,&+67,(66'$6725=85+g//($8) 'HU%OLFNVHLQHU$XJHQZDUVRNDOWZLHGDV(LVHLQHV *OHWVFKHUV8QGHUVDJWHDOOHVEH...
13 downloads
499 Views
217KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
,&+67,(66'$6725=85+g//($8) 'HU%OLFNVHLQHU$XJHQZDUVRNDOWZLHGDV(LVHLQHV *OHWVFKHUV8QGHUVDJWHDOOHVEHUGHQ0DQQ 0HQVFKHQYHUDFKWXQJ+DEJLHU%UXWDOLWlW0RUGOXVWXQG HLQHXQEHVFKUHLEOLFKH*HIKOVNlOWH'LHVHU%OLFNZDULPPHU VR(UVSLHJHOWHZHGHU)UHXGHQRFK6FKPHU]ZHGHU/HEHQV OXVWQRFK7UDXHUZLGHUHUEOLHEKDUWNDOWXQGJUDXVDP 'LHMHQLJHQGLHLKQNDQQWHQKDWWHQVLFKOlQJVWGDUDQ JHZ|KQW6LHKlWWHQVLFKQXUJHZXQGHUWZHQQHVDQGHUV JHZHVHQZlUHGHQQVLHHUZDUWHWHQQLFKWVDQGHUHVYRQ HLQHP0DQQZLH6ROR0RUDVVRGHUVLFKVHOEVWGHQ1DPHQ 'U7RGJHJHEHQKDWWHXQGLQVHLQHU3HUVRQHLQHQZLUNOLFK HLQPDOLJHQ)DOOGDUVWHOOWH (UZDUHLQ0HQVFK'lPRQGHUYRUOlQJHUHU=HLWVFKRQ HLQPDOJHVWRUEHQZDU *HVWRUEHQMD'XUFKHLQHQVLOEHUQHQ1DJHOGHQGHU *HLVWHUMlJHU-RKQ6LQFODLULKPJHJHEHQXQGPLWGHPHUVLFK LQDXVVLFKWVORVHU/DJHVHOEVWJHW|WHWKDWWH6HLQH6HHOHZDU MHGRFKYRP-HQVHLWVQLFKWDQJHQRPPHQZRUGHQ6LH VFKZHEWHLQHLQHU=ZLVFKHQZHOWXQG]ZDUVRODQJHELVHV GHU6SXN$VPRGLQDV%LWWHHQWVSURFKHQKDWWHVHLQHQ*HLVW DXVGLHVHU=ZLVFKHQZHOW]XHQWODVVHQGDPLWHULQHLQHQ LQ]ZLVFKHQIULKQJHIXQGHQHQ:LUWVN|USHUVFKOSIHQ NRQQWH 'U7RGV*HLVWNURFKLQGHQ.|USHUGHVVRHEHQJHVWRUEH QHQ0DILDERVVHV6ROR0RUDVVRDXV3DOHUPR$OVGLHVHUEH HUGLJWZHUGHQVROOWHJHVFKDKGDV8QZDKUVFKHLQOLFKH'HU WRWH0DILRVRPLWGHP*HLVWGHVDQGHUHQEHVHHOWZXUGH ZLHGHUOHEHQGLJ,QHLQHPJOlVHUQHQ6DUJKDWWHHUJHOHJHQ XQGDOOHGLHVLFK]XVHLQHU%HHUGLJXQJHLQJHIXQGHQKDWWHQ HUOHEWHQGDV6FKDXVSLHOVHLQHU:LHGHUDXIHUVWHKXQJ (LQH3DQLNEUDFKDXVXQG6ROR0RUDVVRNRQQWHLQGHPDOO JHPHLQHQ'XUFKHLQDQGHUIOLHKHQ 'HUDOWH*HLVWLQHLQHPQHXHQ.|USHU6RVDKHVDXVXQG 0RUDVVRKDWWHQLFKWVYHUJHVVHQ9RUDOOHQ'LQJHQGHQ0DQQ QLFKWGHPHUVHLQHQHUVWHQ7RGYHUGDQNWH'RFK0RUDVVR
ZDUJOHLFK]HLWLJDXFKVFKODXJHZRUGHQ(UJULIIGHQIU VHLQHQ7RGYHUDQWZRUWOLFKHQ-RKQ6LQFODLUQLFKWGLUHNW DQVRQGHUQEHUHLWHWHDOOHVVRUJIlOWLJYRU (UJUQGHWHGLH0RUGOLJD 'DEHLKDWWHHUGDV*OFNGDLKP$VPRGLQDGLH7RFKWHU GHV7HXIHOV]XU6HLWHVWDQG6LHXQWHUVWW]WHVHLQH%H PKXQJHQXQG6ROR0RUDVVRJHODQJHVWDWVlFKOLFKGLH 0LWJOLHGHUGHU0RUGOLJD]XILQGHQ'DPLWZXUGHHU]X HLQHP0DFKWIDNWRUEHLGHQ6FKZDU]EOWHUQ8QGGDVZXWH HUDXFK 'U7RGNDQQWHVRHWZDVZLH'DQNEDUNHLWRGHU+LOIV EHUHLWVFKDIWQLFKW(UZDUQXUDXIVHLQHQHLJHQHQ9RUWHLO EHGDFKW(UUHFKQHWHHLVNDOWXQGDOVHU;RUURQGDVOHW]WH 0LWJOLHGGHU0RUGOLJDHUZHFNWHGDQDKPHLQ3ODQODQJVDP *HVWDOWDQPLWGHPHUVLFKHLJHQWOLFKVFKRQLPPHUEH VFKlIWLJWKDWWH (UZROOWH$VPRGLQDVWU]HQ (VKDWWHHLQLJH9HUVXFKHJHJHEHQGRFKGLH7HXIHOVWRFKWHU HUZLHVVLFKDOVVWlUNHU6LHVFKOXJMHGHVPDO]XUFN (LJHQWOLFKJUHQ]WHHVEHUHLWVDQHLQ:XQGHUGD6ROR 0RUDVVRQRFKOHEWHXQGYRQ$VPRGLQDQLFKWDXVJHVFKDOWHW ZRUGHQZDUQDFKVHLQHU5HEHOOLRQ :DKUVFKHLQOLFKMHGRFKNHWWHWHVLHHLQ8PVWDQGDQHLQ DQGHU -RKQ6LQFODLU (UZDULKUHUEHLGHU7RGIHLQG:HQQHVJHJHQLKQXQGVHLQH )UHXQGHJLQJKLHOWHQ$VPRGLQDXQG'U7RG]XVDPPHQ%LV MHW]WKDWWHGDV%QGQLVIXQNWLRQLHUWDEHU6LQFODLUOHEWHQRFK LPPHU9RUNXU]HPZDUHVLKPQRFKJHOXQJHQHLQHP P|UGHULVFKHQ/DE\ULQWK]XHQWULQQHQDEHUHUKDWWHGDIU HWZDV:LFKWLJHVHLQJHEW 6HLQHQ1DJHOPLWGHPHUHLQVW'U7RGJHW|WHWKDWWH'HU EHIDQGVLFKQXQLP%HVLW]GHU7HXIHOVWRFKWHUZRYRQ6ROR 0RUDVVRZLHGHUXPQLFKWVZXWH $VPRGLQDZDUQDWUOLFKQLFKWYHUERUJHQJHEOLHEHQZLH
VHKU6ROR0RUDVVRVLHKDWH8QGVLHZXWHDXFKGDHV LUJHQGZDQQHLQH(QWVFKHLGXQJJHEHQPXWH1XUZROOWHVLH GHQ=HLWSXQNWEHVWLPPHQGHQQVLHKDWWHMDQLFKWQXU 0RUDVVRDOV)HLQGVRQGHUQLQQHUKDOEGHU'lPRQHQUHLFKH JDEHV]DKOUHLFKHKRKH'lPRQHQGLHQXQZLUNOLFKQLFKWDXI LKUHU6HLWHVWDQGHQXQGDEZDUWHQGODXHUWHQZLHGHU.DPSI ]ZLVFKHQ-RKQ6LQFODLUGHU0RUGOLJDXQGLKUZRKODXVJHKHQ ZUGH$VPRGLQDKDWWHLKUHQ.UHGLWYHUVSLHOWXQGGLH DQGHUHQPlFKWLJHQ'lPRQHQQDKPHQDXFKNHLQH5FNVLFKW GDUDXIGDVLHGLH7RFKWHUGHV7HXIHOVZDU'HQQZDV ]lKOWHVFKRQ$VPRGLVGLHVHUHLQJHELOGHWH)DQWXQGVHOEVW KHUUOLFKH1DUU" $VPRGLVZDUHLQHOlFKHUOLFKH)LJXU=ZDUVWDUNGDV PXWHPDQ]XJHEHQXQGHUKDWWHVLFKDXFKGLH=HLWHQEHU JHKDOWHQDEHUHVJDEZHOFKHGLHZLUNOLFKHEHQVRPlFKWLJ ZHQQQLFKWQRFKPlFKWLJHUZDUHQREZRKO$VPRGLVGLHV QLFKWZDKUKDEHQZROOWH 'D$VPRGLQDVHLQH7RFKWHUZDUXQGVLHGRFKHLQLJH )HLQGHKDWWHEHUWUXJVLFKGLH)HLQGVFKDIWGHUDQGHUHQ DXFKDXILKUHQ9DWHU1XUKDWWHQVLHHVELVKHUQRFKQLFKW JHZDJWRIIHQJHJHQ$VPRGLVYRU]XJHKHQ6LHZDUWHWHQDE XQGODXHUWHQGDUDXIGDGHU+DHLQHV6ROR0RUDVVRQRFK YRQVHLQHU0DFKWJLHUEHUWURIIHQZXUGH :HQQHU$VPRGLQDQLFKWVWU]WHGDQQNRQQWHHUVLH ]XPLQGHVWDQVFKODJHQ8QGGDUDXIZDUWHWHQGLHDQGHUHQ (LQJHVFKZlFKWHU$VPRGLVZDUOHLFKWHU]XW|WHQDOVHLQ QRUPDOHU 6RVDKGHUJURH3ODQGHUDQGHUHQ*HJQHUGHV7HXIHOVXQG VHLQHU7RFKWHUDXV 'DVZXWHDXFK'U7RG=XPLQGHVWDKQWHHUHV(UZDU WURW]VHLQHU0DFKWJLHUVFKODXJHQXJ]XZLVVHQZDQQHU ]XUFN]XVWHFNHQKDWWH0LWGHQDQGHUHQPlFKWLJHQ 'lPRQHQZROOWHHUVLFKQRFKQLFKWDQOHJHQ6HLQ1DK]LHO ZDUZLFKWLJHU 8QGGDVPXWHHUHUUHLFKHQ
$OOHUGLQJVGUlQJWHGLH=HLW(LQ(UHLJQLVZDUHLQJHWUHWHQ GDVLKPHLQLJHQbUJHUEHUHLWHWH0RQDWHODQJKDWWHHV'U 7RGYHUVWDQGHQVLFKXQGGLH0LWJOLHGHUVHLQHU0RUGOLJD]X YHUVWHFNHQXPLQ5XKHDQGHP3ODQDUEHLWHQ]XN|QQHQ =ZDUKDWWHHVHLQLJH$NWLYLWlWHQGHUHLQ]HOQHQ0LWJOLHGHU GHU0RUGOLJDJHJHEHQDEHUHUVHOEVWKDWWHVLFKLP +LQWHUJUXQGJHKDOWHQ6HLQOHW]WHUJURHU(LQVDW]ZDUGLH (UZHFNXQJYRQ;RUURQGHP+HUUQGHU=RPELHVJHZHVHQ 8QG;RUURQZDUHVDXFKJHZHVHQGHQPDQHQWGHFNW KDWWHDOVHUVLFKHLQLJH6HHOHXWHDOV2SIHUKROWHDQGHUHDEHU HQWIOLHKHQNRQQWHQ 6ROR0RUDVVRWREWHDOVHUGDYRQHUIXKU-HW]WZDUVHLQ3ODQ JHIlKUGHWXQGYRUDOOHQ'LQJHQVHLQ9HUVWHFNGHQQHUZDU VLFKHUGDGLH/HXWHUHGHQZUGHQ8QGLKUH$XVVDJHQ JHODQJWHQEHVWLPPWDQGLHULFKWLJH$GUHVVH'LHKLHLQ GLHVHP)DOO-RKQ6LQFODLU 6HLQ9HUVWHFNZDUDOVRNHLQHVPHKU 'HVKDOEKDWWHHUVLFKHQWVFKORVVHQHLQH.ULVHQVLW]XQJHLQ ]XEHUXIHQ8QGHUPXWHDXFKVRUDVFKZLHP|JOLFKJHJHQ GLH7HXIHOVWRFKWHUYRUJHKHQ8QWHU8PVWlQGHQNRQQWHHU VRJDU]ZHL)OLHJHQPLWHLQHU.ODSSHVFKODJHQ $VPRGLVXQG-RKQ6LQFODLU 'LHVH*HGDQNHQEHZHJWHQGHQQXUPLWWHOJURHQ0DQQ PLWGHQHLVJUDXHQ+DDUHQGHQEUXWDOHQNDOWHQ$XJHQXQG GHPIODFKHQ%HWRQJHVLFKW:LHLPPHUWUXJHUHLQHQJUDXHQ $Q]XJGHUVHLQH)LJXUQRFKNRPSDNWHUHUVFKHLQHQOLH 'U7RGGLHVHU0HQVFK'lPRQZDUZLUNOLFKHLQ3KlQR PHQ(UVFKZDQNWHLQVHLQHU([LVWHQ]]ZLVFKHQHLQHP 'lPRQXQGHLQHP0HQVFKHQ'LH:DDJHEOLHEGDEHLLPPHU JOHLFK6LHVFKOXJQLHVWlUNHU]XUHLQHQRGHU]XUDQGHUHQ 6HLWHKLQDXV8QGHUEHVDQRFKHLQHQDKH]XSKlQRPHQDOH (LJHQVFKDIW(UNRQQWHVRJDUZHLPDJLVFKH:DIIHQDQ IDVVHQRKQH]XYHUJHKHQ'DVZDUHLQXQJHPHLQJURHU 9RUWHLOGHQQVREOLHEHLQHZLFKWLJHZHLPDJLVFKH:DIIHLQ VHLQHP%HVLW]
'HU%XPHUDQJ )U-RKQ6LQFODLUJHGDFKWXQGDXVGHQOHW]WHQ6HLWHQGHV %XFKVGHUJUDXVDPHQ7UlXPHJHIRUPWDOV(UEHIUGHQ 6RKQGHV/LFKWVZDUGLHVHU%XPHUDQJGXUFKHLQHQXQJOFN VHOLJHQ=XIDOOLQGLH+lQGHYRQ6ROR0RUDVVRJHODQJWZRHU DXFKEOLHE'U7RGGDFKWHQLFKWGDUDQGLHVH:DIIHDXFKQXU HLQH6HNXQGHDXVGHQ$XJHQ]XODVVHQ(UZXWHJHQDX ZHOFKHLQHQ7UXPSIHUGDPLWLQGHU+DQGKLHOW 8QGQRFKHLQH]ZHLWH:DIIHEHVDHU'LHNRQQWHPDQ VRJDUDOVXQJOHLFKVWlUNHUEH]HLFKQHQ (VZDUGHU:UIHOGHV8QKHLOV :RKHUHUJHQDXVWDPPWHGDVZXWHVHOEVW'U7RGQLFKW 6HLQH+HUNXQIWODJLPGXQNHOQDEHUGLHVHUZHLEOlXOLFK VFKLPPHUQGH:UIHOOLHVLFKPDQLSXOLHUHQ(UJHKRUFKWH LPPHUGHPMHQLJHQGHULKQJHUDGHLQ%HVLW]KDWWH8QGGDV ZDUVFKRQODQJH'U7RG 'XUFKGHQ:UIHOKDWWHHUHLQH:DIIHSURGX]LHUHQ N|QQHQGLHGDV*UDXHQDQVLFKZDU 'HQ7RGHVQHEHO (UZDUVRJHIlKUOLFKGDHU0HQVFKHQGLHLQVHLQH1lKH JHODQJWHQGDV)OHLVFKYRQGHQ.QRFKHQO|VWH'LHVHU1HEHO ZLUNWHZLHHLQHIHLQH6lXUH$OOHUGLQJVUHDJLHUWHHUQXUEHL 3HUVRQHQGLHXQJHVFKW]WZDUHQ%HL-RKQ6LQFODLUHQWIDO WHWHHUVHLQH.UDIWYHUJHEHQVGHQQGHU*HLVWHUMlJHUZDU GXUFKVHLQPDJLVFKHV.UHX]JHVLFKHUW=XGHPEHVWDQGGHU 1HEHODXVGHQ6HHOHQJHW|WHWHU'lPRQHQ6LHEHVDHQGLH .UDIW0HQVFKHQUHJHOUHFKWDXI]XO|VHQ %XPHUDQJXQG:UIHOJDEHQ6ROR0RUDVVRDOLDV'U7RG HLQHQDKH]XXQKHLPOLFKH0DFKW 'DVDOOHVZXWHHUXQGHUKDWWHGLH(LQ]HOKHLWHQDXFK VRUJIlOWLJJHJHQHLQDQGHUDXIJHUHFKQHWEHYRUHUVLFKHQW VFKORGLHVH.ULVHQVLW]XQJHLQ]XEHUXIHQXQGGLH/DJH]X HUNOlUHQ 6LHZDUHQQDWUOLFKDOOHJHNRPPHQ 6ROR0RUDVVRKRFNWHYRULKQHQXQGVFKDXWHVLFKGLHHLQ
]HOQHQ0LWJOLHGHUVHLQHU0RUGOLJDQRFKHLQPDOJHQDXDQ ,P+DOENUHLVVWDQGHQVLHYRULKP*DQ]DXHQYRQLKP DXVUHFKWVJHVHKHQKLHOWVLFKGHUHLQ]LJH0HQVFKGLHVHU *UXSSHDXI (VZDU0DUYLQ0RQGRGHU0RQVWHUPDFKHU(LQ0DQQ QRFKNOHLQHUDOV'U7RG(UWUXJHLQHUDQGORVH%ULOOHKLQWHU GHUHQ*OlVHUQ]ZHLEODXHNDOWH$XJHQEOLW]WHQ$QVLFKVDK HUXQVFKHLQEDUDXVXQGNDXPMHPDQGDKQWHZHOFKH *HGDQNHQVLFKLQVHLQHP6FKlGHOEHZHJWHQ'LHVHU0RQGR ZDUQLFKWQXUDOVJHQLDO]XEH]HLFKQHQHUZDU]XGHPHLQ JHIlKUOLFKHU9HUEUHFKHUGHUZLUNOLFKEHU/HLFKHQJLQJ'DV KDWWHHUVFKRQPHKUDOVHLQPDOEHZLHVHQ 1HEHQLKPVWDQG7RNDWDGHU6DPXUDLGHV6DWDQV(LQ -DKUWDXVHQGHDOWHV8QJHKHXHULQ0HQVFKHQJHVWDOW(LQ :HVHQGDVVHLQ6FKZHUWPHLVWHUOLFKEHKHUUVFKWHXQGWURW] GHPJHKDQGLNDSWZDUGHQQGHP*HLVWHUMlJHU-RKQ6LQFODLU ZDUHVJHOXQJHQLKPGXUFKHLQHQ:XUIGHV%XPHUDQJVGHQ OLQNHQ$UPDE]XVFKODJHQ$OOHLQGDVEHZLHVZHOFKHLQH .UDIWLQGLHVHU:DIIHVWHFNWH6HLWGLHVHU=HLWYHUIROJWH 7RNDWDGHQ*HLVWHUMlJHUPLWEOLQGZWLJHP+D(UWUXJHLQH DQDOWHV/HGHUHULQQHUQGH5VWXQJXQGHLQH0DVNHYRUGHP *HVLFKW (LQHQ6FKULWWZHLWHUVFKDXWH6ROR0RUDVVRLQGDV*HVLFKW HLQHUVFK|QHQ)UDX6LHKLH3DPHOD6FRWWZXUGHDEHUQXU /DG\;JHQDQQW'LHVHQ1DPHQKDWWHQLKU5HSRUWHUJHJH EHQDOVVLHQRFKHLQ0HQVFKXQGJOHLFK]HLWLJ7HUURULVWLQ JHZHVHQZDU/DG\;ZDUVFKRQDOV0HQVFKY|OOLJJHIKOORV JHZHVHQXQGDOV0HQVFKKDWWHVLH6ROR0RUDVVRDXFKIU GLH0RUGOLJDDXVJHVXFKW6LHVROOWH6RQGHUDXIJDEHQEHU QHKPHQGHQQVLHNRQQWHVLFKLP*HJHQVDW]]XGHQEULJHQ 0RQVWHUQIUHLXQWHUGHQQRUPDOHQ0HQVFKHQEHZHJHQ'DV JLQJHLQLJH=HLWJXWELVGLH6DFKHLQ3DULVSDVVLHUWH'D KDWWHVLHHWZDV*URHVDXVKHFNHQZROOHQXQGEHLGHU 0RGHQVFKDXGHV7HXIHOVZDUGDV9HUKlQJQLVGDQQEHUVLH KHUHLQJHEURFKHQ(LQEOXWUQVWLJHU9DPSLUGHUGLH.RQ
WUROOHEHUVLFKYHUORUHQKDWWHZDUHLJHQWOLFKDXI-RKQ 6LQFODLUJHKHW]WZRUGHQXPLKQ]XHLQHP%OXWVDXJHU]X PDFKHQ'HU=XIDOOZROOWHHVGDGLH6DFKHVFKLHIJLQJ 1LFKW6LQFODLUZDUJHELVVHQZRUGHQVRQGHUQ/DG\;6HLW GLHVHU=HLWOLHIVLHDOV9DPSLUKHUXPZDV'U7RGQDWUOLFK ZXUPWHGHQQQXQNRQQWHHUVLHQLFKWPHKUVRHLQVHW]HQ ZLHIUKHU 9RPbXHUHQKHUKDWWHVLHVLFKQLFKWYHUlQGHUW1XULKU *HVLFKWZDUHWZDVEOHLFKHUJHZRUGHQ'HVKDOEVWDFKGDV 6FKZDU]LKUHU+DDUHQRFKGHXWOLFKHUYRP*HVLFKWDE:LH LPPHUWUXJVLHLKUHHQJDQOLHJHQGH/HGHUNOHLGXQJXQG KDWWHDXFKLKUHQ%UlXWLJDPDXVDOWHQ=HLWHQGLH0DVFKLQHQ SLVWROHEHLVLFK$QHLQHP*XUWWUXJVLHGLH:DIIHEHUGLH 6FKXOWHUJHKlQJW 1HEHQLKUVWDQGHLQZDKUHV0RQVWUXP9DPSLURGHOPDU .DLVHUGHU9DPSLUHQDQQWHHUVLFK8PVHLQH*HVWDOWUDQNWH VLFKHLQ*HKHLPQLV(UZDUHEHQVRDOWZLH7RNDWDQXUKDWWH HUQLFKWXQWHUGHP+JHOHLQHV9XONDQVEHJUDEHQJHOHJHQ VRQGHUQWLHILP%RGHQGHU1RUGVHHZRHUYRQ'U7RGXQG 7RNDWDHUZHFNWZRUGHQZDU'LHVHU9DPSLUZLGHUVWDQGGHP :DVVHU,KQXPJDEVRZLHVRHLQJHZDOWLJHV5lWVHOGDVDXFK 'U7RGQRFKQLFKWKDWWHO|VHQN|QQHQ9DPSLURGHOPDU WUXJ.OHLGXQJGLHQXUQRFKDXV)HW]HQEHVWDQG6HLQ *HVLFKWZDUZLGHUOLFKDQ]XVFKDXHQPLW*HVFKZUHQXQG /|FKHUQEHUVlWLQVHLQHQ$XJHQJOKWHHLQJHIlKUOLFKHV /LFKW(UKDWWHHLQKDUWHV*HELXQGP|UGHULVFKH(FN]lKQH GLHVFKRQIDVWDQGLHHLQHVSUlKLVWRULVFKHQ6lEHO]DKQWLJHUV HULQQHUWHQ 'LH5HLKHZlUHQLFKWYROO]lKOLJZHQQVLFKQLFKWDXFK QRFKHLQ9HUWUHWHUGHU:HUZ|OIHLQGLHVHPK|OOLVFKHQ5HLJHQ DXIJHKDOWHQKlWWH,QGLHVHPVSH]LHOOHQ)DOOHZDUHVHLQH 9HUWUHWHULQ8QG]ZDU/XSLQDGLH.|QLJLQGHU:|OIH(LQH ZLUNOLFKVHOWVDPH(UVFKHLQXQJHLQH0LVFKXQJ]ZLVFKHQ )UDXXQG%HVWLH6LHKDWWHGHQ.|USHUHLQHV:HUZROIVGRFK GDV*HVLFKWHLQHU)UDX%ORQGZDULKU+DDU%ORQGXQGODQJ
VRGDHVELVDXIGLHPLW)HOOEHGHFNWHQ6FKXOWHUQILHO'LH $XJHQLQLKUHP*HVLFKWVFKLOOHUWHQJHOEJUQXQGOLHHQ HWZDVYRQGHP7HPSHUDPHQWDKQHQGDVLQLKUVWHFNWH,Q GHU7DWZDU/XSLQDDPVFKZHUVWHQHLQ]XRUGQHQ6LHRSSR QLHUWHRIWJHJHQGLH6WUHQJHGHV5HJOHPHQWVXQGWUlXPWH YRQHLQHU$OOLDQ]DOOHU:HUZ|OIHXQWHULKUHU)KUXQJ(LQ SDDUPDOKDWWHVLHHVVFKRQYHUVXFKWDEHUHVZDUVFKLHIJH ODXIHQ(UVWYRUNXU]HPZDUHLQJURHU&RXSLQ6LELULHQ JHSODW]W'RFKLKU=LHOKDWWHVLHQLFKWDXIJHJHEHQ ,UJHQGZDQQZUGHVLHHVVFKDIIHQXQGGDQQVROOWHQ :HUZ|OIHGLH:HOWEHKHUUVFKHQ'RFKGLHVH*HGDQNHQ EHKLHOWVLHIUVLFK'U7RGKlWWHGDVVLFKHUOLFKIDOVFKYHU VWDQGHQ 'HUVHFKVWHXQGOHW]WHLP%XQGHGHU0RUGOLJDZDUDXFK DOVOHW]WHUHUZHFNWZRUGHQ;RUURQ+HUUGHU=RPELHVXQG GHU*KRXOV(UKDWWHLQ1HZ
GHQQVLHKDWWHHVODQJHYHUKLQGHUQN|QQHQGD6ROR 0RUDVVRGHQ3ODW]IDQGZR;RUURQYHUJUDEHQZDU:DUXP HUXQG$VPRGLQDDXIYHUVFKLHGHQHQ6HLWHQVWDQGHQZXWH 'U7RGQLFKW(VVSLHOWHDXFKNHLQH5ROOH)ULKQZDU ;RUURQHLQHEHVRQGHUH7UXPSINDUWHLQGHPK|OOLVFKHQ6SLHO +LQWHUGHP0XQGVFKOLW]YHUERUJHQODJHQ=lKQHZLHODQJH 5HLVWLIWH(LQ*HJQHUPXWHVLFKZLUNOLFKKWHQ;RUURQDOV )HLQG]XKDEHQ 6ROR0RUDVVRZDUPLWGHU0XVWHUXQJ]XIULHGHQXQGHLQ NDOWHV/lFKHOQXPVSLHOWHVHLQH/LSSHQ'DQQIUDJWHHUPLW WRQORVHU6WLPPHª.|QQWLKUHXFKGHQNHQZHVKDOELFKHXFK KDEH]XPLUNRPPHQODVVHQ"© 'LH0RQVWHUHUZLGHUWHQQLFKWVQXU0U0RQGREOLFNWH GXUFK(UKREGHQUHFKWHQ$UPXQGUFNWHDQVHLQHUUDQG ORVHQ%ULOOHª-DLFKNDQQHVPLUYRUVWHOOHQ(VJHKWJHJHQ VLH©'HQ1DPHQVSUDFKHUQLFKWDXV ª*HQDX©0RUDVVRZXWH%HVFKHLGª(VJHKWJHJHQVLH $EHUQLFKWQXUJHJHQVLHDOOHLQ(VVLQGLQGHQOHW]WHQEHLGHQ 7DJHQ9HUlQGHUXQJHQHLQJHWUHWHQ0DQKDWXQVHUJXWJH VLFKHUWHVXQGZRKOEHKWHWHV9HUVWHFNHQWGHFNW'DVKDWWH LFKLPPHUYHUKLQGHUQZROOHQGRFKHVJHODQJQLFKWOlQJHU 'HU=XIDOOVSLHOWHHLQHZLFKWLJH5ROOHXQG;RUURQLVWHVPLW VHLQHQ=RPELHVQLFKWJHOXQJHQGLH(QWGHFNHU]XW|WHQXQG LQVHLQHQ'LHQHUUHLJHQHLQ]XRUGQHQ=ZHLYRQLKQHQVLQG HQWNRPPHQ:LUPVVHQXQVGDUDXIJHIDWPDFKHQGDVLH EHULFKWHQZDVVLHHUOHEWKDEHQXQGGDQQZLUGHVQLFKW PHKUODQJHGDXHUQELVHLQHUKLHULVW© ª-RKQ6LQFODLU©VWLH0RQGRKHUYRU ª*HQDX© 'DODFKWHGHU0RQVWHUPDFKHUª,VWHVQLFKWJXWZHQQ HUKLHUHUVFKHLQW":LUVLQGYLHOH*HJHQXQVKDWHUNHLQH &KDQFH:LUN|QQHQLKQ]HUUHLHQXQGVHLQ%OXWDXV WULQNHQ(U© ª1HLQ©6ROR0RUDVVRVFKWWHOWHGHQ.RSIª'LHVHV 9HUVWHFNLVWJXWXQGLFKZLOOQLFKWGD6LQFODLUKHUNRPPW©
ª:LHZLOOVWGXGDVYHUKLQGHUQ"©IUDJWH/DG\;YHU]RJGLH /LSSHQXQG]HLJWHLKUHEHLGHQODQJHQ9DPSLU]lKQH ª*DQ]HLQIDFKLQGHPLFKLKP]XYRUNRPPH© ª'DVLVWJXW©EHVWlWLJWHDXFK0DUYLQ0RQGRª1XUZLH VWHOOHQZLUHVDQ"© ª,FKKDEHPLUGDHWZDVDXVJHGDFKWGDVLFKQRFKPLWGLU EHVSUHFKHQZHUGH:LUKDEHQDOOHUGLQJVQRFKGDVVFKRQ DQJHVSURFKHQH3UREOHPGDVHQGOLFKJHO|VWZHUGHQPX :LUVLQGYROOVWlQGLJXQGIKOHQXQVLQGHU/DJHGDPLW IHUWLJ]XZHUGHQ'DV3UREOHPKHLW$VPRGLQD© 1DFKGLHVHQ:RUWHQVFKZLHJHQGLH0LWJOLHGHUGHU 0RUGOLJD -HGHUZXWHZHOFKHLQPlFKWLJHU*HJQHU$VPRGLQDZDU DEHUDXFKMHGHUVDKHLQGDVLHQLFKWHZLJHLQHU(QWVFKHL GXQJDXVZHLFKHQNRQQWHQ%LVKHUKDWWHQVLHQXU1LHGHU ODJHQHLQVWHFNHQPVVHQZHQQVLHHWZDVYHUVXFKWHQ 'LHVPDOVROOWHHLQ*URDQJULIIJHVWDUWHWZHUGHQ ª(VLVWQLFKWHLQIDFKJHJHQVLH]XEHVWHKHQ©JDE0DUYLQ 0RQGR]XGHQNHQª6LHKDWPlFKWLJH)UHXQGHXQGLKU VWHKHQXQ]lKOLJH'LHQHU]XU6HLWH© 6ROR0RUDVVRPDFKWHHLQHZHJZHUIHQGH+DQGEHZHJXQJ ª8QVLQQGDVZHLLFKDOOHV$EHULKUH+HOIHUVHW]HQVLFK ]XPHLVWDXVQLHGHUHQ9DVDOOHQ]XVDPPHQ'LHVFKDIIHQZLU DOOHPDO$XFK$VPRGLVLVWIUPLFKNHLQ7KHPD,KQKHW]HQ ZLUDXI6LQFODLU,FKKDEHDOOHVJHQDXGXUFKGDFKWXQGPLW HLQHPQHXHQ9HUEQGHWHQDEJHVSURFKHQVRGDHLJHQWOLFK QLFKWVPHKUVFKLHIJHKHQNDQQ© ª:HULVWGHU9HUEQGHWH"©ZROOWH0RQGRZLVVHQGHUEHL 'U7RGHLQH+HLPDWJHIXQGHQKDWWHQDFKGHPHUYRQVHLQHQ HLJHQHQ.ROOHJHQDXVJHVWRHQZRUGHQZDU ª(VLVWGHU6SXN© 1DFKGLHVHU$QWZRUWVFKZLHJHQGLH0LWJOLHGHUGHU 0RUGOLJD 6LHVDKHQ'U7RGHUVWDXQWDQXQG0RUDVVRHQWQDKP GLHVHQ%OLFNHQGDHUQRFKHWZDVKLQ]XIJHQVROOWH'DVWDW
HUDXFKLQGHPHUIDVWIOVWHUQGEHPHUNWHª,FKKDEHGHP 6SXNYHUVSURFKHQLKPGHQ.RSIYRQ$VPRGLQD]XEULQJHQ 8QGGDV9HUVSUHFKHQZHUGHQZLUHLQKDOWHQ© :RGHU6FKUHFNHQ]X+DXVHLVWZRJUDXZHLH1HEHOZDOOHQ ZRGLH6FKUHLHYHUXUWHLOWHU'lPRQHQVHHOHQGXUFKGLH 8QHQGOLFKNHLWGHU'LPHQVLRQHQKDOOHQGDKHUUVFKWHHU 'HU6SXN 6HLQ5HLFKZDUXQJHPHLQYLHOVFKLFKWLJ(UKDWWHHVLQ UHJHOUHFKWH6WUDIDEWHLOXQJHQXQWHUWHLOW'DJDEHV)ROWHU JlUWHQZR+HXOHQXQG=lKQHNQLUVFKHQKHUUVFKWHQRGHU JHZDOWLJH/DE\ULQWKHGLHELVKHUQLHPDQGGHUHLQPDOJH IDQJHQGDULQZDUZLHGHUYHUODVVHQKDWWH %LVDXI]ZHL (LQHUKLH-RKQ6LQFODLU (UKDWWHHLQHQ$XVZHJDXVGHP/DE\ULQWKJHIXQGHQ0LW LKP*OHQGD3HUNLQVGHUHWZHJHQHUEHUKDXSWLQGHQ ,UUJDUWHQHLQJHGUXQJHQZDU 'HU6SXNKDWWHQLFKWGDPLWJHUHFKQHWGD-RKQ6LQFODLUHV VFKDIIHQZUGHXQGHUJDE$VPRGLQDGLH6FKXOGDQGLHVHU IULKQNDXPYHUGDXOLFKHQ7DWVDFKH 'HU*HLVWHUMlJHUZDUHQWNRPPHQ(LQHVFKOLPPH6DFKH GLHNDXPPHKUDXVJHPHU]WZHUGHQNRQQWHXQGIU $VPRGLQDQRFK)ROJHQKDEHQVROOWH%LVKHUKDWWHVLFKGHU 6SXNDXILKUH6HLWHJHVWHOOW,KUH*HJQHUZXWHQLKQDOV 5FNHQGHFNXQJXQGKDWWHQGHVKDOENDXPDQJHJULIIHQ GHQQGHU6SXNZDUHLQZLUNOLFKHU0DFKWIDNWRULP5HLFKGHU )LQVWHUQLV,KQDOV)HLQG]XKDEHQZDUJHIlKUOLFK$EHUMHW]W ZDUDXFKGLH*HGXOGGHV6SXNVDP(QGH(UZROOWH $VPRGLQDV)HKOVFKOlJHQLFKWPHKUVWW]HQXQGDXFKQLFKW YHUWHLGLJHQ6LHVROOWHLKUHQHLJHQHQ:HJJHKHQ $OVGHU.|QLJLP5HLFKGHU6FKDWWHQVRGDFKWHGDNDP LKPHLQ9RUVFKODJJHUDGHUHFKW6ROR0RUDVVRKDWWHVLFKPLW LKPLQ9HUELQGXQJJHVHW]WXQGLKQQLFKWRKQH+LQWHU
JHGDQNHQDQGLH1LHGHUODJHQHULQQHUWGLH$VPRGLQDVFKRQ HUOLWWHQKDWWH 'U7RGV:RUWHILHOHQEHLGHP6SXNDXIIUXFKWEDUHQ %RGHQ8QGDOV0RUDVVRLKQIUDJWHZLHHU]X$VPRGLQD VWQGHGDKREHUQXUGLH6FKXOWHUQXQGGHPRQVWULHUWH GDPLWVHLQH*OHLFKJOWLJNHLW ,QQHUOLFKULHEVLFK0RUDVVRGLH+lQGH'DKLQKDWWHHUGHQ 6SXNJHUQKDEHQZROOHQ$VPRGLQDLQWHUHVVLHUWHLKQQLFKW PHKU6LHKDWWHDOVRHLQHJURH6WW]HZHQLJHU ,GHDOIU0RUDVVRV3OlQH (UKDWWHQLFKWVPHKUJHVDJWVRQGHUQZDUYHUVFKZXQGHQ -HGRFKPLWHLQHPJXWHQ*HIKOZHQQPDQGDVYRQLKP EHUKDXSWVDJHQNRQQWH $VPRGLQDJDEQLFKWDXIXQGVLHZROOWHDXFKQRFKHLQ PDOPLWGHP6SXNUHGHQ'LH7HXIHOVWRFKWHUVSUWHGLH 6LQQHVZDQGOXQJGLHVHVPlFKWLJHQ'lPRQV(VZDUZLUNOLFK QLFKWJXWZHQQGLHVHUDXIHLQHUDQGHUHQ6HLWHVWDQGDOVVLH 'HU6SXNVDKDXVZLHLPPHU(LQ6FKDWWHQPHKUQLFKW(U ]HLJWHVLFKDPOLHEVWHQLQGLHVHU*HVWDOWREZRKOHUQRFKHLQH DQGHUHEHVDGLHMHGRFKLQ9HUJHVVHQKHLWJHUDWHQZDU $XFK$VPRGLQDKDWWHVLFKQLFKWYHUlQGHUW:LHLPPHU OHXFKWHWHGDV+DDUIHXHUURWGLH6WLUQZDUKRFKXQGJODWW $XVLKUZXFKVHQ]ZHL+|UQHUOHLFKWJHNUPPWZLHGLH HLQHU=LHJH.DOWZDUHQGLH$XJHQVFKPDOGDV*HVLFKWVR GDHVIDVWGLH)RUPHLQHV'UHLHFNVKDWWH8PGHQ+DOVKDWWH VLHHLQH.HWWHDXVNOHLQHQ7RWHQN|SIHQKlQJHQGLHYLROHWW OHXFKWHWHQ 6LHWUXJHLQVFKZDU]HVODQJHV*HZDQGGDVDEGHU7DLOOH PLWURWHQ)lGHQGXUFKZLUNWZDUVRGDVLHDXVVDKHQZLH ODQJHHUVWDQGHQ)HQHQGHQGH%OXWVWUHLIHQ :LHHLQ6FKHPHQWDXFKWHVLHDXVGHP1HEHODXIXQGLP +LQWHUJUXQGYHUQDKPVLHHLQKlOLFKHV/DFKHQDXVJHVWRHQ YRQ0DGGR[GHP'lPRQHQULFKWHUXQGGHPWUHXHVWHQ 'LHQHUGHV6SXNV%HYRUGLH6HHOHQGHUYHUVDJHQGHQ 'lPRQHQLQGLHHZLJH4XDOHLQJLQJHQZXUGHQVLHYRQ
