0((5'(5:(,66(16b5*( =ZLVFKHQGHQDOWHQYHUIDOOHQHQ*HPlXHUQQLVWHWHGDV 8QKHLO*HVSHQVWLVFKK|UWHHVVLFKDQZHQQ...
12 downloads
504 Views
217KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
0((5'(5:(,66(16b5*( =ZLVFKHQGHQDOWHQYHUIDOOHQHQ*HPlXHUQQLVWHWHGDV 8QKHLO*HVSHQVWLVFKK|UWHHVVLFKDQZHQQGDV:DVVHU JHJHQGLHSRU|VHQ+DXVZlQGHNODWVFKWHDOVZlUHQVHOWVDPHQ JOXFNVHQGH6WLPPHQGDEHLYRQHLQHPDQGHUHQJHLVWHUKDIWHQ /HEHQ]XHU]lKOHQ 'LH1DFKWZDUIDVWVFKZDU]'HU0RQGVRQVW%RWHGHU 9HUOLHEWHQEHVRQGHUVLQ9HQHGLJKLHOWVLFKYRUQHKP]XUFN GHQQGLHJHZDOWLJHQ:RONHQNRQQWHDXFKHUPLWVHLQHP IDKOHQ/LFKWQLFKWGXUFKGULQJHQ 9HQHGLJVFKOLHI'RFKHVZDUHLQHWUJHULVFKH5XKH,UJHQG HWZDVOHEWHLQGLHVHUJHKHLPQLVYROOHQ6WDGWLQGHPGHU$WHP GHU*HVFKLFKWHIDVWN|USHUOLFKVSUEDUZDU(WZDVODXHUWHLP YHUERUJHQHQVFKLHQHLQVJHZRUGHQ]XVHLQPLWGHPEUDFNL JHQ:DVVHUXQGGHQDOWHQ3DOlVWHQGHUJURHQ9HUJDQJHQKHLW GLHVHUHKHPDOLJHQ0HWURSROH 8PGLHVH=HLWIXKUNHLQ7RXULVWPHKUDXIGHQ.DQlOHQ(V ZDUGUHL8KUPRUJHQVHLQH=HLWLQGHUVRJDUGLHPHLVWHQ :DVVHUUDWWHQVFKOLHIHQ0DQZDUWHWHDXIGHQQHXHQ7DJKROWH $WHPELVGLH6WDGWGDQQPLWHLQHPTXLUOLJHQ/HEHQHUIOOW ZDU 9RQZHLWKHUHUW|QWHHLQNODJHQGHV/LHG(LQHLQVDPHU *RQGROLHUHVDQJHV6HLQ/LHGHU]lKOWHYRQHLQHUXQHQGOLFKHQ 7UDXULJNHLWYRQ'HSUHVVLRQHQXQG9HUJlQJOLFKNHLW'LHNOD JHQGH0HORGLHILQJVLFKEHUGHP:DVVHUXQGKXVFKWHJHL VWHUKDIWDOV(FKRGXUFKGLHHQJHQ.DQlOHEHYRUVLHLUJHQGZR YHUNODQJZLHGDV6lXVHOQHLQHV6RPPHUZLQGHV $XVGHQVFKPDOHQ:DVVHUVWUDHQVWLHJHLQVHOWVDPHU *HUXFKDQGHQ)DVVDGHQHPSRU0RGHU9HUZHVXQJIDXOLJHV :DVVHUDOOGLHVYHUHLQLJWHVLFK]XHLQHPDWHPQHKPHQGHQ *HVWDQNGHUWUlJHZLH%OHLEHUGHU3HUOHDQGHU$GULDODJ 'DV/LHGGHV*RQGROLHUHYHUVWXPPWH,QGHQHQJHQ :DVVHUJDVVHQZXUGHHVZLHGHUVWLOO+LHUXQGGDEUDQQWH LQGHQ+lXVHUQHLQYHUHLQ]HOWHV/LFKW0HLVWVFKLPPHUWHQ QXUJHOEH6WUHLIHQGXUFKGLH/FNHQLQGHQ)HQVWHUOlGHQXQG PDOWHQHLQYHUVFKZRPPHQHV]XFNHQGHV0XVWHUDXIGLH :HOOHQNlPPH
ª9HQHGLJZLUGVWHUEHQ©KDXFKWHDXFKGDVMXQJH0lGFKHQ XQGVFKPLHJWHVLFKHQJHUDQVHLQHQ%HJOHLWHUPLWGHPHVLQ GHPGVWHUHQ)OXUVWDQGZREHLHVGDVJUDXH5HFKWHFNGHU 7UQLFKWDXVGHQ$XJHQOLH 'HU0DQQ]XFNWH]XVDPPHQ)U6HNXQGHQYHUNUDPSIWHQ VLFKVHLQH+lQGHEHYRUHUDQWZRUWHWHª:LUVFKDIIHQHV )UDQFDZLUVFKDIIHQHVJDQ]EHVWLPPW© ª1HLQ0DUFRLFKJODXEHQLFKWGDUDQ©6LHDWPHWHWLHIHLQ XQGVFKWWHOWHVLFKGDQQDOVZROOWHVLHGHQ*HVWDQNORVZHU GHQGHUVLFKDXFKLQLKUHU.OHLGXQJIHVWJHVHW]WKDWWHª'X KDVWGHQ)UHYHOEHJDQJHQXQGGDIUZHUGHQZLUEHQ© ª,FKNDQQPLFKZHKUHQ©'LH6WLPPHGHV0DQQHVNODQJ ODXWXQG)UDQFDOHJWHHUVFKURFNHQHLQHQ)LQJHUDXIVHLQH /LSSHQ ª:LOOVWGXGDPDQXQVK|UW"© ª(VLVWPLUHJDO© ª6HLQLFKWYHUUFNW'XKDVWGDV*UDEJHIXQGHQ8QGMHW]W LVWGLH6DFKHIUXQVHUOHGLJWGHQNLPPHUGDUDQ© ª,FKZLOODEHUQLFKW© 6HLQH+DQGOHJWHVLFKDXIGLH+IWHGHV0lGFKHQVXQGIXKU GDUDQKHUXQWHUELVVLHGHQ2EHUVFKHQNHOHUUHLFKWKDWWH'RUW YHUKDUUWHVLH ª'HU*RQGROLHUHKDWDXIJHK|UW]XVLQJHQ0DUFR$XFKHU JDEDXI'HQNGDUDQ(VZDUHLQHOHW]WH:DUQXQJ6LHZHUGHQ NRPPHQGDVYHUVSUHFKHLFKGLU© ª'DQQVLQGZLUZHJ© ª8QGZRKLQ"'XELVWQLUJHQGVVLFKHU$XFKPLFKZHUGHQ VLHIDQJHQ©)UDQFDVFKWWHOWHVLFKª'LHVH6WDGWVWHFNWYROOHU *UDXHQ,FKVSUHHV'DVLQGYLHOH*UlEHUYRQGHQHQZLU QLFKWVZLVVHQ$XFKLQGHQDOWHQ%OHLNDPPHUQOHEHQVLHQRFK ,FKLFKJODXEH© ª:LUZHUGHQJHKHQ© ª8QGGDQQ"© ª1LFKWV%HLGHU3ROL]HLVLQGZLUVLFKHU© ª)DOOVPDQXQVJODXEW© 0DUFRKREGLH6FKXOWHUQ(UNRQQWH)UDQFDV$QJVWYHU
VWHKHQ$XFKHUKDWWHHVQLFKWIUP|JOLFKJHKDOWHQZDVVLFK KLHULPJHKHLPHQDEVSLHOWHDEHUVLHKDWWHQGHQ%HZHLVXQG GHUZDUVFKUHFNOLFKJHQXJ ª,FKVFKDXHPDOQDFK©IOVWHUWH0DUFR2KQHHLQH$QWZRUW GHV0lGFKHQVDE]XZDUWHQVFKULWWHU]XU7U8QWHUVHLQHQ 6RKOHQNQLUVFKWHGHU'UHFN.OHLQHUH6WHLQHZXUGHQ]HUWUHWHQ 9RQGHQ:lQGHQZDUGHU3XW]JHULHVHOW$QYLHOHQ6WHOOHQ ZDUHQ/|FKHU]XVHKHQDOVKlWWHMHPDQGPLWHLQHP+DPPHU JHJHQGLH0DXHUQJHVFKODJHQ 9RUGHU7UKROWH0DUFRQRFKHLQPDOWLHI$WHP6HLQVFKPD OHU.|USHUVSDQQWHVLFK'LH7UVHOEVWZDUVRDOWZLHGDV +DXV(VJUHQ]WHDQHLQ:XQGHUGDVLHVLFKEHUKDXSWQRFK |IIQHQOLH'LHJHERJHQH.OLQNH]HLJWHGLH)RUPHLQHU /|ZHQSUDQNH,P/DXIHGHU=HLWKDWWHGDV0HWDOO5RVWDQJH VHW]WXQGVLHOLHVLFKQXUVWRFNHQGEHZHJHQEHYRUVLHVR ZHLWKHUXQWHUJHGUFNWZDUGD0DUFRGLH7UDXI]LHKHQ NRQQWH 'XUFKGHQ6SDOWVFKDXWHHUQDFKGUDXHQ 'LH+lXVHUZlQGHJHJHQEHUVFKLHQHQVRQDK]XVHLQGD HUVLHPLWGHU+DQGKlWWHJUHLIHQN|QQHQ'DYRUVFKLPPHUWH GDV:DVVHU(LQHVFKZDU]HWUlJH)OVVLJNHLWGLHNOHLQH :HOOHQZDUIDQGHQ:lQGHQHQWODQJOHFNWHXQGGDVVRZLHVR VFKRQSRU|VH*HVWHLQQRFKLPPHUZHLWHUDXVK|KOWH 'DIUMHGRFKKDWWHGHUMXQJH0DQQNHLQHQ%OLFN(UYHU VFKZHQGHWHQLFKWHLQPDOHLQHQ*HGDQNHQGDUDQIULKQZDU ZLFKWLJGHP8QKHLO]XHQWULQQHQ (LQ%OLFNQDFKUHFKWVXQGOLQNV 'LH/XIWZDUUHLQ .HLQ9HUIROJHUEHIDQGVLFKDXIGHP:DVVHU'LH%RRWHGLH DXIGHQ:HOOHQGPSHOWHQZDUHQDOOHYHUWlXW/LQNVVDKHU GHQ6FKDWWHQHLQHUVFKPDOHQ%UFNH6LHIKUWHEHUGDV :DVVHUYRQHLQHU6HLWH]XUDQGHUHQXQG0DUFRZDUVFKRQRIW EHUGLHDOWHQ6WHLQHJHJDQJHQ %HYRUHUGDV+DXVYHUOLHGUHKWHHUVLFKXPXQGZLQNWH VHLQHU)UHXQGLQ )UDQFDIROJWHLKP]|JHUQG
ª0DFKVFKRQ©GUlQJWH0DUFRª/RVEHHLOGLFK6LHZLVVHQ QLFKWZRZLUVLQG© ª-DMD©'DV0l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hEHU)UDQFDV5FNHQULHVHOWHHVNDOWZHQQVLHDQGLHXQHU PHOLFKH*HIDKUGDFKWHLQGHUVLHVFKZHEWHQ:DVVLHJHVH KHQXQGHQWGHFNWKDWWHZDUXQEHVFKUHLEOLFKXQJODXEOLFK XQGHVJHK|UWHLQGDV5HLFKGHU)DEHOXQGQLFKWLQGLH 5HDOLWlW $EHUZDVZDUVFKRQLQ9HQHGLJ5HDOLWlW",QGHU6WDGWZR MHGHUQXUPLWGHU9HUJDQJHQKHLWOHEWHXQGLUJHQGZLHGDUDXI ]XZDUWHQVFKLHQGDGLH6WDGWHQGJOWLJYHUVDQN 9RQGHU$GULDKHUEOLHVHLQIULVFKHU:LQG(UGUDQJDXFKLQ GLHHQJHQ*DVVHQXQGNKOWHGLH*HVLFKWHUGHUEHLGHQMXQJHQ 0HQVFKHQ6LHEHZHJWHQVLFKHQJDQGHU+DXVZDQGHQWODQJ 0DUFRKDWWHGLH6SLW]HEHUQRPPHQ(LJHQWOLFKKlWWHHU]ZHL +lQGHJHEUDXFKWXPVLFKDQGHU:DQGHQWODQJ]XWDVWHQ DEHUHUVWW]WHVLFKQXUPLWHLQHUDE'LHDQGHUHKDWWHHUQDFK KLQWHQJHVWUHFNWVRGD)UDQFDVHLQHQ$UPXPIDVVHQNRQQWH XQGLKUGLHVHU.RQWDNW6LFKHUKHLWJDE 'HU6LPVZDUHEHQVREU|FNOLJZLHGDVJHVDPWH0DXHUZHUN $QPDQFKHQ6WHOOHQZDUHQ6WHLQHDEJHEURFKHQXQGGLHEHL GHQ)OFKWOLQJHPXWHQLKUH6FKULWWHYHUJU|HUQXPGLH /FNHQ]XEHUTXHUHQ2IWEUDFKGLFKWYRU0DUFRGDV*HVWHLQ ZHJ0LWHLQHPGXPSIHQª%OXSS©NODWVFKWHQGLH%URFNHQ MHGHVPDOLQV:DVVHU'LHVHV*HUlXVFKHU]HXJWHEHL)UDQFD
HLQH*lQVHKDXW(VHULQQHUWHVLHGDUDQZLHOHLFKWDXFKVLH DEUXWVFKHQXQGQDFKXQWHQIDOOHQNRQQWHQ ª%LWWHVHLYRUVLFKWLJ©KDXFKWHVLHLPPHUZLHGHU 0DUFRK|UWHGLH:RUWH]ZDUHUNPPHUWHVLFKDEHUQLFKW GDUXP(UKDWWHJHQXJPLWVLFKVHOEVW]XWXQSUHWHKDUWGLH /LSSHQDXIHLQDQGHUXQGNRQ]HQWULHUWHVLFKDXIGHQ:HJ(U ZDUQXUIURKGDVLHQLFKWZLHGHUDQJHJULIIHQZXUGHQGHQQ GDVZDUDPVFKOLPPVWHQ 0DUFRZROOWHGLH%UFNHHUUHLFKHQ6LHZDUVHLQ=LHO:HQQ VLHGRUWLKUHQ)XKLQJHVHW]WKDWWHQGDQQNRQQWHQVLH]XP HUVWHQPDODXIDWPHQREZRKOVLHVLFKQRFKOlQJVWQLFKWLQ 6LFKHUKHLWEHIDQGHQZLHEHLGHZXWHQ ª.DQQVWGXQRFK"©IUDJWH0DUFR ª*HKZHLWHU©'LH6WLPPHGHV0lGFKHQVNODQJJHSUHW6LH ]HLJWHHLQZHQLJYRQGHU$QJVWGLH)UDQFDHPSIDQG 'HU:HJ]RJVLFKLQGLH/lQJH-HGHU6FKULWWNRVWHWH1HUYHQ XQG.RQ]HQWUDWLRQ6WRZHLVHJLQJGHU$WHPGHV0DQQHV(U VSUWHGHQ6FKZHLGHUVLFK]X7URSIHQVDPPHOWHXQGGDQQ LQODQJHQ%DKQHQEHUVHLQ*HVLFKWOLHI'LH+DDUHNOHEWHQDXI GHU+DXW0DQFKPDOYHUVFKZDPPGLH%UFNHDXFKYRU VHLQHQ$XJHQGDQQKLHOWHULQQHNRQ]HQWULHUWHVLFKDXIV QHXHXQGZHLWHUJLQJHV 'LHEHLGHQVFKDIIWHQHV9RP6LPVDXVNRQQWHQVLHVLFK ZHQQVLHGLH$UPHKREHQDQGHP6WHLQJHOlQGHUIHVWNODP PHUQXQGVLFKGDQQLQGLH+|KH]LHKHQ'LH%UFNHYHUEDQG ]ZHLVFKPDOH'XUFKOlVVHKDQGWXFKEUHLWH(LQIDKUWHQGLHHLQ NRPSDNWHU0HQVFKNDXPGXUFKJHKHQNRQQWHZHLOHUPLW GHQ6FKXOWHUQDQGHQ0DXHUQVFKOHLIWH ª:DUWHGX©VDJWH0DUFRXQG]RJVLFKDOVHUVWHULQGLH +|KH ª2ND\© 0DUFRVWUHFNWHVHLQHQ.|USHUQRFKHLQPDOEHNDPGLHVWHL QHUQH8PUDQGXQJ]XIDVVHQXQG]RJVLFKLQGLH+|KH0LW GHQ.QLHQXQG)HQPXWHHUHWZDVQDFKKHOIHQKDWWHHV GDQQJHVFKDIIWXQGVWDQGDXIGHUJHERJHQHQ%UFNH (UUXKWHVLFKQLFKWHUVWDXVVRQGHUQEHXJWHVLFKYRUXQG
VWUHFNWHDEHUPDOVVHLQHQ$UPDXVXPVHLQHU)UHXQGLQLQGLH +|KH]XKHOIHQ 2EZRKO)UDQFDHLQ/HLFKWJHZLFKWZDUKDWWH0DUFRDOOH 0KHVLHDXIGLH%UFNH]X]LHKHQ'RUWEOLHEVLHHUVWHLQPDO VWHKHQOHKQWHVLFKDQGLH%UVWXQJXQGDWPHWHWLHIGXUFK )UDQFDEUDXFKWHGLH(UKROXQJVSDXVHHEHQVRZLH0DUFR %HLGH]LWWHUWHQDPJDQ]HQ/HLE'LHOHW]WHQ0LQXWHQZDUHQ HLQIDFK]XVWUDSD]L|VJHZHVHQ ,QLKUHQ$XJHQVFKLPPHUWHZLHGHU+RIIQXQJXQGDXFKGHU *ODXEHGDUDQHVGRFKQRFKVFKDIIHQ]XN|QQHQ $QEHLGHQ(QGHQGHU%UFNHEHJDQQGHUVFKODXFKDUWLJH :HJ(UVFKQLWWZLHPLWGHP0HVVHUJH]RJHQ]ZLVFKHQGHQ +lXVHU]HOOHQ0DUFRZXWHGDGLHVHV9LHUWHOYRQ9HQHGLJ NDXPEHZRKQWZDU=XVHKUKLHOWGHU9HUIDOOGLH+lXVHU EHUHLWVLQVHLQHQ.ODXHQ 6LHXPDUPWHQVLFKXQGEOLHEHQVHNXQGHQODQJLQGLHVHU +DOWXQJVWHKHQ-HW]WGDFKWHDXFK0DUFRGDUDQGDVLHOHW] WHQ(QGHVGRFKQRFKGXUFKNDPHQXQGGLHVHJUDXHQYROOH 6WDGWYHUODVVHQNRQQWHQ9LHOOHLFKWEUDXFKWHQVLHQLFKWHLQPDO ]XU3ROL]HLGHQQGRUWKlWWHPDQLKQHQZDKUVFKHLQOLFKQLFKW JHJODXEW ª.RPP©VDJWH0DUFRQDFKHLQHU:HLOH ª,QZHOFKH5LFKWXQJ"©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
:lQGHQ]LWWHUWH'DQQVFKWWHOWHVLHGHQ.RSIZROOWHHWZDV ]XLKUHP)UHXQGVDJHQGRFKVLHEHNDPGLH=lKQHQLFKWPHKU DXVHLQDQGHUGD0DUFRVLHKHUXPULXQGLQGLHHQWJHJHQ JHVHW]WH5LFKWXQJ]RJ +LQHLQLQGLH*DVVHXQG]XHUVWEHUGLH%UFNHZHJ,KU /DXIZXUGHVFKQHOOVWRSSWHDOOHUGLQJVHEHQVRDEUXSWGHQQ 0DUFRV%HIUFKWXQJEHZDKUKHLWHWHVLFK $XFKLQGHUDQGHUHQ*DVVHODXHUWHGDV8QWLHU 6LHVDHQLQGHU)DOOH 9LHOH0HQVFKHQNHQQHQ9HQHGLJQXUYRQGHQ(U]lKOXQJHQ KHU,FKQLFKW6FKRQHLQPDOKDWWHLFKLQGHU6WDGWDQGHU$GULD ]XWXQJHKDEWLQGLHVHUDFKVRRIWEHVFKULHEHQHQXQGEHVXQ JHQHQ0HWURSROHHLQHUJODQ]YROOHQ9HUJDQJHQKHLW 'LH6HXI]HUEUFNH&DPSDQLOHGLH7DXEHQGLH.LUFKHYRQ 6DQ0DUFRGHU3ODW]GDYRUGDVDOOHV]lKOWHQHEHQGHQ SUDFKWYROOHQ3DOlVWHQGHUHKHPDOVVRPlFKWLJHQ'RJHQIU GLH7RXULVWHQ8QVLQWHUHVVLHUWHHVZHQLJHUGHQQ6XNRXQG PLFKKDWWHHLQ)DOOLQGLH6WDGWJHIKUW %HJRQQHQKDWWHHVPLWGHQWRWHQ7DXEHQ =X+XQGHUWHQUHJQHWHQVLHYRP+LPPHOEHGHFNWHQGLH *DVVHQXQG3OlW]H7LHUNDGDYHUGLHLUJHQGZLHYHUJLIWHW VFKLHQHQ-HGHQIDOOVJODXEWHPDQGDV%LVGLH9|JHOJHQDXHU XQWHUVXFKWZXUGHQXQGGDVWHOOWHPDQIHVWGDVLHNHLQHQ 7URSIHQ%OXWPHKUEHVDHQ6LHZLUNWHQOHHUJHVDXJWDOVKlWWH LKQHQMHPDQGGDV%OXWDEJH]DSIW0DQIDQGVRJDU%LVWHOOHQ GLHDXIGLHVHVXQJHZ|KQOLFKH3KlQRPHQKLQZLHVHQXQGGLH 3ROL]HLZXUGHHLQJHVFKDOWHW 6LHVWDQGYRUHLQHP5lWVHO %OXWOHHUH7DXEHQILHOHQQLFKWHLQIDFKYRP+LPPHOGDV PXWHHLQHQ*UXQGKDEHQ$OVRJLQJPDQGHU6DFKHQDFK GRFK]XHLQHP(UJHEQLVNDPPDQQLFKW 'DV0RWLYEOLHELPGXQNHOQ %LVVLFK0HQVFKHQPHOGHWHQGLHHLQVHOWVDPHV3KlQRPHQ EHREDFKWHWKDWWHQ'DVSUDFKHQJODXEZUGLJH=HXJHQYRQ
JHZDOWLJHQ)OHGHUPlXVHQGLHVLHEHUGHU6WDGWJHVHKHQ KDEHQZROOWHQ5LHVLJH9|JHOPLWEOXWURWHU+DXWJURHQ 0lXOHUQXQGJHIlKUOLFKHQ=lKQHQ'LHVH:HVHQZXUGHQ ]ZHLIHOVRKQHDOV)OHGHUPlXVHLGHQWLIL]LHUWDEHU)OHGHUPlXVH YRQGLHVHU*U|HJDEHVQLUJHQGZRDXIGHU:HOW 'LH(QWGHFNXQJNRQQWHYHUKHLPOLFKWZHUGHQGLH3UHVVH EHNDPNHLQHQ:LQGGDYRQDEHULP3ROL]HLSUlVLGLXPUDXFK WHQGLH.|SIH(LQORJLVFKHU6FKOXODJQDKH:HQQGLH )OHGHUPlXVHXQWHUXPVWlQGHQGLH7DXEHQDQJHJULIIHQXQG LKQHQLKU%OXWDXVJHVDXJWKDWWHQGDQQZDUHVGXUFKDXVP|J OLFKGDVLHVLFKLUJHQGZDQQHLQPDODXI0HQVFKHQVWU]WHQ 'DVZROOWHNHLQHUGHU9HUDQWZRUWOLFKHQ]XODVVHQ$XVGLHVHP *UXQGYHUVWlUNHPDQGLH3ROL]HLVWUHLIHQ'HU(UIROJVWHOOWH VLFKEDOGGDUDXIHLQGHQQ]ZHL&DUDELQLHULVHKHQGLH:HVHQ $OOHUGLQJVZHLWGUDXHQVFKRQLP*ROIMHQVHLWVGHU]DKO UHLFKHQ,QVHOQXQGGHV/LGR'RUWVFKZHEWHQVLHODXWORVGXUFK GLH/XIWJULIIHQGLH0HQVFKHQ]XP*OFNQLFKWDQXQGGHQ 3ROL]LVWHQJHODQJHVWDWVlFKOLFKGLHEHLGHQ:HVHQHWZD]HKQ 0LQXWHQODQJ]XEHREDFKWHQEHYRUGLH7LHUHLQGHUZDWWLJHQ 'XQNHOKHLWEHUGHP:DVVHUYHUVFKZDQGHQ 'LH3URWRNROOHEHUGLH%HREDFKWXQJHQZDUHQVWUHQJ JHKHLPXQGQXUEHVWLPPWHQ%HDPWHQ]XJlQJOLFK(LQHUGLH VHU0lQQHUZDU&RPPLVVDULR7ROLQLHLQDOWHU)XFKVGHP PDQVROHLFKWQLFKWVYRUPDFKHQNRQQWH6HLWHUGHQNHQNRQQ WHWDWHULQ9HQHGLJ'LHQVWHUKDWWHVLFKPLW7DVFKHQGLHEHQ 0DILDNLOOHUQXQG)L[HUQKHUXPJHVFKODJHQDEHUHUKDWWHDXFK HLQ(UOHEQLVJHKDEWGDVVFKRQHLQLJH-DKUH]XUFNODJ 'DKDWWHHVLQGHU6WDGW]XHLQHPVHOWVDPHQ3KlQRPHQ JHJHEHQGHQQGLH7RGHVJRQGHO]RJLKUH%DKQ(VJLQJGDXP GLH%DQGHGHUJROGHQHQ0DVNHQXQGGHQ)DOODXIJHNOlUW KDWWHVFKOLHOLFKHLQ2EHULQVSHNWRUDXV/RQGRQ(LQ0DQQ GHUVHLQ*HOGEHL6FRWODQG
&RPPLVVDULR7ROLQLJLQJ]XP3ROL]HLSUlVLGHQWHQ(UZXUGH JQlGLJHPSIDQJHQXQGVRJDUVHKUVFKQHOOGHQQGLH6DFKH PLWGHQWRWHQ7DXEHQEHUHLWHWHDXFKGHPK|FKVWHQ&KHIGHU 3ROL]HLHLQLJHVDQ.RSI]HUEUHFKHQ$OOHVZDVGDPLWLQ =XVDPPHQKDQJVWDQGZXUGHYRUUDQJLJEHKDQGHOWVRGD 7ROLQLVHLQH$XGLHQ]EHNDP 6LHGDXHUWHOlQJHUDOVHUXUVSUQJOLFKDQJHQRPPHQKDWWH hEHU]ZHL6WXQGHQPXWHHUUHGHQELVGHU3ROL]HLFKHI VFKOLHOLFKVHLQHQ6HJHQJDE ª%HQH7ROLQLGDQQKROHQ6LHGLHVHQ:XQGHUPDQQ© ª(ULVWNHLQ:XQGHUPDQQELWWHVHKUDEHU-RKQ6LQFODLU EULQJWGLHQ|WLJH(UIDKUXQJPLW© 'LHEUDFKWHHUQLFKWDOOHLQPLW8QWHUDQGHUHPKDWWHLFK DXFK6XNRPLWJHQRPPHQGHQQDOVZLUHWZDVYRQGHQURWHQ 9DPSLUHQK|UWHQGLHHLJHQWOLFKQXU9DPSLURGHOPDUV *HVFK|SIHVHLQNRQQWHQGDUHDJLHUWHQZLUUDVFKXQGXQEUR NUDWLVFK -HW]WZDUHQZLULQ9HQH]LDXQGKDWWHQHLQ:LHGHUVHKHQPLW 7ROLQLJHIHLHUW 'HU&RPPLVVDULRZDULQGHQOHW]WHQ-DKUHQQRFKHLQZHQLJ GLFNHUJHZRUGHQ6HLQ/HLEKLHOWGHQ9HUJOHLFKPLWHLQHU .XJHOVWDQGDEHUHUZDUQRFKLPPHUVRTXLUOLJXQGVSULQJ OHEHQGLJ'HUVFKZDU]H6FKQlX]HU]LWWHUWHYRU)UHXGHZHQQ GHU%HDPWHPLWXQVVSUDFK=XGHPEHIDQGHQVLFKVHLQH +lQGHLQSHUPDQHQWHU%HZHJXQJGHQQMHGHV:RUWZROOWHHU H[WUDXQWHUVWUHLFKHQ'LH+DDUHZDUHQYLHOOHLFKWZHQLJHU JHZRUGHQ$XVGHU+DOEJODW]HZXUGHPLWWOHUZHLOHHLQHULFK WLJH*ODW]HDEHUVRHWZDVLVWHEHQGHU/DXIGHU=HLW :LUKDWWHQXQVGLH7DXEHQDQJHVHKHQ9RUDOOHQ'LQJHQ LQWHUHVVLHUWHQXQVGLH%LVWHOOHQ ª*DQ]NODUYRQ9DPSLUHQ©ODXWHWH6XNRV.RPPHQWDU ª9DPSLU©'HU&RPPLVVDULRKDWWHJHVW|KQWXQGVLFKDQGHQ .RSIJHJULIIHQª'DVGDUIQLFKWZDKUVHLQ©(UWUDWPLWGHP )XDXIª(VLVWXQP|JOLFK'DVN|QQHQNHLQH9DPSLUHJH ZHVHQVHLQ© ª8QGZHVKDOEQLFKW"©
(UVFKDXWHPLFKDQª:HLOVRQVWGLH7DXEHQDXFK]X 9DPSLUHQJHZRUGHQZlUHQ© 'DKDWWHHULP3ULQ]LSUHFKWDEHU7LHUHZDUHQHEHQNHLQH 0HQVFKHQ9LHOOHLFKWUHDJLHUWHQVLHDQGHUVREZRKOHVVFKZHU ZDUGHQ&RPPLVVDULRGDYRQ]XEHU]HXJHQ ª'DQQPVVHQZLUVLHEHREDFKWHQ©VFKOXJ6XNRYRU 'DVKDWWHQZLUDXFKJHWDQ=XGULWWZDUHQZLUGHV1DFKWV XQWHUZHJVLPPHUDXIGHU/DXHUQDFKGHQURWHQ9DPSLUHQ =ZHL1lFKWHKDWWHQZLUXQVEHUHLWVXPGLH2KUHQJHVFKODJHQ JHWDQKDWWHVLFKUHLQJDUQLFKWV/lQJHUDOVGUHL7DJHZROOWHQ ZLUHLJHQWOLFKQLFKWEOHLEHQGHQQZHUNRQQWHZLVVHQZDV VLFKLQ/RQGRQWDW" 'RUWKDWWHVLFKPLWGHUHQGJOWLJHQ9HUQLFKWXQJGHV6ROR 0RUDVVRHLQLJHVYHUlQGHUW 'U7RGH[LVWLHUWHQLFKWPHKU$EHUQRFKOHEWHQGLH 0LWJOLHGHUVHLQHU0RUGOLJD8QWHUDQGHUHP/DG\;XQG 9DPSLURGHOPDU:LHVLHUHDJLHUHQZUGHQZDUGLHJURH )UDJHXQGZLUVSUDQJHQZLUNOLFKDXIDOOHVDQZDVPLWGLHVHQ EHLGHQLQHLQHPXQPLWWHOEDUHQ=XVDPPHQKDQJVWDQG $OOHUGLQJVJHK|UWHQRFKHLQGULWWHU]XGHP&OXE ;RUURQ+HUUGHU=RPELHXQG8QWRWHQ(UZUGHHVPLU VLFKHUOLFKQLFKWYHU]HLKHQGDLFKHVJHZHVHQZDUGHU6ROR 0RUDVVRHLQH.XJHOGXUFKGHQ.RSIJHVFKRVVHQKDWWH :DKUVFKHLQOLFKKHUUVFKWHPRPHQWDQLQGHU0RUGOLJDHLQ JURHV'XUFKHLQDQGHURGHUGLH5XKHYRUGHP6WXUP %HLGHVZDUP|JOLFK 'LHURWHQ9DPSLUH]XGHQHQPHLQH*HGDQNHQZLHGHU ]XUFNNHKUWHQZDUHQIUXQVNHLQH8QEHNDQQWHQ:LUKDWWHQ VLHLQ'HXWVFKODQGHUOHEWXQGDXFKDXIGHU,QVHOGHV6ROR 0RUDVVRGLHLQGLH/XIWJHIORJHQZDUDOVGLH0RUGOLJDLKUH =HOWHGRUWDEEUDFK6LHZDUHQDQVLFKOHLFKW]XHUOHGLJHQ 6LOEHUNXJHOQW|WHWHQVLHDEHUPDQGXUIWHVLHQLFKW]XQDKH KHUDQNRPPHQODVVHQGDQQZXUGHQGLH'LHQHUGHV 6XSHUYDPSLUV9DPSLURGHOPDUJHIlKUOLFK =ZHL1lFKWHKDWWHQZLUXQVHUIROJORVXPGLH2KUHQ JHVFKODJHQ8QGMHW]WZDUGLHGULWWH1DFKWDXFKIDVWXP
:LHVFKRQLQGHQEHLGHQYRUKHUJHJDQJHQHQ1lFKWHQHUOHE WHQZLUHLQVWLOOHIDVWXQKHLPOLFKHV9HQHGLJGXUFKGDVZLU IXKUHQ$OOHUGLQJVQLFKWPLWGHP:DJHQVRQGHUQPLWHLQHP %RRWGHU:DVVHUVFKXW]SROL]HLGDV&RPPLVVDULR7ROLQL VWHXHUWH 9HQHGLJXPGUHL8KUPRUJHQV 'DVZDUHLQVHOWVDPEHNOHPPHQGHV*HIKOGLHVH6WDGWVR ]XHUOHEHQ'LH.DQlOHVFKLHQHQLQGHU'XQNHOKHLWQRFKHQJHU ]XZHUGHQGLH0DXHUQUFNWHQQlKHU]XVDPPHQGDV:DVVHU ZDUJHVFKZlU]WDOVKlWWHMHPDQG7HHUKLQHLQJHNLSSWGHU +LPPHOHLQHGXQNOH)OlFKHXQGGLHDOWHQRIWSUDFKWYROOHQ +lXVHUJOLFKHQUHJHOUHFKWHQ*HVSHQVWHUEXUJHQ :LUKLHOWHQXQVQLFKWGDDXIZRGLH6WDGWH[WUDIU 7RXULVWHQKHUDXVJHSXW]WZLUGQHLQGDKDWWHQZLUQLFKWV]X VXFKHQLQGHU*HJHQGZDUHQGLHURWHQ9DPSLUHDXFKQLFKW EHREDFKWHWZRUGHQZLUIXKUHQGRUWKLQZRGLH6WDGWDOOPlK OLFKYHUNDPZRVLFKNHLQH/REE\JHELOGHWKDWWHXPGLHDOWHQ +lXVHU]XHUKDOWHQ :HULQGLHVHQIHXFKWHQ%DXWHQZRKQWHJHK|UWH]XGHQ bUPVWHQGHU$UPHQ]XGHQ0HQVFKHQGLHDP5DQGHHLQHU ([LVWHQ]JUXQGODJHGDKLQOHEWHQ 2EZRKOZLULQ]ZHL1lFKWHQGLH*HJHQGVFKRQGXUFKIDK UHQKDWWHQNDQQWHQZLUGDV*HELHWQRFKLPPHUQLFKW-HGHU .DQDOVDKJOHLFKDXVXQGZDUGRFKLUJHQGZLHDQGHUV6LH PQGHWHQDOOHLQHLQDQGHUELOGHWHQHLQUHJHOUHFKWHV )OHFKWZHUNDXV:DVVHUVWUDHQ'HUHQ2EHUIOlFKHJOlQ]WHZLH HLQVFKZDU]HU6SLHJHODOVVROOWHQGLH*HKHLPQLVVHGLHXQWHU LKUODJHQYHUERUJHQEOHLEHQ 8QVHU%RRWZDUQLFKWJURDEHUZLUKDWWHQHUOHEWGDHV VHKUVFKQHOOVHLQNRQQWHZHQQHVGDUDXIDQNDPXQGGDV ZUGHYLHOOHLFKWQ|WLJVHLQGHQQQRFKKDWWHQZLUGLH +RIIQXQJQLFKWDXIJHJHEHQ 7DJVEHUKDWWHQZLUQLFKWYLHOYRQ9HQHGLJJHVHKHQGDZLU PHLVWVFKOLHIHQXPIUGLH1DFKWILW]XVHLQ)LWHUMHGHQIDOOV DOVGHU.RPPLVVDUGHQQHUKDWWHWLHIH5LQJHXQWHUGHQ $XJHQHLQ=HLFKHQGDLKQGHU'LHQVWVWUHWHGHQQGHU
&RPPLVVDULRPXWHDXFKZlKUHQGGHV7DJHVEHUIDVWGLH JHVDPWH=HLWLP%URVHLQ :LUWXFNHUWHQMHW]WGXUFKHLQHQHWZDVEUHLWHUHQ.DQDO 7XFNHUQLVWGHUULFKWLJH$XVGUXFNGHQQXQVHU%RRWIXKUQLFKW HLQPDOPLWHLQHP'ULWWHOGHU.UDIW+LQWHUXQVTXLUOWHGLH 6FKUDXEHGHV:DVVHU]XHLQHPKHOOHUHQ6FKDXPDXIGHUVLFK WHLOWHXQGDOVEUHLWH6WUHLIHQLQGLHVVFKZDU]H)OlFKHKLQHLQ VWLH $OVZLUXQWHUHLQHU%UFNHKLQGXUFKJOLWWHQGUHKWHVLFK 7ROLQLXPª:ROOHQ6LHZLUNOLFKPRUJHQZLHGHUIDKUHQ"© IUDJWHHUXQG]RJGDEHLHLQEHGDXHUQVZHUWHV*HVLFKW ª+HXWHVFKRQPHLQ/LHEHU©VDJWHLFKª:LUN|QQHQXQV KLHUQLFKWGLH1lFKWHXPGLH2KUHQVFKODJHQ© ª8QGZHQQGDQQHWZDVSDVVLHUW"© ª*HEHQ6LHXQV%HVFKHLG© ª(VNDQQ]XVSlWVHLQ© ,FKKREGLH6FKXOWHUQª'DV5LVLNRPHLQ/LHEHUPVVHQZLU HEHQHLQJHKHQ© ª,KU(QJOlQGHUKDEWNHLQH*HGXOG© 6XNRODFKWHª6LHYHUJHVVHQGDLFK&KLQHVHELQ© ª1HKPHQ6LHVLFKHLQ%HLVSLHODQ,KUHQ9RUIDKUHQ'LH NRQQWHQZDUWHQXQGZDUWHQ© ª'LHKDWWHQDXFKPHKU=HLW©VDJWHGHU,QVSHNWRU ª'DEHLZROOWHLFKQRFKPLW,KQHQLQHLQWROOHV/RNDOJHKHQ© YHUVXFKWH7ROLQLHVMHW]WDQGHUVKHUXPª:LUNOLFK 6SLW]HQNODVVHNDQQLFK,KQHQVDJHQ© ª9LHOOHLFKWLP8UODXE© 'HU.RPPLVVDUOLHYRU6FKUHFNGDV6WHXHUORV ª%HNRPPHQ6LHDXFK8UODXE"© 'DPXWHLFKSDVVHQ $XFKGHU.RPPLVVDUVFKZLHJ(UNDQQWHGHQ-REGHQ 6WUHGHQKDUWHQ'LHQVWDEHUHVKDWWHDXFKDXVVHLQHQ :RUWHQHLQZHQLJ(JRLVPXVKHUDXVJHNOXQJHQGHQQZHQQ GLH9DPSLUHHUVFKHLQHQXQGZLUDEJHUHLVWZDUHQVWDQGHU DXIYHUORUHQHP3RVWHQ$XHUGHPZUGHLKPVHLQ&KHI HLQH5JHHUWHLOHQ
9RUXQVHUVFKLHQHLQH.UHX]XQJ]ZHLHU:DVVHUVWUDHQ )UHLQHQ0RPHQWVFKDOWHWH&RPPLVVDULR7ROLQLGHQ 6FKHLQZHUIHUHLQ6HLQKHOOHV/LFKW]XFNWHQLFKWQXUEHUGDV :DVVHUZRHV5HIOH[HZDUIVRQGHUQWUDIDXFK+DXVZlQGH XQGOLHXQVGRUWDOOGDV0RUELGHVHKHQZDVPDQFKH 0HQVFKHQDQ9HQHGLJVRIDV]LQLHUW 0LFKVWLHHVHKHUDE ª:LUN|QQHQZlKOHQ©VDJWH7ROLQLª5HFKWVRGHUOLQNV© ª)DKUHQ6LHGRUWHQWODQJZRZLUJHVWHUQDXFKJHIDKUHQ VLQG©HUZLGHUWHLFKPGH,FKJODXEWHQLFKWPHKUVRUHFKW GDUDQGDVLFKQRFKHWZDVWXQZUGHGLHURWHQ9DPSLUH NRQQWHQZLULQGLHEHU9HQHGLJKlQJHQGHQVFKZDU]HQ :RONHQVFKUHLEHQ ª%LWWHVHKU©VDJWHGHU.RPPLVVDUXQG]RJGDVNOHLQH%RRW LQHLQHVFKDUIH5HFKWVNXUYH 'LH6WXQGHQ]ZLVFKHQ0LWWHUQDFKWXQGGHP+HOOZHUGHQ JHK|UHQ]XGHQVFKOLPPVWHQ'DYHUORUPDQGLH.RQGLWLRQ GHU.|USHUYHUODQJWHQDFK6FKODIXQGHVZDUNHLQ:XQGHU GDLFKJlKQHQPXWH 6XNRVWLHPLFKLQGLH5LSSHQDEHU7ROLQLKDWWHHVEHUHLWV EHPHUNWª.HLQH.RQGLWLRQGLHMXQJHQ/HXWH:DVVROOHQZLU GHQQGDHUVWVDJHQ"© ª6RDOWVLQG6LHDXFKQLFKW©HUZLGHUWHLFKXQGJlKQWHHLQ ZHLWHUHV0DO 'HQ0XQGKDWWHLFKQRFKRIIHQDOVHVSDVVLHUWH(WZDVUXP SHOWHJHJHQGLHUHFKWH%RUGZDQG6FKODJDUWLJILHOGLH 0GLJNHLWYRQPLUDEGHQQGLHVHV*HUlXVFKZDUQLFKWQRU PDO$XFK6XNRKDWWHHVJHK|UWEHXJWHVLFKEHU%RUGXQG VFKDXWHZLHDXFKLFKQDFK 'HU.RPPLVVDUKDWWHJXWUHDJLHUWVRIRUW*DVZHJJHQRP PHQXQG]RJGDV%RRWLQHLQHHQJH.XUYHGDPLWHUDQ GHQ*HJHQVWDQGKHUDQNDPGHUVFKRQHLQZHQLJDEJHWULHEHQ ZRUGHQZDU :HLXQGKHOOVFKLPPHUWHHVDXIGHU:DVVHUREHUIOlFKH 6XNRXQGLFKKDWWHQXQVJHGUHKWDEHUJHQDXNRQQWHQZLU QRFKQLFKWVHUNHQQHQ'HUVDKPLUDXVZLHHLQ.DVWHQ
