12&+(16$/$7
(LJHQWOLFKIKUWH)UHG6SDW]HNWURW]VHLQHU]ZHL%HUXIHHLQ ]LHPOLFKUXKLJHV/HEHQ(LQ/HEHQZLHPDQHV...
6 downloads
171 Views
490KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
.12&+(16$/$7
(LJHQWOLFKIKUWH)UHG6SDW]HNWURW]VHLQHU]ZHL%HUXIHHLQ ]LHPOLFKUXKLJHV/HEHQ(LQ/HEHQZLHPDQHVYRP'RUIKHU NHQQW0DQIKOWVLFKHLQJHVFKORVVHQLQGHQ.UHLVODXIGHU 1DWXUEHREDFKWHWGLH-DKUHV]HLWHQGLVNXWLHUWEHUGDV:HWWHU UHGHWEHUGLH1DFKEDUQXQGNRPPWKLQXQGZLHGHUDXIGLH $UEHLW]XVSUHFKHQ 6SDW]HNZDU.VWHU=XPHLQHQ$OV]ZHLWHQ%HUXIKDWWHHU GHQGHV7RWHQJUlEHUVJHZlKOW(LQQLFKWJHUDGHDWWUDNWLYHU -REDEHUGLH*HPHLQGHVXFKWHHLQHQ7RWHQJUlEHUXQGGD KDWWHHUVLFKJHPHOGHW .LUFKHXQG)ULHGKRIKLQJHQ]XVDPPHQVLHELOGHWHQ JHZLVVHUPDHQHLQH6\PELRVHHLQH/HEHQVEH]LHKXQJV ZHLVH7RWHQJHPHLQVFKDIW$EHUGDYRQVSlWHU :HQGHQZLUXQV]XYRU)UHG6SDW]HN]X$OV-XQJJHVHOOH OHEWHHUREHQLP3IDUUKDXVEHZRKQWHGRUW]ZHLNOHLQH =LPPHUGLHPDQVFKRQPLWGHP%HJULII.DPPHUQXPVFKUHL EHQPXWHVRNOHLQZDUHQVLH:HQQHUGXUFKGLHVFKPDOHQ )HQVWHUVFKDXWHVLHODJHQQDFK2VWHQVDKHUEHUGLH+lQJH GHV%D\HULVFKHQ:DOGHVELVZHLWLQGLH7VFKHFKRVORZDNHL ,KQEHUOLHIMHGHVPDOHLQ6FKDXHUZHQQHUDQGLH :DFKWUPHXQG6FKLHDQODJHQGDFKWHGLHGLH*UHQ]HDE VLFKHUWHQ'RFKKLQXQGZLHGHUVFKDIIWHHVHLQ)OFKWOLQJ QLFKW]XOHW]WDXFKGXUFK)OXFKWKLOIHDXVGHP:HVWHQXQGVR HUOHEWHGLHNOHLQH*HPHLQGH:DOGHFNKLQXQGZLHGHUHWZDV %HVRQGHUHV ,QGLHVHP-DKUMHGRFKKDWWHVLFKQLFKWVJHWDQ'DVNDPYLHO OHLFKWGDKHUGDGLH7VFKHFKHQLKUH*UHQ]NRQWUROOHQYHUVWlUNW KDWWHQXQGDXFKVRIRUWVFKRVVHQZHQQVLFKHWZDVEHZHJWH 6RZDUHVDOVRUXKLJJHEOLHEHQ 7RXULVWHQNDPHQNDXPLQGHQ2UW8QGZHQQGDQQVXFKWHQ GLH8UODXEHU5XKHXQG(UKROXQJ'HQQLQ:DOGHFNJDEHV NHLQHQ5XPPHONHLQH'LVFRVQXU*DVWK|IHZRPDQVLFK HLQHQ5DXVFKDQWULQNHQNRQQWHXQGKLQWHUKHUYRP:LUWDXI GLH6WUDHJHVHW]WZXUGH $EHUDPJHVWULJHQ7DJKDWWHGLH7RWHQJORFNHJHOlXWHW$Q