0DGGR[DEJHXUWHLOW(VZDUGLH3HUYHUWLHUXQJHLQHU*H ULFKWVYHUKDQGOXQJDEHUVLHEHUHLWHWH0DGGR[6SDHU EUDXFKWHVRHWZDV ª:DVZLOOVWGX"©IUDJWHGHU6SXNDOVHU$VPRGLQDDXVGHQ 1HEHOVFKOHLHUQWUHWHQVDK 'LH7HXIHOVWRFKWHUEOLHEVWHKHQXQGYHU]RJLKUH/LSSHQ ª)UHXQGOLFKELVWGXQLFKWJHUDGH© ª:DUXPVROOWHLFK"© $VPRGLQDYHUVXFKWHDXIGHQ%XVFK]XNORSIHQª:LUVLQG VFKOLHOLFK9HUEQGHWH© ª6R"© 'DV/DFKHQYRQ$VPRGLQDNODQJHLQZHQLJYHUXQVLFKHUW ª:LHVRQLFKW"'XJHK|UVWKLHUKHULFKJHK|UHKLHUKHUXQG LFKELQGLH0lFKWLJH'DVLVWGRFKZRKONODU© 'XPSIGUDQJGDV/DFKHQGRUWKHUYRUZRPDQEHLGHU VFKZDU]HQ*HVWDOWHLQHQ0XQGYHUPXWHQNRQQWHªhEHU VFKlW]WGXGLFKQLFKWHLQZHQLJ$VPRGLQD"© ª1HLQ© ª*XWGDQQQLFKW© ª:DVVROOGLH$QWZRUW"©'LH7HXIHOVWRFKWHUZROOWHMHW]W QDFKKDNHQ ª,FKPHLQHGXKDVWVFKOLHOLFKHLQLJHKDUWH1LHGHUODJHQ HLQVWHFNHQPVVHQ6RJDUGHLQ(U]IHLQG-RKQ6LQFODLULVWDXV GHP/DE\ULQWKGHU$QJVWHQWNRPPHQ6RHWZDVVSULFKW QLFKWIUGLFKGDVPXWGXYHUVWHKHQ© ª(VZDUNHLQH1LHGHUODJH©]LVFKWH$VPRGLQD ª:DVGDQQ"© ª,FKQHQQHHV7DNWLN© 'HU6SXNVFKWWHOWHVLFKLQHLQHPQDKH]XODXWORVHQ /DFKHQZREHLVHLQH*HVWDOWKLQXQGKHUZRJWHª1HLQGDV LVWNHLQH7DNWLNZDVGXGDYHUVXFKWKDVW,FKQHQQHHVHLQ IDFK8QYHUP|JHQ'XELVWQLFKWPHKULQGHU/DJHGLHGLU ]XJHWHLOWHQ$XIJDEHQ]X© ª+|UDXI©VFKULH$VPRGLQDXQGWUDWPLWGHP)XDXIGHQ %RGHQª+WHGHLQH=XQJH6SXN©
ª9HUWUlJVWGXGLH:DKUKHLWVRVFKOHFKW"© 'LH7HXIHOVWRFKWHUZDUVSUDFKORV(VKDWWHQRFKQLHMHPDQG JHZDJWVRPLWLKU]XUHGHQ:HQLJVWHQVQLHPDQGDXVGHQ HLJHQHQ'lPRQHQUHLKHQ:LHNDPGHU6SXNEHUKDXSW GD]XVR]XDQWZRUWHQDOVZlUHVLHHLQ1LFKWVHLQPLHVHU NOHLQHU'lPRQ" ª0HLQVWGXGHLQH:RUWHHUQVW"©HUNXQGLJWHVLHVLFK ]LVFKHQG ª-D© ª'DVZLUVWGXEHQ,FKELQGLH7RFKWHUGHV7HXIHOV$XV GHU6FKODQJHKDWHUPLFKJHIRUPWXQGQLHPDQGKDWELVKHU JHZDJWVRPLWPLU]XUHGHQ%LVKHUZDUHQZLUNHLQH)HLQGH 6SXN7UHLEHHVQXUQLFKWDXIGLH6SLW]H,FKN|QQWHVRQVW ]XGHLQHU7RGIHLQGLQZHUGHQXQGZUGHGHLQ5HLFKYHU QLFKWHQ© 'HU6SXNVFKWWHOWHGHQ.RSI%HLLKPZDUHVQXUHLQ+LQ XQG+HUKXVFKHQGHV6FKDWWHQVGHUYRQGHPJUDXHQ1HEHO DOVGXQNOHJHVWDOWORVH0DVVHDEVWDFKª'XQLPPVWGLUZLUN OLFK]XYLHOYRU$VPRGLQD©VDJWHHUªXQGGXYHUWUDXVW]X VWDUNDXIGLH.UlIWHGHLQHV(U]HXJHUV$VPRGLV7lXVFKH GLFKQXUQLFKW$XFKHULVWQLFKWDOOPlFKWLJ(UKDW)HLQGH VWDUNH)HLQGHGDVZLOOLFKGLUQXUVDJHQJHZLVVHUPDHQDOV :DUQXQJZHLOZLUHLQPDO]XVDPPHQJHKDOWHQKDEHQ© ª8QGMHW]WQLFKWPHKU"©IUDJWHGLH7HXIHOVWRFKWHU ª,FKZHUGHGLUNHLQH8QWHUVWW]XQJPHKUJHZlKUHQ 9HUODQJHQLFKWVYRQPLU'XZLUVWNHLQH+LOIHPHKUYRQPLU HUKDOWHQ(LQPDOKDEHLFKGLUJHKROIHQXQGGLH6HHOHYRQ 'U7RGIUHLJHJHEHQ6RHWZDVZLUGQLHPHKUJHVFKHKHQ GHQQGXKDVWHVWURW]+LOIHGHU0RUGOLJDXQGYRQ0RUDVVR QLFKWYHUVWDQGHQXQVHUHQJURHQ*HJQHU]XYHUQLFKWHQ(V LVWVHKUYLHO=HLWYHUJDQJHQ'XKDVWVLHQLFKWJHQW]W:DV MHW]WSDVVLHUWKDVWGXGLUVHOEVW]X]XVFKUHLEHQ© (VZDUHQKDUWH:RUWHGLH$VPRGLQDHQWJHJHQJHVFKOHX GHUWZXUGHQ6HKUKDUWHVRJDU1RFKQLHKDWWHMHPDQG JHZDJWVRPLWLKU]XVSUHFKHQXQGLKU*HVLFKWYHU]HUUWH
VLFKYRU:XWXQG+D6LHZXWHVHOEVWGDVLHPDQFKHV 0DO]XODVFKJHKDQGHOWKDWWHDEHUVLHKDWWHQLFKWDQGHUV JHNRQQW(VZDULKUHLQIDFKQLFKWP|JOLFKJHZHVHQVLFKQXU DXIGHQ*HLVWHUMlJHU]XNRQ]HQWULHUHQZHLOHVLPHLJHQHQ /DJHU*HJHQVWU|PXQJHQXQG(QWZLFNOXQJHQJHJHEHQ KDWWHGLHVLHHLQIDFKQLFKWDXIIDQJHQNRQQWH6RKDWWHVLH QLFKWGDPLWJHUHFKQHWGDVLFK'U7RGXQGGLH0RUGOLJD JHJHQVLHVWHOOHQNRQQWHQ6LHKDWWHGHQ0DFKWKXQJHUGLHVHV 0HQVFK'lPRQVXQWHUVFKlW]WXQGVLHVDKDXFKKLQWHUGHU 6LQQHVZDQGOXQJGHV6SXNVHLQH*HVWDOWVWHKHQGLHVLHDOV 6ROR0RUDVVRLGHQWLIL]LHUWH-DVRPXWHHVVHLQ ª'XZLUVWQRFKYRQPLUK|UHQ6SXN©YHUVSUDFKVLHPLW NUlFK]HQGHU6WLPPHª,KUDOOHZHUGHWQRFKYRQPLUK|UHQ ,FKODVVHPLUGLH0DFKWQLFKWQHKPHQ,FKELQ$VPRGLQDGLH 7RFKWHUGHV© ª'HLQH0DFKWLVWGLUVFKRQJHQRPPHQ©HUZLGHUWHGHU *HVWDOWORVHª'XZHLWHVQXUQLFKW'HQNDQ$(%$$XFK VLHZDUWHQQXUGDUDXIGDGXYHUOLHUVW'HU6FKZDU]H7RG KDWWHYLHOH)UHXQGH'XKDVWVLHQLFKWXQGVHLQ(UEHLVWQRFK QLFKWYHUJHVVHQ'DVDOWH$WODQWLVZLUIWEHUHLWVVHLQH6FKDWWHQ DXIGHLQH:HOWHQXQGGXZHLWVHOEVWGDHVGRUWPlFK WLJHUH'lPRQHQJDEDOVKHXWH'HQNHDQGLH*URHQ$OWHQ 6LHVLQGQLFKWWRWVLHVFKODIHQYLHOOHLFKWZHUGHQVLHHU ZDFKHQ,UJHQGZDQQ6ROOWHVWGXGDQQQRFKH[LVWLHUHQXQG GHQJOHLFKHQ0DFKWKXQJHUEHVLW]HQZLUVWGX]ZLVFKHQGLH 0KOVWHLQHJHUDWHQGDVYHUVSUHFKHLFKGLU$XFK$VPRGLV ZLUGGLUQLFKWKHOIHQNDQQGLUQLFKWKHOIHQGHQQGLH*URHQ $OWHQZHUGHQLKQDOVVHOEVWHUQDQQWHQ.|QLJQLFKWDQHU NHQQHQ/DQJH=HLWNRQQWHHUYLHOHWlXVFKHQ'DVLVWYRUEHL $XFKLP5HLFKGHU'lPRQHQKDEHQVLFKGLH9RU]HLFKHQ JHlQGHUW'LH0DFKWYRQ$VPRGLVZLUGHEHQVRYHUJHKHQ ZLHDXFKGHLQH© ª(LQVKDVWGXYHUJHVVHQ6SXN©HUZLGHUWHGLH7HXIHOV WRFKWHUQDFKHLQHUNOHLQHQ3DXVH ª:DV"©
ª,FKZHUGHNlPSIHQ,FKZHUGHVRJDUVWDUNNlPSIHQXQG GXZLUVWHEHQVRXQWHUJHKHQZLHGLHDQGHUHQ'DVYHUVSUH FKHLFKGLU©0HKUVDJWHVLHQLFKWVRQGHUQPDFKWHDXIGHP $EVDW]NHKUWXQGZXUGHYRQGHQZDOOHQGHQ1HEHO VFKZDGHQYHUVFKOXFNW 'HU6SXNDEHUODFKWH+|KQLVFKXQGJUHOO6RODQJHELVHU GLHVHQ*HIKOVDXVEUXFKDEUXSWXQWHUEUDFKXQGPLWGXPS IHU6WLPPHVSUDFKª1lUULQYHUIOXFKWH1lUULQ'XKDVWDOV HLQ]LJHGLH=HLFKHQQLFKWHUNDQQW6RPXWGXDXFKGLH )ROJHQWUDJHQ© 'DV.UHX]ZDUHWZDVRJURZLHHLQH+DQG9RQZHLWHPVDK HVY|OOLJQRUPDODXVGRFKZHUHVDXVGHU1lKHEHWUDFKWHWH VDKGDGLHYLHU(FNHQ5XQGXQJHQ]HLJWHQLQGLHYLHU *UREXFKVWDEHQHLQJUDYLHUWZDUHQ *DQ]REHQHLQ0(VVWDQGIUGHQ(U]HQJHO0LFKDHO 8QWHQHLQ8(VVWDQGIU8ULHO 5HFKWVHLQ5'DV=HLFKHQIU5DSKDHO 8QGOLQNVHLQ*'HU$QIDQJVEXFKVWDEHGHV1DPHQV *DEULHO (VIROJWHQQRFKZHLWHUHJHKHLPQLVYROOH=HLFKHQZLHGDV $OOVHKHQGH$XJHEHUGHPLQHLQHP.UHLVJH]HLFKQHWHQ 'UXGHQIXLQGHU0LWWHGHV.UHX]HVRGHUJHKHLPQLVYROOH +LHURJO\SKHQLPXQWHUHQ'ULWWHO'LHVH6FKULIWZDUQRFK QLFKWHQWUlWVHOWZRUGHQ'RFKGDVZDUHLJHQWOLFKIUGHQ 0DQQGHUHVEHWUDFKWHWHXQLQWHUHVVDQW(UVFKDXWHDXIGLH QHEHQGHP0VWHKHQGHQLQHLQDQGHUYHUVFKOXQJHQHQ %XFKVWDEHQ6LHVWHOOWHQHLQ-XQGHLQ6GDU -RKQ6LQFODLU (UZDUGHU7UlJHUGHV.UHX]HV,KPJHK|UWHHVGHQQHU JDOWDOVGHUJHKHLPQLVYROOH6RKQGHV/LFKWV 'RFKGHU0DQQGHUGDV.UHX]DQVFKDXWHZDUQLFKW-RKQ 6LQFODLU(UZDU]ZDUHLQJHZ|KQOLFKHU0HQVFKXQGNHLQ 'lPRQGRFKHUVWDQGDXIGHU6HLWHGHU6FKZDU]EOWHUGHQQ
HUZDUDOVGHU0DILDFKHIYRQ/RQGRQHEHQVREUXWDOZLH GLH'lPRQHQ 'LHVHU0DQQKLH/RJDQ&RVWHOOR (UEHKHUUVFKWHGLH8QWHUZHOWGHU5LHVHQVWDGWDQGHU 7KHPVHXQGHVJDEQLFKWZHQLJH0HQVFKHQGLHVLFKYRU LKPIUFKWHWHQ$XFKGLHHLJHQHQ/HXWHKDWWHQHLQHQ +HLGHQUHVSHNWYRULKP:HQQ&RVWHOORHWZDVEHIDKOGDQQ ZXUGHGHU%HIHKODXVJHIKUW9|OOLJHJDOZLHHUDXFK ODXWHWH0DQKDWWHHLQHP0DQQZLH&RVWHOORHEHQ]XJH KRUFKHQ6RVWDQGHVJHVFKULHEHQVRZUGHHVVHLQ 'LH3ROL]HLMDJWHLKQ9RUDOOHQ'LQJHQ6FRWODQG
'LHVH*HGDQNHQGXUFKVWU|PWHQGHQ0DILRVRDOVHUGDV .UHX]EHWUDFKWHWHXQGHLQ/l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|KQOLFKHQ 9RUIlOOHQDXIGHP*OREXVSDVVLHUWHXQGHVKDWWHWDWVlFKOLFK JHNODSSW ,P6GHQ)HXHUODQGVVROOWHHLQIXUFKWEDUHV:HVHQGHVVHQ %HVFKUHLEXQJDXI;RUURQSDWHHLQSDDU6HHOHXWHJHW|WHW KDEHQ =ZHLNRQQWHQMHGRFKIOLHKHQXQGZDVVLH]XEHULFKWHQ KDWWHQZDUlXHUVWLQWHUHVVDQWXQGZLFKWLJ6LHKDWWHQHLQH JHZDOWLJH*HVWDOWJHVHKHQGHUHQ.|USHUPLOFKLJZHL VFKLPPHUWHXQGGRFKVRGXUFKVLFKWLJZDUGDGLH0lQQHU VRJDUGDV*HULSSHVHKHQNRQQWHQ 'LHVH(QWGHFNXQJZDUGLHZLFKWLJVWHEHUKDXSW$OVGLH $XVVDJHQXQVHUUHLFKWHQGDZXWHQZLUQDWUOLFKVRIRUW %HVFKHLG(VJDEDXIGHU:HOWQXUHLQHQGHUVRDXVVDK
;RUURQ+HUUGHU=RPELHVXQG*KRXOV 'LHEHLGHQ6HHOHXWHKDWWHQWDWVlFKOLFK;RUURQJHVHKHQXQG HVVRJDUEHUOHEW (LQHXQZDKUVFKHLQOLFKH6DFKHXQGHPLQHQWZLFKWLJ 'XUFKGLHVHQ+LQZHLVZXWHQZLU%HVFKHLGZRZLUPLWIDVW SUR]HQWLJHU:DKUVFKHLQOLFKNHLWGLH0RUGOLJDILQGHQ NRQQWHQ :LUNOLFKHLQ=XIDOO $EHUHLQNDONXOLHUWHU+lWWHHVQLFKWGLH2UGHUJHJHEHQ GLH6LU-DPHVHUODVVHQKDWWHZlUHDOOHVJDQ]DQGHUVYHU ODXIHQXQGGLH0HOGXQJKlWWHXQVZRKOQLHHUUHLFKW :LUEOLHEHQWURW]GLHVHUEULVDQWHQ(QWGHFNXQJNKOXQG JHODVVHQ'HUJU|WH)HKOHUZlUHJHZHVHQHLQIDFKORV]X EUDXVHQXQG]XYHUVXFKHQGLH0RUGOLJDVDPW'U7RG]X YHUQLFKWHQGHQQVLFKHUOLFKKDWWH0RUDVVRYRUJHVRUJW (LQIDFKZUGHHVIUXQVQLFKWZHUGHQGDVVWDQGIHVW 6HOWHQKDWWHLFKVRYLHOH.RQIHUHQ]HQHUOHEWZLHLQGHQ 7DJHQQDFKGHU(QWGHFNXQJ6LU-DPHVKDWWHVLFKGLH $XVVDJHSURWRNROOHJHEHQODVVHQXQGZLUJLQJHQVLHLPPHU ZLHGHUGXUFK$QHLQHPNDOWHQ-DQXDUWDJKRFNWHQZLULP %URXQGUHGHWHQ ª,FKKDEHMHW]WDOOHVYRUOLHJHQ©VDJWH6LU-DPHVXQGEOLQ ]HOWHKLQWHUVHLQHQ%ULOOHQJOlVHUQª:HQQHVELVKHUQRFK HLQHQNOHLQHQ=ZHLIHOJHJHEHQKDEHQVROOWHGDQQLVWHUQXQ DXVJHUlXPWZRUGHQ'LHEHLGHQ=HXJHQKDEHQWDWVlFKOLFK ;RUURQJHVHKHQ©'HU6XSHULQWHQGHQWOLHGDV%ODWWVLQNHQ XQGVFKDXWH6XNRXQGPLFKDQGLHZLUYRUVHLQHP6FKUHLE WLVFKVDHQ:HQQHUVREOLFNWHGDQQZDUWHWHHUDXIHLQHQ .RPPHQWDU6RJXWNDQQWHLFKXQVHUHQ&KHILQ]ZLVFKHQ ,FKHQWWlXVFKWHLKQDXFKQLFKWª0HLQHU$QVLFKWQDFK PVVHQZLUGDYRQDXVJHKHQGDDXFK6ROR0RUDVVRVHLQH ULFKWLJHQ6FKOVVHJH]RJHQKDW(UZLUGVLFKHUOLFKDQ QHKPHQGDZLUQXQZLVVHQZRHUVLFKPLWVHLQHUYHU GDPPWHQ0RUGOLJDDXIKlOW© ª:DVPHLQHQ6LH6XNR"©IUDJWH6LU-DPHV
ª,FKVWLPPHQLFKWY|OOLJPLW-RKQEHUHLQ6ROR0RUDVVR ZHLMDQLFKWVYRQGHPIHLQHQ)DKQGXQJVQHW]GDVZLUEHU GHQ*OREXVJHVSDQQWKDEHQ© 'LH$QWZRUWPHLQHV)UHXQGHVZDUDXFKQLFKWYRQGHU +DQG]XZHLVHQ'DVEHVWlWLJWHLFKGXUFKHLQ1LFNHQ 6LU-DPHVIDWH]XVDPPHQª6LHPHLQHQDOVRGDHUVLFK HUVWHLQPDO]XUFNKlOW"© ª9LHOOHLFKWVRJDU]XUFNKDOWHQPX©VDJWHLFK ª:LHVR"© ,FKOlFKHOWHYRUPHLQHU$QWZRUWª'DEHLGHQNHLFKDQGHQ 1DJHO6LUPLWGHPLFK'U7RGJHW|WHWXQGQXQOHLGHU HLQJHEWKDEH(UEHILQGHWVLFKLQ$VPRGLQDV%HVLW]© ª$EHUGHU1DJHOEHVWHKWDXVJHZHLKWHP6LOEHU(ULVWHLQH ZHLPDJLVFKH:DIIH©KLHOWPLUPHLQ&KHIHQWJHJHQ ª:LVVHQZLUZLHVWDUN$VPRGLQDLVW"© ª'DVVWLPPW©HUZLGHUWHLFKXQGILQJHUWHQDFKGHU =LJDUHWWHQVFKDFKWHOª1XUJHKHLFKYRQHLQHUDQGHUHQ 9RUDXVVHW]XQJDXV6LU:HQQ$VPRGLQDGHQ1DJHOEHVLW]W IUVLHPXHUMDVRHWZDVZLHHLQ.XOWJHJHQVWDQGVHLQ ZLUGVLHYHUVXFKHQVLFK6ROR0RUDVVRQHEVWGHU0RUGOLJD HQGJOWLJYRP+DOV]XVFKDIIHQ© 6LU-DPHVZLHJWHGHQ.RSIª-RKQGDVVLQGJURH:RUWH 9HUGDPPWJURHVRJDU6LHVLQGZLUNOLFKHLQ2SWLPLVW,FK IUDJHPLFKQXUREVLHHVVFKDIIW© ª8QWHUVFKlW]HQ6LHGLH7HXIHOVWRFKWHUQLFKW6LHKDW LPPHUKLQVWDUNH)UHXQGH]XU6HLWH$VPRGLVXQGGHU6SXN VLQGQLFKW]XYHUDFKWHQ© ª'DVVWLPPWQDWUOLFK$OOHUGLQJVIUDJHLFKPLFKREGHUHQ *HGXOGXQHQGOLFKZlKUW+DW$VPRGLQDQLFKWLQOHW]WHU=HLW HLQLJH1LHGHUODJHQHLQVWHFNHQPVVHQ"© ª'DVDOOHUGLQJV1XUKDEHLFKHLQHQNOHLQHQ$XIVWDQGYRQ 'U7RGXQGGHU0RUGOLJDHUOHEW$VPRGLQDKDWVLHHLVNDOWLQ LKUH6FKUDQNHQYHUZLHVHQ© ª6RSHVVLPLVWLVFKNHQQHLFK6LHJDUQLFKW-RKQ© ,FK]QGHWHPLUGLH=LJDUHWWHDQXQGEOLHVGHQHUVWHQ
5DXFKJHJHQGLH'HFNHª'DVKDWQLFKWHLQPDOHWZDVPLW 3HVVLPLVPXV]XWXQ,FKYHUVXFKHQXUGDVHLQHJHJHQGDV DQGHUHDE]XZlJHQXQGUHDOLVWLVFK]XGHQNHQ© ª8QGZDVVFKODJHQ6LHYRU"©IUDJWHGHU6XSHULQWHQGHQW ª$EZDUWHQ6LU© ª,VWGDVDXFK,KUH0HLQXQJ6XNR"© 'HU&KLQHVHQLFNWH ª6LHZROOHQZHQQLFK6LHULFKWLJYHUVWHKHGLHODFKHQGHQ 'ULWWHQVHLQ©VWHOOWHXQVHU&KHIIHVW ª*HQDX6LU© ª+RIIHQWOLFKVFKQHLGHQ6LHVLFKGDQLFKWLQGHQ)LQJHU©6LU -DPHVKREGLH6FKXOWHUQª:LHGHPDXFKVHLLFKJODXEH VRJDUGDGLH=HLWIUXQVDUEHLWHW=XGHPKDEHLFKPLFKLQ $EVSUDFKHPLWGHQ.ROOHJHQYRP*HKHLPGLHQVWHQWVFKORV VHQXPGLH,QVHOEHL)HXHUODQGHLQHQ5LQJ]X]LHKHQ,FK ZLOOHUVWHLQPDOKHUDXVILQGHQZR6ROR0RUDVVRXQGVHLQH 0RUGOLJDLKU9HUVWHFNKDEHQ8QVHU)UHXQG&RVWHOORZLUG XQVGDUDXIEHVWLPPWNHLQHJHQDXH$QWZRUWJHEHQ© ª'DKDEHQ6LHUHFKW6LU© 'HU6XSHULQWHQGHQWVFKDXWHDXIVHLQH8KUª0DFKHQ6LH PDOSQNWOLFK)HLHUDEHQGPHLQH+HUUHQ'DVJHVFKLHKW VHOWHQJHQXJZLHLFK6LHNHQQH© ª8QGZLH6LU©:LUVWDQGHQDXIXQGLFKGUFNWHPHLQH =LJDUHWWHLQGHP.ULVWDOODVFKHUDXV ª8QGQRFKHWZDV-RKQ©VDJWH6LU-DPHVDOVZLUEHUHLWVDQ GHU7UVWDQGHQª6ROOWH,KQHQLUJHQGHWZDV1HXHVHLQIDOOHQ LFKELQQDWUOLFK7DJXQG1DFKWIU6LH]XHUUHLFKHQ© ª'DVZHLLFK6LU© $XFK6XNRQLFNWH ,QXQVHU%UR]XUFNJHNHKUWVFKDXWHLFKDXIPHLQHQ 6FKUHLEWLVFK/HHUVDKHUZLUNOLFKQLFKWDXV,FKKDWWHDEHU NHLQH=HLWGLH$NWHQQRFKDXI]XUlXPHQ'HU.UDPVROOWH OLHJHQEOHLEHQELV*OHQGD3HUNLQVZLHGHUGDZDU6LHHQW VSDQQWHVLFKEHLHLQHU9HUZDQGWHQGHQQGHUOHW]WH)DOOKDWWH VLHJHVFKDIIW
0HLQ0DQWHOKLQJDP+DNHQ,FKKDWWHGDV)XWWHULQGHQ %XUEHUU\JHNQSIW'UDXHQZDUHVZLUNOLFKODXVLJNDOW$OV LFKGHQ0DQWHOYRP+DNHQKLHYWHIUDJWHLFK6XNRª:LOOVW GXPLWIDKUHQ"© 'HU&KLQHVHVFKWWHOWHGHQ.RSIª9LHOHQ'DQN-RKQDEHU 6KDRZDUWHWDXIPLFK6LHZLUGVLFKHUOLFKVFKRQXQWHQLQGHU +DOOHVHLQ$XHUGHPZROOHQZLUQRFKHWZDVHLQNDXIHQ© ª:DVGHQQ"©,FKZDUQHXJLHULJ 6XNRYHU]RJGDV*HVLFKWª6LHZLOOPLUXQEHGLQJW]ZHL +HPGHQXQGDXFK+RVHQDQGUHKHQ© ,FKSUXVWHWHORV:LHYLHOH0lQQHUVRKDWWHDXFK6XNR NHLQH/XVWLQLUJHQGHLQ*HVFKlIWJHVFKOHSSW]XZHUGHQZR HU.OHLGXQJNDXIHQVROOWH$EHU6KDRZDUGDULJRURV6LH NDQQWHNHLQ(UEDUPHQHEHQVRZLH6KHLODPLWLKUHP%LOO ª'DQQNDXIWPDOVFK|Q©NRPPHQWLHUWHLFKXQGZDUIPLU PHLQHQ0DQWHOEHU *HPHLQVDPIXKUHQZLUQDFKXQWHQ,FKVFKDXWHYRP )DKUVWXKODXVLQGLH(LQJDQJVKDOOHKLQHLQVDK6KDRQLFKW XQGWUHQQWHPLFKYRQGHP&KLQHVHQ,FKEDWLKQVHLQH )UHXQGLQYRQPLU]XJUHQ ª0DFKLFK© 'HU%HQWOH\VWDQGLP+RI(UZDULQ]ZLVFKHQZLHGHUHLQ -DKUlOWHUJHZRUGHQXQGLFKKDWWHLKQYRUHLQHP7DJ]XU ,QVSHNWLRQJHJHEHQ'HU]XVWlQGLJH0HLVWHUKDWWHGHQ.RSI JHZLHJWXQGJHPHLQWª:HQQ6LHQRFKOlQJHU)UHXGHDQ ,KUHP)DKU]HXJKDEHQZROOHQGUIHQ6LHHVQLFKWVRVWDUN PLKDQGHOQ6LU© (LQH$QWZRUWZDULFKLKPVFKXOGLJJHEOLHEHQ0LUKlWWHHU GDVQLFKW]XVDJHQEUDXFKHQVRQGHUQPHLQHQ*HJQHUQ 'lPRQHQQDKPHQQXQPDODXI$XWRVNHLQH5FNVLFKW $EHUGDV,QQHQOHEHQGHV)DKU]HXJVZDURND\ZLHPLUGHU 0HLVWHUYHUVLFKHUWH1XUYRQDXHQJOlQ]WHHUQLFKWPHKUVR ZLHIUKHU(LQLJH5RVWVWHOOHQGXUFK6WHLQVFKODJKHUYRUJH UXIHQZDUHQGRFK]XVHKHQ(LQHP)DKU]HXJHUJHKWHV HEHQVRZLHHLQHP0HQVFKHQ:LUZHUGHQDXFKQLFKWMQJHU
,FKJLQJHLQPDOXPGHQ:DJHQKHUXPXQGIDQGLKQJDQ] LQ2UGQXQJ(UVSUDQJDXFKVRIRUWDQNDXPGDHUGHQ =QGVFKOVVHOJHURFKHQKDWWH*HPlFKOLFKUROOWHLFKPLW GHP6LOEHUJUDXHQEHUGHQKLQWHUHQ3DUNSODW]DP
,FKNDQQWHPLFKLQ/RQGRQVHKUJXWDXV9RUDOOHQ'LQJHQ ZXWHLFKEHU6FKOHLFKZHJHLQGHUHLJHQWOLFKHQ&LW\ %HVFKHLG'LHVHV:LVVHQQXW]WHLFKDXVXPJLQJGLHJURHQ $PSHOVWDXVXQGJHODQJWHLQPHLQH:RKQJHJHQG 'HU:DJHQKDWWHZLHDXFK6XNRV)HXHUVWXKOVHLQHQ3ODW] LQGHU7LHIJDUDJH'LH3DUNWDVFKHQEHIDQGHQVLFKQHEHQHLQ DQGHU,FKVDKVLHLP/LFKWGHUHLQJHVFKDOWHWHQ6FKHLQZHUIHU GLHKHOOH7XQQHOVLQGDV'lPPHUOLFKWVWDFKHQ ,FKNXUEHOWHDP9RODQWXQGOHQNWHGHQVFKZHUHQ:DJHQ DXIVHLQHQ6WDQGSODW]/LFKWDXV*XUWO|VHQ0RWRUDEVWHOOHQ DOOHV%HZHJXQJHQGLHPLULQ)OHLVFKXQG%OXWEHUJHJDQJHQ ZDUHQ,FK|IIQHWHGLH7U ,UJHQGHLQ:DJHQIXKUPLWQLFKWPHKUKHLOHP$XVSXII'DV 5|KUHQKDOOWHYRQGHQ:lQGHQZLGHU 'LH7U]XP/LIWEHIDQGVLFKQLFKWZHLWHQWIHUQW,FK PXWHQXUGXUFKGHQ*DQJVFKUHLWHQ $OVLFKGDV+HFNPHLQHV:DJHQVSDVVLHUWKDWWHXQGPLFK QDFKUHFKWVZDQGWHGDJHVFKDKHV )UHLQHQ0RPHQWEOLHELFKVWHKHQGHQQLFKVDKGDGLH *HVWDOWYRUPLUDXIGHP%RGHQLQYHUNUPPWHU+DOWXQJ GDODJXQGEHLLKUHLQHGXQNOH)OVVLJNHLWDXVHLQHU9HU OHW]XQJDP.RSIUDQQ 7LHIJDUDJHQVLQG]ZDUEHTXHPDEHUDXFKJHIlKUOLFKH 2UWH6LHHLJQHQVLFKEHVRQGHUVIUhEHUIlOOHXQGPDQODV IDVWWlJOLFKYRQ9HUEUHFKHQGLHLQ7LHIJDUDJHQJHVFKHKHQ ZDUHQ 0LWHLQHU)DOOHUHFKQHWHLFKQLFKWHEHQZHLOLFKYRQGHQ %HULFKWHQZXWH0LWGUHLJURHQ6FKULWWHQZDULFKEHLGHP DP%RGHQOLHJHQGHQ0DQQEHXJWHPLFK]XLKPKLQXQWHU XQGQDKPHLQHQVHOWVDPHQ*HUXFKZDKUGHUPLW%OXWJHUXFK EHUKDXSWQLFKWEHUHLQVWLPPWH ,QPHLQHP.RSINOLQJHOWHHV$ODUP/HLGHU]XVSlWGHQQ HLQHNDOWH6WLPPHVDJWHª%OHLEVRZLHGXELVW%XOOHVRQVW MDJHQZLUGLUGHLQHQ6FKlGHOYROO%OHL©
$VPRGLQDNRFKWHIDVWEHULQLKUHU:XW6RHWZDVKDWWHVLH QRFKQLHHUOHEW'LHVHUYHUGDPPWH6SXNKDWWHHVWDWVlFKOLFK JHZDJWVLHGXUFK:RUWH]XGHPWLJHQ (LQH6FKDQGHHLQH8QYHUVFKlPWKHLWGLHVLHVLFKQLFKW OlQJHUELHWHQODVVHQNRQQWH 'DVZDU0HXWHUHL $POLHEVWHQKlWWHVLHLKUH.UlIWHYROODXVJHVSLHOWXQGYRU =RUQPHKUHUHLKUHU5HLFKHYHUQLFKWHW6RDEHUZDUVLH JHPHLQVDPPLWHLQLJHQ7RGHVHQJHOQLQLKU9HUVWHFNJH IOFKWHWXQGKRFNWHGRUWDXIHLQHPNQ|FKHUQHQ7KURQ ,KUH$XJHQVFKLHQHQLQ)ODPPHQ]XVWHKHQ'LH7RWHQ NRSINHWWHNOLUUWHZHQQVLHVLFKEHZHJWHXQGLKUH/LSSHQ IRUPWHQXQK|UEDUH:RUWH 6RHWZDVZDULKUQRFKQLHSDVVLHUWGDVGXUIWHHVQLFKW JHEHQGDVZDUHLQIDFK]XYLHO :DVQDKPVLFKGHU6SXNHLJHQWOLFKKHUDXV":ROOWHHU 6WUHLW"8QGZLHVRNDPHUGD]XVLFKQLFKWPHKUDXILKUH6HLWH ]XVWHOOHQ" 'DVPXWHHLQHQ*UXQGKDEHQ $VPRGLQDWUDWPLWGHPUHFKWHQ)XDXI(VJUROOWHDOVVLH GHQ%RGHQWUDIXQGQDFK6FKZHIHOVWLQNHQGHU5DXFKZDOOWH LQGLH+|KH6LHIDXFKWHZLHHLQ7LHUDEHUVLHZXWHDXFK GD:XWXQG=RUQVFKOHFKWH5DWJHEHUZDUHQ:HQQVLH HWZDVHUUHLFKHQZROOWHGDQQPXWHVLHHLVNDOWEHUOHJHQ XQGHEHQVRNDOWYRUJHKHQVLFKMHW]WQXUQLFKWYRQ 5DFKHJHIKOHQOHLWHQODVVHQREZRKOVLHJHUDGHGLH5DFKH XQGGLH$EUHFKQXQJQLFKWDXVGHQ$XJHQYHUORU 'HU6SXNVROOWHEHQ 1XUZDVKDWWHLKQGD]XYHUDQODWVRSO|W]OLFKJHJHQVLH GLH7RFKWHUGHV7HXIHOV]XRSSRQLHUHQ":DUHVQXUGLH 7DWVDFKHGD-RKQ6LQFODLUXQG*OHQGD3HUNLQVDXVGHP /DE\ULQWKGHU$QJVWHQWNRPPHQNRQQWHQ"1DWUOLFKGDV ]lKOWHXQGGHU6SXNKDWWHGXUFKGLHVH)OXFKWDXFKHLQH 1LHGHUODJHHUOLWWHQGHQQ*OHQGD3HUNLQVZDUQDFKGlPR QLVFKHU6LWWHGXUFK0DGGR[GHQXQKHLPOLFKHQ5LFKWHUYHU
XUWHLOWZRUGHQ'LH)OXFKWGHUEHLGHQ0HQVFKHQZDUQDWU OLFKHLQVFKZHUZLHJHQGHV(UHLJQLV$EHUZRJHVZLUNOLFKVR VFKZHUGDGHU6SXNDOOGDVEHUGHQ+DXIHQZDUIZDVLKQ MDKUHODQJDXVJH]HLFKQHWKDWWH" 'LHVNRQQWHVLFK$VPRGLQDQLFKWYRUVWHOOHQ)ULKQ PXWHHVQRFKHLQHQDQGHUHQ*UXQGJHEHQVLFKDOV $XVVWHLJHUJHZLVVHUPDHQ]XEHWlWLJHQ 'DZDUVLFKHUOLFKHLQLJHVJHVFKHKHQYRQGHPVLH $VPRGLQDNHLQH$KQXQJKDWWH6LHZDUHKUOLFKJHQXJVLFK HLQ]XJHVWHKHQGDVLHDXFK)HLQGHKDWWH6RJDUVWDUNH )HLQGHGLHVLFKLKUHQ7RGZQVFKWHQ'HQHQKDWWHHVYRQ %HJLQQDQQLFKWJHSDWGD$VPRGLVVHLQH7RFKWHUPLWHLQHU XQJHKHXUHQ0DFKWIOOHDXVJHVWDWWHWKDWWH'LHDQGHUHQ KDWWHQVLFKQLHGDPLWDEJHIXQGHQLPPHUQXUJHJHQVLH JHVWLFKHOWDEHUVLHZDUHQQRFKQLHRIIHQJHJHQ$VPRGLQD DQJHWUHWHQ 9RUDOOHQ'LQJHQZDUHQHVGLH$(%$'lPRQHQGLHHV VW|UWHGD$VPRGLQDVRPlFKWLJJHZRUGHQZDU6WHFNWHQ VLHYLHOOHLFKWKLQWHUGHQ9RUJlQJHQ" (VZDUP|JOLFK $OOHUGLQJVJDEHVQRFKHLQHDQGHUH*UXSSHGLH$VPRGLQD GHQ7RGDXVYROOHP+HU]HQZQVFKWH 6ROR0RUDVVRXQGVHLQH0RUGOLJD $OVGLH7HXIHOVWRFKWHUDQLKQGDFKWHGDYHU]HUUWHVLFKLKU JODWWHVNDOWHV*HVLFKW(VZXUGH]XHLQHUZLUNOLFKWHXI OLVFKHQ*ULPDVVHXQGGLH+DXWQDKPVRJDUHLQHQJUQ OLFKHQ6FKLPPHUDQVRZLHEHL$SHSGHU+|OOHQVFKODQJH GHQQ$VPRGLQDXQGGLH6FKODQJHZDUHQHLQXQGGLHVHOEH 3HUVRQ (LQSDDUPDOKDWWHHV'U7RGVFKRQYHUVXFKW(UZDU LPPHUZLHGHUDXIJHODXIHQ$VPRGLQDKDWWHVLFKLP(QG HIIHNWDOVGLH6WlUNHUHHUZLHVHQXQGVLHKDWWHHLQHQ)HKOHU EHJDQJHQZLHVLHVLFKQXQLPQDFKKLQHLQHLQJHVWDQG 6LHKlWWH'U7RGXQGPLWLKPGLH0RUGOLJDYHUQLFKWHQ VROOHQ
