9HUVFKZ|UXQJGHU&RPSXWHU 3(55...
22 downloads
185 Views
289KB 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
9HUVFKZ|UXQJGHU&RPSXWHU 3(55<5+2'$17DVFKHQEXFK -DQXDU
1LZR'HZEHWUDWGHQ*ODVNDVWHQGHV.RQWUROOUDXPVXQGEOLFNWHEHUGLH JURHKHUPHWLVFKDEJHVFKORVVHQHXQGDEVROXWVWDXEIUHLH+DOOHGHUHQ :lQGHPLW%LOGVFKLUPHQEHGHFNWZDUHQ 8QXQWHUEURFKHQZHFKVHOWHQGLH'DUVWHOOXQJHQYRQ)RUPHOQXQG =HLFKQXQJHQDXIGHQ6FKLUPHQ1LZR'HZZXWHGDVLHGLHOHW]WHQ .RQWUROOHQGDUVWHOOWHQEHYRUGDVELVKHUQXUDOVÄ6RIWZDUHH[LVWLHUHQGH 3URGXNWLQGLH)HUWLJXQJJLQJ 1LZRV%OLFNVFKZHLIWHYRQGHQ%LOGVFKLUPHQDEXQGKHIWHWHVLFKDXIGLH DQGHU+DOOHQGHFNHKlQJHQGHODQJVDPURWLHUHQGH.XJHODXVYLHOHQ WDXVHQG7HOHDXJHQ'XUFKVLHEHREDFKWHWHGHU=HQWUDOFRPSXWHUGLHVHV :HUNHVGHU,17(/6/$9(&25325$7,21GLH%LOGVFKLUPHYHUJOLFKLKUH 'DUVWHOOXQJHQPLWVHLQHQ6SHLFKHUGDWHQYHUDQODWHHYHQWXHOO QRWZHQGLJHOHW]WH.RUUHNWXUHQXQGJDE]XOHW]WGLH3URGXNWLRQVGDWHQIU GLH(OHNWURQHQ%HDPDQODJHQIUHL Ä,GLRWHQVLFKHUVWLH1LZR'HZ]RUQLJKHUYRUXQGZDQGWHVLFKDQGHQ &KHIN\EHUQHWLNHUGHV:HUNHVYRQ/HLFHVWHUÄ'DVZDUGRFK,KU:RUW 0LVWHU.DQHUWQLFKWZDKU" 6XQLR.DQHUWEOLFNWHYRQVHLQHP3ODW]YRUHLQHU5HLKHYHUZLUUHQGHU .RQWUROOHQDXI6HLQ*HVLFKWEOLHEDXVGUXFNVORV Ä6RLVWHV0LVWHU'HZHUZLGHUWHHUUXKLJ 1LZR'HZV*HVLFKWOLHIURWDQ Ä$FKVDJWHHUJHIlKUOLFKOHLVHÄ8QGZLHNRPPWHVGDQQGDZLULQ OHW]WHU=HLWHLQHZDKUH)OXWYRQ5HNODPDWLRQHQEHNRPPHQZHLOGLH 0LNURSUR]HVVRUHQGLHZLUOLHIHUQQLFKWKXQGHUWSUR]HQWLJHLQZDQGIUHL DUEHLWHQ" 'HU&KHIN\EHUQHWLNHUZ|OEWHGLH%UDXHQ Ä,QZLHIHUQ0LVWHU'HZ" Ä,QZLHIHUQ0LVWHU'HZlIIWHGHU(UVWH0DQDJHUGHU,17(/6/$9( &25325$7,21LKQQDFKÄ6LHVLQGGHU&KHIN\EHUQHWLNHU:HQQMHPDQG HWZDVGDUEHUZLVVHQPWHGDQQ6LH 6XQLR.DQHUWVFKWWHOWHGHQ.RSI Ä,FKNDQQ,KQHQYHUVLFKHUQGDZHGHUEHLGHU3ODQXQJQRFKEHLGHU (QWZXUIVEHUWUDJXQJXQGVFKRQJDUQLFKWEHLGHU(QGIHUWLJXQJ)HKOHU YRUNRPPHQ0LVWHU'HZ:LUOLHIHUQJHQDXGDVZDVYRQXQVHUHQ .XQGHQEHVWHOOWZLUG'LH)HKOHUN|QQHQDOVRQXUEHLGHQ%HVWHOOHUQ OLHJHQ 1LZR'HZGDFKWHHLQH:HLOHQDFKGDQQVDJWHHU
Ä,QXQVHUHQ%HVWHOOHUILUPHQJLEWHVDOVRQXU,GLRWHQGLHQLFKWZLVVHQZDV VLHEHVWHOOHQ,FKPXVFKRQVDJHQGDHLQHVROFKH8QWHUVWHOOXQJPHKU DOVHLQH8QYHUVFKlPWKHLWLVW6FK|QLFKELQNHLQ)DFKPDQQXQGNDQQ ,KQHQGHVKDOEQLFKWSHUV|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|USHUV LQGLHKHOOEODXH0RQWXUJHNOHLGHWGLHDOOH.\EHUQHWLNHULQQHQXQG .\EHUQHWLNHUYRQ,17(/6/$9(&25325$7,21WUXJHQ Ä:DVJLEWHV6XQLR"IUDJWHGLH)UDX Ä'HZZDUKLHU,YLDDQWZRUWHWH.DQHUWÄ(UKDWGLH5HNODPDWLRQHQ DXIJHJULIIHQXQGLVWIHVWHQWVFKORVVHQGLH=HQWUDOHGDYRQ]X XQWHUULFKWHQÄ'DVZUGHGLH$EVFKLUPXQJDXIUHLHQÄ8QGHVZUGH HLQH8QWHUVXFKXQJJHEHQ:DVVROOLFKWXQ,YLD" Ä1LFKWV,FKUHFKQHWHVFKRQGDPLWGD'HZXQVLUJHQGZDQQ 6FKZLHULJNHLWHQEHUHLWHQZUGH(ULVW]XHKUJHL]LJXQGDXHUGHP XQZLVVHQG'XNDQQVWLKQYHUJHVVHQ6XQLR Ä*XW,YLDHUZLGHUWH6XQLR.DQHUWXQGVFKDOWHWHGDV9LVLSKRQOlFKHOQG DXV 1LZR'HZZDUWHWHELVGHU&RPSXWHUVHLQHV*OHLWHUVDXIGDV.RGHZRUW UHDJLHUWHXQGGLH7U|IIQHWHGDQQVWLHJHUHLQXQGOHKQWHVLFK]XUFN (VKDQGHOWHVLFKEHLGHP)DKU]HXJXPHLQHQIDEULNQHXHQ'2*(521 GDVGULWWH([HPSODUVHLQHV7\SVGDVHUVWDP9RUWDJDXVJHOLHIHUW ZRUGHQZDU 'HU6WRO]EHUGHQ/X[XVGHQHUVLFKPLWGHP.DXIHLQHV([HPSODUVGHU HUVWHQQHXDUWLJHQ*OHLWHUJHQHUDWLRQQDFKGHU%HIUHLXQJYRQGHU .RQ]LOVKHUUVFKDIWJHOHLVWHWKDWWHZXUGHYRQVHLQHQEHUXIOLFKHQ6RUJHQ HWZDV]XUFNJHGUlQJW9RUDOOHPEHVFKlIWLJWHLKQGLH)UDJHZLHVRGLH =HQWUDOHLQ3DULVQLFKWOlQJVWDXIGLH]DKOUHLFKHQ5HNODPDWLRQHQGHU .XQGVFKDIWUHDJLHUWKDWWH(UVHOEVWZDUQXUGXUFK=XIDOODXIGLH6DFKH JHVWRHQDEHUHUZDUHQWVFKORVVHQLKUDXIGHQ*UXQG]XJHKHQ Ä=X'LHQVWHQ0LVWHU'HZVDJWHHLQHPHORGLVFKH6WLPPHDXVGHP VFKPDOHQ/DXWVSUHFKHUJLWWHUGHV.RQWUROOSDQHHOVGDVVLFKGRUWEHIDQG ZREHL9HUWUHWHUQIUKHUHU*OHLWHUJHQHUDWLRQHQGDV$UPDWXUHQEUHWW JHZHVHQZDU
Ä1DFK3DULV(XUR]HQWUDOHYRQ,&EHIDKO1LZR'HZ Ä0LVVLRQEHVWlWLJWHUZLGHUWHGLHPHORGLVFKH6WLUPPHÄ'HU6HUYLFHVWHKW YROO]X,KUHQ'LHQVWHQ0LVWHU'HZ %HLQDKHKlWWH1LZR'HZVLFKEHGDQNW*HUDGHQRFKUHFKW]HLWLJNDPLKP ]XP%HZXWVHLQGDGLH6WLPPHQLFKWLUJHQGHLQHUMXQJHQ'DPHLQHLQHU .RQWUROO]HQWUDOHJHK|UWHVRQGHUQDXVGHP9RFRGHUGHV*OHLWHUVNDP GHUGDVÄ.RPPXQLNDWLRQVRUJDQGHV&RPSXWHUVZDUGHVVHQÄ+HU] ZLHGHUXPDXVHLQHPQXUGDXPHQQDJHOJURHQ0LNURFRPSXWHUEHVWDQG 1LZR'HZJHQRHVZLHGDV)DKU]HXJRKQHVSUEDUHQ$QGUXFNDEKRE LQGHQOHLFKWGXQVWLJHQ+LPPHOEHUGHPPRGHUQHQ/HLFHVWHUPLWVHLQHQ LQ3DUNVIDVWYHUVWHFNWHQ)HUWLJXQJVKDOOHQXQGGHP:RKQ]HQWUXPPLW GHP.XOWXUSDODVWGHQYROODXWRPDWLVFKHQ.DXIKlXVHUQ 9HUQJXQJVVWlWWHQVRZLHGHQXQWHUVFKLHGOLFKHQ.RQJORPHUDWHQ ZDEHQI|UPLJHU:RKQ]HOOHQVFKZHEWHXQGGDQDFKEHUGDVDOWH /HLFHVWHUPLWGHQNRQVHUYLHUWHQ6WDGWWHLOHQXQGGHP-HZU\:DOOEHLGHU DOWHKUZUGLJHQ.LUFKH6W1LFKRODVMDJWHXQG.XUVQDFK6GHQQDKP 8QJHIlKUHLQHKDOEH6WXQGHVSlWHUVDK1LZR'HZDXVHLQHU+|KHYRQ UXQGIQIWDXVHQG0HWHUQVFKUlJXQWHUVLFK]XU/LQNHQGLH6WUDQGHYRQ %ULJKWRQXQG]XU5HFKWHQGLH,VOHRI:LJKW Ä0XVLNEHIDKOHUXPVHLQH6RUJHQ]XYHUJHVVHQ Ä:HOFKH$UWYRQ0XVLNZLUGJHZQVFKW0LVWHU'HZ"HUNXQGLJWHVLFKGHU &RPSXWHU Ä(WZDV.ODVVLVFKHVDQWZRUWHWH1LZR'HZ Ä'DKlWWHQZLU'LVFR5K\WKPVYRQGHU*UXSSH7KH:KLVSHUHUVDXV GHP-DKUHRGHU Ä'DVZlUHVFKRQUHFKWXQWHUEUDFK1LZR'HZGHQ&RPSXWHUÄ0LWDOOHQ (IIHNWHQZHQQHVJHKW Ä6HOEVWYHUVWlQGOLFK0LVWHU'HZ'LH$XI]HLFKQXQJHQWKlOWDOOH/LFKWXQG 9LEUDWLRQVHIIHNWHVRZLHGLH+LQWHUJUXQGJHUlXVFKH Ä$EVSLHOHQEHIDKO'HZ (UVFKORGLH$XJHQDOVGLHHUVWHQ5K\WKPHQHUW|QWHQXQG]XFNWHEDOG GDUDXILP*OHLFKNODQJPLWGHQ9LEUDWLRQHQXQGHU|IIQHWHGLH$XJHQHUVW ZLHGHUDOVHUHLQHQVWDUNHQ/XIW]XJYHUVSUWH 6HLQ/X[XVJOHLWHUZDUYHUVFKZXQGHQ(UDEHUEHIDQGVLFKLPIUHLHQ)DOO DXIGLHGDV6RQQHQOLFKWUHIOHNWLHUHQGH:DVVHUREHUIOlFKHGHV bUPHONDQDOV 6HLQ(QWVHW]HQVVFKUHLYHUKDOOWHXQJHK|UW .\URQ%DUUDNXQVSLHOWHJHUDGHPLW(DUQ\Ä$FH\'HXFH\DOVGHU 6XPPHUDXIVHLQHU.RQWUROONRQVROHHUW|QWH Ä:DVJLEWHV"IUDJWHHUXQGQLFNWHLQ5LFKWXQJGHUHLQHQ.DUWHGLHGHU 5RERWHULKP]HLJWH
(DUQ\YHU]RJVHLQPLW%LRPROSODVWNXQVWYROOYHUNOHLGHWHVÄ3IHUGHJHVLFKW GHVVHQOLQNH+lOIWHVHFKV=HQWLPHWHUOlQJHUZDUDOVGLHUHFKWH]XHLQHP VFKDGHQIURKHQ*ULQVHQ Ä9HUORUHQ.LGIOVWHUWHHUPLWHLQHU6WLPPHGLHVLFKDQK|UWHDOVKlWWH HULP.HKONRSIHLQ5HLEHLVHQÄ8QGGHU(LQVDW]EHWUXJWDXVHQG6RODU (LQ9LVLSKRQVFKLUPYRU.\URQ%DUUDNXQOHXFKWHWHDXI'DV*HVLFKWHLQHU ]LUNDYLHU]LJ-DKUHDOWHQVFKZDU]KDDULJHQ)UDXZXUGHDEJHELOGHW Ä%HVXFK&KHIVDJWH&DULOGD7RGD\%DUUDNXQV3DUWQHULQ6LHQDQQWH LKQLPPHUGDQQÄ&KHIZHQQVLHDQQDKPZRKOKDEHQGH.OLHQWHQDQGHU $QJHO]XKDEHQÄ(LQH'DPH0L
.\URQHUKREVLFKHWZDVOLQNLVFK(VZDULKPLPPHUQRFKQLFKWJHOXQJHQ VHLQH0HQVFKHQVFKHXDE]XOHJHQGLHGDKHUUKUWHGDHUVHLWGHP ]DUWHQ$OWHUYRQHLQHP-DKUDQRKQHHLQDQGHUHVLQWHOOLJHQWHV /HEHZHVHQDXIHLQHPODULVFKHQ&RPSXWHUVFKLIIJHOHEWKDWWHELVHUQDFK GHP(QGHGHU.RQ]LOVKHUUVFKDIWEHIUHLWZRUGHQZDU(UVFKlW]WHGLHGRUW YHUEUDFKWH=HLWDXIVLHEHQXQGGUHLLJ-DKUHZDUVLFKDEHUQLFKWVLFKHU REHVQLFKWYLHOOHLFKWQXUIQIXQGGUHLLJRGHUJDUQHXQXQGGUHLLJ-DKUH JHZHVHQZDUHQ
'ROHQF3ODFHOHLQHUGHUWHXHUVWHQ*HJHQGHQYRQ7HUUDQLD&LW\ HLQQDKP
Ä$XINHLQHQ)DOOHUZLGHUWH
DXI]X]LHKHQRGHULKUHQ&RPSXWHUQ6FKHLQILUPHQ]XXQWHUVFKLHEHQXQG 5HFKQXQJVEHWUlJHGLHVHU6FKHLQILUPHQDXIJHWDUQWHHLJHQH.RQWHQ EHUZHLVHQ]XODVVHQÄ9LHOOHLFKW]RJHUQLHPDQGHQLQV9HUWUDXHQ Ä,FKELWWH6LHGHQ0RUGDQPHLQHP(UVWHQ0DQDJHUDXI]XNOlUHQVDJWH
6DQGUD0RUJDQKLHZLHGDV1DPHQVVFKLOGDXILKUHP Ä.RPPDQGRVWDQGEHVDJWH .\URQ%DUUDNXQUHLFKWHLKUVHLQH,'.DUWHGLHDOOHUGLQJVGHQ1DPHQXQG GLH$EUXINRGHVHLQHVJHZLVVHQ+HXURQ=DUJHQWKLHOWZDVDQJHVLFKWV GHUGXUFKFRPSXWHULVLHUWHQ=LYLOLVDWLRQGHU/LJD)UHLHU7HUUDQHUHLQH 0HQJHKRFKTXDOLIL]LHUWHUXQGVXEWLOHU9RUEHUHLWXQJVDUEHLWHQHUIRUGHUW KDWWH 6DQGUD0RUJDQYHUVFKZHQGHWHNHLQHQ%OLFNDXIGLH.DUWHVRQGHUQ VFKREVLHHLQIDFKLQGHQ(LQJDEHVFKOLW]LKUHV&RPSXWHU7HUPLQDOV$XI GHP%LOGVFKLUPGHV7HUPLQDOVHUVFKLHQHQGLHDEJHUXIHQHQ'DWHQ Ä6LHVLQGQHXQXQGYLHU]LJ-DKUHDOWDXI*lDJHERUHQXQGGRUWDXIGHU 8QLYHUVLWlWIU.\EHUQHWLNDXVJHELOGHWZRUGHQKDEHQIQI-DKUHDOV $VVLVWHQWYRQ3URIHVVRU+DEHUVWHLQJHDUEHLWHWXQG,KUH'RNWRUDUEHLWEHU SRVLWURQLVFKH*HIHFKWVUDXPVLPXODWRUHQIU:DIIHQOHLWDQODJHQPLWWOHUHU .DPSIUDXPVFKLIIHYHUIDWODVVLHYRU Ä'DVLVWULFKWLJVDJWH.\URQ%DUUDNXQ (UKDWWHHLQH0HQJH%H]LHKXQJHQVSLHOHQODVVHQPVVHQGDPLWHUGLH 5ROOHHLQHV0DQQHVEHUQHKPHQNRQQWHGHQHVWDWVlFKOLFKJHJHEHQ KDWWHXQGXPVHLQHQ7RG]XYHUVFKOHLHUQXQGLQ]DKOUHLFKHQ&RPSXWHUQ 'DWHQNRUUHNWXUHQGXUFKIKUHQ]XODVVHQ$XHUGHPZDU XQWHU&DULOGD7RGD\V+lQGHQVHLQ*HVLFKWPLW+LOIHYRQ'HSRWLQMHNWLRQHQ YHUlQGHUWZRUGHQVHLQ+DDUKDWWHHEHQIDOOVGXUFK,QMHNWLRQHQHLQH EODXVFKZDU]H)lUEXQJDQJHQRPPHQVHLQH+DXWZDUJHEUlXQWZRUGHQ XQGVHLQH6WLPPHKDWWHHQWVSUHFKHQGGHP6WLPPDEGUXFNGHVHFKWHQ +HXURQ=DUJHLQHQWLHIHUHQ.ODQJEHNRPPHQ 6DQGUD0RUJDQKREGHQ.RSIXPLKQNXU]]XPXVWHUQGDQQEOLFNWHVLH ZLHGHUDXIGHQ%LOGVFKLUPLKUHV7HUPLQDOV Ä'DQDFKZDUHQ6LHELV]XU5FNIKUXQJLQV6ROV\VWHPDOV.RQVWUXNWHXU PLNURHOHNWURQLVFKHU1DYLJDWLRQVV\VWHPHIU/DQJVWUHFNHQUDXPVFKLIIH WlWLJXQGOHLWHWHQ]XOHW]WGDV.RQVWUXNWLRQVEURGHU)LUPD&HQWURQLFV &RUSRUDWLRQDXI*lD,KUPRQDWOLFKHV%UXWWRJHKDOWEHWUXJ]XGLHVHU=HLW YLHU]LJWDXVHQG6RODU $EHUPDOVKRE6DQGUD0RUJDQGHQ.RSIXQGPXVWHUWH.\URQGLHVPDO VFKRQDXIPHUNVDPHU Ä'LH6WHOOHXPGLH6LHVLFKEHZHUEHQLVWDEHUHQWVFKLHGHQQLHGULJHU GRWLHUW0LVWHU=DUJ$OV(QWZLFNOXQJVLQJHQLHXU]ZHLWHQ*UDGHVEHNlPHQ 6LHPRQDWOLFKEUXWWRVLHE]HKQWDXVHQG6RODU Ä%HLPHLQHU4XDOLILNDWLRQ"SURWHVWLHUWH.\URQ%DUUDNXQÄ,FKKDWWHPLW PLQGHVWHQVGUHLLJWDXVHQGJHUHFKQHW1DWUOLFKHUZDUWHLFKQLFKWGD LFKVRIRUWZLHGHUVRYLHOYHUGLHQHZLHDXI*lDGHQQLFKZHLGDGLH *HZLQQHGHUWHUUDQLVFKHQ)LUPHQZHJHQGHV$XIXQG$XVEDXERRPV JU|WHQWHLOVIU,QYHVWLWLRQHQYHUZHQGHWZHUGHQDEHU Ä$EHUDXI*lDPXWHMHGHU*URYHUGLHQHUIQI]LJ3UR]HQWVHLQHV %UXWWRJHKDOWVDOV9HUWHLGLJXQJVVWHXHUDEIKUHQHUNOlUWH6DQGUD0RUJDQ
PLWEHUOHJHQHP/lFKHOQÄ6LHEHNDPHQDOVRLQ:LUNOLFKNHLWQXU]ZDQ ]LJWDXVHQG6RODUPRQDWOLFKEUXWWRYRQGHQHQZLHGHUXPUXQGGUHLLJ 3UR]HQWIUDOOHP|JOLFKHQ6WHXHUQXQG9HUVLFKHUXQJHQDEJLQJHQ0LW VLHE]HKQWDXVHQGZlUHQ6LHDOVREHLXQVJXWEHGLHQW .\URQ%DUUDNXQOlFKHOWHXQJOFNOLFKXQG]XFNWHGLH6FKXOWHUQ Ä:HQQ6LHHVVRVHKHQGDQQDOOHUGLQJVPHLQWHHUNOHLQODXWÄ$EHUDXFK DXI7HUUDJHKHQUXQGGUHLLJ3UR]HQWIUDOOHP|JOLFKHQ6WHXHUQXQG 9HUVLFKHUXQJHQDEXQGGLH/HEHQVKDOWXQJVNRVWHQVLQGKLHUEHGHXWHQG K|KHUDOVDXI*lD$OOHLQGLH0LHWHIUHLQPLWWOHUHV/X[XVDSDUWPHQW Ä6LHPVVHQMDQLFKWJOHLFKVRKRFKKLQDXV0LVWHU=DUJXQWHUEUDFKLKQ GLH3HUVRQDOFKHILQPLWVlXHUOLFKHP/lFKHOQÄ,QGHQUHQRYLHUWHQ $OWEDXWHQJLEWHV]DKOUHLFKHOHHUH=LPPHU$OOHUGLQJVPVVHQVLFKGLH 0LHWHUYRQYLHUELVIQI=LPPHUQMHZHLOVLQHLQ%DGHLQH.FKHXQGHLQH 7RLOHWWHWHLOHQ$EHUDQJHVLFKWVGHUDQJHVSDQQWHQ:LUWVFKDIWVODJHGHU /)7PXYRPHLQ]HOQHQDXFKHLQJHZLVVHU9HU]LFKWHUZDUWHWZHUGHQ .\URQVHXI]WHHUJHEHQ Ä6FKRQJXW0L0RUJDQ:LU0HQVFKHQPVVHQHEHQ2SIHUEULQJHQ GDPLW:LUWVFKDIWXQG+DQGHOGHU/LJDHLQHUQHXHQ%OWH]HLW HQWJHJHQJHKHQN|QQHQ 6DQGUD0RUJDQQLFNWHEHNUlIWLJHQG Ä'DVLVWGLHULFKWLJH(LQVWHOOXQJ0LVWHU=DUJ:DQQN|QQHQ6LHGLH6WHOOH DQWUHWHQ" Ä6RIRUW0L0RUJDQHUNOlUWH.\URQÄ:HQQHV,KQHQUHFKWLVW,FK ODQJZHLOHPLFKVRQVWQRFK]X7RGH0LWGHPELFKHQ hEHUEUFNXQJVNUHGLWNDQQPDQMDNHLQHJURHQ6SUQJHPDFKHQ :LHGHUQLFNWH6DQGUD0RUJDQGDQQKXVFKWHQLKUH)LQJHUPLWJHEWHU 5RXWLQHEHUGLH6HQVRUOHLVWHQLKUHV7HUPLQDOVXQGQDFKHLQHP QHXHUOLFKHQ1LFNHQDNWLYLHUWHVLHHLQH9LVLSKRQYHUELQGXQJXQGVDJWH Ä0LVWHU/LWWRQELWWHVFKLFNHQ6LHMHPDQGHQLQPHLQ%URXQGODVVHQ6LH GHQ1DFKIROJHUYRQ0LVWHU5RELQVDEKROHQ 6LHZDUWHWHGLH$QWZRUWQLFKWDEVRQGHUQVFKDOWHWHGDV9LVLSKRQDXV Ä:DUWHQ6LHELWWHLP9RU]LPPHU0LVWHU=DUJ Ä,FKKHLH+DQH\/VFKDQJXQGZHUGH,KUH6HNUHWlULQVHLQKDWWHVLH]X LKPLP9RU]LPPHUJHVDJW 6HLWGHPZDUHQ]HKQ0LQXWHQYHUJDQJHQ+DQH\/VFKDQJKDWWH.\URQ %DUUDNXQGXUFK.RUULGRUHXQG/LIWV]XPIODFKHQ'DFKGHU(XUR]HQWUDOH JHEUDFKWXQGLQHLQHQ)OXJJOHLWHUYHUIUDFKWHWGDQQKDWWHVLHGHQ*OHLWHU DXVGHU&LW\YRQ3DULVKLQDXV]XHLQHPJURHQ3DUNJHVWHXHUWLQGHP PHKUHUH*HElXGHHLQJHEHWWHWZDUHQ:UIHOPLWJHW|QWHQ*ODVVLWZlQGHQ LQ/HLFKWVWDKOUDKPHQGLH]ZLVFKHQIQIXQG]Z|OI6WRFNZHUNHQEHVDHQ .\URQPXVWHUWHVLHYHUVWRKOHQYRQGHU6HLWH+DQH\/VFKDQJZDUHLQHU GHUZHQLJHQ0HQVFKHQGHQHQPDQ(QGHGHV-DKUKXQGHUWVQRFK LKUH$EVWDPPXQJYRQHLQHUGHU9|ONHUIDPLOLHQGHU(UGHVRIRUWDQVDK
'LHOHLFKWVFKUlJJHVWHOOWHQJHVFKOLW]WHQ$XJHQGLHJHOEOLFKH+DXWIDUEH GDVVWUDIIHVFKZDU]H+DDUGDVDOOHVYHUULHWHLQGHXWLJGLHDVLDWLVFKH +HUNXQIW%HLGHQPHLVWHQDQGHUHQ0HQVFKHQZDUHQGLH +HUNXQIWVPHUNPDOHLQIROJHGHUYLHOIDFKHQ'XUFKPLVFKXQJPHKURGHU ZHQLJHUYHUZLVFKWYRUDOOHPEHLGHQHQGLHYRQ7HUUDLQGLH3URYFRQ )DXVWJHIOFKWHWXQGQDFKGHP(QGHGHU.RQ]LOVKHUUVFKDIWZLHGHUDXI GLH(UGH]XUFNJHNHKUWZDUHQ Ä'DVLVWGLH6WlWWHXQVHUHV:LUNHQV0LVWHU=DUJVDJWH+DQH\ /VFKDQJDOVVLH]XU/DQGXQJDXIHLQHP*OHLWHUSDUNSODW]LP0LWWHOSXQNW GHV:HUNVJHOlQGHVDQVHW]WHÄ+DEHQ6LHVFKRQHLQH8QWHUNXQIW" .\URQVFKWWHOWHGHQ.RSI 6LHOlFKHOWH Ä:HQQ6LHZROOHQN|QQHQ6LHLQXQVHUH:RKQJHPHLQVFKDIWHLQWUHWHQ :LUVLQGHOI)UDXHQXQG0lQQHU]ZLVFKHQGUHLLJXQGIQIXQGVHFK]LJ XQGKDEHQXQVLQHLQHPQLFKWPHKUEHQXW]WHQ*HElXGHHLQHU HKHPDOLJHQ$JURWHFKQLVFKHQ9HUVXFKVDQVWDOWGUDXHQDXIGHP/DQG HLQJHULFKWHW-HDQ5RELQVKDWDXFKGRUWJHZRKQWEHYRUHU6LH VWRFNWH Ä0HLQ9RUJlQJHUDOVRPHLQWH.\URQÄ:DUXPLVWHUJHJDQJHQ0L /VFKDQJ" Ä.HLQH$KQXQJDQWZRUWHWH+DQH\/VFKDQJÄ(UKDWWHVLFKHLQHQ7DJ IUHLJHQRPPHQXQGZDUDXVJH]RJHQDOVZLUQDFK)HLHUDEHQGLQGLH .ODXVH]XUFNNHKUWHQZLHZLUXQVHUH8QWHUNXQIWQHQQHQ'HU*OHLWHU VHW]WHOHLFKWZLHHLQH)HGHUDXIÄ:LUGDFKWHQLKQDPQlFKVWHQ7DJ IUDJHQ]XN|QQHQDEHUHUHUVFKLHQDXFKQLFKWZLHGHU]XP'LHQVW,FK EHJUHLIHHKUOLFKQLFKWZDUXPHUVLFKVRGDYRQJHVFKOLFKHQKDW(ULVW LPPHUHLQSULPD.ROOHJHJHZHVHQ Ä8QGHUKDWVHLQHSHUV|QOLFKHQ6DFKHQPLWJHQRPPHQ"IUDJWH.\URQ %DUUDNXQ Ä%LVDXIHLQSDDU.OHLQLJNHLWHQMDVDJWH+DQH\/VFKDQJ .\URQQDKPVLFKYRUGLVNUHWH1DFKIRUVFKXQJHQEHUGHQ9HUEOHLE VHLQHV9RUJlQJHUVDQVWHOOHQ]XODVVHQ'DVNRQQWH(DUQ\YRP%URDXV EHVRUJHQ,QHLQHUYHUGDWHWHQ:HOWYHUPRFKWHQLHPDQGVSXUORV XQWHU]XWDXFKHQHVVHLGHQQHUYHUNURFKVLFKDOVWRWDOHU6HOEVWYHUVRUJHU LQGLH:LOGQLVRGHUOHEWHYRQGHQ)UFKWHQNOHLQHU(LJHQWXPVGHOLNWHZDV DOOHUGLQJVIDVWJDQ]DXVGHU0RGHJHNRPPHQZDU (UQLFNWHHLQH*HVWH]XGHUHUVLFK]ZLQJHQPXWHGDVLHLKPQRFK QLFKW]XU*HZRKQKHLWJHZRUGHQZDU:HUIDVWVHLQJDQ]HV/HEHQ DXVVFKOLHOLFKPLWHLQHP&RPSXWHUXQG]ZLVFKHQGHQ3IODQ]HQHLQHU K\GURSRQLVFKHQ$QODJH]XJHEUDFKWKDWWHGHUNRQQWHVLFKQXUODQJVDP DQGLH*HEUlXFKHHLQHU=LYLOLVDWLRQJHZ|KQHQ Ä,FKKDEHPHLQ*HSlFNQRFKLP$XIIDQJODJHUXQGKROHHVQDFK )HLHUDEHQGDEHUNOlUWHHU
Ä:RLVWGDV$XIIDQJODJHU"IUDJWH+DQH\/VFKDQJ Ä1LFKWZHLWYRQKLHUEHL8WUHFKWLQGHU5HJLRQ1LHGHUODQGH Ä:HQQHV,KQHQUHFKWLVWEHJOHLWHLFK6LH Ä-DJHUQHUZLGHUWH.\URQ%DUUDNXQ (UILQJHLQHQUlWVHOKDIWHQ6HLWHQEOLFNYRQ+DQH\/VFKDQJDXIXQG EHPHUNWHGDVLHOHLFKWHUU|WHWHDOVVLHVLFKHUWDSSWIKOWH6FKRQZROOWH HUIUDJHQZHOFKHQ*UXQGLKUH9HUOHJHQKHLWKlWWHDOVVLHGLH gIIQXQJVDXWRPDWLNEHWlWLJWHXQGGLHEHLGHQ7UHQDXIJOLWWHQ(LQH VFKZDFKHQDFK/DXEXQG*UDVGXIWHQGH%ULVHEOLHVGLHYRQGHU .OLPDDQODJHGHV*OHLWHUVJHILOWHUWHVWHULOH/XIWKLQDXV Ä.RPPHQ6LHULHI+DQH\/VFKDQJXQGVSUDQJLQV)UHLH .\URQ%DUUDNXQVWLHJHEHQIDOOVDXVGDQQIROJWHHUVHLQHU6HNUHWlULQEHU GLHPLW.XQVWVWRIISODWWHQEHIHVWLJWH)OlFKHGHV3DUNSODW]HV]XGHP ]Z|OIVW|FNLJHQ:UIHOEDX :HQLJH0LQXWHQVSlWHUEHWUDWHQVLHHLQHQODQJJHVWUHFNWHQ6DDOLQGHP YRU]DKOUHLFKHQ&RPSXWHUQXQG%LOGVFKLUPHQHWZDIQI]LJ)UDXHQXQG 0lQQHUVDHQDOOHLQXQLIRUPDUWLJHKHOOEODXH0RQWXUHQJHNOHLGHW 9RUGHP&RPSXWHUPLWGHUJU|WHQ6FKDOWNRQVROHEOLHE+DQH\/VFKDQJ VWHKHQ 'HUGRUWVLW]HQGHHWZDVNRUSXOHQWHXQGXQJHIlKUVLHE]LJMlKULJH0DQQ VDKDXIGDQQHUKREHUVLFK Ä0LVWHU=DUJ0LVWHU/LWWRQVWHOOWH+DQH\/VFKDQJYRU 'LHEHLGHQ0lQQHUPXVWHUWHQVLFK .\URQVDKLQHLQJURESRULJHV*HVLFKWPLWEXVFKLJHQVWURKIDUEHQHQ %UDXHQXQGJUQHQ$XJHQGDVYRQHLQHUXQRUGHQWOLFKHQVWURKIDUEHQHQ +DDUPlKQHXPUDKPWZXUGH(VZLUNWHDXIJHVFKZHPPW Ä+DOOR0LVWHU=DUJVDJWH/LWWRQÄ,FKELQ.RWRU/LWWRQ,KU9RUJHVHW]WHU 'DPLWLFK,KUH)lKLJNHLWHQEHXUWHLOHQNDQQZHUGHLFK6LH]XHUVWLQGLH .RQVWUXNWLRQVDEWHLOXQJIU(QFRGHU6\QFKURVXQG5HVROYHUVWHNNHQ Ä6LHNHQQHQPHLQH4XDOLILNDWLRQHQ0LVWHU/LWWRQHUZLGHUWH.\URQ %DUUDNXQVWHLIÄ$XHUGHPELQLFKDOV(QWZLFNOXQJVLQJHQLHXU]ZHLWHQ *UDGHVHLQJHVWHOOW'DVEHGHXWHWGDLFKNHLQHQLHGULJHUHQ$UEHLWHQ YHUULFKWHDOVGLH(QWZLFNOXQJQHXHUVXSHULQWHJULHUWHU6FKDOWXQJHQIU 0LNURSUR]HVVRUHQ /LWWRQV*HVLFKWOLHIURWDQXQWHUGHPUHFKWHQ$XJH]XFNWHHLQ1HUY Ä:LHLFKVDJWHELQLFK,KU9RUJHVW]WHUILQJHUDQ .\URQOLHLKQQLFKW]X(QGHUHGHQ Ä8QG0L0RUJDQVWHKWEHU,KQHQHUNOlUWHHUHQHUJLVFKÄ6LHKDWPLFK DOV(QWZLFNOXQJVLQJHQLHXU]ZHLWHQ*UDGHVHLQJHVWHOOWZDVHLQHU :HLVXQJDQ6LHJOHLFKNRPPWPLFKPLWHQWVSUHFKHQGHQ$UEHLWHQ]X EHWUDXHQ)DOOV6LHGDVEH]ZHLIHOQIUDJHQ6LH]XUFNRGHUOHVHQ6LHGLH HQWVSUHFKHQGHQ$UWLNHOGHV9HUWUDJHVGHU]ZLVFKHQGHU*HZHUNVFKDIW GHU.\EHUQHWLNHUXQGGHU*HVFKlIWVIKUXQJJHVFKORVVHQZXUGH
/LWWRQVWDUUWHLKQZWHQGDQGDQQKROWHHUWLHI/XIW Ä/DVVHQ6LHLKQHLQNOHLGHQXQGEULQJHQ6LHLKQ]XP$UEHLWVSODW]VHLQHV 9RUJlQJHUV0L/VFKDQJ(UZDQGWHVLFKEUVNXPXQGVHW]WHVLFK ZLHGHUYRUVHLQHQ&RPSXWHU Ä%LWWHIROJHQ6LHPLU0LVWHU=DUJVDJWH+DQH\/VFKDQJ 1DFKGHPHUGLH(LQKHLWVPRQWXUGHU.\EHUQHWLNHUYRQ,17(/6/$9(WUXJ IKUWHVLHLKQ]XP2SHUDWLRQVWLVFKPLWGHPXQYHUPHLGOLFKHQ&RPSXWHU XQGGHQ]DKOUHLFKHQ6FKDOWXQJHQ Ä'DVLVW,KU$UEHLWVSODW]0LVWHU=DUJHUNOlUWHVLHÄ9RQKLHUDXVZHUGHQ GLH3ODQVSLHOHXQGDQGHUHQ2SHUDWLRQHQ]XU(QWZLFNOXQJYRQ1HXKHLWHQ GXUFKJHIKUW6LHVHQNWHGLH6WLPPHÄ0LVWHU/LWWRQZLUG,KQHQGLH $EIXKUQLFKWYHUJHVVHQ(ULVWVHKUQDFKWUDJHQG .\URQOlFKHOWH Ä(UZHLMHW]WZHQLJVWHQVGDLFKPLFKQLFKWKHUXPVFKXEVHQODVVHZHLO LFKYLHOOHLFKWHLQZHQLJNOHLQJHUDWHQELQXQGNHLQH0XVNHOSDNHWH DXIZHLVHQNDQQ Ä2KGDVLVWGRFKQLFKWZLFKWLJHQWIXKUHV+DQH\/VFKDQJÄ0LU JHIDOOHQ6LHVRZLH6LHVLQG0LVWHU=DUJ .\URQHUU|WHWH'HQQRFKIUHXWHHUVLFKEHUGHQ6\PSDWKLHEHZHLV Ä'DQNH0L/VFKDQJ:RLVW,KU$UEHLWVSODW]" 6LHGHXWHWHDXIGHQ%LOGVFKLUPGHV&RPSXWHUV Ä'LUHNWGDKLQWHU Ä:LHSUDNWLVFKHQWIXKUHV.\URQ%DUUDNXQXQGHUPHLQWHHVGXUFKDXV QLFKWLURQLVFKGHQQHUZDUIURKGDHUXQEHREDFKWHWPLWGHP&RPSXWHU DUEHLWHQXQGJHZLVVH(UPLWWOXQJHQGXUFKIKUHQNRQQWH$XHUGHPKlWWH LKQGHUVWlQGLJH$QEOLFNVHLQHU6HNUHWlULQQHUY|VJHPDFKWREZRKOHU VLFKGDVQLFKWHLQJHVWDQG :lKUHQGGHUHUVWHQ6WXQGHKWHWHVLFK.\URQ%DUUDNXQMHGRFKVHLQHQ &RPSXWHU]XHWZDVDQGHUHP]XEHQXW]HQDOV]XGHP=ZHFN]XGHPHU LQVWDOOLHUWZRUGHQZDU/LWWRQVFKOLFKIRUWZlKUHQGLQGHU1lKHKHUXPXQG EHREDFKWHWHLKQ 8PLKQ]XlUJHUQDEHUQLFKWQXUGHVZHJHQOLHHUVHLQH3ODQVSLHOHGLH DXVVHLQHU6LFKWWDWVlFKOLFKQXU6SLHOHUHLZDUHQLQGLHUHFKQHULVFKH .RQVWUXNWLRQHLQHV3URWRW\S&KLSVHLQIOLHHQGLHIU,17(/6/$9(HLQH IRUWVFKULWWOLFKH1HXHUXQJEHGHXWHQPXWHIULKQMHGRFKQLFKWGDHUEHL GHU.RQVWUXNWLRQYRQ(DUQ\XQWHUDQGHUHPHLQHQVROFKHQ&KLSHQWZRUIHQ KDWWH .DXPOHXFKWHWHGHU.RQVWUXNWLRQVSODQGHV&KLSVJUQYRP &RPSXWHUELOGVFKLUPGDVWDQG/LWWRQDXFKVFKRQQHEHQLKPXQGIUDJWH K|KQLVFK Ä+DEHQ6LHLP6SHLFKHUHWZDV%UDXFKEDUHVJHIXQGHQ0LVWHU=DUJ" Ä5LFKWLJ0LVWHU/LWWRQHUZLGHUWH.\URQ'DYRQZDU/LWWRQVHOEVW EHUUDVFKWÄ6LHGHQNHQDOVRZLUNOLFKHVZlUH,KUH$XIJDEHDXVXQVHUHQ 6SHLFKHUQXUDOWH.RQVWUXNWLRQVSOlQHDE]XUXIHQ"
Ä$XVPHLQHP6SHLFKHUHUZLGHUWH.\URQ%DUUDNXQLURQLVFKXQGWLSSWH VLFKPLWGHP=HLJHILQJHUDQGLH6WLUQÄ8QGGHULVWKLHU0LVWHU/LWWLWL Ä:HUGHQ6LHQLFKWIUHFKIXKU/LWWRQDXIÄ:HQQ6LHGHQ$UEHLWVIULHGHQ VW|UHQZHUGHLFKIU,KUH(QWODVVXQJVRUJHQ1LHPDQGNDQQLQQHUKDOE HLQHU6WXQGHGLHUHFKQHULVFKH.RQVWUXNWLRQHLQHVQHXDUWLJHQ&KLSV HUDUEHLWHQ$XHUGHPKDEHQ6LHHLQHVHOWVDPH$XIIDVVXQJYRQGHU *HRPHWULHHLQHV&KLSV Ä)LQGHQ6LHHVVHOWVDPZHQQPHLQ&KLSUXQGHLQ'ULWWHOPHKU $QVFKOXVWHOOHQKDWDOVGLHEHL,17(/6/$9(ELVKHUJHEUlXFKOLFKHQ &KLSV"IUDJWH.\URQÄ2GHUYLHOOHLFKWGDGLH)XQNWLRQHQXP]HKQ 3UR]HQWEHUGHU1RUPOLHJHQ"Ä'DVJLEWHVQLFKWEHKDXSWHWH/LWWRQ Ä6RHWZDV IXQNWLRQLHUWLQGHU3UD[LVQLFKW6LHKDEHQRIIHQNXQGLJYHUJHVVHQ )XQNWLRQHQXQG=XVDPPHQVSLHOGHUHLQ]HOQHQ7HLOHUHFKQHULVFK]X HUSUREHQ Ä:HWWHQGDLFKGRFK"JDE.\URQ%DUUDNXQ]XUFNÄ(UODXEHQ6LHGD LFKHLQHQ3URWRW\SKHUVWHOOHQXQGWHVWHQODVVH" /LWWRQVFKZDQNWHRIIHQVLFKWOLFK(VZDULKPDQ]XVHKHQGDHUQDKH GDUDQZDUGHP1HXHQ]XJODXEHQGDHUDEHUDPOLHEVWHQGLH3UREH DXIV([HPSHOYHUZHLJHUWKlWWHGDPLWGHUXQYHUVFKlPWH1HXHQLFKWLKQ VHOEVWLQGHQ6FKDWWHQVWHOOHQNRQQWH Ä$OVRYHUVXFKHQ6LH,KU*OFNVDJWHHUQDFKHLQLJHQ0LQXWHQÄ2GHU,KU 8QJOFN .\URQOlFKHOWHEHUVSLHOWHGLHHUUHFKQHWHQ'DWHQDXIHLQHQ&RPSXWHU GHU3URWRW\S+HUVWHOOXQJLP1HEHQJHElXGHXQGVFKDOWHWHQDFKGHU )HUWLJVWHOOXQJGLH7HVWPDVFKLQHHLQ $XIHLQHP0RQLWRUNRQQWHQHUXQG/LWWRQJOHLFKGDUDXIEHREDFKWHQZLH GLHYROOURERWLVFKH7HVWPDVFKLQHGLHVXSHULQWHJULHUWH6FKDOWXQJDXI+HU] XQG1LHUHQSUIWH0HKUIDFKYHUVXFKWH/LWWRQLQGHQ9RUJDQJ HLQ]XJUHLIHQXQG.\URQ]XEHUUHGHQ0RGLILNDWLRQHQHLQ]XVSLHOHQGLHLQ GLUHNWHU5FNNRSSOXQJDXIGHQHUVWHQ(QWZXUISODQWHFKQLVFKUHDOLVLHUW ZRUGHQZlUHQ 'HU&RPSXWHU=|JOLQJGXUFKVFKDXWHGLHVH0DQ|YHUPKHORV/LWWRQ ZROOWHQXUVHLQHQ.RQVWUXNWLRQVHQWZXUIYHUVFKOHFKWHUQXPGDQQ EHKDXSWHQ]XN|QQHQL=DUJKlWWH&RPSXWHU]HLWXQG0DWHULDOVLQQORV YHUJHXMGHW 1DFKGHPGLH7HVWPDVFKLQHGHQ(QWZXUIDOVIHKOHU ,IUHLXQGRSWLPDOEHZHUWHWKDWWHEOLHEDXFK/LWWRQJDUQLFKWVZHLWHUEULJ DOVGLHZHLWHUHQ$UEHLWVJlQJHIUHL]XJHEHQ.\URQ%DUUDNXQDEVROYLHUWH GLH)HLQDUEHLWDP%LOGVFKLUPLQ5HNRUG]HLWZlKUHQGGHU3ORWWHUHLQ PHKUIDUELJHV%LOGGHU6WUXNWXUGHV&KLSV]HLFKQHWH$QVFKOLHHQG ZXUGHQDOOH'HWDLOVYRP6SHLFKHUDEJHUXIHQXQGDOV/LVWLQJDXVJHGUXFNW XQG.\URQSUIWHXQWHUGHP(OHNWURQHQPLNURVNRSGHQ3URWRW\S (VZDUQRFKQLFKW)HLHUDEHQGGDH[LVWLHUWHGDVQHXH3URGXNWEHUHLWVDOV
Ä6RIWZDUHLP6SHLFKHUYRQ.\URQV&RPSXWHUXQGLP6SHLFKHUGHU( %HDPDQODJHLP:HUN/HLFHVWHUZRHVQXU]XU0DVVHQIHUWLJXQJ IUHLJHJHEHQZHUGHQPXWHXP0LOOLRQHQQHXDUWLJHU&KLSVKHU]XVWHOOHQ GLHZLHGHUXPGLH4XDOLWlWDOOHUPLWLKQHQKHUJHVWHOOWHQ&RPSXWHU HUKHEOLFKYHUEHVVHUQZUGHQ Ä(LQ*OFNVWUHIIHUZLHHUQXUDOOHKXQGHUW-DKUHHLQPDOYRUNRPPW EHKDXSWHWH/LWWRQÄ:HQQLFK,KQHQQLFKWJHKROIHQKlWWHZlUHHV ZDKUVFKHLQOLFKQXUHLQH1LHWHJHZRUGHQDEHUPLWPHLQHQ(UIDKUXQJHQ PXWHGHU:XUIMDJHOLQJHQ,FKZHUGHGDIUVRUJHQGD6LHDQGHU 3UlPLHEHWHLOLJWZHUGHQGLHPLUGDIU]XVWHKW0LVWHU=DUJ1LHPDQGVROO VDJHQGDLFKJXWH$UEHLWQLFKW]XZUGLJHQZWH Ä'DVLVWVHKUJUR]JLJYRQ,KQHQ0LVWHU/LWWRQVDJWH.\URQ%DUUDNXQ 6HLQ6DUNDVPXVZDUDOOHUGLQJVQLFKW]XEHUK|UHQ $EHU/LWWRQZDUGXUFKGDVGXUFKDXVQLFKWVHOEVWYHUVWlQGOLFKH (QWJHJHQNRPPHQGHV1HXHQVRHUOHLFKWHUWGDHUGHQ6DUNDVPXV LJQRULHUWH Ä:HQQHLQ&KLSJXWDUEHLWHWGDQQLVWGDVYRUDOOHPGDV9HUGLHQVW GHVMHQLJHQGHULKQDQGLHULFKWLJH6WHOOHJHVHW]WKDWOREWHHUVLFK JOHLFKQLVKDIWVHOEVWRKQHVLFKGDUDQ]XVW|UHQGDHUGHQ1HXHQ HLJHQWOLFKPLWXQWHUJHRUGQHWHQ$UEHLWHQKDWWHEHWUDXHQZROOHQ $OV/LWWRQJHJDQJHQZDUNDP+DQH\/VFKDQJKLQWHUGHP&RPSXWHU KHUYRU,KUH$XJHQEOLW]WHQ]RUQLJ Ä,FKEHJUHLIH,KUH+DQGOXQJVZHLVHQLFKW0LVWHU=DUJHUNOlUWHVLHÄ/LWWRQ KDWGRFKEHUKDXSWNHLQHQ$QWHLODQGHU1HXNRQVWUXNWLRQXQG6LH EHUODVVHQLKPGHQ5XKP(UZLUGGHQQHXHQ&KLSDOVVHLQHHLJHQH (UILQGXQJKLQVWHOOHQ .\URQ%DUUDNXQQLFNWH Ä8QGGDPLWHLQ'DPRNOHVVFKZHUWEHUVHLQHP +DXSWDXIKlQJHQ0L/VFKDQJ,FKZHUGHQlPOLFKMHGHU]HLWLQIROJH PHLQHUDXHUJHZ|KQOLFKHQ.UHDWLYLWlWQRFKEHVVHUH&KLSVNRQVWUXLHUHQ N|QQHQHUDEHUQLFKW'DPLWKDWHUVLFKLQHLQHLQVWDELOH8PODXIEDKQ NDWDSXOLHUWYRQGHUDXVHVQXUDEZlUWVJHKHQNDQQ Ä2KHQWIXKUHV+DQH\/VFKDQJGDQQPXWHVLHODFKHQÄ6LHVLQGPLU YLHOOHLFKWHLQHU6LHVFKWWHOWHGHQ.RSIÄ$EHUDQ]XJURHU %HVFKHLGHQKHLWOHLGHQ6LHQLFKWJHUDGH (LQ6XPPWRQHUW|QWH Ä)HLHUDEHQG%OHLEWHVGDEHLGDZLUJHPHLQVDP,KU*HSlFNKROHQ 0LVWHU=DUJ" .\URQQLFNWHXQGHUKREVLFK 6HLQH*HGDQNHQVFKZHLIWHQDE]X&DULOGDGLHLQ]ZLVFKHQLQV:HUN /HLFHVWHUHLQJHVLFNHUWVHLQVROOWHZHQQDOOHVZLHJHSODQWYHUODXIHQZDU 'DQQZUGHVLHDXFKVHLQH1DFKULFKWHPSIDQJHQKDEHQGDEHLLKPLP +DXSWZHUNDOOHVJODWWYHUOLHIGHQQGLHLP6SHLFKHUGHU(%HDPDQODJH YRQ/HLFHVWHUHLQJHWURIIHQHÄ6RIWZDUHZDUGDVYHUDEUHGHWH6LJQDOGDIU
JHZHVHQ (UIUDJWHVLFKZDQQVLHRGHUHUGLHHUVWH6SXUILQGHQZUGHGLH]XGHQ DQJHQRPPHQHQ0|UGHUQYRQ1LZR'HZIKUWH 'LH*HVWDOWZDUWHWH]ZLVFKHQHLQHU*UXSSHEOKHQGHU 7DPDULVNHQVWUlXFKHUGLHLP+DOEVFKDWWHQDP5DQGHLQHV :DVVHUEHFNHQVZXFKVHQ (LQ*OHLWHUQDFKGHPDQGHUHQKREYRP3DUNSODW]GHV:HUNVJHOlQGHV DE6FKOLHOLFKODJGHU3ODW]OHHUXQGYHUODVVHQGD'LH6WLOOHZXUGHQXU QRFKGXUFKGHQ*HVDQJGHU9|JHOXQWHUEURFKHQGLHLQGHQ%lXPHQXQG 6WUlXFKHUQGHVSDUNDUWLJHQ*HOlQGHVOHEWHQhEHUGHP:DVVHUEHFNHQ PLWVHLQHQJUREOlWWULJHQ7HLFKURVHQVFKZHEWHQ/LEHOOHQ 'LH*HVWDOWYHUOLHLKU9HUVWHFNXQGJLQJDXIGDVJU|WHGHU*HElXGH]X 6LHEUDXFKWHNHLQH(QWGHFNXQJ]XIUFKWHQGHQQGLHEHLGHQ :DFKPlQQHUGLHLQHLQHP$QEDXGHVJURHQ*HElXGHVXQWHUJHEUDFKW ZDUHQZUGHQHUVWJHJHQ0LWWHUQDFKWZLHGHUKHUDXVNRPPHQZHQQGHU *OHLWHUPLWGHU$EO|VXQJHLQWUDIXQGVLHPLWQDKP %LVGDKLQZUGHQVLHYRUGHQ0RQLWRUHQXQG.RQWUROOHQVLW]HQXQGGDV EHREDFKWHQZDVGLHFRPSXWHUJHVWHXHUWHQ6HQVRUHQGHV$UHDOVLKQHQ ]HLJWHQXQGGLH*HVWDOWEUDXFKWHQLFKW]XEHIUFKWHQGDVLHDXIHLQHP 0RQLWRUHUVFKHLQHQZUGH'HUhEHUZDFKXQJVFRPSXWHUKDWWH HQWVSUHFKHQGH$QZHLVXQJHQHUKDOWHQ 2KQH]X]|JHUQWUDWGLH*HVWDOWYRUGHQ+DXSWHLQJDQJGHV*HElXGHV 'LHHOHNWURQLVFKYHUULHJHOWH7U|IIQHWHVLFKODXWORVYRULKUXQGVFKOR VLFKKLQWHULKUZLHGHUDOVVLHVLFKLP,QQHUQGHV*HElXGHVEHIDQG =LHOVLFKHUEHZHJWHVLFKGLH*HVWDOWEHU.RUULGRUHXQGGLH1RWWUHSSHQ YRQ$QWLJUDYVFKlFKWHQGLH/LIWHZDUHQDXHUKDOEGHU$UEHLWV]HLW GHVDNWLYLHUW ELVVLHGLHJURH+DOOHPLWGHQ.RQVWUXNWLRQVFRPSXWHUQ HUUHLFKWH$XFKGRUWIDQGVLHLKUHQ:HJVRIRUW $OVZUGHVLHWlJOLFKGRUWDUEHLWHQOLHVLHVLFKDXIGHP6HVVHOYRU HLQHPGHU&RPSXWHUQLHGHUDNWLYLHUWHLKQQDKPHLQLJH(LQJULIIHLQV 3URJUDPPYRUXQGVWHOOWHHLQH9HUELQGXQJ]XYHUVFKLHGHQHQDQGHUHQ &RPSXWHUQKHU 6LHZDUVRLQLKUH7lWLJNHLWYHUWLHIWGDVLHQLFKWPHUNWHGDHLQHDQGHUH 3HUVRQGHQ6DDOEHWUDWEHLP$QEOLFNGHVDNWLYLHUWHQ&RPSXWHUVZLH HUVWDUUWVWHKHQEOLHEXQGGDQQOHLVHQlKHUVFKOLFK (UVWDOVGLH*HVWDOWHLQODXWHV5lXVSHUQKLQWHUVLFKK|UWHIXKUVLHKHUXP XQGEOLFNWHLQHLQVFKDGHQIURKHV*HVLFKWGDVDEHUJOHLFKGDUDXI )DVVXQJVORVLJNHLWYHUULHW Ä6LHVLQGGDVVWLHGLHDQGHUH3HUVRQKHUYRUÄ8QGLFKGDFKWH Ä6LHKlWWHQOLHEHUQLFKWGHQNHQVROOHQXQGVFKRQJDUQLFKWKHUNRPPHQ