ª9LHOOHLFKW8QUDW©YHUPXWHWH6XNR ,FKHUZLGHUWHGDUDXIQLFKWVGHQQLFKVFKDXWHPLUGHQ *HJHQVWDQGJHQDXHUDQXQGHUNDQQWHSO|W]OLFKXPZDVHV VLFKEHLLKPKDQGHOWH $XFK7ROLQLXQG6XNRKDWWHQLKQMHW]WLGHQWLIL]LHUW,FKK|UWH GHQ.RPPLVVDUNHXFKHQª9HUGDPPW©IOVWHUWHHUXQG VFKOXJKDVWLJHLQ.UHX]]HLFKHQªGDVLVWMD© (UVSUDFKQLFKWPHKUZHLWHUDEHULFKVDJWHGLHEHZXWHQ :RUWH ª(LQ6DUJ.RPPLVVDUVHKHQ6LHHLQZHLHU6DUJ© 6LHVWDQGHQDXIGHU%UFNH =ZHL0HQVFKHQVXFKWHQYHU]ZHLIHOWQDFKHLQHP$XVZHJ DXVGLHVHU0LVHUHXQGEHLGHZXWHQGDHVNDXPHLQHQIU VLHJDEGHQQGLH)DOOHZDU]XJHVFKQDSSW ,KUH*HJQHUKDWWHQHVUDIILQLHUWDQJHVWHOOWGLHEHLGHQHUVWLQ 6LFKHUKHLWJHZLHJWXQGGDQQ]XJHVFKODJHQ8PVRJU|HU XQGKlUWHUZDUGLHhEHUUDVFKXQJMHW]W )UDQFDNODPPHUWHVLFKDQLKUHP)UHXQGIHVW6LHKDWWHGHQ .RSILQGHQ1DFNHQJHOHJWXPLQVHLQ*HVLFKWVFKDXHQ]X N|QQHQGDVLKUZLHHLQEOHLFKHU)OHFNYRUNDP,KU6FKUHLZDU OlQJVWYHUKDOOW6WLOOHXPJDEGLHEHLGHQMXQJHQ0HQVFKHQ XQG)UDQFDK|UWHLKUHLJHQHV+HU]EHUODXWVFKODJHQ'LH 6FKOlJHGU|KQWHQLQLKUHP.RSIZLGHU(VZDUHLQUK\WKPL VFKHV+lPPHUQ$XVGUXFNHLQHULQQHUHQILHEHUQGHQ$QJVW ª:DVVROOHQZLUGHQQMHW]WPDFKHQ"©IOVWHUWHVLH ª,FKZHLHVQLFKW©ODXWHWHGLHHKUOLFKH$QWZRUWª,FKZHL HVZLUNOLFKQLFKW©0DUFRVFKDXWHQDFKYRUQ'RUWZDULKP GHU:HJYHUVSHUUW:HQQHUQDFKKLQWHQVDKVWHOOWHHUGDV JOHLFKHIHVW(VJDENHLQHQ=ZHLIHOGDLKUH*HJQHUJHQDX JHZXWKDWWHQZDVVLHWDWHQ(LQH0|JOLFKNHLWDOOHUGLQJVKDW WHQVLHGHQEHLGHQQRFKRIIHQJHODVVHQ 'HQ6SUXQJLQV:DVVHU ª:HQQZLUXQVUHWWHQZROOHQPVVHQZLULQV:DVVHUVSULQ JHQ©VDJWH0DUFRUDXK
)UDQFD]XFNWH]XVDPPHQª:DVVROOHQZLU"©6LHEHJDQQ VLFK]XVFKWWHOQDOVZUGHVLHVLFKHNHOQª8QP|JOLFKLFK NDQQGRFKQLFKW© ª8QVHUHHLQ]LJH&KDQFH© ª$EHUGLH0RQVWHUZHUGHQXQV© ª,FKKDEHQRFKNHLQH9DPSLUHJHVHKHQGLHVFKZLPPHQ N|QQHQ8QGGLHEHLGHQYRUXQGKLQWHUXQVVLQG9DPSLUH *HZDOWLJH)OHGHUPlXVH© ª'DQQNRPP©'LHOHW]WHQ:RUWHKDWWHQ)UDQFDEHU]HXJW 6LHZROOWHHVHQGOLFKKLQWHUVLFKEULQJHQDXFKZHQQVLHVLFK YRUGLHVHUZLGHUOLFKVFKPXW]LJHQ:DVVHUEUKHLPPHUJH HNHOWKDWWH$EHUHVZDULQGHU7DWGLHHLQ]LJH&KDQFH 0DUFRZDUIQRFKHLQHQ%OLFNDXIGLH]XVDPPHQJHNDXHUWHQ )OHGHUPlXVH9LHOOHLFKWJDEHVGRFKQRFKHLQHQDQGHUHQ:HJ DOVLQGLHVFKPXW]LJHYHUVHXFKWH%UKH]XVSULQJHQDEHUGD EHZHJWHHLQHGHU)OHGHUPlXVHVLFK(VZDUHLQWUlJHV+HEHQ GHU)OJHONHLQ)OLHJHQXQG0DUFRHPSIDQGHVDOVHLQH$UW :DUQXQJ'DV0RQVWHUKDWWHVHLQH)OJHOQLFKWJDQ]DXVJH IDKUHQGDVJLQJQLFKWGDGLH*DVVHYLHO]XVFKPDOZDUDEHU GLHVHV$Q]HLFKHQUHLFKWHDXVXP0DUFRHLQHQ6FKDXHUEHU GHQ5FNHQ]XMDJHQ (UGDFKWHZLHGHUDQGDV*UDEDQGLHVHYHUIOXFKWHXQKHLP OLFKH6WlWWHGLHVLHHQWGHFNWKDWWHQXQGHUYHUZQVFKWHGLH 0LQXWHGLHVHU7DW5RWOHXFKWHWHQDXFKGLH$XJHQGHU )OHGHUPDXV,P6FKZDU]GHV.RSIHVZLUNWHQGLH$XJHQZLH ]ZHL7URSIHQDXVJHIURUHQHP%OXW'DUXQWHUHLQ0DXOGDV ZHQQHVDXIJHULVVHQZDUIDVWGLH+lOIWHGHV.RSIHVHLQQDKP (LQ%LOGGHV6FKUHFNHQVHLQ%LOG]XP)UFKWHQXQG0DUFR GDFKWHSO|W]OLFKDQGLHWRWHQ7DXEHQGLHHUJHVHKHQKDWWH %OXWOHHUODJHQVLHDXIGHP%RGHQDXVJHVDXJWOHHUJH WUXQNHQ :HQQGLH7DXEHQVWHUEHQGDQQVWLUEWDXFK9HQHGLJKDWWH LKPHLQPDOMHPDQGJHVDJW )DVWJODXEWHHUGDUDQ ª0DUFRZDVLVWGHQQ"©'LHGUlQJHQGH6WLPPHVHLQHU )UHXQGLQXQWHUEUDFK0DUFRV*HGDQNHQ
'HUMXQJH0DQQVFKUDN]XVDPPHQª-DMD©KDXFKWHHUª,FK LFKNRPPHVFKRQ© (UVWUDIIWHVLFK)UDQFDOLHLKQORV6LHEUDXFKWHQXUHLQHQ 6FKULWWXPGLH6WHLQEUVWXQJGHU%UFNH]XHUUHLFKHQ$XFK KLHUZDUGDV*HVWHLQLP/DXIHGHU=HLWPRUVFKJHZRUGHQ$Q HLQLJHQ6WHOOHQIHKOWHQGLHNOHLQHQ4XDGHUDEHUGDYRQOLH VLFK0DUFRQLFKWEHLUUHQ(UPXWHHVZDJHQ ,PPHUGLH)OHGHUPlXVHLP$XJHEHKDOWHQGVFKREHU )UDQFDDXIGLH0DXHU(UGUFNWHVHLQH+DQGXQWHULKUHQ DQJHZLQNHOWHQ$UPXQGKDOILKUVRDXIGHQ5DQG 'RUWEOLHE)UDQFDJHEFNWVWHKHQ6LHVFKZDQNWHHLQZHQLJ ]XGHP]LWWHUWHVLHXQG0DUFRQLFNWH ª6SULQJ© 'DIDWHVLFKGDV0lGFKHQHLQ+HU])UDQFDVWLHVLFKDE DOVLKU)UHXQGHUVWDXIGLH%UVWXQJNOHWWHUWH 6HLQH$NWLRQZDUDXFKHLQ=HLFKHQIUGLHEHLGHQ 5LHVHQIOHGHUPlXVH%LVKHUKDWWHQVLHVLFKELVDXIGDVNXU]H %HZHJHQLKUHU)OJHOVWLOOYHUKDOWHQQXQDEHUVDKHQVLHVLFK XPLKUH%HXWHEHWURJHQ6LHIODWWHUWHQDXI 'DVJHQDXLQGHP0RPHQWDOV)UDQFDGLH:DVVHUIOlFKH EHUKUWH(VNODWVFKWHLKU.|USHUYHUVFKZDQGXQGDXFK 0DUFROLHVLFKIDOOHQ (UVDKQLFKWPHKUZLHVLFKGLHEHLGHQ0RQVWHULQGLH/IWH HUKREHQXQGLKUHDXVJHVSDQQWHQ)OJHOEUHLWHUZDUHQDOVGLH %UFNH6LHKDWWHQNHLQHVZHJVGLH$EVLFKWLKUH2SIHUHQW NRPPHQ]XODVVHQ'LH%OXWJLHUWULHEVLHYRUDQ 'HU.DQDOZDUQLFKWVHKUWLHI0DUFRHUUHLFKWHPLWVHLQHQ )HQGHQ*UXQG(UKDWWHGDV*HIKOJLHULJH+lQGHZU GHQVLFKXPVHLQH.Q|FKHOOHJHQVRWLHIXQGIHVWZDUGHU 6FKODPPGHUGHQ*UXQGGHV.DQDOVEHGHFNWH +LHUKDWWHQLHPDQGDXIJHUlXPW'HU$EIDOOXQGGHU'UHFN ELOGHWHQHLQHUHJHOUHFKWH)DOOH6LHZDUHQZLH*XPPLXQG GHUMXQJH0DQQPXWHWUDPSHOQXPVLFK]XEHIUHLHQ (UZKOWHGHQ6FKODPPDXI:RONHQXPJDEHQLKQ 6FKZLPPEHZHJXQJHQEUDFKWHQLKQZLHGHUDQGLH 2EHUIOlFKHZREHLHULPHUVWHQ0RPHQWQLFKWVVHKHQNRQQWH
0LW]ZHLNQDSSHQ%HZHJXQJHQVFKWWHOWHHUVLFKGLH+DDUH DXVGHU6WLUQGDQQVDKHUZLHGHUNODUHU 'DV0lGFKHQVFKZDPPQHEHQLKP)UDQFDV%HZHJXQJHQ ZDUHQKHNWLVFK6LHKDWWH:DVVHUJHVFKOXFNWVSXFNWHXQG NHXFKWH:HLWDXIJHULVVHQSUlVHQWLHUWHQVLFKGLH$XJHQ,KU .RSIHUVFKLHQGHPMXQJHQ0DQQZLHHLQEODVVHU%DOORQGHU DXIGHU:DVVHUIOlFKHWDQ]WH ª'LH9DPSLUHZRVLQGVLH"© $EJHKDFNWGUDQJHQGLH:RUWHDXVLKUHP0XQGXQG0DUFR GUHKWHVLFKKDVWLJXP (UVDKVLH:LH]ZHL'HQNPlOHUKRFNWHQVLHDXIGHU %UVWXQJ$XVLKUHQEOXWURWHQ$XJHQIL[LHUWHQVLHGLHEHLGHQ 0HQVFKHQGLHXQWHULKQHQLP:DVVHUSDGGHOWHQXQGHVZDU NODUGDVLHMHGHQ$XJHQEOLFNDQJUHLIHQZUGHQ ª6FKZLPPXPGHLQ/HEHQ©VFKULH0DUFRª/RVZLUPV VHQZHJ©(UKDWWHGLH:RUWHNDXPDXVJHVSURFKHQDOVHUVLFK QDFKYRUQZDUIXQGGLHVFKPXW]LJHQ)OXWHQPLWZLOGHQ .UDXOVW|HQDXIZKOWH(UZXWHGDHUVFKQHOOHUVFKZLP PHQNRQQWHDOV)UDQFDDEHUHUZROOWHVLHQLFKWLP6WLFK ODVVHQDXVGLHVHP*UXQGHGURVVHOWHHUVHLQ7HPSR 'LH$QJVWYHUOLHKGHP0lGFKHQJHZDOWLJH.UlIWH$XFK LKUH$XJHQWHLOWHQGLHVFKPXW]LJH%UKH9RULKUHQ$XJHQ VSULW]WHGDV:DVVHULQVFKDXPLJHQ6WUHLIHQKRFK)UDQFD NRQQWHQLFKWYHUPHLGHQGDVLHHVVFKOXFNWHVLHNHXFKWH VSLHXQGVFKULHDEHUVLHJDEQLFKWDXIXQGNlPSIWHXQYHU GURVVHQZHLWHU 1HEHQLKUVFKZDPP0DUFR(UZROOWHVHKHQZLHVLFKGLH 9HUIROJHUEHQDKPHQXQGKDWWHVLFKGDEHLDXIGHQ5FNHQ JHOHJW6HLQH$UPHDUEHLWHWHQZLHGLH)OJHOHLQHU :LQGPKOH,P5FNHQVFKZLPPHQZDUHU]ZDUNHLQ 0HLVWHUDEHUHUNRQQWHLPPHUKLQGDV7HPSRGDVYRQ)UDQFD YRUJHOHJWZXUGHPLWKDOWHQ 6LHGXUIWHQLFKWGDUDQGHQNHQZDVDOOHV]XVDPPHQPLW GHPVFKPXW]LJHQ:DVVHULQLKUHQ0XQGGUDQJXQGVLH VFKOXFNHQPXWHQGDQQKlWWHQVLHVLFKEHVWLPPWEHUJHEHQ )UVLH]lKOWHQXUGLH*HIDKU
8QGGLHZDUEHUJUR 'LHEHLGHQ)OHGHUPlXVHKDWWHQHLVNDOWHDEJHZDUWHW6LH ZROOWHQPLWLKUHQ2SIHUQVSLHOHQOLHHQLKQHQVRJDUHLQHQ NOHLQHQ9RUVSUXQJ$OVHUIUVLHDXVUHLFKHQGJHQXJZDUGD VSUHL]WHGLHHUVWH)OHGHUPDXVGLH)OJHO (VKDWWHGHQ$QVFKHLQDOVZUGHMHPDQGHLQ=HOWDXVHLQ DQGHUIDOWHQ6RJURVRJHZDOWLJZLUNWHQGLH0RQVWHUGLHVH ILQVWHUHQXQKHLPOLFKHQ6FKDWWHQZHVHQGLHQLHPDQGPHKU VWRSSHQNRQQWHXQGGLHVLFKLKUHU%HXWHVLFKHUZDUHQ /DXWORVVHJHOWHQVLHYRQGHU%UVWXQJGHU%UFNH=ZHL 6FKOlJHUHLFKWHQDXVXPVLHLQGLH/XIW]XWUDJHQXQG *HVFKZLQGLJNHLWDXI]XQHKPHQ =XP*OFNKDWWHVLFKGHUMXQJH0DQQDXIGHQ5FNHQ JHOHJW6RNRQQWHHUGLH0RQVWHUVHKHQXQGHUEHPHUNWHZLH QDKHVLHVFKRQZDUHQGHQQLKUHHEHQIDOOVGXQNOHQ.|USHU YHUVFKPRO]HQIDVWPLWGHU)LQVWHUQLV ª)UDQ©'LHOHW]WHQ%XFKVWDEHQGHV1DPHQVYHUVFKOXFN WHHUZHLOHLQ:DVVHUVFKZDOOLQVHLQHQ0XQGGUDQJDEHUGDV 0lGFKHQKDWWHGLH:DUQXQJDXFKVRYHUVWDQGHQ )UDQFDWDXFKWHZHJ =XVDPPHQPLWLKUHP)UHXQGGHUVLFKHEHQIDOOVXQWHUGLH :DVVHUIOlFKHJHGUFNWKDWWHXQGGDVZDUEXFKVWlEOLFKLP OHW]WHQ$XJHQEOLFNJHVFKHKHQGHQQGLHEHLGHQ)OHGHUPlXVH KDWWHQLKUH.UDOOHQQDFKLKQHQEHUHLWVDXVJHVWUHFNW 6RJULIIHQVLHLQV/HHUH 'LH)OFKWOLQJHEHIDQGHQVLFKXQWHU:DVVHU6LHVFKZDP PHQMHW]WGLFKWQHEHQHLQDQGHUJLQJHQWLHIHU+lQGHZKOWHQ GHQ6FKODPPDXIGLH.|USHUEHUKUWHQVLFKVWLHHQVLFKDE XQGVLHVFKZDPPHQXPLKU/HEHQ$EHUVLHZDUHQNHLQH )LVFKHXQGPXWHQLUJHQGZDQQHLQPDODQGLH2EHUIOlFKH XP/XIW]XKROHQ %HL)UDQFDPDFKWHVLFKGHU0DQJHODQ6DXHUVWRII]XHUVW EHPHUNEDU ,KU)UHXQGUHJLVWULHUWHZLHVLFKGHU6FKDWWHQYRQVHLQHU UHFKWHQ6HLWHHQWIHUQWHZLHHUKRFKVWLHJXQGHUGDFKWHGDUDQ GDHUQRFKKlWWHXQWHU:DVVHUZHLWHUVFKZLPPHQN|QQHQ
DEHUHUNRQQWHGDV0lGFKHQQLFKWLP6WLFKODVVHQGHVKDOE WDXFKWHHU]XVDPPHQPLWLKUDXI 'DVZLOGH)ODWWHUQZDUEHULKP(UWDWGDVHLQ]LJ5LFKWLJH (VZDUHJDORE)UDQFD/XIWJHKROWKDWWHRGHUQLFKW6HLQH +DQGVFKQHOOWHYRU'LH)LQJHUYHUNUDOOWHQVLFKLQGHQQDVVHQ +DDUHQGHU,WDOLHQHULQGDQQGUFNWHHULKUHQ.RSIPLWDOOHU *HZDOWZLHGHUQDFKXQWHQZlKUHQGDXFKHUJOHLFK]HLWLJ WDXFKWH 'HU6FKODJWUDILKQWURW]GHP(VZDUHLQ+LHEPLWGHP )OJHO6FKQHOOJHIKUWXQGKlUWHUDOVHUHVEHUKDXSWIU P|JOLFKJHKDOWHQKDWWH(UVSUWH6FKPHU]HQDXIVHLQHP 5FNHQDEHUHUZXWHGDHUMHW]WQLFKWDXIJHEHQGXUIWH :HLWHUPDFKHQ (UWDXFKWHLQGLH7LHIH6WLHDEHUPDOVKLQHLQLQGLHZLGHU OLFKH%UKHGHV.DQDOVHUUHLFKWHGHQ*UXQGXQGEHZHJWH VLFKGRUWZHLWHU$EHU)UDQFDPXWHKRFK(UVDKVLHDOV 6FKDWWHQLKUH%HLQHEHZHJWHQVLFKZLHGLHHLQHV)URVFKVVLH ZROOWHDQGLH2EHUIOlFKH0DUFREHWHWHGDHVNODSSWHGDQQ NRQQWHQEHLGH/XIWKROHQ'DV5DXVFKHQGHU)OJHOZDUQLFKW ]XK|UHQ +DWWHQVLHHLQH*DOJHQIULVWHUKDOWHQ" )UDQFDNRQQWHQLFKWUHGHQ6LHZDU]XHUVFK|SIW1XUPLW 0KHKLHOWVLHLKUHQ.RSIEHU:DVVHUZlKUHQGLKUH$UPH KHNWLVFKH6FKZLPPEHZHJXQJHQDXVIKUWHQ 6LHZROOWHVSUHFKHQDEHUHVJHODQJLKUQLFKW'DIUVSXFNWH VLH:DVVHUU|FKHOWHXQG0DUFRVWHOOWHPLW6FKUHFNHQIHVWGD LKUH.UlIWHDOOPlKOLFKHUODKPWHQ ª+DOWHQRFKGXUFK©NHXFKWHHUª9HUGDPPWKDOWHGXUFK© (UVHOEVWVFKDXWHVLFKXPVRZHLWGLHVP|JOLFKZDUXQGHU HQWGHFNWHGLH5LHVHQWLHUHQLFKW +DWWHQVLHDXIJHJHEHQ" (VVSLHOWHIULKQLP$XJHQEOLFNNHLQH5ROOH:LFKWLJHUZDU )UDQFD6LHNRQQWHQLFKWPHKUZHLWHUVFKZLPPHQGHVKDOE PXWHQVLH]XVHKHQDQ/DQG]XNOHWWHUQ $EHUZR" 6LHVDKHQQXUGLH5FNIURQWHQGHU+lXVHU*ODWWH)DVVDGHQ
RKQH6WXFNZHUNRGHULUJHQGZHOFKH9RUVSUQJHDQGHQHQVLH YLHOOHLFKWKlWWHQ+DOWILQGHQN|QQHQ 1HLQGDNDPNHLQ0HQVFKKRFK $EHUHLQ6WFNZHLWHUYRUQGDVFKDXNHOWHHLQHDOWH*RQGHO DXIGHQ:HOOHQ6LHZDUIU0DUFRZLHHLQ*HVFKHQNGHV +LPPHOVXQGHUZLHVVHLQH)UHXQGLQGDUDXIKLQª%LVGDKLQ PXWGXHVVFKDIIHQ)UDQFD'XPXW© ª6FKZLPP©VFKULHVLHª6FKZLPP© 6LHYHUVXFKWHHV0DUFRVWHOOWHIHVWGD)UDQFDV %HZHJXQJHQNUDIWORVHUJHZRUGHQZDUHQ,KUH$UPHVFKLHQHQ PLW%OHLJHIOOW]XVHLQVRVFKZHUWDWHQVLHVLFKZHQQVLHGDV VFKPXW]LJH:DVVHUGXUFKVFKDXIHOWHQ 0DUFRZXWHQLFKWREGLH*RQGHOGLH5HWWXQJEHGHXWHWH $XIMHGHQ)DOOZDUHQVLHDXIGHP7URFNHQHQXQGHLQH*RQGHO IDKUHQGDVNRQQWHHUDXVJH]HLFKQHWGHQQLQGHQOHW]WHQ 0RQDWHQKDWWHHURIWDOV$XVKLOIVJRQGROLHUHJHDUEHLWHWXQG 7RXULVWHQEHUGHQ&DQDO*UDQGHJHVFKLSSHUW 1RFKLPPHUZDUYRQGHQEHLGHQ)OHGHUPlXVHQQLFKWV]X VHKHQ7URW]GHUJHIlKUOLFKHQ/DJHGDFKWH0DUFREHUGHQ *UXQGQDFKXQGHUNRQQWHVLFKQXUHLQHQGHQNHQ 'LHPLW:DVVHUJHIOOWH*DVVHLQGHUVLHVLFKDXIKLHOWHQ ZDUIUGLH0RQVWHU]XVFKPDO+LHUNRQQWHQVLHLKUH)OJHO QLFKWULFKWLJDXVEUHLWHQXQGZDUHQGHPQDFKQLFKWEHZHJOLFK JHQXJ 0DUFRHUUHLFKWHGLH*RQGHODOVHUVWHU$XIXQGQLHGHU VFKDXNHOWHVLHDXIGHQ:HOOHQHLQXUDOWHV6FKLIIGDVNHLQHU PHKUKDEHQZROOWHXQGGDV]XP9HUURWWHQYHUWlXWDQGHU +DXVZDQGODJ'DV6HLOZDUGXUFKHLQHQ5LQJJH]RJHQ0DQ EUDXFKWHHVQXU]XHQWNQRWHQ 0LWHLQHU+DQGKLHOWVLFK0DUFRDQGHU%RUGZDQGIHVW6R ZDUWHWHHUDXI)UDQFD 0LWOHW]WHU.UDIWVFKZDPPVLHKHUEHL0DUFRVWUHFNWHLKU VHLQHIUHL+DQGHQWJHJHQ'DV0lGFKHQHUJULIIVHLQH)LQJHU XQGOLHVLFKDQGDV%RRWKHUDQ]LHKHQ ª.DQQVWGXQRFK"© )UDQFDZHLQWHDOV$QWZRUW
ª+DOWHGLFKQXUIHVW©NHXFKWHLKU)UHXQGXQGVFKZDQJVLFK VHOEVWLQGLH*RQGHOGLHXQWHUGHUSO|W]OLFKHQ *HZLFKWVEHODVWXQJQRFKVWlUNHUVFKZDQNWH'HUMXQJH0DQQ NQLHWHQLHGHUXQGKDOIVHLQHU)UHXQGLQLQGDV%RRW 9|OOLJHUVFK|SIWEOLHE)UDQFDDXIGHQVFKPXW]LJHQ3ODQNHQ OLHJHQ0LWGLHVHU*RQGHOZUGHNDXPHLQ7RXULVWIDKUHQ'LH 6LW]EDQNLP+HFNZDU]HUVW|UW1XUQRFKK|O]HUQH)UDJPHQWH VWDFKHQLQGLH+|KH$EHUHVZDUHLQH5XGHUVWDQJHYRU KDQGHQ]ZDUPRUVFKXQGDQJHIDXOWDXFKNU]HUDOVGLH QRUPDOHQGRFK0DUFRWUDXWHVLFK]XGDV%RRWPLWLKUEH ZHJHQ]XN|QQHQ (UHQWNQRWHWHGDV7DXGUFNWHHLQH+DQGJHJHQGLH +DXVZDQGXQGVWLHVLFK]XVDPPHQPLW)UDQFDXQGGHP %RRWDE 0DUFRZXWHQLFKWZDQQGHU.DQDODXIK|UWH,QGLHVHU *HJHQGNDQQWHHUVLFKNDXPDXVHUKRIIWHMHGRFKGDVLH EDOGEHNDQQWHUH*HZlVVHUHUUHLFKWHQXQGHLQH3ROL]HLVWDWLRQ IDQGHQ 'DV0lGFKHQKDWWHVLFKKLQJHVHW]W1RFKLPPHU]HLJWHVLFK )UDQFDHUVFK|SIW$XFKGDVDXIPXQWHUQGH/lFKHOQLKUHV )UHXQGHVNRQQWHLKUGLH.UDIWQLFKW]XUFNJHEHQGLHQ|WLJ JHZHVHQZlUHXPVLFKJHJHQGLH)OHGHUPlXVH]XZHKUHQ 6FKZHUDWPHQGKRFNWHVLHDXIGHP%RGHQXQGZUDQJLKU +DDUDXV 0DUFRVWDFKGLH6WDQJHLQGDV:DVVHU(UEHZHJWHGLHDOWH *RQGHOJHVFKLFNWYRUDQ-HW]WVSLHOWHHUVHLQHJHVDPWH 5RXWLQHDXVXQGGLHZDUHWZDVZHUW =ZLVFKHQGXUFKVFKDXWHHUVLFKQDFKGHQ%OXWVDXJHUQXP (UHQWGHFNWHVLHQLFKW6LHKDWWHQVLFKEHVWLPPWLUJHQGZRYHU VWHFNWGHQQDQHLQH$XIJDEHLKUHUVHLWVJODXEWH0DUFRQLFKW $XFK)UDQFDEHVFKlIWLJWHVLFKJHGDQNOLFKPLWGHQ 0RQVWHUQª:RZRVLQGVLH"© ª,FKZHLHVQLFKW© ª'DQQKDEHQZLUHVJHVFKDIIW"© 'DODFKWH0DUFRQXUIUHXGORV 'LH*RQGHOVFKDXNHOWH0DUFREHPHUNWHDXFKGDGDVLH
MHW]WWLHIHUODJDQHLQHUEHVWLPPWHQ6WHOOHDQGHU %DFNERUGVHLWH:DVVHUHLQGUDQJ(UKRIIWHDEHUGDVLHGHQ :DVVHUHLQEUXFKEHUVWHKHQZUGHQ 8QHQGOLFKODQJHUVFKLHQLKQHQGHU.DQDO(UIKUWHLQ 5LFKWXQJ*ROI'HU:LQGEOLHVYRQYRUQ'DVLHEHLGHLQQDV VHQ.OHLGXQJVVWFNHQLP%RRWVDHQIURUHQVLHGHQQGHU :LQGVRQVWDOVDQJHQHKPHPSIXQGHQGUDQJGXUFKGLH IHXFKWH.OHLGXQJXQGHU]HXJWHDXILKUHU+DXWHLQHQ6FKDXHU *ODWWZDUHQGLH)DVVDGHQGHU+lXVHU(VJDEQXUZHQLJH GLHDQGHQ5FNVHLWHQEDXIlOOLJH7UHSSHQKDWWHQRGHUZLQ]L JH$QOHJHSOlW]HIU%RRWH /LFKWZDUEHUKDXSWQLFKW]XVHKHQ+LQWHUGHQ/XNHQRGHU RIWPDOV]HUVW|UWHQ)HQVWHUQQLVWHWHGLH'XQNHOKHLW (LQPDOQXUK|UWHQVLHHLQNUlFK]HQGHV*HOlFKWHUGDVDXV HLQHPRIIHQVWHKHQGHQ)HQVWHUEHULKQHQGUDQJ(VOLHEHLGH )OFKWOLQJH]XVDPPHQ]XFNHQ ª0HLQ*RWWREZLUGDVZLUNOLFKVFKDIIHQ©IOVWHUWHGDV 0lGFKHQXQGVFKWWHOWHVLFK ª:LUPVVHQ)UDQFDZLUPVVHQ©1DFKGLHVHQ:RUWHQ YHUGRSSHOWHGHUMXQJH0DQQVHLQH$QVWUHQJXQJHQ1RFKQLH ZDUHUVRVFKQHOOJHIDKUHQGHQQGLH7RXULVWHQKDWWHQ=HLW $XFKGLHVHU.DQDOKDWWHVHLQ(QGH9RUHLQHU0DXHUZDU SO|W]OLFK6FKOX6LHKLHOWGHQ:DVVHUVWURPDXI$EHUGLFKW YRUGHU0DXHU]ZHLJWHQDFKUHFKWVKLQHLQQRFKVFKPDOHUHU .DQDODE0DUFRVDKLKQLPOHW]WHQ$XJHQEOLFN(UOHQNWHGLH *RQGHOKLQHLQXQGGDVZDUVHLQ*OFNGHQQDXIGHU 0DXHUNURQH]HLFKQHWHQVLFK]ZHLJHIlKUOLFKH6FKDWWHQDE 'LH%OXWVDXJHU ª*URHU*RWWGDVLQGVLH©)UDQFDV6WLPPHEHUVFKOXJ VLFK6LHVFKWWHOWHLQZLOGHU3DQLNGHQ.RSIDOOLKUH +RIIQXQJHQ]HUEUDFKHQGHQQGLH)OHGHUPlXVHZUGHQVLH DXINHLQHQ)DOOHQWNRPPHQODVVHQ6LHVROOWHQOHHUJHVDXJW ZHUGHQXQGLQGLHVHUXQKHLPOLFKHQ]XGHQ%HVWLHQSDVVHQ GHQ*HJHQGVWHUEHQ =ZDUZDUGHU.DQDOVFKPDODEHUGLH)OHGHUPlXVHZUGHQ HVWURW]GHPVFKDIIHQVLFKLQGLH/IWH]XHUKHEHQZDVVLH
DXFKWDWHQGHQQQDKH]XSURYR]LHUHQGODQJVDPEUHLWHWHQVLH LKUHURWHQZLHDOWHV/HGHUVFKLPPHUQGHQ)OJHODXV /DXWORVKREHQVLHDE'LH0DXHUNURQHEOLHEXQWHULKQHQ ]XUFNXQGGDV0lGFKHQGUHKWHVLFKXP(VVWROSHUWHDXI 0DUFR]XKLHEVHLQH+lQGHLQVHLQH6FKXOWHUQXQGZLHGHU KROWHGLH:RUWHYRQYRUKLQ ª9HUGDPPWLFKZHLVHOEVWGDVLHGDVLQG©VFKULHGHU MXQJH0DQQ]XUFN%LVKHUKDWWHHUQRFKHLQLJHUPDHQGLH 5XKHXQGDXFKGLHhEHUVLFKWEHKDOWHQQXQDEHUZXUGHHU QHUY|V 9HU]ZHLIHOWYHUVXFKWHHUGLH*RQGHO]XZHQGHQ(VZDU QLFKWHLQIDFKGDV]LHPOLFKVSHUULJH%RRWLQGHQVXSHUVFKPD OHQ.DQDO]XPDQ|YULHUHQ(UEHQ|WLJWHVHLQJHVDPWHV *HVFKLFNXPGDPLWIHUWLJ]XZHUGHQDEHUGLH*RQGHOZROOWH LKPQLFKWPHKUVRUHFKWJHKRUFKHQ+LQ]XNDPGLH]XNXU]H 5XGHUVWDQJH'DGXUFKZDUHQVLHQLFKWPHKUVREHZHJOLFK ZLHVRQVW 'LH%DFNERUGVHLWHVFKDEWHDQGHUOLQNHQ+lXVHU]HLOHHQW ODQJ(VJDEHLQKlOLFKHV*HUlXVFKXQGGDVPRUVFKH+RO] KLHOWGHP'UXFNQLFKWVWDQG(VERJVLFKHUVWXQGEUDFK GDQDFKZREHLGLH*RQGHOUHJHOUHFKWKSIWH )UDQFDILHOKLQ6LHNRQQWHGHQSO|W]OLFKHQ6FKZXQJQLFKW PHKUDXVJOHLFKHQXQGDXIGHP5FNHQOLHJHQGVDKVLHSO|W] OLFKGLHEHLGHQJHZDOWLJHQ6FKDWWHQGLHVLFKODXWORVQlKHUWHQ ,PVHOEHQ$XJHQEOLFNKDWWH0DUFRGLH*RQGHOKHUXPJH GUHKW(UWDXFKWHPLWGHP6FKLIILQGHQ.DQDOHLQGLH6WDQJH ZKOWHDQGHU6WHXHUERUGVHLWHGDVVFKPXW]LJH:DVVHUDXI XQGHUVHW]WHQRFKHLQPDODOOH.UlIWHHLQXPGLH*RQGHOYRQ GHU6WHOOH]XEHZHJHQ (VZDUHLQYHU]ZHLIHOWHU.DPSIDEHUHUNRQQWHLKQQLFKW JHZLQQHQGHQQGLHDQGHUHQZDUHQVWlUNHU 0DUFRVDKVLHQLFKWGDVLHVLFKLKPYRQKLQWHQQlKHUWHQ(V VSUWHQXULKUH$QZHVHQKHLWXQGHUZXWHGDHUHWZDV XQWHUQHKPHQPXWH*HVFKLFNWGUHKWHHUVLFK]XU6HLWHZHJ ULGLH5XGHUVWDQJHDXVGHP:DVVHUXQGVFKOXJ]X 'DV+RO]NODWVFKWHJHJHQGLHHUVWH)OHGHUPDXV'LH6WDQJH
KLHEJHQDXLQGDVKlOLFKH*HVLFKWGHV0RQVWHUVXQGIU ZHQLJH$WHP]JHYHUVFKZDQGHQGLHURWHQNUHLVUXQGHQ $XJHQ,PQlFKVWHQ0RPHQWKDWWHVLFKGDV:HVHQZLHGHU HUKROWXQGGLH$XJHQZDUHQYRQQHXHPGD 0DUFRNlPSIWH(UKDWWHVLFKLQHLQH9HUELVVHQKHLWKLQHLQ JHVWHLJHUWGHQQHVJLQJQLFKWQXUXPVHLQ/HEHQVRQGHUQ DXFKXPGDVVHLQHU)UHXQGLQ 0LWGHU5XGHUVWDQJHVFKOXJHUDXIGLHEHLGHQ7LHUHHLQ :HQQVLFKVHLQ%OLFNLUJHQGZDQQHLQPDONOlUWHGDQQVDKHU )UDQFDDXIGHQ3ODQNHQOLHJHQ6LHKDWWHVLFK]XVDPPHQ JHUROOWGHFNWHLKUHQ.RSIPLWEHLGHQ+lQGHQDEXQGZLP PHUWH 'LH*RQGHOVFKZDQNWH'XUFKGLHDQGDXHUQGHQ *HZLFKWVYHUODJHUXQJHQZXUGHVLHHLQPDOQDFKUHFKWVJHGULI WHWXQGLPQlFKVWHQ$XJHQEOLFNQDFKOLQNV)DVWXQP|JOLFK IUHLQHQ0HQVFKHQGDEHLGDV*OHLFKJHZLFKW]XEHKDOWHQ 'DHV0DUFRWURW]GHPVFKDIIWHHUVFKLHQLKPZLHHLQNOHLQHV :XQGHU+LQXQGZLHGHUEHQXW]WHHUGLH5XGHUVWDQJHDOV 6SHHU'DQQVWLHHUVLHYRUWUDIGLH)OHGHUPlXVHXQGKDWWH HLQSDDUPDO*OFNGDVLHQDFKKLQWHQJHZRUIHQZXUGHQ 8QGQRFKHWZDVJHUHLFKWHLKP]XP9RUWHLO(VZDUGLH(QJH GHV.DQDOVGHQQDXIGLHVHU%UHLWHNRQQWHQGLH)OHGHUPlXVH LKUH6FKZLQJHQQLFKWYROODXVIDKUHQ'HVKDOEZDUHQVLHDXFK QLFKWVREHZHJOLFKVRGDHV0DUFRJHODQJVLFKGLH%HVWLHQ HLQLJHUPDHQYRP+DOV]XKDOWHQ 'DQQZXUGHGDV6FKLIIYRQHLQHP6FKODJHUVFKWWHUW 0LWGHP%XJZDUGLH*RQGHOJHJHQGLHUHFKWH%HJUHQ]XQJ GHV.DQDOVJHUDPPWXQGGLHVHU$QSUDOOVFKWWHOWHGDV *HIlKUWGXUFK(UEHUWUXJVLFKDXFKDXIGHQYHU]ZHLIHOWHQ .lPSIHUVRGD0DUFRQDFKKLQWHQJHVFKOHXGHUWZXUGH ]XGHPEHUGHQ.|USHUVHLQHU)UHXQGLQVWROSHUWHXQGODQJ DXIGHQ5FNHQILHO 'LHHUVWH)OHGHUPDXVUHDJLHUWHVRIRUW:LHHLQKDOEDXVHLQ DQGHUJHIDOWHWHVPLW%OXWJHWUlQNWHV=HOWNDPVLH0DUFRYRU DOVVLHVLFKDXILKQVWU]WH 'HUMXQJH0DQQKDWWHVHLQH5XGHUVWDQJHQLFKWDXVGHU
+DQGJHODVVHQ,QHLQHP5HIOH[ULHUVLHKRFKXQGPLWGHU 6SLW]HZRGDV5XGHUEODWW]HUVSOLWWHUWZDUNRQQWHHUVLHLQ GHQ/HLEGHUEHXWHJLHULJHQ%HVWLHUDPPHQ 'LH6WDQJHZDUNHLQ0HVVHUGHVKDOEZLGHUVWDQGGLH+DXW DXFK$EHUGLH)OHGHUPDXVZDUJHVWRSSW 'DIUGLH]ZHLWHQLFKW6LHILHOEHUGHQ,WDOLHQHUKHUZLHHLQ 9HUGXUVWHQGHUEHUGDV:DVVHU'DKDOI0DUFRDXFKGLH 5XGHUVWDQJHQLFKWVPHKUGLH)OHGHUPDXVZDUHLQIDFK]X QDKHEHLLKP(UNRQQWHVHLQH$UPHQLFKWPHKUVREHZHJHQ ZLHHUZROOWHXQGHUKDWWHSO|W]OLFKGDV*HIKOLQHLQHP 6DFN]XVWHFNHQ 'LH%HVWLHIDOWHWHLKUH)OJHOEHU0DUFR]XVDPPHQ%HYRU VLHGLHVHVFKORJODXEWHGHUMXQJH0DQQQRFKHLQHQYHU ]ZHLIHOWHQ6FKUHL]XK|UHQ:DKUVFKHLQOLFKGHQVHLQHU )UHXQGLQGLHLKQLQLKUHU3DQLNDXVJHVWRHQKDWWH'DQQ PXWHHUVLFKXPVLFKVHOEVWNPPHUQ 'LH)OHGHUPDXVURFKQDFK7RGXQG0RGHU(UVSUWHSO|W] OLFK.UDOOHQGLHVRVFKDUIZDUHQGDVLHVRJDUVHLQH.OHLGXQJ ]HUIHW]WHQ*QDGHQORVKDFNWHQVLHKLQHLQULVVHQGHQ6WRII DXVHLQDQGHUXQGHLQHQ+HU]VFKODJVSlWHUVSUWHHUVLHDXI GHU+DXW (VZDUHQWHXIOLVFKH6FKPHU]HQDOVGLH.UDOOHQODQJH )XUFKHQLQGLH+DXWULVVHQ(UVDKHVQLFKWDEHUHUVSUWHZLH GDV%OXWDXVGLHVHQ:XQGHQVFKR 8QG%OXWLVW/HEHQVVDIWIU9DPSLUH 6ROOWHHUVRHQGHQ" 'HU*HGDQNHZDUNDXPLQVHLQHP+LUQDXIJH]XFNWDOV HVEHUHLWVJHVFKDK'LH%HVWLHKDWWHVLFK]XPDOOHVHQWVFKHL GHQGHQ%LEHUHLWJHPDFKWXQGVLHIKUWHLKQDXFKDXV $XIHLQPDONDP0DUFRGHU.RSIGLHVHU)OHGHUPDXVULHVHQ JURYRU(UHUVFKLHQGLFKWYRULKP]XVDPPHQPLWGHQ JHIlKUOLFKHQ$XJHQXQGGHQEHLGHQVSLW]HQ=lKQHQ 'HU%L (LQEOLW]VFKQHOOHVDEHULUJHQGZLHJUDXVDPHV6WHFKHQLQ +|KHGHU6FKODJDGHUDP+DOVGDV3XPSHQGHVURWHQ /HEHQVVDIWHVGHUDXVGHQNOHLQHQ:XQGHQVWU|PWHXQG