-DGDVZlUHGLHEHVWH/|VXQJJHZHVHQ6LHKDWWHHVQLFKW JHWDQZDVVLHQXQEHUHXWHGHQQGDPDOVKlWWHVLHJHUQLQGLH =XNXQIWJHVFKDXW/HLGHUZDUHQLKUGLH=HLFKHQGHU=HLW YHUERUJHQJHEOLHEHQ6LHKlWWHZLVVHQVROOHQGD'U7RGHV LPPHUZLHGHUYHUVXFKHQZUGHGRFKHVJDE]ZLVFKHQ LKQHQHLQH*HPHLQVDPNHLWGLHVLHSUDNWLVFK]XVDPPHQNLW WHWHREZRKOVLHGLHVHXQWHUVFKLHGOLFKHQ$QVLFKWHQKDWWHQ 'LHVH*HPHLQVDPNHLWWUXJGHQ1DPHQ-RKQ6LQFODLU 'HU*HLVWHUMlJHUZDULKUHUEHLGHU)HLQG6RJDUHLQ7RG IHLQG8PLKQ]XYHUQLFKWHQKDWWHGLH7HXIHOVWRFKWHUEHU PDQFKDQGHUHVKLQZHJJHVHKHQ 1XQDOOHUGLQJVZDUVLHDQHLQHP3XQNWDQJHODQJWZRVLH VLFKVHOEVWHLQH)UDJHVWHOOHQPXWH'U7RGRGHU-RKQ 6LQFODLU"$XIZHQVROOWHVLHLKUHK|OOLVFKHQ.UlIWHNRQ]HQ WULHUHQ" 6LQFODLUHLQ)HLQG'U7RGHEHQIDOOV6LHEHVFKORLKUH .UlIWHDXIGLH0RUGOLJDXQGLKUHQ$QIKUHU]XNRQ]HQWULH UHQGHQQHUZDUGHU*HIlKUOLFKHUHZHQQPDQLKQ]XP *HJQHUKDWWH'HU*UXQGODJDXIGHU+DQG6LQFODLUZDUHLQ 0HQVFK8QGDOV0HQVFKEHVDHUDXFK*HIKOH(UNDQQWH $QJVWGLH)UHXGHKDWWHDOOHPHQVFKOLFKHQ6FKZlFKHQXQG 9RU]JHXQGHUEHVDQRFKHWZDVHLQ*HZLVVHQ -DHUKDWWHHLQ*HZLVVHQ(UZDUOlQJVWQLFKWVRHLVNDOWXQG JLQJQLFKWEHU/HLFKHQ$XI0HQVFKHQQDKPHU5FNVLFKW ZlKUHQG'U7RGVLHHLVNDOWLQGLH:DDJVFKDOHZDUIGHQQ LKQLQWHUHVVLHUWHHLQ0HQVFKQXUVRODQJHZLHGHUIULKQ QW]OLFKZDU*LQJGLH=HLWYRUEHLGDQQOLHHULKQIDOOHQ ZDV]XPHLVWPLWHLQHP0RUGDQGLHVHU3HUVRQHQGHWH 0LWGHUJOHLFKHQ%UXWDOLWlWZUGH'U7RGDXFKJHJHQ $VPRGLQDYRUJHKHQGRFKGLH7HXIHOVWRFKWHUVW|UWHVLFK QLFKWGDUDQ6LHZUGHHEHQVRHLVNDOWEHU/HLFKHQJHKHQ ZLHLKU)HLQG ,KUH*HGDQNHQGUHKWHQVLFK]ZDUQRFKLPPHUXP'U7RG DEHUVLHEHZHJWHQVLFKMHW]WLQHLQHDQGHUH5LFKWXQJ $VPRGLQDGDFKWHGDUDQGD6ROR0RUDVVRDXVVHLQHQ
1LHGHUODJHQJHOHUQWKDWWH(UZUGHVLFKHUOLFKQLFKWPHKUVR IRUVFKYRUZlUWVVWUPHQXQGGLUHNWDXIVHLQ=LHOORVJHKHQ :LH$VPRGLQDLKQMHW]WHLQVFKlW]WHVXFKWHHUVLFKHUOLFK QDFKVSLW]ILQGLJHUHQ0HWKRGHQXQG5DIILQHVVHJHK|UWHEHL LKPGD]X'LH+LQWHUOLVWZDUEHLLKPDQJHERUHQ(UZUGH HVPLWDOOHQ7ULFNVYHUVXFKHQXQG$VPRGLQDZROOWHLQGHU QlFKVWHQ=HLWZLUNOLFKPHKUDOVYRUVLFKWLJVHLQ 6LHGDFKWHDXFKDQ$VPRGLVGHUSUDNWLVFKLKU9DWHUZDU (UPXWHLKUKHOIHQZHQQVLHLKQGDUXPEDWGHQQHVJDE NHLQHQDQGHUHQ:HJ 'DEHLKDWWHVLFK$VPRGLVRIWQLFKWVHKUNRRSHUDWLRQVEHUHLW JH]HLJW(UKDWWHVHLQH7RFKWHUDOOHLQJHODVVHQ6LHVROOWH VHOEVWDXIVLFKDFKWJHEHQXQGLKUHHLJHQHQ:HJHJHKHQVR ZLHHUVHLQHHLJHQHQ:HJHJLQJ ,P$QIDQJKDWWH$VPRGLQDGLHVJHZXUPWGRFKPLWWOHU ZHLOHKDWWHVLHVLFKGDUDQJHZ|KQW$OOHUGLQJVEHIDQGVLH VLFKQXQLQHLQHU/DJHLQGHUVLH+LOIHEUDXFKHQNRQQWH XQGVLHGDFKWHVHKUVWDUNDQ$VPRGLV6LHZQVFKWHLKQ VLFKKHUEHL (UNDP $VPRGLVZDUGHU+HUUVFKHU]XGHPZDUHUHLQ7HOHSDWK (UNRQQWHGLH*HGDQNHQVHLQHU7RFKWHUHPSIDQJHQ =XHUVWHUVFKLHQGDV)HXHU (LQHZLOGHIODPPHQGH/RKHJUQURWOHXFKWHQGXQGDOOHV YHUEUHQQHQGZDVVLFKLKPLQGHQ:HJVWHOOWH $VPRGLQDVWDQGYRQLKUHP7KURQDXI6LHEOLFNWHVWDUULQ GLHVHOWVDPHQ)ODPPHQGLHQLFKWHLQPDO+LW]HYHUVWU|PWHQ XQGVDKGDULQGDVIUDW]HQKDIWH*HVLFKWLKUHV9DWHUVOHXFKWHQ 'LHDOWHQ0DOHUXQG+RO]VFKQLW]HUGHV0LWWHODOWHUV KDWWHQWDWVlFKOLFKUHFKWJHKDEW'HU7HXIHO]HLJWHVLFKDOV ]LHJHQN|SILJHU%DVWDUG'HU6FKlGHOKDWWHGLH)RUPHLQHV 'UHLHFNV+|UQHUZXFKVHQZLHEHL$VPRGLQDDXVGHU6WLUQ GLH$XJHQZDUHQ.UHLVHLQHLQHPEUDXQHQ*HVLFKW6LH OHXFKWHWHQZLHGDV)HXHUNDOWHU'LDPDQWHQ2KQH*HIKO RKQH*QDGH
'DV:DKQVLQQVSURGXNWGHU+|OOHVWDQGYRU$VPRGLQD XQGVFKDXWHVLHDQ(LQ0HQVFKZlUHYLHOOHLFKWYHUJDQJHQ QLFKWDOOHLQGXUFKGHQ$QEOLFN(UZDUJDUQLFKWVRVFKOLPP GRFK$VPRGLVYHUEUHLWHWHHLQH$XUDGHV*UDXHQV 6LHZDUNDXP]XEHVFKUHLEHQVRVFKUHFNOLFKVWHOOWHVLHVLFK GDU,QLKUVFKLHQHQDOOH.UlIWHXQG%|VDUWLJNHLWHQGHU+|OOH VRZLHGHV'lPRQHQUHLFKHVYHUHLQW]XVHLQ $VPRGLQDHUVFKUHFNWHGLHVH$XUDQLFKW,P*HJHQWHLOVLH ZDUIUVLHHLQ/DEVDOXQGVLHEDGHWHVLFKUHJHOUHFKWGDULQ JDEVLHLKUGRFK.UDIWXQG0DFKW ª'XKDVWPLFKJHUXIHQ"©-HGHV:RUWGHV7HXIHOVNODQJZLH HLQ'RQQHUJUROOHQ ª-D© 'LH)ODPPHQILHOHQ]XVDPPHQQXUGDV*HVLFKWEOLHEª,FK KRIIHGXNDQQVWPLUHLQHQWULIWLJHQ*UXQGIUGHLQH6W|UXQJ QHQQHQ$VPRGLQD© ª'DVNDQQLFK© ª'DQQUHGH© ª(VJHKWXPGHQ6SXN© 'HU7HXIHOODFKWHVFKDOOHQGª8PGHQ6SXN"©K|KQWHHU ª,VWHUQLFKWGHLQ)UHXQG"+DWHUGLUQLFKWJHKROIHQGLH6HHOH GHV'U7RG]XKROHQ"© ª'DVVFKRQ(UVWDQGDXFKLPPHUDXIPHLQHU6HLWHDEHU MHW]WQLFKWPHKU'HU6SXNPHXWHUW© 'DV*HVLFKW$VPRGLV YHU]HUUWHVLFKª(UPHXWHUWDOVR GLHVHU:LFKW:LHVR"© ª(UZLOOPHLQH0DFKWQLFKWDQHUNHQQHQ© ª'DQQVRUJHGDIUGDHUHVWXW©]LVFKWH$VPRGLV$OV $VPRGLQDNHLQH$QWZRUWJDEIUDJWHHUODXHUQGª2GHUELVW GX]XVFKZDFKPHLQH7RFKWHU"© ª,FKIUFKWHMD© )UHLQHQ0RPHQWVFKZLHJ$VPRGLV'DQQEHJDQQHU]X ODFKHQ'DVZDUHLQZDKUHV+|OOHQJHOlFKWHU(VVFKDOOWHXQG KDOOWHZDQGHUWHZHLWHUGXUFKGLH'LPHQVLRQHQXQGWULHE DOVVFKDXULJHV(FKRKLQDXVLQGLH8QHQGOLFKNHLWGHV
'lPRQHQUHLFKHV'HU7HXIHONRQQWHVLFKNDXPEHUXKLJHQ XQGDOVHUVFKOLHOLFKVHLQ/DFKHQDEEUDFKGDVWLHHUHLQ WLHIHV.QXUUHQDXV ª'XELVWOlFKHUOLFKPHLQH7RFKWHU+DEHLFKGLFKHUVFKDI IHQGDPLWGXNDSLWXOLHUVW",FKKDWWHPLUPHKUYRQGLUHU ZDUWHWEHVRQGHUVGHVKDOEZHLOGXGLUMDGHLQH'LHQHU JHKROWKDVW'HU6SXN'U7RGGLH0RUGOLJDZDVLVWPLW LKQHQ"6LQGDXVGHQ=DXEHUOHKUOLQJHQ0HLVWHUJHZRUGHQ"© ª6RlKQOLFK©JDEGLH7HXIHOVWRFKWHU]X ª'DQQYHUQLFKWHVLH© :LHGHUQDKPGDV*HVLFKWYRQ$VPRGLQDHLQHQJUQHQ 6FKLPPHUDQ(LQ=HLFKHQZLHQDKHLKUGLH:RUWHLKUHV 9DWHUVJLQJHQª(VJHKWQLFKWPHKUVRHLQIDFK6LHVLQGPLU ]XPlFKWLJJHZRUGHQ,FKEHNRPPHVLHQLFKWVRRKQHZHL WHUHVNOHLQ0RUDVVRDOOHLQMDDEHUHUKDWVLFK+HOIHUJHKROW GLHHLQHQLHJHNDQQWH6WlUNHDXIZHLVHQ6LHHQWVWDPPHQ ]XP7HLODQGHUHQ0\WKRORJLHQJHJHQGLHLFKQLFKWVDXV ULFKWHQNDQQDXFK$SHSQLFKWZLHGXDXVGHUIHUQHQ 9HUJDQJHQKHLWVHOEVWZHLW© ª-DMDGDVNHQQHLFKDOOHV©'HU7HXIHOJULQVWHKlOLFK ª:DVKDWGDVPLWPLU]XWXQ"© ª'XVROOVWPLUKHOIHQ© ª,FK"©.UHLVFKHQGODFKWH$VPRGLVDXI(UODFKWHVRVHKU GDDXVVHLQHQNDOWHQ$XJHQGXQNOH7UlQHQUROOWHQª,FK ZHUGHGLUQLFKWKHOIHQ'XELVWHLQVHOEVWlQGLJHV*HVFK|SI XQGGXKDVWPLULPPHUHU]lKOWGDGXPLWGHLQHQ 3UREOHPHQXQWHUGLHMDDXFKHLQJHZLVVHU-RKQ6LQFODLUIlOOW DOOHLQIHUWLJZLUVW© ª'XELVWQXU]XIHLJH©VFKULH$VPRGLQDª'XELVWYLHO ]XIHLJHGHQQJHJHQGHQ*HLVWHUMlJHUNRPPVWDXFKGX QLFKWDQ© ª+WHGHLQH=XQJH©]LVFKWHGHU7HXIHO ª6WLPPWHVHWZDQLFKW"6ROOLFKGHLQJDQ]HV,PSHULXP]HU VW|UHQGDVGRFKQXUDXIHLQHU/JHDXIJHEDXWLVW"'LH 0HQVFKHQKDVWGXGLH-DKUKXQGHUWHEHUJHWlXVFKW'XELVW
QLFKWGHUREHUVWH+HUUVFKHUGHU+|OOH1HLQGDVELVWGX QLFKW(VYHUKlOWVLFKDOOHVJDQ]DQGHUVXQGZHQQHVGLH 0HQVFKHQZWHQZUGHLKUJHVDPWHU*ODXEHZLHHLQ .DUWHQKDXV]XVDPPHQEUHFKHQGDVNDQQLFKGLUYHUVSUH FKHQ:HQQGXPLUQLFKWKLOIVWGDQQZHUGHLFK©$XIHLQ PDOVFKRVVHQ)ODPPHQDXVVHLQHP0DXO6LHIXKUHQ]LVFKHQG LQ$VPRGLQDV*HVLFKWZRVLHGLH+DXWYHUEUDQQWHQ 'LH7HXIHOVWRFKWHUEUOOWH=XPHUVWHQPDOYHUVSUWHVLH 6FKPHU]HQ(VVFKLHQLKUDOVZUGHJOKHQGHVIOVVLJHV 0HWDOOLKUH+DXW]HUIUHVVHQDOVGHU.RSIYRQGHQ5DPPHQ XPKOOWZXUGH6LHPHUNWHZLHHWZDVPLWLKUHU*HVLFKWV KDXWJHVFKDKNRQQWHMHGRFKQLFKWVHKHQZDV(UVWDOVGDV )HXHUDENKOWHKDWWHVLHZLHGHUIUHLH6LFKWXQGVFKDXWH $VPRGLVDQ ª1RFKHLQPDOGLHVH:RUWHXQGLFKZHUGHGLFKJDQ]YHU EUHQQHQ©GURKWHGLHVHUª6RLVWHVQXUGHLQ*HVLFKW©$XV GHP1LFKWVHUVFKLHQHLQ$UPXQGGDPLWHLQHEUDXQH.ODXH PLWODQJHQ1lJHOQ'LH.ODXHKLHOWHLQHVFKZDU]HSROLHUWH XQGVSLHJHOQGH)OlFKHXPNODPPHUWGLHWDWVlFKOLFKbKQ OLFKNHLWPLWHLQHP6SLHJHOKDWWH $VPRGLQDVDKVLFKGDULQ(VZDUHLQGlPRQLVFKHU6SLHJHO GHULKU*HVLFKW]HLJWH 1LFKWVZDUYRQGHUNDOWHQ3UDFKWJHEOLHEHQ'LH+DXWZDU Y|OOLJYHUEUDQQW6FKZDU]XQGDXIJHUDXKWSUlVHQWLHUWHVLH VLFKXQGGLH7HXIHOVWRFKWHUVDKLQQHUKDOEGHV6SLHJHOVMHGHV 'HWDLO1XUGLH$XJHQEOLFNWHQKHOO6LHHULQQHUWHQDQ]ZHL .XJHOQ'LH+DDUHKDWWHQHEHQIDOOVGLH)DUEHEHKDOWHQ1DFK ZLHYRUOHXFKWHWHQVLHURW6LHVFKXIHQHLQHQKDUWHQ.RQWUDVW ]XP6FKZDU]GHV*HVLFKWHV ª5HLFKWGLUGDVDOV$QWZRUW"©IUDJWH$VPRGLV 6HLQH7RFKWHUHQWJHJQHWHQLFKWV'HQQVLHKlWWHQLFKW DQGHUVJHKDQGHOWDOV$VPRGLV%HL'lPRQHQXQG:HVHQGHU )LQVWHUQLVJDEHVNHLQH%H]LHKXQJHQZLHEHLGHQ0HQVFKHQ -HGHUGDFKWHQXUDQVHLQHQHLJHQHQ9RUWHLO(UVSLHOWHGLHVHQ HLVNDOWDXV:LH$VPRGLV
(VGDXHUWHHLQH:HLOHELVVLFKGLH7HXIHOVWRFKWHUZLHGHU JHIDQJHQKDWWH'DQQVDJWHVLHª,FKKDEHGHLQH$QWZRUW YHUVWDQGHQ,FKZHLDXFKGDGXVHOEVWJHQXJ3UREOHPH KDVWGHQQDXFKGXVWHKVWDXIGHU/LVWH+WHGLFK$VPRGLV 6ROOWHLFKLUJHQGZDQQQLFKWPHKUVHLQZLUGHVQLFKWODQJH GDXHUQGDQQELVWGXDXFKYHUVFKZXQGHQ© ª:LOOVWGXPLUGURKHQ"© ª1HLQGDVNDQQLFKQLFKW'XELVWVWlUNHU'XKDVWHVMD GXUFKGDV)HXHUEHZLHVHQ$EHUHLQVVDJHLFKGLU1LPPGLU QLFKW]XYLHOKHUDXV8QWHUVFKlW]HPLFKQLFKW,FKZHUGH NlPSIHQ© ª$XFKJHJHQPLFK"© ª%LVWGXPHLQ*HJQHU"© ª,FKZUGHGLFK]HUUHLHQ©VFKULHGHU7HXIHO,PQlFKVWHQ $XJHQEOLFNHQWVWDQGHQZLHGHUGLHJUQJHOEHQ)ODPPHQ KOOWHQGDV*HVLFKWQHEVW$UPXQG+DQGHLQGDQQZDUGHU 6DWDQYHUVFKZXQGHQ =XUFNEOLHE$VPRGLQD0LWHLQHP]HUVW|UWHQ*HVLFKWGDV ZLHVFKZDU]HVYHUEUDQQWHVXQGDXIJHUDXKWHV/HGHUDXVVDK 'LH+lQGHKDWWHVLH]XYRU]X)lXVWHQJHEDOOWJHKDEW-HW]W KREVLHGLHUHFKWH+DQGDQXQG|IIQHWHGLH)DXVW (LQNOHLQHU*HJHQVWDQGODJGDULQ (LQVLOEHUQHU1DJHO (UKDWWHLKUQLFKWVJHWDQREZRKOHUDXVJHZHLKWHP6LOEHU EHVWDQG1XUHLQNDXPZDKUQHKPEDUHU$EGUXFNZDUDXI GHU+DQGIOlFKH]XVHKHQ0HKUQLFKW 8QGGDQQIOVWHUWHVLHIROJHQGH:RUWHª1RFKKDEHLFK GLFKQLFKW6ROR0RUDVVRDEHULFKEHVLW]HGHQ1DJHO6FKRQ HLQPDOKDWHUGLFKJHW|WHWXQGHUZLUGHVDXFKHLQ]ZHLWHV 0DOVFKDIIHQ'DVYHUVSUHFKHLFKGLU© 8QGGLHVPDOZDUVLHHVGLHHLQJHOOHQGHV*HOlFKWHU DXVVWLH
,FKKlWWHPLFKVHOEVWLUJHQGZRKLQEHLHQN|QQHQGHQQLFK ZDUDXIHLQHQ8UDOW7ULFNUHLQJHIDOOHQ0LWGHQ*HGDQNHQ VFKRQEHLP)HLHUDEHQGOLHILFKYROOLQGLH)DOOH -HPDQGKDWWHKLQWHUPLUJHVSURFKHQ'DVJDEPLUQLFKWGLH *HZlKUGDHVDXFKWDWVlFKOLFKQXUHLQ7\SZDUGHUVLFKLQ PHLQHP5FNHQDXIKLHOW8QGHLQHJHODGHQH:DIIHKLHOWHU VLFKHUOLFKLQGHU+DQGGDUDXINRQQWHLFK*LIWQHKPHQ 'HU.HUOYRUPLUDP%RGHQGUHKWHVLFKDXIGHQ5FNHQ XQGJULQVWH'DQQKREHUGHQ$UPXQGZLVFKWHGDV!%OXW YRQVHLQHU6WLUQ(VZDU.HWFKXSPLWLUJHQGHLQHP=HXJ YHUGQQW9RQZHLWHPKDWWHHVHFKWHP%OXWlKQOLFKJHVHKHQ ª5KUGLFKMDQLFKW%XOOH©]LVFKWHDXFKHUXQGUXWVFKWH YRUPLUEHUGHQ%RGHQ(UDWPHWHGDEHLVWRZHLVHXQG NOHLQHJUDXH:RONHQVWDQGHQYRUVHLQHQ/LSSHQ +LQWHUPLUSILIIMHPDQGHLQ/LHGFKHQGDVDEEUDFKDOVGHU 7\SYRUPLUDXIGLH%HLQHNDPXQGVLFKGDVUHVWOLFKH=HXJ DXVGHQ+DDUHQVFKWWHOWH 'LFNH7URSIHQEOLHEHQDXIGHP%RGHQ]XUFN,FKVWHOOWH PLUGLH)UDJHREVLFKQLFKWPHLQ%OXWEDOGPLWGHPQDFK JHPDFKWHQYHUPLVFKHQZUGH ª8QGQXQGUHKGLFKXP%XOOH©'DVVDJWHGHU7\SGHU PLFK]XHUVWDQJHVSURFKHQKDWWH ,FKNDPVHLQHU$XIIRUGHUXQJODQJVDPQDFK'LH+lQGH KDWWHLFKGDEHLHUKREHQ 6LHZDUHQ]XGULWW9RUPLUVWDQGHQ]ZHLXQGKLQWHUPLU KLHOWVLFKQRFKGHUDQJHEOLFK9HUOHW]WHDXI'LHEHLGHQ7\SHQ VDKHQZLUNOLFKQLFKWVRDXVDOVZlUHPLWLKQHQ]XVSDHQ ,FKNDQQWHVROFKH.HUOH'LHZDUHQPLWDOOHQ:DVVHUQJH ZDVFKHQ(LVNDOWH6RKR.LOOHUXQG6FKOlJHU %HLGHWUXJHQ/HGHUMDFNHQ'LH)DUEHNRQQWHLFKQLFKW JHQDXHUNHQQHQGLH-DFNHQZDUHQDEHUGXQNHO(LQHUZDU HLQ)DUELJHU(UKDWWHJURHDEVWHKHQGH2KUHQGLHZHJHQ GHUDXIGHP.RSIVLW]HQGHQ3XGHOPW]HEHVRQGHUVDXI ILHOHQ$XIVHLQHU2EHUOLSSHZXFKVHLQSHFKVFKZDU]HU %DUWIODXP
'HU]ZHLWHZDU]ZDUZHLDEHUHUVFKLHQHLQHVFKZDU]H 6HHOH]XKDEHQ8QGLFKJODXEWHVRJDULKQHUNDQQW]X KDEHQ:HQQPLFKQLFKWDOOHVWlXVFKWHKDWWHLFK'DUOLQJ 5REHUWVDXIHLQHP)DKQGXQJVIRWRJHVHKHQ$XVZHOFKHP *UXQGHPDQLKPGHQ1DPHQ'DUOLQJJHJHEHQKDWWHZXWH LFKQLFKWJHQDX$QJHEOLFKKDWWHHUVLFKDOV+DOEZFKVLJHU IUKHUPDOLQGHU+RPRV]HQHDQJHERWHQ -HW]WIKUWHHUGDVJURH:RUWª-D%XOOHGDELVWGXUHLQ JHIDOOHQQLFKW"©(UVFKZHQNWHVHLQH:DIIHHLQH/XJHU 3LVWROH ,FKKREGLH6FKXOWHUQª2ND\LKUKDEWPLFK1XUNDQQLFK PLUQLFKWYRUVWHOOHQZDVLKUHLJHQWOLFKYRQPLUZROOW© 'DJULQVWHQEHLGH$XFKGHU7\SLQPHLQHP5FNHQ ODFKWHª%XOOHQVLQGIUXQVLPPHUHLQEHVRQGHUHV)HVWHVVHQ .DQQVWGXGDVQLFKWYHUVWHKHQ"© ª1HLQ© ª8QGZDUXPQLFKW"©'HU)DUELJHKHFKHOWHGHQ6DW] KHUYRU ª:HLOLFKPHLVWXQYHUGDXOLFKELQ© -HW]WKDWWHQVLHLKUHQ6SDXQGZLHKHUWHQ$OOHUGLQJVQLFKW VRODXWGDHVGXUFKGLHJHVDPWH*DUDJHVFKDOOWHGHQQVLH PXWHQGDPLWUHFKQHQGD=HXJHQDXIWDXFKWHQ (LQHQ6FKDOOGlPSIHUKDWWHGHU7\SQLFKWDXIGLH0QGXQJ JHVFKUDXEW'LHVH7DWVDFKHNRQQWHPHLQH&KDQFHQYHU EHVVHUQGHQQXPEULQJHQZROOWHQGLH.HUOHPLFKZRKOQLFKW 'DQQKlWWHQVLHVLFKDQGHUVYHUKDOWHQ6LHKDWWHQLUJHQG HWZDVDQGHUHVDXI/DJHU ª:DVVROOGDV*HUHGH"6DJWPLUZDVLKUYRQPLUZROOW $XFKHLQ3ROL]LVWKDWHLQ5HFKWDXI)HLHUDEHQG© ª:LOOVWZRKOPLW QHU6HQDXIGLH0DWUDW]HVWHLJHQ %XOOHZLH"©KHFKHOWHGHU/XJHU7UlJHUª$EHUGDUDXVZLUG QLFKWV*DUQLFKWVJODXEPLU'HQQ-DPLHZLUGVLFKMHW]WPLW GLUEHVFKlIWLJHQ8QGYLHOOHLFKWVFKQHLGHWHUULFKWLJ]X:HU ZHL"©(UJULQVWHPLFKDQXQGGLH.DQRQHODJUXKLJLQ VHLQHU5HFKWHQ
$OVRGRFK3URILV 0LUZXUGHHVODQJVDPXQJHPWOLFK-DPLHZDUGHU 6FKZDU]H8QGHUQLFNWHDOVHUVHLQHQ1DPHQK|UWH(U ZUGHVLFKHUOLFKJHUQVFKQHLGHQQXUZRPLW" 'DV0HVVHUVFKWWHOWHHUVLFKZLUNOLFKDXVGHPbUPHO 2ELKUHVJODXEWRGHUQLFKW)UHXQGHLFKVDKNHLQ+HIWVRQ GHUQQXUHLQHYHUGDPPWODQJHGQQH.OLQJHGLHVFKRQ PHKUbKQOLFKNHLWPLWHLQHU6WULFNQDGHOKDWWH,UJHQGZLH ZDUVLHDQVHLQHP$UPEHIHVWLJWXQGIXKUDXIHLQHQ .RQWDNWKHUDXV -HW]W]HLJWHVLHDXIPLFK'DQQGUHKWH-DPLHVLHXQG JULQVWHQRFKEUHLWHUª'DPLWNDQQLFKVFKQHLGHQ© ª6LFKHU©,FKQLFNWHª*LEQXUDFKWGDGXGLUQLFKWLQV HLJHQH)OHLVFKVFKQHLGHVW© -DPLHODFKWH(UNRQQWHVLFKEHUKDXSWQLFKWPHKUHLQ NULHJHQ'DEHLERJHUGHQ2EHUN|USHU]XUFNXQGGUHKWH GHQ.RSIXPVHLQHQ.XPSDQDQ]XVFKDXHQ $XFKGHUVDK]XLKP 0LFKOLHHUIUHLQHQ6HNXQGHQEUXFKWHLODXVGHQ$XJHQ 'DYHUVXFKWHLFKHV$XFKZHQQKLQWHUPLUGHU9HUOHW]WH VWDQGXQGLFKQLFKWZXWHREHUHLQH:DIIHDXIPLFKJHULFK WHWKLHOW ,FKVWDUWHWHXQGZDUIPLFKJHJHQ-DPLH0HLQH+DQGNDQWH ZKOWHVLFKGXUFK(UYHU]RJGDV*HVLFKWGDV*ULQVHQ HUVWDUUWH]XU*ULPDVVHGDQQNLSSWHHUPLWZHLFKHQ.QLHQ JHJHQVHLQHQ.XPSDQPLWGHU/XJHUGHQQPHLQ+LHEKDWWH LKQYHUGDPPWPLWJHQRPPHQ,FKK|UWHLKQSIHLIHQGDWPHQ XQGDXFKVW|KQHQ ª'LH%XOOHQVDXGLHVHU+XQG'LHVHU© 1RFKKDWWH'DUOLQJVHLQH.DQRQH'DVJHILHOPLUJDUQLFKW 'RFKLQPHLQHU(XSKRULHKDWWHLFKGHQGULWWHQ7\SYHU JHVVHQ'HUDQJHEOLFK9HUOHW]WHZXUGHVHKUVFKQHOODNWLY (UVSUDQJPLULQGHQ1DFNHQ'DVZlUHQLFKWHLQPDOVR WUDJLVFKJHZHVHQDEHUHUKLHEPLWEHLGHQ+lQGHQ]XXQG GHQ6FKODJYHUWUXJK|FKVWHQVHLQ2FKVH
,FKZDUMHGHQIDOOVNHLQHUNULHJWHSO|W]OLFKNHLQH/XIWPHKU ZHLOPDQPHLQHQ5FNHQª]HUVFKQLWWHQ©KDWWHXQGVDKDOOHV QXUYHUVFKZRPPHQ'LHEHLGHQDQGHUHQ.HUOHZXUGHQ]X DXIJHEOlKWHQ%DOORQV -DPLHKDWWHQRFK6FKZLHULJNHLWHQPLWGHP*OHLFKJHZLFKW (UZXUGHQLFKWPHKUYRQVHLQHP3DUWQHUJHKDOWHQXQGIU PLFKVDKHUDXVZLHHLQHDXIJHEODVHQH%XEEOHJXP)LJXU 'DUOLQJKLHOWQRFKVHLQH3LVWROHIHVW'DPLWVFKOXJHU]X 0HLQ6HKXQGDXFK5HDNWLRQVYHUP|JHQZDUHQVFKZHU EHHLQWUlFKWLJW:DVPLUVRODQJHYRUNDPGDVJHVFKDKLQ :LUNOLFKNHLWLQQHUKDOEYRQ6HNXQGHQ 'DUOLQJKROWHQLFKWHLQPDOZHLWDXVDEHUGHU:DIIHQJULII VROOWHPHLQH6WLUQWUHIIHQ 5LHVHQJURWDXFKWHHUYRUPLUDXIXQGGDQQGU|KQWH HWZDVJHJHQPHLQHQ.RSI*OHLFK]HLWLJSODW]WHLP6FKlGHO HLQLJHVDXIMHGHQIDOOVKDWWHLFKGDV*HIKO8QGLPQlFKVWHQ $XJHQEOLFNPHOGHWHLFKPLFKDE,FKILHOQDFKYRUQ =XOHW]WK|UWHLFKQRFKHLQ'U|KQHQ$XIGLH(UGHNRQQWH LFKQLFKWJHIDOOHQVHLQGDIUDOOHUGLQJVDXIGLH.KOHUKDXEH HLQHVDEJHVWHOOWHQ:DJHQV9RQLKUUXWVFKWHLFKODQJVDP QDFKXQWHQXQGOHJWHPLFKDXIGHPVFKPXW]LJHQ%RGHQGHU 7LHIJDUDJHODQJ 'DVZDU V 'LHGUHL6FKOlJHUMHGRFKHUZDFKWHQ]XHLQHUILHEHUKDIWHQ 7lWLJNHLW 'LH)LQJHUZDUHQODQJZLH3IHLOH'D]XPLWVSLW]HQ1lJHOQ DXIGHQHQGHUJUQH/DFNJOlQ]WH 'DEHLVWDFKHQGLH+lQGHDXV]ZHLbUPHOQKHUYRUGLH]X HLQHP*HZDQGJHK|UWHQGDVHLQHYLROHWWH)DUEHKDWWHXQG ZLH6HLGHJOlQ]WH hEHUJHVWUHLIWKDWWHGDV*HZDQGHLQHDXHUJHZ|KQOLFKH )UDX(LQ:HVHQGDV]XGLHVHU.OHLGXQJSDWHGHQQGLH )UDXNRQQWHPDQZLUNOLFKPLWGHP%HJULIIJHKHLPQLVYROO
XPVFKUHLEHQ8QGVLHWDWDOOHVXPGDV*HKHLPQLVXPLKUH 3HUVRQ]XEHZDKUHQ ,KU1DPH7DQLWK ,KU%HUXI:DKUVDJHULQXQG$VWURORJLQ ,KU(LQNRPPHQVHKUKRFK *HUDGHGDVOHW]WHPXWHPDQEHVRQGHUVDQPHUNHQGHQQ LQGHQYHUJDQJHQHQ]ZHL-DKUHQKDWWHQ+HOOVHKHUXQG:DKU VDJHULQQHQHLQH+RFKNRQMXQNWXUHUOHEW'XUFK)HUQVHK VHQGXQJHQXQG=HLWXQJVEHULFKWHZDUHQVLHLQDOOHU0XQGH XQGEHVRQGHUVWDWVLFKHLQHDWWUDNWLYH6FKZHL]HULQKHUYRU GLHSUDNWLVFKLQJDQ](XURSDHLQ%HJULIIZDUXQGVRJDUHLQH HLJHQH)HUQVHKVFKDXKDWWH 1LFKWVR7DQLWK 6LHKDWH3RSXODULWlWGHQQVLHEUDXFKWHVLHQLFKW7DQLWK KDWWHDXFKVRLKUHQ.XQGHQVWDPPXQG]XGHP]lKOWHQGLH UHLFKVWHQ/HXWHGHU:HOW 'HUJULHFKLVFKHgOPLOOLDUGlUVXFKWHVLHHEHQVRDXIZLHGHU GHXWVFKH,QGXVWULHOOHRGHUGHUIUDQ]|VLVFKH$GHOLJH(QW VSUHFKHQGKRFKZDUHQLKUH+RQRUDUHGRFKGLH*lVWH ]DKOWHQJHUQGHQQGLH9RUDXVVDJHQHLQHU7DQLWKWUDIHQIDVW LPPHUHLQ %LVKHUKDWWHVLHNDXPHLQHQ)ORSHUOHEW0DQYHUOLHVLFK DXIVLHXQGPDQJDELKUHQ1DPHQZHLWHU6RZXWHQGLH UHLFKHQ%HNDQQWHQLKUHU.XQGHQ%HVFKHLGDQZHQVLHVLFK ]XZHQGHQKDWWHQZHQQHV3UREOHPHJDE8QG7DQLWKZDU DXVJHEXFKW$OOHUGLQJVYHUWHLOWHVLHGLH7HUPLQHJXWQLH PHKUDOVGUHLLQGHU:RFKHGHQQVLHZROOWH=HLWKDEHQVLFK PLWLKUHP%HUXIKREE\LVWLVFK]XEHVFKlIWLJHQ6LHKDWWHGLH :LUNXQJGHU7DURFNNDUWHQJHQDXVWXGLHUW6LHNDQQWHGHQ 9HUODXIGHU*HVWLUQHZXWHZHOFKHQ(LQIOXVLHDXIGLH 0HQVFKHQKDWWHQXQGLKUZDUEHNDQQWGDHV]ZLVFKHQ +LPPHOXQG(UGH'LQJHJDEGLHPLWGHUUHLQHQ$VWURORJLH QLFKW]XHUNOlUHQZDUHQ (VZDULKUJHOXQJHQPLWDQGHUHQ.RQWDNWDXI]XQHKPHQ 'XUFKHLQ0HGLXPKDWWHVLHDQGHUH5HLFKHNHQQHQJHOHUQW
-HQVHLWVUHLFKHLQGHQHQGHU6FKUHFNHQXQGGLH$QJVW]X +DXVHZDUHQ 7DQLWKZDUZLUNOLFKNHLQlQJVWOLFKHU0HQVFKGRFKZDVVLH GDJHERWHQEHNDPGDVMDJWHLKUVFKRQ$QJVWHLQ,UJHQGZLH KDWWHVLHLPPHUJHIKOWGDHV*HLVWHUXQG'lPRQHQJLEW XQGGLHVH7KHRULHZDUQXQGXUFKGLH3UD[LVEHVWlWLJW ZRUGHQ 6LHKDWWHHVWDWVlFKOLFKJHVFKDIIW.RQWDNW]XGHQDQGHUHQ :HOWHQDXI]XQHKPHQ6HKULQWHQVLYHQVRJDUQXUZDUVLH IURKJHZHVHQGDGLHDQGHUHQLQLKUHU:HOWEOLHEHQ6LH NDPHQQLFKWKLHOWHQVLFK]XUFNXQGGDVJDELKU+RIIQXQJ $OOHUGLQJVZXUGHLKU,QQHUVWHVDXFKDXIJHZKOW$OV :DKUVDJHULQXQG$VWURORJLQIKOWHVLHHLQHJHZLVVH 9HUDQWZRUWXQJDXILKUHQ6FKXOWHUQUXKHQ,PPHUZLHGHU VWHOOWHVLHVLFKGLHTXlOHQGH)UDJHREVLHGHU:HOWQLFKW %HVFKHLGVDJHQVROOWHEHUGDVZDVVLHEHLLKUHQ6LW]XQJHQ JHVHKHQKDWWH $EHUZDUGLH:HOWEHUKDXSWUHLI":UGHQGLH0HQVFKHQ HLQHUPRGHUQHQ=HLWLKUJODXEHQ" 6LHUHFKQHWHQLFKWGDPLWGDHV]XYLHOH,JQRUDQWHQJDEGLH QXUGHU7HFKQLNK|ULJZDUHQ8QGVREHKLHOW7DQLWKLKU :LVVHQIUVLFK$EHUVLHIRUVFKWHZHLWHU,QODQJHQQlFKW OLFKHQ6LW]XQJHQQDKPVLHPLWGHPDQGHUHQ5HLFK.RQWDNW DXI6LHUHGHWHJHGDQNOLFKPLWGHQ+HUUVFKHUQXQGVLH HUIXKU'LQJHGLHVLHXQWHUDOOHQ8PVWlQGHQIUVLFKEH KDOWHQZROOWH'LH(UGHZDUHLQJHNUHLVW (LQHXQEHVFKUHLEOLFKH*HIDKUODXHUWHLP'XQNHOGHU DQGHUHQ'LPHQVLRQHQ8UDOWHOlQJVWYHUJHVVHQH'lPRQHQ VFKLHQHQDXVHLQHPWLHIHQODQJHQ6FKODI]XHUZDFKHQXP ZLHGHUYRQGHU:HOW%HVLW]]XQHKPHQ 7DQLWKK|UWHLKUH*HVSUlFKHQDKPLKUH*HGDQNHQDXIXQG HUIXKUVRPDQFKHV :HUKDWWHMHVFKRQYRQHLQHU$VPRGLQDJHK|UWGLHVLFK GLH7RFKWHUGHV7HXIHOVQDQQWH"6LHQLFKWXQGGLHPHLVWHQ DQGHUHQ0HQVFKHQDXFKQLFKW