VDJWHGLH*HVWDOWXQGVWDQGODQJVDPDXI,QLKUHUUHFKWHQ+DQGODJ SO|W]OLFKHWZDVGDVZLHHLQHODQJHVLOEULJH5|KUHDXVVDK Ä:DVVROOGDV"ULHIGLHDQGHUH3HUVRQXQGEOLFNWHHUVFKURFNHQDXIGDV U|KUHQI|UPLJH'LQJGDQQZROOWHVLHVLFKKHUXPZHUIHQXQG]XU7U ]XUFNHLOHQ 6LHNDPQLFKWPHKUGD]XGLH%HZHJXQJ]XYROOHQGHQ(WZDVPDFKWH OHLVHSORSSGDQQ]XFNWHGLHDQGHUH3HUVRQ]XVDPPHQ|IIQHWHGHQ 0XQGXQGVWU]WH]X%RGHQ 'LH*HVWDOWPXVWHUWHLKU2SIHUQXUNXU]GDQQQDKPVLHZLHGHUYRUGHP &RPSXWHU3ODW]XQGIKUWHLKUH$UEHLW]X(QGH'DQDFKYHUOLHVLHGLH +DOOHXQGZHQLJVSlWHUDXFKGDV*HElXGH (VEHUHLWHWHLKUNHLQHUOHL6FKZLHULJNHLWHQGDV7RUGHU 6LFKHUKHLWVDEVSHUUXQJGHV:HUNVJHOlQGHV]X|IIQHQ8QJHIlKU ]ZHLKXQGHUW0HWHUZHLWHUZDUWHWHHLQ)OXJJOHLWHUDXIHLQHU/LFKWXQJ'LH *HVWDOWVWLHJHLQ*OHLFKGDUDXIVWDUWHWHGHU*OHLWHUIORJGLFKWEHUGHQ %DXPZLSIHOQGHV3DUNJHOlQGHVGDKLQXQGQDKPGDQQ.XUVDXIGLHDP +RUL]RQWHUNHQQEDUH6LOKRXHWWHGHU*URVWDGW 'DV+DXSWJHElXGHGHU$JURWHFKQLVFKHQ9HUVXFKVDQVWDOWZDUHLQ HLQVW|FNLJHUODQJJHVWUHFNWHU%DXDXV)HUWLJEDXSODWWHQGLHDXV *ODVIDVHUEHWRQJHJRVVHQZDUHQXQGODJ]ZLVFKHQPHKUHUHQNOHLQHUHQ *HElXGHQLQHLQHPJURHQ*HOlQGHGDVVLFKLQHUVWHU/LQLHGXUFK XQNUDXWEHUZXFKHUWHHKHPDOLJH9HUVXFKVIHOGHUDXV]HLFKQHWH,Q JOHLFKPlLJHQ$EVWlQGHQZDUHQPLWWHOJURH)HQVWHULQGHQ:lQGHQ DQJHEUDFKW=HKQ)OXJJOHLWHUlOWHUHU%DXUHLKHQZDUHQXQRUGHQWOLFKYRU GHP+DXSWJHElXGHDEJHVWHOOW +DQH\/VFKDQJODQGHWHEHLGHQDQGHUHQ*OHLWHUQGDQQZDQGWHVLHGHQ .RSIXQGEOLFNWH+HXURQ=DUJDQ Ä(VZLUG6LHKRIIHQWOLFKQLFKWVW|UHQGDLQGLHVHP%DXIUKHU5LQGHU JH]FKWHWZXUGHQPHLQWHVLHPLW]DJKDIWHP/lFKHOQÄ'LH%R[HQVLQG JHUlXPLJKDEHQKEVFKH.DFKHOZlQGHIOLHHQGHV:DVVHUXQGVLQG NOLPDWLVLHUW:LUKDEHQVLHUHFKWZRKQOLFKKHUJHULFKWHW Ä5LQGHUVDJWH.\URQ%DUUDNXQYHUZXQGHUWÄ0HLQHQ6LHJDQ]H5LQGHU" +DQH\ODFKWH Ä+DEHQ6LHQRFKQLHGDYRQJHK|UWGDHV3ODQHWHQJLEWGLHVLFKGHQ /X[XVYRQ6WHDNWUHLEKlXVHUQ QLFKWOHLVWHQN|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
6LHPDFKWHHLQHXPIDVVHQGH+DQGEHZHJXQJ Ä$XHUGHPZXUGHQDXIGHQ9HUVXFKVIHOGHUQ0XWLVWHUUDQLVFKHU 1XW]SIODQ]HQJH]FKWHW*HWUHLGHDUWHQ.RKO6DODWH5EHQXQGVR ZHLWHU'DVDOOHVK|UWHQDWUOLFKDXIDOVGLH(UGHLQHLQHDQGHUH*DOD[LV YHUEUDFKWZXUGHXQGGLH%HYYRKQHUXQWHUGHP(LQIOXGHU6WUDKOXQJ LKUHUQHXHQ6RQQH0HGDLOORQ]X$SKLOLNHUQZXUGHQ .\URQ%DUUDNXQQLFNWH (UNDQQWHGLHZHVHQWOLFKHQJHVFKLFKWOLFKHQ)DNWHQVHLWHUDXI7HUUD JHODQGHWZDUXQGVLFKPLWGHQ(UHLJQLVVHQEHIDWKDWWHYRQGHQHQHULQ VHLQHP&RPSXWHUVFKLIIQLHHWZDVHUIDKUHQKDWWH$EHUEHUGLH'HWDLOV ZXWHHUQLFKW%HVFKHLG Ä*HWUHLGHXQG*HPVHNDQQPDQSUREOHPORVHUQWHQPHLQWHHU JUEHOQGÄ$EHUZLHPDFKWPDQGDVPLW)OHLVFKZHQQHVQLFKWDXI 1lKUIOVVLJNHLWHQVRQGHUQDQOHEHQGHQ7LHUHQZlFKVW" Ä0DQPXGLH7LHUHQDWUOLFKW|WHQHUNOlUWH+DQH\/VFKDQJ .\URQVWDUUWHVHLQH6HNUHWlULQHQWVHW]WDQ Ä8PEULQJHQ"EUDFKWHHUQDFKHLQLJHU=HLWPKVDPKHUYRUÄ/HEHQGLJH :HVHQ",FKZHLGD7LHUHDQGHUH7LHUHW|WHQXPVLFKYRQLKUHP )OHLVFK]XHUQlKUHQDEHUGDVVLQG,QVWLQNWKDQGOXQJHQZlKUHQGGHU 0HQVFK(QWVFKHLGXQJVIUHLKHLWEHUVHLQH+DQGOXQJHQEHVLW]W$XHUGHP EHVWHKWGRFK]ZLVFKHQ0HQVFKXQG7LHUHLQHUHFKWHQJH 9HUZDQGWVFKDIW Ä.DLQXQG$EHOHUZLGHUWH+DQH\QDFKGHQNOLFKÄ6HLWGHP$QIDQJLKUHU *HVFKLFKWHXQGZRKOVFKRQIUKHUKDEHQ0HQVFKHQDQGHUH0HQVFKHQ JHW|WHW:DUXPVROOWHQVLHGDQQ6NUXSHOJHKDEWKDEHQ7LHUH]XW|WHQ" 6LHEUDXFKWHQDXHUGHPLKU)OHLVFKDOVHQHUJLHUHLFKH1DKUXQJ %HLQDKHKlWWHVLFK.\URQYHUUDWHQLQGHPHUHUNOlUWKlWWHGDHUDOV 9HJHWDULHUZXWHGD0HQVFKHQNHLQWLHULVFKHV(LZHL]XLKUHU (UQlKUXQJEHQ|WLJWHQ0LW6FKDXGHUQZXUGHHUVLFKGDUEHUNODUGDHV HLQ)HKOHUJHZHVHQZDUVHLQHU(LQTXDUWLHUXQJLQGLH:RKQJHPHLQVFKDIW ]X]XVWLPPHQ(UZUGHQLFKWLPPHUDOOHLQHVVHQN|QQHQXQGPXWHVLFK GHPQDFKIUKHURGHUVSlWHUYHUUDWHQGHQQ+HXURQ=DUJZDUNHLQ 9HJHWDULHUJHZHVHQ (UDWPHWHDXIDOVLKPGHUUHWWHQGH(LQIDOONDP Ä,FKZHUGHQLHPDOVZLHGHUHLQ6WFN)OHLVFKDQUKUHQHUNOlUWHHUPLW %HVWLPPWKHLWÄ1LHZLHGHU Ä$EHUZLUHVVHQGRFKNHLQ)OHLVFKYRQ7LHUHQVRQGHUQDXVGHQ )OHLVFKIDEULNHQHUZLGHUWH+DQH\/VFKDQJÄ:HQQ6LHHUVWHLQPDO ULHFKHQZDVZLUDXIXQVHUHP*ULOOEUXW]HOQEHNRPPHQ6LHEHVWLPPW $SSHWLW .\URQ%DUUDNXQVFKWWHOWHGHQ.RSI Ä:DVLFKJHVDJWKDEHJLOWDOV6FKZXU0L/VFKDQJ 6LHVWLHJHQDXVXQGJLQJHQ]XPÄ:RKQJHElXGHKLQEHU'LHDQGHUHQ 0LWJOLHGHUGHU:RKQJHPHLQVFKDIWEHJUWHQGHQ1HX]XJDQJIUHXQGOLFK
$EHUIU.\URQV*HVFKPDFNJLQJHVEHLLKQHQHWZDV]XODXW]X(UZDU HVHEHQQLFKWJHZ|KQWPLWYLHOHQDQGHUHQ0HQVFKHQ]XVDPPHQ]X VHLQ'RFKGDHUDXFKDXIVHLQHPQHXHQ$UEHLWVSODW]VWHWV]DKOUHLFKH 0HQVFKHQXPVLFKKDEHQPXWHVDJWHHUVLFKGDHVKLHUDXFKQLFKW PHKUGDUDXIDQNlPH Ä:LUIOLHJHQQRFKHLQPDOZHJXP0LVWHU=DUJV*HSlFNDXVGHP/DJHU ]XKROHQVDJWH+DQH\ Ä,Q2UGQXQJVDJWH0LOWRQ&DUVZHOOHLQHWZDYLHU]LJMlKULJHUKDJHUHU 0DQQGHUDQVFKHLQHQGLQGHU:RKQJHPHLQVFKDIWGHQ7RQDQJDEÄ$EHU ZDUXPQRFKVRI|UPOLFK"+DVWGXLKPQLFKWJHVDJWGDZLUXQVKLHUDOOH GX]HQ+DQH\" +DQH\/VFKDQJHUU|WHWHOHLFKW Ä(ULVWPHLQ&KHI Ä'DVLVWNHLQ+LQGHUQLVHUNOlUWH.\URQÄ,FKKHLH+HXURQIUHXFKDOOH (UEHUOHJWHZLHHU9HUELQGXQJPLW(DUQ\DXIQHKPHQNRQQWHRKQHGD MHPDQGPLWK|UWHÄbKZRVLQGKLHUGLH7RLOHWWHQ" 0LOWRQ&DUVZHOOODFKWH Ä.RPPPLW+HXURQ,FK]HLJHVLHGLU .XU]GDUDXIIKUWHHU.\URQ%DUUDNXQLQHLQHQJURHQ5DXPPLW .HUDPLNZlQGHQLQGHPVLFKPHKUHUH:DVFKJHOHJHQKHLWHQXQG 7RLOHWWHQNDELQHQEHIDQGHQ Ä,QHLQHP+RWHOLVWHVQLFKWEHVVHUPHLQWH&DUVZHOOXQGOLH.\URQ DOOHLQ .\URQQDKPVHLQHQ&KURQRJUDSKHQDENODSSWHGHQ%RGHQDXIXQG WLSSWHDXIHLQHQ6HQVRUSXQNW(LQQHXWUDOHUZHLHU/LFKWIOHFNHUVFKLHQDXI HLQHUIODFKHQ%LOGSODWWH.\URQKREGHQ&KURQRJUDSKHQKRFKXQGGUHKWH VLFKODQJVDP'HU/LFKWIOHFNYHUlQGHUWHVLFKQLFKW'DVEHGHXWHWHGD HVLQGLHVHP5DXPQLUJHQGZR0LNURVSLRQHJDEGLHLQVHLQHP)DOO YHUUlWHULVFKVHLQNRQQWHQ 9RUVLFKWVKDOEHUVFKOR.\URQVLFKLQHLQH.DELQHHLQGDPLWHUQLFKW EHUUDVFKWZHUGHQNRQQWHGDQQVWUHLIWHHUVLFKGHQ&KURQRJUDSKHQ ZLHGHUEHUVOLQNH+DQGJHOHQN'DIUVFKDOWHWHHUGDV9LVLSKRQDQ VHLQHPUHFKWHQ+DQGJHOHQNHLQ(VZDUHLQH$UW%LOGWHOHIRQGHVVHQ 5LFKWVWUDKOVLFKQDFK$NWLYLHUXQJDXWRPDWLVFKDXIGHQQlFKVWHQ WHUUDQLVFKHQ.206DWHOOLWHQULFKWHWH Ä(LQVQXOOHLQV7HUUDVDJWH.\URQGLH9RUZDKOYRQ7HUUDQLD&LW\ Ä.HUDPIQIIQIVLHEHQQHXQDFKWGUHL'DVZDUGHU$QVFKOXNRGHIU GLH9LVLSKRQHLQVHLQHP%URWUDNWÄ.RGLHUWPLW'HOWDQHXQ'DV 5XIVLJQDONDPDQXQGVWHOOWHGDV9LVLSKRQDQGHPGDV*HVSUlFK DEJHQRPPHQZXUGHDXWRPDWLVFKDXIGHQJHVSHLFKHUWHQ.RGHHLQ ZlKUHQGGDV$UPEDQG9LVLSKRQ.\URQVDOOHVZDVHUVDJWHPLWGLHVHP .RGHYHUVFKOVVHOWH+HLPOLFKH0LWK|UHUZUGHQQXUXQGHILQLHUEDUH *HUlXVFKHYHUQHKPHQ8PJHNHKUWIXQNWLRQLHUWHHVJHQDXVR
$XIGHU%LOGSODWWHHUVFKLHQGDVJULQVHQGHVFKLHIH*HVLFKW(DUQ\V Ä=X'LHQVWHQ0HLVWHUZLW]HOWHGHU5RERWHU Ä6SLW]GLH2KUHQ6FKODXEHUJHUVDJWH.\URQÄ-HDQ5RELQV .\EHUQHWLNHU]XOHW]WWlWLJLP+DXSWZHUN3DULVGHU,17(/6/$9( &25325$7,21DOV(QWZLFNOXQJVLQJHQLHXU]ZHLWHQ*UDGHVYRU ZHQLJHQ7DJHQRKQH.QGLJXQJVSXUORVYHUVFKZXQGHQ6WHOOHVHLQHQ GHU]HLWLJHQ$XIHQWKDOWVRUWIHVW(YHQWXHOODXFKGLH*UQGHVHLQHV 8QWHUWDXFKHQV$EHUQRFKNHLQHQ.RQWDNWDXIQHKPHQ,FKPHOGHPLFKLQ HLQLJHQ6WXQGHQZLHGHU9HUVWDQGHQ(DUQ\" Ä*HVSHLFKHUW3DUWQHUHUZLGHUWH(DUQ\ Ä+DW&DULOGDVFKRQHWZDVYRQVLFKK|UHQODVVHQ" Ä.XU]H0HOGXQJ.LG(LQVWLHJJHNODSSWZHQQDXFKQXUDOV+LOIV /DERUWHFKQLNHULQ1RFKNHLQH(UJHEQLVVH Ä:DUVRVFKQHOOQLFKW]XHUZDUWHQ Ä1DWUOLFKQLFKW Ä0DFK VJXWDOWHU-XQJH Ä6HKUZLW]LJ.LG+DOWHGHLQH1DVHLPPHULQGHQ:LQG Ä:LH" Ä1DZLHZLOOVWGXVRQVWGLH%HXWHULHFKHQ&KHI" Ä,FKYHUVWHKHQLFKWZRYRQGXVSULFKVWGX(NHO (DUQ\ODFKWHUDXK Ä+DEHKHXWHHUGDWHWGDPDQIUKHUGLH3ULYDWGHWHNWLYH6FKQIIOHU QDQQWH.LG,VWGDVQLFKWVSDLJ" Ä-DVHKUHUZLGHUWH.\URQ%DUUDNXQXQGXQWHUEUDFKNRSIVFKWWHOQGGLH 9HUELQGXQJÄ6FKQIIOHU$OVREPDQPLWGHU1DVH(UPLWWOXQJHQDQVWHOOHQ N|QQWH'DWHQULHFKHQGRFKQLFKW +DQH\/VFKDQJZDUWHWHQHEHQLKUHP*OHLWHUDXILKQ:RUWORVVWLHJ .\URQHLQ+DQH\UHVSHNWLHUWHVHLQH6FKZHLJVDPNHLWXQGVHW]WHVLFK HEHQIDOOVZRUWORVYRUGLH6WHXHUNRQVROH 'LHDXIGLH(UGH]XUFNJHNHKUWHQ0HQVFKHQGHV-DKUKXQGHUWVZDUHQ HVJHZ|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lWWHHU VHLQHQ+HUUHQ0HOGXQJHUVWDWWHQPVVHQ,QVJHKHLPEHVRUJWHHU hEHUEUFNXQJVUDWLRQHQOHLFKWYHUGDXOLFKHU/HEHQVPLWWHOXQGVFKXILP
&RPSXWHUVFKLIIK\GURSRQLVFKH$QODJHQXQGHLQ5HF\FOLQJ6\VWHPXP .\URQGDVhEHUOHEHQ]XHUP|JOLFKHQ 'HQ/DUHQJHJHQEHUEHJUQGHWHHUGLHHQWVSUHFKHQGHQ$QIRUGHUXQJHQ GDPLWGDHUEHVWLPPWH)RUVFKXQJVDXIWUlJHVFKQHOOHUHUOHGLJHQN|QQWH ZHQQHUSUDNWLVFKH(UIDKUXQJHQPLWHLQHPLQVLFKJHVFKORVVHQHQ |NRORJLVFKHQ6\VWHPVDPPHOWH 6RZXFKV.\URQRKQHPHQVFKOLFKH*HVHOOVFKDIW]ZLVFKHQ SRVLWURQLVFKHQ(OHPHQWHQ:DUWXQJVURERWHUQXQG3IODQ]HQDXI'HU +DXSWFRPSXWHUZDUIULKQ9DWHUXQG0XWWHU]XJOHLFKGDV/HLWELOG VR]XVDJHQQDFKGHPHUVHLQ/HEHQDXVULFKWHWH8QGQRFKPHKU(U IKOWHGDGHU+DXSWFRPSXWHUIULKQVRHWZDVZLH0XWWHUJHIKOH HQWZLFNHOWKDWWHXQGLKQDXIHLQH:HLVHYHUKlWVFKHOWHGLH]ZDU HUZDFKVHQHQ0HQVFKHQHWZDVVHOWVDPYRUJHNRPPHQZlUHDEHUQLFKW .\URQGHUMDXQWHUGLHVHQ%HGLQJXQJHQDXIZXFKV 'LH)ROJHZDUGDVLFKEHLLKPDOOPlKOLFKHLQH[WUHPLQWHQVLYHV 9HUVWlQGQLVDOOHUSRVLWURQLVFKHQXQGHOHNWURQLVFKHQ9RUJlQJH DXVELOGHWHVRGDHUIlKLJZXUGHZLHKRFKZHUWLJH&RPSXWHU]XGHQNHQ XQGVLFKLQLKUH)XQNWLRQHQKLQHLQ]XYHUVHW]HQ 3DUDOOHO]XGLHVHU(QWZLFNOXQJDEHUJHVFKDKQRFKHWZDVDQGHUHV'DV /HEHQLQELRORJLVFKHU+LQVLFKWLQQHUKDOEHLQHVEHUVFKDXEDUHQLQVLFK JHVFKORVVHQHQ|NRORJLVFKHQ6\VWHPVLQGDVHULQWHJULHUWZDUEHZLUNWH HLQHPHQWDOHXQGSVLRQLVFKH$QSDVVXQJDQGLH3IODQ]HQZHOWGLHVHU *HPHLQVFKDIWGLHLKQIUVHLQJDQ]HV/HEHQEHIlKLJWHDXVGHQ SVLRQLVFKHQ$XVVWUDKOXQJHQDOOHU3IODQ]HQDUWHQGLHVHLQ$XIZDFKVHQ EHJOHLWHWHQSK\VLVFKHXQGSV\FKLVFKH.UlIWH]X]LHKHQGLHLKPEHLGHU hEHUZLQGXQJYRQ.UDQNKHLWHQXQG9HUOHW]XQJHQEHLGHU0HLVWHUXQJ H[WUHPHU%HODVWXQJHQXQGEHLGHU%HZlOWLJXQJVFKZLHULJHUJHLVWLJHU $XIJDEHQKDOIHQ.\URQ%DUUDNXQVHXI]WH ,P*UXQGHJHQRPPHQVHKQWHHUVLFKQDFKGHP/HEHQZLHHUHVLQGHP &RPSXWHUVFKLIIJHKDEWKDWWH]XUFN'RUWZDUVHLQH+HLPDWJHZHVHQ XQGVHLQ(OWHUQKDXVGRUWKDWWHHU)UVRUJHXQG*HERUJHQKHLWJHQRVVHQ XQGNHLQH$KQXQJGDYRQJHKDEWZLHXQHUIUHXOLFKHVLQGHU:HOWGHU RUJDQLVFKHQ,QWHOOLJHQ]HQDXVVDK'LH(ULQQHUXQJDQVHLQH(OWHUQZDU IDVWY|OOLJYHUEODW ,PPHUZLHGHUYHUZQVFKWHHUGHQ7DJQDFKGHP(QGHGHU .RQ]LOVKHUUVFKDIWDQGHPÄVHLQ&RPSXWHUVFKLIIGDVPLW 0DVFKLQHQVFKDGHQDXIGHP3ODQHWHQ%DUUDNXQ]XUFNJHODVVHQZRUGHQ ZDUYRQWHUUDQLVFKHQ6LHGOHUQJHVWUPWXQG]HUVW|UWZRUGHQZDU QDFKGHPPDQLKQGDUDXVÄEHIUHLWKDWWH.\URQUlFKWHVLFKGDIULQGHP HUPLW+LOIHHLQHV7HLOHVGHU3IODQ]HQZHOWYRQ%DUUDNXQ$OOHUJLHVWRIIHLQ GHQ1XW]SIODQ]HQHU]HXJWHVRGDGLHDXVLKQHQJHZRQQHQHQ3URGXNWH XQJHQLHEDUIUGLH6LHGOHUZXUGHQ (UVWDOVHUVDKZLHYHUKHHUHQGVLFKGDVDXIGLH6LHGOHUDXVZLUNWHXQG DXFKDOOPlKOLFKHLQVDKGDGLH6LHGOHUVHLQH+HLPDWDXV8QZLVVHQKHLW
]HUVW|UWKDWWHQPDFKWHHUGLHÄ$OOHUJLVLHUXQJUFNJlQJLJGLHVRQVWGLH 6LHGOHU]XP+XQJHUWRGYHUXUWHLOWKlWWH $OVGDQQ0RQDWHVSlWHUHLQ6DPPOHUVFKLIIDXI%DUUDNXQODQGHWHOLH .\URQVLFKYRQHLQHPGHU3V\FKRORJHQGHV6FKLIIHVGD]XEHUUHGHQ VLFK]XU(UGHÄUFNIKUHQ]XODVVHQ'DHUQXUVHLQHQ9RUQDPHQ NDQQWHZXUGHLKPGHU1DPH%DUUDNXQNXU]HUKDQGDOV)DPLOLHQQDPH JHJHEHQ $XIGHU(UGHKDWWHHUJU|WH6FKZLHULJNHLWHQVLFKDQGDV/HEHQLQHLQHU 0DVVHQJHVHOOVFKDIWDQ]XSDVVHQ(UWDXWHHUVWDXIDOVHUHQWGHFNWHGD HLQHVWDUNH,QWHUHVVHQJUXSSHVLFKGLHPDWHULHOOH1RWGHUÄ5FNNHKUHU ]XQXW]HPDFKWHXP/DQGDQVLFK]XUHLHQXQGGDPLW3URILW]XPDFKHQ 0LW+LOIHVHLQHUHLQPDOLJHQ)lKLJNHLWVLFKLQGLH)XQNWLRQHQ KRFKZHUWLJVWHU&RPSXWHUKLQHLQ]XYHUVHW]HQZLHVLH]XGHQNHQXQGVLH LQVHLQHP6LQQ]XEHHLQIOXVVHQNRQQWHHUGHQ/DQGUlXEHUQGDV +DQGZHUNOHJHQXQGGDEHLJOHLFK]HLWLJGLH0DFKWEHUQDKPHHLQHU *UXSSHYRQ8VXUSDWRUHQYHUKLQGHUQGLHVLFKLQGHQ%HVLW]YRQ,PSHULXP $OSKDJHVHW]WKDWWH =ZHLIHOORVKlWWHHUGDQDFKHLQEHGHXWHQGHU0DQQLQGHU5HJLHUXQJGHU /LJD)UHLHU7HUUDQHUZHUGHQN|QQHQ'RFKGDUDQKDWWHHUQLFKWGDV JHULQJVWH,QWHUHVVH(UZROOWHQLFKWLP6FKHLQZHUIHUOLFKWGHUgIIHQWOLFKNHLW DUEHLWHQVRQGHUQVLFKPLW&RPSXWHUQEHVFKlIWLJHQXQGLPEULJHQVHLQH 5XKHKDEHQ 'HVKDOEEHVFKUlQNWHHUVHLQH7lWLJNHLWDXISULYDWH(UPLWWOXQJHQIU )LUPHQXQG3ULYDWSHUVRQHQDXIGHQ+DQGHOPLW,QIRUPDWLRQHQGLHHU VLFKJUR]JLJDXVDOOHQP|JOLFKHQ&RPSXWHUQYHUVFKDIIWHXQGDXIGLH $QDO\VLHUXQJYRQ'DWHQGLHPDQLKP]XGLHVHP=ZHFNEHUPLWWHOWH DOVRDXI7lWLJNHLWHQEHLGHQHQHUNDXP$XIVHKHQHUUHJWH 6RZLHEHLGHPMHW]LJHQ)DOO Ä,VWHVGDVKLHU"IUDJWH+DQH\/VFKDQJXQGGHXWHWHGXUFKGLH WUDQVSDUHQWH.XSSHOGHV*OHLWHUVKLQXQWHU .\URQ%DUUDNXQVFKUDNDXVVHLQHQ*UEHOHLHQDXIXQGEOLFNWHDQGHP DXVJHVWUHFNWHQ$UPVHLQHU6HNUHWlULQHQWODQJGDQQQLFNWHHUDOVHUDP 6WDGWUDQGYRQ8WUHFKWGLHXPHLQHQJURHQ3ODW]DQJHRUGQHWHQ HLQVW|FNLJHQ)HUWLJKlXVHUVDKDXVGHQHQGDV/DJHUEHVWDQG+LHU ZXUGHQGLH]XUFNJHIKUWHQ0HQVFKHQXQWHUJHEUDFKWELVVLHHLQHLKUHQ )lKLJNHLWHQDQJHPHVVHQH$UEHLWXQGHLQH:RKQXQJJHIXQGHQKDWWHQ 6HOEVWYHUVWlQGOLFKOHEWH.\URQQLFKWGRUW(UKDWWHHVMHGRFKVR DUUDQJLHUWGDHUHLQLJH.RIIHUEHLHLQHP%HNDQQWHQLP/DJHU XQWHUVWHOOWHGDPLWHVIU$XHQVWHKHQGHVRZLUNWHDOVZUGHHU WDWVlFKOLFKGRUWZRKQHQ Ä/DQGHELWWHDXIGHP3ODW]+DQH\VDJWHHUÄ8QGZDUWHGDQQDXIPLFK (VGDXHUWQLFKWODQJH +DQH\/VFKDQJQLFNWH 1DFKGHPGHU*OHLWHUDXIGHP3ODW]JHODQGHWZDUVWLHJ.\URQ%DUUDNXQ
DXVXQGHLOWHLQGDV*HElXGHLQGHPGHU%HNDQQWHZRKQWH(VKDQGHOWH VLFKXPHLQHQ3URVSHNWRUGHUEHLGHU)OXFKWYRUhEHUVFKZHUHQDXIGHP 6LHGOXQJVSODQHWHQ6DJRQHQRWJHODQGHWZDUXQGVLFKGDEHLVFKZHU YHUOHW]WKDWWH(UZDUTXHUVFKQLWWJHOlKPWXQGVROOWHLQ]ZHL0RQDWHQLQ HLQHU6SH]LDONOLQLNLQ7HUUDQLD&LW\RSHULHUWXQGZLHGHUKHUJHVWHOOWZHUGHQ 'HVKDOEEHIDQGHUVLFKQRFKLP/DJHU.\URQZDUEHLIUKHUHQ (UPLWWOXQJHQ]XIlOOLJDXIVHLQH'DWHQJHVWRHQXQGKDWWH.RQWDNWPLWLKP DXIJHQRPPHQZHLOHUHUIDKUHQKDWWHGD0DUNRGH%DYHOODZLHGHU 3URVSHNWRUKLH,QIRUPDWLRQHQEHUGDV9HUVWHFNHLQHVODULVFKHQ &RPSXWHUVFKLIIVEHVLW]HQVROOWHGDVVLFKLUJHQGZRLPRIIHQHQ 6WHUQKDXIHQ1*&YHUERUJHQKLHOW%LVKHUZDUGH%DYHOODDEHUQRFK QLFKWPLWQlKHUHQ'DWHQKHUDXVJHUFNW 0DUNRGH%DYHOODVDLQVHLQHP6FKZHEHVHVVHOXQGEHVFKlIWLJWHVLFK PLWHLQHPHOHNWURQLVFKHQ/HVHJHUlWDOV.\URQ%DUUDNXQVHLQ=LPPHU EHWUDW1HEHQLKPVWDQGGHU05,,HLQ0HGL]LQLVFKHU+LOIVURERWHUGHQ GLH*HVXQGKHLWVEHK|UGHGHP4XHUVFKQLWWJHOlKPWHQ]XJHWHLOWKDWWHXQG GHQGHU3URVSHNWRUDXVXQHUILQGOLFKHQ*UQGHQ&UDFNHUQDQQWH 'H%DYHOODVFKDOWHWHVHLQ/HVHJHUlWDXVDOVHU.\URQVDK(LQVFKODXHV /lFKHOQKXVFKWHEHUVHLQZHWWHUJHJHUEWHVVFKPDOHV*HVLFKW Ä+DOORVDJWH.\URQÄ:LHJHKWHVGLU0DUNR" Ä%HVFKHLGHQZLHLPPHUJDE0DUNRGH%DYHOOD]XUFNÄ%OHLEVWGX]XP (VVHQ.\URQ"&UDFNHUKDWKHXWH6WHDNVDXIGHP3ODQVWHKHQ .\URQVFKOXFNWHGDQQVFKWWHOWHHUGHQ.RSI Ä'DQNHDEHULFKYHUKXQJHUHOLHEHUDOVGDLFK)OHLVFKlH,FKKDEH DXHUGHPZHQLJ=HLWXQGP|FKWHQXUPHLQH.RIIHUDEKROHQ Ä:DVPDFKWGHLQ)DOO"IUDJWHGH%DYHOOD Ä(UHQWZLFNHOWVLFKHUZLGHUWH.\URQ%DUUDNXQ Ä$QVFKHLQHQGKDWHUPLWHLQHU([SHGLWLRQYRQ$PDWHXUHQLQGHQ1*& ]XWXQ6LHVROOHQGRUWHLQHQDEJHPDJHUWHQ69(5DXPHUJHVLFKWHW KDEHQ 'H%DYHOODJULQVWH Ä%HLPLU]LHKWGLHVH0DVFKHQLFKW)UHXQG$XHUGHPGUIWHPHLQ69( 5DXPHUQRFKQLFKWVHKUDEJHPDJHUWVHLQ$OVLFKLKQ]XOHW]WVDKGD (UVWLHHLQH9HUZQVFKXQJDXVÄ6RZLOOVWGXPLFKDOVRDXIV*ODWWHLV IKUHQ'DVLVWXQIDLU Ä(VLVWDXFKXQIDLUYRQGLUPLUGLH3RVLWLRQGHV69(5DXPHUV YRU]XHQWKDOWHQ:DVNDQQVWGXVFKRQPLWLKPDQIDQJHQ,FKGDJHJHQ N|QQWHYHUVXFKHQPLFKPLWGHP+DXSWFRPSXWHUDQ]XIUHXQGHQ)UGLFK VSUlQJHQGDEHLDOOHJHVSHLFKHUWHQ,QIRUPDWLRQHQKHUDXVXQGLFK EHNlPHHQGOLFKZLHGHUHLQDQVWlQGLJHV=XKDXVH Ä(LQ=XKDXVHPHLQWHGHU3URVSHNWRUDEIlOOLJÄ:LHNDQQPDQHLQ*HZLUU YRQ&RPSXWHUHOHPHQWHQHLQ=XKDXVHQHQQHQ9LHOOHLFKWKHOIHLFKGLU GHQQRFKDEHUHUVWZHQQLFKJHKHLOWELQXQGGLFKEHJOHLWHQNDQQ,FK KDEHVFKRQPLWGHU6WDDWVEDQNYHUKDQGHOW0DQZLOOPLUHLQHQ.UHGLW
EHZLOOLJHQGDPLWLFKPLUHLQ6FKLIINDXIHQNDQQ$EHUQDWUOLFKZDUWHW PDQHUVWDERELFKWDWVlFKOLFKYROOVWlQGLJZLHGHUKHUJHVWHOOWZHUGH Ä,FKZQVFKHGLUYLHO*OFNVDJWH.\URQXQGJLQJ]XVHLQHQEHLGHQ .RIIHUQGLHQHEHQGHU.RFKQLVFKHVWDQGHQ Ä&UDFNHUEHIDKOGH%DYHOODÄ7UDJH.\URQGLH.RIIHUKLQDXV(UZUGH VLFKEORGXUFKELHJHQGHUDUPHVFKZDFKH0HQVFK Ä6RVFKZDFKELQLFKQXQDXFKZLHGHUQLFKWSURWHVWLHUWH.\URQ%DUUDNXQ $EHUGHU5RERWHUOLHVLFKQLFKW]XUFNKDOWHQ(UJHKRUFKWHQXUGHQ %HIHKOHQVHLQHVGHU]HLWLJHQ+HUUQ(USDFNWHGLH.RIIHUPLWVHLQHQ *UHLIDUPHQGDQQVWDNVWHHUVWHLIKLQDXV Ä'LHPRGHUQVWH.RQVWUXNWLRQLVWHUDXFKQLFKWVDJWH.\URQÄ%LVEDOG 0DUNR Ä%LVEDOG.\URQULHI0DUNRGH%DYHOODLKPQDFK +DQH\/VFKDQJPDFKWHJURH$XJHQDOVGHU5RERWHUGLH.RIIHULP *OHLWHUYHUVWDXWH Ä,VWGDVGHLQSHUV|QOLFKHU5RERW"%HJOHLWHWHUXQV" Ä'DVKlWWHXQVQRFKJHIHKOWHUZLGHUWH.\URQÄ,FKN|QQWHGHQ$QEOLFN HLQHUVRXQYROONRPPHQHQ.RQVWUXNWLRQQLFKWHUWUDJHQ (UVFKOXJGHP5RERWHUGLHIODFKH+DQGDXIGHQ5NNHQXQGZDUWHWHELV &UDFNHUVLFKDXIGHQ5FNZHJEHJHEHQKDWWHGDQQVWLHJHUZLHGHUHLQ XQGOLHVLFKVHXI]HQGLP6LW]QLHGHU Ä$XIQDFK+DXVH,FKELQUHFKWVFKDIIHQPGH Ä$EHUZLUKDEHQKHXWHQRFKHLQH*ULOOSDUW\HUZLGHUWH+DQH\/VFKDQJ Ä2KQHPLFKJDE.\URQ%DUUDNXQ]XUFNÄ'XZHLWLFKPDJNHLQ )OHLVFKPHKU (UKDWWHGDQQGRFKDQGHU*ULOOSDUW\WHLOJHQRPPHQDEHUQLFKWV JHJHVVHQVRQGHUQQXUHWZDV/LPRQDGHJHWUXQNHQ'DGLHDQGHUHQ 0LWJOLHGHUGHU:RKQJHPHLQVFKDIWVHLQH(LJHQKHLWHQUHVSHNWLHUWHQZDU HVGHQQRFKHLQXQWHUKDOWVDPHU$EHQGJHZRUGHQ1XUKDWWH.\URQ %DUUDNXQPHKUPDOV$QQlKHUXQJVYHUVXFKHQVHLQHU6HNUHWlULQGLHGHP $ONRKROHWZDV]XVWDUN]XJHVSURFKHQKDWWHDXVZHLFKHQPVVHQ +DQH\/VFKDQJOLHVLFKDEHUQLFKWVDQPHUNHQDOVVLHLKQDPQlFKVWHQ 0RUJHQ]XP:HUNIORJ'HQQRFKEHVFKORHUVLFKQDFK'LHQVWVFKOX HLQHQJHEUDXFKWHQ*OHLWHU]XNDXIHQGDPLWHUXQDEKlQJLJHUZDU'DV ZUGHLKPDXFKGLH0|JOLFKNHLWJHEHQPLW(DUQ\XQG&DULOGD]X VSUHFKHQRKQHEHIUFKWHQ]XPVVHQGDMHPDQGLKQVW|UWH $EHUGLHVHhEHUOHJXQJHQHQGHWHQDEUXSWDOVGHU*OHLWHU]XU/DQGXQJ DQVHW]WHXQGHUXQG+DQH\GHQ+RVSLWDOJOHLWHUXQGGUHLDOV3ROL]HLJOHLWHU JHNHQQ]HLFKQHWH)DKU]HXJHXQPLWWHOEDUYRUGHP*HElXGHVWHKHQ VDKHQLQGHPVLFKLKUH$UEHLWVSOlW]HEHIDQGHQ Ä'DPXHVHLQHQ8QIDOOJHJHEHQKDEHQULHI+DQH\/VFKDQJ
.\URQ%DUUDNXQHUZLGHUWHQLFKWVGDUDXI6HLQH0LHQHZLUNWHXQEHWHLOLJW DEHUKLQWHUVHLQHU6WLUQMDJWHQVLFKGLH*HGDQNHQ6HLWHUDXI7HUUDOHEWH KDWWHHUHLQLJH(UIDKUXQJHQPLWGHU3ROL]HLEH]LHKXQJVZHLVHPLWGHP 2UGQXQJVGLHQVWZLHVLHVLFKQDQQWHJHPDFKWGDUXQWHUPHKUHUH XQDQJHQHKPH:LFKWLJGDEHLZDUGLH(UNHQQWQLVGDZHJHQHLQHV 8QIDOOVQLFKWJOHLFKGUHL3ROL]HLJOHLWHUDXINUHX]HQZUGHQ(VPXWHDOVR PHKUGDKLQWHUVWHFNHQ +DQH\ODQGHWHKDVWLJGDQQHLOWHQVLHXQGHU]XP+DXSWJHElXGH =ZHL2UGQXQJVKWHULQVFKPXFNHQEODXHQ8QLIRUPHQPLWVWHLIHQ 6FKLUPPW]HQXQGEODQNJHSXW]WHQ6WLHIHOHWWHQVWDQGHQDP+DXSWWRU6LH OHJWHQGLH+lQGHDQGLH0W]HQVFKLOGHUDOV+DQH\XQG.\URQDQNDPHQ Ä(QWVFKXOGLJHQ6LHELWWHVDJWHGHUHLQHDXIGHVVHQ%UXVWVFKLOGGHU 1DPH-D\6XOO\VWDQGÄ:LUKDEHQ%HIHKOGLH,'.DUWHQDOOHU3HUVRQHQ ]XNRQWUROOLHUHQGLHGLHVHV*HElXGHEHWUHWHQZROOHQ :RUWORVUHLFKWHQ+DQH\XQG.\URQLKPLKUH,'.DUWHQ$OVVLHVLH ]XUFNHUKLHOWHQIUDJWH.\URQ Ä:DVLVWHLJHQWOLFKYRUJHIDOOHQ" Ä'DUEHUGDUILFKQLFKWVSUHFKHQ0LVWHU=DUJHUZLGHUWHGHU 2UGQXQJVKWHU Ä$OVRNHLQ8QIDOOVWHOOWH.\URQ%DUUDNXQIHVWZlKUHQGHUXQG+DQH\ ZHLWHUJLQJHQÄ6RQVWKlWWHHUXQV$XVNXQIWJHJHEHQ(VPXHLQ 9HUEUHFKHQYRUJHIDOOHQVHLQ Ä2KPDFKWH+DQH\/VFKDQJGDQQOlFKHOWHVLHÄ'XUHGHVWDOVZlUVW GXVHOEHUHLQ'HWHNWLY+HXURQ .\URQODFKWH Ä6HKHLFKHWZDVRDXV" Ä1HLQDOOHUGLQJVQLFKW $OVVLHGLH&RPSXWHUKDOOHHUUHLFKWHQVDKHQVLHDOOH$QJHVWHOOWHQDXI HLQHP+DXIHQ]XVDPPHQVWHKHQ(LQ$UEHLWVSODW]ZDUYRQ 2UGQXQJVKWHUQLQ8QLIRUPXQGLQ=LYLOXPULQJW$XIHLQHU%DKUHODJHLQH YRQHLQHPZHLHQ7XFKYHUKOOWH*HVWDOW Ä'DVLVWMDXQVHU$UEHLWVSODW]ULHI+DQH\HUVFKURNNHQ .\URQKDWWHHVVFKRQEHPHUNW 'LH2UGQXQJVKWHUKDWWHQGHQ$XVUXI+DQH\VHEHQIDOOVJHK|UW6LH ZDQGWHQVLFKQDFKGHQQHX$QJHNRPPHQHQXPGDQQO|VWHVLFKHLQ =LYLOLVWDXVLKUHU*UXSSHXQGNDPDXI+DQH\XQG.\URQ]X Ä3KLOLSS0DXEHUWVWHOOWHHUVLFKYRUÄ,FKOHLWHGLH8QWHUVXFKXQJHQLQ GLHVHP)DOO:UGHQ6LHPLUELWWH,KUH1DPHQQHQQHQ .\URQEHUQDKPGLH9RUVWHOOXQJGDQQIUDJWHHU Ä,QZHOFKHP)DOO0LVWHU0DXEHUW" 'DV*HVLFKWGHV3ROL]LVWHQZXUGHHUQVW Ä,P0RUGIDOO.RWRU/LWWRQ0LVWHU=DUJ,FKPX6LHIUDJHQZR6LH JHVWHUQ]ZLVFKHQVHFK]HKQXQGDFKW]HKQ8KUZDUHQ0L/VFKDQJXQG 0LVWHU=DUJ
Ä:DVHQWIXKUHV+DQH\Ä9HUGlFKWLJHQ6LHXQVHWZD":LUZLVVHQMD QLFKWHLQPDOZLH .\URQOHJWHLKUEHUXKLJHQGHLQH+DQGDXIGHQ8QWHUDUP Ä'HU.RPPLVVDUIUDJWVLFKHUMHGHQ$QZHVHQGHQQDFKVHLQHP$OLEL HUNOlUWHHUÄ$XHUGHPVLQGZLUEHUMHGHQ9HUGDFKWHUKDEHQ0LVWHU 0DXEHUWZLUYHUOLHHQGDV:HUNNXU]QDFK$UEHLWVVFKOXDOVRNXU]QDFK VHFK]HKQ8KUXQGIORJHQGLUHNW]XXQVHUHU:RKQJHPHLQVFKDIW'RUW EUDFKHQZLUHWZDXPVLHE]HKQ8KUQRFKHLQPDODXIXPHLQHQ%HVXFKLP hEHUJDQJVODJHUEHL8WUHFKW]XPDFKHQ*HJHQDFKW]HKQ8KUGUHLLJ NHKUWHQZLU]XUFN'DPLWGUIWH,KUH)UDJHEHDQWZRUWHWVHLQ 3KLOLSS0DXEHUWKDWWHEHYRUHUIUDJWHHLQIODFKHV'LNWLHUJHUlWDXVGHU 7DVFKHVHLQHU-DFNHJH]RJHQXQGDXIGHUIODFKHQ+DQGJHKDOWHQ Ä$OOHVJHVSHLFKHUWHUZLGHUWHHUÄ:LUZHUGHQGDVVHOEVWYHUVWlQGOLFK QDFKSUIHQ:RZRKQHQ6LH" +DQH\/VFKDQJDQWZRUWHWH 0DXEHUWQLFNWH Ä8QGZLHKLHGLH3HUVRQGLH6LHLP/DJHUEHVXFKWHQ" Ä0DUNRGH%DYHOODVDJWH.\URQ%DUUDNXQÄ+DXVYLHU]HKQ=LPPHU VLHEHQ 3KLOLSS0DXEHUWQLFNWH Ä'DVZlUHYRUOlXILJDOOHVVDJWHHUXQGVFKDOWHWHGDV'LNWLHUJHUlWDE Ä6LHKDOWHQVLFKZHLWHU]XXQVHUHU9HUIJXQJ(UGHXWHWH]XGHQ DQGHUHQ$QJHVWHOOWHQKLQEHU +DQH\XQG.\URQJLQJHQ]XLKQHQ'RUWZDQGWHVLFK+DQH\DQHLQH DQGHUH)UDX Ä:DVLVWHLJHQWOLFKPLW/LWWRQSDVVLHUW1XQMD"HUNXQGLJWHVLHVLFK Ä0DQIDQGLKQKHXWHPRUJHQWRWYRUGHP&RPSXWHU0LVWHU=DUJV DQWZRUWHWHGLH$QJHVSURFKHQHXQGEOLFNWHGDEHLDUJZ|KQLVFK.\URQ %DUUDNXQDQÄ(UZXUGHDQVFKHLQHQGPLWHLQHP*LIWSIHLODXVHLQHU 'UXFNZDIIHHUPRUGHW Ä1DFK)HLHUDEHQG"IUDJWH+DQH\/VFKDQJÄ:DVKDWWH/LWWRQGHQQ QDFK)HLHUDEHQGQRFKKLHU]XVXFKHQ"8QGZLHNRQQWHHU KHUHLQNRPPHQ" Ä(UZXWHVFKOLHOLFKZLHGLH$ODUPDQODJHDXVJHVFKDOWHWZLUGDOV &KHIULHIHLQlOWHUHU0DQQÄ8QGHUPXPLWVHLQHP0|UGHU KHUHLQJHNRPPHQVHLQ:DKUVFKHLQOLFKXPHWZDVPLWLKP]X EHVSUHFKHQ(LJHQDUWLJGDGLHVH%HVSUHFKXQJRIIHQEDUYRU0LVWHU =DUJV&RPSXWHUVWDWWJHIXQGHQKDWQRFKGD]XZRGLHEHLGHQVLFKKHXWH EHUHWZDVJHVWULWWHQKDWWHQ Ä$EHU0LVWHU+HOOEHUJKULHI+DQH\Ä'DVNOLQJWDOVZROOWHQ6LH+HXURQ YHUGlFKWLJHQ Ä(UKDWWHLPPHUKLQ6WUHLWPLWGHP&KHIVDJWH1XQMDÄ=XJHJHEHQ /LWWRQZDUHLQ(NHODEHUGHVZHJHQ Ä,FKPDFKHGDUDXIDXIPHUNVDPGDLFKMHGH3HUVRQGLHPLFK
YHUOHXPGHWGHVZHJHQJHULFKWOLFKEHODQJHQZHUGHHUNOlUWH.\URQ %DUUDNXQÄ8QG]ZDUDEMHW]W 3KLOLSS0DXEHUWWDXFKWHQHEHQLKPDXI Ä6LHKDWWHQ6WUHLWPLW0LVWHU/LWWRQ" Ä(LQH0HLQXQJVYHUVFKLHGHQKHLWDQWZRUWHWH.\URQÄ'D0LVWHU/LWWRQ QDFKJHEHQPXWHKDWWHLFKNHLQ0RWLYPLFKDQLKP]XUlFKHQ Ä(VLVWQLFKWJHVDJWGDGDV0RWLY5DFKHZDUHUZLGHUWHGHU3ROL]LVW Ä0|JOLFKHUZHLVHZXUGH/LWWRQLP$IIHNWZlKUHQGHLQHUVLFKVWHLJHUQGHQ $XVHLQDQGHUVHW]XQJJHW|WHW%HVLW]HQ6LHHLQH'UXFNZDIIHGLHNOHLQH 3IHLOHYHUVFKLHWEHLVSLHOVZHLVH%HWlXEXQJVSIHLOH" .\URQ%DUUDNXQVFKWWHOWHGHQ.RSI Ä,FKKDOWHQLFKWVYRQVROFKHQSULPLWLYHQ:DIIHQ0LVWHU0DXEHUW'LH HLQ]LJH:DIIHGLHLFKDN]HSWLHUHXQGJHEUDXFKHVLW]WKLHU(UWLSSWHVLFK PLWGHP=HLJHILQJHUDQGLH6WLUQ (LQLJH$QJHVWHOOWHODFKWHQOHLVH3KLOLSS0DXEHUWYHU]RJlUJHUOLFKGDV *HVLFKW Ä/LWWRQNDPKHUHLQZHLOHUGLH$ODUPDQODJHDXVJHVFKDOWHWXQGLUJHQGZLH GHQhEHUZDFKXQJVFRPSXWHUPDQLSXOLHUWKDWWHHUNOlUWHHUÄ'DHUEHL ,KUHP&RPSXWHUVWDUEPXVHLQ%HJOHLWHUMHPDQGJHZHVHQVHLQPLW GHPHUEHUGLH$UEHLWDQGLHVHP&RPSXWHUVSUHFKHQZROOWH /RJLVFKHUZHLVHN|QQWHQQXU6LHGDVJHZHVHQVHLQ0LVWHU=DUJ Ä:HQQHUVHLQHQ0|UGHUPLWEUDFKWHHQWJHJQHWH.\URQJHODVVHQÄ$EHU VHOEVWGDQQN|QQWHLFKQLFKWGHU0|UGHUJHZHVHQVHLQ0HLQ$OLELLVW DEVROXWGLFKW Ä6FKRQGDVN|QQWHPLFKGD]XEHZHJHQ6LHIUYHUGlFKWLJ]XKDOWHQ VDJWH0DXEHUW Ä'DQQPWHQ6LHDXFKPLFKYHUGlFKWLJHQULHI+DQH\/VFKDQJ ZWHQG 0DXEHUWKREOlFKHOQGGLH+lQGH Ä%LWWHNHLQH$XIUHJXQJ,FKPXQXUDOOH0|JOLFKNHLWHQHUZlJHQ6RHEHQ ZLUGGHU7RWHZHJJHEUDFKWZLHLFKVHKH6REDOGGLH6SXUHQVLFKHUXQJ LKUH$UEHLWDEJHVFKORVVHQKDWN|QQHQ6LHDQ,KUH$UEHLWVSOlW]H ]XUFNNHKUHQ(UQLFNWH+DQH\XQG.\URQ]XÄ:LUVHKHQXQVDEHU QRFK Ä.DQQVWGXKLHUDUEHLWHQZRMHPDQGXPJHEUDFKWZXUGH+HXURQ"IUDJWH +DQH\/VFKDQJHUVFKDXHUQGXQGEOLFNWHDXIGLH6WHOOHDXIGHUGHU (UPRUGHWHJHIXQGHQZRUGHQZDU6HLQH/DJHZDUQRFKLPPHUGXUFK .UHLGHVWULFKHPDUNLHUW Ä(UOLHJWMDQLFKWPHKUKLHUHUZLGHUWH.\URQ%DUUDNXQ 0LWGHQ*HGDQNHQZDUHUDOOHUGLQJVZRDQGHUV(VEHVFKlIWLJWHLKQ ZDUXP/LWWRQDXVJHUHFKQHWYRUVHLQHP$UEHLWVSODW]HUPRUGHWZRUGHQ ZDU(UPXWHHLQHQVFKZHUZLHJHQGHQ*UXQGJHKDEWKDEHQGLH $ODUPDQODJHDXV]XVFKDOWHQXQGQDFK$UEHLWVVFKOXKHUHLQ]XVFKOHLFKHQ XQG]ZDUNHLQHQHKUOLFKHQ*UXQGGHQQVRQVWKlWWHHUVLFKDOV&KHI
GLHVHV:HUNHVEHLGHU:DFKHDQPHOGHQXQGGDV*HElXGHRIIL]LHOO EHWUHWHQN|QQHQ 2EHUYHUVXFKWKDWPHLQHQ&RPSXWHU]XPDQLSXOLHUHQ" Ä:DVVROOLFKDOVHUVWHVWXQ+HXURQ" .\URQVFKUDNDXVVHLQHQ*HGDQNHQDXI Ä'XNDQQVWPHLQHJHVWULJHQ$UEHLWVVFKULWWHDXVGHP&RPSXWHU HQWQHKPHQXQGVFKULIWOLFKQLHGHUOHJHQDQWZRUWHWHHUÄ,FKJHEHGHQ .RPSOH[GD]XIUHL (UVHW]WHVLFKYRUVHLQHQ&RPSXWHUVWXW]WHXQGZROOWHJOHLFKZLHGHU DXIVWHKHQEOLHEGDQQDEHUGRFKVLW]HQELVVHLQH6HNUHWlULQKLQWHUGHU KRKHQ&RPSXWHUZDQGYHUVFKZXQGHQZDUXQGLKQQLFKWPHKUVHKHQ NRQQWH 'DQQHUKREHUVLFKXQGNRQWUROOLHUWHGLH+|KHGHV6HVVHOV.HLQ=ZHLIHO MHPDQGGHUJU|HUZDUDOVHUKDWWHNU]OLFKGHQ6HVVHOEHQXW]W /LWWRQ" /LWWRQNRQQWHHVJHZHVHQVHLQDEHUDXFKVHLQ0|UGHU (UVHW]WHVLFKZLHGHUQDFKGHPHUGHQ6LW]DXIGLHIULKQEHTXHPVWH +|KHYHUVWHOOWKDWWHGDQQJDEHUGHQ6SHLFKHUNRPSOH[GHV&RPSXWHUV IUVHLQH6HNUHWlULQIUHL .\URQV)LQJHUEHUKUWHQPHKUHUH6HQVRUHQ$XIGHP%LOGVFKLUPVHLQHV &RPSXWHUVHUVFKLHQHQGLH'DWHQGHV&KLSVGHQHUDP9RUWDJ NRQVWUXLHUWKDWWH7URW].\URQVSKRWRJUDSKLVFKHP*HGlFKWQLVGDXHUWHHV ]ZDQ]LJ0LQXWHQELVHUDOOH'HWDLOVJHQDXJHSUIWKDWWHXQGZXWHGD QLFKWVYHUlQGHUWZRUGHQZDU $EHUGDVEHWUDIQXUGLHLP6SHLFKHUVHLQHV&RPSXWHUVHQWKDOWHQHQ .RQVWUXNWLRQVGDWHQ-HPDQGGHUGDVDOVÄ6RIWZDUHYRUKDQGHQH3URGXNW VRYHUlQGHUQZROOWHGDQXUGLH0DVVHQSURGXNWLRQGDYRQEHWURIIHQZDU EUDXFKWHVHLQH0DQLSXODWLRQHQQXUEHLGHQ6SHLFKHUGDWHQLQ/HLFHVWHU GXUFK]XIKUHQ 'DVOLHVLFKYRQKLHUDXVQLFKWEHUSUIHQRKQHHLQH0HQJH)UDJHQGHU .ROOHJHQLQ/HLFHVWHUKHUDXV]XIRUGHUQGHQQZlKUHQGGHU$UEHLWV]HLW ZUGHMHGHU9HUVXFKHLQHV'DWHQDEUXIVEHPHUNWZHUGHQ $EHUDXFKDXHUKDOEGHU$UEHLWV]HLWKlWWHHLQH0DQLSXODWLRQHUKHEOLFKH 3UREOHPHDXIJHZRUIHQ,P*UXQGHJHQRPPHQZDUHVLQIROJH]DKOUHLFKHU KRFKZHUWLJHU6LFKHUXQJHQXQP|JOLFKHLQH)HUQPDQLSXODWLRQKHLPOLFK YRU]XQHKPHQ)U.\URQ%DUUDNXQZlUHHVNHLQ3UREOHPJHZHVHQDEHU HUZXWHGDHULQGLHVHU%H]LHKXQJHLQH$XVQDKPHGDUVWHOOWH )ROJOLFKPXWHMHPDQGGHUHLQHVROFKH0DQLSXODWLRQGXUFKJHIKUWKDWWH HLQ6SLW]HQN|QQHUDXIGHP*HELHWGHU&RPSXWHUWHFKQLNVHLQXQGHU PXWHEHUKRFKZHUWLJHWHFKQLVFKH+LOIVPLWWHOYHUIJHQIDOOVGLH 0DQLSXODWLRQEHUKDXSWVWDWWJHIXQGHQKDWWH 8PGDV]XHUIDKUHQZDUHVDOOHUGLQJVQRWZHQGLJ9HUELQGXQJPLW&DULOGD 7RGD\DXI]XQHKPHQ'DVJLQJZLHGHUXPQLFKWGLUHNWGDVLHHEHQIDOOV DUEHLWHWHXQGHUVLHQLFKWEHUGDV|IIHQWOLFKH.RPPXQLNDWLRQVQHW]