GDQDFKGDVJLHULJH6FKPDW]HQDOVGDVNOHLQH0DXOGHV 9DPSLUVGDV%OXWDXIVDXJWH :DKQVLQQGDFKWH0DUFRQRFK(U]XFNWHKHIWLJXQWHUGHU )OHGHUPDXVDEHUGDVPHUNWHQLFKWHLQPDOHUVHOEVWVRQGHUQ QXU)UDQFDGLHHUVWY|OOLJDSDWKLVFKDXIGHQ3ODQNHQJHOHJHQ KDWWHGDQQDEHULKUH$QJVWEHUZDQGZHLOLKUSO|W]OLFKNODU ZXUGHGDVLHHWZDVXQWHUQHKPHQPXWH1RFKKDWWHVLFK GLH]ZHLWH)OHGHUPDXVQLFKWXPVLHJHNPPHUW6LHKDWWHVLFK PLWLKUHQ.UDOOHQLQHLQHU$XVEXFKWXQJLQGHU+DXVZDQG IHVWJHNODPPHUWXQGEHREDFKWHWHGLH6]HQHDXVGHU+|KHPLW LKUHQE|VHQWFNLVFKHQ$XJHQ 'LH+DFNHQGHV0DQQHVVFKOXJHQDXIGLH3ODQNHQ)UDQFD K|UWHGLHVHVKDUWH7URPPHOQLKU*HVLFKWYHU]HUUWHVLFKVLH DWPHWHPLWRIIHQHP0XQGXQGVLHDKQWHGDHVIULKUHQ )UHXQGNHLQH5HWWXQJPHKUJDE 8USO|W]OLFKZDULKUGLHVHV:LVVHQJHNRPPHQ8QGLKUZDU DXFKNODUGDHVLKUHEHQVRHUJHKHQZUGHZHQQVLHQLFKWV XQWHUQDKP=|JHUQGXUIWHVLHQLFKWPHKUGLH]ZHLWH%HVWLH KDWWHVLHEHUHLWVLQV9LVLHUJHQRPPHQ :lKUHQGLKU)UHXQGXQWHUGHQQDGHOVSLW]HQ=l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|UWH VLHGLH6FKUHLHGHU]ZHLWHQ)OHGHUPDXV
6LHZDUVFKRQXQWHUZHJV :LHGHUWDXFKHQ":LHGHUYHUVXFKHQZHJ]XVFKZLPPHQ" )UDQFDZXWHJHQDXGDVLHGLHVQLFKWPHKUVFKDIIHQZUGH DEHUJDEHVIUVLHEHUKDXSWHLQHDQGHUH&KDQFH" 'DKDWWHVLH*OFNLP8QJOFN 1LFKWZHLWEHUVLFKVDKVLHHLQHQGLHVHUZLQ]LJHQ%DONRQH ZLHVLHLQVGOLFKHQ/lQGHUQEOLFKVLQG'DV*LWWHUZDU JHGUHKWHVKDWWHDXFK5RVWDQJHVHW]WDEHUZHQQVLHVLFK JHQJHQG6FKZXQJJDEXQGGLH$UPHGD]XDXVVWUHFNWH NRQQWHHVLKUYLHOOHLFKWJHOLQJHQGLH6WlEH]XIDVVHQ )UDQFDVDPPHOWHDOOH.UlIWH(LQSDDUPDOQRFKDWPHWHVLH WLHIHLQGDQQVFKQHOOWHVLHVLFKLQGLH+|KH,KUH]XHUVWQRFK JH|IIQHWHQ+lQGHVFKORVVHQVLFKXQGHVJHODQJLKQHQ WDWVlFKOLFKGLH*LWWHUVWlEH]XXPIDVVHQ *HVFKDIIW 1RFKHLQPDOPXWH)UDQFDDOOHVHLQVHW]HQGHQQHVZDU QLFKWVRHLQIDFKGLH%UVWXQJ]XEHUZLQGHQ 'LH7RGHVDQJVWYHUGRSSHOWHLKUH.UlIWH)UDQFDJHODQJHV VLFKEHUGLH%DONRQEUVWXQJ]XUROOHQ0LWHLQHU+DQGKLHOW VLHVLFKIHVWGDPLWVLHGHQ)DOODXIGHUDQGHUHQ6HLWHQRFKHLQ ZHQLJGlPSIWH7URW]GHPVFKOXJVLHKDUWDXI ,PHUVWHQ$XJHQEOLFNZDU)UDQFDEHQRPPHQ$OVVLHMHGRFK GLHKlOLFKNOLQJHQGHQ6FKUHLHGHUKHUEHLHLOHQGHQ 5LHVHQIOHGHUPDXVK|UWHZDUGDVIUVLHHLQH6WLPXODQ] 'DV0lGFKHQUDIIWHVLFKKRFK 'LFKYRUVLFKVDK)UDQFDHLQH7U6LHEHVWDQGDXV]ZHL +lOIWHQZDUGXQNHOJHVWULFKHQXQGKDWWH/DPHOOHQGXUFK GLH/LFKWIDOOHQNRQQWH :LHDOOHVLQGLHVHU*HJHQGVRZLUNWHDXFKGLH7U]LHPOLFK YHUIDOOHQXQGPRUVFK'DUDXIEDXWH)UDQFDLKUH&KDQFH 8PHUVWQRFKJUR$QODXI]XQHKPHQKDWWHVLHQLFKWGHQ 3ODW]GHVKDOEKRIIWHVLHGDHVDXFKVRNODSSWH ,P)LOPKDWWHVLHVROFKH6]HQHQRIWJHVHKHQ-HW]WPXWHVLH HVVHOEVWYHUVXFKHQ 'DV0lGFKHQZDUIVLFKPLWVHLQHPJHVDPWHQ .|USHUJHZLFKWJHJHQGLH7U6LHKDWWH]LHPOLFKJHQDXGLH
0LWWHDQYLVLHUWGLH$UPHGDEHLYRUJHVWUHFNWVLHDQJHZLQNHOW XQGLPQlFKVWHQ$XJHQEOLFNUDPPWHVLHPLWLKUHP.|USHU JHJHQGDV+RO] (VNODSSWH =ZDUVSUWH)UDQFDGHQ:LGHUVWDQGGHQLKUGDV+RO]HQW JHJHQJHVHW]WKDWWHXQGIUHLQHQNXU]HQ$XJHQEOLFNIODPP WHDXFKGLH$QJVWLQLKUKRFKGDQQMHGRFKZDUVLHGXUFK 8QGZLH $OVZlUHVLHYRQHLQHU5DNHWHDEJHIHXHUWZRUGHQVRZXUGH VLHLQGD=LPPHUNDWDSXOWLHUW6LHK|UWHGDV.QLUVFKHQGHV +RO]HVVSUWHGD6SOLWWHULQLKUH+DXWJHGUXQJHQZDUHQ DEHUGDVDOOHVLQWHUHVVLHUWHVLHQLFKW )UVLHZDUGHU:HJLQGLH)UHLKHLWZLFKWLJ8QGQXUGDV ]lKOWH$XIGHQ%HLQHQEOLHEVLHQLFKW)UDQFDVWUPWHLQGDV =LPPHUKLQHLQWRUNHOWHZROOWHVLFKQRFKIDQJHQDEHUVLH UXWVFKWHDXVILHODXINDOWHQKDUWHQ%RGHQEHUVFKOXJVLFK GDEHLXQGULQRFKHLQHQ*HJHQVWDQGPLWXPGHUYHUGlFKWLJ NOLUUWHDOVHU]X%RGHQNQDOOWH +LQWHULKUNUDFKWHHV'HU5LHVHQYDPSLUYHUVXFKWHPLWDOOHU *HZDOWVLFKGXUFKGLH7U]XTXHWVFKHQ6LHZDUMHGRFK]X VFKPDODXFKZHQQHUVLFKGUHKWHVFKDIIWHHUHVQLFKW 1RFKQLFKW $OV)UDQFDHLQHQ%OLFN]XUFNZDUIGDVDKVLHVHKUZRKO GDHVLKPLUJHQGZDQQJHOLQJHQZUGHHUEUDXFKWHVLFKQXU RIWJHQXJHLQ]XVHW]HQXQGGLH$QJVWVFKRZLHGHULQLKU KRFK 1XUZHJ $EHUPDOVUDSSHOWHVLHVLFKDXI:RHVLKUEHUDOOZHKWDW GDVVSUWHVLHEHUKDXSWQLFKW,KUJHVDPWHU.|USHUVFKLHQ GLH6FKPHU]ZHOOHQDXV]XVWUDKOHQ'DVLFKLQQHUKDOEGHV 5DXPHVNHLQ/LFKWEHIDQGXQGVLFKQXUGDV]HUVW|UWH)HQVWHU DOVKHOOHUHV5HFKWHFNDEKREPXWHVLFKGDV0lGFKHQTXDVL YRUWDVWHQXP]XVHLQHP=LHO]XJHODQJHQ (VIKUWH]XP*OFNHLQH7ULQLUJHQGHLQHQDQGHUHQ5DXP RGHUHLQHQ)OXUXQG)UDQFDEHWHWHGDGLH7ULQGLHVHP DOWHQYHUIDOOHQHQ+DXVQLFKWYHUVFKORVVHQZDU
0LW7RGHVYHUDFKWXQJVWU]WHVLHGDUDXI]XIDQGHLQH VFKZHUH.OLQNHGUFNWHVLHQDFKXQWHQXQGWRUNHOWHLQHLQHQ *DQJLQGHPQLFKWQXUDOOHUOHL*HUPSHOODJVRQGHUQVLFK DXFK0HQVFKHQDXIKLHOWHQGLHVLFKGXUFKGHQ.UDFKJHVW|UW IKOWHQ 3O|W]OLFKK|UWH)UDQFDGDVKDUWH/DFKHQ(LQ/LFKWEOLW]WH WUDILKU*HVLFKWXQGVLHVDKHLQHQJHZDOWLJHQ6FKDWWHQPLW GHQ8PULVVHQHLQHUYHUJU|HUWHQ+DQGGLHQDFKLKUJULII )HXFKWH)LQJHUJOLWWHQGXUFKLKU*HVLFKWMHPDQGIDWHQDFK LKUHQ2EHUVFKHQNHOQGDQQZLHGHUGDV/DFKHQLQGDVKLQHLQ VLFK)UDQFDV6FKUHLHPLVFKWHQ 6LHZROOWHQLFKW6LHVFKOXJXPVLFKWUDWELK|UWH6FKUHLH XQGPHUNWHZLHLKUH+DQGUFNHQLQIHLVWHRIWElUWLJH *HVLFKWHUNODWVFKWHQ )UDQFDZDULQHLQHU3HQQHUEXGHJHODQGHW'LH.HUOHVDKHQ VLHDOVHLQZLOONRPPHQHV*HVFKHQNDQGRFKQLFKWPLW)UDQFD 6LHNlPSIWHVLFKZHLWHUYRUXQGNRQQWHVLFKEHIUHLHQ (VJHODQJLKUVRJDUGLH+DQGPLWGHU/DPSH]XU6HLWH]X VFKODJHQ'HUGD]XJHK|ULJH$UPGU|KQWHJHJHQGLH:DQG XQGPLWHLQHPJH]LHOWHQ.QLHVWRJHQDXLQV=HQWUXPVFKDII WHVLFK)UDQFDDXFKGHQ0DQQDXVGHP:HJ 6LHILHOJHJHQHLQH0DXHUWDVWHWHVLFKZHLWHUVSUWHGD LKUH+DQGLQV/HHUHJULIIXQGGUHKWHLKUHQ.|USHUXPGLH (FNH'DQQUDQQWHVLHORVELV]XHLQHU6WHLQWUHSSHGLHVLH]XP *OFNLPOHW]WHQ$XJHQEOLFNVDK 7URW]GHPNRQQWHVLHQLFKWUHFKW]HLWLJJHQXJVWRSSHQ6LH ZDUIVLFKQDFKUHFKWVILHOJHJHQGDVDOWH+RO]JHOlQGHUGDV IHGHUWHXQGGHQ6FKZXQJ]XUFNJDE 'DQQVWROSHUWH)UDQFDGLH7UHSSHKLQXQWHUZlKUHQGVLHGLH DXIJHVFKUHFNWHQ6WLPPHQGHU3HQQHUKLQWHUVLFKK|UWH 'LH0lQQHUOLHHQVLHODXIHQ 8QG)UDQFDUDQQWH3ODQORVVDKGLHVDXV6LHVWROSHUWH UDIIWHVLFKKRFKUDQQWHZHLWHUILHOJHJHQHLQH7UXQGHVYHU JLQJHQ6HNXQGHQELVVLHIHVWJHVWHOOWKDWWHGDVLHGLH7U|II QHQNRQQWH 'DV0lGFKHQWDXPHOWHQDFKGUDXHQ
.KONDPLKUGLH/XIWYRUGLHLKU*HVLFKWIlFKHUWH'DV +DXVODJQXUPLWVHLQHU5FNVHLWHDQHLQHP.DQDO=XU)URQW KLQYHUOLHIHLQHQRUPDOH6WUDHDOOHUGLQJVNDXPEUHLWHU DOVGHUOHW]WH.DQDOGRFKVLHNRQQWHWURFNHQHQ)XHVZHLWHU UHQQHQ 'DV0lGFKHQKHW]WHEHUGDVKROSULJH3IODVWHU6LHGDFKWH DQGDV*UDXHQGDVKLQWHULKUODJXQG)UDQFDEHVFKOHXQLJWH LKUH6FKULWWHZREHLVLHQLFKWHLQPDOZXWHZRVLHMHW]WQRFK GLH.UDIW]XGLHVHP9HU]ZHLIOXQJVDNWKHUQDKP 'DQQHLQH%UFNH 6FKDWWHQKDIWWDXFKWHVLHYRULKUDXI5HFKWVXQGOLQNVGHV *HOlQGHUVVWDQGHQVWHLQHUQH)LJXUHQWDJVEHUEHL/LFKWXQG 6RQQHQVFKHLQYLHOOHLFKWNXOWXUKLVWRULVFKEHGHXWVDPXQG DXFKKHUUOLFKDQ]XVHKHQ ,QGHU1DFKWZXUGHQGLH)LJXUHQIU)UDQFD]XUHJHOUHFKWHQ 0RQVWHUQ :DUHQHV6FKDWWHQGLHVLFKEHZHJWHQZDUHQHVZLUNOLFK 0RQVWHU")UDQFDZXWHHVQLFKW6LHUDQQWHHLQIDFKZHLWHU KDWWHGDV*HIKOGLH)LJXUHQZUGHQGDV'RSSHOWHLKUHU *U|HDQQHKPHQXQG ,KUHJDQ]H$QJVWHQWOXGVLFKLQHLQHPJHOOHQGHQYHU]ZHL IHOWHQ6FKUHLGHUDXFKQLFKWHQGHWHDOVVLHLQV/HHUHWUDWXQG EHUGLH$EJUHQ]XQJKLQZHJQHEHQGHU%UFNHLQHLQHQ .DQDOVWU]WH (LQZHLHU6DUJ 'DKDWWHVLFKNHLQHUYRQXQVJHWlXVFKW:LUZDUHQYRQ HLQHPVFKZLPPHQGHQZHLHQ6DUJJHUDPPWZRUGHQ(U VFKDXNHOWHVRKDUPORVDXIGHQ:HOOHQGRFKDXVODXWHU6SD ZDUIQLHPDQGHLQHQ6DUJLQGHQ.DQDOGDKLQWHUPXWHHLQ 0RWLYVWHFNHQ ,FKKDWWHPLFKDXVGHP%RRWJHEHXJWXQGEHUGLH %RUGZDQGJHJULIIHQZREHLLFKGHQ6DUJIHVWKDOWHQZROOWH GRFKHLQH:HOOHVFKZHPPWHLKQZLHGHUYRQPLUZHJ ª)DKUHQ6LHQlKHUUDQ.RPPLVVDU©
7ROLQLQLFNWH(UKDWWHLQ]ZLVFKHQVHLQHQHUVWHQ6FKUHFNHQ EHUZXQGHQXQGZXWHZDVHUWXQPXWH(UOLHGHQ0RWRU ZLHGHUDQXQGOHQNWHGDV%RRWLQHLQHQ.UHLV'LH6FKUDXEH DP+HFNHU]HXJWH:HOOHQXQG6WUXGHOGLHVFKDXPLJEHUGLH 2EHUIOlFKHTXLUOWHQVLFKDXVEUHLWHWHQXQGGLHKHOOH 7RWHQNLVWHHUIDWHQVRGDVLHGHQ6DUJLPPHUZLHGHUHLQ 6WFNYRQXQVZHJWUXJHQ *HJHQGDV0RWRUERRWKDWWHGHU6DUJNHLQH&KDQFH:LU NDPHQKHUDQXQGVFKRQEDOGVWLHHUHLQ]ZHLWHV0DOJHJHQ GLH%RUGZDQG6XNRKDWWHVLFKQHEHQPLFKJHNQLHW:LHDXFK LFKVWUHFNWHHUVHLQH$UPHXQGYHUVXFKWHGHQ6DUJ]XIDVVHQ XPLKQQlKHUDQGDV%RRWKHUDQ]X]LHKHQGDPLWZLULKQEHU %RUGKLHYHQNRQQWHQ ª+DOWIHVW©ULHWLFKPHLQHQ)UHXQGGHQQLFKPHUNWHZLH JODWWXQGVHLILJGDV+RO]GXUFKGLHQDVVH2EHUIOlFKHJH ZRUGHQZDU %HLGHPXWHQZLUXQVVHKUZHLWKHUDEEHXJHQELVHVXQV JHODQJGLH+lQGHDXFKXQWHUGLH7RWHQNLVWH]XVFKLHEHQXP VLHGDQQDQKHEHQ]XN|QQHQ :LUVFKDIIWHQGHQ6DUJDQ%RUG .DXPVWDQGHU]ZLVFKHQXQVDOVGHU.RPPLVVDUGHQ0RWRU DEVWHOOWHXQGGDV%RRWWUHLEHQOLH1HXJLHULJNDPHUQlKHU :LUPDFKWHQ3ODW]XQG7ROLQLVFKDXWHDXIGHQ6DUJZlKUHQG HUVLFKGXUFKVHLQHQ6FKQlX]HUIXKUGLH6WLUQLQQDFKGHQN OLFKH)DOWHQOHJWHXQGVFKOLHOLFKIUDJWHª-HW]WEOHLEHQ6LH VLFKHUOLFK© ª:DKUVFKHLQOLFK©DQWZRUWHWHLFK ª2EGHU6DUJHWZDVPLWGHQWRWHQEOXWOHHUHQ7DXEHQ]XWXQ KDW"©PHLQWH7ROLQL ª9LHOOHLFKW© ª'DQQ|IIQHQ6LHLKQGRFK© ª:HQQGDVPDOVRHLQIDFKJLQJH©VDJWH6XNRGHUGDEHL ZDUGLHZHLH7RWHQNLVWH]XXQWHUVXFKHQª,FKILQGHNHLQH 9HUVFKOVVHGLHVLFK|IIQHQOLHHQ©6XNRGUFNWHVHLQHQ .|USHU]XUFNª6FKDXGXPDOQDFK-RKQ© $XFKLFKXQWHUVXFKWHGHQVHOWVDPHQ6DUJ6XNRKDWWHUHFKW
9HUVFKOVVHNRQQWHLFKQLFKWHQWGHFNHQ'LHEHLGHQ7HLOH VFKLHQMHPDQGDXIHLQDQGHUJHSUHW]XKDEHQ :LUNOLFKVHOWVDP ª'DVLVWNHLQQRUPDOHU6DUJ©PHLQWHDXFK&RPPLVVDULR 7ROLQLª:LUNOLFKQLFKWGHULVWQLFKWQRUPDO© ª(VVLHKWDEHUVRDXV©EHPHUNWH6XNRWURFNHQ 'HU,WDOLHQHUVFKOXJHLQ.UHX]]HLFKHQ,QGHU'XQNHOKHLW OHXFKWHWHVHLQ*HVLFKWEOHLFK'LH=XQJHKXVFKWHQHUY|VEHU VHLQHWURFNHQJHZRUGHQHQ/LSSHQª9LHOOHLFKWYHUVQGLJHQ ZLUXQVZHQQZLULKQ|IIQHQ/DWXQVOLHEHU]XUFNIDKUHQ XQGLKQLQV3ROL]HLSUlVLGLXPEULQJHQ:HQQZLULKQGRUW© ,FKZLQNWHDEª'DYHUVQGLJHQZLUXQVDXFK1HLQQHLQ PHLQOLHEHU7ROLQL6LHKDEHQPLW,KUHP$QUXILQ/RQGRQGLH 6XSSH]XP.RFKHQJHEUDFKW-HW]WEOHLEHQ6LHDXFKGDEHL ZHQQZLUVLHJHPHLQVDPDXIO|IIHOQ© ª,FKQHKPHPDOGDV7DVFKHQPHVVHU©VDJWH6XNRJULIILQ GLH7DVFKHKROWHGDV0HVVHUKHUYRUXQGNODSSWHHVDXI'DQQ OHJWHHUVLFKDXIGLH3ODQNHQXQGVXFKWHQDFKHLQHP6SDOWLQ GLHHUGLH6SLW]HGHV0HVVHUVVFKLHEHQNRQQWH 'HUZDUVFKZHU]XILQGHQGHQQGLHEHLGHQ7HLOHNOHEWHQ IDVWDXIHLQDQGHUª$OVZlUHQVLHPLW*XPPLDEJHGLFKWHW© PXUPHOWH6XNRKDWWHHVGDQQDEHUJHVFKDIIWXQGGUFNWHGLH 6SLW]H]ZLVFKHQ2EHUXQG8QWHUWHLOGHU7RWHQNLVWH 'DQDFKKHEHOWHHU :LUOLHHQGHQ&KLQHVHQLQ5XKH0LFKKDWWHHLQHHEHQ VROFKH6SDQQXQJHUIDWZLHGHQ.RPPLVVDU:LUZDUHQZLUN OLFKJHVSDQQWZDVZLULQGHP6DUJILQGHQZUGHQ :DUHUOHHU" 'DVNRQQWHQDWUOLFKDXFKVHLQDXIMHGHQ)DOONRQQWHNHLQ VHKUVFKZHUHU*HJHQVWDQGLQQHUKDOEGHU7RWHQNLVWHOLHJHQ GHQQGDQQZlUHVLHQLFKWDXIGHP:DVVHUJHVFKZRPPHQ ª,FKKDE V©PHOGHWH6XNRGHUHVPLWVHLQHP 7DVFKHQPHVVHUDQPHKUHUHQ6WHOOHQYHUVXFKWKDWWHXQGHQG OLFK(UIROJKDWWH(UVFKDXWH]XXQVKRFKª)DWPDOPLWDQ© 7ROLQLZROOWHVLFKDXFKEFNHQLFKDEHUVWHOOWHPLFKYRULKQ XQGVDJWHª:DUWHQ6LHOLHEHU©
6XNRXQGLFKQDKPHQGLH6DFKHLQ$QJULII$QGHQEHLGHQ (QGHQSDFNWHQZLUDQ(LQVDXJHQGHV*HUlXVFKHQWVWDQGDOV GHU'HFNHOLQGLH+|KHJOLWWXQGZLUZHQLJVSlWHULQGHQ6DUJ KLQHLQVFKDXHQNRQQWHQ ,PHUVWHQ$XJHQEOLFNZROOWHLFKHVQLFKWJODXEHQ:LH EHWlXEWZDULFK$EHUGDV%LOGWURJPLFKQLFKW ,P6DUJODJHWZDV (VZDUHLQH6WULJHHLQH6DWDQVHXOH 9RUPLUODJVLHLQHLQHP6DUJ +DOE(XOHKDOE6NHOHWW 'HU.|USHU]HLJWHVLFKPLUQRUPDOZHQQGDV*HILHGHUPLU DXFKHLQZHQLJ]XJUDXVFKLPPHUWH1XUGHU.RSIKDWWHVLFK YHUlQGHUW6WDWWHLQHVQRUPDOHQ.RSIHVKDWWHGLH6WULJHHLQHQ EOHLFKHQNQ|FKHUQHQ.RSIPLWOHHUHQ$XJHQK|KOHQ:LH HLQJHIlKUOLFKHV0HVVHUVWDFKGHU6FKQDEHOKHUYRUYRQGHP LFKZXWHGDHUVRVFKDUIHXQGEOXWHQGH:XQGHQUHLHQ NRQQWH :RNDPGLH6WULJHKHU" ,FKVFKUDXEWHPLFKZLHGHULQGLH+|KHXQGJLQJXQZLOO NUOLFKHLQHQ6FKULWW]XUFN'DEHLVFKDXWHLFKPHLQHQ )UHXQGXQG.ROOHJHQ6XNRDQGHVVHQIUDJHQGHP%OLFNLFK HLQH$QWZRUWVFKXOGLJZDU ª,VWGDVHLQH6WULJH"© ª-DGDVLVWVLH©,FKKDWWH6XNRGHUEHLGHU.UHX]IDKUWQLFKW PLWGDEHLJHZHVHQZDUQDWUOLFKYRQGHP$EHQWHXHUHU]lKOW XQGGLH6WULJHQJHQDXEHVFKULHEHQ ª$EHUZLHNRPPWVLHKLHUKHU"© ,FKKREGLH6FKXOWHUQ &RPPLVVDULR7ROLQLVFKDXWH]ZLVFKHQXQVKLQGXUFK6HLQ *HVLFKW]HLJWHQLFKWQXUHLQHQlQJVWOLFKHQVRQGHUQDXFK HLQHQHUVWDXQWHQ$XVGUXFNª:DVZDVVROOGDV"'DVLVWDEHU NHLQH7DXEH© ,FKODFKWHDXIª%HVWLPPWQLFKW(VLVWHLQH(XOH'LHNRU UHNWH%H]HLFKQXQJODXWHW6WULJH©
ª1RFKQLHJHK|UW© ª.DQQLFKPLUYRUVWHOOHQ©HUZLGHUWHLFKª%LVKHUKDWWHLFK JHGDFKWGDVLHLKUH+HLPDWLQ1RUZHJHQKDWDEHUZLH NRPPWVLHQDFK,WDOLHQ"© ª(VPXHLQH9HUELQGXQJJHEHQ©PHLQWH6XNRª8QGZLU ZHUGHQVLHILQGHQ©0HLQ)UHXQGJDEVLFKVHKURSWLPLVWLVFK ª'LHOHEWMD© 7ROLQLV6WLPPHHOHNWULVLHUWHXQV'HU.RPPLVVDUKDWWH UHFKW'LH6WULJHZDUQLFKWWRW0DQKlWWHHVDQQHKPHQN|Q QHQZHLOVLHVWLOOGDJHOHJHQKDWWHDEHUMHW]W]XFNWHVLHPLW HLQHP)OJHOXQGLQGHQOHHUHQ$XJHQVFKlFKWHQVFKLHQVLFK HWZDV]XEHZHJHQ ª*HKHQ6LHOLHEHU]XUFN©ZDUQWHLFKGHQLWDOLHQLVFKHQ .ROOHJHQXQG]RJVLFKHUKHLWVKDOEHUPHLQH%HUHWWD 1RFKVDKLFKNHLQHQ*UXQG]XVFKLHHQ(UVWZHQQGLH(XOH XQVDQJULIIZROOWHLFKIHXHUQ 6LHEOLHELQQHUKDOEGHV6DUJHVOLHJHQ$EHUVLH]XFNWHZHL WHUKLQPLWLKUHQ)OJHOQXQGPLUVFKLHQHVDOVZUGHVLHQDFK HLQHPODQJHQ6FKODIHQGOLFK/HEHQHLQJHKDXFKWEHNRPPHQ $XFK6XNRKDWWHVHLQH:DIIHJH]RJHQ:LHLFKZDUWHWHDXFK HUGLHZHLWHUHQ5HDNWLRQHQGHU(XOHDE 'DQQKDWWHVLHVLFKJHIDQJHQ'DVJLQJEOLW]VFKQHOOVRZLH VLHLKUH)OJHODXVEUHLWHWHXQGSO|W]OLFKLQGLH+|KHVFKR 'DUDQKDWWHVLHDXFKGHUYHUKlOWQLVPlLJHQJH6DUJQLFKWKLQ GHUQN|QQHQ'LH6WULJHNDPIUHL 6LHPXWHXQVJHVHKHQRGHU]XPLQGHVWJHVSUWKDEHQDEHU VLHJULIIQLFKWDQ=XGHPIROJWHQZLULKUPLWGHQ0QGXQJHQ GHU:DIIHQXQGKLHOWHQVLHVRXQWHU.RQWUROOH 1RUPDOZlUHHVJHZHVHQZHQQVLFKGLH(XOHDXIXQV JHVWU]WKlWWH'DVWDWVLHQLFKWLP*HJHQWHLOVLHEHZHJWH VLFKVRJDUQRFKYRQXQVIRUWXQGIODWWHUWHKHIWLJPLWLKUHQ QRUPDOHQ)OJHOQZREHLVLHVLFKEHPKWHGLHJOHLFKH+|KH ]XEHKDOWHQ ª'LHKDWLUJHQGHWZDVYRU©PXUPHOWH6XNR ,FKZDUVHLQHU0HLQXQJXQGJDELKPPLWHLQHP1LFNHQ UHFKWª)UDJWVLFKQXUZDV©
ª'LHIOLHJWMDZHJ©'HU.RPPLVVDUVDJWHGLHVZREHLVHLQH 6WLPPHOHLFKW]LWWHUWH $EHUHUKDWWHUHFKW'LH6WULJHGUHKWHVLFKLQGHU/XIWXP HLQHDQGHUH)OXJULFKWXQJHLQ]XVFKODJHQ$OOHUGLQJVKDWWHVLH VLFKQLFKWXQVDOV=LHODXVJHVXFKWVRQGHUQGUHKWHHLQHQ %RJHQXQGJOLWWODXWORVEHUGDV:DVVHUGHV.DQDOV6LH JHZDQQQRFKHWZDVDQ+|KHXQGIORJELV]XGHQ'lFKHUQGHU +lXVHUKLQDXI :LUIROJWHQLKUPLWXQVHUHQ%OLFNHQGHQQMHGHUZROOWH VHKHQZDVGLH6WULJHYRUKDWWH :LUNRQQWHQHVHUNHQQHQGHQQYRQHLQHP+DXVGDFKO|VWHQ VLFKSO|W]OLFK]ZHLJHZDOWLJH6FKDWWHQ6LHKDWWHQHWZDGRUW JHKRFNWZRVLFKHLQHNOHLQH%UFNHEHIDQGXQGGLHEHLGHQ 6FKDWWHQGLHVLFKLUJHQGZLH]HLWOXSHQKDIWEHZHJWHQKDWWHQ VLFKGLH(XOHDOV=LHODXVJHVXFKW ª'DVGDUIGRFKQLFKWZDKUVHLQ©8QZLOONUOLFKGUDQJHQ GLH:RUWHEHUPHLQH/LSSHQGHQQLQ]ZLVFKHQKDWWHLFK GLH6FKDWWHQLGHQWLIL]LHUW(VZDUHQHEHQIDOOVDOWH%HNDQQWH YRQXQV 9DPSLURGHOPDUVURWH5LHVHQIOHGHUPlXVH 6XNREUDXFKWHLFKQLFKWV]XVDJHQ$XFKHUKDWWHGLH%HVWLHQ JHVHKHQXQGGHU&KLQHVHVWLHHLQHQOHLVHQ3ILIIDXVª'D ZLUGGRFKGHU+XQGLQGHU3IDQQHYHUUFNW©KDXFKWHHU ª6ROOWHVLFKGHQQDOOHVJHJHQXQVYHUVFKZRUHQKDEHQ"'LH 6WULJHQNDQQLFKMDQRFKYHUNUDIWHQDEHU9DPSLURGHOPDUV /HLEZlFKWHUGDVJHKWQXQGRFKHLQZHQLJ]XZHLW 9HUGDPPWQRFKPDO© $XFKLFKVDKNHLQHQ=XVDPPHQKDQJ]ZLVFKHQGHQ 0RQVWHUQ 'DVFKOXJPDQVLFK]ZHL1lFKWHXPGLH2KUHQZROOWH VFKRQDXIJHEHQXQGSO|W]OLFKEHUVWU]WHQVLFKGLH(U HLJQLVVH ,FKZDUZLUNOLFKHLQZHQLJEHUIRUGHUW ª:DVVLQGGDVGHQQIU]ZHL"©&RPPLVVDULR7ROLQLEHJULII EHUKDXSWQLFKWVPHKU$XFKQLFKWVYRQXQVHUHP*HVSUlFK HUVFKLHQPLUY|OOLJYRQGHU5ROOH]XVHLQ
ª6SlWHUPHLQ/LHEHUVSlWHU©DQWZRUWHWHLFKXQGZDUI HLQHQVFKQHOOHQ%OLFNEHUGLH6FKXOWHUQª(VN|QQWHDOOHU GLQJVJHIlKUOLFKZHUGHQ*HKHQ6LHOLHEHULQ'HFNXQJ© ª-DDEHU© ª0DFKHQ6LHVFKRQ©,FKKDWWHGHQDUPHQ.RPPLVVDU VFKDUIDQJHIDKUHQDEHULQ$QEHWUDFKWGHU/DJHZDUPLU QLFKWVDQGHUHVEULJJHEOLHEHQGHQQGLH5LHVHQYDPSLUHXQG GLH(XOHZDUHQNHLQ6SDVRQGHUQHLQHEUDQGJHIlKUOLFKH 6DFKH 7ROLQLYHUNURFKVLFKXQWHUGHP5XGHUVWDQG0LWGHQ%HVWLHQ PXWHQZLUDOOHLQIHUWLJZHUGHQIDOOVHVEHUKDXSW]XHLQHP .DPSINDPGHQQQRFKZLHVQLFKWVGDUDXIKLQ 2EZRKOHLJHQWOLFKZLUHLQH%HXWHIUGLH)OHGHUPlXVH ZDUHQKDWWHQVLHIUXQVNHLQHQ%OLFN 6LHLQWHUHVVLHUWHGLH(XOH 'DEHLIORJHQVLHVRGDVLHGLH6WULJHYRQ]ZHL6HLWHQLQGLH =DQJHQHKPHQNRQQWHQ 'LHEHLGHQ9DPSLUHKLHOWHQVLFK]LHPOLFKKRFK(VZDU EHVVHUIUVLHGHQQGLFKWEHUGHP:DVVHUXQG]ZLVFKHQGHQ HQJEHLHLQDQGHUVWHKHQGHQ+DXVZlQGHQNRQQWHQVLHLKUH 6FKQHOOLJNHLWQLFKWHQWIDOWHQ $OOHUGLQJVQLFKWIUGLH6WULJH 6LHVWHOOWHHVVHKUJHVFKLFNWDQXQGIORJHWZD]ZHL0HWHU EHUGHP:DVVHUGHV.DQDOV,KU*HKDEHVDKPLUQDFKHLQHU )OXFKWDXV$EHUZRYRUZROOWHGLH6WULJHIOLHKHQ" (LJHQWOLFKNDPHQQXUGLHEHLGHQ9DPSLUHLQ)UDJHZHQQ LFKXQVVHOEVWPDODXHUDFKWOLH:HQQGLH6DWDQVHXOH WDWVlFKOLFKYRUGHQ)OHGHUPlXVHQ5HLDXVQDKPGDQQPX WHQVLH)HLQGHVHLQ )UPLFKHLQY|OOLJQHXHV*HIKO'LHURWHQ9DPSLUHXQG GLH6WULJHQ)HLQGH'DVFKLHQVLFKQRFKHLQLJHVDQ]XEDKQHQ GDVZLUQXUPLW6SDQQXQJDEZDUWHQNRQQWHQ 'LH6WULJHKDWWHHV]ZDUVFKODXDQJHIDQJHQDEHUVLHKDWWH HLQHQ1DFKWHLO6LHZDUQXUDOOHLQXQGGLHURWHQ9DPSLUH]X ]ZHLW'LHVHQ9RUWHLONRQQWHQVLHLQGLH:DDJVFKDOHZHUIHQ +LQWHUPLUK|UWHLFKHLQ*HUlXVFK&RPPLVVDULR7ROLQL
KDWWHHVLQVHLQHU'HFNXQJQLFKWPHKUDXVJHKDOWHQHUZROOWH XQEHGLQJWVHKHQZDVJHVFKHKHQZDUXQGHUVFKDXWHPLU]X ZLHGLHGUHL0RQVWHUUHDJLHUWHQ :LUNRQQWHQQLFKWYLHOVHKHQ+|FKVWHQVGUHL6FKDWWHQGLH GXUFKGLH'XQNHOKHLWKXVFKWHQ(LQHUGDYRQZDUNOHLQHU HEHQGLH6WULJHXQGVLHJHULHWLQ%HGUlQJQLV 'HUHUVWH9DPSLUOLHVLFKIDOOHQ(UIDOWHWHVHLQHQ)OJHO ]XVDPPHQXQGVWU]WHQDFKXQWHQ(VVDKJHIlKUOLFKIUGLH 6DWDQVHXOHDXVXQGGDVZDUHVDXFK .XU]EHYRUGHUURWH9DPSLUGLH6WULJHHUUHLFKWHGD|IIQHWHQ VLFKVHLQH)OJHO=ZDUNRQQWHHUGLHYROOH6SDQQZHLWHQLFKW DXVVSLHOHQDEHUHVJHODQJLKPVLFKEHU:DVVHU]XKDOWHQ 'LH6FKZLQJHQVFKLHQHQ]X]LWWHUQVRKHIWLJEHZHJWHQVLH VLFK$EHUVLHHUIOOWHQLKUHQ=ZHFN 'LH)OHGHUPDXVYHUVSHUUWHGHU6WULJHGHQ:HJ 7URW]GHU'XQNHOKHLWNRQQWHQZLUHUNHQQHQGDGHU)OXJ GHU+RUURUHXOHQLFKWPHKUVRJODWWZDUZLH]XYRU6LHYHU VXFKWHLP=LFN]DFN]XIOLHKHQDEHUGLH)OHGHUPDXVVWDQGYRU LKUZLHHLQH:DQG)UGLH6WULJHJDEHVHLJHQWOLFKQXU HLQ=XUFN 'DVZDUDXFKQLFKWP|JOLFKGHQQXQK|UEDUKDWWHVLFKGLH ]ZHLWH%HVWLHKHUDQJHDUEHLWHW6LHODXHUWHVFKUlJKLQWHUGHU 6WULJHGHUHQEHLQHUQHU6FKlGHOQRFKDPEHVWHQYRQLKUHP JHVDPWHQ.|USHUIUXQV]XHUNHQQHQZDU $XIHLQPDO]XFNWHVLH6LHVFKWWHOWHVLFKDOVKlWWHVLHHLQHQ 6FKODJHUKDOWHQXQGLPQlFKVWHQ$XJHQEOLFNNRQQWHQZLU QLFKWVPHKUVHKHQGDQQGLH)OHGHUPDXVKLQWHUGHU6WULJH KDWWHVLFKYRQLKUHP3ODW]JHO|VWXQGMDJWHDXIGLH(XOH]X 'DQQVDKHQZLUQXUQRFKGDVZLOGH$XIXQG$EGHU)OJHO K|UWHQHLQKRKHV.UHLVFKHQGD]ZLVFKHQ]LVFKHQGH/DXWH XQGDOVGLH)OHGHUPlXVHVLFKGUHKWHQNRQQWHQZLU*HQDXHV HUNHQQHQ 6LHKDWWHQGLH6WULJH]ZLVFKHQVLFKJHQRPPHQ0LWLKUHQ .UDOOHQKLHOWHQVLHGLH6DWDQVHXOHIHVWXQGGDVPRQVWHUKDIWH 7LHUZXUGHYRQGHQ9DPSLUHQ]HUULVVHQ 6LHIHW]WHQGHQ.|USHUI|UPOLFKDXVHLQDQGHU'DIORJHQGLH
