Karawane der Wunder

$5$:$1('(5:81'(5 M $WODQ=HLWDEHQWHXHU 1U .$5$:$1('(5:81'(5 9RUZRUW $XFK GHU GULWWH %DQG LQ...

113 downloads 520 Views 2MB 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

DOWNLOAD PDF

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

1U .$5$:$1('(5:81'(5 9RUZRUW $XFK GHU GULWWH %DQG LQ GHP GHU +LVWRULNHU &\U $HVFXQQDU DXI GHP )OXFKWSODQHWHQ*lDLP0HXHQ(LQVWHLQVFKHQ,PSHULXPJHOHJHQ$WODQV=HLWDEHQWHXHU (U]lKOXQJHQ GHQ $11$/(1 '(5 0(16&++(,7 KLQ]XIJW YHUHLQLJW LQ VLFK GHQ 7H[W YRQ YLHU 7DVFKHQEFKHUQ 6LH ZXUGHQ LQ GHQ -DKUHQ ELV JHVFKULHEHQ XQG MHZHLOV HWZD HLQ -DKU VSlWHU YHU|IIHQWOLFKW (V VLQG GDV QHXQWH ELV ]Z|OIWH $EHQWHXHU YRQ PHKU DOV %HULFKWHQ GHV ³(LQVDPHQ GHU =HLW´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lKLJHQhEHUOHEHQV]\OLQGHU XQG ZLUG ZLH DXFK DQGHUH %HZRKQHU GHV 3ODQHWHQ YRP *HLVWZHVHQ (6 VFKHLQEDU VNUXSHOORV PDQLSXOLHUW²]XP :RKO GHU (UGH 'HU 3ODQHW :DQGHUHU EHILQGHW VLFK QDKH HLQHP (QGSXQNW VHLQHU NRVPLVFKHQ %DKQHOOLSVH LQ GHU 1lKH GHV 6ROV\VWHPV XQG VR ZLUG GHU .RVPRSV\FKRORJH .RVPRNRORQLVDWLRQV,QIUDVWUXNWXUSODQHU XQG DXVJHELOGHWH 'DJRUNlPSIHU $WODQ ]XP :HUN]HXJ YRQ (6 ,Q FKURQRORJLVFKHU )ROJH HUOHEW HU GLH .DUDZDQH GHU :XQGHU 7DVFKHQEXFK 1U ZLUG ]XP 1RPDGHQ GHU 0HHUH 1U EHIUHLW GHQ 3ODQHWHQ GHU ,P %DQQ GHV VFKZDU]HQ 'lPRQV VWHKW 1U XQG ZLUG]XP.lPSIHUIUGHQ3KDUDR1U 'LH 2ULJLQDOURPDQH HUVFKLHQHQ DE QDFK NQDSS ]ZHL -DKU]HKQWHQ KDEHQ YLHOH VHUL|VH )RUVFKXQJHQ GLH ZLUNOLFKH KLVWRULVFKH $WODQ :HOW YHUlQGHUW 9LHOH 5HFKHUFKHQXQGHLQHJUQGOLFKHVWLOLVWLVFKH%HDUEHLWXQJVWHOOWHQVLFKDOVXQXPJlQJOLFK KHUDXV XQG VR ILQGHQ VLFK ]ZLVFKHQ GHP RULJLQDOHQ 7H[W XQG GHU QRWZHQGLJHQ YHUELQGHQGHQ 5DKPHQKDQGOXQJ YLHOH QHX JHVFKULHEHQH 3DVVDJHQ GLHVH WH[WOLFKH %HWUHXXQJ ZLUG ELV ]XP OHW]WHQ =HLWDEHQWHXHU Q|WLJ EOHLEHQ 'LH YLHU (U]lKOXQJHQ GHV YRUOLHJHQGHQGULWWHQ+DUGFRYHU%DQGHVXPIDVVHQGLH=HLW]ZLVFKHQXQGYRU GHU =HLWZHQGH $XI GFQ 8PVFKODJOQQHQVHLWHQ VLQG GLH SKDQWDVWLVFKHQ XQG EHVFKZHUOLFKHQ :HJH $WODQV XQG VHLQHU *HWUHXHQ EHU /DQG XQG DXI 6HH XQG GHUHQ .QRWHQSXQNWH DOV +LOIH IU GLH 3KDQWDVLH GDUJHVWHLOW 5DLQHU &DVWRU KDOI PLU GDQNHQVZHUWHUZHLVHEHLP=lKPHQGHU'DWHQPHQJH 0QFKHQLP)UKMDKU+DQQV.QHLIHO 3URORJ 'HU VFKZDU]KDDULJH 0RGHUDWRU YRQ *lD79 KRE ODQJVDP GHQ .RSI XQG VDJWH VLFKWOLFKEHWURIIHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³'DYH1RFKOHEW/RUGDGPLUDO$WODQ'DVbU]WHWHDPGHUhEHUOHEHQVVWDWLRQLVWGHQ 8PVWlQGHQQDFKJHPlLJWRSWLPLVWLVFK]ZDUVFKZHEHGHUSURPLQHQWHVWH3DWLHQWGHV .UDQNHQKDXVHVQDFK ZLHYRU DXI GHP PHVVHUVFKDUIHQ *UDW ]ZLVFKHQ 7RG XQG /HEHQ DEHU HV ZHUGH DOOHV 0HQVFKHQP|JOLFKH JHWDQ´ )U ZHQLJH 6HNXQGHQ ZXUGH GDV %LOG GHV $UNRQLGHQ HLQJHEOHQGHW GHVVHQ .|USHU DOV GXQNOH 6LOKRXHWWH LQ GHU 1lKUXQG +HLOIOVVLJNHLW UXKWH 'LH JROGIDUEHQH 6(57+DXEH ZDU QDFK REHQ JHJOLWWHQ HLQLJH bU]WH LQ VWHULOHP +HOOJUQ XPVWDQGHQ GHQ 7DQN XQG YHUKLQGHUWHQ GD GLH )HUQVHK]XVFKDXHU PHKU DOV HLQHQ IOFKWLJHQ 7KLFN DXI $WODQ ZHUIHQ NRQQWHQ 'HU 6SUHFKHUVFKOR ³:LH ZLU HUIDKUHQ NRQQWHQ EHULFKWHW GHU 6WDWWKDOWHU GHV 1HXHQ (LQVWHLQVFKHQ ,PSHULXPV ZlKUHQG VHLQHV SRVWRSHUDWLYHQ hEHUOHEHQVNDPSIHV IDV]LQLHUHQGH JHVFKLFKWOLFKH (UOHEQLVVH DXV VHLQHP ODQJHQ /HEHQ ,Q GHU 8PJHEXQJ GHU ,QWHQVLYVWDWLRQ VLQG ZHGHU 7RQ QRFK %LOGDXIQDKPHQ JHVWDWWHW (LQHU GHU YHUDQWZRUWOLFKHQ 0HGL]LQHU 'U *KRXP$UGHELO GUFNWH YRUVLFKWLJHQ 2SWLPLVPXV DXV ZDVGLH+HOXQJVFKDQFHQ$WODQVEHWULIIW´ &\U $HVFXQQDU VFKDOWHWH NRSIVFKWWHOQG GHQ (PSIlQJHU DXV (U ZXWH HV EHVVHU 'LH .+$06,1 KDVWH $WODQ DP $XJXVW LQ OHW]WHU 6HNXQGH QDFK *lD LQV 9HUVWHFN LQ GHU 'XQNHOZRONH 3URYFRQ)DXVW JHEUDFKW HU XQG VHLQH NOHLQH 0DQQVFKDIW KDVWHQ GDV YXONDQLVFKH ,QIHUQR GHV EHUVWHQGHQ 3ODQHWHQ .DUWKDJR ,, EHUOHEW 6HLW GLHVHP 7DJ ODJ GHU $UNRQLGH LP DEJHVFKRWWHWHQ %HUHLFK GHV 0HGR&HQWHUVXQGNlPSIWHXPVHLQ/HEHQ1LFKWQXUGHU*HVFKLFKWVZLVVHQVFKDIWOHUZDU EHU]HXJW GD $WODQV hEHUOHEHQVFKDQFHQ YRQ 7DJ ]X 7DJ JHVWLHJHQ ZDUHQ 'LH K|FKVWHQWZLFNHOWH PHGL]LQLVFKH 7HFKQLN XQG GLH EHVWHQ $U]WH EHU GLH GDV 1(, DXI *lDYHUIJWHEHUZDFKWHQMHGH6HNXQGHGHVTXDOYROOHQ:LHGHUKHUVWHOOXQJVSUR]HVVHV (LQ 8PVWDQG DEHU LUULWLHUWH $HVFXQQDU XQG GlPSIWH VHLQHQ 2SWLPLVPXV 6HLW QHXQ 7DJHQVFKZLHJGHU$UNRQLGH &\U ZDU DOOHLQ LQ VHLQHP $UEHLWVUDXP 'LH UDQJH 8QWHUEUHFKXQJ LQ $WODQV %HULFKWHQDXVGHUIHUQHQ9HUJDQJHQKHLWGHU(UGHKDVWHGHU+LVWRULNHUGD]XYHUZHQGHW VHLQ%URGLHH[WHUQH)RUVFKXQJVVWHOOHGHU&KPRUO8QLYHUVLWlWJUQGOLFKDXIUlXPHQ]X OHVVHQ$OOH8QWHUODJHQZDUHQJHRUGQHWXQGSUl]LVHNDWDORJLVLHUW(UZDUIGXUFKGXQNOH %ULOOHQJOlVHU HLQHQ 7KLFN DXI GHQ &KURQRPHWHU .XU] QDFK 0LWWDJ 6RQQHQVFKHLQ GXUFKIOXWHWHGLH5lXPHGLH.OLPDDQODJHZDUDXVJHVFKDOWHWHLQHNKOH*lDEULVHZHKWH GXUFK GLH ZHLW RIIHQHQ %DONRQWUHQ XQG OLH HLQ]HOQH 6WDXEWHLOFKHQ WDQ]HQG IXQNHOQ $XVGHU3DQWU\URFKHVQDFKVWDUNHP.DIIHH &\U VHW]WH VLFK DXI GLH /HKQH VHLQHV VFKZHUHQ $UEHLWVVHVVHOV XQG EOLFNWH GDV 5HJDO DQ GHU %UR/lQJVZDQG DQ $XI ]Z|OIHLQKDOE 0HWHUQ /lQJH GHFNHQKRFK VWDSHOWHQ VLFK 7DXVHQGH DOWHU %FKHU )ROLHQElQGH %XFKFKLSV /HVHVSXOHQ XQG 0XVLFXE\V,QGLH'DWHQWUlJHUPLWLKUHQJUHOOIDUELJHQ5FNHQKDVWHQHUXQGGLH5RERWHU 2UGQXQJJHEUDFKW(LQHLQQHUH6WLPPHVDJWH$HVFXQQDUGD$WODQVVHOWVDPHVGXUFK HLQH bQGHUXQJ VHLQHV =XVWDQGHV QLFKW ]X HUNOlUHQGHV 6FKZHLJHQ EDOG YRUEHLVHLQ ZUGHRGHUVFKZLHJGHU$UNRQLGHZHOOHVPLW]XQHKPHQGHU+HLOXQJGLH1RWZHQGLJNHLW QLFKW PHKU JDE VLFK YRP DQJHVWDXWHQ 'UXFN GHU (ULQQHUXQJHQ EHIUHLHQ ]X PVVHQ" 'LH :DKUVFKHLQOLFKNHLW LP QDFKRSHUDWLYHQ 6FKRFN ]X VWHUEHQ EOLHE JUR REZRKO $WODQV=HOOVFKZLQJXQJVDNWLYDWRUGLH+HLOXQJHQWVFKHLGHQGXQWHUVWW]WH ³'DQQ 3URIHVVRU $HVFXQQDU´ VDJWH HU KDOEODXW XQG QDKP GLH %ULOOH DWH ³ZLUG DXFKGHLQµ2SXVPDJQXPXQYROOHQGHWEOHLEHQZLHVRYLHOHVLP/HEHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

(UEHJDQQJHGDQNHQORVGLH%ULOOH]XSXW]HQKROWHVLFKHLQHQ%HFKHUYROO.DIIHH XQG VFKDOWHWH QDFKHLQDQGHU GLH 0RQLWRUHQ HLQ GLH +RORJUDILH3URMHNWRUHQ XQG 7RQOHLWXQJHQ VRZLH GLH *HJHQVSUHFKDQODJH XQG DNWLYLHUWH GLH 6WDQGE\&KLSV GHU YHUVFKLHGHQHQ $XI]HLFKQXQJVJHUlWH 6HLQ $UEHLWVSODW] GXUFK VW|UXQJVUHVLVWHQWH /LFKWOHLWHUNDEHO XQG %LOGIXQNEUFNHQ PLW GHP hEHUZDFKXQJVUDXP YRQ 0HGR&HQWHU YHUEXQGHQ ZDU ELQQHQ HLQHU 0LQXWH LQ YROOHU )XQNWLRQVEHUHLWVFKDIW $HVFXQQDU VHW]WH GLH %ULOOH DXI XQG EHUKUWH HLQ OHXFKWHQGHV .RQWDNWIHOG /HLVH 0XVLN VWU|PWH LQ GHQ 5DXP $OV HU GHQ %HFKHU DEVHW]WH VXPPWH GHU ,QWHUNRP &\U WDVWHWH GDV *HUlW HLQ hEHUOHEHQVJUR EDXWH VLFK GDV $EELOG 5RQDOG 7HNHQHUV DXI (U QLFNWH JUHQG VHLQ *HVLFKWVDXVGUXFNEHZLHVGDHUEHU$WODQV=XVWDQGLQIRUPLHUWZDU ³%HYRU LFK¶V YHUJHVVH´ 7HNHQHU NUDW]WH VLFK KLQWHU GHP 2KU ³,FK KDEH HLQH 6HQGXQJXQVHUHV+LVWRULVFKHQ.RUSVDQ6LHRUJDQLVLHUW ,UJHQGZDQQ LQ GHQ QlFKVWHQ 7DJHQ OHVVHQ ZLU GLH 'DWHQ ]X ,KQHQ EHUVSLHOHQ 3URIHVVRU $HVFXQQDU 'LH bU]WH VLQG VR YHUGDPPW ]XUFNKDOWHQG²ZLH JHKW HV LKP ZLUNOLFK"´ $HVFXQQDUKREGLH6FKXOWHUQXQGEUXPPWH ³,FKPHLQHGDHUVLFK]XHUKROHQEHJLQQW(LQ7HLOGHU9HUElQGHLVWEHUIOVVLJ JHZRUGHQHLQLJH:XQGHQYHUQDUEHQXQGVHLQH6WLPPHNODQJXQYHUlQGHUWNUlIWLJ6HLQ 9HUVWDQGVFKHLQWDEVROXWNODU]XVHLQ*KRXP$UGHELOlXHUWYRUVLFKWLJ=XIULHGHQKHLWPLW $WODQV=XVWDQG´ 'HU8626SH]LDOLVWPXVWHUWHGLH(LQULFKWXQJGHV%URV ³:LHZHLWVLQG6LHPLW,KUHQ$11$/(1'(50(16&++(,7&\U"´ ³1XQ HV JHKW YHUVWlQGOLFKHUZHLVH ]|JHUOLFK YRUDQ ,P 5LFR$WODQ.DOHQGHU ELQ LFK LQ]ZLVFKHQ EHL DQJHODQJW )U GLHVHQ %ORFN VLQG VlPWOLFKH ,QIRUPDWLRQHQ YHUZHQGHW XQG ZLVVHQVFKDIWOLFK HLQLJHUPDHQ EHIULHGLJHQG HLQJHJOLHGHUW ZRUGHQ JLOGHU.DUWHQXQGGLH'RNXPHQWDWLRQHQGHUHQWVSUHFKHQGHQWHUUDQLVFKHQ)XQGH´ ³'LH LQ XQ]XJlQJOLFKHQ LUGLVFKHQ 0XVHHQ ODJHUQ´ EUXPPWH 7HNHQHU ,Q GHU %HOHXFKWXQJVHLQHV7HUPLQDOVWUDWHQGLH1DUEHQGHU/DVKDW3RFNHQDXIVHLQHQ:DQJHQ VFKDUIKHUYRU³8QHUUHLFKEDUIUXQV:DVKDWXQVHU3DWLHQWVRQVWQRFKHU]lKOW"´ ³%HYRUHUVLFKHQWVFKORKRIIHQWOLFKQXUYRUEHUJHKHQG]XVFKZHLJHQEHULFKWHWH HU YRP %DX GHV VRJHQDQQWHQ /DE\ULQWKV DXI .UHWD 'LHVH (U]lKOXQJHQ EHDUEHLWHQ PHLQH6WXGHQWHQXQGLFKJHUDGH´ 5RQDOG7HNHQHUQLFNWHQDFKGHQNOLFKXQGVDJWH ³,FKELQMHGHU]HLWEHUGLH3RLQW$OOHJUR$GPLQLVWUDWLRQYRQ6RODUPDUVFKDOO7LIIORU ]X HUUHLFKHQ =XPLQGHVW IU 6LH 3URIHVVRU :HQQ 6LH HWZDV DXV GHQ 862$UFKLYHQ EUDXFKHQIU,KUH$11$/(1´ ³6LH KDEHQ PLU ZDKUVFKHLQOLFK PLW ,KUHP 0DWHULDO PHKU DOV JHQXJ JHKROIHQ´ $HVFXQQDU GHXWHWH DXI VHLQH OHHUH VSLHJHOQG VDEHUH $UEHLWVSODWWH DXI GHU QXU GHU NUHLVI|UPLJH5DQGGHV.DIIHHEHFKHUVVW|UWH³'DQNH7HNHQHU,QHLQLJHQ7DJHQZLVVHQ ZLU PHKU EHU VHLQHQ =XVWDQG ,FK JODXEH HU EHUUDVFKW XQV EDOG ZLHGHU PLW HLQHU QHXHQ(U]lKOXQJ´ ³,VWHUDQVSUHFKEDU"´ ³1HLQ $EHU MHGH ZLQ]LJH /HEHQVlXHUXQJ ZLUG EHUZDFKW $WHPIUHTXHQ] *HKLUQZHOOHQ =HOOPHPEUDQVFKZLQJXQJHQ GLH &RPSXWHU JHEHQ EHL GHU JHULQJVWHQ bQGHUXQJODXWHQ$ODUP´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³6ROOWH HU LQ GHQ QlFKVWHQ 7DJHQ DXIZDFKHQ XQG YHUVWHKHQ ZDV 6LH VDJHQ 5LFKWHQ6LHGLHEHVWHQ:QVFKHYRQ7LIIORUPLUXQG$QVRQ$UJ\ULVDXV´ ³,FK YHUVSUHFK¶V´ VDJWH $HVFXQQDU XQG KRE GLH +DQG 7HNHQHU OlFKHOWH NDXP ZDKUQHKPEDU XQG WUHQQWH GLH 9HUELQGXQJ &\U KROWH WLHI /XIW XQG GUHKWH GHQ 6HVVHO 6FKZHLJHQG DP .DIIHH QLSSHQG PXVWHUWH HU GLH (LQ]HOKHLWHQ GHU KRORJUDILVFKHQ *URSURMHNWLRQ 9RU HLQHP 7DJ ZDU GLH NUHLVODXIVWW]HQGH XQG KHLOXQJVI|UGHUQGH )OVVLJNHLW GHV JOlVHUQHQ %HFNHQV DXI HLQ KXQGHUWVWHO *UDG DXI $WODQV .|USHUWHPSHUDWXUDEJHVWLPPWDXVJHWDXVFKWZRUGHQ8QWHUGHQ$QWLJUDYJLWWHUQGLHGHQ .|USHU LQ VWDELOHU /DJH KLHOWHQ EURGHOWHQ GLFWDWH 9RUKlQJH DXV 6DXHUVWRIIOEOlVFKHQ $WODQGLH$UPHDXVJHVWUHFNWODJUXKLJGD$EXQG]XEHZHJWHQVLFKVHLQH)LQJHURGHU GLH =HKHQ HLQ +DQGJHOHQN ]XFNWH 'HU HQWVSDQQWH *HVLFKWVDXVGUXFN VFKLHQ ]X EHZHLVHQGDGHU$UNRQLGHLQ WLHIHP6FKODIODJ+HLOVFKODI"GDFKWHGHU+LVWRULNHUXQG EHWUDFKWHWHGLH.XUYHQ)DUEVlXOHQXQG,PSXOVDQ]HLJHQGHU0RQLWRUHQZDQG6lPWOLFKH hEHUZDFKXQJVLQVWUXPHQWH ]HLJWHQ EHUXKLJHQGH :HUWH VHOEVW GLH 6WU|PXQJVJHVFKZLQGLJNHLW GHU LQWUDYHQ|VHQ (UQlKUXQJ EOLHE DXI QLHGULJHP 1LYHDX NRQVWDQW 'LH PRGLIL]LHUWH 6(57+DXEH PLW LKUHQ YLHOIDUELJHQ .DEHOEQGHOQ VFKZHEWH HLQHQKDOEHQ0HWHUEHU$WODQV.RSIEHUGHPIDVWUHJXQJVORVHQ]Z|OI-DKUWDXVHQGH DOWHQ2UJDQLVPXV ³:DVJHKWKLQWHUGLHVHU6WLUQYRU"´IOVWHUWH$HVFXQQDU³'HQNWHU":DVGHQNWHU XQG ZRUDQ" ,VW HU QRFK LPPHU LP ,UUJDUWHQ GHU LUGLVFKHQ *HVFKLFKWH" 2GHU LQ VHLQHU -XJHQG LUJHQGZR LP *URUHLFK$UNRQV" %DXW HU7HPSHO NlPSIW HU JHJHQ ,QYDVRUHQ" /DQJZHLOWHUVLFKPLW5RERWHU5LFRLQGHU.lOWHGHUULHVLJHQhEHUOHEHQVDQODJHDP)X YRQ6DR0LJXHO"´ 'HU *HVFKLFKWVZLVVHQVFKDIWOHU ]XFNWH PLW GHQ 6FKXOWHUQ XQG OHHUWH GHQ .DIIHHEHFKHU$XVGHU3DQWU\K|UWHHUGHQOHLVHQ*RQJVFKODJGDV=HLFKHQGHULQWHUQHH 9HUELQGXQJ ]ZLVFKHQ GHU +LVWRULVFKHQ )DNXOWlW XQG GHUHQ $XHQVWHOOH 0LW ODQJHQ 6FKULWWHQ HUUHLFKWH &\U $HVFXQQDU GHQ 6HVVHO XQG VFKDOWHWH GHQ 3URMHNWRU HLQ 6HNXQGHQ GDQDFK VWDQG GDV +RORELOG 1RDPL &RUKDGHO\V HLQH VHLQHU 5HIHUHQWLQQHQ OlFKHOWHJHVFKlIWVPlLJXQGVDJWH ³6LH IHKOHQ XQV PHKU XQG PHKU 3URIHVVRU .HLQH 6FKPHLFKHOHL GLH XQWHUHQ 6HPHVWHUJLHUHQQDFK,KUHQ9RUWUlJHQ´ ³6LH ZHUGHQ VLFK QRFK JHGXOGHQ PVVHQ´ $HVFXQQDU VFKWWHOWH GHQ .RSI ³:HQQ IHVWVWHKW GD $WODQ EHUOHEW XQG ZHQQ HU DXV GHP 7DQN JHKROW XQG LQ HLQ JHPWOLFKHV ZHLHV %HWW JHOHJW ZLUG EOHLEH LFK WULHU 6FKOLHOLFK OHLWH LFK HLQHV GHU HKUJHL]LJVWHQ3URMHNWHXQVHUHU)DNXOWlW´ ³:LVVHQ ZLU 3URIHVVRU 'HVZHJHQ PHOGH LFK PLFK :LU DUEHLWHQ VFKOLHOLFK DOOH DQ GHQ $11$/(1 '(5 0(16&++(,7 PLW :LU KDEHQ VlPWOLFKH $UFKLYH GHU )DNXOWlW GXUFKVW|EHUW +LHU VWHKW HLQ &RQWDLQHU YROOHU ,QIRUPDWLRQHQ ZLOG GXUFKHLQDQGHU %XFKFKLSVHEHQVRZLHDOWH.DUWHQ%FKHUXQG3URPRWLRQVDUEHLWHQ9LHUWHVXQGGULWWHV -DKUWDXVHQG YRU GHU =HLWHQZHQGH ,FK GHQNH 6LH EUDXFKHQ HV GRUW ZR 6LH JHUDGH VLW]HQ"´ ³*HQDX WULHU EUDXFK¶ LFK DOOHV´ 'LH $11$/(1 JHK|UWHQ ]X HLQHP *HVFKLFKWVZHUN GDV QDKH]X MHGHQ 7HUUDQHU LQWHUHVVLHUHQ PXWH ]XPLQGHVW DXV]XJVZHLVH 'HU +HLPDWSODQHW ZDU YHUORUHQ GDV 6RQQHQV\VWHP XQWHU GHU .RQWUROOH GHU/DUHQ'DV:LVVHQEHUGLH+HLPDWGHU0HQVFKKHLWGXUIWHQLFKWYHUJHVVHQZHUGHQ GLH (UGH ZDU PHKU DOV QXU HLQ 3ODQHW XQWHU YLHOHQ -H PHKU GLH 0HQVFKHQ EHU LKUH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

+HLPDW ZXWHQ GHVWR HQJHU ZUGH LKUH %LQGXQJ DQ GLH 9HUJDQJHQKHLW GHV PHQVFKOLFKHQ *HVFKOHFKWV VHLQ $XFK DXV GLHVHP *UXQG DUEHLWHWHQ HLQ 'XW]HQG ZLVVHQVFKDIWOLFKHU 'LV]LSOLQHQ ]XVDPPHQ 'DV (UJHEQLV ZDU HLQF .XOWXU =LYLOLVDWLRQV XQG*HLVWHVJHVFKLFKWHYRQGHQHUVWHQ$QIlQJHQELV]XU0LWWHGHVYLHUWHQ-DKUWDXVHQGV YRQ GHU PHKUHUH %lQGH²LQ ULHVLJHQ $XIODJHQ DOV /HVHVSXOHQ %XFKFKLSV RGHU LQ KHUN|PPOLFKHU )RUP DXI )ROLHQVHLWHQ JHODVHUW²EHUHLWV HUVFKLHQHQ ZDUHQ &\UV $11$/(1 VWHOOWHQ QXU HLQHQ $XVVFKQLWW GLHVHV 5LHVHQRSXV¶ GDU (U ZLHV DXI VHLQHQ 6FKUHLEWLVFK ³'LH 862 OHHUV HEHQIDOOV LKUH KLVWRULVFKHQ 6SHLFKHU :DQQ ZROOHQ 6LH EHUWUDJHQ1RDPL"´ ³,QHLQHUKDOEHQ6WXQGHN|QQWHQZLUDQIDQJHQ´ ³(LQYHUVWDQGHQ´VDJWHHU³,FKVLW]HGDXQGZDUWHELV$WODQZLHGHU]XVSUHFKHQ DQIlQJW,VWHVYLHO0DWHULDO"´ ³(LQH HUKHEOLFKH 0HQJH HLQH )OXW LQWHUHVVDQWHU 'DWHQ XQG ,QIRUPDWLRQHQ 3URIHVVRU´ 'LH 0DJLVWHULQ KRE GLH 6FKXOWHUQ ³(LQ 'XW]HQG .RPPLOLWRQHQ OHVHQ VHLW 6WXQGHQ'DWHQLQGLH6SHLFKHUHLQ´ ³$OVR´(UULFKWHWHVW|KQHQGGHQ7KLFN]XU'HFNH³,FKVFKDOWHGLH'DWHQOHLWXQJHQ XQGHUZDUWHGDVhEHUVSLHOHQXPIQI]HKQ8KU(LQYHUVWDQGHQ"´ ³6HOEVWYHUVWlQGOLFK3URIHVVRU$HVFXQQDU´ &\U JUWH WUHQQWH GLH 9HUELQGXQJ XQG DNWLYLHUWH ]XVlW]OLFKH *HUlWH 'LH $11$/(1PXWHQHLQHIHKOHUORVH'RNXPHQWDWLRQZHUGHQ'D]XJHK|UWHGDVlPWOLFKH ]HLWOLFKHQ %H]JH LQQHUKDOE GHU (UOHEQLVVH $WODQV SUl]LVH EHUHFKQHW XQG DXIHLQDQGHU DEJHVWLPPW ZXUGHQ 'LH +LVWRULVFKH )DNXOWlW KDVWH HLQ 5HFKQHUSURJUDPP HQWZLFNHOW GDV GLH XQWHUVFKLHGOLFKHQ -DKUHVVNDOHQ EHUFNVLFKWLJWH $HVFXQQDU ULHI GDV ODXIHQGH $UEHLWVSURJUDPP DXI GHQ 0RQLWRU XQG YHUJOLFK ,Q VHLQHU +\SHUSRVLWURQLN UHFKQHWH 5RERWHU 5LFR DEVROXWH[DNW GLH 0RQDWHXQG -DKUH QDFK ³GHP8QWHUJDQJYRQ$WODQWLV´ 18Y$ XQG GLH -DKUHVVNDOD YRU RGHU QDFK &KULVWL *HEXUW ZDU QDFK GHP XQNRUUHNWHQ 9HUVXFK GHV 0|QFKHV '\RQLVLXV ([LJXXV HUVW YRP QRUGHQJOLVFKHQ 7KHRORJHQ %HGD 9HQHUDELOLV ELV Q&KU HWZDXP Q&KU HQWZLNNHOW XQG IL[LHUWZRUGHQ'LH &KURQLVWHQGHV5|PLVFKHQ5HLFKHVUHFKQHWHQ³DEXUEHFRQGlD´VHLWGHU*UQGXQJGHU 6WDGW 5RP XP Y&KU XQG QDFK HLQ]HOQHQ 5HJLHUXQJVMDKUHQ LKUHU &DHVDUHQ 'LH *HVFKLFKWHGHV,VODPEHJDQQQ&KUDOVGHU3URSKHW0XKDPPDGYRQ0HNNDQDFK 0HGLQDXPVLHGHOWH&\UNRQWUROOLHUWHGLHELVKHUEHDUEHLWHWHQ'DWHQXQGVW|KQWH ³bJ\SWLVFKH-DKUHVVNDOHQKHEUlLVFKHVROFKHDXVGHP5HLFKGHU0LWWH$IULNDLVW VRJXWZLHµ]HLWORVGDZLUGQLFKWHLQPDO5LFRGDUDXVNOXJ´(UZDUIHLQHQODQJHQ7KLFN DXIGLH%LOGHUGHU,QWHQVLYVWDWLRQ³8QGGHUKDVWH-DKUWDXVHQGHGD]X=HLW´ 1RFK KDVWH VLFK XP GHQ hEHUOHEHQVWDQN QLFKWV JHlQGHUW :DKUVFKHLQOLFK WUDI ZLHGHUDOOHVJOHLFK]HLWLJDXIHLQDQGHU'HU$UNRQLGHEHJDQQPLWWHQLQGHU'DWHQVLFKWXQJ ]X VSUHFKHQ 7H[WH XQG %LOGHU IOXWHWHQ EHU GLH 0RQLWRUHQ XQG GLH $QJHK|ULJHQ GHV .+$06,17HDPVEHVXFKWHQ$HVFXQQDUXPHWZDVEHU$WODQV=XVWDQG]XHUIDKUHQXQG VLFK JHJHQVHLWLJ ]X WU|VWHQ 'UHLLJ 0LQXWHQ VSlWHU KDVWH GHU +LVWRULNHU NHLQH *HOHJHQKHLWPHKUEHUHWZDVDQGHUHVDOVJHVFKLFKWOLFKEHGHXWXQJVYROOH,QIRUPDWLRQHQ QDFK]XGHQNHQ 6lPWOLFKH hEHUWUDJXQJVOHLWXQJHQ ZDUHQ EHVHW]W VFKZDU]ZHLH XQG IDUELJH %LOGHU LQ ]ZHLGLPHQVLRQDOHU XQG KRORJUDILVFKHU :LHGHUJDEH IOOWHQ XQXQWHUEURFKHQ GLH %LOGVFKLUPH XQG 2HKPFKHQ 2UE NDP PLW HLQHP SUDOOYROOHQ $QWLJUDYFRQWDLQHU DXV GHP VLH .KOVFKUDQN XQG 9RUUDWVIlFKHU LQ GHU 3DQWU\ DXIIOOWH 9LHU 0LQXWHQ YRU QHXQ]HKQ 8KU VHQNWH VLFK GLH 6(57+DXEH EHU $WODQV .RSI XQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6FKXOWHUQ XQG QLFKW XQHUZDUWHW DEHU EHUJDQJVORV EHJDQQ GHU $UNRQLGH ZLHGHU ]X VSUHFKHQ $HVFXQQDU JULII QDFK GHP .RSIK|UHU UHJHOWH 7RQTXDOLWlW XQG /DXWVWlUNH HLQ XQG ZDU EHUUDVFKW ZLH VHKU $WODQV 6WLPPH DQ )HVWLJNHLW XQG $XVGUXFNVNUDIW JHZRQQHQKDVWH 9LHU6WXQGHQQDFK0LWWHUQDFKWUHJWHQVLFKGLHHUVWHQ6FKOlIHU:LHHLQOHLVHU QlFKWOLFKHU5HJHQDXV0\ULDGHQHLQ]HOQHU7URSIHQYHUHLQLJWHQVLFKXQ]lKOLJH %HZHJXQJHQHLQ5LQQVDOGDVVWHWLJDQVFKZROOXQGVFKOLHOLFKPLWODXWHQ*HUlXVFKHQ EHU.OLSSHQVWU]WHXQGHLQJURHV0KOUDGNQDUUHQGEHZHJWH'DV5DGGUHKWHVLFK VFKQHOOHUGHU$QSUDOOGHV:DVVHUVQDKPDQ6WlUNH]XVFKOLHOLFKGUHKWHVLFKGDV 0KOUDGPLWPDUNHUVFKWWHUQGHP.QLUVFKHQPDOPHQGXQGULPLWVFKDXPVSUKHQGHP 6FKZXQJ5lGHU$FKVHQXQG6WHLQHPLWVLFK=ZHLHLQKDOEWDXVHQG0HQVFKHQKXQGHUWH YHUVFKLHGHQHU7LHUH7UDJODVWHQXQG:DJHQELOGHWHQHLQHGXQNOH.XOLVVHLQGHU ZHLFKHQGHQ)LQVWHUQLV6NODYHQHQW]QGHWHQGLH)HXHULQGHQVFKZHUHQ%UXVWIHXHU|IHQ DXIGHQ%lFNHUZDJHQXQGKHL]WHQELVGLH6WHLQHJOKWHQ %HLP/LFKWGHUHUVWHQ)DFNHOQILQJHQGLH+lKQHLQGHQJURHQ.lILJHQ]XNUlKHQ DQ$OVVLHVFKZLHJHQYRQGHQ(UZDFKHQGHQJHEKUHQGYHUIOXFKWEHJDQQHQGLH VFKZDU]HQNDSSDGRNLVFKHQ(VHOLKUPLW|QHQGHV*HVFKUHLREZRKOQW]OLFKH7LHUH JHQJVDPXQGEHODVWEDUZDUHQVLHLKUHQ*HVDQJEHWUHIIHQG9HULUUXQJHQGHU (YROXWLRQ1DFKGHPlUJHUOLFKHQ*HEHOOGHU+XQGHKHUUVFKWHHLQH6WXQGHIDQJ5XKH 'LH%lFNHUIRUPWHQ%URWODLEHXQGVFKREHQVLHLQGLHgIHQQDFKGHPGLH6NODYHQGLH *OXWKHUDXVJHULVVHQLQ.XSIHUVFKDOHQJHIOOWXQG3DVWHLQHLQGLH2IHQ|IIQXQJHQ JHVWHFNWKDWWHQ$EHUPDOVHLQH6WXQGHGDQDFKEHJDQQHQ+LUWHQXQG)UDXHQGDPLWGLH .KH6FKDIHXQG=LFJHQ]XPHONHQGLHJHVDPPHOWH0LOFKGXUFKIHLQHV/HLQHQ]X ILOWHUQXQGVFKZHUH.UJHLQV/DJHU]XVFKOHSSHQHLQ'ULWWHOZXUGH]X.lVHXQGVSlWHU HQWUDKPW]XJHVDO]HQHU%XWWHU$XIVHKHULQQHQNRQWUROOLHUWHQGLH.RFKVNODYLQQHQGLHLQ JURHQ.XSIHUNHVVHOQIHWWHJXWJHZU]WH+LUVHVXSSHEHUHLWHWHQXQGGLH0LOFKVXSSHPLW +RQLJVWHQYLHOHNDOWH%UDWHQXQG.lVHODLEHDXIVFKQLWWHQ*HUFKHNURFKHQLP 0RUJHQQHEHO]ZLVFKHQPDVVLYHQ6FKHLEHQUlGHUQ=HOWHQXQG'HLFKVHOQEHUGDV QLHGHUJHWUDPSHOWH*UDV.|UEHYROOHU6DPPHOREVWXQG%HHUHQZXUGHQKHUXPJHUHLFKW PLWXQWHU]XFNWHQNQDOOHQGH3HLWVFKHQDXIGLH6FKXOWHUQDQJHEOLFKIDXOHU6NODYHQQLHGHU 'LF5RPHW6ROGDWHQXQGGLH$XIVHKHUGHVMXQJHQ$PHQHPKHW]HLJWHQPLW6lXPLJHQ ZHQLJ1DFKVLFKW$EHUPDOVVFKREVLFKHLQHNXU]H=HLWGXUFKGLHOHW]WH7UlXPH JHLVWHUWHQ]ZLVFKHQ$UEHLWVJHUlXVFKHXQG'lPPHUXQJ(UVWDOVGLH3IDGVXFKHULKUH 3IHUGH]lXPWHQXQGVDWWHOWHQJDEHVQHXHQ/lUPGHUELV6RQQHQXQWHUJDQJDQKDOWHQ ZUGH 6FKZDU]ElUWLJH0lQQHUDXV6XVDPLW6WRODQ]HQXQGJHVFKZHLIWHQ%|JHQ JODWWUDVLHUWH$[WXQG6HLOPlQQHUDXVGHQ+HHUHQGHV=DULTXYRQ$VVXUGLHLKUH JHNUlXVHOWH+DDUIOXWPLW*ROGPHWDOOElQGHUQElQGLJWHQ*HOlQGHNXQGLJHDXV+DWWXVD GLHHEHQVRVWDQNHQZLHLKUH:LOGHVHOHUOHLFKWHUWHQVLFKDXHUKDOEGHV/DJHUVXQG ZXVFKHQVLFKGDQQDHQXQGWUDQNHQVLHVFKZHLJHQGKREHQGLH:DIIHQDXIXQG NOHWWHUWHQDXIGLH5FNHQGHU5HLWWLHUH)QI]HKQ0lQQHUDXIEUHLWEUVWLJHQWULWWVLFKHUHQ 3IHUGHQGLHLP*DORSSJHZHFKVHOWZXUGHQXQGQLFKWQDFK6FKQHOOLJNHLWVRQGHUQ.UDIW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XQG6WlUNHJH]FKWHWZDUHQYHUOLHHQLP:LUEHOGXPSIHQ+XIWURPPHOQVGDV/DJHULQ |VWOLFKHU5LFKWXQJ'LH/XIWVFKPHFNWHQDFK6FKQHH 6HLWGHP$XIOEUXFKYRQ$VVXUEOLHEGLH0RUJHQVRQQH]XUUHFKWHQ+DQG'XUFK GLH(EHQHQGHUEHLGHQ6WU|PHEHU6LQGVKDELV+DUDQGHP:HJHNUHX]GHU .DUDZDQHQSIDGHYRQGRUWEHUGLHJXWH.|QLJVVWUDHQDFK1RUGHQ%DXPHLVWHUGHV IUKDNNDGLVFKHQ6KDUUXNLQKDWWHQVLHDQJHOHJW$XIGHP.|QLJVZHJ]RJGLH ³:XQGHUEDUH.DUDZDQH´DQ%L5HWVFKYRUEHLJLQJGXUFKGLH)XUWGHV,GLJODWZlO]WH VLFKQDFK0D¶KDUHVFKNOHWWHUWHDXIGDV+RFKSODWHDXQDKH(OEL6WRKQXQG]XU .DUDZDQHQVWDWLRQYRQ.DQHVK'RUWHUZDUWHWHXQV,OXVFKXPD9HUWUHWHUGHVNDUXP $VVXUV³+DQGHOVNDPPHU´XQGEHUJDEXQVGHQ]ZHLWHQJU|HUHQ7HLOGHU.DUDZDQH (LQLJH.DXIOHXWHHUKROWHQVLFKHLQLJH7DJHODQJVRQGHUWHQLKUH6DXPWLHUHXQG:DJHQ DXVXQGZDQGHUWHQQDFK1RUGZHVWHQZHLWHU]XP8IHUGHV1|UGOLFKHQ0HHUHV 6HLWHLQHU+DQGYROO7DJHQNDQQWHQQXUQRFKGLH)KUHUDXV+DUDSSDGLH3IDGH +JHOXQG:DVVHUVWHOOHQ%LV]XP(QGHGHU/DQJHQ5HLVHZUGHQZLUMHGHQ0RUJHQLQ GHQ*OXWEDOOYRQ6FKDPDVFKV*HVWLUQEOLQ]HOQ'LH.DUDZDQHNDQQWHQXUHLQHQ%HIHKO RVWZlUWVYRUZlUWVZHLWHU 'HU/lUPGHVDXIZDFKHQGHQ/DJHUVEHOlVWLJWHPHLQHIODFKHQ7UlXPH,FK]RJ HVYRUY|OOLJDXI]XZDFKHQ,P=HOWEUDQQWHQRFKGDVZLQ]LJH2OOlPSFKHQ,FKGUHKWH GHQ.RSIXQGEHWUDFKWHWHGDVVFKPDOH*HVLFKW$V\UWD0DUD\HVGDVLP6FKODIJHO|VW ZHLFKXQGYHUOHW]OLFKZLUNWH'LHMXQJH6FKZDU]KDDULJHVFK|QVWHV$QJHERWGHV 6NODYHQPDUNWHVYRQ.DQHVKZDUVHLWGHP$XIEUXFKDQPHLQHU6HLWH$XFKGHU /RJLNVHNWRUHUZDFKWHXQGIOVWHUWH.PPHUHGLFKXPGHLQH:XQGHUEDUH.DUDZDQH $UNRQLGH'HQNDQGLHGUHL=LHOHGHLQHU$XIJDEH ,FKVFKOSIWHDXVGHQ)HOOHQWDSSWH]XPQLHGULJHQ.ODSSWLVFKXQG]RJGLH NQLHODQJHQ6WLHIHODQ,FKZDUIGHQERGHQODQJHQ0DQWHOXPGLH6FKXOWHUQVFKOXJ JlKQHQGGHQ=HOWYRUKDQJ]XUFNXQGVFKORGLH$XJHQLPURWHQ6RQQHQOLFKW1XUHLQHU GHUEHLGHQ5RERWOHRSDUGHQVWDQGDXIULGHQ5DFKHQDXIXQGHUZDUWHWHPHLQHQ%HIHKO 'HUDQGHUHGUHKWHGHQ6FKlGHOXQGEOLHEOLHJHQ'HUVFKZDU]H)DONHNUHLVWHEHUGHP /DJHUSODW],FKVWDSIWHXQDXVJHVFKODIHQGXUFKGLHVFKODPPLJH/DJHUJDVVHGLHGLFNHQ 6FKZDPPVRKOHQXQGGLHHLQJHVFKUDXEWHQ6SRUHQYHUVDQNHQLP0RUDVW8QWHUGHQ %lXPHQODJHQVFKPXW]LJH6FKQHHUHVWH'HU%RGHQZDUWLHIXQGVFKZHUQRFKLPPHU UHFKQHWHQZLUPLW6FKQHHVWUPHQ,FKNDXHUWHKLQWHUHLQHP%XVFKNHKUWH]XP=HOW ]XUFNXQGJlKQWH'LH6WDQGDUWHNOHEWHNODPPYRQQlFKWOLFKHU)HXFKWLJNHLWDQGHU /HGHUKDXEH,FKVDK]XZLH2FKVHQSDDUHDQJHVFKLUUWZXUGHQXQGHUNDQQWHGLHlOWHUH )UDXLP3HO]XPKDQJ,KU/lFKHOQHQWEO|WHVFKZlU]OLFKH=DKQVWXPPHO ³'HLQHUVWHV(VVHQ+HUU":LHMHGHQ0RUJHQ"´ ³-DZLHLPPHUWHXHUVWH6ROFKHU´,FKJULQVWHXQGQLFNWH³+|U]X,FKEUDXFK¶ HWZDVGDVPLFKDXIZHFNW,FKIKO¶PLFKZLHQDVVHU6FKQHH´ 6ROFKHUVDKDXVZLHHLQNUDQNHU*HLHUHLQH.|FKLQZLHVLHZXUGHQXUDOOH -DKU]HKQWHHLQPDOLQ$VVXUJHERUHQ,KU+HU]ZDUDXVVFKLHUHP*ROG%UDXFKWHPDQ LKUH+LOIHZDUVLHOLHEHQVZHUWDXIRSIHUQGZDVMHGHUPDQQYHUEOIIWH0LWDOLHQDXHUPLU XQG$V\UWDVFKULHXQGNHLIWHVLH6FKRQRIWKDVWHLFKLKUHQ:RUWVFKDW]EHZXQGHUW ³6LHNRFKHQJHUDGHGLH6XSSH,FKWX¶HWZDVDXVPHLQHQ%HXWHOFKHQXQG .UJHOFKHQKLQHLQ´6LHGHXWHWHJULQVHQG]XP=HOWXQGPDFKWHHLQHREV]|QH*HVWH ³$XFKIUGLH6FKZDU]KDDULJHGLHMXQJHGXPPH6NODYLQPHLQ6RKQ"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³$V\UWD0DUD\HLVWVHLWGUHL7DJHQIUHW.HLQH6NODYLQPHKU´,FKOHJWH6ROFKHUGLH +DQGDXIGLHPDJHUH6FKXOWHU³(VZlUHOLHEZHQQGX0XWWHUGHU:U]XQJZHQLJHU VFKURII]XLKUZlUVW'XZDUVWDXFKHLQPDOHLQHMXQJHVFK|QH6NODYLQ,FKVFKODJHVLH QLFKW/HKUHVLH]XEHJUHLIHQZLHVFK|QGDV$OWHUQVHLQNDQQ´ 6ROFKHUOHJWHGHQ.RSIVFKLHIXQGNLFKHUWH ³'XELVW]XJXWIUGDVUHLVHQGH*HVLQGHO:DUWQXU(LQHV7DJHVJHKRUFKHQVLH GLUQLFKWPHKU,FKKRL¶GHQIHWWHQ%UHL´ ³,FKKDE¶NHLQH$QJVWVRODQJHGXPHLQH9HUEQGHWHELVW´VFKPXQ]HOWHLFK6LH NLFKHUWHOlQJHUXQGVFKULOOHUXQGVDJWH ³0HLQH.UlXWHUUHLFKHQDXVXQGLFKNDQQGDVKDOEH/DJHUYHUJLIWHQ´6LH WULSSHOWH]XP)HXHU'HU([WUDVLQQPXUPHOWH'XKDVWUHLFKOLFKEL]DUUH)UHXQGHXQWHU GHQ%DUEDUHQ ,P=HOWURFKHVDEJHVWDQGHQDEHUHVZDUQRFKZDUP,FKVlEHUWHPHLQH =lKQHHQWIHUQWHPLW+LOIHVFKlXPHQGHU6DOEHGLH%DUWVWRSSHOQXQGZXVFKPLFK0HLQ YHUVFKODIHQHV*HVLFKWVWDUUWHPLFKJUlPOLFKDXVGHUSODQJHVFKOLIIHQHQSROLHUWHQ 0HWDOOVFKHLEHDQQDFKGHPLFK+HLOVDOEHDXIZXQGH.|USHUWHLOHJHVWULFKHQKDVWH NQRWHWHLFKGDV6FKDPWXFKDXVZHLHP+DSLODQG/HLQHQVFKOSIWHLQGHQZHLFKHQ :LOGOHGHUURFNXQGVWULFKEHUGHVVHQ*ROGGUDKWVWLFNHUHL'LH*UWHOVFKQDOOHDXV YHUJWHWHP$UNRQVWDKONOLFNWHPHLQH)LQJHUWDVWHWHQEHUGLH+RKOUlXPHYROOHU EHUOHEHQVZLFKWLJHU.OHLQLJNHLWHQ,FK]RJHLQ:LOGOHGHUKHPGDQGDUEHUHLQH NQLHODQJH)HOOMDFNHPLWKRKHP.UDJHQXQGEHIHVWLJWHEHUGHP=HOODNWLYDWRUGHQ %UXVWVFKPXFNGHUPLFKDOVPlFKWLJHQ+DQGHOVKHUUQDXVZLHV'HU$NWLYDWRUYHUVWHFNWH VLFKLQHLQHU%HUQVWHLQVFKHLEHYROOHUHLQJHVFKORVVHQHU,QVHNWHQ,FKVFKREGLHEHLGHQ ODQJHQXQGGHQNXU]HQ'ROFKLQGLH/HGHUVFKHLGHQGLHJHWDUQWHQ(QHUJLHZDIIHQXQG /lKPVWUDKOHU,FKZDUIHLQHQ7KLFNDXIGLHEULJH$XVUVWXQJGLHLPDXIJHVFKODJHQHQ 7UXKHQGHFNHOODJDOV$V\UWDPLWGHQ'HFNHQUDVFKHOWH6LHNUHX]WHGLH8QWHUDUPHYRU GHQ%UVWHQXQGEOLFNWHPLFKVFKZHLJHQGDQ ³*XWHQ0RUJHQ´VDJWHLFK³GHQQHVZDUHLQHJXWH1DFKW´ ³'XKDVWJHWUlXPWXQGLQIUHPGHU6SUDFKHJHUHGHW+HUU0LWHLQHP)UHXQG$EHU GXKDVWVHLQHQ1DPHQQLFKWJHZXW´ ,FKVHW]WHPLFKQHEHQVLHLQGHQ)DOWVWXKOXQGUlXPWHGHQ7LVFKDWH0HLQ (UVWDXQHQZDUQLFKWJHULQJ6LHKDVWHHU]lKOWGDVLHNDXPlOWHUDOVDFKW]HKQ6RPPHU VHL8QGVLHZDUHLQ%QGHODXV$EHUJODXEHQXQGVNODYLVFKHU/HEHQVDQJVWSDVVLY JHKRUVDPZLHHLQJXWHU]RJHQHV7LHU1XULQVHOWHQHQ$XJHQEOLFNHQODFWDWHVLHXQG IUHXWHVLFKRKQH]XEHIUFKWHQ]XVFKZHLJHQGHP*HKRUVDPJH]ZXQJHQ]XZHUGHQ ,KUH6FK|QKHLWZDUEHWUlFKWOLFK+DXWZLHGXQNOHU6DQGGXQNHOEUDXQH$XJHQUDIILQLHUW JHVFKPLQNWXQGVFKHLQEDUYHUJU|HUWHLQIHLQJOLHGULJHU.|USHUPLWUXQGHQ%UVWHQ ODQJHQ%HLQHQXQGVFKODQNHQ)LQJHUQ(LJHQWOLFKJHK|UWHVLHQLFKWLQ6FKQHHXQG.lOWH VLHZDUHLQ.LQGODQJHU7DJHXQGKHLHU6RQQH,FKVWUHLFKHOWHLKUH6FKXOWHUXQGVDJWH ³'DVPDJVHLQ+DVWGXGLFKJHIUFKWHW"´ 6LHVFKWWHOWHVWXPPGHQ.RSI:HQQVLHHLQPDOJHOHUQWKDVWHVLFKQHEHQGHP .DUDZDQHQKHUUQ]XEHKDXSWHQZUGHXQVHU=XJOlQJVWGDVQlFKVWH=LHOHUUHLFKW KDEHQ6LHVFKPLHJWHLKU*HVLFKWLQGLH+|KOXQJPHLQHU+DQGVFKLHQ]XHUVFKUHFNHQ XQGXQWHUGUFNWHGHQ$XJHQEOLFNHUZDFKHQGHQ9HUWUDXHQV,FKVWDQGDXI ³:DVFKGLFK=LHKGLFKDQ6ROFKHUEULQJVGDV(VVHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³6ROFKHUKDWPLFK´6LHIOVWHUWHlQJVWOLFKXQGEHJDQQ]X]LWWHUQ,FK]RJVLH KRFKXQGOHJWHPHLQH$UPHXPVLH ³6ROFKHUGLHZLHHLQH0XWWHU]XPLULVWKWHWPLFKHLIHUVFKWLJ:HQQGXVLH EUDXFKVWZLUGVLHKHOIHQ6LHLVWJDQ]DQGHUVDOVHVVFKHLQW0DQKDWVLHHLQ/HEHQIDQJ VFKOHFKWEHKDQGHOW'XEUDXFKVWNHLQH$QJVW]XKDEHQ´ $V\UWDEFNWHVLFK]RJGLHIDUELJHQ)HOOHXP6FKXOWHUQXQG+IWHQXQGEDW EUFKLJ ³*HKKLQDXV+HUUELWWH6LHVRLOPLFKQLFKWQDFNWVHKHQ´ ,FKQLFNWHLKU]XKREGLH+DQGVFKXKHDXIXQGJLQJYRUV=HOW'HU$QIOXJJXWHU 6WLPPXQJYHUJLQJHEHQVRVFKQHOOZLHGLH6RQQHQVWUDKOHQ'HU+LPPHOYRQ WLHIOKlQJHQGHP1HEHOEHGHFNWIlUEWHVLFKPLOFKLJ,FKEOLFNWHPLFKZDUWHQGXPXQG YHUVWDQGGLH9RUZUIHGHV/RJLNVHNWRUV'XKDVW]ZDUQHXQXQGQHXQ]LJ3UREOHPHGX 1DUUGLHGLUQLFKW]XUHLFKHQVFKHLQHQPLW.DXIXQG(U]LHKXQJHLQHU6NODYLQKDOVWGXGLU GDVKXQGHUWVWHDXI :HQQLFKVFKRQYHUVXFKWHWLHIH6SXUHQDXIGHP%DUEDUHQSODQHWHQ]X KLQWHUODVVHQZHQQPDQPLFK]ZDQJJHJHQPHLQHQ:LOOHQ]XKDQGHOQGDQQEHVWDQG NHLQ*UXQGGLHVDXFKQRFKLQIUHLZLOOLJDXIHUOHJWHU(LQVDPNHLW]XWXQ,FKGUHKWHGHQ .RSI0LWGHP*HVLFKWVDXVGUXFNHLQHVPDJHQNUDQNHQ6NHSWLNHUVQlKHUWHVLFKGHU 6FKUHLEHU1LDQFKUH(UVFKLHQVDUNDVWLVFK]XOlFKHOQVHLQH/LSSHQZDUHQYRU-DKUHQ YRQHLQHP'ROFKKLHE]HUVFKQLWWHQGLH0XVNHOQIDOVFK]XVDPPHQJHQlKWZRUGHQ 1LDQFKUHNRQQWHGHQ0XQGQLFKWPHKUULFKWLJVFKOLHHQGDGXUFKZDUVHLQH 6SUHFKZHLVHPLWXQWHUDQVWUHQJHQGIUGLH2KUHQDQGHUHU ³'LU+HUU$WODQHLQHQVRQQLJHQ7DJ8QVVQVFKHLFKHEHQVROFKHVW*LJWV6 HIHKOHGLHVHUGDV6DGHV1RUVDOHQKLQDXVJHKHQ.|QLJGHU6WHVWH"´ 0LW1LDQFKUHV$XJHQNRQQWHQQXUGLH5RERWOLQVHQ%RUHDV¶NRQNXUULHUHQ(U VSUDFKVRJHVWHO]WZLHHUVFKULHE)ULKQZDULFK³.|QLJGHU6WHSSH´HUZDUPHLQH UHFKWH+DQGHLQVFKODQNHU0DQQYRQGUHLLJ6RPPHUQGLH6WRIIONDSX]HEHUGHP NXU]JHVFKRUHQHQ6FKlGHO,KPJHKRUFKWHQGLH8QWHUVFKUHLEHUGLH:HJVXFKHU .lPSIHUXQGGLHVHOEVWlQGLJHQ-lJHU6HLQH%HIHKOHJDOWHQDOVNlPHQVLHYRQPIU ³.HLQH%HIHKOH:LUIDKUHQZHLWHUZDFKVDPXQGODQJVDPQDFK6RQQHQDXIJDQJ´ ³+DVWGXIUVLFKHWVDV]XWXQ"´(UUOSVWHGHQ.RSI]XU6HLWHJHGUHKW,FK QLFNWH(UVDKPLFKEHUUDVFKWDQ ³,FKK|UH6YDWHUGHU(VHO´ $QGLHHWZDIQI'XW]HQGGXUFKDXVUHVSHNWYROOHU$QUHGHQKDVWHLFKPLFK JHZ|KQW'HUVNXUULOVWH1DPHZDU³/LHEOLQJGHUIHUQHQ*|WWHU´,FKNDQQWHGHQZDKUHQ ³*RWW´GLHVHU.DUDZDQHXQGVDJWH ³$V\UWD0DUD\H'XNHQQVWVLH,Q.DQHVKJHNDXIW´ ³6HUVROOWHVLHQLFKWNHQQHQ",KU*ODQ]HUVHW]WGDV/HXFKWHQGHU6RQQH'DVLH GHLQ+HU]HUVUHXWVFKHQNWVLHGHU6XQWHUVDUHQ.DUDVDQHGLHULFKWLJH6UHXGH´ ³9HUDXVJDEGLFKQLFKW,FKKDE¶LKUGLH)UHLKHLWJHJHEHQ6LHZLUGJODXEHLFKEHL PLUEOHLEHQ'XELVWDXVLKUHP/DQGXQGVROOVWVLHOHVHQXQGVFKUHLEHQOHKUHQDXFKLQ DQGHUHQ6SUDFKHQ6HLZLHHLQ%UXGHU]XLKUVLHIUFKWHW6ROFKHUXQGPLFK'DPLWWXVW GXHWZDVIUGLH)UHXGHGHU.DUDZDQH´ ³'HLQ6HIHKOLVWVHLQH(KUH´(UYHUEHXJWHVLFKGLH+DQGDXIGHP+HU]HQ³6ROO LFKVLHVFKODJHQZHQQVLHVDXOLVW"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³'HUEHVWH/HKUHUOHKUWPLWGHP+HU]HQ´,FKVFKWWHOWHGHQ.RSIXQG]HLJWHLKP GLH)DXVW³-lJHUXQG$XIVHKHUJHEUDXFKHQGLH3HLWVFKHQXUEHLIDXOHQ9HUVWRFNWHQ 9HUODQJQLFKW]XYLHOVLHZLUGIOHLLJOHUQHQ´ ³6DQVLUGVHKHQ6DQQNRVVHQGLH6HJHVXFKHUVXUFN"´ ³,Q]ZHLGUHL6WXQGHQNRPPHQVLH´,FKVDK6ROFKHUPLW]ZHL+HOIHUQGDV(VVHQ LQV=HOWEULQJHQ³:HQQGLH.DUDZDQHZHLWHU]LHKW´ ³6FKLFNQDFKVLU+HUUXQGLFKNRPPHVRVRUW´ 6ROFKHUKDVWHGHQ7LVFKYRQGHQ6SXUHQGHU0RUJHQZlVFKHJHUHLQLJWEUHLWHWH HLQ7XFKGDUEHUXQGVWHOOWH6FKDOHQ1lSIH.UJH%HFKHUXQG%UHWWFKHQGDUDXI(LQH *OXWSIDQQHZXUGHJHEUDFKWNDOWH/XIWZLUEHOWHLQV=HOW6FKZHLJHQGVDK$V\UWD]X6LH ZLUNWHLQ)HOOHQXQGKDOEZHJVPlQQOLFKHU.OHLGXQJH[RWLVFKXQGEHJHJQHWH YHUVWlQGQLVORVGHQVFKHXHQ6HLWHQEOLFNHQ6ROFKHUV'LH$OWHKREPDKQHQGHLQHQ +RO]O|IIHO ³(WPHLQH.LQGHU6RODQJHGLH6XSSHKHLLVW´ 6LHOLHGHQ=HOWHLQJDQJJH|IIQHW'LH6XSSHEUDQQWHDXIGHU=XQJHXQG YHUZDQGHOWHGLH6SHLVHU|KUHLQVFKPHO]HQGH%URQ]H+LW]HEUHLWHWHVLFKLP.|USHUDXV XQGPXWHPLW%LHUJHPLOGHUWZHUGHQ,QGHUIROJHQGHQ6WXQGHZXFKVXQVHUHJXWH /DXQH'LHHUVWHQ2FKVHQJHVSDQQHNQLUVFKWHQDXVGHP/DJHU=HOWHZXUGHDEJHEDXW XQGYHUODGHQXQG+DQGZHUNHUEHHQGHWHQGLH$UEHLWHQDQ5lGHUQ)HOJHQXQG$FKVHQ 'LH$VFKHGHU)HXHUVWUHXWHPDQDXVXQGYHUJUXEGLH$EIlOOHXPNHLQH:|OIH DQ]XORFNHQ+RFKEHODGHQH(VHOPLWNXU]HQ6HLOHQDQHLQDQGHUJHEXQGHQVFKULHQPLWLP &KRUGHUGXPSIEUOOHQGHQ2FKVHQ,FKVWUHFNWHGLH%HLQHDXVXQGVDJWH ³6RQQHQZlUPHLVWLQXQVHUHQ'lUPHQ'XZLUVWKHXWLQ1LDQFKUHV:DJHQ PLWIDKUHQPHLQHMXQJH)UHXQGLQ/HUQHGDV/HVHQXQGGDV6FKUHLEHQ´ 6LHZXWHQLFKWZDVLFKPLWLKUYRUKDWWH$OV6NODYLQGHU5RPHWJHERUHQXQG DXIJHZDFKVHQPHKUPDOVEHQW]WXQGYHUK|NHUWVFKOLHOLFKYRQGHPZHLKDDULJHQ .DUDZDQHQKHUUQJHNDXIWGDQQIUHLJHODVVHQVFKOLHOLFKGHU3UR]HGXUGHV/HUQHQV DXVJHVHW]W²VLHEOLHEYHUZLUUW ³:DVVRLOLFKWXQ+HUU"´ ³/HUQHQXQGNOJHUZHUGHQ0HLQH*HIlKUWLQGDUIQLFKWGXPPVHLQ´,FKOHHUWH GHQ5HVW%LHULQXQVHUH%HFKHUXQGEOLFNWHLQLKUH$XJHQ³,FKKDEHGLH0DFKWEHU GLHVH.DUDZDQHGLHPLUQLFKWJHK|UW,FKELQGUHL+HUUVFKHUQYHUDQWZRUWOLFKGHPYRQ $VVXUGHLQHP*RWWN|QLJXQGGHP+HUUQPHLQHV/HEHQV,FKZLOOXQGZHUGHHLQHUDQJH 6WUDHQDFK2VWHQVFKDIIHQ,FKZLOOGDGX]XPHLQHUUHFKWHQ+DQGZLUVWZLHXQVHU %UXGHU1LDQFKUH9HUJLGDV6NODYHQOHEHQ'XVROOVWQLFKWQXUPLWPLUVFKODIHQVRQGHUQ DXFKQHEHQPLUEHIHKOHQ:LOOVWGXGDV²GDQQOHUQH:HQQQLFKWILQGHQZLUDQGHUH QLFKWVRDQJHQHKPH:HJH´ ³+HUU´,KUH8QVLFKHUKHLWZXFKV,FKKREGLH+DQG ³,FKELQQLFKWPHKUGHLQ+HUU,FKZLOOGDV:RUWQLFKWPHKUK|UHQ1HQQPLFK $WODQ´ ³,FKKDE¶QLFKWYLHOJHOHUQW'XNHQQVWDOOHV´IOVWHUWH$V\UWD³(VLVWZHQLJ:LH VRLOLFKN|QQHQ+HUU$WODQZDVGXYHUODQJVW"´ ³'XZLUVWMHGHQ7DJHLQZHQLJOHUQHQ:HQQZLUDP=LHOVLQGZLUVWGXVHOEVW VWDXQHQXQGYLHOOHLFKWNOJHUVHLQDOV1LDQFKUH´ ,KUH:DQJHQEHJDQQHQ]XJOKHQ,FKJODXEWHHVNDPQLFKWYRP%LHUVRQGHUQ ZDU=HLFKHQODQJVDPHUZDFKHQGHU%HJHLVWHUXQJ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³9HUVXFKPLU]XYHUWUDXHQ+HXW¶DEHQGVSUHFKHQZLUEHUDOOHV1LPPGHLQH NOHLQH7UXKHJHK]X1LDQFKUHV:DJHQ6LHZROOHQGDV=HOWDEEDXHQ´ ,FKYHUVWDXWHGLH$XVUVWXQJLQGHQ6DWWHOWDVFKHQXQGEUOOWH]XP=HOWKLQDXV ³0HLQH3IHUGH6DWWHOWGHQ6FKHFNHQ´ $OVGLH6RQQHGUHL+DQGEUHLWEHUGHP+RUL]RQWVWDQGHLQHJOKHQGH6FKHLEH LP'XQVWVDLFKLP6DWWHO$QYLHOHQ2UWHQGHV*URUHLFKHV]FKWHWHPDQSODQPl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|HUH+HUGHQGXUFKHLQHQ7HLOGHV/DQGHVJH]RJHQ KLQWHUOLHHQVLH]ZDQJVOlXILJHLQH$UW6WUDH8QWHU1LDQFKUHV*HVFKUHLXQGGHQ NQDOOHQGHQ3HLWVFKHQWULHEHQHWZDKXQGHUWMXQJH+LUWHQUXQG6FKZDU]HVHO]HUUWHQ MH]ZHL2FKVHQSDDUHHLQHQGHUYLHUUlGULJHQ:DJHQ/DVWHQ+DQGHOVZDUHQgIHQ 0HKOWUXKHQ.FKHQYROOHU.HVVHOGLH:DVVHUYRUUlWHXQGMHQH:DJHQLQGHQHQ .DXIOHXWHOHEWHQ :LUVWLHHQDXIGHPHUVWHQZLUNOLFKQHXHQ7HLOGHU)DKUWLQHLQHXQJHZ|KQOLFKH $UWYRQ6WHSSHYRQ'LH6SXUYRUPLUIKUWHGXUFKQLHGULJHV%XVFKZHUN]ZLVFKHQ NOHLQHQ+JHOQKLQGXUFKXQGHQWODQJVFKPDOHU:DVVHUOlXIH+LQXQGZLHGHU]HLFKQHWHQ VLFKDP+RUL]RQWNOHLQH:lOGHUDWH*HIROJWYRQEHLGHQ/HRSDUGHQKLHOWLFKDQDOVLFK HLQH/DQ]HHUUHLFKWHGLHLPZHLFKHQ%RGHQVWHFNWH:HLWYRUPLUEHZHJWHQVLFK XQGHXWOLFKH3XQNWH,FKYHUVFKREHLQH1LHWHLP8QWHUDUPVFKXW]XQGVDJWH ³%LOGHUXQGDOOH$XVVFKQLWWYHUJU|HUXQJHQ%RUHDV´ ,FKNLSSWHGHQUXQGHQ6FKLOGGHVVHQlXHUVWH6WDKOVFKLFKWKRFKYHUJWHWDOV %OLW]VLJQDOJHEHU]XYHUZHQGHQZDU,PLQQHUVWHQ.UHLVOHXFKWHWHGXUFKGDVJULPPLJH .ULHJHUJHVLFKWGHU%LOGVFKLUPDXI'HU)DONHVHQGHWHHLQH)ROJHYRQ+|KHQDXIQDKPHQ 1DFK5LFRV.DUWHQ]RJHQZLUSDUDOOHO]XHLQHPEUHLWHQ)OXLQGLH5LFKWXQJDXIHLQHQ QDPHQORVHQ%LQQHQVHHVFKRQIDVWHLQNOHLQHV0HHU(LQHQ7HLOGHV8IHUVZUGHQZLU YHUPXWOLFKXPUXQGHQPVVHQ,FKYHUVXFKWHMHGHZLFKWLJH(LQ]HOKHLWGHV YRUDXVOLHJHQGHQ*HOlQGHVJHQDXDE]XVFKlW]HQ'LH]XNQIWLJH6WUDHPXWHGHQDP ZHQLJVWHQEHVFKZHUOLFKHQ3IDGHQIROJHQXQGMHGHUGHUVLHGHUHLQVWEHQXW]WHZDUDXI %UXQQHQ:DVVHUOlXIHRGHU6HHQDQJHZLHVHQ,FKULWWODQJVDPHUGHQ+JHOKLQXQWHU XQGGDFKWHDQGLH*U|HXQGGDV:DJQLVGLHVHU$XIJDEH ³(LQH.DUDZDQHQVWUDHIU-DKUKXQGHUWH$WODQ´PXUPHOWHLFK:HQQZLUMHGHQ 7DJQXUGLH6WUHFNH]XUFNOHJWHQGLHHLQUVWLJHU0DQQLQIQI6WXQGHQVFKDIIWH²DOVR IQIPDOWDXVHQGJURH6FKULWWHSUR6WXQGHDP7DJ²ZUGHQZLUHLQ-DKU]XP 8IHUGHV|VWOLFKHQ0HHUHVEUDXFKHQ,FKUHFKQHWHPLWGHP'RSSHOWHQGLHVHU=HLWXQG PLW$QVWUHQJXQJHQXQG=ZLVFKHQIlOOHQYRQGHQHQZLUQLFKWHLQPDOHWZDVDKQWHQ$FKW -DKUHV]HLWHQ ,FKKDVWHJHQXJJHVHKHQ=ZHL3XQNWHO|VWHQVLFKYRP+RUL]RQWXQG]ZHL +DSLODQG)lKUWHQVXFKHUJDORSSLHUWHQKHUDQ,FKULWWZHLWHU,KUH6SXUHQXPJLQJHQGHQ QlFKVWHQ+JHOIKUWHQ6FKULWWDP:DOGUDQGHQWODQJGXUFKHLQHQ%DFKDXIHLQH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

WLVFKHEHQH)OlFKHKLQDXV:HLWYRUDXVJOLW]HUWH6FKQHHDXIKRKHQ%HUJHQLQGHUHQ 7lOHUQZLUXQVQDFK2VWHQNlPSIHQPXWHQ$OVGLH5HLWHUKHUDQZDUHQ]JHOWHQZLU XQVHUHVFKZHLQDVVHQ3IHUGH ³:LHLVWGHU:HJ5HFKPLUH"´ULHILFK(UODFWDWHDEVFKlW]LJXQG]DXVWHGLH 0lKQHGHVGDPSIHQGHQ3IHUGHV ³)UKHXW¶XQGPRUJHQ²JXWHV*HOlQGH6FKZHUHU%RGHQ:DQQEUHQQWGLH )UKOLQJVVRQQH"´ ³,Q]ZHL=HKQWDJHQ5HLWHW]X1LDQFKUH,FKWUHIIHPLFKPLWGHQ-lJHUQ+DEWLKU :LOGJHVFKRVVHQ"´ ³1HLQ'LH-lJHUVXFKHQUHFKWVYRP=XJ:LOGVFKZHLQHXQGIHWWHV5RWZLOG´ ³6SXUHQYRQ%HZRKQHUQ"+LQWHUKDOWH")DOOHQRGHU6LHGOXQJHQ"5DXFKYRQ IUKHQ)HXHUQ"´ ³1LFKWV+HUUGHU5lGHU:LUUHLWHQGXUFKOHHUHV/DQG´ :LUWUHQQWHQXQV5HFKPLUHXQGVHLQ%HJOHLWHUULWWHQ]XU6SLW]HGHU.DUDZDQH XQGZUGHQVLHDXIGHPOHLFKWHVWHQ:HJDQIKUHQ,FKEOLFNWHKLQWHULKQHQKHU'LH JURH0DVVHDXV0HQVFKHQ7LHUHXQG*HVSDQQHQELOGHWHHLQHQVHOEVWlQGLJHQ 2UJDQLVPXVHLQH6FKODQJHDXVNUHLVFKHQGHQ$FKVHQEUOOHQGHP9LHK*HVFKUHLXQG 3HLWVFKHQNQDOOVFKUHLHQGHQXQGIXU]HQGHQ(VHOQYHUPLVFKWPLW0HFNHUQ%O|NHQXQG +XQGHJHEHOO'XPSIHU+XIVFKODJNXU]PlKQLJHU3IHUGHXQWHUEUDFKGDV.LFKHUQGHU 6NODYLQQHQPLWGHQHQGLH5HLWHU]RWLJH6SlHWULHEHQ1DFK]JOHUWDSSWHQLQGHU *HVWDQNIDKQHGHU.DUDZDQHKLQWHUKHURGHUNODPPHUWHQVLFKDQ1DEHQXQG :DJHQHQGHQ(LQ6FKULWWQDFKGHPDQGHUHQ'LH)HOJHQVFKQLWWHQWLHIH5LOOHQLQGHQHQ GLH]ZHLUlGULJHQ:DJHQYRQGUHL3IHUGHQRGHU(VHOQJH]RJHQVFKZDQNWHQXQGDXV GHU6SXUNDPHQ$FKW6WXQGHQIDQJVFKREVLFKGLH.DUDZDQHGXUFKV/DQGELVGDV 7DJHVOLFKWDE]XQHKPHQEHJDQQ,FKVDYRUGHPDXVHLQDQGHUJHNODSSWHQ7LVFKXQG EHWUDFKWHWH+|KHQSKRWRVXQG.DUWHQ$OVGHU7DJHVVWHLQHQGOLFKDXVGHUZHLFKHQ(UGH GHV+JHOFKHQVKHUDXVUDJWHDOVVLFKGLH5XKHGHU(UVFK|SIXQJEHUGDV/DJHUVHQNWH XQGLFKGLH6WUHFNHGHVNRPPHQGHQ7DJHVHLQLJHUPDHQ]XYHUOlVVLJDEVFKlW]HQ NRQQWHVFKDOOWHGDVYHUWUDXWH*HOlFKWHUVFKHLQEDUZLH'RQQHUEHUGLHLP.UHLV ]XVDPPHQJHVWHOOWHQ:DJHQXQG=HOWHGDKLQ$EHUQXULFKK|UWHXQGYHUVWDQGGLH :RUWH(6VSUDFK 'XKDVWGHLQH$XIJDEHEHJULIIHQ$UNRQLGHXQGDXFKGLHVLQQOLFKHQ)UHXGHQPLW 'HULRQHVLQGOlQJVWYHUJHVVHQ1HXH3IDGHHLQDQGHUHV*OFN,KUVHLGDXIGHP:HJ XQGYLHOHZHUGHQGDV=LHOHUUHLFKHQ1RFKLVWGDV/DQGPHQVFKHQOHHUDEHUEDOGWUHIIW LKU*UXSSHQ+RUGHQXQG6WlPPH(U]lKOWYRP3UXQNXQG5HLFKWXPGHU/lQGHUDXV GHQHQLKUDXIEUDFKW=HLJWLKQHQGDYLHOH6WUDHQ]XDQGHUHQ0HQVFKHQIKUHQXQG GDHVVLFKORKQWDXILKQHQ]XUHLWHQ.QSIWGDV1HW]EHVVHUHU:HJH'XVROOVW ZLVVHQGDGXYLHOH+HOIHUKDVWDEHUQXUGUHLZLUNOLFKH6FKZLHULJNHLWHQ ³,FKZHLYLHO´,Q*HGDQNHQIRUPXOLHUWHLFKVW|KQHQGPHLQH$QWZRUW³:DUXP GDVDOOHV"0XLFKZLHGHUHLQHQ)OFKWOLQJYRQ:DQGHUHUW|WHQ",VWGHLQH5lWVHOXQG 0XVHXPVZHOWQRFKLPPHULQGHU1lKHGHV/DUVDI6\VWHPV"´ 'LH$QWZRUWZDUGDVGU|KQHQGH*HOlFKWHUGHUNRVPLVFKHQ,QWHOOLJHQ](6OLH VLFKYLHO=HLWPLWGHU(UNOlUXQJ ,FKZDURIIHQVLFKWOLFKDOOHLQLP7LHIVHHYHUVWHFNDXIJHZDFKW'LHJHVDPWH $XVUVWXQJHLQVFKOLHOLFKGHU6SUDFKSURJUDPPHODJELVLQV'HWDLOEHUHIW5LFRZDU VHOEVWIUPHLQHEHUNULWLVFKHQ$QVSUFKHEHU]HXJHQGPHQVFKlKQOLFKXQGEXJ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XQJHZ|KQOLFKHLQGQQHV*HZDQGXQGJHUDGH]XNRVWEDUH5RPHW6FKPXFNLPLWDWLRQHQ 6HOEVWVHLQH6DQGDOHQZDUHQYHUJROGHW1XUHLQJHULQJHU7HLOGHU,QIRUPDWLRQHQXQG 3URJUDPPHIUGLH+HUVWHOOXQJVPDVFKLQHQZDUYHUVFKZXQGHQDOVRLQNDXP HQWGHFNEDUHQ6SHLFKHUQDEJHOHJW5LFRGHUPLWGHP1DPHQ5H.RUDFKHEHQVR NRNHWWLHUWHZLHPLWVHLQHPEDUWORVHQPLW0HVGHQHW6FKPLQNHYHU]LHUWHQ*HVLFKW YHUVLFKHUWHPLUGDHUGLH$QZHVHQKHLWHLQHV]ZHLWHQWLHIVFKODIHQGHQ/HEHZHVHQV UHJLVWULHUW]XKDEHQJODXEWH(VJDENHLQH%HVWlWLJXQJGDIUXQGNHLQHQ*HJHQEHZHLV ,FKZDUWHWHLQVWHLJHQGHU8QUXKHDXIGHQQlFKVWHQ$QVWXUPGHVJDODNWLVFKHQ(6 /DFKHQV $OOHV]XVHLQHU=HLW+WHUGHU:HOW'XZLUVW+DQGHOWUHLEHQPLWGHQ0HQVFKHQ HQWODQJFXUHV:HJHV+DQGHOWDOVRPLW0HQVFKHQXQG,GHHQ0HWDOOHQXQG .HQQWQLVVHQ*|WWHUJODXEHQXQGDOOHPZDVGLUHLQIlOOW$QDQGHUHU6WHOOHZLUGHLQH DQGHUH.DUDZDQH=OOHXFKVWRHQGHU$QIKUHUZLUGGHLQ)UHXQGVHLQ,FKYHUJHGDIU /HJW]XVDPPHQGHQODQJHQ:HJ]XUFNELVLKUXQWHU2SIHUQXQG9HUOXVWHQGHQJURHQ )OXGHVOHKPLJJHOEHQ:DVVHUVHUUHLFKHQXQGGHQ0HQVFKHQGHVIHUQHQ2VWHQVYRQ GHQ.XOWXUHQGHV:HVWHQVHU]lKOHQN|QQW'HLQH6WUDH$WODQZLUG]ZHL:HOWWHLOH PLWHLQDQGHUYHUELQGHQIDVWHLQ9LHUWHOGHVSODQHWDUHQ8PIDQJHVODQJ'LHVH6WUDHIU HLQHNOHLQH(ZLJNHLWJH]RJHQZLUGGHU(UIROJGHU:XQGHUEDUHQ.DUDZDQHVHLQ+WHW HXFKYRUGHQ%HUJHQ:VWHQXQGZDVVHUORVHQ6WHSSHQ :LHGHUGDVPDNDEUH*HOlFKWHU 9LHOOHLFKWVSUHFKHQZLUQRFKHLQPDOPLWHLQDQGHU,KUVHLGVRJXWDXVJHUVWHWZLH LFKHVYRP.ULVWDOOSULQ]HQ$WODQHUZDUWHQGXUIWH'HLQ:LOOH]XEHUOHEHQZLUG]XP ZLFKWLJVWHQ%HVWDQGWHLOGHU.DUDZDQH'X9DWHUGHU(VHOZLUVWHVVLFKHUOLFKVFKDIIHQ 1DFKGHPOHW]WHQ*HOlFKWHUVFKLHQGDV6FKZHLJHQHQGJOWLJ,FKKDVWHPHLQHQ +HUUVFKHUPKHORVZLHGHUHUNDQQW,FKZXWHGDHQWODQJGHUJHZDOWLJHQ6WUHFNHMHGHV QRFKVRZLQ]LJVWH3UREOHP]XUULHVLJHQNDXPEHUZLQGEDUHQ6FKZLHULJNHLWZHUGHQ NRQQWH,FKKDVWHNHLQHZLUNOLFKEHGHXWHQGHQ+HOIHUXQG)UHXQGHEHLGLHVHP VFKZLHULJHQ-DKUWDXVHQGYRUKDEHQ$V\UWD0DUD\HXQG1LDQFKUH"'HU([WUDVLQQVDJWH 1XQNHQQVWGXDOOHGHLQH$XIJDEHQ$WODQ0DFKGDV%HVWHGDUDXV8QG'XPXW EHUOHEHQXQWHU8PVWlQGHQDOV(LQ]LJHU ,FKVFKORGLH$XJHQXQGVHKQWHPLFKQDFK$V\UWDVXQJHVFKLFNWHQ /LHEHQVZUGLJNHLWHQZLUDOOHZUGHQLQGLHVHQYLHUXQG]ZDQ]LJ0RQGHQYLHOHVOHUQHQ XQGXQ]lKOLJH$EHQWHXHUEHUVWHKHQPVVHQHLQLJHZUGHQGDV=LHOGHU:XQGHUEDUHQ .DUDZDQHQLFKWOHEHQGHUUHLFKHQ ,QIQI]HKQ7DJHVHWDSSHQVRJHVFKZLQGZLHP|JOLFKQlKHUWHQZLUXQVGHP JURHQ%LQQHQVHH'XW]HQGHZHQLJEHGHXWXQJVYROOHU=ZLVFKHQIlOOHKLHOWHQXQVLPPHU ZLHGHUYLHO]XUDQJHDXI6FKHLEHQUlGHUEUDFKHQXQGPXWHQDXVJHZHFKVHOWZHUGHQ %URQ]HIHOJHQULVVHQDWH7LHUHYHUHQGHWHQRGHUZXUGHQJHVFKODFKWHWGLH%HXWHGHU -lJHU]X3URYLDQWYHUDUEHLWHW'LH.|FKHXQG+DQGZHUNHUGHU.DUDZDQHNRQQWHQMHGHQ %HVWDQGWHLOYHUZHUWHQ+lXWH*HK|UQ.ODXHQ.QRFKHQXQG6HKQHQ,FKOLHGDV)HWW DXVNRFKHQXQGHLQHQ7HLODOV6FKPLHUHIUGLHPDVVLJHQ%URQ]HODJHUYHUZHQGHQ9RQ 7DJ]X7DJJLQJHQ$XIEUXFKXQG(LQULFKWXQJGHVDEHQGOLFKHQ/DJHUVHLQZHQLJ VFKQHOOHU(EHQVR]|JHUOLFKZLFKGHU1HEHO 'LH.UDIWGHU6RQQHQDKP]X)ULVFKH*UDVIOlFKHQEUHLWHWHQVLFKKHOOJUQXQWHU XQVHUHQ7KLFNHQDXVGLH%lXPHWULHEHQ.QRVSHQXQG%OlWWHU,QVHNWHQVFKZlUPH VXPPWHQXQGEHOlVWLJWHQ0HQVFKXQG7LHU:lKUHQGZLUXQVHUH6WUDHLQGHQ%RGHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

HLQGUFNWHQXQG0HLOHQPDOHVHW]WHQOHJWHGLH.DUDZDQHMHGHQ7DJHLQHJU|HUH 6WUHFNH]XUFNDOVDP9RUWDJ0LWGHU:lUPHGHV)UKOLQJVZLFKDXFKGLH %HNOHPPXQJEHVVHUWHVLFKGLH6WLPPXQJZLUEOLHEHQQLFKWPHKUOlQJHUIULHUHQGH )UHPGHLQGLHVHP/DQG6HOEVWGLH7LHUHZXUGHQEHUPWLJ 6FKDIE|FNHXQG=LHJHQE|FNHEHVSUDQJHQGLH0XWWHUWLHUH'LH(VHOYHUILHOHQLQ HLQH$UW5DVHUHLXQGNRSXOLHUWHQZHQQLPPHUHVP|JOLFKZDU+HQJVWHWULHEHQ6WXWHQ EHUGLH(EHQH'LH6WLHUHULWWHQGHQ.KHQDXI6FKHLQEDUXQDXIKDOWVDPURXWHXQG WDSSWHGLH.DUDZDQHLQZHLWHP=LFN]DFNQDFK2VWHQXQGKLQHLQLQGLH7DJHGHV 6RPPHUV 'LH.UDIWGHU6RQQHVFKLHQDXFK$V\UWD0DUD\H]XGXUFKGULQJHQ6LHOHUQWHQLFKW QXUOHVHQXQGVFKUHLEHQVLHYHUORUODQJVDPGLH$QJVWGLH6FKHXXQGGDV0LWUDXHQ MHQHQ0HQVFKHQJHJHQEHUGLHQLFKW6NODYHQZDUHQ(VJDEZHQLJH.UDQNHXQGGLH %UFKHXQG9HUOHW]XQJHQNRQQWHQZLURKQH6FKZLHULJNHLWHQYHUVRUJHQ'HQQRFK ZDUQWHYLHO]XKlXILJGHU([WUDVLQQ'XKDVWGHQ)UKOLQJEHUOHEW$UNRQLGH6RPPHU XQG+HUEVWYHUEHUJHQQRFKLKUH6FKUHFNHQYRUHXFK ,FKYHUJOLFKXQGNRUULJLHUWHGLHSKRWRJUDSKLVFKKHUJHVWHOOWHQ.DUWHQGLH (QWIHUQXQJVOLQLHQXQGGLH$XVVFKQLWWHGHU/DQGVFKDIWGLHYRQ%RUHDV¶/LQVHQVWDPPWHQ XQGPLU'HWDLOVGHU:LUNOLFKNHLW]HLJWHQ+lXILJULWWLFKPLWGHQ)lKUWHQVXFKHUQXPGLH QlFKVWHQ0HLOHQDE]XVWHFNHQ-HZHQLJHUEHVFKZHUOLFKHVIUGLH*HVSDQQHZDUGHVWR OHLFKWHUZXUGHHVIROJHQGHQ*HQHUDWLRQHQGLHVHQ:HJ]XEHQXW]HQ,FKVDLQ 1LDQFKUHV:DJHQXQGVFKULHE%HPHUNXQJHQLQGLHOHHUHQ)OlFKHQGHU.DUWHQ ³%DOGZHUGHQZLUPLW%HZRKQHUQGLHVHV/DQGHV]XVDPPHQWUHIIHQ´VDJWHLFK ³$EHUHUZDUWHWNHLQHSUXQNYROOHQ6WlGWH´ ³5lXVHURGHU6HJHODJHUHU+HUU"´VDJWH1LDQFKUH ,FKVFKWWHOWHGHQ.RSI³(VVLQG]XZHQLJH8QGZLUN|QQHQXQVVHKUJXW ZHKUHQ:LUZHUGHQZDKUVFKHLQOLFKHLQZHQLJKDQGHOQXQGYLHOH)UDJHQVWHOOHQ´ ³.HQQVWGXLKUH6SUDFKH"´$V\UWDVDKIUDJHQGYRP6FKUHLESHUJDPHQWDXI,FK VFKWWHOWHODQJVDPGHQ.RSI $XIGHQJURHQHLQLJH-DKUHDOWHQ.DUWHQHUNDQQWHLFKGLH3XQNWHXQGIHLQHQ /LQLHQYRQ6LHGOXQJHQXQG6WUDHQZDKUVFKHLQOLFKQXUDXVJHWUHWHQHQ3IDGHQ$XIGHQ VFKlUIHUHQ$XVVFKQLWWHQZHLWDXVVWlUNHUYHUJU|HUWVDKLFKGUIWLJH+WWHQXQG +lXVHUhEHUGLH%lFKHIKUWHQNHLQH%UFNHQ'LH6LHGOXQJHQHUVWUHFNWHQVLFK ]ZLVFKHQGHPJURHQ%LQQHQPHHUGDVVLFKLQ1RUG6G/lQJHDXVGHKQWHXQGGHP )ODFKVHH|VWOLFKGDYRQGHVVHQ2EHUIOlFKHQXUHLQ)QIWHOGHV1DPHQORVHQ0HHUHV PD :LUKDVWHQYLHU6WUDHQJHNUHX]WDXIGHQHQ]XDQGHUHQ-DKUHV]HLWHQ+lQGOHU UHLVWHQ'DV(UGUHLFKGLHVHU%lQGHUZDUVRVWDUNYHUGLFKWHWGDNDXPPHKU*UDV GDUDXIZDFKVHQNRQQWH8QVHUH:HJHVXFKHUULWWFQDXIGDV6GXIHUGHVNOHLQHQ )ODFKVHHV]XXQGZlKUHQGLFKEHUGHQ:HJGHUQlFKVWHQ7DJHQDFKGDFKWHK|UWHLFK ZLHGHUGDV:LVSHUQGHV/RJLNVHNWRUV%OHLEZDFKVDP$WODQ1LHPDQGNHQQWGDV/DQG QLHPDQGZHLHWZDVEHUVHLQH%HZRKQHU $PQlFKVWHQ7DJYHUVWHFNWHVLFKGLH6RQQHKLQWHU+RFKQHEHOXQG'XQVW,P :HVWHQZXFKVHLQHULHVLJH:RONHQEDQN*HJHQ0LWWDJDOVLFKDXIGHQ6SXUHQGHU 3IDGILQGHUULIWZLFKXQYHUPLWWHOWGDV/LFKW'LH:RONHKDVWHVLFKYRUGDV*HVWLUQ JHVFKREHQHVIU|VWHOWHPLFKSO|W]OLFK8QUXKLJZLHKHUWHGHU+HQJVW'LH0HQVFKHQ ZDUIHQlQJVWOLFKH%OLFNHQDFK:HVWHQZRGLH:RONHXQJHZ|KQOLFKVFKQHOO)RUPXQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$XVVHKHQYHUlQGHUWH6LHVFKLHQVLFKXQVLQUHVHQGHU*HVFKZLQGLJNHLW]XQlKHUQ,Q HLQHUSO|W]OLFKHQ:LQGVWLOOHHUVFKLHQMHGHV*HUlXVFKGRSSHOWVRODXWXQGVFKDUIZLHHLQH 0HVVHUVSLW]H,FKULGDV3IHUGKHUXPXQGJDORSSLHUWHDXIGHQ:DJHQ1LDQFKUHV]X 'HU:LPSHODQGHU6WDQGDUWHKLQJEHZHJXQJVORVKHUXQWHU ³(LQ6WXUP´VDJWHLFKODXW³6FKW]WHXFK9HUVFKOLHWGLH3ODQH´ 1LDQFKUHXQG$V\UWDVWLHJHQDXIGDV6LW]EUHWWXQGVWDUUWHQEHUGHQODQJHQ=XJ KLQZHJ]XPGXQNOHQ+RUL]RQW(LQ6WXUPVWRGHUQLFKW]XVSUHQZDUKHXOWHKHUDQ $V\UWDULHI ³:HQQZLULP+DSLODQGZlUHQZUGHLFKVDJHQHLQ6DQGVWXUP$WODQ´ ,FKSUHVFKWHGHQ=XJHQWODQJXQGVFKULHGHQ:DJHQOHQNHUQ]XDQ]XKDOWHQXQG GLH7LHUH]XEHUXKLJHQ'LH)DKU]HXJHKLHOWHQVWRNNHQGLQXQUHJHOPlLJHU 5HLKHQIROJH:LHJHOlKPWVWLHUWHQGLH0HQVFKHQGLH:RONHDQ'LH7LHUHGHUNOHLQHQ +HUGHQGUlQJWHQVLFKGLFKWDQHLQDQGHUXQGELOGHWHQ*UXSSHQ(VZDUQLFKWGHUHUVWH VFKZHUH6WXUPGHQZLUHUOHEHQZUGHQYLHOH*HZLWWHUWDJVEHUXQGQDFKWVZDUHQ EHUXQVKLQZHJJH]RJHQDEHUPLW7LHURSIHUQZDUHQGLHYHUVFKLHGHQHQ*|WWHU EHVlQIWLJWZRUGHQ ³(LQ6FKQHHVWXUPNDQQQLFKWVFKOLPPVHLQ´ULHILFK³GHQQHVLVWZDUP1XUGHU %RGHQZHLFKWDXI´ ,PJOHLFKHQ0RPHQWULWWHLQ0DQQDXVGHU8PJHEXQJYRQ.DQHVKDQXQVYRUEHL XQGEUOOWH ³(VLVWGHU=RUQGHU*|WWHU+HUU6DQGXQG6FKQHHXQG%OLW]´ ,FKVFKULHKLQWHULKPKHU ³+H.HQQVWGXGLHVHQ6WXUP".DQQHUXQVJHIlKUOLFKZHUGHQ"´ 'HU%HJULII=RUQGHU*|WWHUUDVWHGXUFKGHQ=XJ)DVWDXJHQEOLFNOLFKEUDFKDQ HLQLJHQ6WHOOHQ3DQLNDXV(VZDUVFKOLPPZHQQHLQ:DJHQ]XVDPPHQEUDFKXQGPLW %DONHQKRFKJHVWHPPWZHUGHQPXWH$EHUSO|W]OLFKOLHHQ+XQGHUWHDOOHVVWHKHQXQG OLHJHQ6RIRUWKDQGHOWHQGLH6ROGDWHQ6LHVSUHQJWHQUFNVLFKWVORVLQGLH0HQJHLKUH 3HLWVFKHQSILIIHQ¶VLH3DQLNVHW]WHVLFKIRUWXQGEUHLWHWHVLFKDXVZLH:HOOHQULQJHLP :DVVHU,FKULGDV3IHUGKHUXPULWWVFKUlJDXVGHU5LFKWXQJGHU.DUDZDQHKHUDXVXQG DXIGLH1DFKKXW]X1DFKGUHLLJ*DORSSVSUQJHQHUUHLFKWHPLFKGHUHUVWHKHXOHQGH 6WXUPVWR(UVFKPHWWHUWHPLUHLVLJH.lOWH(LVNULVWDOOHXQG6DQGLQV*HVLFKW ³+LQWHUGLH:DJHQ/HJWHXFKDXIGHQ%RGHQ'HFNWGLH.|SIH]X´VFKULHLFK DEHUPHLQH6WLPPHJLQJLP/lUPWLQWHU1RFKQLHPDOVKDVWHLFKHLQHQGHUDUWVFKQHOO KHUDQUDVHQGHQ6WXUPJHVHKHQ'XQVWXQG'XQNHOKHLWVFKOXJHQEHUGHU.DUDZDQH ]XVDPPHQ$OOH6FKUHLHXQG*HUlXVFKHHUVWDUEHQ1XUHLQVFKULOOHV%UDXVHQZDULQGHU /XIW,FKVSUDQJNDXPGDLFKGHQ5DQGGHV=XJHVHUUHLFKWKDVWHDXVGHP6DWWHOXQG NODPPHUWHPLFKDQGHQ+DOVGHV3IHUGHV'HUQlFKVWH$QVWXUPZDUIXQVEHLGHLQV KRKH*UDVKLQWHUHLQHUVWXUPJHSHLWVFKWHQ%XVFKUHLKH(VJHKWXPHXHU/HEHQGU|KQWH GHU/RJLNVHNWRU 'HU6WXUPDXVGHP:HVWHQZDUYRQXQEHKHUUVFKWHU:LOGKHLW%LQQHQHLQLJHU $XJHQEOLFNHGXUFKMDJWHHLQHVFKHLQEDUPDVVLYHJHOEVFKZDU]H)OlFKHGLHJHVDPWH /lQJHGHU.DUDZDQH$XVGHPVFKULOOHQ%UDXVHQZXUGHHLQ+HXOHQGDQQHLQ HUGHUVFKWWHUQGHV*HUlXVFKGDV0HQVFKHQXQG7LHUHKDOEEHVLQQXQJVORVPDFKWH .OLUUHQGH.lOWHNDPPLWGHP6WXUPHLQKHUHUZLUEHOWH0DVVHQGLFNHU6FKQHHIORFNHQ KHUDQPLWVFKDUIHQ6DQGN|UQHUQGXUFKVHW]W6LHZLUNWHQZLH:DIIHQGLHMHGH +DXWIOlFKHDXIULVVHQ'DV3IHUGYRUPLU]ZLVFKHQGHVVHQ/lXIHQLFKPLFKJHJHQGHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

%RGHQSUHWHYHUVXFKWHLPPHUZLHGHUKRFK]XNRPPHQ,FKYHUVXFKWHGLH/lXIH IHVW]XKDOWHQ8PPLFKKDVWHLFKNHLQH$QJVWDEHULFKEUDXFKWHPLUQLFKWYRU]XVWHOOHQ ZLHGHU6WXUPXQWHU0HQVFKHQ*HUlWXQG7LHUHQKDXVWHXQGZLHHVDXVVHKHQZUGH ZHQQHUYRUEHLZDU 9HUVFKZRPPHQVSUWHLFKZLHHLQORVJHULVVHQHV2FKVHQJHVSDQQKDDUVFKDUI QHEHQPHLQHQ6WLHIHOQYRUEHLUDVWHDQJVWJHSHLWVFKWEOLQGXQGPLWODQJJH]RJHQHQ GXPSIHQ6FKPHU]HQVVFKUHLHQ,FKNUPPWHPLFKEOLW]VFKQHOO]XVDPPHQ'HU6WXUP KHXOWHXQGNUHLVFKWHZLHHLQH+HUGH'DPRQHQXQGOLHKLQWHUMHGHP*HJHQVWDQGGHU ]XJURZDUDOVGDHULKQKlWWHPLWUHLHQN|QQHQHLQH'QHDXV6FKQHHXQG6DQG HQWVWHKHQ 'D]ZLVFKHQNUDFKWHQLPPHUZLHGHU'RQQHUVFKOlJH6HOEVWPLW ]XVDPPHQJHNQLIIHQHQ/LGHUQVDKLFKGHQ]XFNHQGHQ6FKHLQYRQ%OLW]HQGLH XQPLWWHOEDUUXQGXPGLH.DUDZDQHHLQVFKOXJHQ:LUZDUHQGHPIXUFKWEDUHQ:WHQGHV *HZLWWHUVWXUPVY|OOLJKLOIORVDXVJHOLFIHUW $XVKHU]VFKODJODQJHQ=HLWDEVFKQLWWHQZXUGHQ(ZLJNHLWHQLQGHQHQZLUDXIDOOH QXUGHQNEDUH:HLVHJHVFKXQGHQZXUGHQ6DQGNQLUVFKWH]ZLVFKHQGHQ=lKQHQXQG YHUVWRSIWHGLH2KUHQ'HU:UJHJULIIGHV6DQGHVOHJWHVLFKDXIGLH1DVHLFKOLWWDQ $WHPQRWgIIQHWHLFKGHQ0XQGVRVFKOXFNWHLFKHLVLJHQ6DQG 3O|W]OLFKlQGHUWHVLFKZLHGHUHWZDV'LH*HUlXVFKHGLHZLUPHKUVSUWHQDOV EHZXWK|UWHQEHNDPHQHLQHGURKHQGHWLHIHUH7RQDUW(LQ6XPPHQZLHYRQHLQHU 0LOOLDUGHULHVLJHU%LHQHQOLHGLH8PJHEXQJEHEHQXQG]LWWHUQ(LQKDUWHU6FKODJWUDI PHLQHQ1DFNHQHLQ]ZHLWHUGLH+DQGGDQQSUDVVHOWH+DJHOKHUQLHGHU'LH6FKORHQ PXWHQVRJURZLH7DXEHQHLHUVHLQGHQQLKUH(LQVFKOlJHVFKPHU]WHQZLHYRQ 6FKOHXGHUVWHLQHQ5LQJVXPXQVUDWWHUWHXQGNQDWWHUWHHV7DXVHQGHXQGDEHU 7DXVHQGH6HNHO(LVVWU]WHQDXIXQVKHUXQWHUPLWIXUFKWEDUHU:XFKW8QGLPPHU ZLHGHU%OLW]XQG'RQQHU,FKVSXFNWHHLQH+DQGYROOVWLQNHQGHQ6DQGDXVGHQ.RSI ]ZLVFKHQGHQ]LWWHUQGHQ6FKHQNHOQGHV6FKHFNHQ0HLQJDQ]HU.|USHUVFKPHU]WHYRP 7URPPHOIHXHUDXV(LV'DQQQDFKHLQHUHUVWDXQOLFKNXU]HQ=HLWVSDQQHZDUGHUJDQ]H 6SXNYRUEHL'LHSO|W]OLFKH6WLOOHZDUVFKPHU]KDIW $XIVWHKHQVRIRUW'XPXWDXIVWHKHQ$WODQEHIDKOGHU/RJLNVHNWRU,FKVFKULH YRU6FKPHU]HQDOVLFKPLFKWDXPHOQGKRFKVWHPPWH.HLQHQ$XJHQEOLFN]XIUKGHQQ GHU+HQJVWUHDJLHUWHVRIRUWDOVHUPLFKQLFKWPHKUVSUWH(UVFKOXJLP/LHJHQPLWGHQ +XIHQDXVZLHKHUWHGXPSIXQGVSUDQJXQVLFKHUDXIGLH%HLQH,FKJULIIQDFKGHP=JHO -HW]WDOVGLH.lOWHQDFK2VWHQZHLWHUMDJWHXQGHVYRQ0RPHQW]X0RPHQWKHOOHUZXUGH ZLFKGLHYRUEHUJHKHQGH%OLQGKHLW:DUPHV%OXWILHIPLULQGLH$XJHQLFKZLVFKWHHV PLWGHPbUPHODEXQGGUHKWHODQJVDPGHQ.RSI'HU+HQJVW]HUUWHDP=JHO (LQHYHUEOIIHQGH(UVFKHLQXQJHUNOlUWHY|OOLJEHUIOVVLJHUZHLVHGHU /RJLNVHNWRU 'HU6WXUPKDVWHHLQHZHLHNQLHKRKH6SXUGXUFKGLH/DQGVFKDIWJH]RJHQ'LH 6RQQHGLHKLQWHUGHP:RONHQUDQGKHUYRUVWDFKXQGDXJHQEOLFNOLFKKHL]XEUHQQHQ EHJDQQOLHHLQHYLHUKXQGHUW6FKULWWEUHLWH%DKQHUNHQQHQGLHVLFKZLHHLQHJODWWH 6WUDHEHU+JHOTXHUGXUFKHQWODXEWH:lOGHUEHU:HLGHQXQG%DFKOlXIH]RJ6LH HQGHWHDPZHVWOLFKHQ+RUL]RQWJLQJVFKQXUJHUDGHZHLWHUXQGKDVWHDXILKUHP:HJGLH .DUDZDQHYHUVFKWWHWXQGDXIJHO|VW1XU]ZHLKXQGHUW6FKULWWZHLWHUUHFKWVRGHUOLQNV XQGZLUKlWWHQDOOHGHQ:LUEHOVWXUPYRUEHL]LHKHQVHKHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

'LH6SXUIKUWHZHLWHUQDFK2VWHQXQGHQGHWHGRUWZRLFKGLH:RONHHUNHQQHQ NRQQWH-HW]WHUKREVLFKHLQHEUHLWH%DKQDXVGDPSIHQGHP1HEHO'HU'XQVWYHUKOOWH JQlGLJGDV(OHQGGDVGLH:XQGHUEDUH.DUDZDQHWHLOZHLVHYHUQLFKWHWKDVWH,FK EHGHFNWHGLH$XJHQPLWGHU+DQGXQGDWPHWHHLQLJH0DOHWLHIGXUFK'DQQJULIILFKLQ GLH+DJHOVFKLFKWXQGUHLQLJWHPHLQ*HVLFKWERKUWHLQGHQ2KUHQXQGVFKQHX]WHGHQ 6DQGDXVGHU1DVH,FKKDVWHLQPHLQH=XQJHJHELVVHQGHQQGHU6SHLFKHOZDUEOXWLJ /HLVHUHGHWHLFKZlKUHQGGLHVHU=HLWDXIGHQ6FKHFNHQHLQGHUVLFKODQJVDPEHUXKLJWH 6FKOLHOLFKVWLHJLFKlFK]HQGLQGHQ6DWWHOXQGULWWDXIGHQQlFKVWVWHKHQGHQ:DJHQ]X 'HU=RUQGHU*|WWHUKDVWHJDQ]H$UEHLWJHOHLVWHW(LQVFKQHOOHU5XQGEOLFN]HLJWH PLUQLHGHUVFKPHWWHUQGHJLOGHUDEHUDXFKVROFKHGLHKRIIHQOLHHQ'LH+HUGHQGHU 5LQGHUXQG3IHUGHKDVWHQDPZHQLJVWHQJHOLWWHQ6LHZDUHQ]ZDUZHLWKLQYHUVWUHXWDEHU LFKVDKGLH+LUWHQXQGLKUH]RWWLJHQ+XQGHEHUHLWVDQGHU$UEHLW,FKYHUJDGLHVHV 3UREOHP+LQNHQGH6FKDIHPLWWULHIHQGQDVVHQ)HOOHQWDXFKWHQDXVGHPGDPSIHQGHQ (LVDXI'LHWRWHQ7LHUHVDKLFKQLFKWXQWHUGHU6FKLFKWDXV+DJHON|UQHUQ=ZHL:DJHQ ZDUHQXPJHZRUIHQGLH'HLFKVHOQ]HUEURFKHQGLH=XJVHLOHJHULVVHQ0LWGHP GU|KQHQGHQ6FKPHU]HQVVFKUHLHLQHV2FKVHQGHUVLFKEHLGH/lXIHJHEURFKHQXQGHLQ +RUQELV]XP.QRFKHQ]DSIHQJHVSDOWHQKDVWHEUDFKGHUWDXVHQGVWLPPLJH&KRUDXV PHQVFKOLFKHQXQGWLHULVFKHQ.HKOHQORVW ³'LH.DUDZDQHLVWQXUQRFKHLQ6SRWWELOGLKUHUVHOEVW´,FKULGHQ+HQJVWKHUXP XQGVSUHQJWHHQWODQJGHVVFKPHO]HQGHQ(LVVWUHLIHQVQDFKYRUQ'RUWVDKLFK1LDQFKUHV :DJHQ$OVLFKQlKHUNDPEHPHUNWHLFKGDGLH/DQ]HPLWGHUEOLW]HQGHQ %URQ]HVSLW]HXQGGHP:LPSHOYRP%OLW]JHWURIIHQJHVFKPRO]HQXQGYHUEUDQQWZDU (LQHEUHLWH6SXUYHUNRKOWHQ+RO]HVILHIEHUGLH)ODQNHGHV:DJHQV]XU$FKVHXQGEHU GLHJHVFKPRO]HQH1DEHXQGGLHYHUNRKOWHQ6SHLFKHQELVLQGHQ%RGHQ$QGLHVHU6WHOOH ZDUGDV(LVJHVFKPRO]HQ,FKSDULHUWHGDV3IHUGQHEHQGHP:DJHQXQGEUOOWH ³$V\UWD1LDQFKUH"´ =ZHLVWLPPLJHV6W|KQHQDQWZRUWHWHPLUDXVGHP,QQHUQ,FKVSUDQJDXVGHP 6DWWHODXIGHQ%RFNKLQDXIULGHQQDVVHQ9RUKDQJ]XU6HLWHXQGHQWGHFNWH1LDQFKUH GHUYHUVXFKWHGDV0lGFKHQZDFK]XUWWHOQ 1DFKGHPZLULKUHLQHQ%HFKHU:HLQHLQJHIO|WKDWWHQNDPVLHZLHGHU]XVLFK $OVVLHZLHGHUNODUDWPHWHXQGDQVSUHFKEDUZDUZXWHQZLUGDGHU%OLW]VLHEHLGH JHVFKRFNWKDVWH,FKZLQNWH1LDQFKUHGHUNRSIVFKWWHOQGDXVGHP:DJHQEOLFNWHXQG VDJWH ³$XIV'DFKKLQDXI:LUPVVHQ2UGQXQJVFKDIIHQ´ ³5LFKWLJ:RVLQGGLH6lJHUGLH6ULHJHUGLH6HJHVXFKHU"´ :LUVWDQGHUDXIGHP:DJHQXQGEOLFNWHQGLHEUHLWH=RQHGHV6FKUHFNHQV HQWODQJ(VZDU]XEHUOHJHQZDVZLUDOVHUVWH6FKULWWHEHIHKOHQXQGXQWHUQHKPHQ NRQQWHQ ³=XHUVWXQVHUHQ:DJHQGRUWKLQEHU´EHIDKOLFK³'LHDQGHUHQZHUGHQIROJHQ 'HU%RGHQYRUGHP+JHOLVWWURFNHQ´ 0LW]LVFKHOQGHU6WLPPHULHI1LDQFKUHHLQLJH7UHLEHUKHU6LHHUKLHOWHQNODUH %HIHKOHHQWZLUUWHQGLH/HLQHQKROWHQHLQHQ=XJRFKVHQVFKLUUWHQLKQHLQXQGGDQQ UXPSHOWHGHU:DJHQZHLWHU$OVHUQDFK6FKULWWHQDPYRUEHVWLPPWHQ3ODW]VWDQG VDKHQZLUZLHGDV5DGHQGJOWLJ]XVDPPHQEUDFKXQGVLFKGHU$XIEDXODQJVDPQDFK UHFKWVYRUQVHQNWH6LHVWW]WHQGHQ:DJHQPLWGHU5HVHUYHGHLFKVHODWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

:LUVFKDIIWHQHVGLH(VHOVWUHLEHUPLW)OFKHQXQG3HLWVFKHQKLHEHQ]XLKUHQ 7LHUHQ]XUFN]XEULQJHQ'LH/DGXQJHQZXUGHQHLQJHVDPPHOWXQGZLHGHUDXIJHVFKQDOOW hEHUDOOOLHIHQGLHYHUVFKLHGHQHQ7LHUHDXIJHVFKHXFKW]ZLVFKHQGHQ0HQVFKHQKLQXQG KHU ,QJHVWUHFNWHP*DORSSGLH)ODQNHQGHU3IHUGHDXIUHLHQGNDPHQGLHIQI]HKQ :HJHVXFKHU]XUFNXQGKDOIHQXQVRKQHDXFKQXUHLQH)UDJH]XVWHOOHQ%LVHV$EHQG ZXUGHZUGHQHWZDKXQGHUWHQWVFKORVVHQH)UDXHQXQG0lQQHUGLHDOWH2UGQXQJ ZLHGHUVRZHLWKHUJHVWHOOWKDEHQZLHHVXQWHUGLHVHQ8PVWlQGHQP|JOLFKZDU$QGUHL 6WHOOHQORGHUWHQJURH)HXHUDEVHLWVGHVVFKODPPLJHQ:HJHV ,FKZDUDOOHLQLP=HOWODJLP)DOWVWXKOXQGWUDQNGQQHVNDOWHV%LHU(LQHGHU JU|HUHQ7UXKHQZDUDXIJHNODSSW,P,QQHQWHLOGHV'HFNHOVKDVWHQGLH3URMHNWRUHQHLQH PDNHOORVHKRORJUDILVFKH'DUVWHOOXQJDXIJHEDXW'DV/DJHUZDUUXKLJ]ZLVFKHQGHQ :DJHQEUDQQWHQ)DFNHOQXQG)HXHUVFKHLQVSLHJHOWHVLFKDXIEURQ]HQHQ6FKLOGHQXQG GHQ,FGHUQHQ3ODQHQGHU*HVSDQQH+XQGHEHOOWHQXQG(VHOVWLHHQLKUVFKULOOHV :HKJHVFKUHLDXV1DFKHLQHPODQJHQ*HVSUlFKPLW5LFRHLQHUhEHUVSLHOXQJGHU OHW]WHQ6RQGHQ$XIQDKPHQXQGGHU5HSURGXNWLRQHWOLFKHU.DUWHQ]HLJWHHUPLU EHUUDVFKHQGH$XIQDKPHQGLHVHhEHU]HXJXQJGUlQJWHVLFKPLUDXIDOVLFKGLH5HLWHU VDK²HLQHVNOHLQHQ+HHUHVGHVVHQ([LVWHQ]RIIHQEDUPLWPHLQHU.DUDZDQH]XWXQ KDWWH ,FKVDKGLHJLOGHUK|UWHXQGYHUVWDQGGLH6SUDFKHGHILQLHUWHGLH*HUlXVFKH'HU $QIKUHUGHQVLH³5DQWLVV´QDQQWHQZDUPLUEHNDQQW$EHUVRVHKULFKLQPHLQHU (ULQQHUXQJIRUVFKWHGLHPLFKVRQVWQLHLP6WLFKOLHLFKHUNDQQWHLKQQLFKWHUNDQQWH LKQQLFKWZLHGHU(UZLUNWHEHUDXVVHOEVWEHZXWKDUWXQGWFKWLJ'XUFK+XIJHWUDSSHO NQDUUHQGH6lWWHOXQGGDVVFKDUIH6FKQDXEHQGHU3IHUGHK|UWHLFKGLH (UNOlUXQJVYHUVXFKHGHV5RERWHUV ³6RZLHGXYRQ(6DXIGLHVH5HLVHJHVFKLFNWZXUGHVW$WODQVLQGDXFKPHLQH 3RVLWURQLNHQWHLOZHLVHPDQLSXOLHUWZRUGHQ6HLWHWOLFKHQ0RQGHQYHUIROJHLFK5DQWLVV XQGVHLQHZLOGH7UXSSHPLWGHQ6RQGHQXQGLFKZHLQLFKWREDXFKGLHVHU%HIHKOYRQ (6VWDPPW$EHUMHW]WLVWGLHHUVWH]XVDPPHQKlQJHQGH6HTXHQ]YRUKDQGHQXQGGX ZLUVWEDOGZLVVHQZHOFKH%HGHXWXQJ5DQWLVVXQGVHLQH/HXWHKDEHQ´ ³$QZHOFKHQ2UWHQKDVWGXGLHVH%HREDFKWXQJHQJHPDFKW"´ ³+XQGHUW5RPHW0HLOHQQRUGZHVWOLFKGHV3XQNWHVGHQGHLQH.DUDZDQHKHXWH HUUHLFKWKDW´ ,FKYHUWLHIWHPLFKLQGLH%LOGHUXQGNRQ]HQWULHUWHPLFKGDUDXIGHUHQ%HGHXWXQJ ULFKWLJ]XYHUVWHKHQ-HPHKULFKVDKGHVWRVLFKHUHUZXUGHLFKGDLFK5DQWLVVNDQQWH XQWHUDQGHUHP1DPHQLQHLQHUDQGHUHQ0DVNHYLHOOHLFKW" ,QQXUHLQHP0RQGKDVWHHUHVJHVFKDIIWPLW'URKXQJHQXQG$XWRULWlWDOV $QIKUHUXQG9RUELOGDXVHLQHP+DXIHQKDOEYHUZDKUORVWHU0lQQHUPLW:DIIHQXQG 3IHUGHQHLQHHWZD.|SIHVWDUNH7UXSSH]XHU]LHKHQXQG]XVFKXOHQ,KUHLQQHUH 'LV]LSOLQHQWVSUDFKQRFKQLFKWJDQ]GHUlXHUHQ6LHZDUHQXQGEOLHEHQZLOGXQG NlPSIHULVHKDEHUDXIGHQHUVWHQ7KLFNXQGDXVGHU6LFKWGHU6RQGHQOLQVHQZLUNWHQVLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

DXVQDKPVORVHQWVFKORVVHQXQG]LHOEHZXW'HUJOHLFKHXQDXVJHVSURFKHQH'UDQJGHU 5DQWLVVEHVHHOWHWULHEDXFKVHLQH5HLWHUDQ 'LHHUVWHQ%LOGHUVWDPPWHQDXVGHQ0LWWDJVVWXQGHQ6LHZDUHQNHLQHQKDOEHQ 0RQGDIWGDFKWHLFK'LH1DWXUDQGHQ6HLWHQGHVIDVWXQVLFKWEDUHQ3IDGHVGHPGLH 5HLWHUIROJWHQVWDQGLQNUlIWLJHP*UQ'LH:DIIHQGHU0lQQHUEOLW]WHQLKUH.OHLGXQJ ZDUVDEHUXQGDOOH7LHUHVFKLHQHQVRUJVDPJHVWULHJHOWXQGVWDQGHUJXWLP)XWWHU,FK EOLFNWH5DQWLVVDQXQGGXUFKIRUVFKWHPHLQ*HGlFKWQLVDEHUGLH]lKHQ1HEHOGLH(6 DXVXQEHNDQQWHQ*UQGHQJHVFKDIIHQKDVWHZLFKHQQLFKW $V\UWDNDPKHUHLQZDUIPLUHLQHQODQJHQ7KLFN]XXQGVHW]WHVLFKQHEHQPLFK ,FKGHXWHWHDXIGLHJLOGHUVLHOlFKHOWHXQGVDKVFKZHLJHQG]X1XUDEXQG]XIXKUHQ LKUH)LQJHUGXUFKGDVUDQJHEODXVFKZDU]H+DDU 5DQWLVVULWWDXIHLQHPSUlFKWLJHQJURHQ+HQJVWDQGHU6SLW]HVHLQHU5HLWHU(U VSlKWHQDFKUHFKWVXQGOLQNVQLFKWVHQWJLQJLKP (VZDUHLQHKHUUOLFKH*HJHQGIUHLQ5HLWHUKHHU(LQH6WHSSHEHUVLFKWOLFKXQG IUXFKWEDU9ROOHUMDJGEDUHU7LHUH:DVVHUY|JHOLQPRUDVWLJHQ)OHFNHQ*D]HOOHQXQG 5HKH:LOGVFKZHLQHXQG+LUVFKHXQG)FKVHGHUHQEXVFKLJH6FKZlQ]HPDQDQGLH /DQ]HQEDQG5DQWLVVULWWUHFKWVYRUGHP+DXSWIHOGKLQWHULKPLQ'UHLHUUHLKHQOLHIHQ 7LHUH -HGHU0DQQKDVWH]ZHL3DFNSIHUGHGLH'HFNHQ:DIIHQXQG3URYLDQWWUXJHQ,P NUlIWHVSDUHQGHQ*DORSSULWWHQVLHQDFK6GRVWHQ'LH0lQQHUVDHQZHLWYRUQLQGHQ 6lWWHOQXPGLH3IHUGH]XVFKRQHQVLHULHIHQVLFK6FKHU]ZRUWH]X'LH+XIHGHU3IHUGH HU]HXJWHQXQXQWHUEURFKHQHQOHLVHQ'RQQHU 5DQWLVVKRERKQHDQ]XKDOWHQXQGVLFKXP]XGUHKHQGHQ$UPVWHLOLQGLH+|KH 'DV6RQQHQOLFKWEOLW]WHUHIOHNWLHUHQGDXIGHUGRSSHOWHQ6FKQHLGHGHV.DPSIOEHLOV9RQ GHUYRUGHUVWHQ*UXSSHGHU5HLWHUO|VWHVLFKHLQHLQ]HOQHU0DQQGHVVHQ6FKlGHOELV]X HLQHU/LQLHGLHYRQ2KU]X2KUJLQJNDKOJHVFKRUHQZDU/DQJHVGXQNHOEUDXQHV+DDU IODWWHUWHEHLMHGHP*DORSSVSUXQJ(UULWWVFKlUIHUELVHUDQGHU6HLWHGHV$QIKUHUVZDU XQGKREGLH$UPHPLWGHQ=JHOQELV]XU%UXVW ³:DVJLEWHV"*HIDKUHQ"´ 5DQWLVVODFWDWHKHLVHUXQGVSXFNWH6WDXEDXV ³1HLQ$EHULFKZHLGDGLUGLHVH6WHSSHEHNDQQWLVW:LHZHLWLVWHVELV]XP 2VWUDQGGHV)ODFKVHHV"´ 'HUDQGHUHVFKWWHOWHGHQKDJHUHQ.RSI6HLQHEHUQVWHLQJHOEHQ$XJHQ OHXFKWHWHQDOVHUJULQVHQGVDJWH ³'XIUDJVWPLFKGDVMHGHQ7DJGUHLPDO'XZHLWVHOEVWZLHZHLWHVLVW,FKELQ VLFKHUGDGLFKHLQ'lPRQYRUDQWUHLEWPLWHLQHUXQVLFKWEDUHQ3HLWVFKH´ ³'XPDJVWUHFKWKDEHQ6NDWK´JDE5DQWLVV]XUFN³(VLVWZLFKWLJPHLQHQ )UHXQG]XWUHIIHQ,FKZHLGDHUPLFKEUDXFKW´ ³(VVLQGQRFKIQI]HKQ7DJHELVGRUWKLQ2GHU]ZHL=HKQWDJHYLHOOHLFKWZHQQ ZLU]XUDQJHODJHUQ´ ³:DVGHQNHQGLHDQGHUHQ"´ 6LHULWWHQVFKQHOOHU,KUH.QLHEHUKUWHQVLFKEHLQDKH9RUHLQHU6WXQGFKDVWHQ VLHGLH3IHUGHJHZHFKVHOWGLH7LHUHZDUHQDXVJHUXKW'HUHFNLJH+HOPYRQ5DQWLVV WUXJHLQHQEUHLWHQ*ROGVWUHLIHQXPGLH6WLUQEOHQGHGHUUXQGH6FKLOGOHXFKWHWHZLH SROLHUWHV6LOEHU,P.|FKHUUDVFKHOWHQGLH3IHLOH+LQWHULKQHQMDJWHQGLHDQGHUHQKHU HLQHUDQJH6FKODQJHGLHQLFKWHLQPDO6WDXEDXIZLUEHOWH6NDWKULHI

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³6LHGHQNHQZLHLFK5DQWLVV6LHIUDJHQVLFKZDVZLUYHUVlXPHQZHQQZLU ODQJVDPHUUHLWHQXQGOlQJHUUDVWHQ´ 5DQWLVV¶/DFKHQZDUKHLVHU(UKDVWHVLFKDXIGHU:HOWZLHGHUJHIXQGHQDOVREHU ELVKHUEOLQGJHZHVHQZlUHXQGSO|W]OLFK]XPHUVWHQPDO)DUEHQXQG'LQJHVlKH(U OHEWHXQGZXWHGDHUHLQVWDUNHUNOXJHUXQGVFKQHOOHU.lPSIHUZDU]XVlW]OLFKYLHOH DQGHUH'LQJHNDQQWHRGHU]XPLQGHVWDKQWH,QVHLQHP+HU]HQZDUHQGUHL:QVFKH JHZHVHQGHUHQHUVLFKLPPHUZLHGHUHULQQHUWH0lQQHU]XVXFKHQXQG]XILQGHQGLH GDVJU|WH:DJQLVGHV%DUEDUHQODQGHVDXIVLFKQDKPHQXQGPLWLKPHLQHXQHUPHOLFK ZHLWH6WUHFNHELV]XHLQHPXQGHXWOLFKHQ=LHO]XVDPPHQULWWHQXQGNlPSIWHQ (LQHJURH0HQJH0HQVFKHQXQG7LHUH]XWUHIIHQGLHVHLQ)UHXQGPLW6WUHQJH XQG.OXJKHLWOHQNWH'LHVHV7UHIIHQODJLUJHQGZRGRUWYRUGHQ%HUJHQGLHPDQ ELVZHLOHQHUDKQHQNRQQWHMHQVHLWVGHV6HHV(UZXWHQLFKWHLQPDOGHQ1DPHQGHV )UHXQGHVDEHUHUEHVDGDV%LOGYLHOHU7UlXPH²HUZUGHLKQHUNHQQHQZHQQHULKQ VDK 'HUGULWWH:XQVFKGHULQLKPVDZLHGHUJLIWLJH6WDFKHOGHV6NRUSLRQVZDUGDV %LOGGHV=LHOHV8QJODXEOLFKZHLWHQWIHUQWLP2VWHQ]ZLVFKHQGHQ6FKOHLIHQGHVJHOEHQ )OXVVHVXQGGHP0HHUVROOWHQGLH6WlPPHJHVDPPHOWXQGPLWHLQDQGHUYHUEXQGHQ ZHUGHQ 'LHVHGUHL7UlXPHRGHU=ZlQJHWULHEHQLKQXQDEOlVVLJ]XU(LOHXQGOLHHQLKQ EHUVLFKKLQDXVZDFKVHQ(UHQWGHFNWHQDFKXQGQDFKGDHUPHKUNRQQWHDOVQXU UHLWHQXQG%RJHQVFKLHHQ(UULHIGHP8QWHUIKUHU]X³:LUYHUVlXPHQYLHOOHLFKWGLH ULFKWLJH6WXQGH,FKZHLGDPHLQ)UHXQGLQ*HIDKUNRPPWXQGQXUZLUN|QQHQLKQ UHWWHQ'HVZHJHQKDEHLFKDXVHXFKHLQH*UXSSHYRQ0lQQHUQJHPDFKWGLHW|GOLFKHU LVWDOVHLQH)HXHUVEUXQVWLQGHU+HUEVWVWHSSH´ ³1LHPDQGYHUVWHKWGLFK5DQWLVV$EHUZLUJHKRUFKHQGLU´YHUVLFKHUWH6NDWK JULPPLJ ³$ODFDYHUVWHKWPLFK´VDJWHHUKDUW6HLQ/DFKHQZDUZLH%URQ]H$XIVHLQHP :HJ²GLH*UXSSH]lKOWHGUHLLJ0lQQHUXQGHWZDIQI]LJJXWH3IHUGH²KDWWHHUGLH DQGHUHQDXIJHOHVHQHLQH+DQGYROOQDFKGHUDQGHUHQ(UKDVWHVLHDQJHZRUEHQ,KUH )UDXHQRGHU9lWHUHUKLHOWHQ6LOEHUSODWWHQ%HUQVWHLQRGHU.XSIHUNOHLQH%URFNHQ DUVHQKDOWLJHV$QWLPRQXQG=LQQXPGDUDXV%URQ]H]XNRFKHQ0DQWDXVFKWH0HWDOO JHJHQ3IHUGHXQG0lQQHUGHQHQPDQDOOHVYHUVSUDFKZRYRQHLQ0DQQWUlXPWH *HIDKUHQ.lPSIH.DPHUDGVFKDIW5lXVFKHXQG)UDXHQ$XIGLHVH:HLVHZXFKVLQ HLQHP0RQGGLH7UXSSHDQ8QGNDXPEHIDQGHQVLFKGLHQHXHQ0lQQHUHLQHQ7DJHVULWW YRQLKUHU6LHGOXQJHQWIHUQWHLQHUGHUHUElUPOLFKEDUEDULVFKHQ6LHGOXQJHQLQGHQHQGLH 0HQVFKHQQHEHQGHP9LHKVFKOLHIHQHUIDWHVLHGLHHUEDUPXQJVORVH)DXVWGHV $QIKUHUV(UZDUGHU6WlUNVWHXQG.OJVWHXQGHUVHW]WHVLFKGXUFK ³$ODFDLVWHLQ.LQG´VDJWH6NDWKHLQVFKUlQNHQG ³(LQ.LQGYHUVWHKWPHKUYRQ7UlXPHQXQGGHP=ZDQJ*URHV]XWXQDOVGX 7|OSHO´JDE5DQWLVVELVVLJ]XUFN(UULDQGHU6FKQDOOHGHV+HOPHVO|VWHGLH .RSIEHGHFNXQJXQGEDQGVLHPLWlXHUVWHU*HVFKLFNOLFKNHLWDP6DWWHONQDXIIHVV1XU HLQ'ULWWHOGHU0lQQHUNRQQWHPLW6DWWHOUHLWHQDEHUDOOHKDVWHQVLHVLFKDQ=DXP]HXJ XQG6WHLJEJHOJHZ|KQW ³:DUXPELQLFKQLFKWEHLPHLQHQ=LHJHQXQGPHLQHQ6FKZHVWHUQJHEOLHEHQ´ VFKULH6NDWKDXI=XU+lOIWHPHLQWHHUHVHUQVW9RQGHQNKQHQ9HUVSUHFKXQJHQGLH 5DQWLVVJHPDFKWKDVWHZDUHQQRFKQLFKWYLHOHHLQJHWURIIHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

=XHUVWZXUGHQGLH1HXHQJHSDFNWYRQLKUHQVWLQNHQGHQ)HOOHQEHIUHLWXQGLQGHQ QlFKVWHQ%DFKJHZRUIHQ'RUWZXVFKPDQVLHPLW6DQGXQGPLW%URFNHQHLQHUIHWWHU VFKlXPHQGHQ0DVVHGLH5DQWLVVLQVHLQHQ6DWWHOWDVFKHQIHQG/lXVH=HFNHQXQG )O|KHIOFKWHWHQDXVGHP+DDUXQGYRQGHQ.|USHUQGHU0lQQHU'DQQZXVFKNlPPWH XQGVFKQLWWPDQLKUYHUILO]WHV+DDUXQGVWHFNWHVLHLQ.OHLGXQJDXV/HLQHQ)HOOHQXQG /HGHU6LHZDUHQVFKRQQDFKGHUHUVWHQ%HKDQGOXQJGLHVHU$UWQLFKWPHKU ZLHGHU]XHUNHQQHQ ,QGHQ3DXVHQGHV5LWWHVOHKUWH5DQWLVVVLHPLWGHQ:DIIHQXP]XJHKHQ6LH OHUQWHQVFKQHOOZHOOVLHDXIVFKPHU]KDIWH:HLVHOHUQWHQ'LH:DIIHQDXVGHQ/DVWHQGHU 7URSIHUGHZDUHQJXWDXVJHZRJHQXQGOHLFKW1DFKHLQHP9LHUWHOPRQGJDEHVNHLQH VWLQNHQGHQYHUODXVWHQ+LUWHQXQG%DXHUQPHKUVRQGHUQVWRO]H.ULHJHU6LHOHUQWHQ ULFKWLJ]XUHLWHQ6l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|IIHO]X HVVHQ5DQWLVVZDUHLQ0DQQGHUDOOHVZXWHXQGDOOHVNRQQWH(UEHUWUDIMHGHQYRQ LKQHQPKHORV8QGDQHLQHPEHVWLPPWHQ3XQNWYHUJDHQGLH1HXHQZRKHUVLH JHNRPPHQZDUHQ6LHJHK|UWHQMHW]W]XGHQ.DPHUDGHQ6LHZDUHQHLQ]HOQHDEHU JHERUJHQLQGHU0HQJHHLQH(UIDKUXQJGLHJOHLFKHUPDHQQHXXQGIDV]LQLHUHQGIUVLH ZDU 8QGMHGHQ7DJULWWHQVLHZHLWHUQDFK6GRVWHQ6LHEHJULIIHQZDUXPPDQ3IHUGH QLFKWVFKLQGHWH6LHOHUQWHQVLFKQDFKGHP(VVHQGLH6SHLVHUHVWHDXVGHQ=lKQHQ]X VWRFKHUQ6LHOHUQWHQZLHPDQ:LOGDP6SLHEULHI)LVFKHILQJDXVQDKPXQGZU]WH GD+LUVHELHUHLQJXWHV*HWUlQNZDUZHQQPDQQLFKW]XYLHOGDYRQWUDQN8QGGDHV ZLFKWLJZDU.|USHUXQG.OHLGXQJVDEHU]XKDOWHU6LHDHQ%HHUHQOHUQWHQGHQ SHUIHNWHQ*HEUDXFKGHUYHUVFKLHGHQHQ:DIIHQXQGOHUQWHQGDHVQXU]ZHL'LQJHJDE GHQHQPDQ]XJHKRUFKHQKDVWHGHPHLJHQHQ.|QQHQXQGGHP$QIKUHU +DWWHMHPDQG6FKZLHULJNHLWHQDXIGLHVHPODQJHQ:HJ]XU(LQVLFKWGDQQKDOI 5DQWLVVQDFK(UZDUGHUEHVWH.DPHUDGGHUNOJVWH)UHXQGWULQNIHVWZLHNHLQHUXQG YRQUFNVLFKWVORVHU+lUWHZHQQHVQ|WLJZDU(VJDENHLQHQGHU=ZHLKXQGHUWGHUQLFKW 5DQWLVV¶)UHXQGZDUXQGXPJHNHKUW (LQLJH5XFNHDP=JHO'LH]ZHL5HLWHUGLHVLFKZHLWYRP=XJHQWIHUQWKDWWHQ EOLHEHQYRUHLQHPEUHLWHQ+RKOZHJVWHKHQQDFKGHPGLH3IHUGHODQJVDPHUJHZRUGHQ ZDUHQ ³0HUNGLUHLQHV6NDWK´VDJWH5DQWLVVGHXWOLFK³ZLUVLQG)UHXQGHXQG.ULHJHU -HGHUZHLZRGDV=LHOXQGZLHZHLWGHU:HJLVW:LUYHUVXFKHQ]XEHUOHEHQXQG DOOHVZRYRQZLUWUlXPHQ:LUNOLFKNHLWZHUGHQ]XOHVVHQ,FKELQQLFKWDQGHUVDOVLKU 6NDWK´ ³:LUZLVVHQHV´NQXUUWHGHUDQGHUH³8QGZLUZLVVHQDXFKGDGXGHLQ:RUW KDOWHQZLUVW´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

(UPHLQWHGLH9HUVSUHFKXQJHQGLH5DQWLVVJHPDFKWKDVWH6LHZDUHQ NHLQHVZHJVYHUORJHQDEHUJDQ]VLFKHUODJHQVLHQLFKWRIIHQYRUGHQ5HLWHUQLP*UDV 5DQWLVVEDOOWHGLH)DXVWXQGYHUVLFKHUWHJULPPLJ ³,FKVFKZ|UHHVGLUVFKZ|UHHVHXFK-HGHUGHUGHQODQJHQ5LWWEHUOHEWZLUG HLQNOHLQHU)UVWZHUGHQ'HVZHJHQDXFKOHKUHLFKHXFKVRYLHO´ (UVHQNWHGHQ$UPLPZLOGOHGHUQHQ+HPG0LWDXVJHVWUHFNWHP$UPZLHVHUGLH DQGHUHQ5HLWHUDQJHUDGHDXVZHLWHU]XJDORSSLHUHQ'LH6SLW]HGHUNOHLQHQ$UPHHNDP KHUDQXQGGRQQHUWHYRUEHL(UGEURFNHQXQG)HW]HQYRQ*UDVXQGEUHLWEOlWWULJHQ 3IODQ]HQIORJHQYRQGHQ+XIHQGHU3IHUGHQDFKKLQWHU0LWDXVJHVWUHFNWHQ+lOVHQ IROJWHQGLH3DFNSIHUGH,QGHU0LWWHGHV=XJHVULWW7DQWULDXIGHP6FKLPPHO 9RUVLFKLP6DWWHODXVPHKUHUHQ)HOOVFKLFKWHQKLHOWHUGDV0lGFKHQGLHPLW EHLGHQ+lQGHQLKUHPHUNOlUWHQ/LHEOLQJ]XZLQNWH 6NDWKEHREDFKWHWH5DQWLVVJDQ]JHQDXHUZXWHGDHUDXIGLHVHP5LWWPHKU HUNHQQHQXQGPHKUOHUQHQZUGHDOVLQHLQHP-DKU]HKQWVHLQHV'RUIHVZRGUHLPDO MlKUOLFKHLQHNOHLQHHUEl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lPPHUXQJYRQGHQ-lJHUQHUOHJWZRUGHQ ³(VZLUG=HLWGDZLUZLHGHU%URWEHNRPPHQ´VDJWH6NDWKODXWDOVGLHVFKZHUHU EHZDIIQHWH6FKOXJUXSSHYRUEHLGRQQHUWH ³,FKKDEHGRUWKLQWHQ6WURKJHVHKHQXQG+lFNVHODQGHQ%VFKHQ:LUVLQGLQ GHU1lKHHLQHU6LHGOXQJ´JDE5DQWLVV]XUFN 9RQGLHVHU6LHGOXQJZUGHQVLHDOOHUGLQJVNHLQH0lQQHUDQZHUEHQ=ZHLKXQGHUW XQGHLQ$QIKUHUZDUHQJHQXJ$EHUVLHPXWHQ%HUQVWHLQ.XSIHUEDUUHQRGHU:DIIHQ JHJHQ%URWRGHU0HKOHLQWDXVFKHQ9LHOOHLFKWEHZLUWHWHPDQVLHDXFKJHPZHOOVLH 1DFKULFKWHQDXVIHUQHQ*HELHWHQEUDFKWHQ 6FKQHOOEHUOHJWH5DQWLVVZDVGHU*UXSSHIHKOWH(VJDE)OHLVFK6DO]:DVVHU XQGQRFKLPPHU:HLQLQ6FKOlXFKHQ6FKLQNHQYRQ:LOGVFKZHLQHQHLQLJHNDOWH %UDWHQVWFNHXQG6lFNHYROOHU2EVW0LOFK%HHUHQXQG%URWZUGHQVLHYLHOOHLFKWYRQ GHQ%DXHUQEHNRPPHQ²ZHQQLKQVHLQH%HREDFKWXQJVJDEHQLFKWJHWURJHQKDVWH ³/RV:HLWHU=ZHL0lQQHUDOOHLQVLQGVFKXW]ORV´VDJWHHU ,KUHVFKDUIHQ$EVlW]HERKUWHQVLFKLQGLH)ODQNHQGHU3IHUGH'LHNDXP JHElQGLJWHQ+HQJVWHZLHKHUWHQDXIXQGILHOHQVRIRUWLQHLQHQKDUWHQ*DORSS'DV/HGHU GHUEUHLWHQ6DWWHOJXUWHNQDU]WHGLH)HOOHYRUXQGKLQWHUGHP5HLWHU]X5ROOHQJHQlKW XQGJHQLHWHWUDVFKHOWHQ'LH6WLHIHOUXKWHQVLFKHULQEUHLWHQ6WHLJEJHOQ/HLVH NODSSHUWHQ6FKLOGHXQG6SHHUHJHJHQHLQDQGHUDOV5DQWLVVXQG6NDWKVHLQ VFKZDU]KDDULJHU8QWHUIKUHULQ6LFKWZHLWHKLQWHUGHP=XJKHUULWWHQ*HJHQ$EHQG VDKHQVLHLPIDKOEODXHQ+LPPHOGHVIUKHQ6RPPHUVZHLWYRUDXVGLHVFKUlJ GDYRQIDVHUQGHQ5DXFKVlXOHQYRQ+HUGIHXHUQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

)DVWXQK|UEDUVFKOXJHQLQGHU6LHGOXQJGLH+XQGHDQ'LHVPDOZDUHVHLQ IULHGIHUWLJHV'RUIYRQZHQLJHUDOVKXQGHUW+WWHQ 'DVZHLFKH)HOOODJKDOEDXIGHP%RGHQKDOEDXIGHP%QGHO6WURKYRPOHW]WHQ +HUEVW9RUGHQ6RKOHQVHLQHU6WLHIHOEUHLWHWHVLFKGLH*OXWGHV)HXHUVDXV5DQWLVV OHKQWHVLFK]XUFNXQGHQWVSDQQWHVLFK:DVZDUHV":HOFKHU'lPRQIOVWHUWHLKPHLQ DQGLHVHU6WHOOHQDFKUHFKWVDQHLQHUDQGHUHQQDFKOLQNVDE]XELHJHQWULHUHLQH)XUW]X EHQW]HQGRUWMHQHQ3DDQ]XVWHXHUQ"(VJDENHLQH$QWZRUW5DQWLVVZXWHHVQRFK QLFKW$EHUVHLQ7UDXPIKUWHLKQDXIGLHVHP:HJHUZXWHGDHUGDV=LHOHUUHLFKHQ ZUGH:RKHUZXWHHUGLH5LFKWXQJXQGGHQ:HJ":HQVWHOOWHGDV%LOGLPLQQHUVWHQ .UHLVVHLQHVOHLFKWHQXQGGHQQRFKZLGHUVWDQGVIlKLJHQ6FKLOGHVGDUGLHVHV HLQ]LJDUWLJHQ6FKLOGHVGHVVHQ+HUVWHOOXQJHUQLFKWHLQPDOHUDKQHQNRQQWH" )HW]HQXQGHXWOLFKHU(ULQQHUXQJ]RJHQDQLKPYRUEHLXQGJDXNHOWHQLKPLP )ODFNHUQGHU)ODPPHQPHUNZUGLJH%LOGHUYRQ(UKREGHQ%HFKHUQDKPHLQHQWLHIHQ 6FKOXFNGHVLP%DFKJHNKOWHQELWWHUHU+LUVHELHUHVXQGVFKORGLH$XJHQ'LH 'RUIEHZRKQHUYHUVRUJWHQ²HVZDUHQNQDSS0HQVFKHQDOOHU$OWHUVNODVVHQ EDUEDULVFKDEHUJOlXELVFKXQGIXUFKWVDP²IU]ZHL%DUUHQVFKOHFKWHQ.XSIHUVGLH 3IHUGHXQGOLHIHUWHQYLHOH/DLEHEHUUDVFKHQGZRKOVFKPHFNHQGHQ%URWHVGDVJHJHQ HLQHQ%URFNHQ6WHLQVDO]JHWDXVFKWZRUGHQZDU'LH5XKHHLQHU=RQHLQGHUNHLQ hEHUIDOO]XEHIUFKWHQZDUKOOWH5DQWLVVHLQ(UIKOWHVLFKHQWVSDQQW6RZLHGDPDOV DXIGHP0HHUJHEUDWHQHQ)LVFKHVVHQGGDV0lGFKHQLQGHQ$UPHQ:HLQLQGHQ 7RQSRNDOHQVFKODJDUWLJHUORVFKGLHYDJH(ULQQHUXQJDQVRQQHQGXUFKIOXWHWH7DJHXQG 1lFKWHGLHQDFK6DO]XQG+RQLJURFKHQYRP=LUSHQGHU*ULOOHQGXUFKZHEW'HU ZHLKDDULJH)UHXQGGHUGLH6\ULQ[EOLHV'XQNHOVHQNWHVLFKVFKODJDUWLJEHUGLH $QGHQNHQHLQHVIUKHUHQ(UOHEHQV ³5DQWLVVGXWUlXPVWMD´ (U|IIQHWHGLH$XJHQ$ODFDGDV0lGFKHQDXVGHU6WHSSHVWDQGYRULKPXQG KLHOWGHQ.RSIVFKLHI,KUNXU]HVVFKZDU]HV+DDU²VLHKDVWHQHVPLW%URQ]HGROFKHQ JHVFKQLWWHQQDFKGHPHVGUHLPDOPLWZDUPHP:DVVHUXQGVFKlXPHQGHP 5HLQLJXQJVIHWWJHZDVFKHQZRUGHQZDU²ZDUILP]XFNHQGHQ/LFKWGHU)ODPPHQEODXH 5HIOH[H5DQWLVVEOLFNWHGDVHOIMlKULJH0lGFKHQDQXQGGDFKWHXQZLOONUOLFKZLHGHUDQ HLQMXQJHV5HK ³,FKWUlXPHULFKWLJ6HW]GLFKKLHUKHU´VDJWHHUOHLVH 1HEHQLKPODJHQXQGKLQJHQGLH:DIIHQDQGLH6SHHUHJHEXQGHQGLHLP%RGHQ VWHFNWHQ=ZHLVFKODIHQGH0lQQHUDXIGHUDQGHUHQ6HLWHGHU]XVDPPHQIDOOHQGHQ*OXW 6NDWKGHUZLHHLQ3DQWKHUGXUFKGDV/DJHUVWUHLIWHXQGEHUDOOVHLQHZDFKVDPHQ $XJHQKDVWHGLHDQGHUHQ)HXHUXQGGHU*HUXFKQDFK%UDWHQXQG)HWW²HLQH XQHQGOLFKH5XKHDXV0GLJNHLWJHERUHQEHUNDPLKQZLHGLH)ROJHHLQHV5DXVFKHV $ODFDNDPXPGDV)HXHUKHUXPXQGVHW]WHVLFKQHEHQLKQDXIGDV)HOO0DQKDVWHDXV HLQHP:LOGOHGHUKHPGHLQ.OHLGPLW6FKPXFNJUWHOIUVLHJHPDFKW,KUHGQQHQ NLQGOLFKHQ%HLQHZLUNWHQPLWOHLGHUUHJHQGDEHULKU*HVLFKWZDUQLFKWPHKUGDVHLQHV .LQGHV'LH1DUEHQDXILKUHP5FNHQYHUVFKZDQGHQQXUODQJVDP5DQWLVVIDWHHLQHQ (QWVFKOXEHUGHQVLFKDPPHLVWHQVHLQH0lQQHUIUHXHQZUGHQ ³*HKW¶VGLUJXW.OHLQH"´PXUPHOWHHUXQGVWUHLFKHOWHLKUH+DQG ³%LQPGH8QGWULHUWXWPLUDOOHVZHK´YHUVLFKHUWHVLHXQGGHXWHWHDXILKUH PDJHUHQ+IWHQ:LHGHUPDFKWHGLH(ULQQHUXQJGHV$QIKUHUVHLQHQ6SUXQJYRQ GUHL]HKQ7DJHQ:LHLPPHUZDUHUDQGHU6SLW]HGHVNOHLQHQ+HHUHVJHULWWHQ$XVGHP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$XJHQZLQNHOQDKPHUDP5DQGHLQHVDEJHZHLGHWHQ)HOGHVHLQH%HZHJXQJZDKU =XHUVWGDFKWHHUDQ*HIDKU0LWZLUEHOQGHP.DPSIEHLOZDUHUDXVGHU*HUDGHQ DEJHERJHQXQGDXIGHQYHUPHLQWOLFKHQ)HLQG]XJHVSUHQJWHQWVFKORVVHQGHQ JHOOHQGHQ$ODUPVFKUHLDXV]XVWRHQGHUVHLQH0lQQHULQWRGHVZWLJH.lPSIHU YHUZDQGHOQZUGH'DQQHUNDQQWHHUZDVGRUWYRULKPLP*UDVODJ (LQ.LQG=HKQ+HU]VFKOlJHVSlWHUVDKHUGDHVHLQYHUZLOGHUWHV0lGFKHQPLW YHUILO]WHPVFKZDU]HP+DDUZDU,KU5FNHQZDUYRQGHQPDJHUHQ6FKXOWHUQELV]XGHQ GQQHQ2EHUVFKHQNHOQPLWHLQHP0XVWHUYRQ6WULHPHQEHU]RJHQYRQGHQHQHLQLJH QRFKEOXWHWHQ 'HU+HQJVWVFKOLWWHUWHIQI3IHUGHOlQJHQZHLWDXIGHQ+LQWHUIHQGDKLQXQG 5DQWLVVZDUPLWHLQHPULHVLJHQ6DW]DXVGHP6DWWHOQRFKHKHGDV7LHUVFKQDXEHQG VWDQG'DV.LQGVFKULHOHLVHDXIXQGYHUVXFKWHYRULKPZHJ]XNULHFKHQ5DQWLVVNDXHUWH VLFKDXIGLH+DFNHQQLHGHUXQGEOLFNWHLQLKUHYHUlQJVWLJWHQ$XJHQ/HLVHXQG EHUXKLJHQGZLH]XHLQHPVFKHXHQGHQRGHUNUDQNHQ3IHUGVSUDFKHU]XLKU6LH YHUVWDQGLKQQLFKWDEHUGHUJOHLFKPlLJH7RQIDOOEHUXKLJWHVLHVRZHLWGDVLHQLFKW PHKU]XIOFKWHQYHUVXFKWH $XINHLQHVHLQHU)UDJHQHUKLHOWHUHLQH$QWZRUW6FKOLHOLFKOlFKHOWHHUGDV 0lGFKHQDQVFKREVHLQH$UPHXQWHUGHQ]LWWHUQGHQ.|USHUXQGKRE$ODFDKRFK(U VHW]WHVLHPLWXQJHZRKQWHU%HKXWVDPNHLWDXIGDV3IHUGXQGIKUWHHVODQJVDP]XUFN ]XGHUZDUWHQGHQ5HLWHUJUXSSHGLHVLFKYRQGHUJU|HUHQ0DVVHDEJHVRQGHUWKDVWH 1DFKGHPHUGHQ0lQQHUQGLH6WULHPHQDXIGHP5FNHQGHV.LQGHVJH]HLJWKDWWH VDJWH5DQWLVVNXU]XQGPLWHLQHUNDOWHQ6WLPPHGLHQXUZHQLJH0lQQHUJHK|UWKDWWHQ ³=ZDQ]LJYRQHXFKUHLWHQ]XUFN]XU6LHGOXQJ-HGHUVFKLHW]ZHL%UDQGSIHLOHLQ GLH'DFKHU6FKODJWQLHGHUZHUVLFKHXFKHQWJHJHQVWHOOW8QGNRPPWVRIRUWZLHGHU KLHUKHU]XXQV´ (LQHUGHU0lQQHUVWDPPHOWHYHUZLUUW ³5DQWLVV6LHKDEHQXQV%URWJHJHEHQXQG)XWWHUIUGLH´ 0LWNOLUUHQGHU6FKlUIHLQGHU6WLPPHVDJWH5DQWLVVOHLVH ³0|FKWHVWGXPHLQ%HLOLQGHQ6FKlGHO",FKKDEHEHIRKOHQ,FKP|FKWHVRIRUW JURH)ODPPHQVHKHQ´ :RUWORVVSUHQJWHQGLH0lQQHUGDYRQ(LQHKDOEH6WXQGHVSlWHUEUDQQWHQ ]ZDQ]LJ+WWHQGHU6LHGOXQJPLWVFKZDU]HQGLFNHQ4XDOPIDKQHQ5DQWLVVOHQNWH VHLQHQ+HQJVWPLWGHQ.QLHQ'DV0lGFKHQLQVHLQHP$UPKDOEEHUVHLQHU6FKXOWHU KlQJHQGZDUYRU(UVFK|SIXQJHLQJHVFKODIHQ6LHEUDXFKWHQ]HKQ7DJHELVVLHPLW LKQHQVSUDFKELVVLHQLFKWPHKUJHIWWHUWZHUGHQPXWHXQGQDFKWVVFKODIHQNRQQWH RKQHVFKUHLHQGDXI]XIDKUHQXQG]XZLPPHUQ1LHPDOVHUIXKUHQ5DQWLVVXQG6NDWK ZHOFKH7UDJ|GLHVWDWWJHIXQGHQKDVWH 1RFK]ZHL0RQGHXQG$ODFDZUGHZHQLJHUGUUVHLQHLQHJODWWH+DXWKDEHQ XQGVFKRQMHW]WULWWVLHZLHHLQHUYRQLKQHQ'LHVH(ULQQHUXQJHQZDUHQEHZXWXQG GDXHUWHQQXUJDQ]NXU]H=HLWGDQQVWUHFNWH5DQWLVVGHQ$UPDXVXQG$ODFDNXVFKHOWH VLFKDQVHLQH6FKXOWHU ³+DVWGXJHQXJJHJHVVHQPHLQH3ULQ]HVVLQ"´VDJWHHUOHLVH)DVWMHGH %HZHJXQJGHV0lGFKHQVEHUKUWHLKQDXIVHOWVDPH:HLVH6LHVFKOXJPLWLKUHU ZLQ]LJHQ)DXVWDXILKUHQNOHLQHQ%DXFK0lQQHUYHUZ|KQWHQVLH ³*DQ]YROO:DUXPVFKDXVWGXVRWUDXULJ5DQWLVV"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6LHKDVWHGLHVHOEH+DDUIDUEHZLHHUVFKZDU]PLWEODXHQ5HIOH[HQ$OVHUVLH DQEOLFNWHKLQJHULVVHQXQGDQVLFKVHOEVW]ZHLIHOQGVWUHFNWHVLHLKPGLH=XQJHKHUDXV ³0GH"´EUXPPWHHUXQGJULQVWH6LHNLFKHUWH ³1XULQGHQ%HLQHQ1LFKWLP.RSI(U]lKOVWGXPLUYRQGHUDQGHUHQ3ULQ]HVVLQ"´ (UKDVWHVLFKHLQXQEHKROIHQHV0lUFKHQ]XVDPPHQJHUHLPWGDVYRQHLQHP VFK|QHQXQGXQJOFNOLFKHQ0lGFKHQKDQGHOWHGDVGXUFKGLHKDOEH:HOWZDQGHUWHXP LQHLQHPIHUQHQ/DQG.|QLJLQ]XZHUGHQLQXQYRUVWHOOEDUHU3UDFKWXQG0lFKWLJNHLWDQ GHU6HLWHHLQHVJURHQ0DQQHV-HGHQ$EHQGHU]lKOWHHU$ODFDHLQZHLWHUHV.DSLWHO ³,FKELQPGH´SURWHVWLHUWHHU³0RUJHQZHUGHQZLUQLFKWUHLWHQ'XNDQQVWXQV KHOIHQ:LUZKHQXQVDXVDXFKGLH3IHUGH*HKGRUWKLQEHUVXFK6NDWKXQGVDJLKP ZDVLFKJHVDJWKDEH'DQQZLUGHUGLUHLQHYLHOOlQJHUH*HVFKLFKWHHU]lKOHQ´ 6LH]RJHLQH*ULPDVVH9RUVLFKWLJZLVFKWHHUHLQHQ6WUHLIHQVFKZDU]HV)HWWDXV LKUHP*HVLFKW6LHVSUDQJDXIGLH)HXQGEOLHEYRULKPVWHKHQ ³'XELVWIDXO5DQWLVV'XZLUVWQLHPDOVHLQH3ULQ]HVVLQEHNRPPHQGX.ORW]´6LH ODFWDWHXQGZLUEHOWHGDYRQ ³,FKKDEHMDGLFK3ULQ]HVVLQ´ULHIHULKUQDFKDEHUVLHK|UWHHVQLFKWPHKUXQG EHZHJWHVLFK]ZLVFKHQGHQ0lQQHUQKLQGXUFKDOVVHLVLHLP6DWWHOJH]HXJWXQGLQ HLQHPVROFKHQQlFKWOLFKHQ/DJHUJHERUHQZRUGHQ5DQWLVVEOLFNWHLKUQDFK(U YHUPRFKWHVLFKEHUGLH1DWXUVHLQHU*HIKOHNHLQH5HFKHQVFKDIW]XJHEHQHUNDQQWH NHLQHQ1DPHQIUGLHVH*HGDQNHQ6LHHUUHLFKWHKXQGHUW6FKULWWZHLWHQWIHUQWGHQ 8QWHUIKUHUGHXWHWHLQ5DQWLVV¶5LFKWXQJXQGDOV6NDWKHLQHIUDJHQGH%HZHJXQJ PDFKWHQLFNWH5DQWLVV'DQQVFKORHUGLH$XJHQ'HU6FKODINDPVFKQHOOPLWLKP NDPHQGLH7UlXPH 6LHEHVWDQGHQDXVHLQHPZLUUHQ0XVWHUDXV$EHQWHXHUQXQGIUHPGHQ/lQGHUQ DXVVWU]HQGHQ3IHUGHQ]LVFKHQGHQ3IHLOHQVWHUEHQGHQ.lPSIHUQXQG*HVLFKWHUQGLH YRUEHL]RJHQ$OVHU]HKQ6WXQGHQVSlWHUDXIZDFKWHZDUGDYRQQXUQRFKHLQ(LQGUXFN EULJHLQVFKODQNHU0DQQPLWVFKPDOHPVRQQHQJHEUlXQWHP*HVLFKWXQGKDOEODQJHP ZHLHP+DDUXQWHUHLQHPJROGHQXQGZHLEOLW]HQGHQ+HOP(VZDUGDV*HVLFKWGHV .ULHJHUVLQVHLQHPUXQGHQ6FKLOG 6LHVWDQGHUHLQHQ7DJVSlWHUYRU0RUJHQJUDXHQDXINOHWWHUWHQlFK]HQGLQGLH 6lWWHOXQGULWWHQGLFKWKLQWHUHLQDQGHU]ZLVFKHQGHQlXHUVWHQ/DQJKWWHQGHQ)HOGHUQ YROOHU:HL]HQ*HUVWHXQG+LUVHZHLWHU$OVGLH0lQQHUGDYRQULWWHQHUZDFKWHGDV'RUI 'LHQLHGULJHQ%VFKHXQG)UXFKWElXPHLQGHUHQ=ZLVFKHQUlXPHQVLFK5HLWWLHUHXQG /DVWWLHUHEHZHJWHQEHVSUHQJWHQGLH$UPHXQG6FKHQNHOPLW7DXWURSIHQ$XI5DQWLVV¶ +HOPJOLW]HUWHQGLH7URSIHQHEHQVRZLHDXIVHLQHPVWUDKOHQGHQ6FKLOG(LQIHLQHU 6SUKUHJHQILHODXIGLH3IHUGH1HEHQ5DQWLVVVDJWHLPPHUZLHGHUYRQ*lKQHQ XQWHUEURFKHQGHU8QWHUIKUHU³)UKHXWHKDEHQZLU]ZHL0|JOLFKNHLWHQ(QWZHGHUJLEW HVLPZHLWHQ8PNUHLVGHU6LHGOXQJNHLQH:HJHODJHUHUXQG5lEHUZHOOGLH%DUEDUHQ VLHHUVFKODJHQXQGYHUWULHEHQKDEHQ´ =XVWLPPHQGQLFNWH5DQWLVVXQGVDJWHEUXPPLJ ³2GHUGLH*HJHQGZLPPHOWYRQLKQHQ'LH'|UIOHUKDEHQDEHUJHVDJWGDV/DQG LVWIUHLYRQ5lEHUQ1XU:|OIHVRLOHVJHEHQ´ ³,P6RPPHUVLQGVLHXQJHIlKUOLFK´ 9RU]HKQ7DJHQZDUHQVLHHLQHU.DUDZDQHEHJHJQHWGLH(U]QDFK$VVXU WUDQVSRUWLHUWHDXIHLQHPULHVLJHQ8PZHJZHOOVLHXQWHUZHJV6NODYHQPLWQHKPHQ ZROOWH'LHYHUZLOGHUWHQ0lQQHUKDVWHQVLFK]XQlFKVWJHIUFKWHWDEHUVLHVWDUUWHQUDQJH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GHP=XJGHU5HLWHUQDFKDOVPDQQDFK]ZHL6WXQGHQGHV$XVWDXVFKVYRQ1HXLJNHLWHQ YRQHLQDQGHUVFKLHG1HLQVDJWHGHU.DUDZDQHQKHUUQLHPDQGKDEHHWZDVYRQHLQHU ULHVLJHQ.DUDZDQHJHVHKHQRGHUJHK|UWGLHQDFK2VWHQ]RJ$EHUHVJlEHZRKOVRYLHO 6WUDHQ]ZLVFKHQGHQ%HUJHQXQGWULHUVDJWHHUZREHLHUVHLQH+lQGHPLWJHVSUHL]WHQ )LQJHUQ]ZHLPDOYRUV*HVLFKWKRE ³7URW]GHPZHUGHQZLUVLFKHUQ6NDWK´ ³(LQYHUVWDQGHQ´ 1HEHOVFKOHLHUODJHQQRFKEHUGHQ)HOGHUQXQGVDIWLJHQXP]lXQWHQ:HLGHQ YROOHU9LHKDOVGLH6RQQHGHQ+RUL]RQWPLW/LFKWEHUIOXWHWH8QVLFKWEDUH9|JHOULHIHQLQ GHQ%VFKHQHLQDQGHU]X5DQWLVVGUHKWHVLFKXPELVHUGDVQRFKKDOEVFKODIHQGH 0lGFKHQLP6DWWHOHLQHVGHU0lQQHUHQWGHFNWH:LHGHUVFKULHELKPHLQHXQEHJUHLIOLFKH LQQHUOLFKH*HZLKHLWGLH5LFKWXQJGHV:HJHVYRUXQGDEHUPDOVNRQQWHHUQXUNOHLQHUH 5LFKWXQJVlQGHUXQJHQEHVWLPPHQ'LH(UVDW]SIHUGHDQODQJHU/HLQHKLQWHUVLFKGLH JHVSDQQWHQ%|JHQLQGHUUHFKWHQ+DQGVSUHQJWHQ6NDWKXQG5DQWLVVVFKUlJ DXVHLQDQGHUXPVLFKYRUGLH6SLW]HQJUXSSHGHU5HLWHUHL]XVHW]HQ,QGLHVHP*HOlQGH NRQQWHQVLHOHLFKWELV]X*URVFKULWWHLQHLQHU6WXQGH]XUFNOHJHQ 6RJLQJHVZHLWHU(LQ7DJQDFKGHPDQGHUHQ6DQGIOlFKHQZHFKVHOWHQPLW PRUDVWLJHQ6WUHLIHQDWHHLQPDOULWWHQVLHGXUFKHLQHQ:DOGGDQQZLHGHUGXUFK PDQQVKRKH*UlVHU(LQHQ7DJIDQJEHJOHLWHWHVLHHLQ6FKZDUPVFKZDU]HU9|JHOGLH PLW|QHQGH6FKUHLHDXVVWLHHQ'LH5HLWHUYHUZXFKVHQPLWGHP/DQGDOVVHLHVLKUH +HLPDW$EHQGVVFKOXJHQVLHGDV/DJHUDQHLQHPZLQ]LJHQ6HHDXIGDQQDQHLQHP :DOGUDQGPHKUPDOVPLWWHQLQGHU6WHSSHXQGHLQPDOLQHLQHU6FKOXFKWLQGHUGDV *HUlXVFKGHV:DVVHUIDOOVGLHJDQ]H1DFKW]XK|UHQZDU'DV/DQGEOLHEIODFKXQGDQ GHQ:RONHQNRQQWHQVLHHUNHQQHQGDGHU)ODFKVHHQLFKWPHKUIHUQZDU'DKLQWHU HQWGHFNWHQVLHDQPDQFKHQ7DJHQPHLVWHQVDP0RUJHQGHQ6FKLPPHUDXVJH]DKQWHU *HELUJH $QHLQHPVSlWHQ1DFKPLWWDJDOVVLFKJHUDGHHLQHVGHUKlXILJHQ*HZLWWHU ]XVDPPHQEUDXWHVDKHQ5DQWLVV6NDWKXQG7DQWULZHLWYRUDXVHLQH0HQJHVFKUlJHU 5DXFKVlXOHQ3ORW]OLFKVFKREVLFKYRQUHFKWVHLQDXVJHIDKUHQHU:HJYRUGLH 3IHUGHKXIHXQGVFKOlQJHOWHVLFKDXIGLHIODFNHUQGHQ)ODPPHQDP+RUL]RQW]X5DQWLVV ULHI ³,FKHUNHQQHHLQHQ+JHO'RUWEUHQQHQGLH)HXHU´ 6RZHLWHVPLWEORHP$XJH]XHUNHQQHQZDUODJHQ]ZLVFKHQGHPEHZRKQWHQ +JHOXQGGHQ5HLWHUQNOHLQH:lOGFKHQ%XVFKUHLKHQHQWODQJYRQ.DQlOHQXQG EHDUEHLWHWH)HOGHU-HQlKHUGLH5HLWHUDQGHQ8UVSUXQJVRUWGHU5DXFKIDKQHQNDPHQ GHVWRHUVWDXQWHUVDKHQVLHZDVDQLKUHP:HJODJ ³(VLVWPHKUDOVQXUHLQEHZRKQWHU+JHO(VVLHKWZLHHLQ.DVWHOODXVZLHHLQH )HVWXQJ´ZLGHUVSUDFK6NDWK6HLQH$XJHQVDKHQVFKlUIHUXQGZHLWHUDOVGLHGHU PHLVWHQ5HLWHU ³0DJVHLQ2EVLHXQVJHPDXIQHKPHQ"´ 'HU3URYLDQWZXUGH]XP7HLONQDSS,PPHUQXU%UDWHQXQG:DVVHUKLQXQG ZLHGHU%HHUHQXQG)UFKWH²HVZDU]XHLQW|QLJ ³(VVLHKWVRDXVDOVREVLHNlPSIHQZUGHQ´YHUVLFKHUWH7DQWULXQGODFWDWHEUHLW DOVHUGHQ%RJHQYRQGHU6FKXOWHUQDKP'LHGUHL$QIKUHUULWWHQZHLWHU0HKU (LQ]HOKHLWHQZXUGHQVLFKWEDU'DQQHQWGHFNWHQVLHDP)XGHV+JHOVHLQH 5LQGHUKHUGHGLHYRQIOFKWHQGHQ+LUWHQKLQWHUGHQ:DOOJHWULHEHQZXUGH(LQ]HOQH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

*UXSSHQYRQ)HOGDUEHLWHUQYHUKLHOWHQVLFKQLFKWDQGHUV/DQJVDPGUHKWHVLFK5DQWLVV XP'LHYLHOHQKXQGHUW7LHUHKLQWHULKPHU]HXJWHQHLQHIDWDOH6WDXEZRONHGLHLQGHU VLQNHQGHQ6RQQHDXFKYRQGHQ'|UIOHUQJXW]XVHKHQZDU$OOHVVDKQDFK.DPSIDXV GLH%HZRKQHUGHV.DVWHOOVVFKLHQHQGHU5HLWHUKRUGHDXVGHU6WHSSH]XPLWUDXHQ 6FKOLHOLFKHQWVFKORVLFK5DQWLVVXQGVDJWH]XVHLQHQ8QWHUIKUHUQ ³,FKUHLWHYRUDXVXQGYHUVXFKHVLH]XEHU]HXJHQ,KUIROJWODQJVDPXQGVHKU ZDFKVDPPLWGHQ.ULHJHUQMD"´ ³'HQNHGDUDQGDHVEDOGGXQNHUZLUG´7DQWULGHXWHWHLQGLH5LFKWXQJGHV IDOOHQGHQ6RQQHQEDOOV5DQWLVVVDKKLQEHU]XP+JHO]HKQ%RJHQVFKVVHZHLWYRU GHU6SLW]HGHU5HLWHUHL ³(QWZHGHUVLQGZLUPRUJHQ*lVWHLP.DVWHOORGHUZLUVLQGGLH+HUUHQGHV .DVWHOOV6RRGHUVRZHUGHQZLUJHZLQQHQ´PHLQWHHUVHW]WHGLH6SRUHQHLQXQG JDORSSLHUWHGDYRQ'HUUDQJH:LPSHODQVHLQHU6WRODQ]H]XFNWHKLQXQGKHUZLHGHU .RSIHLQHUDQJUHLIHQGHQ6FKODQJHGLHLKU2SIHULQV$XJHJHIDWKDVWH 5DQWLVVGUFNWHGHQ+HOPIHVWDXIGHQ6FKlGHOXQGVFKORGDV.LQQEDQG(U UFNWHGHQ.RFKHU]XUHFKWXQGORFNHUWHGLHNOHLQHQ:XUIVSHHUHLQGHU/HGHUKOOH'DQQ VFKZDQJVHLQH6FKXOWHUQDFKYRUQGHUOLQNH8QWHUDUPJOLWWZLHYRQVHOEVWLQGLH*ULIIH GHV5XQGVFKLOGV'HUDXVJHWUHWHQHXQGDXVWLHIHQ5lGHUVSXUHQEHVWHKHQGH:HJIROJWH GHQ)HOGUlQGHUQXQGGHQ%HZHJXQJHQGHV*HOlQGHV'HU+JHODXIGHPGLH GXQNHOEUDXQHQ3DOLVDGHQDXIUDJWHQJLQJLQGLH:HLGHQXPGLH6LHGOXQJEHUXQGZDU YRQ%lXPHQXQG%VFKHQEHIUHLWZRUGHQ'LHVH%HREDFKWXQJPDFKWH5DQWLVV QDFKGHQNOLFKGLH0DXHUQGLHVLFKVSLUDOLJXPGHQ+JHO]RJHQVWLPPWHQEHGHQNOLFK 6LHEHVWDQGHQDXV6WHLQXQG%DXPVWlPPHQXQGELOGHWHQHLQH6WXIHGDV(UGUHLFKEHU LKQHQZDUZDDJUHFKWDXIJHVFKWWHW1XUGLHVFKUlJHLQJHVFKQLWWHQH6WUDHGLH]X]ZHL KDOEJHPDXHUWHQ7UPHQKLQDXIIKUWHGXUFKEUDFKGLHVH$QRUGQXQJ'HU+JHOZDU QLFKWKRFKDEHUDXIVHLQHU.XSSHIDQGHQHWZDKXQGHUW+WWHQXQGVWXPSIJLHEHOLJH 6FKHXQHQ3ODW]5DQWLVVHQWGHFNWH3IHUGHNRWHLQHQYHUODVVHQHQ:DJHQYROOHU 6WDOODEIlOOHGLHPDQZRKODXIGLH)HOGHUEUDFKWH(UPXWHGDUDXVVFKOLHHQGDGLH %HZRKQHUGHV.DVWHOOVNHLQH+DOEZLOGHQZDUHQ1DFKHLQHU:HLOHNDPHUDQGHQ)X GHV+JHOVZRGLHVWHLQLJH6WUDHHLQHQ.QLFNPDFKWHXQGDXIZlUWVIKUWH$EVHLWVGHU VFKDUIHQ/LQNVVFKZHQNXQJPDFKWHHUHLQHYHUEOIIHQGH(QWGHFNXQJ $XIHLQHU:HLGHGHUHQ*UDVYRQ6FKDIHQXQG=LHJHQNXU]JHIUHVVHQZRUGHQ ZDUHUKREVLFKHLQDXIIDOOHQGHU(UGEXFNHOYRQVFKWWHUHP*UDVEHZDFKVHQ5XQGXP GLHVH(UK|KXQJGLHYRQHLQHP6WHLQEORFNJHNU|QWZXUGHZDUHQ]DKOUHLFKH+RO]SIlKOH LQGHQ%RGHQJHUDPPWXQGHLQH0HQJH$VWJDEHOQVWW]WHQTXHUOLHJHQGH%DONHQ$XI GHPODQJHQ%DONHQZDUHQYLHOHYHUURWWHWHSHUJDPHQWLHUWH.DGDYHUYRQ3IHUGHQ DXIJHVSLHWGLH%RKOHZDUYRP$IWHUELV]XGHQDXIJHEURFKHQHQ.LHIHUQGXUFKGDV 3IHUGJHWULHEHQZRUGHQ5DQWLVV]ZDQJGHQVFKHXHQGHQ+HQJVWHLQPDOUXQGXPGLHVH HUVFKWWHUQGH2SIHUVWHOOH5DQWLVVHQWGHFNWHHUVFKURFNHQPRGHUQGH5HVWHYRQ NRVWEDUHP=DXP]HXJIDQGNHLQH6lWWHONHLQH6WHLJEJHODEHU*ROGGUDKWLQGHQ YHUILO]WHQXQG]HUIDOOHQGHQ0lKQHQGHU7LHUH'LH.DGDYHU]HLJWHQ6SXUHQYRQ 1DJHWLHUHQXQGDDVIUHVVHQGHQ9|JHOQ 0LWWHQGXUFKGLH5FNHQGHU3IHUGHGHUHQ6FKlGHO]XP+JHOKLQZLHVHQZDU HLQ+RO]SIDKOLQGHQ%RGHQJHVFKODJHQZRUGHQ(UJLQJYRP.RSIELV]XP(QGHGHU :LUEHOVlXOHHLQHV0DQQHVGHUDXIGLHVH:HLVHDXIUHFKWDXIGHP3IHUGPXPLIL]LHUW ZRUGHQZDU$XFKVHLQH+DXWXQG.OHLGXQJ]HLJWHQGLH6SXUHQGHV$OWHUVGHV=HUIDOOV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XQGGHU$DVIUHVVHU'DV*HVLFKW]HUKDFNWXQGYHUZVWHW]HLJWHNHLQHQHUNHQQEDUHQ $XVGUXFN=Z|OI3IHUGH]Z|OIDQVFKHLQHQGMXQJH0lQQHURGHUZDUHQHVPHKU" 5DQWLVVYHUJDGDV=lKOHQXQGULWWNRSIVFKWWHOQGZLHGHU]XUFNDXIGLH6WUDH'LHVHV %LOGZDURIIHQEDU%HVWDQGWHLOGHV%UDXFKWXPVGLHVHU6WHSSHQEHZRKQHU8QGZHQQGLH 0lQQHUHEHQVRZLHGLH3IHUGHDOV*UDEEHLJDEHQHLQHV)UVWHQOHEHQGJHRSIHUWZRUGHQ ZDUHQ" (UVFKWWHOWHVLFKVFKDXGHUQGXQGVHW]WHGLH6SRUHQHLQ,QZLUEHOQGHP*DORSS VWREHU]ZHL'ULWWHOGHUVFKUlJHQ=XIDKUWKLQDXI6FKRQMHW]WVDKHUGDVLFK+XQGHUWH %HZRKQHUGHU6LHGOXQJLQ*UXSSHQPLWb[WHQ6FKLOGHQXQG6SHHUHQEHZDIIQHWDXIGHQ :lOOHQEHIDQGHQDEZHFKVHOQGDXILKQKHUXQWHUVWDUUWHQXQGDUJZ|KQLVFKGLH5HLWHU DQEOLFNWHQGLHODQJVDPQlKHUNDPHQ ³%HLP3DSDLRV´VFKULHHLQElUWLJHU0DQQYRP7XUPKHUXQWHU³:HUELVWGX":DV ZROOWLKU"´ 5DQWLVVOHJWHGHQ.RSILQGHQ1DFNHQXQGVWDUUWHQDFKREHQ(LQLJH0lQQHU WUXJHQ:DIIHQGLHGHQ(LQGUXFNPDFKWHQVLHVHLHQPLW6RUJIDOWJHIHUWLJWXQGZUGHQ PLW.|QQHQJHKDQGKDEW ³:LUVLQG]ZHLKXQGHUW5HLWHUPLW(UVDW]SIHUGHQ´ULHIHUODXW]XUFNDEHUDOVHU GDVRIIHQH0LWUDXHQLQGHQJUREIOlFKLJHQ*HVLFKWHUQVDKZDUHUYRQGHU6LQQORVLJNHLW VHLQHU:RUWHEHU]HXJW³:LUZROOHQXQVHLQHQ7DJIDQJDXVUXKHQ0HKOXQG%LHUYRQ HXFKWDXVFKHQ)XWWHUIUGLH7LHUHXQGJXWHV:DVVHU´ ³:LUVLQGDUP:LUOHVVHQXQVQLFKWYRQHXFKEHUIDOOHQ:LUN|QQHQXQVZHKUHQ )UHPGHU´VFKULHGHU0DQQ(UVFKLHQ]XJOHLFKVWRO]XQVLFKHUXQGZWHQG]XVHLQHLQH JHIlKUOLFKH0LVFKXQJ ³+|U]X%DXHU´ULHI5DQWLVVKLQDXI³:LUZROOHQZHGHUHXHU/DQGQRFKHXUH )UDXHQ:LUVWHKOHQQLFKWZLUZROOHQWDXVFKHQ´ ³*HKWZHJ/DWXQVLQ5XKH:LUZROOHQNHLQH)UHPGHQ$XVGHU6WHSSHLVW QRFKQLHPDOVHWZDV*XWHVJHNRPPHQ´ ³:LHNDQQLFKGLFKEHU]HXJHQ"´EUOOWH5DQWLVVZWHQG ³'XELVWDXFKQXUHLQHUYRQGHQVWUHXQHQGHQ5lEHUQ*HKWZHJ6FKQHOO´ VFKULHQGLH'RUIOEHZRKQHU'HU$QIKUHUVFKZLHJXQGVDKVLFKDXIPHUNVDPXP(U YHUVXFKWHGLH6WLPPXQJDE]XVFKlW]HQ0|JOLFKHUZHLVHNRQQWHHUVHLQHQ0lQQHUQQRFK HLQLJH7DJH*HGXOGXQG+XQJHUDEYHUODQJHQ%LVKHUKDVWHHUGLHXQJHUHFKWIHUWLJWHQ %HOHLGLJXQJHQJHVFKOXFNW-HW]WJDEHUODXW]XUFN ³:LUVLQGNHLQH5lEHU:LUZHUGHQGLH1DFKWDXI%XUHQ)HOGHUQUDVWHU,KU EUDXFKWNHLQH$QJVW]XKDEHQ$EHULFKZDUQHHXFKXQVDQ]XJUHLIHQ´ ³*HKWZHJUHLWHWIRUW,KUVHLGZLHGLH+XQGHEHLGHUIHWWHQ+HUGH´VFKULHQGLH 0lQQHUKLQWHUGHQ3DOLVDGHQ 5DQWLVVOlFKHOWHNDOWXQGULHIPLWPKVDPHU]ZXQJHQHU5XKH ³'HQNHGDUDQGDZLUEHLHQHKHZLUEHOOHQ´ (UULGDV3IHUGKHUXPXQGULWWGHQ:HJDEZlUWV(UHUZDUWHWHMHGHQ$XJHQEOLFN HLQHQ6FKOHXGHUVWHLQRGHUHLQHQ3IHLOLQGHQ5NNHQ'LH)UDXHQXQG0lQQHUDXIGHP :DOOXQGLQGHQ7UPHQEUOOWHQLKP)OFKHXQG9HUZQVFKXQJHQQDFK(LQIDVW WLHULVFKHU,QVWLQNW]ZDQJLKQLPULFKWLJHQ$XJHQEOLFNVLFKXP]XGUHKHQXQGGHQELVKHU PLWDXVJHVWUHFNWHP$UPJHVHQNWHQ6FKLOGKRFK]XQHKPHQ *HUDGHDOVHUGHQ.RSIKLQWHUGHQ6FKLOGUDQGVHQNWHKlPPHUWHHLQ3IHLODQGHQ 5DQGHU]HXJWHHLQKlOLFKNQLUVFKHQGHV*HUlXVFKXQGZLUEHOWHGDYRQ5DQWLVVIOXFKWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XQGGXFNWHVLFKWLHIDXIGHQ+DOVGHV3IHUGHVGDVHLQLJH+HU]VFKOlJHVSlWHULQ UDVHQGHP7HPSRGHQ+DQJKLQXQWHUVWREXQGLQHLQHU*HUDGHQGHQ:HJYHUOLH1RFK HLQLJH6FKOHXGHUVWHLQHXQG3IHLOHIORJHQLKPQDFKDEHU5DQWLVVZDUVFKRQ]XZHLW HQWIHUQW7DQWULXQG6NDWKULWWHQKHUDQDEHUVLHEUDXFKWHQQLFKWPHKUHLQ]XJUHLIHQ =ZLVFKHQGHQHUVWHQ5HLWHUQXQGGHP)XGHV+JHOVWUDIHQVLHVLFK ³:DVEHILHKOVWGX"´IUDJWH7DQWULNQDSS(UKDVWHEHJULIIHQZDVGLHVDOOHV]X EHGHXWHQKDVWH(VYHUEOIIWHLKQGD5DQWLVVZLHHLQ:ROIJULQVWHXQGGHQ6FKLOGKRE ³:LUODJHUQDXHUKDOE,FKZHUGHHXFKVDJHQZDVLFKJODXEH´ ³'HLQ(UQVW5DQWLVV"´7DQWULVFKOXJDXIGHQ6FKZHUWJULII ³0HLQY|OOLJHU(UQVW:LUODJHUQZLHLPPHU=XQlFKVW:HQQXQVHUH)HXHU EUHQQHQVDJLFKZDVLFKHUZDUWH´ ³8QEHJUHLIOLFKH,GHHQKDVWGX$QIKUHU´PXUPHOWH6NDWKXQGULIWDQVFKHLQHQG WLHIHQWWlXVFKW]XUFN]XGHQDQGHUHQ2KQHJURH(LOHVFKOXJHQVLHDXIHLQHU DEJHZHLGHWHQ)OlFKHLKU/DJHUDXI'LH(EHQHZDUEDXPDUPZlKUHQGGHV5LWWHV JHVDPPHOWH:XU]HOQ=ZHLJHXQG%DXPUHVWHYHUVRUJWHQ]HKQ)HXHUVWHOOHQ ³7DQWUL´5DQWLVVNDXWHHLQ6WFNKDUWHV)ODGHQEURWXQGVFKZHQNWHHLQ6WFN )OHLVFKPLWNDOWHP)HWWUDQGLQGHUDQGHUHQ+DQG'HU8QWHUIKUHUZLHDOOHLQYROOHU 5VWXQJDEHUXQEHZDIIQHWVFKREVLFKQlKHU(U]RJGLH6FKXOWHUQKRFKXQGIUDJWH ³.KQVWHUDOOHU5HLWHU"´ 6NDWKWDSSWHKHUDQXQGUOSVWHGU|KQHQG5DQWLVVVSXFNWHDXV ³:LUELOGHQ]ZHL*UXSSHQ+XQGHUW0lQQHUXQG$ODFDVFKODIHQGLHDQGHUHQ ZDFKHQ'LH3IHUGHZHUGHQQLFKWDEJHVDWWHOW-HGHU0DQQZLUGPLWGHQ:DIIHQQHEHQ VLFKVFKODIHQRGHUVLFKVFKODIHQGVWHOOHQ,FKVFKZ|UHHXFKGDGLHVH%DVWDUGH YHUVXFKHQZHUGHQXQVHUH3IHUGH]XVWHKOHQXQGXQV]XEHUIDOOHQ:LUVFKODJHQVLH ZHQQVLHXQV]XVFKODJHQYHUVXFKHQ+DVWGXGDVYHUVWDQGHQGXNUXPPEHLQLJHU6RKQ YLHOHU9lWHU"´ 7DQWULILQJDQ]XVWUDKOHQ-HW]WKDVWHHUEHJULIIHQ(UVFKOXJ5DQWLVVDXIGLH 6FKXOWHUGHU$QIKUHUYHUVFKOXFNWHVLFK ³,FKELQQLFKWGHU0DQQ´VDJWHHUKDUW³GHUDUPH%DXHUQEHUIlOOW,FKZLOOQLFKW GD0HQVFKHQOHLGHQXQGVWHUEHQGX(VHO:HQQVLHDQJUHLIHQGDQQQLFKWGHVZHJHQ ZHOOVLHEHUPWLJVLQG´ ³6RQGHUQ"´6NDWKVWDUUWH]XP+JHOKLQEHU ³:HLOHV]XUDQJH=HLW]XYLHOH5lEHUJDELPPHUZLHGHU-DKUXP-DKU *HQHUDWLRQXP*HQHUDWLRQYRQGHQHQVLHEHUIDOOHQZXUGHQ,FKKRIIHGDVLHQLFKW YHUVXFKHQXQVQDFKWV]XEHUIDOOHQ´VDJWH5DQWLVVKDOEODXW ³8QGZHQQVLHHVGRFKWXQ"´IUDJWH$ODFDGLHOHLVH]XLKQHQJHWUHWHQZDU ³'DQQZHUGHQZLUXQVDXIXQVHUH$UWZHKUHQ´5DQWLVVZLFNHOWHVLFKJlKQHQGLQ VHLQH)HOOGHFNH 6HFKV6WXQGHQIDQJNRQQWHHUVFKODIHQ'DQQZHFNWHLKQHLQ6WLHIHOGHUJHJHQ VHLQH6FKXOWHUVWLH'LH)HXHUZDUHQ]XGXQNHOURWHQ*OXWNUHLVHQ]XVDPPHQJHVXQNHQ =XHUVWEOLQ]HOWH5DQWLVVXQGVWDQGDXIGDQQZXUGHHUY|OOLJZDFK6HLQH0lQQHU YHUKLHOWHQVLFKPXVWHUJOWLJ(QWZHGHUVFKOLHIHQVLHZLUNOLFKRGHUVLHWDWHQDOVREVLH VFKOLHIHQ'LH3IHUGHZDUHQXQUXKLJJHZRUGHQ/DXWORVWUDW5DQWLVV]XUFNXQGWDVWHWH QDFKGHQ:DIIHQ(UGUHKWHODQJVDPGHQ.RSIXQGVDK]ZLVFKHQ]ZHL)HXHUQKLQGXUFK 8QGHXWOLFKHUNDQQWHHUXPKHUKXVFKHQGH.|USHUXQGZHLWHUHQWIHUQWHLQLJH5HLWWLHUH ,P+DOEUXQGXPGDV/DJHUJDEHVUDVFKHOQGHXQGOHLVHNOLUUHQGH*HUlXVFKH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³6LHNRPPHQ6LHZROOHQGLH3IHUGHZHJWUHLEHQ´]LVFKWHMHPDQGLQVHLQHU1lKH (LQH+HUGHGLHVHU*U|HZDULQGHU6WHSSHVRNRVWEDUZLHHLQ*ROGVFKDW]5DQWLVV KDVWHMHW]W6FKLOG%RJHQXQG.|FKHULQGHQ)LQJHUQXQGOHKQWHVLFKDQHLQHQ %DXPVWDPP'LH5HLWHUZDUWHWHQDXIVHLQH%HIHKOH6FKRQMHW]WPXWHQVLHZLHHUYRU 8QJHGXOG]LWWHUQ(UEOLHELQGHU'HFNXQJXQGOLHVHLQHQ7KLFNXPKHUVFKZHLIHQ'LH %HZRKQHUGHV.DVWHOOVZXQGHUWHQVLFKYHUPXWOLFKGDUEHUGDVHLQH7UXSSHNHLQH :DFKHQDXVVWHOOWH$OVHULQXQPLWWHOEDUHU1lKHGHV*OXWKDXIHQVGHULQGHU5LFKWXQJ GHU6LHGOXQJODJGHQHUVWHQ0DQQDXIWDXFKHQVDKGHUXQP|JOLFK]XVHLQHQ5HLWHUQ JHK|UHQNRQQWHVSUDQJHUDXI]RJGHQHUVWHQ3IHLODXVGHP.|FKHUXQGVFKULH ³'DV+RO]LQGLH)HXHU$XVVFKZlUPHQIQI]LJ0DQQPLW)DFNHOQDXIGLH3IHUGH 6FKLHW3IHLOHDXIGLH5lEHU´ )DVWLPVHOEHQ$WHP]XJVSUDQJHQ0DQQDXIGLH%HLQH(LQJHZDOWLJHV &KDRVEUDFKDXV(LQ'XW]HQG3IHLOHKHXOWHNUHX]XQGTXHUGXUFKHLQHQ7HLOGHV /DJHUV0lQQHUEUOOWHQEHZDIIQHWH5HLWHUUDQQWHQ]XLKUHQ3IHUGHQIQI]LJ0DQQ VWHFNWHQGLH)DFNHOQLQGLHDXIORGHUQGHQ)HXHULQGLHDQGHUH6WURKXQG+RO]VSlQH ZDUIHQGDQQULWWHQVLHPLW(UVDW]SIHUGHQKLQDXVLQGLH(EHQHYRUGHU6LHGOXQJ *OHLFK]HLWLJHQWEUDQQWHQDQHWZDIQI]LJ3OlW]HQKHIWLJH.lPSIHb[WHZLUEHOWHQGXUFK GLH/XIWXQGGRQQHUWHQDXI6FKLOGH6SLW]HJHOOHQGH6FKUHLHHUW|QWHQ 'LH]HKQ)HXHUVFKLHQHQSO|W]OLFK]XHUZDFKHQ0DQQVKRKH)ODPPHQEQGHO VFKRVVHQLQGLH+|KH'LHMlKH+HOOLJNHLWOLHYLHOHUNHQQHQDEHUQLFKWDOOHVhEHUDOO NlPSIWHQ'|UIOHUJHJHQ5HLWHU(LQH.HWWHYRQ5HLWHUQKDVWHGLH(UVDW]SIHUGHXP]LQJHOW XQGWULHEVLHPLWTXHUJHKDOWHQHQ6SHHUHQ%|JHQXQG/DQ]HQYRQGHU6LHGOXQJIRUW $OOHVZDULQGHU1DFKWEHVSURFKHQMHGHU0DQQZDUHLQJHWHLOWZRUGHQ5DQWLVVVDK HLQHQMXQJHQ0DQQLQ)HOOHJHNOHLGHWHLQHQ'ROFK]ZLVFKHQGHQ=lKQHQPLWHLQHP 5HLWHUNlPSIHQHU]RJGLH%RJHQVHKQHDXVXQGMDJWHGHP'|UIOHUHLQHQ3IHLO]ZLVFKHQ GLH6FKXOWHUEOlWWHU (VZDUDOVKDEHVHLQHUVWHU6FKXLKPDOOHVJH]HLJWGLH$XVGHKQXQJXQGGDV 6FKHPDGHVHUZDUWHWHQ$QJULIIV5DQWLVVILHIDXVGHP%HUHLFKGHU)ODPPHQKLQDXVDQ GHQ5DQGGHV/DJHUNUHLVHVVDKVLFKZLOGXPXQGVHW]WHHLQHQ)XKHEHODQDOVHLQHU GHUQlFKWOLFKHQ5lEHUUFNZlUWVWDXPHOWHXPGHPJHVFKZXQJHQHQ.DPSIEHLOHLQHV 5HLWHUV]XHQWJHKHQ :LHGHUHUW|QWHQDXVYHUVFKLHGHQHQ5LFKWXQJHQ7RGHVVFKUHLH-HPDQGUDQQWHLQ HLQDXIVWLHEHQGHV)HXHUKLQHLQHLQH+DQGJHJHQGHQ8QWHUOHLEJHSUHWDXVGHPGLH 'lUPHKHUYRUTXROOHQ(UVFKULHNUHLVFKHQGDOVLKQGLH)ODPPHQHUJULIIHQ5DQWLVVVDK HLQQHXHV=LHOHLQ-XQJHIKUWHGUHL3IHUGHZHJ(UEOLHEVWDUUVWHKHQ]LHOWHEHGlFKWLJ XQGGXUFKERKUWHGHQ2EHUVFKHQNHOGHV-XQJHQ6HLQ2SIHUVFKULHJHOOHQGXQGILHO]X %RGHQGLH3IHUGHULVVHQVLFKZLHKHUQGORVXQGUDQQWHQGDYRQ$EVHLWVDXIGHPIODFKHQ *HOlQGHMDJWHQIQI]LJ5HLWHUGLHIOFKWHQGHQ6LHGOXQJVEHZRKQHU )DFNHOQZXUGHQJHVFKZXQJHQXQGEHVFKULHEHQDXIORGHUQGH/LFKWNUHLVH0lQQHU VSUDQJHQLQGLH+|KHXQGILHOHQPLW]HUVFKPHWWHUWHQ6FKlGHOQ]X%RGHQ5HLWHU VWDFKHQPLWODQJHQ/DQ]HQDXVYROOHP*DORSSGLH%DXHUQQLHGHU5DQWLVVYHUVFKR QRFKVLHEHQ3IHLOHGDQQEUOOWHHU ³6NDWK8QVHUH3IHUGH6FKQHOO´ (USDFNWHHLQHVFKZHOHQGH)DFNHOVFKZDQJVLHLP.UHLVXQGVDKZLHGLHURWH )ODPPHDXI]XFNWH'HU8QWHUIKUHUVFKULHYRPDQGHUHQ(QGHGHV/DJHUVHLQH$QWZRUW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XQGNDPTXHUGXUFKGHQXQUHJHOPlLJHQ.UHLVJDORSSLHUW5DQWLVV¶JHVDWWHOWHQ+HQJVW DP=JHO5DQWLVVVSUDQJDXIXQGVFKULH ³+LQWHUPLUKHU:LUGULQJHQLQGLH6LHGOXQJHLQ´ *HZDOWLJHV*HVFKUHLDQWZRUWHWHLKP'LH0lQQHUKDVWHQQXUGDUDXIJHZDUWHW -HW]WUDQQWHQVLHDXIGLH3IHUGH]XXQGVSUDQJHQLQGLH6lWWHO+LQXQGZLHGHUEOLW]WH HLQH%URQ]HD[WDXIXQGVFKOXJHLQHQ%DXHUQQLHGHU(LQ5HLWHUHLQHQ3IHLOLQGHU 6FKXOWHUVDQN]X%RGHQ(LQDQGHUHUULLKQDP*UWHOKRFKXQGVFKOHSSWHLKQKDOE DXVGHP6DWWHOKlQJHQGDXVGHU*HIDKUHQ]RQH'LHHUVWHQ5HLKHQGHU5HLWHU IRUPLHUWHQVLFKGHQQYRUGHP/DJHUVFKLHQGHU.DPSIDXIJHK|UW]XKDEHQ'LHHUVWHQ 3DWURXLOOHQUHLWHUVWLHHQ]XP+DXSWKDXIHQ ³.HLQHQ/HLFKWVLQQ)UHXQGH´'LH6WLPPHGHV$QIKUHUVGU|KQWHEHUGLH :HLGH³'LH6LHGOXQJLVWYROOHU0lQQHU1|WLJHQIDOOVZDUWHQZLUDXIGLH'lPPHUXQJ´ ³:LUKDEHQYHUVWDQGHQ´NDPHVDXVYLHOHQ.HKOHQ$QHLQLJHQ6WHOOHQZXUGH QRFKLPPHUJHNlPSIW:LHGHUMDJWHQHLQLJH5HLWHUORVXQGEHHQGHWHQGLH9HUVXFKHGHU %DXHUQVLFKDXVGHUW|GOLFKHQ8PNODPPHUXQJGHU%HULWWHQHQ]XEHIUHLHQhEHUDOO ODJHQGXQNOHEHZHJXQJVORVH.|USHULPIHXFKWHQ*UDV=ZHL5HLWHUEHIDQGHQVLFKPLW GHPMXQJHQ0lGFKHQZHLWDXHUKDOEGHV%HUHLFKVLQGHPJHNlPSIWZXUGH,Q]ZLVFKHQ O|VFKWHQGLHPHLVWHQ5HLWHUGLHDOV.RORQQHVFKZHLJHQGDXIGLH6LHGOXQJ]XULWWHQGLH )DFNHOQDXV(VVROOWHVRDXVVHKHQDOVREGHQ%DXHUQGHU5DXE]XJJHOXQJHQZlUH ,PPHUZLHGHUKHW]WH5DQWLVVKLQXQGKHU(UJULIILQ.lPSIHHLQVFKPHWWHUWHGHQ 6FKLOGDXIGLH.|SIHUHQQHQGHU%DXHUQWUDWDXVGHP6DWWHOHLQHQ-XQJHQ]XU6HLWHXQG VDPPHOWHVHLQH0lQQHUXPVLFK'LH.UHLVHXPGHQ.DPSISODW]ZXUGHQLPPHUJU|HU GDQQSDFNWHQDXFKGLH%HZDFKHUGHUNOHLQHQ+HUGHGLH5HVHUYHWLHUHXQGVFKORVVHQ VLFKGHU.RORQQHDQGLHEHUHLWVPLWGHU6SLW]HGHQ)XGHV+JHOVHUUHLFKWKDVWH 6HLWOLFKGHV=XJHVGHUGXUFKYHUHLQ]HOWH)DFNHOQLQVHLQHU/lQJHHUNHQQEDUZDU KDVWHWH5DQWLVVQDFKYRUQ:DVGDFKWHQGLHMHQLJHQ0lQQHUGLHLQGHU6LHGOXQJ ]XUFNJHEOLHEHQZDUHQ"IUDJWHHUVLFKLQGHQ6WHLJEJHOQVWHKHQG(WZDIQI]LJ PRFKWHQHVJHZHVHQVHLQGLHVLFKELV]XP/DJHUJHZDJWKDWWHQ9LHOOHLFKWJHODQJHV GHQ5HLWHUQGLHDQGHUHQ]XEHUUDVFKHQ6LHQDKPHQMHW]WGLH6FKUlJHGHVDXIZlUWV IKUHQGHQ:HJHVXQGHLQLJH0lQQHUJDQ]ZHLWYRUQEHVDHQGHQ0XWPLW 7XFKVWFNHQYRUGHP0XQGNDXPYHUVWlQGOLFKH%HIHKOH]XEUOOHQ0DQVROOHLKQHQ KHOIHQGLH3IHUGHZlUHQGD 5DQWLVVZLQNWH6NDWKXQGEHUKROWHVHLQH0lQQHU(U]ZDQJGHQVFKlXPHQGHQ XQGNHXFKHQGHQ+HQJVWJHUDGHDXVGHQ+DQJDXIZlUWVELV]XGHQLP)HXHUVFKHLQ HUNHQQEDUHQ7UPHQ$XFKGRUWREHQZDUWHWHQ0lQQHUGLHPLWUDXLVFKJHZRUGHQ ZDUHQ,PJOHLFKHQ$XJHQEOLFNSUDOOWHQHLQLJHUHLWHUORVH3IHUGHJHJHQGLHHLQHQ 6SDOWEUHLW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

JH|IIQHWHQ7RUHGUFNWHQVLH]XU6HLWHKLQWHULKQHQGUDQJHQGLHHUVWHQ5HLWHU HLQ5DQWLVVEOLHE]XUFNOHJWHHLQHQ3IHLODXIGLH6HKQHXQGZDUWHWH6HLQH0lQQHU ZXWHQZLH]XNlPSIHQZDU(UZUGHYHUVXFKHQVLHYRU+LQWHUKDOWHQRGHU6FKVVHQ LQGHQ5FNHQ]XEHZDKUHQ1HEHQLKPWDW6NDWKGDV*OHLFKH ³'RUWUHFKWVHLQ6FKOHXGHUHU´VWLHHU]ZLVFKHQ]XVDPPHQJHELVVHQHQ=lKQHQ KHUYRU5DQWLVV]LHOWHXQGVFKR0LWGXUFKERKUWHP+DOVZXUGHGHU0DQQPLWGHU OHGHUQHQ6FKOHXGHUEHUGLH%UVWXQJGHV7XUPVJHZRUIHQXQGILHO]ZLVFKHQGLH+XIH GHU3IHUGH(LQ%RJHQVFKW]HWDXFKWHDXI6NDWKVFKRXQGQHEHQGLHVHP9HUWHLGLJHU VWDUEHLQDQGHUHUGHUHLQHQ6SHHUVFKOHXGHUQZROOWH+LQWHUGHQ7RUHQHUVFKROOGHU GU|KQHQGH/lUPHLQHVZLOGHQ.DPSIHV'HUGUHL0DQQVOlQJHQEUHLWH(LQJDQJVFKLHQ QRFKLPPHUGLH/HLEHUGHU3IHUGHXQG5HLWHUDXI]XVDXJHQZLHHLQ6FKOXQG3O|W]OLFK ILQJHLQHVGHUVWURKEHGHFNWHQ+lXVHU)HXHU%UHQQHQGHXQGJUHOOJDFNHUQGH+KQHU IODWWHUWHQQDFKDOLHQ6HLWHQ'LH)ODPPHQZXUGHQK|KHUXQGK|KHU(LQLJH0lQQHU VSUDQJHQEHUGLHREHUVWH0DXHUXQGUDQQWHQGDYRQ ³*OHLFKKDEHQZLUGHQ6LHJ´6NDWKVFKRHLQHQ3IHLOQDFKGHPDQGHUHQDWH 9HUWHLGLJHUGLHNHLQDQGHUHU5HLWHUVDKILHOHQLP%HUHLFKGHV7RUHV$OVVLFKGLHOHW]WHQ GHU.RORQQHPLWJHVFKZXQJHQHQ+DPPHUl[WHQQDFKYRUQZDUIHQXQGLQGLH6LHGOXQJ HLQGUDQJHQVFKULH6NDWKGHP$QIKUHULQV2KU ³/RV5DQWLVV(LQSHDU)UDXHQPVVHQVLHIUXQVEULJODVVHQ´ 5DQWLVVQLFNWHVFKZHLJHQGXQGORFNHUWHGHQ=JHO,QJHVWUHFNWHP*DORSS JDORSSLHUWHQVLHGXUFKGLH]HUVSOLWWHUWHQ7RUHLQGLH6LHGOXQJKLQHLQ7RWHODJHQDXIGHQ UXQGHQ)OXNLHVHOQPLWGHQHQPDQGHQ:HJKLQWHUGHP7RUJHSIODVWHUWKDVWH 5LHVHQKDIWHSUDVVHOQGH)ODPPHQXQGKRFKZLUEHOQGH)XQNHQGHVEUHQQHQGHQ+DXVHV EHOHXFKWHWHQHLQ'ULWWHOGHV+JHOV=ZLVFKHQ%lXPHQXQGODQJHQ6FKDWWHQKLQWHUGHQ 0DXHUQPDFKWHQGLH5HLWHU-DJGDXI0lQQHU.UDFKHQGVFKOXJHQ3IHLOHLQK|O]HUQH 9RUGlFKHUXQGLQ%DONHQWUHQ)UDXHQXQG.LQGHUVFKULHQXQGIOFKWHWHQLQV,QQHUHGHU +lXVHU6lPWOLFKH*HUlXVFKHZXUGHQEHUODJHUWYRP+XIVFKODJXQGGHPNHXFKHQGHQ 6FKQDXEHQGHU7LHUH5DQWLVVXQG6NDWKULWWHQODQJVDPHUXQGZDFKVDPLQV'XQNHO VSlKHQGXPGHQ+JHOKHUXP$OVVLH]XP7RUNDPHQGDVYRQLKUHQHLJHQHQ 0lQQHUQYHUVFKORVVHQZXUGHZDUGLH$XVHLQDQGHUVHW]XQJVRJXWZLHEHHQGHW5DQWLVV KREGLH+lQGHWULFKWHUI|UPLJDQGHQ0XQGXQGULHIVRODXWHUNRQQWH ³+LHUEHILHKOW5DQWLVV+|UWDXIPLWGHP.DPSI6SHUUWGLH.LQGHUXQGGLH)UDXHQ LQHLQ+DXV:LUKDEHQGLH6LHGOXQJJHQRPPHQ´ 1RFKLPPHUZXUGHGLH8PJHEXQJGHVEUHQQHQGHQ+DXVHVHUKHOOW'LH0lQQHU JHKRUFKWHQ.UHLVFKHQGH.LQGHUVFKOXFK]WHQLQGHQ$UPHQDOWHU)UDXHQDOVPDQLQGLH +lXVHUHLQGUDQJXQGGLH%HZRKQHULQV)UHLHWULHE0lGFKHQXQG)UDXHQYHUVWXPPWHQ VREDOGVLHGLH.ULHJHUVDKHQ'XPSIEUOOWHQ5LQGHULQGHQ6WlOOHQ$QGHUH7LHUH YROOIKUWHQHLQJHZDOWLJHV*HVFKUHLDOVDEHUPDOVGLHJHVDPWH6LHGOXQJGXUFKVXFKW ZXUGH)DFNHOQVFKZDQNWHQ]ZLVFKHQGHQ0DXHUQ'LH%HY|ONHUXQJEHVWDQGDXV XQJHIlKU.LQGHUQXQGZHLEOLFKHQ*HIDQJHQHQRGHU%HVLHJWHQHVJDEQXUQRFK ZHQLJH0lQQHUYRQGHQHQMHGHUYHUZXQGHWZDU 'LH5HLWHUVWHOOWHQ*UXSSHQ]XVDPPHQDOOHVRKQH+DRGHU:XW.LQGHUXQG $OWHZXUGHQZHJJHWULHEHQ6FKZHLJHQGVDK5DQWLVV]XZLHHLQHPDNDEUH2UGQXQJ KHUJHVWHOOWZXUGH0LWJHZDOWLJHP.UDFKILHOGDV*HUVWGHVYHUEUDQQWHQ+DXVHVLQVLFK ]XVDPPHQXQGVFKLFNWHHLQH:RONHDXIOHXFKWHQGHU)XQNHQXQG5XLQGLH/XIW1RFK GUHLYLHU6WXQGHQELV]XUHUVWHQ+HOOLJNHLW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³6WHOOW:DFKHQDXI´5DQWLVVQDKPHLQHP5HLWHUGLH)DFNHODXVGHU+DQG³'HQNW DQGLH7LHUH´ 0DQIKUWHGLH3IHUGHLQGLH6WlOOH]XGHQ5LQGHUQ'RUWKDVWHQVLH5XKH :DVVHUXQGIULVFKHV)XWWHU 6FKOLHOLFKEOLHEHLQJXWHV+XQGHUW)UDXHQEULJ5DQWLVV7DQWULXQG6NDWK JLQJHQDXIGHQ+DXIHQ]XGHUYRQDOLHQ5HLWHUQXPULQJWZXUGHGLHQLFKWDXI:DFKH ZDUHQ6FKZHLJHQGPXVWHUWHQGLH0lQQHUGLH)UDXHQbOWHUHXQGMQJHUHKlOLFKH JH]HLFKQHWYRQ$UEHLWXQG.LQGHU]DKOGLFNHVFKODQNHNXU]KDDULJHXQGODQJKDDULJH 5DQWLVVZlKOWH]XHUVW(UHQWVFKLHGVLFKIUHLQHMXQJH)UDXPLWVFKODQNHP.|USHUXQG VFKZHOOHQGHQ5XQGXQJHQ6LHKDVWHLKQVHLWHUVLFKGHU*UXSSHJHQlKHUWKDVWHPLW HLQHPPHUNZUGLJHQ$XVGUXFNLQLKUHQ$XJHQYHUIROJW ³.RPP´VDJWHHU³:RLVWGDVUHLFKVWH+DXVDXIGHP+JHO"´(UIDWHLKUHQ 2EHUDUPXQG]RJVLHPLWVLFK ³'RUWGDVPLWGHP9RUGDFK´VDJWHVLHWURW]LJ5DQWLVVOlFKHOWHVLHDQDEHUVHLQ /lFKHOQHUUHLFKWHGLH$XJHQQLFKW ³:DUXPKDEWLKUGHQ.DPSIKHUDXVJHIRUGHUW"´IUDJWHHUDOVVLH]ZLVFKHQ +DXVKDOWVJHUlWHQ6WURKKDXIHQXPJHZRUIHQHQ%lQNHQXQGDQGHUHP*HUPSHODXI GHQ3ODW]YRUGHUHEHQHUGLJHQ7HUUDVVH]XVWROSHUWHQ ³'DVLVW0lQQHUVDFKH,FKZHLQLFKWV´PXUPHOWHVLH ³:LHKHLWGX"´ ³3RZHW8QGGX"´ ³5DQWLVV0DQQHQQWPLFKGHQ$GOHUGHU6WHSSHQ´ $OVHU3RZHWQDFKYRUQVFKREXPVLHDOVHUVWHGXUFKGHQ(LQJDQJJHKHQ]X OHVVHQJHVFKDKZDVHUHUZDUWHWKDVWH6LHEFNWHVLFKXQWHUGHPK|O]HUQHQ7UVWXU] IDWHLQLKU/HLQHQJHZDQGXQGGUHKWHVLFKHLQHQNOHLQHQGUHLHFNLJHQ%URQ]HGROFKLQ GHU+DQGEOLW]VFKQHOOXP5DQWLVVZLFKQLFKWHLQPDODXVHUGUHKWHVHLQHQ.|USHUGDQQ WUDIGHU6FKDIWGHU)DFNHOGDV+DQGJHOHQNGHU)UDX'HU'ROFKILHONOLUUHQGDXIGHQ /HKPERGHQ5DQWLVVWUDWLKQ]XU6HLWHXQGPDFKWHHLQHQVFKQHOOHQ6FKULWW(USDFNWH PLWGHU5HFKWHQGLH+DOVNHWWHULVLHPLWHLQHUHLQ]LJHQZLOGHQ%HZHJXQJLQ]ZHL7HLOH 3RZHWVWDQGHUVFKURNNHQYRULKPXQGVFKULHHUVFKUHFNWDXI³6RQLFKW´VDJWHHUXQG ]RJGHQ)HOOYRUKDQJZLHGHUYRUGLH7U'LH)DFNHOEODNWH ³=QGGLH/DPSHQDQPDFK)HXHULP+HUGEHUHLWHHLQ%DGXQGGDV/DJHU´ VDJWHHUOHLVH$OVVLHVLFKEFNWHXPGHQ'ROFKDXI]XKHEHQWUDWHUPLWGHP6WLHIHO GDUDXI ³,FKEHIHKOH´5DQWLVVIDWHLQLKUUDQJHV+DDU³8QGGXZLUVWDOOHVWXQZDVLFK EHIHKOH´ :lKUHQG5DQWLVVGHQ5DXPGXUFKVXFKWHEHKLHOWHUVLHLP$XJH(VJDEIQI gOODPSHQLQGHPVFKPDOHQ5DXPGLHVLHHQW]QGHWH$OVGLH)ODPPHQUXKLJEUDQQWHQ XQGYRQGUDXHQGHU/lUPGHU0lQQHU]XK|UHQZDUGLH7RQNUJHPLW%LHUJHIXQGHQ KDWWHQZDUI5DQWLVVVHLQH)DFNHOLQV+HUGIHXHU3RZHWWDWVFKZHLJHQGZDV5DQWLVVLKU EHIRKOHQKDVWH$XIGHUEHGLUHNWH$UWZDUVLHKEVFK5DQWLVVYHUIROJWHMHGH%HZHJXQJ LKUHV.|USHUVPLWKXQJULJHQ7KLFNHQ=XHUVWWUDQNHUZDUPH.XKPLOFKPLW+RQLJ JHVWD%URWYRQGLHVHP9RUPLWWDJ3RZHWIHQGJHEUDWHQHV)OHLVFKXQGNKOHV ELWWHUHV%LHU'DQQVDKHU]XZLHVLHLQHLQHU$UW:DQQHDXV7LHUKlXWHQNDOWHVXQG ZDUPHV:DVVHUPLVFKWHXQGDXVHLQHU7UXKHHLQ/HLQHQWXFKKHUYRUKROWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

1DFKGHPHU%HLOXQG'ROFKLQ*ULIIQlKHVLFKYRQLKUKDVWHZDVFKHQOHVVHQ WURFNQHWHHUVLFKDWHZDUIGDV7XFKDFKWORV]XU6HLWHXQGVWUHLFKHOWHVLHVDFKWH ,P0RUJHQJUDXHQZlO]WHVLFK6NDWKDXIGHQ5FNHQ]RJVLFKDQXQGVXFKWH HLQLJH5HLWHU]XVDPPHQ6LHULWWHQODQJVDPDXVGHU6LHGOXQJKLQDXVXQGVXFKWHQELV HLQH6WXQGHQDFK6RQQHQDXIJDQJGDV*HELHW]ZLVFKHQGHP/DJHUXQGGHP+JHODWH 6LHVWLHHQDXIHLQHQYHUZXQGHWHQ5HLWHUXQGYLHU*HW|WHWHDXVLKUHQHLJHQHQ5HLKHQ VDPPHOWHQHLQLJH7UDJODVWHQEHUUDVFKHQGVFK|QHU:DIIHQHLQXQG]lKOWHQ HUVFKODJHQH%DXHUQ(LQHUOHEWHQRFKHLQ+LHEVSDOWHWHVHLQHQ6FKlGHO$P+LPPHO HUVFKLHQHQGLHHUVWHQ5DEHQVFKZlUPHVDPPHOWHQVLFK]XHLQHUOlUPHQGHQVFKZDU]HQ :RONHXQGEHJDQQHQODXW]XNUlFK]HQ 5DQWLVVVWDQGDXI]RJVLFKDQXQGEOLHVGLH)ODPPHQGHUgOODPSHQDXV(U VFKQDOOWHGHQ*XUWXPVWHFNWH'ROFKHXQG0HVVHULQGLH6FKHLGHQQDKP6FKLOGXQG %HLOXQGJLQJKLQDXV8QEDUPKHU]LJKHOOHV6RQQHQOLFKWODJDXIGHP+JHO'LH+lXVHU ZDUIHQUDQJH6FKDWWHQ8QQDWUOLFKH5XKHEUHLWHWHVLFKDXVHUNRQQWHQXUHLQZHQLJ .LQGHUJHVFKUHLXQGGLH/DXWHGHU7LHUHK|UHQ/DQJVDPXQGQDFKGHQNOLFKZDQGHUWHHU ]ZLVFKHQGHQ+WWHQHQWODQJ'RUWODJHLQ7RWHUKLQXQGZLHGHUKXVFKWHHLQHDOWH)UDX JHEFNWXQGVFKHXLQHLQHQ(LQJDQJ]XUFN(LQ+DKQNUlKWHZLHZLOG(LQ+XQG]HUUWH DQGHU+DQGHLQHV/HLFKQDPV$XVHLQHP6WDOONDPHQGUHL5LQGHUXQGWDSSWHQ]X HLQHP%UXQQHQGHUHLQ6WFNZHLWHUDEZlUWVDP+JHOEHUOLHI 'LH%HXWHZUGHJHULQJVHLQ%HLOH'ROFKHXQGHLQLJH:HUN]HXJHDXV.XSIHU XQG%URQ]H6WFNHDXV/HLQHQWXFKJXWJHJHUEWH)HOOH9LHOOHLFKWQRFK3IHLOVSLW]HQXQG $QJHOKDNHQ'LQJHGLHPDQLPPHUJHEUDXFKHQNRQQWH $EHUVLHZUGHQIHWWH6FKLQNHQILQGHU%UDWHQXQGJHWURFNQHWHV)OHLVFK*HUVWH XQG:HL]HQYLHOOHLFKWDXFK0HKO5DQWLVVODFWDWHELWWHUDXIYLHOH)UDXHQZDUHQKHXWH QDFKWJHVFKZlQJHUWZRUGHQDOVRZUGHGDV'RUIQLFKWDXVVWHUEHQ6LFKHUJDEHV LUJHQGZRYHUVWHFNWQRFKHLQH+DQGYROOJHIOFKWHWHU0lQQHU'LHQlFKVWHQ)UHPGHQ ZUGHQZHQLJHUDEZHLVHQGDXIJHQRPPHQZHUGHQ0DQZUGHVLHEHVWHFKHQGDPLWVLH EOLHEHQ+LQWHUGHU6FKHXQHDXIHLQHP6WURKKDXIHQKDVWHQVLFKYLHU5HLWHU DXVJHVWUHFNW6LHVFKQDUFKWHQ(LQHUHUZDFKWHJHUDGHDOV5DQWLVVYRUEHLJLQJXQG JOHLFK]HLWLJ]ZHL:lFKWHUQlKHUNDPHQ ³6DJWLKQHQ´²5DQWLVVPDFKWHHLQHXPIDVVHQGH%HZHJXQJ²³GDVLHWXQ VROOHQZDVJHWDQZHUGHQPX'DV9LHKGLH)HXHUGLH6lXJOLQJH:LUVLQGNHLQH %DUEDUHQ8QGKDOWHWVLHDQJXWIUHXFK]XNRFKHQ6XFKWQDFK6FKLQNHQXQG)OHLVFK )UHXQGH´ ³%LHUJLEWHVRKQHKLQNHLQHVPHKU´ 5DQWLVVODFKWHODQJVDPDXVVHLQHU9HUVXQNHQKHLWHUZDFKHQGGHP5HLWHULQV ElUWLJH*HVLFKW ³:LUZHUGHQKLHUUDVWHQXQGQLFKWQXUXQVHUH3IHUGHVRQGHUQDXFKXQVSIOHJHQ ,KUVHLGVFKRQYLHO]XYHUZDKUORVW5HLWHU´ ³8QGZHUKDWGLFKLQGHQ+DOVJHELVVHQ$GOHUGHU6WHSSHQ"´VDJWHGHU5HLWHU IUHFKXQGZLFKJHVFKLFNW5DQWLVV¶)XWULWWDXV'HU$QIKUHUJLQJZHLWHUXQGZLQNWH JHODQJZHLOWDWHDOVHU]ZHLDOWH0lQQHUEHPHUNWHDOWQXQVLHZDUHQHWZDYLHU]LJ 6RPPHUXQGLQGLHVHP/DQGDOWHUWHPDQVFKQHOOXQGJUQGOLFK²GLHVLFKKLQWHU 5LQGHUQXQG6FKDIHQYHUEHUJHQZROOWHQ (UZROOWHYLHUYLHOOHLFKWVHFKV7DJHUDVWHU,QGLHVHU=HLWZUGHQGLH'|UIOHUPHKU IUGLH6LHJHUDUEHLWHQDOVIUVLFKVHOEVW6LHYHUVWDQGHQYLHOYRP9LHKDOVRZDUHQVLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GLH5LFKWLJHQGLHZHUWYROOHQ3IHUGH]XYHUVRUJHQ3O|W]OLFKILHOLKP$ODFDHLQVWDUNH 8QUXKHEHVFKOLFKLKQGHUYLHUWH3RVWHQGHQHUIUDJWHJDELKPHLQHEHUXKLJHQGH $QWZRUW6LHZDUJXWEHZDFKWXQGVFKOLHIUXKLJ (LQPDOEFNWHHUVLFKXQGKREHLQHQPHUNZUGLJHQ*HJHQVWDQGDXI(LQ ZHLJHEOHLFKWHU7RWHQVFKlGHODEJHVlJWXQGSROLHUWZLH(OIHQEHLQ$OOHVXQWHUKDOEGHU $XJHQO|FKHUZDUHQWIHUQWDXHQVDKHUZHLFKHV/HGHUPLW.UHX]QlKWHQ(LQH 7ULQNVFKDOHGXUFKIXKUHVLKQXQGHUGDFKWHVFKDXGHUQGDQGLH%HJUlEQLVVWlWWHGHV XQEHNDQQWHQ+DXSWPDQQVGRUWDP)XGHV+JHOV(UJLQJLQV+DXV]XUFNXQGVDK GD3RZHWDXIJHZDFKWZDU6LHVDKLKQVFKZHLJHQGXQGPLWVWHFKHQGHP7KLFNDQ(U OHJWHGLH:DIIHQDEXQG|IIQHWHGLH*UWHOVFKQDOOH ³'XELVWVHKUVFK|Q´VDJWHHUXQGVWULFKPLWGHQ)LQJHUQEHULKU*HVLFKW³:LU ZHUGHQHLQLJH7DJHEOHLEHQ'XZLUVWQLFKWQXUDQGHQ7DJHQVRQGHUQDXFKQDFKWV PHLQH6WXQGHQYHUVFK|QHUQ´ 6LHIXKUPLWGHU=XQJHEHULKUH/LSSHQXQGVWDUUWHLKQXQYHUZDQGWDQ 'LH3IHUGHZXUGHQDXIGLH:HLGHQGHU'|UIOHUJHWULHEHQPDQNlPPWHGLH YHUILO]WHQ0lKQHQXQG6FKZlQ]HEHKDQGHOWH:XQGHQXQG9HUOHW]XQJHQVRQGHUWH PHKUHUH7LHUHDXVXQGVFKHQNWHVLHGHQ%HVLHJWHQ=ZLVFKHQGHQ5HLWHUQXQGGHQ %HZRKQHUQGHU+WWHQHQWZLFNHOWHVLFKMHQHV9HUKlOWQLVGDV5DQWLVVNDQQWH²YHUKLHOW VLFKGHU6LHJHUPLOGHXQGYHUQQIWLJGDQQZDUHQGLH8QWHUOHJHQHQUHFKWVFKQHOOEHUHIW LKUH6NODYHUHL]XDN]HSWLHUHQ=XGHPZXWHQGLHhEHUOHEHQGHQGHVQlFKWOLFKHQ .DPSIHVGDGLH+HUUVFKDIWGHU7UXSSHQXUYRUEHUJHKHQGZDU'LH$XVUVWXQJZXUGH 6WFNXP6WFNGXUFKJHVHKHQXQGHUJlQ]W'LH%HKlOWHUZXUGHQPLWQHXHQ1lKWHQ YHUVHKHQGLH6lWWHOHLQJHIHWWHWXQGJHUHLQLJWGLH6FKLOGHSROLHUW:DIIHQZXUGHQ DXVJHEHVVHUW(VZDU6RPPHUPLWWHXQGVLHOLHIHQKDOEQDFNWKHUXPODJHQLQGHU 6RQQHOLHHQVLFKGDV+DDUVFKHUHQXQGGLH%lUWHVWXW]HQ6LHVFK|SIWHQQHXH.UDIW 5DQWLVVEUDXFKWHVR*UDXVDPNHLWHQXQGXQNULHJHULVFKHV9HUKDOWHQQLFKWHUVW]X XQWHUELQGHQ+LQXQGZLHGHUKDOIHQGLH.ULHJHUVRJDUGHQ'|UIOHUQ:LHHUHUZDUWHW KDVWHZDUQDFK]ZHL7DJHQGHUJHVDPWH9RUUDWDQ%LHUYHUVFKZXQGHQ'LH ZHJJHODXIHQHQ0DQQHUNDPHQQDFKHLQDQGHU]XUFNXQGVWHOOWHQIHVVGDQLHPDQG GDUDQGDFKWHVLHLQGLH6NODYHUHL]XYHUVFKOHSSHQ$OOHUGLQJVILHIGHU$XIHQWKDOWGHU 5HLWHUGDUDXIKLQDXVGDGLH6LHGOXQJELV]XHLQHPEHVWLPPWHQ3XQNW DXVJHSOQGHUWZXUGH 1DFKIQI7DJHQZXUGH5DQWLVVXQUXKLJ(UVSUWHGHQ'UDQJLP6DWWHO]XVLW]HQ XQGDQGHU6SLW]HVHLQHU0lQQHUGHP7UHIISXQNWHQWJHJHQ]XJDORSSLHUHQ9RQ6WXQGH ]X6WXQGHNRQ]HQWULHUWHQVLFKVHLQH*HGDQNHQZLHGHUDXIGHQHLJHQWOLFKHQ*UXQGGHV 9RUKDEHQVXQGHUZXWHGDDOOHVDQGHUHHLQVFKOLHOLFK3RZHWQXU0LWWHO]XP=ZHFN ZDUHQGHQXQEHNDQQWHQ)UHXQG]XWUHIIHQ'DUEHUKLQDXVELOGHWH$ODFDHLQ]X YHUV|KQHQGHV(OHPHQW]ZLVFKHQGHQ'|UIOHUQXQGGHQ5HLWHUQ$OVDQHLQHP$EHQG 6NDWKXQGHLQLJH0lQQHUNDPHQXQGIQI6WFNHUOHJWHV:LOGDEOXGHQVDJWH5DQWLVV NXU] ³6NDWK:LUEOHLEHQQRFKHLQHQ7DJ$PEHUQlFKVWHQ0RUJHQUHLWHQZLQ6DJHV GHQDQGHUHQ´ 1DFKXQPHUNOLFKHP=|JHUQHUZLGHUWHGHU8QWHUIKUHUGHU5DQWLVVZLHNHLQ DQGHUHUNDQQWH ³,FKKRIIHGXGHQNVWQLFKWGDUDQGLH)UDXPLW]XQHKPHQ"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6FKZHLJHQGVFKWWHOWH5DQWLVVGHQ.RSIREZRKOHUPLWXQWHUGDUDQJHGDFKW KDVWH(LQH6WXQGHVSlWHUZXWHHVMHGHULP%HUHLFKGHV'RUIHV'LH5HLWHUZUGHQGHQ .DVWHOOKJHOYHUODVVHQ 'HU0RUJHQZDUPLWURWOHXFKWHQGHQ:RONHQKHUHLQJHEURFKHQGHU7DJKDVWH DQJHIDQJHQ6LHULWWHQXPGHQ)XGHV+JHOVZLHGHU]XUFNLQGLHDOWH5LFKWXQJ(LQ 7DXEHQVFKZDUPIODWWHUWHWLHIEHUGHQ)HOGHUQ:LHGHUKDVWHVLFKDOOHVJHlQGHUW²GLH JHZRKQWHQ*HUlXVFKH%HZHJXQJHQXQG*HIKOHHUIOOWHQGLH.RORQQHXQGGLH *HGDQNHQGHU0lQQHU'LH%DXHUQVWDQGHUDXIGHP+JHOXQGVWDUUWHQLKQHQQDFK :DVVLHGDFKWHQZDUXQNODU6LFKHUVFKLHQQXUGDVLHDXVLKUHU6HOEVW]XIULHGHQKHLW KHUDXVJHULVVHQZRUGHQZDUHQ5DQWLVVIKOWHVLFKJURDUWLJVHLQH*HGDQNHQHLOWHQLKP ZHLWYRUDXV(UNDQQWHNHLQH8QVLFKHUKHLWZDVGHQ:HJXQGGDV=LHOEHWUDI$OVGLH HUVWHQ5HLWHUGHQ5DQGGHVNOHLQHQ:DOGHVLP6GRVWHQHUUHLFKWHQUDQQWHHLQH*HVWDOW PLWZHKHQGHP+DDU]ZLVFKHQGHP8QWHUKRO]KHUYRU ³:DUWH5DQWLVV´ULHI3RZHW³1LPPPLFKPLW´ 5DQWLVV]JHOWHVHLQ3IHUGZXUGHODQJVDPHUZDUILKUHLQHQDQJHVSDQQWHQ7KLFN ]X3RZHWILHIKHUDQSDFNWHGHQ6WLHIHOXQGGHQ6WHLJEJHOXQGEHJDQQDXILKQ HLQ]XUHGHQ5DQWLVVGUHKWHGHQ.RSIXQGVDKJHUDGHDXV(UULWWZHLWHURKQHVFKQHOOHU ]XZHUGHQ ³5DQWLVV1LPPPLFKPLW,FKZLOOPLWHXFKJHKHQ´ 5DQWLVVVFKZLHJXQGVHW]WHGLH6SRUHQHLQ'LH.RORQQHULWWZHLWHUZlKUHQG 3RZHWYHU]ZHLIHOWQHEHQLKQHQKHUOLHIXQGLPPHUPHKU]XUFNEOLHE'LH5HLWHUVDKHQ PLWXQEHWHLOLJWHQ*HVLFKWHUQ]X%DOGZDUHQGLHOHW]WHQ3DFNSIHUGHKLQWHUGHP %XVFKZHUNYHUVFKZXQGHQ 9RUEHLYHUJHVVHQWURW]GHPWDWVLHLKPOHLG$XINDXPHUNOlUEDUH$UWKDVWHHU 3RZHWREZRKOHUVLHQLFKWOLHEWHDN]HSWLHUW6HLQ.|USHUYHUVFKPRO]PLWGHQ JOHLWHQGHQODQJJH]RJHQHQ%HZHJXQJHQGHV3IHUGHVXQGUHDJLHUWHDXIGDV*HOlQGH VWHOOWHVLFKDXIGHQQHXHQ$EVFKQLWWGHV5LWWHVHLQIHQG]XUFNLQGHQJHZRKQWHQ 5K\WKPXV$P1DFKPLWWDJKDVWH5DQWLVVGDVGHXWOLFKH*HIKOGDGHU=HLWSXQNWGHV 7UHIIHQVQDKHEHYRUVWDQG 9RQ6GRVWHQNRPPHQGPQGHWHQ]ZHL)OVVHLQGHQQDKH]XUXQGHQ )ODFKVHH6LHHQWVSUDQJHQHLQHP*HELUJHGDVVLFKPRQGVLFKHOI|UPLJPLWGHUgIIQXQJ QDFK2VWHQXPGLH6WHSSHQXQG:VWHQLQGHU0LWWH]ZLVFKHQGHP$XIEUXFKVRUWXQG GHP=LHOSXQNWVSDQQWH:LHDQHLQHPXQVLFKWEDUHQ)DGHQEHZHJWHQVLFKGLHNQDSS ]ZHLKXQGHUW5HLWHUDXIGDV7DO]ZLVFKHQKRKHQ%HUJHQ]XGDVDQVHLQHP(QGHGHQ HLQ]LJP|JOLFKHQ3DEHVD1DFKHLQHU+DQGYROOODQJHU7DJHVULWWHEHUOHJWH5DQWLVV ZLHGLH7DJHYHUJDQJHQZDUHQ(LQHXQXQWHUEURFKHQH6WHLJHUXQJGHU6FKZLHULJNHLWHQ EHJDQQYLHURGHUIQI7DJHQDFK9HUODVVHQGHV+JHOV'DV*HOlQGHVWLHJDQXQG ZXUGHZHOOLJHU$XVGHUJUQHQ6WHSSHZXUGHHLQHWURFNHQH=RQHYRQEUDXQHU)lUEXQJ YROOKDUWHUVWDFKHOLJHU*HZlFKVH'HU)OXODXIDQGHPVLHHQWODQJULWWHQIKUWHZHQLJ :DVVHUXQGHVJDEDXFKQLFKWYLHOH)LVFKH1RFKIDQGHQVLHJHQJHQG*UDVXQG :DVVHUIUGLH3IHUGH'HU'XUFKVFKQLWWGHUWlJOLFKHQ*HVFKZLQGLJNHLWXQGGHU (QWIHUQXQJHQGLHVLH]XUFNOHJWHQQDKPDWH$EHUHUZDUQRFKKRFKJHQXJ'LH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EHZDIIQHWH.RORQQHIROJWHGHP)OXKLQXQGZLHGHUEHUTXHUWHVLHLKQ6LHVFKRVVHQ :LOGPDJHUXQG]lKDEHUJHQLHEDU6LHNUHX]WHQHLQHYHUODVVHQH+DQGHOVVWUDH ,PPHUZHLWHUVWLHJHQVLHDXIIROJWHQLP=LFN]DFNGHPVFKPDOHUZHUGHQGHQ)OXEHWW HQWGHFNWHQXQUHJHOPlLJJHIRUPWH+RFKSODWHDXVXQGVXFKWHQQRFKLPPHUHLQHQ:HJ (LQHQ7DJVSlWHUIDQGHQVLHKHUDXVGDVLHHLQH$UW6WXIHLP*HOlQGHHUUHLFKW KDWWHQ-HW]WJLQJHVHLQLJH=HLWIDQJIDVWRKQH6WHLJXQJEHUHLQNDOWHVYRP:LQG NDKOJHEODVHQHV+RFKSODWHDX$EHUDXFKWULHUJDEHVQRFK:DVVHUXQG)XWWHUIUGLH 3IHUGH 'LH1DKUXQJVPLWWHOYRUUlWHGHU7UXSSHJLQJHUREZRKOVLHVSDUVDPZDUHQ]XU 1HLJH6LHILQJHQLQHLQIDFKHQ)DOOHQNOHLQH1DJHWLHUHXQGEULHWHQVLHLQGHU*OXW ZLQ]LJHU)HXHU6LHIDQGHQDXFK%HHUHQXQG3LO]HDEHU5DQWLVVYHUERWLKQHQYRQGHQ 3LO]HQ]XHVVHQ 'LH=HLWVFKLHQSO|W]OLFK]XKDVWHQXQG]XMDJHQ)DVW]ZHLKXQGHUW5HLWHUPLW LKUHQYLHOHQ7LHUHQYHUVXFKWHQVRVFKQHOOZLHP|JOLFKGHQ3D]XHUUHLFKHQ'HQQ ZHQQVLHLKQHUUHLFKWHQNRQQWHQVLHZLHGHUDEVWHLJHQLQGDV*HELHWGDVLKQHQ5DQWLVV EHVFKULHEHQKDVWH6HLQH$XIJDEHEHVWDQGQLFKWGDULQVLH]XIKUHQVRQGHUQLKQHQ]X HUNOlUHQGDVLHDQGHUYRUKHUJHVDJWHQ6WHOOHGLHMHQLJHQ)UHXQGHWUHIIHQZUGHQGLH HULKQHQJHVFKLOGHUWKDVWH(LQPDODOVVLHVLFKQDFKHLQDQGHUHLQHQNDXPEHJHKEDUHQ 3IDGKRFKWDVWHWHQXQGHLQZHLWHUHV6FKODQJHQOLQLHQ7DOHQWGHFNWHQGUHKWHVLFK6NDWK YRULKPXPXQGULHI ³'XZHLWJHQDX5DQWLVVGDLFKGLUJODXEHXQGJHKRUFKH´ ³-D5LFKWLJ6SDUHGHLQHQZHQLJZRKOULHFKHQGHQ$WHP.ULHJHU´NQXUUWH5DQWLVV 'LH6RQQHVFKOXJZLHPLWEURQ]HQHQ+lPPHUQDXIGLH0lQQHUKLQXQWHU6LH VFKZLW]WHQXQGVWDQNHQPLWLKUHQ3IHUGHQXPGLH:HWWH ³'XKDVWPLUQLHPDOVHUNOlUWZHQGXWUHIIHQZLOOVW %HVHVVHQHU´ULHIGHU)UHXQG]XUFNXQGEFNWHVLFKILHIXPGHPIHGHUQGHQ$VW HLQHV.USSHOJHZlFKVHVDXV]XZHLFKHQ ³'XVLHKVWGDV%LOGLQPHLQHP6FKLOG"´ULHI5DQWLVV=ZLVFKHQGHQKLW]HIOLUUHQGHQ )HOVZlQGHQYROOHU6FKUQGHXQG.OLSSHQKDOLWHGDV(FKRKLQXQGKHU ³,Q]ZLVFKHQNHQQWHVMHGHU5HLWHU$ODFDHLQJHVFKORVVHQ´6NDWKNHXFKWHXQG ]HUUWHDP=JHO ³'HU0DQQVLHKWVRlKQOLFKDXV,FKWUlXPHYRQLKPXQGZHQQZLULKQWUHIIHQ ZHUGHLFKLKQHUNHQQHQ:LUVLQGZLH%UGHU(ULVWGHUNOJVWHVWlUNVWHXQGJHULVVHQVWH .HUOGHQGXMHPDOVNHQQHQOHUQHQZLUVW(ULVW]ZHLPDOVRJXWZLHLFK´ ³,FKJODXEHGLUMHW]WNHLQ:RUW´VFKULH6NDWK ³'XZLUVWPLUJODXEHQGXNUXPPEHLQLJHU6FKXUNH´JDE5DQWLVV]XUFN³%ULFK GHLQHPDUPHQ3IHUGQLFKWGLH%HLQH´ (UKRUFKWHWLHILQVLFKKLQFLQ6WXQGHQVSlWHUDOVVLFKGLH5HLWHUQRFKLPPHUDXI GHP*UXQGGHU)HOVHQVFKOXFKWYRUDQWDVWHWHQXQGNHLQHUOHL/HEHQVVSXUHQHQWGHFNWHQ ]ZHLIHOWHHU]XPHUVWHQPDODQGHU5LFKWLJNHLWVHLQHU*HGDQNHQXQG9RUVWHOOXQJHQ$Q GLHVHP$EHQGJDEHVIUGLH3IHUGH]XPHUVWHQPDOVHLWODQJHU=HLWZLHGHU 7URFNHQIXWWHU'DV(VVHQGHU0DQQHUILHOlKQOLFKPDJHUXQGOXVWORVDXV$EHU5DQWLVV WULHEVLHXQXQWHUEURFKHQYRUZlUWVXQGHUVHOEVWZXUGHYRQVHLQHPLQQHUHQ'lPRQ JHWULHEHQ 'LH-DKUHV]HLWYHUJLQJLQHLQHU5HLKHYRQKHLHQJHZLWWULJHQ7DJHQHLQDQGHU ]XP9HUZHFKVHOQlKQOLFK'XUVWXQG+LW]HVDIWLJH7DONHVVHOXQGUDQJH*HU|OOKDOGHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