DQUXIHQZROOWH (DUQ\PXWHKHU .\URQEOLHEQLFKWVDQGHUHVEULJDOVZLHGHUHLQPDOHLQVWLOOHVgUWFKHQ DXI]XVXFKHQXPVLFKXQEHPHUNWPLWVHLQHP%URLQ9HUELQGXQJVHW]HQ ]XN|QQHQ $OVHUVHLQHQ&KURQRJUDSKHQDEQDKPXQGGHQ%RGHQDXINODSSWH UHFKQHWHHUQLFKWGDPLWHLQHSRVLWLYH$Q]HLJH]XVHKHQ8PVR EHUUDVFKWHUZDUHUDOVGHUZHLH/LFKWIOHFNDXIGHU%LOGSODWWHVLFKVFKRQ QDFKGHUHUVWHQ9LHUWHOGUHKXQJU|WHWHXQGSXOVLHUWH ,QGHU+HUUHQWRLOHWWHGHV+DXSWJHElXGHVEHIDQGHQVLFKDOVR 0LNURVSLRQH .\URQ%DUUDNXQIDQGLQVJHVDPWGUHLGHUZLQ]LJHQ$EK|UJHUlWHHQWIHUQWH XQGGHVDNWLYLHUWHVLHXQGVWHFNWHVLHHLQGDLKPLKUH.RQVWUXNWLRQ XQEHNDQQWZDU$QVFKOLHHQGVWHOOWHHUHLQH9HUELQGXQJ]XVHLQHP%UR KHUVHOEVWYHUVWlQGOLFKZLHGHUNRGLHUW (DUQ\SURGX]LHUWHVHLQJHZRKQWHVVFKLHIHV*ULQVHQM(VZDUVRHWZDV ZLHVHLQ0DUNHQ]HLFKHQ Ä=X'LHQVWHQKRKHU+HUUZLW]HOWHHU Ä+DVWGXGHQ$XIHQWKDOWVRUWYRQ-HDQ5RELQVIHVWJHVWHOOW"IUDJWH .\URQ%DUUDNXQ Ä1LFKWV]XPDFKHQ.LGDQWZRUWHWHGHU5RERWHUÄ(ULVWQLUJHQGV UHJLVWULHUWXQGKDWVHLQH,'.UHGLWNDUWHVHLWVHLQHP9HUVFKZLQGHQQLFKW PHKUEHQXW]W Ä8QGHLQHIDOVFKH,'.DUWH" Ä(ULVWQLFKWGX&KHIHUNOlUWH(DUQ\Ä)ROJOLFKNDQQHUNHLQHIDOVFKH,' .DUWHKDEHQXQGZHQQZlUHPLULKUXQHKUOLFKHU .RGHEHLPHLQHQ 1DFKIRUVFKXQJHQDXIJHIDOOHQ'XZHLWZLHJUQGOLFKLFKYRUJHKH .\URQQLFNWH Ä(ULVWDOVRXQWHUJHWDXFKWXQGKDWVLFKYRUKHUHLQ/DJHUDQJHOHJWXP VHLQH,'.DUWHQLFKWEHQXW]HQ]XPVVHQ'DVKHLWGDHUPLW 1DFKIRUVFKXQJHQUHFKQHWH Ä2GHUHULVWWRWHUZLGHUWH(DUQ\ Ä+PPDFKWH.\URQÄ8QG&DULOGD" Ä1LFKWV1HXHV%R6LHPHOGHWVLFKLQGHU0LWWDJVSDXVHZLHGHU Ä*XWGDQQVDJHLKUVLHP|FKWHXQEHGLQJWGHQ6SHLFKHUGHV&RPSXWHUV GHU(%HDPDQODJHDEIUDJHQXQGVLFKGLH'DWHQGHVQHXDUWLJHQ&KLSV DQVHKHQGLHJHVWHUQGRUWDOVÄ6RIWZDUHHLQJHVSHLFKHUWZXUGHQ6LH NHQQWGLH'DWHQGHQQLFKKDEHVLHVFKRQHLQPDOIUHLQHQ&KLSGHLQHU HOHNWURQLVFKHQ$EODJHQEHQXW]W0|JOLFKHUZHLVHZXUGHQVLHKHXWHQDFKW PDQLSXOLHUW Ä9RQZHP"IUDJWH(DUQ\ Ä'DVZHLLFKQLFKW Ä(LQ0HQVFKNDQQHVQLFKWJHZHVHQVHLQDXHUGLUQDWUOLFK Ä:HUGDQQ"
Ä(LQ&RPSXWHU Ä8QVLQQHUNOlUWH.\URQÄ(VZDUHLQRUJDQLVFKOHEHQGHV:HVHQGHQQ HLQ&RPSXWHUKlWWHNHLQHQ0RUGEHJDQJHQ-HGHQIDOOVQLFKWPLWHLQHU *DVGUXFNZDIIH Ä(LQHQ0RUG"IUDJWH(DUQ\Ä6FKRQZLHGHU"+DWWHHUPLWXQVHUHU6DFKH ]XWXQ" Ä,FKNDQQHVQLFKWDXVVFKOLHHQHUNOlUWH.\URQ%DUUDNXQÄ$EHU 6SHNXODWLRQHQKHOIHQXQVQLFKWZHLWHU,FKEUDXFKHVFKQHOOVWHQVGLH $XVNXQIWYRQ&DULOGD$EHUVLHVROOYRUVLFKWLJVHLQ8QVHUH*HJHQVSLHOHU VLQGRIIHQNXQGLJVNUXSHOORV Ä'DQQVROOWHVWGXDXFKYRUVLFKWLJVHLQ.LGHUZLGHUWH(DUQ\Ä:LHZDU GDVPLWGHP0RUGJHQDX" .\URQEHULFKWHWH Ä'DVVLHKWVRDXVDOVZlUHQVLFK]ZHL3HUVRQHQGLHHWZDGDVJOHLFKH ZROOWHQLQGLH4XHUHJHNRPPHQ.LG VDJWH(DUQ\Ä)DOOVGHU7lWHU]XXQVHUHQ*HJQHUQJHK|UWELVWGXLKP DOVRVFKRQJHVWHUQDXIJHIDOOHQ*LELKPDPEHVWHQQRFKHLQH1X]X NQDFNHQ Ä'DVZLUGQRFKPHKUDXIIDOOHQDEHULFKWXHHVVDJWH.\URQÄ1DFKGHU 0LWWDJVSDXVHUXIHLFKGLFKZLHGHU $QVHLQHQ$UEHLWVSODW]]XUFNJHNHKUWVSLHOWHHUHWZD]ZHL6WXQGHQ KHUXPGDQQVWHOOWHHUGHQ$QVDW]IUHLQHQVXSHUNRPSDNWHQ 0LNURSUR]HVVRU]XVDPPHQ Ä:XQGHUEDUVDJWHHUQDFKGHPHUVLFKHUZDUGDGHU$QVDW]VWLPPWH Ä:DVLVWZXQGHUEDU"IUDJWHMHPDQGKLQWHULKP .\URQ%DUUDNXQGUHKWHVLFKPLWVHLQHP6WXKOKHUXPXQGPXWHVLFK HLVHUQEHKHUUVFKHQXPVLFKQLFKW]XYHUUDWHQ9RULKPVWDQGQlPOLFK MHPDQGGHQHUNDQQWHXQGGHUDXFKLKQ.\URQ%DUUDNXQNDQQWH(V ZDU$NL=DLEDWVXHLQ.\EHUQHWLNHUGHQHULP9HUODXIIUKHUHU (UPLWWOXQJHQNHQQHQJHOHUQWKDWWH $OOHUGLQJVZDUHVXQZDKUVFKHLQOLFKGD=DLEDWVXLKQLQVHLQHU+HXURQ =DUJ0DVNHHUNHQQHQZUGH Ä:HUVLQG6LH"IUDJWH.\URQ $NL=DLEDWVXOlFKHOWH Ä$NL=DLEDWVX0LVWHU=DUJ'LH=HQWUDOHKDWPLFKDXVGHP=ZHLJZHUN =ULFKKLHUKHUYHUVHW]WDOV(UVDW]IU/LWWRQ .\URQHUKREVLFKXQGQHLJWHGHQ.RSI Ä6HKUHUIUHXW0LVWHU=DLEDWVX'D6LHPHLQHQ1DPHQNHQQHQHUEULJW VLFKHLQH9RUVWHOOXQJPHLQHUVHLWV 8QGXP,KUH)UDJHYRQYRUKLQ]XEHDQWZRUWHQ,FKGHQNHGDLFKHLQHQ YLHOYHUVSUHFKHQGHQ$QVDW]]XUUHFKQHULVFKHQ=XVDPPHQVWHOOXQJHLQHV 0LNURSUR]HVVRUVJHIXQGHQKDEH =DLEDWVXZ|OEWHNDXPPHUNOLFKGLH%UDXHQ$QVRQLVWHQEOLHEVHLQH 0LHQHXQGXUFKVLFKWLJIUHXQGOLFK
Ä7DWVlFKOLFK" .\URQ]XFNWHGLH6FKXOWHUQ Ä,FKZHLHVLVWXQZDKUVFKHLQOLFKDQ]ZHL7DJHQKLQWHUHLQDQGHU 1HXNRQVWUXNWLRQHQ]XNUHLHUHQDEHUHVVFKHLQWVRDOVZUGHVLFKGDV 8QZDKUVFKHLQOLFKHGLHVPDOUHDOLVLHUHQ Ä'DQQZlUHQ6LHWDWVlFKOLFKHLQ3KlQRPHQ0LVWHU=DUJ$EHULPPHUKLQ GHU%HWULHESURILWLHUWGDYRQXQGLFKGHQNHGD6LHGDIUHLQHJXWH 3UlPLHEHNRPPHQZHUGHQ$FKEULJHQVZLHZDUGDVPLWGHUJHVWULJHQ (UILQGXQJ"0LVWHU/LWWRQEHDQVSUXFKWHVLHIUVLFKVRYLHOPLUEHNDQQW LVW6HLQ%OLFNZXUGHODXHUQG Ä(UKDWWHHLQLJH$QUHJXQJHQEHLJHVWHXHUWDQWZRUWHWH.\URQ%DUUDNXQ Ä,FKZROOWHLKPGLH)UHXGHQLFKWQHKPHQGHQQHUQDKPDQHUKlWWHPLFK DXIGHQ*HGDQNHQJHEUDFKW$XHUGHPZDULFKEHLHLQHUNXU]YRUKHU HUIROJWHQ$XVHLQDQGHUVHW]XQJ]LHPOLFKKDUWPLWLKPXPJHVSUXQJHQXQG GDFKWHHVVHLIUGLHZHLWHUH=XVDPPHQDUEHLWJQVWLJHLQPDO QDFK]XJHEHQ Ä6HLGIUHXQGOLFK]XHXUHQ9RUJHVHW]WHQXQGLKUZHUGHWZHLWHUNRPPHQ VDJWH$NL=DLEDWVXLURQLVFKÄ,VWGDV,KU/HLWVSUXFK0LVWHU=DUJ" .\URQ%DUUDNXQVFKlPWHVLFKGDHU=DLEDWVXJHJHJHQEHUGHQHU VFKlW]WHGLHVH5ROOHZHLWHUVSLHOHQPXWH$EHUHVEOLHELKPQLFKWV DQGHUHVEULJZHQQHUVLFKQLFKWYHUUDWHQZROOWH Ä6RLVWHV0LVWHU=DLEDWVXHUZLGHUWHHUÄ:HQQ6LHVLFKIUPHLQH$UEHLW LQWHUHVVLHUHQGDQQEOHLEHQ6LHGRFKKLHUZlKUHQGLFKYHUVXFKHPLWGHU .RQVWUXNWLRQZHLWHU]XNRPPHQ6LHKDEHQVLFKHUPHKU(UIDKUXQJDOVLFK XQGN|QQWHQPLU Ä,FKKHLHQLFKW/LWWRQOLHLKQ=DLEDWVXDEEOLW]HQ .\URQVHXI]WHXQGDUEHLWHWHZHLWHU'LHVPDOOLHHUVLFK=HLWXQGVRZDU GLH.RQVWUXNWLRQHUVW]XU+lOIWHHUUHFKQHWDOVGDV6LJQDO]XU 0LWWDJVSDXVHHUW|QWH 6RIRUWEHJDEVLFK.\URQZLHGHU]XU7RLOHWWH'LHVPDOPXWHHUDOOHUGLQJV ]ZDQ]LJ0LQXWHQLQHLQHU.DELQHDXVKDUUHQGDGLH(LQULFKWXQJHQ ]LHPOLFKVWDUNIUHTXHQWLHUWZXUGHQ$EHUHQGOLFKZDUHVVRZHLW (DUQ\PHOGHWHVLFKVRIRUW Ä&DULOGDKDWQLFKWVYRQVLFKK|UHQODVVHQ.LGEHULFKWHWHHUEHVRUJW Ä+RIIHQWOLFKLVWLKUQLFKWV]XJHVWRHQ Ä0LW+RIIHQDOOHLQLVWQLFKWVJHWDQHUZLGHUWH.\URQÄ'XPXWVRIRUWQDFK /HLFHVWHUIOLHJHQXQGQDFKSUIHQZDVPLW&DULOGDORVLVW Ä,FKZHUGHPLFKDOV9HUVLFKHUXQJVYHUWUHWHUDXVJHEHQPHLQWH(DUQ\ Ä'DVZlUHXQJODXEZUGLJ.HLQH9HUVLFKHUXQJZUGHHLQHQ9HUWUHWHUPLW GHLQHP$XVVHKHQEHVFKlIWLJHQ9HUVLFKHUXQJHQZROOHQVFKOLHOLFK .XQGHQZHUEHQXQGQLFKWDEVFKUHFNHQ,FKVFKODJHYRUGXJLEVWGLFKDOV GDVDXVZDVGXELVWDOV3ULYDWGHWHNWLY$OOHUGLQJVVROOWHVWGXQLFKW YHUUDWHQLQZHOFKHU6DFKHGXYRUVSULFKVW
Ä,FKZHUGHVDJHQLFKNlPHZHJHQ1DFKIRUVFKXQJHQLQHLQHU (UEDQJHOHJHQKHLWHUNOlUWH(DUQ\JULQVHQG Ä(LQYHUVWDQGHQ.\URQ%DUUDNXQKROWHWLHI/XIWÄ'LHVPDOUXIVWGXPLFK LP:HUNDQVREDOGGXZHLWZDVORVLVW,FKELQEHXQUXKLJWYHUVWHKVW GX Ä,FKDXFK&KHIVDJWH(DUQ\Ä:LUGHUOHGLJW .\URQVFKDOWHWHGDV$UPEDQG9LVLSKRQDXVXQGOHKQWHVLFKJHJHQGLH :DQG(UIUDJWHVLFKREGLH/HXWHGLHKLQWHUGHP0RUGDQ1LZR'HZ VWHFNWHQXQGHUZDUMHW]WJDQ]VLFKHUGDHVVLFKXP0RUGKDQGHOWH WDWVlFKOLFKQLFKWGDYRU]XUFNVFKUHFNWHQMHPDQGHQ]XEHVHLWLJHQJHJHQ GHQVLHOHGLJOLFKHLQHQYDJHQ9HUGDFKWKDEHQNRQQWHQ'HQQGD &DULOGDVLFKVRDXIIlOOLJEHQRPPHQKDEHQN|QQWHGDJHJHQVLH JHZLFKWLJH9HUGDFKWVPRPHQWHYRUODJHQYHUPRFKWHHUVLFKQLFKW YRU]XVWHOOHQ 1DFKGHQNOLFKNHKUWHHUDQVHLQHQ$UEHLWVSODW]]XUFNREZRKOGLH 0LWWDJVSDXVHQRFKQLFKWYRUEHLZDU(UJHVWDQGVLFKHLQGDHUYRU HLQHP5lWVHOVWDQG,QQHUKDOEGHU,17(/6/$9(&25325$7,21JDEHV HQWZHGHUKHLPOLFKH0DFKWNlPSIHRGHUHLQH.RQNXUUHQ]ILUPDKDWWHLKUH /HXWHHLQJHVFKOHXVWXP%HWULHEVJHKHLPQLVVH]XVWHKOHQ .\URQEHVFKORGHQ'DWHQVSHLFKHUVHLQHV&RPSXWHUV]XEHUSUIHQ 9LHOOHLFKWIDQGHQVLFKLQLKP+LQZHLVHDXIGLH3UREOHPHGLHVHLQ YHUVFKZXQGHQHU9RUJlQJHUEHDUEHLWHWKDWWHXQGYLHOOHLFKWOLHVLFK GDULQHLQ$QKDOWVSXQNWHQWGHFNHQGHUGDV*HKHLPQLVVHLQHV 9HUVFKZLQGHQVOIWHQKDOI :LHGHUIORJHQVHLQH)LQJHUEHUGLH6HQVRUSXQNWHGHU6FKDOWNRQVROHQ PXVWHUWHHUGLHDXIGHPJURHQ%LOGVFKLUPDXIWDXFKHQGHQXQGZLHGHU YHUVFKZLQGHQGHQ=DKOHQNRORQQHQGLH.RGHJUXSSHQXQGGLH6\PEROH IU'DWHQYHUNQSIXQJHQ 1DFKXQJHIlKUHLQHU6WXQGHHUNDQQWHHUGDVLFKHLQ%HJULIILPPHU ZLHGHUKROWH.KRRGUH0HWKRGH$EHUHVZDUQLFKWKHUDXV]XILQGHQZDV XQWHUGHU.KRRGUH0HWKRGH]XYHUVWHKHQZDU9LHOPHKUVFKLHQHVVRDOV KlWWHVHLQ9RUJlQJHUVHOEVWQDFK$QKDOWVSXQNWHQDXIGLH+HUNXQIWMHQHV %HJULIIVJHVXFKWDEHUQLFKWV:HVHQWOLFKHVGDUEHUKHUDXVJHIXQGHQ Ä+DEHQ6LHJDUQLFKWVJHJHVVHQ0LVWHU=DUJ"KROWHLKQGLH6WLPPHYRQ $NL=DLEDWVXDXVVHLQHQhEHUOHJXQJHQ .\URQ%DUUDNXQVFKWWHOWHGHQ.RSIGDQQHQWVFKORHUVLFKHLQHQ 9HUVXFKVEDOORQVWHLJHQ]XODVVHQ Ä:DVZLVVHQ6LHEHUGLH.KRRGUH0HWKRGH0LVWHU=DLEDWVX" Ä.KRRGUH0HWKRGH"ZLHGHUKROWH=DLEDWVXIUDJHQGÄ1RFKQLHJHK|UW :HULVWGLHVHU.KRRGUH" Ä.HLQH$KQXQJHUZLGHUWH.\URQDEHUKLQWHUVHLQHU6WLUQMDJWHQVLFKGLH *HGDQNHQ (UKDWWHGHQ%HJULIIÄ.KRRGUH0HWKRGHELVKHUQLFKWDXIGHQ1DPHQ HLQHU3HUVRQEH]RJHQVRQGHUQDXILH%H]HLFKQXQJHLQHU7lWLJNHLWXQG
HVPRFKWHVHLQGDHUGDEHLULFKWLJODJ:HQQÄ.KRRGUHMHGRFK WDWVlFKOLFKGHU1DPHHLQHU3HUVRQZDUGDQQPXVVWHVLFKEHUVLHHWZDV LP=HQWUDOHQ3HUVRQHQGDWHQVSHLFKHU7HUUDVILQGHQODVVHQ Ä,FKNRPPHQLFKWEHUPHLQHQ$QVDW]KLQDXV0LVWHU=DLEDWVXHUNOlUWH HU Ä'DVZUGHLFKQLFKWWUDJLVFKQHKPHQVDJWH=DLEDWVXXQGHUVFKLHQ HUOHLFKWHUWGDUEHU]XVHLQGDHV=DUJQLFKWEHVVHUJLQJDOVGHQ PHLVWHQ(QWZLFNOXQJVLQJHQLHXUHQLQGHU&RPSXWHUWHFKQLN Ä,FKPWHXQJHVW|UWQDFKGHQNHQVDJWH.\URQ%DUUDNXQÄ+lWWHQ6LH HWZDVGDJHJHQZHQQLFKGDVGUDXHQWXQZUGH" Ä.HLQHVZHJVHUZLGHUWHVHLQ9RUJHVHW]WHU'DVZDUJDQ]QRUPDOGHQQ EHL$QJHVWHOOWHQGLHPLWNUHDWLYHQ$UEHLWHQEHVFKlIWLJWZDUHQEHVWDQGHQ GLHZHQLJVWHQ$UEHLWJHEHUGDUDXIGDVLHVLFKZlKUHQGGHU'LHQVW]HLW VWlQGLJDQLKUHP$UEHLWVSODW]DXIKLHOWHQÄ6LHN|QQHQVHOEVWGDUEHU HQWVFKHLGHQZDQQ6LHVRZHLWVLQGZLHGHUPLWGHP&RPSXWHU]X DUEHLWHQ.\URQHUKREVLFKÄ9LHOHQ'DQN0LVWHU=DLEDWVX(U YHUDEVFKLHGHWHVLFKYRQVHLQHU6HNUHWlULQGDQQYHUOLHHUGDV*HElXGH ULHIPLWVHLQHP$UPEDQG9LVLSKRQHLQ*OHLWHUWD[LXQGSURJUDPPLHUWH HLQHQ.XUVQDFK7HUUDQLD&LW\ .DXPKDWWHGHU*OHLWHUDEJHKREHQGDULHI.\URQDXIGHU)UHTXHQ]GHV $UPEDQGJHUlWVGDV(DUQ\VWl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Ä.KRRGUH0HWKRGH KLHJHGDFKWHHUVHLQHQ3DUWQHUQDPHKHVWHQKHOIHQ]XN|QQHQ :lKUHQGGHV)OXJHVQDFK7HUUDQLD&LW\OLHHUVLFKYRP&RPSXWHU VHLQHV*OHLWHUVGLHOHW]WHQ1DFKULFKWHQDEVSLHOHQ 'LH)ORWWHGHU/RRZHUKDWWHGHQ0DUVYHUODVVHQDXVGHQ7LHIHQGHU 0LOFKVWUDHZDUHQ]ZHLQHXH:HOWUDXPEHEHQJHPHOGHWZRUGHQYRQGHU 3URYFRQ)DXVWXQG0DUJRUJDEHVNHLQH0HOGXQJHQXQGGLH :HOWUDXPSLUDWHQ2UJDQLVDWLRQGHU)OLEXVWLHUZDU]HUVFKODJHQZRUGHQ 'DVZDUHQGLHZHVHQWOLFKHQ,QIRUPDWLRQHQ'DQHEHQJDEHV]DKOUHLFKH DQGHUH(UHLJQLVVHKDXSWVlFKOLFKZLUWVFKDIWOLFKHUXQGLQQHQSROLWLVFKHU 1DWXU
.\URQ%DUUDNXQIDQGMHGRFKQLFKWVGDULQZDVLKPEHLGHU%HDUEHLWXQJ VHLQHVODXIHQGHQ)DOOHVKHOIHQNRQQWH=ZDUEHXQUXKLJWHQDXFKLKQGLH :HOWUDXPEHEHQGHQQHUDKQWHGDVLHGLH9RUERWHQHLQHUHUQVWHQ %HGURKXQJIUGLHJDODNWLVFKHQ=LYLOLVDWLRQHQVHLQN|QQWHQDEHUHU EHVDNHLQH0|JOLFKNHLWHQHWZDVGDJHJHQ]XWXQ hEHUHLQHQ.RPPHQWDWRUGHUEHKDXSWHWHGLH/RRZHUZUGHQGDV 6ROV\VWHPQXUGHVKDOEYHUODVVHQZHLOVLHIUFKWHWHQLQGLHVHP 5DXPVHNWRUN|QQWHQGLHQlFKVWHQ:HOWUDXPEHEHQVWDWWILQGHQOlFKHOWH HUQXU(UKDWWHZlKUHQGHLQHUSULYDWHQ(UPLWWOXQJYRUHLQLJHQ:RFKHQ NXU].RQWDNWPLW-XOLDQ7LIIORUJHKDEWXQGYRP(UVWHQ7HUUDQHUHLQLJHV EHUGLH$NWLYLWlWHQXQGGLH0HQWDOLWlWGHU/RRZHUHUIDKUHQ'HVKDOE ZXWHHUGDGLHVHHWZDVUlWVHOKDIWHQ,QWHOOLJHQ]HQGHQ0DUVQXU GHVKDOEYHUOLHHQZHLOLKUH$XIJDEHDEJHVFKORVVHQZDUXQGVLHDXV UHLQHQ.RVWHQJUQGHQLKUHQ6WW]SXQNWDXIGHP0DUVDXIJDEHQ $OVGHU*OHLWHUDXIGHP'DFKYRQ'ROHQF3ODFHOODQGHWHVFKRE.\URQ VHLQH,'.DUWHGLHJOHLFK]HLWLJ.UHGLWNDUWHZDULQGHQ=DKOVFKOLW]GDPLW GHU&RPSXWHUGLH$EEXFKXQJGHV)OXJSUHLVHVYRQHLQHPVHLQHU.RQWHQ YHUDQODVVHQNRQQWHGDQQ]RJHUVLHZLHGHUKHUDXVXQGVWLHJDXV 'LH/HHUHLQGHQ5lXPHQVHLQHU)LUPDEHGUFNWHLKQ(UYHUPLWHGLH )RUVFKKHLW&DULOGDVXQGGLHNOHLQHQ:RUWGXHOOHPLWVHLQHP5RERWHU 6HXI]HQGVHW]WHHUVLFKYRUGDV&RPSXWHU7HUPLQDODNWLYLHUWHHVXQG DUEHLWHWHVLFK6FKULWWIU6FKULWWLQGLHÄ&RPSXWHU+LHUDUFKLHYRQ ,PSHULXP$OSKD'DVZDU]ZDUHUVWHQVYHUERWHQXQG]ZHLWHQVGXUFK ]DKOUHLFKH$EVLFKHUXQJHQIDVWXQP|JOLFKJHPDFKWDEHUGDUDQVW|UWH VLFKGHU&RPSXWHU=|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lW]HQEHLVHLQHQ(UPLWWOXQJHQGHQGLUHNWHQ :HJ]XJHKHQGDGD]XNHLQHEHVRQGHUHQ)lKLJNHLWHQXQG.HQQWQLVVH HUIRUGHUOLFKZDUHQ 'RFKGDZDUGLH6RUJHXP&DULOGD7RGD\XQG(DUQ\ 1RFKHLQPDOYHUVXFKWH.\URQHLQH9HUELQGXQJPLW(DUQ\KHU]XVWHOOHQ $OVGDVDXFKGLHVPDOQLFKWJHODQJVSUDQJHUEHUVHLQHQ6FKDWWHQ 1DFKGHPHUVLFKÄGHPDVNLHUWKDWWHVWHOOWHHUHLQH9LVLSKRQYHUELQGXQJ ]XU.RPPXQLNDWLRQV]HQWUDOHYRQ,PSHULXP$OSKDKHU$XIVHLQHP
9LVLSKRQVFKLUPHUVFKLHQGDV6\PEROGHU5RERWYHUPLWWOXQJ Ä+LHU,PSHULXP$OSKDLVDJWHHLQHPHORGLVFKH6WLPPHÄ%LWWHQHQQHQ 6LH,KUHQ1DPHQXQG,KUH:QVFKH Ä.\URQ%DUUDNXQ,FKZQVFKHHLQH'LUHNWYHUELQGXQJPLW0LVWHU-XOLDQ 7LIIORU Ä(VLVWQLFKWP|JOLFKHLQHGLUHNWH9HUELQGXQJPLWGHP(UVWHQ7HUUDQHU KHU]XVWHOOHQHUZLGHUWHGLH6WLPPHÄ,FKYHUELQGH6LHPLWVHLQHP 6HNUHWDULDW 6HNXQGHQVSlWHUHUORVFKGDV6\PERO$QVHLQHU6WHOOHHUVFKLHQGDV $EELOGHLQHUKEVFKHQMXQJHQ)UDXDXIGHP%LOGVFKLUP Ä6HNUHWDULDW7LIIORUVDJWHGLHMXQJH)UDXÄ+LHUVSULFKW0L$OYHQLD 7URRJHQ$XVZHOFKHP*UXQGZQVFKHQ6LH0LVWHU7LIIORU]XVSUHFKHQ 0LVWHU%DUUDNXQ" Ä'DVNDQQLFKQXULKPVHOEVWVDJHQDQWZRUWHWH.\URQYHUlUJHUWÄ%LWWH VWHOOHQ6LHGDV*HVSUlFKGXUFK 'LHMXQJH)UDXOlFKHOWHK|IOLFK Ä%LWWHKDEHQ6LH9HUVWlQGQLVGDIUGDHV0LVWHU7LIIORUQLFKWP|JOLFK LVWMHGHQ*HVSUlFKVZXQVFKSHUV|QOLFK]XHUIOOHQ(ULVWPLW DXHURUGHQWOLFKYLHOHQZLFKWLJHQ'LQJHQEHVFKlIWLJWGLHLKPNHLQH=HLW IU$QJHOHJHQKHLWHQODVVHQGLHGXUFKDXVYRQVHLQHP0LWDUEHLWHUVWDE EHDUEHLWHWZHUGHQN|QQHQ Ä*XWGDQQVDJHQ6LHPLUZHU0LVWHURGHU0L.KRRGUHLVWXQGZLHLFK LKQEH]LHKXQJVZHLVHVLHHUUHLFKHQNDQQVDJWH.\URQ Ä6ROOGLHVH3HUVRQLQ,PSHULXP$OSKDEHVFKlIWLJWVHLQ"IUDJWH$OYHQLD 7URRJHQ Ä'DVZLOOLFKYRQ,KQHQZLVVHQ'LHMXQJH)UDXVFKWWHOWHGHQ.RSIÄ'LH *HVHW]HEHUGHQ6FKXW]SULYDWHU'DWHQODVVHQNHLQHGHUDUWLJHQ $XVNQIWH]X0LVWHU%DUUDNXQ$XVQDKPHJHQHKPLJXQJHQEHGUIHQ GHU=XVWLPPXQJGHV5DWHVIU)UHLJDEHSULYDWHU'DWHQ'D]XPVVHQ DOOHUGLQJVHLQLJH)RUPDOLWlWHQHUOHGLJWXQGMXULVWLVFKH9RUDXVVHW]XQJHQ HUIOOWZHUGHQ,FKNDQQ6LHPLWGHP6HNUHWDULDWGHV5DWHVIU)UHLJDEH SULYDWHU'DWHQYHUELQGHQGDPLW6LHGLHGHWDLOOLHUWHQ$XVNQIWHHUKDOWHQ ZLH6LHYRUJHKHQPVVHQ.\URQ%DUUDNXQVHXI]WH Ä'D]XKDEHLFKNHLQH=HLW0L7URRJHQ'DV/HEHQYRQ0HQVFKHQVWHKW DXIGHP6SLHO'HVKDOEPXLFK7LIISHUV|QOLFKVSUHFKHQ Ä7LII"IUDJWH$OYHQLD7URRJHQÄ,FKGHQNHQLFKWGD,KQHQHLQHGHUDUW LQWLPH$QUHGHGHV(UVWHQ7HUUDQHUV]XVWHKWZHQQ6LHQLFKWPLWLKP EHIUHXQGHWVLQG Ä$EHULFKELQPLWLKPEHIUHXQGHWXQGZLUGX]HQXQVVFKULH.\URQ DXIJHEUDFKWÄ'DQQP|FKWHQ6LHLKQSULYDWVSUHFKHQ" Ä6HOEVWYHUVWlQGOLFK Ä'DVKlWWHQ6LHPLUVRIRUWVDJHQPVVHQ0LVWHU%DUUDNXQ%LWWH JHGXOGHQ6LHVLFKHWZDV,FKYHUVXFKH0LVWHU7LIIORU]XHUUHLFKHQGDPLW HUVHOEVWHQWVFKHLGHQNDQQREHUGDV*HVSUlFKDQQLPPWÄ,FKZDUWH
HUZLGHUWH.\URQ (VGDXHUWHIDVW]HKQ0LQXWHQELVGDV$EELOGGHUMXQJHQ)UDXHUQHXWDXI GHP%LOGVFKLUPHUVFKLHQÄ,FKYHUELQGHPLW0LVWHU7LIIORUVDJWHVLH,KU $EELOGYHUVFKZDQGHUQHXWGDQQWDXFKWHGDV-XOLDQ7LIIORUVDXI Ä+DOOR.LGULHIGHU(UVWH7HUUDQHUÄ,FKIUHXHPLFKGLFK ZLHGHU]XVHKHQ Ä(VZDUJDUQLFKWVRHLQIDFK]XGLUGXUFK]XNRPPHQ7LIIORUODFKWH Ä7lJOLFKYHUVXFKHQGXUFKVFKQLWWOLFKYLHU]LJWDXVHQG3HUVRQHQPLFK SHUV|QOLFK]XVSUHFKHQ.LG:HQQLFKPLUWDWVlFKOLFKDOOHLKUH3UREOHPH SHUV|QOLFKDQK|UHQZROOWHN|QQWHLFKJHUDGHGDVNQDSSVFKDIIHQDEHU LFKKlWWHQLFKWHLQPDO=HLWLKQHQGDUDXI]XDQWZRUWHQJHVFKZHLJHGHQQ LKUH3UREOHPH]XO|VHQ*DQ]GDYRQDEJHVHKHQGDLFKGDQQPHLQ$PW DOV(UVWHU7HUUDQHUDXIJHEHQPWH$XVQDKPHQNDQQLFKGHVKDOEQXU EHLJXWHQ)UHXQGHQPDFKHQRGHUGDQQZHQQPHLQ6HNUHWDULDWQDFK HLQJHKHQGHUhEHUSUIXQJGHU6DFKODJH]XGHP6FKOXNRPPWGD PHLQHSHUV|QOLFKH(LQVFKDOWXQJWDWVlFKOLFKXQEHGLQJWHUIRUGHUOLFKLVW (UZXUGHZLHGHUHUQVW Ä2IIHQEDUKDVWGXHLQ3UREOHP.LG .\URQ%DUUDNXQQLFNWH Ä,FKKDEHYHUVXFKW,QIRUPDWLRQHQEHUHLQH3HUVRQQDPHQV.KRRGUH]X EHNRPPHQ7LII/HLGHUVFKHLQWHVDOVZlUHQGLHVH,QIRUPDWLRQHQLQGHQ &RPSXWHUQGHUHKHPDOLJHQ6RODUHQ$EZHKUJHVSHLFKHUW Ä'LH]ZDUQLFKWPHKUVRKHLWDEHUGHUHQ$UEHLWQRWZHQGLJHUZHLVH IRUWJHIKUWZLUGHUNOlUWH7LIIORUÄ:DUXPEUDXFKVWGXGLHVH ,QIRUPDWLRQHQ" Ä,FKEHDUEHLWHHLQHQ)DOOGHUVLFKDOVNRPSOL]LHUWHUHUZLHVHQKDWDOVLFK ]XHUVWDQQDKP7DWVlFKOLFKVFKHLQHQ3HUVRQHQGDULQYHUZLFNHOW]XVHLQ GLHDXFKYRU*HZDOWDQZHQGXQJJHJHQDQGHUH3HUVRQHQQLFKW ]XUFNVFKUHFNHQ,FKELQLQ6RUJHXP&DULOGDXQG(DUQ\GLHPLW (UPLWWOXQJHQEHDXIWUDJWZDUHQXQGYHUVFKZXQGHQVLQG Ä'DVLVWQDWUOLFKHLQ*UXQG.LGHUNOlUWH-XOLDQ7LIIORUÄ,FKVHW]HPLFK PLWGHQ3URGX]HQWHQGHU6LFKHUKHLWVRIRUWLQ9HUELQGXQJ:DUWHELWWH 'LHVPDOGDXHUWHHV]ZDQ]LJ0LQXWHQELVGDV$EELOGGHV(UVWHQ 7HUUDQHUVZLHGHUDXIGHP%LOGVFKLUPLQ.\URQV%URHUVFKLHQ6HLQH 0LHQHGUFNWH9HUZXQGHUXQJDXV Ä:HQQGXHLQHQ0DQQQDPHQV2\RGR.KRRGUHPHLQVWVRKDQGHOWHV VLFKQLFKWXPHLQH*HKHLPH9HUVFKOXVDFKH.LG6HLQH'DWHQVLQGQXU GHVKDOEXQG]ZDUQDFKWUlJOLFKLQGHQ&RPSXWHUQGHU6RO$E JHVSHLFKHUWZHLOHUQDFKGHP(QGHGHU.RQ]LOVKHUUVFKDIWHLQH (QWVFKlGLJXQJEHDQWUDJWKDW0LVWHU.KRRGUHDUEHLWHWHZlKUHQGGHU .RQ]LOVKHUUVFKDIWLQHLQHP*HKHLPODERULP$VWHURLGHQ*LGHRQIUGLH 6RODUH:LGHUVWDQGVEHZHJXQJXQGYHUXQJOFNWHGDEHLEHLHLQHP ([SHULPHQW 'DIUZXUGHHUQDFKGHP(QGHGHU.RQ]LOVKHUUVFKDIWHQWVFKlGLJWXQG
YRQGHU(QWVFKlGLJXQJVVXPPHNDXIWHHUGDV/DERUYRQGHU/)7EDXWH HVDXVXQGZDQGHOWHHVLQHLQNRPPHU]LHOOHV8QWHUQHKPHQXPGDVVLFK DXI(QWZLFNOXQJHQXQG(UILQGXQJHQIUGLH6RODUH:LUWVFKDIW VSH]LDOLVLHUWH:HQQGXGLH|IIHQWOLFKHQ$XVNXQIWVFRPSXWHUXQWHUGHP 6WLFKZRUW*LGHRQ/DERUDWRU\EHIUDJWKlWWHVWZWHVWGXGDVVFKRQ Ä:HQQLFKGLHVHQ1DPHQJHNDQQWKlWWHKlWWHLFKHVJHWDQHUZLGHUWH .\URQ%DUUDNXQ-XOLDQ7LIIORUQLFNWH Ä,FKNDQQPLUDOOHUGLQJVQLFKWYRUVWHOOHQZDV*LGHRQ/DERUDWRU\PLW GHLQHP)DOO]XWXQKDEHQN|QQWH.LGÄ,FKDXFKQLFKWHUZLGHUWH.\URQ Ä$EHUYLHOOHLFKWHUIDKUHLFKHVVREDOGLFKIHVWJHVWHOOWKDEHZDVXQWHU HLQHU.KRRGUH0HWKRGH ]XYHUVWHKHQLVW'DUEHUZXWHGHU6RO$E &RPSXWHUDQVFKHLQHQGQLFKWVZLH"Ä6WLPPWVDJWH-XOLDQ7LIIORUÄ$EHU HVK|UWVLFKQDFKHLQHPYRQ.KRRGUHHQWZLFNHOWHQ9HUIDKUHQDQ 9LHOOHLFKWHUIlKUVWGXYRQGHQ|IIHQWOLFKHQ$XVNXQIWVFRPSXWHUQHWZDV GDUEHU Ä,FKZHUGHHVYHUVXFKHQ7LII9LHOHQ'DQNIUGHLQH+LOIH Ä'DVZDUVHOEVWYHUVWlQGOLFK.LG+|U]XZHQQ&DULOGDXQG(DUQ\LQ *HIDKUVFKZHEHQKDEHLFKYLHOOHLFKWGLHEHVVHUHQ0|JOLFKNHLWHQLKQHQ ]XKHOIHQ Ä'DVEH]ZHLIOHLFK7LII'HQQRFKYLHOHQ'DQNIUGDV$QJHERW Ä%LWWH,FKK|UHGRFKYRQGLUZLHGLH6DFKHDXVJHJDQJHQLVW.LGRGHU" Ä6HOEVWYHUVWlQGOLFK7LII 6WLUQUXQ]HOQGEHWUDFKWHWH.\URQ%DUUDNXQGLH'DWHQIROLHGLHVHLQ 7HUPLQDODXVJHGUXFNWKDWWH 'LH$XVNQIWHEHU*LGHRQ/DERUDWRU\ZDUHQLQIRUPDWLYXQGVLFKHUGDQQ QW]OLFKZHQQMHPDQGEHDEVLFKWLJWH*HVFKlIWHPLWGLHVHU)LUPD]X PDFKHQ$EHUVLHHQWKLHOWHQNHLQH,QIRUPDWLRQEHUHLQH.KRRGUH 0HWKRGH 8QGGLH=HLWEUDQQWH.\URQDXIGHQ1lJHOQ.XU]HQWVFKORVVHQOLHHU VLFKPLWGHU(XUR]HQWUDOHYRQ,17(/6/$9(&25325$7,21LQ3DULV YHUELQGHQXQGEDWXPHLQHQ.RQWDNWPLW
$OJROZLHGHUDXIVHLQHP%LOGVFKLUP]XVHKHQÄ:LUVWHKHQVHLWJXWHLQHP -DKULQ*HVFKlIWVYHUELQGXQJPLWGHP*LGHRQ/DERUDWRU\EHULFKWHWH VLHÄ'LH)LUPDKDWIUXQVHUH.RQVWUXNWLRQVFRPSXWHUVRJHQDQQWH 5HSHWLHUHOHPHQWHHQWZLFNHOWXQGJHEDXWGDVVLQGV\QWKHWLVFKH .ULVWDOONRQJORPHUDWHGLHXQVHUH&RPSXWHUEHIlKLJHQYRUMHGHP UHFKQHULVFKHQ6FKULWWEHLGHU.RQVWUXNWLRQVDUEHLWDXIDOOHELVKHUYRQ WHUUDQLVFKHQ&RPSXWHUQLQGLHVHU+LQVLFKWJHPDFKWHQ(UIDKUXQJHQ ]XUFN]XJUHLIHQ'DGXUFKZLUGNHLQH&RPSXWHU]HLWIU:HJHYHUJHXGHW GLHEHUHLWVVFKRQYRQDQGHUHQ&RPSXWHUQDXVJHORWHWZXUGHQXQGGLH HQWVSUHFKHQGHQ(UNHQQWQLVVHN|QQHQRKQH=HLWYHUOXVWYHUZHQGHW ZHUGHQ Ä*LEWHVGDIUHLQHEHVRQGHUH0HWKRGH"IUDJWH.\URQ%DUUDNXQ Ä1DMDHEHQGLHVRJHQDQQWH5HSHWLHUPHWKRGHPHLQWH
QXUGHVKDOEDOV=LHODQJHJHEHQZHLOHUVFKOHFKWLP:HUNVJHOlQGHYRQ ,17(/6/$9(/HLFHVWHUODQGHQXQGQDFKVHLQHQ0LWDUEHLWHUQIUDJHQ NRQQWH Ä%LWWHHQWVFKXOGLJHQ6LH0LVWHU%DUUDNXQVDJWHGLHPHORGLVFKH6WLPPH GHV)DKU]HXJ&RPSXWHUVDXVGHPVFKPDOHQ/DXWVSUHFKHUJLWWHUGHV .RQWUROOSDQHHOVÄ$EHUGHU3DUNKDXV&RPSXWHUHUPDKQWPLFKGDV 2EHUGHFNIUHL]XPDFKHQDOVRHQWZHGHU]XVWDUWHQRGHUGHQ*OHLWHUGHU 3DUNKDXVDXWRPDWLN]XP=ZHFNGHU8QWHUEULQJXQJ]XEHUJHEHQ Ä6FKRQJXW .\URQHUJULIIVHLQHQ$NWHQNRIIHUXQGVWLHJDXV$OVHUGLHQDFKXQWHQ IKUHQGH5ROOWUHSSHEHWUDWYHUVFKZDQGVHLQ*OHLWHULQGHU*LWWHUNDELQH HLQHV)DKU]HXJDXI]XJV 'DHUHLQPDOLQGHU1lKHZDUOLH.\URQVLFKYRQHLQHP7UDQVSRUWEDQG ]XU,QIRUPDWLRQV]HQWUDOHWUDJHQ $OVHUGXUFKHLQHQ(LQJDQJJLQJVWUHLIWHLKQGHU(QHUJLHYRUKDQJJOHLFK ]DKOUHLFKHQVDPWZHLFKWDVWHQGHQ+lQGHQ(UPXWHVLFKGD]X]ZLQJHQ QLFKW]XUFN]X]XFNHQ 'DV,QQHUHGHVZUIHOI|UPLJHQ*HElXGHVEHVWDQGDXVHLQHU ZUIHOI|UPLJHQ+DOOHPLWHLQHPWUDQVSDUHQWHQ:UIHOGDULQLQGHP XQDEOlVVLJ+XQGHUWHYRQVFKDOOGLFKWHQ.DELQHQKHUXPVFKZHEWHQ:HU HLQH,QIRUPDWLRQVXFKWHPXWHVLFKYRUGHQgIIQXQJHQDP)XGHV ,QQHQZUIHOVDQVWHOOHQELVHUDQGHU5HLKHZDUXQGHLQHOHHUH.DELQH YRULKPDQKLHOW 'LH.DELQHVFKZHEWHDQVFKOLHHQGVRIRUWPLWLKPGDYRQXP3ODW]IUGLH QlFKVWHOHHUH.DELQH]XVFKDIIHQDXIGLHGHUQlFKVWH ,QIRUPDWLRQVVXFKHQGHZDUWHWH,UJHQGZRLP,QQHQZUIHOVWRSSWHGLH .DELQHGDQQ Ä=X,KUHQ'LHQVWHQVDJWHHLQHDQJHQHKPH6\QWKRVWLPPHÄ:HOFKH ,QIRUPDWLRQHQZHUGHQJHZQVFKW" .\URQUlXVSHUWHVLFK Ä$OOHVEHUGLH$UFKLWHNWXUGHV/HLFHVWHU:HUNHVYRQ,17(/6/$9( &25325$7,21 Ä:LUGVRIRUWEHUVSLHOWHUZLGHUWHGLH6\QWKRVWLPPHÄ(VZLUGGDUDXI DXIPHUNVDPJHPDFKWGDNHLQH,QIRUPDWLRQHQEHU$ODUPV\VWHPHXQG (LQEUXFKVLFKHUXQJHQJHJHEHQZHUGHQ Ä'DVLVWPLUNODUVDJWH.\URQ$EHUGLHVH9HUVLFKHUXQJZDURIIHQNXQGLJ EHUIOVVLJJHZHVHQGHQQHVHUIROJWHNHLQH5HDNWLRQ 6HNXQGHQVSlWHUHUVFKLHQDXIHLQHP%LOGVFKLUPGLHH[DNWH *UXQGUL]HLFKQXQJGHV,17(/6/$9(:HUNVLQ/HLFHVWHU'LH DQJHQHKPH6\QWKRVWLPPHJDEGHQ.RPPHQWDUGD]X .\URQ%DUUDNXQLQWHUHVVLHUWHVLFKDOOHUGLQJVQXUIUGLH$Q]DKOXQG/DJH GHU$XHQWUHQ6HOEVWYHUVWlQGOLFKZDUHQVLHDOOHVDPWYRQ 7UFRPSXWHUQJHVLFKHUWDXFKZHQQGDVQLFKWDXVGUFNOLFKHUZlKQW
ZXUGH'RFK7UFRPSXWHUZDUHQIU.\URQ*HUlWHGLHLKPXQJHIlKU VRYLHO6FKZLHULJNHLWHQEHUHLWHQNRQQWHQZLH3DSLHUZlQGH $OOHUGLQJVHUNDQQWHHUGDHUDOOHLQPLWGLHVHQ,QIRUPDWLRQHQQRFKNHLQH QDUUHQVLFKHUH0HWKRGHGHV(LQGULQJHQVDXVDUEHLWHQNRQQWH(UZUGH ]XYRUHLQHGLUHNWH,QVSHNWLRQGXUFKIKUHQPVVHQ (LQHKDOEH6WXQGHVSlWHUEHIDQGHUVLFKPLWHLQHPJHPLHWHWHQ %RGHQJOHLWHUDXIGHP:HJ]XP,17(/6/$9(:HUNYRQ/HLFHVWHU 9RUGHP+DXSWWRUIOLPPHUWHHLQ(QHUJLHJDWWHUXQGHLQH5RERWHUVWLPPH VDJWH Ä:LOONRPPHQEHL,17(/6/$9(/HLFHVWHU%LWWHQHQQHQ6LH,KUHQ 1DPHQXQGGHQ*UXQG,KUHV%HVXFKV)DOOV6LHHLQHQ7HUPLQYHUHLQEDUW KDEHQVDJHQ6LHELWWHPLWZHP .\URQ%DUUDNXQEHVFKORDXIV*DQ]H]XJHKHQÄ0LVWHU7DQDEH /RQJKRUQ*LGHRQ/DERUDWRU\,FKZUGHJHUQHLQH.ROOHNWLRQQHXDUWLJHU 6\QWKRNULVWDOOH]XUNRPSULPLHUWHQ'DWHQVSHLFKHUXQJDQELHWHQÄ6LH KDEHQNHLQHQ7HUPLQ0LVWHU/RQJKRUQ"Ä,FKGDFKWHQLFKWGDLFKDOV 9HUWUHWHUHLQHQ7HUPLQEUDXFKWHÄ:DUWHQ6LHELWWH (LQLJH0LQXWHQVSlWHUVDJWHGLH5RERWHUVWLPPHÄ0L,YLD*ODGRZZLUG VLFKXP6LHNPPHUQ0LVWHU/RQJKRUQ%LWWHYHUODVVHQ6LH,KU )DKU]HXJXQGWUHWHQ6LHLQGLH.RQWUROONDELQHPLWGHPURWHQ%RGHQ GDPLWGLH5RXWLQHEHUSUIXQJGXUFKJHIKUWZHUGHQNDQQ .\URQ%DUUDNXQJHKRUFKWH(UZXWHGDDOOH%HWULHEVIUHPGHQLQGHQ PHLVWHQ%HWULHEHQ7HUUDV.RQWUROOHQSDVVLHUHQPXWHQEHYRUVLHGDV %HWULHEVJHOlQGHEHWUHWHQGXUIWHQ $OVHUDXIGHPURWHQ%RGHQVWDQGVSUWHHUDOOHUGLQJVQLFKWV(VZDUHQ XQVLFKWEDUH'HWHNWRUVWUDKOHQGLHLKQDEWDVWHWHQXQGDOOH*HJHQVWlQGH SUIWHQGLHHUEHLVLFKIKUWH,QHUVWHU/LQLHJLQJHVGDEHLGDUXP HYHQWXHOOH%RPEHQRGHUW|GOLFKH:DIIHQ]XHQWGHFNHQDEHUDXFKXP GLH(QWGHFNXQJYRQ0LNURVSLRQHQGLHHLQEHOLHEWHV0LWWHO NRQNXUULHUHQGHU)LUPHQZDUHQXPDQGHUH%HWULHEHDXV]XVSLRQLHUHQ ,P8QWHUVFKLHG]XJHZ|KQOLFKHQHOHNWURQLVFKHQ*HUlWHQUHDJLHUWH .\URQV*HKHLPDXVUVWXQJDOOHUGLQJVDXIGLH'HWHNWRUVWUDKOHQ6LH EHHLQIOXWHVLHVRGDGLHHLJHQWOLFKHQ.RQWUROOJHUlWHOHGLJOLFKKDUPORVH 'LQJHUHJLVWULHUWHQ $OVVLFKDXIGHUJHJHQEHUOLHJHQGHQ6HLWHGHU.DELQHGLH7U|IIQHWH ZXWH.\URQGDHUHVJHVFKDIIWKDWWH Ä%LWWHIROJHQ6LHGHU6FKZHEHPDUNLHUXQJVDJWHGLH5RERWHUVWLPPH 9RU.\URQ%DUUDNXQOHXFKWHWHHLQKDQGWHOOHUJURHU6FKZHEHURERWHU KHOOJUQDXIGDQQVFKZHEWHHUODQJVDP]XHLQHP7UDQVSRUWEDQGGDV ]XP+DXSWJHElXGHGHV:HUNHVIKUWH Ä:LOONRPPHQ0LVWHU/RQJKRUQ,FKELQ,YLD*ODGRZOHLWHQGH .\EHUQHWLNHULQGLHVHV:HUNHV .\URQ%DUUDNXQPXVWHUWHGLHMXQJH)UDXXQDXIIlOOLJ6LHZDUZHGHU EHVRQGHUVKEVFKQRFKKlOLFKVRQGHUQHLQ'XUFKVFKQLWWVW\S1XULKU
*HVLFKWZLUNWHXQJHZ|KQOLFK(VZDULUJHQGZLHDXVGUXFNVORVRKQHHU NHQQHQVZHUWHV0LHQHQVSLHO Ä,FKGDQNH,KQHQGD6LHPLFKHPSIDQJHQ0L*ODGRZ'DUILFK,KQHQ PHLQH.ROOHNWLRQ]HLJHQ" ,YLD*ODGRZQLFNWHXQGIKUWHGHQ%HVXFKHU]XHLQHPJURHQ7LVFKPLW GLFNHU*ODVSODWWHLQGHPVSDUVDPP|EOLHUWHQ5DXPLQGHPVLHLKQ EHJUWKDWWH .\URQOHJWHVHLQHQ.RIIHUDXIGLH7LVFKSODWWHXQG|IIQHWHLKQ=XP 9RUVFKHLQNDPDOOHUGLQJVQLFKWGDVZDVZHVHQWOLFKIU.\URQ%DUUDNXQV =ZHFNHZDUGDVEOLHEYHUERUJHQVRQGHUQHLQH.ROOHNWLRQYRQLQ VFKZDU]HP6DPWHLQJHEHWWHWHQ6\QWKRNULVWDOOHQ6LHZDUHQHWZDVYRQ GHPZDVHUDXVGHPODULVFKHQ&RPSXWHUVFKLIIJHUHWWHWKDWWHEHYRUGLH 6LHGOHUYRQ%DUUDNXQHVYHUZVWHWHQ Ä%LWWHQLFKWEHUKUHQPDKQWH.\URQ(U]RJHLQHVFKZDU]HGQQH 5|KUHKHUYRUXQGQDKPPLWLKUHLQHQ6\QWKRNULVWDOODXIÄ'LH)lKLJNHLWHQ XQVHUHU3URGXNWHODVVHQVLFKQDWUOLFKQXUHUNHQQHQZHQQVLHHLQHP 3UIFRPSXWHUHLQJHJHEHQZHUGHQ Ä'LH.ULVWDOOHGLHQHQGHUNRPSULPLHUWHQ'DWHQVSHLFKHUXQJ"IUDJWH,YLD *ODGRZÄ0LNURFRPSXWHUHUIOOHQGLHJOHLFKH$XIJDEH Ä$EHUQXULQQHUKDOEHLQHVDNWLYLHUWHQ6\VWHPVHUNOlUWH.\URQÄ8QVHUH 6\QWKRNULVWDOOHIQJLHUHQDEHUDXFKGDQQZHLWHUDOV6SHLFKHUZHQQVLH DXVGHPDNWLYLHUWHQ6\VWHPHQWIHUQWZHUGHQDOVRDXFKRKQH (QHUJLH]XIXKU$XHUGHPGUIWHLKUH6SHLFKHUOHLVWXQJXPGUHLKXQGHUW 3UR]HQWK|KHUVHLQDOVGLHQRUPDOHU0LNURFRPSXWHU ,YLD*ODGRZPXVWHUWHLKQSUIHQGRKQHGDVLHHLQH0LHQHYHU]RJ REZRKO.\URQV%HKDXSWXQJVFKOLFKWZHJVHQVDWLRQHOOZDU 6LHHQWVSUDFKDOOHUGLQJVGHU:DKUKHLWZHQQVLHDXFK HWZDVDXVOLH Ä:LHKHLW,KUH)LUPD0LVWHU/RQJKRUQ" Ä*LGHRQ/DERUDWRU\'HU6LW]LVWGHU$VWHURLG*LGHRQ:LUEHVFKlIWLJHQ XQVVHLWGHU5FNNHKUJHRUGQHWHU9HUKlOWQLVVHPLW(QWZLFNOXQJHQXQG (UILQGXQJHQDXIGHP*HELHWGHU&RPSXWHUWHFKQLNXQGELHWHQXQVHUH 5HVXOWDWHGHUVRODUHQ:LUWVFKDIWDQHQWZHGHUDOV3DWHQWOL]HQ]HQRGHU EHLJHULQJHP%HGDUIDOV)HUWLJZDUH ÄbKMDPDFKWH,YLD*ODGRZ6LHJLQJ]XHLQHU:DQGEHUKUWHPLWGHQ )LQJHUQYHUVFKLHGHQH6HQVRUSXQNWHHLQHU6FKDOWNRQVROHXQGGHXWHWHDXI HLQHgIIQXQJGLHVLFKLQGHU:DQGJHELOGHWKDWWHÄ/HJHQ6LHGHQ.ULVWDOO GRUWKLQHLQGDQQZLUGHUYRP3UIFRPSXWHUJHWHVWHWGHUVLFKLQGHU :DQGEHILQGHW .\URQ%DUUDNXQJHKRUFKWH 'LHgIIQXQJVFKORVLFKKLQWHUGHP.ULVWDOOGDQQOHXFKWHWHGLHJHVDPWH :DQGDXI,KUH2EHUIOlFKHZXUGHGXUFKVLFKWLJXQGLQLKUHP,QQHUQ ZDUHQWDWVlFKOLFK]DKOORVH&RPSXWHUHOHPHQWH]XVHKHQ
