'572'65$&+( 'LH,QVHOHU]LWWHUWH =XHUVWZDUHVQXUHLQGXPSIHVUROOHQGHV*UROOHQDXVGHP ,QQHUQGHU(UGH9HUJOHLFK...
8 downloads
316 Views
215KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
'572'65$&+( 'LH,QVHOHU]LWWHUWH =XHUVWZDUHVQXUHLQGXPSIHVUROOHQGHV*UROOHQDXVGHP ,QQHUQGHU(UGH9HUJOHLFKEDUPLWHLQHPJHZDOWLJHQ 5lXVSHUQRGHU$WHPKROHQYRUGHPJURHQ.QDOO 8QGGHUNDP 0LWGHU:XFKWYRQ7LWDQHQIlXVWHQZXUGHGDV%HWRQGDFK GHV%XQNHUVLQGLH+|KHJHVFKOHXGHUW(VVFKLHQLQGLHJUDX HQ:RONHQKLQHLQUDVHQ]XZROOHQ]HUEDUVWGDQQLQ]DKOUHLFKH 7HLOHGLHUDNHWHQDUWLJGXUFKGLH/XIWSILIIHQXQGPLWW|G OLFKHU:XFKWEHUGLH,QVHOJHVFKOHXGHUWZXUGHQELVVLH ]ZLVFKHQGLH)HOVHQNUDFKWHQRGHULP0HHUYHUVDQNHQ 'HU([SORVLRQIROJWHGDV)HXHU (LQHIDXFKHQGH)ODPPHQZDQGGLHDXVGHUgIIQXQJVWLHJ (LQHP|UGHULVFKH/RKHGLHDOOHVZDVVLFKLQLKUHUXQPLWWHO EDUHQ1lKHEHIDQGYHUQLFKWHWHDXIIUD]HUVW|UWH (VZDUHLQJLHULJHV)HXHUGDVDXVGHPJHZDOWLJHQ.UDWHU VFKOXJZRVLFKHLQPDOGLHXQWHULUGLVFKH%XQNHUIHVWXQJ EHIXQGHQKDWWH8QGQRFKLPPHUHUVFKWWHUWHQ([SORVLRQHQ GDVZDVHLQ0DQQQDPHQV'U7RGLQPKHYROOHU$UEHLWDXI JHEDXWKDWWH,QQHUKDOEYRQ0LQXWHQZXUGHHV]HUVW|UW *OKHQGH6WHLQHVFKPHO]HQGHV0HWDOO$VFKH+RO] 7UPPHUGDVDOOHVVFKRDXVGHP.UDWHUKHUYRUGHQGLH ([SORVLRQHQJHULVVHQKDWWHQ(VYHUWHLOWHVLFKEHUGLH,QVHO XQGZHFNWHDXFKGLHDXIGLHELVKHULQYHUVWHFNWOLHJHQGHQ +|KOHQJHVFKODIHQXQGGLH'XQNHOKHLWDEJHZDUWHWKDWWHQ (VZDUHQGLHURWHQ9DPSLUH 6LHZXWHQQLFKWZDVJHVFKHKHQZDU%HL7DJHVOLFKWWUDXWHQ VLHVLFKQLFKWDXVGHQ+|KOHQXQGVRZDUWHWHQVLHDEELVGLH 'XQNHOKHLWEHUGDV/DQGIDOOHQZUGH (LQH([SORVLRQIROJWHGHUDQGHUHQ.UDFKHQGH'RQQHU VFKOlJHGLHZHLWEHUGDV:DVVHUKDOOWHQXQGVLFKLQGHU )HUQHYHUORUHQ'DV)HXHUXQGYRUDOOHQ'LQJHQGHU 5DXFKSLO]GHUHLQHVHOWVDPH)RUPDQQDKPVFKZHEWHQEHU GHUNOHLQHQ,QVHO2EHQIlFKHUWHHUPHKUDXVHLQDQGHUZXUGH DQVHLQHUK|FKVWHQ6WHOOHDEJHUXQGHWXQG]HLJWHSO|W]OLFKGLH 8PULVVHHLQHV7RWHQVFKlGHOV
(VNRQQWHDXFK=XIDOOVHLQGDGHU5DXFKVLFKVR]XVDP PHQJHIRUPWKDWWHXQGDOVHLQ:LQGVWRLQGHQ6FKlGHOKLQ HLQIXKUGD]HUIODWWHUWHHU 'DV(LODQGGHV7RGHVODJQXUQRFKXQWHUGHPQRUPDOHQ 5DXFKVFKOHLHUGHUWUlJHLQGLH+|KHVWLHJXQGYRP:LQG HUIDWZXUGH9RQ6GZHVWHQWULHEHQGLFNH:RONHQElQNH KHUDQ0LWLKQHQYHUPLVFKWHVLFKGHU5DXFKVHKUVFKQHOO (LQHWRWH,QVHO" ,PHUVWHQ$XJHQEOLFNKDWWHHVGHQ$QVFKHLQ'RFKQLFKW DOOHVZDVVRWRWZLUNWHGDVZDUDXFKWRW0HQVFKHQEHU OHEWHQVROFKH.DWDVWURSKHQQLFKW'lPRQHQZDUHQGDDXV DQGHUHP+RO]JHVFKQLW]W 6LHVHOEVWKDWWHQGLH,QVHOLQGLH/XIWJHMDJWZHLOVLHNHLQH DQGHUH&KDQFHVDKHQDEHUGDPLWVWDQGQRFKOlQJVWQLFKWIHVW GDVLHVLFKVHOEVWDXFKYHUQLFKWHWHQ ,P*HJHQWHLO ,FKPXWHHUVWHLQPDOWLHI/XIWKROHQXQGILQJPLUHLQHQ VFKUlJHQ%OLFNPHLQHV)UHXQGHV6XNRHLQª:DVKDVWGX -RKQ"© ª6WLPPWHVZLUNOLFK"© ª:DV"© ª'DHV'U7RGQLFKWPHKUJLEW'DZLULKQHQGJOWLJYHU QLFKWHWKDEHQ"© ª:HUNDQQGDVVFKRQJHQDXZLVVHQ"© ª,FKQLFKWDEHUGXZHQQLFKGHLQHQ(U]lKOXQJHQJODXEHQ NDQQ© ,FKOLHPLFKDXIGHP6WXKO]XUFNVLQNHQZREHLPHLQH $UPHUHFKWVXQGOLQNVQDFKXQWHQEDXPHOWHQª-D6XNRZLU KDEHQHVJHVFKDIIW6WHOOGLUYRULFKZDUQRFKYRUHLQHU 6WXQGHLQ)HXHUODQG© ªhEHUWUHLEHPDOQLFKW'UHL6WXQGHQLVWHVPLQGHVWHQV VFKRQKHU© ª0HLQHWZHJHQ$EHU)HXHUODQGIDVWVFKRQ6GSRO© ª-HW]WEHUWUHLEVWGXZLHGHU©
,FKEHXJWHPLFKYRUXQGVFKOXJPLWGHUIODFKHQ+DQGDXI GHQ7LVFKª'DLFK'U7RGHLQH6LOEHUNXJHOLQVHLQHQ6FKlGHO JHMDJWKDEHXQGHUDQVFKOLHHQGLQGDVPLW3LUDQKDVJHIOOWH %HFNHQILHOLVWNHLQHhEHUWUHLEXQJ© ª'XPXWHVZLVVHQ©6XNRJULQVWHª6FKOLHOLFKZDUVWGX GDEHLXQGQLFKWLFK© ª*HQDX© ª+DVWGXGHQQVHLQH/HLFKHJHVHKHQ"©ZROOWH6XNRZLVVHQ ª,FKPHLQHGLUHNW© ,FKVFKWWHOWHGHQ.RSIXQGQLFNWHIDVWJOHLFK]HLWLJ(LQH %HMHLQXQJZLH6XNRIHVWVWHOOWHª$OVRQLFKW© ª'RFK© 0HLQ)UHXQGKREGLH6FKXOWHUQXQGJULII]XHLQHP7HHJODV ZlKUHQGLFKDXIVWDQG]XP)HQVWHUZDQGHUWHXQGQDFK GUDXHQVFKDXWHZRVLFKGHU$EHQGEHU/RQGRQVHQNWHXQG GLHHUVWHQ/LFKWHUDXIVWUDKOWHQ,FKZDULQQHUOLFKXQJHPHLQ DXIJHGUHKWGLHOHW]WHQ(UHLJQLVVHKDWWHQPLUDOOHVDEJH IRUGHUWXQGLFKZDUGDYRQDXFKEHUUDVFKWZRUGHQ 6ROR0RUDVVRWRW 'DVZDUHLQ'LQJ8QJODXEOLFKGXUFKPHLQH.XJHOJHVWRU EHQP|JOLFKHUZHLVH,FKNRQQWHHVQRFKQLFKWIDVVHQ:DV KDWWH0RUDVVRQLFKWDOOHVEHUOHEWGLH+|OOHLPZDKUVWHQ 6LQQHGHV:RUWHV (UKDWWHGLH7HXIHOVWRFKWHUHUOHGLJWXQGQXQKDWWHLKQPHLQ JHZHLKWHV6LOEHUJHVFKRLQHLQ%HFNHQPLWPRUGJLHULJHQ 3LUDQKDVJHVFKOHXGHUW ;RUURQKDWWHLKQDXVGHP3LUDQKD%HFNHQJHKROW=HU IUHVVHQYRQGHQ)LVFKHQQXUDXV.QRFKHQEHVWHKHQG (LQVFKHXOLFKHV%LOG 9LHOOHLFKWGDVOHW]WHGDVLFKYRQ'U7RGJHVHKHQKDWWH" ,FKZXWHHVQLFKWXQGZROOWHDXFKQLFKWQlKHUGDUEHU QDFKGHQNHQZHQLJVWHQVMHW]WQLFKW $EHUGLH8QUXKHEOLHE,FKNRQQWHPLFKHLQIDFKDXIQLFKWV DQGHUHVPHKUNRQ]HQWULHUHQGUHKWHPLFKXPXQG6XNR VFKDXWHLQPHLQYRQ6RUJHQIDOWHQJH]HLFKQHWHV*HVLFKW ª'LUJHKWHVDQGLH1LHUHQZLH"©
,FKODFKWHKDUWDXIZlKUHQGLFKPLFKDXIHLQHQ6WXKOIDOOHQ OLHª'DVDJVWGXZDV© ª5HFKQHHLQIDFKGDPLWGDHUHQGJOWLJYHUQLFKWHWLVW -RKQ© ª'DVNDQQLFKQLFKW©,FKVFKWWHOWHGHQ.RSIª1HLQGDVLVW PLUXQP|JOLFK'XNHQQVWLKQQLFKWVRODQJHZLHLFK6XNR ,FKKDEHLKQYRU-DKUHQVFKRQHUOHEW'HUKDWGDV)HXHUEHU VWDQGHQXQGVHLQH6HHOHLVWLQGHQ.|USHUHLQHVDQGHUHQ JHODQJW© ª5HFKQHVWGXPLWHLQHU:LHGHUKROXQJ"© ,FKKREGLH6FKXOWHUQª.HLQH$KQXQJ$OOHUGLQJVZLOOLFK GDUDQQLFKWVRUHFKWJODXEHQGHQQGDGHU6SXNVHLQH6HHOH DXI$VPRGLQDV'UlQJHQKLQIUHLJHJHEHQKDWZDUGLHJURH $XVQDKPH,FKJODXEHQLFKWGDUDQGDHUHLQ]ZHLWHV0DO VHLQH3ULQ]LSLHQXPZLUIW6ROOWH6ROR0RUDVVRV6HHOHLQVHLQ 5HLFKHLQJHJDQJHQVHLQGDQQZLUGVLHDXFKGRUWEOHLEHQ 8QG]ZDUIULPPHU© ª'XKDVWHLQHJXWH0HLQXQJYRP6SXN© ª'DVKDWPLWJXWHU0HLQXQJQLFKWV]XWXQ(VVLQGHLQIDFK GLH5HJHOQGLHGRUWKHUUVFKHQ© ª8QGMHW]W"'XZLOOVWGRFKQLFKWHWZDLQGLHVHU 8QJHZLKHLWZHLWHUOHEHQ"© ª1HLQ© ª'DQQPWHVWGXQRFKHLQPDODXIGLH,QVHO© ª'DUDXIZROOWHLFKKLQDXV© 6XNRKREGLH6FKXOWHUQª6LHZLUG]HUVW|UWVHLQQHKPHLFK DQ2GHUELVWGXDQGHUHU0HLQXQJ"© ª.DXP1XULVW/DG\;UHFKW]HLWLJGLH)OXFKWJHOXQJHQ6LH KDW9DPSLURGHOPDUPLWJHQRPPHQXQG;RUURQEHUVWHKW VRHWZDV'HPPDFKWGRFK)HXHUQLFKWVDXV=XGHPGDUIVWGX HLQVQLFKWYHUJHVVHQ$OV6ROR0RUDVVRLQGDV%HFNHQ JHVFKOHXGHUWZXUGHGDKDWHUHVWDWVlFKOLFKJHVFKDIIWGHQ :UIHOGHV8QKHLOVDQVLFK]XUHLHQ(UKDWLKQDOVRPLWJH QRPPHQXQGLFKNRQQWHLQGHQ0RQGVFKDXHQ© ª:HQQ0RUDVVRWDWVlFKOLFKHUOHGLJWLVWZLUGLKPGHUYHU GDPPWH:UIHODXFKQLFKWYLHOKHOIHQ©
ª'DVVWLPPWVFKRQ1XUN|QQWH;RUURQLKQJHUHWWHWKDEHQ GDVGDUIVWGXQLFKWYHUJHVVHQ8QGZHQQ/DG\;DXFKHQW NRPPHQLVWKDWVLHGRFKGLH:DIIH© ª-DZHQQPDQYRQGLHVHQhEHUOHJXQJHQDXVJHKWKDVWGX UHFKW-RKQ© ,FKGUFNWHPLFKDXVGHP6WXKOKRFKXQGJLQJLQGDVYHU ODVVHQH9RU]LPPHU*OHQGDKDWWHOlQJVW)HLHUDEHQGJHPDFKW 'LH.DIIHHPDVFKLQHNDPPLUYHUZDLVWYRU (LQ5HVWEHIDQGVLFKQRFKGDULQ,FKWUDQNLKQNDOWZHLOLFK HLQHQVFKOHFKWHQ*HVFKPDFNLP0XQGVSUWH0LWGHUOHHUHQ .DIIHHWDVVHNHKUWHLFK]XUFN ª8QGDQ$ODVVLDGHQNVWGXEHUKDXSWQLFKW"©IUDJWH6XNR DOVLFKEHUGLH6FKZHOOHWUDW ª1HLQGLHKDEHLFKHUVWHLQPDODXVPHLQHQ*HGDQNHQYHU EDQQW6LHKDWGLH)OXFKWLQLKUH:HOWDQJHWUHWHQ© ª1LPPGDVQLFKWVROHLFKW0LWGHUNDQQXQVQRFKHLQH JHIlKUOLFKH*HJQHULQKHUDQZDFKVHQ©ZDUQWH6XNR ª0|JOLFK$EHULP0RPHQWKDEHLFKDQGHUH6RUJHQ'D DXFK0\[LQXQG.DUDQLFKWKLHUVLQGlUJHUWPLFK'LHEHLGHQ PWHGDVDOOHVDXFKLQWHUHVVLHUHQ© ª'XZHLWZDV.DUDKLQWHUVLFKKDW©HUJULII6XNRIUGLH 6FK|QHDXVGHP7RWHQUHLFK3DUWHLªGDVLVWDOOHVQLFKWVROHLFKW ]XYHUNUDIWHQ© ª6WLPPWDXFK© ª'DVFKHLQWXQVQLFKWVDQGHUHVEULJ]XEOHLEHQDOV]XZDU WHQELVVLFKLUJHQGHWZDVWXW© ª0HQVFKGXKDVW1HUYHQ© ª6DJPLUHLQHDQGHUH/|VXQJ© ª,FKZHLNHLQH© ª(EHQ© ,FKJULII]XGHQ=LJDUHWWHQXQGVWHFNWHPLUHLQ6WlEFKHQ ]ZLVFKHQGLH/LSSHQ(LJHQWOLFKKlWWHQZLUVFKRQ]X+DXVH VHLQPVVHQDEHUZLUNULHJWHQHLQIDFKQLFKWGLH.XUYH 9LHOOHLFKWVSUWHQZLUEHLGHGDHWZDVLQGHU/XIWODJDOOHU GLQJVZXWHQZHGHU6XNRQRFKLFKHWZDV.RQNUHWHVGHVKDOE VFKZLHJHQZLUOLHEHU
$OVLFKGHQHUVWHQ=XJDXVGHP*OLPPVWHQJHOQDKPXQG GHQ5DXFKZLHGHUDXVDWPHWHJHVFKDKHV,P9RU]LPPHUILHO HWZDVXP 6RIRUWVSULW]WH6XNRKRFKGRFKHUEUDXFKWHQLFKWKLQ]X ODXIHQHLQDOWHU%HNDQQWHUHUVFKLHQDXIGHU7UVFKZHOOH 0\[LQ ª0HQVFKGX©VW|KQWHLFKXQGZDUJOHLFK]HLWLJHUOHLFKWHUW 'HUNOHLQH0DJLHUOlFKHOWHª,FKZXWHGRFKGDLKUEHLGH 6HKQVXFKWQDFKPLUKDWWHW© ,FKOlFKHOWHª,VW]ZDUHLQZHQLJEHUWULHEHQDXVJHGUFNW DEHULP3ULQ]LSWULIIWHVGHQ.HUQVFKRQ:HVKDOEELVWGX JHNRPPHQ"© ª8QWHUDQGHUHPZROOWHLFKGLUJUDWXOLHUHQ© ª:R]X"© ª'XKDVWGRFK6ROR0RUDVVRHUOHGLJW:DVGLUEHL$VPRGLQD QLFKWJHOXQJHQLVWNRQQWHVWGXEHL0RUDVVRDXVJOHLFKHQ© ,FKZLQNWHDEª0DFK VKDOEODQJVRVFKOLPPLVWHVQLFKW ZLHGXHVGDUVWHOOVW© ª9HUVWHKHLFKQLFKW© ª(KUOLFKJHVDJW0\[LQHVIlOOWPLUVFKZHUDQ'U7RGVHQG JOWLJH9HUQLFKWXQJ]XJODXEHQ'DVZROOWHLFKGLUVDJHQ© ª:XQGHUWPLFK'XELVWGRFKVRQVWQLFKWVRSHVVLPLVWLVFK© ª$EHULQGLHVHP)DOOKDWHVVHLQH%HUHFKWLJXQJ,FKNHQQH LKQXQGZHL]XZDVHUIlKLJLVW© 0\[LQQDKPDXIGHU6FKUHLEWLVFKNDQWH3ODW]6HLQJUQOLFK VFKLPPHUQGHVHWZDVIODFKZLUNHQGHV*HVLFKW]HLJWHHLQ /lFKHOQª6RY|OOLJKDVWGXGDQLFKWXQUHFKW© ª$KDDXFKGXKDVWHLQVFKOHFKWHV*HZLVVHQ© ª'DVHLJHQWOLFKQLFKW1XUKlWWHDXFKLFKPLFKJHUQGDYRQ EHU]HXJWREHVVWLPPW© ª%LVWGXGHVKDOEJHNRPPHQ"© ª-D© ª2ND\GDQQWHOHSRUWLHUHXQVKLQ© ª:LOO6XNRDXFKPLW"©'HUNOHLQH0DJLHUGUHKWHVLFK]X PHLQHP)UHXQGXP ª8QGZLH©
ª:LOOVWGXQRFK:DIIHQPLWQHKPHQ"©ZDQGWHVLFK0\[LQ ZLHGHUDQPLFK ª'HU%XPHUDQJN|QQWHQLFKWVFKDGHQ© ª2ND\GDQQQLPPLKQ© ,FKPXWHLKQDXVGHP(LQVDW]NRIIHUKROHQGHULP:DJHQ ODJ0LWGHP)DKUVWXKOIXKULFKQDFKXQWHQ'HU%HQWOH\ VWDQGDXIGHP3DUNSODW]QLFKWZHLWYRQHLQHP%DXJHUVW HQWIHUQWGHQQEHLXQVZXUGHXPJHEDXW(VKDWWHHLQHQIUFK WHUOLFKHQ'UHFNJHJHEHQ$XIGHP:DJHQODJHLQHKHOOH 6FKLFKW'DGLH/XIWVFKZOXQGIHXFKWZDUNOHEWHGHU'UHFN ZLHHLQ6FKPLHUILOPDXIGHP'DFK 0LWGHP%XPHUDQJNHKUWHLFK]XUFNXQGK|UWHQRFKZLH 6XNRVDJWHª$OVRGHLQH)lKLJNHLWHQP|FKWHLFKDXFKEHVLW ]HQ0\[LQ© ª'DIUNDQQVWGXHWZDVDQGHUHV© ª:DVGHQQ"© ª.DUDWH© ª'DVHLQHKHEWGDVDQGHUHDEHUQLFKWDXI© ª6WUHLWHWHXFKQLFKW.LQGHU,FKP|FKWHDXFKVRYLHOHVN|Q QHQXQGHVLVWQLFKWP|JOLFK/RVZLUZHUGHQGLH6DFKH VFKRQVFKDXNHOQ)HXHUODQGZDUWHW© 0\[LQIDWHXQVDQ'DQQNRQ]HQWULHUWHHUVLFK6HLQ *HVLFKWZXUGHVWUDIIGLH+DXWDQGHQ:DQJHQ]XFNWHQRFK HLQPDOXQGLPQlFKVWHQ$XJHQEOLFNZDUHQZLUGUHLYHU VFKZXQGHQ 'LH:RONHQZDUHQQlKHUJHNRPPHQ(LQHJHZLVVH 'VWHUQLVODJEHUGHU,QVHOXQGHLQHPJURHQ7HLOGHV 0HHUHV'HU:LQGKDWWHDXIJHIULVFKW.DOWXQGVFKDUIIXKU HUEHUGDVNOHLQH(LODQGZlKUHQGHUGLHJUDXJUQHQ :RJHQ]XJHZDOWLJHQ%HUJHQDXIWUPWHXPVLHJHJHQGLH ,QVHO]XVFKOHXGHUQ (VZDUHLQ:HWWHUGDVLQGLHVHZLQGLJH(FNHGHU:HOWSDWH XQGDXFKGLH6WLPPXQJZLHGHUJDEGLHEHUGHP(LODQGODJ 5DXFKXQG7UPPHU
'LHVHHLQIDFKH%HVFKUHLEXQJWUDIJHQDXGHQ.HUQGHU6DFKH 9RQGHPJHZDOWLJHQXQWHULUGLVFKHQ%XQNHUZDUVRJXWZLH QLFKWVPHKU]XUFNJHEOLHEHQ'LH([SORVLRQHQKDWWHQVHOEVW GLHVWDUNHQ%HWRQIXQGDPHQWHXQG:lQGH]HUULVVHQ 'LH7UPPHUZDUHQKLPPHOKRFKJHVFKOHXGHUWZRUGHQXQG ODJHQEHUDOOYHUWHLOW'D]ZLVFKHQVFKLPPHUWHQPHWDOOHQH 7HLOH.DEHOHOHNWULVFKH$QODJHQ6WHXHUSXOWH0RQLWRUHDOOHV ZDUHLQ2SIHUGHV&KDRVJHZRUGHQ :RGHU%XQNHUJHVWDQGHQKDWWHHULQQHUWHMHW]WQXUQRFKHLQ .UDWHUDQVHLQH([LVWHQ] *HZDOWLJLQVHLQHQ$XVPDHQPLWHLQJHULVVHQHQJH]DFNWHQ 5lQGHUQ$XIGHP*UXQGGHV.UDWHUVVFKLPPHUWH:DVVHU 'D]ZLVFKHQODJHQGLHYHUNRKOWHQXQGYHUJOKWHQ7HLOHGHU WHFKQLVFKHQ$QODJHXQGYRQGHQ5lQGHUQVWLHJHQGQQH JLIWLJH5DXFKZRONHQ]LWWHUQGLQGLH+|KH (LQHWRWH,QVHOYRPHUVWHQ(LQGUXFNKHU'RFKZHUQlKHU KLQVFKDXWHGHUHQWGHFNWHGDHVDXFK0HQVFKHQHUZLVFKW KDWWH$OOHUGLQJV0HQVFKHQGLHLPHLJHQWOLFKHQ6LQQHNHLQH ZDUHQVRQGHUQQXUQRFKVRDXVVDKHQ0DQNRQQWHVLHDXFK DQGHUVEH]HLFKQHQ =RPELHV 6LHJHK|UWHQ]X;RUURQLKUHP+HUUQXQG0HLVWHU$XIVHLQ .RPPDQGRJHKRUFKWHQVLHGRFKVLHEHVDHQQLFKWGLH :LGHUVWDQGVIlKLJNHLWGHVXUDOWHQ'lPRQV (LQLJHYRQLKQHQKDWWHQVLFKLQQHUKDOEGHU%XQNHUDQODJH EHIXQGHQDOVGLHVHLQGLH/XIWIORJ 9LHOOHLFKWKlWWHQVLFKQRFKZHOFKHYRQLKQHQUHWWHQN|QQHQ ZHQQHVQLFKWJHUDGH=RPELHVJHZHVHQZlUHQ6RZXUGHQ GLHPHLVWHQYRQLKQHQYRQGHU([SORVLRQ]HUVW|UWGHQQGLHVH :HVHQKDWWHQNHLQHQ9HUVWDQGPHKUVLHNRQQWHQHLQH*HIDKU QLFKWHLQVFKlW]HQXQGPXWHQGDIULKUHQ7ULEXW]DKOHQ 1LFKWDOOHZDUHQ]HUVW|UWZRUGHQ(LQLJHGLHVLFKDXHUKDOE GHU$QODJHEHIDQGHQKDWWHQVLFKUHWWHQN|QQHQ8QGVLHLUU WHQMHW]WZLHJHVSHQVWLVFKH:HVHQDXIGHU,QVHOXPKHU'UHL YRQLKQHQKDWWHQVLFKDP6WUDQGYHUVDPPHOWZRVLHDXV VWXPSIHQ$XJHQJHJHQGLHKHUDQUROOHQGHQ:HOOHQVWLHUWHQ
,P0RPHQWZDUHQVLHRKQH)KUXQJVWDQGHQQXUKHUXP VWHPPWHQVLFKJHJHQGHQ:LQGXQGVWLHHQVLFKPDQFKPDO JHJHQVHLWLJYRQGHQ%HLQHQEHYRUVLHVLFKPLWWRUNHOQGHQ %HZHJXQJHQZLHGHUHUKREHQ (VJDELQGLHVHU*HJHQGGHU,QVHOZRVLHVLFKDXIKLHOWHQ GLHJURHQ)HOVHQ*UDXH*HELOGHLP/DXIHYRQ0LOOLRQHQ YRQ-DKUHQHQWVWDQGHQGXUFKVHW]WPLW6SDOWHQ5LVVHQNOHL QHQ6FKOXFKWHQXQGDXFK+|KOHQ,QOHW]WHUHQODXHUWHQGLH URWHQ9DPSLUH'LHQHUGHV6XSHUYDPSLUV9DPSLURGHOPDU 6LHDOOHUGLQJVWUDXWHQVLFKHUVWDXVLKUHQ9HUVWHFNHQZHQQ GLH'XQNHOKHLWDQJHEURFKHQZDU7DJHVOLFKWVFKZlFKWHVLH PDFKWHVLHNUDQNXQG]HUVW|UWHVLH'LHVH)HOVHQJDEHQHLJHQW OLFKHLQHLGHDOH'HFNXQJXPHLQHU.DWDVWURSKH]XHQWJHKHQ 6RKDWWHQDXFK/DG\;XQG9DPSLURGHOPDUJHGDFKWDOV VLH]ZLVFKHQLKQHQNDXHUWHQXQGGDV&KDRVDEZDUWHWHQ6LH KDWWHQLQHLQHU+|KOH6FKXW]JHIXQGHQ -HGH([SORVLRQKDWWH/DG\;PLWVWHLQHUQHP*HVLFKWYHU IROJW6LHDOOHLQZXWHGDVLHVLFKGDIUYHUDQWZRUWOLFK]HLJ WHGHQQVLHKDWWHNHLQHDQGHUH0|JOLFKNHLWPHKUJHVHKHQ QDFKGHP6ROR0RUDVVRYRQGHUJHZHLKWHQ.XJHOGHV *HLVWHUMlJHUVLQGDV3LUDQKD%HFNHQJHVFKOHXGHUWZRUGHQ ZDU)U/DG\;ZDUGDPLWHLQ.DSLWHOEHHQGHWGDVGHQ 1DPHQ0RUGOLJDJHWUDJHQKDWWH 'LHVHVWDUNH*HPHLQVFKDIWZDUGXUFKGLH9HUQLFKWXQJLKUHV $QIKUHUVJHVSUHQJWZRUGHQ -HW]WPXWHPDQZHLWHUVHKHQ +DWWH/DG\;-RKQ6LQFODLUVFKRQIUKHUJHKDWVRKDWWH VLFKLKU+DLQGHUOHW]WHQ=HLWQRFKJHVWHLJHUW1DFKGHQ 9RUIlOOHQZDUGHU*HLVWHUMlJHU]XP)HLQGELOG1XPPHUHLQV IUGLH9DPSLULQJHZRUGHQ(UKDWWHLKUDOOHVJHQRPPHQ GHQQVLHJDELKPXQGGHP0DJLHU0\[LQGLH6FKXOGDQGHU 9HUQLFKWXQJ 8QGVLHVFKZRU5DFKH ,QGLHVHQODQJHQ0LQXWHQDOVVLHPLW9DPSLURGHOPDULQ GHU+|KOHKRFNWHGDZXWHVLHGDVLH6LQFODLUQLFKWPHKU ORVODVVHQZUGH0LWHLVHUQHU(QHUJLHZROOWHVLHLKUHQ3ODQ
YHUIROJHQZlKUHQGLKUH*HGDQNHQLPPHUZLHGHUYRQ 'HWRQDWLRQHQXQWHUEURFKHQZXUGHQ ,UJHQGZDQQZXUGHHVVWLOO hEHUGLH,QVHOOHJWHVLFKHLQHEHLQDKHJHVSHQVWLVFKH5XKH 6LHNRQQWHDXFKWUJHULVFKVHLQGHVKDOEZDUWHWHQGLHEHLGHQ %OXWVDXJHUQRFKDEEHYRUVLHGLH+|KOHYHUOLHHQ 'DV*HVLFKWGHV8UDOW9DPSLUVVFKLPPHUWHIDKO1XUZHQLJ /LFKWILHOGDUDXIHV]HLFKQHWHWURW]GHPGLH.UDWHUODQGVFKDIW LQGHU+DXWJHQDXQDFK :HULQGLHVH9LVDJHVWDUUWHNRQQWHGXUFKGUHKHQ $XIJHGXQVHQGLH+DXWEHUVlWPLW*HVFKZUHQXQG (LWHUSLFNHOQVRZLH%ODVHQXQG3XVWHOQ1XUZHQQ9DPSLUR GHOPDU%OXWJHWUXQNHQKDWWHUHJHQHULHUWHHUVLFKHLQZHQLJ ª+DEHQVLHQXQEHUOHEWRGHUQLFKW"©IOVWHUWH/DG\;XQG EDOOWHGLH+lQGH 9DPSLURGHOPDUJDELKUNHLQH$QWZRUW(UZLUNWHOHWKDU JLVFKXQGQXUVHLQH$XJHQJOKWHQLQHLQHPXQKHLPOLFKHQ )HXHU (UGDFKWHQLFKWVRZHLWZLH/DG\;YLHOOHLFKWNRQQWHHUHV DXFKQLFKWDEHUGLHHKHPDOLJH7HUURULVWLQLQWHUHVVLHUWHVLFK YRUDOOHQ'LQJHQIUGHQ:UIHOGHV8QKHLOV (UZDUYHUVFKZXQGHQ 'DEHLKDWWHVLHJHVHKHQZLH0RUDVVRLKQLQGLH7LHIHGHV %HFNHQVKLQHLQUL1XUZREHIDQGHUVLFKMHW]W" 6LHJODXEWHQLFKWGDUDQGDGLH([SORVLRQGHQ:UIHO]HU VW|UWKDWWH8QGGHVKDOEZUGHVLHLKQVXFKHQXQGZHQQVLH GLH,QVHO6WFNIU6WFNGXUFKIRUVWHWH 'HU:UIHOGHV8QKHLOVJHK|UWHLKU ª:LOOVWGXPLW"©IUDJWHVLH9DPSLURGHOPDUDOVVLHVLFK GXFNWHXPGLH+|KOH]XYHUODVVHQ 'HU6XSHUYDPSLUQLFNWH ª'DQQNRPP© /DG\;NURFKDXVGHU+|KOH'DQDFKPXWHVLHVLFKGXUFK HLQHHQJH6FKOXFKWZLQGHQGLHNDXPGLH%UHLWHLKUHV.|USHUV KDWWHXQG]ZHL)HOVHQVSDOWHWH$QVFKOLHHQGVWDQGVLHDP 6WUDQGXQGVFKDXWHDXIGLH5FNHQGHUGUHL=RPELHV
'LHKDWWHQEHPHUNWGDVLFKKLQWHULKQHQHWZDVEHZHJWH XQGGUHKWHQVLFKVFKZHUIlOOLJXP(LQHUHUKDWWHNHLQH+DDUH PHKUVWUHFNWHVHLQH$UPHDXV*XUJHOQGH/DXWHGUDQJHQDXV VHLQHP0XQG ª+DXDE©]LVFKWHGLH9DPSLULQDOVHUQDFKLKUIDVVHQ ZROOWH'HU=RPELHOLHVLFKQLFKWEHLUUHQ/DG\;PDFKWH NXU]HQ3UR]H6LHKLHELKPGHQ/DXILKUHU03LGXUFKGDV *HVLFKW'LHVHU6FKODJVFKOHXGHUWHGHQ=RPELHLQGHQ 8IHUVDQGZRHUVLFKVFKZHUIlOOLJDXIGHQ%DXFKUROOWHXP GDQDFKZLHGHUDXIGLH%HLQH]XNRPPHQ(UZDUZLHHLQ 6WHKDXIPlQQFKHQGDVHVLPPHUZLHGHUYHUVXFKWH /DG\;JLQJZHLWHU6LHVWHFNWHYROOHU5DFKHJHGDQNHQ ZlKUHQGVLHDP6WUDQGHQWODQJVFKULWWXQGGLHDQUROOHQGHQ :HOOHQVDKGLHHEHQIDOOVGVWHUZLUNWHQVLFKGDEHLYRQGHQ :RONHQDEHUNDXPLQGHU)DUEHDEKREHQ1XUGLHKRFKJH VFKOHXGHUWHQ*LVFKWVWUHLIHQVFKLPPHUWHQPDQFKPDOZLH ODQJHJOlQ]HQGH3HUOHQNHWWHQZHQQVLHLKUH%|JHQVFKOXJHQ 6FKRQEDOGVWLHJGDV*HOlQGHDQ'LH6FRWWJLQJVFKQHOOHU 1XUQRFKZHQLJH6FKULWWHGDQQZUGHVLHGLH$XVPDHGHU 9HUZVWXQJJHQDXEHUEOLFNHQN|QQHQ 'HU6DQGZDUZHLFKHUJDE]XVHKUQDFK'DQQHUUHLFKWHQ VLHIHOVLJHQ%RGHQXQGEUDXFKWHQQLFKWPHKUVRQDFKYRUQ JHVWHPPW]XODXIHQ1RFKGUHL6FKULWWHGDYRQHLQODQJHU XQGVLHKDWWHQHLQHQKRKHQ3XQNWHUUHLFKWGHULKQHQHLQHIDVW SHUIHNWH5XQGXPVLFKWHUODXEWH 'HU%XQNHUKDWWHLQHLQHUNOHLQHQ0XOGHJHOHJHQ +DWWHZRKOJHPHUNWGHQQYRQLKPZDUQLFKWPHKUYLHO EULJJHEOLHEHQ1XUQRFK7UPPHU (LQ%LOGGHU=HUVW|UXQJERWVLFKGHQ$XJHQGHUHKHPDOLJHQ 7HUURULVWLQ9RQGHP%XQNHUZDUQLFKWVPHKU]XVHKHQ'LH XQKHLPOLFKH:XFKWGHU([SORVLRQKDWWHVHOEVWGLH %HWRQPDXHUQ]HUULVVHQ'DVDQGHUH0DXHUZHUNGD]XGLH WHFKQLVFKHQ$QODJHQZDUHQYHUVFKPRUWXQGELOGHWHQDP %RGHQGHV.UDWHUVHLQHHUVWDUUWHVLFKDOOPlKOLFKDENKOHQGH 0DVVHGLH%ODVHQJHZRUIHQKDWWHXQGVLFKDQPDQFKHQ 6WHOOHQQRFKEHZHJWH