)HGHUQGDVDKHQZLUGLH)OHLVFKVWFNHLQV:DVVHUIDOOHQXQG JDQ]]XP6FKOXO|VWHVLFKDXFKGHU6FKlGHO :LHHLQH.XJHOILHOHUQDFKXQWHQ'DV:DVVHUVSULW]WHQRFK HLQPDODXIGDQDFKZDUGHU6FKlGHOYHUVFKZXQGHQ 8QGGLH9DPSLUH" ª:LUKROHQVLHXQV©NQLUVFKWH6XNR,FKKDWWHQLFKWVGD JHJHQGRFKEHLGHZXUGHQZLUYRQHLQHP6FKUHLDEJHOHQNW GHUVFKUlJKLQWHUXQVDXIJHNOXQJHQZDU %OLW]VFKQHOOGUHKWHQZLUXQVXP :RHLQHGHUXQ]lKOLJHQ%UFNHQEHUGHQVFKPDOHQ.DQDO IKUWHVDKHQZLUHLQH*HVWDOW(LQ0lGFKHQYLHOOHLFKWHLQH )UDX6LHVFKULHXQGVFKLHQDXIGLH%UFNH]X]XODXIHQ 'DVDOOHUGLQJVZDUHLQH7lXVFKXQJ'LH3HUVRQOLHIDQ HLQHP%UFNHQSIHLOHUYRUEHLXQGQlKHUWHVLFKGHP.DQDO6LH EHUVDKGDEHLGLH$EJUHQ]XQJ (LQ)HKOWULWWZLUVDKHQQRFKLKUHKRFKJHULVVHQHQ$UPH GDQQODQGHWHVLHLQGHQ)OXWHQ %HYRULFKHWZDVXQWHUQHKPHQNRQQWHKDWWHVLFK6XNR VFKRQDEJHVWRHQ6HLQ.|USHUEHVFKULHEHLQHQ+DOEERJHQ DOVHUVLFKVWUHFNWHXQGGDQDFKPLWGHP.RSI]XHUVWLQGDV :DVVHUWDXFKWH :LHGDV0DXOHLQHVJLHULJHQ8QJHKHXHUVVFKOXFNWHGDV VFKPXW]LJH:DVVHUGHQ&KLQHVHQGHUPLWNUlIWLJHQ .UDXOVW|HQYHUVXFKWHGLH%UFNH]XHUUHLFKHQ 6XNRPXWHVLFKEHHLOHQGHQQGDV0lGFKHQZDUELVKHU QRFKQLFKWZLHGHUDXIJHWDXFKW &RPPLVVDULR7ROLQLXQGLFKILHEHUWHQ6FKDIIWH6XNRHV" :UGHHUGDV0lGFKHQUHWWHQ" 9LHOOHLFKWPXWHLFKDXFKQRFKLQV:DVVHUXQGKLQVFKZLP PHQ%HUHLWPDFKWHLFKPLFKVFKRQ]RJGLH-DFNHDXVXQG KDWWHVLHNDXPEHUGLH6FKXOWHUQJHVWUHLIWDOVLFK6XNRVDK (UWDXFKWHDXVGHQVFKPXW]LJHQ)OXWHQXQGPLWLKPGDV 0lGFKHQRGHUGLH)UDX :LHHLQH3XSSHKLHOWHUVLHLP$UP(UZLQNWHXQVPLWHLQHU
+DQG]XGHU.RPPLVVDUYHUVWDQGGDV=HLFKHQ6RIRUWOLH 7ROLQLGHQ0RWRUDQ8QVHU%RRWEHZHJWHVLFKDXIGHQ &KLQHVHQXQGGDVLQV:DVVHUJHIDOOHQH0lGFKHQ]X ª/HEWVLHQRFK"©IUDJWHLFKDOVZLUQDKHJHQXJKHUDQ ZDUHQ ª.HLQH$KQXQJ© 7ROLQLVWHXHUWHJXW(UIXKUVFKDUIOLQNVVRGDLFKGLH+DQG DXVVWUHFNHQNRQQWHGLHYRQ6XNRVRIRUWJHSDFNWZXUGH(U VWHPPWHGLH*HUHWWHWHKRFK'DV:DVVHUKDWWHLKUH.OHLGXQJ VFKZHUZHUGHQODVVHQ,FKKDWWH0KHGLH.OHLQHLQV%RRW]X KLHYHQ6FKRQMHW]WKDWWHLFKHUNDQQWGDHVVLFKEHLLKUXP HLQHMXQJH)UDXPLWODQJHQVFKZDU]HQ+DDUHQKDQGHOWHXQG PLUZDUIHUQHUDXIJHIDOOHQGDVLHQRFKOHEWHGHQQDOVLFK QDFKIKOWHVSUWHLFKGHQ+HU]VFKODJ $OVLFKGDV0lGFKHQKLQOHJWHGDVWHOOWHLFKIHVWGDHV QLFKWEHZXWORVZDUQXUY|OOLJHUVFK|SIWXQGDP5DQGH VHLQHU.UlIWH'DV%RRWEHJDQQKHIWLJHU]XVFKDXNHOQDOV 6XNRKLQHLQNOHWWHUWHQDZLHHLQH:DVVHUUDWWH &RPPLVVDULR7ROLQLEHVRUJWH]ZHL'HFNHQ(LQHZlUPWH GDV0lGFKHQGLHDQGHUHPHLQHQ)UHXQGXQG.ROOHJHQ %HYRULFKPLFKXPGLH*HUHWWHWHQlKHUNPPHUWHZDUILFK HLQHQ%OLFN]XP+LPPHOKRFK(UZDUGXQNHOZLHJUDXHU 6DPW8QWHULKP]HLFKQHWHQVLFKGLH6FKDWWHQGHUEHLGHQ 5LHVHQYDPSLUHDE*HZDOWLJH)OHGHUPlXVH 'LH%OXWVDXJHUEHREDFKWHWHQXQVGDYRQELNHLQH0DXV GHQ)DGHQDE8QGLFKZDUIDVWVLFKHUGDVLHXQVDXFK LUJHQGZDQQDQJUHLIHQZUGHQ:lUHHVDQGHUVHQWVSUlFKH GLHVQLFKWLKUHP1DWXUHOO ,FKZDQGWHPLFKDQGHQ.RPPLVVDUª+DEHQ6LHHLQH $SRWKHNHRGHUlKQOLFKHV"© 7ROLQLJULQVWHª6LHPHLQHQ$ONRKRO"© 7ROLQLUHLFKWHHLQHVFKPDOH)ODVFKH,Q]ZLVFKHQEHJDQQGDV 0lGFKHQ]XKXVWHQ(VVSLH:DVVHU,QUHJHOUHFKWHQ)RQWlQHQ GUDQJGLHVFKPXW]LJH%UKHDXVLKUHP0XQG'LH.OHLQH ZHLQWHKXVWHWHXQGPXWHVLFKEHUJHEHQ ,FKKLHOWVLHGDEHLVRGDVLHEHUGLH%RUGZDQGVSHLHQ
NRQQWHXQGNORSIWHLKUGDEHLVDQIWDXIGHQ5FNHQ(VGDX HUWHVHLQH=HLWELVVLHVLFKHLQLJHUPDHQJHIDQJHQKDWWH WURW]GHPZDUVLHQRFKVHKUHUVFK|SIW 6XNRKDWWHVLFKLQGLH'HFNHHLQJHZLFNHOWKRFNWHDXIGHU 5FNEDQNXQGEHREDFKWHWHXQV ª*HKWHVZLHGHU"©VSUDFKLFKGDV0lGFKHQDQ,FKKDWWHHV ]XUFNJH]RJHQXQGKLQJHVHW]W 6LHKREGHQ%OLFN,QGHQGXQNOHQ$XJHQODVLFKGLH$QJVW 6LHPXWHYLHOGXUFKJHPDFKWKDEHQDEHUMHW]WZDUVLHLQ 6LFKHUKHLWXQGGDVJDELFKLKU]XYHUVWHKHQ ª:ROOHQ6LHHLQHQ6FKOXFNWULQNHQ"© 'HU.RPPLVVDUIUDJWHHVXQGKLHOWLKUGLHDXIJHVFKUDXEWH )ODVFKHKLQ 'DV0lGFKHQVFKWWHOWHGHQ.RSI(V]RJGLH1DVHKRFK XQGZLVFKWHEHULKUH$XJHQ ª:LHKHLHQ6LHGHQQ"©IUDJWHLFK 6FKZDFKNDPGLH$QWZRUWª)UDQFD3DWHOOL© $XFKZLUVDJWHQXQVHUH1DPHQREZRKOLFKQLFKWVLFKHU ZDUGDVLHVLHDXFKEHKDOWHQZUGH,KUH/LSSHQ]XFNWHQ DOVVLHPLWGHP6SUHFKHQEHJDQQ ª6FKUHFNOLFK©IOVWHUWHVLHª(VZDUVFKUHFNOLFK,FKLFK KDEHHLQH+|OOHKLQWHUPLU© ª/DVHQ6LHVLFK=HLWPLW,KUHP%HULFKW© )UDQFDVFKWWHOWHGHQ.RSIª1HLQQHLQHVLVWVFKOLPP 0DUFRKDEHQVLHJHSDFNW© ª:HULVW0DUFR"© ª0HLQ)UHXQG© ª8QGZHUKDWLKQ"©VFKDOWHWHVLFKGHU&RPPLVVDULRHLQ ª'LH)OHGHUPlXVH© ,FKSUHWHKDUWGLH/LSSHQ]XVDPPHQXQGPHLQH :DQJHQPXVNHOQ]XFNWHQ$OVRKDWWHQVLHGRFKHLQ2SIHU JHIXQGHQ(LQPHQVFKOLFKHV2SIHUXQGQLFKWQXUGLH6WULJH ZLHZLUHVJHVHKHQKDWWHQ8QZLOONUOLFKGUHKWHLFKGHQ.RSI XQGVFKDXWHLQGLH+|KH -DGDREHQVFKZHEWHQVLH/DXWORV]RJHQVLHLKUH.UHLVHXQG KDWWHQGLHJHZDOWLJHQ)OJHODXVJHEUHLWHW6LHODXHUWHQLQGHU
/XIWXQGVLHZUGHQVLFKVRIRUWQDFKXQWHQVWU]HQZHQQVLH VLFKLKUHU%HXWHVLFKHUZDUHQ ,FKQLFNWHGHU.OHLQHQEHUXKLJHQG]Xª$PEHVWHQLVWHV ZHQQ6LHJDQ]YRQYRUQEHJLQQHQ)UDQFDHLQYHUVWDQGHQ"© 6LHQLFNWH $QVFKOLHHQGHUIXKUHQZLULKUH*HVFKLFKWH6LHEHULFKWHWH YRQGHU-DJGGXUFKGLH*DVVHQXQG.DQlOHGLHVHV9LHUWHOV XQGGDYRQGDVLHXQGLKU)UHXQGHLQHIXUFKWEDUH$QJVWDXV JHVWDQGHQKDWWHQ0LWHLQHU*RQGHOZROOWHQVLHIOLHKHQ ª0DUFRKDWHVQLFKWJHVFKDIIW©VDJWHVLH]XP6FKOXZREHL 7UlQHQDXVLKUHQ$XJHQTXROOHQ ª,VWHUWRW"©ZROOWHLFKZLVVHQ ª-DRGHUQHLQ,FKZHLHVQLFKWJHQDXGHQQLFKNRQQWH NDXPKLQVFKDXHQ© :LUVFKZLHJHQGHQQGLH:DKUKHLWZROOWHQZLULKUQLFKW VDJHQ:HUYRQGHQ)OHGHUPlXVHQDQJHJULIIHQZXUGHXQG VLFKQLFKWPLWGHQHQWVSUHFKHQGHQ:DIIHQYHUWHLGLJHQNRQQ WHGHUKDWWHJHJHQGLHVH%HVWLHQNHLQH&KDQFH ª'DVDOOHVPXDEHUHLQHQ*UXQGJHKDEWKDEHQ©PHOGHWH VLFK6XNRYRQGHU%DQNDP+HFNGHV%RRWHVª:HVKDOEKDW PDQ6LHYHUIROJW)UDQFD"© ª(VJLQJXPGDV*UDE© $KDMHW]WZXUGHHVLQWHUHVVDQW,FKKDNWHVRIRUWQDFKXQG IUDJWHª:HOFKHV*UDE"© ª'DVLQGHPDOWHQ'RJHQSDODVW0DUFRZROOWHHVVR(UKDWWH JHK|UWGDGRUWHLQ6FKDW]]XILQGHQZDU© ª8QG"+DEHQ6LHHLQHQ6FKDW]JHIXQGHQ"© )UDQFD3DWHOOLVFKWWHOWHGHQ.RSIª1HLQZLUIDQGHQ NHLQHQ6FKDW]$EHUZLUGUDQJHQLQHLQH*UDENDPPHUHLQLQ GHUVLFKGLH9DPSLUHEHIDQGHQ© ª+DEHQ6LHQRFKPHKUJHVHKHQ"© ª9LHOOHLFKW(VJLQJDOOHV]XVFKQHOO.DXPKDWWHQZLUGDV JURH*UDEEHWUHWHQDOVVLFKGLH9DPSLUHYRQGHQHQ ZLUJODXEWHQGDVLHVFKODIHQZUGHQLQGLH+|KH©6LH NRQQWHQLFKWPHKUZHLWHUVSUHFKHQ'LH(ULQQHUXQJDQGDV 6FKUHFNOLFKHOLHLKUH6WLPPHYHUVLHJHQ
:LUJDEHQ)UDQFD=HLWXQGZDUWHWHQVRODQJHELVVLHVLFK ZLHGHUEHUXKLJWKDWWH(UVWGDQQVSUDFKLFKZHLWHUª.|QQHQ 6LHGHQ:HJ]XU*UDENDPPHU]XUFNILQGHQ"© ª-DZDKUVFKHLQOLFK© ª(VLVWQLFKWZHLWYRQKLHU"© ª1HLQLFKELQMDQXUGXUFKGLH*DVVHQXQG.DQlOHJHKHW]W 'DVDOOHVNRPPWPLUQXUVRVFKUHFNOLFKZHLWYRUGRFKVRLVW HVQLFKW© ª*XW)UDQFDGDQQZHUGHQZLUXQVGDV*UDEHLQPDOJH QDXHUDQVFKDXHQ© 6LHHUVFKUDNª'DVLVWGRFKJHIlKUOLFK©IOVWHUWHVLHª0DQ ZLUG6LHDXFKXPEULQJHQXQG© ,FKVFKWWHOWHGHQ.RSIª'DVJODXEHLFKNDXP$XHUGHP N|QQHQZLUXQVXQVHUHU+DXWZHKUHQ0DFKHQ6LHVLFK ZHJHQXQVPDONHLQH*HGDQNHQ© )UDQFDKREGLH6FKXOWHUQª8QGZDVLVWPLW0DUFR"©KDXFK WHVLHVFKOLHOLFK 'DVZDULQGHU7DJHLQ3UREOHP,FKVFKDXWH6XNRDQGHU DXIJHVWDQGHQZDUQlKHUWUDWXQGPLWVHLQHUXPGLH6FKXOWHUQ KlQJHQGHQ'HFNHIDVWVFKRQHLQHP9DPSLUJOLFK(U]RJHLQ EHVRUJWHV*HVLFKW:DKUVFKHLQOLFKGDFKWHHUGDVJOHLFKHZLH LFK1XU&RPPLVVDULR7ROLQLYHUVWDQGQLFKWVRUHFKW ª:LUPVVHQLKQVXFKHQYLHOOHLFKWN|QQHQZLULKQQRFK UHWWHQ© $OV)UDQFDGLH:RUWHYHUQDKPVSUDQJVLHDXIª-DGDV PVVHQZLU:HQQHVQRFKHLQH0|JOLFKNHLWJLEW© ª:LUHUOHGLJHQGDVVFKRQ©VDJWHLFKLKUXQGVFKLHOWH]XP +LPPHOZRGLH9DPSLUHZHLWHUKLQLKUH.UHLVH]RJHQ ª.|QQHQ6LHXQVGHQ:HJ]HLJHQGHQ6LHJHODXIHQVLQG"© )UDQFDGHXWHWHGRUWKLQZRVLFKGLH%UFNHEHIDQGGLHVHL LQLKUHPSDQLNDUWLJHQ/DXIYHUSDWKDWWHª:HQQZLUGRUWKLQ IDKUHQNDQQLFKHVEHVVHUHUNOlUHQ© ª:DUXPQLFKW"©ULHI&RPPLVVDULR7ROLQLª$OVRSDFNHQZLU HVDQPHLQH+HUUHQ©(UZROOWHGHQ0RWRUDQODVVHQGRFK 6XNRVª+DOW©OLHLKQLQQHKDOWHQ ª:DVLVWGHQQ"©IUDJWHGHU%HDPWH
(LQHDNXVWLVFKH$QWZRUWHUKLHOWHUYRQGHP&KLQHVHQQLFKW 6XNRGHXWHWHQXUQDFKYRUQZRVLFKSO|W]OLFKHLQ6FKDWWHQ EHUGDV:DVVHUVFKRE'HU6FKDWWHQZXUGHJU|HUZLUNRQQ WHQLKQMHW]WEHVVHUHUNHQQHQXQGLGHQWLIL]LHUWHQLKQDOVHLQH *RQGHO 6LHVFKREVLFKDXVHLQHPNOHLQHQ6HLWHQNDQDO=XU+lOIWH ZDUVLHVFKRQ]XVHKHQXQGVLHVFKLHQODXWORVXQGYRQ XQVLFKWEDUHQ+lQGHQJHVWHXHUW]XZHUGHQ $OVGDVOHW]WH'ULWWHOGHU*RQGHOLQXQVHU6LFKWIHOGJHULHW GDVDKHQZLUDXFKGHQ0DQQGHUVLHOHQNWH6HLQVFKPDOHU .|USHUKREVLFKZLHHLQ6FKHUHQVFKQLWWYRQGHUJUDXHQ 'XQNHOKHLWDE )UDQFDVWLHHLQHQ6FKUHLDXVXQGNODPPHUWHVLFKLPQlFK VWHQ$XJHQEOLFNDQPLUIHVW ª:DVLVWGHQQ"© ª'HU0DQQGRUW©,KUH6WLPPHEHEWHª'DVLVW0DUFR© 9HUGDPPWGDPLWKDWWHQZLUZRKODOOHQLFKWJHUHFKQHW,FK K|UWHHVDQGHQ*HUlXVFKHQGLH7ROLQLDXVVWLHXQGDXFK 6XNRV*HVLFKW]HLJWH%HWURIIHQKHLW (VVWHOOWHVLFKHLQH)UDJH/HEWH0DUFRQRFKRGHUZXUGH GLH*RQGHOYRQHLQHP8QWRWHQYLHOOHLFKWHLQHP9DPSLU JHVWHXHUW"'DVPXWHQZLUKHUDXVILQGHQ ,FKJDE7ROLQLHLQ=HLFKHQª)DKUHQ6LHDXIGLH*RQGHO]X© IOVWHUWHLFKªDEHUYRUVLFKWLJ© 7ROLQLV$XJHQEUDXHQ]XFNWHQ6HLQH+lQGHVSLHOWHQQHUY|V ª*ODXEHQ6LHGHQQ"© ª)DKUHQ6LHHUVWPDO© (UOLHGHQ0RWRUDQ,FKGUFNWH)UDQFD3DWHOOL]XU6HLWH XQGEHIDKOLKUVLFKDXIGHQ%RGHQ]XOHJHQZDVVLHDXFKWDW ZREHLPLULKU*HVLFKWVDXVGUXFN]HLJWHGDVLHQLFKWVRUHFKW YHUVWDQGHQKDWWH 'HU0RWRUXQVHUHV%RRWHVK|UWHVLFKLQGHU6WLOOHXQQDWU OLFKODXWDQ'HQVHOWVDPHQ*RQGROLHUHVFKLHQGDVEHUKDXSW QLFKW]XVW|UHQ(UEHKLHOWVHLQHQHLQPDOHLQJHVFKODJHQHQ
.XUVEHLXQGOHQNWHGLH*RQGHOLQGHQHWZDVEUHLWHUHQ.DQDO :LHGHUHLQPDOZXUGHLFKDQGDV$EHQWHXHUPLWGHU 7RGHVJRQGHOHULQQHUW1XUVWDQGGDPDOVHLQ6DUJDXIGHU *RQGHOZDVKLHUQLFKWGHU)DOOZDU 'LH9DPSLUHKDWWHQHEHQIDOOVEHPHUNWGDVLFKHWZDV DQEDKQWH6LH]RJHQ]ZDUQDFKZLHYRULKUH.UHLVHZDUHQ MHGRFKWLHIHUJHJDQJHQXQGOLHHQVRVFKLHQHVPLUGDV%RRW QLFKWDXVGHQ$XJHQ:DKUVFKHLQOLFKEHIDQGVLFKGRUWHLQ 'LHQHUYRQLKQHQ :LUQlKHUWHQXQVGHU*RQGHOLPUHFKWHQ:LQNHO:HQQZLU VRZHLWHUIXKUHQPXWHQZLULUJHQGZDQQNROOLGLHUHQ 'LH6SDQQXQJZXFKV 6XNRXQGLFKKDWWHQXQVHUH:DIIHQJH]RJHQZlKUHQGGHU .RPPLVVDUJHVSDQQWDP5XGHUVWDQGXQGHEHQIDOOVGDV IUHPGH%RRWQLFKWDXVGHQ$XJHQOLH 'HU*RQGROLHUHWDWDOVKlWWHHUXQVEHUKDXSWQLFKWEH PHUNW(UVWDQGZLHHLQH6WDWXHDP+HFNGHV%RRWHVWDXFKWH GLH6WDQJHLQV:DVVHUEHZHJWHVHLQH$UPHGDEHLUK\WKPLVFK YRUXQG]XUFNXQGHVVDKVRDXVDOVZUGHLKQQLHPDQG VWRSSHQN|QQHQ ª0DUFRPHLQ0DUFR©)UDQFDKDXFKWHGHQ1DPHQLKUHV )UHXQGHVPLWWUlQHQHUVWLFNWHU6WLPPH6LHNQLHWHMHW]WKDWWH GLH$UPHKRFKHUKREHQXQGGLH+lQGH]XVDPPHQJHSUHW $XFKVLHVFKLHQ]XDKQHQGDPLW0DUFRQLFKWPHKUDOOHVVR ZDUZLHIUKHUXQGZLUJOLWWHQPLWXQVHUHP%RRWQRFKQlKHU DQLKQKHUDQ 0LWWOHUZHLOHNRQQWHQZLUVHLQ*HVLFKWHUNHQQHQ=ZDUQXU DOVHLQHQEOHLFKHQ)OHFNDEHUZLUHUNDQQWHQGDHUVWXUJHUD GHDXVVFKDXWHXQVZROOWHHUDQVFKHLQHQGQLFKWEHPHUNHQ %HYRUZLUGLH*RQGHOHUUHLFKWHQIOVWHUWHLFKGHP &KLQHVHQ]Xª$FKWHGXELWWHDXIGLH9DPSLUHLFKNPPHUH PLFKVFKRQXP0DUFR© ª$OOULJKW© 5DVFKGUHKWHLFKPLFKXPGHQQIUPHLQHQ*HVFKPDFN KDWWHGDV%RRWQRFK]XYLHO7HPSRª.|QQHQ6LHHWZDV)DKUW ZHJQHKPHQ"©IUDJWHLFKGHQ&RPPLVVDULR
ª'DQQPXLFKGHQ0RWRUDEVWHOOHQ© ª7XQ6LHGDV© 'DV7XFNHUQYHUVWXPPWH:LUKDWWHQQRFKVRYLHO6FKXE GDZLUDXFKRKQH0RWRUGLH*RQGHOHUUHLFKHQNRQQWHQ 6FKZDQNHQGQlKHUWHQZLUXQVGHP*HIlKUWGLH:HOOHQ WUXJHQXQVZHLWHUGLH(QWIHUQXQJVFKPRO]]XVDPPHQ MHW]WZDUHQHVQXUZHQLJH
,FKJLQJLQGLH.QLH (UVWMHW]WVFKLHQPLFKGHUDQGHUH]XEHPHUNHQ0LWHLQHP KHIWLJHQ5XFNULHUGLH5XGHUVWDQJHDXVGHP:DVVHUKREGLH 6FKXOWHUQXQGKLHOWGLHK|O]HUQH6WDQJHSO|W]OLFKZLHHLQH /DQ]HYRUVLFK 6HLQH$EVLFKWZDUNODU(UZROOWHPLFKPLWGHU6WDQJHEHU %RUGVFKOHXGHUQ 1RFKKLHOWLFKGLH%HUHWWDIHVWXQGVFKDXWHLQGDV*HVLFKW PHLQHV*HJQHUVGDVVLFKEHUGHU6WDQJHDE]HLFKQHWH(VZDU HLQEODVVHV*HVLFKWEOXWOHHUVDKHVDXV,FKKDWWHVFKRQGHV |IWHUHQVROFKH*HVLFKWHUJHVHKHQEHL9DPSLUHQ 'LHVHV:HVHQZDUDXIPHLQHQ/HEHQVVDIWVFKDUI8QGYHU GDPPWQRFKPDOHVVROOWHLKQQLFKWEHNRPPHQ 'HU9DPSLUJULIIDQ (UZXFKWHWHVLFKSO|W]OLFKYRU'LH6WDQJHKLHOWHUGDEHLVR GDVLHPLFKLQ%UXVWK|KHJHWURIIHQKlWWH*URDXVZHLFKHQ NRQQWHLFKQLFKWPLFKK|FKVWHQVIDOOHQODVVHQXQGGDVWDWLFK DXFK %HYRUGLH6WDQJHPLFKEHUKUHQNRQQWHWDXFKWHLFKZHJ DOVZlUHQPLUGLH%HLQHXQWHUGHP.|USHUIRUWJHULVVHQ ZRUGHQ 7URW]GHPHUZLVFKWHVLHPLFKDQGHU6FKXOWHU'DVZDU UHFKWVZRLFKGLH:DIIHKLHOW,FKZXUGHDXIGLH3ODQNHQ JHVFKOHXGHUWSUDOOWHJHJHQGLH%RUGZDQGXQGGLH*RQGHO JHULHWQRFKPHKULQV6FKZDQNHQ6LHNLSSWHPDOQDFKUHFKWV GDQQZLHGHUQDFKOLQNVXQGPHLQ*HJQHUKDWWH0KHVLFK EHUKDXSWDXIPLFK]X]XEHZHJHQ ,FKVFKR *HQDXLQGHP$XJHQEOLFNDOVGHU0QGXQJVEOLW]YRUGHU :DIIHIUGLH/lQJHHLQHV$WHP]XJVHLQHIDKOH+HOOLJNHLW VFKXIGD|IIQHWHGHUXQKHLPOLFKH*RQGROLHUHVHLQHQ0XQG ,FKVDKVHLQ*HEL =ZHL=lKQHVWDFKHQGHXWOLFKKHUYRU$XVGHP2EHUNLHIHU ZXFKVHQVLHVLHZDUHQODQJHXQGZLUNWHQXQWHQZLHVSLW] DQJHIHLOW+DWWHLFKELVKHUQRFKHLQZHQLJGDUDQJH]ZHLIHOW HVPLWHLQHP9DPSLU]XWXQ]XKDEHQVRZXUGHQGLHVH
=ZHLIHOQXQEHVHLWLJWXQGLFKEUDXFKWHGHQ6FKXQLFKW]X EHUHXHQ 'DVJHZHLKWH*HVFKRKLHELQVHLQHQ.|USHU6FKUlJIXKUHV KLQHLQXQGGLH0DFKWGHV6LOEHUVHUVWLFNWHDXJHQEOLFNOLFK VlPWOLFKH$NWLYLWlWHQGHV0RQVWHUV (VOLHGLH6WDQJHIDOOHQWDXPHOWH]XU6HLWHVHLQ*HVLFKW YHU]HUUWHVLFKLQHLQHUXQHQGOLFKHQ4XDO6FKDXPVWDQG SO|W]OLFKYRUGHP0XQGLQGHQ$XJHQZDUGDV:HLH]X VHKHQXQGGHUQlFKVWH6FKULWWEUDFKWHGHQ%OXWVDXJHUELV GLFKWDQGLH%RUGZDQG (UVWROSHUWH 'DV*OHLFKJHZLFKWNRQQWHHUQLFKWPHKUKDOWHQREZRKOHU PLWGHQ$UPHQUXGHUWH9RUPHLQHQ$XJHQYHUVFKZDQGHULP :DVVHULFKK|UWHQXUGDV.ODWVFKHQ 6RIRUWUREEWHLFKDXIGLH%RUGZDQG]X:lKUHQGGHVNXU ]HQ:HJVVFKDXWHLFKDXFK]XGHP0RWRUERRWKLQEHU(V ZDUQDFKGHUNOHLQHQ.ROOLVLRQZLHGHUDEJHWULHEHQZRUGHQ 6XNRNRQQWHLFKJXWHUNHQQHQ(UVWDQGDXIUHFKWXQGYHUIROJ WHGLHEHLGHQNUHLVHQGHQ5LHVHQIOHGHUPlXVHPLWGHP/DXI GHU%HUHWWD*HVFKRVVHQKDWWHHUQRFKQLFKW 7ROLQLVWDQGJHGXFNWDP5XGHUZlKUHQG)UDQFDZRKOQRFK LQ'HFNXQJODJJHVHKHQKDWWHLFKYRQLKUMHGHQIDOOVQLFKWV )UPLFKZDUGHU9DPSLUZLFKWLJHU ,FKVFKDXWHEHUGLH%RUGZDQG:RHULQV:DVVHUJHIDOOHQ ZDUVDKLFKQRFK6FKDXPDXIGHU2EHUIOlFKH9RQLKPVHOEVW DOOHUGLQJVNRQQWHLFKQLFKWVHUNHQQHQ $EHUHUZDUQRFKGD 3O|W]OLFKNDPHUDQHLQHUDQGHUHQ6WHOOHZLHGHUKRFK 'LHVPDOUHFKWVYRQPLU=XHUVWVDKLFKLKQQLFKW,FKEHPHUN WHQXUGDVLFKGDV%RRW]XU6HLWHQHLJWHXQGDOVLFKQDFK VFKDXWHGDHQWGHFNWHLFKGLHEHLGHQ.ODXHQGLHVLFKXPGLH %RUGZDQGJHNODPPHUWKDWWHQ+lQGHGLHYHUVXFKWHQVLFK PLWOHW]WHU.UDIWLQGLH*RQGHO]XKLHYHQ=ZLVFKHQGHQ $UPHQXQGGLFKWXQWHUGHU:DVVHUIOlFKHVDKLFKHLQHQ GXQNOHQ)OHFNGHQ.RSIGHV0RQVWHUVGHUYRQGHQ:HOOHQ EHUVSOWZXUGH
'DQQSDVVLHUWHHWZDV*UDXHQKDIWHV 'HU9DPSLUYHUVXFKWHQRFKVLFKLQGLH*RQGHO]X]LHKHQ DEHUGDV6LOEHUZDU]XVWDUN(VKDWWHVFKRQOlQJVWPLWVHLQHP =HUVW|UXQJVZHUNEHJRQQHQ 9RQGHQQDVVHQ+lQGHQILHOGLH+DXWDE6LHZDUVSU|GH JHZRUGHQO|VWHVLFKDOOPlKOLFKDXIXQGQXUQRFK)HW]HQ EOLHEHQ]XUFNGLHDOOHUGLQJVVRSRU|VZDUHQGDVLHGXUFK GLHDQODXIHQGHQ:HOOHQYRQGHQ.QRFKHQJHVFKZHPPW ZXUGHQ %OHLFKH6NHOHWWKlQGHNDPHQ]XP9RUVFKHLQ9HUVHKHQPLW GLFNHQ.QRUSHOQXQGLQHLQHPOHW]WHQ$QIDOOYRQ.UDIW VWHPPWHRGHU]RJVLFKGHU%OXWVDXJHUQRFKHLQPDOKRFK 1HLQLFKVFKDXWHLQNHLQPHQVFKOLFKHV*HVLFKWPHKUVRQ GHUQLQHLQ]XVDPPHQJH]RJHQHVOHGHUDUWLJHVHLQHUHQW VWHKHQGHQ)OHGHUPDXVGLHDOOHUGLQJVVFKRQZLHGHUYHU JLQJGHQQGDV6LOEHUOLHHVVRZHLWQLFKWHUVWNRPPHQ (LQHQ+HU]VFKODJVSlWHUUXWVFKWHQGLH+l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lLJYRQGHUOLQNHQILHOEHUHLWV HLQ6WFNDEXQGGLH%HVWLHNRQQWHVLFKQLFKWPHKULQGHU /XIWKDOWHQ 6LHVWU]WHZLHHLQPDQ|YULHUXQIlKLJHU'VHQMlJHULQV :DVVHU8QG]ZDU]ZLVFKHQGHQEHLGHQ%RRWHQGDKDWWHQZLU QRFK*OFNJHKDEWGDVLHQLFKWDXIXQVJHIDOOHQZDU
%OLHEGLH]ZHLWH 6LHKDWWHPLWDQJHVHKHQZDVPLWLKUHP$UWJHQRVVHQ JHVFKHKHQZDU 6RIRUWVFKUDXEWHVLHVLFKLQGLH+|KHXPLP*UDXGHV +LPPHOV]XYHUVFKZLQGHQZRVLHYRUXQVHUHQ.XJHOQVLFKHU ZDU (VKDWWHNHLQHQ6LQQPHKULKUQRFKQDFK]XVFKLHHQGDV ZlUHQXU0XQLWLRQVYHUVFKZHQGXQJJHZHVHQ ZLUVDKHQVLHQRFKDOVHLQHQKXVFKHQGHQVFKDWWHQKDIWHQ 3XQNWGDQQZDUDXFKHUYHUVFKZXQGHQ ,FKZLQNWH6XNR]X ª:LUNRPPHQ©ULHIGHU.RPPLVVDUUEHUXQGVWHOOWHGHQ 0RWRUZLHGHUDQ6HLQHU6WLPPHHQWQDKPHQZLUGHXWOLFKGLH (UOHLFKWHUXQJGLHHUYHUVSUWH $OOHKDWWHQZLUGLH*HIDKURKQH6FKDGHQ]XQHKPHQEHU VWDQGHQ$EHUJHZRQQHQKDWWHQZLUQXUHLQH6FKODFKWNHLQHQ .ULHJGDVPXWHPDQVLFKYRU$XJHQKDOWHQ:HOFKHILQVWH UHQ*HKHLPQLVVHKLHUQRFKODXHUWHQZXWHNHLQHUYRQXQV (LQ*UDEGLHURWHQ9DPSLUHXQGGLH6WULJHQ,UJHQGZLHPX WHQZLUGLHVHGUHLDQVLFKYRQHLQDQGHUXQDEKlQJLJHQ'LQJH LQGLHULFKWLJH5HLKHQIROJHEULQJHQ (LQH/HLQHEUDXFKWHPDQPLUQLFKW]X]XZHUIHQLFKJHODQJ WHDXFKVRDXIGDVDQGHUH%RRWGHQQ7ROLQLEHZLHVZLHGHU HLQPDOVHLQ.|QQHQLQGHPHUVHLQHQ.DKQVRVFKDUIDQGLH *RQGHOKHUDQOHQNWHGDLFKPLWHLQHP6FKULWWKLQEHUVWHLJHQ NRQQWH ª'DVZDUPHLVWHUOLFK©EHJUWHPLFK7ROLQL ,FKZLQNWHDEª'LH5LHVHQYDPSLUHVLQG]ZDUJHIlKUOLFK DEHUZHQQPDQGLHHQWVSUHFKHQGHQ:DIIHQEHVLW]WLVWHV OHLFKWVLH]XHUOHGLJHQ*ODXEHQ6LHPLU© ª,FKIUDJHPLFKQXUZRKHUVLHNRPPHQ©PXUPHOWHGHU .RPPLVVDU 'DVIUDJWHQZLUXQVDXFK=XGHPZXWHQZLUGD 9DPSLURGHOPDUQLHZHLWHQWIHUQWZDUZHQQGLHURWHQ %OXWVDXJHULUJHQGZRLQXQVHUHU1lKHHUVFKHLQHQ$OVRPX WHQZLUDXFKQRFKPLWLKPDOV*HJQHUUHFKQHQ
,FKIDWH]XVDPPHQª'LH6WULJHQGLH)OHGHUPlXVHXQG 9DPSLURGHOPDU'DNRPPWZDVDXIXQV]X© 6XNRKDWWHQRFKHLQHQ(LQZDQGª+DVWGXQLFKWPDOYRQ 6WULJXVGLHVHUPHQVFKHQJURHQ(XOHHU]lKOW"© ª'DVVWLPPW© ª9LHOOHLFKWEHILQGHWVLFKGLHVHV0RQVWHUHEHQIDOOVQRFKLQ GHU1lKH© ,FKYHUGUHKWHGLH$XJHQª0DOGHQ7HXIHOQLFKWDQGLH :DQG6XNR0LUUHLFKHQGLHDQGHUHQ© ª8QGGDV*UDE©VDJWH7ROLQL ª*HQDXGDVLVWHV©,FKGUHKWHPLFKXPXQGVXFKWHGDV 0lGFKHQ(VKDWWHVLFKQHEHQGHP5XGHU]XVDPPHQJHGXFNW XQGZHLQWH ª6LHKDWOHLGHUJHVHKHQZDVPLWLKUHP)UHXQGJHVFKHKHQ LVW©HUNOlUWHGHU.RPPLVVDUXQGKRELQHLQHUKLOIORVZLUNHQ GHQ*HVWHEHLGH6FKXOWHUQ ,FKVFKULWW]X)UDQFDXQGJLQJYRULKULQGLH+RFNH6LH QDKPPLFKNDXPZDKUXQGKREQLFKWGHQ%OLFN ,FKVSUDFKVLHOHLVHDQª)UDQFDELWWH6LHPVVHQMHW]WVWDUN VHLQ,FKZHLZDVVLHGXUFKJHPDFKWXQGMHW]WDXFKJHVHKHQ KDEHQDEHUHVJDENHLQHDQGHUH0|JOLFKNHLW,KU)UHXQGZDU IUGLH0HQVFKKHLWYHUORUHQJODXEHQ6LHPLU© ª:DUXPKDEHQ6LHLKQGHQQHUVFKRVVHQ"©IUDJWHVLHPLW JHTXlOWHU6WLPPHª(UKDWGRFKQLFKWVJHWDQ© 1HLQHUKDWWHQLFKWVJHWDQ$EHUHUKlWWHHV$XVLKPZlUH VLFKHUOLFKQRFKHLQH)OHGHUPDXVJHZRUGHQGLH%OXWEUDXFK WH6RVDKHQGLH7DWVDFKHQDXV,FKYHUVXFKWHGLHVHV)UDQFD PLWEHKXWVDPHQ:RUWHQEHL]XEULQJHQHVZDUIDVWXQP|JOLFK GHQQVLHZROOWHHVQLFKWVRUHFKWEHJUHLIHQ ª+lWWHPDQLKQGHQQQLFKWUHWWHQN|QQHQ"© ª1HLQQXUDXIGLHVH$UWXQG:HLVHZLHLFKHVJHWDQKDEH 'DVZDUGLH5HWWXQJVHLQ7RG© ª,FKEHJUHLIHHVQLFKW© ª6ROOWHQZLUQLFKWOLHEHU]XUFNIDKUHQ"©VFKOXJ &RPPLVVDULR7ROLQLYRU ,FKGDFKWHDQGDV*UDEGDV)UDQFDXQG0DUFRHQWGHFNWKDW
WHQ'DQQVFKDXWHLFKZLHGHUDXIGDV0lGFKHQPLWGHQODQ JHQVFKZDU]HQ+DDUHQ1HLQ)UDQFDZUGHZRKONDXPLQ GHU/DJHVHLQXQV]XGHP*UDE]XIKUHQ1LFKWLQLKUHU MHW]LJHQ9HUIDVVXQJZLUPXWHQLKUHLQIDFK=HLWJHEHQ 1LFKWGHU.RPPLVVDUVWLPPWHPLFKXPVRQGHUQVLHLQLKUHP =XVWDQG'HVKDOEQLFNWHLFK ª(VLVWJXWZLUIDKUHQ]XUFN© ª,FKZLOOQLFKWQDFK+DXVH©IOVWHUWH)UDQFDª1LFKWLQ PHLQH:RKQXQJGDKDEHLFK$QJVW© ª'DVEUDXFKHQ6LHDXFKQLFKW'HU.RPPLVVDUZHLVLFKHU OLFKHLQHQJXWHQ3ODW]IU6LHDQGHP6LHVLFKHUVLQG© ª%HLGHU3ROL]HL"© ª:DUXPQLFKW"© ª$EHULFK© ª.HLQH%DQJHGRUWNRPPWQLHPDQGKLQ8QGWURFNHQH .OHLGXQJVVWFNHZLUGHVGRUWVLFKHUOLFKDXFKJHEHQ"©'DEHL VFKDXWHLFK7ROLQLIUDJHQGDQ(UQLFNWH )UDQFD3DWHOOLKREGLHVFKPDOHQ6FKXOWHUQª:HQQ6LH PHLQHQ© ,FKJDE7ROLQLHLQ=HLFKHQ'HU.RPPLVVDUGUHKWHDXIXQG PLWVFKlXPHQGHU%XJZHOOHUDXVFKWHQZLUGXUFKGHQ.DQDO XQVHUHPQHXHQ=LHOHQWJHJHQ 0HLQHQ3ODW]KDWWHLFKDP+HFNJHIXQGHQXQGKLQWHU PHLQHU6WLUQZLUEHOWHQVFKZHUH*HGDQNHQGHQQGLHQDKH =XNXQIWVDK]LHPOLFKJUDXDXV 1LFKWQXULQGLH/DJXQHQVWDGW9HQHGLJVWUPWHQ-DKUIU-DKU 7DXVHQGHYRQ7RXULVWHQGHUKHUUOLFKH6WUDQGZDUHLQHEHQVR EHJHKUWHV=LHO+LHUODJHQVLHGDQQLQGHUSUDOOHQ6RQQHZLH GLHgOVDUGLQHQVFKDXWHQDXIGLHYRULKQHQZRJHQGH$GULD XQGOLHHQLKUH+DXWEUlXQHQ (VJDEQLFKWQXUGLH7RXULVWHQVWUlQGH([NOXVLYH+RWHOV KDWWHQVLFKHEHQIDOOVHWDEOLHUW$EHUQLFKWGRUWZRVLFKGHU 7RXULVWHQVWUDQGEHIDQGVRQGHUQDXIGHQ,QVHOQGLHZLH NOHLQH)OHFNHQLP%ODXGHV*ROIHVODJHQ:HULQGLHVHQ+RWHOV