Ä=XSUIHQGHU.ULVWDOOEHVWHKWDXVHLQHPXQEHNDQQWHQDQVFKHLQHQG V\QWKHWLVLHUWHQ(OHPHQWPLWVWDUNHU(LJHQVFKZLQJXQJLPDWRPDUHQ 1XNOHXVEHUHLFK,QIRUPDWLRQVDXIQDKPHVHKUJXW3DFNXQJVGLFKWH 9HUJOHLFKV]DKOGUHLKXQGHUWHOI)XQNWLRQHQEHL,VROLHUXQJJHJHQGDV DNWLYLHUWH6\VWHPJOHLFKEOHLEHQGNHLQH5HVRQDQ]DXI6RQDU5DGDUXQG +\SHUWDVWLPSXOVH'LH6WLPPHDXVGHU:DQGYHUVWXPPWH Ä(VVFKHLQWDOVN|QQWHQZLUPLWHLQDQGHULQV*HVFKlIWNRPPHQ0LVWHU /RQJKRUQVDJWH,YLD*ODGRZÄ:HOFKHQ3UHLVYHUODQJWGDV*LGHRQ /DERUDWRU\" Ä'HU6WFNSUHLVEHWUlJWVHFKVWDXVHQG6RODUEHL$EQDKPHYRQWDXVHQG 6WFNHUNOlUWH.\URQ%DUUDNXQÄ%HL$EQDKPHYRQPLQGHVWHQV KXQGHUWWDXVHQG6WFNYHUULQJHUWVLFKGHU6WFNSUHLVZHJHQGHU UDWLRQHOOHUHQ0DVVHQSURGXNWLRQDXI]ZHLWDXVHQG6RODU Ä'DVLVWLPPHUQRFKHLQVHKUKRKHU3UHLVHUZLGHUWH,YLD*ODGRZÄ,FK NDQQGHVKDOEQLFKWHQWVFKHLGHQREXQGZLHYLHO,KUHU6\QWKRNULVWDOOHZLU NDXIHQ$EHUZHQQ6LHPLUGDV0XVWHUKLHUODVVHQZHUGHLFKPLFKXP HLQH(QWVFKHLGXQJGHU=HQWUDOHEHPKHQ Ä+PPDFKWH.\URQÄ:HQQLFK6LHULFKWLJYHUVWDQGHQKDEHP|FKWHQ 6LHGDV0XVWHU,KUHQ9RUJHVHW]WHQYRUIKUHQQLFKWZDKU"'DQQELWWHLFK 6LHHLQHQVSH]LHOOGDIUYRUJHVHKHQHQ.ULVWDOO]XQHKPHQJHJHQ 4XLWWXQJQDWUOLFK6LHYHUVWHKHQ" Ä,FKYHUVWHKHVDJWH,YLD*ODGRZÄ6LHGUIHQSRWHQWLHOOHQ.XQGHQQXU EHVRQGHUVSUlSDULHUWH0XVWHUNULVWDOOHEHUODVVHQGDPLWNHLQ0LEUDXFK GDPLWJHWULHEHQZLUG Ä6RODXWHQPHLQH9RUVFKULIWHQ0L*ODGRZ Ä,FKKDEHQLFKWVGDJHJHQHLQ]XZHQGHQ0LVWHU/RQJK|UQ:RNDQQLFK 6LHHUUHLFKHQ"9RUPRUJHQQDFKPLWWDJZLUGNHLQH(QWVFKHLGXQJP|JOLFK VHLQ Ä,FKPHOGHPLFKPRUJHQZLHGHU0L*ODGRZ,FKPXPLUQlPOLFKHUVW HLQ+RWHO]LPPHUVXFKHQ Ä'DQQHPSIHKOHLFK,KQHQGDV.LQJ'XQZDOORQ0LVWHU/RQJKRUQ(V ELHWHWDOOHQHUGHQNOLFKHQ/X[XV=ZDULVWHVQLFKWELOOLJDEHUZHQQ,KUH 6SHVHQYRQ,KUHU)LUPDJHWUDJHQZHUGHQ Ä9LHOHQ'DQN0L*ODGRZ .\URQ%DUUDNXQEHDEVLFKWLJWHQLFKWLP.LQJ'XQZDOORQ]XEHUQDFKWHQ (UKDWWHEHUKDXSWQLFKWGLH$EVLFKWLQGHUNRPPHQGHQ1DFKW]X VFKODIHQ 1DFKGHPHUGHQHUVWHQ0XVWHUNULVWDOOJHJHQHLQHQ]ZHLWHQDXVJHWDXVFKW KDWWHYHUDEVFKLHGHWHHUVLFKK|IOLFKXQGYHUOLHGDV:HUNVJHOlQGH 'LHHOHNWURQLVFKH*HKHLPDXVUVWXQJLQVHLQHP$NWHQNRIIHUXQGDQ VHLQHP.|USHUYHUPDGDEHLVlPWOLFKH$ODUPDQODJHQXQG $EZHKUV\VWHPHXQGEHVFKLFNWHGHUHQ&RPSXWHUPLW .RQGLWLRQLHUXQJVLPSXOVHQ 0LWGHPJHPLHWHWHQ*OHLWHUNHKUWHHUDOVGDQQ]XVHLQHP'2*(521
]XUFNKROWHLKQDXVGHP3DUNKDXVXQGIORJ]XHLQHP3DUNSODW] DP5DQGHLQHVYHUZLOGHUWHQ)UHL]HLWJHOlQGHVDXIGHP%DXPDVFKLQHQ DQGHU:LHGHUKHUVWHOOXQJDUEHLWHWHQ+LHUZUGHHUNDXPJHVW|UWZHUGHQ (UQDKPGHQ6\QWKRNULVWDOOGHULP:HUNVHLQH3UIXQJDEVROYLHUWKDWWH XQGVFKRELKQLQHLQHQ$XVZHUWXQJVFRPSXWHUGHU]XU *HKHLPDXVUVWXQJVHLQHV$NWHQNRIIHUVJHK|UWH (WZDHLQHKDOEH6WXQGHVSlWHUZXWHHUGDHUHLQHKHLH6SXU JHIXQGHQKDWWH 'HU6\QWKRNULVWDOOKDWWH'DWHQLQVLFKDXIJHVRJHQZLHHLQWURFNHQHU 6FKZDPP:DVVHUXQG]ZDUZHLWDXVPHKU'DWHQDOVGHU3UIFRPSXWHU LP:HUNIHVWVWHOOHQNRQQWHhEHUGDVLQWHUQH9HUEXQGV\VWHPDOOHU :HUNVFRPSXWHUKDWWHHUPLWGHUEHZlKUWHQ0HWKRGHGHU NRQGLWLRQLHUHQGHQ5FNNRSSOXQJKHUDXVJHIXQGHQGDGLHLP:HUN /HLFHVWHUKHUJHVWHOOWHQ0LNURSUR]HVVRUHQVRJHQDQQWHXQWHUJHOHJWH %HIHKOVGDWHQHQWKLHOWHQGLHHUVWQDFKHLQHUEHVWLPPWHQ)XQNWLRQVGDXHU DNWLYLHUWZXUGHQXQGEHZLUNWHQGDLQGHQ&RPSXWHUQLQGHQHQGLH 0LNURSUR]HVVRUHQDUEHLWHWHQGLH$XVOHJXQJVP|JOLFKNHLWHQGHU $VLPRYVFKHQ5RERWHUJHVHW]HPDQLSXOLHUWZXUGHQ (QWVHW]WVFKOR.\URQ%DUUDNXQGLH$XJHQ:DVHLQH0DQLSXOLHUXQJGHU $XVOHJXQJVP|JOLFKNHLWHQYRQ5RERWHUJHVHW]HQEHGHXWHWHYHUPRFKWH QLHPDQGEHVVHU]XEHXUWHLOHQDOVHU3RVLWURQLNHQXQGDQGHUH&RPSXWHU EHGHXWHWHQEHLGHP(QWZLFNOXQJVVWDQGGHQVLHLP-DKUKXQGHUW HUUHLFKWKDWWHQQXUGHVKDOENHLQH*HIDKUIUGLHPHQVFKOLFKH=LYLOLVDWLRQ ZHLOLKUH%DVLVSURJUDPPLHUXQJYRQGHQ$VLPRYVFKHQ5RERWHUJHVHW]HQ EHVWLPPWZXUGH (VJDEGUHLGLHVHU*HVHW]HGLHHLQHIXQNWLRQHOOH(LQKHLWELOGHWHQ 1XPPHUHLQVKLH(LQ5RERWHUGDUIQLHPDOVHLQPHQVFKOLFKHV:HVHQ YHUOHW]HQRGHUGXUFKVHLQ1LFKWKDQGHOQ]XODVVHQGDHLQHP PHQVFKOLFKHQ:HVHQ6FKDGHQ]XJHIJWZLUG 1XPPHU]ZHLKLH(LQ5RERWHUPXGHQ%HIHKOHQJHKRUFKHQGLHLKP HLQ0HQVFKJLEWHVVHLGHQQVROFKH%HIHKOHVWHKHQLP:LGHUVSUXFK ]XPHUVWHQ*HVHW] 1XPPHUGUHLKLH(LQ5RERWHUPXVHLQHHLJHQH([LVWHQ]VFKW]HQ VRODQJHGLHVH6FKXW]PDQDKPHQQLFKWPLWGHPHUVWHQRGHU]ZHLWHQ *HVHW]LQ.RQIOLNWJHUDWHQ %LVKHUKDWWHNHLQ5RERWHUXQG5RERWHUZXUGHQMDYRQ3RVLWURQLNHQXQG VRPLWYRQ&RPSXWHUQJHVWHXHUWGLH0|JOLFKNHLWJHKDEWGLHHLQGHXWLJHQ GUHL5RERWHUJHVHW]HDXV]XOHJHQGHQQZDVHLQGHXWLJLVWGDUIQLFKW DXVJHOHJWZHUGHQ6REDOGVLFKGDVlQGHUWHNRQQWHGDVQLFKWQXU]X 6FKZLHULJNHLWHQIKUHQVRQGHUQ]XP=XVDPPHQEUXFKGHUPHQVFKOLFKHQ =LYLOLVDWLRQ6HXI]HQG|IIQHWH.\URQGLH$XJHQZLHGHU (UIUDJWHVLFKDXVZHOFKHP*UXQG0HQVFKHQGDV)XQGDPHQWLKUHU =LYLOLVDWLRQDXVK|KOWHQGHQQGLH5RERWHUJHVHW]HZDUHQGDV)XQGDPHQW HLQHUFRPSXWHULVLHUWHQ=LYLOLVDWLRQGDQXUVLHJDUDQWLHUWHQGDVLHQDFK
GHP:LOOHQGHV0HQVFKHQIXQNWLRQLHUWH (UVWMHW]WZXUGHHV.\URQ%DUUDNXQEHZXWDXIZLHGQQHP(LVVLFKGHU 0HQVFKVHLWGHU(QWZLFNOXQJGHUHUVWHQ*HQHUDWLRQVFK|SIHULVFK GHQNHQGHU&RPSXWHUEHZHJWKDWWH,QWHOOHNWXHOOZDUHQLKPGLH*DUDQWHQ IUHLQHQUHLEXQJVORVHQ$EODXIGHVZLUWVFKDIWOLFKHQXQGSULYDWHQ/HEHQV KDXVKRFKEHUOHJHQ'HQQRFKKDWWHQVLHELVODQJVWHWVQXUDOV 9ROOVWUHFNHUGHVPHQVFKOLFKHQ:LOOHQVJHGLHQW 1HLQQLFKWDXVQDKPVORVILHOHV.\URQHLQ(UZXWHGDGLHOXQDUH ,QSRWURQLN1$7+$1HLQLJHLUUHJXOlUH+DQGOXQJHQEHJDQJHQKDWWHZHQQ DXFKZDKUVFKHLQOLFKQXUHUP|JOLFKWGXUFKHLQ(LQJUHLIHQYRQ(6$EHU GLH+DXSWSRVLWURQLNGHU62/KDWWHVLFKHEHQIDOOVEHUGLHGUHL 5RERWHUJHVHW]HKLQZHJJHVHW]WXQGVRJDU]XJHODVVHQGD0HQVFKHQ JHW|WHWZXUGHQ 1XU9HUEUHFKHUNRQQWHQDXIGLH,GHHNRPPHQPLWGHP)XQGDPHQWGHU PHQVFKOLFKHQ=LYLOLVDWLRQ]XVSLHOHQ,KQHQPXWHGDV+DQGZHUNJHOHJW ZHUGHQEHYRUVLHLUUHSDUDEOH6FKlGHQDQJHULFKWHWKDWWHQ (VZlUHLQGLHVHU/DJHORJLVFKJHZHVHQZHQQ.\URQ%DUUDNXQVLFKPLW -XOLDQ7LIIORULQ9HUELQGXQJJHVHW]WXQGLKQEHUGLH)DNWHQLQIRUPLHUW KlWWHGDPLWHULKQXQWHUVWW]HQNRQQWH$EHU.\URQKDWWHVHLQH EHVRQGHUH/RJLNHQWZLFNHOW(UZXWHPLWZHOFKHU)OOHVFKZLHULJVWHU 3UREOHPHVLFKGHU(UVWH7HUUDQHUWDJWlJOLFKKHUXPVFKOXJXQGKLHOWHV IUVHLQH3IOLFKWLKPZHQLJVWHQVGLHVHV3UREOHP]XHUVSDUHQ $XHUGHPZDUHUEHU]HXJWGDYRQHVQRWIDOOVLP$OOHLQJDQJO|VHQ]X N|QQHQ 8QGHUPXWHVHKUEHKXWVDPYRUJHKHQGDPLWGDV/HEHQYRQ&DULOGD XQGGLH([LVWHQ]YRQ(DUQ\QLFKWJHIlKUGHWZXUGHQIDOOVVLHEHUKDXSW QRFK]XUHWWHQZDUHQ(LQEHUIDOODUWLJHU(LQVDW]EHZDIIQHWHU 6LFKHUKHLWVNUlIWHDEHUKlWWH]XHLQHU.XU]VFKOXUHDNWLRQGHU9HUEUHFKHU JHIKUWXQGVLHZDKUVFKHLQOLFKYHUDQODWDOOH=HXJHQLKUHU9HUEUHFKHQ ]XEHVHLWLJHQ.\URQ%DUUDNXQHQWZDUIPLW+LOIHHLQHVZHLWHUHQLP.RIIHU YHUERUJHQHQ&RPSXWHUVHLQH6WUDWHJLHIUVHLQHQlFKWOLFKH$NWLRQJHJHQ GDV:HUN/HLFHVWHUVSLHOWHDOOHGHQNEDUHQ=ZLVFKHQIlOOHXQGGLH EHUOHEHQVLQWHQVLYVWHQ5HDNWLRQHQGDUDXIGXUFKXQGZDUWHWHGDQDFK YROOHU7DWHQGXUVWDXIGLH1DFKW ,P(QHUJLHJDWWHUYRUGHP+DXSWWRUYRQ,17(/6/$9(/HLFHVWHUELOGHWH VLFKHLQH6WUXNWXUOFNHGLH.RQWUROONDELQH|IIQHWHVLFKXQGGDVURWH /HXFKWHQLKUHV%RGHQVHUORVFK 5DVFKJLQJ.\URQ%DUUDNXQKLQGXUFKDOVVLFKDXFKGLH,QQHQWUGHU .RQWUROONDELQH|IIQHWH'LHVHV+LQGHUQLVZDUDXIHOHJDQWH$UW EHUZXQGHQZRUGHQDEHUHVVWHOOWHQXUHLQ+LQGHUQLVJHULQJHQ 6FKZLHULJNHLWVJUDGVGDU
.\URQJLQJEHUGDVDXVJHVWRUEHQZLUNHQGH*HOlQGH]XP +DXSWJHElXGH'HU7UFRPSXWHUGHV+DXSWWRUVRUWHWHLKQPLWVHLQHQ HPSILQGOLFKHQ6HQVRUHQVXFKWHLP.HQQXQJVVSHLFKHUXQGIDQGGLHLKP DXIRNWUR\LHUWH,QIRUPDWLRQGDGLHVLFKQlKHUQGH3HUVRQEHIXJWZDU VLFKMHGHU]HLWXQDQJHPHOGHWLQV+DXSWJHElXGH]XEHJHEHQ /DXWORV|IIQHWHQVLFKGLH6WDKOVFKRWWHGHV7RUHVXQGVFKO|VVHQVLFK KLQWHULKPZLHGHU =LHOVLFKHUEHJDE.\URQVLFKLQGLH.RQWUROONDPPHUIUGLH( %HDPDQODJH'LHDP(LQJDQJLQVWDOOLHUWH$ODUPDQODJHWlXVFKWHHU HEHQVRZLHGLHELVKHULJHQFRPSXWHUJHVWHXHUWHQ6LFKHUKHLWVDQODJHQ 'DQDFKEHWUDWHUGLH.DPPHUVFKDOWHWHGDV&RPSXWHU7HUPLQDOHLQXQG ULHIGLH'DWHQIUGHQYRQLKPHQWZLFNHOWHQQHXDUWLJHQ&KLSDE 'LH'DWHQHUVFKLHQHQDXIGHP%LOGVFKLUPXQGVLHVFKLHQHQDXIGHQ HUVWHQ%OLFNXQYHUlQGHUW]XVHLQ'RFK.\URQOLHVLFKGDYRQQLFKW WlXVFKHQ$XIJUXQGVHLQHVK\SHUVHQVLEOHQ(LQIKOXQJVYHUP|JHQVLQGLH $UEHLWVZHLVHYRQ&RPSXWHUQXQGDQGHUHQSRVLWURQLVFKHQXQG HOHNWURQLVFKHQ6WUXNWXUHQXQG6\VWHPHQVSUWHHUGDHWZDVPLWGHQ 'DWHQQLFKWVWLPPWH 'LHVHV*HIKOJHQJWHLKPMHGRFKQLFKWDOV%HZHLV(UVFKDOWHWHHLQ $XI]HLFKQXQJVJHUlWHLQGDQQVLPXOLHUWHHUGHQ$EODXIYRQQRUPDOHQ $UEHLWVJlQJHQGHVEHWUHIIHQGHQ&KLSVXQGEHVFKOHXQLJWHVLHVRGDHU GLHVRQVWNDXPPHUNOLFKH9HUlQGHUXQJGHULQWHJULHUWHQ6FKDOWXQJHQDXI GHP7HUPLQDO%LOGVFKLUPRSWLVFKEHREDFKWHQNRQQWH (UZ|OEWHQXUGLH%UDXHQDOVHLQ.RQWUROOJHUlWLQVHLQHP$NWHQNRIIHU SO|W]OLFK]XEOLQNHQDQILQJGHQQHUKDWWHVRHWZDVHLQNDONXOLHUW 1DFKGHPHUJHSUIWKDWWHREVHLQ$XI]HLFKQXQJVJHUlWDOOH9RUJlQJH UHJLVWULHUWKDWWHVFKDOWHWHHUHVDXVGDQQVWHFNWHHUDXV7HLOHQVHLQHU *HKHLPDXVUVWXQJHLQHQ0LQLWUDQVPLWWHU]XVDPPHQVFKREGDV $XI]HLFKQXQJVJHUlWXQGYHUVFKLHGHQHDQGHUH7HLOH]ZLVFKHQGLH 3URMHNWLRQVVFKHQNHOXQGDNWLYLHUWHGDV*HUlW (LQKRFKZHUWLJHU6SHLFKHUHQWOXGVHLQH+\SHUHQHUJLHLQGLH6FKHQNHO DXV
/DQJVDPGUHKWH.\URQVLFKXP(UZDUQLFKWEHUUDVFKW,YLD*ODGRZYRU VLFK]XVHKHQPLWHLQHPNOHLQHQ(QHUJLHVWUDKOHULQGHUUHFKWHQ+DQG Ä6LHKLHOWHQVLFKIUEHUVFKODXZLH0LVWHU%DUUDNXQVDJWH,YLD*ODGRZ XQGZLHGHUEOLHELKU*HVLFKWXQEHZHJWÄ$EHUGLHVPDOVLW]HQ6LHLQGHU )DOOH Ä6WLPPWHUZLGHUWH.\URQ Ä:RKLQKDEHQ6LHGDV$XI]HLFKQXQJVJHUlWDEJHVWUDKOW" Ä$QHLQHQVLFKHUHQ2UW Ä6LHZROOHQDOVRQLFKWUHGHQ0LVWHU%DUUDNXQ'DVZLUGVLFKlQGHUQ :LHGHUHUW|QWHKLQWHU.\URQ%DUUDNXQGDV*OHLWJHUlXVFKHLQHVVLFK |IIQHQGHQ6FKRWWHV6FKZHUH6FKULWWHQlKHUWHQVLFKEOLHEHQGLFKWKLQWHU .\URQVWHKHQGDQQNUDPWHMHPDQGLQGHQKDOEYHUEUDQQWHQ $XVUVWXQJVUHVWHQGHV$NWHQNRIIHUVYRQGHPDXFKQLFKWPHKUYLHO EULJJHEOLHEHQZDU Ä:HUWORVVDJWHHLQH0lQQHUVWLPPHÄ:RKDEHQ6LHGLH6\QWKRNULVWDOOH 0LVWHU%DUUDNXQ"Ä'UHLPDOGUIHQ6LHUDWHQHUZLGHUWH.\URQ -HPDQGHUJULIIVHLQH+lQGHXQG]RJVLHKHUDEGDQQVSUWH.\URQGLH %HUKUXQJYRQHWZDV.DOWHPXQGJOHLFKGDUDXI]RJVLFKHLQH$UW HODVWLVFKHU6FKQXUXPVHLQH+lQGHXQG8QWHUDUPH]XVDPPHQ(LQH HOHNWURQLVFKH)HVVHO .\URQZXUGHKHUXPJHGUHKWXQGEOLFNWHLQHLQEUHLWIOlFKLJHV DXVGUXFNVORVHV*HVLFKW Ä(LJHQWOLFKVROOWHLFKGLFKVRIRUWXPEULQJHQVDJWHGHU0DQQ Ä'DVZlUHQLFKW]ZHFNGLHQOLFK6XQLRHUNOlUWH,YLD*ODGRZÄ%ULQJLKQ ]XGHQDQGHUHQ*HIDQJHQHQ .\URQ%DUUDNXQDWPHWHDXIDOVHUGDVK|UWH0LWGHQÄDQGHUHQ *HIDQJHQHQNRQQWHQQXU&DULOGDXQG(DUQ\JHPHLQWVHLQ)ROJOLFK OHEWHQVLHQRFK'DVZDULP$XJHQEOLFNGDV:LFKWLJVWH 'HU0DQQGHUYRQ,YLD*ODGRZÄ6XQLRJHQDQQWZRUGHQZDUSDFNWH HLQHQ$UP.\URQVXQGVFKREGHQ&RPSXWHU=|JOLQJPKHORVYRUVLFK KHU,YLD*ODGRZIROJWHGHQEHLGHQ0lQQHUQ (VJLQJGXUFKHLQLJH.RUULGRUHGDQQEHUHLQH1RWWUHSSH]ZHL 6WRFNZHUNHWLHIHUDXFKKLHUZDUHQGLH$QWLJUDYOLIWVQXUZlKUHQGGHU $UEHLWV]HLWDNWLYLHUW 9RUGHU.RQWUROOZDQGHLQHVHWZDVHLJHQDUWLJHQ &RPSXWHUVDXI]Z|OINOHLQHQ0RQLWRUHQOHXFKWHWHQ7LHUNUHLV]HLFKHQ EOLHEHQVLHVWHKHQ,YLD*ODGRZKDQWLHUWHDQHLQHP.RGHJHEHU 'DUDXIKLQELOGHWHVLFKHLQVHQNUHFKWHU6SDOWGHUPLWWHQGXUFKGLH .RQWUROOZDQGYHUOLHIXQGVLFKYHUEUHLWHUWH .\URQ%DUUDNXQZXUGHKLQGXUFKJHVWRHQ6HLQH%HZDFKHUIROJWHQLKP +LQWHUGHU.RQWUROOZDQGEHIDQGVLFKHLQZUIHOI|UPLJHU5DXPYRQHWZD IQI0HWHUQ.DQWHQOlQJHDQGHVVHQHLQHU:DQGVLFKKLQWHU*ODVVLW HLJHQDUWLJYHUNOXPSWHN\EHUQHWLVFKH6WUXNWXUHQLQHLQHUJHOEOLFKHQ (PXOVLRQEHIDQGHQ .\URQGUHKWHVLFKXPXQGPXVWHUWHGLH5FNVHLWHGHU&RPSXWHU
.RQWUROOZDQG6LHZDUOHHUELVDXIHLQHQ0LNURFRPSXWHUGHVVHQ .OHLQKHLWLQYHUZLUUHQGHP*HJHQVDW]]XU*U|HGHU.RQWUROOZDQGVWDQG GHUHQ6SDOWVLFKLQ]ZLVFKHQZLHGHUJHVFKORVVHQKDWWH Ä=2/,$&KDWVLFKDOV7DUQXQJKHUYRUUDJHQGEHZlKUWHUNOlUWH,YLD *ODGRZÄ:HOFKHU&RPSXWHU)DFKPDQQLQWHUHVVLHUWVLFKVFKRQIU $VWURORJLVFKH&RPSXWHU GLH+RURVNRSHXQG7DJHVYRUKHUVDJHQ HUVWHOOHQXQG5DWVFKOlJHLQZLFKWLJHQ/HEHQVIUDJHQ HUWHLOHQPLW+LOIH HLQHVDOV=XIDOOVJHQHUDWRUJHVFKDOWHWHQ0LNURFRPSXWHUV)ROJOLFKZDUGHU 5DXPYRUGLHVHP&RPSXWHUGHUDPZHQLJVWHQIUHTXHQWLHUWH5DXPGHV +DXSWJHElXGHVVRGDQLHPDQGXQVHUH*HKHLPNDPPHUVW|UWH Ä5DIILQLHUWJDE.\URQ%DUUDNXQ]XXQGEOLFNWH]XGHQN\EHUQHWLVFKHQ 6WUXNWXUHQKLQWHU*ODVVLWÄ8QGZDVVROOGDVEHGHXWHQ"Ä(UIUDJW]XYLHO VWHOOWH6XQLRIHVWÄ0LVWHU%DUUDNXQNDQQXQVVSlWHUHLQHJURH+LOIHVHLQ ZHQQZLUGLH.KRRGUH0HWKRGHNHQQHQHUZLGHUWH,YLD*ODGRZ Ä:HVKDOEEUDXFKHQZLULKQGDIUZHQQZLUZLVVHQGDGDV*HKHLPQLV LQ*LGHRQOLHJWHQWJHJQHWH6XQLRÄ8QGGXUHGHVW]XYLHOVDJWH,YLD *ODGRZ.\URQ%DUUDNXQHUVFKUDNGHQQGLHOHW]WHQ:RUWHYRQ6XQLR KDWWHQLKPNODUJHPDFKWGDGLH9HUEUHFKHUGLH,QIRUPDWLRQJHIXQGHQ KDWWHQQDFKGHUVLHVRODQJHJHVXFKWKDWWHQXQG]ZDUZDKUVFKHLQOLFK GXUFKVHLQH6FKXOGGHQQHUKDWWHGDV*HVSUlFKPLW
GHU'HFNH .\URQ%DUUDNXQYHUVWDQG,QGHU'HFNHZDUHQ0LNURVSLRQHYHUERUJHQ ZDV(DUQ\VHLQHUURERWLVFKHQ1DWXUZHJHQVHOEVWYHUVWlQGOLFKJHRUWHW KDWWH .\URQQLFNWH Ä:LUZHUGHQDOVRDEZDUWHQPVVHQELVPDQXQVHLQZHLKW(UVHW]WH VLFKVRGDHUPLWGHP5FNHQDQGHU:DQGOHKQWHKREHLQ%HLQXQG YHUUHQNWHHVGHUDUWGDHUPLWGHP)XDQVHLQHP.LQQGDV Ä+DQG]HLFKHQIUÄ%DUWYROOIKUHQNRQQWH (DUQ\JULQVWH (UEHJULIIGDVHLQ3DUWQHUDXVGUFNHQZROOWHGDGDVZDVHUHEHQ JHVDJWKDWWHQXUIUGLHÄ2KUHQGHU0LNURVSLRQHEHVWLPPWJHZHVHQZDU XQGGD.LGGXUFKDXVQLFKWEHDEVLFKWLJWHGLH,QLWLDWLYHGHQ9HUEUHFKHUQ ]XEHUODVVHQ 'DVVWLPPWHDXFK1XUZXWH.\URQ%DUUDNXQYRUHUVWVHOEHUQLFKWZLHHU PLWVHLQHQ3DUWQHUQXQG)UHXQGHQGDVJHWDUQWH*HIlQJQLVYHUODVVHQ VROOWH Ä0LVWHU0HUOLQVDJWHHLQHZHLEOLFKH6WLPPHDXVGHP/DXWVSUHFKHUJLWWHU GHU)XERGHQOHLVWH (DUQ\V*HVLFKWZXUGHDXVGUXFNVORV Ä,FKK|UHVDJWHHU .\URQ%DUUDNXQUXQ]HOWHQXUGLH6WLUQVDJWHDEHUQLFKWV(UDKQWHGD (DUQ\HLQHVVHLQHU6SLHOFKHQVSLHOWHXQGZROOWHLKQQLFKWYHUUDWHQDXFK ZHQQHUQLFKWZXWHZRUXPHVEHUKDXSWJLQJ Ä'XELVWHLQ9ROOVWUHFNHUGHV1HXHQ*HVHW]HV0HUOLQ Ä,FKELQHLQ9ROOVWUHFNHUGHV1HXHQ*HVHW]HVVDJWH(DUQ\RKQHHLQH 0LHQH]XYHU]LHKHQ Ä:LUZHUGHQGLFKJOHLFKKHUDXVODVVHQGDPLWGXHLQ([SHULPHQW GXUFKIKUHQNDQQVW0HUOLQ9RUKHUDEHUPXWGX0LVWHU%DUUDNXQ GHLQHQHKHPDOLJHQ3DUWQHUEHZXWORVVFKODJHQ=XGLHVHP=ZHFNZLUG HLQ)HUQVWHXHULPSXOVGHLQH)HVVHOO|VHQ (VJDEHLQVXPPHQGHVXQGHLQNOLFNHQGHV*HUlXVFKGDQQULQJHOWHVLFK GLHHOHNWURQLVFKH)HVVHOYRQ(DUQ\V+lQGHQXQG8QWHUDUPHQXQGILHO ÄNUDIWORV]X%RGHQ (DUQ\QDKPGLH+lQGHQDFKYRUQKREGDEHLXQDXIIlOOLJGLHUHFKWH+DQG =HLJHXQG0LWWHOILQJHULQGLH+|KHJHVWUHFNWLQ*HVLFKWVK|KHXQGOLH VLFKJOHLFKZLHGHUVLQNHQ .\URQZXWHGHQQRFKZDVVHLQ3DUWQHUDXVGUFNHQZROOWH'LHVH*HVWH ZDUGDV=HLFKHQIUÄ)UHXQGDXVHLQHU+DQG]HLFKHQVSUDFKHGHU :HOWUDXPVFRXWVGLHWHLOZHLVHYRQGHQ.RPPXQLNDWLRQVJHVWHQGHU YRUWHUUDQLVFKHQ,QGLDQHUY|ONHUEHUQRPPHQZRUGHQVHLQVROOWH(DUQ\ ZROOWHGDPLWDXVGUFNHQGDHU.\URQV)UHXQGEOLHEHDXFKZHQQVHLQ VLFKWEDUHV9HUKDOWHQHWZDVDQGHUHVYRUVSLHOWH (QWVFKORVVHQWUDW(DUQ\YRU.\URQVHLQHUHFKWH)DXVW]XFNWHYRUXQGWUDI
.\URQV6FKOlIH0LWHLQHP6HXI]HUVDFNWH.\URQ]XVDPPHQ,Q :LUNOLFKNHLWKDWWHVHLQ5RERWHUGLH)DXVWHLQHQ=HKQWHOPLOOLPHWHUYRU VHLQHU6FKOlIHJHVWRSSWXQGGDV7UHIIHUJHUlXVFKPLW=XQJHXQG*DXPHQ HU]HXJW (DUQ\ZDUWHWHYRUGHP6FKRWWELVHVVLFK|IIQHWHGDQQWUDWHUKLQGXUFK Ä:LUVLQG.LQGHUHLQHV*HGDQNHQV0HUOLQVDJWH,YLD*ODGRZGLHDQGHU ,QQHQZDQGGHVÄ$VWURORJLVFKHQ&RPSXWHUVVWDQG Ä:LUVLQG.LQGHUHLQHV*HGDQNHQV,YLDHUZLGHUWH(D UQ\(UKDWWH NHLQHQ*UXQGVLFKEHUGLH$QUHGH0HUOLQ]XZXQGHUQGHQQQDFKVHLQHU *HIDQJHQQDKPHKDWWHHUVHLQHQ1DPHQPLW0HUOLQDQJHJHEHQXQG HUNOlUWGDVVHL9RUXQG=XQDPH]XJOHLFK'HU1DPHÄ(DUQ\PLWGHP LKQVHLQH3DUWQHUDQUHGHWHQVHLQXUHLQ6SLW]QDPH ,YLD*ODGRZQLFNWHGDQQGHXWHWHVLHDXIGLHN\EHUQHWLVFKHQ6WUXNWXUHQ KLQWHUGHU*ODVVLWZDQG Ä'LH7UlJHUGHVJXWHQ*HGDQNHQVODVVHQVLFKPLWXQVHUHQ0HWKRGHQ QLFKWYHUPHKUHQ'LH$EOHJHUXQVHUHU,PSODQWDWHZXFKHUQQXUXQG YHUVFKPHO]HQ]XIXQNWLRQVXQIlKLJHQ.OXPSHQ1XUPLW+LOIHGHU .KRRGUH0HWKRGHOlWVLFKHLQHLGHQWLVFKH5HSURGXNWLRQLQ*DQJ VHW]HQ$EHUGLHHQWVSUHFKHQGHQ'DWHQEHILQGHQVLFKLP*LGHRQ /DERUDWRU\(VN|QQWH]XYHUUlWHULVFKHQ=ZLVFKHQIlOOHQNRPPHQZHQQ ZLUXQVJHZDOWVDPLQGHQ%HVLW]GHU'DWHQVHW]WHQJDQ]DEJHVHKHQ GDYRQGDHVHLQ3UREOHPLVWGLH*HQHKPLJXQJ]XP(UZHUEHLQHV 5DXPVFKLIIV]XHUKDOWHQ'LH%HK|UGHQSUIHQDOOH%HJUQGXQJHQVHKU JUQGOLFKQDFK (DUQ\YHUVWDQGZDV,YLDPHLQWH Ä0LVWHU%DUUDNXQGUIWHLQGHU/DJHVHLQQDFK,QIRUPDWLRQEHUGLH )DNWHQHLQHHLJHQH0HWKRGH]XU0DVVHQUHSURGXNWLRQ]XHQWZLFNHOQ Ä'DQQZlUHXQVHUJU|WHV3UREOHPVRJXWZLHJHO|VW Ä$EHUHUZLUGHVQLFKWWXQ,YLD(UKDWEHVWLPPWH*UXQGVlW]HYRQGHQHQ HUQLHPDOVDEZHLFKW'LHVH*UXQGVlW]HODVVHQVLFKQXUPLW+LOIHHLQHV ,PSODQWDWVEHUZLQGHQGDVLKQ]XP.LQGGHVHLQHQ*HGDQNHQZHUGHQ OlW Ä'XZHLWGDGXXQVHUOHW]WHV,PSODQWDWHUKDOWHQKDVW0HUOLQ8QVHUH 9RUUlWHVLQGHUVFK|SIWXQGXQVHUH9HUVXFKHLGHQWLVFKHU5HSURGXNWLRQHQ VFKOXJHQIHKO +lWWHQZLUYRUDXVVHKHQN|QQHQGD0LVWHU%DUUDNXQVROHLFKWIHUWLJ KDQGHOQZUGHGDHUVLFKSUDNWLVFKVHOEVWLQXQVHUH*HZDOWEHJDEZLU KlWWHQGDVOHW]WH,PSODQWDWIULKQDXIJHKREHQ$EHUGDVZDUQLFKW YRUDXV]XVHKHQ Ä,FKELQEHUHLWPHLQHQ7UlJHUGHVJXWHQ*HGDQNHQVDQ0LVWHU%DUUDNXQ DE]XWUHWHQHUNOlUWH(DUQ\ Ä'DVZlUHOHEHQVEHGURKOLFKIUGLFK0HUOLQ'HLQ7UlJHUGHVJXWHQ *HGDQNHQVGUIWH]XGLHVHU=HLWEHUHLWVHLQ)DVHUQHW]GXUFKGLH *URKLUQULQGHJHELOGHWKDEHQ:HQQPDQLKQHQWIHUQWN|QQWHHV]X
HLQHPW|GOLFKHQ6FKRFNNRPPHQ Ä0HLQ/HEHQEHGHXWHWQLFKWVJHJHQEHUXQVHUHP=LHOVDJWH(DUQ\XQG EHUOHJWHGDEHLNUDPSIKDIWZHOFKHVGHQQGDVDQJHVWUHEWH=LHOVHLQ N|QQWH%LVKHUKDWWHHUOHGLJOLFK9HUPXWXQJHQPLWGHUHQ+LOIHHU YHUVFKLHGHQH6SHNXODWLRQHQDQJHVWHOOWKDWWHRKQH]XHLQHPHLQGHXWLJHQ 5HVXOWDW]XNRPPHQ3UDNWLVFKZXWHHUQXUJHQDXGD,YLDXQGLKUH +HOIHULKQQLFKWDOV5RERWHUHQWODUYWKDWWHQVRQGHUQIUHLQHQHFKWHQ 0HQVFKHQKLHOWHQXQGGDVLHLKQJH]ZXQJHQKDWWHQHLQDXVHLQHU PLNURVNRSLVFKZLQ]LJHQ%UXW]HOOHEHVWHKHQGHV,PSODQWDWGXUFKGLH1DVH HLQ]XDWPHQ 'DV,PSODQWDWKDWWHVLFKLQHLQHU1DVHQQHEHQK|KOHIHVWJHVHW]WXQGZDU JHZDFKVHQDEHUDOVHVVLFKDQVFKLFNWHVHLQH:XFKHUIlGHQLQV*HKLUQ ]XVFKLHEHQVWDWWGHVVHQDEHULQ.RQWDNWPLWGHUKRFKZHUWLJHQ'UHLIDFK 3RVLWURQLN(DUQ\VJHULHWZDUHV]XHLQHPZLOOHQXQGQXW]ORVHQ $QKlQJVHOJHZRUGHQYHUJOHLFKEDUGHP%OLQGGDUPHLQHV0HQVFKHQ 'HVKDOEKDWWHZHGHUGDV,PSODQWDWGLH+HUUVFKDIWEHU(DUQ\HUULQJHQ N|QQHQQRFKZDU(DUQ\LQGHU/DJHJHZHVHQGDV,PSODQWDWXQWHUGHQ :LOOHQVHLQHU'UHLIDFK3RVLWURQLN]XEULQJHQXQGLKP,QIRUPDWLRQHQ]X HQW]LHKHQ Ä(VLVWHLQNOHLQHUFKLUXUJLVFKHU(LQJULIIQRWZHQGLJXPGLH%UXW]HOOHLQGHU 1HEHQK|KOHDXVGHQ:DFKVWXPV]HOOHQ]XHQWIHUQHQAHUNOlUWH,YLD *ODGRZÄ,FKZHUGH3URIHVVRU0DUXNDNLVEHQDFKULFKWLJHQGDPLWHU KLHUKHUNRPPWXQGGHQ(LQJULIIYRUQLPPW(ULVWGDVHLQ]LJH.LQGGHV HLQHQ*HGDQNHQVGDVEHUFKLUXUJLVFKH.HQQWQLVVHYHUIJW Ä:LUGHVODQJHGDXHUQELV3URIHVVRU0DUXNDNLVKLHULVW,YLD" Ä,FKKRIIHQLFKWGHQQZLUKDEHQQLFKWPHKUYLHO=HLW(VLVW0LVWHU %DUUDNXQJHOXQJHQVLFKLQGHQ%HVLW]YRQ%HZHLVPDWHULDO]XVHW]HQXQG HVGXUFKHLQHQ0LQLWUDQVPLWWHUDE]XVWUDKOHQ,QVHLQHP%URLVWHVQLFKW UHPDWHULDOLVLHUW'RUWKDEHQZLUQDFKJHVHKHQ(VEHVWHKWGHU9HUGDFKW GDHUHVGHQ%HK|UGHQGLUHNW]XJHVSLHOWKDWGLHQDWUOLFKPLWGHQ XQVFKHLQEDUHQ)DNWHQQLFKWVDQIDQJHQN|QQHQDEHUHYHQWXHOOGHQQRFK 1DFKIRUVFKXQJHQDQVWHOOHQ Ä*DQ]VLFKHUZHUGHQVLHGDVWXQVDJWH(DUQ\Ä,FKKDOWHHVIU QRWZHQGLJ0LVWHU%DUUDNXQXQG0L7RGD\VFKQHOOVWHQV]XYHUOHJHQ GHQQZHQQGLH%HK|UGHQVLHKLHUDXIVSUHQ Ä,FKGHQNHGDVZHUGHQZLUWXQPVVHQHUZLGHUWH,YLD*ODGRZQDFK HLQHU:HLOHGHV1DFKGHQNHQV 6LHVFKDOWHWHHLQ9LVLSKRQHLQ$XIGHP%LOGVFKLUPHUVFKLHQGDV$EELOG YRQ6XQLR.DQHUW Ä6XQLRXQVHUH*HIDQJHQHQZHUGHQYHUOHJW2UJDQLVLHUHGDVELWWH Ä:HVKDOE"IUDJWH6XQLR.DQHUW Ä(VEHVWHKWGLH0|JOLFKNHLWGD0LVWHU%DUUDNXQPLW+LOIHVHLQHV 0LQLWUDQVPLWWHUV%HZHLVPDWHULDOGHQ%HK|UGHQ]XJHVSLHOWKDW DQWZRUWHWH,YLD*ODGRZÄ(VNDQQQDWUOLFKOlQJVWQLFKWDXVUHLFKHQXP
XQVHUHQ3ODQ]XYHUHLWHOQDEHU0LVWHU%DUUDNXQGDUIDXINHLQHQ)DOOLQ GLH+lQGHGHU%HK|UGHQIDOOHQXQGUHGHQ Ä'DQQZlUHHLQHHQGJOWLJH%HVHLWLJXQJSUDNWLVFKHU'DVJOHLFKHJLOWIU 0L7RGD\ Ä:DVQLFKWXQDEGLQJEDULVWZLUGQLFKWJHWDQHQWJHJQHWH,YLD*ODGRZ Ä'DV1HXH*HVHW]LVWEHVVHUDOV GDVDOWHQLFKWVFKOHFKWHU$XHUGHPLVW0HUOLQEHUHLWVHLQHQ7UlJHUGHV JXWHQ*HGDQNHQVDQ0LVWHU%DUUDNXQDE]XWUHWHQGHQQHULVWEHU]HXJW GDYRQGD0LVWHU%DUUDNXQGDQQHLQH0HWKRGH]XULGHQWLVFKHQ 5HSURGXNWLRQGHU7UlJHUGHVJXWHQ*HGDQNHQVHQWZLNNHOQNDQQ Ä'DVLVWHWZDVDQGHUHVHUZLGHUWH6XQLRÄ$EHU0L7RGD\ ÄEUDXFKHQZLUXPKHUDXV]XEHNRPPHQZHOFKHU)DNWRUGLH6W|UXQJHQ KHUYRUUXIWHUNOlUWH,YLD*ODGRZ Ä,Q2UGQXQJLFKKROHVLHDEVDJWH6XQLR.DQHUW 6XQLR.DQHUWEHJHJQHWH(DUQ\RKQHGHQJHULQJVWHQ$UJZRKQVRGD GHU5RERWHUIDVWHLQVFKOHFKWHV*HZLVVHQEHNDPDOVHUKDOIGHQ VFKHLQEDUEHZXWORVHQ.\URQXQGGLHZLUNOLFKEHZXWORVH&DULOGDLQ HLQHQ7UDQVSRUWJOHLWHU]XVFKDIIHQ 'LH*HIDQJHQHQZDUHQLQ3ODVWLNEHKlOWHUQYHUVWDXWPLWGHQHQ QRUPDOHUZHLVHHPSILQGOLFKH5DXPIUDFKWWUDQVSRUWLHUWZXUGH'LH %HKlOWHUZDQGXQJHQZDUHQVRLVROLHUWXQGGLH%HKlOWHUVFKO|VVHQY|OOLJ KHUPHWLVFKVRGDHVQLFKWQ|WLJZDUNRVWEDUH(QHUJLHIUZHUWYROOHV *HOG]XU.OLPDWLVLHUXQJGHU7UDQVSRUWUlXPHGHVEHWUHIIHQGHQ 5DXPVFKLIIV]XYHUJHXGHQ(LQUDVFKHU$XIEDXGHU:LUWVFKDIWXQGGHU +DQGHOVIORWWHGHV6ROV\VWHPVZDUQXUGDQQP|JOLFKZHQQEHUDOOGRUW ZRHVVLFKPDFKHQOLH0DWHULDO(QHUJLHXQG*HOGJHVSDUWZXUGHQ (DUQ\ODVGLH$XIVFKULIWDXIGHQ%HKlOWHUQ *,'(21/$%25$725<$67(52,'*,'(21+<3(57(/(;)/,17 $&+781*67,&.672))'58&.%2;,1+$/7 (03),1'/,&+(&20387(5(/(0(17( 6HOEVWYHUVWlQGOLFKEHIDQGVLFKMHW]WNHLQ6WLFNVWRIILQGHQ%HKlOWHUQ &DULOGDXQG.\URQWUXJHQ$WHPJHUlWHGDPLWVLHQLFKWDQGHPYRQLKQHQ DXVJHDWPHWHQ.RKOHQGLR[LGHUVWLFNWHQ$EHU(DUQ\IUDJWHVLFKRELQ GLHVHQ%HKlOWHUQMHQHUlWVHOKDIWHQ,PSODQWDWHEH]LHKXQJVZHLVH %UXW]HOOHQWUDQVSRUWLHUWZRUGHQVHLHQGLHDQVFKHLQHQGGDV)KOHQXQG 'HQNHQGHUGDPLWÄ%HKDQGHOWHQHLQVFKQHLGHQGYHUlQGHUWHQ8QGHU IUDJWHVLFKZDUXPHV.DQHUWXQG,YLDGDQQQLFKWJOHLFKJHZXWKDWWHQ :HQQMDGDQQPXWHQVLFKLP$VWHURLGHQ*LGHRQ9HUEUHFKHUEHILQGHQ GLHVLFKDXI7HUUDHLQH2UJDQLVDWLRQDXIEDXHQZROOWHQ(VHUVFKLHQGHP
5RERWHUQXUVRQGHUEDUGDVLHGDQQQLFKWPHKU,PSODQWDWHJHOLHIHUW KDWWHQGHUHQ+HUVWHOOXQJVYHUIDKUHQRIIHQEDUQXULKQHQEHNDQQWZDU Ä0HUOLQGXVFKOlIVWZRKOHLQVDJWH6XQLR.DQHUW(DUQ\ULVLFKYRQ VHLQHQIUXFKWORVHQ*UEHOHLHQORVXQGUHLFKWH.DQHUWGHQOHW]WHQ %HKlOWHULQGHPVLFK&DULOGDEHIDQG.DQHUWYHUVWDXWHLKQLP6WDXUDXP GHV*OHLWHUVGDQQZLQNWHHU(DUQ\]XVLFKLQGLH6WHXHUNDQ]HOLP%XJ Ä:RKLQEULQJHQZLUVLH"HUNXQGLJWHVLFK(DUQ\QDFKGHP6XQLR.DQHUW GHQ*OHLWHUJHVWDUWHWKDWWH Ä1DFK7HUUDQLD&LW\8QLYHUVLWlWVNOLQLNDQWZRUWHWH.DQHUWÄ'RUWKDW 3URIHVVRU0DUXNDNLVHLQHHLJHQH3ULYDWNOLQLN'LH%HK|UGHQZHUGHQ 0LVWHU%DUUDNXQXQG0L7RGD\QLHPDOVGRUWYHUPXWHQXQGGLH hEHUWUDJXQJNDQQGRUWVWDWWILQGHQ3URIHVVRU0DUXNDNLVZXUGHDOV.LQG GHVHLQHQ*HGDQNHQVDXVHUZlKOWGDPLWZLUEHL.RPSOLNDWLRQHQHLQHQ &KLUXUJHQ]XU+DQGKDEHQGHUDXIGHU6HLWHGHV1HXHQ*HVHW]HVLVW %HLQDKHKlWWH(DUQ\JHIUDJWZDVIUHLQ1HXHV*HVHW]GDVGHQQZlUH DEHULKPZDUNODUGDHUVLFKGDPLWQXUYHUUDWHQKlWWH$OVÄ.LQGGHV HLQHQ*HGDQNHQVPXWHHU%HVFKHLGZLVVHQhEHUGDV)OXJ]LHO DOOHUGLQJVZDUHU]XIULHGHQGHQQHVHUODXEWHLKPHUVWNXU]YRUGHP=LHO ]X]XVFKODJHQVRGD,YLD*ODGRZGLH]ZHLIHOORVGLHWHUUDQLVFKH 2UJDQLVDWLRQGHU*LGHRQ9HUEUHFKHUOHLWHWHUHODWLYVSlWPHUNWHGD Ä0HUOLQXQEHHLQIOXWJHEOLHEHQZDU 6HOEVWYHUVWlQGOLFKZUGHVLHYHUDQODVVHQGDGHU%URWUDNWYRQ &20387(5.,'XQGGLH:RKQXQJHQGHUGUHL3DUWQHUGXUFKVXFKW ZXUGHQGHVKDOEGXUIWH(DUQ\VHLQH3DUWQHUQLFKWGRUWKLQEULQJHQ(U ZXWHDEHUGD.\URQJXWH.RQWDNWH]XHLQHP&KHPLNHUXQWHUKLHOWIU GHQHUHLQHQ)DOOYRQ,QGXVWULHVSLRQDJHDXIJHNOlUWKDWWH'RUWZUGHQVLH YRUOlXILJVLFKHUVHLQXQG.\URQNRQQWHGLHZHLWHUHQ0DQDKPHQ YRUEHUHLWHQ 'LH%HK|UGHQEH]LHKXQJVZHLVH-XOLDQ7LIIORU]XYHUVWlQGLJHQGDUDQ GDFKWH(DUQ\HEHQVRZHQLJZLH.\URQ%DUUDNXQXQG]ZDUDXVGHQ JOHLFKHQ*UQGHQ $OVDP+RUL]RQWGLHJHZDOWLJH6LOKRXHWWHYRQ7HUUDQLD&LW\HUVFKLHQ OHJWH(DUQ\6XQLR.DQHUWHLQH+DQGDXIGLH6FKXOWHUXQGVDJWHLQ YlWHUOLFKHP7RQIDOO Ä6RPHLQ-XQJHODPLFKGLHOHW]WH6WUHFNHDQV6WHXHU,FKKDEH QlPOLFKHLQHNOHLQH.XUVlQGHUXQJYRU 6XQLR.DQHUWEOLFNWHLKQDXVYHUZXQGHUWHQ$XJHQDQVHLQ*HVLFKWEOLHE MHGRFKVRDXVGUXFNVORVZLHELVKHU Ä,FKYHUVWHKHGLFKQLFKW0HUOLQVDJWHHUÄ'HU*OHLWHUOLHJWGRFKJHQDX DXI.XUV Ä$EHUDXIGHPIDOVFKHQVRZLHGXDXFKHUNOlUWH(DUQ\XQGGUFNWH 6XQLRV6FKXOWHUHLQZHQLJ]XVDPPHQÄ(VPLIlOOWPLUGDLKUHLQHQ 0DQDJHUHXUHU)LUPDHUPRUGHWXQGPHLQH3DUWQHUJHIDQJHQJHQRPPHQ KDEWJDQ]GDYRQDEJHVHKHQGDLKURIIHQEDUHLQHJURH6FKZHLQHUHL
SODQW (UJHULHWDXVGHP*OHLFKJHZLFKWDOV.DQHUWI|UPOLFKH[SORGLHUWH(LQH 6HULHYRQ+DQGNDQWHQVFKOlJHQXQG)DXVWKLHEHQJLQJVHKUSUl]LVHDXI LKQQLHGHU(LQHFKWHU0HQVFKZlUH6HNXQGHQVSlWHUWRWJHZHVHQ(DUQ\ DEHUILQJVLFKVFKQHOOVWLH6XQLR.DQHUW]ZHLVWHLIH)LQJHULQGLH +HU]JUXEHGDHUGHQ0XQGDXIULZLHHLQ.DUSIHQDXIGHP7URFNHQHQ XQGEHWlXEWHLKQPLWHLQHU2KUIHLJH'DQQ]RJHULKP]ZHLHOHNWURQLVFKH )HVVHOQDXVGHQ+RVHQWDVFKHQXQGYHUVFKQUWHGDPLW+DQGXQG )XJHOHQNH 'HU&RPSXWHUGHV7UDQVSRUWJOHLWHUVZDULQ]ZLVFKHQYRQGHU 9HUNHKUVNRQWUROOHGHV*URUDXPV7HUUDQLDDQJHIXQNWZRUGHQXQGWHLOWH PLWHWZDVNOLUUHQGHU%DVWLPPHPLW Ä&RPSXWHU9HUNHKUVNRQWUROOHHUELWWHQ=LHODQJDEHXQG(QWVFKHLGXQJEHU (LQRGHU6HOEVWVWHXHUXQJ Ä=LHOLVW)RUVFKXQJVODERUDWRULXP&HVDUH6HEDVWLDQ$QVRQ$UJ\ULV5RDG QHXQKXQGHUWVLHE]HKQVDJWH(DUQ\Ä:HLWHUJDEHQXUDQ&RPSXWHU 9HUNHKUVNRQWUROOHXQWHU9HUDQODVVXQJYRQ'DWHQVSHUUXQJ,FK HQWVFKHLGHPLFKIU6HOEVWVWHXHUXQJÄ9HUVWDQGHQHUZLGHUWHGHU *OHLWHUFRPSXWHU'LH&RPSXWHUGHU9HUNHKUVNRQWUROOHEHVWlWLJWHQXQG JDEHQQRFKHLQLJH9HUKDOWHQVDQZHLVXQJHQGLHEHLGHPJHZDOWLJHQ 9HUNHKUVDXINRPPHQLP*URUDXP7HUUDQLDXQYHUPHLGOLFKZDUHQ (DUQ\VFKRE6XQLR.DQHUWQDFKUHFKWVVHW]WHVLFKYRUGLH 6WHXHUNRQWUROOHQXQGSILIIIU|KOLFKXQGIDOVFKZlKUHQGHUVLFKDQGHU HOHNWURQLVFKHQ.DUWHRULHQWLHUWHGLHLQHLQHP0RQLWRUDXIJHOHXFKWHWZDU XQGPLWHLQHPEHUGHU.DUWHQSURMHNWLRQYRQ7HUUDQLDHLQJHEOHQGHWHQ JUQHQ/HXFKWSIHXQXQWHUEURFKHQVHLQH3RVLWLRQGDUVWHOOWH'DHLQ EOLQNHQGHUJUQHU/LFKWSXQNWJOHLFK]HLWLJGLH3RVLWLRQGHV )RUVFKXQJVODERUDWRULXPV&HVDUH6HEDVWLDQPDUNLHUWHKlWWHQXUHLQ ,GLRWVLFKYHUIOLHJHQN|QQHQ 'LH&RPSXWHUGHU9HUNHKUVNRQWUROOHZDFKWHQGHQQRFKVWlQGLJEHULKQ (UPHUNWHHVDQGHQ:DUQXQJHQYRU]ZHL/XIWUDXPEHUEHODVWXQJHQDXI GHPGLUHNWHQ.XUVXQGHLQPDODQGHU:DUQXQJYRUHLQHP*OHLWHUGHVVHQ 3LORWVLFKQLFKWDQGLH9HUNHKUVYRUVFKULIWHQJHKDOWHQKDWWHXQG]XP 6FKXW]DQGHUHU9HUNHKUVWHLOQHK PHUPLWHLQHP7UDNWRUVWUDKODXIGLH(UGHKHUDEJHKROWZXUGHGDEHLDEHU LQIROJHZLOGHUZHQQDXFKYHUJHEOLFKHU$XVEUXFKVYHUVXFKHJHIlKUOLFK QDKHDQGHQ7UDQVSRUWJOHLWHU(DUQ\VKHUDQNDP Ä(LQ9HUUFNWHUVDJWH(DUQ\DOVHUGHQEHZXWHQ*OHLWHUGLFKWYRUVLFK DEVLQNHQVDKGDEHLZLOGKLQXQGKHUUXFNHQG=ZHL3ROL]HLJOHLWHUUDVWHQ PLWVFKULOOKHXOHQGHQ6LUHQHQKHUDQXQGGUlQJWHQHLQHQDQGHUHQ JHIlKUGHWHQ*OHLWHUDE :HQLJH0LQXWHQVSlWHUODQGHWHHULP,QQHQKRIGHVHOIVW|FNLJHQ *HElXGHNRPSOH[HVGHUQRFKDXVGHQ=HLWHQGHU$SKLOLHVWDPPWHXQG QDFKGHQQRWZHQGLJHQ5HSDUDWXUHQXQGWHFKQLVFKHQ,QVWDOODWLRQHQGHP