(LQHVFKOLPPH7DWVDFKH *HUDGHIU/DG\;GHQQVLHKDWWHVLFKLQGLHVHU)HVWXQJ PHKUDOVZRKOJHIKOWXQGVLHGDFKWHGDUDQZHPVLHGDV DOOHVLP3ULQ]LS]XYHUGDQNHQKDWWH -RKQ6LQFODLU 'LHVHUYHUGDPPWH1DPHEUDQQWHVLFKLQLKU+LUQ6LQFODLU PXWHYHUQLFKWHWZHUGHQHUZDUHLQ7HXIHOHUJDEQLFKWDXI XQGHUVROOWHQLFKWPHKUOlQJHUOHEHQ +LQWHUVLFKK|UWHVLH6FKULWWH'LH6FRWWEUDXFKWHVLFKQLFKW XP]XGUHKHQVLHZXWHGD9DPSLURGHOPDUDQLKUH6HLWH JHWUHWHQZDUXQGHLQWLHIHV.HXFKHQDXVVWLH ª6LHKGLUGDVDQ©VDJWHGLH9DPSLULQªDOOHVYHUORUHQDOOHV XPVRQVW8QGZLUKDEHQLKQEHUOHEW© ª:RLVW;RUURQ"© (VZDUHQGLHHUVWHQ:RUWHGLHGHU6XSHUYDPSLUVHLWODQJHP VSUDFKXQGHUWUDIGDPLWKDDUJHQDXGLH9RUVWHOOXQJGHU 9DPSLULQ $XFKVLHVXFKWHGHQ+HUUQGHU=RPELHVXQG*KRXOVDEHU VLHNRQQWHLKQQLFKWILQGHQ(UZDUYHUVFKZXQGHQYLHOOHLFKW XQWHUGHQ7UPPHUQEHJUDEHQXQGVLHKRIIWHGDVHLQH +DXWGLH.DWDVWURSKHEHUVWDQGHQKDWWH ª:LUPVVHQLKQVXFKHQ©IOVWHUWHGLH6FRWWª,FKZLOOLKQ XQGGHQ:UIHO©:lKUHQGGLHVHU:RUWH]XFNWHLKU*HVLFKW (VVSLHJHOWHGLHLQQHUH(UUHJXQJZLGHUGLHGLH%OXWVDXJHULQ JHSDFNWKLHOW6LHNODPPHUWHVLFKPLWHLQHU+DQGDQLKUHU :DIIHIHVWVSUWHXQWHUGHQ)LQJHUQGDVNKOH0HWDOOXQG HLQ6WURPGHU%HIULHGLJXQJUDQQGXUFKLKUHQ.|USHU-DDXI GLH03LNRQQWHVLHVLFKYHUODVVHQ ª:LOOVWGXKLQXQWHU"©IUDJWHVLH 'HU6XSHUYDPSLUQLFNWH'D/DG\;HEHQIDOOV%HVFKHLG ZLVVHQZROOWH]|JHUWHVLHDXFKQLFKWOlQJHU 6LHVWLHJHQLQGHQ.UDWHU 'LH]HUVFKPRO]HQHQ/HLWXQJHQXQG.DEHOVRQGHUWHQJLIWLJH 'lPSIHDE(LQJUQOLFKVFKLPPHUQGHU%URGHPODJEHU GHP.UDWHU0HQVFKHQKlWWHQGLH)OXFKWHUJULIIHQGRFKGLH EHLGHQ8QWRWHQEUDXFKWHQQLFKW]XDWPHQ
(LQLJH6FKULWWHYRQHLQDQGHUJHWUHQQWNOHWWHUWHQVLHGHP *UXQGGHV.UDWHUVHQWJHJHQ(VZDUQLFKWHLQIDFKGHQQGHU %RGHQHUZLHVVLFKDOVQDFKJLHELJXQGDQPDQFKHQ6WHOOHQ VRJDUKHLZHQQVLFKJOKHQGH%OHFKWHLOHLQLKQJHERKUW KDWWHQ %HWRQWUPPHUODJHQLP:HJGHQQQLFKWDOOHVZDU JHVFKPRO]HQ/DG\;VDKVRJDU:DVVHUGDVVLFKLQHLQHUNOHL QHQ0XOGHJHELOGHWKDWWHDOOHUGLQJVZDUYRQGHQ3LUDQKDV QLFKWVPHKU]XHQWGHFNHQ'LH([SORVLRQHQKDWWHQGLH)LVFKH UHVWORVYHUQLFKWHW 6FKUlJUXWVFKWHQVLHZHLWHU,PPHUGDUDXIEHGDFKWGDV *OHLFKJHZLFKW]XKDOWHQ -HWLHIHUVLHJHODQJWHQXPVRVFKOHFKWHUZXUGHGLH/XIW $XFKKHLHUGHQQQRFKLPPHUZDUHQGLH)ROJHQGHUYHUKHH UHQGHQ([SORVLRQQLFKWJHO|VFKW$QHLQLJHQ6WHOOHQEUDQQWH HVQRFK5DXFKVFKZDGHQQDKPHQLKQHQPDQFKPDOGLH6LFKW XQGDOVVLHVFKOLHOLFKDP*UXQGGHVJHZDOWLJHQ.UDWHUV VWDQGHQVSUWHQVLHDXFKGLH+LW]H 9RUVLFKWLJXPUXQGHWHQVLHQRFKJOKHQGHV0HWDOOXQG QlKHUWHQVLFKGHPNOHLQHQ6HHGHVVHQ:DVVHUZLHGXUFKHLQ :XQGHUQLFKWYHUGXQVWHWZDUYRQ]ZHL6HLWHQ $P8IHUEOLHEHQVLHVWHKHQ 'DV:DVVHUVFKLPPHUWHVHOWVDP)DVWDOOH)DUEHQGHV 6SHNWUXPVIDQGHQVLFKDXIGHU2EHUIOlFKH'DIU]HLFKQHWH VLFKGDVKHUDXVJHODXIHQHgOYHUDQWZRUWOLFKGDVDQGLH 2EHUIOlFKHJHWULHEHQZRUGHQZDU :DVEHIDQGVLFKGDUXQWHU" :lKUHQG9DPSLURGHOPDUZLHHLQ'HQNPDOVWHKHQJHEOLH EHQZDUEFNWHVLFK/DG\;XQGKREHLQHQ6WHLQDXI6LH VFKOHXGHUWHLKQLQGHQNOHLQHQ.UDWHUVHH 'LH%UKHVSULW]WHDXIGDQQZDUGHU6WHLQQLFKWPHKU]X VHKHQ9LHOKDWWHVLHGDPLWQLFKWHUUHLFKW/DG\;VFKDXWH]XP DQGHUHQ8IHUKLQEHUXQGVDKGRUWHLQHGLFNHJUQH )OVVLJNHLWGLHZLHJHVFKPRO]HQHU.XQVWVWRIIZLUNWH'DV =HXJVFKZDPPDXIGHU2EHUIOlFKHXQGZXUGHLPPHUPHKU ]XU0LWWHGHVNOHLQHQ6HHVKLQJHWULHEHQ
(VKHUUVFKWHDOOHUGLQJVNHLQ:LQGXQG/DG\;IUDJWVLFK ZLHVRHWZDVP|JOLFKVHLQNRQQWH *HVSDQQWZDUWHWHVLHDE6LHVSUWHGDVLFKLUJHQGHWZDV HUHLJQHQZUGHXQGVLHGLFKWYRUHLQHUZLFKWLJHQ (QWVFKHLGXQJVWDQG 'LHHKHPDOLJH7HUURULVWLQZDUIHLQHQUDVFKHQ%OLFNDXI 9DPSLURGHOPDU'HUVWDQGXQEHZHJOLFKDP8IHUGHV NOHLQHQ6HHVXQGVWDUUWHDXIGLH2EHUIOlFKH 'DVJUQH=HXJVFKLHQHUEHUKDXSWQLFKW]XVHKHQ$EHU /DG\;OLHHVQLFKWDXVGHQ$XJHQXQGVLHWDWJXWGDUDQ GHQQSO|W]OLFKEHZHJWHVLFKGLH6FKLFKW 6LHZXUGHQLFKWVFKQHOOHUXQGEUHLWHWHVLFKDXFKQLFKW ZHLWHUDXVGLH%HZHJXQJNDPYRQXQWHQ 8QWHUKDOEGLHVHUJHVFKPRO]HQHQXQGDXIGHP:DVVHU WUHLEHQGHQ0DVVHPXWHVLFKHWZDVDEVSLHOHQ 'LH9DPSLULQZXWHQLFKWZDVHVZDU6LHZROOWHDXI 1XPPHU6LFKHUJHKHQEHZHJWHGLH6FKXOWHUQXQGZLHYRQ VHOEVWJOLWWGLH0DVFKLQHQSLVWROHEHUGHQ6FKXOWHUERJHQDQ LKUHP$UPHQWODQJQDFKXQWHQ'DQQKLHOWVLHGLH:DIIHLQ GHU+DQGVHQNWHGLH0QGXQJXQG]LHOWHDXIGLHVLFKEH ZHJHQGH0DVVH 6LHZXUGHGXUFKEURFKHQ 3O|W]OLFKVWLHHLQH+DQGGDUDXVKHUYRU$XFKJUQOLFK VFKLPPHUQGGRFKVHKUVFKQHOOZLHGHUGLHDOWH)DUEH]HLJHQG GDGDV=HXJDQGHU+DQGHQWODQJUDQQ (LQHPLOFKLJVFKLPPHUQGH.ODXHNDP]XP9RUVFKHLQ /DG\;OlFKHOWHSO|W]OLFK6LH]RJLKUH/LSSHQVRZHLWLQGLH %UHLWHGDGLH9DPSLU]lKQHVLFKWEDUZXUGHQ 'DQQIOVWHUWHVLHQXUHLQHQ1DPHQ ª;RUURQ© (UZDUHVWDWVlFKOLFK 'HU+HUUGHU=RPELHVXQG8QWRWHQKDWWHDOVREHUOHEW:LH /DG\;HVVLFKGDFKWH6ROHLFKWNRQQWHPDQ;RUURQQLFKWYHU QLFKWHQ(UZDUHLQ:HVHQGDVPDQVFKRQIDVWDOVXQEHVLHJ
EDUEH]HLFKQHQNRQQWH'HP)HXHU6lXUH.XJHOQXQG *UDQDWHQQLFKWVDXVPDFKWHQZHLOHUDXVHLQHP0DWHULDO EHVWDQGGDVHVZRKODXIGLHVHU(UGHQLFKWJDE8QWHUGLHVHU JUQHQ0DVVHKDWWHHUVLFKYHUERUJHQJHKDEWXQGHUPXWH JHDKQWKDEHQGDHU%HVXFKEHNRPPHQKDWWHVRQVWZlUHHU ZRKOQLFKWDQGLH2EHUIOlFKHJHWDXFKW 0HKUPDOVKLQWHUHLQDQGHUIOVWHUWH/DG\;;RUURQV1DPHQ 8QGVLHKRIIWHGDHUVRJDUQRFKPHKUJHUHWWHWKDWWHDOVQXU VLFKVHOEVW9LHOOHLFKWDXFKGHQ:UIHOGHV8QKHLOVRGHU 'U7RG ª.RPP©VDJWHVLHªNRPPHQGOLFKZLUZDUWHQDXIGLFK ;RUURQ© $OVKlWWHGDV0RQVWHUGLH:RUWHYHUVWDQGHQVREHZHJWHHV VLFKGHP8IHU]XXQGHU]HLJWHPHKUYRQVLFKDOVQXUVHLQH +DQGRGHUHLQHQ7HLOGHV$UPV $XFKGLH6FKXOWHUHUVFKLHQXQGGDQQGHU.RSI hEHUGLHPLOFKLJH+DXWOLHIHQGLHGLFNHQJUQHQ6FKOLHUHQ 6LHVDKHQDXVZLH/HLPGHUDXIGHUJODWWHQ+DXWVHKUVFKQHOO VHLQHQ:HJQDFKXQWHQIDQG ;RUURQ|IIQHWHGDV0DXO0XQGNRQQWHPDQGD]XQLFKW VDJHQ/DG\;VWDUUWHDXIVHLQHPHWDOOLVFKJOlQ]HQGHQ =DKQUHLKHQPLWGHQHQHUIDVWDOOHV]HUUHLHQNRQQWH 0HQVFKHQKDWWHQNHLQH&KDQFH (UPXWH*UXQGXQWHUGHQ)HQVSUHQ$P9HUODXIGHU :HOOHQHUNDQQWH/DG\;GDHUEHUGHQ*UXQGVFKULWWXQG VLFKLPPHUPHKUGHP8IHUQlKHUWH'DEHLKLHOWHUGHQOLQNHQ $UPVHOWVDPYHUNUDPSIWXQGQDFKKLQWHQJHGUFNWVRDOV ZUGHHULUJHQGHWZDVKLQWHUVLFKKHU]LHKHQ1DWUOLFK GDFKWHGLH6FRWWVRIRUWDQGHQ:UIHOXQGVLHKRIIWHLQ VWlQGLJVLFKQLFKWJHWlXVFKW]XKDEHQ ;RUURQVWDQGDP8IHU0LWGHUUHFKWHQ+DQGVWW]WHHUVLFK DEEFNWHVLFKXQG]RJGDQQDXFKGHQOLQNHQ$UPDXVGHP :DVVHU 1HLQGHQ:UIHOGHV8QKHLOVEUDFKWHHUQLFKWDQV8IHU $EHUHWZDVDQGHUHVHLQH/HLFKH (VZDU6ROR0RUDVVR
ª1HLQ©IOVWHUWH/DG\;DOVVLHGLHVVDK6LHVFKWWHOWH VRJDUGHQ.RSIZROOWHGDV%LOGLUJHQGZLHZHJZLVFKHQDEHU HVZDUHLQH7DWVDFKHXQGEOLHE ;RUURQKDWWH'U7RGJHUHWWHWDEHUZLHVDKHUDXV )XUFKWEDU'LH3LUDQKDVKDWWHQVFKUHFNOLFKJHZWHW 'U7RGZDUNDXP]XHUNHQQHQ'LHOLQNH6HLWHZDUHLQ 2SIHUGHUUDVLHUPHVVHUVFKDUIHQ=lKQHJHZRUGHQ'LH)LVFKH PXWHQVLFKLQHLQHP$QIDOOYRQ:DKQDXILKQJHVWU]W KDEHQDEHUVLHKDWWHQQXUVHLQHOLQNH6HLWH]HUVW|UW 9LHOOHLFKWNDPHVGDKHUGD;RUURQ'U7RGQDFKJHVSUXQ JHQZDUXQGYHUVXFKWKDWWHLKQ]XUHWWHQ8QEHZXWKDWWH GDV0RQVWHUGDQQGLHUHFKWH6HLWHGHV6ROR0RUDVVR JHVFKW]W(JDOZLHHVDXFKZDUEHUOHEHQNRQQWHVRHWZDV QLHPDQG 2EZRKO'U7RGNHLQ0HQVFKJHZHVHQZDUVRQGHUQHLQ 0HQVFK'lPRQ9LHOOHLFKW /DG\;GDFKWHQLFKWPHKUZHLWHU6LHVFKDXWH]XZLH ;RUURQVHLQHQ+HUUQDQ/DQGVFKOHLIWH3O|W]OLFKZXUGHQGLH $XJHQGHU%OXWVDXJHULQJUR6LHHUNDQQWHGHQ:UIHO,P 7RGHVNDPSIKDWWH'U7RGVHLQHQ$UPXPGHQ:UIHOGHV 8QKHLOVJHNUDOOWXQGLKQIHVWJHKDOWHQ'HQ=lKQHQGHU)LVFKH KDWWHGHU:UIHOHEHQIDOOVZLGHUVWDQGHQVRGDHUY|OOLJQRU PDODXVVDKXQGNHLQHQ.UDW]HUDXIZLHV ;RUURQOHJWH'U7RG]X%RGHQULFKWHWHVLFKDXIXQGVWDUUWH DXIGLH6FKUHFNHQVJHVWDOW /DG\;XQG9DPSLURGHOPDUKDWWHQLKUH%OLFNHHEHQIDOOV JHVHQNW1LHPDQGVSUDFKHLQ:RUWDEHUYLHOOHLFKWGDFKWHQVLH DQGLH0RUGOLJDXQGGHUHQ=HUVW|UXQJ0LWGHP$EOHEHQ LKUHV)KUHUVKDWWHVLHLKU(QGHJHIXQGHQ 'LH7UHQQXQJOLHIIDVWNHU]HQJHUDGHGXUFK6ROR0RUDVVRV .|USHUPLWWH'LH.OHLGXQJZDUHEHQVR]HUIHW]WZRUGHQZLH GLH+DXW$EJHQDJWVRGDQXUGLHEOHLFKHQ.QRFKHQ]X VHKHQZDUHQ6RJDUGLH1DVHZDUJHWHLOWZRUGHQXQGZRVLFK VRQVWGDVOLQNH$XJHEHIXQGHQKDWWHVDKHQGLHGUHLGlPRQL VFKHQ:HVHQQXUHLQHOHHUHGXQNOH+|KOH 'LHUHFKWH6HLWHVDKQRUPDODXV=ZDUVFKLPPHUWHGLH+DXW
EOHLFKZLHEHLMHGHP7RWHQDEHUGDZDUGDV$XJHQRFKYRU KDQGHQVRZLHGLH+lOIWHGHU/LSSHQ1DVH.LQQXQGDXFK QRFKGDV2KU /DG\;PXWHVLFKHUVWIDQJHQEHYRUVLH;RUURQDQVSUH FKHQNRQQWHª/HEWHUQRFK"© 'HU8QKROGKREGLH6FKXOWHUQ (LQHGXPPH)UDJHGDFKWH/DG\;XQGVFKDXWHGRUWKLQZR GLH6LOEHUNXJHOGHV*HLVWHUMlJHUVJHWURIIHQKDWWH 'DV(LQVFKXORFKVDH[DNW]ZLVFKHQGHQ$XJHQ (LQHFKWHU'lPRQZlUHJHVWRUEHQ'RFKEHL'U7RGODJGLH 6DFKHDQGHUV(UZDUHLQ0HQVFK'lPRQHLQHUlWVHOKDIWH (UVFKHLQXQJHUNRQQWHGXUFKHLQHQRUPDOH.XJHOJDUEHQLFKW JHW|WHWZHUGHQZLHDXFKGLHQRUPDOHQ6FKZDU]EOWHUDEHUHU ZDUJOHLFK]HLWLJLQGHU/DJHZHLPDJLVFKH'LQJH]X EHUKUHQ-RKQ6LQFODLUV.UHX]]XP%HLVSLHO9LHOOHLFKWZDUHV P|JOLFKGD'U7RGQRFKOHEWH /DG\;EHZHJWHVLFK(LQHQ6FKULWWQXUEUDXFKWHVLHYRU]X JHKHQEFNWHVLFKGDQQXQGIDWHPLWEHLGHQ+lQGHQ]XXP GHQ:UIHODXV'U7RGVDQJHZLQNHOWHP$UP]XO|VHQ (VWDWLKUJXWLKQLQGHU+DQG]XZLVVHQXQGVLHVFKDXWHLQ GLH5XQGH :HGHU9DPSLURGHOPDUQRFK;RUURQHUKREHQ$QVSUXFK DXIGHQ:UIHOGHV8QKHLOV /DG\;ZROOWHLKQEHKDOWHQ ª,FKGDQNHGLUGDGXYHUVXFKWKDVWLKQ]XUHWWHQ©VSUDFK VLH;RUURQDQªDOOHUGLQJVPVVHQZLUXQVMHW]WIUDJHQZLHHV ZHLWHUJHKHQVROO'LH0RUGOLJDH[LVWLHUWLQLKUHUDOWHQ)RUP QLFKWPHKU6ROR0RUDVVRPVVHQZLUDEVFKUHLEHQXQGLFK ELQGHU0HLQXQJGDZLUHLQHQQHXHQ$QIKUHUZlKOHQ (LQYHUVWDQGHQ"© 'LHEHLGHQGVWHUHQ*HVWDOWHQQLFNWHQ ª*XW©IXKU/DG\;IRUWª,FKZHUGHPLFKDOVQHXH $QIKUHULQGHU0RUGOLJD]XU9HUIJXQJVWHOOHQGHQQLFK DOOHLQNDQQPLFKXQDXIIlOOLJLQGHU:HOWEHZHJHQXQG3OlQH QLFKWQXUVFKPLHGHQVRQGHUQDXFKGXUFKIKUHQ+DWMHPDQG HWZDVGDJHJHQ"©
/DG\;KDWWHNHLQHQ:LGHUVSUXFKHUZDUWHWXQGVLHZXUGH QLFKWHQWWlXVFKW'LHDQGHUHQHUNDQQWHQVLHDOV)KUHULQDQ ZDUHQLKUHQ$UJXPHQWHQ]XJlQJOLFKGHQQVLHKDWWHDOVHLQ ]LJHLKU0HQVFKVHLQQLFKWYHUJHVVHQ6LHUHDJLHUWHDOV8QWRWH QRFKHEHQVRZLHIUKHUZRVLHJHOHUQWKDWWHHLVNDOWLKUH &KDQFHDXV]XQXW]HQDXFKZHQQVLHEHU/HLFKHQJHKHQ PXWH 8QGVLHJLQJEHU/HLFKHQGDVKDWWHVLHLQGHUMQJVWHQ 9HUJDQJHQKHLWRIWJHQXJEHZLHVHQ(VVW|UWHVLHDXFKQLFKW $UWJHQRVVHQRGHU9HUEQGHWH]XYHUQLFKWHQ+DXSWVDFKHHV GLHQWHGHU6DFKH 6LHVHOEVWVDKVLFKDOVHLQHLGHDOH)KUHULQGHU0RUGOLJD XQGZHQQVLHQlKHUEHUGLHVHQ6WDWXVQDFKGDFKWHGDHPS IDQGVLHHVSO|W]OLFKDOVJDUQLFKWPHKUVRWUDJLVFKGD'U 7RGXPJHNRPPHQZDU (UKDWWHLQOHW]WHU=HLWVRZLHVRGLHhEHUVLFKWHLQZHQLJYHU ORUHQXQG/DG\;VRPDQFKH$XIJDEHEHUODVVHQGLHHUKlWWH ZDKUQHKPHQPVVHQ (LQDOWHU6SUXFKDXVLKUHUPHQVFKOLFKHQbUDILHOLKUHLQ'LH 6DFKHLVWJHODXIHQGRFKZRKLQPLWGHU/HLFKH" ,QGLHVHP)DOOZDUHV'U7RGGHUYRULKUHQ)HQODJ 6ROOWHPDQLKQKLHUDXIGHU,QVHOOLHJHQXQGYHUURWWHQODVVHQ" (VZlUHGLHHLQIDFKVWH/|VXQJJHZHVHQ$EHULUJHQGZLH JHILHO/DG\;GDVQLFKW=XGHPKlWWH;RUURQVLFKHUOLFKHWZDV GDJHJHQJHKDEWGHQQHUKLQJPLWQDKH]XKQGLVFKHU (UJHEHQKHLWDQVHLQHP+HUUQXQG0HLVWHU'DPXWHPDQ VLFKVFKRQHWZDVDQGHUHVHLQIDOOHQODVVHQ 0HKUHUH3OlQH]XFNWHQGHU%OXWVDXJHULQGXUFKGHQ.RSI 6LHYHUZDUIGLHPHLVWHQGDYRQELVLKUH*HGDQNHQVLFKDQ HLQHP3ODQIHVWKDNWHQ(UVWHLQPDOPXWHQVLHKLHUZHJGDV ZDUGLH9RUDXVVHW]XQJIUHLQ*HOLQJHQGHV3ODQV 8QG/DG\;ZXWHDXFKHLQ9HUVWHFN 6DQGKXUVW)RUHVWGDVDOWH6DUJODJHUGDV/RJDQ&RVWHOOR JHK|UWH$XFKLKPGHP/RQGRQHU0DILDERPXWHVLHQRFK NODUPDFKHQZHUDEMHW]WGHQ7RQDQJDEREZRKOGDVLP 0RPHQW]ZHLWUDQJLJZDU
:LFKWLJZDUGDVLHKLHUZHJNDPHQXQGGDEHLZUGH LKQHQGHU:UIHOGHV8QKHLOVKHOIHQ 0LWRGHURKQH6ROR0RUDVVR ª0LW©IOVWHUWHGLH9DPSLULQGHQQVLHKDWWHVLFKLQQHUKDOE YRQ6HNXQGHQHQWVFKLHGHQ ;RUURQKRUFKWHDXIXQGVFKDXWHGLHHKHPDOLJH7HUURULVWLQ DQGLHSO|W]OLFKODFKWHª:LUQHKPHQLKQPLW©HUNOlUWH/DG\ ;ªXQGZLUZHUGHQGHP*HLVWHUMlJHUHLQSHUV|QOLFKHV *HVFKHQNEHUHLWHQ'U7RGVFKLFNWVHLQH/HLFKH©VFKULHVLH XQGEHJDQQJHOOHQG]XODFKHQª6RJHQDXPXHVVHLQ©6LH ZROOWHQRFKHWZDVKLQ]XIJHQ]XFNWHMHGRFK]XVDPPHQXQG VSUDFKQLFKWPHKUZHLWHU 'LH'lPRQHQKDWWHQHWZDVYHUQRPPHQ 6FKVVH (VZDUDOOHVDQGHUV 'LHVHOWVDPHXQGPLUQRFKLPPHUXQEHJUHLIOLFKH5HLVHKDW WHQZLURKQH6FKDGHQ]XQHKPHQEHUVWDQGHQXQGEHIDQ GHQXQVPLWWHQDXIGHUHLQVDPHQ,QVHO 'DV:HWWHUVWDQGNXU]YRUGHP8PVFKZXQJ'LHVZDU]X PHUNHQ(UVWGXUFKGDV)DOOHQGHU7HPSHUDWXUXQGGDQQKDW WHQVLFKDP+LPPHOVFKZHUH:RONHQ]XVDPPHQJHEDOOWGLH PLUYHUGlFKWLJQDFK6FKQHHZRONHQDXVVDKHQ $XFKGHU:LQGZDUVFKlUIHUJHZRUGHQ8QDQJHQHKPIXKU HUGXUFKXQVHUH.OHLGXQJ :LUVWDQGHQLQGHU1lKHGHV6WUDQGV+RKH:HOOHQGRQQHU WHQKHUDQXQGZXUGHQYRQGHQYRUGHP6WUDQGDXVGHP :DVVHUUDJHQGHQ)HOVHQJHEURFKHQ*HZDOWLJH6FKDXP VWUHLIHQZLUEHOWHQGXUFKGLH/XIWZXUGHQDXIGHQ6WUDQG JHVFKOHXGHUWXQGYHUOLHIHQVLFKLQODQJHQ:HOOHQGLHELVDQ XQVHUH)HUHLFKWHQ 9RQXQVHUHQ*HJQHUQVDKHQZLUQLFKWV:HQQVLHVLFKDXI GHU,QVHOEHIDQGHQJDEHV]DKOUHLFKH9HUVWHFNH]ZLVFKHQGHQ )HOVHQXQGDXFKLQGHQ+|KOHQ 6FKRQEHLXQVHUHP(LQWUHIIHQZDUXQVGHUVHOWVDPH*HUXFK
DXIJHIDOOHQGHUEHUGHU,QVHOODJ6RNDQQWHLFKGLHVHV (LODQGQLFKWGHQQKLHUZDUGLH/XIWLPPHUNODUXQGUHLQ JHZHVHQ ,FKVSUDFK6XNRGDUDXIDQ ª5LHFKWZLH*DV©PHLQWHGHU&KLQHVH ª*HQDX©,FKQLFNWHª'DVLVWDXFKZDKUVFKHLQOLFK*DV'LH ([SORVLRQGLHYHUVFKPRUWHQ/HLWXQJHQ.XQVWVWRIIGHU NRNHOW%LQJHVSDQQWZDV]XUFNJHEOLHEHQLVW© ª'DQQEOHLEQLFKWKLHUVWHKHQ© ª$QWUHLEHU©,FKJULQVWH :LUJLQJHQKLQWHUHLQDQGHUGHQQZLUPXWHQDQGLHVHU 6WHOOHGHU,QVHOGLH)HOVHQKRFKNOHWWHUQXPGDVZHLWH3ODWHDX ]XHUUHLFKHQYRQGHPGHU5XQGXPEOLFNDPEHVWHQZDU9RQ GDDXVNRQQWHPDQDXFKGRUWKLQVFKDXHQZRGLHHKHPDOLJHQ %XQNHUDQODJHQJHVWDQGHQKDWWHQ (LQHQ:HJIDQGHQZLUQLFKW:LUNOHWWHUWHQEHU)HOVHQ 0\[LQKLHOWVLFKKLQWHUPLU6XNRELOGHWHGHQ6FKOX 'HUZLGHUOLFKH*HUXFKYHUVWlUNWHVLFKPDOGDQQIODXWHHU ZLHGHUDE-HQDFKGHPDXVZHOFKHLQHU5LFKWXQJGHU:LQG EOLHV 9RUPLUVWLHJHLQH:DQGVHQNUHFKWLQGLH+|KH6LH]XEHU NOHWWHUQZlUH]XDQVWUHQJHQGJHZHVHQ$OVRJLQJLFKSDU DOOHO]XLKUXQGSDVVLHUWHHLQH+|KOHZREHLLFKEHUUDVFKW VWHKHQEOLHEGHQQDXVGHP'XQNHOVWDUUWHQPLFK]ZHL JOKHQGH$XJHQDQ 'RUWKRFNWHMHPDQG 6RIRUWEOLHELFKVWHKHQXQGJULII]XU%HUHWWD 'DK|UWHLFKDXFKVFKRQHLQ.ODWVFKHQXQGHULQQHUWHPLFK DQGDV*HUlXVFKVHKUJXW 9RUHLQLJHQ:RFKHQKDWWHQZLUJHJHQGLHURWHQ9DPSLUH JHNlPSIW(VZDULQ'HXWVFKODQGJHVFKHKHQ:LOO0DOOPDQQ KDWWHVLFKQRFKDQXQVHUHU6HLWHEHIXQGHQ 8QGSO|W]OLFKHUVFKLHQVRHLQ%OXWVDXJHULQGHU*HVWDOW HLQHUJHZDOWLJHQ)OHGHUPDXV =XP*OFNZDUGHU+|KOHQHLQJDQJHQJ,FKNRQQWHPLU =HLWODVVHQ]LHOWHJHQDXXQGVFKR
'LH6LOEHUNXJHOGUDQJLQGDVRIIHQH0DXOGHVURWHQ9DPSLUV XQG]HUVW|UWHGDV:HVHQ(VVFKULHIXUFKWEDUEHYRUHV]X 6WDXE]HUILHO 9LHOOHLFKWJDEHVQRFKZHLWHUHhEHUUDVFKXQJHQ:HVHQWOLFK YRUVLFKWLJHUJLQJHQZLUZHLWHU6FKOLHOLFKIDQGHQZLUHLQHQ $XIVWLHJGHQZLURKQHJURH0KHQHKPHQNRQQWHQ=ZDU ODJHQEHUDOO)HOVEURFNHQYHUWHLOWGRFKGLHZDUHQOHLFKW]X XPJHKHQ $XIKDOEHU+|KHODXHUWHQGLH=RPELHV:LUKDWWHQVLHQLFKW VHKHQN|QQHQVLHODJHQHLQIDFKLQ]XJXWHU'HFNXQJ,FK EHPHUNWHHVDOVHV]XVSlWZDUGLFKWYRUPLUZXFKVHLQ 8QWRWHUHLQJODW]N|SILJHV:HVHQPLWKDOEHLQJHGUFNWHP 6FKlGHOLQGLH+|KHKLHOWGLH$UPHDXVJHVWUHFNWXQGOLH VLFKHLQIDFKIDOOHQ (VZDU]XHQJXPQRFKUHFKW]HLWLJJHQXJDXVZHLFKHQ]X N|QQHQ'HUOHEHQGH7RWHILHOJHJHQPLFK $QGHUOLQNHQ6HLWHHUZLVFKWHHUPLFKXQGGHUYHUGDPPWH 'UXFNULPLFKYRQGHQ%HLQHQ ,FKZXUGH]X%RGHQJHVFKOHXGHUWK|UWHGLHEHUUDVFKWHQ 5XIHPHLQHU)UHXQGHXQGEHUVFKOXJPLFKVFKRQZlKUHQG LFKGLH.ODXHQGHV=RPELHVLQPHLQHP*HVLFKWVSUWH 9HUGDPPWGDVWDWZHK 'LHVHVZLGHUOLFKH:HVHQJULIIKDUW]X(VGUFNWHPHLQ )OHLVFK]XVDPPHQXQGULDQPHLQHQ+DDUHQ,FKVFKOXJ ]ZDUXPPLFKGRFKHQWVFKHLGHQGH7UHIIHUNRQQWHLFKEHL GHP=RPELHQLFKWODQGHQ1LFKWPLWGHQ)lXVWHQ =XGHPEHIDQGLFKPLFKLQ%HZHJXQJXQGUROOWH]XVDPPHQ PLWPHLQHP*HJQHUGHQ+DQJZLHGHUKLQXQWHUGHQLFKHUVW PKVDPDXIJHVWLHJHQZDU 'DQQSUDOOWHQZLUJHJHQHLQHQ)HOVEURFNHQ =XP*OFNZDUHUVRVFKZHUGDHUOLHJHQEOLHEXQGLFK NRQQWHPLFKZLHGHU]XUHFKWILQGHQ 'LH.ODXHKLHOWQRFKLPPHUPHLQ*HVLFKWJHSDFNW,FK QDKPHLQHQZLGHUOLFKHQ9HUZHVXQJVJHUXFKZDKUXQGKlWWH PLFKDPOLHEVWHQEHUJHEHQGRFKGLH.ODXHXPVFKORDXFK PHLQH/LSSHQ
1XUPHLQ%HLQNRQQWHLFKDQ]LHKHQ:lKUHQGLFKHVLQGHQ /HLEGHV=RPELHVUDPPWHK|UWHLFKHLQHQU|FKHOQGHQ 7RGHVVFKUHL:DKUVFKHLQOLFKKDWWH0\[LQRGHU6XNRHLQHQ *HJQHUHUOHGLJW (VZXUGH=HLWGDDXFKLFKPHLQHQHUOHGLJWH'HU7ULWW KDWWHLKQLQGLH+|KHJHVFKOHXGHUW=XGHPZDUVHLQH+DQG YRQPHLQHP*HVLFKWDEJHUXWVFKW=ZDUVFKPHU]WHQPHLQH :DQJHQQRFKDEHUGHUZLGHUOLFKH*HUXFKZDUQLFKWPHKU YRUKDQGHQ 6FKQHOOULFKWHWHLFKPLFKDXI 'HU=RPELHNDPQLFKWVRUDVFKLQGLH+|KH,FKNRQQWH QRFKHLQHQ%OLFNDXI6XNRXQG0\[LQHUKlVFKHQ 'HU&KLQHVHKDWWHVHLQHQ)HLQGELVJHJHQHLQHQKRKHQ )HOVHQJHVWRHQ'RUWVWDQGGHU=RPELHKDWWHGLH$UPHYRU VHLQ*HVLFKWJHULVVHQXQGVDKGHQ0QGXQJVEOLW]QLFKWGHU DXVGHU:DIIHIXKU 'LH.XJHOYHUQLFKWHWHLKQ $XFKLFKQDKPGLH%HUHWWD%HLP0DUVFKKDWWHLFKVLHZHJ JHVWHFNW$XVHLQHU.|USHUOlQJH(QWIHUQXQJWUDIGDVJH ZHLKWH*HVFKRGHQ8QWRWHQYROOLQGHQ.RSI (UOHGLJW ,FKVWDQGDXI 6XNRXQG0\[LQZLQNWHQPLU]XZlKUHQGLFKEHUPHLQ *HVLFKWWDVWHWH'LH)LQJHUGHV=RPELHVKDWWHQGLH+DXWDXI JHUDXKW=XP*OFNZDUHQHVNHLQHVSLW]HQ)LQJHUQlJHO JHZHVHQVRQVWZlUHLFKPLWEOXWLJHQ6WUHLIHQKHUXPJHODXIHQ ª.RPPKRFKGXODKPH.UFNH©ULHIPHLQ)UHXQGXQG VFKDXWH]XZLHLFKPLFKGHQ$EKDQJKRFKTXlOWH ª$OOHVNODU"©IUDJWHLFK ª%HLXQVMD© ª'DQQZHLWHU© :LUEHGDFKWHQGLHYHUJHKHQGHQ=RPELHVPLWNHLQHP%OLFN PHKU(VZDUHQ9DVDOOHQXQVLQWHUHVVLHUWHQGLHDQGHUHQGLH PlFKWLJHUHQ'lPRQHQ1XUZHQLJH6FKULWWHZHLWHUKDWWHQ ZLUVR]LHPOLFKGHQK|FKVWHQ3XQNWGHU,QVHOHUUHLFKWXQG NRQQWHQVLHJXWEHUEOLFNHQ
:LUVDKHQGHQ.UDWHU6HNXQGHQODQJVSUDFKHQZHGHU6XNR 0\[LQQRFKLFKHLQ:RUW0LUMHGRFKULHVHOWHHLQH*lQVHKDXW EHUGHQ5FNHQZHQQLFKGDUDQGDFKWHZLHOHLFKWHVDXFK XQVKlWWHHUZLVFKHQN|QQHQZHQQZLUQLFKWLPOHW]WHQ $XJHQEOLFNGLH%XQNHUIHVWXQJYHUODVVHQKlWWHQ'DVZDU ZLUNOLFKNQDSSJHZHVHQ 6XNRVWUHFNWHGHQ$UPDXVª'DVLQGVLH© 'LH'LVWDQ]ZDU]ZDUUHODWLYJURWURW]GHPNRQQWHQZLU GLHGUHLHUNHQQHQ ;RUURQILHOEHVRQGHUVDXI1HEHQLKPVWDQG9DPSLURGHO PDUXQGGHQEHLGHQJHJHQEHU/DG\; 6LHDOVRKDWWHQHVEHUVWDQGHQXQGZDUHQQLFKW]XVDPPHQ PLWGHU%XQNHUIHVWXQJXQWHUJHJDQJHQ 1DMDPDQNRQQWHQLFKWDOOHVKDEHQ (LQHQVDKHQZLUQlPOLFKQLFKW 6ROR0RUDVVRDOLDV'U7RG 0\[LQPHLQWHª6RDOOPlKOLFKIDQJHLFKDXFKDQ]XJODX EHQGD0RUDVVRQLFKWPHKUH[LVWLHUW6RQVWZlUHHUVLFKHU OLFKGDEHL© ,FKQLFNWHQXU6RZHLWHVPLUJHODQJVXFKWHLFKMHGHQ=ROO GHV%RGHQVLQQHUKDOEGHV.UDWHUVDE,QGHU0LWWHVFKLHQVLFK HLQNOHLQHU6HHJHELOGHW]XKDEHQ'DV:DVVHUVFKLPPHUWH XQGLFKVDKDXFKHLQHQJUQHQ6FKHLQDQHLQHU6WHOOH 6XNRJLQJHLQSDDU6FKULWWHYRU ª+DVWGXZDV"©IUDJWHLFKLKQ (UKDWWHGLHEHVWHQ$XJHQYRQXQVXQGVFKWWHOWHGHQ.RSI ª,FKELQPLUQLFKWVLFKHUDEHULFKJODXEHGDYRUGHQ)HQ GHU/DG\;MHPDQGOLHJW© $ODUP6ROOWH'U7RGHVGRFKQRFKJHVFKDIIWKDEHQ"2GHU ODJGDYLHOOHLFKWVHLQH/HLFKH" 0|JOLFKZDUDOOHVGHVKDOEZROOWHLFKHEHQIDOOVQlKHUKHUDQ 3O|W]OLFKVDKLFKZLH/DG\;LKUHQ$UPKREXQGLQXQVHUH 5LFKWXQJGHXWHWH6LHKDWWHXQVDOVRJHVHKHQ ª:DVPDFKHQZLU"©IUDJWH6XNR ª6ROOHQZLUUXQWHU"©,FKJDEGLHVHIUDJHQGH$QWZRUWXQG GUHKWHPLFKGDEHL]X0\[LQXP