)HOVHQXQG+JHO%HUJHGLHQXU]XYHUVFKZLQGHQVFKLHQHQXPQRFKK|KHUHQ%HUJHQ KLQWHULKQHQ3ODW]]XPDFKHQNOHLQH6HHQXQG%HUJ]LHJHQPLWODQJHPJHNUPPWHP *HK|UQGHUHQ)OHLVFK]lKZDUZLH*XUWOHGHU3IHUGHEUDFKHQVLFKGLH%HLQHZXUGHQ JHW|WHWPDQEULHILKU)OHLVFKDQGHQ/DJHUIHXHUQ'LH0lQQHUYHUORUHQLKUOHW]WHV)HWW XQGZXUGHQ]XVFKZDU]JHEUDQQWHQYHUZLOGHUWHQ*HVWDOWHQ+LQXQGZLHGHUUDXVFKWH HLQ*HZLWWHUKHUXQWHUGDQQVSUDQJHQVLHZLHEHUPWLJH.LQGHULP5HJHQKLQXQGKHU XQGYHUORUHQIDVWGHQ*HVWDQNGHQVLHVRQVWYHUVWU|PWHQ -HW]WIROJWHQVLH5DQWLVVRKQH]XIOXFKHQXQGZLOOLJGHQQZHQQVLFKMHPDQGYRQ GHU7UXSSHHQWIHUQWKlWWHZlUHHULQGHU(LQ|GHYHUORUHQJHZHVHQ$GOHUXQG*HLHU NUHLVWHQKRFKEHULKQHQ'UHLPDODP7DJlQGHUWHGLH7UXSSHGLH5LFKWXQJDEHUQXU XPGHQOHLFKWHVWHQ:HJ]XVXFKHQ$PZHQLJVWHQVFKLHQXQWHUGHQ6WUDSD]HQGLHVLH DOOHDXVPHUJHOWHQ$ODFD]XOHLGHQ6LHEOLHEXQYHUlQGHUWIU|KOLFK'LHHUVWHQ%OlWWHUGHU .USSHOJHZlFKVHEHJDQQHQVLFK]XIlUEHQDOVGLH6SLW]HGHU.RORQQHVLFKEHUGLH )ODQNHHLQHV%HUJHVVFKREGDKLQWHUYHUVFKZDQGXQGGLHQlFKVWHQ5HLWHUGHQODXWHQ 6FKUHLK|UWHQ 6LHYHUVWDQGHQQLFKWZDV5DQWLVVXQG6NDWKULHIHQDEHUHVNODQJJXW 6LH]RJHQGLH=JHOVWUDIIDEHUGLH7LHUHZlUHQDXFKIUHLZLOOLJVWHKHQJHEOLHEHQ 5DQWLVVVWW]WHVHLQHQ.|USHUVFKZHUDXIGLH2EHUVFKHQNHOXQGVWDUUWHVFKZHLJHQG KLQXQWHU+LQWHULKPSIODQ]WHVLFKGHU6FKUHL³:LUVLQGGD´GXUFKGLH DXVHLQDQGHUJH]RJHQH5HLKHGHU5HLWHUIRUW ³(QGOLFK'RUWXQWHQZHUGHQZLUVLHWUHIIHQ6NDWK´VDJWH5DQWLVVIDVWLQ HKUIUFKWLJHP7RQ ³'XZDUVWHLQKHUYRUUDJHQGHU)KUHUPHLQ)UHXQG´VWLPPWH6NDWK]X ³$XFKPLFKKDEHQQXUPHLQH7UlXPHJHIKUW´ 0HKU5HLWHUWDXFKWHQKLQWHULKQHQDXIXQGEOLHEHQVWHKHQ6LHJHQRVVHQGHQ $QEOLFN'LHIXUFKWEDUHgGHGHU)HOVHQXQG6FKOXFKWHQZDUYHUJHVVHQ+LQWHULKQHQ VWDFKGHU*LSIHOGHVK|FKVWHQ%HUJHVMHQHU.HWWHLQGHQ+LPPHO6LHVWDQGHUYRUGHU OHW]WHQZHLFKDEIDOOHQGHQ)ODQNHGHV*HELUJHV(LQHQ7DJHVULWWZHLWRGHUQRFKOlQJHU VDQNGDV*HOlQGHDWHWULHUREHQQRFKLPPHUVDQGLJXQGVWHLQLJGDQQLQ*HU|OO EHUJHKHQGGDVYRQNOHLQHQ%VFKHQGXUFKVHW]WZDUXQGVFKOLHOLFKLQGXQNHOJUQHQ :lOGFKHQ:HLGHQXQG%XVFK]RQHQHQGHWH'DV7DOGDKLQWHUZDUULHVHQJURDEHU DXFKMHQVHLWVGHVNOHLQHQ6HHVUDJWHQ%HUJHDXI0HKU(LQ]HOKHLWHQZDUHQQLFKW]X HUNHQQHQ ³+HXWHDEHQGVLQGZLUDP8IHUGHV6HHV´YHUVSUDFK5DQWLVV³-HW]WVWHKWGLH 6RQQHDPK|FKVWHQ/RV)UHXQGH²KLQWHUPLUKHU´ 6LHDOOHZDUHQYLHO]XHUVFK|SIWXPVLFKULFKWLJIUHXHQ]XN|QQHQ$EHUGDVLH MHW]WLKU=LHOYRU$XJHQKDVWHQXQGGDV*HOlQGHIUGLH3IHUGHOHLFKWJHQXJZDUHUIDWH VLHHLQHKRIIQXQJVYROOH)UHXGH6LHZDUHQQLFKWUHWFKXQGKDVWHQ+XQJHUDXIJXWHV (VVHQXQGIOOLJH:HLEHUDEHUVLHZDUHQIUHLXQGXQDEKlQJLJ'HQ0lQQHUQHUVFKLHQ GDVLPPHUZLHGHUDXVJHVFKPFNWH7UHIIHQDOV9HUKHLXQJDOVZHLWHUHV=LHODXIGHP ODQJHQ:HJ'DGLHHLJHQWOLFKHQ6FKZLHULJNHLWHQQRFKYRULKQHQODJHQYHUJDHQVLH QXUDOO]XJHUQ'LH3IHUGHZLWWHUWHQGDVVDIWLJH*UDVXQGJULIIHQVFKQHOOHUDXV6R ELOGHWHQVLFKIQI*UXSSHQGLHLQPlLJHU2UGQXQJGHQODQJJH]RJHQHQ+DQJYRUVLFKWLJ XQGJHUDGHGDQQVFKUlJWUDYHUVLHUHQGKLQXQWHUJDORSSLHUWHQ1DFKGHPVLH+LUVFKHXQG :LOGVFKZHLQHDXIJHVFKHXFKWHLQH+HUGH*D]HOOHQDXVGHQ%VFKHQJHWULHEHQXQGYLHO :LOGJHVFKRVVHQKDWWHQHUUHLFKWHQVLHWDWVlFKOLFKEHL6RQQHQXQWHUJDQJGHQ6HH$EHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VLHZDUHQY|OOLJHUVFK|SIW'LHPHLVWHQVFKOLHIHQHLQQRFKZlKUHQGVLFKGLH%UDWHQDQ GHQ)HXHUQGUHKWHQ 8QGJDQ]SO|W]OLFKHLQHQXQGHLQHQKDOEHQ7DJVSlWHUVFKOXJ5DQWLVVPLWGHU IODFKHQ+DQGNQDOOHQGDXIGLH.UXSSHVHLQHVURWEUDXQHQ+HQJVWHV(UJDEGLH=JHO IUHLXQGVHW]WHGLH6WDFKHOQDQVHLQHQ6WLHIHOQHLQ(UO|VWHVLFKYRQGHU6SLW]HGHV =XJHVZXUGHVFKQHOOHUVWHOOWHVLFKIHGHUQGLQGHQ%JHOQDXIXQGJDORSSLHUWHGDYRQ 9RQGHQZLUEHOQGHQ+XIHQGHV7LHUHVZXUGHQ*UDVIHW]HQXQG(UGEURFNHQQDFKKLQWHQ JHVFKOHXGHUW(LQH$UW:DKQVLQQHUJULIILKQ'DVOHLFKWH%OLQNHQGRUWYRUQIDVWMHQVHLWV GHU*UHQ]HELV]XGHUKLQHUVHKHQNRQQWHKDVWHGLHVHQ*DORSSDXVJHO|VW'RUWZDUHQ VLH(UEHXJWHVLFKWLHIEHUGHQ+DOVGHV3IHUGHVXQGVFKRLQHLQHUODQJHQ*HUDGH DXIGHQEHZXWHQ3XQNW]X+LQWHULKPWULHEHQ6NDWKXQG7DQWULGLH0lQQHU]XJU|HUHU (LOHDQ6LHKDVWHQHLQHQJDQ]HQ7DJIDQJUDVWHQN|QQHQGLH3IHUGHZUGHQ GXUFKKDOWHQ(UEDUPXQJVORV]ZDQJ5DQWLVVVHLQHQ+HQJVWZHLWHU0LWWOHUZHLOHNRQQWHHU XQWHUVFKHLGHQGDHVVLFKQLFKWXPHLQHQHLQ]HOQHQ5HLWHUKDQGHOWHVRQGHUQXPHLQH ZHLWDXVHLQDQGHUJH]RJHQH*UXSSH(VJDENHLQHQ=ZHLIHO'LH7UlXPHZXUGHQWULHU XQGMHW]W]XU:DKUKHLW ,QGHP0DZLHVLFK5DQWLVVGHQ%HJOHLWHUQVHLQHV)UHXQGHVQlKHUWHVFKLHQ VLFKGLH:HOWVHLQHU(ULQQHUXQJHQXQG*HGDQNHQ]X|IIQHQ(VZDULKPDOVUHLWHHUDXV HLQHP+RKOZHJKLQDXVDXIHLQH/LFKWXQJ(LQVROFKHV*HIKOPXWHHLQ0DQQLQHLQHP %RRWKDEHQGDVHLQH)OXPQGXQJYHUOLHXQGLQGHQIUHLHQ2]HDQKLQDXVVWHXHUWH -HW]WZXWHHUSO|W]OLFKPHKU 6HLQ)UHXQGPLWGHQU|WOLFKOHXFKWHQGHQ$XJHQKLH$WODQ=XVDPPHQPLWLKP KDVWHHU5DQWLVVJHJHQ)DEHOZHVHQXQGGHQ+HUUVFKHUHLQHUEURQ]H]HLWOLFKHQ,QVHO JHNlPSIWXQGGLH,QVHOLQGHQ-DKUHQGDQDFKLQHLQ3DUDGLHVYHUZDQGHOW6LHKDVWHQ MHW]WHLQHQQHXHQ$XIWUDJEHNRPPHQ :RKHUGLHVH(ULQQHUXQJVHUZHLWHUXQJNDPZXWH5DQWLVVQLFKW(UIKOWHZLH HLQHJURH/DVWYRQLKPDEILHO$OOH7UlXPHXQG*HVFKLFKWHQPLWGHQHQHU]ZHLKXQGHUW 0l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lQQHUZDUWHW 'HU6FKDXPYRP*HELGHV3IHUGHVIORJLKPLQV*HVLFKW6HLQH.QLHEHJDQQHQ ]XVFKPHU]HQ'HU+HQJVWNRQQWHQLFKWPHKUGHU*DORSSZDUHLQHTXDOYROOH)ROJH KDUWHU6SUQJHXQG6W|H'DV7LHUWURIIYRU6FKZHL'LH/XQJHQJLQJHQZLH %ODVHElOJH5DQWLVVKDVWHQXQVHLQHQ%RJHQEHHQGHWXQGULWWYRQYRUQDXIGLH .DUDZDQH]X6HLQH$XJHQGHQHQWULHIHQGHU6FKZHLLPPHUIRUWHLQ%OLQ]HOQHQWORFNWH YHUVXFKWHQ(LQ]HOKHLWHQ]XHUNHQQHQ(UVDKHLQHQHLQ]HOQHQ5HLWHUGHUHLQDXIIDOOHQG KRFKEHLQLJHVJHVFKHFNWHV3IHUGULIW'HU0DQQWUXJDFKWORVHLQHQ6FKLOGXQGDOVGHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VLFKEHZHJWH]XFNWHHLQ6RQQHQUHIOH[]X5DQWLVVKLQEHUZLHHLQ%OLW]'HUHLQ]HOQH 5HLWHUHLQHQ%RJHQVFKXZHLWYRUGHPZUIHOI|UPLJHQ:DJHQPLWGHQYLHU2FKVHQXQG GHUODQJHQ6WLFKODQ]HGDUDQPXWHHLQHQlKQOLFKHQ6FKLOGKDEHQZLHHUVHOEVW=ZHL *HSDUGHQOLHIHQSO|W]OLFKQHEHQGHP3IHUGXQGEHlXJWHQGHQ5HLWHU ³8QGZHQQHVQLFKW$WODQLVW"´ULHI5DQWLVVVLFKVHOEVW]X-HW]WZDUGHU5HLWHUDXI LKQDXIPHUNVDPJHZRUGHQ5DQWLVVOLHNHLQHGHUEOLFKHQ=HLFKHQXQG*HElUGHQDXV 6LHZDUHQHLQ]HOQH3XQNWHLQHLQHUIUHPGHQ8PJHEXQJVLHKDVWHQGHQ XQJHVFKULHEHQHQ*HVHW]HQGHU=HLW]XJHKRUFKHQ(UJDORSSLHUWHODQJVDPHUKREGHQ UHFKWHQ$UPXQGNHKUWHGLHXQJHVFKW]WH+DQGIOlFKHLQ$XJHQK|KHQDFKYRUQ6R ULWWHQVLHDXIHLQDQGHU]XDXFKGHUDQGHUH0DQQPDFKWHGLHVHXQLYHUVHOOH )ULHGHQVJHElUGH5DQWLVVKREGHQ6FKLOG-HW]WVDKHUGDDXFKGHUDQGHUH6FKLOG JOlQ]WHXQGOHXFKWHWHZLHHLQ6SLHJHO6LHZDUHQQRFKHLQHQ%RJHQVFKXZHLWHQWIHUQW DOV5DQWLVVGDVZHLHQDFNHQODQJH+DDUGHVDQGHUHQHUNDQQWH ³$WODQ´VFKULHHUPLWDOOHU.UDIW'DQQVHW]WHHU]XPHUVWHQPDOGLH6WDFKHOQHLQ 6HLQ+HQJVWZDULQ]ZDQ]LJ6lW]HQDQGHU6HLWHGHVDQGHUHQ5HLWHUV ³5DQWLVV´EUOOWH$WODQDXIXQGVSUDQJDXVGHP6DWWHOVHLQHVODQJVDPJHKHQGHQ 7LHUHV5DQWLVVVFKZDQJHLQ%HLQDXVGHP%JHOXQGVSUDQJLQYROOHP*DORSSDWH UDQQWHDXIGHQDQGHUHQ]X6LHHUNDQQWHQHLQDQGHU(LQGXQNHOKlXWLJHU5RP|WXQGHLQH VFK|QH)UDXVDKHQEHUUDVFKWGHQEHLGHQ0lQQHUQ]XGLH*HSDUGHQVSUXQJEHUHLW $OV5DQWLVVPLWHLQHPDUWLVWLVFKHQ6DW]DXVGHP6DWWHOVSUDQJXQGPLW DXVJHEUHLWHWHQ$UPHQDXI$WODQ]XUDQQWHEUHLWHWHDXFK$WODQGLH$UPHDXVXQGEOLHE VWDUUVWHKHQ%HLGH0lQQHUODFKWHQEUOOHQGZLH1DUUHQILHOHQVLFKLQGLH$UPH VFKOXJHQVLFKDXIGLH6FKXOWHUQXQGGLH5FNHQVFKWWHOWHQVLFKGLH+lQGHODFKWHQ ZLHGHUVSUDQJHQZLHEHUPWLJH6FKDIOE|FNHLQGLH+|KHVFKULHQ:RUWHXQG6lW]HLQ VFKDXHUOLFKHP.DXGHUZHOVFKXQGVFKOLHOLFKEOLHEHQVLHHUVFK|SIWVWHKHQOQ]ZLVFKHQ ZDUGLH.DUDZDQHQVSLW]HQlKHUJHNRPPHQ ³+H$XVGHP:HJ´VFKULHGHU2FKVHQWUHLEHUQDFKYRUQ$WODQXQGGHU0DQQ GHUDXVGHU6WHSSHDXIJHWDXFKWZDUSDFNWHQLEUH3IHUGHXQGZLFKHQ]ZLVFKHQGLH %VFKHVHLWOLFKDXV:lKUHQGGLHHUVWHQ:DJHQXQG*UXSSHQGHUULHVLJHQ.DUDZDQH NQDUUHQGXQGNQLUVFKHQGKHUDQNDPHQVDJWH5DQWLVVVFKZLW]HQGXQGJOFNOLFK ³,FKKRIIHGXNHQQVWGHQ5HVWGHVODQJHQ0DUVFKHV%LVKLHUKHUKDEHLFKHV JHVFKDIIW0HLQH0lQQHUVXFKHQGDV/DQGLQGHPVLH)UVWHQVHLQZHUGHQ´ ³,FKNHQQHGDV=LHO5DQWLVV, QGZLUZHUGHQYLHOPLWHLQDQGHUVSUHFKHQ'HQ +HUEVWZDQGHUQZLUQRFKDEHULQ]ZHLGUHL0RQGHQEUDXFKHQZLUHLQIHVVHV/DJHU :LHYLHO0lQQHUKDVWGX"´ ³)DVW]ZHLKXQGHUW8QGVLHVLQGGXUFKPHLQHKDUWH6FKXOHJHJDQJHQ´ ³:LUZHUGHQDOOHVJXWEHUVWHKHQ:DUWHELVZLUGDV=HOWDXIJHEDXWKDEHQ:R VLQGGHLQH/HXWH"´ 5DQWLVVVDKVLFKXP6FKOLHOLFKHQWGHFNWHHUGLH6SLW]HGHU5HLWHUNRORQQHGLH DXIGLH0LWWHGHU.DUDZDQH]LHOWHXQGLQLKUHU*U|HQLFKWDEVFKlW]EDUZDU ³'RUWVLQGVLH6LHKDEHQ5XKHXQG(QWVSDQQXQJQ|WLJGHQQZLUVLQGEHUGDV *HELUJHJHNRPPHQ2GHUEHVVHUJHVDJWGXUFKGDV*HELUJH(VZDUDQVWUHQJHQG´ ³:LUKDVWHQHLQHJXWH.DUWHXQGVFKOLFKHQLP=LFN]DFNGXUFKGLH7lOHU'LH :DJHQGXYHUVWHKVW"´ ³1DWUOLFK:DQQUDVWHQZLU"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6LHVDKHQJOHLFK]HLWLJQDFKGHU6RQQH5DQWLVVIKOWHHLQH=XYHUVLFKWGLHDXV GHP(LQGUXFNNDPHUKDEHJHVWHUQDEHQG$WODQ]XPOHW]WHQPDOJHVHKHQKDEHPLWLKP JHVWHUQJHVSURFKHQXQGJHWUXQNHQ(UZDUVLFKHUGDVLHGXUFKHLQHUDQJH*HVFKLFKWH YHUEXQGHQZDUHQDEHULKPIHKOWHMHGHGHXWOLFKHIDUELJH(ULQQHUXQJGDUDQ(LQHVZDU ZLFKWLJ6LHZDUHQQRFKLPPHUGLH]XYHUOlVVLJHQ)UHXQGH$WODQVDJWH ³%HL6RQQHQXQWHUJDQJ'LFKXQGGHLQH0lQQHUZHUGHQZLUDXIQHKPHQZLHOLHEH *lVWH:LUZHUGHQHXFKYHUZ|KQHQ5DQWLVV´ 5DQWLVVVHQNWHGHQ.RSIXQGZHGHOWH)OLHJHQYRUGHP*HVLFKWZHJ ³OFKIUFKWHGLHPHLVWHQKDEHQHVQ|WLJ´ 6LHEOLHEHQQHEHQLKUHQ3IHUGHQVWHKHQXQGVDKHQ]XZLHGLH:XQGHUEDUH .DUDZDQHDQLKQHQYRUEHLUROOWH0HQVFKHQ7LHUH:DJHQ/DVWHQ+HUGHQ7UHLEHU 9LHK6WDXEXQGDEHUPDOV/DVWHQHVPXWHQ7DXVHQGHVHLQVFKlW]WH5DQWLVV ,Q]ZLVFKHQZDUHQDXFKVHLQH/HXWHKHUDQJHNRPPHQ6NDWKXQG7DQWULULWWHQKHUDQ ³,FKKDEHHVHXFKYHUVSURFKHQ´VFKULH5DQWLVVEHJHLVWHUWXQGODFKWHEUHLW³'DV WULHULVWGHU9DWHUGHU.DUDZDQHGHUhEHUZLQGHUGHU(QWIHUQXQJ:LUUHLWHQQHEHQGHU .DUDZDQHELV]XP$EHQG'DQQZHUGHQZLUHXFKDOOHVHUNOlUHQ6DJWHVGHQ0lQQHUQ $OOHVJHVFKLHKWKHXWHDEHQG´ ³:LUJHKRUFKHQ´DQWZRUWHWHQGLH8QWHUIKUHUXQGULWWHQ]XUFN]XGHUZDUWHQGHQ .RORQQH8QGVRZlO]WHVLFKGLH.DUDZDQHDXILKUHUQ|UGOLFKHQ6HLWHHVNRUWLHUWYRQ NQDSS]ZHLKXQGHUW5HLWHUQZHLWHUQDFK2VWHQ$P$EHQGKDVWHQGLH5HLWHUGLHVLFK PLW+LUWHQ7UHLEHUQXQGPLWGHQ.ULHJHUQXQG-lJHUQXQWHUKDOWHQNRQQWHQPHKU HUIDKUHQ(VEHUHLWHWHLKQHQNHLQH6FKZLHULJNHLWHQVLFKLQGLHVHLW+XQGHUWHQYRQ 7DJHVPlUVFKHQHQWZLFNHOWH2UGQXQJKLQHLQ]XILQGHQ(VJDENHLQHHUQVWKDIWHQ $XVHLQDQGHUVHW]XQJHQ$P$EHQGDOVVLFKDOOHV]HUVWUHXWKDVWHXQG5XKHKHUUVFKWH WUDIHQVLH]XVDPPHQ$WODQ5DQWLVVGLH8QWHUIKUHU$ODFDGLH6FKUHLEHUXQGGLH 5RPHW9LHOHDQGHUHELOGHWHQHLQHQ.UHLVXPHLQ)HXHUXQGXPIODFKH7LVFKHDXI GHQHQ.UJH%HFKHUXQG1DKUXQJVPLWWHOVWDQGHU $WODQVFKLHQPLWXQXPVW|OLFKHU*HZLKHLW]XZLVVHQGDGLH.DUDZDQHGLH +lOIWHLKUHV:HJHVKLQWHUVLFKJHODVVHQKDVWH(UVSUDFKUDQJHPLWGHQ:HJHILQGHUQ 1LDQFKUHXQG5DQWLVVXQGVFKLOGHUWHGD6WHSSHQXQG:VWHQVLFKYRULKQHQ DXVGHKQWHQ7DJHXQG0RQGHYROOHU6WUDSD]HQZUGHQGLH.DUDZDQHKHLPVXFKHQ $EHU]XVDPPHQPLWGHQ.ULHJHUQGHVKRFKJHZDFKVHQHQXQGEUHLWVFKXOWULJHQ5DQWLVV ZUGHQ*HVSDQQH+HUGHQXQG0HQVFKHQLKU=LHOHUUHLFKHQGHQ)OXGHVJHOEHQ :DVVHUVXQGYLHOOHLFKWGLH.VWHGHV|VWOLFKHQ0HHUHV 'LH7H[W]HLOHDXIGHPVWUDKOHQGZHLHQ:LHGHUJDEHVFKLUPVWDELOLVLHUWHVLFK'HU $UNRQLGHVFKZLHJGLH6(57+DXEHKREVLFKDP.RSIHQGHGHVhEHUOHEHQVWDQNV&\U $HVFXQQDUQDKPEOLQ]HOQGGLH%ULOOHDEXQGGUHKWHGHQ6HVVHO]XU6HLWHEHYRUHUGHQ .RSILQGHQ1DFNHQOHJWHXQGPHGL]LQLVFKHV6SUD\LQGLH$XJHQVSUKWH'DV%UHQQHQ XQGGHU7UlQHQIOXK|UWHQVFKODJDUWLJDXI&\UVFKORXQG|IIQHWHGLH/LGHUDWPHWHWLHI GXUFKXQGVDJWHVLFKGDHUZRKOGHQ5HVWVHLQHV/HEHQVLP+DOEGXQNHOYHUEULQJHQ VROOWH'LHVH$UW$UEHLWUXLQLHUWHGLH$XJHQ(UVXFKWHHLQHGXQNOH%ULOOHKHUDXVXQG VHW]WHVLHDXI

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6WHFKHQGURWH'LJLWDO]LIIHUQVDJWHQLKPGDHVHOI8KUQDFKWVXQGHLQSHDU 0LQXWHQVSlWZDU$XIGHP0HJDELOGVFKLUPOHXFKWHWHGLH0HUFDWRUSURMHNWLRQGHU (UGREHUIOlFKH'LH/DQGPDVVHGHVHXURSlLVFKDVLDWLVFKHQ*URNRQWLQHQWVEHKHUUVFKWH GDV%LOG&\U]QGHWHVLFKHLQHUDQJHVFKZDU]H=LJDUHWWHDQXQGVHW]WHVLFK]X 6FDUURQ(\PXQGVVRQXQG2HPFKHQ2UEGLHELVKHUVFKZHLJHQG]XJHK|UWXQG PLWJHOHVHQKDWWHQ/HLVHVDJWH&\U ³3KDUDR$PPHQHPHVRGHU$PHQHPKHWGHU(UVWHDXVGHU]Z|OIWHQ'\QDVWLH UHJLHUWHLP]ZHLWHQ-DKUWDXVHQGYRUGHU=HLWZHQGH$WODQXQG5DQWLVVIKUHQGLH .DUDZDQHLQGLH5LFKWXQJDXIGDVVSlWHUH&KLQD´ ³'LH6HLGHQVWUDH"´VDJWH6FDUURQXQGODVDXIHLQHP0RQLWRUbJ\SWHQ+DSL /DQG 0LWWOHUHV5HLFK$PHQHPKHWELV@³%LVKHUNHQQHLFKIDVWDOOHVZDV $WODQEHULFKWHWH(VIlOOWPLUVFKZHU]XJODXEHQGDGLH6XSHULQWHOOLJHQ]ZHLWHUH (QWKOOXQJHQEHUVHLQ:LUNHQDXI7HUUD]XOlW$EHUGDVLVWQHEHQVlFKOLFK:DQQ QHKPHQVLHHQGOLFK$WODQDXVGLHVHP7DQNXQGOHJHQLKQLQHLQ%HWW",QHLQHP=LPPHU LQGHPPDQLKQEHVXFKHQNDQQ"´ 2HPFKHQQDKPGLH+DQGYRQ$WODQV)UHXQGLQXQGVDJWHOHLVH ³(VZLUGQRFK7DJHXQG:RFKHQGDXHUQKDW*KRXP$UGHELOYHUVLFKHUW PLQGHVWHQV´ *DQ]3RLQW$OOHJURZDULQ6RUJHXPGDV/HEHQGHV6WDWWKDOWHUV6HLQH YHU]ZHLIHOWHQ)UHXQGH$QJHK|ULJHGHU.+$06,15DXPVFKLIIVEHVDW]XQJIDQGHQVLFK KlXILJDEHULQXQUHJHOPlLJHQ$EVWlQGHQLQ$HVFXQQDUV%URHLQGLHHLQ]LJH 0|JOLFKNHLW]XYHUOlVVLJEHUVHLQHQ=XVWDQGLQIRUPLHUW]XZHUGHQ$HVFXQQDUUDXFKWH VFKZHLJHQGXQGWUDQNHLQHQ6FKOXFN:HLQVWDQGDXIXQGWUDWYRUGLH.DUWHGHU YHUORUHQHQ(UGH'LH/DQGVFKDIWLQGHUVLFKGLH.DUDZDQHRVWZlUWVZDQGJOKWHLQ VWHFKHQGHUGUHLGLPHQVLRQDOHU'HXWOLFKNHLW$HVFXQQDUV%OLFNHYHUIROJWHQGLHGQQH /LQLHGLHYRQ.DQHVKGHPVSlWHUHQWUNLVFKHQ.OWHSHDXVJLQJXQGVLFKLQYLHOHQ ZLQ]LJHQ.XUYHQQDFK2VWHQVFKOlQJHOWH+DOEODXWPHLQWH&\U ³'LHbU]WHVLQGVLFKHUGD$WODQMHQVHLWVGHVOHEHQVJHIlKUOLFKHQ*UDWHVLVW$XI GHUULFKWLJHQ6HLWH´(UOlFKHOWH³(UEOHLEWXQVHUKDOWHQ6FDUURQ%LVHUZLHGHUGHU0DQQ LVWDOVGHQZLULKQVFKlW]HQZLUGVDEHUYLHOH0RQDWHGDXHUQ´ ³.|QQWLKUPLFKQRFKHLQH:HLOHDXVKDOWHQ"2GHUZLUGHUKHXWHQLFKWPHKU ZHLWHUVSUHFKHQ&\U"´6FDUURQVWDQGYRUGHQ+RORSURMHNWLRQHQGHU%LOGEHUWUDJXQJDXV GHU,QWHQVLYVWDWLRQXQG]RJGHQ.RSI]ZLVFKHQGLH6FKXOWHUQ ³'DVZHLQLHPDQG´VDJWHGHU+LVWRULNHU³8QGGHVZHJHQKDOWH]XPLQGHVWLFK WULHU'DXHUZDFKH7ULQNQRFKHLQ*ODV:HLQZLUZHUGHQHUOHEHQZDVSDVVLHUW´ 'HUZHQLJEHNDQQWHRGHUJlQ]OLFKXQEHNDQQWH7HLOGHU6WUDHEHJDQQDXIHLQHP +RFKSODWHDXGHUDQDWROLVFKHQ/DQGVFKDIWIKUWHLQ6FKODQJHQOLQLHQDQGHU6WDGW7lEULV YRUEHLXQG]ZLVFKHQGHP(OEUXVJHELUJHXQGGHP6GXIHUGHV.DVSLVFKHQ0HHUHV RVWZlUWV$HVFXQQDUXQGVHLQH6WXGHQWHQKDVWHQGLHFRPSXWHUJHVSHLFKHUWH(UGNDUWH GXUFK,QIRUPDWLRQHQDXV$WODQV%HULFKWSUl]LVLHUW²*HOlQGHPHUNPDOHGHU=HLWGLH IQIXQGIQI]LJHLQKDOE-DKUKXQGHUWH]XUFNODJ7DJHVHWDSSHQ/lQJHGHU$XIHQWKDOWH² XQGMHQH/LQLHNRQVWUXLHUWGLHGDV+|FKVWPDDQ*HQDXLJNHLWGLHJU|WP|JOLFKH $QQlKHUXQJDQGLHIUKJHVFKLFKWOLFKH:LUNOLFKNHLWGDUVWHOOWH&\UGHXWHWHDXIGLH GUHLGLPHQVLRQDOHQ(LQ]HOKHLWHQXQGVDJWH ³6HLWGHP-DKUKXQGHUW]HLJHQXQV$XVJUDEXQJHQLQMHQHQ*HELHWHQGD GRUWZRVLFKYRUGHU1HXNXOWLYLHUXQJYLHOHU(UGODQGVFKDIWHQNDUJH:VWHQEHIDQGHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$WODQXQG5DQWLVV)HXFKWVDYDQQHQXQGEHZDOGHWH6WHSSHQYRUIDQGHQ'LH:VWHQ ZDUHQDOOHVDPWNOHLQHUDOVLP-DKU=ZRWDXVHQGQDFKGHU=HLWZHQGH´ (UQDKPHLQH6FKDOWXQJYRQ'LH9HUJU|HUXQJZXFKVGHQ6FKLUPUlQGHUQ HQWJHJHQ)DUEHQXQG6WUXNWXUHQYHUlQGHUWHQVLFK$XVJHOEHQEUlXQOLFKHQXQG JUDXHQ=RQHQZXUGHQJUQH%HUHLFKH'LH/LQLHIKUWHQXQGXUFK6DYDQQHQXQG :lOGHU:DVVHUMDJGEDUHV:LOGXQGDXVJHGHKQWH:HLGHQVRUJWHQGDPDOVIUGDV hEHUOHEHQGHU.DUDZDQH'LH/LQLHQlKHUWHVLFKGHP$UDOVHHXPJLQJGHVVHQ6GHQGH XQGHQGHWHYRUOlXILJQDFKYLHOHQ:LQGXQJHQLQGHU'VXQJDUHLQ|UGOLFKGHU7LHQ 6FKDQ+lQJHDEHUPDOVDQHLQHPNOHLQHQ6HHGHP7UHIISXQNWYRQ5DQWLVV¶5HLWHUVFKDU PLW$WODQV.DUDZDQH6FDUURQEOLFNWHGLH.DUWHDQVFKlW]WHGLHJHZDOWLJHQ (QWIHUQXQJHQXQGIUDJWH ³*DEHVGDPDOVVFKRQYLHOH.DUDZDQHQVWUDHQ&\U"´ ³$WODQVSUDFKYRQLKQHQ´(UQLFNWH³'LH0HQVFKHQEHUZDQGHQHUVWDXQOLFK JURH(QWIHUQXQJHQZDQGHUWHQODQJVDPDXI7DXVHQGHQYRQ:HJHQGLH 1DFKEDUVWlGWHDEHUDXFKEHLVSLHOVZHLVHbJ\SWHQXQG%DE\ORQLHQPLWGHP2VWPHHU YHUEDQGHQ.XSIHU%URQ]HXQG$QWLPRQZXUGHQYRQ0HVRSRWDPLHQELVQDFK 0RKHQGVFKR'DURDP,QGXVWUDQVSRUWLHUW´ ³+DW$WODQV.DUDZDQHGLH0LWWHOPHHUNXOWXUHQWDWVlFKOLFKPLWGHP1DKHQ2VWHQ XQGGHPIUKHQ&KLQDYHUEXQGHQ"´ ³'DVHUIDKUHQZLUZHQQVHLQH(U]lKOXQJEHHQGHWLVW(UZDQGHUWHDXI YRUKDQGHQHQ6WUDHQXQGNUHX]WHDQGHUH+DQGHOVZHJHVFKXIQHXH$EVFKQLWWHXQG VXFKWHGLHDPZHQLJVWHQULVNDQWH5RXWH,QHLQLJHQ7DJHQZHLLFKPHKUEHUGDV +DQGHOVVWUDHQQHW]´ ³8QGZRKHUNDP5DQWLVV"´ULHI$HVFXQQDUV/HEHQVJHIlKUWLQ ³$XVGHPRVWHXURSlLVFKHQ5DXP=ZLVFKHQNOHLQHQ6LHGOXQJHQULWWHUQDFK 6GRVWHQ6FKRQGDPDOVZXUGHQ3IHUGHGRPHVWL]LHUWXQGJH]FKWHW,P6GHQQDQQWH PDQVLHµ(VHOYRQGHQ%HUJHQ'LH(UILQGXQJYRQ6DWWHOXQG6WHLJEJHOJLQJPHKUPDOV ZLHGHUYHUORUHQIURUJDQLVLHUWH5HLWHUHLKDEHQZLUNHLQHJHVFKLFKWOLFKHQ%HZHLVH´ 'LHHLQJHEOHQGHWHQ(QWIHUQXQJVPDUNHQVDJWHQDXVZLHXQIDEDUJURGLH (QWIHUQXQJHQZDUHQUXQG.LORPHWHU/XIWOLQLH]ZLVFKHQ.DQHVK.OWHSHXQGGHP 0LWWHOODXIGHV+XDQJ+R)UGLH.DUDZDQHEHGHXWHWHHVHWZD.LORPHWHU1DFK VLHEHQ0RQDWHQKDVWH$WODQPLWGLHVHUVFKZHUIlOOLJHQ0DVVHGLHKDOEH:HJVWUHFNH ]XUFNJHOHJW'HU%HJULII:XQGHUEDUH.DUDZDQHWUDI]XGDFKWH&\U(UVWDXQOLFK JURDUWLJHLQ]LJDUWLJ ³8QGZLHSDWGLHVH6RUJHYRQ(6XPGLHMXQJH0HQVFKKHLW":DUXPWUDW(6 YHUVWHFNWDXIXQGOLH$WODQ5LFRXQG5DQWLVVVRUDQJHLPXQNODUHQ"´IUDJWH6FDUURQ ³'LH)OXFKWYRQ$QGURLGHQRGHUDQGHUHQ6SLHOILJXUHQULHIMHGHVPDO$XIUHJXQJKHUYRU XQG$WODQPXWHHLQJUHLIHQ´ ³'HU.XQVWSODQHW:DQGHUHUVRYLHOZLVVHQZLUGULIWHWHDXIVHLQHUJDODNWLVFKHQ %DKQLQGLHUHODWLYH1lKH]XP6RODUHQ6\VWHP'HVZHJHQEOLHEGLH(UGHGHUHLQ]LJH )OXFKWSXQNW´ $HVFXQQDUZDUVLFKHUGDHUXQGGLH+LVWRULVFKH)DNXOWlWVlPWOLFKH 'RNXPHQWDWLRQHQVHLW$WODQV/DQGXQJPLWGHP([SHGLWLRQVNRPPDQGR$UNRQVDXI7HUUD NDQQWHQGDPDOV3ODQHWYRQ/DUVDIV6WHUQ'D$WODQV%HULFKWHDEVROXW ZDKUKHLWVJHWUHXZDUHQVWDQGHEHQVRIHVVKlWWHGHU$UNRQLGHYRUDXVVHW]HQPVVHQ GDVLFK:LVVHQVFKDIWOHUIUGLH*U|HYRQ+LUVHN|UQHUQRGHU6NODYHQSUHLVHLQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

5HODWLRQ]XP%URWSUHLVLQWHUHVVLHUHQZUGHQKlWWHHUVHLQEHUKPWHV*HGlFKWQLV KHLOORVEHUIRUGHUW ³'HU5HLWHUDQIKUHU5DQWLVVLVWQDWUOLFKMHQHU5DQWK\VGHUDQ$WODQV6HLWHGLH 8QJHKHXHUDXI.HIWLRGHU.UHWDEHVLHJWKDW"´IUDJWH2HPFKHQ$HVFXQQDUQLFNWH OlFKHOQG ³$WODQZDUHLQ)UHPGOLQJXQGLGHQWLIL]LHUWHVLFK]X5HFKWDOVµ(LQVDPHUGHU=HLW $XHU5LFRXQGGHUQXUPLW(LQVFKUlQNXQJHQKDVWHHUNHLQHQJOHLFKZHUWLJHQ *HVSUlFKVSDUWQHU(6JHVWDWWHWHLKPVLFKDQ5DQWK\V]XHULQQHUQ8QGXPJHNHKUW $XFK5DQWLVVZXUGHHLQH$UW(LQVDPHUGHU=HLW'HVKDOEIKUWHQVLHVLFKEHLP =XVDPPHQWUHIIHQVREHUPWLJDXI´ ³,FKNDQQGLHEHLGHQJXWYHUVWHKHQ´6FDUURQVWULFKLKULDQJHV+DDULQGHQ 1DFNHQ³6DJPLUHWZDVEHU&KLQDLQJUDXHU9RU]HLW&\U´ ,KUH%OLFNHKHIWHWHQVLFKHLQLJH$WHP]JHIDQJDXIGLH/DQGVFKDIWHQLP2VWHQ GHV.RQWLQHQWV6FKZHLJHQGVHW]WHVLHVLFK]X2HPFKHQ&\UUFNWHGLH%ULOOH]XUHFKW XQGVDJWH ³,QGHQ/lQGHUQGRUWJDEHVYLHOHHLQ]HOQH6LHGOXQJHQGLHYRQHLQDQGHUQLFKWYLHO ZXWHQ'LH3URWR&KLQHVHQZDUHQDXIGHP.XOWXUQLYHDXGHU%URQ]H]HLWNDQQWHQHLQH HLQIDFKH)RUPGHV*R6SLHOVGLHhEHUVFKZHPPXQJHQGHV+XDQJ+RYHUKLQGHUWHQGLH $XVELOGXQJHLQHU6WDDWVJHPHLQVFKDIW'DVHUVWHUHOHYDQWH'DWXPFKLQHVLVFKHU *HVFKLFKWHOLHJWEHLYRUGHU=HLWZHQGH*HQDXH=HLWEHVWLPPXQJHQVLQGQXUPLW 5HFKQHUQ]XO|VHQGLH8PUHFKQXQJYRQMXOLDQLVFKHP]XJUHJRULDQLVFKHP.DOHQGHULVW GLHJHULQJVWH6FKZLHULJNHLW$WODQKDWYHUPXWOLFKGLHVHNOHLQHQ6WlPPHQLFKW ]XVDPPHQJHIKUW'DVZlUHHLQ-DKUKXQGHUWSUREOHPJHZHVHQ´ (LQ6LJQDOEOLQNWH2HPFKHQVHW]WHGDV*ODVDEXQGVDJWH ³&\U0DQZLOOPLWGLUVSUHFKHQ´ 'DV*HVLFKWHLQHUlOWHUHQbU]WLQYRQ.RQ]HQWUDWLRQJH]HLFKQHWHUVFKLHQDXI HLQHP0RQLWRU*OHLFK]HLWLJZDU]XVHKHQZLHVLFKGLH6(57+DXEHPLOOLPHWHUZHLVH VHQNWH'LH1DFKWZDFKHILVWHUWH ³(UVSULFKWZHLWHU3URIHVVRU6FKDOWHQ6LH,KUH*HUlWHHLQ´ ³6LHZDUHQQLFKWDXVJHVFKDOWHW´(UVHW]WHVLFKXQGJULIIQDFKGHQ.RSIK|UHUQ ³*HKWHV$WODQEHVVHU"´ ³8QYHUlQGHUW:LUUHFKQHQPLWHLQHUUXKLJHQ1DFKWXQGHUZDUWHQDXFKPRUJHQ NHLQH3UREOHPH:LH6LHVHKHQVLJQDOLVLHUHQDOOHhEHUZDFKXQJVPRQLWRUHQGDVLFK VHLQ.|USHUHUKROW6HLQ9HUVWDQGXQGVHLQ(ULQQHUXQJVYHUP|JHQVLQGXQYHUlQGHUW H[]HOOHQW´ 6FDUURQ2HPFKHQ2UEXQG&\U$HVFXQQDUZDUWHWHQELVGDVJROGIDUEHQH 9HUVWlUNHUJHUlWEHU$WODQV.RSIXQG6FKXOWHUQDQKLHOW6LJQDOHEOLW]WHQXQGEOLQNWHQ 'LH$Q]HLJHQGHU6SUDFKUHJOHU]XFNWHQDXIXQGQLHGHU $OVGHU$UNRQLGHZLHGHU]XVSUHFKHQEHJDQQVFKLOOHUWHGDVJHVDPWH6SHNWUXP VHLQHU(UOHEQLVVHDXI+HUEVWDP5DQGGHU:VWHHLQZHLWHUHU7DJLP/HEHQGHU .DUDZDQH)HXHU+HUGHQ*HVSDQQH,QVHNWHQXQGGLH/HEHQVlXHUXQJHQYRQPHKU DOV0HQVFKHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

'HU+HUUGHU=DKOHQXQG5HFKQXQJHQPHLQ9HUWUHWHU1LDQFKUH5RPHWDXV1R $PXQDP+DSLVSUDFKPLW³QHXHU6WLPPH´,QGHU(QHUJLHGHV%OLW]HVGHUGLH 6WDQGDUWHQODQ]HJHVWUHLIWLKQXQG$V\UWD0DUD\HJHVFKRFNWXQGEHWlXEWKDVWHZDUGLH 7HLOOlKPXQJVHLQHU*HVLFKWVPXVNHOQDXVJHO|VFKWZRUGHQ(UYHUPRFKWHGLH/LSSHQ]X VFKOLHHQXQGKDVWHEHJHLVWHUWLP6SLHJHOJHVHKHQGDDXFKVHLQLUULWLHUHQGHV 'DXHUOlFKHOQGHU9HUJDQJHQKHLWDQJHK|UWH'LH*HSDUGHQVWULFKHQPDXQ]HQGXPPHLQ =HOWGDVZHLWJH|IIQHWPLWDXVJHVSDQQWHP9RUGDFKDXIWURFNHQHP*UDVVWDQG ³(VLVWJHOXQJHQ9DWHUXQ]lKOLJHU0HLOHQGLHZHQLJHQ.ULHJHUGLHVHU6LHGOXQJ RKQH1DPHQ]XEHU]HXJHQ6LHKDEHQGLH:DIIHQLQGHQVFKlELJHQ+WWHQJHODVVHQ´ ³6LHKDEHQVFKQHOOHUNDQQW´VDJWHLFK³GDZLUIULKUH/HXWHQXU9RUWHLOH EULQJHQ8QGVLHKHOIHQXQVVRJXWVLHN|QQHQ´ 'LH6FKlGHQGHV+DJHOVWXUPVZDUHQIDVWEHVHLWLJWGHU³=RUQGHU*|WWHU´KDVWH VHFKV0HQVFKHQGDV/HEHQJHNRVWHW:LUEHJUXEHQVLHXQWHUGHP+JHOGHVVHQ 6WHLQVlXOHGLH:HJNUHX]XQJPDUNLHUWH(LQHQ6WHLQZXUIZHLWEUDQQWHHLQHVXQVHUHU )HXHUXPGDVHLQEXQWJHPLVFKWHV9|ONFKHQODJHUWH(LQ*HSDUGSLUVFKWHKLQEHUXQG OHJWHVLFK]ZLVFKHQ5DQWLVV¶.ULHJHU1LDQFKUH]lKOWHDXI ³'DV%UDWHQIHVWKDWGLH'|UIOHUEHU]HXJW(VZLUGUDQJHGDXHUQELVXQVHUH +HUGHQZLHGHUJHZDFKVHQVLQG´ :LUKDVWHQQDFKGHP6WXUPXQWHUGHU6FKLFKWHLVLJHU+DJHOVFKORHQVWHUEHQGH XQGWRWH7LHUHKHUYRUJH]RJHQ=LHJHQ6FKDIH5LQGHUXQG3IHUGH6HOEVW+KQHUZDUHQ LQGHQ.lILJHQHUVFKODJHQZRUGHQ'LH0HQVFKHQKDVWHQJHVFKXIWHWRKQHGDPDQVLH KlWWHDQWUHLEHQPVVHQGLH'|UIOHUDQGHUHQ6LHGOXQJGHU6WXUPYRUEHLJH]RJHQZDU KDOIHQXQVEULHWHQGDV)OHLVFKVFKOHSSWHQGLH+lXWHLQGLH*HUEHUORKHDXVGHP+DUQ GHU0HQVFKHQXQG7LHUH9RUUlWHZXUGHQQHXYHUVWDXWXQGGLH(VVHQGHU %URQ]HVFKPLHGHZUGHQQRFKWDJHODQJJOKHQ9LHOH*HVSDQQHZDUWHWHQGDUDXI UHSDULHUW]XZHUGHQ ³(LQLJHYRQXQVKDEHQVLFKHQWVFKORVVHQLP'RUI]XEOHLEHQ6LHIDQGHQJXWH )UDXHQ$EHUHWOLFKH%DUEDUHQ]LHKHQPLWXQV´ (VZDUDE]XVHKHQGDZLUHLQHQ3ODW]JDQ]EHVRQGHUHU$UWILQGHQPXWHQ 6FKXW]YRU6WUPHQ:DVVHU+RO]IU+WWHQXQG6WlOOHXQGGLH0|JOLFKNHLWDOOH 9RUUlWHWURFNHQXQG]DKOORVH0HQVFKHQEHVFKlIWLJW]XKDOWHU1RFKKHUUVFKWHGHUVSlWH 6RPPHUXQGZLUIKOWHQNHLQHUOHL9RUDKQXQJHQYRQ+HUEVWVWUPHQRGHUNRPPHQGHU .lOWH%RUHDVGUHKWHVHLQH5XQGHQVFKRQVHLW7DJHQZHLWLP2VWHQXQGYLHOOHLFKW ]HLJWHQVHLQH$XIQDKPHQXQVEDOGHLQH*HJHQGZRZLUXQVHUH:LQWHUODJHU DXIVFKODJHQNRQQWHQ,FKQLFNWH1LDQFKUHXQG5DQWLVV]XVWDQGDXIXQGVDJWH ³*HKQZLU]XGHQDQGHUHQ.RVWHQZLUGLH6WXQGHQDXVLQGHQHQHVNHLQH 6FKZLHULJNHLWHQJLEW´ ³=XP)HXHU´PHLQWH5DQWLVV³'RUWJLEW¶V%LHUXQG%UDWHQXQGNOXJH*HVSUlFKH´ 'LH0HQVFKHQGHU.DUDZDQHXQGGLHUHLWHQGHQ.ULHJHUOLHHQHVVLFKJXWJHKHQ VRUDQJHZLUHVYHUDQWZRUWHQNRQQWHQ%HLP$QEUXFKGHV:LQWHUVPXWHQZLUXQVDQ HLQHP3XQNWEHILQGHQGHUGLHVHUJURHQ0DVVH0HQVFKHQGDVhEHUZLQWHUQP|JOLFK PDFKWH5DQWLVVKREGLH+DQGXQG]HUNODWVFKWH6WHFKPFNHQDP8QWHUDUP ³:LUVLQGMHW]W]ZDQ]LJ7DJHPLWHXFKJHULWWHQ$WODQ:LHUDQJHVRLOHVVR ZHLWHUJHKHQ"´ ,FKGHXWHWHLQGLH5LFKWXQJLQGHULFKGLH%DUULHUHGHUJHZDOWLJHQGDVJDQ]H -DKUEHUPLW(LVXQG6FKQHHJHNU|QWHQ%HUJHZXWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³:LUN|QQHQHLQHQVFKPDOHQ)OXHQWODQJELV]XHLQHP6HH]LHKHQ'LHVZLUG P|JOLFKVHLQHKH6FKQHHIlOOW1DFKGHU6FKQHHVFKPHO]HJHKWXQVHU:HJ]XHUVWQDFK 2VWHQGDQQQDFK6GRVWHQVFKOLHOLFKQDFK6GHQ8QGGDQQVWRHQZLUDXIGHQ 6WURPGHUJHOEHQ:DVVHU:LUN|QQHQLKQHQWODQJ]LHKHQRGHUHLQPDOHLQHJHIlKUOLFKH $ENU]XQJQHKPHQZHOOHULQHLQHPKRKHQ%RJHQQDFK1RUGHQ]LHKWXQGZLHGHU ]XUFNNHKUW´ 'XVFKLOGHUVWHVZLHHLQHQPLWWHOVFKZHUHQ1DFKPLWWDJVULWWEHPHUNWHGHU /RJLNVHNWRUVDUNDVWLVFK,FKXQWHUPDOWHPHLQH6FKLOGHUXQJPLWHQWVSUHFKHQGHQ =HLFKQXQJHQLQGHU$VFKHYRUXQV5DQWLVVNDQQWHGLH.DUWHQLFKVSUDFK]XGHQ DQGHUHQ ³:RODJHUQZLU"´IUDJWH1LDQFKUH ³,FKKRIIHGRUWDP6HH%LV]XGLHVHP7DJPVVHQZLUDOOHVXPXQVKHUXP NHQQHQ9LHOH0HQVFKHQPVVHQYHUVRUJWZHUGHQ´ ³,FKYHUVWHKH´VDJWH5DQWLVV³0HLQH0lQQHUZHUGHQ-DJGJHELHWHVXFKHQXQG HLQHQ3ODW]DQGHPZLUKDXVHQN|QQHQ´ (LQHJHZDOWLJH0HQJH0HQVFKHQXQJHIlKU:LUZUGHQXQVYLHOHLQIDOOHQ OHVVHQPVVHQ8QGQDFKGHP:LQWHUODJHQ6WHSSHQXQG:VWHQYRUXQV6LHZDUHQ QLFKW]XXPJHKHQZLUNRQQWHQLKQHQQLFKWDXVZHLFKHQ ³'DVZROOWHLFKYRQHXFKYHUODQJHQ´EHVWlWLJWHLFK³:DVKDOWHQGHLQHZLOGHQ 5HLWHUYRQGHU.DUDZDQH"´ 5DQWLVVXQGVHLQH8QWHUIKUHUODFKWHQGU|KQHQG ³6LHVLQGXQVHUHU0HLQXQJ.DUDZDQHGHUYLHOHQ:XQGHUNXU]GLH:XQGHUEDUH .DUDZDQH´ 7DQWUL]HUGUFNWHHLQH/DXVDXVVHLQHP1DFNHQKDDU:LUKDVWHQUDQJH %HVSUHFKXQJHQKLQWHUXQV7DQWUL6NDWKXQG5DQWLVVZDUHQHEHQVRPLWGHU]ZHLWHQ +lOIWHGHV0DUVFKHVHLQYHUVWDQGHQZLHLFKZDV.DUWHQXQG3KRWRVEHWUDI6LHWHLOWHQ PHLQH$QVLFKWGDHVOHLFKWHUVHLQZUGHPLWZHQLJHQ0HQVFKHQHLQHVROFKH (QWIHUQXQJ]XUFN]XOHJHQDOVPLWGHPJHZDOWLJHQ7URGHQZLUPLWVFKOHSSWHQ1XQHV JLQJQLFKWDQGHUV ³:LHYLHO6WlPPHRGHU6LHGOXQJHQKDEWLKUJHWURIIHQ"´IUDJWHHLQHUGHU5HLWHU 'HU2EHUVFKUHLEHUKREGHQ$UPXQGHUZLGHUWH ³(VZDUHQ]ZHLXQGGUHLLJYRQHLQHUZLQ]LJHQ-lJHUJUXSSHDQJHIDQJHQELV]XP 6WDPPYRQGUHLKXQGHUW.|SIHQ:LUKDEHQDOLHQJHKROIHQKDEHQJHWDXVFKWLKQHQYRQ GHQ6WUDHQXQGGHPIHUQHQ2VWHQHU]lKOW(WZDKXQGHUWLQVJHVDPWDXVMHGHU*UXSSH VFKORVVHQVLFKXQVDQ´ ³8QGVRZHUGHQZLUHVLPPHUKDOWHUELVZLUGLH6HHHUUHLFKHQ´VWLPPWHLFK]X 'HU$EHQGYHUJLQJIULHGOLFKZLHYLHOHDQGHUH:LUWUDQNHQVSUDFKHQEHUGLHVXQGGDV PDFKWHQUDXKH6FKHU]HXQGZXUGHQDOOPlKOLFKPGH-HGHU7HLOQHKPHUGHU.DUDZDQH GHUZHLWHUGDFKWHEHJDQQVLFK6RUJHQ]XPDFKHQZLHZLUGHQZLQWHUOLFKHQ$XIHQWKDOW EHUVWHKHQZUGHQ 'HU:HJ]XGHQQ|UGOLFKHQ+lQJHQGHV*HELUJHVIKUWHIQI]HKQ7DJHIDQJ GXUFKHLQHWURVWORVH(LQ|GH 'LH.DUWHQVDJWHQGDVJOHLFKHZLHGLH%LOGHUGLH%RUHDVOLHIHUWH6LHOLHHQQXU ZHQLJHJUQH6WHOOHQHUNHQQHQ:LUVFKOHSSWHQXQVJHZDOWLJH:RONHQJHOEURWHQ6WDXE DXIZLUEHOQGDQHLQHPVFKPDOHQ)OXEHWWHQWODQJ8QVHUH+HUGHQKLQWHUOLHHQHLQHQ IDVWNDKOHQ6WUHLIHQ/DQG'HU6WDXEVWLHJLQSXOYULJHQ:|ONFKHQXQWHUGHQ+XIHQGHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

(VHOKRFKWULHELQ6FKOHLHUQXQWHUGHQ)HOJHQGHU:DJHQLQGLH/XIWXQGZXUGHYRP ZDUPHQ:HVWZLQGJOHLFKPlLJYHUWHLOW%DOGVDKHQZLUZLHZDQGHOQGH6WDWXHQDXV'HU 6WDXEYHUNUXVWHWHXQVHUH1DVHQGLH$XJHQEHJDQQHQ]XWUlQHQXQG]XVFKPHU]HQZLU JODXEWHQNHLQH/XIWPHKU]XEHNRPPHQ'HQ7LHUHQHUJLQJHVQLFKWDQGHUV-HGHVPDO ZHQQGDV:DVVHUGHVDXVJHWURFNQHWHQ)OXVVHVELVDQGHQ5DQGXQVHUHV:HJHVJLQJ VWU]WHQ0HQVFKHQXQG7LHUHKLQXPVLFK]XZDVFKHQXQG]XWULQNHQ $QHLQHP7DJJDEHV]ZLVFKHQ0LWWDJXQG$EHQGHLQNXU]HVKHIWLJHV*HZLWWHU 'HU5HJHQZDUXQVZLOONRPPHQDEHUQDFKKHUVDKGLH.DUDZDQHXQEHVFKUHLEOLFKDXV +LQXQGZLHGHUHQWGHFNWHQZLUGUUH*HK|O]HDXVGHQHQPDJHUHURWEUDXQH7LHUH IOFKWHWHQ'LHJLOGHUGLHGHUKRFKIOLHJHQGH%RUHDVIXQNWHOLHHQHUVWLQXQPLWWHOEDUHU *HELUJVQlKHJUQH)OlFKHQHUNHQQHQ8QGZLHGHUlQGHUWHQVLFKGLHJLOGHU'DV $XVVHKHQGHU/DQGVFKDIWQDKPHLQHQQLHGHUVFKPHWWHUQGHQ&KDUDNWHUDQ%VFKHXQG *UDVIOlFKHQZDUHQVFKZDU]XQGY|OOLJOHEORV9RU7DJHQKDVWHWULHUHLQ5HQQIHXHU JHZWHWNHLQJUQHU+DOPNHLQ,QVHNWNHLQHLQ]LJHV)OHFNFKHQ*UQZDU]XHUNHQQHQ 'HU6WDXEPLVFKWHVLFKPLWJUDXHUXQGZHLHU$VFKH6FKZHLELOGHWHEUHLWH5LQQVDOHLQ XQVHUHQ*HVLFKWHUQ'DV6FKUHLHQGHUJHVFKXQGHQHQ7LHUHZXUGHEDOGOHLVHUDOVGDV NUDIWORVH)OXFKHQGHU0HQVFKHQ5DQWLVV¶5HLWHUVFKZlUPWHQDXVDEHUDXFKVLH HUOHJWHQNHLQ:LOG:LUEHJDQQHQGLHVFKZlFKVWHQ7LHUHDXV]XPXVWHUQXQG]X VFKODFKWHQ :DKUHQGGHUODQJHQ5HLVHZDUHQHLQH0HQJH.LQGHUJH]HXJWXQGJHERUHQ ZRUGHQ,KU=XVWDQGZDUQDFK]HKQ7DJHQ0DUVFKHQWODQJGHV5LQQVDOVEHNODJHQVZHUW 'DVVHOEHJDLWIUGLHQHXJHERUHQHQ7LHUHELVKHUJDEHVIDVWMHGHQ7DJLUJHQGZR 1DFKZXFKV'LH+LUWHQWDWHQZDVVLHNRQQWHQDEHUHVZDUHQYLHOH$XVIlOOH]X EHNODJHQ*HLHUVFKZHEWHQEHUGHU.DUDZDQHXQGEOLHEHQUDQJHXQVHUHHLQ]LJHQ :HJJHQRVVHQVFKZDU]H6LFKHOQLQHLQHPJQDGHQORVKHOOHQ+LPPHOGHUVLFK XQYHUPLWWHOWEHZ|ONWHXQGHLVNDOWH6WUPHVFKLFNWH 'LF7DJHZDUHQQRFKLPPHUVWHFKHQGKHLGDJHJHQNKOWHHVLQGHQ1lFKWHQ VWDUNDWH(LQHUVHLWVZXUGHQGLH0HQVFKHQGXUFKGLH6WUDSD]HQDEJHKlUWHWXQGJULIIHQ LQLKUHU1RW]XDOLHQHUGHQNOLFKHQhEHUOHEHQVP|JOLFKNHLWHQDEHU]XJOHLFKEHJDQQHQ ZLUYRQGHU6XEVWDQ]]X]HKUHQ'DVVFKOLPPVWHZDUGLH9HU]ZHLIOXQJGLHYRQ7DJ]X 7DJPHKU0HQVFKHQSDFNWHXQGDP6LQQGHU4XDOHQ]ZHLIHOQOLH:LUVFKLHQHQGDV (QGHGHU:HOWHUUHLFKW]XKDEHQGLHVDJHQKDIWHgGQLVGLHYRUGHP$EJUXQGGHU:HOW 6FKHLEHODJ1RFKHLQSHDU7DJHPXUPHOWHQGLH0HQVFKHQXQGZLUZUGHQLQGHQ HLVLJHQ)ODPPHQVFKOXQGGHU9HUGDPPQLVVWU]HQ 'HUVSLW]H'ROFK]HLJWHDXIHLQHQEODXHLQJHIlUEWHQ3XQNWGHU.DUWHLP ,QQHQGHFNHOGHU.LVWH'LHVHU3XQNWZDUHLQNOHLQHU6HHXQGXQVHU=LHO ³'DVLVWHU1RFKVFKlW]XQJVZHLVH]HKQ7DJH´VDJWHLFKXQGVWDQGDXI$V\UWD ZDUIPLUHLQHQ]ZHLIHOQGHQ7KLFN]X ³:LUUHLWHQYRUDXV,FKXQGIQI]LJ0lQQHU´VDJWH5DQWLVVUXKLJ³:LUQHKPHQGLH EHVWHQNUlIWLJVWHQDOVRGLHµVFKQHOOHQ7LHUHPLWXQGEHUHLWHQDOOHVYRQ,KUVHLGGDQQ HQWODVWHW´ ³(VZlUHHLQH0|JOLFKNHLW:LUVLQGZHQQZLUGHQ6HHHUUHLFKHQPLWXQVHUHU .UDIWDP(QGH´PXUPHOWH1LDQFKUH ³'DVLVW]XHUZDUWHQ´EHVWlWLJWHPHLQH)UHXQGLQ:LUZDUHQDEJHPDJHUWVHKU YHUVFKPXW]WXQGHEHQVRKXQJULJ1RFKZDUGLH1RWQLFKWDXVJHEURFKHQDEHUGDV 6WDGLXPLQGHPGLHNOHLQVWH(UVFKWWHUXQJGLH.DWDVWURSKHDXVO|VHQNRQQWHVWDQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

NXU]EHYRU(VEUDXFKWHQXUHLQH.UDQNKHLWDXV]XEUHFKHQXQGZLUZDUHQYHUORUHQ .QDSSHLQ0RQGKDVWHJHQJWXQVGDVGURKHQGH9HUKlQJQLVNODUHUNHQQHQ]XOHVVHQ ³,FKVFKLFNHQRFKKHXWH6NDWKXQGGLHEHVWHQ5HLWHUORVW%RUHDVNDQQVLH NRQWUROOLHUHQ´5DQWLVVKDVWHVLFKHQWVFKLHGHQ ³(LQYHUVWDQGHQ´ ,KUPWVlPWOLFKH0|JOLFKNHLWHQDNWLYLHUHQVDJWHGHU/RJLNVHNWRU1LFKWV DQGHUHVEOLHEXQVEULJ$XI5DQWLVVNRQQWHLFKPLFKYHUODVVHQHUEUDXFKWHNHLQHUOHL $QZHLVXQJHQ(UQLFNWHXQVQDFKHLQDQGHU]XXQGVWDSIWHDXVGHP=HOW:LUZDUHQ PGHXQGYHUZDKUORVW(VPDFKWHXQVQLFKWVPHKUDXVXQGGLHVZDUHLQHVGHUYLHOHQ VFKOHFKWHQ=HLFKHQGLHVHU7DJH9RUGHU-XUWHGHUQRFKZHLWHUH%HZlKUXQJVSUREHQ EHYRUVWDQGHQZDUWHWHQ6NDWKXQGHLQLJH:HJHVXFKHUGLHEHVWHQ6SlKHUGLHLFKMH NHQQHQJHOHUQWKDVWH,FKKREGHQ6FKLOGXQGVFKDOWHWHGLH%LOGIXQNDQODJHGHV 5RERWYRJHOVHLQ'HUVFKZDU]H)DONHNUHLVWH]ZLVFKHQ%HUJKlQJHQ6FKOXFKWHQ 6HHXIHUXQGVXPSILJHQ=RQHQ ³%LOGHU%RUHDV7LHIHUKHUXQWHUXQGLPPHUZLHGHU9HUJU|HUXQJHQ´RUGQHWHLFK DQ:LUEHXJWHQXQVEHUGDV%LOGLP6FKLOGPLWWHOSXQNW1LHPDQGYRQGHQHQGLHPLFK EHLVROFKHQ$UEHLWHQEHREDFKWHWHQJODXEWHDQ:XQGHURGHUGLH(LQZLUNXQJYRQ *|WWHUQ1DFKHLQDQGHUVDKHQZLUGLHJLOGHUGLHXQVHLQLJHUPDHQ]XIULHGHQVWHOOWHQ ³:LUPVVHQDPVWHLOHQ6HHXIHUXQVHUH=HOWHDXIVFKODJHQ8QGZHLWDEGHU =XIOVVHZHOOGLHVHEHLPHUVWHQZDUPHQ6RQQHQVWUDKOEHUIOLHHQ´ ³'DVHQWVFKHLGHQZLUZHQQZLUGRUWVLQG:LHYLHO7DJH$WODQ"´IUDJWH1LDQFKUH VWRFNHQG(UYHUVXFKWHQRFKLPPHUVHLQH$XIIDVVXQJYRQ2UGQXQJGXUFK]XVHW]HQPLW ZHQLJ(UIROJ ³=HKQZHQQZLUHVVFKDIIHQGLHDQGHUHQYRUZlUWV]XKHW]HQ(LQH(ZLJNHLWZHQQ HWZDVGD]ZLVFKHQNRPPW´ ³:LUDOOHZHUGHQWXQZDVLUJHQGP|JOLFKLVW´ (VZLUGQ|WLJVHLQ9HUVXFKHGLH.DUDZDQHVFKQHOOHU]XPDFKHQZDUIGHU ([WUDVLQQHLQ,FKEOLFNWHPHLQHVFK|QH)UHXQGLQDQ$XFK$V\UWD]HLJWHGLH6SXUHQGHU KDUWHQ7DJHDEHUVLHNPPHUWHVLFK]XVDPPHQPLW$ODFDXPGLH.LQGHUGHU .DUDZDQHXQGYHUVXFKWHLKQHQGDV/HEHQVROHLFKWZLHP|JOLFK]XPDFKHQ$ODFDXQG VLHKDVWHQELQQHQHLQHVKDOEHQ7DJHV)UHXQGVFKDIWJHVFKORVVHQ$V\UWDOlFKHOWH ]DJKDIW]XUFN6LHVDJWHOHLVH ³(VLVWELVKHUJXWJHJDQJHQHVZLUGDXFKZHLWHUKLQRKQH.DWDVWURSKHDEJHKHQ´ ³:DUWHQZLU¶VDE´PXUPHOWH1LDQFKUHQLHGHUJHVFKODJHQ :LUZDUWHWHQGDUDXIGDHWZDVSDVVLHUWHZDVQLFKWSDVVLHUHQGXUIWH%HVRQGHUV LFKZDUVNHSWLVFK'LH+HUGHQZDUHQQRFKLQGHU1DFKWZHLWHUJH]RJHQMHW]WIROJWHGLH .DUDZDQHLQGHU6SXUGHU+XIHLQGUFNH:lKUHQGZLUGHP:LQWHUODJHU HQWJHJHQNURFKHQEUDFKWHXQVMHGHU7DJ]XJOHLFKQlKHUDQXQVHU=LHOKHUDQ]XUIHUQHQ .VWH )OXFKHQGXQGSHLWVFKHQNQDOOHQGPLWPDKOHQGHQ)HOJHQVFKUHLHQGHQ(VHOQ ZLHKHUQGHQ3IHUGHQXQGGXPSIEUOOHQGHQ2FKVHQPDFKWHVLFKGLH.DUDZDQH DEHUPDOVDXI6LHVDKNHLQHVZHJVZXQGHUEDUDXV:LUHUUHLFKWHQGLH*HJHQGDP6HH QDFKGHPZLUHLQHQ7DJIDQJEHUHLQHQDXVJHWURFNQHWHQ6DO]VHHJHZDQGHUWZDUHQ(U ZDUZLHHLQ6SLHJHOJHZHVHQEOHQGHQGXQGIXUFKWEDU$OVGLHHUVWH*UXSSHGDV MHQVHLWLJH(QGHHUUHLFKWHMDJWHHLQ:LQGVWRGLHHUVWHQ6FKQHHIORFNHQKHUDQ,FK

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

NUPPWHPHLQH6FKXOWHUQXQGIU|VWHOWHLQQHUOLFKGUHKWHPLFKLP6DWWHOXQGZLQNWH PHLQHQ:HJHVXFKHUQ ³'LH*UXSSHQVROOHQVLFKVHOEVW6WHOOHQVXFKHQDQGHQHQVLHEOHLEHQZROOHQ,FK ZHUGHQDFKVHKHQREVLHHVULFKWLJPDFKHQ´ ³:LUYHUVWlQGLJHQGLH6SUHFKHU+HUU´ ,P/DXIGHUOHW]WHQ0RQGHKDVWHQVLFKZLHQLFKWDQGHUV]XHUZDUWHQ 6\PSDWKLHQ)UHXQGVFKDIWHQXQGHKHlKQOLFKH*HPHLQVFKDIWHQHQWZLFNHOW*UXSSHQ GLHVHUNOHLQHQ9HUElQGHVROOWHQJHPHLQVDPLKU:LQWHUODJHUHLQULFKWHQ'LH0lQQHUGLH QRFKDEJHULVVHQHUXQGPLWJHQRPPHQHUDXVVDKHQDOVGLHPHLVWHQYRQXQVVSUHQJWHQ LQYHUVFKLHGHQH5LFKWXQJHQGDYRQ'LHUDQJH5HLVHKDVWHHLQYRUOlXILJHV(QGH JHIXQGHQ 9LHU0RQGHIDQJGDXHUWHGHU:LQWHU0HLQ=HOWHLQKDOENXJHOLJJHIRUPWHU -XUWHQEDXZDUNQLHWLHILQ6DQGHLQJHJUDEHQXQWHUGHP%RGHQEHIDQGVLFKHLQH6FKLFKW 6WURK*UDVXQGWURFNHQH%OlWWHU%LV]XU6FKXOWHUK|KHZDUGLH-XUWHYRQ 6FKQHHYHUZHKXQJHQXPJHEHQ6FKQHLGHQGNDOWHU6WXUPWREWHEHUGDV/DQGZKOWH GHQ6HHDXIUWWHOWHDQGHQ%lXPHQGLHVFKZDU]HQ)LQJHUQ³OLFKHQ(VZDUHLVLJNDOW 'LH/lXVHVWDUEHQZHQQPDQ.OHLGHUXQG3HO]HQDFKWVKLQDXVKlQJWHhEHUDOOGRUWZR HV:LQGVFKDWWHQJDEDOVRLQ+|KOHQNOHLQHQ6FKOXFKWHQDXIGHU2VWVHLWHYRQ)HOVHQ KDOEHLQJHJUDEHQLQ+JHOQLQ+WWHQDXV/HKP]LHJHOQXQG5HLVLJLQ/HKPYHUSDFNW EHUZLQWHUWHQUXQG0HQVFKHQMHGHQ$OWHUV:LUKDVWHQ8QWHUVWlQGHIUGDV9LHK JHEDXWXQGMHGHQ*UDVKDOPGHQZLUKDVWHQILQGHQN|QQHQHLQJHEUDFKWXQGJHWURFNQHW 'LHPHLVWHQ.OHLQWLHUHEHIDQGHQVLFKLQGHQ8QWHUNQIWHQGHU.DUDZDQHQWHLOQHKPHU 9LHOH$UEHLWHQ]XGHQHQNHLQ)HXHUEHQ|WLJWZXUGHNRQQWHQLQGHQKXQGHUW]ZDQ]LJ 7DJHQHUOHGLJWZHUGHQDQGHUHPXWHQZDUWHQ$OVGHU:LQWHUHQGHWHKDVWHXQWHUGHP *URYLHKHLQHQDWUOLFKH$XVOHVHVWDWWJHIXQGHQ$OOHNUDQNHQXQGVFKZlFKOLFKHQ7LHUH ZDUHQJHW|WHWXQGYHUZHUWHWZRUGHQGLHJHVXQGHQEOLHEHQXQV7URW]GHPHQWVWDQGHQ LP9LHKEHVWDQGJHZDOWLJH/FNHQ0HKOEHVDHQZLUNHLQHVPHKUXQGDQGHUHZLFKWLJH 1DKUXQJVPLWWHOUHLFKWHQQXUQRFK7DJH'DVKDVWHGHQ9RUWHLOGDGLHgIHQGHU%lFNHU NHLQ+RO]PHKUEUDXFKWHQXQGZLUPHKUIU+HUGHXQGgIHQGHU%HKDXVXQJHQ YHUZHQGHQNRQQWHQ :LUKDVWHQXQVYHUNURFKHQXQGHLQJHVFKORVVHQGLFKWDQHLQDQGHUJHSUHW EHUVWDQGHQZLUGLHKHXOHQGHQ6WUPHGHQ6FKQHHIDOOGHUXQVLPPHUZLHGHU YHUVFKWWHWHXQGGXUFKGLHVH,VROLHUXQJGLH%HKDXVXQJHQZDUPKLHOWGLHHLVLJH.lOWH XQGGLH$UEHLWXQVDXV]XVFKDXIHOQXQG]ZLVFKHQGHQ+WWHQ9HUELQGXQJHQ KHU]XVWHOOHQ =XGHUVHOEHQ=HLWHQWGHFNWH%RUHDVDXIVHLQHQZHLWHQ)OJHQHLQHJURH 6LHGOXQJHWZD]HKQRGHUIQI]HKQ7DJHUHLVHQHQWIHUQWDXIXQVHUHP:HJQDFK2VWHQ :LUZUGHQGRUWDQKDOWHQXQGXP+LOIHELWWHQPVVHQ 9LHUXQG]ZDQ]LJ0HQVFKHQVWDUEHQQHXQ]HKQ.LQGHUZXUGHQJHERUHQHLQLJH 0HQVFKHQ]HLJWHQGLHHUVWHQ6SXUHQYRQ0DQJHOHUNUDQNXQJHQGLHLFKPLWPHLQHQ +HLOPLWWHOQNXULHUHQNRQQWH(VJDEYLHOHZLQ]LJH3UREOHPHDEHUNHLQHJU|HUHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6RUJHQ:LUNDPHQGXUFKPLWNPPHUOLFKHQ3RUWLRQHQDEHUGLHVHU8PVWDQGVFKDGHWH ZRKOQLHPDQGHP (VJDEPHKUDOVJHQXJ=HLWGLH.OHLGXQJDOOHUDXV]XEHVVHUQXQGQDFK]XQlKHQ :LUEHDUEHLWHWHQ)HOOHVFKlUIWHQ:DIIHQXQG:HUN]HXJHUHSDULHUWHQDOOHVZDVNOHLQ JHQXJZDUXPGXUFKGLH7UHQGHU8QWHUNQIWHKLQHLQJHEUDFKW]XZHUGHQ%HGlFKWLJ DUEHLWHWHQZLUDXIGHQ0RPHQW]XDQGHPZLUZHLWHU]LHKHQNRQQWHQ]XMHQHP3XQNWDQ GHPZLUXQVQLHGHUODVVHQZROOWHQ:HQQGHUOHW]WH6FKQHHJHVFKPRO]HQZDUZUGHQ ZLUDQVFKLUUHQXQGDXIODGHQ 5DQWLVVVDPLUJHJHQEHUKDJHUPLW]XODQJHP+DDUXQGVWUXSSLJHP%DUWLQ /HGHUXQG3HO]HJHNOHLGHWEHUJHVFKODJHQHQ%HLQHQXQGQDFKGHQNOLFKHP7KLFN ³:LUKDEHQHVJXWEHUVWDQGHQ$WODQQLFKWZDKU"´IUDJWHHUOHLVHXQG DQJHVSDQQW(UEHVDDOOH,QIRUPDWLRQHQGLHDXFKLFKKDVWH ³,FKGHQNHMD´HUZLGHUWHLFK³'DV)UKMDKUZLUGKDUWZHUGHQ'HU6WDPPGHQ ZLUJHVHKHQKDEHQZLUGXQVDXFKQLFKWYLHOKHOIHQN|QQHQGHQQDXFKVLHKDEHQLKUH 9RUUlWHDXIJH]HKUW8QVEOHLEWHLQHKDUWH=HLW$EHUVLHZLUGOHLFKWHUZHQQZLUZDQGHUQ +LHU]XEOHLEHQZlUHW|GOLFK´ ³,FKELQGHLQHU0HLQXQJ´(UJDEPLUUHFKW³0HLQH/HXWHKDEHQGLH'LV]LSOLQQLFKW YHUOHUQW6LHZHUGHQKHOIHQZRVLHN|QQHQ´ 6LHKDVWHQJH]HLJWGDVLHEHUDOO]XSDFNWHQXQGYLHOH$UEHLWHQEHKHUUVFKWHQ 6LHZUGHQXQVDXFKDXIGHP]ZHLWHQ7HLOGHV9RUKDEHQVXQWHUVWW]HQ ³'DVZHLLFK,FKIUFKWHPLFKYRUGHP)UKOLQJ´VDJWHLFKYROOHU6NHSVLV³YRU GHP6RPPHUXQGGHQ6WHSSHQXQGYRUDOLHQ8QIlOOHQGLHZLUELVKHUQLFKWHUOHEW KDEHQ´ (UQLFNWHEHGlFKWLJLFKZXWHGDHUGDVVHOEHGDFKWHZLHLFK:LUZUGHQDOOHV EHUVWHKHQGDV=LHOHUUHLFKHQXQGILQGHQZDVZLUVXFKWHQ:LUEUDFKWHQGLH *UXQGEHVWDQGWHLOHYRQ.XOWXUXQG=LYLOLVDWLRQPLWXQV.HLQHUYRQXQVHUZlKQWH(6 XQWHUGHVVHQ%HIHKOZLUKDQGHOWHQ 6FKOHSSHQGYHUJLQJGLH=HLW,P*OHLFKPDGHU7DJHXQG1lFKWHZlKUHQG 6WXUPXQG.lOWHDEIODXWHQYHUZLVFKWHQVLFKGLH=HLWEHJULIIH8QGDQHLQHP0RUJHQDOV ZLUDXVGHQ+WWHQ+|KOHQ=HOWHQXQG-XUWHQNURFKHQPLWNODPPHQ)LQJHUQXQG IHXFKWHU.OHLGXQJVDKHQZLUGDGLH6RQQHVWUDKOWHGHU6FKQHHLQGHU:lUPH GDKLQVFKPRO] ,QGHU1DFKWEHJDQQGHU)UKOLQJXQGYRQ7DJ]X7DJZXUGHHVZlUPHU-HW]W ZXWHQZLUGDMHGH$UEHLWXQGMHGH$QVWUHQJXQJGD]XGLHQHQZUGHQGLH :XQGHUEDUH.DUDZDQHZLHGHULQHLQHQOHEHQGLJHQ2UJDQLVPXV]XYHUZDQGHOQGHUZLH HLQZHKUKDIWHU7DXVHQGIOHUXQDXIOKDOWVDPELVDQGLH6WHOOHNURFKZRGHU)OXPLW GHPJHOEHQ:DVVHULQV0HHUPQGHWH)UXQVEHJDQQHLQH3HULRGHJU|HUHU 6FKZLHULJNHLWHQ 6FKRQZHLWYRUGHU6LHGOXQJVWXW]WHQZLQ5XQGYLHU]LJ3IHUGHYHUXUVDFKWHQHLQH 0HQJH/lUPXQG*HUlXVFKH 9RUXQVMHQVHLWVGHV:DOGHVYROOHUIUKOLQJVKDIWJUQHU%OlWWHUK|UWHQZLUODXWHV ODQJJH]RJHQHV6W|KQHQDXV+XQGHUWHQ.HKOHQ'D]ZLVFKHQHUW|QWHQVSLW]H6FKUHLH 'DV6FKODJHQJURHU7URPPHOQKDVWHXQVKLHUKHUJHORFNW5DQWLVVXQG7DQWULVDKHQ PLFKIUDJHQGDQ ³6LHIHLHUQXQVYHUPXWOLFKZLH"´VDJWH7DQWUL

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³1HLQ´DQWZRUWHWHLFKRKQHHVJHQDX]XZLVVHQ³%RUHDVVDKGDVLFKHLQ ODQJHU=XJDXIHLQHQ+JHO]XEHZHJW,FKGHQNHHVLVWHLQH)UKOLQJVIHLHU´ ³6HKHQZLUQDFK´ :LHLPPHUELOGHWHQZLUGLH9RUKXWGHU.DUDZDQH:HJHVXFKHU5HLWHUDXV 5DQWLVV¶*UXSSHQHLQLJH6ROGDWHQXQG$V\UWD/DQJVDPHUKROWHQVLFKGLH3IHUGHDXI GHQIHWWHQ:HLGHQYRP0DQJHOGHV:LQWHUV'DV6W|KQHQNODQJVHOWVDPLQEUQVWLJXQG JUDXVDPGLH6FKUHLHZDUHQHNVWDWLVFK:LUORFNHUWHQGLH=JHOXQGXPULWWHQ VFKZHLJHQGXQGDXIVlXHUVWHJHVSDQQWGHQ:DOGGHUVLFK]ZLVFKHQ:LHVHQXQG EHVWHOOWHQ)HOGHUQKLQ]RJ5K\WKPLVFKHU*HVDQJVFKOXJDQXQVHUH2KUHQDOVZLUIUHLH 6LFKWKDVWHQXQGDEVHLWVGHUIHUQHQ6LHGOXQJHLQH3UR]HVVLRQEHPHUNWHQGLHDXIGHQ NOHLQHQ+JHO]XVWUHEWH(LQH*UXSSH0lQQHULQ)HOOVWLHIHOQXQGOHGHUQHQ+RVHQ EUHLWH*UWHOXPGLH+IWHQEHUVHOWVDPJHVFKOXQJHQHQ5|FNHQJLQJYRUDQXQG VWLPPWHGLHGXPSIHQ6FKUHLHDQ6LHWUXJHQUDQJH+RO]VWDQJHQDQGHUHQ6SLW]HQ )LJXUHQDXVKRFKSROLHUWHU%URQ]HXQGDXV.XSIHUVWDNHQ6WDPPHV]HLFKHQRGHU 6WDQGDUWHQ'HP'XW]HQGEUDXQElUWLJHU0lQQHUPLWVFKXOWHUODQJHPYHUILO]WHP+DDU XQGIDQDWLVFKUROOHQGHQ$XJHQIROJWHHLQODQJHU=XJGHVVHQ7HLOQHKPHUZLOG XPKHUVSUDQJHQ:DVZLUVDKHQYHUVFKOXJXQVGLH6SUDFKH ³$OOHVDQGHUHDEHUNHLQH%HJUXQJV]HUHPRQLH´ 5DQWLVVZDUIDV]LQLHUWXQGDQJHZLGHUW %DUEDULVFKH%UlXFKH+DOWHWHXFKWXQOLFKVW]XUFNIOVWHUWHGHU/RJLNVHNWRU'HQ KDOEQDFNWHQ0lQQHUQGHUHQ5FNHQYRQ6WULHPHQXQG:XQGHQDXIJHULVVHQZDUHQXQG EOXWHWHQIROJWHQHWZDKXQGHUWGXQNHOKDDULJH0lQQHU6LHVSUDQJHQLQGLH+|KHXQG]XU 6HLWHZlO]WHQVLFKVFKUHLHQGDXIGHP%RGHQ-HGHUVFKOXJDXIVHLQHQ1DFKEDUQHLQ PLW6W|FNHQGLH'RUQHQXQG=DFNHQWUXJHQIJWHQVLHVLFKVHOEVWXQGGHQDQGHUHQ NOHLQHVFKPHU]KDIWH:XQGHQ]X$OOHVFKLHQHQELV]XU%HVLQQXQJVORVLJNHLWEHUDXVFKW ]XVHLQ(LQGlPRQLVFKHU=ZDQJ]XU6HOEVWYHUVWPPHOXQJJLQJYRQLKQHQDXV'HU VFKZHUHIHXFKWH%RGHQURFKGLH.|USHUGHU9RUEHL]LHKHQGHQVWDQNHQGXPSIXQG WLHULVFKZLUJODXEWHQGDV%OXWULHFKHQ]XN|QQHQ8QVHUH3IHUGHVFKHXWHQZLUPXWHQ VLHKDUWDQGHQ=JHOQHKPHQ$EHUGLHVH%HVHVVHQHQEHDFKWHWHQXQVJDUQLFKW6LH JORW]WHQXQVPLWZHLWDXIJHULVVHQHQ$XJHQDQDEHUVFKLHQHQQLFKWHLQPDOGLH]ZHL *HSDUGHQ]XVHKHQGLHQHEHQPHLQHP6FKHFNHQVWDQGHU6W|KQHQGHZLPPHUQGHXQG EOXWHQGH0lQQHUZlO]WHQVLFKZLH:HVHQDXVHLQHUGlPRQLVFKHQ:HOWDQXQVYRUEHL :LUVFKZLHJHQHQWVHW]WXQGVDKHQZHLWHU]X (LQLJHMQJHUH0lQQHUDXJHQVFKHLQOLFKQLFKWEHUDXVFKWIKUWHQVHFKVNOHLQH 3IHUGHDQGHQ+DOIWHUQ'LHVWUXSSLJYHUZDKUORVWHQ7LHUHVWDQGHULQJUHOOHP*HJHQVDW] ]XGHQYHU]LHUWHQ=lXPHQGHQJHSXW]WHQOHGHUQHQ=XJULHPHQXQGGHQ)HOOHQXQG 'HFNHQPLWGHQHQVLHEHKlQJWZDUHQXQG]RJHQHLQHQRIIHQHQNDVWHQI|UPLJHQ:DJHQ PLWYLHUZXFKWLJHQ6FKHLEHQUlGHUQGLHHUElUPOLFKYHU]RJHQZDUHQ$QGHQ(FNHQGHV :DJHQVUDJWHQ6WDQJHQKRFKPLWNXSIHUQHQ6WDQGDUWHQWLHUHQJHVFKPFNW]ZLVFKHQ VLFKHLQHQJHIORFKWHQHQXQGEHVSDQQWHQ%DOGDFKLQ.QLUVFKHQGEHZHJWHVLFKGDV *HVSDQQQlKHUGXUFKDXIJHZKOWHXQG]HUVWDPSIWH(UGH*HEDQQWVWDUUWHQZLUGHQ .|USHUDQGHUDXIGHP:DJHQODJ ³8Q]ZHLIHOKDIW´VDJWHLFKJHSUHW³WUDJHQVLHLKUHQ+HUUVFKHU]X*UDEH´ ³6RZLUGHVVHLQ´5DQWLVVJDEPLUUHFKW'HUNDONZHLEHPDOWH.|USHUZDUQXU PLW6WLHIHOQ5RFNXQGHLQHPRIIHQHQlUPHOORVHQ+HPGEHNOHLGHW0DQKDVWHGLH+DXW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

PLWHLQHUGLFNHQ6FKLFKW:DFKVEHU]RJHQXQGPLW6FKPXFN:DIIHQXQG)HOOHQ XPJHEHQ,FKVDK GDGHU/HLEYRP%UXVWEHLQDQJH|IIQHWXQGZLHGHU]XJHQlKWZRUGHQZDU,Q .UJHQDXVJODVLHUWHP7RQGLHQHEHQGHU/HLFKHVWDQGHUEHIDQGHQVLFKZRKOGLH (LQJHZHLGH'HU=XJZLUNWHDXIXQVDOVVHLHUVFKRQUDQJHXQWHUZHJV+LQWHUGHP :DJHQNDPHQMHZHLOVHLQ'XW]HQGMXQJH0lQQHUXQG)UDXHQ,KUH+lQGHZDUHQPLW /HGHUULHPHQYRUGHQ.|USHUQJHIHVVHOW2EZRKOHVWURW]GHUZDUPHQ6RQQHIHXFKWXQG NKOZDUVFKLHQHQZHGHUGLHKDOEQDFNWHQ-QJOLQJHQRFKGLH0lGFKHQ]XIULHUHQ)QI 0lGFKHQZDUHQDXIGHUEH$UWVFK|QDXFKVLHEOLFNWHQHUVFK|SIWXQGDEZHVHQG VW|KQWHQXQGNHXFKWHQODXWLP5K\WKPXVGHVVFKDXHUOLFKHQ*HVDQJVGHUDQGHQ 1HUYHQ]HUUWHXQGXQVKDOENUDQNPDFKWH ³6LQGHVGLH'LHQHUXQG.RQNXELQHQGHV)UVWHQ"´IOVWHUWH$V\UWDDWHPORV QHEHQPIU,FKZDUILKUHLQHQNXU]HQ7KLFN]X$XFKVLHZDUHQWVHW]WEHUGLH5DVHUHL GLHDOOH7HLOQHKPHUGLHVHU3UR]HVVLRQJHIDQJHQKLHOWDEHUDXFKVLHNRQQWHLKUHQ7KLFN QLFKWYRPJUDXVLJHQ*HVFKHKHQORVUHLHQ ³'XNDQQVWUHFKWKDEHQ´VDJWHLFKOHLVH6WXPSIVLQQLJXQGYROO7RGHVDQJVW IROJWHQGLHMXQJHQ/HXWHGHP/HLFKQDP$OVGHU:DJHQDQXQVYRUEHLVFKZDQNWHURFK HVEHWlXEHQGQDFK6DIUDQ5lXFKHUZHUN'LOOVDPHQXQG(SSLFK²XQGQDFKGHU$QJVW PHQVFKOLFKHU.UHDWXUHQ:LHGHUWlQ]HOWHQXQVHUH3IHUGHQHUY|VDXIGHU6WHOOHXQG YHUVXFKWHQDXV]XEUHFKHQ(LQSHDU$WHP]JHGDQDFKNURFKGDV=HQWUXPGHV WREHQGHQXQGNUHLVFKHQGHQ,QIHUQRVKHUDQ'LH0HQVFKHQKDVWHQVFKRQ(QWVHW]HQ YHUEUHLWHWDEHUGHU5HVWGHV=XJHVGHUZLHHLQHLQGLH/lQJHJH]RJHQH6FKODQJH VFKPDOHUZXUGHXQGLQHLQSHDUWDXPHOQGH1DFK]JOHUDXVOLHIYLHUKXQGHUW6FKULWWODQJ ZDUHUIOOWYRQ6FKZLQJXQJHQEHVHVVHQHU6HOEVWTXlOHUHL(LQPRUELGH)UHXGHDP 6FKPHU]JLQJYRQGHQ0HQVFKHQDXVDEVWXPSIHQGH5DVHUHLIUHPGDUWLJHUXQG XQPHQVFKOLFKHU,QEUXQVW6HOEVWGLHlOWHUHQ0lQQHUGLHVFKZHUH7URPPHOQYRUGHQ %lXFKHQWUXJHQXQGPLW6FKHQNHONQRFKHQYRQ5LQGHUQDXIGLHVWUDIIHQ+lXWH HLQVFKOXJHQZDUHQYRQGHQ6FKXOWHUQELV]XPEOXWEHUNUXVWHWHQ*XUWYROOHUIULVFKHU XQGYHUVFKRUIWHU:XQGHQ$OOHEHIDQGHQVLFKLQHLQHPXQQDWUOLFKHQ%DQQ ,KUH7UDXHUXPGHQ7RWHQZDUHFKWXQGGHQQRFKIDOVFKZHOOVLHEHUWULHEHQ ZLUNWH'LHVFKZHLEHUVWU|PWHQEOXWHQGHQ.|USHUKDWWHQIDVWDOOHV0HQVFKOLFKH YHUORUHQ6LHYHUJDHQGHQ5K\WKPXVGHUODQJJH]RJHQHQ5XIHNHLQHQ+HU]VFKODJ ODQJ8QEDUPKHU]LJSUJHOWHQVLHHLQDQGHU$XVGHQ2KUHQKDVWHQHLQLJHNOHLQH ]DFNLJH6WFNHKHUDXVJHVFKQLWWHQ'LH*HVLFKWHUVDKHQZLH0DVNHQDXV6FKODPP%OXW XQG6FKZHLDXV6LHVFKLHQHQ7LHUHJHZRUGHQ]XVHLQY|OOLJJHIDQJHQLQLKUHU 5DVHUHL'LH6SLW]HGHV=XJHVKDVWHOlQJVWGHQ+JHOHUUHLFKW'LH$XJHQGHU)UDXHQ XQG0lQQHUJOlQ]WHQEOLQG'LHFKDRWLVFKH3UR]HVVLRQ]RJVWLQNHQGYRQ)OLHJHQ XPVXUUWYRUEHL6FKUHLHXQG6W|KQHQZXUGHQXQPHUNOLFKOHLVHUQXUODQJVDPZLFKGHU %DQQYRQXQVDOVGLHOHW]WHQHQWNUlIWHWHQ/HXWHZHLWHUWDXPHOWHQ1DFKHLQHU:HLOHLQ GHUZLUGLH7LHUHEHUXKLJHQPXWHQVDJWHLFK]X5DQWLVV ³1LPP$V\UWD)UHXQGXQGUHLWHLQGLH6LHGOXQJ'XZHLWZDV]XWXQLVW´ (UZLQNWH7DQWULXQG6NDWKKHUDQXQGEHIDKOLKQHQPLWPLU]XUHLWHQ'DQQ SDFNWHHU$V\UWDV3IHUGDP=JHOXQGULWWORVW6HLQH0lQQHUIROJWHQLKPXQGVFKWWHOWHQ VLFKDOVZlUHQVLHDXVHLQHP$OSWUDXPLQV6RQQHQOLFKWKLQDXIJHWDXFKW$XIHLQHQ:LQN KLQULWWHQDXFKPHLQH6ROGDWHQXQG:HJHILQGHUKLQWHUKHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³:HQQZLUHLQLJH7DJHPLWLKQHQOHEHQZROOHQPVVHQZLUVHKHQZLHVLHVLFK YHUKDOWHQ´VDJWHLFKZDUIPHLQ3IHUGKHUXPXQGJDORSSLHUWHGLH]ZHL*HSDUGHQYRU XQG]ZHL5HLWHUKLQWHUPLULPJURHQ%RJHQDP=XJYRUEHLDXIGHQ+JHO]XGHUYRQ HLQSHDUWUDXULJHQ%lXPHQEHVWDQGHQZDU:LH]XP+RKQVWUDKOWHGLHZlUPHQGH )UKOLQJVVRQQHEHUGLHVHJUDXVDPH[RWLVFKH6]HQHQIROJH:LUHUUHLFKWHQGHQ+JHO JOHLFK]HLWLJPLWGHU*UXSSHMHQVHLWVGHV:DJHQV=LWWHUQGXQGNHXFKHQGVWDQGHUGLH 3IHUGHXQZHLWGHVRIIHQHQ*UDEHVHLQHUYLHUHFNLJHQ*UXEHYRQMHZHLOV]Z|OI6FKULWW .DQWHQOlQJH'HU$XVKXEELOGHWHHLQHQ+JHODXIGHU6SLW]HGHV+JHOV'LH 8QWHUIKUHU5DQWLVV¶ZDKUOLFKNHLQH0lQQHUYRQEHUWULHEHQHU6FKHXXQG =XUFNKDOWXQJKLHOWHQVLFKHQJDQPLFKDOVVLHDKQWHQZLHGLH=HUHPRQLHZHLWHUJHKHQ ZUGH1DFKXQGQDFKHUUHLFKWHQDOOH7HLOQHKPHUGLHVHUVFKDXHUOLFKHQ)HLHUGLH*UXEH 8QVEHDFKWHWHQVLHQLFKW-HQH0lQQHUGLH'UHL]DFNHPLW5DVVHOQDQGHQ6SLW]HQ WUXJHQYHUXUVDFKWHQPLWGHQ7URPPOHUQ]XVDPPHQHLQHQK|OOLVFKHQ/lUPGHUGXUFK 0DUNXQG%HLQIXKU$P*UDEUDQGIHQGVLFKHLQKHXOHQGHUXQGZLPPHUQGHU+DXIHQYRQ 0lQQHUQ]XVDPPHQGLHGLH/HLFKHGHV)UVWHQYRP:DJHQQDKPHQXQGDXIGHQ 6FKXOWHUQKLHOWHQ$QGHUHVFKOHSSWHQ/DXEXQG)HOOHDXVGHP:DJHQXQGEHUHLWHWHQLQ GHU*UXEHHLQH$UW/DJHU8QWHUGHPLUUVLQQLJHQ'U|KQHQGHU7URPPHOQZXUGHGHU /HLFKQDPDXIGLHVHV)HOODJHUJHVHQNW'LH.UJHDXVGHP:DJHQZXUGHQUXQGXPGHQ 7RWHQDXIJHVWHOOWXQGGLH7UlJHU]RJHQVLFK]XUFN6RIRUWEHJDQQHLQHQHXH 3UR]HVVLRQ9LHOH0lQQHUPLW/DQ]HQ6WDQGDUWHQXQG.QSSHOQNDPHQKHUDQ-HGHU YRQLKQHQUDPPWHQDFKEHVFKZ|UHQGHQ*HVWHQXQGPLWODXWHP.ODJHQVHLQHQ6WDE VFKUlJLQGLHVFKZDU]H(UGHVRGDJDQ]]XP6FKOXHLQH$UW=HOWJHUVWEHUGHP 7RWHQDXIUDJWH 7URPPOHUXQG0lQQHUPLW0HWDOOUDVVHOQVWHLJHUWHQDEHUPDOVLKUHQ/DUPDOVGLH MXQJHQ'LHQHUXQG.RQNXELQHQVLFKXPGLH*UXEHDXIVWHOOWHQ6LHVFKLHQHQ]XWUlXPHQ RGHU]XVFKODIHQVLHVFKZDQNWHQZLHP7UDQFHKLQXQGKHUYRUZlUWVXQG]XUFN(LQ EUHLWVFKXOWULJHU0DQQHLQHEOXWLJH+DPPHUD[WEHUGHU6FKXOWHUWUDWKLQWHUVLH1RFK HLQPDOVWHLJHUWHVLFKGHUXQKHLPOLFKH/lUP0HLQ6FKHFNHVSUDQJKRFKXQGNHLOWHZLH EHVHVVHQDXV,FKVWREXPLKQ]XEHUXKLJHQGHQ+JHOKLQXQWHUXQG]ZDQJGDV7LHU ZLHGHUKLQDXI0LWJOHLFKPWLJHU0LHQHKROWHGHU0DQQPLWGHU%URQ]HZDIIHDXVXQG IKUWHHLQHQZDDJUHFKWHQ6FKODJJHJHQGHQ+LQWHUNRSIGHVHUVWHQ-QJOLQJV'HU IDXVWI|UPLJH.RSIGHU:DIIHWUDIJHQDX'HU6FKlGHOEUDFK%OXWXQG*HKLUQVSULW]WHQ QDFKDOLHQ6HLWHQGLH:XFKWGHV+LHEHVZDUIGHQ6WHUEHQGHQDXVJHVWUHFNWQDFKYRUQ XQGLQGLH*UXEH(UVFKOXJPLWGHP5HVWGHV.RSIHVJHJHQGLH6WDQJHQEHUGHU /HLFKH'LH0HQJHEUDFKLQVDWDQLVFKHV.UHLVFKHQXQG+HXOHQDXV0HLQ.|USHU EHU]RJVLFKPLW*lQVHKDXWLFKVFKWWHOWHPLFKDOVRELFKDXVHLQHP7UDXPHQWIOLHKHQ N|QQHDEHUGHU([WUDVLQQVFKULH9HUKDOWHWHXFKUXKLJ6LHEULQJHQHXFKVRQVWXPLQ LKUHU5DVHUHL0LVFKWHXFKQLFKWHLQ:OUYHUVXFKWHQGDV*DQ]HPLWNDOWHP%OXW]X VHKHQDEHUGLH(LQGUFNHZDUHQ]XVWDUN1DFKHLQDQGHUVWDUEHQGLH-QJOLQJHXQGGLH MXQJHQ)UDXHQ,PPHUZLHGHUGUDQJGHUKDPPHUDUWLJH.RSIGHV%HLOHVLQGLH6FKlGHO HLQXQGVFKOHXGHUWH]XFNHQGH.|USHULQV*UDE 8QGEHLMHGHP6WHUEHQVWLHJHLQ/lUP]XP+LPPHOGHUXQVDXIVQHXH HUVFKUHFNWH6FKOLHOLFKELOGHWHQGLH.|USHUDXVGHQHQKHOOURWHV%OXWILHIXQGLQGHU (UGHYHUVLFNHUWHHLQZLUUHV0XVWHUDXIGUHL6HLWHQGHVWRWHQ)UVWHQ,Q]ZLVFKHQKDVWHQ GLH*HVSDQQIKUHUGLH3IHUGHDXVJHVFKLUUW0lKQHQXQG6FKZlQ]HZDUHQVWDUNJHNU]W ZRUGHQ'LH7LHUHYHUVXFKWHQDXV]XEUHFKHQDOVGHU*HVWDQNGHV%OXWHVLQLKUH1VWHUQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GUDQJ$EHUHLQ+DXIHQVFKUHLHQGHU0HQVFKHQZDUIVLFKDXIGLH7LHUHSDFNWHVLHDP 6FKZDQ]XPGHQ+DOVDQGHQ/lXIHQ]RJXQG]HUUWHVLHDQGHQ5DQGXQGZLHGHUWUDW GDVIXUFKWEDUH+HQNHUVEHLOLQ7lWLJNHLW$XIGLH/HLFKHQGHU'LHQHUXQG0lGFKHQ VWU]WHQGLHEOXWHQGHQLP7RGHVNDPSIZLOGXPVLFKNHLOHQGHQ3IHUGHHPHVQDFKGHP DQGHUHQ$OVGDVOHW]WH7LHUQHEHQGHPWRWHQ)UVWHQYHUEOXWHWHULGDVXQJODXEOLFKH *HVFKUHLPLWHLQHP6FKODJDWH$XFKGLH7URPPOHUXQGGLH5DVVHOQVFKZLHJHQ:LU K|UWHQQXUQRFKGDV$WPHQXQG.HXFKHQGHU0HQJH'DQQHLQHLQ]HOQHU 7URPPHOVFKODJ8QGZLHGHUEHJDQQHQVLH]XUDVHQ $OOH0HQVFKHQVWU]WHQVLFKDXIGHQ(UGKDXIHQ0LWEORHQ+lQGHQVFKDXIHOWHQ VLH(UGHXQG6DQGLQGLH*UXEHVFKOHSSWHQ6WHLQHXQGZDUIHQVLHLQGLHORFNHUHQ (UGNUXPHQ'DGLHVDOOHVLQSO|W]OLFKHU/DXWORVLJNHLWVWDWWIDQGZDUHQGLHVH+DQGOXQJHQ IUXQVQLFKWZHQLJHUHUVFKUHFNHQG%LQQHQNXU]HU=HLWZ|OEWHVLFKHLQNDORWWHQI|UPLJHU +JHOEHUGHU*UDEVWlWWH*QlGLJYHUGHFNWHHUGLH6SXUHQGHVULWXHOOHQ*HPHW]HOV =XP6FKOXEUDFKWHQHWZDGUHLKXQGHUW3HUVRQHQGLHGRSSHOWH0HQJHYRQ%UXFKVWHLQHQ XQGJURHQ.LHVHOQKHUEHLXQGSDFNWHQVLHLQGLHVFKZDU]H(UGH ³7DQWUL´VDJWHLFKOHLVH³UHLWH]XU.DUDZDQHXQGEULQJHVLHDXIGHPEHVWHQ:HJ ]XU6LHGOXQJ$FKWHWDXIGLHEHVWHOOWHQ)HOGHUMD"´ ³(VVRLOJHVFKHKHQ+HUU´DQWZRUWHWHHUKHLVHUXQGPLWIODFNHUQGHQ$XJHQ(U GUHKWHVHLQ7LHUDXIGHU6WHOOHXQGULWWLQZHVWOLFKHU5LFKWXQJGDYRQ ³8QGZLUVHKHQQDFKZDV5DQWLVVHUUHLFKWKDW´VDJWHLFKHEHQVROHLVH:LU HQWIHUQWHQXQVYRQGHU6WlWWHGHUJUlOLFKHQ=HUHPRQLHXQGIUDJWHQXQVZLHGLHVH 0HQVFKHQXQWHUQRUPDOHQ8PVWlQGHQOHEWHQZHQQVLH]XVROFKHU*UDXVDPNHLWVLFK XQGDQGHUHQJHJHQEHUIlKLJZDUHQ.XU]GDUDXIHUUHLFKWHQZLUGLH6LHGOXQJPLW EHUUDVFKHQGJURHQ+lXVHUQVWURKJHGHFNWXQGODQJJH]RJHQ,QGHU1lKHGHV %DFKODXIVGHUDQHLQHU6WHOOHGXUFKHLQHQ:DOODXV/HKPXQG6WHLQHQDXIJHVWDXWZDU HQWGHFNWHQZLUHLQJURHV+DXVDXVGHVVHQJHPDXHUWHPXQGDXVJHEUDQQWHQ /HKP]LHJHOQEHVWHKHQGHP6FKRUQVWHLQJHZDOWLJH5DXFKZRONHQDXIVWLHJHQ,QGHU0LWWH GHU6LHGOXQJJHNHQQ]HLFKQHWGXUFKHLQHQDXVJHWUHWHQHQ3ODW]HLQHQ%UXQQHQXQG HLQHQ.UHLVJUQHQGHU%lXPHHQWGHFNWHQZLUGLH3IHUGHXQVHUHU*UXSSH6FKHXVDKHQ DXVGXQNOHQ7UK|KOXQJHQ.LQGHUKHUYRU(LQVHOWVDPHUWUXQNHQPDFKHQGHU*HUXFK KLQJLQGHU/XIW(VZDUIUKHU1DFKPLWWDJ ³5DQWLVV$V\UWD´ULHILFK$XVGHP,QQHUQHLQHV+DXVHVGDVGXUFKZHLW YRUVSULQJHQGH'lFKHUXQG6lXOHQZLHHLQVLPSOHU3DODVWZLUNWHNDPGLH$QWZRUW ³:LUVLQGWULHU.RPPWKHUHLQ´ ³:LUNRPPHQ´VFKULH6NDWK]XUFN:RUDQODJHVGDZLUXQVLFKHU]XZHUGHQ EHJDQQHQ":lKUHQGZLUGLH3IHUGHDQHLQHQ%DXPEDQGHULFKHPHQ*HSDUGHQDOV :DFKH]XUFNOLHXQGGHPDQGHUHQZLQNWHVDKHQZLUXQVXP'LH6LHGOXQJPDFKWH REZRKOYRQGHQ6SXUHQGHV:PWHUVJHNHQQ]HLFKQHWHLQHQJXWHQ(LQGUXFN'LH %HZRKQHUVFKLHQHQUHWFKXQGIOHLLJ]XVHLQGLH.LQGHUVDKHQZRKOJHQlKUWDXVXQG ZDVZLULQGLHVHPNXU]HQ5XQGEOLFNHUNHQQHQNRQQWHQVDKVRUJVDPEHKDQGHOWDXV 9RUVLFKWLJGLH)LQJHUXPGLH'ROFKJULIIHJLQJHQZLU]ZLVFKHQZHLJHNDONWHQYRQ EUHLWHQ%URQ]HElQGHUQ]XVDPPHQJHKDOWHQHQ+RO]VlXOHQKLQGXUFKDXIHLQHQ(LQJDQJ ]XKLQWHUGHPVLFKHLQVDQGJHIOOWHU,QQHQKRI|IIQHWH'RUWVWDQGHUXQVHUH0lQQHUXQG $V\UWDLP+DOENUHLVXPHLQHQDOWHQZHLKDDULJHQ0DQQKHUXP ³:DUWH$OWHU+LHUNRPPWXQVHU)UVW´VDJWH5DQWLVV6HLQ*HVLFKWWUXJGHQ $XVGUXFNDQJHVSDQQWHU:DFKVDPNHLW(UZLQNWHQV:LUEHWUDWHQGHQ+RINDPHQQlKHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XQGEOLFNWHQLQGLHEHUUDVFKHQGNODUHQ$XJHQGHV*UHLVHV5DQWLVVPDFKWHHLQH HLQODGHQGHHUNOlUHQGH%HZHJXQJXQGVDJWH]XXQV ³'LHVLVWGHUlOWHUH%UXGHUGHVWRWHQ)UVWHQ'HU)UVWVWDUEQDFKGHP )UKOLQJVIHVWYRUIQI7DJHQ6HLWGLHVHU=HLW]LHKWGHU7UDXHU]XJYRQ6LHGOXQJ]X 6LHGOXQJ'HU%UXGHU'VLJDLVWVHLQ1DPHVDJVZLUN|QQWHQHLQSHDU7DJHEOHLEHQ %LVVLHHLQHQQHXHQ)UVWHQKDEHQZDKUVFKHLQOLFKGHQlOWHVWHQ6RKQGHV7RWHQ UHJLHUWHU´ ,FKWUDWDXIGHQ$OWHQ]XGHUQLFKWQXURIIHQH$XJHQVRQGHUQHLQJXWHV JODWWJHVFKDEWHV*HVLFKWKDVWH:LUEHJUWHQHLQDQGHULQGHPZLUXQVHUH+DQGJHOHQNH SDFNWHQ'HU$OWHERKUWHVHLQH$XJHQLQPHLQ*HVLFKWXQGEHWUDFKWHWHPLFKUDQJHXQG SUIHQG ³'XYHUVSULFKVWGDGXQXUKDQGHOQZLOOVWGDGHLQH/HXWHXQVQLFKW]ZLQJHQ VLFK]XIUFKWHQRGHU]XZHKUHQ"´IUDJWHHUVFKOLHOLFKPLWGQQHUDEHUIHVWHU6WLPPH ³,FKYHUVSUHFK¶V:HQQPHLQH/HXWHVLFKHWZDV]XVFKXOGHQNRPPHQOHVVHQ ZHUGHQVLHEHVWUDIW´ ³*XW.RPPWODJHUVDQGHP3ODW]GHQLFKGHQEHZDIIQHWHQ5HLWHUQJH]HLJW KDEH:HQQLKUJHKDQGHOWKDEWXQGJHVlWWLJWVHLGVROOWLKUDXIHXUHP:HJZHLWHU]LHKHQ $EHUZLUKDEHQQLFKWPHKUYLHOJHPDKOHQHV.RUQPWLKUZLVVHQ´ ³,FKGDQNHGLU´VDJWHLFK³:LUVHOEVWZROOHQVRVFKQHOOZLHP|JOLFKZHLWHU´ 'UDXHQHUKREVLFKGHU/lUPGHQHLQLJHKXQGHUWHUVFK|SIWH0HQVFKHQ HU]HXJWHQ'HU%UXGHUGHV+HUUVFKHUVIKUWHXQVKLQDXV ³'HLQH/HXWH´IUDJWHLFK³GLHYRP%HJUlEQLV]XUFNNRPPHQXQGHUVFK|SIWVLQG XQGEOXWHQZDVWXQVLH"´ (UGHXWHWHDXIGDV+DXVPLWGHPUDXFKHQGHQ.DPLQ ³6HKWVHOEVW´ :LUJLQJHQPLWGHPVFKZHLJHQGHQHUVFK|SIWHQ=XJPLW,QGHPIHQVWHUORVHQ +DXVEHIDQGHQVLFK.HVVHOYROO:DVVHU'DV)HXHUHUKLW]WHJURH6WHLQHXQGDXIGHQ IODFKHQ7HLOHQGHU6WHLQHJLQJYRQJHPDKOHQHQ6DPHQHLQHVEHVWLPPWHQ+DQIHVIDKOHU JUDXEODXHU5DXFKDXV'LH%DUEDUHQJLQJHQKLQHLQ]RJHQVLFKDXVXQGVHW]WHQVLFKDXI GHQ%RGHQDXI+RO]ElQNHXQGIHXFKWH6WHLQHDXI.|UEHDXV:HLGHQURKUJHIORFKWHQ XQGDQGHUH6LW]JHOHJHQKHLWHQ6LHZDUHQHUVFK|SIWXQGWDXPHOWHQDEHUGHU5DXFKLP ODQJJHVWUHFNWHQ,QQHQUDXPVFKLHQVLHDXI]XPXQWHUQ,PPHUPHKUGUlQJWHQDQXQV YRUEHLZLUKXVWHWHQXQVHUH$XJHQWUlQWHQ'DQQSDFNWHQHLQLJHGLHKHLHQ6WHLQHPLW K|O]HUQHQ=DQJHQXQGZDUIHQVLHLQGLH.HVVHO'DPSI]LVFKWHDXIXQGEUHLWHWHVLFK QDFKDOLHQ6HLWHQDXV'HU+DQIVDPHQJHUXFKOLHXQVVFKZLQGOLJZHUGHQZLU]RJHQ XQV]XUFNXQGOLHHQGHQVFKZHUHQ)HOOYRUKDQJYRUGLH7UIDOOHQ'ULQQHQVFKZLW]WHQ PHKUDOVKXQGHUW0HQVFKHQPLWHEHQVROFKHU,QEUXQVWZLHVLHVLFKJHSHLWVFKWXQG YHUZXQGHWKDWWHQ ³6LHVFKZLW]HQ'HU'DPSIUHLQLJWGHQ.|USHUXQGOlWGDV%OXWVFKQHOOHU NUHLVHQ´HUOlXWHUWHGHU$OWH³'DQQJHKHQZLULQVNDOWH:DVVHUXQGVFKODIHQ0RUJHQ VLQGZLUZLHGHUJDQ]JHVXQG´ :LUZDUWHWHQHLQHKDOEH6WXQGHGDQQVWROSHUWHQGLHQDFNWHQ%HZRKQHUGLHVHV EHPHUNHQVZHUWHQ2UWHVDXVGHP'DPSIKDXV6LHVFKOHLIWHQ6WLHIHOXQG.OHLGXQJKLQWHU VLFKKHUXQGOLHHQVLFKLQGDVDXIVSULW]HQGH:DVVHUIDOOHQ:LUIURUHQSO|W]OLFKDOOHV ZDVZLUELVKHUJHVHKHQKDWWHQHUIOOWHXQVPLW6WDXQHQXQG1DFKGHQNOLFKNHLW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

'LH/HXWHVFKZLW]WHQZXVFKHQVLFKLP:DVVHUGDVHLVNDOWVHLQPXWH VFKOLHOLFKEHWlXEWHQVLHVLFKPLW+DQIVDPHQ8QGQDFKGHPVLHLKUHQ5DXVFK DXVJHVFKODIHQKDWWHQZDUHQGLHIXUFKWEDUHQ:XQGHQYHUJHVVHQ",FKZXWHGDZLU WULHUZHGHUUDQJHEOHLEHQQRFKEHVRQGHUVJOFNOLFKZHUGHQZUGHQ ,FKYHUDEVFKLHGHWHPLFKXQGJLQJ]XUFN]XGHQ3IHUGHQ,FKPXWHEHUDOOHV QDFKGHQNHQ$V\UWDKROWHPLFKHLQXQGJULIIQDFKPHLQHU+DQG ³$WODQZLUEOHLEHQQLFKWUDQJHQHLQ",FKIUFKWHPLFKXQWHUGLHVHQ%DUEDUHQ´ VDJWHVLHOHLVH ³:LUEOHLEHQNHLQH6WXQGHOlQJHUDOVQ|WLJ'HQNDQGHQ=XVWDQGGHU.DUDZDQH *HOLHEWH´ 6LHQLFNWHXQGOLHVLFKLQGHQ6DWWHOKHOIHQ:LUULWWHQODQJVDPGXUFKGDV DXVJHVWRUEHQZLUNHQGH'RUI]XUFN]XU.DUDZDQH,FKKDVWHSO|W]KFKHLQ*HIKOGDV LFKQLFKWVFKlW]WHHVZUGHLQGHQQlFKVWHQ7DJHQ8QKHLOJHEHQ =XQDFKVWJLQJDOOHVJXW1LDQFKUHXQGLFKEHVWLPPWHQMHQH:DUHQGLHZLUJHJHQ .RUQXQG0HKOHLQWDXVFKWHQ:LUKDQGHOWHQHLQLJH2FKVHQHPQDWUOLFKZROOWHQGLH 6LHGOHUXQVHUH%URQ]HGLHPLWIQI]HKQ+XQGHUWWHLOHQ=LQQ]XVDPPHQJHVFKPRO]HQZDU XQGGDGXUFKYLHUPDOVRKDUWZXUGHZLH.XSIHU:LUUHLQLJWHQGLH:DJHQHQWIHUQWHQ DOOHVhEHUIOVVLJHVDPPHOWHQ+RO]XQGOHKUWHQGLH%DUEDUHQGLH.XQVWGHU6FKPLHGH (LQLJHNOHLQH)DPLOLHQHQWVFKORVVHQVLFKKLHU]XEOHLEHQ=ZHL'XW]HQG5HLWHUWUDWHQGHQ -lJHUQGHVNQIWLJHQ)UVWHQEHLEHQVRYLHOH%DUEDUHQZROOWHQPLWXQVJHKHQDEHU QLHPDQGYRQXQVZROOWHVLHKDEHQ:LUPXVWHUWHQGLH+HUGHQGXUFKXQGWHLOWHQGLH7LHUH DXIZLUPXWHQHUUHLFKHQGDZLUVFKQHOOHUZXUGHQ'LH$EVWlQGHYRQ:DVVHUVWHOOH]X :DVVHUVWHOOHZUGHQJU|HUVHLQDOVELVKHU :LUYHUNDXIWHQGLHlOWHVWHQ3IHUGHDQGLH%DUEDUHQXQGEHNDPHQGDIU.RUQ 6WlQGLJEHIDQGHQVLFKQHXJLHULJH/HXWHLQXQVHUHQ5HLKHQXQGZLUOHKUWHQVLHHLQH 0HQJHEHVVHUHU$UEHLWVWHFKQLNHQ:LUVFKDIIWHQHVGHQ%HGDUIHLQHVJDQ]HQ7DJHVDQ :DVVHULQ6FKOlXFKHQ.XSIHUJHIlHQXQG7RQNUJHQPLW]XVFKOHSSHQ'LH7LHUH ZUGHQLKU:DVVHUDEXQG]XPLWVLFKWUDJHQPVVHQ1RFKHUODXEWHGHUVFKZLHULJH %RGHQNHLQHJURHQ*HVFKZLQGLJNHLWHQ 8QHUPGOLFKUHFKQHWHXQGVFKULHE1LDQFKUHZLUKDVWHQLPPHUZLHGHU*ROGXQG 6LOEHUHLQWDXVFKHQN|QQHQHVJDEVlFNHZHLVHZHUWYROOH6WHLQHGHUHQ1DPHQZLUQLFKW NDQQWHQEHUDXVVHOWHQHXQGNRVWEDUH)HOOHZDUHQYRQXQVHLQJHKDQGHOWRGHUJHJHUEW ZRUGHQDEJHVHKHQYRQULHVLJHQ0HQJHQ/HGHUGLHDXVGHQ+lXWHQXQVHUHUHLJHQHQ 7LHUHVWDPPWHQ'HUPHQVFKOLFKH7HLOGHU.DUDZDQHKDVWHGLH:LQWHUSDXVHQLFKW VFKOHFKWEHUVWDQGHQDEHUMHGHUVDKGDQNEDU]XZLHGLHOHW]WHQ6FKQHHUHVWH VFKPRO]HQVSUWHYROOHU)UHXGHZLHGLH6RQQHYRQ7DJ]X7DJVWlUNHUXQGZlUPHU ZXUGH'LH6ROGDWHQKDOIHQXQVGLH:DJHQVRDXV]XUVWHQGDZLUVFKQHOOHUUHLVHQ NRQQWHQ 6FKOLHOLFKDQHLQHPIUKHQ1DFKPLWWDJHUVFKLHQHQ]ZHL)UHPGHLQPHLQHU -XUWHZRLFKQDFK%LOGHUQYRQ%RUHDVGLH.DUWHDXVDUEHLWHWH,FKEOLFNWHEHUUDVFKW KRFK]XQlFKVWHUNDQQWHLFKVLHQLFKW6LHEHPHUNWHQPHLQ(UVWDXQHQXQGEHJDQQHQ]X ODFKHQOLHHQVLFKLQGLH)DOWVHVVHOIDOOHQXQGVFKZLHJHQDOVLFKVLHJHQDXPXVWHUWH 6LHZDUHQYRQGHQ=HKHQELV]XP+DOVQHXHLQJHNOHLGHWVDKHQDQGHUVDXVHQGOLFK EHJULIILFK=XQlFKVWZXUGHLFKYHUOHJHQGHQQZLUDOOHKDVWHQQLFKWJHPHUNWGD$ODFD ]XHLQHUMXQJHQ)UDXKHUDQJHZDFKVHQZDU6LHEHZHJWHVLFKQRFKLPPHUZLHHLQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

)RKOHQDEHUMHW]WVDKVHOEVWLFKGHUELVKHULPPHUPLWDQGHUHQ3UREOHPHQEHVFKlIWLJW JHZHVHQZDUGDVLHLQHLQLJHQ-DKUHQHLQH6FK|QKHLWVHLQZUGH ³2IIHQVLFKWOLFKZDUWLKUUDQJH=HLWLP6FKZLW]KDXVGHU%DUEDUHQ8QGZHUKDW HXUH.|SIHVRDQJHQHKPYHUZDQGHOW"´ 5DQWLVVKDVWHVHLQHQ%DUWUDVLHUWVHLQ+DDUZDUNU]HUXQGVFKPLHJWHVLFK ORFNHUDQVHLQHQ6FKlGHO(LQ+DXFKlXHUVWHU6DEHUNHLWVWUDKOWHYRQEHLGHQDXV'DV *HVLFKWGHV0lGFKHQVZDUVFKPDOHUJHZRUGHQGXUFKGDVVFKXOWHUODQJH+DDU+HOOHU 6WRIIGQQHUHXQGEHVVHUH)HOOHIULVFKJHVFKOLIIHQH:DIIHQQHXH6WLHIHO6LHZDUHQ Y|OOLJYHUlQGHUW ³(VZDUGHLQH)UHXQGLQ9DWHUGHU$FKVHQ´VDJWH5DQWLVV³:LUEUHFKHQPRUJHQ DXI$ODFDPHLQHEHVWHQ/HXWHXQGLFK+XQGHUW/HXWHPLW3IHUGHQ:LUEHUHLWHQ GLH6WUHFNHYRQ:LUKDEHQDOOHVDEJHVSURFKHQ´ ,FKVWDQGDXIXQGIHQGHLQHQ%LHUNUXJXQG%HFKHU:LUKDVWHQWDWVlFKOLFKDOOHV (UGHQNOLFKHJHSODQW:LUKREHQGLH%HFKHUXQGLFKVDJWH ³(VZLUGXQVHQWODVWHQ'LH1DFKEDUVFKDIWGLHVHU%DUEDUHQPLIlOOWMHGHP+DVW GXEHVRQGHUH9RUVWHOOXQJHQ5DQWLVV"´IUDJWHLFK(UZUGHXQVIHKOHQDEHUDXV JU|HUHU(QWIHUQXQJKDOIHUXQVPHKU$QVHLQHU6WHOOHHUZLGHUWH$ODFD ³:LUZROOHQHLQHQ:HJILQGHQGHUXQVLQGDV/DQG]XUFNIKUWZHLWLP:HVWHQ :LUVLQGXQGEOHLEHQWULHU)UHPGH´ ,FKGDFKWHQDFK'HQ]ZHLWHQ7HLOGHV:HJHVZUGH5DQWLVVVHOEVW NHQQHQOHUQHQ'LH6WUDHGLHZLUJH]RJHQKDWWHQEHVD]DKOUHLFKHXQEHUVHKEDUH 0DUNLHUXQJHQELV]XUFNQDFK.DQHVK'RFKHUZUGH]XUFNILQGHQ,FKOlFKHOWHVDK GHQXQVLFKHUHQ7KLFNGHVMXQJHQ0lGFKHQVXQGHQWJHJQHWH ³,FKKRIIHLKUUHLWHWHUVW]XUFNZHQQZLUGDV=LHOHUUHLFKWKDEHQ"´ ³'DVKDEHQZLUYHUVSURFKHQ´ =XVDPPHQPLW5DQWLVVYHUOLHHQXQV]ZHL'ULWWHOGHU+HUGHQ'LHGUHLKXQGHUW +LUWHQXQG-lJHUKDVWHQGHQ$XIWUDJVRVFKQHOOZLHP|JOLFKXQGVRODQJVDPZLHQ|WLJ ]XZDQGHUQXQGQLHPDOVVWHKHQ]XEOHLEHQ:LUZUGHQYHUVXFKHQ]ZLVFKHQ5DQWLVV¶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lQJHQGHU%HUJHXQG +XJHOWU|VWHWHUHWFKHV*UQXQVHUH$XJHQ:LUIROJWHQLQHLQHPZHLWJHVFKZXQJHQHQ %RJHQGHQ%HUJHQQDFK6GRVWHQ /PNVXQGYRUXQVHUVWUFFNWHVLFKHLQHEUDXQJUDXH%HLQDKH:VWH9HUHLQ]HOWH GUUH3IODQ]HQZXFKVHQNHLQ*UDVVRQGHUQKDUWVFKDOLJHDWWDUPH'RUQHQEXVFKH :LHGHUEHJDQQHQXQV6WDXEXQG6DQG]XEHOlVWLJHQ-HGHQ7DJVWLHJGLH6RQQHQEDKQ K|KHU+LW]HXQG+HOOLJNHLWQDKPHQ]X:LUKDVWHQOlQJVWGLHEOHLFKH+DXWGHV:LQWHUV YHUORUHQZXUGHQEUDXQHUXQGPDJHUHU$EXQG]XXQWHUEUDFKGLHVSLHJHOQGH KLW]HIOLUUHQGH2EHUIOlFKHHLQHV6DO]VHHVRGHUHLQHVNULVWDOOLJJHURQQHQHQ6WFNHV)OX GLHHLQW|QLJH(EHQH'DQQGDFKWHQZLU]XHUVW²GLH8IHU]RQHQGLHVHUJODVDUWLJJODWWHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

)OlFKHQVDKHQWlXVFKHQGHLQHP%DFKRGHU6HHXIHUlKQOLFK²HQGOLFKZUGHQ6WDXE +LW]HXQG4XDOYRUEHLVHLQEHLP1lKHUNRPPHQVDKHQZLUGDZLUXQVDEHUPDOVJHLUUW KDWWHQ0LQGHVWHQVIQIPDODP7DJEUDFKHQ7UHLEHU)DKUHURGHUDOWH0HQVFKHQ ]XVDPPHQ(LQLJHHQWNUlIWHWH2SIHUPXWHQZLUEHJUDEHQGLHPHLVWHQEHWWHWHQZLULQ GLH:DJHQXQGKRIIWHQGDVLHVLFKHUKROHQZUGHQ(VZDUHQZHGHU:DVVHUPDQJHO QRFK+XQJHURGHUGLH+LW]HGLHMHQH7HLOQHKPHUXPEUDFKWHVRQGHUQDOOHV]XVDPPHQ XQGGHU8PVWDQGGDLQGLHVHUEDUEDULVFKHQ:HOWHLQ0HQVFKXUDOWZDUZHQQHU IQI]LJ6RPPHUEHUOHEWKDVWH 8QGHLQHV7DJHVNDPHQZLUDQGLH6WHOOHYRQGHUDXVZLUVHFKV7DJHIDQJ JHUDGHDXVGXUFKGLH:VWH]XZDQGHUQKDWWHQ1LFKWGXUFKHLQH6DQGZVWHYROOHU 'QHQVRQGHUQEHUHLQH+RFKHEHQHKLQZHJKDUWXQGLQGHU1DFKWHLVLJNDOWDXIGHU DQGHQ7DJHQGLHGQQH/XIWXQVWDXPHOQOLHZRHVEXFKVWlEOLFKQLFKWVJDENHLQ MDJGEDUHV7LHUNHLQHKDQGJURH)OlFKHDXIGHU*UDVZXFKV6HFKV7DJHIDQJNRQQWHQ GLH7LHUHPLWGHPZHQLJHQ7URFNHQIXWWHUDEHUDXINHLQHQ)DOORKQH:DVVHU DXVNRPPHQ'LHVZDUGLHOHW]WH5DVWYRUGHPJURHQ6SUXQJ ³5DQWLVVKDWVHLQ9HUVSUHFKHQJHKDOWHQ´IOVWHUWH$V\UWD0DUD\HDQPHLQHU 6FKXOWHU³8QGQXQLVWHUZHLWYRUXQV´ ,FKODFWDWHNXU]DXI6HLQH0lQQHUKDVWHQGHQ%DFKGHUKXQGHUW6FKULWWHZHLWHU Q|UGOLFKDOVZLQ]LJHV5LQQVDOLPVWHLQLJHQ%RGHQYHUVLFNHUWHPLWHLQHP:DOO DXIJHVWDXW(VJDEJHQXJ:DVVHU8QVHUH7LHUHWUDQNHQZLUIOOWHQDQHLQHUDQGHUHQ 6WHOOHMHGHVHLQ]HOQH:DVVHUJHIl(VZDU1DFKWZLVSHUQGHU:LQGEOLHVZLQ]LJH 6WDXEIDKQHQKRFK'HUYRLOH0RQG²HLQNOHLQHU%HWUDJIHKOWHQRFKDP5DQGGHU EOHLFKHQ6FKHLEH²YHUZDQGHOWHGLH:VWHLQHLQH(EHQHGHU*HKHLPQLVVH'LH)XUFKW YRU9HUVDJHQXQG7RGPDUWHUWHPLFK:LHGHUHLQPDOYHUIOXFKWHLFK(6GHUXQVDXI GLHVHP6SLHOEUHWWDXV6DQG6WDXEXQG)HOVHQKHUXPVFKRE ³)U5DQWLVVLVWGHU6SUXQJK|FKVWHQVGUHL7DJHODQJ´,FKKDVWHDOOH%LOGHUGHV 5RERWIDONHQJHVHKHQ :LUYHUOLHHQELVKHUIDVWQDFK6GHQZDQGHUHGJHQDXLQ|VWOLFKHU5LFKWXQJGHQ OHW]WHQ*HELUJVDXVOlXIHU8QVHU=LHOZDUGLH%LHJXQJGHVJHOEVFKODPPLJHQ)OXVVHV ]XJOHLFKYHUOLHIXQVHU:HJLQGHQOHW]WHQ7DJHQOHLFKWDEZlUWV$EHUELV]XP)OXXIHU JDEHVQXUXQIUXFKWEDUH:VWH ³'LH.DGDYHUGHUYHUHQGHWHQ3IHUGHZHUGHQXQVHUH:HJZHLVHUVHLQ$WODQ"´ $XFKVLHIUFKWHWVLFK-HGHUKDW$QJVWYRUGHU:VWHIOVWHUWHGHU/RJLNVHNWRU ,FK]RJVLHDQPLFKXQGVWULFKEHULKU+DDU6HLWGHP7DJDQGHPLFKPLW%URQ]HEDUUHQ IUVLHJH]DKOWKDVWHZDUHQWDXVHQGZLQ]LJH$QGHUXQJHQLQXQGDQLKUYRUJHJDQJHQ XQHQGOLFKODQJVDP)DVWDOOHVZDVHVLQGLHVHUEDUEDULVFKHQHUEDUPXQJVORVHQ:HOW]X OHUQHQJDEKDVWH$V\UWDJHOHUQWLQQHUHXQGlXHUH)lKLJNHLWHQ$V\UWDV.OXJKHLW lXHUWHVLFKLPVWLOOHU6LHKDWHGUDPDWLVFKH9RUJlQJHIUHXWHVLFKDEHUGLHELVFKEHU MHGHVGHUYLHOHQ3UREOHPHZlKUHQGVLHHVEHKDUUOLFKLQVWLOOHU.RQ]HQWUDWLRQO|VWH ³:LUZHUGHQVLFKHUOLFKHLQLJH.DGDYHUILQGHQ6HLUXKLJ/LHEVWHZLUNRPPHQ GXUFK(VLVWGLHOHW]WHJURH0KVDO´ ³'XZHLWGDLFKGLHVHV/DQGQLFKWPD\GLH%HZRKQHUQLFKWYHUVWHKH"´6LH EOLFNWHLQGLH5LFKWXQJGHU%HUJH'RUWEHIDQGHQVLFKYHUPXWOLFKXQVHUH+HUGHQ ³$XFKLFKZLOO]XUFN,FKVFKDXGHUHZHQQLFKDQHLQHQ]ZHLWHQ:LQWHUWULHU GHQNH´DQWZRUWHWHLFKEUXPPHQG,FKVSUDFKGLH:DKUKHLWDEHUZLHZLUHVDQVWHOOHQ VROOWHQZLHGHUDQGLH8IHUGHVJURHQ%LQQHQPHHUHV]XNRPPHQGDVZXWHLFKQLFKW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

0LW5DQWLVV$ODFDXQGGHQEULJJHEOLHEHQHQ5HLWHUQGHQJDQ]HQHUElUPOLFKODQJHQ :HJ]XUFNXQGZHQQGLH6WUHFNHLQHLQHP-DKU]XVFKDIIHQZDU"'HU/RJLNVHNWRU ZLVSHUWH 'HQNGDUDQGD(6LPPHUIUHLQHYHUEOIIHQGH/|VXQJJXWLVW ³'XELVWVLFKHUGDZLUDP6WURPZHQLJHUJUDXVDPH0HQVFKHQIPGHQ"´ ³,FKJODXEHHVIHVW´ :LUVWDQGHULQGHUVFKZHLJHQGHQ:VWH'HU+|KHGHV0RQGHVQDFKZDUHV HWZD0LWWHGHU1DFKW+LQWHUXQVZDUHQVlPWOLFKH:DJHQUQ+DOENUHLV ]XVDPPHQJHIDKUHQZRUGHQ'DV9LHKIUDWURFNHQHVUDV'DZLUNDXP+RO]KDWWHQ JDEHVQXU]ZHL)HXHU-HJOLFKHU*ODQ]ZDUYRQGHU:XQGHUEDUHQ.DUDZDQH DEJHIDOOHQ,QVLHEHQDJHQZUGHQZLUIURKVHLQZHQQZLUQRFKDOOHOHEWHQ ³.RPP$WODQ´IOVWHUWH$V\UWD³:LUPVVHQVFKODIHQ=XPOHW]WHQPDOPGHU -XUWH´ ³'XKDVWUHFKW:LUZHUGHQDOOH.UlIWHEUDXFKHQ´ 6FKZHLJHQGJLQJHQZLU]XUFN]XP.XSSHOEDXDXVNQVWOLFKHP)LO]QHEHQGHP :DJHQPLWGHU6WDQGDUWH,QGLHVHUHQWVFKHLGHQGHQ1DFKWOLHEWHQZLUXQVKHIWLJXQG VFKZHLJHQGZLUIKOWHQXQVNOHLQXQEHGHXWHQGXQGYRQHLQHUVRJLJDQWLVFKHQ*HIDKU EHGURKWGDZLU]XUY|OOLJHQ3DVVLYLWlWYHUGDPPWZDUHQ1RFKLP0RUJHQJUDXHQLQGHU VFKQHLGHQGHQ.lOWHYRUGHU'lPPHUXQJEUDFKHQZLUDXI'HU7RGHVPDUVFKEHJDQQ $P]ZHLWHQ7DJJHJHQ0LWWDJHUIXKUHQZLU]XPHUVWHQPDOZDVGLH9HUELQGXQJ DXVNRFKHQGHU6RQQHQKLW]HEHUPlLJHU$QVWUHQJXQJXQGGHPY|OOLJHQ)HKOHQYRQ :LQGXQG6FKDWWHQGHQ/HEHZHVHQDQWXQNRQQWH(VVFKLHQGLHNULWLVFKH6FKZHOOH]X VHLQGLHZLUMHW]WEHUVFKULWWHQ9RUXQVODJHLQ3IHUGHNDGDYHURKQH=DXP]HXJXQG 6DWWHOYRQGHUVWHFKHQGHQ6RQQHPXPLIL]LHUWXQGYRQ*HLHUQDXVJHZHLGHW6LH VSUDQJHQQXUWUlJHNUlFK]HQG]XU6HLWHDOVGLH*UXSSHDXV6ROGDWHQ:HJILQGHUQXQG 5HLWHUQKHUDQNDP ³5DQWLVVZDUKLHU´VDJWHHLQHUKLQWHUPIU(UVSUDFKXQGHXWOLFKZHOODXFKVHLQH /LSSHQWURFNHQZDUHQZLH+RO]:LUDOOHKDVWHQWUlQHQGHHQW]QGHWH$XJHQ'LH+HOPH IKOWHQVLFKDQZLH%URQ]HIULVFKDXVGHU)RUP ³-HW]WVLQGZLUKLHU´VDJWHLFK0LWVFKPHU]HQGHQ0XVNHOQGUHKWHLFKPLFKLP 6DWWHO/HWKDUJLVFKH5XKHODJEHUGHU.DUDZDQH$OOH]ZDQ]LJ6FKULWWULWWHLQ %HZDIIQHWHU6HLQH$XIJDEHZDUGDUDXI]XDFKWHQGDQLHPDQG]XYLHO:DVVHUWUDQN XQGGDGLHVHU%HIHKOHLQJHKDOWHQZXUGH:LUEHVDHQQRFKPHKUDOVGLH+lOIWH XQVHUHV:DVVHUYRUUDWHV8PGLH9RUUlWH]XVWUHFNHQWUDQNHQGLH0HQVFKHQMHGHQ 7URSIHQ0LOFKGHQ5LQGHU=LHJHQ(VHOLQQHQXQG6FKDIHKHUJDEHQ ³:HLWHU´EHIDKOLFK6LHZXWHQQLFKWZDVLFKPLW5DQWLVVDXVJHPDFKWKDVWH XQGGDVZDUJXWVR1LFKWHLQPDO1LDQFKUHXQG$V\UWDZXWHQGLHV:LUULWWHQDP .DGDYHUXQGGHQ*HLHUQYRUEHL-HGHEHUIOVVLJH%HZHJXQJULHI%lFKHYRQ6FKZHL KHUYRUGHUDXJHQEOLFNOLFKYHUGXQVWHWH +LQWHUXQVNDPGLH.DUDZDQH'LH2FKVHQ]RJHQQXUXQZLOOLJGLH:DJHQ'LH 3HLWVFKHQZDUHQVLQQORVJHZRUGHQ+LQXQGZLHGHUOHJWHQVLFKGLH7LHUHKLQXQGZDUHQ GXUFKQLFKWV]XEHZHJHQZLHGHUDXI]XVWHKHQ8QVHUH6SXUQRFKLPPHUGXUFK

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

:HJVWHLQHPLW3IHLOHQXQG=HLFKHQPDUNLHUWZDUYRQ]XVDPPHQJHEURFKHQHQ7LHUH JHVlXPW(VJLQJQLFKWDQGHUVZLUVFKQLWWHQLKQHQGLHEHVWHQ)OHLVFKVWFNHDXVGHQ .|USHUQXQGOLHHQGHQ5HVWOLHJHQ5LQJVXPXQVYHUVFKZDPPHQGLH+RUL]RQWHLQGHU 8QHQGOLFKNHLW8QHUWUlJOLFKH+LW]HVRODQJHVLFKDXFKQXUHLQ%UXFKWHLOGHU 6RQQHQVFKHLEHDXIGHU:VWH]HLJWHHLQHZLQ]LJH'lPPHUXQJGDQQVHW]WHHLVLJH .lOWHHLQPHLVWHQVYRQGQQHP:LQGEHJOHLWHWGHUZLHHLQ0HVVHULQXQVHUH+DXW VFKQLWW 'LH0HQVFKHQEHGHFNWHQVLFKPLW.|UEHQXQGVWDUUHQ+lXWHQXPHWZDV 6FKDWWHQ]XKDEHQ(VJDEQXUHLQW|QLJH*HUlXVFKHNQLUVFKHQGH)HOJHQNQDUUHQGH 9HUELQGXQJHQYRQ+RO]XQG/HGHUGDVVFKZHUIlOOLJH7DSSHQGHU2FKVHQ1XUGLH(VHO VFKULHQODXWGHQQQLFKWVNRQQWHVLHGDYRQDEKDOWHQ]XMHGHU6WXQGHGHV7DJHV]X VFKUHLHQ1LFKWHLQPDOGLH.|WHUXQVHUHU.DUDZDQHEHOOWHQ(VZDUNHLQHIUHLZLOOLJH 5XKHVRQGHUQGDV6FKZHLJHQNRPPHQGHQ7RGHV:LHGHUEUDFKHLQ5LQG]XVDPPHQ ILHOPLWVFKODJHQGHQ/lXIHQ]XU6HLWHXQGYHUHQGHWHPLWKHUYRUTXHOOHQGHUEODXHU=XQJH XQGYHUGUHKWHQ$XJHQ'LH+LW]HEHJDQQKXQGHUW+HU]VFKOlJHQDFK6RQQHQDXIJDQJ XQGDPVSlWHQ1DFKPLWWDJZDUVLHQLFKWJHULQJHU6HOEVW6SUHFKHQVWUHQJWHDQ-HGHU 7HLOQHKPHUHUKLHOW]X0LWWDJYLHU%HFKHU:DVVHU(VVFKPHFNWHZDUPIDGH DEJHVWDQGHQ$EHUDXIPDJLVFKH:HLVHYHUZDQGHOWHHVVLFKLQOHLFKWHQ:HLQRGHU VSUXGHOQGHV4XHOOZDVVHUMHQDFK9RUVWHOOXQJVNUDIW'LH7LHUHHUKLHOWHQDXFKLKUH 5DWLRQ,QGHQ6WXQGHQQDFKGLHVHU8QWHUEUHFKXQJNDPVRHWZDVZLHHLQHEL]DUUH.UDIW EHU0HQVFKHQXQG7LHUH'LH2FKVHQUHDJLHUWHQSO|W]OLFKZLHGHUDXIGLH3HLWVFKHGLH :DJHQVFKZDQNWHQXQGNQDUUWHQZHLWHU:LUKLQWHUOLHHQHLQHIDVWVFKQXUJHUDGH/LQLH %HLMHGHPIUHLZLOOLJHQ$XIHQWKDOWZXUGHGLH.DUDZDQHOHLFKWHU:LUVHW]WHQGLH :HJHVWHLQHGLH:DVVHUJHIlHOHHUWHQVLFK'HU9HUVWDQGEHJDQQVLFK]XYHUZLUUHQ :LUVDKHQSO|W]OLFKJDQ]GHXWOLFKULHVLJH:DVVHUIOlFKHQYRQGHQHQVLFK 6FKZlUPHURVDElXFKLJHU9|JHOHUKREHQ'DQQPXWHQGLH%HZDIIQHWHQLKUH JHPDUWHUWHQ3IHUGHEHUDQVWUHQJHQXPGLH0HQVFKHQ]XUFN]XWUHLEHQGLHDXIGLHVH (UVFKHLQXQJORVUDQQWHQXQGDOOHVDQGHUHYHUJDHQ 'DQQZLHGHUWDXFKWHQDXVGHUYHUQLFKWHQGHQ*ODVWGHUNRFKHQGHQ:VWHQHL JUQH(UVFKHLQXQJHQZLH,QVHOQDXI8UDOWHGLFKWEHODXEWH%lXPHPLWJHZDOWLJHQ .URQHQVFKZDU]H6FKDWWHQHLQH9HUKHLXQJYRQ.KOHXQG:DVVHU'DQQVWXW]WHQ VHOEVWZLUDQGHU6SLW]HGHV=XJHVDEHUZLUVFKOHSSWHQXQVZHLWHU'LHMHQLJHQGHUHQ :LOOHQVWDUNZDUEUDXFKWHQGLH1lKHHLQHV)UHXQGHVKLQXQGZLHGHUHLQ DXIPXQWHUQGHV:RUWXPQLFKWDXI]XJHEHQ8QVHUH/LSSHQZDUHQWURFNHQZLHGHU6DQG EHUGHQZLUULWWHQ'LH6WLPPHQUDVVHOWHQXQGNQDUUWHQZHOOGLH'UVHQNHLQHQ 6SHLFKHOPHKUDEVRQGHUWHQ8QVHUH0XQGK|KOHQIOOWHQVLFKPLW6WDXEGHUlW]WHXQG 6FKPHU]HQKHUYRUULHI(UVHW]WHVLFKEHUDOODWH$QMHGHU6WHOOHZR6WRIIRGHU/HGHU GLH+DXWEHUKUWHELOGHWHQVLFKLP/DXIGHV7DJHVHQW]QGHWH6WHOOHQ 8QWHUGHP6WRIIXQGGHQ)HOOHQVFKZLW]WHQZLQ/HGHUIlUEWHVLFKGXQNHU'LH 0HQVFKHQILQJHQ]XVWLQNHUDQHVZDUHLQXQJHVXQGHUVFKDUIHU*HUXFKGHULQXQVHUH YRQ6WDXEYHUVWRSIWHQ1DVHQGUDQJ7URW]GHPDUEHLWHWHEHLGHU+lOIWHDOOHU7HLOQHKPHU HLQVHOWVDPHULQQHUHU0HFKDQLVPXV:LUULWWHQZHLWHUVDKHQQDFK2VWHQWDVWHWHQXQV VR]XVDJHQYRQHLQHP.DGDYHU]XPQlFKVWHQhEHUGHQJHIDOOHQHQ7LHUHQNUHLVWHQGLH *HLHU6LHZDUHQ:HJZHLVHUXQGVWlQGLJH%HJOHLWHUGHU.DUDZDQH6FKZDU]H=HLFKHQ GHVVWUDKOHQGEODXHQ+LPPHOV8QVVFKZLQGHOWHZLUHUODJHQGHUW|GOLFKHQ)DV]LQDWLRQ GHUJOHLFKI|UPLJHQ%HZHJXQJHQYRUGHPJQDGHQORVOLFKWHUIOOWHQ+LQWHUJUXQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

'LHDQGHUH+lOIWHGHU.DUDZDQHQDQJHK|ULJHQDEHUJHK|UWH]XMHQHQ0HQVFKHQ GLHZHQLJHLJHQHQ$QWULHEKDVWHQXQGJHIKUWZHUGHQPXWHQ'LHVEUGHWHXQVHLQH ]XVlW]OLFKH/DVWGHU9HUDQWZRUWXQJDXI:LUPXWHQLPPHUZLHGHUGLH6SLW]HGHU .DUDZDQHYHUODVVHQXQGGLHUDQJH5HLKHGHU*HIlKUWHXQG*UXSSHQDEUHLWHQ:LU VDPPHOWHQGLHOLHJHQJHEOLHEHQHQ/HXWHDXI]RJHQVLHLQGLH6lWWHOXQGVFKOHSSWHQVLH ]XUFN]XU.DUDZDQHOXGHQVLHDXIHLQHQ:DJHQDWHZRVLFKDQGHUHXPVLH NPPHUWHQXQGLKQHQ:DVVHURGHUVDXHUJHZRUGHQH0LOFKHLQIO|WHQ (LQPDOEOLHELFK]XUFNXQGVDKGLH6SXUGLHZLUGXUFKGHQ6WDXEJH]RJHQ KDWWHQ,Q$EVWlQGHQYRQYLHUKXQGHUW6FKULWWHQODJHQ.DGDYHU6RZHLWLFKHUNHQQHQ NRQQWHGHXWHWHQVLHDOOHPLWGHQ.|SIHQQDFK2VWHQZLHGLH7LHUHGLHXQWHUGHQ 0lQQHUQ5DQWLVV¶]XVDPPHQJHEURFKHQZDUHQ$EHUZLUKDVWHQQLFKWHLQHLQ]LJHV*UDE HQWGHFNWZHQQDXFKXQVHUH.DUDZDQHQHXQ0HQVFKHQLQDOOH+DVWXQG(LOHYHUVFKDUUW KDVWH:HUVFKOLFKODQJVDPHU":LURGHUGLH6WXQGHQ"'LHVWUDKOHQGHDOOHV GXUFKGULQJHQGH6RQQHVFKLHQLP*HZ|OEHGHV+LPPHOVIHVWJHVFKZHLW]XVHLQ:LU OLVWHQXQVDJEDUDEHUGLHPHLVWHQWDWHQGLHVVFKZHLJHQGXQGKRIIWHQHVZUGHDP QlFKVWHQ7DJEHVVHUZHUGHQ $V\UWDKLQJLP6DWWHOZLHHLQ6DFNEHUGHQ+DOVGHV7LHUHVJHNUPPWULWWPLW ILHEHUKDIWDXIJHULVVHQHQ$XJHQXQGVFKZLW]WH'LH.DUDZDQHJOLWWZHLWHUGXUFKGLHVH XQJODXEOLFKH(LQ|GH,FKNDQQWHYLHOH:VWHQDEHUGLHVH)OlFKHDXV6WDXE+LW]H (LQVDPNHLWXQGWURVWORVHU:HLWHELOGHWHGLHDEVROXWH$XVQDKPH'LHVH:VWHZDU HLQPDOLJHLQPDOLJW|GOLFK'LH6RQQHVDQNYLHO]XODQJVDPKLQWHUGHQ+RUL]RQW'LH +LW]HYHUVFKZDQGDOVKDEHVLHHVQLHPDOVJHJHEHQ$QLKUHU6WHOOHNDPGLH.lOWH ZLHGHU]XXQVLQGLHVHPDULGHQ/DQGGDVNHLQHUOHL7HPSHUDWXUHQVSHLFKHUWH:LU EHJDQQHQ]X]LWWHUQ ³:HLWHU:HLWHU:HQQZLUODJHUQVWHUEHQZLU´NUlFK]WHLFK1LDQFKUHZDUIPLULP OHW]WHQ/LFKWHLQHQODQJHQ7KLFN]X7DQWULXQG6NDWKZXWHQZDVLFKPHLQWH6RODQJ ZLULQ%HZHJXQJZDUHQKDOIXQVGHUHLJHQWPOLFKH3UR]HGHUGHQ0HQVFKHQELVKHU KDVWHEHUOHEHQODVVHQ'HUVHOEH9RUJDQJGHUDQDQGHUHQ2UWHQGHQ%DXYRQ JHZDOWLJHQ7HPSHOQ3DOlVWHQXQG%HZlVVHUXQJVDQODJHQLQEHZXQGHUQVZHUWHU(LOH XQG6FK|QKHLWHUP|JOLFKWKDVWHZUGHGLH.DUDZDQHEHUHLQHHUVWDXQOLFKH(QWIHUQXQJ EULQJHQ ³(UKDWUHFKW:LUN|QQHQLP5HLWHQHVVHQXQGWULQNHQ6FKODIHQZLUOLHEHULQGHU +LW]H´ ³'DQQ´ODOOWHXQGHXWOLFK1LDQFKUH³PVVHQHLQLJHYRQXQVHQV(QGHGHV=XJHV 'LHDQGHUHQZHUGHQQLFKWVRYHUUFNWVHLQZLHZLU´ ³'DVEHUQHKPHLFKPLWPHLQHQ0lQQHUQ´7DQWULU|FKHOWHXQGVSXFNWHHLQHQ %UHLDXV6WDXEDXV ³'DQNH´VDJWHLFKHUVFK|SIW+LHUDQGHU6SLW]HJDEHVQXUQRFKYLHU0HQVFKHQ GHUHQ9HUVWDQGQLFKWYRQGHQ(UHLJQLVVHQEHUVWUDSD]LHUWZRUGHQZDU,FKXQG$V\UWD 1LDQFKUHXQGMHW]W6NDWK:LUZDUHQVWRO]GDUDXIXQGYHUIOXFKWHQJOHLFK]HLWLJXQVHUH 6WlUNH8QVHUH$XJHQZDUHQEHUDOO:LUVDKHQGLH0lQQHULP6DWWHOVFKZDQNHQHKH VLH]X%RGHQILHOHQXQGYRQGHQKDOEEOLQGHU7LHUHQPLWJHVFKOHLIWZXUGHQ:LUJULIIHQ HLQHKHVLFKNOHLQH'UDPHQ]XHLQHU.DWDVWURSKHHUZHLWHUQNRQQWHQ-HW]WRULHQWLHUWHQ ZLUXQVDQ.DGDYHUQXQGDQ6WHUQHQ'HUPRONLJH0RQGEHOHXFKWHWHGLH:VWHVHLQ LUUVLQQLJHUEOHLFKHU*ODQ]YROOHQGHWHZDVGLHEUWHQGH6RQQHQLFKWJHVFKDIIWKDWWHQ 9RQKLQWHQK|UWHQZLU6FKUHLHXQGGDV.QDOOHQGHU3HLWVFKHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

:LHHLQ=XJ6WHUEHQGHUZlO]WHVLFKGLH.DUDZDQHZHLWHU0HLQSKRWRJUDSKLVFK JHQDXHU9HUVWDQGVDJWHPLUGDHV0LWWHUQDFKWZDU:LUKLHOWHQDQ'LH0HQVFKHQ OLHHQVLFK]X%RGHQIDOOHQZRVLHJHUDGHVWDQGHU6LHZDUHQVRHUVFK|SIWGDVLH QLFKWHQV(VVHQGDFKWHQXQGVRVFKZDFKGDPDQYLHOHQYRQLKQHQGDV:DVVHUXQG GLH0LOFKHLQIO|HQPXWH :LUZDUHQYHUSIOLFKWHWEHLVSLHOKDIW]XKDQGHOQ:LUZXVFKHQPLWQDVVHQ )HOOVWFNHQXQG)HW]HQGHU.OHLGXQJXQVHUHQ3IHUGHQGLH1VWHUQXQGOLHHQGLH7LHUH WULQNHQ:LUDFKWHWHQGDUDXIGDVLHQXUJHULQJH0HQJHQ:DVVHULQJU|HUHQ $EVWlQGHQ]XVLFKQDKPHQ:LUWUDQNHQVHOEVWGDQQVFKOLHIHQZLQ ,FKIHQGPLFKXQWHUGHP6WDQGDUWHQZDJHQZLHGHUDXIHLQHU/DJHKDVWLJ KLQJHZRUIHQHU)HOOHOLHJHQGGLH$UPHXP$V\UWDJHVFKOXQJHQ:LUZDUHQ]XHUVFK|SIW ZLUKDVWHQXQVHUH*HVLFKWHUIOFKWLJJHUHLQLJW$EHUZLUVFKOLHIHQ]XXQVHUHU hEHUUDVFKXQJZHLWEHUGLH'lPPHUXQJXQGGHQ6RQQHQDXIJDQJKLQDXV'HU ([WUDVLQQZLHGHUKROWHEHVFKZ|UHQG'XZHLWJHQDXGDGXMHGH6WUDSD]HEHUVWHKHQ NDQQVW6HOEVWZHQQDOOHXPGLFKVWHUEHQ²GHLQhEHUOHEHQVSRWHQDOLVWKRFK 'DJRUNl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lOWHQ$XJHQQLFKWVDQGHUHVDOV*HOEGDVXQWHUGHQ 3IHLOHQGHV6RQQHQOLFKWVHUVFKWWHUWZXUGHXQGLQ:HOOHQOLQLHQWDQ]WH-HW]WULWWLFKPLW $V\UWDDQGHU6SLW]HGHU.DUDZDQH$OOH0lQQHUGLHELVKHUEHLXQVJHZHVHQZDUHQ IROJWHQHQWODQJGHVDXVHLQDQGHUJH]RJHQHQ=XJHV6LHKDQGKDEWHQ6SHHUXQG 3HLWVFKHXPGLHDQGHUHQQDFK2VWHQ]XWUHLEHQPLWEUXWDOHU*HZDOWYRUZlUWV]X VFKODJHQ:LUWUDQNHQXQVHUOHW]WHV:DVVHU]ZHLRGHUGUHL6WXQGHQQDFKGHPK|FKVWHQ 6RQQHQVWDQG-HW]WZUGHHVNHLQHQ$XIHQWKDOWPHKUJHEHQ²GLH$OWHUQDWLYHIUGLH 6FKLQGHUHLZDU7RGIUDOOH0HQVFKHQXQGDOOH7LHUHXQGGDVHQGJOWLJH6FKHLWHUQ PHLQHU0LVVLRQ'HUOHW]WH3XQNWEHUKUWHPLFKQLFKWVRQGHUOLFKDOVLFKGHQ%HFKHU OHHUWUDQNXQG]XUFNJDE$EHUGDV6FKHLWHUQQDFKDOOGHQ.lPSIHQXQG4XDOHQGHQ LPPHUZLHGHUEHJRQQHQHQ9HUVXFKHQXQVWURW]DOOHPDXI]XUDIIHQGDVZUGHPLFK XPEULQJHQ/lQJVWGDFKWHLFKQLFKWPHKUDQ(6XQGVHLQHQ$XIWUDJ ³$WODQ´IOVWHUWHXQGHXWOLFK$V\UWDQHEHQPIU,FKVWLHUWHLQLKUH$XJHQ)UPLFK JDEHVQXUQRFKHLQHHLQ]LJH+RIIQXQJ'LH5HWWXQJKLQJYRQHLQHPDQGHUHQ0HQVFKHQ DWH%LVKHUKDVWHLFKPLFKUXQGVHFKV-DKUWDXVHQGHODQJQXUDXIPLFKYHUODVVHQ PVVHQ=XPHUVWHQPDOKLQJPHLQHLJHQHV/HEHQXQGQXUGDVZDUZLUNOLFKZLFKWLJZLH (6LPPHUZLHGHUEHWRQWH²YRQGHU=XYHUOlVVLJNHLWHLQHVDQGHUHQ0HQVFKHQDWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³:DQQVLQGZLUDP)OX"´IUDJWH$V\UWD6LHZDUEHVVHUXQGZLGHUVWDQGVIlKLJHU DOV]HKQJHZ|KQOLFKH0lQQHUDEHUMHW]WZDUDXFKVLHYRQ7RGHVDQJVWJHVFKWWHOW ³,QVHFKVXQGGUHLLJ6WXQGHQ´HUZLGHUWHLFK'LHVZDUGLHH[DNWH:DKUKHLWPLW HLQLJHQ6WXQGHQ6SLHOUDXP ³:HUGHQZLUVWHUEHQ"´ ³1HLQ´,FKYHUEUDXFKWHPHLQHQOHW]WHQ5HVWDQHLJHQHUhEHU]HXJXQJ:LU ZUGHQQLFKWVWHUEHQ1LFKWDOOH'HU0DUVFKZDUNHLQEHZXWHV*HKHQRGHU5HLWHQ PHKUVRQGHUQ)RUWEHZHJXQJDOOHUGLHQRFKHLQHQ0XVNHOEHZHJHQNRQQWHQLQ7UDQFH RGHU5DVHUHL6SlWDP1DFKPLWWDJZDUHQ$V\UWDXQGLFKNDXPPHKUIlKLJLP6DWWHO]X VLW]HQ$OOHGUHL6WXQGHQKDVWHQZLUGLH3IHUGHJHZHFKVHOWGLHLQ]ZLVFKHQHLQLJH 6FKDOHQYROO0LOFKJHWUXQNHQKDWWHQZHOOHVNHLQHQ7URSIHQ:DVVHUPHKUJDE (LQJUlOLFKHV-XFNHQKDVWHPLFKEHUIDOOHQJHJHQGDVDXFKGHU=HOODNWLYDWRU QLFKWPHKUKDOI0HLQH$FKVHOK|KOHQGLH/HQGHQXQGEHVRQGHUVGLH)HIKOWHQVLFK DQDOVEHIlQGHQVLFK6DQGIO|KHXQGQRFKH[RWLVFKHUH,QVHNWHQXQWHUGHU+DXW1LH ]XYRULQPHLQHP/HEHQZDUGHU=ZDQJVRJURJHZHVHQGLH+DXWPLWGHP'ROFK DXI]XUHLHQ$EHUZLUPXWHQZHLWHUUHLWHQ'HU9HUVXFKGDV-XFNHQ]XLJQRULHUHQ YHUEUDXFKWHPHLQHOHW]WHQ5HVHUYHQXQGZDUVFKOLPPHUDOVGHU'XUVWXQWHUGHPZLU OLWWHQ'HQ+XQJHUKDUWH5HDOLWlWVSUWHQZLUQLFKW8QVHUH+LUQHVSLHOWHQLPPHUZLHGHU MHQH6]HQHQGXUFKLQGHQHQZLU:DVVHUHUUHLFKWHQPLWOHW]WHU.UDIWKLQHLQUDQQWHQELV ]XGHQ6FKXOWHUQXQVDENKOWHQXQGULHVLJH0HQJHQWUDQNHQ =ZLVFKHQ1DFKPLWWDJXQG6RQQHQXQWHUJDQJHUUHLFKWHHLQKRKHV:PVHOQPHLQH 2KUHQ0KVDPGUHKWHLFKPLFKLP6DWWHOXPXQGVDKZLHDXVGHP5DFKHQXQGGHQ 2KUHQHLQHV*HSDUGHQHLQHKHLOJUDXH5DXFKVlXOHVWLHJ'LH0HFKDQLNYHUVDJW(UZLUG GHWRQLHUHQ]LVFKWHGDV([WUDKLUQ,FKULHIVRODXWLFKHVYHUPRFKWH ³+PDXVLQGLH:VWHVFKQHOO´ 'DVVWDXEEHGHFNWH7LHUHLQ%LOGJHIlKUOLFKHU6FK|QKHLWXQG6FKQHOOLJNHWWVWDQG UHJXQJVORVPLWDXIJHULVVHQHP)HOOGDQQZDUIHVVLFKKHUXPXQGUDVWHLQZLOGHP 6SUXQJJDORSSKLQDXVLQGLH(LQ|GH)DVWQLHPDQGKDVWHGHQ=ZLVFKHQIDOOEHPHUNW GHQQDOOHWURWWHWHQVWXPSIVLQQLJYRUVLFKKLQXQGZDUFQEHWlXEWYRQ+LW]HJUHOOHP/LFKW XQG6WDXE.XU]H=HLWVSlWHUJDEHVZHLWHQWIHUQWHLQHVFKPHWWHUQGH'HWRQDWLRQLFK KDVWHGHQ%OLW]GHU([SORVLRQNXU]YRUKHUJHVHKHQ/DQJVDPYHUKOOWHHLQHUXQGH 6WDXEZRONHGHQ2UWGHU9HUQLFKWXQJ (LQ6FKZDUP*HLHUIORJSO|W]OLFKYRUXQVKRFKXQGVWREVFKZHUIlOOLJQDFKDOLHQ 6HLWHQ$OVZLUQlKHUNDPHQVWDFKP|UGHULVFKHU*HVWDQNLQXQVHUH1DVHQ:LUKLHOWHQ DQ ³(LQ0HQVFK]ZHLIHOORV´PXUPHOWH1LDQFKUHHUVFKWWHUW$UPHXQG%HLQHZDUHQ VWHUQI|UPLJDXVJHVWUHFNW'LH*HVLFKWV]JHGHV0DQQHVGHUVHLQHU:DIIHQEHUDXEW ZRUGHQZDUKDVWHQGLH*HLHUZHJJHKDFNW'HU.|USHUZDUWHLOZHLVH]HUULVVHQYRQGHQ 6FKQlEHOQGHU$DVIUHVVHU]XPDQGHUHQKDVWHQ+LW]HXQG6RQQHGLHOHW]WH6SXU )HXFKWLJNHLWYHUGDPSIW(UVDKDXVZLHHLQHJHEUDWHQH0XPLH$QVHLQHPIOHLVFKORVHQ +DQGJHOHQNEHIDQGVLFKQXQPHKUYLHO]XJURHLQPHKUJOLHGULJHV%URQ]HDUPEDQG :HUZDUHU"(LQHUYRQ5DQWLVV¶7UXSSH",FKJODXEWHGLHVDXVVFKOLHHQ]XN|QQHQ:DU HUYRU'XUVWJHVWRUEHQRGHUKDVWHQVHLQH.DPHUDGHQLKQHUVFKODJHQ":RUWORVWULHEHQ ZLUXQVHUHHUVFK|SIWHQ3IHUGHDQ 'LHQlFKVWH.ULVHNDPPLWGHP%HJLQQGHU'XQNHOKHLW$EHUZHQQZLU VWHKHQEOLHEHQZDUDOOHVYHUORUHQ'DQQVWDUEHQZLUDOOH6RPDFKWHQZLUZHLWHUWURW]LJ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XQGHLJHQVLQQLJ,FKYHUVXFKWHLQGHUNODPPHQ.lOWHGLH6FKULWWHRGHUGLHNHXFKHQGHQ $WHPVW|HPHLQHV3IHUGHV]X]lKOHQ ,FKVWHOOWHPLUVFKUHFNOLFKHXQGGUDPDWLVFKH6]HQHQYRU%LOGHUGHU*HIDKUHQDQ GLHLFKPLFKHULQQHUWHDQ.lPSIHDQ/LHEHPLWGHQ*HVFK|SIHQGLHVHV XQEDUPKHU]LJHQ3ODQHWHQ,FKVWLHLPPHUZLHGHUDQHLQHXQVLFKWEDUH0DXHUPLW ZHQLJHQ)HQVWHUQGLHEHJUHQ]WHQ$XVEOLFNHUODXEWHQ0HLQH(ULQQHUXQJHQZDUHQXQG EOLHEHQLQGHU4XDOGHVWURVWORVHQ0DUVFKHVVFKHPHQKDIWXQGXQJHRUGQHW,FKELLQ PHLQH/LSSHQYHUVXFKWH6SHLFKHO]XHU]HXJHQEHVFKlIWLJWHPLFKPLWVLQQORVHQ 'LQJHQ1LFKWVKDOIIUOlQJHUH=HLW:DKUHXQGHLQJHELOGHWH6FKPHU]HQPQGHWHQ VFKOLHOLFKLQJUDXVDPH(UVFK|SIXQJ6RHUJLQJHVDOLHQDQGHUHQQLFKWQXUGHU +DQGYROO5HLWHUDQGHU6SLW]HGLHVHVMlPPHUOLFKHQ=XJHVGHUVLFKLPVLOEHUQHQ +DOEGXQNHOGHUPRQGEHVFKLHQHQHQ:VWHGDKLQVFKOHSSWH ³0RUJHQIUKZHUGHQYLHOHYRQXQVJHVWRUEHQVHLQ´ODOOWH1LDQFKUH,FK VFKZLHJUDQJHXQGDQWZRUWHWHVFKOLHOLFK ³(LQLJHMD(VHVJLQJQLFKWDQGHUV´ :LUTXlOWHQHLQ]HOQH:RUWHKHUYRUDOVZlUHQVLH]ZLVFKHQGHQ=lKQHQ]X XQI|UPLJHQ%URFNHQDXIJHTXROOHQ ³:LHZHLWLVWHVQRFK"´ ³0RUJHQPLWWDJ´VDJWHLFK³,FKZHLHVGHU9RJHOVDJWHHVPLU´ 1RFKEHVDLFKHLQHQZLQ]LJHQ7UXPSI$OOHVKLQJGDYRQDWHRE%RUHDVVLFKLQ GHUMHQLJHQ3RVLWLRQEHIDQGLQGLHLFKLKQYRU6WXQGHQEHRUGHUWKDVWH ³0RUJHQPLWWDJ"'DVLVW]XVSlW6LHZHUGHQDOOHYHUGXUVWHWVHLQ´PXUPHOWH JHEURFKHQ$V\UWD ³1HLQ´,FKKLHOWGDV3IHUGDQ,FKOLHPLFKDXVGHP6DWWHOIDOOHQXQGKLHOWPLFK DQHLQHU6FKODXIHIHVV0HLQH.QLH]LWWHUWHQHLQPHUNZUGLJHU)URVWVFKWWHOWHPHLQHQ .|USHU,FKVWDUUWHJHUDGHDXVQDFK2VWHQXQGZXWHGDLFKMHW]WGLHHUVWHQW|GOLFKHQ +DOOX]LQDWLRQHQKDVWH'RUWJHQDXDQGHU/LQLHDQGHUGLH(EHQHGHUPRQGOLFKWHUIOOWHQ +DOEZVWHLQGHQWLHIVFKZDU]HQ+LPPHOYROOHU6WHUQHEHUJLQJVDKLFKHLQHULHVLJH 6WDXEZRONH6LHZXUGHGXUFKGDV0RQGOLFKWHUVWGHXWOLFKXQGZDOOWHZLH'DPSIVLOEHUQ DXI(LQ$QIDOOYRQ4XDOSDFNWHXQGEHXWHOWHPLFK,FKKDVWH$QJVW,FKZDUYROONRPPHQ DOOHLQYLHOH/LFKWMDKUHZHLWYRQ$UNRQHQWIHUQWVlPWOLFKHQ=XIlOOLJNHLWHQGLHVHU JUlOLFKHQ:HOWDXVJHOLHIHUWRKQHGLHJHULQJVWH0|JOLFKNHLWPLFK]XZHKUHQ 8QGGD]XQRFKZLOOHQORVHV:HUN]HXJGLHVHUXQIDEDUHQ *HPHLQVFKDIWVLQWHOOLJHQ](6'LHVHYHUIOXFKWHNRVPLVFKH.UHDWXUGLHDQGHUH 0HQVFKHQXQGPLFKTXHUEHUHLQHQ3ODQHWHQMDJWHQXUZHOOLKPGLH.XOWXUGLHVHU %DUEDUHQDXVLUJHQGHLQHP*UXQGZLFKWLJZDUPHLQH*HGDQNHQULVVHQDWH'HU /RJLNVHNWRUXQWHUEUDFKVFKDUI6LHKJHQDXKLQ ,FKEOLQ]HOWHXQGZLVFKWH6WDXEXQGJHWURFNQHWHV6HNUHWDXVGHQ$XJHQ'LH VLOEHUQH6WDXEZRONHNDPQlKHU,FKZDUIHLQHQVFKQHOOHQ%KFNDXIGLH5HLWHUYRUPLU XQGVWLHJlFK]HQGDXIGHQ5FNHQGHV3IHUGHVGDVMHGHQ$XJHQEOLFNXQWHUPLU ]XVDPPHQ]XEUHFKHQGURKWH(VVHW]WHVLFKZLOOLJLQ%HZHJXQJ0HLQ6FKHFNHGHQLFK VHLW]ZHL-DKUHQQWW(LQ7LHUPLWGHP0XWHLQHUNlPSIHQGHQ/|ZLQ'HU*HSDUGGHU VLFKLQPHLQHU1lKHDXIGLH+LQWHUNHXOHQJHVHW]WKDWWHVWDQGDXIXQGVFKWWHOWHVLFKLQ HLQHU6WDXEZRONH 'HU+HQJVWWURWWHWHKDOEEHVLQQXQJVORVLQGLH5LFKWXQJGHUDQGHUHQ3IHUGHXQG 5HLWHU,FKZXUGHXQVLFKHUXQGEOLQ]HOWHDEHUPDOV$EHUGLH6WDXEZRONHEOLHE,FK

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ELOGHWHPLUVRJDUHLQHLQUXPSHOQGHVWURPPHOQGHV*HUDXVFK]XK|UHQ'HU+HQJVW VWHOOWHGLH2KUHQDXIXQGUHIXWHVLHQDFKYRUQ 'DVLVW5HDOLWlW'XKDVWNHLQH:DKQYRUVWHOOXQJHQ$UNRQLGHGU|KQWHGDV ([WUDKLUQ'DV7LHUXQWHUPHLQHQ6FKHQNHOQVFKLHQSO|W]OLFKVHLQHXQZLGHUUXIOLFKOHW]WHQ .UlIWH]XPRELOLVLHUHQ(VZXUGHXQUXKLJXQGEHJDQQ]XWUDEHQ(VVW|KQWHXQG NHXFKWHDEHUHVWUDEWH(V]RJGLH/XIWGXUFKGLH1VWHUQXQGVWLHVLHVFKQDXEHQG ZLHGHUDXV:DVVHU,FKHUUHLFKWHGLH*UXSSHEHL1LDQFKUH6LHVDKHQVLFKQLFKWHLQPDO QDFKPLURGHUQDFKGHPHUVWHQ:DJHQGHU.DUDZDQHXPGLHQRFKLPPHULQ%HZHJXQJ ZDU6LHEOLFNWHQGLHQlKHUNRPPHQGH:RONHDQ-HW]WO|VWHQVLFKVFKHPHQKDIWLP *HLVWHUOLFKWGHV0RQGHVGXQNOH3XQNWHDXVGHU:RONHVWLHHQNHLOI|UPLJYRU]XHUVW QXUHLQHUGDQQPHKUHUHQHEHQHLQDQGHUVFKOLHOLFKHLQHNOHLQH.DYDONDGH,FKK|UWH XQGHXWOLFKKLQWHUPLUHLQZLUUHV*HVFKUHL9RUGHU:RONHDXV6WDXEGLHVLFKQDFK EHLGHQ6HLWHQDXVEUHLWHWH]XJOHLFKQLHGULJHUZXUGHHUNDQQWHQZLU3IHUGHXQG5HLWHU =ZHL5HLWHUZXUGHQVFKQHOOHUXQGVWREHQZLH5DVHQGHKHUDQ,KUH3IHUGHJDEHQGDV OHW]WHKHU=LWWHUQGYRU.lOWH'XUVWXQG(UUHJXQJNDXHUWHLFKLP6DWWHO'DV7LHUJHULHW LQPHUNZUGLJH$XIUHJXQJ5RFKHV:DVVHUZLWWHUWHHV5HWWXQJ":LUVDKHQZHLWXQG YHUKlOWQLVPlLJJXWLP0RQGOLFKW'LH+XIJHUlXVFKHXQGMHW]WDXFKVFKULOOHDQIHXHUQGH 6FKUHLHZXUGHQODXWHUXQGGHXWOLFKHU'LH0HQVFKHQGHU.DUDZDQHZXWHQQLFKWZDV HLJHQWOLFKJHVFKDKYHUJDHQDEHUHEHQIDOOV0GLJNHLWXQG(UVFK|SIXQJ'LH]ZHL 5HLWHUGRQQHUWHQZHLWDXVGHQ6lWWHOQJHEHXJWDXIXQVHUH*UXSSH]XXQGULVVHQLKUH 3IHUGHGLFKWYRUXQV]XUFN'LH7LHUHVWHPPWHQGLH9RUGHUKXIHLQGHQ%RGHQXQG VFKOLWWHUWHQDXIGHQ+LQWHUOlXIHQHLQJDQ]HV6WFNELVVLHDXIVSUDQJHQXQGVLFK VFKWWHOWHQ ³+LHUVLQGZLU$WODQ´ULHI5DQWLVVODXW³'UHLLJ5HLWHUDOOH5HVHUYHWLHUHIULVFK XQGDXVJHUXKW8QGDOOHPLW:DVVHUVFKOlXFKHQEHODGHQ'LH0lQQHUZLVVHQZDV]X WXQLVW´ ³:LUZHUGHQGLH.DUDZDQHPLWXQVQHKPHQZHQQZLU]XUFNUHLWHQ´YHUVLFKHUWH $ODFDODFKHQG³(XFKJHKWHVQLFKWJXWZLHLFKVHKH´ 'DQQGRQQHUWHGHU5HVWGHU7LHUHKHUDQ(LQLJHEOLHEHQEHLXQVVWHKHQGLH 6FKOlXFKHIORJHQGXUFKGLH/XIWXQGZLUGDFKWHQDQQLFKWVDQGHUHVPHKUDOV]XWULQNHQ XQGXQVHUHQ3IHUGHQJHQJHQG:DVVHU]XVDXIHQ]XJHEHQ$OVRKDVWH5DQWLVVVHLQH 0lQQHUVRJUQGOLFKJHVFKXOWZLHLPPHU6LHEOLHEHQDQYHUVFKLHGHQHQ6WHOOHQGHU ODQJJH]RJHQHQ5HLKHYRQ:DJHQXQG/DVWWLHUHQVWHKHQKLHOWHQGLH3DFNSIHUGHDQ YHUWHLOWHQDQGLH6ROGDWHQGDV:DVVHU.XSIHUNHVVHOZXUGHQYRQGHQ:DJHQJHULVVHQ XQGJHIOOW'LH7LHUHEUDXFKWHQQLFKWKHUDQJHIKUW]XZHUGHQVLHNDPHQYRQVHOEVW 2FKVHQZXUGHQEOLW]VFKQHOODXVJHVFKLUUW3IHUGHGLHNHLQH:DVVHUODVWHQWUXJHQNDPHQ LQGLH-RFKH0LWGHPOHW]WHQ:DVVHUDXVHLQHP6FKODXFKUHLQLJWHLFKPHLQ*HVLFKWXQG EOLHVGLHYHUVWRSIWH1DVHOHHU ³:LUVLQGYLHU6WXQGHQJHULWWHQ´5DQWLVVKLHOWIU$V\UWDGHQJOXNNHUQGHQ :DVVHUVFKODXFK'DV:DVVHUZDUWDWVlFKOLFKHLVNDOWDEJHNKOWGXUFK9HUGXQVWXQJ ZlKUHQGGHVVFKQHOOHQ5LWWHV³$OOHVKDEHQZLUEHGDFKW´ ,QGLHVHP0RPHQWUDWWHUWHSROWHUQGXQGVFKOLQJHUQGYRQDFKW3IHUGHQJH]RJHQ GHU)KUXQJVZDJHQGHU.DUDZDQHDQXQVYRUEHLQDFK2VWHQ8QVHUH3IHUGHGUlQJWHQ VLFKXP]ZHL.HVVHO'LHHUVWHJU|HUH0DQQVFKDIWULWWDXIGHQ3IHUGHQGHU5HWWHU YRUEHL

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,KUKlWWHWNHLQH6WXQGHVSlWHUNRPPHQGUIHQ´VDJWHLFKKXVWHQGXQGLPPHU ZLHGHU6WDXEUHVWHDXVVSXFNHQG(VZDUHUVWDXQOLFKZDVGLHVH:DVVHUPHQJH DXVPDFKWHGHQQSO|W]OLFKHUZDFKWHQDOOHXQVHUH.UlIWH:LUVSUWHQVWDUNHU+XQJHU 8QVHUH0lJHQLQGHQHQGDV:DVVHUK|UEDUJOXFNHUWHNQXUUWHQODXW ³:LUKDEHQGHQ$QEUXFKGHU1DFKWDEJHZDUWHW8QVHUH3IHUGHEOHLEHQVROlQJHU OHLVWXQJVIlKLJ´5DQWLVVXPDUPWHVHLQH8QWHUIKUHU'UHL:DJHQYROOPLW.UDQNHQXQG (UVFK|SIWHQIXKUHQODQJVDPDQXQVHUHU*UXSSHYRUEHL(LQ=XJ/DVWSIHUGHHLQ ]ZHLWHUEHVWHKHQGDXV(VHOQZXUGHYRUEHLJHWULHEHQ'LH7LHUHKDVWHQJHQJHQG JHWUXQNHQ)UVLHVWDQGGLH5HWWXQJIHVV ³'DVEHGHXWHWGDZLUQRFKYRU6RQQHQDXIJDQJDP:DVVHUVLQG"´IUDJWH$V\UWD ODXW6LHSDFNWHDXVHLQHU6DWWHOWDVFKH7URFNHQIOHLVFKDXV:LUNDXWHQGDV]lKH=HXJ HVPDFKWHXQVQLFKWVDXV ³1LFKWDOOH:LUYHUVXFKHQXQVHUH7LHUH]XUFN]XEULQJHQXQGGLH6FKOlXFKH ZLHGHU]XIOOHQ5HLWHWZHLWHUZLUWUHIIHQXQVDXIDOOH)DOOH´$ODFDJR:DVVHUEHU XQVHUH.|SIH(VZDUDOOHVDXIGDVEHVWHDXVJHUHFKQHW,KU3ODQZDUDXIJHJDQJHQ $EHUXQVHU9HUVXFKKDVWHEHLQDKHW|GOLFKIUGLHJHVDPWH.DUDZDQHJHHQGHW:LU YHUWHLOWHQ]ZHLSUDOOH6FKOlXFKHYROO:DVVHUOHHUWHQHLQSHDU%HFKHUXQGULWWHQZHLWHU QDFKGHPZLUGHQ7LHUHQ0DXO1VWHUQ$XJHQXQG2KUHQJHZDVFKHQKDWWHQ:LHGHU SROWHUWHQXQGNQLUVFKWHQEHODGHQH:DJHQDQXQVYRUEHL7LHUHVFKULHQDXIJHUHJW$EHU VlPWOLFKH/DXWHGLHMHW]WNXU]YRU0LWWHUQDFKWLQGLHVHU+DOEZVWHHUW|QWHQZDUHQNHLQH *HUlXVFKHGHV6FKUHFNHQVPHKUVRQGHUQbXHUXQJHQGHU+RIIQXQJXQGZLHGHU HUZDFKWHP/HEHQ =ZHL'ULWWHOXQVHUHU*UXSSHVWLHJHQDXIIULVFKH7LHUHXPXQGULWWHQRVGLHPGHQ 7LHUHKLQWHUVLFKKHU]LHKHQG0HKUPDOVZXUGHQZLUYRQ5HLWHUQXQG3IHUGHQEHUKROW GLHLQLKUHU$UEHLWIRUWIXKUHQDXFKGHQ5HVWGHU.DUDZDQH]XUHWWHQ 'HU:HJIKUWH]ZLVFKHQVWDXELJHQ*UDVEVFKHOQXQG)DUQEVFKHQDEZlUWV :LUULWWHQEHUGHQEUHLWHQ6WUHLIHQDXVDXIJHZKOWHP%RGHQGHULPPHUIHXFKWHU ZXUGHLQGLH5LFKWXQJGHV)OXVVHV'HU0RQGVDQNXQWHUGHQ+RUL]RQWGLH6WHUQH YHUVFKZDQGHQHPHUQDFKGHPDQGHUHQ-HWLHIHUZLUNDPHQGHVWRPHKUJUQH 3IODQ]HQXPJDEHQXQV:LUZDUHQ]ZHLIHOORVLQGHU1lKHGHV:DVVHUVZHQQZLUXQV DXFKHUVWDP5DQGHLQHVEUHLWHQIODFKHQ)OXEHWWVEHIDQGHQ9RUXQVOLHIHQ 5lGHUVSXUHQVFKUlJDEZlUWV ³1XQVLQGZLUGRUWZRKLQZLUZROOWHQ$WODQ´VDJWH$V\UWD0DUD\HOHLVH³:LU VWRHQLQQHXHV/DQGYRU´ ³(VZLUGHEHQVROHHUVHLQZLHGLH/lQGHUGXUFKGLHZLUNDPHQ´VDJWHLFK³'LH .DUDZDQHZLUGVLFKDXIO|VHQMHGHQ7DJZLUGVLHNOHLQHUZHUGHQ´ ³8QGLFKVHKQHPLFKEDOGGLHVHV/DQG]XYHUODVVHQ´PHLQWHVLH ³,FKDXFK*HOLHEWH´JHVWDQGLFKUXKLJ9RUNXU]HU=HLWZDUGLH+lOIWHGHU5HLWHU PLWYLHOHQVFKZHUEHODGHQHQ3IHUGHQDQXQVYRUEHLZLHGHUQDFK:HVWHQJHULWWHQXP GHQ5HVWGHU.DUDZDQHXQGGLH]XVDPPHQJHVFKUXPSIWHQ+HUGHQP|JOLFKVWVFKQHOO KLHUKHU]XEULQJHQ'LHMHQLJHQGLHLQGHU1DFKWPLW:DJHQRGHUDXI3IHUGHQ ZHJJHVFKDIIWZRUGHQZDUHQEHIDQGHQVLFKEHUHLWVGRUWYRUQLP/DJHUGDV5DQWLVV DQJHOHJWKDVWH:LUVDKHQ/LFKWVFKHLQ)HXHUXQG)DFNHOQ ³8QGZLUJHKHQGRUWKLQ]XUFN"´IUDJWH$V\UWDPLWVNHSWLVFKHP/lFKHOQXQG GHXWHWHQDFK:HVWHQ,FKZXWHZRYRQVLHWUlXPWH(VZDUDXFKPHLQ7UDXP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³=XHUVWDOOHUGLQJVZHUGHQZLUXQVHUKROHQ5DQWLVVKDWHLQLJHNOHLQH6LHGOXQJHQ JHIXQGHQ´ ³,FKZHLGD(UKROXQJIUXQVZLFKWLJLVW´ $V\UWDOHKQWHVLFKDXVGHP6DWWHOXQGQDKPPHLQH+DQG1DFK]ZHL6WXQGHQ NXU]QDFK6RQQHQDXIJDQJHUUHLFKWHQZLUGDV/DJHUDXIHLQHPOHLFKWHUK|KWHQ3XQNW HLQHU$UW%DQNDXV.LHVXQG/HKPGHUDXVGHP7URJGHVOHHUHQEHUDXVJUQHQ )OXEHWWVKHUYRUZXFKVhEHUDOOVDKHQZLU7HLOHXQVHUHU+HUGHQ2FKVHQ(VHOXQG 3IHUGHXQG/lPPHUGLHDXIGHQ:DJHQPLWJHQRPPHQZRUGHQZDUHQ9RUXQVVWLHJHQ IDVWVHQNUHFKWGLHJUDXHQ)lGHQYRQ5DXFKLQGLH/XIW:LHGHUHLQPDOKDVWH5DQWLVV EHZLHVHQZHOFKKHUYRUUDJHQGHQ9HUVWDQGHUEHVDXQGGDVHLQH%HIHKOHDXVJHIKUW ZXUGHQ6RJDUPHLQH-XUWHZDUDXIJHEDXWZRUGHQQHEHQGHPEHUVWDXEWHQ:DJHQ 1LDQFKUHV,FKNPPHUWHPLFKXPQLFKWVPHKU1HEHQ$V\UWDULWWLFKDXIGDV/DJHU]X XQGJDEPLFKLQGHQQlFKVWHQ]ZHL7DJHQGHQ:RQQHQGHU(UKROXQJKLQW:LUEDGHWHQ LPNDOWHQ:DVVHUGHV)OXVVHVVHLIWHQXQVHUH+DDUHHLQ|OWHQGLH+DXWEHKDQGHOWHQ GLH:XQGHQOLHHQXQV(VVHQEULQJHQJDEHQXQVHUHVFKPXW]LJHQXQG PLWJHQRPPHQHQ.OHLGHUXQG6WLHIHOGHQ6NODYHQ]XP:DVFKHQXQG$XVEHVVHUQXQG HLQHQKDOEHQ7DJVSlWHUQDFKGHP$V\UWDXQGLFKHLQHQ6FKODIWUXQNJHQRPPHQKDWWHQ VFKOLHIHQZLUIQI]HKQ6WXQGHQXQXQWHUEURFKHQ :LUKDVWHQGHQ:HJJHIXQGHQ(VZDUXQVJHJOFNWHLQHJHZDOWLJH6WUDH]X ]LHKHQGLHYRQHLQHP*HELHWKLQDXVIKUWHGDV+HLPDWHLQLJHUKRKHU.XOWXUHQZDU$XI GHPXQUHJHOPlLJHQ1HW]GHU.DUDZDQHQVWUDHQIHQGGRUWHLQUHJHU$XVWDXVFKYRQ 0HQVFKHQ ,GHHQXQG0DWHULDOVWDWV 'LH7\SHQGHU0HQVFKHQYHUlQGHUWHQVLFKYRQ:HVWHQQDFK2VWHQ=XHUVW ZDUHQVLHVFKODQNODQJJOLHGULJXQGEUDXQKDDULJRIWKHOOKlXWLJRGHUVRJDUEORQG-H ZHLWHUZLUUHLVWHQGHVWRNOHLQZFKVLJHUZXUGHQGLH$QJHK|ULJHQGHU6WlPPH,KU+DDU VFKLHQYRQ0RQG]X0RQGGHV5HLVHZHJHVGXQNOHU]XZHUGHQWULHUWUDIHQZLU VWlPPLJH0HQVFKHQPLWOHLFKWJHOEOLFKHU+DXWGXQNOHQ$XJHQXQGGQQHQJODWWHQ EODXVFKZDU]HQ+DDUHQ-lJHUXQG)LVFKHUHLQIDFKH$FNHUEDXHUQDEHUNHPH JURDUWLJHQ+DQGZHUNHU9LHOOHLFKWJHODQJHVGHU6SXUGLHZLUJH]RJHQKDWWHQGLH %HZRKQHUGHU6WHSSHPLWGHQ.XOWXUHQGHV:HVWHQVXQGPLWGHQ%HZRKQHUQGHU |VWOLFKHQ*HELHWH]XVDPPHQ]XEULQJHQGLHQRPDGLVLHUHQGHQ6WlPPHGHU6WHSSHQXQG *HELUJVUlQGHUPLWGHQNOHLQHQ6LHGOHUJUXSSHQ-HGHQIDOOVZUGHLFKGDIUVRUJHQGD XQVHUH.XOWXUXQGXQVHUH)lKLJNHLWHQ]ZHL-DKUHIDQJEHZLHVHQXQGZHLWHUHQWZLFNHOW VLFKWULHUDXVEUHLWHQNRQQWHQ'LH+lQGOHUZXUGHQGLH6WUDHVHKUEDOGEHQXW]HQ 1LDQFKUHVDPLUJHJHQEHUXQGOlFKHOWH'DHUQLFKWJHUDGHVHKUKlXILJ]X OlFKHOQSIOHJWHPXVWHUWHLFKLKQYROOHU1HXJLHUGH6LHEHQ7DJHEHIDQGHQZLUXQVMHW]W WULHUXQGGLH5HLWHUKDVWHQEHULFKWHWGDVLFKXQVHUH+HUGHQQlKHUWHQMHQVHLWVGHV DQGHUHQ8IHUV ³'XVFKHLQVW*UXQG]XP/lFKHOQ]XKDEHQ´VDJWHLFKXQGEHWUDFKWHWHVHLQH 5ROOHQXQG6FKUHLEWDIHOQ ³1DFKGHPZDVZLUDOOHVKLQWHUXQVKDEHQ´HUZLGHUWHHUQDFKGHQNOLFK³LVWMHGHU ZHLWHUH7DJDQGHPGLH6RQQHVFKHLQWHLQ*UXQG]XP/lFKHOQ$XHUGHPJLEWHV HWOLFKH)UDJHQ]XNOlUHQ´ ³:REHLLFKQLFKWDOOH$QWZRUWHQKDEH:DVJLEWHV"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

1LDQFKUHZLHVDXIGLH.RORQQHQGLHHUVRUJIlOWLJQHEHQHLQDQGHUJHVFKULHEHQ XQGDGGLHUWKDVWH ³:LUKDEHQDOOH:HUWHGLHZLUPLWDXIGHQ:HJQDKPHQGXUFKJHVFKLFNWHV 7DXVFKHQXQG+DQGHOQYHU]HKQIDFKW:HQQLFKGHQ3UHLVUHFKQHGHQMHQH'LQJHLQ $VVXUZHUWVLQGVRVWLPPWGLHVH=DKO´ ³(VIUHXWPLFK$EHUHVLVWQLFKWPHLQH$XIJDEH´VDJWHLFK³5DQWLVVZLUGGLH NOHLQH.DUDZDQH]XUFNQDFK6RQQHQXQWHUJDQJIKUHQ´ 'HU5RPHWGHVVHQJHVFKRUHQHU.RSIPDNHOORVJOlQ]WHVWLPPWH]X ³,FKKDOWHHVIUPHLQH3IOLFKWHVGLU]XVDJHQ:LUZHUGHQGLHVH:HUWHGHQ .DXIOHXWHQDEOLHIHUQZLHHVLQGHQ9HUWUlJHQVWDQG1XQ]XGHQMHQLJHQGLHPLWXQV JHJDQJHQVLQG´ ,FKVDKDXVGHP(LQJDQJGHU-XUWHKLQDXVDXIGLH6]HQHQXQVHUHV/DJHUV *UXSSHQ]XVDPPHQJHIKUWGXUFK6\PSDWKLHRGHU)DPLOLHQ]XJHK|ULJNHLWELOGHWHQVLFK ODQJVDPXQGVFKDUWHQVLFKXPGLHMHQLJHQGLHVRHWZDVZLHLKUH)DPLOLHQIUVWHQZDUHQ ³'XZHLWGDDOOH6NODYHQGLH)UHLKHLWEHNRPPHQVREDOGZLUWULHUVLQG6LH ZHUGHQWURW]GHPPHLVWPLWLKUHQYRUKHULJHQ+HUUHQJHKHQ´ :LHGHUVHQNWHHUGHQ.RSIXQG]RJHLQDQGHUHV3HUJDPHQWKHUYRU ³)QINOHLQH*UXSSHQYRQ+DQGZHUNHUQ6LHGOHUQHLQLJHQ-lJHUQPLW9LHKXQG :HUN]HXJVLQGGDYRQJH]RJHQ6LHKDEHQ/DQGJHQRPPHQLQGHU1lKHGHUNOHLQHQ 6WlPPH´ ³6RVROOWHHVVHLQ´VDJWHLFK³5HFKWVR´ 'DV/DQGZHLWLP8PNUHLVZDUEHUJLJPLWQLHGQJHQ:lOGHUQYROOHU%VFKHXQG PLWHLQHUWLHIHQ6FKLFKW$EODJHUXQJHQEHGHFNWGLHWLHIHQIUXFKWEDUHQ%RGHQELOGHWHQ $OOHVZDVPDQVlWHXQGSIOHJWHZUGHJHGHLKHQ6RZLHGHU+DSLZUGHDXFKMHGHV )UKMDKUGLHVHU)OXVHLQJHOEHVVFKODPPLJHV:DVVHUEHUGDV/DQGDXVEUHLWHQ ³'LH+LUWHQKDEHQGLH+HUGHQYHUPHKUWXQGYHUJU|HUW9LHO9LHKLVWLQGHU:VWH YHUHQGHW´1LDQFKUHZDUSO|W]OLFKZLHGHUGHUXQEHVWHFKOLFKH6FKUHLEHUXQG5HFKQHU ³(VVLQGDXFKYLHOH0HQVFKHQJHVWRUEHQ´ ³$EHULKUHUPHKUZXUGHQJHERUHQ´ (LQ7HLOGHU0HQVFKHQGHV9LHKVXQGGHU*HUlWVFKDIWHQ]HUVWUHXWHVLFKDP 0LWWHOODXIGHV)OXVVHVLQDOOH5LFKWXQJHQ'HU5HVWZUGHODQJVDPGHQ)OXDEZlUWV ]LHKHQ-HGHUEOLHEZRHVLKPJHILHO ³:DVZHUGHWLKUWXQ$V\UWDXQGGX+HUU$WODQ"´HUNXQGLJWHHUVLFKQDFKHLQHP $XJHQEOLFNQDFKGHQNOLFKHQ6FKZHLJHQV ³'DVNDQQLFKGLUQLFKWJHQDXVDJHQ,FKGHQNHLFKZHUGHHLQHV7DJHVDXVGHU .DUDZDQHYHUVFKZXQGHQVHLQ'LH=LPPHUOHXWH)UHLJHODVVHQHQRGHU:DJHQOHQNHU ZHUGHQPLFKQLFKWYHUPLVVHQ´ ,FKVDKVLHMHW]WVFKRQYRUPLUGLHVWlQGLJVFKUXPSIHQGHQ+HUGHQXQG 0HQVFKHQJUXSSHQGLH5HLWHUXP5DQWLVV²DEJHVHKHQYRQGHQ0lQQHUQGLHEHLLKP EOLHEHQXQGGHQODQJHQ:HJLQGLHHQWJHJHQJHVHW]WH5LFKWXQJJHKHQZUGHQVRDP $EHQGLKQHQGLH6RQQHLQV*HVLFKWVFKHLQHQZUGH6HKUHUQVWDQWZRUWHWHGHU0DQQ DXV1R$PXQ ³$OOHZHUGHQGLFKQLFKWYHUPLVVHQ:RKODEHU5DQWLVV7DQWULXQG$ODFD8QG HEHQVR6NDWKXQG²LFKDXFK´ :HQQLFKEHUVFKOlJLJUHFKQHWHVRZUGHQWULHUQRFKYLHOH-DKUHYHUJHKHQELV VLFKGLH0HQVFKHQGHUZHLWYHUVWUHXWHQ6LHGOXQJHQ]XHLQHUJHPHLQVDPHQ.XOWXU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

]XVDPPHQILQGHQZUGHQ,FKKDVWHWULHUPFKWVPHKU]XVXFKHQ+RIIHQWOLFKHQWOLH(6 PLFK²VFKOLHOLFKKDVWHLFKVHLQ6SLHOYRQ$QIDQJELV]XP(QGHGXUFKJHKDOWHQ,FK VFKHQNWH1LDQFKUHHLQHKUOLFKHVZDUPHV/lFKHOQ ³%HYRULFKJHKHZHUGHLFKYRQDOLHQGLHPLUHQV+HU]JHZDFKVHQVLQGODQJHQ $EVFKLHGQHKPHQ,FKKDEHMHGHV9HUVSUHFKHQJHKDOWHQHULQQHUHGLFK´ %HGlFKWLJURXWHHUHLQ%LQVHQPDUN6FKUHLEEODWW]XVDPPHQXQGHUNODUWHIHLHUOLFK ³'DUDQKDWQLHPDOVHLQHUGHU]ZHLHLQKDOEWDXVHQG0HQVFKHQJH]ZHLIHOW1XU HLQLJH5HLWHUVLQGPUULVFK´ ³:DUXP"´ ³6LHGDFKWHQGDVLHWULHUSUXQNYROOH5HLFKHILQGHQLQGHQHQVLH+HUUVFKHU ZHUGHQ6WDWWGHVVHQJLEWHVWULHUQXU6LHGOXQJHQYRQ]ZHLKXQGHUW.|SIHQRIWPDOV NOHLQHU´ ³0HQVFKHQYHUJHVVHQVFKQHOO6LHZHUGHQ]XJXWHQ+HUUVFKHUQEHUNOHLQH *HPHPVFKDIWHQZHUGHQ´YHUWU|VWHWHLFKLKQ³'XJHKVWJHPPLW5DQEVV]XUFN"´ ³-D0LWLKPVHLQHQ5HLWHUQXQGGHQJHIOOWHQ:DJHQ´ :LUODFKWHQJOHLFK]HLWLJDXI ³'HQ:HJNHQQWLKULQ]ZLVFKHQ´VDJWHLFK³8QGMHVFKQHOOHULKUVHLGGHVWR XQJHIlKUOLFKHULVWHU´ ³'XVDJVWHV´ (UVWDQGDXIXQGOHJWHPLUGLH+DQGDXIGLH6FKXOWHU(UVDKPLFKPLWJURHQ NOXJHQ$XJHQHLQH=HLWODQJVFKZHLJHQGDQXQGVDJWHGDQQPLWEHUUDVFKHQGHU :HLVKHLW ³:LUDOOHELVKLQXQWHU]XPMQJVWHQ+LUWHQKDEHQHWZDV*HZDOWLJHV XQWHUQRPPHQ,FKNHQQHHLQHQJURHQ7HLOGHU:HOWZHQQHVVWLPPWGDGLH:HOW HZLJLVWXQGZLHGXVDJVWLKUH2EHUIOlFKHRKQHZLUNOLFKH*UHQ]HQGDQQZHUGHQ NRPPHQGH*HQHUDWLRQHQHUNHQQHQZDVGLHVH6WUDHZLUNOLFKEHGHXWHW1XUVRN|QQHQ VLFKGLH:HOWHQ ³(VZDUHQLQ:LUNOLFKNHLWQXUHLQH+DQGYROO0lQQHUXQGHLQMXQJHV0lGFKHQGLH GLHVYROOEUDFKWKDEHQ1LFKWPHKUDOV]ZHL'XW]HQGOKU:LOOHKDWGLHVHYLHOHQ0HQVFKHQ KLHUKHUJHWULHEHQ´ ³'XKDVWUHFKW$WODQ:LUVHKHQXQVPRUJHQ´ :LUVFKWWHOWHQXQVGLH+lQGH(UJLQJGXUFKVUHJH/DJHUWUHLEHQ]XUFN]X VHLQHP:DJHQ'HU:LPSHOEHZHJWHVLFKOXVWORVLPWUlJHQ:LQGGHUGLH*UlVHU DXIUDXVFKHQOLH0HLQ*HSDUGODJQHEHQGHP(LQJDQJXQGVFKDXWH1LDQFKUHQDFK %RUHDVKRFNWHDXIHLQHU=HOWVWDQJH =HKQ7DJHZHLWHUIOXDEZlUWVLP/DJHUGHUJHVFKUXPSIWHQ.DUDZDQHVDHQZLU DOOHXPHLQHQULHVLJHQ+DXIHQZHLHU*OXW,FKKlWWHHLQHQ%HFKHU:HLQWULQNHQZROOHQ DEHUGHUQlFKVWH.UXJ:HLQZDUHLQ)QIWHOGHV3ODQHWHQXPIDQJVHQWIHUQW ³,FKZHUGHEDOGJHKHQ´EHPHUNWHLFKSO|W]OLFK'HU/RJLNVHNWRUIOVWHUWHYHUZLUUW :RKHUZHLWGXGDVPLWVROFKHU%HVWLPPWKHLW" 5DQWLVVGUHKWHVLFKUXFNDUWLJKHUXP ³+|UHLFKUHFKW",FKKDEHGLFKVFKRQEHREDFKWHW)UHXQG'XHUOHLFKWHUVWGHLQ *HSlFN´ (VVWLPPWHZDVHUVDJWH$OOH*HJHQVWlQGHGLHLFKQLFKWPHKUEUDXFKWH VFKHQNWHLFK)UDXHQXQG0lQQHUQIUGLHVLHZLFKWLJVHLQNRQQWHQ,FKEHKLHOWQXU PHLQH:DIIHQYRQGHQ0DVFKLQHQGHU7LHIVHHNXSSHODQJHIHUWLJWXQGGLHZLFKWLJVWHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$UWLNHOGHU$XVUVWXQJ:DVZLUEHVDHQ$V\UWDXQGLFKNRQQWHQXQVHUH3IHUGH WUDJHQ$XFK$ODFDEHVD'LQJH6FKPXFNHWZDGHUELVKHULQPHLQHP%HVLW]JHZHVHQ ZDU'DKHUZXWHHV5DQWLVVYHUPXWOLFK ³-D,FKZHLQLFKWJHQDXZHQQHVVHLQZLUGDEHUZLUVROOWHQGLHVHQVFK|QHQ $EHQG]XHLQHP$EVFKLHGPDFKHQ´VDJWHLFK ³2KQH$WODQ´PHLQWH$ODFDGLHLQGHQ$UPHQGHV5HLWHUDQIXKUHUVODJ³GDVNDQQ LFKPLUQLFKWYRUVWHOOHQ%LVKHUJDEHVLKQLPPHUXQGEHUDOO]XMHGHU6WXQGHVDKPDQ LKQ8QGMHW]WSO|W]OLFKQHLQ$WODQGXPXWEHLXQVEOHLEHQ´ $V\UWD0DUD\HVFKZLHJ:LUKDVWHQGLHVHV7KHPDRIWXQGUDQJHEHVSURFKHQ 9RULKUKDVWHLFKNHLQH*HKHLPQLVVH,FKKDVWHLKUQXUHLQLJH'LQJHQLFKWEHULFKWHWPLW GHQHQVLHQLFKWVDQIDQJHQNRQQWH /DFKHQGZDQGWHLFKPLFKDQ5DQWLVV¶HLQVWLJHV)LQGHONLQG ³'XZLUVWEHUUDVFKWVHLQ.|QLJLQGHV6DWWHOVZLHVFKQHOOLKUPLFKYHUJHVVHQ ZHUGHW´1DFKNXU]HUhEHUOHJXQJNRUULJLHUWHLFKPLFK³1HLQ9HUJHVVHQZHUGHWLKUPLFK QLFKWVRVFKQHOO$EHULKUZHUGHWMHGHV3UREOHPRKQHPLFKHEHQVRJXWO|VHQZLHYRUKHU´ ³'DVEH]ZHLIOHLFK'XZDUVWGHUEHVWH0DQQDXIGHU(UGHXQGDXIGHP 3IHUGHUFNHQGHQLFKMHJHNDQQWKDEH(UKlWWHXQVQRFKVFKQHOOHUGHQ6LHJEHUGLH 6LHGOXQJJHEUDFKWQLFKWZDKU7DQWUL"´JUROOWH6NDWK ³'DVJODXEHLFK´VWLPPWH6NDWK]X 9LHUGHUEHVWHQ3IHUGHGDUXQWHUPHLQJHVFKHFNWHU+HQJVWVWDQGHUVWlQGLJ EHUHIWZRKOJHQlKUWXQGKHUYRUUDJHQGJHSIOHJW6HOEVWGHU9HUVWDQGGHUVFK|QHQ 5RPHWGHUNRVPLVFKH(EHQHQLQGHU*U|HQRUGQXQJYRQ(6QLFKWEHJULIIZDUPLW HLQHUZXQGHUVDPHQ9HUZDQGOXQJGHV2UWHVHLQYHUVWDQGHQ,KU:XQVFKHQGOLFK 6DQGVWUDQG6HHZDVVHUXQG6RQQHXQWHU3DOPHQ]XHUOHEHQHUOHLFKWHUWHGDV 9HUVWlQGQLVHLQHV:XQGHUV ³)UHXQGH´VDJWHLFKOHLVH³ZHQQZLU:HLQKlWWHQRGHU%LHUZUGHQZLUHLQ ULHVLJHV)HVWPLW0XVLNHUQWDQ]HQGHQ6NODYLQQHQXQG5HLWHUVSLHOHQIHLHUQ$EHUPLULVW QDFK6WLOOH]XPXWH,FKVDJHHXFKGDLFKZHJJHKHQZHUGH:HQQDOOHVFKODIHQPLWWHQ LQGHU1DFKW´ ,FKVDKLQYHUVW|UWH*HVLFKWHU6LHYHUVWDQGHQPLFKQLFKWZHOOVLHGLH *HVHW]PDLJNHLWHQQLFKWNDQQWHQGLH(6VFKXI'DV([SHULPHQWZDUEHHQGHWGHU 3URWDJRQLVWKDVWH]XYHUVFKZLQGHQ,FKKDVWHQXUGLHDEHUZLW]LJH+RIIQXQJGD(6PLU YLHOHUXKLJH6WXQGHQLQ$V\UWDV$UPHQJ|QQWH6ROFKHUVSXFNWHLQV)HXHUGDQQIUDJWH VLHYRUZXUIV ³8QGZHU$WODQZLUGIUHXFKNRFKHQ":HUZLUGVHLQH.UlXWHUEHUGHPHQ %UDWHQVWUHXHQ"´ ,FKZDUSO|W]OLFKXQPlLJJHUKUW6ROFKHUZDUDXILKUH$UWZRKOGLH EHPHUNHQVZHUWHVWH)UDXGHU:XQGHUEDUHQ.DUDZDQH,FKGUFNWHUHQ$UPXQGVDJWH OHLVH ³:LUZHUGHQVHKUOHLGHQ6ROFKHU(VZLUGHLQHE|VHKXQJULJH=HLWZHUGHQRKQH GHLQHYLHOIlOWLJHQ.QVWH´ 'HU$EHQGHQGHWHUXKLJXQGYHUVRKQOLFK6LHEHJULIIHQGDVLHQLFKWVDQGHUQ NRQQWHQ(LQ]LJXQGDOOHLQ5DQWLVVVDKPLFKLPPHUZLHGHUDQ$OVVHLHUVLFKHUPLFK ZLHGHU]XVHKHQ2GHUDOVJODXEWHHUPLWPLUDQDQGHUHQ2UWHQDQGHUH$EHQWHXHU EHVWDQGHQ]XKDEHQ8QVLQQZLHLFKZXWHGHQQHUZDUHUVWYLHOVSlWHU]XU.DUDZDQH JHVWRHQ2GHUVSLHOWHPLUVFKRQZLHGHUGLHPDQLSXOLHUWH(ULQQHUXQJHLQHQ6WUHLFK"

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

'HU9ROOPRQGYHUVWHFNWHVLFKKLQWHUGHP+RUL]RQWGLH6WHUQHJDEHQ]XGLHVHU 6WXQGHQLFKWJHQXJ/LFKW:HGHU$V\UWD0DUD\HQRFKLFKZDUHQPGH:LUWUDQNHQ NKOHV:DVVHUDXVKHUUOLFKHQ.HUDPLNVFKDOHQGLHDXVGHUQDKHJHOHJHQHQ6LHGOXQJ VWDPPWHQ3O|W]OLFK]XFNWH$V\UWDDQPHLQHU6FKXOWHU]XVDPPHQXQGIOVWHUWH ³$WODQ/LHEVWHU²JDQ]WLHILQPLUIKOHLFK8QUXKH(VZLUGHWZDV)XUFKWEDUHV JHVFKHKHQ.RPPVFKQHOOLQV=HOW´ ,FKKDVWHGXUFKVFKPHU]KDIWH(UNHQQWQLVVHOHUQHQPVVHQVROFKH*HIKOH]X EHDFKWHQVWDQGDXIXQG]RJVLHLQGLH+|KH,P=HOWZDUXQVHUJHVDPWHV*HSlFNEHUHIW ]XP$XIEUXFK:LUVHW]WHQXQVLQGHQZHLWRIIHQHQ(LQJDQJXQGODXVFKWHQDXIGLH VSlWDEHQGOLFKHQ*HUlXVFKHGHV.DUDZDQHQODJHUV8QYHUPLWWHOWLQXQKHLPOLFKHU 6FKQHOOLJNHLWXQG/DXWORVLJNHLWEHJDQQVLFKXPXQVHLQYHUlQGHUWHVVFKZDU]HV 8QLYHUVXP]XGUHKHQHLQ.RVPRVIUHPGDUWLJHU*HGDQNHQ,FKULFKWHWHPLFKDXIDP JDQ]HQ.|USHU]LWWHUQGXQGSO|W]OLFKLQNDOWHQ6FKZHLJHEDGHW8QGXUFKGULQJOLFKH (LQVDPNHLWXPJDEPLFKLFKK|UWHHLQ5DXVFKHQXQGYHUPLWHGLH/DXWHXQVHUHU NDSSDGRNLVFKHQ(VHOXQGGDV%HOOHQGHU/DJHUKXQGH*URDUWLJHVXQGXUFKGULQJOLFKHV 6FKZHLJHQVWRFNWHULQJVXPPLFK,FKKDVWHHLQHY|OOLJQHXH:HOWEHWUHWHQWDVWHWHXP PLFKKHUXPXQGIOVWHUWH ³$V\UWD":RELVWGX",FKVHLQHQLFKWV´ (LQ.HUQVFKPHU]KDIWHUVFKZDFKHU+HOOLJNHLWELOGHWHVLFKLPWLHIHQ+DOEGXQNHO 'DV5DXVFKHQNDPXQGJLQJZXUGHODXWHUXQGVFKZlFKHU'HU([WUDVLQQYHUVXFKWH PLFK]XEHUXKLJHQ%UDQGXQJ$UNRQLGH.HLQH3DQLN'DVNDOWH(QWVHW]HQZLFKDOVLFK GHQHZLJHQ$WHPGHV0HHUHVZLHGHUHUNDQQWH]XJOHLFKGDV=LUSHQYRQ*ULOOHQ,FK VWDQGDXIXQGPDFKWHPLW]LWWHUQGHQ.QLHQHLQLJH6FKULWWHDXIGLH+HOKJNHLW]X,FKVDK GDLFKLQHLQHUJURHQWURFNHQHQ+|KOHZDU$OVLFKDXVGHUIHOVLJHQgIIQXQJ VFKZDQNWHVDKLFKHLQHQKHOOHQ6DQGVWUDQGLP/LFKWGHUIUKHQ1DFKPLWWDJVVRQQHGHU /RJLNVHNWRUZLVSHUWHPHKUDOVVLHEHQ6WXQGHQZHLWHUZHVWOLFK$UNRQLGH ,FKURFKZRKOEHNDQQWH'IWH6DO]ZDVVHUlWKHULVFKH2OHGHUVFKWWHUHQ KDUWEOlWWULJHQ*HZlFKVHHLQHQ+DXFKPRGHUQGHU$OJHQXQGWURFNQHQGHU)LVFKH $XJHQEOLFNOLFKHUNDQQWHLFKGLH.VWHGHV%LQQHQPHHUHVZLHGHUDXVGHUHQ1lKHZLU DXIJHEURFKHQZDUHQ:RZDU$V\UWD",PVHOEHQ$XJHQEOLFNGU|KQWHHLQGRQQHUQGHV *HOlFKWHUDXVGHU+|KOHHU]HXJWH(FKRVURXWHEHUGHQOHHUHQ6WUDQGXQGYHUORUVLFK EHUGHQ0\ULDGHQEOLW]HQGHU6RQQHQUHIOH[HDXIGHQ:HOOHQ'DV(UNHQQXQJV/DFKHQ PHLQHV6XNNXEXVVFKPHU]WHLQPHLQHP6FKlGHOLFKK|UWHVHLQH6WLPPHXQGYHUVWDQG ³5LFKWLJ$UNRQLGH$WODQ'XZLUVWEHJUHLIHQGD(6VHLQH+HOIHUQLFKWQXU VFKLQGHWXQGLQ*HIDKUHQYHUZLFNHOWVRQGHUQDXFKEHORKQW'XKDVWGHLQH$XIJDEH HEHQVRJOlQ]HQGHUOHGLJWZLHGHLQHEHPHUNHQVZHUWHQ)UHXQGHVLHEHUVWHKHQDXFK GLH*HIDKUHQGHV5FNZHJHV'LH.DUDZDQHGHU:XQGHUVFKXIHLQH6WUDHIU -DKUKXQGHUWHGLHYLHOH3IDGH:HJHXQG7HLOHDQGHUHUXQYHUlQGHUOLFKHU3DVVDJHQLQ VLFKYHUHLQLJWZFHHLQ6WURPVHLQH1HEHQIOVVH5DQWLVVXQG1LDQFKUHZHUGHQLKUHQ /HXWHQEHULFKWHQZHOFKJXWHV/DQGHVHQWODQJGHU6WUDHJLEWXQHQGOLFKYLHO5DXPIXU IUHLHIOHLLJH0HQVFKHQ'LH/HXWHYRQ.DQHVKHQWGHFNHQEDOGGLH6WHSSHQY|ONHU PLWVDPWGHUHQPDNDEUHQ5LWHQ-HQHGHQHQLKUGDV5HLWHQPLW6DWWHOXQG6WHLJEJHO JHOHKUWKDEW]XFKWHQ3IHUGHXQGOHJHQDXIGHUHQ5FNHQJURH(QWIHUQXQJHQ]XUFN ,FKZHUGH$ODFDXQG5DQWLVVPlFKWLJXQGUHWFKPDFKHQ'XZLUVWVLHQLHZLHGHUVHKHQ $WODQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

'DV*HOlFKWHUGDVQXULQPHLQHP9HUVWDQGH[LVWLHUWHZDUOHLVHUXQGNODQJQXU PlLJVDUNDVWLVFK ³$EHUPDOVZDUHQZLU]ZHLWXJHQGVDPH:lFKWHUGLHVHU:HOW$WODQ*HPHHGLH 7DJHXQG1lFKWHGHVVSlWHQ)UKMDKUHVXQG6RPPHUVLQGFHVHUQDPHQORVHQ%XFKW HLQHUQDPHQORVHQ,QVHO(LQHVIHUQHQ7DJHVZHUGHLFKGLFKVLFKHULQGHLQNDOWHV 9HUVWHFNEULQJHQXQGZHQQHVQ|WLJZLUGZLHGHUDXIZHFNHQVHOEVWZHQQGXVHOEVW EHVFKORVVHQKDEHQVROOWHVW]XGHLQHQ%DUEDUHQ]XJHKHQ%HKD7LGLH 8QYHUJOHLFKOLFKHXQG'HUFRQHVLQGOlQJVW$VFKH$V\UWD0DUD\HGLH6FK|QHZLUG GHLQH6WXQGHQHUJLHELJIOOHQ'LH+|KOHLVWIHLQDXVJHVWDWWHW%RUHDV]HUEDUVWFQHFQHU 'HWRQDWLRQGHU]ZHLWH*HSDUGLVWLP7LHIVHHYHUVWHFN5LFRV6SLRQVRQGHQZHUGHQHXFK VFKW]HQ1LFKWDOOH(QWZLFNOXQJHQNDQQLFKDXI:DQGHUHUQDFKVSLHOHQ$EHUHQWODQJ GHV)OXVVHVGHVVFKODPPLJJHOHQ:DVVHUVZLUGLQZHQLJHQ-DKUKXQGHUWHQHLQH JHZDOWLJH.XOWXUHQWVWHKHQGHUHQ(UVFKHLQXQJVELOGVHOEVWHLQHPHUIDKUHQHQ .ULVWDOOSULQ]HQXQG.RVPRNRORQLVDWRUH[RWLVFKHUVFKHLQHQPD\6HOEVWGLH6WlPPHXUFK ODQGVFKDIWOLFKH+LQGHUQLVVHJHWUHQQWILQGHQ]XHLQDQGHU=ZDULVWGDV/HEHQVVFKHPD DOOHU%DUEDUHQJOHLFKDEHULPPHUZLHGHUEULQJHQVLHIHUWLJVHOEVWPLFKGXUFKEL]DUUH 9DULDWLRQHQ]XYHUEOIIHQ1LFKWDQGHUVHUJHKWHVGLU´ ,FKOLHGHQLQWHOOHNWXHOOHQ1DFKKDOOVHLQHU(UNOlUXQJDXVNOLQJHQXQGIRUPWH PKVDPPHLQH*HGDQNHQLQODXWH:RUWH ³,FKKDEHYHUVXFKWHLQ6FKLII]XILQGHQGDVPLFKQDFK$UNRQ]XUFNEULQJW :DUXPKLOIVWGXPLUQLFKW":DUXPEULQJVWGXPLFKQLFKW]XGHQ.DYHUQHQGHV]ZHLWHQ 3ODQHWHQ(6"´ ³,FKEUDXFKHGLFKWULHU$WODQ(LQSRWHQWLHOOXQVWHUEOLFKHU:lFKWHUGHV3ODQHWHQ LVWZLFKWLJHUDOVDOOHPHLQH3OlQHIUGLH%DUEDUHQ,FKGHQNHLQNRVPLVFKHQ =HLWDEOlXIHQQLFKWLQ0RQGHQ$UNRQLGH´ ³$OOH9RUWHLOHEHLGLU"'DVLVWZLHGHLQH=ZDQJVDXIWUlJHXQJHUHFKWXQGXQIDLU´ ³:HQQGLFK5LFRGHLQQXUPlLJYRQPLUPDQLSXOLHUWHU5RERWHU]XHLQHP QRWJHODQGHWHQ5DXPVFKLIIIKUWQLPPHVXQGIOLHJQDFK$UNRQ´(6ODFWDWHQLFKWPHKU ³:DVGXLQGHLQHU+HLPDWHUOHEVWPDJQLFKWLQGHLQHP6LQQVHLQULVNLHUHVUXKLJ 6RODQJHGXDXI/DUVDI'UHLVFKOlIVWRGHUUHLWHVWZLUVWGXPLWPLU]XVDPPHQDUEHLWHQHLQ 9RUVFKODJGHUGHQPLOLFKHQ8PVWlQGHQHQWVSULFKW´ 'HU/RJLNVHNWRUVDJWHNQDSS'HLQH0|JOLFKNHLWHQVLQGEHJUHQ]W9HUPLQGHUHVLH QLFKWQRFKPHKU ³OFKZHUGHWXQZDVGXYHUODQJVWZHOOLFKWXQPXZDVGXZLOOVW´,FKVHQNWH PLPXWLJGHQ.RSI³,FKELQDXIHLQHU,QVHO"´ ³-D+LQXQGZLHGHUOHJHQ6FKLIIHDXV.HIWLXDQ(VLVWGHQNEDUGDGXGHQ UDXKKHU]LJHQ6WHLQ]HLWOHUQLP,QQHUHQGHV(LODQGHVKLOIVWKHLOLJH4XHOOHQ]X HUVFKOLHHQXQGYHUKWHVWGDVLHLKUH:lOGHUDEEUHQQHQODVVHQ$EHUGDPLWKDEHLFK QLFKWV]XVFKDIIHQ*HQLHHGHQ6RPPHUHLQVDPHU$UNRQLGH´ (LQOHLVHV/DFKHQYHUJLQJ,FKNOHWWHUWHKLQXQWHU]XP6WUDQGXQGNDXHUWHPLFK YRUGHQDXVODXIHQGHQ=XQJHQGHUQLHGULJHQ%UDQGXQJLQGHQKHOOJHOEHQIHLQHQ6DQG 1RFKLPPHUWUXJLFKGLH.OHLGXQJGHV.DUDZDQHQIKUHUV5LFRV6RQGHQZDUHQQLFKW]X HQWGHFNHQ'HU.UHLVKDVWHVLFKJHVFKORVVHQPHLQH$XIJDEHZDUEHHQGHW/lQJHUDOV QHXQ]HKQ0RQGHIDQJKDVWHQ$V\UWDXQGLFKDOOH*HIDKUHQXQG(QWEHKUXQJHQJHWHLOW ,FKZUGHEXFKVWlEOLFKMHGH6WXQGHJHQLHHQGHQQZLUZDUHQIUHWXQG5LFRJHKRUFKWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

MHGHP%HIHKO6HLQHWHFKQLVFKHQ0|JOLFKNHLWHQZDUHQEHWUlFKWOLFK,FKDWPHWHWLHIGHQ ZU]LJHQ*HUXFKGHV:DVVHUVHLQXQGGUHKWHPLFKXPDOVLFKOHLFKWH6FKULWWHK|UWH ³,FKELQDXIJHZDFKWXQGKDE¶GLFKJHVXFKW/LHEVWHU´$V\UWDVWUHLIWHGDV /HGHUZDPVDEXQG]RJGLH6SDQJHQDXVLKUHP+DDU³:RVLQGZLU":HLWDX¶V",FKELQ YHUZLUUW´ ,FKVWDQGDXIXQGXPDUPWHVLH ³$XIHLQHU,QVHOGLHPLW%RUHDV¶$XJHQJHVHKHQGLH)RUPHLQHU6DQGDOHKDW:LU EOHLEHQWULHUELVXQVHUH8PJHEXQJXQZLUWOLFKXQGNDOWZLUG,QGHU+|KOHXQVHUHP VWHLQHUQHQ=HOWZRKQHQZLQ9RUXQVOLHJWHLQODQJHUKHLHU6RPPHUGHQZLUXQV YHUGLHQWKDEHQ*HOLHEWH´ :LUZDUHQELVDXINUHLVFKHQGH0|ZHQXQG=LNDGHQLQPLWWHQYROONRPPHQHU (LQVDPNHLW1RFKEHYRUZLU]XVFKZLW]HQEHJDQQHQ]RJHQZLUXQVDXVXQGJLQJHQLQV VHLFKWH:DVVHUHVZDUZDUPJHQXJ:LUZDJWHQXQVKPHLQVSUWHQGLH.KOHEDOG QLFKWPHKUXQGVFKZDPPHQWDXFKWHQXQGSUXVWHWHQZLHEHUPWLJH.LQGHUOLHHQXQV YRQGHU6RQQHWURFNQHQXQGVXFKWHQQDFKHLQHU6ZDVVHUTXHOOH,FKVFKODQJGLH .OHLGXQJ]XHLQHP%QGHO]XVDPPHQNOHWWHUWHLQGLH+RKOH]XUFNXQGVWHOOWHGHQ %LOGIXQNNRQWDNW]X5LFRKHU$V\UWDXQGLFK]lKOWHQODFKHQGDXIZDVZLUEUDXFKWHQ 5LFRYHUVSUDFKLQQHUKDOEYRQYLHUXQG]ZDQ]LJ6WXQGHQHLQHQ&RQWDLQHUGHUDXFKHLQHQ NOHLQHQ*OHLWHUHQWKLHOWHLQJHWDUQWHV6HJHOE|WFKHQPLW³XQVLFKWEDUHP´$QWULHE1RFK LPPHUVDKHUZLHHLQHLQIOXUHLFKHU5RPHWDXVGHUVHLQHLJHQHV+DDUZLHHLQH3HUFNH EXJ6HLQHJUQHQ$XJHQVWUDKOWHQDXIDOVHUDQWZRUWHWH ³$WODQ*H´(UKVWHOWHDIIHNWLHUW³,FKKDVWHHUUHFKQHWGDLKUHLQHVRKGH *UXQGDXVUVWXQJEUDXFKW,KUILQGHWVLHLPGXQNOHQ+LQWHUJUXQGGHU+|KOH)UGLH HUVWHQ7DJHKDEHLFKZlKUHQGLKUVFKOLHIWZLHWRWDOOHV:LFKWLJHKLQHLQEXJVLHUW6FKDOWH GHQ.RPPXQLNDWLRQVNDQDOQLFKWDWH+HUUVFKHUGHUWDXVHQG$FKVHQ´ ³6FKRQDOOHLQGHVKDOEQLFKWZHOOGXGHUHLQ]LJH)UHXQGELVWGHQLFKPGLHVHQ 7DJHQKDEH(UOHGLJHGLH/LVWHLFKPHOGHPLFKEDOGZLHGHU´ ,FK]RJ$V\UWDWLHIHULQGLH+|KOHKLQHLQ$OVZLULP/LFKWDUNRQLGLVFKHU 'DXHUOHXFKWN|USHUVDKHQLQZHOFKHP'XUFKHLQDQGHU(6XQVHUH$XVUVWXQJXQG7HLOH GHU,QQHQHLQULFKWXQJGHU-XUWHKDVWHIDOOHQODVVHQPXWHQZLUODFKHQ=XHUVWVlEHUWHQ XQGJOlWWHWHQZLUGHQ6DQGGDQQUROOWHQZLUGHQJURHQ)HOOWHSSLFKDXVVFKOLHOLFK VWHOOWHQZLU6HVVHOXQG7LVFKHGDUDXI(UVWDOVLFKPHLQH7UXKHQDXVHLQDQGHU]RJIDQG LFK5LFRV:HLQNUJH :LU]HUUWHQGDV%RRWEHUGHQ6DQGVHW]WHQXQVLQGHQ6FKDWWHQGHVIODWWHUQGHQ 6HJHOVXQGPLVFKWHQ:DVVHULQGHQVFKZHUHQURWHQ:HLQ,P/DXIZHQLJHU7DJH KDVWHQZLUYHUVlXPWHQ6FKODIQDFKJHKROWXQVHUH+DXWKDVWHVLFKJHEUlXQWZLUZDUHQ DXVJHUXKWXQGIU|KOLFK:HFKVHOQGH:PGHKDVWHQXQVDQGHU:HVWNVWHGHU,QVHO HLQPDOZHLWQDFK1RUGHQDQHLQHPDQGHUHQ7DJQRFKZHLWHUQDFK6GHQXQGZLHGHU ]XUFNJHWULHEHQ,FKVFKDOWHWHGDV:LHGHUJDEHJHUlWHLQ0XVLNRKQHKDOEH7|QH GDUJHVWHOOWLQIQIVWXILJHU$FKW$EVWXIXQJGLHZLUDP*HOEHQ)OXNHQQHQJHOHUQWKDWWHQ ]LUSWHXQGOHLHUWHEHUGHQ6WUDQGLPXQUHJHOPlLJHQ7DNWGHU%UDQGXQJ$V\UWD YHUWHLOWHgOGDVQDFK=HGHUGXIWHWHDXILKUHQODQJHQ6FKHQNHOQ+LW]HXQGUDQJHV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6FKZLPPHQKDVWHQXQVHUPGHW,FKVHW]WHGLHGXQNOH%ULOOHDXIXQGVFKORGLH$XJHQ $OVLFKDQXQVHUH:RKQVWDWWGDFKWHPXWHLFKOlFKHOQ:LUKDVWHQGLH+RO]VHVVHOPLW VHOWHQHQ3HO]HQJHSROVWHUWDEVHLWVXQVHUHV/DJHUVDXIJHVWHOOWHEHQVRZLHgOODPSHQ JURKHQNOLJH:HLQNUJHPLWZlFKVHUQHQ9HUVFKOVVHQGLH.RFKVWHOOHXQGGLH:DIIHQ GLHLFKVHLWGUHL6LHEHQWDJHQQLFKWDQJHUKUWKDVWH,FKVWUHFNWHGLH%HLQHDXV'LH PHLVWH=HLWGHV7DJHVOLHIHQZLUQDFNWXPKHU|OWHQXQVJHJHQVHLWLJHLQXQGWUDQNHQ 4XHOOZDVVHUPLW:HLQJHPLVFKW,FKQDKPHLQHQOHW]WHQ6FKOXFNXQG]RJGDV 9LEURPHVVHUXPGHQIDVWDUPODQJHQ)LVFKDE]XVFKXSSHQXQGDXV]XQHKPHQ ³:HLWXQGEUHLWNHLQH3DOPHQ$V\UWD´ULHILFK³:LHIKOVWGXGLFKWURW]GHP"´ 6LHEUVWHWHLKUUDQJHV+DDUXQGOLHKLQXQGZLHGHUHLQHQ7URSIHQgODXIGLH %UVWHQERUVWHQIDOOHQ2KQHGLH0HVGHQHW6FKPLQNHGLHLKUH$XJHQLQV 8QJODXEZUGLJHYHUJU|HUWHVDKLKUVFKPDOHV*HVLFKWJDQ]DQGHUVDXV$XIGHP 1DVHQUFNHQVFKlOWHVLFKVLOEHUQGLH+DXW ³:LHLP6FKDWWHQGHU7HPSHOYRQ0HQHIUX0LUHRGHU1R$PXQ´ODFWDWHVLH³,FK ELQKXQJULJ:HLKDDULJHU´ ³hEHUOHEVWGXGLHQlFKVWHQ]ZHL6WXQGHQ"´ ³1XUZHQQGXGHQULHVLJHQ)LVFKEUlWVW´ ,FKVFKOHSSWHLKQLQGLH+|KOHZU]WHGDV)OHLVFKPLW.UlXWHUQXQGgOLQGHP ZLHGHUXPDQGHUHPLUXQEHNDQQWH(VVHQ]HQJHO|VWZDUHQU|VWHWH)ODGHQEURWXQG IKUWHHLQUDQJHVRIWPDOVXQWHUEURFKHQHV*HVSUlFKPLW5LFRGHUPLUHLQ]HOQH%LOGHU GHUNOHLQHQVFKQHOOHQ.DUDZDQH5DQWLVV¶HLQVSLHOWH=XIULHGHQEHWUDFKWHWHLFKGLH =XVDPPHQVWHOOXQJYRQ7LVFK/HLQHQWXFK/|IIHOQ0HVVHUQXQG6FKVVHOQXQG ZHQGHWHGLH7HLOHPHLQHUPKVDPJHDQJHOWHQ%HXWH'DPSIXQGIHWWLJHU5DXFK]RJHQ GXUFK6SDOWHQGHU+|KOHDWH5LFRV6HQGHUVSHLVWHQGLHVSLQQZHEEHGHFNWHQ /DXWVSUHFKHULQGHQILQVWHUHQ(FNHQGHU+|KOHPLWOHLVHU0XVLNDXVYHUVFKLHGHQHQ *HJHQGHQGHU:HOW(LQHV7DJHVGDFKWHLFKZUGHHVHLQJHZDOWLJHV9HUJQJHQVHLQ PLWHLQHPJURHQ6FKLIIGLHNPPHUOLFKHQ+lIHQGLHVHV0HHUHVDQ]XODXIHQXQGQLFKW QXUMHQH$QODJHQGHUHQ*UXQGULVVHLFKJH]HLFKQHWKDVWH$V\UWDKDVWHLP6ZDVVHU JHEDGHWZDULQGQQHVZHLHV+DSLODQG/HLQHQJHNOHLGHWXQGPHLQH+DXWSULFNHOWH QRFKLPPHUYRPWURFNQHQGHQ6DO](LJHQWOLFKZDUNHLQHUYRQXQVZLUNOLFKKXQJULJHLQH WUXQNHQH0GLJNHLW]RJVLFKZLHGLH6SXUGHV6RQQHQOLFKWVGXUFKXQVHUH7DJHXQG 1lFKWH ³'RUWZlUHQZLUQLFKWDOOHLQ´VDJWHLFKOHLVH³:HLQRGHUQXU:DVVHU"´ ³%HLGHV/LHEVWHU´6LHOlFKHOWHXQGVWUHFNWHGLH+DQGDXV'LH,QVHOZDUJUR EHUGHU%XFKWVDKHQZLUUXQGH)HOVIRUPDWLRQHQDQGHQ+lQJHQXQG.OLSSHQPLW YHUNUSSHOWHQ%lXPHQXQG%VFKHQEHVHW]WLQGHUVFKVVHOI|UPLJYHUWLHIWHQ0LWWHYROO :DOGGHUJHQJHQG5HJHQZDVVHUVSHLFKHUWHXPGLHNOHLQH4XHOOH]XVSHLVHQ(VJDE HLQHQ6GVWUDQGXQGHLQHQ:HVWVWUDQGXQGHVJDEDXFKHLQH)HXHUVWHOOH%LVKHUKDVWH VLFKQXUHLQHLQ]LJHV0DOZHLWDP+RUL]RQWHLQ6FKLIIJH]HLJW ,FKPLVFKWH:HLQXQG:DVVHULQHLQHP.UXJ)LVFKH:HLQXQG)ODGHQEURW VHOEVWJHEDFNHQDXI6WHLQHQXQGKHLHQ%URQ]HSODWWHQ%HHUHQ)UFKWHGHUHQ1DPHQ LFKQLFKWNDQQWH+RQLJJHUlXFKHUWHU6SHFNVFKDUIJHZU]WHU6FKDIVNlVH DXVJHODVVHQHV)HWW²GDVDOOHVXQGHLQLJH1DKUXQJVPLWWHOPHKUKDVWHQVLFKLQGHU +|KOHJHIXQGHQ$V\UWDEUDFKWHHLQH+RO]SODWWH]XP7LVFK6LHZDUEHJHKUHQVZHUWLKU VFKZDU]HV+DDUZDUUFNHQODQJXQGDXVGHP*HVLFKWHLQHUYHUVFKFKWHUWHQ6NODYLQ ZDUGDV*HVLFKWHLQHUMXQJHQ)UDXYRQ]ZDQ]LJ6RPPHUQJHZRUGHQ6LHZDU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

KLQUHLHQGXQGOHLGHQVFKDIWOLFKYLHOOHLFKWKDVWHLFKLQGHQOHW]WHQ-DKUKXQGHUWHQ KHLEOWLJHUH0lGFKHQOLHEHQN|QQHQLFKZXWHHVQLFKW(6YHUEDUJGLHVH(ULQQHUXQJ 6LHOLHGHQ/|IIHOVLQNHU,FKVDJWH ³'HU)LVFKLVWDXVJH]HLFKQHW:RILQGHVWGXHLJHQWOLFKGLH%HHUHQXQGGLH *HZU]H"´,FK]HUWHLOWHGDVGDPSIHQGHVFKQHHZHLH)OHLVFK ³'RUWREHQLP:DOG6LHULHFKHQQLFKWDQGHUVDOVGLHLQGHQ6WHSSHQ$WODQ´ ³8QEHJUHLIOLFK´PXUPHOWHLFK6RJDUIUHLQHQ.UXJIHLQJHPDKOHQHV6DO]KDVWH XQVHU:RKOWlWHUJHVRUJW,FKZDUXQIlKLJDXFKQXUGLHJHULQJVWH.OHLQLJNHLW]X YHUJHVVHQPHLQSHUIHNWHV*HGlFKWQLVVSHLFKHUWHVLH²HVVHLGHQQGLH(ULQQHUXQJHQ ZXUGHQJHO|VFKW$EHUDXIGHU,QVHORKQH1DPHQYHUGUlQJWHLFKELQQHQNXU]HU=HLWDOO GLHWDXVHQGEHVFKZHUOLFKHQ(UOHEQLVVHGHUODQJHQ5HLVH ³1LFKWVLVWXQEHJUHLIOLFK$WODQ²HLQHHUQVWH)UDJH"´ ³-DQDWUOLFK´PXUUQHOWHLFKNDXHQG,FKDOLHEHUJURH)LVFKHZHOOVLHOHLFKW]X HQWIHUQHQGH*UlWHQKDWWHQ ³:LUEOHLEHQWULHUELVHV+HUEVWZLUG:DVJHVFKLHKWGDQQ":LHUDQJHZLOOVWGX PLWPLU]XVDPPHQEOHLEHQ"´ ³(LQH(ZLJNHLW(VLVWQLFKWHQWVFKHLGHQG$V\UWDZDVLFKZLOO,FKZLOOYLHOHV VHOWHQEHNRPPHLFKHV,FKZLOOIULPPHUPLWGLU]XVDPPHQEOHLEHQ´DQWZRUWHWHLFK,FK PHLQWHHVHUQVWDEHULFKNRQQWHGLHQDKH=XNXQIWQLFKWVWHXHUQ,FKZXWHQLFKWZDV (6SODQWH%HLVHLQHUSUDJPDWLVFKHQ]\QLVFKHQ+DOWXQJOHEHQGHQ:HVHQJHJHQEHU NRQQWHLFKQLFKWHUZDUWHQGDHUVHLQH$XIPHUNVDPNHLWDQHLQHHKHPDOLJH6NODYLQ YHUVFKZHQGHWH,FKYHUVXFKWHNHLQIDOVFKHV:RUW]XVDJHQXQG]RJVLHLQPHLQH$UPH ³$EHULFKVHOEVWELQQXUGHUHUEDUPXQJVZUGLJH.QHFKWHLQHVPlFKWLJHQ +HUUVFKHUV(UZLUGPLFKDQVHLQHQ+RI]XUFNKROHQVRVFKQHOOZLHHUXQV KLHUKHUJHEUDFKWKDW´ ³,FKZHL$WODQ9HUJLQLFKWGDLFKGHLQH*HIlKUWLQELQVHLWVHFKVKXQGHUW 7DJHQ'DLFKZDV1LDQFKUHZXWHYRQLKPOHUQWH´VDJWHVLHXQGOlFKHOWHLQVLFK KLQHLQ,FKOLHEWHLKUH$XJHQ6LHZDUHQEOLW]VFKQHOOJHZRKQWGLHZLFKWLJHQ(LQ]HOKHLWHQ VRIRUW]XHUIDVVHQ,FKOLHEWHGLH$XJHQEHVRQGHUVZHQQVLHGXQNOHUZXUGHQZlKUHQG XQVHUHUOHLGHQVFKDIWOLFKHQ8PDUPXQJHQ ³,FKYHUJDHVQLFKW´VDJWHLFK³,FKZHUGHHVQLHPDOVYHUJHVVHQ$EHU HEHQVRZHQLJZLOOLFKGLFKEHOJHQ,FKZHLQLFKWZDVPHLQ+HUUVFKHUPLWPLUYRUKDW´ 6LHKREGHQ%HFKHUXQGVWW]WHGLH(OOERJHQDXIGHQ7LVFK,KU*HVLFKWQDKP GHQ$XVGUXFNHLQHUGHUVWHLQHUQHQ6NXOSWXUHQYRUGHQ7HPSHOQLKUHV/DQGHVDQ ³'DVNDQQLQGHVEHGHXWHQGDGXSO|W]OLFKYHUVFKZLQGHVWXQGLFKDOOHLQ ]XUFNEOHLEH"´ ³'DVNDQQHVEHGHXWHQMD´PXWHLFK]XJHEHQ ³:LUGHVVRJHVFKHKHQ"´ ,FKKREGLH6FKXOWHUQGDQQHUZLGHUWHLFKNRSIVFKWWHOQGXQGHKUOLFK³,FKZHLHV QLFKW´ ,FKNUPPWHPLFKLQQHUOLFK1DWUOLFKYHUVWDQGLFKLKUH6RUJHQ,FKKDVWHVLH JHNDXIWXQGVLHKDVWHJHJODXEWJHKRUFKHQ]XPVVHQZHOOVLH6NODYLQXQGLFK+HUU JHZHVHQZDU'DGXUFKGDLFKLKU=HLWXQG*HOHJHQKHLW]XHLQHUIUHLZLOOLJHQ (QWVFKHLGXQJJHODVVHQKDVWHZDUGLHVHU8PVWDQGJHPLOGHUWQDFKNXU]HU=HLWDXVGHU :HOWJHVFKDIIWZRUGHQ6HLW%HJLQQGHUODQJHQ5HLVHQlKHUWHQZLUXQVYRQ7DJ]X7DJ PHKUVSlWHVWHQVVHLWGHP:LQWHUODJHUDOVZLU=HLWIUUDQJH*HVSUlFKHJHKDEWKDWWHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