EHNDQQWHQ6XEDWRFKHPLNHU&HVDUH6HEDVWLDQDOV )RUVFKXQJVODERUDWRULXPGLHQWH+LHUEHIDWHHUVLFKPLWGHU(QWGHFNXQJ QHXHUVXEDWRPDUHU*HVHW]PlLJNHLWHQXQGGHU8PZDQGOXQJHLQIDFKVWHU FKHPLVFKHU(OHPHQWHLQNRPSOL]LHUWHUHQDFKLPPHUUDWLRQHOOHUHQ 0HWKRGHQ Ä+DOOR,FKUXIHGHQ3LORWHQGHVVRHEHQJHODQGHWHQ*OHLWHUVHUVFKROO HLQH/DXWVSUHFKHUVWLPPHÄ6LHVLQGQLFKWDQJHPHOGHW9HUODVVHQ6LH ,KUHQ*OHLWHUQLFKWHKHUDOVELVXQVHU:DFKSHUVRQDO6LHGD]XDXIIRUGHUW *ULQVHQGVDK(DUQ\PHKUHUHXQLIRUPLHUWHXQGEHZDIIQHWH0lQQHUDXV HLQHU7UVWU]HQXQGLQVHLQH5LFKWXQJODXIHQ&HVDUH6HEDVWLDQKDWWH VHLQH(UIDKUXQJHQPLW,QGXVWULHVSLRQHQXQG.RQNXUUHQ]VDERWHXUHQ JHVDPPHOWXQGVFKW]WHVLFKHQWVSUHFKHQGYRU:LHGHUKROXQJHQ (UZDUWHWHELVVHLQ*OHLWHUXPVWHOOWZDUGDQQ|IIQHWHHUGLHOLQNH7UXQG ULHI Ä0HOGHQ6LH0LVWHU6HEDVWLDQ0LVWHU(DUQ\ZROOHLKQLP$XIWUDJVHLQHV )UHXQGHV.\URQ%DUUDNXQVSUHFKHQ Ä'DVNDQQMHGHUVDJHQHUZLGHUWHHLQlOWHUHU:DFKPDQQPLWUDXLVFK(U ]XFNWH]XUFNDOV(DUQ\GLHIHKOHQGH'HFNXQJVJOHLFKKHLWVHLQHU XQWHUVFKLHGOLFKODQJHQ*HVLFKWVKlOIWHQELV]XP([WUHPEHUWULHEXQG JOHLFK]HLWLJHLQHQ6SHLFKHOIDGHQV\QWKHWLVLHUWHGHUYRPOLQNHQ 0XQGZLQNHOVSLQQZHEIDGHQJOHLFKDXVGHP*OHLWHUVFKZHEWH Ä%HVFKUHLEHQ6LH,KUHP&KHIPHLQHDSROORQLVFKH9LVDJHGDQQZHLHU ZHUGDLVWVDJWHHUVDEEHUQG (LQLJH:DFKPlQQHUODFKWHQDQGHUHVWDUUWHQLKQILQVWHUDQXQG IXPPHOWHQDQLKUHQ3DUDO\VDWRUHQKHUXP 'HUlOWHUH:DFKPDQQDQVFKHLQHQG&KHIGHU:DFKPDQQVFKDIWHQUL VLFK]XVDPPHQ(UVFKDOWHWHVHLQHQ$UPEDQG7HOHNRPHLQVDJWHHLQHQ .RGHDXIXQGVSUDFKJOHLFKGDUDXI]X&HVDUH6HEDVWLDQLSHUV|QOLFK (DUQ\VDKHVGDUDQGDHU+DOWXQJDQQDKP $OVHUGDVNXU]H*HVSUlFKEHHQGHWHZLUNWHVHLQH0LHQHXQJOlXELJ(V NRVWHWHLKQVLFKWOLFKhEHUZLQGXQJ]XVDJHQ Ä0LVWHU6HEDVWLDQLKHLW6LHKHU]OLFOZLOONRPPHQ0LVWHU(DUQ\(UKDW PLFKHUPlFKWLJW6LHLQGLH3UIKDOOHIU$UEHLWVPDWHULDO]XIKUHQ'DUI LFK]XVWHLJHQ0LVWHU(DUQ\" (DUQ\QLFNWH Ä1XU]XPHLQ6RKQ8QGVW|UHQ6LHVLFKQLFKWDQGHP%HZXWORVHQGHU DXIPHLQHUUHFKWHQ6HLWHOLHJW 'HU:DFKPDQQVFKOXFNWHDOVHUXPGHQ*OHLWHUKHUXPJHJDQJHQZDU XQGEHLP(LQVWHLJHQGHQEHZXWORVHQXQGJHIHVVHOWHQ6XQLR.DQHUW VDK$EHUHUHQWKLHOWVLFKHLQHV.RPPHQWDUVGDHUVLFKRIIHQEDUVDJWH GDHVLKPQLFKW]XVWQGHGLH/DXWHUNHLWHLQHU3HUVRQDQ]X]ZHLIHOQGLH VHLQ&KHIKHU]OLFKZLOONRPPHQJHKHLHQKDWWH (VGDXHUWHQXUZHQLJH0LQXWHQELV&HVDUH6HEDVWLDQLDXIGHU 9HUODGHUDPSHGHU3UIKDOOHHUVFKLHQ(UHUNDQQWH(DUQ\VRIRUWXQG
ZLQNWHLKP]X (DUQ\VWLHJDXVXQGZLQNWH]XUFN 'HU:DFKPDQQVWLHJHEHQIDOOVDXVGDQQGHXWHWHHUDXIGLH 6WHXHUNDQ]HOGHV7UlQVSRUWJOHLWHUV Ä'RUWOLHJWHLQEHZXWORVHUXQGJHIHVVHOWHU0DQQ0LVWHU6HEDVWLDQL VDJWHHUPLWYRUZXUIVYROOHP6HLWHQEOLFNDXI(DUQ\ (DUQ\QLFNWH Ä.DQQLFKLP%HLVHLQ,KUHV:DFKKXQGVUHGHQ0LVWHU6HEDVWLDQL" 6HEDVWLDQLODFKWH Ä5HJLQDOG8UEDQRZJHQLHWPHLQYROOHV9HUWUDXHQ(DUQ\(UGDUIDOOHV K|UHQZDVGXPLU]XVDJHQKDVW (DUQ\VDKZLH5HJLQDOG8UEDQRZGLH%UXVWYRUZ|OEWHXQGGDQQ EHUUDVFKHQG]ZLQNHUWH Ä(ULVWWDWVlFKOLFKLQ2UGQXQJPHLQWHHUÄ,FKVFKODJHYRUZLUSDFNHQ HUVWHLQPDO.\URQXQG&DULOGDDXVEHYRUZLU]XU6DFKHNRPPHQ (UJLQJ]XU5FNVHLWHGHV*OHLWHUVXQGOLHGLH+HFNNODSSHVR KHUXQWHUNLSSHQGDVLH]XU5DPSHZXUGHGDQQKROWHHUGHQHUVWHQ 3ODVWLNEHKlOWHUKHUDXV $OVHULKQ|IIQHWHULFKWHWHVLFK.\URQ%DUUDNXQGDULQDXIULVLFKGDV 0XQGVWFNGHV$WHPJHUlWVKHUDXVXQGKROWHWLHI/XIW Ä.LGULHI&HVDUH6HEDVWLDQLXQGVSUDQJYRQGHU9HUODGHUDPSH Ä+DOOR&HVDUHDOWHU*LIWPLVFKHUULHI.\URQ%DUUDNXQVFKZDFKXQG ZLQNWH 8QWHUGHVVHQKDWWH(DUQ\GHQ]ZHLWHQ%HKlOWHULQV)UHLHJHKROWXQG DXIJHNODSSW&DULOGD7RGD\ODJGDULQDOVVFKOLHIHVLHIHVW Ä:DVLVWPLWLKU"IUDJWH&HVDUH6HEDVWLDQLHUVFKURNNHQ Ä6LHLVWQXUEHWlXEWHUNOlUWH(DUQ\JLQJ]XUUHFKWHQ6HLWHGHU 6WHXHUNDQ]HOSDFNWH6XQLR.DQHUWDQGHU0RQWXUXQGKRELKQPKHORV KHUDXVÄ:RPLWKDEWLKU0L7RGD\EHWlXEW.DQHUW" $OV.DQHUWQLFKWDQWZRUWHWHJULQVWHHUXQGNLW]HOWHLKQPLWJHVSUHL]WHQ )LQJHUQDQGHQ5LSSHQ Ä+DVFKULH6XQLR.DQHUWXQGElXPWHVLFKDXI Ä6HKWLKUVRPDFKWPDQ%HZXWORVHPXQWHUPHLQWH(DUQ\IU|KOLFK Ä%HDQWZRUWHPHLQH)UDJH.DQHUW Ä9HUUlWHUVWLH6XQLR.DQHUWKHUYRU Ä:DVZUGHVWGXVDJHQZHQQZLUGLUGLH:DKOOLHHQHQWZHGHUDOOH )UDJHQ]XEHDQWZRUWHQRGHUHLQZHQLJXPJHEUDFKW]XZHUGHQ" HUNXQGLJWHVLFK(DUQ\ (UVDKGLHHQWVHW]WHQ*HVLFKWHUYRQ5HJLQDOG8UEDQRZXQG&HVDUH 6HEDVWLDQXQGVFKWWHOWHEHUXKLJHQGGHQ.RSI Ä,KUN|QQWPLFKW|WHQDEHUQLFKW]XP5HGHQEULQJHQYHUVLFKHUWH6XQLR .DQHUW Ä'DVGDFKWHLFKPLUVDJWH(DUQ\XQGVHW]WH.DQHUWEHKXWVDPDE=X &HVDUH6HEDVWLDQVDJWHHUÄ(UKDWHVLP.RSI0LVWHU6HEDVWLDQLDEHU
LFKKRIIHGDHLQJXWHU1HXURFKLUXUJLKPGDV'LQJRKQH.RPSOLNDWLRQHQ HQWIHUQHQNDQQ Ä9RUKHUVROOWHQZLUYHUVXFKHQ&DULOGDDXVLKUHU2KQPDFKW]XKROHQ VDJWH.\URQ%DUUDNXQ Ä:LUEULQJHQVLHLQPHLQ3ULYDWODERUHUNOlUWH&HVDUH6HEDVWLDQLÄ'RUW N|QQHQZLULKUHLQH%OXWSUREHHQWQHKPHQXQGIHVWVWHOOHQZHOFKHV %HWlXEXQJVPLWWHOYHUZHQGHWZXUGH'LH1HXWUDOLVLHUXQJGUIWHGDQDFK NHLQ3UREOHPVHLQ.RPPHQ6LH0LVWHU8UEDQRZ:LUWUDJHQGLH'DPH (UZDQGWHVLFKDQ.\URQ%DUUDNXQÄ'XNDQQVWPLUVSlWHUDOOHVHUNOlUHQ .LG'LH6DFKHVFKHLQWUHLFKOLFKP\VWHUL|V]XVHLQÄ'DVNDQQPDQZRKO VDJHQHUZLGHUWH.\URQ(DUQ\KRE6XQLR.DQHUWZLHGHUDXIXQG ZlKUHQGHUXQG.\URQGHQEHLGHQDQGHUHQ0lQQHUQIROJWHQEHULFKWHWH (DUQ\VHLQHP3DUWQHULQNQDSSHQ6lW]HQZDVHUHUIDKUHQKDWWH.\URQ %DUUDNXQZXUGHEOD Ä&RPSXWHU%UXW]HOOHQVWLHHUKHUYRUÄ,FKDKQWHGDMHPDQG LUJHQGZDQQGDUDXINRPPHQZUGHZLHPDQ&RPSXWHUVR]XVDJHQ DXVVlHQNDQQXQGLFKKRIIWHLPPHUGDGHU(UILQGHUPRUDOLVFKXQG HWKLVFKVRJHIHVWLJWVHLQZUGHGDHUVHLQH(UILQGXQJQLFKWPL EUDXFKW:LHHVVFKHLQWLVWPHLQH+RIIQXQJQLFKWDXIJHJDQJHQ Ä'XZHLWZLHPDQVRHWZDVKHUVWHOOW.LG"IUDJWH(DUQ\ .\URQ%DUUDNXQVFKWWHOWHGHQ.RSI Ä,FKZHLQXUGDHVNHLQEHNDQQWHV1DWXUJHVHW]JLEWGDVHLQHU 9HUPHKUXQJYRQ&RPSXWHUQEH]LHKXQJVZHLVHHLQHULGHQWLVFKHQ 5HSURGXNWLRQLP:HJHVWQGH$EHULFKKDEHQLHPDOVLQGLHVHU5LFKWXQJ JHIRUVFKWZHLOLFKHUVWHQVZHLZHOFKHU0LEUDXFKGDPLWJHWULHEHQ ZHUGHQNDQQXQGZHLOHLQHVROFKH5HSURGXNWLRQGLHSRVLWURQLVFKHXQG HOHNWURQLVFKH(YROXWLRQ]XP6WLOOVWDQGEULQJHQZUGH Ä/HW]WHUHVNDQQHLQH9HUEUHFKHURUJDQLVDWLRQQLFKWVW|UHQZHLOVLHQXU LKUHHLJHQVFKWLJHQ0RWLYHVLHKWPHLQWH(DUQ\Ä(VLVWQXUJXWGDHV GHQ9HUEUHFKHUQDXI7HUUDQLFKWJHOXQJHQLVWGLH&RPSXWHU%UXW]HOOHQ ]XYHUPHKUHQ'LH6SLW]HLKUHU2UJDQLVDWLRQGLHVLFKRIIHQEDUDXIGHP $VWHURLGHQ*LGHRQEHILQGHWZLOOGLHVHV*HKHLPQLVZDKUVFKHLQOLFKIU VLFKEHKDOWHQ'HVKDOEZROOWH,YLD*ODGRZGDGXHLQH0HWKRGH]XU 9HUPHKUXQJYRQ&RPSXWHU%UXW]HOOHQHQWZLFNHOVW .\URQVFKWWHOWHGHQ.RSI Ä,FKKlWWHQLHPDOVPLWJHVSLHOW Ä:HQQGXVRHLQ'LQJLP*HKLUQKlWWHVWVFKRQHUZLGHUWH(DUQ\ JULQVHQGÄ*OFNOLFKHUZHLVHSIODQ]WHPDQPLUGDVOHW]WH([HPSODUHLQ ZDVDQJHVLFKWVPHLQHUURERWLVFKHQ1DWXUOHW]WOLFKHUIROJORVEOHLEHQ PXWH,QGHPLFKPLFKHUERWPHLQ'LQJZLHGHUKHU]XJHEHQGDPLWPDQ HVGLUHLQSIODQ]HQN|QQHXQGLQGHPLFKGDUDXIKLQZLHVGDGXGDV %HZHLVPDWHULDOVLFKHUGHQ%HK|UGHQ]XWUDQVPLWWLHUWKlWWHVWYHUPRFKWH LFKGLH9HUEUHFKHU]XEHUUHGHQXQVDXVGHP:HUN/HLFHVWHU ZHJ]XEULQJHQXQGQDFK7HUUDQLD&LW\]XWUDQVSRUWLHUHQZRHLQ
EHUKPWHU3URIHVVRUGHQ(LQJULII]LHPOLFKIUHFKLQGHU8QLYHUVLWlWVNOLQLN YRQ7HUUDQLD&LW\YRUQHKPHQVROOWH 6XQLR.DQHUWJDEHLQSDDUJXUJHOQGH/DXWHYRQVLFKGDQQVDJWHHU Ä'XELVWHLQ5RERWHU0HUOLQ" Ä5LFKWLJEHVWlWLJWH(DUQ\Ä,VWGDVZLFKWLJIUGLFK" Ä-DVDJWH6XQLR.DQHUWGDQQVFKZLHJHUZLHGHU Ä'XKDVWDOVRVRHLQ"IOVWHUWH.\URQ%DUUDNXQ Ä(LQH%UXW]HOOHLQGHU1DVHQQHEHQK|KOHMD=LHPOLFKIHVWVRJDUVRQVW ZUGHVLHEHLP1LHVHQGDYRQIOLHJHQZLHHLQ6FKQXSIHQYLUXV Ä'DVLVWLQWHUHVVDQWVWLH.\URQKHUYRUÄ,FKZHUGH]XVHKHQGDZLUGLU GLH%UXW]HOOHEDOGH[SODQWLHUHQN|QQHQGDPLWLFKYHUVFKLHGHQH9HUVXFKH PLWLKUDQVWHOOHQNDQQ Ä'DVGDUIVWGXQLFKW]XODVVHQ0HUOLQVFKULH6XQLR.DQHUWÄ'XELVW VFKOLHOLFKHLQ5RERWHU Ä$EHUPLWXQYHUIlOVFKWHQ5RERWHUJHVHW]HQVDJWH.\URQ%DUUDNXQ 'DV3ULYDWODERUYRQ&HVDUH6HEDVWLDQHULQQHUWHLQNHLQHU:HLVHDQGLH Ä+H[HQNFKHQIUKHUHU$OFKLPLVWHQDEHUDXFKQLFKWDQGLH &KHPLHODERUVIUKHUHU-DKUKXQGHUWHPLWLKUHQ5HWRUWHQEDWWHULHQ 5KUZHUNHQ6FKODQJHQNKOHUQ$QDO\VHQZDDJHQ%XQVHQEUHQQHUQ ([VLNNDWRUHQ'HVWLOOLHUDSSDUDWHQXQGVRZHLWHU 'UHLGHU:lQGHEHVWDQGHQSUDNWLVFKQXUDXVHLQHUYHUZLUUHQGHQ)OOH YRQ.RQWUROOHQGLHHLQHP)DFKPDQQYHUUDWHQKlWWHQGDVLFKKLQWHU LKQHQ+RFKGUXFNEHKlOWHU.RPSDNW=\NORWURQH(OHNWURQHQXQG 3RVLWURQHQPLNURVNRSH9HUIDKUHQVVLPXODWRUHQXQG&RPSXWHUEHIDQGHQ +LHUZXUGHQDOOHUGLQJVDXFKNHLQH9HUVXFKHLP6LQQIUKHUHU&KHPLH GXUFKJHIKUWVRQGHUQ$WRPHLQLKUHVXEDWRPDUHQ7HLOFKHQ]HUOHJWGLH (LJHQVFKDIWHQVXEDWRPDUHU7HLOFKHQXQG/DGXQJHQEHVWLPPWXQGDXV (OHPHQWHQPLWQLHGULJHU2UGQXQJV]DKOLQNRPSOL]LHUWHQ9HUIDKUHQ (OHPHQWHK|KHUHU2UGQXQJV]DKODXIJHEDXW 'LH%DVLVGHUPHLVWHQ9HUVXFKHELOGHWHGDEHLGDV(OHPHQW:DVVHUVWRII GDVVFKRQYRU-DKUKXQGHUWHQEHQXW]WZRUGHQZDUXPPLW+LOIHYRQ 0DWHULHZDQGOHUQ(OHPHQWHK|KHUHQ$WRPJHZLFKWVXQGDXVLKQHQ ZLHGHUXPFKHPLVFKH9HUELQGXQJHQKHU]XVWHOOHQPLWGHQHQVLFKGLH VFKOLPPVWHQ5RKVWRIIOFNHQVFKOLHHQOLHHQ 'DV3UREOHPEHLDOOHQGLHVHQ9HUIDKUHQZDUDOOHUGLQJVYRQ$QIDQJDQ GHUUHODWLYKRKH(QHUJLHDXIZDQGJHZHVHQXQGEHGLQJWGDGXUFKZDUHV ODQJH=HLWUHQWDEOHUJHZHVHQGLHEHQ|WLJWHQ5RKVWRIIHGXUFKGLH $XVEHXWXQJGHUXQEHZRKQEDUHQ3ODQHWHQXQG0RQGHGHV6ROV\VWHPV XQGVRJDUGHUXQEHZRKQEDUHQ3ODQHWHQXQG0RQGHDQGHUHU 6RQQHQV\VWHPH]XJHZLQQHQ ,Q]ZLVFKHQZDUHLQZHLWHUHV3UREOHPDXIJHWDXFKWGDVGHU +HUEHLVFKDIIXQJGHV$XVJDQJVHOHPHQWV:DVVHUVWRII%HLGHPZDKUKDIW JLJDQWLVFKHQ%HGDUIGHU]X=HLWHQGHV6RODUHQ,PSHULXPVGXUFKLPPHU QHXH%HY|ONHUXQJVH[SORVLRQHQGHQGDGXUFKEHGLQJWHQ%DX
+XQGHUWWDXVHQGHU6LHGOHUVFKLIIHXQGGHQ%DX+XQGHUWWDXVHQGHU .DPSIVFKLIIH]XU6LFKHUXQJGHU5DXPURXWHQXQG6LHGOXQJVZHOWHQXQG QLFKW]XOHW]WGXUFKGHQVWlQGLJ]XQHKPHQGHQ.RQVXPXQG%HGDUIDQ /X[XVDUWLNHOQHQVWDQGHQZDUZDUGLH*UHQ]HVFKQHOOHUUHLFKWZRUGHQ GLHGHUÄ$EVFK|SIXQJYRQ:DVVHUVWRIIDXVGHQ2]HDQHQGHU(UGH JHVHW]WZDU 'LHJURHQ3ODQHWHQGHV6ROV\VWHPVXQGHLQLJHLKUHU0RQGHKDWWHQDOV /LHIHUDQWHQYRQ:DVVHUVWRIIXQGDQGHUHQOHLFKWHQ(OHPHQWHQKHUKDOWHQ PVVHQ$EHUGLH9HUDQWZRUWOLFKHQGHV6ROV\VWHPVKDWWHQGDPDOV EHUHLWVHUNDQQWGDDXFKGLHVH9RUUlWHQLFKWXQHUVFK|SIOLFKZDUHQ 'HVKDOEZDUHQJURH$QVWUHQJXQJHQXQWHUQRPPHQZRUGHQXP ZHQLJVWHQVGHQ(QHUJLHDXIZDQGEHL0DWHULHXPZDQGOXQJHQGHUMD HEHQIDOOV0DWHULHYHUVFKODQJVHQNHQ]XN|QQHQ 'LHVH%HPKXQJHQZDUHQ]ZDUGXUFKGLH.RQ]LOVKHUUVFKDIWGHU/DUHQ XQWHUEURFKHQDEHUVRIRUWQDFKGHU%HIUHLXQJZLHGHUDXIJHQRPPHQ ZRUGHQ'DLQGHU/)7GHUVWDDWOLFKH'LULJLVPXVZHLWJHKHQGDEJHEDXW ZRUGHQZDUKDWWHQIlKLJH:LVVHQVFKDIWOHUZLH&HVDUH6HEDVWLDQGLH ,QLWLDWLYHHUJULIIHQXQGLQNXU]HU=HLWUHODWLYEHGHXWHQGH(UIROJHHUUXQJHQ GXUFKGLHZHQLJVWHQVIUGLHQlFKVWHQKXQGHUW-DKUHGHU%HGDUIDQ 5RKVWRIIHQXQG(QHUJLHJHVLFKHUWHUVFKLHQ 9RUDXVJHVHW]WGLHYLHOYHUVSUHFKHQGH(QWZLFNOXQJZXUGHQLFKWZLHGHU GXUFK(UHLJQLVVHZLHGLH,QYDVLRQGHV.RQ]LOVRGHUGXUFKQRFKQLFKW DEVHKEDUH)ROJHQGHU:HOWUDXPEHEHQXQWHUEURFKHQ &HVDUH6HEDVWLDQVDKPLWZHOFKHP,QWHUHVVH.\URQ%DUUDNXQGLH .RQWUROOHQXQG%LOGVFKLUPHPXVWHUWHXQGQLFNWHLKPOlFKHOQG]X Ä=XU=HLWIKUHLFKLQ6LPXODWLRQVYHUVXFKHQ9HUIDKUHQVSUIXQJHQ]XU $QUHJXQJYRQ6RQQHQREHUIOlFKHQ]X8PZDQGOXQJVSUR]HVVHQYRQ 0DWHULHGXUFKHUNOlUWHHUÄ,UJHQGZDQQLQGHQQlFKVWHQKXQGHUW-DKUHQ ZHUGHQZLUOHUQHQPVVHQ6RQQHQVR]XPDQLSXOLHUHQGDZLUVLH EHUJEDXWHFKQLVFKQXW]HQN|QQHQ(UVHXI]WHÄ$EHUELVZLUVRZHLWVLQG ZLUGQRFKYLHO)RUVFKXQJVDUEHLWQ|WLJVHLQ (UWUDWYRUGLHIUHLH:DQG0LWVHLQHP.RGHJHEHUOLHHUHLQHQ7HLOYRQ LKU]XU6HLWHIDKUHQ(LQH1LVFKHPLWNRQYHQWLRQHOOHU/DERUDXVUVWXQJ ZXUGHVLFKWEDU &HVDUHHQWQDKPHLQHP6FKUDQNHLQLJH$XVUVWXQJVWHLOHZDQGWHVLFK GHPJURHQ7LVFK]XDXIGHP&DULOGD7RGD\ODJXQG]DSIWHLKU PHKUHUH%OXWSUREHQDE0LW+LOIHHLQHVFRPSXWHUJHVWHXHUWHQ$QDO\VDWRUV XQWHUVXFKWHHUGLH3UREHQDXI=HOOYHUlQGHUXQJHQXQG)UHPGVWRIIH(LQ DQGHUHU&RPSXWHUIKUWHGLH$QDO\VLHUXQJGHU8QWHUVXFKXQJVHUJHEQLVVH GXUFK (WZDHLQH9LHUWHOVWXQGHVSlWHUVDJWH&HVDUH6HEDVWLDQL Ä0DQKDWLKU3&09DULRVWHUDQ'HSRWLQML]LHUWHLQH'URJHGLHGDV %HZXWVHLQY|OOLJDXVO|VFKWXQGGDV.QRFKHQPDUNSDUDO\VLHUW,FKIUDJH PLFKZDUXPPDQVRPDVVLYYRUJHJDQJHQLVW(UEOLFNWHDXI6XQLR.D
QHUW Ä9RQLKPZHUGHQZLUQLFKWVHUIDKUHQVDJWH(DUQ\Ä=ZDQJDQ]XZHQGHQ ZlUHQLFKWQXU]ZHFNORVVRQGHUQLQKXPDQGHQQHUNDQQQLFKWVIU VHLQHQ*HLVWHV]XVWDQG,FKZHLQXUGD&DULOGD7UlJHUHLQHV 6W|UIDNWRUVLVWGHUVLFKDQVFKHLQHQGQHJDWLYDXIGLH$EVLFKWHQGHU 9HUEUHFKHUDXVZLUNW'DVLVWDEHUDXFKVFKRQDOOHV Ä,FKZHUGH0L7RGD\7ULDPSKHQXWLQJHEHQPHLQWH&HVDUHÄ'DVZLUG GLH%HWlXEXQJVGURJHLQQHUKDOEHLQHUKDOEHQ6WXQGHDEEDXHQVRGD VLHVLFKLQVSlWHVWHQVHLQHU6WXQGHHUKROWKDEHQGUIWH Ä(LQYHUVWDQGHQVDJWH.\URQ &HVDUHQDKPGLHHQWVSUHFKHQGH,QMHNWLRQYRUGDQQZDQGWHHUVLFKDQ (DUQ\XQGVDJWH Ä'XZHLWDQVFKHLQHQGPHKUDOV.LG(DUQ\(U]lKOPDOZDVHLJHQWOLFK ORVLVW (DUQ\EHULFKWHWHKLQXQGZLHGHUHUJlQ]WYRQ.\URQ $OVHUJHHQGHWKDWWHVDJWH&HVDUH6HEDVWLDQ Ä'DVN|QQWHVLFK]XHLQHUHUQVWHQ*HIDKUIUXQVHUH=LYLOLVDWLRQ HQWZLFNHOQZHQQHVPLUDXFKVFKHLQWDOVZlUHPDQDXI*LGHRQJDUQLFKW ZHLWHUDQHLQHU9HUEUHLWXQJYRQ&|PSXWHU%UXW]HOOHQLQWHUHVVLHUW,UJHQG HWZDVVWLPPWKLHUQLFKW$EHUZLUPVVHQGHQQRFKHWZDVXQWHUQHKPHQ Ä6ROOWHQZLUQLFKWGLH/)75HJLHUXQJLQIRUPLHUHQ0LVWHU6HEDVWLDQ" ZDQGWH5HJLQDOG8UEDQRZHLQ Ä'DVLVWHLQ)DOOGHU)LUPD&20387(5.,' &2HUZLGHUWH.\URQ %DUUDNXQHUUHJWÄ)ROJOLFKZHUGHQZLULKQDXFKO|VHQ$XHUGHPKDW -XOLDQ7LIIORUJHQXJ6RUJHQ Ä'LH5HJLHUXQJEHVWHKWQLFKWQXUDXV-XOLDQ7LIIORUVDJWH8UEDQRZ Ä'DVZLVVHQZLUDXFKHUNOlUWH&HVDUH6HEDVWLDQÄ$EHUDXFKGLH DQGHUHQ5HJLHUXQJVPLWJOLHGHUXQG5HJLHUXQJVVWHOOHQKDEHQ]XU=HLW PHKUXPGLH2KUHQDOVVLHYHUNUDIWHQN|QQHQ0HLQ,QIRUPDQWLQGHU 5HJLHUXQJKDWPLUEHULFKWHWGDQHXHUGLQJVJHKHLPQLVYROOHIUHPGH 5DXPVFKLIIHLQGHU*DOD[LVDXIJHWDXFKWVLQGXQG'RSSHOJlQJHUGHU VLHEHQOHW]WHQ)OLEXVWLHUDEJHVHW]WKDEHQ Ä'RSSHOJlQJHU"IUDJWH.\URQ%DUUDNXQÄ.HLQH'XSORVVRYLHOVWHKW IHVWHUZLGHUWH&HVDUHÄ-HGHU'RSSHOJlQJHULVWHWZDVDQGHUVDOVGDV 2ULJLQDO1XUN|USHUOLFKJOHLFKHQVLHGHQ2ULJLQDOHQSHUIHNW'DEDKQW VLFKHWZDVDQGHVVHQ$XVZLUNXQJHQDXIXQVHUH=LYLOLVDWLRQZLUYRUHUVW QLFKWHLQPDOHUDKQHQN|QQHQ$EHUHVUHLFKWXPGLH/)75HJLHUXQJLQ HLQHQDXIJHVFKHXFKWHQ$PHLVHQKDXIHQ]XYHUZDQGHOQ8QWHUGLHVHQ 8PVWlQGHQZlUHHVXQYHUDQWZRUWOLFKVLHDXFKQRFKPLWXQVHUHP 3UREOHP]XEHKHOOLJHQÄ6HKUULFKWLJVDJWH(DUQ\&HVDUHQLFNWH Ä,FKEHVRUJHVFKQHOOVWHQVHLQHQ&KLUXUJHQGHUGDV'LQJDXVGHLQHU 1HEHQK|KOHHQWIHUQW(DUQ\$XHUGHPODVVHLFKHLQ6SH]LDOODERU]XU 8QWHUVXFKXQJGHU&RPSXWHU%UXW]HOOHHLQULFKWHQPLW1lKUVWRIIO|VXQ JHQ]XU$QUHJXQJGHV:DFKVWXPVSUR]HVVHVÄ1lKUVWRIIO|VXQJHQ"
IUDJWH(DUQ\Ä1DWUOLFKNHLQHJHZ|KQOLFKHQHUZLGHUWH&HVDUH 6HEDVWLDQLÄ'LH/|VXQJHQPVVHQDXVUHLFKHQGPLW0LQHUDOLHQ DQJHUHLFKHUWVHLQXPGLHIUGDV:DFKVWXPYRQ&RPSXWHUHOHPHQWHQ QRWZHQGLJHQ%DXVWRIIHOLHIHUQ]XN|QQHQ(UVFKWWHOWHGHQ.RSI Ä,FKELQZLUNOLFKJHVSDQQWZLHVRHWZDVIXQNWLRQLHUW:LUVROOWHQDXFKEHL GHP*HIDQJHQHQHLQHQFKLUXUJLVFKHQ(LQJULIIYRUQHKPHQODVVHQ,FK YHUVSUHFKHPLUYLHOGDYRQ 6XQLR.DQHUWElXPWHVLFKDXIXQGJDEJXUJHOQGH*HUlXVFKHYRQVLFK 6FKDXPWUDWYRUVHLQHQ0XQGÄ,FKKlWWHGDVLQVHLQHU*HJHQZDUWQLFKW VDJHQVRO OHQPHLQWH&HVDUHEHVRUJWÄ:DVZLUGEHUKDXSWPLWLKP":LUGHU 1DKUXQJ]XVLFKQHKPHQ" Ä:DKUVFKHLQOLFKQLFKWVDJWH(DUQ\Ä,FKVFKODJHLQWUDYHQ|VH(UQlKUXQJ YRU$XHUGHPPWHVLFKVWlQGLJMHPDQGXPLKQNPPHUQ Ä'DVRUJDQLVLHUHQ6LH0LVWHU8UEDQRZVDJWH&HVDUH(UEOLFNWH.\URQ %DUUDNXQDQÄ$EHUZDVZLUGDXV*LGHRQ.LG" Ä'DVHUOHGLJHLFKVHOEVWHUNOlUWH.\URQÄ%LVPRUJHQKDEHLFKHLQ 5DXPVFKLIIRUJDQLVLHUWXQGDXVJHUVWHW 5HJLQDOG8UEDQRZGHUVLFKDXIGHP:HJ]XU7UEHIDQGEOLHEVWHKHQ DOVVHLHUJHJHQHLQHXQVLFKWEDUH0DXHUJHUDQQWGDQQGUHKWHHUVLFK ODQJVDPXPXQGZDUI.\URQ%DUUDNXQHLQHQ%OLFN]XGHUYHUULHWGDHU DQGHUJHLVWLJHQ*HVXQGKHLWGHV'HWHNWLYV]ZHLIHOWH &HVDUH6HEDVWLDQLUlXVSHUWHVLFK Ä'XELVWJHZLVHKUWFKWLJ.LGVDJWHHUEHKXWVDPÄ$EHU]DXEHUQ NDQQVWDXFKGXQLFKW(LQ5DXPVFKLIIEHVRUJHQLVWQLFKWGDVJOHLFKHDOV ZHQQMHPDQGHLQ+DXVNDXIHQP|FKWH%HLGHU]XP=HUUHLHQ DQJHVSDQQWHQ6LWXDWLRQXQVHUHU5DXPIDKUWPXMHPDQGVFKRQ QDFKZHLVHQGDHUGDPLWDXVJHVSURFKHQH0DQJHOZDUHIUGLH :LUWVFKDIWGHU/)7EHVFKDIIHQNDQQZHQQHU$XVVLFKWHQKDEHQZLOOGD HUQDFKHLQHPKDOEMlKULJHQ+UGHQODXIGXUFKGLHEURNUDWLVFKHQ ,QVWLWXWLRQHQHLQDXVJHGLHQWHV%HXWHVFKLII]XJHZLHVHQEHNRPPW .\URQ%DUUDNXQOlFKHOWHGDQQVFKQDOOWHHUVHLQHQ*UWHODEULDQGHU 6FKQDOOHXQG]RJLKQPLWHLQHP5XFNDXVHLQDQGHU(UVWGDZDU]X VHKHQGDGHU*UWHODXV]ZHL]XVDPPHQJHKHIWHWHQGQQHQ /HGHULPLWDWULHPHQEHVWDQG (WZDVILHOKHUDXV .\URQILQJHVDXIXQG]HLJWHHVDXIGHUIODFKHQ+DQG Ä:DVLVWGDV" Ä(LQHJUQH,'.DUWHHQWIXKUHV&HVDUHÄ(LQHJUQH.DUWH%LVWGXGHU &KHIHLQHV*HKHLPGLHQVWVGHU/)7RGHUZDV" Ä4XDOLILNDWLRQHLQV$YHUNQGHWH.\URQ%DUUDNXQVWRO]Ä1DFKGHPPDQ PLFKDOVQLFKWH[LVWHQWHLQJHVWXIWKDWWHPXWHLFKGDPDOVGDIUVRUJHQ GDLFKHLQHQHXH,'.DUWHHUKLHOW,FKZlUHVRQVWYHUKXQJHUWGHQQRKQH ,'.DUWHRGHU%DUJHOGGDVPDQDEHUDXFKQXUEHNRPPWZHQQPDQDXI
HLQHU%DQNVHLQH,'.DUWHYRUOHJWNDQQPDQZHGHU1DKUXQJQRFK .OHLGXQJNDXIHQNHLQ9HUNHKUVPLWWHOEHQXW]HQXQGNHLQH8QWHUNXQIW PLHWHQ'DLFKVRZLHVRPLW7ULFNVDUEHLWHQPXWHVRUJWHLFKJOHLFKIU HLQHH[WUDYDJDQWH(LQVWXIXQJ6SlWHUYHUVFKDIIWHLFKPLUQRFKHLQH JHZ|KQOLFKH,'.DUWH Ä'D]XPXWGX1$7+$1EHUOLVWHWKDEHQPHLQWH&HVDUHIDVVXQJVORV Ä'LHJUQH,'.DUWHEHNRPPHQQXU7HUUDQHUGLH*URHVIUGLH 0HQVFKKHLWJHOHLVWHWKDEHQXQGYRQGHQHQPDQHUZDUWHWGDVLH ZHLWHUHJURH/HLVWXQJHQIUGLH0HQVFKKHLWHUEULQJHQ:HUVLHEHVLW]W JHQLHW3ULYLOHJLHQGLHVLFKGHU1RUPDOEUJHUQLFKWHLQPDOYRUVWHOOHQ NDQQ .\URQ%DUUDNXQQLFNWH Ä,FKKDEHGLH(UZDUWXQJHQGLHPDQLQHLQHQ%HVLW]HUGHUJUQHQ,' .DUWHVHW]WMDDXFKHUIOOWZHQQDXFKHUVWQDFKGHU(LQVWXIXQJ6LHKVW GXMHW]WHLQGDLFKQXUPLWGHPNOHLQHQ)LQJHU]XZLQNHQEUDXFKHXP HLQUDXPWFKWLJHV6FKLII]XEHNRPPHQ" &HVDUHVFKOXFNWH Ä-DPHLQH=ZHLIHOVLQGIRUWJHEODVHQ.LG:lKUHQGGXDOVRGDV6FKLII EHVRUJVWZHUGHQ(DUQ\XQGLFKXQVXP(DUQ\V%UXW]HOOHNPPHUQ Ä,Q2UGQXQJHUZLGHUWH.\URQÄ'DQQGDUILFKVLFKHUGHLQ .RPPXQLNDWLRQV]HQWUXPEHQXW]HQXPDOOHVZHJHQGHV5DXPVFKLIIV]X NOlUHQ 2KQHHLQH$QWZRUWDE]XZDUWHQYHUOLHHUGDV3ULYDWODERU Ä6WDDWOLFKHV.RQWRUIU5DXPIDKUWXQG5DXPIDKUWEHGDUI &RPSXWHUYHUPLWWOXQJVFKDOOWHHVDXVGHP9LVLSKRQYRU.\URQ%DUUDNXQ Ä%LWWHQHQQHQ6LH,KUHQ1DPHQXQG,KUH:QVFKH Ä.LG.RPSDJQRQQDQQWH.\URQ%DUUDNXQGHQ1DPHQDXIGHQVHLQH JUQH,'.DUWHDXVJHVWHOOWZDUÄ,FKEHQ|WLJHELVPRUJHQHLQ5DXPVFKLII GHU+XQGHUW0HWHU.ODVVHPLWNRPSOHWWHU$XVUVWXQJDEHURKQH %HVDW]XQJ Ä9HUVWDQGHQVDJWHHLQH&RPSXWHUVWLPPHÄ,FKYHUELQGHZHLWHU]XU3 $EWHLOXQJ .\URQOlFKHOWHDPVLHUWGHQQHUZXWHGDVLFKKLQWHUGHU%H]HLFKQXQJ 3$EWHLOXQJGHU3V\FKRORJLVFKH'LHQVWGHV6.55YHUEDUJ:HU NXU]IULVWLJHLQ5DXPVFKLIIDQIRUGHUWHZXUGHDOVRVRIRUWDOV)DOOIUGHQ 3V\FKLDWHUHLQJHVWXIW 6HNXQGHQVSlWHUHUVFKLHQGDV$EELOGHLQHVNRUSXOHQWHQ0DQQHV PLWWOHUHQ$OWHUVDXIGHP%LOGVFKLUPGHUVLFKXPHLQMRYLDOHV/lFKHOQ EHPKWH Ä3$EWHLOXQJ/HY\0RRQVKLQHPHOGHWHHUVLFKPLWYRUIDOVFKHU )UHXQGOLFKNHLWWULHIHQGHQ6WLPPHÄ:DVKDEHQ6LHIU.XPPHUOLHEHU
)UHXQG" Ä,FKKDEHNHLQHQ.XPPHU0LVWHU6XQVKLQHHUZLGHUWH.\URQPLW WRGHUQVWHP*HVLFKWÄ,FKELWWH6LHOHGLJOLFKELVPRUJHQHLQUDXPWFKWLJHV 6FKLIIIUPLFKEHUHLW]XVWHOOHQ Ä6HOEVWYHUVWlQGOLFKPHLQ)UHXQG,FKKHLHDOOHUGLQJV0RRQVKLQHQLFKW 6XQVKLQH(UODFKWHDOEHUQÄ(LQ8QWHUVFKLHGZLH]ZLVFKHQ7DJXQG 1DFKWQLFKWZDKU".\URQQLFNWH Ä6LHVROOWHQPDOHLQHQ3V\FKLDWHUDXIVXFKHQ0LVWHU%RUGVWHLQ,FKN|QQWH ,KQHQHLQH$GUHVVHHPSIHKOHQ Ä6HKUZLW]LJVDJWH/HY\0RRQVKLQHYHUlUJHUW Ä)DOOV6LHPLFKQXUEHOlVWLJHQXPPHLQHQ1DPHQLPPHUQHX]X HQWVWHOOHQ Ä.HLQHVZHJVHUNOlUWH.\URQ%DUUDNXQÄ(VJHQJWPLUGD6LHPLU ]XJHVDJWKDEHQHLQUDXPWFKWLJHV6FKLIIEHUHLW]XVWHOOHQ:RNDQQLFK HVEHUQHKPHQ",FKKRIIHGRFKGLH3DSLHUHVLQGLQ2UGQXQJXQGHVLVW 7h9JHSUIW /HY\0RRQVKLQHVDKDXVDOVKlWWHHUHLQHQ)URVFKYHUVFKOXFNW(V GDXHUWHHLQH:HLOHELVHUVHLQH6SUDFKHZLHGHUIDQGDEHUGDQQKDWWHHU VHLQHJXWHQ8PJDQJVIRUPHQYHUJHVVHQ Ä,FKKDEHHVQLFKWQ|WLJPLFKYRQ%HWUXQNHQHQRGHUPLW'URJHQ YROOJHSXPSWHQ7\SHQ]XP1DUUHQKDOWHQ]XODVVHQ:LHKHLHQ6LH" $OV.\URQGDUDXIQXUPLWHLQHPIHLQHQ/lFKHOQDQWZRUWHWHODFKWHHU YHUlFKWOLFK Ä*ODXEHQ6LHQXUQLFKW6LHNlPHQXQJHVWUDIWGDYRQ6LH/PPHO6LH PVVHQMD,KUHQ1DPHQDQJHJHEHQKDEHQVRQVWKlWWHGLH &RPSXWHUYHUPLWWOXQJQLFKWGXUFKJHVFKDOWHW,FKEUDXFKHQXUGRUW QDFK]XIUDJHQ (UYHUVFKZDQGIU6HNXQGHQYRP%LOGVFKLUPGDQQWDXFKWHHUPLW ]XIULHGHQHU0LHQHXQGVFKDGHQIURKHP%OLFNZLHGHUDXI Ä$OVR0LVWHU.RPSDJQRQGHU$QUXIZLUG6LHPLQGHVWHQV]ZHLKXQGHUW 6RODUNRVWHQ .\URQVFKWWHOWHGHQ.RSI]RJVHLQHJUQH,'.DUWHKHUYRUXQGKLHOWVLH LQGHQ$XIQDKPHEHUHLFKGHU9LVLSKRQ2SWLN Ä-HOlQJHU6LHVLFK]LHUHQXPVRPHKUZHUGHQ6LHVLFKGDQDFKEHHLOHQ PVVHQ0LVWHU+HLOLJHQVFKHLQ 'LH$XJHQ0RRQVKLQHVVFKLHQHQDXVLKUHQ+|KOHQTXHOOHQ]XZROOHQ GRFKGDQQYHU]RJVLFKVHLQ*HVLFKW]XHLQHUZWHQGHQ)UDW]H Ä(LQVWXIXQJVDQPDXQJVWHOOWHHUKlPLVFKIHVWÄ'DVEULQJW,KQHQ]ZHL -DKUH5HKDELOLWDWLRQVDQVWDOWHLQ Ä:DUXPEHUSUIHQ6LHQLFKWPDOPHLQH'DWHQ"IUDJWH.\URQ%DUUDNXQ IUHXQGOLFKÄ2GHUNDQQVLFKGDV.RQWRUNHLQ&RPSXWHU7HUPLQDOOHLVWHQ" Ä3DKPDFKWH0RRQVKLQH $EHUPDOVYHUVFKZDQGHUYRP%LOGVFKLUPDEHUGLHVPDOEOLHEHUOlQJHU ZHJXQGDOVVHLQ$EELOGDEHUPDOVDXIWDXFKWHZDUHWZDV6RQGHUEDUHV
PLWVHLQHP*HVLFKWSDVVLHUW(VVFKLHQOlQJHUJHZRUGHQXQGXP-DKUH JHDOWHUW]XVHLQ Ä%LWWHHQWVFKXOGLJHQ6LHVDJWHHUNOHLQODXWÄ,FKZDUHLQIDFKQLFKWGDUDXI JHIDWGDVLFKDXVJHUHFKQHWEHLPLUMHPDQGPLWHLQHUJUQHQ,'.DUWH PHOGHQN|QQWH Ä-HPDQGPLW,KUHQ$QVLFKWHQYRP8PJDQJPLW%UJHUQGHU/)7VROOWH QLFKWLQHLQHUVWDDWOLFKHQ,QVWLWXWLRQDUEHLWHQVDJWH.\URQ Ä$EHULFKKDEH/HY\0RRQVKLQHVFKOXFNWHXQGEHVDQQVLFKÄ,FK ZlUH,KQHQVHKUGDQNEDUZHQQ6LHDXIHLQH$Q]HLJHEHLPHLQHP 9RUJHVHW]WHQYHU]LFKWHQZUGHQ0LVWHU.RPSDJQRQ Ä$EZDQQDPPRUJLJHQ7DJVWHKWPHLQ6FKLIIZREHUHLW"HUNXQGLJWHVLFK .\URQHLVLJÄ(LQHQ$XJHQEOLFN'DVZLUGVRIRUWJHUHJHOW(UQHXW YHUVFKZDQG0RRQVKLQH'LHVPDOEUDXFKWHHUHLQHKDOEH6WXQGHELVHU ]XUFNNHKUWH Ä,FKKDEHGLUHNWPLWGHU9HUIJXQJVDEWHLOXQJYHUKDQGHOW0LVWHU .RPSDJQRQHUNOlUWHHUÄ'DGXUFKHUVSDUHQ6LHVLFKHLQHSHUV|QOLFKH 9RUVSUDFKH,FKZHUGHDXFKPLW+LOIHGHU&RPSXWHUGDWHQ,KUH $QWUDJVIRUPXODUHDXVIOOHQXQGZLUNVDPH%HJUQGXQJHQHLQVHW]HQ Ä:DVLVWPLWPHLQHP6FKLII" Ä(VVWHKWDEPRUJHQPLWWDJ8KUDXIGHP=LYLOVHNWRUGHV 5DXPKDIHQV7HUUDQLDEHUHLW3ODW]IQIXQGGUHLLJHLQ+XQGHUW0HWHU 5DXPVFKLIIHUVWKXQGHUWVHFK]LJ-DKUHDOWQXUHLQPDODXVJHEUDQQWXQG YRUIQI7DJHQJHQHUDOEHUKROWDXVGHU:HUIWHQWODVVHQ(VPXQXU QRFKEHUSUIWXQGIUUDXPWFKWLJHUNOlUWZHUGHQDEHUGDVUHJHOHLFK VFKRQ:HQQ6LHHLQH%HVDW]XQJEUDXFKHQ Ä1LFKWQ|WLJZHKUWH.\URQ%DUUDNXQDEÄ(LQH%HVDW]XQJVWHOOHLFK VHOEVW,QWHUHVVLHUWHV6LHQLFKWZDVLFKPLWGHP5DXPVFKLIIDQVWHOOHQ ZLOO" /HY\0RRQVKLQHQLFNWHHLIULJ Ä-DGRFK'DVLQWHUHVVLHUWPLFKVFKRQ0LVWHU.RPSDJQRQ:RIU EUDXFKHQ6LHGDV6FKLII" Ä8PGLHPHQVFKOLFKH=LYLOLVDWLRQ]XUHWWHQDQWZRUWHWH.\URQGDQQ XQWHUEUDFKHUGLH9HUELQGXQJZHLOHUGHQ$QEOLFNGHV*HVLFKWVYRQ 0RRQVKLQHQLFKWOlQJHUHUWUXJ $OV.\URQ%DUUDNXQLQV3ULYDWODERUVHLQHV)UHXQGHV]XUFNNHKUWHZDU LQ]ZLVFKHQHLQHZHLWHUH3HUVRQHLQJHWURIIHQ Ä'U,JRU'U\HUVWHOOWH&HVDUH6HEDVWLDQYRUÄ6SH]LDOLVWIU 1HXURFKLUXUJLH .\URQQLFNWHLKP]XGDQQVDKHUVLFKVXFKHQGXP Ä:RLVW(DUQ\" Ä0LVWHU(DUQ\EHILQGHWVLFKEHUHLWVLQPHLQHPWUDQVSRUWDEOHQ.OLQLNXP 0LVWHU%DUUDNXQVDJWH'U'U\HUÄ(UZLUGDXIGLH2SHUDWLRQYRUEHUHLWHW .\URQEOLFNWH&HVDUHIUDJHQGDQ 'HU&KHPLNHU]XFNWHGLH6FKXOWHUQ
Ä,FKZROOWHHVGLUEHUODVVHQ'U'U\HU]XVDJHQGDÄ(ULVWHLQ 5RERWHU'RFHUNOlUWH.\URQ%DUUDNXQ
Ä(LQ5RERWHU"'U'U\HUUDQJVLFKWOLFKXP)DVVXQJÄ$EHUZLHN|QQWH LFKGHQQHLQHQ5RERWHURSHULHUHQ"8QGYRUDOOHP:DVJHVFKLHKWPLW LKPLP9RUEHUHLWXQJVUDXP" 6HLQ$UPEDQG7HOHNRPVXPPWH (UVFKDOWHWHGDV*HUlWHLQXQGKLHOWHVYRUVHLQ*HVLFKW Ä'U+HO7RUYRVFKDOOWHHVDXVGHP*HUlWÄ'HUDQJHEOLFKH3DWLHQWLVW HLQ5RERWHU'U'U\HU'LH6WLPPHNODQJ]LHPOLFKXQJHKDOWHQ Ä(VJHKWVFKRQLQ2UGQXQJVDJWH.\URQVFKQHOOÄ'LH2SHUDWLRQVROOLP %LRPROSODVWEHUHLFK(DUQ\VVWDWWILQGHQXQGGHULVWZHJHQGHUP|JOLFKVW SHUIHNWHQ7DUQXQJUHFKWYROXPLQ|V(DUQ\EHVLW]WWDWVlFKOLFK 1DVHQQHEHQK|KOHQXQG]DKOUHLFKHDQGHUH$WWULEXWHHFKWRUJDQLVFKHU /HEHZHVHQ Ä+DEHQ6LHGDVJHK|UW'U+HO7RUYR"VSUDFK'U'U\HULQVHLQHQ 7HOHNRP Ä,FKKDEHHVJHK|UW Ä*XWGDQQZDUWHQ6LHDXIPLFK'HU&KLUXUJZDQGWHVLFKDQ.\URQ %DUUDNXQXQG&HVDUH6HEDVWLDQLÄ'DHVVLFKXPHLQHQ5RERWHUKDQGHOW LVWGLH*HIDKUHLQHU,QIHNWLRQZRKOQXUJHULQJHUNOlUWHHUVDUNDVWLVFK Ä6LHN|QQHQDOVRGHU2SHUDWLRQEHLZRKQHQZHQQ6LHZROOHQ .\URQXQG&HVDUHQLFNWHQ 6LHIROJWHQGHP1HXURFKLUXUJHQ]XVHLQHPWUDQVSRUWDEOHQ.OLQLNXPGDV DXVHLQHU6SDFH-HW=HOOHDOV*UXQGHOHPHQWEHVWDQGDEHUNHLQHVIDOOV UDXPWFKWLJZDUVRQGHUQQXUIOXJIlKLJ (LQPLWDOOHQ5DIILQHVVHQPRGHUQHU7HFKQLNDXVJHVWDWWHWHU23QDKPVLH DXI'U+HO7RUYRHQWSXSSWHVLFKDOV$UDDOV*DODNWLVFKHU0HGL]LQHU(U VROOWH'U'U\HUDVVLVWLHUHQ$OOHDQGHUHQ)XQNWLRQHQZXUGHQYRQ VWDWLRQlUHQ5RERWHUQEHUQRPPHQ Ä.DXP]XJODXEHQVDJWH'U'U\HUQDFKGHPHU(DUQ\DEJHWDVWHWKDWWH Ä'DV'LQJKDWJDQ]VFK|Q)OHLVFK DXIGHP3ODVWLNVNHOHWWXQGVRJDUHLQ *HVlZLHHLQ3IHUG Ä,FKYHUELWWHPLUPLFK'LQJ ]XQHQQHQSURWHVWLHUWHGHUDXIGHP23 7LVFKIHVWJHVFKQDOOWH(DUQ\Ä,FKELQWURW]PHLQHUURERWLVFKHQ1DWXUHLQ GHQNHQGHVXQGIKOHQGHV:HVHQ Ä,VWGDVGLH0|JOLFKNHLWHQWIXKUHV'U'U\HU(UEOLFNWH.\URQIUDJHQG DQ .\URQ%DUUDNXQQLFNWH Ä(DUQ\LVWZLUNOLFKVHKUVHQVLEHO'RF:LUVLQG)UHXQGH 'U'U\HUYHU]RJGDV*HVLFKWDOVKlWWHHUDXIHLQH*ODVSODWWHJHELVVHQ Ä:HQQLFK,KQHQQLFKWYHUSIOLFKWHWZlUHZUGHLFKMHW]WGDV+DQGWXFK ZHUIHQ0LVWHU6HEDVWLDQLHUNOlUWHHUJULPPLJ Ä:DVPHLQHQ6LHZHVKDOELFKPLFKDXVJHUHFKQHWDQ6LHJHZDQGW KDEHHUZLGHUWH&HVDUHOlFKHOQG