ª(VZLUGVFKZHU©JDEGHUNOHLQH0DJLHU]X /HLGHUEUDXFKWHQZLU]XODQJHIUHLQH(QWVFKHLGXQJ/DG\ ;NDPXQV]XYRU 'DVLHGHQ:UIHODQVLFKJHQRPPHQKDWWHVDKLFKHUVW MHW]W6LHKLHOWLKQ]ZLVFKHQLKUHQ+lQGHQKDWWHGLH$UPH DXVJHVWUHFNWXQGNRQQWHLKQGDQNLKUHU*HGDQNHQNUDIWPDQL SXOLHUHQ ª'LHYHUVFKZLQGHQ©VWLH6XNRKHUYRU (VKlWWHQLFKWHUVWVHLQHV.RPPHQWDUVEHGXUIW:LUEH NDPHQHVPLWZLHGHU:UIHOUHDJLHUWH(LQH:RONHGUDQJDXV LKPKHUYRUZXUGH]XHLQHPUHJHOUHFKWHQ:LUEHOZLQGXQG YHUVFKODQJGLHGUHLGlPRQLVFKHQ:HVHQ:LUKDWWHQGDV 1DFKVHKHQ ª'DVZDU VZRKO©VWHOOWHGHU&KLQHVHVDUNDVWLVFKIHVWXQG VFKDXWHXQVEHWURIIHQDQ ª,FKKDEHHVDXFKQLFKWlQGHUQN|QQHQ©VDJWH0\[LQOHLVH ,FKlUJHUWHPLFKHEHQIDOOV(VKDWWHMHGRFKNHLQHQ6LQQ'LH GUHLZDUHQXQGEOLHEHQYHUVFKZXQGHQ6LHNRQQWHQEHUDOO LKU=LHOJHVXFKWKDEHQDXIGLHVHU:HOWXQGDXFKLQHLQHU IUHPGHQ'LPHQVLRQ'DVZDUHJDO1XUZXWHQZLUQLFKWZR ZLUVLHVXFKHQVROOWHQXQGHLQHQHQGJOWLJHQ%HZHLVIU6ROR 0RUDVVRV9HUQLFKWXQJKDWWHQZLUDXFKQRFKQLFKWHUKDOWHQ $EHULFKZROOWHLKQ ª6ROOHQZLUQDFKVHLQHU/HLFKHVXFKHQ"©IUDJWHLFKPHLQH )UHXQGH 6LHZXWHQVRIRUW%HVFKHLGZDVJHPHLQWZDU6REHVFKORV VHQZLULQGHQ.UDWHUKLQDE]XVWHLJHQ 6HKUVFKQHOOPXWHQ6XNRXQGLFKHLQVHKHQGDGLHVQLFKW VROHLFKWP|JOLFKZDU'LHJLIWLJHQ'lPSIHUDXEWHQXQVGHQ $WHPXQGVWDFKHQLQXQVHUHP+DOV :LUPXWHQ]XUFN 1XU0\[LQJLQJZHLWHU,KPPDFKWHQGLHVH*DVHQLFKWVDXV 6RZDUWHWHQZLUDP5DQGGHV.UDWHUVELVHU]XUFNNHKUWH 'HUNOHLQH0DJLHUWHOHSRUWLHUWHVLFKVFKOLHOLFKLQXQVHUH 1lKH6HLQHP*HVLFKWZDUDE]XOHVHQGDHUNHLQHQ(UIROJ JHKDEWKDWWH
ª'LH/HLFKHLVWDOVRYHUVFKZXQGHQ©PXUPHOWHLFK 9HUGDPPWGDPLWKDWWHLFKQLFKWJHUHFKQHW ª9LHOOHLFKWOLHJWHUXQWHUGHQ7UPPHUQ©PHLQWH6XNR ª:LUN|QQHQMDNHLQH3ODQLHUUDXSHQKLHUKHUVFKLFNHQXQG QDFKIRUVFKHQODVVHQ© ª-DGDVVWLPPW© ª6ROOHQZLUGLH,QVHOQDFK=RPELHVDEVXFKHQ"©IUDJWH 0\[LQ 'DVWDWHQZLU1RFK]ZHL8QWRWHIDQGHQZLULQVLFKHUHQ 9HUVWHFNHQ0LWWOHUZHLOHZXUGHHVGXQNHOXQGGLH)LQVWHUQLV ZDUGLH=HLWGHUURWHQ9DPSLUH $XIVLHPDFKWHQZLUHEHQIDOOV-DJGXQG]HUVW|UWHQVLH =Z|OIZDUHQHVLQVJHVDPW ,FKZDUPLUDOOHUGLQJVNODUGDUEHUGDPDQGLHVQXUPLW GHPEHUKPWHQ7URSIHQDXIGHQKHLHQ6WHLQXPVFKUHLEHQ NRQQWHGHQQ9DPSLURGHOPDUKDWWHVLFKHUOLFKQRFKPHKU VHLQHUDOWHQ'LHQHULQGHU+LQWHUKDQG $OVHVQRFKDQILQJ]XVFKQHLHQKLHOWXQVQLFKWVPHKUDXI GHU,QVHO0\[LQWHOHSRUWLHUWHXQVZLHGHUQDFK/RQGRQXQG MHGHUYRQXQVKDWWHHLQXQJXWHV*HIKOZHQQZLUDQGLH =XNXQIWGDFKWHQ =ZHL5D]]LHQKDWWHQGLH%XOOHQGXUFKJHIKUWXQGEHLGH 0DOHZDUHVHLQ6FKXLQGHQ2IHQJHZHVHQ1LFKWVJHIXQ GHQ.HLQ5DXVFKJLIWNHLQHPLQGHUMlKULJHQ0lGFKHQNHLQHQ XQYHU]ROOWHQ$ONRKRO$OOHVZDUFOHDQ $EHUDXFKQXUZHLO/RJDQ&RVWHOORHLQHQJXWHQ0DQQLQ GHU3ROL]HLVSLW]HVLW]HQKDWWH9RQLKPKDWWHHUGHQ7LSHUKDO WHQGHQVLFK&RVWHOOR3IXQGNRVWHQOLH 'LHKDWWHGHU0DQQYHUGLHQW8QG/RJDQ&RVWHOORKDWWHHLQH VRUXKLJH1DFKWYHUEUDFKWGDHUVLFKDPQlFKVWHQ0RUJHQ PHKUDOVDXVJHVFKODIHQIKOWHZREHLVHLQ7DWHQGUDQJVFKRQ EHLQDKHDQVWHFNHQGZLUNWHGHQQGDVEHNDPVHLQ$QZDOW 3DXO6RUYLQRDOVHUVWHU]XVSUHQ1RFKLP%HWWOLHJHQGWHOH IRQLHUWH&RVWHOORPLWLKP
ª,FKEUDXFKHGLHEHLGHQ+lXVHULQ0D\IDLUGULQJHQG© VDJWHHUª=DKOHQ6LHZDVGLH9HUNlXIHUYHUODQJHQ© ª$EHUGDVLVW]XYLHO©HUNODQJGLHHUVFKUHFNWHXQGJOHLFK ]HLWLJPGHNOLQJHQGH6WLPPHGHV$QZDOWVDXVGHP+|UHU ª,FKZLOOVLHKDEHQ© ª$OOULJKW6LHKDEHQGDV*HOG© ª*HQDXPHLQ/LHEHU© ª8QGZDVJHVFKLHKWGDQDFK0U&RVWHOOR"© 'HU0DILDERYHU]RJVHLQEUHLWHV*HVLFKWXQGVWULFKEHU GDVODFNVFKZDU]H+DDUª:LUODVVHQGLH+lXVHUHUVWHLQPDO VWHKHQ9HUURWWHQ$QVFKOLHHQGZLUGHLQ.RPPDQGRGRUWHLQ ZHQLJ8QRUGQXQJVFKDIIHQ'DQDFKHUKDOWHLFKYRP6WDDWGLH *HQHKPLJXQJGLH%XGHQDEUHLHQ]XGUIHQGDVLVWDOOHV© ª,FKKDEHYHUVWDQGHQ© =XIULHGHQOHJWH&RVWHOORDXI(UZROOWHGLHEHLGHQ+lXVHU DEUHLHQODVVHQXQGVLHQHXDXIEDXHQ$OV:RKQXQG *HVFKlIWVKlXVHUPLW$SDUWPHQWVGHQQJHUDGHLQ0D\IDLU VDKHUQRFK&KDQFHQIUJHZLVVH0lGFKHQGLHGLHKRKHQ 0LHWHQLQGHQPRGHUQHQ$SDUWPHQWVJHUQEH]DKOWHQGHQQ ZRDQGHUVLQ/RQGRQZDUHQQXUVFKZHUOLFK:RKQXQJHQ]X EHNRPPHQ $OVHVDQGLH7UNORSIWHULFKWHWH&RVWHOORVLFKLP%HWWDXI (UZXWHZHUHVZDUXQGULHIª.RPPKHUHLQ0DPD© 'LH7UNOLQNHZXUGHPLWWHOVHLQHV(OOERJHQVDXIJHGUFNW GDGLH)UDXQRFKHLQ7DEOHWWWUXJDXIGHPGDV)UKVWFNGHV 0DILRVRVWDQG0DPDQDQQWHHUVLHZHLOVLHLKQLPPHUDQ VHLQH0XWWHUHULQQHUWH(LJHQWOLFKKLHVLH&DUODDEHUVLH KDWWHGLHJOHLFKHQ$XVPDHZLH&RVWHOORV0XWWHU(LQHQ ZRJHQGHQ%XVHQVFKZDU]JUDXHV+DDUVWUHQJ]XUFN JHNlPPWVLHWUXJLPPHUGXQNOH.OHLGXQJXQGVLHNRQQWH NRFKHQGDHVHLQH:XFKWZDU6HOEVWLQ6L]LOLHQKDWWH &RVWHOORQLFKWVRJXWH6SDJKHWWLVJHJHVVHQXQG0DPDZDU GLHHLQ]LJHGLHPLWLKPUHGHQNRQQWHZLHLKUGHU6FKQDEHO JHZDFKVHQZDU ª%RQJLRUQR©VDJWHVLHIU|KOLFKXPLPQlFKVWHQ $XJHQEOLFNGHQ.RSI]XVFKWWHOQZREHLVLHDXIGDV7HOHIRQ
VFKLHOWHª6LHKDEHQMDVFKRQZLHGHUJHDUEHLWHW'HQNHQ6LH GDUDQGDPDQYRUGHP)UKVWFNDOOHVDQGHUVVLHKW(UVW PLWHLQHPJXWHQ)UKVWFNLP0DJHQNDQQPDQGLHULFKWLJHQ (QWVFKHLGXQJHQWUHIIHQ© &RVWHOOREHNDPJURH$XJHQª-D©VDJWHHUSO|W]OLFKª'DV VWLPPW0DPDGXKDVWUHFKW,FKZHUGHVRIRUW©(UZROOWH ]XP7HOHIRQJUHLIHQGRFK0DPDVFKWWHOWHGHQ.RSI ª*DUQLFKWVZHUGHQ6LH(UVWHLQPDOHVVHQ'DQDFKLVWQRFK LPPHU=HLW© :HQQ0DPDGDVDQRUGQHWHJDEHVNHLQHQ:LGHUVSUXFK XQG/RJDQ&RVWHOORIJWHVLFKLQVHLQ!6FKLFNVDO 'LH)UDXKROWHGLH%DQNXQGEDXWHVLHEHU&RVWHOORV%UXVW DXI'DQQVWHOOWHVLHGDV7DEOHWWDE (VZDUEHUODGHQ2UDQJHQVDIWIULVFKJHSUHW.DIIHH 6FKLQNHQDXV3DUPDHLQZHLFKHV(L.RQILWUH%XWWHU:DV GDV+HU]EHJHKUWHKDWWH/D0DPDDXIGDV7DEOHWWJHSDFNW ª*XWHQ$SSHWLWZQVFKHLFK©VDJWHVLHQLFNWHXQGYHU VFKZDQG &RVWHOORV$XJHQJOlQ]WHQª'XELVWGLH%HVWH0DPD© 'LH)UDXZXUGHURWXQGOLHIPLWVFKDXNHOQGHP%XVHQKLQ DXV6LHZUGHLQGLH.FKHJHKHQGHQQGRUWZDULKU 'RPL]LO'DIKOWHVLHVLFKZRKOGRUWKHUUVFKWHVLHPLWHLVHU QHU6WUHQJH8QGZHKHHVOLHIQLFKWVRZLHVLHHVZROOWH,KUH 6FKLPSINDQRQDGHQZDUHQEHUKPWEHUFKWLJW =XHUVWWUDQN&RVWHOORGHQIULVFKJHSUHWHQ2UDQJHQVDIW 'DVZDUIULKQHLQH:RKOWDWGLH6lXUHPDFKWHLKPQLFKWV DXVHUKDWWHHLQHQJHVXQGHQ0DJHQ (UEHQ|WLJWH]ZHL6FKOXFNHEHYRUGDV*ODVOHHUZDU =ZLVFKHQGLHVHQ6FKOXFNHQVFKHQNWHHU.DIIHHHLQ 3HFKVFKZDU]VWDUNXQGELWWHU6RPRFKWHHULKQ1XU/D 0DPDGXUIWHGLHVHQ.DIIHHNRFKHQDQGHUHVFKDIIWHQHVQLFKW 'LHVPDOIDQGHUNHLQHQ6FKDIVNlVHDXV6L]LOLHQYRU/D0DPD ZDUZRKOPLWGHU4XDOLWlWQLFKW]XIULHGHQJHZHVHQXQGKDWWH NHLQHQJHNDXIW'DVZDULQ&RVWHOORV6LQQH 'DIUVWDPPWHGDV(LQLFKWYRQGHU+KQHUIDUP(UVFKOXJ HVDXIXQGVHLQH$XJHQEHJDQQHQ]XJOlQ]HQ
'DNOLQJHOWHGDV7HOHIRQ )U/RJDQ&RVWHOORZDUGLHVHLQ$ODUP]HLFKHQGHQQQXU ZHQLJHNDQQWHQVHLQH*HKHLPQXPPHUXQGNRQQWHQGLUHNW GXUFKZlKOHQ=XGHQZHQLJHQJHK|UWH6ROR0RUDVVRDOLDV 'U7RG +DWWHHUYLHOOHLFKW6HKQVXFKWQDFK&RVWHOOR" 'DVLFKGHUPRGHUQH4XlOJHLVWQLFKWDEVWHOOHQOLHKRE &RVWHOOREHLPYLHUWHQ/lXWHQDE 1LFKW6ROR0RUDVVRZROOWHPLWLKPVSUHFKHQVRQGHUQHLQH )UDXª%LVWGXVFKRQZDFK&RVWHOOR"© ª-D© ª'XZHLWZHUKLHUVSULFKW© ª,FKNDQQHVPLUYRUVWHOOHQ'LH6FRWW© ª*HQDX© &RVWHOORYHU]RJGDV*HVLFKW(UPRFKWHGLHVHV:HLEQLFKW (UPRFKWHEHUKDXSWNHLQH)UDXHQZHQQHVXPJHVFKlIWOLFKH %HODQJHJLQJ'LHVROOWHQVLFKUDXVKDOWHQ $QGHUHUVHLWVZXWHHUDXFKEHUZHOFKH0DFKWPLWWHOGLH 6FRWWYHUIJWH6LHZDUHLQEULVDQWHV)UDXHQ]LPPHUEUDQGJH IlKUOLFKXQGQDKPLQGHU+LHUDUFKLHGHU0RUGOLJDHLQHQGHU REHUVWHQ3OlW]HHLQ'LH0DFKWGHU0RUGOLJDNDQQWH&RVWHOOR DXFK'HVKDOEZDUHUVFK|QYRUVLFKWLJXQGSURYR]LHUWHGLH 6FRWWDXINHLQHQ)DOO ª:DVZLOOVWGX"©IUDJWHHU ª,FKZHUGH]XGLUNRPPHQ6DJHGHLQHQ$XISDVVHUQ %HVFKHLGGDGX%HVXFKHUZDUWHVW:HQQVLHLUJHQGZLH GXPPUHDJLHUHQZHUGHLFKVLHW|WHQ© $EHUPDOVYHU]RJ&RVWHOORGDV*HVLFKW'LHZUGHHV WDWVlFKOLFKIHUWLJEULQJHQXQGVHLQH/HXWHHLVNDOWNLOOHQª(VLVW JXW©HUZLGHUWHHUªLFKVDJHGHQ0lQQHUQ%HVFKHLG© ª%LVVSlWHU©'LH6FRWWOHJWHDXI &RVWHOORYHU]RJGDV*HVLFKW$POLHEVWHQKlWWHHUGDV 7DEOHWWJHJHQGLH:DQGJHVFKPHWWHUW'HU$SSHWLWZDULKP SO|W]OLFKYHUJDQJHQ1LFKWHLQPDOPHKUGDV(LNRQQWHHU HVVHQ'DEHLKDWWHHUVLFKVRGDUDXIJHIUHXW bFK]HQGVWLHJ&RVWHOORDXVGHP%HWW'DV%DGEHIDQGVLFK
QHEHQDQ(VZDUHLQJURHU5DXPSUDFKWYROODXVVWDIILHUWPLW JROGHQHQ$UPDWXUHQYHUVHKHQ (UOLH:DVVHULQGLH:DQQHODXIHQ$XIHLQPRUJHQGOLFKHV 9ROOEDGZROOWHHUQLFKWYHU]LFKWHQGDNRQQWHNRPPHQZDV ZROOWH 'LH:DQQHZDUQDWUOLFKQLFKWQRUPDOVRQGHUQVFKRQIDVW HLQNOHLQHV.LQGHU6FKZLPPEHFNHQ$XVYLHU.UlQHQOLHIGDV :DVVHU(LQ*HOYHUZDQGHOWHHVLQHLQHZHLFKH)OVVLJNHLWPLW HLQHPZDOOHQGHQ6FKDXPEHUJ :DVGLH6FRWWZRKOZROOWH"&RVWHOOREHUOHJWHKLQXQGKHU 6LFKHUOLFKVROOWHHULKUXQGGHU0RUGOLJDZLHGHUEHKLOIOLFK VHLQ (UVWLHJLQGLH:DQQH0LW+LOIHGHU0LVFKEDWWHULHKDWWHHU GLH7HPSHUDWXUVHLQHQ:QVFKHQHQWVSUHFKHQGHLQJHVWHOOW 'DV:DVVHUZDUKHUUOLFKXQGVHKUDQJHQHKP :RKOLJVW|KQWHHUDXIZlKUHQGHUVLFK]XUFNVLQNHQOLH %DOGVFKDXWHQXUVHLQ.RSIDXVGHP6FKDXPEHUJ,QGHQ QlFKVWHQ0LQXWHQNRQQWHLKPGLH0RUGOLJDJHVWRKOHQ EOHLEHQ /RJDQ&RVWHOORVFKORGLH$XJHQ(VWDWJXWVLFKVRDXV]X VWUHFNHQ'LHVHVPRUJHQGOLFKH%DGZDUHLQ5LWXDOGDOLHHU VLFKYRQQLHPDQGHQVW|UHQXQGZHKHZHQQMHPDQGHV MHPDOVZDJWH +HXWHZXUGHHUJHVW|UW 9RUGHU7UYHUQDKPHU6WLPPHQ'LHYRQ/D0DPDNODQJ VFKULOO(LQ=HLFKHQZLHDXIJHUHJWGLH)UDXZDU6LHZROOWH NHLQHQ]XLKUHP&KHIODVVHQDEHUGDVLHDXVJHUHFKQHW/DG\ ;GDEHLJHJHQEHUVWDQGNRQQWHOHLFKWLKU7RGVHLQ 'LH)UDXEHUVFKWWHWH/DG\;PLWHLQHP6FKZDOOYRQ :RUWHQ6LHGURKWHXQGVFKULHELVHVHLQNODWVFKHQGHV *HUlXVFKJDE,PQlFKVWHQ0RPHQWYHUVWXPPWH/D0DPD &RVWHOORVHW]WHVLFKJHVSDQQWKLQ(UVFKOXFNWHHLQSDDUPDO WURFNHQXQGVWHOOWHVHLQH2KUHQDXI+RUFKSRVLWLRQ :HVKDOENDPGLH6FRWWQLFKWLQGDV%DG"6LFKHUZXWHVLH ZR&RVWHOOR]XILQGHQZDUDEHUQHLQVLHOLHVLFKSURYR]LH UHQGODQJH=HLW
'DVWLPPWHHWZDVQLFKW &RVWHOORVFKOXFNWHXQGHU]XFNWHQRFKHLQPDO]XVDPPHQ DOVHUHLQHQVFKZHUHQ)DOOK|UWH 'LH6FRWWZDUHVVLFKHUOLFKQLFKWGLHGDV*HUlXVFKYHU XUVDFKWKDWWH(VNDPQXU/D0DPDLQ)UDJH 6ROOWHVLHYLHOOHLFKWYRQ/DG\;JHELVVHQZRUGHQVHLQ" &RVWHOORZXUGHEOHLFKDOVHUGDUDQGDFKWH:HQQGLHVHV YHUGDPPWH9DPSLUZHLE/D0DPDHWZDVJHWDQKDWWH GDQQ 'DZXUGHGLH7UDXIJHVWRHQ $XIGHU6FKZHOOHVWDQG/DG\;/lVVLJEHWRQWORFNHUXQG GLH03LLP+IWDQVFKODJ:HLFKHV/HGHUXPVFKHLFKHOWHLKUH )LJXU6LHKlWWHZLUNOLFKIUHLQ.LOOHUPlGFKHQGXUFKJHKHQ N|QQHQZlUHQGDQLFKWGLHEOXWLJHQ/LSSHQJHZHVHQDXIGLH &RVWHOORVWDUUWH ª+DVWGXVLH"©IOVWHUWHHU ª1DWUOLFKKDEHLFKVLH'XKDVWGRFKQLFKWDXIPLFKJHK|UW ,FKKDEHGLUVFKOLHOLFKJHVDJWGDVLFKPLUQLHPDQGLQGHQ :HJVWHOOHQVROO$QVFKHLQHQGKDWGHLQ3HUVRQDOQLFKWJHK|UW 0DQZROOWHPLFKDXIKDOWHQDEHUGDV%OXWGLHVHUGLFNHQ)UDX KDWPLUQLFKWJHVFKPHFNW'XEUDXFKVWNHLQH$QJVW]XKDEHQ 6LHLVWNHLQ9DPSLU,FKKDEHQXUHLQHQNXU]HQ7HVWPLWLKU JHPDFKW© 'HUDEJHEUKWH/RJDQ&RVWHOORGHQZLUNOLFKVROHLFKW QLFKWVXPZDUIVSUWHVHLQ+HU]REHQLP+DOVVFKODJHQ /DG\;GDFKWHQLFKWGDUDQGHQ5DXP]XYHUODVVHQVRODQ JH&RVWHOORQRFKLQGHU:DQQHODJ$XIHLQHPPLWIODXVFKL JHP)HOOJHSROVWHUWHQ+RFNHUQDKPVLH3ODW]XQGEHREDFKWH WHDXVNDOWHQ$XJHQGHQLQVHLQHU:DQQHKRFNHQGHQ 0DILDER 3O|W]OLFKIUDJWHVLHª:DVKlOWVWGXYRQPLU"© &RVWHOOR]XFNWH]XVDPPHQª,FK"© ª-D,FKZLOOZLVVHQZDVGXYRQPLUKlOWVW:DKUVFKHLQOLFK QLFKWVZLHLFKGLFKNHQQH$EHUGXZLUVWHVNDXP]XJHEHQ &RVWHOORZHLOGX]XIHLJHELVWXQGQLFKWGHQ0XPPKDVW© ª1HLQGDVGDUIVWGXVRQLFKW©
ª+|UDXI]XODEHUQ&RVWHOOR'XKlOWVWYRQPLUQLFKWVXQG ZUGHVWPLUDPOLHEVWHQHLQHQ(LFKHQSIORFNLQV+HU]VWRHQ GDPLWLFK]X6WDXE]HUIDOOHQLFKWZDKU"© &RVWHOOREHJHKUWHDXIª'DVKDEHLFKQLHJHVDJW(VLVWHLQH ERGHQORVH8QWHUVWHOOXQJ© ª1HLQGLH:DKUKHLW©NRQWHUWHGLH6FRWWª'LHUHLQH :DKUKHLWPHLQ/LHEHU© &RVWHOORKREVHLQH$UPHDXVGHP:DVVHUhEHUGLH+DXW UDQQGHU6FKDXPLQODQJHQ6SXUHQª,FKYHUVWHKHQLFKWZDV GDVDOOHVVROO":HVKDOEHU]lKOVWGXPLUGDV"© ª$XVHLQHPHLQIDFKHQ*UXQG&RVWHOOR:HLOGXGLFKLQ =XNXQIWQXUQRFKPLWPLUDEJHEHQZLUVW© ª:DV"© ª-DGXKDVWULFKWLJJHK|UWLFKELQGHLQ%R© ª$EHU6ROR0RUDVVR© /DG\;ZLQNWHDEª9HUJLLKQ©]LVFKWHVLHª(VJLEWNHLQHQ 'U7RGPHKU6ROR0RUDVVRLVWYHUQLFKWHWZRUGHQXQGLFK KDEHGLH)KUXQJEHUQRPPHQ© &RVWHOORZXUGHLQGHU:DQQHVRNOHLQGDPDQEHIUFKWHQ PXWHGDV:DVVHUZUGHEHULKP]XVDPPHQVFKZDSSHQ 6HLQ*HVLFKWYHUlQGHUWHVLFK'DV6WDXQHQXQGGLHhEHUUD VFKXQJZXFKVHQI|UPOLFKKLQHLQHUVFKWWHOWHGHQ.RSI VHLQH6SHFNIDOWHQJHULHWHQGDEHLLQ:DOOXQJXQGGLH$UPH EHJDQQHQ]X]LWWHUQ(LQH:HOOHVFKZDSSWHEHUVHLQH 8QWHUOLSSH:DVVHUGUDQJLQVHLQHQ0XQG /DG\;VDGDXQGJULQVWHNDOW6LHVFKDXWH]XZLH&RVWHOOR KXVWHWHXQGDQILQJ]X]LWWHUQ'DQQOLHIVHLQ*HVLFKWURWDQ XQGGDVODJQLFKWQXUDQGHU+LW]HGHV:DVVHUV ª+DVWGXGLFKZLHGHUEHUXKLJW"©IUDJWHVLH ª1HLQQHLQ'DVNDQQLFKQLFKWJODXEHQ©KDXFKWH&RVWHOOR ª'DVJLEWHVQLFKW© ª'RFKHULVWWRW© ª$EHUZLHVR"0DQNDQQ6ROR0RUDVVRQLFKWXPEULQJHQ 'DVJHKWQLFKWHUPX© ª6LQFODLU©VDJWH/DG\;QXU &RVWHOORVFKWWHOWHVLFKDOVHUGHQ1DPHQK|UWH-RKQ
6LQFODLUZDUHLQHUVHLQHU+DXSWIHLQGH(UJDEGHP 2EHULQVSHNWRUGLH6FKXOGDP7RGVHLQHV%UXGHUVXQGHUYHU IROJWHGHQ*HLVWHUMlJHUPLWHLQHPQDKH]XZLOGHQ+D(LQ SDDUPDODWPHWH&RVWHOORNHXFKHQGª+DWGLHVHUYHUGDPPWH +XQGZLUNOLFK"© ª-DHUKDWHVJHWDQ6ROR0RUDVVREHNDPHLQH6LOEHUNXJHOLQ GHQ6FKlGHOXQGHUILHOGDQDFKLQHLQ%HFNHQLQGHP 3LUDQKDVVFKZDPPHQ6LHKDEHQVHLQ)OHLVFKELVDXIGLH .QRFKHQDEJHQDJW'DVJHQDXLVWJHVFKHKHQXQGDXVGLHVHP *UXQGKDEHLFKGLH)KUXQJGHU0RUGOLJDEHUQRPPHQ,FK DOOHLQ© ª$EHUGDVLVWMDVFKUHFNOLFK© /DG\;QLFNWHª)UGLFKYLHOOHLFKWIUPLFKQLFKW(VZLUG VRZHLWHUJHKHQDOVZUGH'U7RGQRFKOHEHQ'XXQWHU VWHKVWPLUYROOXQGZLUVWGDVWXQZDVLFKGLUVDJH+DVWGX YHUVWDQGHQ"© ª-D© ª'DQQLVWHVJXW© ª,FKEHJUHLIHHVWURW]GHPQLFKW©IOVWHUWHGHU0DILRVRªLFK NDQQHVHLQIDFKQLFKWIDVVHQ© 'LH6FRWWODFKWHª.DQQLFKPLUYRUVWHOOHQPHLQ/LHEHU(V LVWDXFKVFKZHU]XEHJUHLIHQXQGLFKKDEHGDV*HIKODOV ZUGHVWGXPLUQRFKLPPHUQLFKWWUDXHQ'DVZLUGVLFK lQGHUQ'XVWHLJVWMHW]WDXVGHLQHU:DQQHXQGNRPPVWPLW© ª:RKLQ"© ª,FKZHUGHGLU0RUDVVRV/HLFKH]HLJHQ© )UHLQHQ0RPHQWVFKLHQGHU%OLFNGHV0DILRVR]XHUVWDU UHQ$XFKVHLQ*HVLFKWIURUHLQGDQDFKQLFNWHHUXQGHVZDU QLFKWHLQPDONODUREHUHVEHUKDXSWPHUNWH ª5DXVDXVGHU:DQQH©NRPPDQGLHUWHGLH9DPSLULQ 1LHZlUHHV&RVWHOORIUKHULQGHQ6LQQJHNRPPHQYRUGHQ $XJHQHLQHU)UHPGHQDXVGHU:DQQH]XVWHLJHQ$EHUKLHU ZDUHQGLH9RU]HLFKHQDQGHUH$XILUJHQGZHOFKH5HJHOQ NRQQWHHUMHW]WNHLQH5FNVLFKWQHKPHQ/DG\;KDWWHGLH +DQGDP'UFNHUHUPXWHVLFKIJHQ 'LH9DPSLULQLQWHUHVVLHUWHVLFKQLFKWIUGHQQDFNWHQ
0DILRVR6LHZDUHLQJHVFKOHFKWOLFKHV1HXWUXP:DVNP PHUWHHVVLHREHLQ0DQQQDFNWRGHUDQJH]RJHQZDU" 6LHVDKLQLKPHQWZHGHUHLQ2SIHURGHUHLQHQ'LHQHU &RVWHOORZDUGDVOHW]WHUH8QGVROOWHHUVLFKQLFKWIJHQ ZXUGHHUVHKUOHLFKW]XP2SIHU 6HLQ%DGHWXFKODJEHUHLW(LQJURHUYLHUHFNLJHUIODXVFKLJHU *HJHQVWDQGLQGHQ/RJDQ&RVWHOORVLFKHLQZLFNHOWH(UZDJWH /DG\;QLFKWDQ]XVHKHQZlKUHQGHUVLFKDEWURFNQHWH 'LH%OXWVDXJHULQZDUQLFKWDXIGHP+RFNHUVLW]HQJHEOLH EHQ6LHZDQGHUWHLQGHPJURHQ%DGDXIXQGDE'DEHL SDVVLHUWHVLHGLH6SLHJHOZDQG &RVWHOORGHUVLHDXVGHQ$XJHQZLQNHOQEHREDFKWHWH PDFKWHHLQHVHOWVDPH(QWGHFNXQJ 'LH6FRWWZDUINHLQ6SLHJHOELOG 'HU0DILRVRZXWHGDPDQVLFKEHU9DPSLUH *HVFKLFKWHQHU]lKOWHGLHVHLWODQJHQ=HLWHQEHUOLHIHUW ZDUHQ8QWHUDQGHUHPKLHHVGRUWGDGLH%OXWVDXJHU .QREODXFKKDVVHQ$QJVWYRUIOLHHQGHP:DVVHUKlWWHQXQG WDJVEHUGLH=HLWLQILQVWHUHQ*UIWHQRGHU6lUJHQYHUEUDFK WHQ %HL/DG\;ZDUGDVDQGHUV$XIVLHWUDIQXUGDV 1LFKWZHUIHQHLQHV6SLHJHOELOGHV]XDQVRQVWHQNRQQWHVLHVLFK DXFKEHL7DJHVOLFKWEHZHJHQXQGVLHJHK|UWHJHZLVVHUPDHQ ]XHLQHUPRGHUQHQ*HQHUDWLRQYRQ9DPSLUHQ7URW]GHP KDWWHVLH$QJVWYRUJHZHLKWHP6LOEHU'DVDOVRZDUJHEOLHEHQ ª%HHLOGLFK©IXKUGLH6FRWWLKQDQ ª-DMDDEHUPHLQH.OHLGXQJEHILQGHWVLFKLP 6FKODI]LPPHU© ª+ROVLH© &RVWHOORJLQJDQGHU6FRWWYRUEHLDXIGLH7U]X0LW]LW WHUQGHQ.QLHQEHWUDWHUGDV6FKODI]LPPHUZRQLFKWQXUGDV %HWWVWDQGVRQGHUQDXFKGHUJURHPHKUWULJH6FKUDQNLQGLH :DQGHLQJHODVVHQZDU(UQDKPGLHJHVDPWH%UHLWHHLQ 'LHOLQNHlXHUH7U|IIQHWH&RVWHOOR'RUWKLQJHQVHLQH $Q]JH'DUEHUODJHQ+HPGHQLQGHQ)lFKHUQ 6HLQH+lQGH]LWWHUWHQDOVHUHLQEODXHVKHUYRUQDKPGHQQ
LPPHUZLHGHUILHOVHLQ%OLFNDXIGLHDP%RGHQXQGYRUGHP %HWWOLHJHQGH/D0DPD 6LHZDUEOHLFKLP*HVLFKWXQGDXVHLQHU:XQGHDP+DOV VLFNHUWH%OXW 'RUWKDWWH/DG\;HLQH:XQGHJHULVVHQ /HEWH/D0DPDEHUKDXSWQRFK"2GHUZDUVLH]XHLQHP 9DPSLUJHZRUGHQZHLO/DG\;JHEOXIIWKDWWH" ª,FKKDEHQLFKWHZLJ=HLW© &RVWHOORHUVFKUDNDOVHUGLH6WLPPHLQVHLQHP5FNHQ K|UWH'LHHKHPDOLJH7HUURULVWLQVWDQGLQGHURIIHQHQ7UXQG EHREDFKWHWHLKQPLW$UJXVDXJHQ +DVWLJ]RJVLFK&RVWHOORDQ'DEHLYHUIHKOWHHU]ZHLPDOVHLQ +RVHQEHLQZHLOHU]XQHUY|VZDU6HLQ*HVLFKW]XFNWHXQG HLQH.UDZDWWHNRQQWHHUVLFKZHJHQVHLQHU]LWWHUQGHQ)LQJHU HUVWJDUQLFKWELQGHQ ª:DVZDVLVWPLWLKU"©IUDJWHHUIOVWHUQG ª,FKKDEHGLUJHVDJWGDPLULKU%OXWQLFKWVFKPHFNWH© HUZLGHUWHGLH6FRWWNDOWª,FKELQLQGHUOHW]WHQ=HLWDQ VSUXFKVYROOJHZRUGHQPHLQ/LHEHU© ª'DVKDEHLFKJHVHKHQ© ª1DDOVR© &RVWHOORVWUHLIWHVHLQH-DFNHEHUXQGZDUIHUWLJ ª*HKHQZLU©VDJWHGLH6FRWW ª8QGZRKLQ"© ª'DVZLUVWGXVFKRQVHKHQ,FKP|FKWHGLUQXUGLH/HLFKH HLQHVJXWHQ)UHXQGHV]HLJHQ© &RVWHOORVFKWWHOWHVLFKDOVHUGDUDQGDFKWHGHQWRWHQ6ROR 0RUDVVR]XVHKHQ$EHUGLH6FRWWKDWWHKLHUGDV6DJHQHU NRQQWHVLFKQXUIJHQGDVZDUDOOHV &RVWHOORYHUOLHDOVHUVWHUGDV=LPPHU6HLQ*HVLFKWZDU XQEHZHJWDOVHUEHUGLHEUHLWH7UHSSHQDFKXQWHQVFKULWW 9RQVHLQHQ/HLEZlFKWHUQZDUQLHPDQG]XVHKHQ6LHKLHOWHQ VLFKLP1HEHQWUDNWDXI&RVWHOORNRQQWHVLHUXIHQZHQQHUVLH EUDXFKWH ª0VVHQZLUZHLW"©IUDJWHHU ª0HLQ:DJHQVWHKWLQGHU1lKH©
/DG\;IXKU &RVWHOORKRFNWHQHEHQLKUZLHHLQ+lXIFKHQ(OHQG(U]LW WHUWHQRFKLPPHUGHQQHUZDUGHUHLQ]LJH0HQVFKXQWHU 0RQVWHUQ 'LH9DPSLULQKDWWHVLFKHLQHQVFKZDU]HQ0HUFHGHV.RPEL EHVRUJW'LH)HQVWHUGHU/DGHIOlFKHZDUHQYHUKlQJWZRUGHQ XQGGDVZDUDXFKQ|WLJGHQQDXIGHU/DGHIOlFKHKLHOWHQVLFK ]ZHLVFKUHFNOLFKH*HVWDOWHQDXI 9DPSLURGHOPDUXQG;RUURQ 6LHKDWWHQGLH8QWRWHEHJOHLWHWDXIGHP:HJYRP6DQGKXUVW )RUHVW]X/RJDQ&RVWHOOR,QQHUKDOEGHVJURHQ:DOG XQG0DQ|YHUJHELHWHV6DQGKXUVW)RUHVWIKOWHQVLHVLFKDP ZRKOVWHQ,QGHPDOWHQ%XQNHUZRGLH]DKOUHLFKHQ6lUJH VWDQGHQIKOWHQVLHVLFKHLQZHQLJZLHDXIGHU,QVHOGHQQ DXFKGHU%XQNHUDXVGHPOHW]WHQ.ULHJJOLFKLUJHQGZLHHLQHU )HVWXQJ=XGHPPDFKWHHVLKQHQ6SDVLFK]ZLVFKHQGHQ 6l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ª0DFKGLUQLFKWLQGLH+RVHQ©VDJWHGLH6FRWWVFKDUIª,FK GDFKWHLPPHUGXZlUVWHLQJURHU0DILDIUVW© ª'DVELQLFK© ª6FKHLQWPLUDEHUQLFKWVR© ª,QPHLQHP-REKDEHLFKDXFKQRUPDOHUZHLVHQLFKWV PLW'lPRQHQ]XWXQ'DZLUGDOOHVPLWHLQHUHKUOLFKHQ .XJHOJHUHJHOW©
