUQFKWHUQHQ hEHUOHJXQJ3ODW]JHPDFKW ,FKPXWHDXVGHPYHUGDPPWHQ6DUJUDXV:LOGWURPPHOWHLFK JHJHQGHQ6DUJGHFNHOYHUVXFKWHLKQKRFK]XVWHPPHQGUFNWH DXFKPLWGHQ.QLHQGDJHJHQDEHUHUUKUWHVLFKQLFKW 'HU'HFNHOVDZLHDQJHVFKZHLW'LH$NWLRQKDWWHYLHO6DXHU VWRIIJHNRVWHW,FKKDWWHPLFKUHJHOUHFKWYHUDXVJDEW%HNDPNDXP QRFK/XIW9RUPHLQHQ$XJHQZDOOWHQ6FKOHLHUDXI :DUGDVGDV(QGH" ,PPHUPHKU(UGHILHODXIGHQ6DUJ,FKK|UWHGLH*HUlXVFKH NDXPQRFK,FKZDUIPLFKLQGHUOX[XUL|VHQ7RWHQNLVWHKLQXQG KHU]HUULLQHLQHP3DQLNDQIDOOGLHNRVWEDUH6HLGHQEHVSDQQXQJ GHV6DUJHVSUHWHPHLQ*HVLFKWJHJHQGDV+RO]VSUWHGLH 7UlQHQGLHDQGHQ:DQJHQKLQDEOLHIHQNHXFKWHZUJWHXQG VFKQDSSWHQDFK/XIW 6FKRQSODJWHQPLFK:DKQYRUVWHOOXQJHQ,FKVDKPLFKLQHLQHP /X[XVKRWHODP6ZLPPLQJSRRO1HEHQPLU-DQH&ROOLQV,QHLQHP KDXWHQJHQ%LNLQL)U|KOLFKHODFKHQGH0HQVFKHQ:LUWDQ]WHQ -DQHV/LSSHQVFKLPPHUWHQYHUIKUHULVFKGLFKWYRUPHLQHP 0XQG*HGlPSIWH%HOHXFKWXQJZHLFKHHLQVFKPHLFKHOQGH 5K\WKPHQXQGGDQQEHUDOOHPGDVJULQVHQGH*HVLFKWGHV 6FKZDU]HQ7RGV 'LH6]HQHYHUEODWH'XQNHOKHLWGHU6DUJ
,FKVFKULHXQGEUOOWHKXVWHWHVFKQDSSWHQDFK/XIW6LHZXUGH YHUGDPPWNQDSS.DXPQRFK6DXHUVWRII 6FKRQJULIIGLH.QRFKHQKDQGGHV6HQVHQPDQQHVQDFKPLU,FK ElXPWHPLFKQRFKHLQPDODXIYHUPHLQWHXQWHUPLUHLQ*HUlXVFK ]XK|UHQGDQQH[SORGLHUWHQWDXVHQG6RQQHQYRUPHLQHQ$XJHQ XQGGDQDFKIROJWHGDVVFKZDU]H1LFKWV 6XNRUDQQWHEHUGLHPHQVFKHQOHHUH+DXSWVWUDH6HLQ*HVLFKW ]HLJWHHLQHQYHUELVVHQHQ$XVGUXFN6FKZHUDUEHLWHWHQVHLQH /XQJHQ'HU&KLQHVHPRELOLVLHUWHDOOH.UDIWUHVHUYHQ (UVDKNHLQHQ0HQVFKHQ+LQWHUGHQ+DXVIHQVWHUQEUDQQWH NDXP/LFKW1XUYHUHLQ]HOWEHPHUNWH6XNRHLQHQKHOOHQ6FKHLQ 'HU&KLQHVHPXWHGDV'RUIGXUFKTXHUHQXPGHQ)ULHGKRI]X HUUHLFKHQ(UK|UWHGLH6WLPPHQEHUHLWVDOVHUQRFKHLQLJH
(UPHUNWHQLFKWGDVLFKGLH'RUIEHZRKQHU]XUFN]RJHQ)DVW ODXWORVYHUVFKZDQGHQVLHJLQJHQ]XUFNLQLKUH+lXVHUXQG YHUNURFKHQVLFK6LHKDWWHQLKUH$XIJDEHHUIOOW=DUFDGL ZUGH]XIULHGHQVHLQ 6XNRZDULQ6FKZHLJHEDGHW(UULGHQ5HLYHUVFKOXVHLQHU /HGHUMDFNHDXI(UVWDQGVFKRQELV]XGHQ.QLHQLPZHLFKHQ /HKPXQGVFKDXIHOWHZHLWHU8QYHUGURVVHQRKQH3DXVH 1HEHQLKPZ|OEWHVLFKEHUHLWVHLQVFKZHUHU/HKPKJHO'HU :LQGKDWWHDXIJHIULVFKWXQGGHQ+LPPHO]XP7HLOYRQGHQ :RONHQIUHLJHIHJW:LHHLQKHOOHU%DOORQVWDQGGHU0RQGDP )LUPDPHQW*HLVWHUKDIWVWUHXWHHUVHLQ/LFKWDXIGLH(UGHXQG XPIORUWHPLWVHLQHP6FKHLQGHQNOHLQHQ)ULHGKRI 'LH6]HQHVDKJHVSHQVWLVFKDXV'HUNUlIWLJH0DQQVFKDXIHOWH HLQ*UDEDXVXPVHLQHQEHVWHQ)UHXQG]XUHWWHQGHUGDULQ EHJUDEHQZDU ,Q%lFKHQOLHI6XNRGHU6FKZHL EHUGDV*HVLFKW(UJDEQLFKW DXIZDUIDOOHVLQGLH:DDJVFKDOH (UVDKQLFKWZDVXPLKQKHUXPSDVVLHUWH(UKDWWHQXU$XJHQ IUVHLQH$UEHLW $XVGHP6FKDWWHQGHU)ULHGKRIVPDXHUO|VWHVLFKHLQHVFKPDOH *HVWDOW(LQ0lGFKHQ (VWUXJHLQHQZHLWJHVFKQLWWHQHQGXQNOHQ0DQWHO'DV+DDU KDWWHHVGXUFKHLQ.RSIWXFKYHUGHFNW 'DV0lGFKHQZDU0RQMD'XQKLOO9RUVLFKWLJEOLFNWHVLFK0RQMD XP1LHPDQGEUDXFKWH]XVHKHQZDVVLHXPGLHVH=HLWDXIGHP )ULHGKRIWULHE:HQQLKU9DWHUPHUNWHGDVLHVLFKPLWGHP )UHPGHQWUDIGDQQZDULKU6FKLFNVDOEHVLHJHOW 0RQMDKDWWHQLFKWVPHKU]X+DXVHJHKDOWHQ6LHPXWHHLQIDFK UDXVPXWHVHKHQREHVQRFKHLQH&KDQFHJDE 6XNRPHUNWHQLFKWV(UZDUY|OOLJLQVHLQH$UEHLWYHUWLHIW(UVW DOV0RQMDQHEHQLKPVWHKHQEOLHEVDKHUDXIOLHGLH6FKDXIHO DEHUQLFKWVLQNHQVRQGHUQVFKXIWHWHZHLWHU 0RQMDVDJWHQLFKWV6LHKLHOWGLH+lQGHJHIDOWHWLKUH/LSSHQ PXUPHOWHQXQK|UEDUH:RUWH ,PPHUWLHIHUJUXE6XNRVLFKYRU-HZHLOVQDFK]ZHL6HNXQGHQ IORJHLQH6FKDXIHO/HKPDXVGHP*UDE'HU&KLQHVHKDWWHQLFKW
QDFKJHODVVHQHUNDQQWHNHLQH3DXVHHUDUEHLWHWHZHLWHUZLHHLQ %HVHVVHQHU ª6LHKlWWHQDXIPLFKK|UHQVROOHQ©VDJWH0RQMDSO|W]OLFK 6XNRJDENHLQH$QWZRUW 0RQMDWUDWGLFKWHUDQGDV*UDEKHUDQ,P0RQGOLFKWNRQQWHVLH 6XNRVVFKZHLEHUVWU|PWHV*HVLFKWHUNHQQHQ8QGVLHVDKGLH $QJVWLQVHLQHQ$XJHQOHXFKWHQ 3O|W]OLFKVFKULH6XNRDXIª'HU6DUJLFKKDEHGHQ6DUJEH UKUW©(UDUEHLWHWHQRFKZLOGHUDQJHWULHEHQYRQHLQHUXQJH ]JHOWHQ+RIIQXQJ(UNUDW]WHPLWGHU6FKDXIHOVHLWHEHUGHQ 6DUJGHFNHOEHIUHLWHLKQYRP'UHFN ª:HQQHUWRWLVWLFKZHLQLFKWZDVLFKPLWGHQHQKLHUPDFKH© IOVWHUWHHUKHLVHU :LHHLQ:LOGHUUlXPWHHU]XEHLGHQ6HLWHQGHUSUlFKWLJHQ 7RWHQNLVWHGHQ/HKPZHJXQGIDQG3ODW]VLFK]ZLVFKHQ6DUJ XQG*UDEZDQG]XNOHPPHQ 9RP5DQGGHU*UXEHEOLFNWH0RQMD'XQKLOOLQGDV*UDE,KU *HVLFKWZDUXQWHUGHPGXQNOHQ.RSIWXFKQXUDOVEODVVHU)OHFN ]XVHKHQ 6XNRVWHOOWHGLH6FKDXIHOZHJJLQJLQGLH.QLHXQGVXFKWHQDFK GHP'HFNHOYHUVFKOX'LH9HUVFKOVVHEHIDQGHQVLFKGLFKWXQWHU GHQ*ULIIHQXQGZDUHQOHLFKW]X|IIQHQ0DQEUDXFKWHVLHQXU]XU 6HLWH]XGUFNHQ 6XNRVFKOXJPLWGHU)DXVWGLH9HUVFKOVVHDQGHQEHLGHQ 6DUJVHLWHQ]XUFN -HW]WNRQQWHHUGHQ'HFNHODEKHEHQ (UVSUWHVHLQ+HU]KlPPHUQ (UZDJWHNDXP]XDWPHQDOVHUGHQGXQNOHQ6DUJGHFNHOKRFK VWHPPWHXQGLKQ]XU6HLWHZXFKWHWH 'HU0RQGVWDQGVRJQVWLJGDHUGLUHNWLQGHQRIIHQHQ6DUJ VFKLHQXQGMHGHQ:LQNHODXVOHXFKWHWH 0LWHLQHPEHUUDVFKWHQ6FKUHL]XFNWH6XNR]XUFN 'HU6DUJZDUOHHU
6XNRKDWWHGDV*HIKOVHOEVWWLHILP%RGHQ]XYHUVLQNHQ(U VWDUUWHLQGHQ6DUJVFKWWHOWHGHQ.RSIVFKORGLH$XJHQ |IIQHWHVLHZLHGHUGDV%LOGEOLHE 9RQ-RKQ6LQFODLUNHLQH6SXU 6XNRPHUNWHZLHHVLKPVFKZLQGOLJZXUGH$OOGLH$QVWUHQ JXQJHQXQGGLH1HUYHQEHODVWXQJHQGHUOHW]WHQ6WXQGHQ PDFKWHQVLFKMHW]WEHPHUNEDU6HLQH.QLHZXUGHQZHLFK 9RP*UDEUDQGK|UWHHU0RQMDV6WLPPHª(UHULVWZHJ© IOVWHUWHGDV0lGFKHQª9HUVFKZXQGHQ©6LHVFKOXFK]WHDXI ª2PHLQ*RWW© 6XNRKREGHQ%OLFNª+DEHQ6LHHLQH(UNOlUXQJ"©IUDJWHHU ª1HLQ© 'LH$QWZRUWNDP]|JHUQG 'HU&KLQHVHULVLFKPLW*HZDOW]XVDPPHQ(UQDKPVHLQH /DPSHXQGOHXFKWHWHLQGHQOHHUHQ6DUJKLQHLQ0LWGHUIUHLHQ +DQGWDVWHWHHUGLH.LVVHQDE(UIKOWHGLH6HLGHXQWHUVHLQHQ )LQJHUQXQGVSUWHDXFKGLH)HXFKWLJNHLWGLH7UlQHQXQG 6FKZHLKLQWHUODVVHQKDWWHQ6LHZDUQRFKQLFKWHLQJHWURFNQHW 3O|W]OLFKZXUGHQ6XNRV$XJHQJUR'HU6WRIIDXIGHP6DUJ ERGHQJDEXQWHUGHP'UXFNVHLQHU+DQGQDFK'HUZDUDXFK HWZDVQDFKLQQHQJHEHXJW:DUXP" 6XNRULGHQ6WRIIDXVHLQDQGHU(VJLQJOHLFKWHUDOVHUHVJH GDFKWKDWWH'LH3ROVWHUXQJPXWHVFKRQYRUKHU 'HU&KLQHVHKLHOWGHQ$WHPDQ:DVHUHQWGHFNWHZDUIULKQ JHQDXVRVFKRFNLHUHQGZLHYRUKLQGHU$QEOLFNGHVOHHUHQ6DUJHV 'LH7RWHQNLVWHKDWWHNHLQHQ%RGHQ 6XNRIKOWHIHXFKWHV(UGUHLFK(UZKOWHGDULQKHUXPVXFKWH LUJHQGHLQ/RFKHLQHQ$XVVWLHJQLFKWV 1XU/HKPVSUWHHU]ZLVFKHQVHLQHQ)LQJHUQ ª:LHLVWGDVQXUP|JOLFK"©PXUPHOWHHU /DQJVDPULFKWHWHHUVLFKDXI6HLQH%HZHJXQJHQZLUNWHQHFNLJ NUDIWORV6XNRV6WLUQKDWWHVLFKLQ)DOWHQJHOHJW6HLQH*HGDQNHQ ZLUEHOWHQ(UEHJULIIHLQIDFKQLFKWZDVVLFKKLHUVHLQHQ$XJHQ ERW'LH6FKZDU]H0DJLHPXWHEHUPlFKWLJVHLQ'HUJDQ]H 2UWGLH0HQVFKHQGHU+RUURU*DUWHQZDVZDUKLHUHLJHQWOLFK QRFKQRUPDO"
.RSIVFKWWHOQGNOHWWHUWH6XNRDXVGHP*UDE(UYHUVXFKWH VHLQHU(QWGHFNXQJHLQHSRVLWLYH6HLWHDE]XJHZLQQHQ:HQQ -RKQ6LQFODLUQLFKWPHKULQGLHVHP6DUJODJGDQQVWHOOWHVLFKGLH )UDJHREHUYLHOOHLFKWQRFKDP/HEHQZDU+DWWHHUHVLPOHW]WHQ $XJHQEOLFNGRFKQRFKJHVFKDIIWVHLQHQ*HJQHUQ]XHQWZLVFKHQ" :HQQMDZRVWHFNWHHUGDQQ" ª+DVWGXHLQH(UNOlUXQJ"©IUDJWHHUGDV0lGFKHQHUQHXW 0RQMDVFKWWHOWHGHQ.RSI ª$EHUHVPXHLQHJHEHQ©6XNREHKDUUWHDXIVHLQHP6WDQG SXQNWª8QGLFKZHUGHVLHILQGHQ'XKDVWPLUYRQ-RKQ6LQFODLU HU]lKOWXQGYRQGHLQHP9DWHU8QGLKQZHUGHLFKIUDJHQ© ª1HLQ©0RQMDVFKWWHOWHGHQ.RSIXQGNUDOOWHLKUH+lQGHLQ 6XNRV-DFNHª%LWWHQLFKW© 6XNRVSUHQJWHGHQ*ULIIª'RFKLFKZHUGHPLWLKPUHGHQ,FK ZLOOHQGOLFKZLVVHQZDVJHVSLHOWZLUG©(UOlFKHOWHª.HLQH $QJVWGLUZLUGQLFKWVSDVVLHUHQ0DQZLUGXQVQLFKW]XVDPPHQ VHKHQ.RPPMHW]WLFKP|FKWHNHLQH=HLWPHKUYHUOLHUHQ© 'HU&KLQHVHIDWH0RQMDEHLGHU+DQG6FKZHLJHQGVFKULWWHQ VLHEHUGHQ)ULHGKRI%ODOHXFKWHWHQGLHYRP0RQGOLFKWXP VFKPHLFKHOWHQ*UDEVWHLQH'HU:LQGWUXJGHQ*HUXFKYRQYHU ZHONWHP/DXEYHUPRGHUWHQ%OXPHQXQGIULVFKDXIJHZRUIHQHU (UGHDQ6XNRV1DVH(LQH:KOPDXVKXVFKWHGLFKWYRULKQHQ EHUGHQ%RGHQ0LWHLQHP3LHSODXWYHUVFKZDQGVLHKLQWHU HLQHPKDOEXPJHNLSSWHQ*UDEVWHLQ 6XNRXQG0RQMDHUUHLFKWHQGHQ$XVJDQJXQGWUDWHQDXIGLH 6WUDH0RQMDEOLHEVWHKHQ ª/DVVHQ6LHPLFKMHW]WDOOHLQJHKHQ©EDWVLHª6LHILQGHQGDV +DXVLQGHPLFKZRKQHDXFKRKQHPLFK(VLVWGDVJU|WHLP 2UW8QWHQEHILQGHWVLFKHLQ*DVWKDXV© ª2ND\JHKQXU$EHUZHQQLFK)UDJHQKDEHZHUGHLFKPLFKDQ GLFKZHQGHQ© 0RQMDQLFNWHKDVWLJXQGYHUVFKZDQG 6LHOLHHLQHQQDFKGHQNOLFKHQ6XNR]XUFNGHPGLHVFKZHUHQ *HGDQNHQDXFKQLFKWDXVGHP.RSIJLQJHQDOVHUVLFKVHLQHP =LHOQlKHUWH2EZRKOGLH6WUDHDQEHLGHQ6HLWHQYRQ+lXVHUQ IODQNLHUWZDUIKOWHVLFK6XNRHLQVDPZLHDXIHLQHUYHUODVVHQHQ
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hEHUGHPJHVDPWHQ5DXPODJGHU6FKOHLHU GHU'XQNHOKHLW6SlUOLFKQXUVLFNHUWHGDV0RQGOLFKWGXUFKGLH 6FKHLEHQ6XNRNRQQWH8PULVVHHUNHQQHQXQGJLQJYRUELV]XU 7KHNH'LHURKHQ+RO]GLHOHQNQDUUWHQXQWHUVHLQHQ6FKULWWHQ'DV *HUlXVFKOLHVLFKEHLPEHVWHQ:LOOHQQLFKWYHUPHLGHQ 6XNRV%OLFNHZDUHQEHUDOO'LH%HUHWWDLQVHLQHU+DQGPDFKWH MHGH%HZHJXQJPLW'HU&KLQHVHQDKPVLFKYRUGLH:DIIHEHLGHU QlFKVWHQ*HOHJHQKHLWQDFK]XODGHQ(LQHQ5HVHUYHVFKOVVHOKLU GHQ%HQWOH\EHVDHU8QGLP+DQGVFKXKIDFKODJLPPHUHLQ JHIOOWHV0DJD]LQPLW6LOEHUNXJHOQ ª:DVZROOHQ6LHKLHU"© 6XNRUXFNWHKHUXP'LH6WLPPHGLHLKQDQVSUDFKNDPYRQ UHFKWVZRVLFKGHU7UHVHQEHIDQG +LQWHUGHU7KHNHWDXFKWHHLQ0DQQDXI6RYLHO6XNRHUNHQQHQ NRQQWHZDUHUZDIIHQORV(UKDWWHGLH+lQGHIODFKDXIGLH +RO]SODWWHGHV7UHVHQVJHOHJW 6XNRVHQNWHGLH0QGXQJGHU%HUHWWDXPVHLQHIULHGOLFKHQ $EVLFKWHQ]XGHPRQVWULHUHQª6LQG6LHGHU:LUWKLHU"©HUNXQGLJ WHHUVLFKPLWQHXWUDOHU6WLPPH ª-D©ODXWHWHGLHHLQVLOELJH$QWZRUW ª,FKVXFKHHLQHQ)UHXQG©
ª+LHULVWQLHPDQG© 6XNRJLQJQRFKHLQHQ6FKULWWYRUEHXJWHVLFKEHUGHQ7UHVHQ XQGEOLFNWHGHP:LUWLQGLH$XJHQª0HLQ)UHXQGKHLW-RKQ 6LQFODLU6LHZLVVHQQLFKW]XIlOOLJZRHUVLFKEHILQGHW"© ª,FKNHQQHNHLQHQ6LQFODLU© 6XNRYHUORUGLH*HGXOG0LWGHUOLQNHQ+DQGSDFNWHHU]X GUHKWHGDV+HPGGHV:LUWHV]XVDPPHQXQG]RJGHQ0DQQKDOE EHUGHQ7UHVHQ2EZRKO'XQKLOOQLFKWJHUDGH]XGHQVFKPlFK WLJHQ7\SHQJHK|UWHEHUHLWHWHHV6XNRGRFKNHLQH6FKZLHULJ NHLWHQLKQVLFKKHUDQ]XKROHQ ,KUH%OLFNHERKUWHQVLFKLQHLQDQGHU ª-HW]WK|UPLUHLQPDOJHQDX]X)UHXQGFKHQ,FKELQNHLQ &ORZQXQGLFKELQHUVWUHFKWQLFKW]XP6SDLQGLHVHVYHU GDPPWHJRWWYHUODVVHQH.DIIJHNRPPHQ,FKVXFKH-RKQ6LQFODLU XQGLFKZHLGDHUKLHUZDU'XXQGGHLQH)UHXQGHLKUKDEW LKQLQHLQHQ6DUJJHVWHFNWXQGEHJUDEHQ,FKKDEHGDVYHUIOXFKWH *UDEXQGGHQ6DUJZLHGHUJH|IIQHW'HU6DUJZDUOHHU9RQ-RKQ 6LQFODLUNHLQH6SXU8QGGXZLUVWPLUMHW]WVDJHQZRLFKLKQ ILQGHQNDQQ© ª,FKZHLQLFKWV© hEHU6XNRV/LSSHQGUDQJHLQ.QXUUODXW(UVWLHGHQ:LUW ]XUFN3O|W]OLFKEHJDQQ'XQKLOO]XVSUHFKHQ ª9HUVFKZLQGHQ6LH©VDJWHHUPLWWRQORVHU6WLPPHª9HUODVVHQ 6LH2UOLQJWRQXQGODVVHQ6LHXQVLQ5XKH,FKZHLQLFKWZR LKU)UHXQGLVW)UDJHQ6LH=DUFDGL(ULVWXQVHU0HLVWHU:LUJH KRUFKHQLKP(VJHKWXQVJXW© 6XNRODFKWHKDUWª'DVVHKHLFK(XUH*HGDQNHQVLQGDXVJH VFKDOWHW(LQHQHLJHQHQ:LOOHQKDEWLKUQLFKW,KUZHUGHWHOHQGLJ HLQJHKHQZHQQLKUVRZHLWHUPDFKW$EHUGDVLVWQLFKWPHLQ%LHU ,FKZLOO-RKQ6LQFODLUILQGHQ© 'HU:LUWKREQXUGLH6FKXOWHUQ ª8QG-DQH&ROOLQV":RLVWGLH"©IUDJWH6XNR ª.HQQHLFKQLFKW© 'DVJODXEWH6XNRGHP0DQQVRJDU(UELVLFKDXIVHLQH /LSSHQ,P0RPHQWNDPHUVLFK]LHPOLFKEHUIOVVLJYRU(U ZXWHQLFKWZRHUGHQ+HEHODQVHW]HQVROOWH'LH/DJHZDUYHU
IDKUHQ6HLQHHLQ]LJH6SXU]XGLHVHP=DUFDGLZDU)UDQN6FRWW $EHUGHUODJEHZXWORVLP+RUURU:DOG)DOOVHUQLFKWVFKRQ HUZDFKWZDUXQGQHXH8QWDWHQSODQWH :HQQHUZHQLJVWHQV-DQH&ROOLQVEHLVLFKKlWWH'LH'HWHNWLYLQ ZXWHVLFKHUOLFKPHKU$EHUDXFKVLHZDUYHUVFKZXQGHQ%OLHE QXUQRFKGLH0|JOLFKNHLW=DUFDGLV/DQGKDXVDXIGHQ.RSI]X VWHOOHQ$OVRJHQDXGDVZDVHUVFKRQ]XYRUZROOWH ª+DEHQ6LHKLHU7HOHIRQ"©IUDJWH6XNR ª1HLQ© 'HU&KLQHVHVFKOXJPLWGHUIODFKHQ+DQGDXIGHQ7UHVHQª'DV JLEWHVGRFKQLFKW© ª:LUKDEHQNHLQHQ$QVFKOXPHKU© 6XNRXQWHUGUFNWHHLQHQ)OXFK(UEOLFNWHGHQ:LUWQRFKHLQ PDODQXQGVDJWHª:LUVSUHFKHQXQVQRFK©'DQQPDFKWHHUDXI GHP$EVDW]NHKUW0LWUDVFKHQ6FKULWWHQYHUOLH6XNRGDV *DVWKDXV 7HOHIRQJDEHVLQGLHVHP.DIIQLFKW$EHUGHU%HQWOH\ZDUPLW $XWRWHOHIRQDXVJHUVWHW 6XNRKDWWHYRU/DQGXQG/HXWHPRELO]XPDFKHQXPGLH 6XFKHQDFK-RKQ6LQFODLUDQ]XNXUEHOQ/DQGXQG/HXWHZDUHQLQ GLHVHPVSH]LHOOHQ)DOOHLQ0DQQ8QGGHUKLH%LOO&RQROO\GDV YLHUWH$VLQGLHVHPK|OOLVFKHQ6SLHO (LQ$OOYRQ6WHUQHQXQG6RQQHQSODW]WHYRUPHLQHQ$XJHQDXI 'D]ZLVFKHQVFKZLUUWHQEXQWH6SLUDOQHEHOGLHYRQHLQHP JHZDOWLJHQ6RJGDYRQJHWUDJHQZXUGHQ 'HU6RJKDWWHDXFKPLFKJHSDFNW(UWULHEPLFKXPKHUVFKW WHOWHPLFKGXUFK,FKZXWHQLFKWZRREHQXQGXQWHQZDU,FK ILHOXQGILHOXQGILHO 'DVDOVRZDUGDV(QGHGDV*HIKOQDFKGHP7RGZRUEHU VFKRQ]DKOUHLFKH:LVVHQVFKDIWOHUJHVFKULHEHQKDWWHQ0HLQ*HLVW PXWHVLFKYRP.|USHUJHO|VWKDEHQXQGVFKZHEWHMHW]WLQGHQ XQHQGOLFKHQ'LPHQVLRQHQZR5DXPXQG=HLWHLQVZDUHQXQG VLFKDXIKREHQ ,FKNRQQWHPHLQHQ.|USHUEHZHJHQGLH+lQGHGLH)H,FK
UHJLVWULHUWHHVQXULP8QWHUEHZXWVHLQHUIDWHHVQLFKWULFKWLJ 'LHUDVHQGH)DKUWGXUFKGHQ7XQQHOZROOWHHLQIDFKNHLQ(QGH QHKPHQ $EUXSWVWRSSWHGLH%HZHJXQJ ,FKVSUWHHLQHQKDUWHQ6FKODJ9HUVFKZXQGHQZDUHQGLHIDU ELJHQ6RQQHQGLHUDVHQGHQ6SLUDOQHEHOGLH'XQNHOKHLWGDV *HIKOGHVHQGORVHQ)DOOHQV ,FK|IIQHWHGLH$XJHQ 5|WOLFKVFKLPPHUQGHV/LFKW(VJORVWHDXVDOOHQ5LFKWXQJHQ 1HEHOVFKZDGHQZDEHUWHQXPPLFKKHUXPILQJHQPLFKHLQZLH *HLVWHUILQJHU,QPHLQHP.RSIEUHLWHWHVLFKHLQGXPSIHV*HIKO DXV+LQWHUGHQ6FKOlIHQWXFNHUWHXQGKlPPHUWHHV 'DV$WPHQILHOPLUVFKZHU'LHIHXFKWHYLHO]XZDUPH/XIW ZDUQLFKWVIUPLFK,FKEOLHEVWLOODXIGHP5FNHQOLHJHQXQG YHUVXFKWHDOOH5HIOH[HXQWHU.RQWUROOH]XEHNRPPHQ )QI0LQXWHQQDFKPHLQHU6FKlW]XQJMHGHQIDOOVEUDXFKWH LFK,FKPHUNWHZLHLFKZLHGHU]XPLUVHOEVWIDQGZLHPHLQH *HGDQNHQDQILQJHQVLFK]XIRUPLHUHQ 'HXWOLFKVWDQGHQGLHOHW]WHQ(UHLJQLVVHQRFKYRUPHLQHP JHLVWLJHQ$XJH ,FKVDKPLFKVHOEVWLP6DUJOLHJHQHULQQHUWHPLFKDQGLH3DQLN GLHPLFKEHUILHOXQGGLHEUXWDOH7RGHVDQJVWGLHPLFK XPNODPPHUWH$EHUGDQQNXU]EHYRULFKGDFKWHHVZlUHHQG JOWLJDXVKDWWHLFKQRFKHLQDQGHUHV*HUlXVFKJHK|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
hEHUPLUZ|OEWHVLFKHLQU|WOLFKYLROHWWHU+LPPHOLFKNRQQWH LKQVHKHQZHQQKLQXQGZLHGHUGHU1HEHOVFKOHLHUDXIUL ,FKJLQJORV6FKULWWIU6FKULWWPDUVFKLHUWHLFKGXUFKGDVPLU XQEHNDQQWH/DQG6FKRQEDOGNOHEWHQPLUGLH6DFKHQDP.|USHU 'LH+LW]HWULHEPLUGHQ6FKZHLDXVDOOHQ3RUHQ,FKIKOHPLFK ZLHDXVJHZUXQJHQ 8QGQLUJHQGZRHLQ*HUlXVFK,FKZDUHLQJHEHWWHWLQHLQH EHNOHPPHQGHDWHPEHUDXEHQGH6WLOOHGLHDQGHQ1HUYHQ]HUUWH XQGPLFKVFKDXGHUQOLH :RKLQZDULFKQXUJHUDWHQ" ,QHLQHDQGHUH:HOW",QHLQHDQGHUH'LPHQVLRQ":DULFKXQWHU 8PVWlQGHQGXUFKHLQWUDQV]HQGHQWDOHV7RULQGLH:HOWGHU'l PRQHQYHUVFKOHSSWZRUGHQ" (VZDULPPHUKLQP|JOLFK ,FKVDKPHLQH&KDQFHQYHUGDPPWQFKWHUQ(VZDUVFKZHU ]XEHUOHEHQZHQQQLFKWXQP|JOLFK(LQ0HQVFKNRQQWHVLFK HLQIDFKQLFKWDQGLH*HJHEHQKHLWHQLQGHU:HOWGHU'lPRQHQ DQSDVVHQ(UPXWHHQWZHGHUHLQJHKHQRGHUZXUGHHLQHUYRQ LKQHQ $EHUMHW]WKDWWHQPLFKGLH0lFKWHGHU)LQVWHUQLVHQGOLFKKLHU /DQJHJHQXJKDWWHHVJHGDXHUW'RFKGLH&KDQFHZUGHQVLHVLFK QLFKWHQWJHKHQODVVHQ *HLVWHUMlJHU-RKQ6LQFODLUEHIDQGVLFKZDIIHQORVLQLKUHP5HLFK 'HU:XQVFKHLQHVMHGHQ'lPRQV (UZDULQ(UIOOXQJJHJDQJHQ 0HLQH*HGDQNHQZXUGHQXQWHUEURFKHQ'HU1HEHOOLFKWHWHVLFK SO|W]OLFKWHLOWHVLFKZLHHLQ9RUKDQJDXIGHU%KQH 'HU9HUJOHLFKPLWGHU%KQHZDUJDUQLFKWPDOVFKOHFKW JHZlKOW9RUPLUVWDQGHLQJHZDOWLJHU7KURQ ,FKEOLHEVWHKHQVWDUUWHGHQ7KURQDQ (UZDUDXV+RO]JHIHUWLJWKDWWHEUHLWH$UPOHKQHQGLHDQGHU 9RUGHUVHLWHPLW7RWHQVFKlGHOQYHU]LHUWZDUHQ'LH$XJHQK|KOHQ GDULQVFKLHQHQPLFKK|KQLVFKDQ]XJORW]HQ5HFKWVXQGOLQNV QHEHQGHP7KURQKRFNWHQ]ZHLILVFKJHVLFKWLJH0RQVWHUDXIGHP %RGHQ'LH0RQVWHUKLHOWHQODQJH6SHHUHLQGHQ+lQGHQKDWWHQ HLQHJUQHVFKXSSLJH+DXWHLQYRUJHVFKREHQHV)LVFKPDXOXQG
UXQGH*ORW]DXJHQ0LWHLQHP0HQVFKHQKDWWHQVLHQXU%HLQHXQG $UPHJHPHLQ:HQQVLHLKU0DXO|IIQHWHQSUlVHQWLHUWHQVLH K|OOLVFKVFKDUIH5HL]lKQH $XIGHQ6FKXOWHUQGHU0RQVWHUKRFNWHQ]ZHL%OXWHXOHQ,KUH JOXWURWHQ$XJHQZDUHQDXIPLFKIL[LHUW 'RFKDOOGLH0RQVWHUZDUHQKDUPORVJHJHQGHQ0DQQGHUDXI GHP7KURQKRFNWHXQGGHVVHQ7RWHQVFKlGHOVLFK]XHLQHPVDWD QLVFKHQ*ULQVHQYHU]RJHQKDWWH (VZDUPHLQ(U]IHLQGGHU6FKZDU]H7RG (UZLQNWHPLUPLWVHLQHU.QRFKHQKDQGª:LOONRPPHQLQGHU +|OOH-RKQ6LQFODLU© -DQH&ROOLQVIKOWHVLFKXQVDJEDUHOHQG:LHODQJHKDWWHVLHEH ZXWORVGDJHOHJHQ" (LQH6WXQGH]ZHL" 'LHEORQGH'HWHNWLYLQZlO]WHVLFKDXIGHQ%DXFK/DQJVDP ZXUGHLKU%OLFNNODU'LFKWYRULKUHQ$XJHQVDKVLHHLQ7LVFKEHLQ 6LHKREGHQUHFKWHQ$UPHUUHLFKWHPLWGHQ)LQJHUQGLH7LVFK SODWWHXQG]RJVLFKPKVDPGDUDQKRFK 'HU6FKZLQGHONDPSO|W]OLFK(USDFNWH-DQHOLHVLHWDXPHOQ ,POHW]WHQ$XJHQEOLFNILHOGLH'HWHNWLYLQLQHLQHQ6HVVHO7LHI DWPHWHVLHGXUFK6LHIKOWHVLFKZLHDXVJHZUXQJHQPDWWXQG VFKODIIZDUHQLKUH*OLHGHU %UXFKVWFNKDIWNHKUWHGLH(ULQQHUXQJ]XUFNIRUPWHVLFK]X HLQHP%LOG -DQH&ROOLQVZDUIHLQHQ%OLFNDXILKUH8KU6FKRQVHFK]LJ 0LQXWHQQDFK0LWWHUQDFKW'HPQDFKKDWWHVLHXQJHIlKUGUHL 6WXQGHQEHZXWORVJHOHJHQ :DVZDULQ]ZLVFKHQJHVFKHKHQ"+DWWH-RKQHVJHVFKDIIW":DU HUGHP'lPRQHQWNRPPHQ" 2GHUDEHU 6LHZDJWHGHQ]ZHLWHQ*HGDQNHQJDUQLFKW]X(QGH]XGHQNHQ 0LWHFNLJHQ%HZHJXQJHQVWDQGVLHDXI(VJLQJLKUZLHGHUEHVVHU 'DVIODXH*HIKOKDWWHQDFKJHODVVHQ -DQHVDKVLFKXPXQGHUNDQQWHGDVLHVLFKLQGHP=LPPHUGHV