OLHEWHQZLUXQV(VZDUQLFKWGLHHLQ]LJDUWLJHDXVVFKOLHOLFKH/LHEHDEHUHLQH GDXHUKDIWHGLHVLFKDXIJHJHQVHLWLJHV9HUVWlQGQLVXQGJHPHLQVDPEHUVWDQGHQH *HIDKUHQXQG(QWEHKUXQJHQJUQGHWH6LHIOVWHUWH ³.DQQVWGXGHQ:LOOHQGHLQHV+HUUVFKHUVlQGHUQ$WODQ"´ 'XNDQQVWHVYHUVXFKHQVDJWHGHU/RJLNVHNWRU+LOILKUZHQQGXNDQQVW,FKKRE GLH6FKXOWHUQ ³9LHOOHLFKW,FKPXZDUWHQELVHUPLFKUXIW'DQQHUVWNDQQLFKPLFKPLWLKP YHUVWlQGLJHQ´ ³:LHHUIROJWGLHVH9HUVWlQGLJXQJ"´ ,FKHUNOlUWHHVLKUPLWDOOHUOHL*OHLFKQLVVHQXQGVLHEHJULII ³,FKVHLQHZLUVLQGQLFKWVDQGHUHVDOV6DQGN|UQHUDQHLQHPULHVLJHQ6WUDQGGLH YRQJHZDOWLJHQ:LQWHUZHOOHQKLQXQGKHUJHZRUIHQZHUGHQ´$V\UWDQLFNWH PHODQFKROLVFK,FKVWU]WHGHQ,QKDOWPHLQHV%HFKHUVKLQXQWHUXQGSDFNWHPHLQHQ =HOOVFKZLQJXQJVDNWLYDWRU ³'XVDJVWHVLQHLQHP*OHLFKQLV$EHUGHQQRFKLVWHVVR´ ³%HL+RUXV´VDJWH$V\UWDVFKOLHOLFK³1LFKWVLQGLHVHP/HEHQLVWYROONRPPHQ ,FKKDEHVFKRQ]XYLHO*OFNJHNRVWHW²LFKIUFKWHPLFKYRUGHP/HEHQQDFKGHU :LHGHUJHEXUW´ ,FKJDENHLQH$QWZRUWXQGWUDQNGHQ5HVW:HLQDXVGHP0LVFKNUXJ'DQQVWDQG LFKDXIXQGJLQJKLQWHU$V\UWDKHU]XP6WUDQG6LHVDLP6FKDWWHQGHU%RUGZDQG XQVHUHVNOHLQHQ%RRWHVXQGKDVWHJHZHLQW,FKOLHPLFKQHEHQLKULQGHQ6DQGIDOOHQ VWUHLFKHOWHLKUH6FKXOWHUQXQGVDJWHOHLVH ³'XGDUIVWQLFKWYHU]ZHLIHOQ(VZLUGVLFKHLQH/|VXQJILQGHQGLHGLFKXQGPLFK JOFNOLFKPDFKW´ 6LHKREGLH6FKXOWHUQGUHKWHGHQVFKPDOHQ.RSIPLWGHUVFKDUIUNNLJHQ1DVH XQGVDKPLFKDQ ³,FKELQQLFKWYHU]ZHLIHOW,FKZHLGDGLUHWZDVHLQIDOOHQZLUGHLQHQJOFNOLFKHQ $XJHQEOLFNHLQELFKHQOlQJHU]XPDFKHQ´ :DVPLFKLPPHUZLHGHUHUVFKWWHUWHXQGYHUEOIIWHZDUGLH%HUHLWVFKDIWGHU 0HQVFKHQ]XJODXEHQXQG]XYHUWUDXHQ,FKZHLQLFKWZDVVLHGDFKWHQXQGZHQVLH YRUVLFK]XKDEHQJODXEWHQ0HLQZHLHV+DDUXQGPHLQHU|WOLFKHQ$XJHQNRQQWHQ GLHVH0HUNZUGLJNHLWQLFKWHUNOlUHQ:DUXPYHUWUDXWH$V\UWD0DUD\HGDUDXIGDLFKLQ GHU/DJHZDUHLQH$UW:XQGHU]XYROOEULQJHQ",FKYHUPRFKWHQLFKWLKU]XHUNOlUHQGD LFKQLFKWGHU0DQQZDUGHU8QP|JOLFKHVP|JOLFKPDFKHQNRQQWH ³0LUIlOOVVLFKHUHWZDVHLQ´PXUPHOWHLFKPDWWXQGVWDQGDXIXPGDV%RRWYRP 6DQG]XVFKLHEHQ³-HW]WDEHUIlOOWPLUGDV6HJHOQHLQ´ 6LHVSUDQJDXIXQGODFWDWHPLFKDQ ³:LOOVWGXZLHGHUYHUVXFKHQ]XILVFKHQ"´ ³-D9LHOOHLFKW´HUZLGHUWHLFKXQGVSUDQJDOVGDV%RRWDXIGHQ:HOOHQVFKDXNHOWH XQG$V\UWDGDV'UHLHFNVVHJHOORVVFKOXJLQV+HFN(LQHNKOH%ULVHHUJULIIXQVEOlKWH GLH/HLQZDQGXQGVFKREXQVQDFK2VWHQ:LUPXWHQNUHX]HQXQGLFKKDVWHNHLQH *HOHJHQKHLWGLH%URQ]HKDNHQDXV]XZHUIHQ,FKILQJDOVRNHLQHQ)LVFKQLFKWHLQPDO HLQHQJDQ]NOHLQHQIUGLH.|GHU:LUEOLQ]HOWHQZHOOZLULQGLHEOXWURWH6FKHLEHGHU XQWHUJHKHQGHQ6RQQHKLQHLQVHJHOWHQ(QGOLFKVFKREVLFKGLH,QVHO]ZLVFKHQ%RRWXQG *HVWLUQXQGZLUUXGHUWHQ]XP6WUDQG$OVLFKDXIGHQ6DQGVSUDQJXQGGDV%RRW KLQDXIVFKLHEHQZROOWHVWXW]WHLFK

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³+DVWGXMHPDQGHQJHVHKHQ"(VZDUMHPDQGKLHU´VWLHLFKKHUYRU$EHUGDQQ DOVLFKGHQ6WUDQGHLQPDOKLQDXIXQGKLQXQWHUJHODXIHQZDUPXWHLFKHLQJHVWHKHQ GDHVNHLQH)XVSXUHQJDE$V\UWDVFKLUPWHGLH$XJHQDWH ³,FKVDKQLHPDQGHQ$XFKZDUNHLQ6HJHODXIGHP:DVVHU:DVLVWGDV$WODQ"´ 6LHGHXWHWHDXI/LQLHQXQG.XUYHQGLHWLHILQGHQIHXFKWHQ6DQGHLQJHJUDEHQ ZDUHQ'LH$XVOlXIHUGHU:HOOHQOHFNWHQGDUDQ=XHUVWHUNDQQWHLFKGLH%HGHXWXQJGHU =HLFKHQQLFKWDEHUSO|W]OLFK²$UNRQLGLVFKH6FKULIW]HLFKHQ/LHVHKHVLHDXVJHO|VFKW ZHUGHQVFKULHDODUPLHUWGHU/RJLNVHNWRU,FKODVODQJVDP1,006,(0,7=8',5 $V\UWDZDUQHEHQPLUVWHKHQJHEOLHEHQXQGEHUKUWHPLFKVFKHXDP1DFNHQ ³,FKNDQQGLHVH6FKULIWQLFKWOHVHQ´VDJWHVLHIOVWHUQG³:DVEHGHXWHWVLH"´ ³'LH6FKULIWPHLQHV)UVWHQ´HUZLGHUWHLFK6LHVSUWHGDGLHVH(UVFKHLQXQJ ZLHGHUHLQHUlWVHOKDIWHhEHUUDVFKXQJZDU,FKNWHVLHXQGVDJWHHUOHLFKWHUW ³0HLQ)UVWOlWPLFKZLVVHQGDZLU]XVDPPHQEOHLEHQ'XZLUVWGRUWKLQJHKHQ ZRLFKVHLQZHUGH:LUN|QQHQDXVHLQHPNXU]HQ$XJHQEOLFNYLHOHUDQJH-DKUH PDFKHQ´ :LUOLHIHQ+DQGLQ+DQGZLH.LQGHU]XU4XHOOHXQGVWHOOWHQXQVXQWHUGHQ6WUDKO ELVGDV6DO]ZDVVHUYRQXQVHUHQ.|USHUQXQGDXVGHP+DDUJHZDVFKHQZDU,QGLHVHU 1DFKWODJHQZLUUDQJHZDFKGLFKWDQHLQDQGHUJHVFKPLHJWXQGZLUZDUHQJOFNOLFK,FK YHUORUIDVWDOOH$QJVWYRUGHU=XNXQIW=ZHL7DJHVSlWHUZHFNWHQPLFKDP0LWWDJ XQGHXWOLFKH6WLPPHQ,FKVSUDQJYRQGHQ)HOOHQKRFKVFKODQJGDV/HQGHQWXFKXP PHLQH6FKHQNHOXQGSDFNWHGLH:DIIH,FKVWU]WHDXVGHP(LQJDQJXQGVDKHLQ6FKLII GHVVHQKRFKJHVFKZXQJHQHUVWRO]HU%XJQHEHQXQVHUHPZLQ]LJHQ%RRWDXIGHP6DQG ODJ0lQQHUVWDQGHUGRUWGDV6HJHOKLQJORVHYRQGHU6FKUlJUDK,FKHUNDQQWHGDUDXI HLQHQVFKZDU]HQJHPDOWHQRGHUDXIJHQlKWHQ6WLHUNRSI(LQ6FKLIIDXV.HIWLVDJWHGHU /RJLNVHNWRU'LH0lQQHUHWZDHLQ'XW]HQGZLUNWHQZLH.ULHJHU6HHOHXWHXQG+lQGOHU LQHLQHU3HUVRQ6LHXPVWDQGHQGDV%RRWXQGVDKHQXQVHUH)XVSXUHQGLHHLQHQ VFKPDOHQ3IDGJHWUHWHQKDWWHQ,FK]RJGHQJHWDUQWHQ6WUDKOHUDXVGHU6FKHLGHXQG EOLHELP+DOEVFKDWWHQGHV+|KOHQHLQJDQJV3O|W]OLFKULHIVFKUlJEHUPLUHLQHNHKOLJH 6WLPPHHWZDVLQHLQHU6SUDFKHGLHLFKVRIRUWHUNDQQWHREZRKOVLHUDXKXQGIUHPG NODQJ ³+LHULVWGLH4XHOOH%ULQJW.UJHXQG:DVVHUVFKOlXFKH0lQQHU´ 6LHVXFKWHQDOVR:DVVHU6XFKWHQVLHDXFK6NODYHQ":UGHQVLHLQGLH+|KOH HLQGULQJHQ",FKZDUVLFKHUGD]ZHL0lQQHUGLUHNWLQGHQ+|KOHQHLQJDQJ KLQHLQJHVHKHQXQGPLFKHUEOLFNWKDWWHQ ³6LQGHV5lEHU"´IOVWHUWH$V\UWD,FKVFKWWHOWHGHQ.RSIXQGOHJWHGHQ)LQJHU DQGLH/LSSHQ ³:DVWXQVLH"´ ³6LHKROHQ:DVVHU´KDXFKWHLFKDOV$QWZRUWXQGHQWVLFKHUWHGHQ /lKPVWUDKOHUGROFK )QI0lQQHUZDUWHWHQEHLP6FKLII6LHYHUKLHOWHQVLFKPHUNZUGLJGHQQMHGHU GHUDQHLQHPVROFKHQ6WUDQGHLQEHQXW]WHV%RRWXQG)HXHUVWHOOHQVDKZUGHVHLQHU EHUHFKWLJWHQ1HXJLHUGHQDFKJHEHQXQGGLH%HZRKQHUGLHVHV6WUDQGHVVXFKHQ(WZD ]HKQ0lQQHU²]LHOVWUHELJXQGWFKWLJVDKHQVLHDXVVFKOHSSWHQQDFKNXU]HU=HLWSUDOO JHIOOWHWURSIHQGH7LHUKlXWH]XP6FKLIIXQGYHUOXGHQVLHULHIHQVLFK.RPPDQGRVXQG 6FKHU]ZRUWH]X'DV6FKLIIVFKLHQOHHURGHUNDXPEHODGHQ]XVHLQ'LH0lQQHU VFKREHQGDVVDO]EHUNUXVWHWH6FKLII]XUFNLQVHLQ(OHPHQWVSUDQJHQKLQHLQXQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

OLHHQVLFKDQ%RUGKHOIHQ.QDUUHQGEHZHJWHQVLFK5XGHU$OVGDV6FKLIIGUHKWHXPLQ GHQ:LQG]XNRPPHQJLQJHQZLUYRUGLH+|KOH'HU6WHXHUPDQQLP+HFNKREGHQ$UP XQGEHZHJWHLKQJUHQGKLQXQGKHU'DQQZLGPHWHHUVLFKZLHGHUVHLQHU$UEHLW ³'DVYHUVWHKHZHUZLOO´VDJWHLFKOHLVH'DQQGDFKWHLFKDQ(6XQGYHUVWDQG HLQLJHVPHKU³'HU6WUDQGLVWYROOHU5lWVHO´ ³6LHZROOWHQXQVQLFKWVW|UHQ´$V\UWDODFWDWHIU|KOLFK³6LHPHUNWHQGDZLU JOFNOLFKVLQG8QGQXUHLQ=LHOKDEHQQlPOLFKXQVVHOEVWLPPHUEHVVHU NHQQHQ]XOHUQHQ1LFKWZDKUJHOLHEWHU:HLKDDULJHU"´ ,FKGDFKWHDQGHQVFKZLQGHQGHQ6RPPHUGHQ+HUEVWXQGGDVNKOH6FKZHLJHQ LQ5LFRVWHFKQLVFKHP5HLFK,FKQDKPLKUH+DQGXQGNWHLQEUQVWLJVFKZHLJHQGGLH )LQJHUVSLW]HQ/DQJVDPQLFNWHLFKXQGVDJWH ³6RLVWHV$V\UWD,FKOLHEHGLFK´ 6LHKREEHLGH$UPHVWUDKOWHPLFKDQXQGZLQNOH'DQQVFKULHVLHDXVYROOHU /XQJH ³0lQQHUDXV.HIWL:LUZQVFKHQHXFKHLQHKHLWHUHXQGJOFNOLFKH6HHIDKUW .RPPWEDOGZLHGHU´ 6LHZLQNWHGHP6FKLIIQDFKGHVVHQ.LHOZDVVHUVWUXGHOQGVFKlXPWH1LHPDQG ZLQNWH]XUFN,FKOHJWHPHLQHQ$UPXPVLHXQGVDJWHOHLVH ³:HQQ¶V0lQQHUYRQ.HIWLVLQGZQVFK¶LKQHQOLHEHUJXWHQ+DQGHO*XWHU+DQGHO LVWZHQQVLHDQGHUHEHUV2KUJHKDXHQKDEHQ´ 'DV6FKLIIYHUVFKZDQGKLQWHUGHQ:HOOHQNlPPHQ(LQQHXHU7DJEUDFKDQZLU OLHHQ6DO]XQG6DQGDXIGHQ)HOOHQLQGHU+|KOH]XUFNDEHUNHLQHQ7URSIHQ:HLQ $OVXQV0GLJNHLWHUJULIIXQGWLHIHULQGLH%HZXWORVLJNHLWHLQVLQNHQOLHGDFKWHLFK NXU]GD(6ZLHGHUPLWXQVVSLHOWHXQV+DQGLQ+DQGYRQGHU,QVHOLQGLH 7LHIVHHVWDWLRQXQG]X5LFREUDFKWHHLQHPZHQLJHUVWDUNEHHLQIOXWHQ:HUN]HXJMHQHV :HVHQVGDVVLFKZLHHLQ*RWWDXIVSLHOWH'HU5RERWHUOHLWHWHXQVHUHQ%LRWLHIVFKODIHLQ XQGHLQHJURHGXQNOH:RJHHQGJOWLJHQ9HUJHVVHQVVFKZHPPWHXQV]XUFNLQ GLIIXVHIDUEHQVSUKHQGH7UlXPH (LQH3DXVHWUDWHLQ$WODQVFKZLHJNHLQHVZHJVHUVFK|SIWZLHHV$HVFXQQDU VFKLHQ(UKLHOWLQQHKROWHWLHI/XIWXP]XVDPPHQKlQJHQGEHULFKWHQ]XN|QQHQMHGHV ZHLWHUH:RUWKDOILKPMHGHU6DW]EHGHXWHWHHLQZLQ]LJHV,QWHUYDOODXIGHP VFKPHU]YROOHQ:HJ]XU*HQHVXQJ'HU+LVWRULNHUKLHOWGHQ$WHPDQ6HLQH*HGDQNHQ XQG,PSUHVVLRQHQO|VWHQVLFKQXUZLGHUVWUHEHQGYRPVRQQHQGXUFKJOKWHQ6WUDQGGHV VGZHVWOLFKHQ6DUGLQLHQV(UZDUWHWHJHGXOGLJ]XPDOVLFKGLH6(57+DXEHQLFKWXP HLQHQ0LOOLPHWHUKRE 5LFRKDVWHGHQJU|WHQ7HLOVHLQHVSRVLWURQLVFKHQ8QLYHUVXPVDNWLYLHUWXP PHLQHQ9HUVWDQGZlKUHQGGHU5HDQLPDWLRQVSKDVH]XEHVFKlIWLJHQ9RUPHLQHQ$XJHQ EUHLWHWHVLFKGLHKRORJUDILVFKH5LHVHQSURMHNWLRQGHU:HOWNDUWHDXVDQHLQLJHQ6WHOOHQ YROOHUXQEHVWLPPEDUHU3XQNWHXQG6FKOlQJHOOLQLHQ,FKHUNDQQWH,QVHOQXQG.VWHQGHV %LQQHQPHHUHVXQGGDVULHVLJH'UHLHFNGHU+DSLPQGXQJ(LQJHKOOWLQIODXVFKLJHQ ZHLHQ6WRIIODJLFKLP6HVVHOGHVVHQ9LEUDWLRQHQPHLQHQ.|USHUHEHQVR GXUFKGUDQJHQZLHGLH6FKZLQJXQJHQGHV=HOODNWLYDWRUV0KVDPDUEHLWHWHPHLQ 9HUVWDQGMHGHU*HGDQNHVFKLHQVLFKGXUFK]lKHQ6FKODPP]XNlPSIHQ$XINOHLQHUHQ 0RQLWRUHQZHFKVHOWHQUDQJH%LOGVFKOHLIHQ6LH]HLJWHQ5RPHWKDQGZHUNHUEHLP%DX HLQHV6FKLIIHVHLQH)ROJHNOHLQHU+DIHQVLHGOXQJHQ:RONHQ:HOOHQXQG 6RQQHQDXIJlQJH5LFRJHVWLNXOLHUWHEHUXKLJHQGXQGVDJWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³'XPXWVFKODIHQ*HELH$WODQhEHUIRUGHUH'HLQHQ9HUVWDQGQLFKW)U GHLQHQ.|USHUZLUGJHVRUJW´ 0HLQ*HK|UDUEHLWHWH]XYHUOlVVLJ,FKVSUWHZHGHU+XQJHUQRFK'XUVW'LH GQQHQ6FKOlXFKHGHULQWUDYHQ|VHQ(UQlKUXQJVW|UWHQPLFKHEHQVRZHQLJZLHGLH HUVWHQ6FKOXFNHMHQHU0LVFKXQJDXIEDXHQGHU%UHLQDKUXQJGLHPHLQHQ0DJHQIOOWHQ /DQJVDPGUHKWHVLFKGHUVFKZHUH6SH]LDOVHVVHOGLH/LFKWIOXWYHUVLHJWHXQGLFK WUXGHOWHZlKUHQGHUVWH(ULQQHUXQJHQDXIPLFK]XNURFKHQLQHLQHQVWXQGHQODQJHQ HUKROHQGHQ6FKODIKLQHLQ$OVLFKDXIZDFKWHLQPLWWHQSUDFKWYROOHUKRORJUDILVFKHU /DQGVFKDIWHQEHJDQQLFK]XPHUVWHQPDOEHZXW$V\UWD0DUD\H]XYHUPLVVHQ 6RODUODPSHQEDGHWHQPHLQHQEOHLFKKlXWLJHQ.|USHU9LEUDWLRQHQHU]HXJWHQLQGHU 0XVNXODWXUERKUHQGHQXQG]LHKHQGHQ6FKPHU],FKZDUXQIlKLJ]XJHKHQDOV5LFR PLFKXQGGLHEHUOHEHQVZLFKWLJHQ*HUlWVFKDIWHQZLHGHULQGLHJURH6FKDOW]HQWUDOH EUDFKWHGLH$XWRPDWLNVWW]WHPHLQH6FKXOWHUQXQGPHLQHQ.RSI$EHULFKNRQQWH VSUHFKHQXQGHLQLJHUPDHQYHUVWlQGOLFKDUWLNXOLHUHQ5RERWVRQGHQ9HUJU|HUXQJHQ ]HLJWHQHLQ6FKLIIGDVLQHLQH0RUJHQGlPPHUXQJYROOHUSUDFKWYROOJHIlUEWHU :RONHQIRUPHQKLQHLQVHJHOWH ³5LFR:DUXPLVW$V\UWD0DUD\HQLFKWEHLPLU"´ ³,FK]|JHHVYRUZHQQGXPLFK5LDQFRU5HFKPHQHQQHQZUGHVW$WODQ´'HU 5RERWN|USHUVFKLHQVRZHLWPHLQH(LQGUFNHULFKWLJZDUHQHLQQHXHV+|FKVWPDDQ LQQHUHU3HUIHNWLRQXQGOHEHQVHFKWHU9HUNOHLGXQJHUUHLFKW]XKDEHQ5LDQFRUVDKDXVZLH HLQUHLFKHU:UGHQWUlJHUGHULUJHQGZR]ZLVFKHQ0HQHIUX0LUHXQG.\SQ\*XEDO DXIJHZDFKVHQZDUQLFKWPHKUJDQ]HLQ5RPHWXQGQRFKNHLQEUDXQKlXWLJHU KDNHQQDVLJHU0DQQYRQ$PXUUX6HLQQDFNHQODQJHVVFKZDU]HV+DDUVFKLPPHUWH EOlXOLFKLP/LFKWGHU6FKHLQZHUIHU³$V\UWDZXUGHYRUGUHL0RQGHQJHZHFNWYHUVRUJW XQGDXVJHVWDWWHWYRQPLUDXIHLQHQHXH0DVNHYRUEHUHLWHWXQGKDWGHQ hEHUOHEHQV]\OLQGHUYHUODVVHQ'XZLUVWVLHEDOGVHKHQN|QQHQ´ ,FKEHGHXWHWHLKPVFKZHLJHQGGLH2EMHNWLYHGHU6SLRQVRQGHLQHLQHQDQGHUHQ :LQNHO]XVWHXHUQXQGGHQ$XVVFKQLWW]XYHUJU|HUQ'DV6FKLIIZXFKVLQGHU3URMHNWLRQ DXIPLFK]X(VZDUDOVVHLQHLFKGHP6WHXHUPDQQEHUGLH6FKXOWHUQPLWHLQLJHP 1DFKGHQNHQYHUVWDQGLFK5LDQFRU5HFKPHV(UNOlUXQJ ³'DV=LHOGHU3UXQNEDUNHGLHELVKHUQXUDXIGHP+DSLIXKULVW.HIWLX,FKKDEH IQI]LJ0lQQHUJH]lKOW6FKLIIVVROGDWHQGHV*RWWN|QLJVHLQLJHJXWDXVJHELOGHWH %RJHQVFKW]HQHLQSHDU6NODYHQXQG]ZHL6NODYLQQHQIUGLH6FKLIIVKHUULQ´ .XU]YRUGHP$XJHQEOLFNDOVVLFKGDV*HVWLUQEHUGHQ+RUL]RQWKREVDKHQVLH GDVHUVWH6HJHO1RFKVSLHJHOWHVLFKNHLQ6RQQHQVWUDKODXIGHQODQJJH]RJHQHQ:HOOHQ GHU'QXQJ$EHUKLQWHUGHP'XQVWXQWHUGHPSUDFKWYROOHQ*HZ|ONZDUGLH$KQXQJ YRQ%HUJHQXQG%XFKWHQ1HEHQVFKZDU]HQ)HOVHQHLQHVYRUJHODJHUWHQ.DSVJOLWWHLQ ODQJJHVWUHFNWHV6FKLIIHQWODQJVHLQ%XJVFKQLWWGXUFKGDV:DVVHU 'DVWDXIHXFKWH6HJHOGHV+DSLVFKLIIHVKLQJVFKZHUXQGVFKODII=ZDQ]LJ5LHPHQ DXIMHGHU6HLWHGHV5XPSIHVEHZHJWHQVLFKNUDIWYROOXQGLPJHPHVVHQHQ7DNW'LH 5XGHUHUYHUOLHKHQGHP.VWHQVHJOHUHLQHEHDFKWOLFKH*HVFKZLQGLJNHLWGLH 7URPPHOVFKOlJHZDUHQVWDUNJHGlPSIW,FKODVLP+HFNGHQ6FKLIIVQDPHQ/2%'(6 +(556&+(56'DVIDVWNLHOORVH6FKLII²LFKZXWHZLHHVJHEDXWZDUKDWWHHLQHQ KRFKJH]RJHQHQ%XJVWHYHQLQGHU)RUPGHUKHLOLJHQ6FKLOIEOWHXQGZDUQLFKWDXV %LQVHQVRQGHUQDXV+RO]HUEDXWDXV%UHWWHUQYRQ=HGHUQVWlPPHQYRQ.\SQ\LQV IUXFKWEDUH+DSL0QGXQJVGUHLHFNJHIO|W'LH+DQGZHUNHUKDVWHQVRJXWJHEDXWZLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VLHHVYHUVWDQGHQDEHUGHUHUVWHVFKZHUH6WXUPKlWWHGLH/2%LQLKUH(LQ]HOWHLOH ]HUOHJW 9LHU]LJ%OlWWHUEHVFKULHEHQHLQHJHNUPPWH/LQLHGXUFKGLH/XIWXQGZLUEHOWHQ HLQHQ5HJHQIXQNHOQGHU7URSIHQKRFK'LHODQJHQZHLHQ6FKDXIHOQZXUGHQHLQJHVHW]W XQGGXUFKJH]RJHQ6LHKLQWHUOLHHQHLQH'RSSHOUHLKHNOHLQHUVSLUDOLJVFKlXPHQGHU :DVVHUZLUEHO(LQEUDXQKlXWLJHU0DQQJHJHQGLHPRUJHQGOLFKH.KOHLQHLQHQ ERGHQODQJHQ:ROOPDQWHOJHKOOWPLWHLQHPZHLHQ6WRIIVFKXU]ELVEHUGLH.QLHGHU XPGLH+IWHQYRQHLQHP]ZHLIDFKKDQGEUHLWHQ/HGHUJUWHOJHKDOWHQZXUGHOHKQWHDXI GHUREHUVWHQ6WHOOHGHV+HFNDXIEDXVGHQ%DONHQGHV6WHXHUUXGHUV]ZLVFKHQGHP UHFKWHQ$UPXQGGHP.|USHU&KHSHUGHUGUHLLJMlKULJH6WHXHUPDQQZDFKWHEHUGHQ 6FKODIGHU+HUULQXQGEHUGDV6FKLII'RUWZRVLHLQGHU1DFKWPLWJXWHP:LQGDXV 2VWHQGLHZLQ]LJHQDPHQORVH,QVHOSDVVLHUWXQGGHQ6FKZDUPVSLHOHQGHU'HOSKLQHLP JHKHLPQLVYROOOHXFKWHQGHQ:DVVHUJHVHKHQKDWWHQJLQJGLH6RQQHDXI'HU+RUL]RQW IlUEWHVLFKJUDXXQGZHLVFKOLHOLFKURVHQEODWWIDUEHQ$EHUQRFKLPPHUNDPNHLQ:LQG DXI&KHSHUIU|VWHOWHXQG]RJGHQ0DQWHOHQJHUXPVHLQH6FKXOWHUQ'LHIHLQHQ+lUFKHQ XQGGDV/HGHUGHVYHUJROGHWHQ+HOPHVZDUHQIHXFKWYRP0RUJHQWDX 'DV6HJHOYRUDXVZXUGHGHXWOLFKHU(LQURVHV6HJHOSUDOOHUJHIOOWDOVGDV ULHVLJHURWJROGHQH5DKVHJHOGHU/2%(VZHKWHDOVRGRUWYRUQHLQDEODQGLJHU:LQG QLFKWVHOWHQLP6RPPHUXQGLQGLHVHP%HUHLFKGHV0HHUHV/HLFKWH6FKULWWHQlKHUWHQ VLFKhEHUGDVIHXFKWH'HFNNDPGLHlOWHUH6NODYLQDXI&KHSHU]X6LHULHELKUHJURHQ GXQNOHQ$XJHQXQGJlKQWHVDJWHPXUPHOQG ³6ROOHQZLUGLH+HUULQZHFNHQ"+DVWGXGDV6HJHOJHVHKHQ"´ ³1HLWDTHU´VDJWH&KHSHUPLWGXQNOHUUDXKHU6WLPPH³ODVVHQZLUGLH+HUULQ VFKODIHQ6LHKDWGLHKDOEH1DFKWJHZDFKW´ ³$EHUGDV6HJHO´ &KHSHUODFWDWHODXWORV(UGHXWHWHJHUDGHDXV ³(VZLUG]ZHL6WXQGHQGDXHUQELVZLUGDV6FKLIIWUHIIHQ,VWHVHLQ+DQGHOVVFKLII ZLUGHV(LOHKDEHQVWHVHLQ3LUDWVRZHUGHQZLUNlPSIHQ/DGLH+HUULQUXKHQ´ ³:DQQGHQNVWGX6WHXHUPDQQZHUGHQZLU.QRVVRVHUUHLFKHQ"´ ³9LHOOHLFKWOLHJHQZLUEHLJXWHP:LQGVFKRQKHXWHLP+DIHQ´VDJWHHU)UHLQHQ $XJHQEOLFNJHULHWHQGLH5LHPHQDQ6WHXHUERUGHLQZHQLJDXHU7DNWDEHUVLHILQJHQ VLFKZLHGHUXQG]RJHQGDV6FKLIIZHLWHUDXIGLHIHUQH,QVHO]X'LH6RQQHQVWUDKOHQ YHUJROGHWHQGLH:HOOHQVSLW]HQO|VWHQGHQ'XQVWDXIXQGWUDIHQDXIGLHKRKHQ%HUJH EHUGHP+RUL]RQW]HLJWHQVLFKGLHKHOOHQ'UHLHFNHGHU*LSIHO'DV6HJHOVFKLHQSUDOOHU ]XZHUGHQ8QUXKLJVDKVLFK&KHSHUXPZHQQZUGHGHU:LQGVHLQ6FKLIIHUUHLFKHQ" 'LH0lQQHUDQGHQ5LHPHQZDUHQUHFKWVFKDIIHQPGHGHQQVLHKDVWHQVHLWVHFKV 6WXQGHQXQXQWHUEURFKHQJHUXGHUW$OVGLHIHXHUURWH.XJHOGHU6RQQHVLFKULHVHQJUR DXVGHP0HHUJHVFKREHQKDVWHZDUGDVDQGHUH6FKLIIYRUDXV(VKLHOWJHQDXDXIGLH /2%]X(UVWHZlUPHQGH6RQQHQVWUDKOHQWUDIHQ7DXZHUN+RO]XQG6HJHOGHV+DSL 6HJOHUVXQGOLHHQGLH)HXFKWLJNHLWYHUGXQVWHQ&KHSHUKXVWHWHVSXFNWHEHUGLH 5HOLQJXQGVDJWHODXW ³1XQPHKUVROOWHVWGXGLH+HUULQZHFNHQ1HLWDTHU´ 6LHQLFNWHEHVRUJWXQGNOHWWHUWHGLH6WXIHQGHV1LHGHUJDQJVKLQXQWHU.XU]H=HLW VSlWHUNDPGLH6FKLIIVKHUULQKHUDXIHUVFKDXHUWHLQGHUPRUJHQGOLFKHQ.KOHVDKVLFK XPXQGVSUDQJ]X&KHSHUDXIV'HFN-HGHVPDOZHQQHUVLHDQEOLFNWHGXUFKIXKUHVLKQ ZLHGHU6WLFKGHV6NRUSLRQV6LHZDUGLHVFK|QVWH)UDXGLHHUMHPDOVJHVHKHQKDVWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,FKVHLQHGDV6HJHO(LQ6FKLIIYRQ.HIWLX&KHSHU"´ 'HU6WHXHUPDQQ]RJVHLQHEXVFKLJHQ%UDXHQKRFKEOLFNWHLUULWLHUWLQVHLJHQH 6HJHOGDVVLFK]XEHZHJHQEHJDQQGDQQHQWJHJQHWHHUJHODVVHQ ³6RVFKHLQWHV:HQQVLHJHJHQ1DFKWHQGHGLH/HLQHQORVJHZRUIHQKDEHQ N|QQHQVLHYRQHLQHP+DIHQGHU1RUGVHLWHJHNRPPHQVHLQ(LQEUHLWHV6FKLII+HUULQ YLHOOHLFKWNHLQH3LUDWHQ´ ³:LQG"6FKRQMHW]W"´ =ZHLXQGGUHLLJ7DJHXQG1lFKWHIDQJZDUHQVLHYRQ0HQHIUX0LUHELVKLHUKHU JHVHJHOWXQGJHUXGHUW'LH+HUULQKDVWHLQGLHVHU=HLWIDVWDOOHVJHOHUQWZDVHU&KHSHU ZXWH ³1LFKWVHKUYLHO+HUULQ(UEHJQVWLJWGDVDQGHUH6FKLII´ ³'LH*OXWLVWEHUHIWGDV3HFKXQGGLH:DIIHQ"´ -HW]WODFWDWHHUODXWXQGVLHJHVVLFKHU³:LHLPPHU:LUKDEHQUXGHUQJHOHUQW DEHUGDV.lPSIHQQLFKWYHUOHUQW´ 'LH+HUULQWUXJHLQH-DFNHDXV/HGHUPLWJROGGXUFKZLUNWHP:ROOVWRII DXVJHVFKODJHQ,KUUDQJHVVFKZDU]HV+DDUODJEHUGHPKRFKJHVWHOOWHQ.UDJHQXQG JOlQ]WHLQGHU6RQQH'DVHQWJHJHQNRPPHQGH6FKLIIVFKZHQNWHVFKDUIHLQXQGMDJWH YRQJXWHP:LQGJHWULHEHQDXIGLH/2%]XXQGJLQJDXI5DPPNXUV,PJOHLFKHQ $XJHQEOLFNEHJDQQGDVWDXVFKZHUH6HJHOGHVHLJHQHQ6FKLIIHV]XIODWWHUQXQG]X NQDWWHUQ&KHSHUEUOOWHHLQHQODQJHQ%HIHKO9LHU5LHPHQZXUGHQLP9RUGHUVFKLII HLQJH]RJHQVHFKVRGHUVLHEHQ0lQQHUNDPHQQDFKHLQDQGHUDXI'HFNXQGEOLHEHQ ZDUWHQGVWHKHQ ³,FKEULQJHGDV6FKLIILQGHQ:LQG:LUNUHX]HQXQGSDVVLHUHQVLHVWHXHUERUGV 3IHLOHXQG%|JHQ3HFKXQG*OXWNgUEHEHUHLWVWHOOHQ)UDOOH)lOOH´VFKULHHUODXW'LH 0lQQHUKREHQGLH$UPHXQGKDVWHWHQDQGLH3OlW]H'DVHQWJHJHQNRPPHQGH6FKLII KDVWHGHQ:LQGLP5FNHQXQGGLH/2%ZDUXQIlKLJVFKDUI]XNUHX]HQ$EHUDOVVLFK MHW]WGDV6HJHOIOOWHDOVGLHVFKZHUH5DKKHUXPVFKZDQJXQGGDV6FKLIIVLFKQDFK 6WHXHUERUGXPOHJWHHUNDQQWHQVLHGDVLHGHP*HJQHUDXVZHLFKHQNRQQWHQ'HU DQGHUH.DSLWlQZDUYRQGHP0DQ|YHUYHUZLUUWDEHUHUlQGHUWHDXJHQEOLFNOLFKGHQ .XUV&KHSHUIUDJWHLQXQHUVFKWWHUOLFKHU5XKH ³0HLQVWGX+HUULQGDZLUGHP)UHPGHQGDDXVZHLFKHQN|QQHQ"´ ³,FKZHLHVQLFKW6WHXHUPDQQ(VVLHKWQDFK.DPSIDXV6WHOOHQZLUXQV´ 'DV5RPHW6FKLIIPHKUDOVVLHE]LJ(OOHQODQJVFKQLWWIDVWLPUHFKWHQ:LQNHO]X VHLQHUELVKHULJHQ5LFKWXQJGXUFKGLH:HOOHQ7DXZHUNXQG+RO]YHUVWUHEXQJHQNQDUUWHQ XQGlFK]WHQ*LVFKWIORFNHQVSUKWHQDXIGDVEHUK|KWH9RUGHUGHFN0LWHLQHP6DW] VFKQHOOWHVLFKGLHMXQJH)UDXKLQXQWHUXQGYHUVFKZDQGLP6FKLII(LQLJH%HIHKOHGHV 6WHXHUPDQQHVEHZLUNWHQGDZHLWHUH5XGHUHUKHUDXIONDPHQGLH%|JHQVSDQQWHQXQG 3IHLOHEHUHLWVWHOOWHQ*OXWW|SIHZXUGHQJHEUDFKWGLH$VFKHZHJJHEODVHQGLH)ODPPHQ HQWIDFKW'LH)UDXEDQGLKU+DDUKRFKVHW]WHGHQOHGHUQHQ+HOPDXIXQGJULIIQDFKGHP %RJHQ$OVVLHEHUGDV'HFNQDFKYRUQUDQQWHVDKVLHGLH0lQQHUDQLKUHQ3OlW]HQ 1RFKGUHL%RJHQVFKXZHLWHQZDUGDVPLQRLVFKH6FKLIIHQWIHUQWDOV&KHSHUZLHGHU )OFKHXQG.RPPDQGRVEUOOWH 'LH5XGHUHUVHW]WHQGLH5LHPHQHLQ'LHEHLGHQ6WHXHUUXGHUZXUGHQlFK]HQG EHZHJW/HLQHQIORJHQORVGDVULHVLJH6HJHOVFKZDQJKHUXPIODWWHUWHZLOGGDQQILQJ VLFKGDV6HJHOZLHGHUDEHUPDOVPDFKWHGLH/2%HLQHVFKDUIH:HQGH)DVWSDUDOOHO]X LKUHPELVKHULJHQ.XUVSDFNWHGHU:LQGGDV6FKLIIXQGVFKREHVVWDPSIHQGXQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

NUlQJHQGDXIGLH.VWH]X'HUHQWJHJHQNRPPHQGH6HJOHUKDVWHDXIHLQHQ7UHIISXQNW ]XJHVWHXHUWGHQGLH/2%EDOGHUUHLFKWKlWWH-HW]WVDKHVDXVDOVREGHUYHUPXWOLFKH .DSHUHUDQ6WHXHUERUGDQGHP+DSLVFKLIIYRUEHLVWRHQZUGH'LH%HIHKOVKDEHULQ VWDQGKRFKDXIJHULFKWHWLP%XJ]ZLVFKHQGHQK|O]HUQHQ6lXOHQPLWYHUJROGHWHQ 9HU]LHUXQJHQ,KUHKHOOH6WLPPHEHUW|QWHGDV.ODWVFKHQGHU:HOOHQ6LHULHILQ PLQRLVFKHU6SUDFKH ³.DSLWlQ:LOOVWGXHLQHQ.DPSI":LUKDEHQEHVVHUH9RUVFKOlJH´ *OHLFK]HLWLJEHY|ONHUWHVLFKGDV'HFNGHU/2%PLWPHKUDOVGUHLLJ %RJHQVFKW]HQ6LHKDVWHQUDQJH3IHLOHDXIGHQ6HKQHQ'LH6SLW]HQGHU*HVFKRVVH EHVWDQGHQDXV:HUJ(UGSHFKXQG7LHUIHWW(LQ)HXHUKDJHOZUGHGDVJHJQHULVFKH 6FKLIIEHUVFKWWHQXQGGDV6HJHOLQ%UDQGVHW]HQ ³,KUNRPPWDXVGHP+DSLODQG"´EUOOWHGHU.DSLWlQHLQEUHLWVFKXOWULJHU0DQQPLW VFKZDU]HQ/RFNHQ(UVWDQGLP%XJVHLQHV6FKLIIHVGLUHNWEHUGHPDXIJHPDOWHQ $XJH ³:LUNRPPHQGRUWKHU.DSLWlQ:LUZROOHQQLFKWNlPSIHQDEHUZLUN|QQHQ NlPSIHQ´ :HGHU$V\UWDQRFK&KHSHUNRQQWHQGHXWOLFKH$Q]HLFKHQEHPHUNHQGDVLFKGLH 0DQQVFKDIWGHV0LQRHUV]XP.DPSIJHUVWHWKDVWH6FKLOGH6SHHUHXQGEOLW]HQGH (QWHUEHLOHODJHQDXI'HFN ³:DVZROOWLKU"´ ³:LUVXFKHQJXWH6FKLIIHHUIDKUHQH.DSLWlQHXQG0DQQVFKDIWHQ:LU]DKOHQJXW LQ*ROG%LVWGXYRQ.QRVVRV"´ ³-D$XV0DOOLD´ 'LH6FKLIIHUDXVFKWHQHLQHQKDOEHQ%RJHQVFKXYRQHLQDQGHUHQWIHUQWYRUEHL 'DV6FKLIIDXV0DOOLDZDUVFKZHUUHLFKOLFKPLWJHQRPPHQXQGODJWLHILP:DVVHU'LH (OLWHVROGDWHQGHV*RWWN|QLJVOLHHQGLH%|JHQVLQNHU ³:LUZROOHQUHGHQ´VFKULHGHU.DSLWlQ]XUFN*OHLFK]HLWLJVFKHUWHVHLQ6FKLII DXVGHP:LQG'LH5DKILIOGDV6HJHOHUVFKODIIWH$XFK&KHSHUOLHGDV6FKLIIZHQGHQ JLQJZLHGHULQGHQ:LQGXQGIXKUGHPDQGHUHQKLQWHUKHU6FKOLHOLFKDOVGLH2VWNVWH GHU,QVHOYROOLP6RQQHQOLFKWODJDOVGLHIQIQHEHQHLQDQGHUOLHJHQGHQ%HUJJLSIHOXQG GHU%HUJ,GDVLFKVFKDUIJHJHQGHQSDVWHOOHQHQ+LPPHODEKREHQVHJHOWHQEHLGH 6FKLIIHQHEHQHLQDQGHU'LH0DQQVFKDIWGHV+DQGHOVVFKLIIHVDXV.HIWLXPDFKWHQRFK LPPHUNHLQH%HZHJXQJGLHDXIHLQHQYHUVXFKWHQhEHUIDOOKLQGHXWHWH ³5HGHQZLUVFK|QH5RPHW´VFKULHGHU0DQQGLH+lQGHWULFKWHUI|UPLJDQGHQ 0XQGJHOHJW'LH)UDXULHI ³:LUZLVVHQGDGLHPLQRLVFKHQ6HHIDKUHUJURXQGWFKWLJVLQG:LUEUDXFKHQ VROFKH0lQQHU´ ³:HUEUDXFKWVLH",KUYRP+DSL'UHLHFN"´ ³-D:LUKDEHQ/DQGHLQHQ+DIHQXQG+HOIHU-HGHU.DSLWlQGHUPLW6FKLIIXQG 0DQQVFKDIW]XXQVNRPPWNDQQHLQUHLFKHU0DQQZHUGHQ´ ³:RKLQVROOHQZLUVHJHOQ"´ ³hEHUDOOGRUWZRHV:DVVHUJLEW'LH/2%'(6+(556&+(56JHKWQDFK .QRVVRV:LUEOHLEHQGRUWHLQHQ0RQGODQJ.RPP]XXQV.DSLWlQXQGGXHUIlKUVW DOOHV'XZLUVWZHQQZLUGLFKDQZHUEHQYLHO*ROGHUKDOWHQ8QGDOOHVDQGHUH.DQQGLFK GLHVHV$QJHERWEHJHLVWHUQ"´ ³:LHUDQJHEOHLEWLKULQ.QRVVRV"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³(LQHQYROOHQ0RQGODQJ´JDE$V\UWD]XUFN³'XZLOOVWXQVGRUWWUHIIHQ"´ ³,FKELQ.DSLWlQ0\URQ0HLQ6FKLIILVWGLH6,/%(51(5'(/3+,1:LUWUHIIHQ XQVLP+DIHQ*XWH)DKUW6SULFKPLW%LDGHVPHLQHP)UHXQG´ (UKREGLH+DQGGLH%URQ]HQlJHODQVHLQHPOHGHUQHQ8QWHUDUPVFKXW]JOlQ]WHQ DXIXQGGDQQVFKULHHU%HIHKOH]XVHLQHU0DQQVFKDIWKLQXQWHU'DVEUHLWElXFKLJH6FKLII VFKZDQNWHKLQXQGKHUGHU:LQGEOlKWHGDV6HJHOXQGGLH6,/%(51(5'(/3+,1 ZXUGHVFKQHOOHU&KHSHUVWHPPWHVLFKJHJHQGLH6WHXHUUXGHUXQGGUHKWHGDV6FKLII KHUXP6LHQDKPHQZLHGHUGHQ.XUVHLQGHUVLHLQZHLWHP=LFN]DFNQDFK.QRVVRV EULQJHQZUGH8Q]lKOLJH6FKZLHULJNHLWHQODJHQKLQWHULKQHQXQGELV]XGHP7DJDQ GHPVLHGHQ$XIWUDJGHV*RWWN|QLJVLP3DODVWDXVJHIKUWKDEHQZUGHQJDEHV VLFKHUOLFKQRFKPHKUGDYRQ $XIHLQHP7XUPLP/DQGHVLQQHUQDXIGHU6SLW]HHLQHVKRKHQ+JHOVVWLHHLQ 0DQQLQHLQODQJJH]RJHQHV5RKUDXV%URQ]H(UKDVWHLP2VWHQYRUGHQ7UPHQGHV +DIHQVHLQURVWURWHV6HJHOJHVHKHQ(LQODQJJH]RJHQHUU|KUHQGHU7RQGXUFKEUDFKGLH 5XKHGHVVSlWHQ0RUJHQV(LQDQGHUHU:lFKWHUGHUDXIGHUREHUVWHQ3ODWWIRUPHLQHV ZHLHQ7XUPHVQHEHQ$VFKHXQG5XGHV+DIHQIHXHUVVWDQGK|UWHGHQ7RQXQGVDK GDV6HJHO(UVDKPHKUEHUDOODQGHP6FKLIIGDVODQJVDPQlKHUNDPXQGDXVGHP .XUVJHWULHEHQZXUGHJOlQ]WHXQGIXQNHOWHHVZLH*ROG(VZDUVHOWHQGDDQGHUHDOV PLQRLVFKH6FKLIIHLQGLHVHQ+DIHQNDPHQ²GHU*UXQGGDIUZDUGDHVDXIGHP0HHU NDXPDQGHUH6FKLIIHJDE3KU\JHU7KUDNHUXQG/HXWHDXV.HIWLXZDUHQPLWHLQLJHQ $XVQDKPHQGLHHLQ]LJHQGLHVLFKZHLWHUYRQGHQ,QVHOQXQG.VWHQHQWIHUQWHQDOVHLQ 0DQQPLWVFKOHFKWHQ$XJHQVHKHQNRQQWH'HU$XVJXFNDXIGHPXUDOWHQPLW.DON EHVWULFKHQHQ7XUPKREGLH+lQGHDQGHQ0XQGXQGVFKULH ³(LQIUHPGHV6FKLIIIlKUWLQGHQ+DIHQHLQ´ 0DMHVWlWLVFKILHOGLH5DK'DV6HJHOZXUGHJHUHIIWXQGJHVFKQUW9LHU]LJ 5LHPHQEHZHJWHQVLFKLQJOHLFKPlLJHP7DNWXQGKLQWHUOLHHQHLQH'RSSHOVSXUNOHLQHU UXKLJHU)OlFKHQ.QRVVRVZDUHUUHLFKW 6LHEHQ6FKLIIHXQG]ZHL'XW]HQG)LVFKHUERRWHODJHQLP+DIHQ'LHNOHLQHQ %RRWHZDUHQZHLWDXIGHQ6DQGVWUDQGKLQDXIJH]RJHQZRUGHQ=XGLHVHU6WXQGH ]ZLVFKHQ0RUJHQXQG0LWWDJEHIDQGHQVLFKDOOH%HZRKQHUGHV+DIHQVDXHUKDOEGHU +lXVHU)LVFKHUVFKOHSSWHQLKUHQ)DQJ]XP0DUNW1HW]HZXUGHQJHIOLFNWGHU6FKPLHG KlPPHUWHVHLQH(VVHUDXFKWH%DXHUQDXVGHU8PJHEXQJWDXVFKWHQ*HIOJHO)UFKWH XQG6FKZHLQHJHJHQ7RQZDUHQXQG)LVFKHLQ=ZLVFKHQGHP:DVVHUXQGGHQ+lXVHUQ PLWGHQ6RQQHQVHJHOQTXLUOWHJHUlXVFKYROOHV/HEHQ+XQGHUW6FKULWWHYRUGHU0ROHDXV ZXFKWLJHQ6WHLQHQVFKOHSSWHQ6ROGDWHQGHQ$QNHUVWHLQ]XP%XJGHU/2%'(6 +(556&+(56'LH5XGHUHUGUHKWHQGDV6FKLII'HU$QNHUVWHLQYHUVDQNDXIONODWVFKHQG LP+DIHQZDVVHU0LWGHP+HFNYRUDXVNDPGDV6FKLII]XU0ROHXQGOHJWHDQ/HLQHQ IORJHQHQV8IHUXQGZXUGHQYRQKHUXPVWHKHQGHQ,QVHOEHZRKQHUQIHVWJHPDFKW'DQQ JDEHVGDVEHNDQQWH%LOG'LH0DQQVFKDIWPDFKWHGDV6FKLIINODUVFKR7DXZHUNDXI EHVHLWLJWHGLH8QRUGQXQJYHUVFKZDQGXQWHU'HFNNDPZLHGHUKHUDXIXQGEHUDOOZDU HLQULHVLJHUEUDXQKlXWLJHU0DQQPLW/HGHUKHOPXQGZHLHP6FKXU]GHU%HIHKOHJDE (LQH6WXQGHVSlWHUZXUGHHLQH/DXISODQNH]ZLVFKHQ+HFNXQG0ROHDXVJHEUDFKW 6LHEHQ3HUVRQHQNDPHQDQ/DQG,KU$XIWULWWULHIDOOJHPHLQHV6WDXQHQKHUYRU=XHUVW NDPHQ]ZHL6ROGDWHQLQJOlQ]HQGHQ%UXVWSDQ]HUQOHGHUQHQ6WLHIHOQPLWJROGHQHQ 6WUHLIHQEHVHW]WHQ+HOPHQXQGOHLFKWHQ6WUHLWl[WHQDQEUHLWHQ*UWHOQ+LQWHULKQHQ IROJWHGHU.DSLWlQGHV6FKLIIHVGHUNHLQH)UDJHQDFKGHP:RKHU:RKLQXQGZHOFKHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

/DGXQJEHDQWZRUWHWKDVWHGLHYRQGHQ,QVHOEHZRKQHUQLQV6FKLIIKLQXQWHUJHUXIHQ ZRUGHQZDUHQ&KHSHUWUXJ]ZHL'ROFKHXQGTXHUEHUGHP5FNHQHLQ%QGHO KDOEPDQQVODQJHU:XUIVSHHUHLP.|FKHU(UZDQGWHVLFKDQHLQHQPLWWOHUHQ-DKUHQGHU VLFKYRQGHQ%DXHUQ)LVFKHUQXQG+DQGZHUNHUQDEKRE(UVDJWHKDOEODXW ³,FKELQ&KHSHUGHU.DSLWlQ*OHLFKNRPPWPHLQH+HUULQDQ/DQG6LHLVWHLQH )UVWLQGDV$XJHGHV.|QLJVDP+DSLUXKWPLW*HIDOOHQDXILKU:LUVXFKHQHLQHQ 0DQQGHU%LDGHVKHLW´ -HW]WNDPHLQMXQJHV0lGFKHQKHUXQWHUVHKUVFKHXXQGVHKUVFK|Q,QLKUHQ $UPHQWUXJVLHHLQHQOlQJOLFKHQ*HJHQVWDQGPLWHLQHPZHLHQ7XFKYHUKOOW6LH VWHOOWHVLFK]ZLVFKHQGLHVFKZHLJHQGHQ6ROGDWHQGLHPLWVFKDUIHQ$XJHQDOOHV PXVWHUWHQZDVVLFKEHZHJWH ³%LDGHVLVWGHU+DIHQNDSLWlQ,KPREOLHJWGLH$XIVLFKWEHUDOOH6FKLIIH´ ³'HVZHJHQVXFKHQZLULKQ´&KHSHUVDKVLFKXP(LQ]ZHLWHU6ROGDWNDPYRP 6FKLIIKLQWHULKPEDODQFLHUWHGLH6FKLIIVKHUULQEHUGDVVFKZDQNHQGH%UHWW6LHWUXJHLQ ZHLHV.OHLGPLWJROGHQHQ6lXPHQKDOEPRQGI|UPLJHQ%UXVWVFKPXFNXQGJROGHQH 6DQGDOHQ(LQ6ROGDWKLHOWLKUH+DQGXQGWUXJGLH.DUWXVFKHLKUHV1DPHQVXQGHLQH 5ROOHYROOHU3HUJDPHQWHDXIGHP5FNHQ'LH0HQJHXPULQJWHGLH$QN|PPOLQJH'LH 0HQVFKHQPXUPHOWHQODXWXQGVDJWHQGDHLQVROFKSUDFKWYROOHV6FKLIIQRFKQLHLQ 0DOOLD.QRVVRVRGHU*XUQLDDQJHOHJWKDEH ³'DVVFKPDOH+DXVPLWGHPZHLHQ6HJHOEHUGHP'DFK´ZXUGHGHQ)UHPGHQ JHVDJW³%LDGHVVWHKWDXIGHQ6WXIHQ´ ³6HLEHGDQNW0DQQ´VDJWH&KHSHU³,KUZHUGHWDOOHVHUIDKUHQ:LUZROOHQHLQHQ 0RQGIDQJWULHUEOHLEHQ´ 'LH*UXSSHGHU)UHPGHQJLQJGXUFKGDV*HGUlQJH'LHVLHEHQ3HUVRQHQVHOEVW GDVMXQJH0lGFKHQPDFKWHQGHQ(LQGUXFNDOVZlUHLKQHQQLFKWVIUHPG6LHZDUHQ VLFKHUXQGNDPSIJHZRKQW'LH6ROGDWHQVFKLUPWHQGLH+HUULQVRJHVFKLFNWDWHGDPDQ QLFKWHLQPDOLKUHQ6FKPXFNVHKHQNRQQWH'XUFK(LQJHZHLGHYRQ)LVFKHQ6DQG 6FKXSSHQXQG7DQJIHW]HQJLQJHQGLH)UHPGHQELV]XGHQVWHLQHUQHQ6WXIHQDXIGHQHQ VLHHLQ0DQQLQOHGHUQHU.OHLGXQJHUZDUWHWH(UKDVWHGXQNOHVWHFKHQGH$XJHQXQGQXU GUHL)LQJHUDQGHUOLQNHQ+DQG ³'XELVW%LDGHVGHU.DSLWlQGLHVHV+DIHQV"´IUDJWH&KHSHUKDOEODXW(UVDKLQ GDVGXQNHOJHEUDQQWHYRQ5XQHQXQG.HUEHQ]HUIXUFKWH*HVLFKWHLQHV9LHU]LJMlKULJHQ GHUUDQJH]XU6HHJHIDKUHQVHLQPXWH ³-D,KUNRPPWYRQGHP3UXQNVFKLIIGDVQLFKWIUV0HHUJHEDXWLVW"´ &KHSHUJULQVWHEUHLWVLHKDVWHQVLFKYHUVWDQGHQ ³'HU.DSLWlQLVWZLFKWLJHUDOVGLH3ODQNHQ%LDGHV:LUVLQGWULHUZHLOZLUMHGHP JXWHQ.DSLWlQGHU,QVHOHLQHQ9RUVFKODJPDFKHQZROOHQ'LHVLVWGLH+HUULQGHV 6FKLIIHVGHU/2%'(6+(556&+(56)UVWLQ0DUD\HZLUGGLUDOOHVHUNOlUHQ'X VROOWHVWXQVDOV*lVWHEHWUDFKWHQ1HEHQEHLZLU]DKOHQPLW*ROG´ %LDGHVQLFNWHODQJVDPXQGVDKXQHUVFKURFNHQSUIHQGYRQHLQHP*HVLFKW]XP DQGHUHQ(UZDUQLFKWOHLFKW]XEHHLQGUXFNHQHLQ0DQQQDFK&KHSHUV+HU]HQ%LDGHV EHPHUNWHGLHYHUVFKORVVHQHQ0LHQHQGHU6ROGDWHQHUNDQQWHGLH(UIDKUXQJGLH&KHSHU DXVVWUDKOWHVDKGDVXQHUIDKUHQHMXQJH0lGFKHQXQGGDV*HVLFKWGHU+HUULQ&KHSHU GHXWHWHVFKZHLJHQGDXIGDV+DXVKLQWHUGHVVHQRIIHQHQ)HQVWHUQXQGVFKODQNHQ 6lXOHQVLFK9RUKlQJHEDXVFKWHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³:LUVLQGNHLQH0DUNWKlQGOHU%LDGHV'HVKDOEVROOWHQZLULP+DXVGDUEHU VSUHFKHQ´ ³:DKUJHVSURFKHQ´ =ZHL6ROGDWHQEOLHEHQYRUGHU7UGHV5DXPHVVWHKHQ%LDGHVVWHOOWHIHVVGD GLH)UHPGHQNHLQ5LVLNRHLQJLQJHQ(UOLH6FKHPHO6HVVHOXQG:HLQEULQJHQVHW]WH VLFKKLQWHUGLH7LVFKSODWWHXQGZDUWHWHELVGLH%HFKHUYROOJHVFKHQNWZDUHQ$OVHU PHUNWHGDVLFKVHLQH*lVWH]XHQWVSDQQHQVFKLHQHQVDJWHHU ³8QGQXQ)UVWLQ0DUD\HZDVNDQQLFKIUHXFKWXQ"´ ³'XNDQQVWPLWKHOIHQ´VDJWHGLHMXQJHVFK|QH)UDXPLWZHLFKHU6WLPPH³HLQHQ +DIHQHLQH6WDGWXQGHLQ5HLFKGHU.DSLWlQHXQG6FKLIIH]XHUULFKWHQZLHHVDXI GLHVHP0HHUQRFKQLHPDOVHUOHEWZXUGH´ 6LHVWUHFNWHGLH+DQGDXV'HU6ROGDW]RJHLQ3HUJDPHQWDXVGHU U|KUHQI|UPLJHQ+OOHXQGEUHLWHWHHVDXIGHU3ODWWHDXVVWHOOWH6WHLQH:HLQEHFKHUXQG HLQHQ.UXJYROOHU7XVFKHELQVHQDXIGLH(FNHQ ³:DVLVWGDV"´ ³'LH/LQLHQVLQG.VWHQ'LH)OlFKHQVLQG/DQGXQG,QVHOQ'LH7UPHVLQG +lIHQ'|UIHU6WlGWHNXU]XP3OlW]HDQGHQHQ0HQVFKHQKDXVHQ+LHUVLQG)OVVH GRUWVLQG)HOVHQ'LHVH=HLFKQXQJLVWGDVZDVHLQ)LVFKDGOHUVHKHQZUGHZHQQHULQ JURHU+|KHVFKZHEW'DV0HHUXQGVHLQH.VWHQHLQ6FKDW]ZHUWYROOHUDOVDQGHUH 6FKlW]H´ %LDGHVVWDUUWHPLWJURHQ$XJHQGLH=HLFKQXQJDQ6LHZDUXQYRUVWHOOEDU EHUVLFKWOLFK'LHVH,QVHOZDU.HIWLX6FKZHLJHQGXQGPLWJU|HUZHUGHQGHU)DV]LQDWLRQ YHUVXFKWHHUDOOH.VWHQXQG7HLOH]XVXFKHQGLHHUVHOEVWNDQQWHDXVVHLQHU=HLWDOV .DSLWlQ1DFKODQJHU=HLWVFKDXWHHUDXIVFKOXFNWHXQGVDJWHKHLVHU ³+HUULQGXKDVWUHFKWJHVSURFKHQ'LHVH=HLFKQXQJLVWHLQ6FKDW]´ 0DUD\HPDFKWHHLQHJUR]JLJF%HZHJXQJXQGHUNOlUWHLQIHKOHUIUHLHP0LQRLVFK ³,FKVFKHQNHVLHGHQ.DSLWlQHQYRQ0DOOLD.QRVVRVXQG*XUQLD´ %LDGHVOLHEHLQDKHVFLQHQ:HLQEHFKHUIDOOHQEOLFNWH&KHSHUXQG$V\UWDDQXQG IOVWHUWHIDVVXQJVORV ³(LQ*HVFKHQN"$EHU´ &KHSHUKREODFKHQGGLH+DQGXQGVDJWHHLQGULQJOLFK ³+|UHJXW]X9DWHUGHV+DIHQV+LHUGLHVHU7XUPGDVLVW*XEDO'LH6WDGWKDW HLQHQJXWHQ+DIHQ+LQWHUGHU6WDGWEHJLQQHUXQHQGOLFKH:lOGHUULHVLJHUGXIWHQGHU =HGHUQ6WDGWXQG+DIHQZHUGHQVFK|QHUJU|HUXQGPlFKWLJHUZHUGHQ$V\UWDV *HOLHEWHUEDXWGRUWPLWXQ]lKOLJHQ+HOIHUQ*WHUXQG.RVWEDUNHLWHQ0HQVFKHQXQG ,GHHQNRPPHQDXVDOLHQ5LFKWXQJHQQDFK*XEDO.\SQ\GLH0HQVFKHQGRUWVLQGNHLQH 6HHIDKUHU:LUEUDXFKHQ.DSLWlQHPLWJXWHQ6FKLIIHQGLHIUXQVIDKUHQKDQGHOQXQG QHXH+lIHQILQGHQ'HVZHJHQVLQGZLUWULHU'HLQ)UHXQG0\URQYRQGHU'(/3+,1 EUOOWHGHLQHQ1DPHQ]XXQVKHUEHUKHXWHLP0RUJHQJUDXHQ´ &KHSHUOHKQWHVLFK]XUFNXQGKREGHQ%HFKHU(UZUGHHLQHUGHU.DSLWlQH VHLQGLHQHXH.VWHQXQG+DQGHOVSDUWQHUHQWGHFNWHQ ³'DUXPVHLGLKUPLWGLHVHUPHHUXQWhFKWLJHQ%DUNHJHNRPPHQZHOOHVNHLQH JXWHQ6FKLIIHLP+DSLODQGXQGLQ*XEDOJLEW"´ &KHSHUVWLHHLQHQ)OXFKDXVXQGYHUVLFKHUWH ³:LUZLVVHQJHQDXZDUXPZLUJXWH6FKLIIHEUDXFKHQ,Q*XEDOZLUGMHQHU0DQQ $KLUDPHLQH:HUIWEDXHQXQG+DQGZHUNHUDXVELOGHQ1LHPDOVZDUHQZLUZHLWHUDOVYLHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

%RJHQVFKVVHYRP8IHUHQWIHUQW-HGHVPDOZHQQHVJXWHQ6HJHOZLQGJDEPXWHQZLU ]XP6WUDQGLQHLQHJHVFKW]WH%XFKWHLQH)OXPQGXQJ(LQ6FKLIIIU.LQGHU8QG GHVKDOEEUDXFKHQZLU0lQQHUZLHGLFK%LDGHV8QG6FKXUNHQZLH0\URQGHQQXU :DIIHQJHZDOWGDYRQDEKlOWDXI+DQGHOVIDKUW6FKLIIH]XNDSHUQ:LHUDQJHELVWGXDXI GHP0HHUJHIDKUHQDXIXQVLFKWEDUHQ6WUDHQYRQ+DIHQ]X+DIHQ":LHYLHOH-DKUH"´ ³=ZHLXQG]ZDQ]LJ-DKUH´ ³'DQQZHLWGXJHQDXZDVXQVIHKOW%LVKHULVW*XEDOQLFKWYLHOPHKUDOVHLQ $XHQKDIHQGHV+HUUVFKHUV=ZLVFKHQ*XEDOXQGGHP+DSLODQGVSLHOVVLFKDXFKKHXWH DOOHU+DQGHODWH'LH0HQVFKHQVLQGHLQJHZDQGHUWH1RPDGHQ6LHYHUVWHKHQQLFKWYLHO VLQGZLH7HLJGHUQLFKWJlUW:LUEUDXFKHQ/HXWHZLHHXFKGLHPLWXQV*XEDO]XHLQHU +DIHQVWDGWPDFKHQUHLFKHUDOV.QRVVRV´ ³,QGHU7DWHLQJURDUWLJHV9RUKDEHQ´JDEGHU+DIHQNDSLWlQ]X,P*HJHQVDW] ]XGHQPHLVWHQ0lQQHUQZDUHUJODWWUDVLHUW ³.RPPQDFK*XEDOXQGGXZLUVWHUNHQQHQGDPlFKWLJH.UlIWHDP:HUNVLQG /HUQHPHLQHQ*HOLHEWHQNHQQHQ(ULVWGHUNOJVWH0DQQGHQHVJLEW´VDJWH0DUD\H ³:HLOHUGHLQ*HOLHEWHULVW"´IUDJWH%LDGHVVDUNDVWLVFK ³:HLOHUNOXJXQGXQYHUJOHLFKOLFKLVWELQLFKVHLQH*HOLHEWH´ 'HU.DSLWlQQLFNWHHLQH$QWZRUWGLHLKPJHILHO(UYHUVXFKWHDOOHVZDVHU JHK|UWKDVWHZRKO]XEHGHQNHQXQG)HKOHUKHUDXV]XILQGHQ(UZXWHGDQRFKVHKU YLHOH)UDJHQJHVWHOOWXQGEHDQWZRUWHWZHUGHQPXWHQ6LHKDVWHQYLHO=HLWGHU +HUUVFKHULP3DODVWYRQ.QRVVRVZUGHGLH)UHPGHQHEHQVREHIUDJHQ(UNUDW]WHVLFK XQWHUGHU$FKVHO ³:HLOLFKQLFKWGHU+HUU.HIWLXVELQNDQQLFKHXFK]ZDUKHOIHQDEHUQLFKWV HQWVFKHLGHQ$QZLHYLHOH6FKLIIHKDEWLKUJHGDFKW"´ ³$QQLFKWZHQLJHUDOVKXQGHUW´VDJWH$V\UWDQDFKGUFNOLFK ³.QRVVRVLVWQLFKWGHUHUVWH+DIHQLQGHPLKU.DSLWlQHDXIJHIRUGHUWKDEW]X HXFK]XNRPPHQ"´ ³1HLQ:LUIUDJHQMHGHQ.DSLWlQGHUDXVVLHKWDOVZlUHHUNHLQJHERUHQHU %HWUJHU:LUKDEHQHLQHQJXWHQ7KLFNIUMHGHV6FKLIIGDVDXVVLHKWDOVZUGHHVGLH QlFKVWHQ6WUPHEHUOHEHQPLWVDPWGHU0DQQVFKDIW´&KHSHUODFWDWHGU|KQHQG ³,KUKDEWHXFKHLQHJURH$XIJDEHJHVWHOOW´VDJWHGHU+DIHQNDSLWlQYHUVRQQHQ XQGVDKZLHGHUGHU)UVWLQLQV*HVLFKW6LHZLUNWHVHOEVWVLFKHUXQGXQDQJUHLIEDUZLH HLQH*gWWHUVWDWXH ³:LUZLVVHQGDZLUVLHO|VHQN|QQHQ1LFKWLQHLQHP0RQG(VZLUG-DKUH GDXHUQ*XEDO]XHLQHU6WDGW]XPDFKHQEHUGHUHQ*ODQ]DQDOLHQ.VWHQJHVSURFKHQ ZLUG´ ³'DGLHVHU=XVWDQGQDFKDOOGHPZDVLFKGHQNHLQZHLWHU)HUQHOLHJWVROOWHQZLU EHUGDV1lKHUOLHJHQGHVSUHFKHQ´%LDGHVJULQVWHNDUJ³=XQlFKVWZRZHUGHWLKU ZRKQHQ"$XIGHP6FKLII"´ ³1HLQ9LHOOHLFKWJLEWHVIU&KHSHU1HLWDTHUGDV0lGFKHQXQGPLFKHLQ+DXV" 6HVRVWULVOlWPLFKLQ*ROG]DKOHQ´ ³=ZHLIHOORVOlWVLFKILQGHQZDVLKUVXFKW1|WLJHQIDOOVDXFKRKQH*ROG´ 6LHIDQGHQHLQ+DXV&KHSHUVSUDFKPLWGHQ.DSLWlQHQPDUFKHV7DOHQW*ROG XQG6LOEHUZHFKVHOWHGHQ%HVLW]HU6LH]HLFKQHWHQ7HLOHGHU.DUWHQDFKJDEHQ DEIDKUHQGHQ6FKLIIHQ5DWVFKODJHPLWXQGEHJUWHQDQNRPPHQGH%RRWH'HU1DPH XQGGHU6WDQGRUW*XEDOZDUEDOGLQDOOHU0XQGH-HGHU.DSLWlQGHULQGLHVHP0RQGLQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GHQ+lIHQYRQ.QRVVRV0DOOLDXQG*XUQLDDQOHJWHZXWHGDYRQ(UZUGHPLWDQGHUHQ .DSLWlQHQVSUHFKHQXQGGLHVH1DFKULFKWHQYHUEUHLWHQ'HU+HUUVFKHUYRQ.QRVVRVXQG .HIWLXVSUDFKUDQJHPLW0DUD\HXQG&KHSHUXQGYHUVLFKHUWHVLH]XXQWHUVWW]HQ6LH YHUJDHQGDMHGHUYRQLKQHQXQYHUPLWWHOWHLQJHVFKODIHQZDUHLQHQODQJHQ7UDXP JHKDEWKDVWHXQGQDFKGHP(UZDFKHQPHKUHUH6SUDFKHQNDQQWHVRJXWDOVZlUHHV GLHHLJHQH6LHIUHXQGHWHQVLFKPLWGHQ0LQRHUQDQWUDQNHQ:HLQXQGOLHEWHQGHUHQ 7|FKWHU.HLQHQ$XJHQEOLFNIDQJYHUJDHQVLHGHQKRFKJHZDFKVHQHQ*HOLHEWHQGHU +HUULQXQGLKUHQ$XIWUDJ,P*UXQGHDUEHLWHWHQVLHXQXQWHUEURFKHQDQGHP3ODQ.HLQHU YRQLKQHQGDFKWHMHGDUDQGDVLHQXU:HUN]HXJHZDUHQ 5LDQFRU5HFKPHV([SHULPHQWLHUIUHXGHZDULQGHQUXQGVLHE]HKQ-DKUHQVHLWGHU LG\OOLVFKHQ=HLWQDFKGHU:XQGHUNDUDZDQH]XJOHLFKPLWGHUSRVLWURQLVFKHQ$XVUVWXQJ JHVWLHJHQhEHUGLHVZUGHLFKLKQZHQQLFKHVQLFKWEHVVHUZWHYRQHLQHP OHEHQGHQ0HQVFKHQQLFKWPHKUXQWHUVFKHLGHQN|QQHQGHU+|FKVWJUDGDQ3HUIHNWLRQ VFKLHQHUUHLFKW:DKUVFKHLQOLFKLUUWHLFKZLHGHU$EHUVHLQ³+HQNHW´GDVVHOEVWJHEUDXWH %LHUQDFK5H]HSWHQDXV0HQHIUX0LUHRGHU1R$PXQDXV0DO]*HWUHLGHXQG'DWWHOQ ZDUVWDUNEHUXKLJWHPLFKXQGKDOIPLUVFKQHOOHUHLQ]XVFKODIHQ,FKKLHOWHLQHQNKOHQ KDOEYROOHQ7RQEHFKHULQGHU+DQGXQGJLQJQDFKGHQNOLFK]ZLVFKHQGHQZHFKVHOQGHQ +RORJUDPPZlQGHQKLQXQGKHU9RUGHQOHEHQVHFKWHQ$EELOGXQJHQGHU6KDUUXNLQ 7RFKWHU(QFKHGXDQDVFKZHEWHHLQDNNDGLVFKHV7RQWlIHOFKHQHQJEHVFKULHEHQ5LFRV 6WLPPHGUDQJDXVGHQ/DXWVSUHFKHUQ ³(QFKHGXDQDGLHVFKRQOHVHQXQGVFKUHLEHQNRQQWHEHYRUVLHGLFKGHQ %DXPHLVWHULKUHVN|QLJOLFKHQ9DWHUVNHQQHQOHUQHQGXUIWHKDW/HLGGXUFK'LFKWNXQVW NRPSHQVLHUW´ ³:LHGDV":DVPHLQVWGX"´EUXPPWHLFKXQGODVGLH:RUWHGHUHUVWHQ .HLOVFKULIWUHLKHQ,FKVWLHGUHLPDODXIGHQ1DPHQ,QDQQD5LDQFRUOLHVLFKQLFKW XQWHUEUHFKHQ ³6LHVFKULHEQDFKGHPGXRKQH6SXUHQDXV$NNDGHYHUVFKZDQGHVWHLQHQ=\NOXV YRQ,QDQQD+\PQHQ/RESUHLVXQJHQGHVJ|WWOLFKHQ0RUJHQXQG$EHQGVWHUQV´ ,FKVHW]WHPLFKEOHQGHWHGHQ+\PQHQ]\NOXVDXVXQGHUIUHXWHPLFKLQ VFKZHLJHQGHU(ULQQHUXQJELVLFKPLU]XIOVWHUWHGD(QFKHGXDQDHEHQVRZLH1HIHU PHU\WOlQJVW]X6WDXE]HUIDOOHQXQGGHUHQ%LOGHUYRQGHUK|FKVWOHEHQGLJHQ$V\UWD 0DUD\HYHUGUlQJWZRUGHQZDUHQ,FKVFKDOWHWHGLH$XIQDKPHQ]XUFNLQGLH6SHLFKHU ZLGPHWHPLFKGHP$QEOLFNGHVSULPLWLYHQ+DIHQG|UIFKHQVGDVGLH5RPHW³.\SQ\´XQG GLH2UWVDQVlVVLJHQ³*XEDO´RGHU³*XELD´QDQQWHQ5LFRQlKHUWHVLFKGHP6HVVHOYRU GHQ3XOWHQ.RQVROHQXQG3DQHHOHQIOOWHGHQ%HFKHUDXIXQGVDJWH ³'XPXWVSlWHVWHQVLQHLQHU6WXQGHZLHGHUVFKODIHQXQGGDQDFKXQWHUGLH 6RODUODPSHQ+DIHQKHUUVFKHU$KLUDP$FUDQ´ ³,VWGDVGHU1DPHGHQ(6IUPLFKEHVWLPPWKDW"´ ³(USDW]XGHLQHUQHXHQ0DVNH´VDJWH5LFR³:LUVSUDFKHQUDQJHGDUEHUGD GXZlKUHQGGLHVHUEHUIDOOlKQOLFKHQ(6(LQVlW]HHLQ'HSRW0DJD]LQRGHU=XJULIIDXI HLQHQDUNRQLGLVFKHQ)ORWWHQVLORKDEHQVROOWHVW´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³5LFKWLJ´,FKQLFNWHXQGWUDQNLQNOHLQHQ6FKOXFNHQ:RKOWXHQGH0GLJNHLW EUHLWHWHVLFKLQPHLQHP.|USHUDXV³,FKHULQQHUHPLFKDQGDV6KHUHQJL'HVDVWHUGDV EHLQDKHPHLQ/HEHQJHNRVWHWKlWWH:DVVFKOlJVWGXYRU"´ ³,FKKDEH7UDQVPLWWHUDNWLYLHUW(LQVFKZHEHIlKLJHU&RQWDLQHUVWHKWEHUHIW DQJHIOOWPLWDOLHQQW]OLFKHQ*HUlWVFKDIWHQXQG9RUUlWHQ'XN|QQWHVWLKQLQHLQH+|KOH GHV=HGHUQJHELUJHVVWHXHUQRGHULQHLQHU:VWHYHUVWHFNHQ,FKKDEHPLWGHQ6RQGHQ HLQH5HLKHYHUVFKLHGHQHUJXWHU9HUVWHFNHJHIXQGHQ´ ,FKQLFNWHXQGJlKQWH,Q]ZLVFKHQNDQQWHLFKPHLQ=LHOPHLQH0DVNHXQG PHLQHQQHXHQ1DPHQDEHUQLFKWGLH$XIJDEHGLH(6PLU]XJHGDFKWKDVWH,FKJDE 5LFRGHQOHHUHQ%HFKHUXQGGUHKWHGHQ0RQLWRUHQXQG3URMHNWLRQHQGHQ5FNHQ]X ³:LUVSUHFKHQDOOH9RUEHUHLWXQJHQQRFKHLQPDOLQDOLHQ(LQ]HOKHLWHQGXUFK5LFR´ 2KQH+DVWJLQJLFKEHU7HSSLFKHGLHLKUH0XVWHUXQGGLH2EHUIOlFKHQVWUXNWXU YHUlQGHUWHQHQWODQJDQ5LFRVSUlFKWLJPRGHOOLHUWHQ:lQGHQXQGLQPHLQH3ULYDWUlXPH 8QWHUHLQHPNODUHQ6WHUQHQKLPPHOLQGHPHLQHVLOEHUQH0RQGVLFKHOVFKZHEWHVWDQG PHLQ/DJHULQN|UQLJHP:VWHQVDQGXPJHEHQYRQGHQ+LOIVJHUlWHQGLHZLH VFKZHLJHQGHVNHOHWWKDIWH'LHQHUDXVVDKHQ,FKVWUHFNWHPLFKDXVXQGVFKORGLH $XJHQLFKGDFKWHDQPHLQHZHQLJEHQHLGHQVZHUWH/DJH/lQJVWZUGHQVLHDXI$UNRQ QLFKWPHKUDQPLFKGHQNHQ'LHDUNRQLGLVFKH6WDWLRQDXIGHP]ZHLWHQ/DUVDISODQHWHQ LQGHULFK+\SHUIXQNVHQGHUIlQGHZDUIUPLFKHEHQVRXQHUUHLFKEDUZLHIUMHGHQ %DUEDUHQGHU/DUVDI,,,:HOW:LUNRQQWHQGHQ:DQGHOVWHUQDOVOHXFKWHQGHQ3XQNW ]ZLVFKHQDQGHUHQ*HVWLUQHQEHZXQGHUQXQGLKQPLWJ|WWOLFKHQ(LJHQVFKDIWHQ DXVVWDWWHQVRZLH(QFKHGXDQDHVJHWDQKDVWH([LVWLHUWHMHQHUHLQVDPH)UHPGHQRFK 3URWHRVGHUGDV*HPHW]HODXI.HIWLEHUOHEWKDVWH":HOFKHQ$XIJDEHQVHJHOWH $V\UWD0DUD\HQDFK":DVKDVWHGHUJRWWlKQOLFKH+HUUVFKHULP*URHQ+DXV]X 0HQHIUX0LUHPLW.\SQ\*XEODYRU$PHQHPKHWGHU(UVWHGLHVHV1DPHQV",FKZXWH QLFKWV+LHUODJLFKHWZD-DKUHQDFKGHP8QWHUJDQJYRQ$WODQWLVXQGDOVLFKDQ $V\UWD0DUD\HGDFKWHVDJWHLFKPLUGDGHUQlFKVWH$XIHQWKDOW]ZLVFKHQGHQ %DUEDUHQGXUFKDXVVHLQHDQJHQHKPHQ6WXQGHQKDEHQZUGH(VODJQXUDQPLUGHQ 6SLHOUDXPIUHLHQ:LOOHQVGHQ(6PLUXQGXQVOLHHQWVSUHFKHQG]XJHVWDOWHQ,FK VFKOLHIKDOEZHJV]XIULHGHQHLQ 5LFRVFKOHXVWHHLQHQJHWDUQWHQ&RQWDLQHUDXVHLQNOHLQHV%RRWGDVLFKUXGHUQ XQGVHJHOQNRQQWHYROOHU1DKUXQJVPLWWHOXQGEHUOHEHQVQRWZHQGLJHU$XVUVWXQJ,FK VXFKWHLP6GZHVWHQGHUVDQGDOHQI|UPLJHQ,QVHOMHQH+|KOHXQGMHQHQ6WUDQGGHU $V\UWDXQGPLUHLQHQODQJHQ6RPPHUDOVHLQVDPHUVFKDWWLJHU:RKQVLW]JHGLHQWKDVWH VFKZDPPYLHOOLHPLFKEUlXQHQXQGYHUWLHIWHPLFKLQGLH'DJRU7HFKQLNHQPLWGHQHQ LFKPHLQHQ.|USHUVWDUNXQGJHVFKPHLGLJPDFKWHVHLQ=XVWDQGHQWVSUDFKWDWVlFKOLFK VHFKVXQGGUHLLJHLQKDOE$UNRQMDKUHQ$QGLHVHP3XQNWKDVWHGHU=HOODNWLYDWRUHLQ P|JOLFKHVVHKUYLHOVSlWHUHLQWUHWHQGHV$OWHUQDQJHKDOWHQ,PGlPPHULJHQ5DXPGHU +|KOHEHWUDFKWHWHLFKGLH%LOGHUGHU6RQGHQGLH5LFRXQGLFKVWHXHUWHQ,FKK|UWHDOWH DUNRQLGLVFKH0XVLNXQGGLH/LHGHUGHU%DUEDUHQVFKOLHIWUDXPORVXQGUDQJHXQG YHUVWDXWHVFKOLHOLFKPHLQH$XVUVWXQJLP%RRWDNWLYLHUWHGLH*OHLWHUVWHXHUXQJXQG ODQGHWHYRUGHP0RUJHQJUDXHQLQGHU'QXQJYRU*XEDO.XU]QDFK6RQQHQDXIJDQJ VHJHOWHLFKLQGHQ+DIHQHLQ(VZDUQXUHLQH)UDJHYRQZHQLJHQ6WXQGHQELVLFKHLQ +DXVXQGGLHQ|WLJH'LHQHUVFKDIWJHIXQGHQKDVWHGLH'RNXPHQWHYRP+DSLODQGZDUHQ EHU]HXJHQG,FKKDVWHPHLQH9RUVWHOOXQJHQXQGEUDXFKWHHLQHJURH0HQJH %DXPDWHULDO]XHUVW]RJHQLFKXQGGLH+DQGZHUNHULQGLHULHVLJHQ=HGHUQZlOGHUXP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

+RO]IU'DFKVWKOH0|EHO6FKLIIH+DXVKDOWVHLQULFKWXQJHQXQGIUV.DPLQIHXHU]X VFKODJHQ 'LHVFKZHUHODQJVWLHOLJH$[WSILIIGXUFKGLH/XIWXQGERKUWHVLFKWLHILQGHQ NHLOI|UPLJHQ6SDOWGHV6WDPPHV$XVGHU.URQHGHU=HGHUUDVFKHOWHQ%OlWWHUXQG 5LQGHQWHLOFKHQ$OVLFKGLH$[W]XUFNULXQGHLQH:RONHGHVKDU]LJHQ=HGHUQ|OJHUXFKV LQGLH1DVHEHNDPK|UWHLFKHLQDQGHUHV*HUlXVFK(LQIDKOHV6DXVHQHLQHQ KlPPHUQGHQ(LQVFKODJ(LQH+DQGEUHLWYRUPHLQHP*HVLFKW]LWWHUWHHLQODQJHU3IHLOLP %DXPVWDPP,FKOLHPHLQHQ.|USHUYRP6FKZXQJGHU$[WQDFKKLQWHQUHLHQVSUDQJ YRP6WDPPZHJXQGVFKULHJHOOHQG ³(LQhEHUIDOO1RPDGHQ=XGHQ*HVSDQQHQ)UHXQGH´ 'RUWODJHQXQVHUH:DIIHQ:LUJLQJHQQLHPDOVXQEHZDIIQHWLQGLH:lOGHU'LH 2FKVHQEHJDQQHQ]XVFKUHLHQDOVYRQEHUDOOKHUUHQQHQGH0HQVFKHQDXIWDXFKWHQ 'LH:LOGHVHOKHQJVWHGHVOHLFKWHQ:DJHQVVWLHJHQVFKUHLHQGKRFKXQG]HUUWHQDQGHQ =JHOQ,FKILHIJHGXFNWELV]XP6WDSHOHQWDVWHWHU6WlPPHVDKPLFKXPXQGEUOOWH ³=XPLUKHU+ROWGLH:DIIHQ6FKQHOO´ 'XUFKHLQ*HEVFKQHEHQPLUVFKQLWWSUDVVHOQGHLQEOLW]HQGHU6SHHU,FKVDK KLQWHUPLUHLQXQEHNDQQWHV*HVLFKWKROWHPLWGHU$[WDXVWUDIPLWHLQHPIXUFKWEDUHQ 6FKODJGHQ6FKLOGXQGEUDFKGHP$QJUHLIHUGHQOLQNHQ$UP'HU0DQQVFKULHODXWXQG OLHGLH.HXOHIDOOHQ,FKZDUIPLFKKHUXPXQGZDUEHLPHLQHQ:DIIHQ$XJHQEOLFNH VSlWHUKDVWHLFKPHLQHQOLQNHQ$UPGXUFKGHQ6FKLOGJHVFKREHQVSDQQWHPHLQHQ %RJHQXQGMDJWHGHQHUVWHQ3IHLOLQGLH6FKXOWHUHLQHV$QJUHLIHUVGHUQDFKGHQ=JHOQ GHU:LOGHVHOJULII1RPDGHQ,PPHUZLHGHU1RPDGHQ,FKNRQQWHKRIIHQGDHVQLFKW YLHOHZDUHQ6LHNDPHQDXV$PXUUXGHP:HVWODQG.OHLQH*UXSSHQVHOWHQPHKUDOV ]ZHLGUHL6LSSHQPLWLKUHU+DEH0HQVFKHQGHUHQ0HHUGLH:VWHZDUXQGGLHNDXP HWZDV]XYHUOLHUHQDEHUYLHO]XJHZLQQHQKDWWHQ5XQGXP*HVSDQQH6FKOLWWHQXQG ZXFKWLJH6FKHLEHQUlGHUHQWEUDQQWHHLQVFKQHOOHU.DPSI,FKVSUDQJDXIHLQHQULHVLJHQ %DXPVWXPSIXQGOHJWHHLQHQ]ZHLWHQ3IHLODXIGLH6HKQHVFKRLKQLQGHQ 2EHUVFKHQNHOHLQHVMXQJHQ$QJUHLIHUVGHUHLQHQ6SHHUQDFK6LUHQZHUIHQZROOWH ³6LUHQ+LQWHUGLU´VFKULHLFK(UGUHKWHVLFKKHUXPXQGVFKOXJGHP$QJUHLIHUPLW GHU'RSSHOD[WHLQH$UW6FKZHUWDXVGHU+DQG=ZHL+RO]IlOOHUUDQQWHQKLQWHUHLQHP IOFKWHQGHQ1RPDGHQKHUXQGZDUIHQLKQ]X%RGHQLQGHPVLHHLQHQ6SHHU]ZLVFKHQ VHLQH%HLQHVFKOHXGHUWHQ/DQJVDPGUHKWHLFKPLFKLP.UHLVXQGVFKRJH]LHOWHLQHQ 3IHLOQDFKGHPDQGHUHQDWH'LHVZDUGHUIQI]HKQWHhEHUIDOOGHQLFKPLWHUOHEWH 6FKUlJXQWHUPLUURXWHHLQ%DXPVWDPPYRQGHP6WDSHOXQGHUVFKOXJHLQHQlOWHUHQ 0DQQLP)HOOJHZDQGOFKVDKNHLQ=LHOPHKUVRQGHUQQXU*UXSSHQYRQ0lQQHUQ *XEDOVGLHHLQHQ1RPDGHQILQJHQXQGIHVVHOWHQ,FKVHQNWHGHQ%RJHQVWHFNWHGHQ 3IHLOLQGHQ.|FKHU]XUFNXQGVSUDQJYRQGHP%DXPVWXPSI ³:LUKDEHQJHZRQQHQ´EUOOWH6LUHQYRPDQGHUHQ(QGHXQVHUHVIOFKWLJHQ /DJHUV³(LQSHDUNUlIWLJH6NODYHQ'HU5HVWLVWVFKZlFKOLFKXQGPXHUVWJHIWWHUW ZHUGHQ´ (UWULHEHLQHQMXQJHQ0DQQPLWZLOGHP+DDUVFKRSIXQGVFKZDU]HP.UlXVHOEDUW DXIPLFK]X$XVDOLHQ5LFKWXQJHQ]HUUWHQXQGVFKOHSSWHQPHLQH/HXWHYHUZXQGHWHXQG JHIDQJHQH1RPDGHQXQWHU)OFKHQXQG*HVFKUHLKHUDQ ³:LUJHKHQXQGKROHQGHQ5HVW'LHVHQ.DPSIKlWWHQVLHVLFKVSDUHQN|QQHQ´ 6LUHQERKUWHLP2KUXQGIUDJWHJULQVHQG ³:XWHQVLHYRUKHUZLHJDVWIUHXQGOLFKZLUVLQG"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

(VZDUHLQ'XW]HQG0lQQHU]ZLVFKHQIQI]HKQXQGYLHU]LJ(LQHUZDUVFKZHU YHUOHW]WHLQHUYRP%DXPHUVFKODJHQDOOHWUXJHQ6FKUDPPHQXQG:XQGHQ,P1X ZDUHQVLHJHIHVVHOWXQGZXUGHQLQGHU1lKHGHV)HXHUV]X%RGHQJHZRUIHQ ,FKEOLFNWHHLQHQQDFKGHPDQGHUHQDQXQGVFKWWHOWHPLFKDUPH :VWHQVFKDNDOHGLHPHKUDXV1RW]XUHXEHQYHUVXFKWHQGHQQDXV%|VDUWLJNHLW:LU KDVWHQ9HUZHQGXQJIUVLH,FKWUDW]ZLVFKHQVLHOLHGHQ$UPPLWGHP6FKLOGVLQNHQ XQGVDJWH ³,KUVHLGXQVHUH*HIDQJHQHQ6NODYHQ/HLEHLJHQH,KUZHUGHWJXWEHKDQGHOW:R VLQGHXUH)UDXHQXQGDOOHVEULJH"´ .HLQHUDQWZRUWHWHVLHVWDUUWHQXQVVFKZHLJHQGXQGPLWUDXLVFKDQZDUHQ XQEHVFKUHLEOLFKXQJHSIOHJWXQGDXVJHPHUJHOW6LUHQYHUVHW]WHVHLQHP*HIDQJHQHQ HLQHQ7ULWWGHUGHQ0DQQDXIV*HVLFKWZDUIEFNWHVLFKXQGERKUWHLKPGLH6SLW]HGHV 'ROFKHVLQGHQ+DOV ³8QVHU)UVWKDWJHUXKWHLQH)UDJHDQGLFK]XULFKWHQ:LHZLOOVWGXPLWHLQHP 'ROFKLP+DOVUHGHQVWLQNHQGHU0DQQRKQH+DXV"´ ³'RUWEHLP%DFKEHLGHU4XHOOH´U|FKHOWHHUPLWKHUYRUWUHWHQGHQ$XJHQ6LUHQ JULQVWHZLHHLQ6FKDNDOXQGPXUPHOWH ³*HKHQZLU)UHXQGH+ROHQZLUVLH:LUIOOHQXQVHUHJROGHQH6WDGWPLWVFK|QHQ %UJHUQ´ (UZDUIPLUHLQHQVFKUlJHQ7KLFN]XXQGVHW]WHVLFKPLW]ZHL'ULWWHOQXQVHUHU /HXWHLQGHUDQJHJHEHQHQ5LFKWXQJLQ%HZHJXQJ1DFKHLQLJHQ6FKULWWHQ YHUVFKPRO]HQGLH0lQQHUDXV*XEDOXQVLFKWEDUPLWGHP*HEVFK,FKOHKQWHPLFK JHJHQGHQ6WDSHO6WlPPHILVFKWHDXVGHP1HW]LP:DJHQNRUEGHQ.UXJXQGQDKP HLQHQ6FKOXFNJHPLVFKWHQ:HLQHV'HU/RJLNVHNWRUPXUPHOWH'DVDOOHV$UNRQLGH REZRKOGXQLFKWLPJHULQJVWHQZHLWZR]XHVJXWLVW'LUIHKOWMHGH0RWLYLHUXQJ (UKDVWHPLFKELVKHUVFKPlFKOLFKLP6WLFKJHODVVHQEHKLHOWDEHUUHFKW -HGHQ0RUJHQZHQQLFKDXIZDFKWHVDKLFKGHQJUlOLFKJOKHQGHQ6SDOWDP +RUL]RQW:HQLJVSlWHUIOXWHWHQEOHQGHQGH.DVNDGHQ6RQQHQOLFKWEHUGDV/DQG'LH =HGHUQVFKZLW]WHQDURPDWLVFKHVgODXVGHU:LQGEUDFKWHGHQ*HUXFKQDFK*XEDOXQG HUIOOWH7DJHXQG1lFKWHPLWGLHVHP$URPD'LH5XLQHQHLQLJHU6LHGOXQJHQGLH QDFKHLQDQGHUOlQJVWYHUJHVVHQWULHUH[LVWLHUWKDWWHQZDUHQ]X)XQGDPHQWHQIU XQVHUH6WDGWJHZRUGHQ=ZLVFKHQ0HQHIUX0LUHXQG.LOLNLHQVHW]WHQVLFKHQWODQJGHV |VWOLFKHQ8IHUVGHV2EHUHQ0HHUHVGLH0HQVFKHQLQ%HZHJXQJ'LHVWDWHQVLH RIIHQVLFKWOLFKVFKRQVHLWHLQHP-DKUWDXVHQGGLH5XLQHQYRQ*XEDOVSUDFKHQEHUHGW GDYRQ(VNDPHQPLWWHOJURHVFKZDU]KDDULJH0HQVFKHQPLWKHOOEUDXQHU+DXWMHQH /HXWHDXV$PXUUXGHQZHVWOLFKHQ/lQGHUHLHQhEHUDOOZRLKUHXQVLFKWEDUHQ6WUDHQ GXUFKGLH:VWHIKUWHQJDEHV.lPSIH.OHLQH6FKDUPW]HOVHOWHQPHKUDOVKXQGHUW .lPSIHU$XFKGLHVJHVFKDKVHLWHLQHP-DKUWDXVHQG8QGLQPLWWHQGLHVHU:LUUHQVROOWH LFKHLQHQ3ODQYHUZLUNOLFKHQGHUQLFKWYRQPLUZDU" 0HLQHQ7UlXPHQJHJHQEHUZDULFKPLWUDXLVFK$EHUZHQQHLQ7UDXPLPPHU ZLHGHUQDFKGHP(UZDFKHQSUlVHQWEOLHEPXWHLFKDQQHKPHQGDHUYRQPHLQHP 6NODYHQPHLVWHUVWDPPWHYRQ(6*XEDOVROOWHGLH'UHKVFKHLEHIUHLQ\RONZHUGHQGDV DQYLHOHQ3XQNWHQGHU.VWHQDXI,QVHOQXQGDXIGHP2EHUHQ0HHUKDQGHOWHXQG ,GHHQ0HQVFKHQXQG*WHUWUDQVSRUWLHUWHDXI:HJHQGLHLFKQLFKWNDQQWHPLW 6FKLIIHQGLHHVQRFKQLFKWJDE8QWHUGHU/HLWXQJYRQ.DSLWlQHQGLHQRFKQLFKW JHPLHWHWZDUHQ9RQHLQHP+DIHQDXVYRQGHPQLFKWYLHOPHKUH[LVWLHUWHDOV:DVVHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

8QGGDVDOOHVLP1DPHQHLQHU6WDGWGHUHQ0DXHUQLFKHUVW]XEDXHQEHJDQQ",FK NDQQWHPLFKPLWGHPZDVLFKQDFKPHLQHP(UZDFKHQYRUJHIXQGHQKDVWHZUGHLFK WXQZDVPHLQVWHWVZLHGHUNHKUHQGHU7UDXPGLNWLHUWH $P$EHQGZlO]WHVLFKXQVHUODQJHU=XJJHUlXVFKYROOGXUFKGDV/DQGWRU 2FKVHQJHVSDQQHVFKOHSSWHQ=HGHUQVWlPPHOHLFKWHUH/DVWHQZDUHQDXINQLUVFKHQGHQ 6FKOLWWHQIHVWJHEXQGHQVFKZHUHUHDXI:DJHQPLWZXFKWLJHQ6FKHLEHQUlGHUQ(WZD IQI]LJ1RPDGHQZDUHQJHIDQJHQJHQRPPHQZRUGHQ$OVPHLQOHLFKWHU:DJHQ ]ZLVFKHQGHQEHLGHQ7RUWUPHQEHUGLH%UFNHUDWWHUWHKDWWHQGLH$UEHLWHQDXIJHK|UW ,P$XJHQEOLFNJDEHVVLFKHUOLFKPHKUDOVKXQGHUW%DXVWHOOHQLQGHU6WDGWUXQG XPGHQRYDOHQ1DWXUKDIHQ6LUHQPHLQ/HQNHUVDJWHOHLVH ³$KLUDPPlFKWLJHU)UVW,PPHUZLHGHUZXQGHUWHVMHGHQGD7HPSHOIU*|WWHU JHEDXWZHUGHQGLHQLHPDQGNHQQW+lXVHUHQWVWHKHQIU%HZRKQHUGLHHVQLFKWJLEW 'HU+DIHQZLUGJHEDXWIU6FKLIIHGHUHQ+RO]QRFKLP:DOGVWHKW:DQQZLUVWGXXQV GDVHUNOlUHQ"´ ,FKVWW]WHPLFKLPJHIORFKWHQHQ:HLGHQNRUEDEXQGVDJWH ³*XEDOGLH6WUDKOHQGHZLUGLQ]ZHLPDO]Z|OI0RQGHQYROO0HQVFKHQVHLQ'HU +DIHQYROOHU6FKLIIH8QGZLUVLQGUHWFKXQGOHVVHQXQVYHUZ|KQHQ´ 6FKRQMHW]WNDPHQ+DQGHOVNDUDZDQHQWHLOWHQVLFKXQGUXPSHOWHQLQ YHUVFKLHGHQH5LFKWXQJHQZHLWHU-HGHUGHUEUDXFKWHZDVHUQLFKWKDVWHNDPQDFK *XEDO$EJHVHKHQYRQ]XIlOOLJHQ%HVXFKHQLUJHQGZHOFKHU8IHUVFKLIIHUXQG XQEHKROIHQHQ%DUNHQDXVGHP+DSLODQGJDEHVNHLQH6FKLIIH$XIVHLQH$UWKDVWH6LUHQ UHFKWDEHUHUKLHOW]XPLUXQGWUlXPWHRIIHQEDUPHLQH7UlXPH ³:LHJXWGDMHGHUWULHUHWZDVGDOlW²RGHUZHQLJVWHQVDUEHLWHQNDQQ´ ³:DUWHQXU9RUVHFKV0RQGHQZLHVDKHVWULHUDXV"´IUDJWHLFKPGH ³gGH´VDJWHHUZLGHUZLOOLJXQGOHQNWHPHLQHQ:DJHQEHUHLQHDXIJHULVVHQH 6WUDHLQGLH5LFKWXQJPHLQHV+DXVHV6HKUKlXILJIDQGHQZLUXQWHUGHP6FKXWWYRQ HLQHLQKDOE-DKUWDXVHQGHQPDVVLYJHEDXWH.DQlOHIU$EZDVVHU(VJDELPVFKPDOHQ .VWHQVWUHLIHQDP)XGHV=HGHUQJHELUJHVJHQJHQG0HQVFKHQ:LUKDVWHQVDIWLJH :HLGHQ$PHQHPKHWEUDXFKWHXQVHU=HGHUQKRO]XQGVFKLFNWH$XVZDQGHUHU +DQGZHUNHUZHUWYROOH*HVFKHQNHXQG,GHHQGLHPHKUDOV0HQVFKHQGLHLFKWULHU JHIXQGHQKDVWHEDXWHQ6WDGWXQG+DIHQ:HLOVLHQDFKPHLQHQ3OlQHQEDXWHQ²GLH PHLQHQ7UlXPHQXQGHLQHU(UIDKUXQJHQWVSUDQJHQEHJDQQHQZLUEHLGHU.DQDOLVDWLRQ EHLGHQ$TXlGXNWHQXQGEHLGHU6WDGWPDXHU ³8QGZLHVLHKWHVMHW]WDXV"´ ³*DQ]DQGHUV$EHUZLUVLQGHLQIDFKH0HQVFKHQ)UVW:LUNHQQHQGHLQH,GHHQ QLFKW:LVVHQQLFKWZDVGXYRUKDVW´ ,FKOHJWHGLH+DQGDXIVHLQH6FKXOWHUXQGVDJWH ³,FKZHLHV)UKHXWHKDEHQZLUJHQXJJHWDQ9HUWHLOGLH1RPDGHQZLHZLUHV LPPHUJHKDOWHQKDEHQ,FKIDKUHDOOHLQZHLWHU´ ³0RUJHQ"´ ³0RUJHQEHLGHQ)XQGDPHQWHQDP+DIHQ6LUHQ´ ³1LFKWKHXWHLQGHU6FKlQNH"´ ³1HLQ,FKZLOODOOHLQVHLQ´ ³9LHOOHLFKW´VDJWHHUPLWEUHLWHP*ULQVHQXQGVFKZDQJVLFKDXVGHP.RUE ³EHVXFKHLFKGLFKQRFKPLW:HLQXQGHLQSHDU6NODYLQQHQ´ ,FKHUZLGHUWHKDOEPUULVFKKDOEEHJHLVWHUW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,KUZHUGHWYLHOOHLFKWZLOONRPPHQVHLQ)UHXQG6LUHQ´ $XIHLQHUGHUK|FKVWHQ.OLSSHQKDVWHQZLUGLH)XQGDPHQWHPHLQHV+DXVHV HUULFKWHW,FKVSDQQWHGLH7LHUHDXVXQGEHUOLHVLHGHQ6NODYHQJLQJLQHLQHQIDVW IHUWLJHQ5DXPXQGVHW]WHPLFKLQGHQKRFKOHKQLJHQIHOOEHU]RJHQHQ6HVVHO,FK EHUEOLFNWHQDKH]XGLHJHVDPWH6WDGWXQGGHQ+DIHQ/HW]WHV6RQQHQOLFKWODJDXIGHQ EHZDOGHWHQ*LSIHOQGHV*HELUJHVGDVLP1RUGHQ*XEDOVUHFKWZLQNOLJVHLQHQ9HUODXI lQGHUWHXQGZHLWLQV0HHUYRUVSUDQJ+LHUZDULFKDOVRHLQ)UVWDPlXHUVWHQ (LQIOXEHUHLFKGHV$PHQHPKHW0GHLQHLQHU8PJHEXQJZLHLFKVLHPLUQLFKW JHZQVFKWKDVWHPLWGHPYHUJUDEHQHQ6FKDW]YRQ$XVUVWXQJVJHJHQVWlQGHQ,FK PXWHGLHVHV+DXVIHUWLJEDXHQXQGGLH=LVWHUQHXPEHUKDXSWHLQ+HLP]XKDEHQ,FK JlKQWHXQGOHKQWHPLFK]XUFN'XVROOWHVWVFKODIHQ$WODQ'XKDVW]ZHLKXQGHUW7DJH IDQJJHDUEHLWHWZLHHLQ=XJRFKVH(QWVSDQQGLFKVDJWHGHU/RJLNVHNWRUEHUXKLJHQG 9LHOOHLFKWZDUGHU5DWVFKODJJXWXQGULFKWLJ,FK]RJGLHKDU]EHGHFNWHQ6WLHIHODXVZDUI PLFKDXIPHLQ/DJHUXQG]HUUWHGLH)HOOHEHUPLFK.XU]H=HLWVSlWHUZDULFK WDWVlFKOLFKHLQJHVFKODIHQ (LQ$OSWUDXPZDO]WHEHUPLFKKLQZHJ-HGHV%LOGZDUYRQJOlVHUQHU.ODUKHLWXQG YHUDQNHUWHVLFKXQDXVO|VFKOLFKLQPHLQHU(ULQQHUXQJ:LHGHUZUGHLFKLP HUEDUPXQJVORVHQ/LFKWGHVPLWWHOPHHULVFKHQ6RPPHUVMHGHHLQ]HOQH6HTXHQ]GLHVHU 7UDXPERWVFKDIWZLHGHUHUNHQQHQDOVKlWWHLFKVLHQLHGHUJHVFKULHEHQXQGJH]HLFKQHW ,FKNHQQHGHLQHQSKRWRJUDSKLVFKH[DNWHQ9HUVWDQG$UNRQLGHJHOOWHHLQH 6WLPPH-DLFKELQHV(6,FKKDEHGLFKDXVODQJHP6FKODIJHKROW'(5.2.21'(6 75$80(6%5$&+$8)$XV7UDXPZXUGH:LUNOLFKNHLW(LQODQJJH]RJHQHV*HOlFKWHU PDUWHUWHPLFKGDV/DFKHQGLHVHVJRWWlKQOLFKHQ.ROOHNWLYZHVHQVDXI:DQGHUHUGHP .XQVWSODQHWHQPDNDEUHUhEHUUDVFKXQJHQ(YROXWLRQGXUFK7HUURU+LOIHIUGLHVHQ JHVFKXQGHQHQ3ODQHWHQGXUFK.DPSI=ZDQJXQG6NODYHUHL"(PSRUDXVGHPQHEOLJHQ 'XQNHOGHU%URQ]H]HLW0LW(6XQG$WODQKLQDXI]XGHQOLFKWHUIOOWHQ*LSIHOQJHLVWLJHU .ODUKHLW:HJYRP*|W]HQJODXEHQDXIGHQODQJHQ:HJ]XGHQ6WHUQHQ 5,&+7,*$5.21,'(:LHGHUGLHVHV*HOlFKWHUGHPLFKQLFKWDXVZHLFKHQ NRQQWH(6VDJWH ³,FKZDUHVGHU$PHQHPKHWGD]XEUDFKWHGLFK]XP*DXIUVWHQYRQ.\SQ\]X PDFKHQ,FKZDUHVGHULQGHLQ*HSlFNH[DNWH.DUWHQGHV0HHUHVVWHFNWH,FKVFKXI VLH6LHZHUGHQGHXWOLFKEOHLEHQELVGHLQH.DSLWlQHGLH.DUWHQVHOEVW]HLFKQHQN|QQHQ RGHUGLH8IHUOLQLHQLP*HGlFKWQLVKDEHQ9RQPLUVWDPPWGHU3ODQYRQ6WDGWXQG +DIHQGHQGXJH]HLFKQHWKDVWLFKELQGHU+HUUGHU7UlXPH,FKKDEHGHLQH+HOIHUDXI VNODYLVFKHQ*HKRUVDPHLQJHVFKZRUHQ,FKZHUGHGDIUVRUJHQGDGHU3ODQ :LUNOLFKNHLWZLUG$OOHVFOLHQW]XU9RUEHUHLWXQJHLQHU$NWLRQLQGHU=XNXQIW$XFKGLH 0DQQVFKDIWGLHLQGHQQlFKVWHQ-DKUHQ]XGLUVWRHQZLUGFOLHQWGLHVHP3ODQHWHQ +|UVWGX"9HUJLHVQLFKW1HLQLFKYHUJDGDGLUGDV9HUJHVVHQXQP|JOLFKLVW '8:,567',(816,&+7%$5(1675$66(1'(60((5(6=,(+(1:HQQ GHU6RPPHUJHKWZLUGHLQHJROGHQH%DUNHLQ*XEDODQOHJHQ'DQQZLUVWGXEHORKQWIU GDVZDVGXHUDUEHLWHWKDVW1XUHLQ%LOGGHU(ULQQHUXQJ´ (LQ%OLW]]XFNWHGXUFKPHLQHQ9HUVWDQG'HU6FKOHLHUUL,FKVDK$V\UWD0DUD\H 6LHOHEWH/LHEWHPLFKXQGILHEHUWHXQJHGXOGLJGHP$XJHQEOLFNHQWJHJHQDQGHPZLU XQVZLHGHUVHKHQ ³5,&+7,*$UNRQLGH:lFKWHUGHV3ODQHWHQ+WHUGHU(YROXWLRQGLHYLHOHLKUHU .LQGHUIULWXQGQRFKPHKUYHUVFKOLQJHQZLUG6LHZDUPLWGLULQGHU7LHIVHHNXSSHOXQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ZLUGLP+HUEVWKLHUKHUNRPPHQ%HUHLWHLKUHLQHQZUGLJHQ(PSIDQJ$WODQ8QG YHUIOXFKHPLFKQLFKW]XRIWDXI:DQGHUHUZUGHQPLUGLH2KUHQVXPPHUZHQQLFK ZHOFKHKlWWH,FKZHUGHZLHGHUPLWGLUVSUHFKHQZHQQHVDQGHU=HLWLVW/HEHZRKO $UNRQLGH´ 'HU7UDXPULDWHLFKJOLWWLQHLQHQNXU]HQWLHIHQ6FKODI,FKEHIDQGPLFKLP =HQWUXPGHV&KDRV,FKZDFKWHDXIXQGHUNDQQWH6LUHQGHUPLFKDQGHQ6FKXOWHUQ UWWHOWH ³(VLVW0LWWHUQDFKW)UVW$KLUDP´VDJWHHUODOOHQG³:HLQXQG0lGFKHQ0XVLN XQG:HLQ´ ,FKVHW]WHPLFKWDXPHOQGDXI,FKKlWWHLKQHUZUJHQP|JHQPHLQHQHLQ]LJHQ )UHXQGPLWJHOEHQ=lKQHQKDOEHU*ODW]H6FKPXW]XQWHUGHQ)LQJHUQlJHOQXQGHLQHP +HU]HQZLH*ROG ³9HUGDPPWVHLVWGXGHLQ:HLQXQGGLH:HLEHU´NQXUUWHLFKXQGVWDQGDXI ³%ULQJW)DFNHOQVFKOLHWGLH9RUKlQJH0XVLNDQWHQ)HLHUQZLUVHOEVWZHQQZLU YHU]ZHLIHOWVLQG´ ³6RLVWHVUHFKW´PXUPHOWHHU]XIULHGHQXQGVFKOXJPLU]ZLVFKHQGLH 6FKXOWHUEOlWWHUGDLFKJHJHQGLH0DXHUVWROSHUWH 0HLQ6FKlGHOGU|KQWH=ZLVFKHQGHQ=lKQHQKDVWHLFKHLQHQ*HVFKPDFNDOV KlWWHLFKDOWHQ)LVFKJHNDXW,FKULVNLHUWHHVGLH$XJHQ]X|IIQHQ'HU6SXNGHQLFK HUZDUWHWKDVWHZDUYHUIORJHQ'DVXQIHUWLJH=LPPHUZDUYROOHU:HLQODFKHQ ]HUWUPPHUWHQ7RQEHFKHUQXQGXPJHIDOOHQHQ.UJHQ%OXWURWWURFNQHWH:HLQDXIHLQHP ZHLHQ/DPPIHOO1HEHQPLUUHJWHVLFKMHPDQG6LUHQ",FKGUHKWHGHQ.RSIXQG NlPSIWHHLQHQ6FKZLQGHODQIDOOKHUXQWHU ³$KLUDP+HUU´VDJWHHLQHVFKOlIULJH6WLPPH³6LUHQKDWJHVDJWLFKVRLOEHLGLU EOHLEHQXQGGLFKWU|VWHQZHQQHVQ|WLJLVW´ ,FK]RJ'HFNHQ/HLQHQWFKHUXQG)HOOHZHJXQGVDKGLHMXQJH)UDXGHUHQ 6FK|QKHLWPLULP/LFKWGHU)DFNHOQXQGgOODPSHQDXIJHIDOOHQZDU6WXQGHQ]XYRU ³1LHPDOVZDUHVQ|WLJHUDOVMHW]W´PXUPHOWHLFKPLWWDXEHQ/LSSHQXQGGLFNHU =XQJH6LHJlKQWHEOLQ]HOWHULHEVLFKGLH$XJHQXQGVWDQGDXI/DQJHVVFKZDU]HV +DDUILHOEHUJHEUlXQWH6FKXOWHUQ,FKVWLHUWHVLHDQXQGVFKWWHOWHGDQQ XQYRUVLFKWLJHUZHLVHGHQ.RSI ³,FKZHUGHGLUVDJHQ´LFKUHGHWHOHLVHXQGODQJVDP³ZDVKHXWHJHWDQZLUG 1LFKWV,FKQHKPHHLQ)LVFKHUERRWGXKRLVWHLQHQ.RUEPLW(VVHQ:LUYHUEULQJHQGHQ 7DJDXIGHP0HHUMHQVHLWVGHV+DIHQV´ 9RP)HQVWHURGHUEHVVHUGHPOHHUHQ5DXP]ZLVFKHQURKHQ6lXOHQKHUEHUVDK VLHPLFKDQXQGOlFKHOWHDQPXWLJ ³6LUHQPXHVJHZXWKDEHQ$OOHVVDJWHULVWEHUHLW´ ,FKOHJWHGLH+DQGDXIPHLQHQ=HOOVFKZLQJXQJVDNWLYDWRUXQGVSUWHGDQNEDUGLH ,PSXOVHGLHPHLQHQVFKZHUHQ.RSILQNXU]HU=HLWNOlUHQZUGHQ ³(ULVWHLQZDKUHU)UHXQG´JDELFK]X'LH.ULVLVZDUYHUJHVVHQ,FKJODXEWHGD LFKPLWQHXHQ.UlIWHQXQGEHVVHUHQ,GHHQZHLWHU]XDUEHLWHQEHJLQQHUVROOWH$EHUQLFKW KHXWH,FKEHJDQQPLFKDQGLHWDXVHQG(LQ]HOKHLWHQGHV7UDXPHV]XHULQQHUQGHUNHLQ 7UDXPVRQGHUQHLQ%HIHKOYRQ(6ZDU'LH)UDXKLH$VKDLWXQGVFKLHQVLFKHKUOLFK]X IUHXHQ:LUIXKUHQPLWPHLQHP:DJHQ]XP+DIHQGHUVHLQHQ1DPHQQRFKUDQJHQLFKW YHUGLHQWH(LQNPPHUOLFKHV)LVFKHUERRWODJGD,FK]HUUWHHVLQV:DVVHUKRE3URYLDQW 'HFNHQXQG7FKHUXQG]XOHW]W$VKDLWKLQHLQHUJULIIGLHEUFKLJHQ5LHPHQXQGEHJDQQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

]XUXGHUQ0HLQ=XVWDQG]ZLVFKHQ6FKODI5DXVFKXQG:DFKKHLWOLHPLFKSO|W]OLFKGLH 6FKlELJNHLWGHV+DIHQVHUNHQQHQZlKUHQGZLUXQVODQJVDPKLQDXVEHZHJWHQ'DV :DVVHUZDUY|OOLJVWLOOHVJDEHLQHXQWHUVHHLVFKH6WU|PXQJGLHVLFKYRUGHP .OLSSHQUDQGXPNHKUWHXQGXQVPLWVLFK]RJ ³'XELVWVRVWLOO)UVW$KLUDP´VDJWH$VKDLW³'HLQ7KLFNLVWJULPPLJ"´ 9RQWULHUDXVVDKLFKHLQH.DUDZDQHGXUFKGDV/DQGWRUKHUHLQNRPPHQ6HOEVW XQWHUGLHVHQlUPOLFKHQ8PVWlQGHQZDU*XEDOHLQEHNDQQWHU8PVFKODJSODW]DEHUQXU DXIGHP/DQGZHJGHQQZDVDOV³6FKLIIIDKUW´EH]HLFKQHWZXUGHZDUOlFKHUOLFK /DQJVDP]HLFKQHWHQVLFKLQPHLQHPQHEOLJHQ*HGDQNHQ3OlQHXQG,GHHQDWH ³0HLQ7KLFNLVWYHUVFKOHLHUWZHOOLFKJHVWHUQ]XYLHO:HLQJHWUXQNHQKDEH 6FK|QVWHGHUMXQJHQ=HGHUQ´PXUPHOWHLFKXQZLOOLJZHOOGDV%RRW:DVVHU]RJZLHHLQ 6FKZDPP³6WLOOELQLFKZHOOPLUJHUDGHHLQLJHVHLQJHIDOOHQLVW´ ,FKUXGHUWHZHLWHU:HQQZLUPHKUXQGJU|HUH)LVFKHIDQJHQZUGHQKlWWHQZLU EHVVHUH*DVWKlXVHUMHGHUGHUGLH6WDGWEHVXFKWHZUGHPHKU*HOGWULHUOHVVHQGDV GLH:LUWHUHLFKHUPDFKWH9LHOOHLFKWZUGHQVLHEHVVHUNRFKHQXQGNHLQHVRKlOLFKHQ 0lJGHEHVFKlIWLJHQ0LWJXWHQ)LVFKHUERRWHQZUGHPHKU)LVFKDQ/DQGJHEUDFKW ZHUGHQ $XHUGHPEUDXFKWHQZLU+DQGZHUNHUGLH6FKLIIHDXVEHVVHUQNRQQWHQ$OVR VROOWHQZLULQHLQLJHQ7DJHQGLHHUVWHQ)LVFKHUERRWHDXI.LHOOHJHQLPKDOEIHUWLJHQ :HUIWJHElXGHQHEHQGHQ+DOOHQXQGGHQ+RO]ODJHUQ,FKUXGHUWHVFKZHLJHQGZHLWHU ³6LHVDJHQGXZLOOVWGHQ+DIHQEDXHQOHVVHQ)UVW"´IUDJWH$VKDLWPXQWHU,KUH 6WLPPHVFKQLWWVFKPHU]HQGLQPHLQH*HK|UJlQJH ³-D,FKEUlXFKWHGUHLLJWDXVHQG$UEHLWHUGLHXQXQWHUEURFKHQ6WHLQHEUHFKHQ´ YHUVLFKHUWHLFKOHLVH³1LPPGHQ.UXJXQGVFK|SI´ /DQJVDPNOlUWHQVLFKPHLQH*HGDQNHQ,FKUXGHUWHVFKQHOOHUXQGNUlIWLJHU'LH 6RQQHEHJDQQ]XEUHQQHQ$VKDLWSODSSHUWHIDVWXQXQWHUEURFKHQ9RUPHLQHPLQQHUHQ $XJHHQWVWDQGGLH9LVLRQHLQHVOHEHQGLJHQ+DIHQVYROOHU0HQVFKHQ)UDFKWHQXQG +HEHElXPH)DUEHQ*HUlXVFKHQXQG*HOlFKWHU(VZUGHUDQJHGDXHUQELVGLHVH 9LVLRQYHUZLUNOLFKWVHLQZUGH,FKEHJDQQ]XVFKZLW]HQXQGYHUOLHPLWGHPOHFNHQ %RRWGDVEHWlXEHQGQDFK)LVFKVWDQNGHQ%HUHLFKGHV+DIHQV0HLQH3OlQHPXWHQ UHYLGLHUWZHUGHQ,FKZUGHHVPLWZHQLJHU$UEHLWXQGLQNU]HUHU=HLWVFKDIIHQ ³:RKLQZLOOVWGX$KLUDP"'DV%RRWLVWYROOHU:DVVHU´ ,FKOLHHLQ5XGHUORVXQGGHXWHWHDXIGLHNOHLQH%XFKW]ZLVFKHQGHQVGOLFKHQ +DIHQIHOVHQGLHQXUPDQQVKRFKEHUGHQ:HOOHQODJHQ ³'RUWKLQ6RQQHQ6FKZLPPHQ6FKODIHQ´ ³,FKIUHXHPLFK´VDJWHVLHHLQIDFK $OVGDV%RRWDXIGHQ6DQGNQLUVFKWHZXWHLFKJHQDXGDGLH$XIJDEHLQGHU =HLWGLHLFKPLUJHVWHOOWKDVWHPLWGHQYRUKDQGHQHQ0LWWHOQXQG+HOIHUQQLFKW]X VFKDIIHQZDU+HXWHMHGHQIDOOVGDFKWHLFKQLFKWGDUDQ:LUWDWHQZDVZLUXQV YRUJHQRPPHQKDWWHQ,FKVFKZDPPXQGWDXFKWHVRUDQJHELVLFKNODULP.RSIZDU$OV ZLUDP$EHQGLQGHQ+DIHQ]XUFNNDPHQHUIXKULFKGDHLQH*UXSSHYRQPHKUDOV KXQGHUW1RPDGHQJHIDQJHQJHQRPPHQZRUGHQZDU=XVlW]OLFKH%DXDUEHLWHUIOVWHUWH GHU([WUDVLQQ 'LHNRVWEDUVWH)UDFKWNDPDXVGHP0QGXQJVGUHLHFNGHV+DSL'DV 6WHQJHOPDUNGHUVFKLOIDUWLJHQ3IODQ]HQZXUGHLQIHLQH6FKHLEHQJHVFKQLWWHQXQG ]XVDPPHQJHNOHEW3ROLHUWEHJUDGLJWXQG]XODQJHQ%DKQHQ]XVDPPHQJHIJWHUJDE

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GLHVHV0DWHULDOHLQHHOIHQEHLQIDUEHQHQXULP7URFNHQHQKDOWEDUHOHLFKWYHUJLOEHQGH )ROLHDXIGHUJHVFKULHEHQXQGJH]HLFKQHWZHUGHQNRQQWH'LHVFKZHUIlOOLJHQ EHUODGHQHQ6FKLIIHDXVGHP5HLFK$PHQHPKHWVEUDFKWHQGLH)ROLH]XXQV'LH +lQGOHUYHUWHLOWHQVLHLQNOHLQHUH*HELQGHXQGWDXVFKWHQVLHJHJHQDOOHGHQNEDUHQ :DUHQ9RQ*XEDO%\EORVDXVHUUHLFKWHQNOHLQHUH0HQJHQGLHVHV6FKUHLEPDWHULDOV YLHOH2UWHLP|VWOLFKHQ%HUHLFKGHU.VWHQ8QVHUHZDFKVHQGH6WDGWWUXJDOVRGHQ 1DPHQGHV0DWHULDOVGDVWULHUJHKDQGHOWZXUGH,FKELQVLFKHUGXVRUJVWGDIUGD VLFKGLHVHU8PVWDQGEDOGlQGHUWVDJWHGHU/RJLNVHNWRU,FKQLFNWH ³*DQ]EHVWLPPW´ ,Q*XEDOZDUPHLQ:RUW*HVHW]XQGZXUGHGXUFKHLQHNOHLQH7UXSSH6ROGDWHQ XQG6FKUHLEHUXQWHUVWW]WIDVWHLQHEHUIOVVLJH0DQDKPH'LH/HXWHZXWHQGD )RUWVFKULWWLKQHQQXUQW]HQNRQQWH,QGHQQlFKVWHQ7DJHQHQWIHVVHOWHLFKHLQH)OXWYRQ $NWLYLWlWHQ*HVSDQQHVFKOHSSWHQULHVLJH0HQJHQYRQ4XDGHUQLQGLH6WDGWGLHZLULP *HELUJHJHEURFKHQKDWWHQ9RQ6RQQHQDXIJDQJELV]XU'XQNHOKHLWZDU*XEDOHUIOOW YRP.OLUUHQGHU%URQ]HPHLHOXQGYRP.UDFKHQGHU%O|FNHZHQQVLFK+RO]NHLOH GHKQWHQGLHZLULQGLH/|FKHUJHVFKODJHQXQGPLWZDUPHP:DVVHUEHUJRVVHQKDWWHQ 'LH6WDGWPDXHUZXFKVELOGHWHHLQH:DQG]XPHKUVW|FNLJHQ+lXVHUQPHLVWVWDQGVLH IUHLXQGZXUGHPLWDQJHKlXIWHP*HU|OOXQG(UGUHLFKDEJHVWW]WXQGEHSIODQ]WPLW =HGHUQQDWUOLFK7DJXQG1DFKWDUEHLWHWHQDXFKGLH6lJHQXQGYHUZDQGHOWHQPlFKWLJH =HGHUQNUHLVFKHQGLQ%UHWWHU%DONHQXQG6lJHPHKO(LQH7UXSSHEHIDQGVLFKGUDXHQ ZRGHU1DUODINDGXUFKGLH)HOGHUGHU%DXHUQIOR'RUWHQWVWDQGHLQ$TXlGXNW]XP JU|WHQ7HLOXQWHULUGLVFK'LH6WDGWVROOWHIU-DKUKXQGHUWHXQDEKlQJLJYRP 5HJHQZDVVHUZHUGHQ:LUYHUZHQGHWHQ6WHLQHGLFKWHWHQGLH)XJHQPLWWHXUHP (UGSHFKDWHGDVZLUJHJHQ6FKLQNHQ+RO]XQG:ROOHHLQJHWDXVFKWKDWWHQ-HGHQ7DJ QlKHUWHVLFKGLH$UEHLWVJUXSSHHLQ'XW]HQG6FKULWWHPHKUGHU6WDGWPDXHU,FKPXWH PLFK]XU*HGXOG]ZLQJHQ/DQJVDPKRELFKGHQ7RQEHFKHUXQGWUDQN:U]ZHLQPLW :DVVHUJHPLVFKW0HLQ7KLFNJLQJEHUGHQ+DIHQXQGEHUGLH]ZHL/DQG]XQJHQGLH LQHLQLJHQ-DKUHQEHEDXWVHLQVROOWHQ ³'XELVWXQJHGXOGLJ$KLUDP$WODQ"´IUDJWH6LUHQ:LUVDHQLQHLQHU6FKlQNH HLQHPHLQIDFKHQ+RO]EDX'DQHEHQVWDQGGDV)XQGDPHQWGHVQHXHQ+DXVHV(LQ +DOEPRQGXQWHUVFKLHGOLFKHU%DXZHUNHVROOWHGHQ+DIHQXPJHEHQ ³-D:LUEUDXFKHQPHKU$UEHLWHU6LUHQ´VDJWHLFK(LQH0DJGVWHOOWHHLQHQ IULVFKHQ.UXJ:HLQJHPLVFK]ZLVFKHQXQV ³(VNRPPHQMHGHQ7DJQHXH:DQGHUHUGLHVLFKDQVLHGHOQ6LHVLQGVHKUIOHLLJ ZHQQVLHHUVWHLQPDOEHJULIIHQKDEHQ´ ³:LUZHUGHQPLWGHP+DIHQDQIDQJHQVREDOGGLH0DXHUIHUWLJLVW´ ³,QHLQHP0RQGN|QQWHQZLUYRQGRUWGLH$UEHLWHUDE]LHKHQ:DQQNRPPWGHU %RWHDXV+DSLODQG"´ ³,FKZHLHVQLFKW´HUZLGHUWHLFK³(UNDQQVFKRQPLWGHPQlFKVWHQ6FKLIIWULHU HLQWUHIIHQ´ 6LUHQKREVHLQHUXQGHQ6FKXOWHUQXQGEUHLWHWHVHLQH$UPHDXVHLQKlOLFKHU DEHUWUHXHU0DQQ6HLQH6WlUNHZDUGLH)lKLJNHLWVFKHLQEDU8QP|JOLFKHV]X DUUDQJLHUHQ ³:LUKDEHQXQVQLFKWVYRU]XZHUIHQ)UVW,FKZHUGH$XIVHKHUXQG6FKUHLEHU ]XVDPPHQUXIHQ1RFKHWZDVhEHUDOOZR0DWHULDOXQG$UEHLWHUIUHLZHUGHQ]LHKHLFK VLHDEIUGHQ%DXGHLQHV+DXVHV´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,FKGDQNHGLU-DODXQVPLWGHQ0lQQHUQVSUHFKHQ'HU%DXGHV+DIHQVZLUG HLQHJHZDOWLJH$QVWUHQJXQJ´ (VZDU0LWWDJ6HQNUHFKWVFKOXJHQGLH6RQQHQVWUDKOHQKHUXQWHUXQG YHUZDQGHOWHQGDV:DVVHURYDOLQHLQHQIXQNHOQGHQ6SLHJHO+LW]HNRFKWHLQMHGHP :LQNHOGLH*HUlXVFKHGHU6WHLQPHLHOZDUHQZLHGDVXQDXIOK|UOLFKH=LUSHQULHVLJHU *ULOOHQ1DFKGHU(UQWHZUGHQGLH%DXHUQDXVGHP8PODQGNRPPHQXQGLQGHU6WDGW DUEHLWHQ:RZDU$V\UWD0DUD\H":DQQNDPHQGLH6FKLIIHXQGEHY|ONHUWHQGHQ+DIHQ" :LUVROOWHQZLUNOLFKPHLQ+DXVIHUWLJEDXHQ-HPHKULFKEHUDOOHVQDFKGDFKWHGHVWR PXWORVHUZXUGHLFK0LUIHKOWHGLH0RWLYDWLRQ$OOHVVW|UWHPLFKLFKDUEHLWHWHKDOEKHU]LJ XQGOXVWORV,FKWUDQNHLQHQ6FKOXFNNKOHQ:HLQEOLFNWHDQ6LUHQV.RSIYRUEHLXQG PXUPHOWH ³:HULVWGHU0DQQ".HQQVWGXLKQ"´ =ZLVFKHQWLHIHQ*UlEHQEHKDXHQHQXQGXQEHKDXHQHQ4XDGHUQ6RQQHQVHJHOQ XQG6FKXWWNDPHLQPLWWHOJURHUVFKODQNHU0DQQDXIXQV]X(UWUXJHLQHQ'UHL]DFN KDVWHVFKWWHUHV+DDUHLQHQKHOOHQ%DUWXQGZDUVRQQHQJHEUlXQW ³.HQQHLKQQLFKW(VNRPPHQYLHOH)UHPGHLQGLH6WDGW´ ³*OHLFKZHUGHQZLU¶VZLVVHQ´VDJWHLFKXQGEOLFNWHGHP1lKHUNRPPHQGHQ EOLQ]HOQGHQWJHJHQ0LWIOLQNHQ6FKULWWHQVSUDQJHUEHUGDV*HU|OOXQGEOLHEVFKUlJ QHEHQXQVHUHP7LVFKVWHKHQ ³,FKVXFKHGHQ)UVWHQ$KLUDP*DXIUVWGHV+HUUVFKHUVYRQ0HQHIUX0LUH´ OFKKREPLWPlLJHP6FKZXQJGLH+DQGXQGULHI³'XKDVWLKQJHIXQGHQ:HU ELVWGX"´ ³*HUWK9L¶*DQWGHU.UFNHQPDFKHU,FKNRPPHGLUPHLQH$UEHLWDQ]XELHWHQ +HUUVFKHU´ ³1RFKKDEHQZLUQLFKWVRYLHOH.USSHO´VDJWHLFKODFKHQGXQGGHXWHWHDXIHLQHQ GHU6FKHPHO³GDZLUHLQHQ.UFNHQPDFKHUEUDXFKHQ1LPP3ODW]*HUWK´ (UVHW]WHVLFKQDFKGHPHUVLFKK|IOLFKYHUEHXJWKDVWHhEHUUDVFKHQGHUZHLVH KDVWHHUKHOOEODXH$XJHQ(UVFKLHQYRQZHLWKHU]XNRPPHQ ³.UFNHQ+HUU´VDJWHHUOHLFKWKLQXQGQDKPGDQNHQGHLQHQ%HFKHU:HLQ³VLQG DXV+RO]ZLHMHGHUPDQQZHL(VJLEWDXFKZHOFKHDXV(OIHQEHLQRGHU.QRFKHQ OHW]WOLFKWHXUH%HGDUIVDUWLNHOIUUHLFKH.USSHO,FKNDQQDOOH$UWHQ+RO]LQMHGHU:HLVH EHDUEHLWHQ´ 9LHOOHLFKWNDQQHU6FKLIIHXQG%RRWHUHSDULHUHQXQGEDXHQ"IOVWHUWHGDV ([WUDKLUQ,FKEHXJWHPLFKYRUXQGIUDJWHDXIPHUNVDP ³:HQQGXHLQHJURH+DOOHKDVWZHQQPDQGLU0lQQHU+HOIHUXQG:HUN]HXJH JLEWQDWUOLFKDXFK+RO]N|QQWHVWGX%RRWHXQG6FKLIIHEDXHQ"´ (UOlFKHOWHYHUVFKWWHWH:HLQLQVHLQHQ%DUWXQGVDJWH ³,P/DQGDXVGHPLFKNRPPHVHJHOQYLHOH%RRWHGLHLFKJHEDXWKDEH´ ³8QGZRKHUNRPPVWGX"´ ³,FKELQLQ0DOOLDJHERUHQDP6WUDQGYRQ.HIWLX'RUWEDXWPDQJXWH6FKLIIH´ 6FKLIIEDXHUDXV.HIWLX(ULQQHUXQJIODFNHUWHDXI,FKEOLFNWH*HUWKYHUEOIIWDQXQG VDJWHVFKDUI³%LVWGXVLFKHUGDGXKDOWHQNDQQVWZDVGXYHUVSURFKHQKDVW %RRWVEDXHU"´ (UKREGLHNQRFKLJHQ6FKXOWHUQXQGNUDW]WHVLFKDXVGDXHUQGLP%DUW ³:HQQLFKGLH8QWHUVWW]XQJEHNRPPHGLHLFKEUDXFKHZHUGHWLKUEDOGJXWH 6FKLIIHVHJHOQN|QQHQ:LHLVWGHU/RKQ"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³(UZLUGGHU4XDOLWlWGHLQHU6FKLIIHHQWVSUHFKHQ.RPPPLW´VDJWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

LFKWUDQNGHQ:HLQDXVXQGVSUDQJDXI3O|W]OLFKZLHDXVKHLWHUHP+LPPHO KDVWHPLFKVHOWVDPH(UUHJXQJJHSDFNW:HQQ*HUWKKLHOWZDVHUYHUVSUDFKKDVWHLFK HLQ3UREOHPJHO|VW6LUHQEOLFNWHPLFKIUDJHQGDQLFKZLQNWHXQGVDJWH ³'RUWKLQEHU´ :LUJLQJHQGXUFKGLHJOKHQGH+LW]H]XPODQJJH]RJHQHQ5HFKWHFNGDVEDOG :HUIW+RO]ODJHUXQG+DOOHQIUGHQ%DXYRQ6FKLIIHQVRZLHGDV0DJD]LQHQWKDOWHQ VROOWH1RFKVWDQGHUHUVWGLH)XQGDPHQWHODJHQ7UPPHUXQGURKH%O|FNHKHUXPDOOHV DWPHWHWURVWORVH8QIHUWLJNHLWDXV ³'LHVHV)XQGDPHQW´VDJWHLFKXQGSDFNWH*HUWKDQGHU6FKXOWHU³VROOGLH:HUIW ZHUGHQ,FKZHUGHVLHPLWGLUIHUWLJEDXHQ5LFKWHVLHHLQZLHDX¶VEUDXFKVW.RPP]X PLUZHQQGX6FKZLHULJNHLWHQKDVW$XFK6LUHQZLUGKHOIHQZRHUNDQQ,FKZLOOGDGX DOVHUVWHVIQI]HKQ)LVFKHUERRWHEDXVW+ROGLH)LVFKHU]X+LOIH,FKVFKLFNHGLU0lQQHU XQG:HUN]HXJH´ ³+|UWVLFKJXWDQ,QZLHYLHO-DKUHQVRLOGDVDOOHVIHUWLJVHLQ"´IUDJWH*HUWK HUVFKURFNHQ0HLQH$QWZRUWPDFKWHLKQUDWLRV ³,FKJHEHGLUGUHL0RQGHGDV:LFKWLJVWH]XWXQ´DQWZRUWHWHLFK³'XNDQQVW VRIRUWDQIDQJHQ´ ³:RZRKQHLFK"´ ³,QPHLQHP+DXV$XFKGRUWEHJLQQHULQGHQQlFKVWHQ7DJHQGLH+DQGZHUNHU´ *HUWKVWUHFNWHPLUGLH+DQGHQWJHJHQ(UVFKLHQEHPHUNHQVZHUWVHOEVWVLFKHU]X VHLQMHGHQIDOOV]HLJWHHUZHGHU8QWHUZUILJNHLWQRFKIDOVFKH%HVFKHLGHQKHLW ³$EJHPDFKW,FKZHUGHWXQZDVLFKNDQQ$OOHUGLQJVELWWHLFKXPHLQHQNOHLQHQ 9RUVFKX+HUU´ ³6LUHQZLUGGLUYHUVFKDIIHQZDVGXEUDXFKVW´ ³'DQNH+HUU´ ³,QGHU7DWVLQGPHLQ9HUWUDXHQXQGPHLQH*UR]JLJNHLWVHKUDXVJHSUlJW%LV DXIZHLWHUHV´ ,FKJLQJ]XUFN]XU6FKlQNH,FKZROOWHGHQ.UXJOHHUWULQNHQXQGHLQHQODQJHQ *DQJGXUFKGLHZDFKVHQGH6WDGWPDFKHQ'DVSO|W]OLFKH(UVFKHLQHQGHV .UFNHQPDFKHUVKDVWHPLU0XWJHPDFKW,FKEHJDQQ*XEDOGLHVHQSURYLQ]LHOOHQ 7UPPHUKDXIHQEDXIlOOLJHU+WWHQPLWDQGHUHQ$XJHQ]XVHKHQ'DV*OHLFKQLVYRP KDOEOHHUHQRGHUKDOEYROOHQ.UXJILHOPLUHLQHLQ8QWHUVFKLHGLQGHU%HWUDFKWXQJVZHLVH ,FKVDK*XEDODOVKDOEYROOHQ.UXJDOVQRFKQLFKWIHUWLJH6WDGW-HGHU7DJEUDFKWHVLH GHPHUKRIIWHQ=XVWDQGQlKHU9LHU6WXQGHQVSlWHUQDFKGHPLFKDXIKXQGHUW %DXVWHOOHQ5DWVFKOlJHHUWHLOW/REXQG7DGHODXVJHVSURFKHQ%HIHKOHXQG$QRUGQXQJHQ JHJHEHQXQGGLH0lQQHUDQJHIHXHUWKDVWHVWDQGLFKDXIGHPK|FKVWHQ3XQNWGHU 6WDGWQHEHQPHLQHP+DXV,FKZDUIHLQHQQDFKGHQNOLFKHQ7KLFNDXIGLHGRSSHOW PDQQVJURHQ=HGHUQGLHHQWODQJGHU6WUDHZXFKVHQGDQQJLQJPHLQ7KLFNZLHGHU ]XP+DIHQ'DV:DVVHUZDURKQH:HOOHQJHNUlXVHOXQGVPDUDJGJUQ-HQVHLWVGHU EHLGHQ)HOVVSLW]HQGHU(LQIDKUWKLQJIDKOHUZHLHU'XQVWEHUGHP0HHU$XVGHP 1HEHOWDXFKWHZLHHLQH9LVLRQHLQ6FKLIIDXI,FKHUNDQQWHHVDXIGHQHUVWHQ7KLFNHLQ 6FKLIIDXVGHP+DSLODQG'DV6HJHOZDUJHUHIIWXQGDQGHU5DKIHVWJH]XUUWGLH5XGHUHU VFKXIWHWHQDQGHQODQJHQ5LHPHQPLWGHQYHUJROGHWHQ%lQGHUQ'HU%RWHGHV $PHQHPKHWVDJWHGHU/RJLNVHNWRU(UZLUG5HFKHQVFKDIWYHUODQJHQ ,FKEOLQ]HOWHEHUUDVFKW6R]HLWLJKDVWHLFKGDV6FKLIIQLFKWHUZDUWHW9LHOOHLFKW KDVWHQGLH/HXWHDXVGHP+DSLODQGJXWHQ:LQGJHKDEW:DVKDVWH(6JHVDJW"(LQH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

0DQQVFKDIWZUGH]XPLUVWRHQLFKVROOHPLFKDXIHLQGUDPDWLVFKHV(UHLJQLV YRUEHUHLWHQNHLQH$KQXQJZDVGDVVHLQVROOWH,FK]XFNWHPLWGHQ6FKXOWHUQXQGJLQJ GLHJHU|OOEHUVlWH6WUDHKLQXQWHU 'DV6FKLIIODJPLWGHP+HFNDXIGHP6DQGGLH%HVDW]XQJILQJDQ%DOOHQ.UJH XQG3DNHWHGXUFKGDVIODFKH:DVVHUDXIGHQ6WUDQG]XWUDJHQ,FKEOLHEKLQWHUGHP 5XGHUVWHKHQEOLFNWHKLQDXIXQGULHI ³+LHUELQLFK.DPIUPLFK%HVXFKDXVGHP+DSLODQG"´ 1DFKHLQLJHQ$XJHQEOLFNHQEHXJWHVLFKHLQPLWWHOJURHUNDKOJHVFKRUHQHU0DQQ PLWZHUWYROOHP%UXVWVFKPXFNEUHLWHQ=LHUDUPElQGHUQXQGZHLHP6FKXU]EHUGLH ]HUEUHFKOLFKH5HOLQJXQGULHI ³'XELVW*DXIUVW$KLUDP$FUDQ"´ ³6RLVWHV´JDELFK]XU$QWZRUW8QXQWHUEURFKHQVWDSIWHQEHODGHQH7UlJHUYRUEHL XQGVFKLHQHQYHUZLUUW]XVHLQVLHHUNDQQWHQGLH6WDGWQLFKWZLHGHU=XYLHOH*HUVWH]X YLHO6WHLQXQGYRUGHU0DXHUXQGGHQ3IHLOHUQGHV$TXlGXNWVGHUVFKZDU]H5DXFKGHU =LHJHOEUHQQHUHLHQ ³,FKXQGHLQLJH0lQQHUNRPPHQDOV*HVFKHQNGHV$PHQHPKHWV:LUEOHLEHQ XPGLU]XKHOIHQ'HU%RWHLVWDXFKPLWJHNRPPHQ(UKDWGLHIULHGYROOHhEHUIDKUW JHQRVVHQ´ 1DFKHLQDQGHUNDPHQGLH0lQQHUEHUHLQHYHU]LHUWH/HLWHU6NODYHQVFKOHSSWHQ LKUHQ%HVLW]LQ.LVWHQKLQWHUKHU,FKEHWUDFKWHWHVLHHUQVWXQGJLQJYRUDXVELVZLUHLQH 5HLKH6WHLQHHUUHLFKWHQXQGLFKPLFKVHW]WH'HU.DKON|SILJHVHW]WHVLFKQHEHQPLFK OHJWHPLUGHQ$UPXPGLH6FKXOWHUQXQGVDJWHKDOEODXW ³,FKELQ.DDSHU,FKKDEHGHQ+DSLJDQV*DXYHUZDOWHWXQGNDPXPGLU]X KHOIHQ'LHYLHU0lQQHUVLQGPHLQH+HOIHU6LHEHKHUUVFKHQGLH.XQVW]XVFKUHLEHQ /LVWHQDQ]XOHJHQXQGVSUHFKHQZLHLFKGLH6SUDFKHGLHVHV/DQGHV9HUZDOWXQJVDUEHLW ZLUGQLFKWPHKUOlQJHUGLU]XU/DVWIDOOHQ*DXIUVWVRQGHUQXQVHUDUPVHOLJHV%HPKHQ DXVIOOHQ´ ,FKOlFKHOWHVLQQHQGLQPLFKKLQHLQ ³0LUVFKHLQWKHXWHLVWHLQJOFNOLFKHU7DJ(LQ6FKLIIVEDXPHLVWHUGDQQLKU VFKOLHOLFKGHU%RWH²GDVLVW*UXQGHLQ)HVW]XIHLHUQ,FKVFKODJHYRUGLHJDQ]H (LQZRKQHUVFKDIWGDUDQ]XEHWHLOLJHQ´a ³'LHVREOLHJW´VDJWH.DDSHUK|IOLFKZHQQDXFK]XUFNKDOWHQG³DOOHLQGHLQHU (QWVFKHLGXQJ$KLUDP$FUDQ´ ³'DQQVRLOHVVRJHVFKHKHQ:DVVDJWXQGGHQNWGHU*RWWlKQOLFKH"´IUDJWHLFK ³6HLQ+HU]ZLUGVFKQHOOHUVFKODJHQZHQQLKPGHU%RWHEHULFKWHWZDVHUVDK 'RUWNRPPWHUGHU0DQQ1HE1HIHU´ )QIDXVJHELOGHWH9HUZDOWXQJVIDFKOHXWHIOVWHUWHGHU/RJLNVHNWRUZHUGHQ VFKQHOO2UGQXQJVFKDIIHQ+RIIHQWOLFK,FKEHJUWHGLH0lQQHUXQGYHUVXFKWHGDVLFK LQ]ZLVFKHQMHQH0HQVFKHQPHQJHJHVDPPHOWKDVWHGLHMHGHVPDOGLH$QNXQIWHLQHV +DSLODQGVFKLIIHVEHJUWHYRUOlXILJH4XDUWLHUHIUGLH5RPHW]XILQGHU(VJHODQJQDFK HLQLJHU0KHVFKOLHOLFKNDP6LUHQPLWPHLQHP:DJHQGHQHU]ZLVFKHQ/|FKHUQXQG 6WHLQHQGHU+DIHQVWUDHKLQGXUFKOHQNWH ³:LUKDEHQQHXH)UHXQGHEHNRPPHQXQGQHXH+HOIHU-HW]WZHUGHQZLU1HE 1HIHU]HLJHQZDVZLUJHVFKDIIHQKDEHQ´VDJWHLFK(VHQWVWDQGELQQHQZHQLJHU $XJHQEOLFNHHLQFKDRWLVFKHV'XUFKHLQDQGHUGHPZLUHQWIORKHQLQGHPVLFK1HE1HIHU XQGLFKLQGHQ:DJHQNRUEVFKZDQJHQXQG6LUHQGLH(VHOVKHQJVWHSHLWVFKWH'LHRIW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EHUIDOOHQHXQGQLHGHUJHEUDQQWH6WDGWZDUHLQVWEHUOHJWJHEDXWZRUGHQZLFKWLJH 6WUDHQOLHIHQDXIHLQHQ3ODW]]XVDPPHQ]ZLVFKHQGHP/DQGWRUXQGGHP]XNQIWLJHQ 6HHWRUDXIKDOEHU+|KHGHVDPSKLWKHDWHUDUWLJHQ*HELHWHVDXV(LQVFKQLWWHQXQG $EKlQJHQ ³,KUEDXWDXIGHQ5XLQHQHLQHUDOWHQ6WDGW"´IUDJWHGHU%RWHLQWHUHVVLHUWhEHUDOO ZR0HQVFKHQDUEHLWHWHQKREHQVLFKZLQNHQGH$UPH'LH%HY|ONHUXQJVDPWGHU HLQJHJOLHGHUWHQRGHUYHUVNODYWHQ1RPDGHQULHIXQV6FKHU]ZRUWHXQG :LOONRPPHQVVSUFKH]X ³-DVRLVWHV9RUYLHOOHLFKW]ZHLKXQGHUW-DKUHQZXUGH*XEDOEHUIDOOHQXQG JHVFKOHLIW:LUIDQGHQHLQH.DQDOLVDWLRQGLHDXHUKDOEGHV+DIHQVLQV0HHUPQGHW 1XQGDZLUIUGLH-DKUHHLQHU(ZLJNHLWEDXHQPVVHQIHKOHQZHQLJHUGLH%DONHQRGHU 4XDGHUQVRQGHUQHLQ+HHUVWDUNHU$UEHLWHU´ ,FKHQWVDQQPLFKIU0HQL1DUPHUHLQVWGLHVH6LHGOXQJDOV=LHOHLQHV %HXWHNULHJHVYRUJHVFKODJHQ]XKDEHQOLVWHQUHLFKKDVWHQZLUXQVGHV6WDGWKHUUVFKHUV DXVGHPIUXFKWEDUHQ'UHLHFNEHPlFKWLJWXQGGLH.HWWHGHU5HLFKVHLQLJXQJUXQG JHVFKPLHGHW 1HE1HIHUJULIILQGLH=JHOOLHDQKDOWHQXQGVWXGLHUWHDXIPHUNVDPGLH0lQQHU GLHDXI6WHLQHQKHUXPVFKOXJHQ=LHJHOVWULFKHQXQGGHQ6WDGWVWHPSHOKLQHLQGUFNWHQ MHQHGLH+RO]EHDUEHLWHWHQXQGHVPLWHLQHU%HL]HDXVUlWVHOKDIWVWLQNHQGHQ 6XEVWDQ]HQEHVWULFKHQ1DFKHLQHU:HLOHVDJWHHU ³9LHOH0HQVFKHQVFKHLQHQQLFKWWULHUJHERUHQDEHU]XJHZDQGHUW]XVHLQ:LU ZLVVHQ(LQHJURH:DQGHUXQJ]ZLVFKHQGHP0HHUHVXIHUXQGGHP=HGHUQJHELUJH ILQGHWVHLWODQJHU=HLWVWDWV.RPPHQDXFKGLHDXVGHP6GHQ"´ ³'LHPHLVWHQ+HUU´6LUHQUXFNWHDQGHQ=JHOQ³:LUEHNRPPHQGLHEHVWHQ 1RPDGHQMHQHGLHGHQODQJHQ:HJEHUOHEWKDEHQ'RUWVHKWGHQ*HELUJVULHJHOGHU VLHQDFK*XEDO]ZLQJW'LH%DXHUQYHUWUHLEHQVLHYRQGHQ)HOGHUQDOVRNRPPHQVLHLQ GLH6WDGW'DQNGHV*ROGHVGDV$PHQHPKHWVFKLFNWN|QQHQZLUVLHDUEHLWHQOHVVHQ ,KUH6|KQHZHUGHQ+lXVHUEHVLW]HQXQG.DXIOHXWH.DSLWlQHXQG+lQGOHUVHP´ ³,FKVHLQHHVGHXWOLFK´VDJWHGHU%RWHDOVZLUYRQ%DXVWHOOH]X%DXVWHOOH ZHLWHUIXKUHQXQG6LUHQXQGLFKGLH3ODQXQJHQHUOlXWHUWHQ³.DDSHUZLUGYHUVXFKHQ PVVHQDOOH]XVDPPHOQGLHHLQ+DQGZHUNEHKHUUVFKHQ´ ,FKQLFNWHGLHVHU(LQIDOOZDUQLFKWJHUDGHQHX+DOEODXWVDJWHLFK ³$OVLFKNDPJDEHVQXUZHQLJHJXWH)DFKOHXWH,Q]ZLVFKHQKDEHQVLFKDXVGHU 0DVVHGHU=XZDQGHUHUHLQ]HOQH7DOHQWHKHUYRUJHWDQ,Q]ZLVFKHQJLEWHVHLQH+DQGYROO NQVWOHULVFKHU%HJDEXQJHQ.DDSHUKlWWHYRU]ZHL0RQGHQZHQLJ*OFNJHKDEW´ ³'LHVGHQNHLFKDXFK*DXIUVW´ :LUNDPHQDXIGDVNXU]H6WFNGHUEHIHVWLJWHQ6WUDHXQGVFKQHOOHU]ZLVFKHQ GHQ7UPHQGHV/DQGWRUHVKLQDXVhEHUDOOUDXVFKWHQ%lFKHWHLOZHLVHEHIHVWLJWH %DXHUQKlXVHUODJHQYHUVWUHXW]ZLVFKHQ2OLYHQEDXPKDLQHQ)HLJHQElXPHQ=HGHUQ 7DQQHQXQG=\SUHVVHQ6FKDIHXQG5LQGHUZHLGHWHQDXIVDIWLJHQ:HLGHQ:LUIXKUHQ DXIGLH6WHOOH]XDQGHU6WHLQPHW]H3HFKNRFKHUXQG(UGVFKDXIOHUDQGHU :DVVHUOHLWXQJDUEHLWHWHQXQGDPYHUVWHFNWHQ$XIIDQJEHFNHQ ³'LH$XIJDEHYRQ.DDSHUZLUGDXFKVHLQGXUFK7DXVFK.DXIXQG*HJHQNDXI JU|HUH)HOGHU]XVFKDIIHQ´VFKULHLFKGXUFKGDV.ODSSHUQYRQ]Z|OI+XIHQXQGGDV .OLUUHQGHUEURQ]HQHQ)HOJHQ ³(VZLUGLKQQLFKWUDQJHDXIOKDOWHQ%UDXFKWLKU6ROGDWHQ"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

,FKZLHJWHGHQ.RSI ³1LFKWXP2UGQXQJ]XKDOWHU'DVVFKDIIHQZLURKQH0KH6LHZUGHQXQV HQWODVWHQZHOOZLU=XVDPPHQVW|HPLW1RPDGHQKDEHQ8QVHUH$UEHLWZLUGKlXILJ JHVW|UW´ ³,FKZHUGHHVLQ0HQHIUX0LUHYRUWUDJHQ´VFKULH1HE1HIHU]XUFN(LQLJH 6WXQGHQVSlWHUKDVWHHUJHVHKHQZDVHV]XVHKHQJDE,FKVSUWHWLHILQPHLQHP ,QQHUQGDHVZHQLJ*UXQG]XP0LPXWJDE:LUKDVWHQJHQJHQG5HVHUYHQ(VJDOW *HVHW]PlLJNHLWLQGLH$UEHLW]XEULQJHQXQG6SH]LDOLVWHQKHUDXV]XELOGHQ ³$PHQHPKHWKDWGHQ:XQVFKJHlXHUWHLQHQ7HPSHO]XHUULFKWHQ(UZLUG 3ULHVWHUGHU,VLVVHQGHUZHQQGXHVYHUODQJVW´ :LUIXKUHQLPJURHQ%RJHQGXUFKElXHUOLFKHV/DQGGDVWLHIHQ)ULHGHQXQG VDWWH5XKHGHV:RKOVWDQGVDXVDWPHWH]XUFN]XP/DQGWRU ³=XHUVWEUDXFKHQZLUIHVWH+lXVHUJHJHQ6WUPHXQGGLH.lOWHGHV:LQWHUV :HQQDOOH/HLEHUYHUVRUJWVLQGZHUGHQZLUIUGLH6HHOHVRUJHQ´VDJWHLFK³+DEW *HGXOG:LUVLQGQXUHLQ6SXFNQDSIYHUJOLFKHQPLWGHP+DSLODQG´ 1HE1HIHUQLFNWHPLU]X ³'LHVVFKHLQWDXFKPLUGLHULFKWLJH5HLKHQIROJH]XVHLQ*DXIUVW´ 9RP%HULFKWGLHVHVXQEHVWHFKOLFKHQ%RWHQPLWVHLQHQVFKDUIHQ$XJHQXQGGHP NDOWHQ9HUVWDQGGHUDQ5HJLHUXQJVDXIJDEHQHLQHVGXUFKRUJDQLVLHUWHQ6WDDWVZHVHQV JHVFKXOWZDUKLQJGDV:RKOZROOHQGHVPlFKWLJHQ*RWWHVKHUUVFKHUVDWH6RODQJH*XEDO QLFKWDXVVLFKKHUDXVOHEHQNRQQWHZDUHQZLUDXIGLH/DXQHQ6HVRVWULVRGHUVHLQHV 1DFKIROJHUVDQJHZLHVHQ(LQ%HIHKOGHV*RWWN|QLJVNRQQWHXQVYRP(UGERGHQ KLQZHJIHJHQZLHYRU-DKUKXQGHUWHQDOVGLH6WDGWQLHGHUEUDQQWH,Q]ZDQ]LJ-DKUHQ YLHOOHLFKWZDU*XEDO%\EORVVHOEVWlQGLJXQGUHWFKJHQXJXPXQDEKlQJLJ]XVHLQ,FK OHJWHPHLQH+DQGDXIGLH6FKXOWHUGHV%RWHQ ³=XIULHGHQPLWGHPZDVGHLQH$XJHQJHVHKHQKDEHQ"´ (UOlFKHOWH]XUFNKDOWHQGXQGPDVVLHUWHPLW]ZHL)LQJHUQVHLQH+DNHQQDVH ³,FKELQHV'HU+HUUVFKHUZLUGDXFK]XIULHGHQVHLQ,QHLQHP-DKUZHUGHQZLU *XEDOQLFKWZLHGHUHUNHQQHQ´ ³'DVYHUVSUHFKHLFKGLU´EHWRQWHLFK$OVZLUGXUFKGLH6WDGW]XUFNIXKUHQKLHOW 6LUHQLPPHUZLHGHUDQXQGVFKULH]XGHQ$UEHLWHUQ+DQGZHUNHUQ:LUWHQXQG0lGFKHQ KLQXQWHUGDVLHVLFKDP+DIHQHLQILQGHQVROOWHQ'LHVH1DFKWZUGHHLQ)HVWJHIHLHUW ZHUGHQ6HLQH%RWVFKDIWZXUGHPLWEHJHLVWHUWHP*HVFKUHLDXIJHQRPPHQ%UDWHQXQG :HLQIUDOOH 5XQGXPGHQ+DIHQGUlQJWHQVLFKHWZDIQIWDXVHQG0HQVFKHQXPPHKUDOV KXQGHUW)HXHUDQGHQHQVLFKMXQJH6FKZHLQHPLW%URWXQG*HZU]HQJHIOOWH+DPPHO DOOHUOHL9|JHOXQG)LVFKHDP6SLHGUHKWHQ7LVFKSODWWHQZDUHQDXIJHVFKODJHQYLHOH VFKZLW]HQGH:LUWHVFKHQNWHQDXVSUDOOHQ7LHUKlXWHQ:HLQDXV/HLFKWHU:LQGYRP 0HHUWULHE*HUFKHXQG5DXFKLQGLH5LFKWXQJGHU6WDGW0XVLNLQVWUXPHQWHZXUGHQ JH]XSIWJHEODVHQRGHUJHVFKODJHQ)DFNHOQVFKZDQNWHQGXUFKGDV7RKXZDERKXZLH HUVFKUHFNWH*OKZUPFKHQ0lQQHUIOXFKWHQXQGODFKWHQZlKUHQGVLHGXUFKGLH 0HQJHWRUNHOWHQHLQHQ%HFKHULQGHUHLQHQIHWWULHIHQGH+KQHUVFKHQNHORGHUHLQ6WFN %UDWHQLQGHUDQGHUHQ+DQG)UDXHQODFKWHQXQGNUHLVFKWHQ/HLVHSOlWVFKHUWHQGLH :HOOHQDQGHQ6WUDQGKREHQXQGVHQNWHQGHQ%XJGHU/2%'(5=:(,/b1'(5,FK ZDUDXVJHVFKODIHQXQGKDVWHPHLQHQ%DUWHQWIHUQW(LQJROGHQHU6WLUQUHLIHQKLHOWPHLQ VFKXOWHUODQJHV+DDU]XUFN,FKWUXJHLQH$UW+HPGGDV6FKXOWHUQXQG2EHUDUPH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EHGHFNWHHLQHQEUHLWHQ*UWHOXQGGHQZHL5HQ6FKXU]GHU5RPHWEHUNQLHKRFK JHVFKQUWHQ6DQGDOHQKLHOWGLH+DQGGHUDXIJHUHJWODFKHQGHQ$VKDLWXQGEHDFKWHWH GDV0XUPHOQGHV([WUDVLQQVQLFKW'XELVWQXUHLQ:HUN]HXJ*HQLHHGLHZHQLJHQ 6WXQGHQGHU=HUVWUHXXQJ'XZLUVWHUOHEHQZDV(6YHUVSUDFK/DGLH'LQJHDXIGLFK ]XNRPPHQ6WU]GLFKLQV*HWPPHO=HLJLKQHQGDGXNHLQXQEDUPKHU]LJHU +HUUVFKHUELVW'XNDQQVWVLFKHUVHLQGD$V\UWD0DUD\H]XUFNNRPPWDXFKVLHHLQ :HUN]HXJ*XEDOV$XIEDXLVWQXUGHU$QIDQJ'XELVWGHU+WHUGHV3ODQHWHQ9HUPLWWOHU YRQ.XOWXUXQG=LYLOLVDWLRQ'XKLOIVW(6(6KLOIWGHP%DUEDUHQSODQHWHQ,FKEOLHEEHL HLQHUGHU]ZHLKXQGHUW=\SUHVVHQVWHKHQGLHZLUJHSIODQ]WKDWWHQXPGHU+DIHQVWUDH ULFKWLJHQ6FKDWWHQ]XYHUVFKDIIHQ$VKDLWIUDJWHOHLVH ³+SIWGHLQ+HU]VFKRQYRU)UHXGH"%LQLFKVFKXOGGDGXRIWVRJULPPLJ EOLFNVW"´ ,FK]RJVLHDQPLFKXQGVWUHLFKHOWHLKUHZDUPH6FKXOWHU ³1HLQ$VKDLW'XELVWGLHHLQ]LJH)UHXGHLQPHLQHPDUEHLWVUHLFKHQ/HEHQ´ ³'LHVHV)HVW²HVZDUGHLQH$EVLFKW"´ ³-D´VDJWHLFK³(VLVWHLQ8QGLQJLPPHU]XVFKXIWHQZLHGLHJHSUJHOWHQ 2FKVHQ'DVJU|WH)HVWZLUGHVJHEHQZHQQGLHVHNOHLQH6WDGWIHUWLJLVW´ ³%LV]XGLHVHP7DJLVW¶VQRFKUDQJHKLQ´ ³:LUZHUGHQHVHUOHEHQ$VKDLW.RPPWULQNHQZLQ6XFKHQZLUXQVHUH)UHXQGH´ :LUZXUGHQHUNDQQWPDQWUDQNXQV]X:LUOLHHQXQVYRPIU|KOLFKHQ*HGUlQJH PLWUHLHQ'DV)HVWIHQG]ZLVFKHQ*UlEHQXQG)XQGDPHQWHQDXI%O|FNHQXQG 4XDGHUQDQ%RUGGHV6FKLIIHVXQGLP6DQGVWDWV=XHUVWVWLHLFKDXI*HUWKGHQ .UFNHQPDFKHU6HLQHEODXHQ$XJHQVWUDKOWHQZLHNOHLQH)DFNHOQ(UZDUDQJHWUXQNHQ VDQNYRUXQVDXIHLQ.QLHXQGVFKULHXQGHXWOLFK ³,FKKDEHDOOHVEHGDFKW)UVW:LUZHUGHQGLHEHVWHQ6FKLIIHEDXHQ,FKKDEH PLW.DDSHUJHVSURFKHQ(LQ0DQQQDFKPHLQHP+HU]HQGHUJHQDXZHLZDVGLHVH 6WDGWEUDXFKW(LQHVEUDXFKWVLHQLFKWEHVVHUHQ:HLQ´ (UVWW]WHVLFKVFKZHUDXIVHLQHQ'UHL]DFNXQGJOKWHI|UPOLFKYRU%HJHLVWHUXQJ ,FKWUDQNPLWLKPHLQHQ%HFKHU:HLQHUEHZXQGHUWHGLH6FK|QKHLW$VKDLWVNWHVLH EHGDXHUQGDXIGLH6WLUQXQGZDQNWHZHLWHUXPJHEUDWHQHQ)LVFK]XHUJDWWHUQ9RP 5RVWWURSIWH)HWWLQGLHVFKZDU]URWH*OXWGLH*D]HOOHQVFKOHJHOZDUHQPLWVFKPDOHQ 6WUHLIHQ6FKZHLQHVSHFNJHVSLFNW.DDSHUXQG6LUHQEHUGHUHQ.|USHUGDVGVWHUH 5RWVSLHOWHKRFNWHQDXIHLQHPURKEHDUEHLWHWHQ6WHLQEURFNHQPLWWHQDXIGHU +DIHQVWUDH,FKVDKVLHHUVWDOVPLFK$VKDLWLQLKUH5LFKWXQJ]HUUWH%HLGH0lQQHU UHGHWHQDXIHLQDQGHUHLQDOVJHOWHHVHLQHQ:HWWVWUHLW]XJHZLQQHQVLHJHVWLNXOLHUWHQ XQGLKUH$XJHQOHXFKWHWHQIDQDWLVFK,FKQDKP$VKDLWXPGLH+IWHQXQGKREVLHDXI GHQ6WHLQEORFN,FKULHI ³/DWPLFKPLWVWUHLWHQ5FNW]XU6HLWH´ 6LHHUNDQQWHQPLFKXQGKDOIHQPLUKLQDXI:LUEHIDQGHQXQVZLHDXIHLQHP )HOVHQLQGHUEUOOHQGHQ%UDQGXQJDXIJHUHJWVFKZLW]HQGHUXQGJU|OHQGHU0HQVFKHQ ,FKOHKQWHPLFK]XUFNKREGHQ.UXJXQGVWLH6LUHQDQ ³6HLGLKUHWZD]X)UHXQGHQIUV/HEHQJHZRUGHQGXXQG.DDSHU":RUXPJLQJ HVEHLHXUHP*HEUOO"´ ³)UHXQGH"1RFKQLFKW$EHUZLUJHKHQDXIGHUVHOEHQ6WUDHNOXJHU*HGDQNHQ´ VDJWH6LUHQ(LQPHUNZUGLJHU0DQQGHU7UHXHXQG)UHXQGVFKDIWQDFKY|OOLJ XQHUJUQGOLFKHQ*HVLFKWVSXQNWHQYHUWHLOWH(UZDUJHULVVHQZLHHLQ:VWHQIXFKV+LQWHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VHLQHUNDKOHQ6WLUQZXFKHUWHQ,GHHQXQG(LQIlOOHGDHUQLFKWQXUYHUVFKODJHQZDU VRQGHUQWULQNIHVWZLHNDXPHLQ]ZHLWHUYHUJDHUQLHHWZDV=XPHLQHUhEHUUDVFKXQJ ILQJ.DDSHUODXWXQGLQEHUOHJWHQ:RUWHQ]XVSUHFKHQDQ.KQHDEHQWHXHUOLFKH 9LVLRQHQORGHUWHQDXI(UKDVWHELVKHUHLQHQNKOHQWURFNHQHQ(LQGUXFNJHPDFKW'HU GXQNHOURWH:HLQKDVWH.DDSHUV=XQJHJHO|VW ³,FKVHLQHZLHGLH)XUFKHGHV6lPDQQVXQVLFKWEDUH:HJHYRQWULHU]XDOLHQ .VWHQ6FKLIIVZHJHPLWHUIDKUHQHQZDJHPXWLJHQ.DSLWlQHQPLW0DQQVFKDIWHQZLHDXV %URQ]H´'HU5RPHWKROWHWLHI/XIW6HLQ7KLFNULFKWHWHVLFKQDFK:HVWHQ³:LUPDFKHQ DXVGHQ1RPDGHQV|KQHQ.DXIOHXWHXQG.DSLWlQH+DQGHOVKHUUHQXQGVROFKHGLHPLW .OXJKHLWXQG:LVVHQKDQGHOQ,FKVHLQ¶VGHXWOLFK6NODYHQ+DQGZHUNHU*ROGXQG %URQ]H(GHOVWHLQHIUHPGH7LHUHXQGYLHOOHLFKWVRJDU(LVHQGDVVRLODXV*XEDO ZHUGHQ(LQ.HVVHOLQGHP¶VVLHGHQGEHUVFKlXPW'LHVHUJHOE]lKQLJH6FKXUNH6LUHQ GX*DXIUVW$KLUDP$FUDQXQGLFKXQZUGLJVWDPPHOQGHU.QHFKWGHV 6RQQHQlKQOLFKHQ²ZLUVFKDIIHQHV´ $VKDLWOHKQWHVLFKJHJHQPLFKXQGSUHWHPHLQH+DQGDXILKUH%UXVW0DQ UHLFKWHXQV%UDWHQVWFNHXQGJHIOOWH%HFKHUKHUDXI,FKKREGHQ$UPXQGULHI ³9HUJHWQLFKW$V\UWD0DUD\H:HQQLKUH/2%'(6+(556&+(56DQOHJW VHJHOQKXQGHUW6FKLIIHLQLKUHP.LHOZDVVHU$XVDOLHQ+lIHQDXVGHQHQZDKUH 6HHIDKUHUNRPPHQ´ ³$PHQHPKHWLVWVLFKHUGDLKU6FKLIIQLHPDOV.HIWLXHUUHLFKWKDW´VDJWH.DDSHU XQGVHQNWHGHQ.RSI³:LUEDXHQXQVHUHHLJHQHQDOVREHVVHUH6FKLIIH$KLUDP´ ³8PHLJHQH.DSLWlQHDXV]XELOGHQEUDXFKHQZLUHLQKDOEHV-DKU]HKQW´VDJWHLFK 6LUHQOHJWHPLUGLH+DQGDXIGHQ8QWHUDUP³$V\UWDLVWYRQJ|WWOLFKHP8UVSUXQJ:LH +DWKRURGHU,VLV6LHDOOHVLQGXQVWHUEOLFK´(UQLFNWHDOVZLVVHHUHVJDQ]JHQDX ³*ODXE¶VPLU´ ,FKZDUILKPHLQHQODQJHQSUIHQGHQ7KLFN]XVLFKHUOLFKKDVWHHUGLHVH 9HUJOHLFKHQXUJHEUDXFKWXP$VKDLW]XHUNOlUHQGDVLHLP:HWWVWUHLWPLWHLQHU*|WWLQ YHUORUHQKDEHQZUGHHKHVLH]XNlPSIHQEHJDQQ(UOlFKHOWHIFKVLVFKVHLQ *HVLFKWVDXVGUXFNEOLHEXQGHXWEDU,FKWUDQN:HLQELLQGHQZU]LJHQ%UDWHQXQG ZLVFKWH)HWWYRQPHLQHP.LQQ'LHVHVHUVWH)HVWVWHOOWH]ZHLIHOORVHLQHQ:HQGHSXQNW GDU2ELFKMHPDOVJHQDXZLVVHQZUGHZLHYLHOH0HQVFKHQYRQ(6PDQLSXOLHUW ZXUGHQ"6LUHQ"$V\UWD".DDSHURGHUJDUGHU*RWWlKQOLFKHXQ3HU¶$R]X0HQHIUX0LUH" ,FKIUDJWHPLFKDXFKREQRFKYRUQGHGHV+HUEVWHVDOOH'lFKHU*XEDOVGLFKWXQGGLH /FNHQLQGHQUQJHVFKORVVHQZDUHQ"'HU([WUDVLQQYHUVXFKWHPLFK]XEHUXKLJHQ %DXHGHLQ+DXVIHUWLJ$UNRQLGHUVWHHVPLWGHP,QKDOWGHV&RQWDLQHUVDXVXQGEOHLE ZHLWHUKLQGLHZLFKWLJVWH*HVWDOWGHU6WDGWXQGGHV8PLDQGHV0|JOLFKHUZHLVHEULQJVWGX GLH%DUEDUHQDXIGHQ:HJ]XGHQ6WHUQHQ]XP]ZHLWHQ3ODQHWHQRGHUGD]XVFKRQLQ HLQHP-DKUWDXVHQGDQGHQ%DXHLQHV5DXPVFKLIIV]XGHQNHQ ,FKKREUDWLRVGLH6FKXOWHUQ1DFKGHP:HQGHSXQNWGHUMQJHUHQ 6WDGWJHVFKLFKWHLQGHQIROJHQGHQ0RQGHQZUGHQZLUGHQ%DXGHUZLFKWLJVWHQ 9HUWHLGLJXQJVXQG:RKQHOHPHQWH*XEDOVEHHQGHQ-HGHUGHUGLHNOHLQH VHFKVWDXVHQGN|SILJH*HPHLQVFKDIWDQJULIIZUGHDQGHQ0DXHUQXQGGHQ +DIHQWUPHQVFKHLWHUQ=ZHL7DJHGDQDFKVWHXHUWHLFKGHQ&RQWDLQHUGXUFKGLH )LQVWHUQLVVHW]WHLKQDXIGHU7HUUDVVHDEXQGYHUWHLOWHGHQ,QKDOWLQGHQ:RKQUlXPHQ XQG0DJD]LQHQ8P+RUXVGHQ)LVFKDGOHU5RERWYRJHO]XDNWLYLHUHQJHQJWHQHLQ SHDU$XJHQEOLFNH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

:LHHLQJHZDOWLJHU:XUPHUVWUHFNWHVLFKGLH6WDXEZRONHLQ.UPPXQJHQYRQ 6GZHVWQDFK1RUGRVW:LQ]LJH3XQNWHYRQGHQHQGHU6WDXEDXIJHZLUEHOWZXUGH ZDUHQ0HQVFKHQ7LHUHXQG*HVSDQQH)DVWHLQH7DJHVUHLVHZDUGLH:RONHHQWIHUQW GHU.RSIGHVVWDXEEHUSXGHUWHQNQDUUHQGGDKLQNULHFKHQGHQ:XUPHV]LHOWHDXI*XEDO XQGGDV0HHU=ZHLWDXVHQG7LHUHYLHUKXQGHUW*HVSDQQH0HQJHQYRQ7UDJODVWHQHLQ JHZDOWLJHV9HUP|JHQZXUGHKHUDQJHVFKOHSSW6LHNDPHQYRQ.DQHVKLP/DQGGHU +DWWLDXVGHP+XODMD)OXODQGLP1RUGHQ*XEDOV 7DXVHQG0HQVFKHQDOOHU+DXWIDUEHQYLHOHU6SUDFKHQXQGMHJOLFKHQ$OWHUV:LH HLQH9LVLRQVWDQGYRULKQHQHLQ%DGLPNKOHQ:DVVHUGHV0HHUHV6LHZDUHQKDOE ZDKQVLQQLJYRU+XQJHU'XUVW6FKPHU]XQG(QWEHKUXQJ6WLQNHQGH2FKVHQ VFKZDQNWHQVFKZHUIlOOLJKLQXQGKHUXQGVWHPPWHQVLFKLQGLH-RFKH'DV)HOOZDUYRQ 6FKZHL6WDXEJHWURFNQHWHP.RWXQGJHURQQHQHP%OXWXQNHQQWOLFK1XUUROOHQGH $XJHQWULHIHQGH0lXOHUXQGZHGHOQGH2KUHQYHUULHWHQGDQRFK.UDIWLQGHQ7LHUHQ ZDU6LHVFKOHSSWHQGLH:DJHQPLWNUHLVFKHQGHQ$FKVHQXQGPDVVLJHQ 6FKHLEHQUlGHUQKLQWHUVLFKKHUXQGJHKRUFKWHQLUJHQGHLQHP,QVWLQNWOlQJVWQLFKWPHKU GHP6WDFKHOXQGGHU/HGHUSHLWVFKHGHV7UHLEHUV0\ULDGHQ)OLHJHQKLOGHWHQVFKLOOHUQGH 6FKZlUPH 6NODYHQXQG7UlJHUWURWWHWHQQHEHQGHQ*HVSDQQHQXQGKDVWHQMHGHQ*HGDQNHQ DQ)OXFKWOlQJVWYHUJHVVHQ1XUQRFKHLQ1DPHKlPPHUWHXQDXIOK|UOLFKLQLKUHQ *HGDQNHQ*XEDO/HLFKWH:DJHQPLW6SHLFKHQUlGHUQ´IHGHUQGHQ+RO]DFKVHQXQG %URQ]HODJHUQPLWJHIORFKWHQHQXQGYRQ/HGHUHLQJHIDWHQ:DJHQN|UEHQUROOWHQ HQWODQJGHV=XJHV'LH5lGHUVFKQLWWHQVFKDUIH6SXUHQLQGHQ6DQG'UHL +DOEHVHOKHQJVWHZDUHQDQGLH'RSSHOGHLFKVHOJHVFKLUUW6ROGDWHQPLWGRSSHOW PDQQVODQJHQ/DQ]HQ/DQJE|JHQXQG.|FKHUQYROOHUJHILHGHUWHU*HVFKRVVHVWDQGHU LQGHQ:DJHQ$XFKGLH*HVLFKWHUGHU5RPHW]HLJWHQGLH(QWEHKUXQJHQ(GHOVWHLQH +DOEHGHOVWHLQHULHVLJH.OXPSHQ(UGSHFK*ROG6LOEHU=LQQXQG.XSIHU+RO]NRKOHXQG :HLQ:DIIHQXQGDXVJHVXFKWHV6DDWJXWLQZDFKVYHUVLHJHOWHQ.UJHQ6FKPXFN6HLOH DXV7LHUVHKQHQ+lXWH:ROOHXQG6NODYHQ+DQGZHUNHUXQG6ROGDWHQ6FKPLQNHXQG %DKQHQJHZHEWHU6WRIIHVHOWHQH9|JHOLQ.lILJHQHLQH]DKPH/|ZLQXQG =XFKWKHQJVWH²GDVZDUHQGLH'LQJHGLHVLHPLWVLFKIKUWHQ'LH:DUHQXQGGLH 6NODYLQQHQJHK|UWHQIQIXQG]ZDQ]LJ+DQGHOVKHUUHQYRQGHQHQGUHLXQG]ZDQ]LJ PLWJHUHLVWZDUHQ(LQHUZDUXQWHUZHJVJHVWRUEHQHLQDQGHUHUODJILHEHUQGDXIHLQHP :DJHQGLHDQGHUHQ]LWWHUWHQVHLWHLQLJHQ0RQGHQXPLKUHQ%HVLW]=ZDQ]LJPDOZDUHQ VLHEHUIDOOHQZRUGHQ 1HXQ]HKQPDOKDVWHQGLH6ROGDWHQGLH:HJHODJHUHUZHJJHWULHEHQJHW|WHW YHUZXQGHWRGHUDOV6NODYHQLQGHQ=XJHLQJHUHLKW(LQPDOZDUHQHLQ*HVSDQQXQG HLQLJHMXQJH6NODYLQQHQDXI1LPPHUZLHGHUVHKHQYHUVFKZXQGHQ2EZRKOQLHPDQG ZXWHZLHZHLWVLHYRQ*XEDOHQWIHUQWZDUHQ²GLH6FKlW]XQJHQJLQJHQYRQHLQHP 9LHUWHOPRQGELV]XGUHL7DJHQ²WULHEVLFKGHU=XJVR]XVDJHQVHOEVWYRUZlUWV-HW]W EHIDQGHQVLFKGLHHUVWHQ:DJHQYROOHU6ROGDWHQLQHLQHP7HLOGHV/DQGHVZRGLH :VWHLQGLH%HUJODQGVFKDIWEHUJLQJ'HU.DUDZDQHQZHJNHQQWOLFKDQGHQ5HVWHQ ]XVDPPHQJHEURFKHQHU:DJHQXQG6WDQJHQDXIGLHNODSSHUQGH7RWHQVFKlGHOJHVWHFNW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ZDUHQPQGHWHLQHLQH6FKOXFKWQLFKWPHKUDOVHLQGUHLHFNLJHU6SDOW]ZLVFKHQ+JHOQ PLWYHUEUDQQWHP*UDVEHZDFKVHQ:HLWGDKLQWHUVDKHQGLHHQW]QGHWHQ$XJHQGLH YHUKHLXQJVYROOHQ:lOGHU'HUULHVLJH9RJHOZHLXQGVLOEHUQPLWGHU6LOKRXHWWHHLQHV )LVFKDGOHUVGHUVHLW]ZHL7DJHQGLH.DUDZDQHDEIORJXQGPLWJHGXOGLJHU1HXJLHUGH DOOHVEHWUDFKWHWHHQWVFKZHEWHXQG]RJDP)LUPDPHQWJURH.UHLVH'LH1RPDGHQ KRFNWHQDQHLQHU6WHOOHDQGHUVLFKGLHPKVDPDXIUHFKWHUKDOWHQH2UGQXQJDXIO|VHQ ZUGH'RUWHQWVSUDQJGHU%DFKRGHU)OX1DU-DUND,QGHP0RPHQWGD7LHUHXQG 0HQVFKHQ:DVVHUZLWWHUWHQXQGVDKHQZUGHQVLHNHLQDQGHUHV=LHOPHKUNHQQHQ 'DVZDUGLH)DOOH,QHLQHPKDOEHQ7DJZUGHGLH6SLW]HGHV=XJHVGRUWHLQWUHIIHQ 9LHU]LJ7DJHQDFKGHP)HVWZDUWHWHQZLUKLQWHUGHP+JHO6HFKV.DPSIZDJHQ GLHXQV$PHQHPKHWXQG6HVRVWULVJHVFKLFNWKDWWHQ]XJOHLFKPLWQHXQ]HKQ6ROGDWHQ 0LWPHLQHP:DJHQZDUHQZLUVLHEHQ*HVSDQQHHLQXQG]ZDQ]LJ0lQQHU:LUZXWHQ ZDVDXIXQVZDUWHWH+RUXVVRQDQQWHLFKGHQYROOURERWLVFKHQ)LVFKDGOHUKDVWHXQVGLH 6]HQHJH]HLJWGXUFK]ZHL+JHOYRQXQVJHWUHQQW6HLWHLQHPKDOEHQ0RQG EHREDFKWHWHLFKGLH.DUDZDQH ³6LUHQ´VDJWHLFKKDOEODXW³LFKGHQNHHVZLUGHLQVFKQHOOHU6LHJVHLQ:HQQGLH 1RPDGHQGLH.DUDZDQHEHUIDOOHQGDQQEULFKW&KDRVDXV´ (UVDKPLFK]ZHLIHOQGDQKREGLH6FKXOWHUQXQGNQXUUWH ³(LQXQG]ZDQ]LJ0lQQHUXQWHULKQHQGHUJU|WH)HLJOLQJGHU.VWHZHUGHQGLH 1RPDGHQ]HUIHW]HQZLH+RO]VSlQHXQWHUGHU$[WGHV)lOOHUV+HUULFKOLHEHGLFKDEHU DEXQG]X]ZHLIOHLFKGDUDQGD5DKHUUVFKHHUHZLJOLFKGLUJHQJHQG9HUVWDQG PLWJHJHEHQKDW´ $XIPHUNVDPK|UWHQGLHQHXQ]HKQ(OLWHVROGDWHQ]X6LHZDUHQPLWJURHQ%RJHQ EHZDIIQHWPLW6WUHLWNROEHQXQGODQJHQ'ROFKHQ,QMHGHP.DPSIZDJHQEHIDQGHQVLFK ]ZHL/DQ]HQPLWHLVHUQHQ6SLW]HQ ³:DUW¶VDWH6LUHQ´,FKNLSSWHGHQUXQGHQ6FKLOGXQGVFKDOWHWHHLQHQ.RQWDNWLP HGHOVWHLQEHVHW]WHQ$UPVFKXW]DXV%URQ]H'DV0LWWHOIHOGGHV6FKLOGHVJOKWHDXIXQG ]HLJWHGDV%LOGGDVGLH$XJHQGHV9RJHOVVDKHQLQIDUEOLFKXQGVWHUHRVNRSLVFK NRUUHNWHU:LHGHUJDEH6LUHQIXKU]XUFNDOVKDEHLKQHLQH6FKODQJHJHELVVHQ ³:HUNGHU8QWHUZHOW´VW|KQWHHUDXI³(LQ=DEHUVFKLOG'LHVLVWGLH.DUDZDQH"´ 6HLQH1HXJLHUGHVLHJWHVFKOLHOLFK,FKZLQNWHHLQLJH6ROGDWHQKHUEHLDXV *XEDOVVFKODJNUlIWLJHUNOHLQHU7UXSSHGLHQLFKWVDQGHUHV]XWXQKDVWHDOVGLH*HJHQG UXKLJ]XKDOWHU ³5LFKWLJ6LHQlKHUWVLFKGHU4XHOOH'RUWODXHUQ1RPDGHQPLW)HXHU6WHLQHQXQG :DIIHQ6LHKlWWHQOHLFKWHV6SLHOGLH7HLOQHKPHUGHU.DUDZDQHVLQGKDOEWRWXQG HUVFK|SIW:LUJUHLIHQWULHUHLQ´ :LUPXWHQGLH1RPDGHQ²HWZDKXQGHUW0lQQHUXQGHLQH+DQGYROO DXVJHPHUJHOWHU+DOEZFKVLJHU²YRUGHU4XHOOHWUHIIHQ ³$OOHVYHUVWDQGHQ"´IUDJWHLFK³:XQGHUWHXFKEHUQLFKWVZDVLFKWXH(VZLUG XQVGHQ6LHJEULQJHQ´ ,FKSDFNWHGLH/DQ]H1HEHQPLUVWDQG.DVRNDUGHU$QIKUHUGHU5RPHW]HLJWH DXIGHQ6FKLOGXQGIUDJWHYHUZXQGHUW ³)UVW,FKKDEHGHUOHLQRFKQLHJHWUlXPW:LHNDQQGDVVHLQ"´ ³(VNDQQVHLQ´HUZLGHUWHLFK³'XZHLWZRKHULFKZLUNOLFKNRPPH'RUWJHK|UHQ VROFKH'LQJH]XP6SLHO]HXJIU.LQGHU´ ³(VPXHLQZXQGHUEDUHV/DQGVHLQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³-D´VDJWHLFKHUQVWXQGGDFKWHDQ$UNRQZHOWHQ³$EHUHVLVWVHKUIHUQ%HUHLW )UHXQGH"1RFK)UDJHQ"´ 6LHZDUHQLPURKHQ+DQGZHUNGHV.ULHJHVZRKOHUIDKUHQKDQGKDEWHQ:DJHQ XQG:DIIHQZLHZDKUH0HLVWHU6LHNlPSIWHQPLWHQWVFKORVVHQHUhEHUOHJXQJVRZLH *HUWKVHLQH6FKLIIHEDXWHPLW0XVNHOQXQG9HUVWDQGRKQHLQQHUH%HWHLOLJXQJ VFKHLQEDURKQHMHJOLFKH)XUFKWXQGPLWGHU6FKQHOOLJNHLWZWHQGHU6FKODQJHQ+XQGHUWH 0lQQHUZUGHQJHJHQVLHYHUOLHUHQ,FKOlFKHOWHLQPLFKKLQHLQXQGGDQNWHLPVWLOOHU.D DSHU1HE1HIHUXQGGHU.OXJKHLWGHV$PHQHPKHW ³.HLQH)UDJHQ'XIKUVW:LUIROJHQXQGYHUKLQGHUQGDGLH.DUDZDQH6FKDGHQ QLPPW6ROOHQZLU*HIDQJHQHPDFKHQ"´ ³:HLOZLU0HLVWHUGHV.DPSIHVXQGGLH1RPDGHQDUPH+XQGHVLQGZROOHQZLU PLOGHVHLQ$XHUGHPEUDXFKHQZLULPPHU$UEHLWHUGLHLP6WHLQEUXFKHQV/HEHQLQ *XEDOJHZ|KQWZHUGHQPVVHQ´ ³:LUKDEHQYHUVWDQGHQ)UVW:LUZHUGHQWXQZDVGXDQRUGQHVW´ ,FKYHUZDQGHOWHPHLQHQ6FKLOGZLHGHULQHLQH'HIHQVLYZDIIHXQGQLFNWH ³:LHLFKHVHUZDUWHWH.DVRNDU/RV:LUZDUWHQELV]XPOHW]WHQ$XJHQEOLFN´ 'LH*HELVWDQJHQZXUGHQLQGLH0lXOHUGHU+DOEHVHOKHQJVWHJHVFKREHQ=JHO VWUDIIWHQVLFK3HLWVFKHQSILIIHQEHUGLH.UXSSHQ'LH6ROGDWHQEHIHVWLJWHQLKUH*UWHO DQGHQ:DJHQN|UEHQUFNWHQGLH.|FKHU]XUHFKWXQGHUJULIIHQGLH/DQ]HQ6LUHQ VFKWWHOWHGHQ.RSIXQGPXUPHOWH ³,FKZUGHGLHVQLFKWJODXEHQZHQQLFK¶VQLFKWPLWHUOHEHQZUGH)UHLQ ZUGLJHV%HJUlEQLVVRUJWPDQPHLQHLFK)UVW"´ ,FKODFWDWHLKPLQV*HVLFKWXQGVDJWH³8QVHU%HJUlEQLVZLUGSUlFKWLJ,FKZHUGH GLFKVWFNZHLVHDQGLH)LVFKHYHUIWWHUQXQGGDEHL*HEHWHPXUPHOQ,PQlFKVWHQ /HEHQZLUVWGXHLQ'HOSKLQGHUGHQJDQ]HQ7DJLQGHQ:HOOHQVSLHOW´ ³(LQHEHlQJVWLJHQGH,GHH´(UULDQGHQ=JHOQ:LUYHUOLHHQGHQ3ODW]DQ GHPZLUYRU9LHUWHOPRQGHQ=HGHUQJHIlOOWKDWWHQERJHQDXIGHQ+RKOZHJXQGOLHHQ GLH7LHUHXQVHUH:DJHQDXIGHQ+JHOKLQDXI]LHKHQ'HU*HUXFKGHU:VWHVLFNHUWH GXUFKGLH%VFKHXQGGXUFKGLH6WlPPHGHUYHUNUSSHOWHQ%lXPH+LQWHUGHP+JHO ODXHUWHQGLH1RPDGHQEHLLKUHQ)HOVEURFNHQ :LHGHUEHIUDJWHLFKGDV%LOGLQPHLQHP6FKLUP%LVDXIHLQLJH %RJHQVFKXZHLWHQKDVWHVLFKGDVIKUHQGH*HVSDQQGHU4XHOOHJHQlKHUW1RFK ZDUWHWHQGLH1RPDGHQXQGXQVHUH*HVSDQQHIXKUHQDXVHLQDQGHUXQGZHLWHUGHQ+DQJ KLQDXI6SDQQXQJODJDXIGHQEUDXQHQ*HVLFKWHUQGHU%RJHQVFKW]HQ,FKKREGLH /DQ]HPLWGHPGLFNHQ6FKDIWDXVGHU+DOWHUXQJXQG]RJGLH6FKXOWHUQ]XUFN'HU 5DQGGHV+HOPHVDXVKDUWHP/HGHU%URQ]HXQG*ROGPHWDOOGUFNWHDXIGLH6FKOlIHQ XQGLP1DFNHQ(LQODQJJH]RJHQHU+DQJWUHQQWHXQVQRFKYRQGHU6WHOOHGHVhEHUIDOOV ,FKKREGHQ$UPXQGVWHOOWHPLFKDXIGHP.DPSIHLQ ³:DUWHWDXIPHLQ6LJQDO´ULHILFK6FKRQYRQWULHUDXVNRQQWHQZLUGHQ/lUPGHU KHUDXUFNHQGHQ7LHUH0HQVFKHQXQG:DJHQK|UHQ'LH*HVSDQQHKLHOWHQDQ8QVHUH 7LHUHZDUHQVDWWXQGUXKLJ:LUVDKHQEHUGLH+JHONXSSHXQGZDUWHWHQDXIGHQ DXVO|VHQGHQ0RPHQW'LH=ZLVFKHQIlOOHPLW1RPDGHQJUXSSHQGDXHUWHQVFKRQ *HQHUDWLRQHQDQVLHZUGHQZHLWHUJHKHQ+HXWHDEHUVWDQGHUGLH([LVWHQ]GHU ZHUWYROOHQ.DUDZDQHXQGHLQZLFKWLJHV(UHLJQLVIU*XEDODXIGHP6SLHO ³:HQQVLH(UIROJKDEHQZLUGGLH.DUDZDQHLQGHQ6FKOXFKWHQXQGEHUGLH :VWH]HUVWUHXW´PXUPHOWH6LUHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³'HVZHJHQVLQGZLUWULHU)UHXQG´,FKEOLFNWHQDFKOLQNVXQGUHFKWV:LUQLFNWHQ XQVVFKZHLJHQG]X9HUJOLFKHQPLWGHQ1RPDGHQXQGGHU.DUDZDQHZDUHQZLUYRQ IXQNHOQGHU(OHJDQ]:DJHQ:DIIHQXQG5VWXQJHQJOlQ]WHQGDV/HGHUOHXFKWHWHGDV )HOOGHU7LHUHVFKLPPHUWHVHLGLJ'LH1RPDGHQYHUVWlQGLJWHQVLFKGXUFK+DQG]HLFKHQ XQGVWHPPWHQVLFKJHJHQGLH6WHLQH,FKVHQNWHGHQ$UPPLWGHU/DQ]HXQGULHI ³/RV0DFKW*HIDQJHQH)UHXQGH´(VZDUZLH%OLW]XQG'RQQHUVFKODJ3HLWVFKHQ NQDOOWHQ=JHONODWVFKWHQGLH(VHOKHQJVWHVWLHJHQVFKUHLHQGKRFKXQGVWHPPWHQVLFK JHJHQGLH-RFKH$XIGHPZHLFKHQ%RGHQPDFKWHQGLH)HOJHQNDXP*HUlXVFKHDEHU ZLUK|UWHQGDV5DVFKHOQGHU%HILHGHUXQJDOV]ZDQ]LJ3IHLOHDXVGHQ.|FKHUQJH]RJHQ ZXUGHQ8QVHUH*HVSDQQHVHW]WHQVLFKJOHLFK]HLWLJLQ%HZHJXQJUROOWHQEHUGLH +JHONXSSHXQGGRQQHUWHQGHQYRQVWDFKOLJHP0RRVXQG*UDVEHZXFKHUWHQ+DQJ DEZlUWV:LUVFKREHQXQVLQHLQHUEUHLWHQVFKUlJHQ/LQLH]ZLVFKHQGHQ.RSIGHV .DUDZDQHQ:XUPHVXQGGLH1RPDGHQIDOOH $XIEHLGHQ6HLWHQGHV6FKOXFKWHLQJDQJVVSUDQJHQVFKUHLHQGH1RPDGHQDXIXQG YHUVXFKWHQGLH6WHLQHQDFKYRUQ]XNLSSHU'LH7LHUHGHVHUVWHQ.DUDZDQHQZDJHQV VWLHJHQDXVNHLOHQGKRFKGLH0lQQHUNlPSIWHQLP:DJHQNRUEXPQLFKW KHUXQWHUJHVFKOHXGHUW]XZHUGHQ,FKQLFNWH6LUHQ]XVHQNWHPHLQH/DQ]HXQGGHXWHWH PLWGHUOHXFKWHQGHQ6SLW]HDXIGHQJHJHQEHUOLHJHQGHQ+DQJ'DQQEHZHJWHLFKGHQ $XVO|VHU'HUVFKPHWWHUQGH%OLW]O|VWHVLFKDXVGHU3URMHNWRUHQVSLW]HVFKOXJ]ZLVFKHQ )HOVEURFNHQXQGOLH)HXHU*HVWHLQVSOLWWHUXQG(UGUHLFKQDFKDOLHQ6HLWHQH[SORGLHUHQ 6FKUHLHQGILHOHQHLQLJH$QJUHLIHUUFNZlUWV]X%RGHQ ³$EHUPDOVHLQ:XQGHU´ULHI6LUHQXQGVWHXHUWHGLHVFKHXHQGHQ7LHUHJHUDGHDXV ,FKVFKZHQNWHGLH/DQ]HKHUXPGHXWHWHDXIYHUVFKLHGHQH6WHOOHQGHV+DQJHVXQG GUFNWHDWH(LQIXQNHOQGHV*HZLWWHUVFKOXJYRUGHQ1RPDGHQHLQVSUHQJWHLKUH UROOHQGHQ*HVFKRVVHDXVHLQDQGHUXQGYHUEUDQQWHGDV+DDUGHU$QJUHLIHU5LHVLJH 6lXOHQDXV6WDXEXQGVFKZDU]HP5DXFKELOGHWHQHLQHQ:DOO]ZLVFKHQGHQ :VWHQV|KQHQXQGGHU.DUDZDQH1HEHQPLUIlFKHUWHQGLH6WUHLWZDJHQDXVHLQDQGHU 'LH6ROGDWHQOLHHQVLFKYRQGHQ'HWRQDWLRQHQNDXPEHHLQGUXFNHQ,KUH3IHLOH]LVFKWHQ GXUFKGDVUDXFKHUIOOWH,QIHUQRXQGWUDIHQ$UPH6FKXOWHUQXQG6FKHQNHO9LHU:DJHQ UDVWHQVFKOHXGHUQGDEHUXQYHUPLQGHUWVFKQHOOGHQ+DQJKLQXQWHU]ZLVFKHQVFKZHUHQ 2FKVHQJHVSDQQHQKLQGXUFKXQGGHQ*HJHQKDQJKLQDXI 8QVHU:DJHQKDVWHGHQWLHIVWHQ3XQNWGHU6FKOXFKWHUUHLFKW6LUHQ]ZDQJGLH =XJWLHUHLQHLQHQHQJHQ.UHLV,FKSDFNWHGLH/DQ]HIHVWHUXQGIHXHUWHNDONZHLH 6WUDKOHQXQG)HXHUElOOHDXIGHQ+DQJDWH]LHOWHVRUJIlOWLJ]ZLVFKHQGHQ:DJHQ hEHUDOOKHXOWHQ3IHLOHVLH]HUVSOLWWHUWHQDQ)HOVHQERKUWHQVLFKLQ.|USHUVFKLHQHQGHQ 5DXFK]XVSDOWHQ8QVHUH=XJWLHUHNHXFKWHQGLH)HOJHQNQLUVFKWHQEHU*HU|OO ³(VLVWDOOHVYRUEHL´VFKULH6LUHQ6FKZHLJHQGYHUVFKRGHU6ROGDWDXIPHLQHU OLQNHQ6HLWHVHLQH3IHLOH0LWWDWHQGLH1RPDGHQOHLGDEHUGLH6WDGWEUDXFKWH$UEHLWHU 9LHOOHLFKWIDQGHQZLU0lQQHUXQWHULKQHQGLHVFKUHLEHQNRQQWHQ-HW]WHUUHLFKWHQZLU ZlKUHQGLQODQJHQ6WUHLIHQQRFKLPPHUGLH(UGHEUDQQWHXQGUDXFKWHGLH+JHOVSLW]H XQGZDUWHWHQELVGLH6ROGDWHQGLHHUVWHQ1RPDGHQQLHGHUVFKOXJHQXQGEDQGHQ,FK GUHKWHPLFKKHUXPXQGVDKGDGLH:DJHQGHU.DUDZDQHVHOWVDPH0DQ|YHU DXVIKUWHQ%HLGH.DPSIZDJHQVWDQGHUDQGHU6SLW]HGLH]HKQHUVWHQ*HVSDQQH HEHQVRGLH7UlJHUKDVWHQGLH/DVWHQDEJHZRUIHQXQGODJHQDXIGHP%RGHQGLH$UPH VFKW]HQGEHUGHQ.|SIHQ'LHIROJHQGHQ:DJHQHWZD]ZHL'XW]HQGQlKHUWHQVLFK GHU6SLW]HXQGZXUGHQODQJVDPHU$XIJHVFKUHFNWH7LHUHUDQQWHQGLH6FKZlQ]HVWHLO

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

DXIJHVWHOOWLQDOOH5LFKWXQJHQDXVHLQDQGHU,P0LWWHOWHLOGHU.DUDZDQH]ZLVFKHQGHQ (LQVFKOlJHQDXVPHLQHU:DIIHVFKLHQQRFKQLHPDQGJHPHUNW]XKDEHQGDGLH4XHOOH HUUHLFKWZDU hEHUGHPLQIHUQRVFKZHEWH+RUXVZLUEHOWHPLWVFKZHUHP)OJHOVFKODJ5DXFK GXUFKHLQDQGHUXQGZROOWHPLUGXUFKVHLQH2EMHNWLYH]HLJHQGDGLH7HLOQHKPHUGLHVHV ODQJHQ*HZDOWPDUVFKHVHUVFKGSIWXQGHUVFKUHFNWGLHYHUlQGHUWHQ8PVWlQGHQLFKW EHJULIIHQ+RUXVDPKLQWHUHQ(QGHGHU.DUDZDQHDQJHNRPPHQGUHKWHDEXQGNDPDXI PHLQHQ:DJHQ]X:LUVFKOHXGHUWHQGHQ+DQJDEZlUWVDXIGLH.DUDZDQH]X,FK VFKULHLQ6LUHQV2KU ³:LUVXFKHQGLH$QIKUHUGLH+DQGHOVKHUUQ$P$QIDQJEHLGHQ6NODYHQ6LUHQ´ ³'XVSULFKVWPLUDXVGHU6HHOH)UVW´ (UOHQNWHGLHJDORSSLHUHQGHQ+DOEHVHOGHQ+DQJKLQXQWHUXQGPHLQHUHQJHQ .XUYHDXIGLH:DJHQ]X:LUNDPHQVFKOHXGHUQGDQZHJJHZRUIHQHQ%QGHOQXQG ZLPPHUQGHQ7UlJHUQYRUEHLDXIGaH*HVSDQQH]XGHUHQ,QVDVVHQDXIXQV ]XVWROSHUWHQ6LUHQ]RJDQGHQ=JHOQXQVHU%RJHQVFKW]HVHQNWHOlFKHOQGGLH:DIIH ,FKVFKZHQNWHPHLQH+RFKHQHUJLHODQ]HXQGEUOOWH ³(XUH.DUDZDQHVLHZLOOQDFK*XEDO"=XP0HHU"´ ³6RLVWHV:LUVLQGQXUPDJHUH6FKDWWHQYRQGHQHQGLHDXIJHEURFKHQVLQG+DVW GXGLH)HXHUHQW]QGHWXQGGHQ'RQQHUJHZRUIHQ+HUU"´$XVJHPHUJHOWHYHUVWDXEWH 6ROGDWHQULVVHQGLH+HOPHYRPVFKZHLQDVVHQ+DDU,FKVFKREGLH/DQ]HLQGLH +DOWHUXQJEHJUWHGLH0lQQHUXQGULHI ³,FKELQ$KLUDP$FUDQ*DXIUVWYRQ*XEDO0HLQH.ULHJHUKDEHQGLH1RPDGHQ GHU:VWHEHNlPSIWXQGIKUHQVLHJHIDQJHQLQGLHIULHGOLFKH6WDGW´ ³%HLGHUKHLOLJHQ0RQGVLFKHO´(LQNOHLQHUHUVFK|SIWHU0DQQVWROSHUWHDXIXQV]X XQGVDJWHKXVWHQG³+DEWLKU:DVVHU":LHZHLWLVWHVQDFK*XEDO"´ ³(LQH6WXQGHELV]XU4XHOOH=ZHL7DJHVUHLVHQEUDXFKWLKU]XXQVHUHQ 6WDGWWRUHQ´ 'HU.DXIPDQQGUHKWHVLFKKHUXPXQGULHI%HIHKOH ³,KUKDEWXQVJHVHKHQ)UVW"´ ³'LH6WDXEZRONHZDUJURJHQXJDXFKIUGLH1RPDGHQ8QGLKUH$XJHQVLQGRIW YRQGHU6RQQHJHVFKlGLJW´ 'LH1RPDGHQJDOWHQYLHOVRZRKODOV$UEHLWHUDOVDXFKVSlWHUH%UJHUGHU +DIHQVWDGW6LHEOLHEHQ0HLVWHUGHVhEHUOHEHQVXQGGHU$QSDVVXQJVLHZDUHQZHGHU NOJHUQRFKNUlIWLJHUDOVDQGHUH%HZRKQHUGLHVHU*HJHQG9RQUDXKHQ%HIHKOHQXQG SUJHOQGHQ6ROGDWHQDXIJHVFKUHFNWUDQQWHQGLH6NODYHQPLWVFKODIIHQ:DVVHUVlFNHQ XQG/HGHUHLPHUQLQGLH5LFKWXQJDXVGHUXQVHUH6SXUHQNDPHQ ³6FKLUUWGLH2FKVHQDXV´EHIDKO6LUHQ³6LHN|QQHQLQ]ZHL7DJHQDXIGLH:HLGHQ XQVHUHU%DXHUQ´ :HLWKLQWHUGHU.DUDZDQHK|UWHGHUOHW]WH.DPSIOlUPDXI'LH1RPDGHQZDUHQ JHIDQJHQYHUOHW]WWRWRGHUYHUWULHEHQ'HU+DQGHOVKHUUJDEPLUGHQKDOE OHHUJHWUXQNHQHQ6FKODXFKPLWYHUGQQWHP:HLQ]XUFNXQGZLVFKWH6WDXEDXVVHLQHQ $XJHQ ³'LHVHV*HZLWWHUGLH%OLW]HGHU5DXFKZDUWLKUGLHZXQGHUEDUHQ.lPSIHU"´ ,FKEOLHEYRLOLJHUQVWDOVLFKDQWZRUWHWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³$PHQHPKHWKlOWVHLQHQVWDUNHU$UPVFKW]HQGEHUXQV/DQJHV/HEHQIULKQ :LUHUVFKUHFNWHQGLH1RPDGHQXQGQDKPHQVLHJHIDQJHQ0HLQH6ROGDWHQVROOHQHXFK KHOIHQ´ ,FKVSUDQJLQGHQ:DJHQNRUEXQGZLQNOH'LH*HVSDQQHIROJWHQXQVXQGEDOG HUKREHQVLFKDXFKGLHOHW]WHQ/DVWHQWUlJHU/DQJVDPNDP2UGQXQJLQGHQ=XJ1RFK ZLWWHUWHQGLH7LHUHGDV:DVVHUQLFKW,Q.XUYHQXQG:LQGXQJHQJLQJHVLQGLH6FKOXFKW KLQHLQJUQHUXQGNKOHUZXUGHHV9RQKLQWHQGUDQJHQ/lUPXQG6FKUHLHDQXQVHUH 2KUHQ5LQGHQVWFNHODJHQWULHUYRQXQVHUHU%DXPIlOOHUWUXSSH%DOGZXUGHQGLH %VFKHVDIWLJHUGLH%lXPHK|KHUGHU6FKDWWHQNKOHU+RUXVVFKZHEWHGUHL 0DQQVOlQJHQEHUPLUXQGJDEDOLHQGLHLKQVDKHQQHXH5lWVHODXI'HU:HJZXUGH VFKPDOHUXQGUHGX]LHUWHVLFKVFKKHOLFKDXI]ZHLDXVJHIDKUHQH6SXUHQLP:DOGERGHQ GDQQGUDQJGDV3OlWVFKHUQGHU4XHOOHDQXQVHUH2KUHQ,FKGUHKWHPLFKXPXQGULHI ³'HU:HJIKUWHQWODQJGHV%DFKHV7UHLEW0HQVFKHQXQG7LHUHZHLWHUVRQVWIDOOHQVLH EHUHLQDQGHUKHU,FKZHUGHHXFKKHOIHQODVVHQ´ 6LUHQPXUPHOWHDQPHLQHP2KU ³,FKZHLGDGXGLH%URQ]HQlJHOLQGHQ)LVFKHUERRWHQ]lKOVWXQGGLH)HLJHQ DQGHQ%lXPHQ:DUXPVROOHQVLHQLFKWVHOEVWPLWLKUHP'XUVWIHUWLJZHUGHQ"´ ,FKUDPPWHLKPGHQ(OOERJHQLQGLH5LSSHQXQGHUZLGHUWHHEHQVROHLVH ³:HLOGLHVH.DUDZDQHGHU*UXQGVWRFNDXFKGHLQHV9HUP|JHQVLVWGX+DOXQNH 'HQNDQGHQ*HZLQQ0HKU*WHUPHKU6NODYHQXQG$UEHLWHUPHKU/RKQ8QGGX %DXKHUUGHVHUVWHQ+DIHQERUGHOOVPXWDQGHLQH]XNQIWLJHQ.XQGHQGHQNHQ´ (UVWDUUWHPLFKEHOHLGLJWDQ ³)UVW´IOVWHUWHHUDEHUHUPHLQWHHVKDOEZHJVHUQVW³'LHVLVWHLQH6FKlQNHIU DQVSUXFKVYROOH*lVWH0LW=LPPHUQIU3DDUHXQGHLQ]HOQH3HUVRQHQ0LWKHLHQXQG NDOWHQ%lGHUQHLQHP*DUWHQHUIDKUHQHQ0lQQHUQGLHDXIDOOHUOHL,QVWUXPHQWHQ PXQWHUH0XVLNHUNOLQJHQOHVVHQ´ ³8QGPLWOLHEHQVZHUWHQ0lGFKHQXQG0lJGHQ´,FKODFWDWHODXW(UJULQVWH PUULVFKXQGKREGLH6FKXOWHUQ,FKKDVWHLKPHLQ*UXQGVWFN]XJHZLHVHQ1XQVWDQG GDUDXIHLQSUlFKWLJHV+DXVQDFKPHLQHP(QWZXUI/RKQIUDXIRSIHUQGH)UHXQGVFKDIW XQGHLQH$UEHLWVOHLVWXQJGLHLKUHVJOHLFKHQVXFKWH6LUHQHUNOlUWHOHLVH ³,VWDOOHVQRFKLP%DX:DQQHVIHUWLJZLUG²+DWKRUPDJHVZLVVHQ´ :LUHUUHLFKWHQGLH4XHOOH'LH6ROGDWHQYHUKLHOWHQVLFKEHZXQGHUQVZHUW6LH ZXVFKHQVLFK*HVLFKWXQG$UPHOLHHQGLH7LHUHLQ5XKHWULQNHQZXVFKHQGLH.|SIH LKUHU=XJWLHUHXQGWUDQNHQVHOEVW]HUUWHQLKUH7LHUHELV]XHLQHUWLHIHUOLHJHQGHQ6WHOOH XQGUDQQWHQGRUWKPZRGDV:DVVHUNODUXQGUHLQZDU'DQQIKUWHQVLHGLH+DOEHVHO ]ZLVFKHQGLH%lXPHXQGVWHOOWHQVLFKDXIXPGLHGXUVWLJHQ7DXVHQGHZHJ]XWUHLEHQ :LUIXKUHQZHLWHUXQGKLHOWHQGRUWDQZRVLFKGHU%DFKYHUEUHLWHUWH ³0HLQH6ROGDWHQKDEHQGHQhEHUEOLFN´ULHILFK³6LHKHOIHQHXFK+HOIWLKQHQ GHQQVLHEULQJHQPHKUDOVKXQGHUW6NODYHQ'LHVH1RPDGHQVLQGPHLQHSHUV|QOLFKHQ *HIDQJHQHQLFKP|FKWHQLFKWGDVLHJHTXlOWZHUGHQ,FKEUDXFKHVLHLQGHU6WDGW 1RFKHWZDV%DXHUQZHUGHQ)XWWHUEULQJHQXQG(VVHQ=DKOWGDIU,FKZLOONHLQH .ODJHQK|UHQ(XUH7LHUHN|QQWLKU]lKOHQXQGDXIGLH:HLGHQWUHLEHQ8QGGLH /DGXQJHQNRPPHQLQGLH/DJHUKlXVHUDP+DIHQ,FKHUZDUWHHXFKGRUW´ 6LHKREHQGLH$UPH6FKODJDUWLJKDVWHVLFKLKU$XVVHKHQHEHQVRJHEHVVHUWZLH LKUH/DXQH(VJHQJWHQNODUHV:DVVHU6FKDWWHQXQG.KOH8QGGDV%HZXWVHLQGD

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GLH:DQGHUXQJ]X(QGHZDU'LH%DUEDUHQZDUHQLQGHU7DWHUVWDXQOLFKHLQ*HVFKOHFKW DXV.UDIWXQG6WDUUN|SILJNHLW,FKJUWHGLH6ROGDWHQXQGULHI ³:LUIDKUHQ]XU6WDGWXQGEHUHLWHQDOOHVYRU+DOWHW=XFKWXQG2UGQXQJ´ 0LWDXVJHUXKWHQ7LHUHQJDORSSLHUWHQZLUGDYRQ$OOHVZDUJHUHJHOW'LH.DUDZDQH ZUGHWDWVlFKOLFK]ZHL7DJHEUDXFKHQ'DZLUDOOHVYRUEHUHLWHWKDWWHQZUGHHVIU GLHVHULHVLJH0HQJH0HQVFKHQZHQLJH6RUJHQJHEHQ'LH=XJWLHUHZXUGHQ]XP7HLO YRQGHQ%DXHUQJHNDXIW]XP7HLOJHVFKODFKWHWXQGHLQJHS|NHOW]XP7HLOJHIWWHUWXQG HLQJHVSDQQW6NODYHQZXUGHQYHUNDXIWXQGJHNDXIW:DUHQVWDSHOWHQVLFKLQGUHL 0DJD]LQHQ+lQGOHUIHLOVFKWHQ]XPHUVWHQPDOZUGHLQGLHVHP+HUEVWHLQ7HLO:DUH JHJHQIUHPGH(U]HXJQLVVHHLQJHWDXVFKWGLHPLW6FKLIIHQEHUV0HHUNDPHQ7DXVHQG 0HQVFKHQVFKOXFNWHXQVHUH6WDGWRKQH6FKZLHULJNHLWHQDEHU*HVSDQQHXQG7RQQHQ ZUGHQGLH*DVVHQWDJHODQJYHUVWRSIHQ-HGHQIDOOVOHEWH*XEDOQLFKWlUPOLFKHVKDVWH VLFKVHKUYHUlQGHUW'LH0DXHU]ZLVFKHQEHLGHQ7RUHQZDUIHUWLJ$XVGHP(UGUHLFK VSURHUVWHV*UQEHUDOOKDVWHQZLU=HGHUQ*UXSSHQYRQ=\SUHVVHQRGHU5HLKHQYRQ 7DQQHQJHSIODQ]W$QGHQ6HLWHQGHU+DIHQHLQIDKUWVWDQGHUUXQGHKRKH7UPHPLW DXHQOLHJHQGHQ*UDQLWWUHSSHQ$XIGHUREHUVWHQ3ODWWIRUPWUXJHQVLH7UPHLQGHQHQ QDFKWV)HXHUEUDQQWHQ$QGLH7UPHVFKORVLFKYRQHLQHU5DPSHXQGHLQHP VDQGLJHP6WUDQGDEJHVHKHQHLQHPDVVLYH0DXHUDQ,QGLH%O|FNHZDUHQ %DXPDEVFKQLWWHHLQJHEDXWYRQ.XSIHUElQGHUQ]XVDPPHQJHKDOWHQ3ROOHUDQGHQHQ PDQ6FKLIIHDQOHJHQOHVVHQNRQQWH'DKLQWHUHUVWUHFNWHVLFKHLQHGXUFKJHKHQGH5HLKH IQI0DQQVOlQJHQKRKHU-XQJ]HGHUQGLHGHUHLQVW6FKDWWHQVSHQGHUZUGHQ%lQNH XQG7LVFKHDXV6DQGVWHLQ*UDQLWXQG%RKOHQVWDQGHUWULHUDXIGHP3IODVWHUDXV %UXFKVWHLQGDVPLW(UGSHFKYHUIXJWXQGYLHU]LJ6FKULWWHEUHLWZDU(LQH]ZHLWH5HLKH KRFKZDFKVHQGHU=HGHUQVFK|OLQJHVFKORVLFKDQNQDSSGDKLQWHUEHJDQQHQ 0DJD]LQH]HKQ6FKlQNHQGLH+DOOHLQGHU*HUWKVHLQH6FKLIIHEDXWHXQGVHLQH/HXWH DXVELOGHWHHLQH+DOOHPLWHLQHU%LEOLRWKHNLQGHUYLHU6FKUHLEHUXQHLQJHVFKUlQNWH +HUUVFKHUZDUHQ=ZLVFKHQGHQ*HElXGHQIKUWHQ6WUDHQLQK|KHUJHOHJHQH=RQHQ =ZLVFKHQGHQ*HElXGHQGLHGHP+DQGHOGLHQWHQEHIDQGHQVLFKPHKUVW|FNLJH %DXZHUNHGLHQXU:RKQXQJHQHQWKLHOWHQLP9LHUHFNHUULFKWHW'HU+RIEHVWDQGDXV *lUWHQXQG$QSIODQ]XQJHQ'HU5HVWGHU6WDGWJOLHGHUWHVLFKLQ:RKQXQJHQ :HUNVWlWWHQ0DUNW%UXQQHQHLQH0HQJH%lXPH*DVVHQXQG6WUDHQ4XDUWLHUHIU 'XUFKUHLVHQGHXQGYLHOH:HUNVWlWWHQ1XUGHU7HPSHOZDUQRFKQLFKWJHEDXW 'HU6FKDFKWDXVGHPVLFKGLH$EZlVVHUYRQHLQLJHQWDXVHQG0HQVFKHQLQV 0HHUHUJRVVHQPQGHWHMHQVHLWVGHU+DIHQIHOVHQXQGEHOlVWLJWHXQVQLFKWPLW*HVWDQN ,PPHUZLHGHUSDFNWHPLFKVFKRQDXIGHUEUHLWHQ$OOHHELV]XP/DQGWRUGLH)UHXGH GDUEHUZDVZLUJHVFKDIIWKDWWHQ8QVHU*HVSDQQUDWWHUWHEHU6WHLQH]ZLVFKHQ KRKHQPLW%URQ]HXQGVFKPDOHQ6LOEHUVWUHLIHQYHUEOHQGHWHQ7RUIOJHOQKLQGXUFK ³:RKLQ)UVW"´ULHI6LUHQ ³,QPHLQ+DXV´VDJWHLFKODXW³'LH1DFKWZLUGODQJZHQQHUVWGLH.DXIOHXWH NRPPHQ0RUJHQEHUPRUJHQ´ 'DVOHW]WH/LFKWODJDXIGHP:DVVHU(LQPLOGHU:LQGDXV:HVWHQZLUEHOWHGDV :DVVHUDXI,QGHP$XJHQEOLFNDOVXQVHUH7LHUHLQJHVWUHFNWHP*DORSSGLH*DVVH KLQDXIUDQQWHQVDKLFKGDVURWJROGHQH6HJHOHLQHVHLQIDKUHQGHQ6FKLIIHV,FKHUNDQQWH GHQ.UHLVPLWGHPGDUXQWHUKlQJHQGHQ.UHX]DXIGHP6HJHOXQGVFKULHDXI

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³6LUHQ'DV6FKLII'RUWNRPPWHV´0HLQH6WLPPHEHUVFKOXJVLFKYRU)UHXGH XQG9HUZLUUXQJ³(VLVWGLH/2%'(6+(556&+(56$V\UWD6LHLVW]XUFNJHNRPPHQ YRQ.HIWLX´ 6LUHQOHJWHPLUEHVFKZLFKWLJHQGGLH+DQGDXIGLH6FKXOWHUXQGSUHVFKWH ]ZLVFKHQ6DQGVWHLQVlXOHQXQGGHP7RULQGHQ*DUWHQKLQHLQ(UNPPHUWHVLFKZHGHU XP6ROGDWHQQRFKXP$UEHLWHUGLHHUVFKURNNHQYRP6DQGZHJLQGHQ5DVHQ KLQHLQVSUDQJHQ ³6WLOO)UVW1LHPDQGZHLZDVGLH*|WWHUEHUXQVYHUKlQJHQ(VPDJMHQHV 6FKLIIVHLQLQHLQHU'ULWWHOVWXQGHZLUVWGXZLVVHQRE$V\UWD]XUFNJHNRPPHQLVW'LH *HIDKUHQGHV0HHUHVPDQQLJIDFK´ ³1LFKWQXUGLHGHV0HHUHV´EUXPPWHLFK,QHOHJDQWHU'UHKXQJKLHOWGHU:DJHQ ]ZLVFKHQGHQK|O]HUQHQ6lXOHQGHUYRUVSULQJHQGHQ7HUUDVVH,FKVWUPWHLQV+DXV $VKDLWNDPPLUHQWJHJHQXQGKDOIPLU+HOPXQG5VWXQJDE]XOHJHQ,FKZXVFKPLFK ]RJIULVFKH.OHLGXQJDQXQGJODXEWHVFKRQGLH:HOOHGHU$XIUHJXQJLQGHU6WDGWELV KLHUKHU]XK|UHQ1DWUOLFKHQWJLQJPLUGDV$QOHJHPDQ|YHUGHU/2%,FKZLUEHOWHGXUFK +DOOHXQG(LQJDQJXQGVFKZDQJPLFKQHEHQ6LUHQLQGHQ:DJHQ ³=XP+DIHQ+HUU"´ ³:RKLQVRQVW6LUHQ"´ :LUUDWWHUWHQGLHJHNUPPWH$OOHHKLQXQWHUYRUEHLDQ/lGHQXQG%DXVWHOOHQ VFKRVVHQ]ZLVFKHQ0DJD]LQXQG:HUIWDXIGHQ+DIHQSODW]KLQDXV8PGDV6FKLIIGDV PLWGHP+HFNDP.DLDQJHOHJWKDVWHELOGHWHVLFKHLQH0HQVFKHQPHQJHGLHVWlQGLJ DQZXFKV6LUHQOHQNWHGLH7LHUHLQGLH0HQJHKLQHLQXQGVFKULH ³$XVHLQDQGHU3ODW]IU$KLUDP$FUDQ´ (LQHVFKPDOH*DVVHELOGHWHVLFK:LUNDPHQXQJHKLQGHUWELVDQGHQ5DQGGHV .DLV,FKNlPSIWHPLFKGXUFKGLH0HQJHGLHPLU]XMXEHOWHDEHULKUH%HJHLVWHUXQJDXI GDV6FKLIINRQ]HQWULHUWH8QJHGXOGLJVDKLFK]XZLHGLHVWUDSD]LHUWDXVVHKHQGHQ 5LHPHQVHQNUHFKWJHVWHOOWXQGGDV5XGHUKRFKJH]RJHQZXUGHQ0lQQHUGLHLFKQLFKW HUNDQQWHVFKOHSSWHQGLH/DXISODQNHDXIV+HFNXQGVFKREHQVLHDXIGHQ.DL(P VFKZDU]ElUWLJHU0DQQWDXFKWHDXILFKVWDUUWHLKQYHUZLUUWDQHUEOLQ]HOWH]XUFNGDQQ NDPPHLQH(ULQQHUXQJ]XUFN ³&KHSHU´,FKUDQQWHGLH3ODQNHKLQDXI(UZDUVFKZDU]JHEUDQQWVHLQ%DUW VDO]YHUNUXVWHWDEHUGHU6WHXHUPDQQODFWDWHXQGHUJULIIPHLQH+DQGJHOHQNH0HLQH HUVWH)UDJHZDU ³:RLVW$V\UWD"/HEWVLH"´ &KHSHUODFWDWHGU|KQHQGXQGVFKOXJPLWEHLGHQ+lQGHQDXIPHLQH6FKXOWHUQ GUHKWHGHQ.RSIXQGVDJWH ³%OLFNQDFKYRUQ$WODQ'XVLHKVWDOOHVZDVZLUPLWEUDFKWHQ´ ,FKVDKZLH$V\UWDGHQ1LHGHUJDQJKHUDXIONDP$P0DVWYRUEHLXQGDQ DUEHLWHQGHQ6HHVROGDWHQHUNDQQWHLFKGUHLJURH5DKVHJHO]ZLVFKHQGHQ7UPHQGHU (LQIDKUW'DQQGUDQJHQODQJJH]RJHQHVFKULOOH6LJQDOHGHV7UPHUVDQXQVHUH2KUHQ (UVWLHLQGLHEURQ]HQH)DQIDUHGLHHLQHQVFKDXHUOLFKHQ7RQEHUGDV:DVVHU VFKLFNWH 6HJOHUDXV.HIWLX0LQRLVFKH.DSLWlQHLP'LHQVWH*XEDOVVDJWHGHU/RJLNVHNWRU ,FKVSUDQJYRP+HFNXQGEOLHEYRU$V\UWDVWHKHQ$XIVFKZHUEHVFKUHLEOLFKH:HLVHVDK VLHJHVXQGZLOGXQGVWDUNDXVDXVLKUHUVWLOOHU6FK|QKHLWZDUIHXULJH6HOEVWVLFKHUKHLW JHZRUGHQ:LUEOLFNWHQXQVHLQLJH+HU]VFKOlJHIDQJLQGLH$XJHQVFKZHLJHQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XQVLFKHU'DQQOHJWH$V\UWDGLH$UPHXPPHLQH6FKXOWHUQLFK]RJVLHDQPLFK:LU NWHQXQVKLQJHEXQJVYROO,KUH/LSSHQVFKPHFNWHQVDO]LJLKUVFKODQNHU.|USHU VHKQLJHUJHZRUGHQGUlQJWHVLFKDQPLFK ³(VZDUIDVW]XODQJH´IOVWHUWHLFKLQLKUHP+DDU³,FKKDE¶IDVWQLFKWPHKU JHJODXEWGDGXNRPPVW,FKZROOWH+RUXVORVVFKLFNHQ´ ³,FKZHUGHUDQJHQLFKWZLHGHUDXIVFKZDQNHQGHQ3ODQNHQVWHKHQ ,FKIUHXHPLFKDXIGHQ+HUEVWPLWGLULQ*XEDO8QGDXIGHQ:LQWHU´ ³'XKDVWPLFKQLFKWYHUJHVVHQDXIGHUZXQGHUEDUHQ0HHUHVIDKUW"´ ,FKOHJWHPHLQHQ$UPXPLKUH+IWHQXQG]RJVLHDXIV'HFN'LH0HQJHLQGHU )DFNHOQJHVFKZHQNWZXUGHQMXEHOWHEHJHLVWHUW'LHGUHL0LQRHU6FKLIIHZDUHQ KHUDQJHNRPPHQ6HHOHXWHVFKOHSSWHQ$QNHUVWHLQHDQ'HFNLQGHPVLHHLQHQ 5XGHUVFKDIWGXUFKGDV/RFKGHVJHUXQGHWHQ%URFNHQVVWHFNWHQ ³:LHN|QQWHLFKGLFKYHUJHVVHQ*HIlKUWHPHLQHVODQJHQ7UDXPHV´VDJWH$V\UWD OHLVHXQGHULQQHUWHPLFKGDUDQGD(6QRFKLPPHU7HLOHPHPHV*HGlFKWQLVVHV EORFNLHUWKDWWH:LUYHUOLHHQGDV6FKLIIXQGZXUGHQYRQGHQ0HQVFKHQ]XP:DJHQ JHVFKOHSSW6LUHQEHWUDFKWHWH$V\UWDZLHHLQEHUQDWUOLFKHV:HVHQ ³)UZDKU´PXUPHOWHHU³(LQHHUVWDXQOLFKH)UDXGLHPLW0lQQHUQXPGLH:HWWH VHJHOW´ ³9LHOHHUVWDXQOLFKH0HQVFKHQIUHLQHHEHQVROFKH6WDGW´VDJWHLFK³)DKUVWGX XQV]XUFN]XP+DXV"´ $V\UWDODFWDWHXQGVFKPLHJWHVLFKDQPLFK(LQQHXHVIUHPGHV*HIKOHUIOOWH PLFK:LUKDVWHQHLQDQGHUZLHGHUHUNDQQWDOVREZLUQXUHPSHDU7DJHJHWUHQQW JHZHVHQZlUHQ,Q:LUNOLFKNHLWDKQWHLFKVFKLHQHQZLULQHLQHUDQGHUHQ=HLWRKQH EHZXWHV(ULQQHUQ]XVDPPHQJHZHVHQ]XVHLQ ³'XKDVWGLFKQLFKWYHUlQGHUW´VDJWHVLH³$EHUGLH6WDGWHUNHQQHLFKQLFKW´ 6LHVWDQGDXFKQRFKXQWHUGHP%DQQGLHVHV:HVHQVGDVXQVPDQLSXOLHUWH ³,FKZHUGHGLUMHGHQ:LQNHO]HLJHQ´YHUVSUDFKLFKOHLFKWKLQ³GHQQLFKKDEHMHGHQ :LQNHOJHEDXW'LHVHU0DQQGHUPLWVLFKHUHQ+lQGHQGLH=JHOIKUWLVW6LUHQ OHEHQGHV$UFKLYGHU6WDGW6FKlQNHQEHVLW]HUZLOGHU.lPSIHUXQGGDUEHUHLQ0DQQPLW DOLHQ(LJHQVFKDIWHQGLHGXGLUYRUVWHOOHQNDQQVW$V\UWD´ 6LHOlFKHOWHLKQDQ6LUHQZDQGVLFKYHUOHJHQ$V\UWDIUDJWH]ZHLIHOQG³6WLPPW GDV6LUHQ"´ ³-D'HU)UVWYRQ*XEDOPlFKWLJHU%DXKHUUXQG.lPSIHUKDWLPPHUUHFKW´(U JULQVWHQLFKWhEHUXQVNUHLVWH+RUXVPLWZHLHQ6FKZLQJHQ$V\UWDODFWDWHXQGVDJWH ³,FKJODXEHNHLQ:RUW´ ³'DUDQWXVWGXUHFKW+HUULQ´DQWZRUWHWH6LUHQ]XUFNKDOWHQG'LH0HQVFKHQ HQWODQJGHU6WUDHEHUHLWHWHQXQVHLQH$UW7ULXPSK]XJ6LHZLQNWHQXQGOHKQWHQVLFK ZHLWDXVGHQ)HQVWHUQ(LQLJHOLHIHQPLWGHP:DJHQPLWDQGHUHYHUVXFKWHQXQV DXI]XKDOWHQDOOHIUHXWHQVLFKGDGDV6FKLIIXQGGUHLDQGHUHGD]X]XUFNJHNRPPHQ ZDUHQXQGGLH.DUDZDQHYRUGHP/DQGWRUZDUhEHUDOOORGHUWHQ)DFNHOQXQ]lKOLJH (FKRVKDOOWHQ]ZLVFKHQVWHLQHUQHQ0DXHUQHVKHUUVFKWHHLQHDXVJHODVVHQH6WLPPXQJ ³,FKELQEHUZlOWLJW´VDJWH$V\UWDGLHVLFKVFKZHUJHJHQPLFKOHKQWH³0RQGH IDQJQXU:DVVHU:HOOHQ:RONHQIHUQH.VWHQ,FKELQIHVWHQ%RGHQQLFKWPHKU JHZ|KQW´ ³:LUVRUJHQGDIUGDGXQLFKWPHKU:DVVHUVLHKVWDOVGXYRQGHU7HUUDVVH XQVHUHV+DXVHVHUEOLFNHQNDQQVW´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6LUHQVFKZLHJVHLQ*HVLFKWVDXVGUXFNZDUNDXP]XGHXWHQ:LUZLQNWHQQDFK DOLHQ6HLWHQDEHUHLQLJH6ROGDWHQPXWHQGLH0HQJHGDYRQDEKDOWHQLQGHQ*DUWHQ HLQ]XGULQJHQ'DV7RUVFKORVLFK6LUHQJHOHLWHWHXQVLQV+DXV ³:lKUHQGGXGHLQQHXHV.OHLGDQJHOHJWKDVW)UVWKDEHLFK+LQZHLVHIUGLH +DXVKDOWVIKUXQJJHJHEHQHLQ8PVWDQGGHQGXKlXILJYHUQDFKOlVVLJVW-HW]WGD $V\UWD0DUD\HWULHULVWZLUGVLHGLH)KUXQJGLHVHVYHUORWWHUWHQ+DXVHVEHUQHKPHQ 1RFKHWZDV$VKDLWNPPHUWVLFKVHLWJHVWHUQXPGLH)KUXQJPHLQHUEDOGJH|IIQHWHQ +HUEHUJH]XPVLOEHUQHQ'HOSKLQ´ ,FKEHJULII6LUHQGUHKWHGHQ.RSIXQGGHXWHWHDXIGLHEUHLWH'RSQHOWU ³$OOHVLVWYRUEHUHLWHW´YHUVLFKHUWHHU(LQ3UREOHPVFKQHOOEHUHLQLJW'XKDVWJXWH )UHXQGH$UNRQLGHVDJWHGHU/RJLNVHNWRU'DV+DXVURFKQDFKJOLPPHQGHQ PFNHQYHUWUHLEHQGHQ+DU]HQ$XVGHU.FKHNDPGDV/lUPHQHLQLJHU.|FKHXQGLKUHU +HOIHULQQHQ,FK]HLJWH$V\UWDGLHVHVXQGMHQHVOLHVLHGHQEHOHXFKWHWHQ*DUWHQ JHQLHHQXQGEUDFKWHVLHEHUGLH7UHSSHLQGHQJURHQYRQGUHL:lQGHQPLW gIIQXQJHQXQGHLQHUPDVVLYHQ:DQGJHELOGHWHQ5DXP9RQGHUXPODXIHQGHQ7HUUDVVH VDKHQZLUGLHJDQ]H6WDGWXQGGDV+DIHQJHOlQGH+LHUVWDQGHUHLQJHGHFNWHU7LVFKXQG ]ZHL6HVVHO ³$XIGLHVHQ0RPHQWKDEHLFKUDQJHJHZDUWHW´$V\UWDVFKREGLHVFKZHUHQ 9RUKlQJH]XU6HLWH³(VLVWHLQKHUUOLFKHV+DXV´ ³(VZLUGDXFKHLQZLFKWLJHV+DXVZHUGHQ6DJGHLQH:QVFKH%DGQHXH .OHLGHU(VVHQ"´ (LQ)HXHUORGHUWHLP.DPLQ=ZDQ]LJgOODPSHQEUDQQWHQDQGHQ6DXOHQ IODPPWHQ)DFNHOQLQ0HVVLQJKDOWHUQ$XVGHU6WDGWGUDQJGHU/lUPDXVJHODVVHQHU 0HQVFKHQ8QWHQDP.DLYHUVDPPHOWHQVLFK+DOENUHLVHOHXFKWHQGHU3XQNWHXPGLH 6FKLIIH9RUGHU+DIHQHLQIDKUWFUNDQQWHLFKNOHLQHUH/LFKWHUGLH)DFNHOQYRQ)LVFKHUQ GLHLQQHXHQ%RRWHQPLW/LFKWVFKHLQ)LVFKHDQORFNWHQXQGVSHHUWHQ ³,FKP|FKWHQXUWULHUVLW]HQHLQHQ%HFKHU:HLQWULQNHQXQGPLWGLUVSUHFKHQ 6RQVWQLFKWV´ /DFKHOQGEUDFKWHHLQ0lGFKHQIULVFKHQ:HLQXQG(VVHQ:LUDHQWUDQNHQXQG UHGHWHQEHUDOOHVZDVXQVEHZHJWHDXFKGDUEHUGDYLFOH(ULQQHUXQJHQEORFNLHUW ZDUHQ$EHUZLUKDVWHQHWZDJOHLFKDUWLJH$XIWUlJHHUKDOWHQ6WXQGHQVSlWHUDOVHVLP +DXVUXKLJJHZRUGHQZDUODJHQZLUYRUGHP.DPLQIHXHUGHVVHQ)ODPPHQGLHHUVWH NKOH1DFKWGHV6SlWVRPPHUVEHJOHLWHWHQ'LH9RUKlQJHZDUHQ]XJH]RJHQGLH 2OOlPSFKHQJHO|VFKW'HFNHXQG:lQGHGHV5DXPHVGHUJOHLFKHUPDHQDOV $UEHLWVSODW]5XKHUDXP%LEOLRWKHNXQG$XVJXFNGLHQWHZDUHQLQIODFNHUQGHVURVHV /LFKWJHWDXFKW:LUKLHOWHQHLQDQGHULQGHQ$UPHQXQGJHQRVVHQGLHHUVWHQ6WXQGHQGHU 1DFKWMHGHU$WHP]XJOLHGLH$XIJDEHQXQG0KHQGHUQDKHQ=XNXQIWZHQLJHU EHGHXWHQGZHUGHQ$V\UWDV+DXWURFKQDFKXQEHNDQQWHQ0LVFKXQJHQYRQ2OXQG 'XIWSIODQ]HQOFKIUDJWHVLH ³%LVWGXJOFNOLFK"´0HLQH)LQJHUVFKREHQVLFKGXUFKVHLGHQJODWWHV+DDU ³%\EORVGHUOHW]WH+DIHQYRQYLHOHQ"´ ³:HQQZLUQRFKPHKUYRQXQVHUHQ(ULQQHUXQJHQILQGHQ´IOVWHUWH$V\UWDXQG VWUHFNWHGLH+DQGQDFKGHP3RNDODXV³IlQJWGHUJOFNFKVWH+HUEVWXQVHUHV/HEHQV DQ´ $XFKGDV/lQQHQLQGHU6WDGWXQGDP+DIHQKDVWHDXIJHK|UW:LUZDUHQDOOHLQ XQJHVW|UWLQHLDHUZDUPHQ2DVHGHU6WLOOH:LUK|UWHQGDV.QLVWHUQVFKZHOHQGHQXQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EUHQQHQGHQ+RO]HVXQVHUH$WHP]JHPXUPHOQGH)UDJHQXQGJHPXUPHOWH$QWZRUWHQ GLHLQODXWORVH=lUWOLFKNHLWHQXQGGLH/DXWHGHU/HLGHQVFKDIWEHUJLQJHQ.OLUUHQG VFKOXJVSlWHUGHU+DOVGHV.UXJHVJHJHQGLH7ULQNJHIlH$OVVLFKXQVHUH*HGDQNHQ IOFKWLJEHUKUWHQNXU]YRUGHP)DOOLQV9HUJHVVHQGHV6FKODIHVDKQWHQ$V\UWDXQG LFKGDGLHOHW]WH1DFKWYRUHLQHPQHXHQJOFNOLFKHQ=HLWDOWHUDQJHEURFKHQZDU8QG LQGLHVHUODQJHQ1DFKWNDPHQYLHOHXQVHUHUJHPHLQVDPHQ(ULQQHUXQJHQ]XUFNLQ XQVHUH7UlXPH =ZLVFKHQGHP&KPRUO+LOO%H]LUNXQGGHPUHNXOWLYLHUWHQ3VHXGRGVFKXQJHOIlUEWH VLFK]ZLVFKHQVSLUDOLJHQZLUUJHPXVWHUWHQ:RONHQGLH6RQQHQVFKHLEHEUlXQOLFKJHOE 2NWREHUVRQQHEHU*lDGDFKWH&\U$HVFXQQDUHUHQWVDQQVLFKKHUUOLFKEL]DUUHU 6RQQHQDXIJlQJHEHUGHUOLEDQHVLVFKHQ.VWHGHV0LWWHOPHHUHV'HU$UNRQLGH VFKZLHJGDVHLQH6WLPPHNHLQHVZHJVHUVFK|SIWJHNOXQJHQKDVWHXQGGLH6(57+DXEH QRFKEHU$WODQV.RSIXQG6FKXOWHUQVFKZHEWHJODXEWHGHU+LVWRULNHU]XZLVVHQGDLQ GHU(U]lKOXQJQXUHLQH3DXVHHLQJHWUHWHQZDU'LHJHVDPWH hEHUZDFKXQJVPDVFKLQHULHGLHVLFKDXIGHQIDQJDXVJHVWUHFNWHQ.|USHULP IXWXULVWLVFKHQ*ODVVDUJNRQ]HQWULHUWH]HLJWHDXI'XW]HQGHQYRQ'LDJUDPPHQ )DUEVlXOHQ=LIIHUQIROJHQXQGNU\SWLVFKHQ%XFKVWDEHQNRPELQDWLRQHQGDGDV%HILQGHQ $WODQVDXIK|KHUHP1LYHDXVWDELOZDU'HU=HOOVFKZLQJXQJVDNWLYDWRUKDOIEHLP +HLOXQJVSUR]H$HVFXQQDU|IIQHWHGLH7HUUDVVHQWUHQZHLWXQGVSUWHLQPLWWHQNKOHU 0RUJHQOXIWGLHHUVWH:lUPHGHUJlDQLVFKHQ6RQQHQVWUDKOHQDXIVHLQHP*HVLFKW(U VFKORGLH$XJHQXQGPXUPHOWH ³'LH.DWKDUVLVJHKWZHLWHU(UVSULFKWVLFKYRQGHU6HHOHZDVVFKHLQEDUJHO|VFKW RGHULQGLH7LHIHYHUGUlQJWZDU´ $XVGHQ/DXWVSUHFKHUQNDPHQGLHDEVFKZHOOHQGHQ0HORGLHQGHV6FKOXFKRUHV GHU6WHUQHQK\PQHGLH8SRFYRQ*RQR]DO$WODQV9DWHUEUXGHUGHUVSlWHUH*RQR]DO9,, NRPSRQLHUWKDVWH&\UV6WXGHQWHQKDVWHQDXIDEHQWHXHUOLFKHQZLVVHQVFKDIWOLFKHQ :HJHQDUNRQLGLVFKH6WHUHR7RQNRSLHQEHVFKDIIHQN|QQHQ$HVFXQQDUJLQJ]XVHLQHP PLW$UEHLWVPDWHULDOEHUVlWHQ7LVFK]XUFNXQGIUDJWHVLFKREVWDUNHU.DIIHHLKPEHU GLHQlFKVWHQ6WXQGHQKLQZHJKHOIHQNRQQWH(UVFKWWHOWHGHQ.RSIVHW]WHVLFKXQGJULII LQGLH7DVWDWXUHLQHV7HUPLQDOV'LHUDQJH/LVWHlJ\SWLVFKHU'\QDVWLHQ3KDUDRQHQXQG .|QLJVQDPHQHUVFKLHQDXVGHP$OWHQ0LWWOHUHQXQG1HXHQ5HLFKVRZLHDOLHQ =ZLVFKHQ]HLWHQGLH]XYHUOlVVLJVWH9HUVLRQQDFKPHKUDOVHLQHP-DKUWDXVHQG )RUVFKXQJ(UZlKOWHGLH'\QDVWLHXQGGLH1DPHQ$PHQHPKHWXQG6HVRVWULVGHU 5DKPHQYRQ$WODQV*XEDO%\EORV.\SQ\(U]lKOXQJZDUQRFKHLQ]XHQJHQ $PPHQHPHAV $PHQHPKHWUHJLHUWHYRQELV$EZDU 6HVRQFKRVLV 6HVRVWULVELV 0LWUHJHQW5HJLHUXQJVVLW]0HPSKLV 0HQHIP0LUHA 'HU*HVFKLFKWVZLVVHQVFKDIWOHUIHQGLQGHQQlFKVWHQ,QIRUPDWLRQHQVHLQ KDOEYHUJHVVHQHV:LVVHQEHVWlWLJW(VJDEYLHU7UlJHUGHV1DPHQV$PHQHPKHWXQG GUHLYRQ6HVRVWULVDOOHV+HUUVFKHUGHU'\QDVWLH%LVKHUKDVWH$WODQQXU$PHQHPKHW HUZlKQWDOVRKDVWHHUVLFKYRU²DXIGHU6WUDHGHU:XQGHUNDUDZDQHXQGLQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