'LH6FRWWODFKWHª(KUOLFKH.XJHOLVWJXW©6LHGUHKWHNXU] GHQ.RSIXQG]HLJWH&RVWHOORLKUH9DPSLU]lKQHª0LULVWHLQ HKUOLFKHU%LOLHEHU'DUDXINDQQVWGXGLFKYHUODVVHQ© 'HU0DILRVRVFKWWHOWHVLFK(UNRQQWHVLFKLQGLH:HOWHLQHV %OXWVDXJHUVQLFKWKLQHLQGHQNHQ ;RUURQXQG9DPSLURGHOPDUYHUKLHOWHQVLFKDXIGHU /DGHIOlFKH]LHPOLFKVWLOO1XUKLQXQGZLHGHUVWLHGHU 6XSHUYDPSLUHLQZWHQGHV6FKQDXEHQDXV /DG\;ZXWHGHQ*UXQG(UEUDXFKWH%OXWGHQQ]XODQJH NRQQWHHUGHQ/HEHQVVDIWQLFKWHQWEHKUHQ$EHUHUVWNDPGLH $UEHLWGDQQGDV9HUJQJHQ 'LH*HGDQNHQGHUHKHPDOLJHQ7HUURULVWLQEHVFKlIWLJWHQ VLFKPLWGHU=XNXQIW,PPHUZLHGHUVWHOOWHVLHVLFKGLH)UDJH ZLHHVZHLWHUJHKHQVROOWH6LHPXWHVLFKMHW]WGDVLHVLFK]XU )KUHULQGHU0RUGOLJDDXIJHVFKZXQJHQKDWWHPHKU *HGDQNHQPDFKHQ)UKHUKDWWHVLHPLW6ROR0RUDVVRGDU EHUGLVNXWLHUHQN|QQHQKHXWHVDKGLH6DFKHHLQZHQLJDQGHUV DXV'DEHVWLPPWHVLHGLH5LFKWOLQLHQXQGLKUGXUIWHNHLQ )HKOHUXQWHUODXIHQ /DG\;ZXWHVHOEVWGDVLHXQWHUGHQ6FKZDU]EOWHUQ ]DKOUHLFKH)HLQGHKDWWH'DZDUQLFKWQXU/XSLQDV6RKQ 2UDSXOVRQGHUQDXFK$VPRGLVPLWVHLQHP*HIROJH(UKDWWH EHVWLPPWQLFKWYHUJHVVHQGDVHLQH7RFKWHUYRQ6ROR 0RUDVVRJHN|SIWZRUGHQZDU8QG/DG\;KDWWHGDEHL]X JHVHKHQ $OVRVWDQGDXFKVLHDXIGHUIDOVFKHQ6HLWH:HQLJVWHQVLP 6LQQHGHV7HXIHOV 2EHUEHUHLWVHUIDKUHQKDWWHZDVPLW6ROR0RUDVVRJHVFKH KHQZDU"%HVWLPPWGHQQVLFKHUOLFKEHIDQGVLFKGLH6HHOHGHV 'U7RGVFKRQLP5HLFKGHV6SXNV 8QGGLHVPDOZUGHVLHQLFKWZLHGHUIUHLJHODVVHQZHUGHQ 'LH,QQHQVWDGWKDWWHQVLHKLQWHUVLFKJHODVVHQXQGQlKHUWHQ VLFKGHPJURHQ:DOGJHELHWGHV6DQGKXUVW)RUHVW +LHUJDEHVWURW]GHU6WDGWQlKHQRFK]DKOUHLFKH9HUVWHFNH XQWHUDQGHUHPHEHQGHQDOWHQ%XQNHUGHUPLW6lUJHQYROOJH VWRSIWZDU
'LH9DPSLULQEHVFKOHXQLJWH1RFKNRQQWHVLHVLFKHLQH K|KHUH*HVFKZLQGLJNHLWHUODXEHQGHQQVLHEHIDQGHQVLFKDXI HLQHUDVSKDOWLHUWHQ6WUDH (VKHUUVFKWHZHQLJ%HWULHEGLHJURHQ+HUEVWPDQ|YHU OLHIHQHUVWVSlWHUDQ/LQNVVDKVLHEHUHLWVGLHJUQH/XQJHGHV )RUHVW(LQZHLWHVKHUUOLFKHV*HELHWLGHDO]XP$XVVSDQQHQ IUJURVWDGWPGH/RQGRQHU'RFKGRUWZRGHU%XQNHUODJ NDPNDXPHLQ0HQVFKKLQ'LHDOWH)HVWXQJLQWHUHVVLHUWH QLFKW 1LFKWPHKUODQJHGDQQPXWHQVLHDEELHJHQ,QZHLWHQ .XUYHQVFKOlQJHOWHVLFKGHU:HJYRUDQ0DQFKPDO]ZHLJWHQ VFKPDOH:HJHDEGLHLQGDVGLFKWH:DOGJHELHWIKUWHQ 'LH%lXPHWUXJHQJUQH%OlWWHUXQGELOGHWHQHLQGLFKWHV 'DFK'HU$XJXVWKDWWH/RQGRQQRFKVHKUVFK|QH7DJH JHEUDFKWXQGHLQSDDU:RFKHQVSlWHUZUGHGDV/DXEVFKRQ HLQHDQGHUH)DUEHDQQHKPHQ /LQNVDE /DG\;GUHKWHGDV/HQNUDG'HU0HUFHGHVUXFNWHKHUXP GLH5HLIHQIDQGHQDXIGHPVFKPDOHQ:DOGZHJ+DOWJULIIHQ GXUFKXQGVFKRQEDOGVFKDXNHOWHGHU:DJHQXQWHUGHPJU QHQ'DFKGHU%lXPHZHLWHUXQGWLHIHULQGHQ)RUHVWKLQHLQ (VPDFKWHGHU9DPSLULQQLFKWVDXVGDGLH=ZHLJHEHU GLH.DURVVHULHNUDW]WHQRGHUDQGHQ6FKHLEHQVFKDEWHQVLH ZROOWHQXUVRUDVFKZLHP|JOLFKLKU=LHOHUUHLFKHQ ª:ROLHJWHUGHQQ"© ª'DVZLUVWGXVFKRQVHKHQ© ª6LHKWHUVFKOLPPDXV"© 'LH6FRWWODFKWHQXU 'DZXWH/RJDQ&RVWHOORGDHUVLFKDXIHLQLJHVJHIDW PDFKHQNRQQWHXQGHUZXUGHDXIGHP%HLIDKUHUVLW]QRFK NOHLQHUDOVHUVRZLHVRVFKRQZDU (LQSDDUPDOKDWWHGLH6FRWWGHU:HJEHUHLWVLQGLHVH*HJHQG JHIKUW6LHHULQQHUWHVLFKQRFKGDUDQZLHVLHPLWHLQHP +XEVFKUDXEHUJHODQGHWZDUXP6LQFODLU]XW|WHQ(VZDU LKUGDPDOVQLFKWJHOXQJHQDEHULUJHQGZDQQZUGHVLHLKQ YHUQLFKWHQ
'HU:DJHQVFKDXNHOWHDXIGHPXQHEHQHQ:HJZLHHLQ 6FKLIIEHLVWDUNHP6HHJDQJ=XP*OFNOLHIGHU:HJLQHLQH /LFKWXQJDXVXQGGRUWVWDQGDXFKGHU%XQNHU (LQ.ORW] *UDXLQGHU)DUEHXQGLUJHQGZLHGVWHUDXVVHKHQG/RJDQ &RVWHOORKDWWHLKQJHPLHWHWYRQGHU0RUGOLJDZXUGHHU EHQXW]W'DV(LVHQWRU]HLJWHVFKRQZLHGHU5RVWGLHVFKZHUHQ 5LHJHOXQGDXFKGDV6FKORVRUJWHQGDIUGDQLHPDQGGHQ %XQNHUEHWUHWHQNRQQWH 'LH9DPSLULQVWRSSWH6LHODFKWHXQG]HLJWHGDEHLLKUHVSLW ]HQ+DXHUª%DOGZLUVWGXGHQVHKHQN|QQHQIUGHQGXDOOHV JHWDQKDVW©HUNOlUWHVLHGHP0DILRVR &RVWHOORQLFNWHQXU6SUHFKHQNRQQWHHUQLFKW6HLQH.HKOH ZDU]X(UDKQWHGDLKQHLQHJUDXHQYROOHhEHUUDVFKXQJ HUZDUWHWHXQGGHU*HGDQNHGDUDQZDULKPXQHUWUlJOLFK ª$XVVWHLJHQ© /DG\;KDWWHGHQ%HIHKOJHJHEHQ6LHYHUOLHDOVHUVWHGHQ :DJHQ&RVWHOORVROOWHLKUIROJHQZlKUHQG9DPSLURGHOPDU XQG;RUURQ]XUFNEOHLEHQPXWHQ 0LWVFKQHOOHQVLFKHUHQ6FKULWWHQJLQJGLH6FRWWDXIGLH %XQNHUWU]X&RVWHOORIROJWHLKUODQJVDPHUDOVKlWWHHU$QJVW YRUGHQQlFKVWHQVFKOLPPHQ0LQXWHQ 'LH6FRWWKDWWHGHQ6FKOVVHO6LHVSLHOWHVLFKDOV&KHILQDXI &RVWHOORNDPVLFKYRUZLHHLQ6WDWLVW(VZDUVFKZHUGDV7RU ]XU6HLWH]XVFKLHEHQ'HU0DILRVRPXWHPLWKHOIHQXQG JHULHWGXUFKGLHXQJHZRKQWH$QVWUHQJXQJLQV6FKZLW]HQ (QGOLFKVWDQGGDV7RURIIHQ)UHLHU%OLFNLQGHQ%XQNHU (LQXQKHLPOLFKHV%LOGERWVLFKGHQ$QN|PPOLQJHQ :lKUHQGHLQQRUPDOHU0HQVFKYLHOOHLFKW$QJVWEHNRPPHQ KlWWHZDUGDVEHL/DG\;QLFKWGHU)DOO 6LHIUHXWHVLFKZHQQVLH6lUJHVDKXQGVLHVWHOOWHVLFKYRU GDHLQPDODOOHPLW9DPSLUHQEHOHJWZDUHQ'DVZDULKU JURHU7UDXPIUGHQVLHOHEWH 'LH6lUJHVWDQGHQLQ]ZHL5HLKHQ/LQNVXQGUHFKWVGHU %XQNHUZlQGHZDUHQVLHDXIJHEDXWZRUGHQVRGDVLFK]ZL VFKHQLKQHQHLQ*DQJEHIDQG(VZDUHQSUXQNYROOHXQG
VFKOLFKWH7RWHQNLVWHQGDUXQWHUVFKZDU]HEUDXQHXQGDXFK KHOOH6lUJH &RVWHOORKDWWHGDPDOVJHNDXIWZDVHULQGLH)LQJHUEHNDP 8QGHUVSUWHDXFKGLHXQKHLPOLFKH$WPRVSKlUHGLHGLHVHV 6DUJODJHUDXVVWU|PWH (UNRQQWHVLHNDXPEHVFKUHLEHQGHQQVLHZDUHLQIDFKGD XQGVLH]HUUWHDQGHQ1HUYHQGHV0DILRVR %LVKHUKDWWHVLFK/RJDQ&RVWHOORLPPHULP+LQWHUJUXQG JHKDOWHQXQGGLH$NWLRQHQHQWZHGHUQXUEHIRKOHQRGHUDOV 2UJDQLVDWRUJHOHLWHW1XQZXUGHHUVHOEVWPLWGHP6FKUHFNHQ NRQIURQWLHUWXQGHUKDWWHGDV*HIKODOVZUGHQ(LVILQJHU EHUVHLQHQ5FNHQVWUHLFKHQ6HKUYRUVLFKWLJEHZHJWHHUVLFK YRUDQDFKWHWHGDUDXIGDHUDXI=HKHQVSLW]HQJLQJ'LH 'LVWDQ]]ZLVFKHQLKPXQG/DG\;ZXUGHJU|HU 'LH9DPSLULQEOLHEVWHKHQ6LHVFKDXWHVFKUlJEHUGLH 6FKXOWHULKUH0XQGZLQNHOYHU]RJHQVLFKª/RVNRPPGX )HLJOLQJ© &RVWHOORQLFNWHKHIWLJ(UVFKZLW]WHZLHGHUZDJWHDEHU QLFKWVLFKGHQ6FKZHLDXVGHP*HVLFKW]XZLVFKHQ(U ZROOWHVLFKQLFKWQRFKPHKU%O|HQJHEHQ $P(QGHGHV0LWWHOJDQJHVEOLHE/DG\;VWHKHQ6LHKDWWH VFKRQEHLLKUHP(LQWULWW/LFKWJHPDFKW'LHWUEHQ%LUQHQDQ GHU'HFNHYHUEUHLWHWHQQXUVRYLHO+HOOLJNHLWGDPDQVLFK LQQHUKDOEGHV%XQNHUVRULHQWLHUHQNRQQWH 5HFKWVXQGOLQNVIKUWHQ]ZHL*lQJHWLHIHULQGLH6HLWHQWHLOH GHV%XQNHUV 8QGOLQNVVWDQGDXFKGHU6DUJ (UZDURIIHQ /DG\;KLHOWVLFKGLFKWQHEHQLKPDXIGDLKUH%HLQHIDVW GDVGXQNOH+RO]EHUKUWHQ &RVWHOOR]|JHUWHQRFK(UKDWWHSO|W]OLFKVFKUHFNOLFKH )XUFKWVHLQHQHKHPDOLJHQ&KHI]XVHKHQ(UVSUWHGDV *UDXHQZLHHVXQVLFKWEDUHLQHQ5LQJXPLKQVFKOR ª.RPPVFKRQQlKHU©IOVWHUWHGLH6FRWW,PPGHQ6FKHLQ GHU/DPSHZLUNWHLKU*HVLFKWVHOWVDPYHU]HUUWXQGYHU VFKZRPPHQ]XJOHLFK(LQHZLGHUOLFKH)UDW]H
&RVWHOOR]RJGHQ.RSIHLQ(VJDENHLQ=XUFN(UPXWH VLFKGHQ7DWVDFKHQVWHOOHQ 8QGGLHODJHQLQGHPRIIHQHQ6DUJ :lUH/RJDQ&RVWHOORDOOHLQJHZHVHQVRKlWWHHUYLHOOHLFKW JHVFKULHQDEHUHUEHKHUUVFKWHVLFKPLWJURHU0KHXQG VWDUUWHDXIGDVZDVLQGHP6DUJODJ (LQ0DQQ" 1HLQHLQ0RQVWUXP+DOE0HQVFKKDOE6NHOHWWPLWHLQHP .XJHOORFKLQGHU6WLUQ 0DQNRQQWHQRFKHUNHQQHQGDHV6ROR0RUDVVRJHZHVHQ ZDUGDGLHUHFKWH6HLWHVLFKIDVWLQHLQHPQRUPDOHQ=XVWDQG EHIDQG'RFKGLHDQGHUHGLHOLQNHZDUY|OOLJ]HUIUHVVHQ'D KDWWHQGLH3LUDQKDVZLUNOLFKJDQ]H$UEHLWJHOHLVWHWXQGGDV )OHLVFKYRQGHQ.QRFKHQGHV0DQQHVUHVWORVDEJHQDJW.HLQ )HW]HQKLQJPHKUGDUDQ :LHPLW)HXHUYHUVWlUNWEUDQQWHVLFKGDV%LOGGLHVHV 0RQVWUXPVLQ/RJDQ&RVWHOORV*HKLUQXQGHUVFKWWHOWHGHQ .RSIZlKUHQGHUXQIlKLJZDUHLQ:RUW]XUHGHQ ª1XQ"©IUDJWHGLH%OXWVDXJHULQ 6W|KQHQGKROWH&RVWHOOR$WHP(VILHOLKPVFKZHUGHQ.RSI ]XKHEHQXQG/DG\;DQ]XVFKDXHQ6HLQ%OLFNIODFNHUWHHU VWDQGZLHXQWHU6WURPXQG]LWWHUWHDXFKVR ª(UNHQQVWGXLKQ"©IUDJWHGLH6FRWW 'DVJHKDXFKWHª-D©ZDUNDXP]XYHUVWHKHQ ª8QGZDVVDJVWGXGD]X"© (VVDKKLOIORVDXVZLH&RVWHOORVHLQH6FKXOWHUQKREª(UHU LVWHVWDWVlFKOLFK"© ª*ODXEVWGXGDLFKGLFKDQJHORJHQKlWWH"©6FKDUIXQG SHLWVFKHQGNODQJGLH6WLPPHGHU8QWRWHQª1HLQGLHVH)LJXU LQGHP6DUJLVW'U7RG'DVNDQQVWGXVHKHQ© &RVWHOORQLFNWH(VZDUVFKZHUIULKQVLFK]XIDVVHQGHV KDOEIUDJWHHUª:DVVROOZHLWHUJHVFKHKHQ"© 'DOlFKHOWH/DG\;KREHLQHQ)XDQXQGVWHOOWHLKQDXI GHQ6DUJUDQGª(VJLEWYHUVFKLHGHQH0|JOLFKNHLWHQ:LUN|Q QHQLKQYROOHQGVYHUQLFKWHQLQGHPZLULKQYHUEUHQQHQZLU N|QQHQDEHUDXFKHWZDVDQGHUHVPLWLKPPDFKHQ©
ª8QGZDV"©HUNXQGLJWHVLFK&RVWHOOR]|JHUQG ª(UXQG6LQFODLUZDUHQ7RGIHLQGH:LUZHUGHQLKPVHLQH /HLFKHVFKLFNHQ'U7RGVFKLFNWVHLQH/HLFKH+|UWVLFKGRFK JXWDQRGHUQLFKW"©6LHODFKWHEHOOHQG ª,FKLFKZHLQLFKW© ª+|UDXI]XMDPPHUQGX:DVFKODSSHQ©IXKU/DG\;GHQ 0DQQDQª,FKKDEHHVEHVFKORVVHQXQGVRZLUGHVDXFK JHPDFKW)HUWLJXQGEDVWD.HLQH:LGHUUHGH© ª8QGZLHVROOHVJHVFKHKHQ"©IUDJWH&RVWHOORQDFKHLQHU :HLOH ª'DVODPDOPHLQH6RUJHVHLQ,FKZHUGH]XHUVWHLQHQ 9HUVXFKXQWHUQHKPHQEHUGHQLFKVFKRQODQJHQDFKJHGDFKW KDEH© ª8QGZDVLVWHV"©IUDJWHGHU0DILRVR ª.HQQVWGXGHQ:UIHOGHV8QKHLOV"© &RVWHOORQLFNWHª-DGHQNHQQHLFK© ª'DQQZLUVWGXGLFKEDOGVHKUZXQGHUQ©YHUVSUDFK/DG\ ;XQGOlFKHOWHWHXIOLVFK /RQGRQKDWWHXQVZLHGHU 8QGZLUKDWWHQGDVJHWDQZDVMHGHUYHUQQIWLJH0HQVFK HLQPDOLQ6WXQGHQWXQVROOWH 6FKODIHQ 'LH1DFKWZDUVFKQHOOKHUXPXQGNDXPKDWWHLFKGLH $XJHQDXIJHVFKODJHQGDEHVFKlIWLJWHQVLFKPHLQH*HGDQNHQ VFKRQZLHGHUPLW6ROR0RUDVVRXQGGHVVHQ(QGH :DUHUZLUNOLFKWRW" +DWWHGLHVHU0HQVFK'lPRQWDWVlFKOLFKDOOHVKLQWHUVLFK" *DEHVLKQQLFKWPHKU"%UDXFKWHLFKLKQXQGVHLQHVFKUHFNOL FKHQ9DVDOOHQQLFKWPHKU]XIUFKWHQ"6HLQH9DVDOOHQVFKRQ GHQQDXIGHU,QVHOKDWWHQZLU/DG\;;RUURQXQG9DPSLUR GHOPDU]LHPOLFKGHXWOLFKJHVHKHQ$XFKKDWWHQVLHXQVHQW GHFNWXQGLFKNRQQWHPLUYRUVWHOOHQZHOFKH5DFKHJHGDQNHQ VLFKLQLKUHQXQWRWHQ+LUQHQIRUPLHUWHQ :lKUHQGLFKPLUPHLQ)UKVWFN]XEHUHLWHWHGUHKWHQVLFK
PHLQH*HGDQNHQQXUXP'U7RG6LU-DPHV3RZHOOXQVHU &KHIZXWHQRFKQLFKWVGDYRQ,FKZDUJHVSDQQWZLHHUGLH 1DFKULFKWDXIQHKPHQZUGH $OVLFKPHLQHQ.DIIHHDXIEUKWHVFKHOOWHVFKRQGDV7HOHIRQ ,FKOLHGLH0DVFKLQHODXIHQXQGKREDE (VZDU6LU-DPHV ª6LHVLQGQRFK]X+DXVH"©EHJUWHHUPLFK ª-DZRVRQVW"© ª,P%URVROOWHQ6LHVHLQ0LUVLQG*HUFKWH]X2KUHQ JHNRPPHQGDVLFKHWZDV(QWVFKHLGHQGHVYHUlQGHUWKDW© ª'DVVWLPPW6LU'U7RGJLEWHVQLFKWPHKU© 0HLQHQ%RNRQQWHPDQVRJXWZLHJDUQLFKWVFKRFNHQ 'LHVPDOMHGRFKVFKDIIWHLFKHVGHQQHVEOLHEUXKLJLP+|UHU VRGDLFKPLUHLQNOHLQHV*ULQVHQQLFKWYHUNQHLIHQNRQQWH ª6DJHQ6LHGDVQRFKPDO-RKQ© ,FKZLHGHUKROWHGHQ6DW] ª8QG6LHVLQGVLFKVLFKHU"© ª)DVW6LU© ª$KDVFKRQZLHGHUHLQ3IHUGHIX0LUGDXHUWHV]XODQJH ELV6LHVLFKHQGOLFKEHTXHPWKDEHQLQV%UR]XNRPPHQ %HULFKWHQ6LHPLUDP7HOHIRQZDVVLFKJHWDQKDW© ,FKEHVFKORPLFK]XYHUWHLGLJHQ,QNQDSSHQ:RUWHQOHJWH LFKPHLQHP&KHIGDUZHVKDOELFKQRFKQLFKWLP%URZDU GRFKHUKDWWHGLHVPDONHLQ9HUVWlQGQLV ª$XHUJHZ|KQOLFKH)lOOHHUIRUGHUQHEHQDXHUJHZ|KQOL FKH0DQDKPHQ:HQQ6ROR0RUDVVRHUOHGLJWLVWZDVNRPPW GDQDFK"© ª'DUEHUN|QQHQZLUUHGHQ=XGHPKDEHLFKPLUEHUHLWV PHLQH*HGDQNHQJHPDFKW© ª'DQQELWWH© 6HLQH6WLPPHNODQJVFKRQIULHGOLFKHU0DQFKPDONRQQWH GHU$OWHZLUNOLFKXQDXVVWHKOLFKVHLQ7URW]DOOHPZDUHUHLQ KHUYRUUDJHQGHU6WUDWHJH $XIQFKWHUQHQ0DJHQXQGPLWPRQRWRQHU6WLPPHVSXOWH LFKPHLQHQ%HULFKWDEGHUKLQXQGZLHGHUYRQHLQHPWURFNH QHQª+P©NRPPHQWLHUWZXUGH,FKHU]lKOWHYRQ%HJLQQDQ
DXFKYRQGHP$XIWDXFKHQGHU'lPRQLQ$ODVVLDGHQQPLWLKU KDWWHVFKOLHOLFKDOOHVEHJRQQHQ 1DFKGLHVHP:HVHQHUNXQGLJWHVLFK6LU-DPHVQDFKPHL QHP%HULFKW]XHUVWª.DQQLFKVLHQLFKWDXIXQVHUH6HLWH ]LHKHQ-RKQ"© ª'DVJODXEHLFKNDXP'DZUGHQ.DUDXQGDXFK0\[LQ HWZDVGDJHJHQKDEHQ1HLQVRHLQIDFKLVWGDVQLFKW© ª$OOULJKWYHUJHVVHQZLUVLHXQGQHKPHQZLUDQGD 0RUDVVRWDWVlFKOLFKWRWLVW:DVNRPPWGDQDFK"© -DZDVNDPGDQDFK"(LQHJXWH)UDJHDXIGLHLFKHUVW HLQPDONHLQH$QWZRUWZXWH ª6LHVLQGVRVFKZHLJVDP-RKQ© ª'DVELQLFKLQGHU7DW6LU© ª:LHN|QQWHHVZHLWHUJHKHQ"© ,FKOLHPLFKDXIHLQHQ6WXKOIDOOHQXQGIXKUPLWGHU+DQG GXUFKPHLQ+DDUª'DJLEWHVYHUVFKLHGHQH0|JOLFKNHLWHQ :HQQZLUGDYRQDXVJHKHQGD0RUDVVRWDWVlFKOLFKYHUQLFK WHWLVWVLQGQXUQRFKGUHLDXVGHUHKHPDOLJHQ0RUGOLJDEULJ ;RUURQ9DPSLURGHOPDUXQG/DG\;:RYRQLFKOHW]WHUHLP 3ULQ]LSIUIlKLJKDOWHGLH)KUXQJGHUEHLGHQDQGHUHQ 0RQVWHU]XEHUQHKPHQ© ª6LHVHKHQVLHDOVQHXH&KHILQ"© ª6RXQJHIlKU6LU© ª8QGGDQQ"© ª:LUGVLHYHUVXFKHQ'U7RGV(UEHZHLWHU]XIKUHQ(LQH DQGHUH0|JOLFKNHLWJLEWHVIUPLFKQLFKW6LHPXLUJHQG HWZDVWXQ6LHPXYRUDOOHQ'LQJHQGHQEHLGHQDQGHUHQ 0RQVWHUQEHZHLVHQGDVLHIlKLJLVWVLH]XOHQNHQXQG]X IKUHQ© ª8QG9DPSLURGHOPDU"+DEHQ6LHPLUQLFKWPDOEHULFKWHW GDGLHEHLGHQ)HLQGHZlUHQ"© ª,P3ULQ]LSMD1XUNDQQVLFK9DPSLURGHOPDUNDXPLQ GHUgIIHQWOLFKNHLWVHKHQODVVHQ(UPXVLFKLPPHUYHUVWHFNW KDOWHQZDVEHL/DG\;QLFKWGHU)DOOLVW© 'DJDEPHLQ&KHIPLUUHFKWª'DVKDEHQ6LHJXWGXUFK GDFKW-RKQ6RlKQOLFKVWHOOHLFKPLUGLH/DJHDXFKYRU
'HPQDFKN|QQHQZLUQLFKWGLH+lQGHLQGHQ6FKROHJHQ XQGVRWXQDOVZlUHQLFKWVJHVFKHKHQ-HW]WDEHUZHLWHU:HQQ ZLUGDYRQDXVJHKHQGDVLFKGLHGUHLQLFKWPHKUDXIGHU ,QVHOEHILQGHQZRN|QQWHQVLHGDQQVWHFNHQ":LVVHQ6LHHLQH /|VXQJ"© ª1HLQ© ª6LHEUDXFKHQDEHU8QWHUVWW]XQJWURW]DOOHP© ,FKDKQWHGDPHLQ&KHIHLQHQEHVWLPPWHQ3ODQYHUIROJWH XQGHUUFNWHDXFKVFKQHOOGDPLWKHUDXVª,FKGHQNHGDDQ JHZLVVH+LOIVNUlIWHGLHVLFKLQQHUKDOEXQVHUHU6WDGWEHILQ GHQ-RKQ0XLFKQRFKZHLWHUUHGHQ"© ª/RJDQ&RVWHOOR© ª*HQDX-RKQ© 'DLFKQLFKWVHOEVWGDUDXIJHNRPPHQZDUZXQGHUWHPLFK $EHULFKZDUZRKOQRFK]XPGHXQGPHLQ'HQNDSSDUDW KDWWHHLQHJHZLVVH/DGHKHPPXQJ ª:LHZlU VPLWHLQHP%HVXFKEHL/RJDQ&RVWHOOR"©HUNODQJ GLH6WLPPHPHLQHV&KHIV ª2EGHUPLFKHPSIDQJHQZLUG"6LHZLVVHQMDVHOEVWZLHHU ]XXQVVWHKW© ª:HQQQLFKWVFKLFNHQZLULKPHLQH(LQODGXQJ9HUVXFKHQ 6LHHVPLWHLQHP$QUXIXQGLQIRUPLHUHQ6LHPLFKGDQQ6HKH LFK6LHQRFKLP%UR"©VHW]WH6LU-DPHVHLQH6SLW]HKLQWHUKHU ª-D© ª8QGZDQQ"© ª%HVWLPPWQRFKLQGLHVHP-DKU©'LH$QWZRUWNRQQWHLFK PLUQLFKWYHUNQHLIHQEHYRULFKDXIOHJWH-HW]WZUGHGHU$OWH EHVWLPPWYRU:XWLQGLH6FKUHLEWLVFKNDQWHEHLHQGHQQHV lUJHUWHLKQLPPHUZHQQMHPDQGLKPVS|WWLVFKH$QWZRUWHQ JDE &RVWHOORKDWWHPHKUHUH7HOHIRQQXPPHUQ8QWHUDQGHUHP HLQHGLUHNWH(LQH*HKHLPQXPPHUGLHXQVGDQNXQVHUHU %H]LHKXQJHQ]XP)HUQPHOGHDPWDOOHUGLQJVEHNDQQWZDU 6HFKVPDOOlXWHWHHVGXUFK,FKZROOWHVFKRQDXIOHJHQDOV WURW]GHPDEJHKREHQZXUGH(LQVFKZDFKHVª-DELWWH"© VFKZDQJPLUHQWJHJHQ
'DKDWWHNHLQ0DQQJHVSURFKHQVRQGHUQHLQH)UDX &RVWHOORV)UHXQGLQ"'DVNRQQWHLFKPLUNDXPYRUVWHOOHQ'HU 0DILRVRZDUNHLQ0DQQGHUHLQHVHLQHU*HVSLHOLQQHQDQGHQ $SSDUDWOLH ª0HLQ1DPHLVW-RKQ6LQFODLU©PHOGHWHLFKPLFKª,FKKlWWH JHUQPLW0U/RJDQ&RVWHOORJHVSURFKHQ© ª7XWPLUOHLG© ª,VWHUQLFKWGD"©IUDJWHLFK ª1HLQ© ,FKELPLUDXIGLH/LSSH'DVNRQQWHDXFKHLQH)LQWHVHLQ ª+|UHQ6LH]XLFKELQ2EHULQVSHNWRUEHL6FRWODQG
ª,FKLFKZHLQLFKWPHKU,FKZXUGHRKQPlFKWLJ8QGDOV LFKHUZDFKWHZDU0U&RVWHOORQLFKWPHKUGD© ª'LH)UDXDXFKQLFKW"© ª6RLVWHV© ª+DEHQ6LHPLWHLQHUDQGHUHQ3HUVRQDXHUGHUPHLQHQ EHUGHQ9RUIDOOJHVSURFKHQ"© ª1HLQ6LU,FKLFKELQMDDXFKHEHQHUVWDXVGHU2KQPDFKW HUZDFKW,FKKDEH.RSIVFKPHU]HQXQGEOXWHDP+DOV© ª*HKWHV,KQHQVRQVWJXW"© ª(LJHQWOLFKMD© ª6LHKDEHQNHLQH9HUlQGHUXQJHQDQVLFKIHVWJHVWHOOW"© ª1HLQ6LU© ª$XFKQLFKWDQGHQ=lKQHQ"© -HW]WVFKZLHJVLHIUHLQHQ0RPHQWª:LHPHLQHQ6LHGDV JHQDX6LU"© ,FKHUNOlUWHHVLKUGHQQLFKKDWWHGHQ9HUGDFKWGD/DG\; VLH]XHLQHU%OXWVDXJHULQJHPDFKWKDEHQN|QQWH$EHUEHLLKU ZDUDOOHVQRUPDOZLHVLHPLUYHUVLFKHUWH ,FKDWPHWHDXIXQGEHVFKZRUGLH)UDXPLWQLHPDQGHP EHUGDV(UOHEQLV]XUHGHQ6LHJDEPLULKU:RUW $OVLFKGHQ+|UHUIDOOHQOLHEOLHEHQ6FKZHLIOHFNHQDXI GHP.XQVWVWRII]XUFN'DV*HVSUlFKKDWWHPLFKGRFKVHKU PLWJHQRPPHQXQGLFKVFKWWHOWHPLFK'U7RGV(UEHQ ZDUHQEHUHLWVDNWLYJHZRUGHQ8QG]ZDUKLHULQ/RQGRQ'LH 9HUPXWXQJPHLQHV&KHIVJLQJYROOLQ(UIOOXQJ1XUZDV KDWWHQVLHYRU" 'LHVH)UDJHEHVFKlIWLJWHPLFKDOVLFKLQGLHNOHLQH.FKH JLQJXQGHQGOLFKGLH.DIIHHNDQQHYRQGHU:DUPKDOWHSODWWH GHU0DVFKLQHQDKP,FKVFKHQNWHPLUHLQH7DVVHYROOOHKQWH PLFKDQGHQNOHLQHQZHLHQ7LVFKXQGWUDQNGHQ.DIIHHLQ ODQJVDPHQ6FKOXFNHQ'D]XDLFKHLQH6FKHLEH%URWREZRKO LFKDQVLFKNHLQHQ+XQJHUKDWWHGHQQGHUIUKH$QUXIZDU PLUDXIGHQ0DJHQJHVFKODJHQ 'LH=XNXQIWVDKWUEHDXVGDELGLH0DXVNHLQHQ)DGHQ DE:HQQVLFKGLH0RQVWHUKLHULQ/RQGRQEHIDQGHQZUGHQ VLHDXFK]XVFKODJHQXQG]ZDUPLWDOOHU+lUWH
(VVFKHOOWH'LHVPDOQLFKWGDV7HOHIRQVRQGHUQGLH 7UNOLQJHO,FKZDUIHLQHQVFKQHOOHQ%OLFNDXIGLH8KU 'DVNRQQWHHLJHQWOLFKQXU6XNRVHLQGHUJHNOLQJHOWKDWWH ZHLOHUPLWPLUIDKUHQZROOWH ,FKVWHOOWHGLH7DVVHDEYHUOLHGLH.FKHXQGGXUFKTXHUWH GLHNOHLQH'LHOH'HU6FKOVVHOVWHFNWHQRFKLP6FKOR =ZHLPDOGUHKWHLFKLKQKHUXPGDQQZDUGLH7URIIHQ ,FKUHFKQHWHZLUNOLFKPLW6XNRXQGKDWWHVFKRQHLQ!.RPP UHLQDXIGHQ/LSSHQDOVLFK]XVDPPHQ]XFNWH 'DVZDUQLFKW6XNRGHUGDYRUPLUVWDQG(VVHLGHQQHU KlWWHVLFKYHUGRSSHOWHLQDQGHUHV*HVLFKWEHNRPPHQXQG VLFKHLQHQGXQNHOJUDXHQ$Q]XJEHUJHVWUHLIW 'LHEHLGHQ7\SHQVDKHQDXVZLH0lQQHUYRQHLQHP %HHUGLJXQJVLQVWLWXW(VZDUHQDXFKZHOFKHXQGVLHQDKPHQ MHW]WLKUH0W]HQDEEHYRUGHUUHFKWHYRQLKQHQIUDJWH ª0U6LQFODLU"© ª-DGDVELQLFK© ª'DVLVWIU6LH©VDJWHGHU0DQQVWUHFNWHVHLQHQ$UPDXV XQGGHXWHWHDXIGHQVFKZDU]HQ6DUJ (LQ6DUJIU-RKQ6LQFODLU 9HUGDPPWMHPDQGKDWWHPLUHLQHQ6DUJJHVFKLFNW(LQH SHFKVFKZDU]H7RWHQNLVWHKRFKSROLHUWXQGYHUVFKORVVHQ GD]XPLWPHVVLQJIDUEHQHQ*ULIIHQ ,PHUVWHQ$XJHQEOLFNZXUGHPLUHLQZHQLJEOPHUDQW ]XPXWH,FKJODXEHMHGHULVWJHVFKRFNWZHQQHUHLQHQ6DUJ JHVFKLFNWEHNRPPWPLUHUJLQJHVGDQLFKWDQGHUV $XIPHLQHU6WLUQKDWWHQVLFKIHLQH6FKZHLSHUOHQJHVDP PHOWGLHLFKDXWRPDWLVFKPLWGHP+DQGUFNHQZHJZLVFKWH ª8QGGHULVWZLUNOLFKIUPLFK"©IUDJWHLFK ª-D6LU0U-RKQ6LQFODLULVWDOV(PSIlQJHUDQJHJHEHQ8QG GDVVLQG6LH,KUHQHLJHQHQ$XVVDJHQQDFK© ª:HUKDW,KQHQGHQ$XIWUDJJHJHEHQ"©IRUVFKWHLFKZHLWHU ª.HLQH$KQXQJ'DPWHQ6LHVLFKPLWPHLQHP&KHILQ 9HUELQGXQJVHW]HQ:LUVLQGQXUGLH$XVIKUHQGHQ©
,FKVFKDXWHDXIGHQ6DUJXQGKREGLH6FKXOWHUQ6ROOWHLFK LKQ]XUFNJHEHQ" %HYRULFKPLFK]XHLQHU$QWZRUWHQWVFKOLHHQNRQQWHJULI IHQGLHEHLGHQ0lQQHUHLQ ª.|QQHQZLULKQKLQHLQEULQJHQ"© ª-DELWWH©,FKWUDW]XU6HLWHª/DVVHQ6LHLKQLQGHU'LHOH VWHKHQ© ª6HKUZRKO6LU©'LHEHLGHQ0lQQHUKREHQGHQ6DUJDQ $XILKUHQ0W]HQVFKLUPHQVWDQGGHU1DPHGHV %HHUGLJXQJVLQVWLWXWV(ZLJHU)ULHGHKLHGHU/DGHQ,FK NDQQWHLKQGHQQGDV*HVFKlIWKDWWHHLQPDO/RJDQ&RVWHOORV %UXGHUJHK|UWZXUGHMHW]WDOOHUGLQJVYRQHLQHPDQGHUHQ 0DQQEHWULHEHQGHUVLFKHUOLFKLQ/RJDQ&RVWHOORV'LHQVWHQ VWDQG$OOHUGLQJVIHKOWHQXQVGLH%HZHLVH ª'DVZDU VGDQQ6LU©VDJWHGHU6SUHFKHUXQGQLFNWHPLU ]XEHYRUHUXQGVHLQ3DUWQHUVLFKYHU]RJHQ ,FKHQWIDOWHWHHLQHILHEHUKDIWH$NWLYLWlW6RIRUWOLHILFKLQGHQ :RKQUDXPXQGZlUHIDVWEHUGHQ6DUJJHVWROSHUW 'HQUHFKWHQJURHQ=HKVWLHLFKPLUXQGXQWHUGUFNWHQXU PKVDPHLQHQ)OXFK 'LH1XPPHUGHV%HHUGLJXQJVLQVWLWXWVKDWWHLFKVFKQHOO JHIXQGHQ,FKULHIDQGRFKNHLQHUJLQJDQV7HOHIRQ'LHZX WHQ%HVFKHLGXQGKLHOWHQVLFK]XUFN 6XNR (UPXWHUEHUNRPPHQXQGLFKOlXWHWHQDFKQHEHQDQ GXUFK6KDRKREDE6LHEHJDQQ]XODFKHQª+DVWGXGLFKDXFK YHUVFKODIHQ-RKQ"© ª(LQZHQLJ,VW6XNRIHUWLJ"© ª-DHUZROOWH© ª(UVROOVRIRUW]XPLUNRPPHQ© ª,VWZDVSDVVLHUW"©6KDRKDWWHVFKRQIDVWGDVPLWUDXLVFKH :HVHQGHU6KHLOD&RQROO\HQWZLFNHOW ª1RFKQLFKWDEHULFKPXLKQVSUHFKHQ© ª,FKVDJHLKP%HVFKHLG© ,FK]QGHWHPLUHLQH=LJDUHWWHDQXQGJLQJLQGLH'LHOH 1RFKHLQPDOEHWUDFKWHWHLFKPLUGLHZLUNOLFKJXWJHIHUWLJWH