GLHVH7|QHNRQQWHVLFKGHU.VWHUXQG7RWHQJUlEHUQLH JHZ|KQHQ,PPHUZLHGHUNODQJLKPGDVGQQH%LPPHOQ QRFKODQJHLQGHQ2KUHQQDFK(UPRFKWHGLH7RWHQJORFNH QLFKW 'HU8PJDQJPLW/HLFKHQPDFKWHLKPQLFKWVDXV/HLFKHQ UHGHWHQQLFKW/HLFKHQWDWHQLKPQLFKWV8QGYRUDOOHQ'LQJHQ JDEHQVLHNHLQH:LGHUZRUWHZLH0DULHGLHDOWH+DXVKlOWHULQ GHV3IDUUHUVXQGJOHLFK]HLWLJ'UDFKHQYRP'LHQVW $EHUJHVWRUEHQZDUODQJHNHLQHUPHKUDXVGHP'RUI'HQ $OWHQEHNDPGLHIULVFKH/XIWGHV%D\HULVFKHQ:DOGVHLQHULP 'RUIJLQJVRJDUDXIGLH+XQGHUW]X 'DVZUGHHLQ)HVWZHUGHQ )UHG6SDW]HNIUHXWHVLFKMHW]WVFKRQGDUDXI $QGLHVHP$EHQGHVZDUHLQ0RQWDJXQGHUKDWWHGLH $EHQGJORFNHVFKRQJHOlXWHWPDFKWHVLFK)UHG6SDW]HNIU VHLQHQNOHLQHQ6SD]LHUJDQJEHUHLW(UHQGHWHUHJHOPlLJLP *DVWKDXV'HU5FNZHJJLQJGDQQQLFKWVRVFKQHOO9RUDOOHQ 'LQJHQGLHOHW]WH6WHLJXQJELV]XU.LUFKHKLQEHUHLWHWHLKPEHL IQI+DOEHQLP%DXFKLPPHUJURH0KH8QGZHQQ0DULH LKQGDQQQRFKVDKJDEHVVRZLHVRLPPHUHLQ'RQQHUZHWWHU )UHG6SDW]HN]RJVLFKLQVHLQHU6FKODINDPPHUXP'HQ5RFN GHV.VWHUVOHJWHHUDXIGDV%HWW]RJHLQDQGHUHV+HPGDQ HLQH+RVHDXVJUREHP&RUGXQGVWUHLIWHGLH-DFNHEHU (UEHVDKVLFKLP6SLHJHO (LQH6FK|QKHLWZDU)UHG6SDW]HNQLFKW (LQXQGIQI]LJ-DKUH]lKOWHHUEHUHLWVGLH+DDUHDXIVHLQHP .RSINRQQWHHUEDOGHLQ]HOQOHJHQXQGDXVVHLQHPVFKPDOHQ *HVLFKWVWDFKGLH1DVHVSLW]KHUYRU'DV.LQQILHO]XP+DOV KLQDEXQGXPVHLQH$XJHQKDWWHQVLFKXQ]lKOLJH)lOWFKHQ JUXSSLHUW (USILIIYRUVLFKKLQGHQQHUKDWWHJURHQ'XUVW'HQ]X O|VFKHQZDUIULKQLPPHUHLQ9HUJQJHQ 6SDW]HNYHUOLHVHLQH.DPPHUVFKORGLH7UDEXQGOLH GHQ6FKOVVHOLQGLH-DFNHQWDVFKHDQGHUUHFKWHQ6HLWHJOHLWHQ 'DQQVFKULWWHUGLH6WXIHQGHUVFKPDOHQ+RO]VWLHJHKLQXQWHU
'XUFKGDVVFKPDOH)HQVWHUDPHUVWHQ7UHSSHQDEVDW]ILHOGDV $EHQGOLFKW%DOGZUGHGLH'lPPHUXQJHLQVHW]HQXQGZLH PLWODQJHQGXQNOHQ)LQJHUQLQGLH7lOHUNULHFKHQ :DOGHFNODJHWZDVK|KHUDXIGHP.DPPHLQHV+JHOV =XP:HVWHQKLQHUVWUHFNWHVLFKGLFKWHU:DOGZlKUHQGLQGHU DQGHUHQ5LFKWXQJDXIGLH*UHQ]H]XGLH%lXPHDEJHKRO]W ZRUGHQZDUHQ 