*XEDOEHIXQGHQ1RFKIHKOWHQGLHXQDQJUHLIEDUHQ,QIRUPDWLRQHQYRQ5LFRV1DFK 8QWHUJDQJYRQ$WODQWLV.DOHQGHU &\U$HVFXQQDUPHUNWHQLFKWGDHUELQQHQZHQLJHU0LQXWHQZLHGHULP%DQQ VHLQHU$UEHLWVWDQG(UGXUFKVXFKWHGLH,QIRUPDWLRQHQDXV-XOLDQ7LIIORUV$GPLQLVWUDWLRQ GLH'DWHQVDPPOXQJGHU+LVWRULVFKHQ)DNXOWlWVHLQHU8QLYHUVLWlWGLH%HULFKWHGHV862 +LVWRULVFKHQ.RUSVXQGVHLQHQHLJHQHQ)XQGXV$WODQV:RUWHIUHPGH7H[WWHLOH $EELOGXQJHQXQ]lKOLJHUDUFKlRORJLVFKHU)XQGHDXV0XVHHQ.DUWHQDXVVFKQLWWH =HLFKQXQJHQWHUUDQLVFKHU.QVWOHUXQG&RPSXWHUJUDILNHQ+RORJUDILHQYRQ 6FKLIIVPRGHOOHQEHOHEWH5HNRQVWUXNWLRQHQYRQ*XEDO0HQHIUX0LUHXQGLQ DXIZHQGLJHULQWHUGLV]LSOLQlUHU$UEHLWHQWZLFNHOWGUHLGLPHQVLRQDOH7RSRJUDILHGHU VG|VWOLFKHQ0LWWHOPHHUNXVWHPLWGHPYDJHQ1HW]GHU9HUELQGXQJVZHJH²DXFKGLHVHU 7HLOYRQ$WODQV$11$/(1'(50(16&++(,7HUKLHOW³YRUOlXILJHHQGJOWLJH´)RUP 6HOEVWGLH%XFKWDXIGHPVGZHVWOLFKHQ6DUGLQLHQLQGHUHQ+|KOH$V\UWDXQG$WODQ LKUHQJOFNOLFKHQ6RPPHUYHUEUDFKWKDWWHQNRQQWHH[DNWYHULIL]LHUWZHUGHQ,QGHU1lKH KDVWHQ$UFKlRORJHQGHU8QLYHUVLWDGL6DQ3DQWDOHRDOWSK|QL]LVFKHWRSKHWVXQGHLQH %UXQQHQDQODJHGHU0HJDOLWKNXOWXUDXVJHJUDEHQ0LWWHQLQGHU$UEHLWDOV&\UQDFKGHQ $EVWLPPUHJOHUQHLQHV0RQLWRUVJULIIVDFNWHVHLQ.RSIDXIGLH2EHUDUPH'LH%ULOOH VFKREVLFKEHUGLH6WLUQXQGEHUJDQJVORVVFKOLHI&\ULQPLWWHQGHUEXQWHU IOLPPHUQGHQZLUEHOQHQ%LOGHUGHU0RQLWRUHQHLQ 9H\H*LGYDQLVDKVFKZHLJHQGGHQ%OlVFKHQ]XGLHYRP%RGHQGHV 0LQHUDOZDVVHUJODVHVDXIVWLHJHQ-XOLDQ7LIIORUEOlWWHUWHEHKXWVDPHLQH6HLWHGHV )ROLDQWHQ$8)67,(*81'1,('(5*$1*'(6$5.21,',6&+(15(,&+(6YRQ 6WDUNR5LY/HQNXPXQGVDJWH ³9LHOOHLFKWNDQQXQV$WODQHLQHV7DJHVVDJHQZRKHUGLHVHV%XFKZLUNOLFK VWDPPW&\U´ 7LIIORUKREGHQ.RSIXQGVWDUUWHGLHKRORJUDILVFKHQ3URMHNWLRQHQDQ6LHVFKLHQHQ LKQEHU%QGHOVW|UVLFKHUHU'DWHQOHLWXQJHQGLUHNWLQGLH,QWHQVLYVWDWLRQGHV3ODQHWDUHQ .UDQNHQKDXVHVKLQHLQ]XVDXJHQ$WODQODJXQWHUGHU6(57+DXEHXQGZUGHLQNXU]HU =HLWZHLWHUVSUHFKHQ$XFK*KRXP$UGHELOGHU$UD0HGL]LQHUXQG+DXSWYHUDQWZRUWOLFKH IU$WODQVhEHUOHEHQZDUEHU]HXJWGDGLH8QWHUEUHFKXQJQXUYRQNXU]HU'DXHUVHLQ ZUGH9H\HVWDQGDXIZDUILKUJUDXJHOEJHVWUlKQWHV+DDULQGHQ1DFNHQXQGVDJWH ³&\U.|QQHQ6LHPLUHWZDVEHUGLHVHVYRUJHVFKLFKWOLFKH+DIHQNDIIHU]lKOHQ" %\EORV]lKOWQLFKWJHUDGH]XGHQDXIIDOOHQGHQ+DIHQVWlGWHQ7HUUDV´ ³'DPDOVZDUHVHLQHGHUDXIUHJHQGVWHQ+DIHQVWlGWH´$HVFXQQDUZHFKVHOWH VHLQH%ULOOHQULHIHLQLJH%LOGVHTXHQ]HQDXIGLH0RQLWRUHQXQGVDJWH³(WZD GUHLHLQKDOEWDXVHQG-DKUHYRUGHU=HLWZHQGHKDWHVDQGLHVHU6WHOOHHLQH6LHGOXQJ JHJHEHQ6LHZXUGHLPPHUZLHGHUDXIJHEDXWXQG]HUVW|UW$WODQYHUZHQGHWH7HLOHGHU .DQDOLVDWLRQXQGHUNDQQWHGLH*UXQGULVVHYRQ6WUDHQXQG3OlW]HQ8PGDV-DKU ]ZRWDXVHQGXQGVSlWHUKLHGLH+DIHQVLHGOXQJ*XEDO*DEDO*HEDORGHU*XEODGLH 5RPHWEH]LHKXQJVZHLVHbJ\SWHUVFKULHEHQN¶SQ\VSlWHUIHQGVLFKGRUWHLQ'RUI QDPHQV-HEHLOEHUUDJWYRQGHU5XLQHHLQHU.UHX]ULWWHUEXUJ8P*XEDOKHUXPELOGHWH VLFKHLQHQHXH*HPHLQVFKDIWGLH7FKWLJVWHQMHQHU1RPDGHQJUXSSHQDQVlVVLJH %DXHUQXQG+DQGZHUNHUYLHOH)UHPGHGLHPLWMHQHQHUVWHQ.DSLWlQHQDXFKYRQ.UHWD .HIWLXNDPHQVLHYHUPLVFKWHQVLFK]XGHQ3URWR3K|QL]LHUQ'LH6FKLIIHVHJHOWHQIDVW EHUDOOKLQZRHVLQGHU$OWHQ:HOW:DVVHUXQG%XFKWHQJDE$OV$WODQGDV %UJHUPHLVWHUDPW]ZDQJVZHLVHEHUQDKPZDU*XEDOHLQH$UWYRUJHVFKREHQHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

+DQGHOVSRVWHQGHUlJ\SWLVFKHQ*RWWN|QLJH,FKVXFKHJHUDGHQDFKGHPSUl]LVHQ 'DWXPZDKUVFKHLQOLFKKDOIGHUMQJHUH1DFKIROJHU6HVRVWULVGHPDOWHUQGHQ+HUUVFKHU $PHQHPKHW$OVRUXQGXPQHXQ]HKQKXQGHUWIQI]LJ.DUWKDJR²DOVR4XDUW+DGDVKW² LVWHLQH*UQGXQJGHU*XEDO1DFKEDUVWDGW7\UXV´ ³6WLPPWHVZDVPDQVDJV"'DVLHGLHJHULVVHQVWHQ.DXIOHXWHLKUHU=HLW ZDUHQ"´VDJWH7LIIORUGHVVHQ%OLFNH]ZLVFKHQ.DUWHQXQG3OlQHQIUKHU6WlGWH ZHFKVHOWHQ³+DEHQVLHWDWVlFKOLFKJULHFKLVFKH.DSLWDQHXQG6FKLIIHJHPLHWHW"´ ³%HLGHVLVWULFKWLJ6LHOHUQWHQGHQ+DQGHOXQGGHQ6FKLIIVEDX$EHUQLFKW LQQHUKDOEHLQHV-DKU]HKQWV*XEDO%\EORVEHVDNHLQHHLJHQHQZHUWYROOHQ:DUHQ1XU GDV+RO]GHU=HGHUQZlOGHUZDUZLFKWLJXQGWHXHUQLFKWQXUIUGHQ6FKLIIVEDXGHQQ HQWODQJGHVJHVDPWHQ1LOVJDEHVZLH]ZLVFKHQ.LVK%DE\ODXQGGHP3HUVLVFKHQ*ROI NHLQH%DXPDUWGHUHQ6WlPPHRGHUbVWHIDQJXQGIHVWJHQXJIUEHLVSLHOVZHLVH 'HFNHQEDONHQZDUHQ´ ³$WODQXQGVHLQH/HXWHYHUGLHQWHQDOVRDQGHU/RJLVWLNGHV+DIHQVDQ=ROOXQG 6WHXHUQXQGVSlWHUZXUGHQZLHGHUYHUDUEHLWHQGH%HWULHEHJHJUQGHW"´VDJWH7LIIORU ³$XV1RPDGHQGHU:VWHZXUGHQ1RPDGHQGHU6HH´ ³'DVLVWGHU6LQQGHQ(6LQVHLQHQ$NWLRQHQHUNHQQHQOLH´'HU+LVWRULNHUQLFNWH XQG]HLJWHDXIEOLQNHQGH6LJQDOH³(6KDVWHHLQJHQDXHVZHLWUHLFKHQGHV.RQ]HSWGDV $WODQXQG$V\UWDDXV]XIKUHQYHUVXFKWHQ*OHLFKZHUGHQZLUGLH)RUWVHW]XQJGLHVHU 3OlQHPLWHUOHEHQ0LUVFKHLQWGD$WODQXQGVHLQH)UHXQGHIUHLQHEHVRQGHUV JHIDKUOLFKH0LVVLRQDXVJHELOGHWZHUGHQVROOWHQ´ 7LIIORUVHLQH)UHXQGLQ9H\HXQG$HVFXQQDUZDUWHWHQVFKZHLJHQG$WODQVSUDFK ZHLWHUDXVGHU'lPPHUXQJIHUQHU9HUJDQJHQKHLWZXFKVZLHGHUGDV%LOGGHV IUKSK|QL]LVFKHQ+DIHQVLQGHU3KDQWDVLHGHU=XK|UHU *HUWKVFKWWHOWH]HGHUQGXIWHQGH+REHOVSlQHDXVVHLQHP+DDUKRENDPSIOXVWLJ VHLQHQ'UHL]DFNXQG]HLJWHGXUFKGHQZHLWJH|IIQHWHQ7HUUDVVHQGXUFKJDQJDXIGLH +DOOHXQGDXI%DONHQXQG%UHWWHUVWDSHOXQWHUGHPZHLWDXVUDJHQGHQ'DFK ³)DVWDOOHV)UVWZDVPDQDXVJXWHP+RO]VlJHQXQGVFKQLW]HQDQQPDFKHQ ZLQ$OVZLUIQI]HKQYHUVFKLHGHQJURH)LVFKHUERRWHEDXWHQKDE¶LFKGLH+RO]DUEHLWHU GLH=LPPHUOHXWHXQG6FKUHLQHUXQG6FKQLW]HUJHVFKXOW:LUKDEHQHLQSHDU0HLVWHU XQWHULKQHQJHIXQGHQ 8QVHUH:HUN]HXJPDFKHUZHUGHQYRQ7DJ]X7DJEHVVHUDEHUGLH=lKQHXQG 6FKQHLGHQGHLQHU:HUN]HXJHVLQGXQEHUWUHIIOLFK0HWDOOIUGLH(ZLJNHLW=XJXWHU/HW]W KDEHQZLUDXFKQRFK6LUHQJHKROIHQDXGHV'DFKVXQVHUH:HUIWIHUWLJ]XEDXHQHKGLH +HUEVWUHJHQRPPHQ6WLPPW¶VGLFNHU%LHUVFKHQN"´ 6LUHQEOLFNWHJULQVHQGXPVLFKDOVKDEHHUMHGHQ6WHLQTXDGHUHLJHQKlQGLJ DQJHVFKOHSSW(UHQWEO|WHVHLQHJHOEHQ=lKQHXQGVDJWH ³6HLQHGUHLLJ0lQQHUKDEHQVRJDUGLH6HVVHOXQG7LVFKHGLHVHV5DXPHV JHEDXWXQGYLHOHVDQGHUHPHKU´ *HUWK9L¶*DQWVDKLQGLH*HVLFKWHUGHUYHUVDPPHOWHQ)UDXHQXQG0lQQHU 1HEHQXQVVWDQGGDV0RGHOOGHU6WDGWPLWNOHLQHQ)lKQFKHQYHU]LHUW:LUEHVSUDFKHQ ZLFKWLJH'LQJHXQG]XNQIWLJH(QWZLFNOXQJHQ ³-HW]WVLQGZLUQRFKPLWGUHLYHUVFKLHGHQHQ$XIJDEHQEHVHW]W´IXKU*HUWKIRUW ³:LUKHOIHQZRZLUN|QQHQEHLP%DXGHU+lXVHUXQG'lFKHUZLUHUZDUWHQ5HJHQXQG 6WUPH:LUOHJHQXQVHU+RO]ODJHUDQXQGUVWHQGLH:HUIWPLWYLHOHQ+LOIVJHUlWHQDXV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$EHUZHQQGX0\URQGHLQHQYHUVFKLPPHOWHQ:HOOHQUHLWHUUHSDULHUHQOHVVHQZLOOVW KDEHQZLUDOOHPDOQRFK3ODW]XQG=HLWGDIU´ ³6SlWHUHLQPDO´'HUVFKZDU]ElUWLJH.DSLWlQDXV.HIWLXYHUWU|VWHWHLKQ.DDSHU GHU9HUZDOWHU*XEDOVULW]WHLUJHQGZHOFKH1RWL]HQLQGHU%LOGVFKULIWVHLQHV/DQGHVDXI HLQ3HUJDPHQW(UOlFKHOWHNKO³'DVEHGHXWHWGDZLUXQVNDXPPHKUXPGLH:HUIW NPPHUQPVVHQ,FKKDEHGDVEOLFKHHUUHFKQHW'LH1DPHQGHLQHU+HOIHUXQGGHLQ 1DPHVLQGLQGHQ$UFKLYHQ´ ³'LHVWU|VWHWPLFK9HUZDOWHU´PHLQWH*HUWKEHIULHGLJW'DHUXQGVHLQH0lQQHU QLFKWIUVLFKVHOEVWDUEHLWHWHQQDKPHQVLHPLWLKUHQ(U]HXJQLVVHQQLFKWDP 7DXVFKKDQGHOWHOO6LHYHUPRFKWHQQRFKQLFKW%RRWHJHJHQHLQ+DXV6FKHPHOJHJHQ 6FKODFKWWLHUHRGHU+RO]VFKVVHOQJHJHQ0LOFKXQG(LHUHLQ]XWDXVFKHQ$OVRPXWH *XEDOVLHHUQlKUHQNOHLGHQXQGXQWHUEULQJHQ=XGLHVHP=ZHFNWDXVFKWHGLH6WDGWPLW :LUJDEHQHLQHP:LUWHLQ+DXVGDVGLH³$OOJHPHLQKHLW´HUULFKWHWKDVWH'DIUDHQMHQH /HXWHEHLGLHVHP:LUW6FKRQDUEHLWHWHQ.DDSHUXQGLFKGDUDQ]XHLQHUHLQIDFKHQ)RUP YRQ*HOGZLUWVFKDIWEHU]XJHKHQ:LHGDVIXQNWLRQLHUHQVROOWHZDUXQVQRFKXQNODU ³:LHVWHKWHVPLWGHQ%DXKDQGZHUNHUQ1HE1HIHU"´IUDJWHLFK$V\UWD0DUD\H EHWUDFKWHWHXQVHUHZLFKWLJVWHQ0lQQHUPLWJHVSDQQWHU$XIPHUNVDPNHLW6LHVDKHLQHQ VFKODQNHQEUDXQKlXWLJHQ0DQQPLWNXU]HPVFKZDU]HP+DDUGHUVLFKOlVVLJLP IHOODXVJHVFKODJHQHQ6HVVHOUlNHOWHDP/HLQHQURFN]XSIWHXQGDQWZRUWHWHRKQHLQ VHLQHQ3HUJDPHQWHQQDFKVHKHQ]XPVVHQ ³(VVWHKWJXW*DXIUVW,FKKDEHDXVDOLHQZLFKWLJHQ+DQGZHUNHUQVHOEVWGHQ *lUWQHUQGUHL*UXSSHQJHPDFKW'LHHUVWHVRUJWIU0DWHULDOVWUHLFKW=LHJHOXQGEUHQQW VLHVWDPSIW.DONVWHLQXQGVRZHLWHU'LH]ZHLWHVRUJWPLW*HVSDQQHQ)lVVHUQXQG 7U|JHQIUGHQ7UDQVSRUW]XU%DXVWHOOH'LHGULWWHEDXWQDFKGHLQHQ3OlQHQ $KLUDP$FUDQ,QHLQLJHQ9LHUWHOPRQGHQKDEHLFKDOOH/HXWHDQGHQULFKWLJHQ6WHOOHQ,FK VSUHFKHPLWLKQHQOREHXQGVWUDIH:LUKDVWHQ]ZHLWDXVHQG0HQVFKHQMHW]WVLQGHV QRFK]Z|OIKXQGHUW'LHDQGHUHQVLQGEHLGHQ.DQlOHQ:HUGHQYRQGHQ%DXHUQ YHUSIOHJW´ 'DV0RGHOODXVUXQ]OLJHP/HKPXQG+RO]NO|W]FKHQ]HLJWHGD*XEDOVRJXWZLH IHUWLJZDU(VJDENDXPQRFKJURH$UEHLWHQZLHGHQ%DXGHV0DJD]LQVDEHUYLHOH NOHLQH'HQQZLUPXWHQIDVWEHUDOOHWZDV1HXHVHLQIKUHQ6HOEVWHLQHLQIDFKHU+HUG PXWHQDFKEHVWLPPWHQ0HUNPDOHQJHEDXWVHLQGDPLWHU]RJGDV%UHQQPDWHULDOJXW YHUZHUWHWHXQGGDV+DXVQLFKWQLHGHUEUHQQHQOLH,FKIUDJWH ³'LH0DJD]LQHVLQGYROO"´ 1HE1HIHUGHXWHWHPLWVSLW]HP=HLJHILQJHUDQGHPHLQIXQNHOQGHU5LQJVDDXI HLQHQVHLQHU6FKUHLEHU³$QWZRUWHGX´ ³+HUUDLOHVZDVGLH.DUDZDQHEUDFKWHLVWDQJHVHKHQZRUGHQ'LHJXWH:DUH ZXUGHYRQGHUVFKOHFKWHQJHWUHQQWDOOHVZXUGHDXIJHVFKULHEHQ'DV0DJD]LQLVW]XU +lOIWHYROOHVZLUGVWUHQJEHZDFKW-HGHU+DQGHOVPDQQZHLZDVHUEHVLW]W:DVZLU DXIGLH6FKLIIHYHUODGHQKDEHQZXUGHJHVFKULHEHQhEHUDOOZLUGJHKDQGHOW)DVWQXU 9LHK$XFK$UEHLWVVNODYHQIUGLH+DQGZHUNHUXQG%DXHUQVLQGGDUXQWHU´ ³:LHLVWGLH0HLQXQJGHU+DQGHOVNDSLWlQH0\URQ"´ 'LHHUVWH/DGXQJHLQHV+DQGHOVVFKLIIVZDUGHUNULWLVFKH3XQNW'HU.DSLWlQ ZXWHLQZHOFKHPIUHPGHQ+DIHQZHOFKH*WHUEHYRU]XJWDEJHVHW]WZHUGHQNRQQWHQ 'LHVH*WHUGDUXQWHUKDQGZHUNOLFKJHVFKLFNWH6NODYHQZDUHQDXIGLH6FKLIIHDXV .HIWLXJHODGHQZRUGHQ6RODQJHZLUNHLQHHLJHQH6HHIDKUHUNXOWXUDXIJHEDXWKDWWHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

PXWHQZLUGDV5LVLNRIUXQVHUH:DUHQGHQIUHPGHQ.DSLWlQHQDXIEUGHQXQG HLQNDONXOLHUHQGDGDV6FKLIILQXQVHUHP'LHQVWNHQWHUWHRGHUJHNDSHUWZXUGH(UVW ZHQQHLQ.DSLWlQEHLXQV:DUHQNDXIHQNRQQWH²RGHUWDXVFKHQ²ZDUGLH 9RUDXVVHW]XQJIUVFKZXQJYROOHQ+DQGHOJHVFKDIIHQ-HGHQIDOOVKDVWHQDOOHDQGLHVHP ]|JHUQGHQ+DQGHO%HWHLOLJWHQHPEHPHUNHQVZHUWHV*HVFKLFNJH]HLJW'LH%g6(6 $8*(XQGGLH+$53<,$,MHGHQIDOOVZDUHQDXVGHP+DIHQJHUXGHUWXQGGDYRQJHVHJHOW 8QVHUHUVWHU9HUVXFK ³:LHJHKW¶V6LUHQPLWGHU+HUEHUJHGHU.DUDZDQHQ"´ :LHGHUODFWDWHGHU)UHXQG(UZDUHLQWUHIIOLFKHV%HLVSLHOIU7DUQXQJ6HLQ GLFNOLFKHU.|USHUYHUEDUJ.UDIWXQG:HQGLJNHLWGDV*HQLHHUJHVLFKWYHUGHFNWHGHQ EOLW]VFKQHOOHQ9HUVWDQGHLQHV0DQQHVYRQYLHU]LJ-DKUHQGHUYLHOJHVHKHQXQGHUOHEW KDWWH ³:LUVLQGLP%DX)UDJ1HE1HIHUVHLQH/HXWHDUEHLWHQZLHGLH%HVHVVHQHP 'HQQZLUEUDXFKHQYLHO3ODW]IU7LHUH*HVSDQQH:HUNVWlWWHQXQG6FKODIUlXPH'LH +HUEHUJHLVWIHUWLJ´ $XHUKDOEGHV/DQGWRUHVHQWVWDQGGLHVH'UHKVFKHLEH'RUWNRQQWHQGLH 0HQVFKHQVFKODIHQXQGHVVHQHVJDE:DVFKJHOHJHQKHLWHQ)HXHUVWHOOHQHLQH:DFKH ZDUYRUKDQGHQXQGHLQ6FKUHLEHUDFKWHWHGDUDXIGDQLHPDQGEHWURJXQGGLH6WDGW LKUH$EJDEHQHUKLHOW$V\UWDVFKLHQJHQXJJHK|UW]XKDEHQ6LHPXWHDXFKHUNHQQHQ GDVLFKGHU)OHLHLQLJHU7DXVHQGHULQHLQHPKDOEHQ-DKUJHORKQWKDVWH6LHJDE1HLW DTHUHLQ=HLFKHQ:HLQHLQ]XVFKHQNHQ ³,FKVHLQHGDHVJXWXP*XEDOVWHKW´VDJWHVLHODXW³1XQNRPPWGHU:LQWHU :LUZHUGHQXQVHUH$UEHLWHQDXIV,QQHUHGHU+lXVHUOHQNHQPVVHQ(VZlUHULFKWLJ ZHQQZLULQODQJHQ1lFKWHQYHUVXFKHQ0DH0HQJHQXQG3UHLVHHLQKHLWOLFK]X PDFKHQ(LQ]ZHLWHV3URELHPVHLQHLFKGDULQGDZLU]XYLHOH0HQVFKHQKDEHQGDYRQ ]XZHQLJHJXWH+DQGZHUNHU´ &KHSHUNORSIWHPLWGHPNXSIHUQHQ$UPEDQGDQGHQ7RQEHFKHUXQGPDFKWHPLW GHPJORFNHQlKQOLFKHQ*HUlXVFKDXIVLFKDXIPHUNVDP ³'LH/2%PX]XUFNVHJHOQ,FKNDQQ]ZDQ]LJMXQJH0lQQHUPLWQHKPHQXQG LKQHQGDV6HHKDQGZHUNEHLEULQJHQ*XWHU9RUVFKODJ"´ ³$XVJH]HLFKQHW´VDJWHLFK³'XQLPPVWGHQ7ULEXWPLWXQGEULQJVW%LQVHQEOlWWHU IUGLH6FKUHLEHU]XUFN"´ &KHSHUQLFNWH*HVWHUQKDVWHHUVHLQHQ%DUWJHVWXW]W(UZDQGWHVLFKDQ*HUWK XQGIUDJWH ³:DQQVLQGGLHYLHOHQ$XVEHVVHUXQJHQDQPHLQHPVFK|QHQ6FKLIIHQGOLFK IHUWLJ"´ 0LWJURDUWLJHU*HElUGHJULQVWHLKQGHU.UFNHQPDFKHUDQ ³,Q%lOGH´VDJWHHUODNRQLVFK ³:HLOQlPOLFK´VSRWWHWH&KHSHUJULPPLJ³/|FKHULP6FKLIIGLH6HHIDKUW QDFKKDOWLJEHKLQGHUQ´ *HUWKVFKZHQNWHGURKHQGVHLQHQ'UHL]DFNLQ&KHSHUV5LFKWXQJ(UJULIIQDFK GHPJHIOOWHQ%HFKHUXQGVDKPLFKDQ ³:LUVROOWHQZLUNOLFKHLQ=DKOXQJVPLWWHOHUILQGHQGDPLWLFKIUPHLQH:HUWDUEHLW JHEKUHQGEHORKQWZHUGH´ ³:HQQLFKHLQPDOHLQH.UFNHEUDXFKHZHUGHLFKVLHLQVFKLHUHP*ROG EH]DKOHQ´VDJWH&KHSHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³:LUZHUGHQDOOH1RPDGHQLKUH)UDXHQXQG.LQGHUDXIGHP/DQGEHVFKlIWLJHQ 'RUWZRHVDXI$UEHLWVOHLVWXQJDQNRPPW6LHVROOHQ.DQlOHZHLWHUWUHLEHQXQG/DQG QHKPHQZRHVQRFKNHLQH%HVLW]XQJHQJLEW´ ³'DVGHQNHLFK´PHLQWH.DDSHU³LVWHLQ9RUVFKODJGHUDXFK$PHQHPKHW DQJHQHKPLQGHQ2KUHQNOLQJHQZLUG´ -HW]WKDVWHGLH6WDGW:DFKVWXPVSUREOHPH=XYLHOH0HQVFKHQKDWWHQDXILKUHU )OXFKWYRUGHU:VWHWULHUKDOWJHPDFKW0LQGHVWHQVGLH+lOIWHPXWHPKVDPDQJHOHUQW ZHUGHQ)UHLQIDFKH$UEHLWHQKDVWHQZLUJHQJHQG.UlIWH,QGLHVHP:LQWHUZUGHQ DOOH9RUKDEHQ]X(QGHJHIKUWGLHYRQNOHLQHQ*UXSSHQEHDUEHLWHWZHUGHQNRQQWHQ 6HLOHIOHFKWHQ+RO]NRKOHEUHQQHQ6FKQLW]DUEHLWHQ=LHJHOEUHQQHQGDV3|NHOQYRQ 6FKLQNHQ%HDUEHLWXQJGHU)HOOH8PVHW]HQYRQ%lXPHQ.DONHQGHU,QQHQUlXPHXQG +lXVHU]DKOORVHDOOWlJOLFKH'LQJHGDVHLJHQWOLFK:LFKWLJHLP/HEHQ'DV3UREOHPGLH 6NODYHQ]XIUHLHQ%UJHUQ]XPDFKHQVWHOOWHVLFKHUVWVSlWHU ³,FKKDEHEHJULIIHQ*XEDOKDWDOVRNHLQH6RUJHQPHKUGLHQLFKW]XEHZlOWLJHQ ZlUHQ"´IUDJWH$V\UWD6LHNDQQWHLQHLQHU7DJHVIDKUWXPXQVHU+DXVDOOHVZDV HUQHXHUWZLHGHUDXIJHEDXWRGHUQHXJHEDXWZRUGHQZDU$EHUMHGHUZXWHGDHVVLFK OHLFKWXQGJXWOHEHQOLHLQXQGXP*XEDO%\EORV²ZHQQHVNHLQHQ.ULHJJDE,FKQLFNWH .DDSHUXQG$V\UWD]X ³'LHVKDEHLFKJHVFKULHEHQ´.DDSHUGHXWHWHNXU]DXI&KHSHU³'HU.DSLWlQZLUG HVPLWGHU/2%'(6+(556&+(56]XUFNEULQJHQ´ ³-HGHUYRQXQVKDWGLH0DFKW´VDJWHLFKQDFKGHQNOLFKXQGQLSSWHDP:HLQ ³%HIHKOHDXV]XVSUHFKHQXQG$QRUGQXQJHQ]XJHEHQ-HGHUZLUGLQGHQQlFKVWHQ 0RQGHQWlJOLFKQDFKVHKHQSUIHQOREHQWDGHOQXQGRIWDXFKVWUDIHUPVVHQ²ZLH ELVKHU)UHXQGH:LUKDEHQHLQHQIU|KOLFKHQ:LQWHU´ ³$QPLUVRLOHVQLFKWOLHJHQ´PHLQWH$V\UWD³,FKKDEHHVOHLFKWHU6LHNRPPHQ]X PLUZHQQVLH6RUJHQKDEHQ$OOHRKQH$XVQDKPH´ ³'DVLVWPHKURGHUZHQLJHUEHLMHGHPVR6HOEVW]XPLU]X1HE1HIHUVRJDU]X 6LUHQNRPPHQVLH´ 'DVVDJWH.DDSHUGHUEHVWH0DQQLQ*XEDO(UZDUQLFKWVHKUJHVSUlFKLJHLQ YHULQQHUOLFKWHU7\SGHULQ*HVHOOVFKDIWXQGXQWHUGHU(LQZLUNXQJYRQ:HLQPLWXQWHU KHLWHUH6SUFKHPDFKWH(UKDVWHVLFKWDXVHQG)UDJHQJHJHQEHUJHVHKHQGLHIULKQ VFKZHU]XEHDQWZRUWHQJHZHVHQZDUHQ-HGH$XIJDEHKDVWHHUJHO|VW ³(LQHVKDEHQZLUQRFKQLFKWEHGDFKW´VDJWH&KHSHU]XP6FKOX³(VZHUGHQ PHKU6FKLIIHKLHUKHUNRPPHQ'LH+$53<,$,XQGGLH%26(6$8*(ZDUHQGLHHUVWHQ (ULQQHUWHXFKGD$V\UWD0DUD\HYRQ]ZHLKXQGHUW.DSLWlQHQVSUDFKPLWGHQHQVLH +DQGVFKODJ9HUWUDJHJHVFKORVVHQKDW´ ³'DIUVLQGZLUJHUVWHW´VDJWHQGHU.UFNHQPDFKHUXQG1HE1HIHUZLHDXV HLQHP0XQG,FKVWDQGDXIXQGGHXWHWHDXIGDV0RGHOO ³:LUZHUGHQGHQ:LQWHUEHUVWHKHQ:HQQZLULP6RPPHU*XEDOXQGGDV 8PODQGDQVHKHQZLUGHVVLFK]XP*XWHQYHUlQGHUWKDEHQ:LUKDEHQPLW6WHLQJHEDXW XQG%lXPHJHSIODQ]W%LVGLH6lXOHQXQVHUHU6WDGWQLHGHUJHEURFKHQVLQGYHUJHKHQ -DKUKXQGHUWH:LUN|QQHQDQDQGHUHQ2UWHQQHXH6WlGWHJUQGHQ´ ³6RVRLOHVVHLQ´EHNUlIWLJWH.DDSHU³8QGHLQHQ7HPSHOZHUGHQZLUDXFK EDXHQ'RUWZRGHUDOWH7HPSHOGHU%DDODWVWDQG´ /DQJHU5HJHQ6WXUPKRKH:HOOHQQDVVH0DXHUQXQGJHIOOWH.DQlOH IODFNHUQGH)HXHULP.DPLQNXU]H7DJHXQG1lFKWHLQGHQHQGLH6WHUQHQLFKW]XVHKHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ZDUHQ'HU0RQGZHFKVHOWHODQJVDPVHLQ*HVLFKW0HQVFKHQZXUGHQJHERUHQDQGHUH VWDUEHQ6FKLIIHOHJWHQDQXQGIXKUHQKLQDXVRGHUIOFKWHWHQVLFKYRU6WUPHQLQ XQVHUHQ+DIHQ:LQWHU(UEUDFKWH1lVVH.lOWHXQG%HVLQQOLFKNHLW/DQJHZHLOHIUXQV EUDFKWHGHU:LQWHUQLFKW'LHIHUQHQ*LSIHOGHU%HUJHKLQWHUGHQ=HGHUQKJHOQ EHU]RJHQVLFKPLW6FKQHHXQG(LV(VZDUHLQ$EHQGDQGHPGHU:LQGDQGHQ VFKZHUHQ/lGHQUWWHOWHXQGLP.DPLQKHXOWH'RSSHOWH9RUKlQJHDXVGLFNHP ZROOHQHP6WRIIPLWEHVWLFNWHQ%RUWHQYHU]LHUWEDXVFKWHQVLFKZLHGHUGDQQ]LWWHUWHQGLH )ODPPHQGHUgOODPSHQGDV)HXHUHQWOLHHLQHQ6FKDXHUNQLVWHUQGHU)XQNHQLUJHQGZR NUDFKWHHLQH7U:LUZDUHQDOOHLQ$OVLFKPLFKDQGLHZDUPH0DXHUQHEHQGHP.DPLQ OHKQWHXQGGDVVHLGLJH/DPPIHOOEHUPHLQH6FKXOWHUQ]RJVDJWH$V\UWDIOVWHUQG ³:LUZLVVHQQLFKWZDV(6YRUKDWQLFKWZDKU$WODQ"´ ,FKVFKWWHOWHGHQ.RSIXQGIKOWHPLFKSO|W]OLFKQDFKODQJHQ7DJHQGHU =XIULHGHQKHLWXQUXKLJXQGJHVSDQQW ³1HLQ0LUEHIDKO(6HLQ6FKLII]XEDXHQJU|HUXQGEHVVHUDOVDOOH'HU .UFNHQPDFKHUKDWGLH(QWZUIH(LQH0DQQVFKDIWVRLO]XXQVVWRHQVDJWH(6:R]X ZDQQZDUXPLFKZHLHVQLFKW(VEDKQWVLFKHWZDVDQ(LQH'URKXQJRGHUHLQH *HIDKU´ 'XVROOWHVWKlXILJHUGDUDQGHQNHQ$UNRQLGHZDUQWHGHU/RJLNVHNWRU'LH )ODPPHQGHUVFKQDEHOI|UPLJHQgOODPSHQOLHHQDXIGHP*HVLFKWXQGGHQQDFNWHQ 6FKXOWHUQ$V\UWDV/LFKWUHIOH[HWDQ]HQ6LHKDVWHLKU+DDUXPHLQLJH+DQGEUHLW VFKQHLGHQOHVVHQMHW]WUHLFKWHHVELV]XGHQ$FKVHOQ,FKJDELKUGHQVLOEHUQHQ%HFKHU 3O|W]OLFKPLWWHQLP*HVSUlFKHUJULIIXQVHLQH/lKPXQJ,FKHUNDQQWHGXUFKLKUH 5HDNWLRQHQGDDXFK$V\UWDGDYRQEHIDOOHQZDU(VZDUZLH$WHPKROHQYRUHLQHP JHZDOWLJHQ6FKUHL'DQQHUVFKROOLQXQVHUHQ*HGDQNHQGDVJUlOLFKH/DFKHQGHV .ROOHNWLYZHVHQV ³,KUKDEWUDQJHJHQXJLQ8QJHZLKHLWJHOHEW,FKKDEHHXFKJHZHFNWKLHUKHU JHEUDFKWDXVJHUVWHWXQGPLWHLQHPNODUGHILQLHUWHQ$XIWUDJYHUVHKHQ,FKPHUNHGD GLHNDQDDQlLVFKHQ0HQVFKHQEHJLQQHULKUHQHXH5ROOHLQGHU]LYLOLVDWRULVFKHQ (YROXWLRQ]XEHJUHLIHQ:HQQJHQJHQG6FKLIIHKLQXQGKHUVHJHOQZLUGGLHVH (QWZLFNOXQJ]XHLQHP+|KHSXQNWIKUHQ 'LU$UNRQLGHGHPXQIUHLZLOOLJHQ+HOIHUGHV3ODQHWHQKHOIHLFKXQGGXZLUVWPLU KHOIHQ$XI:DQGHUHUPHLQHU([SHULPHQWLHUZHOWEDKQWVLFKHLQHQWVFKHLGHQGHU 9RUJDQJDQ8QVHU3ODQHWZLUGEHGURKWZHUGHQ'XZLUVWPLWHLQHUHQWVFKORVVHQHQ 0DQQVFKDIWEHUOHJHQHU$XVUVWXQJXQGGHP6FKLIIGDVGHU.UFNHQPDFKHUNXQVWYROO EDXHQZLUGVHJHOQXQGNlPSIHQ,FKZHLQLFKWZDQHLFKZHUGHHVGLUVDJHQ ,UJHQGZRDXIGHP3ODQHWHQZLUGGLH*HIDKUDXIWUHWHQ6LHLVWLQGHU/DJH/DUVDI'UHL]X YHUQLFKWHQ9LHOOHLFKWUXIHLFKGLFKPRUJHQYLHOOHLFKWHUVWLQHLQHP-DKU%LV]XGLHVHP =HLWSXQNWVROOWLKUDOOHVWXQXP*XEDOXQGGDV/DQGELV]XVHLQHQ*UHQ]HQIUHLXQG VWDUN]XPDFKHQXQGXQDEKlQJLJ$OOHVZDVLKUHUILQGHWZLUGPLW6FKLIIHQDQDOOH .VWHQGHV2EHUHQ0HHUHVJHEUDFKW(VLVWZLFKWLJGDLKUYRUEHUHLWHWVHLG,FKZHL GDLKUPLFKKDVVHQZHUGHWZHOOLFKHXUH(ULQQHUXQJHQPDQLSXOLHUH´ :LHGHUHUW|QWHGLHVHVODXWORVH*HOlFKWHUGDVPHLQH1HUYHQPDUWHUWH$V\UWD VDKPLFKVWDUUDQ6LHHUIXKUJOHLFK]HLWLJYLHOOHLFKWLQDQGHUHQ:RUWHQGLHJOHLFKHQ :DKUKHLWHQ9LHOOHLFKWVSUDFK(6JOHLFK]HLWLJDXFKPLW&KHSHU.DDSHURGHU1HE1HIHU :LHGHUEHUVWU|PWHXQVQDFKHLQHP/DFKHQHLQHVWDUNH)OXWQHXHU*HGDQNHQ %LOGHUXQG(LQGUFNH(6PDQLSXOLHUWHEOLW]VFKQHOOXQGPLWWHXIOLVFKHUhEHUOHJHQKHLW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6lPWOLFKH)UDJHQGLHVHLW$V\UWDVXQGPHPHP$XIZDFKHQHQWVWDQGHQZDUHQZXUGHQ LQHLQHPODQJHQ%DQGEHWlXEHQGHLQGULQJOLFKHU%LOGHUEHDQWZRUWHW:LUHUOHEWHQGHQ :HJGHU:XQGHUEDUHQ.DUDZDQHXQGGHQODQJHQ6RPPHUDP6WUDQGPLWK|UWHQGLH %HIHKOHGHV*RWWN|QLJV$PHQHPKHW%DXXQG$XIOEUXFKGHU/2%'(6+(556&+(56 ZLUHUNDQQWHQGD*XEDOJHEDXWXQGRUJDQLVLHUWZHUGHQPXWHXP$V\UWDXQGPLUHLQH VLFKHUHXQGJHVFKW]WH+HLPDW]XJDUDQWLHUHQ'DV=LHOGHILQLHUWH(6QLFKWVFKDUI JHQXJDEHUDP(QGHGHU(QWZLFNOXQJVWDQGHLQ9|ONFKHQGDVHQWODQJGLHVHU.VWH ZRKQHQXQGVLFK]XHLQHU1DWLRQHUIDKUHQHU6FKLIIVKlQGOHUHQWZLFNHOQVROOWH(6 EHUPLWWHOWHXQVHLQHQ$XVEOLFNDXIGLHQlFKVWHQ-DKU]HKQWH ,KUN|QQWGLHVHQ3ODQEHUEOLFNHQRKQHHXFKPHLQHHLQ]LJHQZLUNOLFKHQ+HOIHU GLHDPJURHQHQGJOWLJHQ0RVDLNGHU*HVFKLFKWH6WHLQFKHQXP6WHLQFKHQVHW]HQ QlKPHGDV6FKLFNVDOXQ]lKOLJHU0HQVFKHQHLQHQDQGHUHQ/DXI,FKGURKHHXFKQLFKW PLW=ZDQJXQGDOOHLQVFKRQGLHSRWHQWLHOOH8QVWHUEOLFKNHLW$UNRQLGHZLUGGLUKHOIHQ PLFKXQGGLH0HQVFKHQGLHVHUEDUEDULVFKHQ:HOW]XXQWHUVWW]HQ (6VFKZLHJGLH/lKPXQJO|VWHVLFK$V\UWD0DUD\HXQGLFKVDHQPLW JHVFKZlFKWHQ*OLHGHUQXQG]LHOORVHQ*HGDQNHQGD1XUGDV.QDNNHQXQG.QLVWHUQGHV EUHQQHQGHQ+RO]HVXQGXQVHUHVFKZHUHQ$WHP]JHZDUHQ]XK|UHQ,FKOHJWHGLH +DQGDXIGHQ=HOODNWLYDWRUGHP3HU$R6LHJHODXV*ROG/DSLVOD]XOLXQG(GHOVWHLQHQ 9RP*HVFKHQNGLHVHUNRVPLVFKHQ,QWHOOLJHQ]JLQJHQZlUPHQGHEHUXKLJHQGH .UDIWVWU|PXQJHQDXV,FKWDVWHWHQDFKGHP:HLQSRNDOXQGKRELKQPLW]LWWHUQGHQ )LQJHUQ ³:LHGHUHLQPDOKDWXQV(6GLH:DKUKHLWJH]HLJW:LUVLQGXQGEOHLEHQVHLQH 6|OGQHUVHLQH0DULRQHWWHQ´ ³:LUVLQGGLH0lFKWLJHQGHV+DIHQVXQGGHU6WDGW´$V\UWDVFKWWHOWHODQJVDP GHQ.RSIXQGVDKGHQ)XQNHQZLUEHOQ]X³:LUKDEHQDOOHVZDVZLUXQVZQVFKHQ,Q :LUNOLFKNHLWVLQGZLUGLHIUHLHVWHQ0HQVFKHQGLHVHU:HOW$WODQ´ ³'DVPDJKDOEZHJVULFKWLJVHLQ´,FKSDFNWHGHQ3RNDOPLWEHLGHQ+lQGHQXQG QDKPHLQHQWLHIHQ6FKOXFN³(6KlOWXQVXQIUHL)UHLVLQGZLUQXUUHFKWVXQGOLQNVVHLQHV YRUJHVFKULHEHQHQ:HJHV´ ³'HQQRFK/LHEVWHU´,KU/lFKHOQZDUVHOEVWVLFKHUXQGVWUDKOHQGXQGLKUH hEHU]HXJXQJVNUDIWVWHFNWHPLFKDQ³,FKKDEHVHLWGLH/2%LQGLH6WU|PXQJGHV-RWUX JLQJQLFKWHLQHQ+HU]VFKODJIDQJGDV*HIKOJHKDEWHLQH6NODYLQXQVHUHV0HLVWHUV]X VHLQ´ ³'DVZLUGVLFKlQGHUQZHQQ(6VHLQH/HJLRQlUHZLHGHULQGHQ.DPSIVFKLFNW´ ³.DQQVWGXZLUNOLFKHWZDVGDJHJHQWXQ"´ ,FKVFKWWHOWHGHQ.RSI ³'DQQIJHGLFKGUHLQ*DXIUVW$KLUDP$FUDQ'HQQWDWVlFKOLFKELVWGXHLQIUHLHU XQGPlFKWLJHU0DQQGHUNOJVWH0DQQUXQGXPDQGHQ.VWHQXQGLQGHQ6WlGWHQ´ ³9HUJLGLH+|KOHQXQG6WUlQGHQLFKW´(LJHQWOLFKKDVWHVLHUHFKWGLH VFKRFNLHUHQGH(ULQQHUXQJVIOXWKDVWHPLFKEHUHPSILQGOLFKXQGXQJHUHFKWJHPDFKW,FK VDKHWZDLP*HJHQVDW]]XGHQ-DKUHQDQ0HQL1DUPHUV6HLWHNHLQHQHLJHQWOLFKHQ 6LQQIUPLFK,FKSODQWHRKQHWLHIHhEHU]HXJXQJUHDJLHUWHVWDWVHQWVFKORVVHQ]X KDQGHOQXQGHUNDQQWHPLFKQXUGDQQZLHGHUZHQQLFKHLQH$XIJDEH]XPHLQHUHLJHQHQ 6DFKHPDFKWH6ROOWHLFKPLFKEHZXWVWlUNHUDXVVFKOLHOLFKHUHLQVHW]HQ",FKVWHOOWH GHQ3RNDOKDUWDXIGHQ7LVFKGHU/RJLNVHNWRUVDJWHPLW%HVWLPPWKHLW'XZUGHVWGLU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XQGGHLQHU*HOLHEWHQGDPLWQW]HQ$UNRQLGH/DGLHXQEHNDQQWH*HIDKUYRQGHU(6 VSUDFKQLFKWDXVGHQ$XJHQ ,FKVWDQGDXIVWW]WHPLFKVFKZHUDXIGLH7LVFKSODWWHXQGVDJWHKDOEODXW ³:LUZHUGHQEDOGVHKHQZLHGQQXQGIDQJXQVHUH6NODYHQNHWWHQVLQGVFK|QVWH )UHXQGLQ0HLQHLQ]LJDUWLJHU)UHXQG5LDQFRU5HFKPHKDWGLH,QYHQWXUGHVHUVWHQ )ORWWHQVLORVDEJHVFKORVVHQXQGEHPHUNHQVZHUWH*HUlWVFKDIWHQJHIXQGHQ$XFKGHP :LQWHUHQWNRPPHQZLUEDOGDXIOLVWLJH:HLVH´ 'XUFKGLH6SDOWHQGHU/lGHQXQGGLHVFKZHUHQ9RUKlQJHVLFNHUWHGHUHUVWH /LFKWVFKLPPHUGHV0RUJHQV$V\UWDEOLFNWHVFKZHLJHQGLQWLHIHP8QYHUVWlQGQLVLQ PHLQH$XJHQ,FKJULIIQDFK$V\UWDV+DQGXQG]RJGLHMXQJH)UDXDQPLFK,FKIOVWHUWH ³:DUW¶VDWH(UVWHLQPDOVFKODIHQZLUXQVDXV´,FKKREGLHNOHLQH7UXKHLQGHU VLFK6FKUHLEPDWHULDOXQG7XVFKHQEHIDQGHQYRP7LVFKXQGQDKPVLHXQWHUGLH$FKVHO ³:HQQLQ*XEDOUHJQHULVFKHU:LQWHUKHUUVFKWJOKWDQGHUQRUWVGHU6DQGYRUGHU %UDQGXQJ´ (LQH6WXQGHVSlWHUKDVWHLFKPLW5LFRMHGH(LQ]HOKHLWDEJHVSURFKHQGLHLQQHUH )Ol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|HUXQJHQXQGYHUZDQGHOWHVLFKLQHLQHQ%DXSODQDXV HLQIDFKHQ/LQLHQLQYLHOHQ)DUEHQXQG6WlUNHQ,FKJULIILQGLH)HLQVWHXHUXQJXQGIJWH 0DVWHQ5DKXQG6WHXHUKLQ]X]HLFKQHWH7DXZHUNXQGHLQLJH]XVlW]OLFKH(P]HOKHLWHQ GDQQPDUNLHUWHLFKHWZDIQI]LJ3XQNWH ³+LHUKHUJHK|UHQ%HVFKOlJHGLHDXVVHKHQPVVHQDOVZlUHQVLHDXV%URQ]H´ HUOlXWHUWHLFK5LFRQLFNWHXQGVFKZLHJ³:LHVLHJHERJHQXQGJHIUDVWZHUGHQPVVHQ ZHOFKH)XQNWLRQVLHKDEHQNDQQVWGXDXVHLQHU8QPHQJHVROFKHU%LOGHUKHUDXVILQGHQ 8QVHUH0DVFKLQHQVROOHQ6WDKOEHVFKOlJHKHUVWHOOHQGLHDPPHLVWHQEHODVWHWHQ7HLOH PHKUIDFKXQGDOOHPVVHQDXVVHKHQDOVZlUHQVLHDXV%URQ]H.ODU"´ ³'XUFKGHQ7UDQVPLWWHULQHLQHP0RQGLQGHLQ+DXVOLHIHUQ*DXIUVW$KLUDP"´ IUDJWHGHU5RERWXQGJULQVWHZLHHLQNOXJHU5RPHW,FKVWDQGDXIXQGVDJWH³=XVDPPHQ PLW7DXZHUN(UVDW]WDXZHUNXQG6WRIIIUGDV6HJHO´ ³,FKXQGXQVHUH0DVFKLQHQJHKRUFKHQ0DQQ]XU5HFKWHQ$PHQHPKHWV´ ,FKWLSSWHPLWGUHL)LQJHUQDQGLH6WLUQXQGZLQNWH5LFRLQGLH=HQWUDOH³1XUGHU JXWHQDUNRQLGLVFKHQ2UGQXQJKDOEHU:DQQZDUGLH.DUDZDQHGHU:XQGHU"´ (UDQWZRUWHWHRKQHHLQHVGHU]DKOUHLFKHQ3XOWHRGHU7HUPLQDOVEHQW]HQ]X PVVHQ ³-DKUHQDFK8QWHUJDQJYRQ$WODQWLVLP-DKUGUHLXQGYLHUGHVJRWWJOHLFKHQ $PHQHPKHW-DKUHQDFKGHPGXMHQHVVHOWVDPH%DXZHUNYRQ.QRVVRV IHUWLJJHEDXWKDWWHVW´ ,FKGUHKWHGHQ.RSIXQGEHWUDFKWHWHGLH=DKOHQXQWHUKDOEGHUODXIHQGHQ=LIIHUQ GHV&KURQRPHWHUV$EJHVHKHQYRQGHQ6XPHUQ6FKXPHUHUQXQG$NNDGHUQDQ,GLJODW XQG%XUDQXQEHVDHQGLH5RPHWGDVHLQ]LJEUDXFKEDUH.DOHQGHUV\VWHP6LH]lKOWHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

JHJHQZlUWLJGDV-DKUYLHU]HKQ$PHQHPKHW18Y$,FKOLHPLFKLQPHLQHQ 6HVVHOIDOOHQXQGKREGHQ.RSI]XU3ODQHWDUHQ.DUWH=XHUVW]RJLFKGLH9HUJU|HUXQJ GHV%LQQHQPHHUHVGHV*URHQ*UQHQGHV1|UGOLFKHQ2]HDQVRGHUHV2EHUHQ 0HHUHVLFKZUGHHVZHQLJHUHLQIDOOVUHLFK0LWWHOPHHUQHQQHQ5LFRHUJlQ]WHXQG HUVHW]WHVHLW-DKU]HKQWHQXQXQWHUEURFKHQHLQ]HOQH%LOGDXVVFKQLWWHGXUFKDNWXHOOH +|KHQDXIQDKPHQ,FKPXVWHUWHGHQ.VWHQVWUHLIHQGHULQ1RUG6G5LFKWXQJYHUOLHI XQGLQGHVVHQ0LWWH*XEDO]XVHKHQZDU(LQHJHVWRFKHQVFKDUIHGXUFK 0RPHQWDXIQDKPHQHUVWDUUWHQ/HEHQV6RQQHQOLFKWXQG6FKDWWHQJHUDGH]XIDV]LQLHUHQG EHU]HXJHQGH'DUVWHOOXQJELVKLQDXV]XGHQ)HOGHUQXQGGHQ5DQGGHU=HGHUQZlOGHU ,FKGUHKWHPLFK]X5LFRKHUXPGHUDXVGUXFNVORVZDUWHWH ³0HLVWHUGHU/LQVHQ2EMHNWLYHXQG%HODXVFKXQJHQ9RQ-DKUKXQGHUW]X -DKUKXQGHUWOHLVWHVWGXPHKUZLUVWGXEHVVHUXQGGHLQH%DUEDUHQlKQOLFKNHLWEHUVWHLJW RKQHKLQMHGHVYHUQQIWLJH0D'DVDOVRLVWGDV6SLHOIHOGDXIGHP(6GLHVHHWFKWLJHQ 1DFKIDKUHQGHUNDQDDQLWLVFKHQ1RPDGHQEHZHJW]XVHKHQZQVFKW'XNHQQVWGLH GUIWLJHQQDYLJDWRULVFKHQ0LWWHOXQVHUHU=HLW6WHUQH6RQQH:LQG*HUFKH 6WU|PXQJHQXQGXQYRUVWHOOEDUJURH%HUHLWVFKDIWDOOHVDXVZHQGLJ]XOHUQHQ6WHOOYRQ DOOGHPDOLHQ.VWHQDXFK|VWOLFKXQGZHVWOLFKGLHVHU6WDGWEUDXFKEDUH.DUWHQKHU 'LH%HVFKOlJHDXVIDOVFKHU%URQ]HVLQGLUJHQGZDQQYHUURVWHWXQGDXFKGLHVH.DUWHQ VROOHQQLFKWOlQJHUDOVHLQSHDU-DKU]HKQWHEHUOHEHQ,FKELQVLFKHUGXKDVWJHQDX YHUVWDQGHQZDVGLH8PVWlQGHHUIRUGHUQ"´ ³OFKIUFKWHMD´5LDQFRU5HFKPHKROWHEHU]HXJHQG$WHPXQGEUDFKWHHVIHUWLJ KDOEZHJVEHOHLGLJWDXV]XVHKHQ(V]HUULPLFKLQQHUOLFKIDVWYRU/DFKHQ³,QDOOGHQ 18Y$-DKUHQVHLWGXGHQHQWVFKHLGHQGHQ%HIHKOJHJHEHQKDVWELQLFKVFK|QHUXQG OHLVWXQJVIlKLJHUJHZRUGHQDEHUQLFKWEO|GHU*HELHWHU,FKKDEHVlPWOLFKH9RUUlWH 0DJD]LQLQKDOWHXQG0DVFKLQHQXQVHUHVhEHUOHEHQV]\OLQGHUVNRQWUROOLHUW,FKNDQQPHKU DOVIQI]HKQ6SUDFKHQ8QWHUPHLQHU/HLWXQJLVWMHGHV6FKUlXEFKHQGHLQHURGHUFXUHU $XVUVWXQJHQWVWDQGHQDXFKGHUXQI|UPLJH*OHLWHULQGHPGXR+HUUVFKHUYLHOHU VWUDQGQDKHU6FKUHLEXQNXQGLJHU7HLOHGHLQHV:LQWHUV]XYHUEULQJHQJHGHQNVW0HLQH 5RERWWLHUHVLQGPHLVWHUOLFKH:HUNHGHU0HFKDQLNXQG3RVLWURQLN,FKVWHXHUH XQ]lKOEDUH6RQGHQXPGLHVHQ3ODQHWHQ:LH$KLUDP$FUDQVRLOLFKGLUGDUEHUKLQDXV EHZHLVHQGDGLHSHUVRQLIL]LHUWH*DUDQWLHIUGHLQhEHUOHEHQLQ3UXQNXQGPLW JHQJHQG5RWZHLQGDV6WDGLXPDUNRQLGLVFKHU)ORWWHQURERWVXPNRVPLVFKH (QWIHUQXQJHQYHUODVVHQKDW"´ ,FKVDKVFKZHLJHQGLQVHLQHJURHQ2SWLNHQLKU9RUELOGVFKLHQHQGLH$XJHQ HLQHUPlQQOLFKHQ$QWLORSH]XVHLQ'DQQVWDQGLFKDXIXPDUPWHLKQXQGVDJWHHKUOLFK EHWURIIHQXQGEHU]HXJWWURW]GHPLQQHUOLFKDP5DQGHLQHVNUHLVFKHQGHQ*HOlFKWHUV ³'XEUDXFKVWQLFKWVPHKU]XEHZHLVHQ5LFR'XELVWGHUEHVWHSHUIHNWHVWHXQG NOJVWH5RERWHUGHVJDQ]HQ3ODQHWHQ,FKVFKlW]HGLFKZLHPHLQHQ%UXGHUGHQLFKQLH KDVWH²ZRLVW$V\UWD"´ ³,QLKUHQ3UXQNJHPlFKHUQ6LHOlWVLFKEHGLHQHQVWDWLRQlUH5RERWFRSKHQ EHVHLWLJHQ0LWHVVHU+DXWXQUHLQKHLWHQXQGHLQJHZDFKVHQH1lJHO6LHZQVFKWQLFKW JHVW|UW]XZHUGHQ´ &RSKHQ"IUDJWHGHU/RJLNVHNWRU,FKKREGLH6FKXOWHUQEDW5LFRXPHPHQ.UXJ GQQHV%LHUXQGOLHZlKUHQGLFKHLQH6SLRQVRQGHEHUGDV0HHU]XP+DSLGHOWDXQG VWURPDXIZlUWVMDJWHDXIHLQHPNOHLQHQ0RQLWRUPHLQH%HGDUIVOLVWHODQJVDPDEODXIHQ $OV5LFRPLWGHP%LHUNDPVDLFKGDXQGEHWUDFKWHWHVLQQHQGPHLQHJHVSOLWWHUWHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

DEJHEURFKHQHQ)LQJHUQlJHOXQWHUGHQHQGQQHVFKZDU]H5HVWH(UGSHFK]XVHKHQ ZDUHQ'DPLWKDVWHQ*HUWKXQGLFKGLH3ODQNHQXQVHUHVXQIHUWLJHQ6FKLIIHV DEJHGLFKWHW,FKEHWUDFKWHWHGLH6WDQGRUWHGHU1RWVLORVGLHYRQGHQ3LRQLHUHQGHV 5DXPJHVFKZDGHUVDQJHOHJWXQGVRUJIlOWLJDQJHRORJLVFKVWDELOHQ2UWHQYHUVWHFNW ZRUGHQZDUHQ'LHVLHEHQ.DUWHQYHUJU|HUXQJHQ]HLJWHQZLOGHPHQVFKHQOHHUH *HELHWH $PIQIWHQ7DJVWHXHUWHLFKEHUGLHVFKHLQEDUHQFORVH:VWHQDFK2VWHQQRFK LPPHUSDUDOOHO]XP+DSLVWURPLFKYHUULQJHUWHGLH*HVFKZLQGLJNHLWXQGVFKDOWHWHGDV 'HIOHNWRUIHOGHLQ/HLVHVDJWHLFK ³:LUZHUGHQLQZHQLJHQ$WHP]JHQYLHOHVHOWVDPH%DXZHUNHVHKHQ$XIHLQHP UHFKWHFNLJHQ*UXQGULGHVVHQ*HUDGHQQDFKGHQ+LPPHOVULFKWXQJHQRULHQWLHUWVLQG HUKHEHQVLFKYLHUGUHLHFNLJH)OlFKHQYRQJHRPHWULVFKHQ.|USHUQPLWDFKW.DQWHQGLH PLWGHQ6SLW]HQLQHLQHPVWDUNYHUNOHLQHUWHQJROGHQHQ$EELOGDXILKUHU6SLW]H ]XVDPPHQWUHIIHQ6LHZXUGHQYRUPHKUDOV]Z|OI-DKUKXQGHUWHQHUEDXW(VVLQG JLJDQWLVFKH6WHLQXQG4XDGHUDQVDPPOXQJHQEHUGHQ*UlEHUQHLQLJHU*RWWN|QLJH &KQXPFKXIX&KDZHIUH0HQNDX5HOlQJVWYHUJHVVHQH+HUUVFKHU´ ,QKDOWLVWJOHLFKHLQHP'ULWWHOYRQ*UXQGIOlFKHXQG+|KHVDJWHGHU/RJLNVHNWRU ,FKKLHOWGHQ*OHLWHULQHWZDKXQGHUWIQI]LJ0DQQVOlQJHQ+|KHXQGVFKZHEWHDXIGLH PHKUIDUELJJOlQ]HQGHQ5LHVHQJUlEHU]X'LH'UHLHFNVIOlFKHQZDUHQPLWU|WOLFKHP *UDQLWYRP+DSL2EHUODXIXQGEOHQGHQGZHLHP.DONVWHLQYHUNOHLGHW,KUH*ROGVSLW]HQ IXQNHOWHQXQHUWUlJOLFKJUHOO/DQJHJHPDXHUWH3UR]HVVLRQVVWUDHQYHUEDQGHQVLHPLW GHP8IHUGHV6WURPVXPJHEHQYRQYLHOHQNOHLQHUHQJHRPHWULVFKHQ*UDEPlOHUQ 3DOPHQDOOHHQXQG3IDGHQLQGHU(LQ|GHDXV)HOVXQG6DQG]HLJWHQGLH6SLW]HQLQGHQ ZRONHQORVHQ+LPPHOGHV5RPHWODQGHV$V\UWDOHJWHGHQ)HOGVWHFKHUDXIV $UPDWXUHQSDQHHO,KUH%OLFNHNHKUWHQZLHGHULQGLH*HJHQZDUW]XUFNVLHIOVWHUWH ³8QEHJUHLIOLFK$WODQ$XIDQJVWHLQIO|HQGH:HLVHKHUUOLFKXQGXQPHQVFKOLFK -HQVHLWLJ,FKNDQQ¶VQLFKWYHUVWHKHQ´ 'LHVFKPDOHJUQH=RQH]ZLVFKHQ)HOVDEVWU]HQXQG:VWHYRP%DQGGHV -RWUXGXUFKIORVVHQODJLP/LFKWGHU9RUPLWWDJVVRQQH ³6RXQGQLFKWDQGHUVZDUHVGDPDOVJHGDFKW´VDJWHLFK³+HXW¶DEHQGHU]lKO¶LFK GLUZDVLFKGDUEHUZHL´ ³8QJODXEOLFK$WODQ´6LHQLFNWHXQGEHWUDFKWHWHGDVDXVJHGHKQWH*UlEHUIHOG$P VFKPDOHQ8IHUVWUHLIHQGHUDXV6FKLOIGLFNLFKWNDQDOXPVFKORVVHQHQ)HOGHUQXQG GRUUHQGHQ:HLGHQEHVWDQGDUEHLWHWHQDPHLVHQNOHLQGLH%DXHUQ³(VPVVHQ0LOOLRQHQ JHVFKXIWHWKDEHQMDKU]HKQWHODQJ:HQQLFKDQ*XEDOGHQNH²ELVKLQXQWHU]XP)OX VLHKWDOOHVVRDXVDOVKlWWHVWGXGLHVH7RWHQPlOHUJH]HLFKQHWRGHUGLH0RGHOOH JHVFKQLW]W´ 'HU*OHLWHUXQVLFKWEDUIUGLHZHQLJHQ5RPHW]ZLVFKHQ0DXHUQ WUXKHQlKQOLFKHQXQGVSLW]HQ*UDEPlOHUQ3IDGHQ'QHQ)HOVDEVWU]HQXQG 3DOPHQGRSSHOUHLKHQVFKZHEWHLQ6FKOHLIHQLQJHULQJHUHURGHUJU|HUHU+|KH ]ZLVFKHQGHQ7RWHQPlOHUQ6LHEHIDQGHQVLFKLP³6RQQHQXQWHUJDQJ´DXIGHP ZHVWOLFKHQ8IHUVFKRQ0HQL1DUPHUZDUMHQVHLWVGHV)OXVVHVEHJUDEHQZRUGHQGRUW WUDWGLH7RWHQEDUNHGLH5HLVHGXUFK1DFKWXQG8QWHUZHOWDQ6FKZHLJHQGXQGWLHI EHHLQGUXFNWEHWUDFKWHWHQZLUGLH$QODJHELVLFKGLH6FKQDX]HGHU0DVFKLQHZLHGHU QDFK6GHQGUHKWHXQGGHQ*OHLWHUEHVFKOHXQLJWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³9LHOH(ULQQHUXQJHQYHUELQGHQPLFKPLWGHP/DQGHQWODQJGHV+DSL´VDJWHLFK VWRFNHQG³$EHUYRQGLHVHQPRQVWU|VHQ7RWHQPDOHQZHLLFKQRFK]XZHQLJ5LFRKDW VLFKHUOLFKHQWVSUHFKHQGH%LOGEHREDFKWXQJHQJHVSHLFKHUW´ ³:RKDOWHQZLUKHXWH":RLVWXQVHU1DFKWODJHU"´ ³/DGLFKDEHUPDOVEHUUDVFKHQ8QWHUKDOEGHVHUVWHQ+DSL.DWDUDNWVQDKH-HE XQG7D6HWL´VDJWHLFK³+XQJULJ"'XUVWLJ"0GH"´ $V\UWDVFKWWHOWHVFKZHLJHQGGHQ.RSI'LH*ODVIURQWHQGHV*OHLWHUVKDVWHQVLFK UDXFKRGHUEHUQVWHLQIDUEHQDEJHGlPSIWLQGHUJURHQ.DELQHZDUHVNKOHLQ/XIW]XJ ZLVSHUWHDXVYLHOHQYHUWHLOWHQ'VHQ'UDXHQYHUVXFKWHGLH6RQQHGHQ6DQG]X VFKPHO]HQ'LHJLOGHUGLHLFKVDKXQGIU$V\UWDNRPPHQWLHUWHDQEHLGHQ8IHUQGHV 6WURPHVVFKLHQHQVHLW1DUPHURGHU$KDXQYHUlQGHUW]XVHLQ:LUKDVWHQGLH *UXQG]JHHLQHUIULHGOLFKHQZHLWJHKHQGKLQWHUGHQQDWUOLFKHQ*UHQ]HQ DEJHVFKORVVHQHQGDXHUKDIWHQ.XOWXUJHVFKDIIHQLFKVSUWHHLQHQLFKWJHULQJH %HIULHGLJXQJ:LUSDVVLHUWHQ*HE7HMXGHQ2UWYRQGHPDXVGLH]HUOHJWHQ6FKLIIH]XP 0HHUJHVFKOHSSWXQGGRUW]XVDPPHQJHEXQGHQZXUGHQ$PVSlWHQ1DFKPLWWDJODQGHWH LFKDXIHLQHPOHHUHQ,QVHOFKHQ=ZLVFKHQEL]DUUHQ)HOVHQXQGZHQLJHQYHUNUSSHOWHQ *HZlFKVHQVWDQGHLQYHUODVVHQHV7HPSHOFKHQLQGHVVHQ6FKDWWHQLFKGHQ*OHLWHU YHUVWHFNWH:LUZDUWHWHQELV]XU'lPPHUXQJELVZLUGLH7DUQXQJDXIKREHQ:LU YHUOLHHQGHQ*OHLWHUYHUKDUUWHQLQGHU6KOOHEHUGHUEHZHJXQJVORVHQ :DVVHUREHUIOlFKHXQGVDKHQGLH:RKQEDXWHQ7D6HWLV'UHLNOHLQH)LVFKHUERRWH VFKZDPPHQYRUGHUDWHPEHUDXEHQGHQ.XOLVVHDXV:DVVHU:VWHXQG6DQG 7DJHVKLW]HJHPLOGHUWGXUFKVFKZDFKH%ULVHQXPZDEHUWHXQVELQQHQZHQLJHU7DJH ZDUHQZLULQGHQ6RPPHU]XUFNJHNHKUW ³(LQHZXQGHUVFK|QH/DQGVFKDIW/LHEVWHU´$V\UWDOHKQWHVLFKDQPLFK³-HW]W YHUVWHK¶LFKZDUXPGHLQH$XJHQOHXFKWHQZHQQGXYRP/DQGGHU5RPHWHU]lKOVW´ ³:DUWHELVGXGLH6WHUQHVLHKVW´YHUVSUDFKLFK³+LHURGHUDQHLQHP3XQNW VGOLFKGHU6WURPVFKQHOOHQYHUEULQJHQZLUGHQ:LQWHUYRQ*XEDO´ ,FKDNWLYLHUWHHLQVFKZDFKHV6FKXW]IHOGYHUVHQNWHGDV9HUGHFNVFKDOWHWHHPH 9HUELQGXQJ]X5LFRXQGOLH5RPHWPXVLN]XXQVVHQGHQ'LH6RQQHWDXFKWHKLQWHUGHQ +RUL]RQWDXV'QHQHLQOHW]WHV0DOVSLHJHOWHVLFKGLH/DQGVFKDIWLQGHUVFKZDU]HQ :DVVHUIOlFKHXQGGLH)OHGHUPlXVHMDJWHQLQ]XFNHQGHP)OXJDOVGLH6WHUQHXQGGLH 0RQGVLFKHOEHUXQVHUVFKLHQHQ$V\UWDEUDFKWHNDOWHVGQQHV³KHQNHW´8QVZDUDOV KlWWHQZLUDQGlFKWLJVFKZHLJHQGXQGVWDXQHQGGHQ:HJ]XUFNLQXQVHUH.LQGKHLW JHIXQGHQ 7DJHXQG1lFKWHXQWHUEURFKHQGXUFKHLQ'XW]HQG$XIHQWKDOWHLQ*XEDO GDXHUWHXQVHU6RPPHULP+DSLODQG'LH:LQWHUVWUPHZDUHQYRUEHUGLH=LVWHUQHQ *XEDOVYROOHU:DVVHU)HOGHUXQGMXQJH:lOGHUJUQWHQXQGEOKWHQ'LHHUVWHQ IUHPGHQ6FKLIIHOLHIHQXQVHUHQ+DIHQDQHLQ]HOQ]X]ZHLWRGHUGULIWPHLVWXPGLH IQI]LJ(OOHQIDQJXQGYRQPLQRLVFKHQ.DSLWlQHQJHVWHXHUW'LHUDXKHQ VFKZDU]ElUWLJHQ0DQQVFKDIWHQEHZXQGHUWHQ*XEDO(LQLJH0lQQHUEOLHEHQWULHURGHU KHXHUWHQDXIDQGHUHQ6FKLIIHQDQ(EHQVRYLHOH0lQQHUDXV*XEDO)UHLJHODVVHQH .DXIPDQQVV|KQHRGHU+DQGZHUNHU²YHUOLHHQGLH6WDGWXPDQDQGHUHQ.VWHQUHWFK ]XZHUGHQ,QKXQGHUW7DJHQ]lKOWHQZLUIDVWVLHE]LJ6FKLIIH 9LHOH:DUHQZXUGHQLQXQVHUHQ0DJD]LQHQXPJHVFKODJHQ$XVXQEHNDQQWHQ /lQGHUQGHVIHUQHQ6GHQVNDPHQ(VHOVNDUDZDQHQGLH0\UUKHXQG:HLKUDXFKKDU] EUDFKWHQ%HVRQGHUVYHUWUDXHQVZUGLJHQ6FKLIIVIKUHUQEHUOLHLFK5LFRV.DUWHQVLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

KDOIHQPLU1DPHQXQG%HGHXWXQJIUHPGHU+lIHQXQGGHUHQJHQDXH/DJHHLQ]XWUDJHQ ,QGHQ+DIHQVFKlQNHQUHGHWHQVLFK.DSLWlQHXQG6WHXHUPlQQHUGLH.|SIHKHL WDXVFKWHQ.HQQWQLVVHXQG:DKUKHLWHQDXVHU]lKOWHQ/JHQJHVFKLFKWHQXQGVDQJHQ /LHGHUIUHPGHU+lIHQ8QVHUHZDFKVYHUVLHJHOWHQPLW%LOGHUQXQG6FKULIWYHUVHKHQHQ JODVLHUWHQ.UJHGLH=HGHUQ|OHQWKLHOWHQZDUHQEDOGHLQHEHQVREHJHKUWHU +DQGHOVDUWLNHOZLH%UHWWHUXQG%DONHQDXV=HGHUQKRO]GLHVRZHQLJVSHUULJZDUHQGD PDQVLHJHUDGHQRFKPLWGHP6FKLIIWUDQVSRUWLHUHQNRQQWH:LUWDXVFKWHQ%DUUHQDOOHU 0HWDOOHGLHXQVJHEUDFKWZXUGHQ$QJXWHP=LQQGHPWHXHUVWHQ(U]EHVWDQGVWHWVHLQ 0DQJHO:LUKDVWHQHUZDUWHWGDMHGHU+DQGHOVPDQQDQGHUH0DH*HZLFKWHXQG :HUWYRUVWHOOXQJHQKDVWHXQGYHUVXFKWHQHLQHQK|KHUHQ*UDGDQ9HUHLQKHLWOLFKXQJ]X HUUHLFKHQ,Q*XEDOVHOEVWEHLGHQ:DOGDUEHLWHUQXQG%DXHUQJDLWPLWWOHUZHLOHHLQ HLQKHLWOLFKHV6\VWHPGDVDNNDGLVFKH+RKOPDHXQG5RPHW/lQJHQPDHHQWKLHOW DXFKGLH$EVWXIXQJGHU:HUWHZXUGHPLWGHU=HLWDQJHQRPPHQXQGHUKLHOWLP +HUUVFKDIWVEHUHLFK$V\UWDVXQGGRUWZR6LUHQXQGLFKHWZDV]XVDJHQKDWWHQPHKU *OWLJNHLW 'LH:DUHQOLVWHQZXUGHQOlQJHUMHPHKU7DJHGHU)UKOLQJ]lKOWHGHVWRPHKU 6FKLIIHODQGHWHQDQXQGOHJWHQDWH'LH+lQGOHUGLHXQVHUH6FKlQNHQXQG0DJD]LQH EHVXFKWHQZDUHQYRQ0DO]X0DOEHVVHUJHNOHLGHWVWDQNHQQLFKWPHKUQDFK6FKZHL XQG=LHJHQIHOOHQVRQGHUQ]HLJWHQVWRO]GLHNRVWEDUHQ5LQJHDQLKUHQVDEHUHQ+lQGHQ 6FKRQGUHL6WXQGHQQDFK6RQQHQDXIJDQJIOOWHQVLFKGLH7DYHUQHQXQG +DIHQVFKlQNHQ ,FKVDLP%XJGHVKDOEIHUWLJHQ6FKLIIHV1HEHQPLUOLH*HUWKVHLQH%HLQH EDXPHOQ(U]HLJWH]XU+DIHQPROH ³(VVLHKWVRDXV*DXIUVWDOVKlWWHQZLUHUUHLFKWZDVGXGLUYRUJHQRPPHQ KDVW´ ³6SULFKLP+HUEVWZLHGHUPLWPLU*HUWK´VDJWHLFK]XIULHGHQ³'DQQZLVVHQZLU PHKU'DQQLVWZRKODXFKGDVVFK|QVWH6FKLIIGHV2EHUHQ0HHUHVIHUWLJ"´ ,FKVFKOXJPLWGHU)DXVWDXIGDVUDXKH+RO]GHVJHVFKZXQJHQHQ%XJVWHYHQV 'LHNQDUUHQGHQ/DGHElXPHKREHQ7HLOHYRQ=HGHUQVWlPPHQLQHLQ+DSLODQGVFKLII ³'LH6WDGWLVWVRJXWZLHIHUWLJ+HUU$OOH'lFKHUVLQGUHJHQIHVWXQGVWXUPVLFKHU 'XKDVWQLFKWVPHKU]XWXQLFKVHK¶V:LOOVWGXHLQHQHXH$XIJDEHDQSDFNHQ"´ ³,FKJODXEHHVZLUG=HLW´,FKQLFNWH³7DXZHUNXQG%HVFKOlJHOLHJHQGRUWKLQWHU 6LQGVLHVRZLHGXVLHZROOWHVW"´ ³-D)UVW,FKKDEHQLHVFK|QHUH'LQJHDXV%URQ]HJHVHKHQ´ ,FKVFKOXJLKPDXIGLH6FKXOWHUXQGNOHWWHUWHGLH/HLWHUKLQXQWHU'DV2OYRP =HGHUQKRO]DXVJHVFKZLW]WPDFKWHPLFKXQWHUGHP'DFKGHU+DOOHVFKZLQGOLJ,FK ZROOWH]XP+DIHQYLHOOHLFKWILHIPLUHLQHUGHUYHUDQWZRUWOLFKHQ0lQQHUGHU6WDGWEHU GHQ:HJ ,FKWUDI.DDSHUDXIGHP:HJGXUFKGHQ+DIHQ ³'HLQ*HVLFKW*DXIUVWOlWPLFKHUNHQQHQGDGXGLFKODQJZHLOVW´VDJWHHU XQGOlFKHOWH(UWUXJHLQHQZHLWHQ0DQWHOGHUIDVWDXIGHP%RGHQVFKOHLIWH(UKRELKQ DQXQG]HLJWHGHQEUHLWHQ6WUHLIHQHLQHUVHOWVDPU|WOLFKHQ)DUEHPDQVDKVLH PDQFKPDOLQZLOGHQ%OWHQ ³1LFKWHLJHQWOLFK/DQJHZHLOH´HUZLGHUWHLFK³'XXQGLFKZLUVLQGEHUIOVVLJDOV $XIVHKHULQ*XEDO:LUVROOWHQHWZDV6LQQYROOHVWXQGDVXQV$EHQWHXHUXQG $EZHFKVOXQJYHUVSULFKW´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³&KHSHUVDJWHGDVJOHLFKH]XPIU(EHQIDOOV6LUHQ'DVLVWGHU)UKOLQJ*DXIUVW (UOlWXQVHU%OXWVSUXGHOQZLHMXQJHQ:HLQ´ ³0DJVHLQ:DVZHLWGXEHUGLHDXIUHJHQGH)DUEH"´ ³0DQEUDXFKWYLHOH6WFNHHLQHUEHVWLPPWHQ$UWYRQ6FKQHFNHQXPHLQHQ6DXP ]XIlUEHQ(LQQHXHU+DQGHOVDUWLNHO",FKKDEHPLWYLHOHQ.DSLWlQHQJHVSURFKHQ6LH ZROOHQGDGHU*DXIUVWMHGHQ+DIHQEHVXFKWPLWGHP*XEDO+DQGHOWUHLEW´ 'LH9RUVWHOOXQJPLWPHLQHQ)UHXQGHQHLQHUNRVWEDUHQ/DGXQJXQGHLQHP6FKLII GDVQDFKPHLQHQ3OlQHQDXVEHVWHP0DWHULDOHUEDXWZDUHQWODQJGHUVRPPHUOLFKHQ .VWHQ]XVHJHOQKDVWHHWZDV)DV]LQLHUHQGHV ³(LQYHUVWDQGHQ´VDJWHLFKOHLVH:LUJLQJHQODQJVDPLQ5LFKWXQJDXIGLH:HUIW ]XUFN³,FKJODXEHGLHVHU6RPPHUZLUG*XEDOYLHOQW]HQ´ ³,FKELQVLFKHU:HQQGHV.UFNHQPDFKHUV3UXQNEDUNHVRWFKWLJLVWZLHVLH DXVVLHKW"´ ,FKZDUGHVVHQJHZLZLUKDVWHQDQ:LQWHUWDJHQGHQ)RUWJDQJDOOHU$UEHLWHQ NRQWUROOLHUW9LHOHQHXH,GHHQZDUHQLQGHP6FKLIIYHUDUEHLWHWXQGZUGHQYRQGHQ +DQGZHUNHUQZHLWHUJHJHEHQZHUGHQ'DV6FKLIIIDVWDFKW]LJ(OOHQODQJVWDQGXQWHU GHPVFKW]HQGHQ6WURKGDFK,FKEHWUDFKWHWHGLHUDQJHJODWWH)ODQNH ³:LUVSUHFKHQGDUEHU´VDJWHLFK³:RJLEWHVGLHVHIDUEHQIURKHQ6FKQHFNHQ"´ ³*HK]XGHQ)LVFKHUQ$KLUDP´ ,FKWDWHVGDQDFKZXWHLFKGDPLWHLQLJHP*OFNHLQXQHUZDUWHWZHUWYROOHU +DQGHOVDUWLNHOJHIXQGHQZDU,FKJULQVWHYRUPLFKKLQXQGGDFKWHDQGLH0|JOLFKNHLWHQ GLHLFKKDVWH²VHOEVWDOV6NODYHYRQ(6 :HVWZLQGIOOWHGDV6HJHO$OOH7DXHZDUHQVWUDIIJHVSDQQWXQGVXPPWHQXQWHU GHP$QVWXUPGHV:LQGHV'DV0HHUODJLQNXU]HQ:HOOHQGDGLHGHU%XJGHU 6&+1(//(1=('(5GXUFKVFKQLWWZLHHLQ0HVVHU8QVHU=LHOZDU*D]DRGHUYLHOOHLFKW DXFK5DSKLD+DIHQVWlGWHWLHILP6GHQEHYRUGLH.VWHZLHGHUQDFK:HVWHQDEERJ GHU+DSLPQGXQJHQWJHJHQ&KHSHUVWDQGLQGHU0LWWHGHV$FKWHUGHFNVXQGVWHPPWH VLFKJHJHQGLH5XGHUSLQQH'DV6FKLIIEHVDDOVHUVWHV)DKU]HXJGLHVHU=HLWHLQ5XGHU GDVVLFKLQVFKZHUHQ%URQ]HVFKDUQLHUHQGUHKWHQLFKW]ZHL6HLWHQUXGHUZLHDOOH6FKLIIH DXV.HIWLX ³(LQKHUUOLFKHV6FKLII´ULHIHU]XPLUKHUXQWHU,FKVWDQGPLW$V\UWDDP0DVWXQG VDK]XU.VWHGLHNDXPQRFKNODU]XVHKHQZDU³'HUHUVWH6WXUPZLUGEHZHLVHQREHV ZLUNOLFKJXWLVW´ ³8QGXQVHU9HUVXFK]XPHUVWHQPDOGHQ3LUDWHQGDYRQ]XVHJHOQ´VDJWH$V\UWD :LUZDUHQYRQ*XEDOPLWQRUG|VWOLFKHP:LQGZHLWDXIV0HHUKLQDXVJHVHJHOW'HOSKLQH XQG6RQQHQXQWHUJlQJHEHJOHLWHWHQXQVHLQPDOKDVWHGHU:LQG]XP6WXUPDXIJHIULVFKW DEHUQDFKGHU.XUVlQGHUXQJEHNDPHQZLU5FNHQZLQG'DV6FKLIIODJOHLFKWVFKUlJ XQG+RUXVZHLWYRUXQGEHUXQVZDUQLFKW]XVHKHQ)QI]HKQVHHVROGDWHQGDYRQ ]HKQDXVGHU*UXSSHGLHHLQVWGLH/2%'(6+(556&+(56EHPDQQWKDWWHQZDUHQ DQ%RUGPHLQH)UHXQGH]ZHLPLQRLVFKH.DSLWlQHXQGHLQH6FKDUGHUEHVWHQ6HHOHXWH DXV%\EORV,QGHQ1lFKWHQOHKUWHLFKVLHVWHOODUH1DYLJDWLRQQDFKHLQLJHQ7DJHQZDU MHGHUDQ%RUGIlKLJGLH+LPPHOVULFKWXQJHQQDFKWVULFKWLJDQ]XJHEHQ ³,FKZUGHNHLQHP3LUDWHQUDWHQXQVDQ]XJUHLIHQ´PXUPHOWHLFK:LUOLHHQXQV YRQGHU6RQQHEUlXQHQXQGWUDQNHQ%LHUDXVNKOHQ.UXJHQ8QVHUH6WLPPXQJZDU KHUYRUUDJHQGDOOH6RUJHQVFKLHQHQYHUJHVVHQ:LUIUHXWHQXQVDXIMHQH+DIHQVWDGWGLH ZLUDXV(U]lKOXQJHQNDQQWHQ:LUIXKUHQDXV1RUGZHVWHQGDUDXI]X,FKEOLFNWH]XU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

.VWHODQJVDPWDXFKWHVLHDXVGHP'XQVWDXI,FKEHWlWLJWHHLQLJH6FKDOWXQJHQXQG VFKLFNWH+RUXVGHQURERWLVFKHQ6HHDGOHUGRUWKLQ ³6ROOGDVHWZDGLH0DQQVFKDIWVHLQYRQGHU(6VSUDFK"´IUDJWH$V\UWD,FKURXWH HLQH.DUWHQYHUJU|HUXQJDXV ³+RIIHQWOLFKQLFKW(LQSHDUN|QQWHQGD]XJHK|UHQDQGHUHVLFKHUQLFKW´VDJWH LFK:LUZDUHQHQWVSDQQWQLFKWVXQGQLHPDQGZUGHXQVEHUUDVFKHQ*HUWKWDXFKWH GHQ'UHL]DFNVFKZLQJHQGDXVGHP9RUVFKLIIDXI(UODFWDWHXQGZLVFKWHGHQ6FKZHL YRQGHUNDKOHQ6WLUQ ³$OOHVGLFKW'LH3ODQNHQIHGHUQZLH/HGHU1LFKWHLQ7URSIHQ:DVVHUEHUGHP .LHO´ ³+RIIHQWOLFKEOHLEWHVVR²EHLGLHVHPJURHQ6FKLII.UFNHQPDFKHU´VDJWHLFK ³,FKEHVFKZ|UHHV%HL%DDODWXQG0LQRV´ ,Q]ZLVFKHQXQWHUVFKLHGHQZLU(LQ]HOKHLWHQGHU.VWH,FKVDKUDQJH]XGHQ 1DGHOQDXV6WHLQXQG6FKURIIHQKLQEHUGDQQJLQJLFKXQWHU'HFNVFKDOWHWHGHQ %LOGVFKLUPPHLQHV6FKLOGHVHLQXQGVWXGLHUWHGLH%LOGHUGLHPLU+RUXV¶VWHUHRVNRSLVFKH /LQVHQOLHIHUWHQ/DQJHEHWUDFKWHWHLFKGLHYHUZDKUORVWHYRQEXQWHP/HEHQVWURW]HQGH 6LHGOXQJGHQ+DIHQGLH9HUVWHFNHLQGHQ.VWHQHLQVFKQLWWHQXQGGLHODQGZLUWVFKDIWOLFK JHQXW]WH8PJHEXQJ=XIULHGHQPLWGHPZDVLFKHUNDQQWKDVWHNDPLFKDQ'HFN.D DSHUGHVVHQ2EHUN|USHUYRQ6FKZHLJOlQ]WHNDPDXIPLFK]XXQGEHPHUNWH³%LV MHW]WKDEHQZLU6HHKDQGHODOV.LQGHUVSLHOEHWUDFKWHW,FKZHLGDHVQLFKWVRLVW 8QVHU6FKLIILVWZDVGHQ:HLQYHUEUDXFKEHWULIIWHLQ1DUUHQVFKLII´ ³6RVRLOHVEOHLEHQ´,FKVFKOXJLKPGLH)DXVWJHJHQGLH6FKXOWHU ³:LUKDEHQXQVHLQHKHLWHUH)DKUWYHUGLHQW'HUQlFKVWH:LQWHUZLUGWURVWORV VHLQ´ ³.HLQH3LUDWHQNHLQ6WXUPNHLQ0DVWEUXFK²HVLVWODQJZHLOLJ´VSRWWHWHGHU 9HUZDOWHUGHV*RWWN|QLJV,FKLlFKHOWHLQPLFKKLQHLQ,FKZXWHHVEHVVHUXQGNOHWWHUWH ]XP6WHXHUPDQQXQG.DSLWlQ&KHSHUVWDQGEUHLWEHLQLJGDGHQODQJHQ6FKDIWGHU 5XGHUSLQQHXQWHUGHUUHFKWHQ$FKVHOXQGKRENXU]GLH+DQG ³(LQ6FKLIIOHLFKWZLHHLQH)HGHU,FKN|QQWHGDPLWELVHQV(QGHGHU:HOWUHLVHQ´ ,FKEOLFNWHLKPLQGLH$XJHQXQGVDJWH ³'LH*HOHJHQKHLWPDJNRPPHQVFKQHOOHUDOVZLUGHQNHQ'XVROOVW6WHXHUPDQQ GHVJURHQ6FKLIIHVVHLQ´ ³7DWVlFKOLFK"'HLQ(UQVW)UVW"´(UVDKPLFKKDOEHUVFKURFNHQKDOEEHJHLVWHUW DQ ³:DUW¶VDWH%UDXFKHQZLUELV]XP+DIHQGLH5XGHUHU"2GHUVHJHOVWGXKLQHLQ"´ (UVFKlW]WH:LQGXQG:HOOHQ$EGULIWXQGGHQ(LQVFKQLWWGHU.VWHDWHEHUOHJWH XQGVDJWHGDQQ ³,FKVHJOH´ =ZHL6WXQGHQYRU5DSKLDHQWIDOWHWHQVLFKZHLWYRUDXVEDFNERUGVYRQXQVHUHU 5RXWHIDVWJHOEH6HJHO=ZHL6FKLIIHQXW]WHQGHQDEODQGLJHQ:LQGXQGNDPHQXQV VFKUlJHQWJHJHQ,FKVDLP:LQGVFKXW]GHUDFKWHUOLFKHQ5HOLQJXQGVDJWH]X&KHSHU ³:DVKlOWVWGXGDYRQ"´ 6HLWXQVHUHQ.lPSIHQJHJHQGLH1RPDGHQZXWHQVLHGDLFKEHUVHOWVDPH :DIIHQYHUIJWH6LHKDVWHQVLFKGDUDQJHZ|KQWZLHDQPHLQVLOEHUIDUEHQHV+DDUXQG GDV$PXOHWWGDVLFKQLHDEOHJWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³3LUDWHQ´YHUPXWHWHHU³:HQQLFKGDUDQGHQNHZDVVLHE]LJ.DSLWlQHEHUGLH VFKDXHUOLFKH.VWHEHULFKWHQ´ ,FKJULQVWHLKQDQXQGVDJWH ³$XFK5DSKLDKDWHLQHQ9HUZDOWHUGHV$PHQHPKHW(UZLUGVLFKIUHXHQZHQQZLU LKP]ZHL6FKLIIHYROOHU6NODYHQEULQJHQ,FKKDEHHVYRQ´ ³8QDQJHEUDFKWH%HVFKHLGHQKHLW)UVW$KLUDPLVWNHLQGLFKNHQQ]HLFKQHQGHV 0HUNPDO´VDJWHHU³,FKZHLZDVGXEH]ZHFNHQZLOOVW´ ,FKQLFNWH-HW]WVWLH1HE1HIHUHLQHQVFKULOOHQ6FKUHLDXVXQG]HLJWHQDFKYRUQ 'LH6FKLIIHKDVWHQVLFKXQVJHQlKHUW6WHXHUERUGVVDKHQZLUHLQHVFKZDU]H 5DXFKVlXOHHLQ6LJQDOGHU/HXWHYRQ5DSKLD"$XIUHJXQJHQWVWDQGDQ'HFN'LH %HVDW]XQJUDQQWHQDFKYRUQXQGVSlKWHLQGLH5LFKWXQJGHUIUHPGHQ6FKLIIH6LHKDVWHQ HLQHQ.XUVHLQJHVFKODJHQGHUVLHYRUXQGKLQWHUXQVEULQJHQVROOWHZHQQZLUHLQHQ 3XQNW]ZLVFKHQ0HHUXQG+DIHQHLQIDKUWHUUHLFKWKDWWHQ6LUHQVFKULH%HIHKOHLQ VFKQHOOHU5HLKHQIROJH,FKEOLHEQHEHQ&KHSHUVLW]HQXQGULHI+RUXV]XUFN6HLQH 'HIHQVLYZDIIHQHLQ/lKPVWUDKOHUXQGHLQHW|GOLFKH6WUDKODQODJHZUGHQXQVHUH 3RVLWLRQIHVWLJHQ,FKZLQNWHHLQHQ0DWURVHQKHUEHLGHUGUHL+DQGHOVIDKUWHQKLQWHUVLFK KDVWHXQGEDW+HOPGLH5VWXQJXQGGHQ6SHHU]XKROHQ'LH6ROGDWHQ YHUVFKZDQGHQXQWHUGHQ'HFNVSODQNHQXQGNDPHQZLHGHUKHUDXILQYROOHU%HZDIIQXQJ XQG5VWXQJPLWHQWVFKORVVHQHP*HVLFKWVDXVGUXFN.DDSHUNOHWWHUWH]XXQVXQG VHW]WHVLFKQHEHQPLFK(UIUDJWHJHVSDQQW ³:HUGHQZLULKQHQHLQH/HKUHHUWHLOHQ²ZHQQHVQLFKWKDUPORVH+DQGHOVIDKUHU VLQG"´ ,FKOlFKHOWHPLOGHXQGVFKHLQEDUWUlJH ³+DUPORVH+DQGHOVVFKLIIHUNRPPHQQLFKWSO|W]OLFKXQWHU(LQVDW]GHU5LHPHQDXV .VWHQVSDOWHQKHUYRUVHJHOQQLFKWVROFKYHUUlWHULVFKHQ.XUVhEHUGLHVVFKHLQHLFKGDV %OLW]HQYRQ:DIIHQJHVHKHQ]XKDEHQ'HU6RPPHUZLUGIUGLHVH3LUDWHQ]X(QGH VHLQVFKQHOOHUDOVLKQHQOLHELVW´ (UVSDQQWHVHLQH0XVNHOQXQGYHUVLFKHUWH ³6RLVWHV,FKJHKHXPPLFKJHJHQYHULUUWH3IHLOH]XVFKW]HQ´ .XU]H=HLWVSlWHUZDUHVVRZHLW(LQ6FKLIIlQGHUWHVHLQHQ.XUVJLQJYROOLQGHQ :LQGZHQGHWHXQGEHIDQGVLFK]ZHL%RJHQVFKVVHHQWIHUQWLQXQVHUHP.LHOZDVVHU 'HUDQGHUH6HJOHUULVHLQ6WHXHUKHUXPXQGIXKUVFKUlJDXIGHU%DFNERUGVHLWHKHUDQ ,FKIHGHUWHGLH6W|HGHU=('(5PLWGHQ.QLHQDEXQGVHW]WHGHQ+HOPDXIVFKQDOOWH GLH5VWXQJXPXQGKREGHQ6SHHU$Q'HFNGHU6FKLIIH]HLJWHQVLFKQXUZHQLJH 3HUVRQHQ,FKVFKlW]WHXQVHUH/DJHDWH+RUXVNUHLVWHP%RJHQVFKXK|KHEHUGHP 3XONGHUVLFKGHP+DIHQHQWJHJHQEHZHJWH,FKVDJWH]X&KHSHU ³/DQJVDPHU*LEGLHVHP+XQGHVRKQGLH*HOHJHQKHLWHWZDVDXI]XKROHQ´ ³*HUQ+HUUVFKHU.|QLJGHU:HOOHQ´ ,FKDQWZRUWHWHPLWHLQHP:RUWYRQDXVJHVXFKWEDUVFKHU.ODQJIOOH:LU EHREDFKWHWHQGLH0DQ|YHUVHKUJHQDX8QVHU9HUIROJHUNDPQlKHUGHUDQGHUHVHJHOWH VRGDHUXQVLQZHQLJHQ$XJHQEOLFNHQOlQJVVHLWVEHUKUHQZUGH0LWHLQHP6DW]ZDU .DDSHUDXIGHP$FKWHUGHFNXQGVDJWHVFKDUI ³$V\UWDZLUGYRQGUHL6ROGDWHQJHVFKW]W(VZLUGHUQVW$WODQ"´ ³,FKZHLHV'LHVHV9HUKDOWHQHQWODUYWVLH+DQGHOVVFKLIIHUKlWWHQOlQJVW KHUEHUJHVFKULHQXQGQDFKGHP:RKHUXQG:RKLQJHIUDJW´ ³%LQGHLQHU0HLQXQJ*DXIUVW´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

&KHSHUXQGLFKQLFNWHQXQV]X,FKVFKDOWHWHHLQ6LJQDOLP$UPVFKXW]GDVGHP 9RJHOEHIDKOQRWIDOOVHLQ]XJUHLIHQ'DQQSDFNWHLFKPHLQH/DQ]HNLSSWHGLH6LFKHUXQJ XQGULFKWHWHGLH6SLW]HDXIGLH:HOOHQYRUGHPDQGHUHQ6FKLII8QVDOOHKDVWH NlPSIHULVFKH6SDQQXQJHUJULIIHQ-HW]WZXUGHHVGHXWOLFKGDGLH6FKLIIHXQVYRUGHP +DIHQDEIDQJHQZROOWHQ,FKEOLFNWH]XP6WHXHUPDQQGHVDQGHUHQ6HJOHUVGHUXQV QLFKWHLQPDODQEOLFNWHGDQQVFKULHLFK ³,KUVHLG3LUDWHQ:LUN|QQHQXQVZHKUHQ*UHLIWDQRGHUVHJHOW]XU6HLWH:LU ZHUGHQHXFKYHUQLFKWHQ´ (VJHVFKDKJDQ]SO|W]OLFK,UJHQGZLHZLUNWHDOOHVDXIPLFKZLHHLQH=HUHPRQLH GLHMHGHUNDQQWH%LQQHQZHQLJHU$XJHQEOLFNHEHY|ONHUWHVLFKGDV'HFNGHVEDFNERUGV VHJHOQGHQ6FKLIIHV'LH3LUDWHQWUXJHQ+HOPH6FKLOGH%|JHQXQG]ZHLVFKQHLGLJH .DPSIEHLOH(VZDUHQGXUFKZHJZLOGDXVVHKHQGHEUHLWVFKXOWULJH*HVWDOWHQGHQHQPDQ GLHHUEDUPXQJVORVH7lWLJNHLWDQVDK,FKULFKWHWHGLH6SLW]HGHU/DQ]HDXIGHQMHQLJHQ GHUDXVVDKZLHHLQ.DSLWlQGDQQVFKULHLFK]XP]ZHLWHQPDO ³*HEWDXIRGHUZLUYHUQLFKWHQHXFK´ 'LH$QWZRUWZDUHLQVFKQHOOHV0DQ|YHUGDVGLH%RUGZDQGGHVDQGHUHQ6FKLIIHV JDQ]QDKHEUDFKWH(LQJXWHU6WHXHUPDQQGXUFKIXKUHVPLFKDOVLFKGLH/DQ]HVHQNWH XQGHLQHQODQJHQ6FKXDEIHXHUWH=ZLVFKHQGHQ6FKLIIHQYHUGDPSIWH:DVVHUXQG ELOGHWHGLFKWHQ1HEHODOVGLH(QHUJLHU|KUHQGGDV:DVVHUNRFKHQOLH'HU]ZHLWH JH]LHOWH6FKXNDSSWH6HLOHXQG7DXHVFKQLWWGHQ0DVWDXVHLQDQGHUXQGWUDIMHQVHLWV GHV6FKLIIHVLQV:DVVHU(LQYLHOVWLPPLJHU(QWVHW]HQVVFKUHLEHUW|QWHGDV.UDFKHQGHV 6FKXVVHVGDV6FKZLUUHQGHU7DXHXQGGDVEUHFKHQGH.QLVWHUQ$QGUHL6WHOOHQ IODPPWHGDV6HJHO+LQWHUXQVHUHU%RUGZDQGULFKWHWHQVLFKJHSDQ]HUWH%HZDIIQHWHDXI 0DVW7DXZHUNXQG6HJHOVFKOXJHQDXIGDV9RUGHUVFKLIIGDV6FKLIINDPDXVGHP.XUV XQGOHJWHVLFKTXHU+RUXVVFKZHEWHGXUFKGHQ'DPSIXQGNLSSWHEHUGLH6FKZLQJH KHUXQWHU6HLQ/lKPVWUDKOHUIDXFKWH,FKKREPHLQH/DQ]HXQGEUOOWH ³(LQ.XUVRKQHYLHO6HJHOPDQ|YHU&KHSHU:LUPVVHQGHQ3LUDWHQVHJOHU KHUDQODVVHQ´ 'LH=('(5OHJWHVFKZHUEHUXQGERJQDFK6WHXHUERUG8QVHUH9HUIROJHU QlKHUWHQVLFKDXIGHU%DFNERUGVHLWH'HU6HJOHUPLWGHPEUHQQHQGHQ6HJHOVFKDXNHOWH KLOIORVLQGHQ:HOOHQ0lQQHUULVVHQGDVEUHQQHQGH=HXJYRQ'HFNXQGZDUIHQHVLQV 0HHU'LHDQGHUHQODJHQEHZXWORVDXIGHQ3ODQNHQ(LQLJHYHUVXFKWHQPLW6SHHUHQ XQG3IHLOVFKVVHQJHJHQGHQ9RJHO]XNlPSIHQDEHU+RUXVEHZHJWHVLFKLQ XQEHUHFKHQEDUHP=LFN]DFN,FKGUHKWHPLFKKHUXPXQGULHI]XP'HFNKLQXQWHU ³0DFKWHXFK]XP(QWHUQIHUWLJ´ $XFKDQ%RUGGHV]ZHLWHQ3LUDWHQGHUGLFKWQHEHQXQV]XPhEHUKROHQDQVHW]WH YHUVDPPHOWHQVLFKGLH0lQQHU6LHKDWWHQGHQ:DIIHQXQG+HOPHQQDFK]XXUWHLOHQ JXWH%HXWHJHPDFKW:LHGHUVFKULHLFKVLHVROOWHQVLFKHUJHEHQRGHUDEGUHKHQZLHGHU IOXFKWHGHU.DSLWlQ]XUXFNXQGEHVFKLPSIWHXQV,FK]XFNWHPLWGHQ6FKXOWHUQXQG VHQNWHGLH:DIIH(LQ)HXHUVWUDKOXQGHLQ%OLW]]HUVFKPHWWHUWHQGHQ0DVWGLFKWEHUGHQ 3ODQNHQ+RO]VSOLWWHUXQGEUHQQHQGHV7DXZHUNZLUEHOWHQQDFKDOLHQ6HLWHQ0lQQHU ZXUGHQXPJHZRUIHQGDQQVSUHQJWHLFKGDV5XGHUDXIGHU%DFNERUGVHLWHPLWHLQHP 6FKXZHJXQGYHUEUDQQWHGLH6SDQWHQGHV6FKLIIHV:LHGHUZRONWHQNRFKHQGH 'DPSIVlXOHQDXIGXUFKGLHVLFKGLH3IHLOHXQVHUHU%RJHQVFKW]HQHLQHQ:HJVXFKWHQ %LQQHQHLQHVNXU]HQ$XJHQEOLFNVEUDFKDXIGHPDQGHUHQ6FKLIIGDV&KDRVDXV )OXFKHQGH0lQQHUEHPKWHQVLFKGDVEUHQQHQGH6HJHOZHJ]X]HUUHQ$QGHUHZDUIHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VLFKDXIGLH3ODQNHQZHQQ3IHLOHKHUDQKHXOWHQ0LWGHP]ZHLWHQ6HLWHQUXGHUYHUVXFKWH GHU6WHXHUPDQQGDV6FKLIIDXI.XUV]XKDOWHU(LQ3IHLOWUDILKQLQGLH6FKXOWHUHUZlO]WH VLFKVFKUHLHQGEHUGDV+RO]XQGILIOVLFKEHUVFKODJHQGLQV,QQHUH'DQQUDVWH+RUXV EHUGHQ:HOOHQKHUDQZLHHLQIOLHJHQGHU)LVFKVFKOXJHLQHQ+DNHQXQGVFKRVHLQH SDUDO\VLHUHQGHQ6WUDKOHQJH]LHOW ³.ODU]XP(QWHUQ´VFKULH&KHSHU0LWJHVFKLFNWHQ0DQRYHUQEUDFKWHHUGDV +HFNGHU=('(5LQGLH1lKHGHV9RUGHUVWHYHQVGHV3LUDWHQ0lQQHUNDPHQ]XXQV XQGVFKOHXGHUWHQ%URQ]HDQNHUPLW(LVFQVSLW]HQKLQEHUGLHPLWGXPSIHP*HUlXVFKLP +RO]VWHFNHQEOLHEHQ7DQZHUNNODWVFKWHLQV:DVVHUXQGZXUGHEHOHJW'DQQVWUDIIWHQ VLFKGLH7DXHZLUYHUVXFKWHQPLWYHUHLQWHQ.UlIWHQGDV6FKLIIKHUDQ]X]LHKHQ1RFK LPPHUVFKZHOWHQ%UlQGHDQ'HFNGLH.UHLVHGHVRJHOVZXUGHQHQJHUGLH*HUlXVFKH GHU6FKVVHVHOWHQHU ³6HJHOUHIIHQ´:LUYHUORUHQ)DKUW8QVHU%HLERRWHLQ=HKQUXGHUHUZXUGHYRQ 'HFNJHZXFKWHWXQGLQV:DVVHUJHODVVHQ1HE1HIHUDQQHUDXV*XEDOVSUDQJHQKLQHLQ XQGILQJHQ:XUIDQNHU7DXZHUNXQG:DIIHQDXIGDQQVHW]WHQVLHGLH5LHPHQHLQXQG UXGHUWHQGDYRQ(VZDUXQGHQNEDUGDMHPDQGYRQ5DSKLDDXVDOOHVEHREDFKH(U KDVWHQXU6HJHO5DXFKXQG'DPSIHUNHQQHQN|QQHQ,QGHP0RPHQWLQGHPVLFK +HFNXQG%XJEHUKUWHQVSUDQJHLQH+DQGYROO6ROGDWHQKLQEHUWXUQWHHQWODQJGHU 6HLOHDXIGHQ%XJVSULHWXQGEHIHVWLJWHGLH9HUELQGXQJVWDXH0LW.DSHUl[WHQOLHIHQGLH 0lQQHU]XP+HFNXQGO|VFKWHQPLWOHGHUQHQ(LPHUQGLH6FKZHOEUlQGH(LQHUGHU 6ROGDWHQGUHKWHVLFKXPXQGULHI ³6LHVLQGEHZXWORVhEHUDOOOLHJW%HXWHLP6FKLII´ ³/DW]ZHL0DQQDP5XGHU.RPPW]XUFNZHQQZLUGHQDQGHUHQ6HJOHUJHKROW KDEHQ´ ³9HUVWDQGHQ´ 'HU=ZLVFKHQIDOOKDVWHQLFKWOlQJHUDOVHLQH6WXQGHJHGDXHUWDEHUHUZDUGXUFK PHLQH:DIIHQHQWVFKLHGHQZRUGHQ /DQJVDPPLW]ZHLEHVFKlGLJWHQ6FKLIIHQLP6FKOHSSVHJHOWHQZLU]ZLVFKHQGHQ K|O]HUQHQ+DIHQWUPHQYRQ5DSKLDKLQGXUFK-HW]WZXUGHQGLH(LQZRKQHUGLHVHU 6LHGOXQJDXIXQVDXIPHUNVDPXQGHUNDQQWHQGDV=HLFKHQDXIXQVHUHPJHEOlKWHQ 6HJHO :LUJLQJHQGXUFKGHQEHUIOOWHQ0DUNWGHU+DIHQVWDGW$V\UWD.DDSHUXQGLFK SUIWHQQDFKGHQNOLFKGLH4XDOLWlWGHU:DUHQXQGHUNDQQWHQGD*XEDO%\EORVVDEHUHU XQGEHVVHURUJDQLVLHUWZDU*HULQJVFKlW]LJPHLQWH.DDSHU ³(LQDUPHV'RUI$KLUDP$FUDQ1LFKWDOOH9HUZDOWHU$PHQHPKHWVVFKHLQHQ WFKWLJ]XVHLQ´ 6FKPXW]LJDEHUODXWXQGQLFKWRKQH+HLWHUNHLW8QJHSIOHJWDEHUVWUHEVDPYROOHU 0HQVFKHQGLHDUPZLUNWHQDEHUJXWJHQlKUWXQGJHVXQGDXVVDKHQ²VR]HLJWHVLFKXQV 5DSKLD,FKEUXPPWH ³)ULKQJHOWHQGLHVHOEHQ9RUDXVVHW]XQJHQ$XFK9HUZDOWHU7KDU]]DKDW %DXPHLVWHU+RO]XQG1RPDGHQ'DVDEHULVWQLFKWXQVHU3UREOHP*HKHQZLU]X XQVHUHP6FKLII´ (VZDUGDVEHNDQQWH%LOG+lXVHUXQG+WWHQ0HQVFKHQDOOHU$OWHUVVWXIHQ *HUFKHXQG6SUDFKHQ6FKUHLHXQG*HOlFKWHU6WDXEXQGXQXQWHUEURFKHQHU+DQGHO 'LHGUHL6FKLIIHZDUHQPLWGHP+HFNDXIGHQ6DQGJH]RJHQZRUGHQ8PGLH=('(5

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

KDVWHVLFKHLQ.UHLVYRQ=XVFKDXHUQXQG+lQGOHUQJHELOGHW:LUEOLHEHQVWHKHQXQG VFKDXWHQ]X&KHSHUXQG6LUHQKLQDXI ³8QGJHUDGHGLHV´VFKULH6LUHQXQGYHUGUHKWHVHLQH$XJHQ³LVWHWZDVGDVHV QLUJHQGZRDXIGHU:HOWJLEW(LQH)DUEHGLHQLHPDQGNHQQW(LQH)DUEHGLHQLHPDQG PLVFKHQRGHUNRFKHQNDQQ+LHULVWVLH´ 6LUHQZDUKLQUHLHQG(UKDVWHJHZDUWHWELVGLH6WUDKOHQGHU6RQQHDXIGDV +HFNGHV6FKLIIHVWUDIHQ(UULDXVGHQ$UPHQHLQHV0DQQHVHLQHQ%DOOHQIHLQVWHQ /HLQHQVWRIIVYROOIKUWHHLQHZHLWDXVKROHQGH*HVWHXQGOLHGLH6WRIIEDKQYRP6FKLIIELV DQGHQWURFNHQHQ6WUDQGDXVUROOHQ'DVSXUSXUQH7XFKORGHUWHI|UPOLFKDXI=XQlFKVW HUVWDUUWHGLH0HQVFKHQPHQJHLQHKUIUFKWLJHP6WDXQHQGDQQHUVFKROOHQEHZXQGHUQGH $XVUXIH+lQGOHUGUlQJWHQVLFKUFNVLFKWVORVGXUFKGLH0DVVHXQGEHWDVWHWHQGHQ HLQJHIlUEWHQ6WRII ³7DWVlFKOLFK(LQHQHXH)DUEH´ ³:XQGHUEDU:DVYHUODQJWLKUGDIU"´ ³:LUQHKPHQQXU6LOEHU*ROGRGHU0HWDOOH(LQ6HNHO6LOEHUKXQGHUW.RUQ*ROG IUHLQH(OOH´ 'HU3UHLVZDUHUVWDXQOLFKKRFKDEHUQXUZLUNDQQWHQGDV*HKHLPQLVGHV 3XUSXUV0LOOLRQHQIDFKJDEHVGLHVH6FKQHFNHQEHUDOODQXQVHUHQ6WUlQGHQ(LQ6HNHO KDVWHKXQGHUWDFKW]LJ.RUQIU]ZDQ]LJ6HNHOZXUGHHLQ6NODYHYHUNDXIW'LH+lQGOHU NHLIWHQ ³,KUVHLG8QJHKHXHU'DVLVWNHLQ3UHLVGDVLVWHLQ9HUEUHFKHQ´ ³:HQQLKU´JDE6LUHQ]XUFN³GHQJHIlUEWHQ6WRIIGHQVFK|QVWHQDOOHU.VWHQ GHV2EHUHQ0HHUHVELOOLJHUKHUVWHOOHQN|QQWZHUGHQZLULKQYRQHXFKNDXIHQ+lQGOHU DXV5DSKLD$XHUGHPKDEHQZLUQXUGUHLPDO]HKQ%DOOHQGLHVHU(LQPDOLJNHLW JHVFKDIIHQYRQ]ZHLKXQGHUW)UDXHQLQHLQHPODQJHQ:LQWHU´ :LUKDQGHOWHQELVLQGLH1DFKWKLQHLQ'LHVHUHUVWH6FKULWWZDUZLFKWLJGHQQZLU KDVWHQ:DUHQHLQJHIKUWXQG3UHLVHHU]LHOWGLH5LFKWVFKQXUEOHLEHQZUGHQ:LUKDVWHQ HVDXVSURELHUW0DQEUDXFKWH7DXVHQGH]HUVWDPSIWHU6FKQHFNHQXPHLQH+DQGEUHLW 6WRII]XIlUEHQ'LHVHU6WRIIDOOHUGLQJVZDUQLFKWYRQ6FKQHFNHQJHIlUEWVRQGHUQYRQ PIU,FKKDVWHHVJHVFKD0WPLWSULPLWLYHQ0LWWHOQHLQHQ.UXJEHU]HXJHQGHU)DUEH KHU]XVWHOOHQ,FKULHI]XP+HFNKLQDXI ³=XIULHGHQ.DDSHU":LUKDEHQZLHGHUHLQHQ*UXQGVWHLQ]XP]XNXQIWLJHQ 5HLFKWXPJHOHJW´ (UQLFNWH]XIULHGHQXQGGHXWHWHDXIGDVXPODJHUWH6FKLII ³:HQQQLFKWHLQHUGHU0lFKWLJHQLP+DSLODQGRGHULP=ZHLVWU|PHODQG EHVFKOLHW.ULHJEHUGLH:HOW]XEULQJHQZHUGHQDOOH6WlGWHUHLFKZHUGHQ´ ³'DVKRIIHQZLU´:LUWDWHQZDVZLUYRUJHKDEWKDWWHQ'HQ+lQGOHUQVDJWHQZLU ZHOFKH:DUHQEHLXQVJQVWLJ]XKDEHQZDUHQZLUKDQGHOWHQQHXH7DXVFKTXRWHQIU YLHOH:DUHQDXVXQGZLHYHUVSUDFKHQHLQHQ7HPSHOGHU%DDODW]XEDXHQ(LQHQ7HLO XQVHUHU/DGXQJOLHHQZLUKLHUGDV%HVWHGDVZLULQ5DSKLDIDQGHQQDKPHQZLUPLW 'HP9HUZDOWHUJDEHQZLUGHQ5DWHVXQVLQ*XEDOJOHLFK]XWXQ(UZDUGDUEHUQLFKW HUIUHXWXQGYHUVSUDFKVFKOHFKWJHODXQWXQVELQQHQNXU]HU=HLWEHUKROW]XKDEHQ:LU QDKPHQGLH+HUDXVIRUGHUXQJDQ=ZHL7DJHVSlWHUOLHIHQZLUPLWQHXHP=LHODXV 1DFK*D]DPXWHQZLUVFKDUINUHX]HQ'LH0lQQHUGLHELVKHUQXUHQWODQJGHU .VWHJHVHJHOWZDUHQOHUQWHQVFKQHOOZHOOVLHOHUQHQPXWHQ'DV6FKLIIPLWVFKZHUHP .LHOGHQZLUPLWGLFNHQ.XSIHUElQGHUQEHVFKODJHQKDWWHQODJRIWPDOVVRVFKUlJLP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

:DVVHUGDGLH:HOOHQEHUGLH%RUGZDQGVFKOXJHQ'DV+RO]NQDUUWHXQGYLEULHUWH GLH6HLOHZDUHQVWUDIIDOVEHVWQGHQVLHDXV(LVHQ5LHVLJH:RONHQPDVVHQWUPWHQ VLFKLP:HVWHQXQG1RUGHQ*D]DZDUQXUHLQHQ6WHLQZXUIZHLWHULP1RUGHQ:LU ZUGHQLP+DIHQQRFKYRU6RQQHQXQWHUJDQJHLQODXIHQZHQQGHUVFKDUIH:LQGVLFK QLFKWYRUKHUOHJWH $V\UWDXQGLFKVWDQGHUPLWKRFKJHVFKODJHQHQ.UDJHQLP+HFNKLHOWHQXQV DQHLQDQGHUXQGDQGHU5HOLQJIHVV'HU:LQGGUFNWHXQVHUH0lQWHO²PLW 3XUSXUYHU]LHUXQJHQ²DQXQVHUH5FNHQXQGOLHGLH.DQWHQNQDWWHUQ ³+HXWHZHUGHQXQVVFKZHUOLFK3LUDWHQVFKLIIHIROJHQ´ULHI$V\UWD'HU:LQGUL XQVGLH:RUWHYRQGHQ/LSSHQ'LH:RONHQDQ%DFNERUGIlUEWHQVLFKGXQNOHUGLH.UDIW GHU6RQQHZDUQRFKXQJHEURFKHQ ³(LQHV7DJHVZLUGHLQH+DQGHOVURXWHDXFKEHURIIHQHV0HHUIKUHQQLFKWQXU HQWODQJGHU.VWHQ´ ³(LQHVVHKUIHUQHQ7DJHV$WODQ´ 8QVHUH0DQQVFKDIWZDUHQWVSDQQWDEHUZDFKVDP6LHKDVWHVLFKDXIV/HEHQDXI GHP:DVVHUHLQJHVWHOOWREZRKOZLUIDVWMHGH1DFKWGDV6FKLIIDQ/DQG]RJHQ:LU ZXWHQDXFKGDXQVHUQlFKVWHV=LHOHEHQIDOOVQLFKWYLHOEHGHXWHQGHUVHLQZUGHDOV HLQVFKPXW]LJHV'RUILQ6WUDQGQlKHZHLWHUHQWIHUQWYRQGHQJHZLQQWUlFKWLJHQ =HGHUQZlOGHUQDOV*XEDO:LHGHUVFKZDQJGDV6HJHOKHUXPZLHGHUJLQJGDV6FKLIILQ HLQHDQGHUH5LFKWXQJXQGOHJWHVLFKVFKZHUQDFK6WHXHUERUG1DFKXQVHUHU.DUWHXQG GHQ'HWDLONDUWHQGLHXQVHUH.DSLWlQHJHPDFKWKDWWHQPXWHQZLULQ.U]HZHQGHQ :HLWYRUXQVVSLHOWHQ'HOSKLQH'LH:RONHQKDVWHQSXUSXUQVFKZDU]H5lQGHULQ PlFKWLJHQ/LFKWEQGHOQ]XFNWHQGLH6RQQHQVWUDKOHQKHUXQWHU'LH:HOOHQEHNDPHQ ZHLH6FKDXPNURQHQ&KHSHUZDUIPLUHLQHQNXU]HQ7KLFN]X ³6LHKWEHXQUXKLJHQGDXV*DXIUVW6RUJHGDIUGDGHU6WXUPXQVQLFKWHUIDW´ ³,FKEHWHGDUXP)UHXQG&KHSHU´ 1RFKLPPHUODJHQ:lUPHXQG/LFKWDXIGHP6FKLII'LH:RONHQEHGHFNWHQPHKU DOVGLH+lOIWHGHV+LPPHOV,FKEHJDQQ]XUHFKQHQXQGULHI&KHSHU]X³,FKJODXEHZLU KDEHQGHQZHVWOLFKHQ8PNHKUSXQNWHUUHLFKW$XI*HJHQNXUV6WHXHUPDQQ´ (UGHXWHWHPLWGHP.RSIDXIGDV8QZHWWHUGDVVLFKLP:HVWHQ ]XVDPPHQEUDXWHXQGULHI ³,FKVHLQHHLQHQKHOOHQ6WUHLIHQDP+RUL]RQW(VLVWQXUHLQNXU]HV*HZLWWHU $WODQ(VNDQQDQDQGHUHU6WHOOHYRUEHL]LHKHQ´ 6LFKHUHLQHUGHUOHW]WHQ)UKOLQJVVWUPHHLQHKlXILJH1DWXUHUVFKHLQXQJ$OV &KHSHUJHUDGHGDV6FKLIIGUHKHQXQGDQGLH6HJHOPDQQVFKDIWVHLQH$QRUGQXQJHQ JHEHQZROOWHYHUVFKZDQGGDV6RQQHQOLFKWYRQGLHVHP7HLOGHV0HHUHV1RFKHLQPDO VDKHQZLUGLH.VWHQIHOVHQDXIEOLW]HQGDQQZXUGHHVGXQNHU$XJHQEOLFNOLFKVFKLHQGHU :LQGHLVNDOW]XZHUGHQ$OOH.|SIHGUHKWHQVLFK]XP$FKWHUGHFN ³$QGDV6HJHO:LUZHQGHQ:LUZHUGHQUHIIHQPVVHQ/RV´ &KHSHUZDUIGDV6FKLII]XUFN'LH/HLQZDQGEHJDQQ]XVFKODJHQXQG]X NQDWWHUQ'DV6FKLIIOHJWHVLFKZHLWEHUGUHKWHVLFKODQJVDPGLH5DKGRQQHUWHJHJHQ GHQ0DVWGDQQIDWHGHU:LQGZLHGHUXQGULDQGHPULHVLJHQURVWURWHQ6WRIIPLWGHP DXIJHVWLFNWHQ*XEDO]HLFKHQ6FKZHUIlOOLJ]XHUVWGDQQLPPHUVFKQHOOHUJHKRUFKWHGLH =('(5GHPDXIIULVFKHQGHQ:LQG'DV6HJHOZDUIDVWKDOEUXQGXQGJHVSDQQWZLHGDV /HGHUHLQHV:HLQVFKODXFKV'HU%XJWDXFKWHWLHIHLQVFKQLWWGXUFKGHQ:HOOHQNDPP XQGKREVLFK$QMHGHP%HOHJWDXULVVHQXQG]RJHQGUHL0lQQHUXQGPDFKWHQGDV6HJHO

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

IHVV'DV+RO]GHU5DKYRQ%URQ]HElQGHUQ]XVDPPHQJHKDOWHQERJVLFKXQGIHGHUWH 'HU:LPSHONQDWWHUWHZLHHLQHORVJHULVVHQH/DWWHhEHUXQVVWHPPWHVLFKGHU6HHDGOHU JHJHQGHQ6WXUP.UDFKHQGEUDFK*LVFKWEHUGHP9RUGHFN]XVDPPHQ'LH 0DQQVFKDIWGXFNWHVLFKWLHIXQWHUGLHYRUVSULQJHQGHQ3ODQNHQ,PPHUZLHGHUNDP :DVVHUEHUGDV'HFNILHIVHLWOLFKDEXQGEHUVFKWWHWHXQVPLW6SUKUHJHQVDO]LJHU 7URSIHQ'HU([WUDVLQQULHI (VZLUGHUQVW$UNRQLGH(LQVFKZHUHU6WXUP ,FKEOLFNWHPLFKXP(VZXUGHGXQNOHU'LHULHVLJH:RONHGLHGDVKDOEH )LUPDPHQWEHGHFNVKDVWH]RJVLFK]XVDPPHQXQGZXUGHVFKZlU]HU,FKVDKDP +RUL]RQWGHQHUVWHQ%OLW]LQV:DVVHUVFKODJHQ &KHSHUKLHOWGDV5XGHUPLWVSLHOHULVFKHU/HLFKWLJNHLW'LH=('(5EHJDQQDXI HLQHP:HOOHQNDPP]XUHLWHQXQGK|UVHDXI]XVWDPSIHQXQG]XVFKODJHQ$OOH+RO]WHLOH VFKLHQHQVLFKDQHLQDQGHU]XUHLEHQ*HUWKNDP]XXQVKHUDXIXQGUDPPWHVHLQHQ 'UHL]DFNLQGLH%RKOHQ ³.DQQVWGXVFKZLPPHQ"´IUDJWHLFK ³,FKNDQQVRJDUWDXFKHQ´HUNOlUWHHU7UJHULVFKH6WLOOHEUHLWHWHVLFKDXVZHOOZLU GHQ:LQGLP5FNHQKDWWHQ³:DUXPGLHVHEHOHLGLJHQGH)UDJH"´ ³:HLOZLUQDFK*D]DVFKZLPPHQPVVHQZHQQVLFKGHLQH.RQVWUXNWLRQDXIO|VW´ ³'LH/2%ZlUHMHW]WVFKRQ]HUVWFNHOWHV.DPLQKRO]´ULHI$V\UWD ³(LQHQVROFKHQ6WXUPKDVWHQZLUQXUHLQPDOXQGZLUUHWWHWHQXQVHQV8IHU &KHSHUYRUGHQ5LHVHQZHOOHQ´ ³-D$P6WUDQGYRQ$ODVKLDZDUHV´ :HQQGDV6HJHODXVVFKZHUHPPHKUIDFKYHUQlKWHQ/HLQHQVWRIIULZDUHQZLU YHUORUHQ:LUZUGHQLQGLHVHP,QIHUQRQLFKWLQGHU/DJHVHLQGDV(UVDW]VHJHO DXI]X]LHKHQ'DV6FKLIIVFKLHQVFKQHOOHU]XZHUGHQ'LH:HOOHQEUDFKHQGHU6WXUPUL 6FKDXPNURQHQPLWVLFKXQGVFKOHXGHUWHVLHLQXQVHUH5FNHQ:LUKLHOWHQHVQRFKDXI GHPVFKZDQNHQGHQ'HFNDXVGHQQNDXPHLQH:HOOHEHUKROWHGLH=('(5'HU %XJVSULHWERKUWHVLFKZLHHLQH6SHHUVSLW]HGHU.VWHHQWJHJHQ,PPHUPHKU%OLW]H ]XFNWHQLQV:DVVHUGHU6WXUPWUXJGDV5XPRUHQYRQ'RQQHUVFKOlJHQLQNU]HUHQ $EVWlQGHQKHUDQ:LHGHUGUHKWHQZLUXQVXP$XVGHU:RONHGLHNOHLQHUJHZRUGHQZDU XQGPDVVLYZLHHLQ6WHLQVFKLHQJULIIHQILQJHUDUWLJH$XVZFKVHQDFKXQWHQ :DVVHUKRVHQ6lXOHQDXVUDVHQGEHZHJWHQ7HLOHQKHXOWHGHU([WUDVLQQ'LH 'XQNHOKHLWZLUNWHZLHHLQH6RQQHQILQVWHUQLV'DV0HHUQDKPHLQHWLHIJUQHIDVW VFKZDU]H)DUEHDQYRQGHUVLFKGLH6FKDXPNURQHQJHVWRFKHQVFKDUIDEKREHQ'DV 6FKLIIUDVWH%XJXQG.LHODXVGHP:DVVHUGDKLQ6WHXHUPDQ|YHUZUGHQQLFKWYLHO QW]HQDEHUXQVHU=LHOODJJHUDGHDXV-HW]WEHUKUWHGHUHUVWHVFKZDU]H$XVOlXIHU EHUGLH:DVVHUIOlFKHWDVWHQGGDV0HHU$XJHQEOLFNOLFKZXUGHHLQH6lXOHGDUDXVGLH LQ]ZHLGUHL:LQGXQJHQYRP:DVVHUELVLQV=HQWUXPGHU:RONHKLQDXIUHLFKWH:LU VDKHQZLHJHZDOWLJH0HQJHQ0HHUZDVVHUKRFKJHULVVHQYRQGHU6lXOHLQ'UHKXQJ YHUVHW]WZXUGHQXQGGLH:DVVHUKRVHJU|HUXQGVFKQHOOHUPDFKWHQ8QXQWHUEURFKHQ ]XFNWHQXPGLHVHV6FKDXVSLHOYHU]ZHLJWH%OLW]H'HU6WXUPKHXOWHLQEHlQJVWLJHQG WLHIHP7RQXQGVFKOXFNWHGDVKDUWH.UDFKHQGHV'RQQHUV,FKSDFNWH$V\UWDXPGLH +IWHQXQGVFKREVLH]X*HUWKGHUPLWYHUZHJHQHP*ULQVHQGLH%HZHJXQJHQGHV 6FKLIIVN|USHUVDEIHGHUWH ³1LPPVLH8QWHU'HFN6DJGHQDQGHUHQVLHVROOHQVLFKIHVWKDOWHQ*OHLFK EHJLQQWHLQK|OOLVFKHU7DQ]'LH6HJHOPDQQVFKDIWVRLOVLFKIHVWELQGHQVFKQHOO

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

.UFNHQPDFKHU´EUOOWHLFKVRODXWLFKNRQQWH6LHVWROSHUWHQKLQXQGKHUDEHUHV JHODQJLKQHQGHQ1LHGHUJDQJRKQH.QRFKHQEUXFK]XEH]ZLQJHQ,FK]RJGHQ.QRWHQ HLQHV7DXVDXIVLFKHUWHPLFKDP6FKDIWGHV5XGHUVXQGJDEGDVDQGHUH(QGHGHP 6WHXHUPDQQ ³)HVWELQGHQ´ :lKUHQGLFKGDV5XGHUEHUQDKPVLFKHUWHVLFK&KHSHU:LUSDFNWHQGLH3LQQH GHV5XGHUVXQGEOLHEHQUHFKWVXQGOLQNVGDYRQVWHKHQ&KHSHUIOXFKWH ³6LFKWE|VHDXV-HW]WIlQJWGLH6HHIDKUWDQ´ ,FKGXFNWHPLFKXQGVWDUUWHDP5DQGGHV6HJHOVYRUEHL]XU.VWHOFKVDKVLH QLFKWhEHUDOOZDU:DVVHU5HJHQRGHUKRFKJHULVVHQHV6DO]ZDVVHU"'LH7URSIHQ EHVFKULHEHQZDDJUHFKWH%DKQHQ,PPHUZLHGHUHUVWDUUWHQGLH:RJHQLQGHQ $XJHQEOLFNHQGHU%OLW]H'HU'RQQHUPDFKWHXQVWDXEGHU:LQG]HUUWHDP+DDUXQG :DVVHUWURSIHQVFKOXJHQVFKPHU]KDIWLQXQVHUH+DXW'LH:DVVHUVlXOHGLHVLFKLQ UHVHQGHU'UHKXQJEHIDQGJLQJKLQXQGKHUEHVFKULHE]ZLVFKHQ0HHUXQG:RONHQ XQWHUJUHQ]HSHQGHOQGH%HZHJXQJHQXQGNDPQlKHU6LHVFKLHQWURW]DOLHQ7DXPHOQV DXIGDV+HFNGHU=('(5]X]LHOHQ(UUHLFKWHXQVGLHVHV8QJHKHXHUDXV/XIW:DVVHU XQG.UDIW]HUIHW]WHHVGDV6FKLIIXQGZLUEHOWH0HQVFKHQZLH+RO]VSOLWWHUXPKHU 1RFKLPPHU]XFNWHQXQXQWHUEURFKHQ%OLW]HKlPPHUWH'RQQHUJHJHQXQVHUH 7URPPHOIHOOHEHUVFKWWHWH5HJHQGDV0HHUULQJVXPXQGGDV6FKLIIPLWVHLQHQKDUWHQ (LQVFKOlJHQ:LUVHJHOWHQUHVHQGVFKQHOOLQV8QEHNDQQWHKLQHLQ²REGLH)HOVHQGHU .VWHHLQHQ%RJHQVFKXRGHUHLQH7DJHVIDKUWZHLWHQWIHUQWZDUNRQQWHQZLUQLFKW HUUDWHQ0LUNDPHLQNKQHU*HGDQNH,FKULPLWIOLHJHQGHQ)LQJHUQGLH.QRWHQXP PHLQH+IWHDXIKRIIWHLPVWLOOHUGD+RUXVVLFKLQ6LFKHUKHLWJHEUDFKWKDVWHXQG EHJDQQEHUGDVVFKOSIULJH'HFNDXIGHQ1LHGHUJDQJ]X]XWDXPHOQVSUDQJ]ZLVFKHQ 1HE1HIHUXQG6LUHQGHUPLWJUQHP*HVLFKWGDVDXQGVWDUULQGLH:RONHQKLQDXIVDK LQGLH$FKWHUNDELQHXQGSDFNWHPHLQH/DQ]H6FKQHOONlPSIWHLFKPLFKZLHGHUDQ'HFN XQGVDKGDGLH:DVVHUKRVHQRFKQlKHUJHNRPPHQZDU,FKVFKlW]WHVLHQLFKWZHLWHU HQWIHUQWDOVHLQHQ%RJHQVFKX,FKEUDFKWHHVIHUWLJ&KHSHU]XHUUHLFKHQXQGPLFKDQ VHLQHU6FKXOWHUDQ]XNODPPHUQ,Q]ZLVFKHQKDVWHVLFKGHU5HJHQLQ+DJHOYHUZDQGHOW 6FKORHQJURZLH1DJHON|SIHSUDVVHOWHQEHUGDV6FKLII,FKIKOWHZLHPLFK&KHSHU DP5XGHUIHVWEDQG'HU6WHXHUPDQQVFKLHQEHJULIIHQ]XKDEHQZDVLFKYRUKDWWH 3URELHUHHV(VPXZLUNHQVFKULHGHU/RJLNVHNWRU,FKULFKWHWHGLH6SLW]HGHU /DQ]HDXIGLH:DVVHUKRVH6LHUDJWHZLHHLQH6lXOHDXVHLQHU5LHVHQZHOWKLQWHUGHP 6FKLIIDXI,KUH:lQGHVFKLHQHQJODWWZLHSRKHUWHUJUQVFKZDU]HU*UDQLWLQGHPVLFK GLH%OLW]HVSLHJHOWHQ$OVLFKDEGUFNHQZROOWHEHJDQQDQGHU6SLW]HGHU:DIIHHLQH JHOEOLFKUXQH)ODPPH]X]QJHOQhEHUDOODXIGHQQDVVHQ+RO]WHLOHQVDKLFK/LQLHQXQG ]XQJHQI|UPLJH)OlPPFKHQ(LQJHLVWHUKDIWHU0RPHQW,FKSUHWHGHQ$XVO|VHUXQG VSUWHLQPHLQHQ+lQGHQGLH9LEUDWLRQHQ'LHJUHOOH+HOOLJNHLWEOHQGHWHPLFKHEHQVRZLH GLH%OLW]H'LH*HUlXVFKHGHUXQXQWHUEURFKHQHQ6FKXIROJHK|UWHLFKQLFKWPHKU1RFK LPPHUUDVWHGDV6FKLIIGDKLQHQWODQJGHU6FKXEDKQVSLHOWHQVLFKXQEHVFKUHLEOLFKH 3KlQRPHQHDWHGLH+DJHON|UQHUULVVHQXQVGLH+DXWDXIXQGHU]HXJWHQGDV*HIKO EHJLQQHQGHU(LVHVNlOWH:RGHU6WUDKODXIGHU:DVVHUKRVHDXIWUDIYHUZDQGHOWHVLFK :DVVHULQNRFKHQGHQ'DPSI'LH6SDQQXQJGLHVHV*HELOGHVULHQWODQJHLQHUUXQGHQ 6WHOOHDXIGLHVLFKHQWIHUQWHZHOOGDV:DVVHUKRFKJHULVVHQXQGVSLUDOLJ]XU6HLWH JHZLUEHOWZXUGH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

-HW]WYHUKOOWHDXFKQRFKJUDXHUVLFKUDVFKDXIO|VHQGHU'DPSIGDV%LOG 3O|W]OLFKLQHLQHPQHXHQ%OLW]VDKLFKZLHGLH6lXOHDXIOEUDFK,FKO|VWHPHLQHQ)LQJHU YRP$XVO|VHUXQGEOLFNWHDQJVWYROOQDFKREHQ'LH:DVVHUKRVHZXUGH]HUULVVHQ,QGHU 0LWWHZXUGHVLHGQQHU'DQQHUW|QWHHLQ*HUlXVFKGDVLFKQRFKQLHJHK|UWKDVWHHLQ JHZDOWLJHVGRQQHUlKQOLFKHV6FKPDW]HQRGHU6FKOXFNHQXQGGLH:DVVHUKRVHEUDFK ]XVDPPHQ 7DXVHQGH7RQQHQ:DVVHUILHOHQZLHHLQHHLQ]LJH:HOOHDXVGHUVFKZDU]HQ :RONHEHUXQV'HU6SLW]NHJHODXV:DVVHUGHUVLFKHEHQQRFKEHUGHPNRFKHQGHQ XQGEUOOHQGHQ0HHUHUKREHQKDVWHILHOLQVLFK]XVDPPHQXQGELOGHWHHLQH:HOOHGLH VLFKQDFKDOLHQ5LFKWXQJHQHQWIHUQWHXQGDXIXQVHU+HFN]XUROOWHZHLVFKlXPHQG ZLHHLQH/DZLQH'DQQVFKOXJGLH:DVVHUPDVVHYRQREHQKHUXQWHUYHUZDQGHOWHHLQ 6WFN0HHULQZHLHQ6FKDXPYHUQLFKWHWHGLH)OXWZHOOHXQGEDXWHHLQH]ZHLWHQRFK JU|HUHDXIGLHDEHUPDOVKLQWHUXQVKHUHLOWH$XJHQEOLFNOLFKK|UWHQGLH%OLW]H]X]XFNHQ DXI,QXQVHUHQ2KUHQ]LVFKWHXQGKHXOWHHV,FKVDKPLFKXP ,QMHGHP:LQNHOGHV'HFNVODJHQ+DJHON|UQHUXQGYHUVFKPRO]HQ]XHLQHU PDVVLYHQ0DVVH$EHUVLHWDQ]WHQQLFKWPHKU]X+XQGHUWWDXVHQGHQEHUGLH3ODQNHQ 'LH:HOOHGHU7URPEHEOLHEKLQWHUXQV]XUFNXQGZXUGHNOHLQHU$XFKGHU5HJHQK|UWH DXIGDV0HHUEHUXKLJWHVLFKhEHUXQVZDUHLQHEODXVFKZDU]H:RONH5XQGXPGLHVH :RONHELOGHWHVLFKDXVGHQ6RQQHQVWUDKOHQHLQH$UW'RPDXVHLQ]HOQHQ/LFKWEQGHOQ 'LH.VWHVSUDQJDXVGHPWREHQGHQ0HHULQXQVHU%OLFNIHOG:LUKLHOWHQDXIHLQHQ (LQVFKQLWWGHU.VWHQOLQLH]XLQGHVVHQ0LWWHVLFKHLQHDXVIDVHUQGH5DXFKVlXOHQDFK 2VWHQHQWIHUQWH'LHSO|W]OLFKH+HOOLJNHLWYHUZDQGHOWHGLHJHVDPWH6]HQHULHXQG VFKPHU]WHLQGHQ$XJHQ%OLQ]HOQGVWHFNWHQZLUGLH)LQJHULQGLH2KUHQXQGEHJDQQHQ KHUXP]XVWRFKHUQXPGDV*HIKOY|OOLJHU7DXEKHLWORV]XZHUGHQ'LH:RONHEHU XQVHUHQ.|SIHQ]HUVWREZLH1HEHOLP6WXUP,FKK|UWHPLFKPLWY|OOLJYHUlQGHUWHU 6WLPPHVDJHQ ³'DVZDUIUXQVGLHKlUWHVWH%HODVWXQJVSUREHVHLWHLQHP-DKU´ 0HLQ6FKlGHOGU|KQWHEHLMHGHP:RUW,FKPHUNWHGDLFKIURUXQGGDPHLQH )LQJHUXQG.QLH]LWWHUWHQ&KHSHUVFKWWHOWH:DVVHUDXVVHLQHP%DUW$XFKVHLQH 6WLPPHZDUYHUlQGHUWDOVHUVLFKVFKZHUDXIGDV5XGHUOHKQWHXQGHUZLGHUWH ³:HUGDVEHUVWDQGHQKDWIUFKWHWQLFKWVPHKU'DVZDUGHU=RUQGHU*|WWHU´ *HUWKV.RQVWUXNWLRQZDUQLFKWDXVHLQDQGHUJHEURFKHQ'DV6FKLIIEHJDQQZLHGHU VFKDUIXQGKDUW]XVWDPSIHQ'LHVFKQHOOH*OHLWIDKUWDXIGHP5FNHQGHU:RJHZDU YRUEHL0LWGHP6RQQHQOLFKWNDPGLH:lUPHPLWGHU:lUPHO|VWHVLFKGLH:RONHDXI XQGGHU:LQGEOLHVDXV:HVWHQ1DFKHLQDQGHUEDQGHQVLFKGLH0lQQHUGHU 6HJHOPDQQVFKDIWORVW$XFKVLHEOXWHWHQLP*HVLFKWXQGDQGHQ+lQGHQYRQGHQ +DJHON|UQHUQ'LH:HOOHQYHUORUHQLKUH6FKDXPNlPPHGDV0HHUJHZDQQVHLQHEODXH )DUEHZLHGHU1DFKNXU]HU=HLWEHJDQQHQVlPWOLFKH+RO]WHLOH]XGDPSIHQXQG]X NQDFNHQ ³:DVLVWGDVGRUWYRUQ"´IUDJWH1HE1HIHUGHUDXIGDV$FKWHUGHFNNDP ³(VVROOWH*D]DVHLQGHU+DIHQGLHVHU1DFKW´ 6LUHQNOHWWHUWHEHU5LHPHQHLQLJH6WFNH7XFKXQGNOHLQH+DXIHQZHLHU +DJHON|UQHUXQGVFKULH]XUFN ³6LHKDEHQHLQJURHV)HXHUDQJH]QGHWXPXQV]XEHJUHQ´ 1HE1HIHU&KHSHUXQGLFKVDKHQXQVXQUXKLJDQ.|QQWHHVVHLQGD*D]D EUDQQWH":LHGHUSDFNWHQPLFK8QUXKHXQG%HVRUJQLV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,QHLQHUKDOEHQ6WXQGHVHKHQZLUPHKU´VDJWHGHU6WHXHUPDQQXQUXKLJ /DQJVDPNDPHQZLUZLHGHU]XXQV'LH(UUHJXQJK|UWHDXIDEHUGHU6FKRFNWUDIXQV MHW]W6LUHQKLQJDXIGHUZLQGDEJHZDQGWHQ6HLWHEHUGHU5HOLQJXQGHUEUDFKVLFK ZUJHQG5DXKH6FKHU]ZRUWHZXUGHQLKPYRQGHQVHHIHVWHQ6HHIDKUHUQ]XJHZRUIHQ ³(VNDQQVHLQGDVLHEHUIDOOHQZXUGHQ´PXWPDWHLFK³1RPDGHQ YHUVSUHQJWH.ULHJHURGHU'HVHUWHXUHGHU6XPHU:LUN|QQHQXQVLUUHQ:DUWHQZLUHV DE´ ,FKZLVFKWHGLH)HXFKWLJNHLWYRQPHLQHP$UPVFKXW]WLSSWHDXIYHUERUJHQH 6FKDOWHUXQGULHIGHQ5RERWYRJHO$EHUNHLQVGHUZLQ]LJHQ.RQWDNWOlPSFKHQJOKWHDXI ,FKYHUVXFKWHHVPHKUPDOVDEHUHUVWEHLP]HKQWHQ9HUVXFKHUKLHOWLFKHLQVFKZDFKHV $QWZRUWVLJQDO'HU([WUDVLQQZLVSHUWH(UZXUGHZHLWDEJHWULHEHQRGHUHULVW]HUVW|UW ,FK]XFNWHPLWGHQ6FKXOWHUQGUFNWHGLH5XIWDVWHXQGKRIIWHGD+RUXVQLFKW ]HUVW|UWZDUXQG]XUFNNRPPHQZUGH:LUVHJHOWHQZHLWHU(VVHQXQG:HLQZXUGHQ DXVJHWHLOWZLUOHJWHQGLH:DIIHQ]XUHFKW:LUEHUHLWHWHQXQVYRUXQGUHFKQHWHQQDFK YHUJOLFKHQ/DQGPDUNHQPLWGHQ%LOGHUQGHU.DUWHQXQGNRQQWHQVLFKHUVHLQGDZLU *D]DDQOLHIHQ'LH5DXFKVlXOHGUHKWHVLFKQRFKLPPHULQGHQ1DFKPLWWDJVKLPPHODOV ZLUGLHlXHUVWHQ)HOVHQNOLSSHQSDVVLHUWHQXQGGLH*HElXGHVDKHQ+LQWHUHLQHP +JHOVFKLHQHLQJURHU%UDQG]XZWHQ ³/HJWGLH:DIIHQDQDOOH´ULHILFK³0DFKWHXFKEHUHIWDQGLH5LHPHQ]XJHKHQ´ (VVFKLHQDOVRGRFKNHLQHZHLQVHOLJH6RPPHUUHLVH]XZHUGHQ:LHHVVFKLHQ EUDQQWHQSOQGHUQGH1RPDGHQGLH+DIHQVLHGOXQJQLHGHU )LVFKHUERRWHXQG(LQElXPHZDUHQDXIGHQ6WUDQGJH]RJHQ1HW]HEUHLWHWHQ VLFKDXI6WDQJHQJHVWW]WHQWODQJGHVUHFKWHQ+DIHQWHLOVDXV,QIDVWSHUIHNWHP +DOENUHLVJUXSSLHUWHQVLFK+lXVHUXQG+WWHQDXV6WHLQXPGLHNOHLQH%XFKW5XQGXPV :DVVHUKHUUVFKWHPHUNZUGLJH5XKH'LH6&+1(//(=('(5IXKUQXUYRQGHQ 5XGHUHUQYRUDQJHWULHEHQLQGHQ+DIHQHLQ-HGHUYRQXQVGHUQLFKWUXGHUWHVWDQG EHZDIIQHWDXIGHP%XJGHFNXQGYHUVXFKWH(LQ]HOKHLWHQ]XHUNHQQHQ,QHLQLJHQ +HUGHQEUDQQWHQ)HXHUZLUVDKHQ5DXFKIDKQHQDXVGHQ.DPLQHQ=LHJHQ6FKDIHXQG +XQGHEHZHJWHQVLFK]ZLVFKHQGHQ+lXVHUQLP$EIDOO1LFKWHLQHLQ]LJHU0HQVFKZDU ]XVHKHQ'LH+lQJHZDUHQPLWQLHGULJHP*HVWUlXFKEHGHFNWHVJDEQXUZHQLJH VFKDWWHQVSHQGHQGH%lXPH(LQULHVLJHU6FKZDUP7DXEHQNUHLVWH]ZLVFKHQGHU 5DXFKVlXOHXQGGHP+DIHQ,FKKREGLH+DQGXQGZLQNWHQDFKOLQNV ³%ULQJWGDV6FKLIIDQGDV6WHLQKDXV´ ³9HUVWDQGHQ´JDE&KHSHU]XUFN'RUWNRQQWHQZLUDXVVWHLJHQXQGHEHQVR VFKQHOOZLHGHUDQ%RUGJHKHQ'DV6HJHOZDUHLQJHUROOWGDV6FKLIIZDUQRFKLPPHU IHXFKWXQGZUGHQLFKWHLQIDFKLQ%UDQG]XVHW]HQVHLQ9RQGHQ+WWHQIKUWHHLQH EUHLWH6WUDHDXIGHQ+JHO]XXQGXPLKQKHUXP'DV(QGHGHU6WUDHYHUVFKZDQG KLQWHU0DXHUQXQGNOHLQHQ%lXPHQ:LUVDKHQQXUGHQ5DXFKDEHUDOVGDV*HUlXVFK GHUHLQJHVHW]WHQ5XGHUEOlWWHUDXIOK|UWHYHUQDKPHQZLUUQHUNZUGLJH/DXWH.DDSHU VWLH6LUHQDQXQGNQXUUWH³*HVFKUHLXQG*HNOLUUH'RUWKLQWHQNlPSIHQVLH´ ³'LHJDQ]H%HY|ONHUXQJ"´,FKVSUDQJDQ/DQGXQGILQJ$V\UWDDXI'LH5LHPHQ ZXUGHQKRFKJHVWHOOWELQQHQNXU]HU=HLWKDVWHQZLUXQVDP6WUDQGYHUVDPPHOWXQG UDQQWHQDXIGLH%LHJXQJ]X-HW]WK|UWHQZLUHVGHXWOLFKHUGDV.OLUUHQYRQ:DIIHQ 6FKUHLH%HIHKOHXQGNUDFKHQGH*HUlXVFKHGD]XGDV.QLVWHUQ3UDVVHOQXQG6DXVHQ GHU)ODPPHQ(LQVWHFKHQGHU*HUXFKZXUGHVWlUNHUDOVZLUHWZD%HZDIIQHWH YRUZlUWVVWUPWHQ8QVZDUNODUGDZLUYLHOOHLFKW]XVSlWNRPPHQZUGHQ*D]D

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VFKLHQWDWVlFKOLFKEHUIDOOHQZRUGHQ]XVHLQ:LUUDQQWHQZHLWHUGLH6FKLOGH KRFKJHKREHQXQGPLWJHVSDQQWHQ%|JHQ-HW]WWDXFKWHQVFKODQNH3IHLOHUDXIDXV+RO] XQG/HKP]LHJHOQHUULFKWHWXQGZHLDQJHVWULFKHQ:LUUDQQWHQKLQGXUFKXQGERJHQXP GHQ$XVOlXIHUGHV+JHOV9RUXQVEUHLWHWHVLFKHLQHUVWDXQOLFKHV3DQRUDPDDXV(LQ JURHV%DXZHUNVWDQGLQ)ODPPHQLPSDUNlKQOLFKHQ:DOGNlPSIWHQHLQLJHKXQGHUW 0HQVFKHQHUELWWHUWJHJHQHLQDQGHU ³'HU7HPSHORGHUHLQ0DJD]LQ9RUVLFKWNlPSIWQLFKWJHJHQGLH)DOVFKHQ´ VFKULHLFK'LH6ROGDWHQVFKLHQHQVLFKDXIGHQ.DPSI]XIUHXHQ6LHVFKZlUPWHQLQ HLQHU5HLKHDXVHLQDQGHUEOLHEHQVWHKHQXQGVFKOXJHQPLWGHQ6WUHLWl[WHQJHJHQGLH 6FKLOGH(LQPHWDOOLVFKKlPPHUQGHV*HUlXVFKEHUW|QWHGDV&KDRV:LUJULIIHQDQ XQGZLUYHUVWDQGHQXQVHU+DQGZHUN]LHPOLFKJXW%RJHQVFKW]HQJLQJHQLQ6WHOOXQJ XQGLKUH3IHLOHWUDIHQ0DXHUQDXV/HKP]LHJHOQNQLVWHUWHQXQGEUDFKHQLP )XQNHQUHJHQKHLHQ6WDXEIRQWlQHQXQG*OXW]XVDPPHQXQGUROOWHQ]XU6HLWH'LFNH %DONHQKDVWHQVLFKLQURWH*OXWYHUZDQGHOWXQGERJHQVLFK,PPHUZLHGHUVDFNWHQ7HLOH GHV'DFKHVHLQVFKOXJHQPLWGXPSIHP*HUlXVFKDXIGLHDVFKHEHGHFNWH)OlFKHXQG O|VWHQVLFKUDXFKHQGXQGVWDXEHQGDXI(VZDUWDWVlFKOLFKGHU7HPSHOGHQQLQVHLQHP IODPPHQGHQ+LQWHUJUXQGVWDQGHLQH6WDWXHHLQHZHLEOLFKH*|WWLQLQVLQQOLFKHU+DOWXQJ VFKZHUYHUJROGHW ³+LHUKHU$KLUDP´VFKULHMHPDQGhEHUDOOODJHQ9HUZXQGHWH6SHHUHVWHFNWHQLP ZHLFKHQ%RGHQ,PPHUZLHGHUKHXOWHQ3IHLOHXQG6FKOHXGHUVWHLQHGXUFKGLH/XIW SUDOOWHQYRQ6FKLOGHQDWH]HUSODW]WHQDQ%DXPVWlPPHQRGHUERKUWHQVLFKLQ.|USHU(V ZDUVFKZHU1RPDGHQYRQ6WDGWEHZRKQHUQ]XXQWHUVFKHLGHQ,FKUDQQWHDP IODPPHQGHQUDXFKHQGHQ7HPSHOEDXYRUEHLXQGNDPLQHLQ6\VWHPZHLHU0DXHUQ ]ZLVFKHQGHQHQJHNlPSIWZXUGH(LQK\VWHULVFKVFKUHLHQGHU(VHOHLQHQ3IHLOLP+DOV EOXWEHUVWU|PWXQGJDORSSLHUHQGVWLHPLFKIDVWXP9RUPLUVDKLFK6LUHQGHUVLFK EFNWHXQGHLQHQ6SHHUDXIKRE ³+LOIPLU´VFKULHHUDOVLFKGXUFKWUHLEHQGH5DXFKVFKZDGHQZHLWHUUDQQWHGHQ (VHOEHUKROWHXQGPHLQHQ6SHHUVHQNWHhEHUDOOZDUHQ5DXFK)ODPPHQXQG NlPSIHQGH0lQQHU6LUHQZDUIGHQ6SHHULQGLH/XIWNLSSWHVHLQHQOLQNHQ$UPPLWGHP 6FKLOGKRFKXQGOHQNWHHLQHQJHVFKOHXGHUWHQ6WHLQDWHGHUDXVHLQDQGHUEDUVW'DQQILQJ HUGHQ6SHHUDXIVFKOHXGHUWHLKQ²LQGLHVHP0RPHQWZDULFKEHLLKPXQGHUNDQQWHYLHU 0DQQHUGLHDXVYHUVFKLHGHQHQ5LFKWXQJHQDXILKQHLQGUDQJHQ.XU]H%OLW]H]XFNWHQ DXVGHU/DQ]HQVSLW]HXQGVFKOHXGHUWHQGLH$QJUHLIHU]XUFN(LQHUILHOHLQH7UHSSH KLQXQWHUGHUDQGHUHNLSSWHEHUHLQHQLHGULJH%UVWXQJXQGYHUVFKZDQGVFKUHLHQGDXV XQVHUHP%OLFNIHOG(LQGULWWHUOLHVHLQH6FKOHXGHUEHUGHP.RSINUHLVHQ,FKKLHOWDQ GUHKWHPHLQH/DQ]HKHUXPDEHUHLQ3IHLOKHXOWHDQPHLQHP.RSIYRUEHLXQGERKUWH VLFKPLWNODWVFKHQGHP*HUlXVFKLQVOHGHUQH:DPVGHV$QJUHLIHUV ,FKZDQGWHGHQ.RSIXQGVDK]ZLVFKHQ%DXPVWlPPHQDXIGHP JHJHQEHUOLHJHQGHQ+DQJHLQHQXQVHUHU%RJHQVFKW]HQ+LQWHULKPVFKLHQHQ0lQQHU ]XIOFKWHQ6LHUDQQWHQKDQJDXIZlUWVMHGHLKUHU%HZHJXQJHQGUFNWHDXVGDVLHLQ K|OOLVFKHU)XUFKWKDQGHOWHQ:LHGHUJDEHVKLQWHUXQVHLQHQIXUFKWEDUHQ.UDFK 9HUPXWOLFKZDUGDV'DFKHLQJHEURFKHQGLH5HVWHGHU+RO]NRQVWUXNWLRQ6LUHQZDUIVLFK YRUZlUWVZLUEHOWHVHLQ.DPSIEHLOKRFKXQGXQWHUOLHIHLQHQ$QJULIIGHV1RPDGHQGHQ GLHVHUPLWHLQHU.HXOHIKUWH6LUHQILQJGHQ6FKODJPLWGHP6FKLOGDXIOHQNWHGHQ VFKZHUHQ.QSSHO]XU6HLWHXQGVSDOWHWHGHP1RPDGHQGHQ6FKlGHO'HU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EUDXQKlXWLJH0DQQEUDFK]XVDPPHQXQGILHODXIV*HVLFKW6LUHQULGLHEOXWLJH 6FKQHLGHKHUDXVXQGZDQGWHVLFKDQPLFK(UVFKQDUUWH ³6HLWNXU]HU=HLWVFKlW]HLFKPDVVLYH6WDGWPDXHUQ´ (UGHXWHWHDXIHLQH*UXSSHYRQ0lQQHUQGLHVLFKPLWDOOHPYHUWHLGLJWHQZDVVLH JHIXQGHQKDWWHQ6SHHUH6WHLQH.QSSHOXQG6FKLOGH:LUUDQQWHQGHQ:HJ]XUFN GHQZLUJHNRPPHQZDUHQ,Q]ZLVFKHQKDVWHVLFKDXIGHP.DPSISODW]HLQLJHV YHUlQGHUW'LH.HWWHGHU6ROGDWHQXQG6HHOHXWHKDVWHGLH$QJUHLIHUVRZHLWGLHV HUNHQQEDUZDUYRUVLFKKHUJHWULHEHQhEHUDOOODJHQ7RWHXQG9HUZXQGHWH'LHQRFK NDPSIIlKLJHQ0lQQHUYRQ*D]DVDPPHOWHQ:DIIHQDXIXQGNlPSIWHQZHLWHU9RQ VLHEHQRGHUPHKU6WHOOHQVFKRVVHQXQVHUH%RJHQVFKW]HQJH]LHOWDXIGLH1RPDGHQ GLHVLFK]XUFN]RJHQ ³,FKNlPSIHKLHU´ULHILFKXQGKREPHLQHQ6SHHU'LH0DXHUQGHU.DPPHUQRGHU +lXVHUZDVLPPHUVLHEHGHXWHWHQ]RJHQVLFKGHQ+DQJKLQDXI,FKEHIDQGPLFKDQ HLQHUGHUK|FKVWHQ6WHOOHQXQGIHXHUWHDXIIOFKWHQGH1RPDGHQ=ZLVFKHQXQGYRU LKQHQVFKOXJHQ%OLW]HHLQVSUHQJWHQGHQ%RGHQDXIXQGZDUIHQ(UGUHLFKXQG*HU|OO QDFKDOLHQ6HLWHQ.UDFKHQGH'RQQHUVFKOlJHEHJOHLWHWHQGLH6FKVVH)UGLH$QJUHLIHU HQWVWDQGVRHWZDVZLHHLQ9RUJDQJDXVHLQHUDQGHUHQ:HOW6LHZDUIHQGLH:DIIHQZHJ OLHHQLKUH9HUZXQGHWHQOLHJHQXQGYHUVFKZDQGHQMHQVHLWVGHV$EKDQJHV,FK VFKWWHOWHGHQ.RSIXQGKREGLH/DQ]H(LQ6FKDWWHQILHOQHEHQPLUDXIGLHZHLH 0DXHU,FKKREGHQ.RSIXQGVDKGLH6LOKRXHWWHGHV9RJHOV'HU/RJLNVHNWRUVW|KQWH +RUXV,FKGUHKWHPLFKKHUXPPDFKWHHLQHIUGLH3URJUDPPLHUXQJGHV6HHDGOHUV EHUXKLJHQGH+DQGEHZHJXQJXQGEHWUDFKWHWHGLH7HLOHGHV.DPSISODW]HV'LH 5FNZDQGGHV7HPSHOVEUDFK]XVDPPHQXQGELOGHWH$WHP]JHVSlWHUHLQHJHZDOWLJH :RONHDXVKHLHP6WDXE'HU%UDQGKDVWHDXIJHK|UWZHOOHUNHLQH1DKUXQJPHKUIHQG $XVGHU/XIWVHJHOWHQULHVLJH5XIORFNHQXQGKDQGJURH)HW]HQYRQYHUEUDQQWHP 0DWHULDOKHUXQWHUXQGODJHUWHQVLFKEHUDOODWH,FKJLQJ]ZLVFKHQ0DXHUQ7UHSSHQXQG 'lFKHUQDXV6WURKXQG|OJHWUlQNWHQ%UHWWHUQKLQXQWHULQGLH5LFKWXQJGHVEUHLWHQ :HJHV 9HUJOLFKHQPLWGHQ7HPSHOQXQG6WUDHQLQ0HQHIUX0LUHZDUGLHVH 7HPSHODQODJHNDXPPHKUDOVHLQ9HUVXFK-HGHV0DJD]LQLQ*XEDOZDUVFK|QHUXQG PDVVLYHUVWUDKOWHPHKU*U|HXQG:UGHDXV²XQGEUDQQWHQLFKW$V\UWDILHI]ZLVFKHQ YHUNUPPWHQXQGVW|KQHQGHQ*HVWDOWHQDXIPLFK]XXQGULHI ³'XPXWKHOIHQ$KLUDP(VVLQGVRYLHOHYHUOHW]W´ ,FKQLFNWH8PXQVKHUXPKHUUVFKWHXQGXUFKVLFKWLJH8QRUGQXQJ9HUPXWOLFKJDE HVHEHQVRYLHOH1RPDGHQZLH6WDGWEHZRKQHUGLHYHUOHW]WRGHUJHW|WHWZDUHQ9RQGHQ /HXWHQDXV*D]DZUGHQZLUQLFKWYLHO+LOIHHUZDUWHQN|QQHQ,FKVSUWHGLH+LW]HGLH YRQGHPJURHQ6FKXWWKDXIHQDXVVWUDKOWH1DFKHLQHPEHUOHJHQGHQ7KLFNVHQNWHLFK GHQ.RSIXQGVDJWHOHLVH ³(LJHQWOLFKKlWWHLFKPLUGHQ%HVXFKLQHLQHUNDQDDQlLVFKHQ+DIHQVWDGWHLQ ZHQLJDQGHUVYRUJHVWHOOW´ ³:LUPVVHQLKQHQWURW]GHPKHOIHQ:LUKDEHQDOOH0|JOLFKNHLWHQ´ 'HU.DPSIZDUYRUEHLGLHhEHUOHEHQGHQVDPPHOWHQVLFK(LQDOWHU0DQQPLW ZHLHP+DDUXQGODQJHPZHLHQ%DUWWUDWDXIXQV]X(UVFKWWHOWHGHQ.RSIXQGVDJWH PLWJHEURFKHQHU6WLPPH ³,FKELQ.KRUDQHGHU9RUVWDQGGLHVHU6LHGOXQJ6LHKDEHQXQVSORW]KFK EHUIDOOHQ:LUEHWHWHQLP7HPSHOXPHLQHQJOFNOLFKHQ)LVFK]XJ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³+lXILJ´HUZLGHUWHLFK³YHU]|JHUWWLHIH9HUVXQNHQKHLWVFKQHOOH*HJHQZHKU:LU VLQGYRQ*XEDOLP1RUGHQ+lQGOHUDEHUDXFKZHKUKDIWH.lPSIHU(VVLHKWVFKOLPP DXV,KUKlWWHWHLQH0DXHURGHUDKVDGHQEDXHQVROOHQ´ .KRUDQHQLFNWHODQJVDPHUVFKLHQHLQXQHQWVFKORVVHQHU0DQQPLWYLHOHQ 6NUXSHOQ]XVHLQMHPDQGGHUGLH=HLFKHQEDUEDULVFKHU=HLWQLFKWULFKWLJHUNDQQWH)U VHLQ$PWVFKLHQHU]XZHQLJ(QWVFKOXNUDIW]XEHVLW]HQ,FK]RJPHLQHQ8QWHUDUPDXV GHQ+DOWHJULIIHQGHV6FKLOGHVXQGHUZLGHUWH ³/DGHLQH/HXWHGLH9HUZXQGHWHQYRQGHQ7RWHQWUHQQHQ%ULQJGLH 9HUZXQGHWHQHQV:DVVHU,FKZHUGHYHUVXFKHQLKQHQ]XKHOIHQ´ hEHUXQVVFKZHEWH+RUXVXQGIHXHUWHDEXQG]XHLQHQ6FKXDWHREHVW|GOLFKH 6WUDKOHQZDUHQRGHUVROFKHGLHQXUOlKPWHQZXWHLFKQLFKW,FKJLQJPLW$V\UWD]XP 6FKLIIGHQQGRUWZDUHQPHLQH.UJHYROOHU6DOEHQ%LQGHQXQGGLHPHGL]LQLVFKH $XVUVWXQJ%HVFKHLGHQHlU]WOLFKH.HQQWQLVVHEHVDLFKHLQIDFKHDXFKWLHIH:XQGHQ NRQQWHLFKPLWHLQLJHP(UIROJEHKDQGHOQXQGHLQLJHZXQGHUEDUH+HLOXQJVYRUJlQJH PRFKWHQPHLQH6SH]LDODU]QHLHQKHUYRUUXIHQ.KRUDQHUDQQWHLQGLH5LFKWXQJGHV JU|WHQ+DXIHQVGHU6WDGWEHZRKQHUXQGULHI.RPPDQGRVXQG%LWWHQPLWEUFKLJHU 6WLPPH ³8PLQGLHVHU=HLW]XEHUOHEHQ´VDJWHLFKHLQSHDU'XW]HQG6FKULWWHVSlWHU]X PHLQHU*HIlKUWLQ³PXPDQHLQEHVWLPPWHU7\S0HQVFKVHLQ,FKJODXEHGD 6FKZlFKOLQJHZLHJWLJRGHUNOXJVLHDXFKVHLQP|JHQHUVWYLHOVSlWHUEHUOHEHQ N|QQHQ1LFKWKHXWHXQGMHW]WXQGVFKRQJDUQLFKWWULHU'LHVHEDUEDULVFKH XQEDUPKHU]LJH:HOWEUDXFKW0HQVFKHQGLHVLFKGLHVHU+lUWHXQGGLHVHQ $QIRUGHUXQJHQDQJOHLFKHQ´ 6LHKREXQVFKOVVLJGLH6FKXOWHUQXQGVWUHLFKHOWHPHLQH:DQJH ³,FKKDEHDOV)UDXHLQHQDQGHUHQ%OLFNSXQNW'XKDVWUHFKWDEHUGDVPDFKW¶V NHLQHVZHJVOHLFKWHU(VLVWHLQHKDUWH=HLW1XUGHU6WDUNHEHUOHEW'LH6FKZDFKHQ VWHUEHQZHUGHQYHUVNODYWRGHUJHVFKXQGHQ0HLVWVLQG)UDXHQGLH6FKZlFKVWHQ´ :LUHUUHLFKWHQGDV6FKLII'LH:DFKHQK|UWHQVLFKXQVHUH(U]lKOXQJHQDQGDQQ KDOIHQVLHGLH$XVUVWXQJDQGHQ6WUDQG]XEULQJHQ,FKOLH:DVVHUHUKLW]HQXQG 7FKHUEULQJHQVFKHXFKWHGLH+HOIHUKLHUKLQXQGGRUWKLQUHLQLJWH:XQGHQXQG YHUVRUJWHVLHQlKWHNODIIHQGH5LVVHLQEOXWYHUNUXVWHWHQ.|USHUQLQML]LHUWH0HGLNDPHQWH EHWlXEWH9HUZXQGHWHOLH)HXHUDQ]QGHQXQGEHKDQGHOWHGLH0HQVFKHQEHL NQVWOLFKHP/LFKWEHIDKOGLHVHVJULIIGRUWHLQ(VZDUHLQHDOSWUDXPKDIWH1DFKWYRQ 6W|KQHQXQG:LPPHUQHUIOOW:LUVFKOHSSWHQ:HLQDXVGHU=('(5XPGLH 6FKUHLHQGHQ]XEHWlXEHQ,FKDUEHLWHWHGLHJDQ]H1DFKWXPGLHVFKZLHULJHQ 9HUOHW]XQJHQVRJXW]XYHUVRUJHQZLHHVPLUP|JOLFKZDU'LHVLFKEHZHJHQNRQQWHQ XQGMHQHGLHNHLQH9HUZXQGXQJHQHUKDOWHQKDWWHQKDOIHQXQGQDWUOLFKGLHJHVDPWH 0DQQVFKDIWXQVHUHV6FKLIIHV(UVWLP0RUJHQJUDXHQZDUHQDOOH9HUZXQGHWHQLQLKUHQ +WWHQXQGVFKOLHIHQ,FKVWUHFNWHPHLQH0XVNHOQXQGULFKWHWHPLFKDXI0HLQ5FNHQ VFKPHU]WH'HU5LQJDXV+WWHQXPGDV:DVVHUVDKGRSSHOWWURVWORVDXV(LQHUMHQHU GLHPLUELV]XOHW]WJHKROIHQKDWWHQZDU&KHSHU,FKVDKLKQKRKOlXJLJDQXQGZXWH GDPHLQH$XJHQQRFKPHKUJHU|WHWZDUHQDOVVRQVW ³,FKKDEHJHWDQZDVLFKNRQQWH(VVLHKWZLHDXIHLQHP6FKODFKWSODW]DXV 6LHGOXQJHQZLH*D]DVLHZHUGHQEHLGHUQlFKVWHQ)OXWGHU1RPDGHQGDYRQJHIHJW HVVHLGHQQ$PHQHPKHWVFKLFNW.ULHJHUXQG$UEHLWHU´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6LUHQUOSVWHXQGVSXFNWHQHEHQPHLQHP6WLHIHOLQGHQDXIJHZKOWHQ6DQG'DV YDJH0RUJHQOLFKWEHOHXFKWHWHXQVHUHJUDXHQ*HVLFKWHU ³8QGHLQHQVWDUNHUXQGHQWVFKORVVHQHQ9HUZDOWHUGHUGLHVHQ*UHLVPLW)XWULWWHQ LQGLH:VWHKLQDXVWUHLEW´ ³0|JOLFK,FKELQWRGPGH´ ,FKJLQJLQPHLQHQ0DQWHOPLW3XUSXUVDXPJHKOOWDXIHLQHVGHU+lXVHU]XYRQ GHQHQLFKZXWHGDHVOHHUZDU0LW)XWULWWHQVFKHXFKWHLFKHLQHQUlXGLJHQ.|WHU DXVGHU$VFKHGHV+HUGHVZDUIPLFKLQHLQHQ:LQNHOXQGVFKOLHIDXJHQEOLFNOLFKHLQ *HJHQ0LWWDJHUZDFKWHLFK(LQ7KLFNDXVGHU7UEHU]HXJWHPLFKGDPHLQH)UHXQGH XQGGLH0DQQVFKDIWGLH$EIDKUWYRUEHUHLWHWHQ'LH%LOGHUVFKZDQNWHQXQGWDQ]WHQYRU PLULFKJLQJEOLQ]HOQGXQGJlKQHQG]XP+HFNGHU=('(5.KRUDQHVWDQGGDXQG VSUDFKPLW.DDSHU'DV*HVLFKWXQGGHU$XVGUXFNPHLQHV)UHXQGHVZDUHQHUQVWLFK UHJLVWULHUWH$UJHUXQGNDOWHZLOGH(QWVFKORVVHQKHLW/DQJVDPQlKHUWHLFKPLFKGHQ EHLGHQXQGKREGHQ$UP ³%HVFKLPSIHLKQQLFKW]XVHKU.DDSHU´EDWLFK³6LHKDEHQYLHOGXUFKJHPDFKW´ 'HU5RPHWGHQLFKDOVEHVRQQHQHQ&KDUDNWHUNDQQWHXQGVFKlW]WHZDQGWHVLFK PLU]XXQGVDJWHLQHLQHP7RQIDOOHLQHUSHUIHNWHQ0LVFKXQJDXV:XW$UURJDQ]XQG NDOWHU9HUDFKWXQJ ³,FKKDEHLKPQXU]XHUNOlUHQYHUVXFKWGDHLQH+DIHQVWDGWGLHVHU$UWQLFKWGDV =HOWODJHUYRQ=LHJHQKLUWHQLVWVRQGHUQQDFKKDUWHQ*HVHW]HQUHJLHUWZHUGHQPX &KHSHUZLUGPLWGHPQlFKVWHQ+DSLVFKLIIPHLQH%RWVFKDIWDQ$PHQHPKHWPLWQHKPHQ :DVGLHVHYHUGDPPWHQIDXOHQ1DUUHQQLFKWEUDXFKHQLVWHLQ7HPSHO6LHEUDXFKHQ :lOOH6ROGDWHQ:DFKHQXQGHLQHQEHVVHUHQ9HUZDOWHUDOVHVGLHVHU*UHLVLVW´ 'LHVZDUQLFKWPHLQ3UREOHP(VZDUDXFKQLFKWPHLQH'LVNXVVLRQ,FKQLFNWH EHLGHQK|IOLFK]XXQGNOHWWHUWHGLH/HLWHUKLQDXI9LHOOHLFKWYHUVWDQGPLFK$V\UWD MHGHQIDOOVPHKUDOV.KRUDQH:LUOHJWHQ]ZHL6WXQGHQVSlWHUDEXQGVFKOXJHQHLQHQ .XUVHQWODQJGHU.VWHHLQGHUXQVQDFK$VNDORQEULQJHQZUGHGHUQlFKVWJHOHJHQHQ 6LHGOXQJQLFKWYLHOJURHUDOV*D]DDEHUDXVGHU/XIWJHVHKHQPLW+RUXV¶$XJHQ LUJHQGZLHNRPSDNWHU:LUUXGHUWHQDXVGHP+DIHQEHFNHQKLQDXVGDQQSDFNWHXQVYRQ %DFNERUGHLQVWHLIHU:HVWZLQG:LUNUHX]WHQLQODQJHQ=LFN]DFNEHZHJXQJHQQRUGZlUWV $VNDORQ²ZLUKRIIWHQGDZLUYLHOOHLFKWHLQH6LHGOXQJVHKHQZUGHQGLH*XEDO lKQOLFKHUZDUDOVGLHDQGHUHQ+lIHQGLHZLUEHVXFKWKDWWHQ+RUXVIORJYRUDXVXQG ZUGHXQVYRU3LUDWHQ8QWLHIHQXQG)HOVHQZDUQHQ

'LH1DFKWZDURKQHMHGHV6WUHXOLFKW1XUXQVHU.LHOZDVVHUYHUEUHLWHWHHLQHQ SKRVSKRUHV]LHUHQGHQ6FKLPPHU0HKUDOVHLQKDOEHV'XW]HQG0lQQHUXQGHLQH)UDX ODJHQXQGVDHQDXIGHP$FKWHUGHFN ,FKEOLFNWHLQGHQ+LPPHO(UZDUY|OOLJVFKZDU]XQGEHUVlWPLW7DXVHQGHQXQG DEHU7DXVHQGHQ6WHUQHQ,UJHQGZRGRUWZDU$UNRQ,UJHQGZRGRUWREHQODJHLQ P|JOLFKHV=LHOHLQH6RQQHXQGHLQ3ODQHWGLHLFKYLHOOHLFKWHLQPDOZLHGHUVHKHQZUGH &KHSHUNDQQWHGLH6WHUQELOGHU'DV6FKLIIEHIDQGVLFKDXI.XUVXQGVWHXHUWHLQHLQHP ULHVLJHQ%RJHQGHULQ:LUNOLFKNHLWDXVHLQHP=LFN]DFNNXUVJHJHQGHQ:LQGEHVWDQG $VNDORQDQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³'LHVHWDXVHQGPDOWDXVHQG/LFKWHUVLQGGLH$XJHQYRQ(OGHP9DWHUJRWW(U VLHKWDOOHVVHOEVWXQV´ 6LUHQQDKPIOVWHUQGHLQHQPlFKWLJHQ6FKOXFNDXVGHP=LHJHQOHGHUYROO*XEDO :HLQ³:LUVROOWHQDXFKHLQHQ7HPSHOEDXHQ$KLUDP$FUDQ$OOHLQGHVZHJHQZHOOYLHOH %HVXFKHUXQVHUH+HUEHUJHQIOOHQ´ ,FKODFWDWHJXWJHODXQW,Q]ZLVFKHQKDVWHLFKDXVJHVFKODIHQXQGJHQR:lUPH 1DFKWZLQGGLH1lKH$V\UWD0DUD\HVXQGGLHVFKDXNHOQGHLQOXOOHQGHQ%HZHJXQJHQ GHV6FKLIIHV ³'HLQH+HUEHUJHGLHVHV)UHXGHQKDXVPLW0XVLNXQGXQJHKHPPWHP$XVVFKDQN ZUGHGLHIURPPHQ(PSILQGXQJHQGHU%HVXFKHUQXUYHUZLUUHQ´ 5XQGXPPLFKODFKWHQGLH)UHXQGH$XFKVLHKDVWHQGDV(UOHEQLVYRQ*D]D ZHQQQLFKWYHUJHVVHQVRGRFKHUIROJUHLFKYHUGUlQJW.DDSHUPXUPHOWH ³-HPHKULFKVHLQHGHVWREHVVHUJHIlOOWPLU*XEDOGHVWRVWRO]HUELQLFKDXI XQVHUH/HLVWXQJ´ ³8QGGDPHLQ6FKLIIHXFKGLHVH.|VWOLFKNHLWHQEHVFKHUWGDUDQGHQNWLKUQLFKW LKU1XW]QLHHU´ULHIGHU.UFNHQPDFKHU³,FKJODXEHLFKPXPLUHLQH)UDXQHKPHQ MHPDQGHQGHUPLFKOREWXQGOLHEW´ ³:HVZHJHQVROOWHQZLUGLFKOREHQ"1HQQPLUHLQHQ*UXQG.UNNHQVFKQLW]HU´ OlVWHUWHLFK³:HUOREWXQV"´ ³'DV:HLEGHV(O*RWWHVGLHVHLQ*D]DEUHQQHQGH$VNHUDGLHLQGHU*HJHQG XQVHUHUDEHUJOlXELVFKHQ%DXHUQ$VWDUWHJHQDQQWZLUGZlUHGLHULFKWLJH3DUWQHULQIU HLQHQ.QVWOHUZLHPLFK´ ³.XQVW´ 1HE1HIHUOHJWHDOOVHLQH%LVVLJNHLWLQGLHVHQ$XVUXI:LUNRQQWHQHLQDQGHUQXU VFKZDFKHUNHQQHQ'HU=LHJHQVFKODXFKGHUYRQHLQHP]XPDQGHUHQJHUHLFKWZXUGH IHQGVHLQHQ:HJQXUZHOOZLUQDFKHLQDQGHUWDVWHWHQ,FK]RJ$V\UWDDQPLFKXQG VWUHLFKHOWHLKUH6FKXOWHU ³0HLQHU6FKLIIVEDXNXQVWYHUGDQNWLKUGDZLUQRFKOHEHQ´ULHI*HUWKHPS|UW,FK K|UWHLKQPLWVHLQHPYHUGDPPWHQ'UHL]DFNVFKDUUHQXQGYHUVXFKWH]XEHVFKZLFKWLJHQ ³(KHUZDUHQHVGLH%OLW]HPHLQHUJHKHLPQLVYROOHQ:DIIHQGHVIHUQHQ/DQFOHV DXVGHPLFKLQ:LUNOLFKNHLWNRPPH6FKOXPLWGHP6WUHLWLKU+DOEEHWUXQNHQHQ6HKW GLH6WHUQHDQGLH$XJHQ(OVGHQNWDQ$VNDORQ:RLVWGHU:HLQ"8PNODPPHUWQRFK LPPHUGHU.UFNHQPDFKHUGHQ6FKODXFK"´ ³1HLQ1HE1HIHUVFKZHLJWDOVRWULQNWHU´*HUWKVWLHHLQPHNNHUQGHV*HOlFKWHU DXV ³5LFKWLJ´EHVWlWLJWH1HIHUXQGUHLFKWHPLUGHQKDOEOHHUHQ6FKODXFK³,FKWULQNH ZHOOLFKPLFKIUFKWH,FKJODXEHQLFKWGD&KHSHUXQVQDFK$VNDORQVWHXHUQNDQQ´ ³(VHO´HUZLGHUWH&KHSHUJXWJHODXQWYRQGHU5XGHUSLQQHDXV³,FKVFKZ|UHGD ZLUPLWGHPHUVWHQ/LFKWGHV0RUJHQVLQ$VNDORQHLQODXIHQ,FKEULQJHHXFKGRUWKLQ DXFKZHQQHVNHLQH.VWHQIHXHUJLEW$KLUDPKDWPLFKDOOH6WHUQELOGHUXQGLKUH 6WHOOXQJHQLP/DXIGHU6RPPHUQlFKWHJHOHKUW´ ³0LW0KH´VDJWHLFK1DWUOLFKZDUHQZLUQLFKWDXIJHEURFKHQRKQHDOOH (U]lKOXQJHQXQG%HULFKWHXQVHUHU+DQGHOVNDSLWlQH]XNHQQHQYHUVFKLHGHQH%HULFKWH YRQPHKUDOVKXQGHUW6FKLIIVIKUHUQXQGLKUHQ6WHXHUPlQQHUQ:LUZXWHQZDVXQVLQ *D]DHUZDUWHWHXQGZDVZLULQ8JDULWVHKHQZUGHQ%HULFKWHGHUDQGHUHQXQGHLJHQH $QVFKDXXQJHQZDUHQYHUVFKLHGHQH'LQJHDPEHU]HXJHQGVWHQKDVWHXQVGLHV*D]D

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

JH]HLJW9RUXQVODJHLQH+DQGYROO=LHOHGLHHLQHEHVWLPPWH%HGHXWXQJKDWWHQ9RQ 6GHQQDFK1RUGHQZDUHQGLHVJHZHVHQ5DSKLDXQG*D]D$VNDORQXQG$NNR 7\UXV²*XEDOG%\EORVXQVHUH6FK|SIXQJ²XQG8JDULWLP1RUGHQGLHOHW]WH6WDWLRQHV 6HHZHJHVQDFK$ODVKLDGHUJURHQ,QVHO ³.HLQHUYRQXQVKDW*UXQGXQ]XIULHGHQ]XVHLQ´VDJWHLFK ³6LFKHUQLFKW:LUKDEHQHLQH6WDGWJHVFKDIIHQGLHHLQH(ZLJNHLWEHUGDXHUQ XQGUHLFKHUZHUGHQZLUG:LHUDQJH$KLUDPVROOVWGXEHLXQVEOHLEHQ"´PHLQWH.D DSHU(LQH)UDJHGLHLFKVFKRQVHLWODQJHU=HLWHUZDUWHWKDVWHXQGQLFKWEHDQWZRUWHQ NRQQWH(VKLQJGDYRQDWHZDVPHLQ+HUUVFKHUMHQHV(6EHIHKOHQZUGH$EHUPLW GLHVHQhEHUOHJXQJHQGXUIWHLFKNHLQHQPHLQHU)UHXQGHEHOlVWLJHQ$V\UWDNRQQWH PLWUHGHQZHOOVLHGDV3UREOHPNDQQWHXQGGHVVHQ7UDJZHLWHPLWHPSILQGHQNRQQWH ³,FKZHLHVQLFKW6LFKHUELV]XGHP7DJDQGHP*XEDODXVVLFKKHUDXVRKQH PHLQH%HIHKOHOHEHQNDQQ'HU7DJ)UHXQGHLVWQLFKWDOO]XIHUQ´ ³9HUVWlQGOLFK´NQXUUWH6LUHQJlKQHQG³6FKOLHOLFKKDEHLFKLPPHUZLHGHUHLQHQ 7UDXPLQGHPLFKPLW$FUDQDXIHLQHUDQJH6HHUHLVHJHKHGLHXQV]XVFKZDU]HQ8IHUQ IKUW´ (6KDWLKPJHVDJWHUVHLHLQHUGHU0DQQVFKDIWVDJWHGHU/RJLNVHNWRU DXIJHVFKUHFNW,FKVFKOXFNWH.RQQWHHVVHLQ"%HHLQIOXWH(6DXFKPHLQH)UHXQGHDXV %\EORV":DU6LUHQHLQ0LWJOLHGGHUHLVHUQHQ0DQQVFKDIWGLHPLWPLUMHQH*HIDKUIU /DUVDI'UHLEHNlPSIHQVROOWH"(LVHQ0HWDOODXVGHP,QQHUQGHU3ODQHWHQNUXVWH VFKZHUHU]XJHZLQQHQDOVGDVKlUWHVWH0HWDOOGLHVHU=HLW"6DJWHGLHVHU$XVGUXFNHWZDV EHUGLH6FKZLHULJNHLWHQXQVHUHV$XIWUDJHVDXV",FKYHUVFKHXFKWHDOOH*HGDQNHQGLH QLFKW]XUVWHUQNODUHQXQGZHLQVHOLJHQ1DFKWJHK|UWHQXQGVDJWH ³'HLQH7UlXPHVLQGGLHHLQHVHUOHEQLVKXQJULJHQ.DVFKHPPHQZLUWHV6LUHQ´ ³0DJVHLQ´HUZLGHUWHHUXQGJDEGHQ:HLQVFKODXFKZHLWHU³$EHULFKWUlXPH GLHVHJLOGHU$FUDQ´ (LQHV7DJHVZUGHQEHVVHUH6FKLIIHGLH0HHUHGLHVHU:HOWEHIDKUHQDOVGLHVHV ]HUEUHFKOLFKH%RRW$EHUGDV6FKLIIDXIGHPZLUXQVEHIDQGHQZDUZRKOGDVEHVWHGDV ]XXQVHUHU=HLWJHEDXWZHUGHQNRQQWH6HOEVWGHU5XPSIGHVJURHQ6FKLIIHVLQ*HUWKV :HUIWZDUQXUIQI]HKQ(OOHQOlQJHU.DVRNDUGHU$QIKUHUGHU6ROGDWHQZDUIHLQ $UJXPHQWLQV*HVSUlFK ³,FKKDEHDOOHVVWXGLHU´XQGZRKOEHGDFKWPHLQH)UHXQGH,FKUHGHWHDXFKPLW GHQ9HUZXQGHWHQLQ*D]D,FKEHIUDJWH6NODYHQGLHZLULQGHQ=HGHUQZlOGHUQXQGGHQ 6FKOXFKWHQLP2VWHQ*XEDOVHLQILQJHQ6LHVDJWHQGDQRFKYLHOHQDFK6GHQ ZDQGHUQZUGHQ6ROOHQ6LHDOOH+XQGHUWHXQG7DXVHQGH(LQZRKQHUYRQIQIRGHU VHFKV.VWHQVWlGWHQZHUGHQ"´ ³.HLQHU]ZLQJWVLH]XZDQGHUQ,FKJODXEHGDVLHXQGGLH$QVlVVLJHQVLFK YHUPLVFKHQZHUGHQ'HU*ODQ]YRQ6LOEHUXQG*ROGORFNV5HLFKWXPXQG)UHLKHLW ZHUGHQPHKU1RPDGHQDQ]LHKHQ/HW]WHQ(QGHVZHUGHQDXVLKQHQLQHLQLJHQ *HQHUDWLRQHQ6HHIDKUHU+lQGOHUXQG0DJD]LQYHUZDOWHU-HW]WVLQGVLH6NODYHQXQG /DVWHQWUlJHU,KUH6|KQHZHUGHQ+DQGZHUNHUVHLQGHUHQ6|KQHZHUGHQ+DQGHOVOHXWH 6LFKHUQLFKWDOOH$EHUZHQQZLU]ZDQ]LJ-DKU]HKQWHLQGLH=XNXQIWVHKHQN|QQWHQ ZUGHQZLUGLH1DFKNRPPHQGHU1RPDGHQGRUWVHKHQZRZLUKHXWHVLQG$OOH*UXSSHQ ZHUGHQVLFKYHUPLVFKHQDXV1RPDGHQGHUVGOLFKHQ:VWHQ:DQGHUHUQDXVGHP =ZHLVWURPODQGXQG.LQGHUQGHUHUGLHKHXWHDP0HHUHVXIHUOHEHQ+RIIHQWOLFKZHUGHQ VLHDOOHVRZLHGLHKHXWLJHQ*KXEDOLWHQRGHU*LEOLWHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

*LEOLWHQVRQDQQWHQZLUXQVGLH%HZRKQHU*XEDOV ³)UHLKHLWXQG5HLFKWXP]LHKHQ0HQVFKHQDQVRVLFKHUZLHHLQ6WHLQHLQHQ 7DXFKHULQGLH7LHIH]LHKW´VDJWHLFK³&KHSHU:LHUDQJHKDEHQZLUQRFK]XVHJHOQ"´ ³)QIVHFKV6WXQGHQ´DQWZRUWHWHHU³,UJHQGZDQQZHUGHQGLH)HXHUDXIGHQ 7UPHQYRQ$VNDORQDXIWDXFKHQYRQGHQHQXQVGLH.DSLWlQHEHULFKWHWKDEHQ´ ³:DUWHQZLU¶VDWH,FKPLWUDXHGLHVHP6WHXHUPDQQ´EUXPPWH&HUWKXQGUOSVWH ODXW'LH1DFKWYHUVWULFKODQJVDP:LUOHHUWHQGHQ:HLQVFKODXFK9LHU]LJ0lQQHUODJHQ ]ZLVFKHQGHQ5XGHUElQNHQDXI)HOOHQGLHYRQGHU6RQQHJHWURFNQHWZRUGHQZDUHQ 6LHVFKOLHIHQDXIGHP%XJGHFN]ZLVFKHQGHQ%DOOHQ3XUSXUVWRIIDXIGHP$FKWHUGHFN XQGQHEHQGHQ7DXHQYRQGHQHQ6HJHOXQG5DKJHKDOWHQZXUGHQ:LUVHJHOWHQRKQH LKUH+LOIHPHKUHUH6WXQGHQGDQQOHJWHQZLUHLQHQQHXHQ.XUVIHVWXQGPXWHQHLQLJH 6FKOlIHUZHFNHQ'LHVH1DFKWZDUHPHGHUVFK|QVWHQ(ULQQHUXQJHQGLHLFKKDEHQ NRQQWH8QVLFKWEDUEHZDFKWH+RUXVXQVHUHQ.XUVVHLQH,QIUDURWDXJHQZUGHQ8QWLHIHQ XQG)HOVHQVHKHQ-HW]WZXUGHQZLUPGHXQGEHJDQQHQ8QVLQQ]XUHGHQ&KHSHU VFKZLHJXQGVWHXHUWH6LUHQVFKOLHIXQGVFKQDUFKWHGLH8QWHUKDOWXQJHQZXUGHQ]lKHU XQGVFKOLHOLFKVFKOLHIHQZLUDOOHZHOOXQVGLHVDQIWHQ%HZHJXQJHQGLHVHV6FKDXNHOQ XQG*OHLWHQYHUEXQHQGHQPLWPDQQLJIDFKHQ*HUlXVFKHQGHV6FKLIIVN|USHUV HLQVFKOlIHUWHQXQG]XVDPPHQPLWGHP|OLJHQ:HLQHLQHHLQIDFKH0HWKRGHZDUHQ 6FKODIXQGEHUXKLJHQGH7UlXPHKHUYRU]XUXIHQ 6FKURIIH)HOVHQVDQIWJHUXQGHWH+lQJHYROOHU*HVWUSSXQG6DQGVWUHLIHQ VSUDQJHQYRQGHU.VWHQOLQLH]XUFNXQGELOGHWHQHLQHQZHLWJH|IIQHWHQ7ULFKWHUDQ GHVVHQVFKPDOVWHP3XQNW$VNDORQODJ'LH6WHUQHHUORVFKHQPLOGHV*UDXEUHLWHWHVLFK DXV'DV0HHUZXUGHELQQHQZHQLJHU$WHP]JHVSLHJHOJODWW:LUULHEHQXQVGHQ6FKODI DXVGHQ$XJHQXQGVHW]WHQGLH5LHPHQHLQ/DQJVDPQlKHUWHQZLUXQVGHQ7UPHQ GLHVLFKNDQWLJXQGPRRVEHZDFKVHQDXIHLQHUZLQ]LJHQ+DOELQVHOXQGHLQHPJURHQ )HOVEURFNHQHUKREHQ5DXFKIDKQHQVWLHJHQYRQ)HXHUVFKDOHQDXIIDVWVHQNUHFKW *URDUWLJHU)ULHGHODJEHUGHP1DWXUKDIHQ$V\UWDGHXWHWHKLQEHUXQGVDJWH ³6LHVFKHLQHQHVULFKWLJHUJHPDFKW]XKDEHQXQGHQWVFKORVVHQHUGLHVH/HXWH YRQ$VNDORQ´ :LUVDKHQIHUWLJH0DXHUQXQGVROFKHDQGHQHQQRFK*HUVWHVWDQGHQ%lXPH ZDUHQDQYLHOHQ6WHOOHQDQJHSIODQ]W'HU+DIHQZDUQLFKWEHIHVWLJWDEHUHLQJHUDGHU .DLYLHU0DQQVOlQJHQEUHLWVSUDQJZHLWLQGLH%XFKWYRQ(UVFKLHQPDVVLY]XVHLQ GLFNH%DXPHQGHQOXGHQHLQ7DXH]XEHOHJHQ(VJDEPHKUVW|FNLJH+lXVHUEHU 7HUUDVVHQVSDQQWHQVLFK6RQQHQVHJHO0HKUHUHPLQRLVFKH6FKLIIHKDVWHQDP.DL IHVWJHPDFKW0LWH[DNWHQ5XGHUVFKOlJHQQlKHUWHVLFKGLH=('(5GHP(QGHGHU 5DPSHGLHLQHLQHQUXQGHQ3ODW]PQGHWHGHVVHQUHFKWH)ODQNHYRQHLQHP ODQJJHVWUHFNWHQ0DJD]LQEDXJHVFKORVVHQZDU$XIGHUK|FKVWHQ7HUUDVVHGLHVHV +DXVHVVDKHQZLUHWZDVDXIEOLW]HQGDQQHUW|QWHHLQ+RUQVLJQDO:LUZLQNWHQKLQDXI ³7DPNDUX6LUHQ´VDJWHLFK³MHW]WNRPPWGHLQH6WXQGH$XFKWULHUZHUGHQZLU NRVWEDUHQ3XUSXUEHNDQQWPDFKHQ´ 7DPNDUX³.DXIPDQQ´6LUHQQLFNWHHQWVFKORVVHQXQGPXUPHOWH ³(VVLHKWVRDXVDOVKlWWHQVLHHLQJHRUGQHWHV*HPHLQZHVHQ:DUWHQZLUHVDE´ :LUVDKHQKLQWHUGHUDXV6WHLQHUEDXWHQ6LHGOXQJGLH)HOGHUGHU3XULQDGHU %DXHUQPLWHLJHQHP/DQGEHVLW]$VNDORQHULQQHUWHDQ*XEDODEHUGLH(LQZRKQHU VFKLHQHQZHGHUUHWFKJHQXJ]XVHLQQRFKEHUJHQJHQG+DQLDFKH]XYHUIJHQEHU /HLEHLJHQHDOVRQRPDGLVFKH6NODYHQIDPLOLHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

:LUOHJWHQDQYHUOLHHQGDV6FKLIIELVDXIHLQLJH:DFKHQXQGZlKUHQGZLUXQV EHUHIWPDFKWHQHUZDFKWHGLH6WDGW(UVWH6RQQHQVWUDKOHQEOLW]WHQDXIXQG]HLJWHQ LQWHUHVVDQWH:LQNHOGHU6LHGOXQJ$VNDORQODJDXIHLQHPODQJJHVWUHFNWHQ+DQJGHUQXU ZHQLJ+|KHQXQWHUVFKLHGEHUZDQGDQHLQHPGHUK|FKVWHQ3XQNWHJDEHVHLQH $QVDPPOXQJYRQPHKU*UQIHXFKWVFKLPPHUQGHQ3IODQ]HQXQG0DXHUQDXV*UDQLW 6DQGVWHLQXQGZHLJHVFKOlPPWHQ/HKP]LHJHOQ ,FKGUFNWHHLQHQ6FKDOWHUXQGVDJWHOHLVHLQHLQYHUERUJHQHV0LNURSKRQGHV $UPVFKXW]HV ³)OLHJKLQDXIXQGEHULFKWHZDVGXHUNHQQHQNDQQVW+RUXV´ $OV$QWZRUWVWLHGHU)LVFKDGOHUHLQHQNUlFK]HQGHQ6FKUHLDXVXQGVWULFKPLW ZHQLJHQ)OJHOVFKOlJHQDWH$OVHUVWHUHQWGHFNWH6LUHQHLQH6FKlQNHGLHJHUDGHLKUH 7UHQ|IIQHWH:LUEHWUDWHQGLH+HUEHUJH(LQPLWWHOJURHUKDJHUHU0DQQPLWHLQHP NKQHQ2EHUOLSSHQEDUWVDKXQVFQWJHJHQVWLHGLH5LHJHOHLQHUZHLWHUHQ7UDXI/LFKW IOXWHWHLQGHQYHUUXWHQJHPWOLFKHQ5DXPKLQHLQ ³:LUVLQGPHKUDOVYLHUPDO]HKQ0DQQXQGKDEHQJUlOLFKHQ+XQJHU´VDJWH 6LUHQ³,FKELQGHU:LUWGHV+DXVHVµ=XPOXVWLJHQ'HOSKLQGDVDQGHU.VWHEHUKPW LVWIU6SHLVHQ*HWUlQNHJXWH3UHLVFXQGVFKQHOOH%HGLHQXQJ0DFKPLU.RQNXUUHQ] :LUW:LHLVWGHLQ1DPH"´ 'HU+DJHUHVDKLKQIDVVXQJVORVDQXQGUFNWHHLQHQ7LVFK]XU6HLWH ³OFKELQ0DUMDQQXK6FKDUXKHQ%HQLPPGLFKNOHLQHU:LUWRGHULFKODGLFKLQV 0HHUZHUIHQ´ ,FKKREGLH+DQGXQGVFKOLFKWHWH ³:LUVLQG]XP(VVHQJHNRPPHQQLFKW]XP6WUHLWHQ:LUVLQG0DUMDQQXK )UHXQGGHQQLFKELQGHU*DXIUVWYRQ*XEDORGHUZLHHVWULHUKHLHQPD\%\EORV )ULHGH7UHLEGHLQH0lJGHDXVGHQ%HWWHQ´ 1RFKPHKU0lQQHUVFKREHQVLFKLQGHQ5DXP$V\UWDVWDQGODFKHQG]ZLVFKHQ 6LUFQXQGPIU$OVVFKOLHOLFK.DDSHUKHUHLQNDPNRVWEDUDQJH]RJHQXQG VFKPXFNEHKlQJWVFKLHQXQVGHU:LUW]XJODXEHQ(LQ0DUMDQQXKZDU$QJHK|ULJHUGHU REHUVWHQ6FKLFKW)UVWHQRGHU6WDGWKHUUHQ6HHIDKUHU%HDPWHXQG 6WUHLWZDJHQNlPSIHUJHK|UWHQHEHQVRGD]XZLH.DXIOHXWH ³0DUVDPZLUGHXFKVHKHQZROOHQ0lQQHUDXV*XEDO,FKZHUGHHXFKHLQ KFUUOLFKHV(VVHQDXIWLVFKHQ´ :lKUHQFOHUGDYRQHLOWHVFKOHSSWHQZLU7LVFKH+RFNHUXQG6HVVHODXVGHP /RNDOVWHOOWHQVLHHQWODQJGHU+DXVPDXHUDXIXQGVHW]WHQXQV(QLJH:DIIHQOHJWHQZLU DELFKJLQJPLW$V\UWDLQHLQHQGXQNOHQ:LQNHOXQGEHWUDFKWHWHGLH%LOGHUGHV3DODVWHV GLHXQV+RUXVEHUPLWWHOWH(VZDUHLQXQW\SLVFKHU3DODVWHLQEUHLWHUEHUGDFKWHU 6lXOHQJDQJWXKUWHLQHLQHQGXUFKGDFKWDQJHOHJWHQ7HPSHOEH]LUN6FKDUXFKHQKLHOW :RUW(UWLVFKWHXQVHLQ(VVHQDXIGDVGXUFKVHLQH4XDOLWlWHEHQVREHVWDFKZLHGXUFK 5HLFKKDOWLJNHLWXQGJHVFKLFNWH6HUYLHUNXQVW %LHU:HLQXQG4XHOOZDVVHUKHLH0LOFKPLW+RQLJ'DWWHOQXQG6FKLQNHQNDOWHV XQGKHLHV*HIOJHOLQgOJHVRWWHQH)LVFKH(LHUXQGOHFNHUH3LO]H)UFKWHXQG 7UDXEHQ%UDWHQXQGN|VWOLFKH6XSSHQLQJHEUDQQWHQ7RQVFKVVHOQYRQOHXFKWHQGHU )DUEH6DO]IHKOWHHEHQVRZHQLJZLHHUVWDXQOLFKH*HZU]H'LH0lJGHGLHDXIWUXJHQ ZDUHQVDEHUXQGIOLQN0HORQHQVFKHLEHQXQG)ODGHQEURWHQRFKKHLYRP2IHQGHV %lFNHUVZHLH/HLQHQWFKHUXQG]LHUOLFKH0HVVHULP/LFKWGHU0RUJHQVRQQHVDHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ZLUXQGJHQRVVHQGDV(VVHQHEHQVRZLHGHQXQJHKLQGHUWHQ7KLFNDXIGLH%LOGHUGHU HUZDFKHQGHQ6LHGOXQJ ³$OOHGLHVH6LHGOXQJHQ´VDJWHQDFKHLQHU:HLOH.DDSHU³DXFKZLULQ%\EORV KDEHQQXUHLQH0|JOLFKNHLWGHVhEHUOHEHQVIUUDQJH=HLW´ ³:LHLVWGHLQH9RUVWHOOXQJ"´6LUHQVFKREHLQSHDU1VVH]ZLVFKHQGLH=lKQH .DVRNDUUOSVWHODXWXQGVFKWWHWHHLQHQ%HFKHUNDOWHV%LHUKHUXQWHU ³6LHPVVHQµ6WDGWVWDDWHQZHUGHQ)UHLIhUGHQ+DQGHORIIHQIUMHGHQGHU HKUOLFKLVWDEHUOHLFKWXQGUDQJH]XYHUWHLGLJHQZHQQHVVHLQPX:DVPLFKZLHGHU DXI1HE1HIHUV3ODQEULQJVHLQHQUDWWHQXQGPlXVHVLFKHUHQ.RUQVSHLFKHULQGHU6WDGW DQ]XOHJHQ´ ³8QDEKlQJLJH6WDGWVWDDWHQ´,FKPDFKWHHLQHZHLWVFKZHLILJH*HVWH³$XFKGHU (LQIOXGHV+DSL5HLFKHVZLUGHLQPDODXIK|UHQ5HLFKHNRPPHQXQGJHKHQZLH 0HQVFKHQ´ ³:DKU´VWLPPWH1HE1HIHU]X³$EHUWULHUVLQGVLHDXIGHPULFKWLJHQ:HJ,FKELQ QHXJLHULJDXIGLHVHQ0DUVDP´ ³,FKQLFKWPLQGHU´VDJWHLFKNQXUUHQG.XU]H=HLWGDUDXIK|UWHQZLUGDV0DKOHQ GHU)HOJHQDXIGHP6WHLQSIODVWHUGD]XGDVXQYHUNHQQEDUH.ODSSHUQYRQ3IHUGHKXIHQ (LQSHDU6WUHLWZDJHQVFKLHQHQDXVGHP3DODVWEH]LUN]XP+DIHQ]XIDKUHQGLH(FKRV ZXUGHQ]ZLVFKHQGHQ+DXVPDXHUQKLQXQGKHUJHZRUIHQ,FKVWLH.DDSHUDQXQG VDJWH]X$V\UWD³'HU+HUUEHU$VNDORQNRPPW´ 0LFKKDVWHGDV%LOGVHLQHV3DODVWVXQGGHVGDQHEHQJHEDXWHQ7HPSHOVGHU $WKLUDW$VWDUWHRGHU%DDODWEHHLQGUXFNW,QGLHVHQ7DJHQZDUHVEOLFKGDGHU PlFKWLJVWH0DQQLP6WDDWDXFKGLH$UWGHU%DXZHUNHEHVWLPPWHXQGVLHYRQ %DXPHLVWHUQVHLQHU:DKODXVIKUHQOLH:HQQ0DUVDPVRJURDUWLJZDUZLHVHLQ 7HPSHOSDODVWPXWHHUHLQEHPHUNHQVZHUWHU0DQQVHLQ'LHNODSSHUQGHQXQG NQLUVFKHQGHQ*HUlXVFKHZXUGHQODXWHUGDQQK|UWHQZLU:LOONRPPHQVUXIH6FKUHLH *HOlFKWHUVFKOLHOLFKERJHQGUHL6WUHLWZDJHQPLWMHGUHL,QVDVVHQDXVGHU*DVVHDXI GHQ3ODW]KHUDXVXQGKLHOWHQDXIXQV]X'LH0HQVFKHQGLHJUXSSHQZHLVH KHUXPVWDQGHQLKUHQ$UEHLWHQXQG(LQNlXIHQQDFKJLQJHQRGHUVLFKXQWHUKLHOWHQ VSUDQJHQ]XU6HLWH'LH*HVSDQQHZXUGHQYRQSUlFKWLJHQ3IHUGHQJH]RJHQQLFKWYRQ (VHOVKHQJVWHQ$OVREUHLWHWHVLFKGHU*HEUDXFKGLHVHUKHUUOLFKHQ7LHUUDVVHLPPHUWLHIHU LQGHQ6GHQDXV 9RUXQVHUHQ7LVFKHQKLHOWHQGLH*HVSDQQHLQHLQHU5HLKHDQ$QHLQHU YHUJROGHWHQ/DQ]HGLHDP.RUEGHVPLWWOHUHQ:DJHQVEHIHVWLJWZDUIODWWHUWHHLQODQJHU :LPSHO,FKZDUIGHPEUDXQKlXWLJHQ0DQQGHULP8QWHUVFKLHG]XGHQ6ROGDWHQ JODWWUDVLHUWZDUXQGVFKXOWHUODQJHVJHNUlXVHOWHV+DDUEXJHLQHQSUIHQGHQ7KLFN]X (WZDIQIXQGGUHLLJ-DKUHDIWHLQNDQWLJHV*HVLFKWPLWVFKDUIHQ)DOWHQHLQHU +DNHQQDVHXQGGXQNOHQ$XJHQ(LQGHXWLJVWUDKOWHGLHVHU0DQQ(QWVFKORVVHQKHLW =LHOVWUHELJNHLWXQGHLQHEHVWLPPWH+lUWHDXV/DQJVDPVWDQGLFKDXIXQGVFKOXJ PHLQHQ0DQWHO]XUFN,FKKREGLH+DQGXQGULHI ³:LUDXV*XEDOJUHQGLFK+HUU0DUVDP:LUVLQGJHNRPPHQGLUHLQHQ %HVXFK]XPDFKHQGHLQHKHUUOLFKH6WDGW]XVHKHQXQG+DQGHO]XWUHLEHQ´ (UVFKZDQJVLFKVFKZHLJHQGDXVGHP:DJHQNRUE(UZDU]ZHFNPlLJDEHU DXVJHVXFKWWHXHUDQJH]RJHQ)HLQVWHV/HGHUGQQHUHLFKYHU]LHUWH6WRIIHJROGHQHXQG VLOEHUQH6FKQDOOHQXQG6FKPXFNVWFNH8PGLH6WLUQWUXJHUHLQEUHLWHV%DQGDXV IHLQVWEHDUEHLWHWHP*ROGPHWDOO'LHVFKZDU]XPUDKPWHQ*HVLFKWHUVHLQHU%HJOHLWXQJ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GUFNWHQ$EOHKQXQJXQG0LWUDXHQDXV0DUVDPNDP]ZLVFKHQGHQ:DJHQKLQGXUFK XQGEOLHEYRUPLUVWHKHQ ³2XELVW$KLUDP$FUDQQLFKWZDKU",KUEDXWHLJHQH6FKLIIH"´ ,FKVWUHFNWHLKPEHIUHPGHWPHLQH+DQGHQWJHJHQ(UHUJULIIVLHGUFNWHVLHNXU] XQGOLHVLHORVDOVZlUHVLHZHLJOKHQGHV0HWDOO0DUVDPERKUWHVHLQH$XJHQLQ PHLQ*HVLFKW(UURFKQDFKNDOWHP6FKZHL,FKVDJWH³%HLGHVLVWULFKWLJ)UVW 0DUVDP:LOOVWGXHLQ6FKLIIEHLXQVEHVWHOOHQ"´ (UEHDFKWHWHQXUPLFK$OOHDQGHUHQVHOEVW$V\UWDVFKLHQHQIULKQQLFKW YRUKDQGHQ]XVHLQ8QEHKDJOLFKHV6FKZHLJHQEUHLWHWHVLFKDXVXUGLH3IHUGHULVVHQDQ GHQ=JHOQXQGVHQNWHQLKUH.|SIH(LQVFKQHOOHU%OLFN]HLJWHPLUGDPHLQH)UHXQGH HEHQVREHIUHPGHWZDUHQZLHLFK'LHVHU(PSIDQJIHQGNHLQHVZHJVXQVHU9HUVWlQGQLV ³%HLPKHLOLJHQ$QNHUVWHLQ´PXUPHOWH&KHSHULQGHU0LWWHGHUPLW6SHLVHQXQG *HVFKLUUEHUVlWHQ7DIHO³(LQNKOHU0RUJHQLQ$VNDORQ´ 0DUVDPZDUILKPHLQHQQLHGHUVFKPHWWHUQGHQ7KLFN]X,FKVWHPPWHGLH+lQGHLQ 6HLWHQXQGVDKZDFKVDPEHUXQVGHQ6HHDGOHUVFKZHEHQ ³,FKIUDJWHHEHQREGXGLFK)UVW0DUVDPIUGHQ6FKLIIEDXLQWHUHVVLHUVW 6ROOHQZLUHLQHQ:HOOHQUHLWHUVFKQHOOZLHGLH=('(5IUGLFKXQG$VNDORQEDXHQ"´ :HOFKDXIIDOOHQGHU*HJHQVDW]]ZLVFKHQGHQ*UXSSHQ0DUVDPVHLQH %HZDIIQHWHQXQGGLH:DJHQYRUGHQHQEUDXQHXQGVFKZDU]H3IHUGHVLFKXQUXKLJ EHZHJWHQLPKDUWHQ*ULIIGHU=JHOJHKDOWHQ(UNQXUUWHDEZHLVHQG ³,FKEUDXFKHNHLQ6FKLII,FKKDEHNHLQH.DSLWlQH,FKODVVHDQGHUHIUPLFK IDKUHQXQGKDQGHOQ´ 8QVHUH/HXWHZDUHQKHLWHUHQWVSDQQWJHVlWWLJWXQGLQKHOOHUH)DUEHQJHNOHLGHW =X0DUVDPV7UXSSHVWHOOWHQZLUGHQWRWDOHQ*HJHQVDW]GDU9LHOOHLFKWJDLWGLHVDXFKIU DQGHUH'LQJHZlKUHQG0DUVDPIUVHLQH$XIJDEHVFKXIWHQPXWHO|VWHQZLUXQVHUH 3UREOHPHPLWYLHOVSLHOHULVFKHU/HLFKWLJNHLW0|JOLFKHUZHLVHKDVWHXQVGLHVJHSUlJW,FK IUDJWHOlFKHOQG ³:DUXPGDQQGLHVH)UDJH":DUXPGLHILQVWHUHQ%OLFNH)UVW":LUVLQGQLFKW JHNRPPHQXPGLH6WDGWQLHGHU]XEUHQQHQ´ ³,VW%\EORVJU|HUDOV$VNDORQ"´IUDJWHHUPLFKLQHLQHP7RQIDOOGHU:LGHUVSUXFK ]XHLQHP5LVLNRZHUGHQOLH,FK]XFNWHPLWGHQ6FKXOWHUQXQGHUZLGHUWHXQWHU HUZDUWXQJVYROOHP6FKZHLJHQ ³(VLVWJU|HU0HKU0HQVFKHQPHKU)UHLHPHKU$UEHLWHUXQG/HLEHLJHQH(VLVW NHLQ9HUGLHQVWGHV*DXIUVWHQYRQ%\EORV´ 0DUVDPPXVWHUWHPLFKXQYHUlQGHUWVWDUUXQGILQVWHU,FKYHUVWDQGLKQQLFKW NRQQWHPLUQLFKWYRUVWHOOHQDXVZHOFKHP*UXQGHUXQVJHJHQEHUVHLQHVFKOHFKWHVWH /DXQHKHUDXVNHKUWH9LHOOHLFKWLVWVHLQHVFKOHFKWH/DXQHGHU1RUPDO]XVWDQGVDJWHGHU /RJLNVHNWRU ³0LUKDEHQGLH+DQGHOVVFKLIIHUJHVDJWLKUVHLGUHLFKHUXQGOXVWLJHU6LHVDJWHQ LKUKDEWGLH1DWXUXQGGLH1RPDGHQEHVLHJW´ULHIHUZWHQGXQGVWDPSIWHPLWGHP)X DXI ³8QVHU6LHJZDUHLQH.HWWHYRQ1LHGHUODJHQ´VDJWHLFK³/XVWLJHUVLQGZLUZHOO IUXQV$QVWUHQJXQJHQQXU7HLOGHV/HEHQVVLQG$EHUZLUZROOHQ:RUWHGHV :LOONRPPHQVDXVWDXVFKHQ0DUVDP,FKVDKGD3DODVWXQG7HPSHOZXQGHUEDUH %DXZHUNHVLQG,FKP|FKWHYRQGLUOHUQHQ´ ³(VJLEWWULHUQLFKWV]XOHUQHQ'XZLOOVWXQVHUH+HLOLJWPHUVHKHQ"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

,FKGHXWHWHDXIPHLQH)UHXQGHXQGVDJWHVFKDUIXQGODXW ³1LFKWQXULFK:LUVLQGKLQJHULVVHQYRQGHPEHUDXVIUHXQGOLFKHQ:LOONRPPHQ GXEHPHUNVWHVDP6FKZHLJHQGHU9HUEOIIXQJ0HLQH)UHXQGHZROOHQ7DJHXQG 1lFKWHIDQJGLH6FK|QKHLWHQ$VNDORQVHUOHEHQ:LUKXQJHUQQDFK8QWHUKDOWXQJZLU GUVWHQQDFKGHLQHU.OXJKHLW)UVW´ ³'XVFKHU]HVW,FKELQQLFKWLQGHU/DXQH]XODFKHQ´ 0HLQH*HGXOGZDUHUVFK|SIW,FKGUHKWHPLFKKHUXPXQGLJQRULHUWHGHQ XQVLFKHUHQ)UVWHQYRQ$VNDORQ9LHOOHLFKWZDUHUNUDQNLP.RSI,FKGHXWHWHDXI6LUHQ XQGVDJWH ³'X2EHUVWHU+lQGOHUGHUUHLFKHQXQGZLHZLUK|UWHQOXVWLJHQ6WDGW*XEDO %\EORVZLUVWYHUVXFKHQDQGLH+lQGOHUGLHVHU6WDGWXQVHUHQSXUSXUQHQ6FKDW]]X YHUNDXIHQ=XUFN]XP6FKLII1LPP6ROGDWHQPLWVRQVWZLUVWGXYRQGHU+HU]OLFKNHLW GHV(PSIDQJHVHUVFKODJHQRGHUHUZUJW´ ,FKZDUIHLQHQ7KLFNKLQDXI]X+RUXVXQGGUFNWHGDV$FKWXQJ6LJQDO9LHOOHLFKW ZXUGHGHU9RJHOZLFKWLJLQGHQQlFKVWHQ6WXQGHQ ³'XEHILHKOVW$KLUDP$FUDQ,FKZHUGHGLH6LHGOXQJLQHLQHQ5DXVFKGHU %HJHKUOLFKNHLWQDFKXQVHUHP3XUSXUYHUVHW]HQ´6LUHQZLQNWHYLHUXQVHUHU6ROGDWHQPLW VLFK6LHVWHFNHQVLFKGLHOHW]WHQ+DSSHQ]ZLVFKHQGLH=lKQHXQGJLQJHUMHGHQ 3DVVDQWHQXQGYRUDOOHPGLHMHQLJHQGLHUHWFKDXVVDKHQDQVSUHFKHQG0LW*HOlFKWHU :LW]HQGHUEHQ6FKHU]ZRUWHQXQGGHP9HUVSUHFKHQMHGHQ+lQGOHU]XEHWUJHQ VFKULWWHQVLHDXIV6FKLII]X0DUVDPXQGVHLQH.ULHJHUVWDQGHUGDXQGJORW]WHQ,FK GHXWHWHDXI.DDSHUXQGULHIVRODXWGDHVGHUJHVDPWH9RONVKDXIHQGHXWOLFKK|UHQ PXWH ³'X.DDSHUELVWGLHUHFKWH+DQG$PHQHPKHWVLP+DSLODQG'XVROOWHVWEHVVHU ZLVVHQZLHIUFKWHUOLFKGHU=RUQGHV*RWWN|QLJVLVW6SULFKPLW0DUVDP6DJLKPZLH PDQ*lVWHHPSIlQJW´ .DDSHUKREGHQ.RSIJULIIPLWEHLGHQ+lQGHQ]XP*UWHODQGLH.QlXIHGHU 'ROFKH'DQQVWDQGHUDXIVFKREGHQ+RFNHUDFKWORV]XU6HLWHXQGJLQJDQGHU0DXHU GHU6FKlQNHHQWODQJ'HU:LUWGHUDP7USIRVWHQOHKQWHZXUGHXQWHUGHP7KLFN.D DSHUVEOHLFKXQGVSUDQJ]XU6HLWH'DQQQlKHUWHVLFK.DDSHUGHP6WDGWKHUUVFKHUXQG IUDJWH,FLVH³:LOOVWGXGDGHLQH6WDGWK|UWZDVLFKGLU]XVDJHQKDEH"'LH=XQJH UHLFKWZHLWHUDOVGLH+DQG´ 3O|W]OLFKYHUVFKZDQGGHU*UROODXVGHP*HVLFKWGHV+HUUVFKHUV(UZXUGH YHUOHJHQVWDUUWH.DDSHUDQXQGZLFKODQJVDP]XVHLQHP6WUHLWZDJHQ]XUFN.DDSHU IDWHLKQDQGHU6FKXOWHU]RJLKQPLWVLFKXQGJPJLQGLH5LFKWXQJGHU*DVVHDXVGHU GLH6WUHLWZDJHQDXIJHWDXFKWZDUHQ,FKQLFNWHEHIULHGLJWDOVRKDVWHGDV:RUWGHV $PHQHPKHWRWHQDXFKWULHUVHLQ*HZLFKW ³8QGGX1HE1HIHUJLEGHP:LUWHLQHQ%HFKHUYROOHU.|UQHU6LOEHUHUQHQQWGLU GHQ3UHLV8QVHUHWDSIHUHQ6ROGDWHQZHUGHQVFKQHOO)UHXQGVFKDIWVFKOLHHQPLWLKUHQ .DPHUDGHQDXV$VNDORQ/RVODWHXFK]HLJHQZLHPDQ:DIIHQEHQXW]W*HKWPLW LKQHQ´ ,FKHJWHPHPHQ$UPXP$V\UWDV6FKXOWHUQXQGPHLQWH]X.DVRNDUHQQ 0DUMDQQXKDOOHU%HZDIIQHWHQLQ*XEDO ³8QVHUH0lQQHUVROOHQGLHNRVWEDUVWHQ+DQGHOVZDUHQDP.DLDXVEUHLWHQ %HZDFKVLHELWWH,FKGHQNHZLUZHUGHQGLHZDUPH*DVWIUHXQGVFKDIW$VNDORQVQLFKW UDQJHDXIGLH3UREHVWHOOHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

'HU:LUWVFKULHYROO(QWVHW]HQDXI ³6HLGLKUVFKOHFKWEHGLHQWZRUGHQ":XUGHWLKUQLFKWVDWW"6ROOLFKHLQLJH0lJGH DXVSHLWVFKHQ"´ ³1DUU´VDJWH.DVRNDUJUROOHQG]X6FKDUXKHQ³:HQQZLU$VNDORQQLFKWYHUZVWHQ XQGQLHGHUEUHQQHQKDWGLH6WDGWHVGLHVHP*DVWPDKO]XYHUGDQNHQ'HLQ(VVHQZDU N|VWOLFK:LUKRIIHQGHU3UHLVHQWVSULFKWGHP8PIDQJGHV*HQRVVHQHQ´ &KHSHUVDUXKLJGDHLQLJH3OlW]HYRQXQVHQWIHUQWDXQGWUDQNYROOHU 6HHOHQUXKHZDUISUIHQGH%OLFNHLQGLH5XQGHXQGVDK]XZLHXQVHUH6ROGDWHQGLH :DFKHQGHU6WDGWVR]XVDJHQLQ+RQLJHUWUlQNWHQHLQ6SULFKZRUWYRQ%\EORVGDVVRYLHO DXVGUFNWHZLH³HUVWLFNHQGH)UHXQGOLFKNHLW´6FKOLHOLFKO|VWHQVLFKGLHQHXJLHULJHQ 0HQVFKHQJUXSSHQDXIGLH:DJHQIXKUHQUFNZlUWVGUHKWHQXQGIROJWHQGHP +HUUVFKHU'HU.UFNHQPDFKHUJHVHOOWHVLFK]XXQVXQGPHLQWH ³,FKGHQNHZLUGUHLZHUGHQGHQ3DODVWXQGGHQ7HPSHOEHVLFKWLJHQXPPLWGHU 6FK|QKHLWYRQ$VNDORQV%DXZHUNHQZHWWHLIHUQ]XN|QQHQ"´ ³'XVDJVWHV´$V\UWDXQGLFKVSUDFKHQZLHDXVHLQHP0XQG:LUYHUVXFKWHQDXI GHP:HJ]XP3DODVWGLHWDXVHQG(LQ]HOKHLWHQ]XHUNHQQHQXQG]XGHXWHQGLH EHVWLPPHQGZDUHQIUGHQ&KDUDNWHUHLQHU6LHGOXQJ6FKRQDXIKDOEHP:HJZXUGH XQVNODUGDWULHUYLHOHVGRSSHOWVRVFKQHOOYRUVLFKJLQJZLHLQ*XEDO%\EORV 8QGHQNEDUDEHUZDKU'LH0HQVFKHQUDQQWHQGLH7|SIHUVFKHLEHQGUHKWHQVLFK VFKQHOOHUGLH6NODYHQKDVWHWHQGLH*HUVWHKLQDXIXQGQRFKVFKQHOOHUKHUXQWHUEHUDOO K|UWHQZLUGDV.QDOOHQYRQ3HLWVFKHQXQGGDV:HKJHVFKUHLGHU6NODYHQ+LHU KHUUVFKWHQ=ZDQJXQG*HZDOWDEHUGLH6LHGOXQJZXUGHLQNU]HVWHU=HLWHUULFKWHW(V ZDUYRUVWHOOEDUZLHHVDXIGHQ)HOGHUQGHU%DXHUQDXVVDK9HUPXWOLFKULVVHQGLH 2FKVHQGLH3IOJHLPJHVWUHFNWHQ*DORSSGXUFKGLH)XUFKHQ'HU+HUUVFKHUVFKLHQYRQ VHLQHU,GHHEHVHVVHQ]XVHLQ(UZROOWHGLH*HVFKLFKWHEHHLQIOXVVHQDEHUVLHZUGH 6LHJHULQEOHLEHQ:HQQVLFKGLHVWUDIIH2UJDQLVDWLRQDXFKQXUHLQLJH7DJHIDQJDXV VHLQHQ+lQGHQO|VWHEUDFKVHLQ6\VWHP]XVDPPHQ$EJHVHKHQGDYRQ'XUFKVHLQ XQZLUVFKHV9HUKDOWHQPDFKWHHU$VNDORQQLFKW]XPEHYRU]XJWHQ=LHOGHU+lQGOHU.HLQH +lQGOHUNHLQ+DQGHO:RGHU+DQGHOIHKOWHEOLHEGHU9HUGLHQVWDXV(LQW|GOLFKHU .UHLVODXIGHUPLWGHP1DFKIROJHUYRQ0DUVDPEHHQGHWVHLQZUGH :LUHUUHLFKWHQGHQ7HPSHOEH]LUNEHUHLQHEUHLWH7UHSSHDXV6DQGVWHLQEO|FNHQ YRQ=\SUHVVHQJHVlXPWhEHUDOODUEHLWHWHQ.LQGHUDXIGHP5DVHQVFKQLWWHQ+DOPH XQGWUXJHQ%OlWWHUXQG$EIDOO]XVDPPHQ=ZLVFKHQGHQ%lXPHQHUKREVLFKHLQ HUVWDXQOLFKHV%DXZHUN*HUWKUDPPWHYROOHU9HUEOIIXQJVHLQHQ'UHL]DFNWLHILQGHQ 5DVHQ ³,FKELQEHUZlOWLJW´JHVWDQGHUIOVWHUQG(LQHUHFKWHFNLJH%DVLVZXFKWLJHU 4XDGHUZDUJHPDXHUWXQG]XVDPPHQJHIJWZRUGHQ$QGUHL6HLWHQHUKREHQVLFK NRQLVFK]XODXIHQGHVFKODQNH6lXOHQHWZDGUHLPDOPDQQVKRFKDXVGXQNOHP*UDQLW )XKUZHUNHXQG6NODYHQKDVWHQVLFKHU7DJHJHEUDXFKWXPGLHVHQ%DXVWRIIKLHUKHU]X VFKOHSSHQ,FKEHJDQQ]X]lKOHQ,QVJHVDPWGUHLLJ6WHOHQGLHXQWHUKDOEGHU 'DFKEDONHQEUHLWH%lQGHUDXV*ROGWUXJHQ ³(LQ7HPSHOGHU%DDODW"´IUDJWHOHLVH$V\UWD(LQHGVWHUH%HNOHPPXQJJLQJYRQ GLHVHPV\PPHWULVFKHQ%DXZHUNDXV/DQJVDPWDSSWHQZLUHLQHQ:HJDXVZHLHQ .LHVHOVWHLQHQHQWODQJGHU]XVFKPDOHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

]HKQ(OOHQKRKHQ3RUWDOHQIKUWH$XFKGLHVHU.LHVVWDPPWHYRQZHLWKHU8QVHUH 6FKULWWHHU]HXJWHQDXIIDOOHQGH/DXWH$QEHLGHQ6HLWHQGHV:HJHVHUKREHQVLFK UHFKWHFNLJJHPHLHOWH3\ORQHGRSSHOWPDQQVKRFKMHZHLOV]ZDQ]LJ6WFN ³'DVZHUGHQZLUVHKHQZHQQZLULP,QQHUQVLQG9LHOOHLFKWLVWHV%DDODWYLHOOHLFKW HLQHDQGHUH*RWWKHLW´ :DU0DUVDPHLQUHOLJL|VHU(LIHUHU"'LH0HLVWHUVFKDIWGHU%HDUEHLWXQJ]HLJWH GDJXWH+DQGZHUNHUDP:HUNJHZHVHQZDUHQ8QVHUH%HZHJXQJHQZXUGHQ XQIUHLZLOOLJ]|JHUQGHU$XFKGLH%DONHQXQGGLH:lQGHKLQWHUGHQ6lXOHQZDUHQ VFKZDU]GXQNHOJUDXXQGGVWHU'HU7HPSHOVWUDKOWHHLQHXQJXWH6WLPPXQJDXV 6LFKHUOLFKZXUGHWULHUNHLQKHLWHUHU*RWWYHUHKUW,FKVSUWHZLHVLFK$V\UWDDQPLFK GUlQJWH6LHZDU]XWLHIVWEHXQUXKLJW 'LH6NODYHQXQG6NODYLQQHQZDUIHQIXUFKWVDPH%OLFNHLQXQVHUH5LFKWXQJ,QGHQ %lXPHQULQJVXPVDQJNHLQ9RJHLQLFKWHLQPDO*ULOOHQZDUHQLP*UDV'LH%DONHQXQG GDVEULJH+RO]ZHUNVWU|PWHQGHQVWHFKHQGHQ*HUXFKQDFK=HGHUQ|ODXV:LUVWLHJHQ VLHEHQ6WXIHQKLQDXIXQGSDFNWHQGLH*ULIIHGHU3RUWDOH/HLVHVFKZDQJHQVLHQDFK LQQHQ:LUEOLHEHQVWHKHQGLH7RUDQJHOQZDUHQYHUVHW]WDQJHEUDFKWVRGDGLH3RUWDOH ODXWORVYRQVHOEVWVFKORVVHQ(LQIDVWY|OOLJGXQNOHU,QQHQUDXPHPSILQJXQV(VURFK XQEHVFKUHLEOLFK=HGHUQ|O%DOVDP0\UUKHXQGHLQH9LHO]DKOYHUEUDQQWHU'XIWVWRIIHRGHU 3IODQ]HQ9RQHLQHPUXQGHQ)HQVWHULQGHUUHFKWHQ:DQGDXVJHKHQGGXUFKTXHUWHHLQ %QGHO6RQQHQVWUDKOHQGLH%UHLWHGHV5DXPHVXQGWUDIDXIGHQ2EHUN|USHUHLQHU 6WDWXH*HUWKIOVWHUWHEHNORPPHQ ³'DVLVWNHLQ7HPSHO0LUHUVFKHLQWHVZLHHLQH)ROWHUNDPPHUGHV*HLVWHV´ :LUEHIDQGHQXQVLQHLQHU=RQHGLHGDV(FKRXQVHUHU:RUWHEUDFKXPOHLWHWH KLQXQGKHUZDUIXQGYHUKDOOHQOLH$XV*HUWKV)OVWHUQZXUGHHLQSIHLIHQGHV=LVFKHQ GDVXQVHUH1HUYHQIROWHUWH:LUPDFKWHQHLQLJH6FKULWWHYRUZlUWV7DXVHQGKDUWH *HUlXVFKHNODSSHUWHQXQGSUDVVHOWHQ]ZLVFKHQGHQVFKZDU]VFKLPPHUQGHQ:lQGHQ :LUHUVFKUDNHQXQVHUH+lQGHIXKUHQ]XGHQ2KUHQXQGKLHOWHQVLH]X,FKZDJWH]X VDJHQ ³0LWVROFKHQ0LWWHOQVFKHLQW0DUVDP]XKHUUVFKHQ,FKJODXEHGLH1RPDGHQ KlWWHQHLQHQDQGHUHQ2UWEHUIDOOHQXQGGRUWGHQ7HPSHODQ]QGHQVROOHQ´ (LQFKDRWLVFKHV.ODQJHUOHEQLVZDUGLH)ROJH0HLQH:RUWHXQGGLH YHUYLHOIlOWLJWHQXQGYHU]HUUWHQ6FKULWWJHUlXVFKHHUIOOWHQGHQ7HPSHOPLWLQIHUQDOLVFKHP /lUP(LQLJH0DQQVOlQJHQYRUGHQ6RFNHOQEOLHEHQZLUVWHKHQ'LH6WDWXH]HLJWHHLQH )UDXDXV6WHLQYHUPXWOLFKDXVSROLHUWHP*UDQLWRGHUDXV3RUSK\U+IWHQXQG%UVWH ZDUHQEHUEHWRQWGLH$UPHZDUHQDQGHQ/HLEJHSUHWGLH8QWHUDUPHVWUHFNWHQVLFK QDFKYRUQ,QHLQHU+DQGKLHOWGLHXQEHNDQQWH*|WWLQGHQVWLOLVLHUWHQ.|USHUHLQHV .LQGHVLKUH)LQJHUGUFNWHQGHQ+DOV]X'LHDQGHUH+DQGKLHOWHLQH3HLWVFKHPLW PHKUHUHQ6FKQUHQGLHELV]XP%RGHQYRUXQVHUHQ)HQKHUXQWHUKLQJHQXQG JHNQRWHWZDUHQ'DV*HVLFKWPLWZHQLJPHQVFKHQlKQOLFKHQ=JHQEOLHEVWDUUDEHUGHU $XVGUXFN]HLJWHHUEDUPXQJVORVHQ+DUDVHQGH*LHUXQGVFKLHUH%|VDUWLJNHLW'XUFK GDV6RQQHQOLFKWGDVYROODXI2EHUN|USHU+DOVXQG.RSIILIOZXUGHGLH6FKlUIHGLHVHV *|W]HQELOGHVQRFKEHWRQW1XUHLQNUDQNHU*HLVWNRQQWHHLQVROFKHV%LOGZHUNDXIVWHOOHQ ,FKGUHKWHPLFKXP 6LHKKLQDXI'LHVH$QRUGQXQJVDJWHGHU/RJLNVHNWRU1XUXQPLWWHOEDUYRUGHP *|W]HQELOGZDU]XHUNHQQHQGDHVGUHL'XW]HQGVROFKHUgIIQXQJHQLQGHQ:lQGHQ XQGGHU'HFNHJDE6LHZDUHQ]\OLQGULVFKVRGDGDV6RQQHQOLFKWDEEUDFKHKHHV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