7RWHQNLVWH'DEHLILHOPLUHLQZHLHU6WUHLIHQDXIGHUDXVGHP 6FKOLW]]ZLVFKHQ8QWHUXQG2EHUWHLOKHUYRUOXJWH ,FKEFNWHPLFKIDWHPLWVSLW]HQ)LQJHUQ]XXQG]RJHLQHQ ZHLHQ=HWWHOKHUYRU(UZDUEHVFKULIWHW 'U7RGVFKLFNWVHLQH/HLFKHODVLFK ,FKNDPQLFKWGD]XPLUQlKHUGDUEHU*HGDQNHQ]X PDFKHQGHQQLFKK|UWH6XNRYRUGHU:RKQXQJVWU 5DVFK|IIQHWHLFK ª:DVLVWGHQQORV"©IUDJWHGHU&KLQHVH ª.RPPUHLQ© .DXPKDWWH6XNRGLH6FKZHOOHEHUVFKULWWHQDOVHUZLH DQJHZXU]HOWVWHKHQEOLHE(UVFKOXFNWHXQGVHLQH$XJHQZXU GHQJURª'DVNDQQGRFKQLFKWZDKUVHLQ(LQ6DUJ"© ª6LHKVWGXGRFK© ª9LHOOHLFKWHLQ6FKHU]"© ª1HLQGDVQLFKW©,FKVFKWWHOWHGHQ.RSIXQGUHLFKWH6XNR JOHLFK]HLWLJGHQ=HWWHOª1RFKQLHKDEHLFKJHK|UWGD 'U7RGRGHUGLH0RUGOLJDVFKHU]HQ© ª6WLPPWDXFKZLHGHU©6XNRODVGHQ7H[WXQGPXUPHOWHLKQ PLWª'DVYHUVWHKHZHUZLOOLFKQLFKW© ª(VEOHLEWXQVQXUHLQH0|JOLFKNHLW:LU|IIQHQGHQ6DUJ GDQQVHKHQZLUMDZHUGDULQOLHJWIDOOVEHUKDXSW© ª+DVWGXGDVFKRQHLQPDOHLQHQ%OLFNKLQHLQJHZRUIHQ"© ª1RFKQLFKW© ª'DQQORV© ª$XJHQEOLFNQRFK©,FKKROWHPHLQ.UHX]KHUYRUKlQJWHHV YRUPHLQH%UXVW$XFKGLH%HUHWWDZDUJULIIEHUHLW6ROOWHQZLU LUJHQGZLHEHUUDVFKWZHUGHQGDQQZROOWHLFKLQGHU/DJH VHLQVFKQHOO]XUHDJLHUHQ$OVZLUXQVEFNWHQGDHUNDQQWHQ ZLUVRIRUWGDGHU'HFNHOQLFKWIHVWJHVFKUDXEWZDU6XNR IDWHDQHLQHPLFKDPDQGHUHQ(QGHDQ (VZDUHLQ.ODFNV:LUKREHQGHQ'HFNHOJHPHLQVDPKRFK XQGOLHHQLKQIDVWYRU6FKUHFNIDOOHQDOVZLUGHQ,QKDOW VDKHQ 9RUXQVODJ6ROR0RUDVVR
,FKVWDQGZLHHLQ'HQNPDOXQGUKUWHPLFKHUVWDOVGLH =LJDUHWWHQJOXWPHLQH/LSSHQDQZlUPWH+DVWLJULLFKGLH .LSSHDXVGHP0XQGXQGZDUIVLHLQHLQHQ$VFKHU ª6ROR0RUDVVR©VW|KQWH6XNRª9HUGDPPWGDPLWKlWWHLFK ZLUNOLFKQLFKWJHUHFKQHW© ,FKDXFKQLFKWZHQQLFKHKUOLFKVHLQVROOWH6HLQ$QEOLFN ZDUIXUFKWEDU +DOE0HQVFKKDOE6NHOHWW 'LH3LUDQKDVKDWWHQLKUHWHXIOLVFKH$UEHLWDXVJH]HLFKQHW YHUULFKWHW8QGZLHGHUGDFKWHLFKDQGLH6]HQHZLH0RUDVVR YRQPHLQHU.XJHOJHWURIIHQLQGDV%HFNHQJHVWU]WZDUXQG GLH)LVFKHLKQDOVZLOONRPPHQHV2SIHUDQVDKHQ ª'LH.XJHOPXDXVGHP.RSIZLHGHUDXVJHWUHWHQVHLQ© VDJWH6XNROHLVHª1XUQRFKGDV/RFKLVW]XVHKHQ© ,FKQLFNWH6SUHFKHQNRQQWHLFKQLFKW'LHVHUIUFKWHUOLFKH $QEOLFNVFKQUWHPLUHLQIDFKGLH.HKOH]X*OHLFK]HLWLJ PHUNWHLFKGDVLFKLQPHLQHP0DJHQHWZDVWDW,FKPXWH DXIVWRHQXQGEUDFKWHQRFKHLQZHQLJ.DIIHHPLWKRFK 6XNRKDWWHVLFKJHEFNW(UVWUHFNWHVHLQH+DQGDXVXQG EHUKUWHGLH.QRFKHQª.DOW©VDJWHHUª.DOW© ª8QGGHUJUQH6FKOHLP"©(UZDUPLUHUVWEHLP]ZHLWHQ +LQVHKHQDXIJHIDOOHQGHQQHUEHIDQGVLFKXQWHUGHP7RWHQ ZRHUHLQHGQQH6FKLFKWELOGHWH 6XNRKREGLH6FKXOWHUQª.HLQH$KQXQJ2EGLH/HLFKHLKQ DEJHVRQGHUWKDW"© ª:HLLFKQLFKW© ª:LUN|QQWHQLKQLQV/DERUVFKDIIHQZLHEHUKDXSWGLHVHV JDQ]H0RQVWHU© 'LH,GHHZDUJXW,FKVWLPPWHVRIRUW]X$OOHUGLQJVEUDXFK WHQZLUMHPDQGHQGHUGHQ6DUJDEKROWH ª,FKUHGHPDOPLW6LU-DPHVXQGUXIHDXFKXQVHUH 6SH]LDOLVWHQDQ©VDJWHLFKXQGJLQJLQGHQ:RKQUDXP $XIKDOEHU6WUHFNHK|UWHLFKEHUHLWVGDV.OLQJHOQGHV 7HOHIRQV,FKUXQ]HOWHGLH6WLUQ:HUNRQQWHMHW]WQRFKHWZDV YRQPLUZROOHQ"2GHUKDWWHHVVLFKEHUHLWVKHUXPJHVSURFKHQ GDEHLPLULQGHU:RKQXQJHWZDVSDVVLHUWZDU"
ª6ROOLFKDEKHEHQ"©IUDJWHPHLQ)UHXQG6XNRGHUPHLQ =|JHUQEHPHUNWH ,FKVFKWWHOWHGHQ.RSIª1HLQQHLQLFKHUOHGLJHGDV VFKRQ©1DFKGHPYLHUWHQ/lXWHQKLHOWLFKGHQ+|UHUHQGOLFK LQGHU+DQG0LWHLQHPNQDSSHQª-D©PHOGHWHLFKPLFK =XHUVWK|UWHLFKQLFKWV,FKGDFKWHVFKRQGDUDQGDVLFK MHPDQGEHLP:lKOHQYHUWLSSWKDWWHDOVLFKGDVKlPLVFKH /DFKHQK|UWH(VZDUQXUOHLVH]XYHUQHKPHQ7URW]GHP NODQJGHUZLGHUOLFKH6SRWWGXUFKPLWGHPPLFKGLH3HUVRQ EHUVFKWWHWH (VZDUHLQH)UDX (LQH$KQXQJVWLHJLQPLUKRFKGLHVHKUVFKQHOO]XU *HZLKHLWZXUGHDOVGLH)UDXGLHHUVWHQ6lW]HVSUDFK ª1D6LQFODLU"+DVWGXGDVNOHLQH*HVFKHQNYRQPLUHU KDOWHQ"© ,FKDWPHWHYRUGHU$QWZRUWWLHIGXUFKª'DVKDEHLFK/DG\ ;© ª'DVIUHXWPLFKZLUNOLFK*HLVWHUMlJHU6FKRQLPPHUZROOWH LFKGLUHWZDVVFKHQNHQDEHULFKKDEHQLHGDV5LFKWLJHJHIXQ GHQ%LVKHXWHGDZXWHLFKHV© ,QPHLQHU.HKOHZXUGHHVWURFNHQ6XNRNDPKHUEHLXQG EOLFNWHPLFKIUDJHQGDQ ,FKPDOWHHLQ/XQGHLQ;LQGLH/XIW'DZXWHGHU&KLQHVH JHQDX%HVFKHLG ª'XVDJVWMDQLFKWV6LQFODLU"+DWHVGLUHWZDGLH6SUDFKH YHUVFKODJHQ"© ª'DVQLFKW© ª$EHU"© ª,FKIUDJHPLFKQXUZDVGDVDOOHVVROO$XVZHOFKHLQHP *UXQGKDVWGXPLUGHQ6DUJPLWGHU/HLFKH6ROR0RUDVVRV JHVFKLFNW"© ª'DPLWGXGLFKQRFKHLQPDOYRQGHLQHPJUDQGLRVHQ(UIROJ EHU]HXJHQNDQQVW*HLVWHUMlJHU'DVDOOHLQLVWGHU*UXQG(V KDWGRFKODQJHJHGDXHUWELVGX'U7RGYHUQLFKWHWKDVW 'HVKDOEVROOVWGXGLFKLQGHLQHP7ULXPSKVRQQHQN|QQHQ© ª,FKELQQLFKWUDFKVFKWLJ©
,KU/DFKHQNODQJVFKULOOª1LFKWUDFKVFKWLJ©ZLHGHUKROWH VLHª0HLQH*WH6LQFODLUGXELVWVHKUHGHOPWLJ© ª'DVKDWGDPLWQLFKWV]XWXQ©NRQWHUWHLFKª1XUKDEHLFK GLH/DVWPLWGHU/HLFKH© 'DODFKWHVLHZLHGHU8QGGLHVPDOK|UWHHVVLFKVRDQDOV HPSIlQGHVLHHLQHGLHELVFKH)UHXGHª'LH/DVWPLWGHU /HLFKH©ZLHGHUKROWHVLHª7ROOZLHGXGDVVDJVW-DDEHU GLHVH/DVWKDEHLFKGLUJHUQKLQJHVFKDIIW© ª'DVNDQQLFKPLUYRUVWHOOHQ© ª%HKDOWHLKQDOV$QGHQNHQ© ,FKKDWWH$QJVWGDVLHDXIOHJHQZUGHGHVKDOEIUDJWHLFK VHKUVFKQHOOZHLWHUª6ROR0RUDVVRJLEWHVDOVRQLFKWPHKU :LHJHKWHVPLWGHU0RUGOLJDZHLWHU"+DWVLHVLFKHEHQIDOOV DXIJHO|VW"© ª1HLQGDVGHQNHQXUQLFKW'LH0RUGOLJDIlQJWHUVWDQ 'HQQQXQKDEHLFKGHUHQ)KUXQJEHUQRPPHQ©,KUH 6WLPPHNODQJSO|W]OLFKNDOWXQGLUJHQGZLHDJJUHVVLY,FK NRQQWHVLHPLUZLUNOLFKJXWDOV/HLWHULQGHU0RUGOLJDYRUVWHO OHQ9LHOOHLFKWZUGHVRJDU;RUURQYRULKUNXVFKHQ'DV NRQQWHPDQDOOHVQLFKWVRUHFKWVDJHQ=XGHPWUlXPWHVLHYRQ HLQHU$OOLDQ]GHU9DPSLUH/XSLQDKDWWHHVGDPDOVQLFKW JHVFKDIIWGLH:HUZ|OIH]XYHUHLQHQ/DG\;WUDXWHLFKGDV PLWLKUHQ9DPSLUHQ]Xª,FKKDEHJHVSUWZDV0DFKWEHGHX WHW©XQWHUEUDFKLKUH]LVFKHQGH6WLPPHPHLQH*HGDQNHQ ª9HUGDPPW6LQFODLULFKKDEHHVJHVSUW8QGLFKGHQNHQLFKW PHKUGDUDQGLHVH0DFKWDXVGHQ+lQGHQ]XJHEHQ'DUDXI NDQQVWGXGLFKYHUODVVHQ©1DFKGLHVHQ:RUWHQOHJWHVLHDXI 'DVSDWHPLUJDUQLFKW,FKKLHOWGHQ+|UHUVRKDUWIHVWDOV ZROOWHLFKGHQ*ULII]HUGUFNHQ'DQQZDQGWHLFKPLFKODQJ VDPPHLQHP)UHXQG6XNR]X ª-HW]WKDEHQZLUVLHLP1DFNHQ©PHLQWHHU'HU&KLQHVH KDWWHDXVGHQ*HVSUlFKVIHW]HQHQWQHKPHQN|QQHQZLHGHU 'LDORJYHUODXIHQZDU ª6WLPPWJHQDX8QGVLHKDWDXFKGLH)KUXQJDQVLFKJHULV VHQ/DG\;OHLWHWGLH0RUGOLJD© ª%HVVHURGHUVFKOHFKWHUIUXQV"©
,FKKREGLH6FKXOWHUQª:DKUVFKHLQOLFKEOHLEWVLFKGDVLP (QGHIIHNWJOHLFK© ª8QGZDVPDFKHQZLUMHW]WPLWLKP"©6XNRZDUIHLQHQ %OLFNDXIGLHLP6DUJOLHJHQGHQhEHUUHVWHGHV6ROR0RUDVVR $XFKLFKVFKDXWHKLQ+DOE0HQVFKKDOE6NHOHWW(LQ ZLGHUOLFKHU$QEOLFN8QGHLQJHEHWWHWODJGLHVHV0RQVWHULQ GHPZLGHUOLFKHQJUQHQ6FKOHLPGHUPLFKDQHLQH0LVFKXQJ DXV*HOHHXQG6LUXSHULQQHUWHXQGPLULUJHQGZLHDXIJHTXRO OHQ]XVHLQVFKLHQ ª:LUODVVHQGLH/HLFKHZLHEHVSURFKHQ]XP
3DWKRORJLHVFKDIIHQODVVHQVROOWHª$EHUGDVVDJHLFK,KUHQ /HXWHQVLFKHUKHLWVKDOEHUVHOEHU© ª*HKWNODU© )URKGLHVHQ$QUXIKLQWHUPLFKJHEUDFKW]XKDEHQGUHKWH LFKPLFKZLHGHUXP6XNRKDWWHLQHLQHP6HVVHO3ODW]JHQRP PHQXQGEHLGH+lQGHDXIGLH/HKQHQJHOHJWª:DVPDFKHQ ZLU"© ª.ULPLQDOLVWHQDUEHLW© ª:LHLQGHQ)HUQVHKILOPHQ© ,FKVHW]WHPLFKXQGVWUHFNWHHEHQIDOOVGLH%HLQHDXVª6R XQJHIlKUPHLQ/LHEHU:LUZDUWHQGDV(UJHEQLVDE© ª*ODXEVWGXQLFKWGDUDQGD0RUDVVRHUOHGLJWLVW"© ,FKKREGLH6FKXOWHUQXQGZLHJWH]XGHP]ZHLIHOQGPHLQHQ .RSIª6RUHFKWNDQQLFKHVQLFKWJODXEHQDXFKZHQQLFKGHQ *HJHQEHZHLVPLWHLJHQHQ$XJHQJHVHKHQKDEH$EHUHVZLOO PLUHLQIDFKQLFKWLQGHQ6LQQGDHVLKQQLFKWPHKUJHEHQ VROO$OOGLH-DKUH© ª,UJHQGZDQQLVW6FKOX© ,FKNODWVFKWHLQGLH+lQGHª$EHUHULVWVFKRQHLQPDO ]XUFNJHNHKUW'HQNGDUDQ© ª'DZDUHQGLH9RU]HLFKHQDXFKDQGHUH© ª6WLPPW© 6XNRODFKWHª,FKNDQQGLFKYHUVWHKHQ/HLGHULVWPLWVHLQHP $XVVFKHLGHQGDV.DSLWHO0RUGOLJDQLFKWEHHQGHWXQGGDV lUJHUWPLFKQRFKPHKU=XP*OFNVLQGHVQXUQRFKGUHL© ª(LQDQJHVFKODJHQHU%R[HULVWRIWJHIlKUOLFKHUDOVHLQWRS ILWHU©JDELFK]XEHGHQNHQª%HL0RUDVVRZXWHQZLUZDV HUYRUKDWWH'U7RGZROOWHQDFKGHU:HOWKHUUVFKDIWJUHLIHQ :LHVLHKWHVDEHUEHL/DG\;DXV":DVKDWVLHVLFKDOOHV DXVJHGDFKW":LHZLUGVLHUHDJLHUHQ"'DVLVWHVZDVPLU 6RUJHQEHUHLWHW© ª9DPSLURGHOPDU©VDJWH6XNR 6RIRUWZXWHLFKZRUDXIHUDQVSLHOWH'LHVHU8UDOW9DPSLU XQG/DG\;YHUWUXJHQVLFKQLFKW=ZLVFKHQLKQHQEHVWDQG NHLQH3DUWQHUVFKDIWVRQGHUQPHKUHLQ:DIIHQVWLOOVWDQG %LVKHUKDWWH'U7RGGDIUJHVRUJWGDHV]ZLVFKHQLKQHQ
QLFKW]XURIIHQHQ)HLQGVFKDIWRGHU(VNDODWLRQNDP'LH)UDJH VWHOOWHVLFKQXQREVLFKGDUDQHWZDVJHlQGHUWKDWWHXQGZLU YLHOOHLFKWGLHODFKHQGHQ'ULWWHQVHLQNRQQWHQ (VZDUHQ6SHNXODWLRQHQXQGZLUPXWHQHUVWHLQPDO DEZDUWHQZLHVLFKGLH'LQJHEHUKDXSWHQWZLFNHOWHQ ,QGLH=XNXQIWEUDXFKWHQZLUYRUHUVWQLFKWJHGDQNOLFKKLQ HLQ]XVWHLJHQGHQQGLH7UJORFNHHULQQHUWHXQVZLHGHUDQGLH *HJHQZDUW,FKVWDQGDXI ª'DVVLQGGLHEHLGHQ©PHLQWH6XNRDOVLFKPLFKDXIGHP :HJ]XU7UEHIDQG hEHU/DXWVSUHFKHUUHGHWHLFKPLWGHQ0lQQHUQHUNOlUWH LKQHQGDVLHLKUHQ3ODVWLNEHKlOWHUGHUVDUJlKQOLFKH)RUPHQ KDWWHUXKLJXQWHQODVVHQNRQQWHQ ª0DFKHQZLU6LU© :HQLJVSlWHUVWDQGHQGLH0lQQHULQPHLQHU:RKQXQJ6LH WUXJHQJUDXEODXH.LWWHO(VZDUHQNUlIWLJH%XUVFKHQGLHLFK YRP$QVHKHQKHUNDQQWH-HW]WHUIXKULFKDXFKLKUH1DPHQ 'HUGXQNHOKDDULJHKLH6SLUHDGHUDQGHUH%XUODQG %XUODQGZDUGHUNUlIWLJHUHXQGJULQVWHEUHLWDOVVHLQ%OLFN DXIGHQ6DUJILHOª:LHLVWGHUGHQQLQ,KUH:RKQXQJJHODQJW 6LU"© ª*HIORJHQLVWHUQLFKW©HUZLGHUWHLFK ª6RUU\6LU© ,FKZLQNWHDEª6FKRQJXW© %XUODQGJDE6SLUHDHLQHNQDSSH$XIIRUGHUXQJ'LHEHLGHQ EFNWHQVLFKXQGKREHQGHQ6DUJDQ'XUFKGLHVFKPDOH'LHOH VFKOHSSWHQVLHLKQ'DGLH:RKQXQJVWURIIHQVWDQGNRQQWHQ VLHLQGHQ)OXUJHKHQZRVLHVLFKVRIRUWQDFKOLQNV]XGHQ )DKUVWKOHQKLQZDQGWHQ ,FKJLQJQHEHQLKQHQKHU %XUODQGIUDJWHª+DEHQ6LHEHVRQGHUH$QZHLVXQJHQ6LU"© ª1HLQIDKUHQ6LHQXUDXIVFKQHOOVWHP:HJHLQGLH 3DWKRORJLH,FKZHUGHHEHQIDOOVEDOGGDVHLQ©$OVLFKGDQQ GHQVSLW]HQ6FKUHLK|UWHIXKULFKKHUXP (LQH1DFKEDULQKDWWHLKQDXVJHVWRHQ6RYLHOLFKZXWH ZDUVLHVHLW]ZDQ]LJ-DKUHQ:LWZHXQGLQHLQHU2UJDQLVDWLRQ
WlWLJGLHJHJHQDOOHVDQJLQJZDVPHQVFKOLFKLVW.ODUGDGHU $QEOLFNGHV6DUJVGHU)UDXQLFKWJHILHO6LHOHKQWHEOHLFKDQ GHU)OXUZDQGXQGVFKWWHOWHVLFK ª7ULQNHQ6LHHLQHQ6FKQDSV©ULHWLFKLKUª'DQQJHKWHV ,KQHQEHVVHU© ª$ONRKRO©VW|KQWHVLHª1HLQVRHWZDV,FKKDEH© :DVVLHQRFKVDJWHK|UWHLFKQLFKWPHKUGHQQLFKJLQJ ZLHGHU]XUFNLQPHLQH:RKQXQJZlKUHQGGLHEHLGHQ 0lQQHUPLWLKUHUPDNDEUHQ/DVWQDFKXQWHQIXKUHQ :LUZROOWHQDXFK]XP
%XUODQGXQG6SLUHDVWLHJHQHLQ'HU0DQQPLWGHPVGOlQ GLVFKHQ1DPHQIXKU$OVHUGHQNOHLQHQ7UDQVSRUWHUVWDUWHWH GDDKQWHHUQLFKWZDVVLFKDXIGHU/DGHIOlFKHWDW (VZDUGHUJUQH6FKOHLPGHUUHDJLHUWKDWWH'LHVHZLGHUOLFKH JHOHHDUWLJH0DVVHYRQGHU-RKQ6LQFODLUXQG6XNRQLFKWZX WHQDXVZHOFKHP0DWHULDOVLHEHVWDQGKDWWHGHQ%RGHQGHU 7RWHQNLVWHQLFKWRKQH*UXQGEHGHFNW (VZDUHLQH+LQWHUODVVHQVFKDIWGHU9DPSLULQ/DG\;XQG HVJHK|UWH]XHLQHPWHXIOLVFKHQJHULVVHQHQ3ODQ ,QGHU)LQVWHUQLVGHV6DUJHVJHULHWVLHLQ%HZHJXQJ=XHUVW ]RJVLFKGLH0DVVH]XVDPPHQELOGHWH.OXPSHQGLHVLFK GDQQLPPHUZHLWHUDXVEUHLWHWHQXQGHLQHQJU|HUHQ5DXP HLQQDKPHQ (VHQWVWDQGHQGLFNH%ODVHQ6LHELOGHWHQUHJHOUHFKWH.XJHOQ LKUH+DXWZXUGH]XQHKPHQGGQQHUGDQQ]HUSODW]WHQVLH 'LHGDEHLHQWVWHKHQGHQ/DXWHJLQJHQDOOHUGLQJVLQGHQ )DKUJHUlXVFKHQXQWHU 'HU6FKOHLPNDPQLFKW]XU5XKH(UYHUPHKUWHVLFKVRJDU 8QGHUEHGHFNWHQXQQLFKWPHKUQXUGHQ%RGHQVRQGHUQ VWLHJHQWJHJHQJHVHW]WGHU6FKZHUNUDIWLQGLH+|KHXPVLFK EHUGHQ.|USHUGHVZLGHUOLFKHQ:HVHQV]XOHJHQGDVHLQ PDOGHU0HQVFK'lPRQ'U7RGJHZHVHQZDU 'HU6FKOHLPEHGHFNWHLKQVFKRQQDFKNXU]HU=HLWZLHHLQ JUQHU0DQWHO(UVXFKWHVHLQHQ:HJ =XHUVWNURFKGHU6FKOHLPEHUGLHOLQNH6HLWH'RUWKDWWHQ GLHPHVVHUVFKDUIHQ=lKQHGHU)LVFKH6ROR0RUDVVRGDV )OHLVFKYRQGHQ.QRFKHQJHIUHVVHQ(UZDUGRUWQXUHLQ 6NHOHWW 'DJDEHVNHLQ2KUPHKUNHLQH1DVHNHLQH+DDUHNHLQ $XJH'LH3LUDQKDVKDWWHQ0RUDVVRZLUNOLFKPLW+DXWXQG +DDUHQJHIUHVVHQ hEHUGLHEOHLFKHQ.QRFKHQNURFKGHU6FKOHLP(UEHZHJWH VLFKZLHGLFNHVIOVVLJHV*XPPLJOLWWDXIGDV*HVLFKW]XXQG IDQGDXFKVHLQHQ:HJLQGDVOHHUH$XJH
6RIRUWIOOWHHVGLH+|KOHDXVTXROOZLHGHUKHUYRUEUHLWHWH VLFKDXIGHP*HVLFKWDXVWURSIWHGDKLQHLQZRVLFKGLH+lOIWH GHU1DVHEHIDQGXQGPDFKWHVLFKGDUDQDXFKGHQ5HVWGHV *HVLFKWV]XHUIDVVHQ (LQPDODNWLYLHUWZDUGHUZLGHUOLFKH6FKOHLPQLFKWPHKU DXI]XKDOWHQ8QGHUKLQWHUOLHVHLQHWUlJHEODVLJH6SXUDXI GHPJHVDPWHQ.|USHUGHU+RUURU*HVWDOW 'HU6FKOHLPZXFKV(UVFKLHQDXV]DKOUHLFKHQ=HOOHQ]X EHVWHKHQGLHVLFKLQQHUKDOEYRQ6HNXQGHQYHUPHKUWHQXQG IDVWGHQJHVDPWHQ,QQHQUDXPGHV6DUJVHLQQDKPHQ9RQGHU HLJHQWOLFKHQ+RUURU*HVWDOWZDUQLFKWVPHKU]XHUNHQQHQ +lWWHMHPDQGGHQ6DUJJH|IIQHWVRZlUHLKPQXUGHU$QEOLFN GHVJUQHQ6FKOHLPVDXIJHIDOOHQ 'DVJHIlKUOLFKH=HXJDUEHLWHWH(VTXROOEUHLWHWHVLFKDXFK LQGHU+|KHDXVXQGIOOWHLQ]ZLVFKHQGHQ6DUJELVEHUGHQ $EVFKQLWWKLQDXVZRGLHEHLGHQ+lOIWHQDXIHLQDQGHUODJHQ 'HU6FKOHLPDUEHLWHWH(VEOLHEQLFKWDOOHLQEHLGHU 9HUPHKUXQJHUEHZHJWHVLFKDXFK 8QGGDVKHIWLJ0LW6W|HQGLHGLFKWDXIHLQDQGHUIROJWHQ XQGGHQ6DUJLQ0LWOHLGHQVFKDIW]RJHQ+DWWHHUELVKHUVWLOO XQGUXKLJDXIGHU6WHOOHJHVWDQGHQVRZXUGHHVMHW]WDQGHUV 'LH7RWHQNLVWHWDQ]WH 9RQHLQHU6HLWHDXIGLHDQGHUHZXUGHVLHJHVFKWWHOWNLSSWH HLQPDOQDFKUHFKWVGDQQZLHGHUQDFKOLQNVZXUGHYRUQ KRFKJHKREHQXQGDXFKKLQWHQVFKOXJVFKZHU]XUFNVRGD GDVGDEHLHQWVWHKHQGH*HUlXVFKGXUFKGHQ/LHIHUZDJHQ GU|KQWH :DVVLFKZHLWHUKLQLP,QQHUQGHV6DUJVDEVSLHOWHZXWH QLHPDQG$EHUHVZDUHQVFKUHFNOLFKH9RUJlQJHGLHPDQPLW GHP%HJULII6FKZDU]H0DJLHXPVFKUHLEHQNRQQWH 'U7RGVFKLFNWVHLQH/HLFKH ,FKVWDUUWHDXIGHQ=HWWHOODVGHQ6DW]HLQPDOHLQ]ZHLWHV PDOPXUPHOWHLKQXQGVFKWWHOWHGHQ.RSI ª:DVKDVWGX"©IUDJWH6XNR
,FKKREGLH6FKXOWHUQª)DVVHQNDQQLFKHVQRFKLPPHU QLFKW'U7RGVROOQLFKWPHKUH[LVWLHUHQGDVLVWHLQIDFK XQZDKUVFKHLQOLFKXQGZLOOQLFKWLQPHLQHQ6FKlGHO© ª.DQQLFKPLUYRUVWHOOHQ©0HLQ3DUWQHUODFKWHXQG VFKZHQNWHGHQ'UHKDUPGHV7HOHIRQVWlQGHUV]XU6HLWHVR GDGHU$SSDUDWLQPHLQH5LFKWXQJJOLWW :LUVDHQZLHGHULQXQVHUHPJHPHLQVDPHQ%UR6LU-DPHV ZXWHEHUHLWVEHUDOOHV%HVFKHLG6HLQHQ5HDNWLRQHQ]XIROJH ZDUGLH*HIDKUQLFKWJHULQJHUVRQGHUQJU|HUJHZRUGHQ(U KDWWHVLFKXQVHUHU$QVLFKWDQJHVFKORVVHQ'U7RGZDUHKHU DXV]XUHFKQHQDOV/DG\;(UZDU]ZDUHLQH([LVWHQ]RKQH *HZLVVHQJHZHVHQGRFKHUKDWWHLP3ULQ]LSEHLVHLQHQ $NWLRQHQLPPHU]LHPOLFKPHQVFKOLFKUHDJLHUW:LHZUGHHV EHL/DG\;VHLQ" 6LU-DPHVKDWWHVHLQH%HGHQNHQLFKHEHQIDOOV%HLLKUNRQQ WHHVP|JOLFKVHLQGDVLHDOOH+HPPXQJHQEHU%RUGZDUI XQGVLFKPLWHLQHUZDKUHQ9DPSLUIOXWEHUGLH0HQVFKHQ VWU]WH8QWHU8PVWlQGHQVRJDU]XVDPPHQPLW9DPSLURGHO PDUGHQQVLFKHUOLFKZUGHQVLHLKUH*HJHQVlW]OLFKNHLWHQ EHU%RUGZHUIHQXQGVLFK]XHLQHU(LQKHLW]XVDPPHQVFK OLHHQ :DVGDVEHGHXWHWHGDUDQZROOWHLFKEHUKDXSWQLFKWGHQ NHQ,P$XJHQEOLFNZDUHQ'U7RGXQGGHUJUQH6FKOHLP ZLFKWLJHU%HLGHVVROOWHLQXQVHUHU3DWKRORJLHXQWHUVXFKW ZHUGHQ ,UJHQGZLHKDWWHQ6XNRXQGLFKHLQVHOWVDPHV*HIKO:LU VSUDFKHQ]ZDUQLFKWGDUEHUDEHUHVZDUXQVDQ]XVHKHQ$XI XQVHUHQ*HVLFKWHUQVSLHJHOWHVLFKGDVZLGHUZDVZLUHPS IDQGHQXQGZLHZLUDXFKGLHQDKH=XNXQIWVDKHQ 5RVLJVDKHVQLFKWDXV ,FKZDUIHLQHQ%OLFNDXIGLH8KU(LJHQWOLFKKlWWHGHU:DJHQ VFKRQOlQJVWDP
'LH7UZXUGHKDUWDXIJHVWRHQ :LHHLQILQVWHUHU5DFKHHQJHOVWDQGHLQHQ+HU]VFKODJVSlWHU 6LU-DPHV3RZHOOLP5DXP'LH$XJHQKLQWHUGHQGLFNHQ %ULOOHQJOlVHUQEOLW]WHQ'HU$GDPVDSIHOEHIDQGVLFKLQKHN WLVFKHU%HZHJXQJHLQ=HLFKHQGDXQVHU&KHIQHUY|VZDU ,FKVWDQGVLFKHUKHLWVKDOEHUDXIGHQQLFKEHIUFKWHWHQLFKWV *XWHV6XNRHUJLQJHVlKQOLFK ª,KU3ODQLVWLQGLH+RVHJHJDQJHQ©IXKU6LU-DPHVXQV EHLGH]LHPOLFKEDUVFKDQª-HW]WKDEHQZLUGHQ6DODW© ª:DVLVWGHQQORV"©IUDJWHLFK 6LU-DPHVODFKWHUDXKª:DVORVLVW"'HU7HXIHOPHLQH +HUUHQ'HU7HXIHO© :RGDVKLVWRULVFKH*HElXGHGHU4XHHQ V*DOOHU\OLHJWXQG VLFKGHU6W-DPHV3DUNPLWGHP*UHHQ3DUNWULIIWGDEHPHUN WHQGLHEHLGHQ0lQQHULP)KUHUKDXVHV]XHUVW 6SLUHDIXKUODQJVDPHUª'DVWLPPWZDVQLFKW© ª:DV"© ª0HUNVWGXGDVGHQQQLFKW"© %XUODQGVFKDXWHVLFKXP+DOWHQZDUQLFKWP|JOLFK(V KHUUVFKWHHLQIDFKHLQ]XJURHU7UXEHO'LHEHLGHQ0lQQHU ZDUHQIURKGDVLHEHUKDXSWHLQLJHUPDHQGXUFKNDPHQ XQGGLHVGOLFKJHOHJHQH9LFWRULD6WUHHWDQVWHXHUQNRQQWHQ ,QGHU1lKHGHV0HWURSROH&LQHPDVFKOLHOLFKNRQQWHQVLH VWRSSHQ9RQGLHVHU6WHOOHDXVZDUHVHLQ.DW]HQVSUXQJELV ]XP9LFWRULD6TXDUHJHWUHQQWQXUGXUFKGLH%XFNLQJKDP 3DODFH5RDG 6SLUHDVWHOOWHGHQ0RWRUDE ª8QGMHW]W"©IUDJWH%XUODQG ª+DVWGXGDVGHQQQLFKWEHPHUNW"©IUDJWH6SLUHDXQG ZHGHOWHDXIJHUHJWPLWEHLGHQ+lQGHQ ª'LH*HUlXVFKHDXIGHU/DGHIOlFKH"© ª-D©6SLUHDYHUGUHKWHGLH$XJHQ %XUODQGJULQVWHVFKLHIª'XELVWHEHQ]XVFKDUIJHIDKUHQ'D ZLUGGHU6DUJJHZDFNHOWKDEHQ©
ª1HLQGDVJHKWQLFKW© ª1HQQHPLUHLQHQDQGHUHQ*UXQG© 6SLUHDKROWH]ZHLPDO/XIWEHYRUHUDQWZRUWHQNRQQWH ª'HQNDQQLFKGLUQHQQHQPHLQ/LHEHU©IOVWHUWHHUª'HQ NDQQLFKGLUVRJDUGRSSHOWXQGGUHLIDFKQHQQHQ© ª%LWWH© ª0LWGHP6DUJVWLPPWZDVQLFKW'DKDWPDQXQVHWZDV XQWHUJHMXEHOWPHLQ/LHEHU© %XUODQGODFKWH(UULGDEHLZHLWGHQ0XQGDXIª:LHVR" 9LHOOHLFKWHLQ6FKHLQWRWHU© ª-DNDQQGRFKVHLQ© ª'XVSLQQVW,FKMHGHQIDOOV© 'DVZHLWHUHOLH%XUODQGXQDXVJHVSURFKHQGHQQMHW]WK|UWH DXFKHUVHKUGHXWOLFKGHQGXPSIHQ/DXWYRQGHU :DJHQIOlFKH,UJHQGHWZDVZDUGRUWJHVFKHKHQXQGHVKDWWH VLFKDQJHK|UWDOVZlUHHLQJURHU*HJHQVWDQGXPJHIDOOHQ ª'HU6DUJ©KDXFKWH6SLUHDª'HU6DUJLVWJHNLSSW© %XUODQGZROOWHHVQRFKLPPHUQLFKWJODXEHQ'DVZLGHU VSUDFKLKUHQ(UIDKUXQJHQª8QVLQQ'DLVW]ZDUZDVDEHU NHLQJHNLSSWHU6DUJ© ª'DQQODXQVQDFKVFKDXHQ©IRUGHUWH6SLUHD %XUODQGKDWWHHWZDVGDJHJHQª(VLVWQXUQRFKHLQ .DW]HQVSUXQJELV]XP
VLFKMHPDQGLP,QQHUQGHU7RWHQNLVWHYHUVWHFNW"8QWHU 8PVWlQGHQZDUGLHVHU-HPDQGEHUKDXSWQLFKWWRWVRQGHUQ QXUVFKHLQWRW'DJDEHVMDRIWGLHWROOVWHQ'LQJHREZRKOLQ GHUEHUXIOLFKHQ/DXIEDKQGHUEHLGHQ0lQQHUELVKHUDOOHV JODWWYHUODXIHQZDU 6HOEVW%XUODQGVSUWHGLH*lQVHKDXWDXIVHLQHP5FNHQ(U VFKDXWHVHLQHQ.ROOHJHQDQXQGQLFNWH 'LHEHLGHQYHUOLHHQGHQ:DJHQ 8PVLHKHUXPIOXWHWHGHU9HUNHKU6LHDEHUIKOWHQVLFKZLH DXIHLQHUHLQVDPHQ,QVHOJHIDQJHQDOVVLHPLW]|JHUQGHQ 6FKULWWHQSDUDOOHO]XU/DGHIOlFKHHQWODQJJLQJHQ 'LHEHLGHQ7UHQZDUHQOHLFKW]X|IIQHQ1DFKUHFKWVXQG OLQNVNODSSWHQGLH+lOIWHQZHJVRGDGLH0lQQHUHLQHQ %OLFNDXIGLH/DGHIOlFKHZHUIHQNRQQWHQ 'DVWDQGGHU6DUJ 1LFKWVGHXWHWHGDUDXIKLQGDHUVLFKEHZHJWKDWWH 9LHOOHLFKWVWDQGHUHLQZHQLJVFKUlJHUDOVVRQVWGDVZDUDOOHV %XUODQGNUDW]WHVLFKDP.RSI ª1D"©IUDJWHHUª%LVWGXMHW]W]XIULHGHQ"© ª'DZDUHQDEHU*HUlXVFKH© ª+DEHLFKMDDXFKJHK|UWDEHUDXVGHP©3O|W]OLFKKDWWH %XUODQGGDV*HIKODOVZROOWHLKQMHPDQG]XP1DUUHQKDO WHQ8QGGDVZDUGHU6DUJGHQQHUEHZHJWHVLFKSO|W]OLFK ZXUGHLQGLH+|KHJHGUFNWVFKZHEWHYLHOOHLFKWHLQH )LQJHUOlQJHEHUGHP%RGHQILHOGDQDFKZLHGHU]XUFN NLSSWHHUVWQDFKOLQNVGDQQZLHGHUQDFKUHFKWVXQGNDP VFKOLHOLFK]XU5XKH 'LHEHLGHQ0lQQHUVWDQGHQGDPLWRIIHQHQ0QGHUQXQG VWDXQWHQQXUQRFK (WZDVDQGHUHVEOLHELKQHQQLFKWEULJGHQQVSUHFKHQ NRQQWHQVLHQLFKWPHKUGLHXQHUNOlUOLFKHQ9RUJlQJHKDWWHQ LKQHQGLH6SUDFKHYHUVFKODJHQ ª%LQLFKGHQQEHVRIIHQ"©KDXFKWH%XUODQG 6HLQ.ROOHJHVFKWWHOWHGHQ.RSIª6RZHQLJZLHLFK'DVLVW DOOHVZDKU© ª.RPPODXQVIDKUHQ©
%XUODQGKDWWHGLH:RUWHNDXPDXVJHVSURFKHQDOVGLHEHL GHQ0lQQHUHLQHUQHXWHU6FKRFNWUDI$XVJHO|VWGXUFKGHQ 6DUJGHQQSO|W]OLFKZXUGHGHU'HFNHOLQGLH+|KHJHVFKOHX GHUW$OVZUGHHUXQWHUHLQHPXQJHKHXUHQ'UXFNVWHKHQVR SODW]WHHUZHJNUDFKWHJHJHQGDV'DFKXQGEHLGH0lQQHU HUNDQQWHQPLW6FKUHFNHQZDVVLFKLQQHUKDOEGHU7RWHQNLVWH DEVSLHOWH (LQH/HLFKHODJQLFKWLP6DUJ:HQLJVWHQVNRQQWHQGLH 0lQQHUNHLQHHUNHQQHQ 'DIUVDKHQVLHHWZDVDQGHUHV 6FKOHLP (LQHZLGHUOLFKH0DVVHGLHJUQOLFKVFKLPPHUWHKDWWHYRQ XQWHQJHJHQGHQ'HFNHOJHGUFNWXQGGLH9HUVFKOVVH JHVSUHQJW-HW]WEHNDPVLHIUHLH%DKQ 6LHVSULW]WHKHUYRUJURH.OXPSHQGLHJUQOLFKDXVVDKHQ XQGZLHGLHEHLGHQ0lQQHUPLW6FKUHFNHQIHVWVWHOOWHQ PHQVFKOLFKH)RUPHQDQJHQRPPHQKDWWHQ 'DVZDUHQ0RQVWHU %XUODQGXQG6SLUHDZDUHQYRU6FKUHFNJHOlKPW6LHNRQQ WHQVLFKQLFKWEHZHJHQGHQQVRHWZDVKDWWHQVLHQRFKQLHLQ LKUHP/HEHQHUOHEWRGHUJHVHKHQ 'DVZDUJUDXHQKDIWVFKDXULJXQGXQEHJUHLIOLFKZDVVLFK LQQHUKDOEGHV6DUJVDEJHVSLHOWKDWWH *UQHNOHLQH6FKOHLPZHVHQPLWE|VHQ*HVLFKWHUQKHOOHQ $XJHQXQGNUDOOHQDUWLJHQ+lQGHQNURFKHQDXVGHP 6DUJXQWHUWHLOXQGYHUWHLOWHQVLFKJHGDQNHQVFKQHOOLQQHUKDOE GHU/DGHIOlFKH )QI]lKOWHQVLH 8QGMHGHV:HVHQEHVDGDVJOHLFKH*HVLFKW'LH=JHJOL FKHQVLFKDXIV+DDUGLHVHJUQHQ6FKOHLPZHVHQNRQQWHQ )QIOLQJHVHLQLKUH*HVLFKWHUXQWHUVFKLHGHQVLFKLQQLFKWV %XUODQGIDQGGLH6SUDFKHDOVHUVWHU]XUFNª'DVGDVJLEW HVGRFKQLFKW©KDXFKWHHUª,FKLFKVSLQQH© 6SLUHDUHDJLHUWHSUDNWLVFKHU(LQH$KQXQJVDJWHLKPGDHU GLH0RQVWHUQLFKWHQWNRPPHQODVVHQGXUIWHGHVKDOEVFKOHX GHUWHHU%XUODQG]XU6HLWHXPGLH7U]X]XUDPPHQ
(VNODSSWHIDVW =ZHL0RQVWHUZDUHQMHGRFKVFKQHOOHU%HYRUGDV7UVFKOR IDVVHQNRQQWHKDWWHQVLHLKUH$UPHDXVJHVWUHFNWXQGVLH]ZL VFKHQGHQ6SDOWJHNOHPPWVRGDGLH7UQLFKW]XJHGUFNW ZHUGHQNRQQWH 'LH$UPHVFKDXWHQKHUYRU =ZHLVFKOHLPLJHJUQVFKLOOHUQGHVFKODQJHQJOHLFKH $EOHJHUGLHPLWLKUHQ+lQGHQ=XJULIIHQXQG6SLUHDDOV2SIHU DXVJHVXFKWKDWWHQ 'HU0DQQZROOWHQRFKVFKUHLHQDOVHUGLH.ODXHGLFKWYRU VHLQHP*HVLFKWDXIWDXFKHQVDKHVJHODQJLKPQLFKWPHKU GHQQGLH+DQGGUFNWHKDDUJHQDXDXIVHLQH/LSSHQ 6SLUHDKDWWHGDV*HIKOHLQHQ(UVWLFNXQJVDQIDOO]XHUOHL GHQ$XJHQEOLFNOLFKEHNDPHUNHLQH/XIWPHKUWDXPHOWH ]XUFNXQGVHLQH+DQGGLHQRFKGHQ*ULIIXPNODPPHUW KLHOWULGLH7UKlOIWHZLHGHUDXI 6RKDWWHQGLHDQGHUHQIUHLH%DKQ $XFKGDV:HVHQGDVVHLQH+DQGDXIGHQ0XQGGHV 0DQQHVJHSUHWKLHOW(VVWLHVLFKDE 6RYLHO.UDIWKlWWH6SLUHDGLHVHPXQKHLPOLFKHQ'LQJEHU KDXSWQLFKW]XJHWUDXW(VZXFKWHWHKDUWJHJHQLKQ6SLUHD ZXUGH]XUFNJHVFKOHXGHUWHUVFKULHQRFKGDQQILHOHU 'HUJHVDPWH9RUJDQJKDWWHK|FKVWHQV6HNXQGHQJHGDXHUW (LQHGHQQRFK]LHPOLFKODQJH=HLWVSDQQHGLH%XUODQGHLJHQW OLFKKlWWHQXW]HQVROOHQDEHUHUZDUHEHQVRJHVFKRFNWZLH VHLQ3DUWQHUXQGNDPQLFKWVFKQHOOJHQXJZHJ 6HLQ)HKOHU 3O|W]OLFKZDUHQGLHDQGHUHQGD =XYLHUWKHFKWHWHQVLHYRQGHU/DGHIOlFKHXQGVLHJULIIHQ IURQWDODQ(VZDUHQGLHZLGHUOLFKHQ6FKOHLPZHVHQDEHUVLH EHIDQGHQVLFKLQHLQHPZHLWHUHQ6WDGLXPGHU9HUlQGHUXQJ $XVLKQHQZXUGHQNOHLQH0HQVFKHQ =ZHUJH 8QGMHGHUYRQLKQHQVDKJOHLFKDXV.DQWLJH*HVLFKWHUGHV VHQJUDXH*HVLFKWVIDUEHLPPHUVWlUNHUGXUFKVFKLPPHUWH ZHLOVLFKGHUJUQH6FKOHLPDOOPlKOLFKYHUOLHI
*UDXGDV*HVLFKW]XGHPLUJHQGZLHIODFKXQGGLH8PULVVH NDQWLJZLHHLQ.RSIDXV%HWRQ 8QGHLQ%HWRQJHVLFKWKDWWHDXFK'U7RGJHKDEW %HLGH0lQQHUKDWWHQGHQ0HQVFK'lPRQQRFKQLHJH VHKHQGHVKDOEZXWHQVLHDXFKQLFKWGDHUQXQYRU LKQHQVWDQG$OOHUGLQJVLQIQIIDFKHU$XVIHUWLJXQJ )QIPDO6ROR0RUDVVR 9LHU=ZHUJHKDWWHQVLFKLQ%XUODQGV.OHLGXQJYHUKDNWXQG ]HUUWHQDQLKP6LHKDWWHQ.UDIW%XUODQGZXUGHNXU]HUKDQG XPJHULVVHQ(UILHOKDUWDXIGLH6WUDHEHUVFKOXJVLFKGRUW XQGZROOWHZLHGHUDXIVWHKHQZDVGLH=ZHUJHQLFKW]XOLHHQ 6LHEHZLHVHQLKUH*UDXVDPNHLW :LH0HVVHUZDUHQLKUHVSLW]HQ.UDOOHQ%XUODQGGHUDXI GHP5FNHQODJKDWWHNHLQH&KDQFH(UZROOWHQRFKVFKUHLHQ GRFKGDZDUHQDXIHLQPDOGLH6FKPHU]HQLQVHLQHP+DOVDOV GLHVSLW]HQ1lJHO]XVWDFKHQGXUFKGDV)OHLVFKGUDQJHQXQG VLFKGDV+DOVLQQHUHGHV0DQQHVPLW%OXWIOOWH %XUODQGVWDUE (VZDUHLQVFKOLPPHUJUDXVDPHU7RGGHULKQVRXUSO|W] OLFKEHUIDOOHQKDWWH8QWHUVHLQHP.|USHUEUHLWHWHVLFKDOO PlKOLFKHLQHGXQNHOURWH/DFKHDXVGLHLPPHUZHLWHUUDQQ XQG]ZLVFKHQGHQ5LOOHQHLQHV.DQDOGHFNHOVYHUVFKZDQG 6SLUHDOHEWHQRFK ,KPZDUHVJHOXQJHQVHLQH+lQGHXPGHQNOHLQHQ+DOVGHV :HVHQV]XNODPPHUQ9HU]ZHLIHOWGUFNWHHU]XZROOWHGHP DQGHUHQGLH/XIWQHKPHQDEHUHLQOHEHQGHU7RWHUEHQ|WLJWH NHLQHQ6DXHUVWRII]XP$WPHQ(UVFKDIIWHHVDXFKVRDP !/HEHQ]XEOHLEHQ 'DV*HVLFKWDXVGHPGHUOHW]WH6FKOHLPYHUVFKZXQGHQ ZDU]HLJWHEHUKDXSWNHLQH5HJXQJ(VVFKLHQDOVZUGH GDV:HVHQGHQ'UXFNGHU+lQGHQLFKWVSUHQXQG6SLUHD PHUNWHPLW(QWVHW]HQGDHUHVQLFKWIHUWLJEULQJHQZUGH VHLQHQ*HJQHUDE]XVFKWWHOQ 'HU.OHLQHZDU]XVWDUN +LQXQGKHUVFKWWHOWH6SLUHDLKQGDEHLVWLHHU/DXWHDXV GLHQLFKWV0HQVFKOLFKHVPHKUDQVLFKKDWWHQ9RUVHLQHP
0XQGVSUKWH6SHLFKHOXQGDOVHUIHVWVWHOOWHGDHUQLFKWV JHJHQGHQDQGHUHQXQWHUQHKPHQNRQQWHGDYHUVXFKWHHUHV DXIHLQHDQGHUH$UWXQG:HLVH(UVFKOHXGHUWHGHQ=ZHUJYRQ VLFK 6SLUHDKDWWHDOOVHLQH:XWKLQWHUGLHVHQ:XUIJHOHJW(U ZROOWHGHQ7RGVHLQHV*HJQHUVHUUHLFKHQXQGZXFKWHWHLKQ JHJHQHLQH.DQWHDQGHU/DGHIOlFKH (LQHP0HQVFKHQZlUHGDV5FNJUDWJHEURFKHQZRUGHQ EHLGLHVHP:HVHQZDUHVDQGHUV 6SLUHDK|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lQGH]X)lXVWHQ ª1HLQ©KDXFKWHHUªQHLQ© %XUODQGZDUWRW 9LHU=ZHUJHPLWNDOWHQ*HVLFKWHUQXQGEOXWHQGHQ 0|UGHUNODXHQKDWWHQVHLQHQ.ROOHJHQXPJHEUDFKW 8QGGDVPLWWHQLQ/RQGRQ 6SLUHDK|UWHQLFKWGLHJHOOHQGHQ6FKUHLHGHU3DVVDQWHQGDV %UHPVHQGHU)DKU]HXJHHUVWDUUWHQXUDXI%XUODQGGHUVLFK QLFKWPHKUUKUWH'LH%OXWODFKHXQWHUVHLQHP.|USHUYHU JU|HUWHVLFK]XVHKHQGV'HUVRZLFKWLJH/HEHQVVDIWYHUOLH GHQ0DQQ
'DQQEUOOWH6SLUHDORVª+LOIH©JHOOWHVHLQH6WLPPH ª9HUGDPPWVRKHOIWPLUGRFK©(UGUHKWHVLFKDXIGHP)OHFN VWUHFNWHVHLQH$UPHDXVGLH+lQGHEHZHJWHQVLFKIRUGHUQG XQGHUVFKULHQDFKGHU3ROL]HL3O|W]OLFKXPVWDQGHQ 0HQVFKHQLKQ6LHVFKDXWHQLKQDQ*URZDUHQLKUH$XJHQ EOHLFKGLH*HVLFKWHU$OVGLH7UlQHQ6SLUHDV%OLFNYHUVFKOHLHU WHQGDZDUHQGLH*HVLFKWHUQXUQRFKYHUVFKZRPPHQEOHLFKH )OHFNHQLQHLQHUODQJHQ.HWWH 7UXJELOGHUGLHHUPLWKLQHLQLQGLH2KQPDFKWQDKPHEHQ VRZLHGDV+HXOHQGHU3ROL]HLVLUHQHQ :LUIXKUHQPLWHLQJHVFKDOWHWHU6LUHQH :DVXQV6LU-DPHVHU]lKOWKDWWHZDUJUDXHQKDIWXQGEHLGH PDFKWHQZLUXQVVFKZHUH9RUZUIH:LUKlWWHQGHQ:DJHQ QLFKWRKQH%HJOHLWVFKXW]IDKUHQODVVHQGUIHQ'U7RGZDU HLQH/HLFKHDEHUDXFKLQVRHLQHP=XVWDQGNRQQWHHUQRFK JHIlKUOLFKZHUGHQGDVKDWWHHUXQVKLQOlQJOLFKEHZLHVHQ 8QVZDUQLFKWDOO]XYLHOEHNDQQW:LUZXWHQQXUGD LUJHQGHWZDVPLWGHP:DJHQSDVVLHUWVHLQPXWH:DVHV JHQDXZDUNRQQWHQZLUQLFKWVDJHQDXIMHGHQ)DOOVFKLHQHV 9HUOHW]WHZHQQQLFKWVRJDUHLQHQ7RWHQJHJHEHQ]XKDEHQ 9RUEHLDQGHU:HVWPLQVWHU&LW\+DOOUDVWHQZLULQ5LFKWXQJ 2VWHQ:DVLQ/RQGRQQLFKWVHKURIWJHVFKDKGDVHUUHLFKWH XQVHUH6LUHQH6LHYHUVFKDIIWHXQVIUHLH%DKQ 'LH)DKU]HXJHZLFKHQYRUXQV]XU6HLWH1DFKOLQNVXQG UHFKWVIXKUHQVLHXQGHVVDKVRDXVDOVZUGHVLFKHLQ VWlKOHUQHU%OXPHQNHOFKYRUXQV|IIQHQ $EHUQLFKWQXUZLUZDUHQXQWHUZHJV$XFK6WUHLIHQZDJHQ UDVWHQLQGLHHQWVSUHFKHQGH5LFKWXQJ6LHIXKUHQHEHQIDOOV PLWKHXOHQGHQ6LUHQHQGDVDOOHVVDKPLUIDVWQDFKHLQHP *URDODUPDXV :LUNDPHQJXWGXUFKELV]XHLQHPGLFKWHQ5LQJYRQ VWHKHQGHQ$XWRV'DZDUHQDXFKZLUDP(QGH6HOEVWHLQ *HKVWHLJERWQLFKWJHQJHQGHQ3ODW] :LUVWRSSWHQVSUDQJHQDXVGHP:DJHQXQGMDJWHQPLW
5LHVHQVFKULWWHQORV:LHEHUDOOVWDQGHQDXFKKLHUGLH 1HXJLHULJHQKHUXP2EZRKOGLHPHLVWHQYRQLKQHQEHU KDXSWQLFKWVVHKHQNRQQWHQEHKLQGHUWHQVLHGLH0lQQHUGLH PLWGHP)DOO]XWXQKDWWHQ *HJHQGLHVH8QDUWKDWWHQZLULPPHUZLHGHUDQ]XNlPSIHQ 0DQFKH*DIIHU]HLJWHQVLFKQRFKVW|UULVFKZHQQZLUGDV :RUW!3ROL]HLULHIHQXQGVLH]XU6HLWHGUlQJWHQ :LUNRQQWHQXQVGXUFKZKOHQXQGVDKHQGHQ:DJHQ 'HU0DQQDP%RGHQILHOXQVHUVWEHLP]ZHLWHQ+LQVHKHQ DXI'DIUZDUVHLQ$QEOLFNXPVRVFKUHFNOLFKHU:LUEUDXFK WHQNHLQHbU]WH]XVHLQXP]XZLVVHQGDGHU0DQQQLFKW PHKUOHEWH(VZDU%XUODQGHLQHUGHUEHLGHQ)DKUHU(UZDU DXIHLQHJUDXVDPH$UWXQG:HLVHJHW|WHWZRUGHQHLQH %HVFKUHLEXQJP|FKWHLFK,KQHQHUVSDUHQ $EHUZRVWHFNWHGHU7lWHU" ,FKKDWWHPHLQH%HUHWWDJH]RJHQ(LQLJH3ROL]LVWHQGXUFK EUDFKHQGHQ.UHLV6XNRNPPHUWHVLFKXPGHQ]ZHLWHQDP %RGHQOLHJHQGHQ0DQQª6SLUHDLVWQXUYHUOHW]W©ULHIGHU &KLQHVHDOVLFKDXIGLH/DGHIOlFKHGHVNOHLQHQ7UDQVSRUWHUV VWLHJXPPLUGHQ6DUJHLQPDOJHQDXDQ]XVFKDXHQGHQQPHL QHU$QVLFKWQDFKNRQQWHQXUDXVLKPGDV9HUGHUEHQEHUGLH EHLGHQ0lQQHUJHNRPPHQVHLQ 'HU6DUJZDUQLFKWJHVFKORVVHQ 'LHVILHOPLU]XHUVWDXIXQGPHLQ*HVLFKWYHU]RJVLFKIU HLQHQZLQ]LJHQ$XJHQEOLFN :HUKDWWHLKQJH|IIQHW" (VJDE6SXUHQ*UQHU6FKOHLPEHGHFNWHGHQ%RGHQXQG NOHEWHDXFKDQGHQ:lQGHQ$OVLFKPLWGHQ)LQJHUNXSSHQ EHUGLH5HVWHWDVWHWHGDVWHOOWHLFKIHVWGDVLHKDUWJH ZRUGHQZDUHQ6LHZLUNWHQZLHHLQJHWURFNQHW 'DQQEOLFNWHLFKLQGHQ6DUJ (UZDUOHHU =ZDUKDWWHLFKLUJHQGZLHGDPLWJHUHFKQHWDEHUGLHGLUHNWH .RQIURQWDWLRQPLWGHUOHHUHQ7RWHQNLVWHVFKRFNWHPLFKGRFK 'DV0RQVWHU'U7RGZDUHLQIDFKJHVWRKOHQZRUGHQ-HPDQG PXWHLKQEHIUHLWKDEHQHLQHDQGHUH0|JOLFKNHLWJDEHVIU
PLFKDXJHQEOLFNOLFKQLFKW$EHUZHUKDWWHGDVJHWDQ"9RQ ZHPZDUGHU7UDQVSRUWHUDQJHKDOWHQZRUGHQ":DKU VFKHLQOLFKNRQQWHQPLU=HXJHQGDUEHU$XVNXQIWJHEHQ ZREHLLFKEHVRQGHUVDXIGLH$XVVDJHGHV)DKUHUVKRIIWH ZHQQHUDXVVHLQHU%HZXWORVLJNHLWHUZDFKWZDU $OVLFKGHQ:DJHQYHUOLHKDWWHQGLH3ROL]LVWHQGLH*DIIHU ]XUFNJHGUlQJWXQGVHOEVWHLQHQ5LQJJHELOGHWGHQQLHPDQG GXUFKEUHFKHQNRQQWH ,FKZXUGHVRIRUWHUNDQQW1HEHQ6XNRVWDQGHLQ0DQQLQ =LYLOXQGVDXJWHDQVHLQHU3IHLIHZlKUHQGVLFKXPGHQYHU OHW]WHQ6SLUHD]ZHL:HLNLWWHONPPHUWHQ'HU7RWHZDU LQ]ZLVFKHQ]XJHGHFNWZRUGHQ 0HLQ6FKDWWHQILHODXI6XNRXQGGHU&KLQHVHGUHKWHVLFK XP)UDJHQGVFKDXWHHUPLFKDQ ª0RUDVVRLVWYHUVFKZXQGHQ© ª:DV"© ª-DGHU6DUJLVWOHHU:HQQGXPLUQLFKWJODXEVWVFKDX VHOEVWQDFK© 'HU&KLQHVHZLVFKWHPLWGHP+DQGUFNHQEHUVHLQ *HVLFKWª$EHUGDVLVWGRFKXQP|JOLFK0RUDVVRZDUWRW© ,FKVWULFKEHUPHLQ*HVLFKWª%HLLKPPVVHQZLUPLWDOOHQ hEHUUDVFKXQJHQUHFKQHQ'U7RGVFKLFNWVHLQH/HLFKH6R DOOPlKOLFKJODXEHLFKDQHLQHQPDNDEUHQ6FKHU] :DKUVFKHLQOLFKZROOWHPDQXQVYHUZLUUHQ© 6XNRZDUDXFKPHLQHU$QVLFKWª)UDJWVLFKQXUZRHUKLQ JHJDQJHQLVW© ª)UDJPDOGLH=HXJHQGLHPVVHQMDHWZDVJHVHKHQKDEHQ 2GHUDXFK6SLUHD© ª-DGHUPWHHLJHQWOLFK%HVFKHLGZLVVHQ©6XNRZDUILKP HLQHQ%OLFN]Xª/HLGHUQRFKEHZXWORV© ,FKVWULFKGXUFKPHLQH+DDUH'LH9RUZUIHGLHLFKPLU PDFKWHZXUGHQQLFKWZHQLJHULP*HJHQWHLOVLHZDUHQ VWlUNHUJHZRUGHQ :LUKlWWHQHVYHUKLQGHUQN|QQHQXQGDXFKPVVHQ'DQQ ZlUHXQV6ROR0RUDVVRQLHPDOVHQWZLVFKW$EHUZHUNRQQWH GDVDOOHVYRUKHUZLVVHQ"
'HU%HZXWORVHZXUGHDEWUDQVSRUWLHUW,FKHUZLVFKWHHLQHQ %OLFNDXIVHLQEOHLFKHV*HVLFKW1HLQHVVDKQLFKWVRDXVDOV N|QQWHQZLUVFKRQEDOGPLWLKPUHGHQ (VPXWHDQGHUH=HXJHQJHEHQ(LQHP8QLIRUPLHUWHQJDE LFKGHQ$XIWUDJXQVVRYLHOH=HXJHQZLHP|JOLFKKHUEHL]X VFKDIIHQ(VZDUPLU]ZDUEHNDQQWGDYHUVFKLHGHQH $XVVDJHQGDEHLKHUDXVNRPPHQZUGHQDEHULUJHQGZLH ZUGHHVVLFKHUOLFKDXFK3XQNWHJHEHQEHLGHQHQPDQHLQH hEHUHLQVWLPPXQJIHVWVWHOOWH 'LH:DUWH]HLWYHUNU]WHLFKPLUPLWHLQHU=LJDUHWWH6RHEHQ IXKUHQGLHHUVWHQ:DJHQZLHGHUDQ0DQKDWWHGHQ9HUNHKU XPJHOHLWHW $XFKGLH0RUGNRPPLVVLRQZDUHLQJHWURIIHQ9LHOJDEHV QLFKW]XXQWHUVXFKHQ0DQVFKRHLQLJH$XIQDKPHQNP PHUWHVLFKQXUXPGHQUHLQHQWHFKQLVFKHQ7HLOXQGEHUOLH GLHHLJHQWOLFKH$UEHLW6XNRXQGPLU 9LHU=HXJHQZDUHQDXIJHWULHEHQZRUGHQ,FKVWHOOWHPLFK NXU]YRUXQGEHJDQQPLWGHU%HIUDJXQJ (VOLHIEHVVHUDOVLFKJHGDFKWKDWWH$OOHYLHUHUNOlUWHQ EHUHLQVWLPPHQGGDDXVGHP:DJHQVHOWVDPHNOHLQH :HVHQJHNRPPHQZDUHQ ª:LHVDKHQVLHDXV"© (LQH)UDXDQWZRUWHWHª6RJUQOLFK© 'LHGUHL0lQQHUXQWHUGHQ=HXJHQQLFNWHQ ª*UQDQJHVWULFKHQ"©KDNWHLFKQDFKª2GHULUJHQGZLH© ª1HLQQHLQ'LHHULQQHUWHQPLFKDQ:HVHQGLHPDQLQ HLQHQ)DUEWRSIJHWDXFKWKDWXQGZRGLH)DUEHGDQQDQGHQ .|USHUQKHUDEOlXIWZHQQ6LHYHUVWHKHQ© ª-DLFKYHUVWHKH© ª,FKDEHUQLFKW©VDJWH6XNRª.DQQVWGXPLUGDVHUNOlUHQ"© ª(VZLUGLQQHUKDOEGHV6DUJVHLQHQPDJLVFKHQ 8PZDQGOXQJVSUR]HJHJHEHQKDEHQ© ª8QG6ROR0RUDVVR"© 'DZDUDXFKLFKEHUIUDJWª7XWPLUOHLGDEHULFKNDQQGLU QLFKWVDJHQZDVPLWLKPJHVFKHKHQLVW© ª'DVJUQH=HXJLVWDEHULUJHQGZLHDEJHODXIHQ©VDJWHHLQ
0DQQ(UWUXJHLQHQVWHLIHQ+XWXQGWURW]GHVZDUPHQ :HWWHUVQRFKHLQHQGXQNOHQ0DQWHO ª:LHVR"© ª1XQMD6LU'DVZDUVR'HU6FKOHLPYHUVFKZDQGXQGGDU XQWHUNDPHLQ0HQVFK]XP9RUVFKHLQ$EHUQXUVRJURZLH HLQ=ZHUJ©'HU0DQQEFNWHVLFKXQG]HLJWHGLHXQJHIlKUH *U|HDQ ª'DVLQG6LHVLFKHU"© ª.ODUDXIPHLQH$XJHQNDQQLFKPLFKYHUODVVHQ)QI =ZHUJHKDEHQZLUJHVHKHQ9LHUJULIIHQGHQHLQHQ0DQQDQ 0LWGHQ+lQGHQW|WHWHQVLHLKQ:LUNRQQWHQQLFKWVPDFKHQ ZHLOZLU© ª'DLVWMDHLQHUGLHVHU=ZHUJH©ULHIGLHZHLEOLFKH=HXJLQ PLWVFKULOOHU6WLPPHª+LQWHU,KQHQXQWHUGHPNRPLVFKHQ :DJHQVFKDXWHUKHUYRU© 6XNRXQGLFKNUHLVHOWHQJOHLFK]HLWLJKHUXP'LH)UDXKDWWH VLFKQLFKWJHWlXVFKW1HEHQHLQHP5DGZDUWDWVlFKOLFKHLQHU GHU=ZHUJHDXIJHWDXFKW (UVWDUUWHXQVKDHUIOOWDQXQGKDWWHVHLQHEOXWLJHQ)LQJHU JHVSUHL]W:LHHUGDVWDQGERWHUWURW]VHLQHU*U|HHLQ VFKUHFNOLFKHV%LOG9LHOVFKOLPPHUIUXQVZDUVHLQ*HVLFKW :LUNDQQWHQHVGHQQ6ROR0RUDVVRDOLDV'U7RGKDWWHVR DXVJHVHKHQ :HQQLFKPLWDOOHPJHUHFKQHWKlWWHGDPLWDOOHUGLQJVQLFKW 'U7RGKDWWHXQVWDWVlFKOLFKQRFKHLQHQPDNDEUHQ6WUHLFK JHVSLHOW(UKDWWHVHLQH/HLFKHJHVFKLFNWXQGQXQVDKHQZLU LKQZLHGHUYRUXQV $OV=ZHUJ 1HEHQPLUEOLW]WHHVDXI 6XNRKDWWHJHVFKRVVHQ$OVLFKGHQKHOOHQ$EVFKXGHU %HUHWWDK|UWHZDUGLH*HVWDOWVFKRQYHUVFKZXQGHQXQGKDWWH KLQWHUGHP5HLIHQ'HFNXQJJHIXQGHQ6XNRV.XJHOKDWWH QLFKWGDV:HVHQJHWURIIHQVRQGHUQGHQ5HLIHQXQGGRUWHLQ /RFKKLQWHUODVVHQDXVGHPDOOPlKOLFKGLH/XIWHQWZLFK
,FKZDUQDWUOLFKQLFKWVWHKHQJHEOLHEHQVRQGHUQ]XU6HLWH JHKXVFKW$XVGHQ5HLKHQGHU]XUFNJHGUlQJWHQ=XVFKDXHU GUDQJHQKHIWLJH5XIH'LH/HXWHKDWWHQVLFKHEHQVRHUVFKUHFNW ZLHGLH3ROL]LVWHQYRQGHQHQVLH]XUFNJHGUlQJWZRUGHQ ZDUHQ ª'XUHFKWVLFKOLQNV©VFKULHLFKPHLQHP)UHXQGXQG .ROOHJHQ]X6XNRYHUVWDQGVRIRUWXQGVHW]WHVLFKLQ %HZHJXQJ:LUZROOWHQGLHVHQ=ZHUJLQGLH=DQJHQHKPHQ $XFKLFKKDWWHMHW]WGHQ:DJHQHUUHLFKWXQGEFNWHPLFK $XIUHFKWVWHKHQNRQQWHGDV:HVHQQLFKWGHQQVRNOHLQZDUHV QLFKW(VPXWHQRFKXQWHUGHP:DJHQVWHFNHQZHGHU6XNR QRFKLFKKDWWHQHVKHUYRUNULHFKHQVHKHQ $OVLFKPLFKEFNWHK|UWHLFKGDV/DFKHQ 2YHUGDPPWHVNDPPLUVREHNDQQWYRU'DV:HVHQODFKWH PLWGHUJOHLFKHQ6WLPPHZLHPHLQ(U]IHLQG'U7RG8QGMHW]W ILQJHVDXFKQRFKDQ]XVSUHFKHQ ª6LQFODLU*HLVWHUMlJHU-RKQ6LQFODLU,VWGDVQLFKWHLQHNOHLQH hEHUUDVFKXQJGLHLFKGLUEHUHLWHWKDEH"© (UZDUWHWHDXIPHLQH$QWZRUW,FKJDEVLHLKPQLFKW:LU VWDUUWHQXQVQXUDQ:HQQLFKDQLKPYRUEHLVFKDXWHHUNDQQ WHLFKDXIGHUDQGHUHQ6HLWHGHV)DKU]HXJVPHLQHQ)UHXQG 6XNR:LHLFKKLHOWDXFKHUVHLQH:DIIHVFKXEHUHLWGHQQZLU XQWHUVFKlW]WHQGLH*HIlKUOLFKNHLWGHV:HVHQVNHLQHVIDOOV ,QGHQOHW]WHQ0LQXWHQKDWWH0RUDVVREHZLHVHQZLHJUDX VDPHUDXFKLQVHLQHUYHUlQGHUWHQ*HVWDOWVHLQNRQQWHXQG QRFKMHW]WNOHEWHDQVHLQHQ+lQGHQGDV%OXWGHV7RWHQ ª'XELVW0RUDVVR©VDJWHLFKKDUWª6ROR0RUDVVRGHU 0DQQGHQLFKLQGDV3LUDQKD%HFNHQJHVFKOHXGHUWKDEH GHUYRQPHLQHU.XJHOJHWURIIHQZXUGHXQGGHQGLH)LVFKH IDVW]HUULVVHQKlWWHQZlUHQLFKW;RUURQGDJHZHVHQ© ª'HUELQLFK© ª:LHNRPPWHVGDGXOHEVW"© ,Q0RUDVVRV%HWRQJHVLFKWKDWWHVLFKELVKHUNHLQ0XVNHO JHUKUW1XQDOOHUGLQJVWDWVLFKGRUWHWZDVGHQQVHLQHXQV JUDXHUVFKHLQHQGHQ:DQJHQ]XFNWHQª7RWXQGGRFKQLFKW WRW©VDJWHHUPHKUODFKHQGDOVVSUHFKHQGª0DJLH6LQFODLU
6FKZDU]H0DJLH6RLVWHVGRFK'XKDVWVLHLPPHUEHNlPSIW DEHUGXELVW]XVFKZDFK'LUIHKOWGHU:UIHOGHV8QKHLOV(U DOOHLQZDUHVGHUGLHVDOOHVHUP|JOLFKWHGHQQGHU:UIHOSUR GX]LHUWHGHQ6FKOHLP'LHVHUJUQH6FKOHLPGHULP6DUJODJ KDWWHHVLQVLFK(ULVWHWZDVJDQ]%HVRQGHUHVXQGQXUGHU :UIHONDQQLKQSURGX]LHUHQ:LOOVWGXHVZLVVHQ"© 2EZRKOLFKLQQHUOLFKILHEHUWHEOLHELFKJOHLFKJOWLJª'X EUDXFKVWHVPLUQLFKW]XVDJHQGHQQGLUZLUGGHU6FKOHLP EHVWLPPWQLFKWPHKUKHOIHQ© ª6RNDQQQXUMHPDQGVSUHFKHQGHUGLH*HIDKUQRFKQLFKW EHJULIIHQKDW©EHNDPLFK]XU$QWZRUW ª8QGZHQQLFKGLFKGLHVPDOYHUEUHQQH0RUDVVRHQWNRP PHQZLUVWGXPLUQLFKWPHKU© 'LHVH$QWZRUWDPVLHUWHLKQ6HLQ%HWRQJHVLFKW]RJVLFKLQ GLH%UHLWHLQGHQ$XJHQODJHLQ$XVGUXFNGHQLFKQLFKW]X GHXWHQZXWHDEHUHUZROOWHVSUHFKHQDOVROLHLFKLKQ ª'LHVHU6FKOHLP*HLVWHUMlJHULVWGHU6WHLQGHU:HLVHQ8QG ZHUGLHDOWHQ*HKHLPQLVVHJHQDXNHQQWNDQQPLW+LOIHGHV :UIHOVGHQ6FKOHLPSURGX]LHUHQXQGHUDOOHLQLVWLQGHU /DJHWRWHLQOHEHQGH0DWHULHXP]XZDQGHOQXQGXPJHNHKUW 9HUVWHKVWGXPLFK*HLVWHUMlJHU"© ,FKQLFNWH8QGRELFKLKQYHUVWDQG'DQDFKKDWWHQGLH 0HQVFKHQVFKRQLPPHUJHIRUVFKW,QGHU)UK]HLWDOVDXFKLP 0LWWHODOWHU9LHOH$OFKLPLVWHQVXFKWHQQDFKGHP6WHLQGHU :HLVHQVLHZROOWHQIULKUH)UVWHQXQG.|QLJH*ROGKHU VWHOOHQ$OOHVP|JOLFKHKDWWHQVLHYHUVXFKWHVDEHUQLH JHVFKDIIW'HU6WHLQGHU:HLVHQZDUWURW]LQWHQVLYHU )RUVFKXQJHQQLFKWJHIXQGHQZRUGHQ(VJDENHLQHQ 0DWHULHXPZDQGOHU'DPLWPXWHVLFKGLH0HQVFKKHLWDXI GHUMHW]LJHQ(QWZLFNOXQJVVWXIHDEILQGHQ8QGQXQK|UWHLFK YRQGLHVHP:HVHQGDVRHWZDVGRFKH[LVWLHUWH'HU:UIHO GHV8QKHLOVNRQQWHHVVFKDIIHQGLH0DWHULHXP]XZDQGHOQ 'DVZROOWHPLUHLQIDFKQLFKWLQGHQ.RSI 8QGZHUEHVDGHQ:UIHO" /DG\; (LQHXQKHLPOLFKH0DFKWZDULKUGDPLWLQGLH+lQGHJHJH