6SDW]HNHUUHLFKWHGDV(UGJHVFKR/LQNVODJGLH:RKQXQJ GHV3IDUUHUV(VVHQVGXIWGUDQJDQ6SDW]HNV1DVHXQGGHU .VWHUVFKQIIHOWH (UVFKOLFK]XU+DXVWU 0DULHEUDXFKWHQLFKWXQEHGLQJW]XVHKHQGDHUZLHGHU HLQPDOYHUVFKZDQG 'RFKGLHKDWWH$UJXVDXJHQ 3O|W]OLFKWUDWVLHDXVHLQHU1LVFKHXQGYHUEDXWHGHPDUPHQ 6SDW]HNGHQ:HJ ª1D©VDJWHVLHPLWLKUHU5HLEHLVHQVWLPPHXQGGHU 7RWHQJUlEHU]XFNWHUHJHOUHFKW]XVDPPHQª:LOOVWGXZLHGHU VDXIHQ"© 6SDW]HNJULQVWHª1XUHLQ%LHUFKHQ0DULH© 'LH)UDXQLFNWHª'DVNHQQHLFKGX6lXIHU+LQWHUKHU NRPPVWGXZLHGHUVWRFNEHWUXQNHQDQJHWRUNHOW0LFKZXQ GHUWHVGDGHU3IDUUHUGLFKQRFKQLFKWHQWODVVHQKDW© 6SDW]HNKREGLH6FKXOWHUQVFKDXWH0DULHDQ6LHEUDFKWH PLQGHVWHQV]ZHL=HQWQHUDXIGLH:DDJH'DV*HVLFKWlKQHOWH GHPHLQHV3RVDXQHQHQJHOVPLWURVLJHQ:DQJHQXQGGDV LPPHUQRFKVFKZDU]H+DDUKDWWHVLH]XHLQHP.QRWHQKRFK JHVWHFNW0DULHWUXJHLQEODXHV.OHLGXQGHLQHEOWHQZHLH 6FKU]HGLHQRFKQDFK6WlUNHURFK 6SDW]HNKREGLH+DQGª,FKVFKZ|UHGLUGD© ª6FKZ|UHQLFKWVZDVGXQLFKWKDOWHQNDQQVWGXYHUVRIIHQHU 6WULFN© 6SDW]HNV$UPILHOQDFKXQWHQ %HYRU0DULHMHGRFK]XHLQHUZHLWHUHQ0RUDOSUHGLJWDQ VHW]HQNRQQWHNOLQJHOWHHV
0DULHGUHKWHVLFKXP'LH+DXVWUKDWWHHLQHQ*ODVHLQVDW] 'DKLQWHUVDKVLHGLH8PULVVHHLQHUPlQQOLFKHQ3HUVRQ0DULH JLQJKLQXQG|IIQHWH 2WWR+LUPHUHLQ%DXHUVWDQGYRUGHU7UXQGNQHWHWHVHLQH JURHQ+lQGH(UKDWWHYHUZHLQWH$XJHQXQG0DULHZXWH VRIRUWGDHWZDVSDVVLHUWZDU ª,VW0XWWHU"© +LUPHUQLFNWHª-DVLHLVWJHVWRUEHQ© ª8QGGHU3IDUUHU"(UZDUGRFKJDUQLFKWEHLLKU© +LUPHUKREGLH6FKXOWHUQª(VHVJLQJVHKUVFKQHOO© EHULFKWHWHHUVWRFNHQGª0XWWHUILHOSO|W]OLFKXPXQGZDUWRW +HU]VFKODJJODXEHLFK6LHZDULPPHUKLQEHUIQIXQG DFKW]LJ© 0DULHQLFNWHª-DMDGDVNRPPWVFKQHOO©'DQQJULIIVLHQDFK GHU+DQGGHV0DQQHVª$XIMHGHQ)DOOPHLQKHU]OLFKHV %HLOHLG2WWR(VWXWPLUOHLG© ª'DQNH© 'HU3IDUUHUKDWWHJHK|UWGDJHVSURFKHQZXUGH(UNDPDXV VHLQHQ3ULYDWUlXPHQ0DULHVDKLKQ]XHUVWXQGHU]lKOWHPLW ZHQLJHQ:RUWHQZDVJHVFKHKHQZDU ª)ULHGHVHLPLWLKU©VDJWHGHU*HLVWOLFKHVDOEXQJVYROOXQG