HLQHQDQGHUHQ3ODW]LP7HPSHOWUDI:DQGHUWHGLH6RQQHVRJOLWWVLHNXU]H=HLWVSlWHU YRUHLQDQGHUHV/RFKGDVHEHQIDOOVDXIGHQ2EHUN|USHUGHU*|WWLQDXVJHULFKWHWZDU,FK VDKGDVLFKGLHgIIQXQJHQGHPXQWHUVFKLHGOLFKHQ6WDQGGHU6RQQH]XGHQ YHUVFKLHGHQHQ-DKUHV]HLWHQDQSDWHQ(LQHUDIILQLHUWH(LQULFKWXQJ3O|W]OLFKZDUQWHGHU ([WUDVLQQ9LHOOHLFKWKDWGLHVHV9HUIDKUHQHLQDQGHUHUHUIXQGHQ"'HUMHQLJHGHUPLWGHU *HIDKULGHQWLVFKLVWGLH(6DQJHNQGLJWKDW"'HQNGDUEHUQDFKXQGSUIH0DUVDP ³*HKHQZLU´PXUPHOWH$V\UWDLQPHLQ2KU'LH:RUWHHU]HXJWHQHLQVXPPHQGHV *HUlXVFK ³1RFKQLFKW´VDJWHLFKXQGOLHVLHORVSDFNWHGHQODQJHQ'ROFKGHQJHWDUQWHQ W|GOLFKHQ6WUDKOHU/DQJVDP]RJLFKLKQDXVGHUYHU]LHUWHQ/HGHUVFKHLGHXQG XPUXQGHWHHLQLJHUHFKWHFNLJH6WHOHQGLHXQUHJHOPlLJGHQ$OWDUGHU*|WWLQXPJDEHQ ,QMHGHPGLHVHUZUIHOI|UPLJHQ6WHLQEO|FNHZDUHLQHKDOENXJHOLJH9HUWLHIXQJ HLQJHPHLHOW,FKHQWGHFNWH5HVWHYRQ)OVVLJNHLWHQDXFKWURFNQHQGHV%OXWNRQQWH GDUXQWHUVHLQ'LH6WDWXHEHIDQGVLFKIQI]HKQ6FKULWWHYRUGHU5FNZDQGGHV7HPSHOV +LHUHUKREHQVLFK]ZHLNXU]H6WFNH:DQGHEHQIDOOVDXV%DVDOW6LHYHUEDUJHQ VFKPDOH6SDOWHQLQGHU0DXHU,FKJOLWW]ZLVFKHQGLH0DXHUQGLHGHQMHQLJHQLP7HPSHO GLHYRUGHU6WDWXHVWDQGHURGHUODJHQGHQ7KLFNDXIHLQHQWULHU(LQWUHWHQGHQ YHUZHKUWHQ:LHGHU|IIQHWHVLFKHLQHVFKPDOH7UDXIEHLGHQ6HLWHQPLW.XSIHU EHVFKODJHQXQGGLFNHQ1lJHOQJHVLFKHUW,FKEHIDQGPLFKLQGHPEUHLWHQ.RUULGRUGHU LQGHQ3DODVWIKUWH(LQ7KLFN]XP+LPPHOQRFKLPPHUVFKZHEWHGHU*DUDQWXQVHUHU 6LFKHUKHLWEHUXQV3O|W]OLFKZDU*HUWKQHEHQPLUKREVHLQHQ'UHL]DFNXQGGHXWHWH QDFKUHFKWVXQGOLQNV ³4XDUWLHUHIU3ULHVWHU"6FKDW]NDPPHUQRGHU*HIlQJQLVVH"2GHU6WDOOXQJHQIU 2SIHUWLHUH"´IUDJWHHUOHLVH³$V\UWDIUFKWHWVLFK,FKJHKH]XUFN]XLKU:LUYHUODVVHQ GHQ7HPSHO$FUDQ´ ³-DGDQNH,FKNRPPHJOHLFK0LFKKlOW¶VWULHUQLFKWODQJH´YHUVSUDFKLFK0LW HLQLJHQ6SUQJHQUDQQWHLFKHLQHVFKPDOH7UHSSHRKQH*HOlQGHUDXIZlUWVXQGEHIDQG PLFKDXIGHP'DFKHLQHVZUIHOI|UPLJHQ*HElXGHV,FKHQWGHFNWHZHGHU)HQVWHUQRFK 7UHQGDV+DXVKDVWHHLQHQYHUVWHFNWHQ=XJDQJ$OVLFK*HUlXVFKHXQGVFKULOOH 6WLPPHQDXVGHP3DODVWK|UWHVSUDQJLFK]XUFN]XU7UULVLHDXIXQGEOLHEHLQHQ 0RPHQWVWHKHQXPPLFKDQGLH'XQNHOKHLWGHV7HPSHOV]XJHZ|KQHQ 9HUKXQGHUWIDFKWH6WLPPHQ:RUWIHW]HQXQG6FKULWWHVDJWHQPLUGD*HUWKXQG$V\UWD GDYRQOLHIHQ,FKUDQQWHLKQHQQDFK,P6SDOWGHV3RUWDOVEOLHELFKVWHKHQXQGVFKLFNWH QRFKHLQPDOHLQHQODQJHQ7KLFNLQV,QQHUH ³(LQHVLVWVLFKHU+LHUUHJLHUWQLFKW9HUQXQIW´VDJWHLFKXQGOLHGLH7U]XJOHLWHQ ³VRQGHUQ)XUFKW,FKP|FKWHNHLQULWXHOOHV2SIHULQGLHVHPJUlOLFKHQ7HPSHOHUOHEHQ´ $XIGLHVH:HLVHEUDFKWHQJHZLVVHQORVH0HQVFKHQ/HLFKWJOlXELJHGD]X HLQDQGHUDOV2SIHU]XEHQXW]HQ,FKKDVWHHVHUOHEWXQGLFKZROOWHHVNHLQ]ZHLWHV0DO PLWHUOHEHQ,FKUDQQWHGLH6WXIHQKLQXQWHUXQGKROWHGLHEHLGHQHLQ ³(ULVWZDKQVLQQLJ´VDJWHLFK³$VNDORQZLUGVLFKHUOLFKEHVWHKHQ$EHU0DUVDP HUVWLFNWDQVHLQHQHLJHQHQ9RUVWHOOXQJHQ´ $V\UWDPHLQWHOHLVHXQGVWRFNHQG ³:LUKDEHQGHQ$XIWUDJHLQ\RONDXIGHQ:HJ]XEULQJHQGDV.VWHQXQG %XFKWHQEHKHUUVFKWHLQ\RONXQHUVFKURFNHQHU0HHUHVVHJOHU,FKELQVLFKHUGDYRQ $VNDORQNHLQH6FKLIIHDEOHJHQVRZLHYRQ%\EORV'HUHUVWH6WXUPPDFKWVLHDOOH]X 6HOEVWP|UGHUQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

,FKVFKDXGHUWHDOVLFKQRFKHLQPDOGDV*HOlQGHXPGHQ7HPSHOVDKXQGGLH YHUVW|UWHQ6NODYHQGLHRKQHMHGH$XIVLFKWDUEHLWHWHQDOVVFKZLQJHHLQ8QVLFKWEDUHUGLH 3HLWVFKH ³9LHOVLFKHUHULVWGD0DUVDPEDOGYHUJLIWHWZLUG8QGGDVQlFKVWHZLUGVHLQGD PDQGLHVH,VLV$VWDUWHRGHUZHULPPHUHVVHLQVRLO]HUVFKODJHQXQGHLQKHLWHUHV%LOG DXIVWHOOHQZLUG'LHVLVWPHLQH0HLQXQJ´ ³'XPDJVWUHFKWKDEHQ´VFKOR*HUWK'HUVFKUHFNOLFKH(LQGUXFNVDILHIDEHU HUZXUGHYRQGHUOHEHQGLJHQ6WDGWVFKQHOOEHUGHFNW:LUZDQGHUWHQGXUFK*DVVHQGLH DQ*XEDOHULQQHUWHQ$EHUZlKUHQGLQXQVHUHQ:HUNVWlWWHQ]XPLQGHVWKHLWHUJHDUEHLWHW ZXUGHVFKXIWHWHQVLHWULHUPLWHLJHQWPOLFKHU9HUELVVHQKHLW)XUFKWXQG7HUURU EHKHUUVFKWHQ$VNDORQ,QGHU6LHGOXQJJDLWHLQ0HQVFKHQOHEHQQLFKWYLHODXFKGDV HLQHV+HUUVFKHUVNRQQWHYHUEOIIHQGNXU]VHLQ0DUVDPV1DFKIROJHUNRQQWHHVQXU EHVVHUPDFKHQ6FKOLHOLFKEHIDQGHQZLUXQVDP+DIHQGHU.DLZDUYROOHU0HQVFKHQ 6LUHQKDQGHOWHDOVJHOWHHVVHLQ/HEHQ(UKDVWHVHLQ+HPGDXVJH]RJHQ$XIVHLQHU VFKZHLQDVVHQ%UXVWJOlQ]WHIDUELJHU3HUOHQXQG*ROGVFKPXFNHLQ9RJHOPLW DXVJHEUHLWHWHQ6FKZLQJHQ,FKVDKSXUSXUQH%lQGHUXQG6WRIIHWHXUHVFKZDU]HXQG URWH8UQHQPLW+HQNHOQ7LHUILJXUHQPLW:U]XQG6DOE|OHQJHIOOW1HE1HIHUQRWLHUWH ZRJDEXQGOLHZLHJHQVFKWWHWH*ROGN|UQHUXQG6LOEHUN|UQHULQHLQHQEDXFKLJHQ .UXJXQG]lKOWHGLH%DUUHQ.XSIHU%URQ]HXQG(LVHQDXVGHP/DQG+DWWL0LWZHLW DXIJHULVVHQHQ$XJHQXQGRIIHQHQ0QGHUQODXVFKWHQ]ZHLKXQGHUW0HQVFKHQGHP VFKUHLHQGHQ+lQGOHU$XFKGLH0DQQVFKDIWHQGHU+DQGHOVNDSLWlQHVWDQGHUWULHUXQG ZDUHQQLFKWVRKHLWHUWULHUZXUGHLKQHQYRQHLQHP0HLVWHUJH]HLJWZLHPDQHV DQVWHOOWH,PPHUZLHGHUEUDQGHWHHLQH/DFKVDOYHEHUGDV:DVVHU6LUHQHU]lKOWH :LW]HIUXQVDOWXQGEHNDQQWGLHDEHUQLFKWVDQ'HXWOLFKNHLWXQG6FKlUIHYHUORUHQ KDWWHQ0LQGHVWHQVIUHLQSHDU6WXQGHQZDUHLQNOHLQHU7HLO$VNDORQV]XHLQHUOXVWLJHQ 6WDGWJHZRUGHQ$OVLFKPLFKDQ%RUGVFKZLQJHQZROOWHOHQNWHHLQ%OLW]HQPHLQHQ7KLFN DWH(LQJHNHLOWLQGHU0HQJHGLHLKQQLFKWEHDFKWHWHVWDQG0DUVDPDXIVHLQHP 6WUHLWZDJHQ'HU:LPSHOKLQJVFKODIIKHUXQWHU1HEHQ0DUVDPVWDQGPLWDUURJDQWHU 0LHQHPHLQ)UHXQG.DDSHU0DUVDPV+DOWXQJXQGVHLQ*HVLFKWVGUXFNOLHHQPLFK DEHUPDOVVWXW]HQ(UlUJHUWHVLFKELVLFKDXIGLH/LSSHQYHUPRFKWHVLFKQLFKW]X IUHXHQZLHHLQ$XVJHVWRHQHULQVHLQHUHLJHQHQ6WDGW'LHHKUZUGLJHQ6FKHU]H XQVHUHVJHOE]lKQLJHQ)UHXQGHVKDVWHQJHQJWLKQ]XUXQZLFKWLJHQ)LJXUZHUGHQ]X OHVVHQ,QVHLQHP+HU]HQWREWHVFKZDU]HU$XIUXKU(UEHQHLGHWH*XEDONRQQWHVLFK QLFKWDPKHLWHUHQ+DQGHOHUIUHXHQ(VZDUDOVZUGHQZLUYHUVFKLHGHQH6SUDFKHQ VSUHFKHQDOVNlPHHUYRQHLQHPDQGHUHQ3ODQHWHQ,FKVHW]WHPLFKDXIGLH%RUGZDQG GHU=('(5XQGEHUOHJWH(LQ+LQZHLVYRQ(6EOLHEDXV0HLQH$KQXQJVDJWHPLUJDU QLFKWV.RQQWH0DUVDPHLQ$QGURLGHYRP.XQVWSODQHWHQ:DQGHUHUVHLQ"0|JOLFKDEHU XQZDKUVFKHLQOLFKHUKlWWHVLFKEHVVHUJHWDUQW(UZlUHDOV$QGURLGHYRQVHLQHU PHQVFKOLFKHQ8PJHEXQJLQSRVLWLYHP6LQQNRUUXPSLHUWZRUGHQ0LWEUHQQHQGHQ$XJHQ VWDUUWH0DUVDPDXIGLH6&+1(//(=('(5XQGDXIGLH6ROGDWHQGLHPLWGHQ0lGFKHQ VFKHU]WHQDXVGHU6FKlQNH%LHUEUDFKWHQXQG.|UEHYROOHU1DKUXQJVPLWWHOGLHZLUDQ %RUGQDKPHQIUGLH)DKUWHQGHUQlFKVWHQ7DJH.DDSHUZXWHJHQDXZDVHUYRQ DOOGHP]XKDOWHQKDVWH(UVFKZLHJXQGEHZDKUWH+DOWXQJDOV9HUWUDXWHU$PHQHPKHWV 1DFKGHPVLFKHLQLJHGHU+lQGOHUHUVFK|SIWGLH6HLWHQKLHOWHQXQGQLFKWPHUNWHQZLH JODWWVLHEHUV2KUJHKDXHQZRUGHQZDUHQVFKULH6LUHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³)UHXQGH+lQGOHU1LFKWVWXHUXQG*DIIHU.LQGHUXQGLKUEDUEXVLJHQEUDXQHQ 6NODYLQQHQ:LUVLQGOHHU0LUIDOOHQNHLQH6FKHU]HPHKUHLQZDVZLULQDQGHUHQ+lIHQ DXVEUHLWHQZROOHQKDEHQZLUDQHXFKYHUNDXIW8QG]XHLQHP3UHLV²PHLQ+HUUZLUG PLFKPHKUPDOVDXVSHLWVFKHQOHVVHQ +lQGOHU)UHXQGHK|UWPLFK$XFKLFKELQHUVFK|SIW0HLQH/LSSHQVLQGWURFNHQ PHLQH+DXWGDPSIWYRU6FKZHLPHLQH*XUJHOLVWVWDXELJJHZRUGHQREGHVODQJHQ 5HGHQV:LUNRPPHQZLHGHUPLWPHKU6FKLIIHQXQG.RVWEDUNHLWHQ,FKGDQNHHXFK,KU ZDUWGDVEHVWH3XEOLNXPDQHLQHP9RUPLWWDJLQ$VNDORQ´ (UPDFKWHHLQHREV]|QH*HVWHYHUVFKDIIWHVLFKHLQHQJXWHQ$EJDQJXQGUL &KHSHUGHQ%LHUNUXJDXVGHQ)LQJHUQWUDQNGDV*HIlOHHUXQGEHUOLHGLH +HFNSODWWIRUPGHQDQGHUHQ1XUJDQ]ODQJVDPYHUOLHIVLFKGLH0HQJH=XOHW]WEHIDQG VLFKQXUQRFKGHU6WUHLWZDJHQPLWGHQKHUUOLFKHQGXQNHOEUDXQHQ+HQJVWHQDXIGHP.DL .DDSHUVWLHJKHUXQWHUXQGJLQJZUGHYROODXIGDVVFKZDQNHQGH6FKLII]X&KHSHUJDE OHLVH.RPPDQGRVGLHVLFKDXIGLH8QWHUEULQJXQJGHV3URYLDQWVEH]RJHQ,FKOHKQWHDP 0DVWXQGVDKGDGLH.DSLWlQHXQG6WHXHUOHXWHGHU.HIWLX6FKLIIHXQVQRFKLPPHU DXIPHUNVDPEHWUDFKWHWHQ.DDSHUEOLHEDP+HFNGHU=('(5VWHKHQXQGKREJUHQG GLH+DQG0DUVDP]RJKHIWLJDQGHQ=JHOQGLHGUHL7LHUHULVVHQZLHKHUQGGLH.|SIH KRFK.DDSHUULHI ³)UVW0DUVDP:LUZHUGHQDEOHJHQXQGQDFK$NNRXQG7\UXVVHJHOQ,FKUDWH GLUPLWDQGHUHQ0LWWHOQDOVELVKHU]XUHJLHUHQ'HLQH6WDGWLVWHLQ1HVWDXV)XUFKW $QJVWXQG+D'LHVHU+DZLUGHLQHV7DJHVDXIGLFK]XUFNVFKODJHQ'DQNHIUGHQ $XIHQWKDOW´ 0DUVDPVFKRHLQHQJULPPLJHQ7KLFNLQXQVHUH5LFKWXQJDEXQGGUHKWHVHLQHQ 6WUHLWZDJHQIDVWDXIGHU6WHOOH'LH3IHUGHZLHKHUWHQXQGILHOHQLQHLQHQHUVFKUHFNWHQ *DORSS,QK|FKVWHU*FVFKZLQGLJNHLWUDVWHGHU:DJHQEHUGHQ.DLDXIGLH6WDGW]X :LUVDKHQXQVYHUEOIIWDQ(UZDUYRQ6LQQHQ.DDSHUNDP]XPLUXQG$V\UWDXQG VDJWHOHLVH ³'LH*|WWHUKDEHQLKPNHLQUDQJHV/HEHQEHVFKLHGHQIUFKWHLFK(UEHULFKWHWH PLUZLHHU$VNDORQ]XUSUlFKWLJVWHQ6WDGWGHV0HHUHVPDFKHQZLOO'DEHLYHUEUDXFKWHU 0HQVFKHQZLHGUUHV/DXE6LHZHUGHQLKQHUPRUGHQRKQH=ZHLIHO´ ³,PPHUKLQ´PHLQWH$V\UWDKDOEODXW³HUODXEWHU+DQGHO'DVKHLWGDPDQDXV $VNDORQIOFKWHQNDQQ´ ³+DQGHOHUODXEWHUQXUGHVZHJHQZHOOHU$PHQHPKHW$EJDEHQ]XHQWULFKWHQKDW 6RQVWZUGHHUVLFKQRFKVWlUNHUHLQPDXHUQ´&KHSHUVSXFNWHLQV+DIHQZDVVHU,FK VDJWH ³$OOHVLQDOOHPVHLQHLFKGDZLULQ*XEDOGRFKGDVEHVVHUH/RVJH]RJHQKDEHQ 0LWPLOGHU6WUHQJHXQG)UHXQGVFKDIWUHJLHUWHVVLFKEHVVHU-HGHQIDOOVKDW*XEDO%\EORV HLQHQ5XIDOVOXVWLJVWHGHUNDQDDQlLVFKHQ.VWHQVWlGWH'DVLVWDXFKHWZDVZHUW &KHSHU:DQQJHKHQZLULQ6HH"´ ³,QHLQHUKDOEHQ6WXQGH+HUU´ 1DFK]JOHUNDPHQXQGKDOIHQXQV:LUOHJWHQDWH'DV6FKLIIEHZHJWHVLFKZLH HLQH6SLQQHPLWYLHU]LJ%HLQHQGXUFKGDVVWLIOH:DVVHU:LUIXKUHQLQGHQRUDQJHURWHQ %DOOGHUVLQNHQGHQ6RQQHKLQHLQ9RQ$VNDORQQDFK$NNRZDUHQHVGUHL:LQGWDJH YLHOOHLFKWYLHU/DQJHVFKZLHJHQZLU'LH(LQGUFNHGLHZLUPLWQDKPHQZDUHQQLFKW JHHLJQHWXQVIU|KOLFKHUZHUGHQ]XOHVVHQ%DOGVFKOLHIHQGLHPHLVWHQ8QWHUGHQ 6WHUQHQGHVZRONHQORVHQ1DFKWKLPPHOVEDKQWHQZLUXQVPLWVFKlXPHQGHU%XJZHOOH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XQGOHXFKWHQGHP.LHOZDVVHUGHQ:HJhEHUXQVVFKZHEWH+RUXVXQGULFKWHWHVHLQH ,QIUDURWOLQVHQDXIGDV0HHU

'UHL7DJHQDFKGHPZLUGDVNOHLQF3DOLVDGHQGRUI$NNRYHUODVVHQKDWWHQOLHIHQ ZLUDXI7\URV]X=XQlFKVWILHOHQXQV]ZHLJURHIODFKH)HOVSODWWHQDXIHLQH$UW,QVHO ,FKKlWWHGLH6LHGOXQJWULHUHUULFKWHWRKQH=ZHLIHO'HQQYRQ/DQGDXVZDUVLH XQDQJUHLIEDU²O|VWHPDQGLH3UREOHPHGHU:DVVHUYHUVRUJXQJ'LH=('(5IXKUPLW YROOHP:LQGYRUXQVEUHLWHWHVLFKEODXXQGVDQGLJJHOEHLQHIDVWPDWKHPDWLVFKUXQGH %XFKWDXVIODFKPLWYHUHLQ]HOWHQ)HOVHQ+JHOQXQG=HGHUQEHUJHQLP+LQWHUJUXQG 8VFKXVRKLHGHU%HJULII7\UXVLQGHU5RPHWVSUDFKHODJPHKUDOVWDXVHQG(OOHQYRQ GHQEHLGHQ)HOVHQLQVHOQHQWIHUQWHLQH6LHGOXQJ]XP7HLOPLW3DOLVDGHQ]XPDQGHUHQ PLW0DXHUQEHIHVWLJW:LUHUNDQQWHQGDVZXFKWLJH6HHWRUGLHKRFKJH]RJHQHQ6FKLIIH GLHSULPLWLYHQ)LVFKHUERRWHDXV*HIOHFKWXQG+lXWHQZLUVDKHQDXFKGDHPVLJ JHDUEHLWHWZXUGH(VZDUNXU]QDFKGHPK|FKVWHQ6RQQHQVWDQG'HU6RPPHUZDUZHLW IRUWJHVFKULWWHQIDVWDOOH0DQQDXIGHU=('(5ZDUHQKDOEQDFNW ³(VPDFKWNHLQHQVFKOHFKWHQ(LQGUXFN´VDJWH&KHSHUYRP5XGHUKHU³'LH )HOGHUUXQGXPVHKHQJXWXQGIUXFKWEDUDXV´ ³6RLVWHV$XHUGHPOLHJW8VFKX7\UXVJQVWLJ(LQHV7DJHVZLUGHVYLHOOHLFKW PlFKWLJHUVHLQDOV%\EORV´ ³'DVLVWY|OOLJDXVJHVFKORVVHQ´.DDSHUVFKWWHOWHHQHUJLVFKGHQ.RSI³1LHPDOV ZLUG%\EORVEHUUXQGHWZHUGHQ´ 8VFKX7\UXVZDUHLQKHLWHUHV)OHFNFKHQ(UGH'LHDQVlVVLJH%HY|ONHUXQJXQG GLH1RPDGHQGLHLQYLHOJU|HUHU.RSI]DKOQDFK1RUGHQZDQGHUWHQQXUGLH DXVGDXHUQGVWHQPDFKWHQYRU%\EORVKDOW²VFKLHQHQVLFKYHUPLVFKW]XKDEHQ9LHOH 0HQVFKHQWUXJHQ/DVWHQYRQXQG]XGHQ6FKLIIHQ9LHOHNOHLQH*HElXGHZDUHQQLFKW VFK|QVDKHQDEHUJHSIOHJWXQGVDEHUDXV0LWGHPOHW]WHQ6FKZXQJQlKHUWHQZLUXQV GHP6WUDQGUHIIWHQGDV6HJHOXQGEHQXW]WHQHLQLJH5LHPHQXPGLH=('(5]XGUHKHQ XQGPLWGHP+HFNVDQIWDXIGHQ6DQG]XVHW]HQ2IIHQVLFKWOLFKZDUJHUDGH(VVHQV]HLW GHQQGUHLYLHUWHODOOHU.DPLQHUDXFKWHQ(LQ*HUXFKQDFKIUHPGDUWLJHQ*HZU]HQ]RJ EHUGDV:DVVHU6FKRQMHW]WJHILHOHVXQV$EHUHVPXWHXQVQLFKWJHIDOOHQZLUZDUHQ QLFKWZHJHQGHV(VVHQVRGHUJXWHQ(LQGUXFNVWULHU ³:LHKHLWGHU+HUUEHUGLH6XSSHQNHVVHOXQG*ULOOURVWH"´IUDJWHLFKODXWXQG KDOIPHLQHQ)UHXQGHQGDV6FKLIIIHVW]XOHJHQ9RQDOLHQ5LFKWXQJHQNDPHQ.LQGHUXQG +XQGH=LHJHQXQGODQJEHLQLJH:DVVHUY|JHO'LH.LQGHUVDKHQKLQUHLHQGDXV 0LVFKXQJHQ]ZLVFKHQ1RPDGHQXQG$QVlVVLJHQVLHVFKULHQEHJHLVWHUWDOVVLHGLH 0lQQHUPLWGHQEOLW]HQGHQ:DIIHQXQGGHUIDUELJHQ$XVUVWXQJVDKHQ:LUVSUDQJHQ DQ/DQG ³(VLVW7XWKDOLMD,FKNHQQHVHLQHQ5XIHLQNOHLQHU%HDPWHUHLQHUIHUQHQ3URYLQ] DEHUVHKUWFKWLJ'LH.DSLWlQHKDEHQHVEHULFKWHW(UZLUGVHLQHQ:HJJHKHQXQGPLW LKPGLHVHU2UW´ ³:QVFKHQZLUHVLKQHQ´ :LUKDVWHQNDXPQRFK+DQGHOVJWHU8QVHU%HVXFKZUGHVLFKDXIHLQH +|IOLFKNHLWVJHVWHEHVFKUlQNHQ$EHUZLUKDVWHQXQVHUH6SUDFKHQLFKWYHUORUHQXQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ZUGHQEHU%\EORVYLHOUHGHQN|QQHQ-HW]WNDPHQ0lQQHUDXVGHQ+WWHQXQG ZLQNWHQ'LH0DQQVFKDIWHQGHUPLQRLVFKHQ6FKLIIHVFKLHQHQEHLGHQ)DPLOLHQYRQ 8VFKX]XHVVHQ$XFKVLHNDPHQXPXQVY|OOLJXQEHIDQJHQ]XEHJUHQ$OVXQVHUH 0DQQVFKDIWGDV6FKLIIYHUODVVHQKDVWHXQGZLUIUDJWHQZR7XWKDOLMD]XILQGHQZlUH VDJWHPDQGDHUDXIGHP:HJ]XXQVZlUH(UHUVFKLHQNXU]GDUDXIVHLQ$XI]XJ HQWVSUDFKGHP&KDUDNWHUGLHVHU6LHGOXQJ:LUVDKHQHLQHQVFKPXW]VWDUUHQGHQ .DPSIZDJHQEHVSDQQWPLWGUHLNUHX]ODKPHQ0lKUHQ'LH5lGHUIKUWHQ DEHQWHXHUOLFKH%HZHJXQJHQDXVVWlQGLJYHUVDQNHQGLH)HOJHQLQWLHIHQ6FKODJO|FKHUQ :LUOlFKHOWHQ'HU0DQQGHULP:DJHQVWDQGXQGGLH7LHUHUXKLJOHQNWHVWUDKOWH5XKH XQG:UGHHLQHVEHVRQQHQHQDXISHUV|QOLFKH:HLVHNOXJHQ0DQQHVDXV(LQ%DXHULP EHVWHQ6LQQGHV:RUWHVVDJWHGHU/RJLNVHNWRU:LUEHJUWHQLKQUXKLJGDQQVSUDFKHQ ZLUZLH)UHXQGHPLWHLQDQGHU6FKQHOOZDUHQ6FKLIIXQG0DQQVFKDIWHEHQVRZLH]XYRU GLH0DQQVFKDIWHQGHUVLHEHQQHXJHEDXWHQ.HIWLX+DQGHOVVFKLIIHLQGHQ.UHLVGHU %HZRKQHUDXIJHQRPPHQ6FKOLHOLFKVFKOXJ7XWDOLMDYRUGD]XEOHLEHQ]XHVVHQPLW LKQHQ]XVSUHFKHQYRQ%\EORV]XHU]lKOHQXQGJXWH5DWVFKOlJH]XJHEHQZRPDQ GLHVHVRGHUMHQHVEH]LHKHQNRQQWHZDUXPGLH%lXPHQLFKWZXFKVHQXQGDOOHUOHLGLHVHU $UW(VZDUDOVREZLUHLQHQ%HVXFKDXIHLQHPJURHQXQGODXWHQ%DXHUQKRIPDFKWHQ :LUDOOHZDUHQKLQJFULVVHQ $PGUHLLJVWHQ7DJXQVHUHU5HLVHODJQXUQRFK8JDULWYRUXQV.DDSHUXQGGHU .UFNHQPDFKHUZDUHQLQ%\EORVDQ/DQGJHVHW]WZRUGHQ:LUVHJHOWHQIDVWJHQDXQDFK 1RUGHQHLQHZHLWH6WUHFNHODJKLQWHUXQV,FKVDLP:LQGVFKDWWHQQHEHQ&KHSHULP +HFNKLHOWGHQ:HLQEHFKHULQGHQ)LQJHUQXQGGDFKWHQDFK:LUVHKQWHQGDV(QGHGHU 5HLVHKHUEHLREZRKOZLUPLQGHVWHQVIQI]HGQPDOGLH1DFKWDQHLQHPGHU PHQVFKHQOHHUHQXQGHLQVDPHQ6WUlQGHYHUEUDFKWKDWWHQ:LUKDVWHQHUNDQQWGDMHGH 6LHGOXQJLKUHQ:HJPDFKHQNRQQWHDOOHLQ9LHOOHLFKWVFKXIGLHJHPHLQVDPH6SUDFKH HLQHJHZLVVHhEHUHLQVWLPPXQJ 0|JOLFKHUZHLVHVRUJWHQGLH5RPHW+HUUVFKHUGDIUGDZLUJOHLFKH6FKULIW 6SUDFKH0DHXQG*HZLFKWHYHUZHQGHWHQXQGGLH0HQJHGHU$EJDEHQGLHZLU]X OHLVWHQKDWWHQJOHLFKJUREOLHE$EHUHVJDEQLFKWHLQPDOHLQH6WUDH]ZLVFKHQ5DSKLD *D]D$VNDORQ$NNR8VFKX7\UXV*XEDOXQG8JDULW'LH.DUDZDQHQVWUDHQNDPHQ DXVGHP1RUGHQ6GRVWHQXQG2VWHQXQGEHUKUWHQXQVHUH2UWHJOHLFKVDPZLHGLH )LQJHUHLQHU+DQG ³&KHSHU"´IUDJWHLFKKDOEODXW³+|UVWGX"´ ³$FUDQ'XVFKHLQVWHLQH6WXQGH]XHUOHEHQLQGHUGXLPJHKHLPQLVYROOHQ5HLFK GHLQHU*HGDQNHQXPKHUVWROSHUVW´ ³6WROSHUQLVWULFKWLJ:LHYLHOH6FKLIIHKDEHQZLULQGHQ+lIHQJHVHKHQ"´ ³8QJHIlKUDFKW]LJ)UVWYRQ%\EORV:DUXPIUDJVWGX"´ ³:HLOLFKZHLGDVHLWHLQHP-DKUGLHVH0HQJH6FKLIIHIUXQVEHUGDV0HHU VHJHOQ.DSLWlQHDXV.HIWLX:DQQZHUGHQZLUGLHHLJHQH)ORWWHDXVVHQGHQN|QQHQ"´ ³'LH(QNHOPHLQHU6|KQHZHUGHQGLHVH6FKLIIHEDXHQXQGEHPDQQHQ´VDJWH &KHSHUXQGJULQVWH³,FKZHUGHGDQQ6WDXEDP$OWDUGHU%DDODWVHLQ$EHUQLFKWLP 3DODVWWHPSHO$VNDORQV´ ³=XJHVWLPPW)UHXQG:HOFKHIHLQHQ*HGDQNHQXQG*HZLKHLWHQVLQGQDFK GLHVHU)DKUWRKQHGDZLUGDVOHW]WH=LHOLP6FKDWWHQGHU,QVHO$ODVKLDNHQQHQEHLXQV JHEOLHEHQ"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³:LUVLQG%UJHU%\EORV¶:LUZHUGHQHLQVWDUNHV\RONGDVGLH0HHUHEHKHUUVFKW 'LH:VWHQQRPDGHQZHUGHQQLFKWPHKUOlQJHU6DQGXQWHULKUHQKRUQLJHQ6RKOHQ KDEHQVRQGHUQEODXHV:DVVHU6LHZHUGHQ]XHLQHPXQUXKLJHQ6WDPPYRQ +DQGHOVPlQQHUQGLHPLWMHGHU:DUHKDQGHOQGLH9HUGLHQVWDEZLUIW8QG,GHHQ 0HQVFKHQ6FKULIWHQ*HOG.HQQWQLVVH*HGDQNHQZHUGHQDXVJHWDXVFKW1XUGDQQ ZHQQZLUZHLWHUDUEHLWHQDQ*XEDO'DVGHQNHLFK)UVW´ ³'LHVGHQNHQZLUDOOH:LUKDQGHOQDXFKVR´VDJWHLFKXQGEOLHEPLWUDXLVFK PHLQHP2SWLPLVPXVJHJHQEHU$XIPHLQH)UHXQGHNRQQWHLFKPLFKYHUODVVHQDXFK DXIGDV%HVWUHEHQGHU+HUUVFKHULP+DSLODQGGLHNRVWEDUH.UJOHLQYROOHU6DOE|O VFKLFNWHQXQGGLH$EJDEHQXQVHUHU+DQGHOVHUIROJHIRUGHUWHQ ³:LHLVWGDVPLWGHUZHLWHQ5HLVHGHVJURHQ6FKLIIHV"´VDJWH&KHSHUUDQJH=HLW VSlWHU/DQJVDPZXUGHHV$EHQGGDV6FKLIIZLHJWHVLFKUXKLJLQGHQ:HOOHQXQGJOLWW QDFK1RUGRVWHQ ³'DVLVWHLQHEHVRQGHUH6DFKH´,FKKREGLH6FKXOWHUQ³,FKZDUWHDXIHLQHQ %RWHQGHUPLUVDJVZHQQZLUDXIEUHFKHQ´ ³:RXQGZHQQVRLOGLFKGHU%RWHWUHIIHQ"´ ,FKQDKPGHQ6FKODXFKYRP+DNHQXQGJRGHQ%HFKHUYROOUHLFKWHLKQ&KHSHU GHUELVKHUMHGHVGHUXQ]lKOLJHQ0DQ|YHUGHV6FKLIIHVKHUYRUUDJHQGJHVWHXHUWKDVWH(U WUDQNHLQHQWLHIHQ6FKOXFNXQGJDEGHQ%HFKHU]XUFN ³'DVLVWGLH)UDJH1LHPDQGZHLHV(VNDQQPRUJHQVHLQRGHULQHLQHP-DKU ,FKZHLHVQLFKW´ ³:RKHUNRPPWGHU%RWH"´ ³$XFKGDVZHLLFKQLFKW(LQHV7DJHVZHUGHLFK]X*HUWKVDJHQµ%DXGDV6FKLII IHUWLJXQGHLQHVDQGHUHQ7DJHVELWWHLFKGDQQGLFKµ6HLXQVHU6WHXHUPDQQ'DVLVW DOOHVZDVLFKZHL´ (UQLFNWHXQGPXUPHOWH ³6LHPVVHQDOOHPLWNRPPHQ.DDSHU6LUHQXQGQDWUOLFK$V\UWD2EZRKOVLH VFKOHFKWNRFKHQNDQQ´ ³'DIUKDWVLHHLQWUHXHV+HU]XQGHLQHVFK|QH6HHOH´VFKHU]WHLFK:LUKDVWHQ EHVFKORVVHQLQGLHVHU1DFKWDQ/DQG]XJHKHQ:LUVHJHOWHQLQ6LFKWZHLWHGHU.VWH XQGVXFKWHQQDFKHLQHU%XFKW+RUXVZUGHGUHLPDOEHUGHP6FKLIINUHLVHQXQGXQV IKUHQ(VVFKLHQDOVREDOOH0DQQPHLQH=ZHLIHOVSUWHQ1LHPDQGVSUDFK0GHXQG IDXOODJHQVLHDXI'HFN]ZLVFKHQGHQ5XGHUElQNHQDXI+RO]URVWHQXQG7HLOHQGHU /DGXQJ(QGOLFKNDPGDV=HLFKHQ'HU9RJHOUDVWHKHUDQ]RJVHLQH.UHLVHXQGIORJ ODQJVDPYRUXQVKHU,FKGHXWHWHDXIGHQ6HHDGOHU&KHSHUQLFNWHXQGEHZHJWHGDV 5XGHU(LQH6WXQGHVSlWHUVDKHQZLUGLH%XFKWDXVZHLHP6DQGYRQ)HOVHQ HLQJHNHVVHOWXQGY|OOLJOHHU,FKVWDQGDXIXQGVFKWWHWHGHQZDUPHQ:HLQEHU%RUG ³+LHUZHUGHQZLULQJXWHU5XKHGLH1DFKWYHUEULQJHQ´ULHILFK'LH=('(5ZXUGH DXIGHQ6DQGJHVHW]W:LUNOHWWHUWHQYRQ%RUGXQGEHZHJWHQXQVXPGDV*HIKOGHV VFKZDQNHQGHQ6FKLIIHVORV]XZHUGHQ:LUVXFKWHQ7UHLEKRO]HQWIDFKWHQHLQ)HXHUXQG VFKOHSSWHQYRQ%RUGZDVZLUEUDXFKWHQ,P6FKHLQGHV)HXHUVWDQ]WHQGLFWDWH:RONHQ DXV,QVHNWHQ:LUUDPPWHQ6SHHUHLQGHQ%RGHQGUHKWHQGLH%UDWVSLHHERKUWHQ /|FKHUIUGLHVFKODQNHQ:HLQNUJHXQGVHW]WHQXQVLQHLQHPJURHQ.UHLVXPV)HXHU :LUIKOWHQXQVY|OOLJIUHWGLHPUULVFKH6WLPPXQJYHUJLQJQDFKGHQHUVWHQ6FKOXFNHQ 6FKHU]ZRUWHIORJHQKLQXQGKHUDXI%UHWWHUQGLHZLULP0HHUJHZDVFKHQKDWWHQZXUGH %UDWHQJHVFKQLWWHQ:DVXQVIHKOWHZDUHLQ]ZHLWHV6FKLIIGDVDQOHJWHYRQGHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

PDQQVKRKHQ)ODPPHQDQJHORFNW:RP|JOLFKHLQHUXQVHUHUPLQRLVFKHQ +DQGHOVNDSLWlQH'DLFKGLH.DUWHGHU8IHUOLQLHJHQDXNDQQWHZXWHLFKGDZLULQ ]ZHL7DJHQ8JDULWHUUHLFKHQNRQQWHQVRIHUQXQVGHU:LQGQLFKWLP6WLFKOLH'LH)DKUW HQWODQJGHU*UHQ]HQMHQHUVLHEHQNDQDDQlLVFKHQ+DQGHOVKlIHQJLQJLKUHP(QGH]X 8QVHU:HOWELOGZDUHUZHLWHUWQHEHQEHLZDUDXFKXQVHU6HOEVWEHZXWVHLQJHKREHQ ZRUGHQ :LUZXUGHQPGHUGLH.UJHZDUHQOHHU0LOOLRQHQ*ULOOHQXQG=LNDGHQOlUPWHQ LQGHQ3IODQ]HQGHV)HOVHQNHVVHOV'LHVH*HUlXVFKHXQGGDV)OVWHUQGHU%UDQGXQJ VFKOlIHUWHQXQVHLQ$V\UWDXQGLFKODJHQZHLWDEYRP)HXHUXQWHUHLQHP EHUKlQJHQGHQ)HOVHQXQWHUXQVHUHQ.|USHUQGLHZDUPHQ)HOOHGDUEHUGLHOHLFKWHQ 'HFNHQ'HUYRLOH0RQGXQGGDV/HXFKWHQGHU6WHUQHWDXFKWHQGHQ6WUDQGLQVLOEHUQHV /LFKW9RP)HXHUZDUHQQXUHLQVFKZDU]URWHU*OXWNUHLVXQGGXUFKGULQJHQGHU*HUXFK EULJJHEOLHEHQ:LUODJHQIOVWHUWHQXQGWUlXPWHQPLWRIIHQHQ$XJHQ,FKHUZDFKWHXQG IHQGHLQIDKOHV/HXFKWHQGDVGHP6RQQHQDXIJDQJYRUDXVJLQJ9RUVLFKWLJKRELFKGLH 'HFNHEHWUDFKWHWHHLQHQ0RPHQWIDQJGDV*HVLFKWPHLQHUVFKODIHQGHQ*HOLHEWHQXQG EUHLWHWHGHQ6WRIIZLHGHUEHULKUHJHEUlXQWHQ6FKXOWHUQ/DQJVDPJLQJLFKVFKDXHUQG LQGHU0RUJHQNKOHKLQXQWHU]XP:DVVHUXQGZDUIPLFKQDFKYRUQEHJDQQ]X VFKZLPPHQ*ODVDUWLJNODUH+HOOLJNHLWVWLHJEHUGDV0HHUKHUDXI,FKKDVWHGLHVH 6WLPPXQJXQGGLHVH)DUEHQQRFKQLHHUOHEWVFKZDPPZHLWKLQDXVYHUWULHEGLH 6WHLIKHLWGHV6FKODIHVXQGGLH)ROJHQGHV:HLQHVDXVPHLQHP.|USHUOHJWHPLFKDXI GHQ5FNHQXQGOLHPLFKWUHLEHQ1RFKIOOWH'XQNHOKHLWGHV6FKDWWHQVGHQ )HOVHQNHVVHODXVXQGPDFKWHDXVGHP6FKLIIHLQHVFKZDU]H6LOKRXHWWH,FKVFKZDPP ]XUFNXQGJHQRGLH:lUPHGHV:DVVHUVEHUGHPVDQGLJHQ*UXQG :DUHVHLQ5HIOH["/LHPLFKPHLQH$KQXQJDQHLQHDQGHUH6WHOOH ]XUFNVFKZLPPHQ",FKHUNOHWWHUWHUXQGKXQGHUW(OOHQYRP6FKODISODW]HQWIHUQWHLQHQ JHUXQGHWHQDXVJHZDVFKHQHQ)HOVHQGHUQRFKGLH:lUPHGHVYHUJDQJHQHQ7DJHV VSHLFKHUWH,FKVHW]WHPLFK]RJGLH.QLHDQXQGVDKDXIV:DVVHUIKOWHPLFK]XIULHGHQ LQGLHVHUNXU]HQ(LQVDPNHLW(LQ3OlWVFKHUQYRUPLUULPLFKDXVHLQHP:DFKWUDXP,FK VHQNWHGHQ.RSIXQGVDKLQGLH:HOOHQ(LQVSLQGHOI|UPLJHU8PULEHZHJWHVLFKGLFKW XQWHUKDOEGHV)HOVHQV(LQNOHLQHU'HOSKLQGXUFKIXKUHVPLFKLFKEHXJWHPLFKYRUXP GHQ5HVWGHV5XGHOV]XVHKHQDEHUGLHVHV7LHUVFKLHQDOOHLQ]XVHLQ(VYHUKLHOWVLFK XQJHZ|KQOLFK =XQlFKVWVFKZDPPGHU'HOSKLQVHKUVFKQHOOLQGLH%XFKWVSUDQJGRUWPHKUPDOV DXIIDVWODXWORVH$UWLQGLH+|KHXQGNDPZLHGHU]XUFN9RUPLUElXPWHHUVLFKDXI VFKRVHQNUHFKWDXVGHP:DVVHUXQGYROOIKUWHDXIVHLQHP6FKZDQ]HLQH$UW 7DQ]EHZHJXQJGLHVHLQHQ.|USHUELV]XYLHU)QIWHODXVGHP:DVVHUEUDFKWH'DQQ VSUDQJHUKRFKWDXFKWHXQGYHUVFKZDQG,FKZXWHQLFKWZDVLFKYRQDOOHP]XKDOWHQ KDVWH9HUEOIIOZDUWHWHLFKHLQLJH$WHP]JHIDQJXQGEHUOHJWHRELFK ]XUFNVFKZLPPHQRGHUEHUGLH)HOVHQNOHWWHUQVROOWH,FKEOLHEXQHQWVFKORVVHQVLW]HQ XQGK|UWHZLHGHUHLQ3OlWVFKHUQGLHVPDOUHFKWVYRQPIU(LQHPHUNZUGLJH (UVFKHLQXQJNOHWWHUWHDQGHQYRQVFKZDU]HQ6HHLJHOQEHGHFNWHQ)HOVHQKHUDXI,Q GLHVHU6WXQGHZDULFKJHQHLJWDQ=DEHUHL]XGHQNHQ,FKGUHKWHGHQ.RSIXQGVXFKWH QDFKHLQHU)OXFKWP|JOLFKNHLWRGHUQDFKHLQHP)HOVEURFNHQXPPLFKZHKUHQ]X N|QQHQ'DV:HVHQQLFKWJU|HUDOVHLQIQIMlKULJHV.LQGVWLHHLQPHFNHUQGHV =LHJHQJHOlFKWHUDXV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³.HLQH)XUFKW$UNRQLGH´VDJWHHV.HLQH3DQLN(VJLEWHLQHQDWUOLFKH (UNOlUXQJVFKULHGHU([WUDVLQQ,FKIUDJWHVWRWWHUQGPLWKDOEJHOlKPWHU=XQJHXQG WURFNHQHQ/LSSHQ ³:HUELVWGX"´ :LHGHUHLQ*HOlFKWHUGDQQ]RJVLFKGLHVHV:HVHQDXVGHP:DVVHU(VZDU XQYRUVWHOOEDUKlOLFKDXIHLQHDEVFKHXOLFKH:HLVH ³,FKELQGHUGHQGX]XW|WHQYHUJHVVHQKDVW2GHUJDEVWGXHVDXI"´ 1RFKHLQ5lWVHOPHKU,FKVDKJHQDXHUKLQW*URHVLOEHUEODXH$XJHQPXVWHUWHQ PLFKDXVHLQHPUXQGHQ.RSIGHUYRQ=RWWHOQRGHU+DDUHQXPJHEHQZDU(LQH1DVH GLHPHKUGHUMHQLJHQHLQHV+XQGHVJOLFKHLQEUHLWHU]DKQORVHU0XQGHLQ+DOVVWXPPHO YRQVFKZDU]HQ)LVFKVFKXSSHQEHGHFNW$XFKGHUNOHLQHXQSURSRUWLRQLHUWH.|USHUZDU VFKXSSLJXQGDQXQJHZ|KQOLFKHQ6WHOOHQYRQWDQJDUWLJHP+DDUEHZDFKVHQGLH+DXW GDUXQWHUVDKURKXQGEODVLJDXV=ZLVFKHQODQJHQ)LQJHUQGLHDXIPLFKZLH EURQ]HIDUEHQH.UDOOHQGHXWHWHQHUNDQQWHLFKKHOOURWH6FKZLPPKlXWH ³:HUELVWGX"´0KVDPJHKRUFKWHPHLQH6WLPPH(VZDUQLFKW(QWVHW]HQGDV PLFKJHSDFNWKLHOWVRQGHUQHLQH0LVFKXQJ]ZLVFKHQ*UDXVHQ1HXJLHUGHXQG 9HUZXQGHUXQJ,FKWUlXPWHQLFKWDOOHVJHVFKDKYRUPHLQHQ$XJHQLPHUVWHQ 0RUJHQOLFKW'DV:HVHQTXlNWH ³,FKELQ3URWHRVGHUVLFKYHUZDQGHOQNDQQXQGXQVWHUEOLFKLVW3RWHQWLHOO XQVWHUEOLFK$WODQYRQ$UNRQ´ ³,FKHULQQHUHPLFKQLFKWJHJHQGLFKJHNlPSIW]XKDEHQ´VDJWHLFKKHLVHU ³'DQQEORFNLHUW(6GHLQH(ULQQHUXQJHQ(VZDUDQGHQ8IHUQGHUKHUUOLFKHQ,QVHO .HIWLX]XGHLQHU=HLW)UPLFKLVWHVHLQH(ZLJNHLWKHU´ 3URWHRVGLHVHVHUVWDXQOLFKH:HVHQGUHKWHVLFKXPVSUDQJLQV:DVVHUEOLHE GRUWHLQLJH$XJHQEOLFNHIDQJXQGWDXFKWHWULHIHQGDXI'HU)URVFKPXQGYHU]HUUWHVLFK ]XHLQHUXQVFK|QHQ*ULPDVVH ³$XFKIUPLFKPXHVHQGORVUDQJHKHUVHLQ´VDJWHLFKYRUVLFKWLJ³:DVZLOOVW GX3URWHRV"6ROOLFKGLFKMHW]WW|WHQ"´ ³.HLQHVZHJV´(UODFWDWHNLFKHUQG³.HLQHVZHJV(6GHUPHLQH.DPHUDGHQXQG PLFKKLHUKHUIOFKWHQOLHVFKHLQWVLFKDQPHLQHQ4XDOHQ]XZHLGHQ-HW]WKDWHUVLFK DQPLFKHULQQHUW´ (UVSUDFKPLWGHUTXlNHQGHQ6WLPPHHLQHV.LQGHVGDVQLHULFKWLJUHGHQJHOHUQW KDVWH:DVLFKVDKXQGK|UWHZDUVRXQJODXEOLFKGDHVQLFKWHLQPDOHLQ ZXQGHUJOlXELJHU1RPDGHRGHUHLQLQEUQVWLJHU9HUHKUHUYRQ0DUVDPV6WDGWJ|WWLQ JODXEHQZUGH(LQ)DEHOZHVHQGDVVLFKDXVHLQHP'HOSKLQLQHLQHQVFKZLPPHQGHQ .REROGYHUZDQGHOWHXQGVLFKDOV%RWHYRQ(6DXVJDE:DVZDUHLJHQWOLFKXQP|JOLFK DXIGLHVHPEDUEDULVFKHQ3ODQHWHQ" ³:DUXPIUHXWVLFK(6EHUGHLQHQ=XVWDQG"´IUDJWHLFK(LQ6FKDWWHQKXVFKWH EHUXQVLFKK|UWHGDV*HUlXVFKVWDUUHU)HGHUQ,FKKREGHQ.RSIXQGULHI]X+RUXV KLQDXIGHUDXIGHQ)UHPGHQKHUXQWHUVFKR ³+DOW=XUFN0LUJHVFKLHKWQLFKWV´ (LQSHDU+DQGEUHLWEHUXQVHUHQ.|SIHQGUHKWHVLFKGHU6HHDGOHULQGHU/XIWXQG VWULFKEHUGHQZLQ]LJHQ:HOOHQGDYRQ3URWHRVKDVWH$UPHXQG+lQGHVFKW]HQGEHU VHLQHQ.RSIJHOHJWVFKLHOWHlQJVWOLFK]ZLVFKHQGHQ6FKZLPPKlXWHQKLQGXUFKXQG HQWVSDQQWHVLFK'DQQWDXFKWHHUDEHUPDOVXQGNDPWURSIHQG]XUFNDXIVHLQHQ3ODW] ]ZHL(OOHQHQWIHUQWYRQPHLQHQ=HKHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,FKELQDXIGLHVHU:HOWDOOHLQ,FKKDEHLQYLHOHQ-DKU]HKQWHQMHGHV6WFN :DVVHUGXUFKVFKZRPPHQ,FKNHQQHHLQH0LOOLRQXQWHUVHHLVFKHU+|KOHQXQGWDXVHQG ]HUERUVWHQH6FKLIIH,FKKDEHQLHPDQGHQPLWGHPLFKUHGHQNDQQ+|FKVWHQVHLQPDO HLQHQ1DUUHQRGHUHLQ.LQGDP6WUDQG:HQQVLHHU]lKOHQGDVLH3URWHRVJHWURIIHQ KDEHQZHUGHQVLHDXVJHODFKWRGHUJHVFKODJHQ-HW]WHUZLVFKWHPLFK(6DQGHQ Q|UGOLFKHQ.VWHQMHQVHLWVGHU0HHUHQJH,FKKDEHHLQ-DKUIDQJJHVXFKWXPGLFK]X ILQGHU$UNRQLGH´ 0LUZDUDOVKDEHMHPDQGPLWHLQHP+DPPHUDXIPHLQHQ6FKlGHOJHVFKODJHQ $OOHVLQPLUVWUlXEWHVLFKGLHVHP%HULFKW]XJODXEHQ$EHUHVVWLPPWHGHQQGDV 6FKOVVHOZRUWZDUXQ]ZHLIHOKDIW(6,PPHUZLHGHU(6'LHVHVPlFKWLJH.ROOHNWLYZHVHQ KDVWHHLQHSHUYHUVH$UWYRQ+XPRU ³1XQKDVWGXPLFKJHIXQGHQ´VDJWHLFK³8QG"´ ³,FKELQGHU%RWH'XVROOVWZLVVHQGDGHLQ)HLQGPLWVHLQHQ+HOIHUQJHODQGHW LVW(UEHJLQQW]XZLUNHQ,FKVDKQXUVHLQ6WHUQHQVFKLIIYHUJOKHQXQG]HUEUHFKHQQLFKW PHKU$OOHVDQGHUHVDJWHPLU(6´ ³0HLQ)HLQG"$QGHQQ|UGOLFKHQ8IHUQ"´ ³-D(6ZLUGGLFKGXUFKPLFKOHLWHQ'XVROOVWVREDOGHVJHKWDXIEUHFKHQ9RQ EHUDOOVROOVWGX0LWJOLHGHUGHLQHU0DQQVFKDIWQHKPHQ)UHXQGHXQG)UHPGH'HU 0DQQGHUGDV9HUGHUEHQHLQHU,QYDVLRQEHU/DUVDI'UHLEULQJHQZLOOEHGLHQWVLFKGHU %DUEDUHQXPVHLQ=LHO]XHUUHLFKHQ(VPXHWZDVZLHHLQH$QWHQQHVHLQHLQ6HQGHU RGHU(PSIlQJHU]XIHUQHQ6WHUQHQ,FKZHLGDVDOOHVQLFKWNHQQHQXUGLHXQVLFKWEDUHQ 6WUDHQGLHGLFK]XLKPEULQJHQZHUGHQ´ ³'XVROOVWPLFKIKUHQ":DQQ"´ ³:HQQIUGLFKGHUQlFKVWH)UKOLQJNRPPW´ ³:RKLQ"´ ³'XVROOVWHVQLFKWZLVVHQGHQQLFKPXYRUGHP6FKLIIKHUVFKZLPPHQ´ ³,QGLHVHU*HVWDOW"'XZLUVWGLH.lPSIHUHUVFKUHFNHQ´ ³,FKZHUGHPLFKRIWPDOVYHUZDQGHOQGHQQGLHVLVWPHLQHHLQ]LJH$EZHFKVOXQJ DEJHVHKHQGDYRQGDLFK0HQVFKHQHUVFKUHFNHXQGJHIUlLJHQ)LVFKHQDXVZHLFKH´ =ZLVFKHQHLQ]HOQHQ7HLOHQGHVYHUUFNWHQ*HVSUlFKVVSUDQJ3URWHRVLPPHU ZLHGHULQV:DVVHU9HUPXWOLFKZDUVHLQHP.|USHUGLH7URFNHQKHLWGHU/XIWDEWUlJOLFK (UZXUGHPLUZHGHUV\PSDWKLVFKQRFKYHUlQGHUWHHUVLFK]XP6FK|QHUHQDEHULFK IKOWHVFKZDFKHV0LWOHLG=XPDOLFKPLFKZLUNOLFKQLFKWHULQQHUQNRQQWHMHPDOVHWZDV *HQDXHUHVEHU3URWHRVJHK|UW]XKDEHQ ³:DVZHLWGXVRQVW"´ ³'DGXJHKRUFKHQXQG%\EORVYHUODVVHQPXW'DGHU)UHPGHVFKUHFNOLFKHV 8QKHLOEHUGLHVHQ3ODQHWHQEULQJHQZLUG8QGGD(6PLFKDXVVHLQHP*ULIIHQWODVVHQ ZLUGZHQQGXGHLQH$XIJDEHJHO|VWKDVW2IIHQVLFKWOLFKELVWQXUGXLQGHU/DJHGD]X REZRKOLFKHVQLFKWYHUVWHKHQNDQQ´(UWDXFKWHZLHGHU+RUXVVHW]WHVLFKDXIHLQHQ )HOVHQVFKUlJEHUXQVUHFNWHVHLQHQVWlKOHUQHQ6FKQDEHOYRUXQGEHlXJWHVWDUUZLH HLQHFKWHU$GOHUGLHVHVPHUNZUGLJH*HVFK|SI ³(VZDUXQSUDNWLVFKXQGOlVWLJDOVLFK9RJHOZDU=XYLHO$UEHLW]XYLHOH)HLQGH 8QGMHGHU6WXUPNRQQWHPLFKW|WHQ´3URWHRVNUDW]WHPLWGHQ.UDOOHQVHLQHUUHFKWHQ +DQGYLHUUDQJHWLHIH6SXUHQLQGHQ6WHLQ6FKODJDUWLJEHGHFNWHVLFKPHLQ.|USHUPLW *lQVHKDXWGLH+lUFKHQLP1DFNHQVWHOOWHQVLFKDXI:LQ]LJH6WHLQVSOLWWHUSUDVVHOWHQ LQV:DVVHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,FKJODXEHQLFKW´VDJWHLFK³GDLFKGLUGDQNHQNDQQ:DVGXPLUJHVDJWKDVW ZDUNHLQHIU|KOLFKH%RWVFKDIW´ ³9HUVWlQGOLFK-HW]WVLQGZLUVFKRQ]ZHLGLHYRQ(6JHVFKXQGHQZHUGHQ,FK JHKHXQGWUHLEHPLFKELV]XP)UKMDKULQZlUPHUHQ*HZlVVHUQKHUXP´ ³,FKJODXEHQLFKWGDGLFKGLH1DUUHQXQG.LQGHUDQGHQ6WUlQGHQYHUPLVVHQ ZHUGHQ´ (UODFWDWHKlOLFKXQGVFKULH³*HVFK|SIHZLHLFKXQGGX$WODQELOGHQ /HJHQGHQ0lUFKHQXQG8UlQJVWHGLHVHV%DUEDUHQJHVFKOHFKWV5VWHGLFKGLH $XIJDEHZLUGVFKZHUGHU.DPSIKDUW´ (UVSUDQJ]XUFNLQVHLQ(OHPHQW.XU]H=HLWVSlWHUHQWIHUQWHVLFKHLQ VSULQJHQGHU'HOSKLQHLQEH]DEHUQGHV%LOGGHVhEHUPXWHVXQGGHU6SLHOHUHLLQGLH 5LFKWXQJDXIVRIIHQH0HHU,FKVFKWWHOWHPLFKGHU$OSWUDXPZLFKQXUODQJVDP1RFK KDVWHVLFKGLH6RQQHQLFKWEHUGLH)HOVHQHUKREHQ,FKVFKOXJGLH+lQGHYRUGLH $XJHQXQGZXWH(VJDEVRJXWZLHNHLQH0|JOLFKNHLW]XHUIDKUHQZRXQGZHQQGHU )UHPGHHLQJHWURIIHQZDUXQGZDVHUSODQWH,FKZXWHQXUGD(6VHLQHQ%HIHKODXI LUJHQGHLQH:HLVHGXUFKVHW]HQZUGH,FKKDVWH]XJHKRUFKHQ,FKXQGDOOHGLHPLWPLU ZDUHQ%HXQUXKLJWXQGYHUZLUUWVFKZDPPLFK]XUFNXQGWURFNQHWHPLFKDWH'LHHUVWHQ 6HHIDKUHUZDUHQZDFKXQGEHUHLWHWHQGHQ,PEL ,FKZHFNWH$V\UWDXQGDVFKZHLJHQG'DQQVFKREHQXQG]HUUWHQZLUGLH=('(5 LQWLHIHUHV:DVVHUUXGHUWHQHLQ6WFNXQGVHW]WHQGDV6HJHO(UVWDOVZLULQJOKHQGHU 0LWWDJVKLW]HDXIGHP9RUGHFNODJHQXQGGDVgODXIXQVHUHQ.|USHUQJOlQ]WHYHUJLQJ GHU6FKRFNGHVIUKHQ0RUJHQV$EHULFKZXWHJHQDXGDPHLQH=HLWLQ*XEDO%\EORV HQGHWH]XJOHLFKPLWGHU.UDIWGHU)UKMDKUVVWUPH(VJLEW7URVWVDJWHGHU/RJLNVHNWRU (VLVWXQZDKUVFKHLQOLFKGD(6GLFKZLHGHULQGDV9HUOLHVDP0HHUHVERGHQ ]XUFNZLUIW1XU$V\UWD0DUD\HGHXWHWHPHLQ6FKZHLJHQULFKWLJ1LHPDQGK|UWH]XDOV VLHDXIGHPKHLHQVDO]LJHQ'HFNPHLQH+DQGQDKPXQGDQPHLQHP2KUIOVWHUWH ³(6KDWVLFKZLHGHUJHPHOGHWQLFKWZDKU"8QVHU.DPSIJHJHQHWZDV XQDXVVSUHFKOLFK)XUFKWEDUHVVRLOEHJLQQHQ"´ ,FKQLFNWHVFKZHLJHQG :LUNDPHQQDFK8JDULWHLQHU6LHGOXQJGLHHLQH0LVFKXQJ]ZLVFKHQ%\EORVXQG 7\UXVGDUVWHOOWH8JDULWV%HY|ONHUXQJZXWHGDLKU+DIHQGDVEHVWH6SUXQJEUHWW]XP QRUG|VWOLFKHQILQJHUDUWLJHQ9RUVSUXQJGHUJURHQ,QVHO$ODVKLDGDUVWHOOWHHLQHGHU ZHQLJHQ6WUHFNHQGLHRIWQDFK6LFKWJHVHJHOWZXUGHQ'LH,QVHOVDKPDQPDQFKPDO YRQWULHUDXVZHQQGLH/XIWNODUXQGIUHLYRQ:DVVHUGDPSIZDU 1DWUOLFKZXUGHQZLUIUHXQGOLFKDXIJHQRPPHQWUDIHQYLHOH.DSLWlQHOXGHQ GLHMHQLJHQHLQGLHXQVQRFKQLFKWEHVXFKWKDWWHQVFKLOGHUWHQXQVHU/DQGXQGGLH/HXWH NQSIWHQYLHOH%H]LHKXQJHQXQGVFKULHEHQDXIZDVDQ:QVFKHQDQXQV KHUDQJHWUDJHQZXUGH,PPHUZLHGHUGHU:XQVFKQDFK6FKUHLEEOlWWHUQ:LUOLHHQ XQVHUHOHW]WHQ5ROOHQ3XUSXUVWRIILQ8JDULWXQGHUUHJWHQDEHUPDOVXQHUZDUWHWHV ,QWHUHVVH:LGHUVSUXFKVORVZXUGHQXQVHUH3UHLVHDXFKIUXQVHUHUHVWOLFKHQ:DUHQ EH]DKOW :LUYHUSURYLDQWLHUWHQXQVXQGVHJHOWHQ]XUFN(LQLJH0LQRHUEHJOHLWHWHQXQV DEHUZLUZDUHQVFKQHOOHUOHLFKWHUXQGPHLQH$UWPLWGHPYHUlQGHUWHQ5DKVHJOHU]X NUHX]HQZDUEHVVHU$P$EHQGGHVHLQXQGYLHU]LJVWHQ7DJHVOLHIHQZLUPGHXQG JOFNOLFKLQ%\EORVHLQXQGZXUGHQJHIHLHUWDOVZlUHQZLU-DKU]HKQWHXQWHUZHJV JHZHVHQ6HFKV0RQGHYROOHU$UEHLWODJHQYRUXQV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

(LJHQWOLFKZDUGLHVVFKRQGHU$EVFKLHGGDV(QGHGHV*DXIUVWHQ$KLUDP$FUDQ :LUGLH+DQGYROO)UHXQGHVWDQGHUYRUGHPJURHQ6FKLII&KHSHUDKQWHHWZDV$V\UWD ZXWHHV*HUWKVFKLHQHV]XHUUDWHQ'DV6FKLIIVWDQGQXUQRFKPLWGHP+HFNLP *HElXGHGHU:HUIWLQGHUIQI+DQGHOVVHJOHUIUDQGHUH.DSLWlQHDXI.LHOJHOHJW ZRUGHQZDUHQ ³0HLQ0HLVWHUZHUN´VDJWH*HUWK³.XSIHULP.LHOIHGHUQGXQGVFKQHOOPLW (UGSHFKJHGLFKWHWGDV+RO]PLW6WRIIHQJHWUlQNWGLHHVOHLFKWPDFKHQZLHgO(VZLUG HLQ*HQXVHLQHV]XVHJHOQ´ (LQ6FKLIIGDVHV]XGLHVHU=HLWQLFKWJHEHQGXUIWH%UHLWH/LHJHSOlW]HDXV /HGHUQHW]HQXQG)HOOHQ8Q]lKOLJH%HKlOWHUIU1DKUXQJVPLWWHOUXQGH$XVVSDUXQJHQ IUKXQGHUW.UJH%DOODVWDQGHQULFKWLJHQ6WHOOHQ6FKZHUH%HVFKOlJHDXVIDOVFKHU %URQ]HGRUWZRVLHZLFKWLJZDUHQ ³,FKZHUGHHVEHKDQGHOQZLHHLQH0|ZHGLHGHQ6WXUPOLHEW´EUXPPWH&KHSHU KLQJHULVVHQ ³1RFKQLFKW)UHXQGH(UVWZHUGHQZLUGHQ:LQWHUDEZDUWHQXQGGDV6FKLII HLQVHJHOQZHQQGHU6WXUPDPVWlUNVWHQLVW´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|QQHQXQG:LOOHQ ZLUEHU]HXJWZDUHQGLH5HFKWHHLQHV%UJHUVYRQ*XEDO'DVJURH6FKLIIGLH *2/'(1(=('(5ZXUGHIHUWLJJHEDXW]X:DVVHUJHODVVHQEHODGHQPLW%DOODVW YHUVHKHQXQGSUREHJHVHJHOW,FKHUQDQQWHHLQLJH6WHOOYHUWUHWHUXQGWHLOWH]XVDPPHQPLW $V\UWD0DUD\HGLH=HLWGHV:LQWHUV]ZLVFKHQ5LFRXQGGHPhEHUOHEHQV]\OLQGHUGHP PHQVFKHQOHHUHQVRQQLJHQ6GHQDP2EHUODXIGHV+DSLLP³(OHQGHQ.XVFK´XQG *XEDO%\EORV8QWHUGHQ3URMHNWLRQHQGHUVGSRODUHQ6WHUQHXQGULHVLJHUODXWORVHU 6GOLFKWVFKOHLHUVFKOLHIHQZLULQ5LDQFRU5HFKPHV2EKXW ³3URWHRVVDJWHHUKDEHGDVYHUJOKHQGH6FKLIIJHVHKHQ´,FKEOLFNWH5LFRDQ GHUYRUGHU3ODQHWHQNDUWHVWDQG³:DQQZDUGDV"8QGZRLVWGLHVHUIHLQGOLFKH)UHPGH JHODQGHW"8QGZDUXPZHLLFKQLFKWVGDYRQWFKWLJVWHU5RERWYRQDOOHQ"´ ³$OVGLH5LFKWPLNURSKRQHGHU6SLRQVRQGHGLHEHUMHQHU%XFKWVFKZHEWHGHQ 7H[W3URWHRVDXIILQJHQKDEHLFKDXJHQEOLFNOLFKHLQHUDQJHKHLOORVH6XFKHEHJRQQHQ´ 5LFRZDUQLFKWLQGHU/DJHPLFKDQ]XOJHQEHUGLHVVDKVHLQ3URJUDPPYRUPLFKEHL MHGHU$QQlKHUXQJHLQHV5DXPIOXJN|USHUVLQQHUKDOEGHV/DUVDI6\VWHPVVRIRUW]X YHUVWlQGLJHQXQGJHJHEHQHQIDOOVGLH:HFNSUR]HGXUHQHLQ]XOHLWHQ³:HQQMHHLQHV XQVHUHUYLHOHQ*HUlWHGLHVHQ,PSXOVDXIJHIDQJHQKDWVREOLHEHUGRFKXQDXIILQGEDU´ ³.DQQVWGXWURW]GHP=HLWXQG2UWHLQJUHQ]HQ"´ ³1HLQ)UVW$KLUDP$FUDQ´ ³$OVRJHILHOHV(6LQVHLQHUNRVPLVFKHQ.OXJKHLWXQVHUH$QWHQQHQ (PSIDQJVJHUlWHXQG6SHLFKHU]XPDQLSXOLHUHQhEHUGLHVLVWHVGHQNEDUGDDXIGHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

JHJHQEHUOLHJHQGHQ+HPLVSKlUHHLQ6FKLIIGLFKWEHUGHP%RGHQXQEHPHUNWJHODQGHW VHLQNDQQ´ ³'HQNEDU$WODQDEHUEHUDXVXQZDKUVFKHLQOLFK´VDJWHGHU5RERWHU³:LUKDEHQ HUVWNODVVLJH6DWHOOLWHQLQVWDELOHQ8PODXIOEDKQHQ(6PXGLH(ULQQHUXQJDXVPHLQHQ 6SHLFKHUQJHO|VFKWKDEHQVRGDLFKDXFKLUJHQGZHOFKH,QIRUPDWLRQHQQLFKWLQGHQ 6SHLFKHUQGHV6WDWLRQVUHFKQHUVDXIVSUHQNDQQ,FKIUFKWHLKUPWPLWGHPJURHQ QHXHQ6FKLIIWDWVlFKOLFK3URWHRVIROJHQ´ ³$V\UWDXQGLFKEHUDWHQGDUEHU´VDJWHLFK³,QGHUVRPPHUOLFKHQ:lUPHGRUW ZRGLHZLFKWLJVWHQ)OVVHLQGHQ+DSLPQGHQGXZHLWZRZLUVLQG´ ³0HLQH6RQGHQVFKZHEHQDXFKGRUWEHUHXFK´ 'DV6FKLIIDXV=HGHUQKRO]ZDUIHUWLJXQGDXVJHUVWHW.OHLGXQJ:DIIHQXQG EHUOHEHQVZLFKWLJH*HUlWHVWDQGHUXQGODJHQEHUHIW%LV]XP(QGHGHV)UKOLQJVLQ *XEDOKDVWHQZLUQRFKPHKUDOV]ZHLYRLOH0RQGH=HLW:LUJHQRVVHQHLQHKHUUOLFKH =HLWELV$V\UWDXQGLFKQDFK*XEDO]XUFNNHKUWHQXQGLQHLQHU1DFKWDOVGLHHUVWHQ 6W|UFKHDXVGHP+DSLODQGQDFK1RUGHQ]RJHQVWDKOHQZLUXQVVWLOOGDYRQ 9LHOOHLFKWVDKXQVZLUNOLFKQLHPDQGXQGZHQQMHPDQGEHREDFKWHWHZLHGLH *2/'(1(=('(5QDFKWVPLWOHLVHQ5XGHUVFKOlJHQDXVGHP+DIHQJHUXGHUWZXUGH VFKZLHJHU,FKKDVWHMHGH.OHLQLJNHLWGLHPLWPLULQ9HUELQGXQJJHEUDFKWZHUGHQ NRQQWHPLWJHQRPPHQ1LHPDOVPHKUZUGHGDVHLQ]LJDUWLJH5RWGHU6FKQHFNHQIDUEH NQVWOLFKKHUJHVWHOOWXQGHVZUGHDXFKNHLQ*UDEVWHLQIUGHQ*DXIUVWHQ $KLUDP$FUDQJHPHLHOWZHUGHQ'DVJHZRKQWH%LOGGHVZHLHQ)LVFKDGOHUVGHUEHU *XEDONUHLVWHZUGHHEHQVRYHUJHVVHQZHUGHQZLHPHLQ1DPHXQGGHUXQVHUHU VFK|QHQ*HIlKUWLQ 'LH6FKLIIHGHU)DUEHQKlQGOHUGLH7LHJHOGHU*ODVVFKPHO]HUXQGGLH+DSL 5XGHUHUYROOHU%LQVHQPDUN6FKUHLEEOlWWHUZUGHLFKEHU5LFRV6SlKHUVRQGHQVHKHQ WULHULP2EHUHQ0HHUGHU'UHKVFKHLEHVRYLHOHU.XOWXUHQ:LHGHUHLQVWLOOHU$EVFKLHG 'DV6FKLIIVHJHOWHLQGLH6LFKHOGHV)UKOLQJVPRQGHVKLQHLQHLQHPXQEHNDQQWHQ=LHO HQWJHJHQ$V\UWDXQGLFKVWDQGHUHQJXPVFKOXQJHQQHEHQ&KHSHUGHPWFKWLJVWHQDOOHU 6WHXHUPlQQHU2VWZLQGSDFNWHXQVXQGULXQVPLWVLFK (LVNDOWHUVFKQHLGHQGHU:LQGZLQVHOWHEHUGLHIODFKHQ+JHOZDUIVLFKLQGLH 7DOHLQVFKQLWWHXQGULGDVOHW]WHGUUH/DXEYRQ6WUlXFKHUQXQG%lXPHQ$P:DOGUDQG NURFKHLQKXQJULJHUPDJHUHU:ROIDXVVHLQHUQDVVHQ+|KOH'HU+LPPHOZDUHLQW|QLJ JUDXXQWHUPDQFKHQ%lXPHQXQGLQ(UGVSDOWHQKlXIWHVLFKVFKPXW]LJHU6FKQHF )HXFKWXQGOHEORVODJGDV/DQGXQWHUGHQ5HJHQVFKDXHUQ 'HU:ROIULGHQ5DFKHQDXIJlKQWHXQGEHJDQQ]XKHXOHQ'HU/DXWEHUW|QWH GHQZLQVHOQGHQ:LQGVWULFKEHUGLHWURVWORVHYRQXU]HLWOLFKHQ*OHWVFKHUQ IODFKJHVFKUIWH/DQGVFKDIWXQGHUUHLFKWHGLHZLUUHQ)XUFKHQGHUbFNHU6FKZDU]H ,QVHOQDXVLQHLQDQGHUYHUILO]WHQ'RUQHQUDQNHQEODWWORVHQ%VFKHQXQG1DGHOElXPHQ XQWHUEUDFKHQGLH(EHQHNUDOOHQILQJULJHbVWH]HLFKQHWHQVLFKJHJHQGDV*UDXGHV +LPPHOVDWH'LHNDOWH/XIWURFKQDFK0RGHU)lXOQLVXQGGHP6DO]QHEHOXQVLFKWEDUHU 0HHUHVXIHU (LQJURHUVWUXSSLJHU+XQGZKOWHLQHLQHP$EIDOOKDXIHQ$OVGDV7LHUGDV :ROIVJHKHXOK|UWHVWHOOWHHVGLH2KUHQDXINOHPPWHGHQ6FKZDQ]]ZLVFKHQGLH +LQWHUOlXIHXQGWDSSWHPLWJHVWUlXEWHP)HOOVWHLIOEHLQLJDXIGLH/DQJKlXVHU]XYRQ GHQHQ:lUPHXQG]DKOUHLFKH*HUFKHDXVVWUDKOWHQ'HU+XQGYHUVFKZDQG]ZLVFKHQ GHQ+lXVHUQ.QDUUHQG|IIQHWHQVLFK7UHQDXV%UHWWHUQXQGDOWHQ)HOOHQ(LQ0DQQLP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

)HOOPDQWHO5RFNXQG)HOOVFKXKHQNDPLQV)UHLHXQGEOLFNWHVLFKVFKZHLJHQGXP6HLQ *HVLFKW]HLJWHGDHUVLFKIUFKWHWH,QNHKOLJHU6SUDFKHVDJWHHU ³(VZLUGNlOWHU(UZLUGXQVZLHGHU]XU$UEHLWWUHLEHQ´ $XVGHP,QQHUHQGHVJHJHQEHUOLHJHQGHQ/DQJKDXVHVNDPPLWHLQHPMXQJHQ 0DQQHLQH:RONHVWHFKHQGHU'QVWH+HUGIHXHUUDXFKWLHULVFKHXQGPHQVFKOLFKH *HUFKH0RGHUXQGHWZDVGDVLQGHU1DVHlW]WH'HUMXQJH0DQQGHVVHQ$XJHQ VHLQH$QJVWYHUULHWHQEOLHEIU|VWHOQGYRUGHPDQGHUHQVWHKHQ ³*DQ]EHVWLPPW7KRUVDQ(UVDJVGDQRFKYLHO]XWXQLVW´ 6LHVWDUUWHQVLFKVFKZHLJHQGLQGLH$XJHQVHLWGUHL0RQGZHFKVHOQEHKHUUVFKWH GHU)URVWULHVHGDV'RUILP/DQGVWULFK]ZLVFKHQ0HHUXQG1RUGODQG'LH XQYHUVWlQGOLFKHQ+DQGOXQJHQGHVYLHUDUPLJHQ5LHVHQGHULQVHLQHPPHWDOOHQHQ)HOVHQ DXVGHP+LPPHOJHIDOOHQZDUVWU]WHQGLH%HZRKQHUGHU6LHGOXQJYRQHLQHP 6FKUHFNHQLQGHQDQGHUHQ'DV-DKUGHUXQEHJUHLIOLFKHQ'LQJHJLQJZHLWHU ³(UZLUGXQVUXIHQ´VDJWH7KRUVDQ1LHPDQGZDUELVKHUYRQGHP8QJHKHXHU JHVFKODJHQRGHUJHW|WHWZRUGHQ³:HLWGXZDVHUZLOO+DQJH"´ 6LHVWDUUWHQGHQ.ORW]KLQWHUGHQ%lXPHQDQ(UZDUUXQGXQGWURW]GHP LUJHQGZLHHFNLJ'HU-QJHUHKREGLH)lXVWH ³1HLQ(UZHLZDVHUZLOO8QV]ZLQJWHUGLHYHUUFNWHQ'LQJH]XWXQ´7KRUVDQ YHUVXFKWHVHLQJUDXEUDXQHV+DDUPLWGHQ)LQJHUQ]XNlPPHQ³8QGZLUPVVHQ JHKRUFKHQ´ 'HU:ROIKHXOWHQRFKLPPHUGXUFKGULQJHQG+LQWHUGHQ*HZlFKVHQGHV VWUXSSLJHQ:lOGFKHQVHUVWUHFNWHVLFKELV]XPZHLWHQWIHUQWHQ+RUL]RQWHLQHJURHIDVW JODWWH)OlFKH6LHVDKHUVFKUHFNHQGDXVLQPLWWHQGHU:HLGHQXQGGXQNHOJUQHQ)HOGHU GHQQVLHWUXJLQLKUHU0LWWHHLQHYROONRPPHQNUHLVUXQGH)OlFKHQDFNWHV(UGUHLFKRKQH HLQHQHLQ]LJHQ+DOP'HQ5DQGGHV.UHLVHVELOGHWHHLQZHQLJWLHIHU*UDEHQPLWGHVVHQ $XVKXEGLH$QZRKQHUGHV'RUIHVHLQHQHUK|KWHQQDFKLQQHQVWHLODEIDOOHQGHQ:DOO JHVFKDIIHQKDWWHQ(VZDUVFKZHUJHZHVHQXQGKDVWHYLHO6FKZHLJHNRVWHWLQGHU KDUWHQIURVWLJHQ(UGH]XDUEHLWHQVHOEVWPLWGHQ:HUN]HXJHQDXVGHU0HWDOONXJHO ³,FKKDE¶+XQJHU,FKJHKHKLQHLQ(UZLUGXQVUXIHQPLWGLHVHUJUlOLFKHQ 6WLPPH´VDJWH7KRUVDQVFKOLHOLFK ³$EHUHUKDW7KXOGDJHKROIHQDOVVLHGDV)LHEHUKDWWH´+DQJHVHQNWHGHQ.RSI :lKUHQG7KRUVDQLQV+DXV]XUFNJLQJVDK+DQJHGHP+XQG]XGHUDQGHU(FNHGDV %HLQKREXQGVHLQ:DVVHUDEVFKOXJVDK]ZLVFKHQGHQQDVVHQ%DXPVWlPPHQGDV 6LOEHUJUDXGHVULHVLJHQ'LQJHVXQGGDKLQWHUVFKZHU]XHUNHQQHQGHQ.UHLVDXV ]HUVWDPSIWHP%RGHQDXVJHKREHQHQ*UXEHQXQGDXIJHULFKWHWHQ6WHLQHQ'HQ IXUFKWEDUHQ)UHPGHQVDKHUQLFKW (UGUHKWHVLFKXPJLQJ]XU)URQWVHLWHGHV/DQJKDXVHVXQGKREGHQ+RO]HLPHU $XVGHP%UXQQHQPLWGHPDXIJHULFKWHWHQ6FK|SIEDXPKREHUGDV6HLONQRWHWHHVDQ GHQ(LPHUXQGZDUIGDV+RKOJHIlLQGHQ6FKDFKWKLQXQWHU'LHIHGHUQGH6WDQJH EHZHJWHVLFKGHU(LPHUWDXFKWHHLQXQGZXUGHYROO:DVVHUKHUDXVJH]RJHQGDV(LV NUDFKWHDXIGHU:DVVHUREHUIOlFKH+DQJHVFKOHSSWHGHQVFKZHUHQ(LPHU]XUFNLQV +DXVXQG]RJGLHDXIJHTXROOHQH7UPLWHLQHP5XFN]X,UJHQGZREHJDQQHLQ+DKQ]X NUlKHQ 6HFKV6WXQGHQ)XPDUVFKHQWIHUQWMHQVHLWVGHUIODFKHQ+JHOZDUGHU 6WHLQEUXFKLQGHPGHU)UHPGHVHLQHUlWVHOKDIWHQ+DQGOXQJHQYROOEUDFKWKDVWH'RUWKHU KDVWHQVLH6WHLQHJHKROWMHQHULHVLJHQ%O|FNHGLHDXVVDKHQZLHJHIURUHQHU6DQG'HU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

)UHPGHKDVWHHLQHQVHLQHUYLHUNUlIWLJHQ$UPHJHKREHQ%OLW]HZDUHQLQGLHPDVVLYH )HOVSODWWHJHIDKUHQ.UDFKHQGZDUHQGLH6WHLQEO|FNHDXVHLQDQGHUJHERUVWHQ'LH 6LHGOHUKDWWHQ%lXPHJHIlOOWXQGULHVLJH6FKOLWWHQKHUJHVWHOOW'DUDXIZDUFQGLH%O|FNH JHOHJWZRUGHQ'HU)UHPGHPLWVHLQHQ:XQGHUNUlIWHQKDVWHJHKROIHQ(UEHVDGLH .UDIWYRQ]ZHLKXQGHUWHUZDFKVHQHQ0lQQHUQ(UVFKREGHQ6FKOLWWHQZlKUHQGGUHLLJ 0lQQHUXQG-XQJPDQQHUDQPHKUHUHQ6HLOHQ]RJHQ7DJHODQJGDXHUWHGHU7UDQVSRUW FLQHV%ORFNHVDXVGHP6WHLQEUXFKELV]XHLQHUEHVWLPPWHQ6WHLOHGHV.UHLVULQJV 9LHU6WXQGHQQDFKGHPHVKHOOJHZRUGHQZDUELOGHWHGLH6RQQHHLQHQKHOOHUHQ )OHFNDPQHEOLJHQ+LPPHO,QGHU.XJHOGLHVLFKPLWEDXPVWDPPGLFNHQ%HLQHQVFKUlJ JHJHQGHQIHXFKWVFKZDU]HQ%RGHQVWHPPWH|IIQHWHVLFKHLQH7U*HUlXVFKORV EHZHJWHVLFKHLQJHSDWHV0HWDOO(LQH3ODWWHlKQOLFKHLQHU7UZXUGHYRQ DUPlKQOLFKHQ6WDQJHQXQG5RKUHQEHZHJWXQGOHJWHVLFKHQJDQGLH5XQGXQJGHU .XJHO(LQH$UW7UHSSHRKQH6WXIHQVFKREVLFKDXVGHU.XJHOXQGEHUKUWHODXWORVGHQ %RGHQ(LQLJH+HU]VFKOlJHVSlWHUHUVFKLHQLQGHP7UHLQJDQJGHUPLWZXOVWlKQOLFKHQ 5lQGHUQYHUVHKHQZDUHLQHHUVWDXQOLFKH*HVWDOW6LHVWDPPWHDXVGHQ6DJHQGLHPDQ QDFKWVDP+HUGIHXHULQGHQ/DQJKlXVHUQHU]lKOWHHLQ'lPRQ]ZHLPDOVRJURZLHHLQ HUZDFKVHQHU0DQQ,QGHQPlFKWLJHQ6FKXOWHUQZDUHUVREUHLWZLHVHFKVJXWJHQlKUWH 0lQQHU(UKDVWHNXU]H%HLQHGLHLQ6WLHIHOQVWHFNWHQJUDXZLHJHJHUEWHVXQGPLW 7LHUIHWWHLQJHVFKPLHUWHV/HGHU'HU'lPRQEHVDGRUWZREHL0HQVFKHQHLQ$UPGDV 6FKXOWHUJHOHQNYHUOLH]ZHL$UPHHLQHQOlQJHUHQXQGHLQHQNU]HUHQ 9LHU0lQQHUNRQQWHHUJOHLFK]HLWLJSDFNHQXQGZHJVFKOHXGHUQ2KQH+DOVVD DXIGHQPlFKWLJHQ6FKXOWHUQHLQ.RSIPLWGUHLULHVLJHQ$XJHQGLHZLHKHOOH+HUGIHXHU OHXFKWHWHQ'HU5DFKHQZDUZLHGHUHLQHV%lUHQQXUEUHLWHUXQGJHZDOWLJHU:HQQGHU 'lPRQVFKULHZDUHVZLH'RQQHUGHUEHUGDV/DQGKDOLWH'LH(LQGUFNHVHLQHU JHZDOWLJHQ)HKLQWHUOLHHQWLHIH6SXUHQHUPXWHVFKZHUHUVHLQDOVIQIXQG]ZDQ]LJ VWDUNJHZLFKWLJH0lQQHUXQGKLH7HUQDO0DODW'LHVHQ1DPHQKDVWHHUGHQ%HZRKQHUQ GHU'|UIHUJHQDQQWGLH9DVDOOHQGHV+lXSWOLQJV8UJHUZDUHQ7HUQDO0DODWVWUHFNWHYLHU $UPHDXVXQGJOLFKHLQHQ0RPHQWIDQJHLQHUE|VDUWLJHQ6SLQQH'DQQVRJHUNDOWH/XIW LQVHLQHPlFKWLJHQ/XQJHQXQGEOLHVVLHZLHGHUDXV(LQHJURH'DPSIZRONHHQWVWDQG -HGHU0XVNHOMHGHU.|USHUYRUVSUXQJXQGDOOH*HOHQNHZXUGHQGXUFKGLHGXQNHOJUQH +OOHXPVSDQQWGLHYRQGHU)DUEHGHU%DXPULQGHZDUXQGGLHZRVLHLQGLH6WLHIHO PQGHWHRGHUGLH*HOHQNHGHUZXFKWLJHQ+lQGHXPVFKOREUHLWH%lQGHUDXIZLHVGLH ZLH6FKODQJHQDXVVDKHQLQPHKUHUHQ:LQGXQJHQQHEHQHLQDQGHUJHOHJW9RUVLFKWLJ VFKULWWGHUURWlXJLJH'lPRQGLH3ODWWHKLQXQWHU.QLUVFKHQGEHZHJWHQVLFK5RKUHXQG 6WDQJHQXQGVFKORVVHQGLH7U'LHULHVLJHQ$XJHQUHFKWVXQGOLQNVGHVKDOENXJHOLJHQ 6FKlGHOVVFKREHQVLFKIDVWHLQH+DQGEUHLWZHLWKHUYRUGDV6WLUQDXJHKREVLFK:RUWH SROWHUWHQXQGGU|KQWHQ ³'UEHQEHLPJURHQ'RUIVFKODIHQQRFKDOOH'DVNOHLQH'RUILVWDXIJHZDFKW,FK PXVLHQRFKIUVLFKDUEHLWHQOHVVHQ6RQVWYHUKXQJHUQVLHGLH:LOGHQ´ 'HU'lPRQEHZHJWHVLFKVFKZHUIlOOLJZLHHLQ6WLHUDEHUHEHQVRNUDIWYROO9RQ GHU0HWDOONXJHOELV]XP.UHLVDXV6WHLQHQXQGEORHP(UGUHLFK]RJHQVLFK]ZHLWLHI HLQJHWUHWHQH6SXUHQHLQH6WUDH]ZLVFKHQ.XJHOXQGGHUHEHQHQ)OlFKHGLHDQGHUH YHUOLHILQ:LQGXQJHQ]ZLVFKHQGHQ+JHOQXQGHQGHWHLP1RUGZHVWHQDPlXHUVWHQ 3XQNWHLQHVWLHILQV/DQGKLQHLQUHLFKHQGHQ)MRUGHV'HU'lPRQHUUHLFKWH:DOOXQG *UDEHQXQGVSUDQJPLWHLQHPJHZDOWLJHQ6DW]GDUEHUGDQQQlKHUWHHUVLFK YRUVLFKWLJHUGHP+DOENUHLVXQUHJHOPlLJJHIRUPWHUVHQNUHFKWVWHKHQGHU6WHLQH6LH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ZDUHQEUDXQJUDXDXVOHLFKW]XEHDUEHLWHQGHP6HGLPHQWJHVWHLQPLW6FKOLWWHQXQG HLQIDFKHQ:DJHQDXVGHP%UXFKJHELHWJHKROW]ZDQ]LJ0LQXWHQVFKQHOOVWHQ/DXIHV HQWIHUQW6HLQHVVFKQHOOVWHQ/DXIHVGDFKWH7HUQDO0DODW(UEOLHEQHEHQHLQHP6WHLQ VWHKHQ]RJDXVGHU%UXVWWDVFKHGHV(LQVDW]DQ]XJVHLQH6FKUHLEWDIHOXQGYHUJOLFKGLH =HLFKQXQJPLWGHQVWHKHQGHQ6WHLQULHVHQXQGGHQDXVJHKREHQHQ/|FKHUQ*HQDXHVWH $EVWlQGHPXWHQJHZDKUWEOHLEHQ=ZLVFKHQGHQ6WHLQHQPXWHHVHLQH5HLKHYRQ 'XUFKEOLFNHQJHEHQ0|JOLFKNHLWHQ6WHUQHDQ]XSHLOHQLKUH%HZHJXQJHQ QDFK]XPHVVHQGLH6RQQHGHV6\VWHPVLQGLHVH%HUHFKQXQJHQHLQ]XEH]LHKHQ'DV 3ODQKLUQUHFKQHWHVHLWODQJHU=HLWXQXQWHUEURFKHQ 7HUQDO0DODWZDUHLQDXVJHVWRHQHU5DXPIDKUHUVHLQ5DXPVFKLIIQLFKWPHKUDOV HLQ:UDFNDXIGHUGUDQJYROOHQ5HLVHGXUFKGLH0LOFKVWUDHEHVFKlGLJW0LWOHW]WHU.UDIW KDVWHHUODQGHQN|QQHQ'LH/DQGXQJKDVWHHLQHQ7HLOGHV$QWULHEV]HUVW|UW'LH )XQNDQODJHQZDUHQDXVJHIDOOHQXQGZUGHQQLHZLHGHUHLQHQ+\SHUIXQNUXIDXIIDQJHQ RGHUDEVWUDKOHQ(UZDUDOOHLQXQGZXWHQLFKWLQZHOFKHP7HLOGHU*DOD[LVHUVLFK EHIDQG'LHVKHUDXV]XILQGHQZDU$XIJDEHGHVSODQHWHQJHEXQGHQHQ2EVHUYDWRULXPV GHVVHQEHUZXFKHUWH5HVWHHULQGHQOHW]WHQ$XJHQEOLFNHQGHU/DQGXQJJHVHKHQ KDVWH%HZRKQHUGLHVHV3ODQHWHQKDVWHQYRUPHKUDOV-DKUHQHLQHQ*UDEHQVDPW :DOOSHUIHNWNUHLVI|UPLJPLWWHQLQGLHVHUEHVWU]HQGIODFKHQ(EHQHKHUJHVWHOOWXQG LQQHUKDOEGHV'XUFKPHVVHUV²JURH6FKULWWHHLQHV(LQJHERUHQHQ² 6WHLQPDUNLHUXQJHQDQJHEUDFKW7HUQDO0DODWKDVWHWDXVHQG-DKUH=HLWJHPHVVHQDQ GHQ8PODXISDUDPHWHUQGLHVHUVHOWVDPHQ:HOWZRGLH1DFKIDKUHQYRQ2EVHUYDWRULXPV .RQVWUXNWHXUHQHEHQVROHEWHQZLHLKUGUHFNLJHVNUDQNHV9LHK 8PDXVGLHVHP*HIlQJQLVIOFKWHQ]XN|QQHQEUDXFKWHHUGLH+LOIH²GDV 6FKLII²HLQHVDQGHUHQ5DXPIDKUHUV'LHVH+LOIHKHUEHL]XIXQNHQGDUDQDUEHLWHWHHU 7HUQDO0DODWEOLHEDP5DQGGHU$QODJHVWHKHQXQGIDWH]XVDPPHQZDVIULKQ IHVWVWDQG YHUVFKLHGHQHDVWURQRPLVFKH9HUELQGXQJVOLQLHQOLHHQVLFKVSlWHUGXUFK GLHYRUKDQGHQHQXQGJHSODQWHQ)HVWSXQNWH]LHKHQ'LH3XQNWHEHQXW]WHQ9LVLHUOLQLHQLQ DXIUHFKWVWHKHQGHQ6WHLQEO|FNHQ =LHOVFKOLW]HQ]ZLVFKHQ]ZHL6WHLQHQRGHU9HUOlQJHUXQJHQGHU*HUDGHQ]ZLVFKHQ .LPPH6WHLQEO|FNHQDXHUKDOEYRQ:DOOXQG*UDEHQVROFKHU3XQNWHKDVWHHU KHUDXVJHDUEHLWHW%RUGUHFKQHUXQGVHLQ3ODQJHKLUQNRQQWHQGLHXQZLFKWLJHQYRQGHQ UHOHYDQWHQ%H]XJVOLQLHQWUHQQHQ*HUDGHQGHXWHWHQDXIPDUNDQWH6RQQHQGLHIULKQ NRVPLVFKH/HXFKWIHXHUZDUHQ0LW+LOIHGHU6WHLQHGLHMlKUOLFKLQGHQZHL PDUNLHUWHQ*UXEHQ]ZLVFKHQ:DOOXQG*UDEHQYHUVHW]WZHUGHQNRQQWHQNRQQWHHU 6RQQHQXQG0RQGILQVWHUQLVVHXQGDQGHUHKLPPHOVPHFKDQLVFKH3KlQRPHQH YRUKHUEHVWLPPHQ6LHZDUHQQXUIUGLHVHQGULWWHQ3ODQHWHQZLFKWLJ$EHU+DWWHHU DXVJHVWRHQXQGYRUQXW]ORVHU(QHUJLHEHUVWHQGHLQPDOVHLQHHLJHQH3RVLWLRQ IHVWJHVWHOOWNRQQWHHUGHQ6HQGHUDXVEDXHQGLHOHW]WHQ(QHUJLHQIUHLQHQ1RWUXI HLQVHW]HQXQG]LHOJHULFKWHWDEVWUDKOHQ0DQZUGHLKQPLWHLQHPQHXHQ6FKLII DEKROHQ²QLFKWHLQPDOHLQHQ$XVJHVWRHQHQGHV9RONHVOLHPDQDXIHLQHU XQEHNDQQWHQ%DUEDUHQZHOWYHUVFKPDFKWHQ 7HUQDO0DODWUHFKQHWHZHLWHUVWHFNWH3RVLWLRQHQDWHVWDPSIWH 0DUNLHUXQJVJUXEHQLQGHQIHXFKWHQ*UXQGXQGHUKLHOWGXUFKHLQIDFKHV%HUHFKQHQXQG 9HUJOHLFKHQGLH$XIXQG8QWHUJDQJVSRVLWLRQHQGHV=HQWUDOIHXHUVXQGGHV0RQGHV GLHVHV3ODQHWHQ]XU6RPPHUXQG:LQWHUVRQQHQZHQGH9LHOOHLFKWNRQQWHQGLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VWLQNHQGHQ%HZRKQHUGHV/DQGHVHWZDVGDPLWDQIDQJHQ'LHPHLVWHQ6WHLQHGLHVFKRQ VWDQGHUZDUHQIDVWGUHLPDOVRIDQJZLH7HUQDO0DODW:HQQVLHLQLKUHU*UXEHEHIHVWLJW KRFKJHVWHPPWXQGLQGLH6HQNUHFKWHJHEUDFKWZRUGHQZDUHQZDUHQVLHQRFKIDVW GRSSHOWVRJURZLHGHU'lPRQ$EHUHVIHKOWHQYRQ(VZUGHGLH$UEHLWGHU KHLHQ-DKUHV]HLWZHUGHQ'LH(LQJHERUHQHQPXWHQLKPKHOIHQ(VJLQJVFKQHOOHUVLH OHUQWHQGDGXUFKXQGHUKDVWHGLH,OOXVLRQEHUKLOIORVH:HVHQ]XKHUUVFKHQGHUHQ VFKlUIVWH:HUN]HXJH6WHLQl[WHXQG6LFKHOQPLWVFKDUIONDQWLJHQ6WHLQVSOLWWHUQZDUHQ 7HUQDO0DODWDUEHLWHWHPLW0DEDQGHLQHPHLQIDFKHQ-XVWLHUJHUlWXQGPLWGHP JUDILVFKHQ6FKHPDGDVHUJH]HLFKQHWXQGLPPHUZLHGHUJHlQGHUWKDVWH1DFKYLHU 6WXQGHQPHUNWHHUGD6HGGLQVLFKYRPNOHLQHUHQ'RUIKHUQlKHUWH'HU(LQJHERUHQH EOLHEDXHUKDOEGHV:DOOHVVWHKHQXQGOHJWHGLH+lQGHDQGHQ0XQG7HUQDOVDKZLH VHKUHUVLFKIUFKWHWH ³+HUU´ 7HUQDOElXPWHVLFKDXIXQGULFKWHWHGLHORGHUQGHQ$XJHQDXIGHQ(UGOLQJ ³:DVZLOOVWGX"´IUDJWHHU6HLQH6WLPPHZDUODXWZLH'RQQHUKLQWHUGHQ%HUJHQ $XFKZHQQHUQLFKWVFKULHNUDFKWHVHLQH6WLPPHEHUGLH/DQGVFKDIW ³:LUIUFKWHQXQV´ ³'D]XKDEWLKUDOLHQ*UXQG%DOGZHUGHQZLUZLHGHU6WHLQHEUHFKHQXQG DXIVWHOOHQ´ ³:LUPVVHQDEHUXQVHUH$FNHUEHVWHOOHQ´ 7HUQDO0DODWKREGLHOlQJHUHQ$UPHEHUGHQ.RSIXQGVFKULH ³,KUZHUGHWWXQZDVLFKZLOO,FKGXOGHNHLQHQ:LGHUVSUXFK6RQVWQHKPHLFK HXFKDOOH:HUN]HXJHZHJ´ ³1HLQ´ 7HUQDO0DODWZXWHZDUXPHUQLFKWLQGHU*HPHLQVFKDIWVHLQHV9RONHVOHEHQ GXUIWH6HLQHYRUEHUJHKHQGHQ$QIlOOHPDFKWHQLKQJHIlKUOLFK6LHGDXHUWHQQLHUDQJH DEHUHVZDUQLHPDQGHPP|JOLFKJHZHVHQLKQ]XKHLOHQRGHUGLH1DWXUGLHVHV/HLGHQV ]XNOlUHQ(UZDUVLFKVHOEVWJHJHQEHUGLHJU|WH*HIDKU6HLWODQJHU=HLWKDVWHHV DEJHVHKHQYRQVHLQHP'UDQJ]XDEHQWHXHUOLFKHQ$NWLRQHQNHLQHQ$QIDOOPHKU JHJHEHQ'HU(LQJHERUHQHUHL]WHLKQREZRKOHUGHPWLJEOLHE ³'lPRQ7HUQDO0DODW´6HGGLQILHODXIGLH.QLH³:LUYHUKXQJHUQZHQQZLUQLFKW LP6RPPHUDUEHLWHQ6LHKZLUVLQGQXUZHQLJH0lQQHU:HQQZLU)HOVEO|FNHDXVGHP %HUJKLQWHUGHQ+JHOQVFKOHSSHQXQG)O|HGXUFKGLH%UDQGXQJUXGHUQGDQQN|QQHQ ZLUQLFKWDUEHLWHQ´ ³,KUZHUGHWDUEHLWHQ(UVWHQV]ZLQJHLFKHXFK]ZHLWHQVKHOIHLFKHXFK´VFKULH 7HUQDO0DODWHUERVW³:HJMHW]W=XUFNLQV'RUI,QHLQSHDU7DJHQIDQJHQZLUDQ´ ³:LUJHKRUFKHQ7HUQDO0DODW´ 6HGGLQVWDQGDXIYHUQHLJWHVLFKWLHIXQGILHIGDYRQ$XVGHQ/|FKHUQLQGHQ 'lFKHUQYLHOHU+lXVHULQGHQHQLP:LQWHUQLFKWQXU0HQVFKHQVRQGHUQDXFKDOOHV 9LHKOHEWHGUDQJHQ5DXFKIDKQHQ'LHVWlPPLJHQ)UDXHQGHU(LQJHERUHQHQEHUHLWHWHQ (VVHQ7HUQDO0DODWSDFNWHHLQHQULHVLJHQ)HOVEORFNGHUGLH6SXUHQGHU(QHUJLHZDIIH EXJPLWGHUHQ6WUDKOHQHUDXVGHP%HUJKHUDXVJHVSUHQJWZRUGHQZDU9LHU$UPH OHJWHQVLFKXPGHQPDVVLYHQNHLOI|UPLJHQ%URFNHQXQGVSDQQWHQVLFKGDQQERJVLFK GHU.RUSHUXQGHUVWDUUWHIUHLQHQ$XJHQEOLFN'HU'lPRQULGHQ5DFKHQPLWGHQ ZHLHQ5DXEWLHU]lKQHQDXIXQGEUOOWHGDQQKREHUDFKW7RQQHQ)HOVKRFKXQGGUHKWH VLHXP]HKQ*UDG'LHEHDUEHLWHWH6HLWHZLHVQDFKLQQHQLQV=HQWUXPGHU$QODJH$XI

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

HLQLJFQ6WHLQHQKDVWHQVLHPLW]ZHFNHQWIUHPGHWHQ:HUN]HXJHQDXVGHP5DXPVFKLII =DSIHQKHUDXVJHPHLHOWGLHLQHQWVSUHFKHQGH/|FKHUGHUZDDJHUHFKWHQ4XHUVWHLQH SDVVHQPXWHQ7HUQDONQXUUWH ³'HUOHW]WH6WHLQ:LUPVVHQZLHGHUDUEHLWHQ´ 'LH+RFKOHLVWXQJVJHUlWHPLWGHQHQHUVWHOODUH3RVLWLRQVEHVWLPPXQJHQKlWWH PDFKHQN|QQHQZDUHQWHLOZHLVHDXVJHIDOOHQ=ZDUZDUHVP|JOLFKHLQIDFKH PHFKDQLVFKHXQGRSWLVFKH(OHPHQWHDE]XVFKUDXEHQRGHUDXV]XO|VHQDEHU/HLWXQJHQ XQGDXWDUNH.OHLQUHFKHQJHUlWHZDUHQYHUVFKPRUWXQGGXUFKJHEUDQQW/DQJVDPVWDSIWH GDV:HVHQPLWGHUWLHIVFKZDU]HQ+DXWGXUFKGLH$QODJHXQGQlKHUWHVLFKGHP 5DXPVFKLII (LQPHUNZUGLJHVELVKHUQLHJHNDQQWHV*HIKOHUJULII7HUQDO0DODW$OV $QJHK|ULJHUHLQHVXUDOWHQ6WHUQHQYRONVHLQJHVFKOHFKWOLFKHU,QGLYLGXHQNRQQWHHUVLFK NDXPHLQVDPIKOHQ,Q]ZLVFKHQKDVWHHUUDQJHJHQXJ*HOHJHQKHLWJHKDEWVLFKDQGHQ 3ODQHWHQGLHWUEVHOLJH/DQGVFKDIWXQGGLHHUVFKWWHUQGHLQIDFKHQXQGVWDUUN|SILJHQ (LQJHERUHQHQ]XJHZ|KQHQ(UKDVWHRKQHYLHO0KHGLH6SUDFKHGHU3ULPLWLYHQ JHOHUQW 7HUQDOGHQGLH]ZHLHLQKDOEKXQGHUW%HZRKQHUGHU'|UIHU³'lPRQ´QDQQWHQ EHIDQGVLFKLQHLQHU$XVQDKPHVLWXDWLRQDXVJHVWRHQLPSUlJHQGHQ*ULIIGHU 'UDQJZlVFKHJHVWUDQGHWDXIGLHVHPYHUORUHQHQ%DUEDUHQSODQHWHQ$QJHZLHVHQDXI GLH+LOIHGHU(LQJHERUHQHQXQGDXIGLHJHULQJHQ0|JOLFKNHLWHQGHV6FKURWWKDXIHQV VHLQHV5DXPVFKLIIV'URKHQGKLQJEHULKPGLH0|JOLFKNHLW]XVFKHLWHUQ (LQ$QIDOOVHLQHUUlWVHOKDIWHQ.UDQNKHLWZDUILKQXPXQGYHUQLFKWHWHGLH %HPKXQJHQHLQHVWDXVHQG-DKUHZlKUHQGHQ/HEHQV6HLQ9HUVXFK+LOIH]XKROHQ NRQQWHPLJOFNHQ(WZDVDXIGHP3ODQHWHQYRQGHPLKPQXUHLQNOHLQHU7HLOEHNDQQW ZDUEUDFKWHLKQWURW]VHLQHUZXQGHUEDUHQhEHUOHEHQVIlKLJNHLWXP(LQ'LQJNOHLQHUDOV HLQH$PHLVH,UJHQGHLQ=XIDOO 'HU'lPRQEHWUDWVHLQ5DXPVFKLII'LH6\VWHPHGLHHU]XVHLQHU %HTXHPOLFKNHLWEUDXFKWHZDUHQXQ]HUVW|UW(LQ6WDUWZDUXQP|JOLFKGDV6FKLII HQHUJHWLVFKKDOEWRW7HUQDO0DODWEHZHJWHVLFKSO|W]OLFKVFKQHOOHUXQG XQDXVJHJOLFKHQHU6HLQ2UGLQlUJHKLUQVWHXHUWHVHLQH%HZHJXQJHQVHLQ3ODQKLUQ YHUVXFKWH]XDQDO\VLHUHQZRKHUGLHVHPHUNZUGLJH6WLPPXQJVWDPPWH)XUFKW"'LH UHFKQHULVFKH9HUQXQIWGHV=XVDW]JHKLUQVYHUQHLQWHHV(LQVDPNHLWVJHIKOH"$XFKWULHU VWLPPWHGDV3ODQKLUQQLFKW]X(LQ$QIDOOGHU6HXFKHGLHLKQVHLWHLQHP-DKUKXQGHUW SODJWH"$EHUPDOV1HLQ7HUQDOZDUIVLFKDXIVHLQ/DJHUYHUVXFKWHVLFK]XHQWVSDQQHQ XQGNDSVHOWHVLFKJHJHQEHUGHU8PZHOWDWH'LHRUJDQLVFKHQ=HQWUDOYHUVFKOVVHGHU GUHL$XJHQVFKREHQVLFK]XVDPPHQ'XQNHOKHLW5XKH6FKZHLJHQ'HU'lPRQ ODXVFKWHLQVLFKKLQHLQ$XIVHLQHXQIRUPXOLHUWHQXQGXQDXVJHVSURFKHQHQ)UDJHQJDE HVNHLQH$QWZRUW7HUQDO0DODWZXWHQLFKWZDUXPHUVLFKVRVFKOHFKWIKOWH(UPXWH HWZDVWXQPXWH]LHOJHULFKWHWKDQGHOQ9RUDOOHPPXWHHUGDUDQJHKHQMHGH&KDQFH ]XHUJUHLIHQGLHLKQYRQGLHVHPYHUGDPPWHQ3ODQHWHQZHJEUDFKWH 'UHL7DJHVSlWHUKDVWHVLFKGHU&KDUDNWHUGHU*HJHQGGUDVWLVFKJHlQGHUW$XI HLQHUVFKODPPLJHQ3LVWHVRIDQJVLHHLQVFKQHOOJHKHQGHU0DQQLQVLHEHQ6WXQGHQ ]XUFNOHJWHDUEHLWHWHQDOOHHUZDFKVHQHQ0lQQHU7HUQDO0DODWZLQNWHYRUGHP KDOELHUWHQ+JHOGHVVHQ9RUGHUVHLWHDXV6DQGVWHLQEHVWDQG'LH)OlFKHZDU DXIJHEURFKHQEHUDOOZDUHQVFKZDU]H6SXUHQGHU%OLW]HGLHJHZDOWLJH)HOVEURFNHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

DXVGHU0DVVHKHUDXVJHVSUHQJWKDWWHQ'XW]HQGHULHVLJHU6WHLQHODJHQGXUFKHLQDQGHU 'HU'lPRQVWDQGYRUGHUJUDXJHOEHQ:DQGXQGVFKULH ³=XU6HLWH6FKOLHWGLH$XJHQ´ ,Q]ZHL$UPHQKLHOWHUHLQHQIXQNHOQGHQ*HJHQVWDQGGHQNXU]HQGLFNHQ6SHHU DXVXQEHNDQQWHP0DWHULDO(UULFKWHWHGLH6SLW]HGLHVHVXQEHJUHLIOLFKHQ'LQJHVDXIGLH ]HUNOIWHWH:DQG'RQQHUQGXQGKHXOHQGEUDFKHLQHEOHQGHQGH/LFKWIOXWDXVGHU6SLW]H GHV5RKUHVERKUWHVLFKWLHILQGHQIXQNHQVSUKHQGHQ+DQJ(LQHVFKZDU]H 5DXFKZRONHVWLHJDXIZlKUHQGGHU1DFKKDOOGHU'RQQHUVFKOlJHEHUGDV/DQGWREWH (LQHEUHLWH)OlFKHDXV6WHLQO|VWHVLFKDXVGHU:DQGNLSSWHPLWIXUFKWEDUHP.UDFK QDFKYRUQXQG]HUEUDFKLQPHKUHUH%URFNHQ'HU'lPRQKDVWHVHOWVDPH:HUN]HXJH DXVVHLQHU.XJHOJHEUDFKW6WlEHDXV³0HWDOO´PHLHOlKQOLFKH:HUN]HXJHXQGVSLUDOLJ JHGUHKWH6WlEHGLH7HUQDO0DODWGHQ(LQJHERUHQHQJHJHEHQKDVWH ³)DQJWDQ,FKEUDXFKHGUHLPDOVRYLHOKHLOLJH6WHLQHZLH)LQJHUDQHLQHU+DQG VLQG´ 'LH6WLPPHGHV'lPRQVZDUVRODXWZLHGHU'RQQHUQDFKVHLQHQ%OLW]HQ $QJVWYROOVWDQGHUGLH(LQJHERUHQHQDXIXQGNDPHQYRQDOLHQ6HLWHQDXIGLH EHUHLQDQGHUOLHJHQGHQ%URFNHQ]X(LQUDVHQGHV+lPPHUQXQG.OLQJHOQILQJDQDOV VLFKGLH0lQQHUDXIGLHXQJHIJWHQ6WHLQHVWU]WHQ7HUQDO0DODWVWDSIWH]ZLVFKHQ 0lQQHUQXQG)HOVVSOLWWHUQXPKHU(UJDEXQXQWHUEURFKHQ%HIHKOH]HLFKQHWHGLH 8PULVVHGHU6WHLQHPDUNLHUWHGLH3XQNWHDQGHQHQGLH/|FKHUIUGLH+RO]NHLOH KLQHLQJHWULHEHQZHUGHQPXWHQKREWRQQHQVFKZHUH%O|FNHDQHLQHP(QGHDQXQG YHUVHW]WHGLH0lQQHULQ6FKUHFNHQ²VHLQH.UlIWHZDUHQJ|WWOLFKMDXQEHJUHLIOLFK 'LH6RQQHZDUGXUFKGHQGQQHQ+RFKQHEHOJHEURFKHQ'LH0lQQHUVFKXIWHWHQ VFKZLW]WHQLKUH.|USHUEHJDQQHQ]XGDPSIHQ'LH)HOOHURFKHQQDFKWDOJLJHP)HWW 6FKZHLWURSIHQVLFNHUWHQLQGLHVWUXSSLJHQ%lUWH.HLQHUYRQLKQHQDUEHLWHWHJHPDEHU HLQHNUHDWUOLFKH$QJVWOLHVLHPLWDOOHU6FKQHOOLJNHLWDUEHLWHQGHUHQVLHIlKLJZDUHQ 'HU'lPRQEUOOWH%HIHKOHGDQQZDUIHUVHLQH%OLW]HVFKOHXGHUDXIGHQ5FNHQXQGOLH VLFKDXIGLH+lQGHGHU%UXVWDUPHQLHGHU:LHHLQ%lUEHJDQQHU]XUHQQHQXQG]X VSULQJHUHUHUUHLFKWHHLQHUDVHQGH*HVFKZLQGLJNHLWXQGVWUPWHGHQDXVJHWUHWHQHQ :HJHQWODQJ]XUQlFKVWHQ*UXSSHYRQ0lQQHUQ (UNDQQWHGDV%LOGWURW]GHPZDUHVHUVWDXQOLFK%DXPVWlPPHZDUHQJHVSDOWHQ XQG]HUVlJW4XHUEDONHQPLW3IODQ]HQVHLOHQXQGJHGUHKWHQ7LHUVHKQHQXPZXQGHQ YHUEDQGHQNXIHQlKQOLFKH6WlPPHPLWHLQDQGHU$QHLQLJHQ6WHOOHQZDUHQVLHLQ=DSIHQ HLQJHVSDQQW6HLOHJLQJHQYRQZXFKWLJHQ7UDJHEDONHQDXVGXUFK+RO]MRFKH XQWHUEURFKHQ-XQJH0lQQHUPLW:DVVHUERWWLFKHQVFKWWHWHQ:DVVHUYRUGLH.XIHQ0LW 6HLOHQ%DONHQXQGJHIORFKWHQHQ=ZHLJHQZDUHLQJHZDOWLJHU6DQGVWHLQEURFNHQDXI GLHVHP6FKOLWWHQEHIHVWLJW(UGUFNWHGLH.XIHQWLHILQGHQVFKODPPLJHQ*UXQGGLH 6FKULWWHGHUNHXFKHQGHQ0lQQHUVFKPDW]WHQLQGHU1lVVH6LH]HUUWHQGHQ6WHLQGXUFK GHQ6FKODPPDQJHIHXHUWGXUFKUK\WKPLVFKH6FKUHLH7KRUVDQVGHUVLFKJHJHQGDV (QGHHLQHVGLFNHQ7DXHVZDUI)DVHUQVFKQLWWHQWLHILQVHLQH+DQGIOlFKHQHLQ'HU 'lPRQQlKHUWHVLFKZLHHLQUDVHQGHVVFKZDU]HV7LHUVWHPPWHVHLQH*OLHGPDHQLQ GHQ6FKODPPXQGVFKOLWWHUWHIQI0DQQVOlQJHQZHLWGXUFKGHQ%UHLDXV:DVVHUXQG (UGUHLFK'DQQULFKWHWHHUVLFKDXIXQGVFKULHKDOOHQG ³:HLWHU6FKQHOOHU=LHKWLKUVFKZDFKHQ%DUEDUHQ,FKZHUGHHXFKKHOIHQ´ 1RFKLPPHUZLUNWHVHLQHGU|KQHQGH6WLPPHHUVFKUHFNHQG7HUQDO0DODW VWHPPWHVLFKJHJHQGHQNQDUUHQGHQ6FKOLWWHQXQGSDFNWHPLW]ZHLHQVHLQHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VHFKVILQJULJHQ+lQGH]X0LWHLQHP.QLVWHUQElXPWHVLFKGHU6FKOLWWHQDXI0lQQHU VWU]WHQLQGHQ6FKODPPNDPHQNHXFKHQGDXIGLH%HLQHXQG]HUUWHQZHLWHU,P 6FKULWWHPSREHZHJWHVLFKHLQQHXHU6WHLQIUGDV+HLOLJWXPZLHGHU'lPRQGHQ 6WHLQNUHLVQDQQWH'DV6WHUQHQKHLOLJWXP'UHLLJ0lQQHU]HUUWHQXQG]RJHQNUPPWHQ LKUH6FKXOWHUQVRZHLWQDFKYRUQGDLKU.LQQIDVWLQGHQ6FKODPPWDXFKWH6LH VWHPPWHQVLFKJHJHQGLHK|O]HUQHQ-RFKHXQGVW|KQWHQZHQQGLH6WLPPHGHV'lPRQV HUW|QWH.QLUVFKHQGLQDOLHQ9HUELQGXQJHQQlKHUWHVLFKGHU6FKOLWWHQPLWGHU 6WHLQPDVVHGHP2UWDQGHPGLH*UXEHEHUHLWVDXVJHKREHQZDU'HU:HJZDQGVLFKLQ ZLUUHQ/LQLHQGXUFKGDV/DQGEHUTXHUWHDEHUNHLQHQ+JHO:LHGLH6SXUHLQHV NULHFKHQGHQ,QVHNWVIROJWHHUHLQHP:DOGUDQGGXUFKTXHUWHHLQHQWURFNHQHQ%DFKODXI YHUZVWHWHHLQHQ*HUVWHQDFNHU]RJYRUEHLDQYLHU+lXVHUQIROJWHGHPIODFKHQ7DOXQG VFKLHQVLFK]XVWUHFNHQDOVHUGLHHEHQH)OlFKHHUUHLFKWH9RQWULHUDXVYHUOLHIHU JHUDGHELV]XP0LWWHOSXQNWGHV6WHLQNUHLVHV +LHUNDXHUWHQ(LQJHERUHQHXQGVFKOXJHQPLWVFKZHUHQ6WHLQKlPPHUQDXI 0HLHOXQG%RKUHUHLQ'HU6WHLQZXUGHDXIHLQHU6HLWHJHJOlWWHWXQGJHUXQGHW'HU DQGHUHHUKLHOWHLQ/RFKDXIGHU6HLWHXPVSlWHUDXIGLHVHQNUHFKWVWHKHQGHQ 0RQROLWKHQDXIJHVHW]WZHUGHQ]XN|QQHQ$QGHUH*UXSSHQVFKDXIHOWHQ(UGUHLFK SDFNWHQHVLQ.|UEHXQGWUXJHQGLH%HKlOWHU]XHLQHPGHUEHLGHQ+JHOGLHJHQDXLP 1RUGHQXQG6GHQDXIGHU.UHLVOLQLHYRQ:DOOXQG*UDEHQODJHQ'LH(UKHEXQJHQ ZXFKVHQ]XVHKHQGV6WHLQH.LHVXQGVFKZDU]H(UGHSROWHUWHQDXIHLQHQ+DXIHQ 'LH0lQQHUDXV+DQJHV'RUI]LPPHUWHQDQGHPVFKZHUHQ*HVWHOOPLWGHVVHQ +LOIHVLHGLH6WHLQWUPPHUDXIULFKWHQXQGLQGLH*UlEHQXQG/|FKHUKLQHLQNLSSHQ NRQQWHQhEHUDOODUEHLWHWHQGLH0HQVFKHQ6LHKDVWHQNHLQH0|JOLFKNHLWIRUW]XODXIHQ :DVVLH]XP/HEHQEUDXFKWHQEHIDQGVLFKLQLKUHUXQPLWWHOEDUHQ1lKH6LHZDUHQGHQ %HIHKOHQGHVVFKZDU]KlXWLJHQ6WHUQHQGlPRQVDXVJHOLHIHUW$OVVLFK7HUQDO0DODW GDYRQEHU]HXJWKDVWHGDGLHQlFKVWH:HJVWUHFNHGHV6WHLQWUDQVSRUWVDEZlUWV IKUWHVWHPPWHHUVHLQHQ5LHVHQN|USHULQGLH+|KHXQGEHIDKO ³=LHKWZHLWHU(VJHKWOHLFKWHU,PKHLHQ6RPPHUVLQGZLUIHUWLJ'DQQKHOIHLFK HXFKEHLGHU(UQWH´ (UVWLHHLQGRQQHUQGHV/DFKHQDXVZDUIVLFKKHUXPXQGUDQQWHORVW0LW UHVHQGHU*HVFKZLQGLJNHLWIROJWHHUGHP:HJGXUFKGLH+JHOXQGGLH7DOHLQVFKQLWWH GDQQWDXFKWHHUSO|W]OLFKYRUGHP:DOODXIXQGVFKULH]XGHQ$UEHLWHUQKLQEHU³+LHU ELQLFK´ (UZXWHQLFKWGDDOOHVZDVHUWDWGLH0HQVFKHQLQSDQLVFKH$QJVWYHUVHW]WH ,KUH5HDNWLRQHQNRQQWHHUQLFKWULFKWLJGHXWHQ$XIEHVWLPPWH:HLVHKDVWHHUHLQH EHPHUNEDUH6\PSDWKLHIUGLHVFKZDFKHQXQGDEHUJOlXELVFKHQ(LQJHERUHQHQ ³,KUVHLGIOHLLJPHLQH.OHLQHQ´VFKULHHU(UVHOEVWKDVWHQLFKWGDV(PSILQGHQ GDHUVFKULHDEHUGLH$UEHLWHUVSUDQJHQ]XU6HLWH]XFNWHQ]XVDPPHQXQGKLHOWHQVLFK GLH$XJHQ]X'DQQILQJHQVLHZLHGHU]XDUEHLWHQDQ7HUQDO0DODWVWDPSIWHLQGHQ 0LWWHOSXQNWGHV.UHLVHV9RQGHQGUHLLJJHSODQWHQ6WHLQHQVWDQGHUYLHU]HKQ YHUEXQGHQPLWGUHL]HKQVFKZHUHQLQ=DSIHQXQG/|FKHUQUXKHQGHQ4XHUVWHLQHQ 'UHL]HKQUHFKWHFNLJH7RUHHUP|JOLFKWHQ'XUFKEOLFNHDXIGLH+JHOXQGDXIZHLWHU GUDXHQVWHKHQGH3HLOVWHLQH(LQ7HLOGHV6\VWHPVGDVLKPKHOIHQZUGHYRQGLHVHU :HOWZLHGHU]XVWDUWHU ³1XUZHLWHUVR´VFKULHHU(UZXWHQLFKWGDVLHLKUH7LHUHQLFKWDXIGLH:HLGH WUHLEHQNRQQWHQZHOOVLHQDFKGHP:LQWHUZLOGZDUHQXQGYRQGHQ.LQGHUQQLFKWPHKU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

JHKDOWHQZHUGHQNRQQWHQ6LHZUGHQLQGHQ:lOGHUQYRP5DXE]HXJJHIUHVVHQ ZHUGHQZXWHQLFKWGDVLHYHUKXQJHUQZUGHQZHQQVLHQLFKWEHUGLHZDUPH -DKUHV]HLWMDJWHQILVFKWHQSIODQ]WHQXQGHUQWHWHQLP+DXVDUEHLWHWHQXQGDXIGHQ )HOGHUQ-XQJWLHUHDXI]RJHQXQGGLHDOWHQVFKODFKWHWHQ'DV*OHLFKJHZLFKW]ZLVFKHQ /HEHQXQG7RGZDUHPSILQGOLFKJHVW|UWGDHUVLHLQHLQHP0DW\UDQQLVLHUWHGDVLKUHQ 7RGEHGHXWHQNRQQWH+XQGHUW0HQVFKHQNRQQWHQLQGLHVHP:LQWHUVWHUEHQZHQQVLH QLFKWIOFKWHWHQ6LHZUGHQQLFKWIRUWUHQQHQZHOOGHU'lPRQVLHEHVWUDIHQZUGH6LH KDVWHQ$QJVWVLHNDQQWHQVHLQHXQYRUVWHOOEDUHQ.UlIWHXQGVHLQHJHVFKOHXGHUWHQ%OLW]H 6LHYHUVXFKWHQ]XHUUDWHQZDVHUYRQLKQHQYHUODQJHQZUGH$XVGLHVHP*UXQG UXKWHQDOOHDQGHUHQ$UEHLWHQLQGHQ6LHGOXQJHQQ|UGOLFKGHV0HHUHVXIHUV ³+LHUKHU´VFKULHGHU'lPRQ:LHGHUVFKQLWWGLHODXWH6WLPPHLQLKUH2KUHQ6LH UDQQWHQGRUWKLQZRHLQHUGHUIHUWLJHQ6WHLQHODJHLQYLHUPDOPDQQVODQJHU%ORFNDXI HLQHU6HLWHJODWWJHPHLHOWXQGPLWHLQHPUXQGHQ=DSIHQDQGHU6SLW]H'HU'lPRQ SDFNWHGDV*HVWHOOKREGLHWRQQHQVFKZHUH.RQVWUXNWLRQXQGWUXJVLHELVQHEHQGHQ %ORFN'RUWVWHOOWHHUVLHKDUWDWHGLH%DONHQNQLUVFKWHQXQGNUDFKWHQ'LH0lQQHU XPULQJWHQGHQ6FKZDU]KlXWLJHQXQGVWDUUWHQLQVHLQ*HVLFKW6LH]LWWHUWHQXQG VFKZLW]WHQYRU$QJVW ³:LUVHW]HQGLHVHQ6WHLQHLQ-HHLQHULFKIHUWLJELQGHVWRHLQHUNRPPHQPHLQH )UHXQGH´6HLQH6WLPPHWULHE'RQQHUEHUGHQ6WHLQNUHLVXQGGLH(EHQHKLQZHJ³,KU KDEWHXHU+HLOLJWXP'DQQN|QQWLKUXP5HJHQXQG6RQQHEHWHQLKUVFKZDFKHQ :UPHU´(LQQHXHV/DFKHQ7HUQDO0DODWSDFNWHGHQ)HOVEURFNHQDQGHU6SLW]H VWHPPWHLKQKRFKXQGZLQNOH'LH(LQJHERUHQHQNDPHQXQGEHZHJWHQGLHHLQIDFKHQ +HEHOGHV+RO]JHVWHOOV.QLUVFKHQGILQJGLH.RQVWUXNWLRQGHQ)HOVHQDXIGDQQJOLWWHU ODQJVDPVFKUlJLQGDVIQI]HKQWH/RFKXQGVFKZDQNWHKLQXQGKHU'DVHLQIDFKH ZLUNXQJVYROOH2EVHUYDWRULXPZUGHLQGHQNODUHQ6RPPHUQlFKWHQIFUWLJVHLQ'DQQ NRQQWHHUGLH$QWHQQHDXIOEDXHQXQGGLH)UHXQGHVHLQHV9RONHVKLHUKHUUXIHQ(UZXUGH XQJHGXOGLJMHPHKUGLH$UEHLWHQIRUWVFKULWWHQ$XHUGHPJODXEWH7HUQDO0DODW]X VSUHQGDGHUQlFKVWH$QIDOOEHYRUVWDQG:DQQZUGHLKQZLHGHUXQNRQWUROOLHUWH 5DVHUHLEHUIDOOHQ" 5LFREOLHEVFKZHLJHQGEHLPLUVWHKHQELV%LOGHUXQGDNXVWLVFKH:LHGHUJDEH HQGHWHQ,FK]RJGHQ.RSI]ZLVFKHQGLH6FKXOWHUQXQGYHUVXFKWHPHLQH(LQGUFNH ULFKWLJ]XYHUDUEHLWHQ6HOWVDPGDFKWHLFKMHOlQJHULFK7HUQDO0DODWVDKGHVWR VLFKHUHUPWHLFKVHLQGDLFK$QJHK|ULJHVHLQHU5DVVHNDQQWH6lPWOLFKH$VSHNWH VHLQHU/DJHNDQQWHLFKEHVVHUDOVHU:LUEHLGHZDUHQ$XVJHVHW]WHXQG9HUJHVVHQH (6KDVWHGHQYLHUDUPLJHQ6FKZDU]KlXWLJHQDOV*HIDKUIU/DUVDI,OOGHILQLHUWLFK ]|JHUWHPLUGLHVH$QVLFKW]XHLJHQ]XPDFKHQ6LQQHQGWUDQNLFKHLQHQ6FKOXFNNKOHV *XEDO%LHUXQGZLVFKWHGHQ6FKDXPYRQGHUUDVLHUWHQ2EHUOLSSH ³hEHUHLQQDPHQORVHV0HHUGXUFKHLQHQDPHQORVH0HHUHQJHXQGHLQHQ QDPHQORVHQ2]HDQ]XHEHQVROFKHQ,QVHOQ´VDJWHLFK³:HQLJVWHQVGLH*2/'(1( =('(5LVWYRQ:HVHQPLWEHGHXWXQJVYROOHQ1DPHQEHY|ONHUW´ ³1XQNHQQVWGXGHLQHQ*HJQHU$FUDQ$WODQ´ ³,FKNHHQ¶LKQQRFKUDQJHQLFKW$EHULFKZHLZRHUVHLQ8QZHVHQWUHLEW$OV HLQ]LJHU3URWHRVZLUGXQVIKUHQZHQQZLUGHQ:HJYHUOLHUHQ´ ³8QGGHU*OHLWHUZLUGQDFKGHU=('(5/DQGXQJEHUHIWVHLQ´VDJWH5LFR ,FKOHJWHPHLQH+DQGDXIGHQ]\OLQGULVFKHQ.DUWHQN|FKHU6lPWOLFKH,QVHOQXQG .VWHQOLQLHQ]ZLVFKHQGHPIUXFKWEDUHQ+DSL0QGXQJVGUHLHFNXQGMHQHQ,QVHOQDXI

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GHUHQHLQHU²QDPHQORV²GHU)UHPGHDXVHLQHUXUDOWHQNXOWLVFKHQ$QODJHHLQ 2EVHUYDWRULXPPDFKWHKDVWH5LDQFRUDXI+|KHQSKRWR.DUWHQKDOESODVWLVFKJHGUXFNW ,FKOHHUWHGHQ%HFKHUXQGVDJWH ³'HLQH6RQGHQEHREDFKWHQ7HUQDOZHLWHU,FKNDQQGLH%LOGHUDEUXIHQ(VZLUG =HLWZLHGHU]XPHLQHUHLQ]LJDUWLJHQ0DQQVFKDIW]XUFN]XJHKHQ´ 'LHVPDONRQQWHLFKPLW5LFRXQGVRPLWPLWGHUJHVDPWHQ$XVUVWXQJGHU hEHUOHEHQVVWDWLRQNRPPXQL]LHUHQ,FKNRQ]HQWULHUWHPLFKDXIGLH$QVLFKWGHU(EHQH GHU'|UIHUXQGGHV5DXPVFKLIIVZUDFNV$V\UWDVROOWHPLFKLQLKUHU1lKHILQGHQZHQQ VLHLP+HFNGHU=('(5DXIZDFKWH 6FKRQGHV.UFNHQPDFKHUVHUVWHV6FKLIIZDUHLQ0HLVWHUZHUNJHZHVHQGLH *2/'(1(=('(5ZDUHLQH.ODVVHEHVVHU:LQGXQG:HOOHQZDUHQLKUHEHVWHQ )UHXQGHVLHVFKZDPPZLHHLQH0|ZFVHJHOWHZLHHLQ6WXUPYRJHOXQGJHKRUFKWH 5XGHUXQG6HJHODOVKlWWHQDOOH:DVVHUXQG/XIWJ|WWHUEHLP%DXJHKROIHQ8QVDOLHQ ERWVLHWURW]%DOODVW3URYLDQWXQG$XVUVWXQJPHKUDOVJHQJHQG3ODW]:LUOLHEWHQ GDV6FKLIIXQGDXIGHPHUVWHQ7HLOGHU)DKUWELV]XPKHXWLJHQ7DJKDVWHVLFKGLH =('(5JHUDGH]XEHZXQGHUQVZHUWJHKDOWHQ6WHXHUPDQQ&KHSHUYHUVFKPRO]PLW VHLQHP5XGHUXQGKDVWHMHGH+HUDXVIRUGHUXQJDQJHQRPPHQ*HJHQZLQGXQG6WXUP 'QXQJXQG:LQGVWLOOH:HOOHQXQG)HOVULIIHKDVWHQZLURKQH*HIDKUKLQWHUXQV JHODVVHQ1lFKWHDXIGHP0HHULQPHQVFKHQOHHUHQ%XFKWHQYRU$QNHURGHUDXIGHQ 6DQGKRFKJHVFKREHQ7DJHYROOHUVWHLIHP:LQGLQGHQHQZLUEHUUDVFKHQGZHLWH 6WUHFNHQ]XUFNOHJWHQ-HW]WEHIDQGHQZLUXQVDPZHVWOLFKVWHQ(QGHGHV2EHUHQ 0HHUHVQLFKWZHLWYRQGHU0HHUHVHQJHHQWIHUQWGLHLQGHQZHVWOLFKHQ2]HDQ KLQDXVIKUWH ³.DQQHVVHLQ$WODQGDZLU]ZHL8IHUVHKHQZHUGHQ"´IUDJWH&KHSHU:LU KDVWHQXQVELVKHUDP5DQGGHVJURHQ.RQWLQHQWVJHKDOWHQGHUIUXQVWULHUDQGHU 3DVVDJHHQGHWH ³6RZLUGHVVHLQ´HUZLGHUWHLFK³(ULQQHUHGLFKDQGLH.DUWHGLHZLUJH]HLFKQHW KDEHQ´ :LUZDUHQYRQ%\EORVDXVJHJHQ:HVWZLQG]XP'HOWDJHIDKUHQKDVWHQGRUW NUHX]HQPVVHQDEHUGDQQVHJHOWHQZLUWDJHODQJPLWDEODQGLJHP6GZLQGXQG:LQG DXVGHP2VWHQHQWODQJHLQVDPHU6WUlQGH-HGH$UW/DQGVFKDIWZDUDQXQV YRUEHLJH]RJHQ6PSIH)HOVNOLSSHQHQFORVH6DQGVWUlQGHEHZDOGHWH+JHO$XVOlXIHU GHUJURHQ:VWHJUQHV/DQGXQGJHOEHV/DQGGDVXQWHUGHU6RQQHVFKQHHZHL ZXUGH%DOGZUGHQZLUXQVHUH5LFKWXQJ]XPHUVWHQPDOQDFK1RUGHQlQGHUQ ³'XKDVWUHFKW(VLVWGLHOlQJVWH)DKUWGLHMHHLQ.DSLWlQXQWHUQRPPHQKDW $WODQ´ ³$EHUPDOVULFKWLJ6LHZLUGQRFKOlQJHUZHUGHQ´ $XVXQVHUHQ(UIDKUXQJHQKDVWHQZLUHLQH.DUWHEHVFKULIWHW,FKVRUJWHGDIUGD GLH3URSRUWLRQHQXQJHIlKUJHZDKUWEOLHEHQ(LQIDFKH=HLFKHQVFKLOGHUWHQGLH JQVWLJVWHQ$QOHJHSOlW]HULHVLJH6\UWHQXQG%XFKWHQ$QPDQFKHQ7DJHQHUNDQQWHQ ZLU5DXFKVlXOHQYRQ)HXHUQLQVWHUQNODUHQ1lFKWHQEHPHUNWHQZLUORGHUQGH)HXHULQ .VWHQQlKHPLWGHQHQ3LUDWHQY|ONHUKLOIORVH6HJOHUDXIGLH.OLSSHQORFNWHQ+RUXVGHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

URERWLVFKH6HHDGOHUHUNXQGHWHGDV*HELHW8QVHUH9RUUlWHJLQJHQ]XU1HLJHZLU PXWHQMDJHQWDXVFKHQDXIIOOHQ ³:DQQGHQNVWGXZHUGHQZLUDXIMHQHUIHUQHQ,QVHOLP1RUGHQVHLQ"´IUDJWH &KHSHU(UZDUVHLWZLUPLW3URWHRV]XVDPPHQJHWURIIHQZDUHQYHUlQGHUW(UZXWH GDZLU6NODYHQHLQHVPlFKWLJHQ8QVLFKWEDUHQEOLHEHQ ³:HQLJHUDOV]ZHL0RQGHZHQQQLFKWV8QYRUKHUJHVHKHQHVJHVFKLHKW´ ³:DVVROOWHSDVVLHUHQ"8QV"=ZDQ]LJPXWLJHQXQGVWDUNHU0lQQHUQ"´IUDJWHHU NQXUUHQG ³$OOHVLVWP|JOLFK9RQ6FKLIIOEUXFKELV6NODYHUHL8QG6FKOLPPHUHV´ :LUIKOWHQXQVLQ]ZLVFKHQQLFKWPHKUDOV.VWHQIDKUHUGLHMHGH1DFKWDP 6WUDQG]XEUDFKWHQ:LUZDUHQHFKWH6HHOHXWHJHZRUGHQ%UDXQJHEUDQQWXQGVHKQLJ ZLUWUXJHQQXUQRFK6DQGDOHQXQG/HQGHQWFKHU:LOGH%lUWHVSURVVHQ6DO]XQG6DQG WURFNQHWHQDXIGHU+DXW:LUZDUHQJHVXQGJXWJHODXQWXQGLQJOlQ]HQGHU)RUP 6HLWHLQHPYROOHQ0RQGKDVWHQZLUNHLQHQ0HQVFKHQJHVHKHQ8QVHU9HUVXFK GLH.VWHLP1RUGHQ]XHUUHLFKHQVROOWHDXFKGLH0|JOLFKNHLWSUIHQGRUWHLQLJH ZDJHPXWLJH%HVDW]XQJVDQJHK|ULJH]XILQGHQ ³:LUKDEHQQRFKHLQHQKDOEHQ7DJ´VDJWHLFKQDFKHLQHU:HLOHLQGHULFK0HHU +LPPHOXQGGDV8IHUEHREDFKWHWKDVWH ³:DVVRLOJHVFKHKHQ"´ ³:LUIDKUHQZHLWHUQDFK:HVWHQ:HQQZLUGHQHUVWHQ7KLFNDXIGDV1RUGXIHU KDEHQGUHKHQZLULQGLHQHXH5LFKWXQJ(LQYHUVWDQGHQ"´ (6KDVWHLQHLQHU1DFKW]XJHVFKODJHQ:LUZDUHQLQHLQHU%XFKWEHLP$XVZHUIHQ GHV$QNHUVWHLQVEHUUDVFKWZRUGHQhEHUJDQJVORVVFKOLHIHQZLUHLQYHUPXWOLFKHLQH 1DFKWODQJYLHOOHLFKW]ZHLVFKOLHIHQZLUWLHIXQGOHUQWHQHLQHXQEHNDQQWH6SUDFKH,FK KDVWHGLHYHUZLUUWHQ0lQQHUGDUEHUDXIJHNOlUWZDVGLHVEHGHXWHWH6LHZDUHQDQGLH :XQGHUPHLQHU$XVUVWXQJJHZ|KQWVLHZDUHQ.LQGHUHLQHV-DKUWDXVHQGVGDVEHUDOO *|W]HQZLWWHUWHHLQJHZDOWLJHV3DQWKHRQYRQ*|WWLQQHQXQG*|WWHUQDQEHWHWH)UVLH ZDUHVZHGHUYHUZXQGHUOLFKGDVLFKHLQ'HOSKLQLQHLQHQVFKZDU]VFKXSSLJHQ.REROG YHUZDQGHOWHQRFKYHUEOIIWHHVVLHGDVLHEHU1DFKWHLQHQHXH6SUDFKHJHOHUQW KDWWHQ1XUEHUGHQ8PVWDQGGDVLHHLQHQHXH)lKLJNHLWEHVDHQRKQHJHPHUNW]X KDEHQZLHGHU/HUQYRUJDQJDEOLHIZDUHQVRZRKO.DDSHUZLHDXFK.DVRNDUGHU 6FKUHFNHQJURHU)LVFKHHUVFKURFNHQ ³(LQYHUVWDQGHQ,FKIUHXHPLFKVFKRQDXIGLH:HOOHQYRQGHQHQGXHU]lKOWKDVW GDVLHK|KHUVLQGDOVGLH=('(5´ ³'DUDXI&KHSHU´PXUPHOWHLFKJULPPLJ³ZUGHLFKPLFKDQGHLQHU6WHOOHQLFKW JHUDGHIUHXHQ´ ³(VZDUODQJZHLOLJLQGHQOHW]WHQ7DJHQ´YHUVLFKHUWHHUPLWEUHLWHP*ULQVHQ,FK VWDUUWHLKQIDVVXQJVORVDQGDQQVFKWWHOWHLFKGHQ.RSI'LHVH(LQVWHOOXQJ]XP $EHQWHXHUKDVWHQVLHDOOH'DLFKNDXP,QIRUPDWLRQHQEHUGHQ*HJQHUEHVDGD +RUXV¶,QVWUXPHQWHQLFKWVRZHLWWUXJHQNRQQWHLFKNHLQHNODUH0HLQXQJGD]XKDEHQ ,FK]RJHVYRUVNHSWLVFK]XEOHLEHQ ³9LHOOHLFKWZHUGHQZLUXQVQRFKZQVFKHQHLQHVROFKODQJZHLOLJH)DKUW XQWHUQHKPHQ]XN|QQHQZHQQZLUPLWDOOHPIHUWLJVLQG´ 'LH0DQQVFKDIWNDQQWHGLH]XUFNJHOHJWH6WUHFNHXQGMHGHQPDUNDQWHQ3XQNWDQ /DQG,FKVFKlUIWHLKQHQHLQGDZLUGDVHUVWH6FKLIIZDUHQGDVVLFKVRZHLWYRQ *XEDOV.VWHXQGGHQ=HGHUQZlOGHUQHQWIHUQWH:LUHUVFKORVVHQHLQHQHXH)DKUWURXWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

QDFK:HVWHQXQGYRQGRUWDXVLQDQGHUH7HLOHGHUEHZRKQWHQ:HOW6LHZXWHQHV LUJHQGZDQQZUGHQXQV6FKLIIHIROJHQ(VZUGHNHLQH-DKUKXQGHUWHPHKUGDXHUQ 6LHZDUHQVWDUNXQGQHXJLHULJHUIOOWYRQODV]LYHU*LHUQDFK%HVLW]XQG0DFKW QDFK(LQIOXDEHUQLFKWPLWGHU.UDIWGHU:DIIHQVRQGHUQPLWGHUEHVVHUHQ 'XUFKVHW]XQJVNUDIWGHV+DQGHOV'LHVHU,PSXOVZUGHVLHYRUZlUWVWUHLEHQ=XQlFKVW PLWNOHLQHQ6FKULWWHQXQGIUHPGHQ6FKLIIHQVSlWHUPLWHLJHQHQ6FKLIIHQGLHVRlKQOLFK JHEDXWVHLQZUGHQZLHXQVHUHWFKWLJH=('(5GHUHQ9HUElQGHQRFKLPPHUGLFKW ZDUHQXQGNHLQHQ7URSIHQ:DVVHUGXUFKOLHHQ$OOGDVJLQJPLFKQLFKWVPHKUDQ0HLQ 7KLFNZDUQDFKYRUQJHULFKWHW]XMHQHUQDPHQORVHQ,QVHOLP1RUGHQ$V\UWDKLHOWVLFK DPKRFKJH]RJHQHQ%XJUHFKWVXQGOLQNVGHVDXVOHJHQGHQ%XJVSULHWVIHVV'DV6FKLII VFKLHQXQWHUXQVHUHQ6RKOHQ]XOHEHQ:LUOlFKHOWHQXQVDQGDQQIUDJWH$V\UWDOHLVH ³:DQQZHUGHQZLUZLHGHUPLWGLHVHPZLGHUZlUWLJHQ*HVFK|SI ]XVDPPHQWUHIIHQ"´ 'HXWOLFKVDKLFKGLH*lQVHKDXWDXILKUHQQDFNWHQ$UPHQ,FKZXWHGDLKU $EVFKHXYRUGLHVHP9HUZDQGOXQJVNQVWOHUQLFKWPHKU]XEHUELHWHQZDU(VJUDXVWH LKUZHQQVLHDQLKQGDFKWHVHOEVWVHLQH*HVWDOWDOV'HOSKLQYHUPRFKWHVLHQLFKW]X EHUXKLJHQ%HLMHGHPVSLHOHQGHQ'HOSKLQGDFKWH$V\UWDDQ3URWHRV,FKKREGLH 6FKXOWHUQXQGDQWZRUWHWH ³,FKZHLHVQLFKW$EHULFKELQVLFKHUGDHUEDOGDXIWDXFKHQZLUG´ ³,FKIUFKWHHV´ %LVKLHUKHUKDVWHHUXQVJHIKUW6WHWVKDVWHPLFK3URWHRVEHUUDVFKWPHLVW GDQQZHQQLFKQLFKWDOOHLQZDU'LHHLQ]HOQHQ3XQNWHXQG5LFKWXQJVlQGHUXQJHQKDVWH HUDQJHJHEHQDOV%RWHYRQ(6:LUZUGHQELV]XP(QGHGHU5HLVHQLFKWYRQLKP ORVNRPPHQ,UJHQGZRGRUWYRUQXQVLFKWEDUXQWHUZLQ]LJHQZHLHQ6FKDXPNlPPHQGHU :HOOHQVFKZDPPGHUKlOLFKH9HUZDQGOHU ³:LUZLVVHQQLFKWZHUXQGZDVDXIXQVZDUWHW"´$V\UWDOHJWHLKUHQEUDXQHQ$UP XPPHLQH6FKXOWHUQ ³1LFKWJHQDX(LQ:HVHQDXVHLQHUIUHPGHQ:HOW´ ³:DQQZHUGHQZLUHVHUIDKUHQ"´ ³,FKZHLHVQLFKW,FKVFKlW]HQDFKGHPZLUGLH0HHUHVHQJHSDVVLHUHQ´ ³$EHU&KHSHUXQG.DDSHUVDJWHQGDZLUQRFKDP)HVWODQGODQGHQZHUGHQ"´ ³-DULFKWLJ9LHOOHLFKWWUHIIHQZLUQRFKHLQSHDU9HUUFNWH6LHVROOHQPLWXQV NRPPHQ´ ³XQGNlPSIHQ"´ ³6RLVWHV´VDJWHLFK:LHGHUZDUHQPHLQH)UHXQGH]X0DULRQHWWHQJHZRUGHQ 2GHUZDUHQZLUQLHPDOVDXVVHLQHP*ULIIHQWODVVHQZRUGHQ"8QVHUHVFKHLQEDUH )UHLKHLWKDVWHXQVYHUZ|KQWXQGGLH.QHFKWVFKDIWQLFKWVW|UHQGZHUGHQOHVVHQ(LQH ,OOXVLRQ,Q:LUNOLFKNHLWNlPSIWHQZLUIU(6XPGLHVHQ3ODQHWHQGHULKPZLFKWLJ]XVHLQ VFKLHQ'HQNGDUDQGDGXJHVFKZRUHQKDWWHVWGHU:lFKWHUYRQ/DUVDI'UHLVHLQ]X ZROOHQIOVWHUWHGHU/RJLNVHNWRU'DVVWLPPWHDQGHUHUVHLWVZDUGHU8PVWDQGGD(6 JHZLVVH7HLOHPHLQHU(ULQQHUXQJVSHUUWHXQGVWHWVVFKPDOH$XVVFKQLWWHIUHLJDEZHQQ HVIUGHQ(UIROJQRWZHQGLJZDUIUPLFKHQWVSDQQHQG1XUGHUMHQLJHGHULQ 8QZLVVHQKHLWJHKDOWHQZXUGHNRQQWHHLQHQWVFKORVVHQHUYRQNHLQHUOHL6NUXSHOQ JHSODJWHU.lPSIHUZHUGHQ ³:HUGHQZLUEHUOHEHQQDFK*XEDO]XUFNNHKUHQ"´IUDJWH$V\UWD,FKKDVWHDXI GLHVH)UDJHVFKRQUDQJHJHZDUWHW,FKEHDQWZRUWHWHVLHVRHKUOLFKZLHP|JOLFK

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,FKELQVLFKHU/LHEVWHGDZLUNlPSIHQXQGJHZLQQHQ:HQQZLUJHZLQQHQ ZHUGHQZLUDXFKZLHGHU]XUFNVHJHOQ$EHULFKZLOOGLUQLFKWYHUVFKZHLJHQGDLFKVHKU EHVRUJWELQ(UVWZHQQZLUGHQ*HJQHUVHKHQZHUGHLFKVDJHQZLHKRFKGLH&KDQFHQ VLQG9LHOOHLFKWNHKUHQZLUDXFK]X5LFR]XUFNXQWHUGLH.XSSHO´ 'LH=('(5JOLWWZHLWHUDXIYRUEHVWLPPWHP.XUVQDFK1RUGZHVWHQGDZLUJHJHQ GHQ:LQGNUHX]WHQ+HXWHQDFKWZUGHQZLUQLFKWDQ/DQGJHKHQ0RUJHQPXWHQZLU ODQGHUZHOOXQVGLH1DKUXQJVPLWWHODXVJLQJHQ1LFKWVlQGHUWHVLFKDEHUGLH 0DQQVFKDIWZDU]XVDPPHQJHZDFKVHQ0HLQHXQEHDEVLFKWLJWH6WHOOXQJZDU DQVFKHLQHQGYHUJHVVHQLFKZDU:LFKWLJVWHUXQWHU*OHLFKHQJHZRUGHQ,QGHUIROJHQGHQ 1DFKWGUHKWHGHU:LQGXQG&KHSHUVWHXHUWHJHUDGHZHJVQDFK1RUGHQ0LUZDUDOV ZUGHLFKGLHULHVLJHQ:HOOHQGHV2]HDQV]XPHLQHU/LQNHQVHKHQDEHUGLHVZDUQXU HLQ7UXJVFKOX *HJHQ0RUJHQK|UWHLFK]ZLVFKHQGHQ3LQLHQHLQWURFNHQHVKDUWHV.QDFNHQ,FK VFKOLHIWLHIXQGIHVVDEHUGLH(UZDUWXQJXQEHNDQQWHU*HIDKUHQKDVWHPHLQH6LQQH JHVFKlUIW,FK|IIQHWHGLH$XJHQYRP$FKWHUGHFNDXVZR$V\UWDXQGLFKDXI )HOOSROVWHUQODJHQVDKLFKGLHZLQ]LJH%XFKW*UDXH%OlVVHHUIOOWHGHQ5DXP]ZLVFKHQ GHQ%DXPVWlPPHQ,FKNRQQWHDP%RGHQGLH6FKODIHQGHQVHKHQ6LHKDVWHQLKUH :DIIHQLQ*ULIIQlKH9RP5HVWGHV)HXHUVJLQJHLQIHLQHU5DXFKIDGHQDXVXQG NUlXVHOWHVLFKLQ+|KHGHV+JHONDPPVXQWHUGHPGLH%XFKWODJ'DV*OXFNHUQGHU ZLQ]LJHQ4XHOOHVFKLHQDXIJHK|UW]XKDEHQ,FKWDVWHWHQDFKPHLQHPODQJHQ'ROFK GHPJHWDUQWHQ6WUDKOHU+RUXV"VDJWHPHLQ/RJLNVHNWRU ,FKVWDUUWHEHUGLH=HGHUQKRO]ERUGZDQGXQGEHREDFKWHWHGLH0lQQHU6LH VFKOLHIHQ$XIGHUQ0HHUJOlQ]WHQGLHHUVWHQ:HOOHQVSLW]HQ'LH6WUDKOHQGHU 0RUJHQVRQQHILHOHQSDUDOOHO]XU:DVVHUREHUIOlFKHHLQ0HLQH$XJHQYHUVXFKWHQGLH 5lXPH]ZLVFKHQGHQ6WlPPHQ]XGXUFKGULQJHQ(LQHGXQNOH*HVWDOWVFKREVLFKKHUDQ VFKUlJGHQ+DQJKHUXQWHU:LUKDVWHQJHVWHUQDEHQGHLQHQ7LHUSIDG]XU4XHOOH JHVHKHQDEHUHUWUXJQXUGLH$EGUFNHNOHLQHUHU7LHUH-HW]WZDUHQHVZXFKWLJH7ULWWH GLHDXIGHPZHLFKHQ%RGHQDXVDEJHZRUIHQHQ1DGHOQ]XK|UHQZDUHQ(LQJURHV7LHU NDPYRUVLFKWLJ]XU4XHOOHUHVZLWWHUWHGLH0lQQHU,FKHUKREPLFKJHUlXVFKORVXQG HQWVLFKHUWHGHQ'ROFKVWUDKOHU'DVIHLQH.QDFNHQJLQJLQGHQ*HUlXVFKHQGHU%UDQGXQJ XQWHU=ZLVFKHQGHP6FKLOIVDKLFKGHQ(LQGULQJOLQJHLQHQMXQJHQ6WLHUPLW DXVODGHQGHP*HK|UQXQGPlFKWLJHP]RWWLJHP%UXVWIHOO(UZXUGHYRP'XUVW YRUZlUWVJHWULHEHQXQGHXWOLFKH:LWWHUXQJVFKLHQLKQ]XZDUQHQ,FKOHJWHGHQ6WUDKOHU DXIGLH+RO]NDQWHGLFKWQFEHQGHP6FKDIWGHV5XGHUVGDQQ]LHOWHLFKVRUJIlOWLJ 8QVFKOVVLJPLWGHPHFNLJHQ.RSISHQGHOQGWDSSWHGDV7LHUZHLWHUDXIGLHVFKODPPLJH )OlFKHXPGLH4XHOOH]X,FKKLHOWGHQ$WHPDQXQGEHUOHJWH'LHVHV7LHUZUGH )OHLVFKIUUXQGHLQHQ0RQGEHGHXWHQRKQHGDZLUDXIGLH-DJGJHKHQPXWHQ'HU %XOOHEOLHEQHEHQGHP:DVVHUVWHKHQ$OVHUHQGOLFKGHQ1DFNHQEHXJWHXP]X WULQNHQIHXHUWHLFK(LQODQJHU6SXUVWUDKO]XFNWHKLQEHU(LQNUDFKHQGHU'RQQHUVFKODJ ULGLH0lQQHUKRFK.RSIXQG*HK|UQGHVZLOGHQ5LQGHVO|VWHQVLFKLQHLQHUODXWHQ 'HWRQDWLRQDXIGHU.|USHUVDFNWH]XVDPPHQNQLFNWHHLQXQGEHUVFKOXJVLFKLP 6FKODPP'DQQUXWVFKWHHUXQGURXWHGHQ+DQJDEZlUWV'LH5RPHW6ROGDWHQKLHOWHQ LKUH6SHHUHXQG6FKLOGHLQGHQ+lQGHQDOVGLHEOXWEHUVWU|PWHVFKZDU]H0DVVHEHU GHQ)HOVHQVWU]WHXQGDXIGHQ6DQGILHO ³8QVHU%UDWHQIUGLHQlFKVWHQ9LHUWHOPRQGH´ULHILFKXQGZLQNOH9RQDOLHQ 6HLWHQUDQQWHQXQGVSUDQJHQ0lQQHUDXIGHQWRWHQ%XOOHQ]X,FKJULQVWHEUHLWXQGKDOI

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$V\UWDDXIGLH%HLQH$OVLFKGHQ.RSIKREVDKLFKZLHGHUDPZHLWHVWHQREHQ VWHKHQGH0DQQHLQ6ROGDW]XVDPPHQ]XFNWHPLWWHQLP/DXIHQ]XU6HLWHJHULVVHQ ZXUGHXQGVLFKPLWGHUUHFKWHQ+DQGDQGLHOLQNH6FKXOWHUJULII,P6FKXOWHUPXVNHO VWHFNWHHLQ3IHLO,FKVFKUDN]XVDPPHQ-lJHUJUHLIHQDQVDJWHGHU/RJLNVHNWRU ³$FKWXQJhEHUHXFK(LQH*UXSSH-lJHU´VFKULHLFKVRODXWLFKNRQQWH'DQQ EFNWHLFKPLFKXQGWDXFKWHDXIGHQ/lKPVWUDKOHULQGHU)DXVW,FKVXFKWHPHLQ=LHO YRQWULHUDXVVDKLFKGLH8PJHEXQJDXVHLQHPDQGHUHQ:LQNHOXQGYRQEHUK|KWHP 6WDQGRUW6HFKV*HVWDOWHQVSUDQJHQ]ZLVFKHQGHQ3LQLHQVWlPPHQDXIXQVHUH0lQQHU ]X:LHGHU]LVFKWHHLQ3IHLOGXUFKGLH/XIWXQGERKUWHVLFKWLHILQGHQ6DQG'LH5RPHW XQWHULKQHQ6LUHQUDQQWHQDXVHLQDQGHU]XUFN]XGHQ:DIIHQVFKQHOOJLQJHQVLHKLQWHU )HOVHQXQG%DXPVWlPPHQLQ'HFNXQJ,FKVFKRGHQ/lKPVWUDKOHUDXIGLHHUVWH *HVWDOWDWHGLHLFKGHXWOLFKVHKHQNRQQWH'HU0DQQEUHLWHWHGLH$UPHDXVVFKULHXQG EUDFKEHZXWORV]XVDPPHQ(LQ6ROGDWVFKPHWWHUWHHLQHPDQGHUHQGHQ6FKDIWVHLQHV 6SHHUHVJHJHQGHQ+LQWHUNRSI:LHGHUIHXHUWHLFKXQGEHWlXEWHHLQHQ0DQQGHU VHLQHQ6SHHULQ6LUHQV5LFKWXQJVFKOHXGHUQZROOWH'HU6SHHUILHO]ZLVFKHQVHLQH 6FKLHQEHLQHGHU-lJHUURXWHVLFKEHUVFKODJHQGGLHOHW]WHQ6FKULWWHDXVGHP:DOG DXIGHQ6DQGGHU%XFKW =ZHL0lQQHU]HUUWHQHLQHQ-lJHUDXVHLQHP*HEVFKDOVGHUIQIWHIOFKWHQ ZROOWHWUDILFKLKQLQGHQQDFNWHQYRQ6FKUDPPHQEHGHFNWHQ5FNHQ,FKEOLHE ZDFKVDPVWHKHQXQGVXFKWHGDV:DOGVWFNQDFK%HZHJXQJHQRGHU6FKDWWHQDWH *DQ]UHFKWVEHZHJWHVLFKHWZDVKLQWHUGHQGXQNOHQ6WlPPHQ,FKEQGHOWHPLWHLQHU 'UHKXQJGHV+DQGJHOHQNVGHQ6WUDKOGHU:DIIHHQJHUXQGVFKR,FKWUDIGHQOHW]WHQ -lJHUDOVHUKLQWHUHLQHQPRRVEHUZDFKVHQHQ)HOVHQVSULQJHUZROOWH0LWWHQLP6SUXQJ ZXUGHHUJHWURIIHQ]XFNWH]XVDPPHQXQGNROOHUWHODQJVDPDEZlUWV ³6LUHQ$QFDQWDV+LQWHUHXFK´VFKULHLFK6LHIXKUHQKHUXPXQGHQWGHFNWHQGHQ %HZXWORVHQ$V\UWDVDKPLFKPLWYHUZXQGHUWHP.RSIVFKWWHOQDQ ³:DUVWGXDOVHLQ]LJHUZDFK/LHEVWHU"´6LHVDK]XGHP+DXIHQGHU0lQQHU KLQEHUGLHXQVHUH*HIDQJHQHQHQWZDIIQHWHQ³:DUXPNlPSIHQVLH"´ ³(LQ*HUlXVFKKDWPLFKJHZHFNW'HU6WLHUWUDWDXIHLQHQ$VWXQGGLH0lQQHU ZDUHQDXIGHU-DJG+LQWHUGLHVHP6WLHU1XQZROOWHQVLHVLFKGLH%HXWH]XUFNKROHQ ,FKNDQQ¶VYHUVWHKHQ´ ,FKVFKORGLH6FKQDOOHPHLQHV*XUWHVGHUGHQ/HQGHQVFKXU]KLHOWGDQQQDKP LFKGHQ'ROFK]ZLVFKHQGLH=lKQHXQGVSUDQJYRP6FKLII=Z|OIUDQJH6FKZLPP]JH XQGLFKKDVWH6DQGXQWHUGHQ6RKOHQ7ULHIHQGNDPLFKHQV8IHUXQGILHIDXI.DDSHU XQG.DVRNDU]X6LHGUHKWHQGLH.|SIHGHU$QIKUHUGHU6ROGDWHQIUDJWHPLW KRFKJH]RJHQHQ%UDXHQ ³6ROOHQZLULKQHQGLH.HKOHQGXUFKVFKQHLGHQ$WODQ"´ ³'XELVWYRUHLOLJPLWVROFKHQGJOWLJHQ'LQJHQ´,FKZLVFKWH6DO]ZDVVHUDXVGHP +DDU³6LHZHUGHQHVYRU]LHKHQPLWXQV]XUXGHUQ%LQGHWVLHHLQZHQLJMD"´ ³8QGGLHVHV7LHU"´ ,FKJULQVWHXQGVDK]XGHUUHJXQJVORVHQVFKZDU]HQ0DVVHKLQEHU,FKGHXWHWH DXIGHQ.DGDYHUXQGVDJWH ³0HLQH%HXWH,FKZLOOLKQDOOHLQEUDWHQXQGHVVHQ´ ³'DQQZLUVWGXDXFKDOOHLQ+RO]VDPPHOQXQGGHQ6SLHGUHKHQ´6LUHQJULQVWH XQJHUKUW$Q6FKODIZDUQLFKWPHKU]XGHQNHQREZRKOZLUPGHXQGEHUQlFKWLJW ZDUHQ$OVRILQJHQZLU]XDUEHLWHQDQ,FKEHJDQQGLH6FKXOWHUZXQGHGHV)UHXQGHV]X

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EHKDQGHOQ:LUVFKOHSSWHQXQVHUH.UJHXQG6FKOlXFKH]XU4XHOOHZXVFKHQVLHXQG IOOWHQVLHPLWIULVFKHP:DVVHUKROWHQ+RO]EDXWHQ'UHLHFNVVWW]HQXQGHQW]QGHWHQ GDV)HXHUHLQSHDUYRQXQVVFKOXJHQGDV7LHUDXVGHP)HOO,FKVDKPLUGLH KDQGZHUNOLFKKHUYRUUDJHQGHQ:DIIHQGHU-lJHUDQ'UHL6WXQGHQVSlWHUGUHKWHVLFKGHU %UDWHQEHUGHP)HXHU)OHLVFKXQG)LVFKYHUGDUEHQVFKQHOOZHQQPDQVLHQLFKW NRFKWHXQGEULHI,QPHLQHQhEHUOHJXQJHQUHLIWHHLQ*HGDQNHDOVLFK+RUXVYRQVHLQHP (UNXQGXQJVIOXJ]XUFNNRPPHQVDK(UVFKZHEWHKHUXQWHUVFKOXJPLWGHQ6FKZLQJHQ XQGVHW]WHVLFKEHKXWVDPDXIPHLQHQUHFKWHQ8QWHUDUPPLWHLQJHVFKDOWHWHQ $QWLJUDYHOHPHQWHQVRQVWKlWWHLFKLKQQLFKWUDQJHKDOWHQN|QQHQ ³'XQXW]ORVHU+HUXPWUHLEHU´VDJWHLFKODXWXQGHQWIHUQWHWRWH,QVHNWHQYRQ VHLQHQ0HKUIDFKOLQVHQ³'XELVWQLHGDZHQQPDQGLFKEUDXFKW´ +RUXVKDVWHHLQHQEHJUHQ]WHQDEHUEUDXFKEDUHQ:RUWVFKDW]HLQ7HLOXQVHUHV .RPPXQLNDWLRQVV\VWHPV ³1LFKWZHLW5DXFK+lXVHU0HQVFKHQ8QJHIlKUOLFK´NUlFK]WHHULQPHLQHU 6SUDFKH ,QHLQLJHU(QWIHUQXQJJDEHVHLQ-lJHUODJHULQGHPYHUPXWOLFKQXU-XQJHQXQG )UDXHQ]XILQGHQZDUHQ,KUH0lQQHUODJHQWULHUJHIHVVHOWXQGZLHGHUHUZDFKW6LH VWDUUWHQXQVPLWIXUFKWHUIOOWHQ$XJHQDQ ³,FKZHUGHQDFKVHKHQ´,FKPDFKWHHLQHGHXWOLFKH%HZHJXQJ³+LQEHU]XP 6FKLII+ROGHQ%LOGVFKLUP´ +RUXVJHKRUFKWHHLQ-lJHUVFKULHYRU6FKUHFNHQXQG9HUZXQGHUXQJODXWDXI0LW GHPJOlQ]HQGHQ6FKLOGLQGHQ.UDOOHQNDPHU]XUFNUWWHOWHGLUHNWEHUPLULQGHU/XIW XQGVWULFKDWHLFKKDVWHLKQLQ5LFKWXQJGHV/DJHUVJHVFKLFNWXPGHXWOLFKH%LOGHU]X EHNRPPHQ(LQZHQLJVSlWHUVDLFKLP6FKDWWHQHLQHUNOHLQHQ3LQLHDEVHLWVYRQ PHLQHQ)UHXQGHQ]ZLVFKHQ:HOOHQXQG%XVFKZDOG,FKVWDUUWHLQGHQVWXPSIHQ6SLHJHO GHV%LOGVFKLUPVXQGVWHXHUWHPLW6FKDOWHUGUXFNPHLQHV6HKQHQVFKXW]HVGHQ9RJHO,FK VDKHLQ/DJHUYRQYLHU]LJ3HUVRQHQGDV]XHLQHUZDQGHUQGHQ-lJHUJUXSSHJHK|UWH .OHLQH$QSIODQ]XQJHQYRQ(UEVHQ*HWUHLGHXQG%RKQHQVDJWHQPLUGDVLHVLFKDQ GHU6FKZHOOHGHU6HKDIWLJNHLWEHIDQGHQ(LQLJHILVFKWHQLQHLQHPEUHLWHQ%DFKDQGHUH JLQJHQGHQ$UEHLWHQGHV7DJHVQDFK:LHGLHVHFKV0lQQHUWULHUEUDXQKlXWLJ EUDXQKDDULJXQGDXVQDKPVORVPXVNXO|VHDEHUQLFKWXQWHUVHW]WH*HVWDOWHQPLW6WHLQ XQG%URQ]HZDIIHQ$OVRPXWHHVWULHULUJHQGZR.XSIHUJHEHQXQG=LQQGDVRKQHYLHO $XIZDQGJHKREHQZHUGHQNRQQWH*HUWKNDPDXIPLFK]XHLQHQ.HVVHOXQGHLQHQ OHGHUQHQ3DFNEHXWHOLQGHQ+lQGHQ ³6W|UHLFK"´ ,FKKREGHQ.RSIXQGVDJWHODFKHQG ³6HOWHQVW|UVWGX.UFNHQPDFKHUGDVVRLOZRKOHLQH$XIIRUGHUXQJVHLQPLFK]X UDVLHUHQ"´ ³,FKMHGHQIDOOVILQGHPHLQHQ%DUW]XODQJ´VDJWHHUHQWVFKLHGHQ(U]RJHLQHV PHLQHU0HVVHUKHUDXVDXVKRFKJHVFKOLIIHQHP$UNRQVWDKOVFKPLHUWHGHQ%DUWPLWHLQHU 6HLIHHLQGLHZLULQ%\EORVJHNRFKWKDWWHQKlQJWHHLQHQKRFKSROLHUWHQ0HWDOOVSLHJHODQ GHQXQWHUVWHQ$VWGHV%DXPHVXQGEHJDQQKLQJHEXQJVYROO]XDUEHLWHQ,FKVWXGLHUWH GLHJLOGHUGLH+RUXVOLHIHUWH ³:LHVLHKWHVDXV"6FKHLQHQVLHXQVHUH.lPSIHU]XVHLQ-lJHU"´PXUPHOWH *HUWK,FKKDVWHHLQHQ9RUUDWPHLQHU(QWKDDUXQJVFUHPHGLHPLUYRQ5LFRLQV*HSlFN PLWJHJHEHQZRUGHQZDU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³0|JOLFK6LHVHKHQIOLQNDXVXQGJXWJHQlKUW´ :LUZXWHQNDXPZLHVHKUVLFKGLH*HELHWHLP1RUGHQYRQGHQHQDPVGOLFKHQ XQGQ|UGOLFKHQ8IHUGHVJURHQ%LQQHQPHHUVXQWHUVFKLHGHQ6LFKHUEUDQQWHGRUWGLH 6RQQHQLFKWVRVWDUNEHLHLQHUQLHGULJHUHQ'XUFKVFKQLWWVWHPSHUDWXUNRQQWHQZLUHLQH DQGHUH)DXQDXQG)ORUDHUZDUWHQWURW]5LFRVSHUIHNWHQ.DUWHQ *HUWK6LUHQ.DDSHU&KHSHUXQG.DVRNDUIQIGHUEHVWHQ0lQQHUMHGHUDXI VHLQH$UWKHUYRUUDJHQGQLFKWNHQQ]HLFKQHQGIUGLH0HKUKHLWGHU0HQVFKHQGLHLQ YLHOHQ7HLOHQGHU:HOWLQGHU6WHLQ]HLWOHEWHQ'LHVH0lQQHUJODXEWHQQLFKWPHKUGDLQ MHGHP%OLW]XQGLQMHGHP5HJHQVLFKHLQH*RWWKHLWlXHUWHVLHJODXEWHQDQVLFKVHOEVW 'DVPDFKWHVLHVRVWDUNXQGNOXJ'DUEHUKLQDXVEHVDHQVLHHLQHhEHU]HXJXQJGLH VLHJHUHFKWXQGYHUQQIWLJEOHLEHQOLH ³'RUWYRUQ´²HUVFKQLSSWHPLWGHP0HVVHU+DDUXQG6HLIHQVFKDXPDXIGHQ :DOGERGHQ²³VSULQJWHLQ'HOSKLQEHVRQGHUVDXIIlOOLJLQGLH/XIW,FKGHQNHGLHVHV 6FKHXVDOWDXFKWZLHGHUDXI´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lKUWHQJHW|WHW:HQQHLQ,QWHOOLJHQ]ZHVHQZLHHU ODQJOHELJXQGYHUZDQGHOEDUWURW]GHUODQJHQ=HLWQRFKOHEWHKDVWHHUHLQHQKRKHQ hEHUOHEHQVIDNWRU:DVZXWHLFKQRFK"(6EHQXW]WHLKQDOV%RWHQXQGDOV2UDNHOXP XQVEHUHLQHUDQJH6HHUHLVH]XORWVHQGLH]XHLQHUQ|UGOLFKHQ,QVHOIKUWH 2IIHQVLFKWOLFKZDU3URWHRVHLQ:HVHQGHV:DVVHUVDEHUHUNRQQWHVLFKDXFKLQHLQHQ 9RJHOYHUZDQGHOQZHQQHVVHLQPXWH6RQVWZXWHLFKGDQLHPDQGGHULKQLQ VHLQHU*QRPHQJHVWDOWDXVGHP:DVVHUKDVWHNRPPHQVHKHQXQGVHLQHVFKULOOH .LQGHUVWLPPHJHK|UWKDVWHDXFKQXUGHQJHULQJVWHQ)XQNHQ6\PSDWKLHIULKQ HPSIDQG9RUXQVNDPSOlWVFKHUQGGHUUXQGHPLWWDQJlKQOLFKHQ/DSSHQYHU]LHUWH.RSI DXVGHP:DVVHU ³*HJUWNKQH0HHUHVIDKUHU´VDJWHHUPLWNLQGOLFKHU6WLPPHXQGULVHLQ EUHLWHV0DXODXI³,FKNRPPHPLWHLQHUQHXHQ%RWVFKDIW'X$WODQVROOVW*XEDO YHUJHVVHQ'HLQH$UEHLWGRUWLVWJHWDQXQGYRUEHUVDJW(6´ *HUWKXQGLFKZDUIHQXQVHLQHQEHUUDVFKWHQ7KLFN]X6RDXVVFKOLHOLFKKDVWH GLHVHV+HUUVFKHUZHVHQVHLQHQ%HIHKOQRFKQLHIRUPXOLHUW'DVOLHGDUDXIVFKOLHHQ GDLFKQDFKGLHVHP(LQVDW]]XP6FKXW]GHV3ODQHWHQZLHGHUGHSRQLHUWZXUGHELVHLQ QHXHV3UREOHPDQVWDQG8QG$V\UWD"7ULHIHQGXQGVLFKVFKWWHOQGWDXFKWH3URWHRV JlQ]OLFKDXI'LHVPDOEHVDHUNHLQH$UPHXQG+lQGHVRQGHUQ]ZHL3RO\SHQDUPHGLH VFKODQJHQJOHLFKXPKHUIXFKWHOWHQ ³8QGVRQVW"´NQXUUWHLFK ³,KUVHLGNXU]YRUGHU*UHQ]H]ZLVFKHQ%LQQHQPHHUXQG2]HDQZLHLKUZLWHLQH 0HHUHVHQJH'XUFKVWRWVLHXQGZHQGHWHXFKQDFKUHFKWVQDFK1RUGHQ,KUZHUGHW JHQJHQG6WUlQGHILQGHQ)ULVFKZDVVHUTXHOOHQXQGMDJGEDUH7LHUH)ROJWGHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

.VWHQOLQLH=XHUVWQDFK1RUGHQGDQQVSULQJVVLH]XUFNQDFK2VWHQGDQQZHLVWVLH DEHUPDOVQDFK1RUGHQ,FKZHUGHHXFKIKUHQ´ (UWDXFKWHWLQWHUVFKZDPPHLQHQ.UHLVXQGNDPDQGLH2EHUIOlFKH]XUFN(U JULQVWHZLHHLQH0XUlQH ³+LKL´PDFKWHHUZLHGHUXQGIXKUIRUW³(6ZLOOGDLKUHLQH+DQGYROOMHQHU-lJHU PLWQHKPWhEHUOHEHQVLHGDQQZHUGHQZLHGHUNXOWXUHOOH.RQWDNWHKHUJHVWHOOW'HU )UHPGHLVWLP%HJULIIHLQKHLOLJWXPlKQOLFKHV2EVHUYDWRULXP]XEDXHQ(UNQHFKWHW YHUlQJVWLJWH(LQJHERUHQH'LH*HIlKUGXQJGLHVHU:HOWLVWGDGLHVHVYLHUDUPLJH 0RQVWUXP+LOIHKHUEHLUXIHQZLOO+LOIHNDQQDEHUQXUPLW5DXPVFKLIIHQJHOHLVWHWZHUGHQ 0HKUHUHVROFKHU8QJHKHXHUPLWLKUHQ5DXPVFKLIIHQZUGHQ/DUVDI'UHLYLHOOHLFKW NRORQLVLHUHQ'LHVZLOO´ :LHGHUWDXFKWHHUWLQWHUVFKREVLFKDXVGHP:DVVHUVFKWWHOWH7URSIHQDEXQG VSUDFKZHLWHU ³(6YHUKLQGHUWZLVVHQ'DV8QJHKHXHULVWPLWHLQHP6WHUQHQVFKLIIJHODQGHW 'LHVHV6FKLIILVWQLFKWPHKUIOXJIlKLJLQQHUOLFK]HUVW|UW,KUPWGLHVHV:HVHQW|WHQ REZRKOHVIDVWXQW|WEDULVW6WXGLHUWGDV3UREOHPHKHLKUHWZDVYHUVXFKW'HU)UHPGH NDQQHXFKPLWJHULQJHP$XIZDQGW|WHQ(ULVWJHIlKUOLFKHUXQGVFKQHOOHUDOVDOOHVZDV GXNHQQVW$XFK(6NDQQ.DWDVWURSKHQQLFKWYRUDXVEHUHFKQHQKWHWHXFKVHLGNOXJ XQGEHVRQQHQVDJWH(6´ )UNXU]H=HLWYHUVFKZDQGHULQVHLQHP(OHPHQWWDXFKWHDXIXQGZHGHOWHPLW VFKOHLPEHGHFNWHQ7HQWDNHOQ ³(6EHILHKOWHXFKVFKQHOO]XVHJHOQ,KUKDEW=HLWDEHUYHUIJWQLFKWOHLFKWIHUWLJ GDUEHU:HQQ(6PLFKZLHGHU]ZLQJWHXFKHWZDV]XEHIHKOHQRGHU]XHUNOlUHQZHL LFKZRLFKHXFKILQGH,FKWUHLEHPLFKWULHUKHUXPQHWWH*HJHQGXQWHU:DVVHU´ (UNLFKHUWHZLQNWHPLWVHLQHQ7HQWDNHOQXQGYHUVFKZDQG,FKVFKWWHOWHPLFK XQG*HUWKUDPPWHPLWHLQHPJHNQLUVFKWHQ)OXFKVHLQ0HVVHULQGHQ6WDPP ³-HW]WZLVVHQZLU¶V´NQXUUWHHU³,FKYHUVWHKHQLFKWV´ ³0LUJHKWHVQLFKWYLHODQGHUV´VDJWHLFK,PPHUKLQZXWHQZLUJHQDXZHOFKHQ .XUVZLULQGHQQlFKVWHQ7DJHQ]XVHJHOQKDWWHQ(6VFKLHQXQVDXFKDQHLQHQ3ODW] JHORWVW]XKDEHQDQGHPZLUGLHIUHPGHQ-lJHUWUHIIHQPXWHQ,FKZXWHZDVLFK]X WXQKDVWHOHKQWHPHLQHQ6FKLOGDQGHQ6WDPPXQGEUXPPWH ³.UFNHQPDFKHUZLUJHKHQVFKZHUHQ=HLWHQHQWJHJHQ,FKDKQHGDQLFKWDOOH DQ%RUGGHU=('(5ZLHGHUQDFK*XEDO]XUFNNRPPHQZHUGHQ´ $XFKHUKDVWHLQ]ZLVFKHQZHQLJHU,OOXVLRQHQXQGOLHVLFKYRQGHUWUJHULVFKHQ /HLFKWLJNHLWXQVHUHU)DKUWQXUZHQLJEHHLQGUXFNHQ+LQWHUVHLQHPRSWLPLVWLVFKHQ 1DWXUHOOYHUEDUJVLFKHLQ0DQQGHUYLHOHUOHEWXQGDXVYLHOHPGLH:DKUKHLWJH]RJHQ KDVWH(UQLFNWHVFKZHU ³'DVJODXEHLFKDXFK(VZLUGVFKPHU]OLFKZHUGHQ$WODQ8QGIUPLFKLVWDP VFKPHU]OLFKVWHQGDGXRIIHQVLFKWOLFKQLFKWPHKUQDFK*XEDO]XUFNNHKUHQZLUVW'HLQ *|W]HLVWHLQIXUFKWEDUHU+HUU´ ³(ULVWHV´EHNDQQWHLFK³8QGHVJLEWNHLQ0LWWHOLKP]XHQWJHKHQ´ :LUEUDXFKWHQQLFKWOlQJHUGDUEHU]XVSUHFKHQ1DFKGHPZLUJHJHVVHQHLQHQ 7HLOGHV6FKLIIVUXPSIHVYRQ6HHSRFNHQEHIUHLWXQGGLHEOLFKHQ$UEHLWHQEHHQGHW KDVWHQ²GD]XJHK|UWHDXFKGHQEULJJHEOLHEHQHQ%UDWHQDXI]XWHLOHQXQGLQIHXFKWH 7FKHUHLQ]XVFKODJHQ²YHUVHQNWHQZLUGLHURKHQ)OHLVFKEURFNHQLQGDV 6DO]ZDVVHUIDXQGZDQGWHQXQVGHQVHFKV-lJHUQ]XGLHXQVPLWVFKZHLJHQGHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

1HXJLHUGHXQG9HUZXQGHUXQJ]XJHVHKHQKDWWHQ,QGHU0RUJHQVRQQHZDUIXQVHU6HJHO HLQHQULHVLJHQ6FKDWWHQDXIGHQ6DQG :LUZDUHQ]ZHLXQGYLHU]LJ0HQVFKHQDXIGHP6FKLIIDOVZLUVFKUlJGLH 0HHUHVHQJHJHJHQVWDUNH:HOOHQXQGPLWXQJQVWLJHP:LQGGXUFKVFKQLWWHQ9RUXQV ODJGDVIUHPGH0HHUVFKRQHUNDQQWHQZLUGHQ8QWHUVFKLHG(VZDUHQZHQLJHJUHLIEDUH %HREDFKWXQJHQ'LH:HOOHQVFKLHQHQK|KHUGLH$EVWlQGH]ZLVFKHQGHQ 6FKDXPNURQHQZHLWHUGLH)DUEHEHJDQQLQV*UQOLFKH]XZHFKVHOQ$XFKURFKHV DQGHUVDOVZLUGHQJURHQ)HOVHQVWHXHUERUGVXPUXQGHWHQXQGGLH.VWHGHV/DQGHV DXVGHQ$XJHQYHUORUHQ 6HFKV-lJHUKDVWHQVLFKXQVDQJHVFKORVVHQ)UHLZLOOLJQDFKGHPZLUVLHDXVGHQ )HVVHOQEHIUHLWKDWWHQ&KHSHUEHWUDFKWHWHVLHQRFKLPPHUPLWGHXWOLFKHU6NHSVLV0LW ZHLWDXVPHKU:RKOZROOHQUXKWHVHLQ7KLFNDXIGHQ]ZHLMXQJHQ)UDXHQGLHHVULVNLHU´ KDWWHQDXVGHP6LSSHQYHUEDQGDXV]XEUHFKHQXQGVLFKGHQ0lQQHUQDQ]XVFKOLHHQ 6LHVFKLHQHQGLHVHOEH0HQJH$EHQWHXHUEOXWZLHZLU]XEHVLW]HQ:LUNRQQWHQLQGHQ 8QWHUKDOWXQJHQPLWLKQHQMHQH6SUDFKHOHLFKWYHUlQGHUWXQGPLWIUHPGDUWLJHQ%HJULIIHQ GXUFKVHW]WGLHZLULP³6FKODIJHOHUQW´KDWWHQJXWEHQXW]HQ 'DV6FKLIIZDUPLW3URYLDQWEHVWHQVDXVJHUVWHW+RUXVIORJYRUDXVXQG HUNXQGHWHGHQVLFKHUVWHQ:HJHQWODQJGHU6WHXHUERUGNVWH=ZHL-lJHUKLQJHQDXIGHU ZLQGDEJHZDQGWHQ6HLWHGHV6FKLIIHVKDOEEHU%RUGXQGVSOHHQVLFKGLH6HHOHDXVGHP /HLE ³,FKKDEHGDVGVWHUH*HIKO´$V\UWDVSUDFKJHJHQGDV3IHLIHQGHV:LQGHV ³GDYLHOHYRQXQVGHPVLFKHUHQ7RGHQWJHJHQVHJHOQ´ $XFKGLH/XIWVFKLHQNKOHUJHZRUGHQ]XVHLQZLUQDKPHQGLHHUVWHR]HDQLVFKH :HOOHXQGVDXVWHQDXIGHP:HOOHQKDQJDEZlUWV'LHUDQJH5DKlFK]WHGDV6FKLII HU]LWWHUWHLQDOLHQ9HUElQGHQ ³0DJVHLQ´HUZLGHUWHLFK³$EHUHLQ$VSHNWGHV=XNQIWLJHQLVWGDHVNHLQH 6LFKHUKHLWHQJLEW1XU:DKUVFKHLQOLFKNHLWHQ´ &KHSHUODFWDWHLQVHLQHQNXU]HQ%DUWKLQHLQ ³'LH:DKUVFKHLQOLFKNHLWGDGHV.UFNHQPDFKHUV6FKLIIGLH5HLVHDXVKlOWLVW JUR,FKVDJHHV$WODQ´ :LUVHJHOWHQHLQHQ.XUVGHUXQVXQJHIlKUOLFKHUVFKLHQ,Q6LFKWZHLWHGHV8IHUV DEHUVLFKHUYRU8QWLHIHQXQGSO|W]OLFKDXIWDXFKHQGHQ)HOVHQ)UGLHZHLWHUH)DKUWZDU HVDXVJHPDFKWGDZLUXQVLPPHUGLH0|JOLFKNHLWIUHLKLHOWHQGLH1DFKWDQ/DQG]X YHUEULQJHQ,QPRQGKHOOHQ1lFKWHQNRQQWHQZLUHLQH1DFKWGXUFKVHJHOQGDZLUQLH UDQJHXQXQWHUEURFKHQVHJHOWHQEHGHXWHWHGLHVIUGHQ8QWHUZDVVHUUXPSIGDHV NDXP%HZXFKVJDE'DV+RO]ZXUGHLPPHUZLHGHUGHUZDUPHQ/XIWDXVJHVHW]W DXHUGHPKDVWHQZLUEURQ]HQH%HVFKOlJHDQJHEUDFKWXQGGLH3ODQNHQPLWGHPgOGHV (UGSHFKVJHWUlQNW ³'DV6FKLIIZLUG¶VDXVKDOWHQXQGZLUKDOWHQHVHEHQIDOOVDXV´VDJWHLFK HQWVFKLHGHQ³=XHUVWHLQPDOVHJHOQZLUQDFKGHU.DUWHDXIY|OOLJQHXHP.XUVHQWODQJ IUHPGHU.VWHQ´ -HGHUZDUXQUXKLJXQGJHVSDQQW.HLQHUNDQQWHGLHVHQQHXHQ2]HDQXQGVHLQH (LJHQVFKDIWHQ'LH.VWHQZDUHQXQEHNDQQW²ELVDXIGLH%LOGHUGHV9RJHOV ³'XVDJVWHV$WODQ1RFKQLHPDOVZDUHLQ.DSLWlQVRZDJHPXWLJLQGLHVH XQEHNDQQWH)HUQHYRU]XVWRHQ´ULHI&KHSHUEHJHLVWHUW,FKNDQQWHLKQDOV0DQQGHU GDV5LVLNRZRKODE]XVFKlW]HQYHUVWDQGXQGVLFKVDJWHGDHLQH3RUWLRQ$QJVWGHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EHVVHUH7HLOGHU.KQKHLWZDU6HLQH6HOEVWVLFKHUKHLWZXFKVPLWGHU(QWIHUQXQJGHU =('(5YRQGHU.VWH2IIHQVLFKWOLFKZDUHQ]ZHL(UOHEQLVVHPLWHQWVFKHLGHQGIUVHLQH (LQVWHOOXQJGLH)DKUWPLWGHUY|OOLJVHHXQWFKWLJHQ/2%'(6+(556&+(56XQGGLH 5HLVHPLW*HUWKVHUVWHP6FKLII 'LH)DKUWLQV8QJHZLVVHGLHZLUMHW]WXQWHUQDKPHQJHILHOLKP+LHUXQGKHXWH IRUGHUWH&KHSHUGHU5RPHWGHUOlQJVWEHUGLH*UHQ]HQVHLQHV9DWHUODQGHV KLQDXVJHZDFKVHQZDUGDV6FKLFNVDOXQGGDV$EHQWHXHUKHUDXV (UOlFKHOWHPLFKXQG$V\UWDDQGDQQULFKWHWHHUVHLQH%OLFNHDXIGHQ+RUL]RQWYRU XQV ³:LUZLVVHQHLJHQWOLFKVHOEVWQLFKWZDVZLUZDJHQ´$V\UWD0DUD\HEHZHJWHVLFK DXFKDXIGHQ3ODQNHQGHU=('(5ZLHHLQH.DW]H³8QGZHOOZLUNHLQH$QJVWKDEHQ ZHUGHQZLUGLHVHV$EHQWHXHUEHUOHEHQ$EHUYLHOOHLFKWQLFKWMHGHUYRQXQV´ ³'DUDQWHXHUVWH)UHXQGLQ´VDJWH.DDSHU³LVWGXUFKDXVHWZDV:DKUHV´ (VJDEIUPLFKNHLQHQ=ZHLIHOGDGLHMXQJH)UDXDXVGHP+DSLODQGVFKRQYRU GHP6NODYHQPDUNWYRQ(6IULKUHVFKZLHULJHXQGODQJZLHULJH$XIJDEHDXVJHVXFKW ZRUGHQZDU*URVFK|QXQGVFKODQNGLHNOXJH*HIl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|VHQNRQQWHQ:DVJHVFKDKPLW XQVZHQQZLUDXVGHPNDOWHQ1RUGHQZLHGHU]XUFNVHJHOWHQ":RKLQYHUVFKOXJ(6 XQV",FKOHKQWHPLFKEHUGLH%RUGZDQGXQGVWDUUWHLQVVFKlXPHQGH.LHOZDVVHU ³(VZLUGYLHOH7DJHGDXHUQELVZLUHUQVWKDIWEHUGDV8QJHKHXHUQDFKGHQNHQ PVVHQ´ 6LUHQNLHWWHUWHDXIGLH+HFNSODQNHQVWHOOWHVLFKQHEHQPLFKXQGZDUIGHQ (LQJHERUHQHQIUDXHQUDQJH%OLFNH]X ³8QGELV]XGLHVHP7DJVFKlUIHQZLUXQVHUH:DIIHQ´VDJWHLFK$V\UWDZDUIPLU HLQHQQDFKGHQNOLFKHQ7KLFN]X6LUHQ]HLJWHHLQPUULVFKHV*HVLFKW'LHVHU7HLOGHU $NWLRQPLILHOLKPJUQGOLFK(VJDEQLFKWV]XKDQGHOQHVEHVWDQGNHLQH0|JOLFKNHLWIU JHZLQQEULQJHQGH,QWULJHQXQGGLH0lGFKHQ]HLJWHQNHLQ,QWHUHVVHDQVHLQHP.DKONRSI XQGVHLQHQJHOEHQ=lKQHQ ³:LUEHUOHEHQQXU´VDJWH6LUHQHUKDVWHPHLQH)UDJHULFKWLJJHK|UWXQG YHUVWDQGHQ³ZHQQZLUGRUWZRZLUDQNRPPHQ0HQVFKHQILQGHQXQGNHLQH:LOGHQPLW GHQHQPDQQLFKWHLQPDOEHULKUHEHOULHFKHQGHQ:HLEHUYHUKDQGHOQNDQQ´ 6HLQHVDUNDVWLVFKHQbXHUXQJHQWUDIHQ-HPHKUZLUXQVGHU,QVHOQlKHUWHQ GHVWRPHKUYHUPLWHQZLUGLHOHEHQVYROOH8PJHEXQJXQVHUHU+HLPDW:DVHUZDUWHWH XQVZLUNOLFKDEJHVHKHQYRP.DPSI" ³:DUWH]ZDQ]LJ7DJHRGHUOlQJHU´VDJWH&KHSHU³'DQQZHLWGXPHKU+H 2WXQJ²LVWGLUQRFKLPPHUVFKOHFKW"´ 2WXQJZDUGHU$QIKUHUGHU-lJHU(UVWDQGPLW]LWWHUQGHQ.QLHQDXI'HFNXQG NODPPHUWHVLFKHQV7DXZHUNGHV0DVWHV1RFKLPPHUOLWWHUXQWHUGHU6HHNUDQNKHLW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,FKVWHUEH´VFKULHHU]XUFN³,FKIUFKWHPLFKYRUGLHVHP)OXRKQH8IHU0HLQ %DXFKLVWLQPHLQH*XUJHOJHZDQGHUW´ ³(UZLUGZLHGHU]XUFNZDQGHUQ´,FKJULQVWHLKQDQ³=ZHLKXQGHUW7DJHXQG 1lFKWHDXI6HHXQGGXZLUVWDOOHVEHUVWDQGHQKDEHQ'DQQELVWGXVLFKHUOLFKHLQ -lJHURKQH)XUFKW´ (UVFKQLWWHLQH*ULPDVVHXQGVWDUUWHKLQDXILQGLH:RONHQ%LVKHUKDVWHQVLFKGLH -lJHUVWHWVEHZlKUWZRLPPHUHV$UEHLWJDE$Q/DQGZDUHQVLHVFKQHOOXQGVWlQGLJ EHPKWIULVFKHV)OHLVFKKHUEHL]XVFKDIIHQPLWEHVWHP(UIROJ$EHU]XEHKDXSWHQVLH ZlUHQKHUYRUUDJHQGH6HHOHXWHZlUHHLQH/JHJHZHVHQ/DQJJHVWUHFNWH:HOOHQ KREHQXQGVHQNWHQGDV6FKLII'HU:LQGWULHEXQVQDFK1RUGHQZLUNUHX]WHQLQODQJHQ 6FKOlJHQHQWODQJGHUXQVLFKWEDUHQ*HUDGHQ'LH6RQQHVDQNYRQLKUHPK|FKVWHQ 6WDQGGHP+RUL]RQWHQWJHJHQ0HUNOLFKEHJDQQHQVLFKGLH8IHUODQGVFKDIWHQ]X YHUlQGHUQ6LHVFKLHQHQVFKURIIHUXQGIUHPGHU]XZHUGHQ'HUJHVDPWH&KDUDNWHUGHU *HJHQGYHUZDQGHOWHVLFK:LUPHUNWHQHVDOVZLUDQ/DQGJLQJHU6HOEVWGDV)OHLVFK GHUHUOHJWHQ7LHUHXQGGLH%HHUHQGLHZLUVDPPHOWHQVFKLHQHQDQGHUV]XVFKPHFNHQ 7DJHXQG1lFKWHYHUJLQJHQ:LUVHJHOWHQJLQJHQDQ/DQGZXFKWHWHQGLH$QNHUVWHLQH DXVGHP:DVVHUVFKOLHIHQXQG]RJHQGDV6FKLIIDQGHQ6WUDQGXPGLH3ODQNHQ]X VlEHUQXQGQDFKGHQ6FKlGHQ]XVHKHQUXGHUWHQLQGHU)ODXWHPLW%HVRUJQLV EHREDFKWHWHQZLUGDVLFKGHU3XQNWDQGHPGLH6RQQHGHQ+RUL]RQWEHUKUWHGHP Q|UGOLFKHQ0D[LPXPQlKHUWH'HU)UKOLQJQDKPLP*OHLFKNODQJPLWXQVHUHU)DKUW VHLQHQ)RUWJDQJ=ZDQ]LJ7DJHXQG1lFKWHIDQJVHJHOWHQZLUXPUXQGHWHQHLQ.DS GDVXQVPLWSO|W]OLFKHQKDUWHQ%|HQEHUUDVFKWH0LW5FNHQZLQGNDPHQZLUJXWYRUDQ ELVDQGHQ|VWOLFKVWHQ3XQNWGHU)DKUW'RUWERJHQZLUZLHGHUQDFK1RUGHQDWHXQGQLH NDP/DQJHZHLOHDXI :LU]HLFKQHWHQLQGLH.DUWHQLQHLQSUlJVDPHQ6\PEROHQYHUVFKLHGHQH 9RUNRPPQLVVHHLQ)OXPQGXQJHQPDUNDQWH3XQNWH:LQGHXQG-DJGJUQGH JHVFKW]WH%XFKWHQ:LVVHQGDVIUHLQHQ.DSLWlQYRQOHEHQVZLFKWLJHP,QWHUHVVHZDU :HQQZLUNHLQHQVROFKHQ=ZLVFKHQIDOOHUZDUWHWHQWDXFKWHGHUKlOLFKH*QRPDXI 3URWHRVZLHVXQVGHQ:HJ'LH-lJHUYHUORUHQLKUH6FKHXYRUGHPHQGORVHQ:DVVHU XQGIKOWHQVLFKYRQ7DJ]X7DJEHVVHU'LHMXQJHQ)UDXHQNQSIWHQ)UHXQGVFKDIWHQ PLWGHQIUHPGHQEUDXQKlXWLJHQ0lQQHUQ(VKHUUVFKWHDQ%RUGYHUKHHUHQGHU )UDXHQPDQJHOXQGMHGHU0DQQWDWDOOHVXPVLFKLPEHVWHQ/LFKWHUVFKHLQHQ]XOHVVHQ .DVRNDUIXKUEHLMHGHU6WUHLWLJNHLWZLHHLQ5DVHQGHUGD]ZLVFKHQXQGVWLIWHWHPLWJXWHP =XUHGHQ)DXVWKLHEHQXQG$QGURKHQGUDVWLVFKHU6WUDIHQVFKQHOO)ULHGHQ-HPHKU 9HUDQWZRUWXQJHU]XWUDJHQKDVWHGHVWRPHKUYHUZDQGHOWHVLFKGHUVRQVWVFKZHLJVDPH 6ROGDWHQDQIKUHULQHLQHQ0DQQDXIGHQZLUXQVXQEHGLQJWYHUODVVHQNRQQWHQ6HLQHQ GXQNHOEUDXQHQ$XJHQVFKQHOOZLH(LGHFKVHQHQWJLQJQLFKWV,QGHUQlFKVWHQ1DFKW IOVWHUWHGHU([WUDVLQQ(VLVWHLQHGHUOlQJVWHQ5HLVHQGLH0HQVFKHQGLHVHV=HLWDOWHUV XQWHUQRPPHQKDEHQ =ZDQ]LJ7DJHXQG1lFKWHYHUJLQJHQRKQH=ZLVFKHQIDOODPGUHLLJVWHQ7DJLP HUVWHQ0RUJHQJUDXHQKROWHPLFKHLQVFKQDUUHQGHU6XPPODXWDXVGHP7LHIVFKODI,FK ZDUDXJHQEOLFNOLFKZDFKEOLQ]HOWHXQGIHQGPLFKPKVDP]XUHFKW5HIOH[KDIWVFKDOWHWH LFKGHQ%LOGVFKLUPHLQPHLQ6FKLOGKLQJEHUPHLQHP.RSILQGHUZLQ]LJHQ $FKWHUNDELQHLQGHU$V\UWDXQGLFKDEJHVHKHQYRQHLQHU.OHLQLJNHLWDQ*HSlFNXQG :DIIHQ²PKVDP3ODW]KDWWHQ'DVIHXFKWH)HOOYRUGHP%XOODXJHKLHOWGDV/LFKWGHU 0RUJHQVRQQH]XUFN,FKVDKGLHJLOGHUGLH+RUXV¶/LQVHQDXJHQEHUPLWWHOWHQ(LQ)OX

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

PQGHWHYRQ2VWHQQDFK:HVWHQ]LHKHQGLQV0HHU:RVLFK6ZDVVHUXQG 6DO]ZDVVHUEHUKUWHQJDEHVHLQ'UHLHFNGDVVLFKLQV/DQGKLQHLQYHUMQJWH(WZD HLQHQ7DJHVPDUVFKYRPKDOEIHOVLJHQKDOEKDQJlKQOLFKHQ(QGSXQNWGLHVHV)OXODXIV HQWIHUQWVDKLFKGLH$QODJHYRQHLQHP:DOOK|KHUDOVHLQHKDOEH0DQQVOlQJH XPJHEHQ'DKLQWHUVFKORVLFKHLQQLHGULJHU*UDEHQDQGDQQIROJWHQ]XP0LWWHOSXQNW KLQPHKUDOVIQI]LJ*UXEHQPLWZHLHP0LQHUDOJHIOOW,QHLQLJHQODJHQNRSIJURH 6WHLQHGLHHLQHQKHOOGLHDQGHUHQEODXVFKZDU],PLQQHUVWHQ.HUQGLHVHU$QODJH VWDQGHUGUHLLJ0RQROLWKHQZLHHLQ=DXQDXIJHUHLKW6LHZDUHQYRQGDUEHUJHOHJWHQ 6WHLQHQYLHOH7RQQHQVFKZHUJHNU|QWXQGELOGHWHQHLQHQYROONRPPHQHQ.UHLV(LQLJH 6WHLQHDXHUKDOEGHV*UDEHQVYHUYROOVWlQGLJWHQGDVYHUZXQGHUOLFKH%LOG'HU9RJHO ZDQGWHVLFKDQGHUHQ$QVLFKWHQ]X ,FKHUNDQQWHUDQJH+lXVHUPLW6WURKGlFKHUQJHVFKZlU]WXQGYHUZDKUORVW$XV HLQLJHQ'lFKHUQGUDQJ5DXFK,FKHQWGHFNWH7LHUHXQGZHQLJH0HQVFKHQGLHVLFK ]ZLVFKHQ5LQGHUQ6FKDIHQXQG=LHJHQEHZHJWHQ'DV*DQ]HZDUHLQJHEHWWHWLQHLQH VRPPHUOLFKJUQH/DQGVFKDIWDXVYLHOXQEHUKUWHU1DWXUXQGDXVGHQ9LHUHFNHQXQG 5HFKWHFNHQGHU)HOGHUPLWYHUVFKLHGHQHQ$QSIODQ]XQJHQHLQH/DQGVFKDIWGLH$UPXW XQG1RWDXVVWUDKOWH)lOOHHUVWGHLQ8UWHLOZHQQGXVLFKHUELVWVDJWHPHLQ/RJLNVHNWRU ,FKVDKVFKlUIHUKLQXQGGLULJLHUWHGHQ9RJHOVRGDHU9HUJU|HUXQJHQVHQGHWH 'LHZHQLJHQ0HQVFKHQVFKLHQHQLQPHKUIDFKHU+LQVLFKWlUPOLFKXQGHLQIDFK]X VHLQ,KUH:HUN]HXJHEHVWDQGHQDXV+RO]6HKQHQXQG6WHLQHQ6WHLQ]HLWKHUUVFKWHLP 6GHQGHU]HUNOIWHWHQ,QVHO'LH0HQVFKHQVDKHQIXUFKWVDPDXVZDUHQLQ³UREH3HO]H XQGUDXKHV/HLQHQJHNOHLGHWLKUH+DXVWLHUHVFKLHQHQKDOEYHUZLOGHUW]XVHLQLFKVDK XQWHUVWXPSIHQ)HOOHQQXUKHUDXVVWHKHQGH.QRFKHQ$OOHVVFKLHQXQJODXEOLFK YHUZDKUORVW6FKDWWHQGHU$QJVWXQGGHU1RWODJHQEHUGHU6]HQHLPJUHOOHQ0RUJHQ :HQQLFKULFKWLJUHFKQHWHOHEWHQLQGHU1lKHGHV6WHLQNUHLVHV]ZHLKXQGHUWELV GUHLKXQGHUWSULPLWLYH%DUEDUHQYROOHU)XUFKWYRUGHP0lFKWLJHQ:LHGHUlQGHUWHGHU ZHLH6HHDGOHUVHLQH)OXJEDKQXQGGLH+|KHGHV$QIOXJV +DOELP:DOGYHUERUJHQKDOEGHXWOLFKVLFKWEDUVWDQGVLHDQGHU*UHQ]H ]ZLVFKHQGHPIODFKHQ/DQGXQGGHQ+JHOQXQG:lOGHUQHLQHPDWWVLOEHUQH.XJHODXI PHKUHUHQ/DQGHVWW]HQGLHVLFKWLHILQGHQ%RGHQJHERKUWKDVWHQXQGLQ]ZLVFKHQYRP *HVWUSSXQG3IODQ]HQEHUZXFKHUWZDUHQ6HOWVDPH(UUHJXQJSDFNWHPLFKDOVLFKGLH VFKPXW]VWDUUHQGH5DPSHVDKGLHVLFK]ZLVFKHQ6FKLIIXQG%RGHQHUVWUHFNWHXQG HEHQIDOOVWLHILQGHQZHLFKHQ*UXQGHLQJHVXQNHQZDU6HOEVWGDV6FKLIIPDFKWHHLQHQ JHEUDXFKVXQIlKLJHQ(LQGUXFN .HLQ5DXPIDKUHUOl%WVHLQ)DKU]HXJGHUDUWYHUNRPPHQVDJWHGHU/RJLNVHNWRU $XIPHUNVDPVWXGLHUWHLFKGLHGHXWOLFKHQJLOGHU9RP5DXPVFKLIIOLHIHQWLHIDXVJHWUHWHQH 3IDGHLQYHUVFKLHGHQH5LFKWXQJHQ6LHZLUNWHQDXVJURHU+|KHJHVHKHQZLHEL]DUU JHVFKZXQJHQH.UDNHQDUPH'DV(UGUHLFKZDUYHUGLFKWHWXQGQLFKWEHZDFKVHQ =ZLVFKHQGHQ+WWHQZXFKVHQXQGZXFKHUWHQ5DQNHQXQG8QNUDXWLQEUHLWHQ6WUHLIHQ KDVWHGDV9LHKGDVZHQLJH*UDVZHJJHIUHVVHQ$XIZLQGVFKLHIDQJHOHJWHQ)HOGHUQXQG bFNHUQDUEHLWHWHQ)UDXHQXQG.LQGHU'LHJHVDPWH8PJHEXQJGHV'|UIFKHQVXQGGLH 6LHGOXQJVHOEVWZLUNWHQVRDUPVHOLJDOVKlWWHQVLFKGLH0HQVFKHQVHOEVWDXIJHJHEHQ :RKLHOWVLFKGHU$XHULUGLVFKHDXI" 'LH%HGHXWXQJGHV:DOOVGHV6WHLQNUHLVHVXQGGHU'RSSHOUHLKHDXV WRUlKQOLFKHQ%RKOHQHUNDQQWHLFK9RUGHP6FKLIIGHVVHQ+OOHDQPLQGHVWHQVYLHU 6WHOOHQVFKZHUEHVFKlGLJWZDUODJHQJURH5ROOHQGLFNHUURWHU.DEHO+RUXVEHUWUXJ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

HLQHQ5XQGEOLFN'LHJHVDPWH8PJHEXQJZDUZLHDXVJHVWRUEHQWURW]GHU 5DXFKIDKQHQ0HQVFKHQXQGXQ]lKOLJHU9|JHOGLHEHUGHU(EHQHNUHLVWHQ (LQVWKDVWHLFKIU(QFKHGXDQDGLH]XNQIWLJH3ULHVWHULQDXHUKDOEGHU 6WDGWPDXHUQ$NNDGHVHLQERGHQJHEXQGHQHV2EVHUYDWRULXPHUEDXWXQGPLW5LFRV+LOIH HLQLJH*UDGHLQVWHOOXQJHQHLQHNQVWOLFKH³:HOWDFKVH´XQGDQGHUH(LQULFKWXQJHQ DXIJHVWHOOWPLWGHUHQ+LOIHOXQDUHSODQHWDUHXQGVWHOODUH%HZHJXQJHQXQG$EVWlQGH HUNDQQWXQGJHPHVVHQZHUGHQNRQQWHQ)UGHQIUHPGHQ5DXPIDKUHUEHGHXWHWHQGLH P|JOLFKHQ9LVLHUOLQLHQGDHUGLH3RVLWLRQYRQ/DUVDIV6WHUQXQGGHVVHQGULWWHQ 3ODQHWHQPLWJURHU*HQDXLJNHLWEHVWLPPHQNRQQWH9HUZHQGHWHHUDXFKQRFK*HUlWH DXVGHP6FKLIIIUVHLQH%HUHFKQXQJHQ²XQGQLFKWDQGHUVZUGHLFKYRUJHJDQJHQ VHLQ²ZUGHHUVHLQH5HWWHUSUl]LVHKLHUKHUIKUHQN|QQHQ'HU/RJLNVHNWRUIOVWHUWH 6RZLHGXGLH$UNRQ)ORWWHKLHUKHUORWVHQZUGHVW$WODQ,FKNRQQWHPLFKPKHORVLQGLH hEHUOHJXQJHQGHV)UHPGHQKLQHLQYHUVHW]HQ,P*HJHQVDW]]XPLUYHUIJWHHU K|FKVWZDKUVFKHLQOLFKEHUHLQHQ+\SHUVHQGHU(LQ]ZHLWHU*UXQGHLQ]XJUHLIHQGDFKWH LFK5LHIHU+LOIHKHUEHLXQGKDVWHQZLUXQVYRUKHUHLQLJHQN|QQHQNRQQWHLFKHQWZHGHU PLWLKP]XVDPPHQ/DUVDI'UHLYHUODVVHQRGHULFKVWUDKOWHHLQHQ]ZHLWHQ+\SHU1RWUXI QDFK$UNRQDWH:LHGHUVDJWHGHU([WUDVLQQ$XFKLQGLHVHP)DOOZLUG(6GDVOHW]WH :RUWEHKDOWHQ *HGXOGLJNUHLVWH+RUXVEHUGHU6]HQH/DQJVDPWULHEGLH=('(5LQGHQVLFK IMRUGDUWLJYHUHQJHQGHQ)OXODXIKLQHLQ'LH0DQQVFKDIWEHJDQQQDFKHLQDQGHU]X HUZDFKHQ'HU5DXPIDKUHUVFKLHQLQVHLQHP6FKLII]XVFKODIHQ(LQJHERUHQHNDPHQ DXVGHQODQJJHVWUHFNWHQ+WWHQ]RJHQ3HO]HXQG/HLQHQKHPGHQDXVXQGNPPHUWHQ VLFKXPLKUH3IODQ]XQJHQ,FKZDUWHWHXQJHGXOGLJ:RYHUVWHFNWHVLFKGDV³YLHODUPLJH VFKZDU]KlXWLJH8QJHKHXHU´YRQGHP3URWHRVJHVSURFKHQKDVWH"6FKOLHOLFKZDFKWH $V\UWDDXI]RJVLFKIU|VWHOQGGDV6FKDIIHOOEHUGLH6FKXOWHUQXQGIUDJWHYHUVFKODIHQ ³:DVLVWORV/LHEVWHU"´ ,FKOHKQWHGHQ6FKLOGPLWGHU%LOGIOlFKHJHJHQGLHK|O]HUQH7UHQQZDQGXQGVDJWH OHLVH ³:LUQlKHUQXQVGHU.DPSIVWHOOH'HU$GOHUVHQGHWGLHHUVWHQJLOGHU´ ³:RVLQGZLU"´ ³,QGHP0HHUHVDUPXQZHLWGHUKHLOLJHQ.XOWVWlWWH´ ³,VWHVQRFK1DFKW"´ ³1HLQ´VDJWHLFKXQGEHWUDFKWHWHLKU*HVLFKWDOVKlWWHLFKHVQRFKQLHULFKWLJ JHVHKHQ³'LH6RQQHJHKWDXI:LUZHUGHQYRUVLFKWLJVHLQ´ ³'LHDQGHUHQ"´ ³6LHZLVVHQQRFKQLFKWV,FKZHUGHDOOHVHUNOlUHQZHQQLFKZHLZRUXPHVVLFK KDQGHOW´ $XIGHP%LOGVFKLUPVDKHQZLUQHXHJLOGHU$V\UWDGUHKWHVLFKKHUXPUXWVFKWHLQ PHLQH$UPHXQGOHKQWHLKUHQ5FNHQJHJHQPHLQH%UXVW'HU=HOODNWLYDWRUVW|UWHVLH VLHVFKRELKQEHUPHLQH6FKXOWHUQ=XVDPPHQVDKHQZLUZLHVLFKDXVGHU VWDXEEHGHFNWHQ/XIWVFKOHXVHHLQH*HVWDOWVFKREVRHUVWDXQOLFKZLHDOOHVGDVXQVELV KLHUKHUJHIKUWKDVWH 'RSSHOWPDQQVKRFK9LHUZXFKWLJH$UPHFOLFNZLHGLH6FKHQNHOYRQ6WLHUHQ'LH +DXWJOLFKGHUMHQLJHQYRQ(OHIDQWHQGLHYLHU+lQGHKDVWHQMHZHLOVVHFKV)LQJHU=ZHL VlXOHQDUWLJH%HLQHWUXJHQHLQHQJHGUXQJHQHQ.|USHUGHULQHLQHQ]HUVFKOLVVHQHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GXQNHOJUQHQ$Q]XJJHKOOWZDU,FKGHILQLHUWHLKQDOVHLQH$UW5DXPRGHU.DPSIDQ]XJ RKQHWHFKQLVFKH$XVUVWXQJ 'HU.RSIGHV5DXPIDKUHUVZDUHUVFKUHFNHQGXQGYROONRPPHQIUHPG(UZLUNWH ZLHHLQHKDOEH.XJHOKDOVORVPLWGUHL$XJHQXQGHLQHPULHVLJHQ5DFKHQYROOHU 5DXEWLHU]lKQH1DVHXQG2KUHQVFKLHQHQXQVLFKWEDUXQGYHUVFKOLHEDU]XVHLQZLU NRQQWHQNHLQHUOHLbKQOLFKNHLWPLWGHU3K\VLRJQRPLHGHU0HQVFKHQIHVWVWHOOHQ'HU 5DXPIDKUHUJLQJVFKZHUIlOOLJDXIZXFKWLJHQ%HLQHQGLH5DPSHKLQXQWHUXQGEOLHE VWHKHQ(UVDKVLFKXPGDEHLGUHKWHHUGHQ2EHUN|USHU 2EZRKOVHLQH$XJHQHLQHKHUYRUUDJHQGH6LFKWQDFKPHKUDOV*UDG JHVWDWWHWHQVFKLHQGLHVH%HZHJXQJFKDUDNWHULVWLVFK]XVHLQ(UVDKVLFKXP EHWUDFKWHWHGHQ6WHLQNUHLVXQGGLH8PJHEXQJXQGKREGLHOlQJHUHQ$UPH'HU5DFKHQ |IIQHWHVLFK'HU6FKZDU]KlXWLJHVWLHHLQHQ6FKUHLDXV'LH/HXWHDXIGHQ)HOGHUQ ZDUIHQVLFKHUVFKURFNHQ]X%RGHQ'DV9LHKVSUDQJLQSDQLVFKHP6FKUHFNHQGDYRQ XQG]HUVWUHXWHVLFKLQDOOH5LFKWXQJHQ:LUVDKHQXQVDQ$V\UWDNHXFKWHHUVFKUHFNW DXI ³'XZLOOVWJHJHQGLHVHQ*LJDQWHQNlPSIHQ"(UZLUNWZLHDXVPDVVLYHP)HOV´ ³(ULVWHV$V\UWD´,FKZDUEHWURIIHQ³$EHUDXFKHULVWYHUZXQGEDU´ ³(UW\UDQQLVLHUWGLH0HQVFKHQXQGDOOHVLQGLHVHU*HJHQG´VDJWHVLHOHLVH ³7URW]GHPHUVLHKWQLFKWE|VHDXVHLQJURHV7LHUGDVVLFKVHLQHU.UlIWHQLFKWEHZXW LVW´ 'HU6HHDGOHUJOLWWGXUFKGLHUXKLJH/XIWGHVIUKHQ0RUJHQVQlKHUKHUDQXQG VHQGHWHVFKlUIHUHJLOGHU6FKZHLJHQGVDKHQZLU]XXQGHQWGHFNWHQPHKU HUVFKUHFNHQGH(LQ]HOKHLWHQ'HU)UHPGHEFNWHVLFKKREHLQHQ6WHLQEURFNHQDXIXQG VFKOHXGHUWHLKQPLWEHLGHQ$UPHQJHJHQGLH+OOHGHV6FKLIIHV'HU6WHLQ]HUSODW]WH XQGKLQWHUOLHHLQH%HXOHLQGHU]HUVFKUDPPWHQ6LOEHUKOOH'DQQZDUIVLFKGHU*|W]H MHQHU(LQJHERUHQHQKHUXPVDQNDXIGHQ%RGHQXQGILQJVLFKPLWGHQ$UPHQDWH YHUZHQGHWHGLH+lQGHDOV.ODXHQRGHU.UDOOHQXQGULGHQEUHLWHQ5DFKHQDXI6HLQH $XJHQJOKWHQLPKHOOHQ/LFKWGHU6RPPHUVRQQH'HU5LHVHEHJDQQ]XUHQQHQZDU VFKQHOOHUDOVHLQ3IHUGLQYROOHP*DORSSEHQXW]WHGLH5DPSHGHU%RGHQVFKOHXVHDOV HLQH$UW6WDUWIOlFKHUDVWHDXIHLQH%DXPJUXSSH]XGLHLP:HJVWDQG(WZDGUHLKXQGHUW 6FKULWWHWUHQQWHQLKQYRQGHP*HVWUSSXQGGHQ%lXPHQHUOHJWHVLHLQZHQLJHQ $XJHQEOLFNHQ]XUFN'DKLQWHUVDKHQZLUGHQ:DOGUDQGXQGHLQHQ.UHLGHIHOVHQ7HLO HLQHVKDOELHUWHQ)HOVUFNHQV 'HU)UHPGHVFKLHQVLFKLQHLQHU$UW5DVHUHL]XEHILQGHQGLHDXIXQVGRSSHOW HUVFKUHFNHQGZLUNWHGDVLHVLFKIDVWODXWORVYROO]RJ1DFKGUHLKXQGHUW6FKULWWHQGLHHU HQWODQJVWUPWHHUUHLFKWHHUGLH%DXPJUXSSH'HU$GOHUIROJWHLKPLP6FKZHEHIOXJ %VFKHZXUGHQ]HUIHW]W5DQNHQXQG=ZHLJH]HUEUDFKHQ.OHLQH9|JHOXQG6lXJHWLHUH VSUDQJHQDXVGHQ1HVWHUQ'HUVFKZDU]H.RORYHUVFKZDQGLQHLQHU:RONHDXV %OlWWHUQ6SOLWWHUQXQGKHUXPZLUEHOQGHQ*HWUHLGHSIODQ]HQ 'DQQJLQJHLQKDUWHU6FKODJGXUFKGHQHUVWHQ%DXP'HU)UHPGHZDULQYROOHP 7HPSRLPPHUQRFKDXIYLHU*OLHGPDHQUHQQHQGJHJHQGHQZXFKWLJHQ%DXPVWDPP JHSUDOOW'LH%DXPNURQHVFKWWHOWHVLFKGDQQVDQNVLH]ZLVFKHQDQGHUHQ%lXPHQ VHQNUHFKWQDFKXQWHQ VFKHQZDUGDV8QJHKHXHUZHLWHUJHUDQQWXQGUDPPWH]ZHLZHLWHUH%lXPH ]ZLVFKHQGHUHQ6WlPPHQHVKLQGXUFKVFKR:LUVDKHQQXUDQGHQ%HZHJXQJHQGHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EHUVWHQGHQ*HZlFKVHGDHUVLFKHLQHQ:HJEDKQWHVFKQHOOZLHGHU%OLW](UEHIDQG VLFKLQHLQHP$QIDOOYRQ=HUVW|UXQJVZXWGDFKWHLFKXQGVDKGLH*DVVHGHU9HUZVWXQJ :lKUHQGGHVVHQNlPSIWHVLFKXQVHU6FKLIIODQJVDPJHJHQ6WU|PXQJXQG DXVODXIHQGH(EEH]XU6SLW]HGHV)MRUGHVYRQ0LWHLQHP6DW]VFKRGHU*LJDQWDXV GHP:DOGVWFNKHUYRUXQGQDKP.XUVDXIGHQ)HOVHQ=ZHL$UPHKLHOWHUGLFKWDQGLH ]HUVFKOLVVHQH5DXPIDKUHUNRPELQDWLRQDQJHZLQNHOWDXIGHQDQGHUHQUDQQWHHUGDV 6WLUQDXJHZHLWYRUJHVFKREHQZLHHLQVWXPSIHV+RUQ,QXQJODXEOLFKHP7HPSRQlKHUWH VLFKGDVXQEHJUHLIOLFKH:HVHQGHP)HOVHQ,QVWHLJHQGHP(QWVHW]HQVDKHQZLU]XZLH GHU.RORVLFKGHU]HUNOIWHWHQ:DQGQlKHUWH(UVFKLHQQLFKW]XHUNHQQHQGDHU 6HOEVWPRUGEHJLQJ1XQ]RJHQVHLQHYLHU*OLHGPDHQHLQH6SXUGHU=HUVW|UXQJGXUFK VWUXSSLJH)HOGHUbFNHUPLW]LWWULJJH]RJHQHQ)XUFKHQXQGGXUFKXQYHUlQGHUWH1DWXU (LQ5XGHO5RWZLOGVWRELQODQJHQ)OXFKWHQGDYRQHLQ6FKZDUP9|JHONUHLVWHEHUGHP YHUZVWHWHQ:DOGVWFN6FKQXUJHUDGHJLQJGHU:HJGHV5DVHQGHQEHUGLH 8QHEHQKHLWHQGHV*HOlQGHVJLQJGXUFKHLQHQKRFKVSULW]HQGHQ%DFKGXUFKHLQ6WFN VXPSILJHV*HZlVVHUGXUFKHLQHQ6FKLOIJUWHOXQG+HFNHQ6FKOLHOLFKODJHQQXU :HLGHQXQGHLQ]HOQH%XVFKLQVHOQYRUGHP)HOVHQ'U|KQHQGVWUPWHGHU*LJDQWGDUDXI ]X ³(UZLUGVLFK]HUVFKPHWWHUQ$WODQ´VDJWH$V\UWD]LWWHUQG(LQDWHPORVHU0RPHQW IROJWH'DVVFKZDU]KlXWLJH:HVHQOHJWHGLHOHW]WHQ6FKULWWHGXUFKHLQEHUZXFKHUWHV *HU|OOIHOG]XUFN]ZLVFKHQ%URNNHQLP/DXIGHU-DKUKXQGHUWHYRQGHU.DONZDQG JHIDOOHQ(LQH6WDXEZRONHHUKREVLFK6WHLQEURFNHQZXUGHQQDFKDOLHQ6HLWHQ JHVFKOHXGHUW(LQHQ$XJHQEOLFNIDQJVFKLHQVLFKGDV:HVHQ]XYHUlQGHUQ(VHUVWDUUWH I|UPOLFKLQGHU%HZHJXQJ'HU=XVDPPHQSUDOOOLHGDV%LOG]LWWHUQDOVVLFKGHU.RSI GHV)UHPGHQXQGGHUPlFKWLJH.|USHULQGHQ]HUEU|FNHOQGHQ.DONUDPPWHQ'HU 5DXPIDKUHUZXUGHKRFKJHULVVHQVHLQH6FKXOWHUQVFKOXJHQ/|FKHUXQGEUDFKHQ *HVWHLQVEURFNHQDWH1DFKGHP$QSUDOOZXUGHGHU.|USHU]XUFNJHZRUIHQNLSSWH]XU 6HLWHXQGEOLHE]XVDPPHQJHNUPPWOLHJHQ ³,VWHVWRWGLHVHV'LQJ"´KDXFKWH$V\UWD,FK]RJVLHDQPLFKXQGODQJWHQDFK GHP6WHXHUDUPEDQGGHV9RJHOV ³,FKZHLHVQLFKW´ :HQQGHU)UHPGHWRWZDUKDVWHVLFKXQVHU$XIWUDJHUOHGLJW:DUHUEHLGLHVHP *HZDOWDNWQLFKW]FUVFKPHWWHUWZRUGHQGDQQEHUVWLHJGHU9HUVXFKLKQ]XW|WHQXQVHU .|QQHQ(LQVROFKHV³'LQJ´ZLH$V\UWDULFKWLJJHVDJWKDVWHOLHVLFKQLFKWPLWXQVHUHQ 0LWWHOQYHUQLFKWHQ,FKEHJDQQ]XDKQHQZHOFKH*HIDKUHLQH*UXSSHGLHVHU 5DXPIDKUHUIUGHQ3ODQHWHQGDUVWHOOWHGHVZHJHQKDVWH(6XQVDXIGLHVH0LVVLRQ JHVFKLFNW,FKOLHGHQ9RJHOEHUGHPEHZHJXQJVORVHQ.RORNUHLVHQXQGJLQJDQ 'HFNXP]XVHKHQZDV]XWXQZDU /DQJVDPO|VWHVLFKGLH9HUNUDPSIXQJLQGHQ$UPHQ5XFNZHLVHULFKWHWHVLFK 7HUQDODXI7RUNHOQGHUKREVLFKGHUVFKZDU]KlXWLJH5DXPIDKUHUEHWUDFKWHWHGLH 9HUZVWXQJHQLPQlKHUHQ8PNUHLVGLHHUDQJHULFKWHWKDVWHXQGGDQQVDKHUGHQ 9RJHOGHUPLWDXVJHEUHLWHWHQ6FKZLQJHQEHUGHP)HOVDEVWXU]NUHLVWH'URKHQG VFKWWHOWH7HUQDOEHLGH)lXVWHGHU+DQGOXQJVDUPHXQGVFKULHJUROOHQG]XP6HHDGOHU KLQDXI ³'XEHNRPPVWPLFKQLFKW,FKELQYLHO]X]lKIUGHLQHQ6FKQDEHO,FKZHUG¶QLFKW VWHUEHQ$DVIUHVVHU´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

8QJHUKUW]RJGHU$GOHUVHLQHQ:HJ0LWZXFKWLJHQ6FKULWWHQVWDSIWH7HUQDODXV GHP:LUUZDUUGHU6WHLQEURFNHQXQGQLHGHUJHWUDPSHOWHQ]HUIHW]WHQ6WDXGHQKHUDXVXQG EHPHUNWHGLH6FKQHLVHGHU9HUQLFKWXQJGLHHUJH]RJHQKDVWH/DQJVDPJLQJHUGHQ :HJ]XUFNXQGEUOOWHKDHUIOOWHLQHQ)OXFKLQGHU6SUDFKHGHU(LQJHERUHQHQ(V NODQJIUGLH0HQVFKHQZLHHLQ*HZLWWHU0UULVFKVFKOXJ7HUQDOGLH5LFKWXQJ]X VHLQHP6FKLIIHLQ'DV6WLUQDXJHHUIDWHGDGHU9RJHOK|KHUJHVWLHJHQZDUXQGLKQ XQDXVJHVHW]WEHREDFKWHWH$EHUPDOVVWLHHUHLQU|KUHQGHV/DFKHQDXVXQGPDFKWH HLQHQ%RJHQXPGHQYHUZVWHWHQ:DOG(UWUDWDXIGLH5DPSHGHV6FKLIIHV6HLQHGUHL $XJHQEHZHJWHQVLFKXQGPXVWHUWHQGLH]XUHFKWJHOHJWHQ*HJHQVWlQGH.DEHOXQG 9HUVWlUNHU7HLOHGHVDEPRQWLHUWHQ$QWHQQHQVSLHJHOVXQGDOOHVEULJH ³0RUJHQ´ 7HUQDO0DODWWUDPSHOWHEHUGHQYHUVFKPXW]WHQ%HODJ0HHUHVOXIWXQGVDO]LJHU 5HJHQKDVWHQ5RVWHU]HXJWXQGPLWLKUHU]HUVW|UHULVFKHQ$UEHLWEHJRQQHQ'LH6WHOOHQ DQGHQHQYLHOH5HJHQJVVHLKUH6SXUHQKLQWHUODVVHQKDWWHQZDUHQNHQQ]HLFKQHQGIU VHLQH6LWXDWLRQ$OOHVYHUILHOODQJVDPDEHUXQDElQGHUOLFK'HU5LHVHVFKPHWWHUWHGLH VFKZHUH6FKRWWUKLQWHUVLFK]XVLHNQLUVFKWHJUlOLFKLQGHQ$QJHOQ$QGHQ /DQGHVWW]HQGHV5DXPVFKLIIHVZDQGHQVLFKEOKHQGH5DQNHQPLWVFKZDU]HQ%HHUHQ KHUDXI'LH(LQJHERUHQHQVWDQGHUDXIXQGEHJDQQHQ]LWWHUQGPLWLKUHQ$UEHLWHQ IRUW]XIDKUHQ(VZUGHIUVLHHLQKDUWHU:LQWHUZHUGHQ$OOHVZDUYHUQDFKOlVVLJW'LH )HOGHUGHU)LVFKIDQJXQGGLH-DJGGLH(U]LHKXQJGHU.LQGHUXQGGLH3IOHJHGHUNOHLQHQ 9LHKKHUGHQ8QGQLHPDQGDKQWHZHOFKH]XVlW]OLFKHQ*HIDKUHQXQG6FKUHFNHQVLFK QlKHUWHQ 9LHU]LJ0HQVFKHQVDKHQ$V\UWD0DUD\HXQGPLFKDQDOVLFK]XVSUHFKHQDQILQJ :LUVDHQDXIGHUREHUVWHQ6WXIHGHV1LHGHUJDQJVGHU+HFNSODWWIRUP&KHSHUVWHXHUWH VFKUlJKLQWHUXQVHUHQ5FNHQ ³)UHXQGH´VDJWHLFKODXWXQGYHUVXFKWHEHUXKLJHQG]XZLUNHQREZRKOLFK*UXQG ]XJHJHQWHLOLJHQ*HGDQNHQKDVWH³ZLUVLQGQDKHDQGHP2UWDQGHPZLUNlPSIHQ PVVHQ´ ³+DQGHOQZlUHEHVVHU´VFKULH6LUHQYRP%XJKHU.DXPZDKUQHKPEDUHU DXIODQGLJHU:LQGEOlKWHGDV6HJHO'LHODQJHQ5LHPHQVWDFKHQVHLWOLFKGHV6FKLIIHV ZDDJUHFKWLQGLH/XIW'LH=('(5ZLUNWHZLHHLQVHOWVDPHU7DXVHQGIOHU ³=XJHJHEHQHVZlUHEHVVHUDEHUWULHUN|QQHQZLUQXUPLWGHP7RGKDQGHOQ´ VDJWHLFK³:LUPVVHQZRGHU)OXLQV%UDFNZDVVHUPQGHWHLQHQ7DJIDQJGHQ)OX DXIZlUWVUXGHUQGRUWKLQZRGDV8QJHKHXHUKDXVW´ 'HUVFKZDU]KlXWLJH*LJDQWHLQJHVWUDQGHWHU5DXPIDKUHUVDJWH(6VHLHLQH *HIDKUIUGHQ3ODQHWHQ2EHUZLUNOLFKHLQH*HIDKUZDU" ³:DVKDVWGXJHVHKHQ"´*HUWKGHXWHWHDXIGHQ%LOGVFKLUPLP6FKLOG ³)DVWDOOHV(LQJHERUHQHGLHYRQHLQHPGRSSHOWPDQQVJURHQVFKZDU]KlXWLJHQ 8QJHKHXHUJHVFKXQGHQZHUGHQHLQJHZDOWLJHV%DXZHUNDXVULHVLJHQ6WHLQWRUHQ(LQH VLOEHUQH.XJHOYRQGHQ6WHUQHQ(LQDUPHV/DQGQLFKW]XYHUJOHLFKHQPLWGHQ)HOGHUQ XQVHUHU+HLPDW'LH.UDIWXQG0DFKWGLHVHVIUHPGHQ:HVHQV´ 6LHKDVWHQVFKZHLJHQGXQGNRQ]HQWULHUW]XJHK|UW-HW]WKRE.DDSHUGLH+DQG XQGIUDJWHVDFKOLFK ³,VWHV]XW|WHQGLHVHVVFKUHFNOLFKH:HVHQYRQGHQ6WHUQHQ"´ ,FKYHUPRFKWHQLFKWPLUYRU]XVWHOOHQDXIZHOFKH:HLVH:HQQEHUKDXSWQXU PLWPHLQHQDUNRQLGLVFKHQ:DIIHQ,FKNQXUUWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³*DQ]VLFKHULVWHV]XW|WHQ.DDSHU$EHULFKKDEHELVMHW]WNHLQHQ:HJ HUGDFKW´ ³:DUXPVLQGZLUWULHUZHQQZLUHVQLFKWW|WHQN|QQHQ"´$QFDQWDVIUDJWHHV YRUZXUIVYROO,FK]XFNWHPLWGHQ6FKXOWHUQXQGHUNOlUWH]XYHUVLFKWOLFK ³=XQlFKVWZLUGHLQH*UXSSHYRUGULQJHQXQGVHLQH6FKZlFKHQVWXGLHUHQ,FKELQ VLFKHUGD0lQQHUGLHDOOH*HIDKUHQGHU6HHIDKUWLQV8QEHNDQQWHEHVLHJWKDEHQ GLHVHQ5LHVHQW|WHQN|QQHQ´ 7|WHQLPPHUZLHGHUW|WHQ9HUGDPPW(VZXUGHYLHO]XYLHOJHW|WHWDXIGHP %DUEDUHQSODQHWHQ:LUPXWHQKHUDXVILQGHQREGHUVFKZDU]H*LJDQWWDWVlFKOLFKHLQH JURH*HIDKUIU/DUVDI'UHLGDUVWHOOWH/DQJVDPUHLIWHLQPLUHLQ3ODQ ³:LUKDEHQQLFKWGHLQH6LFKHUKHLW$WODQ´VDJWH.DVRNDU³:LUZLVVHQGDGX JHKHLPQLVYROOH'LQJHXQG:DIIHQEHVLW]WGLHZLUQLFKWNHQQHQ9LHOOHLFKWJHOLQJWHVPLW +LOIHGLHVHU:DIIHQ"´ ³9LHOOHLFKW´,FKEOLHEXQVLFKHU³-HGHQIDOOVIKUWXQVHU:HJQRFKHLQH:HLOH JHUDGHDXV´ ³:HLGHU)UHPGHGDZLUNRPPHQ"´IUDJWH&KHSHU]ZHLIHOQG ³0LW6LFKHUKHLWQLFKW´ ³'DV/DQGLVWQXUGQQEHZRKQW"´ ³6RLVWHV(LQNDUJHV/DQG9HUJOLFKHQPLWGHQ(LQJHERUHQHQWULHUOHEHQZLULQ *XEDOEHVVHUDOV)UVWHQ´ ³(LQH*UXSSHVDJVWGX´VDJWH6LUHQ³JHKWDQ/DQG'LHDQGHUHVRLOGDV6FKLII EHZDFKHQ"´ ³-D´JDELFK]XUFN³ZLUEULQJHQGDV6FKLIIDQHLQHQJXWHQ3ODW]YHUVWHFNHQHV XQGIKUHQDOOHZLFKWLJHQ$UEHLWHQDXV:LUZROOHQPLWJXWHP:LQGVFKQHOO]XUFN´ ³'DVZROOHQZLUDOOH´HUVFKROOHVODXWDXVGHP5DXP]ZLVFKHQ%XJXQG+HFN 'HU=XVWDQGGHV6FKLIIHVQDFKUXQG]ZHL0RQGHQXQXQWHUEURFKHQHU)DKUWZDUGDV JHULQJVWHXQVHUHU3UREOHPH'DZLUDXFKLPPHUZLHGHUDQ/DQGJHMDJWKDWWHQEOLHEHQ GLH0lQQHULQEHVWHU)RUP,QGHQ6LWWHQXQG$QVLFKWHQGHU]XXQVJHVWRHQHQ-lJHU XQGXQVHUHU0lQQHUKDVWHQVLFKGLHPHLVWHQ8QWHUVFKLHGHUHVWORVYHUZLVFKW3URWHRV ZDUQLFKWZLHGHUDXIJHWDXFKW$V\UWDKDVWHVLFKGHU]ZHLMXQJHQ)UDXHQDQJHQRPPHQ XQGLKQHQYLHOH.HQQWQLVVHEHLJHEUDFKWVLHZDUHQXQWHUGHP(LQIOXDXVJHVXFKWHQ (VVHQVVlEHUQGHQ6HHZDVVHUV6RQQHQEUlXQHXQGNRVPHWLVFKHU:LQNHO]JH]X EHPHUNHQVZHUWKEVFKHQ:HVHQJHZRUGHQ ³8QGZDVVROOHQZLUMHW]WWXQ"´IUDJWHQGLH0lQQHUXP$QFDQWDV,FKGHXWHWHDXI GDVVFKODIIH6HJHOXQGEHIDKO ³5XGHUQELVZLUHLQHQJXWHQ3ODW]ILQGHQ´ 'LHVPDOKDVWHLFKQLFKWGHQ(LQGUXFNGDVLFKDXFKQXUHLQHUGHU)UHXQGHQDFK GHP$EHQWHXHUVHKQWH:LUKROWHQGDV6HJHOHLQXQGUXGHUWHQGXUFKGDVVWLIOH:DVVHU (VZDUVSlWHU0LWWDJVHOEVWWULHULP1RUGHQEUDQQWHGLH6RQQHVWHFKHQGKHUXQWHU 6FKOLHOLFKIDQGHQZLUHLQJXWHV9HUVWHFN'HU)OXPDFKWHHQJHUXQGUHLHQGHU ZHUGHQGHLQH6FKOHLIH$XIGHP*HOlQGHYRUVSUXQJVWDQGHLQ)HOVHQYRP:DVVHU VWUXGHOQGXPVSOW'DKLQWHUUDVFKHOWHQGLH$XVOlXIHUHLQHV:DOGHVDXVKRKHQ%lXPHQ *UREHU6DQGELOGHWHXQZHLWHLQHUYHUVXPSIWHQXQGYHUVFKLOIWHQ4XHOOPQGXQJHLQ VHLFKWHV8IHU'LH)HOVZlQGHGHV)MRUGHVODJHQZHLWPHHUZlUWV:LUUXGHUWHQHLQ JURHV6WFNIOXDXIZlUWVHUNXQGHWHQGLHPHQVFKHQOHHUHQ8IHUXQGNHKUWHQZLHGHU XP'HU%XJGHU=('(5VFKQLWWNQLUVFKHQGLQGHQ6DQGHLQ5XFNJLQJGXUFKGDV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6FKLIIXQGLP6FKDWWHQGHU1DGHOElXPH]LWWHUWHGHU0DVW,FKEOLFNWHQDFKREHQXQG VDKGDV%OLQNHQGHU6SLRQVRQGH ³:LUVLQGDQJHNRPPHQ´VDJWHLFK³:HUIWGHQ$QNHUVWHLQEHU+HFNDXV´ =ZHLJXWH7DJHVPlUVFKHVGOLFKGHV9HUVWHFNVZWHWHGHUZDKQVLQQLJH 5DXPIDKUHUXQGYHUVXFKWHXQVHUHQ3ODQHWHQ]XYHUODVVHQ:HQQVHLQH)UHXQGHGLH LKQDEKROHQVROOWHQYRQGHUJOHLFKHQ$UWZDUHQELOGHWHQVLHHLQHQ0DFKWIDNWRUGHP QLFKWVZLGHUVWHKHQNRQQWHGDQQKDVWHLFKZLUNOLFKWDXVHQG*UQGHXPGDV6FKLFNVDO GLHVHU:HOW]XIUFKWHQ,FKNOHWWHUWHLQGLH+HFNNDELQHXQGNODSSWHHKHLFK5LFRDQULHI GHQ'HFNHOGHU7UXKHDXIXQGDNWLYLHUWHGHQ%LOGVFKLUP