2GHUYRQGHP6SXNGHU+HUUVFKHULP5HLFKGHU6FKDWWHQ VHLQVROOWH"'DVDOOHVZDUHQ'LQJHGLH7DQLWKIUVLFKEH KDOWHQZROOWH'LH:HOWZDUHLQIDFKQLFKWUHLI $OOHUGLQJVVSUWHVLHDOVEHUVHQVLEOH)UDXGDHWZDVLQ GHU/XIWODJ,UJHQGHLQH(QWVFKHLGXQJVWDQGGLFKWEHYRUQXU ZXWHVLHQLFKWZHOFKH(QWVFKHLGXQJGLHVZDU$EHUGLH DQGHUHQ:HOWHQRGHULQGHQDQGHUHQ:HOWHQZDUHWZDVLQ %HZHJXQJJHUDWHQ(LQHJURH8QUXKHKDWWHVLFKDXVJH EUHLWHW6LHZDUZLHHLQGQQHU1HEHOVWUHLIGHUVLFKDOOHU GLQJVLPPHUPHKUYHUGLFKWHWHXQGEHVWLPPW]XHLQHP%LOG ZXUGHGDVVLHHPSIDQJHQZROOWH ,QGHUOHW]WHQ:RFKHKDWWHVLHDOOH7HUPLQHDEJHVDJWXP VLFKDXIGLHHLQHJURH6LW]XQJYRU]XEHUHLWHQ6LHPXWH NRQ]HQWULHUWVHLQGXUIWHVLFKQLFKWDEOHQNHQODVVHQXQG KDWWHDXFK&KULVWLQDLKUH6HNUHWlULQQDFK+DXVHJHVFKLFNW 1XQZDUHVVRZHLW ,QGHUIROJHQGHQ1DFKWVROOWHGLH6LW]XQJVWDWWILQGHQXP LKU:LVVHQ]XHUZHLWHUQ $QJVWKDWWHVLHNDXPJHNDQQW:HQQVLHHKUOLFKJHJHQ VLFKVHOEVWZDUPXWHVLH]XJHEHQGDVLHGRFKHWZDV EHGUFNWHXQGlQJVWOLFKZDU 'LHDQGHUH6HLWHVRQDQQWHVLHGLH'lPRQHQLPPHUOLH QLFKWPLWVLFKVSDHQXQGPDQNRQQWHVLHDXFKQLFKWPDQL SXOLHUHQ:HQQPDQHWZDVYRQLKQHQZROOWHGDQQPXWH PDQVLH]ZLQJHQZREHLQLHPDQGZXWHZLHVLHUHDJLHUHQ ZUGHQ 3RVLWLYIUGDV0HGLXPRGHUQHJDWLY 7DQLWKVFKDXWHDXILKUH8KU'HUVFKPDOH*ROGVWUHLIHQXP GDV=LIIHUEODWWJOlQ]WHDOVHUYRQHLQHP/LFKWVWUDKOJHWURIIHQ ZXUGH'UDXHQODJOlQJVWGLH'XQNHOKHLWEHU3DULV 7DXVHQGHYRQ/LFKWHUQJOKWHQ'DYRQVDK7DQLWKQLFKWV REZRKOLKUNOHLQHV+DXVDQGHUK|FKVWHQ6WHOOHGHV .QVWOHUYLHUWHOV0RQWPDUWUHVWDQG 6LHZROOWHDXFKQLFKWVVHKHQVRQGHUQVLFKDXILKUHHLJHQW OLFKH$XIJDEHNRQ]HQWULHUHQ
$OVVLHGHQ9RUKDQJ]XU6HLWHVFKOXJGHU]ZHL5lXPH YRQHLQDQGHUWUHQQWHJHODQJWHVLHLQHLQH'LHOHZRVLHLKUH %HVXFKHUHPSILQJ$XFKKLHUZDUVFKRQGDV)ODLUGHVDQGH UHQGHV)UHPGDUWLJHQ]XVSUHQ'LH%HVXFKHUEHWUDWHQHLQH DQGHUH:HOW 6DPWDQGHQ:lQGHQ*HKHLPQLVYROOZHQQQLFKWHLQ ZHQLJGVWHUGDV/LFKW'LH/DPSHQZDUHQLQGLH'HFNHHLQ JHODVVHQZRUGHQ,KU6FKHLQILHOLQODQJHQ%DKQHQVHQNUHFKW DXIGHQPLWHLQHPZHLFKHQURWHQ7HSSLFKEHOHJWHQ%RGHQ 'LH*DUGHUREHEHVWDQGDXVVFKZDU]HP+RO]%HLGHU9HU VWHLJHUXQJHLQHV6FKORLQYHQWDUVKDWWH7DQLWKVLHHUZRUEHQ 'DVZHUWYROOH0|EHOVWFNKDWWHLKUGDPDOVVRJXWJHIDOOHQ GDVLHHVGLUHNWNDXIWH 'LH*DUGHUREHZDUGXUFKHLQHQ6SLHJHOXQWHUWHLOW,Q VHLQHU)RUPELOGHWHHUHLQHQ.UHLV'HU6SLHJHOUDQG]HLJWH GLH]Z|OI7LHUNUHLV]HLFKHQGHU6WHUQELOGHU 'LHVHQ6SLHJHOKDWWHVLHVLFKDQIHUWLJHQODVVHQXQGLPPHU ZLHGHUZXUGHHUYRQLKUHQ.XQGHQXQG*lVWHQEHZXQGHUW $XFK7DQLWKEOLHEYRULKPVWHKHQXQGVFKDXWHVLFKDQ'LH OHW]WHQ7DJHZDUHQIUVLHDQVWUHQJHQGJHZHVHQREZRKOVLH NHLQH.XQGHQHPSIDQJHQKDWWH'HU6SLHJHOORJQLFKW(U JDELKU*HVLFKWVRZLHGHUZLHHVLQ:LUNOLFKNHLWZDUXQG HUYHUGHFNWHDXFKQLFKWGLH5LQJHXQWHULKUHQ$XJHQGLH GXQNOH+DOENUHLVHELOGHWHQ 'LHVHU6SLHJHOZDUXQEHVWHFKOLFK 'DV+DDUOLHVLFK7DQLWKEHLHLQHP&RLIIHXUGXQNHOIlU EHQ6LHPRFKWHNHLQHJUDXHQ6WUlKQHQXQGGLHEHNDPHLQ 0HQVFKQXQPDOZHQQHUGLHYLHU]LJEHUVFKULWWHQKDWWH 0DQFKPDOEDQGVLHGDV+DDU]XHLQHP.QRWHQLP1DFNHQ ]XVDPPHQZDVLKUHP*HVLFKWGDQQHLQHQVWUHQJHQ $XVGUXFNYHUOLHK$QGLHVHP$EHQGMHGRFKKDWWHVLHHVODQJ DXILKUH6FKXOWHUQIDOOHQODVVHQ 0DQPHUNWHLKUDQGDVODZLVFKHV%OXWLQLKUHQ$GHUQ IOR8QGLQGHU7DWVWDPPWHVLHDXV8QJDUQ6LHKDWWHGLH VHV/DQGDOVMXQJHV0lGFKHQZlKUHQGGHV(LQPDUVFKHVGHU
5XVVHQYHUODVVHQXQGLQ3DULVHLQH]ZHLWH+HLPDWJHIXQGHQ ,KUH(OWHUQNDQQWHVLHQLFKW6LHVROOWHQMHGRFKHLQHPDOWHQ =LJHXQHUJHVFKOHFKWHQWVWDPPHQ 'LH1DVHZDUOHLFKWJHERJHQGHU0XQGYLHOOHLFKWHLQ ZHQLJ]XVFKPDOXQGLKU*HVLFKWKlWWHHLQZHQLJKHUEDXV JHVHKHQZHQQGDQLFKWGLHEHLGHQ$XJHQJHZHVHQZlUHQ 6LHZDUHQZLUNOLFKGDV%HVRQGHUHDQLKU'XQNHOJHKHLP QLVYROOXQGDQJHIOOWPLWHLQHULQQHUHQ*OXWJOLFKHQVLH]ZHL NRVWEDUHQ3HUOHQ'LHVH$XJHQVSLHJHOWHQGLH*HIKOHGHU )UDXZLGHU6LHNRQQWHQWUDXULJDEHUDXFKIHXULJEOLFNHQ 6LQQOLFKXQGKDUWHEHQVRZDUQHQGXQGYHUVFKOHLHUW 'DVZHFKVHOWHMHQDFK(PSILQGXQJHQXQG6WLPPXQJ 'LH)LJXUGHU)UDXZDUXQWHUGHPODQJHQXPKDQJlKQ OLFKHQ+DXVPDQWHOQXU]XDKQHQGRFKGLH)UDXDFKWHWHVHKU DXILKUHQ.|USHUGHUQRFKGLH6WUDIIKHLWXQG-XJHQGOLFKNHLW HLQHUMlKULJHQKDWWH $EHUPDOVZDUIVLHHLQHQ%OLFNDXIGLH8KU 1RFK]ZHL0LQXWHQGDQQPXWHVLHNRPPHQ6LHGDV ZDULKU0HGLXPHLQHMXQJH0DOHULQGLHVLFKPHKUVFKOHFKW DOVUHFKWGXUFKV/HEHQVFKOXJXQGYRQGHPH[LVWLHUWHZDV VLHYHUNDXIWH(VZDUZHQLJJHQXJGHQQPLWLKUHQ%LOGHUQ ODJVLHQLFKWLP7UHQG,P*HJHQVDW]]X7DQLWKGHU $VWURORJLQ6RPDQFKHQ)UDQFKDWWHLKUGLH:DKUVDJHULQ ]XJHVWHFNWGHQQGDV0HGLXPZDUIUVLHVHKUZHUWYROO /XFLOOHKLHGLH.OHLQH =ZDQ]LJ/HQ]H]lKOWHVLHGRFKVLHKDWWHPHKUHUOHEWDOV PDQFKHU*UHLV'LHVHV0HGLXPKDWWH:HOWHQJHVHKHQGLH GHQ$XJHQHLQHV1RUPDOVWHUEOLFKHQYHUVFKORVVHQZDUHQ +LQHLQJHVFKDXWKDWWHVLHLQGLH5HLFKHGHU'lPRQHQ NDQQWHPDQFKH6WUXNWXUHQXQGKDWWHVLHGHU$VWURORJLQ PLWJHWHLOW (VVFKHOOWH :DUPXQGZHLFKZDUGHU.ODQJGHV*RQJV(UIOOWHGLH 'LHOHDXVXQGYHUKDOOWHQXUDOOPlKOLFK 7DQLWKVWUDIIWHVLFK,KUHGXQNOHQ$XJHQEOLW]WHQ-HW]WZDU
HVVRZHLW1XQJDEHVNHLQ=XUFNPHKUIUVLH 0LWIHVWHQ6FKULWWHQJLQJVLH]XGHUKRKHQ7UXQG]RJVLH DXI.lOWHIXKULQGHQ5DXP(LQ:DJHQIXKUPLWDEJHEOHQ GHWHQ/LFKWHUQDXIGHU6WUDHDQLKUHP+DXVYRUEHL$XV VHLQHP$XVSXIITXROOHLQHKHOOH)DKQHXQG]HUIODWWHUWH /XFLOOHVWDQGDXIGHUVFKPDOHQ7UHSSHª'DELQLFK©VDJWH VLHOHLVH ª%LWWHNRPPKHUHLQ©HUZLGHUWHGLH$VWURORJLQ6LHJDE GHQ:HJIUGLH%HVXFKHULQIUHL 8P/XFLOOHV/LSSHQVSLHOWHHLQOHLFKWHV/lFKHOQDOVVLHDXI GHU0DWWHGHQ6FKQHHPDWVFKYRQLKUHQ6FKXKHQWUDWXQGLQ GLH'LHOHVFKULWW7DQLWKVFKORGLH7UXQGGUHKWHDXFKGHQ 6FKOVVHOKHUXP1LHPDQGVROOWHVLHMHW]WVW|UHQ /XFLOOHZDUHLQZHQLJXQYRUWHLOKDIWJHNOHLGHW6R]RJVLFK NHLQMXQJHV0lGFKHQLQGHUKHXWLJHQ=HLWDQ6LHWUXJHLQHQ JUDXHQ0DQWHOGHVVHQ6FKQLWWYRU]ZDQ]LJ-DKUHQHLQPDO PRGHUQJHZHVHQZDU'LHEUDXQHQ6FKXKHKDWWHQVFKLHI JHODXIHQH$EVlW]HXQGGLHGXQNOHQ:ROOVWUPSIHOLHHQ GLH%HLQHSOXPSHUVFKHLQHQ 7DQLWKKDOILKUHP0HGLXPDXVGHP0DQWHO'DUXQWHUWUXJ /XFLOOHHLQHQEUDXQHQ3XOORYHUPLW5ROONUDJHQ ª:LHIKOVWGXGLFK"©IUDJWHGLH$VWURORJLQ ª*XW© ª:LUNOLFK"© /XFLOOHQLFNWH6LHKDWWH1DWXUNUDXVHXQGGLHEORQGHQ /RFNHQEHZHJWHQVLFKKHIWLJ:LHNOHLQH6SLUDOHQVFKZDQ JHQVLHDXIXQGQLHGHU'DV*HVLFKWGHV0lGFKHQVZDU VFKPDO/XFLOOHWUXJ+DIWVFKDOHQZHLOVLHVFKOHFKWVHKHQ NRQQWH6LHJHK|UWH]XGHQ7\SHQGLHYRQGHQ0lQQHUQDXI GHU6WUDHEHUVHKHQZXUGHQXQGIUGLHPDQGHQ%HJULII 0DXHUEOPFKHQJHSUlJWKDWWH $XFKYRQGHU3V\FKHKHUZDU/XFLOOHHKHUVWLOOEHVFKHL GHQ]XUFNKDOWHQGXQGPDQFKPDOVRJDUlQJVWOLFK6LH KDWWHDQLKUHU%HJDEXQJVFKZHU]XWUDJHQ'HVKDOE]RJVLH VLFKLQLKU6FKQHFNHQKDXV]XUFN
7DQLWKKlQJWHGHQ0DQWHODXIª+DVWGXJHJHVVHQ"©HUNXQ GLJWHVLHVLFK ª-D© $OV/XFLOOHURWZXUGHODFKWH7DQLWKDXIª:DUXPOJVWGX" ,FKK|UHGHLQHQ0DJHQNQXUUHQ.RPPPLWLFKKDEHHLQ ZHQLJYRUEHUHLWHW© 6LHJLQJHQLQGLH.FKH +LHUJDEHVQLFKWV*HKHLPQLVYROOHV,QGLHVHP5DXP UHJLHUWHGLHPRGHUQH7HFKQLN(LQH0LVFKXQJDXVEOLW]HQ GHP6WDKOXQGZHLHP.XQVWVWRII 'LH+lKQFKHQVFKHQNHOVWDQGHQDXIGHP7LVFK'D]XJDE HV6WDQJHQEURWXQGHLQHQWURFNHQHQ5RWZHLQ ª%LWWHL© ª'DQNH©/XFLOOHQDKP3ODW]XQGJULIIQDFKHLQHP 6FKHQNHO:lKUHQGVLHNUlIWLJKLQHLQELVLHKDWWHZLUNOLFK +XQJHUVFKDXWHVLH7DQLWKDQ ª:RUDQGHQNVWGX"©IUDJWHGLH$VWURORJLQ ª,FKZHLHVQLFKW© 7DQLWKV/LSSHQNUlXVHOWHQVLFKª'DVJLEWHVQLFKW'X PXWGRFKZLVVHQ© ª'RFKGDVJLEWHV,QPHLQHP.RSILVWDOOHVVRVHOWVDP(V JHKWVRGXUFKHLQDQGHU© ª'DVOHJWVLFKZLHGHU© ª,FKKRIIHHV© 'LHQlFKVWHQ]ZHL0LQXWHQYHUJLQJHQVFKZHLJHQG/XFLOOH DPLWJXWHP$SSHWLWXQGQDKPDXFKDEXQG]XHLQHQ 6FKOXFNYRQGHP5RWHQ$OVVLHGLHOHW]WHQ)OHLVFKVWFNH KLQXQWHUJHVFKOXFNWKDWWHZLVFKWHVLHVLFKDQHLQHPEHUHLW OLHJHQGHQ7XFKGLH+lQGHDE ª0|FKWHVWGXHLQH=LJDUHWWH"©IUDJWH7DQLWK ª%LWWH© 'LH:DKUVDJHULQJDELKUHLQH/XFLOOHV+lQGH]LWWHUWHQHLQ ZHQLJZDV7DQLWKZRKOEHPHUNWH7LHIVRJGDV0HGLXPGHQ 5DXFKHLQOHKQWHVLFK]XUFNXQGVFKORGLH$XJHQKDOE ª+DVWGX%LOGHUYHUNDXIW"©
ª1HLQQLFKWV©/XFLOOHOLHGHQ5DXFKGXUFKLKUH1DVHQ O|FKHUDXVVWU|PHQª'LH0HQVFKHQP|JHQPHLQH.XQVW QLFKW6LHLVWLKQHQ]XIUHPG,FKNDQQDEHUQLFKWGDVPDOHQ ZDVVLHZROOHQ,FKPXPHLQH(PSILQGXQJHQPHLQH *HIKOHXQGGDPLWDXFKPHLQH6HHOH]HLJHQ©6LHEHXJWH VLFKKHIWLJYRUª6WLPPWGRFKRGHU"© ª1DWUOLFK©7DQLWKNDQQWH/XFLOOHV%LOGHU6LHKDWWHVHOEVW HLQLJHHUZRUEHQ'LHVH%LOGHU]HLJWHQHLQHQ:LUUZDUUDXV GVWHUHQ)DUEHQXQGVLHGRNXPHQWLHUWHQGLHLQQHUH=HU ULVVHQKHLWGLH/XFLOOHDQPDQFKHQ7DJHQGHSUHVVLYHU VFKHLQHQOLH$EHUVLHVSUDFKHQDXFKYRQHLQHP*HIKOGHU :lUPHYRQGHU6XFKHQDFK*HERUJHQKHLWXQGVLHYHU NQGHWHQYRQDQGHUHQ:HOWHQGLHMHQVHLWVGHUQRUPDOHQ ODJHQ /XFLOOHGUFNWHGLH=LJDUHWWHDXV'DQQOHJWHVLHLKUH +lQGHDXIGLH7LVFKSODWWHXQGVFKDXWH7DQLWKDXIIRU GHUQGDQ ª6ROOHQZLU"© ª-D© %HLGH)UDXHQVWDQGHQDXI7DQLWKOHJWHHLQHQ$UPXPGLH 6FKXOWHUQGHV0HGLXPVXQGIKUWHHVDXVGHU.FKHLQGDV $UEHLWV]LPPHUGHU$VWURORJLQ 9LHOH0HQVFKHQJODXEHQGDGDV$UEHLWV]LPPHUHLQHU :DKUVDJHULQHLQHU+H[HQNFKHJOHLFKW%HLHLQLJHQPDJGDV MD]XWUHIIHQQLFKWVREHL7DQLWK'LHVHV=LPPHUZDUIDVW QFKWHUQHLQJHULFKWHWXQGSUDNWLVFKLQ]ZHL+lOIWHQXQWHU WHLOW ,QHLQHUUHFKWVYRQGHU7UDXVJHVHKHQVWDQGHLQDOWHU ZHUWYROOHU6FKUHLEWLVFK,QGHU(FNHGDQHEHQZRVLFKDXFK GDV)HQVWHUEHIDQGHVZDULQHLQHQNOHLQHQDXVJHEDXWHQ (UNHUKLQHLQJHSDWVWDQGHQ]ZHL6HVVHOXQGHLQHNOHLQH 5XQGFRXFK'HU7LVFK]ZLVFKHQLKQHQZDUDXV0HWDOOXQG KDWWHHLQH6FKLHIHUSODWWH 'LHDQGHUH+lOIWHGHV=LPPHUVODJHLQZHQLJLP +DOEGXQNHO'LH/DPSHQJDEHQQXUVRYLHO/LFKWZLHHEHQ
Q|WLJZDU6LHOLHHQDXFKGHQUXQGHQ0HGLWDWLRQVWLVFKXQG GLHPLWGXQNOHP6WRIIEH]RJHQH&RXFKDXVVRGDQLHPDQG JHEOHQGHWZHUGHQNRQQWHGHUDP7LVFKVDRGHUDXIGHU &RXFKODJ 1HEHQGHU&RXFKVWDQGHLQ3URGXNWGHUPRGHUQHQ (OHNWURQLN(LQHVHKUWHXUH$QODJHGHUHQ7XUPGXUFKGDV KRFKNDQWJHVWHOOWH7RQEDQGVHLQHQ$EVFKOXIDQG$XI GLHVHQ%lQGHUQQDKPGLH$VWURORJLQMHGHV*HVSUlFKDXI IDOOVVLFKLKU.XQGHQLFKWHLQGHXWLJGDJHJHQDXVVSUDFK 9RUHLQHUKDOEHQ6WXQGHQRFKKDWWHVLHHLQQHXHV%DQG DXIJHOHJWVRGDVLHGDV*HVSUlFKPLWLKUHP0HGLXPDXI ]HLFKQHQNRQQWH 1HEHQGHU$QODJHEHGHFNWHQ5HJDOHGLH:DQG6LHZDUHQ YROOJHVWRSIWPLW%FKHUQPHLVW)DFKOLWHUDWXU(VZDUHQDOWH :HUNHGDUXQWHU7DQLWKKDWWHVLHQXUXQWHUJURHQ 6FKZLHULJNHLWHQHUZRUEHQGHQQ%FKHUGHV6SlWPLWWHO DOWHUVJDEHVVRJXWZLHQLFKWPHKU]XNDXIHQDXFKZHQQ PDQKRUUHQGH6XPPHQGDIUERW *HUDGHGLHVH/LWHUDWXUKDWWHHV7DQLWKDQJHWDQ:DVGLH 0HQVFKHQGDPDOVVFKRQDOOHVJHZXWKDWWHQZDUSKlQR PHQDO8QGVLHKDWWHQ(UNOlUXQJHQIU3KlQRPHQHJH IXQGHQQDFKGHQHQGLHPRGHUQH:LVVHQVFKDIWKHXWH YHUJHEOLFKVXFKW 1RVWUDGDPXV:HLVVDJXQJHQZDUHQQLFKW]DKOUHLFKHYRQ LKQHQHLQJHWURIIHQ"+DWWHGLHVHUJURH0DQQGHV0LWWHO DOWHUVPLWVHLQHQ:RUWHQQLFKW(UHLJQLVVHEHVFKULHEHQGLH GLH0HQVFKHQGHU*HJHQZDUWGLUHNWEHWUHIIHQ" $XFKKDWWHHUGHQ8QWHUJDQJGHV$EHQGODQGHVYRUDXVJH VDJW,QHLQLJHQ-DKUHQVROOWHHUVWDWWILQGHQ7DQLWKGDFKWHPLW 6FKUHFNHQGDUDQZDVVLFKLP5HLFKGHU'lPRQHQDEVSLHOWH :HOFKH8PVWU]HXQG8PVWUXNWXULHUXQJHQHVGRUWJDEDOO GLHVGHXWHWHDXIHLQHVFKUHFNOLFKH9HUlQGHUXQJKLQGLHDXFK GHQ8QWHUJDQJGHV$EHQGODQGHVKHUEHLIKUHQNRQQWH ,KU%OLFNWUDIGDV*HVLFKWGHV0HGLXPV(VZDUP|JOLFK GD7DQLWKLQGHQQlFKVWHQ6WXQGHQPHKUHUIXKU9LHOOHLFKW
DXFKHWZDVEHUGLH:HLVVDJXQJHQHLQHV1RVWUDGDPXV GHQQ/XFLOOHZDUZDQGHOEDU6LHNRQQWHZLUNOLFK'LQJH VHKHQGLHDQGHUHQYHUVFKORVVHQEOLHEHQ 'LH:DKUVDJHULQZDUQLFKWRKQH*UXQGDQGDVKRKH %FKHUUHJDOJHWUHWHQ6LHKROWHHWZDVKHUYRUGDVDXFKDQGLH =HLWDXVGHP0LWWHODOWHUHULQQHUWH (LQH.ULVWDOONXJHO 6LHVWDQGDXIHLQHPVFKZDU]HQ6WlQGHU=ZHLJH|IIQHWH +lQGHZDUHQQDFKDXHQJHERJHQXQGXPIDWHQGDV 8QWHUWHLOGHU.XJHO'LH.XJHOVHOEVWVFKLPPHUWHZHLURW 'DV*ODVEHVWDQGDXVZLQ]LJHQZDEHQI|UPLJHQ0XVWHUQ XQGZHQQ/LFKWDXIGLH.XJHOILHOZXUGHHVJHEURFKHQXQG HU]HXJWHHLQJHKHLPQLVYROOHV%LOGGDVDXVGHU-HQVHLWVZHOW LQGLH.XJHOSURML]LHUWZXUGH 0DQFKPDOYHU]HUUWGDQQZLHGHUNODUXQGVFKDUI 0LWEHLGHQ+lQGHQXPIDWHGLH:DKUVDJHULQGLH.XJHO XQGVWHOOWHVLHDXIGHQ7LVFK /XFLOOHODJEHUHLWVUFNOLQJVDXIGHU&RXFK6LHKLHOWGLH $XJHQKDOEJHVFKORVVHQLKU*HVLFKWKDWWHZHLFKHUH)RUPHQ DQJHQRPPHQHLQ=HLFKHQGDVLHVLFKNRQ]HQWULHUWH 'LH$VWURORJLQNDQQWHLKUH0HGLHQJHQDX6LHZXWHDXFK GD/XFLOOHQLFKWJHVW|UWZHUGHQGXUIWH6HOEVWGDV7LFNHQ GHUDOWHQ:DQGXKUVW|UWHVLHGHVKDOEVWHOOWH7DQLWKGLH 8KUDE 'DQQVHW]WHVLHVLFKDQGHQ7LVFK8QG]ZDUVRGDVLHLKU 0HGLXPDQVFKDXHQNRQQWH 7DQLWKVFKDXWHEHUGLHUXQGHVFKZDU]H3ODWWHKLQZHJ XQGEOLFNWHLQGDV*HVLFKWLKUHV0HGLXPV ª:LHIKOVWGXGLFK/XFLOOH"© ª*XW© ª.|QQHQZLUEHJLQQHQ"© ª-D© 7LHIDWPHWH7DQLWKGXUFK$XFKVLHZDULQQHUOLFKHUUHJW XQGHVJHODQJLKUQLFKWGLHVH1HUYRVLWlWDE]XVFKWWHOQ 6RHWZDVJHVFKDKK|FKVWVHOWHQ6LHVFKWWHOWHVLFKDOV
ZUGHHLQ6FKDXHUEHULKUHQ5FNHQULHVHOQ ,QVWLQNWLYDKQWHGLH)UDXGDHWZDV*URHVDEHUDXFK 8QKHLPOLFKHVEHYRUVWDQG8QGHLQHLQQHUH6WLPPHVDJWH LKUGLH)LQJHUGDYRQ]XODVVHQ6LHVROOWHGLH*HLVWHUQLFKW ZHFNHQGLHLP9HUERUJHQHQODXHUWHQ $QGHUHUVHLWVZROOWHVLHHVHQGOLFKZLVVHQXQGVLHEHJDQQ PLWGHU6HDQFH /DQJHZDULFKQLFKWZHJJHWUHWHQDEHUGDV(UZDFKHQZDU HEHQVRVFKOLPPDOVKlWWHLFKPLFKIUHLQHQKDOEHQ7DJLP 5HLFKGHU7UlXPHEHIXQGHQ $OVLFKGLH$XJHQDXIVFKOXJGDGU|KQWHHWZDVLQPHLQHQ 2KUHQ(LQUK\WKPLVFKHV+DFNHQGDVMHGRFKYHUVWXPPWH ZHLOLFKPLFK]XU6HLWHEHZHJWKDWWH (LQH)UDXHQVWLPPHNUHLVFKWHª'DVLHKGRFK&KDUOHV 'LHVHU.HUO(UOLHJWGD© &KDUOHVODFKWHKDUWª:DKUVFKHLQOLFKEHWUXQNHQ© ª:LGHUOLFKGLHVH3HQQHU© ª'DEHLVLHKWHUJDUQLFKWVRDXV© ª.RPP&KDUOHVGDVK|UWVLFKMDDQDOVKlWWHVWGX0LWOHLG PLWGHP.HUO© ª1DMDLFK© ª'HQNVWZRKOGDUDQZLHGXPDOVRJHOHJHQKDVW© ª+DEHLFKQLH0DJJLH,FKKDEHPLUZRKOPDOHLQHQJH J|QQWDEHULFKELQLPPHUQRFKDXIPHLQHQHLJHQHQ)HQ QDFK+DXVHJHNRPPHQ$XIJHOHVHQKDWPLFKQlPOLFKQRFK QLHPDQG© ª'DQQEOHLEQLFKWOlQJHUVWHKHQ© ª2ND\© :LHGHUGLH6FKULWWH'LHVPDOKDVWLJHUDOVVLHVLFKHQW IHUQWHQ'DQQVFKOXJHLQH7U]XXQGLFKKDWWH5XKH :LHHLQHJHZDOWLJH:XUVWVDKGHU5HLIHQQHEHQPLUDXV ,FKODJVRQDKHEHLLKPGDLFKJHQDXGDV3URILOHUNHQQHQ NRQQWHXQGLUJHQGZLHKDWWHLFKGDV*HIKOGDGHU5HLIHQ
]XPHLQHP%HQWOH\JHK|UWH,FKEHZHJWHPLFKHLQZHQLJ]XU 6HLWHZREHLHVLQPHLQHP6FKlGHODQILQJ]XKlPPHUQVDK GLH6WRVWDQJHVWUHFNWHGHQ$UPDXVKLHOWPLFKDQLKUIHVW XQGTXlOWHPLFKDXIGLH%HLQH 'HUHUVWH9HUVXFKJLQJLQGLH+RVH,FKILHOZLHGHU]XUFN XQGODQGHWHKDUWDXIEHLGHQ.QLHVFKHLEHQ'DQQYHUVXFKWH LFKHVHLQ]ZHLWHV0DO-HW]WNODSSWHHVEHVVHU$OOHUGLQJV VWDQGLFKZLHGDVEHUKPWHVFKZDQNHQGH5RKULP:LQG PXWHPLFKDEVWW]HQEHXJWHPHLQHQ.RSIQDFKYRUQXQG VFKDXWHDXIGLH0RWRUKDXEHGHV6LOEHUJUDXHQ 0LUZDUEHOXQWHUPHLQHU6FKlGHOGHFNHYHUDQVWDOWHWHQ NOHLQH7HXIHOHLQ)HXHUZHUNXQGVRJDULQPHLQHQ2KUHQ VFKPHU]WHHV,FKELGLH=lKQH]XVDPPHQXQGKDWWHSO|W] OLFKDXIGLH6FKOlJHUHLQHQXQKHLPOLFKHQ=RUQ:HQQLFKGLH ]ZLVFKHQGLH)LQJHUNULHJWHZUGHQVLHHUVWHLQPDOKLQWHU *LWWHUQODQGHQ $EHUZDUXPKDWWHQVLHPLFKDQJHJULIIHQ" 'DVZDUGLH)UDJH:ROOWHQVLHPLFKQXUDXVUDXEHQRGHU EH]ZHFNWHQVLHHWZDVDQGHUHVGDPLW" $XVUDXEHQGDVZDUHV :DKUVFKHLQOLFKKDWWHLFKHVPLW6WUDHQUlXEHUQ]XWXQ JHKDEWGLHVFKDUIDXIHLQSDDU3IXQGJHZHVHQZDUHQ0LW GHUOLQNHQ+DQGVWW]WHLFKPLFKZHLWHUDEPLWGHUUHFKWHQ IKOWHLFKQDFKPHLQHU%ULHIWDVFKH6LHZDUZHJ :LHKlWWHHVDXFKDQGHUVVHLQN|QQHQ(EHQVRZDUPHLQH %HUHWWDYHUVFKZXQGHQXQGDXFKGLH*HOGE|UVH1XUGDV .UHX]KDWWHQVLHPLUJHODVVHQ ,FKIOXFKWH+LQXQGZLHGHUXQWHUEURFKHQYRQGHQERK UHQGHQ.RSIVFKPHU]HQ'DEHLIKOWHLFKPLFKQLFKWLQGHU /DJHDOOHLQLQGLH:RKQXQJKRFK]XIDKUHQ,FKZROOWHPLFK HUVWHLQZHQLJDXVUXKHQ8QGGDVNRQQWHLFKDPEHVWHQLQ PHLQHP:DJHQ 9RUVLFKWLJVHW]WHLFKHLQHQ)XYRUGHQDQGHUHQ(VZDU VFKZHUIUPLFKGDV*OHLFKJHZLFKW]XEHKDOWHQ2KQH PLFKDE]XVWW]HQVFKDIIWHLFKHVZLUNOLFKQLFKW$QGHU
5HJHQULQQHGHV'DFKHVKLHOWLFKPLFKIHVWXQGVXFKWHQDFK GHQ$XWRVFKOVVHOQ $XFKVLHZDUHQYHUVFKZXQGHQ -HW]WNRQQWHLFKPLFKQLFKWHLQPDOPHKULQGHQ:DJHQ VHW]HQ 0HLQH:XWZXUGHQRFKJU|HU,FKJOLWWHLQHQ6FKULWWYRU XQGVWLHPLWGHUUHFKWHQ6FKXKVSLW]HJHJHQHLQHQDXIGHP %RGHQOLHJHQGHQ*HJHQVWDQG 6RIRUWKLHOWLFKLQQHGHQQLFKKDWWHHLQ*HUlXVFKYHUQRP PHQGDVDQHLQOHLFKWHV.OLUUHQHULQQHUWH$OVLFKXQWHU JURHQ0KHQGHQ.RSIVHQNWHVDKLFKDXFKZRJHJHQLFK JHVWRHQZDU 9RUPLUODJPHLQ6FKOVVHOEXQG8QGQLFKWQXUHU$XFK PHLQH%ULHIWDVFKHIDQGLFKZLHGHUXQGGLH*HOGE|UVH6LH ZDUHQ]XP*OFNQLFKWXQWHUGHQ:DJHQJHIDOOHQDOVVLH YRP6FKOVVHOEXQGZHJJHVWRHQZRUGHQZDUHQ $EHULFKPXWHPLFKEFNHQ (LJHQWOLFKHLQ.ODFNV,QPHLQHP=XVWDQGMHGRFKJOLFKHV HLQHPNOHLQHQ+RUURUWULS )HVWPXWHLFKGLH=lKQH]XVDPPHQEHLHQ0HKUPDOV KDWWHLFK0KHGDVDXINRPPHQGH6FKZLQGHOJHIKO ]XUFN]XGUlQJHQXQGDOVLFKGLHSHUV|QOLFKHQ'LQJH VFKOLHOLFKLQGHQ+lQGHQKLHOWGDZDULFKZLUNOLFK]LHP OLFKJHVFKDIIW 0HLQH]LWWHUQGHQ)LQJHUNRQQWHQGHQ:DJHQVFKOVVHO NDXPKDOWHQDOVLFKGLH7UDXIVFKOR:LHHLQDOWHU0DQQ GHUVLFKNDXPEHZHJHQNDQQOLHLFKPLFKLQGHQ6LW] IDOOHQ*HOGE|UVHXQG%ULHIWDVFKHODJHQLQPHLQHP6FKR ,FKVFKDXWHQDFK =ZHL6FKLOOLQJKDWWHPDQPLUQRFKJHODVVHQ(LQYHU GDPPWHU+RKQ8QJHIlKU3IXQGZDUHQZHJGDJHJHQ KDWWHQVLFKGLH5lXEHUQLFKWIUPHLQH3DSLHUHLQWHUHVVLHUW 2EZRKOVLHDXIGHP6FKZDU]PDUNWGDPLWDXFKHLQLJHV KlWWHQYHUGLHQHQN|QQHQ0HKUDOVVLHPLUDEJHQRPPHQ KDWWHQ:DKUVFKHLQOLFKGDFKWHQVLHQLFKWVRZHLW
,FKVWHFNWHEHLGHVHLQ'LH7UKDWWHLFKRIIHQJHODVVHQ6R ZHLWHVJLQJOHKQWHLFKPLFKLQGHQ6LW]]XUFNXQGODJPLW GHP+LQWHUNRSIDQGHU6WW]H (UVWHLQPDODWPHWHLFKWLHIGXUFK'DVWDWZLUNOLFKJXW,FK PHUNWHZLHVLFKPHLQ.UHLVODXIVWDELOLVLHUWHXQGHVPLU EHVVHUJLQJ,FKKREGHQUHFKWHQ$UPXQGIKOWHGRUWQDFK ZRPLFKGHU+LHEJHWURIIHQKDWWH (LQH%HXOH]LHUWHPHLQH6WLUQ'HU3LVWROHQJULIIKDWWHH[DNW GLH6WHOOH]ZLVFKHQGHQ$XJHQPDUNLHUW:DKUVFKHLQOLFK ZUGHPLUHLQ+RUQZDFKVHQVRGDLFK]XP*HVS|WWGHU DQGHUHQ.ROOHJHQZXUGH 'HU3ROL]HLEHDPWHLQPLUPHOGHWHVLFK,PPHUZLHGHU EHUOHJWHLFKREGLHVH7\SHQZLUNOLFKQXUHLQHQhEHUIDOODXI PLFKYRUJHKDEWKDWWHQRGHUREHWZDVDQGHUHVGDKLQWHU VWHFNWH'LH]ZHLWH0|JOLFKNHLWZDUDXINHLQHQ)DOO DXV]XVFKOLHHQGHQQLFKKDWWH*HJQHUJHQXJ'LH'lPRQHQ VFKLFNWHQ]XPHLVWLKUHHLJHQHQ*HVFK|SIHXPPLFK]X DWWDFNLHUHQ:HQQ*DQJVWHURGHU6WUDHQUlXEHUDXIWUDWHQ ZDUPHLVWHLQDQGHUHULP6SLHO /RJDQ&RVWHOOR (UJHK|UWHHEHQIDOOV]XPHLQHQ)HLQGHQ1LFKWHUVWHLQPDO KDWWHHUVHLQH/HXWHORVJHVFKLFNWXPPLFK]XEHUIDOOHQ GRFKGDVZDUHQLPPHUKlUWHUH.DOLEHUJHZHVHQDOVGLHGUHL LQGHU7LHIJDUDJH'HQQGLHDQGHUHQVFKRVVHQ]XHUVWGDQDFK VWHOOWHQVLHGLH)UDJHQGLHVLHVLFKPHLVWHQVVSDUHQNRQQWHQ (LQ*HUlXVFKVFKUHFNWHPLFKDXVPHLQHQ*HGDQNHQKRFK (VZDUDXHUKDOEGHV:DJHQVDXIJHNOXQJHQXQGHVK|UWH VLFKDQDOVZUGHMHPDQGLP+LQWHUJUXQGVFKPDW]HQRGHU VFKOUIHQ ,FKZXUGHYRUVLFKWLJ =XHUVWHLQ%OLFNLQGHQ5FNVSLHJHO,FKVDKZRKOHLQLJH DEJHVWHOOWH:DJHQ]ZHL6lXOHQXQG*DQJDXVVFKQLWWHDEHU NHLQHQ*HJQHUGHUVLFKDQPHLQHQ:DJHQKHUDQVFKOHLFKHQ ZROOWH ,P,QQHQVSLHJHOERWVLFKGDVJOHLFKH%LOG7URW]GHPZDU