ZRKQWHGHUZXUGHPLW%RRWHQKHUDQJHIDKUHQHUOHEWHHLQ +|FKVWPDDQ.RPIRUWXQGEOLHEYRQGHPQRUPDOHQ 7RXULVWHQJHWUHQQW :DUGLH3HUVRQDOGHFNHLQGHQEOLFKHQ+RWHOV]LHPOLFK GQQVRWUDIGDVIUGLHH[NOXVLYHQ6FKXSSHQQLFKW]X+LHU ZXUGHQGLHIHLQH*HVHOOVFKDIWYRQYRUQELVKLQWHQEHGLHQW PDQWUXJLKQHQGLH/LHJHVWKOHDQGHQ6WUDQGEUDFKWHGLH 'ULQNVXQGEOLHVGHQ*lVWHQ=XFNHUZHUZHLZRKLQ 1DWUOLFKKDWWHGLHVDOOHVVHLQHQ3UHLVGRFKZHUGLH 0LOOLRQHQEHVDGHUVFKDXWHQLFKWDXI.OHLQJHOG 1RFKEHYRUGLH6RQQHDXIJLQJZDUHQGLHHUVWHQ+HOIHU XQWHUZHJV=XLKQHQJHK|UWHDXFK3DEOLWRHLQ6SDQLHUGHU LUJHQGZDQQHLQPDOLQ9HQHGLJKlQJHQJHEOLHEHQZDU3DEOLWR GHUNOHLQH3DEORZLHHUHLJHQWOLFKKLHZDULQ:LUNOLFKNHLW QLFKWVRNOHLQVRQGHUQHLQVWlPPLJHU%XUVFKHPLWJUDX VFKZDU]HQ+DDUHQGLHHLQZLUUHV/RFNHQPXVWHUDXIVHLQHP .RSIELOGHWHQ 3DEOLWRZDULPPHUHLQHUGHUHUVWHQGLHGDV+RWHOYHUOLHHQ XQG]XP6WUDQGJLQJHQ'HQ:HWWHUEHULFKWKDWWHHUJHQDXLP .RSIGHVKDOEZXWHHUGDPLW$QEUHFKHQGHVQHXHQ7DJHV VWUDKOHQGHU6RQQHQVFKHLQEHU9HQHGLJOLHJHQZUGH,QGHU YHUJDQJHQHQ1DFKWZDUHVHWZDVEHZ|ONWJHZHVHQGRFKGHU IULVFKH0RUJHQZLQGKDWWHGLHGLFNHQ:RONHQYHUWULHEHQ(V ZUGHZLUNOLFKHLQVFK|QHU7DJZHUGHQ3DEOLWRKDWWHGDVR VHLQH(UIDKUXQJHQ 6HLQH$XIJDEHZDUHVGLH/LHJHVWKOH]XULFKWHQXQGGHQ 6WUDQGYRQLUJHQGZHOFKHP8QUDW]XUHLQLJHQ=ZDUODJ NDXPHWZDVKHUXPGHV$EHQGVZXUGHDXFKJHVlXEHUWDEHU EHU1DFKWNRQQWHMDHWZDVDQJHVFKZHPPWVHLQZDVGHQ $XJHQGHU*lVWHQLFKWJHQHKPZDU'DVZUGH3DEOLWRVRIRUW HQWIHUQHQ (UYHUOLHGDV+RWHOGXUFKHLQHQ6HLWHQHLQJDQJ'HUJHZDO WLJH%DXZDULPYLNWRULDQLVFKHQ6WLOHUULFKWHWGLFNH0DXHUQ GLHLQGHU6RQQHRIWEUDXQJROGOHXFKWHWHQ 'DV3RUWDOZXUGHYRQ]ZHLJHZDOWLJHQ6lXOHQJHVWU]WGLH ]XU+lOIWHGLH8PULVVHYRQVWHLQHUQHQ/|ZHQ]HLJWHQ(LQH
EUHLWH7UHSSHIKUWHKRFK]XGHUJURHQ*ODVWUKLQWHUGHU GLHYROONOLPDWLVLHUWH+DOOHEHJDQQ 0LWVHLQHPNOHLQHQ:DJHQ]RJ3DEOLWRLQ5LFKWXQJ6WUDQG 1RFKVDKGLH/XIWLUJHQGZLHVFKPXW]LJDXV'LH1DFKWNRQQ WHVLFKQLFKWHQWVFKHLGHQ]XIOLHKHQXQGGHU7DJZDUQLFKW QDKJHQXJKHUEHLJHHLOWXPGDV*UDXDE]XO|VHQ 'DV0RUJHQJUDXHQZUGHVFKQHOONRPPHQXQGXUSO|W] OLFKZDUDXFKGDQQGHUVWUDKOHQGH7DJGD 'HUIHLQH6DQGVFKLPPHUWHVHOWVDPKHOO'DPLWVWDFKHUYRQ GHUJUDXHQ:DQGDEGXUFKGLHXUSO|W]OLFKGLHHUVWHQ 6RQQHQVWUDKOHQILHOHQ6LHVFKLHQHQ6FKQHLVHQLQGLH0DXHU ]XVFKQHLGHQXQGKRFKREHQJOKWHQGLH5lQGHUVFKRQLQ HLQHPNUlIWLJHQ5RW 'HU6RQQHQDXIJDQJZDUQLFKWPHKU]XVWRSSHQ 'HQ$QOHJHVWHJIUGLH%RRWHOLHGHU0DQQKLQWHUVLFK EHUTXHUWHGLHNOHLQH=XIDKUWVVWUDHXQGHUUHLFKWHGHQIHLQHQ 6DQGVWUDQG9RULKPODJMHW]WGDV0HHU :HQQHUEHUGDV:DVVHUVFKDXWHNRQQWHHULQGHU)HUQH VHKUVFKZDFKGLH8PULVVHHLQHUDQGHUHQ,QVHOHUNHQQHQ'RUW VWDQGHQ]ZHL+RWHOVDOOHUGLQJVQLFKWVRYRUQHKPXQGWHXHU ZLHGDVDXIGLHVHU,QVHOGLHGLHJU|WHLQ.VWHQQlKHZDU XQGDXIGHUHVVRJDUHLQHQ*ROIVRZLH7HQQLVSODW]JDE 0DQWDWZLUNOLFKDOOHVIUGLHYRUQHKPHQ*lVWH 3DEOLWROLHEWHHV]XGLHVHU6WXQGHDP6WUDQG]XEXPPHOQ 'DNRQQWHHUPLWVHLQHQ*HGDQNHQDOOHLQVHLQXQGVLHVFKZHL IHQODVVHQ(UEUDXFKWHDXINHLQH*lVWH5FNVLFKW]XQHKPHQ GHQHQPDQKLHUMHGHQ:XQVFKYRQGHQ$XJHQDEODV ,QGHU.FKHZXUGHHEHQIDOOVJHDUEHLWHW3DEOLWRNRQQWHHV ULHFKHQGHQQGHU'XIWYRQIULVFKKHUJHVWHOOWHQ&URLVVDQWV]RJ EHUGHQ6WUDQGXQGGHP6SDQLHUOLHIGDV:DVVHULP0XQG ]XVDPPHQ %LVKHUKDWWHHUQRFKNHLQHQ$EIDOOHQWGHFNWGHUZlKUHQG GHU1DFKWDQJHVFKZHPPWZDU6RZHLW3DEOLWRHUNHQQHQ NRQQWHZDUGHU6WUDQGVDXEHUXQGGDHVLPPHUKHOOHUZXUGH QDKPGHU6DQGHLQHQJROGHQHQ6FKLPPHUDQ 3DEOLWRVFKDXWHDXIV0HHU5XKLJUROOWHQGLH:HOOHQKHUDQ
'DV:DVVHUZDUQLFKWPHKUVRNODUZLHYRU-DKUHQQRFKGHV KDOEEDGHWHQDXFKGLHPHLVWHQ*lVWHQXULP3RROGHV+RWHOV $P6WUDQGOLHHQVLHVLFKEUlXQHQ ,PPHUPHKUYHUVFKZDQGYRP*UDXGHU 0RUJHQGlPPHUXQJ*HZDOWLJH)DUENDVNDGHQVFKLHQHQDP +LPPHO]XH[SORGLHUHQVLHHU]HXJWHQHLQEXQWHV6SHNWUXP XQGDXFKGLHJUDXH)OlFKHGHV0HHUHVZXUGHODQJVDPKHOOHU VRGDVFKRQHLQH7UHQQXQJ]ZLVFKHQGHP:DVVHUXQGGHP +LPPHO]XHUNHQQHQZDU 3DEOLWRNQLIIGLH$XJHQ]XVDPPHQ(UKDWWHHLQH0|ZH EHREDFKWHWXQGVHLQ%OLFNZDUGDEHLDXIGLH:HOOHQJHIDOOHQ PLWLKUHQPDQFKPDOZHLHQ.lPPHQ (WZDV:HLHVKDWWHHUDXFKHQWGHFNW 'DVZDUMHGRFKNHLQH:HOOHVRQGHUQHLQ*HJHQVWDQGGHU DXIGHP:DVVHUVFKZDPP 7UHLEJXW" 9LHOOHLFKWVRUHFKWZROOWHGHU6SDQLHUGDUDQQLFKWJODXEHQ GHQQHUVDKQLFKWQXUHLQHQZHLHQ)OHFNVRQGHUQPHKUHUH 6LHWDQ]WHQDXIGHQ:HOOHQZXUGHQEHZHJWXQGLP/DXIHGHU =HLWLPPHUZHLWHUGHP6WUDQGHQWJHJHQJHVFKREHQ 3DEOLWRZDUJHVSDQQWXPZDVHVVLFKEHLGLHVHQ *HJHQVWlQGHQKDQGHOWH1RFKEHIDQGHQVLHVLFK]XZHLWHQW IHUQW2KQH*ODVZDUHVIU3DEOLWRVFKZHU*HQDXHV]X HUNHQQHQ $EHU.LVWHQZDUHQHV 6HLQ%OLFNJOLWWZLHGHULQGLH+|KH,PPHUPHKU 6RQQHQOLFKWGUDQJGXUFKGLHJUDXH:DQGVSDOWHWHVLHULVLH DXIXQGOLHGLH.RQWXUHQNODUHUXQGGHXWOLFKHUKHUYRUWUHWHQ $XFKGLH8PULVVHGHU9|JHO 3O|W]OLFKYHUJD3DEOLWR]XDWPHQ(UVFKWWHOWHGHQ.RSI IDWHVLFKDQGLH6WLUQXQGK|UWHVHLQ+HU]GXPSIXQWHU GHU%UXVWVFKODJHQ'DVZDUGRFKXQP|JOLFKVROFKH9|JHO NRQQWHHVQLFKWJHEHQ:HQLJVWHQVQLFKWLQGLHVHU*HJHQG 9LHOOHLFKWLPWLHIVWHQ'VFKXQJHORGHULQHLQVDPHQ %HUJUHJLRQHQDEHUEHUGHP0HHU" 2EZRKOVLHZHLWHQWIHUQWZDUHQJHODQJHV3DEOLWRLKUH
*U|HHLQLJHUPDHQ]XVFKlW]HQ6HLQHU$QVLFKWQDFKZDUHQ HVVFKRQNOHLQH'UDFKHQGLHGDEHUGHQ+LPPHOVFKZHEWHQ XQGDXVGHU6RQQH]XNRPPHQVFKLHQHQ -DIDVWZLH'UDFKHQ =XGHPPLWHLQHUJHZDOWLJHQ)OJHOVSDQQEUHLWH6REUHLW ZLH3DEOLWRVLHQRFKQLHJHVHKHQKDWWH (UYHUVXFKWHGLH9|JHO]X]lKOHQ:LHYLHOHZDUHQHV")QI VHFKVQHLQQRFKPHKU(VVWLHHQGUHLZHLWHUHDXVGHPJUDX GHV0RUJHQVKLQ]XXQGGHU6SDQLHU]lKOWHELV]HKQ 0HLQ*RWW]HKQGUDFKHQlKQOLFKH9|JHO8QGVLHIORJHQ ZHQQLKQQLFKWDOOHVWlXVFKWHKDDUJHQDXGLH,QVHODQ 8QZDKUVFKHLQOLFK (UKDWWHVLFKLQGHQOHW]WHQ6HNXQGHQ]XVHKUPLWGHP $QEOLFNGLHVHUIOLHJHQGHQ:HVHQEHVFKlIWLJWGLHVHOWVDPHQ ZHLHQ.LVWHQKDWWHHUGDEHLYHUJHVVHQ $OVHUGHQ%OLFNZLHGHUVHQNWHGDVWHOOWHHUIHVWGDGLH HUVWHQVFKRQ]LHPOLFKQDKHDQGHQ6WUDQGKHUDQJHWULHEHQ ZRUGHQZDUHQ=ZDULPPHUQRFKHLQLJHKXQGHUW0HWHUHQW IHUQWXQGHVVDKDXFKVRDXVDOVZUGHQVLHYRQGHU 6WU|PXQJYRUEHLJHVFKREHQDEHUHUNRQQWHVLHMHW]WLGHQWLIL ]LHUHQ 3DEOLWRZDUHLQJOlXELJHU0HQVFK8QGZLHYLHOH0HQVFKHQ IUFKWHWHHUVLFKYRUEHVWLPPWHQ'LQJHQ'D]X]lKOHQ7RWH )ULHGK|IH/HLFKHQKDOOHQXQG6lUJH $EHUGDVZDVGRUWIDVWDQJHVFKZHPPWZXUGHZDUHQ 6lUJH :HLH6lUJH 'HU6SDQLHUVW|KQWHDXI9RUEHLZDUHVPLWGHU,G\OOHGHV HLQVDPHQ6WUDQGV:DVHUGDYRUVLFKVDKNRQQWHPDQPLW GHPUHLQHQ6FKUHFNHQXPVFKUHLEHQ -DHVZDUVFKUHFNOLFK0HKU6lUJHDOV9|JHO8QGGLH 7RWHQNLVWHQOHXFKWHWHQEHVRQGHUVVWDUNGDVLHYRQGHQNUlIWL JHQ6WUDKOHQGHU0RUJHQVRQQHJHWURIIHQZXUGHQ 3DEOLWRKDWWHHVJHOHUQWVLFKLP+RWHOXQGLQGHVVHQ1lKH LPPHU]XVDPPHQ]XUHLHQ.HLQ*DVWVROOWHGXUFKODXWHV 5XIHQRGHUHWZD6FKUHLHQJHVW|UWZHUGHQ
1XQDEHUEUDFKGLHVH6SHUUHEHLLKP(UKLHOWHVQLFKWPHKU DXVZDUIVLFKDXIGHP$EVDW]KHUXPXQGUDQQWHVFKUHLHQG GDYRQZlKUHQGHUVLFKGDEHLEHNUHX]LJWH 'LH3ROL]HLPXKHU'DVZDUVHLQHLQ]LJHU*HGDQNH *HVFKODIHQKDWWHQZLUQDFKGHQ(UHLJQLVVHQGHUYHUJDQJHQHQ 1DFKWNDXPREZRKOPDQGDVNOHLQH0LWWHONODVVH+RWHOGDV LQHLQHU6HLWHQVWUDHODJDOVHLQH2DVHGHU5XKHEH]HLFKQHQ NRQQWH 8QVHU'RSSHO]LPPHUZDUZLQ]LJ=XP*OFNMHGRFKKDWWH HVHLQNOHLQHV%DGXQGHLQH7RLOHWWH ,UJHQGZDQQZDUHQ6XNRXQGLFKLQHLQHQXQUXKLJHQ6FKODI JHIDOOHQDXVGHPLFKZLHJHUlGHUWDXIZDFKWH 'HU&KLQHVHKDWWHGLH9RUKlQJHDXIJH]RJHQVWDQGDXIGHP NOHLQHQ%DONRQXQGVFKDXWHLQGHQ+LPPHOGHUDOOPlKOLFK KHOO]XZHUGHQEHJDQQ,FKWUDWKLQWHUPHLQHQ)UHXQG ª6XFKVWGXGLHURWHQ9DPSLUH"© ª6RlKQOLFK© ª,FKJlEHHLQ0RQDWVJHKDOWGDIUZHQQLFKZWHZRGLH VLFKYHUVWHFNWKDOWHQ© ª8QGGLH6WULJHQ© ª*HQDX© ª,FKKDEHVFKRQJHGXVFKW©VDJWH6XNRZDVPLFKHUVWDXQ WHGHQQJHK|UWKDWWHLFKQLFKWV ª'DQQZHUGHLFKPDOYHUVFKZLQGHQ© ª$EHUJLEDFKWGDV:DVVHUULHVHOWQXUVSlUOLFK© 'DPLWKDWWHGHU&KLQHVHQLFKWEHUWULHEHQ:DVGDDXVGHU 'XVFKHNDPZDUZLUNOLFKQLFKWEHUDXVFKHQG$XFKDOVLFK PLFKHLQVHLIWHGDFKWHLFKLPPHUZLHGHUDQGLH6WULJHQXQG GLHURWHQ9DPSLUH:REHVWDQG]ZLVFKHQLKQHQHLQH 9HUELQGXQJ"(VPXWHHLQHJHEHQHWZDVDQGHUHVNRQQWHLFK PLUQLFKWYRUVWHOOHQXQGZlUHDXFKZLGHUDOOH(UIDKUXQJHQ JHZHVHQ+LQJYLHOOHLFKWGDV$XIWDXFKHQGLHVHUEHLGHQ 'lPRQHQJUXSSHQPLWGHPUlWVHOKDIWHQ*UDEPDO]XVDPPHQ GDV)UDQFDXQG0DUFRHQWGHFNWKDWWHQ"
'DVNRQQWHGXUFKDXVP|JOLFKVHLQXQGLFKZDUDXIGHQ KHXWLJHQ7DJPHKUDOVJHVSDQQW+RIIHQWOLFKEHIDQGVLFKGDV 0lGFKHQEHUKDXSWLQGHU/DJHXQVGDV*UDE]X]HLJHQ 1DFKGHP$Q]LHKHQJLQJHQZLUGLHVFKPDOHQ7UHSSHQKLQ XQWHU 'LH:LUWLQHLQHGLFNH6LJQRUDKDWWHGDV)UKVWFNEHUHLWV IHUWLJ6LHVWUDKOWHXQVDQXQGHUNXQGLJWHVLFKREZLUJXW JHVFKODIHQKlWWHQ :LUEHMDKWHQXQGORJHQ 'DVVWHOOWHVLH]XIULHGHQ8QVDEHUHQWVFKlGLJWHLKU )UKVWFN(VZDUZLUNOLFKJXW8QGGHU.DIIHHVFKPHFNWH IDVWVRZLHGHUYRQ*OHQGD3HUNLQVPHLQHU6HNUHWlULQ :LUODQJWHQNUlIWLJ]XXQGLFKZXQGHUWHPLFKHLJHQWOLFK EHU6XNRV$SSHWLW=X+DXVHDHUZHQLJHU (LQHKDOEH6WXQGHVSlWHUNRQQWHQZLUHQGOLFKIDKUHQ'LH :LUWLQKDWWHXQVHLQ7D[LERRWJHUXIHQ ª2KQH8PZHJH]XP3ROL]HLSUlVLGLXP©HUNOlUWHLFKGHP )DKUHUGHUGDUDXIKLQ]XVDPPHQ]XFNWH ,FKZDUVRDXIJHWUHWHQDOVZUGHLFK9HQHGLJNHQQHQ'DV EHHLQGUXFNWHLQGHQPHLVWHQ6WlGWHQGLH)DKUHUKLQ]XNDP QRFKGDV=LHOGDZUGHGHU0DQQVLFKHUOLFKYRU8PZHJHQ ]XUFNVFKUHFNHQ :LUHUUHLFKWHQGDV3UlVLGLXPLQ5HNRUG]HLW$XVIUKHUHQ 7DJHQNDQQWHLFKHVQRFK(VZDUHLQDOWHUYLHUVW|FNLJHU%DX PLWKRKHQ)HQVWHUQEUHLWHQ7UHSSHQKlXVHUQXQGHLQHPNOHL QHQ+DIHQDQGHU5FNVHLWH'LH6RQQHZlUPWHEHUHLWVMHW]W 'LH6WDGWNRQQWHQRFKHLQPDO$WHPKROHQEHYRUGLH 7RXULVWHQDXVVFKZlUPWHQXPVLH]XHUREHUQ'DGHU $XJXVWQRFKKHLH7DJHKDEHQNDQQKDWWHQZLUJHUDGHKLHU HUOHEW 6RZHLWLFKPLFKHULQQHUQNRQQWHKDWWHVLFKQLFKWVYHUlQ GHUW1RFKLPPHUPXWHQZLUGXUFKGLHJURH+DOOHGHUHQ 'HFNHYRQ6lXOHQJHVWW]WZXUGH$QGHQ6lXOHQVWDQGHQ &DUDELQLHUL6LHWUXJHQZHLH.RSSHO]XVFKPXFNHQ 8QLIRUPHQXQGEHULKUHQ6FKXOWHUQKLQJHQNXU]OlXILJH 0DVFKLQHQSLVWROHQ
$P(PSIDQJHUNXQGLJWHLFKPLFKQDFK&RPPLVVDULR 7ROLQL'HU0DQQGDKLQWHUVFKDXWHXQVPLWUDXLVFKDQª:HU VLQG6LH":DVZROOHQ6LHYRP.RPPLVVDU"© ,FK]HLJWHLKPPHLQHQ$XVZHLVXQGVDJWHQRFK6FRWODQG
7ROLQLVFKDXWHXQVPLWHLQHPWUDXULJHQ%OLFNDQ*HVFKODIHQ KDWWHHUZRKOZLHGHUQLFKWXQGLFKIUDJWHª.HQQHQ6LH HLJHQWOLFKQRFK,KU%HWW0HLVWHU"© ª1HLQ© ª8QGZDVVDJW,KUH)UDX"© ª+DWVLFKGHQ*DVPDQQJHQRPPHQ$EHUQXULP'XQNHOQ $OVGHUPHLQH$OWHLP+HOOHQVDKKDWHUGLH)OXFKWHUJULIIHQ© 7ROLQLODFKWHJOXFNVHQGZXUGHMHGRFKVFKQHOOHUQVWDOVHU XQVHU*HVLFKWHUVDKª,FKKDEHPDOQDFKJHIRUVFKW9LHOLVW GDEHLQLFKWKHUDXVJHNRPPHQGDVZLOOLFK,KQHQHKUOLFK VDJHQ© ª:REHLQDFKJHIRUVFKW"© ª'LHVHNRPLVFKHQ)OHGHUPlXVHODJHQPLULP0DJHQ 9HQHGLJLVWMDUHLFKDQ*HVFKLFKWHLFKELOGHPLUHLQPLFKGD HLQZHQLJDXV]XNHQQHQKDEHDXFKJHEOlWWHUWDEHUJHIXQGHQ KDEHLFKQLFKWV'DN|QQHQ6LHGLH-DKUKXQGHUWHGXUFKJHKHQ © :LUKDWWHQLQ]ZLVFKHQDXI+RO]VWKOHQ3ODW]JHQRPPHQ ª$XFKQLFKWEHLGHQ'RJHQJUlEHUQ"©IUDJWH6XNR 7ROLQLKREGLH$UPHª(VJLEWVLH©JDEHU]Xª$EHUGDLVW QLFKWV$XHUJHZ|KQOLFKHVGDEHLJODXEHQ6LHPLU© ª'DQQPVVHQZLUXQVYROOXQGJDQ]DXIGLH$XVVDJHGHV 0lGFKHQVYHUODVVHQ©VWHOOWHLFKIHVW ª6RLVWHV© ª:RVWHFNWVLHHLJHQWOLFK"© ª,QXQVHUHUEHVWHQ=HOOH©7ROLQLV+DQGQlKHUWHVLFKGHP 7HOHIRQK|UHUª6ROOLFK)UDQFDKROHQODVVHQ"© ª:lUHDPEHVWHQEHYRUZLUQRFKPHKU=HLWYHUOLHUHQ© 'DZXUGHGLH9HUELQGXQJVWUJH|IIQHWXQGGLH.OHLQHPLW GHP/HGHUURFNEHWUDWGDV%UR,KU.RSIOLHIURWDQDOVVLH XQVVDK'DV*HVFKLUUDXIGHP7DEOHWWLQLKUHQ+lQGHQ EHJDQQ]XZDFNHOQLFKKDWWH$QJVWGDHVIDOOHQZUGH JULQVWHVLHDQXQGVDJWHª6WHOOHQ6LHHVVFKQHOODEVRQVWJLEW HV6FKHUEHQ© 7ROLQL]HLJWHHLQEHUUDVFKWHV*HVLFKWª:DVLVWORV"6R NHQQHLFK*LQDJDUQLFKW©
ª:LUKDEHQXQVDXIGHP*DQJNHQQHQJHOHUQW© ª8QG"© ª'LHMXQJH'DPHZROOWHXQVNHLQHQ.DIIHHPLWNRFKHQ© *LQDVFKDXWHDXIQRFKLPPHUURWLP*HVLFKWª(LQHQ 0RPHQW6LJQRULLFKKROHVRIRUW]ZHL7DVVHQ© $OVVLHYHUVFKZXQGHQZDUODFKWHQZLUDOOHGUHL7ROLQL PHLQWHª0DQFKPDOKDWVLHLKUH/DXQHQDQVRQVWHQLVWVLH EUDXFKEDU© :LUZDUWHWHQDEELV*LQDPLW]ZHLOHHUHQ7DVVHQ]XUFN NHKUWHª8QGKROHQ6LHQRFKHLQHGULWWH©7ROLQLVFKLFNWHVLH QRFKHLQPDOZHJª)UGDV0lGFKHQ©'DQDFKJDEHU %HVFKHLG (WZDIQI0LQXWHQVSlWHUHUVFKLHQ)UDQFD=XPHUVWHQPDO VDKHQZLUVLHLP+HOOHQ6LHPDFKWHHLQHQEHGDXHUQVZHUWHQ (LQGUXFN8QWHULKUHQ$XJHQODJHQWLHIH5LQJHGLH/LSSHQ ]XFNWHQGLH+lQGHVSLHOWHQQHUY|VXQGGLHODQJHQ+DDUH KLQWHQZLUUELVDXIGLH6FKXOWHUQ0LWGHU=XQJHQVSLW]HIXKU VLHEHUGLH/LSSHQGDV/lFKHOQILHOVFKZDFKDXVDOVVLHXQV EHJUWH0DQKDWWHLKUDQGHUH.OHLGXQJJHJHEHQ7URFNHQH 6DFKHQ(LQHYHUZDFKVHQH-HDQVHLQHQ3XOORYHUPLW9 $XVVFKQLWWGDUXQWHUHLQHKHOOH%OXVH 'HU&RPPLVVDULRKROWHLKUHLQHQ6WXKODXVGHP 1HEHQUDXP.DIIHHHUKLHOWVLHDXFK:LUDOV*lVWHOLHHQGHP .RPPLVVDUGHQ9RUWULWWGDPLWHUGLH)UDJHQVWHOOHQNRQQWH 7ROLQLEHZLHV(LQIKOXQJVYHUP|JHQXQGOLHHVGHVKDOE EHKXWVDPDQJHKHQª:LHIKOHQ6LHVLFK)UDQFD"©HUNXQGLJ WHHUVLFK ª6FKOHFKW,FKKDEHNDXPJHVFKODIHQ©,KUH6WLPPHNODQJ OHLVHXQGWRQORV ª'DVNDQQLFKYHUVWHKHQDEHU6LHZHUGHQVLFKHUOLFKHLQ VHKHQGDZLUDQGHP)DOODUEHLWHQPVVHQ© ª1DWUOLFK© ª(ULQQHUQ6LHVLFKQRFKDQGHQ:HJGHQ,KU)UHXQGXQG6LH LQGHUYHUJDQJHQHQ1DFKWJHJDQJHQVLQG"© ª0|JOLFK© ª.|QQWHQ6LHLKQDXI]HLFKQHQ"©
)UDQFDDWPHWHWLHIGXUFK'DQQKREVLHGLH6FKXOWHUQª,FK ZHLHVQLFKWRELFKGLH:HJHQRFKLP.RSIKDEH:HQQLFK VLHJHKHQZUGHGDQQN|QQWHLFKPLFKYLHOOHLFKWGDUDQHULQ QHUQ© ª9HUVXFKHQ6LHHV©GUlQJWHLFK 6LHVHQNWHGHQ.RSI'HU.RPPLVVDUVWDQGDXIQDKPHLQHQ %ORFNQHEVW%OHLVWLIWXQGJLQJ]XLKUª%LWWH©(UGUFNWHLKU EHLGH'LQJHLQGLH+DQG 'DPHOGHWHVLFKGDV7HOHIRQª9HUGDPPWLFKZROOWHGRFK QLFKWJHVW|UWZHUGHQ©VFKLPSIWH7ROLQLJLQJ]XP$SSDUDW XQGKREDE ,FKVDKHVVHLQHP*HVLFKWDQGDHUPLWHLQHU 6FKLPSINDQRQDGHORVOHJHQZROOWHGRFKVFKRQGDVHUVWH:RUW EOLHELKPLP+DOVVWHFNHQGHQQHUK|UWHVFKZHLJHQG]X1XU VHLQ*HVLFKWZDULQWHUHVVDQW]XEHREDFKWHQ(V]HUILHOLPPHU PHKUXQGZXUGHEOHLFK6FKZHLVWDQGSO|W]OLFKDXIVHLQHU 6WLUQ$OVHUGHP+|UHUVFKOLHOLFKDXIGLH*DEHOOHJWHEOLHE DXIGHP.XQVWVWRIIHEHQIDOOVHLQ6FKZHLIOHFN]XUFN ª:DVLVWJHVFKHKHQ"©IUDJWHQ6XNRXQGLFKZLHDXVHLQHP 0XQGH ª'LH9DPSLUHXQGGLH6lUJH6LHVLQGYRUGHU.VWHJHVLFK WHWZRUGHQXQGEHILQGHQVLFKZDKUVFKHLQOLFKEHUHLWVLQ 9HQHGLJ© 'LHVH1DFKULFKWKDWWHXQVIDVWDXVGHQ6FKXKHQJHKDXHQ'HU 6FKZHLZDUPLUDXVJHEURFKHQXQGGDVKDWWHDXFKQLFKWDXI JHK|UWDOVZLUYRP'DFKGHV3ROL]HLJHElXGHVPLWGHP +XEVFKUDXEHUVWDUWHWHQ :LUKDWWHQXQVGD]XHQWVFKORVVHQ)UDQFDOLHIXQVQLFKW ZHJ6LHKDWWHXQVYHUVSURFKHQLKUH$XVVDJHQVFKULIWOLFK]X IL[LHUHQDEHUGLH6lUJHRGHUGLHURWHQ5LHVHQIOHGHUPlXVH PXWHQZLUHLQIDFKILQGHQ &RPPLVVDULR7ROLQLKDWWHGLH,GHHPLWGHP+XEVFKUDXEHU JHKDEW(LQ3LORWIORJGHU.RPPLVVDUVDQHEHQLKP6XNR XQGLFKKRFNWHQDXIGHQKLQWHUHQ6LW]HQXQGVFKZLW]WHQ
ZHLWHUGHQQGLHJUHOOHQ6RQQHQVWUDKOHQGUDQJHQGXUFKGLH .DQ]HODXV*ODV 7ROLQLKDWWHXQVHUNOlUWZRGLH6lUJHXQGGLH)OHGHUPlXVH HQWGHFNWZRUGHQZDUHQ9RUGHU6WDGWQRFKEHUGHP0HHU (LQ.DW]HQVSUXQJPLWGHP+XEVFKUDXEHUXQGYLHOOHLFKW VDKHQZLUQRFKHWZDV 8QWHUXQVZLVFKWH9HQHGLJGDKLQ(LQ:LUUZDUUDXV .DQlOHQ%UFNHQ+lXVHUQXQG3OlW]HQ'D]ZLVFKHQGLH 0HQVFKHQ6LHZLUNWHQZLH$PHLVHQ$EHULKUH.OHLGXQJXQG GLHEXQWHQ0DUNLVHQGHU*HVFKlIWHZDUHQEHOHEHQGH )DUEWXSIHULQGHQYRQREHQPDQFKPDOJUDXZLUNHQGHQ 6WUDHQVFKOXFKWHQ 'DQQ|IIQHWHVLFKXQWHUXQVGHU0DUNXVSODW]=DKOUHLFKGLH 7DXEHQGLHVPDODOOHUGLQJVOHEHQGHGLHXQWHUGHP +XEVFKUDXEHUZHJVWULFKHQ5DVFKZDUGHU0DUNXVSODW]YHU JHVVHQZLUIORJHQMHW]WLQ5LFKWXQJ0HHUVDKHQVFKRQEDOG GLH'lFKHUGHU+RWHOVXQGGHQODQJHQ8GRGHQ6WUDQGDXI GHVVHQ6DQGVLFKMHW]WEHUHLWVGLHHUVWHQ0HQVFKHQVRQQWHQ 'DVWLHJLQHLQHPGDV9HUODQJHQQDFK8UODXEDXIDEHULFK GDFKWHDQGLHJURHQ9DPSLUH :LUKDWWHQHLQHQ9RUWHLO'LHVH%HVWLHQNRQQWHQWDJVEHU QLFKWEHVWHKHQGDPXWHQVLHVLFKYHUNULHFKHQ,QLUJHQGZHO FKHQGXQNOHQ+|KOHQRGHU6FKOXSIO|FKHUQ(UVWZHQQGLH 'XQNHOKHLWDQJHEURFKHQZDUZDJWVLHVLFKZLHGHUKHUDXV 0LWGHQ9DPSLUHQEUDXFKWHQZLUDOVRQLFKW]XUHFKQHQ:RKO PLWLKUHP$QIKUHU9DPSLURGHOPDU,KPPDFKWHGDV 7DJHVOLFKWZRKOQLFKWVDXV2EHVLKQVFKZlFKWHZXWHLFK QLFKW %HVRQGHUVKLHOWHQZLUQDFKGHQZHLHQ6lUJHQ$XVVFKDX %LVMHW]WKDWWHNHLQHUYRQXQVHLQHGHUDUWLJH7RWHQNLVWHHQW GHFNW ª2EGLHVFKRQLQGLH6WDGWJHVFKZHPPWZXUGHQ"©ULHI 6XNRJHJHQGHQ/lUPGHV0RWRUVDQ ,FKKREGLH6FKXOWHUQ+RIIHQWOLFKZDUGDVQLFKWHLQJH WUHWHQGHQQZHQQGLH6WULJHQEHUGHQ0HQVFKHQKHUILHOHQ JDEHVPLQGHVWHQV9HUOHW]WHIDOOVQLFKWVRJDU7RWH
9HU]ZHLIHOWJUEHOWHLFKEHUGDV0RWLYQDFK:DVWULHEGLH EHLGHQ)HLQGH6WULJHQXQG9DPSLUHKLHU]XVDPPHQ" 1RFKZXWHQZLUQLFKWVJDUQLFKWV 'HU3LORWGUHKWHQDFK1RUGHQDE8QWHUXQVODJMHW]WGLH :DVVHUIOlFKHGHU$GULD+HUUOLFKDQ]XVHKHQ(UVWH6HJHOERRWH IXKUHQ'LH,QVHOQHUVFKLHQHQXQGGLH%RRWHNUHX]WHQ]ZL VFKHQLKQHQ1LFKWVGHXWHWHDXIGLHZHLHQ6lUJHKLQ 8QVHU=LHOZDUHLQH,QVHODXIGHUHLQ/X[XVKRWHOVWDQG:HU KLHUZRKQWHJHK|UWH]XGHQ2EHUHQ)QIKXQGHUW'HU3LORW VWHXHUWHGLH,QVHOLP'LUHNWIOXJDQ :LUVDKHQVFKRQGDV+RWHO.HLQPRGHUQHU%DXVRQGHUQ YRQDXHQPHKUHLQDOWHU.DVWHQ'DKLQWHUODJHQGLH *UQIOlFKHQHLQHV*ROISODW]HVXQGHVVFKLPPHUWHDXFKGHU GXQNHOURWH.XQVWVWRIIYRQ7HQQLVSOlW]HQ(LQHQ/DQGHSODW] IU+XEVFKUDXEHUJDEHVHEHQIDOOV(UZDUPLWHLQHPJURHQ .UHX]PDUNLHUWZRUGHQ 8QVHU3LORWVHW]WHGLH0DVFKLQHVDFKWDXIhEHUXQVHUHQ .|SIHQGUHKWHQVLFKGLH5RWRUEOlWWHUDOVZLUJHGXFNWGLH 0DVFKLQHYHUOLHHQXQGGRUWKLQOLHIHQZRPHKUHUH/HXWH VWDQGHQXQWHUDQGHUHPHLQHULPVFKZDU]HQ$Q]XJ'HU .QDEHPDFKWHPLUHLQHQPHKUDOVKRFKQlVLJHQ(LQGUXFNXQG EHWUDFKWHWHXQVQXUPLW:LGHUZLOOHQ ª(VZDUQLFKWPHLQH,GHHGDGLH3ROL]HLYHUVWlQGLJW ZXUGH©HUNOlUWHHUVRIRUWQDFKGHU%HJUXQJ ª'DVKDWWHLFKPLUJHGDFKW©NRQWHUWH7ROLQLª:HUKDWXQV GHQQQXQYHUVWlQGLJW"© ª,FK©'HU6SUHFKHUKDWWHVLFKELVKHULP+LQWHUJUXQGJHKDO WHQ1XQWUDWHUYRU(LQJURHUKRFKJHZDFKVHQHU0DQQPLW VFKZDU]HQ+DDUHQ'LHJHVXQGH*HVLFKWVIDUEHZDUHLQHU XQJHVXQGHQ%OlVVHJHZLFKHQ:LUVDKHQGHP0DQQDQGD LKQ6RUJHQTXlOWHQ ª6LHKDEHQGLH6lUJHJHVHKHQ"©IUDJWHLFKLKQ (UQLFNWH ª6lUJHZHQQLFKGHQ4XDWVFKVFKRQK|UH©'DVZDUGHU *HVFKlIWVIKUHUXQGKRFKQlVLJH7\SGHUJHVSURFKHQKDWWH 7ROLQLGUHKWHVLFKXP6FKDUIIKUHUGHQ0DQQDQª(LQ
:RUWQRFKGDQQQHKPHQZLU6LHPLW$OV=HXJHPHLQ/LHEHU 8QGLFKNDQQ,KQHQYHUVSUHFKHQZLUZHUGHQ6LHODQJHEH IUDJHQ© 'DHQGOLFKVFKZLHJGHU.QDEH(U]RJVLFKEHOHLGLJWHLQLJH 6FKULWWH]XUFN'DQRFKPHKU0lQQHULQGHU1lKHVWDQGHQ HUNXQGLJWHLFKPLFKEHLLKQHQREVLHDXFKHWZDVJHVHKHQ KDWWHQ 6LHKDWWHQWDWVlFKOLFK 6lUJHZHLH6lUJH :LUHUIXKUHQYRQGHP+DXSW]HXJHQHUKLH3DEOLWRPLW 1DPHQGDGLH6lUJHDXIGHQ:HOOHQJHVFKZRPPHQXQG JHWDQ]WKlWWHQXQGEHULKQHQLQGHU/XIWGDZlUHQGLH 'UDFKHQJHVFKZHEW ª-D&RPPLVVDULRHVZDUHQ'UDFKHQ©KDXFKWH3DEOLWR ª5LHVLJH9|JHOGDVN|QQHQ6LHPLUJODXEHQ© ª8QG"© 'DVHLQH:RUWKDWWHLFKJHVSURFKHQ'HVKDOEVFKDXWHPLFK 3DEOLWRDXFKDQª:LHVROOLFKGDVYHUVWHKHQ"© ª+DEHQ6LHGLH'UDFKHQODQGHQVHKHQ"© ª1HLQ© ª$EHUN|QQHQHVQLFKWDXFK)OHGHUPlXVHJHZHVHQVHLQ"6LH NHQQHQGRFK)OHGHUPlXVH© (UQLFNWHKHIWLJª-DGLHNHQQHLFKDXV$UJHQWLQLHQZRHV GLHJU|WHQJLEW© ª2ND\DEHULFKEHKDXSWHGD6LHNHLQH'UDFKHQVRQGHUQ )OHGHUPlXVHJHVHKHQKDEHQ© 3DEOLWREHNUHX]LJWHVLFKª'DVNDQQGRFKQLFKWZDKUVHLQ© KDXFKWHHUªVRJURH© ª-DVRJURH]XGHPQRFKURWLQGHU)DUEH5RWH )OHGHUPlXVHURWH9DPSLUH© 3DEOLWRVFKOXJGLH+lQGHYRUGHP*HVLFKW]XVDPPHQª'DV NDQQLFKNDXPJODXEHQ,FKLFKKDEHVLHQLFKWVRJHQDX JHVHKHQ6LHIORJHQ]ZDUDXIPLFK]XDEHUQLFKWVRZHLWDOV GDLFKVLHKlWWHJHQDXHUNHQQHQN|QQHQ© ª/DVVHQZLUGDV8QGGLH6lUJH"© ª'LHKDEHLFKJHVHKHQ©
ª.ODUGDVVDJWHQ6LHEHUHLWV$EHUZREHILQGHQVLFKGLH ZHLHQ7RWHQNLVWHQ"6LHVLQGGRFKDXIGLH,QVHOKLHU]XJH VFKZHPPWZRUGHQRGHUQLFKW"© ª'DVVFKRQ© ª$EHU"© ª.HLQ6DUJKDWGLH,QVHOEHUKUW'LH:HOOHQWULHEHQVLH ZHLWHU,FKMHGHQIDOOVKDEHNHLQHJHVHKHQGHUDQ/DQGJH VSOWZXUGH© ª+DEHQ6LHGLH,QVHOXQWHUVXFKW"© ª1HLQ© ª:RKHUZROOHQ6LHHVGDQQVRJHQDXZLVVHQ"© ª:HLOZHLOLFK©(UJHULHWLQV6WRWWHUQª,FKVDKHLQLJH ZLHVLHYRUEHLWULHEHQ© 7ROLQLQLFNWHPLU]X ,FKZROOWHNHLQ.UHX]YHUK|UVWDUWHQVRQGHUQEHUOLHGHP &RPPLVVDULRGLHQlFKVWHQ)UDJHQ$XFKHUZROOWHJHQDXZLV VHQZDVGHU0DQQJHVHKHQKDWWHXQGHUHUKLHOWGLHJOHLFKH $QWZRUWZLHLFK ,FKKDWWHPLFKHWZDVDEVHLWVKLQJHVWHOOWUDXFKWHHLQH =LJDUHWWHXQGGDFKWHGDUDQGDZLUGLH,QVHOHYHQWXHOOHLQ PDODEVXFKHQPXWHQXPVLFKHU]XJHKHQ'DUEHUZROOWHLFK HUVWQRFKPLW7ROLQLUHGHQ6XNRKDWWHVLFKVRZLHVRYRQXQV HQWIHUQW(UPXWHVLFKLUJHQGZRDP6WUDQGDXIJHKDOWHQ KDEHQGHQQDOVHU]XUFNNDPVDKLFKGHQIHLQHQ6DQGDQ GHQXQWHUHQ+RVHQEHLQHQXQGGHQ6FKXKHQ ª1LFKWV©PHOGHWHGHU,QVSHNWRUª,FKKDEHNHLQHQ6DUJHQW GHFNW$XFKNHLQH7HLOH© ª'DPLWZDUVFKRQIDVW]XUHFKQHQ© 6XNRVFKDXWHDXIVHLQH6FKXKVSLW]HQª'DQQJODXEVWGX DOVRQLFKWGDGLH6lUJHKLHUDXIGHU,QVHO]XILQGHQVLQG"© ª1HLQPHLQ/LHEHU'LH6WU|PXQJZLUGVLHYRUEHLJHWULHEHQ KDEHQ6RVHKHLFKHV© ª=XZHOFKHP=LHO"© ª:RKLQNDQQGLH6WU|PXQJGLH7RWHQNLVWHQZRKOWUHLEHQ" 9LHOOHLFKWDQGHQ/LGRRGHUDEHULQGLH6WDGWKLQHLQLQGLH .DQlOHGUFNHQZLHZLUHVMDHUOHEWKDEHQ'DZHUGHQ