/DQGKDXVHVEHIDQGGDVLKU]XJHZLHVHQZRUGHQZDU6LHJLQJ ]XU7UZXQGHUWHVLFKGDQLFKWDEJHVFKORVVHQZDUXQGWUDW LQGHQ*DQJ (VZDUVHOWVDPVWLOOLQGHPJURHQ+DXV.HLQ*HUlXVFKNHLQ .QDUUHQGHU'LHOHQNHLQHPHQVFKOLFKH6WLPPHQLFKWV /HHUXQGYHUODVVHQSUlVHQWLHUWHVLFKGDVXQKHLPOLFKH /DQGKDXV -DQH&ROOLQVJLQJLQ5LFKWXQJ7UHSSH/DXWORVVFKULWWVLHGLH EUHLWHQ6WXIHQKLQDE6LHJHODQJWHLQV(UGJHVFKRXQGDXFKKLHU EHJHJQHWHLKUQLHPDQG =DUFDGLVFKLHQQLFKWGD]XVHLQ$XFKVHLQH'LHQHUQLFKWGLH (LQZRKQHUGHV'RUIHV 8QDQJHIRFKWHQHUUHLFKWHGLH'HWHNWLYLQGLHJURH(LQJDQJVWU 6LHZDUHEHQIDOOVQLFKWYHUVFKORVVHQ -DQHJLQJQDFKGUDXHQ :LHHLQHGXQNOH:DQGODJGHU:DOGYRULKU)LQVWHUXQG GURKHQG-DQH&ROOLQVOLHIHLQH*lQVHKDXWEHUGHQ5FNHQ 'RFKZHQQVLHQDFK2UOLQJWRQZROOWHGDQQPXWHVLHGHQ :DOGGXUFKTXHUHQ(VJLQJNHLQ:HJGDUDQYRUEHL 6LHVWLHJGLH7UHSSHKLQDE6FKRQEDOGEHJDQQGHUGVFKXQJHO DUWLJH+RUURU:DOG9HUILO]WHV8QWHUKRO]KRKH%lXPHGHUHQ =ZHLJHVLFKEHUKUWHQXQGHLQJUQHVQDWUOLFKHV'DFKELOGHWHQ GDVVRJDUGHQ5HJHQDEKLHOW -DQHOLHIGXUFKGHQ:DOG6LHKDWWHGDV*HIKOYRQWDXVHQG $XJHQEHREDFKWHW]XZHUGHQGRFKZHQQVLHVLFKXPVDK NRQQWHVLHQLFKWVHQWGHFNHQ 1LHPDQGJULIIVLHDQQLHPDQGODXHUWHLKUDXI-DQHHUUHLFKWH GDV*LWWHUGDVGHQYHUZLOGHUWHQ3DUNYRPQRUPDOHQ:DOG DEWUHQQWH 3O|W]OLFKEOLHEVLHVWHKHQ 1HEHQGHPVFKPLHGHHLVHUQHQ7RUVWDQGHLQ0DQQ -DQHVDKLKQJHQDXHUMHGRFKQDKPYRQLKUNHLQH1RWL](UKLHOW VLFKGHQ.RSIXQGVW|KQWHODXW(LQ'lPRQVFKLHQHUQLFKW]X VHLQ-DQH&ROOLQVZDJWHHVXQGJLQJDXIGHQ8QEHNDQQWHQ]X ª+DOOR©VDJWHVLH,KUH6WLPPHNODQJ]DJKDIW 'HU0DQQOLHGLH+lQGHVLQNHQXQGVWDUUWH-DQHDQ
ª:HUZHUVLQG6LH"©IUDJWHHU ª0HLQ1DPHLVW-DQH&ROOLQV© 'LH'HWHNWLYLQVDKGDGHU8QEHNDQQWH]XVDPPHQ]XFNWHVLFK DEHUGDQDFKVRIRUWZLHGHULQGHU*HZDOWKDWWH ª'DUILFKIUDJHQZLH6LHKLHUKHUNRPPHQ"©IUDJWHHU -DQHEHVFKOREOLW]VFKQHOOQLFKWGLH:DKUKHLW]XVDJHQª,FK KDEHPLFKYHUODXIHQ©ORJVLH ª$KMD© ª8QG6LH":DVLVWPLW,KQHQ"© 'HU0DQQJULQVWH ª,FKKHLH)UDQN6FRWW©HUZLGHUWHHU0HKUQLFKW ª:ROOHQ6LHDXFKQDFK2UOLQJWRQ"©IUDJWH-DQH ª0DOVHKHQ(LJHQWOLFK©(UZROOWHQRFKHWZDVVDJHQYHU VFKOXFNWHGLH:RUWHDEHUGDQQ ª,VWGDV7RURIIHQ"©IUDJWH-DQH 6FRWWQLFNWH(UZDU]LHPOLFKEOD'DV+DDUKLQJLKPZLUULQ GLH6WLUQ'DV*HVLFKWJOlQ]WHYRU6FKZHL1HUY|VQDJWH6FRWW DXIVHLQHU/LSSH 'LH'HWHNWLYLQJLQJDXILKQ]XXQGDQLKPYRUEHL6LH]RJGDV 7RUDXI(VTXLHWVFKWHHUElUPOLFK(KH-DQHGDV*UXQGVWFNYHU OLHIUDJWHVLHª.RPPHQ6LHMHW]WPLW"© ª:DUHQ6LHLP+DXV"©6FRWWDQWZRUWHWHPLWHLQHU*HJHQIUDJH -DQHYHUQHLQWHHLQHQODXHUQGHQ$XVGUXFNLQVHLQHQ$XJHQ]X VHKHQ6LHZDUVLFKMHGRFKQLFKWVLFKHU ª-DLFKZDULP+DXV© ª8QG",FKPHLQH3URIHVVRU=DUFDGL+DEHQ6LHPLWLKPJH VSURFKHQ"© ª6LHNHQQHQLKQ"© ª9LHOOHLFKW© -DQH&ROOLQVZXUGHHV]XEXQWª:DVZROOHQ6LHHLJHQWOLFKYRQ PLU]XP+HQNHU"(QWZHGHU6LHJHKHQPLWQDFK2UOLQJWRQRGHU 6LHEOLHEHQKLHU,FKKDEHNHLQH/XVWKLHUDQ]XZDFKVHQ© 6LHPDFKWHDXIGHP$EVDW]NHKUWXQGJLQJ)UDQN6FRWWEOLHE ]XUFN-DQHJODXEWHVHLQHEUHQQHQGHQ%OLFNHLP5FNHQ]X VSUHQ6LHGUHKWHVLFKMHGRFKNHLQHLQ]LJHV0DOXP 'LH'HWHNWLYLQIDQGHLQHQVFKPDOHQ3IDGGHUTXHUGXUFKGHQ
:DOGIKUWHXQGGDQQDXIHLQH6WUDHVWLH6LHPXWHQDFK 2UOLQJWRQ$EHULQZHOFKHU5LFKWXQJODJGHU2UW" -DQHHQWVFKLHGVLFKGDIUQDFKOLQNV]XJHKHQ8QGVLHKDWWH *OFN6FKRQEDOGYHUVFKZDQGGHU:DOGUHFKWVXQGOLQNVGHU 6WUDHXQGZLFKXPJHSIOJWHQ)HOGHUQDXIGLHGDV6LOEHUOLFKW GHV0RQGHVVFKLHQ(LQ]HOQH*HK|IWHWDXFKWHQZLHGLH%XFNHO JURHU8QJHKHXHUDXVGHU'XQNHOKHLWDXI'LH6WlOOHXQG+lXVHU PDFKWHQDOOHVDPWHLQHQYHUIDOOHQHQ(LQGUXFN 6FKOLHOLFKKDWWH-DQHGHQ2UWHUUHLFKW:LHHLQH6FKODIZDQG OHULQVFKULWWVLHGXUFKGLHPHQVFKHQOHHUH+DXSWVWUDH6LHJLQJ DXIGHU)DKUEDKQPLWWHKDWWHGLH/LSSHQ]XVDPPHQJHSUHWXQG YHUVXFKWHPLWLKUHQ%OLFNHQGLH'XQNHOKHLW]XGXUFKGULQJHQ 1LUJHQGZRGHU$QVFKHLQYRQ/HEHQGHUJHVDPWH2UWZLUNWH JHLVWHUKDIWWRW -DQHVFKOXFNWH9LHOEHVVHUDOVLQGHPYHUGDPPWHQ+RUURU *DUWHQIKOWHVLHVLFKKLHUDXFKQLFKW%DOGHUUHLFKWHVLHGDV 'RUIHQGH$POLQNHQ)DKUEDKQUDQGVWDQGHLQ:DJHQ 5DVFKOLHI-DQHQlKHUXQGEOLHEUXFNDUWLJVWHKHQDOVVLHGLH $XWRW\SHHUNDQQWH (VZDUHLQ%HQWOH\-RKQ6LQFODLUV*HIlKUW 8QGHLQSDDU6FKULWWHZHLWHUVWDQGHLQH+DUOH\'DYLGVRQ-DQH ZXWHGD6XNRVHLWNXU]HU=HLWVROFKHLQH0DVFKLQHIXKU 'DQQZDUHQ6XNRXQG-RKQKLHU" -DQHZLVFKWHVLFKEHUGLH6WLUQ6LH]XFNWH]XVDPPHQDOVVLH LQLKUHP5FNHQ6FKULWWHYHUQDKP+DVWLJGUHKWHVLHVLFKXP 9RULKUVWDQG6XNRGHU&KLQHVH -DQH&ROOLQVEOLFNWHLQ6XNRV*HVLFKWGDVVLFK]XHLQHP/lFKHOQ YHU]RJGDQQZDUIVLHVLFKGHP&KLQHVHQLQGLH$UPH ª0HLQ*RWW©IOVWHUWHVLH,QLKUHU6WLPPHVFKZDQJDOOGLH (UOHLFKWHUXQJPLWGLHVLHLQGLHVHQ$XJHQEOLFNHQHPSIDQG-DQH ZDUEHUDXVJOFNOLFKHQGOLFKZLHGHUHLQEHNDQQWHV*HVLFKW ]XVHKHQ 8USO|W]OLFKO|VWHVLHVLFKYRQ6XNR ª:RLVW-RKQ"©ZROOWHVLHZLVVHQ 'HU&KLQHVHEOLFNWH-DQHHUQVWDQ'DQQVDJWHHUª'XPXW MHW]WWDSIHUVHLQ-DQH,FKKDEHGLUHWZDV]XHU]lKOHQ©
'LH3ULYDWGHWHNWLYLQZDU0HQVFKHQNHQQHULQJHQXJXP]X ZLVVHQGDPLW-RKQ6LQFODLUHWZDV6FKOLPPHVSDVVLHUWZDU8QG VLHVSUWHZLHLKUGLH7UlQHQLQGLH$XJHQVWLHJHQ %LOO&RQROO\VFKORGLH(LQJDQJVWUGHVHOHJDQWHQ%XQJDORZV KLQWHUVLFKDE6HLQH)UDX6KHLODKDWWH/LFKWJHPDFKW'LH :DQGODPSHQYHUEUHLWHWHQHLQHQDQKHLPHOQGHQJHPWOLFKHQ 6FKHLQ (VZDUVFKRQQDFK0LWWHUQDFKW'DV(KHSDDU&RQROO\NDPYRQ HLQHP(PSIDQJ]XUFNDQGHPHVDXVJHVHOOVFKDIWOLFKHQ *UQGHQKDWWHWHLOQHKPHQPVVHQ $XIGHP:HJ]XP/LYLQJURRP]RJ%LOOVHLQ6PRNLQJMDFNHWW DXVXQGKlQJWHHVDXIHLQHQ%JHO6KHLODUHNHOWHVLFKEHUHLWVLQ HLQHPZHLFKHQLWDOLHQLVFKHQ/HGHUVHVVHOKDWWHGLH6FKXKHYRQ GHQ)HQJHVWUHLIWXQGGLH%HLQHDXVJHVWUHFNW6LHKLHOWGLH $XJHQJHVFKORVVHQXQGHQWVSDQQWHVLFK %LOOGHUDQGHU7UVWHKHQJHEOLHEHQZDUQDKPGDV%LOGVHLQHU KEVFKHQ)UDXLQVLFKDXI(LQZDUPHVKHU]OLFKHV/lFKHOQJOLWW EHUVHLQH/LSSHQXQGZLHGHUGDFKWHHUGDUDQGDHUNHLQH EHVVHUH)UDXKlWWHILQGHQN|QQHQ 6KHLODZDUHLQH6FK|QKHLW8QGLQGHQOHW]WHQGUHL0RQDWHQ VFKLHQVLHQRFKPHKUDXIJHEOKW]XVHLQ0DQVDJW)UDXHQGLHLQ DQGHUHQ8PVWlQGHQVLQGQDFKGDVLHLQGLHVHU=HLWQRFK VFK|QHUZHUGHQ %HL6KHLODZDUGDVGHU)DOO ,KUDSDUWHV*HVLFKWZDUUXQGHUJHZRUGHQ$XIGHQ:DQJHQODJ HLQU|WOLFKHU6FKLPPHUXQGLQLKUHQ$XJHQZDUHLQ/HXFKWHQ GDVVLFK%LOOQLFKWHUNOlUHQNRQQWH6KHLODKDWWHGLHYROOHQNDXP JHVFKPLQNWHQ/LSSHQHLQZHQLJJH|IIQHWLKUORFNLJHVJROGEORQ GHV+DDUUXKWHDXIGHQ6FKXOWHUQGHUHOHJDQWHQ3HO]MDFNH6LH WUXJHLQODQJHVKHOOEODXHV.OHLGGDVUDIILQLHUWLKUHVFKRQUXQG OLFKHUJHZRUGHQH)LJXUNDVFKLHUWH%LVKHUZDUDOOHVSUREOHPORV YHUODXIHQ'HU$U]WGHQ6KHLODNRQVXOWLHUWHEHVFKHLQLJWHLKUGD HUVHOWHQHLQHVRJHVXQGHMXQJH)UDXHUOHEWKlWWH 8QGGDUEHUZDUQLFKWQXU6KHLODIURK
2KQHGLH$XJHQ]X|IIQHQVDJWHVLHª.RPPUXKLJQlKHU%LOO ,FKZHLGDGXDQGHU7UVWHKVW© ª'LUEOHLEWDXFKQLFKWVYHUERUJHQZLH"© %LOOJLQJQHEHQGHP6HVVHOLQGLH.QLH6KHLOD|IIQHWHGLH$XJHQ XQGGUHKWHGHQ.RSIVRGDVLHGHQHKHPDOLJHQ5HSRUWHUDQ EOLFNHQNRQQWHª$OO]XODQJZHUGHQZLUDXIGLHVH3DUWLHVQLFKW PHKUJHKHQN|QQHQ©VDJWHVLHª,FKZDUQLHHLQ3DUW\PHQVFK XQGGLH/XIWGRUWXQGGDVGXPPH*HUHGHEHNRPPHQPLULP 0RPHQWJDUQLFKW© ª'XVSULFKVWPLUDXVGHU6HHOH©JDE%LOO]Xª,FKKDEHDXFK NHLQH/XVWGLH$EHQGHGRUW]XYHUEULQJHQ© ª$EHU]XP+DXVPDQQVROOVWGXGHVKDOEDXFKQLFKWZHUGHQ© PHLQWH6KHLOD ª:LHVR"© 6KHLODOlFKHOWHYHUVFKPLW]Wª'HQNPDODQGHLQH$EHQWHXHU PLWXQVHUHP)UHXQG-RKQ'LHIHKOHQGLUGRFK©%LOOZROOWH VFKRQDQWZRUWHQGRFK6KHLODOLHLKQQLFKWGD]XNRPPHQ ª6WUHLWHHVQLFKWDELFKNHQQHGLFK© %LOOQDKP6KHLODV+DQGXQGOLHVHLQH/LSSHQGDUEHUJOHLWHQ ª'XPDFKVWGLU]XYLHOH6RUJHQ'DUOLQJ6LHKPDOLFKELQHLQ 0DQQRKQHIHVWHQ%HUXI,FKVFKUHLEHIUGLHJURHQ0DJD]LQHLQ DOOHU:HOWDEHULFKELQQLFKWGHU7\SGHUMHGHQ0RUJHQXPDFKW 8KUDXVGHP+DXVJHKWXPGLHQlFKVWHQ6WXQGHQLP%UR]X YHUEULQJHQ'DPLWLFKPHLQH$UWLNHOVROHEHQVHFKWZLHP|JOLFK VFKUHLEHQNDQQPXLFKPLFKLQGHU:HOWXPVHKHQ8QGZHQQ HVPLW-RKQ6LQFODLULVW© ª$EHU-RKQKDWHLQHQVHKUJHIlKUOLFKHQ%HUXI©KLHOW6KHLODHQW JHJHQª'DUDQVROOWHVWGXGHQNHQ© ª%LVKHULVWQLFKWVSDVVLHUW© ª1LHPDQGKDWGDV*OFNJHSDFKWHW%LOO,FKZLOOQXUQLFKWGD XQVHU.LQGRKQH9DWHUDXIZlFKVW'DVLVWHV© ª:LUZHUGHQGDVFKRQHLQH/|VXQJILQGHQ©HUZLGHUWH%LOO &RQROO\GLSORPDWLVFK ª$FK%LOO© 6KHLODVWUHLFKHOWHLKUHP0DQQEHUGDVGXQNOH +DDUª,FKKDEHQLHPDOVEHUHXWGDLFKGLFKJHKHLUDWHWKDEH'DV NDQQVWGXPLUJODXEHQ©
'LHQlFKVWHQ0LQXWHQYHUOLHIHQVFKZHLJHQG1XUGDV7LFNHQ GHU8KUZDU]XK|UHQ ª:HQQZLUVRZHLWHUPDFKHQVLW]HQZLU]XP)UKVWFNQRFK KLHU©VDJWH6KHLODVFKOLHOLFK ª'XKDVWUHFKW©%LOOVWLPPWHLKU]X(UHUKREVLFKUHLFKWH 6KHLODGLH+DQGXQG]RJVLHDXVGHP6HVVHO6KHLODEHIDQGVLFK QRFKLQGHU%HZHJXQJDOV%LOOGLH/LSSHQVHLQHU)UDXPLWHLQHP .XYHUVFKOR 6KHLODHUZLGHUWHGHQ.X1DFKHLQHU0LQXWHO|VWHQVLHVLFK YRQHLQDQGHU6KHLODV%OLFNHKDWWHQHLQHQYHUVFKOHLHUWHQ$XVGUXFN DQJHQRPPHQª+DVWGXQRFKHWZDVYRU"©IUDJWHVLHIOVWHUQG %LOOOlFKHOWHª9LHOOHLFKW©(UJLQJ]XU%DUª$EHUYRUKHU J|QQHQZLUXQVQRFKHLQHQ*XWH1DFKW'ULQN© ª)UPLFKQXU2UDQJHQVDIW© ª*HKWNODU© %LOOPL[WHVLFKHLQHQ0DQKDWWDQ=XP6FKOXOHJWHHUQRFKHLQ 6WFNFKHQ3HWHUVLOLHDXIGLH2EHUIOlFKH 6KHLODEOLFNWHLKUHQ0DQQHUVWDXQWDQª:DVVROOGDVGHQQ EHGHXWHQ"© %LOOJDELKUGDV*ODVPLW2UDQJHQVDIW(UVHOEVWGHXWHWHDXI VHLQHQ'ULQNª*DQ]HLQIDFK©HUNOlUWHHUª,FKKDEHPLUGRFK HLQHQ0DQKDWWDQJHPL[WXQGGLH3HWHUVLOLHGDLQGHU0LWWHGDV LVWGHU&HQWUDO3DUN© 'HU:LW]NDPEHL6KHLODDQ6LHYHUVFKOXFNWHVLFKIDVWDQLKUHP 6DIW%LOOVFKOXJLKUDXIGHQ5FNHQª/DQJVDPODQJVDP©VDJWH HUOlFKHOQG 8QGGDQQVFKHOOWHHV %LOOV*HVLFKWYHUVWHLQHUWHDXFK6KHLODVDKEHUUDVFKWDXVª:HU NDQQGDVVHLQMHW]WXPGLHVH=HLW"©IUDJWHVLH ª.HLQH$KQXQJ©%LOOKREGLH6FKXOWHUQXQGYHUOLHGHQ /LYLQJURRPª,FKVHKHPDOQDFK© ª6HLYRUVLFKWLJ© 'HU%XQJDORZZDUYRQHLQHPJHSIOHJWHQSDUNlKQOLFKHQ *UXQGVWFNXPJHEHQ'DVLQGLH0DXHUHLQJHODVVHQH(LVHQWRU OLHVLFKIHUQVWHXHUQ'LHGDIUEHQ|WLJWH9RUULFKWXQJZDULQ HLQHU1LVFKHLQGHU'LHOHDQJHEUDFKWZRUGHQ'RUWEHIDQGVLFK
DXFKGHUNOHLQH0RQLWRU=ZHLYHUVWHFNWDQJHEUDFKWH)HUQVHK NDPHUDV]HLJWHQDXIGHP%LOGVFKLUPGHQ(LQJDQJ]XP *UXQGVWFNXQGHLQHQ7HLOGHU6WUDH %LOOVFKDOWHWHGHQ0RQLWRUHLQ 9RUGHP7RUVWDQGHLQ3ROL]LVW(U]RJHLQJULHVJUlPLJHV *HVLFKWXQGGUFNWHJHUDGHZLHGHUDXIGHQLQGHU0DXHUHLQJH ODVVHQHQ.OLQJHONQRSI(WZDVHQWIHUQWVDK%LOOGLH.KOHU VFKQDX]HHLQHV6WUHLIHQZDJHQV 'HU5HSRUWHU|IIQHWH 'DV(LVHQWRUJOLWWDXVHLQDQGHUXQGQRFKHKHVLFKGHU%HDPWHLQ %HZHJXQJVHW]WHGUDQJDXVGHP/DXWVSUHFKHU%LOOVIUDJHQGH 6WLPPHª:DVKDW,KU%HVXFK]XEHGHXWHQ2IILFHU"© ª,FKKDEHHLQH1DFKULFKWIU6LH9RQ6FRWODQG
6KHLODVWDQGLQGHU'LHOHXQGVDKLKUHP0DQQEHUGLH6FKXOWHU KLQZHJ]X6LHKDWWHGLH/LSSHQIHVWDXIHLQDQGHUJHSUHW6LH DKQWHGDHWZDVDXIVLH]XNDP 'HU3ROL]LVWYHUDEVFKLHGHWHVLFK%LOOGUFNWHGLH7U]XXQGUL GDV.XYHUWDXI 'LH1DFKULFKWZDUYRQ6XNRhEHUGLH'LHQVWVWHOOHGHV
,FKZDUVSUDFKORVJHVFKRFNWHQWVHW]W0LUIHKOWHQHLQIDFKGLH :RUWH 'HU6FKZDU]H7RGPHUNWHZDVLQPLUYRUJLQJXQGHUODFKWH VFKDOOHQGDXIª'XZLUVWVWHUEHQXQGWURW]GHPOHEHQ+LHULQ GLHVHU=ZLVFKHQZHOWLQGHQ'LPHQVLRQHQGHV6FKUHFNHQVZR +HXOHQXQG=lKQHNQLUVFKHQKHUUVFKHQZLUVWGX-RKQ6LQFODLU GHLQH=XNXQIWYHUEULQJHQ)UXQVDEHULVWGHU:HJIUHL6LFKHU HVJLEWQRFKHLQLJH0HQVFKHQGLHHEHQVR'lPRQHQMDJHQZLHGX DEHUDXFKVLHKDEHQNHLQH&KDQFHJHJHQGLHJHEDOOWH0DFKWGHU )LQVWHUQLV© 'HU6FKZDU]H7RGEHXJWHVLFKDXIVHLQHP7KURQYRU6HLQH 6NHOHWWKlQGHXPIDWHQGLH7RWHQVFKlGHODQGHQ*ULIIHQª'X NDQQVWGLFKIUHLEHZHJHQ-RKQ6LQFODLU*HKKLQHLQJHKKLQHLQLQ GLH+|OOH'HLQHZHLWHUH([LVWHQ]ZLUGHLQHLQ]LJHUhEHUOHEHQV NDPSIVHLQ'XZLUVWJHZLQQHQXQGGRFKYHUOLHUHQ'XNRPPVW DXVGLHVHU+|OOHQLFKWPHKUKHUDXV(VLVWHQGJOWLJ6FKOX© 'LH6WLPPHGHV6FKZDU]HQ7RGVYHUKDOOWH6HLQH*HVWDOW YHUEODWHSO|W]OLFKZXUGHGXUFKVFKHLQHQGXQGZDUGDQQJDQ] YHUVFKZXQGHQ/HHUSUlVHQWLHUWHVLFKGHUJUDXHQKDIWH7KURQ PHLQHQ%OLFNHQ=XUFNEOLHEHQGLHEHLGHQILVFKJHVLFKWLJHQ 0RQVWHUPLWLKUHQ/DQ]HQZDIIHQ :DVKDWWHPLUGHU6FKZDU]H7RGYHUVSURFKHQ"0HLQ/HEHQ VROOWHDXV.DPSIEHVWHKHQ8QGGDVPXWHLFKJOHLFKXQWHU %HZHLVVWHOOHQGHQQGLH0RQVWHUVHW]WHQVLFKLQ%HZHJXQJ 9RQEHLGHQ6HLWHQJULIIHQVLHDQ6WREHUHLWKLHOWHQVLHLKUH /DQ]HQXPNODPPHUW*HGXFNWVFKOLFKHQVLHQlKHU,KUH0lXOHU VWDQGHQRIIHQ'LH5HL]lKQHEOLQNWHQPLUHQWJHJHQ 'DQQVSUDQJGHUHUVWHYRU:XFKWLJZROOWHHUPLUGLH/DQ]HLQ GHQ/HLEUDPPHQ,FKVWHSSWH]XU6HLWHSDFNWHGHQ6FKDIWUL GHP0RQVWHUGLH:DIIHPLWHLQHP5XFNDXVGHU+DQGXQG VFKOHXGHUWHVLHLKPLQGHQ5FNHQ 'DV0RQVWHUEUDFK]XVDPPHQ'lPRQHQEOXWWURSIWHDXVGHU :XQGH:DVPLWGHP0RQVWHUZHLWHUJHVFKDKNRQQWHLFK QLFKWVHKHQGHQQGHU]ZHLWHILVFKJHVLFKWLJH'lPRQVWU]WH DXIPLFK]X(UVFKZDQJGLH/DQ]HEHUVHLQHQ.RSIZROOWH VLHQDFKXQWHQUDPPHQ
,FKZDUIPLFK]XUFNVWROSHUWHILHOSUDOOWHDXIGHQ5FNHQ XQGYHUORUIUHLQHQZLQ]LJHQ$XJHQEOLFNGLHhEHUVLFKW 'LH=HLWUHLFKWHGHP8QJHKHXHU :XFKWLJVFKOHXGHUWHHVGLH/DQ]H $XVVFKULHHVLQPLU9RUEHL,FKKDWWHNHLQH&KDQFHPHKUPLFK ]XU6HLWH]XZHUIHQ 3O|W]OLFKVWRSSWHGLH:DIIHPLWWHQLQGHU/XIWILQJDQ]X JOKHQXQGO|VWHVLFKDXI6LHZXUGHHLQVPLWGHQ6FKZDGHQGLH QRFKLPPHUGHQ7KURQXPVFKZHEWHQ 'DV0RQVWHUVWDQGHLQHQ0RPHQWZLHHUVWDUUWGDQQULHUGDV 0DXODXIJDEHLQHQXULJHQ6FKUHLYRQVLFKZDUIVLFKKHUXPXQG UDQQWHZHJ (UOHLFKWHUWUDSSHOWHLFKPLFKKRFK,FKEHJULIIVHOEVWQLFKW DXVZHOFKHP*UXQGGLH/DQ]HQLFKWJHWURIIHQKDWWHELVLFKDQ PLUKLQDEVFKDXWHXQGGDVVLOEHUQH.UHX]YRUPHLQHU%UXVW EDXPHOQVDK 'LHVHU7DOLVPDQGHU:HLHQ0DJLHKDWWHPLUGDV/HEHQJH UHWWHW(UKDWWHGLH.UlIWHGHV%|VHQDEJHZHKUWXQGHLQHQ XQVLFKWEDUHQ6FKXW]VFKLOGXPPHLQHQ.|USHUJH]RJHQ ,FKVDKPLFKQDFKGHPHUVWHQ)LVFKJHVLFKWLJHQXP (UODJDXIGHP5FNHQ6HLQH+DXWZDUJUDXXQGHLQJHIDOOHQ VFKUXPSIWHLPPHUPHKU]XVDPPHQ'LH=lKQHILHOHQLKPDXV (VZDUHQQXUQRFKVWXPSIH+DXHU ,FK]RJGLH/DQ]HDXVVHLQHP.|USHU,FKZROOWHVLHPLWQHKPHQ ZHQQLFKPLFKDXIGHQ:HJPDFKWH+LHUEOHLEHQNRQQWHLFK QLFKW,FKZDUQLFKWGHU7\SGHUVLFKHLQIDFKLQVHLQ6FKLFNVDO IJWHXQGZDUHVQRFKVRQHJDWLYJH]HLFKQHW,FKZROOWHXQG PXWHQDFKHLQHP$XVZHJVXFKHQ8QGGDVJLQJQLFKWZHQQLFK KLHUKRFNHQEOLHEXQGZDUWHWH1HLQLFKQDKPPHLQ6FKLFNVDO VHOEVWLQGLH+DQG'DPHLQDOWHU.DPSIHVZLOOHZLHGHUDXI JHIODPPWZDUKDWWHVLFKVFKRQJH]HLJW ª)UHXWHXFKQLFKW]XIUK©PXUPHOWHLFKª6ROHLFKWLVWGHUDOWH *HLVWHUMlJHUQLFKWWRW]XNULHJHQ© 0LWGLHVHP9RUVDW]QDKPPHLQ0DUVFKLQV8QJHZLVVHVHLQHQ $QIDQJ
1DFKHLQHU6WXQGH)XPDUVFKPXWHLFKGLHHUVWH3DXVHHLQ OHJHQ'LHVHVYHUGDPPWHXQEHNDQQWH/DQGVFKDIIWHPLFKPLW VHLQHU+LW]HXQGGHUIHXFKWHQ/XIW0HLQ$WHPV\VWHPKDWWHVLFK QRFKQLFKWYROOHQGVDXIGLH*HJHEHQKHLWHQHLQJHVWHOOW(VZDU LPPHUQRFKGHQ6DXHUVWRIIJHKDOWGHUQRUPDOHQ:HOWJHZRKQW DEHULFKZDUIURKEHUKDXSWDWPHQ]XN|QQHQ 'LH/DQGVFKDIWKDWWHVLFKNDXPYHUlQGHUW1XULQGHU)HUQH VDKLFKGLH8PULVVHHLQHU*HELUJVNHWWHLPU|WOLFKYLROHWWHQ'XQVW VFKLPPHUQ :LHZHLWHVELVGRUWKLQQRFKZDUNRQQWHLFKQLFKWHLQPDO VFKlW]HQDEHULFKVXFKWHPLUGLHVH*HELUJVNHWWHDOV=LHODXV(V HUVFKLHQPLUSV\FKRORJLVFKEHVVHUHLQ=LHO]XKDEHQ 'LHHUEHXWHWH/DQ]HKLHOWLFKLQGHUUHFKWHQ+DQG'DEHL]HLJWH GLH6SLW]HQDFKREHQXQGLFKEHQXW]WHGLH/DQ]HZLHHLQHQ6WRFN 'DV/LFKWEOLHEJOHLFK(VJDENHLQHQ6RQQHQDXIJDQJXQGNHLQHQ XQWHUJDQJQXUGDV*ORVHQXQG6FKLPPHUQKOOWHPLFKHLQ 'HU%RGHQXQWHUPLUZDUIHVW(UHULQQHUWHPLFKDQ/DYD JHVWHLQJUDXHQ%DVDOW,FKVDKNHLQ:LOGNHLQH'lPRQHQ QLFKWV1XUGLHVHXQHQGOLFKH:HLWHELVKLQ]XGHU*HELUJVNHWWH 'LH*HGDQNHQNDPHQYRQJDQ]DOOHLQ,FKGDFKWHDQPHLQH )UHXQGH$Q-DQH&ROOLQVDQ6XNRXQG%LOO:LHZUGHQVLH UHDJLHUHQ"$KQWHQVLHEHUKDXSWZRLFKPLFKEHIDQG":RKO NDXP'HU(LQVWLHJ]XP'lPRQHQUHLFKXQWHUKDOEGHV6DUJHV ZDUVLFKHUOLFKQXU(LQJHZHLKWHQEHNDQQW$EHUZRHVHLQHQ (LQJDQJJDEGDPXWHHVDXFKHLQHQ$XVJDQJJHEHQ,FKZDU GDYRQEHU]HXJWGDLFKDQHLQHUDQGHUHQ6WHOOHZLHGHULQGLH VLFKWEDUH:HOW]XUFNNHKUHQNRQQWH 8QGGLH6WHOOHPXWHLFKILQGHQ 'HU'XUVWVHW]WHPLU]X3HO]LJODJGLH=XQJHLP+DOV:DVVHU ZUGHLFKLQGHUYHUGDPPWHQ(LQ|GHQLFKWILQGHQLFKPXWH PLFKDOVRPLWGHQ*HJHEHQKHLWHQDEILQGHQ :LHODQJHLFKXQWHUZHJVZDUZXWHLFKQLFKW]XVDJHQ=HLW EHGHXWHWHKLHUQLFKWV6LHZDUHLQ)DNWRUGHULP5HLFKGHV 6FKUHFNHQVDXVJHVFKDOWHWZDU$OVLFKDXIPHLQH8KUVFKDXWHGD VDKLFKGDVLFKGLH=HLJHUQLFKWPHKUEHZHJWHQ 'DV*HELUJHVFKLHQNDXPQlKHU]XUFNHQ(VZDUPLUDOV