EHQZRUGHQ'U7RGVFKLHQLQVHLQHUHKHPDOLJHQ([LVWHQ] GLHVQRFKQLFKWEHJULIIHQ]XKDEHQDEHUGLH6FRWW1LFKW XPVRQVWKDWWHVLHGHQYRP:UIHOSURGX]LHUWHQ6FKOHLPPLW LQGHQ6DUJJHSDFNW'DV(UJHEQLVVDKLFKQXQYRUPLU(LQH NOHLQHDQVRQVWHQKDDUJHQDXH$EELOGXQJGHV6ROR0RUDVVR ª'XEHUOHJVW*HLVWHUMlJHU%LVWGXQRFKLPPHUQLFKW GDKLQWHUJHVWLHJHQ"© ª'RFKLFKZHL%HVFKHLG© ª'DQQQLPPHLQHQ5DWYRQPLUDQ©VDJWHGHU=ZHUJGHU LPEULJHQGLHJOHLFKH.OHLGXQJWUXJZLHVLHDXFKGHUHFKWH 0RUDVVRJHWUDJHQKDWWHª*LEGHQ.DPSIDXI'XNDQQVWLKQ QLFKWJHZLQQHQ*LEDXIEULQJHGLFKVHOEVWXPRGHUYHU JUDEHGLFKLQGHU7LHIHGHU(UGHGHQQXQVNDQQVWGXQLFKW VWRSSHQ©(LQVFKDXULJHV/DFKHQIROJWHLQGDV6XNRV:RUWH ILHOHQ ª0DFKHQZLUHLQ(QGH-RKQ*LELKPHLQH.XJHO© 0RUDVVRKREGLH+lQGH6HLQ*HVLFKWYHU]HUUWHVLFKª-D VFKLHWQXUW|WHWPLFK7|WHWPLFKZLHGHU,FKZDUWHGLUHNW GDUDXI/RVGUFNWDELKU%DVWDUGH© 'LHVPDOZDUHV6XNRGHUIHXHUWH,FKVDKGDVIDKOH%OLW]HQ YRUGHU0QGXQJXQGHLQHQ$XJHQEOLFNVSlWHUKLHEGLH .XJHOJHQDXLQGHQ6FKlGHOGHVNOHLQHQ0RQVWHUV 0RUDVVRVFKULHQLFKW'LH.XJHOZDUKLQWHQLQVHLQHQ.RSI JHIDKUHQXQGKDWWHLKQDXVHLQDQGHUJHULVVHQ,FKEHNDPDOOHV KDDUJHQDXPLWVFKDXWHDXFKZHLWHUKLQ]XXQGK|UWHDOVOHW]WHV VHLQ/DFKHQGDVDEUXSWYHUVWXPPWHDOVGDV:HVHQPLUHQW JHJHQNLSSWHXQGDP%RGHQOLHJHQEOLHE3UDNWLVFKRKQH.RSI 6XNRVXQGPHLQ%OLFNWUDIHQVLFK'HU&KLQHVHQLFNWHQXU ª'DVZDU V©VDJWHHU $XFKLFKZDU]XIULHGHQGUFNWHPLFKQRFKPHKUGHP %RGHQHQWJHJHQVWUHFNWHGDEHLGHQUHFKWHQ$UPDXVXQG EHUKUWHGDVZDVYRQ6ROR0RUDVVREULJJHEOLHEHQZDU (U]HUILHOXQWHUPHLQHQ)LQJHUQGHQQGLHJHZHLKWH 6LOEHUNXJHOKDWWHDXIJHUlXPW ª'DVKlWWHQZLUKLQWHUXQV©NRPPHQWLHUWHGHU&KLQHVHDOV HUDXIVWDQGXQGLFKHVLKPQDFKWDW$OOHUGLQJVZDULFKQLFKW
VRRSWLPLVWLVFKZLHPHLQ)UHXQG,FKKDWWHGDVRPHLQH %HGHQNHQXQGGLHWHLOWHLFK6XNRDXFKPLW ª'HQNDQGLH=HXJHQDXVVDJHQPHLQ/LHEHU:LUKDEHQHV QLFKWQXUPLWHLQHP*HJQHU]XWXQVRQGHUQPLWIQIGDYRQ© ª)QIPDO'U7RG"© ,FKQLFNWH 0HLQ)UHXQGZXUGHEODXQGVFKOXFNWHª9HUGDPPWYHU GDPPWZHQQGDVPDOJXWJHKW© ª'DVDJVWGXZDV© )QIPDO'U7RG 1HLQMHW]WQXUQRFKYLHUGHQQHLQPDOZDUHLQH*HVWDOWYRQ GHU6LOEHUNXJHO]HUVW|UWZRUGHQ $EHUYLHUPDO'U7RGGDVEHGHXWHWH*HIDKU$XFKZHQQGLH *HVWDOWHQQLFKWPHKUVRZDUHQZLHIUKHUVRVSLHOWHGLHN|U SHUOLFKH*U|HEHLLKQHQNDXPHLQH5ROOHGHQQLQGHQ *HKLUQHQVWHFNWHQRFKDOOGLHWHXIOLVFKH*HGDQNHQNUDIW]X GHUVLHIlKLJZDUHQ8QG3Ol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|KQW6REHUHLWHWHHVGHQ:HVHQDXFKNHLQH 6FKZLHULJNHLWHQGLH)DKU]HXJHDQ]XKDOWHQ
=ZHLYRQLKQHQIXKUHQPLWGHQ7D[HQ]XHLQHPJHPHLQ VDPHQ=LHOZlKUHQGGLHDQGHUHQEHLGHQVLFKHLQDQGHUHV DXVJHVXFKWKDWWHQ(VNDPLKQHQ]XJXWHGDGDV6LQFODLU 7HDPQLFKW]XVDPPHQOHEWHXQGJHZLVVHUPDHQDXIJHVSOLW WHUWZDU 'DVZROOWHQGLH:HVHQQXW]HQ 'LH)DKUHUJULQVWHQDOVGLHNOHLQHQ!0HQVFKHQLQGLH :DJHQVWLHJHQ6LHGDFKWHQDQ/LOLSXWDQHUXQGDKQWHQQLFKW ZHOFKHLQH)UDFKWVLHWDWVlFKOLFKEHI|UGHUWHQ (LQHUZXQGHUWHVLFKQXUDOVGLHEHLGHQ=ZLOOLQJHZLHHU DQQDKPHLQVHOWVDPHV=LHODQJDEHQ 6FRWODQG
JHZHVHQ(UKDWWH-RKQXQG6XNRDXJHQEOLFNOLFKORVJHVFKLFNW XQGMHW]WKRIIWHHUDXIHLQHQ$QUXIGHUEHLGHQ 'LH=HLWYHUJLQJ1RUPDOHUZHLVHKDWWH6LU-DPHVHLQLJHV]X WXQGRFKLP$XJHQEOLFNNRQQWHHUVLFKDXIVHLQHQRUPDOH $UEHLWQLFKWNRQ]HQWULHUHQ $OVPHKUDOVHLQH9LHUWHOVWXQGHYHUJDQJHQXQGDXFKQDFK EHU0LQXWHQNHLQ$QUXIJHNRPPHQZDUGDKLHOWHV6LU -DPHVQLFKWPHKUOlQJHUDXV -RKQ6LQFODLUZDUEHU$XWRWHOHIRQ]XHUUHLFKHQXQGGLH HQWVSUHFKHQGH1XPPHUZlKOWHGHU6XSHULQWHQGHQW 1LHPDQGKREDE %HIDQG6LQFODLUVLFKQRFKLP(LQVDW]"6LU-DPHVJODXEWH GDUDQOLHDEHUPDOVIQI0LQXWHQYHUVWUHLFKHQVFKOXFNWH ]ZHL7DEOHWWHQXQGVlXEHUWHVHLQH%ULOOH 'DQQULHIHUZLHGHUDQ 'LHVPDOPHOGHWHVLFKGHU2EHULQVSHNWRU ª6FKODIHQ6LH"©IUDJWH6LU-DPHVVFKDUIXQGYHUVXFKWHPLW GHPEDUVFKHQ7RQVHLQH6RUJH]XEHUWQFKHQ ª1HLQ6LU©K|UWHHUGLH6WLPPHGHV*HLVWHUMlJHUVHLQZHQLJ GQQª$EHUKLHULVWHLQLJHVLPDUJHQ© ª%HULFKWHQ6LH© 'HU6XSHULQWHQGHQWK|UWHJHVSDQQW]X6HLQ*HVLFKW]XFNWH HLQSDDUPDOXQGDXIVHLQHU6WLUQELOGHWHQVLFK 6FKZHLSHUOHQª(LQHQ/LOLSXWDQHUKDEHQ6LHDOVRHUOHGLJW© VWHOOWHHUIHVWªDEHUHVIHKOHQQRFKYLHU© ª6RLVWHV6LU© ª+DEHQ6LHHLQHQ9HUGDFKWZRVLHVWHFNHQN|QQWHQ"© ª1HLQ6LU© ª$EHUVLHZHUGHQHLQ=LHOKDEHQ©KLHOW6LU-DPHVHQWJHJHQ ª'DVVLFKHUOLFK9LHOOHLFKWVRJDU/DG\;8QWHU8PVWlQGHQ KlOWVLHVLFKLQ/RQGRQDXI© ª:lUHHLQH0|JOLFKNHLW)RUVFKHQ6LHDXIMHGHQ)DOOQDFK EOHLEHQ6LHDP%DOOXQGLQIRUPLHUHQ6LHPLFKVREDOGVLFK HWZDV1HXHVHUJHEHQKDW9LHOOHLFKWPVVHQZLUHLQH )DKQGXQJHLQOHLWHQ© ª'DVZlUHVFKOLPP6LU©
'HU6XSHULQWHQGHQWKDWWHDXIJHKlQJW(UZLVFKWHVLFKGHQ 6FKZHLYRQGHU6WLUQ6HLQH%HIUFKWXQJHQZDUHQDOVR EHUHFKWLJWJHZHVHQ6ROR0RUDVVROLHVLFKVROHLFKWQLFKWDXV VFKDOWHQ(UKDWWHVHLQH/HLFKHJHVFKLFNWGRFKGLHVZDUHLQH JHVFKLFNWH)DOOHJHZHVHQHLQHUDIILQLHUWH7lXVFKXQJDXIGLH GDV6LQFODLU7HDPUHLQJHIDOOHQZDU 'RFKZDVEH]ZHFNWH'U7RGGDPLW"2GHUZXUGHDXFKHU QXUJHVWHXHUW"6LU-DPHVZXWHHVQLFKWDEHUZHQQHV 0RUDVVRLQYLHUIDFKHU$XVIHUWLJXQJJDEGDQQZDUGLH*HIDKU XQWHU8PVWlQGHQHEHQIDOOVXPGDV9LHUIDFKHJHVWLHJHQ $OVHUGDUDQGDFKWHZXUGHHVLKPLP+DOVUHJHOUHFKW WURFNHQ9LHUPDO'U7RGGDVNRQQWHNDXPMHPDQGYHU NUDIWHQ (UJRVLFKHLQHQNOHLQHQ6FKOXFNYRQVHLQHP0DJHQZDVVHU HLQXQGWUDQNGDV*ODVLQNOHLQHQ6FKOXFNHQOHHU,QQHUOLFK YLEULHUWHHU/HLFKW]XHUNHQQHQDQVHLQHQ]LWWHUQGHQ+lQGHQ 'DOLHIDOOHVQLFKWVRJODWWZLHHUHVJHUQJHKDEWKlWWHXQGHU ZXWHDXFKQLFKWZDVGLHDQGHUH6HLWHYRUKDWWH 'DQQVFKULOOWHGDV7HOHIRQ6LU-DPHV]XFNWH]XVDPPHQ(U KDWWHQLFKWGDPLWJHUHFKQHW5DVFKJULIIHUQDFKGHP+|UHU PHOGHWHVLFKXQGZDUHUVWDXQWGDUEHUGDHUYRQGHP $QUXIHUQLFKWDQJHVSURFKHQZXUGH 'HUDQGHUHEOLHEVWXPP ª:DVLVWORV"©IUDJWH6LU-DPHVª+HZDUXPVDJHQ6LH© 'LH/HLWXQJZDUWRWGHU6XSHULQWHQGHQWEUDXFKWHQLFKWPHKU ZHLWHU]XVSUHFKHQ'DIUHUNODQJDQGHU7UHLQH6WLPPHDXI ª*XWHQ7DJ6LU-DPHV© 'HU6XSHULQWHQGHQWGUHKWHVLFKVRVFKQHOOXPZLHVHOWHQLQ VHLQHP/HEHQ(UVFKDXWHDXIHLQHQ/LOLSXWDQHUGHUHLQHYHU WHXIHOWHbKQOLFKNHLWPLW6ROR0RUDVVREHVD 'HU0RWRUGHV3RUVFKHKHXOWHQRFKHLQPDODXIEHYRU GHU5HSRUWHU%LOO&RQROO\VHLQHQ:DJHQDEEUHPVWHGDV /HQNUDGQDFKUHFKWVZLUEHOWHXQGLQGLH$XIIDKUW]XVHLQHP +DXVHLQUROOWH
(VZDUGRFKVSlWHUJHZRUGHQDOVHUVHLQHU)UDX6KHLODYHU VSURFKHQKDWWHDEHULQGHU5HGDNWLRQKDWWHPDQLKQ]XVHKU DXIJHKDOWHQXQG%LOOKDWWHVLFKHLQIDFKIHVWJHUHGHW(UKDWWH HLQHQVSDQQHQGHQ%HULFKWJHOLHIHUWGLH=HLWXQJEHNDP LKQH[NOXVLYXQGMHW]WVROOWH%LOODXFKQRFKGLH)RWRVGD]X DXVVXFKHQ 'LHVH$UEHLWZUGHQRFKGHQQlFKVWHQ9RUPLWWDJLQ $QVSUXFKQHKPHQVRGD%LOOVLFKQRFKUHFKW]HLWLJYRQGHQ 0DJD]LQOHXWHQKDWWHO|VHQN|QQHQ(UIUHXWHVLFKDXIVHLQ =XKDXVH 'DV7RU]XP*UXQGVWFN|IIQHWHVLFKDXIHLQHQHOHNWURQL VFKHQ.RQWDNWKLQXQG%LOONRQQWHGHQIODFKHQ:DJHQEHU GHQJHZXQGHQHQ:HJLQ5LFKWXQJ+DXVOHQNHQ 'HU5HSRUWHUKDWWHLP/DXIHGHU-DKUHVHLQH(UIDKUXQJHQ PLWGHQ0lFKWHQGHU)LQVWHUQLVJHVDPPHOW'DVHUJDEVLFK EHLLKPHLQIDFKDXVGHU1lKH]X-RKQ6LQFODLUGHQQGHU *HLVWHUMlJHUZDUVHLQEHVWHU)UHXQG8QGOHLGHUZDUDXFK %LOOV)DPLOLHPLWLQGLHVH$XVHLQDQGHUVHW]XQJKLQHLQJH]RJHQ ZRUGHQ(LQSDDUPDOVFKRQKDWWHQVHLQH)UDX6KHLODXQG -RKQQ\VHLQ6RKQLQ/HEHQVJHIDKUJHVFKZHEW 6HLWHLQLJHQ0RQDWHQDOOHUGLQJVKDWWHGHU.OHLQHHLQHQ %HVFKW]HU1DGLQHHLQ:ROI(VZDUHLQVHOWVDPHV7LHUGHQQ LQLKPOHEWHGLH6HHOHHLQHV0HQVFKHQZHLWHUXQGGHU 9LHUEHLQHUEHVDDXFKQRFKGLH$XJHQHLQHV0HQVFKHQ -RKQQ\XQG1DGLQHZDUHQXQ]HUWUHQQOLFK%HLGHZlUHQIU HLQDQGHUGXUFKV)HXHUJHJDQJHQZREHLYRUDOOHQ'LQJHQGHU :ROILPPHUZLHGHUDXIGHQ.OHLQHQDFKWHWH $OV%LOOGLHGULWWH.XUYHDQVFKQLWWXQGGDV+DXVVFKRQ ]LHPOLFKQDKHYRUVLFKVDKEHPHUNWHHUHLQH%HZHJXQJ ]ZLVFKHQGHQ.LHIHUQ 'RUWVWDQGMHPDQG 'HU5HSRUWHUUHDJLHUWHJHGDQNHQVFKQHOO6HLQUHFKWHU)X GUFNWHGDV%UHPVSHGDOQDFKXQWHQ'HU3RUVFKHVWDQG VRIRUW $XJHQEOLFNOLFKVWLHJ%LOODXVOLHGLH7URIIHQOLHIXPGLH .KOHUVFKQDX]HKHUXPXQGVXFKWHGLH*HVWDOW9LHU.LHIHUQ
VWDQGHQDXIGHP5DVHQ'HU%RGHQZDUQLFKWJODWWHUQDKP KLHUGLH)RUPHLQHV+DQJVHLQGHUELVKRFK]XPNQVWOLFKHQ +JHOIKUWHZRDXFKGDV+DXVVWDQG%LOOGDFKWHDQGLH HUVWH(QWGHFNXQJXQGDXFKGDUDQGDGLH*HVWDOWQLFKWVHKU JURJHZHVHQZDU-RKQQ\ZDUHVWURW]GHPQLFKWJHZHVHQ HLQDQGHUHUPXWHVLFKYHUVWHFNWJHKDOWHQKDEHQ (EHQIDOOVHLQ.LQG" %HKXWVDPVFKREGHU5HSRUWHUHLQLJH=ZHLJH]XU6HLWHGLH VHLQH6LFKWEHKLQGHUWKDWWHQ-HW]WKDWWHHUHLQLJHUPDHQ IUHLHV%OLFNIHOGXQGK|UWHKLQWHUVLFKGDV/DFKHQ %LOO&RQROO\ZDUIVLFKKHUXP6HLQH$XJHQZXUGHQJUR(U ZROOWHQLFKWJODXEHQZDVHUVDKDEHUGLH*HVWDOWYRULKPZDU NHLQH6SXNHUVFKHLQXQJVRQGHUQ5HDOLWlW (LQ/LOLSXWDQHUVWDQGGRUW 'U7RG 6FKQDXIHQGDWPHWHGHU5HSRUWHUDXV'LHVHV%LOGJLQJ LKPXQWHUGLH+DXW(UPHUNWHGDV=LWWHUQLQGHQ.QLHQXQG VSUWHGLH$QJVWGLHDOOPlKOLFKLQLKPKRFKVWLHJ$EHU HVZDUQLFKWGLH$QJVWXPVHLQH3HUVRQVRQGHUQGLH XPVHLQH)DPLOLHGLHVLFKLP+DXVXQGGDPLWDXFKLQGHU 1lKHGLHVHVJHIlKUOLFKHQ:HVHQVEHIDQG 'U7RGDOV/LOLSXWDQHU6RHWZDVKDWWH%LOO&RQROO\QRFKQLH JHVHKHQ(UNRQQWHDXFKNHLQH(UNOlUXQJGDIUILQGHQ VRVHKUHUVXFKWH(VZDUDOOHV]XLUUHDO 2GHUZDUHUHLQH3XSSH"9LHOOHLFKWHLQH1DFKELOGXQJ GLHPDQHOHNWULVFKVWHXHUQNRQQWH"(VNRQQWHVHLQXQG%LOO ZROOWHHVJHQDXZLVVHQ (UJLQJODQJVDPYRU1lKHUWHVLFK6FKULWWIU6FKULWWGLHVHU NOHLQHQ)LJXUGLHDXVVDKDOVZlUHVLHEHUKDXSWQLFKWDP /HEHQ%LVGHU5HSRUWHUDXIHLQHQ6FKULWWKHUDQJHNRPPHQ ZDUGDEHJDQQGHU.OHLQHQlPOLFK]XVSUHFKHQ ª6WRSS©VDJWHHU %LOO&RQROO\]XFNWH]XVDPPHQ'LHVH6WLPPHKDWWHLKPGHQ 6FKRFNYHUVHW]WGHQQPLWGHUJOHLFKHQ6WLPPHKDWWHDXFK 6ROR0RUDVVRDOLDV'U7RGJHVSURFKHQ 6ROOWHGLHVHU/LOLSXWDQHU6ROR0RUDVVRVHLQ"
%LOOZDUY|OOLJGXUFKHLQDQGHU6LFKHUKHLWVKDOEHU]RJHU VHLQH3LVWROHXQGULFKWHWHGLH0QGXQJVFKUlJQDFKXQWHQVR GDVLHDXIGHQ.RSIGHVDQGHUHQZLHV ª2ND\PHLQ)UHXQGELVKHUKDVWGXGHLQHQ6SDJHKDEW -HW]WELQLFKDQGHU5HLKH'XZLUVWPLU5HGHXQG$QWZRUW VWHKHQ:HQQQLFKWNHQQHLFKNHLQH5FNVLFKW©'DVPHLQWH %LOODXFKVRGHQQPLW'lPRQHQRGHUGlPRQLVFKHQ:HVHQ 3DUGRQ]XKDEHQZDUHLQ/X[XVGHQPDQVLFKNDXPOHLVWHQ NRQQWH ª:DVZLOOVWGXZLVVHQ"© ª:HUELVWGX"© ª'DVZHLWGXQLFKW"'XVROOWHVWPLFKNHQQHQ%LOO&RQROO\ ,FKELQ'U7RG© ª*XWQDFKJHELOGHWDEHU© ª.HLQH1DFKELOGXQJ,FKELQGHUHFKWH© %LOOODFKWHª+HUUOLFKGXELVWDOVRGHUHFKWH'DQQDEHUYHU GDPPWJHVFKUXPSIW© 0RUDVVRODFKWHª'DVLVWP|JOLFK9LHOOHLFKWZHUGHQZLU QRFKZDFKVHQ© ª:LU"©GHKQWH%LOO ª-DLFKKDEHQRFK%UGHU'UHKGLFKPDOXP&RQROO\XQG VFKDXKLQEHU]XGHLQHP+DXV© %LOOZXUGHHVVHKUNRPLVFK]XPXWH(LQHXQVLFKWEDUH+DQG VFKLHQEHUVHLQHQ5FNHQ]XVWUHLFKHQ'DV*HIKOHLQHU EHNOHPPHQGHQ$QJVWEUHLWHWHVLFKLQVHLQHP,QQHUQDXV =XP+DXVVFKDXHQVROOWHHU 'RUWEHIDQGVLFKVHLQH)DPLOLH8QGYRUKLQZDUGDV:RUW !ZLUJHIDOOHQ'HU/LOLSXWDQHUGHUDXVVDKZLH'U7RGZDU DOVRQLFKWDOOHLQHUKDWWH9HUVWlUNXQJPLWJHEUDFKW 9RUVLFKWLJGUHKWHVLFKGHU5HSRUWHUXPZREHLHU]XVDKGD GLH:DIIHQPQGXQJZHLWHUKLQLQGLH5LFKWXQJGHV=ZHUJHV ZLHV(UKDWWHHLQHQQLFKWVHKUJXWHQ6WDQGSXQNW'HU%OLFN ]XP+DXVZDUGXUFK%XVFKJUXSSHQ]XP7HLOYHUZHKUW DEHUHUNRQQWHGLH7UXQGGDVGDQHEHQOLHJHQGH)HQVWHU VHKHQXQGKLQWHUGHU6FKHLEHZRVLFKGLH'LHOHKLQ]RJVDK HUGLH%HZHJXQJ
'RUWVWDQGMHPDQG $OOHUGLQJVQLFKWHLQHUVRQGHUQ]ZHL=ZHL3HUVRQHQEHLGH NOHLQ%LOOVDKQXUGLH8PULVVHDEHUJODXEWHLQHLQHUGLHVHU 3HUVRQHQVHLQHQ6RKQ]XHUNHQQHQ -HPDQGVFKLHQHLQHJOKHQGH1DGHOGXUFKVHLQ+HU]]X VWRHQVRPDFKWHVLFKGLH$QJVWEHLLKPEHPHUNEDU%LOO VFKWWHOWHVLFKVHLQH/LSSHQ|IIQHWHQVLFKXQGGDV*HVLFKW ]HLJWHSO|W]OLFKHLQHQYHU]HUUWHQ$XVGUXFN 0RUDVVRDKQWHZDVLQGHP5HSRUWHUYRUJLQJ(UODFKWH OHLVHXQGVFKWWHOWHGDEHLVRJDUGHQ.RSIª,FKZHLZDVGX YRUKDVWDEHUJODXEHQXUQLFKWGDGXGDPLWGXUFKNRPPVW (LQHIDOVFKH%HZHJXQJYRQGLUXQGGHLQ-XQJHLVWWRW© ª:DVKDEWLKUYRU"©IUDJWH%LOOZREHLHUVHLQH6WLPPH NDXPZLHGHUHUNDQQWH ª'LH9HUQLFKWXQJ:LUZHUGHQGDV6LQFODLU7HDPYHUQLFK WHQ'DVJHQDXZLUGHVVHLQ© ª:HUVHLGLKU"© ª'U7RG© %LOOVFKWWHOWHGHQ.RSIª1HLQGDVNDQQLFKQLFKWJODXEHQ 6ROR0RUDVVRJLEWHVQLFKWPHKU-RKQ6LQFODLUKDWLKQYHU QLFKWHW(UKDWHVPLUVHOEVWJHVDJW,FKJODXEHGLUQLFKW© ª7UDXVWGXGHLQHQHLJHQHQ$XJHQQLFKWPHKU"©K|KQWH 0RUDVVR ª'RFKDEHU© ª6ROR0RUDVVRLVWWRWGDVVWLPPW%LOO&RQROO\$EHUHUOHEW WURW]GHPZHLWHU8QG]ZDULQYLHUIDFKHU$XVIHUWLJXQJ$XV HLQVPDFKYLHU8QGZLUYLHUZHUGHQGDIU6RUJHWUDJHQGD GDV6LQFODLU7HDPHLQIUDOOHPDODXVJHURWWHWZLUG© 1DGLQH%LOOGDFKWHDQGLH:|OILQ:RVWHFNWHVLH":DUXP KDWWHVLHQLFKWHLQJHJULIIHQ"6LHSDWHGRFKVRQVWDXIGHQ .OHLQHQDXI8QGZLHJLQJHV6KHLOD"%HIDQGVLHVLFKHEHQIDOOV LQGHU*HZDOWGHV]ZHLWHQ7HXIHOV" %LOOVWDUUWHVHLQH:DIIHDQ6LHNDPLKPSO|W]OLFKVLQQORV YRU(UKlWWHVLHHEHQVRJXWZHJZHUIHQN|QQHQ=XGHPVW|UWH VLFK0RUDVVRDXFKQLFKWDQGHU%HUHWWD6HLQH6LFKHUKHLW JUHQ]WHVFKRQDQhEHUKHEOLFKNHLW
ª.RPPPLW©VDJWHGHU/LOLSXWDQHUPLWGHPJODWWHQ %HWRQJHVLFKWª'XNHQQVWGLFKMDDXV© ª,QV+DXV"© ª1DWUOLFKZLUZROOHQGLH)DPLOLHEHLVDPPHQKDEHQ *HPHLQVDPVWLUEWHVVLFKOHLFKWHU© %LOOZXUGHYRQVHLQHU$QJVWIDVWDXIJHIUHVVHQ$OOHUGLQJV NRFKWHHUDXFKLQQHUOLFKYRU+DXQG:XW:lUHHUDOOHLQ JHZHVHQKlWWHHUOlQJVWYHUVXFKWGLHVHP:HVHQYRULKPGHQ +DOVXP]XGUHKHQ6RDEHUNRQQWHHUQLFKWVWXQXQGPXWH VLFKGHQ%HIHKOHQGHVDQGHUHQXQWHURUGQHQ ª6ROOLFKGHQ:DJHQQHKPHQ"©IUDJWH%LOO ª1HLQGLHOHW]WHQ6FKULWWHNDQQVWGXODXIHQ© 'HU5HSRUWHUKREGLH6FKXOWHUQ(UJLQJYRUGHQQGLH 6SLHOUHJHOQZDUHQLKPEHNDQQW1DFKHLQLJHQ6FKULWWHQKDWWH HUHLQEHVVHUHV%OLFNIHOGDXIGDV+DXV 9RQVHLQHP6RKQXQGGHU]ZHLWHQ*HVWDOWZDUQLFKWVPHKU ]XVHKHQ6LHKDWWHQVLFKYRQGHPELV]XP%RGHQUHLFKHQGHQ JURHQ)OXUIHQVWHU]XUFNJH]RJHQ %LOOV0DJHQVSDQQWHVLFK'LHQlFKVWHQ6HNXQGHQZUGHQ VFKUHFNOLFKZHUGHQGDVZXWHHUXQGHUVROOWHVLFKQLFKW JHWlXVFKWKDEHQGHQQSO|W]OLFKYHUQDKPHUDXVGHP+DXV HLQHQJHOOHQGHQ6FKUHL -RKQQ\RGHU6KHLOD ,PVHOEHQ$XJHQEOLFNGUHKWH%LOOGXUFK(UZLUEHOWHDXI GHP$EVDW]KHUXPULGHQUHFKWHQ$UPPLWGHU%HUHWWDKRFK XQGIHXHUWHGLHJHZHLKWH6LOEHUNXJHODE 'UHL6FKULWWH(QWIHUQXQJZDUHQVRJXWZLHQLFKWV%LOOKDWWH VLFKHLQIDFKQLFKWPHKUEHKHUUVFKHQN|QQHQ'HU .LQGHUVFKUHLZDUIULKQGDV$ODUPVLJQDOJHZHVHQXQGGLH JHZHLKWH6LOEHUNXJHOWUDIGRUWZRHUHVKDWWHKDEHQZROOHQ 6LHGUDQJLQGHQ%HWRQVFKlGHOGHV6ROR0RUDVVR :LHVLHLKQ]HUULGDVZROOWHGHU5HSRUWHUQLFKWPHKU VHKHQXQGHUEHNDPDXFKQLFKWPLWZLHVLFKGHU/LOLSXWDQHU DXIO|VWHQDFKGHPHU]X%RGHQJHVWU]WZDU%LOOZROOWHQXU QRFKHLQV6HLQH)DPLOLHUHWWHQ 2EHUHVVFKDIIWHZDUPHKUDOVIUDJOLFK
0DWHULHXPZDQGOHU 0LW6FKUHFNHQGDFKWHLFKGDUDQZDVPLU6ROR0RUDVVR RIIHQEDUWKDWWH:HQQGHU:UIHOGHV8QKHLOVGLHVWDWVlFKOLFK VFKDIIHQVROOWHGDQQZDUHUHLQQRFKJUDXVDPHUHV,Q VWUXPHQWDOVLFKEHUKDXSWDQJHQRPPHQKDWWH ,FKPDOWHPLUDXVZDVPLWLKPDOOHVDQ]XVWHOOHQZDU'D NRQQWHPDQIHVWHLQIOVVLJH6WRIIHXPZDQGHOQGDZUGHHU LQGHU/DJHVHLQDOOHP|JOLFKHQ0RQVWHUKHU]XVWHOOHQ :DKUVFKHLQOLFKLQGUHLRGHUYLHUIDFKHU$XVIKUXQJZLHLFK HVEHUHLWVHUOHEWKDWWH 8QGGHVKDOEVFKZRULFKPLUGLHVHQ:UIHOGHV8QKHLOV XQWHUDOOHQ8PVWlQGHQLQPHLQHQ%HVLW]]XEULQJHQ/DG\; KDWWHLKQ8QGZLHLFKVLHNDQQWHZUGHVLHLKQIUHLZLOOLJ ZRKONDXPKHUDXVUFNHQ$OVREHGHXWHWHHV.DPSI :lKUHQGGHU)DKUW]XUFN]XP
ª5LFKWLJ-RKQ8QGLFKGHQNHGDEHLDQ6KDR© %LVKHUKDWWHLFKQRFKQLFKWDQJHKDOWHQ-HW]WWUDWLFKGDV %UHPVSHGDOZHLWGXUFKXQGVWRSSWHª6XNR©VDJWHLFKHLQ GULQJOLFKª6WHLJVRIRUWDXV1LPPGLUHLQ7D[LXQGGDQQ QLFKWVZLHZHJ]X6KDR,FKGHQNHlKQOLFKZLHGX%OHLELQ GHU:RKQXQJGHQQZHQQZLUNOLFKGLHVHU/LOLSXWDQHUGRUW HUVFKHLQW©,FKVFKWWHOWHGHQ.RSIª9HUGDPPWGDVLVW NDXPDXV]XGHQNHQ© 6XNRKDWWHPLFKJDUQLFKWULFKWLJDXVVSUHFKHQODVVHQVRQ GHUQGHQ:DJHQVFKODJDXIJHVWRHQ%HYRULFKPLFKYHUVDK ZDUHUVFKRQGUDXHQXQGHUEHNDPDXFKLQQHUKDOEYRQ ZHQLJHQ6HNXQGHQHLQHQ:DJHQ ,FKDEHUIXKUZHLWHU6REDOGLFKLP%URZDUZROOWHLFKEHL 6XNRDQUXIHQ+RIIHQWOLFKZDUDOOHVJODWWJHJDQJHQGHQQ ZHQQGLHDQGHUH6HLWHVR]XVFKOXJZLHZLUYHUPXWHWHQGDQQ VFKZHEWH6KDRZDKUVFKHLQOLFKLQK|FKVWHU*HIDKU %LV]XP
JHIDKUHQXQGMHW]WGLHVHV3HFKGHQQLQDOOGHQ-DKUHQ ZDUQLHHWZDVSDVVLHUW 1XUZDUHVZLUNOLFK3HFK"2GHUVWHFNWHQDQGHUH.Ul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hEHUPHLQHQ5FNHQULHVHOWHHLQH*lQVHKDXW:HQQPLFK MHPDQGXPEULQJHQZROOWHEUDXFKWHHUQXUGDV6HLO]X NDSSHQ ,QGHQQlFKVWHQ6HNXQGHQHUZDFKWHLFK]XHLQHUILHEHUKDI WHQ$NWLYLWlW'DHVVWRFNILQVWHULQGHU.DELQHZDUPXWHLFK HUVWHLQPDO/LFKWKDEHQ,FKNQLSVWHGLH%OHLVWLIWOHXFKWHDQ OHKQWHVLHDQGLH:DQGZREHLGLH/DPSHDXIGHP%RGHQ VWDQGXQGLKU/LFKWLQHLQHPVFKUlJHQ:LQNHOQDFKREHQ VWDFK (VZDUQXUHLQNOHLQHU.UHLVGHQGLH/DPSHDQGLH'HFNH GHU.DELQHPDOWHDEHUHUUHLFKWHDXVXPHUNHQQHQ]X N|QQHQGDGDV9LEULHUHQWDWVlFKOLFKEHUGHU.DELQH VHLQHQ8UVSUXQJJHQRPPHQKDWWH 'RUWPXWHVLFKMHPDQGEHILQGHQ 6HOEVWYHUVWlQGOLFKGDFKWHLFKDQ'U7RG(UZDUHLQ /LOLSXWDQHUXQGLUJHQGZLHPXWHHVLKPJHOXQJHQVHLQLQ GDV
$XFKEHLGLHVHP/LIWZDUHVQLFKWDQGHUV:HQQLFKPLFK UHFNWHNDPLFKVRJDUKHUDQ 9LHU6FKUDXEHQKLHOWHQGLH.ODSSH$OOHUGLQJVVWDQGHQGLH 6FKUDXEHQVRZHLWYRUGDLFKVLHPLWGHQ+lQGHQHUUHLFKHQ NRQQWHZHQQLFKPLFKDXIGLH=HKHQVSLW]HQVWHOOWH6LHOLHHQ VLFKOHLFKWO|VHQ=ZHL]RJLFKKHUYRU%HLGHUOHW]WHQJDELFK QLFKWDFKW6LHUXWVFKWHPLUEHUGLH+DQGXQGILHO]X%RGHQ 'DVKHOONOLQJHQGH*HUlXVFKJHILHOPLUEHUKDXSWQLFKW 'HU)DKUVWXKOYLEULHUWHVWlUNHU(LQ%HZHLVGDIUGDGHU 8QEHNDQQWHEHUPLUHWZDVEHPHUNWKDWWH1RFKKLHOWGLH .ODSSHLFKEUDXFKWHQXUGLHUHVWOLFKHQ6FKUDXEHQ]XO|VHQ WDWGDVDXFKXQGLPQlFKVWHQ$XJHQEOLFN]RJLFKGHQ.RSI HLQXQGJLQJHWZDV]XU6HLWHZHLOPLUGLH.ODSSHHQWJHJHQ ILHO ,FKILQJVLHHUVWJDUQLFKWDXIVRQGHUQOLHVLH]X%RGHQ VFKHSSHUQ'HU6WUDKOPHLQHUNOHLQHQ/DPSHNRQQWHMHW]WIUHL GXUFKGLHgIIQXQJGULQJHQGLHQLFKWHLQPDOGLH+lOIWHGHV .DELQHQGDFKVHLQQDKP 'HU6FKHLQWUDIHLQH*HVWDOW (VZDU'U7RGGHU]XVDPPHQJHNDXHUWDXIGHP'DFK KRFNWHXQGVLFKDQGHP'UDKWVHLO]XVFKDIIHQJHPDFKWKDWWH 0LWVHLQHQ+lQGHQZROOWHHUHVGXUFKVlJHQ8QGGDVILHOLKP OHLFKWGHQQVHLQH1lJHOZDUHQ]XVSLW]HQ0HVVHUQJHZRU GHQPLWGHQHQHUVRJDUGDVGLFNH'UDKWVHLOGXUFKWUHQQHQ NRQQWH $OVGLH.ODSSHILHOKDWWHHULQVHLQHU$UEHLWLQQHJHKDOWHQ ,FKZROOWHGLH%HUHWWD]LHKHQ ,PVHOEHQ0RPHQWVWLHVLFKGHU/LOLSXWDQHUDEXQGKHFK WHWHPLWDXVJHVWUHFNWHQ$UPHQDXIPLFK]X 6XSHULQWHQGHQW6LU-DPHV3RZHOOKLHOWVLFKHUVWDXQOLFKJHODV VHQDOVHUDXIGHQ/LOLSXWDQHUVWDUUWHGHUHLQHVRJURHbKQ OLFKNHLWPLW6ROR0RUDVVRDXIZLHV (UKREQXUGLH$XJHQEUDXHQHLQ=HLFKHQGDHULQQHUOLFK XQWHU6WURPVWDQG