GLH6DWDQVHXOHQDP=LHOVHLQXQGVLFKDXIGLH0HQVFKHQ VWU]HQ© ª'LH(XOHQKDEHQHVMDLUJHQGZLHJXW©PHLQWH6XNR ª/LHJHQEHTXHPLQGHQ6lUJHQDEHUZDVPDFKHQGLHURWHQ 9DPSLUH"© 'DKDWWHHUHLQHEHUHFKWLJWH)UDJHJHVWHOOWDXIGLHLFKDXFK NHLQH$QWZRUWZXWH &RPPLVVDULR7ROLQLZXUGHYRP+XEVFKUDXEHUDXVJHUXIHQ =XGHPZLQNWHGHU3LORWPLWEHLGHQ$UPHQ$XFKZLUVDKHQ GLH%HZHJXQJHQXQGLFKKDWWHGDEHLHLQVHOWVDPHV*HIKO 'LHVHU$QUXINRQQWHXQWHU8PVWlQGHQHWZDVPLWXQVHUHP )DOO]XWXQKDEHQ 6XNRZDUGHUJOHLFKHQ0HLQXQJZLHLFK*HPHLQVDPOLHIHQ ZLUQHEHQ7ROLQLDXIGHQ+XEVFKUDXEHU]X ª,FKKDEH]ZDUKLQWHUODVVHQZRZLUXQVEHILQGHQ©HU NOlUWHGHU.RPPLVVDUªZROOWHDOOHUGLQJVQXULQ1RWIlOOHQ JHUXIHQZHUGHQ© ª9LHOOHLFKWOLHJWVRHLQ1RWIDOOYRU©VDJWHLFK 7ROLQLZHGHOWHPLWEHLGHQ+lQGHQª0DOHQ6LHGHQ7HXIHO QLFKWDQGLH:DQG© ª'HUZLUGEHUHLWVLQ$NWLRQVHLQ©HUZLGHUWH6XNRVDUND VWLVFK 'HU.RPPLVVDUNOHWWHUWHDOVHUVWHULQGHQ+XEVFKUDXEHU(U VHW]WHVLFKVRIRUWHLQHQ.RSIK|UHUDXIGHQGHU3LORWLKP JHUHLFKWKDWWH:LUZDUWHWHQDP(LQVWLHJ 7ROLQLVSUDFK$OOHUGLQJVVRVFKQHOOGDZLUNDXPHWZDV YHUVWDQGHQ$OVGDV*HVSUlFKEHHQGHWZDUGHXWHWHHUPLW GHP'DXPHQQDFKREHQXQGGHU3LORWYHUVWDQGGLH*HVWH 6WDUWHQ :LUNOHWWHUWHQLQGHQ+HOLNRSWHUª:DVLVWORV"©HUNXQGLJWH LFKPLFKVRIRUW 7ROLQLVFKOXFNWH6HLQ6FKQDX]HU]LWWHUWHGDEHLª'LH6lUJH VLQGJHVLFKWHWZRUGHQ© ª:R"© 'DYHUGUHKWH7ROLQLGLH$XJHQª.DQQLFK,KQHQVDJHQDEHU KDOWHQ6LHVLFKIHVW$XIGHP&DQDO*UDQGH©
'LHVPDOYHU]RJLFKGDV*HVLFKW9HUGDPPWGDVZDUHLQ +DPPHU8QZDKUVFKHLQOLFK'HU&DQDO*UDQGHLVWGHU %URDGZD\9HQHGLJV'LH3UDFKWVWUDHZHQQDXFKQLFKW DVSKDOWLHUWVRQGHUQQXUHLQ.DQDO'RUWEHILQGHQVLFKGLH $QOHJHVWHOOHQGHU*RQGHOQIDVWMHGH%RRWVIDKUWEHJLQQWDQ GLHVHPEHUKPWHQ.DQDO 8QGMHW]WGLH6lUJH 0LUOLHIHVNDOWGHQ5FNHQKLQDE6RUDVFKHVJLQJHQWHUWHQ ZLUGHQ+XEVFKUDXEHUXQGEHIDQGHQXQV6HNXQGHQVSlWHU EHUHLWVLQGHU/XIW (VKDWWHHLQH3DQLNJHJHEHQ 'UHL6lUJHWULHEHQ]ZLVFKHQGHQIDKUHQGHQ*RQGHOQDXI GHP&DQDO*UDQGHHUVFKUHFNWHQQLFKWQXUGLH7RXULVWHQ VRQGHUQDXFKGLH*RQGROLHUL 0LQXWHQODQJKHUUVFKWHDXIGHP:DVVHUHLQUHJHOUHFKWHV &KDRV1LHPDQGZXWHVRUHFKWZDVHUWXQVROOWH(VNDP ]X.ROOLVLRQHQ=DKOUHLFKH*RQGHOQZXUGHQYRQGHQ 7RWHQNLVWHQJHUDPPW 'DQQJULIIGLH3ROL]HLHLQ =ZHL%RRWHGHU)OXSROL]HLUDXVFKWHQKHUDQ6LHNUHLVWHQ GLH6lUJHHLQ0lQQHUQDKPHQPLWODQJHQ6WDQJHQGLH 7RWHQNLVWHQLQ6FKOHSSXPVLHDQV8IHU]XEHI|UGHUQ 'RUWKDWWHQVLFKVFKRQ]DKOUHLFKH/HXWHYHUVDPPHOW'LH 1HXJLHULJHQVLQGLPPHUVRIRUW]XU6WHOOHZHQQHVHWZDV %HVRQGHUV]XVHKHQJLEW'DZXUGHQ%LOGHUJHVFKRVVHQVXUU WHQ.DPHUDVXQGGLH3ROL]LVWHQIKOWHQVLFKZLHGLH+HOGHQ HLQHV6SLHOILOPV 6LHKLHYWHQGLH6lUJHDQ%RUG'DVJU|WH%RRWQDKP]ZHL DXIGDVDQGHUHGHQUHVWOLFKHQ 1DWUOLFKZDUHQGLH%HDPWHQJHVSDQQWZDVVLHLQGHQ 7RWHQNLVWHQILQGHQZUGHQ6LHVXFKWHQQDFK9HUVFKOVVHQ GDPLWVLHGLH6lUJH|IIQHQNRQQWHQXQGYRP.DLKHUVFKDXWH PDQLKQHQ]X $OOHUGLQJVILHOHLQHP3ROL]LVWHQHLQGDHVHLQ5XQG
VFKUHLEHQJHJHEHQKDWWH'LHVHV6FKUHLEHQEHIDWHVLFKLQGL UHNWPLWGHQ6lUJHQXQGHVKDWWHGDULQJHVWDQGHQGDEHL LUJHQGHLQHPUlWVHOKDIWHQ)XQGVRIRUW&RPPLVVDULR7ROLQL %HVFKHLGJHJHEHQZHUGHQVROOWH 'HU0DQQGHUVLFKDQGDV5XQGVFKUHLEHQHULQQHUWKDWWH PHOGHWHGLHVVHLQHP9RUJHVHW]WHQ 'HUEHUOHJWHHLQHQ$XJHQEOLFN(UKLH0DULR*HQWLOHZDU QRFKMXQJXQG]XGHPHKUJHL]LJGHQQHUZROOWHDXIGHU (UIROJVOHLWHUJHUQVFKQHOOQDFKREHQVWHLJHQ ª-D©VDJWHHUXQZLUVFKªLFKKDEHGDV5XQGVFKUHLEHQDXFK JHOHVHQ/DVVHQ6LHGHQ&RPPLVVDULREHQDFKULFKWLJHQ© 'HU3ROL]LVWVDOXWLHUWHXQGYHUVFKZDQGLQGHPNOHLQHQ 8QWHUVWDQGZRVLFKGLHWHFKQLVFKH$QODJHGHV%RRWHVEHIDQG (UHUKLHOWVFKQHOOHLQH9HUELQGXQJ ,Q]ZLVFKHQGDFKWH*HQWLOHQDFK(UZDUZLHJHVDJWVHKU HKUJHL]LJHUNDQQWHDXFK7ROLQLXQGZHQQHUHKUOLFKZDU GDQQPRFKWHHULKQEHUKDXSWQLFKW7ROLQLZDULQVHLQHQ $XJHQHLQ7HFKQRNUDWNHLQ$FWLRQ0DQQ%HQHLQIRUPLHUW KDWWHQVLHLKQ'HU3IOLFKWZDU*HQJHJHWDQZRUGHQDEHUGLH DQGHUH6DFKHZROOWHHUGRFKJHUQVHOEVWLQGLH+DQGQHKPHQ :HVKDOEVROOWHQGLH7RWHQNLVWHQQLFKWJH|IIQHWZHUGHQ"'D ZROOWH7ROLQLVLFKHUOLFKVHLQHLJHQHV6SSFKHQNRFKHQDEHU *HQWLOHZDUHLQ0HQVFKGHULKPGLH6XSSHYHUVDO]HQZROOWH (UZUGHGHQ6DUJ|IIQHQ =XPLQGHVWHLQHQ *HQWLOHVFKDXWHVLFKDXIGHP%RRWXP6HLQ%OLFNILHODXFK DXIGHQ.DL'RUWVWDQGHQQRFKLPPHUGLH7RXULVWHQXQG NQLSVWHQZDVLKUH.DPHUDVKHUJDEHQ *HQWLOHZXUGHVHKURIWDXI)RWRVRGHUHLQHP)LOPJHEDQQW (UJULQVWHVRQQWHVLFKLQGHP*HIKOHLQNOHLQHU)LOPVWDU]X VHLQXQGVFKDXWHZLHGHUDXIGLHEHLGHQ7RWHQNLVWHQ ,UJHQGZLHPRFKWHHUGLHZHLH)DUEHQLFKW6LHVWLHLKQDE 6lUJHZDUHQIULKQPHLVWGXQNHODEHUZHL 7URW]GHPHUZROOWHVLH|IIQHQODVVHQ=ZHLVHLQHU/HXWH PXWHQ0HLHORGHUlKQOLFKHV:HUN]HXJEHVRUJHQ'LH EHLGHQZDUHQVFKQHOOZLHGHU]XUFN
0DULR*HQWLOHZROOWHHVVLFKQLFKWQHKPHQODVVHQGHQ HUVWHQ6DUJSHUV|QOLFK]X|IIQHQ(UUHFKQHWHGDPLWHLQH /HLFKH]XILQGHQ9LHOOHLFKWVRJDUGLHHLQHVODQJJHVXFKWHQ 9HUEUHFKHUV0|JOLFKZDUVFKOLHOLFKDOOHV$QGLH:DKUKHLW GDFKWHHUQLFKWLPHQWIHUQWHVWHQ 8PGDV:HUN]HXJLQGHQ6SDOW]ZLVFKHQ2EHUXQG 8QWHUWHLOHLQNOHPPHQ]XN|QQHQPXWHHULQGLH.QLH JHKHQ'LHEHLGHQDQGHUQ%HDPWHQXPVWDQGHQLKQZDVLKP QLFKWSDWHXQGHURUGQHWHDQGDVLFKGLH]ZHLXPGHQ DQGHUHQ6DUJNPPHUQVROOWHQ 9RP1HEHQERRWZXUGHJHIUDJWREGHUGULWWH6DUJDXFK JH|IIQHWZHUGHQVROOWH *HQWLOHEHUOHJWHHLQHQ0RPHQWª-D©ULHIHUGDQQ]XUFN 6HLQ+HU]NORSIWHVFKQHOOHU=ZDUVWDQGHUKLHUZLHDXIGHP 3UlVHQWLHUWHOOHUGDVNPPHUWHLKQMHGRFKQLFKW(UZROOWH VHKHQZDVVLFKLQGHU7RWHQNLVWHEHIDQG 6HLQH+DQG]LWWHUWHHLQZHQLJ'DUEHUlUJHUWHHUVLFK ]XVlW]OLFK9LHUPDOPXWHHUDQVHW]HQXPGLHVFKPDOH.DQWH GHV:HUN]HXJV]ZLVFKHQGLHEHLGHQ7HLOH]XGUFNHQ *HVFKDIIW *HQWLOHVFKZLW]WHDOVHUGHQPHLHOlKQOLFKHQ*HJHQVWDQG DOV+HEHOEHQXW]WH(UVSUWHZLHVLFKGDV+RO]EHZHJWHZLH HLQH/FNH]ZLVFKHQ8QWHUXQG2EHUWHLOHQWVWDQGXQGGDV JOHLFKHJHVFKDKPLWGHP]ZHLWHQ6DUJXPGHQVLFKVHLQH /HXWHNPPHUWHQ ª6ROOLFK,KQHQKHOIHQ"©IUDJWHGHU6WHXHUPDQQGHV%RRWHV *HQWLOHKDWWHHLQHQURWHQ.RSIEHNRPPHQª1HLQ]XP 7HXIHOLFKVFKDIIHGDVDOOHLQ© ª'HP&RPPLVVDULRKDEHLFK%HVFKHLGJHJHEHQ(UNRPPW PLWGHP+XEVFKUDXEHU© ª:LHVFK|QIULKQ©NHXFKWH*HQWLOHXQGODFKWHOHLVHDXI DOVHUHVJHVFKDIIWKDWWH-HW]WNRQQWHHUGDV2EHUWHLODEKHEHQ (UOHJWHGHQ0HLHO]XU6HLWHEFNWHVLFKSDFNWHPLWEHLGHQ +lQGHQDQXQGKREGHQ'HFNHOLQGLH+|KH (UZDUGRFKVFKZHUHUDOVHUJHGDFKWKDWWH*HQWLOHNLSSWH GHQ'HFNHODXIVLFK]XVRGDLKPGLH6LFKWLQGHQ6DUJYHU
VSHUUWEOLHE+lWWHHUHWZDVVHKHQN|QQHQVRKlWWHHUGHQ 'HFNHOVLFKHUOLFKZLHGHUIDOOHQJHODVVHQVRDEHUQDKPGD 8QKHLOVHLQHQ/DXI =XHUVWK|UWHHUGHQ6FKUHLHLQHV.ROOHJHQ*HQWLOHOLHGHQ 'HFNHOKDVWLJORV(UVDKVHLQHQ.ROOHJHQQHEHQGHP6DUJ VWHKHQXQGVFKDXWHVHOEVWLQGLH7RWHQNLVWH 0DULR*HQWLOHZXUGHHEHQVREOHLFKZLHGLHEULJHQ 3ROL]LVWHQ:DVHUGDVDKZDUXQJHKHXHUOLFK ,P6DUJODJHLQH(XOH $EHUNHLQHQRUPDOH6LHKDWWHHLQHQJHILHGHUWHQ.|USHU GRFKLKU.RSIEHVWDQGDXVHLQHP6NHOHWWVFKlGHOLQGHPQXU GHU6FKQDEHOZLHHLQHVSLW]H+DFNHYRUVWDFK 'DPLWKDWWHZRKONHLQHUGHU%HDPWHQJHUHFKQHW$EHUHLQHU YRQLKQHQHQWGHFNWHHV]XHUVW(UVFKULHGLH:RUWHXQGVLH KDOOWHQEHUGHQEHUKPWHQ.DQDO ª'LH(XOHOHEW© (UVWMHW]WVDK0DULR*HQWLOHGDV=XFNHQLKUHU)OJHO,P QlFKVWHQ$XJHQEOLFNVFKLHQVLHHLQ.UDIWVWURP]XGXUFK IDKUHQGHQQVLHVFKQHOOWHI|UPOLFKLQGLH+|KH :LHHLQ%OLW]VFKRVLHDXVGHP6DUJEUHLWHWHGLH)OJHODXV XQGIODWWHUWHSO|W]OLFKEHULKUHU7RWHQNLVWH$EHUQXUIUHLQH 0RPHQWEOLHEVLHLQGHU/XIWVWHKHQGDQQKDWWHVLHLKU=LHO JHIXQGHQ 0DULR*HQWLOH 'HVVHQ*HVLFKWYHU]HUUWHVLFKDOVHUGDV0RQVWHUVRGLFKW YRUVHLQHQ$XJHQVDK(UZROOWHGHQ.RSIQRFK]XU6HLWHQHK PHQGRFKGLH(XOHZDUHLQIDFK]XVFKQHOO6LHKDFNWHLKUH .UDOOHQLQVHLQ5HYHUVEOLHEVRKRFNHQEHZHJWHLKUHQ EHLQHUQHQ7RWHQVFKlGHOQDFKYRUQXQGKLHEPLWGHP PHVVHUVFKDUIHQ6FKQDEHO]X 0HVVHUVFKDUIZDUZLUNOLFKGHUULFKWLJH$XVGUXFN'LHVHU NUXPPH6FKQDEHOKDWWHPLWWHQLQV=LHOJHWURIIHQ'DVZDUGHU +DOVGHVMXQJHQ3ROL]HLRIIL]LHUV (UVHOEVWVDKGDV%OXWGDVDXVGHU:XQGHVSULW]WHGLH(XOH EHUJRXQGVRJDULQGLH$XJHQK|KOHQGUDQJ(UVWGDQQ VSUWHHUGHQ6FKPHU]
6RHWZDVKDWWHHUQRFKQLHHUOHEW*HQWLOHJODXEWHVHLQ+DOV ZUGH]HUULVVHQ3O|W]OLFKEHNDPHUNHLQH/XIWPHKUHU ZROOWHVHLQH$UPHQRFKQDFKYRUQEULQJHQXPGLH(XOH ]XSDFNHQVHOEVWGDVJHODQJLKPQLFKW *HQWLOHZDU]XVFKZHUYHUOHW]W 8QGHUPHUNWHPLWHLQHUQDKH]XEUXWDOHQ'HXWOLFKNHLWZLH GDV/HEHQDXVVHLQHP.|USHUZLFK$XIGHQ%HLQHQNRQQWHHU VLFKQLFKWPHKUKDOWHQGLH.QLHJDEHQQDFKGDV%RRWXQGGHU 6DUJGUHKWHQVLFKYRUVHLQHQ$XJHQGDQQILHOHUODQJVDP QDFKYRUQ 5LHVHQJURZXUGHGHU6DUJIULKQ$EHUVHLQH8PULVVHYHU VFKZDPPHQEHUHLWVDOVHUJHQDXLQGDVRIIHQH8QWHUWHLOGHU 7RWHQNLVWHKLQHLQVFKOXJ :DUXPKLOIWPLUGHQQNHLQHU"(VZDUQXUHLQJHGDQNOLFKHU 6FKUHLGHQHULQGHQOHW]WHQ6HNXQGHQVHLQHV/HEHQVDXVVWLH GDQQKDWWHLKQGHU6DUJUHJHOUHFKWYHUVFKOXFNW 'LH(XOHDEHUIODWWHUWHKRFK%OXWLJZDULKU6FKlGHOGHU 6FKQDEHOJH|IIQHWVLHKDWWH%OXWJHWUXQNHQXQGZDUJHVWlUNW ZRUGHQ $XFKZHQQGLHDQGHUHQJHZROOWKlWWHQVLHKlWWHQ0DULR *HQWLOHQLFKWKHOIHQN|QQHQGHQQVLHKDWWHQGHQJOHLFKHQ )HKOHUEHJDQJHQZLHLKU&KHIXQGGLH6lUJHJH|IIQHW $XIVRHWZDVZDUWHWHQGLH(XOHQQXU $XFKDXVGHQDQGHUHQEHLGHQ6lUJHQZDUHQVLHJHVWLHJHQ XQGJULIIHQGLH3ROL]LVWHQDQ (VJLQJDOOHVVHKUVFKQHOOXQGGLH0HQVFKHQDP8IHUZXU GHQ=HXJHQYRQVFKUHFNOLFKHQ6]HQHQ(LQLJHZROOWHQVLFK 0XWPDFKHQ6LHVSUDFKHQYRQHLQHP)LOPGHUYLHOOHLFKW JHGUHKWHZXUGHXQGPDQGLH6]HQHQPLWHLQHUYHUVWHFNWHQ .DPHUDDXIQDKPGDPLWVLHYLHOOHLFKWOHEHQVHFKWHUZLUNWHQ 'RFKHVZDUNHLQ)LOP 'LH0lQQHUNlPSIWHQXPLKU/HEHQ 'UHL(XOHQZDUHQHV GLHDQJULIIHQ(LQHYRQLKQHQZDUEOXW YHUVFKPLHUW6LHXPIORJHQGLH%RRWHZLHJHIlKUOLFKH 7RGHVERWHQ (VGDXHUWH6HNXQGHQELVVLFKGLH3ROL]LVWHQHLQLJHUPDHQ
JHIDQJHQKDWWHQª6FKLHHQYHUGDPPW:LUPVVHQ VFKLHHQ©'HU0DQQGHUGLH:RUWHJHVSURFKHQKDWWHZROOWH ]XU:DIIHJUHLIHQDEHUGDVOLHGLHVLFKLQVHLQHU1lKHEHILQG OLFKH6WULJHQLFKW]X 3IHLOVFKQHOOJULIIVLHDQ 'HU3ROL]LVWVFKDIIWHHVQLFKWPHKUVHLQH:DIIH]X]LHKHQ GHQQGLH6WULJHUDPPWHLKQ'HU0DQQKDWWH3HFKGDHU]X GLFKWDQGHU%RUGZDQGVWDQG(UNRQQWHGHQ5FNVWRQLFKW PHKUDXVJOHLFKHQUL]ZDUQRFKGLH$UPHKRFKDEHU/XIW KDWEHNDQQWOLFKNHLQH%DONHQ 'HU3ROL]LVWILHOLQGDV:DVVHUGHV&DQDO*UDQGH 'LH(XOHKXVFKWHEHUGHQIDOOHQGHQ.|USHUKLQZHJ GUHKWHVLFKIORJHLQHQ.UHLVXQGJHQDXLQGLHVHP0RPHQW WDXFKWHGHU3ROL]LVWZLHGHUDXI(UKDWWHHLQHQ)HKOHU JHPDFKWGHQQHUKlWWHXQWHU:DVVHUZHLWHUVFKZLPPHQ VROOHQVRDEHUIDQGHQGLH6WULJHQLKU]ZHLWHV2SIHU .DXPKDWWHGHU3ROL]LVWVHLQHQ.RSIDXVGHQ)OXWHQ JHVWUHFNWDOVGLH6WULJHVLFKDXIVHLQH+DDUHVHW]WHVLFKGRUW IHVWNODPPHUWHGHQ.RSIEHXJWHXQG]XKDFNWH $QGHU6WLUQZXUGHGHU0DQQJHWURIIHQ =ZLVFKHQVHLQHQ$XJHQZXUGHLKPYRQGHPVFKDUIHQ 6FKQDEHOKLHEGLH+DXWDXIJHULVVHQ:LH]XYRU0DULR*HQWLOH VRVSUWHDXFKHUGHQKHLHQ6FKPHU]ZROOWHXQWHUWDXFKHQ GRFKGHU]ZHLWH6FKQDEHOKLHENDPHLQIDFK]XVFKQHOO 'LHVPDOWUDIHVLKQZHLWHUXQWHQXQGVFKUlJQDFKOLQNVYHU VHW]W'HU0DQQNRQQWHSO|W]OLFKDXIHLQHP$XJHQLFKWVPHKU VHKHQ(UVFKULHJHOOHQGELVHUQDFKXQWHQVDFNWH:DVVHULQ VHLQHQRIIHQHQ0XQGJHULHWXQGDXVGHP6FKUHLHLQ5|FKHOQ ZXUGH 'LH6WULJHIODWWHUWHKRFK 'DNUDFKWHGHUHUVWH6FKX'HU0DQQGHUJHIHXHUWKDWWH NRQQWH]LHOHQXQGHUMDJWHGLH%OHLNXJHOLQGHQ.|USHU GHU6WULJH'LH:XFKWWULHEGDV8QWLHUDXFK]XUFNHVYHUORU HLQLJH)HGHUQGRFKHVVWU]WHQLFKWWRWLQV:DVVHU 'HU3ROL]LVWULHQWVHW]WGLH$XJHQDXI(UKDWWHIHVWPLW GHP(QGHGHU(XOHJHUHFKQHWXQGPXWHMHW]WPLWDQVHKHQ
GDGLHVGRFKQLFKWGHU)DOOZDU'LH0XWDWLRQOHEWHZHLWHU 1RFKHLQPDOIHXHUWHHU $EHUHUKDWWH]XKDVWLJJHVFKRVVHQGLH.XJHOIHKOWH'DIU HUKLHOWHUGLH4XLWWXQJ=ZDUK|UWHHUQRFKGDV)ODWWHUQGHU )OJHOKLQWHUVLFKUHDJLHUHQNRQQWHHUDEHUQLFKWPHKU'LH 6WULJHZDUVFKRQ]XQDKHZXFKWHWHVLFKJHJHQLKQNUDOOWH VLFKDQVHLQHU-DFNHIHVWXQGKDFNWHVRIRUWPLWLKUHP6FKQDEHO ]X 'HUKHOOURWH/HEHQVVDIWVSUXGHOWHDXVGHP1DFNHQ GHV0DQQHV(LQIDFKLUUHZDUGHU6FKPHU]XQGGHU%HDPWH NRQQWHVLFKQLFKWPHKUDXIGHQ%HLQHQKDOWHQ (UILHOQDFKYRUQ %HYRUHUMHGRFKDXIGLH%RRWVSODQNHQSUDOOWHK|UWHHUQRFK HLQ*HUlXVFK(VZDUGDV)ODSSHQYRQ5RWRUHQEOlWWHUQ :LUZDUHQJHIORJHQZDVGLH0DVFKLQHKHUJDE&RPPLVVDULR 7ROLQLKDWWHGHP3LORWHQNODUJHPDFKWXPZDVHVJLQJXQG GHU0DQQEHZLHVVHLQ.|QQHQ 8QWHUXQVKXVFKWHGLH6WDGWKLQZHJ$XIGHP+LQIOXJKDWWH LFKQRFKPDUNDQWHXQGDOOJHPHLQEHNDQQWH3OlW]HVRZLH %DXZHUNHHUNHQQHQN|QQHQGDVZDUMHW]WQLFKWPHKUGHU )DOO=XGHPKDWWHGHU3LORWGLH0DVFKLQHOHLFKWVFKUlJJHOHJW VRGDZLUXQVDQGHQ6LW]HQIHVWNODPPHUWHQREZRKOZLU DQJHVFKQDOOWZDUHQ 7ROLQLVWDQGLQVWlQGLJHU)XQNYHUELQGXQJPLWVHLQHP%UR (VWUDIHQ0HOGXQJHQHLQ(UUHGHWHXQGZLUVDKHQQXUZLH VLFKVHLQH/LSSHQEHZHJWHQYHUVWHKHQNRQQWHQZLUZHJHQ GHV/lUPVQLFKWV :DQQHQGOLFKZDUHQZLUGD" 3O|W]OLFKGHXWHWH7ROLQLQDFKXQWHQXQGULHIª'HU&DQDO *UDQGH© ,PQlFKVWHQ$XJHQEOLFNJLQJGHU+XEVFKUDXEHUWLHIHU,FK KDWWHGDV*HIKOPHLQ0DJHQZUGHELVLQV*HKLUQ JHGUFNW]XGHPYHUULQJHUWHGHU3LORWGLH*HVFKZLQGLJNHLW QRFKVRGDZLU(LQ]HOKHLWHQDXVPDFKHQNRQQWHQ
,QHLQHP)DOOKDWWHQZLU*OFN'LH6RQQHVWDQGJQVWLJIU XQVZLUZXUGHQQLFKWJHEOHQGHWNRQQWHQQDFKYRUQVFKDX HQVDKHQGLHVFKQXUJHUDGH:DVVHUVWUDHHQWGHFNWHQGLH ]DKOUHLFKHQ*RQGHOQXQGHUNDQQWHQDXFKGLHEHLGHQ 3ROL]HLNUHX]HU 'DQQVWRFNWHXQVGHU+HU]VFKODJ 6XNRXQGLFKVDKHQGLH(XOHQ]XUVHOEHQ=HLW6LHIORJHQ WDWVlFKOLFKEHUGHP:DVVHUDEHUQLFKWQXUGDVVLHJULIIHQ GLH3ROL]LVWHQDXIGHQ%RRWHQDQ ,QQHUKDOEYRQ6HNXQGHQZXUGHGLH6]HQHGHXWOLFKHUZHLO GHU3LORWWURW]DOOHPQRFKVHKUVFKQHOOIORJ,FKVFKOXJLKPDXI GLH6FKXOWHUª*HKHQ6LHQRFKWLHIHUXQGZHUGHQ6LHXP +LPPHOVZLOOHQODQJVDPHU©,FKO|VWHPHLQHQ*XUW 6XNRWDWHVPLUQDFK &RPPLVVDULR7ROLQLGUHKWHVLFKXPª:DVKDEHQ6LHYRU"© EUOOWHHUJHJHQGHQ0RWRUOlUPDQ ª.HLQH=HLWPHKUXP]XODQGHQ©VFKULHLFK]XUFNª:LU PVVHQ6LHDXVGHU/XIWEHNlPSIHQ© ª2+LPPHO©'HU.RPPLVVDUUDQJGLH+lQGH )DVWKDWWHQZLUXQVHU=LHOHUUHLFKW,QQHUKDOEZHQLJHU $XJHQEOLFNHPXWHLFKPLUHLQHQhEHUEOLFNYHUVFKDIIHQ (VVDKVFKOLPPDXV 'LHVH,GLRWHQKDWWHQWURW]JHJHQWHLOLJHU$QRUGQXQJGLH 6lUJHJH|IIQHWXQGGLH6WULJHQEHIUHLW'UHL]lKOWHLFKXQGVLH KDWWHQVFKRQPLWLKUHPJUDXHQYROOHQ$QJULIIEHJRQQHQ ,P8QWHUWHLOHLQHV6DUJVODJHLQ3ROL]LVW(UUKUWHVLFKQLFKW PHKU6HOEVWDXVGLHVHU+|KHNRQQWHLFKGDV%OXWVHKHQ(LQ DQGHUHUVFKZDPPZLHWRWLP:DVVHU9LHOOHLFKWKLHOWLKQGHU $XIWULHEQRFKDQGHU2EHUIOlFKHXQGHLQGULWWHU3ROL]LVWODJ DXIGHQ%RRWVSODQNHQXQGNlPSIWHJHJHQHLQ7LHU =ZHLDQGHUH%HDPWHVFKRVVHQDXIGLH(XOHQVHQNWHQDEHU LKUH:DIIHQDOVVLHGHQ+XEVFKUDXEHUVDKHQ 'LH*DIIHUQDKPLFKQXUDXVGHQ$XJHQZLQNHOQZDKU $QGHP3LORWHQGUFNWHLFKPLFKYRUEHLXQG|IIQHWHGHQ $XVVWLHJ'LHVFKZHUH7UIXKU]XU6HLWHLFKNRQQWHDXVGHP +XEVFKUDXEHUXQGQDFKXQWHQVFKDXHQ
+LQWHUPLUK|UWHLFK6XNRV6WLPPH(UVFKHXFKWH7ROLQL]XU 6HLWHGDPLWHUGHQ$XVVWLHJDQGHUJHJHQEHUOLHJHQGHQ6HLWH HEHQIDOOV|IIQHQNRQQWH$OVHUHVJHVFKDIIWKDWWHZKOWHGHU 'XUFK]XJPHLQH+DDUHKRFK ,FKZDQGWHPLFKDQGHQ3LORWHQª.HLQH)DKUWPHKU© (UQLFNWHQXU ,FKDEHUKlQJWHPLFKKDOEDXVGHP+HOLNRSWHU0LWGHU OLQNHQ+DQGKLHOWLFKPLFKDQHLQHP*ULIIIHVWGLHDQGHUH KDWWHLFKDXVJHVWUHFNWZREHLGLHPLW6LOEHUNXJHOJHODGHQH %HUHWWDHLQH9HUOlQJHUXQJELOGHWH 'UHL(XOHQKDWWHQZLUJHJHQXQV=ZHLYRQLKQHQIORJHQDXI PHLQHU6HLWHGLHDQGHUHDXI6XNRV ,FKK|UWHHLQHQ6FKX6XNRKDWWHDEJHGUFNW2EHUJHWURI IHQKDWWHNRQQWHLFKQLFKWVHKHQ]XGHPPXWHLFKPLFKXP GLHEHLGHQ6WULJHQNPPHUQGLHLKUHQHXHQ*HJQHUQDWUOLFK VFKRQJHVHKHQKDWWHQ 'LHHUVWHIORJKHUDQ 'DEHLQDKPVLHGHQGLUHNWHQ:HJ]LHOWHDXIPLFKLFK VDKLKUHQEHLQHUQHQ6FKlGHOEHKLHOWGLH1HUYHQXQGOLHVLH QRFKQlKHUNRPPHQZHLOLFKPLUNHLQHQ)HKOVFKXHUODXEHQ ZROOWH ,FKKlWWHIUKHUVFKLHHQVROOHQGHQQDOVLFKGHQ6WHFKHU GXUFK]RJGDPXWHVLHHVLUJHQGZLHJHIKOWKDEHQOLHVLFK GHQEHUKPWHQ6HNXQGHQEUXFKWHLOYRUKHUIDOOHQVDFNWHZLH HLQ6WHLQQDFKXQWHQZHJILQJVLFKVRIRUWZLHGHUXQGVWLH LQHLQHU6FKUlJHYRQXQWHQQDFKREHQDXIGLHRIIHQH +XEVFKUDXEHUWU]X 'RUWVWDQGLFK 1LFKW]XPHUVWHQPDOZXUGHLFKYRQHLQHU6WULJHDQJHJULI IHQGRFKDXIGHP6FKLIIZDUDOOHVDQGHUVJHZHVHQ'DKDWWH LFK3ODW]JHKDEW]XP$XVZHLFKHQKLHUKLQJLFKSUDNWLVFK ]ZLVFKHQ+LPPHOXQG:DVVHUPHKUVFKOHFKWDOVUHFKWXQG PXWHPLFKJHJHQGLHVHV0RQVWHUYHUWHLGLJHQ 'LH:DIIHEHNDPLFKQLFKWKHUXP'LH(XOHZDU]XVFKQHOO ,FKNRQQWHQXUQRFKPHLQHQ$UPKRFKUHLHQXQGPLWGHU +DQG]XVFKODJHQ$XINHLQHQ)DOOGXUIWHPLFKHLQ
6FKQDEHOKLHEWUHIIHQGDQDFKZUGHLFKPLFKLQHLQH(XOHYHU ZDQGHOQ'LHVHQJUDXVLJHQ9RUJDQJKDWWHLFKOHLGHUEHLGHU )DPLOLH6WULQGEHUJPLWHUOHEW 0LWHLQHPZLOGHQ6WRNRQQWHLFKGLH6WULJHDXVLKUHU )OXJULFKWXQJEHI|UGHUQ6LHNODWVFKWHJHJHQGLHJHERJHQH )URQWVFKHLEHGHV+XEVFKUDXEHUVUXWVFKWHGDUDQHQWODQJXQG NRQQWHVLFKZLHGHUIDQJHQ ,FKKDWWHPLFKNUDPSIKDIWIHVWJHKDOWHQGLH:DIIHLQGLH ULFKWLJH6FKXSRVLWLRQJHEUDFKW]LHOWHNXU]XQGIHXHUWH VFKUlJQDFKXQWHQ 'LH.XJHOWUDI 'LFKWXQWHUGHP7RWHQNRSIVFKlGHOGUDQJGDVJHZHLKWH *HVFKRLQGHQ/LHEGHU0XWDWLRQ (LQKHIWLJHV)ODWWHUQPLWGHQ)OJHOQGD]XJUlOLFKH 6FKUHLHGDQQNLSSWHVLHZHJ (LQHZHQLJHU 0LUWDWPLWWOHUZHLOHGHUOLQNH$UPZHK$XFKGLH.QLH]LW WHUWHQGHQQLFKKLQJLQHLQHU6FKUlJODJH8QGGRFKlQGHUWH LFKPHLQH+DOWXQJQLFKWGHQQVRKDWWHLFKGHQEHVWHQ hEHUEOLFN 8QWHUPLUEHIDQGHQVLFKGLHEHLGHQ3ROL]HLERRWH0HLQ 7UHIIHUKDWWHGLHUHVWOLFKHQ(XOHQYRQGHQ%RRWHQZHJJHORFNW GRFKUDIILQLHUWZLHVLHZDUHQKDWWHQVLH'HFNXQJJHIXQGHQ XQG]ZDU]ZLVFKHQGHQ3ROL]HLERRWHQXQGGHQ*RQGHOQ %HVHW]WHQ*RQGHOQPXLFKKLQ]XIJHQXQGLFKKDWWH $QJVWXPGLH0HQVFKHQ 'LHPHLVWHQ*RQGROLHULKDWWHQLKUH%RRWHJHVWRSSW1XU HLQLJHIXKUHQQRFKZHLWHUXQGGHUHUVWHYRQLKQHQZXUGH DQJHJULIIHQ:LHHLQDEJHVFKRVVHQHU3IHLOVRVFKQHOOZLVFKWH GLH6WULJHEHUGDV:DVVHUDXIGHVVHQ2EHUIOlFKHGLH 6RQQHQVWUDKOHQEOLW]HQGH5HIOH[HYHUXUVDFKWHQ 0LUVWRFNWHGHU+HU]VFKODJ $OOHUGLQJVQXUHLQH6HNXQGHGDQQZDULFKZLHGHUYROOGD ,FKGUHKWHGHQ.RSIXQGEUOOWHGHP3LORWHQ]Xª)OLHJHQ6LH YHUGDPPW/RVVWDUWHQ6LHVFKQHOO© 'HU0DQQUHDJLHUWH3O|W]OLFKZLUEHOWHQGLH5RWRUEOlWWHU
EHUPHLQHP.RSIVLHVWHOOWHQVLFKZDDJHUHFKWHVJDEHLQHQ 5XFNGHQLFKQXUPKVDPDXVJOHLFKHQNRQQWHXQGGHU +XEVFKUDXEHUQDKP)DKUWDXI (VZDUULVNDQWVRZLHLFKDPRIIHQHQ$XVVWLHJVWDQG $FWLRQ6WDUVOLHHQVLFKLQYLHOHQ)LOPHQEHLVROFKHQ6]HQHQ GRXEHOQ,FKKDWWHNHLQHQGHUIUPLFKHLQVSUDQJXQG ZROOWHHVDXFKQLFKWGHQQLFKPXWHGLH6WULJHSDFNHQ 'LH0DVFKLQHZXUGHVFKQHOO,FKVSUWHGHQ)DKUWZLQG PHLQH$XJHQZROOWHQWUlQHQZHLOHUKLQHLQEL+DUWSUHWH LFKGLH/LSSHQ]XVDPPHQGDV%RRWNDPQlKHULFKVDKGLH (XOHXQGGLHGUHL0HQVFKHQLQGHU*RQGHO:LHNRQQWHHV DXFKDQGHUVVHLQ$P+HFNVDHLQ/LHEHVSlUFKHQ(UKDWWH VHLQHQ$UPXPVLHJHOHJWSUHWHVLHDQVLFKGHU*RQGROLHUH DEHUEHZLHV0XWXQGYHUWHLGLJWHVLFK 'LH5XGHUVWDQJHKDWWHHUDXVGHP:DVVHUJHULVVHQXQGKLHOW VLHTXHU %HLPHUVWHQPDOYHUIHKOWHHUGLH6WULJHNDQWHWHGLH6WDQJH GDQQKRFKXQGGURVFKHUQHXW]X 'LHVPDOHLQ7UHIIHU 'HU0DQQHUZLVFKWHGHQEHLQHUQHQ6FKlGHOEUDFKWHGLH 6DWDQVHXOHVRPLWDXVGHU)OXJULFKWXQJXQGHLQHNXU]H *DOJHQIULVW 3O|W]OLFKZDUHQZLHGD :LHHLQHVWlKOHUQH5LHVHQOLEHOOHVFKZHEWHGHU+XE VFKUDXEHUEHUGHU*RQGHO'DV3lUFKHQKDWWHVLFKYRUODXWHU $QJVWDXIGHQ%RGHQJHOHJW$XVVFKRFNJHZHLWHWHQ$XJHQ VFKDXWHQGLHEHLGHQ]XXQVKRFKXQGVLHVDKHQDXFKGLH 6WULJHGLHHLQHQ.UHLVIORJXPHLQHQHUQHXWHQ$QJULII ]XVWDUWHQ ,FKIHXHUWH )HKOVFKX ,PQlFKVWHQ$XJHQEOLFNZDUGDV7LHUYHUVFKZXQGHQ(V PXWHVLFKPHLQHU$QVLFKWQDFKDXIGHUDQGHUHQ6HLWHGHV +XEVFKUDXEHUVEHILQGHQGRFKGDODXHUWH6XNR :LHGHUK|UWHLFKGDV.UDFKHQVHLQHU:DIIHXQGZHQLJ VSlWHUVHLQHQ7ULXPSKVFKUHL