ZUGHLFK]ZHL6FKULWWHYRUXQGGDQQGUHLZLHGHU]XUFNJHKHQ 8QWHUPHLQHQ6FKXKHQTXROO6WDXEKRFK(UEOLHELQGHU/XIW VWHKHQGDLKQNHLQ:LQG]XJDXVHLQDQGHUIlFKHUWH 'LH+LW]HXQG6FKZOHQDKPHQQLFKWDE,P*HJHQWHLOVLH VFKLHQHQQRFK]XJHQRPPHQ]XKDEHQ$EHUGDVZDUZRKOQXU (LQELOGXQJ ,FKJLQJZHLWHU6FKRQEDOGVFKOXUIWHQPHLQH6FKXKHEHUGDV ULVVLJH*HVWHLQ,FKIKOWHPLFKXQHQGOLFKYHUORUHQLQGLHVHUWURVW ORVHQ8PJHEXQJ:LHHLQZLQ]LJHV%RRWLQHLQHPZHLWHQ2]HDQ 6WXQGHQYHUJLQJHQ-HGHQIDOOVJODXEWHLFKGDV8QGGDQQLFK KDWWHGLH+RIIQXQJVFKRQIDVWDXIJHJHEHQHUUHLFKWHLFKGLH HUVWHQ$XVOlXIHUGHV*HELUJV]XJHV,FKPXWHMHW]WVWHLQLJH +lQJHKLQDXINOHWWHUQJHODQJWHDXINOHLQH3ODWHDXVXQGEHU TXHUWHZLHGHUHLQHQ+DQJ.HLQH9HUlQGHUXQJGHU/DQGVFKDIW NHLQH9HJHWDWLRQQLFKWGHUZLQ]LJVWH)OHFNHQ5DVHQRGHU:LHVH ,FKHUWDSSWHPLFKGDEHLZLHLFKPLFKQDFKHLQHP)OHFNFKHQ *UQVHKQWH8QGVHLHVQXUHLQQRFKVRZLQ]LJHV6WFN5DVHQ RGHUHLQHUEOKWHU=ZHLJ 1XUQLFKWGLHVHYHUGDPPWHIHOVLJH(LQ|GH (LQPDOEOLHELFKVWHKHQXQGZDUIHLQHQ%OLFN]XUFN,FK EHIDQGPLFKDXIHLQHP.DPPNRQQWHYRQPHLQHP6WDQGSXQNW DXVGHQ:HJ]XUFNYHUIROJHQ 8QGLFKVDKHLQHQ3XQNWGHUVLFKDXIPHLQHUKLQWHUODVVHQHQ )lKUWHEHZHJWH (UQlKHUWHVLFKODQJVDPDEHUVWHWLJ0LQXWHQODQJEHREDFKWHWH LFKLKQ'HU9HUIROJHUOHJWHHLQJOHLFKPlLJHV7HPSRYRU(U VFKLHQLQHLQHU$UW,QGLDQHUWUDE]XODXIHQ $EHUZHUKDWWHVLFKDXIPHLQH)lKUWHJHVHW]W"'HU6FKZDU]H 7RGEHVWLPPWQLFKW,FKGDFKWHHKHUDQGLHVHILVFKJHVLFKWLJH 0RQVWHUGDVPLFKDWWDFNLHUWKDWWH ,FKVSLHOWHPLWGHP*HGDQNHQGHP)LVFKJHVLFKWLJHQDXI]XODX HUQ$EHUGDVKlWWH=HLWJHNRVWHW(VZUGHVLFKEHVWLPPWQRFK HLQHJQVWLJH*HOHJHQKHLWHUJHEHQ 'LH3DXVHKDWWHPLUJXWJHWDQ0HLQ.UDIWDNNXZDUMHW]WZLHGHU DXIJHODGHQ,FKPDUVFKLHUWHZHLWHU$QGHUOLQNHQ+IWHVSUWH LFKGHQOHLFKWHQ'UXFN'RUWVWHFNWHLQHLQHU/HGHUVFKHLGHHLQ
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lQGHQKRFK NOHWWHUQ(LQQDKH]XVLQQORVHV8QWHUIDQJHQ6HOEVWHLQJHEWHU %HUJVWHLJHUKlWWHVHLQH6FKZLHULJNHLWHQJHKDEW 'DLFKNHLQ%HUJVWHLJHUZDUXQGDXFKNHLQH)OJHOKDWWHEOLHE PLUQLFKWVDQGHUHVEULJDOVHLQHQDQGHUHQ:HJ]XVXFKHQ $EHUGHQJDEHVQLFKW 9RQGUHL6HLWHQVFKLHQHQPLFKGLH)HOVZlQGHK|KQLVFK DQ]XJORW]HQ'DVU|WOLFKH/LFKWVSLHJHOWHVLFKDXILKQHQZLGHU 0HLQH%OLFNHJOLWWHQDQGHQJODWWHQ:lQGHQKRFKXQGLFK HQWGHFNWHLQJURHU+|KHK|KOHQDUWLJH(LQVWLHJH'LHGXQNOHQ /|FKHUZDUHQNDXPDXV]XPDFKHQ,FKPXWHVFKRQJHQDXKLQ VHKHQXPEHUKDXSWHWZDVHUNHQQHQ]XN|QQHQ $OVRGHQ:HJ]XUFN" ,FKGUHKWHPLFKXP 8QGGDVDKLFKGDVILVFKJHVLFKWLJH0RQVWHU(VVWDQGXQEH ZHJOLFKREHQDP5DQGGHV+DQJHVXQGVWDUUWHPLWVHLQHQ *ORW]DXJHQDXIPLFKQLHGHU ,FKKREGURKHQGGLH/DQ]HNRQQWHGDV0RQVWHUMHGRFKQLFKW EHHLQGUXFNHQ(VUHJWHVLFKQLFKWHLQPDO ,UJHQGZLHVFKLHQHVPLUDOVZDUWHGHU'lPRQDXIHLQJDQ] EHVWLPPWHV(UHLJQLV ,FKIKOWHPLFKDXIHLQPDOXQZRKOVSUWHGDHWZDVLQGHU
/XIWODJ,P/DXIHGHU-DKUHKDWWHLFKHLQHQ6LQQIU*HIDKUHQ HQWZLFNHOWXQGGHUOLHPLFKDXFKMHW]WQLFKWLP6WLFK ,FKGUHKWHPLFKLP.UHLV 'DVZDUPHLQ*OFN 3O|W]OLFKQDKPLFKREHQDQGHQ+|KOHQ%HZHJXQJHQZDKU 8QGLPQlFKVWHQ$XJHQEOLFNVFKZHEWHQYLHU9|JHODXVLKUHQ %HKDXVXQJHQ 9|JHO" 1HLQ]XP7HXIHO'DVZDUHQ)OXJHFKVHQ+RUURUZHVHQDXV GHP5HLFKGHU)DEHOXQGGHU)UKJHVFKLFKWHGHU(UGH%HLQDKH ODXWORVJOLWWHQVLHGXUFKGLH/XIW1XUKLQXQGZLHGHUK|UWHLFK KHLVHUHV*HNUlFK]H ,FKSDFNWHGLH/DQ]HIHVWHUDEHUGLHZUGHPLUDXFKQLFKWPHKU YLHOQW]HQ 'LH9|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
9RU6FKUHFNEHUVFKOXJPHLQ+HU]HLQHQ6SUXQJ:HKUORV ZXUGHLFKLQGLH/IWHJHKLHYWXQGVDKGDVNOHLQH7DOXQWHUPLU LPPHUPHKUYHUVFKZLQGHQ 1RFKHLQPDONRQQWHLFKGHQ)LVFKJHVLFKWLJHQVHKHQ(VVDK DXVDOVKlWWHVLFKVHLQEUHLWHV0DXO]XHLQHPKlOLFKHQ*ULQVHQ YHU]RJHQ 'LH0RUJHQQHEHOODJHQZLH:DWWHVFKOHLHUEHUGHQ]DKOUHLFKHQ :LHVHQXQGbFNHUQ'DV*UDXGHU1DFKWYHUVFKZDQGLP:HVWHQ ,QHQWJHJHQJHVHW]WHU5LFKWXQJVWLHJGLHIDKOH6SlWZLQWHUVRQQH HPSRU 5XKLJODJGDV'RUILQPLWWHQGHUJUQHQ+lQJH'LHKRKHQ 1DGHOElXPHYHUVWU|PWHQHLQHQIULVFKHQ*HUXFKGHQGHU0RUJHQ ZLQGLQV7DOZHKWH$XIGHQ+DXVGlFKHUQODJGHU7DXZLHHLQH JOLW]HUQGH6FKLFKW'LH)HQVWHUVFKHLEHQZDUHQEHVFKODJHQXQG DXFKDXIGHP%HQWOH\KDWWHVLFKHLQIHXFKWHU)LOPJHELOGHW 1HEHQGHPHQJOLVFKHQ:DJHQVWDQGHLQGHXWVFKHU3RUVFKH'LH 0RWRUKDXEHZDUQRFKZDUP%LOO&RQROO\ZDUHUVWYRUZHQLJHQ 0LQXWHQDQVHLQHP=LHOHLQJHWURIIHQ (U-DQH&ROOLQVXQG6XNRVDHQLQLKUHPYRUOlXILJHQ+DXSW TXDUWLHU8QG]ZDULQ'XQKLOOV*DVWKDXV6LHKDWWHQXPHLQHQ UXQGHQ7LVFK3ODW]JHQRPPHQ9RQGHU'HFNHKHUDEKLQJHLQH 3HWUROHXPODPSH6LHYHUEUHLWHWHHLQWUEHV/LFKWXQGZDUILKUHQ URWJHOEHQ6FKHLQEHUGLH*HVLFKWHUGHU$QZHVHQGHQ -DQH&ROOLQVKDWWH.DIIHHEHVWHOOW'HU:LUWZDUQLFKW]XVHKHQ 6FKZHLJHQGKDWWHHUVLFKLQVHLQH3ULYDWUlXPHYHU]RJHQ 6XNRXQG-DQHEHULFKWHWHQ%LOOLQDOOHQ(LQ]HOKHLWHQEHUGHQ QHXHQ)DOO'HU5HSRUWHUK|UWHVFKZHLJHQG]X+LQXQGZLHGHU VRJHUDQVHLQHU=LJDUHWWH 'HU.DIIHHNDP0RQMDEUDFKWHLKQ$XIHLQHP7DEOHWWWUXJVLH GLHGLFNZDQGLJH.DQQHXQG7DVVHQDXVGHPJOHLFKHQ0DWHULDO 6FKZHLJHQGGHFNWHVLHGHQ7LVFK+LQXQGZLHGHUPXVWHUWHVLH GLH$QZHVHQGHQPLWVFKHXHP%OLFN $OVVLHVLFK]XUFN]LHKHQZROOWHKLHOW6XNRVLHIHVWª%OHLEHQ 6LHQRFK0RQMD©
'DV0lGFKHQOlFKHOWHVFKFKWHUQ 6XNRGHXWHWHDXIGHQIUHLHQ6WXKOQHEHQ-DQH ª6HW]HQ6LHVLFK© 0RQMDZXUGHURW ª$EHUPHLQ9DWHU© 6XNRVFKWWHOWHGHQ.RSIª(UZLUG,KQHQQLFKWVWXQ'DVYHU VSUHFKHLFK© ª6LHN|QQHQUXKLJZHLWHUGX]XPLUVDJHQ©PHLQWH0RQMDPLW OHLVHU6WLPPH *HKRUVDPQDKPVLH3ODW] -DQH&ROOLQVKDWWHLQ]ZLVFKHQGLH7DVVHQYROOJHVFKHQNW 'HU.DIIHHZDU]LHPOLFKVWDUNXQGKlWWH7RWH]XP/HEHQ HUZHFNW 6RJDU6XNRGHUQRUPDOHUZHLVH7HHYRU]RJWUDQNGLHGXQNHO EUDXQH%UKH ª'D-RKQ6LQFODLUQLFKWPHKULQVHLQHP6DUJOLHJWZLUVWGXMD LQ]ZLVFKHQZLVVHQ0RQMD©EHJDQQHUGDV*HVSUlFKª6WHOOWVLFK GLH)UDJH:RNDQQHUVHLQ"'X0RQMDNHQQVW2UOLQJWRQDP EHVWHQ'XELVWKLHUDXIJHZDFKVHQXQGVFKHLQVWDOVHLQ]LJHQLFKW YRQGHPGlPRQLVFKHQ%D]LOOXVLQIL]LHUWZRUGHQ]XVHLQ'HVKDOE IUDJHLFKGLFKREGXYLHOOHLFKWHLQHQ$XVZHJZHLW.DQQVWGX GLUYRUVWHOOHQZR-RKQ6LQFODLUJHEOLHEHQLVW8QGZHQQMDZLH ZLULKQILQGHQN|QQHQ"© 0RQMDVHQNWHGHQ.RSIXQGKREGLH6FKXOWHUQª'DVLVWVFKZHU ]XVDJHQ9LHOOHLFKWLVWGHV5lWVHOV/|VXQJLQGLHVHP/DQGKDXV ]XILQGHQ© ª$EHU-RKQLVWDXIGHP)ULHGKRIYHUVFKZXQGHQ©PHLQWH-DQH &ROOLQV ª(VN|QQWHHLQH9HUELQGXQJ]ZLVFKHQ)ULHGKRIXQG/DQGKDXV JHEHQ©YHUPXWHWH%LOO ª,FKVFKODJHYRUZLUVHKHQXQVGDV*UDEQRFKHLQPDODQ©-DQH WUDQNHLQHQ6FKOXFN.DIIHHª:HQQLKQQLHPDQGDXVGHP6DUJ JHKROWKDWPXHUPHLQHU0HLQXQJQDFKGXUFKGDV*UDE© ª'DVLVWMDQLFKWVLFKHU©ZDUI6XNRHLQª:LUZLVVHQQLFKWREHU LQGHP6DUJJHOHJHQKDW1LHPDQGYRQXQVKDWGDVJHVHKHQ:LU PVVHQXQVDOVRDXIGLH$XVVDJHQGHU'RUIEHZRKQHUYHUODVVHQ©
ª8QGGLHVWHFNHQDOOHXQWHUHLQHU'HFNH©NQXUUWH%LOO(U]Q GHWHVLFKGLHQlFKVWH=LJDUHWWHDQ ª0DOZDVDQGHUHV©VDJWH-DQH&ROOLQVª+DWHLQHUYRQHXFK YLHOOHLFKWGLHVHQ=DUFDGLVFKRQHLQPDOJHVHKHQ",FKNHQQHLKQ XQGLFKELQGHU0HLQXQJGDZLULKPPDODXIGHQ3HO]UFNHQ VROOWHQ0LWYHUHLQWHQ.UlIWHQZHUGHQZLULKQVFKRQVFKDIIHQ© 'LHEHLGHQ0lQQHUIDQGHQ-DQHV,GHHJXWQXU0RQMDKDWWH (LQZlQGHª:HQQLKU=DUFDGLDQJUHLIWKDEWLKUGDVJHVDPWH'RUI JHJHQHXFK'LH(LQZRKQHUKDOWHQ]XLKP6LHZUGHQHXFK W|WHQ© 6XNROlFKHOWHª(VZLUGNDXPMHPDQGPHUNHQGDZLUXQVXP GHQJURHQ0HLVWHUNPPHUQ© ª$OVLFKDXVPHLQHU%HZXWORVLJNHLWHUZDFKWHZDUHUYHU VFKZXQGHQ©JDE-DQH]XEHGHQNHQª(UKDWMDQXQZDVHU ZROOWH-RKQ6LQFODLU(UZLUGLKQLQVHLQ5HLFKJHKROWKDEHQ XQGZDVHUGRUWPLWLKPDQVWHOOWGDVN|QQWLKUHXFKYRUVWHOOHQ© ,KUH6WLPPHZDU]XP6FKOXLPPHUOHLVHUJHZRUGHQ6XNR OHJWH-DQHWU|VWHQGVHLQH+DQGDXIGLH6FKXOWHUª1RFKLVW-RKQ QLFKWYHUORUHQ'XPWHVWLKQGRFKNHQQHQ6ROHLFKWZLUIWGHQ QLFKWVDXVGHU%DKQ© ª$EHUZHQQHUVLFKZLUNOLFKLQHLQHUDQGHUHQ'LPHQVLRQEH ILQGHWLVWHUQXUYRQ)HLQGHQXPJHEHQ© -DQH&ROOLQVYHUVWXPPWHSO|W]OLFK,KUH:DQJHQPXVNHOQ]XFN WHQXQGLKU*HVLFKWQDKPHLQHNDONZHLH)DUEHDQ ª+|UWLKUQLFKW"©IOVWHUWHVLHª+|UWLKUGDV*HLJHQVSLHOQLFKW" =DUFDGLLVWGD© 'LHDQGHUHQQLFNWHQ 'DVSUDQJ0RQMDPLWHLQHP6FKUHLDXI,KUH*HVLFKWV]JHYHU ]HUUWHQVLFKYRU(QWVHW]HQª'LH7RWHQPHORGLH©VFKULHVLHª(U VSLHOWGLH7RWHQPHORGLH© %LOOSDFNWHGDV0lGFKHQDQGHU6FKXOWHUXQGVFKWWHOWHHV ª8QG":DVEHGHXWHWGDV"© ª'DMHPDQGVWHUEHQZLUG©VFKOXFK]WH0RQMD
'LH)OXJHFKVHULPLFKK|KHULPPHUK|KHU,FKVWUDPSHOWHPLW $UPHQXQG%HLQHQPHUNWHVHKUVFKQHOOGDHVNHLQHQ6LQQKDWWH XQGYHUKLHOWPLFKUXKLJ 'HU)OXJZLQGSILIIPLUXPGLH2KUHQ]HU]DXVWHPHLQ+DDU XQGWURFNQHWHGHQ6FKZHLDXIPHLQHU6WLUQ'LHDQGHUHQ)OXJ HFKVHQIORJHQQHEHQPLU,KUH)OJHOJOLWWHQDXIXQGQLHGHU,FK VDKGLHJUQEUDXQHOHGHUDUWLJH+DXWGLHPLUVRIHVWZLH6WDKO HUVFKLHQ$OVPHLQ%OLFNZHLWHUZDQGHUWHHUNDQQWHLFKDXFKGHQ ODQJHQVSLW]HQ6FKQDEHOGHUZLHHLQH6SHHUVSLW]HDXVGHP IODFKHQ6FKlGHOUDJWH :LUIORJHQEHUHLWVEHUGHQ%HUJJUDWHQVFKLHQHQHLQ]XWDXFKHQ LQGLH8QHQGOLFKNHLWGHVURWYLROHWWHQ+LPPHOV 'DVHUVWH$QJVWJHIKOKDWWHVLFKJHOHJW'LHVH)OXJGUDFKHQ ZROOWHQPLFKQLFKWW|WHQ:LHHVDXVVDKKDWWHQVLHHLQHQ EHVWLPPWHQ$XIWUDJ]XHUIOOHQ6LHVROOWHQPLFKLUJHQGZRKLQ EULQJHQ9LHOOHLFKWDQHLQHQVLFKHUHQ2UW" 7XUEXOHQ]HQXQG)DOOZLQGHKHUUVFKWHQKLHUREHQ'LH)OXJ GUDFKHQOLHHQVLFKYRQGHQ/XIWVWU|PXQJHQWUDJHQKDWWHQGLH )OJHODQJHOHJWXQGVDKHQMHW]WDXVZLHOHEHQGH5DNHWHQ 'LHVHUOlFKHUOLFKH9HUJOHLFKILHOPLUHLQ(U]HLJWHPLUDEHU DXFKGDGLH$QJVWQXQGRFKQLFKWPHKUVRIHVWLQPHLQHP ,QQHUHQVD1HLQVLHZDUHKHUHLQHUJHVSDQQWHQ(UZDUWXQJ JHZLFKHQ 'DV*HELUJHKDWWHQZLUEHUIORJHQ,FKZDUIHLQHQ%OLFNQDFK XQWHQXQGHUNDQQWHHLQHULHVLJHPLUXQHQGOLFKHUVFKHLQHQGH VDQGJHOEH(EHQH (LQH:VWH" 'XUFKDXVP|JOLFK(VZDUEHLQDKHGDPLW]XUHFKQHQGDLQ GHQ'LPHQVLRQHQGHV6FKUHFNHQVGLHWRWHQXQG|GHQ/DQGVWULFKH EHUZRJHQ ,FKVFKORGLH$XJHQGDPLWGHU)OXJZLQGVLHQLFKWHQW]QGHQ NRQQWH'DVSDVVLYH9HUKDOWHQWDWPLUJXW,FKHPSIDQGGHQ)OXJ EHLQDKHDOVDQJHQHKP +LQXQGZLHGHUVWLHHLQHUGHU'UDFKHQY|JHONUlFK]HQGH /DXWHDXV6LHHULQQHUWHQPLFKDQGDV6FKUHLHQYRQ*HLHUQ :DVLFKLQGLHVHU6FKUHFNHQVZHOWHUOHEWHGDVZUGHPLUNHLQ
0HQVFKJODXEHQ1RUPDOHUZHLVHZDUHVIUHLQHQ6WHUEOLFKHQ XQP|JOLFK]ZLVFKHQGLH'LPHQVLRQHQ]XJHODQJHQHVVHLGHQQ GLH0lFKWHGHU)LQVWHUQLVKDWWHQVLFKLKQDOV2SIHUDXVJHVXFKW GDQQNRQQWHHVSDVVLHUHQGDGHU8QJOFNOLFKHIULPPHUYHU VFKZDQG 'LHPHLVWHQ0HQVFKHQVWULWWHQGLH([LVWHQ]HLQHU'lPRQHQZHOW UXQGZHJDE(VNRQQWHHEHQQLFKWJHEHQZDVHVQLFKWJHEHQ GXUIWH6RHLQIDFKZDUGDV 'DEHLZXWHQGLH,JQRUDQWHQQLFKWHLQPDOGDHVPHKUHUH 'lPRQHQZHOWHQJDE'LHVHODJHQZLH6FKLFKWHQEHUXQGXQWHU HLQDQGHUVWDQGHQGXUFKWUDQV]HQGHQWDOH7RUHLQ9HUELQGXQJ GLHZHQQPDQVLHGXUFKVFKULWWGLH=HLWDXIKREHQ8QGEHUDOOLQ GLHVHQ:HOWHQJDEHV5LVVH6SDOWHQXQG(LQVWLHJH]XUQRUPDOHQ VLFKWEDUHQ:HOW1XUZXWHQGLHPHLVWHQ0HQVFKHQQLFKWV GDYRQ8QGGLHZHQLJHQGLHGDV*HKHLPQLVNDQQWHQKWHWHQ VLFKHVDXV]XSODXGHUQ ,FKZDULQHLQHUGLHVHU:HOWHQJHODQGHW:HOFKHHVZDUGDV ZXWHLFKELVMHW]WQLFKW$XVDOWHQ%FKHUQXQG(U]lKOXQJHQ ZDUPLUMHGRFKEHNDQQWGDDXFKLQGHQ'lPRQHQZHOWHQHLQH EHVWLPPWH+LHUDUFKLHKHUUVFKWHEHLGHUVLFKGLHUDQJQLHGHUHQ 'lPRQHQXQWHU]XRUGQHQKDWWHQ7DWHQVLHHVQLFKWGDQQZXUGHQ VLHEHVWUDIW$XIHLQHJUDXVDPHXQEHVFKUHLEOLFKH:HLVHZLHVLH VLFKQXUGLH7HXIHOVGLHQHUSHUV|QOLFKDXVGHQNHQNRQQWHQ ,FKGDFKWHZLHGHUDQGHQ6FKZDU]HQ7RGGLHVHKlOLFKH +RUURUJHVWDOWGLHHVVLFKLQGHQ6FKlGHOJHVHW]WKDWWHPLFK XP]XEULQJHQ'LHDQGHUH6HLWHPRELOLVLHUWHZLUNOLFKLKUHVWlUN VWHQ.UlIWH,FKNRQQWHHVVRJDUYHUVWHKHQGHQQLFKKDWWHLKU EHUHLWVYLHOH1LHGHUODJHQ]XJHIJW$VPRGLVGHUREHUVWH +|OOHQIUVWPXWHWREHQ(UZDUGHUDEVROXWH+HUUVFKHULP 5HLFKGHV6FKUHFNHQVXQGHUSHUV|QOLFKKDWWHPLFKZRKODXIGLH VFKZDU]H/LVWHJHVHW]W (LQYHUGDPPWPLHVHV*HIKO$XIGHU(UGHNDQQWHLFKPLFK ZHQLJVWHQVDXVGDZDULFKEHZHJOLFKHUNDQQWH]DKOUHLFKH7ULFNV XQGKDWWHPHLQHHLJHQHQ.DPSISUDNWLNHQHQWZLFNHOW $EHUKLHUZDULFKQXUHLQ6DQGNRUQLP0HHUGDVYRQGHQKDXV KRKHQIHLQGOLFKHQ:RJHQZHJJHVSOWZXUGH
0HLQH*HGDQNHQ]HUIDVHUWHQ,FK|IIQHWHGLH$XJHQVSDOWEUHLW XQGIDQGPLFKLQGHU5HDOLWlWZLHGHU 'LH/DQGVFKDIWXQWHUPLUKDWWHVLFKYHUlQGHUW'HU )OXJGUDFKHQZDURKQHGDLFKHVEHPHUNWKDWWHWLHIHUJHIORJHQ 1LFKWVZDUPHKUYRQGHPZVWHQDUWLJHQ*HOlQGH]XVHKHQ6WDWW GHVVHQVDKLFK]HUIDOOHQHEUDXQH7UPHHQWGHFNWHKDXVKRKH )HOVHQGLHYRQJHERJHQHQ6WHLQEUFNHQEHUVSDQQWZXUGHQXQG VRPLWHLQDQGHULQ9HUELQGXQJVWDQGHQ'LH7UPHZLUNWHQZLH DEJHEURFKHQH6FKRUQVWHLQHZDUHQDEHUZHVHQWOLFKEUHLWHU,FK VDKK|KOHQDUWLJHgIIQXQJHQXQGDQGHQ$XHQZlQGHQ7UHSSHQ VWXIHQGLHVLFKZHQGHODUWLJQDFKREHQZDQGHQ 'LH'UDFKHQYHUORUHQDQ+|KH5DVHQGVFKQHOOQlKHUWHQZLU XQVMHW]WGHP%RGHQ 0LUZXUGHVFKZLQGOLJ,FKVFKORGLH$XJHQ 8QGGDQQO|VWHQVLFKGLH.UDOOHQYRQPHLQHP5FNHQ+DUWILHO LFK]X%RGHQ0HLQ.|USHUVFKOXJQDFKYRUQPHLQH/LSSHQ JHULHWHQDXIGLH(UGHXQGLFKVFKPHFNWH6WDXELP0XQG(V NQLUVFKWH]ZLVFKHQGHQ=lKQHQ hEHUPLUUDXVFKWHQGLH)OJHODXI'LH'UDFKHQHFKVHVWLHJLQ GLH/XIWXQGIORJGDYRQ ,FKGUHKWHGHQ.RSI]XU6HLWHXQGEOLFNWHLKUQDFK6LHJHVHOOWH VLFK]XLKUHQ$UWJHQRVVHQ*HPHLQVDPIORJHQVLHDXIGHQK|FK VWHQ7XUP]XXQGOLHHQVLFKDXIGHVVHQ5DQGQLHGHU :LH6WHLQGHQNPlOHUEOLHEHQGLH'UDFKHQDXIGHP5DQGGHV 7XUPVKRFNHQ'DEHLKLHOWHQVLHLKUHODQJHQIODFKHQ.|SIHJH VHQNWXQGEHREDFKWHWHQPLFK ,FKUDSSHOWHPLFKPKVDPKRFKXQGEOLFNWHPLFKXP,FK EHIDQGPLFKDXIHLQHU$UW6WUDHGLHGXUFKHLQH6FKOXFKWIKUWH 5HFKWVXQGOLQNV]HUNOIWHWH)HOVZlQGH$XVLKQHQKHUDXV ZXFKVHQGLH7UPH,FKVDKEUHLWHK|KOHQDUWLJH(LQJlQJHGLH ZLH7XQQHOLQGLH)HOVHQKLQHLQIKUWHQ ,FKZDULQHLQHUYRQ'lPRQHQYHUODVVHQHQ6WDGWJHODQGHW*DE HVDXFKKLHULP5HLFKGHV6FKUHFNHQV*HLVWHUVWlGWH",FKNRQQWHHV HLQIDFKQLFKWJODXEHQ:DVKlWWHHVIUHLQHQ6LQQJHKDEWPLFK KLHUKHU]XEULQJHQ" /DQJVDPVFKULWWLFKEHUGHQPLWKDDUIHLQHQPHKOLJHQ6WDXE
EHGHFNWHQ%RGHQ-HGHU6FKULWWOLHNOHLQH:RONHQKLQWHUPHLQHQ $EVlW]HQKRFKTXLUOHQGLHVLFKQXUODQJVDPZLHGHUVHQNWHQ 5HFKWVYRQPLUODJGHUHUVWH+|KOHQHLQJDQJ(UZDU]LHPOLFK EUHLWXQGKRFK,FKEOLHEVWHKHQXQGVFKDXWHKLQHLQ (LQVHOWVDPHV=ZLHOLFKWKHUUVFKWHLP,QQHUQGHU+|KOH(VZDU QLFKWY|OOLJILQVWHUDEHUDXFKQLFKWVRKHOOGDLFK8PULVVHRGHU .RQWXUHQKlWWHHUNHQQHQN|QQHQ,FKJODXEWHDEHUHWZDVVFKLP PHUQ]XVHKHQGDVPLFKDQHLQ$XJHQSDDUHULQQHUWH ,FKJLQJQlKHU6FKULWWIU6FKULWWDXIGHQ+|KOHQHLQJDQJ]X %DOGVFKRQNRQQWHLFKEHVVHUVHKHQ'LH/XIWLP,QQHUQGHV )HOVHQVVFKLHQPLWZLQ]LJHQKHOOHQ3DUWLNHOFKHQJHODGHQ]XVHLQ 6LHIOLPPHUWHQYRUPHLQHQ$XJHQXQG]RJHQPLFKDXILUJHQG HLQH:HLVHDQ 8QGGDQQQDFKJHQDXGUHL6FKULWWHQJHVFKDKHV ,FKK|UWHKLQWHUPLUHLQ*HUlXVFKZDUIPLFKKHUXPGRFKHV ZDU]XVSlW 0LW'RQQHUJHW|VHILHOHLQ(LVHQJLWWHUYRUGHQ(LQJDQJ'LH 6WlEHZDUHQGLFNHUDOV0lQQHUDUPHOLHIHQXQWHQVSLW]]XXQG ERKUWHQVLFKLQGHQ%RGHQ ,FKZDUJHIDQJHQ 7URW]GHPVSUDQJLFKYRUUWWHOWHDQGHQ6WlEHQXQGYHUVXFKWH VLHDXVGHP%RGHQ]XUHLHQ :HUKDWWHGLHVHVYHUGDPPWH*LWWHUKHUXQWHUIDOOHQODVVHQ" +DWWHLFKYLHOOHLFKWHLQHPDJLVFKH6SHUUHEHUVFKULWWHQXQG GDPLWGHQ.RQWDNWDXVJHO|VW"2GHUDEHUJDEHVGRFKLUJHQG ZHOFKH'lPRQHQGLHLP9HUERUJHQHQODXHUWHQXQGQXUGDUDXI JHZDUWHWKDWWHQGDLFKLQGLH)DOOHOLHI" :LHHVDXFKZDULFKNRQQWHVRRGHUVRQLFKWPHKU]XUFN,FK VDIHVWXQGKDWWHQXUQRFKGLH0|JOLFKNHLWPLFKQDFKYRUQ ]XRULHQWLHUHQ 6FKULWWIU6FKULWWJLQJLFKWLHIHULQGLH+|KOHKLQHLQ0HLQH $XJHQKDWWHQVLFKDQGLH'XQNHOKHLWJHZ|KQW,FKVDKGDGLH :lQGHDXVUDXKHP*HVWHLQEHVWDQGHQXQGLFKHQWGHFNWH 1LVFKHQGLHLQXQUHJHOPlLJHQ$EVWlQGHQLQGHQ)HOVJHKDXHQ ZRUGHQZDUHQ'LH1LVFKHQZDUHQHWZDVRKRFKZLHHLQDXVJH ZDFKVHQHU0DQQ6RYLHOLFKHUNHQQHQNRQQWHZDUHQVLHOHHU
:LHODQJGHU7XQQHOZDUGHULQGHQ)HOVKLQHLQIKUWHZXWH LFKQLFKW8QGREHVHLQHQ]ZHLWHQ$XVJDQJJDEGDVZDUDXFK QRFKGLHJURH)UDJH 7LHIHUXQGWLHIHUVFKULWWLFKLQGHQ7XQQHO,FKNRQQWHQLFKW VDJHQREGLH/XIWVFKOHFKWHUZXUGH0HLQ.|USHUKDWWHVLFKDXI GLHJHJHEHQHQ9HUKlOWQLVVHHLQJHVWHOOW 'HU*DQJZXUGHEUHLWHUXQGLFKYHUQDKPSO|W]OLFK6WLPPHQ :LVSHUQGXQGUDXQHQG ª'DNRPPW%HVXFK©IOVWHUWHHV ª(LQ1HXHU© ª(QGOLFK© ª(UNDQQVLFKIUHXHQ© ª6HLQ%OXWZLUGLKQHQJXWWXQ© ,FKK|UWHGLH6WLPPHQXQGKDWWHGDV*HIKO(LVZDVVHUZUGH GXUFKPHLQH$GHUQVWU|PHQ.DOWUDQQHLQH*lQVHKDXWEHU PHLQHQ5FNHQ'LHVH6WLPPHQGLHYRQEHUDOOKHUDQZHKWHQ IO|WHQPLU$QJVWHLQ 8QGGDQQVDKLFKGLH*HVWDOW 9RUPLUXQGQXULQ8PULVVHQ /DQJVDPQlKHUWHVLHVLFK6RYLHOLFKMHW]WVFKRQHUNHQQHQ NRQQWHZDUHVHLQH.UHDWXUGLHDXI]ZHL%HLQHQJLQJ (LQ0HQVFK" -DHVZDUHLQ0HQVFK(LQ0DQQ6FKOXUIHQGNDPHUQlKHU(U ODFKWHOHLVHXQGEOLHEHLQHQ6FKULWWYRUPLUVWHKHQ (VWUDIPLFKZLHHLQ6FKODJ (VZDUHLQ0DQQGHQLFKNDQQWH,QVSHNWRU)HQWRQHLQ .ROOHJH $EHUZLHKDWWHHUVLFKYHUlQGHUW$OVLFKLKQ]XPOHW]WHQ0DO JHVHKHQKDWWHZDUHUYROOHU(QHUJLHJHZHVHQ(UZROOWHGLHJDQ]H :HOWDXVGHQ$QJHOQKHEHQ'RFKMHW]WZDUHUHLQDOWHU0DQQ ,FKNDQQWH)HQWRQYRQHLQHPIUKHUHQ)DOO'DQQKDWWHHUHLQHQ P\VWHUL|VHQ)DOOEHDUEHLWHWYRQGHPHUQLFKWZLHGHUNHKUWH(U ZDUHLQIDFKYHUVFKZXQGHQJDOWDOVYHUPLW +LHUVDKLFKLKQDOVRZLHGHU (UVWDQGJHEHXJWKDWWHGHQ.RSI]ZLVFKHQGLH6FKXOWHUQJH ]RJHQXQGEOLFNWHPLFKDXVPGHQ$XJHQDQ'LH+DXWEHVWDQG