0RUDVVRYHU]RJGLHGQQHQ/LSSHQ1LFKWVUHJWHVLFKVRQVW LQVHLQHP%HWRQJHVLFKWGLH$XJHQEOLHEHQNDOWXQG6LU-DPHV ODVGDULQHLQHQXQJHEURFKHQHQ0RUGZLOOHQ ª:HUVLQG6LH"©IUDJWHHUGHQQRFK ª6LHNHQQHQPLFKQLFKW"©K|KQWHGHUNOHLQH0DQQª,FK ELWWH6LH6LU-DPHVGDVLVWVFKRQIDVWHLQH%HOHLGLJXQJ© ª1XQMDPLUNRPPWHVYRUDOVZlUHQ6LH'U7RG© ª6RLVWHV© 6LU-DPHVWDWVRDOVZlUHGHUDQGHUHEHUKDXSWQLFKWDQ ZHVHQG'HU6XSHULQWHQGHQWJLQJHLQSDDU6FKULWWH]XU6HLWH XQGQDKPDXIVHLQHP6FKUHLEWLVFKVWXKO3ODW]ª6ROR0RUDVVR RGHU'U7RGLVWHUOHGLJW©HUNOlUWHHUPLWIHVWHU6WLPPHª6LH VLQGK|FKVWHQVHLQHELOOLJH,PLWDWLRQ© ª:HQQ6LHHVVRVHKHQZROOHQELWWH©HUZLGHUWHGDVNOHLQH :HVHQª$EHUGLHVH1DFKELOGXQJLVWJHNRPPHQXP6LH]X W|WHQ9LHUJLEWHVYRQXQV8QGZLUKDEHQXQVJHWHLOWXPGDV 6LQFODLU7HDPDXV]XURWWHQ$QYHUVFKLHGHQHQ6WHOOHQVFKOD JHQZLUJOHLFK]HLWLJ]X,FKKDEHGLH$XIJDEHEHUQRPPHQ 6LH]XW|WHQHLQDQGHUHUEHILQGHWVLFKHEHQIDOOVLQGHU1lKH (UZLUGVLFKXP-RKQ6LQFODLUNPPHUQ:HQQLFKULFKWLJ EHUHFKQHOHEW6LQFODLUK|FKVWHQVQRFKHLQLJH0LQXWHQ :LUZHUGHQXQVVRODQJHXQWHUKDOWHQELVGLH .DWDVWURSKHQPHOGXQJNRPPW0LWGHP/LIWZLUGGHU *HLVWHUMlJHUDEVWU]HQXQGPLW]HUEURFKHQHQ.QRFKHQ LUJHQGZRXQWHQOLHJHQEOHLEHQ© ª'DVZDUHQ]ZHL©VDJWH6LU-DPHVPLWUXKLJHU6WLPPH ª:RVLQGGLHUHVWOLFKHQ"© 'U7RGJHVWDWWHWHVLFKHLQ/lFKHOQª'DVNDQQLFK,KQHQ VDJHQ(VJLEWGDZHOFKHGLHXQVLPPHUZLHGHU 6FKZLHULJNHLWHQJHPDFKWKDEHQ'LH&RQROO\V© 'LH)LQJHUGHV6XSHULQWHQGHQWHQ]XFNWHQ'LHVH$QWZRUW KDWWHLKQGRFKJHWURIIHQ6LU-DPHVPHUNWHZLHVLFKDXIVHLQHU 6WLUQHLQ6FKZHLILOPVDPPHOWH -RKQ6LQFODLUNRQQWHVLFKZHKUHQ%LOO&RQROO\YLHOOHLFKW DXFKDEHUGDZDUHQHLQH)UDXXQGHLQNOHLQHV.LQG6LH ZDUHQGHP7HXIHOKLOIORVDXVJHOLHIHUW
ª*HVFKRFNW"©K|KQWH0RUDVVR ª:DVKDEHQGLH&RQROO\VGDPLW]XWXQ"© ª9LHOVRJDUVHKUYLHO'LHVHU%LOO&RQROO\KDWRIWJHQXJDQ -RKQ6LQFODLUV6HLWHJHNlPSIW(UPXJHW|WHWZHUGHQ:HQQ HUXQGVHLQH)DPLOLHQLFKWPHKUVLQGNPPHUQZLUXQVXP GHQ&KLQHVHQXQGGHVVHQ)UHXQGLQDXFKVLHGUIHQQLFKW PHKUOHEHQ(EHQVRZLH6LH'HU3ODQEHVWHKW/DG\;KDWLKQ DXVJHNOJHOWXQGHVZLUGZHLWHUKLQHLQHQ6ROR0RUDVVR JHEHQREZRKOHUHLJHQWOLFKWRWLVW$XFKGDVKDEHLFK-RKQ 6LQFODLU]XYHUGDQNHQDEHUPHLQH5DFKHZLUGWURW]GHPDOOH WUHIIHQ'HU:UIHOGHV8QKHLOVGHVVHQ.UlIWHXQZDKU VFKHLQOLFKVLQGXQGLQJUDXHU9RU]HLWJHERUHQZXUGHQWUlJW GDIU6RUJHGDYRP6LQFODLU7HDPQLFKWVDOVGLH(ULQQHUXQJ ]XUFNEOHLEW© 6LU-DPHVYHU]RJGLH/LSSHQ(UKDWWHGLH:RUWHZRKOYHU VWDQGHQ8QGZLHHVDXVVDKKLHOWGLH*HJHQVHLWHDOOH7UPSIH LQGHU+DQG6LHKDWWHGDV6SLHOHLQJHOHLWHWHLQEUXWDOHVKDU WHV6SLHOPLWHLQHPKRKHQ(LQVDW]XQGHVZDULKUJHOXQJHQ GDV6LQFODLU7HDPKHUDXV]XEOXIIHQGHQQDOOHKDWWHQVLFKGDU DXIYHUODVVHQGD6ROR0RUDVVRHQGJOWLJHUOHGLJWZDU 1XQVWDQGHUYRU6LU-DPHVXQGHUKREVHLQH+lQGH(WZDV ZDUDQGHUVDQLKPVDKPDQYRQGHU*U|HHLQPDODE6HLQH )LQJHUZDUHQ]XJHIlKUOLFKHQ:DIIHQJHZRUGHQGHQQGLH ]HKQ1lJHOVWDFKHQYRUZLHVSLW]H0HVVHU 'DPLWNRQQWHHUW|WHQ 8QGHUZUGHW|WHQGHQQHUEHZHJWHVHLQH)LQJHUDOVHUVLH 6LU-DPHV3RZHOO]HLJWH *UDXVFKLPPHUWHQGLH1lJHO'HP6XSHULQWHQGHQWHQ NDPHQVLHYRUZLH6WDKO'LH6SLW]HHLQHV0HVVHUVNRQQWH QLFKWVFKOLPPHUVHLQDOVGLHVHU)LQJHU 1RFKEOLHE6LU-DPHVVLW]HQ6WLOOHODJEHUGHP%UR'HU 6XSHULQWHQGHQWVXFKWHQDFKHLQHP$XVZHJDXVGHU.OHPPH (UZDUNHLQ0HQVFKGHUPLWN|USHUOLFKHU.UDIWNlPSIWH 'LHVHZDULKP]XZLGHU(UYHUOLHVLFKOLHEHUDXIVHLQH *HLVWHVNUDIWGLHNRQQWHHUJXWDXVVSLHOHQXQGGDPLWZDUHU GHQPHLVWHQ*HJQHUQEHUOHJHQ
$EHUKLHUQXW]WHVLHLKPQLFKWV 0RUDVVREHGDFKWHGLH7UPLWHLQHPVFKQHOOHQ%OLFN6LH ZDUJHVFKORVVHQ(VZUGHNDXPMHPDQGNRPPHQGLH 6HNUHWlULQVDLQHLQHPDQGHUHQ5DXPDXFKZHQQVLHHUVFKL HQZUGHVLHHLQ2SIHUGHUW|GOLFKHQ)LQJHUZHUGHQ 6LU-DPHVKDWWHGLH&KDQFHJHQXW]WGLHLKPGHUDQGHUHERW 'DHUGHQ6XSHULQWHQGHQWHQQLFKWPHKUVRLP$XJHEHKLHOW JHODQJHVGLHVHPQDFKHLQHP%ULHI|IIQHU]XJUHLIHQGHUDXI GHPJURHQ6FKUHLEWLVFKODJ'LHHLQ]LJH:DIIHGLH6LU-DPHV LP$XJHQEOLFNEHVD(VJDEGDQRFKHLQH3LVWROHDEHUGLH ODJLUJHQGZRLQVHLQHU6FKUHLEWLVFKVFKXEODGHXQWHU3DSLHUHQ XQG$NWHQ 6HLQH)LQJHUXPVFKORVVHQGHQ*ULII6LU-DPHVSDFNWHKDUW ]XGLHHLQ]LJH&KDQFHZDUGLHVHU%ULHI|IIQHU $XFK'U7RGEHPHUNWHZDVGHU6XSHULQWHQGHQWYRUKDWWH 'RFKIUGLHVH$NWLRQKDWWHHUQXUHLQPGHV/lFKHOQEULJ XQGHLQHVS|WWLVFKH%HPHUNXQJ ª*ODXEHQ6LHZLUNOLFK6LHN|QQWHQGDPLWJHJHQPLFKHWZDV XQWHUQHKPHQ"© ª9LHOOHLFKW© ª0DFKHQ6LHVLFKQLFKWOlFKHUOLFK6LHVLQGHLQH :LW]EODWWILJXU)UGDV%URZLHJHVFKDIIHQDEHUQLFKWXP]X NlPSIHQ© (LQH6FKUHLEWLVFKEUHLWHWUHQQWHGLHEHLGHQQRFK 6LHVFKDXWHQVLFKDQ 6LU-DPHVVDKLQGHQ$XJHQGHVDQGHUHQGHQNDOWHQ XQKHLPOLFKHQ$XVGUXFN'LH0RUGJLHUGLH/XVW]XW|WHQ ZHLOGLHHQGJOWLJH(QWVFKHLGXQJKHUEHLJHIKUWZHUGHQ VROOWH 'LHVHNOHLQH*HVWDOWGLHJHUDGHEHUGHQ6FKUHLEWLVFK VFKDXHQNRQQWHVWU|PWHHLQHVRJURH*UDXVDPNHLWDXVGD GHQ6XSHULQWHQGHQWHQGLUHNWIU|VWHOWH (UVWDQGDXI +HIWLJJHVFKDKGLHVXQGGHU6WXKOKLQWHULKPNLSSWH]X %RGHQ'DVGXPSIH*HUlXVFKVFKLHQIUGHQ/LOLSXWDQHUHLQ 6WDUWVLJQDO]XVHLQHUIHGHUWHNXU]LQGHQ.QLHQXQGPLW
HLQHPJHZDOWLJHQ6SUXQJGHUGHPHLQHU.DW]HlKQHOWHVWDQG HUVFKRQDXIGHP6FKUHLEWLVFK 'DPLWKDWWH6LU-DPHVQLFKWJHUHFKQHW(UZDQNWH]XUFN XQGVDKPLWDQZLHGHUDQGHUHVLFKEOLW]VFKQHOOEFNWH VHLQHQUHFKWHQ$UPYRUVWLHXQGDOOHIQI)LQJHUVHLQHU UHFKWHQ+DQGLQGHQ7HOHIRQK|UHUKLQHLQKLHE 'HU.XQVWVWRIIVSOLWWHUWH3O|W]OLFKEHVWDQGGHU+|UHUQXU QRFKDXV]ZHL7HLOHQXQGEHLGH+lOIWHQEOLHEHQ]ZLVFKHQ GHP:LUUZDUUDXV3ODVWLNXQG'UlKWHQOLHJHQ 0RUDVVRVFKDXWHDXIª6RZLUGHVDXFKGLUHUJHKHQDOWHU 0DQQ©]LVFKWHHUª*HQDXVRGDUDXINDQQVWGXGLFKYHU ODVVHQ©(UODFKWHOHLVHXQGJHIlKUOLFK 6LU-DPHVZLFKQRFKZHLWHU]XUFNELVHUQHEHQGHU7U VWDQGXQGPLWGHP5FNHQGLH:DQGEHUKUWH(LQVFKQHOOHU %OLFN]XU7U'HU6XSHULQWHQGHQWEUDXFKWHQXUGHQ$UP DXV]XVWUHFNHQXPGLH.OLQNH]XEHUKUHQGDQQNRQQWHHU IOLHKHQ 'DVDEHUZXWHDXFK'U7RG8QGHUUHDJLHUWHVRIRUW(LQ JHZDOWLJHU6SUXQJEUDFKWHLKQYRP6FKUHLEWLVFK]XU7U KLQEHU$OVHUVLFKQRFKLQGHU/XIWEHIDQGGDZXFKV6LU -DPHVEHUVLFKVHOEVWKLQDXV(UVSUDQJSUDNWLVFKEHU VHLQHQHLJHQHQ6FKDWWHQGHQQHUEHZHJWHVLFK]XU6HLWH XQGVWDFKPLWGHP%ULHI|IIQHU]X 9LHOOHLFKWKlWWH'U7RGDXVZHLFKHQN|QQHQDEHUHUZROOWH HVQLFKW0RUDVVRVSUDQJLQGHQ6WLFKKLQHLQ 'HU%ULHI|IIQHUIXKULQVHLQHOLQNH:DQJHXQGVFKOLW]WHVLH DXI:LH]ZHL6WRIIODSSHQVRILHOGLH+DXWQDFKOLQNVXQG UHFKWV]XU6HLWHHLQHJURH:XQGHNODIIWHDEHUHVVWU|PWH NHLQ7URSIHQ%OXWGDUDXVKHUYRU (LQLUUHV/DFKHQVFKDOOWH6LU-DPHVHQWJHJHQDOVVHLQ *HJQHUDXIGHP%RGHQODQGHWHXQGVHLQHUVHLWVHLQHQ$QJULII ULVNLHUWH(UVWDFK (VZDUHQIQI)LQJHUXQGIQINOHLQH0HVVHUGLH6LU-DPHV WUDIHQ'HU6FKPHU]ZDUIXUFKWEDU'LH)LQJHUGUDQJHQGXUFK GHQ6WRIIVHLQHU+RVH,QGHU+|KHGHV2EHUVFKHQNHOV]HU IHW]WHQVLHLKQXQGGHU6XSHULQWHQGHQWVW|KQWHDXIDOVHU
PHUNWHGDVHLQUHFKWHV%HLQQDFKJDEXQGHUVLFKQLFKWPHKU IDQJHQNRQQWH=ZDUZROOWHHUVLFKQRFKDQGHU:DQGDEVWW ]HQGLH)OlFKHZDUDEHU]XJODWW0LWGHP+DQGEDOOHQ UXWVFKWHHUGDUDQHQWODQJXQGILHOKLQ (VZDUHQIUFKWHUOLFKH6FKPHU]HQXQG6LU-DPHVKDWWHGDV *HIKODOVZlUHVHLQ%HLQPLW)HXHUJHIOOW(UNRQQWHQLFKW YHUKLQGHUQGDLKPGLH7UlQHQLQGLH$XJHQWUDWHQREZRKO HUVLFKGDIUVFKlPWHGHQQ0RUDVVREHPHUNWHVHKUGHXWOLFK VHLQHQ=XVWDQG 0LW(QWVHW]HQVWHOOWHGHU6XSHULQWHQGHQWIHVWGDHUJHJHQ GLHVHQ*HJQHUQLFKWDQNDPVRNOHLQHUDXFKZDU 3RZHOOVFKDXWHQDFKXQWHQ$PUHFKWHQ2EHUVFKHQNHOZDU VHLQ+RVHQEHLQQD'RUWKDWWHQLKQGLHVSLW]HQ1lJHOJHWURI IHQXQGLPPHUPHKU%OXWIORDXVGHQ:XQGHQ :HLWHUKLQKLHOWHUGHQ%ULHI|IIQHUIHVW'LH6SLW]H]HLJWH VFKUlJQDFKREHQHWZDLQGLH5LFKWXQJZRVHLQ*HJQHU VWDQG:HQQHUGHQ$UPMHW]WYRUVWLHGDQQNRQQWHHULKQ QRFKHLQPDOHUZLVFKHQ9LHOOHLFKWEHVVHUDOVEHLPHUVWHQ 9HUVXFK (VVDKEHLQDKHOlVVLJDXVZLHGHU/LOLSXWDQHUVHLQHQUHFK WHQ)XKREXQG]XWUDW6LU-DPHVNRQQWHGHQ$UPQLFKWPHKU VFKQHOOJHQXJ]XU6HLWHQHKPHQ'LH)XVSLW]HWUDILKQLQ +|KHGHV*HOHQNV*HEURFKHQZXUGHHVQLFKWDEHUGHU 6FKPHU]WULHEGHP6XSHULQWHQGHQWHQDEHUPDOVGLH7UlQHQLQ GLH$XJHQ (UOLHGHQ%ULHI|IIQHUORV$OVHU]X%RGHQJHIDOOHQZDU NLFNWHLKQ0RUDVVRZHJ8QHUUHLFKEDUIU6LU-DPHVEOLHEHU HLQLJH6FKULWWHZHLWHUOLHJHQ 0RUDVVRODFKWHNDOW(UVHQNWHGHQ%OLFNXQGVWDUUWHDXIGLH 6SLW]HQVHLQHUUHFKWHQ+DQG %OXWKDWWHVLFKGRUWJHVDPPHOWXQGWURSIWH]X%RGHQZREHL HVDXIGHP7HSSLFKHLQGXQNOHV0XVWHUKLQWHUOLH ª'HLQ%OXW©]LVFKHOWH6ROR0RUDVVRª'DV%OXWHLQHV *HJQHUV8QGHVZLUGQRFKYLHOPHKUKLQ]XNRPPHQGDV YHUVSUHFKHLFKGLU©(UVFKWWHOWHVLFKYRU/DFKHQEHYRUHU DEHUPDOV]XVWLH
'LHVPDOVFKULH6LU-DPHV(VZDUNHLQODXWHU6FKUHLHKHUHLQ 6W|KQHQDEHUHUVDKPLW6FKUHFNHQGD0RUDVVRVHLQ]ZHLWHV %HLQJHWURIIHQKDWWH 5HFKWVXQGOLQNV ª$OOHJXWHQ'LQJHVLQGGUHL©NHXFKWH'U7RGXQGKROWHHLQ ZHLWHUHV0DODXV ,QGLHVHP$XJHQEOLFNIORJGLH7UDXI $XIGHU6FKZHOOHVWDQGHLQH)UDX *OHQGD3HUNLQV (VVDKJHIlKUOLFKDXVZLHGHU.OHLQHGXUFKGLH/XNHIORJGLH $UPHYRUJHVWUHFNWKDWWHXQGVHLQH]HKQVSLW]HQ)LQJHUDXI PLFK]LHOWHQ $OOHVJLQJVRVFKQHOOGDLFKNHLQH=HLWKDWWH$QJVW]X HPSILQGHQLFKPXWHQXUVFKQHOODXVZHLFKHQ'DVZDULQ GHUHQJHQ.DELQHVFKZHUJHQXJGHQQ0RUDVVRKDWWHVHLQH $UPHJHVSUHL]WGDPLWHUHLQHP|JOLFKVWRSWLPDOH$Q JULIIVIOlFKHEHNDP ,FKXQWHUOLHILKQ (VZDUJDUQLFKWHLQIDFKZHLWPXWHLFKPLFKKLQXQWHU GXFNHQVFKDIIWHHV]XP*OFNNUDFKWHJHJHQGLH:DQGXQG GUHKWHPLFKVRIRUWZLHGHU $XFK0RUDVVRZDUEHUHLW(U]RJQXUQRFKGLHIQI)LQJHU VHLQHUOLQNHQ+DQGDXVGHP+RO]XQGOLHPLUZLHGHUXP QLFKWGLH=HLWPHLQH%HUHWWD]X]LHKHQ ,Q2EHUVFKHQNHOK|KHIORJHUKHUDQ 0LWGHQ+lQGHQNRQQWHLFKQLFKWVPDFKHQ'DIUPLWGHQ %HLQHQ6XNRKlWWHVLFKYLHOOHLFKWEHVVHUXQGJHVFKPHLGLJHU EHZHJWLFKZDUIURKGDLFKVHLQHQ.RSIXQGGLHUHFKWH 6FKXOWHUEHUKDXSWWUDI7URW]GHPVDKHVE|VHIUPLFKDXV GHQQHUHUZLVFKWHPLFKDXFK =XHUVWULLQ:DGHQK|KHGHU6WRIIGDQQVSUWHLFKGDV %UHQQHQDOVGLH6SLW]HQLQGDV)OHLVFKKLHEHQ ,FKVSUDQJWURW]GHPLQGLH+|KHGHQQPHLQ*HJQHUVWLH QRFKHLQPDO]X
'LHVPDOLQV/HHUH=XP*OFNHUZLVFKWHLFKLKQDOVLFK ZLHGHUQDFKXQWHQILHO0HLQHUHFKWH6FKXKVRKOHODQGHWH JHQDXDXIVHLQHPNDQWLJHQ6FKlGHO 'LH:XFKWGUFNWH0RUDVVR]X%RGHQ,FKVSUDQJ]XUFN SUDOOWHZLHGHUJHJHQGLH:DQGXQGNDPHQGOLFKGD]XPHLQH %HUHWWD]X]LHKHQ$XFK0RUDVVRNUHLVHOWHKHUXPGDEHL VWW]WHHUVLFKPLWVHLQHQJHVSUHL]WHQ+lQGHQDP%RGHQDE ZROOWHKRFKVDKSO|W]OLFKLQGLH0QGXQJXQGMHW]WVSLHJHO WHVLFKGLH$QJVWDXIVHLQHQVRQVWXQEHZHJOLFKHQ=JHQ ZLGHU (VWDWPLUJXWGLHV]XVHKHQXQGLFKVFKR $XVGLHVHU(QWIHUQXQJKlWWHHLQ.LQGJHWURIIHQ,FKDEHU ZROOWHLKQHQGJOWLJ]HUVW|UHQXQGVHLQ.RSIZDUEHUKDXSW QLFKW]XYHUIHKOHQ 'LH.XJHO]HUULLKQ 'HU$EVFKXNQDOOSIODQ]WHVLFKIRUWIDQGVHLQHQ:HJGXUFK GLHgIIQXQJXQGYHUKDOOWHLP6FKDFKW :LHGHUHLQHUZHQLJHU 1XUQRFKGUHL ,FKVWHFNWHGLH:DIIHZHJZLVFKWHPLUGHQ6FKZHLYRQGHU 6WLUQXQGVFKDXWHPLUHUVWGDQQPHLQH9HUOHW]XQJDQGHQQ GDV%UHQQHQZDU]LHPOLFKVFKPHU]KDIW 'LH+RVHZDUKLQ$QGHU:DGHKDWWHHULQV)OHLVFKJH VWRFKHQ'DV%OXWUDQQQDFKXQWHQXQGOLHILQGHQ6RFNHQ VRZLHGHQ6FKXK :HQQLFKDXIWUDWVFKPHU]WHGLH:XQGHVWlUNHU'DUXP NRQQWHLFKPLFKQLFKWNPPHUQLFKKDWWHQlPOLFKGLH:RUWH GHVDQGHUHQQLFKWYHUJHVVHQ(UZDUQLFKWDOOHLQJHNRPPHQ PXWH+HOIHUJHKDEWKDEHQXQGGLHVHVWHFNWHQVLFKHUOLFK LQQHUKDOEGHV
)DOOVHVNHLQHDQGHUH0|JOLFKNHLWJDEPXWHLFKHEHQVR ODQJHUXIHQELVPDQPLFKK|UWH $EHULFKZXUGHJHUXIHQ ª+DOORRR©'LH6WLPPHVFKDOOWHGXUFKGHQ6FKDFKW ,FKVFKULH]XUFNª+ROWPLFKKLHUUDXVYHUGDPPW,FK VWHFNHIHVW© ª:DVLVWGHQQJHVFKHKHQ"© ª,UJHQGHLQIUHXQGOLFKHU=HLWJHQRVVHKDWDQGHP6HLO JHNQDEEHUW%HHLOXQJKLHUVSULFKW2EHULQVSHNWRU6LQFODLULFK KDEHQRFKHLQLJHV]XWXQ© ª$XJHQEOLFN6LU© $XVGHP$XJHQEOLFNZXUGHPHKUDOVHLQH0LQXWHLQGHU LFKZLHDXIKHLHQ.RKOHQVD'LHVHUYHUGDPPWH=ZHUJZDU QLFKWDOOHLQJHNRPPHQGDVVSUWHLFK'HUKDWWHLUJHQGZR QRFKVHLQHQ9HUEQGHWHQVLW]HQXQGGHUEHIDQGVLFKZDKU VFKHLQOLFKDXIGHP:HJXPDQGHUH]XW|WHQ $Q6XNRNDPHUQLFKWKHUDQ:HUEOLHEQRFK"6LU-DPHV 3RZHOOXQG*OHQGD3HUNLQV 0DQPXWHVLHZDUQHQ ,FKVHOEVWVDLQGHU.DELQHZLHLQHLQHP*HIlQJQLVDOVR VROOWHQGLHVDQGHUHIUPLFKWXQ 'D]XNDPHVQLFKWPHKUGHQQEHUPLUVFKDOOWHHLQH 6WLPPHGXUFKGHQ6FKDFKWª2EHULQVSHNWRU6LQFODLU©KDOOWH HVPLUHQWJHJHQª*HEHQ6LHDFKWZLUZHUIHQHLQ6HLO© 'DVZXUGHDXFK=HLW .DXPKDWWHGHU0DQQGLH:RUWHDXVJHVSURFKHQGDILHOGDV 6HLOVFKRQQDFKXQWHQHVNODWVFKWH]XHUVWDXIGDV'DFK UXWVFKWHXQGJOLWWGXUFKGLH/XNHZREHLHVPLUSUDNWLVFKLQ GLH+DQGILHO0LWEHLGHQ)lXVWHQXPNODPPHUWHLFKHVXQG JDEPHLQHQ2ND\5XI 6LHKLHYWHQPLFKKRFK5XFNDUWLJOLHIGDVDEZlKUHQGLFK KLQXQGZLHGHUQDFKKDQJHOWH,FKNDPVRJDUJXWGXUFKGLH /XNHREZRKOLFKPHLQHQ.|USHUHLQPDOGUHKHQPXWH :HQLJVSlWHUVFKZHEWHLFKEHUGHP'DFKGHV)DKUVWXKOV XQGHVGDXHUWHQLFKWODQJHELVPDQPLFKGXUFKHLQHNOHLQH 7ULQGHU6FKDFKWZDQG]LHKHQNRQQWH
:LUZDUHQLQHLQHU=ZLVFKHQHWDJHJHODQGHWhEHUHLQH VFKPDOH7UHSSHJHODQJWHLFKLQGHQQRUPDOHQ)OXU 2KQHPLFKEHLPHLQHQ5HWWHUQJURDUWLJ]XEHGDQNHQMDJWH LFKWURW]PHLQHUYHUOHW]WHQ:DGHVRIRUWGLH7UHSSHKRFKXQG VDK]XGDLFKLQGLH(WDJHJHODQJWHLQGHUPHLQ%UROLHJW 'HU*DQJZDUOHHU 'DIUK|UWHLFKHLQHQ6FKUHL 1LFKWDXVPHLQHP%URVRQGHUQZHLWHUKLQWHQ'RUWODJ GDV=LPPHUPHLQHV&KHIV6LU-DPHV 6KHLOD&RQROO\KDWWHVFKUHFNOLFKH0LQXWHQKLQWHUVLFK8QG QLFKWQXUVLHDOOHLQDXFKLKUNOHLQHU6RKQ-RKQQ\'LH (UHLJQLVVHZDUHQEHUVLHJHNRPPHQZLHHLQ6WXUPZLQG 'DV.OLQJHOQDQGHU7UXQGGDQQDOVVLH|IIQHWHKDWWHVLH ]XHUVWNHLQHQJHVHKHQ (UVWQDFK]ZHL6FKULWWHQZDUGHU/LOLSXWDQHUDXVVHLQHU 'HFNXQJJHVSUXQJHQ%OLW]VFKQHOOZLHHLQ6FKDWWHQ (UZDUDQ6KHLODYRUEHLJHKXVFKWXQGKDWWHVLFKVRIRUW -RKQQ\JHVFKQDSSWGHQHUQRFKLPPHULQVHLQHP*ULIIKLHOW 'LHUHFKWH+DQGZDUDQJHZLQNHOW)QIPHVVHUVSLW]H )LQJHU]HLJWHQDXI-RKQQ\V.HKOH %HLLUJHQGHLQHUIDOVFKHQ%HZHJXQJGHV.OHLQHQRGHUEHL HLQHU5HDNWLRQLKUHUVHLWVZUGHGHU/LOLSXWDQHUVRIRUW ]XVWRHQ 'HVKDOEZDJWH6KHLODQLFKWVLFK]XUKUHQ6LHVWDQGDXI GHP)OHFNZLHDQJHZDFKVHQXQGK|UWHVLFKGLHVFKUHFNOLFKHQ %HVFKLPSIXQJHQGHV(LQGULQJOLQJVDQ 6KHLODKDWWHQXU$XJHQIULKUHQ-XQJHQZlKUHQGVLH JOHLFK]HLWLJDQ1DGLQH%HUJHUGDFKWH 'HU:ROIGHUVLFKVRQVWLPPHULQGHU1lKHGHV.OHLQHQ DXIKLHOWZDUQLFKWDXI]XILQGHQ(UPXWHVLFKLUJHQGZRYHU NURFKHQKDEHQYLHOOHLFKWVFKOLHIHUDXFKLP.HOOHUMHGHQIDOOV JULIIHUQLFKWHLQXQGGLHEDQJHQ0LQXWHQGHKQWHQVLFK ]XNOHLQHQ(ZLJNHLWHQ
6LHNDQQWHGDV*HVLFKWXQGVLHZUGHHVQLHLQLKUHP/HEHQ YHUJHVVHQGHQQQLFKW]XPHUVWHQPDOVDKVLHHV 9RULKUVWDQG'U7RG $OOHUGLQJVQLFKWPHKULQVHLQHUXUVSUQJOLFKHQ*U|H VRQGHUQYHUNOHLQHUW 'DVZDULKUHLQJURHV5lWVHOGHQQYRQ%LOOZXWHVLHGD HV-RKQ6LQFODLUJHOXQJHQZDU'U7RG]XEHVLHJHQ8QGQXQ GLHVHVKLHU 6KHLODEHJULIINHLQH+LQWHUJUQGHVLHZXWHQLFKWZLHVRHV ]XGLHVHUVHOWVDPHQ9HUZDQGOXQJJHNRPPHQZDUHVZDULKU DXFKHJDOIUVLHDOOHLQ]lKOWHGLH7DWVDFKHGDVLHXQGLKU .LQGVLFKLQGHQ.ODXHQGLHVHUJUl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|IWHUHQKDWWHQGLH&RQROO\VVFKUHFNOLFKH6]HQHQ LQLKUHP+DXVHUOHEWXQGDXFKKHXWHVDKHVZLHGHUVRDXV DOVZlUHGLH/DJHDXVVLFKWVORV 8QGGDQQNDP%LOO 6KHLODK|UWHGDV%UXPPHQGHV3RUVFKHPRWRUV6LH]XFNWH ]XVDPPHQVFKDXWHGXUFKGLH6FKHLEHXQG0RUDVVRGHUVLH EHREDFKWHWKDWWHGUHKWHHEHQIDOOVVHLQHQ.RSIRKQHDOOHU GLQJVGLH/DJHVHLQHU+DQG]XYHUlQGHUQ6LH]HLJWHQDFKZLH YRUDXIGLH.HKOHGHV.OHLQHQ%LOOIXKUQLFKWELV]XP+DXV (UVWRSSWHQRFK:DVJHVFKDKZXWH6KHLODQLFKWGHQQVLH GXUIWHGLH7UQLFKW|IIQHQ
$XFK0RUDVVRZDUWHWHDE6HLQJUDXHV*HVLFKWKDWWHHLQHQ JHVSDQQWHQ=XJDQJHQRPPHQ)ULKQZXUGHHVHEHQIDOOV GUDPDWLVFKGHQQHUVWDQGGLFKWYRUHLQHP6LHJ %LVGHU6FKXILHO 'DVFKULH6KHLODDXIZlKUHQG0RUDVVRHLQE|VHV)DXFKHQ DXVVWLHHLQHQ)OXFKKLQWHUKHUVHW]WH-RKQQ\JHJHQGLH:DQG VFKOHXGHUWHXQGVHLQHQUHFKWHQ$UPKRE 6LU-DPHVKDWWHQRFKHLQH*DOJHQIULVW3O|W]OLFKZDU*OHQGD 3HUNLQVGD6LHVWDQGLQGHU7UVDKGLHVFKUHFNOLFKH6]HQH DOOGDV%OXWXQGNRQQWHHLQHQ6FKUHLQLFKWXQWHUGUFNHQ 'HU6FKUHLUL0RUDVVRKHUXPª'XELVWHV©EUOOWHHU ª'DQQNDQQLFKGLFKDXFKPLWLQGLH+|OOHQHKPHQ©(UVWU] WHDXI*OHQGD]XGHQQ6LU-DPHVOLHILKPQLFKWZHJGHUZDU VFKZHUYHUOHW]W(UVWZROOWHHUGLH)UDXW|WHQ*OHQGDVDKLKQ NRPPHQGLHVHQNOHLQHQK|OOLVFKJHIlKUOLFKHQ7HXIHOXQGVLH ZDUHLQIDFKQLFKWIlKLJVLFKYRP)OHFN]XUKUHQ 'DNUDFKWHQGLH6FKVVH 0LWWHQLP/DXIZXUGH0RUDVVRJHWURIIHQ'LH.XJHOQ KLHEHQLQVHLQHQNOHLQHQ.|USHUGDVJHZHLKWH6LOEHUULGLH :XQGHQXQGHVVDKVRDXVDOVZUGHQGLH(LQVFKOlJHGHQ 0DQQUHJHOUHFKW]HUVW|UHQ (UOLHI]ZDUQRFKZHLWHUDEHUHUEHJDQQ]XWRUNHOQGLH .UDIWUDQQEHUHLWVDXVVHLQHP.|USHU%HYRUHU*OHQGD HUUHLFKWHEUDFKHU]XVDPPHQ6HLQUHFKWHU$UPUXWVFKWH GDEHLYRUGLHIQI)LQJHUZLHVHQZLH]XP+RKQDXIGLH HUVWDUUWGDVWHKHQGH6HNUHWlULQGLHQRFKLPPHUQLFKWJODXEHQ NRQQWHGDVLHJHUHWWHWZDU,FKZDUZLUNOLFKLPOHW]WHQ 0RPHQWHLQJHWURIIHQXQGKDWWHGHQ/LOLSXWDQHUPLW]ZHL JH]LHOWJHVFKRVVHQHQ.XJHOQVWRSSHQN|QQHQ1RFKGLH %HUHWWDLQGHUUHFKWHQ+DQGKDOWHQGVWDQGLFKLQGHU7UXQG VFKDXWHDXIGLHVFKUHFNOLFKH6]HQH $OVLFKGDV%OXWVDKEHNDPLFKHLQHQLPPHQVHQ6FKUHFN $EHULFKVWHOOWHDXFKIHVWGDVLFK6LU-DPHVEHZHJWHXQG VRJDUHWZDVVDJHQZROOWH
ª/DVVHQ6LH6LU©=ZHLODQJH6lW]HEUDFKWHQPLFKLQHLQ DQGHUHV%URZRGDV7HOHIRQVWDQGYRQGHPDXVLFKDQUXIHQ NRQQWH8PGHQ5HVWVROOWHQVLFKGLHbU]WHNPPHUQ 3O|W]OLFKZDUGHU6FKDWWHQGD*HZDOWLJXQGJURZXFKVHU LQQHUKDOEGHV*DQJHVDXI(UVFKLHQDXVGHP1LUJHQGZR]X NRPPHQXQGEHYRU'U7RG]XVWHFKHQNRQQWHZDU1DGLQH %HUJHUGHU:ROIEHULKP'LH:XFKWGHV=XVDPPHQSUDOOV ULGHQ/LOLSXWDQHUYRQGHQ%HLQHQ(UILHOKLQVWDFKWURW] GHP]XXQGWUDI1DGLQHLQGLH)ODQNH6FKUHFNOLFKMDXOWHVLH DXI$EHUVLHOLHHLQIDFKQLFKWORVVLHZXWHZRUXPHVJLQJ XQGYHUELVLFKLP+DOVGHV6ROR0RUDVVR 6KHLODVSUDQJEHUGLHEHLGHQKLQZHJULGLH7UDXIXQG VFKULHGHQ1DPHQLKUHV0DQQHV%LOOZDUVFKRQDXIGHP:HJ 0LWODQJHQ6lW]HQMDJWHHUKHUDQZXFKWHWHVLFKDQ6KHLODYRU EHLXQGVWHOOWHPLWHLQHP%OLFNDOOHVIHVW 0RUDVVRXQG1DGLQHNlPSIWHQ'DZDUHLQ)DXFKHQXQG 6FKUHLHQ]XK|UHQHLQH%OXWODFKHODJDXIGHP%RGHQGXUFK GLHVLFKEHLGHZlO]WHQXQGDOVVLHIUHLQHQ0RPHQWVWLOO ODJHQGDKDWWH%LOO&RQROO\=HLWDXIGHQ.RSIGHV 0RQVWUXPV]X]LHOHQ 'HU5HSRUWHUMDJWH'U7RGHLQH.XJHOLQGHQ6FKlGHO(V ZDUGHUYLHUWHGHUXPNDP2KQHVLFKVHOEVWEHZXW]XZHU GHQKDWWH%LOO&RQROO\XQWHUGDV.DSLWHO'U7RGHLQHQHQG JOWLJHQ6FKOXVWULFKJH]RJHQ :LQVHOQGNURFK1DGLQHGHU:ROI]XU6HLWH%LOONPPHUWH VLFKVRIRUWXPGDV7LHU(VKDWWHPHKUHUH9HUOHW]XQJHQHUOLW WHQ -RKQQ\ZDUQLFKWVJHVFKHKHQ6HLQH0XWWHUEUDFKWHLKQLQ VHLQ=LPPHUXQGEOLHEEHLLKP%LOODEHUWHOHIRQLHUWH9RU DOOHQ'LQJHQPXWH-RKQ6LQFODLUZLVVHQZDVYRUJHIDOOHQ ZDUXQG1DGLQHEUDXFKWHHLQHQJXWHQ7LHUDU]W6LHKDWWH -RKQQ\JHUHWWHWXQGELV]XOHW]WDXILKUH&KDQFHJHODXHUW%LOO NRQQWHGHU:|OILQPLWGHU6HHOHHLQHV0HQVFKHQJDUQLFKW GDQNEDUJHQXJVHLQ
:LU]RJHQ%LODQ]XQGDXFK%LOO&RQROO\ZDUKLQ]XJH]RJHQ ZRUGHQZlKUHQG6LU-DPHVLQGHU.OLQLNODJZRPDQVLFK XPVHLQH9HUOHW]XQJHQNPPHUWHª'DV.DSLWHO'U7RGZlUH DOVRDXVJHVWDQGHQ©VWHOOWHLFKIHVWXQGKREPHLQ*ODV ª$EHUQLFKWGDV.DSLWHO0RUGOLJD©VDJWH%LOO&RQROO\GDU DXIª'DN|QQHQZLUXQVQRFKDXIHLQLJHVJHIDWPDFKHQ© /HLGHUVROOWHHUPLWGLHVHU3URJQRVHUHFKWEHKDOWHQ