UHLFKWH+LUPHUHEHQIDOOVGLH+DQGXP]XNRQGROLHUHQ 'HU3IDUUHUZDUHLQ0DQQGHUGLH6HFK]LJEHUHLWVEHU VFKULWWHQKDWWH6HLQZHLHV+DDUZXFKVQXUQRFKDQGHQ 6HLWHQGHV.RSIHV(UKDWWHHLQJHVXQGHVURVLJHV*HVLFKW LPPHUHLQIUHXQGOLFKHVJWLJHV/lFKHOQDXIGHQ/LSSHQXQG VDKHLJHQWOLFKDXVZLHHLQ%LOGHUEXFKSDVWRU 8QGHUZDUVFKUHFNOLFKNRQVHUYDWLY(UKLHOWQLFKWVYRQGHP PRGHUQHQ.UDPXQGKDWWHVLFKVRJDUJHZHLJHUWHLQ3DDU ]XWUDXHQYRQGHPHUZXWHGDGLH)UDXNHLQH-XQJIUDX PHKUZDU ,Q:DOGHFNKLHOWPDQHEHQQRFKDXI.RQYHQWLRQHQ ª:LHLVWHVGHQQSDVVLHUW"©HUNXQGLJWHHUVLFKOHLVH 2WWR+LUPHUHU]lKOWHVHLQH*HVFKLFKWH]XP]ZHLWHQPDO XQGGHU3IDUUHUQLFNWH
ª-DMD©VDJWHHUGDQQª0DQZHLQLHZDQQGHU 6HQVHQPDQQ]XVFKOlJW,UJHQGZDQQWULIIWHVXQVDXFK© )UHG6SDW]HNMHGRFKZDUVDXHU6HLQHQ%LHUDEHQGNRQQWHHU YHUJHVVHQGHQQQXQEHJDQQVHLQ-REDOV7RWHQJUlEHU )UHG6SDW]HNPXWHGDV*UDEIUGLH7RWHDXVKHEHQ)ULKQ HLQ5RXWLQHMRE$OOHUGLQJVDKQWHHUQLFKWGDHUGDEHLGDV QDFNWH*UDXHQNHQQHQOHUQHQVROOWH ,UJHQGZLHSDWHGHU)HOVHQQLFKWLQGLH8PJHEXQJ6FKRQ YRQGHU)RUPKHUQLFKWXQGDXFKQLFKWYRP0DWHULDO (UVDKDXVZLHHLQULHVLJHU)LQJHUGHUVLFKPDKQHQGLQGHQ +LPPHOVWUHFNWH'XQNHOJOlQ]WHGDV*HVWHLQ-DHVZDUHLQ UHJHOUHFKWHU*ODQ]GHQHUDXVVWUDKOWHGHQQGHU)HOVHQ EHVWDQGDXVHLQHU0HWDOOYHUELQGXQJXQGVDKDXVZLH (LVHQSXOYHU,PPHUZLHGHUEOLW]WHQVLOEHUQNOHLQHUH.|UQFKHQ DXIXQGZHQQHLQPDOGLH6RQQHGDUDXIVFKLHQEHJDQQGHU )HOVHQ]XVWUDKOHQ 6HOWVDPZDUQXUGDLP8PNUHLVYRQIQI0HWHUQNHLQ HLQ]LJHU%DXPNHLQ6WUDXFKXQGDXFKNHLQ*UDVZXFKV 'HU%RGHQZDUWURFNHQXQGVWHLQLJHUKDWWHbKQOLFKNHLW PLWGHU9XONDQHUGHLQ,WDOLHQDP9HVXY -DKUKXQGHUWHVWDQGGHU)HOVHQGRUWXQGWURW]WHGHU1DWXU(U KDWWHGLH6WUPHGHU=HLWEHUVWDQGHQXQGXPVHLQH +HUNXQIWUDQNWHQVLFK6DJHQXQG/HJHQGHQ %|VH/HJHQGHQ 'LHHLQHQEHVDJWHQGDGHU7HXIHOVHOEVWLQHLQHP$QIDOO YRQ:XWZHLOLKPHLQH-XQJIUDXQLFKW]X:LOOHQJHZHVHQ ZDUGLHVHQ6WHLQDXVGHU+|OOHJHKROWXQGGRUWLQGHQ%RGHQ JHUDPPWKDWWH'DQDFKZDUHU7UHIISXQNWIUGLH+H[HQ JHZRUGHQ,P0LWWHODOWHUIHLHUWHQVLHGRUWLKUHJUlOLFKHQ )HVWH'RFKGHU+H[HQZDKQJLQJYRUEHL*HEOLHEHQDEHUZDU GLH$QJVWGHU0HQVFKHQYRUGLHVHP)HOVHQ 8QGLPPHUZDUQWHQ(OWHUQLKUH.LQGHUGDYRULQGLH1lKH GHV6WHLQV]XJHKHQXQGGLH.LQGHUJHKRUFKWHQ
'LH7UDGLWLRQVDHEHQQRFKVHKUWLHI 6HOEVWDXIJHNOlUWHMXQJH/HXWHRGHUGLHGLHVLFKIUDXIJH NOlUWKLHOWHQYHUPLHGHQHVVLFKGLHVHP3ODW]]XQlKHUQ GHQQHUZDUYHUIOXFKW 'DVKDWWHGHU3IDUUHUYRQGHU.DQ]HOJHSUHGLJW8QGGHU PXWHHVVFKOLHOLFKZLVVHQ 8QGVRUDQNWHQVLFKZHLWHUGLH6DJHQXQG/HJHQGHQZXUGH GHU)HOVHQ]XHLQHP+RUURU2UWGHQMHGHUPLHGEHUGHQ MHGRFKRIWJHVSURFKHQZXUGH9RUDOOHQ'LQJHQDQGHQODQJHQ $EHQGHQZXWHQ(LQKHLPLVFKHGHQ7RXULVWHQGLHJU|WHQ 6FKDXHUJHVFKLFKWHQ]XEHULFKWHQVRGDHLQH*lQVHKDXW JDUDQWLHUWZDU :DVQXQZLUNOLFKPLWGLHVHP)HOVHQORVZDUGDVZXWH QLHPDQG 'RFKGLH0HQVFKHQKDWWHQUHFKW(VJDEHLQ*HKHLPQLVXP GHQ6WHLQ'DVMHGRFKZDUVFKOLPPHUDOVGLH*HVFKLFKWHQGLH VLFKGLH'RUIEHZRKQHUDXVJHGDFKWKDWWHQ 'HQQGHU)HOVHQZDUHLQ6WW]SXQNWGHV7HXIHOV 0LWHLQHPHQWVFKXOGLJHQGHQ/lFKHOQZDQGWHVLFK2WWR +LUPHUDQGHQ7RWHQJUlEHUª'DUILFK6LHGDQQELWWHQIU PHLQH0XWWHUHLQ*UDEDXV]XKHEHQ"© 'HU3IDUUHUDQWZRUWHWH ª1DWUOLFKPDFKWHUGDV8QG]ZDU KHXWHDEHQGQRFK1LFKWZDKU"© 6SDW]HNQLFNWH 'HU3IDUUHUOlFKHOWHJWLJXQGZDQGWHVLFKZLHGHUDQGHQ %DXHUQ+LUPHUZREHLVHLQ*HVLFKWVRIRUWZLHGHUHUQVWZXUGH ª'DUILFK6LHEHJOHLWHQ"©IUDJWHHUª,FKP|FKWHGHU7RWHQQRFK GHQ6HJHQPLWDXIGLHODQJH5HLVHJHEHQ© ª1DWUOLFK+HUU3IDUUHU%LWWHNRPPHQ6LH© 'LHEHLGHQYHUOLHHQGDV3IDUUKDXV 0DULHDEHUVFKWWHOWHGHQ.RSIª'LHDUPHDOWH)UDX+LUPHU 6LHZDUGRFKLPPHUVROHEHQVOXVWLJ*RWWVHLLKUHUDUPHQ6HHOH JQlGLJ©