QXUQRFKDXV)DOWHQVFKLHQDQVHLQHQ.QRFKHQ]XKlQJHQXQG JDUQLFKWPHKU]XP.|USHU]XJHK|UHQ'DV+DDUXPUDKPWH VWUlKQLJGHQ6FKlGHO6SLW]VWDFKGLH1DVHDXVGHP*HVLFKW KHUYRU ª2EHULQVSHNWRU6LQFODLU©IOVWHUWHPHLQ.ROOHJH(UZDUHLQ *UHLVY|OOLJDXVJHODXJW/HHUYHUEUDXFKW (UPXWHGXUFKHLQH+|OOHJHJDQJHQVHLQDQGHUVNRQQWHLFK PLUVHLQHQ=XVWDQGQLFKWHUNOlUHQ 6RHWZDVZLHHLQ/DFKHQVFKLPPHUWHDXIVHLQHP*HVLFKW ª-RKQ6LQFODLUGHU*HLVWHUMlJHU©IOVWHUWHHUª-HW]WKDEHQVLH GLFKDOVRDXFK,FKKDWWHHVPLUJHGDFKW6LHKROHQMHGHQGHU LKQHQQLFKWSDW© ª:HULVWVLH"©ZROOWHLFKZLVVHQ ª'LH:lFKWHU(VVLQGJUDXHQKDIWH*HVWDOWHQGLHKLHUGLH +HUUVFKDIWDXVEHQ6LHDOOHVLQGGLH'LHQHUGHV6FKZDU]HQ7RGV GHPGDV5HLFKJHK|UW(ULVWKLHUGHUXQXPVFKUlQNWH+HUUVFKHU MDHULVWGHU.|QLJLP/DQGGHUWRWHQ*|WWHU© ª:LHNRPPWPDQDXIGLHVHQ1DPHQ"© ª:HLOKLHUGLH*|WWHUEHJUDEHQVLQG7LHIXQWHUGHP)HOVVLQG VLHHLQJHPDXHUW$OOGLHJXWHQXQGVWUDKOHQGHQ+HOGHQGHU 6DJHQZHOW6LHKDEHQWDWVlFKOLFKJHOHEWGRFKDOVHVGHP 6FKZDU]HQ7RG]XYLHOZXUGHKDWHUVLHYHUQLFKWHW7|WHQNRQQWH HUVLHQLFKWDEHUHUKDWLKQHQGLH*UlEHUIUGLH(ZLJNHLWYHU VFKDIIW© ª8QGZLHNRPPWPDQKLHUUDXV"© ª:LHNRPPVWGXKLHUKHU)HQWRQ"©IUDJWHLFK ª'HUOHW]WH)DOOGHQLFKEHDUEHLWHWH'DKLQWHUVWHFNWHHLQ 'lPRQ(UHQWIKUWHPLFKXQGEUDFKWHPLFKLQGLHVH'LPHQVLRQ GHV6FKUHFNHQV© )HQWRQEHJDQQ]XNLFKHUQª1LHPHKU-RKQ1LHPHKUNRPPVW GXKLHUZHJ'XELVWHLQ*HIDQJHQHUZLHZLU© ª$EHUGHU6FKZDU]H7RGVFKDIIWHVDXFKDXIGLH(UGH]X JHODQJHQ© ª(ULVWHLQ'lPRQ© ,FKOLHGDV7KHPDHUVWHLQPDOXQGZLHVDQ)HQWRQYRUEHL ª:RKLQIKUWGLHVHU*DQJ"©
ª=XHUVWLQXQVHUH+|KOHQXQGGDQQLQV)UHLH© ,FKKRUFKWHDXIGRFK)HQWRQ]HUVW|UWHPHLQH,OOXVLRQHQVFKRQ LPQlFKVWHQ$XJHQEOLFNª'DV3UHLHLVWHLQH$UHQD(LQHKDXV KRKHXQGJODWWH0DXHUVSHUUWVLHYRQGHQ7HUUDVVHQDE(VLVW XQP|JOLFKGRUWKLQDXI]XJHODQJHQ8QGREHQODXHUQGLH 'UDFKHQ6LHW|WHQMHGHQGHUGLH7HUUDVVHQHUNORPPHQKDW=ZHL 0lQQHUKDEHLFKVFKRQVWHUEHQVHKHQ(VZDUJUDXVDP© ª'LHVH:lFKWHUYRQGHQHQGXJHVSURFKHQKDVWVLQGHV 'lPRQHQRGHUDXFK0HQVFKHQ"© ª(VVLQG'lPRQHQ© ª:LHVHKHQVLHDXV" ª:LHGHU6FKZDU]H7RG1XUNOHLQHU:lKUHQGGHU6FKZDU]H 7RGVHLQH*HVWDOWYHUlQGHUQNDQQEOHLEWVLHEHLLKQHQJOHLFK $XFKVLQGLKUHPDJLVFKHQ.UlIWHQLFKWVRJURDEHUVWlUNHUDOV GLHGHU)LVFKJHVLFKWLJHQ© ª'DQQKDEHLFKGDPLWDOVRDXFKQRFK]XUHFKQHQ© )HQWRQQLFNWHª-D6LHVLQGIUGLHQLHGHUHQ$UEHLWHQ]XVWlQGLJ 6LHEHZDFKHQGLH*HIDQJHQHQXQGVFKOHSSHQVLHKLQWHUKHULQ GLH$UHQD© ª8QGZDVJHVFKLHKWGRUWPLWLKQHQ"© ª6LHPVVHQNlPSIHQ*HZLQQHQVLHEOHLEHQVLHDP/HEHQGDV LVWDOOHV© ª:HUVLQGLKUH*HJQHU"©ULHILFK )HQWRQKREGLHUHFKWH+DQGª,FKJHEHGLUNHLQHNRQNUHWH $QWZRUW'XPXWHVVFKRQVHOEVWKHUDXVILQGHQYLHOOHLFKWZLUVW GXHVDXFKEDOGVHKHQ6RYLHOLFKZHLPXVLFKKHXWHDEHQG ZLHGHUMHPDQG]XP.DPSIVWHOOHQ© ª8QGZHUZLUGGDVVHLQ"© ª,FK©HUZLGHUWH)HQWRQPLWUDXKHU6WLPPH 0RQMD'XQKLOOZROOWH]XU7UODXIHQGRFK6XNRKLHOWVLHIHVW ª/DVVHQ6LHPLFK©VFKULHGDV0lGFKHQª,FKPXUDXVKLHU 'DV*HLJHQVSLHOHVPDFKWPLFKYHUUFNW© 6XNRGUFNWH0RQMD]XUFNDXIGHQ6WXKOª'XKDVWJHVDJW MHPDQGPXVWHUEHQ:HUPXVWHUEHQ":HU"©
0RQMDVFKWWHOWHGHQ.RSIª,FKZHLHVQLFKW,FKZHLHV ZLUNOLFKQLFKW'DV6SLHOHVPDFKWPLFKYHUUFNWYHUUFNW© 6LHEHJDQQ]XVFKUHLHQVFKOXJQDFKGHP&KLQHVHQ'DNODWVFKWH 6XNRV+DQGJHJHQLKUH:DQJH 0RQMDYHUVWXPPWH ª6RUU\©VDJWH6XNRªDEHUHVPXWHVHLQ©6WXPPEOLFNWHGDV 0lGFKHQGHQ&KLQHVHQDQ'RFKHVODJNHLQ9RUZXUILQVHLQHP %OLFN:DKUVFKHLQOLFKKDWWH0RQMDYHUVWDQGHQ 'LH0HORGLHGHU7HXIHOVJHLJHNODQJVFKUHFNOLFK'LHVFKDXULJHQ 7|QHGUDQJHQDQGDV*HK|UGHU0HQVFKHQXPQHEHOWHQGLH+LUQH XQGSUHWHQLKQHQGLHHLJHQHQ*HGDQNHQDXVGHP6FKlGHO *UDXVDPZDUGLH0HORGLHDQ]XK|UHQVLHVFKLHQN|USHUOLFKH 6FKPHU]HQ]XEHUHLWHQ -DQH&ROOLQVZDQGVLFKDXILKUHP6WXKO6LHKDWGHQ0XQGDXI JHULVVHQXQGVFKQDSSWHQDFK/XIW %LOOHUJLQJHVQLFKWYLHOEHVVHU6HLQ*HVLFKWZDUYHU]HUUWDOV NlPSIHHUJHJHQJURH6FKPHU]HQDQ3O|W]OLFKVSUDQJHUYRQ VHLQHP6LW]KRFK ª,FKPX]XLKP©EUOOWH%LOOXQGUDQQWHDXIGLH7U]X 6XNRVDKGLH*HIDKU0LWHLQHPZDKUHQ3DQWKHUVSUXQJIORJHU YRQGHU6HLWHDXIGHQ5HSRUWHU]XHUUHLFKWHLKQNXU]YRUGHU7U XQGULLKQ]X%RGHQ'HU&KLQHVHNDQQWHGLH0HORGLHVFKRQ -HW]WNlPSIWHHUYHUELVVHQGDJHJHQDQ(UZROOWHVLFKQLFKWEH HLQIOXVVHQODVVHQZHQQHUQDFKJDEZDUHQVLHDOOHYHUORUHQ %LOO&RQROO\ZHKUWHVLFK6XNRPXWHHLQHQ)DXVWVFKODJKLQ QHKPHQGHUQLFKWYRQVFKOHFKWHQ(OWHUQZDU6HLQ.RSIZXUGH LKPLQGHQ1DFNHQJHULVVHQ %LOOZROOWHDXIVSULQJHQGRFK6XNRVWHOOWHLKPHLQ%HLQ:LHGHU ILHOGHU5HSRUWHU]X%RGHQ(UEUOOWHDXIZDUIVLFKVRIRUWKHUXP IORJKRFKXQGOLHIJHQDXLQ6XNRV+DQGNDQWHQVFKODJKLQHLQ 2KQHHLQHQ/DXWYRQVLFK]XJHEHQVDFNWHHU]X%RGHQXQG EOLHEEHZXWORVOLHJHQ 6XNRKDWWHZRKOGRVLHUWJHVFKODJHQ)UGLHQlFKVWHQIQI]HKQ 0LQXWHQZDU%LOO&RQROO\DXHU*HIHFKWJHVHW]W 6XNRGUHKWHVLFK 0RQMD'XQKLOOKRFNWHDXIHLQHP6WXKOKDWWHGLH+lQGHJHJHQ
GLH2KUHQJHSUHWXQGPXUPHOWH*HEHWH-DQH&ROOLQVODJPLW GHP2EHUN|USHUDXIGHP7LVFKXQGWURPPHOWHPLWEHLGHQ )lXVWHQDXIGLH3ODWWH'DEHLVWLHVLH/DXWHDXVGLHQLFKWV 0HQVFKOLFKHVPHKUDQVLFKKDWWHQ 6XNRZDUDOVHLQ]LJHUJDQ]QRUPDOJHEOLHEHQ 6FKZHUH6FKOlJHKlPPHUWHQJHJHQGLH7U ª$XIPDFKHQ©EUOOWHQPHKUHUH6WLPPHQJOHLFK]HLWLJ 'DK|UWH6XNRHLQHQ6FKUHL 0RQMDKDWWHLKQDXVJHVWRHQ6LHVDKLKUHQ9DWHU]XHUVWGHU PLWHLQHP0HVVHUEHZDIIQHWDXVGHU.FKHNDP0LWGHU.OLQJH NRQQWHPDQHLQH5LQGVNHXOH]HUWHLOHQ8QGGDVPLWHLQHP 6FKQLWW 6XNRVWDUUWHGHP0DQQLQGLH$XJHQ6LHZLUNWHQOHHUWRWRKQH /HEHQ 'LH0HORGLHKDWWHEHUHLWV)UFKWHJHWUDJHQ 'DV0HVVHUVWREHUHLWLQGHU+DQGVWDPSIWHHUDXI6XNR]X 'HU&KLQHVHZLFK]XU6HLWHDXV(UZROOWHGHQ:LUWQRFKHWZDV QlKHUNRPPHQODVVHQXPLKQGDQQPLWHLQHP.DUDWHVFKODJ DXHU*HIHFKW]XVHW]HQ'RFK'XQKLOOVSLHOWHLKPHLQHQ6WUHLFK (UVSUDQJSO|W]OLFKQDFKUHFKWV*HQDXDXI-DQH&ROOLQV]X 2EZRKODOOHVEOLW]VFKQHOOJLQJVDK6XNRGDV*HVFKHKHQZLHLQ HLQHU=HLWOXSHQDXIQDKPH'HU:LUWKLHOWGDV0HVVHUKRFKXQG ZDUEHUHLWHVLQGHUQlFKVWHQ6HNXQGHLQ-DQH&ROOLQV 5FNHQ]X UDPPHQ 6XNRWDWGDVHLQ]LJULFKWLJH (UULGLH%HUHWWDKHUYRUXQGIHXHUWH 'HU6FKXEHOOWHDXI 'LH.XJHOGUDQJLQGLH$FKVHOK|KOHGHV:DKQVLQQLJHQXQG IXKUDXIGHUDQGHUHQ6HLWHZLHGHUKLQDXV'XQKLOOOLHGDV 0HVVHUIDOOHQ(USUHWHGLHOLQNH+DQGDXIGLHJHWURIIHQH6WHOOH XQGZDQNWH]XUFNLQGDV+LQWHU]LPPHU.HLQ/DXWGUDQJDXV VHLQHP0XQG 0RQMDGLHGLH6]HQHPLWZHLWDXIJHULVVHQHQ$XJHQDQJHVHKHQ KDWWHZROOWHKLQWHULKUHP9DWHUKHU ª'DG©VFKULHVLHª'DGLFK© ª%OHLEKLHU©EUOOWH6XNR0LW]ZHL6lW]HQKDWWHHUGDV
0lGFKHQHUUHLFKWULHVDQGHU6FKXOWHUKHUXPXQGIDXFKWHª:R LVWGHLQ=LPPHU":R"© ª2EHQ© ª.|QQHQZLUXQVGDYHUVWHFNHQ"© 0RQMDQLFNWH ª'DQQUDXI*HKYRU,FKIROJHGLUXQGGDQQYHUULHJHOHLFK GLH7U© ª$EHUPHLQ9DWHU(ULVW© ª(UZLUGGDUDQEHVWLPPWQLFKWVWHUEHQ© 'LH6FKOlJHJHJHQGLH7UZDUHQYHUVWXPPW6XNRNRQQWHVLFK QXUHLQHQ*UXQGGDIUGHQNHQ'HU6FKXPXWHGLH/HXWH LUULWLHUWXQGLKUH$NWLRQHQYRUOlXILJJHVWRSSWKDEHQ 'HP&KLQHVHQZDUGDVVHKUUHFKW(UOLHI]XGHP%HZXVVWORVHQ %LOO&RQROO\EFNWHVLFKXQGKLHYWHGHQ5HSRUWHUEHUVHLQHOLQNH 6FKXOWHU 0RQMD'XQKLOOVWDQGDP+LQWHUDXVJDQJXQGZXWHQLFKWVR UHFKWZDVVLHWXQVROOWH ª+LOI0LVV&ROOLQV©ULHI6XNR 'DV0lGFKHQQLFNWHKDVWLJXQGOLHIDXIGLH'HWHNWLYLQ]X6LH VSUDFK-DQHDQGRFKGLHUHDJLHUWHQLFKW,KU.RSISHQGHOWHYRQ HLQHU6HLWH]XUDQGHUHQVLHPXUPHOWHXQYHUVWlQGOLFKH:RUWH ª=LHK0LVV&ROOLQVKRFK©YHUODQJWH6XNR(UVWDQGMHW]WHEHQ IDOOVLQGHU+LQWHUWU 0RQMDYHUVXFKWHHV-DQH&ROOLQVIROJWHZLOOHQORVZLHHLQH 3XSSH*HKRUVDPVHW]WHVLHHLQHQ)XYRUGHQDQGHUHQ ª1DDOVR©VDJWH6XNR 'DV*HLJHQVSLHOZDUOHLVHUJHZRUGHQ $OV6XNRGXUFKGLH)HQVWHUVFKHLEHQGHV*DVWUDXPHVEOLFNWH HUNDQQWHHUYHUVFKZRPPHQGLH8PULVVHYRQ*HVLFKWHUQ1RFK WUDXWHVLFKQLHPDQGGLH6FKHLEHQHLQ]XVFKODJHQGRFKODQJH ZUGHHVVLFKHUOLFKQLFKWPHKUGDXHUQ 'DIORJDXFKVFKRQGHUHUVWH6WHLQ .OLUUHQGJLQJGLH6FKHLEH]X%UXFK*URH6SOLWWHUILHOHQLQGHQ *DVWUDXP 'DV*HUlXVFKGHVVSOLWWHUQGHQ*ODVHVZDUQRFKQLFKWYHUKDOOW DOVGLHQlFKVWH6FKHLEH]X%UXFKJLQJ
ª-HW]WDEHUQLFKWVZLHZHJ©ULHI6XNR(UKDWWHVLFKGHQ3ODQ JHQDXEHUOHJWXQGZXWHZDUXPHULQGDV=LPPHUGHV 0lGFKHQVJHKHQZROOWH 'RUWNRQQWHHUEHVVHUGLH6WHOOXQJKDOWHQ(LQ$XVEUXFKZDU PLWGHP%HZXVVWORVHQ%LOO&RQROO\XQGGHUNDXPQRFK]XUHFK QXQJVIlKLJHQ-DQH&ROOLQVQLFKWP|JOLFK'LH(LQZRKQHUKDWWHQ GDV*DVWKDXVXPVWHOOW6LHZUGHQNHLQHQHQWNRPPHQODVVHQ (VZDUIUGHQ&KLQHVHQJDUQLFKWVRHLQIDFKPLWVHLQHU/DVW DXIGHU6FKXOWHUGLHVFKPDOH6WLHJHKRFK]XNOHWWHUQ(UKDWWHGDV 0lGFKHQYRUJHKHQODVVHQ8QWHQLP*DVWUDXPWREWHQEHUHLWVGLH HUVWHQ(LQGULQJOLQJH 0RQMDULGLH=LPPHUWUDXIª6FKQHOO©ULHIVLHª6FKQHOO© ª(LQDOWHU0DQQLVWGRFKNHLQ6FKQHOO]XJ©NHXFKWH6XNR GUFNWHVLFKDQ0RQMDYRUEHLXQGOLHGHQ%HZXWORVHQDXIGDV %HWWGHV0lGFKHQVIDOOHQ0RQMDUDPPWHGLH7U]X$XIDWPHQG OHKQWHVLHVLFKPLWGHP5FNHQJHJHQGDV+RO] -DQH&ROOLQVVDDXIHLQHPHLQIDFKHQ+RO]VWXKO,KU.LQQZDU DXIGLH%UXVWJHVXQNHQGLH$UPHEDXPHOWHQDP.|USHUKHUDE 6LHVFKLHQVLFKLQWLHIHU7UDQFH]XEHILQGHQ ª*HKYRQGHU7UZHJ©EHIDKO6XNR 0RQMDGUFNWHVLFK]XU6HLWH 6XNRGHXWHWHDXIGDV)HQVWHUª6WHOOGLFKGDQHEHQXQGSDDXI ZDVGUDXHQJHVFKLHKW© 0RQMDJHKRUFKWH 6XNRVHOEVWEDXWHVLFKDQGHU7UDXI(UK|UWH6FKULWWHGLH 7UHSSHKRFKSROWHUQ 'HU&KLQHVHKROWHWLHI/XIW'DQQEUOOWHHUª2ND\)UHXQGH GHUHUVWHGHUVLFKGHU7UQlKHUWEHNRPPWHLQGULWWHV$XJH,VW GDVLQHXUH+RKOVFKlGHOKLQHLQJHJDQJHQRGHUPXLFKHUVWGLH 3UREHDXIV([HPSHOPDFKHQ"© 6FKZHLJHQ'DQQHLQH6WLPPHª:LUKDEHQGHQOlQJHUHQ$WHP =DUFDGLZLUGGLFKYHUQLFKWHQ(UKDWGLH7RGHVPHORGLHJHVSLHOW© ª-DMDVFKRQJXW©ULHI6XNR]XUFN (UK|UWHZLHVLFKGLH/HXWHZLHGHUHQWIHUQWHQ(LQLJHUPDHQ EHUXKLJWZLVFKWHHUVLFKGHQ6FKZHLYRQGHU6WLUQ'DVZDU JHUDGHQRFKHLQPDOJXWJHJDQJHQ
0RQMDO|VWHVLFKYRP)HQVWHUXQGOLHIDXILKUHQVFKPDOHQ .OHLGHUVFKUDQN]X6XNREHREDFKWHWHJHVSDQQWZLHVLHHLQ.UHX] KHUDXVKROWHXQGHV-DQH&ROOLQVLQGLH+DQGGUFNWH ª'DVZLUGLKUKHOIHQ©VDJWHVLH 6XNROlFKHOWHª'XELVW QH:XFKW© 'LH.OHLQHZXUGHWDWVlFKOLFKQRFKURWª:LHODQJHZHUGHQZLU KLHUREHQEOHLEHQPVVHQ"©IUDJWHVLH]DJKDIW 'HU&KLQHVHKREGLH6FKXOWHUQª.HLQH$KQXQJ$EHUELV]XP (LQEUXFKGHU'XQNHOKHLWVLFKHU© 0RQMDHUVFKUDN6LHZXUGHEOHLFK ª:DVLVWGHQQ"©HUNXQGLJWHVLFK6XNRª,VWGLUQLFKWJXW"© ª6LHVLHKDEHQGRFKGLH7RGHVPHORGLHJHVSLHOW© ª8QG"© ª'DZLUGQLFKWQXUMHPDQGVWHUEHQVRQGHUQDXFKXPJHNHKUW 0HLQ9DWHUKDWPLUPDOHU]lKOWGDGDQQGLH7RWHQEHL$QEUXFK GHU'XQNHOKHLWDXVLKUHQ*UlEHUQVWHLJHQ© -HW]WPXWH6XNRVFKOXFNHQ8QGVHOEVWLKPGHUZLUNOLFKDEJH EUKWZDUUDQQEHLGLHVHQ$XVVLFKWHQHLQNDOWHU6FKDXHUEHU GHQ5FNHQ ,FK]XFNWHXQZLOONUOLFK]XUFN)HQWRQV$QWZRUWKDWWHPLFK JHWURIIHQ'DEHLEUDXFKWHLFKGHQ0DQQQXUDQ]XVHKHQXP]X HUNHQQHQGDHUGHQ.DPSIYHUOLHUHQZUGH (UKDWWHPHLQH5HDNWLRQEHPHUNWXQGHUZLGHUWHPLWPGH NOLQJHQGHU6WLPPHª(VLVWJDQ]HLQIDFK:HQQLFKVWHUEHLVWIU (UVDW]JHVRUJW-RKQ6LQFODLUZLUGPHLQHQ3ODW]HLQQHKPHQ© (UVFKZLHJPDFKWHDEHUPLWEHLGHQ$UPHQHLQH]XFNHQGH %HZHJXQJª+DVWGXGLH6WLPPHQJHK|UW"© ,FKQLFNWH ª'DVVLQGGLH6HHOHQDOOGHU0lQQHUGLHGHQ.DPSIYHUORUHQ KDEHQ1LHPDOVILQGHQVLHLKUH5XKH6LHJHLVWHUQGXUFKGLH +|KOHQXQG+DOOHQVLQGYHUIOXFKWELV]XP(QGHDOOHU=HLWHQ XPKHU]XLUUHQ'HU6FKZDU]H7RGOlWVLHQLFKWDXVGHQ.ODXHQ© ª:RLVWGHU6FKZDU]H7RGMHW]W"©ZROOWHLFKZLVVHQ ª.HLQH$KQXQJ(UNDQQVLFKYHUVWHOOHQQLPPWRIWHLQHDQGHUH
*HVWDOWDQXQGIULKQH[LVWLHUHQNHLQH]HLWOLFKHQ%DUULHUHQ(U NDQQVLHEHUZLQGHQPLWHLQHPOlFKHUOLFKHQ)LQJHUVFKQLSSHQ 6RLVWHV© ª$EHUZLHEHUZLQGHWHUGLH=HLWEDUULHUHQ"© ª'DVZHLLFKQLFKW(VPXDEHULQQHUKDOEGHV/DE\ULQWKVHLQ 7RUJHEHQGDVZLHGHULQGLHVLFKWEDUH:HOWIKUW© ,FKQLFNWHKHIWLJª6RlKQOLFKKDWWHLFKPLUGDVJHGDFKW'HU 6FKZDU]H7RGXQG=DUFDGLGHU*HLJHQVSLHOHUVLQGHLQXQG GLHVHOEH3HUVRQ© ª:HULVW=DUFDGL"© ª'DVHUNOlUHLFKGLUVSlWHU.RPPODXQVJHKHQ© 1HEHQHLQDQGHUVFKULWWHQZLUWLHIHULQGDV+|KOHQODE\ULQWK KLQHLQ 'HU*DQJZXUGHEUHLWHUGLH'HFNHK|KHUXQGEDOGZ|OEWHVLH VLFKZLHGLH.XSSHOHLQHV'RPVEHUXQV :LUKDWWHQHLQH+DOOHHUUHLFKW %HHLQGUXFNWEOLHELFKVWHKHQ'LH+DOOHKDWWHJHZDOWLJH$XV PDH,FKVHOEVWNDPPLUGDULQNOHLQXQGYHUORUHQYRU'LH :lQGHVWUDKOWHQHLQVHOWVDPHV/LFKWDXV(VVFKLPPHUWHU|WOLFK KDWWHMHGRFKHLQHQ6WLFKLQV*UQH6WXIHQZDUHQLQGHQ)HOV JHKDXHQXQGZXUGHQ]X7UHSSHQGLH]XK|KOHQDUWLJHQ$XV EXFKWXQJHQIKUWHQ ª'DVVLQGXQVHUH%HKDXVXQJHQ©VDJWH)HQWRQ 'LH6WLPPHQGLHXQVEHJOHLWHWKDWWHQZDUHQYHUVWXPPW(LQH QDKH]XJHVSHQVWLVFKH6WLOOHODJEHUGLHVHU$OSWUDXPODQGVFKDIW ,FKIKOWHGLH%HNOHPPXQJIDVWN|USHUOLFKXQGHLQH*lQVHKDXW ULHVHOWHEHUPHLQHQ5FNHQ ,FKJLQJDXIGLHYRQPLUDXVJHVHKHQOLQNH)HOVZDQG]X 'DV*HVWHLQZDUQLFKWJODWW(VKDWWH5LVVHXQG6SDOWHQ-DLFK HUNDQQWHVRJDUFDQ\RQDUWLJH(LQVFKQLWWHGLHLQGDV)HOVPDV VLYIKUWHQJHUDGHVREUHLWXPHLQHPQRUPDOHQ0HQVFKHQ 3ODW]]XODVVHQ ª:RKLQIKUHQGLHVH:HJH"©HUNXQGLJWHLFKPLFK )HQWRQKREEHLGH+lQGHª)UDJPLFKQLFKWGDQDFK:HUGLHVHQ :HJEHVFKUHLWHWJHKWLQGHQ7RG(UIKUWLQGDV=HQWUXPLQGLH $UHQDXQG]XGHQ:lFKWHUQGHUWRWHQ*|WWHU©
,FKJULQVWHª'DVLVWLPPHUKLQVFKRQHWZDV'DQQZLOOLFKPLU GLH:lFKWHUPDODQVHKHQ© ª%LVWGXYHUUFNW"6LHW|WHQGLFK© ,FKYHU]RJGLH0XQGZLQNHOª/LHEHUHLQHQUDVFKHQ7RGDOV ODQJVDPGDKLQVLHFKHQ:HUQLFKWZDJWGHUQLFKWJHZLQQW $XHUGHPVFKHLQWGHU6FKZDU]H7RGQLFKWLQGHU1lKH]XVHLQ 'LH*HOHJHQKHLWLVWDOVRJQVWLJ© ª'XZLOOVWZLUNOLFK"©NHXFKWH)HQWRQ ª-DPHLQ)UHXQG© 'LHDQGHUHQ*HIDQJHQHQPXWHQXQVHUH8QWHUKDOWXQJJHK|UW KDEHQ,QGHQ+|KOHQGHU)HOVZDQGVWDQGHQVLH'DVURWH/LFKW OLHLKUH*HVLFKWHUDXVVHKHQZLHLQ%OXWJHWDXFKW6LHVWDUUWHQ PLFKDQKREHQLQEHVFKZ|UHQGHQ*HVWHQLKUH+lQGHXQG GHXWHWHQPLUGDPLWDQQLFKW]XJHKHQ (VVDKJHVSHQVWLVFKDXVZLHVLHNHLQHLQ]LJHV:RUWGD]X VSUDFKHQ ,FKDEHUOLHPLFKQLFKWYRQPHLQHP9RUKDEHQDEKDOWHQ ª9LHO*OFN©ZQVFKWH)HQWRQQRFK(UKDWWHGHQ$UPKDOE ]XP*UXHUKREHQ(UKLQJLQGHU/XIWZLHYRQHLQHPXQVLFKW EDUHQ)DGHQJHKDOWHQ ,FKEHWUDWGHQVFKPDOHQFDQ\RQDUWLJHQ(LQVFKQLWW(UZDUJH UDGHVREUHLWGDPHLQH6FKXOWHUQGDV*HVWHLQDQEHLGHQ6HLWHQ QLFKWEHUKUWHQ 'HU%RGHQXQWHUPLUZDU]LHPOLFKJODWW1XUKLQXQGZLHGHU VDKLFKNOHLQHUH6SDOWHQXQG5LVVH ,FKPXWHDOOGDVZDVLFKJHK|UWKDWWHHUVWYHUGDXHQ9LHOZDU LQGHQOHW]WHQ0LQXWHQDXIPLFKHLQJHVWUPWXQGQDFKHLQLJHP hEHUOHJHQJHODQJWHLFK]XGHP6FKOXGDLFKDOV(LQ]HOSHUVRQ JHJHQGHQ6FKZDU]HQ7RGXQGVHLQH*HKLOIHQQLFKWVDXVULFKWHQ NRQQWH'LHVH:HOWJHK|UWHLKQHQ6LHZDUHQVHLWXQGHQNOLFKHU =HLWGLH+HUUVFKHULQGLHVHP5HLFKXQGHLQ1RUPDOVWHUEOLFKHU KDWWHQLFKWGLHJHULQJVWH&KDQFHGDUDQHWZDV]XYHUlQGHUQ 9LHOOHLFKWNRQQWHLFKHLQHQ7HLOVLHJHUULQJHQZHQQHVPLU JHODQJGHQ:HJLQGLHQRUPDOH:HOW]XUFN]XILQGHQ9LHOOHLFKW ZDULFKLQGHU/DJH,QVSHNWRU)HQWRQPLW]XQHKPHQ'LH3RVLWLRQ GHV6FKZDU]HQ7RGVZlUHJHVFKZlFKWZRUGHQPLWGLHVHU
1LHGHUODJH%LVKHUZDUHVEHNDQQWOLFKQRFKNHLQHPJHOXQJHQ DXVGLHVHP6FKUHFNHQVUHLFK]XIOLHKHQ 'DVU|WOLFKVFKLPPHUQGH/LFKWEOLHEKLQWHUPLU]XUFN-HW]W KOOWHPLFKGLH'XQNHOKHLWHLQGLHZLHVFKZDU]H7LQWHEHUGHP VFKPDOHQVFKODXFKDUWLJHQ*DQJODJ ,FKNUDPWHLQPHLQHU+RVHQWDVFKHKHUXPXQGIDQGWDWVlFKOLFK GLHNOHLQH.XJHOVFKUHLEHUODPSH$QGLHKDWWHLFKYRUKLQJDUQLFKW JHGDFKW,FKPXWHJULQVHQDOVLFKGLHVHIUHXGLJHhEHUUDVFKXQJ LQGHU+DQGKLHOW ,FKVFKDOWHWHGLH/DPSHHLQ 'HUQDGHOIHLQH6WUDKOILHODXIPHLQHQOLQNHQ+DQGUFNHQ'LH PRGHUQH7HFKQLNIXQNWLRQLHUWHDOVRDXFKLP5HLFKGHU'lPRQHQ 0LFKXPJDEHLQHGUFNHQGHVFKRQEHNOHPPHQGZLUNHQGH 6WLOOH1LFKWVUHJWHVLFKLQGLHVHPHQJHQ*DQJXQGZHQQLFK QDFKREHQVDKYHUORUHQVLFKGLH)HOVHQLQGHU'XQNHOKHLW 1RFKQLHLQPHLQHP/HEHQKDWWHLFKPLFKLQVROFKHLQHP )HOVODE\ULQWKEHIXQGHQ'LHVHV0DVVLYZDUVRJHZDOWLJGDLFK QLFKWHLQPDOHUNHQQHQNRQQWHREVLFKHLQ)HOVGDFKEHUGHQ ULHVLJHQ6WHLQHQZ|OEWHRGHUREGHU:HJGRUWYLHOOHLFKWLQV )UHLHIKUWH(YHQWXHOOVRJDU]XGHQ7UPHQGHUHQ*HKHLP QLVVHLFKDXFKJHUQHUJUQGHWKlWWHIDOOVHVVROFKHEHUKDXSW JDE :LHGHUHLQPDONQLSVWHLFKGLHNOHLQH/DPSHDQOHXFKWHWHIU HLQSDDU6HNXQGHQGLH)HOVZlQGHLPQlKHUHQ8PNUHLVDEXQG EOLHEEHUUDVFKWVWHKHQ 5HFKWHU+DQGHQWGHFNWHLFKHLQHQQLVFKHQDUWLJHQ(LQVFKQLWW LQGHPVLFKHLQH7ULWWOHLWHUEHIDQG6LHZDUDXV+RO]XQGVDK ]LHPOLFKVWDELODXV 0HLQH1HXJLHUGHEHVLHJWHGLH9RUVLFKW,FKEHJDQQGDPLWGLH /HLWHUKRFK]XNOHWWHUQ(LQ+DQGODXIZDUQLFKWYRUKDQGHQXQG VRPXWHLFKPHLQH+lQGHDXIGLH6WXIHQEHUPLUOHJHQXP PLFKDE]XVWW]HQ 'DV+RO]ERJVLFK]ZDUXQWHUPHLQHQ)HQJDEDEHUQLFKW QDFK
8QGZHLWHUNOHWWHUWHLFK6FKRQEDOGEUDFKPLUGHU6FKZHLDXV UDQQPLULQGLH$XJHQXQGLFKVFKPHFNWHLKQVDO]LJDXIPHLQHQ /LSSHQ $P$QIDQJKDWWHLFKGLH6WXIHQJH]lKOWGRFKPLWWOHUZHLOHOLH LFKHVEOHLEHQ(VZDUHQHLQIDFK]XYLHOH 3O|W]OLFKKDWWHLFKGDV*HIKOGLH'XQNHOKHLWZUGHVLFK OLFKWHQ ,FKOHJWHGHQ.RSILQGHQ1DFNHQXQGJODXEWHGHQURWYLROHW WHQ+LPPHOEHUPLUVFKLPPHUQ]XVHKHQ 6ROOWHLFKGDV(QGHGHU)HOVZDQGEDOGHUUHLFKWKDEHQ" 9RQGLHVHU+RIIQXQJEHIOJHOWNOHWWHUWHLFKZHLWHUYHUVFKlUIWH GDEHLPHLQ7HPSR 'LH'XQNHOKHLWZLFKWDWVlFKOLFKhEHUPLUJORVWHGLHVHUIDUELJH +LPPHO ,FKKDWWHHVWDWVlFKOLFKJHVFKDIIWZDULP)UHLHQ )DVWKlWWHLFKYRU)UHXGHJHMXEHOW'RFKGDV*HIKOYHUJLQJ VHKUVFKQHOO 3O|W]OLFKWDXFKWHHLQ7RWHQVFKlGHOEHUPLUDXI'HXWOLFKVDK LFKGLHZHLHQ$XJHQK|KOHQXQGGHQ]XHLQHP*ULQVHQYHU ]RJHQHQ0XQG (LQHUGHU:lFKWHUGHV6FKZDU]HQ7RGVZDUGD 1RFKYLHU6WXIHQ 'DSDFNWHQGLHVNHOHWWLHUWHQ)LQJHU]XXPNODPPHUWHQGLH /HLWHUXQGGUFNWHQVLHPLW*HZDOWDXVGHU9HUDQNHUXQJ 1RFK]ZHL6WXIHQ 'LH/HLWHUNLSSWH 0HLQH+lQGHYHUVXFKWHQGHQREHUHQ5DQGGHU)HOVZDQG]X SDFNHQXPVLFKGDUDQIHVW]XKDOWHQ,FKZROOWHQLFKWLQGLH7LHIH IDOOHQXQGPLW]HUVFKPHWWHUWHQ*OLHGHUQOLHJHQEOHLEHQ ,FKVFKDIIWHHVQLFKWPHKU0HLQH)LQJHUUXWVFKWHQDE'LH/HLWHU NLSSWH,FKZUGHPLWGHP5FNHQYRUGLHJHJHQEHUOLHJHQGH )HOVZDQGNUDFKHQXQGLQGHQ$EJUXQGVWU]HQ