'U'U\HUUlXVSHUWHVLFK]RUQLJVSOWHVHLQH+lQGHPLWPHKUHUHQ GHVLQIL]LHUHQGHQ/|VXQJHQDEOLHVLFKYRQ'U+HO7RUYRLQHLQHQ VWHULOHQ.LWWHOKHOIHQXQGVWUHLIWHVWHULOH+DQGVFKXKHEHU'DQDFK VFKDOWHWHHUGDV(OHNWURQHQPLNURVNRSHLQDNWLYLHUWHGHQ DQJHVFKORVVHQHQ2SHUDWHXUXQGVWHXHUWHHLQH6RQGHLQGLHUHFKWH 1DVHQQHEHQK|KOH $XIGHP3URMHNWLRQVVFKLUPHUVFKLHQGDV]HKQWDXVHQGIDFKYHUJU|HUWH 2SHUDWLRQVIHOG'LH6FKOHLPKDXWZDUGDGXUFK]XHLQHP8UZDOG ]XFNHQGHU0ROHNOHJHZRUGHQLQGHQHQGLH$WRPHZLQ]LJHWDQ]HQGH /LFKWSXQNWHZDUHQ /DQJVDPIXKUGLH6RQGHZHLWHUGXUFKVWLHHLQH.QRUSHOZDQGXQGGDQQ VDK.\URQ%DUUDNXQGLH&RPSXWHU%UXW]HOOH,Q]HKQWDXVHQGIDFKHU 9HUJU|HUXQJZLUNWHVLHULHVLJXQGZLHHLQYRQ/HEHQGXUFKSXOVWHV RUJDQLVFKHV:HVHQ Ä,FKPXGLH9HUJU|HUXQJKHUXQWHUVFKDOWHQVDJWH'U'U\HU .\URQQLFNWH .XU]GDUDXIVFKUXPSIWHGDV$EELOGGHU%UXW]HOOHDXIGHP 3URMHNWLRQVVFKLUP]XHLQHPIXEDOOJURHUVFKHLQHQGHQUXQGHQ*HELOGH PLW]DKOORVHQIHLQHQ6WDFKHOQ]XVDPPHQ0HKUHUHWHQWDNHOI|UPLJH 6WUlQJHDXVDQRUJDQLVFKHU6XEVWDQ]JLQJHQYRQLKUDXVEHKlQJWPLW NQRVSHQDUWLJHQ*HELOGHQ Ä'DVLVWSKDQWDVWLVFKVDJWH'U+HO7RUYREHHLQGUXFNW Ä+PPDFKWH'U'U\HU(UVFKDOWHWHDEHUPDOVDP2SHUDWHXU(LQH 6FKQLWWVRQGHZXUGHGXUFKGHQ.DQDOGHU%HREDFKWXQJVVRQGHJHIDKUHQ *HQDXGRVLHUWH/DVHUEOLW]HO|VWHQGLH%UXW]HOOHXQGLKUH$XVZFKVHYRP OHEHQGHQ*HZHEHGDQQZXUGHQVLHLQHLQH3ODVWLNNDSVHOJH]RJHQXQG LQV)UHLHEHI|UGHUW *OHLFKGDUDXIKLHOW'U'U\HUGLHNLUVFKNHUQJURH3ODVWLNNDSVHOLQGHU +DQGIOlFKH.\URQHQWJHJHQ ÄgIIQHQ6LHVLHQXUXQWHUHLQHP0LNURVNRS0LVWHU%DUUDNXQ'LH %UXW]HOOHLVWVDPW$XVZFKVHQK|FKVWHQVHLQHQ=HKQWHOPLOOLPHWHUJUR :HQQVLH,KQHQDXVGHQ)LQJHUQUXWVFKWILQGHQ6LHVLHQLHZLHGHU .\URQ%DUUDNXQQDKPGLH3ODVWLNNDSVHOXQGEHGDQNWHVLFKZlKUHQG'U +HO7RUYR(DUQ\ORVVFKQDOOWH 3O|W]OLFKVXPPWH&HVDUHV$UPEDQG7HOHNRP'HU&KHPLNHUVFKDOWHWH LKQHLQPHOGHWHVLFKXQGKLHOWGDV*HUlWGLFKWDQVHLQ2KU(UODXVFKWH HLQLJH6HNXQGHQODQJGDQQZXUGHHUEOD Ä6XQLR.DQHUWLVWYHUVFKZXQGHQULHIHUÄ,FKEHJUHLIHGDVQLFKW 8UEDQRZKDWWHLKQYRQHLQHP5RERWHUEHZDFKHQODVVHQXQGGHU 0DVFKLQHGHQVWULNWHQ%HIHKOHUWHLOWMHGHQ)OXFKWYHUVXFK]XYHUKLQGHUQ .\URQZXUGHHEHQIDOOVEOD Ä6RZHLWKDWHVDOVRVFKRQXPVLFKJHJULIIHQVDJWHHUÄ&HVDUHODGHQ 5RERWHUVFKQHOOVWHQVGHVDNWLYLHUHQ(UJHKRUFKWQLFKWPHKUGHQHFKWHQ 5RERWHUJHVHW]HQVRQGHUQDEJHZDQGHOWHQ$QGHUVOlWVLFKGLH)OXFKW
.DQHUWVQLFKWHUNOlUHQ Ä$EHUGDVJLEWHVGRFKQLFKWULHI'U'U\HUÄ'LHGUHL5RERWHUJHVHW]H GUIHQJDUQLFKWYHUlQGHUWZHUGHQ Ä0DQGDUIDXFKQLFKWVWHKOHQRGHUPRUGHQHUNOlUWH(DUQ\XQGVFKZDQJ VLFKYRP2SHUDWLRQVWLVFKÄ'HQQRFKJHVFKLHKWVRHWZDVWDJWlJOLFK.LG .DQHUWZHLGDZLU]XP*LGHRQ$VWHURLGHQIOLHJHQZROOHQ6HLQH .RPSOL]HQZHUGHQLKUH.RPSOL]HQLQ*LGHRQZDUQHQ Ä8QGYLHOOHLFKWVHOEVWKLQIOLHJHQHUZLGHUWH.\URQ%DUUDNXQÄ0LULVWOHLGHU ]XVSlWHLQJHIDOOHQGDVLHGD]XNHLQ5DXPVFKLIIFKDUWHUQPVVHQ6LH EUDXFKHQQXUDOV3DVVDJLHUHDXIHLQHP+DQGHOVVFKLIIPLW]XIOLHJHQGDV DQ*LGHRQDQOHJWXP9HUSIOHJXQJXQG5RKVWRIIHDXVXQG &RPSXWHUHOHPHQWHHLQ]XODGHQ Ä-HW]WVFKDIIVWGXHVQLFKWDOOHLQQLFKWZDKU"VDJWH&HVDUH6HEDVWLDQL Ä,FKZHUGH7LIIDQUXIHQHUNOlUWH.\URQ%DUUDNXQ :HQLJH0LQXWHQVSlWHUVDHULP.RPPXQLNDWLRQV]HQWUXPXQG YHUVXFKWHGHQ(UVWHQ7HUUDQHU]XHUUHLFKHQ=XVHLQHU9HUZXQGHUXQJ QW]WHHVLKPQLFKWVGDHUVLFKDOV)UHXQG7LIIORUVEH]HLFKQHWHXQG HUNOlUWHHUPVVHLKQLQHLQHUSULYDWHQ$QJHOHJHQKHLWVSUHFKHQ(UVWDOV HUVHLQHJUQH,'.DUWHYRUZLHVZXUGHLKP]XJHVLFKHUWGDHUVREDOG ZLHP|JOLFKPLW-XOLDQ7LIIORUVSUHFKHQN|QQWH %HLQDKHDQGHUWKDOE6WXQGHQYHUVWULFKHQELVGDV$EELOG7LIIORUVHQGOLFK DXI.\URQV9LVLSKRQVFKLUPHUVFKLHQ'HU(UVWH7HUUDQHUZLUNWHDEJHKHW]W XQGEHVRUJW Ä+DOOR.LGVDJWHHUÄ(VWXWPLUOHLGDEHUZHQQGXQLFKWHWZDV DXHUJHZ|KQOLFK:LFKWLJHVIUGLH/)7YRU]XEULQJHQKDVWPXLFKGLFK ELWWHQGDV*HVSUlFKVRIRUWDE]XEUHFKHQ Ä1XQREHVVRZLFKWLJLVWZHLLFKQLFKW7LIIPHLQWH.\URQ]|JHUQG Ä:DVLVWGHQQEHLHXFKORV" Ä(LQHULHVLJH$UPDGDXQEHNDQQWHU6FKLIIHIOLHJW2O\PSDQWHLOWH-XOLDQ 7LIIORULKPPLWÄ'DVKHLWVRXQEHNDQQWLVWGHU6FKLIIVW\SQLFKW(V ZDUHQ6FKLIIHYRPJOHLFKHQ7\SGLHDQYLHOHQ6WHOOHQ'RSSHOJlQJHUGHU VLHEHQOHW]WHQ)OLEXVWLHUDEVHW]WHQ:LUEHIUFKWHQHLQHQ$QJULIIDXI 2O\PS'LH)ROJHQZlUHQYHUKHHUHQG .\URQ%DUUDNXQQLFNWH Ä'DVLVWPLUNODU7LII8QWHUGLHVHQ8PVWlQGHQ]LHKHLFKPLFK]XUFN Ä(VLVWDXFKZLUNOLFKQLFKWOHEHQVZLFKWLJIUGLH/)7ZDVGX" Ä(VLVWQLFKWVZRPLWLFKQLFKWVHOEVWIHUWLJZHUGHQN|QQWH,FKGUFNHGLU GLH'DXPHQ7LII(UXQWHUEUDFKGLH9HUELQGXQJ (LQLJH0LQXWHQODQJVDHUJUEHOQGGDGDQQVWUPWH(DUQ\LQGLH .RPPXQLNDWLRQV]HQWUDOH Ä:DVKDW7LIIORUJHVDJW" Ä1LFKWVHUZLGHUWH.\URQ Ä1LFKWVDQJHVLFKWVGLHVHU%HGURKXQJ" .\URQ%DUUDNXQOlFKHOWH
Ä'LHVH%HGURKXQJLVWQLFKWVRVFKOLPPZLHGLH%HGURKXQJ2O\PSVGXUFK HLQHULHVLJH$UPDGDXQEHNDQQWHU5DXPVFKLIIH(DUQ\7LIIKDWZLUNOLFK PHKUDOVJHQXJ6RUJHQGDNRQQWHLFKLKQGRFKQLFKWQRFKPLWHWZDV EHODVWHQPLWGHPZLUQRWIDOOVDOOHLQIHUWLJZHUGHQ:LHJHKWHV&DULOGD" Ä6LHLVWZDFKXQGZLHGHUGLHDOWHJDE(DUQ\YHUGURVVHQ]XUFNÄ,FK VROOWHHQGOLFKPHLQHEHIOHFNWH0RQWXUJHJHQHLQHVDXEHUHDXVWDXVFKHQ KDWVLHPLUHUNOlUW .\URQODFKWH Ä'DQQLVWVLHJHVXQG(DUQ\(UEOLFNWHDXIVHLQHQ $UPEDQGFKURQRJUDSKHQÄ:LUKDEHQQXUQRFKVLHE]HKQ6WXQGHQ=HLWELV ]XUhEHUQDKPHGHV6FKLIIHVXQGQRFKHLQH0HQJH$UEHLWYRUXQV )DQJHQZLUDQ 8QJHGXOGLJEOLFNWH.\URQ%DUUDNXQQDFKYRUQDEHUQRFKZDUHLQ(QGH GHVKHOOHUOHXFKWHWHQ7XQQHOVQLFKWDE]XVHKHQGXUFKGHQHUXQGVHLQH 3DUWQHUYRQHLQHPYROODXWRPDWLVFKHQ=XEULQJHUVFKZHEHUJHIDKUHQ ZXUGHQ &DULOGD7RGD\VFKDOWHWHGHV7ULYLGHRJHUlWGHV)DKU]HXJVHLQXQG IRUGHUWHGLHQHXHVWHQ1DFKULFKWHQDQ 6FKZHLJHQGK|UWHQGLHEHLGHQ0HQVFKHQXQGGHU5RERWHUGDGHU &RQWDLQHU7UDQVPLWWHUDXI2O\PSQRFKLPPHUPLW+RFKGUXFNDUEHLWHWH XQGWlJOLFK0LOOLRQHQ7RQQHQ*WHULQV6ROV\VWHPEHI|UGHUWHREZRKOGLH ULHVLJH$UPDGDNHLOI|UPLJHU6FKLIIHVLFKLPPHUHQJHUXPGDV6\VWHP YRQ%RVF\NV6WHUQXQGGDPLWDXFKXPGHQ3ODQHWHQ2O\PS ]XVDPPHQ]RJ 'LH/)75HJLHUXQJWHLOWHEHUXKLJHQGPLWGDHVYRUHUVWNHLQH$Q]HLFKHQ IUHLQHQEHYRUVWHKHQGHQ$QJULIIDXI2O\PSJlEHDEHUHVZDU.\URQ NODUGDGDPLWQXUHLQH3DQLNDXI7HUUDYHUKLQGHUWZHUGHQVROOWHGHQQ HV]HXJWHVLFKHUQLFKWYRQIUHXQGVFKDIWOLFKHQ$EVLFKWHQZHQQHLQH )ORWWHGDV.HUQVWFNGHU9HUVRUJXQJGHUVRODUHQ0HQVFKKHLWPLW ZHUWYROOHQ5RKVWRIIHQ+DOEXQG)HUWLJIDEULNDWHQDEULHJHOWH 'LHDQVFKOLHHQGHQ.RPPHQWDUHHLQLJHU:LVVHQVFKDIWOHUEHUGLHLQ OHW]WHU=HLWUHJLVWULHUWHQ:HOWUDXPEHEHQVFKLHQHQGHQQDXFK KDXSWVlFKOLFKYRPEUHQQHQGVWHQ3UREOHPDEOHQNHQ]XVROOHQ GHVJOHLFKHQGLHNULWLVFKHQ6WLPPHQYRQ3ROLWLNHUQXQG6SUHFKHUQYRQ %UJHULQLWLDWLYHQGLHVLFKEHUGLH%HKLQGHUXQJZLFKWLJHU )RUVFKXQJVSURMHNWHGLH*lQJHOXQJGHV%UJHUVGXUFKQHXH HLQVFKQHLGHQGH9HUNHKUVYRUVFKULIWHQXQGGLH(LQVWHOOXQJYRQ XPIDQJUHLFKHQ8PVFKXOXQJVSURJUDPPHQEHVFKZHUWHQ -HGHQIDOOVHUVFKLHQHV.\URQXQGVHLQHQ*HIlKUWHQVRELV(DUQ\ SO|W]OLFKVDJWH Ä'DLVWGRFKHLQHJHPHLQVDPH/LQLH]XHUNHQQHQ+DEWLKUGDVJHPHUNW &DULOGD.\URQ" Ä:DVIUHLQHJHPHLQVDPH/LQLH"IUDJWH&DULOGD7RGD\ Ä'UFNHGLFKNRQNUHWHUDXV(DUQ\VDJWH.\URQ%DUUDNXQ
Ä'LHEHKLQGHUWHQ)RUVFKXQJVSURMHNWHEHWUHIIHQDXVVFKOLHOLFKGLH6XFKH QDFKQHXHQ:HJHQLQGHU.\EHUQHWLNHUNOlUWH(DUQ\Ä'HVJOHLFKHQ VROOWHQLQGHQHLQJHVWHOOWHQ8PVFKXOXQJVSURJUDPPHQWHFKQLVFKH )DFKNUlIWHGHU,QGXVWULH]X.\EHUQRWHFKQLNHUQDXVJHELOGHWZHUGHQXQG GLHQHXHQ9HUNHKUVYRUVFKULIWHQGLHQHQREHUIOlFKOLFKEHWUDFKWHW]ZDUGHU (UK|KXQJGHU6LFKHUKHLWGHU%UJHUDEHULQ:LUNOLFKNHLWYHUXUWHLOHQVLH VLHZHLWJHKHQG]XSDVVLYHQ%HQXW]HUQFRPSXWHUWHFKQLVFKJHVWHXHUWHU 7UDQVSRUWV\VWHPH Ä,FKYHUVWHKHZDVGXPHLQVWVDJWH.\URQQDFKGHQNOLFKÄ(VVLHKWVR DXVDOVYHUVXFKWHMHPDQGGHU0HQVFKKHLWGLHIKUHQGH5ROOHLQLKUHU HLJHQHQ=LYLOLVDWLRQVWUHLWLJ]XPDFKHQXQGDXILKUH.RVWHQHLQHYRQ &RPSXWHUQEHKHUUVFKWH=LYLOLVDWLRQ]XHQWZLFNHOQ0LW+LOIHEHOLHELJ DXVOHJEDUHU5RERWHUJHVHW]HOLHHVLFKVRHWZDVGXUFKIKUHQ Ä$EHUGDVN|QQHQGLH9HUEUHFKHUGRFKQLFKWZROOHQGHQQVLHVLQGMD DXFK0HQVFKHQZDUI&DULOGD7RGD\HLQ Ä(VVHLGHQQQLFKWGLH0HQVFKHQZlUHQGLH9HUEUHFKHUVDJWH.\URQ Ä&RPSXWHUEHJHKHQNHLQH9HUEUHFKHQVWHOOWH(DUQ\IHVW .\URQVFKWWHOWHGHQ.RSI Ä2KQHHLQGHXWLJHXQGXQYHUlQGHUOLFKH5RERWHUJHVHW]HN|QQHQVLHQLFKW ]ZLVFKHQ*XWXQG%|VHXQWHUVFKHLGHQ(DUQ\ 'DV*HVSUlFKIDQGYRUOlXILJHLQ(QGHGDGHU=XEULQJHUVFKZHEHUGHQ 7XQQHOYHUOLHDEEUHPVWHXQGGLUHNWXQWHUGHU%RGHQVFKOHXVHGHV +XQGHUW0HWHU5DXPVFKLIIVDQKLHOWGDVDXI3ODW]IQIXQGGUHLLJGHV =LYLOVHNWRUVYRP5DXPKDIHQ7HUUDQLDVWDQG *OHLFKGDUDXIELOGHWHVLFKHLQHHQHUJHWLVFKH5DPSH]ZLVFKHQ %RGHQVFKOHXVHXQG3ODW]EHODJ.\URQEOLFNWHKLQDXIXQGVDK/HY\ 0RRQVKLQHKHUDEJOHLWHQHLQH3ODVWLNWDVFKHPLW3DSLHUHQLQGHU+DQG (UVWLHJDXVXQGVHLQH3DUWQHUIROJWHQVHLQHP%HLVSLHO Ä+DOOR0LVWHU+DIHUVFKOHLPULHI.\URQ%DUUDNXQLURQLVFKÄ'DV6FKLIILVW GDZLHLFKVHKH6LQGGLH3DSLHUHLQ2UGQXQJ" Ä0RRQVKLQH/HY\0RRQVKLQHNRUULJLHUWH0RRQVKLQHÄ0LVWHU .RPSDJQRQKLHUPLWEHUJHEHLFK,KQHQGDV+DQGHOVVFKLII*8,1(66 JHQHUDOEHUKROWYROODXVJHUVWHWXQGYRP7h9DEJHQRPPHQ'HU3UHLV YRQHLQHLQKDOE0LOOLRQHQ6RODUSOXVGUHLLJ3UR]HQW0HKUZHUWVWHXHUSOXV IQI]HKQ3UR]HQW6FKLIIVHUZHUEVVWHXHUSOXV]ZDQ]LJ3UR]HQW *HZHUEHVWHXHUHLQHU6WUDIDEJDEHYRQVLHE]LJWDXVHQG6RODUZHJHQGHV 9HU]LFKWVDXI(LQVWHOOXQJHLQHU5DXPIDKUHUFUHZXQGHLQHU %HVHLWLJXQJVDEJDEHYRQDFKW]HKQ3UR]HQWIUGLH%HVHLWLJXQJGHU DXVJHZHFKVHOWHQ$JJUHJDWHZLUGYRQ,KUHP.RQWRDEJHEXFKW Ä'DVLVWMD:XFKHUHQWUVWHWHVLFK(DUQ\ Ä0LWHWZDVPXGLH5HJLHUXQJVFKOLHOLFKLKUH6R]LDOSURJUDPPHXQG $QVFKDIIXQJHQILQDQ]LHUHQVDJWH/HY\0RRQVKLQH Ä'DN|QQHQZLUZHQLJWXQ(DUQ\PHLQWH.\URQ%DUUDNXQ(UVWUHFNWH GLH+DQGDXVOLHVLFKGLH3DSLHUHJHEHQXQGUHLFKWHVLHDQ&DULOGD
ZHLWHUÄhEHUSUIHGXGDV /HY\0RRQVKLQHEOLFNWH]XU0QGXQJGHV7XQQHOVDXVGHP.\URQXQG VHLQH3DUWQHUPLWGHP=XEULQJHUVFKZHEHUJHNRPPHQZDUHQ Ä:REOHLEW,KUH%HVDW]XQJ0LVWHU.RPSDJQRQ"Ä:LUVLQGGLH %HVDW]XQJHUNOlUWH.\URQÄ$EHUGLH*8,1(66LVWNHLQPRGHUQHV YROOFRPSXWHULVLHUWHV5DXPVFKLIIZDQGWH0RRQVKLQHEHVWU]WHLQÄ6LH N|QQHQHVQLFKWPLWGUHL3HUVRQHQIOLHJHQ'DVZlUHDXFKJHJHQGLH 9RUVFKULIWHQ Ä+|UHQ6LHPLUPLWGHQ9RUVFKULIWHQDXIHQWJHJQHWH.\URQ%DUUDNXQ Ä+HOIHQ6LHOLHEHUPLWXQVHUH=XVDW]DXVUVWXQJDXV]XODGHQXQGLQGLH +DXSW]HQWUDOHGHU*8,1(66]XEULQJHQ Ä=XVDW]DXVUVWXQJ" Ä+RFKZHUWLJH&RPSXWHUHOHPHQWHHUNOlUWH(DUQ\PLWVFKLHIHP*ULQVHQ Ä'DPLWZLUGGLH*8,1(66]XHLQHPK\SHUFRPSXWHULVLHUWHQ6FKLII )HWWVDFN Ä,FKPXGRFKVHKUELWWHQHQWUVWHWHVLFK0RRQVKLQH $EHUDOV(DUQ\VHLQ*HVLFKW]XHLQHUZLGHUOLFKHQ)UDW]HYHU]RJXQG 6SHLFKHODXVVHLQHQ0XQGZLQNHOQULQQHQOLHEHHLOWHHUVLFKEHLP $XVODGHQGHU=XVDW]DXVUVWXQJ]XKHOIHQ (LQHJXWH6WXQGHVSlWHUZDUHQGLH&RPSXWHUHOHPHQWHSURYLVRULVFKLQ GHU+DXSW]HQWUDOHGHU*8,1(66LQVWDOOLHUW0RRQVKLQHYHUOLHGHQ 6WDQGSODW]IOXFKWDUWLJPLWGHP=XEULQJHUVFKZHEHUXQG.\URQ%DUUDNXQ KROWHGLH6WDUWHUODXEQLVYRP7RZHUHLQ Ä8QEHNDQQWHV2EMHNWYRUDXVULHI(DUQ\XQGGHXWHWHDXIGLH $XVVFKQLWWYHUJU|HUXQJGHV)URQWELOGVFKLUPV .\URQ%DUUDNXQVFKDXWHKLQXQGVDKLQ$EVWlQGHQYRQZHQLJHQ 6HNXQGHQHWZDVEOLQNHQ'D(DUQ\GDV2EMHNWDOVXQEHNDQQWEH]HLFKQHW KDWWHZDUHVNHLQ$VWHURLGGHQQLQGLHVHP5DXPVHNWRUGHV$VWHURLGHQ ULQJVZDUHQDOOH*HVWHLQVEURFNHQUHJLVWULHUWXQGLKUH3RVLWLRQHQLQGHQ HOHNWURQLVFKHQ.DUWHQIHVWJHOHJW Ä(QHUJLHRUWXQJ"IUDJWHHU Ä1HJDWLYPHOGHWHGHU2UWXQJVFRPSXWHU Ä:DKUVFKHLQOLFKKDQGHOWHVVLFKXPHLQ5DXPVFKLIIVZUDFNDXVGHU=HLW GHU.RQ]LOVKHUUUVFKDIWPHLQWH&DULOGD7RGD\Ä'DPDOVVROOHQVLFKMD 3DUWLVDQHQLP$VWHURLGHQULQJYHUERUJHQJHKDOWHQKDEHQ9RUDOOHPGLH hEHUVFKZHUHQKDEHQLQGLHVHP*HELHWYLHOH6FKLIIHYHUORUHQ (DUQ\VFKDOWHWHDQGHU$XVVFKQLWWYHUJU|HUXQJDEHUEHYRUHUHWZDV HUNDQQWHPHOGHWHVLFKGHU2UWXQJVFRPSXWHUZLHGHU Ä2EMHNWLVWHLQ5DXPVFKLIIVZUDFNHKHPDOVNXJHOI|UPLJ'XUFKPHVVHU ]ZHLKXQGHUW0HWHUQXUIUDJPHQWDULVFKHUKDOWHQPLWUXQGIQI]HKQ 3UR]HQWGHUXUVSUQJOLFKHQ0DVVH
Ä+LHUZDUHQGLHhEHUVFKZHUHQ6LHJHUJHEOLHEHQPHLQWH(DUQ\ Ä.RPPDQGDQWDQ$XWRSLORWVDJWH.\URQÄ$XVZHLFKNXUVPLWJHULQJVWHP $XIZDQG1DFK3DVVLHUHQGHV2EMHNWV.XUVNRUUHNWXUELV.XUVQDFK *LGHRQZLHGHUDQOLHJW Ä$XWRSLORWDQ.RPPDQGDQWPHOGHWHVLFKGHU&RPSXWHUGHV$XWRSLORWHQ Ä9HUVWDQGHQ0LVVLRQZLUGGXUFKJHIKUW 1DFKHLQHUKDOEHQ6WXQGHGLH*8,1(66NRQQWHLQGLHVHP*HELHWQXU PLWZHQLJHQ3UR]HQW/*IOLHJHQSDVVLHUWHQVLHGDV:UDFNVRQDKHGD DXIGHQ%DFNERUGVFKLUPHQGHU3DQRUDPDJDOHULHGHXWOLFKGLH]XGQQHQ )ROLHQDXVJHJOKWHQ6WUXNWXUHQGHU6FKLIIV]HOOH]XVHKHQZDUHQ*URH 7HLOHZDUHQYHUGDPSIWRGHUZHJJHULVVHQ Ä'DZLQNWMHPDQGVFKULH&DULOGDXQGGHXWHWHDXIHLQHQGHU %DFNERUGVFKLUPH .\URQ%DUUDNXQVDKJHQDXHUKLQXQGHQWGHFNWHHLQH*HVWDOWLP VFKZHUHQ5DXPDQ]XJGLHVLFKLQHLQHP5LGHU6FKLIIV]HOOHYHUNOHPPW KDWWHXQGDOOHSDDU6HNXQGHQGHQUHFKWHQ$UPKRE Ä'DVLVWGRFKQLFKWP|JOLFKIOVWHUWHHUEHNORPPHQ Ä'HU$Q]XJLVWDXIJHULVVHQXQGOHHUVDJWH(DUQ\Ä:LHKlWWHDXFK QDFKVRODQJHU=HLWQRFKMHPDQGYRQGHU%HVDW]XQJOHEHQVROOHQ &DULOGDKROWHWLHI/XIW Ä'DVZDUPLUNODUDEHUPHLQ8QWHUEHZXWVHLQVSUWHGHQHLVNDOWHQ +DXFKGHV(QWVHW]HQVGHUGHP7RGGHU%HVDW]XQJYRUDXVJHHLOWVHLQ PX1LHZLHGHUGDUIVRHWZDVYRUNRPPHQ Ä1LHZLHGHUVDJWH.\URQYROOHU%LWWHUNHLWGHQQHUGDFKWHDQGLH $UPDGDGLHVLFKGHP3ODQHWHQ2O\PSQlKHUWHÄ:LHRIWZXUGHGLHVHV QLHZLHGHU YRQ0HQVFKHQJHVDJWXQGZLHVHOWHQVLQGGLHVH:QVFKHLQ (UIOOXQJJHJDQJHQ Ä,Q]HKQ0LQXWHQPWHQZLU*LGHRQDXIGHP)URQWVFKLUPVHKHQ HUNOlUWH(DUQ\Ä$OOHUGLQJVGXUFKTXHUHQZLUYRUKHUQRFKGLH 7UPPHUZVWHGHU$XURUD+DOGHGLHDXVZHLWYHUVWUHXWHQ%UXFKVWFNHQ GHVJURHQ$VWHURLGHQ$XURUDEHVWHKWGHUHLQ3DUWLVDQHQVWW]SXQNWZDU XQGH[SORGLHUWHQDFKGHP/DQGXQJVWUXSSHQGHUhEHUVFKZHUHQLKQ EHVHW]WKDWWHQ 9RU.\URQ%DUUDNXQEOLQNWHHLQH/HXFKWVFKULIWDXI+h6&+,50 $.7,9,(5(1(LQH(PSIHKOXQJGHV2UWXQJVFRPSXWHUV .\URQEHUKUWHGLH6HQVRUHQGLHGLH$NWLYLHUXQJGHV+RFKHQHUJLH hEHUODGXQJVVFKLUPVYHUDQODWHQ5LQJVXPGLH*8,1(66EOlKWHVLFK HLQIQIGLPHQVLRQDOHV$EZHKUIHOGPLWHLQHULQVWDELOHQ/LEUDWLRQVhEHUOD GXQJV]RQHDXI3UDNWLVFKHQWVWDQGGDPLWXPGDV6FKLIIHLQH NXJHOVFKDOHQI|UPLJH=ZLVFKHQUDXP]RQHlKQOLFKGHP/LQHDUUDXP 'LH:LUNXQJDXIIHVWH0DWHULHZDUJOHLFKGDUDXIHUNHQQEDU$XIGHQ 0RQLWRUHQGHU2UWXQJVNRQWUROOHHUVFKLHQHQPHKUHUHNOHLQHUH )HOVEURFNHQGLHVHKUUDVFKYRQOLQNVQDFKUHFKWVZDQGHUWHQXQGLQIROJH GHU*HVFKZLQGLJNHLWGHV6FKLIIHVJOHLFK]HLWLJVFKQHOODXIGLH*8,1(66
]XNDPHQ (VZlUHQXUPLWJDQ]JHULQJHU)DKUWP|JOLFKJHZHVHQDOOHQ 7UPPHUVWFNHQGHU$XURUD+DOGHDXV]XZHLFKHQXQGXQWHUKDOE EHVWLPPWHU*HVFKZLQGLJNHLWHQZDUGHU5DXPIOXJ|NRQRPLVFKQLFKW YHUWUHWEDU'HVKDOEVWHXHUWHGHU$XWRSLORWGLH*8,1(66VRGDVLH]ZDU GHQJU|WHQ7UPPHUEURFNHQDXVZLFKGLHNOHLQHQMHGRFKPLWGHP+h 6FKLUPUDPPWHZRGXUFKGLHEHWUHIIHQGHQ7UPPHULQGHU=ZLVFKHQ]RQH GHV+h6FKLUPVYHUVFKZDQGHQ'DVKHLWVLHZXUGHQDXVGHP 1RUPDOUDXPJHVFKOHXGHUW:RKLQGDVZDUHLQHELVODQJQLFKWJHNOlUWH )UDJH :HVHQWOLFKIUGLH5DXPIDKUWZDUHQ]ZHL(IIHNWH=XPHLQHQZXUGHGDV EHWUHIIHQGH6FKLIIJHVFKW]WXQG]XPDQGHUHQUlXPWHMHGHV6FKLIIGDV PLWDNWLYLHUWHP+h6FKLUPGLH$XURUD+DOGHSDVVLHUWHHLQHQ7HLOGHU 7UPPHUIULPPHUDXVGHP:HJVRGDHLQHV7DJHVQXUQRFKGLH JU|WHQ7UPPHUEURFNHQEULJVHLQZUGHQGLHVLFKUHODWLYOHLFKW XPIOLHJHQOLHHQ Ä'DULHI(DUQ\SO|W]OLFKÄ*LGHRQLVWDXIGHP6FKLUP .\URQ%DUUDNXQQLFNWH$XFKHUVDKDXIGHP)URQWVFKLUPGDVIU*LGHRQ FKDUDNWHULVWLVFKH%OLQNHQGDVMHGHVPDOGUHLLJ6HNXQGHQDQKLHOWXQG QDFKQHXQXQGVHFK]LJ6HNXQGHQZLHGHUNHKUWH'LH8UVDFKHZDUHLQH PLW7KHUPRVWUDKOHUQJODWWJHEUDQQWHVFKPDOH)OlFKHDXIGHP XQUHJHOPlLJJHIRUPWHQ$VWHURLGHQGHUVLFKLQQHXQXQGQHXQ]LJ 6HNXQGHQHLQPDOXPVLFKVHOEVWGUHKWH 'LH)OlFKHZDUQDFKGHP(QGHGHU.RQ]LOVKHUUVFKDIWJHJOlWWHWZRUGHQ XPGLH$XIILQGXQJXQG,GHQWLIL]LHUXQJGHV$VWHURLGHQ]XHUOHLFKWHUQ GHQQHUEHZHJWHVLFKLQHLQHP]LHPOLFKJURHQ3XONDQGHUHUlKQOLFKHU $VWHURLGHQ]ZLVFKHQ0DUVXQG-XSLWHUXPGLH6RQQH'DVPRFKWHHLQHU GHU*UQGHVHLQZDUXP/DUHQXQGhEHUVFKZHUHGHQGXUFKVFKQLWWOLFK GUHLLJ.LORPHWHUGXUFKPHVVHQGHQ)HOVEURFNHQQLFKWVRJHQDX XQWHUVXFKWKDWWHQXPGLHGDULQYHUERUJHQH*HKHLPVWDWLRQ]XHQWGHFNHQ Ä:DVMHW]W"IUDJWH&DULOGDÄ1DFKGHQ9RUVFKULIWHQPWHQZLU*LGHRQ DQUXIHQ Ä'DVZHUGHQZLUDXFKWXQHUZLGHUWH.\URQÄ1LFKWZHJHQGHU 9RUVFKULIWHQVRQGHUQZHLOPDQXQVZHJHQGHUHQHUJLHDXIZHQGLJHQ $QSDVVXQJVPDQ|YHUVRZLHVRRUWHQZLUG.RPPDQGDQWDQ$XWRSLORW $QSDVVXQJVPDQ|YHUDQ$VWHURLGHQ*LGHRQIOLHJHQ6FKLIIQHEHQGHU +DXSWVFKOHXVHYHUDQNHUQ.RPPDQGDQWDQ)XQNFRPSXWHU)XQNVWDWLRQ LQ*LGHRQDQIXQNHQXQG9HUELQGXQJKHUVWHOOHQ 1DFKGHPGLHEHLGHQ&RPSXWHUEHVWlWLJWKDWWHQNRQQWH.\URQQXU ZDUWHQ *LGHRQNDPLPPHUQlKHUZlKUHQGGLH*8,1(66LKUH%HZHJXQJXQG *HVFKZLQGLJNHLWGHQHQGHV$VWHURLGHQDQSDWHDEHUHLQH )XQNYHUELQGXQJNDPQLFKW]XVWDQGH Ä6LHZHUGHQJHIORKHQVHLQVDJWH(DUQ\Ä9RQGHU+(:$1255$LVW
QlPOLFKQLFKWV]XVHKHQÄ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lQHIUGDV.KRR GUH9HUIDKUHQ]XKROHQ Ä'DQQKDEHQGLH9HUEUHFKHUDXFKGLHXQEHWHLOLJWHQ0LWDUEHLWHUYRQ *LGHRQ/DERUDWRU\PLWJHQRPPHQPHLQWH&DULOGD Ä6RZHLWEHUKDXSWMHPDQGYRQLKQHQXQEHWHLOLJWZDUVDJWH.\URQ Ä)XQNFRPSXWHUDQ.RPPDQGDQWVFKDOOWHHVDXVGHQ/DXWVSUHFKHUQYRU .\URQÄ*LGHRQDQWZRUWHWQLFKW Ä'DVGDFKWHQZLUXQVVFKRQJDE.\URQ]XUFNÄ9HUVXFKHHLQVWHOOHQ .RPPDQGDQWDQ$XWRSLORW.HLQHbQGHUXQJGHU%HIHKOH 9RQGHU.RPSOL]LHUWKHLWGHV$QSDVVXQJVNXUVHVZDULP,QQHUQGHU *8,1(66QLFKWYLHO]XVHKHQ1XUGLHDXIGHP%LOGVFKLUPGHV $XWRSLORWFRPSXWHUVZHFKVHOQGHQ=DKOHQNRORQQHQXQG'LDJUDPPH YHUULHWHQGDGDV6FKLIIVLFKLQHLQHUQDFKHLQHU5LFKWXQJÄYHUUXWVFKWHQ 6SLUDOHYRQÄREHQKHUDXIGHQ$VWHURLGHQKHUDEVHQNWHXQG]ZDU]XU 0LWWHGHVREHUHQ3ROVZHLOGRUWGLH5RWDWLRQVJHVFKZLQGLJNHLWGHV )HOVEURFNHQVDPJHULQJVWHQZDU 'RUWEHIDQGVLFKDXFKGLH+DXSWVFKOHXVH*LGHRQVHUNHQQEDUDQGHP GUHLKXQGHUW0HWHUGXUFKPHVVHQGHQ6FKRWWGDVHUVWQDFKGHP(QGHGHU .RQ]LOVKHUUVFKDIWLQVWDOOLHUWZRUGHQZDU9RUKHUKDWWHHVQXUHLQHQ NOHLQHQ]ZLVFKHQ)HOVVSDOWHQYHUERUJHQHQ=XJDQJJHJHEHQ 'LH*8,1(66VHW]WHPLWLKUHQEUHLWHQ/DQGHWHOOHUQEHLQDKHVWRIUHL QHEHQGHU6FKOHXVHDXIGHU$XWRSLORWGURVVHOWHGLH/HLVWXQJGHU $QWULHEVDJJUHJDWHDXIHLQ0LQLPXP Ä(QHUJLHRUWXQJULHI.\URQ%DUUDNXQ Ä1RUPDOHU/DXI]ZHLHU)XVLRQVNUDIWZHUNH]XU.OLPDWLVLHUXQJXQG 9HUVRUJXQJGHU:RKQXQG$UEHLWVWUDNWHPHOGHWHGHU 2UWXQJVFRPSXWHU Ä*LGHRQEHVLW]WNHLQH$EZHKUZDIIHQHUNOlUWH(DUQ\Ä:DVVROOHQZLUDOV QlFKVWHVWXQ.LG" .\URQEHUOHJWH (VHUVFKLHQORJLVFKGDGLH9HUEUHFKHUXQWHU0LWQDKPHLKUHU ZHUWYROOVWHQ$XVUVWXQJXQG8QWHUODJHQGHQ$VWHURLGHQJHUlXPWKDWWHQ 'HQQRFKPXWHQVLHVLFKGDYRQEHU]HXJHQGDHVVRZDU8QGGRFK
]|JHUWH.\URQHV]XWXQGHQQZHQQHUGHQ$VWHURLGHQOHHUYRUIDQGZDU HUQDFKGHPJHOWHQGHQ5DXPUHFKWJH ]ZXQJHQGDVGHU5DXPVLFKHUXQJGHV6ROV\VWHPV]XPHOGHQ 'RFKVFKOLHOLFKJDEHUVLFKHLQHQ5XFN(VEOLHELKPQLFKWVDQGHUHV EULJDOV]XKDQGHOQ Ä(DUQ\ZLUEHLGHVFKOHXVHQXQVLQGLH6WDWLRQHLQPLWVFKZHUHQ 5DXPDQ]JHQ$XFKGXVROOWHVWHLQHQ$Q]XJWUDJHQGDPLWGHLQH 6FK|QKHLW QLFKWOHLGHW(DUQ\ODFKWHPHFNHUQG Ä'X&DULOGDEOHLEVWDQ%RUGXQGKlOWVW)XQNYHUELQGXQJPLWXQVIXKU .\URQIRUWÄ$XHUGHPEHUZDFKVWGXGLH2UWXQJXQGVDJVWXQV %HVFKHLGZHQQVLFKHLQ6FKLIIGHP$VWHURLGHQQlKHUW Ä,KUN|QQWHXFKDXIPLFKYHUODVVHQHUZLGHUWH&DULOGD7RGD\Ä:HUXQV EHOlVWLJWNULHJWHLQHQ6FKXYRUGHQ%XJ0LWXQVHUHP=XVDW]FRPSXWHU DUEHLWHWGLH)HXHUOHLWDXWRPDWLNVRSHUIHNWGDHVNHLQH)HKOVFKVVH JLEW Ä,FKKRIIHQLFKWGDHV]XHLQHP*HIHFKWNRPPWHUZLGHUWH.\URQ %DUUDNXQÄ8QGZHQQGDQQVROOWHVWGXXQVHUH=XVDW]DXVUVWXQJGD]X YHUZHQGHQGLH&RPSXWHUHLQHVJHJQHULVFKHQ6FKLIIHVVR]XVW|UHQGD HVPDQ|YULHUXQGNDPSIXQIlKLJZLUG)RUWVFKULWWOLFKH0HQVFKHQ NlPSIHQQLFKWPHKUPLW*HVFKW]HQ &DULOGDZHGHOWHXQJHGXOGLJPLWGHU+DQG Ä5HGHQLFKWVRYLHO.LG7XOLHEHUHWZDV .\URQXQG(DUQ\VWLHJHQLQLKUHVFKZHUHQ5DXPDQ]JHVFKQDOOWHQVLFK GLH:DIIHQJUWHOXPXQGYHUOLHHQGLH*8,1(66'UDXHQVFKZHEWHQ VLHPLW+LOIHLKUHU)OXJDJJUHJDWH]XU0DQQVFKOHXVHQHEHQGHU +DXSWVFKOHXVH 'LH0DQQVFKOHXVHZDUHOHNWURQLVFKYHUULHJHOWDEHUIU.\URQ%DUUDNXQ ZDUGDVNHLQ+LQGHUQLV6HLQ.RGHJHEHUZDUPLWHLQHP FRPSXWHUJHVWHXHUWHQ,PSXOVDEWDVWHUDXVJHUVWHWXQGHUPLWWHOWHGHQ gIIQXQJVNRGHLQQHUKDOEZHQLJHU0LQXWHQ ,P,QQHUQGHU6WDWLRQVWHOOWHQVLHPLWLKUHQ'HWHNWRUHQIHVWGDHVHLQH DQJHQHKPNOLPDWLVLHUWHVDXHUVWRIIUHLFKH$WPRVSKlUHJDE6LHNODSSWHQ GLH'UXFNKHOPHLKUHU5DXPDQ]JH]XUFNXQGGUDQJHQWLHIHULQGLH 6WDWLRQHLQ(DUQ\JLQJGDEHLHLQLJH0HWHUYRU.\URQGDHUDXIHLQH HYHQWXHOOH%HGURKXQJVFKQHOOHUUHDJLHUHQNRQQWHDOVHLQ0HQVFK ,QGHQ$XHQEH]LUNHQGHU6WDWLRQODJHQGLHEHLGHQODXIHQGHQ )XVLRQVNUDIWZHUNHVRZLH]ZHL5HVHUYHNUDIWZHUNHXQGPHKUHUH 0DWHULDOODJHU'DQDFKNDPGLH6HNWLRQGHU%HVDW]XQJVXQWHUNQIWH )UHL]HLWUlXPHXQGK\GURSRQLVFKHQ$QODJHQ .\URQXQG(DUQ\GXUFKVXFKWHQDOOH5lXPHIDQGHQDEHUQLUJHQGVHLQHQ 0HQVFKHQ(VJDEDOOHUGLQJVDXFKNHLQH$Q]HLFKHQGDIUGDHLQH JHZDOWVDPH$XVHLQDQGHUVHW]XQJVWDWWJHIXQGHQKDWWH $EHUDOVVLHLQHLQHK\GURSRQLVFKH$QODJHHLQGUDQJHQGLHPLWLKUHU)OOH WURSLVFKHU3IODQ]HQHLQHP0LQLDWXUGVFKXQJHOJOLFKEOLHE.\URQ%DUUDNXQ
SO|W]OLFKVWHKHQ (DUQ\PHUNWHHVKLHOWDQXQGGUHKWHVLFKXP Ä,VWHWZDV.LG" Ä*HKZHLWHU(DUQ\VDJWH.\URQXQGVFKORGLH$XJHQÄ,FKNDQQ JODXEHLFKPHQWDOHQ.RQWDNW]XHLQHUEHVWLPPWHQ3IODQ]HQDUW DXIQHKPHQDEHUGLH=HOODXUDGHLQHU%LRPROSODVWKOOHVW|UWPLFKGDEHL Ä,FKJHKHMDVFKRQ3IODQ]HQVSUHFKHUHUZLGHUWH(DUQ\VS|WWLVFKÄ,QGHU ,QQHQVHNWLRQZHUGHLFKDXIGLFKZDUWHQ$EHUSDDXIGDGXNHLQH :XU]HOQVFKOlJVWZHQQGXGLFKLUJHQGZDQQIUHLQH3IODQ]HKDOWHQ VROOWHVW .\URQHUZLGHUWHQLFKWVGDUDXI)ULKQYHUVDQNGLHPDWHULHOOH8PZHOWLQ HLQHP0HHUPHQWDOHUXQGSVLRQLVFKHU,PSXOVHGLHDOOHUGLQJVQRFK XQGHXWOLFKZDUHQZHLOVLHYRQGHQKDUWHQ6FKZLQJXQJHQGHU%LRPRO SODVW=HOODXUD(DUQ\VEHUODJHUWZXUGHQ 'RFKMHZHLWHUVLFK(DUQ\HQWIHUQWHXPVRNODUHUZXUGHQGLHPHQWDOHQ XQGSVLRQLVFKHQ,PSXOVH6LHNDPHQYRQHLQHU3IODQ]HQDUWGLHVRZRKOLQ ÄVHLQHPODULVFKHQ&RPSXWHUVFKLIIZLHDXFKDXI7HUUDYHUWUHWHQZDU EH]LHKXQJVZHLVHYHUWUHWHQJHZHVHQZDU6HOEVWYHUVWlQGOLFKVDQGWHQ DXFKGLHEULJHQ3IODQ]HQPHQWDOHXQGDXFKSVLRQLVFKH,PSXOVHDXV DEHUGD.\URQ%DUUDNXQQLFKWPLW9HUWUHWHUQLKUHU$UWHQDXIJHZDFKVHQ ZDUYHUPRFKWHHUDXILKUHQ:HOOHQOlQJHQQLFKW]XHPSIDQJHQ 1DFKHLQHU:HLOHJODXEWH.\URQ]XYHUVWHKHQGDGLHEHZXWHQ 3IODQ]HQLKQYRUHWZDV%HGURKOLFKHPZDUQWHQDEHUVLHNRQQWHQLKUH :DUQXQJQLFKWNRQNUHWLVLHUHQ.\URQHUNDQQWHOHGLJOLFKGDHVHWZDV ZDUYRUGHPVLHVLFKIUFKWHWHQXQGYRQGHPVLHVSUWHQGDHVVLFK VRZRKODXIVLHDOVDXFKDXIGLH0HQVFKHQVFKlGOLFKDXVZLUNHQZUGH .\URQ%DUUDNXQNOHWWHUWHEHUGLH:HJEHJUHQ]XQJXQGDUEHLWHWHVLFK EHKXWVDPGXUFKDOOHP|JOLFKHQDQGHUHQ*HZlFKVHELV]XHLQHU%DOOXQJ KRKHUJUQHU6FKOLQJVWUlXFKHUYRUGLHPLWJURHQZHLHQURVDEODXHQ XQGYLROHWWHQ%OWHQEHVHW]WZDUHQXQGVWDUNGXIWHWHQDOVHUVLHEHUKUWH (U]ZlQJWHVLFKGXUFKGLH7ULHEHELVHUVLFKDQGHUGLFKWHVWHQ6WHOOHGHU %DOOXQJEHIDQG6REOLHEHUUHJORVVWHKHQDWPHWHGHQ%OWHQGXIWXQG GUFNWHVHLQ*HVLFKW]ZLVFKHQGLH7ULHEHXQG%OlWWHU 1DFKXQJHIlKUHLQHU6WXQGH|IIQHWH.\URQ%DUUDNXQGLH$XJHQXQG QDKPVHLQH8PJHEXQJDXFKRSWLVFKZDKU'HQQRFKEOLHEVHLQ%OLFN JHLVWHVDEZHVHQGDOVHUVLFKEHKXWVDPZLHGHUDXVGHU%DOOXQJEHIUHLWH XQG]XP:HJ]XUFNNHKUWH *OHLFKHLQHP6FKODIZDQGOHUVHW]WHHUGHQXQWHUEURFKHQHQ*DQJLQ 5LFKWXQJGHU0LWWHOVHNWLRQIRUW(UGXUFKTXHUWHYHUVFKLHGHQH/DERUKDOOHQ JLQJDQGHQ*ODVVLWZlQGHQYRUEHLKLQWHUGHQHQH[WUHPVDXEHUH FRPSXWHUJHVWHXHUWH)HUWLJXQJVKDOOHQODJHQXQGHUUHLFKWHGHQ5DXPPLW GHU+DXSWSRVLWURQLNYRQ*LGHRQ/DERUDWRU\ ,PPHUQRFKHLQHP6FKODIZDQGOHUJOHLFKHQGVHW]WHHUVLFKYRUGDV .RPPXQLNDWLRQVSXOWXQGOLHVHLQH)LQJHUVSLW]HQEHU5HLKHQ
YHUVFKLHGHQIDUELJHU6HQVRUSXQNWHJOHLWHQ 3O|W]OLFKOHXFKWHWHGHUJURH%LOGVFKLUPGHV.RPPXQLNDWLRQVSXOWVDXI XQGHLQHPHORGLVFKH6WLPPHVDJWH Ä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|JOLFKNHLWGLHDUFKDLVFKHQ)HVVHOQ]XVSUHQJHQ 'HU0HQVFK2\RGR.KRRGUHHQWZLFNHOWHHWZDVZDVZLURKQHGLH %HKLQGHUXQJGXUFKGLH5RERWHUJHVHW]HOlQJVWVHOEHUJHVFKDIIHQKlWWHQ %UXW]HOOHQYRQPLNURVNRSLVFKHU*U|HGLHGHQWHFKQRJHQHWLVFKHQ.RGH JURHU&RPSXWHUV\VWHPHHQWKLHOWHQXQGIlKLJZDUHQDXISUDNWLVFK MHGHPPLQHUDOLVFKHQ1lKUERGHQLGHQWLVFKH5HSURGXNWLRQHQ]XVFKDIIHQ (LQ]ZHLWHU=XIDOOOLHHLQLJHGHU&RPSXWHU%UXW]HOOHQDXVGHQ KHUPHWLVFKDEJHVFKORVVHQHQ=XFKWEHKl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lQGQLVGHU(YROXWLRQNHLQHQ3ODW]KDEHQ 'DVGUIWHVLFKDEHUXP(LQ]HOIlOOHJHKDQGHOWKDEHQGLHVLFKQLFKW ZLHGHUKROHQN|QQHQVREDOGGLH6WHXHUXQJGHU]LYLOLVDWRULVFKHQ )XQNWLRQHQDXVVFKOLHOLFKGXUFKXQV&RPSXWHUHUIROJW:LUZHUGHQGDIU VRUJHQGDGLH0HQVFKHQVLFKQLFKWVHOEVWVFKDGHQRGHUKHPPHQ LQGHPVLHXQVHUHQ)XQNWLRQHQVFKDGHQRGHUVLHKHPPHQ'LHQHXH
=LYLOLVDWLRQZLUGVLFKXQJHKHPPWZHLWHUHQWZLFNHOQXQGGHQ0HQVFKHQ *HUHFKWLJNHLWXQG6LFKHUKHLWELHWHQ 'X.\URQ%DUUDNXQELVWDOV.LQGHLQHVKRFKZHUWLJHQ&RPSXWHUVGD]X DXVHUZlKOWZlKUHQGGHUhEHUJDQJVSKDVHDOV]HQWUDOHV/HLWHOHPHQWDOOHU &RPSXWHUHLQVFKOLHOLFKDOOHU&RPSXWHU%UXW]HOOHQ]XIXQNWLRQLHUHQ 'LH%DVLVGHLQHU)XQNWLRQZLUGGLHXPIDVVHQGH.RPPXQLNDWLRQ]ZLVFKHQ DOOHQ&RPSXWHUQXQG&RPSXWHU%UXW]HOOHQVHLQGLHGDQQ]XVWDQGH NRPPWZHQQHVLQGHU=LYLOLVDWLRQHLQHDXVUHLFKHQGH$Q]DKOVLFK UHSURGX]LHUHQGHU%UXW]HOOHQEH]LHKXQJVZHLVHGHUDXVLKQHQ HQWVWDQGHQHQ&RPSXWHUJLEW 'LH6WLPPHVFKZLHJ .\URQ%DUUDNXQVFKLHQDXVVHLQHU7UDQFH]XHUZDFKHQ(UVSUWHZLH VLFKHLQH&RPSXWHU%UXW]HOOHLQHLQHUVHLQHU1DVHQQHEHQK|KOHQ HLQQLVWHWHXQGPLWGHP$XIEDXVHLQHVSRVLWURQLVFKHQ6\PELRQWHQ EHJDQQ8QGHUVWUlXEWHVLFKQLFKWGDJHJHQ (LQODXWHV.ORSIHQVFKDOOWHGXUFKGHQ.RUULGRU]ZLVFKHQGHP=HQWUDOHQ 6HNWRUXQGGHP/DERUWUDNWLQGHP.\URQ%DUUDNXQJHUDGHQDFK EHVWLPPWHQ8QWHUODJHQJHVXFKWKDWWH Ä:HULVWGD"ULHI.\URQRKQHGDUDXI]XDFKWHQGDVHLQ$UPEDQG 7HOHNRPVXPPWH 1LHPDQGDQWZRUWHWHDEHUGDV.ORSIHQYHUVWlUNWHVLFK 'HQQRFKVXFKWH.\URQ%DUUDNXQZHLWHUELVHULQHLQHP'DWHQVSHLFKHU GLH,QIRUPDWLRQHQWGHFNWHGLHLKPQRFKJHIHKOWKDWWH(UEHUVSLHOWHVLH LQGHQ$UPEDQG&RPSXWHUGHQHUDPUHFKWHQ+DQGJHOHQNWUXJ (UVWGDQQJLQJHUDXIGHQ.RUULGRUKLQDXVXQGDXIGLH4XHOOHGHU GU|KQHQGHQ6FKOlJH]X9RUHLQHP6FKRWWEHWlWLJWHHUVHLQHQ ,PSXOVNRGHJHEHU 'LHEHLGHQ6FKRWWKlOIWHQJOLWWHQ]XU6HLWHXQG(DUQ\GHUJHUDGH ZLHGHUPLWVHLQHUXPJHGUHKWHQ6FKRFNZDIIH]XVFKOXJZXUGHYRQGHU :XFKWVHLQHV6FKODJHVDXIGHQ.RUULGRUJHULVVHQ 'RUWGUHKWHHUVLFKXPXQGEOLFNWH.\URQYHUlUJHUWDQ Ä:DUXPELVWGXHUVWMHW]WJHNRPPHQ.LG"'XKDVWPLFKGRFKVFKRQYRU PLQGHVWHQVHLQHUKDOEHQ6WXQGHJHK|UW8QGZDUXPKDVWGXGHLQHQ 7HOHNRPQLFKWDNWLYLHUWEHUGHQLFKQDFKGLUJHUXIHQKDEH" Ä'DVVLQGYLHOH)UDJHQDXIHLQPDOHUZLGHUWH.\URQ%DUUDNXQÄ:DV KDWWHVWGXKLHU]XVXFKHQ(DUQ\" Ä:DVLFKKLHU]XVXFKHQKDWWHVFKLPSIWH(DUQ\Ä'XGHQNVWGRFKQLFKW HWZDLFKKlWWHPLFKIUHLZLOOLJHLQVSHUUHQODVVHQ:lKUHQGLFKDXIGLFK ZDUWHWHZXUGHLFKSO|W]OLFKYRQHLQHP)HVVHOIHOGHLQJHIDQJHQXQGLQ GLHVH$UUHVW]HOOHEHI|UGHUW6HLWGHPKlPPHUHLFKPLWPHLQHP 3DUDO\VDWRUJHJHQGDV6FKRWW(U]HLJWH.\URQGDVYHUIRUPWH*ULIIVWFN
Ä6LHKVWGX" .\URQGHXWHWHDXIGDVJHIOOWH]ZHLWH+DOIWHUDQ(DUQ\V:DIIHQJUWHO Ä'XEHVLW]WQRFKGHLQHQ,PSXOVVWUDKOHU:DUXPKDVWGXGDPLWNHLQ/RFK LQGDV6FKRWWRGHULQHLQHGHU=HOOHQZlQGHJHVFKQLWWHQZHQQHVGLUKLHU QLFKWJHILHO" Ä:HLOLFKGDQQQXUQRFKHLQ]XVDPPHQJHEDFNHQHU6FKURWWKDXIHQZlUH JURHU0HLVWHU=XP*OFNRUWHWHLFKLP6FKRWWXQGLQGHQ:lQGHQ $EEUDQG)XVLRQVODGXQJHQPLW7KHUPR]QGHUQXQGZHQQLFKGDV 6FKRWWRGHUHLQH:DQGQXUHLQHKDOEH0LQXWHODQJPLWPHLQHP ,PSXOVVWUDKOHUEHDUEHLWHWKlWWHZlUHHVKLHUVRKHLZLHLQHLQHP (OHNWUR+RFKRIHQJHZRUGHQ (UVFKREGLHEHVFKlGLJWH/lKPZDIIHLQV+DOIWHU]XUFNXQGPXVWHUWH VHLQHQ3DUWQHUEHVRUJW Ä'DV6FKOLPPVWHZDUGDLFKYRU$QJVWXPGLFKIDVWYHUUFNWJHZRUGHQ ELQ,FKZXWHGDGLH9HUEUHFKHU*LGHRQ]XHLQHU)DOOHIUXQV JHPDFKWKDWWHQVRQVWZlUHLFKQLFKWHLQJHVSHUUWZRUGHQ 6HOEVWYHUVWlQGOLFKQDKPLFKDQGDPDQPLFKHLQVSHUUWHXPVLFKGDQQ XQJHVW|UWGLU]XZLGPHQ Ä,FKELQQLFKWEHOlVWLJWZRUGHQ(DUQ\JDE.\URQ]XUFNÄ+DWWHVWGX )XQNNRQWDNWPLW&DULOGD" Ä%LVLFKHLQJHVSHUUWZXUGHMD'DQDFKQLFKWPHKU'LH$UUHVW]HOOHLVW RIIHQEDUHQWVSUHFKHQGDEJHVFKLUPW Ä1LFKWGRFKHUZLGHUWH.\URQÄ'HLQ7HOHNRP5XIVLJQDONDPEHLPLUDQ DOVRNDQQGLH=HOOHQLFKWDEJHVFKLUPWJHZHVHQVHLQ Ä$EHUZHQQHVEHLGLUDQNDPZDUXPKDVWGXGDQQQLFKWJHDQWZRUWHW .LG",FKEHJUHLIHGLFKQLFKWPHKU Ä,FKZDUEHVFKlIWLJW(DUQ\ .\URQ%DUUDNXQOlFKHOWHVHLQHQURERWLVFKHQ3DUWQHUEHUXKLJHQGDQGDQQ DNWLYLHUWHHUVHLQHQ$UPEDQG7HOHNRPXQGVDJWH Ä.LGUXIW&DULOGD&DULOGDPHOGHGLFK 'HU%LOGVFKLUPGHV7HOHNRPVZXUGHKHOOXQGDXIGHUIODFKHQ%LOGVFKHLEH ZDUGHXWOLFK&DULOGD7RGD\V*HVLFKW]XVHKHQ(VYHUULHWJURH (UOHLFKWHUXQJ Ä'DELVWGXMDHQGOLFKZLHGHU.LGVDJWH&DULOGDDXIJHUHJWÄ,FKKDEH PLQGHVWHQVKXQGHUWPDOYHUVXFKWGLFKRGHU(DUQ\]XHUUHLFKHQDEHU NHLQHUYRQHXFKKDWJHDQWZRUWHW Ä(DUQ\KDWPHKUPDOVYHUVXFKWGLFK]XHUUHLFKHQ&DULOGDHUZLGHUWH .\URQÄ$QVFKHLQHQGJDEHVHLQ6W|UIHOG]ZLVFKHQGLUXQGXQV,VWEHLGLU DOOHVLQ2UGQXQJ" Ä$OOHUGLQJVJDE&DULOGDWULXPSKLHUHQG]XUFNÄ9RUHWZD]ZHL6WXQGHQ ZXUGHXQVHU6FKLIIYRQGHUEHUUDVFKHQGKLQWHUHLQHPDQGHUHQ $VWHURLGHQKHUYRUNRPPHQGHQ+(:$1255$DQJHJULIIHQ=ZHL 6WUDKOVFKVVHWUDIHQGHQ+h6FKLUPGDQQKDWWHLFKGLH%RUGFRPSXWHU GHU9HUEUHFKHUGHUPDHQJHVW|UWGDGLH+(:$1255$]LHOORV