LFKVLFKHUPLFKQLFKWJHWlXVFKW]XKDEHQ'DVFKOLFKLUJHQG HWZDVKHUDQXQGNDPLPPHUQlKHUGHQQMHW]WZDUHQGLH VHOWVDPHQ*HUlXVFKHDEHUPDOV]XK|UHQ 0HLQ+HU]VFKOXJVFKQHOOHU,FKYHUIOXFKWHGHQ8PVWDQG GDGLH.HUOHPHLQH%HUHWWDDQVLFKJHQRPPHQKDWWHQ1XQ ZDULFKVRJXWZLHZDIIHQORVELVDXIGDV.UHX]QDWUOLFK :HQQHVNHLQGlPRQLVFKHV:HVHQZDUGDVVLFKPHLQHP :DJHQQlKHUWHGDQQVDKHVEHODXVGHQQPLWGHP.UHX] NRQQWHLFKJHJHQHLQHQQRUPDOHQ0HQVFKHQEHUKDXSW QLFKWVDXVULFKWHQ ,FKUXQ]HOWHGLH6WLUQDOVVLFKGDV*HUlXVFKZLHGHUKROWH (VZDUPLUQLFKWIUHPGGHQQLQGHUOHW]WHQ=HLWKDWWHLFKHV GHV|IWHUHQYHUQRPPHQ6RK|UWHQVLFK*KRXOVDQZHQQVLH DXI%HXWH]XJZDUHQ 6ROOWHKLHUXQWHQZLUNOLFKHLQ*KRXOODXHUQ" $XV]XVFKOLHHQZDUVRHWZDVQLH'DNRQQWHPLUMHPDQG HLQHJHVFKLFNWH)DOOHJHVWHOOWKDEHQPLFKHUVWNDPSIXQIlKLJ ]XVFKODJHQXPGDQDFKGHQ*KRXO]XVFKLFNHQ ,FKGDFKWHDQPHLQH(UVDW]%HUHWWDGLHLP+DQGVFKXKIDFK ODJXQGZROOWHPLFKJHUDGHYRUEHXJHQDOVPLUGHU*HUXFK LQGLH1DVHGUDQJ /HLFKHQJHVWDQN :LGHUOLFK]XULHFKHQ(UWULHELQGHQ:DJHQKLQHLQ 'LHVPDOLUUWHLFKPLFKQLFKW (VZDUWDWVlFKOLFKHLQ*KRXOGHUVLFKPHLQHP:DJHQ QlKHUWH2GHU]XPLQGHVWHLQPLWLKPYHUZDQGWHU'lPRQ ,FKGXFNWHPLFK]XVDPPHQXQGVWLHGLH7UQRFKZHLWHU DXI,P:DJHQVLW]HQ]XEOHLEHQZDU]XJHIlKUOLFK,FKPXWH UDXVZHQQLFKPHLQHQ*HJQHUVWHOOHQZROOWH1XUVRKDWWH LFKHLQHUHHOOH&KDQFH ,FKVFKZDQJEHLGH%HLQHKHUXP*OHLFK]HLWLJVWUHLIWHLFK GLH.HWWHDQGHUGDV.UHX]KLQJEHUPHLQHQ.RSI-HW]W KLHOWLFKHLQHVHKUVWDUNH:DIIHLQGHU+DQG,KUKDWWHGHU *KRXOQLFKWVHQWJHJHQ]XVHW]HQ 0LWEHLGHQ)HQEHUKUWHLFKGHQ%RGHQ,QPHLQHP
6FKlGHOEHJDQQZLHGHUGDV6WHFKHQ,FKULPLFK]XVDP PHQGDUXPNRQQWHLFKPLFKHLQIDFKQLFKWNPPHUQ .DXPVWDQGLFKQHEHQGHP%HQWOH\DOVLFKLKQVFKRQVDK 'HU*KRXOEHIDQGVLFKOLQNVYRQPLUVRJDURIIHQLQGHP ODQJHQ0LWWHOJDQJ(VPDFKWHLKPQLFKWVDXVREHUQXQJH VHKHQZXUGHRGHUQLFKW'HUKDWWHZLUNOLFK1HUYHQ 'DQQWUDIPLFKGHU6FKUHFN ,QPHLQHP/HEHQKDWWHLFKYLHOH*KRXOVJHVHKHQ,FKNDQQ WHLKUH*HVWDOWHQVLHZDUHQPDOWHLJLJPDOKDOEIOVVLJPDO SOXPSXQGDXFKZLH0HQVFKHQDQ]XVHKHQ 'LHVHUMHGRFKEHUWUDIDOOH 9RUPLUVDKLFKHLQHJURHVFKOHLPLJH.XJHO8QJHIlKU GRSSHOWVRJURZLHHLQ)XEDOO'LH.XJHOVFKLPPHUWH EUlXQOLFKJUQXQGPLW%HVWLPPWKHLWNRQQWHLFKVDJHQGD HVNHLQ*KRXOLPHLJHQWOLFKHQ6LQQHZDUVRQGHUQPHKUHLQ 0LWWHOGLQJ]ZLVFKHQ*KRXOXQG0RQVWHUGHQQDOVVLFKGLH .XJHOEHZHJWHGDNODSSWHHLQ0DXODXI 8QGZDVIUHLQV (VZDUVRJURZLHGLH*HVWDOWVHOEVW'HPHQWVSUHFKHQG ZLUNWHGDV*HEL'LHVHVZLGHUOLFKHUXQGHVFKOHLPLJH'LQJ EHVWDQGIDVWQXUDXV=lKQHQ (NHOHUUHJHQG 8QGHVNDPQlKHU (VZROOWHPLFKHUOHGLJHQ ,FKJLQJDXIQRFK]LHPOLFKZDFNOLJHQ%HLQHQXPGHQ :DJHQKHUXPELVLFKYRUGHU.KOHUVFKQDX]HVWDQGXQG VFKUlJDXIGHQ*KRXOKLQDEVFKDXHQNRQQWH ,QGHUUHFKWHQ+DQGKLHOWLFKGLH.HWWH$QLKUHP(QGH EDXPHOWHGDV.UHX]XQGLFKOLHHVKLQXQGKHUSHQGHOQVR GDGHU*KRXOHVVHKHQPXWH $XJHQKDWWHGDV:HVHQ+HOOJUDXH.Q|SIHLQGHUVFKOHL PLJHQ0DVVH6LHEHZHJWHQVLFKPDOQDFKUHFKWVGDQQ ZLHGHUQDFKOLQNV'DEHLUROOWHQVLHQRFKTXROOHQKHUYRU ZLFKHQGDQDFKZLHGHU]XUFNXQGKLHOWHQPLFKXQWHU %HREDFKWXQJ
:HLWNODSSWHGHU*KRXOVHLQHEHLGHQ.LHIHUDXVHLQDQGHU :LHGHUVDKLFKGLH=lKQH(UEHZHJWHVLFKDXFKQRFKPHKU DXIPLFK]XXQGLFKOLHLKQNRPPHQ,FKZROOWHLKQVRZHLW KDEHQGDLFKPHLQ.UHX]LQVHLQJUl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lOLFKHV*HUlXVFKYRQVLFKGDVPLFK DQHLQVDWWHV6FKPDW]HQHULQQHUWH /DQJVDPVFKORVLFKVHLQ0DXO ,QHLQHUUHDNWLRQVVFKQHOOHQ%HZHJXQJ]RJLFKPHLQ.UHX] KHUYRUVFKDXWHHVIUHLQHQ0RPHQWDQXQGHUVWMHW]WWUDI PLFKGLH(UNHQQWQLVZLHHLQ%OLW]VWUDKO 'DV.UHX]KDWWHQLFKWUHDJLHUW 'DV6FKZHLJHQODVWHWHZLHHLQH:DQG]ZLVFKHQGHQEHLGHQ )UDXHQ/XFLOOHGHP0HGLXPXQGGHU$VWURORJLQPXWHHV JHOLQJHQHLQH(LQKHLW]XVFKDIIHQ6LHPXWHQYHU VFKPHO]HQ'LHHLQHVROOWHGLH*HGDQNHQGHUDQGHUHQ HUIDVVHQN|QQHQ $XFK7DQLWKKLHOWGLH$XJHQJHVFKORVVHQ,KUH+lQGH
XPNUDPSIWHQGLH.XJHO'LH:DKUVDJHULQNRQ]HQWULHUWH VLFKMHW]WQXUQRFKDXILKU0HGLXPDOVZROOWHVLHGHVVHQ 6HHOHHUIRUVFKHQ 8QGVLHVSUWHHV 'DZDUHWZDVLP=LPPHU3K\VLVFKQLFKWVLFKWEDUQLFKW]X HUIDVVHQDEHUHVOHEWHXQGH[LVWLHUWH(LQ:HVHQHLQ*HLVW GHUVLFKYRUWDVWHWHXQGYHUVXFKWHGLH'LPHQVLRQHQ]XEHU EUFNHQXPLQGLHDQGHUHQJHKHLPQLVYROOHQ/l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lKUHQ 6LHJDELKU=HLWEHYRUVLHGDV0lGFKHQDQVSUDFKª/XFLOOH K|UVWGXPLFK"© ª-D©'LH/LSSHQEHZHJWHQVLFKNDXPEHLGLHVHU$QWZRUW ª:LHJHKWHVGLU"© ª(VJHKWPLUJXW© ª:DVVLHKVWGX"© 2EZRKO/XFLOOHGLH$XJHQJHVFKORVVHQKLHOWJDEVLHDQ ZDVVLHVDK ª'DV=LPPHUKLHU,FKVHKHPLFKLFKVHKHGLFK,FKVHKH GLH.XJHOXQGGHLQH+lQGHGLH0|EHOGLH%FKHUGLH )HQVWHUXQGGLH7LVFKH$OOHVDOOHVVHKHLFKZLUNOLFK© ª5HLFKWHVGLUZDVGXVLHKVW/XFLOOH"© ª1HLQ©
ª0|FKWHVWGXPHKUVHKHQ"© ª*HUQ© ª'DQQYHUODVVHGDV=LPPHU© ª$EHUZRVROOLFKKLQ"© 7DQLWKZDUIHLQHQNQDSSHQ%OLFNDXIGLHVLFKGUHKHQGHQ 7RQEDQGVSXOHQª9LHOOHLFKWGRUWKLQZRGLH*HLVWHUOHEHQ 'HLQ*HLVWKDWGRFKGHQ.|USHUYHUODVVHQRGHU"© ª-D© ª'DQQIOLHJGRUWKLQhEHUZLQGHGLH'LPHQVLRQHQ*HK HLQLQGDVDQGHUH5HLFKXQGVDJHPLUZDVGXDOOHVVLHKVW %LWWH© ª,FKLFKNDQQQLFKW©1DFKGLHVHQ:RUWHQ]HLJWHGDV 0HGLXP]XPHUVWHQPDOHLQH5HDNWLRQ/XFLOOH|IIQHWHGHQ 0XQG6HOEVWEHLGLHVHQVFKOHFKWHQ/LFKWYHUKlOWQLVVHQ HUNDQQWH7DQLWKGHQ6FKZHLILOPDXILKUHU6WLUQ'LH+DXW JOlQ]WHIHXFKWDXFKDXIGHU2EHUOLSSHODJHQZLQ]LJH3HUOHQ 6FKZHUVRJVLHGHQ$WHPLQGLH/XQJHQ6LH]LWWHUWHGDEHL HLQ=HLFKHQGDGLH6HDQFHVHKUDQLKUHQ.UlIWHQ]HKUWH 7DQLWKOLHVLHHLQLJH=HLWLQ5XKH6LHNDQQWHGDV6SLHO ,KU0HGLXPZUGHVLFKJOHLFKZLHGHUHUKROHQ,QGHU7DW DWPHWH/XFLOOHVFKRQEDOGUXKLJHUXQGJOHLFKPlLJHU 'HQHUVWHQ$QVWXUPGHUIUHPGHQ0DJLHKDWWHVLHDEJHEORFNW XQGYHUNUDIWHW ª:LHIKOVWGXGLFK"©HUNXQGLJWHVLFKGLH$VWURORJLQQDFK HLQHU:HLOH ª(VJHKW© ª,VWGHLQ*HLVWQRFKLPPHUGUDXHQ© ª-DHUNUHLVWLP=LPPHUDEHUHUZLOOZLHGHU]XUFN'DV VSUHLFKGHXWOLFK,FKZLOOLKQGDUDQKLQGHUQLFKZLOOLKQ OHQNHQ© ª:DUXPP|FKWHHU]XUFNNHKUHQ"© ª:HLOZHLOHU$QJVWKDW'LHDQGHUHQ:HOWHQVLHVLQGYLHO ]XVFKOLPPXQGVFKUHFNOLFK© ª:RKHUZHLHUGDV"+DWHUVLHGHQQJHVHKHQ"© ª1HLQGDVQLFKWDEHUHUKDWHVJHIKOW-DJDQ]GHXWOLFK
KDWHUHVJHIKOWZLUNOLFK© ª'DVYHUVWHKHLFKQLFKW:LHNDQQHUQLFKWVHKHQXQGGRFK IKOHQ"© ª'LH$XVVWUDKOXQJLVWHLQIDFK]XVWDUN,FKNRPPHQLFKW GDJHJHQDQ'DVDQGHUHZHKUWVLFK© 7DQLWKGLH$VWURORJLQZXWHJHQDXGDLKUGDV0HGLXP QLFKWVYRUVSLHOWH:HQQ/XFOHVRUHGHWHEHIDQGVLHVLFK ZLUNOLFKLQHLQHUPLOLFKHQ6LWXDWLRQ'DQQZDUGLH*HIDKU JUR7DQLWKKDWWHVROFKH([SHULPHQWHRIWXQWHUEURFKHQXQG VLHVSLHOWHDXFKGLHVPDOPLWGHP*HGDQNHQHLQHU 8QWHUEUHFKXQJGDQQDEHUGDFKWHVLHGDUDQZDVDOOHVDXI GHP6SLHOVWDQG6LHHULQQHUWHVLFKDQGLHVFKUHFNOLFKHQ 9RUDXVVDJHQGHV1RVWUDGDPXVGLHLQHLQLJHQ-DKUHQHLQ WUHIIHQZUGHQXQGVLHZROOWHGDUEHUPHKULQ(UIDKUXQJ EULQJHQ $EHUVHW]WHVLHGDPLWQLFKWGDV/HEHQGHV0HGLXPVDXIV 6SLHO":UGHQGLHDQGHUHQ.UlIWHVRVWDUNVHLQXQGGDV /HEHQ/XFLOOHV/HEHQ]HUVW|UHQ"(VZDUGLH)UDJHGLH 7DQLWKTXlOWH6LHWULHEHLQ6SLHOPLWGHP)HXHU(LQ 0HQVFKHQOHEHQZDULQ*HIDKUZHQQVLHZHLWHUPDFKWH'LHV KLHUZDUHWZDVDQGHUHVDOVGLH(UVWHOOXQJHLQHV+RURVNRSV XQGVLHVHQNWHGHQ%OLFNXPLQLKUH.XJHO]XVFKDXHQ =HLJWHVLFKYLHOOHLFKWGRUWHLQ%LOG".RQQWHVLHP|JOLFKHU ZHLVHDXVGHU.XJHOHLQLJHVKHUDXVOHVHQ" 'DV*ODVJDENHLQH$QWZRUW$XFKLP,QQHUQGHU.XJHO ]HLJWHVLFKQLFKWVVLHEOLHEVWXPP :HQQVLHGLH+lQGHYRQGHU.XJHOZHJQDKPGDQQZDU GLH9HUELQGXQJ]ZLVFKHQLKUGHU.XJHOXQGGHP0HGLXP JHULVVHQGHQQGLHJHKHLPQLVYROOHQ.UlIWHZLUNWHQGDQQ QLFKWPHKU 1RFK]|JHUWHVLH6LHVWDQGGLFKWYRUGHU6FKZHOOH]XP :LVVHQ7DQLWKDKQWHGDGHU*HLVWGHV0HGLXPVLQ 'LPHQVLRQHQHLQGUDQJGLHQLHHLQHV0HQVFKHQ$XJHJH VHKHQKDWWH 'DPXWHZDVJHVFKHKHQ
ª7DQLWK© (VZDUHLQOHLVHU6FKUHLGHQ/XFOHDXVVWLHXQGGLH :DKUVDJHULQHUVFKUDN ª:DVKDVWGX"© ª9HUELQGXQJ7DQLWK,FKKDEH9HUELQGXQJ:LUNOLFK,FK VHKHHVZLHGHU© 3O|W]OLFKZDUGLH6SDQQXQJ]XUFNJHNHKUWª:DVVLHKVW GXZLHGHUNOHLQH/XFOH"© ª'LH:HOWGLHDQGHUH:HOW0HLQH*WH© 6LHPXWHHWZDV6FKUHFNOLFKHVVHKHQGDVPHUNWH7DQLWK VRIRUW8QUXKHHQWVWDQGDOVVLFKGDV0HGLXPQLFKWPHKU KDOWHQNRQQWHXQGVLFKYRQHLQHU6HLWHDXIGLHDQGHUHZDUI /XFLOOHV*HVLFKWZDUEODJHZRUGHQGXUFKVFKHLQHQGXQG 7DQLWKJODXEWHVRJDUGLH.QRFKHQXQWHUGHU+DXWHUNHQQHQ ]XN|QQHQ 6ROOWHVLHMHW]WDEEUHFKHQ" -DVLHPXWHHVWXQ6LHNRQQWHGHP0HGLXPQLFKWQRFK PHKU]XPXWHQ 7DQLWKZROOWHLKUH+lQGHYRQGHU.XJHOO|VHQDOVVLHGDV %LOGVDK(VZDUHLQHVFKUHFNOLFKH9LVLRQXQGVLHVFKZDPP LP,QQHUQGHUJHKHLPQLVYROOHQ.XJHOZLHLQHLQHP0HHU 1RFKQLHLQLKUHP/HEHQKDWWHGLH$VWURORJLQVRHWZDVJH VHKHQ 6LHVDKGDV+|OOHQWRU :DKQVLQQVFKULHHVLQPLU'DVJLEWHVQLFKW'DV.UHX]PX GRFKUHDJLHUHQ'DV:HVHQKlWWHGLH.UDIWGHV/LFKWVVSUHQ XQG]HUSODW]HQPVVHQ 'DVZDUQLFKWJHVFKHKHQ1DFKZLHYRUEHIDQGHVVLFKDP %RGHQXQGKDWWHVRJDUGDV0DXODXIJHULVVHQZREHLHVPLU VHLQHJUlOLFKHQ5HL]lKQH]HLJWH 6LHZUGHQ]XSDFNHQVLHSDFNWHQ]X ,FKZDUQRFKLPPHULQ*HGDQNHQXQGGDFKWHGDUEHU QDFKDXVZHOFKHP*UXQGHPLFKGDV.UHX]LP6WLFKJH
ODVVHQKDWWHGHVKDOEUHDJLHUWHLFKQLFKWVRVFKQHOOZLHVRQVW *LHULJH=lKQHYHUKDNWHQVLFKLQPHLQHP+RVHQEHLQ ]HUUWHQGDUDQXQGELVVHQVLFKGXUFK :WHQGXQGKDHUIOOWGURVFKLFKPLWGHUUHFKWHQ+DQG ]X,FKKLHOWGDULQPHLQ.UHX]XQGKlPPHUWHGHQJH ZHLKWHQ7DOLVPDQLQGLHZHLFKH0DVVH )DVWYHUVFKZDQGPHLQH+DQGGDULQXQGLFKKRIIWHQRFK GDUDXIGDPHLQ.UHX]UHDJLHUHQZUGH (VEOLHEVWXPP 6WDWWGHVVHQUHDJLHUWHGDVGlPRQLVFKH:HVHQ(UOLH PHLQH+RVHORVXQGULDEHUPDOVVHLQ0DXODXIXPGLH =lKQHPLWHLQHPVFKQHOOHQ%LLQPHLQH:DGHQ]XVFKODJHQ 'LHVPDODOOHUGLQJVUHDJLHUWHLFKULFKWLJ0LWHLQHPKHI WLJHQ6DW]VSUDQJLFK]XUFNVRGDPLFKGLH=lKQHGLHVHV GlPRQLVFKHQ:LGHUOLQJVYHUIHKOWHQ6LHNODFNWHQDXIHLQ DQGHU'DV*HUlXVFKK|UWHVLFKDQDOVZUGHQ.QRFKHQ JHJHQHLQDQGHUJHVFKODJHQ ,FKKROWHWLHI/XIW 0HLQ%OLFN]XFNWHYRQHLQHU6HLWH]XUDQGHUHQ'DVWDQG GHU%HQWOH\,QVHLQHP.RIIHUUDXPODJPHLQ(LQVDW]NRIIHU $QLKQNRQQWHLFKQLFKWKHUDQGHQQGDV6FKOHLPZHVHQJULII HUQHXWDQ8QGGLHVPDOKDWWHHVVLFKHWZDV1HXHVHLQIDOOHQ ODVVHQ %HYRULFKPLFKYHUVDKZXFKWHWHHVVHLQHQUXQGHQ.|USHU LQGLH+|KH -HW]WZLUNWHHVDXIPLFKZLHHLQHJHIlKUOLFKH.DQRQHQ NXJHO,Q*HVLFKWVK|KHEOLHEHVIUHLQHQ0RPHQWVWHKHQ GDQQHUVFKLHQHVULHVHQJURYRUPHLQHQ$XJHQ %HLQRUPDOHU.RQVWLWXWLRQXQG5HDNWLRQZlUHHVNHLQH 6FKZLHULJNHLWJHZHVHQGLHVHPGlPRQLVFKHQ%DOODXV]X ZHLFKHQ(LQ6SUXQJ]XU6HLWHKlWWHJHQJW$EHULFKZDU GXUFKGHQJHPHLQHQ6FKODJJHJHQGLH6WLUQ]XVHKUJH KDQGLNDSWXQGPHLQH5HDNWLRQV]HLWZDUGRSSHOWVRODQJ ZLHQRUPDO $OV6FKXW]ULLFKQRFKGLH$UPHLQGLH+|KHGDQQZDUI
LFKPLFK]X%RGHQXQGVSUWHLP)DOOGHQ6FKPHU]DQ PHLQHPUHFKWHQ+DQGJHOHQNZRPLFKGLHYHUGDPPWHQ =lKQHJHWURIIHQKDWWHQ 6LHZDUHQGXUFKGHQ6WRIIJHGUXQJHQKDWWHQLKUHQ:HJ ]XU+DXWJHIXQGHQXQGGLHVHDXIJHULVVHQ ,FKVFKOXJDXI $POLHEVWHQKlWWHLFKJHVFKULHQGHQQGHU6FKPHU]]XFNWH E|VGXUFKPHLQHQ6FKlGHO6WHUQHSODW]WHQYRUPHLQHQ $XJHQDXIGLHVLFKLQURWH.UHLVHYHUZDQGHOWHQ0HLQ.RSI VFKLHQ]HUVSULQJHQ]XZROOHQGRFKWURW]GLHVHU:LGULJ NHLWHQVDJWHPLUPHLQ6HOEVWHUKDOWXQJVWULHEGDLFKQLFKW DXIGHP%RGHQOLHJHQEOHLEHQGXUIWH'LHVHVXQKHLPOLFKH :HVHQZUGHPLFK]HUUHLHQ ,FKUROOWHPLFKXPPHLQHHLJHQH$FKVH]RJGHQOLQNHQ $UPDQXQGVWW]WHPLFKDXI =ZHL'LQJHQDKPLFKZDKU 'DV:HVHQVWDQGLQGHU/XIWXQGGUHKWHVLFKZLHHLQ .UHLVHO'DEHLO|VWHQVLFK7URSIHQYRQGHUZLGHUOLFKHQ VFKOHLPLJHQ.XJHOXQGVLHVSULW]WHQZLHHLQ5HJHQGXUFK GLH*DUDJH:RVLHDXISUDOOWHQ]HUSODW]WHQVLHXQGELOGHWHQ ZHLWHUHNOHLQH7URSIHQGLH]XVDPPHQOLHIHQXQG]X/DFKHQ ZXUGHQ 'DQQK|UWHLFKGDHLQ:DJHQLQGLH*DUDJHIXKU 0HLQ+HU]VFKOXJSO|W]OLFKVFKQHOOHU,QQHUKDOEGHV$XWRV VDHQ8QVFKXOGLJHXQGGXUIWHQDXINHLQHQ)DOOGHP 8QJHKHXHULQGLH4XHUHJHODQJHQ 6FKHLQZHUIHUODQ]HQZLVFKWHQJHLVWHUKDIWEHUGLH:lQGH XQGJOLWWHQDQGHQDEJHVWHOOWHQ:DJHQHQWODQJ,FKKDWWH KLQWHUHLQHUGHUWUDJHQGHQ6lXOHQ'HFNXQJJHIXQGHQXQG ZDUWHWH]LWWHUQGDEZDVZRKOJHVFKHKHQZUGH 'HU:DJHQNDP]ZDUQlKHUGDQQERJHUMHGRFKDEXQG ZXUGHDXIHLQHQ$EVWHOOSODW]LUJHQGZRZHLWHUKLQWHQ JHOHQNW ,FKDWPHWHDXI-HW]WNRQQWHLFKPLFKZLHGHUDXIPHLQHQ *HJQHUPLWGHPEHUJURHQ0DXONRQ]HQWULHUHQ
1RFKKLHOWHUVLFK]XUFN,FKVDKLKQDXFKQLFKWPHKU(U PXWHGLH=HLWGHU$EOHQNXQJJHQXW]WXQGVLFKYHUNURFKHQ KDEHQ1HUY|VIXKUPHLQH=XQJHQVSLW]HEHUGLH/LSSHQ 'LH*HIlKUOLFKNHLWGLHVHVVHOWVDPHQ'lPRQVZDUQLFKW]X XQWHUVFKlW]HQXQGLFKKDWWHNHLQH:DIIH]XU9HUIJXQJ$Q PHLQH(UVDW]%HUHWWDLP%HQWOH\WUDXWHLFKPLFKQLFKWKHUDQ ,FKPXWHHUVWKHUDXVILQGHQZRVLFKPHLQ*HJQHUDXIKLHOW (LQH:DJHQWUVFKOXJ'DVGXPSIH*HUlXVFKKDOOWHGXUFK GDVXQWHULUGLVFKH3DUNGHFN ,FKZDUIHLQHQVFKQHOOHQ%OLFNGRUWKLQZRVLFKGHU/LIW EHIDQG(LQ0DQQJLQJDXIGLH7U]X(UVFKDXWHVLFKQLFKW XPVRQGHUQYHUVFKZDQGLP$XI]XJ ,FKKDWWHPLFKYRUKLQDXIJHULFKWHW-HW]WOLHLFKPLFKDXI +lQGHXQG)HQLHGHU$OVLFKGDEHLGHQ.RSIYRUEHXJWH VSUWHLFKZLHGHUGLHERKUHQGHQ6FKPHU]HQ'HQ6FKODJ KDWWHLFKQRFKODQJHQLFKWYHUGDXW$EHULFKZROOWHLQGLHVHU +DOWXQJEOHLEHQGHQQLFKKDWWHGDV*HIKODOVKlWWHVLFK PHLQ*HJQHULUJHQGZRDP%RGHQYHUVWHFNW0|JOLFKNHLWHQ VLFK]XYHUEHUJHQJDEHVJHQXJ :HQQLFKGHQ.RSIVFKLHIOHJWHNRQQWHLFKXQWHUGLH :DJHQVFKDXHQ 'HUUXQGH'lPRQHQNRSIZDUQLFKW]XVHKHQ 9HUGDPPWZRVWHFNWHHUGHQQ" 6RVHKULFKPLFKDXFKDQVWUHQJWHLFKEHNDPLKQQLFKW]X *HVLFKW,Q]ZLVFKHQIXKUHQPHKUHUH:DJHQLQGLH 7LHIJDUDJH(LQHUVWRSSWHDXFKLQPHLQHU1lKH'LH 5FNHQPXVNHOQ]RJHQVLFKEHLPLU]XVDPPHQLFKKDWWH $QJVWGDHWZDVSDVVLHUWHGRFKGLHVHV*HIKONRQQWHLFK YHUJHVVHQ1LFKWVJHVFKDKHVEOLHEDOOHVUXKLJ 6ROOWHVLFKGHUVHOWVDPH'lPRQYHU]RJHQKDEHQ" 'DVNRQQWHLFKNDXPJODXEHQQHLQGDVZDUQLFKWP|J OLFK,FKKlWWHHVJHVHKHQHUPXWHQRFKGDVHLQXQGHU PXWHHLQVRJXWHV9HUVWHFNJHIXQGHQKDEHQGDLFKLKQ DXFKEHLJHQDXHUHP6XFKHQQLFKWHQWGHFNHQNRQQWH ,FKJHULHWLQGLH1lKHPHLQHV:DJHQVXQGGDFKWHDQGLH
]ZHLWH%HUHWWD6LOEHUNXJHOQZUGHQGHQVHOWVDPHQ.XJHO GlPRQVFKRQYHUQLFKWHQ 0LWHLQSDDU6FKULWWHQHUUHLFKWHLFKGHQ:DJHQ 1RFKHLQPDOVFKDXWHLFKPLFKXP0HLQ%OLFNJOLWWEHU GLH$XWRGlFKHUGDZDUYRQGHP.XJHOGlPRQQLFKWV]X VHKHQ9LHOOHLFKWZDUHUZLUNOLFKYHUVFKZXQGHQ 2IIHQVWDQGQXUGLHUHFKWH)DKUHUWU8PDQGDV+DQG VFKXKIDFKKHUDQ]XNRPPHQPXWHLFKPLFKLQGHQ:DJHQ EHXJHQ ,FKGXFNWHPLFKXQGWDXFKWHGDQQLQGDV,QQHUHPHLQHV %HQWOH\-HGHV$XWRKDWHLJHQWOLFKHLQHQW\SLVFKHQ*HUXFK 6RDXFKPHLQ%HQWOH\,QLKPURFKHVLPPHUHLQZHQLJQDFK GHQ/HGHUVLW]HQXQGDXFKQDFKNDOWHP5DXFK $EHUQDFK9HUZHVXQJVWDQNHVQLH 'HVKDOE]XFNWHLFKVRIRUW]XUFNDOVPLUGHU*HUXFKLQGLH 1DVHZHKWH 'DQQVDKLFKLKQ $XIGHP5FNVLW]KDWWHGHU'lPRQJHODXHUW(UVFKQHOOWH LQGLH+|KHXQGKlWWHLFKPLFKZHLWHULQGHQ:DJHQ JHEHXJWGDQQKlWWHHUPLFKHLVNDOWJHSDFNW6RDEHUJHODQJ HVPLU]XUFN]X]XFNHQXQGLPOHW]WHQ$XJHQEOLFNGHQ :DJHQ]XYHUODVVHQ ,FKK|UWHQRFKZLHGLH=lKQHDXIHLQDQGHUNODFNWHQGDQQ VWDQGLFKGUDXHQ 'HU.RSIYHUlQGHUWHVHLQHNXJHOLJH*HVWDOWZXUGHIODFKHU XQGZLVFKWH]ZLVFKHQ.RSIVWW]HXQG'HFNHDXIGHQ 9RUGHUVLW]GHV:DJHQVXPVRIRUWGHQ:HJ]XP$XVJDQJ]X VXFKHQ ,FKOLHI]XUFNGHQQ]ZLVFKHQGHQDEJHVWHOOWHQ:DJHQ KDWWHLFKQLFKWJHQJHQG%HZHJXQJVIUHLKHLW-HW]WEHJDQQ GLHVHVYHUGDPPWH6SLHOZLHGHUYRQYRUQ:HQQLFKGRFK QXULUJHQGHLQH:DIIHJHKDEWKlWWHPLWGHULFKGHQ .XJHOGlPRQKlWWHDEZHKUHQN|QQHQ 6REOLHEHQPLUQRFKPHLQH+lQGH0HLQ*HJQHUOLHPLU NHLQH=HLWDQGHQ.RIIHUUDXPRGHUGDV+DQGVFKXKIDFK]X
JHODQJHQ,FKOLHIZLHGHUDXIGLH6lXOH]X(VZDUGLHHLQ ]LJH0|JOLFKNHLWVLFK]XYHUVWHFNHQ(UZUGHDXFKGRUW YHUVXFKHQPLFK]XIDVVHQDEHUZHQQLFKVFKQHOOJHQXJZDU NRQQWHLFKLPPHUGLH6lXOH]ZLVFKHQXQVEULQJHQ 8QGGDQQVDKLFKQLFKWZHLWYRQGHU6lXOHHQWIHUQWHWZDV DXIGHP%RGHQOLHJHQ (VZDUHLQHNDQWLJH+RO]VWDQJH6LHHUVFKLHQPLU]LHPOLFK VFKZHU-HPDQGKDWWHVLHZRKOGRUWKLQJHOHJWXPGDPLWGLH 5lGHUVHLQHV:DJHQV]XEORFNLHUHQ 'LH6WDQJHVFKLFNWHPLUGHU+LPPHO%HYRUPLFKGHU .XJHOGlPRQHUUHLFKWKDWWHODJVLHVFKRQLQPHLQHQ+lQGHQ 6LHZDUZLUNOLFKVFKZHUXQGGHVKDOEDXFKXQKDQGOLFKDEHU GDPLWNRQQWHLFKPLUGHQ*HJQHUYLHOOHLFKWIUHLQLJH=HLW YRP+DOVKDOWHQ (UNDP .QLHKRFKVFKZHEWHHUEHUGHP%RGHQXQGHUNPPHUWH VLFKDXFKQLFKWGDUXPGDLFKMHW]WEHZDIIQHWZDU(U VFKLHQVLFKVHLQHU6WlUNHEHZXW]XVHLQELVLKQGHUHUVWH 6FKODJWUDI ,FKKDWWHJXWJH]LHOWXQGGLH6WDQJHNODWVFKWHJHJHQ GHQ6FKlGHO(VZDUHLQZXFKWLJHU+LHE(UVFKOHXGHUWHGHQ .RSI]XU6HLWHXQGHLQLJH7URSIHQO|VWHQVLFKDXVGHP *HELOGH$XIGHPVFKPXW]LJHQ*DUDJHQERGHQEHUUROOWHHU VLFK(VZDUDOOHUGLQJV]XIUKHLQHQ-XEHOVFKUHLDXV]X VWRHQGHQQHUZDUVRIRUWZLHGHUKRFKXQGVWDUWHWHHLQHQ HUQHXWHQ$QJULII $OVHUVLFKLQGHU%HZHJXQJEHIDQGK|UWHLFKHLQ GU|KQHQGHV*HUlXVFK'DVZDUNHLQ:DJHQGHUGDLQ GLH7LHIJDUDJHIXKUVRQGHUQHLQ0RWRUUDG,FKHUNDQQWHGLH 0DVFKLQHDP.ODQJ (LQH+DUOH\'DYLGVRQ 6XNRIXKUGLHVH0DVFKLQH (QGOLFK ,QQHUOLFKPXWHLFKJULQVHQREZRKOLFKPLFKQRFKLPPHU LQ*HIDKUEHIDQG'HU&KLQHVHVWHOOWHVHLQ0RWRUUDG
LPPHUQHEHQPHLQHP%HQWOH\DE(UZUGHNRPPHQGDV ZDUVLFKHU 9RQGHQNDKOHQ:lQGHQZXUGHGDV(FKRGHUKHUDQ IDKUHQGHQ0DVFKLQH]XUFNJHZRUIHQXQGLFKPXWHPLFK ZLHGHUDXIPHLQHQ*HJQHUNRQ]HQWULHUHQ $EHUPDOVJULIIHUDQ 'LHVPDOLP=LFN]DFN(UVFKRHLQPDOKRFKZDUZLHGHU XQWHQXQGVSUDQJZLHHLQ%DOO'DEHLKDWWHHUGDV0DXO DXIJHULVVHQLFKVDKVHLQH5HL]lKQHVFKOXJ]XXQGYHU IHKOWHLKQ 'XUFKGHQHUVWHQ7UHIIHUJHZDUQWZDUHUHLQIDFK]X VFKQHOOJHZRUGHQ0LUQXW]WHGLH6WDQJHQLFKWVPHKU,FK VFKOHXGHUWHVLH]XU6HLWHXQGHUZLVFKWHLKQDOVHUDXIGHP XQWHUVWHQ3XQNWGHU=LFN]DFNNXUYHDQJHODQJWZDUPLW HLQHP7ULWW 'HUVFKOHXGHUWHLKQHUVWHLQPDO]XU6HLWH )U6HNXQGHQKDWWHLFK/XIW (LQ/LFKWVWUDKOVWDFKLQGHQ*DQJ6XNRKDWWHGLH$EIDKUW KLQWHUVLFKJHODVVHQXQGQDKP.XUVDXIVHLQH3DUNWDVFKH 0HLQH(QWVFKHLGXQJKDWWHLFKOlQJVWJHWURIIHQ0LW UXGHUQGHQ$UPHQUDQQWHLFK6XNRHQWJHJHQGHUPLFKLQ GHPEUHLWHQ*DQJQLFKWEHUVHKHQNRQQWH 'HU&KLQHVHVWRSSWH ª-RKQ©K|UWHLFKVHLQHQ5XI ª*LEPLUGHLQH%HUHWWD©EUOOWHLFK 'DV/LFKWHUORVFK6XNR]|JHUWHNHLQH6HNXQGH(UVWHOOWH NHLQH)UDJHQVRQGHUQULGHQ5HLYHUVFKOXVHLQHUVFKZH UHQ/HGHUMDFNHDXIXQGKLHOWGLH%HUHWWDVFKRQLQGHU+DQG 6HLQ$UPYROOIKUWHHLQH+DOENUHLVEHZHJXQJHU|IIQHWH GLH+DQGXQGOLHGLH3LVWROHORV ,P%RJHQIORJVLHDXIPLFK]X ,FKVWLHPHLQHQUHFKWHQ$UPYRUXQGILQJGLH3LVWROHDXI 6RHWZDVKDWWHQZLUHLQJHEWGDVNRQQWHQZLUSUDNWLVFKLP 6FKODI$OVGLH:DIIHLQPHLQHUUHFKWHQ+DQGODJGXUFK VWU|PWHPLFKHLQJXWHV*HIKO