,POHW]WHQ$XJHQEOLFNKDWWHLFKGLHUHWWHQGH,GHH,FKQXW]WHGHQ 6FKZXQJGHU/HLWHUDXVXQGGUHKWHPLFKKDOEDXIGHU6SURVVH 0HLQH$UPHVFKQHOOWHQYRUPLWGHQ)HQVWLHLFKPLFKDEXQG LQGHUQlFKVWHQ6HNXQGHXPNUDOOWHQPHLQH)LQJHUGHQREHUHQ 5DQGGHV)HOVHQV 1HEHQPLUNLSSWHGLH/HLWHU]XU6HLWHXQGYHUVFKZDQGLQGHU 7LHIH,FKK|UWHVLHXQWHQDXIVFKODJHQ :LHHLQ.ODPPHUDIIHKLQJLFKDQGHU)HOVZDQG'HUUDXKH 6WHLQULPLUGLH)LQJHUDXI)HXFKWXQGZDUPVSUWHLFKGDV %OXWXQGGHQ]LHKHQGHQ6FKPHU]GHUELVLQ+|KHGHU(OOHQ ERJHQGUDQJ 0KVDP]RJLFKPLFKKRFK(VZXUGHQXUHLQKDOEHU .OLPP]XJGDUDXVXQGLFKPXWHPLWGHQ%HLQHQQDFKKHOIHQ XPPLFKHQGOLFKEHUGHQ5DQGGHV)HOVHQVVFKZLQJHQ]X N|QQHQ (UVFK|SIWEOLHELFKHLQLJH6HNXQGHQOLHJHQ1RUPDOHUZHLVH KlWWHLFKPLFKUDVFKHUKROWDEHUEHLGLHVHU/XIWZDUGDVVFKOHFKW P|JOLFK,FKVWHPPWHPLFKDXIGLH.QLHEOLHELQGHU+DOWXQJ KRFNHQXQGVDKEHUGLH6FKOXFKWKLQZHJDXIGLHDQGHUH6HLWH GHV)HOVHQV 'RUWVWDQGGHU:lFKWHUXQGVWDUUWHPLFKDQ (UWUXJHLQNQ|FKHOODQJHV*HZDQGDXVVFKZDU]HP6WRII,Q VHLQHPHEHQIDOOVGXQNOHQ6FKl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
GLH$QJULIIVOXVWGHV8QKHLPOLFKHQ'RFKGDV6NHOHWWZDUNHLQ 0HQVFK(VHPSIDQGNHLQHN|USHUOLFKHQ6FKPHU]HQ,FKZUGH VWXQGHQODQJNlPSIHQN|QQHQRKQHHWZDV]XHUUHLFKHQ ,PQlFKVWHQ$XJHQEOLFNZXUGHPLUDXFKNODUZHVKDOEGDV 6NHOHWWVRJHVFKULHQKDWWH (VKDWWH9HUVWlUNXQJKHUEHLJHKROW :RKHUGLH*HVWDOWHQSO|W]OLFKNDPHQZXWHLFKQLFKW,FKVDK QXUGDZLUXQVDXIHLQHPJURHQ3ODWHDXEHIDQGHQGDV]DKO UHLFKH9HUVWHFNHELHWHQPXWHDXVGHQHQGLH8QKHLPOLFKHQHQW VWLHJHQZDUHQ 8QGVLHZDUHQEHZDIIQHW ,FKVDKLQLKUHQ)lXVWHQODQJH.HXOHQGLHDQGHQ6SLW]HQU|W OLFKVFKLPPHUWHQ1RFKQLHKDWWHLFKVROFKH:DIIHQJHVHKHQ DKQWHDEHUGDVLHK|OOLVFKJHIlKUOLFKZDUHQ $EHUDXFKLFKKDWWHPHLQH:DIIH 'HUJHZHLKWH6LOEHUGROFKVWHFNWHQRFKLPPHULQGHU/HGHU VFKHLGH,FKULLKQKHUDXVXQGZDUPLWHLQHPUDXEWLHUKDIWHQ 6SUXQJEHLPHLQHP*HJQHU%OLW]VFKQHOOXPIDWHLFKGDV6NHOHWW ULHV]X%RGHQXQGSUHWHLKPGLH6SLW]HGHV'ROFKVJHJHQGDV UHFKWHKHOOH$XJH'DEHLKLHOWLFKGHQ8QKHLPOLFKHQVRGDHU PLFKPLWHLQHP7HLOVHLQHV.|USHUVJXWGHFNWH 'DIORJGLHHUVWH.HXOHKHUDQ ,FKVDKQXUHLQHQ3XQNWGHUVLFKUDVHQGVFKQHOOQlKHUWH]RJ GHQ.RSIHLQXQGVSUWHZLHHWZDV+HLHVDQPHLQHP6FKlGHO YRUEHL]LVFKWH'LH.HXOHNUDFKWHKLQWHUPLUJHJHQGLH)HOVZDQG (WZDVSUDVVHOWHDXIXQGDOVLFKKDVWLJGHQ.RSIGUHKWHVDKLFK GDHLQ6WFNYRQGHU:DQGIHKOWH 0LUOLHIHVNDOWGHQ5FNHQKLQXQWHU:HQQPLFKVROFKHLQ'LQJ WUDIGDQQSDWHLFKLQHLQH6WUHLFKKRO]VFKDFKWHO ª1RFKHLQ$QJULIIXQGHXHU)UHXQGVWLUEW©EUOOWHLFKª:DV LFKLQGHU+DQGKDEHLVWHLQJHZHLKWHU6LOEHUGROFKNDSLHUW" 9HUVFKZLQGHWMHW]W© ,FKKRIIWHQXUGDPLFKGLHVH+RUURUZHVHQYHUVWDQGHQKDWWHQ 8QGWDWVlFKOLFKVLHKLHOWHQVWLOOZDJWHQVLFKNHLQHQ6FKULWWQlKHU ,FKDWPHWHDXI'LHHUVWH5XQGHKDWWHLFKJHZRQQHQ-HW]W PXWHLFKQXUGLH1HUYHQEHKDOWHQXQGGXUIWHPLUNHLQH%O|H
JHEHQ'LHVHYHUGDPPWHQ0RQVWHUVROOWHQPLUKHOIHQDXVGLHVHP /DQGKHUDXV]XNRPPHQ 0HLQH%OLFNHVFKZHLIWHQEHUGLH6NHOHWWHKLQZHJ,FKNRQQWH LQGHUU|WOLFKVFKLPPHUQGHQ/XIWGLH8PULVVHGHU7UPHHU NHQQHQXQGVDKDXFKGLH%UFNHQGXUFKGLHVLHPLWHLQDQGHU YHUEXQGHQZDUHQ 'LH6NHOHWWH]|JHUWHQ6LHJLQJHQQLFKW]XUFNVRQGHUQEOLHEHQ HLQIDFKVWHKHQ ,FK]lKOWHUDVFK *HJHQ]HKQ0RQVWHUKDWWHLFKDQ]XNlPSIHQ(LQYHUGDPPW XQJOHLFKHV9HUKlOWQLV )HVWKLHOWLFKGHQ*ULIIGHV0HVVHUVXPNODPPHUW'LH6SLW]H GLHJDQ]OHLFKWGDV$XJHGHV6NHOHWWVEHUKUWH]LWWHUWHQLFKW(LQ =HLFKHQGDLFKQLFKWQHUY|VZDU8QGGDVZDUHLQHGHU(LJHQ VFKDIWHQDXIGLHLFKVWRO]ELQ,QQHUOLFKH5XKHDXFKLQJHIlKU OLFKHQ6LWXDWLRQHQ9LHOOHLFKWZDULFKGHVKDOEQRFKDP/HEHQ ,FKULPHLQHQ*HIDQJHQHQPLWLQGLH+|KHXPNODPPHUWHPLW GHUOLQNHQ+DQGGHQNQ|FKHUQHQ+DOV]RJGHQNQRFKLJHQ .|USHUJHJHQPLFKXQGKLHOWDXFKZHLWHUKLQGDV0HVVHULQ GHU+DQG ª6DJHLKQHQVLHVROOHQYHUVFKZLQGHQ©]LVFKWHLFK 'DV6NHOHWWVWLHHLQLJHNUlFK]HQGH/DXWHDXV 'LHDQGHUHQJHKRUFKWHQ 6FKULWWIU6FKULWW]RJHQVLHVLFK]XUFN ª2ND\©UDXQWHLFKVFKDUIª8QGMHW]WIKUHPLFK]XGHLQHP +HUUQXQG0HLVWHU=XP6FKZDU]HQ7RG© ,FKPHUNWHZLHGDV6NHOHWW]XVDPPHQ]XFNWHª'DVGDVJHKW QLFKW© ª8QGZDUXPQLFKW"© ª(ULVWQLFKWKLHU© ª:RVWHFNWHUGHQQ"© ª,QGHUVLFKWEDUHQ:HOW© ª1DGDVLVWGRFKZXQGHUEDUGDQQEUDXFKVWGXPLUQXUHLQHQ :HJ]X]HLJHQZLHLFKGRUWKLQJHODQJHQNDQQ© ª,FKNHQQHNHLQHQ© ª:LUNOLFKQLFKW"©,FKODFKWHOHLVHª'XJODXEVWGRFKQLFKWHWZD
GDLFK6NUXSHOKDEHGLFK]XW|WHQ"8QGGDQDFKVFKQDSSHLFK PLUHLQHQDQGHUHQYRQHXFK,UJHQGMHPDQGZLUGPLUGHQ:HJ VFKRQ]HLJHQ7XGXHVOLHEHU(VLVWEHVVHU© ª:LUPVVHQ]XP%UXQQHQGHU7UlXPH©HUZLGHUWHHUQDFK HLQHU3DXVHGHV1DFKGHQNHQV ª:RILQGHLFKGHQ"© ª,QGHU$UHQD© ª*XW:DVKDWGHU%UXQQHQIUHLQH%HGHXWXQJ"5HGHYHU GDPPW:RKHUKDWHUVHLQHQ1DPHQ"© ª'LH*HIDQJHQHQGLH]XP.DPSIJHIKUWZHUGHQPVVHQ YRUKHULQGHQ%UXQQHQKLQHLQVHKHQ6LHVFKDXHQLQGLHUHDOH:HOW VHKHQLKU=XKDXVHLKUH)UHXQGHXQG%LOGHUDXVLKUHU9HU JDQJHQKHLW© ª$OVRHLQH)ROWHU©VWHOOWHLFKIHVW 'DUDXIHUZLGHUWHGDV6NHOHWWQLFKWV ,FKDEHUZDUIURKHLQHQ$XVZHJJHIXQGHQ]XKDEHQ$OOHU GLQJVIUDJWHLFKPLFKZDUXPPLU)HQWRQQLFKWVYRQGHP %UXQQHQHU]lKOWKDWWH$EHUZDKUVFKHLQOLFKZROOWHHUNHLQH XQQ|WLJH+RIIQXQJLQPLUZHFNHQ ª'DQQJHKHQZLUMHW]W]XGLHVHU$UHQD©VDJWHLFKª8QGZHQQ GX'XPPKHLWHQPDFKVWZLUVWGXHQGJOWLJLQGHU'lPRQHQ K|OOHYHUVFKZLQGHQ© ,FKZDUIURKGDUEHUGDGLHVH:HVHQGLHPHQVFKOLFKH6SUDFKH YHUVWDQGHQ=XPHLQHP*OFNVFKLHQHVLQGHQ=ZLVFKHQUHLFKHQ VRHWZDVZLH9HUVWlQGLJXQJVVFKZLHULJNHLWHQQLFKW]XJHEHQ :LUJLQJHQEHUGDV3ODWHDX,FKIKOWHPLFKYHUGDPPW XQZRKOGDEHL,PPHUZLHGHUEOLFNWHLFKPLFKQDFKDOOHQ6HLWHQ XPDFKWHWHDXI9HUIROJHUDXI)DOOHQGRFKHVUKUWHVLFKQLFKWV 'LHEULJHQ6NHOHWWHVFKLHQHQWDWVlFKOLFKYHUVFKZXQGHQ]XVHLQ ,QPHLQHP1DFNHQVSUWHLFKHLQXQDQJHQHKPHV.ULEEHOQ=X GHXWOLFKZDUQRFKGLH(ULQQHUXQJDQGLHPDJLVFKH.HXOHLQPLU $XVGHP+LQWHUKDOWJHVFKOHXGHUWNRQQWHVLHPLFKWUHIIHQZLHHLQ %OLW]VFKODJ ,FKNRQQWHQLFKWHUNHQQHQZLHJURGDV3ODWHDXZDU(LQH %HJUHQ]XQJVDKLFKQLFKW'DV3ODWHDXXQGGHUURWYLROHWWH +LPPHOVFKLHQHQVLFKLQGHU)HUQH]XYHUHLQHQ
'DV3ODWHDXZDUHEHQ.HLQ6WDXENHLQH6WHLQHQLFKWV %ODQNHUGXQNOHU)HOV :HLWYRUXQVVWLHJHWZDV*URHV'XQNOHVLQGLH/XIWEUHLWHWH GLH6FKZLQJHQDXVXQG]RJODXWORVVHLQH.UHLVH (LQ)OXJGUDFKH :HQQGHUPLFKDQJULIINRQQWHLFKHLQSDFNHQ ,FKPHUNWHZLHGDV6NHOHWW]|JHUWH$XFKGDV+RUURUZHVHQ PXWHGHQ'UDFKHQJHVHKHQKDEHQDQVFKHLQHQGUHFKQHWHHVVLFK HLQH&KDQFHDXV ª:HQQGDV8QJHKHXHUXQVDQJUHLIWELVWGXDXFKKLQ©]LVFKWH LFKª.DQQVWGXGLFKPLWGLHVHPYHUGDPPWHQ*HLHUGDYHUVWlQ GLJHQ"© 'DV6NHOHWWJDENHLQH$QWZRUW'HU'UDFKHIORJQlKHU ,FKEOLHEPLWPHLQHP*HIDQJHQHQVWHKHQXPGLH)OXJHFKVH EHREDFKWHQ]XN|QQHQ 'DV6NHOHWWVDJWHLUJHQGHWZDV(VVFKULHGLH:RUWH]XGHU (FKVHKLQDXI:DVIUHLQHQ6LQQVLHKDWWHQHUIXKULFKLQGHQ QlFKVWHQ6HNXQGHQGHQQGLHYHUGDPPWH(FKVHJULIIDQ 3IHLOVFKQHOOVWLHVLHDXIXQVQLHGHU 6LFKHULFKKlWWHGHP6NHOHWWMHW]WGHQ*DUDXVPDFKHQN|QQHQ WDWHVDEHUQLFKWVRQGHUQVWLHGDV+RUURUZHVHQ]XU6HLWHXQG ZDUWHWHGHQ$QJULIIDE'LHVPDOZROOWHLFKPLFKQLFKWVROHLFKW EHUUXPSHOQODVVHQ 'DZDUGHU'UDFKHDXFKVFKRQKHUDQ:HLWKLHOWHUGLH.UDOOHQ DXVJHVWUHFNWZROOWHVLHPLULQGHQ.|USHUUDPPHQ'HUODQJH 6FKQDEHOZDUJH|IIQHWIU%UXFKWHLOHYRQ6HNXQGHQVDKLFKHLQH VFKPDOHJUQOLFKVFKLPPHUQGH=XQJHKHUYRUKXVFKHQ ,PVHOEHQ$XJHQEOLFNZDUILFKPLFK]X%RGHQ +DDUVFKDUIVHJHOWHGDV)OXJPRQVWHUEHUPLFKKLQZHJGRFK LFKKDWWHEHUHLWVGHQ$UPPLWGHPJHZHLKWHQ'ROFKKRFKJH ULVVHQ 'LH.OLQJHGUDQJLQGHQ%DXFKZLHLQ%XWWHU*ODWWXQGVDXEHU ZDUGHU6WLFK(VJLQJVROHLFKWDOVZlUHGLHKRUQLJH]lKH/HGHU KDXWJDUQLFKWYRUKDQGHQ 'DV0RQVWHUVFKOXJPLWVHLQHQULHVLJHQ)OJHOQXPVLFK 1HEHQPLUNODWVFKWHGLH/HGHUKDXWDXIGHQ)HOV6HNXQGHQODQJ
]XFNWHQGLH)OJHOWULHEHQPLUGLH6FKOlJHGHQ$QJVWVFKZHLDXI GLH6WLUQ 'DQQODJGHU'UDFKHVWLOO (UZDU]XP*OFNVRZHLWYRUJHUXWVFKWGDLFKRKQH%HKLQ GHUXQJDXIVWHKHQNRQQWH'UHL/LGVFKOlJHVSlWHUKDWWHLFKGDV 6NHOHWWVFKRQZLHGHUJHSDFNW(VNRQQWHQLFKWJODXEHQGDLFK GHQ.DPSIJHZRQQHQKDWWH ,FKJULQVWHª2ND\)UHXQGZHLWHU© 'LHVPDOYHU]LFKWHWHLFKGDUDXIGHP6NHOHWWGDV0HVVHUJHJHQ GDV$XJH]XGUFNHQ'LH'HPRQVWUDWLRQYRUKLQPXWHHLJHQW OLFKJHUHLFKWKDEHQ 0HLQ2SWLPLVPXVZXUGHEHVWlWLJW'DV6NHOHWWXQWHUQDKP NHLQH$QVWDOWHQ]XIOLHKHQ%HLQDKHEUDYWURWWHWHHVYRUPLUKHU 'DVZLHGHUXPHUZHFNWHPHLQ0LWUDXHQ6ROHLFKWGDVZXWH LFKJDEHQ'lPRQHQQLFKWDXI6LHKDWWHQPHLVWHQVLUJHQGHLQHQ 7ULFNDXI/DJHU :HLWHUH)OXJHFKVHQOLHHQVLFKQLFKWEOLFNHQ,FKKDWWHGDV *HIKOGLH7UPHZlUHQQlKHUJHUFNWXQGZHQQLFKJHQDX KLQVDKHUNDQQWHLFKGDYLHU7UPHSUDNWLVFKGLH(FNHQHLQHV 4XDGUDWVELOGHWHQ'LH7UPHVWDQGHQDOOHVDPWGXUFKGLHQDFK REHQJHERJHQHQ6WHLQEUFNHQPLWHLQDQGHULQ9HUELQGXQJ ª:LHODQJHGDXHUWHVQRFK"©ZROOWHLFKYRQPHLQHP*HIDQ JHQHQZLVVHQ ª:LUVLQGEDOGGD© ª8QGZDVHUZDUWHWXQVLQGHU$UHQD"© 'DV6NHOHWWVFKZLHJ ª+HLFKZLOOHLQH$QWZRUW© ª'HU%UXQQHQ8QVHUZDUWHWGHU%UXQQHQ© 0HKUZDUDXVPHLQHP*HIDQJHQHQZLUNOLFKQLFKWKHUDXV]X EHNRPPHQ,FKYHU]LFKWHWHGDUDXIZHLWHUH)UDJHQ]XVWHOOHQ XQGQDFKHWZDHLQHUKDOEHQ6WXQGHHUUHLFKWHQZLUGDV(QGHGHV 3ODWHDXV (LQHKIWKRKH6WHLQPDXHUELOGHWHGLH%HJUHQ]XQJ ª:LUVLQGGD©VDJWHGHU'lPRQ ,FKUHFNWHGHQ+DOVXQGVDKEHUGLH0DXHUKLQZHJ0HLQ%OLFN ILHOLQGLH$UHQD
6LHZDU]LHPOLFKJURXQGTXDGUDWLVFKDQJHOHJW'DV/LFKWGHV +LPPHOVEHUJRVLHPLWVHLQHPU|WOLFKHQ6FKOHLHUYHUZLVFKWH GLH.RQWXUHQXQGGRFKHUNDQQWHLFKGHQ%UXQQHQ(UELOGHWHGHQ 0LWWHOSXQNWGHU$UHQD'LH=XVFKDXHUUlQJHZHQQLFKVLHPDOVR QHQQHQGDUI]RJHQVLFKWHUUDVVHQI|UPLJDQDOOHQYLHU6HLWHQGHU $UHQDKRFK6LHHULQQHUWHQPLFKDQ:HLQEHUJHRKQH5HEVW|FNH =ZLVFKHQGHQHLQ]HOQHQ5HLKHQIKUWHQZLHPLWGHP/LQHDOJH ]RJHQH*lQJHQDFKXQWHQGLHDOOHVDPWYRUHLQHU0DXHUHQGHWHQ 'LHVHZLHGHUXPWUHQQWHGLH$UHQDYRQGHQ7HUUDVVHQDE 8QVJHJHQEHUODJHLQJURHV7RUGXUFKGDVZDKUVFKHLQOLFK GLH.lPSIHUNDPHQ6RYLHOLFKHUNHQQHQNRQQWHZDUHVDXV (LVHQXQGYRUOlXILJQRFKJHVFKORVVHQ 0HLQ%OLFNZDQGHUWHZHLWHU]XGHQ7UPHQKRFK$XI]ZHL YRQLKQHQVDKLFKGLH)OXJGUDFKHQKRFNHQ,FKKDWWHGDV*HIKO DOVZUGHQVLHQXUPLFKIL[LHUHQ (LQHQGULWWHQ)OXJGUDFKHQHQWGHFNWHLFKDXIHLQHU%UFNH:LH HLQH6WDWXHVDHUDXIGHP*HOlQGHUEUHLWHWHDEHUMHW]WGLH)OJHO DXVXQGOLHVLFKDXIHLQHPQRFKIUHLHQ7XUPQLHGHU *HUQKlWWHLFKQRFKGDV,QQHUHGHU7UPHHUIRUVFKWDEHUGLH =HLWGUlQJWH,FKZROOWHP|JOLFKVWUDVFKZLHGHULQGLHVLFKWEDUH :HOW]XUFNNHKUHQ ª*HKYRU©EHIDKOLFK *HKRUVDPEHUNOHWWHUWHGDV6NHOHWWGLH0DXHU,FKIROJWHLKP DFKWHWHLPPHUGDUDXIGDHVNHLQHQ)OXFKWYHUVXFKXQWHUQDKP :LUVWLHJHQGLHDOV6LW]JHOHJHQKHLWHQDXVJHEDXWHQ6WXIHQKLQDE 1LHPDQGOLHVLFKEOLFNHQ.HLQHLQ]LJHV0RQVWHUWDXFKWHDXI XQGDXFKGHQ6FKZDU]HQ7RGVDKLFKQLFKW 'LH6SDQQXQJLQPLUZXFKV :UGHLFKHVWDWVlFKOLFKVFKDIIHQZLHGHULQPHLQH:HOW]X UFN]XNHKUHQ" %LVMHW]WMHGHQIDOOVYHUVWlUNWHVLFKGLH+RIIQXQJPLWMHGHU6WXIH GLHZLUZHLWHUQDFKXQWHQNOHWWHUWHQ 1RFKLPPHUKHUUVFKWH5XKH 6FKRQNRQQWHLFKGLH6WHLQPDXHUDP5DQGGHU$UHQDGHXWOLFK VHKHQ6LHEHVWDQGDXVJURHQ4XDGHUQGLHLQHLQHUJHQDXHQ *HRPHWULHDXIHLQDQGHUJHOHJWZRUGHQZDUHQ
$XIPHUNVDPZXUGHLFKGXUFKGDVHUElUPOLFKH4XLHWVFKHQGHV 7RUHV/DQJVDPVFKZDQJHVDXI $ODUP -HW]WZXUGHHVIUPLFK=HLWGHQQHVJLQJXP6HNXQGHQ 'DV6NHOHWWYHUVXFKWHGLH*XQVWGHU6WXQGH]XQXW]HQXQG VSUDQJPLFKYRQGHU6HLWHKHUDQ ,FKVWDFK]XWUDIJHQDXULGHQ'ROFKZLHGHUDXVGHP$XJHVDK ZLHGDV6NHOHWW]XVDPPHQEUDFK 'DQQVSUDQJLFKPLWHLQHPJHZDOWLJHQ6DW]EHUGLH0DXHU KLQZHJLQGLH$UHQD 'HU$XISUDOOZDUP|UGHULVFK0HLQH6FKXKHYHUVDQNHQLP NQ|FKHOWLHIHQ6WDXE hEHUPLUK|UWHLFKHLQ5DXVFKHQ 'LH)OXJXQJHKHXHUKDWWHQVLFKYRQLKUHQ3OlW]HQJHO|VWXQG QDKPHQ.XUVDXIGLH$UHQD 'DV7RUZDUEHUHLWVDXIJHVFKZXQJHQXQGGLH:lFKWHUVWU|P WHQKHUYRUZLHGLH$PHLVHQ =HKQ]ZDQ]LJQHLQGUHLLJ6NHOHWWHPLWLKUHQIOLPPHUQGHQ :XUINHXOHQLQGHQNQRFKLJHQ)LQJHUQ ,FKUDQQWH+HW]WHDXIGLUHNWHP:HJGHP%UXQQHQ]X'RFK GLH*HULSSHHUNDQQWHQPHLQH$EVLFKWXQGVFKQLWWHQPLUGHQ :HJDE 'LHHUVWHQ.HXOHQIORJHQ ,FKVWUHFNWHPLFKKHFKWHWH]X%RGHQVFKOXJ]ZHLPDOHLQH 5ROOHYRUZlUWVVWDQGZLHGHUDXIGHQ)HQ +LQWHUPLUGRQQHUWHQGLH.HXOHQLQGHQ%RGHQSUDOOWHQJHJHQ GLH0DXHUXQGULVVHQGRUWULHVLJH6WFNHKHUDXV (VNUDFKWHXQGEDUVW 6DQGEHUVFKWWHWHPLFKZLHHLQ3ODW]UHJHQ 9RQGHUOLQNHQ6HLWHKHUVSXUWHWHQGLH6NHOHWWHHEHQIDOOVDXIGHQ %UXQQHQ]X 'LHHUVWHQKDWWHQGHQ%UXQQHQVFKRQHUUHLFKWDOVLFKQRFK]HKQ 6FKULWWHGDYRQHQWIHUQWZDU'LH'lPRQHQULHJHOWHQPHLQHOHW]WH 5HWWXQJHLQIDFKDE
6LHZDUHQDEHUDXFKKLQWHUXQGQHEHQPLUNUHLVWHQPLFKHLQ VFKZDQJHQLKUH.HXOHQZDUIHQVLHDEHUQLFKW ,FKVWRSSWH )OJHOVFKODJHQEHUPLU *ULQVHQGH7RWHQVFKlGHOYRQDOOHQ6HLWHQ -RKQHVLVWDXVVDJWHLFKPLU8QGZLHIHUQJHVWHXHUWOLHLFKGLH +DQGPLWGHP'ROFKVLQNHQ 'LH/XIWLQGHU.DPPHUZDU]XP6FKQHLGHQGLFN%LOO&RQROO\ EHNlPSIWHVHLQH1HUYRVLWlWPLW=LJDUHWWHQ(UKDWWHVHLWHLQLJHU =HLWVHLQHQ1RUPDO]XVWDQGZLHGHUHUUHLFKWDEHUZHVHQWOLFK VSlWHUDOV-DQH&ROOLQV'DV.UHX]LQLKUHU+DQGKDOIGRFK'LH 0lFKWHGHV*XWHQVWU|PWHQEHUXQGYHUGUlQJWHQGDV%|VH 0RQMD'XQKLOOKRFNWHQHEHQ%LOODXIGHP%HWW6LHKLHOWGHQ .RSIJHVHQNWKDWWHGLH+lQGHJHIDOWHWXQGDXIGLH]XVDP PHQJHSUHWHQ.QLHJHOHJW'DV+DDUILHOZLHHLQ6FKOHLHUEHULKU *HVLFKW 6XNRVWDQGDP)HQVWHU9RQVHLQHP3ODW]DXVNRQQWHHUHLQHQ 7HLOGHV)ULHGKRIVVHKHQ=ZLVFKHQGHQ*UlEHUQKDWWHQVLFK HLQLJH'RUIEHZRKQHUHLQJHIXQGHQ(VZDUHQ0lQQHU6LH VWDQGHQQXUKHUXPXQGHUZHFNWHQGHQ(LQGUXFNDOVZDUWHWHQVLH DXILUJHQGHLQ(UHLJQLV $EHUGDVKDWWH0RQMDEHUHLWVDQJHNQGLJW'LH7RGHVPHORGLH ZDUHUNOXQJHQHLQ=HLFKHQGDGLH7RWHQDXVGHQ*UlEHUQ VWHLJHQVROOWHQXPHLQ5HJLPHQWGHV6FKUHFNHQV]XHUULFKWHQ (LQHPHKUDOVPDNDEUH9RUVWHOOXQJ 6XNRKDWWH-DQHXQG%LOOGDYRQEHULFKWHW8QGMHW]WJUEHOWHQ GLH)UHXQGHJHPHLQVDPEHUHLQHQ$XVZHJQDFK ª:LUEUDXFKHQQRFK:DIIHQ©VDJWH%LOOXQGGUFNWHVHLQH =LJDUHWWHDXVª0LWHLQHU3LVWROHN|QQHQZLUQLFKWVDQIDQJHQ© ª:RKHUQHKPHQXQGQLFKWVWHKOHQ©PHLQWH-DQH,KUH6WLPPH NODQJELWWHUXQGGHSULPLHUW 6XNRZDQGWHVLFKXPª$XVGHP=LPPHUN|QQHQZLUQLFKW 'DUDXIZDUWHQGLH/HXWHQXU8QGXQVPLWGHP5HVWGHV 0DJD]LQVGHQ:HJIUHL]XVFKLHHQGDVLVWQLFKWGULQ'LH
0HQVFKHQKLHUVLQGXQVFKXOGLJ6LHN|QQHQQLFKWVGDIU=DUFDGL KDWVLHLQVHLQH*HZDOWJHEUDFKW6LHKDQGHOQQLFKWDXVIUHLHP (QWVFKOX© ª$EHULUJHQGZLHPVVHQZLUXQVYHUWHLGLJHQ©VDJWH%LOO ª:HQQGLH7RWHQDXVGHQ*UlEHUQVWHLJHQGDQQKDEHQZLUNHLQH 0HQVFKHQPHKUYRUXQV'XZHLWVHOEVW6XNRPLW)lXVWHQVLQG OHEHQGH/HLFKHQQLFKW]XEHVLHJHQ© 'HU&KLQHVHQLFNWHª-DZLUEUDXFKHQHWZDVXPXQVYHUWHL GLJHQ]XN|QQHQ8QWHU8PVWlQGHQPVVHQZLUVRJDUHLQHQ $XVEUXFKZDJHQ© 3O|W]OLFKKRE0RQMDGHQ.RSIª,FKZWHYLHOOHLFKWHLQHQ $XVZHJ©VDJWHVLHOHLVH -DQH6XNRXQG%LOOVDKHQGDV0lGFKHQJHVSDQQWDQ ª8QG"©IUDJWHGHU5HSRUWHU ª$XIGHP6SHLFKHUOLHJHQ]ZHLDOWH*HZHKUH0HLQ9DWHUKDW VLHHLQPDOYRQHLQHP%HWUXQNHQHQHUKDOWHQZHLOGHU0DQQGLH =HFKHQLFKWEH]DKOHQNRQQWH'DVLVWDOOHUGLQJVVFKRQ-DKUHKHU XQGLFKZHLQLFKWREGLH:DIIHQQRFKIXQNWLRQLHUHQ© ª+DW,KU9DWHUGDPLWJHVFKRVVHQ"©ZROOWH6XNRZLVVHQ 0RQMDKREGLH6FKXOWHUQ ª8PDXIGHQ6SHLFKHU]XJHODQJHQPXWGXDEHUGXUFKGLH 7U©VDJWH-DQH ª1HLQ©0RQMDGHXWHWHDXIGDV)HQVWHUª:HQQMHPDQGHV VFKDIIWGRUWGXUFK]XNOHWWHUQNDQQHUVLFKDQGHU'DFKULQQH KRFKKDQJHOQ'DV6SHLFKHUIHQVWHULVWQXUPLW3DSSHDEJHGHFNW 0DQNDQQVLHPLWGHUEORHQ)DXVWHLQVFKODJHQ9DWHUZROOWHGDV )HQVWHULPPHUUHSDULHUHQ(UKDWHVELVKHUYHUJHVVHQ© 6XNRZDUYRQGHU,GHHIDV]LQLHUWXQGDXFK%LOO&RQROO\KDWWH QLFKWVGDJHJHQ 1XU-DQH&ROOLQVHUNOlUWHLKUH(LQZlQGHª*HVHW]WGHQ)DOOGX VFKDIIVWHVGLH*HZHKUH]XKROHQXQGVLHIXQNWLRQLHUHQWDWVlFK OLFKVRKHLWGDVQRFKODQJHQLFKWGDZLUXQVGDPLWGLH8QWRWHQ YRP+DOVKDOWHQN|QQHQ0LWQRUPDOHQ.XJHOQNDQQPDQJHJHQ OHEHQGH/HLFKHQQLFKWVDXVULFKWHQ© ª'DVLVWULFKWLJ©JDE6XNR]Xª7|WHQN|QQHQZLUGLHGDPLW QLFKWDEHUGDQQVFKDIIHQZLUHVYLHOOHLFKWELV]XGHQ$XWRV]X
JHODQJHQ:LUN|QQHQGDV0LOLWlUDODUPLHUHQRGHUJU|HUH 3ROL]HLHLQKHLWHQ© ª:DUXPYHUVXFKHQZLUMHW]WNHLQHQ$XVEUXFK"©IUDJWH%LOO ª:HLOGDQQ8QVFKXOGLJHGDUDQJODXEHQPWHQ© ª+LQWHUKHUQLFKW"© ª'DQQEHVWHKW]XPLQGHVWGLH0|JOLFKNHLWGDGLHOHEHQGHQ /HLFKHQYRUJHVFKLFNWZHUGHQ© %LOOJULQVWHVlXHUOLFKª2ND\LKUKDEWPLFKEHU]HXJW© 1DFKGHQ:RUWHQHQWVWDQGHLQH=HLWGHV6FKZHLJHQV6FKOLH OLFKVDJWH-DQH&ROOLQVª'HQNWHLJHQWOLFKHLQHUYRQHXFKQRFKDQ -RKQ"© 'LH:RUWHWURSIWHQLQGLH6WLOOHGRFKNHLQHUVSUDFKDXVZDV YLHOOHLFKWDOOHGDFKWHQ 'D-RKQ6LQFODLUQLFKWPHKUDP/HEHQZDU ª,FKJHKHGDQQDOVR©VDJWH6XNR (UWUDWDQV)HQVWHUGUFNWHGHQ*ULIIQDFKXQWHQXQG]RJGLH UHFKWH)HQVWHUKlOIWHDXI6LHNOHPPWHXQG6XNRPXWHHLQSDDU PDOUXFNHQ'DQQVWU|PWHIULVFKH/XIWLQGDVNOHLQH=LPPHU6LH ZLUEHOWHGHQ=LJDUHWWHQUDXFKGXUFKHLQDQGHU 'HU&KLQHVHEHXJWHVLFKEHUGLHVFKPDOH)HQVWHUEDQN(U SHLOWHQDFKGUDXHQGUHKWHGHQ.RSI ª,VWGLH/XIWUHLQ"©HUNXQGLJWHVLFK%LOOKLQWHULKP ª,P$XJHQEOLFNMD'LUHNWXQWHUGHP)HQVWHUVWHKWQLHPDQG ,FKYHUVXFK VPDO© ª9LHO*OFN© 6XNRNOHWWHUWHDXIGLH,QQHQVHLWHGHU)HQVWHUEDQN(UZDU JHOHQNLJZLHHLQH.DW]HGRFKHVEHUHLWHWHVHOEVWLKP6FKZLHULJ NHLWHQVLFKGXUFKGLH)HQVWHUKlOIWH]XZLQGHQ6XNRVFKUDXEWH YRUVLFKWLJVHLQHQ2EHUN|USHULQGLH+|KH'LH+lQGHJOLWWHQDQ GHUUDXKHQ+RO]IDVVDGHGHV+DXVHVKRFK'HU&KLQHVHVWUHFNWH VLFKXQGHUWDVWHWHGHQ5DQGGHU'DFKULQQH (UZDUIHLQHQ%OLFNQDFKXQWHQXQGVDK%LOO&RQROO\V.RSILQ +|KHVHLQHU.QLH )UDJHQGEOLFNWHGHU5HSRUWHULKQDQª+lOWGLH'DFKULQQH"© ª,FKKRIIHHV© 6XNR]RJDQGHP0HWDOO(VZDUYHUURVWHWXQGGLH5LQQH