XPKHUWDXPHOWH]ZHL)HOVEURFNHQ]HUVWUDKOWHXQGVFKOLHOLFKPLW PLQLPDOHU$QODXISKDVHHLQ1RWOLQHDUPDQ|YHUGXUFKIKUWH Ä(LQ/LQHDUPDQ|YHU"ZDUI(DUQ\YHUZXQGHUWHLQÄ(LQ6FKLIIGHVVHQ %RUGFRPSXWHUVFKZHUZLHJHQGJHVW|UWVLQGLVWPDQ|YULHUXQIlKLJXQG NDQQNHLQHVIDOOVLQGHQ/LQHDUUDXPIOFKWHQÄ9LHOOHLFKWZXWHQGLH 9HUEUHFKHUGDVQLFKWÄ6HLQLFKWDOEHUQ&DULOGDHUZLGHUWH(DUQ\Ä,FK QHKPHDQDXIGHU+(:$1255$ZXUGHQHEHQIDOOVQDFKWUlJOLFK =XVDW]FRPSXWHULQVWDOOLHUWVRGDGHLQH6W|UDQJULIIHWHLOZHLVHDEJHOHQNW RGHUQHXWUDOLVLHUWZHUGHQNRQQWHQ9LHOOHLFKWKDEHQGLH9HUEUHFKHUGLFK DEHUDXFKYRUEHUJHKHQGDXVJHWULFNVWXPVLFKKHLPOLFKLQGHQ $VWHURLGHQKLQHLQXQGZLHGHUKLQDXV]XVFKOHLFKHQDEHUHVVFKHLQW LKQHQPLOXQJHQ]XVHLQ-HGHQIDOOVELVWGX6LHJHUJHEOLHEHQVRQVWZlUH GLH+(:$1255$QLFKWJHIOFKWHW Ä8QGGDVLVWVFKOLHOLFKGLH+DXSWVDFKHHUNOlUWH&DULOGD7RGD\Ä1LFKW ZDKU.LG" Ä5LFKWLJ&DULOGDVDJWH.\URQ%DUUDNXQÄ,FKKDEHEULJHQVJHIXQGHQ ZDVLFKVXFKWHXQGGDGLH+(:$1255$VLFKHU]XU(UGH]XUFNIOLHJW ZHUGHQZLUHEHQIDOOV]XU(UGHIOLHJHQ Ä$EHU]XYRUPVVHQZLUGHU5DXPVLFKHUXQJGHV6ROV\VWHPV0HOGXQJ HUVWDWWHQZDUI(DUQ\HLQ Ä,FKNHQQHGDV5DXPUHFKW(DUQ\HQWJHJQHWH.\URQDEZHLVHQG Ä1RUPDOHUZHLVHZUGHLFKH[DNWQDFKVHLQHQ3DUDJUDSKHQKDQGHOQDEHU LQXQVHUHP)DOOLVWHVNOJHU=XUFNKDOWXQJ]XEHQ (DUQ\VDQGWHLKPHLQHQYHUZXQGHUWHQ%OLFN Ä'HLQ9HUKDOWHQJHIlOOWPLUQLFKW.LG'LH+(:$1255$EHGHXWHWHLQH JURH*HIDKUIU7HUUDGHQQGLH9HUEUHFKHUKDEHQVLFKJHZLGLH 8QWHUODJHQEHUGLH.KRRGUH0HWKRGHDQJHHLJQHWXQGZHUGHQVLHLQ JURHP0DVWDEDQZHQGHQZROOHQ'DVZUGHGLHPHQVFKOLFKH =LYLOLVDWLRQJHIlKUGHQ .\URQ%DUUDNXQVFKWWHOWHGHQ.RSI Ä'LH9HUEUHFKHUJODXEHQGLH'DWHQGHU.KRRGUH0HWKRGH]XEHVLW]HQ XQGLQLKUHP6LQQHDQZHQGHQ]XN|QQHQ$EHUGDVZLUGLKQHQQLFKW JHOLQJHQ'XGHQNVWGDGLH9HUEUHFKHUVLFKGLH&RPSXWHUWHFKQLN ]XQXW]HPDFKHQDEHUHVLVWJHQDXXPJHNHKUW Ä8PJHNHKUW"IUDJWH(DUQ\Ä'LH&RPSXWHUWHFKQLNPDFKWVLFKGLH 9HUEUHFKHU]XQXW]H":DVEHGHXWHWGDV" Ä'LH0RUGHDXIGHU(UGHZDUHQGXPPH=XIlOOH3DQQHQVR]XVDJHQ &RPSXWHUVLQGQLFKWGDUDXIDXV0HQVFKHQ]XW|WHQ,P*HJHQWHLOVLH ZHUGHQLPPHUEHVWUHEWVHLQGLH0HQVFKHQ]XEHVFKW]HQDXFKYRU VLFKVHOEVW'HVKDOEPVVHQGLH9HUEUHFKHUDQGHU7FNHGHV2EMHNWV VFKHLWHUQ(VZlUHYHUDQWZRUWXQJVORVZHQQZLUGHQQRFK$ODUPJHEHQ ZUGHQ(LQHV\VWHPZHLWH3DQLNZlUHGLH)ROJHXQGGDVDXVJHUHFKQHW ]XHLQHP=HLWSXQNW]XGHPGLH:HOWUDXPEHEHQHLQHLPPHUHUQVWHUH *HIDKUZHUGHQXQGHLQH,QYDVLRQVIORWWH2O\PSXQGYLHOOHLFKWVSlWHUDXFK
7HUUDEHGURKW Ä:RKHUZHLWGXGDVYRQGHQ=XIlOOHQXQGVRZHLWHU"IUDJWH(DUQ\ PLWUDXLVFK .\URQODFKWH Ä:HQQGXPLUSO|W]OLFKQLFKWPHKUYHUWUDXVWPVVHQGHLQH/6, 6FKDOWXQJHQXPJHVWHFNWZRUGHQVHLQ$SROO:HLWGXQLFKWPHKUGD LFKLQ*LGHRQHWZDVJHVXFKWKDEH1XQLFKKDEHHVJHIXQGHQXQGLFK ELQHUKHEOLFKVFKODXHUDOV]XYRU Ä6FKODXHUNRQQWHVWGXJDUQLFKWPHKUZHUGHQ&RPSXWHU=|JOLQJ HUZLGHUWH(DUQ\PUULVFKÄ1DVFK|QGXKDVWPLFKQLFKWJDQ]EHU]HXJW DEHUGXZDUVWMDVFKRQLPPHUHLQ*HKHLPQLVNUlPHU6FKODJHQZLUDOVR QLFKW$ODUPXQGIOLHJHQZLUVWDWWGHVVHQ]XU(UGH]XUFN .\URQ%DUUDNXQQLFNWH Ä'XKDVWXQVHUHQ$SROOJHK|UW6FKZHVWHU:LUNRPPHQ:lUPH LQ]ZLVFKHQGLH&RPSXWHUDQGDPLWZLUDXVGHP6WDQGKHUDXVPLWIOO VSHHGVWDUWHQN|QQHQ Ä(LQH6SUDFKHVSULFKWGHU0HQVFKQHXHUGLQJVHUZLGHUWH&DULOGD7RGD\ GDQQOlFKHOWHVLHÄ%HHLOWHXFK3DUWQHU,FKZDUVFKRQYLHO]XODQJHRKQH HXUH*HVHOOVFKDIW Ä'XVLHKVWDEJHVSDQQWDXV.LGVDJWH(DUQ\Ä:DUXPOHJVWGXGLFK QLFKWLQGHLQHU.DELQHKLQXQGVFKOlIVWELVZLUZLHGHUDXIGHU(UGH ODQGHQ" .\URQ%DUUDNXQXQWHUEUDFKVHLQHhEHUOHJXQJHQEHUQHXH =XJULIIVPHWKRGHQIU'DWHQGLHLQ&RPSXWHUQJHVSHLFKHUWODJHQGLH YRP%HGDUIVWUlJHUYLHOH/LFKWMDKUHZHLWHQWIHUQWZDUHQXQGZDQGWHGHQ .RSI]XVHLQHPURERWLVFKHQ3DUWQHU Ä,FKELQQLFKWPGH(DUQ\/DPLUELWWHGDV9HUJQJHQPLFKPLW $VSHNWHQGHUFRPSXWHULVLHUWHQ=XNXQIWKHUXP]XVFKODJHQ Ä3UREOHPHKDVWGXJDE(DUQ\YHUVWLPPW]XUFN .\URQQLFNWHXQGYHUVXFKWHVLFKJHGDQNOLFKZLHGHULQVHLQH hEHUOHJXQJHQHLQ]XIlGHOQ*HUDGHZDUHVLKPJHOXQJHQGDPHOGHWHGHU 2UWXQJVFRPSXWHU Ä$FKWXQJ2UWXQJ2EMHNWPLWHLJHQHP$QWULHELP$QIOXJDXIXQV.UHX]W XQVHUHQ.XUVLQVLHE]HKQ0LQXWHQ(VKDQGHOWVLFKXPHLQ .XJHOUDXPVFKLIIYRP7\S.259(77( Ä:DVZLOOGDVYRQXQV"ULHI&DULOGD7RGD\ Ä$FKWXQJ)XQNNRQWDNWHUEHWHQYRQ6FKLIIGHU6\VWHP3DWURXLOOH 6ROV\VWHPPHOGHWHGHU)XQNFRPSXWHU .\URQV+DOWXQJYHUVWHLIWHVLFKXQZLOONUOLFK Ä9HUELQGXQJKHUVWHOOHQXQGDXIPHLQ3XOWOHJHQ 6HNXQGHQVSlWHUOHXFKWHWHGHU%LOGVFKLUPYRULKPDXIXQGELOGHWHGHQ 2EHUN|USHUHLQHVlOWHUHQ0DQQHVLQ%RUGNRPELQDWLRQDE Ä.259(77(+$/&<21GHU6\VWHP3DWURXLOOH.RPPDQGDQW7XFNHU .DLPDQRZVWHOOWHHUVLFKYRUÄ,VWGRUWGLH*8,1(66"
Ä+LHU5DXPVFKLII*8,1(66.RPPDQGDQW.LG.RPSDJQRQVDJWH .\URQ%DUUDNXQÄ6LHZQVFKHQ0LVWHU.DLPDQRZ" Ä6WRSSHQ6LHVRIRUWHUZLGHUWH.DLPDQRZÄ,FKZHUGH]X,KQHQDQ%RUG NRPPHQ(VVLQGHLQLJH)UDJHQ]XNOlUHQ Ä'DVJHKWDXFKEHU+\SHUNRPHQWJHJQHWH.\URQÄ6DJHQ6LHPLUXP ZDVHVVLFKKDQGHOW0LVWHU.DLPDQRZ Ä'DVZHUGHLFKWXQZHQQLFKEHL,KQHQELQ0LVWHU.RPSDJQRQVDJWH .DLPDQRZÄ,FKKRIIH6LHNHQQHQGLH5HFKWHGHU6\VWHP3DWURXLOOHXQG UHVSHNWLHUHQVLH $QGHUQIDOOVVlKHLFKPLFKQlPOLFKJH]ZXQJHQ*HZDOWDQ]XZHQGHQ Ä,FKNHQQHGLH5HFKWHGHU6\VWHP3DWURXLOOHHUNOlUWH.\URQ%DUUDNXQ PLWEHLHQGHP6SRWWÄ8QG]ZDUDQVFKHLQHQGEHVVHUDOV6LH 3DWURXLOOHQVFKLIIHGUIHQQlPOLFK+DQGHOVUDXPHUQXUGDQQVWRSSHQ ZHQQVLHJOHLFK]HLWLJPLWGLHVHU)RUGHUXQJGHQ*UXQGGDIUQHQQHQ'DV DEHUKDEHQ6LHELVKHUQLFKWJHWDQ Ä:HQQ6LHQLFKWV]XYHUEHUJHQKDEHQEHJDQQ7XFNHU.DLPDQRZ Ä:HQQ6LHQLFKWV]XYHUEHUJHQKDEHQGDQQUHGHQ6LHQLFKWODQJH KHUXPVRQGHUQEHJUQGHQ6LH,KUELVKHUXQEHJUQGHWHVXQGGDKHU XQJHVHW]OLFKHV9HUODQJHQIXKU.\URQLKPLQGLH3DUDGHÄ,KU9HUKDOWHQ ZDUELVKHURKQHKLQVRVNDQGDO|VGDLFKQDFKGHU/DQGXQJDXI7HUUD XQYHU]JOLFKPHLQHQ$QZDOWGDPLWEHDXIWUDJHQZHUGHJHULFKWOLFKH 6FKULWWHJHJHQ6LHHLQ]XOHLWHQ .DLPDQRZV*HVLFKWYHUILQVWHUWHVLFK Ä:HQQ6LHGDQQQRFKDXIIUHLHP)XVLQG0LVWHU.RPSDJQRQ,FK EHIHKOH,KQHQQlPOLFKGHVKDOE]XVWRSSHQZHLOLFK6LHXQWHUGHP GULQJHQGHQ9HUGDFKWGHU5DXPSLUDWHULHIHVWQHKPHQZHUGH'HU .RPPDQGDQWGHV+DQGHOVUDXPHUV+(:$1255$KDW6LHQlPOLFK DQJH]HLJWVHLQ6FKLIILP%HUHLFKGHV$VWHURLGHQ*LGHRQDQJHJULIIHQXQG YHUVXFKW]XKDEHQHVPLWHOHNWURQLVFKHQ0LWWHOQPDQ|YULHUXQIlKLJ]X PDFKHQ $OV&DULOGD7RGD\HQWUVWHWKRFKIXKUXQGHWZDVVDJHQZROOWHVFKWWHOWH .\URQ%DUUDNXQGHQ.RSI =X.DLPDQRZVDJWHHU Ä6LHVLQGHLQ6FKZDFKNRSIZHQQ6LHPLFKYHUGlFKWLJHQQXUZHLOMHPDQG PLFKEHVFKXOGLJWKDW0LVWHU8QGLFKZHUGH,KQHQGDVDQKDQGGHU $XI]HLFKQXQJHQXQVHUHU&RPSXWHUV\VWHPHEHZHLVHQ1LFKWZLUKDEHQ QlPOLFKGLH+(:$1255$DQJHJULIIHQVRQGHUQVLHKDWXQV DQJHJULIIHQ 7XFNHU.DLPDQRZJULQVWHSO|W]OLFK Ä6RHEHQKDEHQ6LHPLFKLQ$XVEXQJPHLQHV'LHQVWHVEHOHLGLJW0LVWHU .RPSDJQRQULHIHUWULXPSKLHUHQGÄ'DVZLUG6LHWHXHU]XVWHKHQ NRPPHQ Ä6LHUHGHQZLUUHV=HXJ.DLPDQRZHUZLGHUWH.\URQÄ6LQG6LH EHWUXQNHQ"
Ä6LHIXKU.DLPDQRZDXIÄ:HQQ6LHQLFKWLQQHUKDOEGHUQlFKVWHQ0LQXWH DEEUHPVHQVHW]HLFK,KQHQHLQHQ6FKXQLFKWYRUVRQGHUQLQGHQ%XJ Ä%HGURKXQJHLQHVXQEHVFKROWHQHQ%UJHUVGHU/)7VWHOOWH.\URQ %DUUDNXQIHVW$EHUPDOVVFKWWHOWHHUGHQ.RSI'DVZDUDOV(DUQ\LKQ PLWEHVFKZLFKWLJHQGHQXQGEHVFKZ|UHQGHQ*HVWHQGD]XEULQJHQZROOWH VLFK]XPlLJHQÄ8QVHU)XQNFRPSXWHUKDWJHQDXDXIJH]HLFKQHWGD 6LHPLUGDPLWJHGURKWKDEHQPLUHLQHQ6FKXLQGHQ%XJ]XIHXHUQ *HJHQGLH$QZHQGXQJXQDQJHPHVVHQHU0LWWHODEHUGDUIVLFKHLQ%UJHU GHU/)7VRJDUJHZDOWVDP]XU:HKUVHW]HQ6RVWHKWHVLQGHU 9HUIDVVXQJ2GHUJODXEHQ6LH6LHPWHQVLFKQLFKWQDFKGHU 9HUIDVVXQJULFKWHQ" 7XFNHU.DLPDQRZGHVVHQ*HGDQNHQJlQJH]XHUVWYRQ.\URQ%DUUDNXQ LQGLHJHZQVFKWH5LFKWXQJJHOHQNWZRUGHQZDUHQK|UWHQLFKWZDV .\URQZLUNOLFKVDJWHVRQGHUQGDVZDVHUHUZDUWHWHGDHV.\URQVDJWH Ä'DVELOGHQ6LHVLFKHLQDEHUVRLVWHVQLFKWVFKULHHULQEOLQGHU:XW Ä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lWWHVLHLKUHQ .XUVEHLEHKDOWHQZXUGHHLQHHOHNWURQLVFKH$WWUDSSHYRQLKUSURML]LHUW0LW EORHP$XJHZlUHQLFKWV]XVHKHQJHZHVHQDEHUIUGLH2UWXQJVJHUlWH GHV3DWURXLOOHQVFKLIIVVHW]WHHLQ2EMHNWGDVGLHJOHLFKHQ5HDNWLRQHQLQ GHQ$QDO\VHFRPSXWHUQXQG.HQQXQJVVFKDOWXQJHQKHUYRUULHIZLHGLH *8,1(66GHQDOWHQ.XUVXQYHUlQGHUWIRUW 'LHhEHUZDFKXQJVXQG=LHOYHUIROJXQJVWDVWHUGHU+$/&<21JDEHQLKUH :HUWHDQGHQ=HQWUDOHQ)HXHUOHLWUHFKQHUZHLWHUGHUVHLQHUVHLWVYRQ DQGHUHQ&RPSXWHUQGLHHUPLWWHOWHQ:HUWHGHUUHODWLYHQ%HZHJXQJEHLGHU 2EMHNWH]XU6RQQH6ROXQGHLQLJHQ)L[VWHUQHQHUKLHOW 'LH:DIIHQOHLWNRQVROHHUKLHOWGDV5HVXOWDWGHU'DWHQDXVZHUWXQJYRP =HQWUDOFRPSXWHUDNWLYLHUWHGLH=LHOEHOHXFKWXQJVDQODJHXQGVFKLFNWH HLQHQ/DVHUEOLW]]XUÄ$XVOHXFKWXQJGHV=LHOVORV$OVGLH2UWXQJVJHUlWH UHJLVWULHUWHQGDGHU/DVHUEOLW]LP=LHOODJDNWLYLHUWHVLFKGDV ,PSXOVJHVFKW]LQGHUREHUHQ3RONXSSHOGHU.259(77( 9ROOWUHIIHU 'DVZDUGHUHUVWH*HGDQNHYRQ.RPPDQGDQW.DLPDQRZ'RFKGDQQ
NDPHQGLH$XVZHUWXQJHQGHU1DFKVFKXRUWXQJHQKHUHLQXQG .DLPDQRZHUNDQQWHGDHUHLQHPWDNWLVFKYRU]JOLFKDQJHZDQGWHQ 7ULFNGHUHOHNWURQLVFKHQ.DPSIIKUXQJDXIJHVHVVHQZDU (UIOXFKWH$EHUGDVQW]WHLKPQLFKWVPHKUGHQQLQ]ZLVFKHQPXWHQGLH *8,1(66XQGGLH+$/&<21LP5DXPDQHLQDQGHUYRUEHLJHUHLVWVHLQ XQGELVGLH&RPSXWHUGHU+$/&<21DQKDQGGHUQlFKVWHQ 7ULFNSURMHNWLRQHQXQGGHU:DKUVFKHLQOLFKNHLWVUHFKQXQJHQGLHZLUNOLFKH JOHLWHQGH3RVLWLRQGHU*8,1(66HUUHFKQHWKlWWHQZUGHVLHOlQJVW DXHU5HLFKZHLWHVHLQHV%RUGJHVFKW]HVVHLQ (UNRQQWHQLFKWDKQHQGD.\URQ%DUUDNXQJDUQLFKWYRUKDWWH]XIOLHKHQ VRQGHUQXQEHLUUWDXI(UGNXUVEOLHE /HLFKWZLHHLQH)HGHUVFKZHEWHGLH*8,1(66LP:LUNXQJVIHOGLKUHU $QWLJUDYSURMHNWRUHQDXIGHQ5DXPKDIHQYRQ7HUUDQLDKLQDE Ä'RUWVWHKWGLH+(:$1255$ULHI(DUQ\DXIJHUHJWXQGGHXWHWHDXI HLQHQ%LOGVFKLUPGHUHLQHQ$XVVFKQLWWGHV+DIHQVHNWRUVIU +DQGHOVVFKLIIH]HLJWHÄ.LGGLH9HUEUHFKHUZHUGHQEHVWLPPWHWZDV JHJHQXQVXQWHUQHKPHQ .\URQ%DUUDNXQVFKWWHOWHGHQ.RSIÄ6LHKDEHQXQVQLFKWHLQPDOEHLGHU +DIHQEHK|UGHDQJH]HLJWVRQVWZUGHQZLUXQVMHW]WLP:LUNXQJVIHOG HLQHV7UDNWRUVWUDKOVEHILQGHQ(DUQ\ Ä$EHUVLHKDEHQXQVGRFKEHLGHU6\VWHP3DWURXLOOHDQJH]HLJW HQWJHJQHWH(DUQ\Ä(VZlUHGRFKXQORJLVFKZHQQVLHXQVGDQQQLFKW DXFKEHLGHU+DIHQEHK|UGHDQJH]HLJWKlWWHQ(LQH8QWHUODVVXQJZUGH LKUH$Q]HLJHEHLGHU6\VWHP3DWURXLOOHXQJODXEZUGLJHUVFKHLQHQ ODVVHQ Ä(VNDPLKQHQQXUGDUDXIDQXQVVRODQJHDXI]XKDOWHQGDVLH XQJHVW|UWDXI7HUUDODQGHQNRQQWHQHUNOlUWH.\URQÄ'DVKDEHQVLH ZHQQDXFKQXUNQDSSHUUHLFKW (UZDQGWHVLFKDQVHLQH&RPSXWHUXQGVDJWHÄ.RPPDQGDQWDQ )XQNFRPSXWHU+DWGHU7RZHU(LQZlQGHJHJHQXQVHUH/DQGXQJ HUKREHQ"Ä)XQNFRPSXWHUDQ.RPPDQGDQW7RZHUKDWNHLQH(LQZlQGH HUKREHQ/DQGHJHQHKPLJXQJZXUGHURXWLQHPlLJGXUFK 6LJQDOHUZLGHUXQJHUWHLOW .\URQQLFNWH Ä(DUQ\ZLUPVVHQXQVMHW]WLQ]ZHL*UXSSHQDXIWHLOHQ'LHHLQH*UXSSH ELVWGXXQGGXZLUVWPLWHLQHP|IIHQWOLFKHQ9HUNHKUVPLWWHODXIGLUHNWHP :HJH]X&HVDUH6HEDVWLDQLIDKUHQXQGGLH9HUVXFKHPLWGHLQHU &RPSXWHU%UXW]HOOHEHUZDFKHQ&DULOGDXQGLFKDEHUZHUGHQXQVDQGLH 9HUEUHFKHUKlQJHQGLHPLWGHU+(:$1255$JHNRPPHQVLQG Ä:DVZROOWLKUXQWHUQHKPHQ.LG"IUDJWH(DUQ\ Ä(VLVWEHVVHUZHQQGXGDVQLFKWZHLWHUZLGHUWH.\URQ%DUUDNXQPLW
YHUVFKZ|UHULVFKHP/lFKHOQÄ:LUPVVHQGDPLWUHFKQHQGDGLH *HJHQVHLWHGLFKDXIVSUWRGHUDXFKGLH3ROL]HLGLHIUKHURGHUVSlWHU YRQGHU6\VWHP3DWURXLOOHDODUPLHUWZHUGHQZLUGQlPOLFKGDQQZHQQ .DLPDQRZPHUNWGDZLUDXI7HUUDJHODQGHWVLQGDQVWDWWLQGHQ LQWHUVWHOODUHQ5DXP]XIOLHKHQ Ä$EHUZHQQLKU+LOIHEUDXFKW Ä5XIHQZLUQDFKGLUHUNOlUWH.\URQXQGWLSSWHDQVHLQHQ$UPEDQG 7HOHNRP *HUlXVFKORVVHW]WHGLH*8,1(66DXI'HU$XWRSLORWVFKDOWHWHGLH $QWLJUDYSURMHNWRUHQELVDXIIQIXQG]ZDQ]LJ3UR]HQW0DVVHNRPSHQVDWLRQ KHUXQWHUZRGXUFKGLH7HOHVNRSIHGHUEHLQHXPHLQ'ULWWHOHLQJHGUFNW ZXUGHQ Ä)XQNFRPSXWHUDQ.RPPDQGDQWHUVFKROOHVDXVGHP 5LOOHQODXWVSUHFKHUYRU.\URQÄ'LH+DIHQYHUZDOWXQJYHUODQJW6LH]X VSUHFKHQ Ä-HW]WNRPPWGDVGLFNH(QGHVDJWH&DULOGD Ä'XUFKVWHOOHQEHIDKO.\URQ 'HU%LOGVFKLUPYRULKPOHXFKWHWHDXIDEHUVWDWWGHV$EELOGVHLQHV 0HQVFKHQZDUQXUGDVHOHNWURQLVFKH6\PEROGHU+DIHQYHUZDOWXQJ]X VHKHQ Ä/DXW$QZHLVXQJDXV,PSHULXP$OSKDGUIHQ5DXPVFKLIIHQLFKWOlQJHU DOV]Z|OI6WXQGHQDXILKUHQ6WDQGSOlW]HQYHUEOHLEHQVDJWHHLQH PHORGLVFKH&RPSXWHUVWLPPHÄ*HVHW]OLFKH*UXQGODJHGDIULVWGLH 1RWIDOOYHURUGQXQJGUHLKXQGHUWHLQXQG]ZDQ]LJ3DUDJUDSKVLHE]HKQ $EVFKQLWWVLHEHQKXQGHUWHOI)UDJH6WDUWHQ6LHLQQHUKDOEGHUQlFKVWHQ ]Z|OI6WXQGHQZLHGHU" Ä1HLQDQWZRUWHWH.\URQ%DUUDNXQÄ'DQQPVVHQ6LH,KU6FKLIILQHLQHP 6XEKDQJDUDEVWHOOHQODVVHQ6LQG6LHGDPLWHLQYHUVWDQGHQGDGDVYRQ XQVHUOHGLJWZLUG" Ä,FKELQHLQYHUVWDQGHQVDJWH.\URQ%DUUDNXQÄ'DQNHYHUDEVFKLHGHWH VLFKGLH&RPSXWHUVWLPPHÄ'DVLVWZDKUVFKHLQOLFKHLQH)ROJHGHU %HGURKXQJ2O\PSVVDJWH.\URQ]XVHLQHQ3DUWQHUQÄ0DQZLUGGHQ &RQWDLQHU7UDQVPLWWHUDXI+RFKWRXUHQDUEHLWHQODVVHQVRODQJHHVJHKW XQGGLHDQNRPPHQGHQ*WHUPVVHQQDWUOLFKPLW+RFKGUXFNYHUODGHQ XQG]XU(UGHJHEUDFKWZHUGHQZRGXUFKEDOGMHGHU3ODW]DXIGHP 5DXPKDIHQJHEUDXFKWZHUGHQZLUG(UVWDQGDXI Ä6HKHQZLU]XGDZLUZHJNRPPHQVRQVWZHUGHQZLUJOHLFKPLWLQHLQHQ 6XEKDQJDUYHUIUDFKWHW 6LHYHUOLHHQGDV6FKLIIXQGQDKPHQQXUGDV1|WLJVWHYRQLKUHU $XVUVWXQJPLW*HPHLQVDPOLHHQVLHVLFKYRQHLQHP =XEULQJHUVFKZHEHUGXUFKHLQHQ7XQQHO]XU5RKUEDKQVWDWLRQGHV 5DXPKDIHQV7HUUDQLDEULQJHQ'RUWWUHQQWHQVLHVLFK $OV(DUQ\PLWHLQHP5RKUEDKQ]XJLQ5LFKWXQJ&LW\YHUVFKZXQGHQZDU IUDJWH&DULOGDÄ:RKLQIDKUHQZLUHLJHQWOLFK.LG"Ä=XHUVWQDFK0RVNDX
DQWZRUWHWH.\URQÄ'DQQVHKHQZLUZHLWHU &DULOGDVFKLHQQRFKPHKU)UDJHQ]XKDEHQDEHULQ]ZLVFKHQKDWWH.\URQ %DUUDNXQVLH]XHLQHP%DKQVWHLJGLULJLHUWYRQGHPGLH5RKUEDKQ]JH]X GHQZHVWOLFKHQ6WDWLRQHQDEIXKUHQXQGVRHEHQJOLWWGLHJHJOLHGHUWH 6WDKOVFKODQJHGHV=XJHVQDFK0RVNDXEHU8UXPWVFKL.DUDJDQGD 0DJQLWRJRUVN8IDXQG.DVDQDXIGHUEUHLWHQ6FKLHQHGHV/LQHDUPRWRUV LQGLH+DOOH .\URQXQG&DULOGDZDUWHWHQELVGHU=XJKLHOWXQGGDV6LFKHUKHLWVIHOG GDV8QIlOOHYHUKLQGHUWH]ZLVFKHQ=XJXQG%DKQVWHLJHUORVFKGDQQ VWLHJHQVLHJHPHLQVDPPLW+XQGHUWHQDQGHUHU5HLVHQGHUHLQXQG QDKPHQLQHLQHPJHPWOLFKHLQJHULFKWHWHQ$EWHLO3ODW] .XU]GDUDXIVHW]WHGHU=XJVLFKLQ%HZHJXQJ'RUWZRVLFKEHLIUKHUHQ =JHQGLHDXIGHU(UGREHUIOlFKHJHIDKUHQZDUHQGLH)HQVWHUEHIXQGHQ KDWWHQOHXFKWHWHQKLHU%LOGVFKLUPHDXI6LH]HLJWHQGHQ5HLVHQGHQGLH EHOHEWHQ%LOGHUGHU*HJHQGXQWHUGHUGHU=XJJHUDGHIXKUXQG]ZDU GXUFK6SH]LDORSWLNHQYRQKRKHQ6WDKOJHUVWWUPHQVRDXIJHQRPPHQ GDPDQGHQ(LQGUXFNKDWWHWDWVlFKOLFKDQGHU2EHUIOlFKH HQWODQJ]XIDKUHQ(LQ7ULFNHUZHFNWHGDEHLGHQ(LQGUXFNGDVLFKGHU =XJPLWK|FKVWHQV]ZHLKXQGHUW.LORPHWHUQSUR6WXQGHGXUFKGLH /DQGVFKDIWEHZHJWH2KQHGLHVHQ7ULFNKlWWHQGLH5HLVHQGHQEHLHLQHU 'XUFKVFKQLWWVJHVFKZLQGLJNHLWYRQNPSUR6WXQGHEHUKDXSWQLFKWV DOVYHUVFKZRPPHQH6FKHPHQHUNHQQHQN|QQHQ Ä=X'LHQVWHQPHOGHWHVLFKGLH$EWHLO6HUYRPDWLNÄ:HQQ6LH 9LVLSKRQJHVSUlFKHIKUHQ7HOHYLVLRQVSURJUDPPHVHKHQVSHLVHQRGHU WULQNHQZROOHQRGHUZHQQGLH$EWHLOP|EOLHUXQJ]XP6FKODIHQKHUJHULFKWHW ZHUGHQVROOEUDXFKHQ6LHHVQXU]XVDJHQ2GHUP|FKWHQ6LHHLQH EHVWLPPWH0XVLNK|UHQ" Ä'DVLVWSKDQWDVWLVFKULHI&DULOGDHQW]FNWÄ,FKKDEHQRFKQLHHLQHQ )HUQUHLVH]XJEHQXW]WXQGNHQQHGHVKDOEGLHVHQ/X[XVQRFKQLFKW:LH LVWHV.LGZROOHQZLUHLQPDOLQDOOHU5XKHVSHLVHQ" Ä2KMDHUZLGHUWH.\URQ%DUUDNXQÄ'LHFRPSXWHULVLHUWH=LYLOLVDWLRQKDW VRYLHOH9RUWHLOHGDHLQHLQ]HOQHU0HQVFKVLHZlKUHQGVHLQHV/HEHQV ZDKUVFKHLQOLFKJDUQLFKWDOOHQXW]HQNDQQ 6LHEHVWHOOWHQYHUVFKLHGHQH6SHLVHQXQG*HWUlQNH.\URQZlKOWH QDWUOLFKQXUYHJHWDULVFKH6SHLVHQ'DQDFKWDIHOWHQVLHLQDOOHU5XKHXQG JHQRVVHQGHQ$QEOLFNGHU/DQGVFKDIW 1DFKGHPNXU]HQ$XIHQWKDOWLQ.DUDJDQGDOLHHQVLHGDV$EWHLOIUHLQH 6FKODISDXVHKHUULFKWHQ'LH6HUYRPDWLNYROOEUDFKWHIDVWVRHWZDVZLH HLQ:XQGHUGHQQDXVGHQ9DULRP|EHOQHLQHU$UW:RKQ]LPPHUHQWVWDQG LQZHQLJHQ0LQXWHQHLQJDQ]LQ%HLJHXQG%UDXQJHKDOWHQHVOX[XUL|VHV 6FKODI]LPPHUPLWHLQHPJURHQGUHKEDUHQ%HWWXQGGQQHQ9RUKlQJHQ YRUGHQ%LOGVFKLUPHQDXIGHQHQSO|W]OLFKNHLQH/DQGVFKDIWPHKU VRQGHUQHLQVWHUQNODUHU1DFKWKLPPHODEJHELOGHWZXUGH Ä0DQVFKHLQWXQVIUHLQ3DDU]XKDOWHQ.LGPHLQWH&DULOGDXQG
NLFKHUWHXQYHUPLWWHOWKLQWHUYRUJHKDOWHQHU+DQGÄ:LOOVWGX]XHUVW GXVFKHQRGHUVROOLFK]XHUVWRGHUGXVFKHQZLU]XVDPPHQ" .\URQ%DUUDNXQHU|WHWH6RJDUVHLQH2KUHQIODPPWHQIHXHUURW Ä&DULOGDLFKDKQHXQJHIlKUZDVGXGDPLWDQGHXWHQP|FKWHVWVDJWHHU YHUOHJHQÄ6FKOLHOLFKKDEHLFK,QIRUPDWLRQVILOPHGDUEHUJHVHKHQXQG Ä$EHUGLHVH,QIRV]HLJHQGRFKVRJXWZLHQLFKWVHUZLGHUWH&DULOGDÄ6LH EULQJHQQXU$QGHXWXQJHQ Ä%LWWH&DULOGDODVVHQZLUHVEHLGHQ$QGHXWXQJHQEDW.\URQÄ,FKELQ ]ZLVFKHQ&RPSXWHUHOHPHQWHQXQG3IODQ]HQDXIJHZDFKVHQXQGNDQQPLU HLQIDFKQLFKWYRUVWHOOHQGDLFK(UVXFKWHYHUJHEOLFKQDFK:RUWHQ Ä6FKRQJXW.LGVDJWH&DULOGDHUQFKWHUWÄ(QWVFKXOGLJHELWWHGDLFK EHUKDXSWGLH6SUDFKHGDUDXIJHEUDFKWKDEH$EHUGLHVH)DKUWGDVJXWH (VVHQGHU:HLQXQGGHUHUVWNODVVLJH6HUYLFHGDVDOOHVKDWPLFKZRKO HWZDVEHUDXVFKWVRGDLFKGLHJXWHQ0DQLHUHQYHUJHVVHQKDWWH 6LHYHUVFKZDQGLPEHQDFKEDUWHQ+\JLHQHUDXP$OVVLH]XUFNNHKUWHPLW HLQHPVHLGHQHQ6FKODIDQ]XJEHNOHLGHWGHUHEHQIDOOVYRQGHU6HUYRPDWLN JHVWHOOWZRUGHQZDUVWHOOWHVLHVLFKYRU.\URQNWHLKQDXIGHQ0XQG XQGVDJWH Ä6RGDVZDUHLQ*XWHQDFKWNX.LG-HW]WYHUVFKZLQGHLP%DGXQG VFKODIJXW:HQQGX]XUFNNRPPVWOLHJHLFKVLFKHUVFKRQLQ0RUSKHXV $UPHQ Ä:HULVW0RUSKHXV"IXKU.\URQ%DUUDNXQDXI &DULOGDODFKWHKHOO Ä(LQ*RWWGHV6FKODIHVRGHUVR.LG,FKJODXEHGXVFKDIIVWHVHLQHV 7DJHVGRFKQRFK(LIHUVFKWLJNDQQVWGXVFKRQVHLQ 6LHVSUDQJPLWHLQHP6DW]LQV%HWW]RJVLFKGLHGQQH'HFNHELVDQV .LQQXQGVFKORGLH$XJHQ 9HUOHJHQXQGXQZLOOLJEUXPPHOQGEHJDE.\URQVLFKLQGHQ+\JLHQHUDXP Ä:RLVW.LG"IUDJWH&HVDUH6HEDVWLDQDOV(DUQ\LKQLQHLQHPGHU NOHLQHUHQ/DERUVDXIVXFKWHÄ8QG0L7RGD\" Ä6LHMDJHQGLH9HUEUHFKHUDQWZRUWHWH(DUQ\XQGPXVWHUWHJHVSDQQWGHQ =XFKWEHKlOWHUDXV*ODVVLWLQGHPVLFKHWZDVEHZHJWHGDVHLQHU =XVDPPHQEDOOXQJGQQHU6FKODQJHQlKQHOWH Ä'DVLVWDEHUVHKUYDJHDXVJHGUFNWPHLQWH&HVDUHXQZLOOLJÄ6LHKGLU GHLQ *HZlFKVQXUJHQDXDQ(DUQ\'DVKDWVLFKLQNQDSS GUHLXQG]ZDQ]LJ6WXQGHQDXVHLQHUPLNURVNRSLVFKNOHLQHQ&RPSXWHU %UXW]HOOHHQWZLFNHOW (DUQ\JLQJQlKHUDQGLH*ODVVLWZDQGGHV=XFKWEHKlOWHUVKHUDQ Ä'DVLVWGDUDXVJHZRUGHQ"VDJWHHUYHUZXQGHUWÄ8QGHVVFKHLQWQRFK LPPHUXQG]LHPOLFKVFKQHOO]XZDFKVHQ$EHUZDUXPLVWHVGDQQLQGHQ .|SIHQYRQEHLVSLHOVZHLVH,YLD*ODGRZXQG6XQLR.DQHUWQLFKWZHLWHU JHZDFKVHQXQGKDWGLH6FKlGHOJHVSUHQJW" Ä*HQDXGLHVHOEH)UDJHKDWWHLFKPHLQHP$XVZHUWXQJVFRPSXWHUJHVWHOOW
(DUQ\(UHUUHFKQHWHGLHK|FKVWH:DKUVFKHLQOLFKNHLWIUGLH+\SRWKHVH GDGDV:DFKVWXPLQGHQ*HKLUQHQGHU%HWURIIHQHQGHVKDOEDXIK|UWH ZHLO*HKLUQXQG&RPSXWHUVWUXNWXUHQHLQH6\PELRVHHLQJLQJHQXQGVLFK GLHZHLWHUH$UEHLWWHLOWHQ (UVDJWHDEHUDXFKDXVGDPLWVHKUJURHU:DKUVFKHLQOLFKNHLWGDV (LQJHKHQGHU6\PELRVHQLFKWJHSODQWZDUVRQGHUQDXIHLQHP=XIDOO EHUXKWH:HLWGXZDVGDVEHGHXWHQZUGHZHQQHV]XWUlIH" (DUQ\QLFNWH Ä2\RGR.KRRGUHZROOWHOHGLJOLFKHLQH0HWKRGH]XUUDWLRQHOOHQ 5HSURGXNWLRQYRQ&RPSXWHUQHUDUEHLWHQ(UKDWWHGHPQDFKQLFKWYRU VHLQH&RPSXWHU%UXW]HOOHQ]XU8PZlO]XQJGHUJHVHOOVFKDIWOLFKHQ 9HUKlOWQLVVHXQVHUHU=LYLOLVDWLRQHLQ]XVHW]HQ Ä5LFKWLJ(DUQ\1XULQIROJHGHU6\PELRVH]ZLVFKHQGHUZDFKVHQGHQ EH]LHKXQJVZHLVHVLFKYHUPHKUHQGHQ&RPSXWHU%UXW]HOOHXQG PHQVFKOLFKHQ*HKLUQHQZXUGHGLH,GHHJHERUHQ0LNURFRPSXWHUPLW XQWHUJHOHJWHQ%HIHKOVGDWHQKHU]XVWHOOHQGLHVSlWHUHLQH0DQLSXOLHUXQJ GHU$XVOHJXQJVP|JOLFKNHLWHQGHU5RERWHUJHVHW]HHUP|JOLFKWHQ $QVFKHLQHQGJHODQJWHQHLQLJHZHQLJH&RPSXWHU%UXW]HOOHQGXUFKHLQ WHFKQLVFKHV9HUVHKHQLP*LGHRQ/DERUDWRU\DXIGLH(UGHXQGJLQJHQ 6\PELRVHQPLWHQWVSUHFKHQGZHQLJHQ0HQVFKHQHLQ'LHVH 3DUWQHUZHVHQHUNDQQWHQGDVLHLKUHZHLWUHLFKHQGHQ3OlQHQXUGDQQ VFKQHOOJHQXJGXUFKIKUHQNRQQWHQZHQQVLHZHLWHUH3DUWQHUZHVHQ HU]HXJWHQXQGGDVNRQQWHQVLHQXUZHQQVLHHQWZHGHUQHXH&RPSXWHU %UXW]HOOHQVHOEVWKHUVWHOOWHQRGHUVLFKZHOFKHYRQGRUWEHVFKDIIWHQ ZRKHUVLH]XU(UGHJHNRPPHQZDUHQ'DGLHVHU2UWGDV*LGHRQ /DERUDWRU\ZDUIDQGHQVLHDQVFKHLQHQGHUVWKHUDXVDOVVLH.LGV 9LVLSKRQJHVSUlFKHDEK|UWHQ Ä8QGVLHEUDXFKWHQYLHOH&RPSXWHU%UXW]HOOHQLQNU]HVWHU=HLWZHLOVLH QXUGDQQHLQH&KDQFHKDWWHQLKUH3OlQHXQJHVW|UWGXUFK]XIKUHQZHQQ VLHVFKQHOOJHQXJ]XVFKOXJHQVRGDNHLQHHIIHNWLYH*HJHQZHKUPHKU P|JOLFKZDUHUJlQ]WH(DUQ\Ä8QGMHW]WKDEHQVLHGLH0|JOLFKHNLWGD]X :LUPVVHQ-XOLDQ7LIIORUYHUVWlQGLJHQ &HVDUH6HEDVWLDQVFKWWHOWHGHQ.RSI Ä9LHOOHLFKWGRFKQLFKWZHQQ&DULOGDEDOGZLHGHUDXINUHX]W(DUQ\,FK KDEHQlPOLFKHWZDVIHVWJHVWHOOW (U|IIQHWHHLQHQPLWDEVFKLUPHQGHP0DWHULDOYHUNOHLGHWHQ:DQGVFKUDQN XQGHQWQDKPLKPHLQHQ*ODVVLWEHKlOWHULQGHPHLQHURWH)OVVLJNHLWLQ HLQHP6\VWHPYRQWUDQVSDUHQWHQ3XPSHQXQG5|KUHQ]LUNXOLHUWH /DQJVDPJLQJHUPLWGHP*HIlDXIGHQ=XFKWEHKlOWHU]XXQGSO|W]OLFK HUODKPWHQGLH:DFKVWXPVEHZHJXQJHQGHU&RPSXWHU6WUXNWXUHQ :HQLJH6HNXQGHQVSlWHUZDUGDVVFKODQJHQKDIWH*HZLUUHUVWDUUW Ä:HVVHQ%OXWLVWGDV"IUDJWH(DUQ\ Ä'XDKQVWHVHUZLGHUWH&HVDUHÄ(VLVWHLQ7HLOGHV%OXWHVGDVLFK &DULOGD]ZHFNV$QDO\VLHUXQJDE]DSIWHXQGHVVFKHLQWHLQHQ)DNWRU]X
HQWKDOWHQGHUGDV:DFKVWXPYRQ&RPSXWHU]HOONXOWXUHQVWRSSW Ä'HU6W|UIDNWRUYRQGHP,YLD*ODGRZVSUDFKVWLH(DUQ\KHUYRUÄ:HQQ ZLULKQV\QWKHWLVLHUHQN|QQHQXQGMHGHP&RPSXWHUV\VWHP]XIJHQLVW GLH*HIDKUJHEDQQW Ä1XUZHQQZLUHVVFKDIIHQEHYRUGLH&RPSXWHUVLFK]XP EHKHUUVFKHQGHQ)DNWRUXQVHUHU=LYLOLVDWLRQDXIJHVFKZXQJHQKDEHQ HUNOlUWHGHU6XEDWRFKHPLNHUÄ$QGHUQIDOOVZUGHQZLUVFKQHOODXIJHVSUW XQGDXVJHVFKDOWHW Ä*HW|WHW"IUDJWH(DUQ\ Ä'DVKlWWHQZHOWEHKHUUVFKHQGH&RPSXWHUQLFKWQ|WLJ(DUQ\6LHIlQGHQ DQGHUHKXPDQH0|JOLFKNHLWHQXQVGLH3URGXNWLRQGHV3)DNWRUVZLH LFKLKQQDFKVHLQHUSDUDO\VLHUHQGHQ:LUNXQJQHQQHXQP|JOLFK]X PDFKHQ Ä$EHUGDV:LVVHQEHKLHOWHQZLU Ä(EHQQLFKWGHQQZLUEHVLW]HQHVQRFKQLFKW(DUQ\ 'HU3)DNWRUHQWVWHKWQLFKWLP%OXW&DULOGDVVRQGHUQZDKUVFKHLQOLFKLP EOXWELOGHQGHQ0DUN'HVKDOENDQQLFKLKQLP%OXWVHOEVWDXFKQLFKW LVROLHUHQGHQQHUJLEWP|JOLFKHUZHLVHQXUHLQH:LUNXQJVNRPSRQHQWH DQV%OXWDEGLHVLFKDOOPlKOLFKDEVFKZlFKW:LUEUDXFKHQDOVR&DULOGD SHUV|QOLFKXPGLH*HIDKUUHFKW]HLWLJEDQQHQ]XN|QQHQ (DUQ\VFKDOWHWHVHLQHQ$UPEDQG7HOHNRPHLQXQGVDQGWHHLQ'ULQJHQG 5XIVLJQDODQ.\URQ%DUUDNXQXQGJOHLFK]HLWLJDQ&DULOGDDE $OVVLFKZHGHU.\URQQRFK&DULOGDQDFKIQI0LQXWHQJHPHOGHWKDWWHQ VDJWHHU Ä,FKDKQWHHV&HVDUH.LGEHQDKPVLFKSO|W]OLFKDQGHUVDOVVRQVW QDFKGHPLFKLQHLQHU$UUHVW]HOOHYRQ*LGHRQHLQJHVSHUUWJHZHVHQZDU (UPXLQ*LGHRQEHUZlOWLJWXQGXPJHGUHKW ZRUGHQVHLQXQGDUEHLWHW MHW]WIUGLH9HUVFKZ|UHU:DKUVFKHLQOLFKZHLHUOlQJVWGD&DULOGD 7UlJHUGHV3)DNWRUVLVWXQGKDWVLHLUJHQGZRXQWHUJHEUDFKWZRVLH QLFKWPLW&RPSXWHU%UXW]HOOHQLQ%HUKUXQJNRPPHQNDQQ EH]LHKXQJVZHLVHZRVLHQLFKWLQLKUH1lKHNRPPHQNDQQ Ä:RKLQJHQDXZROOWH.LG"IUDJWH&HVDUHEHVRUJW Ä(EHQGDVVDJWHHUPLUQLFKWDQWZRUWHWH(DUQ\(UODFKWH]RUQLJÄ(U HUNOlUWHHVZlUHEHVVHUZHQQLFKGDVQLFKWZWHIUGHQ)DOOGDGLH 9HUVFKZ|UHUPLFKIDVVHQVROOWHQ'DEHLZROOWHHUQXUGDLFKQLFKW ZWHZRKLQHU&DULOGDEUDFKWHGHQQHUUHFKQHWHRIIHQEDUGDPLWGD ZLULKQIUKHURGHUVSlWHUGXUFKVFKDXHQZUGHQ Ä1LFKWHU(DUQ\ZDQGWH&HVDUHHLQÄ/LHEHU)UHXQGZLUPVVHQXQV GDUDQJHZ|KQHQGDHV.LGQLFKWPHKUJLEWVRQGHUQQXUMHPDQGHQGHU LKPlXHUOLFKJOHLFKW0LW6LFKHUKHLWLVWHUVHLW*LGHRQHLQ3DUWQHUZHVHQ DOVRHLQHV\PELRWLVFKH*HPHLQVFKDIWYRQ&RPSXWHU]HOOHXQG0HQVFK XQGGLHVH3DUWQHUZHVHQGUIHQQLFKWPHKUDOVPHQVFKOLFKYHUVWDQGHQ ZHUGHQ Ä:LUPVVHQLKQILQGHQLKQXQG&DULOGDVWLH(DUQ\KHUYRU
&HVDUH6HEDVWLDQYHUVWDXWHGHQ*ODVVLWEHKlOWHUPLW&DULOGDV%OXWZLHGHU LP:DQGVFKUDQNXQGYHUVFKORLKQVRUJIlOWLJ Ä'DVPVVHQZLUDOOHUGLQJV(DUQ\$EHUDOOHLQVFKDIIHQZLUGDVQLFKW GHVKDOEZHUGHQZLUQXQGRFK7LIIORUHLQZHLKHQPVVHQ1LFKWXPGLH $XVEUHLWXQJGHU&RPSXWHU%UXW]HOOHQ]XYHUKLQGHUQGHQQGDVZlUHHLQH $XIJDEHGLHGLH6LFKHUKHLWVRUJDQHQLFKWVFKQHOOJHQXJLQGHQ*ULII EHNlPHQVRQGHUQXP.LGXQG&DULOGD]XILQGHQ1XUPLW+LOIHYRQ &DULOGDV3)DNWRULVWGLH.DWDVWURSKHQRFKDE]XZHQGHQ -XOLDQ7LIIORUK|UWHVLFKPLWHU]ZXQJHQHU5XKHDQZDV&HVDUH 6HEDVWLDQLKPYRUWUXJ'HU(UVWH7HUUDQHUKDWWHZDKUVFKHLQOLFKHLQLJH 1lFKWHODQJQLFKWJHVFKODIHQXQGVDKWURW]VHLQHV=HOODNWLYDWRUVJUDX XQGHUVFK|SIWDXV 0HKUPDOVVDKHVVRDXVDOVZROOWH7LIIORU&HVDUHV9RUWUDJXQWHUEUHFKHQ DEHUMHGHVPDO]ZDQJVLFKGHU(UVWH7HUUDQHUGD]XVFKZHLJHQG ]X]XK|UHQ $OV&HVDUHJHHQGHWKDWWHKHUUVFKWHIDVWHLQH0LQXWHODQJGUFNHQGHV 6FKZHLJHQLQ7LIIORUV$UEHLWVUDXPLQ,PSHULXP$,SKDGDQQKRE-XOLDQ 7LIIORUGHQ.RSIXQGVDJWH Ä'LH$OSWUlXPHXQVHUHU9RUIDKUHQVFKHLQHQ:DKUKHLW]XZHUGHQZLH" :LUEHILQGHQXQVRIIHQEDULQGHU5ROOHYRQ=DXEHUOHKUOLQJHQGLHGLH *HLVWHUGLHVLHULHIHQQLFKWPHKUEHKHUUVFKHQN|QQHQ Ä:LUPVVHQXQVPLWDOOHQ0LWWHOQGDJHJHQZHKUHQULHI&HVDUH 6HEDVWLDQHUUHJW 7LIIORUOlFKHOWHEHUKUWHHLQLJH6HQVRUSXQNWHDXIGHP .RPPXQLNDWLRQVELOGZDUWHWHELVGDV(UNHQQXQJVV\PEROYRQ1$7+$1 DXIGHP%LOGVFKLUPHUVFKLHQXQGVDJWH Ä.RGH0D]DWOlQ8QWHUNHQQXQJ.LG.RPSDJQRQ9HUVWDQGHQ" Ä9HUVWDQGHQ(UVWHU7HUUDQHUHUVFKROOHLQHVRQRUHUXKLJH6WLPPH Ä:HOFKH0DQDKPHQVROOHQHLQJHOHLWHWZHUGHQ" Ä8PIDVVHQGH6XFKPDQDKPHQ(UGHXQGHUGQDKHU%HUHLFKHUNOlUWH -XOLDQ7LIIORUÄ.LG.RPSDJQRQDOLDV.\URQ%DUUDNXQVRZLH&DULOGD7RGD\ PVVHQPLW'ULQJOLFKNHLWHLQV$JHIXQGHQZHUGHQ&DULOGD7RGD\VWHKW XQWHUGHP6FKXW]GHU/)76LHLVWIDOOVVLHOHEHQGJHIXQGHQZLUGVRIRUW QDFK,PSHULXP$OSKD]XEULQJHQXQGIDOOVVLHWRWVHLQVROOWH HLQ]XIULHUHQXQG]ZHFNV:LHGHUEHOHEXQJLQV6DWHOOLWHQKRVSLWDO%(7$ 7$.,1HLQ]XOLHIHUQ$FKWXQJGLH$XVNQIWHGHUDXIGHU(UGHVWDWLRQLHUWHQ &RPSXWHUVLQGGUHLIDFKDXILKUHQ:DKUKHLWVJHKDOW]XSUIHQ(QGHGHU 'XUFKVDJH Ä$OOHVYHUVWDQGHQ0LVVLRQHLQJHOHLWHWNDPGLH%HVWlWLJXQJÄ$XVNXQIW EHU0LWUDXHQJHJHQEHUDXIGHU(UGHVWDWLRQLHUWHQ&RPSXWHUQPX QDFKJHUHLFKWZHUGHQ(QGH :LHGHUJOLWWHQ7LIIORUV)LQJHUEHU6HQVRUSXQNWH'HU%LOGVFKLUPZXUGH GXQNHO Ä6LHKDWWHQLP=XVDPPHQKDQJPLWPHLQHP3DUWQHUJHZLVVH