ª7UHIIHU© 0LUILHOHLQ6WHLQYRQ+HU]HQ=ZHL6WULJHQKDWWHQZLUYHU QLFKWHQN|QQHQEOLHEQRFKHLQH ,FKWDXFKWHZLHGHULQGLH0DVFKLQHKLQHLQGUFNWHPLFK DP3LORWHQVLW]YRUEHLVDK7ROLQLVFKUHFNHQVEOHLFKLP +LQWHUJUXQGGHU0DVFKLQHXQGVFKULH6XNRDQ ª:RLVWGHUOHW]WH"© ª.HLQH$KQXQJ-RKQ© 7HXIHODXFKVROOWHVLHXQVHQWZLVFKWVHLQ"+DVWLJVRJLFKGLH /XIWHLQ'LH1HUYHQYLEULHUWHQGHQQZLUGXUIWHQDXINHLQHQ )DOOHLQH6WULJHHQWNRPPHQODVVHQ ª)OLHJHQ6LHK|KHU©ZLHVLFKGHQ3LORWHQDQGHUGHQ +HOLNRSWHUVRIRUWLQGLH+|KH]RJ -HW]WKDWWHQZLUHLQHQZHLWDXVJQVWLJHUHQhEHUEOLFN:DV VLFKDOOHVDQ%RRWHQLQGHQOHW]WHQ0LQXWHQDXIGHP&DQDO *UDQGHJHVWDXQWKDWWHLQWHUHVVLHUWHPLFKQLFKWLFKVXFKWHGLH (XOH 6XNRHQWGHFNWHVLHYRUPLUª'D-RKQVLHIOLHJWEHUGHQ +lXVHUQ'LHIOLHKW©0HLQ)UHXQGZLHVVFKUlJQDFKREHQHU ]HLJWHPLUGLH5LFKWXQJDQLFKIROJWHPLWPHLQHQ%OLFNHQ 'DVVDKZLUNOLFKQDFK)OXFKWDXV :LHGDPDOVDXIGHP6FKLIIGDZDUHQGLH(XOHQDXFKSO|W] OLFKJHIORKHQXQGLFKJUEHOWHQRFKLPPHUEHUGHQ*UXQG QDFK%HLGHU.UHX]IDKUWZDUHQHVPHKUHUHJHZHVHQKLHUQXU HLQH+DWWHGLHVHHLQHYLHOOHLFKW$QJVWXPLKUGlPRQLVFKHV /HEHQ" :LUPXWHQPLWDOOHPUHFKQHQXQGDXFKGDPLWGDGLH (XOHYLHOOHLFKW]XHLQHP9HUVWHFNIOLHKHQZROOWH6ROOWHGLHV ]XWUHIIHQPXWHQZLULKUDXIGHQ)HUVHQEOHLEHQ ª+LQWHUKHU©ULHILFKGHP3LORWHQ]X (UGUHKWHNXU]GHQ.RSIª6LHPHLQHQGLH(XOH"© ª*HQDX© 6XNRKDWWHQRFKHLQHQ(LQZDQG(UVFKOXJPLUDXIGLH 6FKXOWHUXQGVDJWHª-RKQZLUN|QQHQQLFKWEHLGHORVIOLHJHQ© ª:LHVRQLFKW"©,FKEHJULIIQLFKWVRIRUW 6XNRV*HVLFKW]HLJWH$QVSDQQXQJª'HQNDQGLH0HQVFKHQ
GLHYRQGHQ6DWDQVHXOHQDQJHJULIIHQZRUGHQVLQG'LHYHU ZDQGHOQVLFKGRFKDXFKLQGLHVH0XWDWLRQHQ© 0HLQH$XJHQZXUGHQJUR6KLWGDUDQKDWWHLFKQLFKWPHKU JHGDFKW(VZDUHEHQ]XYLHODXIHLQPDOJHVFKHKHQ6RIRUW IDWHLFKHLQHQ(QWVFKOXª2ND\GDQQPXWGXGLFKHEHQ XPGLH(XOHQKLHUNPPHUQZLUYHUIROJHQGLHDQGHUH© ª:LUGJHPDFKW©6XNRGUHKWHVLFKXPXQGJLQJ]XP $XVVWLHJ ª:RZROOHQ6LHGHQQKLQ"©ULHI7ROLQL ª'DVVHKHQ6LHGRFK©HUZLGHUWHGHU&KLQHVHVWLHVLFKDE XQGYHUVFKZDQG :LUDEHUIORJHQZHLWHU 'HU,QVSHNWRUZDUNHLQ6HOEVWP|UGHUDXFKZHQQVHLQH $NWLRQLPHUVWHQ$XJHQEOLFNVHOEVWP|UGHULVFKJHZLUNWKDWWH (UZXWHDEHUVHLQH&KDQFHQJHQDXHLQ]XVFKlW]HQKDWWH EOLW]VFKQHOOGLH+|KH]XU:DVVHUIOlFKHDEJHFKHFNWXQGZDU ]XGHUhEHU]HXJXQJJHODQJWGDHUHVVFKDIIHQNRQQWH ,P.RSIVSUXQJILHOHUQDFKXQWHQ 5DVHQGVFKQHOOVFKRHUDXIGLHJUDXH)OlFKH]X(UIUFK WHWHHLQHQ0RPHQWODQJDXIHLQH*RQGHO]XWUHIIHQGDV MHGRFKEHZDKUKHLWHWHVLFKQLFKW 'LFKWQHEHQGHP%RRWWDXFKWHHULQGDV:DVVHUGDVZLH HLQHNDOWH:DQGEHULKP]XVDPPHQVFKOXJ 9RQ6XNRZDUQLFKWVPHKU]XVHKHQ6HKUWLHIZDUGHU.DQDO QLFKW$OVGHU&KLQHVHVLFKDOOPlKOLFKGUHKWHGDZKOWHHU PLWVHLQHQ+lQGHQGHQ6FKODPPDP%RGHQDXIGHUKRFK JHWULHEHQZXUGHXQGLKQLQGLFNHQ:RONHQXPJDE 0LWZHLWDXVKROHQGHQ6FKZLPPEHZHJXQJHQGUFNWHHU VLFKZLHGHUGHU2EHUIOlFKHHQWJHJHQWDXFKWHDXIXQGVDKGLH EHLGHQ3ROL]HLERRWHQLFKWZHLWHQWIHUQW 'UHLYHUOHW]WH3ROL]LVWHQRGHUDXFK7RWHGDZDUIU6XNR QRFKQLFKWJHQDXIHVWVWHOOEDU$EHUGUHLDQGHUH%HDPWHOHEWHQ QRFK'HU&KLQHVHEHJDQQ]XVFKZLPPHQ(UNUDXOWHZHLWHU XQGVDKSO|W]OLFKGLFKWYRUVLFKHLQH/HLFKHDXIGHU
2EHUIOlFKH'LH(XOHKDWWHGHQ7RGYHUVFKXOGHWXQGGHP 0DQQPLWLKUHQ6FKQDEHOKLHEHQDP.RSIVRVWDUNH 9HUOHW]XQJHQEHLJHEUDFKWGDHUQLFKWPHKUDP/HEHQZDU 6HLQH$XJHQ]HLJWHQVLFKYHUGUHKWHLQVZDUVRJDU]XU+lOIWH ]HUVW|UW 6XNREHNDPGHQ7RWHQ]XIDVVHQXQGVFKRELKQTXDVLYRU VLFKKHUGHP%RRWHQWJHJHQ'RUWVWDQGHQ]ZHL%HDPWH EHUHLWXPLKPDQ%RUG]XKHOIHQ =XHUVWVFKDIIWHQVLHGLH/HLFKHKRFK$OVGLH3ROL]LVWHQLKUHQ WRWHQ.ROOHJHQVDKHQWUDWHQ7UlQHQLQLKUH$XJHQ9ROOHU:XW EDOOWHQVLHGLH+lQGHGHU=RUQIUDVLFKLQLKUH+HU]HQXQG GLH+LOIORVLJNHLWZDUDPVFKOLPPVWHQ 6XNRNOHWWHUWHHEHQIDOOVDQ%RUGVFKWWHOWHVLFKXQGQDKP YRQGHQOHEHQGHQ0lQQHUQNHLQH1RWL](UKDWWHQXU$XJHQ IUGHQJH|IIQHWHQ6DUJLQGHPElXFKOLQJVHLQHDP.RSI EOXWHQGH*HVWDOWLQ8QLIRUPODJ 'HU,QVSHNWRUVFKOXFNWH]ZHLPDOKDUWGUHKWHVLFKXPXQG VFKDXWHGLH3ROL]LVWHQIUDJHQGDQ (LQHUYRQLKQHQQLFNWHª-D6LJQRU0DULR*HQWLOHLVWWRW'LH (XOHZDU]XVWDUN6LHKlWWHQIUKHUNRPPHQPVVHQ© ª1HLQGDLVWQLFKWGDV3UREOHP,KUKlWWHWGHQ6DUJ JHVFKORVVHQODVVHQVROOHQ(VEHVWDQGGLH$QZHLVXQJGLH ZHLHQ6lUJHDXINHLQHQ)DOO]X|IIQHQDEHU6LHKDEHQVLFK OHLGHUGDUEHUKLQZHJJHVHW]W:LUKDWWHQVFKRQXQVHU *UQGH© 'LHEHLGHQ%HDPWHQVFKZLHJHQ6LHNRQQWHQLFKWVVDJHQ GHQQVLHZXWHQVHOEVWGD)HKOHUJHPDFKWZRUGHQZDUHQ 'DPLWVLHZXWHQPLWZHPVLHHV]XWXQKDWWHQSUlVHQWLHUWH 6XNRLKQHQVHLQHQ$XVZHLVXQGIJWHQRFKª6FRWODQG
ª:DVLVWPLW,KQHQ"©ULHI6XNRKLQEHU 'HU%HDPWHGUHKWHGHQ.RSI6HLQ1DFNHQZDUEOXWLJGDV *HVLFKWVFKPHU]YHU]HUUWª,FKEUDXFKHHLQHQ$U]W© 6XNRQLFNWHª5XIHQVLHHLQHQEHU)XQN©ZLHVHUGLH 3ROL]LVWHQDXIVHLQHP%RRWDQ(UVHOEVWOLHGLHEHLGHQ7RWHQ QLFKWDXVGHQ$XJHQGHQQHUGDFKWHGDUDQGDGLH (XOHQELVVHXQJHIlKUGLHJOHLFKH:LUNXQJKDWWHQZLHGLH GHU9DPSLUH:HQQGDVWDWVlFKOLFK]XWUDIZUGHQVLFKGLH DQJHEOLFKHQ7RWHQLUJHQGZDQQZLHGHUHUKHEHQXQGQHXHQ 6FKUHFNHQYHUEUHLWHQ$OOHUGLQJVQLFKWDOV0HQVFKHQVRQGHUQ DOVPXWLHUWH(XOHQ 'DK|UWH6XNRHLQHQ6FKUHL (UZDUDXIGHP]ZHLWHQ%RRWDXIJHNOXQJHQXQGGHU 9HUOHW]WHKDWWHLKQDXVJHVWRHQ6RIRUWIXKUGHU,QVSHNWRU KHUXPXQGHUVDKGHQ0DQQGHUYRQGHU6WULJHLQGHQ 1DFNHQJHELVVHQZDU 'HU3ROL]LVWKDWWHVLFKDXIJHULFKWHW(UZDUGDEHLVLFKGLH -DFNHYRP.|USHU]XUHLHQVFKOHXGHUWHVLH]XU6HLWHXQG IHW]WHGDQQGHQ+HPGlUPHOHQW]ZHL -HW]WVDKHQDOOHVHLQHQ$UP (VZDUNHLQQRUPDOHU0HQVFKHQDUPPHKUVRQGHUQHLQ VFKRQYHUNU]WHU6WXPSIDXVGHVVHQ+DXWSRUHQLQQDKH]X UDVHQGHU*HVFKZLQGLJNHLW)HGHUQZXFKVHQ 6XNRVWRFNWHGHU$WHP:LHGLH3ROL]LVWHQDXIVHLQHP%RRW UHDJLHUWHQPHUNWHHUQLFKWZDKUVFKHLQOLFKODKPWHVLHGDV (QWVHW]WHQDEHUHUVDKGDGLH9HUZDQGOXQJDXFKDP.RSI EHJDQQXQGVLHPLW6FKPHU]HQYHUEXQGHQZDUGHQQGHU *HELVVHQHEHJDQQ]X]XFNHQ'DQQVFKULHHUVFKOXJJHJHQ VHLQ*HVLFKWGDVVLFKVHKUUDVFKYHUlQGHUWHXQGYRQGHP SO|W]OLFKGLH+DXWDEILHO (VJDEQXUHLQH0|JOLFKNHLW 6XNRPXWHGLH0XWDWLRQW|WHQGDPLWVLHNHLQHDQGHUHQ 0HQVFKHQDQIDOOHQNRQQWH (U]RJGLH%HUHWWDVWUHFNWHVHLQHQUHFKWHQ$UPDXV]LHOWH EHU.LPPHXQG.RUQXQGVFKR (LQSHLWVFKHQGHVVLQJHQGHV*HUlXVFKHUNODQJ'LH.XJHO
MDXOWHEHUGDV:DVVHUXQGKLHEJHQDXLQV=HQWUXPGHQQ 6XNRNRQQWHGLH%UXVWGHV0XWLHUWHQQLFKWYHUIHKOHQ 'HUEUOOWHQRFKHLQPDODXIVDFNWH]XVDPPHQXQGEOLHE KDOEEHUGHU%RUGZDQGKlQJHQGOLHJHQ $XV 6WLOOH6XNRNDPVLFKYRUZLHLQHLQHP9DNXXP$XFKGLH 3ROL]LVWHQUHGHWHQQLFKW%LVHLQHUVDJWHª0HLQ*RWWGDVKDOWH LFKQLFKWPHKUDXV:lUHLFKGRFKJHIORKHQZLH5REHUWH ª8QGZHULVWGDV"©IUDJWH6XNR ª(LQ.ROOHJH© 'HU&KLQHVHKREGLH6FKXOWHUQª9LHOOHLFKWZlUHHVZLUNOLFK EHVVHUJHZHVHQ© ª0XWHQ6LHLKQGHQQW|WHQ"©(LQELWWHUHU9RUZXUI VFKZDQJLQGHU)UDJHPLW ª-DLFKPXWHHV/HLGHU(VJDEZLUNOLFKNHLQHQDQGHUHQ :HJ'LHVHV:HVHQKlWWHZHUZHLZDVDQJHVWHOOWGHVKDOE NRQQWHLFKQXUGHQHLQHQ:HJJHKHQ© 'DVWHOOWHQVLHNHLQHQ)UDJHQPHKU 6XNRZDQGWHVLFKGHQ7RWHQ]X1RFKODJHQVLHOHEORVYRU VHLQHQ)HQDEHUGHU&KLQHVHDKQWHGDHLQXQWRWHV/HEHQ DOOPlKOLFKLQLKQHQDXINRFKWH 8QGGDJHJHQPXWHHUHWZDVXQWHUQHKPHQ (UK|UWH3ROL]HLVLUHQHQ$QGHUH%RRWHMDJWHQKHUDQXQG DXFKDQ/DQGVDKHUVFKRQGLHHUVWHQ3ROL]LVWHQ 9LHO=HLWEOLHELKPQLFKWPHKU 'HU&KLQHVH]RJVHLQH'lPRQHQSHLWVFKH0LWLKUZROOWHHU HLQH9RUVRUJHWUHIIHQ (LQPDOVFKOXJHUPLWGHU3HLWVFKHHLQHQ.UHLVEHUGHQ %RGHQ$XJHQEOLFNOLFKILHOHQGLHGUHLOHGHUDUWLJHQXQGDXV GHU+DXWGHV'lPRQV1\UDQDEHVWHKHQGHQ5LHPHQDXVGHU gIIQXQJ'LH3ROL]LVWHQEHNDPHQJURH$XJHQDOVVLHGLHVHQ 9RUJDQJVDKHQWUDXWHQVLFKDOOHUGLQJVQLFKWHLQH)UDJH]X VWHOOHQ ,Q6XNRV*HVLFKWUHJWHVLFKNHLQ0XVNHODOVHUMHW]WGLFKWDQ GHQ6DUJKHUDQWUDWXQGPLWGHU3HLWVFKWHDXVKROWH'DEHL DWPHWHHUQRFKHLQPDOWLHIHLQXQGVFKOXJEOLW]VFKQHOO]X
1LFKWQXU6XNRYHUQDKPGDV.ODWVFKHQPLWGHPGLHGUHL 5LHPHQGLH*HVWDOWWUDIHQDXFKGLH%HDPWHQ6LH]XFNWHQ ]XVDPPHQVRZDVZDUHQVLHQLFKWJHZRKQWXQGGDQQJH VFKDKHWZDVIUVLH*UDXHQKDIWHV (LQJHOOHQGHU6FKUHLHUW|QWHDXVGHPRIIHQHQ6DUJ'LH ª/HLFKH©KDWWHLKQDXVJHVWRHQ3O|W]OLFKElXPWHVLFKGHU .|USHUQRFKHLQPDOLQGLH+|KHHLQJHZDOWLJHV=XFNHQ GXUFKOLHILKQGDQQVDFNWHHUZLHGHU]XUFNXQGEOLHELP6DUJ OLHJHQ 'DVZDU V6XNRGUHKWHVLFKXP$QGHQZLH]X6WDWXHQ HUVWDUUWHQ%HDPWHQVFKULWWHUYRUEHL]XGHPQlFKVWHQ2SIHU $XFKKLHUVFKOXJHUHLQPDOXQGVHKUKDUW]X $XVGLHVHP0XQGO|VWHVLFKNHLQ6FKUHL$EHUZLHEHLHLQHU VWXPPHQ'URKXQJKREGHUDQGHUHVHLQH+DQGEHYRUVLH ZLHGHU]XUFNILHOXQGDXIGLH3ODQNHQNODWVFKWH 6XNRGUHKWHVLFKZLHGHUXP(LQ7HLOGHU$UEHLWODJKLQWHU LKP'DV$OOHUVFKZLHULJVWHZUGHQRFKIROJHQXQGHUGDFK WHGDEHLDQ.RPPLVVDU7ROLQLXQG-RKQ6LQFODLU :LHPRFKWHHVGHQEHLGHQLQ]ZLVFKHQHUJDQJHQVHLQ" 0LWXQVHUHP3LORWHQKDWWHQZLUZLUNOLFK*OFN0DQVDJWGHQ ,WDOLHQHUQMDQDFKGDVLHIRUVFKHDOOHUGLQJVDXFKJXWH $XWRIDKUHUVLQG'LHVHU3LORWZDUHLQHEHQVRJXWHU)OLHJHU 'HQQVHLQH$XIJDEHZDUIDVWXQP|JOLFK]XO|VHQ(UPXWH HLQHIOLHJHQGH6WULJHLP$XJHEHKDOWHQXQGGXUIWHVLHDXI NHLQHQ)DOOYHUOLHUHQ 'DVZDUYHUGDPPWVFKZHU 'LH+RUURUHXOHVFKLHQEHPHUNW]XKDEHQGDZLUVLHYHU IROJHQ6LHIORJQLFKWLQHLQHUJHUDGHQ/LQLHZHLWHUVRQGHUQ VFKOXJHLQHQ=LFN]DFNNXUVHLQGHUVLHEHUGLH+DXVGlFKHU IKUWHZREHLVLHPDQFKPDOZHQQVLHJHQJHQG3ODW]KDWWH VRJDUGLFKWEHUGHQ%RGHQVHJHOWHXPZLHGHUKRFK]XVWHL JHQGDPLWVLHZHLWHUH/FNHQDXVNXQGVFKDIWHQNRQQWH(LQ LUUHV6SLHOXQGGHUZHLWDXVWUlJHUH+XEVFKUDXEHUNRQQWHDOO GLH.DSULROHQQLFKWLPPHUQDFKYROO]LHKHQ
(LQSDDUPDOYHUORUHQZLUVLHDXVGHQ$XJHQ%HVRQGHUV GDQQZHQQVLHEHUGHP:DVVHUGHUVHKUHQJHQ.DQlOHHQW VFKOSIHQZROOWHGRFKVLHWDXFKWHLPPHUZLHGHUDXI 'HU3LORWZDUQLFKWQXUHLQDXVJH]HLFKQHWHU)OLHJHUHU EHVDDXFKGLH$XJHQHLQHV)DONHQ'HQQHUZDUHVOHW]W HQGOLFKGHUGLH6WULJHMHGHVPDOVDK ,FKKDWWHPLFKDXIGHQ6LW]GHV&RSLORWHQJHTXHWVFKW $OOHUGLQJVQLFKWDQJHVFKQDOOWXQGKRFNWHVRLQDQJHVSDQQWHU +DOWXQJXQGOHLFKWQDFKYRUQJHEHXJW 0HLQHGXQNOH%ULOOHPXWHLFKYRUGHQ$XJHQEHKDOWHQ GHQQPDQFKPDONQDOOWHQGLH6RQQHQVWUDKOHQZLHODQJH JOHLHQGH6SHHUHGXUFKGDV.DELQHQJODVLQGDV,QQHUHXQG EOHQGHWHQIUFKWHUOLFK ª'DLVWVLHZLHGHU©VDJWHGHU)OLHJHUDOVHUGLH(XOHDEHU PDOVHQWGHFNWHª*HQDXEHUGHP7DXEHQVFKZDUP© (UKDWWHUHFKW'HUNOHLQHVLFKUDVFKEHZHJHQGH3XQNWLQ GHU/XIWZDUWDWVlFKOLFKGLH6WULJH $XFK7ROLQLKDWWHVLHMHW]WJHVHKHQª6LQFODLU©VDJWHHUDXI JHUHJWª'LHIOLHJWJHQDXLQGLH5LFKWXQJGLHZLULQGHUYHU JDQJHQHQ1DFKWGXUFKVXFKWKDEHQ© ª6LHPHLQHQGDV9LHUWHO"© ª-D© 8QVHU3LORWPHOGHWHVLFK]X:RUWª'DVLQGGLH*DVVHQXQG .DQlOHIUGHQ+XEVFKUDXEHUDEHU]XHQJ© ª9LHOZHLWHUZLUGVLHMDQLFKWIOLHJHQ©HUZLGHUWHLFKKRII QXQJVYROO &RPPLVVDULR7ROLQLGDFKWHQLFKWVRRSWLPLVWLVFKGDVVDK LFKVHLQHP*HVLFKWDQ(V]HLJWHVNHSWLVFKH=JH,FKZDUGD DQGHUVGHQQZHQQLFKHUVWHLQPDOGHQ2SWLPLVPXVYHUORU NRQQWHLFKJDQ]HLQSDFNHQ 'LFKWIORJHQZLUEHUGHQ+lXVHUQKLQZHJ0DQFKPDO JODXEWHLFKGLH0DVFKLQHZUGHGLH6FKRUQVWHLQHDEUDVLHUHQ DEHUXQVHU3LORWKDWWHGHQ+XEVFKUDXEHUIHVWLP*ULII $XIHLQPDOYHUVFKZDQGGLH(XOH )DVWZLHHLQ6FKZLPPHULQV:DVVHUVRWDXFKWHVLHSO|W]OLFK LQHLQH/FNH]ZLVFKHQGLHHQJJHJHQEHUVWHKHQGHQ+lXVHU
%HIDQGVLFKGRUWLKU=LHO" ,FKPDFKWHGHP3LORWHQGXUFK+DQGEHZHJXQJHQNODUNUHL VHQG]XIOLHJHQ(UOLHGLH0DVFKLQHHLQZHQLJLQGLH+|KH VWHLJHQXQGIORJQXQLQGLH5XQGH ª:RVLQGZLUKLHU"©'LHVH)UDJHJDOWGHP.RPPLVVDU 7ROLQLGHXWHWHQDFKUHFKWVª1LFKWZHLWYRQKLHUKDEHQZLU XQVLQGHUYHUJDQJHQHQ1DFKWKHUXPJHWULHEHQ© ª/LHJHQKLHUDXFK*UDEPlOHULUJHQGZHOFKHU'RJHQ"© 7ROLQLKREGLH6FKXOWHUQª:LHPLUEHNDQQWLVWQLFKW :HQLJVWHQVQLFKWGLH*UDEVWlWWHQGHUEHUKPWHQ© 6ROOWHQZLUODQGHQ",FKEHUOHJWHKLQXQGKHU'LH6WULJH WDXFKWHYRUHUVWQLFKWDXI(VZDUHLQ6SLHOLQGHPGLH &KDQFHQJOHLFKVFKOHFKWRGHUJOHLFKJXWVWDQGHQZREHLHVDXI GHQ%OLFNZLQNHODQNDP 0LWGHP'DXPHQGHXWHWHLFKQDFKXQWHQ 8QVHU3LORWYHUVWDQGª$EHUQLFKWKLHU©ULHIHUª'LH6WUDHQ VLQG]XVFKPDO© ª9HUVXFKHQ6LHLQGHU1lKHHLQHQ3ODW]]XILQGHQ© 'DVWDWGHU0DQQ:LUKSIWHQSUDNWLVFKYRQ+DXVGDFK]X +DXVGDFK6LHZDUHQQLFKWDOOHJOHLFKKRFKXQGGLH 6FKDXNHOHLVFKOXJPLUHLQZHQLJDXIGHQ0DJHQ 'DQQKDWWHQZLUHLQHQ2UWJHIXQGHQ (VZDUHLQRYDOHU3ODW]YRQ]ZHL:DVVHUVWUDHQHLQJH VFKORVVHQ9RQKLHUREHQVDKHQZLUHLQLJH%lQNHDXIGHQHQ 0HQVFKHQVDHQ6LHEOLFNWHQ]XXQVKRFK 6FKQHOOYHUORUGLH0DVFKLQHDQ+|KH6LHZXUGHGDQDFK ODQJVDPXQGVHW]WHVFKOLHOLFKVDFKWDXI 'LH(LQKHLPLVFKHQDXIGHQ%lQNHQVWDUUWHQXQVDQDOV NlPHQZLUYRP0DUV(LQLJHYRQLKQHQVWDQGHQDXIXQGOLH IHQGDYRQ$XIGHQEHLGHQ.DQlOHQIXKUHQ%RRW0HLVWZXU GHQVLHJHUXGHUWXQGZDUHQPLW:DUHQEHODGHQGLH]XHLQHP 0DUNWWUDQVSRUWLHUWZXUGHQ'LH6FKLIIHUEHNDPHQHEHQIDOOV JURH$XJHQDOVZLUDXVGHP+XEVFKUDXEHUNOHWWHUWHQ :LUKDWWHQGHP3LORWHQNODUJHPDFKWHUVWHLQPDO]XZDUWHQ (UYHUVWDQGª6ROOLFKDOV5FNHQGHFNXQJKLHUEOHLEHQ"© ª6RXQJHIlKU©,FKVFKDXWH7ROLQLDQª6LHJHKHQPLW)DOOV
ZLULUJHQGHWZDVILQGHQVFKLFNHLFK6LH]XUFNGDPLW6LH PHLQHQ.ROOHJHQ6XNRKROHQ© 'HU.RPPLVVDUZLHJWH]XHUVWGHQ.RSI]HLJWHVLFKQDFK HLQLJHPhEHUOHJHQDOOHUGLQJVHLQYHUVWDQGHQª1XUZHUGHQ ZLU]X)XNDXPJHKHQN|QQHQ©PHLQWHHUª:LUPVVHQHV PLWHLQHP%RRWYHUVXFKHQ© 'DKDWWHQZLUGDV'LOHPPD:RKHUQHKPHQXQGQLFKW VWHKOHQ"7ROLQLUHJHOWHGDV(UVSUDFKPLWGHQ/HXWHQ GLHXQV]XVFKDXWHQSDODYHUWHHLQLJH0LQXWHQXQGKDWWH (UIROJ(LQlOWHUHU0DQQEUDFKWHXQV]XHLQHU7UHSSHGLH ]XP.DQDOIKUWH (LQNOHLQHV0RWRUERRW(VKDWWHHLQHQ$XHQERUGHU,FK ]DKOWHGLH/HLKJHEKUXQGGHU%HVLW]HUO|VWHK|FKVWSHUV|Q OLFKGLH/HLQH'DQQVWLHJHQZLUHLQXQGDEJLQJGLH)DKUW ,QGHU1DFKWVLQGDOOH.DW]HQJUDX$OVPLU7ROLQLHUNOlUWH GDZLUYRU6WXQGHQQRFKGLHJOHLFKH6WUHFNHJHIDKUHQ ZDUHQZROOWHLFKHVNDXPJODXEHQ $EHULFKVSUWHLUJHQGZLHGLHVHVDQGHUH9HQHGLJ.DXPHLQ 0HQVFKEHIDQGVLFKXQWHUZHJV'LH+lXVHUVDKHQDP7DJH QRFKVFKOLPPHUQRFKYHUIDOOHQHUDXV+LHUNRQQWHPDQQLFKW PHKUOHEHQQXUQRFKKDXVHQ0DQFKPDOVFKDXWHQDXVJODV ORVHQ)HQVWHUQILQVWHUH*HVLFKWHU0DQEHVSLHXQVMHPDQG ZDUIDXFKHLQH%FKVHGDQQZDUHVZLHGHUVWLOOXQGLFKOLH PLFKYRQGHU8PJHEXQJUHJHOUHFKWIHVVHOQ ,UJHQGZLHZDUVLHXQKHLPOLFK-HGHU6WHLQKLHUREZRKO VWXPPVFKLHQYRQ0RGHU7RGXQG9HUJlQJOLFKNHLW]XUHGHQ hEHUGHP:DVVHUODJHLQVHOWVDPIDXOLJHU*HUXFK7DXEHQ IORJHQGXUFKGLH/XIW,KUH)OJHOVFKOlJHZDUHQWUlJHXQG LFKPXWHZLHGHUDQGLH9|JHOGHQNHQGLHWRWDXIJHIXQGHQ ZRUGHQZDUHQ (VJDE+lXVHUGLHEHVFKULIWHWZDUHQ,QVFKULIWHQGLHLFK NDXPHQW]LIIHUQNRQQWHZHLOVLHLQ/DWHLQJHVFKULHEHQZDUHQ ,QGLHVH*HJHQGILHOQXUVHOWHQHLQ6RQQHQVWUDKOLQGHQ HQJHQVFKOXFKWHQDUWLJHQ*DVVHQZDUHVZHVHQWOLFKNKOHUDOV VRQVWXQGGDVXQVLFKWEDUH*HVSHQVWGHV9HUIDOOVJHLVWHUWH EHUDOOXPKHU
'HU/lUPGHVNOHLQHQ$XHQERUGHUVNDPPLUGLUHNW VW|UHQGYRU'DQQHUVFKLHQYRUXQVGLH%UFNHXQGGHU .RPPLVVDUHUNOlUWHPLUGDHVJHQDXGLHJHZHVHQZDU GLHGDV0lGFKHQYHUIHKOWKDWWHEHYRUHVLQV:DVVHUVWU]WH ª:HQQZLUMHW]WHLQH=HLFKQXQJKlWWHQ©PXUPHOWHLFK ª$EHUVLHKDWGRFKDXVJHVDJW© ª+DEHQ6LHGLH:RUWHQRFKLP.RSI"© 7ROLQLREGLH6FKXOWHUQ(UKDWWHGLH*HVFKZLQGLJNHLW JHVHQNWVDDP+HFNXQGVFKDXWHQXU :LUIXKUHQXQWHUGHU%UFNHKHU,UJHQGZLHGURKHQGVDKHQ GLH5FNVHLWHQGHU+lXVHUDXV9HUIDOOHQH)DVVDGHQRIWGLFKW EHUGHP:DVVHUPLW0RRVEHZDFKVHQXQGPDQFKPDOHQW GHFNWHLFKHLQH7UHSSH ,FKVSUWHGDZLUGLFKWYRUGHP=LHOZDUHQXQGVROOWH PLFKQLFKWJHWlXVFKWKDEHQ 3O|W]OLFKVDKLFKHWZDVDXIGHP:DVVHUVFKZLPPHQ 0HKUHUH*HJHQVWlQGHHWZDGRSSHOWVRJURZLHHLQH+DQG XQGZHLOLFKVFKLPPHUQG:LUJOLWWHQQlKHUKHUDQXQGLFK NRQQWHGLH*HJHQVWlQGHLGHQWLIL]LHUHQ (VZDUHQWRWH7DXEHQ 8QGVLHVFKZDPPHQPLWGHQ%lXFKHQQDFKREHQ'HVKDOE GLHVHVKHOOHUH6FKLPPHUQ ª+DOWHQ6LHDQ©VDJWHLFKPLWUDXKHU6WLPPH,FKZDUHWZDV QHUY|VJHZRUGHQGHQQZLUEHIDQGHQXQVVLFKHUOLFKQLFKW PHKUZHLWYRP=LHOHQWIHUQW 'HU0RWRUYHUVWXPPWH(LQZHQLJZXUGHQZLUQRFK ZHLWHUJHWULHEHQXQGJHULHWHQ]ZLVFKHQGLHWRWHQ7DXEHQ,FK ]lKOWHVLHUDVFKXQGNDPDXIGLH=DKO WRWH7DXEHQ+DUWPXWHLFKVFKOXFNHQ:HUKDWWHLKUHQ 7RGYHUVFKXOGHW" $QGLH6WULJHQZROOWHLFKQLFKWVRUHFKWJODXEHQGHQQGLH OHW]WH6DWDQVHXOHZDULQGHU1lKHHLQHV7DXEHQVFKZDUPV YRUEHLJHIORJHQRKQHGDVLFKHWZDVJHWDQKlWWH:DKU VFKHLQOLFKZDUHQGLHWRWHQ5LHVHQYDPSLUHDQGHU9HUQLFKWXQJ GLHVHU7LHUHVFKXOG %HIDQGVLFKGLH6WULJHYLHOOHLFKWDXFKLQGHU1lKH",FK
GUHKWHPLFKLQGHPNOHLQHQ%RRWVRJXWHVJLQJ6WLOOHODVWHWH ]ZLVFKHQGHQ+DXVZlQGHQ1XUGDV*OXFNVHQXQG .ODWVFKHQGHV:DVVHUVZDU]XK|UHQZHQQHVJHJHQGLH +DXVZlQGHVSOWH ª'LH.OHLQHKDWGRFKYRQHLQHP%DONRQHU]lKOW©VDJWH 7ROLQLª9LHOOHLFKWVHKHQZLULKQKLHU© (VJDE]ZDU%DONRQHDEHUREQXQGHUGDEHLZDUEHUGHQ )UDQFD3DWHOOLJHNOHWWHUWZDUNRQQWHLFKQLFKWVDJHQ 8QVHU%RRWVWLHPLWGHP5XPSIJHJHQGLH+DXVZDQG ZXUGHZLHGHU]XUFNJHGUFNWZHLWHUJHWULHEHQXQGJOLWW GRUWKLQZRLFKHWZDVLQGLH:DQGHLQJHPHLHOWVDK (LQHQ7H[W $XWRPDWLVFKEHJDQQLFK]XOHVHQ'LH6WHOOHQZDUHQHEHQ IDOOVLQODWHLQLVFKHU6SUDFKHYHUIDWPDQKDWWHGLH:RUWH GLFKWQHEHQHLQDQGHUJHGUFNWNDXP=ZLVFKHQUDXPJH ODVVHQDEHUHLQ1DPHILHOPLUDXI 6WULJXV 9HUGDPPWHUZDUKLHU 2GHUHUPXWHKLHUJHZHVHQVHLQGHQQQLFKWXPVRQVWZDU VHLQ1DPHKLHUYHUHZLJWZRUGHQ ª'DVLVWHV©VDJWHLFKPLWIHVWHU6WLPPHXQGQLFNWHGHP .RPPLVVDU]X ª:LHVR"© ª+LHUPXGDV*UDEGHV'RJHQRGHUZDVZHLLFKOLHJHQ 'HU1DPH6WULJXVLVWLQGLH:DQGHLQJHPHLHOWZRUGHQ© (LQH0LQXWHOLHLFK7ROLQL=HLWVLFKGHQ7H[WDQ]XVFKDXHQ 'DQQIUDJWHLFKª+DEHLFKUHFKW"© ª-D©KDXFKWHHUª'DVWHKW6WULJXVXQGHWZDVYRQ 7RGIHLQGVFKDIW© ª0LWZHP"© ª0LWGHQ7ULQNHUQGHV%OXWHV© ª'DVVLQGGLH9DPSLUH©VWLHLFKKHUYRU ª:DKUVFKHLQOLFK© ª1LFKWQXUGDVVRQGHUQJDQ]VLFKHU©0HLQ*HVLFKWVSDQQ WHVLFKª,FKVWHKHGLFKWYRUGHP=LHO&RPPLVVDULRYHU GDPPWGLFKWVRJDUXQGLFKGHQNHQLFKWGDUDQDXI]XJHEHQ
-HW]WJHKWHVORV6LHIDKUHQ]XUFNKROHQPHLQHQ3DUWQHU VSHUUHQGDV9LHUWHOPHLQHWZHJHQDEXQGLFKYHUVXFKH 6WULJXV]XILQGHQ© ª'DVLVWJHIlKUOLFK© ª:LHGDV)DKUHQPLWHLQHP$XWR%HHLOHQ6LHVLFK .RPPLVVDU©%HLPOHW]WHQ:RUWJLQJLFKGDUDQGDV%RRW]X YHUODVVHQ,FKKDWWHHLQHVFKPDOH7UHSSHJHVHKHQ0LWHLQHP 6SUXQJHUUHLFKWHLFKVLHXQGOLH7ROLQL]XUFN 'HU3ROL]HLNRPPLVVDUIXKUGDYRQ1RFKHLQPDOZLQNWHHU PLU]XGDQQJDEHUGHPNOHLQHQ%RRW6WRII ,FKEHJDQQPLWGHU6XFKHQDFK6WULJXV 'LH7UHSSHHQGHWHYRUHLQHU7U)DXOLJZDUGDV+RO] (VURFKDXFKVR$OVLFKPHLQ*HVLFKWELVGLFKWDQGLH7U EUDFKWHYHU]RJHQVLFKPHLQH0XQGZLQNHO (LQSDDUPDOWUDWLFKLPXQWHUHQ'ULWWHOGDJHJHQXQGHV JHODQJPLUVLHDXI]XVWRHQ /DQJVDPVFKZDQJLFK]XUFN :LHHLQ6FKDWWHQUL]HLFKQHWHVLFKPHLQ.|USHULP 7UUHFKWHFNDE,FKVWDQGLP+HOOHQZlKUHQGYRUPLUHLQ GVWHUHU*DQJODJGHULQGDV7UHSSHQKDXVIKUWH (LQXQKHLPOLFKHV+DXVGLHVVSUWHLFKVRIRUW+LHUEDOOWH VLFKGHU0LHIGHU9HUJDQJHQKHLWHLQHUDOWHQ(SRFKHYRQGHU QXUQRFKhEHUUHVWH]XUFNJHEOLHEHQZDUHQ)UKHUKDWWHQ GLH0HQVFKHQDXI*HOGQLFKW]XVFKDXHQEUDXFKHQ9HQHGLJ ZDUHLQHUHLFKWH6WDGWJHZHVHQGHPHQWVSUHFKHQGSUlVHQWLHU WHQVLFKDXFKGLH+lXVHU 6HOEVWLQGHQZHQLJHQSUlFKWLJHQZLHGLHVHPLQGHPLFK VWDQGJDEHVLPPHUQRFK0DUPRUZlQGHHLQHQ6WHLQIXER GHQDXVGHPJOHLFKHQ0DWHULDOXQGPLUVFKLHQHVDOVKlWWH GLHGDPDOLJHQ%DXKHUUHQGLH+lXVHUIUGLH(ZLJNHLWHUULFK WHQZROOHQ 1DWUOLFKZDUYLHOHV]HUVW|UW,FKPXWHEHU6FKXWW VWHLJHQ6WHLQHQDXVZHLFKHQXQGDQGHQ]HUNUDW]WHQ :lQGHQHQWODQJJHKHQGDPLWLFKGLH7UHSSHHUUHLFKWH
6LHZDU]HUVW|UW (LQH+RIIQXQJZHQLJHU,FKKDWWHJHGDFKWEHUHLQH7UHSSH GLHREHUHQ(WDJHQ]XHUUHLFKHQ'RUWNRQQWHQVLFKXQWHU 8PVWlQGHQGLH6WULJHQRGHUDXFKDQGHUH*HJQHUYHUVWHFNW KDOWHQGRFKDOOHP$QVFKHLQQDFKJDEHVGDQRFKDQGHUH 6FKOXSIZLQNHO 6WULJXVKDWWHKLHUJHOHEW'DYRQJLQJLFKDXV(UPXWHPLW GLHVHP+DXVHWZDV]XWXQJHKDEWKDEHQ(WZDV9HUERWHQHV *UDXHQKDIWHV*HIlKUOLFKHV 8QGZRNRQQWHHUGDVGXUFKIKUHQ" ,P.HOOHU (LQHWRWH7DXEHZLHVPLUGHQ:HJ6LHODJDXIGHP%RGHQ ZLHDEJHVFKRVVHQXQGLFKHQWGHFNWHWDWVlFKOLFKLQHLQHP :LQNHOGHV)OXUVGHQ(LQJDQJLQGLH7LHIH )UHLQHQ0RPHQWEOLHELFKGDYRUVWHKHQ(LQHNDOWH *l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lJHNRQQWHPLFKQLFKWPHKUULFKWLJKDOWHQXQGUXWVFKWH LQGLH7LHIH $OO]XODQJHEHIDQGLFKPLFKQLFKWDXIGLHVHUXQIUHLZLOOLJHQ 5XWVFKSDUWLH$EHULFKODQGHWHPLWHLQHP.UDFKGHQQYRUPLU EHIDQGVLFK+RO]RGHUZDVQLFKWDOOHV :HQQPDQPLFKELVKHUQRFKQLFKWJHK|UWKDWWHMHW]WZDU DOOHVNODU6ROOWHQPHLQH*HJQHUKLHUODXHUQGDQQZXWHQVLH GDLFKGDZDU