NQLUVFKWHLQGHU9HUDQNHUXQJ:HQQVLH6XNRV*HZLFKWZLUNOLFK KLHOWGDQQJUHQ]WHGDVVFKRQDQHLQ:XQGHU $EHU6XNRYHUWUDXWHDXIVHLQ*OFN(UKROWHQRFKHLQPDOWLHI $WHPXQG]RJVLFKPLWHLQHPYRUVLFKWLJHQ.OLPP]XJKRFK:LH HLQ$UWLVWVFKZDQJHU]XHUVWGDVUHFKWH%HLQDXIGDV'DFKXQG ]RJGDVOLQNHQDFK 'HU&KLQHVHKDWWHHVJHVFKDIIW9RQGHU5LQQHULHVHOWH5RVWQDFK XQWHQ9RUKHUZDUVLHHLQLJHUPDHQZDDJHUHFKWYHUODXIHQMHW]W KLQJVLHGXUFK )ODFKODJ6XNRDXIGHP6FKUlJGDFK(UZDUXQEHZDIIQHW'LH %HUHWWDKDWWHHU%LOO&RQROO\EHUODVVHQ 'DV'DFKZDUQXU]XP7HLOPLW=LHJHOQJHGHFNW$Q]DKO UHLFKHQ6WHOOHQVFKLPPHUWHGLHJUDXH7HHUSDSSHGXUFKXQG DXFKGLH+RO]YHUNOHLGXQJGHVVFKUlJHQ)HQVWHUVVDKPHKUDOV PRUVFKDXV'LHLPSUlJQLHUWH3DSSHZDUDQHLQHU6HLWHVFKRQ DXIJHULVVHQ 'HU&KLQHVHNURFKDXIGDV)HQVWHU]X(UKDWWHVHLQH)H]XU 6HLWHJHGUHKWVRGDHUHWZDV+DOWILQGHQNRQQWH2KQHDE]X UXWVFKHQHUUHLFKWHHUVHLQ=LHO 0LWEHLGHQ+lQGHQUL6XNRGLH3DSSHYRQGHP)HQVWHUZHJ 'DQQVWUHFNWHHUVHLQHQ.RSIGXUFKGDV/RFK $XIGHP6SHLFKHUZDUHVILQVWHU'DVGXUFKGDV)HQVWHUIDO OHQGH/LFKWUHLFKWHJHUDGHDXVXPHLQYHUZDVFKHQHV9LHUHFN DXIGHP%RGHQDXV]XOHXFKWHQ)LQJHUGLFNODJGHU6WDXE+LHU KDWWHZRKOVHLW-DKU]HKQWHQQLHPDQGPHKUVDXEHUJHPDFKW 0LWGHP.RSI]XHUVWWDXFKWH6XNRGXUFKGDV)HQVWHU(U VWUHFNWHGLH$UPHDXVHUUHLFKWHPLWGHQ+DQGIOlFKHQGHQ %RGHQXQG]RJGHQ2EHUN|USHUQDFK 6HNXQGHQVSlWHUVWDQGHUDXIGHP6SHLFKHU 'HU&KLQHVHEOLFNWHVLFKXP6HOWHQKDWWHHUVRYLHO*HUPSHO DXIHLQHP)OHFNJHVHKHQ (UVDKYHUURVWHWHV:HUN]HXJ.lVWHQPLW)ODVFKHQGDV 8QWHUWHLOHLQHV6FKUDQNVGLH+lOIWHHLQHV%HWWJHVWHOOVXQGOHHUH .DUWRQV1XUGLH*HZHKUHHQWGHFNWHHUQLFKW 6XNRVFKDOWVLFKHLQHQ'XPPNRSIGDHU0RQMDQLFKWJHIUDJW KDWWHZRGLH:DIIHQODJHQ-HW]WZDUHV]XVSlW
'HU&KLQHVHEHJDQQPLWGHU6XFKH(UZKOWHGLH.DUWRQV GXUFKHLQDQGHUVWLHDXIHLQHDOWH7UXKHXQGKREPLWJURHP .UDIWDXIZDQGGHQVFKZHUHQ'HFNHOKRFK ,QGHU7UXKHODJHQYRQ0RWWHQ]HUIUHVVHQH.OHLGXQJVVWFNH DEHUNHLQH*HZHKUH 'DQQUL6XNRGLHEHLGHQ7UHQGHV6FKUDQNXQWHUWHLOVDXI(U EFNWHVLFKXQGZKOWHLQGHQ)lFKHUQKHUXP$XHUHLQHU 6WDXEZRONHTXROOHQLKPQRFKOHHUH.RQVHUYHQGRVHQHQWJHJHQ XQGVRJDUGUHLDOWH6FKHOODFN3ODWWHQILHOHQ]X%RGHQXQG]HU EUDFKHQ 'RFK6XNRJDEQLFKWDXI(UZKOWHZHLWHUHUWDVWHWHGLH 5FNZDQGXQGJULQVWHSO|W]OLFK :DVHUGD]ZLVFKHQGHQ)LQJHUQIKOWHZDUGHU/DXIHLQHV *HZHKUHV6XNR]RJGLH:DIIHDXVGHP6FKUDQN8QGDXFKGDV ]ZHLWH*HZHKUILHOLKPLQGLH+lQGH 'HU&KLQHVHJULQVWH]XIULHGHQ(UNOHPPWHEHLGH:DIIHQXQWHU GHQ$UPXQGQlKHUWHVLFKGHP)HQVWHU'LH/lXIHZDUHQYHU URVWHWXQGPLWHLQHUGLFNHQ6WDXEVFKLFKWEHGHFNW6XNREOLHVGHQ 6WDXEZHJXQGVDKQDFKREGLH:DIIHQJHODGHQZDUHQ 6LHZDUHQHVWDWVlFKOLFK-HW]WPXWHQGLH'LQJHUQXUQRFK VFKLHHQGDQQZDUDOOHVNODU 'HU&KLQHVHKlQJWHVLFKGLHEHLGHQ*HZHKUHEHUGLHOLQNH 6FKXOWHUXQGZROOWHGLHXQJDVWOLFKH6WlWWHZLHGHUYHUODVVHQ 'DIORJGLH7UGHV6SHLFKHUVDXI 6XNRZLUEHOWHKHUXP =ZHL0lQQHUVWUPWHQDXIGHQ6SHLFKHU6XNRNDQQWHVLHEHLGH QLFKWHUKDWWHVLHQLFKWXQWHUGHQ'RUIEHZRKQHUQJHVHKHQ'HU OLQNHZDUJURXQG]LHPOLFKNUlIWLJGHUUHFKWHHWZDVNOHLQHUXQG MQJHU'RFKDXFKHU]lKOWHQLFKWJHUDGH]XGHQ6FKZlFKVWHQ %HZDIIQHWZDUHQGLH0lQQHUPLW.QSSHOQ 6LHVDKHQ6XNRXQGVWUPWHQVRIRUWDXILKQ]X6LHZROOWHQLKQ RKQHHLQ:RUWGHU(UNOlUXQJQLHGHUVFKODJHQ 6XNROLHVLHNRPPHQ 'HP+LHEGHVbOWHUHQZLFKHUDXVKHEHOWHLKPGDQQGLH%HLQH ZHJXQGSUHOOWHGHP-QJHUHQPLWHLQHP+DQGNDQWHQVFKODJGHQ .QSSHODXVGHQ)LQJHUQ
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lXPH)DXFKHQGVWDQG6XNRDXI(UQDKPGLH*HZHKUHJLQJ ]XU7UXQGEOLFNWHLQGHQ)OXU 6HKHQNRQQWHHUQLFKWVK|UWHMHGRFK6WLPPHQ'LH.HUOHVWDQ GHQLP+DXVXQGXQWHUKLHOWHQVLFK 6XNRVFKOREHKXWVDPGLH7U (LJHQWOLFKZDUHVJXWGDHUDXIGLHEHLGHQ0lQQHUJHWURIIHQ ZDU6RZXWHHUZHQLJVWHQVGDHVGLH0HXWHQLFKWQXUPLW HLQHP)URQWDODQJULIIYHUVXFKHQZROOWHVRQGHUQDXFKQRFK DQGHUH7ULFNVLQGHU+LQWHUKDQGKDWWH'LH0lQQHUZlUHQ VLFKHUOLFKEHUGDV'DFKJHNOHWWHUWXQGGDQQGXUFKGDV)HQVWHU LQV=LPPHUJHVWU]W 'DYRQNRQQWHQVLHMHW]WQXUQRFKWUlXPHQ 0LWVHLQHQHUEHXWHWHQ*HZHKUHQVFKREVLFK6XNRZLHGHUGXUFK GDV)HQVWHUDXIGDV+DXVGDFK9RUVLFKWLJQlKHUWHHUVLFKGHU 5LQQHSHLOWHQDFKXQWHQVDKGDGLH'RUIEHZRKQHUHLQHQ GLFKWHQ5LQJXPGDV+DXVJH]RJHQKDWWHQ =XP*OFNKDWWHQVLH6XNRQRFKQLFKWHQWGHFNW(UUXWVFKWH ZHLWHUYRUJHODQJWHDQGHQ'DFKUDQGXQGSDFNWHGLH5LQQH 1RFKHLQPDOPXWHHLQ:XQGHUJHVFKHKHQ 6XNRKlQJWHVLFKDQGLH'DFKULQQH +LHOWVLH" -D 6LHNQLUVFKWH]ZDUKlOLFKLQGHU9HUDQNHUXQJGRFKVLHUL DXFKQLFKWDOV6XNRV%HLQHYRUGHP)HQVWHUEDXPHOWHQ%LOO
&RQROO\UHDJLHUWHVFKQHOO(UIDWH6XNRV8QWHUN|USHUXQG]RJ GHQ&KLQHVHQLQV=LPPHUDOVEHUHLWVGLHHUVWHQ6WHLQHIORJHQ'LH 'RUIEHZRKQHUKDWWHQ6XNRV$NWLRQEHPHUNW6FKUHLHQGOLHIHQVLH KHUEHL(LQ6WHLQIORJLQV=LPPHUXQGSUDOOWHJHJHQGLH:DQG(U WUDI]XP*OFNQLHPDQGHQ /DQJILHO6XNR]X%RGHQXQG%LOO&RQROO\UDPPWHGLH)HQVWHU KlOIWH]X :HLWHUH6WHLQHZXUGHQQLFKWJHZRUIHQGDIUHUW|QWHYRQ GUDXHQZWHQGHV*HEUOO 6XNRULFKWHWHVLFKDXI*ULQVHQGGHXWHWHHUDXIGLHEHLGHQ *HZHKUHª6FKlW]HMHW]WJHKWHVXQVHWZDVEHVVHU© (VJLEW6LWXDWLRQHQLP/HEHQGDK|UWPDQHLQIDFKDXI]XGHQNHQ 6RlKQOLFKHUJLQJHVPLU,FKVWDQGGDZDUHLQJHNUHLVWYRQ PHLQHQ*HJQHUQXQGZDUWHWHDXIGDV(QGH 'HQ:HJ]XP%UXQQHQGHFNWHHLQ:DOOYRQ6NHOHWWHQDE,KUH ZHLHQ$XJHQVWDUUWHQPLFKDQVFKLHQHQPLFKGXUFKERKUHQ]X ZROOHQ1RFKKLHOWLFKGHQ'ROFKLQGHU5HFKWHQIKOWHGDV ZDUPH0HWDOOGDVGLH:HLKHGHV*XWHQHUKDOWHQKDW,FKGDFKWH DXFKDQGDV.UHX]DXIPHLQHU%UXVW(VKDOIPLUQLFKW1LFKW KLHULQGLHVHUVFKUHFNOLFKHQ8PJHEXQJLQGHU$OSWUlXPHZDKU ZXUGHQXQGGDV*UDXHQUHJLHUWH 'UHLYLHU6HNXQGHQVWDQGLFKXQEHZHJOLFKZDUWHWHDXI PHLQHQ7RGXQGGRFKJDEHVHLQH5HWWXQJ 6LHZXUGHXUSO|W]OLFKXQGPLWGHU:XFKWHLQHV6RPPHU JHZLWWHUVP|JOLFK =XHUVWK|UWHLFKGLHZLOGHQXQGJHOOHQGHQ6FKUHLH6LHHU UHLFKWHQYRQGHQ7HUUDVVHQKHUPHLQH2KUHQXQGLPQlFKVWHQ $XJHQEOLFNVDKLFKGLHDXVJHPHUJHOWHQ*HVWDOWHQGLHGLH6WXIHQ KHUDEVWUPWHQEHUGLH0DXHUKLQZHJLQGLH$UHQDVSUDQJHQ XQGVLFKZLOGXQGXQJH]JHOWDXIGLH+RUURUZHVHQVWU]WHQ ,FKUHDJLHUWHDXWRPDWLVFKXQGZDUIPLFK]X%RGHQ 1RFKLP)DOOHQVFKRVVHQPLUGLH*HGDQNHQGXUFKGHQ6FKlGHO XQGIRUPLHUWHQVLFK]XHLQHU7KHRULH $XVGHQ$XJHQZLQNHOQKDWWHLFK,QVSHNWRU)HQWRQHUNDQQW(U
ZDUGHU$QIKUHUGHU0lQQHUUDQQWHDQGHU6SLW]HLQGLH$UHQD KLQHLQXQGZDUIVLFKDXIGHQ'lPRQGHULKPDPQlFKVWHQVWDQG )HQWRQPXWHGLHDQGHUHQ*HIDQJHQHQPRELOLVLHUWKDEHQXP PLFKEHIUHLHQ]XN|QQHQ(LQHDQGHUH0|JOLFKNHLWJDEHVPHLQHU 0HLQXQJQDFKQLFKW'LH8QJOFNOLFKHQZDUHQEHULKUHQ HLJHQHQ6FKDWWHQJHVSUXQJHQ6LHKDWWHQOlQJVWPLWLKUHP /HEHQDEJHVFKORVVHQZXWHQGDVLHIUHZLJLQGLHVHU+|OOH VFKPRUHQPXWHQZROOWHQHVPLUDEHUHUP|JOLFKHQGLH)OXFKW ]XHUJUHLIHQ 8QIDEDU ,QQHUKDOEYRQ6HNXQGHQZDUHLQHUHJHOUHFKWH6FKODFKWHQW EUDQQW,QGHU$UHQDKHUUVFKWHGDVDEVROXWH&KDRV,FKKDWWHPLFK UHFKW]HLWLJJHQXJ]X%RGHQJHZRUIHQGLHPDJLVFKHQ.HXOHQ ZLVFKWHQEHUPHLQHQ.RSIKLQZHJXQGOLFKWHWHQGLH5HLKHQGHU $QJUHLIHU $XFKGLHYHUGDPPWHQ'UDFKHQJULIIHQLQGHQ.DPSIHLQ =ZHLYRQLKQHQKDFNWHQPLWGHQ6FKQlEHOQQDFKGHQ $QJUHLIHUQW|WHWHQVLHDXIGHU6WHOOH(LQDQGHUHU'UDFKHKDWWH HLQHQDXVJHPHUJHOWHQ.|USHUJHSDFNWXQGULLKQLQGLH+|KH :RHUGDPLWKLQIORJNRQQWHLFKQLFKWVHKHQ6WDXEXQG'UHFN QDKPHQPLUGLH6LFKW ,FKUROOWHPLFKPHKUPDOVXPGLHHLJHQH$FKVHVSUDQJGDQQ DXIXQGW|WHWHHLQ6NHOHWWPLWPHLQHP'ROFK(LQHP]ZHLWHQ HQWULLFKGLH.HXOHVFKOHXGHUWHVLHZXFKWLJLQHLQH*UXSSH 6NHOHWWHGLHGDUDXIKLQZLHYRP%OLW]JHWURIIHQDXVHLQDQGHU SODW]WHQ +DDUVFKDUIQXU]LVFKWHHLQHZHLWHUH.HXOHDQPHLQHU6FKXOWHU YRUEHL,FKJLQJDXI7DXFKVWDWLRQXQGUDQQWHGRUWKLQZRLFKGHQ %UXQQHQYHUPXWHWH =ZHL'lPRQHQVWHOOWHQVLFKPLULQGHQ:HJ 9HKHPHQWVSUDQJLFKVLHDQ,FKVSUWH.QRFKHQILQJHUDQ PHLQHP+DOV*QDGHQORVGUFNWHQVLH]X ,FKPXWHPHLQ0HVVHU]X+LOIHQHKPHQ'HU'UXFNORFNHUWH VLFK$XFKQRFKHLQGULWWHV6NHOHWWNRQQWHLFKHUOHGLJHQ'DQQVDK LFKGXUFKGLH6WDXEZRONHGLH8PULVVHGHV%UXQQHQV1XUQRFK ZHQLJH6FKULWWHXQGLFKKDWWHGDVUHWWHQGH=LHOHUUHLFKW
3O|W]OLFKVDKLFK,QVSHNWRU)HQWRQ(UZLFKJHUDGHHLQHP KDUWHQ6FKODJDXVGUFNWHVHOEVWHLQ6NHOHWW]X%RGHQZXUGH DEHUYRQ]ZHLDQGHUHQYRQKLQWHQJHSDFNW ,FKlQGHUWHGLH5LFKWXQJXQGKHFKWHWHDXI)HQWRQ]X ª1HLLLQQQ©EUOOWHHUPLUHQWJHJHQª1LFKW-RKQLQGHQ %UXQQHQ6FKQHOO0LUNDQQNHLQHUPHKUDKKK© (LQH.HXOHWUDILKQLQGHU0LWWHGHV.|USHUV (VZDUJUDXVDP ,FKZDQGWHPLFKDE0HLQH+HOIHUKDWWHQHVWDWVlFKOLFK JHVFKDIIWXQGPLUGHQ:HJ]XP%UXQQHQIUHLJHKDOWHQ/DQJH NRQQWHLFKQLFKWPHKUZDUWHQ'LH6NHOHWWHKDWWHQVLFKLQ]ZL VFKHQIRUPLHUWXQGUlXPWHQXQWHUGHQ$QJUHLIHUQDXI6LHZDUHQ LKQHQN|USHUOLFKZHLWEHUOHJHQXQGZLHGHUZXUGHPLUNODUPLW ZHOFKHLQHU7RGHVYHUDFKWXQJVLFKGLHVH/HXWHIUPLFKRSIHUWHQ ,FKNRQQWHPHLQH'DQNEDUNHLWNDXPLQ:RUWHIDVVHQ 6WROSHUQGUHQQHQGXQGWDXPHOQGQlKHUWHLFKPLFKGHP %UXQQHQ'RFKGDVWDQGDXIHLQPDOHLQ6NHOHWWYRUPLU:HLWKROWH HVPLWGHU.HXOHDXV(VNRQQWHPLFKJDUQLFKWYHUIHKOHQ ,PYROOHQ/DXIVFKOHXGHUWHLFKGDV0HVVHU 'LHJHZHLKWH:DIIHIOLUUWHGXUFKGLH/XIWERKUWVLFKZXFKWLJLQ GHQNQ|FKHUQHQ6FKlGHOGHV'lPRQV :LHHLQ%UHWWNLSSWHGDV6NHOHWWQDFKKLQWHQXQGUKUWHVLFK QLFKWPHKU (QGOLFKZDUGHU:HJIUHL +DUWSUDOOWHLFKJHJHQGLH%UXQQHQPDXHUVRYLHO6FKZXQJKDWWH LFKYRP/DXIQRFKGUDXI,FKYHUORUGDV*OHLFKJHZLFKWVDKDXI HLQHZLH4XHFNVLOEHUVFKLPPHUQGH)OlFKHVFKDOWHWHMHGHQ*H GDQNHQDXVXQGVWU]WHPLFKNRSIEHULQGHQ%UXQQHQ 'HU.DPSIOlUPEOLHE]XUFNGLH8QHQGOLFKNHLWQDKPPLFK DXI =DUFDGLWULXPSKLHUWH(UKDWWH-RKQ6LQFODLUDXVJHVFKDOWHWKDWWH LKQLQVHLQXUHLJHQVWHV5HLFKJHKROWLQGHPGLH:lFKWHUVHLQH )RUGHUXQJHQHUIOOWHQXQGLP/DQGGHUWRWHQ*|WWHU:DFKHKLHO WHQ%HLLKPGHP6FKZDU]HQ7RGOLHIHQGLH)lGHQ]XVDPPHQ(U
ZDUGDV%LQGHJOLHG]ZLVFKHQGHP6DWDQXQGGHU0HQVFKKHLW $XJHQEOLFNOLFKWUDWHUDOV3URIHVVRU=DUFDGLDXI(UNRQQWHDEHU DXFKDOV)XEDOOVSLHOHURGHU:DQGHUSUHGLJHUGXUFKGLHVLFKWEDUH :HOW]LHKHQ'HP6FKZDU]HQ7RGZDUHQGDNHLQHUOHL*UHQ]HQ JHVHW]W $EHULKQIDV]LQLHUWHGDV*HLJHQVSLHOQXQPDO9RUDOOHPZHQQ HUGDGXUFKLQGLH/DJHYHUVHW]WZXUGH0HQVFKHQ]XEHHLQIOXV VHQ'LH0HORGLHDXIHLQHEHVWLPPWH$UWJHVSLHOWEUDFKWH 0HQVFKHQLQVHLQH$EKlQJLJNHLW$EHUGDVZDU=DUFDGLQRFK QLFKWJHQXJ(UZROOWHPLWVHLQHP*HLJHQVSLHOGHQ7RGEHU OLVWHQZROOWHGLH7RWHQLQ/HEHQGHYHUZDQGHOQ1DFKWVVROOWHQVLH DXVLKUHQ*Ul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lKUOLFKVFKlW]WHHUGLHVHQ&KLQHVHQHLQGHUVLFKYRUQLFKWV]X IUFKWHQVFKLHQ,KPXQGGHQEHLGHQDQGHUHQVROOWHHV]XHUVWDQ GHQ.UDJHQJHKHQ =DUFDGLV/DQGKDXVODJOHHUXQGYHUODVVHQLQPLWWHQGHV:DOGHV (UEUDXFKWHHVYRUOlXILJQLFKWPHKU(EHQVRZHQLJZLHGDV 7UHLEKDXVPLWGHPHVHLQHJDQ]EHVRQGHUH%HZDQGWQLVKDWWH (VZDUGLH4XHOOHGHU6FKZDU]HQ0DJLH=DKOUHLFKH0HQVFKHQ KDWWHQHVVFKRQ]XVSUHQEHNRPPHQDOOHGLHVLFKJHJHQ =DUFDGLJHVWHOOWKDWWHQ6LHOHEWHQZHLWHUMHGRFKQLFKWDOV 0HQVFKHQVRQGHUQDOV3IODQ]HQ 1XU=DUFDGLZXWHGDYRQQLFKWHLQPDO)UDQN6FRWWHLQHU
VHLQHUWUHXHVWHQ'LHQHU8QG6FRWWGHUVLFKYRQ6XNRV1LHGHU VFKODJQXUVFKZHUHUKROWKDWWHWDXPHOWHGXUFKGHQ:DOG ,PPHUZLHGHUVW|KQWHHUDXIKLHOWVLFKGDEHLVHLQHQ.RSIGHU VFKPHU]WHDOVZROOHHUDXVHLQDQGHUSODW]HQ (UPXUPHOWH)OFKHXQG9HUZQVFKXQJHQ,QVHLQHU%UXVW VWLHJGDV*HIKOGHU5DFKHXQG9HUJHOWXQJZLHHLQH)ODPPH KRFK(UZROOWHHVGHP&KLQHVHQ]XUFN]DKOHQ0LW=DUFDGLV +LOIHPXWHLKPGDVHLQIDFKJHOLQJHQ 6FRWWPHUNWHQLFKWGDHUYRP:HJDENDPXQGDXIGDV 7UHLEKDXV]XVWHXHUWH$XIHLQ7UHLEKDXVGDV]XHLQHU%UXWVWlWWH GHV%|VHQJHZRUGHQZDU=DUFDGLKDWWHHVVRJHZROOW(U]RJGHQ VFKW]HQGHQ6FKLUP]XUFNXQGEHUOLHDOOHVGHUQDWUOLFKHQ GlPRQLVFKHQ(QWZLFNOXQJ6LHSDWHKDDUJHQDXLQVHLQ.RQ]HSW 'LH7RWHQVWLHJHQDXVGHQ*UlEHUQXQGGLHIOHLVFKIUHVVHQGHQ 3IODQ]HQVRUJWHQIUGLHQ|WLJH5FNHQGHFNXQJ :DKUOLFKWHXIOLVFKH$XVVLFKWHQ /DQJVDPHUKROWHVLFK)UDQN6FRWW(UEHUZDQGGLH1DFK ZLUNXQJHQGHV6FKODJHVXQGQDKPVRJDUEHZXWVHLQH8P ZHOWZDKU 'XUFKGDV/DXEGDFKGHU%lXPHVFKLPPHUWHHLQJUDXZHLHU +LPPHO'LH6RQQHZDUQLFKW]XVHKHQDEHUHVURFKQDFK6FKQHH :HQQ6FRWWJHQDXKLQVDKNRQQWHHUEHUHLWVGLHHUVWHQZLQ]LJHQ )ORFNHQYRP+LPPHOIDOOHQVHKHQ 'HU6FKQHHZUGHDOOHV]XGHFNHQZLHHLQULHVLJHVZHLHV /HLFKHQWXFK 6FKRQVDK)UDQN6FRWWGLHJUDXHQ6FKHLEHQGHV7UHLEKDXVHV ]ZLVFKHQGHQ%lXPHQVFKLPPHUQ'DEHLKDWWHHUGDV*HIKO KLQWHUGHP*ODVZUGHQVLFK6FKDWWHQEHZHJHQ6FRWWZLVFKWH VLFKEHUGLH$XJHQJODXEWHDQHLQH+DOOX]LQDWLRQGRFKGLH %HZHJXQJHQEOLHEHQ ,UJHQGMHPDQGWULHEVLFKLP7UHLEKDXVKHUXP $EHUZHU"6FRWWJODXEWHQLFKWGDGLHVHU8QEHNDQQWHVHLQHP 0HLVWHU=DUFDGLZRKOJHVRQQHQZDU8QGGHVKDOEKDWWH)UDQN 6FRWWYRUGHP(LQGULQJOLQJGLH6XSSH]XYHUVDO]HQ 9RUVLFKWLJXQGDXI=HKHQVSLW]HQQlKHUWHHUVLFKVHLQHP=LHO 1LHPDQGVROOWHLKQEHPHUNHQ
6FRWWHUUHLFKWHGLH(LQJDQJVWU (UGUFNWHGLH.OLQNHKHUXQWHUXQGVWHOOWHPLW*HQXJWXXQJ IHVWGDGLH7URIIHQZDU (LQE|VHV*ULQVHQKXVFKWHEHUVHLQH/LSSHQ0LWHLQHP KHIWLJHQ5XFNVWLHHUGLH7UDXIVSUDQJEHUGLH6FKZHOOH XQGHUVWDUUWHYRU(QWVHW]HQ (VZDUHLQODXWORVHU)OXJ(LQ6FKZHEHQGXUFKGLH8QHQGOLFKNHLW GHV$OOV 6FKZLQGHOSDFNWHPLFK'LH(LQGUFNHZHFKVHOWHQYRQHLQHP 0RPHQW]XPDQGHUHQ,FKIKOWHPLFKDOV0LWWHOSXQNWLQ HLQHUSUlFKWLJHQ)DUESDOHWWHGDQQZLHGHULP=HQWUXPHLQHV JUDXHQYROOHQ2UNDQV*UlOLFKH)UDW]HQWDXFKWHQYRUPHLQHQ $XJHQDXI8QKHLPOLFKH*HVWDOWHQGLHLKUHJLHULJHQ+lQGHQDFK PLUDXVVWUHFNWHQXQGPLFKGRFKQLFKWSDFNHQNRQQWHQ6LH JULIIHQLPPHUZLHGHULQV/HHUH 'DQQWDXFKWHHLQVFKUHFNOLFKHVEHUJURHV*HVLFKWDXI(V IOOWHGLHJHVDPWH8PJHEXQJDXV 'DV*HVLFKWVWHOOWHHLQHQVWLOLVLHUWHQ=LHJHQNRSIGDU0LW +|UQHUQXQGHLQHUVSLW]HQ6FKQDX]HDXVGHUHLQHVFKZDU]H =XQJHVFKQHOOWH 'LH$XJHQZDUHQEHUQDWUOLFKJURXQGJOKWHQLQHLQHP GVWHUHQ5RW2EZRKOLFK]XHLQHP6SLHOEDOOIUHPGHUXQGXQ IDEDUHU.UlIWHJHZRUGHQZDUWUDIPLFKGLH(UNHQQWQLVZLHHLQ 6FKRFN 'LHVH)UDW]HGHU6FKlGHOGLH+|UQHU ,FKKDWWHGHQ7HXIHOJHVHKHQ 'DV%LOGYHUEODWH(LQHWLHIHXQKHLPOLFKH6FKZlU]HVDXJWHHV DXIZLHHLQ6FKZDPPGDV:DVVHU ,FKILHOILHO 3O|W]OLFKZDUDOOHVYRUEHL(VJDEHLQHQKHIWLJHQ5XFN'LH )LQVWHUQLVYHUVFKZDQG(VZXUGHKHOOHUXPPLFKKHUXP,FKUL GLH$XJHQZHLWDXIXQGVWHOOWHIHVWGDPLFKGLH6FKZlU]HGHU 'LPHQVLRQHQHQWODVVHQKDWWH ,FKODJDXIVFKPXW]LJHP%RGHQ
$EHUZR" bFK]HQGULFKWHWHLFKPLFKDXI6FKZOH/XIWXPJDEPLFK6LH HULQQHUWHPLFKDQGDV/DQGGHV6FKUHFNHQVXQG ,FKVFKWWHOWHGHQ.RSIYHUVXFKWHPHLQH*HGDQNHQ]XRUG QHQ5LFKWLJDQHLQ7UHLEKDXV 6FKODJDUWLJZDUGLH(ULQQHUXQJGD'HU+RUURU:DOGGDV 7UHLEKDXVGHU6DUJ ,FKEHIDQGPLFKQRFKLQNQLHQGHU6WHOOXQJ0HLQH)LQJHUZKO WHQLQIHXFKWHP(UGUHLFK9RUPLUVDKLFKHLQHQODQJHQ*DQJ (UWHLOWHGDVJURH7UHLEKDXVEHHWLQ]ZHL+lOIWHQhEHUPLU OLHIHQGLHEHLGHQ'DFKKlOIWHQVFKUlJDE:RVLHVLFKLQGHU 0LWWHWUDIHQOHXFKWHWHQLQXQUHJHOPlLJHQ$EVWlQGHQNOHLQH VFKPDOH/DPSHQ (WZDVLUULWLHUWHPLFK,FKK|UWHHLQ6FKDEHQXQG5DVFKHOQ(V VFKLHQYRQDOOHQ6HLWHQDXIPLFKHLQ]XGULQJHQXQGHUIOOWHPLFK DXIHLQHXQHUNOlUOLFKH:HLVHPLW$QJVW /DQJVDPVWDQGLFKDXI 'DVDKLFKGLH8UVDFKHGHU*HUlXVFKH 'LH3IODQ]HQXQG%OXPHQLQGLHVHP*HZlFKVKDXVEHZHJWHQ VLFK,KUHODQJHQ6WHQJHOZLHJWHQVLFK]XHLQHPXQK|UEDUHQ7DNW .OHLQHVRQVWQRUPDOH%OWHQYHUGUHLXQGYHUYLHUIDFKWHQLKU 9ROXPHQZXUGHQ]X0lXOHUQXQGUDFKHQDUWLJHQ*HELOGHQGLH YHUVFKODQJHQZDVVLFKLKQHQLQGHQ:HJVWHOOWH 9HUVFKODQJHQ" $XFKPLFK ,FKVDKZLHVLFKPLUHLQJORFNHQI|UPLJHU%OWHQNHOFKHQWJH JHQEHXJWHHLQHODQJHNOHEULJH=XQJHZLVFKWHGDUDXVKHUYRU ]XFNWHDXIPHLQ*HVLFKW]X ,FKVSUDQJ]XU6HLWH *HUDGHQRFKUHFKW]HLWLJ'HUYHUVFKOLQJHQGH.HOFKYHUIHKOWH PLFK 'DIUVSUWHLFKHWZDV6FKOHLPLJHVDQPHLQHQ)XNQ|FKHOQ (LQ5XFNLPOHW]WHQ0RPHQWNRQQWHLFKPLFKIDQJHQEOLFNWH QDFKXQWHQVDKGDVLFK]ZHLOLDQHQDUWLJH*HZlFKVHXPPHLQ UHFKWHV%HLQJHZLFNHOWKDWWHQ ,FKULVLHPLW*HZDOWHQW]ZHL