$XIGHU6WHOOHNUHLVHOWHLFKKHUXPGHQQLFKZROOWHGHQYHU IOXFKWHQ6FKlGHOYRUPLUKDEHQ 'DVJHODQJPLUDXFK (UKDWWHGLHXQJHIlKUH+|KHEHLEHKDOWHQHEHQIDOOVVHLQHQ .XUVDEHUHUVFKLHQVFKRQJHPHUNW]XKDEHQGDLFKQXQ QLFKWPHKUVRY|OOLJKLOIORVZDUZLH]XYRU 'HU.XJHOGlPRQVWRSSWHXQGZROOWHQDFKOLQNVLQGHQ 6SDOW]ZLVFKHQ]ZHLDEJHVWHOOWHQ:DJHQ ,FKIHXHUWH]ZHLPDO )DKOH0QGXQJVOLFKWHUYHUHLQLJWHQVLFK]XHLQHU)ODPPH VRUDVFKKLQWHUHLQDQGHUGUFNWHLFKDE %HLGH.XJHOQVDHQ (LQHIXKULQGDVRIIHQH0DXOGHV:HVHQVGLHDQGHUHGLFKW GDUEHULQGHQUHVWOLFKHQ.RSI 'HU6FKlGHOZXUGH]HUVW|UW $OVKlWWHLKQGHU6FKODJHLQHV+DPPHUVYROOJHWURIIHQVR SODW]WHGHU.RSIDXVHLQDQGHU:LHHLQHUHLIH0HORQHVDKHU GDEHLDXVGLHLUJHQGHLQ*HJHQVWDQG]HUKlPPHUWKDWWH 'LHK|OOLVFKHQ5HVWHVSULW]WHQEHUGHQ%RGHQ6FKOHLP XQG.QRUSHOXQGLFKK|UWHHLQHJHZDOWLJH6WLPPHGLH GXUFKGLH7LHIJDUDJHKDOOWHXQGDXVGHQ6FKlGHOUHVWHQ GUDQJ ª'DV7RU]XU+|OOH6LQFODLU'DV7RU]XU+|OOH'XZLUVW HVVHKHQ(VZLUGDXIJHVWRHQ© DXIJHVWRHQDXIJHVWRHQ 6RVFKZDQJGDV(FKRQDFKELVHVHLQHUQDKH]XEHGUFNHQ GHQ6WLOOH3ODW]PDFKWH ,FKVWDQGGDXQGKDWWHGHQ$UPPLWGHU:DIIHVLQNHQODVVHQ +LQWHUPLUERFNWH6XNRGLH0DVFKLQHDXI,FKYHUQDKPGLH W\SLVFKHQ*HUlXVFKHXQGGDQQVHLQH6FKULWWHDOVHUQlKHU NDP ª-RKQZDVZDUORV"© ,FKKREGLH6FKXOWHUQXQGVFKDXWHDXIGLH5HVWHGHV
JHIlKUOLFKHQ.XJHOGlPRQVª0DQZROOWHPLFKXPEULQJHQ© VDJWHLFKOHLVH ª'HUGD"©6XNRGHXWHWH]X%RGHQ ª-D© ª$EHUGHUZDUGRFKHLQH.OHLQLJNHLWIUGLFK(LQ6FKX DXVGHU:DIIHXQGHUZDUHUOHGLJW© ª1XUKDWWHLFKGLHQLFKW© ª'XKDVWGRFKGHLQH%HUHWWDLPPHUEHLGLU© ª-DHLJHQWOLFKVFKRQDEHUGLHVPDO©,FKKREGLH 6FKXOWHUQª.RPPGDVHU]lKOHLFKGLUREHQ© ,FKKROWHPHLQHQ(LQVDW]NRIIHUDXVGHP.RIIHUUDXPXQG VFKORGHQ:DJHQDE0LWGHP/LIW]LVFKWHQZLUKRFK (UVWMHW]WILHO6XNRDXIGDLFK]LHPOLFKOlGLHUWDXVVDK ª'XELVWMDYHUOHW]W©ULHIHU ª:R"© ª$QGHU6WLUQGDZlFKVWGLUHLQ+|UQ© ª'DVKDEHLFKPHLQHQ)UHXQGHQ]XYHUGDQNHQ© ª:HOFKHQ"© ª*OHLFKZDUWH© 'HU/LIWKLHOW7UHQVFKZDQJHQDXVHLQDQGHUZLU YHUOLHHQLKQXQGVDKHQ6KDRGLHYRUGHU:RKQXQJPLW (LQNDXIVWWHQLQGHU+DQGZDUWHWH ª-RKQZRNRPPVWGXGHQQKHU"©IUDJWHVLHHUVWDXQWDOV ZLUDXIVLH]XVFKULWWHQ ª$XVGHU*DUDJH© ª8QG"© ª/DLKQ©PLVFKWHVLFK6XNRHLQ(UPHUNWHGDHVPLU QLFKWEHVRQGHUVJLQJ ,FKVFKORGLH7UDXIXQGEHWUDWPHLQH:RKQXQJ6KDR XQG6XNRIROJWHQPLU'HQ0DQWHOKlQJWHLFKDQGLH *DUGHUREH(U]HLJWHQRFKGHQ6FKPXW]GHU7LHIJDUDJH'D ZDUZLHGHUHLQH5HLQLJXQJIlOOLJ'HU%HVLW]HUGHV*HVFKlIWV YHUGLHQWHVLFKDQPLUHLQHJROGHQH1DVH ª.DQQLFKZDVIUGLFKWXQ"©IUDJWHGHU&KLQHVH ª-D]ZHL.RSIVFKPHU]WDEOHWWHQ©
ª,FKKROHVLH©VDJWH6KDRVFKQHOO ,FKZDUIPLFKLQGHQ6HVVHOLP:RKQ]LPPHUXQGVWW]WH PHLQHQ.RSILQEHLGH+lQGH(LQSDDUPDODWPHWHLFKWLHI GXUFKXQGVFKORGLH$XJHQ6REOLHELFKVLW]HQ ª1XQHU]lKOPDO©VDJWHGHU&KLQHVH ,FKEHULFKWHWHLQZHQLJHQ:RUWHQYRQGHPHUVWHQhEHUIDOO YRPQLFKW5HDJLHUHQGHV.UHX]HVXQGGHP$XIWDXFKHQGHV JHIlKUOLFKHQ.XJHOGlPRQV(LQPDOXQWHUEUDFKLFKGLH(U ]lKOXQJQXUXPGLHEHLGHQ7DEOHWWHQ]XVFKOXFNHQGLH6KDR JHEUDFKWKDWWH0LW:DVVHUVSOWHLFKQDFK 0HLQHEHLGHQ)UHXQGHZDUHQHUVWDXQWª'DV.UHX]KDW QLFKWUHDJLHUW"©IOVWHUWH6XNR ª1HLQ© ª$EHUZLHLVWGDVP|JOLFK"© ª,FKZHLHVQLFKW© ª=HLJGRFKPDO© ª(VVWHFNWLQGHU0DQWHOWDVFKH© 6XNRJLQJLQGLH'LHOHXQGKROWHHV$OVHU]XUFNNDP KLHOWHUGDV.UHX]DXIVHLQHUIODFKHQ+DQG(UVFKWWHOWHGHQ .RSIª'DVYHUVWHKHLFKQLFKW© ª,FKDXFKQLFKW© (UJDEHVPLU,FKVFKDXWHPLUGDV.UHX]DQXQGDXFKGLH .HWWH,FKVDKGDV(UEHGHU(U]HQJHOGDV$OOVHKHQGH$XJH XQGDOOGLHDQGHUHQJHKHLPQLVYROOHQ=HLFKHQ:LHRIWKDWWH LFKPLFKDXIGDV.UHX]YHUODVVHQZLHRIWKDWWHHVPLFK DXVOHEHQVJHIlKUOLFKHQ6LWXDWLRQHQJHUHWWHWXQGMHW]W YHUVDJWHHV 'DVPXWHHLQHQ*UXQGKDEHQ 0HLQH*HGDQNHQGUHKWHQVLFKLP.UHLV,FKHUOHEWHQRFK HLQPDOGLH6]HQHDOVLFKPHLQ.UHX]LQGLH+DQGQDKPXQG GDPLWJHJHQGHQ.XJHOGlPRQVFKOXJ (UZDUQLFKWYHUJDQJHQ 8QGGDVLUULWLHUWHPLFKQLFKWQXUHVKDWWHPLUDXFKHLQHQ 6FKRFNYHUVHW]W-HOlQJHULFKGDUEHUQDFKGDFKWHXPVR VWlUNHUZXUGHPLUEHZXWGDLFKPHLQHZHUWYROOVWH:DIIH
YHUORUHQKDWWH,FKZDUGHQ.UlIWHQDXVGHP-HQVHLWV]ZDU QLFKWKLOIORVDXVJHOLHIHUW]XPLQGHVWDEHUVHKUJHVFKZlFKW 1RFKZDUHQHV*HGDQNHQGRFKVLHIRUPLHUWHQVLFK]X UHJHOUHFKWHQ6]HQHQ,FKVDKPLFKLP*HLVWHVFKRQ $VPRGLQDRGHU7RNDWDXQG9DPSLURGHOPDUJHJHQEHU VWHKHQRKQH.UHX]6LFKHUJHJHQPDQFKH'lPRQHQZDU VHOEVWGDV.UHX]]XVFKZDFKDEHULQ9HUELQGXQJPLWGHQ YLHU(U]HQJHOQKDWWHHVVLFKDOV:DIIHPHKUDOVHLQPDO EHZlKUW 8QGMHW]W" (VUHDJLHUWHQLFKWPHKU,UJHQGHWZDVZDUJHVFKHKHQIU GDVLFKNHLQH(UNOlUXQJKDWWH(VPXWHSDVVLHUWVHLQDOVLFK QLFKWGDJHZHVHQZDU $EHUYHUGDPPWQRFKPDOLFKKDWWHPHLQ.UHX]LPPHUEHL PLUJHWUDJHQ,FKOHJWHHVQLFKWHLQPDOQDFKWVLP%HWWDE 8QGWURW]GHPZDUHWZDVPLWLKPJHVFKHKHQ 'DVJLQJEHUPHLQHQ+RUL]RQW :DQQKDWWHPDQGDV.UHX]PDQLSXOLHUW" 6XNRDKQWHZHOFKH*HGDQNHQKLQWHUPHLQHU6WLUQDEOLH IHQ'HVKDOEIUDJWHHUª-RKQGHQNQDFK:DQQKDVWGXGDV .UHX]]XPOHW]WHQ0DORKQH$XIVLFKWJHODVVHQ"© ª,FKNDQQPLFKQLFKWHULQQHUQ© 'HU&KLQHVHKRFNWHVLFKDXIGLH7LVFKNDQWHZlKUHQG6KDR LP+LQWHUJUXQGEOLHEXQGXQVHUHP'LDORJODXVFKWHª8QG ZLHZDUHVPLWGHPhEHUIDOOYRUKLQ"© ª'XPHLQVWGLHGUHL6FKOlJHU"© ª*HQDX© ,FKZLQNWHDEª9HUJLVLH6XNR'LHKDEHQQLFKWVJHULVVHQ 'DVZDUHQQRUPDOH*DQJVWHUNHLQH'lPRQHQ'LHN|QQHQ HLQXUDOWHVJHZHLKWHV.UHX]QLFKWPDQLSXOLHUHQ:LUNOLFK QLFKW1HLQGDKLQWHUPXHWZDVDQGHUHVVWHFNHQ©:LHLQ 7UDQFHIDWHLFKQDFKGHPJHZHLKWHQ.UX]LIL[XQGQDKPHV LQGLH+DQG ,FK|IIQHWHGLH)DXVW'DV.UHX]ODJDXIPHLQHP +DQGWHOOHU(VEHGHFNWHLKQIDVW$EHUPDOVVFKDXWHLFKHV
PLUJHQDXDQ-DGDVZDUHV(LQQRUPDOHV.UHX]RKQH PDJLVFKH.UDIWRKQHGLH6WlUNHGLHLFKYRQLKPJHZRKQW ZDU 3O|W]OLFKVWXW]WHLFK'DEHLVHW]WHLFKPLFKDXIUHFKWKLQ GHQQPLUZDUHWZDVDXIJHIDOOHQ ª:DVKDVWGX"©IUDJWH6XNR ,FKKROWHWLHI/XIWXQGVFKOXFNWHª6XNR©IOVWHUWHLFK ª'DVGDUIQLFKWZDKUVHLQ© ª:DV"© ,FKVFKWWHOWHGHQ.RSIª9HUGDPPW6XNRGLHKDEHQPLFK UHLQJHOHJW6LHKDEHQHVJHVFKDIIW,FKZHLMHW]WZDUXPGDV .UHX]QLFKWUHDJLHUWH(VNRQQWHJDUQLFKWUHDJLHUHQZHLOHV QLFKWGDVHFKWH.UHX]LVW9HUVWHKVWGX"© ,FKVSUDQJDXIXQGVFKOHXGHUWHGDV.UHX]]X%RGHQª(V LVWQLFKWGDVHFKWH©VFKULHLFKª'LH*HJHQVHLWHKDWPLUHLQ DQGHUHV.UHX]XQWHUJHMXEHOW© 6FKZHLJHQ 6HNXQGHQODQJ1LHPDQGVSUDFKNHLQHUNRQQWHVSUHFKHQ GHQQZDVLFKGDEHKDXSWHWHZDUHLQH8QJHKHXHUOLFKNHLW $EHUHLQH8QJHKHXHUOLFKNHLWGLHVWLPPWH'DVZDUQLFKW PHLQ.UHX]GDVGDYRUPHLQHQ)HQODJ 6XNREUDFKGDV6FKZHLJHQ*OHLFK]HLWLJWUDW6KDRQlKHU $XFKVLHVFKDXWHDXIGDV.UX]LIL[ ª:RKHUZHLWGXGDGLHVQLFKWGHLQ.UHX]LVW"6SUVW GXGDV"© ª1HLQ©,FKVFKWWHOWHGHQ.RSIª6SUHQNDQQPDQGDV QLFKW:HQLJVWHQVQLFKWVRZLHGXHVPHLQVW,FKVSUHHV ZRKODQKDQGGHV*HZLFKWHV'DV.UHX]KLHUDXIGHP%RGHQ LVWOHLFKWHUDOVPHLQHLJHQHV©,FKVFKDXWH6XNRXQG6KDRDQ ª%HJUHLIWLKUHVKDWHLQDQGHUHV*HZLFKW'DVZLUGHXFKYLHO OHLFKWQLFKWDXIIDOOHQDEHUPLUIlOOWHVDXI,FKKDEHGDV .UHX]LPPHU7DJXQG1DFKWEHLPLUJHWUDJHQXQGPHUNH ZHQQHWZDVQLFKWVWLPPW8QGKLHUVWLPPWHLQLJHVQLFKW,FK KDEHHVQLFKWVRIRUWJHVSUWGRFKMHOlQJHULFKHVLQGHU +DQGKLHOWXPVRPHKUZDULFKGDYRQEHU]HXJW0DQKDW
PLUPHLQ2ULJLQDONUHX]ZHJJHQRPPHQXQGPLUGDIUHLQ DQGHUHVDQJHGUHKW6RLVWHV6XNRXQGQLFKWDQGHUV'DUDXI NDQQVWGX*LIWQHKPHQ© (VZDUHLQHODQJH5HGHJHZHVHQ6KDRXQG6XNRKDWWHQ VFKZHLJHQG]XJHK|UW-HW]WQLFNWHQVLH'HU&KLQHVH VFKZLHJZlKUHQG6KDRDXILKUHU8QWHUOLSSHQDJWH1XQ JLQJGHQEHLGHQDXIZHOFKHLQHQ6FKDGHQXQVHUH*HJQHU GHPJHVDPWHQ6LQFODLU7HDP]XJHIJWKDWWHQ'DVZDU ZLUNOLFKVRXQJHKHXHUOLFKGDPDQHVNDXPDXV]XVSUHFKHQ ZDJWH ,FKJLQJ]XP)HQVWHUXQGVFKDXWHKLQDXV(VKDWWHDQJH IDQJHQ]XVFKQHLHQ)HLQH.|UQHUULHVHOWHQDXVGHQGLFNHQ JUDXHQ:RONHQ'HU6FKQHHZUGHOLHJHQEOHLEHQ,FKVDK LKQXQGVDKLKQGRFKQLFKW0HLQ%OLFNYHUORUVLFKLUJHQGZR LQGHU)HUQH ª8QGMHW]W"©IUDJWH6KDR %HYRU6XNRHLQH$QWZRUWJHEHQNRQQWHGUHKWHLFKPLFK XPª:LUPVVHQHV]XUFNKROHQ© ª.ODU-RKQ1XUYRQZHP"© ,FKDWPHWHWLHIHLQXQGVWLHGDQQGLH/XIWDXVª'LHGUHL 6WUDHQUlXEHUKDEHQPLFKQLFKWRKQH0RWLYQLHGHUJHVFKOD JHQ6LHKDWWHQHLQHQ$XIWUDJXQGGHQKDEHQVLHDXFKDXV JHIKUW,UJHQGMHPDQGKDWVLHJHVFKLFNWXPPLUGDVQDFK JHPDFKWH.UHX]XP]XKlQJHQ8QG]ZDUMHPDQGGHUPLW GHQILQVWHUHQ0lFKWHQLP%XQGHVWHKWGHQQHUKDWQRFKGLH VHQ'lPRQJHVFKLFNW'LH:DIIHQDKPPDQPLUDEPDQOLH PLUGDV.UHX]XQGHVUHDJLHUWHQLFKWGHU.XJHOGlPRQKlWWH HVIDVW]HUULVVHQ'HU3ODQZlUHEHLQDKHDXIJHJDQJHQ© ª:HUN|QQWHGDKLQWHUVWHFNHQ"© 2EZRKO6XNRGLH$QWZRUWHEHQVRDKQWHRGHUZXWHZLH LFKJDELFKGLH(UZLGHUXQJDXIVHLQH)UDJHª(VNRPPW HLJHQWOLFKQXU'U7RGGDIULQ)UDJH(UVHOEVWZLUGHVDXFK QLFKWJHWDQKDEHQVRQGHUQEHUXQVHUHQVSH]LHOOHQ)UHXQG /RJDQ&RVWHOOR'HUKDWVFKOLHOLFKGLH0|JOLFKNHLWHQXQG DXFKGLH/HXWHXPVRHWZDVLQ*DQJ]XVHW]HQ©
,FKUHGHWHQLFKWJHJHQWDXEH2KUHQ6XNRQLFNWH6KDR VWLPPWHHEHQIDOOV]X6LHKDWWHDOOHUGLQJVHLQHQ(LQZDQGDQ GHQZLUDXFKGDFKWHQ ª&RVWHOORZLUGNDXPHWZDV]XEHZHLVHQVHLQ© ª/HLGHU©HUZLGHUWHLFK ª+DVWGXGLH.HUOHHUNDQQW"©IUDJWHPLFK6XNR ª-D]XPLQGHVWHLQHQ(UKHLW'DUOLQJ5REHUWV'HUGXQ NHOKlXWLJH7\SGHUGDEHLZDUZXUGH-DPLHJHQDQQW© ª)DKQGXQJ© ª8QGZLH© (UVWMHW]WEHJDQQLFKZLHGHU]XGHQNHQ1RUPDOHUZHLVH KlWWHLFKVRIRUWHLQH)DKQGXQJDQJHNXUEHOWDEHULFKZDU]X JHVFKRFNWXQGGXUFKHLQDQGHUJHZHVHQ ,FKHLOWH]XP7HOHIRQXQGULHI6LU-DPHV3RZHOOPHLQHQ &KHIDQ(UK|UWH]XXQGVFKQDXIWHGDEHLHLQSDDUPDO,FK PHUNWHDXFKZLHHU]XP6SUHFKHQDQVHW]WHGRFKHUEUDFKWH NHLQ:RUWKHUYRUGDLFKVFKQHOOZHLWHUUHGHWH 6FKOLHOLFKVFKDIIWHHUHVPHLQHQ5HGHIOX]XXQWHUEUH FKHQª6LQG6LHZLUNOLFKVLFKHUGDPDQ,KQHQHLQDQGHUHV .UHX]XQWHUJHVFKREHQKDW"© ª-D6LU© ª,KU9HUGDFKWULFKWHWVLFKJHJHQ&RVWHOOR$EHUZLUZHUGHQ QLFKWVXQWHUQHKPHQN|QQHQGHUKDWVLFKDEJHVLFKHUWJH UDGHZHQQHVXPVRHLQHVSHNWDNXOlUH$NWLRQJHKW© ª'DVLVWPLUNODU6LU1XUNHQQHLFKGLH1DPHQYRQ]ZHL 6FKOlJHUQ9LHOOHLFKWLVWHVQLFKW]XVSlW:HQQZLUHLQH *URIDKQGXQJVWDUWHQGDQQPWHHVXQWHU8PVWlQGHQ NODSSHQGDVLHXQVLQGLH)DOOHODXIHQ© ª6LHNODPPHUQVLFKDQHLQHQ6WURKKDOP-RKQ© ª:DVEOHLEWPLUDQGHUHVEULJ"© ª6WLPPWDXFKZLHGHU1DGHQQZLUZHUGHQVHKHQZDV ZLUWXQN|QQHQ+DOWHQ6LHDXIMHGHQ)DOOGLH2KUHQVWHLI XQGODVVHQ6LHVLFKQLFKWHLQVFKFKWHUQ© ª1HLQ6LUEHVWLPPWQLFKW,FKKROHPLUGDV.UHX]ZLHGHU 8QGZHQQHVVHLQPXDXVGHU+|OOH©
6LU-DPHVODFKWHª,FKGDFKWHLPPHUGLH+|OOHN|QQWH,KU .UHX]QLFKWYHUWUDJHQ"© ª(VZDUDXFKQXUVLQQELOGOLFKJHPHLQW©'DPLWEHHQGHWH LFKXQVHU*HVSUlFK ,FKGUHKWHPLFKXP ª'XEUDXFKVWQLFKWYLHO]XVDJHQ©HUNOlUWHPLU6XNR ªDEHUHWZDVP|FKWHLFKJHUQHZLVVHQ© ª5HGH"© ª'LHVHU'lPRQKDWNXU]EHYRUHUYHUJLQJYRQHLQHP7RU ]XU+|OOHJHVSURFKHQ.DQQVWGXGLUHWZDVGDUXQWHUYRU VWHOOHQ-RKQ"© ª6FKRQ9LHOOHLFKWLVWHVGHU(LQJDQJLQGLH+|OOH©$OVLFK 6XNRV*HVLFKWVDKYHUEHVVHUWHLFKPLFKª.ODULFKZHL VHOEVWGDGLH+|OOHEHUDOOODXHUW$EHULFKJODXEHGDLFK HVWURW]DOOHPKHUDXVILQGHQZHUGH© ª'DVZROOHQZLUKRIIHQ-RKQ©(UWUDWDXIPLFK]XXQG VFKOXJPLUDXIGLH6FKXOWHUª.HLQH3DQLNJHPHLQVDP ZHUGHQZLUHVVFKDIIHQ© =XPHUVWHQPDOJHODQJPLUZLHGHUHLQ/lFKHOQ 'HUGULWWH0DQQKLH(DJOH(VZDUVHLQ6SLW]QDPHGHQHU VFKRQDXV.LQGHU]HLWHQKDWWH(DJOHKHLW$GOHUXQGZLHHLQ $GOHUKDWWHHUVLFKLPPHUJHIKOWQDFKGHPHUDOV0XWSUREH DXVGHP]ZHLWHQ6WRFNHLQHU0LHWVNDVHUQHJHVSUXQJHQZDU (DJOHIXKUDXFKZlKUHQGGLHEHLGHQDQGHUHQLP)RQGGHV DOWHQ&KHY\VDHQXQGWUDQNHQ6LHKDWWHQELOOLJHQ%UDQG\ DXIJHJDEHOWGHQ'DUOLQJ5REHUWVDXVGHU)ODVFKHQ|IIQXQJ LQVHLQHQ0XQGJOXFNHUQOLH -DPLHVSLHOWHYHUUFNW(UKDWWHVLFKGLH0W]HYRP.RSI JHULVVHQXQGVFKOXJVLHLPPHUZLHGHUDXIVHLQH.QLHª'DV KlWWHLFKQLFKWIUP|JOLFKJHKDOWHQGDHLQ%XOOHVROHLFKW ]XHUOHGLJHQLVW0DQQGHQKlWWHQZLUGRFKDXVHLQDQGHU QHKPHQN|QQHQ:HQQLFKQRFKHLQPDOVRHLQH*HOHJHQKHLW EHNRPPH©
ª+|UDXI0HQVFK©]LVFKWH5REHUWVXQGVHW]WHGLH)ODVFKH DE(UUOSVWHXQGZLVFKWHEHUVHLQH/LSSHQª:LUKDEHQ HLQHQ-REJHKDEWGDVLVWDOOHV'DNDQQVWGXQLFKWDXVGHU 5HLKHWDQ]HQ© ª$EHUPLWGHP0HVVHUKlWWHLFKLKQNLW]HOQN|QQHQ© KHFKHOWH-DPLHZREHLVHLQH$XJHQVWUDKOWHQ (DJOHIOXFKWHª6FKHLVFKQHH(VIlQJWZLHGHUDQ© ª'DQQIDKUODQJVDPHU©VDJWH5REHUWV ª7XLFKGRFKVFKRQ© -DPLHGUHKWHVLFKXPXQGVFKDXWHGXUFKGLH+HFNVFKHLEH =DKOUHLFKH$XWRVEHIDQGHQVLFKKLQWHULKQHQDEHUHLQHQ 6WUHLIHQZDJHQHQWGHFNWHHUQLFKWª'LH%XOOHQSHQQHQ QRFK©PHOGHWHHU ª6HLIURK©HUZLGHUWH5REHUWV 6LHQlKHUWHQVLFKLQ]ZLVFKHQGHU+DIHQJHJHQG'RUW ZDUHQVLHPLWGHP$XIWUDJJHEHUYHUDEUHGHW 0LW/RJDQ&RVWHOOR 5REHUWVGHU&KHIGHV7ULRVZDUIDVWYRU(KUIXUFKWHUVWDUUW DOV&RVWHOORLKQHQGHQ-REJDE+RFKXQGKHLOLJKDWWHQVLH LKPYHUVSUHFKHQPVVHQVLFKDQDOOHV]XKDOWHQXQGXP NHLQHQ'HXWYRQGHP$XIWUDJDE]XJHKHQ0RPHQWDQ EHIDQGHQVLHVLFKDXIGHP:HJ]XP7UHIISXQNW 'HU6FKQHHILHOGLFKWHU'DGHU%RGHQKDUWJHIURUHQZDU EOLHEHUDXFKOLHJHQ.RSIVWHLQSIODVWHUO|VWHQRUPDOHQ $VSKDOWDE6LHIXKUHQGXUFKHLQHVFKPDOH6WUDHYRUEHLDQ GHQ0DXHUQUXJHVFKZlU]WHU)DEULNHQ'LH*HJHQGVDK VFKRQEHL6RQQHQVFKHLQ]LHPOLFKWURVWORVDXVLP:LQWHU ZLUNWHVLHQRFKPLHVHU 6FKQHHSOXV.RSIVWHLQSIODVWHUVFKXIHQHLQHJHIlKUOLFKH *OlWWHGLH(DJOHXQWHUVFKlW]WH$XIHLQPDOJOLWWGHU:DJHQ DXVGHU6SXUNDPQDFKOLQNVDEXQGNRQQWHDXFKQLFKWPHKU JHJHQJHVWHXHUWZHUGHQ'LH0DXHUZDUVFKRQGD 0LWGHP.RWIOJHONODWVFKWHGHU:DJHQGDJHJHQ(VJDE HLQKlOLFKHV*HUlXVFKGHQQHUUXWVFKWHQRFKZHLWHUDQGHU 0DXHUHQWODQJ'LHEHLGHQLP)RQGEHJDQQHQ]XIOXFKHQ
XQGDXFK(DJOHVFKLPSIWH(QGOLFKVWDQGGHU:DJHQ -DPLHGUHKWHGXUFKª'X,GLRW©VFKULHHUEHXJWHVLFKQDFK YRUQXQGWURPPHOWHPLWEHLGHQ)lXVWHQJHJHQGHQ5FNHQ GHV)DKUHUV$OVVLFK(DJOHXPGUHKWHVWUHLIWHHLQ)DXVW VFKODJVHLQH:DQJH ª+|UDXI©EUOOWH5REHUWV -DPLHVDQN]XUFN(UKDWWHGLH=lKQHJHIOHWVFKWLQVHLQHQ $XJHQLUUOLFKWHUWHHV ª'HUZLOOXQVIHUWLJPDFKHQ©NQLUVFKWHHUª'HUZLOOXQV YHUVFKDXNHOQ© (DJOHVWLHJDXV 8QGGDPHUNWHHUVHOEVWZLHJODWWHVZDU0LWGHPUHFKWHQ %HLQUXWVFKWHHUDXVXQGILHO]XUFN+DUWVWLHHUVLFKVHLQHQ +LQWHUNRSIDP:DJHQ ª+DVWGXGLUGHLQHQKLUQORVHQ6FKlGHOHLQJHVFKODJHQ"© EUOOWH-DPLH ª6KXWXS©VFKULH(DJOH]XUFNNDPDXIGLH%HLQHXQG ULHEVLFKGHQ.RSI9RUVLFKWLJXPUXQGHWHHUGHQ:DJHQ(U VFKDXWHQDFKZDVJHVFKHKHQZDU 'LHOLQNH6HLWH]HLJWHELV]XU%HLIDKUHUWUNHLQHQ/DFN PHKU'HUNOHEWHMHW]WDQGHU0DXHU$XFKZDUGHU.RWIOJHO QDFKLQQHQJHERJHQVRGDHUEHLP:HLWHUIDKUHQGHQ5HLIHQ DXIVFKOLW]HQZUGH'DVNRQQWHPDQZLHGHUKLQNULHJHQ 6LHVFKDIIWHQHV]XGULWW$OVVLHZLHGHUHLQVWHLJHQZROOWHQ SDFNWH'DUOLQJ5REHUWV(DJOHDP.UDJHQGHU-DFNHª1RFK HLQPDOVRHLQHQ%OLQGJlQJHUGDQQLVWHVDXV© ª2ND\© ª'DUILFKLKQGDQQVFKOLW]HQ"©IUDJWH-DPLH )UGLHVH)UDJHHUKLHOWHUYRQ5REHUWVHLQHQ7ULWW'LHGUHL VWLHJHQHLQXQGIXKUHQZHLWHU -HW]WDOOHUGLQJVVHKUYRUVLFKWLJ 'LH6WUDHHQGHWHQDFKXQJHIlKU
6FKHLEHQYHUKlQJWZDUHQ=ZHL0lQQHUVWDQGHQDXIGHU 5DPSH6LHWUXJHQ0lQWHOXQGKDWWHQ+WHDXI ª'DVVLQGVLH©IOVWHUWH(DJOH 'LHGUHLVFKDXWHQGXUFKGLH)URQWVFKHLEH6HOEVW-DPLHZDU UXKLJ'DV%LOGGDVVLFKLKUHQ$XJHQERWHULQQHUWHVLHDQ HLQH'URKXQJ%LVKHUKDWWHQVLHVLFKQXULQ6WUDHQ VFKOlJHUHLHQRGHUNOHLQHUHQhEHUIlOOHQKHUYRUJHWDQGRFK GHU$QEOLFNGLHVHU3URILJDQJVWHUMDJWHVHOEVWLKQHQ $QJVWHLQ ª+DOWHEORGHLQHYRUODXWH6FKQDX]H©ZDQGWHVLFK 5REHUWVDQVHLQHQGXQNHOKlXWLJHQ)UHXQG ª.ODUELQGRFKQLFKWOHEHQVPGH© 6LHKLHOWHQQHEHQGHP0HUFHGHVDOOHUGLQJVVRGDVLH GHP]ZHLWHQ:DJHQIUHLH)DKUWJDUDQWLHUWHQ 'DQQVWLHJHQVLHDXV.|UQLJH6FKQHHIORFNHQELVVHQLQLKUH *HVLFKWHU'HU:LQGZDUVFKDUIXQGVFKQLWWGXUFKGLH .OHLGXQJ$XIGHU7KHPVHWXWHWHGDV+|UQHLQHV6FKLIIHV ª.RPPWUDXI©VDJWHHLQHUGHUEHLGHQ0lQQHU 'LHGUHLHQWHUWHQGLH5DPSH 'HU0DQQGHUJHVSURFKHQKDWWHZDUILKQHQHLQHQNXU]HQ %OLFN]XWUDWQDFKKLQWHQXQGVWLHPLWGHUDXVJHVWUHFNWHQ +DQGJHJHQHLQHURVWLJH7U 6LHJOLWWTXLHWVFKHQGQDFKLQQHQ'DKLQWHUZDUHVGVWHU 'XUFKGLHZHQLJHQ)HQVWHUVLFNHUWHNDXP/LFKW,QVWLQNWLY IUFKWHWHQVLFKGLHGUHL6FKOlJHUGHQ%DX]XEHWUHWHQ,KUH %HLQH]LWWHUWHQVLHKDWWHQSO|W]OLFK$QJVWDXFKZHLOVLFKGHU ]ZHLWH.HUOLQLKUHP5FNHQEHIDQGXQGGRUWEOLHE ª*HKWUHLQ© 6LHEHUWUDWHQGLH6FKZHOOH,P,QQHUQGHV/DJHUKDXVHV ZDUHVNDXPZlUPHUDEHU]XJLJHU (LQH*HVWDOWO|VWHVLFKDXVGHP+DOEGXQNHO6LHWUXJHLQHQ 0DQWHOXQGKDWWHGLH+lQGHLQGHQ7DVFKHQYHUJUDEHQ$OV GLHGUHL6FKOlJHUVWHKHQEOLHEHQQDKPGHU0DQQHVZDU /RJDQ&RVWHOORVHLQH5HFKWHDXVGHU7DVFKH'LH)LQJHU VWHFNWHQLQHLQHPVFKZDU]HQ+DQGVFKXK
ª+DEWLKUHV"©IUDJWHHU ª-D© ª'DQQKHUGDPLW© 'DUOLQJ5REHUWVKROWHGDV.UHX]KHUYRU(UKDWWHHVXQWHU GHU-DFNHYHUERUJHQJHKDEW&RVWHOORULHVLKPDXVGHQ )LQJHUQZDUIHLQHQSUIHQGHQ%OLFNGDUDXIXQGQLFNWH ª-HW]WJHKWHVGLUDQGHQ.UDJHQ6LQFODLU©IOVWHUWHHUXQG KREPLWHLQHUKHUULVFKHQ%HZHJXQJGHQ.RSIª,KUEH NRPPWQRFKHWZDVQLFKWZDKU"© ª-D6LU© &RVWHOORVFKDXWHDQGHQGUHL7\SHQYRUEHLXQGQLFNWH VHLQHQ/HXWHQ]Xª*HEWLKQHQZDVVLHYHUGLHQWKDEHQ© 'DQQVWUDIIWHHUGLH6FKXOWHUQXQGYHUOLHGDV*HElXGH ª*HKWZHLWHU©ZXUGHGHQGUHLHQEHIRKOHQ (LQSDDU]|JHUQGH6FKULWWHPDFKWHQVLHGDQQGUHKWHVLFK -DPLHXP(UNUHLVFKWHDOVHUWURW]GHVVFKOHFKWHQ/LFKWVGLH :DIIHQLQGHQ+lQGHQGHU0lQQHUHUNDQQWH'LH5HYROYHU ZDUHQ]LHPOLFKJUR'DIUVRUJWHQGLH6FKDOOGlPSIHUGLH DXIGLH/lXIHJHVFKUDXEWZDUHQ -DPLHZROOWHGHQDQGHUHQHLQH:DUQXQJ]XUXIHQ'HVKDOE WUDILKQGLH.XJHO]XHUVW6HLQ0XQGIOOWHVLFKPLW%OXWGHU 6FKUHLHUVWLFNWHXQGHUVDKZLHVHLQH)UHXQGHXQWHUGHQ (LQVFKOlJHQGHU*HVFKRVVH]XVDPPHQEUDFKHQ :HQLJVSlWHUWUDILKQGLH]ZHLWH.XJHOULLKQYRQGHQ %HLQHQXQG]HUVW|UWHVHLQHQ/HEHQVIDGHQHQGJOWLJ 'LH0lQQHUJLQJHQDOVZlUHQLFKWVJHVFKHKHQ9RUVLFKWLJ GUFNWHQVLHGLH7U]X ,KU%RZDUWHWHVFKRQLP:DJHQ 6HNXQGHQVSlWHUVHW]WHVLFKGHUVFKZHUH0HUFHGHVLQ %HZHJXQJ,P)RQGWUDQN/RJDQ&RVWHOORHLQ*ODV5RWZHLQ DXVGHU$XWREDU'HQ6FKOXFNKDWWHHUVLFKYHUGLHQW:DV QLHPDQGJHVFKDIIWKDWWHZDULKPJHOXQJHQ(UEHVD-RKQ 6LQFODLUV.UHX]
'DV+|OOHQWRU 6RXQZDKUVFKHLQOLFKHVNODQJVRYHUUFNWGLHVDXFKZDU HVHQWVSUDFKWURW]GHPGHQ5HDOLWlWHQ 7DQLWKVDKGDV+|OOHQWRU ,P,QQHUQGHUJHKHLPQLVYROOHQ.XJHOVFKLHQHV]X VFKZLPPHQ(VVWDQGQLFKWVWLOOHVEHZHJWHVLFKYLHOOHLFKW DXFKGXUFKGLHEOXWURWHQ6FKZDGHQGLHHVXPZDOOWHQXQG YRQGHU)UDW]H6DWDQVDXVJHVWRHQZXUGHQGLHDXIGLH7U JHPDOWZDU 'HU(LQJDQJ]XU+|OOH 7DQLWKVW|KQWHDXI6LHVDKLKQVLHVDKLKQGXUFK/XFLOOH LKU0HGLXP,QZHLWHU)HUQHK|UWHVLHKDUWHDEJHKDFNWH 6FKUHLH6LHZXWHGDHV/XFLOOHZDUDEHUVLHNRQQWHVLFK QLFKWGDUXPNPPHUQGDV*HVFKHKHQLQGHU.XJHO]RJVLH ]XVHKULQLKUHQ%DQQ 'LHURWHQ1HEHOEHZHJWHQVLFK6LHZDOOWHQZLHJHZDOWLJH 6FKOHLHUDXIXQGQLHGHUXQG7DQLWKJODXEWHVRJDUGLH *HVWDOWHLQHV0HQVFKHQ]XVHKHQ =ZHUJHQKDIWNOHLQVFKlOWHHUVLFKDXVGHP1HEHO(VZDU HLQ0DQQPLWEORQGHQ+DDUHQHLQHLQVDPHU:DQGHUHULQ GHU6WlWWHGHV6FKUHFNHQVGHUDXIGDV7RU]XVFKULWW (UVFKLHQGHQ%RGHQEHUKDXSWQLFKW]XEHUKUHQVRQ GHUQVFKZHEHQGEHULKP]XKlQJHQXQG7DQLWKVDKZLH JLHULJH.ODXHQDXVGHP1HEHOVWLHHQGHQ0DQQSDFNWHQ XQGLKQDXIGDV7RU]XVFKOHXGHUWHQ 'HU0DQQZHKUWHVLFKDEHUGLH.UDIWGHU)DQJDUPHZDU ]XJUR 6LHGUlQJWHQLKQZHLWHUDXIGDVJHKHLPQLVYROOH7RUPLWGHU 7HXIHOVIUDW]H]X :HUZDUGLHVHU0DQQ" 7DQLWKZXWHHVQLFKWVLHKDWWHLKQQLHJHVHKHQVLHNDQQ WHQLFKWVHLQHQ1DPHQDEHUVLHNRQQWHVHLQH(PSILQGXQJHQ VSUHQK|UWHVHLQH6FKUHLHXQGPHUNWHPLWMHGHU)DVHULKUHV .|USHUVZLHHUVLFKYHU]ZHLIHOWJHJHQGDVGURKHQGH 6FKLFNVDOVWHPPWH