'HU5XPSIGHU*2/'(1(1=('(5VFKZDQNWH6WLPPHQXQG*HUlXVFKHZDUHQ ]XK|UHQ7DXZHUNNQLUVFKWHXQGGLH%O|FNHNQLUVFKWHQDOV&KHSHUV0lQQHUGDVNOHLQH %RRWDQGHQ6WUDQGKLHYWHQXQGGLHNODSSHUQGHQ5LHPHQKLQWHUKHUZDUIHQ,FKKRFNWH DXIGHQPXIILJHQ)HOOHQEOLFNWHLQ5LFRV*HVLFKWXQGVDJWHKDOEODXW ³:RLVWGHU*OHLWHUPLWGHUHLQHQRGHUDQGHUHQ+RFKHQHUJLHZDIIH"+DVWGXDQ %LHUIUNQDSSHLQKDOEHV+XQGHUW0lQQHUJHGDFKW"´ ³*HELHWHU$KLUDP$WODQ$FUDQ´VDJWHHUXQJHUKUWGDQQOlFKHOWHHUZLHHLQ DUURJDQWHU3DODVWZLVVHQVFKDIWOHU³'HU*OHLWHUPLW'HOLNDWHVVHQJHIOOWZLUGLQZHQLJHU DOVHLQHU6WXQGHQHEHQGHLQHP6FKLIIZDVVHUQ,FKKDEHDOOHVJHVHKHQDQDO\VLHUWXQG EHUHFKQHW´ ,FKJDELKPHLQ=HLFKHQ³%LVWGXPHLQHU0HLQXQJ"'LHVHU7HUQDO0DODWLVW YHUUFNW"%H]LHKXQJVZHLVHKDWHU$QIlOOHLQGHQHQHUVLFKXQEHUHFKHQEDUYHUKlOW"8QG HUNDQQVHLQHQ.|USHURIIHQVLFKWOLFKNXU]IULVWLJLQHLQH$UW0HWDOOEORFNYHUZDQGHOQ´ ³,FKKDEHGUHLVROFKHU$QIlOOHGHV6FKZDU]KlXWLJHQPLWDQJHVHKHQXQG GRNXPHQWLHUW$WODQ´ ³,FKPDFKHHLQHQHUVWHQ9RUVWR'UHLYLHU0DQQLP*OHLWHU'HIOHNWRUIHOG´,FK KREGLH6FKXOWHUQ³'DQQJHKHQZLUPLW]ZHL'XW]HQGGHUEHVWHQ.ULHJHUXQG-lJHUYRQ 'HLQH6RQGHQVHKHQDOOHV"'XZLUVWQ|WLJHQIDOOVGLH6WHXHUXQJ+RUXV¶EHUQHKPHQ,FK VWHOOHIHVVGDGDV/DQGULQJVXPOHHULVWRKQHPHQVFKOLFKH6LHGOXQJHQ5LFKWLJ" 0RUJHQYRU6RQQHQDXIJDQJVWDUWHLFK´ ³$EVROXWPHQVFKHQOHHU,FKVDK6SXUHQHLQ]HOQHU:ROIVMlJHU1LFKWPHKU,FK KDEHYHUVWDQGHQ´5LFROHJWHGLHULQJJHVFKPFNWHQ)LQJHUDQGLH%UXVWYHUQHLJWHVLFK XQGJULQVWH6HLQH=lKQHZDUHQXQJODXEZUGLJUHJHOPlLJXQGZHL³,FKELWWHQLFKW]X YLHO]XULVNLHUHQ´ ,FKQLFNWHXQGVFKDOWHWHDWH,FKYHUVFKORGLH7UXKHXQGURXWHGLH)HOOH ]XVDPPHQHKHLFKZLHGHUDQ'HFNJLQJXQGVLHEHUGLH+HFNERUGZDQGLQGLHSUDOOH 6RQQHKlQJWH (WZD]ZHL6WXQGHQVSlWHUJHJHQ0LWWDJKDVWHLFKLP6FKDWWHQGHV6HJHOV PHLQH+lQJHPDWWH]ZLVFKHQ%DXPVWDPPXQG%XJVWHYHQDXVJHVSDQQWWUDQNIULVFKHV :DVVHUXQGURFKGHQ'XIWGHVIULVFKHQ%UDWHQVDXIGHP*LWWHUURVW,Q*HGDQNHQJLQJ LFKMHGHQHLQ]HOQHQ6FKULWWXQVHUHVVHOWVDPHQ9RUKDEHQVGXUFK'HU/RJLNVHNWRU VSUDFKSO|W]OLFKPLWXQJHZRKQWHU(LQGULQJOLFKNHLW6RZRKO7HUQDO0DODWGHU9LHUDUPLJH DOVDXFKGXVHLGGLH9lWHUYLHOHU6DJHQXQG/HJHQGHQ'X]HLJVWGHQ%DUEDUHQQHXH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6HHZHJHYLHOOHLFKW]XGHQVSlWHUHQ)XQGVWHOOHQDQGHUHU0HWDOOHRGHU6FKlW]HGHU DQGHUHEDXWHLQ2EVHUYDWRULXPDXIGHQ5HVWHQHLQHV(UGKHLOLJWXPVGDVVSlWHU]XP =HQWUXPVHOWVDPHU:DOOIDKUWHQZHUGHQNDQQ*HKHLPQLVYROOH2UWHXQG:HJHGLH .lPSIHYRQ*LJDQWHQGLH)XUFKWGHUXQZLVVHQGHQ(LQJHERUHQHQ²VLQGPLWGHP :LUNHQGHV+WHUVGLHVHU:HOW]ZDQJVOlXILJ0\VWLNXQG/HJHQGHQELOGXQJYHUEXQGHQ" *HKPHKUPLWGHU/LVWODXWORVHU-lJHUYRU$UNRQLGH ,FKEOLFNWHLQGHQ0LWWHOWHLOGHV6FKLOGHV9RQGHU+|KHHLQHVQLHGULJHQ+JHOV VDKLFKGHQGQQHQ5DXFKGHU+HUGIHXHU2GHUVLHYHUEUDQQWHQZlKUHQGGLH+XQGH NOlIIWHQ8QNUDXWDXIGHQ)HOGHUQ'HU)UHPGHKDVWHGDV5DXPVFKLIIQLFKWYHUODVVHQ $V\UWDV6FKULWWHNQLUVFKWHQDXIGHP6DQGGDQQZXUGHQVLHDXIGHUGLFNHQ6FKLFKWYRQ 7DQQHQQDGHOQIDVWXQK|UEDU ³1LPPVWGXPLFKPLW$WODQZHQQGXPRUJHQIUKKLQEHUIOLHJVW"´$V\UWDVHW]WH VLFKQHEHQPLFKXQGEUDFKWHGLH+lQJHPDWWH]XP6FKDXNHOQ,FKVDKLQLKUH$XJHQ XQG]ZLQNHUWH ³-D$EHUQLFKWZHQQLFKPLWGHQ6ROGDWHQXQG-lJHUQDXIEUHFKH,KU)UDXHQ GUIWGLH%LOJHSXW]HQXQGGLFNH6XSSHNRFKHQ´ 6LHOlFKHOWHZLVVHQGXQGPDFKWHHLQHDEVFKOlJLJH*HVWH:LUYHUEUDFKWHQGHQ 7DJXQGGLHHUVWH+lOIWHGHU1DFKWLQGHPZLUXQVGLH.OHLGXQJXQGHLQHQ7HLOGHU $XVUVWXQJVRZLHGDV6FKLIIVlEHUWHQJXWDHQXQGWUDQNHQXQGDXVUHLFKHQG VFKOLHIHQ'UHL6WXQGHQQDFK6RQQHQDXIJDQJNDPHQ.DDSHU&KHSHU$QFDQWDVXQG .DVRNDUPLWPLU]XUFNZLUEHULFKWHWHQMHGH(LQ]HOKHLWGLHZLUJHVHKHQKDWWHQ :LUZDUHQQDKHJHQXJKHUDQJHNRPPHQXQGVWLHJHQDXV'HU*OHLWHUKROWHIDVW ODXWORVVFKZHEHQGGLHDQGHUHQ0lQQHU:LHGHUZDUQWHXQV+XQGHJHEHOO'LH6ROGDWHQ XQG-lJHUEOLFNWHQNRQ]HQWULHUWXQGQLFNWHQPLU]X-HGHUYRQXQVZDUVRJXW DXVJHUVWHWXQGEHZDIIQHWZLHHVVLQQYROOZDU0HLQHVFKZHUH6WUDKOHQODQ]HHU]HXJWH 'UXFNVWHOOHQDXIGHQ6FKXOWHUQhEHUXQV]RJ+RUXVVHLQHZDFKVDPHQ.UHLVH ³$EMHW]WVXFKHQZLUMHGHP|JOLFKH'HFNXQJ´EHIDKOLFKKDOEODXW'HU%HIHKO ZXUGHGXUFKGLHUDQJH5HLKHZHLWHUJHJHEHQ ³9HUVWDQGHQ$WODQ´ 1LHPDQGZDUXQWHUXQVGHUQLFKWEHJULIIZRUXPHVJLQJ:LUZDUHQJHZRKQW DOOHZLFKWLJHQ(LQ]HOKHLWHQHLQHUIUHPGHQ*HJHQGLQXQVDXI]XQHKPHQ 9HUVWHFNP|JOLFKNHLWHQ]XHUNHQQHQXQG:LQNHO]XVHKHQDXVGHQHQ*HIDKUGURKHQ NRQQWH'LHVH*HJHQGVFKLHQKDUPORV]XVHLQDUPDQJURHQ5DXEWLHUHQ'LH6WUHFNH YRP6FKLIIVYHUVWHFNELVKLHUKHUKDVWHQZLU6SXUHQQRPDGLVLHUHQGHU-lJHUJHVHKHQ DEHUZDUHQPLWQLFKWHLQHP0HQVFKHQ]XVDPPHQJHWURIIHQ$QFDQWDVVFKREVLFKDQPLU YRUEHLXQGGHXWHWHQDFKYRUQ ³,FKJHKHYRUDXV´VDJWHHUNQDSSXQGQDKPGHQJHVFKZHLIWHQ%RJHQYRQGHU 6FKXOWHU,FKQLFNWHLKP]XHUEHJDQQLQHLQHPNUlIWHVSDUHQGHQ7URWWDXIGLH 5DXFKIDKQH]X]XODXIHQ :LUIROJWHQHLQHPNDXPHUNHQQEDUHQ)XSIDGGHUYRQJUWHOKRKHP*UDV JHVlXPWZDUHLQ]HOQH%VFKHGXUFKEUDFKHQGLH)OlFKH'LH6SLW]HQGHU*UlVHU ZXUGHQYRP:LQGEHZHJWGHUQRFKLPPHUVDO]LJVFKPHFNWH'LH*UlVHUZLUNWHQZLH 0HHUHVZHOOHQ6FKZHLJHQGIROJWHQZLUGHU*HVWDOWGLHYRP3IDGVSUDQJXQGHLQHQ +JHOKLQDXINURFK $QFDQWDVEOLHELQGHU'HFNXQJHLQLJHU%VFKHDXIGHU.XSSHVWHKHQ(U YHUVFKPRO]PLW=ZHLJHQXQG%OlWWHUQ:LUVDKHQLKQXQGYHUKLHOWHQXQVUXKLJNDPHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

DEHUQlKHU,FKKREGHQ.RSIGDVUXKLJH.UHLVHQGHV6HHDGOHUVEHZLHVGDVLFKGHU )UHPGHDXVVHLQHP5DXPVFKLIIQLFKWKHUYRUJHZDJWKDVWH'DQQZLQNWHGHU %RJHQVFKW]H:LUZXUGHQVFKQHOOHUXQGJOLWWHQLQHLQHU/LQLHDXIGLH6SLW]HGHV+JHOV ]X3O|W]OLFKZDU6LUHQQHEHQPLUXQGNQXUUWH ³:LHYHUKDOWHQZLUXQVJHJHQEHUGHQ(LQJHERUHQHQ"´ ³$EZDUWHQG´VDJWHLFK³6LHVLQG]X7RGHHUVFKUHFNW9LHOOHLFKWYHUUDWHQVLHXQV DXV$QJVW6HKHQZLUHUVWHLQPDODOOHVJHQDXDQ'DQQHQWVFKHLGHQZLU´ ³.OXJJHGDFKW$EHU]ZHL'XW]HQG0lQQHUZHUGHQVLFKQLFKWUDQJHYHUVWHFNHQ N|QQHQ´JDEHU]XEHGHQNHQ ³:DUWH´,FKGHXWHWHQDFKYRUQZRGDV'DFKHLQHV+DXVHV]XVHKHQZDU 'XUFKGRUQLJH5DQNHQPLW%HHUHQGDUDQGXUFKGLVWHODUWLJH*HZlFKVHXQG QLHGULJH%VFKHIROJWHQZLUGHU6SXUGHV%RJHQVFKW]HQXQGEOLHEHQDOVZLULKQ HUUHLFKWKDWWHQKLQWHUGHQ%VFKHQ(LJHQWOLFKZDUNHLQ9HUVWHFNHQQ|WLJQLFKWWULHU QLFKWMHW]W9RUXQVEUHLWHWHVLFKHLQHHEHQH)OlFKHDXVLQGHU0LWWHGDVVWHLQHUQH 2EVHUYDWRULXP9RQWULHUDXVZLUNWHHV]ZDUXQEHGHXWHQGDEHUHLQHNDOWH%HGURKXQJ JLQJYRQLKPDXV,FKNRQQWHPLFKGHU$XVVWUDKOXQJGLHVHUPRQROLWKLVFKHQ6lXOHQPLW GHQGDUEHUJHOHJWHQ3RUWDOVWHLQHQQLFKWHQW]LHKHQ6HOEVWPHLQH0lQQHUGLHVWHLQHUQH *UREDXWHQJHZRKQWZDUHQVFKLHQHQEHHLQGUXFNW]XVHLQYRQGHU$QODJHPLW(EHQH :DOOXQG*UDEHQXQGGHQ9LVLHUVWHLQHQ'LH:LUNXQJDXIGLH(LQJHERUHQHQMHGRFK PXWHNDWDVWURSKDOVHLQ ³%HHLQGUXFNHQG´]LVFKWH6LUHQ³:DVVRLOGDVHLQ"(LQ=DXQ"´ ³)UGLH(LQJHERUHQHQHLQ+HLOLJWXP)UGHQ)UHPGHQHLQ*HUlWPLWGHPHU VHLQH+HLPDW]ZLVFKHQGHQ6WHUQHQZLHGHUILQGHQXQGGRUW+LOIHKHUEHLKROHQZLOO´VDJWH LFKUXKLJ³$EHUHUKDWVLFKQLFKWGLHJHVFKLFNWHVWHQ+DQGZHUNHUDXVJHVXFKW´ 1DWUOLFKZDUHUQRWJHODQGHWRKQHYRUKHU*HOHJHQKHLWJHKDEW]XKDEHQ NXOWXUHOOH=HQWUHQNHQQHQ]XOHUQHQ(VZDUZRKOHLQGLUHNWHU$QIOXJJHZHVHQ1LFKW DXV]XGHQNHQZHOFKH)ROJHQVHLQ(UVFKHLQHQLP+DSLODQGJHKDEWKlWWH2GHULQGHQ 6WlGWHQGHV=ZHLVWU|PHODQGV ³+LHUZLUGNHLQHUXQVHUHU.DSLWlQHUHLFK´VSRWWHWH6LUHQ,FKGUHKWHGHQ.RSIHU VWDQNDXVGHP0XQG ³9LHOOHLFKWOLHJHQXQWHUGHQ+JHOQUHLFKH0HWDOODGHUQXQG/DJHUJHKHLPQLVYROOHU (GHOVWHLQH´ ³8QWHUGLHVHQ+JHOQ"´6LUHQVSXFNWHDQJHZLGHUWDXV(UZDUPLWGHPZDVHU YRUVLFKKDVWHVLFKWOLFKXQ]XIULHGHQ6HLQ9HUODQJHQJHZLQQWUlFKWLJHQ+DQGHO]X WUHLEHQZDUQXUHLQNOHLQHU$VSHNWXQVHUHV$XIWUDJHV ³6FKRQP|JOLFK´VDJWHLFK$QGHQ5lQGHUQGLHVHUVFKVVHOI|UPLJHQ6HQNH ODJHQ:DOGVWFNHUHFKWHFNLJH0XVWHUEHPLWOHLGHQVZHUWHU$FNHUXQGORVH ]XVDPPHQJHZUIHOWH/DQJKlXVHU 0HLQH(LQGUFNHZXUGHQEHVWlWLJWVFKODPSLJKLOIORVXQGDXIQLHGULJHU6WXIH,FK NRQQWHGHXWOLFKHUNHQQHQGDVLHVLFK0KHJDEHQGDV%HVWHDXVLKUHP/HEHQ]X PDFKHQ 'DV(UVFKHLQHQGLHVHV5DXPVFKLIIVPXWHHLQ(UHLJQLVJHZHVHQVHLQGDVVLH PLWJUlOLFKHU)XUFKWHUIOOWH ³'RUW´,FKGHXWHWHDXIGLHKRKHQ.URQHQHLQHV:DOGHV(LQ$XVOlXIHUXPVFKOR DXIEHLGHQ6HLWHQGLHVLOEHUQH.XJHO6LHZDUHLJHQWOLFKZHQLJDXIIlOOLJDEHUZLU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

HQWGHFNWHQVLHZHOOZLUVXFKWHQ(VGXUFKIXKUPLFKZLHHLQ6FKRFNHLQ:UDFNHLQ %HZHLVGDIUGDLFKPLFKQLFKWLQHLQHP7UDXPEHIDQG ³:LUVHKHQHV´ 'DV*HELHWZDUKDOEZHJVLGHDOZHOOHVGHFNXQJVUHLFKZDUXQGGDUEHUKLQDXV EHUVFKDXEDU(LQH,QVHODXIHLQHU,QVHO$QGHUHUVHLWVERWHVNHLQHQDWUOLFKHQ 9HUVWHFNHGHQ5LHVHQ]XEHVLHJHUNHLQH+|KOHQZHGHU0DKOVDQGQRFKHLQHQWlWLJHQ 9XONDQZHGHU(UGVSDOWHQQRFK*HVWHLQVNUXVWHQGXUFKGLHHUGXUFKEUHFKHQNRQQWH:LU ZUGHQLKPNHLQH)DOOHQVWHOOHQN|QQHQVRQGHUQPXWHQGHQ.DPSIRIIHQIKUHQ ³'LH(LQJHERUHQHQDUEHLWHQ'RUWGRUWDXFKGRUWGUEHQ´$QFDQWDVGHXWHWHLQ YHUVFKLHGHQH5LFKWXQJHQ³$EHUZRLVWGDV8QJHKHXHU"´ ³,QVHLQHUNXJHOLJHQ+|KOH´VDJWHLFKOHLVH³9HUWHLOWHXFK)UHXQGH.DDSHU $QFDQWDVXQGLFKZHUGHQXQVGHU.XJHOQlKHUQXQGVHKHQZDVZLUWXQN|QQHQ´ ³(LQYHUQQIWLJHU9RUVFKODJ´NRPPHQWLHUWH6LUHQWURFNHQ³:HQQZLUGDV 8QJHKHXHUDXVGHU)HUQHVHKHQHUVFKUHFNHQZLUQLFKWVRVHKU´ :LUJULQVWHQXQVYHUVWlQGQLVYROODQ.DDSHUXQG$QFDQWDVQLFNWHQPLU]XGDQQ JLQJHQZLUQDFKUHFKWVXQGYHUVXFKWHQXQVKLQWHU%VFKHQYHUVWHFNW]XKDOWHU :lKUHQGZLULQ6FKODQJHQOLQLHQODXWORVDXIGLH.XJHO]XVFKOLFKHQEHPHUNWHQZLU ZHLWHUH(LQ]HOKHLWHQ%DXPVWUQNHVWDFKHQDXVGHP%RGHQVLHZDUHQPLWVWHLQHUQHQ b[WHQEHDUEHLWHWZRUGHQ.lIHUXQGDQGHUH,QVHNWHQNURFKHQ]ZLVFKHQEUlXQOLFKHQ 6SlQHQXPKHU'LH0lQQHUDXIGHQ$FNHUQKDVWHQ.KHYRUK|O]HUQH3IOJHJHVSDQQW 'LH7LHUH]HUUWHQGDV+RO]GXUFKVFKZHUH(UGEURFNHQ$QODQJHQ6WDQJHQLQGHQ %RGHQJHNUPPWXQGGXUFK4XHUK|O]HUDEJHVWW]WKLQJHQ+lXWHYRQ5LQGHUQ$XI 5DKPHQZDUHQ)HOOHYRQ:DOGWLHUHQ]XP7URFNQHQJHVSDQQW(LQW|QLJEHZHJWHHLQH DOWH)UDXGHQ+HEHDUPHLQHV%UXQQHQV:LHGHUNDPGHUK|O]HUQH%RWWLFKKRFKZXUGH DXVJHNLSSWGDV:DVVHUIORLQHLQH5LQQHDXVDXVJHK|KOWHQ%DXPVWlPPHQ 0HQVFKHQXQG7LHUHWUDQNHQGDUDXV$QHLQHU7|SIHUVFKHLEHVDHLQ0DQQPLWZHLHP %DUWXQGGUHKWH7RQJHIlHJORFNHQI|UPLJH%HFKHUGLHHUPLWVFKQHOOHQ%HZHJXQJHQ XQGHLQHU$UW6FKQXUPXVWHUYHU]LHUWHXQGDXIXQJHKREHOWH%UHWWHUVWHOOWH:HEVWKOH NODSSHUWHQ]ZLVFKHQGHQ+WWHQPLWIDXOHQGHP6WURKDXIGHQ'lFKHUQ ³$UPH/HXWH$UPZLHXQVHUH:VWHQQRPDGHQ´.DDSHUNQXUUWHXQGGXFNWH VLFKDOVHLQ6FKZDUP:LOGWDXEHQDXVHLQHP*HEVFKDXIIORJXQGPLWNODWVFKHQGHQ )OJHOVFKOlJHQDEVWULFK ³=ZLVFKHQGHQYLHOHQ*UXSSHQLQYLHOHQ/lQGHUQEHVWHKHQNDXP +DQGHOVVWUDHQ'LH0HQVFKHQOHUQHQVLFKQLFKWNHQQHQ´HUOlXWHUWHLFK³6LHVLQGDUP $EHUZHQQZLUGHQ.DPSIEHUVWHKHQZHUGHQVLHYRQXQVHWZDVOHUQHQ´ ³2EHVHLQHQ+lQGOHUKLHUKHU]LHKW"´IUDJWH$QFDQWDVXQJOlXELJ³+LHUJLEWHV ZLH6LUHQVDJWHQLFKWVZRPLWVLFKKDQGHOQOLHH´ ³+DQGHOVZDUHJLEWHVDQMHGHP3XQNWXQVHUHU:HOW´HUZLGHUWHLFK9RUVLFKWLJ SLUVFKWHQZLUZHLWHU5DQNHQZDQGHQVLFKXPXQVHUH.Q|FKHO'RUQHQULVVHQDP/HGHU GHU6WLHIHO'XUFKGLH6WLOOHGHV7DJHVW|QWHGDVGXQNOH6XPPHQJURHU QHNWDUVDPPHOQGHU,QVHNWHQ(LQHJHOEH6FKODQJHZDQGVLFKGDYRQDOVZLUGHQ5DQG GHV:DOGHVHUUHLFKWHQ8QZHLWHQWIHUQWHUNDQQWHQZLUGHQ*ODQ]GHV0HWDOOV ³(VLVWQRFKLPPHUVWLOO´VDJWHLFK³:ROOHQZLUHVULVNLHUHQ"´ ³,UJHQGZDQQPVVHQZLUDQIDQJHQ$WODQ´.DDSHUVWLPPWHUXKLJ]X³/RV´ 0LWGRSSHOWHU9RUVLFKWVFKOLFKHQZLUGXUFKGHQ:DOG'HU%RGHQ]HLJWHGHXWOLFKH 6SXUHQGHU6WLHIHOGHV)UHPGHQhEHUDOOKDVWHQVLFKLQGHQIHXFKWHQ*UXQGGLH0XVWHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GHU6RKOHQHLQJHSUlJW+LQXQGZLHGHUZDUHQGLFNH$VWHDEJHEURFKHQZRUGHQMHW]W KLQJGDV/DXEYHUWURFNQHWYRQGHQ=ZHLJHQXQGUDVFKHOWHYHUUlWHULVFKDOVZLUXQV YRUEHLVFKREHQ:LUKLHOWHQGHQ$WHPDQLFKSDFNWHGLH/DQ]HIHVWHUXQGEOLFNWHQDFK YRUQ1HEHQGHP6FKLIIVDKLFKWHFKQLVFKHV*HUlWOLHJHQ 'HU6HQGHU]LVFKWHGHU/RJLNVHNWRU-HGHQ$XJHQEOLFNNRQQWHGHU5LHVHGLH 5DPSHKHUXQWHUSROWHUQ,FKGUHKWHPLFKXPXQGVDKLQGLH$XJHQGHU)UHXQGH6LH PXVWHUWHQGLHVHOWVDPH6]HQHYRUXQV,FKGHXWHWH]XHUVWDXIGLH*HUlWHGDQQDXIGHQ 5DQGGHV:DOGHVGHUDPZHLWHVWHQYRQGHQ6LHGOXQJHQHQWIHUQWZDU'RUWKLQZUGH VLFKPLWHLQLJHU6LFKHUKHLWGHU5DXPIDKUHUQLFKWZHQGHQ .DDSHUQLFNWH6LHKDVWHQYHUVWDQGHQXQGKXVFKWHQ]ZLVFKHQ%DXPVWlPPHQ GDYRQ,FKHQWVLFKHUWHGLH(QHUJLHDQODJHLQPHLQHU/DQ]HXQGVSUDQJYRQHLQHU 'HFNXQJ]XUDQGHUHQ (VZlUHDPHLQIDFKVWHQJHZHVHQGLH7HLOHGHU$QODJH]X]HUVW|UHQ$EHUGDQQ PXWHGHU5DXPIDKUHUDQQHKPHQGLH%DUEDUHQKlWWHQVHLQHQ%HVLW]YHUQLFKWHWHU ZUGHVLHLQVHLQHU:XWEHVWUDIHQ'DVNRQQWHLFKQLFKW]XODVVHQGHQQGDV*DQ]HOLHIH LQGLHVHP)DOODXIHLQHQ0RUGKLQDXVDQGHPLFKPLWVFKXOGLJZDU:DVWXQ" ,FKNDPDQGHU/DQGHVWW]HYRUEHLXQGVDKGDGLHVHV6FKLII]XPOHW]WHQPDO JHODQGHWZDU:RGLH7ULHEZHUNHGLH9HJHWDWLRQYHUQLFKWHWKDWWHQZXFKHUWHQ*UlVHU XQG8QNUlXWHULQSUlFKWLJHQ6RPPHUIDUEHQ,FKZDUVLFKHUGD5DXPVFKLIIHDXV QLFKWURVWHQGHQ6WDKOYHUELQGXQJHQKHUJHVWHOOWZXUGHQDEHUGLHVHV6FKLIIVFKLHQXUDOW]X VHLQKDVWH]lKOORVH6FKUDPPHQXQG6SXUHQYRQ0HWHRUHLQVFKOlJHQ²XQGHVURVWHWH (VPDFKWHHLQHQKHUXQWHUJHNRPPHQHQ(LQGUXFN=|JHUQGJOLWWLFKQlKHUDQGLH *HJHQVWlQGHKHUDQGLHGHU5DXPIDKUHUDXVJHODGHQKDVWH,FKVDK.DEHOUROOHQPLW YHUVFKLHGHQIDUELJHU,VROLHUXQJZUIHOI|UPLJHQ*HUlWHQPLW6NDOHQ6FKDOWHUQXQG 5HJOHUQ(VZDUNODUGDVLFKGLH(LQJHERUHQHQQLFKWLQGLH1lKHGHU³6WHUQHQNXJHO´ KHUDQWUDXWHQ6LHZUGHQHVQLHZDJHQ7HLOHGHV6HQGHUVDQ]XIDVVHQGHQQVLH KDVWHQNHLQH$KQXQJZRUXPHVVLFKEHLGLHVHQ]DEHULVFKHQ,QVWUXPHQWHQKDQGHOWH :LUPXWHQYHUVXFKHQXQEHPHUNWGHP5DXPIDKUHUNODU]XPDFKHQGDHUQLFKWYRQ GHQ(LQJHERUHQHQDQJHJULIIHQZXUGHVRQGHUQYRQJHKHLPQLVYROOHQ.lPSIHUQ'HU /RJLNVHNWRUNQXUUWH'XKDVWGLFKHQWVFKORVVHQVHLQHQ+LOIHUXI]XVDERWLHUHQ"%OLHE HWZDVDQGHUHVEULJ":HQQIUGHQ5DXPIDKUHU+LOIHNDPZUGHLFKYLHOOHLFKWQDFK $UNRQPLWJHQRPPHQZHUGHQ,FKNRQQWHYHUVXFKHQKHUDXV]XILQGHQZLHIUHLLFKLQ :LUNOLFKNHLWZDUZLHUDQJH(6PLUIUHLH+DQGLQPHLQHQ$NWLRQHQOLH1RFKHLQPDO PXVWHUWHLFKGLH7HLOHXQGJODXEWHKHUDXVJHIXQGHQ]XKDEHQGD]XP%DXHLQHV +\SHUVHQGHUVZLFKWLJH%HVWDQGWHLOHIHKOWHQ9HUPXWOLFKPRQWLHUWHGHU5DXPIDKUHUVLH DXVGHP6FKLIIXQGHEHQVRVLFKHUZDUIUPLFKGDHUZLFKWLJH=XEHK|UWHLOHQHX NRQVWUXLHUHQRGHULQVWDQGVHW]HQPXWHGHQQVRQVWKlWWHHUPLWGHU 6FKLIIVVHQGHDQODJHDUEHLWHQN|QQHQ,FKNQXUUWHOHLVH³,FKJODXEHZLUVROOWHQDEZDUWHQ ZDVGHU5DXPIDKUHUWXW=XHUVWEHREDFKWHQGDQQHLQHQ3ODQIDVVHQ:LUKDEHQ=HLW´ *HUDGHDOVLFKYRUVLFKWLJLP6FKXW]GHU%OlWWHUYHUVFKZDQGK|UWHLFKGLH *HUlXVFKH6LHNDPHQXQYHUNHQQEDUDXVGHP5DXPVFKLII=XHUVWHLQHUHVHQGVFKQHOOH 5HLKHKlPPHUQGHU7|QHGDQQGDVVFKULOOH-DXOHQHLQHU6lJHGDUDQVFKORVVHQVLFK GU|KQHQGH6FKOlJHDQ,FKPDFKWHHLQSHDU6SUQJHXQGYHUVFKZDQGDP:DOGUDQG 'UHL6FKULWWHVSlWHUGXFNWHLFKPLFK]ZLVFKHQ.DDSHUXQG$QFDQWDV]X%RGHQ ³+|UVWGXGHQ5LHVHQ"(USROWHUWLP6FKLII´VDJWH.DDSHU'LH)UDXHQXQG 0lQQHUKDWWHQYRQPLUYRUEHUHLWHWGLH([LVWHQ]HLQHV6WHUQHQVFKLIIVDN]HSWLHUW6LH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EHJULIIHQGLH$QDORJLHGDHLQ6FKLIIDXFK]ZLVFKHQGHQ6WHUQHQ³VHJHOQ´NRQQWH -HGHQIDOOVHUVFKUDNHQVLHQLFKWLQGHP0DZLHLFKHVEHLGHQ(LQJHERUHQHQHUOHEW KDVWH ³(UZLUGVLFKHUJOHLFKGDV6FKLIIYHUODVVHQ´NHXFKWHLFK³:DUWHQZLU´ (LQHKDOEH6WXQGHIDQJVFKLHQGHU5LHVHPLWEHPHUNHQVZHUWHP$XIZDQGDQ /lUP7HLOHGHV6FKLIIHVDE]XPRQWLHUHQ1DWUOLFKNRQQWHLFKQXU0XWPDXQJHQ DQVWHOOHQ$EHUGDQQ]HUVFKQLWWGDVNUHLVFKHQGH:LPPHUQURVWHQGHU/DJHUGLH6WLOOH 'HU%RGHQYLEULHUWHDOVNHLQHGUHLLJ6FKULWWYRUXQVHUHP9HUVWHFNGHU5DXPIDKUHU EHUGLHVFKPXW]LJH5DPSHKHUXQWHUVWDSIWH(UKDVWHVLFKPLWPHUNZUGLJ DXVVHKHQGHQ'LQJHQEHODGHQXQGVFKOHSSWHPLWVHLQHQYLHU$UPHQWHFKQLVFKH*HUlWH DQGHQHQ]XP7HLOQRFK)HW]HQYRQ3ODVWLNPDWHULDORGHU0HWDOOKLQJHQ:LUVDKHQGHQ WRQQHQDUWLJHQ5FNHQGHV5LHVHQGHUVFKZHUIlOOLJDEHU]LHOVWUHELJYRP6FKLIIEHU GHQ3IDG]XP6WHLQNUHLVVWDSIWH ³6ROOLFKLKPHLQHQ3IHLOLQGLH/HGHUKDXWVFKLHHQ"´IOVWHUWH.DDSHU6HLQ RYDOHV*HVLFKW]HLJWHWLHIH/LQLHQGHU6SDQQXQJ ³1HLQ5XKLJ´]LVFKWHLFK:LUZDUHQXQJHGXOGLJDEHUZLUZDUWHWHQ=HKQPDO VWDPSIWHGLHVHV:HVHQ]ZLVFKHQ6FKLIIXQG2EVHUYDWRULXPKLQXQGKHU'HU 5DXPIDKUHUVFKOHSSWHIDVWDOOH*HJHQVWlQGHGLHYRUGHP6FKLIIJHODJHUWJHZHVHQ ZDUHQLQGHQ%HUHLFK]ZLVFKHQ:DOOJUDEHQXQGVWHLQHUQHP3DOLVDGHQ]DXQ(LQ.DEHO ZXUGHYRP6FKLIILQ5LFKWXQJGHV+HLOLJWXPVDXIJHUROOWGDVDQGHUHVFKOHSSWHGHU 6FKZDU]KlXWLJHYRQGRUWDXVKLQWHUVLFKKHUXQGYHUVFKZDQGGDPLWLP6FKLII(U VFKZLHJZLHGHUK|UWHQZLUGHQNHXFKHQGHQ$WHP(UZLUNWHZLHGDV/XIWKROHQXQG $XVVWRHQHLQHVULHVLJHQ7LHUHV'DV*OKHQGHUGUHL$XJHQGLHVLFKZHLWDXVGHU NXJHOLJHQ6FKlGHOIOlFKHKREHQZDUDXIIDOOHQGHEHQVREHGURKOLFKVFKLPPHUWHGDV 5DXEWLHUJHELGHVPRQGVLFKHOI|UPLJHQ5DFKHQV7URW]DOOGLHVHUEHIUHPGOLFKHQ %HREDFKWXQJHQDEHUVDKLFKGDGLHVHV:HVHQHLQHUDOWHQXQGNOXJHQ5DVVH DQJHK|UWH$OOHUGLQJVHUJDEGLHVQRFKNHLQHQ+LQZHLVDXIGLHFKDUDNWHUOLFKHQ (LJHQVFKDIWHQGLHVHV3ODQHWHQYRONV$OVZLUGDVPDUNHUVFKWWHUQGH*HUlXVFKGHUVLFK VFKOLHHQGHQ6FKRWWUK|UWHQVDJWHLFK ³6FKQHOO]XUFN]XXQVHUHQ/HXWHQ:LUEHREDFKWHQDXVGHU)HUQH,FKZHUGH YHUVXFKHQGHQ+lXSWOLQJ]XILQGHQ´ ³(LQYHUVWDQGHQ´ $XIGHPVHOEHQ:HJDXIGHPZLUXQVKHUDQJHVFKOLFKHQKDWWHQYHUOLHHQZLUGHQ WDUQHQGHQ:DOG,FKZDUUDWLRV:LUKDVWHQHVZHGHUPLWHLQHPPHQVFKOLFKHQ*HJQHU ]XWXQQRFKKDVWHQZLUHLQHHUQVWKDIWH&KDQFHLKQ]XEHVLHJHU9RUVLFKWLJXPQLFKW GHQ(LQJHERUHQHQDXI]XIDOOHQOLHIHQZLU]XXQVHUHQ)UHXQGHQ6LHKDVWHQDXVGHU (QWIHUQXQJDOOHVPLWDQJHVHKHQ ³-HW]WKDEWLKUXQVHUHQ)UHXQGJHVHKHQ´VDJWHLFKXQGZDUIPLFKLQV*UDV =ZLVFKHQGHQHQWIHUQWHQ*HUlXVFKHQGHU0HQVFKHQGUDQJZLHGHUGDV.UHLVFKHQGHU 6FKOHXVHDQXQVHUH2KUHQ/DQJVDPEHJDQQHV]XGXQNHOQ/DQJJH]RJHQH:RONHQ ]RJHQLP:HVWHQDXI ³-D$XIZHOFKH:HLVHZLOOVWGXLKQEHNlPSIHQ":LUKDEHQJHVHKHQHULVWHLQ JHZDOWLJHU*HJQHU´ ³1RFKLVWHUQLFKWXQVHU*HJQHU´ $EHU.DDSHUNQXUUWHODXW ³:LUVLQGWULHUXPLKQ]XEHNlPSIHQ$WODQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³'DVLVWULFKWLJ´OFKIUDJWHPLFKZHQQGDV.UHLVHQGHV6HHDGOHUVDXIIDOOHQ ZUGH³(UZHLQLFKWVYRQXQV9LHOH'LQJHVLQG]XEHDFKWHQ:LUPVVHQ*HGXOG KDEHQ´ ³,FKZLOO]XUFNQDFK*XEDO´PDXOWH6LUHQ(LQLJHODFKWHQODXW:LUEHIDQGHQXQV LQVLFKHUHU(QWIHUQXQJYRQGHQ/DQJKlXVHUQWURW]GHPEHJDQQLUJHQGZRHLQ+XQG K\VWHULVFK]XNOlIIHQ ³:DVKDEHQZLU]XEHDFKWHQ"´IUDJWH$QFDQWDVXQJHGXOGLJ ³'HU)UHPGHNDQQXQVVFKQHOOHUW|WHQDOVZLUHVXQVYRUVWHOOHQ:LUGUIHQDXI NHLQHQ)DOORIIHQDQJUHLIHQ:HQQZLUNlPSIHQLQGHU1DFKWRGHUXQJHVHKHQZLUGGHU )UHPGHPHLQHQGDLKQGLH(LQJHERUHQHQDQJUHLIHQ(UZLUGVLHVWUDIHU6DJPLU $QFDQWDVZDVZLUWXQN|QQHQ´ (UQLFNWHODQJVDPXQGEUXPPWHYHUGURVVHQ ³:LUPVVHQGLH(LQJHERUHQHQGD]XEULQJHQVLFKVR]XYHUVWHFNHQGDGHU )UHPGHVLHQLFKWILQGHW+DVWGXGDUDQJHGDFKW$WODQ"´ ³)OFKWLJ´OFKQLFNWH³,FKZHLQXUQLFKWZLHZLUGDVDQVWHOOHQ:LUN|QQHQNDXP GLH%DUEDUHQXQWHUGHQ$XJHQGHV*LJDQWHQZHJVFKOHSSHQ,FKVDJH:LUZDUWHQ VHKHQ]XXQGHQWVFKHLGHQGDQQ1LHPDQGWUHLEWXQV´ ³'DVLVWULFKWLJ:LUVROOWHQPLWGHP+lXSWOLQJGLHVHUYRQ*ROGXQG3UXQN VWURW]HQGHQ6WDGWVSUHFKHQ´ 6LUHQJULQVWHVDUNDVWLVFK³9LHOOHLFKWKDEHQVLH+|KOHQYRQ'LDPDQWHQXQG =HGHUQKRO]LQGHQHQVLHVLFKYHUNULHFKHQ:DVZLOOVWGXWXQ$WODQ"´ ,FKJULQVWHPLW9HUVFKZ|UHUPLHQHXQGHUZLGHUWH ³0LFKXPVHKHQVREDOGHVGXQNHUZLUG´ (LQYHUQQIWLJHU3ODQVDJWHGHU/RJLNVHNWRU ³,-QGZLU"´ ,FKVSUDFKPLW.DDSHUVWHOOYHUWUHWHQGIUDOOH)UHXQGH ³:LUN|QQHQXQVHLQLJH1lFKWHYHUVWHFNHQ9HUWHLOWHXFKLUJHQGZR)DOOWQLFKW DXIPDFKWNHLQH)HXHU,FKZHUGHHXFKILQGHQLFKJODXEHHVLVWGHUEHVWH3ODQGHQ ZLUMHW]WKDEHQN|QQHQ´ ³*XW*ODXEVWGXGLH(LQJHERUHQHQKHOIHQ"´ ³6HOEVWZHQQVLH¶VZROOWHQN|QQHQVLHHVQLFKWZHOOVLHNHLQH:DIIHQKDEHQ'LH $QJVWOlKPWVLH´,FKVFKWWHOWHHQHUJLVFKGHQ.RSI ³'DVJODXEHLFKDXFK´EUXPPWH.DDSHU³,FKVDJH'XJHKVWQLFKWRKQHPLFK $WODQ´ ³0HLQHWZHJHQ´ :LU]RJHQXQV]XUFN'HU5DXPIDKUHUEHDFKWHWHGLH0HQVFKHQQLFKWGLHZLH EHVHVVHQDXIGHQ)HOGHUQDUEHLWHWHQ2IIHQVLFKWOLFKKDVWHHVHUJLHELJJHUHJQHWGHQQ VRQVWZUGHQVLFKGLHK|O]HUQHQ3IOXJVFKDUHQVFKQHOODEJHQXW]WKDEHQ'LH (LQJHERUHQHQYHUVXFKWHQGLH$UEHLWQDFK]XKROHQGLHVLHZHJHQGHU+LOIHOHLVWXQJHQIU GHQ)UHPGHQYHUVlXPWKDWWHQ9HUPXWOLFKUHLFKWHGLH=HLWQLFKWXQGGDQQZUGHGHU :LQWHUIUGLH/HXWHIXUFKWEDUZHUGHQ:LU]RJHQXQVLQHLQVLFKHUHV9HUVWHFNLP:DOG ]XUFNXQGEHUHLWHWHQDOOHVIUHLQ/DJHUYRQ$OVHVGXQNHUZXUGHPDFKWHQVLFK.D DSHUXQGLFKDXIGHQ:HJ 7HUQDO0DODWDUEHLWHWHYHUELVVHQXQG]LHOEHZXW(ULJQRULHUWHVHLQH+HOIHU)U GLHVFKZLHULJH$UEHLWEUDXFKWHHUVLHQLFKWVLHZUGHQPHKUYHUGHUEHQDOVQW]HQ(U

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EHIHVWLJWHHLQHQ.|USHUDXVSRO\PHULVLHUHQGHP3ODVWLNDXIGHQ6WHLQHQGHQHULQGHQ OHW]WHQ7DJHQLP6FKLIIJHJRVVHQKDVWH$XVMHGHP.HJHOUDJWHHLQNXU]HU0HWDOOVWLIW ³%DOGVHLGLKUPLFKORVLKUJUDEHQGHQ:UPHU´EUXPPWH7HUQDOYRUVLFKKLQW(U ZDUJDQ]DXIVHLQH$XIJDEHNRQ]HQWULHUWHUVDKGDHVGXQNHOWH(UPXWHEDOG DXIOK|UHQGHQQGLH5HVWHQHUJLHLQGHQ6FKLIIVPDVFKLQHQOLHQLFKW]XGDHUHLQH %HOHXFKWXQJVDQODJHHLQVFKDOWHWH1RFKHWZDVVDKHU'LHVHU9RJHONUHLVWHVHLWGHP IUKHQ0RUJHQXQXQWHUEURFKHQEHUGHPULHVLJHQ7DOHLQPDOK|KHULQHQJHUHQ .UHLVHQGDQQWLHIHUXQGLQZHLWDXVHLQDQGHUJH]RJHQHQ.XUYHQKLQXQGZLHGHUVHJHOWH HUYRQHLQHP:DOGVWFN]XPDQGHUHQXQGQlKHUWHVLFKGDEHLGHP2EVHUYDWRULXP ³'XZDUWHVWYHUJHEOLFK´ULHI7HUQDOXQZLOOLJ8QEHLUUEDUNUHLVWHGHU9RJHOZHLWHU HLQOHW]WHU6RQQHQVWUDKOKLQWHUGHQ:RONHQOLHVHLQ*HILHGHUDXIEOLW]HQ6HLWZHQQ EOLW]HQIDUELJH)HGHUQLP6RQQHQOLFKW"GDFKWH7HUQDOYHUJDGHQ*HGDQNHQZLHGHU XQGJDELKQDQVHLQ3ODQKLUQZHLWHUGDVVLFKPLWGHU9HUNDEHOXQJGHUHLQ]HOQHQ 6HJPHQWHEHVFKlIWLJWH(QGOLFKKDIWHWHGHUOHW]WH3ODVWLNLVRODWRUDXIHLQHPZDDJUHFKW HLQJHSDWHQ6WHLQ ³6FKOXIUKHXWH´JUROOWHGHU5DXPIDKUHU(UOHJWH]ZHLVHLQHU$UPHDQGLH %UXVWXQGEHWUDFKWHWHPLWJHZLVVHU%HIULHGLJXQJGLH$QODJH(UKDVWHQlFKWHODQJ YHUVXFKWGLHULFKWLJHQ%H]XJVVWHUQHKHUDXV]XILQGHQGDV=LHOLQGHVVHQ5LFKWXQJHU GHQ6WUDKOVHLQHV6HQGHUV]XVFKLFNHQKDVWHODJVRJXWZLHIHVV1XUZLQ]LJH .RUUHNWXUHQKDVWHQ]XHUIROJHQ(UUHFKQHWHPLW]ZDQ]LJ7DJHQELVHULQGHPQRFK IXQNWLRQLHUHQGHQ(PSIlQJHUGHV6FKLIIHVGLH$QWZRUWHUKDOWHQZUGH$XV XQHUNOlUOLFKHP*UXQGlUJHUWHLKQGLH+DUWQlFNLJNHLWGLHVHVGXPPHQ9RJHOV(U DQDO\VLHUWHPLWVHLQHP3ODQKLUQGDVGDIUQXUHLQHQJHULQJHQ7HLOGHU.DSD]LWlW DE]ZHLJWHGLHVHV3UREOHP6RIRUWDN]HSWLHUWHHUGLH(UNOlUXQJ'HU9RJHOKDVWH PLWDQJHVHKHQGDHUHLQHQ0RPHQWGHUWLHIHQ6FKZlFKHXQGGHU(UQLHGULJXQJGXUFK GHQ$QIDOOJHKDEWKDVWH'LHVH5DVHUHLLQGHUHQ9HUODXIHUHLQHQ3IDGGHU=HUVW|UXQJ JH]RJHQXQGVHLQHQNULVWDOOLQYHUKlUWHWHQ.|USHUZLHHLQHQ6WDKOEORFNJHJHQGLH .UHLGHIHOVHQJHVFKPHWWHUWKDVWH1LFKWHLQPDOHLQHUGLHVHU]ZHLDUPLJHQ3ODQHWDULHU KDVWHGLH/lKPXQJPLWDQJHVHKHQXQGHUNDQQWGDVHLQZLGHUVWDQGVIlKLJHU.|USHULKQ YHUUDWHQKDVWH ³'LH3UREOHPO|VXQJ"´ULHIHU'LH0HQVFKHQLQLKUHQ+lXVHUQRGHULQGHQ 9LHKNRSSHOQHUVFKUDNHQYRUGHPGRQQHUQGHQ*HEUOO]ZLVFKHQGHP6FKLIIXQGGHP VWHLQHUQHQ+HLOLJWXP:LHGHUEHJDQQHQDOOH+XQGHZLHEHVHVVHQ]XNOlIIHQ 'DV3ODQKLUQWHLOWHLKPGLH/|VXQJPLW6LH]HLFKQHWHVLFKGXUFK3UlJQDQ]GHU (LQIDFKKHLWDXV8QZLOONUOLFKEHVFKOHXQLJWH7HUQDOVHLQH*DQJDUWELVHUVLFKYRUGHP 6FKLIIEHIDQG9RUGHP:UDFNYHUEHVVHUWHHULQ*HGDQNHQXQGYHUIROJWHGLH/LQLHGHU .DEHOELV]XP+HLOLJWXP1RFKZDUHQVLHQLFKWDQJHVFKORVVHQPLWGHUJHULQJHQ (QHUJLHPHQJHGXUIWHHUXQWHUNHLQHQ8PVWlQGHQ5LVLNHQHLQJHKHQ (UYHUVFKZDQGLP6FKLIIXQGNDPPLWHLQHP*HJHQVWDQG]XUFNGHQGLH (LQJHERUHQHQIUFKWHQJHOHUQWKDWWHQ/HW]WHV7DJHVOLFKWEHU]RJGLHHUHLJQLVORVH /DQGVFKDIWPLWIDKOHPURWJROGHQHP=ZLHOLFKW'LH:RONHQVWUXNWXUHQDPZHVWOLFKHQ +LPPHOELOGHWHQSKDQWDVWLVFKH0XVWHU,P*UDV]LUSWHQXQGVlJWHQ0\ULDGHQ,QVHNWHQ 'XUFKGLHKDOEH6WLOOHHUW|QWHQQDFKHLQDQGHUGUHLNQDFNHQGH*HUlXVFKH*DQ]SO|W]OLFK VSDOWHWHHLQ%OLW]JHIROJWYRQHLQHPKDOOHQGHQ'RQQHUVFKODJGLH5XKH(LQ.HLODXV +HOOLJNHLWVFKLHQGLH(UGHPLWGHQOHXFKWHQGHQ6WHUQHQ]XYHUELQGHQLQVHLQHU6SXUJDE HVHLQHQJHOEHQ)HXHUEDOOGDQQOHXFKWHWHQ*OXWEDKQHQLQEODXHQURWHQJHOEHQXQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

JUQHQ/LQLHQDXI:LHGHUHUIDWHHLQH3DQLNZHOOHGLH0HQVFKHQ6LH]XFNWHQ ]XVDPPHQXQGPXUPHOWHQ9HUZQVFKXQJHQXQG%HVFKZ|UXQJHQ5LQGHUEUOOWHQXQG +XQGHEHOOWHQ7HUQDOVWLHHLQGU|KQHQGHV*HOlFKWHUDXVZDUIVHLQH:DIIHEHUGLH 6FKXOWHUQXQGVWDSIWHGLH5DPSHKLQDXI1XUHLQZRKOEHNDQQWHV.UHLVFKHQYHUULHWGHQ (LQJHERUHQHQGDVLFKGLH7UGHU6WHUQHQNXJHOIUGLHVH1DFKWJHVFKORVVHQKDVWH 7HUQDOEOLHEVWHKHQGHQZXFKWLJHQ+DQGJULIIGHV9HUVFKOXKHEHOVLQGHQPXVNXO|VHQ )LQJHUQ:LHGHU(QHUJLHEOLW]]XFNWHHLQ*HGDQNHGXUFKVHLQHQ9HUVWDQG (VKDVWHVLFKHWZDVYHUlQGHUWZDUJHIlKUOLFKHUJHZRUGHQVFKLHQYRQ XQVLFKWEDUHQ.UlIWHQGHV:LGHUVWDQGHVHUIOOW'LHVZDUHQ*HGDQNHQXQGHPRWLRQHOOH hEHUOHJXQJHQGXUFKNHLQHUOHLEHOHJEDUH)DNWHQXQWHUVWW]W7URW]GHPZDUHUSO|W]OLFK YRQNDOWHU:DFKVDPNHLWHUIOOW(UZXWHQLFKWZRUDXIVLFKVHLQ0LWUDXHQVWW]WH,FK PXVHKHQGDGLHVDOOHVYRUEHLJHKW-HVFKQHOOHUGHVWREHVVHU,FKEHJLQQHDXI IDOVFKH8PZHOWUHL]HSDQLVFK]XUHDJLHUHQ2GHUZDUGLHVHLQGHXWOLFKHV=HLFKHQGD LKQGLHUlWVHOKDIWH.UDQNKHLWLQLKUHP*ULIIVFKWWHOWH" .DDSHUXQGLFKYHUVFKPRO]HQPLWGHU8PJHEXQJ,FKKLHOWGHQJHULIIHOWHQ*ULII PHLQHV%HWlXEXQJVVWUDKOHU'ROFKHVLQGHU+DQG.DDSHUYHUOLHVLFKDXIVHLQH (XOHQDXJHQXQGGHQVFKQHOOHQ%RJHQ,QZHLWHQ6FKOHLIHQXQGVRODQJVDPGDXQV NDXPMHPDQGK|UHQNRQQWHEHZHJWHQZLUXQVLQIDVWYROONRPPHQHU'XQNHOKHLWDXIGDV VWDWWOLFKVWH+DXVGHVJU|WHQ6LHGOXQJVWHLOV]X+LQWHUPLUIOVWHUWHGHU5RPHW ³*ODXEVWGXZLUNOLFKGDZLUGRUWHLQHQ+lXSWOLQJRGHU)UVWHQILQGHQ"´ ³9RQDOLHQ0|JOLFKNHLWHQ´IOVWHUWHLFK]XUFNRKQHGHQ.RSI]XGUHKHQ³LVWGLHV GLHZDKUVFKHLQOLFKVWH.DDSHU´ :DVZLUELVKHUJHVHKHQKDWWHQHUVFKUHFNWHXQGGHSULPLHUWHXQV(VZDUHLQ =XVWDQGGHUVLFKDXIGHPVFKPDOHQ*UDW]ZLVFKHQ0HQVFKZHUGXQJXQGGHP $XIGlPPHUQGHVVHQEHZHJWHGDVLFK³.XOWXU´RGHU³=LYLOLVDWLRQ´QDQQWH1XUHLQH ZLQ]LJH6SXUPHKUDOVGDV,QGLYLGLXP]XPhEHUOHEHQEUDXFKWH9RQKXQGHUW.LQGHUQ VWDUEHQVLHE]LJEHYRUVLHIQI-DKUHDOWZDUHQ.HLQ6WHLQ]HLWOHUZDUlOWHUDOVYLHU]LJLQ (LQ]HOIlOOHQIQI]LJ-DKUH(LQ/HEHQYROOHU8QJH]LHIHU.UDQNKHLWHQ*HIDKUHQ1|WHQ XQG(QWEHKUXQJHQ:HQQHLQ0HQVFK7DJHIUGDVhEHUOHEHQVFKXIWHQPXWH EOLHEHQLKPQXUZHQLJH6WXQGHQ]XP7UlXPHQJURHU,GHHQ,QGLHVHP)DOOZDUGLH )RUPHLQHV7RQEHFKHUVRGHUGHUPLJOFNWH9HUVXFKHLQ6WFN.XSIHUHU]]X EHDUEHLWHQHLQHNXOWXUHOOH*URWDWHLQ7UDXPYRQZDKUKDIWNRVPLVFKHU*U|H'LHVH LOOXVLRQVORVHXQGKLOIORVH([LVWHQ]ZDUHVGLHXQVHUH(PSILQGXQJHQEHKHUUVFKWH:LU PXWHQXQVREZRKO*XEDODOOHVDQGHUHDOVGLHK|FKVWHUUHLFKEDUH.XOWXUVWXIHZDU GLHVHQDUPHQ0HQVFKHQJHJHQEHUZLHGLH+HUUVFKHUGHV.RVPRVIKOHQ:LUNRQQWHQ VLHQXUPLW0KHDOVXQVHUHVJOHLFKHQDN]HSWLHUHQ:LUEHPLWOHLGHWHQVLHZHOOZLUVDKHQ ZLHVLHGDKLQYHJHWLHUWHQ ³9RUXQVEHZHJWVLFKGHU5LHVHDXIVHLQ6FKLII]X:HQQGXGHQ$WHPDQKlOWVW $WODQNDQQVWGXVHLQH7ULWWHVSUHQ´ ³5XKLJ:DUWHMDLFKKDEHVLHJHK|UW´ :LUVDKHQQLFKWYLHO'HU0RQGYHUEDUJVLFKKLQWHU:RONHQHLQ]HOQH6WHUQH OHXFKWHWHQJOHLFKPlLJJUDXHV'XQNHOODJEHUDOOHP1XUKLQXQGZLHGHUZXUGHHLQH 5DXFKVlXOHYRQ)ODPPHQGHV+HUGIHXHUV]XFNHQGHUKHOOW,FKVWUHQJWHPLFKDQ WDWVlFKOLFKVSUWHLFKHLQH0LVFKXQJDXV*HUlXVFKHQXQG9LEUDWLRQHQODQJZHOOLJH 6FKZLQJXQJHQ'DQQZXUGHQGLH*HUlXVFKIROJHQGHXWOLFKHULFKNRQQWHVLH LGHQWLIL]LHUHQ'HUVFKZDU]KlXWLJH5DXPIDKUHUJLQJGLH5DPSHKLQDXIYHUVFKZDQGLP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6FKLIIRKQHGLH6FKOHXVH]XVFKOLHHQNDPKHUYRUXQGVFKLHQVWHKHQ]XEOHLEHQ,FK IKOWHZLHPLFKHLQ*HIKOGHV$UJZRKQVSDFNWHHLQ,PSXOVGHU*HIDKUYHUKLH 0DFKQLHGHQ)HKOHUGHQ)UHPGHQ]XXQWHUVFKlW]HQ]LVFKWHDXIJHUHJWGHU /RJLNVHNWRU'DQQEHUVFKOXJHQVLFKGLH%HREDFKWXQJHQXQG$NWLRQHQ,QGHP 0RPHQWDOVLFKPHLQHQ.RSIKREXQGEHUGHU(EHQHLPOHW]WHQGLIIXVHU6RQQHQOLFKW HLQ0HWDOOWHLOGHV6HHDGOHUVDXIOEOLW]HQVDKPLVFKWHVLFKLQHLQHQODQJJH]RJHQHQ %OLW]VWUDKOGHUNUDFKHQGH'RQQHUHLQHUVFKZHUHQ(QHUJLHZDIIH'HU%OLW]IXKUVFKUlJ ]XP)LUPDPHQWXQGWUDI+RUXV'LH0DVFKLQHO|VWHVLFKLQHLQHP)HXHUEDOODXI HLQ]HOQHEUHQQHQGH7HLOHUHJQHWHQPHKUIDUELJH)HXHUVSXUHQKLQWHUVLFKKHU]LHKHQG DXIGDV/DQGKHUXQWHU (UKDWHVJHPHUNWVFKULHGDV([WUDKLUQ(LQ5DXPIDKUHUGHUDXIHLQHQ NUHLVHQGHQ9RJHOVFKRXQGEHPHUNWHGDHUH[SORGLHUWHXQGYLHOIDUELJYHUJOKWH PXWHVHLQH)ROJHUXQJHQGDUDXV]LHKHQ6HLQ0LWUDXHQZUGHVFKODJDUWLJHUZDFKHQ HLQHhEHUOHJXQJHUJDEHLQHDQGHUHEHGHXWXQJVYROOHUH,FKZUGHZLVVHQGDHLQ DQGHUHU5DXPIDKUHUPLWWHFKQLVFKHQ+LOIVPLWWHOQVLFKWULHUEHIDQGDOVRZXWHHVDXFK GHUJHVWUDQGHWH5LHVH7|GOLFKHUVFKURFNHQ]LVFKWH.DDSHU ³+RUXVLVWYHUQLFKWHW(UKDWGHLQHQ:XQGHUYRJHOPLWVHLQHP/LFKWSIHLOJHW|WHW´ (FKRVEUOOHQGH7LHUH*HUlXVFKHXQGQDFKKDOOHQGHV'U|KQHQXQVHUHU 7URPPHOIHOOHDXIJHUHJWH6FKUHLHGHU0HQVFKHQXQGMlPPHUOLFKHV.UHLVFKHQGHU 5DXPVFKLIIVWUELOGHWHQHLQHQDNXVWLVFKHQ$EVFKOXGLHVHU$NWLRQ,FKVWDQGZLH HUVWDUUWGDXQGK|UWHPLFKIOVWHUQGDQWZRUWHQ ³'XKDVWUHFKW.DDSHU'DVZDUHLQHGHXWOLFKH:DUQXQJ-HW]WZLUGHUGHQNHQ GDVHLQHZLUNOLFKHQ)HLQGHDXIGHP:HJVLQG8QVDEHUVFKW]WQRFKLPPHUGDV 'XQNHO´ ³$EHUGLHVHZLGHUOLFKHQ7LHUHZHUGHQXQVQDFKKXQGHUW6FKULWWHQYHUUDWHQ KDEHQ´VDJWHHUJULPPLJ(UPHLQWHGLHYHUZLOGHUWHQ+XQGHGHUHQ,QWHOOLJHQ]QLFKW GD]XDXVUHLFKWHGLH6FKDIKHUGHQ]XVDPPHQ]XKDOWHQ1W]OLFKH:lFKWHUVDJWHGHU /RJLNVHNWRU,KU%HOOHQZLUGGHQ)UHPGHQDXIVFKUHFNHQ $EHUZDUXPZDUGDQQGDVIUHPGH,QWHOOLJHQ]ZHVHQZLHGHULP5DXPVFKLII YHUVFKZXQGHQ"'HVKDOEZHOOHVVHLQHQ9HUVXFKZHLWHUYRUDQWUHLEHQZROOWH" ³,FKZHUGHVLHOlKPHQZHQQVLH]XODXWZHUGHQ´VDJWHLFKHQWVFKORVVHQ³/RV YRUZlUWV´ ,Q]ZLVFKHQZDUHQGLH0HQVFKHQDXVGHQ+lXVHUQJHVWU]WXQGVWDQGHQ HUVFKURFNHQKHUXP1DWUOLFKZDUQLFKWVPHKU]XVHKHQ:lKUHQGGLH7LHUHVLFK EHUXKLJWHQNDPHQZLUEHLGHXQEHPHUNWKHUDQ=ZLVFKHQGHQHLQ]HOQHQ*HVWDOWHQYRU XQVIODFNHUWHQGLH)ODPPHQUXHQGHU)DFNHOQXQGHLQLJHgOOlPSFKHQ'LHNHKOLJHQ :RUWHGHUDXIJHUHJWHQ8QWHUKDOWXQJHQXQGGDV:LQVHOQGHUQDFK6DOSHWHUULHFKHQGHQ .LQGHUGUDQJHQGXUFKGLH'XQNHOKHLW=ZDQ]LJ6FKULWWHYRQGHPOlQJVWHQ+DXVPLWGHQ GDUDQEHIHVWLJWHQ.QRFKHQXQG*HK|UQHQYRQ5LQGHUQEOLHEHQZLUVWHKHQ$XVHLQHU *UXSSHO|VWHVLFKHLQ+XQGULGHQ5DFKHQDXIXQGJULIIPLWZWHQGHP.QXUUHQDQ.D DSHU]RJGLH%RJHQVHKQHELVKLQWHUV2KUDXV]LHOWHIOFKWLJXQGO|VWHGHQ6FKXDXV 'HU3IHLOGUDQJGXUFKGHQ+DOVGHV7LHUHVXQGQDJHOWHGHQ.RSIDQGDV+RO]HLQHV KHUXPOLHJHQGHQ6WDSHOV]HUKDFNWHU6WDPPDEVFKQLWWH,QGLH9HUVDPPOXQJGHU %DUEDUHQNDP%HZHJXQJ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

-QJHUH0lQQHUUDQQWHQPLWJHVFKZXQJHQHQ)DFNHOQDXIXQV]XXQGEOLHEHQ DEUXSWVWHKHQDOVVLHXQVHUHIXQNHOQGHQ:DIIHQXQGGHQJHVSDQQWHQ%RJHQVDKHQ :LHGHUZDUHQIUVLH)UHPGHDXIJHWDXFKWPLWGHQHQVLHQLHKDVWHQUHFKQHQN|QQHQ ³+DOW´VDJWHLFKLQLKUHU6SUDFKH³:LUVLQGDOV)UHXQGHJHNRPPHQ:HULVWGHU +lXSWOLQJ"´ ³8UJHU(VLVW8UJHU´VWRWWHUWHHLQHUGHUElUWLJHQ0lQQHU2EZRKOHV6RPPHU ZDUXQGNHLQHUYRQLKQHQYLHO.OHLGXQJEXJJLQJYRQLKQHQHLQVWHFKHQGHU*HUXFKDXV .DDSHU]RJVFKDUIGLH/XIWHLQXQGWUDWDQPHLQHOLQNH6HLWH(UIOVWHUWH³6LHVWLQNHU VFKOLPPHUDOV&KHSHU´ ³+ROW8UJHUKLHUKHU'HU)UHPGHGDUIXQVQLFKWVHKHQ´VDJWHLFK³/DWGLH .QSSHOXQG6WHLQGROFKHORVW:LUKlWWHQHXFK]HKQPDOEHUIDOOHQN|QQHQ´ -HPDQGVFKULHGHQ1DPHQGHV+lXSWOLQJV,Q]ZLVFKHQVLHJWH1HXJLHUGHEHU )XUFKW(LQ+DOENUHLVYRQ%DXHUQXQG9LHK]FKWHUQYHUVDPPHOWHVLFKXPXQVGLH )UDXHQXQG0lGFKHQ]HLJWHQZHQLJHU0LWUDXHQXQG)XUFKWDOVGLH0lQQHU(LQ EUHLWVFKXOWULJHUElUWLJHU0DQQPLWQDFNHQODQJHP+DDUVFKREVLFKGXUFKGLH0HQJHXQG UDPPWH]ZHL)DFNHOWUlJHU]XU6HLWH ³,FKELQ8UJHU:DVZROOWLKU)UHPGH":LHNRPPWHVGDLKUXQVHUH6SUDFKH VSUHFKW"´ ³,FKELQ$FUDQGLHVLVWPHLQ)UHXQG.DDSHU:LUVLQGKDUWH.lPSIHU,KUEUDXFKW NHLQH$QJVW]XKDEHQ'LU8UJHUJHKRUFKHQDOOH0HQVFKHQKLHU"´ (UQLFNWHEHGlFKWLJ-HPHKUZLUYRQGHQ0HQVFKHQVDKHQVHOEVWEHLP ]XFNHQGHQ/LFKWGHU)DFNHOQGHVWRGHXWOLFKHUZXUGHGDVLHVLFKYRU$QJVWIDVW YHU]HKUWHQ6HOEVWGHU+lXSWOLQJPLWGHQVFKZHUHQ0XVNHOSDNHWHQDQGHQ 2EHUVFKHQNHOQXQGGHQ$UPHQVFKLHQDP(QGHVHLQHU.UDIW]XVHLQ ³,FKGHQNHVLHWXQZDVLFKLKQHQVDJH$EHUZLUZHUGHQQLFKWJHJHQGHQ )UHPGHQNlPSIHQ$FUDQ´ ,FKGHXWHWHKLQEHU]XGHQ+lXVHUQ ³.RPPWGHU)UHPGHLQHXUH+WWHQ"´IUDJWHLFKKDOEODXW,Q]ZLVFKHQKDVWHQVLFK GLH+XQGHPLWXQVHUHU$QZHVHQKHLWDEJHIXQGHQ6LHNURFKHQ]ZLVFKHQGHQ)HQGHU 0HQVFKHQKHUXPXQGNOHPPWHQGLH6FKZlQ]H]ZLVFKHQGLH%HLQH8UJHUNDPQlKHU .DDSHUVHQNWHGHQ%RJHQXQGHQWVSDQQWHLKQ(LQHQODQJHQ$XJHQEOLFNVFKZLHJHQGLH %DUEDUHQ:LUK|UWHQQXUGDVOHLVHSUDVVHOQGH=LVFKHQGHU)DFNHOIODPPHQ ³(UNRPPWQLHPDOV(UUXIWZLUKHOIHQ$OOH$UEHLWEOHLEWOLHJHQ:LUZHUGHQIULHUHQ XQGKXQJHUQLP:LQWHU:DVZROOWLKU"´ ³*HJHQLKQNlPSIHQ:LUPVVHQLQ5XKHVSUHFKHQ+ROGLHZLFKWLJVWHQ0lQQHU ZLUVSUHFKHQLP+DXV(VLVWVLFKHUHUIUDOOH´ 8UJHUVWDUUWHXQVDEVFKlW]HQGDQ(UZDUQLFKWVDQGHUHVDOVHLQ%DXHUPLWJXW DXVJHSUlJWHP+HUUVFKHUZLOOHQLKPIHKOWHQQDKH]XDOOH0|JOLFKNHLWHQGLH9|ONHULP 6GHQKDWWHQ9RUDOOHP]ZDQJGLH.lOWHGHV:LQWHUVGLH0HQVFKHQ]XU8QWlWLJNHLW6LH ZUGHQOlQJHUDUPXQGSULPLWLYEOHLEHQDOVDQDQGHUHQ2UWHQGHU:HOW6FKOLHOLFK ]HUUWH8UJHUDQVHLQHP%DUWXQGNQXUUWH ³*XW*HKHQZLULQPHLQ+DXV´ (UULHIHLQLJH1DPHQ+DQJHKLHHLQHU7KRUVDQHLQDQGHUHU6HGGLQ$XELQ ZLHGHUDQGHUH:LUVFKORVVHQXQVGHQ0lQQHUQDQXQGVWROSHUWHQHQWODQJHLQHU:DQG DXV+RO]/HKPXQG0RRVELV]XP(LQJDQJLQVJU|WH/DQJKDXV(VZDUMHQHVPLWGHQ 6WLHUVFKlGHOQDQGHUVSLW]JLHEOLJHQ)URQW1DFKHLQDQGHUVFKREHQZLUXQVGXUFKGLH7U

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GLHPLW)HOOHQYHUKlQJWZDU+DOEH'XQNHOKHLWHPSILQJXQV(VVWDQNQDFK7LHUHQ )HXFKWLJNHLWXQG$UPXW(LQ(UGORFKZDUQLFKWYLHOEHVVHU,FKNRQQWHPLUQLFKW YRUVWHOOHQGD0HQVFKHQXQG7LHUHGLHLP:LQWHU]XVDPPHQOHEWHQHVLQQHUKDOEGHU +WWHIUHXQGOLFKXQGJHPWOLFKKDWWHQ$OV)DFNHLQXQGgOODPSHQKHUHLQJHEUDFKW ZXUGHQVDKHQZLU.lIHUXQGZHLOLFKH,QVHNWHQQDFKDOLHQ6HLWHQGDYRQNUDEEHOQXQG IHXFKWH5LW]HQVXFKHQ:LUVHW]WHQXQVDXI6FKHPHOXPJHVWU]WH.EHOXQG VWURKJHIOOWH6lFNH'HU5DXFKGHU)DFNHOQ]RJGXUFKV/RFKLP'DFKDWH(LQ'ULWWHO GHV+DXVHVZXUGHYRQ0HQVFKHQEHZRKQWDEJHVHKHQYRQ+KQHUQXQG VFKQDWWHUQGHQ(QWHQZDUHQNHLQH7LHUH]XVHKHQ0DQURFKVLHQXQ ³6SULFK´IRUGHUWHXQV8UJHUDXI(UKDVWHHLQHUDXKHNHLQHVZHJVXQDQJHQHKPH 6WLPPH6HLQ*HVLFKW]HLJWHXQYHUKRKOHQHV0LWUDXHQ ³:LUNRPPHQDXVGHP6GHQ:LUKDEHQJHK|UWGDHLQPlFKWLJHU5LHVHYRQ GHQ6WHUQHQNDPXQGHXFKNQHFKWHW´VDJWHLFK'LH(LQULFKWXQJGHU+WWHZDU MlPPHUOLFK:DIIHQXQG:HUN]HXJHGHU0lQQHUZDUHQQLFKWEHVVHU:LUIDQGHQ VlPWOLFKH%HREDFKWXQJHQEHVWlWLJW ³:LUZLVVHQQLFKWZDVGHU)URVWULHVHZLOO´EUXPPWHHUGXPSI'LHDQGHUHQ VWDUUWHQXQVDQXQGEHZXQGHUWHQMHGHV6WFNXQVHUHU.OHLGXQJXQG$XVUVWXQJ ³'DVZLVVHQZLUVHKUJHQDX´.DDSHUUFNWHYRQHLQHPVFKPXW]VWDUUHQGHQ MXQJHQ0DQQIRUW³'HUVFKZDU]H*LJDQWZLOOYRQHXFKZHJ'HVZHJHQKDWHUGHQ 6WHLQNUHLVJHEDXW´ ³(UKDWXQVDOOHJH]ZXQJHQLKP0RQGHIDQJ]XKHOIHQ:LUKDEHQJHVFKXIWHW XQGJHEOXWHW´VFKULHHLQHUGHU0lQQHU,FKKREGLH+DQGXQGEOLFNWH8UJHUXQG7KRUVDQ LQGLH$XJHQ ³'DVZLVVHQZLUDXFK(UZLUGLQHLQLJHQ7DJHQQDFK+LOIHUXIHQ'DQQZHUGHQ DQGHUH.XJHOQODQGHU$XVLKQHQZHUGHQYLHOHVFKZDU]H5LHVHQNRPPHQ9LHOOHLFKW EOHLEHQVLHHLQH:HLOHYLHOOHLFKWYHUVFKZLQGHQVLHVHKUVFKQHOO:LUVLQGGDGHQ )UHPGHQ]XW|WHQ´ ³7HUQDO0DODWKHLWHU´PHOGHWHVLFKHLQHDOWH)UDXDXVGHPGXQNOHQ +LQWHUJUXQG8QVZXUGHLPPHUXQEHKDJOLFKHU]XPXWH³:LHZROOWLKUGLHVHQJHZDOWLJHQ .lPSIHUW|WHQ"(UKDWIXUFKWEDUH:DIIHQPLWGHQHQHU6WHLQH]HUWUPPHUWXQG%lXPH LQ)ODPPHQVHW]W´ ³:LUKDEHQVHLQH:DIIHQJHVHKHQ,KUKDEW$QJVWQLFKWZDKU"´ ³:LUN|QQHQQLFKWVDQGHUHVWXQ´JUROOWH8UJHUXQGKREVHLQH$UPH³DOVLKP]X JHKRUFKHQ:LUPVVHQWXQZDVHUZLOO´ ³:HQQHUPHUNW´VDJWHPHLQ)UHXQGKDUW³GDZLUJHJHQLKQNlPSIHQZLUGHU VLFKDQHXFKUlFKHQ'X8UJHUPXWGHLQH/HXWHQHKPHQXQGYHUVFKZLQGHQ 9HUVWHFNWHXFKLQGHQ:lOGHUQ´ (UODFWDWHUDXKDXIXQGDOOH%DUEDUHQVFKWWHOWHQHQWVHW]WGLH.|SIH/DXWHV 0XUPHOQXQGDXIJHUHJWHU:RUWZHFKVHOXQWHUEUDFKXQV'LH9RUVWHOOXQJDOOHVYHUODVVHQ ]XPVVHQVFKLHQGLH0HQVFKHQ]XEHUIRUGHUQ ³6HLGUXKLJ´ULHILFK³:LUVLQGDXFKWULHULQ*HIDKU´ 'HU+lXSWOLQJVFKULH:RUWHLQNHKOLJHUVFKQDUUHQGHU6SUDFKH6FKODJDUWLJVWHOOWH VLFK5XKHHLQ$EZDUWHQGZLHHUVFKUHFNWH7LHUHZLUNHQGVWDUUWHQXQVGLH 9HUVDPPHOWHQDQ ³:LUVLQGWULHUYHUVWHFNW´VDJWH.DDSHU³)QIXQG]ZDQ]LJ0lQQHUGLH]X NlPSIHQJHZ|KQWVLQG:HQQZLUDQIDQJHQGHQ5LHVHQ]XEHNlPSIHQZLUGHUHXFKIU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GLH.lPSIHUKDOWHU(UZLUGHXFKW|WHQHXUH)HOGHUXQG+WWHQYHUZVWHQ'DVZROOHQ ZLUYHUKLQGHUQ´ ³:DVZROOWLKUWXQ",KUZHUGHWLKQQLFKWEHVLHJHQ´ ³:DUW¶VDWH:LUZHUGHQHVQLFKWOHLFKWKDEHQDEHUZLUPVVHQYHUKLQGHUQGD HLQ'XW]HQG5LHVHQHUVFKHLQW:LUZHUGHQHXFKKHOIHQZRZLUN|QQHQhEHUOHJW8UJHU ZDVLKUWXQZROOW:LUEHDQWZRUWHQDOOH)UDJHQ:LHYLHOH0HQVFKHQOHEHQKLHU"´ ³+LHULQ+lXVHUXQGbFNHU]ZLVFKHQ0HHUXQG1RUGODQGOHEHQGUHLKXQGHUW 0HQVFKHQ,QGLHVHP6RPPHUVLQG]ZHL'XW]HQGGD]XJHNRPPHQ:DVVROOHQZLUWXQ ZHQQZLUGLH+lXVHUXQG+HUGHQYHUODVVHQ"´ ³%HHUHQVDPPHOQ6LHVLQGUHLIJHZRUGHQ´EUXPPWH.DDSHUYHUGURVVHQ³,KU N|QQW9RUUlWHPLWQHKPHQ:LHYHUVSURFKHQ:LUZHUGHQHXFKKHOIHQ,QGHQQlFKVWHQ 7DJHQXQG1lFKWHQNlPSIHQZLUQLFKW:LUEHREDFKWHQGHQ*HJQHU5VWHWHXFKIU GLHVHQ$XJHQEOLFN,FKJODXEHGDLKUEDOGQLFKWPHKUIU7HUQDO0DODWDUEHLWHQPW´ :LHGHUVFKWWHOWH8UJHUVHLQHQ.RSIXQGNUDW]WHVLFKLP1DFNHQGDQQKROWHHU HLQ,QVHNWDXVGHQ+DDUHQXQGW|WHWHHVPLWNQDFNHQGHQ)LQJHUQlJHOQ ³(UKDWJHVFKULHQGDHLQ:XQGHUJHVFKHKHQZLUG(LQHJUlOLFKH.DWDVWURSKH ,QZHQLJHUDOVHLQHP0RQG(UZLOOXQVEHVWUDIHQ,FKZHLQLFKWZRIU´ .DDSHUXQGLFKVDKHQXQVYHUZLUUWDQ ³(LQH.DWDVWURSKH"´ ³(UZLUGVLHDEZHQGHQ:HQQZLULKQUXKLJDUEHLWHQOHVVHQXQGLKPKHOIHQZHQQ HUXQVUXIW´EHVWlWLJWHGHU+lXSWOLQJ+DQJHXQG6HGGLQQLFNWHQ ³.DXP]XJODXEHQ:DUWHQZLUHVDWH:DVVDJVWGX8UJHU]XXQVHUHQ 9RUVFKOlJHQ"´ ³,FKZHLGDHUHXFKW|WHQXQGXQVEHVWUDIHQZLUGGHU)URVWULHVH´VDJWH8UJHU XQJHUKUW ³'LHVZLUGJHVFKHKHQZHQQLKUXQVQLFKWJODXEW´VDJWHLFKGHXWOLFK³:LUN|QQHQ LKQW|WHQ6RZLHHLQ,QVHNWRGHUHLQHZLQ]LJH6FKODQJHHLQHQ%XOOHQW|WHQNDQQVR N|QQHQZLUHV*ODXEWXQV´ ³.DQQLFKQLFKWJODXEHQ´W|QWH8UJHULQHLQHP7RQIDOOGHUVHLQHHQGJOWLJH 0HLQXQJGHXWOLFKPDFKWH,FK]XFNWHPLWGHQ6FKXOWHUQXQGVWDQGDXIHLQHUVHLWV HUOHLFKWHUWDQGHUHUVHLWVEHXQUXKLJW6LHZDUHQQLFKWQXUKLOIORVVRQGHUQDXFK VWDUUVLQQLJ'DVEUXWDOH/HEHQWULHUKDVWHVLHVRZHUGHQOHVVHQ1LFKWGLH6SXUGHU /HLFKWLJNHLWRGHUJDU+HLWHUNHLWZLHZLUVLHWURW]DOOHU3UREOHPHDXVGHQVGOLFKHQ *HJHQGHQVFKlW]WHQ0LWGHXWOLFKHU(UOHLFKWHUXQJVWDQGDXFK.DDSHUDXIXQGVFKOXJ GDEHLPLWGHP.RSIJHJHQHLQHQJUREEHKDXHQHQ%DONHQ(UIOXFKWHLQXQVHUHU 6SUDFKH/DQJHXQGDXVGUXFNVYROO ³'LH(UHLJQLVVHZHUGHQGLFKXQGGHLQH/HXWH]ZLQJHQXQV]XJODXEHQ8UJHU´ VDJWHLFKODXW³:DUWHHVDWH:LUJODXEHQGDGHU)UHPGHNUDQNLVW(ULVW XQEHUHFKHQEDUZLHHLQWREVFKWLJHU%XOOH:HQQLKU)UDJHQKDEWJHKWQDFK1RUGHQ² ZLUZHUGHQHXFKVHKHQLKUZHUGHWXQVILQGHQ(LQYHUVWDQGHQ"´ -HW]WVWDQGDXFK8UJHUDXIHLQ6WDPPYROOHUVFKZHUIlOOLJHUEHJULIIVVWXW]LJHUXQG OHW]WHQ(QGHVKLOIORVHU0HQVFKHQ0LW6FKDXGHUQHUNDQQWHLFKGDDXIGLHVHP 3ODQHWHQHLQH*HVHW]PlLJNHLWGHU(YROXWLRQKHUUVFKWHGLHLKUH*UDXVDPNHLWDQDOLHQ 2UWHQXQG]XMHGHU=HLWEHZLHV9HUJOLFKHQPLWGLHVHQ0HQVFKHQ²XQGLFKDKQWHGDLQ DQGHUHQ7HLOHQYRQ/DUVDI'UHLQRFKXQEHVFKUHLEOLFKHUH=XVWlQGHKHUUVFKWHQ²KDWWHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

GLH)UDXHQXQG0lQQHUGHU=('(5GDVJOFNOLFKHUH/RVJH]RJHQ9RUGHP$XVJDQJ GUHKWHLFKPLFKKHUXPXQGKLHOWPHLQHQGLFNVFKDIWLJHQ6SHHUZDDJUHFKW ³8UJHU6LHKKHU´IRUGHUWHLFKOHLVH'DQQWLSSWHLFKOHLFKWDXIGHQ.RQWDNW0LW U|KUHQGHP.UDFKHQVFKRDXVGHUIXQNHOQGHQ/DQ]HQVSLW]HHLQ)HXHUVWUDKOERKUWH VLFKLQGHQWURFNHQHQ/HKPERGHQXQGYHUEUDQQWHLKQ$XIIODPPHQGH*DVZRONHQ HUKREHQVLFKXQGEUHLWHWHQVLFKQDFKDOLHQ6HLWHQDXV ³6RZHUGHQZLULKQW|WHQZHQQHVQRWZHQGLJZLUG´HUOlXWHUWHLFKUXKLJXQG KRIIWHGD7HUQDO0DODWGLHVHQ(QHUJLHDXVEUXFKQLFKWJHK|UWKDVWH³:LUKDEHQ ]DEHULVFKH:DIIHQZLHGHU)URVWULHVH´ ³(UZLUGHXFKW|WHQ´EHKDUUWH8UJHUKDUWQlFNLJ,FKOlFKHOWHYHUVWlQGQLVYROO'HU $XVGUXFNYRQYHUZLUUWHP$EVFKHXLQ.DDSHUV*HVLFKWZDUXQYHUNHQQEDU,FKVFKRE PLFK]XU7U|IIQXQJKLQDXVXQGDWPHWHHUOHLFKWHUWGLHNKOHYRP:HVWZLQGEHZHJWH 1DFKWOXIWHLQ6LHHUVFKLHQPLUN|VWOLFKHUDOVGHUVDO]LJH+DXFKGHV0HHUHVVWXUPV +LQWHUXQVHUHQ5FNHQVFKULHQGLH%DUEDUHQZLOGGXUFKHLQDQGHU(LQLJHKXVWHWHQ ZUJHQGQRFKLPPHUJOLPPWHQGLH5lQGHUGHU6WHOOHDQGHUVLFKGLH(QHUJLHLQGHQ %RGHQJHIUHVVHQKDVWH(LQHDOWH)UDXOHHUWHHLQHQ%RWWLFK:DVVHUEHUGLH6WHOOHGLH *OXWYHUVFKZDQGLQHLQHU'DPSIZRONH ³*HKHQZLQ,FKELQlUJHUOLFKXQGPGHXQGEHUGLHVKXQJULJ´VDJWH.DDSHU OHLVHXQGZDUIPLWVFKZXQJYROOHU*HVWHVHLQHQ%RJHQEHUGLH6FKXOWHU,FKZDUZDV GLHQlFKVWHQ$NWLRQHQEHWUDIXQVLFKHU:LUJLQJHQ]ZDQ]LJ6FKULWWHLQGLH'XQNHOKHLW 0LWHLQHUIDVWHUORVFKHQHQ)DFNHOUDQQWHXQV8UJHUQDFKXQGEOLHEVWHKHQ ³,KUPWPLFKYHUVWHKHQ)UHPGH´EHJDQQHUXQEHKROIHQ³:LUKDEHQGHQ5HVW XQVHUHV0XWHVYHUORUHQ9LHOOHLFKWILQGHQZLULKQZLHGHU´ ³,FKYHUVWHKHGLFK+lXSWOLQJ´DQWZRUWHWH.DDSHUPLWEHWUlFKWOLFKHU*UREKHLW ³'XXQGGHLQHKXQGHUW0lQQHUVLQGIHLJH*ODXEXQV%LVKHUZDUDOOHVHLQVFKDUIHV 6SLHO,QGHQNRPPHQGHQ7DJHQZLUG(UQVWGDUDXV(VJLEWQLFKWQXUHXUH+lXVHUXQG )HOGHU(VJLEWPHKUDXIGLHVHU:HOW´ (UZDUI8UJHUXQGGHPEUHLWVFKXOWULJHQ0DQQGHUQHEHQLKPVWDQGHLQHQ VFKZHU]XGHXWHQGHQ7KLFN]X ³:DUWHW'LH.DWDVWURSKHZLUGHXFKWUHIIHQQLFKWXQV´ (UZLQNWHPIU'HU0RQGZDUDXIJHJDQJHQXQGHUZDUIDVWYROOhEHUGHU /DQGVFKDIWODJIDKOHUVLOEHUIDUEHQHU*ODQ]:LUYHUOLHHQRKQHGDXQVMHPDQG DXIOKLHOWGHQ%H]LUNGHUVWLQNHQGHQ/DQJKlXVHU0LWMHGHP6FKULWWQlKHUWHQZLUXQVGHQ 9HUVWHFNHQXQVHUHU/HXWH0HLQ([WUDKLUQPXUPHOWHUHVLJQLHUHQG6FKODIGLFKDXV'DQQ YHUVXFKHLQHQNOXJHQ$QJULII]XVWDUWHU .DDSHUXQGLFKZXUGHQVFKQHOOHU6FKOLHOLFKOLHIHQZLUGXUFKGLH1DFKWXQG QlKHUWHQXQVGHP5DQGGHV:DOGHV9RJHOUXIHHUW|QWHQVFKQDOLHQGH/DXWHNODQJHQ GXUFK%VFKHXQG]ZLVFKHQ6WlPPHQKHUYRQ'DQQULVVHQ0lQQHUGLH6WRIIEDKQHQ]XU 6HLWHXQG]HLJWHQXQVNOHLQHUDXFKORVH+lXIFKHQGHU)HXHUVWHOOHQ:LUVFKZHQNWHQ KHUXPXQGVHW]WHQXQVDOVZLUXQVHUH)UHXQGHHUNDQQWHQ ³:HOFKHQ(UIROJKDEWLKUJHKDEW"´ ³:HUGHQXQVGLH%DUEDUHQXQWHUVWW]HQ"´ $XIJHUHJWH)UDJHQSUDVVHOWHQDXIXQVKHUHLQ.DDSHUXQGLFKOHJWHQGLH:DIIHQ ]XU6HLWHXQGVWUHFNWHQXQVHUOHLFKWHUWDXV(VZDUDOVREVLFKHLQ$OSWUDXPDXI]XO|VHQ EHJDQQ:LUVFKWWHOWHQXQVXPXQVHUHGXQNOHQ*HGDQNHQORV]XZHUGHQGDQQ EHULFKWHWHQZLQ-HPHKUZLUVSUDFKHQGHVWRGHXWOLFKHUZXUGHXQVGDZLUNHLQH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

8QWHUVWW]XQJKDEHQZUGHQ%HLXQVHUHP9HUVXFKGHQ5DXPIDKUHU]XEHNlPSIHQ ZUGHQZLUGHQ7RGYLHOHU%DUEDUHQLQ.DXI]XQHKPHQKDEHQ$OVZLUXQVHUHQ%HULFKW DEJHJHEHQKDWWHQVDJWH6LUHQPLWGHXWOLFKHPbUJHULQGHU6WLPPH³:LUKlWWHQXQV GDUDXIEHVFKUlQNHQVROOHQDP2EHUHQ0HHU+DQGHO]XWUHLEHQ'LHVH+RO]N|SIHWULHU ZLVVHQQLFKWHLQPDOZHQQHVVLQQYROOHULVWDXI]XJHEHQ+DOEH7LHUH´ ,UJHQGZDQQZUGHLFKLKPPHLQH*HGDQNHQXQGhEHUOHJXQJHQ]XGLHVHP 7KHPDQlKHUEULQJHQ+HXWHZDUHQZLU]XPGHXQG]XHQWWlXVFKWXPUDQJHUHGHQ]X N|QQHQ:LUDHQGLH5HVWHGHV(VVHQVGDVGLH)UHXQGHIUXQVDXIJHKREHQKDWWHQ OHJWHQGLH5VWXQJHQDEXQGUROOWHQXQVLQGLH0lQWHO'LHVFKZDU]JHlGHUWHQ+DXIHQ GHU)HXHUZDUHQZLH$XJHQYRQGHQHQGLH1DFKWGXUFKVXFKWZXUGH$EJHVHKHQYRQ GHUEUXWDOHQ/|VXQJVFKLHQHVNHLQHQDQGHUHQ:HJ]XJHEHQGHQ3ODQHWHQYRQGHP 0RQVWUXPDXVGHQ7LHIHQGHV:HOWUDXPV]XEHIUHLHQ0LWWHQLQGHU1DFKWZHFNWH PLFKHLQ,PSXOVGHV([WUDVLQQV,FKIXKUDXIXQGK|UWHDXVGHU5LFKWXQJDXVGHUZLU JHNRPPHQZDUHQZLUUHQ/lUP0LWHLQHP6DW]ZDULFKDXIGHQ%HLQHQ ,FKVSUWHZLHGHU=HOOVFKZLQJXQJVDNWLYDWRUVHLQHNUHLVODXIVWDELOLVLHUHQGHQ ,PSXOVHDXVVDQGWH(LQLJH$WHP]JHIDQJWDXPHOWHLFK]ZLVFKHQGHQ%DXPVWlPPHQ XPKHUXQGZXWHQLFKWZRLFKPLFKEHIDQGDEHUPLWMHGHP6FKULWWNDPPHKU (ULQQHUXQJ]XUFN,FKILHIZLHHLQ6FKODIZDQGOHULP=LFN]DFNHLQKHUHLQPLWWHOJURHV :XQGHUEHZDKUWHPLFKGDYRUPLUGHQ6FKlGHO]XVSDOWHQRGHUPLUHLQHQ DEJHEURFKHQHQ$VWLQV$XJH]XERKUHQ6FKOLHOLFKHUUHLFKWHLFKLPPHUZLHGHULQ =RQHQVLOEHUQHV0RQGOLFKWHLQWDXFKHQGGHQ:DOGUDQG'HU/lUPQDKP]X'UHLKXQGHUW 0HQVFKHQXQGVlPWOLFKH7LHUHVFKLHQHQVLFKLQVFKUHLHQGHXQGUDVHQGH:HVHQ YHUZDQGHOW]XKDEHQ'DQQK|UWHLFKGDVGRQQHUQGH2UJDQGHV)UHPGHQ (ULVWUDVHQG(UWREW9HUPXWKFKKDWLKQHLQ6FKXEGHU.UDQNKHLWJHSDFNWVFKULH GHU/RJLNVHNWRUGXUFKGDV&KDRVPHLQHU*HGDQNHQ ,FKUDQQWHZLHHLQ%HVHVVHQHUJHUDGHDXVXQGEHQXW]WHHLQHQ3IDGGHQZLU VHOEVWJHWUHWHQKDWWHQVRGDLFKRKQH9HUOHW]XQJHQGLH.XSSHGHV+JHOVHUUHLFKWH ,FKEOLHENHXFKHQGVWHKHQXQGVDKQLFKWV/DQJVDPEHPHUNWHLFKZDVYRUVLFKJLQJ 0HLQH$XJHQJHZ|KQWHQVLFKDQGDV'XQNHO1XUYDJHV6WHUQHQOLFKWXQGGLH6WUDKOHQ GHVXQWHUJHKHQGHQ0RQGHVEHUGHP7DONHVVHOHUP|JOLFKWHQHVPHKUDOV6FKDWWHQ]X HUNHQQHQ(VVFKLHQ]ZLVFKHQGHQ+JHOQNHLQ7LHU]XJHEHQGDVVLFKQLFKWZLH UHVHQGJHElUGHWH=LHJHQ6FKDIHXQG5LQGHUVFKULHQXQGEO|NWHQ6FKZHLQHXQG +XQGHNUHLVFKWHQXQGNOlIIWHQ9|JHOXQG)OHGHUPlXVHKXVFKWHQYHUZLUUWEHUGLH :HLGHQKLQZHJ%LUNHQXQG(LEHQVFKWWHOWHQVLFKEHUDOOUDVFKHOWHSILIIXQGNQLUVFKWH HV,FKOHKQWHPLFKDQHLQHQ6WDPPXQGYHUVXFKWH(LQ]HOKHLWHQ]XHUNHQQHQ3O|W]OLFK IODPPWHQ]ZLVFKHQGHQ+lXVHUQ)DFNHOQDXI0HQVFKHQUDQQWHQQDFKDOLHQ 5LFKWXQJHQ(LQWURPPHOQGHV*HUlXVFKHUNODQJLFKHUNDQQWHGLH6FKULWWHGHV )UHPGHQ(UVFKLHQVLFKLQGHU1lKHGHV5DXPVFKLIIHV]XEHILQGHQ,FKK|UWH PHWDOOLVFKH*HUlXVFKH'HPROLHUWHHUVHLQ5DXPVFKLII"6HLQH6WLPPHZDUZLHGHU 'RQQHUHLQHVPLWWHUQlFKWOLFKHQ*HZLWWHUV ³ZHUGHGLH:HOWLQHLQ&KDRVYHUZDQGHOQ´K|UWHLFK(UEHQXW]WHGDV,GLRP GHU(LQJHERUHQHQ2IIHQVLFKWOLFKKLHOWLKQHLQHEHVRQGHUH$UW:DKQVLQQLQVHLQHP*ULII ³EULQJHHXFKDOOHXPLKU´ ,FKVFKWWHOWHGHQ.RSIXQG]ZDQJPLFKPHLQHQ3ODW]QLFKW]XYHUODVVHQ+LHU ZDULFKVLFKHU:LHGHUK|UWHLFKVFKPHWWHUQGHXQGNUDFKHQGH*HUlXVFKHLQODQJHQ $EVWlQGHQ,FKHQWVDQQPLFKGHU6]HQHGLH+RUXVEHUWUDJHQKDVWH:LH7HUQDO0DODW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VLFKLQHLQHQ%ORFNUlWVHOKDIWHU0DWHULHYHUZDQGHOWXQGGLH.UHLGHIHOVHQ]HUVWlXEW KDVWH,FKZDUVLFKHUGDHUVLFKLQGLHVHU.|USHUIRUPJHJHQVHLQ6FKLIIZDUIDQGHUV ZDUHQGLHPHWDOOLVFKHQ*HUlXVFKHQLFKW]XHUNOlUHQ,FKPXWHPLFKDOV+HQNHUIKOHQ ZHQQLFKHLQHQNUDQNHQYHU]ZHLIHOWHQ5DXPIDKUHUEHNlPSIWHXQGW|WHWH 6HOEVW]HUVW|UHULVFKZWHWHGLHVHV,QWHOOLJHQ]ZHVHQGUHLWDXVHQG6FKULWWHYRQPLU HQWIHUQW,FKVWDUUWHPLWEUHQQHQGHQ$XJHQLQGLH5LFKWXQJGHU*HUlXVFKH,PIDKOHQ 0RQGOLFKWHUNDQQWHLFKHLQHQ7HLOGHU5XQGXQJGHV6FKLIIHV,PPHUZLHGHUHU]LWWHUWH GDV%LOG:LHGHUZDUIVLFKGHU)UHPGHJHJHQGHQ0HWDOOUXPSI$EUXSWK|UWHQGLH GXPSIHQ7|QHGHU6FKULWWHDXIPLWGHQHQHU$QODXIQDKP,FKK|UWHUDVHQGHV7UDPSHOQ XQGZXWHGDVLFK7HUQDO0DODWDXIVHLQH/DXIDUPHQLHGHUJHODVVHQKDVWHXQG]X UHQQHQEHJDQQ6FKOLHOLFKEHPHUNWHLFKHLQHQPDVVLJHQ6FKDWWHQGHUTXHUGXUFKGLH (EHQHUDQQWH0LWUHVHQGHU*HVFKZLQGLJNHLWLPWUDElKQOLFKHQ$EODXIGHU%HZHJXQJHQ UDQQWHHUGXUFK:HLGHQXQGbFNHU+RO]VSOLWWHUWHDOVHUYHUPRGHUQGH:HLGHQXPZDUI XQGQLHGHUZDO]WH(V]LVFKWHXQGSOlWVFKHUWHDOVVLFKGHU)UHPGHGXUFKGHQ6HH EHZHJWHGHUDXVGHPDOV9LHKWUlQNHDXIJHVWDXWHQ%DFKODXIEHVWDQG'DVUDVHQGH 7URPPHOQGHUYLHU*OLHGPDHQZXUGHODXWHU 'HU5DXPIDKUHUVWREGLH$QK|KHKLQDXIXQGQlKHUWHVLFKLQJHUDGHU/LQLHGHQ ]XVDPPHQJHZUIHOWHQ/DQJKlXVHUQGLHZLUHEHQYHUODVVHQKDWWHQ1HXQ%DXZHUNH XPJHEHQYRQ=lXQHQXQG*HVWHOOHQDXIJHVSDQQWHU)HOOHULQLKUHP0LWWHOSXQNWEHIDQG VLFKGHU%UXQQHQPLWGHP+HEHODUP8PGLH+lXVHUVDKLFKGLH6LOKRXHWWHQ YHUlQJVWLJWHU0HQVFKHQXQGLKUHU+HUGHQWLHUHXQGEHLGH7HLOHZDUHQWHLOZHLVHLQKHOOHU 3DQLNWHLOZHLVHYRU)XUFKWJHOlKPWXQGVWDUU:LHHLQH0DVFKLQHGLHIHUQJHVWHXHUWZDU RGHUVLFKDXI*HOHLVHQEHZHJWHUDVWHGHU5DXPIDKUHUDXIGDV=HQWUXPGLHVHU6LHGOXQJ ]X,FKDKQWHZDVJHVFKHKHQZUGH (LQ$QIDOOGLHVHUUlWVHOKDIWHQ.UDQNKHLWKDVWHLKQJHSDFNW(UZDULQ5DVHUHL YHUIDOOHQ:LHHLQULHVLJHUVFKZDU]HU6WHLQNDP7HUQDODXIGLH+lXVHU]X,Q3DQLN VWREHQGLH0HQVFKHQDXVHLQDQGHUDOVVLHHUNDQQWHQZHOFKH*HIDKULKQHQGURKWH'LH (EHQHKDOLWHZLGHUYRQVFKULOOHQ(QWVHW]HQVVFKUHLHQ'DV9LHKJHElUGHWHVLFKZLH WREVFKWLJXQG]HUVWUHXWHVLFKIOFKWHQG 'DVNDQQGHLQH&KDQFHVHLQ]LVFKWHGHU/RJLNVHNWRU,FKZDUIPLFKQDFKYRUQ XQGEHJDQQ]XUHQQHQ0HLQ=LHOZDUGDVVLOEHUIDUEHQH5DXPVFKLII]ZLVFKHQGHQ %lXPHQDXIVFKLPPHUQG'UHLPDOGUHKWHLFKPLFKXPXQGYHUVXFKWH]XHUNHQQHQZDV KLQWHUPLUYRUILHO0LWGHUYLHUIDFKHQ*HVFKZLQGLJNHLWHLQHVJDORSSLHUHQGHQ3IHUGHV QlKHUWHVLFKGHU5DXPIDKUHUGHUXQWHUVWHQ/DQJKWWH0HLQ6FKULWWVWRFNWHDOVLFKGLH 6]HQHLP$XJHQEOLFNGHV=XVDPPHQSUDOOVVDK .RSIXQG6FKXOWHUQGHV)UHPGHQYHUVFKZDQGHQLQGHU)URQWDXV/HKP 6WURKKlFNVHOXQG%LQVHQJHIOHFKW)ODFKVEQGHOIORJHQH[SORVLRQVDUWLJDXVHLQDQGHU GDQQK|UWHLFKGDVJUlOLFKH.QLUVFKHQXQG.QLVWHUQPLWGHPK|O]HUQH9HUELQGXQJHQ EUDFKHQRGHUDXVHLQDQGHUJHULVVHQZXUGHQ(LQHQ$XJHQEOLFNVSlWHUYHUVFKZDQG GLHVHVOHEHQGH*HVFKRLP+DXVGHVVHQ0DXHUQXQG'DFKVLFKQDFKDXHQ]X Z|OEHQVFKLHQHQ(LQH:RONHDXV+HXXQG6WURKHUKREVLFKDOVHLQ7HLOGHV'DFKHV ]XVDPPHQVDFNWH'DQQYHUOLH7HUQDODXIGHUHQWJHJHQJHVHW]WHQ6HLWHGLH5XLQH GLHVHV6WDOOHVIU9LHKXQG0HQVFKHQ.UDFKHQGILHOHQGLH6HLWHQZlQGHDXVHLQDQGHU GDV'DFKEUDFKQDFKLQQHQXQGHLQHJURH:RONHDXV6WDXEHUKREVLFKZRHEHQQRFK GDV+RO]KDXVJHVWDQGHQZDU'HU)UHPGHUDVWHJHUDGHDXVZHLWHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

,FKLJQRULHUWHGDV*HVFKUHLXQGGLHHUVWHQDXIIODFNHUQGHQ)ODPPHQGLHDP WURFNHQHQ6WURKGHV'DFKHV1DKUXQJIDQGHQXQGVLFKDXVEUHLWHWHQ,FKUDQQWHXQG KRIIWHGDLFKPLUNHLQHQ)XEUHFKHQZUGH,PPHUQlKHUNDPLFKGHU5DPSHZLFK HLQHP%DXPVWDPPDXVVSUDQJGXUFKHLQHQ%XVFKGHVVHQ=ZHLJH]XUFNVFKQHOOWHQ XQGZXUGHPLUEHZXWGDLFKQXUGLHJHWDUQWHQ'ROFKVWUDKOHULP*UWHOEHLPLUWUXJ XQGVRQVWY|OOLJXQEHZDIIQHWZDU'DQQVFKOXJLFKHLQHQ+DNHQUXWVFKWHDXIGHP VFKPLHULJHQ*UXQGDXVIHXFKWHU(UGHDXVXQGUDQQWHNHXFKHQGGLHVFKUlJH)OlFKH KLQDXI'VWHUHVEUlXQOLFKHV/LFKWHUIOOWHGDV,QQHUHGHV6FKLIIHV ,FKHUNDQQWHWLHIH%HXOHQXQG5LVVHLQGHQ:lQGHQGHV6FKOHXVHQUDXPV,Q HLQHU(FNHOHKQWHDFKWORVKLQJHZRUIHQHLQNRPSOL]LHUWDXVVHKHQGHV'LQJ(VVFKLHQ GLH:DIIHGHV5DXPIDKUHUV]XVHLQ,FKVDKGLH*ULIIVWFNHLQGLHVHLQHGLFNHQ)LQJHU SDWHQ,FKSDFNWHGLH:DIIHDP]HUVFKOLVVHQHQ5LHPHQXQGKREVLHKRFK6LHZDU WHXIOLVFKVFKZHU ³,FKZHUGHVLHGLUZHJQHKPHQ7HUQDO´PXUPHOWHLFKXQGVDKPLFKXP+LHU ZDUHQ=HUVW|UXQJXQG9HUZDKUORVXQJDPZHLWHVWHQIRUWJHVFKULWWHQhEHUDOOVDKLFK 5RVWIOHFNHQ6SXUHQKHUDXVJHVFKQLWWHQHU*HUlWHXQGORVJHULVVHQHU .DEHOYHUELQGXQJHQ(VZDUHLQVWHLQKHUYRUUDJHQGJHEDXWHV6FKLIIJHZHVHQHUNDQQWH LFKDOVLFKHLQHJHVFKZXQJHQH7UHSSHPLWJURHQ6WXIHQKLQDXIOKHW]WH$XFKWULHUJLQJ HVZHLWHU6FKDOWHUXQG9HUELQGXQJVHOHPHQWHZDUHQGHPRQWLHUWXQGZRVLFK 6FKUDXEHQRGHU1LHWHQQLFKWKDVWHQEHZHJHQOHVVHQKHUDXVJHULVVHQZRUGHQ'LH :XWDQIlOOHGHV5LHVHQKDVWHQVFKZHUH=HUVW|UXQJHQDQJHULFKWHW1XUGLH 1RWEHOHXFKWXQJVFKLHQ]XEUHQQHQMHGHQIDOOVZLUNWHQGLHUXQGHQ+DOENXJHOQGLHMHQHV PDWWH/LFKWYHUVWU|PWHQQLFKWZLHGLH%HOHXFKWXQJHLQHV6FKLIIVLQQHUQ,FKK|UWHQLFKW HLQHHLQ]LJH0DVFKLQHODXIHQHVJDENHLQH9LEUDWLRQHQNHLQH3XPSHQJHUlXVFKH QLFKWV'DV6FKLIIZDUVRJXWZLHWRW(LQ:UDFNGDVVLFKQLHPDOVPHKUHLQHQ0LOOLPHWHU EHUGHQ%RGHQGLHVHU:HOWHUKHEHQZUGH,FKUDQQWHZHLWHUXQGNDPDQHLQHP :RKQUDXPYRUEHLGHUHEHQIDOOVYHUZDKUORVWZDU*HIlHPLWHLQJHWURFNQHWHQ 1DKUXQJVPLWWHOQVWDQGHUKHUXPXQGYHUVWU|PWHQVWHFKHQGH*HUFKH,UJHQGZRWURSIWH HLQ)OVVLJNHLWVKDKQ3RFKHQGH*HUlXVFKHNODQJHQZLHZLQ]LJH([SORVLRQHQ(LQ JHZDOWLJHV/DJHUYHUVFKPXW]WXQG]HUZKOW.OHLGXQJVVWFNHXQG5DWWHQGLHPLFK SIHLIHQGDQVWDUUWHQ6FKOLHOLFKNDPLFKLQGLH6WHXHUNDQ]HOGHV6FKLIIHVXQGHUVFKUDN (UNDQQDXIZDFKHQXQGSO|W]OLFK]XUFNNRPPHQZDUQWHGHU/RJLNVHNWRU$XFK WULHUKDVWHQ=HUVW|UXQJXQG)HXHUJHKHUUVFKW0HKUDOVGLH+lOIWHDOOHU,QVWUXPHQWHZDU DXVJHEDXW6FKPRUVSXUHQ]RJHQVLFKEHUGLH2EHUIOlFKHGHU,QVWUXPHQWHQSXOWHXQG GHU3DQHHOH6HLWOLFKDQJHEUDFKWH3ODWWHQZDUHQDXIJHULVVHQ'LFNH.DEHOEQGHO KLQJHQDXIGHQ%RGHQKHUXQWHU(VURFKGXUFKGULQJHQGQDFKYHUEUDQQWHQ$QODJHQ'HU ULHVLJH3LORWHQVHVVHO]HLJWHGDV$OWHUGHV6FKLIIHVHEHQVRZLHGHQKRKHQ*UDGGHU $EQXW]XQJVlPWOLFKH.DQWHQZDUHQDXIJHULVVHQGHU%H]XJDEJHZHW]WXQG ]HUVFKOLVVHQ,FKGUHKWHPLFKODQJVDPKHUXPXQGQDKPGDV%LOGLQPLFKDXIGDQQ YHUOLHLFKGHQ6WHXHUUDXPGXUFKHLQHVFKPDOH6FKRWWU,FKYHU]LFKWHWHGDUDXIGHQ QlFKVWHQ5DXPHLQHUJHQDXHQ3UIXQJ]XXQWHU]LHKHQ(VZUGHQNDXP*HJHQVWlQGH ]XILQGHQVHLQGLHPLURGHUGHQ(LQJHERUHQHQKDOIHQ'HU.RUULGRUIKUWHLQ$EVlW]HQ YRQ5DPSHQXQG7UHSSHQXQWHUEURFKHQQDFKXQWHQ,FKVWROSHUWHEHUGDVGRSSHOWH .DEHOGDVLQHLQHPULHVLJHQ6FKDOWNDVWHQYHUVFKZDQGXQGGRUWDQJHVFKORVVHQZDU,FK IROJWHGHUGLFNHQIDUELJHQ6FKODQJHGXUFKHLQLJH5lXPHGHV6FKLIIHV$QHWOLFKHQ 6WHOOHQKDVWH7HUQDOPLWVHLQHU:DIIHJURH/|FKHULQ:lQGHXQG6FKRWWHJHVFKQLWWHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XPGDV.DEHOSDDUXPZHJORVYHUOHJHQ]XN|QQHQ0LWGLHVHP'RSSHONDEHOZROOWHHU YHUPXWOLFKGLHOHW]WH(QHUJLHGHV6FKLIIHV]XP6WHLQNUHLVOHLWHQXPVHLQHQ)XQNVSUXFK DE]XVWUDKOHQ ,FKZDUIDXIPHLQHPEHUVWU]WHQ:HJDXVGHP6FKLIILPPHUQXU%OLFNHLQGLH YHUVFKLHGHQHQ5lXPH6LHZDUHQPLW$XVUVWXQJVJHJHQVWlQGHQYROOJHVWRSIWDEHUVLH EHGHXWHWHQPLUQLFKWV,FKKDVWHWHGLH5DPSHKLQXQWHUXQGEHIDQGPLFKZLHGHULP 6FKOHXVHQUDXP0LW]ZHL6lW]HQZDULFKLQGHU(FNHXQGVWHPPWHGLH:DIIHKRFK(LQH URWH/DPSHOHXFKWHWHVWHFKHQGDXILFKVWHOOWHPLUYRUVLH]HLJWHGLH/DGHVWlUNHGLHVHU (QHUJLHZDIIHDQ,FKVFKXOWHUWHGDVVFKZHUH*HUlWKLHOWHVZLHHLQHQ6WDPPPLWEHLGHQ +lQGHQXQGILHIODQJVDPGLH5DPSHKLQXQWHU.DXPKDVWHLFKGLHHUVWHQWDUQHQGHQ %VFKHXPUXQGHWVDKLFKGLH$XVZLUNXQJHQGHU.DWDVWURSKH'LH5XLQHGHVHUVWHQ /DQJKDXVHVEUDQQWH (LQHULHVLJH5DXFKZRONHGUHKWHVLFKLQGHQ+LPPHO,KUH8QWHUVHLWHZXUGHYRQ IDXFKHQGHQ)ODPPHQ]XFNHQGEHOHXFKWHW*URH)ORFNHQZLUEHOWHQDP5DQGGHU :RONHLQGLH/XIWXQGWDXPHOWHQKLQXQGKHU(LQH'DPSIZRONH]LVFKWHZHQQHLQHUGHU %DXHUQHLQHQ.EHO:DVVHULQGLH)ODPPHQVFKWWHWH²HLQQXW]ORVHU9HUVXFK,FK UDQQWHZHLWHUXQGKLHOWPLFKZHLWOLQNVJHQJHQGYRQGHUJHUDGHQ/LQLH]ZLVFKHQGHQ +lXVHUQXQGGHP6FKLIIHQWIHUQW'LHVFKZHUH:DIIH]ZDQJPLFKPHLQH/DVWYRQHLQHU 6FKXOWHU]XUDQGHUHQ]XZHFKVHOQ,FKEOLHEPLWGHP/DXIXQGGHP5LHPHQDQ=ZHLJHQ KlQJHQXQGEHJDQQ]XVFKZLW]HQ ,FKEOLHEDP:DOGUDQGVWHKHQDOVLFKJHQJHQG$EVWDQG]ZLVFKHQPLFKXQGGDV 6FKLIIJHEUDFKWKDVWH6FKZHLJHQGVFKZHUDWPHQGVWDUUWHLFKKLQEHU]XGHU$QODJH GHU+lXVHU9LHUYRQLKQHQZDUHQ]HUVW|UW7HUQDO0DODWZDUJHUDGHDXVJHUDQQW'DV HUVWH+DXVGHVVHQ=XVDPPHQEUXFKLFKPLWDQJHVHKHQKDVWHEHIDQGVLFKLQGLHVHU /LQLH0LWUDVHQGHQ6SUQJHQKDVWHGHU5DXPIDKUHUGHQ3ODW]]ZLVFKHQGHQ %DXZHUNFQGXUFKTXHUWXQGDXJHQEOLFNOLFKGDV]ZHLWH+DXVJHUDPPW(UKDVWHGLH +lOIWHQLHGHUJHZDO]WXQG]HUIHW]WGDQQWUDIHUDXIGDVQlFKVWH/DQJKDXVXQGVFKQLWWHV LQGHU0LWWHDXVHLQDQGHU6FKOLHOLFKKDVWHHUGLHOLQNH6HLWHHLQHVHQWIHUQWVWHKHQGHQ +DXVHVJHWURIIHQXQGHEHQIDOOVLQ6WDXEXQG7UPPHUYHUZDQGHOWZRUDXIGDV 'DFKJHVWKOKHUXQWHUJHEURFKHQZDU$XFKGLHVHV+DXVVWDQGLQ)ODPPHQhEHUDOO KHW]WHQVFKUHLHQGH%DUEDUHQKLQXQGKHUXQGYHUVXFKWHQGLH%UlQGHHLQ]XGlPPHQ 'HQXQGHXWOLFKHQ*HUlXVFKHQQDFK]XXUWHLOHQEHZHJWHVLFK7HUQDO0DODWLP ZHLWHQ%RJHQMHQVHLWVGHV6WHLQNUHLVHV]XUFN]XPHLQ]LJHQ2UWDQGHPHUVLFKQLFKW DOV$XVJHVHW]WHUXQG9HUJHVVHQHUIKOHQZUGHDOVR]XP5DXPVFKLIIVZUDFN,FK ZXFKWHWHGLHVFKZHUH:DIIHEHUPHLQH6FKXOWHUXQGVDKYRUPLU]ZLVFKHQGHQ 6WlPPHQGHV+JHOZDOGHVHLQHJHVFKZXQJHQH)DFNHO6LHZDUWHWHQGRUWGUEHQDXI PLFK /DQJVDPHUXQGQLFKWPHKULQXQPLWWHOEDUHU*HIDKUYRQGHP5DVHQGHQHQWGHFNW ]XZHUGHQVFKOHSSWHLFKGLH:DIIHLQXQVHU9HUVWHFN1DFKXQGQDFKNDPHQHLQ 'XW]HQG)UHXQGHDXVDOLHQ5LFKWXQJHQ.DDSHUGHXWHWHLP/LFKWHLQHVDEJHVFKLUPWHQ )HXHUVDXIGHQDXHURUGHQWOLFKIUHPGZLUNHQGHQ*HJHQVWDQGGHQLFKVFKZHLWULHIHQG KLHUKHUJHVFKOHSSWKDVWH(UIUDJWHNHXFKHQG ³:DVVRLOGDV$WODQ"´ ³'DVLVWGLHVFKUHFNOLFKH:DIIHGHV)UHPGHQ,FKKDE¶VLHDXVGHP6WHUQHQVFKLII JHVWRKOHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³0XWLJH7DW´$QFDQWDVQDKPPLUGLH:DIIHDXVGHQ+lQGHQZRJVLH DQHUNHQQHQGKWHWHVLFKDEHULUJHQGZHOFKH+HEHORGHU6FKDOWHU]XEHUKUHQ³:DV ZLOOVWGXGDPLWDQIDQJHQDQJHVLFKWVGHV]HUVW|UWHQ'RUIHVXQVHUHUYHUZDQ]WHQ )UHXQGH"´ ³9LHOOHLFKWZLOOLFKQLFKWVDQIDQJHQ´VDJWHLFKQDFKGHQNOLFK³$EHU7HUQDO0DODW KDWHLQH0|JOLFKNHLWZHQLJHU'LH/DJHLQGHUVLFKDOOHEHILQGHQDXFKGHU5LHVHLVW DOOHVDQGHUHDOVNODU´ ³'XVDJVWHV(ULVWZDKQVLQQLJQLFKWZDKU"´ ³6RVFKHLQWHV´HQWJHJQHWHLFK³$EHUYLHOOHLFKWKDEHQ8UJHUXQGVHLQH/HXWH KHXWHHWZDVJHOHUQW´ ³'DVZLOOLFKKRIIHQ´DQWZRUWHWH.DDSHU³6LQGDOOHYRQXQVHUHU*UXSSHKLHU"´ :LU]lKOWHQDWHULHIHQ1DPHQXQGVWHOOWHQIHVVGDVLFKDOOH.lPSIHU YHUVDPPHOWKDWWHQPLWYROOHU$XVUVWXQJ,Q]ZLVFKHQURFKHQZLUVRJDUWULHUGDV)HXHU GHVNOHLQHQ'RUIHV ³6ROOHQZLULKQHQQLFKWKHOIHQ"´6LUHQODFWDWHXQGHU]HXJWHPLOGH9HUZXQGHUXQJ GHQQJHUDGHLKPNRQQWHQZLUQXUZHQLJ%HJHLVWHUXQJIUGLH%DUEDUHQYRUZHUIHQ,FK VDJWHUXKLJ ³:DVZLUJHVHKHQKDEHQVFKHLQWGHXWOLFK]XVHLQ(VLVWRIIHQVLFKWOLFKQLHPDQG XPJHNRPPHQ)UGLH+lXVHULVWGHU%UDQGJXWGDV8QJH]LHIHUYHUEUHQQW6LHKHOIHQ VLFKVHOEVW'HU9HUOXVWZLUGYLHOOHLFKWLKUHQ6WDUUVLQQEUHFKHQ:LUKHOIHQLKQHQVSlWHU QDFKGHP.DPSIZHQQZLULKQHQ]HLJHQZDVZLUZLVVHQ$XHUGHPELQLFKWRGPGH´ ³(VJHKWNHLQHPYRQXQVDQGHUV´ 'HU5HVWGHU1DFKWYHUJLQJZlKUHQGZLULP:DOGDXV(LFKHQXQG(VFKHQ VFKOLHIHQXQGXQHQWGHFNWEOLHEHQ.HLQHGUDPDWLVFKHQ*HUlXVFKHRGHU$NWLRQHQ ZHFNWHQXQVGLH:DFKHQGLHDEJHO|VWZXUGHQSDWHQDXIXQGVDKHQZHQQVLH ]ZLVFKHQGHQ%DXPVWlPPHQKLQGXUFKEOLFNWHQHUO|VFKHQGH)HXHUXQGGQQHU ZHUGHQGH5DXFKIDKQHQGHV%UDQGHV-HPHKUYRQGHU1DFKWYHUVWULFKGHVWRUXKLJHU ZXUGHHVDXIGHU(EHQHXQGDQGHQ5lQGHUQGHVIODFKHQ*HELHWHV6HOEVWGHU)UHPGH VFKLHQVLFKHUVFK|SIWLQV:UDFN]XUFNJH]RJHQ]XKDEHQ =ZHLZXFKWLJH6WHLQHKLHOWHQGHQ/DXIGHUIUHPGHQ:DIIH,FKODJIDVWHLQH 6WXQGH)XPDUVFKYRQXQVHUHP9HUVWHFNHQWIHUQWDP5DQGGHV:DOGHVXQG]XJOHLFK DXIHLQHPGHUK|FKVWHQ3XQNWH 9RQWULHUDXVVDKLFKDOOHV/DQJKlXVHU6WHLQNUHLV5DXPVFKLIIXQGMHGHQ$FNHU 'DV*HVFKHKHQDQGLHVHPVSlWHQ0RUJHQ²EHUDOOHPODJHLQZXQGHUEDUHUEODXHU 6RPPHUKLPPHORKQHMHGH:RONH²JOLHGHUWHVLFKLQYLHU7HLOH'HU)UHPGHDUEHLWHWH VFKQHOOXQGNRQ]HQWULHUWDQVHLQHU6HQGHDQODJH6FKRQMHW]WVSDQQWHQVLFK.DEHO ]ZLVFKHQGHQ,VRODWRUHQXQGUDQJHVWDEI|UPLJH6HQGHDQWHQQHQZDUHQEHIHVWLJWDEHU QRFKQLFKWMXVWLHUW(LJHQWOLFKKDVWHLFKGDUDXIJHZDUWHWGDGHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

)UHPGHLQGHU1DFKW3HLOXQJHQYRUQDKPDEHUHUZDUQXUHLQPDOHQWODQJGHU .DONJUXEHQJHODXIHQXQGKDVWH6WHLQHLQHLQHPEHVWLPPWHQ0XVWHUKHUDXVJHQRPPHQ XQGZLHGHUKLQHLQJHOHJW (VKDWVLFKHUHWZDVPLWGHUYRUDXVJHVDJWHQ.DWDVWURSKH]XWXQIOVWHUWHGHU /RJLNVHNWRU,FK]HUPDUWHUWHPLUGHQ.RSIDEHULFKZXWHQLFKWZHOFKHU9RUJDQJ VWDWWILQGHQVROOWH²IDOOVHUQLFKWYRQGHP)UHPGHQHLQJHOHLWHWZHUGHQZUGH'HQ 9HUOXVWGHU:DIIHKDVWHGHUVFKZDU]H*LJDQWQRFKQLFKWEHPHUNW$XFK5LFRWUXJ]XU $XIONOlUXQJQLFKWVEHG (LQH+lOIWHGHU(LQJHERUHQHQDUEHLWHWHDQGHQ5XLQHQLKUHU/DQJKlXVHUXQG VWRFKHUWHUDWLRVLQGHUKHLHQ$VFKH,PPHUZLHGHUVFKOHSSWHQ.LQGHUXQG)UDXHQ :DVVHUKHUEHLXQGNLSSWHQ7RQJHIlHXQG+RO]ERWWLFKHLQGLHDXI]LVFKHQGHQ5HVWH DXV ,FKVDKDOOHVVFKDUILQULHVLJHU9HUJU|HUXQJ1RFKZLFKWLJHUDOVGLH.DSD]LWlW GHU:DIIHZDUGDVDXIPRQWLHUWHRSWLVFKH,QVWUXPHQWGDVQDFKXQEHNDQQWHQ0HWKRGHQ DUEHLWHWHDEHUPLUHUP|JOLFKWHLQQHUKDOEGHV.DPSIJHELHWVMHGHQXQGDOOHV]XVHKHQ 'LHDQGHUH+lOIWHGHU%DUEDUHQYHUVXFKWHGLHGDYRQJHUDQQWHQ7LHUHHLQ]XVDPPHOQ 6LHKDWWHQVLFKEHUGHQ7DONHVVHO]HUVWUHXWXQGZDUHQLQGHQ:lOGHUQYHUVFKZXQGHQ +LQXQGZLHGHUULFKWHWHLFKGLH,QVWUXPHQWHDXIGHQHLQHQRGHUDQGHUHQGHUHLQ5LQG WULHERGHU6FKDIHRGHUHLQH=LHJHKLQWHUVLFKDP6WULFNKHU]RJ0HLQH)UHXQGHZDUHQ XQVLFKWEDUYRQ.DDSHUXQG$QFDQWDVDEJHVHKHQ6LHMDJWHQ5RWZLOGVXFKWHQ%HHUHQ ULFKWHWHQGDV/DJHUHLQGDVVFKQHOOH)OXFKWXQGHLQKHUYRUUDJHQGHV9HUVWHFNVLFKHUWH JOHLFK]HLWLJDXFKDOV$XVJDQJVEDVLVIUGLH=HLWQDFKGHP.DPSIGLHQWHXQGXQVHLQ ZHQLJ.RPIRUWERW:LUKDVWHQQLFKWYRUDXFK]XYHUZDKUORVHQ,FKVFKZHQNWHGHQ .ROEHQGHU:DIIHKHUXPXQGURXWH]XU6HLWHQDFKGHPLFKGLHVFKZDU]H/HGHUKDXWGHV ULHVLJHQ.|USHUVLP9LVLHUKDVWH ³+LHUVLHKLKQDQ.DDSHU´VDJWHLFK³,FKEHGDXUHLKQLQ]ZLVFKHQ(UNlPSIWLQ MHGHU+LQVLFKWXPVHLQ/HEHQ(ULVWNUDQNLUJHQGZLHPXPDQLKQEHZXQGHUQ´ ³%HVRQGHUVGDIUZLHVFKQHOOHULQGHU1DFKWGLH+WWHQQLHGHUJHZDO]WKDW´ NRPPHQWLHUWH$QFDQWDVPUULVFK³:DVVLQGGLHVHPHWDOOLVFKEOLW]HQGHQ'LQJH"´ ³6LHYHUVWlUNHQHLQHQXQK|UEDUHQ+LOIHVFKUHL´PXWPDWHLFK ³8QGZHQQGLHDQGHUHQNRPPHQ":LHUDQJHZHUGHQVLHEUDXFKHQYRP/DQG ]ZLVFKHQGHQ6WHUQHQ"´ .DDSHUV6WLPPHZDUXQGHXWOLFK(UODJDQPHLQHP3ODW]XQGEOLFNWHGXUFKGDV 2EMHNWLYGHV,QVWUXPHQWVGDVIUHLQHVGHUULHVLJHQ$XJHQGHV6FKZDU]KlXWLJHQ HLQJHULFKWHWZDU'DV*HUlWXQGVHLQH/HLVWXQJIDV]LQLHUWHQLKQ(UVWDUUWHUDQJHGLH HLQ]HOQHQ6]HQHQLP%HUHLFKGHVDXVHLQDQGHUJH]RJHQHQ*HOlQGHVDQ$QFDQWDV NRQQWHVHLQHQ7KLFNQLFKWYRQGHPDUEHLWHQGHQ)UHPGHQO|VHQ:DV7HUQDOGRUW PDFKWHKDVWHHLQHQHQGJOWLJHQ&KDUDNWHU1RFKULFKWHWHQVLFKGLH$QWHQQHQGLH VLOEHUQHQ5RKUDEVFKQLWWHQlKQHOWHQLQYHUVFKLHGHQH5LFKWXQJHQ(UVWZHQQVLHDOOHDXI HLQHQ6WHUQGHXWHWHQRGHUDXIHLQHQEHVWLPPWHQ3XQNWGHV1DFKWKLPPHOVZUGHGLH OHW]WH(QHUJLHGHV5DXPVFKLIIVZUDFNVGHQ5LFKWVHQGHUEHWlWLJHQ'LHIDUELJHQ/LQLHQ GHV'RSSHONDEHOVOLHIHQYRP6FKLIIELVDQGHQ5DQGGHV6WHLQNUHLVHVXQGPQGHWHQLQ HLQHVGHUZUIHOI|UPLJHQ*HUlWH$XIVFKZHUHQ+RO]E|FNHQEHIDQGVLFKHLQH 0HWDOOWDIHODXIGHUHLQH9LHO]DKOMHQHU,QVWUXPHQWHXQG6FKDOWHU5HJOHUXQGVRQVWLJHQ 7HLOH]XVHKHQZDUGLH7HUQDODXVGHQ3XOWHQGHV6FKLIIHVKHUDXVJHULVVHQKDVWH1RFK LPPHUZXWHLFKQLFKWZDVLFKWXQVROOWH,FKVFKHXWHYRUGLHVHU$UWNDOWHQ0RUGHV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

]XUFNGLHVHU+LQULFKWXQJ1LFKWVDQGHUHVZUGHHVVHLQ.DDSHUVUXKLJH6WLPPHUL PLFKDXVPHLQHQ*HGDQNHQ ³:LHUDQJHZLUGHUQRFKEUDXFKHQ"´ (UZXWHZLHZLUDOOHGDHVIUGLHVH:HOW]XVSlWVHLQZUGHZHQQGHU+LOIHUXI HUVWHLQPDOKLQDXVJLQJXQGVLFKGRUWGUDXHQGLHDQGHUHQIHUWLJPDFKWHQXP7HUQDO 0DODWDE]XKROHQ:LHGHUPXWHLFKDQWZRUWHQ ³,FKZHLHVQLFKW+|FKVWHQV]ZHLGUHL7DJH´ ³,FKNHQQHGHLQ3UREOHP6ROOHQZLUEHUQHKPHQZDVGXQLFKWNDQQVWRGHUQLFKW WXQZLOOVW"´ ,FKVFKWWHOWHGHQ.RSIXQGHUQWHWHHLQHQHUQVWHQ7KLFNYRQ$QFDQWDV ³:DUXPQLFKW"´ ³:HLOHVPHLQH$XIJDEHLVW,FKP|FKWHGDLKUPLUKHOIWQLFKWPHKUXQGQLFKWV DQGHUHV.ODU"´ ³:LUKDEHQYHUVWDQGHQ$EHUHVZLUGQLFKWVDQGHLQHQ=ZHLIHOQlQGHUQ´VDJWH .DDSHURKQHGDV$XJHYRQGHUIHGHUQGHQ0XIIHGHV2NXODUV]XQHKPHQ(UKDVWH UHFKW1XUHLQH:HQGXQJGLHNHLQHUYRUKHUVHKHQNRQQWHZUGHGLHVHVVWDELOH *OHLFKJHZLFKWlQGHUQ:LUVFKZLHJHQXQGZDUWHWHQ,UJHQGZDQQZUGH7HUQDO0DODW PHUNHQGDVHLQH:DIIHJHVWRKOHQZDU'LH(LQJHERUHQHQJLQJHQGXUFKHLQH3KDVH GHU5DWORVLJNHLW9LHOOHLFKWZDUGHU6FKRFNIUVLHKHLOVDP ³1HLQ(VlQGHUWQLFKWVDQPHLQHQ=ZHLIHOQ´EHKDUUWHLFKKDUW³,FKZHUGHHWZDV WXQ,FKEHJLQQH]XDKQHQZDVSDVVLHUHQZLUG´ ³6DJ¶VXQVUHFKW]HLWLJ´NQXUUWH.DDSHU1LFKWVZlUHHLQIDFKHUJHZHVHQDOVPLW PHLQHU(QHUJLHODQ]HXQGGLHVHUQRFKVFKZHUHUHQ:DIIHGHQ*LJDQWHQXQWHU)HXHU]X QHKPHQ6HOEVWZHQQHUVLFKLQGLHVHQ%ORFNDXVYHUKlUWHWHQ=HOOYHUElQGHQ YHUlQGHUWHZUGHVLFKDXFKGLHVH0DWHULHXQWHUGHU(LQZLUNXQJGHU+RFKHQHUJLHZDIIHQ XQGGHU6WUDKOHQDXIO|VHQ(VVWLPPWHZDVPHLQH)UHXQGHGDFKWHQ,FKKDVWH0LWOHLG PLWGLHVHPQRWJHODQGHWHQ5DXPIDKUHU 8Q]lKOLJH,QVHNWHQ]LUSWHQ6FKZlUPHZLOGHU7DXEHQMDJWHQGXUFKGLH/XIWXQG IORKHQYRUGHP+DELFKW,QGHU1lKHXQVHUHVJHPHLQVDPHQ9HUVWHFNVVDKHQZLUHLQ 5XGHO5RWZLOG8QEHHLQGUXFNWXQGZDFKVDPVFKQUWHHLQ)XFKV]ZLVFKHQ:DOOJUDEHQ XQG6WHLQNUHLVHQWODQJPLWIDKQHQDUWLJKRFKJHUHFNWHU5XWH.DXPZDKUQHKPEDUHU :LQGGHU%UDQGJHUXFKGHQ*HUXFKGHU7PSHOXQGGHQ6DO]JHVFKPDFNGHV0HHUHV PLWVLFKEUDFKWHEHZHJWHGLH%OlWWHUGHU(LEHQ'HU+LPPHOZDUZLHHLQULHVLJHU 6SLHJHOGLH6RQQHVWDFKKHLHLQH6WLPPXQJGLHQDFKHLQHP*HZLWWHUVFKULH :LUEHREDFKWHWHQVRUJVDP6WXQGHQYHUJLQJHQXQGDQGHP%LOGlQGHUWHQVLFK QXUZLQ]LJH(LQ]HOKHLWHQ,FKZXWHGDLFKJHJHQEHU7HUQDO0DODWNHLQH6FKOVVH ]LHKHQGXUIWHGLHVLFKDXIPHQVFKOLFKH5HDNWLRQHQJUQGHWHQDEHUHUYHUKLHOWVLFKZLH MHPDQGGHUPHKUIDFKJHZDUQWZRUGHQZDUXQGHLQHOHEHQVZLFKWLJH$UEHLWDXV]XIKUHQ KDVWH,PPHUZLHGHUVDKHUVLFKPLWUDXLVFKXPVHLQ6WLUQDXJHVWDUUWHLQV)LUPDPHQW XQG]ZDQJLKQEHVRQGHUVGDQQGD]XPLWGHP$UEHLWHQDXI]XK|UHQZHQQVLFK9|JHO RGHU9RJHOVFKZlUPHLQGHU/XIWEHIDQGHQ.UlKHQHLQ%XVVDUGRGHUHLQ6WHLQDGOHU ,FKZDUKDOENUDQNYRU8QVFKOVVLJNHLWXQG8QUXKH,QZHQLJHUDOVHLQHP0RQG LQQHUKDOEGHUQlFKVWHQIQIXQG]ZDQ]LJ7DJHVROOWHQDFK$XVVDJHGHV)UHPGHQHLQH .DWDVWURSKHEHUGLHVH,QVHOKHUHLQEUHFKHQ:DVKDVWHHUJHPHLQW":HOFKH$UW 8QKHLO"

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

:LHGHUK|UWH7HUQDO0DODWDXIVHLQHYLHU+lQGHXQG$UPH]XEHVFKlIWLJHQXQG HUVWDUUWHGHQ:LOGWDXEHQQDFKGLHGLFKWEHUGHP%RGHQIOFKWHWHQXQGDXIGLH VFKZHOHQGHQ5XLQHQ]XIORJHQ'LH)XQNDQODJHVFKLHQIHUWLJ]XVHLQGHQQGHU)UHPGH JLQJVFKZHUIlOOLJDXIVHLQLPSURYLVLHUWHV6FKDOWSXOW]XXQGQDKPGRUW(LQVWHOOXQJHQYRQ ,FKVDKYHUEOIIWGDVLFKVlPWOLFKH6WDEDQWHQQHQJOHLFK]HLWLJEHZHJWHQXQGLQHLQH 5LFKWXQJHLQVFKZHQNWHQ=XIlOOLJGHXWHWHQVLHLQXQVHUH5LFKWXQJQDWUOLFKKRFKLQGDV )LUPDPHQW$XVXQHUNOlUOLFKHQ*UQGHQZDUHVIUPLFKVLFKHUGDGHU+LOIHUXIQDFKWV DEJHVWUDKOWZHUGHQZUGH,QXQVHUHU5LFKWXQJVWDQGDXFKHLQHUGHU9LVLHUVWHLQH DXHUKDOEGHUIHVWJHIJWHQ6WHLQVlXOHQDQODJH*DQ]SO|W]OLFKZDUIVLFK7HUQDO0DODW KHUXPXQGEHJDQQPLWZDFKVHQGHU*HVFKZLQGLJNHLWGHQDXVJHWUHWHQHQ3IDGDXIVHLQ :UDFN]X]XODXIHQ(VNRPPW%HZHJXQJLQGLH9RUJlQJHVDJWHGDV([WUDKLUQ,FK VHQNWHGHQ.RSIXQGULHEPHLQWUlQHQGHV$XJH.DDSHUVFKLUPWHVHLQH$XJHQPLWGHU IODFKHQ+DQGDEXQGIUDJWHYHUEOIIW ³:DVSODQWXQVHU*HJQHU"´ (UKDVWH]XVDPPHQPLW$QFDQWDVMHGH%HZHJXQJGHV5LHVHQPLW ZLVVHQVFKDIWOLFKHP,QWHUHVVHVWXGLHUW6LHKDVWHQGLH/HLVWXQJVIlKLJNHLWXQG 6FKQHOOLJNHLWGLHVHVVFKZDU]HQ.|USHUVNHQQHQJHOHUQWXQGJDEHQVLFKNHLQHUOHL,OOXVLRQ GDUEHUKLQZHOFKHJHZDOWLJHQ*HIDKUHQHLQ.DPSIPLW7HUQDO0DODWPLWVLFKEULQJHQ ZUGH'HVZHJHQZDUHQVLHLQGHQOHW]WHQ6WXQGHQVRVFKZHLJVDPJHZHVHQ ³9LHOOHLFKWKROWHUVHLQH:DIIHXPGHQQlFKVWHQ%HREDFKWHUDXVGHU/XIW VFKLHHQ]XN|QQHQ´PXUPHOWHLFKXQGVDKGHQ5LHVHQLQGHU1lKHGHV:UDFNV(U lQGHUWHVHLQHQ/DXIZXUGHODQJVDPHUXQGUDQQWHGLH6FKUlJIOlFKHKLQDXI'UHL $WHP]JHVSlWHUGUDQJHLQPDUNHUVFKWWHUQGHV*HEUOO]XXQVKHUEHU 'HU9HUOXVWLVWEHPHUNWIOVWHUWHWURFNHQGHU/RJLNVHNWRU,FKQLFNWHJULPPLJ'LH JHZDOWLJH6WLPPHGHV5DXPIDKUHUVWREWHEHUGDV/DQG>QGHUUHJXQJVORVHQ5XKHGHV 0LWWDJVZDUVLHEHVRQGHUVODXW,FKULFKWHWHGDVRSWLVFKH*HUlWDXIGLH+lXVHUYRQ 8UJHUV6WDPP$XFKGRUWZXUGHQGLH%DUEDUHQXQUXKLJXQGK|UWHQPLWLKUHU$UEHLWDXI (LQLJH=HLWIDQJKLHOWVLFKGHU5LHVHLP6FKLIIVZUDFNDXI,FKNRQQWHPLUYRUVWHOOHQZLH HUQDFKGHU:DIIHVXFKWH$EHUGDQQVDJWHLFKPLUGDHUQDWUOLFKZXWHGDLKQ $QIlOOHKHLPJHVXFKWKDWWHQ ³(UNRPPW´VDJWH.DDSHUSO|W]OLFK,FKVDKJHQDXHUKLQW'HU5DXPIDKUHU VWU]WHDXVGHP6FKLIIOLHVHLQHQ.|USHUQDFKYRUQDENLSSHQXQGUDQQWHQRFKLPPHU VHLQIXUFKWEDUHV*HEUOODXVVWRHQGLQHLQHP%RJHQDXIGLHQRFKVWHKHQGHQXQG ]HUVW|UWHQ+lXVHU]X ³8UJHUZLUGHLQLJHXQDQJHQHKPH(UOHEQLVVHKDEHQ´NQXUUWHLFK ³9LHOOHLFKWYHUUlWHUGDGXGLH:DIIHJHVWRKOHQKDVW´JDE$QFDQWDV]X EHGHQNHQ ³(UZHLHVQLFKW´HUZLGHUWHLFKDEHUGDQQGXUFK]XFNWHPLFKGHU6FKUHFNHQ:LU EOLFNWHQXQVVFKZHLJHQGDQ-HGHUGDFKWHGDVVHOEH1DWUOLFKZXWHQ8UJHUV/HXWH QLFKWVYRQXQVHUHUQlFKWOLFKHQ$NWLYLWlW$EHUVLHZXWHQDOOHVDQGHUH ³:DUWHQZLUDWHZDVJHVFKLHKW'DV6FKLIILVWJXWYHUVWHFNWXQGGLH)UHXQGH KDEHQ:DFKHQDXVJHVWHOOWGRUWGUEHQ´VDJWHGHU$QIKUHUGHU%RJHQVFKW]HQ-HW]W VWREGHUWLHIVFKZDU]LP6RQQHQOLFKWJOlQ]HQGH.|USHUGLH$QK|KHKLQDXIVFKHXFKWH HLQLJH=LHJHQDXVGHP:DOGXQGULFKWHWHVLFKQHEHQGHP%UXQQHQDXI'LH0HQVFKHQ KDVWHQVLFKJHGXFNWXQGYHUVWHFNWDEHULFKHUNDQQWHXQWHULKQHQGHQ+lXSWOLQJGHU ]ZLVFKHQHLQHP6WDSHOKDOEYHUNRKOWHU%DONHQXQGJHUHWWHWHU(LQULFKWXQJVWHLOH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

KHUYRUNDPXQGHLQHQ$UPKRE'HXWOLFKVDKLFKGHQ$XVGUXFNW|GOLFKHQ6FKUHFNHQVLQ VHLQHP*HVLFKW (LQHUGHUOlQJHUHQ$UPHGHV5DXPIDKUHUVVFKRYRUXQGSDFNWH8UJHUDP *UWHOKRELKQKRFKXQG]RJLKQGLFKWDQGHQ5LHVHQN|USHUKHUDQ'HU5DFKHQXQGGLH $XJHQEHIDQGHQVLFKPLWGHP.RSIGHV+lXSWOLQJVDXIJOHLFKHU+|KH9ROOHU$QJVW VFKORGHU%DUEDUGLH$XJHQXQGZDUIVHLQHQ6FKlGHOKLQXQGKHU ³6LHVFKHLQHQVLFK]XXQWHUKDOWHQ´PHLQWH.DDSHUOHLFKWKLQ ³1LFKWVLVWZHQLJHUULFKWLJ7HUQDOVFKWWHOW$QWZRUWHQDXV8UJHUKHUDXV´VDJWH LFKJULPPLJ³:LUPVVHQXQVEHUHIWKDOWHUVFKQHOODQ]XJUHLIHQ´ :LHGHUEHJDQQGHU5LHVH]XEUOOHQ(UEHQXW]WHGLH6SUDFKHGHU%DUEDUHQZLU YHUVWDQGHQHLQ]HOQH:|UWHUXQG6DW]IHW]HQ1DWUOLFKEHIUDJWH7HUQDOGHQ+lXSWOLQJ EHUGHQ9HUOXVWGHU:DIIH'HU0DQQPXWHYRQGHP*HUlXVFKRUNDQKDOEWDXEVHLQ ,FKVDKLQGHUULHVLJHQ9HUJU|HUXQJGDHUDQWZRUWHWHODXWORVEHZHJWHQVLFKVHLQH /LSSHQ:LHGHUEUOOWHLKQGHU5DXPIDKUHUDQZLHGHUVFKULH8UJHUHUVFKLHQDP(QGH VHLQHV0XWHVDQJHODQJW]XVHLQ6FKOLHOLFKO|VWH7HUQDOVHLQHQ*ULIIXQGOLH8UJHU]X %RGHQIDOOHQ8UJHUEOLHEUHJXQJVORVOLHJHQ'HU/lUPYHUVWXPPWH6FKHXWDXFKWHQGLH %DUEDUHQDXVLKUHQ9HUVWHFNHQDXI,FKKLHOWGDV,QVWUXPHQWDXI7HUQDOJHULFKWHWXQG ZDUWHWHDXIVHLQHQlFKVWH+DQGOXQJ(UUHDJLHUWHVFKQHOOXQGGUHKWHVLFKKDOEKHUXP 'DQQVWDUUWHHUUHJXQJVORVKLQEHU]XP:DOGXQVHUHP9HUVWHFN ³8UJHUVFKHLQWXQVYHUUDWHQ]XKDEHQ´VDJWHLFKOHLVH³'HU)UHPGHLQWHUHVVLHUW VLFKIUXQVHU9HUVWHFN´ ³,FKKDEHHVJHDKQW$EHUNDQQHUHWZDVWXQRKQH:DIIH"´ ³'XUFKDXVYRUVWHOOEDU´PXUPHOWHLFKYROOE|VHU$KQXQJHQ³GDHUHLQH]ZHLWH :DIIHKDW2GHUPHKUHUH´ 'HU)UHPGHVFKLHQPLWVHLQHQhEHUOHJXQJHQIHUWLJ]XVHLQ(UZHFKVHOWHDXV Y|OOLJHU(UVWDUUXQJSO|W]OLFKZLHGHULQUDVHQGH%HZHJXQJNQLFNWHDXIGLHREHUHQ *OLHGPDHQKLQXQWHUVFKOHXGHUWHVHLQHQ.|USHUYRUZlUWVXQGGHQ+DQJKLQXQWHU(U UDQQWH]XP:UDFNXQGYHUVFKZDQGGDULQQHQ(VGDXHUWHQLFKWUDQJHGDQQVWU]WHHU PLWEHlQJVWLJHQGHU6FKQHOOLJNHLWGLH5DPSHKLQXQWHUXQGVFKOXJGHQ:HJHLQGHQLFK LQGHU1DFKWPLWGHUHUEHXWHWHQ:DIIH]XUFNJHOHJWKDVWH:LHJXWNDQQWHHUGLHVHV /DQG".RQQWHHUGLH6SXUHQOHVHQGLHLFKKLQWHUODVVHQKDVWH"$OVHVPLUJHODQJ7HUQDO HLQHQ$XJHQEOLFNVFKDUIJHQXJ]XVHKHQVFKUDNLFKDEHUPDOV]XVDPPHQhEHUGLH PlFKWLJHQ6FKXOWHUQJHNUHX]WWUXJ7HUQDOHLQHQEUHLWHQ*UWHODQGHPLFKNDVWHQDUWLJH *HJHQVWlQGHEHPHUNWH:DIIHQ" :LHGHUYHUILHOGHU5DXPIDKUHULQHLQH$UW5DXVFK]XVWDQG(UILHIJHUDGHDXV RKQHDXIHLQHVGHU+LQGHUQLVVH]XDFKWHQ.OHLQH)HOVHQXQGJURH6WHLQHVSOLWWHUWHQ ZXUGHQJHVSDOWHQRGHUDXVGHP%RGHQJHULVVHQXQGGDYRQJHUROOW%VFKHIORJHQ DXVHLQDQGHUHLQ%DXPZXUGHXPJHOHJWGLH6WlPPHJU|HUHU*HZlFKVHEUDFKHQDWH XQG]LWWHUQGH%DXPNURQHQGHUHQbVWHZLOGSHLWVFKWHQNHQQ]HLFKQHWHQGHQ:HJGHV 5DVHQGHQMHQVHLWVGHVVWHLQHUQHQ%DXZHUNVXQGHQWODQJGHU:DOGJUHQ]H,FKVSUDQJ DXIXQGULHI ³:LUPVVHQXQVYHUWHLGLJHQ(UJUHLIWGDV9HUVWHFNDQ´ .DDSHUXQG$QFDQWDVSDFNWHQGLH:DIIHDQEHLGHQ(QGHQ:LUKDVWHQ LQ]ZLVFKHQKHUDXVJHIXQGHQZLHVLHIXQNWLRQLHUWH ³(VZDU]XHUZDUWHQ$WODQ$EHUXQVHUH)UHXQGHVLQGQLFKWXQJHVFKLFNW´ ³-D,FKNDQQHVQXUKRIIHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

=DKOORVH*HGDQNHQZLUEHOWHQPLUGXUFKGHQ.RSIDOVZLUDXIXQVHUHP3IDG UDQQWHQ:LUKDVWHQGLHVHQ:HJVRDQJHOHJWGDZLUKHUYRUUDJHQGJHGHFNWEOLHEHQ,P ODQJVDPHQ7UDEOLHIHQZLU]XP:DOG $XIHLQHPlKQOLFKHQ:HJDXIGHUHQWJHJHQJHVHW]WHQ6HLWHUDVWHGHU)UHPGHPLW IQIIDFKHU*HVFKZLQGLJNHLWDXIGLHVHOEH6WHOOH]X'HUHUVWH6FKXGHUGHP)UHPGHQ DXVHLQHU(QHUJLHZDIIHHQWJHJHQVFKOXJZUGHGHU%HJLQQHLQHUJUlOLFKHQ 6FKOlFKWHUHLVHLQ:LUZXUGHQJH]ZXQJHQXQV]XYHUWHLGLJHQVFKOHSSWHQDEZHFKVHOQG GLHVFKZHUH:DIIHGHV$XHULUGLVFKHQ]ZLVFKHQXQV,QGLHVHQ0RPHQWHQEHJULIIHQ ZLUGDGHU.DPSIQXU]ZLVFKHQXQVHUHU*UXSSHXQGGHP)UHPGHQVWDWWILQGHQZUGH $XINHLQHQ)DOO]ZLVFKHQ7HUQDOXQGGHQ%DUEDUHQ=ZLVFKHQ%VFKHQXQG%lXPHQ GXUFK'RUQHQUDQNHQXQGKRKHV*UDVUDQQWHQZLUDPZXFKWLJHQ%DXZHUNXQGDP %UXQQHQYRUEHLWDXFKWHQLQGHQ:DOGHLQXQGKDVWHQHLQLJHKXQGHUW6FKULWWHIUHLHV)HOG ]ZLVFKHQGHQKRFKDXIUDJHQGHQ6WlPPHQ$OVZLULQGHQGLFKWHUHQ7HLOGHV:DOGHV KLQHLQNDPHQK|UWHQZLUHLQHQKDUWHQXQJHZ|KQOLFKHQ/DXWHLQHJHZDOWLJH VFKPHWWHUQGH'HWRQDWLRQGHUHQ1DFKKDOOWREHQGEHUGLH(EHQHKLQZHJJLQJ ³:DVZDUGDV"´VFKULH.DDSHUGHUYRUXQVEHLGHQUDQQWHXQGVSUDQJ ³(LQH:DIIHGHV)UHPGHQ´JDELFK]XUFN ³(VJLEWQXUHLQHQ*UXQG´ ³-D,FKNHQQHLKQ´,FKVW|KQWHDXI3O|W]OLFKVFKLHQHQZLUQRFKEHUUDVFKHQG YLHO.UlIWH]XEHVLW]HQ:LUZXUGHQVFKQHOOHUREZRKOHVLPPHUVFKZLHULJHUZDUGDV *HVWUSS]XGXUFKGULQJHQ0LWULHVLJHQ6lW]HQVSUDQJHQZLUEHU:XU]HOQXQG (UGEURFNHQGLHYRQXPJHVWU]WHQ%lXPHQDXVGHP%RGHQJHULVVHQXQGDXIJHWUPW ZRUGHQZDUHQ,FKYHUVXFKWHPHLQH/DQ]HVR]XKDOWHUGDLFKVLHQLFKWLQHLQHQ %DXPVWDPPUDPPWHRGHU]X%RGHQZDUI ³'LH)UHXQGH+RIIHQWOLFKKDEHQVLHLKQJHVHKHQ´VFKULH$QFDQWDVYRQKLQWHU ,FKZXWHGD:DFKHQDXIJHVWHOOWZRUGHQZDUHQ$EHUDXFKPHLQH)UHXQGH ZDUHQQLFKWGDYRUVLFKHUEHUUDVFKW]XZHUGHQ%HVRQGHUVQDFKGHQ(UHLJQLVVHQGHU YHUJDQJHQHQ1DFKW:LHGLH9HUUFNWHQUDQQWHQZLUDXIGHPIDVWXQVLFKWEDUHQ3IDG ZHLWHUGHVVHQ0HUNPDOHQXUZLUNDQQWHQ,QGDV*HUlXVFKXQVHUHUNHXFKHQGHQ $WHP]JHPLVFKWHVLFKHLQHUGHUJUlOLFKHQ6FKUHLHGHV)UHPGHQGDQQZLHGHUHLQH GHUNUDFKHQGHQ([SORVLRQHQ ³(UEULQJVVLHDOOHXPPLWVHLQHQ:DIIHQ´.DDSHUKHXOWHDXIQLFKWDXV)XUFKW VRQGHUQDXV6RUJHXPXQV$XJHQVFKHLQOLFKZDUHQGLH*HJHQVWlQGHGLHDQGHQ JHNUHX]WHQ*XUWHQ]XVHKHQJHZHVHQZDUHQ%RPEHQPLWXQEHNDQQWHU:LUNXQJ JHZHVHQ ³:LUVLQGEDOGGRUWZRHUVLFKDXVWREW´VDJWHLFKODXW(VGDXHUWHQXUQRFK HLQLJH$XJHQEOLFNH:LUKDVWHWHQPLWOHW]WHQ.UlIWHQDXVGHPGLFKWHQ7HLOGHV:DOGHV DXIGLHIUHLH)OlFKHHLQH$UW9RUIHOGIUGDV9HUVWHFN,PVHOEHQ$XJHQEOLFNDOVZLU ]ZLVFKHQGHQ%lXPHQHLQHQJUQHQZLUEHOQGHQ1HEHOVDKHQWUDIXQVYRQYRUQHLQ ZLOGHU6FKODJ'HU([SORVLRQVGUXFNHLQHU%RPEHSDFNWHXQVULXQVYRQGHQ%HLQHQ XQGVFKOHXGHUWHXQVZLHKLOIORVH%QGHOQDFKKLQWHU%VFKHXQGIHGHUQGH=ZHLJH ILQJHQXQVHUHQ6WXU]DEXQGYHUKLQGHUWHQGDZLUXQVYHUOHW]WHQ ,QPHLQHQ2KUHQZDUHLQKRKHV6LUUHQ,FKVSXFNWH*UDVKDOPHDXVYHUJDGHQ 6FKPHU]LQPHLQHP5FNHQXQGNDPIOXFKHQGDXIGLH%HLQH,FKK|UWHPHLQHHLJHQHQ :RUWHQLFKWIHQGGLHGLFNJHVFKlIWHWH/DQ]HLQHLQHP6WUDXFKGUHKWHPLFKKHUXPXQG HUNDQQWHGLH8UVDFKHGLHVHVJUQHQ1HEHOV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

(VZDUHQZLQ]LJH)HW]HQYRQ%OlWWHUQGLHGHU'UXFNGHU'HWRQDWLRQ]ZLVFKHQ GHQ%DXPVWlPPHQKRFKJHZLUEHOWKDVWH/DQJVDPEHJDQQVLFKGLHVHU6WDXE]X VHQNHQ,FKERKUWHGLH=HLJHILQJHULQGLH2KUHQXQGVWHPPWHGLH/DQ]HKRFKGDQQ VSUDQJLFK]XU6HLWHXQGHQWJLQJHLQHPVFKZHUHQ$VWGHUKHUXQWHUJHZLUEHOWNDPXQG GRUWHLQVFKOXJZRVLFKHEHQQRFKPHLQ%UXVWNRUEEHIXQGHQKDVWH1HEHQPLUNDPHQ .DDSHUXQG$QFDQWDVLQGLH+|KH,FKK|UWHLKUVFKZHUHV$WPHQEOLHE]ZHL$WHP]JH IDQJVWHKHQXQGUHJLVWULHUWHGDGDVKHOOH6LQJHQLQPHLQHQ2KUHQOHLVHUJHZRUGHQ ZDUXQGLFKLKUH)OFKHK|UHQNRQQWH.DDSHUEFNWHVLFKXQGVWHPPWHPLWHLQHP *HVLFKWVDXVGUXFNGHUUHLQH0RUGOXVWDXVGUFNWHGLHVFKZHUH:DIIHGHV)UHPGHQ KRFK ³(UYHUVXFKWXQV]XW|WHQ´EUOOWHHU,FKK|UWHVHLQH:RUWHZLHDXVZHLWHU)HUQH XQGVFKULH]XUFN ³:LUPVVHQLKQVWHOOHQ.DDSHU´ ³6RVFKQHOOZLHP|JOLFK+LOIPLU´ :LUVSUDQJHQQDFKYRUQXQGEHIUHLWHQ$QFDQWDVDXVHLQHP*HZLUUYRQ 6FKOLQJJHZlFKVHQ'DQQVFKXOWHUWHQ$QFDQWDVXQGLFKGLH:DIIHXQGUDQQWHQZHLWHU 5lWVHOKDIWHUZHLVHVDKHQZLUZHGHU)ODPPHQQRFKVFKPHFNWHQZLU5DXFK9RUXQVZDU GDVZLOGH6FKUHLHQGHV5DXPIDKUHUV'DQQHLQKRKHVPDUNHUVFKWWHUQGHV.UHLVFKHQ GDVSO|W]OLFKDEULLQHLQ*XUJHOQEHUJLQJ(LQH6HULHNUDFKHQGHUXQGVSOLWWHUQGHU *HUlXVFKHVFKORVLFKDQ'HQ$EVFKOXELOGHWHQDFKKXQGHUW6FKULWWHQGLH([SORVLRQ HLQHU%RPEH1XU/DXEXQGDEJHIDOOHQH1DGHOQZXUGHQ]ZLVFKHQGHQ6WlPPHQ KHUYRUJHVFKOHXGHUW8QVHUUHLFKWHGHUKDUWH'RQQHUVFKODJRKQHGLHYHUKHHUHQGH :LUNXQJ ³(UUHQQWGDYRQ´VFKULH$QFDQWDV ³1HLQ(UIOFKWHWQLFKWDEHUHUVFKHLQWXQVHUH/HXWH]XVXFKHQ´ULHILFKXQG VHQNWHGLH/DQ]H0LWHLQHP'DXPHQGUXFNHQWVLFKHUWHLFKGHQYHUERUJHQHQ$E]XJ DEHUHVZDUXQP|JOLFKHWZDV]XVHKHQ8QGGDVLFKDOOH*HUlXVFKHLP:DOGYLHOIDFK EUDFKHQNRQQWHQZLUQLFKWIHVWVWHOOHQDXVZHOFKHU5LFKWXQJGLH*HUlXVFKHNDPHQ (QGOLFKEOLHEHQZLUDXIHLQHUIUHLHQ)OlFKHVWHKHQGLHYRQHLQHPKDOEHQ'XW]HQG %XFKHQVWlPPHVDPWLKUHQNQRUULJHQ:XU]HOQJHELOGHWZXUGH ³+DVWGXHLQHQ9RUVFKODJ$FUDQ"´.DDSHUVWRFKHUWHZLHGHUPLWHLQHP)LQJHULQ VHLQHQ2KUHQ ³1HLQ:LUVLQGPLWWHQLQGHU=RQHLQGHUVLFK]ZDQ]LJ0lQQHUYHUVWHFNHQ´ VFKULHLFKXQGVWDUUWHNRQ]HQWULHUW]ZLVFKHQGHQ6WlPPHQKLQGXUFK$EHULFKNRQQWH QLUJHQGZRDXFKQXUGLHJHULQJVWH%HZHJXQJZDKUQHKPHQ1XU*HUlXVFKHGLHYRQ YRUQGDQQYRQGUEHQXQGVFKOLHOLFKYRQKLQWHUXQVNUDFKWHQ'DV%UOOHQKDVWH YRUOlXILJDXIJHK|UW,PVHOEHQ0RPHQWNUDFKWHHVYRUXQVMHQVHLWVGHUK|FKVWHQ $XIZHUIXQJGLHVLFKLQPHKUHUHQ$GHUQGXUFKGHQ:DOG]RJ:LHGHUVFKWWHOWHQVLFK GLH%lXPHZDUIHQ1DGHOQ/DXEXQG5LQGHQVWFNHDEXQGNDPHQZLHGHU]XU5XKH 1LFKWHLQHLQ]LJHV7LHUVFKLHQVLFKWULHUDXI]XKDOWHQ ³:RVLQGVLH"´$QFDQWDVVDKVLFKHEHQVRYHU]ZHLIHOWXPZLH.DDSHUXQGLFK ³9HUVWHFNWJHIOFKWHWZDVZHLLFK´VFKULHGHU5RPHWZWHQG]XUFN(UOHKQWH GLHIUHPGH:DIIHJHJHQHLQHQ%XFKHQVWDPPXQGULHEVLFKGLH$XJHQ/DQJVDPGUHKWH LFKPLFKKHUXPXQGYHUVXFKWHLUJHQGHWZDV]XHUNHQQHQHLQ/HEHQV]HLFKHQHLQHV )UHXQGHV-HQVHLWVGHU6WlPPHEHZHJWHVLFKHWZDVHLQ0HQVFKQlKHUWHVLFKLQ JHUDGHU/LQLH6LUHQUDQQWHDOVVHL7HUQDOHLQHQ6FKULWWKLQWHULKP(UVFKLHQYRU$QJVW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EOLQG]XVHLQGHQQHUKDVWHWHDXIXQV]XRKQH]XUHDJLHUHQ(UVWDOVLFKLKQODXWDQULHI VFKULHHUDXI ³$WODQ(UZWHWZLHHLQ%HVHVVHQHU%LQLFKGHUHLQ]LJHhEHUOHEHQGH"´ ,QUDVHQGHP/DXIVWROSHUWHHUZHLWHUILHOLQPHLQH$UPH6LUHQZDUDXHUVLFKYRU :XWXQG)XUFKW:LUEOLHEHQNHXFKHQGVWHKHQXQGYHUVXFKWHQXQV]XEHUXKLJHQ6LUHQ VFKOHXGHUWHVHLQHQ6WUHLWNROEHQ]X%RGHQXQGIDXFKWH ³:LUKDEHQLKQJHVHKHQ'DQQKDEHQZLUXQVYHUVWHFNW(LQSHDU%RJHQVFKW]HQ IHXHUWHQ3IHLOHDEXQGKDEHQJHWURIIHQ'DQQZDUIHUVHLQH:DIIHQ´ $EHUPDOVHUW|QWHVFKRQLQIUXQVXQJHIlKUOLFKHU(QWIHUQXQJHLQKDUWHU 'RSSHOVFKODJ:LHGHUKDVWH7HUQDO%RPEHQJHVFKOHXGHUW ³:RVLQGGLH)UHXQGH"´,FKVFKWWHOWH6LUHQDQGHU6FKXOWHU ³hEHUDOOGRUW,Q+|KOHQXQWHU%DXPZXU]HOQ%HVWLPPWVLQGHLQLJHJHW|WHW´ VWDPPHOWH6LUHQ(UKROWHWLHI$WHPXQGVDJWHHWZDVOHLVHU ³,FKJODXEHHUKDWNHLQHQYRQXQVZLUNOLFKJHVHKHQ(VVROOWHHLQhEHUIDOOVHLQ GHUXQV$QJVWPDFKW´ ³+RIIHQWOLFKLVWHVVR,FKKDEHPLFKHQWVFKORVVHQ´HUNOlUWHLFK³0RUJHQQDFKW ZHUGHQZLULKQDQJUHLIHQ´ ³%UDYR´EUXPPWH.DDSHU6LUHQGUHKWHVLFKXPXQGZLQNWHXQV:LUGUDQJHQ ZHLWHUYRUUHFKWZLQNOLJ]XXQVHUHUELVKHULJHQ5LFKWXQJ8QVHUIXOOWHDWHPORVH 6SDQQXQJ9RUVLFKWLJZLFKHQZLU]XUFNVFKQHOOHQGHQ$VWHQDXVXQGELOGHWHQHLQH/LQLH 9RUXQVZDUQLFKWV]XVHKHQZHGHUGHU$QJUHLIHUQRFK6SXUHQXQVHUHU)UHXQGH6R OHLVHZLHP|JOLFKIROJWHQZLU6LUHQGHUXQVDXIHLQHQIHXFKWHQ7LHUSIDGKLQDXVIKUWH ]ZLVFKHQGLFNHQ6WlPPHQHLQHVXUZDOGlKQOLFKHQ:DOGWHLOVYHUERUJHQ(LQ DXVJH]HLFKQHWHV9HUVWHFNXQGXUFKGULQJOLFKXQGXQEHUVLFKWOLFK+LHUMHPDQGHQ]X ILQGHQZDU*OFNVVDFKH,FKVFK|SIWH+RIIQXQJ:LUZXUGHQVFKQHOOHUXQGNDPHQDXI HLQH/LFKWXQJ(LQOHHUJHIHJWHU3ODW]YRQ]HUPDOPWHQ%OlWWHUQXQGVlJHPHKODUWLJ DXIJHO|VWHP+RO]NQ|FKHOWLHIEHGHFNWEUHLWHWHVLFKDXV'HU'XUFKPHVVHUEHWUXJ VLHEHQ0DQQVOlQJHQ'LH,QQHQVHLWHQGHU6WlPPHLQGLHVHP.UHLVZDUHQZHLXQG VFKLPPHUWHQIHXFKW'LH5LQGHZDUSXOYHULVLHUWZRUGHQbVWHUHFNWHQVLFKHQWODXEW]XP +LPPHO(VZDUXQQDWUOLFKUXKLJ ³6HLQH:DIIH´]LVFKWH6LUHQ³(UZDUIPLWNOHLQHQUXQGHQ'LQJHQ:HQQVLH DXIVFKOXJHQYHUQLFKWHWHQVLHDOOHV´ ,QVHLQOHW]WHV:RUWPLVFKWHQVLFKGLHIHUQHQ'HWRQDWLRQHQDQGHUHU%RPEHQ:LU ]lKOWHQGUHL([SORVLRQHQKRIIWHQGD7HUQDO]XVHLQHP:UDFNUDQQWHXQGQLFKW ]XUFNNDP ³:DUWULHUMHPDQGYHUVWHFNW"´ULHILFKDXIJHUHJWXQGYROOHU6RUJH ³+LHUQLFKW:HLWHUGRUWGUEHQ´6LUHQGHXWHWHLQQ|UGOLFKH5LFKWXQJ:LHGHU UDQQWHQZLUORVXQGNDPHQDQGUHL([SORVLRQVVWlWWHQYRUEHL,POHW]WHQ7RGHVNUHLVVDK LFKHLQHQPLWWHOJURHQ+LUVFKPLWYHUNUPPWHP*HZHLK(UKDVWHVLFKLQ/LDQHQXQG %XVFKZHUNYHUIDQJHQXQGZDUYRQ7HUQDOV%RPEHYHUQLFKWHWZRUGHQGDV7LHUVFKLHQ YRQHLQHUJHZDOWLJHQ3UHVVH]HUPDOPWDXVHLQDQGHUJHULVVHQXQGLQZLQ]LJHQ3DUWLNHOQ ZHJJHVFKOHXGHUWZRUGHQ]XVHLQ'LH%DXPVWlPPHZDUHQLQHLQHPEHJUHQ]WHQ $XVVFKQLWWI|UPOLFKPLW%OXW)HOOIHW]HQXQG%OlWWHUQJHWUlQNW1XUGHUNQ|FKHUQH.RSI KLQJLP%XVFKXQGVWDUUWHXQVDXVOHHUHQ$XJHQK|KOHQDQ:LUPXWHQGDPLWUHFKQHQ GLH.|USHUXQVHUHU)UHXQGHLQHLQHPHEHQVROFKHQ=XVWDQG]XILQGHQ6LUHQEOLHE VWHKHQDOVZLUHLQHQ+DQJKLQXQWHUJHVWROSHUWZDUHQXQGHLQH4XHOOHPLWVFKPDOHP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

:DVVHUODXIEHUVSUXQJHQKDWWHQ(UKREGLH+lQGHDQGHQ0XQGXQGEUOOWHDXV /HLEHVNUlIWHQ ³$VDQ.DVRNDU$FUDQXQG.DDSHUVLQGGD.RPPWKHUDXV´ 6FKUlJYRUXQVEHPHUNWHQZLUGLH6SXUGHU=HUVW|UXQJGLH7HUQDO0DODW KLQWHUODVVHQKDVWH0LWVHLQHPJHZDOWLJHQ.|USHUJHZLFKWKDVWHGHU)UHPGHDOOHVZDV VLFKLKPLQGHQ:HJJHVWHOOWKDVWHQLHGHUJHZDO]W(LQLJH%VFKHULFKWHWHQVLFK ODQJVDPZLHGHUDXIhEHUDOOODJHQ]HUVSOLWWHUWH%lXPHDEJHULVVHQHbVWHXQG %DXPNURQHQLPWLHIHLQJHWUDPSHOWHQ3IDGHLQHUVFKUHFNHQGHV%LOGGHU=HUVW|UXQJ'LH XQKHLPOLFKH5XKHGHV:DOGJHELHWHVWUXJGD]XEHLGDZLUWURW]GHU+LW]FIU|VWHOWHQ ³+LHUKHU´ULHIHLQHJHSUHWH6WLPPH'HU.ODQJNDPYRQUHFKWV:LUVDKHQXQWHU HLQHP%XVFKXQGHXWOLFKH%HZHJXQJHQ8QWHUHLQHPKDOEXPJHVWU]WHQ%DXPGHVVHQ :XU]HOZHUNVFKUlJLQGLH/XIWZLHVKDWWHQPHLQH)UHXQGHHLQH'HFNHDXV ]HUVFKQLWWHQHQ%DXPVWlPPHQJHOHJW(UGHXQG3IODQ]HQGDUDXIJHKlXIWXQGHLQ/RFK JHODVVHQGXUFKGDVVLHNULHFKHQNRQQWHQ'LH.RQVWUXNWLRQZDUKDOE ]XVDPPHQJHEURFKHQ=ZHL0lQQHUEHPKWHQVLFKHLQHQ%DONHQKRFK]XVWHPPHQXQG GDV9HUVWHFN]XYHUODVVHQ$FKW+lQGHJULIIHQJOHLFK]HLWLJ]X(UGHXQG6WlPPHIORJHQ ]XU6HLWH6FKXWWXQG3IODQ]HQVDFNWHQQDFKXQWHQ:LUEHIUHLWHQ.DVRNDUXQGGUHL ZHLWHUH0lQQHUGDQQJUXEHQZLUQDFKXQGKROWHQ:DIIHQXQGGHQJU|WHQ7HLOGHU $XVUVWXQJKHUYRU,QGHQ*HVLFKWHUQODJHQ6FKUHFNHQXQGW|GOLFKH:XWXQG (QWVFKORVVHQKHLW ³:DVLVWSDVVLHUW"´IUDJWHLFK.DVRNDUVSXFNWH(UGHDXVWUDQNHLQHQWLHIHQ 6FKOXFNDXVGHP:DVVHUVFKODXFKXQGVDJWHYRQ+XVWHQDQIlOOHQXQWHUEURFKHQ ³8QVHUH:DFKHQKDEHQLKQJHVHKHQ6LHZDUQWHQXQV:LUKDEHQXQVVHKU VFKQHOOYHUVWHFNW$OVHUGRUWYRUEHLUDVWHXQGVHLQH:DIIHQVFKOHXGHUWHKDEHLFKVLHEHQ 3IHLOHLQVHLQHU+DXWJHVHKHQ'DQQEUDFKGDVYHUIOXFKWH/RFK]XVDPPHQ´ ³:RVLQGGLHDQGHUHQ"´IUDJWH.DDSHULQXQQDWUOLFKHU5XKH ³+LHULUJHQGZRYHUWHLOW'LH%RJHQVFKW]HQKDEHQVLFKYLHOOHLFKWQLFKWPHKU YHUVWHFNHQN|QQHQ´ $OVXQPLWWHOEDUH$QWZRUWNDPHQ]ZHL(OLWHVROGDWHQGXUFKGHQ:DOGJHUDQQW,KUH *HVLFKWHUXQGGLH$UPHZDUHQEOXWEHUVWU|PWDEHUVLHVFKLHQHQQLFKWHUQVWKDIWYHUOHW]W ]XVHLQGHQQVLHVFKZHQNWHQVLHJUHLFKLKUH:DIIHQ ³+LHUKHU´ULHILFK³:LWLKUZRGLHDQGHUHQVLQG"´ ³=ZHLVLQGWRW*HVWRUEHQLPVFKZDU]HQ%OLW]´'HUHUVWH0DQQOHKQWHVLFK HUVFK|SIWDQGHQZLSSHQGHQ%DXPVWDPP:RUWORVUHLFKWHLKP.DVRNDUGHQ :DVVHUVFKODXFK:LUVDKHQGDGLH:XQGHQQXU5LVVHYRQ'RUQHQXQG+RO]VSOLWWHUQ ZDUHQ ³6SlWHUZHUG¶LFKPLFKXPHXUH+DXWNPPHUQ´VDJWHLFKVFKQHOO³-HW]WPVVHQ ZLUYHUVXFKHQDOOH/HEHQGHQ]XVDPPHQ]XKROHQ/RVKHOIWPLU´ 8QVHUH7UDXHUZUGHZDUWHQPVVHQ:LUVFKZlUPWHQDXV6LUHQXQGGLH %RJHQVFKW]HQVXFKWHQQDFKGHQ9HUVWHFNHQ6WXQGHQODQJWDWHQZLUQLFKWVDQGHUHV DOV0lQQHUXQG$XVUVWXQJHQDXV(UGK|KOHQXQG/|FKHUQKHUDXV]X]LHKHQXQGXQWHU HLQHPDXVJHK|KOWHQ)HOVHQDXV]XJUDEHQ:LUIDQGHQYLHU7RWH1RFK]ZHLPDOK|UWHQ ZLU([SORVLRQHQLQZHLWHU)HUQH,FKIHQGPHLQHPHGL]LQLVFKH$XVUVWXQJ'LH0lQQHU ZXVFKHQVLFKXQGUHLQLJWHQLKUH.OHLGXQJVXFKWHQGLH:DIIHQ]XVDPPHQXQGKREHQ HLQH*UXEHDXV9RQGHQ%RJHQVFKW]HQNRQQWHQZLUQXUQRFK/HLFKHQEHUJHQ(LQ 0DQQZDUYHUVFKWWHWZRUGHQXQGLQGHUORFNHUHQ(UGHHUVWLFNWHLQHPDQGHUHQKDVWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

HLQXPJHVWU]WHU%DXPGDV*HQLFNJHEURFKHQ:LUEHJUXEHQVLHVFKZHLJHQGQDKPHQ LKUH:DIIHQXQGZlO]WHQGHQJU|WHQ)HOVEURFNHQGHQZLUIDQGHQDXIGDV*UDE )QIXQG]ZDQ]LJ.ULHJHUXQG6ROGDWHQZDUHQELV]XP6WHLQNUHLVYRUJHGUXQJHQ1XQ ZUGHQQXUQRFKHLQXQG]ZDQ]LJ0lQQHUJHJHQGHQ5DXPIDKUHUNlPSIHQ (VZDU$EHQGJHZRUGHQ,QHLQHPYHUVWHFNWHQ7HLOGHV:DOGHVEUDQQWHHLQ )HXHU$OOH:XQGHQZDUHQYHUVRUJWZLUKDVWHQXQVHUHQ:HLQPLW4XHOOZDVVHU JHPLVFKWXQGGHU+LUVFKGHUYRUGHPhEHUIDOOJHVFKRVVHQZRUGHQZDUGUHKWHVLFK EHUGHU*OXW'LHEHVWHQ6WFNHKDVWHQZLUPLW6SHFNVWUHLIHQJHVSLFNW7URSIHQILHOHQLQ GLH)ODPPHQXQG]LVFKWHQDXI hEHUDOOKLQJHQQDVVH7FKHUHLQLJH0lQQHUEHPKWHQVLFK2UGQXQJLQGLH $XVUVWXQJ]XEULQJHQNHLQHPYRQXQVZDUZLUNOLFKHWZDV(UQVWKDIWHVSDVVLHUW 6FKZHLJHQGHU0GLJNHLWXQG7UDXHUKHUUVFKWH(VKDVWHVLFKHQWVFKLHGHQ:LUZUGHQ DQJUHLIHQ6LUHQGHUVHLQHZXQGHQ=HKHQPDVVLHUWHXQGgODXIWUXJVDJWHPUULVFK ³8QGZDVJHVFKLHKWZHQQGHU)UHPGHKHXWHQDFKWVFKRQXP+LOIHUXIW"´ .DDSHU.DVRNDUXQG$QFDQWDVVDKHQPLFKIUDJHQGDQ ³1DFKGHP(VVHQXQGHLQHU6WXQGH5XKHZHUGHQZLU]XUFNJHKHQXQGGLH :XQGHUZDIIHQPLWQHKPHQ)DOOVGHU)UHPGHKHXWHDP6WHLQNUHLVDUEHLWHWJUHLIHQZLU LKQDQ´ ³8QGZLUGHU5HVW"´ ,FKODFWDWHNDOWXQGKXPRUORV ³,KUZHUGHWLQGHU1DFKWDXIEUHFKHQXQGHXFKDP5DQGGHU(EHQHYHUVWHFNHQ 'RUWZLUGHXFK7HUQDO0DODWNHLQHVIDOOVVXFKHQ´ ³'DVLVWULFKWLJ:DQQVROOHQZLUNlPSIHQ"´ ³'DVZLUGVLFKJDQ]VFKQHOO]HLJHQ´VDJWHLFK³9LHOOHLFKWIUKHUDOVXQVOLHELVW´ :LUUXKWHQXQVDXVXQGUHLQLJWHQXQV'DQQEUHLWHWHLFKPHLQHQ0DQWHODXV HQWVSDQQWHPLFKXQGVWUHFNWHPLFKDXV,FK]ZDQJPHLQH*HGDQNHQVLFK]XEHUXKLJHQ (LQLJH$WHP]JHVSlWHUZDULFKHLQJHVFKODIHQHLQUXKHORVHU6FKODIZLHHLQHVFKZDU]H :RONHKLQJHLQHEHVRQGHUH$UWYRQ)XUFKWXQG7RGHVDKQXQJEHUPLUZLHHLQ IOFKWLJHV%LOGDPlXHUVWHQ5DQGGHV*HVLFKWVIHOGV$OVLFKQDFKHLQHU6WXQGH DXIZDFKWHZDULFKNHLQHVZHJVDXVJHUXKW,FKIKOWHPLFKJHUlGHUW1LFKWHLQPDOGLH HLVNDOWH4XHOOHNRQQWHPLUKHOIHQ:DVVHULP*HVLFKWZLUNWHDOVNOHLQH(UOHLFKWHUXQJ,FK JDE.DVRNDUGHQDOV'ROFKJHWDUQWHQ6WUDKOHUXQGHUNOlUWHLKPGDHVHLQH 1DKNDPSIZDIIHZDUXQGZLHVLHDQJHZHQGHWZHUGHQNRQQWH(UEHJULII0HLQH UlWVHOKDIWHQ:DIIHQZDUHQDOOWlJOLFKJHZRUGHQZHQLJVWHQVIUPHLQHHQJHUHQ)UHXQGH ³'DVLVWIUGLFK'UFNGHQ.QRSIZHQQGXQlKHUDOV]HKQ6FKULWWHYRP*HJQHU HQWIHUQWELVW´VFKlUIWHLFKLKPHLQ:LUKDVWHQDXV6HLOHQHLQHQ7UDJJXUWJHNQRWHWXQG GLH/DVWGHU:DIIHGHV5DXPIDKUHUVYHUWHLOWHVLFKDXIYLHU0lQQHU ³6LUHQ´VDJWHLFKDOVIDVWDOOHZDFKJHZRUGHQZDUHQXQG]XK|UWHQ³'XELVWGHU OLVWLJVWHXQGZHQGLJVWH,KUZHUGHWXQVHLQHUVHKHQDOVZLUHXFK*LEHLQIDFK )HXHU]HLFKHQVRQVWQLFKWV/DWHXFKQLFKWYRQ7HUQDOHQWGHFNHQ´ ³9LHU7RWHVLQGGHQNHLFKJHQXJ´VDJWHHUJULPPLJ³.HLQH6RUJH:LUZHUGHQ EHUPRUJHQGLH6LHJHUVHLQ´ ³:HQQGXHVVDJVW´.DDSHUUHDJLHUWHPLWVFKDUIHP*HOlFKWHU³GDQQZLUGHV VHLQH5LFKWLJNHLWKDEHQ´ ³.HLQHQ6WUHLW0DQQYRP+DSLODQG´EDWLFK³:LUJHKHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

:LUKREHQXQVHUH$XVUVWXQJDXIKLHOWHQXQVHUH:DIIHQIHVWXQGSDFNWHQGLH 6HLOH'DQQIROJWHQZLULQGHU'XQNHOKHLWGHPEUHLWHQ3IDGGHQGHUVFKZDU]H 5DXPIDKUHUJHWUDPSHOWKDVWH(VZDUGHUNU]HVWH:HJDXVGHQ:lOGHUQKLQDXV]XP 5DQGGHU(EHQH:LUEUDXFKWHQUDQJHDEHUGDQQPDFKWHQZLUHLQHPHKUDOV EHUUDVFKHQGH(QWGHFNXQJ(LQHJURH6FKDU0HQVFKHQIOFKWHWHYRUGHP'lPRQ:R GLH%lXPHQLHGULJHUZXUGHQZRVLFK]ZLVFKHQGLHDEJHIUHVVHQHQ:HLGHQXQGGHQ :DOGUDQGHLQEUHLWHU*UWHOQXWUDJHQGHU%VFKHJHVFKREHQKDVWHK|UWHQZLUVFKZHU ]XGHXWHQGH*HUlXVFKH$OVZLUQlKHUNDPHQNRQQWHQZLUGDV6FKOXUIHQYLHOHU)H XQWHUVFKHLGHQGDQQVFKZHUH$WHP]JHXQGGDV0XUPHOQYLHOHU0HQVFKHQ.DDSHU ]LVFKWHQHEHQPLU ³'DVN|QQHQQXU8UJHUXQGVHLQH%DUEDUHQVHLQ´ ³+lXSWOLQJ8UJHUKDWUDQJHJHEUDXFKWELVHUEHJULIIHQKDW´VDJWHLFKXQGVWDSIWH ZHLWHU³(LQ*UXQGPHKUMHW]WDQ]XJUHLIHQ´ 6LHKDVWHQXQVQLFKWEHPHUNWVRQGHUQJLQJHQDQXQVYRUEHL'LHHUVWHQ YHUVFKZDQGHQ]ZLVFKHQUDVFKHOQGHQ%VFKHQ:LUEOLHEHQVWHKHQDOVZLUIUHLHV 6LFKWIHOGKDWWHQ-QJHUH0lQQHUWUXJHQNOHLQH.LQGHUDXIGHQ6FKXOWHUQ(LQLJH6FKDIH XQG=LHJHQZXUGHQPLWJH]HUUW8QGMHW]WNDPHQDXFK]ZHL+XQGHKHUDQJHVSUXQJHQ XQGNQXUUWHQXQVDQ ³:RLVW+lXSWOLQJ8UJHU"´ULHILFK³:LUVLQGGLHIUHPGHQ.ULHJHU´ 'HU=XJKLHOWDQGDQQHUW|QWHQYRQZHLWHUKLQWHQEDUVFKH%HIHKOH:HGHUZLU QRFKGLH%DUEDUHQVDKHQPHKUDOVYHUVFKZRPPHQH6LOKRXHWWHQ1RFKVWDQGGHU0RQG QLFKWDP+LPPHOGDV6WHUQHQOLFKWZDU]XVFKZDFK'LH%DUEDUHQJLQJHQZHLWHU ³,FKELQWULHU$FUDQ´VFKULH8UJHUXQGILHIQHEHQGHU5HLKHGLHLQGHU)LQVWHUQLV GHV:DOGHVYHUVFKZDQGDXIXQV]X:LUEOLHEHQVWHKHQXQGVDKHQXQDEOlVVLJ 0HQVFKHQMHGHQ$OWHUVDQXQVYRUEHLWURWWHQ ³,FKVHKH´VDJWHLFKPLWGHXWOLFKHU%HIULHGLJXQJ³GDGXYRUJH]RJHQKDVWGHLQH /HXWH]XUHWWHQ,QHLQSHDU7DJHQZLUGZLHGHU)ULHGHVHLQ´ (UWUXJHLQHQ%RJHQXQGDXIGHQ5FNHQKDVWHHUHLQHQJURHQ)OHFKWZHUNVDFN JHVFKQDOOW8UJHUZLVFKWH7DQQHQQDGHOQDXVGHP%DUWXQGVDJWH ³$OOH)UDXHQXQG0lQQHUXQG.LQGHUYHUVFKZLQGHQLQGHQ:lOGHUQ'HU )URVWULHVHLVWZDKQVLQQLJ´ ³(UKDWYLHUYRQXQVJHW|WHWQDFKGHPGXXQVHU9HUVWHFNYHUUDWHQKDVW´NQXUUWH $QFDQWDVYRUZXUIVYROO ³$QPHLQHU6WHOOH´VDJWH8UJHURKQHVRQGHUOLFKEHHLQGUXFNW]XVHLQ³KlWWHVWGX DOOHVJHVDJWZDVGXZHLW)UHPGHU'HU:DKQVLQQLJHGHQGLH*URH0XWWHU(UGH YHUVFKOLQJHQP|JHDUEHLWHWDP+HLOLJWXPGDVZLUJHEDXWKDEHQ´ ³:LUKDEHQ¶VHUZDUWHW:RILQGHQZLUHXFKZHQQZLUVDJHQGDDOOHVYRUEHLLVW"´ (UGHXWHWHDQXQVYRUEHLDXIGLH:lOGHULP1RUGHQ ³:LUN|QQHQQLFKWUDQJHODXIHQ:LUYHUKXQJHUQVRQVW.RPPWHLQIDFKLQGHQ :DOGXQGVFKUHLW´ ³(LQYHUVWDQGHQ´ .RSIVFKWWHOQGVDKHQZLULKPQDFK8UJHUWULHEVHLQH/HXWHDQKDOIEHLHLQHU VFKZHUHQ/DVW]RJHLQHPXQZLOOLJHQ-XQJHQHLQHQ+LHEEHUGLH6FKXOWHUQ]HUUWHHLQH VW|UULVFKH=LHJHDQGHQ+DDUHQZHLWHUXQGZDUIHLQHQ6WHLQQDFKHLQHPDXIJHUHJW NOlIIHQGHQ+XQG1DFKHLQLJHQ$WHP]JHQVDJWH.DVRNDUKDOEODXW ³*HKHQZLU$FUDQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³%ULQJHQZLU¶VKLQWHUXQV)UHXQGH´PXUPHOWH.DDSHU.HLQHUYRQXQVZDU VLHJHVVLFKHU:LUKREHQGLH:DIIHXQGJLQJHQZHLWHU9RQWULHUDXVNRQQWHQZLUGHQ 6WHLQNUHLVQLFKWVHKHQDEHUDOVZLUVFKOLHOLFKHLQH(QWIHUQXQJYRQYLHUKXQGHUW 6FKULWWHQHUUHLFKWKDWWHQVFKREVLFKGLH6FKHLEHGHV0RQGHVEHUGHQ+RUL]RQW'DV NDOWH/LFKWHU]HXJWHYDJH6FKDWWHQ'DV/DQGUXQGXPZDUDXVJHVWRUEHQ(LQH XQKHLOYROOH6WLOOHKHUUVFKWHQXUGLH]LUSHQGHQ,QVHNWHQ]HLJWHQVLFKY|OOLJXQEHHLQGUXFNW YRQXQVHUHQ6RUJHQRGHUYRQGHU)OXFKWGHUGUHLKXQGHUW%DUEDUHQLQGHQ:DOG$EHULQ GLHVHU)OlFKHJDEHVHLQHEHJUHQ]WH=RQHNDOWHU+HOOLJNHLW'HU6WHLQNUHLVLP=HQWUXP GHV:DOOJUDEHQVZDUYRQHLQHU%DWWHULHYRQ6FKHLQZHUIHUQHUKHOOW$XHUKDOEGHU VlXOHQDUWLJHQ6WHLQHUDQQWH7HUQDOKLQXQGKHUXQGYHUULFKWHWHKDVWLJH$UEHLWHQ:LU JLQJHQZHLWHUSDVVLHUWHQGLH]HUVW|UWHQ*HK|IWHXQGVHW]WHQGLH:DIIHHUVWDWHDOVZLU XQVLQGHUOHW]WHQ'HFNXQJVXQG9HUVWHFNP|JOLFKNHLWYRUGHP.UHLVEHIDQGHQ ³1XQ$FUDQ²VSULFK:LUVLQGGD´VDJWH.DDSHU³:DVVROOHQZLUWXQ"´ ,FKVHW]WHPLFKDXIGHQ+RO]NORW]EHUGHQLFKHEHQJHVWROSHUWZDUXQGVWDUUWH PLWZDFKVHQGHP8QEHKDJHQDXIGLHVWUDKOHQGH/LFKWLQVHOLQGHU(EHQH ³(UVWHLQPDOEHUOHJHQ´ (LQ'ROFKVWUDKOHUPHLQH/DQ]HXQGGLH:DIIHGHV)UHPGHQ'DVZDUHQXQVHUH 0|JOLFKNHLWHQ6FKZHLJHQGKDQWLHUWH7HUQDO0DODWXQGHVVDKGDQDFKDXVDOVREHU KHXWHVHLQHQ+LOIHUXIDEVWUDKOHQZUGH(UEHZHJWHVHLQHQVFKZDU]HQ.|USHUPLW HUVWDXQOLFKHU6FKQHOOLJNHLW ³,FKELQGDIULKQDQ]XJUHLIHQ´PHLQWH$QFDQWDVUXKLJ³:LUKDEHQGLH:DIIHQ $FUDQ´ ³'LH1DFKWGDXHUWQRFKHLQLJH6WXQGHQ´VDJWHLFKQDFKGHQNOLFK³1LFKWV EHUVWU]HQ)UHXQGH´ ³:DUXP]|JHUVWGX"´ ,FKEUDXFKWHQLFKW]XEHUOHJHQVRQGHUQDQWZRUWHWH ³6LFKHUOLFKVWLUEW7HUQDOZHQQZLUGLHVFKZHUHQ:DIIHQDQZHQGHQ$EHUHUKDW HLQHQ6FKLOGGHUEHVVHULVWDOVXQVHUH6FKLOGHDXV/HGHUXQG%URQ]H(UNDQQVHLQHQ .|USHU]XHLQHP%ORFNZHUGHQOHVVHQVRKDUWXQGZLGHUVWDQGVIlKLJZLH)HOV:HQQZLU LKQQLFKWPLWGHQHUVWHQ6FKVVHQW|WHQZLUGHUXQVHLQHQ.DPSIOLHIHUQGHUXQVDOLH DXVURWWHW´ ³'DVVHLQHLFKHLQ´EHNDQQWH.DVRNDU$QGHUHUVHLWVZDUHVVLFKHUEHUWULHEHQ 7HUQDORKQHVHLQHWHFKQLVFKH$XVUVWXQJEHUQDWUOLFKH)lKLJNHLWHQDQGLFKWHQ]X ZROOHQ0HLQ([WUDKLUQPHOGHWHVLFKXQGVDJWHVFKQHLGHQG9HUVXFKGLFKLQVHLQHQ 9HUVWDQG]XYHUVHW]HQ,FKOlFKHOWHLQGHU'XQNHOKHLW:DVZUGHLFKWXQ"1XQPHKU RGHUZHQLJHUGDVJOHLFKHZLHHUDXFKHLQHQ+LOIHUXIDEVWUDKOHQXQGZDUWHQ1RFK KDVWHQGLH$QWHQQHQLKUHQ5XIQLFKWLQV:HOWDOOKLQDXVJHVWUDKOWVRQVWZUGHVLFKGHU )UHPGHUXKLJHUYHUKDOWHQ,FKKDVWHHLQH5HLKH(LQIlOOHYRQGHQHQHLQLJHY|OOLJ YHUUFNWZDUHQDQGHUHKLQJHJHQHLQLJH&KDQFHQYHUVSUDFKHQ,FKULFKWHWHPLFKDXI XQGVDJWHHQWVFKORVVHQ³.DVRNDU.DDSHU.|QQWLKUZHQQLFKHXFKHLQ6LJQDOJHEH PLWGLHVHU:DIIHXPJHKHQ"0LWW|GOLFKHU:LUNXQJ"´ ³*DQ]VLFKHU$FUDQ´PXUPHOWH.DDSHU6FKOLHOLFKKDVWHQZLUDOOHEHZHJOLFKHQ 7HLOHELVDXIGHQ$E]XJJHWHVWHW ³*XW,FKJHKH]XP6WHUQHQVFKLII'RUWZLUGVLFKHWZDVHUHLJQHQGDVLKULQGHU 6WLOOHPHUNHQZHUGHW'HU)UHPGHZLUG]XP6FKLII]XUFNODXIHQ'DQQZDUWHWLKU:DV ]XWXQLVWN|QQWLKULPULFKWLJHQ$XJHQEOLFNEHVVHUHQWVFKHLGHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³:DVKDVWGXYRUZDKQVLQQLJHU(LQ]HONlPSIHU"´IUDJWH.DDSHULQ IUHXQGVFKDIWOLFKHP7RQIDOO ³,FKZHUGHIROJHQGHVWXQ´,FKHUNOlUWHZLHZLUHVDQVWHOOHQVROOWHQGLHVH:HOW YRP5DXPIDKUHU]XEHIUHLHQEHYRUHLQ'XW]HQGVROFKHU*LJDQWHQODQGHWHQXQGPLW LKUHUXQJHVWPHQ.UDIWLKUHQJHZDOWLJHQ.|USHUQ/DUVDI'UHL]HUVW|UWHQ0LWLKUHQ 5DXPVFKLIIHQZUGHQVLHIUHLEHZHJOLFKVHLQ'LH9RUVWHOOXQJGDGLHVJHVFKHKHQ N|QQWHWULHEPLUNDOWHQ6FKZHLDXIGLH6WLUQ:LUEHVSUDFKHQPLWZHQLJHQ6lW]HQGHQ HLQIDFKHQ3ODQ0HLQH)UHXQGHYHUVWDQGHQPLFK.DVRNDUVFKOXJPLUZXFKWLJDXIGLH 6FKXOWHU ³(VLVWVRHLQIDFKGDHVNODSSHQPX9DWHUGHU9HUVFKODJHQKHLW´VDJWHHU OHLVH³1LFKWZDKU.DDSHU"´ ,FKVDKWURW]GHU'XQNHOKHLWGLHJURHQ$XJHQGHV5RPHWDXIOHXFKWHQ%HGlFKWLJ HQWIHUQWHHUGLH.QRWHQXQG6FKOLQJHQGHU6HLOHXQGQLFNWH ³(VYHUVSULFKWGHQVHOEHQ(UIROJZLHGHU$QJULIIJHJHQGLH.DUDZDQHQEHODJHUHU´ PHLQWHHUWURFNHQ³$QFDQWDVXQGLFKZLVVHQZDV]XWXQLVW'XZLUVWGHLQH )ODPPHQODQ]HPLWQHKPHQMD"´ ³1DWUOLFK´PXUPHOWHLFK³,FKPHLQHHVLVWODQJVDPDQGHU=HLW$EHUHLQHV EUDXFK¶LFKQRFK'DV,QVWUXPHQWGDVGLH(QWIHUQXQJIULW´ ³,FKYHUVWHKH´ ,FKPRQWLHUWHGDV=LHOJHUlWYRQGHU:DIIHGHV5DXPIDKUHUVDEXQGVFKREHVDXI PHLQH/DQ]H,FKVWDQGDXIXQGEOLFNWH]XP6WHLQNUHLV ³,FKJHKHMHW]W´VDJWHLFK³,FKELQVLFKHUGDHUKHXWHVHLQHQ5XIDQGLH6WHLQH ULFKWHW:LUKDEHQLKQ]XU(LOHJHWULHEHQ$XFKDQHXFKPHLQH)UHXQGHKlQJWXQVHU 6LHJ´ ³:LUKDEHQYHUVWDQGHQ´VDJWH.DDSHUIUHXQGVFKDIWOLFK³'XNDQQVWGLFKGDUDXI YHUODVVHQGDZLUWXQZDVZLUN|QQHQ(VZLUGQXUHLQHQ6LHJHUJHEHQZHQQGLH 6RQQHDXIJHKW:LUVLQGVLFKHUGDZLUGHU6LHJHUVLQG´ ,FKUDPPWHLKPGHQ(OOERJHQLQGLH5LSSHQXQGVDJWHKHLVHU ³,FKKDEHJHQDXZLHLKU+HLPZHKQDFK*XEDO:LHJHVDJW²EULQJHQZLUHVKLQWHU XQV´ ,FKZDUIPHLQH$XVUVWXQJQHEHQGHP+RO]NORW]LQV*UDVXQGVSXUWHWHGDYRQ ,FKKDVWHMHW]WQXUQRFKHLQHQUHODWLYQXW]ORVHQ/lKPVWUDKOHUXQGGLHVFKZHUH/DQ]H $EHUGLH9RUWHLOHDKQWHLFKODJHQMHW]WDXIXQVHUHU6HLWH'LH*HJHQGNDQQWHLFKXQG VRUDQQWHLFKLQGHUZDUPHQ1DFKWGLHKHOOHUZXUGHMHPHKUVLFKGHUYRLOH0RQGEHU GHQ+RUL]RQWKRE]XP:UDFNGHV)UHPGHQ,FKILHIVFKUlJDXIGDV'RSSHONDEHO]XDOV LFKHVLPQLHGHUJHWUDPSHOWHQ*UDVOLHJHQVDKIROJWHLFKGLHVHUHQHUJHWLVFKHQ6FKODQJH ELVLFKGDV6FKLII]ZLVFKHQGHQWDUQHQGHQ%lXPHQHUEOLFNWH,FKZDUOHLFKWVLQQLJDEHU LQGLHVHPKHNWLVFKHQ6WDGLXPZUGH7HUQDO0DODWNDXPJHGDFKWKDEHQVHLQ6FKLII GXUFKHLQH)DOOHYRUGHPEDUEDULVFKHQ*HZUP]XVFKW]HQ ,FKHUUHLFKWHGLH5DPSHUDQQWHKLQDXIXQGIROJWHGHP'RSSHONDEHO0HLQ=LHO ZDUJU|WP|JOLFKH=HUVW|UXQJKHUEHL]XIKUHQ ,FKWDSSWHLPWUEHQ/LFKWGHUIODFNHUQGHQ1RWEHOHXFKWXQJ²RIIHQVLFKWOLFKZXUGH YLHOYRQGHUVFKZLQGHQGHQ(QHUJLHIUGLH$XVOHXFKWXQJGHUPRQROLWKLVFKHQ$QODJH EHQ|WLJW²GLHVFKUlJHQ)OlFKHQ.RUULGRUHXQG7UHSSHQDXIZlUWV6FKOLHOLFKHUUHLFKWH LFKGHQEHUWHFKQLVLHUWZLUNHQGHQ5DXPLQGHPVLFKGLHDQJHIODQVFKWHQIOFKWLJ DQJHVFKORVVHQHQ0HKUIDFKDGHUQGHU.DEHOVWUlQJHEHIDQGHQ(LQLJH8KUHQXQG6NDOHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

KDVWHQVLFKLP*HJHQVDW]]XPHLQHPOHW]WHQ(LQGULQJHQHLQJHVFKDOWHW,FKNDQQWHGLH =LIIHUQQLFKWDEHUGLH=HLJHUEHIDQGHQVLFKDXIGHUUHFKWHQ6HLWHGHU=LIIHUEOlWWHU=lKOWH LFKGLH*UDGHLQWHLOXQJHQGUlQJWHVLFKPLUGLHhEHU]HXJXQJDXIGDMHGHV,QVWUXPHQW 0D[LPDOZHUWHDQ]HLJWH ,FKEHJDQQHLQHQ5XQGJDQJGXUFKGLHIXQNWLRQLHUHQGHQ7HLOHGHV6FKLIIHVXQG ]HUVW|UWHPLWNXU]HQ6W|HQDXVGHP3URMHNWRUGHU/DQ]HGLH*HUlWHXQG6FKDOWXQJHQ GLHPLUZLFKWLJHUVFKLHQHQ6FKQHOOHUPDKQWHGHU/RJLNVHNWRU'DV5DXPVFKLIIZDU QLFKWVHKUJURDEHULFKZXWHGDLFKQLFKWDOOHVHLQH(LQULFKWXQJHQNDQQWH,FK UDQQWHGXUFKGLHRIIHQHQ5lXPHXQGIHXHUWHLQGLH$JJUHJDWHXQG(LQULFKWXQJHQGLHVR DXVVDKHQDOVZlUHQVLHZLFKWLJ .UDFKHQG]XFNWHQ%OLW]H(QWODGXQJHQXQGYLHOIDUELJH)HXHU]XQJHQDXVGHQ 3XOWHQXQGVFKOXJHQLQ'HFNH:lQGHRGHU%RGHQ/DQJVDP]RJLFKPLFK]XUFNXQG EHIDQGPLFKQDFKHLQHPVFKQHOOHQ5XQGJDQJZLHGHUYRUGHQ$QVFKOXVWHOOHQGHUHWZD ]ZDQ]LJ$GHUQGHV'RSSHONDEHOV )UGLH6HQGXQJZXUGHJURH0HQJH(QHUJLHJHEUDXFKW6RQVWZUGHGHU ,PSXOV]ZHLIHOVRKQHQLFKWGHQ=LHOVWHUQRGHUGHQ3ODQHWHQHLQHUIHUQHQ6RQQH HUUHLFKHQ'LH$QODJHVHQGHWHHLQHQPRGLIL]LHUWHQ+\SHUIXQNVSUXFK,FKEQGHOWHGHQ 6WUDKOPHLQHU/DQ]HGHUHQ(QHUJLHPDJD]LQVLFKODQJVDP]XHUVFK|SIHQEHJDQQJDQ] HQJ6HLQLFKWOHLFKWVLQQLJ,QQHUKDOEGHV6FKLIIHVKDVWGXNHLQH&KDQFH]XEHUOHEHQ ³$XFKZDKU´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³,FKVFKHLQH(UIROJ]XKDEHQ´PXUPHOWHLFKXQGUDQQWH]XHLQHU6WHOOHDQGHULFK PLFK]X%RGHQZHUIHQXQGJXWYHUVWHFNHQNRQQWH9HUPXWOLFKNDPWULHUGHU)UHPGH YRUEHLZHQQHU]XP:UDFNUDQQWH,FKZDUVLFKHUGDLFKQLFKWUDQJH]XZDUWHQKDVWH .DDSHU$QFDQWDVXQG.DVRNDUZUGHQGDV)ODFNHUQGHU/DPSHQGDVVWlUNHUXQG DXVJHSUlJWHU]XEHPHUNHQZDUDOVGHXWOLFKHV6LJQDOHUNHQQHQ/DQJVDPEHUXKLJWH VLFKPHLQ$WHP,FKODJPLWHQWVLFKHUWHU:DIIHGDXQGKRIIWHGDXQVHU3ODQDXIJHKHQ P|JH)QI]HKQ6FKULWWHHQWIHUQWILHIGDVPHKUIDUELJH'RSSHONDEHOGXUFKGDV*UDVXQG QHEHQGHPWLHIHLQJHWUHWHQHQ3IDGDXVYHUGLFKWHWHP%RGHQ ³,FKZDUWH7HUQDO´PXUPHOWHLFKKREGLH/DQ]HXQGMXVWLHUWHGDVRSWLVFKH ,QVWUXPHQW,FKSUHWHPHLQUHFKWHV$XJHDQGLHIHGHUQGH0XIIHXQGYHUVXFKWHGHQ )UHPGHQDP6WHLQNUHLV]XVHKHQ(LQLJH$WHP]JHIDQJGDXHUWHHVELVLFKVHLQH *HVWDOWLP)RNXVIHQGXQGGLH9HUJU|HUXQJHLQJHGUHKWKDVWH'DQQHUNDQQWHLFKZDV XQVLQWHUHVVLHUWHXQGIUGHQ.DPSIZLFKWLJZDU7HUQDOZDULQKHOOHU3DQLN 'LH$QWHQQHQVFKLHQHQJHQDXDXVJHULFKWHW]XVHLQ'LH5LFKWXQJLQGLHMHQH 6WlEHDXVJLWWHUDUWLJHP0HWDOOJHZHEHGHXWHWHQVFKLHQVLFKPLWGHQ%UXFKWHLOHQYRQ %RJHQVHNXQGHQ]XGHFNHQGLHPLWGHQZHLWDXHQOLHJHQGHQ9LVLHUVWHLQHQ EHUHLQVWLPPWHQ1DFKHLQDQGHUHUORVFKHQHLQLJH6FKHLQZHUIHUGHU)UHPGHKDVWHVLH PXWPDWHLFKGHVZHJHQDEJHVFKDOWHWZHOOHUGLHVFKZLQGHQGH(QHUJLHVSDUHQZROOWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

1RFKLPPHUEHIDQGVLFK7HUQDOYRUVHLQHPLPSURYLVLHUWHQ6FKDOWSXOWXQGUHJHOWH 6LJQDOVWlUNHQRGHUDQGHUH,PSXOVHHLQ,FKVDKLKQYLHUKlQGLJVFKDOWHQ5HJOHU VFKLHEHQXQG]LHKHQXQG'UHKNRQWDNWHEHWlWLJHQ8QYHUPLWWHOWHUORVFKHLQH%DWWHULHYRQ GUHL6FKHLQZHUIHUQGLHGHQ%H]LUNXPGDV3XOWDXVJHOHXFKWHWKDWWH 'HUJURH.|USHUHUVWDUUWH,FKNRQQWHGHXWOLFKHUNHQQHQLQMHQHP JHKHLPQLVYROOHQ0LVFKOLFKWDXVGHQZHLHQ6WUDKOHQGHV0RQGHVXQGGHQIODFNHUQGHQ 6FKHLQZHUIHUQHWZDWDXVHQGJURH6FKULWWHHQWIHUQWZLH7HUQDO]ZHL+lQGHEHUGHQ $XJHQEHUOHJWHGDQQZLUEHOWHHUKHUXPXQGOLHVLFKDXIVHLQH/DXIDUPHVLQNHU:LH HLQH0DVFKLQHUDVWHHUDXIPLFK]X'DV%LOGGHVVFKHPHQKDIWHQ.|USHUVIOOWHGDV 6LFKWIHOGGHVRSWLVFKHQ,QVWUXPHQWVDXVXQGEHUIOXWHWHGLH*UHQ]HQGHV5DQGHV,FK VHW]WHGDV2NXODUDWHVWHOOWHGHQ6WUHXNHJHOGHU:DIIHDXIHLQHQQHXHQ:HUWHLQXQG EOLHEOLHJHQ0LWJURHU*HVFKZLQGLJNHLWGRQQHUWHGHU5DXPIDKUHUDQPLUYRUEHLXQGDXI GDV6FKLII]X,FKK|UWHVHLQH6FKULWWHDXIGHU5DPSHHWZDVOHLVHULQQHUKDOEGHV 6FKLIIVN|USHUVDOVLFKDXIVSUDQJXQGSDUDOOHO]XP.DEHOVWUDQJDXIGHQ6WHLQNUHLVGHV 2EVHUYDWRULXPV]XUDQQWH'LH$XVHLQDQGHUVHW]XQJJOLWWLQGLHHQWVFKHLGHQGH3KDVH (WZD]ZHLKXQGHUW6FKULWWHYRP5DQGGHV:DOOJUDEHQVHQWIHUQWZDUILFKPLFK]X %RGHQXQGYHUEDUJPLFKKLQWHUHLQHP%XVFK,FKOHJWHGHQVFKZHUHQ6FKDIWGHU/DQ]H DXIHLQHQ9RUVSUXQJXQGZDUWHWHPLWHLQHU'DJRUEXQJEHUXKLJWHLFKPLFK'HU /RJLNVHNWRUVDJWH,QHLQHU6WXQGHVHLGLKUWRWRGHULKUKDEWJHZRQQHQ 9RQ.DDSHU$QFDQWDVRGHU.DVRNDUVDKXQGK|UWHLFKQLFKWV6LHVROOWHQVLFK UHFKWVYRQPLUDXIOKDOWHQ'LHVPDOZXWHQZLUGDZLUQLFKW]XUDQJHZDUWHQPXWHQ *HQDXDQGLHVHP3XQNWPHLQHUhEHUOHJXQJHQHUW|QWHDXVGHP6FKLIIHLQJHZDOWLJHV %UOOHQ$XVGUXFNUHLQHQ=RUQHV7HUQDO0DODWKDVWHGLH=HUVW|UXQJJHVHKHQ *OHLFK]HLWLJPXWHHUJHPHUNWKDEHQGDGLHVH=HUVW|UXQJHQYRQGHPMHQLJHQ DQJHULFKWHWZRUGHQZDUHQGHUGLH:DIIHJHVWRKOHQKDVWH,FKDQVHLQHU6WHOOHZUGH =HUVW|UXQJHQRGHUQLFKWDXIMHGHQ)DOOGLHHLQ]LJH&KDQFHZDKUQHKPHQEHUGLHLFK QRFKYHUIJWH,FKZUGHGHQ1RWUXIDEVWUDKOHQ1LFKWVDQGHUHV'HQQGLHZHQLJHQ 7DJHGLHPHLQH5HWWHUEUDXFKWHQZUGHLFKPLFKGXUFKHLQIDFKH)OXFKWUHWWHQN|QQHQ )U7HUQDOJDLWGDVVHOEH,FKYHUVWDQGQLFKWZDVHUEUOOWHDEHUHVNRQQWHQLFKWV DQGHUHVVHLQDOV:XWXQG(QWWlXVFKXQJ:LHGHUK|UWHLFKGDV5XPSHOQGHUVFKZHUHQ )HDXIGHU*DQJZD\'HU)UHPGHVWU]WHDXVGHP]HUEHXOWHQ6FKLIIZDO]WHQlKHU XQGEHVFKOHXQLJWHVHLQ7HPSR/DQJVDPKRELFKGHQ.RSI]LHOWHHQWODQJGHV /DQ]HQVFKDIWVXQGEHPKWHPLFK]XHUUDWHQZDVJHVFKHKHQZUGHZHQQLFKIHXHUWH ,FKVFKZHQNWHGHQ/DXIXQGEHKLHOWGHQNXJHODUWLJHQ.RSIPLWGHQORGHUQGHQ $XJHQLP=LHO1RFK]ZDQ]LJ6SUQJH]HKQ(QGOLFKIHXHUWHLFK(LQHEOHQGHQGH )HXHUVlXOHVFKRDXVGHU3URMHNWRUVSLW]HGHV:DIIHQWUlJHUVXQGVFKOXJLQGHQ.RSI GHV)UHPGHQHLQ,FKYHUVXFKWHGLH3DQLN]XXQWHUGUFNHQXQGSUHWH'DXPHQXQG =HLJHILQJHUKDUWDXIGLH.RQWDNWH'HU6FKZXQJGHV/DXIHVWUXJGHQ*LJDQWHQDXIPLFK ]XLFKVFKRXQXQWHUEURFKHQPLQGHVWHQVVLHEHQ$WHP]JHODQJGHQNRQ]HQWULHUWHQ 6WUDKODXIGHQ.RSIGHV)UHPGHQDWH 'DQQO|VWHLFKPHLQHQ*ULIIULGLH/DQ]H]XPLUKHUDQXQGVSUDQJUFNZlUWV 'HU5LHVHGRQQHUWHDQPLUYRUEHLXQGVFKULHWRVHQG,FKZXUGHKDOEWDXEYRQGLHVHP JUlOLFKHQ*HUlXVFKDEHUPHLQH5HIOH[HJHKRUFKWHQGHU'DJRU6FKXOXQJ,FKNDPDXI GLH)HXQGUDQQWH]XP6WHLQNUHLV,FKKRIIWHNHLQGHXWOLFKVLFKWEDUHV=LHODE]XJHEHQ XQGKDVWHWHVRVFKQHOOLFKHVYHUPRFKWHLQGLH5LFKWXQJPHLQHU)UHXQGH'HUODXWH 6FKUHLULDWH)ODPPHQXQG5DXFKVFKOXJHQDXVGHP.RSI'HUVFKZHUH.|USHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VFKLHQVLFKLQHLQHU6FKRFNUHDNWLRQYHUNUDPSIWXQGLQMHQHXQYHUZXQGEDUH)RUP YHUZDQGHOW]XKDEHQ-HGHQIDOOVEHUVFKOXJVLFKGHU.RORGHVVHQ+DXW]XEUHQQHQ VFKLHQPHKUPDOVXQGURXWHGUHLLJ6FKULWWHJHUDGHDXV'LHVZDUJHQDXGLH=HLWLQGHU LFKELV]XP5LQJZDOONDPXQGPLFKMHQVHLWVGHU$XIZHUIXQJ]X%RGHQJOHLWHQOLH :LHGHUVFKZHQNWHLFKGLH/DQ]HKHUXPXQGYHUVXFKWH]X]LHOHQ (VZDUHLQTXlOHQGHU$OSWUDXPNHLQ.DPSIVRQGHUQHLQHPDNDEUH+LQULFKWXQJ ,FKUHDJLHUWH]XODQJVDP7HUQDOVFKLHQPHLQHQHUVWHQ$QJULIIKDQGOXQJVIlKLJ EHUVWDQGHQ]XKDEHQ0LWHLQHP(UVWDXQHQGDVPLFKVHNXQGHQODQJOlKPWHVDKLFK XQGHXWOLFKZLHGLHUROOHQGHQ%HZHJXQJHQGHV)UHPGHQGLH)ODPPHQXQGGLH*OXW PLWVDPWGHPJHOEHQ5DXFKDXVO|VFKWHQ'DQQNDPGHU)UHPGHDXIGLH%HLQHXQGGLH /DXIDUPHUDQQWHZHLWHUXQG]HLJWHPLUVHLQHQ.|USHUYRQKLQWHUHLQVFKOHFKWHV=LHO ,FKZXWHGDLFKLKQYLHOOHLFKWYHULHW]HQDEHUQLFKWW|WHQNRQQWH'DV%UOOHQKDVWH DXIJHK|UWDOVGHU5DXPIDKUHUZHLWHUDXIVHLQ6FKDOWSXOW]XVWRE,QGLHVHP0RPHQW IHXHUWHQPHLQH)UHXQGHPLWGHU:DIIHGHV6FKZDU]KlXWLJHQ'HUEOHQGHQGH6WUDKOWUDI GHQ.|USHUOLHGLH5HVWHGHV.DPSIDQ]XJVDXIIODPPHQXQGHLQH%RPEHLQHLQHU VFKPHWWHUQGHQ'HWRQDWLRQH[SORGLHUHQ'DQQZDU7HUQDO0DODWDQVHLQHP6FKDOWSXOW XQGULFKWHWHVLFKDXIKDOENRSIORVXQGVFKUHFNOLFK]XJHULFKWHW ,FKQlKHUWHPLFKGHQ)HOVHOOLSVRLGHQGHUDXIUHFKWVWHKHQGHQ6WHLQH'HU )HXHUVWUDKODXVGHUDQGHUHQ:DIIHULDWH:LHGHUEUOOWHGHU)UHPGHDEHUHUEHZHJWH VHLQHEUHQQHQGHQEODVHQZHUIHQGHQ*OLHGPDHQ'LH)LQJHUEHUKUWHQGLH+HEHO GUHKWHQ6FKDOWHUXQGWDWHQ'LQJHGLHZHGHUPHLQH)UHXQGHQRFKLFKVHKHQNRQQWHQ 0RQGOLFKW6WHUQHQOLFKWGDVY|OOLJXQUK\WKPLVFKH)ODFNHUQGHU6FKHLQZHUIHUXQGGLH )ODPPHQVRZLHGHU5DXFKGHVKDOEYHUQLFKWHWHQ.|USHUVOLHHQGDV%LOGXQGHXWOLFK ZHUGHQ(LQ.OLUUHQHUNODQJ 'DQQEUHLWHWHVLFKUXQGXPGHQ6WHLQNUHLVHLQGXUFKGULQJHQGHV6XPPHQDXV(V ZXUGHYRQHLQHPVFKULOOHQ3IHLIWRQDEJHO|VW,FKVSUWHZLHLFKLQQHUOLFKYHUHLVWH-H PHKU6LJQDOHLFKK|UWHGHVWRZDKUVFKHLQOLFKHUZDUHVGDGLH6HQGHDQODJHQRFK IXQNWLRQLHUWH(LQLJH$XJHQEOLFNHLQGHQHQZHQLJVWHQVLFKEHJULIIZHOFKHV5LVLNRZLU HLQJLQJHQYHUVWULFKHQ'DVJUHOOH3IHLIHQVFKUDXEWHVLFKLQGLH+|KHYRQ8OWUDVFKDOO ,FKZDUVLFKHUGDGLHVGDVJHUDGHQRFKZDKUQHKPEDUH=HLFKHQGDIUZDUGDVLFK HLQ+\SHUIXQNVWUDKOVHLQHQ:HJGXUFKXQ]lKOLJH/LFKWMDKUHGHV.RVPRVEDKQWHXQG VFKOLHOLFKGRFKGDV=LHOJHELHWHUUHLFKWH $QUXQGGUHL'XW]HQG6WHOOHQREHUKDOEGHUZDDJUHFKWHQ)HOVVWU]HIODPPWHQ EOHQGHQGH/LFKWHU(QWODGXQJHQGLHZLH.XJHOEOLW]HZLUNWHQXQGMHGHQGHUVLHVDK YRUEHUJHKHQGEOLQGPDFKWHQ'DQQHUW|QWHQPHKUHUH'XW]HQG'HWRQDWLRQHQQLFKW JOHLFK]HLWLJDEHUWHLOZHLVHLQHLQDQGHUYHUVFKPHO]HQG(LQXQJHKHXUHU/lUPWRVWHEHU GLH(EHQH9RQMHGHU6HQGHDQWHQQHMHGHP$QVFKOXXQGMHGHP,VRODWRU]XFNWHHLQ ODQJHUGQQHU%OLW]VHQNUHFKWLQV)LUPDPHQWXQGOLHGHQ*ODQ]GHU6WHUQHYHUEODVVHQ 'LHQlFKVWH([SORVLRQHUIDWHGDV6FKDOWSXOWXQGVSUHQJWHHVLQHLQHU([SORVLRQGLH DOOH)DUEHQGHV6SHNWUXPVHQWIDOWHWHLQGLH/XIW'LHVHQHXHUOLFKH([SORVLRQ]HLJWHPLU GHQ.|USHUGHV)UHPGHQ7HUQDO0DODWVWDQGGDDQJXW]ZDQ]LJ6WHOOHQNRFKWHXQG EURGHOWHVHLQH+DXW:LQ]LJH)OlPPFKHQOHFNWHQQDFKDOLHQ6HLWHQHUORVFKHQXQG HQW]QGHWHQVLFKDQDQGHUHQ6WHOOHQ6HQNUHFKWVWLHJHQ5DXFKIlGHQKRFK'DQQ YHUZDQGHOWHQVLFKYRP6FKDOWSXOWDXVJHKHQGGLH.DEHOLQHLQH'RSSHOVSXUYRQZHLHU *OXWGLHVHOWVDPHUZHLVHYRQGHU)HOVHQNRQVWUXNWLRQ]XP6FKLIIVZUDFNGDKLQUDVWH'LH (QHUJLHWUlJHUO|VWHQVLFKLQZHLHU+HOOLJNHLWDXI(VGDXHUWHQXUZHQLJH$XJHQEOLFNH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

LQGHQHQGLH0HWDOODGHUQYHUJDVWHQ'XUFK*UDVXQG%VFKHEHU)HOGHUXQGGXUFK GHQ%DFKVHW]WHVLFKGLHUDVHQGH*OXWIRUWXQG]LVFKWHGLH5DPSHGHV6FKLIIHVKLQDXI (LQLJH$XJHQEOLFNHYHUJLQJHQVFKHLQEDUHUHLJQLVORV'DV/LFKWGDVZLOGH0XVWHU DXIXQVHUHQ1HW]KlXWHQELOGHWHHUORVFKXQGPDFKWHHLQHUZRKOWXHQGHQ'XQNHOKHLW 3ODW]'LHYLHOIlOWLJHQDXVQDKPVORVVHKUODXWHQ*HUlXVFKHXQG'HWRQDWLRQHQK|UWHQ DXIDEHUVWDWVGHUHUZDUWHWHQ6WLOOH]LVFKWHXQGUDXVFKWHHVLQXQVHUHQ2KUHQ8QG GDQQ'DV5DXPVFKLIIVZUDFNYHUlQGHUWHVLFK'LHHQGJOWLJH.DWDVWURSKHYROO]RJVLFK LQPHKUHUHQQXUHLQLJH$WHP]JHGDXHUQGHQ(WDSSHQ =XHUVWJHVFKDKQLFKWV'DQQORGHUWHDXVGHURIIHQHQ6FKOHXVHGHV6FKLIIHVHLQ JUHOOHU/LFKWVFKHLQ(UHUORVFKVRIRUWGDIUEHJDQQGLH.XJHOVFKDOHDXI]XOHXFKWHQ (LQLJH=HLWODQJVDKHQZLU]ZLVFKHQGHQ%lXPHQXQG6WlPPHQGLH.XJHO]XQlFKVWLQ WLHIURWHPGDQQLQJHOEHPVFKOLHOLFKLPNUHLGHZHLHQ/LFKWDXIJOKHQ,QGLHVHP 0RPHQWEHVDQQLFKPLFKKREGLH/DQ]HXQGVXFKWHPLWGHU'DXPHQNXSSHGHQ $XVO|VHU$OVLFKGDV=LHOHUNDQQWHXQGIHXHUWHYHUZDQGHOWHVLFKGLHDXIOHXFKWHQGH .XJHOLQHLQHQ%OLW]GHUQDFKDOLHQ6HLWHQ]HUVWREXQGGLH.RQWXUHQGHU.XJHO DXVO|VFKWH5XQGXPGDV:UDFNXQGGDUEHUVSLHOWHQ+XQGHUWHYHUVFKLHGHQHU)DUEHQ LQGHU/XIWIORVVHQLQHLQDQGHUEHUYHUVFKPRO]HQPLWHLQDQGHUXQGELOGHWHQHLQHQ JUHOOHQ.HLOGHUVFKUlJ]XP1RUGVWHUQHPSRU]XFNWHVLFKDXVEUHLWHWHXQGVFKOLHOLFK HUORVFK5HLQH+\SHUHQHUJLH0HKUGLPHQVLRQDOXQGQLFKW]XEHJUHLIHQ$OVGLHJUHOOHQ /LFKWHUVFKHLQXQJHQYHUJLQJHQUHJQHWHHVUDQJHZLQ]LJH)XQNHQLQDOLHQ)DUEHQGHV 6SHNWUXPVDXVGHUGXQNOHQ1DFKWKHUXQWHU6LHVHQNWHQVLFKGRUW]X%RGHQZRHEHQ QRFKGDV:UDFNDXIJHJOKWKDVWH'HU6WUDKOPHLQHU/DQ]HWUDIGHQ5DXPIDKUHUXQG EDGHWHGLHHLQ]HOQHQ7HLOHGHV6WHLQNUHLVHVDEHUPDOVLQORGHUQGH+HOOLJNHLW *OHLFK]HLWLJIHXHUWHQPHLQH)UHXQGH'DVZDVYRQ7HUQDO0DODWEULJZDU PDFKWHHLQHQ6SUXQJLQGLH+|KHVFKOHXGHUWHVHLQHQEUHQQHQGHQXQGKDOE]HUVW|UWHQ .|USHU]ZLVFKHQ]ZHL6WHLQHQKLQGXUFKXQGUDVWHGXUFKGHQ5DXPGHV6lXOHQNUHLVHV ZDUIVLFKGXUFKGLHJHJHQEHUOLHJHQGH/FNHXQGJDORSSLHUWHKLQDXVLQGLH1DFKW'LH 0XVWHUDXIXQVHUHQ1HW]KlXWHQYHUJLQJHQXQVHUH7URPPHOIHOOHK|UWHQDXIQLFKWPHKU H[LVWHQWH7|QH]XSURGX]LHUHQXQGGXUFKGLH1DFKW]XFNWHQXQWHUEURFKHQDEHUJXW JH]LHOW]ZHLEUHLWH)HXHUVWUDKOHQXQGERKUWHQVLFKLQGHQIOFKWHQGHQ.|USHUGHV )UHPGHQ ,FKVSUDQJDXIXQGUDQQWHLPPHUZLHGHUIHXHUQGDP:DOOXQG*UDEHQYRUEHL XQGGHPIOFKWHQGHQ.RORQDFK.DDSHUXQGGLHDQGHUHQ0lQQHUPDFKWHQJHQDX GDVJOHLFKH6LHUDQQWHQORVEUDFKWHQGLH:DIIHHUQHXWLQ6WHOOXQJXQGVFKRVVHQ'DV ZLHGHUKROWHQVLHZHQQGHU.|USHUVLFKZLHGHULQ6SUQJHQHQWIHUQWKDVWH,FKPHUNWH QDFKHLQLJHQ6FKULWWHQGDVLFKXQWHUXQVHUHQ6RKOHQHLQH$UW:HJEHIDQG(VZDUGLH DXIJHULVVHQH(UGHGHU%DKQDXIGHUGLHULHVLJHQ)HOVEURNNHQKLHUKHUJH]RJHQXQG JHVFKREHQZRUGHQZDUHQ1RFKLPPHUWREWHGHUVFKZHUYHUOHW]WH)UHPGHREZRKOVHLQ .RSI]HUIHW]WZDU:LUVHW]WHQLKPQDFK,FKUDQQWHVFKQHOOHUZHOOLFKQLFKWGLHVFKZHUH :DIIH]XVFKOHSSHQKDVWH'LH6FKUHLHXQGGDV7UDSSHOQGHU)HXQG+lQGHZXUGH OHLVHUDOVGHU)OFKWHQGHDXIGHP:HJGDKLQUDQQWHXQGVFKQHOOHU]XZHUGHQVFKLHQ ,FKEOLHEVWHKHQXQGVDKPLFKXP :RGDV5DXPVFKLIIJHVWDQGHQKDVWHJDEHVQLFKWVDQGHUHVDOVHLQ PHUNZUGLJHV/HXFKWHQ(VVDKDXVDOVEUHQQHGQQHV*DV'FU5HJHQIXQNHOQGHU 3DUWLNHOKDVWHDXIJHK|UWDXIGHP%RGHQODJHQJURH)HW]HQHLQHVXQEHNDQQWHQ 0DWHULDOVXQGOHXFKWHWHQEODXURWXQGJHOE'HU6WHLQNUHLVKREVLFKVFKDUIJHJHQGLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