*UQVFKZDU]HU6DIWWURSIWH]X%RGHQXQGELOGHWVRIRUWQHXH IOHLVFKIUHVVHQGH3IODQ]HQ 0HLQH$QJVWVWHLJHUWHVLFKLQV8QHUPHOLFKH'DGXUFKGDLFK ]LHPOLFKZHLWYRP$XVJDQJHQWIHUQWZLHGHULQGLHVLFKWEDUH:HOW HLQJHWDXFKWZDUHUVFKLHQHVPLUIDVWXQP|JOLFKGLHUHWWHQGH7U ]XHUUHLFKHQ'LH3IODQ]HQOLQNVXQGUHFKWVGHV*DQJHVKDWWHQ VLFKDOOHVDPWYHUlQGHUW6LHZDUHQ]X0RQVWHUQJHZRUGHQXQG ZXFKVHQYRQ6HNXQGH]X6HNXQGHZHLWHU'LHHUVWHQKDWWHQ VFKRQGDV*ODVGDFKHUUHLFKWGUFNWHQPLWLKUHULPPHQVHQ .UDIWGDJHJHQ 'DV*ODV]HUEDUVW 6SOLWWHUUHJQHWHQLQGLH3IODQ]HQUHLKHQKLQHLQ $OOGDVEHPHUNWHLFKDP5DQGHZlKUHQGLFKYHU]ZHLIHOWYHU VXFKWHPLUHLQHQ:HJ]XEDKQHQ 'DQQHQWGHFNWHLFKGHQ6SDWHQGHUDXIGHP%RGHQODJ)DVW ZlUHLFKGDUEHUJHVWROSHUW6RDEHUQDKPLFKLKQDXIXQGKLHOW LKQDOV:DIIHLQGHU+DQG'DV(LVHQZDU]XP*OFNQRFKQLFKW YHUURVWHW :LH6FKODQJHQNURFKHQGLHJUQOLFKVFKLPPHUQGHQ3IODQ]HQ EHUGHQ%RGHQYHUVXFKWHQPHLQH)H]XXPVFKOLQJHQXQG PLFK]X)DOO]XEULQJHQ ,FKGURVFKPLWGHP6SDWHQ]X'LH6FKQHLGHKDFNWHGLHGQ QHQDEHUNUlIWLJHQ$UPHHQW]ZHL,FKNlPSIWHZLHHLQ%HUVHUNHU +DWWHLFKHLQ'XW]HQG$UPHHQW]ZHLJHVFKODJHQZXFKVHQVRIRUW GRSSHOWVRYLHOHQDFK(VZDUHLQXQJOHLFKHU.DPSI 8QGGRFKJDELFKQLFKWDXI,FKKDWWHEDOGVRHWZDVZLH 5RXWLQH(UZLVFKWHGLHZUJHQGHQ/LDQHQLQGHU/XIW'HU 6SDWHQZDUHLQHJXWH:DIIHRKQHLKQZlUHLFKKLOIORVJHZHVHQ XQGVLFKHUHLQ2SIHUGLHVHUJUDXHQYROOHQ8PJHEXQJJHZRUGHQ /lQJVWZDULFKLQ6FKZHLJHEDGHW:LH%DFKZDVVHUOLHIHUPLU EHUGDV*HVLFKW 'LH+lOIWHGHU6WUHFNHKDWWHLFKHWZDJHVFKDIIW9RQEHLGHQ 6HLWHQGUDQJHQGLHYHUGDPPWHQWRGEULQJHQGHQ/LDQHQDXIPLFK HLQ(LQHEHUGLPHQVLRQDOH2VWHUJORFNHYHUVXFKWHLKUHQ.HOFK EHUPHLQHQ.RSI]XVWOSHQ,FKNRQQWHVRJDUGLHNOHEULJH 0DVVHHUNHQQHQGLHGLH,QQHQVHLWHQGHU%OWHQEHGHFNWH
0LWHLQHPZWHQGHQ5XQGVFKODJIHJWHLFKGHQ.HOFKYRP 6WHQJHO(UILHOKLQWHUPLU]X%RGHQ'XUFKGLHVH$NWLRQKDWWHLFK PLUHWZDV/XIWYHUVFKDIIW,FKOLHI]ZHL
6FRWWV6FKUHLHUVWLFNWHLQHLQHP5|FKHOQ(UVFKOXJPLW$UPHQ XQG%HLQHQYHUVXFKWHDOOHVXPGLHW|GOLFKH8PNODPPHUXQJ ORV]XZHUGHQ(VKDWWHNHLQHQ6LQQ ,FKVHOEVWZXUGH]XU0DVFKLQH5lXPWHPLWGHP6SDWHQDXI =HUVFKOXJ]HUPDOPWHXQG]HUKDFNWHZDVVLFKPLULQGHQ:HJ VWHOOWH,FKZROOWH6FRWWUHWWHQXQGNDPGRFK]XVSlW 'LHEHLGHQ/LDQHQ]RJHQLKQEHUGDV%HHW6HNXQGHQODQJ QRFKVDKLFKLKQLQGHU/XIWGDQQYHUVFKZDQG)UDQN6FRWW ]ZLVFKHQGHQPRUGHQGHQXQGZUJHQGHQ3IODQ]HQ (LQPDOQRFKWDXFKWHVHLQ$UPDXI'LH)LQJHUZDUHQJHVWUHFNW GDQQNUPPWHQVLHVLFKXQGYHUVFKZDQGHQ]XU)DXVWJHEDOOW 1LHLQPHLQHP/HEHQZUGHLFKGLHVHV%LOGYHUJHVVHQ )DOOVHVHLQ:HLWHUOHEHQJDE ,FKNlPSIWHYHUELVVHQQlKHUWHPLFK
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lUHQVLH DXV3DSLHU:HQQLFKPLFKQLFKWEHHLOWHNRQQWHHVSDVVLHUHQGD GLHYHUGDPPWHQ3IODQ]HQGHQ:DOGHUREHUWHQXQGPLFKOHW]WHQ (QGHVDXFKQRFKW|WHWHQ 'HQ6SDWHQGHUPLUVRJXWH'LHQVWHHUZLHVHQKDWWHQDKPLFK PLW1DFKHLQHP)XPDUVFKYRQXQJHIlKUHLQHU9LHUWHOVWXQGH HUUHLFKWHLFKGDV/DQGKDXV'LH7UHQZDUHQRIIHQ,FKGXUFK VXFKWHGDV+DXVYRQREHQELVXQWHQLFKIDQGMHGRFKQLFKWHLQ HLQ]LJHV/HEHZHVHQ1LFKWHLQPDOHLQH)OLHJH $OVRZDU=DUFDGLLQ2UOLQJWRQ(LQHDQGHUH$OWHUQDWLYHJDEHV IUPLFKQLFKW (VVFKQHLWHVWlUNHU$XIGHQ%lXPHQODJHLQHGQQHZHLH 6FKLFKW'DV%LOGZLUNWHURPDQWLVFK$EHUGDIUKDWWHLFKMHW]W NHLQHQ%OLFN,FKZXWHGDGLH6WXQGHGHU(QWVFKHLGXQJGLFKW EHYRUVWDQG(VJDEQXU]ZHL0|JOLFKNHLWHQ 'HU6FKZDU]H7RGRGHULFK 6XNRXQG%LOO&RQROO\UHLQLJWHQGLH*HZHKUH(UIUHXWKDWWHQGLH EHLGHQIHVWJHVWHOOWGDGLH0DJD]LQHYROOJHODGHQZDUHQ %LOONORSIWHDXIGHQ6FKDIWª'DPLWN|QQHQZLUXQVVFKRQ HLQLJH.DPHUDGHQYRP/HLEKDOWHQ© ª'HQNGDUDQHVVLQG0HQVFKHQ©ZDUQWH-DQH6LHVWDQGDP )HQVWHUXQGVWDUUWHKLQDXV
'LHGLFNHQ)ORFNHQVHJHOWHQZLH)HGHUQYRPJUDXHQ+LPPHO 1RFKVFKPRO]HQVLHZHQQVLHGLH(UGHEHUKUWHQDEHUGHU 6FKQHHZXUGHYRQ0LQXWH]X0LQXWHGLFKWHU1LFKWPHKUODQJH GDQQODJGDV/DQGXQWHUHLQHPZHLHQ7HSSLFK ª6LHYHUVDPPHOQVLFKDXIGHP)ULHGKRI©PHOGHWHGLHEORQGH 'HWHNWLYLQ ª'DVLVWGRFKJXW©HUZLGHUWH%LOOª'DQQUFNHQVLHXQVZHQLJ VWHQVQLFKWDXIGLH3HOOH© ª'HLQHQ+XPRUP|FKWHLFKKDEHQ©PHLQWH-DQH ª'HULVWDQJHERUHQ© ª)HUWLJ©VDJWH6XNRLQGLHVHP0RPHQWXQGZRJVHLQ*HZHKU LQGHU+DQGª,FKJODXEHZLUN|QQHQHVEDOGULVNLHUHQ© ª8QGZDVZLUGDXVPLU"©IUDJWH0RQMD'XQKLOOOHLVH -DQH&ROOLQVVWULFKLKUWU|VWHQGEHUGDV+DDUª:LUQHKPHQ GLFKPLW0RQMD'XEUDXFKVWNHLQH$QJVW]XKDEHQ© 'DV*LUOQLFNWH9HUWUDXHQVYROOEOLFNWHHV-DQH&ROOLQVDQ %LOOZDUHEHQIDOOVIHUWLJ3UIHQGVDKHUDXIGDV*HZHKUª-HW]W KRIIHLFKQXUQRFKGDGLH.QDUUHDXFKVFKLHW'LHPXHLQLJHV JHNRVWHWKDEHQ6HOEVWODGHNDUDELQHU8QLTXH0RGHOO&RPERVR KHLWGLHDOWH'RQQHUEFKVH©%LOOEOLFNWHJHGDQNHQYHUORUHQDXI GDV0DJD]LQª/DXQVQXUQLFKWLP6WLFK© -DQH&ROOLQVVWDQGZLHGHUDP)HQVWHUª(VZXQGHUWPLFKQXU GD=DUFDGLQRFKQLFKWDXIJHWDXFKWLVW$QVFKHLQHQGLVWHUGRFK QLFKWVRVHKUDQXQVLQWHUHVVLHUW© ª:DUWHHVQXUDE©DQWZRUWHWH6XNRª'HUVFKLFNWHUVWVHLQH 9DVDOOHQYRU=DUFDGLZHLGRFKJHQDXGDHUVLFKPLWXQVHLQ .XFNXFNVHLLQV1HVWJHOHJWKDW© -DQHQLFNWHª:HQQLFKQXUZWHZDVPLW-RKQLVW©,KUH 6WLPPHNODQJUDXKXQGNUDW]LJ 'LHDQGHUHQPHUNWHQGD-DQH0KHKDWWHGLH7UlQHQ]XUFN ]XKDOWHQ ª(UZLUGHVVFKRQJHVFKDIIWKDEHQ©PHLQWH%LOO'LH$QWZRUW NODQJQLFKWJHUDGHEHU]HXJHQG 'LHGUHL)UHXQGHKDWWHQHVQDFK0|JOLFKNHLWYHUPLHGHQEHU -RKQ6LQFODLU]XVSUHFKHQ$EHUMHGHUGDFKWHZRKODQGHQ*HLVWHU MlJHUXQGGHVVHQXQJHZLVVHV6FKLFNVDO
'RFK-DQHV$XIPHUNVDPNHLWZXUGHYRQHWZDVDQGHUHPLQ $QVSUXFKJHQRPPHQ ª6LHURWWHQVLFK]XVDPPHQ©PHOGHWHVLH ª:R"©6XNRVWDQGPLWHLQHP6FKULWWQHEHQLKU -DQHZLHVQDFKYRUQª'DQHEHQGHPYHUIDOOHQHQ+RO] VFKXSSHQ'DVJLEWbUJHU© 6XNRGUFNWHGLH'HWHNWLYLQYRP)HQVWHUZHJ'DQQULHUGHQ )OJHODXI ª:DVKDVWGXYRU"©IUDJWH%LOO ª:LUVWGXVFKRQVHKHQ(KHGLHXQVQRFKHLQPDOPLW6WHLQHQ EHSIODVWHUQMDJHLFKLKQHQHLQH:DUQXQJYRUGLH)H© 'HU&KLQHVH]lKOWHHWZDDFKW0lQQHUGLHGDV+DXVDXVLKUHU 'HFNXQJEHREDFKWHWHQ =ZHLWUDWHQYRUXQGKREHQGURKHQGGLH)lXVWH 6XNREHXJWHVLFKDXVGHP)HQVWHU'HQ*HZHKUNROEHQKDWWH HUJHJHQGLHUHFKWH6FKXOWHUJHGUFNW6HLQ=HLJHILQJHUODJDP $E]XJ 'HU&KLQHVHVDKQLFKWGDVLFKDXIGHP'DFKEHULKPHWZDV WDW/DXWORVZDUHQ]ZHL0lQQHUGRUWKLQDXIJHNOHWWHUW(LQHUKDWWH HLQH+HQNHUVFKOLQJHIDFKPlQQLVFKJHNQSIW$OV6XNRV.RSI DXIWDXFKWHJOLWWHLQE|VHV/lFKHOQEHUVHLQ*HVLFKW/DQJVDP OLHHUGLH6FKOLQJHQDFKXQWHQJOHLWHQXPVLHLPULFKWLJHQ $XJHQEOLFNEOLW]VFKQHOOXP6XNRV+DOV]XZHUIHQ ,FKOLHIQLFKWDXIGLUHNWHP:HJLQV'RUIVRQGHUQQDKP 1HEHQZHJH.XU]YRUGHQHUVWHQ+lXVHUQVFKOXJLFKPLFKQDFK OLQNVLQV*HOlQGH'LH6FKQHHIORFNHQXPWDQ]WHQPLFKZLHNOHLQH ZLOGH7HXIHO8QWHUGHUZHLHQ3UDFKWZDUGHU$FNHUQLFKW]X HUNHQQHQXQGHKHLFKPLFKYHUVDKZDULFKELV]XGHQ.Q|FKHOQ LP0DWVFKHLQJHVXQNHQ 'HQ)OXFKULPLUGHU:LQGYRQGHQ/LSSHQ(VZDUGRFK PHUNOLFKNKOHUJHZRUGHQ0HLQHUDPSRQLHUWH.OHLGXQJWUXJ DXFKQLFKWJHUDGHGD]XEHLPLFKYRUGHU.lOWH]XVFKW]HQ ,FKKDWWHPLUVFKRQHLQHQ3ODQ]XUHFKWJHOHJW=XHUVWHLQPDO ZROOWHLFKPLU:DIIHQEHVRUJHQ'RFKGLHODJHQLP.RIIHUUDXP
GHV%HQWOH\=XP*OFNEHVDLFKQRFKGLH$XWRVFKOVVHO6LH ZDUHQLQGHU6FKUHFNHQVZHOWQLFKWYHUORUHQJHJDQJHQ,P *HJHQVDW]]XPHLQHPJHZHLKWHQ'ROFK$EHUGHUKDWWHPLULP OHW]WHQ$XJHQEOLFNQRFKGDV/HEHQJHUHWWHW,FKEHVD]XP*OFN QRFKHLQHQ]ZHLWHQ'ROFK(UODJLQPHLQHQ(LQVDW]NRIIHUGHUVR JHVLFKHUWZDUGDMHGHU8QEHIXJWHGDPLWVHLQEODXHV:XQGHU HUOHEWH%OLW]VFKQHOOVWU|PWHGXUFKHLQHYHUERUJHQH'VHHLQ %HWlXEXQJVJDVDXVGDVGLHEHWUHIIHQGH3HUVRQDXIGHU6WHOOH NDPSIXQIlKLJPDFKWH ,FKNOHWWHUWHEHU=lXQHXQG$EVSHUUXQJHQOLHIDQGHQ 5FNVHLWHQGHU*HK|IWHXQG%DXHUQKlXVHUYRUEHLXQGJHODQJWH ODQJVDPDEHUVLFKHULQGLH'RUIPLWWH %LVMHW]WKDWWHPLFKQRFKQLHPDQGHQWGHFNW$EHUDXFKLFKVDK NHLQHQ(LQZRKQHU6ROOWHQVLFKGLH/HXWHLQLKUHQ+lXVHUQYHU NURFKHQKDEHQ" ,P)ORFNHQZLUEHOVDKLFKHLQHVFKPDOH*DVVH]ZLVFKHQ]ZHL +lXVHUQ0HLQHU6FKlW]XQJQDFKPXWHVLHJHUDGHZHJVDXIGLH EUHLWHUH+DXSWVWUDHIKUHQ ,FKKDWWHPLFKQLFKWJHWlXVFKW $QGHU(LQPQGXQJGHU*DVVHEOLHELFKVWHKHQXQGSHLOWHEHU GLH+DXSWVWUDH 8QGGDVDKLFKGLH0HQVFKHQ,Q*UXSSHQVWDQGHQVLHEHLVDP PHQ6WXPPXQGPHUNZUGLJYHUNUDPSIW,FK]lKOWHGUHLNOHLQH *UXSSHQ$XI0lQWHOXQG-DFNHQKDWWHVLFKHLQHZHLH]ZHLWH +DXWDXV6FKQHHJHOHJW 'HU)ORFNHQZLUEHOWDQ]WHEHUGLH)DKUEDKQVRGDLFKPHLQHQ %HQWOH\NDXPHUNHQQHQNRQQWH$EHUGLHVHV6FKQHHWUHLEHQKDWWH DXFKVHLQH9RUWHLOH(VQDKPGHQDQGHUHQHEHQIDOOVGLH6LFKW ,FKULVNLHUWHHVHLQIDFK 9RUVLFKWLJO|VWHLFKPLFKDXVPHLQHU'HFNXQJ'LFKWDQGHQ +lXVHUQHQWODQJVFKOLFKLFKGLH6WUDHKLQDXIXPWDQ]WYRQ VFKQHHZHLHQ)ORFNHQ ,FKSDVVLHUWHGLHDOWHQYHUIDOOHQHQ)DVVDGHQ'LH)HQVWHUZDUHQ GXUFK.ODSSHQYHUGHFNW1LHPDQGOLHVLFKEOLFNHQXQGDXFK GLH%HZRKQHUGLHDXIGHU6WUDHVWDQGHQQDKPHQYRQPLUNHLQH 1RWL](VVFKLHQDOVZDUWHWHQVLHDXILUJHQGHWZDV
/lQJVWVFKREHQVLFKGLH6FKDWWHQGHU'lPPHUXQJEHUGDV /DQG=XVDPPHQPLWGHQGLFNHQJUDXHQ6FKQHHZRONHQEUDFKWH VLHHLQHIUKH'XQNHOKHLWGLHPLUQDWUOLFK]XJXWHNDP ,PPHUZLHGHUKLHOWLFK$XVVFKDXQDFK3URIHVVRU=DUFDGLGRFK GLHVHUYHUGDPPWH'lPRQZDUQLUJHQGV]XVHKHQ%HVWLPPW ODXHUWHHULUJHQGZRLPYHUERUJHQHQXPVHLQHQWHXIOLVFKHQ 3ODQGXUFKIKUHQ]XN|QQHQ $EHUGHQ6SDZROOWHLFKLKPYHUGHUEHQ $XFKYRQ6XNRXQG-DQH&ROOLQVVDKLFKQLFKWV,FKKDWWHYRU KLQGLHYDJH+RIIQXQJJHKDEW-DQHLQGHP/DQGKDXV]XILQGHQ GRFKGDVKDWWHVLFKDOV6HLIHQEODVHHUZLHVHQ 3O|W]OLFKYHUQDKPLFKGLFKWYRUPLUHLQ.QDUUHQ'DQQZXUGH HLQH7UDXIJHVWRHQXQGLPQlFKVWHQ0RPHQWYHUOLHHLQ ElUWLJHU0DQQLQPLWWOHUHQ-DKUHQGDV+DXV :LUVDKHQXQVJOHLFK]HLWLJ 'LH$XJHQGHV0DQQHVZXUGHQJURVHLQ0XQG|IIQHWHVLFK ]XHLQHP:DUQVFKUHL ,FKUHDJLHUWHZLHHLQ$XWRPDWVSUDQJYRUXQGYHUVFKORGLH /LSSHQGHV0DQQHVPLWGHUIODFKHQ+DQG'DEHLULLFKLKQ KHUXPXQGGUFNWHLKQ]XUFNLQGDV+DXV (UVFKOXJXPVLFKXQGYHUVXFKWH]XWUHWHQ6HLQH+DFNH VWUHLIWHPHLQ6FKLHQEHLQXQGLFKPXWHLKPGLH%HLQHZHJ WUHWHQ'DQQVFKOXJLFKGLH7U]X :LUEHIDQGHQXQVLQHLQHPVFKPDOHQGXQNOHQ)OXU,FKNRQQWH VHKHQGDVLFKGLH$XJHQGHV0DQQHVYRU(QWVHW]HQZHLWHWHQ(U KDWWHPLFKZRKOHUNDQQW'DHUPLFKIUWRWKLHOWEUDFKIULKQ VLFKHUOLFKHLQH:HOW]XVDPPHQ ª%LVWGXDOOHLQ"©IUDJWHLFK (UQLFNWH ,FKPHUNWHZLHGHU0DQQ]LWWHUWH0HLQ$QEOLFNPXWHLKP ZLHHLQ6FKRFNJHWURIIHQKDEHQª7RW© lFK]WHHUª'XGXELVW WRW'XKDVWLP6DUJJHOHJHQ© ,FKJULQVWHª'XVLHKVWGDLFKQRFKOHEH8QGMHW]WHU]lKOHPLU HLQHKEVFKH*HVFKLFKWH:DVKDW=DUFDGLYRU",VWHUEHUKDXSW QRFKKLHULP2UW"© 'HU0DQQVFKOXFNWH,FKVDKGDVHLQ$GDPVDSIHODXIXQG
QLHGHUKSIWHª=DUFDGLLVWVWDUN(UKROWGLH7RWHQDXVGHQ *UlEHUQ(UZLUGDXIGHU*HLJHVSLHOHQ(U©'DV*HVLFKW GHV0DQQHVYHU]HUUWHVLFKVRDOVZUGHHUVHOEVWXQWHU XQVlJOLFKHQ6FKPHU]HQOHLGHQ(UZDUIVLFKDXIGHP%RGHQ KLQXQGKHU,FKPXWHDOOPHLQH.UDIWDXIZHQGHQXPLKQ IHVW]XKDOWHQ 0LUZDUNODUZLHHULQGLHVHQ=XVWDQGJHUDWHQZDU=DUFDGL KDWWHGHQ*HLVWGHV0DQQHVPLWHLQHUPDJLVFKHQ6SHUUHEHOHJW GLHLFKQLFKWRKQHZHLWHUHVGXUFKEUHFKHQNRQQWH:ROOWHLFKVLH DXIKHEHQEHQ|WLJWHLFK+LOIVPLWWHO,P0RPHQWVWDQGHQVLHPLU QLFKW]XU9HUIJXQJ 0LWHLQHPJH]LHOWHQ)DXVWVFKODJVFKLFNWHLFKPHLQHQ,QIRU PDQWHQLQV5HLFKGHU7UlXPH(UZUGHPLFKLQGHUQlFKVWHQ 6WXQGHQLFKWYHUUDWHQ ,FKVFKOLFKZLHGHUQDFKGUDXHQ.DXPKDWWHLFKGLH7U JH|IIQHWGDWDQ]WHQEHUHLWVGLH)ORFNHQLQGHQ)OXU'HU6FKQHH ILHOZLHHLQGLFKWHUZHLHU9RUKDQJYRP+LPPHO'LHDQGHUH 6WUDHQVHLWHZDUNDXPQRFK]XHUNHQQHQ ,FK]RJGHQ.RSI]ZLVFKHQGLH6FKXOWHUQXQGKDVWHWHORV 8QJHVHKHQHUUHLFKWHLFKGHQ$XVJDQJGHV'RUIHV,FKVDKPLFK QRFKHLQPDOVLFKHUQGXPXQGKXVFKWHGDQQEHUGLH6WUDH 1LFKWQXUPHLQ%HQWOH\VWDQGGRUWZRLFKLKQYHUODVVHQKDWWH (LQZHLWHUHU:DJHQKDWWHVLFKKLQ]XJHVHOOW(LQ3RUVFKH'HP QDFKZDU%LOO&RQROO\LQGHU1lKH6XNRV+DUOH\HQWGHFNWHLFK HEHQIDOOV ,FKPXWHOlFKHOQ0HLQFKLQHVLVFKHU)UHXQGKDWWHZLUNOLFKDOOH +HEHOLQ%HZHJXQJJHVHW]WXQGVRJDU%LOO&RQROO\ORVJHHLVW +LQWHUGHP+HFNGHV%HQWOH\WDXFKWHLFKLQ'HFNXQJ$XI GHP:DJHQODJHLQHKDQGKRKH6FKQHHVFKLFKW1LFKWHLQPDOGLH )HQVWHUZDUHQPHKU]XVHKHQ ,FKSHLOWHDPOLQNHQ.RWIOJHOGHV:DJHQVYRUEHLKLQEHU]XP )ULHGKRI'RUWIODFNHUWHLQGLHVHP$XJHQEOLFNHLQ)HXHUVFKHLQ DXI-HPDQGPXWHHLQH)DFNHODQJH]QGHWKDEHQ*DQ]VFKZDFK YHUPHLQWHLFKDXFK6WLPPHQ]XK|UHQ(VZXUGH=HLW ,FKEHIUHLWHGDV6FKORGHV.RIIHUUDXPVYRP6FKQHHKROWH PHLQHQ6FKOVVHOKHUYRUXQGVFKORGLH.ODSSHDXI
8QEHVFKlGLJWODJPHLQ.RIIHULP/LFKWGHUVFKZDFKHQ,QQHQ EHOHXFKWXQJ,FK|IIQHWHGHQ'HFNHO(LQJHOHJWLQURWHP6DPWODJ PHLQH(UVDW]%HUHWWD'DQHEHQGHU]ZHLWHJHZHLKWH'ROFK )HUQHUGLHPDJLVFKH.UHLGHHLQHJQRVWLVFKH*HPPHXQGGLH 'UXFNOXIWSLVWROHGLHDQJHVSLW]WH(LFKHQERO]HQYHUVFKOR %HLGH6FKXZDIIHQVWHFNWHLFKLQGHQ+RVHQEXQG'HUVLOEHUQH 'ROFKYHUVFKZDQGLQGHU/HGHUVFKHLGH %HKXWVDPNODSSWHLFKGLH.RIIHUUDXPKDXEHZLHGHU]X1LH PDQGKDWWHPLFKJHVHKHQ'LH6SXUHQGLHLFKLP6FKQHHKLQWHU ODVVHQKDWWHZDUHQOlQJVWZLHGHU]XJHVFKQHLW ,FKIUDJWHPLFKDOOHUGLQJVZR6XNR-DQHXQG%LOOVWHFNWHQ +DWWH=DUFDGLVLHJHIDQJHQJHQRPPHQXQGKLHOWVLHKLHULP'RUI IHVW"2GHUDEHUZDUPLWLKQHQGDVJOHLFKHSDVVLHUWZLHPLWPLU" $QGLH]ZHLWH0|JOLFKNHLWZDJWHLFKJDUQLFKW]XGHQNHQ $OVLFKPLFKXPVDKHQWGHFNWHLFK6FKDWWHQ0HQVFKHQNDPHQ GLH'RUIVWUDHKHUDXI*HVSHQVWLVFKWDXFKWHQVLHDXVGHPWDQ ]HQGHQ6FKQHHZLUEHODXI ,FKKLHOWGHQ$WHPDQ :HQQGLH/HXWHQLFKWY|OOLJEOLQGZDUHQGDQQPXWHQVLHPLFK VHKHQ=HLWLQ'HFNXQJ]XJHKHQKDWWHLFKQLFKWPHKU ,FKOHJWHPHLQHUHFKWH+DQGDXIGHQ*ULIIGHU%HUHWWD:HQQHV KDUWDXIKDUWJLQJGDQQPXWHLFKHEHQVFKLHHQ 8QGGDK|UWHLFKGHQ6FKX 'HU0DQQPLWGHU+HQNHUVFKOLQJHZDUZLHEHVHVVHQ(UKRFNWH GLFKWDP'DFKUDQGXQGEHREDFKWHWHGLH6FKOLQJH 6LHEDXPHOWHLQ+|KHGHV)HQVWHUV%OLW]VFKQHOOOLHGHU0DQQ GLH6FKOLQJHQDFKXQWHQIDOOHQ'HU.QRWHQGUFNWH]X(UOHJWH VLFKZUJHQGXP6XNRV+DOV 'HU.RSIGHV&KLQHVHQZXUGHLQGLH+|KHJHULVVHQ 6HNXQGHQODQJZDU6XNREHUUDVFKW(UYHUORUGLHhEHUVLFKWXQG GDV*HZHKUUXWVFKWHLKPDXVGHQ)LQJHUQ 'HU+HQNHUODFKWHWHXIOLVFKDXI0LWDOOHU.UDIW]RJHUDP6HLO ZROOWH6XNRVWUDQJXOLHUHQ 'DQQJHVFKDKHQ]ZHL'LQJHJOHLFK]HLWLJ6XNRGHUVLFK
LQVWLQNWLYZHKUWHJULIIQDFKGHP6HLOVFKOREHLGH+lQGHGDUXP XQG]RJHVNUDIWYROOQDFKXQWHQ 0LWGLHVHU*HJHQUHDNWLRQKDWWHGHU0DQQDXIGHP'DFKQLFKW JHUHFKQHW$XHUGHPKDWWHHU6XNRV.UlIWHQQLFKWVHQWJHJHQ ]XVHW]HQ(UOLHGDV6HLOORVYHUORUGXUFKGHQXQHUZDUWHWHQ 6FKZXQJGDV*OHLFKJHZLFKWXQGILHOVFKUHLHQGYRP'DFK+DUW VFKOXJHUYRUGHP)HQVWHUDXIGHP%RGHQDXI ,PQlFKVWHQ$XJHQEOLFNVWDQG%LOOQHEHQGHP&KLQHVHQ(UUL 6XNR]XUFN 6XNRWDXPHOWHLQGDV=LPPHUXQGILHOKLQ6HLQ*HVLFKWZDU EOHLFKHUVFKQDSSWHQDFK/XIW'HU.QRWHQVDQRFKYHUGDPPW IHVW%LOOORFNHUWHLKQPLW]LWWHUQGHQ)LQJHUQ6XNRVHOEVWVWUHLIWH VLFKGLH6FKOLQJHEHUGHQ.RSI $XFK-DQH&ROOLQVZDUDXIJHVSUXQJHQ6LHNPPHUWHVLFK XPGHQDP%RGHQOLHJHQGHQ6XNRZlKUHQG%LOO&RQROO\]XP )HQVWHUKHW]WH (LQ6FKDWWHQZLVFKWHDQGHUgIIQXQJYRUEHL'HU]ZHLWH0DQQ ZDUYRP'DFKJHVSUXQJHQ.DW]HQJHZDQGWNDPHUDXI(UILQJ VHLQHQ6SUXQJDEUROOWHVLFKEHUGHQYHUVFKQHLWHQ%RGHQXQG ULJOHLFK]HLWLJGDV*HZHKUDQVLFK1HEHQGHPOHEORVHQ+HQNHU EOLHEHUNQLHQ 'HU0DQQZDUXQJHZ|KQOLFKJHOHQNLJXQGHUVFKLHQPLW HLQHP*HZHKUXPJHKHQ]XN|QQHQ (LVNDOWOHJWHHUDXIGDV)HQVWHUDQ ,P5DKPHQWDXFKWHVRHEHQ%LOO&RQROO\V2EHUN|USHUDXI %LOOVWDUUWHQDFKGUDXHQVDKGXUFKGHQWDQ]HQGHQ)ORFNHQ ZLUEHOGHQ.HUODP%RGHQOLHJHQXQGGLH0QGXQJGHV *HZHKUVGLHVLFKDXILKQHLQSHQGHOWH %LOOKLHOWGLH]ZHLWH:DIIHQRFKLQGHQ)lXVWHQ (URGHULFKVFKRHVLKPGXUFKGHQ.RSI 'HU5HSRUWHUIHXHUWH .UDFKHQGHQWOXGVLFKGLH:DIIH'DV%OHLVWFNIDXFKWHDXVGHP ODQJHQ/DXIERKUWHVLFKLQGLH6FKXOWHUGHV0DQQHVXQGUL GLHVHQKHUXP 'HU.HUOOLHGDV*HZHKUIDOOHQDOVVHLHVJOKHQGKHL%LOO VDKZLHVLFKGHU6FKQHHURWIlUEWH'HU0DQQVFKULH6HLQH+lQGH
ZKOWHQGHQ6FKQHHDXIGDQQODJHUSO|W]OLFKVWLOO%LOOQDKPDQ GDLKQHLQHJQlGLJH%HZXWORVLJNHLWDXIJHQRPPHQKDWWH ª9HUGDPPW©IOXFKWHGHU5HSRUWHUª'XKDVWHVQLFKWDQGHUV JHZROOW©%LOOZDQGWHVLFKXP6XNRPDVVLHUWHVHLQHQ+DOVGHU GHXWOLFKH6WUDQJXOLHUXQJVVWUHLIHQDXIZLHV ª,VWHUWRW"©IUDJWH6XNR %LOOVFKWWHOWHGHQ.RSIª,FKKDEHLKQDQGHU6FKXOWHUJH WURIIHQ(ULVWQXUEHZXWORV$EHUHUEUDXFKWHLQHQ$U]WVRQVW YHUEOXWHWHU© 6XNRVSUDQJDXIª*LEPLUGLH%HUHWWD]XUFN©ZDQGWHHUVLFK DQ-DQH&ROOLQVª:LUYHUVXFKHQDXV]XEUHFKHQ© 'LH'RUIEHZRKQHUZDUHQGXUFKGDVNQDOOHQGH*HUlXVFKHEHQVR LUULWLHUWZLHLFK 6LHVWRSSWHQ )QI.|SIHGUHKWHQVLFKLQGLH5LFKWXQJDXVGHUGHU6FKX JHIDOOHQZDU ,FKZDUQHEHQGHP%HQWOH\]X%RGHQJHJDQJHQSUHWHPLFK DXIGLHVFKQHHNDOWH(UGHXQGZDUWHWHDE'LH%HUHWWDKLHOWLFK VLFKHUKHLWVKDOEHULQGHU5HFKWHQ 'LH'RUIEHZRKQHUGLVNXWLHUWHQQRFKPLWHLQDQGHU:DVVLHLP HLQ]HOQHQVDJWHQNRQQWHLFKQLFKWYHUVWHKHQHQWQDKPDEHULKUHQ *HElUGHQHLQHJHZLVVH5DWORVLJNHLW $XFKGUEHQDP)ULHGKRIZDUGHU6FKXJHK|UWZRUGHQ'UHL )DFNHOWUlJHUVFKZDQJHQVLFKEHUGLH0DXHUXQGOLHIHQGXUFK GHQWLHIHQ6FKQHHDXIGLHHUVWH*UXSSH]X ª'DVZDUDP*DVWKDXV©K|UWHLFKHLQHWLHIH6WLPPH ª'DVLQGGRFKGLHGUHLDQGHUHQ© ª'DQQQLFKWVZLHKLQ© 'LH0HQVFKHQEHJDQQHQ]XUHQQHQ0LFKDEHUKDWWHQGLH:RUWH DXIJHVFKUHFNW9RUDOOHQ'LQJHQGLH%HPHUNXQJGDGRUWLP *DVWKDXVQRFKGUHLDQGHUHVHLHQ 9RQZHPZDUGDJHVSURFKHQZRUGHQ"9LHOOHLFKWYRQ6XNR -DQHXQG%LOO",FKQDKPHVIDVWDOVVLFKHUDQ 0LUZDUVHOEVWEHNDQQWZRGLHVHV*DVWKDXVODJ,FKEUDXFKWH