'DZXUGHMHPDQGLQGLH+|OOHJHVFKDIIW (LQHDQGHUH(UNOlUXQJKDWWHVLHQLFKWXQGGLH+|OOHZDU EHUHLW (WZDVGXUFK]XFNWHVLH,KU.RSIVFKLHQSO|W]OLFKXQWHU 6WURP]XVWHKHQ(VZDUHQQXU*HGDQNHQGRFKVLHUHLFKWHQ DXVXPGHQ1DPHQGHV0DQQHV]XHUIDKUHQ -RKQ6LQFODLU ,FKELQ-RKQ6LQFODLU -RKQ6LQFODLU 'HP0DQQZDUHVJHOXQJHQVLFKLQGHQNUlIWLJHQ$UPHQ DXIGHQ5FNHQ]XGUHKHQ7DQLWKKDWWHGDV*HIKODOV ZUGHHUJHQDXLQLKU*HVLFKWVFKDXHQ -DDOVZUGHHUVLHVHKHQZDVJDUQLFKWP|JOLFKVHLQ NRQQWH$EHUJDEHVEHUKDXSWHLQ8QP|JOLFK" ,FKELQ-RKQ6LQFODLU :LHGHUGLHVHVWXPPHQ6FKUHLHXQGGD]ZLVFKHQHLQ VFKUHFNOLFKHV:LPPHUQ/XFLOOHKDWWHHVDXVJHVWRHQ'DQQ ElXPWHVLFKLKUOLHJHQGHU.|USHUKRFKXQGVLHVFKULH ZREHL6SHLFKHOLQZLQ]LJHQ7URSIHQYRQLKUHQ/LSSHQ VSUKWH ª'DV7RU]XU+|OOH'HU7HXIHOZLOOHVRIIHQKDEHQ(UZLUG HV|IIQHQ-RKQ6LQFODLU© 6WLOOH :LHDEJHKDFNW9HUVFKZXQGHQZDUGDV%LOGLQGHU.XJHO $XFK/XFLOOHUHGHWHQLFKWPHKU6LHDWPHWHQXUQRFKVFKZHU ZDUVFKZHLEHUVWU|PWXQGEOHLFKLP*HVLFKW 7DQLWKJHODQJHVLKUH)LQJHUYRQGHU.XJHO]XO|VHQ *OHLFK]HLWLJ]XFNWH/XFLOOH]XVDPPHQDOVKlWWHQXQVLFKW EDUH+lQGHVLHDQJHVWRHQ'HPZDUQLFKWVRQXULKU*HLVW NHKUWH]XUFNLQGHQ.|USHU'DV=XVDPPHQ]XFNHQZDU HLQHQDWUOLFKH5HDNWLRQGDUDXI 7DQLWKVWDQGDXI 'LHVHU9RUJDQJJHVFKDKODQJVDPXQGHVKDWWHGHQ $QVFKHLQDOVPWHVLFKGLH:DKUVDJHULQHUVWPLWGHUQHXHQ 6LWXDWLRQDEILQGHQ6LHZDUPLWLKUHQ*HGDQNHQQRFKLPPHU
LQHLQHUDQGHUHQVRIUHPGHQ:HOWXQGPLWEHLGHQ+lQGHQ ZLVFKWHVLHEHULKU*HVLFKWDOVZROOWHVLHHLQHQ6FKOHLHU DEVWUHLIHQ ,KUH.QLH]LWWHUWHQDOVVLHDXI/XFLOOHGDV0HGLXP ]XVFKULWW1HEHQGHU/LHJHEOLHEVLHIUHLQHQ$XJHQEOLFN VWHKHQXQGVFKDXWHLQGDVOHLFKHQEODVVH*HVLFKWGHU0DOHULQ /XFLOOHPXWH4XDOHQHUOHLGHQ6LHDWPHWHVFKZHU(VZDU HLQWLHIHVJHUlXVFKYROOHV/XIWKROHQGLH6FKXOWHUQEHZHJWHQ VLFKHEHQVRGLH%UXVWLKUH/LSSHQ]LWWHUWHQGLH1DVHQIOJHO ZDUHQJHEOlKW1RFKQLHKDWWH7DQLWKLKU0HGLXPLQHLQHU GHUDUWLJHQ9HUIDVVXQJHUOHEW%LVKHUZDUDOOHVJODWWJH JDQJHQ/XFLOOHKDWWHVLFK]ZDUDQJHVWUHQJWDEHUVLHZDU QRFKQLHVRHUVFK|SIWJHZHVHQ ª:LHIKOVWGXGLFK"©IUDJWH7DQLWKIOVWHUQG ª:DVVHU©KDXFKWHGDV0HGLXPª%LWWHJLEPLUHLQ*ODV :DVVHU© ª6RIRUW© :lKUHQG7DQLWKLQGLH.FKHHLOWHGDFKWHVLHEHUGDV (UOHEWHQDFK1LFKWYRQXQJHIlKUKDWWHGLHJHKHLPQLVYROOH .XJHOGLHVHV%LOGJH]HLJW(VPXWHLUJHQGHLQH9HUELQGXQJ ]ZLVFKHQLKU/XFLOOHGHP+|OOHQWRUXQGGHPEORQGHQ 0DQQJHEHQGHUVLFKLQGHQ+lQGHQGLHVHU1HEHOZHVHQ EHIXQGHQKDWWHXQGDXIGDV+|OOHQWRU]XJHVFKOHLIWZXUGH $EHUZHOFKH9HUELQGXQJZDUHV"8QGZHUZDUGHU0DQQ" 6HLQ1DPHNODQJQLFKWURPDQLVFK(KHUHQJOLVFKRGHUVFKRW WLVFK-RKQ6LQFODLU1LHZUGH7DQLWKLKQYHUJHVVHQHUKDWWH VLFKXQDXVO|VFKOLFKLQLKU*HGlFKWQLVHLQJHSUlJW %HIDQGVLFKGHU0DQQEHUHLWVLQGHU+|OOH"0LW%HVWLPPW KHLWNRQQWHVLHGLHVQLFKWEHKDXSWHQ:HQQDXFKQXUGHU 5HVWHLQHU&KDQFHGDZDULKQ]XZDUQHQGDQQPXWHVLH GLH&KDQFHQXW]HQ6LHNRQQWHGHP7HXIHOQLFKWHLQIDFKHLQ 2SIHUEHUODVVHQGDVJLQJQLFKW /XFLOOHWUDQNGDV:DVVHULQJLHULJHQ6FKOXFNHQ,KUH.HKOH VFKLHQDXVJHG|UUW]XVHLQXQGVLHOHHUWHGDV*ODV ª0|FKWHVWGXQRFKHLQV"©
ª1HLQ© 7DQLWKQDKPLKUHP0HGLXPGDV*ODVDXVGHQ)LQJHUQ6LH VWHOOWHHV]XU6HLWHXQGQDKPDXIGHP5DQGGHU/LHJH3ODW] ª'XZHLWZDVGXJHVHKHQKDVW"© ª,FKQLFKWPHLQ*HLVW© ª:DVZDUHVGHQQ"© ª9LHOOHLFKWGLH+|OOH© ª-DGDVJODXEHLFKDXFK© ª8QGKDVWGXDXFKGHQ0DQQJHVHKHQ"© ª'DVKDEHLFK© ª.HQQVWGXLKQ"© ª.DXP© ª$EHUGXVFKOLHWHVQLFKWDXV'XZHLWVHLQHQ1DPHQ HEHQVRZLHLFK(VLVWHLQJHZLVVHU-RKQ6LQFODLU6WLPPWHV"© ª-D:ROHEWHU"© ª1LFKWKLHUVRQGHUQZHLWHUZHJ© ª,Q(QJODQG"© ª9LHOOHLFKW© 7DQLWKVFKDXWHDXI/XFLOOHV*HVLFKW(VVDKQRFKLPPHU EOHLFKDXVQXUODQJVDPNHKUWHGLH)DUEH]XUFN'DV 0HGLXPHUKROWHVLFK1RUPDOHUZHLVHKlWWH7DQLWKGLH *HGDQNHQGLHVLHMHW]WEHUILHOHQZHLWYRQVLFKJHGUlQJW DEHUKLHUJLQJHVXPGDV/HEHQHLQHV0HQVFKHQXQGVLH ZROOWHLKU0HGLXPQRFKHLQPDO]XHLQHP([SHULPHQWEHU UHGHQ$OOHUGLQJV]XHLQHPGDVQLFKWVRJHIlKUOLFKZDUZLH GDVYRUKHUJHKHQGH ª)KOVWGXGLFKZLHGHUEHVVHU"©HUNXQGLJWHVLHVLFKVLFKHU KHLWVKDOEHU ª,FKJODXEHMD© ª,FKP|FKWHGLFKXPHWZDVELWWHQ/XFLOOH© 'DVEORQGH0lGFKHQVFKDXWHGLH:DKUVDJHULQDXVJURHQ $XJHQDQ(LQVWXPPHV)OHKHQODJLQLKUHP%OLFNHLQHlKQ OLFKH6HDQFHQLFKW]XZLHGHUKROHQXQGIDVWZlUH7DQLWK VFKZDFKJHZRUGHQDEHUVLHZROOWHGHP0DQQKHOIHQZHQQ HVLUJHQGZLHJLQJ
'LH6HDQFHZUGHQLFKWVRVFKOLPPZHUGHQXQGGDVVDJWH 7DQLWKLKUHP0HGLXPDXFK /XFLOOHEOLFNWHGLH:DKUVDJHULQDQª:DVZDVVROOLFK GHQQWXQ"© 'DOlFKHOWH7DQLWKª'XVROOVWYHUVXFKHQPLWGHP0DQQ 9HUELQGXQJDXI]XQHKPHQXQGLKQZDUQHQ© ª.DQQLFKGDVGHQQVFKDIIHQ"© ª(LQ9HUVXFKORKQWVLFKLPPHU© ª(UZLUGPLFKWURW]GHP.UDIWNRVWHQ©VDJWHGDV0HGLXP XQGVHQNWHGHQ%OLFNªDEHUZHQQ6LHHVVRZQVFKHQ 0DGDPH© ª(VJHKWZLUNOLFKXPHLQ0HQVFKHQOHEHQ/XFLOOH:LU PVVHQDOOHVHLQVHW]HQ© ª-DMDLFKWXHHV©/XFLOOHKDWWHVLFKHLQZHQLJDXIJHVHW]W MHW]WOHKQWHVLHVLFKZLHGHU]XUFNXQGEOLHEDXFKLQGLHVHU 6WHOOXQJOLHJHQ6LHKDWWHVLHVFKRQHLQPDOHLQJHQRPPHQ $XFKGLH$VWURORJLQJLQJZLHGHUDQLKUHQ3ODW]'LH.XJHO VWDQGVRGDZLHVLHVLHYHUODVVHQKDWWH6LH]HLJWHNHLQ%LOG ª%LVWGXEHUHLW/XFLOOH"© ª-D0DGDPH© 'LH:DKUVDJHULQEHKHUUVFKWHDXFKGLH+\SQRVH6LH VFKDIIWHHVDOOHUGLQJVQXUGXUFKGLH.XJHOQLFKWZHQQVLH GLHK\SQRWLVLHUHQGH3HUVRQGLUHNWDQVFKDXWH'HVKDOE UXWVFKWHVLHHLQZHQLJPLWGHP6WXKO]XUFNEHXJWHVLFK GDQQYRUXQGEOLFNWHYRQGHU6HLWHKHUGXUFKGLH.XJHOVR GDVLHGLHDXIGHU&RXFKOLHJHQGH/XFLOOHHLQZHQLJYHU ]HUUWVHKHQNRQQWH 'LH0DOHULQHUVFKLHQLKUIUHPG6RZLHVLHGDDXIGHP%HWW ODJVDKVLHLQ:LUNOLFKNHLWQLFKWDXV'DV:DEHQPXVWHUGHU .XJHOYHU]HUUWHGLH3HUVSHNWLYH/XFLOOHZLUNWHDOVZlUHVLH DXV]DKOUHLFKHQ(LQ]HOKHLWHQ]XVDPPHQJHVHW]W ª'UHKGHQ.RSIHLQZHQLJQDFKOLQNV©VDJWHGLH $VWURORJLQªXQGGDQQVLHKPLFKGXUFKGLHDQGHUH6HLWHGHU .XJHODQ© /XFLOOHIROJWHGHU$XIIRUGHUXQJRKQH]XPXUUHQ
'LH%OLFNHGHUEHLGHQWUDIHQVLFK ª'XELVWMHW]WUXKLJ/XFLOOH'XELVWJDQ]UXKLJ'X VFKOLHWGLH$XJHQXQGGHQNVWQXUDQGHQ0DQQGHQZLU EHLGHQRFKQLFKWULFKWLJNHQQHQ+DVWGXYHUVWDQGHQ"© ª-D,FKELQUXKLJ,FKGHQNHDQLKQ,FKZLOOLKQZDUQHQ(U VROOQLFKWLQGLH+|OOH© ª6RLVWHVULFKWLJ/XFLOOH8QGQXQYHUVXFKHVHLQH *HGDQNHQ]XILQGHQ6LHK]XGDGXHUIlKUVWZRUDQHU GHQNWXQGZDUXPHUVRGHQNW6WHKWHUPLWGHU+|OOHLQ 9HUELQGXQJ".DQQHUVLFKZHKUHQ"%LWWH© 6FKZHLJHQ 6HOEVW7DQLWKKLHOWGHQ$WHPDQ:UGHGDV([SHULPHQW JHOLQJHQ"6LHKDWWHEHUHLWVlKQOLFKH9HUVXFKHGXUFKJHIKUW 'DKDWWHHVLPPHUJHNODSSW$EHUGDZDUHQ*HJHQVWlQGHLQ GHU1lKHGHVDQGHUHQJHZHVHQGLHLUJHQGHWZDVPLW0DJLH ]XWXQJHKDEWKDWWHQ*HJHQVWlQGHGLHGLHJHLVWLJHQ VXFKHQGHQ9HUELQGXQJHQLQWHQVLYLHUWHQVRGDVLHDXFK ]XP(UIROJIKUWHQ9RQGHP)UHPGHQZXWHVLHEHUKDXSW QLFKWV /XFLOOHODJVWLOOGD:LHHLQH7RWH$EHU7DQLWKZXWHGD VLHMHW]WLKUH*HGDQNHQGDUDXINRQ]HQWULHUWHGHQ)UHPGHQ ]XILQGHQXQGYRUDOOHQ'LQJHQPLWLKPLQ.RQWDNW]X WUHWHQ6LHVROOWHLKQZDUQHQVLHPXWHLKQZDUQHQ ª:DVHPSILQGHVWGX/XFLOOH"© =XHUVWHUKLHOW7DQLWKNHLQH$QWZRUW(UVWQDFKHLQHU:HLOH K|UWHVLHLKU0HGLXPVSUHFKHQª,FKHPSILQGHNDXPHWZDV 1XUHLQH/HHUHHLQHDEVROXWH/HHUH.HLQH*HGDQNHQNHLQH 6WU|PXQJHQDOOHVOHHUVRVFKUHFNOLFKOHHU©'LH:RUWH GUDQJHQQLFKWIOVVLJVRQGHUQVWRFNHQGEHULKUH/LSSHQ 7DQLWKNDQQWHGDV6SLHO6LHZROOWHDXINHLQHQ)DOODXI JHEHQ/XFLOOHVROOWHZHLWHUPDFKHQ ª6XFKHLKQ6XFKHZHLWHUNOHLQH/XFLOOH/DLKQQLFKWLP 6WLFK(UPXJHIXQGHQZHUGHQ© ª(ULVWVRZHLWZHJ6RXQHQGOLFKZHLW©'LH$QWZRUW NODQJZLHHLQ+DXFK
ª/HEWHUDXIGHU(UGHRGHUEHILQGHWHUVLFKEHUHLWVLQHLQHU DQGHUHQ'LPHQVLRQ"© ª$XIGHU(UGH© ª'DQQPDFKZHLWHU%LWWH© ª(VLVWVRVFKZHU© 7DQLWKOLHVLHMHW]WLQ5XKH6LHZXWHZLUNOLFKGDHV VFKZHUZDUGLH(QWIHUQXQJ]XEHUEUFNHQ/XFLOOHPXWH GLH*HGDQNHQLUJHQGHLQHVIUHPGHQ0HQVFKHQHUNHQQHQ XQGILQGHQ (LQHIDVWXQO|VEDUH$XIJDEH 0LQXWHQYHUJLQJHQ /XFLOOHEOLHEQLFKWUXKLJ6LHDWPHWHPDOVWlUNHUPDO VFKZlFKHU6LHEHIDQGVLFKLQHLQHU8QUXKHZLHPDQVLH VRQVWEHL+\SQRWLVLHUWHQNDXPIDQG,UJHQGHWZDVVFKLHQVLH ]XVW|UHQIXQNWHGD]ZLVFKHQ9LHOOHLFKWHLQHVWDUNHJHLVWLJH RGHUPDJLVFKH*HJHQVWU|PXQJ 3O|W]OLFKULFKWHWHVLHVLFKDXI'DVZDUQRFKQLHJHVFKHKHQ XQG7DQLWKNDQQWHLKU0HGLXPVFKRQODQJH'XUFKGDV +LQVHW]HQZDULKU6LFKWNRQWDNWXQWHUEURFKHQDEHUGLH 9HUELQGXQJEHVWDQGWURW]GHPGDVEHZLHVHQ/XFLOOHVQlFK VWH5HDNWLRQHQ ª,FKKDEHLKQJHVHKHQ©IOVWHUWHVLHª,FKZHLMHW]WZHU HULVWXQGZRHUZRKQW-RKQ6LQFODLU*HLVWHUMlJHU /RQGRQGHU.HOFKGHV)HXHUVLVWGDV9HUELQGXQJVJOLHG 9RUVLFKWHULVWJHIlKUOLFK*HIDKU*HIDKU+LHUDQGHUH GLH7HXIHOVWRFKWHUVFKOlJW]XMHW]W©'DVOHW]WH:RUWHQGHWH LQHLQHPIXUFKWEDUHQ6FKUHL/XFLOOHZDUY|OOLJGXUFKHLQDQ GHUZLHDXFK7DQLWK 8QGGHU6FKUHLKDOOWHQRFKLP5DXPQDFKDOVSO|W]OLFKGLH 7UDXIJHVWRHQZXUGHXQGGDV9HUKlQJQLVEHUGLHEHLGHQ )UDXHQKHUHLQEUDFK
$VPRGLQDZDUQRFKXQ]XIULHGHQHUJHZRUGHQ6LHKDWWH VWDUNPLW$VPRGLV 8QWHUVWW]XQJJHUHFKQHWDEHUHUKDWWH VLHLP6WLFKJHODVVHQ'HU7HXIHOKDWWHJHQJHQGHLJHQH 3UREOHPHGHQQDXFKVHLQH0DFKWZDUQLFKWPHKUVRJH IHVWLJW $VPRGLQDODFKWHKHLVHUDXIDOVVLHDQ$VPRGLVGDFKWH 9LHOH0HQVFKHQJODXEWHQGDHUGHUDEVROXWH+HUUVFKHUGHU +|OOHZlUHGRFKVLHLUUWHQVLFK (VZDUDQGHUVJDQ]DQGHUV9LHONRPSOL]LHUWHUXQGNDXP ]XEHJUHLIHQ$OOHUGLQJVZDULKUHLQHVNODUJHZRUGHQ6LH PXWHPLWGHQ'LQJHQDOOHLQIHUWLJZHUGHQ =ZHLJURH3UREOHPHKDWWHGLH7HXIHOVWRFKWHU'DVHLQH KLH6ROR0RUDVVRXQGGLH0RUGOLJDGDVDQGHUH-RKQ 6LQFODLUGHU*HLVWHUMlJHU8QGGLHVHEHLGHQ3UREOHPHZROOWH VLHPLWHLQHP6WUHLFKDXVGHU:HOWVFKDIIHQXQGHVLKUHP 9DWHUEHZHLVHQ 9RUGHQ(UIROJKDEHQDEHUDXFKGLH+|OOHQJ|WWHUGHQ 6FKZHLJHVHW]WHVZDUVHOEVWIU$VPRGLQDQLFKWHLQIDFK DQEHLGHKHUDQ]XNRPPHQ'U7RGKDWWHVLFKDXVJH]HLFKQHW JHVFKW]W(UEHVDLQGHP:UIHOGHV8QKHLOVHLQHVR VWDUNH:DIIHJHJHQGLHVHOEVW$VPRGLQDQLFKWVDXVULFKWHQ NRQQWH(UXQGGDPLWGHU7RGHVQHEHOXPJDEHQLKQXQGGLH 0RUGOLJDZLHHLQJHZDOWLJHU6FKXW]VFKLOG %OLHEQRFK6LQFODLU :HOFKH:DIIHQEHVDHU"(LQPDOGDV.UHX]VHLQHVWlUNVWH :DIIHGDQQGLH%HUHWWDPLWGHQ6LOEHUNXJHOQDXFKGHQ 'ROFKXQG'HVWHURV6FKZHUW'DPLWNRQQWHHUHWZDVDXV ULFKWHQ:HQQHUGLH:DIIHQULFKWLJHLQVHW]WHNRQQWHHUPDQ FKHV+|OOHQUHLFK]XP:DQNHQEULQJHQ$EHUHUZXWHHV QLFKWXQGERKUWHLPPHUQXUDQGHU2EHUIOlFKHKHUXP(LQ SDDUPDOKDWWHHUWLHIH:XQGHQJHULVVHQPHKUQLFKW :LHNDPVLHDQ6LQFODLUKHUDQ" 'DUEHUGDFKWH$VPRGLQDQDFK(VPXWHHLQHQ:HJ JHEHQGHU6LQFODLULQGLH)DOOHIKUWH,P/DE\ULQWKGHU $QJVWKDWWHHVQLFKWJHNODSSWDEHUHLQPDOLVWNHLQPDO6LH
PXWHHVHEHQDXIHLQHDQGHUH$UWXQG:HLVHYHUVXFKHQ 3O|W]OLFKVDKVLHZLHGHUGLHNDOWHQ)ODPPHQYRUVLFK6LH ZLFKQLFKW]XUFNVRQGHUQVFKDXWHDXVLKUHPJHVFKZlU]WHQ *HVLFKWYROOKLQHLQ:LHGHUJULQVWHVLHGLH7HXIHOVIUDW]HDQ XQGVLHVSUWHGHQ+RKQGHUDXVGHQ%OLFNHQVSUDFK ª-HW]WELVWGXUDWORVZLH"©ODFKWHGHU6DWDQ ª9LHOOHLFKW© ª*LEHV]XGXNRPPVWRKQHPLFKQLFKWZHLWHU© ª(VEOHLEWDE]XZDUWHQ© ª:DVVROOHQZLUXQVVWUHLWHQPHLQH7RFKWHU":LUZROOHQ EHLGHGDVJOHLFKHXQGDXFK6ROR0RUDVVRZLOO6LQFODLUV7RG (UKDWVRJDUHLQHQJURHQ)RUWVFKULWWHU]LHOW© ª:HOFKHQ"© ª6LQFODLUEHVLW]WVHLQ.UHX]QLFKWPHKU© ª+D©$VPRGLQDVFKULHDXI,KUH$XJHQOHXFKWHWHQZLOG XQGVLH]LVFKWHª6WLPPWGDV"© ª-D© ª+DVWGXHVLKPDEJHQRPPHQ"© ª1HLQLFKQLFKW© ª:HUGDQQ"© ª'DVVSLHOWNHLQH5ROOHDEHULFKNDQQGLUHWZDV]HLJHQ :LOOVWGXPLWNRPPHQ"© 'DUDXIHUZLGHUWH$VPRGLQDQLFKWV6LHVFKULWWNXU]HUKDQG DXIGDVNDOWH)HXHU]XXQGDXFKKLQGXUFK,PQlFKVWHQ $XJHQEOLFNYHUVFKPRO]VLHPLWGHP*HVLFKWGHV7HXIHOVGDV NDOWH)HXHUYHUVFKZDQGXQGHQWVWDQGDQHLQHUDQGHUHQ 6WHOOHGLH]HLWXQGUDXPPlLJQLFKWLQ=DKOHQ]XIDVVHQ ZDU 6LHEHIDQGHQVLFKLP1LFKWV ,QGHU6FKZlU]HGHU'LPHQVLRQHQLQ$VPRGLV HLJHQHP 5HLFK6LHJLQJHQQLFKWVLHVFKZHEWHQDEHUVLHKDWWHQHLQ =LHO (LQHULHVLJH:DQGWUPWHVLFKSO|W]OLFKYRULKQHQDXI6LH ZDUHWZDVKHOOHUDOVGLH6FKZlU]HXPVLHKHUXPXQGGLHVH :DQGZDUZLHHLQJHZDOWLJHU)HUQVHKVFKLUPGHUGDV/HEHQ
DXIGHU(UGHZLHGHUJDEVRGD$VPRGLVHVEHREDFKWHQ NRQQWH 6RHWZDVKDWWHVLFK$VPRGLQDLPPHUJHZQVFKWDEHU GLHVH:DQGGDV=HQWUXPGHV6FKUHFNHQVEOLHEQXUGHQ JDQ]KRKHQ'lPRQHQYRUEHKDOWHQ ª+LHUNDQQVWGXLKQVHKHQ©IOVWHUWH$VPRGLVª8QG]ZDU RKQHVHLQ.UHX]© ª=HLJLKQPLUORV© 'HU7HXIHOODFKWHª+LQWHUGHU:DQGOLHJWGDV7RU]XU +|OOH,FKKDEHLKQEHUHLWV,FK]HLJHGLUMHW]WHWZDVGDVHUVW LQGHU=XNXQIWVWDWWILQGHW6LQFODLUZLUGNRPPHQHUNRPPW DXIGDV7RU]XHUZLUGGLH+|OOHEHWUHWHQ© ª,FKZLOOHVVHKHQ© ª'DVNDQQVWGXDXFK© ª:DQQ"©$VPRGLQDKDWWHGHQ6WUHLWPLWLKUHP9DWHUYHU JHVVHQ6LHGDFKWHQXUQRFKDQ-RKQ6LQFODLU 9RQKLHUZUGHHUQLFKWIOLHKHQN|QQHQZHQQHUHLQPDOGD ZDU$VPRGLVZDU]XVWDUN*UHQ]HQORVZDU$VPRGLQDV+D DXI-RKQ6LQFODLUGDYHU]LHKVLHLKUHP9DWHUVRJDUDOOHV ZHQQHUGHQ*HLVWHUMlJHUHUOHGLJWH ª.DQQLFKLKQVHKHQ"©IUDJWHVLH 'HU7HXIHOJULQVWHª'XP|FKWHVWHLQHQ%OLFNLQGLH:HOW ZHUIHQPHLQH7RFKWHU"© ª-D© ª'DQQELWWH©'HU7HXIHOEUHLWHWHGLH$UPHDXV$XV VHLQHP0DXOGUDQJHQ]LVFKHQGH/DXWHXQGLPQlFKVWHQ $XJHQEOLFNHUVFKLHQDXIGHUPDJLVFKHQ/HLQZDQGHLQ%LOG $VPRGLQD]LWWHUWHLQQHUOLFK2EZRKOVLHHLQ*HVFK|SIGHU +|OOHZDUIKOWHVLHGRFKPDQFKPDOZLHHLQ0HQVFK:LH MHW]W]XP%HLVSLHOVLHZDUWHWHDXI6LQFODLUVLHZROOWHLKQ HQGOLFKVHKHQ 6LQFODLUNDPQLFKW $VPRGLQDZROOWHHWZDVVDJHQGRFKVLHYHUVWXPPWHGHQQ VLHKDWWHDXIGHPPDJLVFKHQ%LOGVFKLUPHWZDVJHVHKHQ (LQH*HVWDOW
(LQHQ0DQQ *URPLWEORQGHQ+DDUHQXQGHLQHP*HVLFKWGDVVLHQLH YHUJHVVHQZUGH -RKQ6LQFODLU -HW]WHQGOLFK]HLJWHGLH/HLQZDQGGDV%LOG$VPRGLQDVDK LKQZLHHUGXUFKHLQHQURWHQ1HEHOWULHEXQGJLHULJH+lQGH QDFKLKPJULIIHQ,KU*HVLFKWYHU]HUUWHVLFK'DV/lFKHOQ ZDUNDOWEUHLWXQGDXFKW|GOLFK]XQHQQHQ 1XUZXWH$VPRGLQDOHLGHUQLFKWREVLFKGDVZDVGLH :DQG]HLJWHLQGHU*HJHQZDUWGHU=XNXQIWRGHUGHU 9HUJDQJHQKHLWDEVSLHOWH6LHIUDJWHLKUHQ9DWHUGDQDFK ª6LQFODLUZLUGNRPPHQ©HUZLGHUWHGHU7HXIHOª(UPX GDV7RU]XU+|OOHDXIVWRHQ(VLVWHLQHPDJLVFKH .RQVWHOODWLRQHQWVWDQGHQGLHLKQHLQIDFK]ZLQJWKLHUKHU]X NRPPHQ,FKVSUHHVXQGGDEHLVSLHOWGHU.HOFKGHV)HXHUV HLQH5ROOHGHUHLQPDOLP.ORVWHUGHU7HXIHOVP|QFKHJHVWDQ GHQKDW©3O|W]OLFKJOKWHQGLH$XJHQGHV6DWDQVZLH )HXHUUlGHUª/DQJH=HLWKDWHUQLFKWVDEHUDXFKJDUQLFKWV JHWDQ(UVWDQGQXUEHL-RKQ6LQFODLU(LQHNOHLQH=HLWERPEH MDKUHODQJ1XQLVWHVVRZHLW'LHPDJLVFKH.RQVWHOODWLRQLVW JHVFKDIIHQZRUGHQ'XUFKGLH.XJHOXQGGDV0lGFKHQ© ª:HOFKHV0lGFKHQ"© ª(LQ0HGLXP© ª8QGGLH.XJHO"© 'DODFKWHGHU6DWDQª6LHEHILQGHWVLFKLQGHU+DQGHLQHU )UDX6LHQHQQWVLFK:DKUVDJHULQXQG$VWURORJLQ6LHKDWGLH .XJHOGDPDOVHUKDOWHQDEHUVLHZHLQLFKWJHQDXZRKHUVLH ZLUNOLFKVWDPPWQlPOLFKDXVGHU+|OOH© ª,FKYHUVWHKHGDVQLFKW©JDE$VPRGLQD]X 'HU7HXIHOJULQVWHª'DVEUDXFKVWGXDXFKQLFKW.XJHO XQG.HOFKJHK|UWHQHLQPDO]XVDPPHQ'LH7HXIHOVP|QFKH KDEHQLKUHQ7HUURUGDPLWDXIJHEDXWDEHULFKKDEHGLH.XJHO YHUVFKZLQGHQODVVHQ© ª,VWGHU.HOFKGHV)HXHUVQLFKWGHP*XWHQJHZHLKW"©KLHOW GLH7HXIHOVWRFKWHUGDJHJHQ
ª0DQNDQQLKQPDQLSXOLHUHQ1LFKWVRVWDUNZLHGHQ :UIHODEHUHVJHKW(UEOHLEWKDUPORVVRODQJHHUQLFKWDNWL YLHUWZLUGDEHUZHKHHVHQWVWHKWGLH9HUELQGXQJGDQQLVW VHLQ%HVLW]HUGHQ.UlIWHQGHU+|OOHDXVJHOLHIHUW© $VPRGLQDODFKWHODXW(VKDOOWHGXUFKGLH/HHUHGHV5DXPV XQGEUDFKXUSO|W]OLFKDEGHQQ6LQFODLUZDUHEHQVRVFKQHOO YHUVFKZXQGHQ ª(ULVWZHJ© $XFK$VPRGLVVWDUUWHMHW]WDXIGLHVHQJURHQPDJLVFKHQ %LOGVFKLUPGHUOHHUYRULKPODJ(U]HLJWHHLQHJUDXH)DUEH XQGQXUQRFKHLQOHW]WHV)OLPPHUQZDU]XHUNHQQHQ ª:LHNDQQGDVVHLQ"©$VPRGLQD]HLJWHVLFKQHUY|V ª(WZDVKDWJHVW|UW© ª:DV"© ª*HGDQNHQ$QGHUH*HGDQNHQGLHGHV0HGLXPV(VZHL JHUWVLFKHVOHKQWVLFKDXI(VVWHKWQLFKWDXIXQVHUHU6HLWH© ª$XIXQVHUHU"+HLWGDVGXZLOOVWZLHGHUPLWPLU]XVDP PHQJHKHQ$VPRGLV"© 'HU7HXIHOGUHKWHLKUVHLQHQ=LHJHQERFNNRSI]X'HU 0XQGZXUGH]XHLQHP5HFKWHFNDOVHULKQ|IIQHWHª-DZLU JHKHQZLHGHU]XVDPPHQ,FKKDEHHVPLUEHUOHJW© ª'DQQN|QQHQZLU6LQFODLUJHPHLQVDPYHUQLFKWHQ© ª*HQDX© ª8QGDXFK6ROR0RUDVVR"© ª,VWHUQLFKWGHLQ3UREOHP"© ª1HLQMHW]WQLFKWPHKU'HLQH6RUJHQVLQGDXFKPHLQH 6RUJHQ8QGHLQH6RUJHZHUGHLFKGLUDEQHKPHQ$VPRGLV :REHILQGHWVLFKGLHVHV0HGLXP"+DVWGXHVKHUDXVILQGHQ N|QQHQ"© ª-DLFKZHLHV,Q3DULV%HLHLQHUJHZLVVHQ7DQLWKGHU :DKUVDJHULQGLHDXFKGLH.XJHOEHVLW]W© $VPRGLQDQLFNWHª'DQQZHLLFKJHQDXZDVLFK]XWXQ KDEH,FKPXHLQJUHLIHQEHYRUGDV0HGLXP-RKQ6LQFODLU DXIJHGDQNOLFKHP:HJHZDUQHQNDQQ©
,FKZXWHYRQDOOHGHPQLFKWVZDVVLFKEHUPHLQHP.RSI ]XVDPPHQEUDXWH,FKDKQWHZRKOGDHLQLJHVLQ%HZHJXQJ JHUDWHQZDUGRFKZLHHVLPHLQ]HOQHQOLHIGDVNRQQWHLFK QLFKWVDJHQ )UPLFKZDUHVZLUNOLFKHLQH4XDOXQWlWLJKHUXP]XVLW ]HQGRFKHVPXWHVHLQ,FKVHOEVWNRQQWHEHLGHU)DKQGXQJ QDFKGHQGUHL.UHX]GLHEHQQLFKWKHOIHQ:HQQPHLQH .ROOHJHQHLQHQ(UIROJKDWWHQGDQQZUGHQVLHPLU%HVFKHLG JHEHQ 6XNRZDUPLW6KDRLQGLH:RKQXQJQHEHQDQJHJDQJHQ(U EUDXFKWHQLFKWEHLPLU]XEOHLEHQXQGGHQ%DE\VLWWHU]X VSLHOHQ:HQQVLFKHLQH*HIDKUDQEDKQWHRGHUVLFKHWZDV 1HXHVHUJDEZUGHLFKHVLKPVDJHQ ,FKKDWWHPLFKPLW:DIIHQYHUVRUJWXQGWUXJGHQ'ROFKEHL PLUHLQH*HPPHGLHPDJLVFKH.UHLGH$XFK'HVWHURV 6FKZHUWODJJULIIEHUHLWDXIGHU&RXFK 0LWGHP)HLHUDEHQGZDUHVYRUEHL:LHJHUQKlWWHLFKPLU HLQHQUXKLJHQ$EHQGJHPDFKWGRFKLFKNRQQWHQLFKWDKQHQ GDPHLQH*HJQHUDXVJHUHFKQHWMHW]W]XVFKOXJHQ :HQQLFKGDUEHUQDFKGDFKWHZHUKLQWHUDOOHPVWHFNWH ILHOPLUQXUHLQ1DPHHLQ 'U7RG (UKDWWH]XOHW]W;RUURQJHKROWGHUXQWHUGHP&HQWUDO3DUN LQ1HZ
,FKNRQQWHHVNDXPIDVVHQ$POLHEVWHQZlUHLFKVHOEVW QDFK)HXHUODQGJHIORJHQXQGKlWWHGLH+|KOHGHV/|ZHQ JHVWUPW$EHULFKZDUQLFKWOHEHQVPGH6ROR0RUDVVR KlWWHHLVNDOW]XUFNJHVFKODJHQXQGPLFKSUDNWLVFK]HU PDOPW 6RPXWHLFKDEZDUWHQ 0HLQ.UHX]KDWWHLFKYHUORUHQ(LQHYHUGDPPWVFKOLPPH 7DWVDFKHXQGDXFKHLQ=HLFKHQGD0RUDVVRQLFKWXQWlWLJ ZDU6HOEVWEHU7DXVHQGHYRQ0HLOHQKLQZHJRSHULHUWHHU JHJHQPLFK(UKDWWHHEHQ]XJXWH%H]LHKXQJHQ ,FKJLQJLQGLH.FKHXQGKROWHHLQH)ODVFKH%LHU0HLQ 'XUVWZDUJURJHZRUGHQGLHWURFNHQH+HL]XQJVOXIWVRUJWH GDIU'UDXHQZXUGHHVLPPHUNlOWHUXQGGHU6FKQHHILHO ZLHHLQGLFKWHU9RUKDQJDXVGHQJUDXHQ:RONHQ,P :HWWHUEHULFKWZXUGHYRQHLQHU.lOWHZHOOHJHUHGHWXQGHUVWH .DWDVWURSKHQPHOGXQJHQNDPHQDXV:DOHVZR'|UIHU GXUFK6FKQHHYHUZHKXQJHQYRQGHU$XHQZHOWDEJHVFKQLW WHQZDUHQ ,FK|IIQHWHGLH)ODVFKHQDKPHLQ*ODVDXVGHP6FKUDQN XQGVFKHQNWHHVYROO0LWGHPJHIOOWHQ*ODVLQGHU+DQG JLQJLFK]XUFNLQV:RKQ]LPPHU 'RUWZDUILFKPLFKLQHLQHQ6HVVHOXQGVWUHFNWHGLH %HLQHDXV 'LHHUVWHQ6FKOXFNHWDWHQJXW,FK]QGHWHPLUDXFKHLQH =LJDUHWWHDQXQGUDXFKWH (QWVSDQQXQJZROOWHVLFKQLFKWHLQVWHOOHQ'D]XZDULFK]X DXIJHUHJW'LHLQQHUH1HUYRVLWlWVWHFNWHWLHIVLHQDJWHDQ PHLQHU3V\FKH (VWDWVLFKQLFKWV,FKVFKDXWHKLQEHU]XP7HOHIRQXQG YHUVXFKWHHVUHJHOUHFKW]XK\SQRWLVLHUHQGRFKHVJDENHLQHQ /DXWYRQVLFK 1RFKHLQ6FKOXFNXQGGDV*ODVZDUOHHU 9HUGDPPWLFKKLHOWHVQLFKWPHKUOlQJHULP6HVVHODXV,FK PXWHHQGOLFKZLVVHQZRUDQLFKZDU9LHOOHLFKWKDWWH6LU -DPHVVFKRQHLQHQ7HLOHUIROJ]XYHUPHOGHQGHVKDOEVWDQG