8PJHEXQJDWH/HLWXQJHQ,VRODWRUHQXQG6FKDOWVWHOOHQDXIGHUXPODXIHQGHQ 6WHLQIDVVXQJEUDQQWHQHEHQIDOOVPLWNOHLQHQYLHOIDUELJHQ)ODPPHQ(LQ5LQJDXV)HXHU NHQQ]HLFKQHWHGDV+HLOLJWXP:HQQQXUHLQHUGHU%DUEDUHQGLH9RUJlQJH PLWDQJHVHKHQKDVWHVRZDUHLQHZHLWHUH6DJHJHERUHQZRUGHQ'DV*UDVVFKZHOWHLQ HLQHPODQJHQ6WUHLIHQ]ZLVFKHQ6FKLIIXQG6WHLQNUHLV9RP'RSSHONDEHOZDUQLFKWV PHKU]XVHKHQ0HLQ7KLFNUFNZlUWVKDVWHQXUZHQLJH6HNXQGHQJHGDXHUW-HW]W GUHKWHLFKPLFKXPXQGVHW]WHPHLQH9HUIROJXQJIRUW,FKEHUKROWHPHLQHGUHL NHXFKHQGHQ)UHXQGHXQGVFKULHDXVYROOHU.HKOH ³(UIOFKWHWLQGHQ6WHLQEUXFK6FKQHOOHU´ ,P0RQGOLFKWZLUNWHGHUEUHLWH3IDGZLHHLQ%DFKHLQGXQNOHU6WUHLIHQLPKHOOHUHQ *UDV'RUWKLQWHQYHUVFKZDQGHU8QGHXWOLFKNRQQWHLFKGLHNDQWLJHQ.RQWXUHQ KHUDXVJHEURFKHQHU6WHLQNHLOHVHKHQ'HQ)OFKWHQGHQVDKLFKQXUQRFKDOV6LOKRXHWWH ,FKKROWHWLHI/XIW6FKLHHQKDVWHNHLQHUOHL6LQQGLH(QWIHUQXQJZDU]XJUR+LQXQG ZLHGHUHUW|QWHZLHGHU6FKUHLHLQHV6DXULHUVGDV%UOOHQGHV)UHPGHQ(UOHEWHQRFK XQGYHUVXFKWHVLFKLP6WHLQEUXFK]XYHUNULHFKHQ:LUIROJWHQLKPXQGVDKHQGD XQVHUH)UHXQGHDXVGHP:DOGKHUYRUJHNRPPHQZDUHQ+LQXQGZLHGHU]HLFKQHWHQ VLFKDP5DQGGHU(EHQHGLHIHXULJHQ.UHLVHYRQ/LFKWVLJQDOHQDWH:LUZUGHQ+LOIH HUKDOWHQZHQQHVQ|WLJZDU 0LQGHVWHQV6FKULWWHZHLWUDQQWHQZLUGXUFKGLH1DFKW,Q]ZLVFKHQZDUHV YROONRPPHQUXKLJJHZRUGHQ:LUKROWHQDXVXQVHUHQ.|USHUQGLHOHW]WHQ /HLVWXQJVUHVHUYHQKHUDXVXQGHUUHLFKWHQGDV(QGHGHV3IDGHVLQGHQ6WXQGHQ ]ZLVFKHQ1DFKWXQG0RUJHQ'LHHUVWHQ6WHUQHYHUEODWHQGDV0RQGOLFKWVFKLHQ VFKZlFKHU]XZHUGHQ9RUGHPKDOENUHLVI|UPLJHQ+LQWHUJUXQGGHVLQGHU0LWWH JHVSDOWHQHQ+JHOVJLQJHQZLUODQJVDPHUXPXQV]XHUKROHQ:LUYHUOLHHQGHQ3IDG XQGWHLOWHQXQVYRQEHLGHQ6HLWHQGUDQJHQZLULQ*HVWUSS]ZLVFKHQ6WHLQEURFNHQXQG *HU|OOHLQ5XKLJVDJWHGHU([WUDVLQQ7|WHWLKQVFKQHOO ,FKVSUDQJDXIHLQHQ)HOVEURFNHQVWDUUWHDXIGDV*HZLUUNDQWLJHU)HOVHQXQG UXQGHU%VFKHXQGYHUVXFKWHGHQ)UHPGHQ]XVHKHQ'HU*HUXFKVHLQHUVFKPRUHQGHQ /HGHUKDXWZDUVWlUNHUDOVDXIGHU6WUHFNH,FKIKOWHPLFKHQWVHW]OLFKPGHDEHUMHW]W SDFNWHPLFKZLHGHUGLH(UUHJXQJ'DQQEHPHUNWHLFK]ZLVFKHQZXFKWLJHQ )HOVWUPPHUQHLQH0DVVHWLHIVFKZDU]XQG]XFNHQG$XJHQEOLFNOLFKVHQNWHLFKGLH /DQ]HXQGIHXHUWHHLQHQ6FKXDWH'HU'RQQHUYHUZDQGHOWHGHQ6WHLQEUXFKLQHLQ ,QIHUQRGLH+HOOLJNHLW]HLJWHPLUGHQULHVLJHQ]XVDPPHQJHNUPPWHQ.|USHU'LH (QHUJLHIOXWVSUHQJWHDXVGHQ6WHLQHQJOKHQGH7URSIHQKHUDXV%URFNHQDOOHU*U|H ZXUGHQLQGLH/XIWJHVFKOHXGHUWLQEUHQQHQGHQ:RONHQYHUJDVWHGHU6WHLQ ³+LHUKHU´VFKULHLFK'HU.|USHUEHZHJWHVLFKPLWOHW]WHU(QHUJLHZLHPLUVFKLHQ (UVSUDQJVHQNUHFKWLQGLH+|KHXQGZXUGHYRQHLQHP)HXHUVWUDKODXVGHU:DIIH.D DSHUVJHWURIIHQ:LUEHIDQGHQXQVLQGHUEHVVHUHQ/DJHGHU)UHPGHYHUVXFKWHQLFKW HLQPDO]XIOFKWHQ(UVFKLHQGLH)lKLJNHLWYHUORUHQ]XKDEHQVHLQHQ2UJDQLVPXV YHUVWHLQHUQ]XOHVVHQ ,FKVFKRVRUDQJHELVGHU(QHUJLHYRUUDWPHLQHU:DIIHHUVFK|SIWZDU$EHU.D DSHU$QFDQWDVXQG.DVRNDUNDPHQQDFKMHGHP6FKXHLQSHDU6FKULWWHQlKHUKHUDQ 6FKOLHOLFKKDVWHVLFKGHU.|USHULQHLQHUDXFKHQGH0DVVHYHUZDQGHOWGLH DXVHLQDQGHUIORXQGNOHLQHUZXUGH8QEDUPKHU]LJULFKWHWH.DDSHUGHQU|KUHQGHQXQG GRQQHUQGHQ6WUDKODXIGLHVHQ5HVW$OVVLFKGLHVH0DWHULHYHUZDQGHOWKDVWHVFKPRO] .DDSHUHLQHQ)HOVHQ]XWHLJLJHU/DYD]XVDPPHQXQGOLHNRFKHQGHVXQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EODVHQZHUIHQGHV*HVWHLQEHUGLH6WHOOHIOLHHQDQGHUVLFKGHU)UHPGHDXIJHO|VW KDVWH,FKZDQNWHDP(QGHPHLQHU.UlIWHDXVGHP*HELHWGHV6WHLQEUXFKVKLQDXVXQG VHW]WHPLFKDXIHLQHQPRRVEHUZDFKVHQHQ)HOVEURFNHQ +LQWHUPLUULGDV*HUlXVFKGHU:DIIHDWH'DQQHUIROJWHQQRFKHLQLJH GRQQHUQGH([SORVLRQHQ6FKZHUIlOOLJGUHKWHLFKPLFKXPXQGVDKPHLQH)UHXQGHGLH MHQHVFKZHUH9HUQLFKWXQJVZDIIHLQGHQ+lQGHQKLHOWHQXQGGLH)HOVZDQGEHVFKRVVHQ 6WHLQHVSOLWWHUWHQUDQJH6SUQJHIXKUHQNQLUVFKHQGNUHX]XQGTXHUEHUGLH:DQG SO|W]OLFKEUDFKIDVWGLHJHVDPWH9RUGHUVHLWHQLHGHUWHLOWHVLFKZlKUHQGGHV.LSSHQV XQGVFKOXJLQGLHDP%RGHQOLHJHQGHQ7UPPHUHLQ(LQH/DZLQHULHVLJHU%URFNHQURXWH KHUDQ]HUIHW]WHGLH%VFKHXQGOLHDQGHUH6WHLQHDXVHLQDQGHUEUHFKHQ6LHELOGHWHQ ]XOHW]WHLQHQ+JHOEHUGHU6WHOOHDQGHUMHQHUXQJOFNOLFKH5DXPIDKUHUYHUQLFKWHW ZRUGHQZDU/DQJVDPNDPHQGLH0lQQHU]XPIU$QFDQWDVOLHGLH:DIIHIDOOHQ ³'HU.DPSILVW]X(QGH'HLQH:HOW$FUDQLVWJHUHWWHW´VDJWH.DDSHU³1XQ N|QQHQZLUGHQ%DUEDUHQ]HLJHQZLHPDQGLH(UGHEHDUEHLWHW´ ,FKQLFNWHPGHXQGGHXWHWHDXIHLQHQ+JHO'RUW]HLFKQHWHQVLFKLPHUVWHQ 0RUJFQJUDXHQGLH*HVWDOWHQXQVHUHU)UHXQGHDWH-HGHUZDUDP(QGHDOOHU.UlIWH'LH *HVLFKWHUZDUHQJUDXYRU(UVFK|SIXQJXQGVWDUUWHQYRU6FKPXW],FKVWDQGDXIIKOWH PHLQH.QLHXQGOLHPLFKLQV*UDVVLQNHU ³,FKZQVFKWFLFKZlUHLQ*XEDO´VDJWHLFKXQGVFKOLHIDXJHQEOLFNOLFKHLQ9RQ GHQ(UHLJQLVVHQGLHVLFKELV0LWWDJDEVSLHOWHQK|UWHXQGVSUWHLFKQLFKWV .DDSHUVHQNWHGLH:DIIHGHV6FKZDU]HQ'lPRQVXQGZLVFKWHGHQ6FKZHLYRQ GHU6WLUQXQGGHUQDFNWHQ%UXVW=XIULHGHQ]HLJWHHUDXIGHQULHVLJHQ6WDSHO ]XJHVFKQLWWHQHU(LFKHQERKOHQXQGGLFNHU%UHWWHUGHUQDGHOIHLQH6SXUVWUDKOKDVWHGLH %lXPHJHIlOOWHQWDVWHWXQGLQJHEUDXFKVIHUWLJH6WFNH]HUVFKQLWWHQ'LH6WLPPHGHV 5RPHW$QIKUHUVNODQJDXVJHUXKW ³6RKDWGLHVH:DIIHGHQQRFKHWZDV*XWHVIUGLH%DUEDUHQ6LHVWDXQHQVHLW IQI]HKQ7DJHQXQGZHUGHQLKUH0lXOHUZRKOQLFKWHLQHUVFKOLHHQELVZLUQLFKW IRUWJHVHJHOWVLQG´ ³6RODQJH+lXSWOLQJ8UJHUQLFKWJODXEWLFKZUGHVHLQ'RUIVFKXO]HVHLQZROOHQ VRLO¶VPLUUHFKWVHLQ´VDJWHLFKXQGWUDQNHLQHQ6FKOXFNNODUHV%UXQQHQZDVVHU:LU DUEHLWHWHQDQJHVWUHQJWDEHUZDVZLUWDWHQZDUHLQHUVHLWVIUXQVHUH+HLPUHLVHQ|WLJ XQGKDOIDQGHUHUVHLWVGHQ%DUEDUHQ:LUEDXWHQGDV'RUIZLHGHUDXI 'LH*2/'(1(=('(5ODJDXIGHP7URFNHQHQ]ZHL0DQQEHZDFKWHQVLHXQG VFKOLIIHQGDV8QWHUZDVVHUVFKLIIPLWUDXKHP6WHLQDWHHKHVLHHVPLWKHLHP:DFKV YHUVLHJHOWHQ'LH-lJHUGLHXQWHUZHJV]XXQVJHVWRHQZDUHQZROOWHQKLHUEOHLEHQVLH OHKUWHQGLH(LQJHERUHQHQULFKWLJ]XMDJHQ%|JHQDXV(LEHQKRO]XQG3IHLOHDXV DQGHUHQ+|O]HUQKHU]XVWHOOHQ6LHZDUHQPLWIDVWDOLHQMXQJHQ'|UIOHUQDXIHLQHUJURHQ -DJGLQGHQ:lOGHUQ:LUDOOHEUDXFKWHQYLHO)OHLVFKLQGHQNRPPHQGHQ0RQGHQ,FK ]HLJWHDXI6LUHQGHU]XVDPPHQPLW]ZHLODQJKDDULJHQ%DXHUQXQGHLQHP'UHLHUSIOXJ 2FKVHQHLQ)HOGXPEUDFK ³+H8UJHU6WHKQLFKWIDXOKHUXP+LOIGHLQHQ/HXWHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$OOH0lQQHUDUEHLWHWHQPLWQDFNWHQ2EHUN|USHUQ)UDXHQEUDFKWHQ/HKPGHQZLU ]X=LHJHOQVFKOXJHQXQGLQODQJHQ5HLKHQDQGHU6RQQHWURFNQHQOLHHQ'DV)UKMDKU ZDUOlQJVWLQGHQKRKHQ6RPPHUEHUJHJDQJHQ$XVGHPUHLFKOLFKHQ%UXFKVWHLQ KDVWHQZLUHLQLJH)XQGDPHQWHXQGHLQHQ%UHQQRIHQJHPDXHUWGHUVSlWHUDOV%DFNRIHQ YHUZHQGHWZHUGHQNRQQWH1XQHUULFKWHWHQZLUDOV/HKUVWFNHLQQHXHV/DQJKDXVGDV QLFKWYROO8QJH]LHIHUVHLQZUGHXQGLP:LQWHUJHVQGHUXQGYLHOZlUPHU,FKVSLHOWH GHQ$U]WXQGOLHPLUYRQGHUNUlXWHUNXQGLJHQ7KXOGDKHOIHQZLUKHLOWHQ*HVFKZUH OHJWHQ9HUElQGHDQVFKRUHQ+DDUXQG%lUWHXQGHUIDQGHQ7LQNWXUHQJHJHQ/lXVHXQG )O|KH*HJHQDQGHUH%HVFKZHUGHQNRFKWHQZLUVWUHQJULHFKHQGH6XGHHLQ $V\UWD0DUD\HYHUVXFKWHHLQHU*UXSSHYRQ.LQGHUQGDV6FKUHLEHQXQG5HFKQHQ EHL]XEULQJHQ'HU*OHLWHUIORJ]ZLVFKHQGHU=('(5XQGGHP'RUIKLQXQGKHU²MHGH 6WXQGHHUIXKUHQGLH%DUEDUHQGHQHQZLUHLQLJH%URQ]Hl[WHJHVFKHQNWKDWWHQHLQH DQGHUHNOHLQH1HXHUXQJGLHLKU/HEHQHUOHLFKWHUWH+RO]YHUELQGXQJHQPLW=DSIHQXQG /RFK'UHKYHUELQGXQJHQIU7UHQXQGZLQ]LJH)HQVWHUYHUVFKLHGHQHV0DXHUZHUN HLQHQ2IHQPLW.DPLQDE]XJGHUQLFKWGDV,QQHUHGHU+lXVHULQHUVWLFNHQGHUXXQG TXDOPUHLFKH+|KOHQYHUZDQGHOWH'DVULFKWLJH'DFKGHFNHQPLW6WURKGDVGHQ5HJHQ DEKLHOWXQGNDXPIDXOWHZLHPDQ*HUEHUORKHDQVHW]WHXQGGDKlXILJHV:DVFKHQ YLHOH.UDQNKHLWHQDEKLHOW 7KXOGDVVWLQNHQGH7UlQNHHQWODXVWHQ.LQGHUXQG(UZDFKVHQH:LUUlXFKHUWHQ XQGS|NHOWHQ%UDWHQIUGLH9RUUDWVNDPPHUQXQGXQVHU6FKLII0LW:HUN]HXJHQDXV $UNRQVWDKODUEHLWHWHQZLU%URQ]HVSLHJHOKDOIHQGHQMXQJHQ)UDXHQZHQLJHUXQJHSIOHJW DXV]XVHKHQXQGZLUNRFKWHQHLQHHLQIDFKH$UWYRQ6HLIH :LUKDVWHQHLQHQ3IOXJKHUJHVWHOOWXQGHLQ*HVFKLUUIUMXQJH%XOOHQHQWZLFNHOW 1DFKHLQHP*HZLWWHUEHJDQQHQZLU]XDFNHUQXQG]XHJJHQIUGLH:LQWHUDXVVDDWGHV HLQN|UQLJHQ:HL]HQVXQGGHU*HUVWH0XWWHU(UGHZUGHQlFKVWHV-DKUHLQHJXWH(UQWH HUEULQJHQ(UEVHQXQG%RKQHQZXUGHQUHLI:LU]HLJWHQGHQ%DUEDUHQZLHPDQ 6FKDIZROOHXQG)ODFKVEHVVHUXQGOHLFKWHUYHUDUEHLWHQNRQQWHZDUHQGLH'|UIOHUHUVW HLQPDOEHU]HXJWPDFKWHQVLHXQJHVFKLFNWDEHUEHJHLVWHUWPLW'LHVWHKHQJHEOLHEHQHQ /DQJKlXVHUZXUGHQXPJHEDXW7DJXQG1DFKWORGHUWHGHU%UHQQRIHQ'HU%UXQQHQZDU IUHLJHOHJWXQGKRFKJHPDXHUWGLH0LVWKDXIHQDXVGHP%HUHLFKGHV*UXQGZDVVHUV KLQZHJJHVFKDIIWZRUGHQXQGZLUYHUOHJWHQLQHLQHP+DXVHLQHQ%RGHQGHU )HXFKWLJNHLWXQG.lOWHDEKLHOW hEHUGLHYLHOHQ%UDQGVSXUHQGHVQlFKWOLFKHQ.DPSIHVZDU*UDVJHZDFKVHQ$OV $V\UWDXQGLFKHQWODQJMHQHUWLHIHLQJHWUHWHQHQ3IDGHDXIGDV+HLOLJWXP]XJLQJHQVDKHQ ZLUGD7HLOHGDYRQVFKRQEHUSIOJWXQGDXIJHKDFNWDQGHQ5lQGHUQZLHGHU EHZDFKVHQZDUHQ7URW]GHUYLHOHQVLQQYROOHQ$UEHLWZDUGLHZLUNOLFKH5XKHGHV 9HUJHVVHQVQRFKQLFKWLQGLH+HU]HQGHU0HQVFKHQJHNRPPHQ$V\UWDGHXWHWHDXIGLH %UDQGVSXUHQDQGHQEODXJUDXHQ6WHLQHQ9RJHONRWXQG5HJHQPDFKWHQVLHEHUHLWV XQVLFKWEDU ³(UKDVWHZRKOHLQHQNUDQNHQ9HUVWDQGGHUWRWH5DXPIDKUHU$EJHVHKHQGDYRQ GDHUYROOSDQLVFKHU$QJVWZDU´ ³(UKlWWHHVHLQIDFKHUKDEHQN|QQHQ´VDJWHLFKKDOEODXW6HOEVWDPKHOOHQ7DJ ZDUGLH$QRUGQXQJGXQNOHU6WHLQHYRQHLQHUGVWHUHQ$XUDXPJHEHQ³.HLQ0HQVFK ZLUGMHPDOVEHJUHLIHQZLHHUPLWUXQGKXQGHUWIQI]LJ(LQJHERUHQHQGLHVH ]ZHLXQGDFKW]LJWRQQHQVFKZHUHQ6DQGVWHLQEO|FNHEHUPHKUDOV]ZHLKXQGHUW5RPHW 0HLOHQKHUEHLJH]HUUWKDW8QGYRUDOOHP:DUXPDXVJHUHFKQHWGLHVH*HVWHLQVDUW"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$V\UWDKREGLH6FKXOWHUQXQGIKUWHHLQH*HVWHGHU5DWORVLJNHLWDXV ³'LH4XDGHUQLQ0HQHIUX0LUHZHUGHQEHUQRFKZHLWHUH(QWIHUQXQJHQ KHUEHLJHVFKOHLIWXQGDXI6FKLIIHYHUODGHQ:DUXP"´ ³:HLOVLFK7HUQDO0DODWHLQHQ6WHLQNUHLVIUGLH(ZLJNHLWEDXHQZROOWH"(ULVW ]XIlOOLJQHEHQHLQHUXUDOWHQ.UHLVDQODJHQRWJHODQGHW9LHOOHLFKWKDWVLHLKQLQVSLULHUW $FK:LUZHUGHQ¶VQLHHUIDKUHQ´ 8UJHUV/HXWHKDVWHQXQVHU]lKOWZLHVLHGLH0HQKLUHDXHUKDOEGHV6WHLQEUXFKV 'XW]HQGH7DJHVPlUVFKHHQWODQJGHV6DO]ZDVVHUVXQGGHV)OXVVHVKHUDXVJHVSUHQJW XQGEHDUEHLWHWDXIJHIXQGHQKDWWHQZLHGHU'lPRQZLOGEUOOHQGHLQHQNOHLQHQ:DOG JHIlOOWXQGGLH6WlPPH]X)O|HQ]XVDPPHQJHIJWKDVWH ³9LHOH6SXUHQGLH(UOHEQLVVHGLHHLJHQWOLFKH%HGHXWXQJ=HLW6RQQHXQG -DKUHVZHFKVHOZHUGHQGLHJHQDXH(ULQQHUXQJYHUEOHLFKHQOHVVHQ/HJHQGHQXQG 0lUFKHQZHUGHQVLFK]XVDPPHQPLWDOOHUOHL*HZlFKVHQXPGLH6WHLQHUDQNHQ´ ³9LHOOHLFKW´VDJWH$V\UWDWUlXPHULVFKXQGEHREDFKWHWHGHQ7DXEHQVFKZDUP EHUGHP5LFRV6RQGHVFKZHEWH³KDEHQGLHIHUQHQ1DFKNRPPHQ8UJHUVHLQPDOGLH )lKLJNHLWGDV2EVHUYDWRULXPZLUNOLFK]XU0RQGXQG+LPPHOVEHREDFKWXQJ]X EHQXW]HQ´ :LUJLQJHQEHUGDVNXU]H*UDVZLFKHQ6FKDIHQXQG=LHJHQDXVXQGLQPLWWHQ GHU(EHQHZLUNWHQ(UGZlOOHXQG6WHLQHVHOEVWLP0LWWDJVOLFKWEHGURKOLFK,FKGHXWHWH DXIV'RUIXQGVDJWH ³:LUVHKQHQXQVQDFKGHU5FNNHKU,QHLQHP0RQGRGHUHLQSHDU7DJHVSlWHU OHJHQZLUDWH/LHEVWH*HQLHHGLH(UKROXQJ]ZLVFKHQGHQKHOOKlXWLJHQ%DUEDUHQ´ 'LH=XNXQIWVFKLHQVLFKKHOOXQGJOlQ]HQGYRUXQVDXV]XEUHLWHQ,FKHULQQHUWH PLFKDQZHLWHUH(U]lKOXQJHQGHU(LQJHERUHQHQQDKP$V\UWDV+DQGXQGEUXPPWH ³0LWGLHVHP2EVHUYDWRULXPKDWHUGHQ%DUEDUHQHLQHVFKUHFNOLFKH.DWDVWURSKH YRUDXVEHUHFKQHW´:LUEOLHEHQYRUHLQHUGHUVHFKVXQGIQI]LJZHLPDUNLHUWHQ*UXEHQ QDKHGHV:DOOVVWHKHQ³1DFKKHUZHUG¶LFKPLWGHP5HFKQHU5LFRVSUHFKHQ9LHOOHLFKW ZHLHU*HQDXHUHV´ :HQQGLH6WHLQHLQGHQ*UXEHQLQEHVWLPPWHP5K\WKPXVXPJHVHW]WZXUGHQ DXHUKDOEGHU6WHLQVlXOHQJUXSSHQOLHHQVLFK6RPPHUXQG:LQWHUVRQQHQZHQGH 0RQGXQG6RQQHQILQVWHUQLVVHXQGZDKUVFKHLQOLFKDQGHUHNRVPLVFKH3KlQRPHQH EHUHFKQHQ9LHU6lXOHQJUXSSHQGLHQWHQDOV9LVLHUVWHLQH:LUKLHOWHQDQDOVZLUGDV'RUI LQVHLQHUJDQ]HQ$XVGHKQXQJVHKHQNRQQWHQ5XQGGUHLKXQGHUWIQI]LJ0HQVFKHQ DUEHLWHWHQ]XVDPPHQXQGDXIEHVFKHLGHQH:HLVHKDVWHQZLU]ZHL.XOWXUHQ PLWHLQDQGHUYHUNQSIW$EHUGHU)DGHQZDU]XGQQDOVGDHUMDKUKXQGHUWHODQJGLH 6SDQQXQJDXVJHKDOWHQKlWWH,FKVDKZLH&KHSHUPLWGHPOHHUHQ*OHLWHUDXHUKDOEGHV 'RUISODW]HVODQGHWH ³*HKHQZLU]XUFN´VDJWHLFK³=HLJHQZLULKQHQZLHPDQ.XSIHUVFKPLHGHWRGHU HLQlKQOLFKHV:XQGHU´ :LUOLHIHQHQWODQJGHV)HOGHVGHVVHQDXIJHEURFKHQHVFKZDU]H6FKROOHQGHQ *HUXFKYHUVWU|PWHQGHU:DFKVWXPXQGUHLFKH(UQWHYHUVSUDFK+RFKEHUGHP'RUI MDJWHHLQ6SHUEHUSlUFKHQ,FKVHW]WHPLFKLQGHQ3LORWHQVLW]GHV*OHLWHUVXQGULHI5LFR 1RFKDPJOHLFKHQ$EHQGHUIXKUHQZLUZHOFKH.DWDVWURSKHGHUIUHPGH5DXPIDKUHU HUUHFKQHWKDVWH'LH$QRUGQXQJGHUJURHQXQGNOHLQHQ6WHLQHGHV2EVHUYDWRULXPV ZDUZLHLFKDQKDQGYRQ5LFRV=HLFKQXQJHQXQG'LDJUDPPHQQDFKSUIWHZHQLJVWHQV LQGLHVHU+LQVLFKWSHUIHNW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

(LQHQ=HKQWDJGDQDFKDPIUKHQ1DFKPLWWDJHUIDWHHLQHVHOWVDPH8QUXKHGLH /HEHZHVHQ=XHUVWVDKHQZLUGLH9|JHO6LHVFKULHQDXIJHUHJWXQGVFKULOOYHUOLHHQLKUH 1HVWHUXQGIDQGHQVLFK]XZDFKVHQGHQ6FKZlUPHQ]XVDPPHQ7DXEHQNOHLQH 6LQJY|JHO.UlKHQ5DEHQ6SHUEHUXQGHLQ$GOHUSlUFKHQVLHELOGHWHQRKQHVLFK JHJHQVHLWLJDQ]XJUHLIHQHLQLJHVFKZLUUHQGH:RONHQGHUHQ)RUPXQG*UHQ]HQVLFK VWlQGLJYHUVFKREHQ0lFKWLJHZHLH6RPPHUZRONHQWULHEHQEHUGHQVWUDKOHQGEODXHQ +LPPHO'LH$KQXQJHLQHUXQJHZ|KQOLFKHQXQEHNDQQWHQ*HIlKUGXQJHUIDWHQXQDXFK +XQGH5LQGHUXQG.OHLQYLHK'LH7LHUHGUlQJWHQVLFK]XVDPPHQYHUVXFKWHQVLFK]X YHUVWHNNHQOLHIHQKLQXQGKHU,FKVWLHIHOWHTXHUEHUGHQ'RUISODW]XQGKREGLH+DQG DOVVLFK8UJHUV/HXWHXPPLFKGUlQJWHQ ³.RPPWGHU'lPRQ]XUFN"´IUDJWHGHU+lXSWOLQJOHLVH,FKVFKWWHOWHGHQ.RSI XQGVDJWH ³(UZLUGQLHZLHGHUNRPPHQGDVLVWGLH:DKUKHLW$EHUHUKDWHXFKQLFKW DQJHORJHQ,KUZHUGHWHWZDVHUOHEHQLQJDQ]NXU]HU=HLWZDV]XGHQ:XQGHUQGHV /HEHQV]lKOWXQGZDVQDFKHXFK]HKQ*HQHUDWLRQHQQLFKWPHKUVHKHQZHUGHQ´ ³:DVLVWHV$FUDQ"´,FKODFWDWHXQGEHPKWHPLFKGLH'|UIOHUQLFKW]X EHXQUXKLJHQ,FK]HLJWHDXIGLH6RQQHGHQ%UHQQRIHQGLH+DXIHQ]HUVFKQLWWHQHVXQG ]HUKDFNWHV+RO]+REHOXQG6lJHVSlQHXQGGHQ$VFKHKDXIHQ]ZLVFKHQGHQ+WWHQ ³=QGHWHLQ)HXHUDQXQGZDUWHW,KUEUDXFKWHXFKQLFKW]XIUFKWHQZLHGDV 9LHK´ 2EZRKOLFKDOOH0LWJOLHGHUGHU=('(5%HVDW]XQJOlQJVWHLQJHZHLKWKDVWHHUJULII XQVDOOHHLQ*HIKOGHU8QVLFKHUKHLW$V\UWDV)LQJHUVXFKWHQPHLQH+DQGVLHOHKQWH VLFKVFKZHUJHJHQPHLQH6FKXOWHU,KUH%OLFNHLUUWHQ]LHOORVXPKHUVLHVFKZLHJ EHXQUXKLJW ³9RUERWHQGHVVFKHLQEDUHQ8QKHLOV´VDJWHLFK(LQJURHV5XGHO5RWZLOGYRQ HLQHPVFKZDU]EUDXQHQ+LUVFKDQJHIKUWSUHVFKWHEHUGLH(EHQH]ZLVFKHQGHQ EHLGHQSIOJHQGHQ*HVSDQQHQKLQGXUFK'LHJHGUXQJHQHQ=XJWLHUHEHJDQQHQ]X VFKHXHQ]HUUWHQDQGHQ5LHPHQXQG'HLFKVHOQXQGEUOOWHQDQJVWHUIOOW(LQLJH)FKVH VFKQUWHQQDFKZHQLJHQ6SUQJHQZLHGHUYHUKDOWHQGGXUFKV*UDVXQGYHUVFKZDQGHQ LP6FKDWWHQGHU6WHLQH8QVDOLHQZDUSO|W]OLFKDOVJHKHHLQH(UVFKWWHUXQJNDXP]X IKOHQZLHHLQHHLVNDOWH:HOOHGXUFKGLH/XIW'HU/RJLNVHNWRUVDJWH$XFKGHLQH DXIJHNOlUWHQ6HHOHXWHIUFKWHQVLFK$UNRQLGH 'LH+XQGHNOlIIWHQZLHUHVHQG=ZHL%lUHQWDXFKWHQDP:DOGUDQGDXIXQG WUDEWHQGXUFKGLH%VFKH+DVHQXQG.DQLQFKHQKHW]WHQKDNHQVFKODJHQGXPKHU XQVLFKWEDUKHXOWHQ:|OIHLP1RUGHQ'LH%lXPHVFKLHQHQVLFKXQWHUHLQHP:LQGVWR ]XVFKWWHOQGHQQLHPDQGVSUWH(LQDUFKDLVFKHU5LHVHQFKRUVHOWVDPHU*HUlXVFKH XQG%HZHJXQJHQIXKUEHUGLH*URH0XWWHU(UGHGDKLQ,FKVHW]WHPLFKQHEHQ$V\UWD DXIHLQH%DQNDXV6WHLQXQG%RKOHQGLHZLUXQWHUGHU'RUIHLFKHDXIJHVWHOOWKDWWHQ ³(VJHVFKLHKWHWZDVGDVVHOEVWLFKQRFKQLHHUOHEWKDEH´VDJWHLFKOHLVH³,FK PXJHVWHKHQ$XFKPLUZLUG¶VXQKHLPOLFK´ (LQH:RONHVFKZHEWHYRUGHU6RQQHIlUEWHVLFKGXQNHOJUDXXQGGDV*HVWLUQ ZXUGH]XHLQHU6FKHLEHGLHZLUPLWGHPEORHQ$XJHEHWUDFKWHQNRQQWHQ,FKEOLFNWH JHQDXHUKLQ1RFKZlKUHQGLFKPLUZQVFKWHHLQ6WFNDQJHUXWHV*ODV]XKDEHQ RGHUHLQH6SH]LDORSWLNHUVFKLHQDPXQWHUHQ5DQGGHV*HVWLUQVHLQHHOOLSVHQI|UPLJH VFKZDU]H$XVNHUEXQJ'HUHUVWH6FKDWWHQOHJWHVLFKEHUGDV/DQG'LH0HQVFKHQ VW|KQWHQDXIXQGPXUPHOWHQHUUHJW'LH+DXVWLHUHZROOWHQVLFKDOOHJOHLFK]HLWLJ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

YHUVWHFNHQHLQXQJODXEOLFKHV'XUFKHLQDQGHUEUHLWHWHVLFKDXV,FKQDKP$V\UWDV+DQG XQGVDJWHOHLVH ³.HLQH)XUFKW/LHEVWH,FKKDE¶VGLUDXIJH]HLFKQHW(VLVWQXUGHU0RQGGHUVLFK YRUGLH6RQQHVFKLHEW´ 6LHOlFKHOWHWDSIHULQPHLQH$XJHQXQGVFKWWHOWHGHQ.RSI-HGHVPDOZHQQVLH GHQ.RSIKRE]XFNWHVLH]XVDPPHQ ³(VLVWWURW]GHPXQKHLPOLFK=XP)UFKWHQ´ 'HUVFKZDU]H)OHFNZXUGHJU|HUGLH+HOOLJNHLWQDKPDWH3O|W]OLFKVFKLHQHV NlOWHUXQGNlOWHU]XZHUGHQ,FKULHI]XP+lXSWOLQJKLQEHU ³'DVLVWGDVVRJHQDQQWH8QKHLOGDVGHU'lPRQDXVJHUHFKQHWKDW,QHLQHP 7DJHV]Z|OIWHOLVWDOOHVYRUEHL:HUIWPHKU+RO]LQV)HXHU´ (UOLHGHQ.RSIKlQJHQXQGDQWZRUWHWHQLFKW'LH6RQQHQILQVWHUQLVGLH1DFKW PLWWHQDP7DJHQDKPLKUHQ)RUWJDQJ+LPPHOXQG:RONHQIlUEWHQVLFKJUDXXQG SXUSXUQZLHHVGHU5DXPIDKUHUPLWGHQ9LVLHUOLQVHQXQGGHQ5HFKHQRSHUDWLRQHQGHU YHUVFKLHEEDUHQZHLHQXQGVFKZDU]HQ6WHLQHEHZLHVHQKDVWH=ZHL%XOOHQGLHVLFK DXVGHP3IOXJORVJHULVVHQKDWWHQJDORSSLHUWHQLQLKUHXQIHUWLJHQ6WlOOH]XUFN'LH (LQJHERUHQHQVSUDQJHQVFKUHLHQG]XU6HLWH'HUXQVLFKWEDUH0RQGEHGHFNWH LQ]ZLVFKHQNQDSSGLH+lOIWHGHU6RQQHQVFKHLEH=ZLVFKHQGHQ:RONHQIXKUHQ PlFKWLJH6WUDKOHQEQGHOKHUXQWHU]XU(UGH(QWVHW]HQKDVWHDXVQDKPVORVDOOH 0HQVFKHQHUJULIIHQ6HOEVWLFKNRQQWHPLFKGHUVFKDXULJHQ)DV]LQDWLRQGLHVHV NRVPLVFKHQ9RUJDQJVQLFKWHQW]LHKHQGHUDOOHDFKW-DKUHXQGHOI7DJHLUJHQGZRDXI GHU2EHUIOlFKHGHV%DUEDUHQSODQHWHQ]XVHKHQZDU'HUOHL9RUJlQJHZDUHQIU 5DXPIDKUHUJHUDGH]XDOOWlJOLFKH(UVFKHLQXQJHQ'LHZHLWHUHQ6WXIHQGHU'XQNHOKHLW JOLWWHQIDVWXQPHUNOLFKLQHLQDQGHUEHU 'VWHUQLVXQG'XQNHOKHLWEUHLWHWHQVLFKDXVGLH0LWWDJVVFKDWWHQO|VWHQVLFKDXI DOVDXILKUHU:DQGHUXQJGHU+DOEVFKDWWHQGHV0RQGHVYRP.HUQVFKDWWHQDEJHO|VW ZXUGH*HVWHUQQDFKWZDUGHU0RQGNDXPQRFK]XVHKHQJHZHVHQGLH1HXPRQGQDFKW ZDUHEHQVRZLHGHU9ROOPRQGEHLGHQ'|UIOHUQPLWXQVLQQLJHQ/HJHQGHQEHIUDFKWHW -HW]WVDKHVDXVDOVVHLJUDXHU6FKQHHRGHU$VFKHUHJHQJHIDOOHQDOVGHU0RQGGLH 6RQQHQVFKHLEHY|OOLJDEGHFNWH$OOH)DUEHQO|VWHQVLFKDXIXQGGLH1DFKWILHOEHU GLHVHQ7HLOGHU:HOW8PGLH6RQQHQVFKHLEHKHUXPVDKHQZLUGHQIHLQHQ5LQJHLQHU KDDUIHLQHQVWUDKOHQGHQ/LFKWIOOH 'LH.RURQDHUVFKLHQHLQLJHORGHUQGH0DWHULHDXVEUFKHEOLW]WHQDXIXQGSO|W]OLFK ]HLJWHQVLFKGLH6WHUQHUZlKUHQGGHUIQI]LJRGHUVHFK]LJ$WHP]JHGHUWRWDOHQ 9HUILQVWHUXQJZLPPHUWHQXQGVFKOXFK]WHQGLH(LQJHERUHQHQYRU)XUFKW 'LHEHlQJVWLJHQGF9HUILQVWHUXQJJLQJODQJVDPYRUEHU'LH:RONHQVFKLHQHQ VLFKDXIJHO|VW]XKDEHQXQGZlKUHQGGDV/LFKWXQGGLH+HOOLJNHLW]XVDPPHQPLWGHQ 6FKDWWHQGHU0HQVFKHQXQG*HJHQVWlQGH]XUFNNHKUWHQGLH7LHUHLKUH3DQLNYHUORUHQ XQGGLH9RJHOVFKZlUPHVLFKDXIO|VWHQ]RJHQ5DXFKXQG%UDQGJHUXFKGXUFKGDV'RUI $OVZLUDXIVSUDQJHQXQGQDFKVDKHQ]HLJWHVLFKGD]ZHL'XW]HQG%URWHLP%DFNRIHQ VFKZDU]YHUEUDQQWZDUHQ8UJHUEHJDQQ]XWREHQXQGYHUIOXFKWHGLH)UDXHQGHQHQZLU PKVDPGHQ*HEUDXFKGHU.RUQPKOHXQGGDV$QVHW]HQGHVJlUHQGHQ%URWWHLJHVPLW 6DO]XQG*HZU]HQEHLJHEUDFKWKDWWHQ$V\UWDHQWVSDQQWHVLFKXQGIOVWHUWH ³'XKDVWUHFKW/LHEVWHU:LHVRRIW(VLVWQXUGDQQHLQH.DWDVWURSKHZHQQPDQ VLFKIUFKWHW$EHULFKKDEHPLFKJHIUFKWHW´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,FKDXFKHLQZHQLJ´,FKQDKPVLHLQGLH$UPH8UJHUVDK]XZLHGLH%URWHLP )HXHUYHUEUDQQWHQ6LUHQXQG.DDSHUVFKOHQGHUWHQKHUDQVHW]WHQVLFK]XXQVXQGGHU 0DQQDXV%\EORVVDJWHKDOEODXW ³(LQ=HLFKHQ2GHUQRFKPHKU]ZHL2PHQ:LUZHUGHQQLFKWPHKUUDQJH KLHUEOHLEHQ9DWHUGHU*UXQGVHHQ´ ,FKQLFNWHXQGKREGLH+DQG$QGHQ)LQJHUQEHJDQQLFKDXI]X]lKOHQ ³:HQQDOOHXQJHVlXHUWHQ)ODGHQEURWHJHEDFNHQGLHOHW]WHQ6FKLQNHQDXVGHP 5DXFKJHQRPPHQXQGGHU:DJHQIHUWLJLVWZHQQ(QWHQXQG*lQVHIOHLVFKLPHLJHQHQ )HWWVWHFNHQXQGGDV/DQJKDXVHLQJHGHFNWLVWEUHFKHQZLUDXI9HUVSURFKHQ)UHXQGH GHU)ODXWH´ 'HUJU|WH7HLOGHU%HVDW]XQJKDVWHVHLQH+DEVHOLJNHLWHQXQGGDV:HUN]HXJ VDPWGHU:DIIHQ]XVDPPHQJHSDFNWXQGZDUPLWGHP*OHLWHU]XP6FKLIIJHEUDFKW ZRUGHQ'HUNDVWHQI|UPLJH]ZHLUlGULJH:DJHQZDUVFKZHUEHODGHQ8UJHUGHUQHEHQ 6LUHQXQGPLUDXIGHP%RFNVDVSLHOWHPLWGHU%HUQVWHLQNHWWHXPVHLQHQ+DOV ³,Q]ZHL7DJHQ)UHPGHUVLQGZLUZLHGHUDOOHLQ:DUHLQHJXWH=HLW'HU'lPRQ HUKlWWHXQVXPJHEUDFKW´ 'LHEHLGHQ2FKVHQSDDUHVFKDXNHOWHQLQJHPWOLFKHU*DQJDUWQDFK1RUGHQ,FK VDKPLFKXP'DV'RUIGDVVHOEVW8UJHUQLFKWZLHGHUHUNDQQWHYHUVFKZDQGKLQWHUGHU .XOLVVHODQJHU%XVFKUHLKHQ ³'LH)XUFKWLVWYRUEHL8UJHU´VDJWHLFK³9LHOH-DKUHZHUGHQYHUJHKHQXQGLKU ZHUGHWDOOHGHQ'lPRQYHUJHVVHQ´ $XFKGHU:DJHQVWHOOWHHLQHQ'HQNDQVWRIUGLH%DUEDUHQGDU8UJHUNRQQWHHV QLFKWDKQHQDEHUGLH'|UIOHUZUGHQQLFKWUDQJHDOOHLQWULHUOHEHQ:LUZUGHQGDIU VRUJHQGD+lQGOHUKLHUKHUNDPHQDXFKZHQQVLHGLHEUHLWH:DVVHUVWUDH]ZLVFKHQ GHP)HVWODQGXQGGHUQRUGZHVWOLFKHQ,QVHOJUXSSHEHUTXHUHQPXWHQ(VVFKLHQ VHOWHQH0HWDOOH]XJHEHQ6LUHQKDVWHLPQDPHQORVHQ)OXHLQH+DQGYROONOHLQHU *ROGN|UQHUJHIXQGHQ ³:HUGHWLKU]XXQV]XUFNNRPPHQ"´ ,FKVFKWWHOWHGHQ.RSI ³:LUQLFKW+lXSWOLQJ$EHUDQGHUH0lQQHUPLWGHQHQLKU+DQGHOWUHLEHQVROOW 9LHOOHLFKWILQGHQGHLQH/HXWHRGHUDQGHUH6WlPPH0HWDOOXQWHUGHU(UGH'LH+lQGOHU VLQGGRUWKHUZRGLH-lJHUIDPLOLHQOHEHQGLH]XHXFKJH]RJHQVLQG´ ³'DQQZHUGHQZLUPLWLKQHQUHGHQN|QQHQ$FUDQ´ =HKQ6WXQGHQODQJPLWODQJHQ3DXVHQIUGLH%XOOHQNQLUVFKWHGDV VFKZHUEHODGHQH*HVSDQQGHP/DQGHSODW]GHU=('(5HQWJHJHQ$P9RUPLWWDJGHV GULWWHQ7DJHV$V\UWDKDVWHXQVEHUHLWVPLWGHP*OHLWHUJHVXFKWHUUHLFKWHQZLUGDV 6FKLIIXQGEHJDQQHQXP]XODGHQ'LH0DQQVFKDIWEHUHIW]XP$EOHJHQZDUWHWH XQJHGXOGLJ$OOHLQGDVVFKZDQNHQGH'HFNGHU=('(5EHGHXWHWHVRHWZDVZLHGHQ %HJLQQGHU+HLPNHKU8UJHUOLHGLHOHW]WHQVDO]EHUNUXVWHWHQ6FKLQNHQDXIGDV %XJGHFNIDOOHQ ³,KUOHJWPRUJHQIUKDE"´IUDJWHHU,FKQLFNWHXQGGHXWHWHDXIGLH6DQGEXFKW 'LHOHW]WHQ:DIIHQXQG$XVUVWXQJVWHLOHZXUGHQYHUVWDXW1HEHQGHU4XHOOHKLQJHQGLH OHHUHQVDEHUHQ:DVVHUVlFNH ³(LQNOHLQHV)HVW]XP$EVFKLHGKHXWDP/DJHUIHXHU´VDJWH6LUHQ]X8UJHU ³%OHLEGDLXQGWULQNPLWXQVXQGK|UGLUXQVHUH/JHQJHVFKLFKWHQDQ'HLQH2FKVHQ N|QQHQDP:DOGUDQGZHLGHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,FKEOHLEHDOVRQRFKGLHVH1DFKW´EUXPPWHGHU+lXSWOLQJ]XIULHGHQ,FKZDU QLFKWVLFKHUREHUXQVYHUPLWHRGHUJHZROOWKlWWHGDZLUVHLQH'|UIOHUQRFKHLQSHDU 0RQGHIDQJPLWVDQIWHP1DFKGUXFN]XUNRQ]HQWULHUWHUEHUOHJWHU$UEHLWEUDFKWHQ,FK ]lKOWHGLH%HVDW]XQJ6HFKV-lJHUXQGGHUHQ)UDXHQVRZLHYLHUXQVHUHU)UHXQGH VHJHOWHQQLFKWPLWXQV]XUFN6FKRQMHW]WILQJLFK]XEHUOHJHQDQDXIZHOFKH:HLVH (6XQVHUHUDQJH5HLVHEHHQGHQZUGH%HLPHUVWHQ/LFKWDOV]ZLVFKHQGHQ8IHUQ GLFKWHU1HEHOODJYHUDEVFKLHGHWHQZLUXQVYRQ+lXSWOLQJ8UJHUXQGVWLHHQDWHZLH LPPHUVWDQG&KHSHUDP5XGHU5LFRVWHXHUWHGHQ*OHLWHU²LUJHQGZRKLQ8UJHUVWDQG ELV]XGHQ.QLHQLP:DVVHUXQGZLQNOHVFKZHLJHQGPLWXQGHXWEDUHP *HVLFKWVDXVGUXFN'LHODQJHQ5LHPHQEHZHJWHQVLFKODQJVDPLPUXKLJHQ7DNW'DV 6FKLIIGUHKWHVLFKLQGLH6WU|PXQJZXUGHVFKQHOOHUXQGJOLWWIOXDEZlUWVLQV %UDFNZDVVHUXQGLP6RJHLQHUGHUQlFKVWHQ(EEVWU|PHLQVRIIHQH0HHUKLQDXVXQG QDFK6GHQ1DFKVRYLHOHQ7DJHQ]RJHQZLUGLH5DKLQGLH+|KHXQGEHUOLHHQXQV GHQ:HOOHQXQGGHUIDQJVFKZLQJHQGHQ'QXQJ:LUVDHQXQGODJHQDXIGLFNHQ)HOOHQ LP+HFNVDKHQDP7DJGLHJLVFKWHQGH+HFNVSXUK|UWHQGDVYHUWUDXWH.QDUUHQXQG bFK]HQYRQ+|O]HUQXQG7DXZHUNXQGQDFKWVVFKOLHIHQZLUXQWHUGHP*ODQ]GHU 6WHUQH(LQHV1DFKWVPHUNWH$V\UWDGDLFKZDFKGDODJXQGIUDJWH ³:LHUDQJHZHUGHQZLUQRFK]XVDPPHQEOHLEHQGUIHQ/LHEVWHU"´ ³'DUEHUGHQNHLFKJHUDGHQDFK´VDJWHLFKOHLVHXQGVWDQGDXIXP&KHSHUDP 5XGHUDE]XO|VHQ³:HQQZLUZLHGHULP2EHUHQ0HHUVLQGODLFKGHQ*OHLWHUOlQJVVHLWV NRPPHQXQGZLUVWHLJHQXP6RPPHUHQGHXQG+HUEVWDXIGHU6DQGDOHQ,QVHO"8QG ZHQQHVDQGHUVVHLQVROOWHZHUGHQZLUHVUHFKW]HLWLJPHUNHQ´ (6ZDUHLQZRKOZROOHQGHU6NODYHQPHLVWHUVDJWHLFKPIU(VZDUXQJHIlKUOLFK HLQHP6NODYHQYLHO)UHLKHLW]XOHVVHQZHQQHUQLFKWIOLHKHQNRQQWH:LUZUGHQIUHLZLOOLJ LQGDVNDOWH*HIlQJQLVGHV6FKODIHV]XUFNNHKUHQ$OV&KHSHUVLFK]ZLVFKHQGHQ 'HFNHQVHLQHU+lQJHPDWWH]XVDPPHQJHUROOWKDVWHXQGGHU&KRUGHU6FKQDUFKHQGHQ IDVWVRODXWZLHGLH%XJZHOOHQZXUGHVDJWHLFK ³9HUJL*XEDO/LHEVWH'LH+DIHQVWDGWGLHZLUJHEDXWKDEHQVHKHQZLUDXI GLHVHU)DKUWQLFKWZLHGHU´ ³,FKGHQNHDXFKQLFKWPHKUDQ*XEDO´ /DQJVDPYHUVWULFKGLH=HLW'LH=('(5GLHLFK6LUHQXQGDOOGHQDQGHUHQ VFKHQNWHVHJHOWHYRQ%XFKW]X%XFKWKLQHLQLQGLH:lUPHGXUFKGLH0HHUHVHQJHXQG LQV*URH*UQHRGHULQV2EHUH0HHU,FKVSUDFKPLW5LFRGHU*OHLWHUVFKZHEWHXP 0LWWHUQDFKWKHUDQXQGQXU6LUHQXQG&KHSHUKDOIHQXQVGLH$XVUVWXQJXP]XODGHQ ,FKXPDUPWHPHLQH)UHXQGHXQGVDJWHOHLVH ³'LHODQJHQ-DKUHIU|KOLFKHU+DOEZXQGHUXQGVHOWVDPHU$EHQWHXHUVLQGLQ%XUHQ .|SIHQ)UHXQGH´6LHEOLQ]HOWHQ6HOEVWPLUILHOHVVFKZHUGLH5KUXQJ]XYHUEHUJHQ ³(U]lKOWDQGHUHQZDVZLUHUOHEWHQ´ ³(XFKZHUGHQZLUQLHYHUJHVVHQ´6LHXPDUPWHQ$V\UWDYRUVLFKWLJNOHWWHUWHQZLU LQGHQ*OHLWHU³+DEWHLQJXWHV/HEHQ$FUDQXQG$V\UWD9HUJHWXQVQLFKW´ :LUZDUWHWHQXQGZLQNWHQELVGLH*2/'(1(=('(5QLFKWPHKU]XVHKHQZDU 'DQQGUHKWHQZLUDWHGLH0DVFKLQHVFKZHEWHEHUGLH:HOOHQXQGHLQLJH6WXQGHQ VSlWHU|IIQHWHLFK5LFRV&RQWDLQHULP,QQHUHQGHUZRKOEHNDQQWHQ+|KOH:LHGHU NHKUWHQZLUIUHLZLOOLJ]XUFNDOVGLH%UHFKHUGHUHUVWHQNDOWHQ+HUEVWVWUPHJURH 0HQJHQ7DQJDQGHQ6WUDQGVFKPHWWHUWHQXQGGLH0|ZHQVFKUHLH]XVFKULOOIUXQVHUH 2KUHQZDUHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$OV&\U$HVFXQQDUDXVGHP+DOEVFKODIDXIVFKUHFNWHPHUNWHHUGDVLFK XQJHZRKQWH6WLOOHLQVHLQHP%URDXVJHEUHLWHWKDVWH$XFKGLH%HZHJXQJHQKDVWHQ DXIJHK|UW.DXPHLQH$Q]HLJHEOLQNWHGLH0RQLWRUHQZDUHQRKQH%LOGGLH KRORJUDILVFKHQ3URMHNWLRQHQKDVWHQVLFKLQKHOOJUDXH:UIHOYHUZDQGHOW(VURFKQDFK NDOWHP6FKZHLXQGYHUJRVVHQHP.DIIHH%OLQ]HOQGVXFKWHGHU+LVWRULNHUVHLQHJULOOH IHQGVLH]ZLVFKHQ1RWL]HQXQG%XFKFKLSVXQGVDKDXIGHQ&KURQRPHWHU=ZHL6WXQGHQ QDFK0LWWHUQDFKW$WODQVFKZLHJVHLQH(U]lKOXQJZDUEHHQGHW&\UVWHPPWHVLFKLQGLH +|KHULGLH7HUUDVVHQWUHQDXIXQGNDPLQGHUNKOHQ/XIWODQJVDP]XVLFK(U PXUPHOWHNRSIVFKWWHOQG ³6WRQHKHQJH$WODQZDUWDWVlFKOLFKGDEHLDOV3KDVH=ZHLJHEDXWZXUGH $XVJHUHFKQHWYRQHLQHPZDKQVLQQLJHQ+DOXWHU´ (6KDVWHGLH1RPDGHQGHU:VWHQXQG0HHUHGLH*DXIUVWHQYRQ*XEDO %\EORVLQVYRUNHOWLVFKH(QJODQGYHUVFKODJHQ$HVFXQQDUGDFKWHQLFKWUDQJHGDUEHU QDFKREHUGLH3DXVHLQ$WODQV(U]lKOXQJHQ]XP9HUVXFKHLQHV6FKODIHVEHQXW]HQ RGHUREHUZHLWHUDQGLHVHP.DSLWHOVHLQHU$11$/(1DUEHLWHQVROOWH(UVFKDOWHWHGHQ .DIIHHKDOEDXWRPDWHQHLQ ³=ZHL-DKUHGDXHUWHGLH.DUDZDQHGHU:XQGHU´&\UWLSSWHLQGLH7DVWDWXUHLQHV 7HUPLQDOV³=ZHL-DKUHXQGHLQSHDU0RQDWHPHKUYHUEUDFKWHQVLHLPIUKHQ/LEDQRQ 8QGUHLFKOLFKHLQKDOEHV-DKULQGHUVDUGLVFKHQ+|KOH$OVR´ 18Y$HQWVSULFKWYG=" SOXVPLQXVHWOLFKH0RQDWH1DFKWVZDUGHU 8QLYHUVLWlWVFRPSXWHUZHQLJEHVFKlIWLJW&\UULHIVlPWILFKH'DWHQEHU6WRQHKHQJHDE XQGYHUWHLOWH6FKULIWXQG%LOGPDWHULDODXI0RQLWRUHQXQG+RORJUDILHQ 6721(+(1*(6WRQHHQJO 6WHLQKHQJHHQJO ³KlQJHQ´ %HREDFKWXQJV]HQWUXP6WHLQNUHLVQDKH:LOWVKLUH´HWZDXP²ELVHQWVWDQG HLQH*UDEHQXQG:DOODQODJHYRQP'XUFKPHVVHULQGHUHQ,QQHUHPVR\ ³$XEUH\´O|FKHU]XILQGHQVLQG,Q3KDVHGHUµ%HFKHU]HLW´FD-KGWVSlWHUZXUGHQ VR\%ODXVWHLQHEODXJUDXHU6DQGVWHLQ MHXP7RQQHQVFKZHUDXVGHQ3UHVFHOO\ %HUJHQ3HPEURNHVKLUHV²NP/XIWOLQLHFDNP7UDQVSRUWZHJ² KHUDQJHVFKOHSSWDQGHU.VWHHQWODQJXQGGHQ$YRQ)OXDXIZlUWVXQGNUHLVI|UPLJ DXIJHVWHOOW,Q%DXSKDVHZXUGHQGLH%ODXVWHLQHHQWIHUQWXQGGXUFKELV]X 7RQQHQVFKZHUH.DONVWHLQHNPZHLWDXVGHQ0DUOERURXJK'RZQVKHUEHLJHVFKDIIW HUVHW]W6WFNGDYRQZXUGHQLQHLQHP.UHLVYRQPDXIJHVWHOOWXQGPLW 'HFNVWHLQHQYHUEXQGHQ,P.UHLVLQQHUHQILQGHQZLUGLHKXIHLVHQI|UPLJDXIJHVWHOOWHQ 6DUVHQ7ULOLWKHQ,POHW]WHQ%DXDEVFKQLWWXPVWHOOWHQXQEHNDQQWH%DXPHLVWHUGLH %ODXVWHLQHZLHGHUDXIPDQYHUGRSSHOWH6DUVHQULQJXQGKXIHLVHQ0DQYHUPXWHWGLH 7HLOQDKPHP\NHQLVFKHU%DXPHLVWHUZHQLJVWHQVIU3KDVH,OOD0|JOLFKH9HUZHQGXQJ DOV2EVHUYDWRULXPXQG³VWHOODUHU5HFKHQPDVFKLQH´GXUFKYLHOIlOWLJH &RPSXWHUVLPXODWLRQHQQDFKJHZLHVHQYLHOHP\WKRORJLVFKHXQG'UXLGHQ.XOW %HGHXWXQJHQZHUGHQZRKOQLFKW]X8QUHFKWYHUPXWHW=DKOUHLFKHEURQ]H]HLWOLFKH )XQGHLQQlFKVWHU8PJHEXQJJURH0HQJHQRFKQLFKWJHGHXWHWHU5HOLNWHGHUYHUVFK 0HJDOLWKNXOWXUHQ &\UEHWUDFKWHWHNRQ]HQWULHUWGLH$EELOGXQJHQXQGGLH)ROJHGHU FRPSXWHUJHVWW]WHQ=HLFKQXQJHQ'LH5HNRQVWUXNWLRQVYHUVXFKHZDUHQPHLVWHUKDIW6LH ]HLJWHQLQPLWWHQGHU(EHQHGLH=XVWlQGHGHUYHUVFKLHGHQHQ%DXSKDVHQ(LQH.DUWH ]HLJWHGLH3RVLWLRQYRQ6WRQHKHQJH$YHEXU\XQGDQGHUHQPHJDOLWKLVFKHQ%DXZHUNHQ %ULWDQQLHQV$HVFXQQDUPLVFKWHGHQ.DIIHHPLW6DKQHXQGEUDXQHP=XFNHUZlKOWHGLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VFK|QVWHQXQGDXVVDJHNUlIWLJVWHQ'DUVWHOOXQJHQDXVPDUNLHUWHGHQ:HJGHU *2/'(1(1=('(5XQGIJWHVLH]XVHLQHQ$XI]HLFKQXQJHQKLQ]X (UKREGLH%HLQHXQGOHJWHGLH)HUVHQDXIHLQHGHUZHQLJHQIUHLHQ6WHOOHQGHU $UEHLWVSODWWH6FKZHLJHQGDP.DIIHHVFKOUIHQGVDKHU]XZLHVLFKGLH6(57+DXEH KREHLQGHXWOLFKHV=HLFKHQGDGHU$UNRQLGHOlQJHUH=HLWVFKZLHJ'HUXOWUDVWDUNH .DIIHHPDFKWHDXV$HVFXQQDUVhEHUPGXQJHLQHYRUDXVVLFKWOLFKNXU]H3KDVH KHOOVLFKWLJHU.ODUKHLW(UZDUVLFKGHUXQ]lKOLJHQGHQNEDUHQ9HUELQGXQJHQEHZXWGLH ]ZLVFKHQGHQYLHOHQWHUUDQLVFKHQ³+HLOLJHQ2UWHQ´EHVWDQG.QDSSIQI]LJ1DPHQILHOHQ LKPHLQhEHUDOOGRUWKDVWHPDQ=\NORSHQPDXHUQ0HQKLUH5LHVHQVWHLQH'ROPHQRGHU VWHLQ]HLWOLFKHXQGEURQ]H]HLWOLFKH'UXLGHQDOWlUHJHIXQGHQYRQ$YHEXU\ELV=\SHUQ )HOV]HLFKQXQJHQ*LJDQWHQJUlEHU+\SRJlHQ0HJDOLWKHQ1XUDJKHQ+|KOHQXQG DEVWUXVH)RUPHQZLHGLH/LQLHQGHU1D]FD(EHQH(UZlUHQLFKWLPPLQGHVWHQHUVWDXQW JHZHVHQZHQQVLFKKHUDXVJHVWHOOWKlWWHGD$WODQPLWEHUOHJHQHU7HFKQLNXQG HQWVSUHFKHQGHQ+HOIHUQGUHL-DKUWDXVHQGHIDQJEHUGHQ3ODQHWHQJH]RJHQXQG GHUDUWLJH%DXZHUNHLP$NNRUGHUULFKWHWKDVWHQXUXPGHU1DFKZHOWXQO|VEDUH5lWVHO DXI]XJHEHQ$EHUVRYHUKLHOWHVVLFKQLFKW$XFK5LFRVFKLHQQLFKWEHREDFKWHW]X KDEHQZHUGLHHUVWH$QODJH6WRQHKHQJHVJHEDXWKDVWH²XQGZDUXP6LQQJHPlJDLW GLHVIUMHGHGHUUlWVHOKDIWHQ5LHVHQVWHLQ$QODJHQ]ZLVFKHQ$OWDPLUDXQGGHQ IUDJZUGLJHQ'DWHQHLQHUIUKHQWHUUDQLVFKHQ=HUVW|UXQJVJHVFKLFKWH6HOEVW$WODQ ZUGHQXUHLQLJHZHQLJH,QIRUPDWLRQHQ]XU(QWVWHKXQJEHLWUDJHQN|QQHQ:DUXP ZDUHQJHZDOWLJH6WHLQEURFNHQLQHLQHU=HLWGLHOHGLJOLFK+HEHODUPXQGVFKLHIH(EHQH ]XNHQQHQVFKLHQEHUGHUDUWJLJDQWLVFKH(QWIHUQXQJHQ]XVDPPHQJHWUDJHQZRUGHQ" 8QGZHUKDVWHZLUNOLFKGLH3\UDPLGHQJHEDXW"8QGGHQJURHQ6SKLQ["5H.RUDFK 5LFRV³9RUELOG´"&\UVFKWWHOWHYHUZLUUWGHQ.RSIXQGZLGPHWHVLFKZLHGHUVHLQHU 'RNXPHQWDWLRQ6WRQHKHQJHZDUXQGEOLHELQMHGHP)DOOHLQHIDV]LQLHUHQGH *HVFKLFKWH]XUJOHLFKHQ=HLWHUOHEWZLHGLH*HVFKHKQLVVHZlKUHQGGHV-DKUHVGHU 5HJLHUXQJV]HLWGHVHUVWHQ$PHQHPKHWLQ0HQHIUX0LUH ,P0RQG7KRWLQGHU-DKUHV]HLW$FKHWEHJDQQGDV-DKUPLWGHU hEHUVFKZHPPXQJGHV+DSL0RQVXQUHJHQGHV)UKOLQJVKDVWHQLP4XHOOJHELHW YXONDQLVFKHQ6WDXEXQG(UGHDXIJHZHLFKW5HJHQIlOOHVSOWHQGHQEUDXQJUDXHQ 6FKODPPLQ]ZHLGHU-RWUX4XHOOIOVVH'HU6WURPZlO]WHVLFKEURGHOQGXQGVFKlXPHQG EHUGLH.DWDUDNWHXQGEHUIOXWHWH]XGHU=HLWDOVGHU6HSHGHW6WHUQVLFKYRUGHU 0RUJHQVRQQH]HLJWHGDV/DQG9RQ$QIDQJ7KRWGHQJHVDPWHQ3DRSKLXQG$WK\UZDU GDV+DSLODQGYRP:DVVHUEHGHFNW6FKXW]GHLFKHKLHOWHQGLHhEHUVFKZHPPXQJDXI 6WDXGlPPHXQG.DQlOHOHLWHWHQGLH)OXWHQYRQGHU0LWWHGHV6WURPHVQDFKUHFKWVXQG OLQNV'DVODQJVDPXQGNUDIWORVJHZRUGHQH:DVVHUZXUGHNRQWUROOLHUWXQGVWDQGDXIGHQ )HOGHUQVLFNHUWHHLQIOOWH1HEHQDUPHXQGYHUGXQVWHWHVHW]WHGHQQlKUHQGHQXQG GQJHQGHQ6FKODPPDEXQGUL]DKOORVH.DGDYHULQV0HHULQV*URH*UQH *HZDOWLJH6HHIOlFKHQZDUHQHQWVWDQGHQDXVGHQHQVFKZDQNHQGH 3DOPHQVWlPPHHEHQVRKHUDXVUDJWHQVLFKJHVSHQVWLVFKLQJHEURFKHQHQ)DUEHQDXI GHP.RSIVWHKHQGVSLHJHOWHQZLHGLH/HKPKWWHQGHU%DXHUQGLH%DXWHQGHU 7RWHQVWlGWHXQGGLH*URHQ+lXVHUGHU*RWWNRQLJHGLHVWDWWOLFKHQ.RUQVSHLFKHUXQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

MHGHVDQGHUH%DXZHUN7DXVHQGHXQGDEHU7DXVHQGH0HQVFKHQWDWHQQLFKWVDQGHUHV DOVGLHVHV.DQDOQHW]]XSIOHJHQXQG]XKWHQGDVVLFKZLHHLQ$GHUQJHIOHFKW YHU]ZHLJWHXQGGHVVHQOHW]WHDUPGQQH$XVOlXIHUDP5DQGGHUVHQNUHFKWHQ)HOVHQ XQGGHUJHOEHQ6DQGZVWHHQGHWHQ$P5DQGGHVOHW]WHQJUDXHQ:DVVHUVLP0RQG &KR\DNKHUUVFKWHQQXUQRFK'XUVW6RQQHXQG7RG*RWW5HLQGHU7DJHV 6RQQHQEDUNHPDQGMHWZDUGHUIXUFKWEDUH+HUUVFKHUGHU:VWH :LHHLQZDUPHU3HVWKDXFKIXKUIHXFKWZDUPHU:LQGEHUGLH:DVVHUIOlFKH NUlXVHOWHVLHLQZLQ]LJHQ:HOOHQXQGOLHGLHIHWWJUQHQ3DOPHQZHGHOUDVFKHOQ'XUFK GLH6WLOOHQlKHUWHQVLFKKDUWH*HUlXVFKH6FKULWWHNODWVFKWHQDXIGHP3ODWWHQZHJXQG WUDIHQKLQXQGZLHGHULQHLQH3IW]H.HXFKHQGH$WHP]JHEHJOHLWHWHQGLH6FKULWWH(LQ 0DQQUDQQWHDXVGHU5LFKWXQJGHU:VWHLQODQJJHVWUHFNWHP7UDEDXIGDV+DXVDXV 6WHLQTXDGHUQ]XXQGKLHOWDQ(UULHIGHQVFKOlIULJHQ7RUZDFKHQHLQLJH:RUWH]XXQG ILHIODQJVDPHUGXUFKGHQEOKHQGHQ*DUWHQ+DOEZLOGH:DVVHUY|JHOIORJHQDXIXQG NODWVFKWHQLQGHQNQVWOLFKHQ6HH]XUFN 'HU0DQQZDU1XELHU6HLQHGXQNOH+DXWJOlQ]WHYRU6FKZHL(UWUXJ6DQGDOHQ PLWEUHLWHQ%lQGHUQHLQHQ*UWHOPLWGHPOHLQHQHQ+IWWXFKGHQVLFKHOI|UPLJHQ %UXVWVFKPXFNXQGVFKZHUH.XSIHUElQGHUDQGHQ2EHUDUPHQ$POLQNHQ8QWHUDUPKLQJ GHU6FKLOGDXVVFKHFNLJHP.DOEIHOOPLWGHPJURHQ=HLFKHQGHV%RWHQDXVGHP3HU$R GHP*URHQ+DXV'HU%RWHZDUPLWHLQHU6WUHLWD[WXQGODQJHQ%URQ]HGROFKHQPLW ZHUWYROOHQ*ULIIHQEHZDIIQHW(UKLHOWDQDOVHUGLH7UHSSHHUUHLFKWHVSUDQJGLHIODFKHQ 6WHLQVWXIHQKLQDXIXQGQlKHUWHVLFKXQV9RUPLUZDUIHUVLFK]X%RGHQEHUKUWHGLH 4XDGHUQPLWGHU6WLUQXQGVDJWHHKUIUFKWLJ ³9HUZDOWHUGHUN|QLJOLFKHQ:RUWHXPKHUUHLVHQGHU6FKDWWHQGHV+RUXVLFK NRPPHYRP=ZHLWHQ$PHQHPKHWXQGEULQJHGLUHLQH%RWVFKDIW´ 3WDK6RNDUZDUIPLUHLQHQIXQNHOQGHQ7KLFN]XGUHKWHVLFKXQGVFKQLSSWHPLW GHQ)LQJHUQ(LQH6NODYLQIOOWHHLQHQ%HFKHUPLWNKOHP%LHUDXVHLQHP7RQNUXJ ³6WHKDXI%RWHXQGWULQNHLQHQ6FKOXFN´VDJWH3WDK6RNDUXQGKLHOWLKPGHQ %HFKHUHQWJHJHQ'HU%RWHWUDQNPLWKDVWLJHQ6FKOXNNHQZLVFKWHEHUVHLQH6WLUQXQG GHQ0XQGXQGVDJWHDXIDWPHQG ³'DQNHLKU+HUUHQGHU:VWH:ROOWLKUGLH%RWVFKDIWGHVVHQK|UHQGHUXQVHU +HUUVFKHULVW"´ ³6SULFK$EHUELWWYRUKHULQGHQ6FKDWWHQ´EDWLFK:LUEHIDQGHQXQVDXIGHP IODFKHQ'DFKXQVHUHV+DXVHV(VKDVWHELVYRUHLQHPKDOEHQ-DKUGHP$GMPHUYRQ &KPXQXJHK|UWGHQ$PHQHPKHWGHU6RKQGHV6HVRVWULVYHUEDQQWKDVWH=ZHL 6NODYLQQHQEHGLHQWHQXQV:LUYHUVXFKWHQHLQH5HLKHYRQ(LQIlOOHQXQGhEHUOHJXQJHQ ]X3HUJDPHQW]XEULQJHQDEHUGLHIHXFKWH+LW]HOlKPWHDOOH*HGDQNHQ'LH%RWVFKDIW GHV+HUUVFKHUVZDUUDQJHXQWHUZHJVJHZHVHQGHQQGLHN|QLJOLFKHQ5HVLGHQ]HQODJHQ LQGHUULHVLJHQ2DVHHLQH7DJHVUHLVHDEZlUWVYRUGHP$QIDQJGHV'UHLHFNVDOVRHLQH ZLFKWLJH%RWVFKDIW ³,FKELQ=DNDQ]D8SXDXWHLQ0DQQDXVGHP/DQG:DZDW,FKKDEHUDQJHPLW GHP.|QLJJHVSURFKHQYLHOPHKUJHUXKWHHUVHLQHQ5HGHIOXDXIPLFK]XOHQNHQ 1LFKWVLVWJHVFKULHEHQZRUGHQDEHULFKKDEHHLQ3DNHWIUGLFK$WODQ+RUXV´ ,FKQLFNWH0HLQPHUNZUGLJHU)UHXQGXQG7UXSSHQIKUHUMHQHU³0DQQRKQH *QDGHJHJHQEHU)HLQGHQXQG6DXPVHOLJHQ´ZDUIPLUHLQHQODQJHQ7KLFN]X8QVZDU NODUGDGLH%RWVFKDIWQXUIUXQVEHVWLPPWZDU3WDK6RNDUVFKLFNWHGLH0lGFKHQZHJ XQGZDUIHLQHUGHQOHHUHQ%LHUNUXJ]X

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³%ULQJLKQLQHLQHUKDOEHQ6WXQGHJHIOOWXQGJHNKOW]XUFN´EHIDKOHUNXU] ³1HWHUQHIHUJXWHU*RWWZHUGHQZLUKHXWHDEHQGEHWUXQNHQVHLQ´ (UUOSVWHOHLVH]RJPLWHLQHU)XEHZHJXQJHLQHQ6FKHPHOKHUDQXQGGHXWHWH PLWVHLQHPULQJJHVFKPFNWHQ=HLJHILQJHUGDUDXI$XIHLQH:HLVHGLHPLU JOHLFKHUPDHQNKQXQGVHOEVWEHZXWHUVFKLHQEHKDQGHOWHHUMHGHQ0HQVFKHQVR EHHLQGUXFNHQGGDGLHVHULKQDOVGHQZDKUHQ)UHXQGEH]HLFKQHQPXWH'HU%RWH ZDUIQDFKGHPHUJHWUXQNHQKDVWHHLQHQVHKQVFKWLJHQ7KLFNLQGHQOHHUHQ%HFKHU XQGVDJWH³$PHQHPKHWLVWEHJHLVWHUWYRQGHLQHQ3OlQHQIUVHLQH7RWHQEDXZHUNH'LH %DXPHLVWHUPXUUHQDEHUVLHDQHUNHQQHQGHLQH/HLVWXQJ$XFK0RGHOOHXQG =HLFKQXQJHQIUGLH)HVWXQJVEDXWHQLQ%XKHQDP]ZHLWHQ.DWDUDNWKDEHQ 9HUZXQGHUXQJXQG)UHXGHEHL$PHQHPKHWKHUYRUJHUXIHQ(UKDWLQVHLQHU:HLVKHLW EHVFKORVVHQGLFKXPHLQHJHZDOWLJH$UEHLW]XELWWHQ(UELWWHWHUIRUGHUWQLFKWPHUNH GLHV$WODQ+RUXV´ 5HVSHNWORVNQXUUWH3WDK6RNDU ³:HUGHQ(VHOWUHLEWEHNRPPWVHLQH:LQGH]XULHFKHQ'LH%LWWHQHLQHV.|QLJV VLQGZLHHLQYHUJLIWHWHU3IHLO²VHKUYRUVLFKWLJ]XEHKDQGHOQ´ ³3WDK6RNDUPDJUHFKWKDEHQ´VDJWHGHU%RWH³$EHUEHDFKWHPHLQHQ1DPHQ´ 'HU7UXSSHQIKUHUELVLFKlUJHUOLFKDXIVHLQH8QWHUOLSSHGDQQODFWDWHHU GU|KQHQGDXI6RZLHPHLQ1DPH+RUXVHLQHVFKPHLFKHOKDIWH$XV]HLFKQXQJ EHGHXWHWHGHQQ+RUXVGHU)DONHQJRWWDXVGHP3VHGMHWGHU*|WWHUYHUVDPPOXQJVDK DOOHVGDQNGHU.UDIWVHLQHUVFKDUIHQ$XJHQGLHPLW6RQQHXQG0RQGJOHLFKJHVWHOOW ZXUGHQ²VRZDU8SXDXWGHUVFKDNDON|SILJH*RWWGHUgIIQHUGHU:HJH(LQ%HLQDPH PLW%HGHXWXQJXQGYRQJURHU:LFKWLJNHLW ³(QWVFKXOGLJH)UHXQG=DNDQ]DDEHUQLFKWMHGHUPDQQWUlJWVHLQH:LFKWLJNHLWVR GHXWOLFK]XU6FKDXZLH$WODQ'XQLFKWXQGLFKDXFKQLFKW:LUVLQG6FKODPPXQWHU VHLQHQ6DQGDOHQ´ ³:HQQLKUDXIJHK|UWKDEWHXFKJHJHQVHLWLJ+|IOLFKNHLWVIORVNHOQDQHXUH KlOLFKHQ.|SIH]XZHUIHQZHUGHQZLUYLHOOHLFKWGLH%LWWHHUIDKUHQN|QQHQEHYRUHV GXQNHUJHZRUGHQLVW´VDJWHLFKJULPPLJ ³5HFKWJHVSURFKHQ+HUU´HUZLGHUWHGHU%RWH6LHlKQHOWHQVLFKVHKUGLHVH 0lQQHUVWHOOWHLFKIHVV1RFKHLQHZHLWHUH6HOWVDPNHLW]XDOOGHQ*HKHLPQLVVHQGLH PLFKXPJDEHQ ³'XVROOVWHLQNOHLQHV+HHU]XVDPPHQVWHOOHQ$WODQ+RUXVKDSLDEZlUWVUHLVHQ XQGGLHEHVWHQ+DQGZHUNHUDXVVXFKHQ0DQZLUGGLU+RO]]XP%DXYRQ6FKLIIHQ VFKLFNHQ0HWDOO/HLQHQZDVGXEUDXFKVW'LH9RUVWHKHUZHUGHQYRQDQGHUHQ%RWHQ YHUVWlQGLJWPLWHLQLJHQKDEHLFKJHVSURFKHQ0DQKDWHVJHVFKULHEHQHVZLUG JHVFKHKHQZLHHV$PHQHPKHWZLOO%LV]XIQIPDOWDXVHQG+HOIHUJOHLFKZHOFKHU$UW VROOVWGXGLUQHKPHQN|QQHQ'HU+HUUVFKHUELWWHWGLFKQDFK3XQWLQV/DQGGHV*ROGHV XQGGHV:HLKUDXFKKDU]HV]XIDKUHQMHQVHLWVYRQ%XKHQXQG.XPPHDQGHUVGOLFKHQ *UHQ]HKLQWHUGHP]ZHLWHQ.DWDUDNW1XQNRPPWGLH%LWWHGHV+HUUVFKHUV´ :DVLFKELVKHUJHK|UWKDVWHNODQJ]XPLQGHVWYHUORFNHQG$EHU]XJOHLFKZXWH LFKGDGHU%DXHLQHU7HPSHOVWDGWPLWGHU0HQJHDQ3ODQXQJXQG$UEHLWYHUJOHLFKEDU ZDUGLHYRUXQVODJ$XIPHUNVDPEHXJWHLFKPLFKYRUXQGEOLFNWHLQGLHJURHQ$XJHQ GHV1XELHUV ³,FKK|UH2IIQHUGHU:HJH´IRUGHUWHLFKLKQKDOEODXWDXI³.DPSI"/DQGQDKPH"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³-D.DPSI$EHUNHLQH/DQGQDKPH-HQVHLWVGHV]ZHLWHQ.DWDUDNWVLQPHLQHU +HLPDWLQGHULFKIDVWMHGHQ6WUDXFKNHQQHKDWHLQ)UVWVHLQ+DXSWHUKREHQZLGHU $PHQHPKHW1LHPDQGNHQQWLKQ6HLQHVFKQHOOHQ1RPDGHQNULHJHUNRPPHQEHUGLH *UHQ]HQSOQGHUQEUDQGVFKDW]HQXQG]HUVW|UHQ.DQlOH:DVVHUPDXHUQXQG%UXQQHQ %RWHQEHULFKWHQGHP+HUUVFKHUYRQGLHVHP8QKHLOhEHUDOOVDJHQVLHVWHKHQULHVLJH .RORVVHDXV6WHLQVFKZlU]HUDOVPHLQH+DXW+RUXV'LHVVRLOGDV=HLFKHQGHV)UVWHQ VHLQGHUVHLWHLQHP-DKUVHLQH6FKDQGWDWHQDXVIKUW'XVROOVWLKQVRELWWHWPHLQ+HUU YHUIROJHQXQGEFVLHJHQ'HQQHUNHQQWNHLQHEHVVHUHQ0lQQHULP6GHQDOVGLFK GHLQHQYRUZLW]LJHQ7UXSSHQIKUHUXQG²DOV)LQGHUGHU3IDGHXQG(UNHQQHUIHLQGOLFKHU /LVWHQ²PLFK´ ,FKVWW]WHPHLQ.LQQLQGLH+DQGXQGGDFKWHQDFK ³'LHVLVWFLQZDKUKDIWJURHV9RUKDEHQ(LQH([SHGLWLRQLQV/DQG3XQWPLWDOLHQ 6FKZLHULJNHLWHQGLH1LHGHUZHUIXQJHLQHV)UVWHQGHQQLHPDQGNHQQWGLHUDQJH)DKUW XQGGLHVFKZLHULJH5FNNHKU'HU+HUUVFKHUZHLGDHV-DKUHGDXHUWELVVHLQH%LWWH HUIOOWLVW"´ 6HOEVWYHUVWlQGOLFKZUGHLFKVlPWOLFKH3ULYLOHJLHQYHUOLHUHQZHQQLFKQLFKWGHP +HUUVFKHUJHKRUFKWH'LH%LWWHZDUHLQ%HIHKOQLFKWVDQGHUHV$OOHUGLQJVZXWHLFKGD $PHQHPKHWNOXJZDUXQGKHUYRUUDJHQGHVRJDUVHOEVWORVHXQGHKUOLFKH%HUDWHUKDVWH 6FKRQDOOHLQGHVZHJHQZHOOVLHPHLQHUZDFKVHQGHQ0DFKWPLWUDXWHQZUGHQVLH GLHVHV9RUKDEHQQLFKWVDERWLHUHQGHQQHVJDUDQWLHUWHLKQHQPHLQH$EZHVHQKHLW YLHOOHLFKWVRJDUPHLQHQ7RG*OFNOLFKHUZHLVHNDQQWHPLFKQLHPDQGZLUNOLFKQRFK ZXWHMHPDQGZHULFKZDUXQGZRKHULFKNDP,FKPXWHODFKHQXQGIUDJWH ³8QGGXVROOVWEOHLEHQXQGXQVKHOIHQ"´ ³,FKWUDJHGDVSHUV|QOLFKH6LHJHO$PHQHPKHWV,FKKDEHGDV5HFKW6DXPVHOLJH XQG8QERWPlLJHDE]XVHW]HQ1DWUOLFKZHUGHLFKUHLVHQPVVHQDEHUOHW]WHQ(QGHV VRLOLFKGLFKEHJOHLWHQ+HUU´ ,FKEOLFNWHEHUGLHULHVLJH:DVVHUZVWHGLHEHLGHUVHLWVGHV)OXVVHVYRQ 6PSIHQXQG:VWHEHJUHQ]WZDU'DV:DVVHUURFKXQDQJHQHKPDEHUHVVLFKHUWH GHP/DQGGDVhEHUOHEHQ'LHVH$UWGHU/DQGEHVWHOOXQJHUIRUGHUWHHLQZLUNVDPHV 6\VWHPDXV$UEHLWXQG.RQWUROOHDXVIXQNWLRQLHUHQGHU9HUZDOWXQJ'LH%DVLVGHV KLHUDUFKLVFKDXIJHEDXWHQ6WDDWHVVWHOOWHQ%DXHUQXQG$UEHLWHUGDU6NODYHQXQG +DQGZHUNHU-HQH0HQVFKHQGLHLQGHU0lLJXQJLPDXVEDODQFLHUWHQ0LWWHOZHJGDV 0DGHU'LQJHHUNDQQW]XKDEHQJODXEWHQXQJHELOGHWHKHU]OLFKH0HQVFKHQDQJHIOOW PLWELWWHUHU*OHLFKJOWLJNHLWGLHVLHEHIlKLJWHYRQ0RQG]X0RQG]XEHUOHEHQJDQ] JOHLFKZHUDQGHU6SLW]HGHV/DQGHVWKURQWH'LHVH0HQVFKHQYRQ6HXFKHQXQG .DWDVWURSKHQEHGURKWQRFKPHKUDOVLKU+HUUVFKHUGHP*ODXEHQDQDOOHQXU YRUVWHOOEDUHQ*|WWHU'lPRQHQ9RUVFKULIWHQXQG7DEXVXQWHUZRUIHQZDUHQQLFKWVRKQH GLH9HUZDOWXQJ'LH9HUZDOWXQJZDUDXILKUH$UEHLWVNUDIWDQJHZLHVHQ-HGHU%HDPWH NRQQWHHUVHW]WZHUGHQZHQQGHU*|WWOLFKHHVZQVFKWHHUYHUKXQJHUWHZHQQGLH YLHOFQ9RUVWHKHUXQG$XIVHKHULKU$PWQDFKOlVVLJEHWULHEHQ'DV*DQ]HZDUHLQ PRQVWU|VHVVFKHLQEDUXQ]HUUHLEDUHV1HW]LQGHPMHGHU)DGHQDXVZHFKVHOEDUDEHU QLHPDOVJDQ]H7HLOH]XHUVHW]HQZDUHQ,FKPHUNWHGDEHLGH0lQQHUPLFKZDUWHQG DQVDKHQ0HLQH*HGDQNHQNHKUWHQLQGLH:LUNOLFKNHLW]XUFN ³'XZLUVWQLFKWKHXWH]XUFNUHLVHQ=DNDQ]D8SXDXW:LUVLW]HQKHXWHQDFKWDQ GHU7DIHOWULQNHQ%LHUXQGEHVSUHFKHQDOOHV(VLVWHLQJHZDOWLJHV8QWHUQHKPHQGDV YLHO*HLVWHUIRUGHUW8QG.KQKHLWGHU*HGDQNHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³'HVZHJHQ´VDJWHGHUKQHQKDIWH1XELHUPLWGHPVFKDUIJHVFKQLWWHQHQ*HVLFKW ³KDW$PHQHPKHWGLFKJHEHWHQXQGNHLQHQDQGHUHQ8QGHUOlWGLUVDJHQGDGHU 9RUVWHKHUYRQ%XKHQHLQHNOXJHPlFKWLJHXQGVFK|QH)UDXGHLQHQ%HVXFKHUZDUWHW 'HQQVLHKDWQDWXUJHPlDPPHLVWHQXQWHUGHPVFKZDU]HQ.ROR]XOHLGHQ´ ³)ROJHGHU(XOHUVLHIKUWGLFK]XHLQHU5XLQH´EHIDKO3WDK6RNDU'DQQGUHKWHHU GHQ.RSIXQGEUOOWH³%LHU7RFKWHUGHV.UXJHV´ ³(LQJXWHU*HGDQNH´VDJWHGHU%RWHXQGJULQVWH ,FKEOLFNWHLKQDQGDQQ3WDK6RNDUVFKOLHOLFKGLH8PJHEXQJXQGGDV]LHUOLFKH 0lGFKHQGDVLQUDIILQLHUWHU+DOWXQJGHQ.UXJHLQJHKOOWLQWULHIHQGHV/HLQHQDXIGHU 6FKXOWHUEXJ0HLQ([WUDVLQQPHOGHWHVLFKQDFKODQJHU=HLWXQGVDJWHKlPLVFK0LWGHU HLJHQHQ%HGHXWXQJZDFKVHQ$XIJDEHQ*HIDKUHQXQG0DJHQVFKPHU]HQ$UNRQLGH ,FKPXWHLQPHLQHP%HZXWVHLQHLQHQJHKlVVLJHQ:HLVHQYHUVWHFNWJHKDEW KDEHQGHUZlKUHQGGHU3UIXQJHQ]XU$5.6800,$JHZHFNWZRUGHQZDU'DV 0lGFKHQJRYRUVLFKWLJXPQLFKW]XYLHO6FKDXP]XHU]HXJHQGLHJURHQ7RQEHFKHU YROO3WDK6RNDUQDKPLKUGLH*HIlHDEXQGWHLOWHVLHDXV3WDKZDUHLQK|FKVW PHUNZUGLJHU0DQQNQDSSGUHLLJ6RPPHUDIWHLQH+DQGEUHLWNOHLQHUDOVLFKPLW GXQNHOEUDXQHQ$XJHQEDUWORVXQGPLWQDFNHQODQJHP+DDUGDVHUPHLVWGXUFKHLQHQ EUHLWHQ6WUHLIHQDXVEHVWLFNWHP/HGHU]XVDPPHQKLHOW6HLQ*HVLFKWZDUIDONHQDUWLJ HLQHJHNUPPWHVFKDUIYRUVSULQJHQGH1DVHHLQHFNLJHV.LQQWLHIH)DOWHQ]ZLVFKHQ 0XQGZLQNHOXQG1DVHQIOJHO(LQEHKHUUVFKWHV*HVLFKWGDVVHLQHQ$XVGUXFNQXU VHOWHQH[SUHVVLYYHUlQGHUWH'D]XHLQPXVNHOEHSDFNWHU.|USHUGHUNHLQEHUIOVVLJHV )HWWDXIZLHV%UHLWH6FKXOWHUQUDQJH%HLQHHLQ.|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|UGHUQKDVWH PHLQJHKHLPQLVYROOHU+HUUVFKHUHLQH9HUSIOLFKWXQJJHPDFKW,FKZDU9DVDOOXQG 0DULRQHWWHXQGQXU(6ZXWHZDUXPLFKWULHUZDUZLHUDQJH]XZHOFKHP=ZHFNXQG PLWZHOFKHQ=LHOHQ,FKZXWHHVQRFKQLFKW$EHULFKIKOWHPLFKZRKOXQWHUGHU VHQJHQGHQ6RQQHGHV/DQGHV]ZLVFKHQHQGORVHQ:VWHQ ³0DJVHLQ´VDJWHLFKQDFKGHQNOLFKXQGWUDWKLQDXVLQGLH6RQQH³GD $PHQHPKHWPLWJHZLVVHQ'LQJHQORFNVXQG%HORKQXQJHQYHUVSULFKW$EHUGX3WDK XQGLFKZLUVLQG$EHQWHXUHU8QVUHL]WQLFKWGLH%HORKQXQJVRQGHUQGLH%HZlOWLJXQJ GHU$XIJDEH´ =DNDQ]D8SXDXWOHJWHGDVYHUVLHJHOWH3lFNFKHQDXIGHQ7LVFK3WDKVWLHLKQDQ XQGNQXUUWH ³,VWHUQLFKWZLUNOLFKNOXJ",VWHUQLFKWHLQ.HQQHUGHUVFKODPPLJHQ7LHIHQ PHQVFKOLFKHU+HU]HQ"´ ³,QGHU7DW'HU*|WWOLFKHLUUWHQLFKW-HW]WVHLQHLFKHVGHXWOLFK´VFKHU]WHGHU %RWH³,P(UQVW:LUVROOWHQGLHQlFKVWHQ7DJHEHUDOOHVEHUDWHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³,Q5XKHXQGRKQH%LHU´ZDUILFKHLQ³-HW]WLVW$FKHW9LHOZLUGQLFKWJHWDQ ZHUGHQN|QQHQ´ ³6RLVWHV´ 0HLQH(ULQQHUXQJVHW]WHDQIROJHQGHP3XQNWDQ(LQ%DXPHLVWHUXQGHLQ 3ULHVWHUEUDFKWHQPLFKPHLQH=HLFKQXQJHQXQGPHLQH0RGHOOH]XP3HU$R'HU +HUUVFKHUZDUYRQPHLQHQ9RUVFKOlJHQEHJHLVWHUWXQGYHUVSUDFKVLH]XSUIHQHU UHFKQHWHQLFKWPLWVHLQHPEDOGLJHQ7RG'DQQJDEHUPLU3WDK6RNDU]XU6HLWHXQGZLU UVWHWHQHLQHNOHLQH7UXSSHDXVXQGEHZHJWHQXQVDXIZlUWVELVKLHUKHU,FKVRVDJWH VHLQH(UKDEHQKHLWVROOWHVHLQH6ROGDWHQNRQWUROOLHUHQXQGVHKHQDQZHOFKHU6WHOOH (UILQGXQJHQGLHLFKPDFKWHVLFKYHUZLUNOLFKHQOHVVHQNRQQWHQ'DVZDUJHVFKHKHQ $XIGHUODQJHQ5HLVH]X)XLP6FKLIILP:DJHQDXIGHP5FNHQVWLQNHQGHU(VHO XQGLPPHUHQWODQJGHVVFKPDOHQ6WUHLIHQ/DQGHVKDVWHQVLFKYLHOH'HQNDQVW|H HUJHEHQ,FKZXWHGDVLFKHLQJURHV*HELHWZUGHNXOWLYLHUHQOHVVHQZHQQGLH 0HQVFKHQQLFKWJHZDOWLJH7RWHQEDXZHUNH%HUJWHPSHOXQG7DODQODJHQVRQGHUQ %HZlVVHUXQJVDQODJHQXQGIHVWH+lXVHUEDXHQZUGHQ $EHUGLHVZDUHLQJDQ]DQGHUHV3UREOHP,FKGHXWHWHDXI=DNDQ]D8SXDXWXQG VDJWH ³,FKZHUGHGLHVH$UEHLWHQQLFKWEHJLQQHUHKHLFKQLFKWHLQHNOHLQH+HUGH GHUMHQLJHQ7LHUHKDEHGLHLKUµ*HELUJVHVHOQHQQW0DQVRLOVLHKROHQOHVVHQ(VJLEW VLHQXQLFK]HLJHHXFKZRPDQVLHILQGHW´ 'DV/DQG3XQW'HUVFKZDU]H.ROR'LHVFK|QH+HUULQYRQ%XKHQGHP *UHQ]RUW'DVZDUGHU$XIWUDJGHV*RWWN|QLJV8QGZLHODXWHWHGHU%HIHKOYRQ(6" ,P+DXV]ZLVFKHQGLFNHQ0DXHUQDXV/HKP]LHJHOQXQWHUGHP'DFKDXV ZHQLJHQ%DONHQXQGYLHOHQ6FKLFKWHQ6WURKDXIGLHZLHGHUXP=LHJHOXQG4XDGHUQ JHOHJWZRUGHQZDUHQZDUHVZXQGHUEDUNKO:LUVDHQXPGHQ7LVFK]ZLVFKHQGHQ %HFKHUQODJHQ:DFKVWlIHOFKHQ7RQWDIHOQXQG6FKUHLEEOlWWHU:LUZDUHQQLFKW EHWUXQNHQGHU%RWHGHU7UXSSHQIKUHUXQGLFKZLUEHIDQGHQXQVLQMHQHP=XVWDQGGHU +HLWHUNHLWLQGHPGLH*HGDQNHQ]XQHKPHQGNKQHUXQGNODUHUZXUGHQZLHHVVFKLHQ :LUYHUVXFKWHQXQVHU:LVVHQQXW]EULQJHQGDQ]XZHQGHQ:LHYLHOH0lQQHUEUDXFKWHQ ZLUZLHYLHO9HUSIOHJXQJ+RO]:DVVHU:DIIHQXQG6ROGDWHQXQGVRZHLWHU:DVPXWH JHWDQZHUGHQDQZHOFKHQ6WHOOHQVROOWHQZLU'HSRWVDQOHJHQXQGDXIZHOFKHQ:HJHQ VROOWHGLHPHKUIDFKDXIJHVSDOWHQHXQGZLHGHUYHUHLQLJWH([SHGLWLRQZDQGHUQXQG]X 6FKLIIEHI|UGHUWZHUGHQ".DUWHQEHVFKULIWXQJHQHQWVWDQGHQXQ]lKOLJH3OlQHZXUGHQ JHPDFKWXQGWHLOZHLVHZLHGHUYHUZRUIHQGLH6WXQGHQYHUJLQJHQXQEHPHUNW*HJHQ 0RUJHQNDPPLWYHUVFKODIHQHQ$XJHQHLQHGHU6NODYLQQHQKHUHLQGLHZLUPLWGLHVHP +DXVEHUQRPPHQKDWWHQ 6LHWUXJHLQHQ7RQNUXJPLWHLQHU$UWYRQ9HU]LHUXQJGHUHQ0XVWHULFK]X HUNHQQHQJODXEWH+LQWHUGHP0lGFKHQJLQJHLQMXQJHUYHUOHJHQZLUNHQGHU0DQQ ³,FKGDFKWHLKUZUGHWVFKODIHQ´PHLQWHLFKXQGVWDQGDXI'DV0lGFKHQ OlFKHOWHXQGJDKQWH ³'HU-XQJHNRPPWYRQ%XKHQXQGEULQJVHLQ*HVFKHQN(UVDJVHVZlUHHLQ *HWUlQNDXVXQEHNDQQWHQ)UFKWHQGDULQ´ 'HU/RJLNVHNWRUVDJWH.HUDPLNDXV%\EORV+DQGHOVZDUHDXVGHP6GRVWHQ GHV2EHUHQ0HHUHV ³:HLQDXV%XKHQ'HU.UXJKDWHLQHQODQJHQ:HJ]XUFNJHOHJW´VDJWHLFK PGH³*LELKP]XHVVHQHUVRLOVLFKDXVVFKODIHQ:HUJDEGLUGHQ.UXJ-XQJH"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³(LQ%HDPWHUYRQ1HENDXUD´PXUPHOWHHUPLWQLHGHUJHVFKODJHQHQ$XJHQ³(U VDJWHLFKVRLOLKQGLU+HUUSHUV|QOLFKJHEHQ0LW*UHQXQGGHP:XQVFKQDFK ODQJHP/HEHQXQGJURHU:HLVKHLW´ ,FKQLFNWHDUJZ|KQLVFKEOLFNWHQ=DNDQ]DXQG3WDKGHQ%RWHQDQ'LH6NODYLQ VWHOOWHGHQ.UXJLQGLH0LWWHGHV7LVFKHVGDQQVFKORVLFKKLQWHULKUXQGGHP-XQJHQ GHU9RUKDQJ]ZLVFKHQGHQ7USIRVWHQ ³2IIHQVLFKWOLFKKDWPDQDQDOOHVJHGDFKW(LQWHXUHV*HVFKHQNHLQHV)HOGKHUUQ ZUGLJ0RUJHQZHUGHQZLUHVULFKWLJZUGLJHQN|QQHQ$WODQ+RUXV´PHLQWH3WDK 6RNDUOHLFKWIHUWLJbJ\SWHQNDQQWHGHQ:HLQHVJDEYHUVFKLHGHQH4XDOLWlWHQ$EHUPDQ LPSRUWLHUWHDXFK:HLQNUJHDXV%\EORVXQGGLH0lQQHUGHV+DQGHOVEHNDPHQLKQDXV DQJUHQ]HQGHQ/lQGHUQXQGYRQ.HIWLX ³$XFKLFKELQWRGPXGH´PXUPHOWHLFK³:LUVROOWHQWDWVlFKOLFKVFKODIHQJHKHQ´ ³'HLQ:XQVFKLVWHLQDQJHQHKPHU%HIHKO´VWLPPWH=DNDQ]D8SXDXW]X(VJDE JHQJHQGUHWFKDXVJHVWDWWHWH=LPPHULQGLHVHPIODFKHQ+DXVXQWHU3DOPHQXQG 6\NRPRUHQ (VKHUUVFKWHLP³:HLHQ+DXVGHV+HUUQ´QRFKY|OOLJH6WLOOHDOVLFKJHJHQ 0LWWDJDXIZDFKWH'HU5DXPLQGHPLFKOHEWHZDUJURGLH7HUUDVVHVSUDQJZHLWLQ GHQ*DUWHQYRUZHQQLFKGHQ.RSIEHUGLHJHVFKOLIIHQHQ*UDQLWSODWWHGHV7LVFKHVKRE VDKLFKGHQ+DSLMHQVHLWVGHU)HOGHUXQG3DOPHQKDLQH,FKJLQJLQV%DGZXVFKPLFK XQGOHJWH6DQGDOHQ+IWWXFKXQG*UWHOXP'HU=HOOVFKZLQJXQJVDNWLYDWRUZDULQ HLQHPJURHQ$PXOHWWJHWDUQWGDVLQHLQHPJROGHQHQ5DKPHQGDV=HLFKHQPHLQHV.D EXJGDV%LOGGHVVWHLJHQGHQ+RUXVIDONHQ3O|W]OLFKYHUVSUWHLFK'XUVWXQGJLQJLQGHQ (UDXPKROWHGHQ:HLQNUXJXQGVFKOLW]WHPLWGHP'ROFKHLQHPJHWDUQWHQ /lKPVWUDKOHUGDVZlFKVHUQH9HUVFKOXVLHJHODXI7DWVlFKOLFK,P:DFKVEHIDQGVLFK GHUYHUZLVFKWH6LHJHODEGUXFNDXV.QRVVRV0LWZRKOWXHQGHP/DXWKREVLFKGHU 6WRSIHQ'HU:HLQURFKDURPDWLVFKDOVZlUHGLH6RQQHQJOXWHLQHVODQJHQ6RPPHUV GDULQHLQJHIDQJHQ,FKJRYRUVLFKWLJHLQHQ3RNDOKDOEYROOHUJlQ]WHGLH+lOIWHPLW :DVVHUXQGUKUWHYRUVLFKWLJXP'HUHUVWH6FKOXFNSULFNHOWHDXIGHU=XQJHGDQQ QLFNWHLFKXQGPXUPHOWH ³(LQHZRKOEHGDFKWH*HVWHGHVZHLEOLFKHQ)HVWXQJVKDXSWPDQQHV,FKGHQNHLFK ZHUGHDXFKLKUHLQ*HVFKHQNPDFKHQ´ /DQJVDPWUDQNLFKGHQ%HFKHUOHHUXQGVHW]WHLKQDWH/HLFKWHV6FKZLQGHOJHIKO HUJULIIPLFKDOVLFKPLFKYRUGLH]HKQ(OOHQEUHLWH6WHLQSODWWHVHW]WHXQGPHLQH +DEVHOLJNHLWHQDQEOLFNWH*ULIIHO.DUWHQDXVVFKQLWWHXQG:DIIHQYHUVFKZDPPHQYRU PHLQHQ$XJHQ(LQHUGHU*UQGHDEJHVHKHQYRQPHLQHUUHODWLYHQ8QVWHUEOLFKNHLWZDU PHLQKRKHVhEHUOHEHQVSRWHQWLDO,FKDKQWHZDVJHVFKHKHQZDUXQGVWHPPWHPLFK KRFK$OVPLFKGHU.UDPSISDFNWHGHUZLHHLQSO|W]OLFKDXVEUHFKHQGHV)HXHUPHLQH 6SHLVHU|KUHDXIZlUWV]XFNWHPLFKUXFNZlUWVJHJHQGLH/HKQHGHV6HVVHOVVFKOHXGHUWH XQGDOOH*OLHGPDHQLQZLOGH=XFNXQJHQYHUVHW]WHZXWHLFKHVJHQDX'XELVW YHUJLIWHWVFKULHGDV([WUDKLUQ'HQ)LQJHULQGHQ6FKOXQGhEHUJLEGLFK ,FKKROWHU|FKHOQGXQGVW|KQHQG/XIWXQGYHUVXFKWHDXVGHP6HVVHO KRFK]XNRPPHQ(LQ]ZHLWHU5XFNGHUPHLQHQ.|USHUZLHHLQHQ%RJHQ ]XVDPPHQNUPPWHVFKOHXGHUWHPLFKDXVGHP6LW]XQGDXIGLH)HOOHEHUGHQIDUELJHQ =LHJHOQ,FKEHJDQQ]XNULHFKHQXQGYHUVXFKWHPHLQHQ$UP]XKHEHQ5DVHQGHU 6FKPHU]VFKLHQJOHLFK]HLWLJVlPWOLFKH1HUYHQ]XYHUEUHQQHQ9RUPHLQHQ$XJHQGUHKWH VLFKHLQJHOEHU1HEHO,PPHUZLHGHUZKOWHHLQHHUEDUPXQJVORVH)DXVWPHLQH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

(LQJHZHLGHXP(VJHODQJPLUPLFKDXIGLH6HLWH]XZlO]HQXQGGHQ)LQJHUZHLWLQGHQ +DOV]XVWHFNHQ0HLQ0DJHQVFKLHQVLFKH[SORVLRQVDUWLJ]XHQWOHHUHQ,FKNHXFKWHXQG K|UWHGXUFKGDV6DXVHQXQG:LQVHOQLQPHLQHQ2KUHQQLFKWHLQPDOPHLQHTXDOYROOHQ $WHP]JH ,PPHUZLHGHUUHDJLHUWHPHLQ0DJHQNUDPSIWHVLFK]XVDPPHQVWLH:HLQXQG 6SHLVHUHVWHDXV1DFKHQGORVODQJHU=HLWVSLHLFKQXUQRFKHLQHZHLOLFKH)OVVLJNHLW 'LH.UlPSIHXQG6SDVPHQOLHHQQLFKWQDFKDEHUVLHZDUHQQLFKWPHKUVRIXUFKWEDU ,FKWDSSWHQRFKLPPHUKDOEEOLQGXPKHU$EHUGXUFKGLH:HOOHQGHV6FKPHU]HV IKOWHLFKGHQ=HOODNWLYDWRUDUEHLWHQ6HLQH.UlIWHUHLFKWHQQLFKWDXVGLH:LUNXQJGHV *LIWHVVRIRUW]XQHXWUDOLVLHUHQ,FKNURFKZHLWHUULFKWHWHPLFKKDOEDXIXQGILHOLQGDV =LPPHUKLQHLQLQGHP.UJHXQG%HFNHQZDUHQ,FKWDVWHWHXPPLFKSDFNWHGHQ.UXJ XQGWUDQNGHQ,QKDOWDXVJRGDV:DVVHUEHUPHLQHQ.|USHUXQGOLHGHQW|QHUQHQ .UXJIDOOHQ0LWGRQQHUQGHP.UDFK]HUEUDFKGDV*HIl+DUWNUDPSIWHVLFKPHLQ 0DJHQ]XVDPPHQLFKZUJWHGDV:DVVHUZLHGHUKHUDXVZDUIGHQ.RSIKLQXQGKHU XQGWDVWHWHXPPLFK,FKPXWHYHUVXFKHQDXIGLH%HLQH]XNRPPHQ1LHPDQGK|UWH PLFKDOOHVFKOLHIHQLQGLHVHP+DXV0HLQH.HKOHZDUZLH]XJHVFKQUWDXVPHLQHQ $XJHQILHIZlULJHV6HNUHWPHLQH+DXWIKOWHVLFKHLVLJDQ0KVDPVFKRELFKPLFK +DQGEUHLWXP+DQGEUHLWDXVGHP%DGHUDXPKLQDXV]XUFNLQPHLQ=LPPHU,FKZROOWH XP+LOIHVFKUHLHQDEHULFKNRQQWHQLFKW(LQHNDXPMHJHNDQQWH)XUFKWKLHOWPLFKLQ LKUHP*ULII:LHHLQULHVLJHU.lIHUNURFKLFKGXUFKGHQ5DXPHUUHLFKWHGLH6WHLQSODWWH XQG]RJPLFKPLWHLQHUJHZDOWLJHQ.UDIWDQVWUHQJXQJKRFK0HLQ$UPIXKUZDDJUHFKW EHUGHU3ODWWHGXUFKGLH/XIWLFKWUDIPLWGHU+DQGNDQWHHWZDV$XIUHFKWVWHKHQGHVXQG VFKPHWWHUWHHV]XU6HLWH1XUDQGHU*HUlXVFKIROJHK|UWHLFKGDHVGHU:HLQNUXJ JHZHVHQVHLQPXWH'DQQYHUORULFKGDV%HZXWVHLQ .XU]H=HLWVSlWHUNDPHLQHUGHU6OXJKLKXQGHKHUHLQPLWGHQHQGHU%HVLW]HUGHV +DXVHVJHMDJWKDVWH'HU+XQGQlKHUWHVLFKVFKQIIHOQGXQGVFKZDQ]ZHGHOQGPHLQHP EHZHJXQJVORVHQ.|USHU(U]XFNWH]XVDPPHQDOVPHLQODQJJH]RJHQHV6W|KQHQ]X K|UHQZDU'DQQILQJGDV7LHUJLHULJDQGLHJURH:HLQSIW]HDXI]XOHFNHQ$OVGHU VFKODQNH+XQG]XKHXOHQXQG]XZLPPHUQEHJDQQDXVGHP=LPPHUVSUDQJXQG MDXOHQGLPPHUZLHGHU]XVDPPHQEUHFKHQGXQGKSIHQGGXUFKGDV+DXVMDJWHLQGHQ *DUWHQKLQDXVVFKRXQGZUJHQGXQGKDOEJHOlKPWLQGHU6lXOHQKDOOHOLHJHQEOLHE HUZDFKWHQGLH,QVDVVHQGHV+DXVHV 6LHIDQGHQPLFKWUXJHQPLFKDXIGDV/DJHUXQGEHJULIIHQZDVJHVFKHKHQZDU ,FKHUZDFKWHJHJHQ$EHQG0HLQ9HUVWDQGZDUNODUPHLQH$XJHQIXQNWLRQLHUWHQPLW JHZRKQWHU6FKlUIHDEHULFKZDUXQIlKLJDXFKQXUHLQHQ$UP]XKHEHQ'HU =HOODNWLYDWRUVFKLHQVLFKLQHLQHJOKHQGH0HWDOONXJHOYHUZDQGHOW]XKDEHQGHQQYRQ GHU.QRFKHQSODWWHLQPHLQHU%UXVWJLQJHQSRFKHQGSXOVLHUHQGH6WU|PHLQDOOH7HLOHGHV .|USHUV,FKVDK3WDK6RNDUDQXQGU|FKHOWH ³'HU:HLQDXV%XKHQZDUYHUJLIWHW6LFKHUQLFKWYRQ1HENDXUD)UDJWGHQ -XQJHQ,FKZHUGHDEHUEHUOHEHQPHLQ$PXOHWWKLOIW´ (QWVHW]WVDK3WDKZLHLFKGLH$XJHQVFKORXQGHLQVFKOLHI:lKUHQGOlQJHUHU 6FKODISDXVHQLQGHQHQLFK)OHLVFKEUKHWUDQNRGHUJHVFKODJHQH(LHUPLW+RQLJ VFKOUIWHKDVWHLFKJHQJHQG*HOHJHQKHLWDOOH$VSHNWHGLHVHV=ZLVFKHQIDOOV]X EHGHQNHQ9LHOOHLFKWZDUHQHVGLH*QVWOLQJH$PHQHPKHWVGLHPLFKW|WHQZROOWHQ 9LHOOHLFKWZDUDXFKGHUVFKZDU]H.RORGHU9HUVHQGHUGHVW|GOLFKHQ*HVFKHQNV 9LHOOHLFKWZDUHVVRJDU(6XPPLFKLQ:XW]XYHUVHW]HQ$EHUMHPHKUPHLQ%DUW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ZXFKVGHVWREHVVHUHUKROWHLFKPLFK6FKOLHOLFKYHUEUDFKWHLFKKDOEH7DJHLQGHU 6RQQH :DUXPDXVJHUHFKQHW3XQWGDV*|WWHUODQG"'HU%RWHGDV0lGFKHQXQG3WDK 6RNDUHUNOlUWHQHVPLU:HLKUDXFKKDU]XQG0\UUKHIU2SIHULQGHQYLHOHQ7HPSHOQ NDPHQDXV3XQW6LHGXUFKOLHIHQULHVLJH(QWIHUQXQJHQXQGGDUEHUKLQDXVGLH+lQGH YLHOHU.DUDZDQHQIKUHU$XIGLHVH:HLVHZXUGHEHLVSLHOVZHLVH:HLKUDXFKWHXUHUDOV *ROGIDVWVRZHUWYROOZLHGDVXQJHPHLQVHOWHQH(LVHQ(LQH([SHGLWLRQPLW*HVFKHQNHQ QDFK3XQWZDUOHW]WHQ(QGHVELOOLJHUVHOEVWZHQQVLHILLQIWDXVHQG0lQQHUEHVFKlIWLJWH 'LH%LWWHGHQVFKZDU]HQ.ROR]XEHVLHJHUEUDXFKWHNHLQH(UNOlUXQJ 'HU/RJLNVHNWRUIOVWHUWH'DV*LIW$UNRQLGHKDWGHQHQWVFKHLGHQGHQ$QVWR JHJHEHQ'XZLUVWWXQZDVGLUDXIJHWUDJHQZXUGHEHVVHUDOVDQGHUH'XZLUVWGHLQHQ (KUJHL]KLQHLQOHJHQ8QG(6ZLUGGLUDOOHVHUNOlUHQ:DQQ"'DVOlWVLFKQLFKW HUUHFKQHQQLFKWYRP([WUDKLUQ =Z|OI7DJHEUDXFKWHLFKELVLFKPLFKZLHGHUULFKWLJEHZHJHQNRQQWH,QGLHVHQ 7DJHQIRUPXOLHUWHQZLU$QRUGQXQJHQ=DNDQ]D8SXDXWPDFKWHVLFKZLHGHUDXIGHQ :HJ'HU)HOG]XJXQGGLH)DKUWQDFK3XQWZUGHQVSlWHUVWDWWILQGHQ-HW]WVFKXIHQZLU GLH9RUDXVVHW]XQJHQGDIUGDEHLGH8QWHUQHKPXQJHQJHODQJHQ

5LFR5LDQFRUKDVWHZDUWHQPVVHQELVLFKPHLQH/DJHNODUEHJULIIHQXQGHLQHQ VLFKHUHQ8QWHUVFKOXSIJHIXQGHQKDVWH8QDEKlQJLJGDYRQGD(6VHOEVWGHQ J|WWOLFKHQ.|QLJPDQLSXOLHUWKDVWHYHUVXFKWHQGHU5RERWHUXQGLFKPHLQhEHUOHEHQVR JXWZLHP|JOLFK]XVLFKHUQ,FKEHVDGLHEHVWHQDNWXHOOHQ.DUWHQHLQHKHUYRUUDJHQGH $XVUVWXQJXQGVlPWOLFKH,QIRUPDWLRQHQ6FKULIWXQG6SUDFKHGHV+DSLODQGHVNDQQWH LFK,FKZLHV5LFRDQQDFKYRUKDQGHQHQ0XVWHUQGUHLOHLFKWH]HUOHJEDUH.DPSIZDJHQ KHU]XVWHOOHQRUGHUWH9RUUlWHPHGL]LQLVFKHV0DWHULDOXQG:HUN]HXJH'LH=LHOHXQG )OXJZHJHGHU6SLRQVRQGHQZXUGHQHEHQVRJHlQGHUWZLHXQVHUH.RPPXQLNDWLRQ 5LDQFRUVSHLFKHUWHPHLQH$QRUGQXQJHQXQGVDJWH ³$PHQHPKHWGHU6RKQ6HVRVWULV¶UHJLHUWLQVHLQHPYLHUXQG]ZDQ]LJVWHQ-DKU $WODQ6HLQ6RKQGHUDXFKGHQ1DPHQ6HVRVWULVWUlJWLVWVHLWJXWQHXQ-DKUHQ 0LWUHJHQW'XKDVWVHLWLKUMHQHV'RUIEHLP.UHLVGHUKHLOLJHQ6WHLQHYHUODVVHQKDEW GDVVLFKMHW]Wµ6DUEDFQHQQWHWZDVPHKUDOVVHFKVXQGGUHLLJ-DKUHQHEHQ$V\UWDWLHI JHVFKODIHQ,FKOLHIHUHGHQ&RQWDLQHUZLHLPPHUQDFKWVLQGHLQ+DXV8PGLH JHHLJQHWHQ3IHUGHZHUGHLFKPLFKHEHQVR]XYHUOlVVLJNPPHUQ´ ³,FKK|UHHVPLW9HUJQJHQ´VDJWHLFK³:RVLFK$V\UWDDXIOKlOWKDVWGXQRFK QLFKWKHUDXVJHIXQGHQ"8QGGLHZLUNOLFKH/DJHGHV/DQGHV3XQWHEHQIDOOVQLFKW",FK MHGHQIDOOVDEJHVHKHQYRQ*LIWDQVFKOlJHQIKOHPLFKLP/DQGGHV+DSLVWURPHVZRKO´ ³.HLQH,QIRUPDWLRQHQEHU$V\UWDXQG3XQW$WODQ´ ,FKQLFNWHLKP]XXQGWUHQQWHGLH9HUELQGXQJ'HU6WHUQ6HSHGHWGHVVHQHUVWHV (UVFKHLQHQGLH-DKUHV]HLW$FKHWDQJHNQGLJWKDVWHVWDQGUDQJHYRU6RQQHQDXIJDQJ EHUGHP:VWHQKRUL]RQW'LH%DXHUQILQJHQDQGLH)HOGHU]XEHVWHOOHQ,QGLHZHLFKH (UGHZXUGHQ6DDWNRUQHUJHVWUHXW5LQGHUXQG(VHOVKHUGHQZXUGHQEHUGLH)HOGHU JHWULHEHQXQGWUDPSHOWHQGHQ6DPHQWLHILQGHQ*UXQG,QGHU1lKHGHU%DXHUQKlXVHU GLHDXIEHIHVWLJWHQ6DQGKJHOQVWDQGHURGHUGXUFK0DXHUQIOXWJHVFKW]WZDUHQZXUGHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

=ZLHEHOQ*XUNHQXQG.QREODXFK.UELVVH6DODWXQG/DXFKJHSIODQ]W%LQVHQXQG /RWRVEHJDQQHQ]XZXFKHUQ*lQVH(QWHQ]DKPH3HOLNDQHXQG.UDQLFKHZXUGHQ JHPlVWHWLKUH=DKOZXFKVPLWMHGHP7DJ'HU+DSLGUHKWHLQGHU1lKHPHLQHV+DXVHV HLQJURHV+RO]GRSSHOUDGGDVDXVJURHQ7RQNUJHQ:DVVHUKREXQGLQ VFKUlJVWHKHQGH5LQQHQNLSSWHhEHUGHUKHLIOLUUHQGHQ/XIWGLHYRQGHQ)OlFKHQ DXIVWLHJVFKZHEWHGLH0RQGVLFKHOGLH%DUNHGHV&KRQVVSLHJHOWHVLFKLP-RWUXDQ GHVVHQ8IHUQ0LOOLRQHQ)U|VFKHOlUPWHQ$QGHQ7DJHQIOOWHGDV*HUlXVFKGHU*ULOOHQ GLH6WXQGHQ 3WDK6RNDUUDVVHOWHPLW+RO]XQG7RQSHUOHQGHV9RUKDQJHVVFKREGDVGLFNH 7XFK]XU6HLWHXQGWUDWHLQ,FKKHIWHWHHLQH(FNHGHU.DUWHDQGLH:DQGGHU+DSLIOR DXIGHUIDUELJHQKDOEGUHLGLPHQVLRQDOHQ'DUVWHOOXQJYRQUHFKWVQDFKOLQNV ³(VVLQG]HKQJURH6FKLIIH$WODQ+RUXV´VDJWHHUXQG]HLJWHDXIGHQ)OXODXI HWZDLQGHU%LOGPLWWH³GLHGRUWDQ/DQGJH]RJHQZHUGHQ+DQGZHUNHUXQG6ROGDWHQ UVWHQGLH6FKLIIHDXV:LUVROOHQLP7\ELRGHU0HFKLULQGHU-DKUHV]HLW3HUHWLKQHQDXI GLH)LQJHUVFKDXHQ´ ³6FKLIIHIUXQVHUH7UXSSHQXQGVSlWHUIUGLH3XQW)DKUW"´IUDJWHLFK³6LHVLQG ZLHLFKZHLJXWIUGHQ-RWUXXQGVFKOHFKWIUGDV0HHUIUGDV*URH*UQH´ ³'DVZLUVWGXDQ2UWXQG6WHOOHVHKHQ+RUXV,FKYHUVWHKHGDYRQQLFKWJHQXJ´ ³hEHUPRUJHQKDEHQZLUPHKU$XVUVWXQJ3WDKGLHYLHOHVOHLFKWHUYHUVWlQGOLFK PDFKHQZLUG.RPPVWGXPLW"1DFKPLWWDJVLP6FKLOIIHWWH*lQVHXQG)LVFKHMDJHQ"´ ³'DV%RRWLVWEHUHIW=ZHL7lQ]HULQQHQXQG0XVLNHULQQHQDXVGHU6WDGWZROOHQ GLH6WXQGHQPLWXQVJHQLHHQ´ ³(LQYHUVWDQGHQ´ ³:LHVWHKWHVPLW=HGHUQKRO]DXV%\EORV"´IUDJWHLFK,FKKDVWHGHQJU|WHQ7HLO PHLQHU$XVUVWXQJDXVJHSDFNWXQGEHQXW]WHLKQ,Q]ZLVFKHQKDVWHVLFKHLQLJHV YHUlQGHUWLQGLHVHP+DXVDEVHLWVYRQGHQ4XDUWLHUHQGHU+DQGZHUNHU ³:HQQ=DNDQ]D8SXDXWGLHULFKWLJHQ$XVNQIWHEHNRPPHQKDWVRZLUGHUEDOG LQ&KPXQXHLQWUHIIHQGHUQlFKVWHQ6WDGWDP.DQDO:LHJHVDJW:LUVROOWHQXQVGRUWKLQ DXIGLH5HLVHPDFKHQ´ ³=XHUVWQDFK1HFKHQ´VDJWHLFK$QGHU6WHOOHZRGHU0LWWHOODXIGHV+DSLVLFKLQ HLQHPVFKDUIHQ.QLFNGHU:HVWNVWHGHV/DQJHQ0HHUHVQlKHUWHJDEHVHLQ7DOHWZD DFKWVFKDUIH7DJHVUHLVHQODQJ'RUWVROOWHHV]Z|OI7LHIHQEUXQQHQJHEHQGLHGHU +HHUIKUHU+HQXLP$XIWUDJGHV0HQWXKRWHSJHJUDEHQKDVWH'HU+DXSWWHLOGHU ([SHGLWLRQVROOWHGLHVHQ:HJQHKPHQXQGVLFKPLWGHQ6FKLIIHQGRUWWUHIIHQ$XFK GLHVHU:HJVROOWHXQWHUXQVHUHU$XIVLFKWVLFKHUJHPDFKWZHUGHQ ³1RFKQLFKWVKDEHLFKEHUMHQH7LHUHJHK|UWGLHGXµ3IHUGHQHQQVW$WODQ´ PXUUWH3WDK ³6LHZHUGHQGDQQHUVWZLFKWLJZHQQZLUQDFK%XKHQDXIEUHFKHQXQGEHUGHQ .DWDUDNWYRUVWRHQPLWGHP+DXSWKHHU´ZDQGWHLFKHLQ³:DQQNRPPW=DNDQ]D ]XUFN"´ ³(LQ%RWHVDJWHPLULQNQDSSHLQHP0RQGNlPHHUKLHUKHUPLWQHXHQ3OlQHQ´ ³*XW´VDJWHLFK³0LUVFKHLQWLFKKDE¶VEHUVWDQGHQ+LQXQGZLHGHUZDFK¶LFK QDFKWVDXIXQGWUlXP¶GDYRQ,FKZDUVLFKHUGDLFK%OHQGNUHSLHUHQZUGHQDFKGHP KDOEHQ%HFKHU:HLQ´ =DNDQ]D8SXDXWXQG3WDK6RNDUKDVWHQGHQMXQJHQ%RWHQIHVWJHKDOWHQ$EHU WURW]IXUFKWEDUVWH'URKXQJHQVFKLHQHVGLH:DKUKHLW]XVHLQ-HPDQGDXVGHP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

%HDPWHQVWDEGHV3URYLQ]REHUKDXSWHVYRQ%XKHQKDVWHLKPGHQYHUVLHJHOWHQ:HLQNUXJ JHJHEHQ0LWHLQHU%DUNHZDUGHU-XQJHKLHUKHUJHNRPPHQXQGKDVWHVHLQHQ$XIWUDJ HUIOOW=DNDQ]DKDVWHLKPHLQHHLQGHXWLJH%RWVFKDIWDQ1HENDXUDEHUJHEHQ:LU ZUGHQXQVHUHQ'DQNDXIXQVHUH:HLVHDEVWDWWHQ ³:LUZXWHQQLFKWZDVZLUWXQVROOWHQ:LUKROWHQbU]WHGLHDXFKQLFKWVWXQ NRQQWHQ6LHVDJWHQHVVHLHLQ:XQGHUJHZHVHQ´ ,FKQLFNWHXQGGDFKWHDQGHQ=HOODNWLYDWRU(UKDVWHPLFKJHUHWWHW ³(VZDUHLQH$UW:XQGHU7UXSSHQIKUHU´ ³'DVGHQNHLFK+RUXVGHV+RUL]RQWV´ 'LH.DUWHGHV+DSLODQGVXQGGHU8PJHEXQJKLQJQHEHQPHLQHU$XVUVWXQJ GHP*ODVILEHUERJHQGHQ3IHLOHQXQGGHP.|FKHUDQGHUHQ:DIIHQXQGGHU XPIDQJUHLFKHQPHGL]LQLVFKHQ$XVVWDWWXQJ,FKVDJWHHQWVFKORVVHQ ³$OVREHJLQQHUZLU/LVWHQ]XVFKUHLEHQ6LHVROOHQWFKWLJDUEHLWHQZHQQXQVHUH %DUNHLQ1HFKHQDQOHJW´ ³6RVHLHV´ 3WDK6RNDUNODWVFKWHLQGLH+lQGH(LQHUXQVHUHU6FKUHLEHUNDPKHUHLQ(UOLH VLFKDXIGLH+DFNHQQLHGHUVWHOOWH7XVFKHXQG]HUNDXWHDXVJHIUDQVWH%LQVHQHQGHQ QHEHQVLFKKLQOHJWHGLH+RO]SODWWHDXIGLH2EHUVFKHQNHOXQG]RJGDV%LQVHQPDWHULDO KHUDQ ³,FKK|UH7UXSSHQIKUHU´ ³6FKUHLEH´VDJWH3WDKKDOEODXW³:HQQGLH=HLW$FKHWYRUEHLLVWXQGGLH=HLW 3HUHWEHJLQQWVROOHQ]ZHLWDXVHQG0DQQPLW/DVWHVHOQ:HUN]HXJHQ7DXZHUNXQG )OHLVFKPLW.RUQXQG%LHUDXV]LHKHQYRQ1HFKHQQDFK2VWHQVROOHQQDFKMHGHP 7DJHVPDUVFKUDVWHQXQG]ZHLKXQGHUW+DQGZHUNHU+HOIHUXQG6ROGDWHQ]XUFNODVVHQ 'LHDQGHUHQVROOHQZHLWHU]LHKHQXQGDEHUPDOVQDFKHLQHP7DJDQKDOWHQELVVLHGDV 8IHUGHV0HHUHVHUUHLFKHQ´ ³,FKKDEHHVJHVFKULHEHQ´VDJWHGHU6FKUHLEHUNXU]GDUDXI6HLQ7XVFKSLQVHO KXVFKWHPLWJURHU6FKQHOOLJNHLWEHUGDVJHSUHWH0DUNGHU%LQVHQ ³6FKUHLEZHLWHU´EHIDKOLFK³'LH6WUDHYRQ1HFKHQVRLOEUHLWXQGVLFKHU JHPDFKWZHUGHQ'LHDOWHQ%UXQQHQGHV+HQXVROOHQDXVJHJUDEHQXQGJHVLFKHUW ZHUGHQ5LQGHUIHWWHV6FKODFKWYLHKXQGUHLFKOLFK1DKUXQJPXPLWJHQRPPHQZHUGHQ DXFKPHKU:HUN]HXJ0DQVRLOPLQGHVWHQVDFKW2UWHHLQULFKWHQDQGHQHQHLQNOHLQHV +HHUILQGHWZDVQ|WLJLVW(VVHQ:DVVHU:DIIHQ6FKDWWHQXQG6LFKHUKHLW0DQVRLO +lXVHUXPGLH%UXQQHQEDXHQXQG3IODQ]HQHLQVHW]HQGDPLWVLHJURZHUGHQ'LHVLVW ZLFKWLJXQGJHVFKLHKWQDFKGHP:RUW$PHQHPKHWVDXIGLHVHU6WUDHVRLOHLQ+HHU HQWODQJ]LHKHQXQGVLFKPLWGHQ6FKLIIHQXQGGHP+HHUDXV3L2VLULYHUHLQLJHQDXFK PVVHQ6FKLIIHDP8IHU]XVDPPHQJHVHW]WZHUGHQ'LHVHVDOOHVPXLP/DXIGHU 0RQGHQDFK(LQWUHIIHQGHV%RWHQJHVFKHKHQ*HVSURFKHQXQGXQWHU]HLFKQHWKDWGLHV $WODQ+RUXV9HUZDOWHUN|QLJOLFKHU:RUWHXQGXPKHUUHLVHQGHU6FKDWWHQ´ 'HU6FKUHLEHUZDUIGHQDXVJHIDVHUWHQ6WLIWZHJWDXFKWHGHQYLHUWHQ6WHQJHOHLQ XQGVFKULHEGLH6FKOXIORVNHOGDQQVWDQGHULQHLQHUJOHLWHQGHQ%HZHJXQJDXIQLFNWH HKUIUFKWLJXQGVFKZHQNWHGHQ3DS\UXVWURFNQHQGKLQXQGKHU ³'DQNH´VDJWHLFKXQGVDK]XZLHHUGLHKHOOJHOEHQ%OlWWHU]XVDPPHQUROOWH³5XI GHQ%RWHQMD"´ ³6RIRUW$WODQ+RUXV´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

,QGHQQlFKVWHQ7DJHQYHUOLHHQVFKQHOOH%RWHQPLW$QZHLVXQJHQXQVHU+DXV )DVWHEHQVRYLHOH0HOGHUNDPHQDXVGHQYHUVFKLHGHQHQ7HLOHQGHV5HLFKHV6LHWUXJHQ %HIHKOH9ROO]XJVPHOGXQJHQXQG5FNVFKOlJHOREHQGH:RUWH$PHQHPKHWVXQGVHLQ GULWWHV9HUVSUHFKHQGLHNOHLQH+HUGH3IHUGHKROHQ]XOHVVHQ 1DFK]ZDQ]LJ7DJHQYROOHU$UEHLWOHJWHXQZHLWGHV+DXVHVHLQHNOHLQH%DUNHPLW GHP=HLFKHQGHV*RWWN|QLJVDP6HJHODQ ³(VPX=DNDQ]D8SXDXWVHLQXQVHU)UHXQG´PXUPHOWHLFKXQGVWDQGDXI3WDK 6RNDUJDE]XUFN³'LH)DONHQGHU+RIIQXQJMDJHQGDKLQDEHUGLH(VHOGHU(UIDKUXQJ WURWWHUEHGlFKWLJ´ ,FKJULQVWHLKQDQXQGIUDJWH ³'XPHLQVWDOVRGDLFKQLFKWDQVFKQHOOHQ(UIROJGHQNHQGDUI"´ ³8QVHU)UHXQGZLUGHVGLUVLFKHUOLFKEHVWlWLJHQ$Q7RWHQWHPSHOQZLUG MDKU]HKQWHODQJJHEDXWXQGVLHVLQG]XQLFKWVQXW]H:LHUDQJHZLUGHVHUVWGDXHUQ HWZDV6LQQYROOHV]XWXQ"´ :LUVDKHQXQVDQXQG]XPHUVWHQPDOKDVWHLFKGHQ9HUGDFKWGD]ZLVFKHQPLU =DNDQ]D8SXDXWXQG3WDK6RNDUPHKUDOVQXUlXHUOLFKHbKQOLFKNHLWHQEHVWDQGHQ'LH $QNXQIWGHV³gIIQHUVGHU:HJH´OLHGLHVHQHUVWHQ9HUGDFKWYHUJHKHQZLH:DVVHUDXI GHQ)HOGHUQ:LUJLQJHQDXIGHP3ODWWHQZHJGHU]XP8IHUIKUWHXQWHUNQDUUHQGHQ 3DOPHQGHU%DUNHHQWJHJHQ8QVHUZDUWHWHHLQHNOHLQHhEHUUDVFKXQJ 0LWHLQHPULHVLJHQ6DW]VSUDQJGHU1XELHUDXIGLH5DPSHKLQXQWHUXPDUPWHGHQ $QIKUHUXQGEHXJWHYRUPLUGDV.QLH ³'HU*|WWOLFKHKDWGHLQH7DWHQPLWZRKOJHIlOOLJHP/lFKHOQEHWUDFKWHW'LHVH %DUNHPLWDOOHPZDVGDUDXIXQGGDULQLVWJHK|UWGLU%HILHKOXQGHVZLUGJHWDQZDVGX ZLOOVW+RUXVGHV+RUL]RQWV´ ³'DV9RUKDEHQPXJU|HUVHLQDOVZLUGDFKWHQ´ 3WDK6RNDUJULQVWHDOVHUVDKZDVGHU%DXFKGHU%DUNHDXV+RO]XQG JHIORFKWHQHP%LQVHQJHIOHFKWHQWKLHOWHUVFKZLHJEHHLQGUXFNW1XUVHLQH$XJHQ YHUULHWHQGDV0DVHLQHU)UHXGH(VNDPHQ0XVLNDQWHQPLW,QVWUXPHQWHQ5XGHUHUPLW ULHVLJHQ.|UEHQYROOHUEODXEHVWlXEWHUSUDOOHU7UDXEHQ*UDQDWlSIHOQXQGGLFNHQ5LQJHQ YRQ.QREODXFKNQROOHQVSLW]H6WHLQJXWNUJHYROOHU+RQLJDXIGHQPXVNXO|VHQ VFKZHLJOlQ]HQGHQ6FKXOWHUQJUREN|UQLJHVXQGYHUORFNHQGULHFKHQGHV:HL]HQEURWLQ %LQVHQN|UEHQVFKOHSSHQGGLHPLWZHLHQ7FKHUQDXVJHOHJWZDUHQ-XQJH0lGFKHQ VRJXWZLHXQEHNOHLGHWPLWJROGHQHP6FKPXFNEHKlQJWPLWEHW|UHQGHP/lFKHOQXQG ODQJHQGXQNHOEUDXQHQRGHUVFKZDU]HQ+DDUHQOLHIHQEHUGDVVFKZDQNHQGH%UHWWDQ /DQGXQGWlQ]HOWHQGHP+DXVHQWJHJHQ:UGLJGUHLQVHKHQGH0lQQHU+DQGZHUNHU ZRKOVFKOHSSWHQVFKZHUH:HUN]HXJHPLWVLFK:LHGHUDQGHUHWUXJHQJHEUDWHQHXQG JHVSLFNWH7HLOHYRQ*D]HOOHQXQG5LQGHUQVFKZDQNHQGEHZHJWHQVLFK.lILJHPLW JHPlVWHWHQ(QWHQXQG*lQVHQYRUEHLPLW.UDQLFKHQGLHPLWGHQ6FKQlEHOQNODSSHUWHQ XQGIHWWDXIGHP.lILJERGHQKRFNWHQ(LQ.RUEIULVFKJHOHJWHU(LHUZXUGHDQXQV YRUEHLJHWUDJHQ+XQGHVFKQDSSWHQQDFKGHQJHEOHLFKWHQ=LHJHQIHOOHQXQGVRUJVDP JHZHEWHQPLWJROGHQHQ)lGHQJHERUWHWHQ6WRIIHQ,PPHUPHKUKREVLFKGLH%DUNHDXV GHPVFKODPPLJHQ:DVVHU)QI0lQQHUEOLHEHQQHEHQGHQ+DOWHWDXHQLP%XJXQG +HFNGHU%DUNHVWHKHQXQGEOLFNWHQXQVDQDOVHUZDUWHWHQVLHHWZDV3WDK6RNDU VFKWWHOWHYHUEOIIWXQGEHHLQGUXFNWGHQ.RSIXQG]LVFKWHLQPHLQ2KU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³6FKHQNHGHP$UPHQHLQH*XUNHXQGHUZLUGNODJHQGDVLHNUXPPVHL'HU +HUUVFKHULVWQLHRKQH*UXQGYRQVROFKEHW|UHQGHU*UR]JLJNHLW8QVVWHKHQ 6FKZLHULJNHLWHQEHYRU´ ³1LFKWYRQGHU%HVDW]XQJXQGGHP,QKDOWGLHVHV6FKLIIHV´HUNOlUWH=DNDQ]D 8SXDXW³(UVFKLFNWHDXFK.|FKH7lQ]HULQQHQ6lQJHUXQG0DVVHXUH$XFK +DQGZHUNHUGLHGDV+DXVYHUVFK|QHUQVROOHQ'HUQlFKVWH0RQGVRLOGLFKYHUZ|KQHQ GDQQVDJW$PHQHPKHWEHJLQQWKDUWH$UEHLW´ ³:DKUOLFK´EHVWlWLJWHLFK³$PHQHPKHWLVWKXQGHUW1DFNWHQGHU0DQWHOXQG KXQGHUW'XUVWLJHQGDV%LHU´ ³:LUZlUHQGXPPZHQQZLUXQVQLFKWVHLQHP:XQVFKEHXJHQZUGHQ´'HU %RWHVFKREXQVLQGLH5LFKWXQJGHV+DXVHV'RUWKDVWHVLFKLQ]ZLVFKHQGLH 6FKLIIVEHVDW]XQJDXVJHEUHLWHW'LH.|FKHKDQWLHUWHQLQGHU.FKHGLH0lGFKHQKDOIHQ EHUDOOHUW|QWH/DFKHQLP+RIDXIGHPIULVFKJHVFKQLWWHQHQ*UDVVWLPPWHQGLH 0XVLNHUGLH+DUIHQXQGDQGHUH,QVWUXPHQWHQXULQPHLQJURHV=LPPHUZDJWHVLFK QLHPDQG(LQH0DVWHQWHIODWWHUWHGXUFKGLH+DOOH ,FKYHUVXFKWHGLHODXWH+HLWHUNHLWXQGGDV7UHLEHQLP+DXVPLW*HODVVHQKHLW]X EHWUDFKWHQ1DFKXQGQDFKZXUGHLFKYRQGHU)U|KOLFKNHLWDQJHVWHFNW*DQ]VLFKHU EH]ZHFNWH$PHQHPKHWPLWGLHVHPQLFKWXQEHWUlFKWOLFKHQ*HVFKHQNHWZDV6HLQH $EVLFKWPLFKLQHLQHP0D]XYHUSIOLFKWHQGDVLKPZLOOLJH:HUN]HXJHVLFKHUWHVFKLHQ NODU]XVHLQ:HQLJVWHQV=DNDQ]D8SXDXWXQG3WDK6RNDUZXWHQHV,FKNRQQWHHVPLU DXVUHFKQHQ:DVDEHUZDUEHXQUXKLJHQGGDUDQ"$Q$PHQHPKHWV6WHOOHZUGHLFK QLFKWDQGHUVJHKDQGHOWKDEHQ,FKKREGLH6FKXOWHUQUFNWHPHLQ+IWWXFK]XUHFKWXQG JLQJLQGLHGDPSIHQGH.FKH9RQGRUWGUDQJHQYLHOIlOWLJH*HUFKHNKOHV+HQNHW%LHU UDXFKHQGHV)HWWVFKPRUHQGH=ZLHEHOQXQGEUlXQOLFKYHUNUXVWHWHV)OHLVFK-HPDQG VFKlXPWHPLWHLQHPZHLJHVFKlOWHQ5HLVLJEHVHQHLQH0HQJHDXIJHVFKODJHQHU(LHU XQGOLHLQGQQHP)DGHQ+RQLJKLQHLQIOLHHQ(VURFKQDFK.lVHEUHQQHQGHP+RO] XQG+RO]NRKOHQQDFKVFKDUIJHZU]WHU6XSSH3WDKGUlQJWHVLFKDQPLUYRUEHLLQHLQHU +DQGHLQHQ%LHUEHFKHULP$UPHLQH7lQ]HULQ ³+DOW6ROGDW´VDJWHLFK³:DVVRLOGDVDOOHV"´ ³6FKLPSIQLFKW+HUUXQG+RUXV´(UODFWDWHKHUDXVIRUGHUQG³:LUKDEHQ EHUHLQVWLPPHQGEHVFKORVVHQKHXWHHLQ)HVW]XIHLHUQ0LWDOLHQ0LWWHOQEHUGLHZLU YHUIJHQ´ ³:R"´ ³,QGLHVHP+DXV8QGZLUKRIIHQGDGXGHUOXVWLJVWH7HLOQHKPHUVHLQZLUVW´ ³7UHIIOLFK´JDELFKVlXHUOLFK]XUFN³HUZDUWHWQLFKWGDLFKWDQ]H´ 0HUNZUGLJ-HW]WSDFNWHPLFKZLHGHUHLQ6FKXEZRUWORVHU9HU]ZHLIOXQJGLHLFK PHLVWLQGHQ1lFKWHQJHVSUWKDVWH$OOHLQDXIGLHVHP3ODQHWHQHLQ:HUN]HXJGHU 0lFKWLJHQRKQH=LHODXVJHUVWHWPLWKRFKWHFKQLVFKHQ'LQJHQXQGEHUOHJHQHP :LVVHQ:DVVROOWHLFKWULHU":DUXPZXUGHLFKGHU*HVWUDQGHWHYRQ$UNRQZLHGHU DXIJHZHFNWXQGLQ]DKOORVH$EHQWHXHUJHVWU]W":DVLFKDQ6SXUHQKLQWHUOLHZDU QDFKIQI]LJRGHUKXQGHUW-DKUHQYHUZHKWXQGYHUJHVVHQ0DQVFKR3IHLOHDXIPLFK DWHPDQYHUVXFKWHPLFK]XYHUJLIWHQLFKVROOWH$UEHLWHQEHZlOWLJHQYRQGHQHQLFKQXU VFKHPHQKDIWH$KQXQJHQKDVWH1RFKLPPHUKDVWHGLHVHVEHUOHJHQH(6PLUGHQ =ZHFNPHLQHU5HLVHLQHLQHDQGHUH=HLWQLFKWYHUUDWHQ,FKYHUVDQNXQJOFNOLFKLQHLQHU VFKZDU]HQ%UKHYRQ6HOEVWPLWOHLGXQG&KDRV,FKOHKQWHPLFKJHJHQGLHNKOH:DQG VFKLPSIWHPLFKHLQHQ1DUUHQXQGPHUNWHQLFKWGDPLFKDXVGHP6FKDWWHQ]ZHLHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6lXOHQ=DNDQ]D8SXDXWDXIPHUNVDPEHREDFKWHWH,FKUDQJPLFK]XP(QWVFKOXGXUFK KHXWHNHLQHVZHJVGHQ6SLHOYHUGHUEHU]XPDFKHQ,FKKROWHWLHI$WHPXQGULHIPLW NKOHP*ULQVHQ³=DNDQ]D´ 'HU%RWHJOLWWVFKQHOODXIPLFK]X(UHUNDQQWHZRKOZLHPLU]XPXWHZDUXQG OHJWHVHLQHQ$UPXPPHLQH6FKXOWHUQ ³'HU/DXWVWlUNHGHV5XIHVQDFKEUDXFKVWGXHLQHQ%HFKHU%LHUGHQ=XVSUXFK HLQHV)UHXQGHVXQGQDFKWVGLH/HLGHQVFKDIWHLQHUDXVJHVXFKWVFK|QHQ7lQ]HULQ2GHU VROOWHLFKLUUHQ"´ ,FKVWDUUWHLKPYHUEOIIWLQGLH$XJHQ:HUZDUHUZLUNOLFK"1XUHLQQXELVFKHU )lKUWHQOHVHU",FKPXUPHOWHOHLVH ³'LHVH5HLKHQIROJHVFKHLQWQLFKWIDOVFK]XVHLQ=DNDQ]D´ ³)DQJHQZLUPLWGHP%LHUDQ1H7HIQDFKW´ $XVHLQHPGHUYLHOHQ=LPPHUNDPHLQHODQJEHLQLJHMXQJH)UDX6LHZDUPLU VFKRQQHEHQGHU%DUNHDXIJHIDOOHQ:LUVWDQGHU]ZLVFKHQGHQ6lXOHQGLHGDV+DXV YRP*DUWHQWUHQQWHQ1DFKPLWWDJVVRQQHZDUIVFKUlJH6WUDKOHQDXIGHQ%RGHQDXV JHOEHP6DQGVWHLQ1H7HIQDFKWNHLQH]ZDQ]LJ-DKUHDIWNDPODQJVDPKHUDQXQG EHWUDFKWHWHXQVHUQVWKDIW0LFKWUDIHLQSUIHQGEHUHFKQHQGHU7KLFN ³'XKDVWJHUXIHQ$WODQ+RUXV"´ ³,FKULHI7RFKWHUGHU)UHXGH´VDJWH=DNDQ]DUXKLJ³+ROGLHVHPKHOOKlXWLJHQ )UVWHQGHU*HGDQNHQHLQHQJURHQ%HFKHUGHVJ|WWOLFKHQ+HQNHW'DQQYHUVXFKHLKQ PLWNOXJHU5HGHDXVVHLQHU9HU]ZHLIOXQJKHUDXV]XKHEHQ6FKOLHOLFKVROOVWGXDP $EHQGXQGLQGHU1DFKWEHLLKPVHLQXQGVWHWVGDVWXQZDVVHLQH$XJHQYRQGLU ZQVFKHQ´ ³'DVEHIDKOPLUVFKRQGHU$GM¶PHU´VDJWHVLHHUQVWKDIW³:DUXPZLHGHUKROVWGX HV%RWH"´ ³:HLOLFKGLH9HUJHOLFKNHLWGHU0HQVFKHQNHQQH´HUOlXWHUWHHUPLWXQEHZHJWHP *HVLFKW³8QGQRFKHWZDV7HIQDFKW'LHVHU0DQQLVWPHLQEHVWHU)UHXQG9HUJOHLFKH LKQQLFKWPLWHLQHPIHWWHQ6FKUHLEHUDXV0HQHIUX0LUHHULVWJDQ]DQGHUV6HLQ$XJHLVW NKQZLHGDVGHV+RUXVIDONHQVHLQH:XWLVWXQHUPHOLFKZLHGLHGHV:VWHQO|ZHQ XQGLQVHLQHU*WHLVWHUYHUVFKZHQGHULVFKZLHGLH6RQQHDP0LWWDJ´ ³.XU]XP´1H7HIQDFKWOlFKHOWHPLFKDQ³(ULVWHLQ:XQGHU´ ³6RLVWHV´YHUVLFKHUWH=DNDQ]D8SXDXWXQGKLHELKUDXIPXQWHUQGVHLQH+DQG DXIGLH+LQWHUEDFNH7HIQDFKW]XFNWHQLFKWHLQPDO]XVDPPHQXQGHQWIHUQWHVLFKPLW VFKZLQJHQGHQ+IWHQ/HLVHVDJWHLFK]XP1XELHU³'XVFKHLQVWVLHOlQJHU]XNHQQHQ MD"´ 6HLQ*HVLFKWZDUHUQVWKDIWDOVHUHUZLGHUWH ³,FKKDEHVLHVHOEVWDXVJHVXFKW9RQDOLHQLP%DQQNUHLVGHV*DXIUVWHQLVWVLH HLQHGHU.OJVWHQ9HUQQIWLJVWHQXQG/HLGHQVFKDIWOLFKVWHQ,FKGDFKWHDQGLFKDOVLFK VLHGDV]ZHLWHPDOVDK´ ,FKJLQJLQGHQ*DUWHQXQGVHW]WHPLFKDQGHQVWHLQHUQHQ5DQGGHV%DVVLQVLQ GHQ6FKDWWHQYRQ3DOPHQ%LQVHQXQGUDVFKHOQGHQ:DVVHUSIODQ]HQ$XJHQEOLFNH VSlWHUNDP1H7HIQDFKWXQGWUXJHLQHQNOHLQHQXQGHLQHQJURHQ%HFKHU6LHNQLHWH VLFKYRUPLULQV*UDVXQGUHLFKWHPLUGDVJU|HUH*HIl:LUVFKDXWHQXQVQLFKWRKQH 9HUOHJHQKHLWLQGLH$XJHQ ³'HLQ)UHXQG+HUUWXWVRDOVZlUHHUHLQQXELVFKHU%DUEDU,Q:LUNOLFKNHLWPXW GXZLVVHQLVWHUHLQVHKUPlFKWLJHU0DQQDP+RI´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

,FKKREGHQ%HFKHU'LH)UDXVHW]WHVLFKYRUPLFKDXIGHQEUHLWHQ6DQGVWHLQUDQG XQGKLHOWGLH+DQGLQV:DVVHU ³,FKDKQWHHV´VDJWHLFK³%LVKHUZDUHUHLQHUGHUEHVWHQ0lQQHUGLHLFKNDQQWH´ ³'XNDQQVWVWRO]GDUDXIVHLQZHQQHUGLFKDOV)UHXQGEH]HLFKQHW(VJLEWYLHOH *HVFKLFKWHQEHULKQ(UVRLOHLQPlFKWLJHU)UVWHQVRKQDXVHLQHP/DQGKLQWHUGHP ]ZHLWHQ.DWDUDNWVHLQ$EHUVSUHFKHQZLUYRQGLU+HUU´ ³8QJHUQ´VDJWHLFKOlFKHOQGXQGWUDQNHLQHQODQJHQ6FKOXFNGHVVWDUNHU%LHUHV ³:DVZLOOVWGXZLVVHQ"´ ³'HLQH+DXWLVWYRQGHU6RQQHJHEUlXQWDEHUKHOOHUDOVXQVHUH'HLQH$XJHQ VLQGU|WOLFKGXELVWJU|HUDOVIDVWMHGHUYRQXQV'HLQ+DDULVWYRQGHU)DUEHGHV 0RQGHV,QXQVHUHP/DQGELVWGXQLFKWJHERUHQREZRKOGXXQVHUH6SUDFKHVRJXW VSULFKVW:RKHUNRPPVWGX"´ ,FKPXWHODFKHQ,PPHUZLHGHUGLHVHOEHQ)UDJHQ,FKHU]lKLWHLKUGDLFKHLQ 6RKQMHQHV*DXIUVWHQYRQ%\EORVXQGVHLQHU5RPHW)UDXVHLGDLFKDOOHPHLQH )lKLJNHLWHQGRUWLQGHU+DQGHOVVWDGWJHOHUQWKDVWHXQGPLWHLQHP6FKLIIGHU %URQ]HKlQGOHUKLHUKHUJHNRPPHQZDU'LHVH/JHKDVWHELVKHUMHGHQ]XIULHGHQJHVWHOOW DXFKGLHJOXWlXJLJH7HIQDFKWJODXEWHVLH6LHIUDJWHZHLWHU ³'XPXWHLQ0LWWHOKDEHQ0HQVFKHQXQG)UVWHQ]XYHU]DEHUQ$OOHUHGHQQXU *XWHVYRQGLUXQGGHLQHQ)lKLJNHLWHQ´ ³:LOOVWGXPLWNOXJHU5HGHPHLQH9HU]ZHLIOXQJYHUVFKZLQGHQODVVHQ"´ ³(LQZHQLJ$EHULFKNRPPHDXV*HEWHMX'RUWVSULFKWPDQYRQGLUXQGGHLQHP NKQHQ3ODQ1LFKWMHGHULVWVRPXWLJLQV*ROGODQG3XQW]XIDKUHQ´ ³'DVPDJVHLQ,FKZHUGHHVWXQDEHUQXUPLWHLQHPYRQPLUJHVFKXOWHQ+HHU =XYRUZHUGHQZLUGHQVFKZDU]HQ.ROREHVLHJHQ´ $XIPHUNZUGLJH:HLVHKDVWHVLFKGHU%HUHLFKGHV+DXVHVLQHLQH2DVH IU|KOLFKHU*HVFKlIWLJNHLWYHUZDQGHOWhEHUDOOHUW|QWHODXWHV/DFKHQDQDOLHQ(FNHQ K|UWHQZLUGLH)O|WHQXQG'RSSHOIO|WHQGHU6SLHOHUYHUVFKLHGHQH7URPPHOQXQGGDV PHWDOOLVFKH=LUSHQGHUJURHQ+DUIH'HU*HUXFKQDFK*HVRWWHQHPXQG*HEUDWHQHP ]RJZLH1HEHO]ZLVFKHQVWHLQHUQHQXQGK|O]HUQHQ3IHLOHUQKLQGXUFKGLH/RWRVEOWHQ /LOLHQXQG6FKLOIEOWHQJOLFKHQ,FKDKQWHGDLFKDQHLQHP6FKQLWWSXQNWVWDQG YHUPXWOLFKZUGHVLFKYLHOHVlQGHUQ:DV",FKZXWHHVQLFKW(VZDUHLQHMHQHU $KQXQJHQGLHVLFKELVKHULPPHUEHZDKUKHLWHWKDWWHQ9LHOOHLFKWHUKLHOWLFKHLQHQ $XIWUDJYLHOOHLFKWEHNDPPHLQH$QZHVHQKHLWHLQHQ6LQQ,FKEHWUDFKWHWH1H7HIQDFKW 6LHZDUVFKODQNPLWODQJHQ%HLQHQZRKOJHUXQGHWHQ+IWHQXQGHLQHPODQJHQ+DOV 'LH9HUPLVFKXQJYLHOHU9|ONHUGLHYRUHLQHP-DKUWDXVHQGWULHUHLQJHGUXQJHQZDUHQ KDVWH0HQVFKHQPLWYROOHQGHWHQ*HVLFKWHUQKHUYRUJHEUDFKWVFKPDOH1DVHQUDQJH 6FKlGHOYRLOH/LSSHQXQGHLQHVDPWLJH+DXW1H7HIQDFKWKDVWHEODXVFKZDU]HVJODWWHV +DDUELVDXILKUHEORHQ6FKXOWHUQ%UHLWH%lQGHUDXV6WRIINUHX]WHQVLFKEHULKUHQ %UVWHQNXSIHUQH6FKPXFNElQGHUPLW*ODVIOXXQG*ROGRUQDPHQWHQODJHQXP+DOV +DQGJHOHQNHXQG)XNQ|FKHOLKUH%HZHJXQJHQZDUHQVFKQHOOXQGJUD]L|V,FKWUDQN GHQOHW]WHQ6FKOXFNDXVXQGUHLFKWHLKUGHQ%HFKHU ³'XNHQQVWPHLQH*HKHLPQLVVH1H7HIQDFKW´VDJWHLFK³:HQQLFKHLQHQYROOHQ %HFKHUKDEHZLUVWGXPLUGHLQ/HEHQHU]lKOHQ´ ³'DVLVWVRVFKQHOOHU]lKOW´ULHIVLHEHUGLH6FKXOWHU]XUFN³GDGHLQ%HFKHU QRFKKDOEYROOVHLQZLUG´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

(LQ0DQQXQGHLQ0lGFKHQNDPHQDXVGHP+DXVVWHOOWHQDXI6RFNHOQXQGLQ 1LVFKHQgOODPSHQDXIXQG]XSIWHQGLHGLFNHQ'RFKWH'DVgOHLQHEOLW]DUWLJH (ULQQHUXQJURFKQDFKGHQ=HGHUQLP%HUJODQGYRQ%\EORV1H7HIQDFKWNDPGXUFKGDV 6WUHLIHQZHUNYRQ/LFKWXQG6FKDWWHQDXIPLFK]XJDEPLUGHQYROOHQ%HFKHUXQG PDFKWHGHQPHLVWHQhEHUOHJXQJHQHLQ(QGHDOVVLHVDJWH ³0RUJHQ+RUXVGHV+RUL]RQWVNDQQVWGXZLHGHUVFKZHUH*HGDQNHQZlO]HQZLH 6WHLQTXDGHU%DOGIlQJWGHU$EHQGXQVHUHV)HVWHVDQ=DNDQ]DXQG3WDKUHQQHQGXUFK GDV+DXVXQGVLQGXPDOOHVEHVRUJW6LHZROOHQGDHVGHLQ)HVWZLUG´ ,FKVWDUUWHLQLKUHJURHQ$XJHQ5KUXQJSDFNWHPLFK'LHVH0HQVFKHQZDUHQ PLUKDXVKRFKEHUOHJHQVLHEHVDHQGLHZDKUH8QVFKXOGGLH8QEHIDQJHQKHLWGLHLFK QLFKWPHKUNDQQWH,FKYHUIOXFKWHVFKZHLJHQGPHLQH8QIlKLJNHLW3O|W]OLFKIOVWHUWHGHU /RJLNVHNWRU6HOEVWHUNHQQWQLVLVWGLHJHSIODVWHUWH6WUDH]XU%HVVHUXQJ$UNRQLGH hEHUWUHLEGLH=HUNQLUVFKXQJQLFKW'XELVWQLFKWVRVFKOHFKWZLHGXWXVW'DQNEDUVSUWH LFKGLHYRUVLFKWLJH%HUKUXQJYRQ)LQJHUQDQPHLQHU6FKXOWHUXQGLQPHLQHP1DFNHQ QLFKWGLHSHUIHNWH=lUWOLFKNHLWVRQGHUQGLH]|JHUQGHQ)LQJHUVSLW]HQHLQHUMXQJHQ)UDX GLHZRKOGLH(PSILQGXQJHQHUULHWGLHPLFKEHUIDOOHQKDWWHQ,FKVWDQGHQWVFKORVVHQ DXIQDKPLKUH+DQGXQGYHUVLFKHUWHJULPPLJ ³0HLQ)HVWVRVR1XQJXWDOVRZHUGHLFKYHUVXFKHQHXFK]XEHUUDVFKHQ´ ,FKEUDXFKWHQLFKW]XEHUOHJHQ(LQIlOOHEOKWHQSO|W]OLFKDXIZLH 6WHUQVFKQXSSHQ,FKKDVWHUDQJHJHQXJ=HLWJHKDEW(UIDKUXQJHQ]XVDPPHOQ,FK NWH1H7HIQDFKWULHI3WDK6RNDUXQGEDWLKQ ³.PPHUHGLFKXPGLHDQGHUHQ+ROWGLH0lQQHUYRP%RRW6FKLFNW%RWHQDXV XQGUXIWHLQ'XW]HQGN|QLJOLFKH%HDPWHDXVGHQXPOLHJHQGHQ+lXVHUQ]XP 1DFKWWUXQN(VVRLOHLQ)HVWZHUGHQEHL$WXP´ -HW]WZDUHQ3WDKXQG7HIQDFKWYHUZLUUW,FKJULQVWHXQG]RJPLFKGHQ$UPXP 7HIQDFKWV+IWHQLQPHLQH3ULYDWUlXPH]XUFN3WDKEOLFNWH]XIULHGHQKLQWHUXQVKHU :LUZDUHQHWZDIQI]LJ*lVWH'DVZHLH+DXVEDUVWYRU/lUP=XHUVWWUDQNHQ ZLU%LHUGDQDFKDHQZLUHLQH9RUVSHLVHDXVVFKDUIJHZU]WHQ,QQHUHLHQLQHLQHU K|OOLVFKURWHQ6RH 'DQQZXUGH:HLQDXVJHVFKHQNW:lKUHQGGHUHUVWHQ*lQJHWUDWHQGLH0XVLNHU DXI.OHLQH+DQGWURPPHOQSRFKWHQHLQHQHUUHJHQGHQ7DNWGHUGLH8QWHUKDOWXQJ WUHIIVLFKHUXQWHUPDOWH+LQXQGZLHGHUYHUVWUHXWHGLH+DUIHHLQSHDU$NNRUGHLQGLH ZDUPH$EHQGOXIWGLHDOOHgOIODPPHQ]LWWHUQOLH'DQDFKJDEHVJHEDFNHQHQ%DUVFK DQJHPDFKWPLW/DXFKJHU|VWHWHQ=ZLHEHOQXQG]HUNUPPHOWHP.lVHIROJWHQULHVLJH 6FKDOHQPLWJHEUDWHQHQ*lQVHWHLOHQ(QWHQYLHUWHOQ.UDQLFKEUVWHQXQG 3HOLNDQVFKHQNHOQJHIOOWPLW1LOSIHUGVFKLQNHQXQG%URFNHQDXVGHP)OHLVFKGHU $QWLORSHQ8QGZLHGHUIULVFKHVNDOWHV%LHU'DQQUlXPWHPDQGHQ5DXP]ZLVFKHQGHQ 7LVFKHQGHUHQZHLH'HFNHQLQ]ZLVFKHQHLQHU/DQGNDUWH³OLFKHQ-HGHUUHGHWHPLW MHGHP 'DQQIROJWHGHU+DXSWJDQJGUHLPlFKWLJH$QWLORSHQVFKHQNHOJHEUDWHQPLWDOLHQ 5DIILQHVVHQ'HU.RFKKDVWHPLUHUNOlUWGDGDV)OHLVFKZlKUHQGGHU)DKUWGHU%DUNH LQHLQHP6XGDXV(VVLJ6DO]ZDVVHU*HZU]HQXQGVDXUHU0LOFKJHOHJHQKDVWH %UlXQOLFKH.UXVWHJHULQJHOWHUXQGNUDFKHQGNQXVSULJH6SHFNVWUHLIHQGXQNOH%HHUHQ XQGJHPHKOWH/DXFKLQJHEDFNHQ8QJHKHXUHV*HUDXQHKREDQGDQQJDEHVMHQH SKDQWDVWLVFKH6WLOOHLQGHUPDQQXUGLHVFKZHUHQ$WHP]JHXQGGLH.DXJHUlXVFKH K|UWHGD]ZLVFKHQGLH/DXWHHLQHV5OSVHQVRGHU$XIVWRHQV(VZDUKHUUOLFK,FK

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

IKOWHZLHPLFKHLQHJHO|VWH6WLPPXQJHUJULII0HQVFKHQZLHLFKIHLHUWHQDXIHLQHP 3ODQHWHQGHUGDV/HEHQZDKUOLFKQLFKWOHLFKWPDFKWH:LUEHHQGHWHQGDV(VVHQPLW GXQNOHPN|UQLJHP%URWDXV:HL]HQXQG+DIHU8QGPLW%LHU'LH0XVLNHUYLHU 0lGFKHQXQGGUHL0lQQHUZDUHQYRQPLUPLW]ZHL6FKDW*ROGEH]DKOWZRUGHQVLH ZDUHQHLQJHZHLKW ,FKVWDQGXQEHPHUNWDXIJLQJLQPHLQ=LPPHUXQGIUHXWHPLFKGDLFKHLQ SKRWRJUDSKLVFKH[DNWHV*HGlFKWQLVKDVWH,FKQDKPJHZLVVH9HUlQGHUXQJHQYRUXQG ]XIlOOLJHUORVFKHQHLQLJH)OlPPFKHQDOVLFKDXVGHU'XQNHOKHLWGHV*DUWHQV]XGHU *UXSSHGHU0XVLNHUKLQNWHPLFK]ZLVFKHQLKQHQDXIHLQHQ+RFNHUVHW]WHXQGGLH+DUIH QDFKYRUQNLSSWH 0LWKRKHU6WLPPHEHJDQQLFK]XVLQJHU=ZLVFKHQGXUFK]XSIWHLFKGLHJUHOOHQ ZHFKVHOQGHQ$NNRUGHGLHLFKDXVZHQGLJJHOHUQWKDVWH,FKVDQJ]XHUVWHLQLJH=HLOHQLQ GHQHQLFKVFKLOGHUWHZLHGDV/LHGGHU%\EORV)DKUHUHQWVWDQGHQZDULFKNDQQWHGDV /LHGDXVHLQHP6HHKDIHQ:LUVSLHOWHQGLHHLQJlQJLJHYLHU]HLOLJH6WURSKHXQGHLQHQ ]ZHL]HLOLJHQ5HIUDLQGHQZRKOMHGHUNDQQWH0DQNRQQWHHVRKQHVRQGHUOLFKH0KHELV DXI]ZHLKXQGHUW6WURSKHQEULQJHQ,FKEHJDQQPLWGHU$XVIDKUWDXVGHP+DIHQ 9HUODVVHQH%UlXWH)OXFKWYRUXQHUZQVFKWHU9DWHUVFKDIWOHHUH%|UVHXQGHLQ.RSIYROO YRQ%LHUGXQVWZDUHQGLH=XWDWHQ,FKVDQJPLWMHZHLOVDQGHUHU6WLPPHXQGDQGLHVHU 6WHOOHVFKLHQHQGLHHUVWHQ*lVWH]XEHJUFLIHQGDLFKQLFKWGHUKDOEEOLQGH+DUIQHUZDU -RKOHQGXQGJU|OHQGVDQJHQGLH0XVLNHUGHQ5HIUDLQ'LH)O|WHQZLPPHUWHQGLH 7URPPHOQNUDFKWHQGLH'RSSHOIO|WHQJDEHQMDXOHQGH7|QHYRQVLFK(LQHUGHU DXVJHVSHUUWHQ+XQGHKHXOWHVFKDXHUOLFKLP*DUWHQ ,FKKROWH$WHPXQGEHJDQQGLH]ZHLWH6WURSKH,Q]ZLVFKHQKDVWHQGLH0XVLNHU XQGLFKHLQHQJHPHLQVDPHQ7DNWJHIXQGHQ1DWUOLFKNDQQWHQVLHGLHVHVWHLOZHLVH REV]|QH/LHGYROOHU]ZHLGHXWLJHUXQGHLQGHXWLJHU:HQGXQJHQXQGEHUUDVFKHQGHU 3RLQWHQEHVVHUDOVLFK,FKSDURGLHUWHGHQ7H[WLQGHPLFKDQSDVVHQGHUXQG XQSDVVHQGHU6WHOOHGLH1DPHQGHU$QZHVHQGHQHLQVHW]WH%UOOHQGHV*HOlFKWHU]ZDQJ XQVGLH0XVLN]XZLHGHUKROHQHKHGLHQlFKVWH=HLOHJHVXQJHQZHUGHQNRQQWH$OVVLFK 3WDK6RNDUQDFKPLUXPGUHKHQZROOWHVDKHUPHLQHQOHHUHQ6HVVHO,FKEHREDFKWHWH ZLHVLFKGHU$QIKUHUZHLWEHUGHQ7LVFKEHXJWHXQGGDQQHUNDQQWHZHUHLJHQWOLFK VDQJ ,FKKDVWHPHLQ*HVLFKWGXQNHUJHIlUEWXQG3WDK6RNDUVVFKZDU]H3HUFNHEHU PHLQHQ.RSIJH]RJHQ(LQGXQNOHV+HPGHLQ]HUULVVHQHU6FKXU]XQGKDOEYHUPRGHUWH 6WURKVDQGDOHQYHUYROOVWlQGLJWHQGLH9HUNOHLGXQJ(LQH%LQGHEHUHLQHP$XJHPDFKWH PLFKYROOVWlQGLJIUHPG,FKEHJDQQGLHGULWWH6WURSKH6LHHU]lKOWHYRQHLQHP/DJHUGHU 6FKLIIVEHVDW]XQJDPHLQVDPHQ6WUDQGZDVVLHGRUWPLWGHQ7|FKWHUQGHV/DQGHV WDWHQZDUSK\VLVFKXQP|JOLFKHU]HXJWHDEHUGUDVWLVFKH+HLWHUNHLW,FKNRQQWHKLQXQG ZLHGHUNDXPZHLWHUVLQJHQZHOOLFKHLQHQEHWUlFKWOLFKHQ7HLOPHLQHU.UDIWGD]X YHUZHQGHWHQLFKWORVSUXVWHQ]XPVVHQ'DVVDO]LJH6HNUHWDXVPHLQHQ$XJHQZXVFK GLH)DUEHDXVPHLQHP*HVLFKW,PPHUZLHGHUGU|KQWHQUDQJH/DFKVDOYHQGXUFKGLH 1DFKW'DQQZLHGHUGDV*HVFKUHLDOVDOOH9HUVDPPHOWHQGHQ5HIUDLQVDQJHQXQGGD]X GLH0XVLNHULKUH,QVWUXPHQWHPLKDQGHOWHQ0HLQH)LQJHUZXUGHQZXQGYRQGHQ 'DUPVDLWHQGHU+DUIH,Q]ZLVFKHQZDULFKVFKlW]XQJVZHLVHEHLGHUGUHLXQGGUHLLJVWHQ 6WURSKHDQJHODQJW³$POLHEVWHQZlU¶QZLUGDDQ/DQGJHVFKZRPPHQ²GRFKPXWLJVLQG ZLUVFKQHOODXIQHXHQ.XUVJHNRPPHQ´VFKULHQGLH*lVWH,FKVFKDIIWHHVQRFKHLQ SHDU1DPHQXQWHU]XEULQJHQSHUVLIOLHUWHDEHUPDOVGHQXUVSUQJOLFKHQ7H[WHUIDQG

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ZlKUHQGGHV6LQJHQVHLQLJHYHUEOIIHQGH$XJHQEOLFNV9DULDQWHQXQGlQGHUWHDXFKGLH ]ZHLWH=HLOHGHV5HIUDLQV'DQQEHUJDELFKGLH+DUIHDQHLQH)O|WLVWLQVWDQGDXIXQG ULPLWHLQHU%HZHJXQJGLH%LQGHYRP$XJHXQGGLH3HUFNHYRP.RSI'HU([WUDVLQQ VSRWWHWH$WODQDOV&KRULVWLQDP+DSLXIHU:HQQ(6GDVHUIlKUW ³(6VLHKWDOOHV´PXUPHOWHLFK-HW]WHUNDQQWHDXFKGHUOHW]WH*DVWPHLQH ,GHQWLWlW,FKJULIIQDFKHLQHP%HFKHUXQGO|VFKWHPHLQHQ'XUVW0HLQH.HKOHVFKLHQ]X ]LVFKHQ1H7HIQDFKWVWDQGDXIVFKDXWHPLFKYHUZLUUWDQXQGZDUIGDQQGLH$UPHXP PHLQHQ+DOVSUHWHVLFKDQPLFKXQGVWUHLFKHOWHPHLQHQVFKZLW]HQGHQ5FNHQ$XFK GDPDOVLVWGHU0XWXQVQLFKW]HUURQQHQMRKOWHQGLH*lVWHEHJHLVWHUW'HU1XELHUNDP NRSIVFKWWHOQGDXIPLFK]XKLHOWPLFKDXI$UPHVOlQJHYRQVLFKZHJXQGVDJWHYROO HFKWHU%HZXQGHUXQJ ³$WODQ+RUXV'XKlWWHVWHLQH7HPSHOVWDGWEDXHQN|QQHQGDQQZUGHLFKGLFK QLFKWVREHZXQGHUWKDEHQZLHQDFKGLHVHPKHUUOLFKHQ8QVLQQ,FKJODXEHLFKNHQQH GLFKMHW]WEHVVHU´ ,FKVFKOXJLKPGLH)DXVWJHJHQGHQ2EHUDUPXQGNUlFK]WHZlKUHQGVLFK 7HIQDFKWLQPHLQHQ$UPVFKPLHJWH ³,FKKDEHQLFKWYRUPLWGLHVHU7UXSSH|IWHUVDXI]XWUHWHQ$EHUKHXWHKDE¶LFK HLQHQ.DPSIJHJHQPLFKVHOEVWJHZRQQHQ´ 0LWIDVWIHLHUOLFKHU*HElUGHGHXWHWHGHU1XELHUDXI1H7HIQDFKWXQGVDJWHVR OHLVHGDQXUZLUGUHLXQG3WDK6RNDUHVK|UHQNRQQWHQ ³6LHKDWGLUJH]HLJWZDVDXFKZLUQXQZLVVHQ'XKDVWXQVHUH+HU]HQ JHZRQQHQ´ ³'DQNHHXFK´PXUPHOWHLFKXQGJRDEHUPDOV%LHULQPHLQHQZXQGHQ6FKOXQG ³8QGZHQQGLH*lVWHQXQJHKHQZUGHQODQJVDPYHUVWHKWVLFKZUGHQVLHVLFKPHLQH )UHXQGVFKDIWHZLJOLFKHUKDOWHQ´ ³6RVWHKWHVJHVFKULHEHQ6RVRLOHVJHVFKHKHQ´PXUPHOWHGHU7UXSSHQIKUHU (WZDHLQH6WXQGHVSlWHUZDUHQGLHPHLVWHQ*lVWHJHJDQJHQ-HQHGLHLP+DXV EOLHEHQVFKOLHIHQEHWUXQNHQ,QGHU+DOOHKDVWHQVLFKHLQLJH]XHLQHUNOHLQHQ*UXSSH ]XVDPPHQJHIXQGHQ(LQH7URPPHOZXUGHJHVFKODJHQHLQHHLQVDPH)O|WHWULOOHUWH WUDXULJYRUVLFKKLQGHU+DUIQHU]XSIWHPLW0HLVWHUVFKDIWVHLQH6DLWHQ0HLQHEHLGHQ )UHXQGH]ZHL0lGFKHQ.HQNLUD7L6DFKPHW1H7HIQDFKWXQGLFKVDHQGDXQG WUDQNHQGHQ6DIWJHSUHWHU:HLQWUDXEHQ'LH5XKHGHU1DFKWZDUKHUDEJHVXQNHQZLU XQWHUKLHOWHQXQVOHLVHGLHZLOGH(XSKRULHGHV5DXVFKHVYHUJLQJXQGPDFKWH ZRKOWXHQGHU0GLJNHLW3ODW] ³=ZDQ]LJ7DJH´VDJWHGHU%RWH³6LHIKUHQVFKRQGHLQH%HIHKOHDXVQDKH 1HFKHQ´ ³=ZDQ]LJ7DJHDOVRLQGHQHQHVXQVJXWHUJHKHQZLUG´.HQNLUDNODWVFKWHLQGLH +lQGH³(VLVWWULHUPHKU)UHLKHLWDOVDQDOLHQDQGHUHQ2UWHQ´ ³hEHUDOOZRLFKELQVRUJ¶LFKIUPHKU)UHLKHLW´VDJWHLFKVFKZDFK³6RJXWLFK HVNDQQ´ ,FKGDFKWHGDUDQZLHZHQLJVLFKZLUNOLFKYHUlQGHUWKDVWHVHLW1DUPHU0HQL'LH 5RPHWKDVWHQVFKQHOO]XHLQHUEHVWLPPWHQ+|KHGHU.XOWXUXQG=LYLOLVDWLRQJHIXQGHQ XQGZDUHQDXIGLHVHU(EHQHEHVWUHEW%HZlKUWHV]XHUKDOWHQXQG1HXHVQXUYRUVLFKWLJ DQ]XQHKPHQ ³'LH=HLWGDQDFKZLUGKlUWHUXQGIUYLHOHYRQXQVJHIlKUOLFK´VDJWH3WDK³(VLVW HLQJHZDOWLJHV8QWHUQHKPHQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

,FKVFKWWHOWHGHQ.RSI ³:HQQDOOH%HIHKOHULFKWLJDXVJHIKUWZHUGHQMHW]WXQGVSlWHUEUDXFKHQZLU QLFKWPLW7RWHQ]XUHFKQHQ0LWFXUHU+LOIH=DNDQ]DXQG3WDKZHUGHQZLUXQVHUH=LHOH HUUHLFKHQ´ ³8QGLP7ULXPSK]XUFNNHKUHQ´ 1DFKXQGQDFKO|VWHVLFKGLH*UXSSHDXI'LHOHW]WHQ)ODPPHQGHU2OODPSHQPLW GHP'XIWGHU=HGHUQIODFNHUWHQXQGHUORVFKHQ=XHUVWK|UWHGDV3RFKHQGHU7URPPHO DXIGLH+DUIHQDNNRUGHVFKZLHJHQXQGQXUGLHPHODQFKROLVFKHQ7ULOOHUGHU)O|WH EHJOHLWHWHQ1H7HIQDFKWXQGPLFKDOVZLUGXUFKGHQ*DUWHQXQGGXUFKVVWLIOH+DXVLQ PHLQHQNKOHQ6FKODIUDXPJLQJHU,FKVFKREGLH9RUKlQJHDXVHLQDQGHU]QGHWH]ZHL .HU]HQDXVPHLQHP9RUUDWDQXQGGHXWHWHVFKZHLJHQGDXIGLHZHLH8PIDVVXQJGHV 7HLFKHVQHEHQGHU7HUUDVVH:RUWORV]RJHQZLUXQVDXVXQGJLQJHQEHUGLHVWHLQHUQHQ 6WXIHQLQVVDEHUHNKOH-RWUXZDVVHULQGHPHLQLJH6HHURVHQXQG:DVVHUOLOLHQ VFKZDPPHQ1H7HIQDFKWOHJWHGLH$UPHXPPHLQHQ+DOVXQGNWHPLFKLFKVSUWH LKUHQZDUPHUZHLFKHQ.|USHUXQGHUIRUVFKWHLKQODQJVDP]|JHUQGPLWXQUXKLJHQ )LQJHUQ(VVFKLHQDOVNDQQWHQZLUXQVVFKRQHLQ-DKU]HKQWhEHUGHU0DXHUNDQWH ]ZLVFKHQVFKZDU]HQ3DOPHQZLSIHOQXQGLQPLWWHQXQQDWUOLFKNODUHU6WHUQHVWUDKOWHGHU YRLOH0RQG ³,FKZHUGH$WODQ+RUXVXQVHUH1lFKWHPLW/HLGHQVFKDIWIOOHQ´IOVWHUWH 7HIQDFKWXQGWDXFKWHWLQWHU³$OOH0RQGZHFKVHOODQJ)UHPGHUEOHLE¶LFKEHLGLU:HQQ GXPLFKQLFKWZHJVFKLFNVW´ ³:DVN|QQWHPLUEHVVHUHVJHVFKHKHQ´VDJWHLFKXQGK|UWH]XZLHGDV:DVVHU SOlWVFKHUWHXQGGHUZDUPH:LQGYRUGHQ&K|UHQGHU)U|VFKHPLWGHQ)lFKHUQGHU 3DOPHQUDVFKHOWH³8QGZHQQZLUXQVWUHQQHQGDQQQXUIUZHQLJH7DJH.RPP´ :LUWURFNQHWHQHLQDQGHUPLWJURHQZHLFKHQ7FKHUQDWHLFKVFKORGLH 9RUKlQJHXQGHVVFKLHQDOVEHIlQGHQZLUXQVJDQ]DOOHLQDXIHLQHU,QVHOLP0HHU NRVPLVFKHU5XKHXQG(LQVDPNHLW'LH6SUQJHJURHU+DSLEDUVFKHXQGGUHLPDOGDV GRQQHUQGH%UOOHQYRQ/|ZHQDXVGHU:VWHLP2VWHQK|UWHQZLUNDXPDOVZLUXQV ZLHGHUOLHEWHQ$XVZRUWORVHU=lUWOLFKNHLWZXUGHNHXFKHQGH/HLGHQVFKDIW8QVHUH .|USHUYHUVFKPRO]HQLQHLQHUVHOWVDPHQ+DUPRQLHGLHPHLQHXQJHRUGQHWHQ*HGDQNHQ YHUGUlQJWHXQGGLH1DFKWVWXQGHQ]XHLQHPGHUVHOWHQHQ0RPHQWHPDFKWHDQGLHLFK PLFKVWHWVHULQQHUQZUGHLQGHU:LUUQLVGLHVHV%DUEDUHQSODQHWHQ(ULQQHUXQJHQGLHVHU $UWNRQQWH(6PLUQLFKWQHKPHQEHJULIILFKXQGHVZUGHQ7DJHXQG-DKUHNRPPHQLQ GHQHQLFKQLFKWVDQGHUHVEHVDDOVGLHVHQ1DFKKDOOGHUOHLGHQVFKDIWOLFKHQ:LUNOLFKNHLW :LUVFKOLHIHQHLQZHQLJNKOWHQXQVHUH+DXWELVVLHXQWHUGHQ:DVVHUWURSIHQUDXK ZXUGHLPNOHLQHQ6HHURVHQWHLFKXQGOLHEWHQXQVELVGDV*HVWLUQGHV5HEHUGLH |VWOLFKHQ'QHQNOHWWHUWH 1H7HIQDFKWVDQHEHQPLULP+HFNGHU%DUNH,KUHVFKODQNHQ)LQJHUIXKUHQ EHUGLH6DLWHQGHVODQJKDOVLJHQ,QVWUXPHQWVVLHVDQJOHLVH³(LQ:XQGHULVWGHU+DSL 'UHL0RQGHIDQJLVWHUHLQHVLOEHUQVFKLPPHUQGH3HUOH'DQQZLUGVHLQ:DVVHU]X VFKZDU]HPZRKOLJULHFKHQGHP6LOEHUXQGDEHUPDOVGUHL0RQGHVSlWHULVW-RWUXHLQ GXQNHOJUQHU6PDUDJGHKH*RWW+DSLLKQ]XHLQHP%DUUHQJHOlXWHUWHQ*ROGHVPDFKW ´ 6LHOlFKHOWHPLU]X8QVHUH%DUNHWULHELQGHU0LWWHGHV6WURPHV%HJHLVWHUW ODXVFKWHQGLH6ROGDWHQ7HIQDFKWV*HVDQJ'LH)DUEHGHV:DVVHUVKDVWHJHZHFKVHOW (LQEUHLWHUEODXJUQHU6WUHLIHQHUVWUHFNWHVLFK]ZLVFKHQJUQHQ8IHUQXQGGHP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VWHFKHQGHQ:HLJHOEGHU:VWH:LUZDUHQDXIGHP:HJQDFK1HFKHQXQG*HE7HMX ,FKZDUWHWHGHQ5XIGHV0DQQHVPLWGHP/RWVWDEDWHOlFKHOWH]XUFNXQGVDJWH ³6LQJZHLWHUVFK|QVWH7HIQDFKW-HGHUPDQQIUHXWVLFKEHUGHLQHQ*HVDQJ´ 'LH-DKUHV]HLW3HUHWZDUPLWGHP0RQG7\ELDQJHEURFKHQ6DDWHQZXFKVHQXQG UHLIWHQ'LH+LUWHQXQGGLH+HOIHUGHV+HULXGMHEGHV9HUZDOWHUVWULHEHQ+HUGHQGLH XPKHU]RJHQXQGLQVIUXFKWEDUH'UHLHFNJHWULHEHQZXUGHQ.lOEHUZXUGHQJHERUHQGLH 7LHUHZXFKVHQXQGZXUGHQIHWWLQJURHQ*DWWHUQ]FKWHWHPDQ$QWLORSHQXQG2U\[ (VHOKHQJVWHZXUGHQDEJHULFKWHW6DQGVFKOLWWHQ]X]LHKHQXQG/DVWHQ]XWUDJHQ +KQHU*lQVH(QWHQ.UDQLFKHXQG3HOLNDQHPlVWHWHPDQLQHQJHQ.lILJHQPLW )XWWHUNO|HQ5LQGHUEDQGPDQVWULHJHOWHXQGVFKODFKWHWHVLH)OHLVFKIU7HPSHO 3DOlVWHXQGGLH+lXVHUGHU6FKUHLEHUXQG%HDPWHQ$OOPlKOLFKOHHUWHQVLFKGLH .RUQVSHLFKHUGLHZLHULHVLJH%LHQHQN|UEHDXVVDKHQ ,P6FKLOIVFKRVVHQ-lJHUXQG9HUZDOWHUPLWODQJHQ3IHLOHQ:DVVHUY|JHO VSHHUWHQ)LVFKHRGHUILQJHQVLHLQ1HW]HQRIWVDKHQZLUGLH)OHFKWZHUNEDUNHQLP6FKLOI :LUIXKUHQYRQGHU6WU|PXQJXQGZDUPHP6GZLQGJHWULHEHQVWURPDEZlUWV(LQPDO VDKLFKDXFKGHQ1DFKHQGHU1XX-lJHUDXIULWXHOOHU-DJGQDFKGHP)OXSIHUGEXOOHQ 6HLW1DUPHU0HQLVOHJHQGHQKDIWHP7RGZlKUHQGGHU-DJGDXIGHULFKLKQEHJOHLWHW KDVWHMDJWHQQXU*RWWN|QLJHXQGK|FKVWH:UGHQWUlJHUGLHVHPlFKWLJHQ7LHUH 7DJHXQG1lFKWH3OlQHXQG)HVWHLPZHLHQ+DXVDP6WURPZDUHQYRUEHL,Q GHU%DUNHVDKLFKQXU6ROGDWHQ:DIIHQ$XVUVWXQJXQGEOLW]HQGH%URQ]H:LUKDVWHQ XQVHQWVFKORVVHQZHQLJVWHQV1H7HIQDFKWPLW]XQHKPHQPDQNRQQWHVLHPLWHLQHP DQGHUHQ6FKLIIQDFK1XEHW]XXQVHUHP+DXV]XUFNEULQJHQ 3WDK6RNDUNDPDXVGHPNOHLQHQ'HFNVKlXVFKHQEDODQFLHUWHEHUGHQEUHLWHQ /lQJVVWHJXQGOHKQWHVLFKQHEHQGHP6WHXHUPDQQDQGLH%RUGZDQG(UKREGLH+DQG XQGVDJWH ³:HQQZLUVROFKJXWH6ROGDWHQVLQGZLHZLUYRUJHEHQGDQQ]LWWHUWGHUVFKZDU]H .RORVFKRQMHW]W:LUELHWHQHLQSUlFKWLJHV%LOG´ 'DVZDUULFKWLJ'LH%DUNHPLWGHPIODFKHQ%RGHQJOLWWVFKQHOOGDKLQGDV6HJHO ZXUGHYRP6GZLQGJHEOlKW,SXNLGHU6WHXHUPDQQKLHOWOlVVLJGLHJHNUPPWHQ =HGHUQKROPHGHU'RSSHOUXGHULQGHQ)lXVWHQ%XQWH0DOHUHLHQGDVZHLH /HLQHQVHJHOGLHVFKPDOHQ%URQ]HVWUHLIHQXPGLH5LHPHQVFKlIWHGD]XIXQNHOQGH +HOPHSROLHUWH/HGHUWHLOHGHU+DOEUVWXQJHQEOLW]HQGH:DIIHQXQG6FKLOGH3IHLON|FKHU XQGUDQJHJHVFKZXQJHQH%RJHQ²GLH%DXHUQDXIGHQ)HOGHUQGLH)LVFKHUXQGMHQH GLHDQGHQ%DXWHQXQGLQGHQ3DOPHQKDLQHQDUEHLWHWHQ$OOHZLQNWHQXQV]X:LUZDUHQ ,QVDVVHQHLQHU%DUNHGHUHQ*ODQ]GHXWOLFKHLQHQ7HLOGHUJRWWN|QLJOLFKHQ0DFKW YHUVLQQELOGOLFKWH ³:HQQDOOHVYRUEHLLVW%UXGHUZLUGGDV%LOGQLFKWPHKUVRSUlFKWLJVHLQ´VDJWH =DNDQ]D8SXDXW³1RFKKDEHQZLU=HLWGLHSUXQNYROOHQ+lXVHUGHU'DKLQJHJDQJHQHQ ]XEHZXQGHUQ´ $XIGHP:HJYRQ1XEHWQDFK*HE7HMXZRGDV7URFNHQWDOYRQVWQDFK:HVW YHUOLHIVDKHQZLU%HUJWHPSHO7DOWHPSHOXQGYLHOHKDOEXQWHULUGLVFKH%HJUlEQLVVWlWWHQ KRKHU%HDPWHU5LHVLJH6WHLQEDXWHQZHLPLWIDUELJHQ)ULHVHQXQGULHVLJHQ %LOGZlQGHQYROOHU)LJXULQHQXQG6FKULIW]HLFKHQ*HZDOWLJH.RQVWUXNWLRQHQLQPLWWHQ JUQHU)HOGHUXQGbFNHULP6FKDWWHQYRQ3DOPHQZlOGHUQYRQGHU6RQQHXQGGHP VWUDKOHQGHQ+LPPHOLQXQLUGLVFKHV/LFKWJHWDXFKW)UHLQHQ7RWHQZXUGHWDXVHQGPDO PHKUJHEDXWDOVIU]HKQWDXVHQG/HEHQGH'HUHLQ]LJH6LQQGHV/HEHQVZDUVLFKDXI

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

HLQ/HEHQQDFKGHP7RGHYRU]EHUHLWHQ$XFKGLHVH(QWZLFNOXQJZDUVFKRQYRQGHQ 3ULHVWHUQGHVHUVWHQ.|QLJVYRQ2EHUXQG8QWHUlJ\SWHQHLQJHOHLWHWZRUGHQGHQHQLFK GLH7HPSHOJHEDXWKDVWH ³6LHVLQGLQGHU7DWKHUUOLFKXQGJHZDOWLJ´VDJWHLFK]X1H7HIQDFKW %HZXQGHUQGVDKLFKKLQEHUGXUFKGLH*UHQ]KHFNHQGHU)HOGHUGXUFKVFKZDQNHQGH 6FKlIWHGHU3DOPHQ(LQHYROONRPPHQH+DUPRQLHYRQ6lXOHQXQG0DXHUQDXI DEEU|FNHOQGHQ6DQGVWHLQIHOVHQXQG.DONEHUJHQGLH%DXZHUNHRUGQHWHQVLFKGHU 8PJHEXQJWLQWHUREZRKOVLHJURDUWLJZDUHQ$EHUVLHKDVWHQNHLQHQRUJDQLVDWRULVFKHQ =ZHFNHVZDUHQQLFKWHLQPDO)HVWXQJHQ(LQHXQYRUVWHOOEDUH0DVVH$UEHLWVNUDIWZDU ]X6WHLQJHZRUGHQ5DPSHQUlWVHOKDIWH*HVWDOWHQ]XVDPPHQJHVHW]WDXV0HQVFKHQ XQG7LHUHQ6SKLQJHQXQG6lXOHQUHLKHQ]XVDPPHQJHKDOWHQYRQPlFKWLJHQ%DONHQDXV 6WHLQYRQ6FKOLQJSIODQ]HQXPZXFKHUWGD]XNRQLVFKH)DVVDGHQXQG7UPHUDQJH 0DXHUQGHUHQ6WHLQHDXVVDKHQZLHEHDUEHLWHWHV+RO]NOHLQH7HPSHOYHUVWHFNWLP *UQYRQ3IODQ]HQZLHGHUULHVLJH$QODJHQDQGLH8IHUEHUJHDQJHOHKQWXQGDXV JHZDFKVHQHQ)HOVHQKHUDXVJHDUEHLWHWPLW%URQ]HPHLHOQ6WHLQKlPPHUQ+RO]NHLOHQ XQGKlUWHUHQ6WHLQLQVWUXPHQWHQ'DV\RONZDUYRP0HHUELV]XP]ZHLWHQ.DWDUDNW HPVLJZLHGLH%LHQHQ 8QZHLWYRQ1HFKHQQlKHUWHQZLUXQVGHP|VWOLFKHQ8IHU,Q.U]HZUGHQZLU VHKHQXQGHUOHEHQREXQGZLHJXWGLH%HIHKOHDXVJHIKUWZRUGHQZDUHQ(LQ $ND]LHQZDOGWDXFKWHDXIODQJJHVWUHFNWDP8IHUGDKLQWHUVDKHQZLU]ZLVFKHQ'QHQ GLHHUVWHQ)HOVHQ(LQNOHLQHV'RUIODJVFKUlJYRUDXV'HU+DSLIORWULHUJHQDXQDFK 1RUGRVWHQ ³0DQVDJVGDGLHVHV7DOHLQVWHLQ)OXZDU´PHLQWH3WDK6RNDUQDFKHLQHU :HLOH ³(LQ)OXGHQHVQXUGDQQJLEWZHQQHVUHJQHW´DQWZRUWHWHLFK(VZDUVRJXW ZLHDXVJHVFKORVVHQGDGLHVHV%HWWGHVSHULRGLVFKHQ)OXVVHVMHPDOVPLWHLQHU EHPHUNHQVZHUWHQ0HQJH:DVVHUJHIOOWVHLQZUGH'HXWOLFKZDUDQGHQ+lQJHQ]X VHKHQGDHVLQYRUJHVFKLFKWOLFKHU=HLW:DVVHUJHJHEHQKDVWHGDPDOVDOVGLH:VWH QRFK6DYDQQHJHZHVHQZDU ³6LFKHUOLFKUHJQHWHVQLFKWZHQQZLULQGHP7DOGHV+HQHQXVLQG´EUXPPWH =DNDQ]D(LQHVGHU3UREOHPHPLWGHPZLUXQVKHUXPVFKODJHQPXWHQZDUGDV NRVWEDUH1D(VHQWVFKLHGEHU/HEHQXQG7RG,FKGUHKWHPLFKKHUXPXQGULHI ³%ULQJWGLH%DUNHDQGHQJURHQ6WHJYRQ*HE7HMX´ ,SXNLYHUQHLJWHVLFK:LUIXKUHQDQ1HFKHQYRUEHLVHW]WHQHLQPDOGLH5LHPHQHLQ XQGOHJWHQJHJHQ0LWWDJDQXQVHUHP=LHODQ*HE7HMXZDUHLQHNOHLQH6WDGWDXVYLHOHQ /HKPEDXWHQXQGZHQLJHQ6WHLQKlXVHUQGLHDEHUHLQHQVDEHUHQXQGZRKOKDEHQGHQ (LQGUXFNPDFKWH6FKRQDXIGHU6DQGIOlFKHXQWHUGHQVFKDWWHQVSHQGHQGHQ:HGHOQGHU 3DOPHQVDKHQZLU6WDSHOYRQ0DWHULDOXQGGLH5HVWHJU|HUHU6WDSHO ,FKK|UWHHLQYHUWUDXWHV*HUlXVFKDQ/DQG3WDK6RNDUULHIPLWEHKHUUVFKWHU 6WLPPHGLH.RPPDQGRV3IHUGH8QG5lGHUDXI6DQGXQG6WHLQZLVSHUWHGHU /RJLNVHNWRU'LH%DUNHOHJWHDQXQGZXUGHYHUWlXWGLH3ODQNHQVFKOXJHQSROWHUQGDXI GLH6WHLQH$XVGHQ+lXVHUQOLHIHQGLH0HQVFKHQDXIXQV]X,FKVDKZLH]ZHLMXQJH 0lQQHUHLQHQSUlFKWLJHQ:DJHQXQGGUHLLQGHU+HOOLJNHLWVFKHXHQGH3IHUGH KHUDQIKUWHQ'DVJUHOOH:LHKHUQGHUDXIJHUHJWHQ3IHUGHKDVWHPLFKEHJHLVWHUW,FK VSUDQJDQ/DQGhEHUDOOJDEHVGLHJHWLOJWHQ6SXUHQHLQHUULHVLJHQ0HQVFKHQPHQJH GLHGXUFKJH]RJHQZDU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$PHQHPKHWVUHFKWH+DQGKDVWHDOVR:RUWJHKDOWHQGLH$EJHVDQGWHQKDVWHQHV WDWVlFKOLFKJHVFKDIIWDXVGHP/DQGGHUKHNDFKHVXWGHU+lXSWOLQJHGHU)UHPGY|ONHU 3IHUGHXQGVRJDUPHLQHQOHLFKWHQ:DJHQPLWULHVLJHQ6SHLFKHQUlGHUQ KHUDQ]XVFKDIIHQ)UPLFKHU|IIQHWHQVLFKQHXH0|JOLFKNHLWHQGHU)RUWEHZHJXQJ,FK UDQQWHDXIGHQ:DJHQ]XXQGEOLHEVWHKHQDOVLFKQHEHQPLUHLQH6WLPPHK|UWH =DNDQ]DVWHPPWHGLH)lXVWHLQGLH6HLWHQ ³0LWGLHVHQIXUFKWEDUHQ7LHUHQZLOOVWGXGHQVFKZDU]HQ.ROR]HUWUPPHUQ $WODQ+RUXV"´ ³1HLQNHLQHVIDOOV´VDJWHLFK]X=DNDQ]D8SXDXW³'HU:HJGRUWKLQZLUGNU]HU ZHUGHQ:DUWHELVGXGLH7LHUHNHQQVW´ (LQ6ROGDWNDPDXIXQV]XXQGYHUQHLJWHVLFKHKUHUELHWLJ ³'XELVW+HUUMHQHUGHQVLH$WODQ+RUXVQHQQHQ"´ ³-D´ ³,FKELQ.HVK\XQGLFKKDQGOHQDFKGHP%HIHKOGHV*|WWOLFKHQGHUDXFKGHLQ %HIHKOZDU$OOHVLVWEHUHIW,Q]HKQ7DJHQZLUVWGXNHQQHQJHOHUQWKDEHQ6FKDWWHQGHV +RUXVZDV]ZLVFKHQWULHUXQGGHQ8IHUQGHV0HHUHVJHVFKDKLP7DOGHV+HQHQX´ ³'XKDVWGLH9HUDQWZRUWXQJEHUQRPPHQ"´'HU1XELHUPXVWHUWHPLWUDXLVFKGHQ 6ROGDWHQDOVKDEHHUHLQHQ$XVVlW]LJHQYRUVLFK'HUMXQJH0DQQZXUGHXQVLFKHU ³0DQEHIDQGPLFKDOVZUGLJgIIQHUGHU:HJH´ ³'DQQZLUVWGXXQVGHQNHLFKPRUJHQEHL7DJHVDQEUXFKQDFK:HVWHQIKUHQ 6LQGGLH6WUDHQVLFKHU"´ ³:HQQZLUDQJHJULIIHQZHUGHQQXUYRQ/|ZHQ6FKDNDOHQ'XUVWXQG 6DQGVWUPHQDEHUYRQNHLQHPPHQVFKOLFKHQ:HVHQ´.HVK\ZDUXQDXVJHVFKODIHQ VHLQ*HVLFKWZLUNWHJUDX1XUPLW$QVWUHQJXQJKLHOWHUVLFKDXIUHFKW$EHUVHLQH $XVUVWXQJZDUJHSIOHJWXQGZLUNWHJHEUDXFKW%HVRQGHUVGLH3HLWVFKHGLHHUZLHHLQHQ :XUIVSHHULQGHU6FKLOGKDQGEXJ,FKKREGLH+DQGNHKUWH.HVK\GLH+DQGIOlFKH]X XQGRUGQHWHDQ ³/HJGLFKVFKODIHQ0DQQ´ ³+HUUGXELVWJWLJ´,FKVFKQLWWVHLQH%HWHXHUXQJHQDEXQGVDJWHKDOEODXW ³:HQLJHUGDV9HUODGLFKQLFKWGDUDXI:LUEUDXFKHQNHLQHQ)KUHUGHUYRU (UVFK|SIXQJDXVGHP:DJHQIlOOW:LHYLHOHGLHVHUSUlFKWLJHQ7LHUHEHILQGHQVLFK KLHU"´ ³=HKQ7LHUH$WODQ+RUXVGDYRQGUHL+HQJVWH6LHVLQGZLOG´ ,FK]HLJWH]XU%DUNHXQGDXIGLH+DQGZHUNHUKlXVHUKLQWHUGHUVFKW]HQGHQ /HKP]LHJHOZDQG ³8PGDV0DGHLQHU)UHXGHEHUIOLHHQ]XOHVVHQ.HVK\ELWWHLFKGLFK/DGLH +DQGZHUNHUGLH:DJHQ]XVDPPHQVHW]HQGLHJHUDGHDXVGHU%DUNHDXVJHODGHQ ZHUGHQ:LUEUDXFKHQGUHL*HVSDQQHXPGHQ6FKZDU]HQ.RORXQWHUXQVHUHQ6RKOHQ ]X]HUWUPPHUQ'LHVHMXQJH)UDX1H7HIQDFKWVRLOEHLP*DXIUVWHQZRKQHQELVHLQ 6FKLIIKDSLDEZlUWVVLHQDFK1XEHWPLWQLPPW6RVRLOHVJHVFKHKHQ´ (UYHUEHXJWHVLFKXQGZLQNWHVHLQHP6FKUHLEHUHKHHUGDYRQWUDEWH'HU 6FKUHLEHUEHULFKWHWHZHOFKH0HQJHQDQ0DWHULDOYRQZLHYLHOHQ0HQVFKHQJHWUDJHQ ]XVDPPHQPLW(VHOVNDUDZDQHQLQ|VWOLFKHU5LFKWXQJEHZHJWZRUGHQZDUHQ,FK LQVSL]LHUWHGLH=XJWLHUHOLHGLH+HQJVWHZDVFKHQXQGVWULHJHOQlQGHUWH.OHLQLJNHLWHQ DQ=JHOQ7UHQVHQXQG=XJJHVFKLUUXQGQDKP]XVDPPHQPLW=DNDQ]D3WDKXQG 7HIQDFKW4XDUWLHUEHLP6WDGWYHUZDOWHU*HE7HMXV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

0HLQH$XVUVWXQJZDULQIODFKHQOHGHUQHQ7DVFKHQYHUVWDXW5LFRV6RQGHQ NUHLVWHQEHUGHP6WURPGHP6WlGWFKHQXQGGHPEUHLWHQ3IDGGHQVLHDOV³6WUDH ]XPgVWOLFKHQ0HHU´EH]HLFKQHWHQ1DFKHLQHPOHLFKWHQ0DKOOHJWHQZLUXQVDXIGLH VFKPDOHQ/DJHUQRFKYRUGHP0RUJHQJUDXHQYHUDEVFKLHGHWHLFKPLFKYRQ1H 7HIQDFKW =DNDQ]D8SXDXWJULQVWHEUHLWXQGULHIEHUPWLJ ³2EZRKOLFKQLFKWJHVFKZLQGHOWKDEH]RJLFKGDVEHVVHUH/RV'LHVDOOHVLVWPLU QHXDEHUHVYHUVSULFKWDXIUHJHQG]XZHUGHQ´ :LUVWDQGHUPLWIHGHUQGHQ.QLHQLPGDKLQUROOHQGHQ:DJHQ.XU]H 6HKQHQVFKQUHKLHOWHQXQVHUH*UWHODP:DJHQNRUEIHVV'LHGUHLVFKZDU]HQ+HQJVWH ZDUHQZLOGLFKKLHOWGLHVWUDIIHQ=JHOLQEHLGHQ+lQGHQ:LUIXKUHQLQUDVFKHP7UDE DXIGHPWDXIHXFKWHQ3IDGGDKLQ'HU+LPPHOEHUXQVMHQVHLWVGHU%DXPNURQHQIlUEWH VLFKJUDXXQGURVHQIDUELJ ³(VZLUGDXIUHJHQG´YHUVLFKHUWHLFK³+RIIHQWOLFKPDUVFKLHUHQQQVHUH)UHXQGH QLFKW]XODQJVDP´ :LUIXKUHQDXIHLQHUXUDOWHQ6WUDH$EHUVLHZDULPPHUZLHGHUYHUJHVVHQ ZRUGHQHEHQVRZLHDOOHVMHQVHLWVGHV(LQVFKQLWWVGLHVHVZDVVHUORVHQ7DOHV'HU QXELVFKH%RWHVDJWHODXW ³9RUVHFK]LJ-DKUHQ$WODQ+RUXVVDQGWH0HQWXKRWHSHLQHQQLFKWPHKUJDQ] MXQJHQ0DQQQDFK3XQW6HLQ1DPHZDU+HQXRGHU+HQHQXHUZDUGHU9HUWUDXWHGHV HUVWHQ0HQWXKRWHSJHZHVHQGHV9DWHUV(UZDULPDFKWHQ-DKUGHU5HJLHUXQJV]HLW´ %HUXKLJHQGIHGHUWHGLHZHLWDXVOHJHQGH$FKVH'LH5lGHUVFKHLQEDUDXV +DUWKRO]XQG%URQ]HDQZLFKWLJHQ6WHOOHQPLWVWDKOKDUWJHNQHEHOWFQ/HGHUVFKQUHQ YHUVWlUNWOLHIHQVSXUJHWUHX'LHVFKODQNH'RSSHOGHLFKVHOZLSSWHLP7DNW-HW]WZXUGH GDV(FKRDOOHU*HUlXVFKHYRQJHOEURWHQJUQOLFKJHlGHUWHQ)HOVZlQGHQ ]XUFNJHZRUIHQ1RFKZDUHVNKOEDOGZUGHQVLFKJOKHQGH6RQQHQVWUDKOHQZLH 3IHLOHLQXQVHUH5FNHQERKUHQ ³'UHLWDXVHQG0lQQHUPLW]HUOHJWHQ6FKLIIHQJLQJHQGLHVH6WUDHGLHZLU ZXQGHUEDUHUZHLVHIDKUHQ,UJHQGZROLH+HQXHLQHQJHJOlWWHWHQ)HOV]XUFNDXIGHP GHU%HULFKWHLQJHVFKODJHQVWHKW=XHUVWDOOHUGLQJVPXWHQVLHGLHVHQ3IDGYRQGHQ )HLQGHQGHV.|QLJVVlEHUQZDVEHGHXWHWGDVLH:VWHQQRPDGHQILQJHQXQGGLH 6FKLIIHVFKOHSSHQOLHHQ%H]HLFKQHQGHUZHLVHJDEHVDQGHUH1RPDGHQGLHDOV6SlKHU XQG.lPSIHUGLHQWHQ$EHUKHXWHVLQGGLHVH/HXWHRGHUGHUHQ1DFKNRPPHQEUDYH 5RPHW´ ,FKGHXWHWHDXIGLHSUDOOHQ3IHLON|FKHUGLHEHLGHQ6FKLOGHJHNUPPWH)OlFKHQ PLWJHUDGHQ5lQGHUQXQGKDOENUHLVI|UPLJHP2EHUWHLODXIGLH:XUIVSHHUHPLW YLHUNDQWLJHQ%URQ]HVSLW]HQXQGGLHODQJHQ%RJHQ ³:LUZUGHQXQV]XZHKUHQZLVVHQ:DVJHVFKDKZHLWHUPLW(QHQXV7UXSSHQ"´ ³1XQVLHEDXWHQGLH6FKLIIHVHJHOWHQQDFK3XQWNDPHQ]XUFNXQGNRQQWHQ *ROG:HLKUDXFKXQG0\UUKHQElXPHNDXPVFKOHSSHQ'LH=XUFNJHEOLHEHQHQDEHU KLHEHQGXQNHOJUQH%O|FNHDXVGHQ)HOVHQXQGVFKOHSSWHQDOOHV6FKLIIH*ROGXQG 4XDGHU]XUFNQDFK0HQHIUX0LUH´ ³6RlKQOLFKZHUGHQZLUYHUIDKUHQ9RP6WHLQEUXFKZXWHLFKQLFKWV´VDJWHLFK ³'LH(QWIHUQXQJEFWUlJWK|FKVWHQV]HKQ7DJH:RVRLOGHUHUVWH%UXQQHQVHLQ"´ ,QHLQHUYLHOVDJHQGHQ*HVWHEUHLWHWHGHU1XELHUGLH$UPHDXV(UVSXFNWH6DQG XQGULHI

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³.HLQH$KQXQJ$P(QGHGHV7DJHVHUUHLFKWGHU0DUVFKLHUHQGHGHQHUVWHQ %UXQQHQVDJWH.HVK\´ 'HU:HJZDUPHKUDOV]ZHL0DQQVOlQJHQUXQGDFKW(OOHQEUHLW $QGHQPHLVWHQ6WHOOHQEHVWDQGHUDXV6DQGPLW/HKPXQGNOHLQHQ6WHLQHQ YHUPLVFKWYHUOLHIQHEHQGHPJHU|OOJHIOOWHQ)OXODXIGHUVWDXEWURFNHQZDUZDQGVLFK HQWODQJGHU)HOVHQXQGZDUGXUFKHLQH5HLKHYRQ6WHLQKDXIHQJHNHQQ]HLFKQHWLQ GHQHQ%LQVHQEQGHOVWHFNWHQ,FKKDVWHGLH=JHOJHORFNHUW'LHDXVJHUXKWHQ7LHUH ZXUGHQVFKQHOOHUXQGILHOHQLQODQJJHVWUHFNWHQ*DORSS'HU:DJHQVFKOHXGHUWHXPGLH .XUYHQXQGDXIGHQJHUDGHQ7HLOHQGHU6WUHFNHGDKLQ=DNDQ]DVHQNWHGHQ.RSIXP QLFKW6DQGLQGLH$XJHQJHVFKOHXGHUW]XEHNRPPHQ ³:HLWGXQXQZDUXPLFKGLHVH7LHUHEUDXFKWH"´ ³,FKYHUVWHKHDOOHV´VFKULHHU,FKEHJULIIZDUXP.HVK\HUVFK|SIWZDU(UVFKLHQ HKUJHL]LJXQGHQWVFKORVVHQ]XVHLQVLFKZlKUHQGGLHVHU([SHGLWLRQHLQHQ1DPHQ]X PDFKHQ-HGHQIDOOVZDUGDVHUVWH6WFNGHU6WUDHRKQHMHGHQ7DGHO,FKGUHKWHPLFK KHUXPXQGOLHGLH7LHUHUHQQHQVLHZUGHQLKU7HPSRVHOEVWYHUULQJHUQZHQQVLHVLFK DXVJHWREWKDWWHQ-HGHQIDOOVZDUHQLKUH6SUQJHYRQKHUUOLFKHP*OHLFKPD'HU ORGHUQGH%DOOGHU6RQQHJLQJDXI6WUDKOHQEQGHO]XFNWHQGXUFKGLH6FKOXFKW6FKDWWHQ VWUHFNWHQVLFKEHUGLH6WUDH'LH6RQQHZDUGHUHLJHQWOLFKH+HUUVFKHUEHUGLHVHV /DQG:RKOWXHQGZRHV:DVVHUJDEW|GOLFKDQDQGHUHQ6WHOOHQDQGHQHQ:DVVHUXQG 6FKDWWHQIHKOWHQ$OVRDQQHXQ=HKQWHOGHU8PJHEXQJ-HGHU6FKULWWDXVGHPVLFKHUHQ 7DOLQGLH:VWHZDUIUGHQ5RPHWGHUHUVWH6FKULWWLQXQPLWWHOEDUH/HEHQVJHIDKU'LHV HUNOlUWHYLHOH(LJHQWPOLFKNHLWHQGLHVHUJHVFKORVVHQHQ+RFKNXOWXU ³'RUWREHQ´ULHI=DNDQ]D8SXDXWSO|W]OLFK6HLQ$UPPLWGHP6WUHLWNROEHQIORJ KRFKXQGGHXWHWHDXIHLQHQ)HOVHQGHUDXVHLQHUJHZDOWLJHQ'QHKHUYRUVWDFKGLHZLH HLQHHUVWDUUWH%UDQGXQJVZHOOHYRUGHPhEHUVFKODJHQZLUNWH,FKIROJWHVHLQHP7KLFN XQGVDKHLQHQ%RJHQVFKW]HQGHUJUHQGVHLQHQ6FKLOGVFKZHQNWH1DFKGHU QlFKVWHQ.XUYHVDKHQZLUGDHUHLQZLQ]LJHV)HXHUDQ]QGHWHgORGHUHLQHQ |OJHWUlQNWHQ/DSSHQGDUDXIZDUI(LQHGXQNOH5DXFKIDKQHGLHHUPLWGHP6FKLOGLQ )lGHQ]HUWHLOWHVWLHJVFKUlJLQGHQ0RUJHQKLPPHO ³6HKUJHVFKLFNWGLHVHU.HVK\´ULHIGHU1XELHUDQHUNHQQHQG³6LHKDEHQ 6LJQDOH´ 9RQMHQHP)HOVHQJDEHVHLQHQKHUYRUUDJHQGHQ7KLFNEHUHLQHUDQJH6WUHFNH GHV7DOHV1LFKWHLQHLQ]LJHU*UDVKDOPZXFKVWULHUNHLQ6WUDXFKNHLQ0RRV1XU6WHLQH ZDUIHQ6FKDWWHQ-HGHU3XQNWGHUVLFKEHZHJWHZDUOHLFKW]XHQWGHFNHQ:LUZDUHQ VLFKHUPHKUPDOVVDKHQZLUVROFKH5DXFKVWUHLIHQ8QVHUH$QNXQIWZXUGH]XUHUVWHQ 6WDWLRQJHPHOGHW'LH6FKQHOOLJNHLWGHU3IHUGHOLHQDFK6LHZDUHQPGHJHZRUGHQ KDVWHQLKUHEHUVFKVVLJH.UDIWLQ/HLVWXQJXPJHVHW]W(LQH=HLWODQJJDEHVQXUGDV .HXFKHQGHU7LHUHXQGGDV0DKOHQGHU)HOJHQDXIGHQ6WHLQHQGDQQVDJWHLFKODXW ³8QGDQZHOFKHU6WHOOHVDPPHOWVLFKGDV+HHUGDVZLUEUDXFKHQ"´ ³%HLHLQHP/DJHUDP+DSLVGOLFKYRPHUVWHQ.DWDUDNW'LHHUVWHQ 4XDUWLHUPDFKHUXQGGLH%RJHQVFKW]HQVROOWHQVFKRQDXIZlUWVUHLVHQ´ ³8QGEHLJQVWLJHP:LQGXQGJXWHU0XVNHONUDIWN|QQWHQDXFKGLH6FKLIIHEDOG KLHUKHUNRPPHQ´ ,FKZLHVQDFKYRUQ'RUWODJLQZHLWHU)HUQHGLH.VWHPLWJHIlKUOLFKHQ .RUDOOHQULIIHQXQGXQEHUHFKHQEDUHQ6WUPHQ'LH5FNIDKUWDXV3XQWPXWHLP ]HKQWHQHOIWHQXQG]Z|OIWHQ0RQGVWDWWILQGHQGHQQGLHVFKZHUHQ6FKLIIHNRQQWHQQLFKW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

QXUJHUXGHUWZHUGHQ1XULQGHQEHLGHQOHW]WHQ0RQGHQYRQ$FKHWXQGGHPHUVWHQ 0RQGGHU-DKUHV]HLW3HUHWJLQJJOHLFKPlLJHU:LQGDXV6GHQGHUXQVQDFK1RUGHQ WUHLEHQNRQQWH)UGLH+LQIDKUWMHGRFKNRQQWHQZLUXQV=HLWOHVVHQ:LUPXWHQQLFKW XQEHGLQJWGLHOHW]WHQ0RQGHYRQ6KHPRXVVHJHOQ,FKZUGH]XGLHVHU=HLWPLWGHQ 7UXSSHQGHQ]ZHLWHQ.DWDUDNWMHQVHLWVGHU)HVWXQJ%XKHQEH]ZLQJHQ ³6RZDUHVJHSODQWVRODXWHWHQGHLQH%HIHKOH+RUXVGHV+RUL]RQWV´'HU1XELHU VFKLUPWHVHLQH$XJHQDWH'LH6RQQHEHGHFNWHXQVMHW]WPLW/LFKW+LW]HXQGVWHFKHQGHU 7URFNHQKHLW'DQNEDUEHJUWHQZLUMHGHQ)HOVHQGHU6FKDWWHQZDUI'LH:lQGHGHV 7DOHLQVFKQLWWVGLHHLQPDOJDQ]HQJZDUHQXQGZLHGHUDXVHLQDQGHUZLFKHQ]XU)RUP HLQHUVFKVVHOI|UPLJHQ9HUWLHIXQJVSLHJHOWHQ+LW]HXQG/LFKW8QWHUGHP+HOPUDQG VLFNHUWHQEUHLWH6FKZHLEDKQHQEHUXQVHUH*HVLFKWHU$XFKGLH3IHUGHVFKZLW]WHQXQG ZXUGHQODQJVDPHU$EHUEDOGWDXFKWHZLHHLQ7UXJELOGKLQWHUIOLPPHUQGHU/XIWHLQJUQHU )OHFNDXIHLQH9LVLRQYRQ.KOH:DVVHU6FKDWWHQXQG5XKH ³'LH:VWH6LHLVWEHWlXEHQGVFK|QXQGW|GOLFKJHIlKUOLFK´OFKVSXFNWH6DQG DXV'LHZLQ]LJH2DVHUHFKWVGHV3XQNWHVDQGHPVLFKDP+RUL]RQW6WUDH6DQGXQG +LPPHOWUDIHQZXUGHGHXWOLFKHU0HQVFKHQEHJDQQHQ]XZLQNHU:LUVDKHQ6FKDWWHQ GLH.KOHYHUVSUDFKHQ ³8QGVLHZLUGXQVHU+HHUEHUDOOGRUWYHUQLFKWHQ$WODQZRZLUQLFKWIU:DVVHU JHVRUJWKDEHQ´NQXUUWH=DNDQ]D8SXDXW(QGOLFKHUUHLFKWHQZLUGHQHUVWHQ%UXQQHQ GHV+HQX6ROGDWHQNDPHQDXIGHQ:DJHQ]XHUVFKUDNHQYRUGHQVFKlXPHQGHQXQG ZLOGPLWGHQ$XJHQUROOHQGHQ7LHUHQIDWHQVLHDQGHQ=JHOQXQGIKUWHQXQVXQWHUHLQ JURHV'DFKDXV6FKLOIXQG3DOPZHGHOQGDVDXI+RO]SIRVWHQXQG6WHLQVlXOHQVWDQG 'LH2DVHEHVWDQGDXVHLQHU$UW:DOODXV6WHLQEO|NNHQ,QQHUKDOEGHU=RQHKDVWHPDQ .RWXQG(VVHQVDEIlOOHPLW6DQGYHUPHQJW*UDVVDPHQDXVJHVWUHXWXQGYLHO:DVVHU YHUZHQGHW(LQ9LHUHFNDXVVDIWLJHPKRFKVWHKHQGHP*UDVXPJDEGDVNOHLQH+DXVXQG GHQVRUJIlOWLJXPPDXHUWHQ%UXQQHQWURJ(LQH6DJLDKZDUDXIJHEDXWZRUGHQXQGHLQ 0DQQVFK|SWWHXQXQWHUEURFKHQ:DVVHUDXVGHP%UXQQHQ (LQlOWHUHU0DQQPLWNDKOJHVFKRUHQHP6FKlGHOWUDWDXIXQV]XYFUEHXJWHVLFK WLHIXQGVDJWHODXW ³$WODQ+RUXVELVWGXXQGGHU0DQQQHEHQGLUPXGHU%RWHVHLQ6HLG ZLOONRPPHQ:LUKDEHQQLFKWYLHO]XELHWHQ+HUU%DOGNRPPHQPHKU0lQQHUXQG /DVWHQ´ (UGHXWHWHDXIHLQH5HLKHYRQ/DXEKWWHQGLHDXINOHLQHQ6DQGKJHOQHUULFKWHW ZDUHQ$XFKGRUWJDEHVVFKDWWHQZHUIHQGH'lFKHU ³(VZHUGHQLQGHQQlFKVWHQ7DJHQZHQLJHUZHUGHQ+DVWGXZLHEHIRKOHQGLH 7FKWLJHQYRQGHQ)DXOHQDEJHVRQGHUW"´ ³+HUUGHU6FKUHLEHUKDWGLH1DPHQYRQIQIPDO]HKQ0lQQHUQGLHVWDUNJHVXQG XQGJHVFKLFNWVLQG´ =DNDQ]D8SXDXWQLFNWHPLU]X6RKDVWHQZLUHVJHSODQW:LURUGQHWHQDQGLH 7LHUH]XYHUVRUJHQ6LHPXWHQDEJHULHEHQJHZDVFKHQJHIWWHUWXQGLQGHQ6FKDWWHQ JHIKUWZHUGHQ+LQWFUGHP+DXVVDKLFKHLQHQVWFLQHUQHQ.RUQEHKlOWHU6LHKDVWHQ WDWVlFKOLFKMHGHQ3LQVHOVWULFKXQVHUHU3OlQHDXVJHIKUW:LUJLQJHQ]XP%UXQQHQ ZXVFKHQXQVXQGJLQJHQLQGLHNKOH'XQNHOKHLWGHV+DXVHV'RUWVWDQGHLQVRUJIlOWLJ DQJHULFKWHWHV(VVHQEHUHIW:LUVHW]WHQXQVQDFKGHPZLUGLH5VWXQJDXVJH]RJHQ KDWWHQ$XVVFKPDOHQgIIQXQJHQXQWHUGHU%DONHQGHFNHILHO/LFKWLQV,QQHUH'HU 6FKUHLEHUEOLHEDQGHU7UVWHKHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³(VVROOHQVWHWVHLQLJH0lQQHUWULHUEOHLEHQXQGGLH2DVHEHZDFKHQ6SlWHU NRPPHQDQGHUH0lQQHUPLW%O|FNHQYRQGXQNHOJUQHP*HVWHLQYRUEHLXQGJHKHQ QDFK*HE7HMX0DQZLUGLKQHQKHOIHQHQWZHGHUGDGXUFKGDPDQLKQHQPLW:DVVHU HQWJHJHQJHKWRGFULKQHQWUDJHQXQG]LHKHQKLOIW'LH7UXSSHQGLHYRQGHP7UHIIHQPLW GHQ6FKLIIHQ]XUFNNRPPHQZHUGHQVLFKVHOEVWKHOIHQN|QQHQ6RVRLOHVJHVFKHKHQ´ ³6RZHUGHLFKHVVFKUHLEHQ´DQWZRUWHWHGHU0DQQPLWGHUVFKZDU]HQ3HUFNH XQGYHUOLHGHQ5DXP3IHUGHXQG:DJHQKDVWHQGLH=HLWGUDVWLVFKYHUNU]W6SlWHU ZUGHDOOHVYLHOOlQJHUGDXHUQDEHULQGLHVHP/DQG]ZDQJGLH1DWXUMHGHQGD]X *HGXOG]XKDEHQ:LUOHJWHQXQVLQGHQ6FKDWWHQVFKODIHQHPSILQJHQIUKDP$EHQG 3WDK6RNDUXQGVSlWHUHLQH$EWHLOXQJ6ROGDWHQGLHPLW(VHOQ1DKUXQJVPLWWHOEUDFKWHQ ,QVLHEHQ(WDSSHQZUGHQZLUGLHJHVDPWH6WUHFNH]XUFNOHJHQELVZLUGDV0HHU VDKHQ *HJHQ0LWWDJGHVDFKWHQ7DJHVZDUHVVRZHLW'LHJHSIOHJWHXQGPDUNLHUWH 6WUDHIKUWHDEZlUWVGLH)HOVZlQGHWUDWHQZHLW]XUFNHLQWULFKWHUI|UPLJHV*HELHWODJ YRUXQV$QVHLQHP(QGHHUNDQQWHQZLU%UDQGXQJVZHOOHQ ³$PHQHPKHWVSUDFKXQGDOOHVJHVFKLHKWQDFKVHLQHP:XQVFK´VDJWH3WDK 6RNDU(UZDUHEHQVREHUUDVFKWZLHLFKREZRKOZLUHQWODQJGHV:HJHVDOOHVLQEHVWHU 2UGQXQJXQGLQKHUYRUUDJHQGHU2UJDQLVDWLRQDQJHWURIIHQKDWWHQ³'RUWGLH6FKLIIH´ 'LHVPDOEHIDQGVLFK3WDK6RNDUQHEHQPLULP:DJHQNRUE(UKDVWHVFKQHOO EHJULIIHQZLHGLH3IHUGH]XOHQNHQZDUHQ9RUXQVEUHLWHWHVLFKHLQJHZDOWLJHV 3DQRUDPDDXV6FKLIIH+DOWHJHVWHOOH6FKLOIKWWHQXQG0HQVFKHQ)HXHUXQG 5DXFKVlXOHQ/lUPXQGJURH+DXIHQDOOHUGHQNEDUHU0DWHULDOLHQ(VZXUGHEHUDOO JHDUEHLWHW/DQJVDPOHQNWHGHU7UXSSHQIKUHUGDV*HVSDQQLQV=HQWUXPGHUJURHQ 6WUDQGIOlFKH:DVVHUWUlJHUPLWJURHQ/HGHUVlFNHQUDQQWHQKLQXQGKHU ³(VVLHKWVHKUJXWDXV´EUXPPWHLFK³6LHEHQIHUWLJH6FKLIIHZLHHVVFKHLQW´ ³'RUWVHW]HQVLHGLHDQGHUHQ]XVDPPHQ´ ,QHLQHUVDEHUDXVJHULFKWHWHQ5HLKHODJHQGLH.LHOHDXV=HGHUQVWlPPHQ$XV GHQJURHQ0HQJHQYRQ%UHWWHUQ%DONHQXQG9HUVWUHEXQJHQKROWHQGLH0lQQHU HLQ]HOQH7HLOHXQGVHW]WHQPHWKRGLVFKGLH6FKLIIH]XVDPPHQ'DV*HVSDQQKLHOWDQ ZLUVSUDQJHQLQGHQ6DQGXQGZXUGHQEHJUW)QI]HKQKXQGHUW0lQQHUEHIDQGHQVLFK LP$EVFKQLWW]ZLVFKHQGHPOHW]WHQ%UXQQHQXQGGHU%UDQGXQJ9RQDOLHQ6HLWHQNDPHQ $XIVHKHUQlKHU6LHZXWHQZHOFKH%HGHXWXQJXQVHU%HVXFKKDVWH:LUEUDXFKWHQ HLJHQWOLFKQXUGLH.DSLWlQHXQG6WHXHUPlQQHU]XWUHIIHQXQGLKQHQ]XHUNOlUHQZDVVLH ]XWXQKDWWHQ ,FKVDKPLFKXP'LH$UEHLWHQGHQZLUNWHQVDWWXQG]XIULHGHQDXFKZHQQLKUH $XIJDEHNHLQHVZHJVOHLFKWZDU3WDK6RNDUVWRO]LHUWH]ZLVFKHQGHQ0lQQHUQXPKHU SUIWHWULHUGLH$UEHLWVSUDFKGRUWPLWHLQHP$XIVHKHUODFWDWHXQGVFKOXJLUJHQGZHOFKHQ 9RUVWHKHUQDXIGLH6FKXOWHUQ ³:LHUDQJHZHUGHWLKUQRFKEUDXFKHQ"´IUDJWHLFK ³'UHL0RQGHYLHOOHLFKWPHKU´ 0DQNPPHUWHVLFKXPGDV*HVSDQQZLUJLQJHQDXIHLQH$UW0DJD]LQ]XHLQ ODQJHU)ODFKEDX]ZLVFKHQ0DWHULDOVWDSHOQ'LH$XIVHKHUZDUHQEHPKWDOOHVLPEHVWHQ /LFKW]X]HLJHQDEHUHVZDUQLFKWQ|WLJGDVLHVLFKYHUVWHOOWHQ,FKKREGLH+DQGXQG VDJWH ³,QYLHU6WXQGHQZLOOLFKDOOH.DSLWlQHXQGGLH6WHXHUPlQQHUVHKHQ:LHYLHOH 6FKLIIHN|QQWLKUEDXHQ"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³9LHUXQG]ZDQ]LJ+HUUXQGZLUKDEHQDOOHZLFKWLJHQ7HLOHGRSSHOW´ ³*LEWHVXQWHUDOOGHQHQWULHUHLQHQ0DQQGHU+HQXJHNDQQWKDW"9LHOOHLFKWHLQHU GHUPLWLKPLQ3XQWZDU"´ ³-DHLQDOWHU]DKQORVHU6ROGDW(UVSULFKWYRQQLFKWVDQGHUHPPHKU(VVRLO VHLQHOHW]WHJURH7DWVHLQVDJWHU´ ³'DQQEULQJVLKQKHU´EHIDKOLFK³(UZLUGDXIGLHVHU)DKUWZLFKWLJHUDOVLFK´ 'UHL7DJHEOLHEHQLFKXQGGHUNOHLQH7UR'LH.DSLWlQHXQGGLH0lQQHUGLHGDV 5XGHUIKUHQZUGHQHQWZLFNHOWHQPLWPLU]XVDPPHQGLH.DUWHGHUXIHUQDKHQ *HZlVVHUGHQQPLWGLHVHQ6FKLIIHQZDU+RFKVHHVHJHOQNDXPP|JOLFK'HUDOWH 1HEDPXQEHULFKWHWHYRQ%XFKWHQGHV0HHUHVGDVDQ5LIIHQXQGVHLFKWHQ6WHOOHQDQ 6WUPHQXQGXQEHUHFKHQEDUHQ6WU|PXQJHQUHWFKZDU:LU]HLFKQHWHQVR]XVDJHQMHGHQ 6FKULWWGHUODQJHQ)DKUWDXIXQGDXFKGHQ3XQNWDQGHPGLH5HVWHGHVKRIIHQWOLFK VLHJUHLFKHQ+HHUHVZLHGHU]XGHQ6FKLIIHQVWRHQZUGHQ:LUEHVSUDFKHQGLHZLFKWLJH $XVUVWXQJHUPLWWHOWHQ0DQQVFKDIWVVWlUNHQXQGGLVNXWLHUWHQZDVJHVFKHKHQVROOWH ZHQQDOOH6FKLIIH]XVDPPHQJHVHW]WGLH0DVWHQDXIJHULFKWHWXQGGLH(LQKHLWHQ SUREHJHVHJHOWZDUHQ1HXQKXQGHUWGHUWFKWLJVWHQ0lQQHUZUGHQQDFK6GHQVHJHOQ 1HEDPXQZXUGHDOV6SlKHUXQG5DWJHEHUYRUDOLHQDXVJH]HLFKQHWVHLQH)UHXGHZDU XQEHVFKUHLEOLFK'DV+HHUDEHUZUGHYRQWULHULQGHQ6WHLQEUXFKMHQHVGXQNHOJUQHQ 7LHIHQJHVWHLQVPDUVFKLHUHQGRUWULHVLJH%O|FNHKHUDXVEUHFKHQXQGVLHQDFK*HE7HMX VFKOHSSHQ%LVKHXWHKDVWHQDOOH9RUEHUHLWXQJHQHLQHJURH0HQJH1DKUXQJVPLWWHO $UEHLWV]HLWXQG$XIZDQGYHUVFKOXQJHQ$PHQHPKHWHUZDUWHWHGDXQVHUH6FKLIIH VFKZHUEHODGHQPLWWHXHUHQXQGVHOWHQHQ'LQJHQ]XUFNNDPHQ²LQHLQHP-DKURGHU VSlWHU $OVLFKPLWGHP*HVSDQQ]XUFNMDJWHZXWHLFKQRFKLPPHUQLFKWDXVZHOFKHP *UXQGPLFK(6JHZHFNWXQGKLHUKHUJHEUDFKWKDWWH 1H7HIQDFKWKDVWHLPSDODVWDUWLJHQ*XWVKRIGHV0HUQHSWDKVLQ*HE7HMXDXI PLFKJHZDUWHWLP0LWWHOSXQNWGHV1|UGOLFKHQ6FKLOGJDXHVQRFKMHW]WKDVWHLFKGHQ *HVFKPDFNLKUHU.VVHQLFKWYHUJHVVHQXQGGHU'XIWLKUHU6FKPLQNHKDIWHWHQRFKLP /HLQHQPHLQHV+HPGHV9LHOH7DJHZDUHQYHUJDQJHQVHLWVLFKGDV+HHUJHVDPPHOW KDVWH:LUZDUHQXQWHUZHJVLQV³HOHQGH.XVFK´]XGHQ³QLFKWVZUGLJHQ1HKHVL´LQV /DQGGHU6NRUSLRQHXQG*HLVWHU:LUGXUFKTXHUWHQGHQ6GOLFKHQ6FKLOGJDXNDPHQDQ 1R$PXQYRUEFLXQGIROJWHQGHP8IHUGHV6WURPVZHLWHUQDFK6GHQ :HQQGHU*RWWKHUUVFKHULP3HU$RPLWVHLQHQ0lFKWLJHQMDJWHXQWHUVWW]WYRQ N|QLJOLFKHQ-lJHUQXQG6OXJKLKXQGHQEHGHXWHWHGLHV)OHLVFKIUGLHN|QLJOLFKH7DIHO 2SIHUIUGLH7HPSHOXQGHLQHQULWXHOOHQ$NWGHU7|WXQJGLH7LHUHGHU:VWH *HVFK|SIHGHV*RWWHV6HWK2VLULV¶%UXGHUZDUHQDOVRVFKlGOLFKH%HVWLHQGLH VWHOOYHUWUHWHQGIU2VLULVJHW|WHWZXUGHQ*OHLFKH%HGHXWXQJKDVWHQGLH)OXSIHUGHZDV QLHPDQGHQKLQGHUWHGHUHQ6FKLQNHQ]XUlXFKHUQRGHUGLHIHWWHQ7LHUHLQ6FKOLQJHQ]X IDQJHQ1XU-DJGKXQGHJDEHVLP/DQGGHU5RPHW(VZDUNHLQ/DQGIU3IHUGHGLH YRQZHLWKHUJHKROWZXUGHQXQGQLFKWUDQJHOHEWHQ)FKVH:LOGHVHO+\lQHQRGHU /|ZHQEHMDJWHPDQ,P6GHQZUGHQZLUJURH/DXIY|JHOVHKHQXQG/HRSDUGHQ *HSDUGHQXQGDQGHUHVH[RWLVFKHV*HWLHU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

'DV+HHUHLQGDQJHU=XJNURFKJHGXOGLJGXUFKGDV/DQGPDFKWH8PZHJHXP GLHbFNHUXQG)HOGHUGHU%DXHUQ]XVFKRQHQHUQlKUWHVLFKYRP+DSLXQGYRP 0LWJHEUDFKWHQZXUGHYRQ%RRWHQGLHYRQ1HFKHELP:HVWPDUNJDXKHUEHUNDPHQ HEHQVRYHUVRUJWZLHYRQ2PERVLP*DXGHU:HLHQ0DXHU:LUXPJLQJHQGLH KHUUOLFKHZLOGH/DQGVFKDIWXPGHQ(UVWHQ.DWDUDNWHUKLHOWHQ9HUVWlUNXQJYRQ7D6HWL XQGVFKOLHOLFKVDKHQZLUNHLQH%LQVHQQDFKHQXQG6FKLIIHPHKUDXIGHP+DSL:LU QlKHUWHQXQVGHUDOWHQ6GJUHQ]HGHV5HLFKHV (LQWDXVHQGGUHLKXQGHUW6ROGDWHQ%RJHQVFKW]HQLQXQDEKlQJLJHQ$EWHLOXQJHQ 6FKOHXGHUHU/DQ]HQNlPSIHUXQG0lQQHUGLHPLW6WUHLWNROEHQIRFKWHQ=ZHLKXQGHUW 0DQQZDUHQIUGLH(VHOYHUDQWZRUWOLFKXQGGLH2FKVHQGLH:DVVHU.RUQ%LHU)OHLVFK XQG+DQGZHUNV]HXJWUXJHQ-HZHLOVGUHL3IHUGH]RJHQHLQHQ:DJHQVLHZXUGHQRIW DXVJHZHFKVHOW(QWODQJGHU6WUHFNHEWHQZLULPPHUZLHGHUVFKOLHOLFKZXWHQZLU GDGLH%RJHQVFKW]HQGLHEHVWHQ6ROGDWHQZDUHQZHOOLKUH,QWHOOLJHQ]GHU +DQGKDEXQJGHUN|QLJOLFKHQ:DIIHHQWVSUDFK ³'LH6FKODQJHGHU9HUQLFKWXQJQlKHUWVLFKGHP/DQGGHVVFKZDU]HQ.RORVVHV´ VDJWH=DNDQ]D8SXDXW³%LVKHUNDQQWHLFKGDV/DQGJHQDX-HW]WPXLFKYHUVXFKHQ PLFK]XHULQQHUQ$XFKGFLQHZXQGHUEDUH.DUWH$WODQ]HLJWQLFKWDOOHV´ 0HLQ*HVSDQQIKUWHGHQ=XJDQ6FKUlJYRUXQVDXIGHQ+JHOQWDXFKWHQ *UXSSHQVSlKHQGHUXQGVLFKHUQGHU%RJHQVFKW]HQDXI ³'LHVH.DUWH]HLJWGDV/DQGGXUFKGDV$XJHGHV)DONHQ´HUOlXWHUWHLFK³6DJ ZDVZHLWGXEHU:DZDWRGHU.XVFKZLHHVJHQDQQWZLUG"´ :LUZDUHQZDFKVDP0HLQH3IHLOHZDUHQW|GOLFKXQGGLH'ROFKHIXUFKWEDUH :DIIHQ$EHUHVJDENHLQHQ5RERWDGOHUXQGDXFKNHLQH/DQ]HQGLH(QHUJLHVWUDKOHQ VFKOHXGHUWHQ=DNDQ]D8SXDXWKREGLH6FKXOWHUQXQWHUGHP/HGHUGHV:DPVHVXQG VDJWH ³1XQHLJHQWOLFKHLQUHWFKHV/DQGYRQ+LUWHQXQG%DXHUQEHZRKQW(VJLEW*ROG PDQILQGHW.XSIHUXQGNDQQPLW)HOOHQXQG(GHOVWHLQHQKDQGHOQ(VKDWNHLQHVWUDIIH /HLWXQJNHLQHQ+HUUVFKHU-HPHKUZLUQDFK6GHQYRUGULQJHQGHVWRZLOGHUZHUGHQGLH 0HQVFKHQ1RFKVLQGZLUDXIVLFKHUHP*HELHWGDVZHQQEHUKDXSWYRQ-lJHUIUVWHQ EHKHUUVFKWZLUG´ 'LH6WURPVFKQHOOHQGHVHUVWHQ.DWDUDNWVZDUHQHLQ+LQGHUQLVGDVGLH )XWUXSSHQOHLFKWXPJHKHQNRQQWHQ$EHUHUVWZHQQHLQHEUHLWH)DKUWULQQHJHVFKDIIHQ ZRUGHQZDUNRQQWHQPLWGHQ6FKUHLEHUQ$XIVHKHUQXQG6FKDW]PHLVWHUQDXFKGLH 2UJDQLVDWRUHQYRUGULQJHQRKQHGLHHLQ/DQGQLFKWEHIULHGHWZHUGHQNRQQWH$XV GLHVHP*UXQGZDU%XKHQPHKUDOVHLQH*UHQ]IHVWXQJ ³8QGZFUGHQNVWGXLVWGHUVFKZDU]H.ROR"´ %LVKHUZDUNHLQ=XVDPPHQVWRHUIROJW:LUKDVWHQ%DXHUQJHWURIIHQXQG+LUWHQ VLHDUEHLWHWHQXQGZDUHQDP.DPSIQLFKWLQWHUHVVLHUW$OVVLHGLH/DQJHGHV.ULHJV]XJV VDKHQIOFKWHWHQVLHQLFKWHLQPDOEHULFKWHWHQDEHUYRQIUHPGHQ.ULHJHUQ:LU EHZHJWHQXQVDXFKQRFKLPPHUDXI3IDGHQRGHU]XPLQGHVWEHUEH]ZLQJEDUHV *HOlQGH$EHUHVZDUGHXWOLFK]XVHKHQGDZLUGLH.XOWXUODQGVFKDIWYHUODVVHQKDWWHQ ,PPHUPHKU:DOGVWFNHEUHLWH6XPSIVWUHLIHQXQGGRUQLJH%HUHLFKHYROOHU6FKODQJHQ XQG0RUDVWVFKREHQVLFKDOV+LQGHUQLVVHLQXQVHUHQ:HJ ³,FKGHQNHHULVWHLQ0DQQGHU]XKHUUVFKHQYHUVWHKW(ULQQFUHGLFKZDVGLH EHUIDOOHQHQ%DXHUQJHVDJWKDEHQ,FKZHLQLFKWREHU1HKHVLLVWZLHLFKHLQJlQ]OLFK

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

)UHPGHUHLQ:HJJHODXIHQHURGHUHLQNOHLQHU0DQQGHULQGHU3KDQWDVLHJUR JHZRUGHQLVW´ ,PPHUZLHGHUZDUHQ%HZDIIQHWHDXVGHU:VWHJHNRPPHQ6LHKDVWHQ%DXHUQ XQG+DQGZHUNHUEHUIDOOHQDOOHVJHUDXEWZDVZHUWYROOZDUGLH)HOGHUDQJH]QGHWGLH )UDXHQYHUJHZDOWLJWXQG6NODYHQJHPDFKW6RVFKQHOOZLHVLHNDPHQYHUVFKZDQGHQ VLHZLHGHU ³:DVGHQNW3WDK6RNDU"´ ³'DVVHOEH8QGGDPLWGXQLFKWPHLQVWHVLVWHLQ6SD]LHUJDQJ²ZLUN|QQHQMHGHQ 0RPHQWDQJHJULIIHQZHUGHQ´ ³'UHL]HKQPDOKXQGHUW6ROGDWHQ"´IUDJWHLFKXQJOlXELJ³'DVWXWQXUHLQ 6HOEVWP|UGHU=DNDQ]D´ =ZLVFKHQGHP]ZHLWHQ*HVSDQQXQGXQVEHIDQGHQVLFKKXQGHUW'UHLHUUHLKHQ 6SHHUNlPSIHUPLWLKUHQVFKHFNLJHQ.DOEIHOOVFKLOGHUQEHUGHUKDUWHQPLW%URQ]HQLHWHQ YHUVWlUNWHQ/HGHUKOOH,FKVDKXQUXKLJ]XP)OXGDQDFKKLQDXI]XGHQ+JHOQGHU :VWH1LFKWV$XFK5LFRV6RQGHQ]HLJWHQQLFKWV$XIIlOOLJHV ³1DWUOLFKZLUGHUNHLQHQRIIHQHQ.DPSIZlKOHQ´ ³:LHZHLWQRFKELV%XKHQ"´ ³=ZHL7DJHhEHUPRUJHQDEHQGN|QQHQZLUGRUWVHLQ:LUZHUGHQHUZDUWHW´ 8PXQVHUHZHUWYROOHQ9RUUlWH]XVFKRQHQHUQlKUWHQZLUXQVVRJXWHVJLQJDXV GHP/DQG'LH$XIVHKHUKDVWHQ%LHUEHUHLWVWHOOHQOHVVHQ:LUHUKLHOWHQ)LVFKHXQG )OHLVFKDOOHU$UW+LQXQGZLHGHUVFKODFKWHWHQGLH6ROGDWHQHLQHQ2FKVHQGHUHLQ%HLQ JHEURFKHQKDVWH=HKQ0lQQHUZDUHQEHJUDEHQZRUGHQ6FKODQJHQELVVHHUWUXQNHQ YRQHLQHP.URNRGLOYHUVFKOHSSWXQGYRQHLQHPZWHQGHQ)OXSIHUG]HUWUDPSHOW8QV SODJWHQ+LW]H8QUXKHXQG/DQJHZHLOH,FKVDKHLQHQ%RJHQVFKW]HQGHUGLH'QH KLQXQWHUUXWVFKWHXQGVHLQH:DIIHEHUGHP.RSIVFKZHQNWHVWLH=DNDQ]DDQZLQNWH 3WDK6RNDUXQGVDJWHNXU] ³(LQ=HLFKHQ'RUWKLQVFKDIIHQZLU¶VPLWGHP*HVSDQQ/RV´ 'HU1XELHUVWLHHLQHQODQJJH]RJHQHQWULOOHUQGHQ.RPPDQGRUXIDXVVFKZHQNWH GHQ$UPXQGGHXWHWHXQVHUHQ:HJDQ,FKJDEGLH=JHOIUHLXQGOLHGLH(QGHQGHU =JHODXIGLH.UXSSHQGHU+HQJVWHKHUXQWHUVDXVHQ6LHZLHKHUWHQJUHOOXQGVWUPWHQ ORVW'HU:DJHQVFKOHXGHUWHEHUHLQH.LHVIOlFKHHLQ5DGIDWHGHQIHVWJHWUHWHQHQ *UXQGHLQHV3IDGHVGDQQEHZHJWHQZLUXQVDXIGHQ5DQGGHV7DOHV]X1DFK]ZDQ]LJ 6FKULWWHQJDEHVNHLQHQ:HJPHKUHLQ*UDEHQOLH7LHUHXQG:DJHQHLQHQZHLWHQ 6SUXQJPDFKHQGLH3IHUGHJDORSSLFUWHQGXUFKHLQZLQ]LJHV5LQQVDOXQGHLQHQPLW 6WHLQWUPPHUQEHUVlWHQ+DQJVFKUlJDXIZlUWV'LH$FKVHGHV:DJHQVIHGHUWHWLHIHLQ XQG]XUFNGLH5lGHUVWHOOWHQVLFKVFKUlJXQGVFKOHXGHUWHQ'UHFNXQG3IODQ]HQWHLOH XPKHU,FKKLHOWPLFKDQGHQ=JHOQIHVVGHU1XELHUIHGHUWHLQGHQ.QLHQKREGHQ %RJHQXQG]RJHLQHQ3IHLODXIGLH6HKQH8QVHUH6FKLOGHNODSSHUWHQJHJHQGHQ :DJHQNRUE'LH%URQ]HVSLW]HQGHU:XUIVSHHUHNOLUUWHQ9RQGHQ+XIHQGHU3IHUGH ZXUGHQ6DQGIRQWlQHQKRFKJHVFKOHXGHUW,FKK|UWHGHQ%RJHQVFKW]HQVFKUHLHQ ³'HUVFKZDU]H.ROR+HUU´ :LUKDOELHUWHQHLQHQ%XVFKGHUXQVLQHLQHQ:LUEHO]HUULVVHQHU%OlWWHUXQG ]XUFNSUHOOHQGHUbVWHKOOWHGDQQEHIDQGHQZLUXQVDXIGHP.DPPGHV+JHOV8QWHU GHQ)HOJHQZDUHQ6DQGXQGNOHLQH6WHLQH:LUUDVWHQDP%RJHQVFKW]HQYRUEHLGHU JHUDGHDXVGHXWHWH'DQQVDKHQZLUZDVHUJHPHLQWKDVWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$XIHLQHP)HOVHQHUKREVLFKHLQHGRSSHOWPDQQVKRKH6WDWXHDXV QDFKWVFKZDU]HP6WHLQ6LHVDKHQWIHUQWZXFKWLJHQ5RPHW%LOGQLVVHQlKQOLFK(LQ 0DQQGLH%HLQHLQ6FKUHLWKDOWXQJGHQ2EHUN|USHUOHLFKWYRUJHEHXJWXQGLQGLH 5LFKWXQJGHV)OXVVHVEOLFNHQG'HQOLQNHQ$UPKLHOWHUYRUGHU%UXVWGLH)DXVWXQWHU GHP6FKOVVHOEHLQLQGHUUHFKWHQ)DXVWKLHOWHUHLQHNXU]H$[W'DV*HVSDQQIXKU JHUDGHDXIGLH6WDWXH]XGLHVLFKDQGHU*UHQ]HYRQ:VWHXQG9HJHWDWLRQEHIDQG (LVLJH.lOWHVFKLHQYRQGHPSROLHUWHQ6WHLQDXV]XJHKHQ ³'LHVHU.RSI'HU$XVGUXFN´PXUPHOWH=DNDQ]D8SXDXW=XPHUVWHQPDO VFKLHQVHLQH6HOEVWVLFKHUKHLWYRQLKPJHZLFKHQ]XVHLQ,FKQLFNWHVFKZHLJHQGXQG]RJ GLH=JHODQ'LH*HVLFKWV]JHGHV.DKON|SILJHQZDUHQPHQVFKOLFKDEHUDXIVFKZHU ]XHUNOlUHQGH:HLVHIUHPG+RFKPWLJEOLFNWHQGLH$XJHQDXIXQVKHUXQWHUHLQ $XVGUXFNGHV+DVVHVODJDXIGHPNDQWLJHQIDOWHQGXUFK]RJHQHQ*HVLFKW8PGLH 6FKOlIHQWUXJGHU.RORHLQEUHLWHV%DQG'LH6HKQHQGHV+DOVHVXQGMHGHU0XVNHOGHV .|USHUVZDUHQDQJHVSDQQW9RQGHU6WDWXHJLQJGLUHNWH'URKXQJDXV$OVREGHU 'DUJHVWHOOWHVLFKGLH9HUQLFKWXQJGHV/DQGHVHQWODQJGHV6WURPHVJHVFKZRUHQKDEH ³'DVHUVWH=HLFKHQ(VVDJVGDZLUXQVKWHQVROOHQ9RQMHW]WDEVLQGZLULQ VHLQHP.|QLJUHLFK´VDJWHLFK ³'XVDJVWZDVLFKHEHQGDFKWH´NQXUUWH=DNDQ]D³+H3WDKZLHJHIlOOWGLU XQVHU*HJQHU"´ 'DV]ZHLWH*HVSDQQKLHOWQHEHQXQV'DKLQWHUELOGHWHVLFKHLQVFKZHLJHQGHU +DOENUHLVXQVLFKHUGUHLQEOLFNHQGHU.ULHJHU'LH6WDWXHWURW]DOOHU%|VDUWLJNHLWLQGHU .|USHUKDOWXQJXQGLP*HVLFKWVDXVGUXFNEHXQUXKLJWHXQVQLFKWZLUNOLFKVRQGHUQGHU 8PVWDQGGDGHU.ORW]DXV*UDQLWWULHUVWDQG]ZHL7DJHVPlUVFKHYRQ%XKHQHQWIHUQW LQGHU(LQIOXVSKlUHGHVPlFKWLJHQ5RPHW5HLFKHV'HVZHJHQLFKEHJULIIMHW]W $PHQHPKHWJDEHLQHP)UHPGHQGHQ$XIWUDJHLQHQDQGHUHQ)UHPGHQ]XEHVLHJHU ZHOOGHU+HUUVFKHUGLHVHGHXWOLFKH+HUDXVIRUGHUXQJQLFKWEHUVHKHQNRQQWH,FK VFKZLHJXQGGDFKWHQDFKGDQQEHIDKOLFK ³5HLWGHQ.RORYRP6RFNHOVWU]WLKQGHQ+DQJKLQXQWHUXQG]HUVFKODJWLKQLQ YLHOHNOHLQH7HLOH´ 3WDKVSXFNWHDXVXQGVDJWHNQXUUHQG ³,FKZHLQLFKWREPLUGHU.RORJHIlOOW:HLQXUGDZLULQGHQQlFKVWHQ 1lFKWHQQLFKWUXKLJVFKODIHQZHUGHQ´ 'LH0lQQHUUDQQWHQ]XGHQ/DVWWLHUHQXP:HUN]HXJ]XKROHQ,FKZLQNWH3WDK 6RNDU:LUIXKUHQHLQH:HLOHIDQJVFKZHLJHQGQHEHQHLQDQGHUKHU1HEHQGHP 7UXSSHQIKUHUVWDQGGHUEHVWH%RJHQVFKW]H=DNDQ]D8SXDXWVDJWHKDOEODXW ³6LH]HUWUPPHUQGLH6WDWXH.DQQHVVHLQ$WODQ+RUXVGDGHU.RORZXWH GDZLUHLQHV7DJHVNRPPHQZUGHQ"´ ³$OOHVLVWP|JOLFK´3WDK6RNDUKREGHQ$UP³$XFKGDGHUYHUJLIWHWH:HLQQLFKW YRQ1HENDXUDVWDPPW´ ³6RQGHUQHLQ*HVFKHQNGHV.RORVVHVLVWGHUHLQHQ%HDPWHQEHVWDFK'LHVHU JDEGHQ.UXJGHP-XQJHQ"´VHW]WH=DNDQ]DKLQ]X9HUZLUUWEOLFNWHLFKYRQHLQHP]XP DQGHUHQ(VZDUP|JOLFK/DQJVDPNDP6LQQLQGLH=HLWPHLQHV$XIHQWKDOWV:DUGLH *HIDKUGLHLFKMHW]WHUVWHIDKQHQNRQQWHYRQ(6NODUHUNDQQWZRUGHQ"'DQQNRQQWHHV QXUEHGHXWHQGDVLFKDP2EHUODXIXQGHQWODQJGHU4XHOOIOVVHHLQHMXQJHSROLWLVFKH .UDIWDXVEUHLWHWHGLHPLWHLQHUGHUQlFKVWHQhEHUVFKZHPPXQJHQGLH+RFKNXOWXU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