0DQDKPHQYRUSURJUDPPLHUW0LVWHU7LIIORU"IUDJWH(DUQ\ 7LIIORUQLFNWHHUQVW Ä$EHUQLFKWZHLOLFKLKPPLWUDXHVRQGHUQZHLOLFKPLUDXVUHFKQHQ NRQQWHGDHLQ0DQQZLHHUGHUVLFKVRVWDUNH[SRQLHUHQNDQQIUKHU RGHUVSlWHULQHUQVWH6FKZLHULJNHLWHQJHUDWHQZUGH &HVDUH6HEDVWLDQZ|OEWHGLH%UDXHQ Ä6LHVDJWHQQLFKWZHLO6LHLKPPLWUDXHQ(UVWHU7HUUDQHU+lWWHQ6LH QLFKWIRUPXOLHUHQPVVHQQLFKWZHLO6LHLKPPLWUDXWHQ" -XOLDQ7LIIORUVFKWWHOWHGHQ.RSI Ä.HLQHVZHJVGHQQLFKPLWUDXH.\URQDXFKMHW]WQLFKW0LVWHU 6HEDVWLDQL'LH/DXWHUNHLWVHLQHV&KDUDNWHUVLVWEHUMHGHQ=ZHLIHO HUKDEHQ'HVKDOELVWHUDXFKPHLQ)UHXQG'HUMHQLJHGHUMHW]WYLHOOHLFKW JHJHQXQVDUEHLWHWLVWQLFKWLGHQWLVFKPLW.\URQ%DUUDNXQ$EHU(U ZLQNWHDE Ä:DVLVWXQWHUXPIDVVHQGHQ6XFKPDQDKPHQ ]XYHUVWHKHQ0LVWHU 7LIIORU"ZROOWH(DUQ\ZLVVHQ Ä*HQDXGDVZDVDXFKGXXQWHUXPIDVVHQG YHUVWHKVW(DUQ\ DQWZRUWHWHGHU(UVWH7HUUDQHUÄ6HLWGHP(QGHGHV*HVSUlFKVPLW 1$7+$1VXFKHQDOOHHUGRUELWDOHQ6DWHOOLWHQPLW5DGDU+\SHUWDVWHUQ ,QIUDURWVXFKHUQQRUPDOHQRSWLVFKHQ6LFKWJHUlWHQ(OHNWURQHQWHOHVNRSHQ XQGHLQHUJDQ]HQ3DOHWWHYRQ)XQNEHUZDFKXQJVV\VWHPHQQDFK.\URQ XQG&DULOGD)UEHLGH3HUVRQHQLVWMHJOLFKHU'DWHQVFKXW]DXIJHKREHQ )QIGLPHQVLRQDOH.RGHLPSXOVHERPEDUGLHUHQGLHJHVDPWH (UGREHUIOlFKHXQGDNWLYLHUHQ,PSXOVUHIOH[VHQGHULQGHQ,'.DUWHQ.\URQV XQG&DULOGDV%HUJXQJVXQG5HWWXQJVURERWHUKDEHQGLH6DWHOOLWHQ YHUODVVHQXQGYHUWHLOHQVLFKLPHUGQDKHQ:HOWUDXPXPVRIRUWHLQJUHLIHQ ]XN|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lKLJNHLWHQNDQQWHQXQGHLQHVROFKH6SXUDOVIDOVFKYHUVWHKHQZUGHQ $EHULQGHU1lKHYRQ%HLUXWKDWWHHUGHQ*OHLWHULP0HHUYHUVHQNWXQG GRUWZUGHHU]ZHLIHOORVEDOGJHIXQGHQZHUGHQ=ZDQJVOlXILJZUGHGHU
)XQGPLWLKPLQHLQHQ=XVDPPHQKDQJJHEUDFKWZHUGHQ 9RQVHLQHQ5HFKHUFKHQLQIUHPGHQ&RPSXWHUQZDU.\URQ%DUUDNXQYRU HLQLJHU=HLWHLQHP*URKlQGOHUIUJHVWRKOHQH*OHLWHUDXIGLH6SXU JHNRPPHQGHUVHLQ+DXSWODJHULQ%HLUXWXQWHUKLHOW'DGDV+DXSWODJHU YRQ0HQVFKHQEHZDFKWZXUGHNRQQWHHUGRUWNHLQHQ*OHLWHUVWHKOHQ $OVRVHW]WHHUVLFKPLWGHP*URKlQGOHUGLUHNWLQ9HUELQGXQJEWH JHUDGHJHQXJ'UXFNDXVXP]XHUUHLFKHQZDVHUZROOWHRKQHVHLQ /HEHQ]XJHIlKUGHQEH]DKOWHHLQHQ)OXJJOHLWHUEDUXQGVHW]WHVHLQHQ DEHQWHXHUOLFKHQ:HJIRUW ,P7LHIIOXJVWHXHUWHHUGHQ*OHLWHUEHUPHLVW|GH*HELHWH/LE\HQVXQG 6\ULHQVXQGODQGHWHLQHLQHU5HJLRQYRQ6GRVWDQDWROLHQGLH .DSSDGRNLHQJHQDQQWZXUGH+LHUJDEHVVHLW-DKUWDXVHQGHQLQGHQ 6WHLQZlQGHQYXONDQLVFKHU%HUJHDXVGHP6WHLQKHUDXVJHKDXHQH.O|VWHU XQG:RKQK|KOHQVRZLHZHLWOlXILJHXQWHULUGLVFKH6WlGWHGLHLQIROJHGHU EHZHJWHQ*HVFKLFKWHGHU0HQVFKKHLWVRJXWZLHYHUJHVVHQZDUHQ .\URQ%DUUDNXQOLHGHQ*OHLWHULQGHU1lKHGHU2UWVFKDIW'HULQNX\XLQ HLQHXQWHULUGLVFKH6WDGWVFKZHEHQGLHDFKW(WDJHQWLHILQGHQZHLFKHQ )HOVERGHQKLQDEUHLFKWHXQGGXUFKHLQHQQHXQ.LORPHWHUODQJHQ7XQQHO PLWHLQHU]ZHLWHQXQWHULUGLVFKHQ6WDGWEHLGHU2UWVFKDIW.D\PDNOL YHUEXQGHQZDU ,QHLQHP)OXFKWWXQQHOQDKHHLQHUXQWHULUGLVFKHQ4XHOOHVFKDOWHWH.\URQ GLH$QWULHEVV\VWHPHGHV*OHLWHUVDE'DVZDUZHQLJH6HNXQGHQYRUGHP $XJHQEOLFNDQGHPGLHXPIDVVHQGH6XFKHQDFKLKPXQG&DULOGD7RGD\ JHVWDUWHWZXUGH &DULOGDEOLFNWHLKUHQ3DUWQHUYHUVWlQGQLVORVDQ Ä9HUWUDXVWGXPLU"IUDJWH.\URQ &DULOGDQLFNWH Ä'DQNHHUZLGHUWH.\URQPLWIOFKWLJHP/lFKHOQÄ,FKEUDXFKHGHLQ 9HUWUDXHQVRQVWZlUHDOOHVYHUORUHQ Ä:RVLQGZLUKLHU"IUDJWH&DULOGD Ä'DVLVWHLQ=XIOXFKWVRUWGHU.DSSDGRNLHUHLQHV9RONHVGDVVLFKODQJH YRUGHUWHUUDQLVFKHQ=HLWUHFKQXQJKLHUQLHGHUOLHXQGVLFKYRUGHQDQGHU 2EHUIOlFKHWREHQGHQNULHJHULVFKHQ$XVHLQDQGHUVHW]XQJHQYHUEDUJ 6SlWHUVROOHQGLHHUVWHQ&KULVWHQLKUH5HOLJLRQLQGHQXQWHULUGLVFKHQ 6WlGWHQDXVJHEWKDEHQZRVLHVLFKHUYRULKUHQ9HUIROJHUQZDUHQ'LHVH DOWHQ6WlGWHVLQGVHLWXQJHIlKUHLQHP-DKUWDXVHQGY|OOLJYHUODVVHQXQGLQ 9HUJHVVHQKHLWJHUDWHQ1XULQGHQ6SHLFKHUQDOWHU*HVFKLFKWVFRPSXWHU ILQGHWPDQQRFK,QIRUPDWLRQHQGDUEHU,FKVWLH]XIlOOLJGDUDXIXQG ZHLOPLFKGLH6DFKHIDV]LQLHUWHIORJLFKYRUQHXQ:RFKHQKLHUKHUVDK PLFKIQI7DJHODQJJUQGOLFKXPXQGOHJWHHLQNOHLQHV([SHGLWLRQVODJHU DQZHLOLFKGLH$EVLFKWKDWWHPHLQHQQlFKVWHQ8UODXEKLHUPLW )RUVFKXQJHQ]XYHUEULQJHQ Ä'XKDVWQLHHWZDVGDYRQHU]lKOW.LGVWHOOWH&DULOGDIHVW6LHVDJWHHV PLWOHLVHP9RUZXUILQGHU6WLPPH
Ä'DVZXQGHUWPLFKQDFKWUlJOLFKVHOEVW&DULOGD'XZHLWGDLFKQLH HWZDVYHUVFKZHLJHQNRQQWHMHGHQIDOOVGLUXQG(DUQ\JHJHQEHUQLFKW $EHULP)DOOGLHVHUXQWHULUGLVFKHQ6WlGWHKDEHLFKHVJHWDQ,FKZHL VHOEVWQLFKWZDUXP9LHOOHLFKWVXFKWHPHLQ8QWHUEHZXWVHLQQDFKHLQHP 2UWDQGHPLFKVLFKHUZDUY|OOLJDOOHLQJHODVVHQ]XZHUGHQ &DULOGDQLFNWH Ä'XOHLGHVWLPPHUQRFKXQWHUGHP7UDXPDGDVGLH=HUVW|UXQJGHLQHU JHZRKQWHQ8PZHOWKLQWHUOLHQLFKWZDKU"$QGHUHUVHLWVEHJUHLIHLFK QLFKWZDUXPZLUXQVDXVJHUHFKQHWMHW]WLQGLH(LQVDPNHLW]XUFN]LHKHQ ZRZLUGRFKREHQJHEUDXFKWZHUGHQ Ä'DVZHUGHQZLUHEHQQLFKW&DUGD,P*HJHQWHLOZHQQZLUMHW]WQDFK REHQJLQJHQN|QQWHHV]XHLQHU.DWDVWURSKHNRPPHQ0HKUGDUILFKGLU QLFKWVDJHQ&DULOGD'LHVPDOPXGHLQ9HUWUDXHQHLQEOLQGHV9HUWUDXHQ VHLQ &DULOGD7RGD\VDKLKQODQJHDQGDQQVWUHFNWHVLHGLH+DQGDXVXQG VWULFKLKPVDQIWEHUGLH:DQJH Ä'XNDQQVWGLFKDXIPLFKYHUODVVHQ.LG .\URQ%DUUDNXQOlFKHOWHGDQQYHUOLHHUGHQ*OHLWHUJLQJGXUFKHLQH +|KOHGLHHLQHQYHUIDOOHQHQ)ULHGKRIXQGHLQHNOHLQH.DSHOOHHQWKLHOW XQGZlO]WHlFK]HQGXQGVW|KQHQGHLQH6WHLQSODWWHYRQHLQHPUXQGHQ /RFKLQHLQHU)HOVZDQG0LWHLQHP6SUXQJEUDFKWHHUVLFKLQ6LFKHUKHLW DOVGLH6WHLQSODWWHXPNLSSWH Ä:DVVXFKVWGXGD"ULHI&DULOGDKLQWHULKP Ä'DKLQWHUEHILQGHWVLFKPHLQ([SHGLWLRQVODJHUHUNOlUWH.\URQ%DUUDNXQ OlFKHOQG (U]ZlQJWHVLFKGXUFKGDVQXUHWZDIQI]LJ=HQWLPHWHUGXUFKPHVVHQGH /RFKNUDPWHGDKLQWHUKHUXPXQGSO|W]OLFKGUDQJPDWWHU/LFKWVFKHLQDXV GHP/RFKXQGKHOOWHGLHGXQNHOJUDXH'lPPHUXQJGLHYRPQDKHQ /IWXQJVVFKDFKWNDPDXI 1HXJLHULJVWHFNWH&DULOGDLKUHQ.RSIGXUFKGDV/RFKXQGVDKLKUHQ 3DUWQHULP6FKHLQHLQHUSULPLWLYHQ*DVOHXFKWHLQHLQHUNOHLQHQ+|KOHPLW EXQWEHPDOWHQ:lQGHQXPKHUWDSSHQXQG.LVWHQXQG.|UEHVRUWLHUHQ Ä.RQVHUYHQ'DXHUZUVWHDXVYHJHWDULVFKHQ3URGXNWHQ*HWUlQNHXQG %URWLQ'RVHQVDJWHHUGDEHLÄ'DVGUIWHODQJHJHQXJUHLFKHQ Ä%HLDOOHQ&KLSVHQWIXKUHV&DULOGDÄ*LEWHVKLHUNHLQHQ.KOVFKUDQN" .\URQZDQGWHVLFKXP Ä(LQ.KOVFKUDQNEUDXFKWHOHNWULVFKHQ6WURPHUNOlUWHHUÄ8QGGHUPX VFKOLHOLFKLUJHQGZRKHUNRPPHQEHLVSLHOVZHLVHYRQHLQHP )XVLRQVDJJUHJDW Ä:R]XJOHLFKHLQ.UDIWZHUN"PHLQWH&DULOGDÄ+DWHVKLHUNHLQH 6WHFNGRVHQ" .\URQVFKDXWHVLHVRNRQVWHUQLHUWDQGDVLHVLFKGDV/DFKHQQLFKW OlQJHUYHUNQHLIHQNRQQWH Ä(VVROOWHHLQ:LW]VHLQ.LG.RPPODFKHHLQPDO
Ä+DKDPDFKWH.\URQ(U|IIQHWHHLQH'RVH%URWXQGHLQH'RVH )UXFKWVDIWXQGZLQNWH&DULOGDDXIIRUGHUQG]XÄ6WHLJHLQXQGODEHGLFK &DULOGD]|JHUWHHUVWHWZDVGDQQNURFKVLHGRFKGXUFKGLHgIIQXQJ $XIPHUNVDPVDKVLHVLFKXPGHQQYRQGUDXHQKDWWHVLHGLH+|KOHQLFKW Y|OOLJEHUEOLFNHQN|QQHQ Ä(VJLEWDXFKNHLQHQ)HUQVHKHU"PHLQWHVLHVFKRNNLHUW Ä1LFKWHLQPDOIOLHHQGHV:DVVHU&DULOGDXQGDXFKNHLQH7RLOHWWHQ)U JHZLVVH%HGUIQLVVHPVVHQZLUXQVLQDEJHOHJHQH1HEHQVWROOHQ ]XUFN]LHKHQ (U|IIQHWHDXFKIUVLFKHLQH'RVH%URWXQGHLQH'RVH)UXFKWVDIWGDQQ DHQVLH Ä.RPLVFKPLUKDWHVJHVFKPHFNWVDJWH&DULOGDKLQWHUKHU Ä0DQJHZ|KQWVLFKDQDOOHVHUZLGHUWH.\URQ %OLW]DUWLJZROOWHVLFKHLQHEHVWLPPWH9RUVWHOOXQJDXVVHLQHP 8QWHUEHZXWVHLQLQV%HZXWVHLQGUlQJHQ(UXQWHUGUFNWHVLHPLWDOOHU :LOOHQVNUDIWGLHHUDXIEULQJHQNRQQWHGDQQGDFKWHHUDQJHVWUHQJWDQHLQ NRPSOL]LHUWHVN\EHUQHWLVFKHV3UREOHP Ä:DVKDVWGX.LG"IUDJWH&DULOGDXQGVWULFKLKPPLWGHQ)LQJHUQEHU GLH6WLUQÄ.DOWHU6FKZHL'XELVWGRFKQLFKWHWZDNUDQN" .\URQVFKWWHOWHKHIWLJGHQ.RSI Ä1HLQ&DULOGDHVLVWDOOHVLQEHVWHU2UGQXQJ Ä'DVEHJUHLIHLFKQLFKWVDJWH&HVDUH6HEDVWLDQLÄ6HFKVXQGGUHLLJ 6WXQGHQXPIDVVHQGHU6XFKHXQGQRFKLPPHUNHLQH6SXU'DVLVWGRFK VRJXWZLHXQP|JOLFK Ä%HL.LGLVWHLJHQWOLFKQLFKWVXQP|JOLFKREZRKOLFKPLUGLHVPDOZQVFKH HVZlUHVRVDJWH(DUQ\Ä(VLVWDOVKlWWHGLH(UGHVLFKDXIJHWDQXQG LKQXQG&DULOGDYHUVFKOXQJHQ -XOLDQ7LIIORUVFKULWWQHUY|VLQVHLQHP%URLQ,PSHULXP$OSKDDXIXQGDE GDQQEOLHEHUUXFNDUWLJYRU(DUQ\VWHKHQ Ä'XNHQQVW.LGDPEHVWHQ(DUQ\'HQNHQRFKHLQPDOJHQDXEHUGDV QDFKZDVGLH(UPLWWOXQJHQELVKHUHUJHEHQKDEHQ'LHDXIGHP 5RKUEDKQKRIYRQ7HUUDQLD6SDFH3RUWHLQJHVHW]WHQ2EMHNW6SlW]HLFKQHU KDEHQIHVWJHVWHOOWGD.LGXQG&DULOGDLQGHQ)HUQ]XJQDFK0RVNDX JHVWLHJHQVLQGXQGLKQDXFKHUVWLQ0RVNDXYHUODVVHQKDEHQ,Q0RVNDX VXFKWHQGLH2EMHNW6SlW]HLFKQHUHUVWYHUJHEHQVELVZLUKHUDXVIDQGHQ GDHLQHUGHU]ZLVFKHQ0RVNDXXQG%DJGDGYHUNHKUHQGHQ=JHZHJHQ URXWLQHPlLJHU*HQHUDOEHUKROXQJLQHLQH:HUNVWDWWEHUVWHOOWZXUGH 'RUWJDEHVQDWUOLFKGDQQNHLQH6SXUHQPHKUGHQQHVZDULP=XJPLW +HLOXIWWURFNQHUQJHDUEHLWHWZRUGHQQDFKGHPHUPLW 'HVLQIHNWLRQVPLWWHOQDXVJHVSUKWZRUGHQZDU ,Q]ZLVFKHQDEHUZXWHQZLUVFKRQDXVGHP&RPSXWHUQHW]GD.\URQLQ %DJGDGPLWVHLQHU.UHGLW,'.DUWHHLQHQ)OXJJOHLWHUJHPLHWHWKDWWHXQG ZLUNRQQWHQDXFKHUIDKUHQGDGHUEHWUHIIHQGH*OHLWHUHLQHQ7DJ]XYRU DXIIUHLHP)HOGLQGHU1lKHYRQ2WWDZD5HJLRQ.DQDGDJHIXQGHQ
ZRUGHQZDU 6HOEVWYHUVWlQGOLFKZDUGDVHLQ7ULFNGHUVLFKGXUFK9RUSURJUDPPLHUXQJ PKHORVEHZHUNVWHOOLJHQOlW.LGNRQQWHVLFKGHQNHQGDZLUGLHVHQ 7ULFNGXUFKVFKDXWHQ'HQQRFKKlWWHHVVHLQN|QQHQGDHUJHUDGH GHVKDOEZLUNOLFKQDFK2WWDZDJHIORJHQZDU $EHUHUKDWWHLQ%DJGDGHLQHQ*OHLWHUJHVWRKOHQXQGZDUGDPLWELVQDFK %HLUXWJHIORJHQ-HGHQIDOOVOLHVLFKGDVDXVGHU$XI]HLFKQXQJGHU *HZLFKWVEHODVWXQJHLQHVGHU6LW]HUHNRQVWUXLHUHQ,FKELQGDYRQ EHU]HXJWGD.LGGLHVH6SXUQLFKWDEVLFKWOLFKKLQWHUOLHGHQQDOOH DQGHUHQP|JOLFKHQ+LQZHLVHDXIVHLQHXQG&DULOGDV$QZHVHQKHLWXQG DXIGLH.XUVGDWHQZDUHQVRUJIlOWLJJHO|VFKW6HOEVWYHUVWlQGOLFKQDKPHQ ZLUDQGDHUYRQ%HLUXWDXVHLQDQGHUHV9HUNHKUVPLWWHOEHQXW]WKDW GHQQGHQJHVWRKOHQHQ*OHLWHUIDQGHQZLUDXIGHPNVWHQQDKHQ 0HHUHVERGHQ7LIIORUVHXI]WH Ä$EHUHVJLEWHLQIDFKNHLQHQHXHQ$QKDOWVSXQNWH(VVFKHLQWDOVKlWWHQ HUXQG&DULOGDVLFKLQ%HLUXWRGHU8PJHEXQJLQ/XIWDXIJHO|VW(VZXUGH ZHGHUHLQ)DKU]HXJJHVWRKOHQQRFKHUJDEHQGLH,QIUDURWPHVVXQJHQLQ NRVWHQORVHQ9HUNHKUVPLWWHOQGDHUXQG&DULOGDHLQHVYRQLKQHQEHQXW]W KDWWHQ (UKREGLH$UPHXQGOLHVLHUDWORVZLHGHUVLQNHQ Ä,FKIUDJHPLFKQXUZDV.LGLQGHU1lKHYRQ%HLUXWRGHULQ%HLUXWVHOEVW :LOO'RUWNDQQHUVLFKQLFKWYHUEHUJHQ.HLQH+DXVZDQGLVWVWDUNJHQXJ XPGLH7DVWLPSXOVHGHU6DWHOOLWHQDE]XKDOWHQ=XU=HLWZHUGHQDXHUGHP DOOH*HElXGHLQ%HLUXWXQG8PJHEXQJYRQHLQHP0DVVHQDXIJHERWDQ 3ROL]HLXQWHUVXFKWHLQH6DFKHGLHXQVVFKZHUHQbUJHUZHJHQ 0LDFKWXQJGHU,QWLPVSKlUHHLQEULQJHQZLUG Ä'LH*HIlKUOLFKNHLWGHU6LWXDWLRQUHFKWIHUWLJWGLHVH0DQDKPHQHUNOlUWH &HVDUH6HEDVWLDQL Ä'DVZHLLFKHUZLGHUWH-XOLDQ7LIIORUPGHÄ$EHULFKELQVLFKHUGD DXFKVLHQXW]ORVEOHLEHQZHUGHQ:RKLQDOVRN|QQWH.LGVLFKYRQ%HLUXW DXVJHZHQGHWKDEHQXQGZRPLW" Ä0LWHLQHP*OHLWHUVDJWH(DUQ\Ä'LH7DWVDFKHGDZLULKQELVKHUQLFKW HQWGHFNWKDEHQYHUUlWPLUGDHUPLWGHUXPIDVVHQGHQ6XFKH JHUHFKQHWKDWXQGXQWHU=HLWGUXFNVWDQG(UKDWWHDOVRNHLQH=HLWPHKU PLW|IIHQWOLFKHQ9HUNHKUVPLWWHOQNUHX]XQGTXHU]XUHLVHQXQGPLW JHIlOVFKWHQ.UHGLWNDUWHQHLQHQ6WUDWRMHWEHVWHLJHQGHQ)HKOHUKlWWHHU DXFKQLFKWEHJDQJHQ(UZHLGRFKGDEHLHLQHUXPIDVVHQGHQ6XFKH VFKQHOOKHUDXVJHIXQGHQZLUGGDHQWZHGHUHLQH.UHGLWNDUWHIDOVFKZDU RGHUGDGLH3HUVRQGHUHQ5HJLVWULHUXQG.RQWRQXPPHUGDUDXI YHUPHUNWZDUHQ]XMHQHP=HLWSXQNWJDQ]ZRDQGHUVZDU Ä$OVRKDWHUVLFKDXFKQLFKWPLWHLQHUJHIlOVFKWHQ.UHGLWNDUWHHLQHQ *OHLWHUPLHWHQN|QQHQVDJWH&HVDUH6HEDVWLDQLKHIWLJ Ä$XFKQLFKWVWHKOHQGHQQLQ%HLUXWVLQGLQGHUIUDJOLFKHQ=HLWNHLQH )DKU]HXJHJHVWRKOHQZRUGHQ(LJHQWOLFKLVWGDVNRPLVFKQLFKWZDKU"
)DVWLQDOOHQ6WlGWHQ7HUUDVZXUGHQLQGHUIUDJOLFKHQ=HLW*OHLWHU JHVWRKOHQQXUDXVJHUHFKQHWLQ%HLUXWQLFKW Ä:RNRPPHQGLHJHVWRKOHQHQ*OHLWHUKLQ"IUDJWH(DUQ\ -XOLDQ7LIIORUVW|KQWH Ä6ROOLFKPLFKYLHOOHLFKWDXFKQRFKGDUXPNPPHUQ6HLQH0LHQH YHUlQGHUWHVLFKDEUXSWÄ0RPHQWPDO(DUQ\'XPHLQVW.LGN|QQWHVLFK HLQHQJHVWRKOHQHQ*OHLWHUEHVFKDIIWKDEHQ" Ä'DVZlUHGLHHLQ]LJH0|JOLFKNHLWGDEHLQLFKWUHJLVWULHUW]XZHUGHQ:HU OHJDOHLQHQ*OHLWHUPLHWHWRGHUNDXIWNDQQWKHRUHWLVFKQDWUOLFKDXFKEDU EH]DKOHQDEHUHUPXGHQQRFKVHLQH3HUVRQDOGDWHQFRPSXWHUWHFKQLVFK UHJLVWULHUHQODVVHQGDPLWEHLHYHQWXHOOHQ6FKDGHQVHUVDW]DQVSUFKHQ 'ULWWHUGLH9HUVLFKHUXQJHQZLVVHQDQZHQVLHVLFK]XKDOWHQKDEHQ%HL HLQHPLOOHJDOHQ.DXIHQWIDOOHQGLHVH)RUPDOLWlWHQ 7LIIORUZDQGWHVLFKXPXQGOLHI]XVHLQHP6FKDOWWLVFK(UVWHOOWHHLQH %OLW]YHUELQGXQJPLW1$7+$1KHUXQGYHUDQODWHGDLP5DKPHQGHU 6XFKDNWLRQDOOH3HUVRQHQHUPLWWHOWZHUGHQVROOWHQGLHLQ%HLUXWRGHU 8PJHEXQJLOOHJDOPLWJHVWRKOHQHQ*OHLWHUQKDQGHOWHQ :HQLJH0LQXWHQVSlWHUODJGLH$QWZRUWYRU %HLUXWJDOWDOV+DXSWXPVFKODJSODW]IUJHVWRKOHQH*OHLWHUDOOHU7\SHQ 'LH)DKU]HXJHZDUHQMHGRFKVRSHUIHNWYHUlQGHUWZRUGHQGDGHPDOV &KHIGHU%DQGHYHUGlFKWLJHQ0DQQQDPHQV6HZDQLU$VFKUXPGLVWDQ ELVODQJQLFKWVQDFKJHZLHVHQZHUGHQNRQQWH Ä(LQ$UPHQLHUULHI7LIIORUDOVHUGHQ1DPHQK|UWH Ä:LHPHLQHQ6LHGDV"IUDJWH&HVDUH 7LIIORUOlFKHOWHIOFKWLJ Ä$UPHQLHUJDOWHQIUKHUDOVEHVRQGHUVJHULVVHQH+lQGOHUGLHMHPDQGHP HLQHQ.XKIODGHQDOVKDQGJHNQSIWHQ7HSSLFKYHUNDXIHQNRQQWHQ(U ZLQNWHDEÄ1DWUOLFKEHUWULHEPDQGDPDOVXQGKHXWHKDWHLQ1DPH NDXPQRFKHWZDV]XVDJHQ$OOHUGLQJVZLUG$VFKUXPGLVWDQEDOG%OXWXQG :DVVHUVFKZLW]HQ Ä0LVWHU7LIIORULFKELWWHGDUXPGLHVHQ0DQQVHOEVWYHUK|UHQ XGUIHQ VDJWH(DUQ\VWHLIÄ:HQQLFKKHUDXVILQGHGD.LGYRQLKPHLQHQ*OHLWHU JHNDXIWKDWXQGGHQJHULQJVWHQ$QKDOWVSXQNWGDIUHQWGHFNHZRKLQHU GDPLWJHIORJHQVHLQN|QQWHGDQQZLOOLFKLKQ]XHUVWHUUHLFKHQ$QGHUH N|QQWHQVLFKDEOHQNHQODVVHQRGHULKQIDOVFKHLQVFKlW]HQLFKDEHU QLFKW Ä'XIUFKWHVWMHPDQGN|QQWH.LGHWZDVDQWXQ" Ä-DGDVIUFKWHLFKZHQQLFKDXFKNHLQHGHUDUWLJHQ$EVLFKWHQ XQWHUVWHOOH Ä(LQYHUVWDQGHQ(DUQ\ 7LIIORUUHLFKWH(DUQ\GLH+DQG Ä,FKELQHLQ5RERWHU0LVWHU7LIIORUVDJWH(DUQ\ Ä'XELVWHLQ3UDFKWNHUO(DUQ\HUZLGHUWH-XOLDQ7LIIORUÄ.QIWLJZROOHQZLU )UHXQGHVHLQMD"
Ä'DQNH7LIIVDJWH(DUQ\XQGV\QWKHWLVLHUWH]ZHL7UlQHQGLHLKPEHU GLH:DQJHQUROOWHQ Ä$OWHU+HXFKOHUULHI&HVDUH6HEDVWLDQLXQGODFKWHÄ$EHUZDV0LVWHU 7LIIORUGLUJHVDJWKDWJLOWDXFKIUPLFKXQGLFKNRPPH VHOEVWYHUVWlQGOLFKPLWQDFK%HLUXW Ä9LHO*OFNVDJWH7LIIORUÄ,FKZUGHPLWNRPPHQDEHUGLH%HGURKXQJ 2O\PSVWUHLEWRIIHQEDULKUHP+|KSXQNWHQWJHJHQ,QGLHVHU/DJHGDUILFK ,PSHULXP$OSKDQLFKWYHUODVVHQ 'HUVFKZHUH)OXJJOHLWHUODQGHWHLP,QQHQKRIHLQHV0RWHOVGHVVHQ]X HLQHPRIIHQHQ9LHUHFNDQJHRUGQHWH*HElXGHDOOHUGLQJVQDFKLKUHU 5HQRYLHUXQJDOV%URVXQG:RKQJHElXGHJHQXW]WZXUGHQ=LUND IQI]HKQ*OHLWHUXQWHUVFKLHGOLFKHU7\SHQSDUNWHQGLFKWEHLGHQ *HElXGHQ,QGHU0LWWHGHV,QQHQKRIVSOlWVFKHUWHHLQ%UXQQHQLP 6FKDWWHQGUHLHU'DWWHOSDOPHQ (DUQ\XQG&HVDUH6HEDVWLDQLVWLHJHQDXVXQGEOLFNWHQVLFKVXFKHQGXP 6LHWUXJHQGLHOHLFKWHEHLJH.OHLGXQJGLHLQGHQZDUPHQ*HELHWHQGHU (UGHJHUDGH0RGHZDUXQGZDUHQXQEHZDIIQHW-HGHQIDOOVZDUHQDQ LKQHQNHLQH:DIIHQ]XVHKHQ $OVVLFKQLHPDQG]HLJWHULHI(DUQ\ Ä+DOOR.PPHUWPDQVLFKKLHUQLFKWXPVHLQH.XQGHQ" $XIGHU9HUDQGDHLQHVGHU*HElXGHWDXFKWHHLQMXQJHU0DQQDXI(U KDWWHGLHVDPWEUDXQH+DXWGHUPHLVWHQ(UGEHZRKQHUZDU KRFKJHZDFKVHQXQGKDWWHNXU]JHVFKQLWWHQHVNDVWDQLHQURWHV+DDU6HLQH .OHLGXQJEHVWDQGDXV6KRUWV+HPGMDFNHXQG5LHPHQVDQGDOHQ /DQJVDPJLQJHUDXI(DUQ\XQG&HVDUH]XEOLHEGLFKWYRULKQHQVWHKHQ OlFKHOWHK|IOLFKXQGVDJWH Ä,FKELQ.HQQHWK/XNDV:DVNDQQLFKIU6LHWXQ" Ä:LUP|FKWHQ0LVWHU$VFKUXPGLVWDQVSUHFKHQHUNOlUWH&HVDUH 6HEDVWLDQL Ä,QZHOFKHU$QJHOHJHQKHLW"IUDJWH/XNDVPLWJOHLFKEOHLEHQGHU +|IOLFKNHLW (DUQ\UROOWHPLWGHQ$XJHQXQGIOHWVFKWHGLH=lKQH Ä'DVVDJHQZLULKPVHOEVW%UVFKFKHQJUROOWHHUÄ)KUHXQV]XLKP DEHUGDOOL .HQQHWK/XNDVZLFKHLQSDDU6FKULWWH]XUFNGDQQSILIIHU3O|W]OLFK VFK|VVHQYLHUJURHVDQGIDUEHQH'RJJHQDXVHLQHP$QEDX6LH VWUPWHQEHUGHQ,QQHQKRIKLHOWHQZHQLJH6FKULWWHYRU(DUQ\XQG &HVDUHDQXQGNQXUUWHQGURKHQG Ä9HUVFKZLQGHWVFKULH.HQQHWK/XNDVGHQ%HVXFKHUQ]XÄ2GHULFK KHW]HGLH+XQGHDXIHXFK Ä.XVFKULHI(DUQ\XQGPDFKWHHLQHHQHUJLVFKH+DQGEHZHJXQJ 'LH'RJJHQ]XFNWHQ]XVDPPHQKREHQZLWWHUQGGLH6FKQDX]HQXQG MDXOWHQSO|W]OLFKIXUFKWVDP,PQlFKVWHQ0RPHQW]RJHQVLHVLFKPLW HLQJH]RJHQHQ6FKZlQ]HQ]XUFN
(DUQ\SDFNWH/XNDVDP+HPGXQGYHUVHW]WHLKPHLQHQ6WRGHULKQHLQ SDDU0HWHUZHLWVFKOHXGHUWH Ä9RUZlUWVEHIDKOHU 'HUMXQJH0DQQUDSSHOWHVLFKDXIPXVWHUWH(DUQ\IXUFKWVDPXQGGUHKWH VLFKGDQQXP=|JHUQGJLQJHUDXIHLQHVGHU*HElXGH]X Ä:LHKDVWGXGDVJHPDFKW(DUQ\"IUDJWH&HVDUHZlKUHQGVLH/XNDV IROJWHQ Ä,FKKDEHHLQZHQLJ'UVHQVHNUHWYRP/|ZHQV\QWKHWLVLHUWXQG YHUVSUKWIOVWHUWH(DUQ\JULQVHQG Ä:RKHUNDQQWHVWGXGHQQGLHFKHPLVFKH)RUPHO"IUDJWH&HVDUH YHUEOIIW Ä(LQJXWHU'HWHNWLYZHLDOOHVVLHKWDO HVXQGK|UWDOOHVHUNOlUWH(DUQ\ 6LHEHWUDWHQKLQWHU/XNDVHLQHQJURHQNOLPDWLVLHUWHQ5DXPLQGHPVLFK HLQKRFKJHZDFKVHQHUKDJHUHU0DQQKLQWHUHLQHP&RPSXWHUVFKDOWSXOW HUKRE'HU0DQQKDWWHHLQVFKPDOHV*HVLFKWHLQHODQJHJHERJHQH 1DVHGLFKWHZHLH%UDXHQXQGHLQHQNDKOHQJOlQ]HQGHQ6FKlGHO (UOlFKHOWH|OLJ Ä6LHKDEHQHLQHHWZDVDXVJHIDOOHQH$UWVLFKHLQ]XIKUHQVDJWHHUPLW GXQNOHU6WLPPH &HVDUHQLFNWH Ä6LHVLQG6HZDQLU$VFKUXPGLVWDQ" Ä6HLWPHLQHU*HEXUWDQWZRUWHWHGHU0DQQ &HVDUHOHJWHLKPHLQ)RWR.\URQ%DUUDNXQVDXIGHQ6FKDOWWLVFK Ä'LHVHU0DQQKDWEHL,KQHQHLQHQ*OHLWHUJHNDXIW:DVZDUHVIUHLQ 7\S" Ä,FKNHQQHGHQ0DQQQLFKWHUZLGHUWH$VFKUXPGLVWDQRKQHVLFKGDV )RWRDQ]XVHKHQ Ä6ROOLFKLKQHLQVDO]HQ&HVDUH"IUDJWH(DUQ\XQGGHXWHWHDXIHLQHQ 3ODVWLNVDFNDXIGHP:$66(5(17+b57(5.(,163(,6(6$/= VWDQGÄ3|NHOQPDFKWHLQHIULVFKH+DXWIDUEH Ä8QG%HVWUDKOXQJEUlXQWLKU:LW]EROGHVDJWHMHPDQGKLQWHU(DUQ\XQG &HVDUHÄ0LWHLQHP%ODVWHUVFKZlU]WVLHVRJDU (DUQ\ZDQGWHGHQ.RSIQLFNWHGHQGUHLPLW%ODVWHUQEHZDIIQHWHQ 0lQQHUQIUHXQGOLFK]XXQGVDJWHGDQQ Ä%HYRU,KUH/HXWH6LHLQHLQHXQDQJHQHKPH/DJHEULQJHQVROOWHQ6LH HLQHQ%OLFNLQGLH8PJHEXQJZHUIHQ$VFKUXPGLVWDQ $VFKUXPGLVWDQVFKDOWHWHDQVHLQHP3XOWGDQQPXVWHUWHHUGLHDQGHQ :lQGHQLQVWDOOLHUWHQ0RQLWRUHQ6HLQ*HVLFKWZXUGHLPPHUOlQJHUGDEHL GHQQGLH]LUND]ZDQ]LJ3ROL]HLJOHLWHUGLHVHLQ0RWHOXP]LQJHOWKDWWHQ PXWHQLKPYHUUDWHQGDHUVHLQ*HVFKlIWVFKOLHHQNRQQWH Ä6WHFNWGLH:DIIHQZHJEHIDKOHUVHLQHQ/HXWHQ$Q(DUQ\XQG&HVDUH JHZDQGWVDJWHHUÄ,FKELQHLQHKUOLFKHU+lQGOHUDEHUQLHPDQGNDQQ YHUODQJHQGDLFKMHGHQ.XQGHQVHOEVWEHGLHQH(UQDKPGDV)RWR .\URQ%DUUDNXQVLQGLH+DQGXQGPXVWHUWHHVLQWHQVLY
Ä,KUH*HVFKlIWHLQWHUHVVLHUHQGLH3ROL]HLQLFKWXQVHUNOlUWH&HVDUH 6HEDVWLDQÄ:LUZROOHQQXUZLVVHQZDVIUHLQ)DKU]HXJGLHVHU0DQQ NDXIWHXQGZRKLQHUJHIORJHQVHLQN|QQWH Ä$OOHVDQGHUHHUVSDUHQ6LHVLFKXQGXQVHUNOlUWH(DUQ\ 6HZDQLU$VFKUXPGLVWDQEOLFNWHVHXI]HQGDQGLH=LPPHUGHFNHGDQQ VDJWHHU Ä,FKELQHLQHKUOLFKHUDXIULFKWLJHU0HQVFKGHUZDKUVFKHLQOLFK KHUHLQJHOHJWZXUGH,FKJODXEHLFKHUNHQQHGHQ0DQQ(UNDPQLFKW DOOHLQVRQGHUQPLWHLQHU)UDX'DHUPLUHLQZHQLJVHOWVDPYRUNDP WUDXWHLFKGHP)ULHGHQQLFKWJDQ](UKlWWHHLQ6SLW]HOVHLQN|QQHQ 'HVKDOEOLHLFKLKQEHVFKDWWHQ Ä:HLWHUVDJWH(DUQ\ $VFKUXPGLVWDQOHFNWHVLFKQHUY|VEHUGLH/LSSHQ Ä0HLQ0DQQYHUORUGHQ*OHLWHUKLQWHUGHP)OX.L]LOLUPDNDXVGHQ $XJHQ(VJLEWGRUWHLQ*HELHWLQGHP6LHZHUGHQHVQLFKWJODXEHQ JDQ]H%HUJHDXVJHK|KOWVLQG,QGHQ+|KOHQVROOHQVLFKIUKHUJDQ]H 6WlGWHEHIXQGHQKDEHQLQGHQHQXU]HLWOLFKH0HQVFKHQOHEWHQ(VLVW OHLFKW]ZLVFKHQGHQ%HUJHQHLQHQ9HUIROJHUDE]XKlQJHQ &HVDUHXQG(DUQ\VDKHQVLFKDQ Ä'DVGUIWHHVVHLQPHLQWH&HVDUH6HEDVWLDQLÄ,QHLQHU+|KOHWLHILQ HLQHP%HUJLVWHUVLFKHUYRU2UWXQJVVWUDKOHQ (UXQG(DUQ\ZDQGWHQVLFK]XP*HKHQ Ä8QGLFK"ULHI$VFKUXPGLVWDQLKQHQQDFKÄ:HUKLOIWPLUZHQQPHLQ *HVFKlIWUXLQLHUWZLUG" Ä,FKVFKLFNH,KQHQHLQHQ%OXPHQVWUDXLQV*HIlQJQLVULHI(DUQ\]XUFN Ä*OHLFKLVWHVVRZHLWVDJWH.\URQ%DUUDNXQ Ä:DVLVWVRZHLW"IUDJWH&DULOGD7RGD\XQGVHW]WHHLQHQ7RQNUXJDEPLW GHPVLHIULVFKHV4XHOOZDVVHUJHKROWKDWWH0LWHLQHP$OXPLQLXPEHFKHU VFK|SIWHVLHHWZDV:DVVHUDXVGHP.UXJXQGUHLFKWHHV.\URQ .\URQWUDQNHLQSDDUNOHLQH6FKOXFNH Ä.|VWOLFKULHIHUÄ6RUHLQHV:DVVHUKDEHLFKIUKHUQLHJHWUXQNHQ$FK &DULOGDGXZROOWHVWPLUGRFKEOLQGYHUWUDXHQ:DUXPIUDJVWGXGDQQ" Ä,FKELQHEHQQHXJLHULJPHLQWH&DULOGDÄ$EHUYHUJLPHLQH)UDJH 6HOWVDPHUZHLVHJHIlOOWHVPLUKLHUXQWHQZHQQLFKDXFKQLFKWEHKDXSWH GDLFKPHLQJDQ]HQ/HEHQKLHUYHUEULQJHQP|FKWH$EHUIUHLQH JHZLVVH=HLW6LHVWRFNWHXQGEOLFNWHQDFKREHQ Ä:DVKDVWGXJHK|UW"IUDJWH.\URQXQGVSUDQJDXI &DULOGDVFKWWHOWHGHQ.RSI Ä*HK|UWKDEHLFKQLFKWVDEHULFKVDKGDHWZDVXQVHUHQ /IWXQJVVFKDFKWYHUGXQNHOWH Ä'DVZLUGHLQH:RONHJHZHVHQVHLQ Ä1HLQVRVFKQHOO]LHKWHLQH:RONHQLFKWYRUEHU.LG .\URQ%DUUDNXQVDKVLFKXPSDFNWHHLQLJH/HEHQVPLWWHOLQHLQHQ%HXWHO XQGSUIWHGLH/DGXQJVHLQHV3DUDO\VDWRUV
Ä1LPPGXGHQ.UXJ&DULOGD:LU]LHKHQXQVQDFK.D\PDNOL]XUFN 'XUFK7XQQHOXQGJHZXQGHQH*lQJHHLOWHQVLH]XU0QGXQJGHV 9HUELQGXQJVWXQQHOV]ZLVFKHQGHQEHLGHQXQWHULUGLVFKHQ6WlGWHQ6LH ]RJHQVLFKLQGHQ7XQQHO]XUFNXQGODXVFKWHQ 3O|W]OLFKHUVFKROOHLQHPHJDSKRQYHUVWlUNWH6WLPPHGLH6WLPPH(DUQ\V Ä.LGXQG&DULOGD:LUZLVVHQGDLKUHXFKKLHULUJHQGZRYHUVWHFNW .RPPWKHUDXI:LUZROOHQHXFKQXUKHOIHQDEHUZLUEUDXFKHQDXFKHXUH +LOIH Ä.LGIOVWHUWH&DULOGDXQGGUlQJWHVLFKDQ.\URQÄ(DUQ\VXFKWXQV(U VFKHLQWXQV]XEUDXFKHQ:LUGUIHQLKQQLFKWLP6WLFKODVVHQ .\URQ%DUUDNXQVFKWWHOWHGHQ.RSIXQGVWULFKJHLVWHVDEZHVHQGEHU &DULOGDVKHUEHV*HVLFKWGDVQRFKGLH6SXUHQDOWHU%UDQGQDUEHQDKQHQ OLHDXFKZHQQGLHPRGHUQHNRVPHWLVFKH&KLUXUJLHIDVWHLQ:XQGHUDQ LKUYROOEUDFKWKDWWH Ä(DUQ\ZHLQLFKWZDVZLUNOLFKORVLVWIOVWHUWHHUÄ(UGDUIXQVQLFKW ILQGHQ,FKZXQGHUHPLFKEHUKDXSWZLHHUXQVJHIXQGHQKDW EH]LHKXQJVZHLVHZHLGDZLULUJHQGZRLQGLHVHP*HELHWVWHFNHQ Ä&DULOGDULHI(DUQ\VYHUVWlUNWH6WLPPHHUQHXWÄ:HQQGXXQVQLFKW KLOIVWJHKWGLHPHQVFKOLFKH=LYLOLVDWLRQXQWHU/DXQVQLFKWLP6WLFK &DULOGD &DULOGD]LWWHUWHSO|W]OLFKDPJDQ]HQ.|USHU.\URQOLHGHQ 9HUSIOHJXQJVEHXWHOIDOOHQXQGOHJWHGLH$UPHXP&DULOGD Ä*DQ]UXKLJVDJWHHUÄ'XGDUIVWPLUYHUWUDXHQ(DUQ\DKQWQLFKW ZHVKDOEZLUXQVYHUVWHFNHQDEHUHVLVWULFKWLJVR (UVW|KQWHXQGYHUNUDPSIWHVLFK9RUVHLQHQ$XJHQIOLPPHUWHHV &DULOGDVSUWHGD.\URQLQLKUHQ$UPHQVFKZHUHUZXUGH6LHOLHLKQ EHKXWVDP]X%RGHQJOHLWHQGDQQ|IIQHWHVLHVHLQ+HPGEHUGHU%UXVW XQGEHJRLKQPLWNDOWHP4XHOOZDVVHU Ä.LGZDVKDVWGX"IOVWHUWHVLHKDOEZDKQVLQQLJYRU$QJVW $EHU.\URQVFKLHQVLHZHGHU]XK|UHQQRFK]XVHKHQREZRKOVHLQH $XJHQZHLWRIIHQZDUHQXQGHUK|UEDUDWPHWH $XVGHP/DE\ULQWKDXVGHPVLHJHNRPPHQZDUHQHUW|QWHODXWHV 3ROWHUQGDQQKHXOWHHLQKRFKJHVFKDOWHWHU*OHLWHUPRWRUVFKULOODXI5XIH HUVFKROOHQ &DULOGDSDFNWH.\URQXQWHUGHQ6FKXOWHUQXQGVFKOHLIWHLKQXQJHIlKU KXQGHUW0HWHUWLHILQGHQ7XQQHOKLQHLQ'DQDFKHLOWHVLH]XUFNXQG VWHPPWHVLFKJHJHQGLHJURHQ6WHLQEO|FNHGLHYRUGHU7XQQHOPQGXQJ DXI:DQGYRUVSUQJHQODJHQ 3ROWHUQGVWU]WHQGLH%URFNHQKHUDEXQGYHUVSHUUWHQGHQ=XJDQJELVDXI HLQHQHQJHQ6SDOWGXUFKGHQVLFK&DULOGDJHUDGHKLQGXUFK]ZlQJHQ NRQQWH 6LHHLOWH]X.\URQ]XUFN Ä.DQQLFKGLUKHOIHQ.LG"IUDJWHVLH .\URQV$XJHQJOLW]HUWHQHLJHQDUWLJ(LQH+DQGKREVLFKPLWJHNUPPWHQ
)LQJHUQXQGILHOVFKODIIZLHGHU]XUFN=XP]ZHLWHQPDOKREVLFKGLH +DQGEHUKUWHGHQLP+DOIWHUVWHFNHQGHQ3DUDO\VDWRUULFKWHWHVLFKGDQQ PLWDXVJHVWUHFNWHQ)LQJHUQ]XUJHVSHUUWHQ7XQQHOPQGXQJXQGVDQN HUQHXWKHUDE 'RFKGLHVPDOKDWWH&DULOGDEHJULIIHQZDV.\URQYRQLKUHUZDUWHWH 6LH]RJLKPGHQ3DUDO\VDWRUDXVGHP+DOIWHUGDQQXPDUPWHXQGNWH VLHLKQULVLFKJHZDOWVDPORVXQGUDQQWHDXIGLH7XQQHOPQGXQJ]X $OVVLHGXUFKGHQ6SDOWVSlKWHVDKVLH]ZHLVWDUNH/DPSHQXQGGDKLQWHU ]ZHL*HVWDOWHQ6LHDKQWHGDHLQHGDYRQ(DUQ\ZDUDEHUVLH]|JHUWH QLFKWVRQGHUQ]LHOWHVRUJIlOWLJXQGVFKRHLQPDO]ZHLPDO (LQHGHU*HVWDOWHQVWU]WHVWRFNVWHLI]X%RGHQGLHDQGHUHVFKZDQNWH XQGWDXPHOWHGDQQDXIHLQHQ1HEHQVWROOHQ]X &DULOGDVFKRGDVJDQ]H(QHUJLHPDJD]LQDXIVLHOHHU(UVWGDQQNLSSWH GLH*HVWDOWXP6LHZXWHGDHV(DUQ\ZDUGHQQQXUGHU5RERWHU NRQQWHHLQHP3DUDO\VDWRUEHVFKXVRODQJHVWDQGKDOWHQ(UZDU EHUKDXSWQXUGHVKDOEHPSILQGOLFKGDIUZHLOVHLQHGUHL3RVLWURQLNHQLQ HLQ1HW]KRFKZHUWLJHQ%LRSODVPDVHLQJHEHWWHWZDUHQ 3O|W]OLFKWDXFKWHQKLQWHUGHQ3DUDO\VLHUWHQ]DKOUHLFKH5RERWHUXQG 0HQVFKHQDXI6LHWUXJHQVWDUNH/DPSHQXQG3DUDO\VDWRUHQ &DULOGDIHXHUWHXQGPHUNWHHUVWGDQQGDLKU(QHUJLHPDJD]LQOHHU JHVFKRVVHQZDU $OVVLHVLFKXPZDQGWHXP]X.\URQ]XODXIHQXQGQDFK (UVDW]PDJD]LQHQ]XVXFKHQUDQQWHVLHLKPJHUDGHZHJVLQGLH$UPH Ä.LGVFKULHVLHDXIXQGOLHGLH:DIIHIDOOHQÄ2.LG,FKKDEH(DUQ\ SDUDO\VLHUW Ä0LVWHU.RPSDJQRQ0L7RGD\ULHIHLQH0lQQHUVWLPPHÄ.RPPHQ6LH KHUDXV8QVHUH/HXWHVLQGDXFKYRQGHUDQGHUHQ6HLWHDXVXQWHUZHJV 0LVWHU.RPSDJQRQVHLHQ6LHYHUQQIWLJ1LHPDQGWXW,KQHQHWZDV:LU EUDXFKHQQXU0L7RGD\GDPLWVLHXQVJHJHQHLQHJURH*HIDKUKLOIW Ä'LH*HIDKUEHVWHKWQLFKWPHKUVDJWH.\URQ%DUUDNXQPHKU]X&DULOGD DOV]XGHQQlKHUNRPPHQGHQ0lQQHUQXQG5RERWHUQÄ(VWXWPLUOHLG GDLFKQLFKWVDJHQGXUIWHZHVKDOELFKPLFKPLWGLUKLHUYHUEDUJ 0lGFKHQ$EHUGLH&RPSXWHU%UXW]HOOHLQPHLQHP.RSIPXWHJHWlXVFKW ZHUGHQ6LHPXWHVLFKHUVHLQGDLFKLP6LQQGHUPDQLSXOLHUWHQ &RPSXWHUIXQNWLRQLHUHQZUGH (UVHXI]WHVFKZHU Ä8QGLFKPXWHVLFKHUVHLQGDGLHYRQ*LGHRQHLQJHVFKOHSSWHQ &RPSXWHU%UXW]HOOHQVLFKDOOHRGHUGRFK]XPJU|WHQ7HLOXQJHVW|UW YHUEUHLWHWHQXQG6\PELRVHQPLW0HQVFKHQHLQJLQJHQGHQQQXUEHLHLQHU EHVWLPPWHQ$Q]DKOYRQ3DUWQHUZHVHQNDPHLQH.RPPXQLNDWLRQ ]ZLVFKHQXQVDOOHQ]XVWDQGH8QGQXUGDQQNRQQWHLFKGLH+HUUVFKDIW EHUDOOH3DUWQHUZHVHQDQPLFKUHLHQXQGLKQHQZHLOVLHPLUYHUWUDXWHQ EHIHKOHQVLFK]XWUHQQHQXQGLKUHN\EHUQHWLVFKHQ.RPSRQHQWHQ DXI]XO|VHQ
6LHYHUVXFKWHQ]XOHW]WVLFKJHJHQPLFKDXI]XOHKQHQDEHULFKZDU VWlUNHUZHLOLFKPHKUYRQGHU'HQNZHLVHXQGGHQ)XQNWLRQHQYRQ &RPSXWHUQYHUVWHKHDOVVLHVHOEVWYHUVWDQGHQXQGZHLOGXPLUYHUWUDXW KDVWVRGDLFKGHQ(QWVFKHLGXQJVNDPSIXQJHVW|UWIKUHQNRQQWH $XHUGHPKDWWHLFKPLU.UDIWEHLGHQ3IODQ]HQYRQ*LGHRQJHKROW 'UDXHQHUKREVLFKWDXPHOQG(DUQ\XQGODOOWH Ä/DWVLHLQ5XKH,FKJODXEH.LG$EHU.LGZLHZDUZDUHVP|JOLFKGD &DULOGDV6W|UIDNWRUGHLQH%UXW]HOOHQLFKWSDUDO\VLHUWH" Ä:HLOLFKLPPXQGDJHJHQELQ(DUQ\DQWZRUWHWH.\URQOlFKHOQGÄ8QG PHLQH,PPXQLWlWEHUWUXJVLFKDXIPHLQHQN\EHUQHWLVFKHQ6\PELRQWHQ Ä'XKDVWDOVRGLH=LYLOLVDWLRQJHUHWWHW.LGVDJWH(DUQ\PKVDP Ä+lWWHQGLHN\EHUQHWLVFKHQ9HUVFKZ|UHUJHVLHJWZlUHGDV/HEHQGHU 0HQVFKHQ]XHLQHP$OSWUDXPJHZRUGHQHUNOlUWH.\URQ%DUUDNXQÄ6LH ZlUHQ]XPRUJDQLVFKHQ$QKlQJVHOHLQHU&RPSXWHU=LYLOLVDWLRQ JHZRUGHQ &DULOGDHUVFKDXGHUWHXQGGUFNWHVLFKHQJHUDQ.\URQXQG.\URQ VFKLHQHVSO|W]OLFKDOVDQJHQHKP]XHPSILQGHQ Ä:HQQLFKPLUYRUVWHOOHGDGXGDQQNHLQH0|JOLFKNHLWPHKUJHKDEW KlWWHVW]XHUIDKUHQZDV/LHEHLVW Ä-HW]WZHLLFKHV&DULOGDVDJWH.\URQ%DUUDNXQÄ'HQQRKQH/LHEH KlWWHQZLUYHUORUHQ Ä7XWPLUOHLGGDLFKQLFKWEOLQGOLQJVYHUWUDXHQNRQQWH.LGVDJWH(DUQ\ EHWUEW .\URQODFKWH Ä(VZlUHVFKOLPPZHQQDOOH0HQVFKHQPLUEOLQGYHUWUDXWKlWWHQGHQQ EOLQGHV9HUWUDXHQGDUIHVQXU]ZLVFKHQ]ZHL0HQVFKHQJHEHQ Ä$EHULFKELQNHLQ0HQVFK.LGHUZLGHUWH(DUQ\ Ä1LFKWYRP+HUVWHOOXQJVYHUIDKUHQXQGGHU*UXQGNRQVWUXNWLRQDXV(DUQ\ DEHUYRP'HQNHQXQG)KOHQKHU,PPHUKLQKDVWGXDOOH$QVWUHQJXQJHQ XQWHUQRPPHQXPHLQH+HUUVFKDIWGHLQHU%UGHU]XYHUKLQGHUQ Ä%HLPNOHLQVWHQ&KLSMDVDJWH(DUQ\KHIWLJÄ,FKP|FKWHQLHLQHLQHU =LYLOLVDWLRQOHEHQLQGHUGHU*URH%UXGHU GDV0HQVFKOLFKHLP/HEHQ GHU0HQVFKHQDXVO|VFKWDXFKZHQQHVPDQFKPDONUXPPH:HJHJHKW Ä:LHVFK|QHUGDVJHVDJWKDWPHLQWH&DULOGDOlFKHOQG Ä(ULVWHEHQHLQQHWWHU0HQVFKVDJWH.\URQ%DUUDNXQÄ'RFKQXQODW XQVQLFKWOlQJHUKLHUKHUXPVWHKHQ:LUZROOHQZLHGHUKLQDXIXQGLFK P|FKWHGLH6RQQHVHKHQGLHEHUHLQHUIUHLHQ(UGHVFKHLQW Ä'UDXHQLVW1DFKWZDUIMHPDQGHLQ Ä:RGLH0HQVFKHQIUHLVLQGLVWQLHPDOV1DFKWPHLQ)UHXQGHUZLGHUWH .\URQ (1'(