LFKDXIJLQJ]XP$SSDUDWXQGZlKOWHGLH1XPPHUPHLQHV 9RUJHVHW]WHQ (VKDWWHNDXPHLQPDOJHOlXWHWGDKLHOW6LU-DPHVEHUHLWV GHQ+|UHULQGHU+DQG ª,FKELQHV6LU+DEHQ6LHVFKRQHLQ(UJHEQLV"© ª1HLQLFKKlWWH,KQHQ%HVFKHLGJHVDJW©6HLQH6WLPPH NODQJYRUZXUIVYROO ª6ROOLFKLQV%URNRPPHQ"© ª+LHUN|QQHQ6LHDXFKQLFKWKHOIHQ-RKQ%OHLEHQ6LHLQ ,KUHU:RKQXQJ© ª-D6LU© ª6LHVLQGQHUY|VQLFKW"© ª*XWJHUDWHQ© ª*LEWHVHLQHQ*UXQGDXHUGHPYHUVFKZXQGHQHQ .UHX]"© ª,FKKDEHGDV*HIKO6LUGDEHUPHLQHP.RSIHLQH 6FKOLQJHKlQJWGLHVLFKLPPHUPHKU]XVDPPHQ]LHKW(WZDV OLHJWLQGHU/XIW,FKZHLQXUQLFKWZDV'DV8QKHLONDQQ MHGHQ$XJHQEOLFN]XVFKODJHQ0LWGHU=HLWEHNRPPWPDQ ZLUNOLFKHLQHQVHFKVWHQ6LQQIU*HIDKUHQXQGLFKKDEHGDV *HIKOHLQJHNHVVHOW]XVHLQ© ª%UDXFKHQ6LH6FKXW]"© ª1HLQ6LUVRKDEHLFKGDVQLFKWJHPHLQW,FKZROOWH,KQHQ QXUPHLQH9HUPXWXQJHQPLWWHLOHQ'LHDQGHUH6HLWHZLUG NDXPQRFK]|JHUQVLHEHUHLWHW©,FKVSUDFKQLFKWPHKU ZHLWHUGHQQGLH/HLWXQJZDUSO|W]OLFKJHVW|UW(UVWUDXVFKWH HVQXUGDQQNQDWWHUWHHVGDQDFKZDUZLHGHUGDV5DXVFKHQ ]XK|UHQ ,FKOHJWHDXI0HLQH*HGDQNHQZLUEHOWHQ%HLGHUH[WUHPHQ .lOWHNRQQWHGLHVHU$XVIDOOHLQHQDWUOLFKH8UVDFKHKDEHQ (VJDEDOOHUGLQJVDXFKHLQHDQGHUH(UNOlUXQJ 0DJLHVHW]WVLFKDXV:HOOHQ]XVDPPHQ'LH6WU|PHGHV %|VHQZDUHQSK\VLNDOLVFKJHVHKHQ:HOOHQ 8QGGLHNRQQWHQVW|UHQ ,FKZDUJHZDUQW
'LH:RKQXQJNDPPLUSO|W]OLFKZLHHLQH)DOOHYRU,FK ZXWHGDPHLQH*HJQHUVFKRQODXHUWHQGDVLHEHUHLW ZDUHQ]X]XVFKODJHQDEHULFKNRQQWHVLHQLFKWSDFNHQRGHU IDVVHQVLHKLHOWHQVLFKQRFKYHUERUJHQXQGEHREDFKWHWHQ (VVFKHOOWH :LHQHUY|VLFKZDUPHUNWHLFKGDUDQGDLFKEHLP .OLQJHOQ]XVDPPHQ]XFNWH$XIOHLVHQ6RKOHQQlKHUWHLFK PLFKGHU7UXQGK|UWHGLH6WLPPHPHLQHV:RKQXQJV QDFKEDUQ ªgIIQH-RKQ© (VZDU6XNRGHUQLFKWLQGLH:RKQXQJWUDWDOVLFKGLH7U DXIJH]RJHQKDWWHVRQGHUQDXIGHU6FKZHOOHVWHKHQEOLHE ª0|FKWHVWGXQLFKWGRFK]XXQVNRPPHQ-RKQ"6KDRKDW HWZDV]XHVVHQJHPDFKWXQG© ª1HLQGDQNH,FKEOHLEHKLHU,FKPXKLHUEOHLEHQ© ª'XVLHKVWVFKOHFKWDXV© ª6R"© ª-DLUJHQGHWZDVVWLPPWQLFKW-RKQ:DVLVWORV"1LPPW GLFKGHU9HUOXVWGHV.UHX]HVVRVHKUPLW"© ª'DVZLUGHVZRKOVHLQ© ª2GHULVWHVHWZDVDQGHUHV"© ª1HLQ6XNRZLUNOLFKQLFKW© 0HLQFKLQHVLVFKHU)UHXQGXQG.ROOHJHQLFNWHQDFKGHQN OLFKª$OOULJKW-RKQHVZDUQXUHLQH)UDJH)DOOVGXHVGLU QRFKEHUOHJVWNDQQVWGXMDUEHUNRPPHQ© ª.ODU8QGYLHOHQ'DQN© 6XNRJLQJZLHGHU,FKVFKORGLH7U)UHLQHQ0RPHQW EOLHELFKLQGHU'LHOHVWHKHQ$OVLFKPLWGHP+DQGUFNHQ EHUPHLQH6WLUQZLVFKWHIKOWHLFKGHQ6FKZHL8QGZLH GHUZDUGDV*HIKOGHU%HGURKXQJYRUKDQGHQ(VVDYHU GDPPWWLHILQPLUXQGHVEHIDQGVLFKEHUDOO,QMHGHU(FNH KLQWHUMHGHP6FKUDQNVFKLHQHV]XODXHUQXQGGDUDXI]X ZDUWHQHQGOLFK]XVFKODJHQ]XN|QQHQ .UDPSIKDIWYHUVXFKWHLFKPLUGDV*HIKODXV]XUHGHQ 'RFKGDVVFKDIIWHLFKQLFKWHVEOLHEXQGLFKVXFKWHQDFK
HLQHU(UNOlUXQJ9LHOOHLFKWELOGHWHLFKHVPLUQXUHLQXQWHU 8PVWlQGHQZDUHVQXUGLH1DFKZLUNXQJGHV6FKRFNVGHU PLFKJHWURIIHQKDWWHDOVPLUPHLQ.UHX]JHVWRKOHQZXUGH ,FKJLQJ]XUFNLQGHQ:RKQUDXP .DXPKDWWHLFKGLH7UDXIJHVWRHQDOVLFKHVVDK(QGOLFK PHOGHWHQVLFKPHLQH*HJQHUXQGVLHWDWHQHVDXIHLQHUDIIL QLHUWH$UWXQG:HLVH (VJLEWLQPHLQHU:RKQXQJHLQHQ6FKUDQN'RUWKDWWHLFK GHQVLOEHUQHQ1DJHODXIEHZDKUWGHQ.HOFKGHV)HXHUVXQG DXFKKLQXQGZLHGHUPHLQ6FKZHUW 8QGGLHVHU6FKUDQNJOKWH (UVWDQGQLFKWLQ)ODPPHQVRQGHUQJOKWHYRQLQQHQKHU DXVXQGGLHVHVURWH/LFKWEHUWUXJVLFKDXFKDXIGLH7UGHV 6FKUDQNHV 'DV*OKHQKDWWHVLHHWZDLQ%UXVWK|KHHUIDW,FKZXWH JHQDXGDGRUWDXIHLQHP5HJDOGHU.HOFKGHV)HXHUVVWDQG XQGLFKJLQJGDYRQDXVGDQXUHUIUGLHVHV*OKHQYHU DQWZRUWOLFKVHLQNRQQWH 7LHIDWPHWHLFKHLQ 0HLQH.QLH]LWWHUWHQHLQZHQLJDOVLFKPLFKGHP6FKUDQN QlKHUWH,FKZROOWHDXIVFKOLHHQPXWHHVVRJDUZHQQLFK GLH8UVDFKHGLHVHVPDJLVFKHQ*OKHQVKHUDXVILQGHQZROOWH (LQHQ6FKULWWYRUGHP6FKUDQNEOLHELFKVWHKHQ(LQHNDOWH +DQGIXKUEHUPHLQHQ5FNHQLFKVSUWHGLH*lQVHKDXW VRJDUDXIPHLQHP.RSIXQGGDV)U|VWHOQHUUHLFKWHGHQ JHVDPWHQ.|USHU 6ROOWHLFK|IIQHQ" 9RUVLFKWLJVWUHFNWHLFKPHLQHQ$UPDXV(VZDUGHUOLQNH 0LWGHUUHFKWHQ+DQGKROWHLFKGLH%HUHWWDDXVGHP *UWHOKROVWHU:HQQLUJHQGHWZDVZDUZROOWHLFKVRIRUW VFKLHHQ %HKXWVDPGUHKWHLFKGHQ6FKOVVHOKHUXP,FKULVNLHUWHHV XQG]RJPLWHLQHP5XFNDXI 'HU.HOFKGHV)HXHUVVFKLHQYRQ)ODPPHQHLQJHKOOW]X VHLQ$EHUHUYHUEUDQQWHQLFKW1XUHLQURWHU6WUDKOHQNUDQ]
KOOWHLKQHLQGHUVLFKMHGRFKDOVLFKGLH7UDXI]RJYHU lQGHUWH ,FKVDKZLHVLFKHLQEUHLWHU6WUDKOYRQGHP.HOFKO|VWHXQG JHQDXDXIPLFK]XIXKU $XVZHLFKHQNRQQWHLFKQLFKWGD]XJLQJDOOHV]XVFKQHOO 'HU6WUDKOWUDIPLFKDP.RSI,FKUHFKQHWHGDPLWEHZXWORV ]XZHUGHQDEHULFKK|UWHSO|W]OLFKGLHIUHPGH6WLPPHLQ PHLQHP*HKLUQ ª'DV7RU]XU+|OOH,FKVHKHGDV7RU]XU+|OOH©6RYHUQDKP LFKGLH:RUWHª*HLVWHUMlJHU-RKQ6LQFODLU'XEHILQGHVWGLFK LQ*HIDKU6LHZLOO]XVFKODJHQ$VPRGLQDVLHLVWQDKHVLHKDW HVJHVFKDIIW-RKQ6LQFODLU9RUVLFKW© ,FKEOLHEVWHLIVWHKHQXQGNRQ]HQWULHUWHPLFKQXUDXIGLH DQGHUHQ*HGDQNHQ6FKRQQDFKGHQHUVWHQ6HNXQGHQKDWWH LFKJHPHUNWGDPLUGLH3HUVRQGLHGLH*HGDQNHQDXV VWU|PWHQLFKWIHLQGOLFKJHJHQEHUVWDQG6LHZROOWHHWZDV YRQPLUVLHKDWWHPLFKJHVXFKWXPPLFK]XZDUQHQ$EHU ZHUZDUVLH" 'LHVH)UDJHIRUPXOLHUWHLFKLQ*HGDQNHQXQGHUKLHOWDXFK HLQHWHOHSDWKLVFKH$QWZRUW ª/XFLOOHGDV0HGLXP0HLQH*HGDQNHQGXUFKVWUHLIHQGLH 'LPHQVLRQHQ,FKVSUHGHQ6FKUHFNHQGHUVLFKGLULPPHU PHKUQlKHUW)XUFKWEDU(UZLUGGLFKWUHIIHQ)OLHK© ª:RKLQ"©'LHVH:RUWHIOVWHUWHLFKVRJDUXQGIRUPXOLHUWH VLHJOHLFK]HLWLJLQ*HGDQNHQ ª=XVSlWHVLVW]XVSlW'LHDQGHUHQVLQGQDK'DV7RU]XU +|OOHLFKKDEHGLFKJHVHKHQ'XZLUVWHVDXIVWRHQ6LH SDFNHQGLFK8QGKLQWHUGHP7RUZDUWHWGHU7HXIHO'HU 7HXIHO-RKQ6LQFODLU+|UVWGX"'HU7HXIHO© hEHUPHLQHQ5FNHQOLHIHLQ6FKDXHUQDFKGHPDQGHUHQ 'DV0HGLXP/XFLOOHVSUDFKVRHLQGULQJOLFKGDPLUDQJVW XQGEDQJHZXUGH 6LHUHGHWHYRP7HXIHO
9RQ$VPRGLV 6WHFNWHQHUXQG$VPRGLQDGHQQKLQWHUGHQ9RUJlQJHQ XQGQLFKW6ROR0RUDVVR" ,FKHUIXKUHVQLFKWPHKUGHQQLQPHLQHP.RSIKDOOWHGDV (FKRHLQHVPDUNHUVFKWWHUQGHQ6FKUHLVZLGHU /XFLOOHKDWWHLKQDXVJHVWRHQ (LQOHW]WHV6LJQDOHPSILQJLFK ª'HU7RGGHU7RGLVWGDGLH(QJHO©'DQQZDU 6FKOX :LHHLQH6WDWXHEOLHELFKVWHKHQ $XIGHU6FKZHOOHVWDQGHQ]ZHLYRQ$VPRGLQDVJHIlKUOLFKHQ 7RGHVHQJHOQ6LHKDWWHQGLH7UQLFKWQXUDXIJHVWRHQ VRQGHUQVLHVRJDUDXVGHQ$QJHOQJHULVVHQ 'LHEHLGHQVDKHQDXVZLHLPPHU6LHWUXJHQVFKZDU]H .OHLGXQJGLHLUJHQGZLHDQ/HGHUHULQQHUWH'DV2EHUWHLO HQGHWHGLFKWXQWHUGHU%UXVW=ZLVFKHQLKPXQGGHP +RVHQJUWHOVFKLPPHUWHKHOOH+DXW'LH+DDUHGHUEHLGHQ 7RGHVHQJHOKDWWHQHLQHURVWURWH)DUEHGLH*HVLFKWHUZDUHQ JODWWXQGNDOW $XIGHQ5FNHQGLHVHU:HVHQZXFKVHQ)OJHOGLHHV LKQHQHUP|JOLFKWHQ]XIOLHJHQ %HZDIIQHWZDUHQVLHDXFK%HLGHWUXJHQLKUHJHIlKUOLFKHQ %RJHQ'LH6HKQHQZDUHQJHVSDQQWDXILKQHQODJHQGLH 3IHLOHXQGGLH7RGHVHQJHOEUDXFKWHQQXUQRFKORV]XODVVHQ XPGLHJHIlKUOLFKHQ:DIIHQLQV=LHO]XVFKLHHQ 'HU6FKRFNXQGGHU6FKUHFNKDWWHQGLHEHLGHQ)UDXHQ JHWURIIHQ6LHZDUHQLQLKUHQ+DOWXQJHQHUVWDUUW /XFLOOHVDDXIGHU&RXFKZlKUHQGGLH$VWURORJLQQHEHQ GHU/LHJHVWDQG %HLGHPXWHQGHQ$QEOLFNGLHVHU7RGHVHQJHOHUVWYHU NUDIWHQ6RHWZDVKDWWHQVLHQRFKQLHJHVHKHQGRFK/XFLOOH ZXWH%HVFKHLG$XILKUHQWUDQV]HQGHQWDOHQ5HLVHQKDWWH VLHGLH7RGHVHQJHOVFKRQGHV|IWHUHQ]X*HVLFKWEHNRPPHQ
VLHZXWHJHQDXZLHJHIlKUOLFKVLHZDUHQXQGZLHVLH EHGLQJXQJVORV]X$VPRGLQDVWDQGHQ ª'LH7RGHVHQJHO©KDXFKWH/XFLOOHªJWLJHU+LPPHO© 0HKUVDJWHVLHQLFKWPHKUEUDXFKWHVLHDXFKQLFKW]X VDJHQGHQQDXFK7DQLWKVSUWHGLH*HIDKUGLHYRQGLHVHQ EHLGHQ:HVHQDXVJLQJ6LHVWU|PWHQGDV*UDXHQDXVXQGVLH ZDUHQHUVFKLHQHQXPGHQ$XIWUDJLKUHU+HUULQDXV]X IKUHQ /DXWORVXQGJOHLWHQGEHZHJWHQVLHVLFK]XU6HLWH(LQHU QDFKOLQNVGHUDQGHUHQDFKUHFKWV'LHNDOWHQ$XJHQLQ LKUHQ*HVLFKWHUQEHZHJWHQVLFKGDEHLGHU%OLFNEOLHELPPHU DXI7DQLWKXQGGDV0HGLXP/XFLOOHJHULFKWHW (UVWMHW]WEHZHJWHVLFKGLH$VWURORJLQ6LHKDWWHGLH =XVDPPHQKlQJHLQWXLWLYHUIDWXQGVLHZXWHSO|W]OLFK ZHVKDOEGLH7RGHVHQJHOJHVFKLFNWZRUGHQZDUHQ 8P]XW|WHQ 7DQLWKVWHOOWHVLFKVRKLQGDVLHPLWLKUHP.|USHUGDV 0HGLXPVFKW]WH6LHZDUVHKUHKUOLFKXQGJDEVLFKGLH 6FKXOGGDGLH7RGHVHQJHOEHUKDXSWHUVFKLHQHQZDUHQ +lWWHVLH/XFLOOHQLFKWGLH%HVFKZ|UXQJGXUFKIKUHQODVVHQ ZlUHHVHUVWJDUQLFKWVRZHLWJHNRPPHQ-HW]WPXWHQVLH GLH)ROJHQWUDJHQ ª:DVZROOWLKU"©IUDJWHVLH,KUH6WLPPHZDUGDEHLQXU QRFKHLQ+DXFK ª6LH© 'HU7RGHVHQJHOGHUGLH$QWZRUWJHJHEHQKDWWHEOLFNWH GDEHLDXI/XFLOOHGDPLWNHLQH0LYHUVWlQGQLVVHDXINDPHQ ª8QGZDUXP"© ª6LHLVWHLQHJHIlKUOLFKH3HUVRQ,KU*HLVWNDQQXQVHUH 'LPHQVLRQHQGXUFKGULQJHQVLHKDWXQVJHVW|UWXQGGDV GDUIQLFKWVHLQ'HVKDOEPXVLHVWHUEHQ© ª1HLQ©VFKULH7DQLWKª'DVN|QQWLKUQLFKW6LHVROOOHEHQ 6LHKDWHXFKQLFKWVJHWDQJDUQLFKWV© 'DVFKRGHUHUVWH(QJHO 'HU3IHLOZDUVRVFKQHOOYRQGHUVWUDIIJHVSDQQWHQ6HKQH
JHIORJHQGD7DQLWKLKQNDXPVDK6LHK|UWHQXUHLQJHIlKU OLFKHV6LUUHQXQGUHFKQHWHPLWGHPKDUWHQ(LQVFKODJLQ LKUHP.|USHU 'LH$VWURORJLQWlXVFKWHVLFK'HUDEJHVFKRVVHQH3IHLO ZLVFKWHGLFKWDQLKUHP2KUYRUEHLXQGKLHEJHJHQGLH :DQGYRQZRHU]X%RGHQILHOXQGOLHJHQEOLHE ª(VZDUQXUHLQH:DUQXQJ©HUNOlUWHGHU7RGHVHQJHOGHU JHVFKRVVHQKDWWH(UJULIIKLQWHUVLFKXQGKROWHHLQHQ]ZHL WHQ3IHLODXVGHPDXIGHP5FNHQKlQJHQGHQ.|FKHU(U OHJWHLKQVRIRUWDQXQGVSDQQWHGLH6HKQH :LHHUVWDUUWEOLHE7DQLWKVWHKHQ $QGHUV/XFLOOH6LHKDWWHHQGOLFKEHJULIIHQGDVLHVWHUEHQ VROOWH,KU*HVLFKWVFKLHQ]X]HUIOLHHQHVZXUGH]XHLQHU *ULPDVVHGHU)XUFKWXQGVLHNODPPHUWHVLFKDQJVWYROODQ 7DQLWKIHVW ª7XZDV©IOVWHUWHVLHHUVWLFNWª7XGRFKHQGOLFKHWZDV,FK ZLOOQLFKWGD© ª:HQQLKUVLHXPEULQJWGDQQPWLKUDXFKPLFKW|WHQ© HUNOlUWH7DQLWKPLWIHVWHU6WLPPHª'HQQLFKNHQQHGLH *HKHLPQLVVHPDQFKHU-HQVHLWVUHLFKHHEHQIDOOV© ª'LUZHUGHQZLUDXFKQRFKGLH5HFKQXQJSUlVHQWLHUHQ© ZXUGHGHU$VWURORJLQJHVDJWª'LH.XJHOZLUVWGXQLFKW PHKUODQJHEHKDOWHQN|QQHQ:LUZHUGHQVLH]HUVW|UHQXQG GDPLW]HUVW|UHQZLUGHLQ/HEHQVZHUN'DPLWGXDEHUWURW] GHPQLFKWQRFKDXIGXPPH*HGDQNHQNRPPVWZHUGHQ XQVHUH3IHLOHGLFKHEHQIDOOVGXUFKERKUHQ© +DUWH:RUWHGLHHLQH0RUGDEVLFKWGRNXPHQWLHUWHQ'LH 7RGHVHQJHOZROOWHQLKUHP5XIJHUHFKWZHUGHQ ª1HLLQQQ©/XFLOOHEUOOWHSO|W]OLFKDXI6LHOLH7DQLWKORV XQGZDUIVLFKQDFKYRUQ'LH&RXFKZDUZHLFKVLHNDP QLFKWVRJXWZHJZLHVLHHVVLFKYRUJHVWHOOWKDWWH6LHPXWH GLH+lQGHDOV6WW]HQHKPHQVWLHVLFKDEXQGEHYRU 7DQLWKVLHZHJ]HUUHQNRQQWHZDU/XFLOOHLKUVFKRQHQW JOLWWHQ 'DV0HGLXPVSUDQJDXIGDV(QGHGHU&RXFK]XZROOWH
VLFKDXIGHQHUVWHQ7RGHVHQJHOVWU]HQXQGKDWWHGLH$UPH EHUHLWVDXVJHVWUHFNWDOVGLHVHUGLH6HKQHORVOLH 'DV6LUUHQGHV3IHLOVZDUGLHVPDONDXP]XK|UHQ'LH 'LVWDQ]ZDUVHKUNXU] 'HU3IHLOWUDIKDUW 8QG]LHOJHQDX 7DQLWKK|UWHGHQ$XIVFKODJ /XFLOOHVSUWHGHQEUHQQHQGHQ6FKPHU]LQLKUHU%UXVW(U EUHLWHWHVLFKJHGDQNHQVFKQHOODXVZDUSO|W]OLFKEHUDOOXQG VFKLHQVLH]X]HUUHLHQ/DQJVDPNLSSWH/XFLOOHGDV 0HGLXPDXIGLH6HLWH'LH&RXFKZDUVREUHLWGDVLHQLFKW KLQXQWHUIDOOHQNRQQWHXQGGLFKWDQGHUHQ5DQGOLHJHQEOLHE +DOEDXIGHU6HLWHKDOEDXIGHP5FNHQ $XVLKUHU%UXVWUDJWHGHUODQJH6FKDIWGHV3IHLOV(VZDU HLQP|UGHULVFKHU7RGHVERWHGHUGDV0lGFKHQPLWWHQLQV +HU]JHWURIIHQKDWWH/XFLOOHV/HEHQZDUDXVJHO|VFKW6LH KDWWHGLHODQJH5HLVHDQJHWUHWHQYRQGHUHVNHLQH5FN NHKUJDE )DVVXQJVORVVWDUUWH7DQLWKDXIGLH7RWH6LHGDFKWHGDUDQ GD/XFLOOHHUVWLQGHU%OWHGHV/HEHQVJHVWDQGHQKDWWHXQG HLVNDOWXPJHEUDFKWZRUGHQZDU 1XUDOOPlKOLFKEHJULIIVLHXQGKRELKUHQ%OLFNXPGLHYRU LKUVWHKHQGHQ*HJQHULQQHQDQ]XVFKDXHQ7DQLWKVDKVLH QLFKWDQLKUH$XJHQVFKZDPPHQLQ7UlQHQGLH/LSSHQ ]XFNWHQXQGVLHPXWHKDUWVFKOXFNHQZHLOVLFKHLQKHLHU .ORLQLKUHU.HKOHIHVWJHVHW]WKDWWH 'LHVHV(UOHEQLVKDWWHVLHELVLQGLH*UXQGIHVWHQHU VFKWWHUW =LWWHUQGEOLHEVLHVWHKHQXQGVFKDXWH]XZLHGLHXQKHLP OLFKH0|UGHULQLKUHQ$UPEHZHJWHXQGHLQHQQHXHQ3IHLO DXVGHP.|FKHUKROWHGHQVLHDXIGLH6HKQHOHJWHXQGVLH VSDQQWH ª'HULVWIUGLFK©YHUVSUDFKVLHPLWK|KQLVFKHU6WLPPH ,KUH$XJHQZDUHQ]ZHL(LVNULVWDOOHLQHLQHPEHZHJXQJV ORVHQ*HVLFKWDOVVLH7DQLWKDQYLVLHUWH
,KUH$UWJHQRVVLQEHZHJWHVLFKGDEHL]XU6HLWH6LHZROOWH GLHJHKHLPQLVYROOH.XJHODQVLFKQHKPHQ 7DQLWKVFKWWHOWHGHQ.RSIª'DQQVFKLHGRFK©VFKULHVLH ª9HUGDPPWVFKLH© 'LH:DKUVDJHULQXQG$VWURORJLQKDWWHPLWLKUHP/HEHQ DEJHVFKORVVHQ (VZDUHWZDVSDVVLHUW 8QG]ZDUPLWGHPJHKHLPQLVYROOHQ0HGLXPGHVVHQ 6WLPPHLFKLQPHLQHP.RSIYHUQRPPHQKDWWH :DUHVWRW"+DWWHHVGLH+LOIHGLHHVPLUJHEHQZROOWHPLW GHP/HEHQEH]DKOW" 1LFKWVK|UWHLFKPHKU0HLQ.RSIZDUIUHLYRQIUHPGHQ *HGDQNHQ1XUHLQGXPSIHV*HIKOEOLHE]XUFN ,FKVFKDXWHDXIGHQ.HOFK1DFKZLHYRUVWDQGHULQ VHLQHP)DFK*ROGHQVFKLPPHUWHHU,FKVDKGLHJHKHLPQLV YROOHQ=HLFKHQGLHLQGHQ5DQGJUDYLHUWZDUHQ8UDOWH :RUWH%HVFKZ|UXQJHQGLHLFKHEHQVRZHQLJNDQQWHZLHGLH DXIPHLQHP.UHX] 'LH9RUZUIHNDPHQYRQDOOHLQ,FKKlWWHPLFKPHKUXP GHQ.HOFKNPPHUQN|QQHQXPVHLQ*HKHLPQLV]X :HLWHUGDFKWHLFKQLFKWPHKUGHQQPLWGHP.HOFKJH VFKDKHWZDVVHKU6HOWVDPHV 6HLQH)DUEHYHUlQGHUWHVLFK$XVGHP,QQHUQGHV.HOFKV XQGDXFKLQGHQ:lQGHQEHJDQQHV]XEURGHOQ,FKVDKURWH 6FKOLHUHQGLHVLFKHUVWODQJVDPGDQQMHGRFKLPPHUVFKQHO OHUEHZHJWHQXQGVFKOLHOLFKLQHLQHPUDVHQGHQ:LUEHO HQGHWHQ (LQHVWDUNHPDJLVFKH.UDIWWUDIPLFK0HLQH*HGDQNHQ ZXUGHQJHVW|UWLFKZDUQLFKWPHKULFKVHOEVWXQGVDKQXU QRFKDXIGHQ.HOFKGHV)HXHUVGHUVHLQHP1DPHQDOOH(KUH PDFKWHGHQQDXVGHUEUHLWHQUXQGHQgIIQXQJVFKRHLQH YLROHWWH)ODPPH 6LHSXIIWHUHJHOUHFKWDXIZXUGHDOVVLH]XEUHLWZDU
]XVDPPHQJHGUFNWNQLFNWHZHJXQGULFKWHWHLKUH6SLW]H DXIPLFK $VPRGLV *HVLFKWOHXFKWHWHPLUDXVGHU)ODPPHHQWJHJHQ (LQHZLGHUOLFKHGUHLHFNLJH)UDW]H]XHLQHPK|KQLVFKHQ *ULQVHQYHU]RJHQGDVPLUDQNQGLJWHZHOFKHV6FKLFNVDO LFK]XHUOHLGHQKDWWH ,FKNRQQWHQLFKWQDFKOLQNVXQGQDFKUHFKWV,FKZDUZLH IHVWJHOHLPW+LOIORVRKQHPHLQ.UHX].HLQH$EZHKUNUlIWH JHJHQGLHVWDUNH0DJLHXQGJHJHQGDV)HXHUGDVVLFKLPPHU PHKUDXVEUHLWHWHXQGPLFKXPILQJ'LH8PULVVHGHV 6FKUDQNHVYHUVFKZDPPHQYRUPHLQHQ$XJHQLFKVDKQXU QRFKGDV)HXHUGDVPLFKXPKOOWHXQGZHJWUXJ 'LH:RKQXQJYHUVFKZDQGYRUPHLQHQ$XJHQ,FKZXUGH QLFKWHLQPDOEHZXWORVVRQGHUQ]XHLQHP7HLOHLQHUJHZDO WLJHQPDJLVFKHQ.UDIWGLHPLFKKLQHLQ]RJLQGHQ6WUXGHO GHV6FKUHFNHQV 'HP7RUGHU+|OOHHQWJHJHQ (VZDUHQ/LFKWEOLW]H*UQOLFKVFKLPPHUQGXQGLQQHUKDOE YRQ6HNXQGHQEUXFKWHLOHQDXIIODPPHQG 7DQLWKGLHHLQIDFKQLFKWPHKUJODXEHQNRQQWHGDVLH QRFKJHUHWWHWZHUGHQN|QQWHVDKZLHGHU7RGHVHQJHO YRULKU]XVDPPHQ]XFNWHXQGLKPGHU%RJHQDXVGHQ +lQGHQILHO 'LHJUQHQ/LFKWSIHLOHKDWWHQLKQJHWURIIHQ6LHZDUHQ QLFKWQXULQVHLQH*HVWDOWKLQHLQVRQGHUQDXFKKLQGXUFK JHIDKUHQVLHULVVHQGLHVHV:HVHQDXVHLQDQGHU /|FKHUHQWVWDQGHQDQGHQ$XIWUHIIVWHOOHQ6WDXEULHVHOWH ZLHIHLQHU6FKQHHXQGGDQQJDEHVGHQ7RGHVHQJHOQLFKW PHKU 7DQLWKZDUVRHUVWDXQWGDVLHNHLQ:RUWKHUYRU EUDFKWH,KUZXUGHVFKZLQGOLJVRHWZDVKDWWHVLHQRFK QLHHUOHEW$XVGHQ$XJHQZLQNHOQQDKPVLHHLQH%H ZHJXQJZDKUK|UWHGDV6LUUHQGHV3IHLOVVDKHWZDV
*ROGHQHVEOLW]HQXQGYHUQDKPHLQHQGXPSIHQ)DOO $OVVLHGHQ.RSIZDQGWHODJGHU]ZHLWH7RGHVHQJHOHU OHGLJWDP%RGHQhEHULKPVWDQGHLQHVFKZDU]KDDULJH)UDX (LQJROGHQHV6FKZHUWKLHOWVLHLQGHU+DQG'LH6SLW]H EHUKUWHGHQ%RGHQ8QGQHEHQLKUODJGHU.RSIGHV]ZHL WHQ7RGHVHQJHOV$XVGHU:XQGHDP+DOVVWU|PWHHLQHGXQ NOHVFKZDU]JUQH)OVVLJNHLWGLHVLFKPLWGHP6WDXEYHU PLVFKWHDOVVLFKGHU.RSIDXIO|VWH ,FKELQJHUHWWHWGXUFKVFKRHV7DQLWK*WLJHU+LPPHO LFKELQJHUHWWHW6LHZROOWHHVNDXPJODXEHQ6FKZLQGHO HUIDWHVLH7DQLWKJLQJUFNZl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lUNHUHQJUQHQ7RQOHXFKWHWHQ6LHGDFKWHDQGLH %OLW]HGLHGHQHUVWHQ7RGHVHQJHOJHW|WHWKDWWHQXQGVLH ZXWHSO|W]OLFKGDGLH%OLW]HDXVGHQ+lQGHQGHV0DQQHV JHVFKRVVHQVHLQPXWHQ 6HLQ*HVLFKWZDUHWZDVUXQGOLFKGLH$XJHQOlFKHOWHQZLH DXFKGHU0XQG 7DQLWKKDWWH0KH]XVSUHFKHQª:HUVHLGLKU"©IUDJWHVLH NUlFK]HQG
'HUNOHLQH0HQVFKEHZHJWHVLFKXQGWUDWWLHIHULQGHQ 5DXPª,FKKHLH0\[LQ©HUNOlUWHHUª8QGGLH)UDXGLHGLU GDV/HEHQJHUHWWHWKDW7DQLWKLVW.DUD© ª,KUNHQQWPLFK"©'LH)UDJHNODQJHUVWDXQW7DQLWKV%OLFN JOLWWYRQHLQHP]XPDQGHUHQ ª-DZLUNHQQHQGLFK© ª$EHUZRKHU"© ª:LUKDEHQGHLQHXQGGLH6WU|PHGHLQHV0HGLXPVHPS IDQJHQN|QQHQXQGZLUPHUNWHQGDLKUHXFKLQ*HIDKU EHIDQGHW0lFKWHGHU)LQVWHUQLVZROOWHQHXHU/HEHQDXVO| VFKHQZLUVLQGVFKQHOOJHNRPPHQ/HLGHUQLFKWVFKQHOO JHQXJ©'LHVH:RUWHKDWWH.DUDJHVSURFKHQXQG7DQLWK QDKPVLHQLFNHQG]XU.HQQWQLV ,QLKUHP.RSIEHUVFKOXJHQVLFKGLH*HGDQNHQ'DPLW PXWHVLHHUVWHLQPDOIHUWLJZHUGHQ1LHKlWWHVLHPLWHLQHU &KDQFHJHUHFKQHWXQGGDQQDOVHVIDVW]XVSlWZDUGD WDXFKWHQGLHEHLGHQZLHGLHUHWWHQGHQ0lUFKHQIHHQDXI ª6HLGLKUEHUKDXSWYRQKLHU"©'LH)UDJHGUDQJDXWRPD WLVFKEHULKUH/LSSHQ ª1HLQGDVVLQGZLUQLFKW© ª:RKHUNRPPWLKUGDQQ"©ZROOWHGLH$VWURORJLQZLVVHQ 0\[LQGUHKWHVLFKXPXQGVFKULWW]XU+DXVWU6LHVWDQG RIIHQZDUMHGRFKQLFKWEHVFKlGLJWZRUGHQ(UVWDOVGHUNOHL QH0DJLHU]XUFNNHKUWHJDEHUGLH$QWZRUW ª(VLVWQLFKWOHLFKWXQVHUH+HUNXQIW]XHUNOlUHQ©HUZLGHU WHHUª:LUPWHQXQV=HLWQHKPHQ+DVWGX=HLW7DQLWK"© 'LH:DKUVDJHULQZDUIHLQHQ%OLFNDXIGLHWRWH/XFLOOHª-D© VDJWHVLHªLFKKDEH=HLW© ª'DQQODXQVUHGHQ©VWLPPWHDXFK.DUD]X6LHOLHVLFK DXIGHU.DQWHHLQHV6HVVHOVQLHGHU 7DQLWKZDUEHU]HXJWGDYRQGDVLHHLQLJHhEHUUDVFKXQ JHQHUOHEHQZUGH6LHVROOWHVLFKQLFKWJHWlXVFKWKDEHQ
'LH.UlIWHGHU+|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lWWHIDVVHQN|QQHQDQ HLQHUODQJHQ1HEHOVFKOLHUHNRQQWHLFKPLFKVFKOHFKWIHVW KDOWHQ :HLWHUWULHELFKLPPHUZHLWHU'HU+|OOHHQWJHJHQGHP +|OOHQWRU]XZLHHVPLUJHGDQNOLFKVFKRQSURSKH]HLWZRU GHQZDUXQGHVDXFKGHU.XJHOGlPRQJHVDJWKDWWH 8QGLKQVDKLFKZLHGHU 9LHOPHKU$UWJHQRVVHQYRQLKP6LHODXHUWHQLQQHUKDOEGHU 1HEHOVWUHLIHQLFKVDKLKUHUXQGHQ*HVWDOWHQXQGGLHDXIJH ULVVHQHQ0lXOHUGLHPLUZLH7HXIHOVUDFKHQYRUNDPHQDOV ZROOWHQVLHPLFKPLW+DXWXQG+DDUHQYHUVFKOLQJHQ 6LHWDWHQPLUQLFKWVVLHKLHOWHQVLFK]XUFNXQGEHREDFK WHWHQPHLQHQ:HJLQGDV*UDXHQ 'LH.XJHOGlPRQHQEHODXHUWHQPHLQHQ:HJVLHEHJOHLWH WHQPLFKDOVK|OOLVFKH:DFKKXQGHZDVVLHVLFKHLJHQWOLFK KlWWHQVSDUHQN|QQHQGHQQHLQH)OXFKWFKDQFHJDEHVIU PLFKQLFKW,FKZDUXQGEOLHEHLQ*HIDQJHQHUGHU+|OOH 0DQFKPDOVSUWHLFKIUHPGH(LQIOVVH(VZDUHQ*H GDQNHQVWU|PHGLHYHUVXFKWHQPLFK]XHUUHLFKHQDXFK IDQGHQDEHUGHQQRFKDEJHEORFNWZXUGHQZHLOGLH*HJHQ NUlIWH]XVWDUNZDUHQ 6LHEHIDKOHQKLHU 3O|W]OLFKVDKLFKHWZDVYRUPLU
(LQJHZDOWLJHV*HELOGHHLQH0DXHUYLHOOHLFKWGLHPLUGHQ ZHLWHUHQ:HJYHUVSHUUWH ,FKWULHEJHQDXDXIGLH0DXHU]X =XPHUVWHQPDOYHUVSUWHLFK$QJVW:HQQGDVVRZHLWHU JLQJZUGHLFKJHJHQGLH0DXHUSUDOOHQXQGPLFKYLHOOHLFKW YHUOHW]HQIDOOVQLFKWQRFKHWZDV6FKOLPPHUHVJHVFKDK ,FKLUUWHPLFKWRWDO 3O|W]OLFKEHJDQQGHU1HEHO]XOHEHQ(UVWTXLUOWHHUQXUDQ HLQLJHQ6WHOOHQGDQQJHULHWHQGLH:lQGHUHFKWVXQGOLQNVLQ %HZHJXQJXQGDXVLKQHQGUDQJHQODQJHJUQH$UPHKHU YRUPLWNODXHQDUWLJHQ)LQJHUQYHUVHKHQGLHPLFKSDFNWHQ DQPLU]HUUWHQPLFKIHVWKLHOWHQXQGPHLQHXQIUHLZLOOLJH 5HLVHEUHPVWHQ 'LH+lQGHNRQQWHLFKNDXPQRFK]lKOHQ,FKVSUWHQXU GLHKDUWHQ)LQJHUVLHEHIDQGHQVLFKEHUDOOXQGVLHGUFN WHQVRIHVWGDLFKYRU6FKPHU]HQKlWWHVFKUHLHQN|QQHQ $OOHUGLQJVVWRSSWHQVLHPLFKQLFKW6LHVFKREHQPLFKZHL WHUDXIGLH:DQG]XGLHLFKMHQlKHULFKNDPLPPHUEHVVHU VDK,FKHUNDQQWHGDVLHJDUQLFKWIHVWZDUVRQGHUQDXV HLQHUZDEHUQGHQ0DVVHEHVWDQGlKQOLFKZLHLP/DE\ULQWK GHU$QJVWGLH:lQGHDXVGHQJUQHQ:UPHUQ 1RFKHLQ6WFNZHLWHUGDQQPXWHLFKJHJHQGLH:DQG SUDOOHQ'DVJHVFKDKQLFKW 'LH+lQGHVWRSSWHQPLFK 'LUHNWGDYRU :HQQLFKGLH$UPHDXVVWUHFNWHNRQQWHLFKGLH:DQG EHUKUHQ'DVWDWLFKDXFK0HLQH)LQJHUKDWWHQNDXP .RQWDNWJHIXQGHQDOVYRUPLUHLQ$XVVFKQLWWLQGHU*U|H PLWHLQHU7U]XYHUJOHLFKHQQDFKLQQHQVFKZDQJ(UZDU PLWGHU)UDW]HGHV7HXIHOVYHUVHKHQ ,FKKDWWHHLQ7RUDXIJHVWRHQ 'DV7RU]XU+|OOH