EHUIOXWHQXQGHUWUlQNHQNRQQWH0HLQ([WUDKLUQZLVSHUWHGUlQJHQG6RRGHUlKQOLFK PXHVVLFKUHUKDOWHQ$UNRQLGH ³(VLVWP|JOLFK,Q]ZHL7DJHQZLVVHQZLUPHKU´KRIIWHLFK³/RVZLUJHKHQ ZHLWHU5XIGLH6ROGDWHQQDFKYRUQ´ :lKUHQGGLH*HVSDQQHZHLWHUIXKUHQVFKZlUPWHQ%RJHQVFKW]HQDXVXQG VLFKHUWHQXQVHUHQ:HJ:LUK|UWHQGDV.QLUVFKHQPLWGHPGLH6WDWXHDXVLKUHU %HIHVWLJXQJJHULVVHQZXUGHXQGGHQ+DQJKLQXQWHUNROOHUWH'DQDFKYHUIROJWHXQVUDQJH GDV.OLUUHQGHU%URQ]Hl[WHPLWGHQHQGHU.ROR]HUWUPPHUWZXUGH$POHW]WHQ$EHQG EHYRUZLU%XKHQHUUHLFKWHQEHIDQGHQZLUXQVLP(LQIOXEHUHLFKGHV.RORVVHVRKQH GDZLUEHUIDOOHQZRUGHQZlUHQ$EJHJUDVWH:HLGHQVRUJIlOWLJEHDUEHLWHWXQG EHZlVVHUW.DQlOHXQGEHVWHOOWH)HOGHUEUHLWHWHQVLFKYRUXQVDXV'LH6SLW]HGHU 7UXSSHERJDXIGHQEUHLWHQ:HJGHUYRP)OXXIHUKHUDXIIKUWH=DNDQ]D8SXDXWOHJWH PLUGLH+DQGDXIGLH6FKXOWHUXQGIOVWHUWH ³(VULHFKWQDFK7RGQDFK%UDQGXQG$VFKH´ $XIXQVHUHU/LQLHYLHU%RJHQVFKVVHHQWIHUQWLQGHU:VWHEHZHJWHQVLFKGLH (OLWHVROGDWHQ:LUVWDUUWHQKLQDXIXQGVDKHQVLHLPVHOEHQ0RPHQWDXIWDXFKHQXQGLQ HLQHU5HLKHVWHKHQEOHLEHQ$XIJHUHJWGHXWHWHQVLH]XXQVKLQXQWHU8QVHUHUVWHU (LQGUXFNZDUULFKWLJJHZHVHQ:LHGHUMDJWHQGLH*HVSDQQHORV3WDK6RNDUGLFKWKLQWHU XQV'HU:HJVFKOlQJHOWHVLFKGXUFKHLQ:HL]HQIHOG1DFKGHUQlFKVWHQ.XUYHUDWWHUWHQ ZLULQHLQH%DKQZHLHU$VFKHKLQHLQ1HEHQXQVHUVWUHFNWHVLFKHLQYHUEUDQQWHV .RUQIHOGGDVDQHLQLJHQ6WHOOHQQRFKVFKZHOWH3DOPHQVFKlIWHZDUHQJHVFKZlU]W %VFKHVWDQGHUPLWYHUEUDQQWHQ$VWHQGDJHUDGHDXVHUKREVLFKGDV+DXVDXIHLQHP EHZDFKVHQHQ3ODWHDXPLWVFKUlJHQ:lQGHQ(VZDUXQQDWUOLFKVWLOO9RUGHQ+XIHQ GHU3IHUGHODJHLQHWRWH(QWHPLWDEJHVHQJWHQ)HGHUQ ³'DVZDUHQGLH.ULHJHUGLHVHVYHUIOXFKWHQ6FKDNDOV´PHLQWH=DNDQ]DVFKHLQEDU XQEHHLQGUXFNW³0LWWHQDP7DJ=ZHL6WXQGHQPLWGHP*HVSDQQYRQGHQ )HVWXQJVPDXHUQHQWIHUQW´ ³'HLQ/DQG:DZDW=DNDQ]D:LUEOHLEHQWULHUIUGLH1DFKW'HP%DXHUQN|QQHQ ZLUNDXPPHKUKHOIHQ´ 1HEHQGHU%UFNHDXV%DONHQXQGGDUEHUJHOHJWHQIODFKHQ6WHLQHQPLWHLQHP $UPLP:DVVHUGHV.DQDOVODJHLQHWZDYLHUMlKULJHU-XQJHPLWHLQJHVFKODJHQHP 6FKlGHO3WDKVSUDQJDXVGHP:DJHQXQGKREGDV.LQGDPEOXWLJHQ+HPGKRFK:LU QlKHUWHQXQVGHP+DXVNHLQ/DXWNODQJGDUDXVKHUYRU:LUVWLHJHQDWHKREHQGLH :DIIHQXQGGLH%RJHQVFKW]HQKLQWHUXQVELOGHWHQHLQHDXVHLQDQGHUJH]RJHQH.HWWH ,P'XQNHOGHVJURHQ5DXPHVVXPPWHQ)OLHJHQ$OVVLFKXQVHUH$XJHQDQGLH 'lPPHUXQJJHZ|KQWKDWWHQVDKHQZLUGHQ%DXHUQHLQHQlOWHUHQ0DQQ(LQ6SHHU KDVWHLKQDQGHQ/HKPERGHQJHQDJHOW6HLQH)UDXRGHU7RFKWHUZRKOQRFKYRU 6WXQGHQHLQKEVFKHVMXQJHV*HVFK|SIODJLQHLQHU(FNHGHV5DXPHV6LHZDU]X 7RGHJHTXlOWZRUGHQ6FKDXGHUQGZDQGWHLFKPLFKXPXQGYHUVLFKHUWHNDOW ³:LUZHUGHQWXQZDV$PHQHPKHWZQVFKW1DFKXQVHUHP$E]XJZLUGGDV/DQG :DZDWIULHGOLFKVHLQ´ =DNDQ]DOlFKHOWHYHU]HUUWXQGZLVFKWHVLFKEHUGLH$XJHQ³6HKUIULHGOLFK:HLO HVQLHPDQGHQPHKUJHEHQZLUGGHUPRUGHQNDQQ´ :LUEHJUXEHQGLHGUHL7RWHQ'DV+HHUVDPPHOWHVLFKDXIGHP%DXHUQKRI$OOHV 9LHKZDUZHJJHWULHEHQZRUGHQ(VJDEHLQH8QPHQJH6SXUHQGLHXQVDEHUQLFKWVEHU GLH3OQGHUHUVDJHQNRQQWHQ(VHOXQG2FKVHQZXUGHQLQGLH6FKZHPPHJHWULHEHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

:LU]XQGHWHQ)HXHUDQXQGEULHWHQGDV:LOGGDVZLUWDJVEHUJHIDQJFQKDWWHQHLQLJH 0lQQHUEUDFKWHQ)LVFKH8QVHUH7UDJHWLHUHZXUGHQDXIGLH:HLGHQJHIKUW,QGLHVHU 1DFKWVFKOLHIMHGHU0DQQPLWGHQ:DIIHQLQGHU+DQG%RJHQVFKW]HQELOGHWHQHLQHQ JURHQ.UHLVXPGDV+HHU,QGHU+WWHVFKOLHIQLHPDQGhEHUGHQSOlWVFKHUQGHQ+DSL KREVLFKGHU]RUQLJJHOEH0RQGPLWVHLQHPQDUELJHQ$QWOLW]0HLQH8QUXKHKDVWHIDVW LKUHQ*LSIHOHUUHLFKW,FKEHWUDFKWHWHGLH%LOGHUGHU6SLRQVRQGHQVDKDXIUHJHQGH (LQ]HOKHLWHQXQGJlKQWH,FKYHUPRFKWHQLFKW]XVFKODIHQZDUI%RJHQXQG.|FKHUEHU GLH6FKXOWHUQXQGJLQJODQJVDPKLQDXVLQGLH:VWHXQGVHW]WHPLFKLQGHQ6DQGDOV LFKGHQK|FKVWHQ3XQNWGHU*HJHQGHUUHLFKWKDVWH+LQWHUPLUODJHQZLHHLQ DXVJHIUDQVWHVVFKZDU]HV%DQGGHU6WURPVHLQH$OWZDVVHUXQG6PSIHGDQHEHQGLH HFNLJHQ)HOGHU9RUPLUHUVWUHFNWHVLFKlKQOLFKHLQHPJHIURUHQHQ0HHUHLQ7HLOGHU ZHVWOLFKHQ:VWHhEHUGLH'QHQNDPHLQNDOWHU:LQGKDXFKLQPHLQHP5FNHQVWDQG ZDUPH/XIWEHU%lXPHQXQG)HOGHUQ,FKEOLFNWHDXIGLHULHVLJH6]HQH'UHLHFNLJH 6FKDWWHQXQG'QHQDXV6WHLQHQ*HU|OOXQG6DQGYRP0RQGOLFKWDQJHVWUDKOW VFKLHQHQ]XOHEHQ,FKELOGHWHPLUHLQPHQVFKOLFKH*HVWDOWHQ]XVHKHQGLHLQHLQHU ODQJHQ5HLKHQDFK6GHQZDQGHUWHQ,FKEOLQ]HOWHDEHUGLH9LVLRQYHUVFKZDQGQLFKW 'RUWYRUQJLQJHQKXQGHUW0HQVFKHQVFKZHLJHQGXQG]LHOVWUHELJGXUFK/LFKWXQG 6FKDWWHQVHOEVW6FKDWWHQZHUIHQG+LQXQGZLHGHUVDKLFKZLQ]LJH5FIOH[HYHUPXWOLFK :DIIHQGLHDXIEOLW]WHQ2KQHMHGHV*HUlXVFKOLHIFQVLHZHLWHUDOVZlUHQVLH%HVWDQGWHLO GLHVHU/DQGVFKDIW'LH1DFKWZDUJlQ]OLFKVWLOO,FKNRQQWHKLQWHUPLUGLH*HUlXVFKHDP )OXK|UHQ,FKVFKDXWHQDFKYRUQ6LHZDUHQQRFKLPPHUGRUWKDVWHQVLFKHLQ6WFN ZHLWHQWIHUQWHLQH5HLKH.ULHJHUVLHZLUNWHQDOVZlUHQVLHDXVJUDXHU9RU]HLW EULJJHEOLFEHQXQGZUGHQHLQH*FIDKUGDUVWHOOHQZHOOVLHQLFKWIDEDUZDUHQ,FK VWDQGDXIXQGEOLFNWHLKQHQQDFK6LHYHUVFKZDQGHQHLQHUQDFKGHPDQGHUHQKLQWHU GHUOHW]WHQ'QHQNXSSH'LH/DQGVFKDIWODJOHHUXQWHUGHP/LFKWGHV0RQGFVXQGGHU 6WHUQH,FKJLQJ]XUFNZHFNWH3WDK6RNDUXQG=DNDQ]D8SXDXWXQGIOVWHUWH³,FK DKQHGDZLULP0RUJHQJUDXHQDQJHJULIIFQZHUGHQ/DWGLHDQGHUHQQRFKVFKODIHQ :LUVROOWHQXQVYRUEHUHLWHQ$OOH´ 'HU7UXSSHQIKUHUVWDQGDXIJLQJ]XP%UXQQHQXQGJRVLFK:DVVHUEHU.RSI XQG2EHUN|USHU'LH0FNHQPDFKWHQXQVUHVHQGVLHNDPHQLQ:RONHQDXVGHP 6XPSI3WDKEOLHEEHLXQVVWHKHQXQGVDJWHOHLVH ³6FKODIW,FKNRQWUROOLHUHGLH3RVWFQXQGWXZDVPHLQH9HUDQWZRUWXQJLVW´ ,FKVDKPLFKXPXQGYHUVXFKWHLQGHUJUDXHQ0RUJHQGlPPHUXQJHWZDV]X HUNHQQHQhEHUDOOODJHQ0lQQHUXQWHULKUHQJURHQ0lQWHOQ-HJHQDXHULFKKLQVDK GHVWRGHXWOLFKHUH(LQ]HOKHLWHQQDKPLFKZDKU9LHOHGHUVFKHLQEDUVFKODIHQGHQ0lQQHU KDVWHQVLFKYHUVWHFNWXQGLKUH0lQWHOPLW*UDVDXVJHVWRSIW,FKPXWHJULQVHQ6HLW -DKUHQKDVWHHVNHLQHQZLUNOLFKHQ.ULHJJHJHEHQ3WDK6RNDUZUGHYHUVXFKHQVHLQHQ 5XKP]XIHVWLJHQ=DNDQ]DUDIIWHVHLQH:DIIHQ]XVDPPHQXQGIROJWHPIU:LUJLQJHQ LQV+DXVXQGEHZDIIQHWHQXQV,FKVDJWHOHLVH]XP1XELHU ³,FKJODXEHLFKPXHWZDVHUNOlUHQ:DVLFKLQGHU:VWHJHVHKHQKDEHZLW LKU$EHUHVJLEWNHLQHQ+LQZHLVIUHLQHQ$QJULII.HLQHQ%HZHLV´ 'HU1XELHUVDKPLULQGLH$XJHQOHJWHGLH+DQGDXIPHLQH6FKXOWHUXQG VFKWWHOWHOHLFKWGHQ.RSI ³,FKNHQQHGLH0HQVFKHQWULHU0HLQH/HXWHZDUHQVFKRQWULHUDOVGDV5HLFKQXU ELV]XPHUVWHQ.DWDUDNWUHLFKWH´IOVWHUWHHU0LWPHWKRGLVFKHQ%HZHJXQJHQVSDQQWHHU GHQ%RJHQVHW]WHGHQ+HOPDXIXQG]RJGLH/HGHUULHPHQGHU5VWXQJGXUFKGLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6FKQDOOHQ³$EHUGLH1RWPDFKWVLHJLHULJXQGUlEHULVFK,FKKDVWHGLH:DKO,FKJLQJ VWURPDEZlUWVXQGVLHKHHLQJHDFKWHWHU0DQQELQLFKKHXWHHLQgIIQHUGHU:HJH´ ³'DVDOOHV´LFK]RJGHQ.|FKHULQGLHULFKWLJH3RVLWLRQ³LVWULFKWLJXQGJXWDEHU HVHUNOlUWQLFKWZDUXPZLUPHLQHQGDGLH0lQQHUGHV/DQGHV:DZDWDQJUHLIHQ ZHUGHQ"´ ³:HLOLFKHVQLFKWDQGHUVYHUVXFKHQZUGH´ZDUGLH$QWZRUW³'HU.RORVFKLFNW VLH6LHVLQGVHKUPXWLJ´ ,FKODFWDWHOHLVHDEHUNHLQHUYRQXQVVSUWH)U|KOLFKNHLW:LUZDUHQXQUXKLJXQG JHVSDQQWDOOHXQVHUH1HUYHQ]LWWHUWHQ:LUZDUWHWHQXQGEOLHEHQNDPSIEHUHLWGLHVH HU]ZXQJHQH8QWlWLJNHLWPDUWHUWHXQV*DQ]SO|W]OLFKJULIIHQVLHWDWVlFKOLFKDQ²VLH ZDUHQZLUNOLFK.ULHJHUGHU:LOGQLV1LFKWHLQPDOLFKKDVWHVLHNRPPHQJHK|UW5XQGXP GDV*HK|IWWDXFKWHQGXQNHOKlXWLJH0lQQHUDXIKLQWHU%VFKHQDXVGHPKRKHQ*UDV VFKODPPEHVFKPLHUWDXVGHP0RUDVWGLH'QHQKHUXQWHUUXWVFKHQG:LUVDKHQGLH VFKDWWHQKDIWHQ%HZHJXQJHQ'HU.DPSIZUGHVLFKDXIGHP%DXHUQJXWDEVSLHOHQ =DNDQ]DXQGLFKZDUIHQXQVHLQHQNXU]HQ7KLFN]X ³-HW]WJODXEVWGXHV+RUXVGHV+RUL]RQWV"´ ³,FKEUDXFK¶VQLFKW]XJODXEHQ,FKVHLQHHV´,FKOHJWHHLQHQ3IHLOPLWGLFNHU 6SLW]HDXIGLH6HKQHVSUDQJDXVGHU7U|IIQXQJXQG]RJGLH6HKQHELVHQV2KU'DQQ ]LHOWHLFKDXIHLQH6WHOOH]ZLVFKHQ6XPSIXQG.RUQIHOGXQGO|VWHGLH)LQJHU'LH6HKQH VFKOXJKDUWJHJHQGHQOLQNHQ8QWHUDUPVFKXW]GHU3IHLOKHXOWHGXUFKGLH/XIWXQGERKUWH VLFKLQGLH%UXVWHLQHV0DQQHVGHUHLQHULHVLJH.HXOHVFKZDQJ(VJDEHLQHQ GRQQHUQGHQ.UDFK'LH'HWRQDWLRQ]HUIHW]WHGHQ$QJUHLIHUXQGZDUHLQH$UW6LJQDO9RQ GUHL6HLWHQWDXFKWHQXQVHUH%RJHQVFKW]HQDXIVFKREHQVLFKDXVLKUHQ9HUVWHFNHQ XQGVFKRVVHQJH]LHOWLKUH3IHLOHDWH,FKVDKWULHUXQGGRUW$QJUHLIHU]XVDPPHQEUHFKHQ $QGHUHUDQQWHQZHLWHUXQGIHXHUWHQVLFKJHJHQVHLWLJPLWKHLVHUHQ6FKUHLHQDQ$EHU MHW]WVSUDQJHQDQGHUH.ULHJHUDXIZDUIHQLKUH0lQWHO]XU6HLWHZLUEHOWHQDXIGLH%HLQH XQGELOGHWHQGLFKWJHGUlQJWH*UXSSHQ%LQQHQZHQLJHU$WHP]JHZDUHQGLHVWUPHQGHQ $QJUHLIHUQLHGHUJHVFKODJHQJHW|WFWRGHUYHUZXQGHW3DXVHQORV]LVFKWHQGLHODQJHQ 3IHLOHEHUGDV*UDVXQGGLH+DOPHGHV*HWUHLGHV'LH$QJUHLIHUULVVHQGLH$UPH DXVHLQDQGHUVFKOHXGHUWHQLKUH:DIIHQLQGLH/XIWEUDFKHQVWUDXFKHOQG]XVDPPHQ(V ZDUHQPLQGHVWHQVKXQGHUW]ZDQ]LJ0lQQHUPLWGXQNOHU+DXWVFKZDU]HPJHNUlXVHOWHP +DDUXQGLQUHVHQGHU$QJULIIVZXW+LQXQGZLHGHUHQWJLQJHLQHUGHQ3IHLOHQXQGUDQQWH LP=LFN]DFN]ZLVFKHQGHQ6ROGDWHQKLQGXUFK(LQHUXQVHUHU0lQQHUKREVHLQHQ6FKLOG VFKZDQJVHLQH.HXOHXQGVFKOXJ]X:XUIVSHHUHIORJHQDXVNU]HVWHU'LVWDQ]DXVGHQ %VFKHQXQGERKUWHQVLFKLQGLHVFKZDU]HQ.|USHU=DNDQ]DVFKRODQJVDPXQG EHUOHJW-HGHU6FKXYRQVHLQHU%RJHQVHKQHWUDIHLQHQ:VWHQQRPDGHQRGHUHLQHQ 0DQQGHVVFKZDU]HQ.RORVVHV,FKKREHLQH+DQGDQGHQ0XQGXQGVFKULH ³,FKEUDXFKHHLQHQ*HIDQJHQHQ´ 3WDK6RNDUVFKOXJPLWVHLQHP6WUHLWNROEHQJHJHQGHQ6FKLOG(UUDQQWHDXVGHU 0DVVHVHLQHU6ROGDWHQKHUYRUGLHJHVFKORVVHQDQUFNWHQ6LHELOGHWHQHLQHQ JHVWDIIHOWHQ5LQJGHUGDV*HELHWGHV%DXHUQKRIVXPVFKOR5XKLJXQGGLV]LSOLQLHUWGLH 6FKLOGHYRUGHQ*HVLFKWHUQ6SHHUHXQG6WUHLWNROEHQYRUVWUHFNHQGNDPHQVLHQlKHU 6LHZLUNWHQGURKHQGLQLKUHUNDOWHQ(QWVFKORVVHQKHLWZHOOVLHNHLQH*HIKOH]X ]HLJHQVFKLHQHQ,KUH*HVLFKWHUZDUHQUHJXQJVORV+LQWHU3WDK6RNDUNDPHQHLQ 'XW]HQG0lQQHUPLW6WUHLWNROEHQ6LHELOGHWHQLQVFKQHOOHP/DXIHLQH.HWWHQlKHUWHQ VLFKHLQLJHQhEHUOHEHQGHQGLFVLFKQRFKLP.DPSIEHIDQGHQ,P1XZDUHQVLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

XP]LQJHOW,FKVDKQXUHLQNXU]HV'XUFKHLQDQGHUYRQ:DIIHQ$UPHQXQG.|USHUQGDQQ WUHQQWHQVLFKXQVHUH6ROGDWHQXQGZLFKHQ]XUFN'UHL)UHPGHODJHQ ]XVDPPHQJHNUPPWXQGHQWZDIIQHWLPQLHGHUJHWUDPSHOWHQ.RUQ ³%ULQJWVLHKLHUKHU´GU|KQWHGLH6WLPPH=DNDQ]DV'HU.DPSIZDUVRJXWZLH]X (QGH'LH6ROGDWHQEHJDQQHQ7RWHXQG9HUZXQGHWH]XHQWZDIIQHQXQG ]XVDPPHQ]XWUDJHQ6LH]HUUWHQVLHDXVGHQ)HOGHUQDXVGHP6XPSIXQGXQWHUGHQ %VFKHQKHUYRUXQGZDUIHQGLH7RWHQDXIHLQHQ+DXIHQ3WDK6RNDUVFKOHSSWHPLW VHLQHQ/HXWHQGLH1LHGHUJHVFKODJHQHQKHUEHLXQGZDUIVLHYRUGHP+DXV]X%RGHQ ³+LHUVLQGVLH´(UKREGLH+DQGPXUPHOWH%HIHKOHGHXWHWHKLHUKLQXQGGRUWKLQ =ZHL6ROGDWHQUDQQWHQORVW'LH0lQQHUGLHYRUXQVHUHQ6WLHIHOQODJHQEHZHJWHQVLFK VW|KQHQG,FKZDQGWHPLFKDQ=DNDQ]DXQGIUDJWHOHLVH³:DVNDQQVWGXPLUVDJHQ"´ (UULVHLQHQ7KLFNYRQLKQHQORVXQGPXUPHOWHVROHLVHGDHVQLFKWHLQPDO XQVHUH6ROGDWHQYHUVWDQGHQ ³'LHVH0HQVFKHQOHEHQDOV1RPDGHQHQWODQJGHV)OXVVHV'LH6WlPPHMDJHQ MHQVHLWVGHV]ZHLWHQ.DWDUDNWV'DVLHYRQVHKUZHQLJOHEHQXQGLP*UDVVFKODIHQ N|QQHQLVWHVOHLFKWXQJHVHKHQGLH*UHQ]H]XSDVVLHUHQ1LFKWZDKUGX:XUP"´ (UWUDWHLQHQGHU*HIDQJHQHQLQGLH5LSSHQ'HU0DQQVW|KQWHDXI'LH6ROGDWHQ NDPHQPLW/HGHUHLPHUQXQGVFKWWHWHQNDOWHV:DVVHULQGLH*HVLFKWHUGHU0lQQHU HLQHPlOWHUHQXQG]ZHLMQJHUHQ0lQQHUQPLWVFKDUIHQ*HVLFKWV]JHQ6LHZLUNWHQ YHUNQLIIHQXQGJUDXVDPLKUH)XUFKWZXUGHYRQ7URW]EHUGHFNW3WDK6RNDUVFKZLHJ EHWUDFKWHWHQDFKGHQNOLFKMHGHQ7HLOQHKPHUGLHVHU6]HQHXQGVDJWHLQEHKHUUVFKWHP 7RQIDOO ³6WHKWDXI,KUOHEWDOOHDQGHUHQVLQGWRW:LUN|QQHQHVVFKQHOOlQGHUQDEHULKU ZUGHWVHKUODQJVDPVWHUEHQ(XUH6HHOHQZHUGHQLQGLH.|USHUYRQ6FKDNDOHQXQG 6FKODQJHQVFKOSIHQ,KUVHLG.ULHJHUGHVVFKZDU]HQ.RORVVHV´ 6LHNDPHQVFKZDQNHQGLQGLH+|KHXQGEOLHEHQVWHKHQ'HUlOWHUHPLWODQJHQ 5HLKHQNOHLQHU6FKPXFNQDUEHQVWDUUWHPLFKKHUDXVIRUGHUQGDQ=DNDQ]D8SXDXWOHKQWH VLFKJHJHQGLH/HKPPDXHUGHV+DXVHVGDQQGHXWHWHHUDXIGHQ%RGHQXQG]LVFKWH GUHL:RUWHHLQHUUDXKHQ6SUDFKH'LH0lQQHU]XFNWHQ]XVDPPHQXQGILHOHQDXIGLH .QLH,KUH*HVLFKWHUZDUHQJUDXYRU$QJVW ³:LUVLQGGLH6ROGDWHQGHVJURHQ*RWWN|QLJV´=DNDQ]DVSUDFKUXKLJXQG EHVWLPPW³0lQQHUGHV.ULHJHV$EHUZLUEUHQQHQQLFKWVQLHGHUW|WHQNHLQH%DXHUQ YHUJHZDOWLJHQQLFKW'LH+XQGHGHVVFKZDU]HQ.RORVVHVNlPSIHQDXIGLHVH:HLVH :DVKDEWLKUGD]X]XVDJHQ"´ 'LH-QJHUHQVFKZLHJHQ'HUHUZDFKVHQH0DQQVWLHKHUYRU ³'HUVFKZDU]H.RORLVWPlFKWLJHULVWNOXJXQGZLOGLQVHLQHU:XW(UZLUGGLH 5RPHW6WlGWHQLHGHUEUHQQHQXQGHXFKYHUVNODYHQ´ ³'DVNOLQJWYLHOYHUVSUHFKFQG´VDJWHLFK³:LOOVWGXVWHUEHQRGHUZHLWHUOHEHQ 0DQQ"´ (U]XFNWHPLWGHQ6FKXOWHUQ)ULKQZDUVHLQ6FKLFNVDOEHVLHJHOWHUKDVWHNDXP QRFK+RIIQXQJ ³(UZLOOOHEHQZLHMHGHUPDQQ´VDJWH3WDK6RNDU³)DOOVZLUHVLKPJHVWDWWHQ´ ³+|U]X´VSUDFKLFKLKQDQ³'XVROOVWZHLWHUOHEHQ:LUOHVVHQGLFKIUHW'XZLUVW ]XGHLQHP+HUUQJHKHQXQGLKPVDJHQGD$WODQ+RUXVLKQILQGHQZLUG'DQQZHUGHQ DOOH0lQQHUXQGMXQJHQ)UDXHQLQGLH6NODYHUHLJHEUDFKW'LH.ULHJHUGHVVFKZDU]HQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

.RORVVHVVWHUEHQRGHUGLH6ROGDWHQVFKQHLGHQLKQHQ+lQGHXQG2KUHQDWH*HK]X GHPVFKZDU]HQ.RORXQGVDJHLKPGLHV´ (UVWDUUWHPLFKXQJOlXELJDQ3WDK6RNDU]LVFKWH³=X%RGHQ+XQG´XQGYROO]RJ PLWGHP'ROFKHLQHEOLW]VFKQHOOH+DQGOXQJYRQNDOWHU*UDXVDPNHLW6FKUHLHQGZDUIGHU 0DQQVHLQH$UPHQDFKYRUQXQGVFKOXJ]LWWHUQGPLWGHU6WLUQDXIGHQ%RGHQ'LH DQGHUHQVSUDQJHQZLPPHUQG]XU6HLWH ³/DXIXPGHLQ/HEHQ'LH%RJHQVFKW]HQZHUGHQGLFKQLFKWYHUIROJHQ6DJGHP VFKZDU]HQ.RORZDVGXLKPVDJHQVROOVW´ (UVWDQGDXIVDKVLFKXQJOlXELJXPXQGUDVWHVWROSHUQGGDYRQLQ5LFKWXQJDXI GLH:VWH=ZHLPDOEUDFKHU]XVDPPHQULVLFKKRFKXQGUDQQWHZHLWHU'LHMQJHUHQ *HIDQJHQHQODJHQ]LWWHUQGDXIGHP%RGHQ3WDK6RNDUGHXWHWHDXILKUH1DFNHQXQG HUNOlUWH ³9RQLKQHQZHUGHQZLUGHQ5HVWHUIDKUHQ6LHVDJHQXQVZDVZLUZLVVHQZROOHQ :LUVROOWHQGLHVH%HIUDJXQJYHUVFKLHEHQELVZLULQ%XKHQVLQG´ ³(LQYHUVWDQGHQ´DQWZRUWHWHLFK³:HUIWGLH7RWHQLQGHQ6XPSIRGHULQGLH :VWH'LH:DIIHQZHQQVLHJXWVLQGN|QQHQZLUJHEUDXFKHQ'LH9HUZXQGHWHQVROOHQ PLWJHVFKOHSSWZHUGHQ´ =ZHL6WXQGHQVSlWHUZDUHQZLUDEPDUVFKEHUHLW:LHGHUEHZHJWHVLFKGHU=XJ QDFK6GHQYHUOLHGLH]HUVW|UWHQ)HOGHUGHV%DXHUQXQGIROJWHNDXPVLFKWEDUHQ 3IDGHQHQWODQJGHV+DSL(WZD]ZDQ]LJ*HIDQJHQHVFKOHSSWHQVLFKDQUDQJH6HLOH JHIHVVHOWKLQWHUGHQ7UDJWLHUHQGDKLQ$OOHDQGHUHQZDUHQWRW$XVZHOFKHP*UXQGGHU VFKZDU]H.RORGHQ$QJULIIEHIRKOHQKDVWHNRQQWHQZHGHU3WDKQRFK=DNDQ]DRGHULFK KHUDXVILQGHQ(VJDEQXUHLQH(UNOlUXQJ(URSIHUWH0lQQHUXPXQV]XVDJHQGDZLU XQVLQVHLQHP+HUUVFKDIWVJHELHWEHIDQGHQ8QVHUH6SDKHUHQWGHFNWHQ]ZLVFKHQGHU )HVWXQJXQGGHP%DXHUQKRINHLQHHLQ]LJHGHUVFKZDU]HQ6WDWXHQPHKUZHGHUKRFKLQ GHQ'QHQQRFKDP8IHUGHV)OXVVHV *HJHQ$EHQGNDPHQGLH%RWHQ]XUFN6LHVDJWHQHUOHLFKWHUWXQGIU|KOLFKGD GLH+HUULQGHU)HVWXQJYRU)UHXGHLQGLH+lQGHJHNODWVFKWKDEH1HENDXUDHUZDUWHWH XQV'LH7RUHGHU)HVWXQJVVWDGWZDUHQZHLWIUXQVJH|IIQHW$OOHVVHLEHUHIW

$XFKGLHVHPlFKWLJHQZHLYHUSXW]WHQ0DXHUQZDUHQYRQ6NODYHQ%DXHUQXQG IUHLHQ+DQGZHUNHUQHUULFKWHWZRUGHQ(VEHGXUIWHQXUHLQHV%HIHKOVXQGGHU RUJDQLVLHUWH6WDDWDUEHLWHWHZLHGLHZLQ]LJHQ:HVHQLP,QQHUHQHLQHV$PHLVHQKDXIHQV (LQhEHUPDDQ1DKUXQJDOOHU$UWVLFKHUWHGDV/HEHQGHU%DXPHLVWHU6ROGDWHQXQG .QVWOHUXQGVHOEVWLQGHUZVWHQKDIWHQ6DYDQQHNXU]YRUGHP:DVVHU*UDQLW,UUJDUWHQ GHV=ZHLWHQ.DWDUDNWVZDUHQ)HVWXQJHQHQWVWDQGHQ,NHQRGHU%XKHQ0lQQHUZLH 3WDK6RNDULFKRGHU=DNDQ]D8SXDXWGHUDXV:DZDWRGHU.XVFKNDPOHEWHQDXI .RVWHQYRQKXQGHUW%DXHUQ$OVRPXWHQZLUMHQH0HQVFKHQVFKW]HQXQGZHQQZLU HUVWHLQPDOJHQDXZXWHQZHUVLFK6FKZDU]HU.RORQDQQWHNRQQWHQZLUYHUKLQGHUQ GD%DXHUQWRWJHVFKODJHQLKUH+lXVHUYHUZVWHWGLH)UDXHQJHVFKlQGHWXQGGLH +HUGHQIRUWJHWULHEHQZXUGHQ5DXFKVlXOHQDP+LPPHOHLQHEUHLWHVRUJIlOWLJDQJHOHJWH 6WUDH3DOPHQZlOGHUXQG6FKLIIHDXIGHP+DSL]HLJWHQXQVGDZLUGHPHUVWHQYRQ VLHEHQJHZDOWLJHQVWDGWlKQOLFKHQ)HVWXQJVEDXZHUNHQQlKHUNDPHQYRQHLQHP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

*UDEHQXQG]HKQ(OOHQGLFNHQ0DXHUQXPJHEHQGLHVRVDJWH=DNDQ]D8SXDXWDXI )XQGDPHQWHQVWDQGHUGLHIDVWHLQ-DKUWDXVHQGlOWHUZDUHQ (VZUGH$EHQGRGHU1DFKWZHUGHQHKHPDQXQVYRQGHQULHVLJHQ0DXHUQVDK ,Q]ZLVFKHQKDVWHQZLU%RWHQJHVFKLFNWXQG6SlKHUGHU)HVWXQJKDVWHQXQVOlQJVW HQWGHFNW-HPHKUZLUXQVQlKHUWHQGHVWRPHKU=HLWXQG*HOHJHQKHLWKDVWHLFKGLH ZXFKWLJH)HVWXQJDQ]XVWDUUHQ6LHVWDQGDXIGHU*UHQ]H]ZLVFKHQ:VWHXQG:DVVHU EHKHUUVFKWH+DSLXIHU:lOGFKHQXQG:VWHXQGZDUHLQXQEHUVHKEDUHV=HLFKHQGHU 0DFKWYRQ6HVRVWULVXQG$PHQHPKHW 'LH)HVWXQJZDUKDOELQGLH:VWHKDOELQVJUQHQGH*HELHWKLQHLQJHEDXW+LHU ZDUGLH6WUDHEHUVLFKWOLFKDXIHLQHPNOHLQHQ'DPPHUEDXWYRUGHP6FKZHOOHQGHV )OXVVHVJHVFKW]W%HLGH*HVSDQQHIXKUHQDXIGHU3LVWHQHEHQHLQDQGHUDOVGLH6WUDH ]ZLVFKHQGHP%XVFKZHUNKHUYRUNURFKXQGVFKQXUJHUDGHZXUGHULHI3WDK6RNDU SO|W]OLFK ³'LH(KUHLVW]XJURZHOOZLU]XVFKQHOOJHVLHJWKDEHQ'LHJDQ]H6WDGWVFKHLQW XQVGULQJHQG]XHUZDUWHQ´ (UGHXWHWHQDFKYRUQ$XVGHPXQWHUJHKHQGHQ*HVWLUQORGHUWHOHW]WHV/LFKWXQG WDXFKWHGLH0DXHUQLQKHOOHV5RW'LH6ROGDWHQKLQWHUXQVEHJDQQHQIU|KOLFK]XVFKUHLHQ XQGKlPPHUWHQLKUH:DIIHQJHJHQGLH6FKLOGH'DV7RU|IIQHWHVLFKUDQJH5HLKHQYRQ 0HQVFKHQNDPHQKHUDXVGLHODQJVWLHOLJH)DFNHOQWUXJHQ(LQH'RSSHOUHLKHDXV VFKZHOHQGHP5DXFKEDXWHVLFKDXI]ZHLKXQGHUW6FKULWW/lQJHDP5DQGGHU%|VFKXQJ DXI'LH/HXWHILQJHQEHJHLVWHUW]XVFKUHLHQDQ6HOEVWGLH3IHUGHZDUIHQGLH.|SIH KRFKXQGZLHKHUWHQ:LUVWHPPWHQXQVJHJHQGLH=JHO ³(VVLHKWVRDXV)UHXQGH´VDJWHLFK0HLQH1HXJLHUGHDXIGLHVHQZHLEOLFKHQ 6WDGWKHUUVFKHUZDUVHLWGHP*LIWDQVFKODJJHVWLHJHQ,QZHQLJHQ$XJHQEOLFNHQKDVWHLFK GLHHQGJOWLJH*HZLKHLW ³%HJHKWNHLQHQ)HKOHU%HL$WXPGHUVFKZDU]H.RORGDUIQLFKWXQWHUVFKlW]W ZHUGHQ+LQWHUGHP.DWDUDNWJLEWHVYLHOHJXWH-lJHU6LHZHUGHQNlPSIHQZHQQHUHV ZLOO´ ³,FKYHUJHHVVLFKHUQLFKW´YHUVSUDFKLFK:LUHUUHLFKWHQGLHHUVWHQEODNHQGHQ )DFNHOQ(LQXQJHKHXUHV/lUPHQHUKREVLFK$XIGHQ0DXHUQWDXFKWHQ0HQVFKHQDXI VFKZHQNWHQ7FKHU)DFNHOQXQG:DIIHQ$XJHQVFKHLQOLFKHUZDUWHWHQVLHXQV GULQJOLFKHUDOVZLUDQJHQRPPHQKDWWHQ$OVGLH*HVSDQQHGLH(FNSIHLOHUGHV7RUHV HUUHLFKWHQKLHOWHQZLUGLH7LHUHDQ(LQHJURH)UDXNDPXQVHQWJHJHQGLH=HLFKHQ LKUHU+HUUVFKDIWLQGHQ+lQGHQLQHLQUDQJHV.OHLGJHKOOWPLWYHUJROGHWHQ6DQGDOHQ =DNDQ]D8SXDXWNQXUUWH ³*DQ]RKQH=ZHLIHOLVW¶V1HENDXUDGLHXQVELV]XP6WDGWWRUHQWJHJHQNRPPW (LQHXQJHZ|KQOLFKH(KUXQJ$WODQ+RUXV´ ³6LHJLOWXQVDOOHQ´VDJWHLFKOHLVH(LQGXPSIHV*HIKOGHV8QEHKDJHQVHUJULII PLFKDOVLFKGDV*HVLFKWGHU5RPHWVDK)UPLFKZDUHVDOV|IIQHVLFKHLQJHZDOWLJHV 7RUHLQHQ6SDOWEUHLW'LHVHV*HVLFKWNDQQWHLFK:RKHU":DQQ"8QWHUZHOFKHQ 8PVWlQGHQ":LHNRQQWHGLHVVHLQ"0HLQ([WUDVLQQULHIGUlQJHQG:DUWH(VZLUGDOOHV JHNOlUW 1HENDXUDEOLHEVWHKHQ:LUVSUDQJHQDXVGHQ:DJHQN|UEHQ1HENDXUDV%OLFNH JOLWWHQYRQHLQHP*HVLFKW]XPDQGHUHQXQGEOLHEHQGDQQDQPLUKlQJHQ6LHVDKDXV DOVYHUVXFKHVLHVLFK]XHULQQHUQ ³:LOONRPPHQLKUDOOH:LOONRPPHQ$WODQ+RUXV'XELVWHVQLFKWZDKU"´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³-DZRKO+HUUVFKHULQYRQ%XKHQ:LUNDPHQXPGDV/DQG]XEHIUHLHQ 7DXVHQGIQIOKXQGHUW0lQQHUXQWHU:DIIHQ´ 6LHOlFKHOWH:LHGHUIROWHUWHQPLFK(ULQQHUXQJHQGLHPLW*HZDOWXQWHUGUFNW ZXUGHQ:LHDXVZHLWHU(QWIHUQXQJK|UWHLFKGLHKLQUHLHQGVFK|QH1HENDXUDVDJHQ ³9RQGHQHQGX$WODQ+RUXVGHUZLFKWLJVWHELVW:LUKDEHQ4XDUWLHUHXQG(VVHQ YRUEHUHLWHW,FKVROOWHGHLQHQ1DPHQNHQQHQ,FKZHLGDLFKGLFKVHOEVWNHQQH:LH NDQQGDVVHLQ"´ 0HLQH)UHXQGHVFKLHQHQ]XPHUNHQGDLFKXQVLFKHUZXUGH3WDK6RNDUZLQNWH GLH*HVSDQQH]XU6HLWHXQGULHI.RPPDQGRVGLHLFKQLFKWEHZXWYHUVWDQG,QPLU WREWHHLQODXWORVHU.DPSI,FKEHZHJWHPLFK]XU6HLWHZlKUHQGGLH6ROGDWHQLQHQJHQ 5HLKHQDQXQVYRUEHLLQGLH6WDGWKLQHLQPDUVFKLHUWHQ6LHZDUHQIURKLQGHU %HTXHPOLFKNHLWHLQHU6WDGWPLW7HPSHOQ%UXQQHQXQG+HUGIHXHUQ]XVHLQ,FKNRQQWH PHLQH$XJHQQLFKWYRP$QEOLFNGHU)HVWXQJVKHUULQO|VHQ ³,FKZHLHVQLFKW´VDJWHLFKVWRFNHQG³0LUJHKWHVQLFKWDQGHUV,FKNHQQHGLFK XQGZHQQZLUXQVDXVGHQ7UlXPHQNHQQHQ-HPDQGVWDKOPHLQH(ULQQHUXQJHQ´ 'LHVFKODQNH6FK|QKHLWVWDUUWHPLFKHQWVHW]WDQGDQQNHXFKWHVLH ³$XFKPHLQH(ULQQHUXQJHQZXUGHQJHVWRKOHQ,FKZDFKWHDXIXQGZDUZDVLFK ELQ,FKZXWHZDVLFK]XWXQKDWWH´ $OVGHUZLQ]LJH/LFKWVWUDKO]XEHUZlOWLJHQGHU+HOOLJNHLWZXUGHNDPHQ (ULQQHUXQJHQ]XUFN6LHZDUHQPLWEUXWDOHU3O|W]OLFKNHLWDEUXIOEDUXQGVREHZXWZLH HWZDVGDVJHVWHUQJHVFKHKHQZDU2KQHPLFKZHKUHQ]XN|QQHQEHPHUNWHLFKGD HV$V\UWDLQGLHVHQODQJHQ$XJHQEOLFNHQHEHQVRHUJLQJ'DVYRUEHUPDUVFKLHUHQGH +HHUOHQNWHXQVGDYRQDWH]XHUNHQQHQZDVLQXQVYRUJLQJ(6EHVHLWLJWHGLH6SHUUHQ (6]HLJWHGLH6WXQGHQXQG-DKUHLQGHQHQZLUPLWHLQDQGHUDXIGHU2EHUIOlFKHYRQ /DUVDI'UHLJHOHEWXQGJHNlPSIWKDWWHQ 'LH.DUDZDQHGHU:XQGHUPLWGHUZLUGHQ/DQGZHJQDFKGHP2VWHQGHV .RQWLQHQWVJH|IIQHWKDWWHQ'LH6WDGWGLHZLUHUEDXWKDWWHQGLH)DKUWHQXQVHUHU VHHWFKWLJHQ6FKLIIHGHU.DPSIJHJHQGDVVFKZDU]KlXWLJH0RQVWUXPDXIGHUIHUQHQ ,QVHO]XGHUZLUHLQHQ:HJJH|IIQHWKDWWHQ8QGMHW]WHUNDQQWHQZLUHLQDQGHULQ%XKHQ XQWHUKDOEGHU6WDGWPDXHUDOV*HIlKUWHQODQJHU-DKUH ³-D´VDJWHLFK³'XELVWHVZLUNOLFK$V\UWD0DUD\H´ 6LHVHQNWHGHQ.RSIXQGVFKZLHJVFKOLHOLFKIOVWHUWHVLH ³8QGGXELVW$WODQRGHU$FUDQ,FKKDEHPHLQH(ULQQHUXQJHQJHVHKHQZLHGDV %LOGHLQHUIHUQHQ/DQGVFKDIW´ (LQVFKDXHUOLFKHVDQKDOWHQGHV*HOlFKWHUHUW|QWHODXWORVLQPHLQHQ*HGDQNHQ ,FKZDUEHU]HXJWGDDXFK$V\UWD0DUD\H1HENDXUDGLHVHV/DFKHQK|UWHXQGVSUWH (6ODFWDWHPLWVHLQHPDEZHJLJHQ+XPRU:LHGHUZXUGHQ0HQVFKHQPDQLSXOLHUW 0LQGHVWHQV]ZHL0HQVFKHQ'DQQVSUDFK(6GHXWOLFKXQGPLWXQYHUNHQQEDUHU ODXWORVHU6WLPPH ³$UNRQLGH$WODQ'LHVHOEHQ:RUWHULFKWHLFKDXFKDQGHLQHVFK|QH*HIlKUWLQ,KU KDEWHXFKHUNDQQW5LFKWLJ,KUVHLGYHUDQWZRUWOLFKIUGHQ.DPSIJHJHQGHQ.ROR,KU PWVLHJHQGHQQGHU.RORLVWLQGHU/DJHGLH=LYLOLVDWLRQGHV/DQGHV]XUXLQLHUHQ 1RFKLVW$PHQHPKHWQLFKWIlKLJ+XQGHUWWDXVHQGHKDOEYHUUFNWHU:LOGHUGLHELV]XP OHW]WHQ%OXWVWURSIHQNlPSIHQDE]XZHKUHQ'HVKDOEKDEHLFKHXFKJHZHFNW(VLVW ZLFKWLJ,FKZHLGDLKUPLFKYHUIOXFKW*U|HUH,QWHUHVVHQVWHKHQDXIGHP6SLHO´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

'LHXQK|UEDUH6WLPPHGLH:DKUKHLWGLHLFKHUNDQQWHGLH%UDQGXQJVZHOOHQDXV (ULQQHUXQJHQGLHEHUPLU]XVDPPHQVFKOXJHQGLHVHUJHZDOWLJH$QVWXUPDXV ,QIRUPDWLRQHQ*HGDQNHQZLGHUVWUHEHQGHQ(PSILQGXQJHQXQG(UNOlUXQJHQ HUVFKWWHUWHPHLQHQ.|USHU)UHLQHQ$XJHQEOLFNYHUORULFKIDVWGDV%HZXWVHLQ ,FKEHPHUNWHGDGLHGUHL)UHXQGH]ZLVFKHQGHQ3IHUGHQLP6FKDWWHQGHU 0DXHUVWDQGHUXQGXQVDXIPHUNVDPEHREDFKWHWHQ ³+DW(6HWZDVPLWGHPYHUJLIWHWHQ:HLQ]XWXQ"´IUDJWHLFK³:LUVFKLFNWHQ%RWHQ ]XGLUPLWGHP%HIHKOGHQ9RUIDOO]XXQWHUVXFKHQ´ ³,FKZHUGHGLUEHZHLVHQGDHVGLH*HLHOGHV+DSLODQGHVJHZHVHQLVW´VDJWH GLH+HUUVFKHULQ+LHULQGHU8PJHEXQJGLHLKUJHPlZDUJHZDQQGLHKLQUHLHQG EHJHKUHQVZHUWH)UDXHLQH:UGHXQGHLQ6HOEVWEHZXWVHLQGLHPLUQHXZDUHQ,P 0RPHQWZDUVLHDOOHVDQGHUHDOVGLH+HUUVFKHULQEHU/HEHQXQG7RGLQGHU)HVWXQJ %XKHQ ³,FKJODXEHGLU,FKKDEHYRQQLFKWVJHZXW,FKZHLDXFKMHW]WQLFKWYLHOPHKU ,FKEHPKHPLFK]XWXQZDVVLHYRQPLUYHUODQJHQ'LH)DKUWQDFK3XQWXQGGHU .DPSIJHJHQGHQVFKZDU]HQ.ROR´ $V\UWDVDJWHKDOEODXWXQGLQEHUXKLJHQGHP7RQIDOO ³'XZLUVWEHLPLULPJURHQ+DXVVFKODIHQ:LUZHUGHQDOOHVEHVSUHFKHQYLHOHV NOlUHQXQGXQVOLHEHQ:LUNHQQHQXQVEHVVHUDOVMHGHVDQGHUH3DDUGLHVHU:HOWZLU KDEHQHLQ-DKUKXQGHUWYROOHU(ULQQHUXQJHQ.RPP'HLQH)UHXQGHZDUWHQ´ ,FKQLFNWHVFKZHLJHQG,QPLUEHUVFKOXJHQVLFK*HGDQNHQXQG(PSILQGXQJHQ ,FKZDUZLHJHOlKPWXQGJHKRUFKWHRKQHHLJHQHQ:LOOHQ :LUVWDQGHUSO|W]OLFKVWHLIGD$V\UWDVFKLHQ]XODXVFKHQ²ZLHLFK$EHUZLU K|UWHQQLFKWV'DQQZLHHLQ6FKODJIXKUGLH6WLPPHGHVXQIDEDUHQ:HVHQVGXUFK XQVHUHQ9HUVWDQG ³'XKDVWUHFKW$UNRQLGH'XGHUGXGDQNPHLQHVNRVWEDUHQ*HVFKHQNVQRFK LPPHUOHEVWXQGGHQ.|USHUHLQHVIQIXQGGUHLLJMlKULJHQ%DUEDUHQKDVWZLUVWDEHUPDOV WXQZDVJXWIUGLHVHQ3ODQHWHQLVW=XVDPPHQPLWGHLQHUZHLVHJHZRUGHQHQ *HOLHEWHQ´ :DUHVHLQHDEHUZLW]LJHhEHUOHJXQJRGHUNRQQWHLFKDXVGLHVHU%HPHUNXQJ HWZDVZLH1HLGKHUDXVK|UHQ"0LWGHP9QWHUWRQYRQ,URQLHIXKUGLH*HLVWHUVWLPPHIRUW ³9RQ:DQGHUHUPHLQHP.XQVWSODQHWHQLVWHLQ$QGURLGHJHIOFKWHW(VGDXHUWH ]XUDQJHELVLFKLKQZLHGHUIDQG(VLVWGHUVFKZDU]H.RORJHQDQQW'DQFUHGLDXI VHLQH$UWZDKQVLQQLJ6HLQH/HEHQVDXIIDVVXQJKHLWNlPSIHQXQGVLHJHQ(VJLEWNDXP MHPDQGHQGHUVWlUNHUVFKQHOOHUXQGJHULVVHQHULVWZHQQHVXP.DPSIJHKW(LQZHQLJ ]LYLOLVLHUWHU%DUEDUZLHHLQH0DVFKLQH1LFKWOHLFKW]XW|WHQDEHUHLQHUGHLQHU3IHLOH GUIWHJHQJHQ)DOOVHUGLFKQDKHJHQXJKHUDQNRPPHQOlW(UHUIXKUYRQGLUXQG VFKLFNWHGDV*LIWKDOWHGLFKQLFKWPLWIDOVFKHQ9HUGlFKWLJXQJHQDXI'XVROOVWLKQQLFKW QXUIU$PHQHPKHWGHVVHQ5HLFKLQJURHU*HIDKULVWVRQGHUQDXFKIUPLFKILQGHQ XQGW|WHQ´ -HW]WNDQQWHLFKGHQ*UXQGPHLQHV+LHUVHLQVXQGPHLQHQ$XIWUDJ (LQYHUVWDQGHQ(6ODFWDWHGRQQHUQGXQGVSUDFKZHLWHU ³)LQGHXQGW|WH'DQFUHGL(UZLUGHVGLUOHLFKWPDFKHQGHQQLQ]ZLVFKHQZHLHU GDGDV+HHUVLFKVHLQHQ/HXWHQXQGLKPQlKHUW(UZLUGGHP.DPSIQLFKWDXVZHLFKHQ GHQQHUKlOWGLFKIUHLQHQ6WHUEOLFKHQ(UVHOEVWEHVLW]WHLQhEHUOHEHQVSRWHQWLDOGDV QLFKWYLHONOHLQHULVWDOVGHLQHV$UNRQLGH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

$OV'DQNXQG%HORKQXQJIUGLH.lPSIHXQGGLH(UOHGLJXQJGLHVHU =ZDQJVDXIJDEHZHUGHLFKWXQZDVLFKYHUVSUDFK6FKOLHOLFKVROOVWGX]ZHL'XW]HQG 6FKLIIHQDFK3XQWIKUHQXQGYRQGRUWYROOHU6FKlW]H]XUFNEULQJHQ1XQ)UHXQG$WODQ +RUXV:lFKWHUGHV3ODQHWHQXQG)UHXQGGHV*RWWN|QLJVLQ,WFK7RZLQLPPDOOGHLQHQ 0XW]XVDPPHQEHILHKOGHLQHQWUHXHQ6ROGDWHQXQGYHUJLGHQ*UROOJHJHQ(6GHQ EHVRUJWHQ6SLHOHUGHUGLFKXQG$V\UWDZLH6SLHOILJXUHQEHZHJW5HWWHZLHGHUHLQPDO HLQHQ7HLOGHLQHU:HOW´ ,FKVWDUUWHRKQHVLHZLUNOLFK]XVHKHQGLH0DXHUQXQGGLHZXFKWLJHQ7RUIOJHO GHU)HVWXQJVVWDGWDQ)LVFKHVSUDQJHQDXVGHPEUHLWHQ:DVVHUJUDEHQ'LH6RQQH EUDQQWHDXIGLHZHLHQ0DXHUQKHUXQWHUMHGHVJURH6DQGNRUQXQWHUGHP.DONDQVWULFK ZDUIKDUWH6FKDWWHQ$V\UWDV*HVLFKWZDUEOHLFK6FKZHLVWDQGDXILKUHU6WLUQ ³'DQFUHGLZUGHQLFKW]|JHUQHLQH.XOWXUDXV]XO|VFKHQDQGHUPLUXQGGLU JOHLFKYLHOOLHJW,FKKDEHVLHQLFKWZHQLJHUEHHLQIOXWDOVGX$PHQHPKHWZLUGGLUHLQ ZHLWHUHV*HVFKHQNJHEHQGDVGLFKQLFKWXQEHHLQGUXFNWEOHLEHQODVVHQZLUG0HKU GDYRQZLUVWGXQDFKGHLQHP)HOG]XJHUIDKUHQ'LUKDEHLFKGDV$PWGHVSODQHWDUHQ +HQNHUV]XJHGDFKWYRUEHUJHKHQG´ :LHGHUHLQNXU]HV*HOlFKWHU 'DQQEUHLWHWHVLFK6WLOOHEHUPHLQHUDVHQGHQ*HGDQNHQ,FKHUUHLFKWHQHEHQGHU +HUUVFKHULQ$V\UWD1HENDXUDPHLQ*HVSDQQ3WDK6RNDUEOLFNWHPLFKVFKZHLJHQGDQ VWUHFNWHGHQ$UPDXVXQG]RJPLFKLQGHQ:DJHQNRUE=DNDQ]D8SXDXWIKUWHGLH 3IHUGHDPNXU]HQ=DXP:LUOHJWHQGLHOHW]WHQ(OOHQDXIGHP6WUDHQGDPP]XUFNGLH 5lGHUNOLUUWHQEHUGLH6WHLQVFKZHOOH'DQQVFKORVVHQVLFKKLQWHUXQVGU|KQHQGGLH 7RUIOJHO :LHGHUIKOWHLFKHLQH6FKZlFKHVLHJLQJVFKQHOOYRUEHL(VZDUHQQLFKW 6FKUHFNHQVRQGHUQ(UOHLFKWHUXQJXQGGLH/DVW]XVlW]OLFKHQ:LVVHQVXQGQHXHU .HQQWQLVVH,FKKDVWHGLH(UNOlUXQJDEHUZUGHQGLH=HKQWDJHXQG0RQGHGDGXUFK OHLFKWHUZHUGHQ" :LUVDHQXQVDXIGHP'DFKDQHLQHPNOHLQHQ7LVFKJHJHQEHU9RP+DSLGHU EUHLWXQGVWLOOIDVWZLHHLQ6HH]ZLVFKHQVDQGLJHQXQGIHOVLJHQ8IHUQGDKLQIORNDP HLQNKOHU1DFKWZLQG$V\UWDXQGPLFKKDVWHHLQZDKUHU7DXPHOYRQ0LWWHLOXQJVGUDQJ HUJULIIHQ'HU0RQGGXUFKIXUFKWHGHQ+LPPHOYROOHUULHVLJHUVWDUUHU6WHUQH'HU7LVFK ZDUPLW'XW]HQGHQ6FKDOHQXQG1lSIHQ%UHWWFKHQXQG.|UEFKHQJHGHFNWODXWORV EHGLHQWHQXQVMXQJHVFKZDU]KlXWLJH6NODYLQQHQPLWNOHLQHQ.HJHOQGXIWHQGHU VFKPHO]HQGHU6DOEHDXIGHU6WLUQ5XQGXPXQVZHKWHQGQQH6WRIIHLQGHUHQ 0DVFKHQVLFKGLH1DFKWVFKZlUPHUYHUILQJHQ9LHOH)ODPPHQDXVgOOlPSFKHQ EHOHXFKWHWHQGLH8PJHEXQJXQGVFKXIHQHLQHQ/LFKWNUHLVEHUGHU6WDGWGLHDXV 9LHUHFNHQ]XEHVWHKHQVFKLHQLQGHUHQ=ZLVFKHQUlXPHQVLFK)DFNHOQEHZHJWHQ,FK OLHPLUYRQ$V\UWDEHULFKWHQZDV'DQFUHGLDQJHULFKWHWKDVWH/DQJVDPNDPHLQZHQLJ 6\VWHPLQVHLQH+DQGOXQJHQ ³8QGZLHLVWHVGLUHUJDQJHQ/LHEVWH"´IUDJWHLFKVFKOLHOLFK6LHVWUHLFKHOWH PHLQH+DQG*HUlXVFKORVVHUYLHUWHQ6NODYLQQHQ ³,FKZDUSO|W]OLFKWULHUZXWHDOOHVKDVWHJHQJHQG$UEHLWHUXQGJLQJGDUDQGLH /DJH]XYHUEHVVHUQ6PSIHOLHLFKWURFNHQOHJHQ0DXHUQHUK|KHQ%lXPHSIODQ]HQ .DQlOH]LHKHQXQG)HOGHUDQEDXHQ,FKKDEHWFKWLJH9HUZDOWHUXQG+DQGZHUNHU´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³6RLVWHVDXFKEHLPIU$EHUMHW]WVFKHLQW¶VKDEHLFKHLQ=LHO,FKPX'DQFUHGL ILQGHQXQGYHUQLFKWHQ8QGGDQQGLHVVFKHLQWHLQ9HUJQJHQ]XZHUGHQGLH)DKUWLQV *ROGODQG3XQW´ ³,FKZROOWHLFKN|QQWHPLWGLU:HLWGXZLHGDPDOVPLWGHU=('(5"´ ,FKZXWHDOOHVMHGHZLQ]LJH(LQ]HOKHLW,QQHUKDOEGHUYRQ(6JH]RJHQHQ *UHQ]HQKDVWHLFKHLQSKRWRJUDSKLVFKH[DNWHV*HGlFKWQLV0DQEUDFKWHXQVQDFKGHP GHU7LVFKJHOHHUWZDU%LHUXQG:HLQGHUQLFKWEHVRQGHUVJXWZDU$EHUDXFKQLFKW JLIWLJ:LUVDHQDXIGHP'DFKHLQHVJHUlXPLJHQ+DXVHVHVZDUNHLQ3DODVWVRQGHUQ HLQZHLWUlXPLJHU)ODFKEDX'LH$QZHVHQKHLWYRQIQI]HKQKXQGHUW6ROGDWHQKDVWHGLH )HVWXQJLQHLQHQVXPPHQGHQ%LHQHQNRUEYHUZDQGHOW0LFKVW|UWHQGLHODXWHQ6FKUHLH GLHGLHVHYLEULHUHQGH5XKHXQWHUEUDFKHQ ³'LHVH1DFKW´VDJWH$V\UWDOHLVH³KDEHQZLUDOOHLQIUXQV6FKRQDOVLFK]XP HUVWHQPDOGHLQHQ1DPHQK|UWHZXWHLFKGDZLUXQVOLHEHQZUGHQ-HW]WLVWDOOHV OHLFKWJHZRUGHQ´ ,FKVFKOXJJHJHQPHLQHOHGHUQH5VWXQJOlFKHOWHVLHDQXQGIHQGLPPHUPHKU )UHXGHDQLKUHQ*HGDQNHQ ³'DQQKDWWHVWGXVLFKHUJHQJHQG=HLWHLQ%DGXQGDOOHVDQGHUHYRU]EHUHLWHQ ZDVVLFKPLWGLHVHU9RUVWHOOXQJYHUELQGHW"´ ³6LFKHU$OOHVZRUDQGXGHQNVW6RJDUNDOWHV%LHU´ ³9HUOLHUHQZLUNHLQH=HLW´ ,QHLQHP%DGHUDXPGHVVHQ:lQGH%RGHQXQGGLH9HUWLHIXQJDXV$ODEDVWHU ZDUHQEDGHWHQPLFKGUHLNLFKHUQGH0lGFKHQ(LQ1XELHUPDVVLHUWHPLFKPLW EHWlXEHQGULHFKHQGHPgOGDQDFKHQWIHUQWHLFKPHLQHQ%DUWPLWGHU6SH]LDOSDVWHXQG VFKODQJHLQEOWHQZHLHV+IWWXFKXPPHLQH/HQGHQ(LQHMXQJH6NODYLQZLHVPLUGHQ :HJLQGHQ6FKODIUDXPGHUMXQJHQ+HUULQYRQ%XKHQ 'LHIROJHQGHQ6WXQGHQZDUHQGHQNZUGLJ:LUZDUHQJOHLFKHUPDHQDXIJHUHJWH XQGXQVLFKHUH/LHEHQGH)UHXQGHXQG*HIlKUWHQEHVFKZHUOLFKHUODQJHU:HJHGLHVLFK VHLWHLQHU(ZLJNHLWNDQQWHQZLUZDUHQOHLGHQVFKDIWOLFKXQGLURQLVFK9HUWUDXWHXQG )UHPGH(LQHQLHJHNDQQWH+DUPRQLHHUIOOWHXQVYLHOOHLFKWQXU,OOXVLRQDEHU]ZHLIHOORV HLQHVWDUNH,OOXVLRQ,UJHQGZDQQ]ZLVFKHQ1DFKWXQG0RUJHQIOVWHUWH$V\UWDLQPHLQHQ $UPHQ ³,FKP|FKWHPLWIDKUHQQDFK3XQWVRZLHGDPDOV/LHEVWHU´ ,FKOHKQWHPLFKJHJHQGLHVHLGLJHQ/HRSDUGHQIHOOHDQGHU:DQGXQGHUZLGHUWH ³1LFKWVZLUGVHLQZLHGDPDOV$EHUZLUEHLGHDXIGHU)DKUWQDFK3XQWYLHOOHLFKW LVWHVGLHOHW]WH0|JOLFKNHLWIUXQVGHUUDVHQGHQ=HLWHWZDV*OFN]XVWHKOHQ,FK ZHUGHHVYHUVXFKHQ9LHOOHLFKWLVWHVP|JOLFK:DUWH´ 1RFKLPPHUVFKULHGDVJHVFKXQGHQH7LHULUJHQGZRLQGHU)HVWXQJVRQVW KHUUVFKWH5XKH:LUK|UWHQGLH6FKULWWHGHU3RVWHQDXIGHQ0DXHUQXQGGLH5XIHPLW GHQHQVLHVLFKYHUVWlQGLJWHQ:LUZDUHQJOFNOLFKXQGVHKUHUVFK|SIWDOVGHU0RUJHQ GlPPHUWH (VZDUNHLQ/HEHQPHKULQGHQ]ZHL.|USHUQ6OLFKHU*HUXFKXQGGHU'XQVW GHV)HXHUVKLQJHQLQGHU/XIW1HEHQPLUVWDQGHU0lQQHUPLWEOHLFKHQ*HVLFKWHUQ,FK VDKGLH6WHOOHPLWGHQHQ)XJHOHQNHDQ7RUSIRVWHQJHEXQGHQZDUHQGLH+RO]VWlEHLP %RGHQDQGLH+DQGJHOHQNHJHIHVVHOWZDUHQVDKGHQQDVVHQ/HKPGHV6WDOOHVPDQ KDVWHGLH2SIHUPLWNDOWHP:DVVHUEHUJRVVHQ6FKQLWWH%UDQGZXQGHQ6WULHPHQXQG JHWURFNQHWHV%OXW,FKGUHKWHPLFKXPXQGEHJHJQHWHGHP7KLFN3WDK6RNDUV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³'DVDOVRZDUHQGLH6FKUHLHLQGHU1DFKW0HLQ)UHXQGLFKJODXEHQLFKWGD PLUJHIlOOWZDVLFKVHLQH:HUKDWGLH9HUDQWZRUWXQJ"´ ³,FK´JHVWDQG3WDK6RNDUNDOW ³8QGLFK´IJWH=DNDQ]DKLQ]X6LHXQGLKUH%RJHQVFKW]HQKDVWHQGLH *HIDQJHQHQ]X7RGHJHVFKXQGHQ7DGHOWHLFKVLH]XQDFKGUFNOLFKVHW]WHLFKLKUH $XWRULWlWDXIV6SLHO3O|W]OLFKKDVWHGLH6LWXDWLRQZLHGHUGLHULFKWLJH'LPHQVLRQ:LU EHIDQGHQXQVLP.ULHJGHQQXUHLQH3DUWHLEHUOHEHQNRQQWH,FKKREGLH6FKXOWHUQXQG IUDJWH ³:DUGDVQ|WLJ"´ ³-D:LUZLVVHQMHW]WZDVVLHZXWHQ(VZDUVHKUYLHO:LUKDEHQ+XQGHUWHQ 6ROGDWHQGDV/HEHQJHUHWWHW´ ³:DVKDEHQVLHYHUUDWHQ"´ ³'LH=DKOGHU*HJQHU'LHJHKHLPHQ:HJHDXIGHQHQVLHEHUGLH*UHQ]HQ NRPPHQ'LH%UXQQHQ'HQ2UWZRVLFKGHU.RORYHUVWHFNW6HLQH3OlQHZLHHUVLH LKQHQHU]lKOWH6LHZLVVHQEHUXQV%HVFKHLG:LUVROOWHQHLQHQ3ODQPDFKHQ+RUXV GHV+RUL]RQWHV´ ³:LOOGHU.RORGLH)HVWXQJDQJUHLIHQ"´ ³1HLQ(UZLOODQGLH6WHOOHGHV*RWWN|QLJVWUHWHQXQGEHUGDV/DQGKHUUVFKHQ (ULVWGDEHLGLHHUVWHQ7UXSSHQIKUHUDXI]XVWHOOHQ6HLQ3ODQLVWEHUDOOJOHLFK]HLWLJ DQ]XJUHLIHQ´ ³hEHUDOO"´IUDJWHLFKPHKUDOVYHUZXQGHUW'LHVHU9HUVXFK]HLJWHHLQHJHZLVVH JLJDQWLVFKH9HUPHVVHQKHLWDEHUHUVFKLHQQLFKWHUIROJYHUVSUHFKHQG]XVHLQ ³-D9RP1RUGHQELVQDFK%XKHQ2GHULQDQGHUHU5LFKWXQJ6HLQH7UXSSHQ ZHUGHQVLFKDXVGHQ%DXHUQK|IHQHUQlKUHQ´ ,FKJLQJKLQDXV'LHZDUPH/XIWGHV0RUJHQVREZRKOJHVFKZlQJHUWYRP5DXFK QlFKWOLFKHU)HXHUVWHOOHQXQGYLHOIlOWLJHQ*HUFKHQJHQRVVHQHU6SHLVHQXQG*HWUlQNH ZDUJHUDGH]XHLQ*HQX,FKOHKQWHPLFKJHJHQGHQ6WDPPHLQHU3DOPHXQGVDJWH ³$XIGHP0DUVFKXQGKHXWHDEHQGZHQQZLULQQ3DODVWHVVHQZHUGHQZLUGLH (LQ]HOKHLWHQEHVSUHFKHQ0RUJHQLP0RUJHQJUDXHQEUHFKHQZLUDXI'LH0lQQHUVROOHQ VLFKVDWWHVVHQXQGPLWQHKPHQZDVVLHEUDXFKHQ(LQHVZLOOLFK:LUPVVHQVFKQHOO VHLQ$OVRZHQLJ7UR'DVLVWGHLQH$XIJDEH3WDK6RNDU'X8SXDXWNRPPVWELWWHPLW PIU,FKKDEHYLHOH)UDJHQDQGLFK´ 3WDK6RNDUVHQNWHYROO(UOHLFKWHUXQJGDGHUHUZDUWHWH7DGHODXVJHIDOOHQZDU GHQ.RSIXQGPXUPHOWH³6RVRLOHVJHVFKHKHQ´ ³6RZLUGHVJHVFKHKHQ+HHUIKUHU´VDJWHLFKXQGJLQJPLW=DNDQ]D8SXDXWLQ GLH5LFKWXQJGHV0DUNWSODW]HV9LHOHXQVHUHU6ROGDWHQEHIDQGHQVLFKLP7HPSHOXQG YRUGHQ6WXIHQGHVVlXOHQJHVFKPFNWHQ+HLOLJWXPV,FKKRIIWHGDLKUH%LWWHQXQG *HEHWHHUK|UWZHUGHQPRFKWHQ$OVHV$EHQGZXUGHKDVWHQZLUHLQHQJXWHQ3ODQ DXVJHDUEHLWHWLFKZDUVLFKHUGDZLU(UIROJKDEHQZUGHQ'XPXWHLQIDFK(UIROJ KDEHQ$UNRQLGHVDJWHGHU([WUDVLQQ 1XQEHWUDWHQZLUHLQOHHUHV7DOYROOHU'DWWHOSDOPHQXQGULHVLJHUGXQNHONURQLJHU 6\NRPRUHQ'UUHV*UDVWHLOWHVLFKVFKZDQNHQGDOVGLH6ROGDWHQLQODQJHQ5HLKHQ KLQGXUFKPDUVFKLHUWHQ$XFKWULHUELOGHWHQ9HJHWDWLRQXQG:VWHHLQH*UHQ]HVRVFKDUI ZLHGLH6FKQHLGHHLQHU6WUHLWD[W8QEHNDQQWH%VFKHULHVLJHV6FKLOIJHZlFKVXQGGLH 5HVWHYHUZLOGHUWHU)HOGHUHUVWUHFNWHQVLFK]XEHLGHQ6HLWHQGHV)OXVVHV%ODXHV :DVVHUVPDUDJGJUQH9HJHWDWLRQSODWLQIDUEHQH:VWH,PPHUZLHGHUZ|OEWHQVLFK

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

IHOVLJH.DQWHQKRFKXQGJUHQ]WHQGDV7DODWH9RQ=HLW]X=HLWZDUIGHU6FKULWWHLQHV %RJHQVFKW]HQRGHUHLQ:LQGVWRHLQHUDQJH6DQGIDKQHEHUGLH.DQWHGLHZLHHLQ :DVVHUIDOO]HUVWlXEWH ³-HW]WVLQGZLUGHQHOIWHQ7DJMHQVHLWVGHV]ZHLWHQ.DWDUDNWV,FKGHQNHHVLVW ULFKWLJZDVGLH*HIDQJHQHQJHVDJWKDEHQ´ ³6LHKDVWHQZRKOZHQLJ0|JOLFKNHLWHQHXFKDQ]XOJHQ´HQWJHJQHWHLFK =DNDQ]D8SXDXWGHXWHWHDXIGLHDQGHUH6HLWHGHV)OXVVHV ³:HQQHVHLQH0|JOLFKNHLWJlEHGRUWKLQEHU]XNRPPHQ´VDJWH3WDK6RNDU ³$EHUGHU.RORKDWGDVVHOEH3UREOHP´ 'LH9HUIROJXQJZDULQ+XQGHUWHYRQ(LQ]HONlPSIHQDXIJHVSOLWWHUW,PPHUZLHGHU ZDUHQ7HLOHGHU7UXSSHYRQ*UXSSHQDQJHJULIIHQZRUGHQ6WHLQHXQG3IHLOHKHXOWHQ GXUFKGLH/XIWXQVHUHNOHLQHQVFKQHOOEHZHJOLFKHQ9HUElQGHXP]LQJHOWHQGLH$QJUHLIHU XQGPDFKWHQVLHQLHGHU,PPHUZLHGHUVWLHHQZLUDXIGHXWOLFKH6SXUHQ.DUDZDQHQ GLHDXVGHP+HU]HQGHVULHVLJHQ.RQWLQHQWVNDPHQRGHUYRPIUXFKWEDUHQ'UHLHFNDXV GRUWKLQ]RJHQZDUHQEHUIDOOHQXQGDXVJHSOQGHUWZRUGHQ*DQ]HLQGHXWLJZDUGD VLFKXQVHUHGUHLLJ$EWHLOXQJHQYRQUXQGIQI]LJ0lQQHUQVFKQHOOHUEHZHJHQNRQQWHQ ZLUDOOHEHIDQGHQXQVLPIHLQGOLFKHQ/DQG ³:LUNRPPHQ'DQFUHGLQlKHU1XUQRFK7DJHNDQQHVGDXHUQ´YHUVLFKHUWHLFK ,PPHUZHLWHUDXIXQNHQQWOLFKHQ:HJHQHQWODQJGHV)OXVVHVQDFK6GHQ'LH:VWH ZDURKQHPHQVFKOLFKH6SXUHQ:LUGXUFKTXHUWHQHLQH=RQHGLHQXUYRQVFKHXHP:LOG EHY|ONHUWZDUHLQHUGHULG\OOLVFKVWHQ3OlW]HGLHZLUMHJHVHKHQKDWWHQ9|JHO 6FKPHWWHUOLQJHDOOHGHQNEDUHQ,QVHNWHQ*D]HOOHQ$QWLORSHQ.HWWHQYRQ :DVVHUY|JHOQGLHLP6FKLOIUDVFKHOWHQ²HLQWUJHULVFKHU)ULHGH:LUVWROSHUWHQMHGHQ 7DJEHUHUORVFKHQH)HXHUVWHOOHQVDKHQ]HUIHW]WH6NHOHWWHEHUIDOOHQHU2SIHUXQG HUNDQQWHQGDWULHU'DQFUHGLV+RUGHQGLHZDKUHQ+HUUVFKHUZDUHQ7DJXP7DJ YHUVWULFKZLUILQJHQ:HJHODJHUHUXQGW|WHWHQVLHLP.DPSI:LUZDUHQYRUEHUHLWHWGHQQ GLH*HVWlQGQLVVHGHU*HIROWHUWHQKDVWHQXQV(QWIHUQXQJHQHEHQVRYHUUDWHQZLHGLH /DJHGHV9HUVWHFNV:LUGXUFKNlPPWHQGDV*HELHWPLWGHU*UQGOLFKNHLWYRQ)LVFKHUQ GLH1HW]HVFKOHSSWHQ(VZDUZLHHVGLH*HIROWHUWHQJHVDJWKDWWHQ'HU.ROR HUZDUWHWHXQVLQVHLQHP*HELHW/DQJVDPGUDQJHQZLUYRQ,QGHQ1lFKWHQODJHUWHQZLU DQNOHLQHQ)HXHUQXPJHEHQYRQ:DFKHQ:LUVFKRVVHQZlKUHQGGHV0DUVFKHVGDV :LOGGDVZLUVSlWDEHQGVDQGHQ6SLHHQEULHWHQ $OVZLULP0RUJHQJUDXHQ7DJHVSlWHUEHU)HOVHQ*HU|OO6DQGXQGVWDXELJH *UDVKDOPHGDV7DOYHUOLHHQWUDIHQGLHHUVWHQ6RQQHQVWUDKOHQYRUXQVDXIGLH)HOVHQ :LUVDKHQVWDXQHQGIQIULHVLJH6WDWXHQGLHVPDO]HLJWHQVLHQLFKWGHQ.|USHUGHV .RORVVHVVRQGHUQVHLQHQULHVLJHQ.RSIXQGGLH6FKXOWHUQ5XQGPDVVLJPLWNDOWHP XQGGURKHQGHP$XVGUXFNPLWZDKUHU0HLVWHUVFKDIWDXVPDQQVJURHQVFKZDU]HQ )HOVHQKHUDXVJHPHLHOWYRQ7DXEHGHFNW(VVFKLHQDOVZUGHGHUKDOEJH|IIQHWH 0XQGZVWH'URKXQJHQJHJHQXQVVFKOHXGHUQ(LQ6FKDXGHUQHUIDWHPLFKLFKKROWH WLHI/XIWXQGPXUPHOWH ³:LUVLQGGD(UVRUJWHGDIUGDZLULKQQLFKWYHUIHKOHQ´ ³'LHVVLQGIQI.|SIH$EHUDXFKHUNDQQQXUHLQPDOVWHUEHQ´]LVFKWH=DNDQ]D 8SXDXWZWHQG ³:LHMHGHUYRQXQVDXFK´ULHI3WDK6RNDUXQGULGHQ$UPKRFK'LH*HVSDQQH VHW]WHQVLFKLQ%HZHJXQJ1DFKXQVHUHP3ODQVFKZlUPWHQGLH0lQQHUDXVMHGH $EWHLOXQJKDVWHHLQHQ.UXJPLW*OXWEHLVLFKGLHXQWHU$VFKHYHUERUJHQZDUXQGQXU

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

HQWIDFKW]XZHUGHQEUDXFKWH/HLVHZXUGHQ%HIHKOHZHLWHUJHJHEHQ'HU]DKOHQPlLJ NOHLQH7URILHO]XUFNQDFKGHPVLFKGLH6ROGDWHQVDWWJHWUXQNHQKDWWHQ:LU VFKZlUPWHQDXVXQGZXUGHQVFKQHOOHUhEHUDOOZXUGHQGLHOHGHUQHQ+HOPHDXIJHVHW]W GLH6FKLOGHKRFKJHQRPPHQGLH:DIIHQIHVWHUJHSDFNW'LH%RJHQVFKW]HQELOGHWHQGLH 9RUDXVDEWHLOXQJHQ6LHZDUHQVFKQHOOXQGIDVWXQVLFKWEDU .HXFKHQG]RJHQGLH3IHUGHGLH*HVSDQQHVFKUlJGHQ+JHODXIZlUWV.DOWH (QWVFKORVVHQKHLWSDFNWHXQV²DOOHNDPSIOEHUHLWHQ0lQQHU:LUVWUPWHQLQODQJHQ 5HLKHQGHQ+JHODXIZlUWVVWLHHQ]ZLVFKHQ%DXPVWlPPHQXQG6DQGVWHLQEURFNHQ KLQGXUFKWUDPSHOWHQ*DVVHQLQGLHKRKHQ*UlVHUXQGMDJWHQ9RJHOVFKZlUPHDXVGHP 8IHUVFKLOIKRFK1RFK]HLJWHVLFKNHLQ*HJQHU'LH%lXFKHGHU3IHUGHXQGGLH.QLHGHU 0lQQHUZDUHQQDYRP7DXGHU*UlVHU=ZLVFKHQGHQIQI.|SIHQEUDFKHQZLU ]ZDQ]LJ0DQQVOlQJHQZHLWHUDXIZlUWVEHUGLH.DQWHGHV+DQJHVXQGEHIDQGHQXQV ZLHGHUXPDXIHLQHPHEHQHQ*HOlQGHYROOHU*UDV%lXPHXQG%VFKH$PMHQVHLWLJHQ (QGHJOHLFKVDPDOV$EVFKOXGLHVHV/DQGVWULFKVHUNDQQWHQZLUHLQHVHQNUHFKWHYRQ 6SUQJHQXQG9HUWLHIXQJHQGXUFK]RJHQH)HOVZDQGGLHUHFKWVLQKRKH:VWHQIHOVHQ EHUJLQJ,FKULDQGHQ=JHOQGLH7LHUHVWDQGHUVRIRUWLKU)HOOZDUYRQJURHQ 6FKZHLIOHFNHQJH]HLFKQHW ³(VN|QQWHHLQH)DOOHVHLQ´VDJWHLFK³'DVLGHDOH*HOlQGHGDIU´ 'LH)HOVZDQGZDUYRQ+XQGHUWHQQDWUOLFKHQ+|KOHQ/|FKHUQRGHU ODQJJHVWUHFNWHQgIIQXQJHQGXUFK]RJHQ,QGHU0LWWHIKUWHHLQHVFKPDOHVFKUlJH 5DPSHDXIZlUWV-HW]WVDKHQZLUZDVZLUELVKHUQXUJHDKQWKDWWHQ'LH*HIDQJHQHQ KDVWHQQLFKWJHORJHQ5HFKWVDXIGHQ)HOVHQWDXFKWHQXQVHUH%RJHQVFKW]HQDXI 3WDK6RNDUZDUWHWHPHLQ1LFNHQDWHGDQQULHIHUVHLQH%HIHKOH $XJHQEOLFNOLFKWDXFKWHQGLH%RJHQVFKW]HQLKUHFOLFNXPZLFNHOWHQ3IHLOVSLW]HQLQ GLH)HXHUW|SIH3IHLOHVFKQHOOWHQKHXOHQGYRQGHQ6HKQHQEHVFKULHEHQVWHLOH )OXJEDKQHQGHU/XIW]DJHQWIODPPWHGDV0DWHULDODXVgOXQG(UGSHFK$Q]ZDQ]LJ 6WHOOHQLP+DOENUHLVIODPPWH*UDVDXI=XHUVWJDEHVQXUZLQ]LJH)ODPPHQGLH %UDQGUlQGHUHQWZLFNHOWHQHLJHQHV/HEHQXQGYHUVFKPRO]HQPLWHLQDQGHU$XJHQEOLFNH VSlWHUILHIHLQHNQLHKRKH:DQGDXV)ODPPHQXQGJUDXVFKZDU]HP5DXFKYRQDOLHQ 3XQNWHQDXVJOHLFK]HLWLJDXIGLH)HOVZDQG]X 'HUHQWVFKHLGHQGH0RPHQWZDUGD,FKUFNWHPHLQHQ$UPVFKXW]DXV/HGHUXQG %URQ]H]XUHFKW]RJGHQ%RJHQKRFKXQGVXFKWHHLQHQ3IHLO)QIOKXQGHUW6FKULWWH ZDUHQHVELV]XGHU6WHOOHDQGHUGLH5DPSHGHQ)HOVHQEHUKUWH6RUJIlOWLJVHW]WHLFK GLH1RFNDXIGLH6HKQHXQGVRUJWHDXIGHP:DJHQIUIUHLHV6FKXIHOG'DQQ]RJLFK GLH6HKQHELVHQV2KUIL[LHUWHGDV=LHOXQGO|VWHGHQ*ULII'HU3IHLOMDJWHKHXOHQG GDYRQZLUYHUVXFKWHQGDV3URMHNWLOPLWGHQ7KLFNHQ]XYHUIROJHQ'HU3IHLOYHUVFKZDQG QDFKODQJHPJHNUPPWHP)OXJLQHLQHPGHUJU|WHQ)HOVO|FKHU(LQHQ$XJHQEOLFN VSlWHUJDEHVHLQHNUDFKHQGH'HWRQDWLRQGLH7HLOHGHU)HOVEDUULHUHQDFKDXHQ VFKOHXGHUWHXQGHLQLJHKXQGHUW0lQQHUDXVLKUHQ9HUVWHFNHQWULHE ³+DOW%OHLEW]XUFN´VFKULHGHU$QIKUHUGHU)XWUXSSHQ8QVHUH/HXWHVFKOXJHQ QRFKLPPHUGLH)ODPPHQDXVGLHLQXQVHUH5LFKWXQJYRUGUDQJHQ$XVGHPQLHGULJHQ :DOODXV)ODPPHQXQG5DXFKZDUHLQHPDQQVJURH:DQGJHZRUGHQGLHSUDVVHOQG XQGKHXOHQGZHLWHUYRUGUDQJXQGHLQ'ULWWHOGHUIUHLHQ)OlFKHEHGHFNWH'LH)HOVHQ ZXUGHQYRQJUDXHPXQGVFKZDU]HP5DXFKYHUGHFNW,PPHUK|KHUZXFKVGLH )HXHUZDQGXQGUDVWHDXIGLH5DPSH]X$OOHVZDVVLFK]ZLVFKHQGHP:DVVHUDXIGHU OLQNHQXQGGHQQDFNWHQ)HOVHQDXIGHUUHFKWHQ6HLWHEHIDQGVWDQGLQ)ODPPHQ(LQH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

)HXHUZDO]HUDVWHLP+DOENUHLVZHLWHUKLQWHUOLHVFKZDU]HbVWHXQGJUDXH$VFKHGHU *UlVHU=ZLVFKHQGHQ)ODPPHQXQGGHP5DXFKGHUGLFKWEHUGHQ%RGHQGDKLQN URFKVDKHQZLU0lQQHUDXIVSULQJHQXQGIOFKWHQ6HOEVW]ZLVFKHQ6DQGIOlFKHXQG )HOVDEVWXU]UHFKWVVSUDQJHQGLH0lQQHUGHV.RORVVHVDXVGHP6DQGXQGYHUVXFKWHQ VLFK]XUHWWHQ(LQLJHXQVHUHU6FKOHXGHUHUOLHHQGLH/HGHUEHULKUHQ.|SIHQNUHLVHQ O|VWHQGLH5LHPHQXQGGHFNWHQGLH)OFKWHQGHQPLWHLQHP6WHLQKDJHO]X'DV+HXOHQ GHU)HXHUZDO]HEHUW|QWHGLH7RGHVVFKUHLHGHU*HWURIIHQHQXQGGLH 6FKPHU]HQVVFKUHLHGHUHUGLHGXUFKGLH)ODPPHQXQGGHQ5DXFKIORKHQ ³6LHVHKHQGDGLH)DOOHQLFKW]XVFKOlJW´=DNDQ]D8SXDXWKREVHLQHQ6SHHU 3WDK6RNDUVFKLHQJOHLFK]HLWLJDOOHVXPXQVKHUXP]XEHREDFKWHQXQGVFKULH ³:LUKDEHQQRFKUDQJHQLFKWJHVLHJW+DOWLKU1DUUHQ:ROOWLKUHXFKGLH)H YHUEUHQQHQ"´ 5DXFKXQG)HXHUKDVWHQGDVOHW]WH'ULWWHOGHUIUHLHQ)OlFKHHUUHLFKW(LQH $EWHLOXQJ%RJHQVFKW]HQVWDSIWHGXUFKGDVVHLFKWH:DVVHUGHV8IHUV:LUVDKHQLQGHU $VFKHYHUEUDQQWH.|USHUOLHJHQ'UHL.lPSIHUGHV.RORVVHVUDQQWHQDXIXQV]XVLH ZDUHQEOLQGLKUH+DDUHEUDQQWHQ$XIKDOEHP:HJEUDFKHQVLHVFKUHLHQG]XVDPPHQ :LUZDUWHWHQQRFKLPPHU8QVHUH*HGXOGZXUGHVWUDSD]LHUWDEHUZLUZXWHQGD XQVHUH)ODQNHQGXUFKGLH(OLWHVROGDWHQJHVFKW]WZDUHQ,FKVWW]WHPLFKPLWHLQHU +DQGDXIPHLQHQ%RJHQXQGVWDUUWHJHUDGHDXV9RUXQVHUVWUHFNWHVLFKHLQHJURH )OlFKHPLWJUDXHU$VFKHEHGHFNVXQGYRQVFKZDU]YHUNRKOWHQ6WUlXFKHUQGXUFKVHW]W 'LH3DOPHQVFKlIWHZDUHQYHUVHQJW'DVKHXOHQGHXQGSUDVVHOQGH*HUlXVFKHUVWDUE WUlJHWULHEHQ5DXFKZRONHQQDFK2VWHQ3WDK6RNDUVFKULHJHOOHQG ³$QJULIIOFKZLOONHLQH+HOGHQLKU6FKDNDOH%ULQJWHXHU/HEHQ]XUFNQDFK %XKHQ´ 'LH6ROGDWHQVFKOXJHQDOV$QWZRUWJHJHQLKUH6FKLOGH8QJHIlKUWDXVHQG0lQQHU UFNWHQYRQ6HLWHLQHU6WXQGHVWDQGGLH6RQQHDP+LPPHO8QWHUGHQ6RKOHQHUKRE VLFKHLQHJHZDOWLJH$VFKHZRONHXQGWULHEODQJVDPDWH$XVgIIQXQJHQLP)HOVGUDQJ 5DXFKDEHUGLHVHQDWUOLFKHQ=LQQHQXQG0DXHUQKDVWHQVLFKPLW9HUWHLGLJHUQJHIOOW :LHGHUJULIILFKQDFKHLQHP3IHLOXQGVDJWH]X=DNDQ]D ³1LPPGXGLH=JHO,FKKDEHGLHVHZXQGHUEDUHQ3IHLOH´ ,FKVFKRHLQHQ3IHLOQDFKGHPDQGHUHQDWHZlKUHQGGLH*HVSDQQHDQGHU 6SLW]HGHU6ROGDWHQHEHQVRODQJVDPYRUUFNWHQ,FKVFKOHXGHUWHGLH%RPEHQKLQWHUGHQ 6SLW]HQDXV$UNRQVWDKOLQGLH)HOVO|FKHU'HUHUVWH3IHLOULHIHLQHNRORVVDOH 5DXFKHQWZLFNOXQJKHUYRU'HU5DXFKPDFKWHLQNXU]HU=HLWEHVLQQXQJVORV'DQQ GHWRQLHUWHQ'UXFNERPEHQGLHGDV,QQHUHGHV)HOVHQVLQHLQ&KDRVEHZHJWHU /XIWPDVVHQWDXFKWHQ8QGDEHUPDOVHLQH%UDQGERPEHHLQ*DVJHVFKRHLQHVFKZHUH 6SLW]HGHUHQDXVVWU|PHQGHV*DVZUJHQGHQ(NHOLQGHQ.HKOHQHU]HXJWH1DWUOLFK ZUGHQGLH)HOVHQHLQHQ]ZHLWHQ$XVJDQJKDEHQHLQ/RFKMHQVHLWVGHU)HOVZDQG'RUW ODXHUWHQXQVHUH%RJHQVFKW]HQ $OVZLUGLH+lOIWHGHV:HJHV]XUFNJHOHJWXQGHLQHOFNHQORVH.HWWHJHELOGHW KDWWHQZDJWHQGLHYHU]ZHLIHOWHQ9HUWHLGLJHUGHQ$XVIDOO+XVWHQGPLWWUlQHQGHQ$XJHQ XQGYHUEUDQQWHQ*HVLFKWHUQLKUH:DIIHQEHUGHQ.|SIHQZLUEHOQGXQGVLFK JHJHQVHLWLJGXUFKZLOGH6FKUHLH0XWPDFKHQGJULIIHQVLHDQ6LHVWU|PWHQGLH5DPSH KHUXQWHUXQGELOGHWHQHLQHQ$QJULIIVNHLO,FKYHUVXFKWHYHUJHEHQVGHQ.ROR]X HUNHQQHQRGHUHLQHQ0DQQGHUbKQOLFKNHLWPLWLKPKDVWH'DQQVFKULH=DNDQ]D ORFNHUWHGLH=JHOXQG]ZDQJGDV*HVSDQQYRUZlUWV:LUZLFKHQLPOHLFKWHQ%RJHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

QDFKOLQNVDXVXPXQVHUHQHLJHQHQ/HXWHQQLFKWLP:HJ]XVHLQ'HU.HLODXV VFKlW]XQJVZHLVH]ZHLKXQGHUWIQI]LJKDOEZDKQVLQQLJHQ.ULHJHUQHUUHLFKWHXQVHUH /LQLH$XFKRKQH=HLFKHQRGHU%HIHKO]RJHQVLFKGLH0lQQHU]XU6HLWH]XUFN'LH 9HUWHLGLJHUUDQQWHQLQYROOHP/DXIZHLWHUGXUFKEUDFKHQGLH/LQLHUDQQWHQKLQGXUFKXQG OLHIHQLQGHQ+LQWHUKDOWGHUVHLWOLFKKHUXPVFKZHQNHQGHQ6ROGDWHQGLHVLHELQQHQ ZHQLJHU$XJHQEOLFNHHLQVFKORVVHQXQGQLHGHUVFKOXJHQ /HXWHDXVGHP7URWDXFKWHQDXIXQGIHVVHOWHQGLH%HZXWORVHQXQG 9HUZXQGHWHQ$OOHVJLQJUHVHQGVFKQHOO'LH*HVSDQQHIXKUHQ.UHLVHSROWHUWHQGXUFK DXIVWlXEHQGH$VFKHDXIGLHHLJHQHQ5HLKHQ]XGDQQEOLHEHQZLUQHEHQHLQDQGHUYRU GHU5DPSHVWHKHQ9RQKLQWHQK|UWHQZLU6FKUHLHQXQG.DPSIJHUlXVFKH(LQ+DJHO YRQ6SHHUHQVFKZLUUWHDXVGHU)HOVZDQGQXUHLQLJH*HVFKRVVHWUDIHQ ³:LUVWUPHQ,FKEHUHLWHHVYRU´VFKULHLFKXQGZlKOWHHLQHGHUVWlUNVWHQ ([SORVLRQVODGXQJHQ'DQQVFKLFNWHLFKYRP)XGHU5DPSHPHLQH3IHLOHLQMHQH /|FKHUXQG.DPPHUQGLHLFKELVKHUYHUVFKRQWKDVWH$EHUPDOVGHWRQLHUWHQGRUWLQQHQ GLH/DGXQJHQ*DVGUDQJLQDOOH5lXPHXQGIOOWHVLHDXV'LHHUVWHQ.ULHJHUUDQQWHQ DXVGHU7LHIHGHV%HUJHVKHUYRUVWU]WHQVLFKKDOEEHVLQQXQJVORVEHUGLH%UVWXQ\HQ SUDOOWHQDQGHU5DPSHLQV6RQQHQOLFKWXQGEOLHEHQVWHKHQ6LHVDKHQVLFKYHUZLUUWXP ,KUHWUlQHQGHQ$XJHQHUNDQQWHQQLFKWGDVLHVLFKLQGHUHLJHQHQ)DOOHEHIDQGHQ $QHLQLJHQ7HLOHQEUDQQWHQLUJHQGZHOFKH'LQJHLQGHQ%HUJNDPPHUH'HUJU|WH 7HLOGHV+HHUHVEHIDQGVLFKZLHGHUGLFKWKLQWHUXQV'LH6FKOHXGHUHUWUDWHQLQ$NWLRQ XQGVlEHUWHQGLHgIIQXQJHQYRQ9HUWHLGLJHUQ(LQZVWHV/lUPHQ.QLVWHUQ.OLUUHQ XQG%UHFKHQGXUFKVFKQLWWHQYRQHLQHPYLHOVWLPPLJHQ&KRUDXV6FKPHU]HQVVFKUHLHQ .RPPDQGRV)OFKHQXQG+LOIHUXIHQEUHLWHWHVLFKLP7DODXV'XUFKGLHVHV&KDRV KHXOWHQLPPHUZLHGHUGLHJH]LHOWHQ3IHLOVFKVVHXQVHUHUEHVWHQ0lQQHU3WDK6RNDU =DNDQ]DXQGLFKO|VWHQGLH*XUWHXQGVSUDQJHQYRQGHQ:DJHQ*HUDGHDOVLFKGLH =JHOHLQLJHQKHUEHLJHODXIHQHQ0lQQHUQ]XZHUIHQZROOWHNDPPLWHLQHP6DW]DP REHUHQ(QGHGHU5DPSH'DQFUHGLLQV/LFKW ³:LUNOLFK²HLQ.ROR´,FKGDFKWHDQGLH:DUQXQJYRQ(6³)UHXQGH+HU]XPLU´ 6LHVFKZDQJHQVLFKPLWPLULQPHLQHQ:DJHQ,FKULDQGHQ=JHOQGDV *HVSDQQIXKUHLQHQ.UHLVGLHJHSHLWVFKWHQ+HQJVWHQDKPHQHLQHQZLUEHOQGHQ$QODXI XQGVWUPWHQGLH5DPSHKLQDXI2EZRKOVLHVFKZHU]RJHQZXUGHQVLHVFKQHOOHU+LQWHU XQVZDUIHQ]ZHL'XW]HQG0lQQHULKUHNXU]HQ:XUIVSHHUH0LWKHUYRUWUHWHQGHQ$XJHQ VDKLFKZLH'DQFUHGLUXKLJGDVWDUGXQGKLQWHUHLQDQGHUZHQLJHUDOVIQI]HKQGLHVHU *HVFKRVVHPLWGHU+DQGGHP8QWHUDUPRGHUGHPEURQ]HQHQ6WUHLWNROEHQEHYRUVLH VHLQHQ.|USHUEHUKUWHQ]XU6HLWHVFKPHWWHUVH6HLQH%HZHJXQJHQZDUHQVRVFKQHOO GDPHLQH$XJHQVLHQLFKWXQWHUVFKHLGHQNRQQWHQ'HU([WUDVLQQVFKULH(LQH .DPSIPDVFKLQH'HQNDQGLH:DUQXQJ(UEULQJVGLFKXP :LUKLHOWHQXQVDPVSULQJHQGHQ:DJHQIHVV=DNDQ]DV.|USHUERJVLFKQDFK KLQWHUDOVHUPLWGHP6SHHUDUPDXVKROWHXQG]ZDQ]LJ6FKULWWYRUGHP.RORGLH:DIIH VFKOHXGHUWH*OHLFK]HLWLJK|UWHLFKGHQWURFNHQHQ6FKODJYRQ3WDKV%RJHQVHKQH'HU ULHVHQKDIWH0DQQQXUPLWHLQHPOHGHUQHQ:DPVHLQHPEUHLWHQ/HGHUJXUWXQGHLQHU OHGHUQHQ+RVHEHNOHLGHWZDUIVLFKYRUZlUWVXQG]XU6HLWH'HU6SHHU]LVFKWHEHUVHLQH 6FKXOWHUKLQZHJXQGULHLQHILQJHUWLHIH:XQGH'HU3IHLOGUDQJWLHILQGHQOLQNHQ 2EHUDUPHLQ0LWWLHULVFKHP+HXOHQJLQJGHU.RORDXIGLHVFKHXHQGHQ+HQJVWHORVW :LUVSUDQJHQQDFKKLQWHQDXVGHP:DJHQXQGIDQGHQPKVDPXQVHU*OHLFKJHZLFKW

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ZLHGHU,FKOLHPHLQHQ%RJHQIDOOHQULGDV.DPSIEHLODXVGHP*UWHOXQGEOLHE VWHKHQ 'HU.RORVHQNWHGHQ.RSIZLHHLQDQJUHLIHQGHV7LHUVWUHFNWHGLHEOXWHQGH 6FKXOWHUQDFKYRUQXQGUDPPWHHLQHQ+HQJVW]XU6HLWHULGLH)HVVHOQGHV KRFKVWHLJHQGHQXQGDXVNHLOHQGHQ7LHUHVPLWGHQEORHQ+lQGHQKHUXQWHUXQGVFKRELQ HLQHUJHZDOWLJHQ.UDIWDQVWUHQJXQJGLHGUHL7LHUHEHUGLHEU|FNOLJH5DPSH9RU3DQLN NUHLVFKHQGULVVHQGLH7LHUHGHQ:DJHQPLWEHUVFKOXJHQVLFKXQGYHUVFKZDQGHQLQ HLQHU:RONHDXV6DQGXQG$VFKHLQGHU7LHIH9RQDOLHQ6HLWHQUDQQWHQ6ROGDWHQDXI GLH8QJOFNVVWHOOH]X5DVHQGH:XWSDFNWHPLFK6LHVFKZHPPWHGLH9RUVLFKWZHJ,FK VFKULH ³'DQFUHGL:LUYHUQLFKWHQGLFKZLHZLUGHLQH6WDWXHQ]HUVFKPHWWHUWKDEHQ,FK ELQGHU+HQNHUYRQ(6´ (UZDUHLQHQJXWHQ.RSIJU|HUDOVLFK'LHVFKZDU]HQ6WHLQN|SIHHQWVSUDFKHQ GHU:DKUKHLWVRVDKHUDXV6HLQH$UPHZDUHQFOLFNZLH0lQQHUVFKHQNHOVHLQ.|USHU EHVWDQGQXUDXV0XVNHOQXQG.QRFKHQ-HW]WUDQQHQEUHLWH%lFKH6FKZHLEHUVHLQHQ EODXVFKZDU]HQ.|USHU6HLQH+DXWVFKLHQQLFKWPHQVFKOLFKVLHZLUNWHZLHJHQDUEWHV /HGHU(UEHDFKWHWHXQVQLFKWUDQQWH]XGHU6WHOOHDQGHUHUVHLQHQ6WUHLWNROEHQPLWGHU ELUQHQI|UPLJHQ6SLW]HIDOOHQJHODVVHQKDVWHXQGKREGLH:DIIH(UKDVWHYHUVWDQGHQ ZDVLFKJHVFKULHQKDVWH:LHGHUWUDILKQHLQ6WHLQYRQXQWHQJHVFKOHXGHUW0HKUHUH 3IHLOHNUDFKWHQLQGHQ)HOVKLQWHULKP(UGXFNWHVLFKQLFKWHLQPDO'HU3IHLOLQVHLQHP $UPVFKLHQLKQQLFKW]XVW|UHQ(UVFKZDQJGHQ.ROEHQGHUHLQVDXVHQGHV*HUlXVFK HU]HXJWH ³:HQQGLFK*LIWQLFKWXPEULQJW²GLHVHV'LQJWULHUWXWHV´U|KUWHHUPLWKDOOHQGHU 6WLPPH,FKKREPHLQ%HLOILQWHWHXQGGUDQJDXILKQHLQ(UVFKOXJPLWGHP.ROEHQ ZDDJUHFKWGXUFKGLH/XIWLFKGXFNWHPLFKILHIGLH:DIIHZLVFKWHGLFKWEHUPHLQHP +HOPYRUEHL=DNDQ]DZDUIVHLQHQ]ZHLWHQ6SHHUHLQHQ6FKULWWKLQWHUPIU3WDKIHXHUWH DEHUPDOVHLQHQ3IHLODWH(UVFKOXJPLWNODWVFKHQGHP*HUlXVFKLQGHQ2EHUVFKHQNHO GHV.RORVVHV'HU6SHHUZXUGHYRQGHP.ROEHQEOLW]VFKQHOOLP5FNVFKODJGXUFKGLH /XIWJHZLUEHOW(LQ6FKUHLDXV%HZXQGHUXQJXQG(QWVHW]HQNDPYRQXQWHQ$XVGHP $XJHQZLQNHOVDKLFKXQVHUH%RJHQVFKW]HQGLHDXVGHQ/|FKHUQNDPHQEOHLFKXQG VFKZDQNHQGJHEXQGHQHEOXWHQGH*HIDQJHQHYRUVLFKKHUWUHLEHQG,FKKHFKWHWHQDFK OLQNVZLHGHUJLQJHLQVWRHQGHU+LHEGDQHEHQ0HLQ%HLOWUDIGHQ6FKDIWGHU.HXOH(V JDEHLQHQ7RQDOVVFKOJHPDQHLQH*ORFNHDQJOHLFK]HLWLJ]XFNWHZLOGHU6FKPHU] GXUFKPHLQHQ$UPELVKLQXQWHULQGLH0LWWHGHV5FNHQV,FKOLHPLFKIDOOHQURXWH]XU 6HLWHXQGYHUVXFKWHPHLQ%HLOQLFKWDXVGHQVWXPSIJHZRUGHQHQ)LQJHUQ]XYHUOLHUHQ 1HEHQPHLQHP*HVLFKWGU|KQWHGDV(QGHGHV.ROEHQVLQGHQ%RGHQZDUI6DQGXQG 6WHLQVSOLWWHULQPHLQH$XJHQGDQQEHUKUWHLFKGLH)HOVZDQGVWLHPLFKDEXQGNDP DXIGLH)H ,FKJLQJLQ$QJULIIVKDOWXQJXQGVDKZLH=DNDQ]DHLQHQ6SHHULQGHQ.|USHUGHV 5LHVHQ]XUDPPHQYHUVXFKWH'DQFUHGLSDFNWHGLH:DIIHKLQWHUGHU6SLW]HULGUHKHQG GDUDQXQGVFKOXJGDPLW]X'HU+LHEWUDINUDFKHQGGHQ6FKLOGGHV1XELHUVXQGZDUI =DNDQ]D]HKQ6FKULWWH]XUFN:LHGHUWUDIHLQ3IHLO3WDKVGLHVPDOGLH%UXVWGHV .RORVVHVGXUFKERKUWHGDV/HGHUXQGEOLHEVWHFNHQ0LWHLQHP$XIVFKUHLVSUDQJ 'DQFUHGL]XUFNVDKPLFKZLUEHOWHUHIOH[KDIWGLH:DIIHQDFKPIU$XJHQEOLFNOLFKVFKOXJ LFK]X,FKKDVWHGHQWLHIHQ6FKQLWWEHPHUNWGHUGLH:DIIHQVFKlIWXQJDXVPDVVLYHU %URQ]HIDVWKDOE]HUWHLOWKDVWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³7URW]GHLQHU.UDIW´VFKULHLFKNHXFKHQG³ZHUGHQZLUGLFKW|WHQ´ (UVDKHUVFKUHFNHQGDXV-HGHU0HQVFKZlUHOlQJVW]XVDPPHQJHEURFKHQDEHU GHUVFKZDU]H.RORNlPSIWHZHLWHUDOVVHLQLFKWVJHVFKHKHQ$EHUPDOVVFKR3WDK HLQHQ3IHLODWH'LHDQGHUHQIUFKWHWHQPLFK]XWUHIIHQDOVRJULIIQLHPDQGHLQ=DNDQ]D NDPZLHGHUDXIGLH%HLQHVFKWWHOWHVLFKXQGEUOOWH ³6SHHUH´ 'LH6FKQHLGHGHV%HLOHVDXV$UNRQVWDKOWUDIHLQ]ZHLWHV0DOGLH.HXOHLQGHU 1lKHGHV6FKQLWWHV'LHVPDOKDVWHLFKLPULFKWLJHQ0RPHQWPHLQH0XVNHOQHQWVSDQQW XQGIKOWHZLHGHU6FKODJ]XUFNSUHOOWH(LQDUPODQJHV6WFNGHUODQJHQ.HXOHERJ VLFKEUDFKDWHGHU.RORVFKOHXGHUWHGDV%UXFKVWFNQDFK3WDKGHUHVGXUFK JHVFKLFNWHV+RFKUHLHQXQG:HJNLSSHQGHV6FKLOGHVDEZHKUWH6RIRUWJULIIGHU7 UXSSHQIKUHUZLHGHUEHUGLH6FKXOWHU]RJHLQHQ3IHLOKHUYRUXQGOHJWHLKQHLQ,FKJLQJ ODQJVDPDXIGHP)HOVVLPVUXFNZlUWV'HU.RORGUDQJDXIPLFKHLQ,Q]ZLVFKHQEOXWHWH HUDXVHLQHPKDOEHQ'XW]HQGVFKZHUHUWLHIHU:XQGHQ$EHUVHLQ*HVLFKWZDU NHLQHVZHJVVFKPHU]HUIOOWVRQGHUQ]HLJWHGHQ$XVGUXFNUHLQHQ+DVVHV+LQWHUGLHVHU VFKZDU]HQ0DVNHJODXEWHLFKHLQHSHUYHUVH)UHXGHDPP|UGHULVFKHQ.DPSI]X HUNHQQHQ,PPHUZLHGHUEHVFKULHEGLHNU]HUJHZRUGHQH.HXOH.UHLVHXQG6SLUDOHQ :HQQPLFKGHU.RSIWUDIZUGHMHGHU.QRFKHQPLWHLQHP6FKODJ]HUVSOLWWHUQ,FKZLFK DXVGXFNWHPLFKYHUVXFKWHDQ'DQFUHGLYRUEHL]XNRPPHQXQGIHQGNHLQH0|JOLFKNHLW -HW]WUDQQWHQ6ROGDWHQEHUGLH5DPSHERJHQDEXQGNDPHQPLWZXUIEHUHLWHQ6SHHUHQ KLQWHUGHP.RORKHUDQ(UNHXFKWH]LVFKHQG ³,FKKDE¶GLFKHUZDUWHW$WODQ(6KDWHLQHQVFKOHFKWHQ+HQNHUDXVJHVXFKW´ =ZLVFKHQGHQHLQ]HOQHQ:RUWHQPDFKWHHUNXU]H3DXVHQ'DQQIXKUGHUHUVWH 6SHHUPLWDOOHU:XFKWLQVHLQHQ5FNHQ(LQXQJOlXELJHU$XVGUXFNWUDWLQGDVYHU]HUUWH *HVLFKW,FKVFKOXJ]XXQGKlPPHUWHGHQ.ROEHQDXVVHLQHQ+lQGHQ'HUVFKZDU]H .RORVFKULHDXI²HVZDUHLQWLHIHV.UHLVFKHQHLQQLHJHK|UWHU/DXWGHUEHUGLH YHUEUDQQWH)OlFKHGDKLQIXKUZLHGHU6FKUHLHLQHV8UWLHUV$OVLFKVDKZDVHUPLWGHP OHW]WHQ5HVW(QHUJLHYRUKDWWHOLHLFKPHLQ%HLOIDOOHQVSUDQJ]XU6HLWHXQGULGHQ VFKZHUHQ'ROFKDXVGHU/HGHUVFKHLGH1LFKWHLQPDOGLHVHDEVROXWW|GOLFKH:DIIHKLHOW LKQZLUNOLFKDXI,FKK|UWHGDV.QDFNHQGHU6LFKHUXQJQLFKWDOVLFKGHQ(QHUJLHVWUDKOHU HLQVFKDOWHWH$OOHGLHMHW]WGLHVHPDEVRQGHUOLFKHQ.DPSI]XVDKHQVFKZLHJHQYRU (QWVHW]HQXQG9HUZXQGHUXQJ:LHGHUERKUWHVLFKHLQ6SHHULQGHQ5FNHQGHV VFKZDU]HQ.RORVVHVGHUVLFKDXIPLFKVWU]WHVHLQHODQJHQ$UPHYRUJHVWUHFNWGLH )LQJHUZLH.ODXHQJHNUPPW,FKKREGHQ'ROFKXQGZROOWHDEGUFNHQDEHULFKWUDWDXI HLQHQ)HOVEURFNHQYHUORUGLH.RQWUROOHXQGVWROSHUWH 'DVUHLFKWHGHP6WHUEHQGHQ6HLQHUHFKWH+DQGVFKORVLFKXPPHLQHQ+DOV 'LH/LQNHLUUWH]LHOORVGXUFKGLH/XIW,FKKDVWHGHQ'ROFKELVLQ*UWHOK|KH KRFKJHULVVHQGUFNWHGHQ$XVO|VHU'XUFKGHQ6FKUHLGLHVHVXQIDEDUHQ2UJDQLVPXV GU|KQWHQNUDFKHQGGUHL(QWODGXQJHQ'LHHUVWH]HUIHW]WHGHQ.|USHULQGHU %DXFKJHJHQGGLH]ZHLWHWUDILKQLQGLH%UXVWGLHGULWWHULGLH.HKOHDXIXQGVSUHQJWH GHQ.RSIDXVHLQDQGHU,FKPDFKWHHLQHQJHZDOWLJHQ6DW]]XUFNVDKGHQOHEORVHQ .|USHUNLSSHQXQGIDOOHQ'HU7RUVREHUVFKOXJVLFKLPOHW]WHQ5HIOH[GHU$JRQLH NUDOOWHQVLFKGLH)LQJHULQGHQ)HOVUDQGGDQQILHOGHU.RORDXV]HKQ0DQQVOlQJHQ +|KHKLQXQWHULQGLHDXIVWLHEHQGH$VFKH 'HU.DPSIZDUYRUEHLGHU.RORJHW|WHWGLH/lQGHUMHQVHLWVGHV]ZHLWHQ .DWDUDNWVZDUHQVLFKHU,FKJLQJVFKZHLJHQGXQGKDOEEHWlXEWKLQXQWHU]XP6WURP

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

OHJWHPHLQH5VWXQJDEXQGUHLQLJWHPLFK1LHPDQGVSUDFKPLFKDQDOVLFK]ZLVFKHQ XQVHUHQ6ROGDWHQXQGGHQHUVWHQ=HOWHQ]XPHLQHP*HVSDQQ]XUFNJLQJ ³+HUUZLUKDEHQ]ZHL+HQJVWHQGLH.HKOHQGXUFKVFKQHLGHQPVVHQ6LHKDVWHQ JHEURFKHQH/lXIHXQGJURH6FKPHU]HQ´VDJWH5DZHUHLQHUGHU$QIKUHUXQVHUHU %RJHQVFKW]HQ ³6SDQQWGLHEHVWHQ6WXWHQDQPHLQHQ:DJHQ´HUZLGHUWHLFK'UEHQ]lKOWHQVLH GLH*HIDQJHQHQXQG7RWHQ=DNDQ]D8SXDXWNDPKHUDQXQGIUDJWHOHLVH³:DVVROOHQ ZLUPLWGLHVHPWRWHQ5LHVHQWXQ"*HLHU")OX"(LQ*UDE"´ ³9HUVFKDUUWLKQ8QGGX"%LVWGXQRFKKHLO"´ ³1LFKWVZDVEHU]ZHL'XW]HQG6FKQLWWHXQG6FKUDPPHQKLQDXVJHKW´VDJWHHU JHULQJVFKlW]LJ³:LUKDEHQGHU6FKODQJHGHQ.RSI]HUWUHWHQ´ ,FKOlFKHOWHVFKZDFKHVZDUHLQHUGHUYLHOHQ6LHJHDXIGLHLFKQLFKWVRQGHUOLFK VWRO]VHLQNRQQWH ³:LUKDEHQHLQHQRFKXQGDQNEDUHUH$XIJDEH´ (UQLFNWHXQGZLQNWH3WDK6RNDUKHUEHL 6RNDUKHUEHL ³'UHLXQGGUHLLJ7RWHEHLXQVHUQVWKDIW9HUZXQGHWHQXUIQI]HKQ8QG KXQGHUWYLHU]LJ7RWHGHV)HLQGHV$OOHDQGHUHQGHU*HIDQJHQHQVLQGJHEXQGHQ´ ,FKVDKGLH*HVWDOWHQDQ0DQZUGHVLHLQDOOH5LFKWXQJHQGHV5HLFKHV YHUVWUHXHQXQGLKQHQZHQQVLHDUEHLWHWHQXQGVLFKHLQIJWHQLUJHQGZDQQGLH)UHLKHLW JHEHQ'HUDXVGUFNOLFKH%HIHKOGHV+HUUVFKHUVODXWHWHGLH)DPLOLHQ DXVHLQDQGHU]XUHLHQ,FKIUDJWH ³:LHYLHOH*HIDQJHQH"´ ³0HKUDOVYLHUKXQGHUW´ ³1HKPWGUHLKXQGHUWXQVHUHU/HXWHXQGEULQJVGLH*HIDQJHQHQQDFK %XKHQ9RQGRUWDXVVROOHQVLHPLW6FKLIIHQQDFK1RUGHQJHEUDFKWZHUGHQ´ ³6RZLUGHVJHVFKHKHQ´ ³5DZHU"´,FKKREEHIHKOHQGGHQ$UP ³+HUU":DVYHUODQJVWGX"´ ³(LQH$XVNXQIW´VDJWHLFKOHLVH³'XZDUVWEHLGHU7UXSSHGLHMHQHQ)HOVHQ XPJLQJXQGGLH)OFKWHQGHQILQJ.|QQHQZLUGRUWREHQ,DJHUQ"´ (UQLFNWHXQGGHXWHWHDXIGHQ+DQJPLWGHQIQI.|SIHQGLHYRQXQVHUHQ ZWHQGHQ6ROGDWHQLQIDXVWJURH6WFNHJHVFKODJHQZXUGHQ ³:LUPVVHQGRUWKLQWHQLQGLH:VWHKLQDXV(VVLQGJXWH/DJHUSOlW]H'RUWJLEW HVYLHOH+WWHQ'LH:HLEHUXQG.LQGHUGHU$XIVlVVLJHQOHEHQGRUWXQG]LWWHUQ´ ,FKZDUILKPHLQHQNDOWHQ7KLFN]XXQGHUZLGHUWH ³1DFKGHPZLUGRUWZDUHQZHUGHQVLHQRFKPHKU]LWWHUQ,KUNHQQWGLH%HIHKOHVR JXWZLHLFK:LUIKUHQVLHLQV5HLFKLQGLH*HIDQJHQVFKDIW,KUOHW]WHU7DJLQ)UHLKHLW JHKW]X(QGH´ ³+RUXVGHV+RUL]RQWVXPKHUUHLVHQGHU6FKDWWHQGHV*RWWN|QLJVLFKZHUGH XQVHUH0lQQHUGRUWKLQEULQJHQ$XFKMHQHGLHGLH+|KOHQGXUFKVXFKHQ'XELVWPGH GHQQGXKDVWJHNlPSIWZLHGLH:VWHQO|ZLQ.PPHUHGLFKXPQLFKWV$OOHVZLUG]XP %HVWHQJHVFKHKHQ´ ³,FKGDQNHGLU5DZHU7XGLHVXQGLFKZHUGHGHLQ)UHXQGVHLQ´ ,FKVDKRKQHVRQGHUOLFKHV,QWHUHVVH]XZLH5DZHUXQG3WDK6RNDUGLH0lQQHU EHVWLPPWHQYRQGHQHQGLH*HIDQJHQHQVWURPDEZlUWVJHVFKDIIWZHUGHQZUGHQ-H

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

VFKQHOOHUVLFKDOOHVDEZLFNHOWHGHVWREHVVHUZDUHVIUXQV,PVWLOOHU]ROOWHLFK3WDK 6RNDU%HLIDOOGHQQHUILHIGXUFKGLH+DXIHQVHLQHU6ROGDWHQELQQHQNXU]HU=HLW KHUUVFKWH2UGQXQJ6FKDUHQZHLVHOLHIHQGLH6ROGDWHQ]XP:DVVHUWUDQNHQXQG UHLQLJWHQVLFKHUJULIIHQZLHGHULKUH:DIIHQXQGELOGHWHQ*UXSSHQYRQGHQHQHLQHQDFK GHUDQGHUHQDE]RJXQGGHQ:HJJLQJGHQGLH%RJHQVFKW]HQLKQHQ]HLJWHQ1DFK PHKUDOVHLQHU6WXQGHZDUHQQXUQRFKZLUYLHUXQGGLH*HVSDQQHEULJ ³1RFKQLHPDOVKDEHLFKHLQHQ0HQVFKHQVRNlPSIHQJHVHKHQ*HVSLFNWPLW 3IHLOHQ]ZHL6SHHUHLP1DFNHQXQGGDQQNlPSIWHHUQRFKPLWGHQEORHQ+lQGHQ´ 3WDK6RNDUUHLFKWHPLUGLHDXIJHVDPPHOWHQ:DIIHQ ³(VZDUNHLQ0HQVFK´VDJWHLFKLQ]ZHLGHXWLJHU%HWRQXQJ³(UKlWWHQXUQRFKHLQ -DKU=HLWJHEUDXFKW'DQQZUGHHVNHLQHQ*RWWN|QLJPHKUJHJHEHQKDEHQVRQGHUQ HLQHQ*HZDOWKHUUVFKHU´ ³'XKDVWUHFKW(VZDUNHLQ0DQQPHLQHV9RONHV´XQWHUEUDFK=DNDQ]D8SXDXW ³,FKELQIURKGDGXLKQJHW|WHWKDVW$WODQ´ ³:LUKDEHQLKQJHWRWHW´EHWRQWHLFKVFKDUI³7DXVHQG0lQQHUXQGPHKUKDEHQHV GHXWOLFKJHVHKHQ:LU´ 3WDKVFKZDQJVLFKLQGHQ:DJHQNRUEXQGPXUPHOWH ³'HUGHPGLH0DFKWJHJHEHQLVWKDWLPPHUUHFKW,FKDOVRELQGHU6LHJHUEHU GHQVFKZDU]HQ.ROR´ :LGHU:LOOHQPXWHLFKODFKHQ,FKZDUIGHQ%RJHQEHUGLH6FKXOWHUXQG VFKODQJGLH.QRWHQDQPHLQHP*UWHOPLWGHQHQLFKPLFKLP:DJHQNRUEIHVWKLHOW,FK ZXWHGDDXFKGLHVHU9HUVXFKGLHVFKQHOOHQXQGQW]OLFKHQ7LHUHLP1LOWDO HLQ]XIKUHQVFKHLWHUQZUGHHVZDUHQ]XZHQLJH([HPSODUHXPPLWLKQHQ]FKWHQ]X N|QQHQ6LHZUGHQVWHUEHQRGHUVLFKGLH/lXIHEUHFKHQQRFKEHYRUPHLQH$XIJDEH IU(6HUOHGLJWZDU-HW]WSUHVFKWHQGLH*HVSDQQHHQWODQJGHV:HJHVGHUYRQ 7DXVHQGHQ)HQPDUNLHUWZRUGHQZDU,FKHULQQHUWHPLFKDQGLH=HLOHQGHV +DUIHQVSLHOHUV/HLVHVDJWHLFK ³,KUH+lVVHUVLQG]HUIDOOHQ

,KUH3OlW]HVLQGQLFKWPHKU

6LHVLQGZLHHWZDVGDVQLHHQWVWDQGHQLVW6HLWGHU=HLWGHV*RWWHV

1LHPDQGGHUIRUWJLQJNDPMHZLHGHU´

'LHVKDVWHQZLUYRQ6LHZUGHQIRUWJHKHQXQGYRQGHU.XOWXUXQGGHUYHU]DKQWHQ =LYLOLVDWLRQYHUGRUEHQZHUGHQ6FKOLHOLFKZUGHQVLHHLQ7HLOGHV5RPHWYRONHVVHLQ XQGQLH]XUFNNHKUHQ%LWWHUIUGHQ$XJHQEOLFNNOXJJHSODQWIUGLH=XNXQIW/DQJH 6DQGIRQWlQHQZXUGHQYRQGHQ)HOJHQKRFKJHZLUEHOWDOVZLUXQVHU+HHUEHUKROWHQ GHQ)HOVDEVWXU]SDVVLHUWHQXQGGLH/HLFKHQGHUHUOLHJHQVDKHQGLHDXVGHQ 6DQGVWHLQIHOVHQKDVWHQIOFKWHQZROOHQ,QGUHL7DJHQZUGHQ)DONHQ*HLHU6RQQHXQG +LW]H:VWHQIFKVH5DWWHQXQG$DVIUHVVHUQXU]HUULVVHQH6NHOHWWH]XUFNODVVHQ,P IODFKHQ%RJHQGHQ6SXUHQGHU%RJHQVFKW]HQQDFKUDVWHQZLULQJHVWUHFNWHP*DORSS GXUFKGLH:VWHXQGERJHQDPIUKHQ1DFKPLWWDJDOVZLUHLQHQIODFKHQ6DQGKDQJ VDKHQZLHGHUKLQXQWHU]XP+DSLXQGVHLQHPIODFKHQhEHUVFKZHPPXQJVJHELHW,FK KLHOWPHLQ*HVSDQQDQXQGKREGHQ$UP1HEHQPLUVWHPPWHQGLH3IHUGHYRU3WDK 6RNDUV:DJHQGLH+XIHLQGHQKHLHQ6DQG ³3WDK6RNDUQXQHLQ%HIHKOGHUJHQDXDXVJHIKUWZHUGHQPX+DVWGXGHLQH 7UXSSHQLQGHU+DQG"´ (U]RJVHLQH%UDXHQKRFKVDKPLFKIUDJHQGDQXQGPHLQWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³6LHJHKRUFKHQPIU)U1RWIlOOHYHUIJHLFKEHUVFKPHU]KDIWH6WUDIHQ,FK VDJH6LHJHKRUFKHQLPPHU´ ³,FKNHQQHGLH1RWIlOOH6DJLKQHQGDZLU)UDXHQ0lGFKHQ.LQGHUXQG*UHLVH WUHIIHQXQG]XVDPPHQWUHLEHQZHUGHQ.HLQH*HZDOWNHLQ5DXENHLQH6FKlQGXQJHQ )UDXHQZHUGHQVLFKGHQ6LHJHUQKLQJHEHQDEHULFKODVVHMHGHQHLQ]HOQHQYRQVHLQHQ EHVWHQ)UHXQGHQDXVZHLGHQGHU*HZDOWDQZHQGHW+DVWGXYHUVWDQGHQZDVLFKLP 1DPHQ$PHQHPKHWVEHIHKOH"´ (UQLFNWHSUHWHGLH/LSSHQDXIHLQDQGHU6FKOLHOLFKVDJWHHU ³,FKKDEHYHUVWDQGHQ+RUXVGHV.DPSIHV0HLQH6ROGDWHQZHUGHQHVDXFK YHUVWHKHQ$EHUREMHGHUJHKRUFKWLFKZHLHVQLFKW=DNDQ]DXQG5DZHUPVVHQPLU PLWGHQ%RJHQVFKW]HQKHOIHQ´ ,FKQLFNWHXQGVDJWH ³,FKZHUGHGLUKHOIHQZRLFKNDQQ:LUVLQG6ROGDWHQNHLQH6FKOlFKWHU:HLWHU MHW]W)UHXQGH´ 3WDK6RNDUZHQGHWHVHLQ*HVSDQQXQGMDJWHHVDXIGLH.HWWHGHU %RJHQVFKW]HQ]X(UZUGHOHLFKWHU6LHJRGHUQLFKWHLQHQXQUXKLJHQ$EHQGXQGHLQH 1DFKWYROOHU6W|UXQJHQKDEHQ1HEHQPLUVDJWH=DNDQ]D8SXDXW ³'XELVWPHLQ)UHXQG+HUUVFKHU$WODQ$EHULFKVDJHGLUGDGXHLQ XQEHTXHPHU0DQQELVW6WDUUN|SILJKDUWXQJODXEOLFKJHUHFKW:HQLJVWHQVYHUVXFKVWGX HV´ ³-D´SIOLFKWHWHLFKLKPEHG³,FKELQNHLQ7|WHUXQG6FKLQGHUYRQ0HQVFKHQ(V JLEWQLFKWYLHOH0HQVFKHQGLHHVPLUOHLFKWPDFKHQ,FKKDEHGLHVHV/DQGDOVJHUHFKW YHUZDOWHWNHQQHQJHOHUQWXQGQW]HPHLQH3ULYLOHJLHQQXUDXVZRLFKYLHOHQQW]HXQG QLHPDQGHPVFKDGH$XHUGHPELVWGXHEHQVRVWDUUN|SILJZLHLFK´ (UJULQVWHXQG]HLJWHVFKQHHZHLH=lKQHGHXWHWHQDFKYRUQZR%lXPHXQG :HLGHQXQGGDVGXUFKGULQJHQGEODXH:DVVHUDXIWDXFKWHQ ³,FKELQHLQHUYRQGHQHQGRUW)UGHLQH0LOGHXQG*WHQLFKW]XYHUJHVVHQGLH JHUHFKWH6WDUUN|SILJNHLWXQGGHVKDOEZHOOGX)ULHGHQXQG/LHEHEUDXFKVWQDFKGLHVHP .DPSIZHUGHLFKGLUGDVIHXULJVWH0lGFKHQ]XIKUHQGDVZLUDP)OXXIHUILQGHQ´ ,FKODFWDWHVFKDOOHQGXQGIKOWHZLHPHLQHJXWH/DXQHZLHGHU]XNHKUHQEHJDQQ ³:HQQVLHVFK|QHUNOJHUXQGOHLGHQVFKDIWOLFKHULVWDOV1HENDXUDGDQQLVWHV YLHOOHLFKWP|JOLFKGDLFKXQWUHXZHUGH´ =ZLVFKHQ%lXPHQXQG+WWHQGLHDXI3IlKOHQVWDQGHURGHUDQDXVJHK|KOWHQ )HOVHQHUULFKWHWZDUHQ]HLJWHQVLFK)UDXHQXQGVFKUHLHQGH.LQGHU:HLWHU VWURPDXIZlUWVXQGDPJHJHQEHUOLHJHQGHQ8IHUOHEWHQGLH.ULHJHU,FKK|UWH=DNDQ]D VDJHQ ³$XIGLHJURH%OWHIODWWHVWGHU6FKPHWWHUOLQJ:DUWHDWH+HOGGHV.DWDUDNWV 9LHOOHLFKWKDEHLFK]XYLHOYHUVSURFKHQ9LHOOHLFKWQLFKW´ 8QVHU*HVSDQQUDWWHUWHDQHLQHP*HPVHIHOGHQWODQJXQGKLHOWDQZRVLFKGLH 0HQVFKHQYHUVDPPHOWHQ,FKEHWUDFKWHWHVLHZlKUHQG=DNDQ]D8SXDXWPLWW|QHQGHU 6WLPPHLQGHU6SUDFKHGHU:DZDW/HXWH]XVSUHFKHQEHJDQQ-HOlQJHUHUUHGHWH GHVWROlKPHQGHUYHUEUHLWHWHQVLFK(QWVHW]HQXQG+RIIQXQJVORVLJNHLW'LH1XELHU'LH .LQGHUZDUHQXQEHVFKZHUWDKQXQJVORVZLHDOOH.LQGHUGHU%DUEDUHQ'LHlOWHUHQ )UDXHQXQG0lQQHUVDKHQYHUEUDXFKWDXV,KUHJHNUPPWHQ5FNHQHU]DKOWHQYRQ *HEXUWHQ.UDQNKHLWHQ6HXFKHQXQG0DQJHOHUQlKUXQJYRQGHU.U]HGHV/HEHQV GDVPLWYLHU]LJ6RPPHUQVRJXWZLHEHHQGHWZDU6LHKDVWHQHVQLFKWYLHOEHVVHUDOVGLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

7LHUHGHU:VWHGHUHQ/HEHQHLQHXQDXIOK|UOLFKH6XFKHQDFK1DKUXQJ XQXQWHUEURFKHQHU.DPSIXPVhEHUOHEHQZDU-XQJH0lQQHUVDKHQZLUNHLQH6LH ZDUHQWRWRGHUJHIDQJHQ'LH)UDXHQZDUHQEUHLWKIWLJXQGVFKODIIEUVWLJLKUH*HVLFKWHU KDVWHQGHQ$XVGUXFNGHU5HVLJQDWLRQ+LHUXQGGRUWVDKLFKLQWHUHVVLHUWH*HVLFKWHUDXV GHQHQ,QWHOOLJHQ]I|UPOLFKOHXFKWHWH6FKZDU]HVOODDUVWUDIIDQGHQ6FKlGHOJHEXQGHQ KHUUOLFKH.|USHUDQPXWLJH%HZHJXQJHQ²GLHVZDU]ZHLIHOORVQLFKWGLH=HLWLQGHUGLH )UDXHQDOOH:HJHRIIHQVDKHQ$EHUHLQLJH0lGFKHQGLHLFK]ZLVFKHQGHQ+WWHQ XQWHU7DPDULVNHQXQG6\NRPRUHQVDKZUGHQLP1LOODQGHLQ/HEHQILQGHQYRQGHP VLHWULHUQLFKWHLQPDOWUlXPHQNRQQWHQOFKVSUWHHLQHQ(OOERJHQVWRXQGK|UWHZLHGHU 1XELHUVDJWH ³:DFKDXI+HUUVFKHU,FKKDE¶YHUVXFKWLKQHQ]XHUNOlUHQZDVJHVFKHKHQLVW 6LHGHQNHQGDUEHUQDFKGDVLHWULHURKQHLKUH0lQQHUYHUORUHQVLQG'LHVZLUGLKQHQ YLHOHVOHLFKWHUPDFKHQ´ ³2IIHQVLFKWOLFKZRKOJHVSURFKHQ´HUZLGHUWHLFK³:HLWHUVR´ +LQWHUXQVNDPHQLQEUHLWHU.HWWHGLH%RJHQVFKW]HQ6LHZLUNWHQHQWVFKORVVHQ DEHUNHLQHVZHJVGURKHQG=DNDQ]D8SXDXWVDJWHPLUGDHVWULHUHWZD]ZHLWDXVHQG %HZRKQHUJDE:DVZHLWHUVWURPDXIZlUWVZDUZXWHQDXFKGLHVH/HXWHQLFKW /DQJVDPIXKUHQZLUZHLWHU:LHGHUVDJWH=DNDQ]DGHQ*HIDQJHQHQZDVJHVFKHKHQ ZDU:LUKLQWHUOLHHUNODJHQGHXQGZHLQHQGH0HQVFKHQVLHKDVWHQQLFKWGLH=HLWVLFK LKUHP6FKPHU]KLQ]XJHEHQ,FKKRIIWHGLH5lXPXQJGLHVHV*HELHWVZUGHRKQH *HZDOWYRUVLFKJHKHQ6HOEVWZHQQHLQLJHIOFKWHWHQXQGVLFKYHUVWHFNWHQELVZLU DEJH]RJHQZDUHQ²HVZUGHQLHPDQGHPVFKDGHQ1LHPDQGYRQGHQHQDEHUGLH IRUWJLQJHQZUGHZLHGHUNRPPHQ 'DV/DQG]ZLVFKHQGHPHUVWHQQ|UGOLFKVWHQXQGGHP]ZHLWHQ.DWDUDNWZDU KFLXQGZLOGJDQ]DQGHUVDOVGLH/lQGHUHLHQ]ZLVFKHQGHPIUXFKWEDUHQ'UHLHFNXQG 7D6HWL6HLQ5HLFKWXPZDUYRQJDQ]DQGHUHU$UWIDVWXQVLFKHU:LUKDVWHQDXI XQVHUHPODQJHQ0DUVFKLPPHUZLHGHU6SXUHQYRQ*ROGXQG.XSIHUJHIXQGHQ6RIUHL XQGZLOGZLHGDV/DQGZDUHQGLHPHLVWQRPDGLVFKOHEHQGHQ0HQVFKHQGHUHQ/HEHQ PLWGHPGHU6LHGOHUDXVGHP1RUGHQ]XVDPPHQVWLH$XVEHXWXQJGHU%RGHQVFKlW]H )HOGHUXQG3DOPZlOGHUHQWODQJGHV6WURPHVZDUHQ=HLFKHQGDIUGDGDV5RPHW 5HLFKVHLQH)LQJHUQDFKGHP/DQG:DZDWXQG.XVFKDXVJHVWUHFNWKDVWH$PHQHPKHWV *URYDWHUKDVWHVHLQH6FKLIIHKDSLDXIZlUWVJHVFKLFNWGLH6WURPVFKQHOOHQDXI 5XWVFKEDKQHQEHUZXQGHQXQGYHUVXFKWGLH³1HKHVL´DOV6|OGQHUDQ]XZHUEHQDOV $UEHLWHUXQG%DXHUQ$EHUGLH%HZRKQHUGHV/DQGHVOLHHQVLFKYRQ-lJHUIUVWHQ DQVWLIWHQGLH5RPHWDQ]XJUHLIHQ'LH9RUJlQJHUGHU*RWWN|QLJHKDVWHQVFKRQ )HVWXQJHQXQG6WlGWHJHEDXWXQG,NHQXQG%XKHQYRQ6HVRVWULVXQG$PHQHPKHW HUULFKWHWZDUHQHEHQVR+DQGHOVVWDWLRQHQ*DUQLVRQHQXQG:RKQVWlGWHIU5RPHWZLH IHUQH9RUSRVWHQGHV5HLFKHV6LHVFKW]WHQGLH+DQGHOVNDUDZDQHQGLHDXIGHUXUDOWHQ 6WUDHQDFK7D6HWL]RJHQXQGVLHVRUJWHQIU5XKH$XFKLFKKDVWHQXUHLQHQ7HLOGHV /DQGHVIUNXU]H=HLWEHIULHGHWZHQQLFKIRUWJLQJZUGHLFKQLFKWPHKU]XUFNNHKUHQ 1LFKWPHKULQV³HOHQGH.XVFK´'LH*HIDQJHQHQ]XHUVWQDFK%XKHQJHEUDFKWZUGH PDQPLW6FKLIIHQXQWHUKDOEGHVHUVWHQ.DWDUDNWVZHLWHULQGLH6WlGWHHQWODQJGHV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6WURPHVEULQJHQXQGVLHYHUNDXIHQXQGYHUWHLOHQHLQLJHHUZDUWHWHHLQEHVVHUHV/HEHQ DOVVLHWULHUKDWWHQ 0LWWHUQDFKW$P)OXXIHUKHUUVFKWH5XKH,FKVDDEVHLWVGHV/DJHUV]ZLVFKHQ GHQ:XU]HOQHLQHUDOWHQ7DPDULVNHDXIHLQHU8QWHUODJHDXV6DQGXQG%LQVHQ(LQLJH =HOWEDKQHQZDUHQDQ7DXHQJHVSDQQW9RUPLUEUDQQWHHLQZLQ]LJHV)HXHUGHVVHQ 5DXFKGLH0FNHQIHUQKLHOW(LQ7RQNUXJYROO%LHUVWHFNWHLP%RGHQPHLQH:DIIHQ ODJHQXQGKLQJHQDXIJHUHLKWGD(QWODQJGHV8IHUVODJHQGLH0HQVFKHQXP)HXHUFKHQ XQGgOOlPSFKHQ,FKHQWVSDQQWHPLFKODQJVDPXQGVDKGFQSDWURXLOOLHUHQGHQ %RJHQVFKW]HQ]X:LHHLQHIHUQH 6WLPPHIXKU1DFKWZLQGGXUFKGLH6HQNHXQGNUlXVHOWHGHQVFKZDU]HQ6SLHJHO GHV:DVVHUV,FKK|UWHOHLVHV0XUPHOQDXVDOLHQ5LFKWXQJHQGLH6FKULWWHGHU3RVWHQ XQGGHQ&KRUGHUXQHUPGOLFKHQ)U|VFKH/HLVH6FKULWWHQlKHUWHQVLFK,FKJULIIQDFK GHP/lKPVWUDKOHUGROFKDOVVLFKDXVGHU'XQNHOKHLWGLH*HVWDOWHLQHUMXQJHQ1HKHVL VFKlOWHGLHYRUGHP)HXHUVWHKHQEOLHEXQGVLFKLQHLQHUDQPXWLJHQ%HZHJXQJDXIHLQ .QLHQLHGHUOLH,KUH+DXWZDUKHOOHUDOVGLH=DNDQ]DVVLHWUXJYLHONOLUUHQGHQ6FKPXFN DXV.XSIHU6WHLQSHUOHQXQG+RO] ³'XELVW$WODQGHQVLH+RUXVGHV.DPSIHVQHQQHQ'XKDVWGHQVFKZDU]HQ .RORHUVFKODJHQQLFKWZDKU"´6LHEHQXW]WHXQVHUH6SUDFKH,FKEHXJWHPLFKYRUXQG VWUHFNWHGLH+DQGDXV ³,FKELQ$WODQGHUGHQ%HIHKOHQGHV*RWWN|QLJVIROJW´VDJWHLFK6LHEOLFNWHPLFK HUQVWDEHURKQH)HLQGVHOLJNHLWDQXQGVFKRENOHLQH+RO]VWFNHLQGLH*OXW ³6RVDJWPDQHV:LUPVVHQPRUJHQXQVHU/DQGYHUODVVHQ"(VJLEWNHLQH *QDGHIUGLH1HKHVL",FKKDE¶HUOHEWZLH'DQFUHGLNDPXQGPLWGHQ-lJHUQJHUHGHW KDW$OVHUK|UWHGDGXGDV+HHUDQIKUHQVROOVWILQJHUDQGLFK]XKDVVHQ´ ,FKKREGLH6FKXOWHUQXQGIOOWHHLQHQ%HFKHUPLW%LHU ³$PHQHPKHWKDWEHIRKOHQGDDOOHhEHUOHEHQGHQLQGLH*HIDQJHQVFKDIWJHKHQ 9LHOHYRQHXFKZHUGHQ¶VLQGHQ5RPHWVWlGWHQEHVVHUKDEHQDOVWULHULQGHUKHLHQ :VWH´ 6LHQDKPGHQ%HFKHUOlFKHOWHXQGWUDQN'HU:LGHUVFKHLQGHU)ODPPHQVSLHOWH EHUGLHVHLGLJH+DXWLKUHV.|USHUV ³'DQFUHGLUDXEWHHLQH.DUDZDQHDXV(LQHQ.UXJ:HLQQDKPHUXQGYHUJLIWHWH LKQ'DQQVFKLFNWHHUHLQHQ%RWHQ]XGLU´ ³,FKKDE¶GHQ:HLQJHWUXQNHQDEHUZLHGXVLHKVW0lGFKHQOHEHLFKQRFK,FK ELQQLFKWOHLFKW]XW|WHQ´ ³,FKELQ0DEXUL0DUJDVVDK'XELVWVWHUEOLFKZLHMHGHU0HLQ%UXGHUGHUYRQ GHLQHQ7UXSSHQJHW|WHWZXUGHZDU'DQFUHGLVEHVWHU0DQQ:HLOZLUZLVVHQGDGX NHLQIXUFKWEDUHU5lFKHUELVW$WODQVDJHLFKGLUZDVQXUZHQLJHZLVVHQ´ 6LHKDVWHHLQHQNOHLQHQ6SLW]NHJHO+RO]EHUGHQ)OlPPFKHQDXIJHVFKLFKWHW VWDQGDXIXQGVHW]WHVLFKDXIGDVDQGHUH(QGHGHV0DQWHOV/DQJVDPWUDQNVLHXQG VFKOXJQDFKHLQHU0FNHDXILKUHP.QLH ³'XKDVWGLFKQLFKWIUGHQ.RORHQWVFKLHGHQ"´ ³,FKQLFKW8QGZHQLJHMXQJHXQGDOWH)UDXHQ$EHUIDVWDOOH0lQQHUNlPSIIHQIU LKQ(UYFUVSUDFKYLHO%HXWH6HLQHJHZDOWLJH.UDIWXQGVHLQ0XWVLFKGHP *RWWKHUUVFKHUHQWJHJHQ]XVWHOOHQKDEHQGLH0lQQHUPLWJHULVVHQ´ (UZDUVLFKHUOLFKHLQKHUDXVUDJHQGHU$QIKUHUJHZHVHQVDJWHLFKPIU6HLQHQ VWDUUHQ:LOOHQ:DZDWXQG.XVFK]XEHKHUUVFKHQKDVWHHUEHZLHVHQLQGHPHUGLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

6WDWXHQDXIVWHOOHQOLH$OVRJDEHVXQWHUGHQQRPDGLVLHUHQGHQ1HKHVLVRJDU.QVWOHU GLHGHQ6WHLQEHDUEHLWHWHQ,FKJR%LHULQGLH%HFKHUXQGVDJWH ³:DVZHLWGX0DUJDVVDK"´ ³,FKZHLGDHURIWYHUVXFKWKDWGLFKW|WHQ]XOHVVHQ9LHOH3IHLOHKDEHQGLFK YHUIHKOW8QWHUGHLQHQ*HIDQJHQHQVLQG0lQQHUGLHZLHGHUYHUVXFKHQZHUGHQGLFK]X W|WHQ0LWMHGHU:DIIHGLHVLHILQGHQ´ :LUNWH'DQFUHGLGHU:DQGHUHU$QGURLGHQRFKEHUVHLQHQ7RGKLQDXV"$XFK GHU$NWLYDWRUNRQQWHHLQHQW|GOLFKHQ6FKXLQV+HU]LQV+LUQRGHU5FNHQPDUNQLFKW YHUKLQGHUQRGHUVROFKH:XQGHQKHLOHQ,FKEOLFNWHLQ0DUJDVVDKVJURH$XJHQXQGVDK GLHODQJHQXQUXKLJHQ)LQJHU0XWHLFKPLFKZHLWHUKLQYRU0RUGDQVFKOlJHQIUFKWHQ" ³'XPHLQVWGDPHLQ/HEHQLP+DSLODQGDXFKLQGHQQlFKVWHQ-DKUHQJHIlKUGHW LVW"´ ³1LFKWLPPHUXQGQLFKWDQDOLHQ6WHOOHQ+WHGLFKYRUGXQNHOKlXWLJHQ1HKHVL 9LHOHKDVVHQGLFKMHW]WQDFK'DQFUHGLV7RGQRFKPHKU´ 0HLQH*HVWHXPIDWHGDV*HELHWLQGHP7UXSSHQXQG*HIDQJHQHODJHUWHQ ³'DVJLOWDXFKIUGLHVH1DFKW"0XLFKGDUDXIZDUWHQGDHLQ3IHLODXVGHU )LQVWHUQLVNRPPW"´ 6LHKREGLH6FKXOWHUQ'HU6FKPXFNUXWVFKWHEHULKUH%UVWH6LHGUHKWHGHQ %HFKHULQGHQ)LQJHUQXQGVDJWHOHLVH ³,FKZHLHVQLFKW+HUU'HLQH%RJHQVFKW]HQSDVVHQDXI,FKZHUGHGLFKQLFKW DQIDOOHQ/HJGHLQHQ'ROFKZHJDEHUVHLEHLMHGHP6FKULWWLQGHU=XNXQIWEHVRUJWXP GHLQ/HEHQ´ ,FKYHUJHJHQZlUWLJWHPLUGLHODQJHQ:HJHQDFK%XKHQ]XUFNQDFK1XEHWXQG GXUFKGDV7DO5RKDQL]XP7UHIISXQNWGHU3XQW6FKLIIHHVZUGHYLHOOHLFKWHLQ3IDGGHU %LWWHUQLVZHUGHQYROOHU0LWUDXHQ)XUFKWXQGGHU*HZLKHLW=LHOYRQ0|UGHUQ]XVHLQ ,FKEHUOHJWHHLQH:HLOHGHXWHWHDXIGLHDXVJHEUHLWHWHQ'HFNHQXQGGHQ6DQG ]ZLVFKHQGHQ:XU]HOQXQGVDJWH ³9LHOH0|UGHUVLQGLP.DPSIJHW|WHWZRUGHQ'LHDQGHUHQZHUGHQEHUGDV/DQG YHUWHLOW,FKJODXEHGDLFKZHLYRUZHPLFKPLFKLQDFKWQHKPHQPXNDQQLFKUXKLJ VFKODIHQ0HLQH)UHXQGHZHUGHQEHUPHLQHQ6FKODIZDFKHQ´ ³'XVDJVWHV'HU0DQQDXVPHLQHP\RON=DNDQ]DOLHEWGLFKZLHHLQHQ%UXGHU´ VDJWHVLHXQGKREGLH$UPHLQGHQ1DFNHQ6LHNQRWHWHGLH/HGHUVFKQUHDXIXQGOHJWH GHQKDOEPRQGI|UPLJHQ%UXVWVFKPXFNDQGHQ5DQGGHV0DQWHOV³0DUJDVVDKKDW 'DQFUHGLLPPHUJHKDW,FKKDE¶JHZXWGDHUXQVLQV8QJOFNIKUW'HVKDOEEOHLEW 0DUJDVVDKKHXW¶EHLGLU+HUU$WODQXQGZLUGGHLQHQ6FKODIEHZDFKHQ´ ³'DVLVWHLQJURHV*HVFKHQN´VDJWHLFKXQGQDKPLKUH+DQG6LHOHJWHVLHDXI LKUH%UXVW³,FKQHKPHGDV*HVFKHQNDQ0DUJDVVDK$XIPHLQHP0DQWHOLVWYLHO3ODW] IUHLQHOHLGHQVFKDIWOLFKH1DFKW´ 6LHOlFKHOWHXQGOHKQWHVLFKQHEHQPHLQHU6FKXOWHUDQGHQVFKRUILJHQ6WDPP GHV%DXPHV 8QVHUH6FKULWWHULHIHQGXPSIKDOOHQGH(FKRVKHUYRU(QGOLFKVDKHQZLUGLH gIIQXQJGHUYHU]ZHLJWHQ+|KOHQ(LQLJH$QIKUHU=DNDQ]D3WDKXQGLFKKDVWHQGHQ ,UUJDUWHQGHVVFKZDU]HQ.RORVVHVGXUFKVXFKWXQGYRQWRWHQ0lQQHUQ:DIIHQXQG :HUN]HXJHQDEJHVHKHQQLFKWVJHIXQGHQ(VZDUGDV9HUVWHFNYRQ.ULHJHUQVLHKlWWHQ HLQHOlQJHUH %HODJHUXQJDXVJHKDOWHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³'HU6LHJLVWVLFKHU(VJLEWNHLQH*HKHLPQLVVH$WODQ´=DNDQ]DEHUKUWHPLWGHU .XSSHGHV=HLJHILQJHUVHLQHQODQJHQ.UDW]HUDXIPHLQHU6FKXOWHU,FKVWDUUWHLKQ KHUDXVIRUGHUQGDQHUOlFKHOWH]XUFN ³.HLQH*HKHLPQLVVHQHLQ:LUVLQGDXIGHP:HJQDFK%XKHQHLQMXQJHV 0lGFKHQYHUULHWPLUKHXWHQDFKWGDGHU.RORHLQH+DQGYROO0|UGHUJHVFKLFNWKDW´ 3WDK6RNDUEHVFKDWWHWHVHLQH$XJHQPLWGHUIODFKHQ+DQGXQGVDKGHPODQJHQ =XJQDFKGHUVLFKODQJVDPQDFK1RUGHQEHZHJWH ³0|UGHU":HQVROOHQVLHXPEULQJHQ"´IUDJWHHUYHUEOIIW ³0LFK)UHXQGH´VDJWHLFK'LH%HY|ONHUXQJXQJHIlKU]ZHLWDXVHQG0HQVFKHQ MHGHQ$OWHUVZDUXQWHUZHJV-HGHUHLQ*HIDQJHQHU 8QVHUH6ROGDWHQKDVWHQVLFKGLV]LSOLQLHUWYHUKDOWHQZLUKDVWHQQXUHLQ 'XW]HQGYRQLKQHQDXVSHLWVFKHQPVVHQ:LUYHUOLHHQEHUGLH5DPSHGDV +|KOHQPDVVLY(VZUGH]XUDQJHGDXHUQXQGHLQH 8QPHQJH$UEHLWEHGHXWHQGLHVH6FKOXSIZLQNHOVR]X]HUVW|UHQGDVLHIU NRPPHQGH*HQHUDWLRQHQXQEUDXFKEDUZDUHQ (LQ=XJGHVPHQVFKOLFKHQ(OHQGV]RJYRUEHL6ROGDWHQEHJOHLWHWHQGLH)DPLOLHQ GLHGLHZLFKWLJVWHQ7HLOHLKUHU+DEHDXIGLH7UDJHWLHUHYHUODGHQKDWWHQ(WZD]ZDQ]LJ 7DJHEUDXFKWHQZLUELV%XKHQ,FKGDFKWHDQGLH:DUQXQJHQ0DUJDVVDKKDVWHLQ PHLQHQ$UPHQGLH:DUQXQJZLHGHUKROW-HW]WZDUWHWHQGLHEHLGHQ*HVSDQQH,FK ZDQGWHPLFKDQGHQ%RJHQVFKW]HQ$QIKUHU ³'XKDVWJHK|UWZDVLFKEHULFKWHWKDEH6HLGQRFKZDFKVDPHUDOVDXIGHP 0DUVFKKLHUKHU´ ³:LUZHUGHQQLFKWDXVGHLQHU1lKHZHLFKHQ+HUU´ 1LFKWVKLHOWXQVPHKULQGHU=RQHGHV7RGHV:LUVWLHJHQDXIGLH:DJHQGLH 3IHUGH]RJHQDQXQGZLUIROJWHQGHP=XJGHU*HIDQJHQHQ,FKZDUQLFKWEHVRQGHUV YRUVLFKWLJRGHUYHUlQJVWLJWWURW]GHPHUWDSSWHLFKPLFKZLHPHLQH%OLFNHEHUGLH 'QHQKXVFKWHQXQGVLFKLQ%VFKHQXQG6XPSIIOlFKHQYHUELVVHQ%LV]XPVSlWHQ $EHQGYHUVXFKWHQLHPDQGPLFKDQ]XJUHLIHQ/DQJVDPZXFKVPHLQH=XYHUVLFKW(V ZDUJHIlKUOLFKNHLQH)XUFKW]XKDEHQGHQQGLH:DFKVDPNHLWZXUGHHLQJHVFKOlIHUW DXFKZHQQ0DUJDVVDKPHLQHQ6FKODIEHZDFKWH $XIXQVHUHQHLJHQHQ3IDGHQJLQJHQZLUQRUGZlUWVLQGLH5LFKWXQJGHV+DSL 7DXVHQG6ROGDWHQZHQLJHUDOV]ZHLWDXVHQG1XELHU7LHUHXQG*HSlFN(LQHULHVLJH 6FKODQJHZDQGVLFKHQWODQJGHV6WURPV$FKW]HKQ7DJHIDQJZDUHQZLUXQWHUZHJVHKH ZLUGLHJHSIOHJWHQ)HOGHUXQGHLQH6WUDHHUUHLFKWHQ'LH)HVWXQJVVWDGWZDULQ HUUHLFKEDUHU1lKH8QVHUH%RWHQVWREHQGDYRQVLHZXWHQJHQDXZDVVLH DWWV]XULFKWHQKDWWHQ ,PPHUZLHGHUKDVWHHLQ7HLOGHU6FKODQJHDQJHKDOWHQ(LQ*UHLVZDUJHVWRUEHQ XQGVHLQ.|USHUZXUGHHLQJHJUDEHQ'DQQHLQ6lXJOLQJGHUDQHLQHUUlWVHOKDIWHQ .UDQNKHLWVWDUE(LQH*UHLVLQ]ZHL6ROGDWHQHLQ.LQGHLQKDOEHV'XW]HQG/HEHQ IRUGHUWHGHU0DUVFKMHGHQ7DJ'LH6ROGDWHQNPPHUWHQVLFKXPGLH2SIHUGHV.ULHJHV XPGLH%HXWHGHU6WUDIH[SHGLWLRQ6LHVFKRVVHQ:LOGVFKOHSSWHQ:DVVHUPDQFKHYRQ LKQHQWUXJHQGLHJHEUHFKOLFKHQ*UHLVLQQHQDXIGHQ6FKXOWHUQHLQIDFKHXQGIOHLLJH 0HQVFKHQGLHHEHQVRPLWOHLGLJZLHJUDXVDPVHLQNRQQWHQ9HUPXWOLFKZUGHQZLULQ %XKHQ6FKLIIHILQGHQLQGHQHQHLQ7HLOGHU*HIDQJHQHQVWURPDEZlUWVJHEUDFKWZHUGHQ NRQQWH(VJDENHLQHQ7UDJRFKVHQPHKU$OOH7LHUHZDUHQJHVFKODFKWHWXQGJHJHVVHQ ZRUGHQ:LUILQJHQ)LVFKHXQGEULHWHQVLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

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|QQHQ'HU )DKUWZLQGNKOWHXQVHUHYHUVFKZLW]WHQ*HVLFKWHU ³,P%HUHLFKGHV+DSLODQGVZLUVWGXVLFKHUVHLQ$WODQ+RUXV´ULHI=DNDQ]D³,FK VDJHGXVROOVWJODXEHQZDV0DUJDVVDKGLUEHULFKWHWH,FKVSUDFKPLWLKU´ ³'DVGDFKWHLFK7URW]GHPVFKODJHLFKGLH:DUQXQJMHW]WLQGHQ:LQG,Q%XKHQ VLQGZLUVLFKHU´ (VZDU0LWWDJGLH6RQQHEUDQQWHIDVWVHQNUHFKWKHUXQWHU$XFKMHW]WEHY|ONHUWHQ VLFKGLH0DXHUQ0HQVFKHQVWU|PWHQDXVGHPZXFKWLJHQ7RU9LHOHXQVHUHU6ROGDWHQ ZDUHQGDUXQWHU=ZLVFKHQGHQ)HVWXQJVPDXHUQXQGGHP)OXVDKHQZLU+WWHQDXV 6FKLOIXQGGLH0DVVHGHU*HIDQJHQHQ ³'XELVWLQ%XKHQVRVLFKHURGHUVRJHIlKUGHWZLHEHUDOODXHUYLHOOHLFKWDQ %RUGGHU6FKLIIH´ZDUQWH=DNDQ]D'LH+XIHVFKOXJHQHLQHQGXPSIHQ:LUEHO6DQG HUKREVLFKLQHLQHUODQJJHVWUHFNWHQ:RONH8QVHUH:DIIHQIXQNHOWHQLQGHU6RQQH'LH /HXWHEHJDQQHQEHJHLVWHUW]XVFKUHLHQXQG]XZLQNHU'DQQ]RJLFKGLH=JHODQXQG GDV*HVSDQQKLHOWXQWHUGHP7RU'LH3IHUGHULVVHQGLH.|SIHKRFKXQGVFKOHXGHUWHQ 6FKDXPYRQLKUHQ0lXOHUQ6ROGDWHQVSUDQJHQKLQ]XXQGIKUWHQGDV*HVSDQQLQGLH 6WDGW $XIGHP3ODW]LQGHU6WDGWPLWWHNDPXQV$V\UWD0DUD\HHQWJHJHQhEHUDOOOLHIHQ 0HQVFKHQDXVGHQ+lXVHUQZLQNWHQYRQGHQIODFKHQ'lFKHUQKHUXQWHUXQGVlXPWHQ GLHHQJHQ6WUDHQ,FKVSUDQJDXVGHP:DJHQNRUEXQGXPDUPWH$V\UWD ³'LH+HOGHQYRQ:DZDW´6LHOlFKHOWH³(XUH%RWHQKDEHQDOOHVEHULFKWHW%ULQJ DXFKGHLQHQ)UHXQGLQGHQ3DODVW´ ³$OOHVZDVLFKEUDXFKHYRQGLUDEJHVHKHQ´VDJWHLFKOHLVHXQGQDKPOlFKHOQG LKUH+DQG³LVWHLQZHQLJ%HKDJOLFKNHLW+DVWGXGHLQH/HXWHDXIGLH*HIDQJHQHQ YRUEHUHLWHW"´ ³1DWUOLFK.RPPW)UHXQGH´ 6LHVWDQG]ZLVFKHQ=DNDQ]DXQGPLUDOVGLHMXEHOQGHQ)HVWXQJVEHZRKQHUGDV *HVSDQQ]XP3DODVWIKUWHQ,KUH)UHXGHZDUYHUVWlQGOLFK-HW]WNRQQWHQVLHVLFKRKQH )XUFKWDXVGHQ0DXHUQKHUDXVZDJHQXQGGDV/DQGEHVWHOOHQ1DFKNXU]HU)DKUW EHIDQGHQZLUXQVYRUGHQ6lXOHQGHUHQ.DSLWHOOHGHQ/RWRVEOWHQJOLFKHQ$V\UWD 1HENDXUDIKUWHXQVDQGHQ+lQGHQLQGDVNKOH+DOEGXQNHOLKUHVJURHQ+DXVHV :LHGHUJHQRLFKGLH$QQHKPOLFKNHLWHQZDUPHUXQGNDOWHU%lGHUHLQHU 0DVVDJHUHLFKOLFKHQ(VVHQVXQGODQJYHUPLWHU5XKH,FKODJGDOLHGDV*HVFKHKHQ GHVOHW]WHQ0RQGHVDQPLUYRUEHU]LHKHQXQGYHUVXFKWHPHLQH3RVLWLRQLQGLHVHP 6SLHOJHQDXHUNHQQHQ]XOHUQHQXQGH[DNWHU]XEHVWLPPHQ(VZXUGHGXQNHUKLQWHUGHQ VFKZHUHQ9RUKlQJHQ$V\UWDWUDWLQGHQ5DXPXQGVHW]WHVLFKQHEHQPLFK

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³=DNDQ]DKDWEHULFKWHWZDVJHVFKDK,Q%XKHQELVWGXVLFKHU,KUDOOHVHLGVLFKHU /LHEVWHUWULHUEHLPLU´ ,FK]RJVLHDQPLFK%LVKHUKDVWHQGLH:HUN]HXJHYRQ(6PLWJHZRKQWHU 3Ul]LVLRQIXQNWLRQLHUW/HLVHNOLUUWHGHUVFKZHUH6FKPXFNDXV*ROGXQG*ODVIOX ³,FKZHL´ 6LHQLFNWHXQGGHXWHWHLQGLH5LFKWXQJGHU|VWOLFKHQ0DXHU ³9LHOH6ROGDWHQZDUWHQGDUDXIGDGXPLWLKUHQ$QIKUHUQGHQ7HPSHOEHVXFKVW (VLVWDOOHVYRUEHUHLWHWLP7HPSHOGHV$PXQ3WDK6RNDUXQGGLHDQGHUHQZDUWHQXQWHQ ,FKJHKHDXFK]XGHQ3ULHVWHUQ´ -HGHU5RPHWZDUWLHIJOlXELJXQGDEKlQJLJYRPHUKRIIWHQ:RKOZROOHQ ]DKOUHLFKHU*RWWKHLWHQGHUHQ%HGHXWXQJIUMHGH3URYLQ]DQGHUVZDU$XFKGLH)HVWXQJ KDVWHHLQHQ7HPSHOLQGHPPDQRSIHUQXQGEHWHQNRQQWH(VZDUXQXPJlQJOLFKGD LFKPLFKGLHVHP%UDXFKEHXJWH ³,FKNRPPH´VDJWHLFK³'HU6LHJZDUVFKQHOOHUNlPSIW,FKGHQNHDEHUGD(6 PHKUJHKROIHQKDWDOV$PXQ´ /lFKHOQGOHJWH$V\UWDHLQHQ)LQJHUYRUGLH/LSSHQ,FK]RJIULVFKH.OHLGXQJDQ VFKOSIWHLQJHUHLQLJWH6WLHIHOXQGVFKQDOOWHGHQEUHLWHQ*XUWPLWGHQ:DIIHQXP0HLQHQ +DOVVFKPXFNPLWGHP=HOODNWLYDWRUKDVWHLFKQLFKWDEJHOHJW+DQGLQ+DQGJLQJHQZLU EHUHLQHEUHLWH7UHSSHHLQ6WFNXPODXIHQGHU7HUUDVVHXQG]ZLVFKHQGHQ EXQWEHPDOWHQ6lXOHQKLQDXV]XGHQZDUWHQGHQ*HVSDQQHQ'LH7LHUHZDUHQJHWUlQNW JHIWWHUWXQGJHZDVFKHQZRUGHQVLHVWUDKOWHQYRU(QHUJLH$OOH7UXSSHQIKUHUGLH %RJHQVFKW]HQXQGPHLQH)UHXQGHZDUWHWHQLP+DOENUHLV,FKKREEHLGH$UPHXQGULHI ³:LUJHKHQ]XP7HPSHOGHV$PXQYRQ%XKHQ'RUWGDQNHQZLUGHQ*|WWHUQIU XQVHUHQ6LHJXQGGDIUGDQXUZHQLJHYRQXQVVWDUEHQ)ROJWXQV´ /DQJVDPEHZHJWHQVLFKGLH0HQVFKHQLQGLH5LFKWXQJGHV7HPSHOV0DXHUQ DXV/HKP]LHJHOQJOLWWHQYRUEHLKLQXQGZLHGHUHLQ%DXPZUIHOI|UPLJHXQG ODQJJHVWUHFNWH+lXVHUGLHVDQGLJHQ)OlFKHQGD]ZLVFKHQDOOHVZDU.XOLVVHIUGLH 0HQJHGLHVLFKODXWXQGIU|KOLFKGXUFKGLH6WDGWGUlQJWH:LUEHIDQGHQXQVDXIHLQHP UHFKWHFNLJHQ3ODW]YRQ+lXVHUPDXHUQPLWODQJHQ)HQVWHUQXQWHUGHQ'lFKHUQJHELOGHW 9RQDOLHQ6HLWHQNDPHQ0HQVFKHQ:LUVWLHJHQDXVGHQ:DJHQ9RUXQVODJGLH)URQW GHV7HPSHOV6lXOHQXQG]ZHLNRQLVFK]XODXIHQGH7UPH$QVFKODQNHQ0DVWHQ KLQJHQ%lQGHUXQG6WDQGDUWHQ=ZLVFKHQGHQ7UPHQVWDQGHUVHFKV6lXOHQGDKLQWHU ZDUHLQKRKHVVFKPDOHV7RU3ULHVWHULQODQJHQ/HLQHQU|FNHQXQGPLWORGHUQGHQ )DFNHOQLQGHQ+lQGHQNDPHQGXUFKGDV7RUKREHQGLH$UPHXQGIRUGHUWHQXQVPLW ODXWHU6WLPPHDXIHLQ]XWUHWHQ ³:LUNRPPHQ´ULHILFKXQGKDOI$V\UWDYRP:DJHQ:LUDOOHIRUPLHUWHQXQV]X HLQHU3UR]HVVLRQ/DQJVDPJLQJHQZLUDQGHQ3ULHVWHUQYRUEHLLQGHQ7HPSHO1DFK 'XUFKVFKUHLWHQGHV7RUHVHPSILQJXQVHLQJU|HUHUUHFKWHFNLJHU+RIGHVVHQ%RGHQ JHSIODVWHUWZDU'LH6HLWHQEHVWDQGHQDXVHLQHPEHUKlQJHQGHQ'DFKYRQVFKODQNHQ 6lXOHQLQODQJHQ5HLKHQJHWUDJHQ=ZLVFKHQGHQ6lXOHQVWDQGHUgOODPSHQGLH JHKHLPQLVYROOHV/LFKWYHUEUHLWHWHQ(VURFKQDFKGHPYHUEUDQQWHQ+DU]GHV :HLKUDXFKV'LH7UHQGHV7HPSHOVZDUHQJH|IIQHWZLUVDKHQXQGHXWOLFKJURH *|WWHUVWDWXHQXQGEORFNDUWLJH$OWlUH 'LH3ULHVWHUIKUWHQGLH*UXSSHDQGLHEHUGHQ+RIJLQJXQGLQGHQ7HPSHO HLQWUDW0\WKLVFKHV'XQNHOXPILQJXQVMHGHU6FKULWWKDOLWHZLGHU'LH6lXOHQ YHUZDQGHOWHQGDVVWHLQHUQH%DXZHUNLQHLQH=RQHGHU*HKHLPQLVVH=|JHUQGJLQJHQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

ZLUELVLQGLH0LWWHGHV5DXPHV6HOEVWLFKZXUGHYRQGHP(LQGUXFN JHIDQJHQJHQRPPHQXQGIKOWHHLQHQ6FKDXGHUGHU(KUIXUFKWXQGGHV1LFKWEHJUHLIHQV 'LH3ULHVWHUXPUXQGHWHQGHQ$OWDUHQW]QGHWHQPLWGHQ)DFNHOQgOODPSHQXQGDQGHUH )DFNHOQ$QGHUH3ULHVWHUNDPHQKLQWHUGHPGXQNHOJUQHQ6WDQGELOGGHV*RWWHVDXV HLQHUYHUERUJHQHQ7UXQGEHJDQQHQPLWHLQHPYRNDOUHLFKHQ6LQJVDQJ'LH/LFKWHUGHU 1DFKKDOOGHUWLHIH*HVDQJXQGGLHZHVHQORVHQ$XJHQGHV*RWWHVKRFKEHUXQV YHU]DEHUWHQGLH0HQVFKHQ5XQGXP$V\UWDXQGPLFKILHOHQGLH6ROGDWHQDXIGLH.QLH VWUHFNWHQGLH$UPHDXIGHP6WHLQERGHQDXVXQGVFKOXJHQPLWGHQ6WLUQHQJHJHQGHQ %RGHQ-HW]WEUDQQWHQ]ZHLULHVLJH)ODPPHQDQGHQ6HLWHQGHV6WHLQEORFNVGHUPLW )LJXUHQXQG6FKULIW]HLFKHQLQHLQHPEUHLWHQ%DQGYHU]LHUWZDU+LQWHUGHQ6lXOHQ EHZHJWHQVLFK6FKDWWHQRGHUGXQNOH*HVWDOWHQ$V\UWDXQGLFKQHLJWHQGLH.|SIH (VZDUHLQGHXWLJHLQ$NWHKUOLFKHU)U|PPLJNHLW,FKYHUPRFKWHPLUQLFKW YRU]XVWHOOHQGD=DNDQ]DRGHU3WDKGLHVHSUDJPDWLVFKHQ0lQQHUKHXFKHOWHQ,FK OLHPLFKYRQGHU6WLPPXQJHLQIDQJHQDP'UXFNYRQ$V\UWDV)LQJHUQVSUWHLFKGD HVLKUHEHQVRHUJLQJ)UPLFKZDUGLHVHV(UOHEQLVLQGHUIUKHQ1DFKWZLHHLQ LQWHQVLYHU7UDXP :DVNRQQWHLFKEHU7UlXPHVDJHQ"+LHUHUOHEWHQZLULQJHGUlQJWHU)OOHYLHO GDYRQZDVGLH$QJHK|ULJHQGLHVHU+RFKNXOWXUEHZHJWH'DV6DPPHOEHFNHQ PHQVFKOLFKHU(UIDKUXQJHQXQG6HKQVFKWHEHIDQGVLFKLQGLHVHP$XJHQEOLFNWULHU6LH EUDXFKWHQHLQHQQLFKWPHQVFKOLFKHQYRUVWHOOEDUHQPlFKWLJHQ*RWWPLWGHPVLH :QVFKH1|WHXQG9RUVWHOOXQJHQEHVSUHFKHQNRQQWHQ²LQHLQHU$UWWHOHSDWKLVFKHP 0RQRORJ0LUHUJLQJHVQLFKWDQGHUVDOVGHQ%RJHQVFKW]HQGLHQLHPDOVGLHZDKUH 1DWXUYRQ6WHUQHQXQG:HOWUDXPHUOHEWKDWWHQ0LWHLQHP8QWHUVFKLHG,FKHUNDQQWHGLH 9RUVWHOOXQJGLHKLQWHUGHU$PXQ6WDWXHPLWLKUHQJROGHQHQ5lQGHUQGHQ$XJHQDXV *ODVIOXXQGGHPSUlFKWLJHQ.RSIVFKPXFN]XVFKZHEHQVFKLHQQLFKWDOVPHLQHQ *HVSUlFKVSDUWQHULQVROFKHQ)UDJHQDQ7URW]GHPZXUGHLFKGXUFKGHQ :HLKUDXFKJHUXFKGLHGU|KQHQGHQ*HVlQJHGLH)ODPPHQGDVGXQNOH*HZ|OEHGXUFK GLH9HU]FNXQJGLHDOOHDQGHUHQHUJULIIHQKDVWHLQHLQHQHLQGULQJOLFKHQ%DQQ JHVFKODJHQ,FKYHUORUIUHLQHQ$XJHQEOLFNGLH6HOEVWNRQWUROOH(VNRVWHWHPLFKIDVWGDV /HEHQ ,FKZXUGHDXIGLHVFKQHOOH%HZHJXQJDXIPHUNVDPDOVLFKGLFKWYRUPLULQ *UWHOK|KHHWZDVDXIEOLW]HQVDK=ZLVFKHQ]ZHL6lXOHQZDUHLQHGXQNOH*HVWDOW KHUYRUJHVSUXQJHQDXIQDFNWHQ6RKOHQEOLW]VFKQHOODQGHQOLHJHQGHQ.ULHJHUQ YRUEHLJHKXVFKWXQGVWU]WHVLFKMHW]WDXIPLFKRGHU$V\UWD *HIDKU=XU6HLWHVFKULHGHU/RJLNVHNWRU,FKGXFNWHPLFKVDKGLHEUHLWH 'RSSHOVFKQHLGHHLQHV'ROFKHVVWLH$V\UWDQDFKUHFKWVXQGVFKQHOOWHPLFKVFKUlJ QDFKOLQNVYRUQ0HLQH%HZHJXQJHUIROJWHSO|W]OLFKDXVY|OOLJHU5XKHVWHOOXQJKHUDXV *OHLFK]HLWLJJULIILFKDQGHQ*UWHOXQGULLP)DOOHQGHQNOHLQHQ'ROFKKHUDXVVFKRQ EHUKUWHPHLQH6FKXOWHUGHQ%RGHQLFK]RJGHQ.RSIHLQXQGURXWHPLFKDWH'HU DXVJHVWUHFNWH$UPPLWGHP'ROFKGHUJHSODQWH6WR²VLHIXKUHQLQV/HHUH$V\UWD VFKULHHUVFKURFNHQDXIDOVLFKZLHGHUDXIGLH%HLQHNDP6LHILHOEHU=DNDQ]D8SXDXW EHLGHUROOWHQEHUGLH%RGHQSODWWHQ,FKEOLHELQGHU+RFNHMHW]WKDVWHLFKGLHPlFKWLJHQ )ODPPHQDXVGHQEURQ]HQHQgOVFKDOHQLP5FNHQ9RUPLUZLUEHOWHHLQVHKQLJHU0DQQ ]XPLUKHUXP'HU'ROFKLQVHLQHU+DQGEHVFKULHE]LVFKHQGHLQHQ+DOENUHLVZDDJUHFKW GXUFKGLH/XIW(LQ1XELHU)DVWQDFNWQXUPLWHLQHPOHGHUQHQ+IWWXFKEHNOHLGHW$Q VHLQHQ+DQGJHOHQNHQVDKLFKGLHEOXWLJHQ6SXUHQGHU)HVVHOXQJ6HLQ.|USHUZDUYRQ

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

HLQHUGLFNHQ6FKLFKW6FKZHLWURSIHQEHU]RJHQGXUFKGHQ:HLKUDXFKURFKLFKGLH $XVGQVWXQJYRQ$QJVW:XWXQGHLQHU(PSILQGXQJGLHLQlXHUVWHQ7RGHVPXW DXVXIHUWH %HYRUDOOHDQGHUHQPHUNWHQZDVHLJHQWOLFKJHVFKDKGUFNWHLFKGHQ.RQWDNW $XVGHUQDGHOIHLQHQ6SLW]HGHV'ROFKHVIDXFKWHGU|KQHQGHLQHNRQ]HQWULHUWH (QWODGXQJWUDIGHQ1XELHULQGLH%UXVWXQGVFKPHWWHUWHLKQ]X%RGHQ,QGLHVHP 0RPHQWULGHU*HVDQJGHU$PXQSULHVWHUDWH'LH.ULHJHUVSUDQJHQDXIXQGVWU]WHQ VLFKYRQDOLHQ6HLWHQLQXQVHUH5LFKWXQJ,QHLQHUXQEHNDQQWHQ6SUDFKHIOXFKHQGKDOI 3WDK6RNDUPHLQHU)UHXQGLQDXIGLH%HLQH ,FKVFKDOWHWHGLH:DIIHDXVQDFKGHPLFKHLQHQILQWLHUHQGHQ6DW]JHPDFKWKDVWH (VPRFKWHVRDXVVHKHQDOVKlWWHLFKPHLQHQ*HJQHUQLHGHUJHVFKODJHQ'DQQVSUDQJ LFKEHUGHQ]XVDPPHQJHEURFKHQHQ$WWHQWlWHUKLQZHJXQGGUHKWHPLFKLP.UHLV 9LHOOHLFKWZDUHQGLH0|UGHU]X]ZHLW ³)UHYHO:HOFKHU:DKQVLQQLJHYHUVQGLJW"´VFKULHNUHLVFKHQGHLQ3ULHVWHUYRQ GHU6WDWXH=DNDQ]D8SXDXWEHZDKUWHhEHUVLFKWILHI]XHLQHU6lXOHXQGULHLQH)DFNHO DXVGHP.XSIHUULQJ(UVWLHVHLQH/HXWH]XU6HLWHXQGQlKHUWHVLFKVHLQHP+HUUQ ³'HU7HPSHOLVWHQWZHLKW6WUDIWGHQMHQLJHQGHUHVJHZDJWKDW´ ³:DVLVWSDVVLHUW"´ ³$WODQ+RUXVLVWQLHGHUJHVWRFKHQ´ ³5XKH´ :LUUH5XIHXQG6FKUHLHYRQDOLHQ6HLWHQ'DV,QQHUHGHV7HPSHOVYHUZDQGHOWH VLFKLQHLQ,UUHQKDXV=DNDQ]DKLHOWGLH)DFNHOSUIHQGYRUPHLQ*HVLFKWQLFNWHPLU]X XQGEHXJWHVLFKEHUGHQ%HZXWORVHQW'DQQVDJWHHUVFKDUIEHUGLH6FKXOWHU ³,FKKDEHHVGLUJHVDJW'HUHUVWH$WODQ+RUXV+LHUKHU0lQQHU6FKOHSSWLKQ KLQDXVXQGELQGHWLKQDQLUJHQGHLQH6lXOH´ 5XKH9HU]DEHUXQJXQGGLHNXU]H3KDVHGHU9HULQQHUOLFKXQJZDUHQYRUEHL'HU $QJULIIKDVWHVLHDXVJHO|VFKW-HGHU9HUVXFKGLHVH6WLPPXQJZLHGHUKHUEHL]XIKUHQ ZDUVLQQORV:LUVFKOLFKHQZLHJHSUJHOWH+XQGHDXVGHP7HPSHOKLQDXVZlKUHQGYLHU %RJHQVFKW]HQGHQ1XELHUEUXWDODXVGHP7HPSHO]HUUWHQ6LHZDUIHQLKQYRUGHU YHUVDPPHOWHQ9RONVPHQJHLQGHQ6DQGULVVHQLKQKRFKXQG$PXQPRFKWHZLVVHQ ZRKHUSO|W]OLFKKLHOWHQVLH6FKQUHLQGHQ+lQGHQ6LHIHVVHOWHQLKQXQGZDUIHQGLH (QGHQGHU6HLOHEHUGHQDEJHVWRUEHQHQ$VWHLQHU7DPDULVNH'DQQ]RJHQVLHLKQPLW ZHLWDXVHLQDQGHUJHVSUHL]WHQ$UPHQDP%DXPKRFKXQGHUNOlUWHQZDVJHVFKHKHQZDU :lUHGHUhEHUIDOOLUJHQGZDQQLQGHQ'QHQDXHUKDOE%XKHQVJHVFKHKHQHV ZlUHHLQQRUPDOHV(UHLJQLVJHZHVHQ$EHULP7HPSHOLPNRVWEDUVWHQ%HVLW]GHU )HVWXQJ]XGLHVHU=HLWGHU1XELHUZDUVFKRQMHW]WWRW6FKZHLJHQGXQGZLHHUVWDUUW IXKUHQ$V\UWDXQGLFK]XUFNLQVJURH+DXVGHV6WDWWKDOWHUVYRQ%XKHQ'RUWWUDIHLQH 6WXQGHVSlWHUGHU%RWHGHV$PHQHPKHWVHLQ:DKNDUHHLQNOHLQHUGLFNOLFKHU0DQQPLW NDKOJHVFKRUHQHP6FKlGHONRVWEDUHP%UXVWVFKPXFNXQGEUHLWHQ=LHUElQGHUQDQ 2EHUDUPHQXQG+DQGJHOHQNHQ:DFKH,QWHOOLJHQ]VSUDFKDXVVHLQHP*HVLFKW(UEOLHE ]ZLVFKHQGHQ6lXOHQGHV(LQJDQJVVWHKHQVDKXQVHUHQ7LVFKLQGHU0LWWHGHU *DUWHQKDOOH6HLQ7KLFNJLQJYRQHLQHU'LHQHULQ]XUDQGHUHQGDQQIUDJWHHUPLWDWHPORV NOLQJHQGHU6WLPPH ³(VLVWJHVWDWWHWVLFK]XQlKHUQ",FKKDEHHLQH%RWVFKDIWYRQ$PHQHPKHWGHU ZRKOJHIlOOLJDXIXQVDOOHEOLFNHQP|JH´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³:DVPLFKEHWULIIWELQLFKGHVVHQVLFKHU´VDJWHLFK³6HW]HGLFK]XXQV%RWH :DKNDUH´ :LHGHUYHUEOIIWHPLFKGLH6FKQHOOLJNHLWPLWGHU,QIRUPDWLRQHQZHLWHUJHJHEHQ ZXUGHQ,FKJLQJGDYRQDXVGDVLHVLFKQLFKWVFKQHOOHUIRUWEHZHJWHQDOVHLQUHQQHQGHU RGHUSDGGHOQGHU%RWH*HUFKWHVFKLHQHQVFKQHOOHU]XVHLQDOV*HGDQNHQ ³$WODQ+RUXV´(UOLHVLFKlFK]HQGQLHGHU(UJDEYRUDOWXQGDVWKPDWLVFK]X VHLQDEHUXQWHUVHLQHUZHLFKHQ+DXWVDKLFKKDUWH0XVNHOQ(UZDUYRPJOHLFKHQ7\S ZLH=DNDQ]D8SXDXWHLQgIIQHUGHU:HJH³:LUKDVWHQQRFKQLFKWGLH*HOHJHQKHLW PLWHLQDQGHULQ5XKH]XVSUHFKHQ´ ³1XQN|QQHQZLUHV´VDJWHLFKXQGZLQNWHHLQHU'LHQHULQ³:DVEHILHKOWGHU *RWWlKQOLFKH"´ ³(UUHFKQHWHGDPLWGDGXGHQ.ROREHVLHJVW1XUVRLVWHV]XHUNOlUHQGDLFK JHQDXH(LQ]HOKHLWHQGDUEHUKDEHZLHGLH*HIDQJHQHQ]XYHUWHLOHQVLQG,Q%XKHQ ZHUGHQQXUHLQSHDU0lGFKHQXQG.LQGHUEOHLEHQDOOHDQGHUHQJHKHQDEZlUWVDEHU GLHVLQWHUHVVLHUWGLFKQLFKWVRQGHUOLFK´ ³1LFKWVRQGHUOLFK´JDELFK]X³0HLQHQHXH$XIJDEHVWHKWIHVW´ ³5LFKWLJ´(UQLFNWHXQGKREGHQ.UXJYROOHU6FKUHLEUROOHQ³'LH)DKUWLQV *|WWHUODQGYRQ*ROGXQG:HLKUDXFKYRQ0\UUKHQElXPHQXQGNXULRVHP*HWLHU1DFK 3XQW'XVROOVWDXIGHLQH%DUNHZDUWHQ6LHLVWXQWHUZHJV,Q-XQX5HV\WGRUWZRGHU KHLOLJH+DSLVLFKNUPPWZLUGGLFKGHU*RWWN|QLJHUZDUWHQ'DQQVROOVWGXPLWDOLHQ )UHXQGHQGXUFKGDV7DORKQH:DVVHUJHKHQEHUGLH6WUDHGHV+HQHQXGRUWKLQZR 6FKLIIHXQG]HKQPDOKXQGHUW0lQQHUZDUWHQ´ ³'DVDOOHV´VDJWHLFKXQGUHLFKWHLKPHLQHQJHZDOWLJHQ3RNDOYROOHU%LHU³KDEH LFKPHKURGHUZHQLJHUJHZXW´ ³9RUKHUDEHUVROOVWGXGLFKHUKROHQLPZHLHQ+DXVGDVGXZRKONHQQVWXQG QLFKWQXUGX9LHOOHLFKWLVWGHLQ+HU]LQGHUHLQHQRGHUDQGHUHQ1DFKWZLHGHUVRKHLWHU GDGXGHLQHWUHIIOLFKH*DEHGHV*HVDQJHVDEHUPDOV]HLJVWZHUZHL"´ ³1XUGHU%OLW]LVWVFKQHOOHUDOVGLH%RWVFKDIW´VDJWHLFKXQG]X$V\UWDJHZDQGW ³'LHVHKHLWHUH*HVFKLFKWHNHQQVWGXQRFKQLFKW´ 'HU%RWHOlFKHOWHYHUELQGOLFK0LUJHILHOVHLQHYHUVFKPLW]WH$UW=XQlFKVW YHUVHQNWHFUVHLQH)DONHQQDVHLQGHQ%LHUSRNDOGDQQZLVFKWHHUEHUVHLQHQ0XQGXQG VDJWHKDOEODXW ³'LHVH*HVFKLFKWHNHQQWGLH+HUULQYRQ%XKHQQLFKW$XFKQLFKWGLHIROJHQGH(V ZLUGHLQNOHLQHV+HHUKLHUKHUJHEUDFKW]XVlW]OLFK]XGHQ0DQQVFKDIWHQGLHLQ%XKHQ OLHJHQ1HLQQLFKWGHLQH6ROGDWHQ$WODQ+RUXV8QGGHU0DQQGHUGLHVHV+HHUQQLWDOO GHP7URDXV%DXHUQXQG+DQGZHUNHUQDQIKUWVRLOGHUQHXH6WDWWKDOWHU%XKHQVXQG GHV/DQGHV:DZDWZHUGHQ1XUGDQQZHQQGX]XVWLPPVW+HUULQ'HU+HUUVFKHUZHL ZLHJXWXQGHQWVFKORVVHQGXGHLQVFKZHUHV$PWZDKUJHQRPPHQKDVW$EHUGXELVWLFK VHLQHHVQXQPHKUHLQHMXQJHVFK|QH)UDXXQGGHLQH)DOWHQVROOVWGXVR$PHQHPKHW QLFKWLP*UHQ]ODQGEHNRPPHQ´ ³'LH.OXJKHLW$PHQHPKHWVLVWVFKUDQNHQORVXQGZXQGHUEDU´PHLQWH$V\UWD 1HENDXUDKDOEODXWXQGPLWNDXPVLFKWEDUHP/lFKHOQ³GHQQLFKGDFKWHEHUHLWVVHOEVW GDUDQLKQGDUXP]XELWWHQ´ 'HU%RWHVHQNWHGHQ.RSIXQGPXUPHOWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³6RVHKHQZLUGHQQGDVLFKDEHUPDOVDOOHVRKQHbUJHUJHUHJHOWKDW6RKDWHU¶V JHPVRPDJHU¶VXQVHU+HUUVFKHU6FKQHOOJHUlXVFKORVXQGZLUNVDP:LUVLQGQXU VHLQH$XJHQ)LQJHUXQG2KUHQ´ (6KDWVHLQ9HUVSUHFKHQJHKDOWHQIOVWHUWHGHU/RJLNVHNWRU$V\UWDGHXWHWHPLW GHUULQJJHVFKPFNWHQ+DQGDXIPLFK ³$WODQGHUHLQ)UHXQGPHLQHV+HU]HQVLVW´VDJWH$V\UWD³IlKUWQDFK3XQW,FK ZHLYLHOHVEHUGLHJHIlKUOLFKH6HHIDKUW'LHYHUVWPPHOWHQXQGDXVJHUDXEWHQ +DQGHOVPlQQHUKDEHQPLUYLHOEHU3XQWEHULFKWHW,FKZLOOWHLOKDEHQDQGLHVHU 6HHUHLVH:LOOVWGXGDIUVRUJHQ%RWH:DKNDUHGDGHU3KDUDRGLHVHUIlKUWXQGHVPLU HUODXEW"´ ³,FKELQVLFKHUGDHUGLFKGDUXPELWWHWVHLQHQEHVWHQ0DQQLP6GHQGHV /DQGHV]XXQWHUVWW]HQ´ ³'XKDVWJHVHKHQGDZLUYLHOHGHUPlQQOLFKHQ*HIDQJHQHQDXI6FKLIIHQXQG]X )XKDSLDEZlUWVJHVFKLFNWKDEHQXQWHUVWUHQJHU%HZDFKXQJ"´IUDJWH$V\UWD ³(VLVWULFKWLJVR´ ³8QGZLUZHUGHQGDVVHOEHPLWGHQ)DPLOLHQGHU5HEHOOHQWXQ´ ³$EHUPDOVULFKWLJ$EHU]XHUVWVROOHQGLH/HXWHYRQ%XKHQLQGDV/DJHUGHU *HIDQJHQHQJHKHQXQGKHUDXVVXFKHQZHQVLHDOV'LHQHUEHKDOWHQZROOHQ´HUNOlUWHGHU %RWH³8EULJHQVHLQIDWDOHU$QVFKODJDXIGHLQ/HEHQ$WODQ,P7HPSHOPHLQHLFK +|FKVWYHUZHUIOLFK´ ³(VZlUHYHUZHUIOLFKHUJHZHVHQZHQQLFKMHW]WLQPHLQHP%OXWHOlJH´YHUVHW]WH LFK³(VZLUGQLFKWGHUOHW]WH=ZLVFKHQIDOOGLHVHU$UWVHLQ(VZDUDXFKQLFKWGHUHUVWH 6HKUIDWDOEHVRQGHUVIUPLFK´ (UQLFNWHXQGYHUVLFKHUWHOlFKHOQG ³'HLQH)UHXQGHXPKHUZDQGHUQGHU6FKDWWHQGHV.DPSIHVZHUGHQGDUDXI DFKWHQGDHVVLFKQLFKWZLHGHUKROW´ ³.|QQHQPHLQH)UHXQGHGHQ%OLW]XQGGLHhEHUVFKZHPPXQJDXIKDOWHQ"´ ³6FKZHUOLFK´ 9HUZLUUWVFKHQNWHLFKLKP%LHUQDFKXQGVSLHWHHLQ6WFN.lVHDXIGLH6SLW]H GHV'ROFKHV$QGHPJOHLFKHQ6LHJHOULQJZLHLKQ=DNDQ]D8SXDXWEXJHUNDQQWHLFK GHQ%RWHQ$EHUVHLQH$UWGLHVH%RWVFKDIWYRU]XEULQJHQZDUHUVWDXQOLFK,FKIUDJWH ³*LEWHVHLQHQEHVWLPPWHQ7DJDQGHPLFKLQ1XEHWXQGHLQHQDQGHUHQDQGHP LFKLQ-XQX5HV\WVHLQPX"´ ³'HUHUVWH7DJKlQJWYRQGHU6FKQHOOLJNHLWGHU%DUNHXQGGHQ$XIHQWKDOWHQDWH :HQQHUGLFKVHKHQZLOOXQVHU+HUUVFKHUZLUGHUHLQHQ%RWHQVFKLFNHQ'DVLVWVR EOLFKLP+DSLODQG´ ³,FKELQEHUXKLJW,QZHQLJHQ7DJHQZHUGHQZLU%XKHQYHUODVVHQQDFKGHPZLU GHQQHXHQ6WDWWKDOWHULQDOOH(LQ]HOKHLWHQHLQJHZHLKWKDEHQ´ :DKNDUHVWDQGDXIXQGYHUQHLJWHVLFKZUGHYROOLQEHLGH5LFKWXQJHQ'DQQ OHHUWHHUPLWKLQJHEXQJVYROOHP6FKOUIHQGHQ3RNDOVWHOOWHLKQDEXQGVDJWHKDOEODXW ³:LUZHUGHQQRFKRIWPLWHLQDQGHUVSUHFKHQ'HLQ)UHXQG$WODQ+RUXVMHQHU ZLOGH1XELHUKDWGHQ3DODVWGHU+HUULQPLWVHLQHQ(OLWHVROGDWHQXPVWHOOW,KUVROOWUXKLJ VFKODIHQGLHVH1DFKWXQGGLHNRPPHQGHQ1lFKWHPLWHLQDQGHUPHLQHLFK´ ,FKHUJULIIVHLQ+DQGJHOHQNGDQQOHJWHQZLUHLQDQGHUGLH+lQGHDXIGLH 6FKXOWHUQ:DKNDUH]ZLQNHUWH,FKEOLHEHUQVWXQGYHUVSUDFK ³'HVVHQNDQQVWGXVLFKHUVHLQ)UHXQG:DKNDUH´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

(UJLQJKLQDXV:LUK|UWHQLKQPLWGHQ3RVWHQ/RVXQJVZRUWHZHFKVHOQGDQQ ZDUHQZLUHQGOLFKDOOHLQ ,QGHU0LWWHGHU-DKUHV]HLW3HUHWGLHHEHQIDOOVYLHU0RQGHIDQJGDXHUWHIXKUHQ ZLUPLWGHU%DUNHDXI1XEHW]X$OOHVZDVYRUIQIRGHUVHFKV0RQGHQJHVlWXQG JHSIODQ]WZRUGHQZDUVWDQGKRFKLP+DOP=ZHL6WUHLIHQVWUDKOHQGHVKHOOHV*UQ VlXPWHQGHQ6WURP ³(VLVWZXQGHUEDUIULHGOLFK1LHPDQGVLHKWZFOFKH8QPHQJH$UEHLW GDKLQWHUVWHFNW,FKKDE¶VLQ%XKHQPKVDPHUIDKUHQ´VDJWH$V\UWDOHLVH6LHOHKQWH QHEHQPLUDPZXFKWLJHQ%XJJHOlQGHUGHU%DUNH6GOLFKHU:LQGVWUDIIWHGDV6HJHO:LU EUDXFKWHQQLFKW]XUXGHUQZLUWULHEHQVFKQHOOPLWGHU6WU|PXQJ,QHLQHPKDOEHQ7DJ ZUGHQZLUYRUGHPZHLHQ+DXVDQOHJHQ ³'DV/DQGLVWHLQ*HVFKHQNGHV1LOVDEHUHLQ:HUNGHV0HQVFKHQ´HUZLGHUWH LFKhEHUDOOVDKHQZLUGLH.DQlOHDQGHQ8IHUQWLHILQVIODFKH/DQGKLQHLQ,UJHQGZR ]ZLVFKHQ:VWHXQG9HJHWDWLRQVUDQGPRFKWHQGLHOHW]WHQ*UXSSHQGHU*HIDQJHQHQ HQWODQJZDQGHUQ-XQX5HV\WHQWJHJHQ+LQXQGZLHGHUWDXFKWHHLQHODQJJHVWUHFNWH,QVHO DXIYRQ6XPSIXQGSSLJZXFKHUQGHQ%LQVHQ/LOLHQ/RWRVEOWHQXQG6FKLOI XPZXFKHUW'LHVLFKHOI|UPLJHQ%LQVHQERRWHGHU)LVFKHUVFKREHQVLFKGXUFKGLH UDVFKHOQGHQ6WHQJHOHLQ%LOGOlQGOLFKHU5XKH ³(LQ:HUNGHU6ROGDWHQZLUGDXFKGLH)DKUWQDFK3XQWVHLQ,FKIUHXHPLFK GDUDXI´$V\UWDVDKHQWVSDQQWXQGUXKLJDXV,FKKLQJHJHQZDUDXVGUHL*UQGHQQRFK LPPHUEHXQUXKLJW:DVSODQWH(6IUGLHQlKHUH=XNXQIW":LHYLHOHIDQDWLVFKH1XELHU GLHPLFKXPEULQJHQZROOWHQJDEHVXQGDQZHOFKHQ3OlW]HQ":DVHUZDUWHWHXQVDXI GHUEHVFKZHUOLFKHQ)DKUWQDFK3XQW" ³,FKZHLQLFKWREZLUXQVIUHXHQVROOWHQ´VDJWHLFKQDFKGHQNOLFK³3XQWLVWZHLW XQGLFKELQXQVLFKHU0HLQ$XIWUDJZDU'DQFUHGL]XYHUQLFKWHQ(6VROOWHPLFKZLHGHU DXVGLHVHP/DQGZHJUHLHQ]XUFN]X5LFRVRZLHGLFK:LUZXWHQQLFKWGDZLUYLHU -DKU]HKQWHIDQJQHEHQHLQDQGHUJHVFKODIHQKDEHQ(LQHUDQJH.HWWHYRQ5lWVHOQ /LHEVWH´ ,FKEHWUDFKWHWHVLQQHQGGLHEHZLUWVFKDIWHWHQ8IHU(LQPDOZDUHQVLH]ZHLWDXVHQG JURH6FKULWWHHLQDQGHUPDO]ZDQ]LJWDXVHQG6FKULWWHRGHUPHKUEUHLWHKHVLHDQGLH :VWHVWLHHQ:LHGHUVDKLFKGLH5DPSHQGHU:HJHGLH]XPlFKWLJHQ7HPSHOQ IKUWHQ5XKLJJOLWWGLH%DUNHPLWGHQSUlFKWLJHQ9HU]LHUXQJHQXQGGHPJURHQ6HJHO GXUFKGLHNOHLQHQ:HOOHQ,FKJLQJ]XP+HFN]XUFN'RUWVWDQGHUXQGVDHQPHLQH )UHXQGH$XFKVLHVFKLHQHQYRQHLQHUQDFKGHQNOLFKHQ6WLPPXQJEHIDOOHQ]XVHLQ ³:LUEHUHLWHQXQVDXIGLHUDQJH)DKUWYRU$WODQ+RUXV´3WDK6RNDUKREGLH+DQG ]XP*UX³:LUKRIIHQGDGLH7DJHLQGHLQHPZHLHQ+DXVDQJHQHKPXQGYROOHU /DFKHQVHLQZHUGHQ´ ³'DVKRIIHLFKDXFK´VDJWHLFK³8QGWURW]GHPELQLFKXQUXKLJ´ =DNDQ]D8SXDXWZDUIPLUHLQHQSUIHQGHQ7KLFN]X'DQQ]XFNWHHUPLWVHLQHQ 6FKXOWHUQXQGPHLQWH ³:LUVLQGDXVJH]RJHQXQGKDEHQJHVLHJW:LUVLQGEHUDOODOV6LHJHUHPSIDQJHQ ZRUGHQ$OOH*HIDQJHQHQVLQGGRUWZRVLHJHEUDXFKWZHUGHQ:DVEHNPPHUWGLFK"´ ³'LHVHVXQGMHQHV´JDELFK]XUFN³8QWHUDQGHUHPZHLLFKQLFKWPHKUZLHYLHO =HLWPLUEOHLEWPHLQH$UEHLW]XWXQ´ 3WDK6RNDUVDK]XZLH,SXNLGHU6WHXHUPDQQGHU%DUNHGLHEHLGHQ 5XGHUVFKlIWHEHZHJWH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³-HPDQGHQGHQGHU3KDUDRDXV]HLFKQHQZLUGLQ-XQX5HV\WZLUGGLHV JHVFKHKHQEHQHLGHLFK(UEUDXFKWQLFKWEHNPPHUW]XVHLQ´ ,FKZDUXQVLFKHUXQGKDWHGHQ*HGDQNHQYRQGHU:LOONUYRQ(6DEKlQJLJ]X VHLQ'DVZDUGLH]ZHLWH.ULVHLQGLHVHP-DKUGLHPLFKJHIHVVHOWKLHOW1DFKGHQNOLFK EOLFNWHLFKLQGLH*HVLFKWHUPHLQHU)UHXQGH6LHHUZDUWHWHQYRQPLUGDLFKVLHOHLWHWH XQGLKQHQVDJWHZDV]XWXQZDU6LHYHUWUDXWHQPIU,FKKROWHWLHI/XIWXQGYHUVXFKWH PHLQH6LFKHUKHLWZLHGHU]XILQGHQ$OVLFKQDFKYRUQEOLFNWHVDKLFKEHUHLWVGLH YHUWUDXWHQ8IHUKLQWHUGHQQlFKVWHQ:LQGXQJHQODJHQ1XEHWXQGGDVZHLH+DXV ³,FKELQQLFKWEHNPPHUW´VDJWHLFKHQWVFKORVVHQ³:DUWHQZLUDWHZDV $PHQHPKHWXQVVDJVXQGPDFKHQZLUXQVDXIGLH6XFKHQDFKGHP/DQG3XQW´ ,FKQLFNWHLKQHQ]XXQGJLQJZLHGHU]XUFN]XP%XJ$V\UWDVDDXIGHP *HOlQGHUVWUHFNWHLKU*HVLFKWGHU6RQQHHQWJHJHQXQGVFKDXNHOWHPLWGHQ%HLQHQ,FK QDKPLKUH+DQGXQGIOVWHUWH ³1RFKHLQSHDU6WXQGHQXQGZLUVLQGHQGOLFKDOOHLQ,FKELQVLFKHUGDPDQXQV JHEKUHQGHPSIlQJW´ ³9LHOOHLFKWLVWGDVHLQ2UWDQGHPZLUHQGOLFK5XKHILQGHQN|QQHQ´PHLQWH $V\UWD³$OOHLQXQGRKQHDOOH9HUSIOLFKWXQJHQ´ ³9LHOOHLFKW´PXUPHOWHLFK(VZDUHLQHOHLVHVFKQHOOH)DKUWYROOHUlKQOLFKHU (LQGUFNH)HOGHU3IODQ]XQJHQXQG%DXHUQ)LVFKHUGLHPLW1HW]XQG'UHL]DFN ILVFKWHQ+HUGHQDOOHU7LHUHIUHLXPKHUODXIHQGRGHULQGHQ*HYLHUWHQGHU=lXQHRGHU 0DXHUQHLQJHVFKORVVHQ1DFKGHUOHW]WHQ.UPPXQJWDXFKWHQGLHYHUWUDXWHQ .RQVWHOODWLRQHQGHU3DOPHQXQGGHUEUHLWHQ6FKLOIJHZlFKV,QVHOQDXIXQGGDKLQWHUGLH VWHLQHUQH5DPSHPLWGHQ3ROOHUQDQGHQHQGLH%DUNHDQOHJHQNRQQWH:LUZDUHQYRU GHPZHLHQ+DXV ³'RUWLVWHV´VDJWHLFKXQGEHVFKULHE$V\UWDGLHQlKHUH8PJHEXQJ$XFKWULHU VDKHQZLUGLHVFKPDOHQ%LQVHQERRWHPLWVFKZHLJVDPHQ0lQQHUQGLHPLW3IHLOHQGHQ :LOGY|JHOQLP6FKLOIQDFKVWHOOWHQXQGPLW:XUIQHW]HQXQG'UHL]DFNHQ)LVFKHILQJHQ,FK GUHKWHPLFKXP,SXNLPDFKWHHLQHHQWVSUHFKHQGH%HZHJXQJXQGVWHXHUWHGLH%DUNH GHPOLQNHQ8IHU]X :lKUHQGZLUXQVGHP5DQGGHV6WURPHVQlKHUWHQZLQNWHQHLQLJH)LVFKHUDXV GHQ%RRWHQ6LHOLHHQVLFKQLFKWLQLKUHU$UEHLWVW|UHQ,FKEHXJWHPLFKZHLWYRUXPGLH $QOHJHPDQ|YHU]XEHREDFKWHQ$OVZLUQHEHQGHPVDQGLJHQ8IHUXQGGHQKRFK DXIJHVFKRVVHQHQ%LQVHQGDKLQVWUHLIWHQDOVGDV6HJHODQGLH5DKJHEXQGHQZXUGH VFKRHLQJU|HUHV%RRWDXVGHQNQLVWHUQGHQ+DOPHQKHUYRU'UHL0lQQHUVDHQ GDULQQHQGDV,QQHUHGHU%LQVHQNRQVWUXNWLRQZDUYROOHU:HUN]FXJH]XP)LVFKIDQJ 1HWHU1HIHUGDFKWHLFKJXWHU*RWWZDVN|QQWHLFKVLHDOOHVOHKUHQ:LHYLHO)HKOHU PDFKWHQVLHQRFKLPPHU8QVHUH%DUNHZXUGHODQJVDPHUWULHEDXIGLH %HIHVWLJXQJVSXQNWH]XXQGYRP+DXVKHUNDPHQHLQLJH0lQQHUJHODXIHQ'DV%RRW EHUKROWHXQVDXIGHUOLQNHQ6HLWH(LQHUGHU0lQQHUKREVHLQ3DGGHOXQGULHI ³:LUJUHQ$WODQ+RUXVGHQ6LHJHUEHUGLH:HJHODJHUHU%LVWGXHV+HUU"´ ,FKODFWDWHXQGZLQNWH]XUFN ³-D,FKZQVFK¶HXFKJXWHQ)DQJ0lQQHU:HQQLKUHLQHQEHVRQGHUVJURHQ )LVFKIDQJVEULQJVLKQ]XGLHVHP+DXV:LUN|QQHQLKQEUDXFKHQ´ 'HU)LVFKHUGHULP+HFNSDGGHOWHQLFNWHXQGVFKULH ³:LUKDOWHQXQVHU:RUW:LUEULQJHQLKQ´

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

,FKJUWHXQGZDQGWHPLFKZLHGHUQDFKUHFKWV'LH6HLOHIORJHQDQ/DQGXQG GLH0lQQHUVFKODQJHQVLHJHVFKLFNWXPGLHGLFNHQ3DOPERKOHQ/DQJVDPZXUGHGLH %DUNHDQGHQVFKPDOHQ.DLKHUDQJH]RJHQ$QGHUOLQNHQ%RUGZDQGJOLWWGDV %LQVHQERRWYRUEHL'LH%HVDW]XQJGHU%DUNHVSUDQJDQ/DQGEHIHVWLJWHGLH5DKXQG ZXFKWHWHGLH%DOOHQXQG3DFNHQXQVHUHU$XVUVWXQJDXVGHP.LHOUDXP,FKVWDQGDP 0DVWVDKKLQEHU]X$V\UWDGLHGHQ1LHGHUJDQJYRP%XJKHUXQWHUNDPXQGOlFKHOWH $FKWXQJZLVSHUWHGHU/RJLNVHNWRU'HU)LVFKHU(VZDUEHlQJVWLJHQGUXKLJ JHZRUGHQ'DQQVDKLFKZLHVLFKHLQHUGHU)LVFKHUEHUGLH%RUGZDQGVFKZDQJZHLW DXVKROWHXQGHLQHQ'UHL]DFNVFKOHXGHUWH,FKVWLHPLFKYRP0DVWDEXQGKHFKWHWH VFKUlJDEZlUWVDXI$V\UWD]X$XVYROOHQ/XQJHQVFKULHLFK ³=DNDQ]D+LOIXQV´ ,FKHUUHLFKWH$V\UWDXPIDWHLKUH2EHUVFKHQNHOPLWEHLGHQ$UPHQXQGULGLH )UDX]X%RGHQ$QHLQDQGHUJHNODPPHUWUROOWHQZLUEHUGLH3ODQNHQ'LH+DUSXQH ]LVFKWHGXUFKGLH/XIWYHUIHKOWHXQVXPHLQH+DQGEUHLWHXQGERKUWHVLFKPLW NUDFKHQGHP*HUlXVFKLQGLH%RUGZDQG,FKKDVWHJHVHKHQGDGHU)LVFKHULQGHU DQGHUHQ+DQG]ZHLGLHVHU:DIIHQJHKDOWHQKDVWH-HW]WHUNDQQWHLFKGLHVFKQHOOH %HZHJXQJPLWGHUHUGHQOLQNHQ$UPKRFKZDUIPLWGHU5HFKWHQGLH+DUSXQHDXVGHU /XIWILQJXQGZLHGHUDXVKROWH 0HLQ6FKUHLKDVWHGLH%HVDW]XQJIUHLQHQ$XJHQEOLFNHUVWDUUHQOHVVHQ-HW]W VSUDQJHQDXVDOLHQ5LFKWXQJHQ0lQQHUDXIGHQ$WWHQWlWHU]X,FKYHUVXFKWHDXIGLH )H]XNRPPHQJULIILQUHVHQGHU(LOHQDFKHLQHPYHUVFKQUWHQ*HJHQVWDQGXQGVDK ZLHVLFKGLH)LQJHUYRP6FKDIWGHU+DUSXQHO|VWHQDP(QGHGHUQDFKYRUQJHIKUWHQ %HZHJXQJ,FKILQJGLH+DUSXQHPLWGHP3DFNHQDXIPHLQH$UPHJDEHQQDFKGDV 3DNHWZXUGHKDUWJHJHQPHLQH%UXVWJHVFKODJHQ,FKZDUIHV]XU6HLWHJULIIQDFK PHLQHP'ROFKDEHUGDZDUIGHU$WWHQWlWHUVHLQHGULWWH+DUSXQH,FKVSUDQJQDFK UHFKWVPHLQH+lQGHJULIIHQXPGHQ6FKDIWGHUODQJHQ5DKDOVLFKPLFKKRFKZLQJHQ OLHVXPPWHGLH+DUSXQHXQWHUPLUYRUEHLXQGERKUWHVLFKWLHILQGDVHQJJHZLFNHOWH 6HLODP0DVWVWXPSI6RIRUWK|UWHLFKHLQODXWHV.ODWVFKHQDOVLFKVLFKHUDXIGHP'HFN VWDQGVDKLFKGHQGXQNOHQ.|USHUYRQ=DNDQ]D8SXDXWEHUGLH%RUGZDQGVSULQJHU,FK UDQQWHKLQWHUKHUXQGVDKZLHPHLQ)UHXQGGLFKWKLQWHUGHPIOFKWHQGHQ$WWHQWlWHULQV :DVVHUHLQWDXFKWHXQGZLHHLQODQJHU)LVFKDXIGHQ0DQQ]XVWUHEWH ³$XVGHP:HJ1DFKOLQNV*HKWDQ/DQG´VFKULHQ6WLPPHQYRP+HFNGHU %DUNH3WDK6RNDUXQG5DZHUVWDQGHUGRUWKDVWHQLKUH%|JHQDXVJH]RJHQXQG VFKRVVHQJOHLFK]HLWLJGLH3IHLOHDWH'LH)LVFKHULQGHU%LQVHQEDUNHSDGGHOWHQZLH EHVHVVHQLQGLH0LWWHGHV)OXVVHVKLQDXV,QIDVWJHUDGHQ%DKQHQIORJHQGLH *HVFKRVVH(LQ3IHLOWUDIGHQYRUGHUHQ5XGHUHULQGHQ1DFNHQGHUQlFKVWH GXUFKERKUWHGLH:LUEHOVlXOHGHVGDKLQWHUUXGHUQGHQ)LVFKHUV$OVGLH]ZHL7RWHQDXV GHP%RRWNLSSWHQXQGGDV%LQVHQNDQXXPZDUIHQWDXFKWHQ]XJOHLFK=DNDQ]DXQGGHU 0|UGHU]ZDQ]LJ6FKULWWHXQWHUKDOEGHU%DUNHDXI,FKVWDQGDP(QGHGHUULHVLJHQ5DK GLHTXHUEHUGHP6FKLIIFKHQODJKLHOWPLFKDP7UDJVHLOIHVWXQGGRQQHUWH ³%ULQJW$V\UWD1HENDXUDLQV+DXV+ROWHLQDQGHUHV%RRW6FKQHOO´ 0HLQH0XVNHOQVSDQQWHQVLFK,FKZDUEHUHIWHLQ]XJUHLIHQDEHU=DNDQ]D 8SXDXWNlPSIWHVFKQHOOXQGHUEDUPXQJVORV(UXPNODPPHUWHPLWHLQHU+DQGGHQ+DOV GHV$WWHQWlWHUVXQGYHUVHW]WHLKPPLWGHUJHEDOOWHQ)DXVWHLQH6HULHZLOGHU6FKOlJHLQV *HVLFKWRKQHVLFKXPGLHYHU]ZHLIHOWH*HJHQZHKU]XNPPHUQ'DQQVFKZDQJ =DNDQ]DVLFKDXVGHP:DVVHUKRFKXQGVFKOREHLGH+lQGHXPGHQ+DOVGHV

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

0DQQHV(UGUFNWHLKQXQWHU:DVVHUNlPSIWHPLWJHZDOWLJHU$QVWUHQJXQJXQGEHLGH WULHEHQDWH,FKHUNDQQWHGDGLH%HZHJXQJHQGHV)LVFKHUVVFKZlFKHUZXUGHQXQG VFKOLHOLFKDXIOK|UWHQ ³:RLVWGDV%RRW"´,FKUDQQWHTXHUEHUGDV6FKLIIVSUDQJLQGLFKRKHQ*UlVHU XQGVDKPLFKXP3WDK6RNDUZLQNWHYRQHLQHP3ODW]FWZDIQI]LJ6FKULWWHZHLWHU IOXDEZlUWV,FKKDVWHWHDXILKQ]XXQGVFKZDQJPLFKLQGDV%LQVHQERRWLQGHP]ZHL %RJHQVFKW]HQVDHQ6RIRUWVWLHHQVLHDEXQGUXGHUWHQKLQWHU=DNDQ]DKHUGHU YHUVXFKWHJFJHQGHQ6WURPDQ]XVFKZLPPHQ1DFKHWZDGUHLLJNUlIWLJHQ 5XGHUVFKOlJHQZDUHQZLUQHEHQLKP,FKEHXJWHPLFKEHUGHQ5DQGGHV%RRWHVXQG KDOI=DNDQ]DKHUHLQ(UNODPPHUWHVLFKDQGHQKRFKJHERJHQHQ ]XVDPPHQJHVFKQUWHQ%XJNHXFKWHXQGVSXFNWH:DVVHU ³,FKGDQNHGLU=DNDQ]D´VDJWHLFKOHLVH³(VZLUGVRZHLWHUJHKHQQLFKWZDKU"´ (UZLVFKWHVLFK:DVVHUDXV*HVLFKWXQG+DDUGDQQKROWHHUWLHI/XIWXQG PXUPHOWH ³'DQFUHGLPXGLH0|UGHUDXVJHVFKLFNWKDEHQHKHHUPLWXQV]XVDPPHQWUDI XQGVWDUE$QGHUVNDQQHVQLFKWVHLQ´ ³:DKUVFKHLQOLFKKDVWGXUHFKW´ ,FKJULIIQDFKHLQHP3DGGHOXQGKDOIGDV%RRWZLHGHUHQV8IHU]XEULQJHQ:LU ]RJHQHVDQ/DQGXQGVDKHQXQVQDFKGHP(LJHQWPHUXPDEHUHUZDUQLFKW]X VHKHQ/DQJVDPJLQJHQZLUDXIGHQ/DQGHSODW]]X ³$V\UWDLVWZRKODXI"´IUDJWH=DNDQ]DXQGVFKWWHOWHVLFK ³-D9LHOOHLFKWHLQSHDUEODXH)OHFNHQQLFKWPHKU´,FKJLQJDXIGDV+DXV]X $XFKGLHVHU]ZHLWH0RUGYHUVXFKZDUJXWYRUEHUHLWHWZRUGHQ:LQ]LJH=XIlOOHKDVWHQ YHUKLQGHUWGDPLFKHLQHGHU+DUSXQHQJHWURIIHQKDVWH,QGHUNRPPHQGHQ=HLWPXWH LFKVRJDUEHLP(VVHQXQG7ULQNHQZDFKVDPEOHLEHQ'LH0|UGHUZUGHQHVLPPHU ZLHGHUYHUVXFKHQ ³(VZLUG=HLWGDZLUGLH6FKLIIHHUUHLFKHQXQGLQ6HHJHKHQ´PXUPHOWHLFK³%LV QDFK3XQWZHUGHQPLUGLH$WWHQWlWHUZRKOVFKZHUOLFKQDFKVHJHOQ´ ³'DVQLFKW+RUXVGHV+RUL]RQWV$EHUYLHOOHLFKWJLEWHVGHQHLQHQRGHUDQGHUHQ XQWHUGHQDFKWHLQKDOE+XQGHUW0lQQHUQ´ ,FKGUHKWHPLFKKHUXPXQGVDK3WDK6RNDULQV*HVLFKW:LUQLFNWHQXQGZXWHQ GDZLUXQVDXIHLQDQGHUYHUODVVHQNRQQWHQ ,FKIHQGDOOHVVRZLHZLUHVYHUODVVHQKDWWHQ0HLQ=LPPHUZDUVDEHUHLQLJH QHXH0|EHOZDUHQKHUHLQJHEUDFKWZRUGHQ'LHYLHOHQ=LPPHUIOOWHQVLFKPLWXQVHUHQ )UHXQGHQPDQEUDFKWHGHQ%HVLW]$V\UWDVXQGGLH'LHQHUEHNDPHQZLHGHUYLHO$UEHLW $OOHVZDUDXIGDVEHVWHJHSIOHJW.FKHXQG.DPPHUQTXROOHQYRQ9RUUlWHQEHU,FK EUHLWHWHPHLQH+DEVHOLJNHLWHQDXVXQGEHIHVWLJWHGLHPLWJHQRPPHQH.DUWHGHU +DSLJHJHQGQHEHQGHQMHQLJHQGLHGHQP|JOLFKHQ:HJQDFK3XQWZLHVHQ.DUWHQGLH QXU0HHUXQG8IHUJHJHQGHQ]HLJWHQELV]XPbTXDWRUYRQ/DUVDI'UHLXQGGDUEHU KLQDXV$V\UWDWUDWKLQWHUPLFKXQGOHJWHGLH+lQGHDXIPHLQH6FKXOWHUQ ³,FKKRIIH$PHQHPKHWOlWXQVQLFKW]XUDQJHZDUWHQ´IOVWHUWHVLH³0HLQH $QJVWZlFKVWPLWMHGHP7DJ´ :LUEOLFNWHQEHUGLH7HUUDVVHKLQZHJDXIGHQ3ODWWHQZHJGLH)HOGHUXQGGHQ 6WURPDP(QGHGHU*HUDGHQEHIDQGVLFKGHU0DVWGHU%DUNH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³+LHUVLQGZLUVLFKHU´DQWZRUWHWHLFK³+LHUKDEHQZLU5XKH3WDKLVWWULHUHEHQVR =DNDQ]DXQG5DZHU:LUWUHIIHQHUVWEHLGHQ6FKLIIHQ]XVDPPHQ:LUPVVHQVRUDQJH ZDUWHQELVVLHGLH*HVSDQQHKHUJHIKUWKDEHQ´ ³,FKVHLQHHVHLQ/LHEVWHU(VLVWIUFKWHUOLFKGLHVH$EKlQJLJNHLWGLHVHV $XVJHOLHIHUWVHLQGLH(6XQV]XPXWHW´ ³0LUJHKWHVQLFKWXPHLQHQ'HXWDQGHUV´PXUPHOWHLFKXQG]RJVLHDQPLFK:LU ZDUHQVLFKHUGDVLFKGLHVHNRVPLVFKH,QWHOOLJHQ]HLQHQHXH9DULDQWHDXVJHGDFKW KDVWHRGHUYRQHLQHPLKUHU:DQGHUHU*HVFK|SIHGD]XJH]ZXQJHQZXUGHXQVHUQHXW]X PDQLSXOLHUHQ(LQH5HLKHYRQ7DJHQYHUJLQJ-HGHU7DJMHGH1DFKWVFKLHQHLQ=ZLOOLQJ GHVYRUDQJHJDQJHQHQ]XVHLQ:LUVFKZDPPHQLQGHPNOHLQHQ%HNNHQZLUVFKOLHIHQ UDQJHDHQJXWXQGVRQQWHQXQVELVXQVHUH+DXWEURQ]HIDUEHQZDU:LUEHREDFKWHWHQ GDV/HEHQDXIGHQ)HOGHUQXQGLQGHU:VWH'LH$EHQGHZDUHQDXVJHIOOWPLWODQJHQ *HVSUlFKHQ+LQXQGZLHGHU]RJLFKPLFKLQPHLQ=LPPHU]XUFNXQGYHUVXFKWHDXI %LQVHQEOlWWHUQHWZDV]XNRQVWUXLHUHQ,FKVHW]WHPHLQHQ(KUJHL]GDUDQPLW YRUKDQGHQHQ0LWWHOQXQG0|JOLFKNHLWHQHWZDV1HXHVRGHUHLQKLOIUHLFKHV9HUIDKUHQ]X HQWZLFNHOQDEHULFKDKQWHGDVLFKGLH=LYLOLVDWLRQGLHVHV5HLFKHVQXUQRFKODQJVDP HQWIDOWHWH3WDK6RNDUV%RJHQVFKW]HQXQG=DNDQ]DV6SlKHUVFKW]WHQGLH*UHQ]HQ GHVZHLWOlXILJHQ*XWVKRIHV$V\UWDXQGLFKNRQQWHQXQVVLFKHUIKOHQ (LQLJH1lFKWHVSlWHUVFKUHFNWHLFKDXI%OLQ]HOQGHUNDQQWHLFK$V\UWDGLHHLQ gOOlPSFKHQDQ]QGHWH,FKVSUWHZLHNDOWHU6FKZHLYRQGHU6WLUQXQGDXVGHQ +DDUHQWURSIWH0HLQ+HU]VFKOXJUHVHQG,FKK|UWHZLFGHU([WUDVLQQIOVWHUWHHLQ ZVWHU$OSWUDXP$WODQ%HUXKLJHGLFK$V\UWDJOLWWKHUDQOHJWHGLH+DQGDXIPHLQH6WLUQ XQGVDJWH ³'XKDVWZLOGJHWUlXPW/LHEVWHU=ZHLPDOKDWGXJHVFKULHQIUHPGH:RUWH,FK KDE¶QLFKWVYHUVWDQGHQ´ ,FKVWDQGDXIVFKORGLH$XJHQXQG]ZDQJPHLQHQ.|USHUPLWHLQHU'DJRUEXQJ XQWHUPHLQH.RQWUROOH9RUVLFKWLJVHW]WHLFK6FKULWWXP6FKULWWXQGOHKQWHPLFKJHJHQGLH JHPDXHUWHQ:DQGQLVFKHQ0HLQH)LQJHUZDUHQXQUXKLJDOVLFKHLQHQ%HFKHUPLW VFKZHUHP:HLQDXV.HIWLXIOOWH,FKQDKPHLQHQ6FKOXFNXQGVDJWHOHLVH³,FKZHL QLFKWVPHKU,FKHULQQHUHPLFKQLFKW,FKWULHIHYRU$QJVWVFKZHL"´ ,FK]RJGLH9RUKlQJHDXI|IIQHWHGLH)OHFKWZHUNWUXQGJLQJGHQ%HFKHULQGHQ )LQJHUQ]XP:DVFKEHFNHQ,FKVHW]WHPLFKDXIGHQ5DQGXQGVSUWHGDVNKOH :DVVHUDQPHLQHQ%HLQHQ,FKKREGHQ.RSIXQGVWDUUWHGLH0RQGVLFKHO]ZLVFKHQGHQ 6WHUQHQDQ3O|W]OLFKZDUHVDOVVFK|EHVLFKHLQHULHVLJHJUDXH:RONHEHUGHQ 1DFKWKLPPHO,FKODXVFKWHLQPLFKKLQHLQXQGYHUVXFKWH]XHUNHQQHQZHOFKHJHKHLPH )XUFKWPLFKJHSDFNWKDVWH'XUFKPHLQH*HGDQNHQ]RJHQIXUFKWEDUH$KQXQJHQYRQ 9HUZXQGXQJHQXQQHQQEDUHQ.DWDVWURSKHQXQG7RG,FKIKOWHPLFKDXVJHVHW]WXQG DXVJHVWRHQHLQVDPDXIVK|FKVWHJHIlKUGHWXQGDOV$V\UWDVLFKODXWORVQHEHQPLFK VHW]WHXQGLKUH$UPHXPPLFKOHJWHZXUGHVLH7HLOGLHVHU9RUDKQXQJIXUFKWEDUHU *HVFKHKQLVVH,FKK|UWHGLH*ULOOHQXQG)U|VFKHDOVZlUHQHV/DXWHHLQHUDQGHUHQ JUlOLFKHQ:HOWXQGGLH)OHGHUPlXVHXQG(XOHQVFKLHQHQ6FKDWWHQNRPPHQGHQ 7RGHV]XVHLQ:LUWUDQNHQDEZHFKVHOQGLFKKROWHWLHI/XIWXQGIOVWHUWH ³$OOH*HIDKUHQGLHZLU]XVDPPHQHUOHEWXQGEHUVWDQGHQKDEHQ$V\UWDVLQG VLFKLQGLHVHPZDKQVLQQLJHQ$OSWUDXP]XJOHLFKEHJHJQHW,FKKDE¶JH]LWWHUWYRU)XUFKW´ 6LHOHJWHGLH+DQGDXIPHLQH%UXVWXQGVDJWHOHLVH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

³'HLQ+HU]VFKOlJWZLHUHVHQG6DJWGHU7UDXPHWZDVYRQGHU=XNXQIW"8QVHUHU =XNXQIW"´ ³1HLQ´,FKVFKWWHOWHGHQ.RSI³,FKXQGPHLQH)UHXQGH²XQG$PHQHPKHW²ZLU ZHUGHQDOOHVWXQGDPLWXQVHUH=XNXQIWQLFKWVPLWGHP7UDXP]XWXQKDW,FKUXIH5LFR 5LDQFRU5HFKPH(UVRLOXQVPHKU$XVUVWXQJVFKLFNHQ,FKZLOOQLFKWGDZLUQXULQ GHUhEHUOHEHQVNXSSHOVLFKHUVLQG%HUXKLJHGLFK/LHEVWH'HU6SXNLVWYRUEHLZHQQGLH 6RQQHDXIJHJDQJHQLVW´ 6LHQLFNWH'HU%HFKHUZDUOHHU:LUJLQJHQ]XUFNLQGHQNKOHQ6FKODIUDXPXQG YHUVXFKWHQMHGHULQGHQ$UPHQGHVDQGHUHQZLHGHUHLQ]XVFKODIHQ,FKODJVFKODIORVGD ZDUWHWHDXIGHQ0RUJHQXQGDKQWHGDGHU7UDXPXQGGDV*HIKONRPPHQGHQ8QKHLOV HLQHQ7HLOXQVHUHU=XNXQIWYRUZHJJHQRPPHQKDVWH=XPHUVWHQPDOVHLWODQJHU=HLW IUFKWHWHLFKPLFKYRUGHU=XNXQIW 'LHhEHUZDFKXQJVLQVWUXPHQWHKDVWHQ]XEOLQNHQDQJHIDQJHQ:LUUH/LQLHQ ]HLFKQHWHQVLFKDXIGHQ0RQLWRUHQDWHGLH6(57+DXEHKREVLFK&\U$HVFXQQDU VFKUHFNWHDXVVHLQHP8QLYHUVXPDXV7H[W:RUWHQ%LOGHUQXQG6WLPPXQJHQDXI WDVWHWHQDFKGHU%ULOOHXQGVHW]WHVLHDXI'LH=HLOHQDXIGHP6WLPPSULQWHUHUVWDUUWHQ QDFK$WODQVOHW]WHP:RUW0$67(5&21752/O|VWHGHQ]ZHLWHQ$ODUPDXVbU]WHXQG :DFKSHUVRQDOLQGHUhEHUOHEHQVVWDWLRQIU/DQJ]HLWWKHUDSLHUDQQWHQDXIGDVJOlVHUQH %HFNHQ]XGLH5HLKHQXQG)HOGHUGHU.RQWUROOLFKWHUEDGHWHQGLH6]HQHULHLQHLQURVHV %OLW]JHZLWWHU(LQ0RQLWRU]HLJWHGD$WODQV+HU]VFKODJHQWZHGHUDXVJHVHW]WRGHUVLFK YHUlQGHUWKDVWH'LH6SHUUHQGHU(ULQQHUXQJVEORFNDGHYRQGHU.DWKDUVLV DXIJHEURFKHQVFKLHQHQ]XHLQHPXQJQVWLJHQ=HLWSXQNWY|OOLJEHVHLWLJWZRUGHQ]XVHLQ DEHUQRFKZlKUHQGVLFKXPGHQUHJXQJVORVHQ$UNRQLGHQLP%DGGHU 5HJHQHUDWLRQVIOVVLJNHLWGLHbU]WHYHUVDPPHOWHQZlKUHQGLQGLHIDUELJHQ6FKOlXFKH GHULQWUDYHQ|VHQ9HUVRUJXQJKHU]VWlUNHQGH0HGLNDPHQWHHLQJHVSHLVWZXUGHQ EHHQGHWH0$67(5&21752/GHQ6\VWHPDODUP'LHHUVWH%DWWHULH:DUQOLFKWHUHUORVFK 'HU+HU]VFKODJVWDELOLVLHUWHVLFKDXIGHPQRUPDOHQ:HUW$HVFXQQDUDWPHWHDXI ³(LQ6FKUHFNHQMDJWGHQDQGHUHQ$WODQ´EUXPPWHHUXQGOHKQWHVLFKHUOHLFKWHUW LP6HVVHO]XUFN³0LWWHQLP,G\OOYRQ1XEHWRGHU(GIXLQ$V\UWDV$UPHQYHUVHW]WGX GDVJHVDPWH1(,LQ3DQLN´ 6HLQ7KLFNILHODXIVHLQH1RWL]HQGLHHUZlKUHQGGHUOHW]WHQ7DJHXQG6WXQGHQ ZDKOORVDQHLQDQGHUJHUHLWKDWWH*HEUlXFKOLFKHU1DPH1XEHWV (GIX'LH*UHQ]IHVWXQJ ,NHQLVWLGHQWLVFKPLW0LUJLVVDYRUGHP.DWDUDNW$WODQLVWPLWXQWHUXQJHQDXVSULFKW LP+DSLODQGYRQ³=HQWLPHWHUQ´HWF &\UKREGLH6FKXOWHUQHVZDUDEVROXWYHUVWlQGOLFKGDEHLGLHVHUJLJDQWLVFKHQ 'DWHQIOOHDXFKGDVSHUIHNWH(ULQQHUXQJVYHUP|JHQGHV$UNRQLGHQZLQ]LJH²XQGY|OOLJ EHGHXWXQJVORVH²)HKOHUPDFKWH%XKHQ",VWGHU+FVWRULVFKHQ)DNXOWlWGHU DOWlJ\SWLVFKH1DPHQGLHVHU*UHQ]IHVWXQJEHNDQQW"'LH³1HKHVL´ZDUHQGLH³6GODQG %HZRKQHU´GLH)HVWXQJ6HPQDZLUNOLFKHU1DPH" KHLW³6HVRVWULVLVWPlFKWLJ´ 'LHKRORJUDILVFKHQ.DUWHQGHV+DSL/DQGHV]HLJWHQXQYHUlQGHUWLQSHUIHNWHU 'HXWOLFKNHLWGLH:HJHGLH$WODQ]XUFNJHOHJWXQGGLH2UWHDQGHQHQHUVLFK DXIJHKDOWHQKDVWH,PPHUZLHGHUEOLFNWHGHU*HVFKLFKWVZLVVHQVFKDIWOHUDXIGLH

.$5$:$1('(5:81'(5

M

$WODQ=HLWDEHQWHXHU

+RORSURMHNWLRQHQGLHLKPGLH9RUJlQJHLP=HQWUXPGHUhEHUOHEHQVVWDWLRQ]HLJWHQ 1RFKLPPHUKDVWHVLFKGLHPRGLIL]LHUWH6(57+DXEHQLFKWJHVHQNW$WODQVFKZHEWHPLW JHVFKORVVHQHQ$XJHQEHUGHP$QWLJUDYJLWWHULP1lKUEDGJHUDGHO|VWHQ*KRXP $UGHELOXQG]ZHLMXQJHbU]WHHLQHQ9HUEDQGDQ$WODQVUHFKWHP6FKLHQEHLQ/DQJVDP EHUXKLJWHVLFKDXFK$HVFXQQDUXQGEOLFNWHDXIGHQ&KURQRPHWHU(VZDUOlQJVWZLHGHU 1DFKWJHZRUGHQ8KUDP2NWREHU 'LH3KDUDRQHQGHUVR\'\QDVWLHQDFK0DQHWKR EDXWHQEHLPKHXWLJHQ(O /LVKWHLQHQHXH6WDGWGLH0HPSKLV 0HQHIUX0LUH DEO|VHQVROOWHQDQQWHQVLH ³$PHQHPKHWGHUGLHEHLGHQ/lQGHULQ%HVLW]QDKP´,WFK7RZ\'DPPXQG6FKOHXVHQ YRQ6HVRVWULV DQJHIDQJHQXQGYRP(QNHO$PHQHPKHWV EHHQGHW HUVFKORVVHQGHQKHXWLJHQ0RHULV6HHIUGLH/DQGZLUWVFKDIWNRQVWUXLHUWH$WODQEHL GLHVHPULHVLJHQ9RUKDEHQPLW"'XUFKDXVGHQNEDU &\U$HVFXQQDUVWDQGDXIGHKQWHVHLQH0XVNHOQXQGJLQJOHLVH]XP6FKODIUDXP 2HPFKHQ2UEVFKOLHILQGHUNOHLQHQ.FKHGHV%URVKDVWHVLHIU&\UHLQ(VVHQ ]EHUHLWHW&\UKREGLH6FKXOWHUQ6HLQH(PSILQGXQJHQVFKZDQNWHQ]ZLVFKHQGHU 6RUJHXP$WODQVhEHUOHEHQXQGHLQHUGHXWOLFKHQ6SXU(UOHLFKWHUXQJEHUGLH %HHQGLJXQJGHV$ODUPV(UJLQJ]XVHLQHP$UEHLWVSXOWYHUIROJWHVHNXQGHQODQJGLH %HPKXQJHQGHUbU]WHXQGKREDOVGHUDOWH$UD0HGL]LQHU]XIlOOLJLQGLH2EMHNWLYH EOLFNWHGLH+DQG*KRXP$UGHELOQLFNWHXQGIUDJWH ³6LHZROOHQZLVVHQ&\UZLHHVXP$WODQVWHKW"8QVKDWGHU$ODUPHEHQVR HUVFKUHFNWZLH6LH:LUVLQGVLFKHUGDVHLQNXU]HU6FKRFNQXUGLH5HDNWLRQDXIHLQH 3DVVDJHVHLQHV7UDXPHVLVW´ ³$XIGLH(ULQQHUXQJGDUDQ´VDJWH$HVFXQQDU³*XWGDVYRQ,KQHQ]XK|UHQ *KRXP,FKVFKDOWHPHLQH:DUQJHUlWHDQXQGYHUVXFK¶HLQSHDU6WXQGHQ]XVFKODIHQ´ ³:LUUHFKQHQPLWHLQHUOlQJHUHQ3DXVH´*KRXP$UGHELOGHXWHWHDXIGLH hEHUZDFKXQJVJHUlWH³'LH(U]lKOXQJZDUVHKUODQJGLH$EHQWHXHU]LHPOLFK GUDPDWLVFK]ZHLIHOORVLVWGHU$UNRQLGHHUVFK|SIW:LUKDEHQDOOHHWZDV5XKHYHUGLHQW *|QQHQ6LHVLFKGLH(UKROXQJ&\U´ ³(LQYHUVWDQGHQ'DQNH'RNWRU,FKYHUVXFK¶V´ $OV&\UHLQHQ7HLOGHU$UEHLWVOHXFKWHQXQGHLQLJH*HUlWHDXVVFKDOWHWHXQGGXUFK GDVKDOEGXQNOH6WXGLRJLQJJDLWVHLQOHW]WHU7KLFNGHUDXVJHVWUHFNWHQ*HVWDOWLP hEHUOHEHQVWDQN'LH*HGDQNHQDQ$WODQV%HULFKWGHUXQYROOVWlQGLJVFKLHQOLHHQLKQ QLFKWORVW$OVHUHLQ]XVFKODIHQYHUVXFKWHJODXEWHHUIUGLH/lQJHHLQHV*HGDQNHQV VLFKLQ$WODQV=XVWDQGZlKUHQGGHVOHW]WHQ.DSLWHOVVHLQHU(UOHEQLVVHYHUVHW]HQ]X N|QQHQ)UHLQHQHEHQVRODQJHQ$XJHQEOLFNVSUWHHUGHQNDOWHQ+DXFKYRQ$WODQV 7RGHVIXUFKWhEHUGLHNDXPYRUVWHOOEDUHLHLWOLFKH(QWIHUQXQJYRQIDVWIQI -DKUWDXVHQGHQKLQZHJEHJDQQ$HVFXQQDU]XDKQHQPLWZHOFKDQJHVWUHQJWHU(QHUJLH $WODQGDPDOVEHUOHEWXQGXPGDVhEHUOHEHQGHUHUJHNlPSIWKDVWHIUGLHHUVLFK YHUDQWZRUWOLFKIKOWH:HQQHUDXFKKHXWHPLWGHUJOHLFKHQ(QHUJLHXPVHLQhEHUOHEHQ NlPSIWHZUGHHU²K|FKVWZDKUVFKHLQOLFK²GXUFKNRPPHQ&\UOlFKHOWHDOVHU HLQVFKOLHI (1'(