QLFKWEHUGLH+DXSWVWUDH]XODXIHQVRQGHUQNRQQWHHLQH $ENU]XQJQHKPHQ ,FKOLHITXHUEHUGLH6WUDHYHUVFKZDQGLQHLQHUVFKPDOHQ 6HLWHQJDVVHHUUHLFKWHHLQHQNOHLQHQYHUVFKQHLWHQ*DUWHQGXUFK TXHUWHLKQXQGVSXUWHWHEHUHLQ:LHVHQJUXQGVWFNGHU5FN VHLWHGHV*DVWKDXVHV]X =XP)HOGKLQGHFNWHQPLFKIODFKHVFKXSSHQDUWLJH*HElXGH DE6LHZDUHQWHLOZHLVHYHUIDOOHQVRGDHVLQGLH]HUVW|UWHQ %XGHQKLQHLQVFKQHLWH 'DV*DVWKDXVZDUHWZDVOlQJHUDOVGLHQRUPDOHQ+lXVHUGHV 'RUIHV0LWVHLQHP$QEDXUDJWHHVEHUGLHKLQWHUHQ)DVVDGHQ GHUDQGHUHQ%HKDXVXQJHQKLQDXV ,FKEOLHEVWHKHQ 6FKUlJSHLWVFKWHGHU:LQGGLH)ORFNHQDXIPLFK]X.ODWVFKQD ZDUPHLQ*HVLFKW$XIGHP.RSIWUXJLFKVFKRQHLQHZHLH +DXEH'LHZHLH3UDFKWNOHEWHLQPHLQHQ$XJHQEUDXHQ VFKPRO]GRUWXQGOLHIDQGHQ:DQJHQKLQDE 9RUVLFKWLJJLQJLFKZHLWHU6FKRQVDKLFKGLH.RQWXUHQGHV *DVWKDXVHVDXVGHP6FKQHHWUHLEHQDXIWDXFKHQ,QHLQHPGHU REHUHQ)HQVWHUVFKLPPHUWHIDKOHV/LFKW,FKVDKGDGHU)OJHO RIIHQVWDQG )DVWZlUHLFKEHUGLHUHJORVHQ.|USHUJHVWROSHUW,POHW]WHQ 0RPHQWVDKLFKVLHDXIGHP%RGHQOLHJHQXQGVSUDQJGDUEHU KLQZHJ5DVFKXQWHUVXFKWHLFKGLHEHLGHQ (VZDUHQ]ZHL0lQQHU(LQHUYRQLKQHQOHEWHQLFKWPHKU6HLQ .RSIZDUYHUGUHKW'HU0DQQKDWWHVLFKGDV*HQLFNJHEURFKHQ :DKUVFKHLQOLFKZDUHUDXVJURHU+|KHDXIGLH(UGHJHIDOOHQ 'HUDQGHUH0DQQZDUYHUOHW]WXQGEHZXWORV(LQHJUR NDOLEULJH.XJHOKDWWHVHLQHOLQNH6FKXOWHUDXIJHULVVHQ]XP *OFNMHGRFKNHLQH6FKODJDGHUYHUOHW]W7URW]GHPUDQQGDV %OXWXQXQWHUEURFKHQDXVGHU:XQGH 2EZRKOPLUGLH=HLWLP1DFNHQEUDQQWHNRQQWHLFKGHQ0DQQ QLFKWHLQIDFKVROLHJHQODVVHQ,FKULGDV+HPGGHV7RWHQLQ 6WUHLIHQXQGOHJWHGHP9HUOHW]WHQHLQHQ1RWYHUEDQGDQ 6FKUHLHXQG)OFKHVFKUHFNWHQPLFKDXI 'DQQHUNODQJHLQH6WLPPHª=XUFN9HUGDPPWJHKW]XUFN©
8QWHU7DXVHQGHQKlWWHLFKGLH6WLPPHHUNDQQW6LHJHK|UWH PHLQHP)UHXQG6XNR (UOHEWH8QGGLHDQGHUHQZDKUVFKHLQOLFKDXFK(LQ6WHLQILHO PLUYRP+HU]HQ 7URW]GHPYHUORULFKQLFKWGLHhEHUVLFKW,FKVFKQDSSWHPLUGDV QHEHQGHP7RWHQOLHJHQGH*HZHKUVSUDQJDXIXQGKXVFKWHDXI GLH+LQWHUWUGHV*DVWKDXVHV]X :LHHLQZWHQGHU7LJHUVFKRLFKLQGHQVFKPDOHQNDXP HUKHOOWHQ)OXU1DFK]ZHL6FKULWWHQKDWWHQVLHPLFKHQWGHFNW ,FKK|UWH*HUlXVFKHEHUPLUULGHQ.RSILQGHQ1DFNHQVDK ZLHMHPDQGEHUGDV7UHSSHQJHOlQGHUKHFKWHWHXQGLPQlFK VWHQ$XJHQEOLFNVSUDQJHLQ0DQQPLWVWREHUHLWHP0HVVHUDXI PLFK]X %LOO&RQROO\KDWWHGLH6SLW]HEHUQRPPHQ'HQ.ROEHQGHV *HZHKUVSUHWHHUJHJHQVHLQHUHFKWH+IWH1DFK%LOOJLQJ-DQH &ROOLQV,KUIROJWH0RQMDXQGGHQ6FKOXELOGHWH6XNR'HU &KLQHVHVSUWHQRFKLPPHUGHQ'UXFNDP+DOV2EZRKOHUGLH YHUGDPPWH6FKOLQJHQXUHLQLJH6HNXQGHQXPGHQ+DOVJHKDEW KDWWHZDUHQGLH=HLFKHQGRFKQLFKW]XEHUVHKHQ 0RQMD]LWWHUWHYRU$QJVW,KUH/LSSHQPXUPHOWHQOHLVH*HEHWH -DQH&ROOLQVKDWWHGHP0lGFKHQ]XU%HUXKLJXQJGLHUHFKWH+DQG DXIGLH6FKXOWHUJHOHJW 0|JOLFKVWODXWORVYHUVXFKWHQVLHGLH7UHSSHKLQXQWHU]XVWHLJHQ 'DVZDUHLQVFKZLHULJHV8QWHUIDQJHQGHQQGDVDOWH+RO]lFK]WH XQGNQDUUWHDQDOOHQ6WHOOHQ 8QEHKHOOLJWHUUHLFKWHQVLHGHQHUVWHQ$EVDW] $EHUGDPLWKDWWHHVVLFKDXFKVFKRQ 3O|W]OLFKYHUQDKPHQVLH6WLPPHQDXVGHP*DVWUDXP(LQH7U IORJDXIXQG6HNXQGHQVSlWHUGUlQJWHQVLFKGLH'RUIEHZRKQHU LQGHPNOHLQHQ)OXU 'UHLYRQLKQHQKLHOWHQ)DFNHOQLQGHQ+lQGHQ'HUURWH :LGHUVFKHLQOHXFKWHWHGDV7UHSSHQKDXVDXV]XFNWHJHLVWHUKDIW EHUGLH:lQGHXQGOLHGLH*HVLFKWHUDXVVHKHQZLHPLW%OXW EHUJRVVHQ
%LOO&RQROO\VSUDQJ]ZHL6WXIHQYRUª9HUVFKZLQGHW©EUOOWHHU XQGQDKPGDV*HZHKULQ$QVFKODJ 6WLOOH +LQWHU%LOOVRJ-DQH&ROOLQVVFKQDXIHQGGHQ$WHPHLQ0RQMD EHJDQQOHLVH]XZHLQHQ6LHKDWWHXQWHUGHQ0lQQHUQLKUHQ9DWHU HUNDQQW(UVWDUUWHQXUVLHDQ,QGHUUHFKWHQ+DQGKLHOWHUHLQH 0LVWJDEHO %LOO&RQROO\EHVFKULHEPLWGHU:DIIHQPQGXQJHLQHQ+DOE NUHLVª.|QQWLKUQLFKWRGHUZROOWLKUQLFKW"©EHOOWHHUª:HJ JHEWGHQ:HJIUHL© 'LH0lQQHUVWDQGHQZLHHLQH0DXHU 6HNXQGHQYHUJLQJHQ 6FKOLHOLFKWUDWGHU:LUWYRUª,KUKDEWNHLQH&KDQFHPHKU© VDJWHHUª,KUN|QQWGDV'RUIQLFKWPHKUYHUODVVHQ=DUFDGLZLOO HXUH6HHOHQKDEHQ%HJOHLWHWXQVIUHLZLOOLJPLW]XP)ULHGKRI VRQVW© ª:DVLVWVRQVW"©K|KQWH%LOO ª6RQVWZHUGHQZLUHXFKWRWVFKODJHQ© 'DVZDU]XYLHOIUGHQ5HSRUWHU0LWHLQHP6FKUHLDXIGHQ /LSSHQVSUDQJHUYRUKLQHLQLQGHQ3XONGHU0HQVFKHQOHLEHU%LOO VFKRQLFKWHUEHQXW]WHGDV*HZHKUZLHHLQH.HXOH %LOO&RQROO\ZDUQLFKWPHKU]XEUHPVHQ0LWGHP/DXIXQGPLW GHP.ROEHQVFKOXJHU]X(UVDKLQYHU]HUUWH*HVLFKWHUPXWH VHOEVWHLQLJHVHLQVWHFNHQXQGHLQPDOVWUHLIWHGLH)ODPPHHLQHU )DFNHOVHLQ*HVLFKW %LOOVFKULHDXI-HPDQGXPNODPPHUWHYRQKLQWHQVHLQH%HLQH 'HU5HSRUWHUILHO]X%RGHQ'DV*HZHKUZXUGHLKPDXVGHQ +lQGHQJHULVVHQ 9RQREHQVDXVWHGHU.ROEHQDXILKQ]XKlWWHLKPGHQ6FKlGHO ]HUVFKPHWWHUW 'DO|VWHVLFKYRQGHU7UHSSHKHUHLQH*HVWDOW6XNRIORJZLHHLQ :LUEHOVWXUPKHUEHL(UVHW]WHGHQUHFKWHQ)XLQGDV*HVLFKWGHV 7RWVFKOlJHUVXQGGHU0DQQNLSSWHQDFKKLQWHQ 'HU6WRPLWGHP*HZHKUNROEHQYHUIHKOWH%LOO&RQROO\XQG SUDOOWHHLQHPDQGHUHQ'RUIEHZRKQHUJHJHQGLH+IWH 6FKUHLHQGEUDFKGHU0DQQLQGLH.QLH
6XNRV)lXVWHZLUEHOWHQZLHGLH7URPPHOVW|FNHHLQHV'UXP PHUV(UUlXPWHDXIZRHUQXUNRQQWH6HOEVWHLQKDUWHU6FKODJ PLWGHU)DFNHONRQQWHLKQQLFKWEUHPVHQ 'DIUVHW]WHHUGHP.HUOVHLQHJHEDOOWH)DXVWDXIGHQ6RODU SOH[XV $EHUYLHOH-lJHUVLQGGHV+DVHQ7RG'DVEHZDKUKHLWHWHVLFK DXFKEHLGLHVHP.DPSI$XHUGHPKDWWH6XNRQLFKWJHQJHQG 3ODW]VRQVWZlUHHUPLWGHQ0lQQHUQYLHOOHLFKWQRFKIHUWLJ JHZRUGHQ 'HU:LUWZDUHVGHULKQLQV6WROSHUQEUDFKWH'DQQKlPPHUWH LKPMHPDQGHLQHQ.QSSHOEHUGHQ.RSI 6XNREUDFK]XVDPPHQ(UVDKHLQJDQ]HV:HOWDOOYRUVHLQHQ $XJHQ]HUSODW]HQ(UPHUNWHQLFKWPHKUZLHLKQKDUWH)lXVWH KRFKKLHYWHQXQGLQGHQ*DVWUDXP]HUUWHQ6XNRZDUHUVWHLQPDO JURJJ\ $XFK%LOOZXUGHZHJJHVFKOHLIW6HLQ*HVLFKWZDUEOXWYHU VFKPLHUW(LQ+LHEKDWWHVHLQH1DVHJHWURIIHQ%LOOYHUVXFKWHVLFK QRFKLPPHU]XZHKUHQGRFKJHJHQGLH.UDIWYRQYLHU0lQQHUQ NRQQWHHUQLFKWYLHODXVULFKWHQ $QGHUHKROWHQ-DQHXQG0RQMD'LH'HWHNWLYLQNlPSIWHPLW DOOHQ7ULFNV'XUFKLKUH.DUDWHVFKOlJHKROWHQVLFKHLQLJH7\SHQ JODVLJH$XJHQ'RFKDOVMHPDQG0RQMDPLWHLQHP0HVVHU EHGURKWHJDE-DQH&ROOLQVDXI 6XNRZXUGHDXIHLQH%DQNJHZRUIHQ%LOO&RQROO\ZDUIHQGLH 0lQQHUZLHHLQHQOHHUHQ6DFN]X%RGHQ $OOHGUlQJWHQMHW]WLQGHQ*DVWUDXP 'HU:LUWZDUDPVFKOLPPVWHQ(UVDKVHLQH7RFKWHUUDQQWHDXI VLH]XXQGVFKWWHOWHVLHGXUFKª'XYHUIOXFKWHV:HLE©VFKULHHU ª'X0LVWVWFN,FK© 6XNRKDWWHVLFKZLHGHUHLQLJHUPDHQHUKROW'LH.HUOHKDWWHQ LKQ]ZDUKDOEEHZXWORVJHVFKODJHQDEHUYHUJHVVHQLKPGLH 3LVWROHZHJ]XQHKPHQ(UOLHVHLQHUHFKWH+DQGXQWHUGLH/HGHU MDFNHJOHLWHQ 0RQMDVFKULHXQGZHLQWH'LH+lQGHLKUHV9DWHUVNODWVFKWHQLQ LKU*HVLFKWª'XZLUVW=DUFDGLJHK|UHQGXZLUVW© $XFKDQGHUHZROOWHQVLFKDXIGDV0lGFKHQVWU]HQ
'DJHOOWH6XNRV6WLPPHDXIª=XUFN9HUGDPPWJHKW ]XUFN© 'LH6WLPPHEHUW|QWHVRJDUGHQ/lUP'LH$QZHVHQGHQ HUVWDUUWHQ6HNXQGHQODQJZXUGHHVUXKLJELV6XNRV6WLPPHGLH 6WLOOHXQWHUEUDFK ª:HQQGXQRFKHLQPDO+DQGDQGDV0lGFKHQOHJVWVFKLHH LFKGX%DVWDUG© 'HU:LUWDWPHWHPLWRIIHQHP0XQG6HLQH%OLFNHZLHVHOWHQ ]ZLVFKHQGHPDP%RGHQOLHJHQGHQ0lGFKHQXQGGHP&KLQHVHQ KLQXQGKHU ª,FKVFKHU]HQLFKW©VDJWH6XNRª*HKYRQGHP0lGFKHQZHJ© (KHGHU:LUWGLHVHP%HIHKO)ROJHOHLVWHQNRQQWHJHVFKDK HWZDVZDVGHQ(UHLJQLVVHQVHLQHQ6WHPSHODXIGUFNWH 'LH0HORGLHGHU7HXIHOVJHLJHNODQJDXI hEHUJURVDKLFKGLH0HVVHUNOLQJH8QGGDKLQWHUHLQKDHQW VWHOOWHV*HVLFKWLQGHP]ZHLPRUGOVWHUQH$XJHQIXQNHOWHQ 'HU.HUOZROOWHPLFKDEVWHFKHQRKQH(UEDUPHQ ,FKULGLH%HXWHIOLQWHKRFK(VZDUGLHHLQ]LJH0|JOLFKNHLW PLFK]XZHKUHQ 'HU.HUOVFKULHDOVLKQGHU/DXILQ+|KHGHV0DJHQVWUDI(U NLSSWH]XU6HLWHZHJILHODXIGHQVFKPXW]LJHQ%RGHQOLHDEHU GDVYHUGDPPWH0HVVHUQLFKWORV (UZDUQRFKMXQJYLHO]XMXQJ]XP6WHUEHQ 9RQREHQGUFNWHLFKLKPGHQ/DXIJHJHQGLH%UXVWXQGHU HUVWDUUWH ª2ND\-XQJHGXKDVWGHLQHQ6SDJHKDEWMHW]WKDEHLFK PHLQHQ/DGLH.OLQJHIDOOHQ© 6HLQH)LQJHU|IIQHWHQVLFK'LH.OLQJHUXWVFKWHYRQVHLQHU +DQGIOlFKH1RFKLPPHUYHU]HUUWHHLQVHOWVDPHV*ULQVHQVHLQ *HVLFKW(VNRQQWHGLH5HDNWLRQDXIGHQ6FKPHU]VHLQ (VZDUDEHUHLQ7ULXPSKJHIKOGHQQGHU+XQGHVRKQKDWWH QRFKHLQHQ.RPSOL]HQ'HUODXHUWHQHEHQGHU7UHSSHEHZDIIQHW PLWHLQHPKDQGOLFKHQ7RWVFKOlJHU:RKHUHUGDV'LQJKDWWH ZXWHGHU7HXIHO
$EHUGDVZDUPLUHJDOGHQQGHU%XUVFKHZROOWHPHLQHQ 6FKlGHO]HUVFKPHWWHUQ$XVGHU'UHKXQJKHUDXVVFKOXJLFKPLW GHP*HZHKU]X'HU/DXIWUDILKQDP+DOV 'HUKHLPWFNLVFKH$QJUHLIHUYHUGUHKWHGLH$XJHQXQGNUDFKWH ]X%RGHQ:LHHLQSODWWJHZDO]WHU.lIHUEOLHEHUOLHJHQ 6HLQ.XPSDQZLWWHUWH0RUJHQOXIW(UWUDWQDFKPLUWUDIPHLQ OLQNHV6FKLHQEHLQ(LQKHLHU6FKPHU]GXUFK]XFNWHPLFK,FK WDXPHOWH]XUFN 'HU.HUOVSUDQJDXI %HVHVVHQZLOG ,FKKROWHGHQ8SSHUFXWDXVGHU+IWH8QGGLHVHQ+DPPHU YHUGDXWHHUQLFKW'HUKlWWHDXFKHLQHQ*UL]]O\IODFKJHOHJW %LV]XU:DQGZXUGHGHU7\S]XUFNJHVFKOHXGHUWYHUGUHKWH GLH$XJHQXQGUXWVFKWHEHZXWORVLQVLFK]XVDPPHQ ,FKULHEPLUEHUGLH.Q|FKHO 8QGGDK|UWHLFKGLH0HORGLH 'LHVHYHUGDPPWHQ1RWHQGLHGHU7HXIHOHUIXQGHQKDEHQ PRFKWHXPGLH0HQVFKHQLQVHLQHQ%DQQ]X]LHKHQ $EHUPLFKQLFKWPHKUGDVNRQQWHLFKVFKZ|UHQ ,FKZXWHQXUHLQV =DUFDGLZDUQDK (VVFKLHQDOVJLQJHHLQ5XFNGXUFKGLHLP*DVWUDXPYHUVDP PHOWHQ0HQVFKHQ 'LHHUVWHQ7|QHZDUHQNDXPDXIJHNOXQJHQGDYHUlQGHUWHQ VLFKGLH*HVLFKWHU6LHZXUGHQPDVNHQKDIWVWDUUGLH$XJHQ QDKPHQHLQHQVHOWVDPPDWWHQ*ODQ]DQ:LHDXIHLQJHKHLPHV .RPPDQGRKLQGUHKWHQVLFKGLH.|SIHGHP$XVJDQJ]X $EHUDXFK6XNR%LOOXQG-DQHEOLHEHQQLFKWYHUVFKRQW'LH GlPRQLVFKH0HORGLHULVLHPLWVFKDOWHWHLKUH*HGDQNHQDXVXQG OLHVLHDOOGDVYHUJHVVHQZDVYRUKHUJHVFKHKHQZDU 6FKULOOXQGRKUHQEHWlXEHQGVFKZDQJHQGLHK|OOLVFKHQ7|QHLQ GLH+LUQHGHU0HQVFKHQ:LH0DULRQHWWHQGUHKWHQVLFKGLH 9HUVDPPHOWHQXPXQGQlKHUWHQVLFKGHU7U 6FKRQZXUGHVLHDXIJH]RJHQ
6FKQHHIORFNHQZLUEHOWHQLQGHQ*DVWUDXPEHUKUWHQGLH+RO] GLHOHQXQGVFKPRO]HQ +LQWHUHLQDQGHUYHUOLHHQGLH0lQQHUGDV*DVWKDXV 6XNR-DQHXQG%LOOIROJWHQLKQHQ6LHJHK|UWHQGD]X,QLKUHQ .|SIHQZDUHQMHJOLFKH*HGDQNHQHOLPLQLHUW -HGHUPDQQJHKRUFKWHQXUGHQ.OlQJHQGHU7HXIHOVJHLJHDXI GHU=DUFDGLVRPHLVWHUOLFKVSLHOWH 6XNRNlPSIWHDOVHLQ]LJHUJHJHQGHQ=XVWDQGDQ6HLQ*HVLFKW KDWWHVLFKYHU]RJHQDOVOLWWHHUXQWHUXQVDJEDUHQ6FKPHU]HQ $EHUDXFKHUIDQGQLFKWGLH.UDIWGLHVHUGlPRQLVFKHQ0HORGLH ]XZLGHUVWHKHQ(UVFKORVLFKGHQDQGHUHQDQ 9RULKPJLQJ-DQH&ROOLQV6LHKLHOWLKUHQ.|USHUVHOWVDPDXI UHFKWVWHLIXQGXQJHOHQNZDUHQLKUH6FKULWWH $XFK6XNRJHULHWXQWHUGHQGLUHNWHQ(LQIOXGHV7HXIHOV JHLJHUV 6WXPPDEHU]LHOVLFKHUVFKULWWGLH3UR]HVVLRQLKUHP=LHOHQW JHJHQ$OOHZROOWHQGDEHLVHLQZHQQ=DUFDGL]XPJURHQ6FKODJ DXVKROWH 'LH0HORGLHVFKLHQMHGHQ:LQNHOGHV'RUIHV]XHUIOOHQ6LH VFKZDQJEHUGLH6WUDHEHUGLH+lXVHUKLQZHJOHJWHVLFKZLH HLQH*ORFNHEHUGDV'RUIXQG]RJMHGHQLQLKUHQ%DQQ -HGHQ" 1HLQ(LQHIHKOWH'DV0lGFKHQ0RQMDKDWWHVLFKHUIROJUHLFK JHJHQGLH%HHLQIOXVVXQJJHZHKUW .DXPZDUGHUHUVWH7RQHUNOXQJHQSUHWHVLHLPHUVWHQ,PSXOV EHLGH+lQGHJHJHQLKUH2KUHQ'DQQJULIIVLHUDVFKXQWHULKU .OHLG,QHLQHUYHUVWHFNWHQ7DVFKHWUXJVLHHLQHQ5RVHQNUDQ],KUH )LQJHUXPIDWHQGLHJHZHLKWHQ3HUOHQGLH/LSSHQPXUPHOWHQ *HEHWHXQGVLHZLGHUVWDQGGHP'UDQJGHV%|VHQ ª0RQMD©'LH6WLPPHLQLKUHP5FNHQOLHVLH]XVDPPHQ IDKUHQ+DVWLJZDQGWHVLFKGDV0lGFKHQXP 9RULKUVWDQG-RKQ6LQFODLU
,FKOlFKHOWHDOVLFK0RQMDDQVDKGRFKDXFKPHLQ$QEOLFN NRQQWHLKUH$QJVWQLFKWPLQGHUQ ª7RW©IOVWHUWHGDV*LUOª6LHVLQGWRWLFKLFK©+DVWLJ VFKOXJVLHHLQ.UHX]]HLFKHQ ,FKJLQJDXIVLH]Xª1HLQ0RQMDLFKOHEHQRFKZLHGXVLHKVW© HUZLGHUWHLFKª'DVLVWDXFKQLFKWPHLQ*HLVWGHUYRUGLUVWHKW .RPPIDPLFKDQXQGEHU]HXJHGLFKVHOEVW© 0RQMDQLFNWH ,FKQDKPGDV0lGFKHQLQGHQ$UPVSUWHZLHHV]LWWHUWHª:R VLQGGLHDQGHUHQ"©IUDJWHLFKª$XIGHP)ULHGKRI"© ª-D©'LH$QWZRUWZDUQXUHLQ+DXFK ª'DQQZHUGHLFK=DUFDGLGRUWVWHOOHQ© ,FKODXVFKWHQDFKGUDXHQ'DV*HLJHQVSLHONODQJQLFKWPHKU VRODXWZLHYRUKLQ (LQSDDU1DFK]JOHUJLQJHQQRFKLQ5LFKWXQJ)ULHGKRI'DQQ ZDUGLH6WUDHOHHU )UPLFKZXUGHHV=HLW ª/DXQVHLQHQDQGHUHQ:HJQHKPHQ©VFKOXJ0RQMDYRUDOVZLU LQPLWWHQGHV6FKQHHWUHLEHQVDXIGHU6WUDHVWDQGHQ ,FKQLFNWH9RUVLFKWLJVDKLFKPLFKXP,FKUHFKQHWHLPPHU QRFKPLW1DFK]JOHUQGLHXQWHUZHJV]XP)ULHGKRIZDUHQGRFK QLHPDQGOLHVLFKEOLFNHQ 0RQMDIDWHQDFKPHLQHU+DQGXQG]RJPLFKPLWVLFK'DV 0lGFKHQKDWWHHVSO|W]OLFKHLOLJ6FKOLHOLFKZXWHHVVHLQHQ 9DWHULQGHQ)lQJHQGHV7HXIHOVJHLJHUV :LUQlKHUWHQXQVGHP7RWHQDFNHUYRQGHU6HLWHKHU'LH0XVLN ZXUGHZLHGHUODXWHU ,FKXPNODPPHUWHPLWGHUOLQNHQ+DQGGDV.UHX]YRUPHLQHU %UXVWXQGGLH5HFKWHSUHWHLFKJHJHQPHLQH6WLUQ 0RQMDPHUNWHZRKOGDPLWPLUHWZDVQLFKWVWLPPWH)HVW GUFNWHVLHPHLQHQ$UPª6LHGUIHQQLFKWKLQK|UHQ0U6LQFODLU +|UHQ6LHZHJNRQ]HQWULHUHQ6LHVLFKDXIGDV*XWH© ,FKQLFNWH ª:HLWHU©IOVWHUWH0RQMD
ª1HLQ©,FKVFKWWHOWHGHQ.RSIª9RQKLHUDXVKDEHLFKHLQHQ EHVVHUHQhEHUEOLFN© 3URIHVVRU=DUFDGLVWDQGDXIHLQHP*UDEVWHLQ(UGUHKWHPLUGDV 3URILO]X,FKVDKGDVKDJHUHHLQJHIDOOHQH*HVLFKWPLWGHQKRFK VWHKHQGHQ:DQJHQNQRFKHQ=DUFDGLWUXJZLHGHUVHLQHGXQNOH .OHLGXQJ'LHVFKZDU]HKDOEODQJH-DFNHXQGGLHHEHQIDOOV VFKZDU]H+RVH9RULKPVWDQGHQGUHL)DFNHOWUlJHU'HUURWJHOEH 6FKHLQOHXFKWHWHGHQ'lPRQDQXQGOLHLKQQRFKVFKUHFNOLFKHU DXVVHKHQ 'LHDQGHUHQ0HQVFKHQKDWWHQHLQHQ+DOENUHLVJHELOGHW,KUH %OLFNHNOHEWHQDQ3URIHVVRU=DUFDGLGHUGLH*HLJH]ZLVFKHQ.LQQ XQGOLQNH6FKXOWHUJHSUHWKDWWHXQGPLWGHP%RJHQEHUGLH 6DLWHQVWULFK (UHQWORFNWHGHPWHXIOLVFKHQ,QVWUXPHQWGLHJUlOLFKVWHQ7|QH 'lPRQLVFKH0XVLNGLHEHUGHQ7RWHQDFNHUVFKZHEWHXQGGLH /HLFKHQDXVLKUHQ*UlEHUQKROHQVROOWH 'DV*HZHKUKDWWHLFKLP*DVWKDXVOLHJHQODVVHQ,FKWUXJQXU GLHEHLGHQ3LVWROHQXQGGHQ6LOEHUGROFKEHLPLU'LH%HUHWWD QDKPLFKLQGLHUHFKWH+DQG'HQ5RVHQNUDQ]GHQPLU0RQMD JHJHEHQKDWWHKlQJWHLFKPLUXPGHQ+DOV 0HLQH%OLFNHLUUWHQYRQGHQ9HUVDPPHOWHQDEJOLWWHQEHUGLH HLQJHIDOOHQHQ*UlEHUPLWGHQXPJHVWU]WHQ*UDEVWHLQHQ'LFKW QHEHQHLQHPVROFKHQ*UDEVDKLFK6XNR-DQH&ROOLQVXQG%LOO &RQROO\VWHKHQ 0HLQHGUHL)UHXQGHVWDUUWHQ=DUFDGLDQDOVZUGHYRQLKP XQGVHLQHU0HORGLHLKUH6HOLJNHLWDEKlQJHQ ª%DOGLVWHVVRZHLW©IOVWHUWH0RQMDQHEHQPLUª'DQQZHUGHQ VLFKGLH*UlEHU|IIQHQ© ,FKKLHOWGHQ$WHPDQ 0RQMDKDWWHPLWLKUHU3URSKH]HLXQJUHFKW $XIGHP*UDEQHEHQGHPPHLQHGUHL)UHXQGHVWDQGHQEH ZHJWHVLFKGLH(UGH6XNR-DQHXQG%LOOEHPHUNWHQGDYRQQLFKWV ,FKZROOWHVLHZDUQHQGRFKLQPHLQHU.HKOHVWHFNWHSO|W]OLFKHLQ GLFNHU.OR :LHJHEDQQWVWDUUWHLFKDXIGDV*UDE 'HU0RQGVFKLHQVHLQ/LFKWMHW]WQXUQRFKDXIGLHVHVHLQH*UDE
]XNRQ]HQWULHUHQ'HXWOLFKVDKLFKGLH)LQJHUHLQHU+DQGZLHVLH VLFKDXVGHP(UGUHLFKZKOWHQXQGVLFKDQNODJHQGLQGLH+|KH VWUHFNWHQ 'LH+DQGJHK|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|QWHQVRJDUGLH0XVLN 9RQHLQHP$XJHQEOLFN]XPDQGHUHQEUDFKGDV6SLHODE =DUFDGLKDWWHEHPHUNWZDVORVZDU 'DVWDQGLFKMHGRFKVFKRQYRULKPXQGOLHLKQLQGLH 0QGXQJGHU%HUHWWDEOLFNHQ ª6LQFODLU©KHXOWHHUYROOHU:XW ª-D©NQLUVFKWHLFKª,FKELQHV© :LUVWDUUWHQXQVLQGLH$XJHQ =DUFDGLXQGLFK =ZHL7RGIHLQGH 3O|W]OLFKEHJDQQ=DUFDGL]XODFKHQª'XKDVWHVDOVRJHVFKDIIW© VDJWHHUª,FKJUDWXOLHUHGLU1RFKQLHLVWMHPDQGDXVPHLQHU:HOW HQWNRPPHQ'DVKHLWMHGRFKQRFKODQJHQLFKWGDGXDXFKKLHU JHZRQQHQKDVW0LWGHLQHQ.XJHOQHUVFKUHFNVWGXPLFKQLFKW 'XZHLWGDLFKPlFKWLJHUELQ©
ª6WLPPW©HUZLGHUWHLFKXQGKDWWHGDEHL0KHPHLQH6WLPPH XQWHU.RQWUROOH]XKDOWHQª'LFKNDQQLFKPLWHLQHU6LOEHUNXJHO QLFKWEHVLHJHQDEHUGHLQHYHUGDPPWH7HXIHOVJHLJH© ,FKKDWWHGLH:RUWHQRFKQLFKWJDQ]DXVJHVSURFKHQDOVLFKDXFK VFKRQDEGUFNWH,FKMDJWHGUHLJHZHLKWH.XJHOQLQGLH*HLJHXQG EHJOHLWHWHMHGHQ6FKXPLWHLQHP6FKUHL 8QGLFKKDWWH(UIROJ 'LHQlFKVWHQ6]HQHQVDKLFKZLHLQHLQHP=HLWOXSHQILOP 'LH*HLJHIORJDXVHLQDQGHUDOVZlUHHLQH%RPEHLQLKUH[SOR GLHUW3URIHVVRU=DUFDGLZLFK]XUFN6HLQ*HVLFKW]HLJWHHLQHQ HQWVHW]WHQ$XVGUXFN'LH6DLWHQXQGGLHHLQ]HOQHQ*HLJHQWHLOH VWDQGHQLQ)ODPPHQ:LHJOKHQGH.RKOHQVWFNH]LVFKWHQVLH GXUFKGLH/XIWILHOHQ]X%RGHQXQGHUORVFKHQ =DUFDGLDEHUVFKOHXGHUWHPLUHLQHQJUlOLFKHQ)OXFKHQWJHJHQ $EHUGDVZDUQLFKWPHKUHUVHOEVW'LHVNHOHWWLHUWH)UDW]HGHV 6FKZDU]HQ7RGVVWDUUWHPLFKDQ:HLOHXFKWHWHQGLH$XJHQLQ GHP7RWHQVFKlGHO ,FKVWU]WHPLFKDXILKQMDJWHQRFKGLHOHW]WH.XJHODXVGHP 0DJD]LQDEHUHVZDUVFKRQ]XVSlW 'LH(UGHWDWVLFKDXIXQGLQHLQHQIHXULJHQEOXWURWHQ6FKZHLI JHKOOWYHUVFKZDQGGHU6FKZDU]H7RGYRUPHLQHQ$XJHQ 1XUVHLQH'URKXQJK|UWHLFKQRFKª,FKNRPPHZLHGHU-RKQ 6LQFODLU,FKNRPPHZLHGHU© 'DQQZDUGLH6WLPPHYHUKDOOW 'DIUK|UWHLFK5XIH6FKUHLHXQGLFKVDK-DQH&ROOLQV6LHIORJ DXIPLFK]XXPDUPWHXQGNWHPLFKGDLFKJDUQLFKWZXWH ZLHPLUJHVFKDK ª-RKQ©VWDPPHOWHVLHLPPHUZLHGHUª-RKQ© ,QGLHVHQ:RUWHQODJDOOHVZDV-DQH&ROOLQVIUPLFKHPSIDQG $EHUDXFKHLQHXQJHKHXUH(UOHLFKWHUXQJGDLFKHVGRFKQRFK JHVFKDIIWKDWWH 1RFKLQGHUVHOEHQ1DFKWIXKUHQZLU]X=DUFDGLV/DQGKDXV:LU GDVZDUHQ-DQH&ROOLQV6XNR%LOO&RQROO\XQGLFK8QGGRUW HUZDUWHWHXQVHLQHhEHUUDVFKXQJ
=DUFDGLV/DQGVLW]ZDU]XVDPPHQJHEURFKHQ:LUVWDQGHQYRU HLQHP7UPPHUKDXIHQ'DVJOHLFKHZDUPLWGHP7UHLEKDXV JHVFKHKHQ$XFKGLH+RUURU3IODQ]HQJDEHVQLFKWPHKU:LU VDKHQQXUQRFKYHUNRKOWH5HVWH0LW=DUFDGLV9HUQLFKWXQJZDUHQ VLHDXFKYHUJDQJHQ /DQJVDPJLQJLFKGXUFKGDV7UHLEKDXV9RQ)UDQN6FRWWHQW GHFNWHLFKNHLQH6SXUPHKU'LH.UlIWHPLWGHQHQHUSDNWLHUW KDWWHIRUGHUWHQLKUHQ7ULEXW6LHKDWWHQLKQYHUVFKOXQJHQ 'LH%HZRKQHUYRQ2UOLQJWRQZXWHQQLFKWZDVPLWLKQHQ JHVFKHKHQZDU9|OOLJUDWORVVWDQGHQVLHVLFKJHJHQEHU %HYRUZLUZLHGHUIXKUHQJLQJLFKQRFKHLQPDODXIGHQ )ULHGKRI0HLQ6DUJVWDQGQRFKLPPHULP*UDE/DQJHVWDUUWHLFK LQGLH*UXEHKLQDE8QGLFKGDQNWHGHP6FK|SIHUGDLFKQRFK HLQPDOGDYRQJHNRPPHQZDU 3O|W]OLFKZDU-DQH&ROOLQVKLQWHUPLU,FKIKOWHLKUH+DQGLQ GHUPHLQHQ ª.RPP©VDJWHVLHOHLVHª6XNRXQG%LOOZDUWHQ© (1'(