/DQJHEOLHELFKQLFKWOLHJHQUROOWHPLFK]XU6HLWHVSUDQJ DXIGLH)HKROWHHQGOLFKPHLQH/DPSHKHUYRUVFKDOWHWHVLH HLQ 'QQVHKUGQQZDUGHU6WUDKO$EHUHU]HLJWHPLUGRFK ZRLFKPLFKEHIDQG ,QHLQHP.HOOHUYROOHU*HUPSHO,UJHQGMHPDQGKDWWHKLHU VHLQHQ$EIDOOKLQJHNLSSW=ZLVFKHQXUDOWHQ%HWWJHVWHOOHQ ]HUEURFKHQHQ+RO]NLVWHQXQGIDXOLJHQ.DUWRQVNDPLFK PLUGHSOD]LHUWYRU9RUDOOHQ'LQJHQGHVKDOEZHLOLFKNHLQH 6WULJHVDK $XFKNHLQH6SXUYRQGHQURWHQ9DPSLUHQ,FKVFKLHQGDV HLQ]LJH/HEHZHVHQKLHU]XVHLQ :DUHVHLQH7lXVFKXQJJHZHVHQ"$OOHVGHXWHWHGDUDXIKLQ GDLFKPLFKLQGLHVHQIHXFKWHQ.HOOHUQXUYHULUUWKDWWH:HQQ PHLQH6FKlW]XQJHQVWLPPWHQGDQQPXWHHUVRJDUKDOE XQWHU:DVVHUOLHJHQGDVKHLWGHU:DVVHUVSLHJHOGHV.DQDOV ZDUHLQELV]ZHL0HWHUK|KHUDOVGHU.HOOHUUXERGHQ :HQLJH6FKULWWHJLQJLFKYRUXQGOLHGDEHLGHQ /DPSHQVWUDKO]X%RGHQVLQNHQ 'DQQHQWGHFNWHLFKGRFKHWZDV (VZDUHLQH.ODSSWURGHUHLQH)DOOWUZLHLPPHUPDQHV DXFKVHKHQZROOWH 6FKRQRIWLQPHLQHU/DXIEDKQZDULFKDXIlKQOLFKH7UHQ JHVWRHQXQGPLFKKDWWHLPPHULQWHUHVVLHUWZDVGDUXQWHU RGHUGDKLQWHUODJ 'HUHLVHUQH5LQJOXGJHUDGH]XHLQGLH)DOOWUDQ]XKHEHQ ZDVLFKDXFKWDW,FKEUDXFKWHQLFKWHLQPDOYLHO.UDIWHLQ ]XVHW]HQ $OVVLHVHQNUHFKWVWDQGNRQQWHLFKVLHQLFKWPHKUKDOWHQ6LH EHNDPGDVhEHUJHZLFKWXQGILHOQDFKKLQWHQ ,FKKDWWHIUHLH6LFKWXQGVFKDXWHDXI:DVVHU -DGDUXQWHUEHIDQGVLFKJUDXHVVFKPXW]LJHV:DVVHUDOOHU GLQJVQLFKWVRKRFKGDHVGHQ5DQGGHU.ODSSHHUUHLFKW KlWWH=ZLVFKHQLKPXQGGHP:DVVHUVSLHJHOEHIDQGVLFKHLQ HWZDNRSIKRKHU=ZLVFKHQUDXPGHUPLW$WHPOXIWJHIOOWZDU 'DV5LVLNRLQGDV:DVVHU]XVWHLJHQZDUDOVRQLFKWVHKU
JUR,FKNRQQWHLPPHUZLHGHUDXIWDXFKHQXQG/XIWKROHQ =XQlFKVWHLQPDOJLQJLFKLQGLH+RFNHXQGOHXFKWHWH'HU 6WUDKOYHUORUVLFKVHKUUDVFKLQGHUWUEHQ)OXWDEHULFKJODXE WHGLH8PULVVHHLQHVDXIUHFKWVWHKHQGHQ*HJHQVWDQGHV]X HUNHQQHQ 9LHOOHLFKWHLQH)LJXU" -HW]WZDULFKVFKRQVRZHLWJHJDQJHQXQGZROOWHHVJHQDX HUZLVVHQ'LH/DPSHVWHFNWHLFKZHJXQGWDXFKWHLQGLH EUDFNLJH)OXW6LHZDUQLFKWVHKUNDOWIDVWDQJHQHKPDEHUHV VFKZDPPYLHO'UHFNKHUXP,FKVDQNLQGLH7LHIHKDWWHGLH %HLQHDXVJHVWUHFNWXQGVSUWHSO|W]OLFK*UXQGXQWHUPHLQHQ )HQ6RHEHQJHODQJHVPLU]XVWHKHQXQGGDEHLGHQ0XQG EHU:DVVHU]XKDOWHQ 8PMHGRFKGLH)LJXUEHVVHU]XHUNHQQHQPXWHLFK WDXFKHQ'DVWDWLFKQDFK]ZHLPDOLJHP/XIWKROHQ ,QGLH6WLOOHKLQHLQJOLWWLFKNDPGHU)LJXUQlKHUGHUHQ 8PULVVHVLFKDOOPlKOLFKNODUHUKHUDXVNULVWDOOLVLHUWHQXQGLFK HUNDQQWHVLH 'DVZDU6WULJXV 9RUPLUVWDQGGLHVHZLGHUOLFKH'lPRQHQDEDUWDOV0RGHOO DOVHLQ%LOGQLVHLQ'HQNPDO 'DPLWKDWWHLFKQLFKWJHUHFKQHW,FKVFKZDPPVHKUGLFKW KHUDQXQGNRQQWHVLHPLUVRJDUDQVHKHQ 6WULJXVVDKVRDXVZLHLFKLKQNDQQWH+DOE6NHOHWWKDOE (XOH'HU6FKlGHOVFKLHQLQGHU0LWWHJHWHLOW]XVHLQ'LHHLQH +lOIWHJHK|UWHHLQHU(XOHGLHDQGHUHEHVWDQGQXUDXV EOHLFKHQ.QRFKHQ ,FKVFKZDPPVRGLFKWKHUDQGDLFKLKQEHUKUHQNRQQWH :DUHQGLH.QRFKHQQXQHFKWRGHUDXV6WHLQQDFKJHELOGHW",FK ZXWHHVQLFKWXQGLFKNDPDXFKQLFKWPHKUGD]XGDUEHU QDFK]XGHQNHQGHQQGLH(UHLJQLVVHEHUVWU]WHQVLFKXQG ZXUGHQPLUDXVGHU+DQGJHULVVHQ%HYRULFKPLFKPLWGHQ )OJHOQGLHVHUVHOWVDPHQ0XWDWLRQEHIDVVHQNRQQWHVSUWH LFKGDV=LHKHQDQPHLQHQ)HQ (VZDUHLQ*HIKODOVKlWWHQPLFKXQVLFKWEDUH+lQGH JHSDFNW+lQGHZDUHQHVQLFKWVRQGHUQGLHVH.UDIWJLQJ
HLQ]LJXQGDOOHLQYRQGHP:DVVHUDXVGDVGHQ.HOOHU EHUVFKZHPPWKLHOW (VZXUGHDEJHVDXJW (LQJHZDOWLJHU6RJHQWVWDQGOLQNVYRQPLU'LHVHU6RJZDU VRVWDUNGDHUDXFKPLFKLQGLH5LFKWXQJ]LHKHQZROOWHXQG HVZlUHLKPIDVWJHOXQJHQZHQQLFKPLFKQLFKWLPOHW]WHQ $XJHQEOLFNDQ6WULJXVIHVWJHNODPPHUWKlWWH 'LH/XIWZXUGHPLUNQDSS-HW]WKlWWHLFKQDFKREHQ VFKZLPPHQPVVHQXPHLQ]XDWPHQGRFKLFKNRQQWHQLFKW ORVODVVHQGHU6RJZDUHLQIDFK]XVWDUNXQGKlWWHPLFKLQ PHLQ9HUGHUEHQJH]RJHQ :LHODQJHGDXHUWHHV 0HLQJHVDPWHU.|USHUVFKULHQDFK/XIWGRFKLFKGXUIWHDXI NHLQHQ)DOOORVODVVHQ'DV:DVVHUXPPLFKKHUXPEHIDQGVLFK LQ%HZHJXQJGHU.HOOHUOHHUWHVLFK,FKKRIIWHGDUDXIGDLQ HLQHPEHVWLPPWHQ=HLWUDXPJHQJHQG:DVVHUDEIORGDPLW LFKZLHGHUDWPHQNRQQWH ,FKKDWWH*OFN 3O|W]OLFKODJPHLQH*HVLFKWIUHL1XUQRFKGHU.|USHU ZXUGHKRFKJHVFKZHPPWLFKDWPHWHWLHIHLQVFKDXWHQDFK XQWHQXQGVDKZLHLPPHUPHKU:DVVHUGHQ.HOOHUYHUOLH -HW]WNRQQWHLFKDXFKZLHGHUGLH/DPSHQHKPHQXQG VWHOOWHIHVWGDLFKELV]XGHQ.Q|FKHOQLP6FKODPPVWDQG $EHUZRZDUGDV:DVVHUDEJHODXIHQ" 9RQPHLQHU3RVLWLRQDXVNRQQWHLFKQLFKWVHUNHQQHQ(LQ SDDU6FKULWWHPXWHLFKVFKRQYRUJHKHQHQWGHFNWHGDQQGDV /RFKLQGHU:DQGGDVZLUNOLFKULHVLJZDUVDKGDKLQWHUHLQHQ IHXFKWHQ)HOVHQJDQJXQGVFKULWWLKQHQWODQJ hEHUUDVFKWEOLHELFKZHQLJVSlWHUVWHKHQ9RUPLUODJHLQH JURHXQWHUGHP:DVVHUOLHJHQGHQ+|KOHLQGHUVLFKHLQ NOHLQHU6HHDQJHVDPPHOWKDWWH$XILKPVFKZDPPHQGLH ZHLHQ6lUJH +LHUDOVRZDULKU=LHO (VZDUHLQLUJHQGZLHXQKHLPOLFKHV%LOG'DVGXQNOH :DVVHUYRUGHPVLFKGLH6lUJHEHVRQGHUVVFKDUIDEKREHQ ,FKZXWHMDZRPLWVLHJHIOOWZDUHQXQGYHUVSUWHHLQHQ
OHLFKWHQ6FKDXGHU'LH'HFNHVRZLHGLH:lQGHGHV*HZ|OEHV EHVWDQGHQDXVUDXKHP*HVWHLQXQGLFKZDUPLUVLFKHUGD XQWHUKDOEGHV:DVVHUVSLHJHOVHLQZHLWHUHU$EIOXOLHJHQ PXWH )XUFKWSDFNWHPLFKDOVLFKJHJHQGLH'HFNHOHXFKWHWH'RUW KRFNWHQJHZDOWLJH6FKDWWHQ6LHKDWWHQVLFKLP*HVWHLQIHVW JHNUDOOWLFKZXUGHZLHGHUDQGLHJURHQ+|KOHQGHU 6FKZlELVFKHQ$OEHULQQHUWGHQQGRUWKDWWHQVLHLQGHU JOHLFKHQ+DOWXQJJHVHVVHQ (VZDUHQGLHURWHQ9DPSLUH 9RUPLUGLH6lUJHEHUPLUGLH9DPSLUH'LH%OXWVDXJHUDOV DXFKGLH6WULJHQZDUHQ)HLQGHYRQPLUVRGDLFKPLFKIKO WHZLHMHPDQGGHU]ZLVFKHQGHQ)URQWHQVWDQG $EHUGDV6SLHOZDUQRFKQLFKWEHHQGHW'DV:DVVHUJHULHW SO|W]OLFKLQ%HZHJXQJHVZDUI:HOOHQGLH6lUJHEHJDQQHQ ]XVFKDXNHOQDXVGHU7LHIHKHUPXWHHWZDVQDFKREHQ VWHLJHQ 8QZLOONUOLFKKLHOWLFKGHQ$WHPDQ:DVZUGHGRUWDXI WDXFKHQ"6HNXQGHQVSlWHUKDWWHLFKGLH$QWZRUW =XHUVWHUVFKLHQGHU.RSI+DOE(XOHQKDOE6NHOHWWVFKlGHO %HLGHU6FKXOWHUZDUHVGDVJOHLFKH$XFKKLHU.QRFKHQXQG )HGHUQ,PPHUK|KHUWDXFKWHGLH*HVWDOWGLHHEHQVRDXVVDK ZLHKLQWHUPLUGDV'HQNPDO'LHVPDOZDUGHUHFKWH6WULJXV HUVFKLHQHQXQGDXIVHLQHUUHFKWHQ6FKXOWHUKRFNWHGLH(XOH GLHZLUYHUIROJWKDWWHQ (VZDUHLQJUDXHQKDIWHVVFKDXULJHV%LOGZLHHVGDDXVGHP :DVVHUVWLHJXQGPLWMHGHP=HQWLPHWHUGHQHUKLQWHUVLFK OLHZXUGHGDV*UDXHQVWlUNHU 0HLQ+HU]NORSIWHVFKQHOOHU,FKVFKDXWHDXIGLH6lUJHXQG VWHOOWHIHVWGDVLFKGLH'HFNHOEHZHJWHQ9RQXQWHQZXUGH JHJHQVLHJHGUFNWPDQVWHPPWHVLHLQGLH+|KHVRGDGLH 6WULJHQLKUHZHLHQ7RWHQNLVWHQYHUODVVHQNRQQWHQ 6ROHLVHHVJLQJJHVFKDKGLHVXQGDXFKLFKZDUHLQVWXP PHU%HREDFKWHU
0HLQH%HUHWWDKDWWHLFKJH]RJHQULFKWHWHGLH0QGXQJDXI 6WULJXVGHUVLFKEHUKDXSWQLFKWVW|UHQOLHXQGDXVGHP6HH NOHWWHUWH 'DQQVWDQGHQZLUXQVJHJHQEHU =XPHUVWHQPDO,FKGDFKWHGDUDQZLHVFKQHOOHUDXIGHP 6FKLIIJHZHVHQZDUDOVLFKPHLQHQPDJLVFKHQ%XPHUDQJ DXILKQJHVFKOHXGHUWKDWWH(UZDUVRJDUGLHVHU:DIIHDXV JHZLFKHQXQGNRQQWHPLUGHVKDOEHQWNRPPHQ$QJVW ]HLJWHHUQLFKWGHQQHUZXWHVHLQH+HOIHUKLQWHUVLFKGLH DOOHVDPWLQGHQMHW]WRIIHQHQ6lUJHQKRFNWHQ 6LHZDUHQYRP0HHUKHUDQJHWULHEHQZRUGHQMHW]WKDWWHQ VLHLKU=LHOHUUHLFKWXQGLFKZDUJHVSDQQWZDVVLHKLHU ZROOWHQ,FKGDFKWHDQGLH)HLQGHGLHURWHQ9DPSLUHXQG 6WULJXV 2UJDQXQWHUEUDFKPHLQHhEHUOHJXQJHQ ª:LUNHQQHQXQV-RKQ6LQFODLU© =XPHUVWHQPDOK|UWHLFKLKQVSUHFKHQ(UNUlFK]WHPHKU LFKPXWHPLFKDQVWUHQJHQXPLKQYHUVWHKHQ]XN|QQHQ ª'DVVWLPPWDOOHUGLQJV©VDJWHLFKª'DEHLKDEHLFKVRJDU JHKRIIWGDZLUXQVQRFKHLQPDOEHJHJQHQZUGHQ© ª6LFKHUDEHUIUGLFKLVWHVGHUIDOVFKH=HLWSXQNWGHQQGX ZLUVW]ZLVFKHQGLH)URQWHQJHUDWHQXQGYHUQLFKWHW© ª:HVKDOEVHLGLKUKLHU"©IUDJWHLFKGHQQLFKZROOWHHQGOLFK GLH/|VXQJGHV5lWVHOVHUIDKUHQ 6WULJXVJDEHUVWHLQPDONHLQH$QWZRUW(UEHZHJWHVHLQHQ KlOLFKHQ6FKlGHOVFKDXWHLQGLH+|KHVDKGLH9DPSLUH ZRKOGRFKHUUHGHWHQLFKWGDUEHU 'DQQDQWZRUWHWHHUXUSO|W]OLFKª(VJLEWHLQHODQJHODQJH )HLQGVFKDIW]ZLVFKHQXQVXQGGHQ9DPSLUHQ9RUDOOHQ 'LQJHQZDUHQHVGLHURWHQ9DPSLUHGLHXQVLPPHUZLHGHU DQJULIIHQXQGDXVURWWHQZROOWHQ6LHKDEHQHVDEHUQLH JHVFKDIIWGHQQZLUZDUHQVFKODXHU© ª:DUGLHVYRUGHU=HLWGHVJURHQ6FKODIHV"© ª'XKDVWHVHUIDW$XFKZLUVLQGGDPDOVLQGHQJURHQ 6FKODIJHIDOOHQDOVGLH(UGHQRFKOlQJVWQLFKWVRZDUZLH KHXWH'LH0HQVFKHQEHJDQQHQVLFKHUVW]XHQWZLFNHOQVLH KDWWHQHVJHOHUQWPLWGHQ'lPRQHQ]XOHEHQVLHDN]HSWLHUWHQ
XQV:LUNDPHQDXVGHQZHLWHQ1RUGOlQGHUQXQGZROOWHQ XQVGLH0HQVFKHQ8QWHUWDQPDFKHQ'DQQDEHUWUDIHQZLUDXI GLHURWHQ9DPSLUHGLHGDVJOHLFKH=LHOYHUIROJWHQ:LUZXU GHQ)HLQGHEHNlPSIWHQXQVXQGELV]XPODQJHQ6FKODIGHV 9DPSLURGHOPDUEOLHEHVXQHQWVFKLHGHQ(VNRQQWHHLQIDFK NHLQHQ6LHJHUJHEHQDEHUGLHVHU.DPSILVWQRFKOlQJVWQLFKW EHHQGHW0LWGHU:LHGHUDXIHUVWHKXQJGHV9DPSLURGHOPDU XQGVHLQHURWHQ9DPSLUHHULQQHUWHQDXFKZLUXQVGHUDOWHQ =HLWHQXQGZLUZHUGHQGLHVHQ.DPSIIRUWVHW]HQELVHVHLQHQ 6LHJHUJLEW'HVKDOEVLQGZLUKLHUhEHUDOODXIGHU:HOWJLEWHV QRFK2UWHZRPDQVLFKDQXQVHULQQHUW:LHKLHULQ9HQHGLJ 'LH0HQVFKHQKDEHQHLQ'HQNPDOJHVFKDIIHQ$XVGHQhEHU OLHIHUXQJHQZXWHQVLHZHUZLUZDUHQ'LHDOWHQ5|PHU VFKRQKDEHQXQVYHUHKUWHEHQVRGLH:LNLQJHUXQGGLH9|ONHU GHV1RUGHQV'LH6WULJHQZDUHQQLFKWYHUJHVVHQVLHVLQGGLH ZDKUHQ+HUUVFKHUXQGLFK6WULJXVZHUGHVLHZLHGHU]XGHP PDFKHQZDVVLHHLQPDOJHZHVHQVLQG=XYRUPVVHQZLUGLH URWHQ9DPSLUHW|WHQ+HXWHEHJLQQHQZLUGDPLW,QGLHVHU +|KOHYHUQLFKWHQZLUVLH© ª:DVKDWHVPLWGHP*UDEPDODXIVLFK"© 'DV(XOHQZHVHQVWLHHLQKlOLFKHV*HUlXVFKDXVGDVZRKO HLQ/DFKHQVHLQVROOWHª'DV*UDEPDOLVWHLQH7lXVFKXQJ'X KDVWHVVHOEVWJHVHKHQ(VLVWHLQ'HQNPDONHLQ*UDEPDO'LH URWHQ9DPSLUHZXWHQGDZLULUJHQGZDQQKLHUKHUNRPPHQ ZUGHQ9DPSLURGHOPDUKDWVLHJHVFKLFNWXPXQVDXI]X ODXHUQ1LHPDQGVROOZLVVHQZDVKLHUEDOGJHVFKHKHQZLUG :HUGDVDQJHEOLFKH*UDEPDOHQWGHFNWLVWGHP7RGJHZHLKW (UZLUGQLFKWQXUYRQGHQ6WULJHQVRQGHUQDXFKYRQGHQ JHZDOWLJHQ9DPSLUHQJHMDJW© -HW]WZXWHLFKDXFKZHVKDOE)UDQFD3DWHOOLXQGLKU)UHXQG 0DUFRVRKDWWHQOHLGHQPVVHQ 'LHEHLGHQKDWWHQVLFKLQGHQ.HOOHUKLQWHUPLUYHULUUWXQG ZDUHQJHVHKHQZRUGHQ:LHLFKZDUHQDXFKVLH]ZLVFKHQGLH 0KOVWHLQHHLQHUJHZDOWLJHQ$XVHLQDQGHUVHW]XQJJHUDWHQ 9RQLKQHQDOOHUGLQJVKDWWHVLFKQXUHLQH3HUVRQUHWWHQ N|QQHQ'LHDQGHUHZDUHLQ2SIHUGHU9DPSLUHJHZRUGHQ
ª'DQQKDEHQGLH6WULJHQDXFKGLH7DXEHQJHW|WHW"©ZROOWH LFKZLVVHQ ª'DVZDUHQGLH9DPSLUHXQGZLU$EHU]XPHLVWGLH )OHGHUPlXVH:LUEUDXFKHQ%OXWXPH[LVWLHUHQ]XN|QQHQ(V LVWHWZDVDQGHUHVREPDQOHEWRGHULQHLQHPODQJHQ6FKODI OLHJW/HEHQEHGHXWHW.UDIW8QGGLHVH.UDIWJLEWXQVDOOHLQ GDV%OXWZREHLHVHJDOLVWREHVYRQHLQHP0HQVFKHQRGHU HLQHP7LHUVWDPPW©'DVHLQH(XOHQDXJHVFKDXWHPLFKDQ ª%LVWGXMHW]W]XIULHGHQ"© ª-D© ª'DQQNDQQVWGXVWHUEHQ© =ZDUKDWWHLFKQRFKIUDJHQZROOHQZLHHVGHQ5LH VHQIOHGHUPlXVHQJHOXQJHQZDULQGDV*HZ|OEH]XJHODQJHQ GRFKGLH=HLWOLH6WULJXVPLUQLFKWPHKU(UJULIIDXFKQLFKW VHOEVWDQVRQGHUQVFKLFNWHGLH(XOHGLHZLUYHUIROJWKDWWHQ :LHHLQ3IHLOVRVFKQHOOO|VWHVLHVLFKYRQVHLQHU6FKXOWHU XQGMDJWHDXIPLFK]X $XFK6WULJXVEHZHJWHVLFKEUDFKWHVLFKGDEHLDXVGHU 6FKXULFKWXQJZlKUHQGDXVGHQ6lUJHQGLHHUVWHQ6WULJHQ KRFKVWLHJHQ*OHLFK]HLWLJO|VWHQVLFKDXFKGLHURWHQ9DPSLUH YRQLKUHQ3OlW]HQXQGLQGLHVHP$XJHQEOLFNEHJDQQHLQ .DPSIRKQHJOHLFKHQ &RPPLVVDULR7ROLQLKDWWHGHQ3LORWHQ]XQRFKJU|HUHU(LOH DXIJHIRUGHUW1RFKQLHZDUHUVRVFKQHOOEHUVHLQH6WDGW JHIORJHQXQGHUWULHELKQZHLWHUDQGHQQGLH6HNXQGHQ ]lKOWHQ :lKUHQGGHV)OXJVVFKRQJDE7ROLQL$ODUP6HLQH $QZHLVXQJHQHUIROJWHQNQDSSXQGSUl]LVHhEHU%RUGWHOHIRQ VHW]WHHUVLFKPLWVHLQHQ9RUJHVHW]WHQLQ9HUELQGXQJGHU DXFKQRFKHLQH1HXLJNHLWIULKQKDWWH ª:LUZLVVHQMHW]WZRKHUGLH6lUJHVWDPPHQ6LHVLQGDXV HLQHP/DJHUJHVWRKOHQZRUGHQ$OOHUGLQJVQLFKWLQ9HQHGLJ VRQGHUQLQ*HQXD6RHEHQNDPGLH0HOGXQJ©
7ROLQLEHGDQNWHVLFKXQGNOlUWHVHLQHQ&KHIGDQQEHUGHQ *URHLQVDW]DXI 'HU0DQQZROOWHHVQLFKWJODXEHQKLHOWDOOHVIUHLQHQ PDNDEUHQ6FKHU]GRFK7ROLQLV6WLPPHEHZLHVLKPGDHV GHP.RPPLVVDUVHKUHUQVWZDUª'DQQVFKHXFKHQ6LHLQ *RWWHV1DPHQGLH+XQGHUWVFKDIW©'HU.RPPLVVDUHUKLHOW JUQHV/LFKW :HQLJVSlWHUVFKRQODQGHWHGHU+XEVFKUDXEHUDP&DQDO *UDQGH'RUWVDKHVLQ]ZLVFKHQY|OOLJDQGHUVDXV'HU.DQDO ZDUJHVSHUUWZRUGHQNHLQH*RQGHOIXKUPHKUXQGDXFKDQ GHQ8IHUQZLPPHOWHHVYRQ3ROL]HL(VJDENDXPHLQHQ3ODW] ZRGHU3LORWKlWWHODQGHQN|QQHQGHUPXWHHUVWJHVFKDIIHQ ZHUGHQ 6XNRZDULQ]ZLVFKHQHEHQIDOOVDQ/DQGJHJDQJHQ7ROLQL UDQQWHZLQNHQGDXIGHQ&KLQHVHQ]Xª.RPPHQ6LHPLW,FK ZHLMHW]WZRVLFKGDV*UDEPDOEHILQGHW=XGHPKDEH LFK*URDODUPJHJHEHQ© 'HU,QVSHNWRUVWHOOWHNHLQH)UDJHQHQWHUWHGLH0DVFKLQH XQGDEJLQJGLH3RVW :LHGHUHLQPDOUDXVFKWHQVLHEHUGLH6WDGW%HLGH0lQQHU KRIIWHQGDVLHQLFKW]XVSlWNRPPHQZUGHQ $XFKZlKUHQGGHV*HVSUlFKVKDWWHLFKLPPHUPLWHLQHP $QJULIIGHU6WULJHJHUHFKQHWGHVKDOEZXUGHLFKDXFKQLFKW GDYRQEHUUDVFKWXQGNRQQWHPHLQH*HJHQPDQDKPHQ HUJUHLIHQ *HGDQNHQVFKQHOOJOLWWLFK]XU6HLWHGUHKWHPLFKGDEHLXQG VFKR(VPXWHDOOHVLQQHUKDOEHLQHU6HNXQGHJHVFKHKHQ GHQQPHKU=HLWZUGHPDQPLUQLFKWODVVHQ hEHUPlLJODXWNUDFKWHGLH%HUHWWDLP,QQHUQGHV *HZ|OEHV6RIOLQNGLH6WULJHDXFKZDUGLHVPDONRQQWHVLH GHUJHZHLKWHQ.XJHOQLFKWDXVZHLFKHQ'DV6LOEHUJHVFKR KLHELQGDVJUDXH*HILHGHUGLH6WULJHZXUGH]XU6HLWH JHVFKOHXGHUWEHUVFKOXJVLFKLQGHU/XIWILHOGDQQ]X%RGHQ XQGYHUJLQJ
9|OOLJGXQNHOZDUHVLQGHU+|KOHQLFKW9RQLUJHQGZRKHU EHUPLUGUDQJHLQVSlUOLFKHV/LFKWXQGHVZXUGHVRJDUQRFK HLQZHQLJKHOOHUGHQQ6WULJXV .|USHUEHU]RJVLFKPLW HLQHPJUQOLFKHQ/HXFKWHQ$XFKGDVNDQQWHLFKYRQGHU .UHX]IDKUWKHUMDHLJHQWOLFKKDWWHLFK6WULJXVVRNHQQHQ JHOHUQW ,FKZDQGWHPLFKXP(UEHIDQGVLFKOlQJVWQLFKWPHKUDXI VHLQHP3ODW]VRQGHUQKDWWHVLFKLQV.DPSIJHWPPHO JHVWU]W8QGGDVZDUZLUNOLFKHQRUP )UGLHURWHQ9DPSLUHZDUHVHEHQIDOOVHLQ$QJULIIVVLJQDO JHZHVHQ:LHEHXWHJLHULJH7LJHUVWU]WHQVLHVLFKYRQGHU 'HFNHEUHLWHWHQLKUHJHZDOWLJHQ6FKZLQJHQDXVLFKK|UWH GDV%UDXVHQXQGGDQQSUDOOWHQGLHEHLGHQ3DUWHLHQDXIHLQ DQGHU ,FK]RJPLFK]XUFN'LFKWDP$XVJDQJEOLHELFKVWHKHQ VFKXEHUHLWGLH%HUHWWD)DV]LQLHUWVFKDXWHLFKGLHVHUJQDGHQ ORVHQ$XVHLQDQGHUVHW]XQJ]X +LHUJLQJHVXP6HLQRGHU1LFKWVHLQ(LQH'lPRQHQDUW EHNlPSIWHGLHDQGHUHMHGHZROOWHGLH+HUUVFKDIWJHZLQQHQ ,QQHUOLFKEHEWHLFKLFKZXWHQLFKW]XZHPLFKKDOWHQVROOWH XQGVFKDXWHQXU]X)UGLHEHLGHQYHUIHLQGHWHQ3DUWHLHQ VFKLHQLFKQLFKWH[LVWHQW]XVHLQVLHNPPHUWHQVLFKQLFKWXP PLFK 9RQGHU*U|HKHUKlWWHQGLH(XOHQHLJHQWOLFKXQWHUOHJHQ VHLQPVVHQDEHUVLHVSLHOWHQLKUH6FKQHOOLJNHLWDXVZlKUHQG GLH9DPSLUHVLFKPLWLKUHQJURHQ6FKZLQJHQPDQFKPDO JHJHQVHLWLJVWDUNEHKLQGHUWHQ(LQHP%OXWVDXJHUZDUHV JHOXQJHQHLQH6DWDQVHXOH]XSDFNHQ(UKLHOWGLH(XOH ]ZLVFKHQVHLQHQ.UDOOHQKXVFKWHVRJDUGLFKWDQPLUYRUEHL VWLHJLQGLH+|KHXQGGDQQZXUGHGLH6WULJH]HUULVVHQ 'HU5LHVHQYDPSLUVWU]WHVLFKDXIGHQQlFKVWHQ*HJQHU 'DKDWWHHUVLFKYHUUHFKQHW'LH]ZHLWH6WULJHZDUVFKQHOOHU 6LHGUHKWHVLFKEHIDQGVLFKSO|W]OLFKEHUGHP%OXWVDXJHU XQGVDPLWHLQHPPDODXILKP ,KU6FKQDEHOKDFNWH]X6RVFKDUIZLHHLQ0HVVHUZDUHU XQGHUULGLH+DXWDP.RSIGHU)OHGHUPDXVDXI
(LQVHOWVDPVFKULOOHU6FKUHLGUDQJDQPHLQH2KUHQ)U PLFKK|UWHHUVLFKDQZLHGHU7RGHVVFKUHLGHV%OXWVDXJHUV 'HPZDUDXFKVR 'HU9DPSLUKLHOWVLFKQLFKWPHKUVRQGHUQILHO]X%RGHQ 'HUZUGHQLHPHKUDXIVWHKHQ8QGGLH6WULJHKDWWHPLU EHZLHVHQZLHVHKUVLHNlPSIHQNRQQWH ,FKVXFKWHGHQ$QIKUHU:HLWEUDXFKWHLFKQLFKW]XVFKDX HQHUEHIDQGVLFKLQPLWWHQGHV3XONV (UZDUJXW]XHUNHQQHQGDGLHJUQOLFKH$XUDLKQQDFKZLH YRUXPKOOWH*HUQKlWWHLFKLKQHUVFKRVVHQDEHUGLHULHVHQ KDIWHQ)OHGHUPlXVHEHIDQGHQVLFKLQGDXHUQGHU%HZHJXQJ ]ZLVFKHQLKPXQGPLU 'DV*HZ|OEHZDUHUIOOWYRQHLQHPKRKHQ.UHLVFKHQXQG DEJHKDFNWHQ.UlFK]HQ(VEHUW|QWHVRJDUQRFKGDV)ODWWHUQ GHU)OJHOXQGLPPHUZLHGHUVWLHHQEHLGH*HJQHUDXIHLQ DQGHU 6LHYHUELVVHQVLFKLQHLQDQGHURGHUULVVHQVLFKHQW]ZHLXQG LFKZDUQDFKZLHYRUQXU=XVFKDXHU 6ROOWHLFKHVEOHLEHQ" 1HLQLFKZXUGHVHOEVWLQGHQ.DPSIPLWKLQHLQJH]RJHQ GHQQGLHURWHQ9DPSLUHZXWHQHEHQIDOOVZHULFKZDU(LQ 6FKDWWHQVHJHOWHSO|W]OLFKDXIPLFK]X (UILHOYRQGHU'HFNHZXUGHULHVHQJURLFKVDKGLHJURHQ 6FKZLQJHQDXVJHEUHLWHWXQG]ZLVFKHQLKQHQGHQUHODWLYNOHL QHQ.RSI 'DKLQHLQVHW]WHLFKGLH.XJHO 6LH]HUVFKPHWWHUWHGHQ6FKlGHOGHU)OHGHUPDXV7URW]GHP KDWWHVLHQRFKVRYLHO:XFKWGDVLHEHUPLFKILHOXQGPLFK IDVWXQWHUVLFKEHJUDEHQKlWWH,FKNlPSIWHPLFKIUHLZROOWH PLFKDXIULFKWHQXQGVDKPLFKJOHLFK]ZHL6WULJHQJHJHQEHU GLHYRQYHUVFKLHGHQHQ6HLWHQDXIPLFK]XIORJHQ $XVZHLFKHQNRQQWHLFKQLFKWPHKU,QPHLQHU9HU]ZHLIOXQJ ULLFKHLQHQQRFKLQWDNWHQ)OJHOGHU)OHGHUPDXVZLHHLQ VFKW]HQGHV7XFKKRFKXQGGLHUHFKWH6WULJHGRQQHUWH GDJHJHQ 'LH.UDOOHQGHUOLQNHQDEHUIDQGHQPHLQ+DDU
'HU6FKPHU]]XFNWHGXUFKPHLQHQ.RSI)UGHQ%UXFKWHLO HLQHU6HNXQGHEHUILHOPLFKGLH3DQLN :HQQVLHMHW]W]XKDFNWHGDQQ 'DILHOGHU6FKX 'HQ/XIW]XJGHU.XJHOJODXEWHLFK]XVSUHQVRGLFKW VWULFKGDV*HVFKREHUPHLQHQ6FKHLWHOKLQZHJXQGULGLH 6WULJHYRQPHLQHQ+DDUHQ *HIHXHUWKDWWHPHLQ)UHXQGXQG.ROOHJH6XNRGHUDP (LQJDQJVWDQGXQGZHLWHUKLQDXIGLH%HVWLHQ]LHOWH 'LHJHZHLKWHQ.XJHOQVFKOXJHQLQGLH.|USHU6LHWUDIHQ 9DPSLUHXQG6WULJHQVWLIWHWHQHLQKHLOORVHV'XUFKHLQDQGHU =HLWPLFKEHL6XNR]XEHGDQNHQKDWWHLFKMHW]WQLFKWLFK ZROOWHVHKHQGDPLU6WULJXVQLFKWQRFKHLQPDOHQWZLVFKWH (UVFKZHEWH ,QGHU*U|HVWDFKHUZHVHQWOLFKYRQGHQDQGHUHQ 6DWDQVHXOHQDE*URZLHHLQ0HQVFKXQKHLPOLFKDXVVHKHQG XQGPLWHLQHPQRFKOlQJHUHQ6FKQDEHOYHUVHKHQDOVGLHDQGH UHQ(XOHQ ,FKEUOOWHVHLQHQ1DPHQ'DEHLUHFKQHWHLFKGDHU]XPLU KHUXPIDKUHQZUGHGDV*HJHQWHLOZDUGHU)DOO(UVWLHJGHU 'HFNHHQWJHJHQNROOLGLHUWHPLWHLQHP9DPSLUKDFNWHLQ GHVVHQ.RSIXQGWDXFKWHLP'XQNHOGHV*HZ|OEHVXQWHU ZREHLLFKGHQJUQHQ6FKHLQODQJVDPYHUVFKZLQGHQVDK 8QGPLWLKPGLHUHVWOLFKHQ6WULJHQ :LHGHUHLQPDOIOFKWHWHQVLHZROOWHQHVQLFKWELV]XP(QGH DXVNlPSIHQ(LQIUPLFKXQK|UEDUHU%HIHKOKDWWHGLH:HVHQ HUUHLFKW6LHIROJWHQLKPVRIRUW *HGDQNHQVFKQHOOIORJHQVLHKLQWHULKUHP$QIKUHUKHUYHU VFKZDQGHQHEHQIDOOVXQGLFKPXWHPLFKPLWGHQURWHQ 9DPSLUHQKHUXPVFKODJHQGLHXQIUHLZLOOLJ]X)OXFKWKHOIHUQ GHU6WULJHQJHZRUGHQZDUHQ 'HQ'ROFKVHW]WHLFKHEHQIDOOVHLQ 0LWEHLGHQ:DIIHQNlPSIWHLFKPLUHLQHQ:HJIUHLZREHL PLFKPHLQ3DUWQHU6XNRQRFKXQWHUVWW]WH 6HLWHDQ6HLWHUlXPWHQZLUPLWGHUYHUGDPPWHQ%UXWDXI XQGIJWHQLQGLUHNW9DPSLURGHOPDUHLQHVFKZHUH
1LHGHUODJH]XGHQQHUYHUOLHVLFKDXIGLHURWHQ7RGHVERWHQ (LQSDDU6FKOlJHEHNDPHQZLUDE6HKUKDUWZDUHQGLH 6FKZLQJHQZHQQVLHDXIXQV]XIXKUHQDEHUPLWXQVHUHQ :DIIHQVFKDIIWHQZLUHVLPPHUZLHGHUXQVGHQ:HJVRIUHL ]XNlPSIHQGDXQVNHLQ9DPSLUPHKULQGLH4XHUHJHULHW :LUVLHJWHQ 6FKOLHOLFKKDWWHQZLUGLH5LHVHQYDPSLUHDXVJHVFKDOWHW 1LFKWHLQPDODQGHU'HFNHKLHOWVLFKQRFKMHPDQGIHVW =XUFNEOLHEJUDXHU6WDXEGXUFKGHQXQVHUH6FKXKH VFKOHLIWHQ :RVWHFNWHQGLH6WULJHQ" ª6LHKVWGXVLH"©IUDJWH6XNR :LHLFKVREOLFNWHPHLQ3DUWQHUVLFKHEHQIDOOVXPDEHUYRQ GHQ6DWDQVHXOHQHQWGHFNWHQZLUNHLQH)HGHU1XUQRFKGLH 6lUJHVFKDXNHOWHQDOVPDNDEUHV$QGHQNHQDXIGHQ:HOOHQ GHV6HHV 'DVZDUDOOHV 1DFKHLQLJHU6XFKHXQGDXFKPLW+LOIHGHUYHQH]LDQLVFKHQ 3ROL]HLKDWWHQZLUVFKOLHOLFKGHQ)OXFKWZHJJHIXQGHQ$XV HLQHUVFKPDOHQ5|KUHZDUHQVLHHQWVFKOSIW'LHVHU6FKDFKW ZDUIUGLH5LHVHQIOHGHUPlXVHHLQIDFK]XNOHLQGLH 6DWDQVHXOHQKDWWHQGLH%OXWVDXJHUOHW]WHQ(QGHVEHUOLVWHW 'LH'XPPHQZDUHQZLU 8QGDXFKEHLHLQHU*URDNWLRQNDPQLFKWVPHKUKHUDXV 'HQ3ROL]HLEHDPWHQEOLHEVFKOLHOLFKQLFKWVEULJDOVGLH 6lUJHHLQ]XVDPPHOQ ª8QGZDUXPVLQGVLHLQGHQ6lUJHQJHNRPPHQ"©VWHOOWH &RPPLVVDULR7ROLQLGLH)UDJHQ :LUNRQQWHQQXUUDWHQ 6XNRPHLQWHª9LHOOHLFKWZROOWHQVLHDEVFKUHFNHQGZLUNHQ 'LH0HQVFKHQVROOWHQVFKRQYRUKHU]LWWHUQGHQQYRU6lUJHQ IUFKWHQVLFKMDGLHPHLVWHQ/HXWH© 'DNRQQWHHUUHFKWKDEHQ :LUVWLHJHQZLHGHUDQGLH2EHUIOlFKH6SH]LDOLVWHQXQWHU
VXFKWHQGDVXQWHULUGLVFKH.DQDOV\VWHP'LH$EIOXDQODJH ZDUUDIILQLHUWDQJHOHJW0DQDUEHLWHWHPLW6WURPXQG *HJHQVWURP:LUNOLFKJXWJHPDFKWZHQQPDQGDUDQGDFKWH ZLHDOWGDVVFKRQDOOHVZDU 'HQQRFKDWPHWHQZLUDXIDOVZLUGDV7DJHVOLFKWHUEOLFNWHQ hEHUGHU3HUOHGHU$GULDVWDQGGLH6RQQH,FKKDWWHGDV *HIKODOVZUGHVLHQRFKNUlIWLJHUVFKHLQHQDOVVRQVW 9LHOOHLFKWGHVKDOEZHLOHLQHJURH*HIDKUYRUEHLZDU :LUEOLHEHQGHQ7DJQRFKLQ9HQHGLJ'LH)DKQGXQJZDU QLFKWDXIJHKREHQZRUGHQ=DKOUHLFKH3ROL]LVWHQVXFKWHQQDFK GHQ6WULJHQ1LFKWHLQHZXUGHJHIXQGHQ'DIUVSUHQJWHQ )DFKOHXWHGLH)LJXULP.HOOHU $P$EHQGJLQJHQZLUHVVHQ,WDOLHQLVFK7ROLQLNDQQWHGD HLQWROOHV/RNDOZRPDQNHLQH7RXULVWHQWUDI (VZlUHJHPHLQGLHHLQ]HOQHQ6SHLVHQDXI]X]lKOHQDEHU ZHUYRQ,KQHQGLHLWDOLHQLVFKH.FKHNHQQWGHPZLUGDXFK VRGDV:DVVHULP0XQGH]XVDPPHQODXIHQ (1'(