)UHG6SDW]HNKREQXUGLH6FKXOWHUQZDV0DULHGLH +DXVKlOWHULQlUJHUWHª9RQGLUNDQQPDQDXFKNHLQ 0LWJHIKOYHUODQJHQ©VFKLPSIWHVLHª'XELVWVFKOLHOLFKHLQ 6lXIHU© ª'DVHLQHKDWMDPLWGHPDQGHUHQQLFKWV]XWXQ$XHUGHP KDWWHGLH)UDXLKU$OWHU© (PS|UWKROWHGLH+DXVKlOWHULQ/XIWª:LHNDQQPDQQXUVR JRWWORVUHGHQ8QGVRHWZDVZLHGXOlXWHWLQXQVHUHP'RUIGLH *ORFNHQ'XPWHVWGLFKVFKlPHQ© ª0HLQHWZHJHQNDQQVWGXGLFKDQGHQ6WUDQJKlQJHQXQG ELPPHOQ©HUZLGHUWH6SDW]HNSDW]LJ ª-HW]WDEHUUDXVGX6XEMHNW©NHLIWHGLH+DXVKlOWHULQª,FK ZHUGHGHP3IDUUHUDOOHVHU]lKOHQ© )UHGZLQNWHDEª-DMDTXDWVFKGXQXU'XKDVWVRZLHVR QLFKWVDQGHUHV]XWXQ©'DQQOLHIHUDEHUVFKQHOO]XU7UGHQQ 0DULHZDULQLKUHP=RUQXQEHUHFKHQEDU(LQPDOKDWWHVLHGHQ OHLFKWJHZLFKWLJHQ.VWHUVFKRQYHUGURVFKHQ'DUDQGDFKWH )UHG6SDW]HNQLFKWJHUQ]XUFN +DUWILHOGLH7UKLQWHULKPLQV6FKOR 6SDW]HNVWDQGYRUGHP3IDUUKDXV(VODJYRQGHU.LUFKHDXV JHVHKHQHWZDVYHUVHW]W(LQSODWWLHUWHU:HJIKUWHDXIGHQ .LUFKKRIXQGDXFKXPGDV*RWWHVKDXVKHUXPXQGHQGHWHYRU HLQHPNXQVWYROOJHVFKPLHGHWHQ*LWWHUWRUGDVGHQ(LQJDQJ GHV)ULHGKRIVPDUNLHUWH 0DQNRQQWHGLH*UDEVWlWWHDXFKYRQGHU.LUFKHDXVGLUHNW GXUFKHLQHVFKPDOH7UHUUHLFKHQDEHUGD6SDW]HNVFKRQ HLQPDOGUDXHQZDUQDKPHUGHQQRUPDOHQ:HJ 'DV7RUZDUQLFKWYHUVFKORVVHQ(VTXLHWVFKWHLQGHQ $QJHOQDOVHVDXIJHGUFNWZXUGH )UHG6SDW]HNEHWUDWGHQ)ULHGKRI(UOLHVHLQHQ%OLFNEHU GDV*UlEHUIHOGZDQGHUQXQGVXFKWHVLFKGDVlOWHVWH*UDEDXV 'HU)ULHGKRIZDUUHFKWHFNLJDQJHOHJW*HQDXLQGHU0LWWH ZXUGHHUYRQHLQHPNLHVEHVWUHXWHQ:HJJHWHLOW5HFKWVXQG OLQNVGHV:HJHVEHIDQGHQVLFKGLHEHLGHQ*UDEUHLKHQ =HKQ*UlEHUDXIMHGHU6HLWH
$OVR]ZDQ]LJLQVJHVDPW =LHPOLFKNOHLQZDUGLHVHU)ULHGKRIDEHUPDQNRQQWHLKQ ZHJHQ3ODW]PDQJHOVQLFKWDXVZHLWHQ :HQQMHPDQGVWDUEVRZLHDQGLHVHP7DJGDQQKDWWHGHU 7RWHQJUlEHUGLH$XIJDEHGDVlOWHVWH*UDE]X|IIQHQGLH .QRFKHQGHV9HUVWRUEHQHQGRUWKHUDXV]XKROHQXQGVLHPLWWHOV HLQHU5XWVFKHLQGHQ.HOOHUGHU.LUFKH]XVFKDIIHQ'RUWZDU LP/DXIHGHU=HLWHLQUHJHOUHFKWHV%HLQKDXVHQWVWDQGHQ'LH .QRFKHQGHU9HUVWRUEHQHQKlXIWHQVLFKLQGHQNDOWHQ *HZ|OEHQXQWHUKDOEGHU.LUFKH]XUHJHOUHFKWHQ%HUJHQDXV EOHLFKHQ*HEHLQHQ (LQVFKDXULJHU$QEOLFN 6HOEVWGHU7RWHQJUlEHUEHWUDWGLHVHV%HLQKDXVQLFKWJHUQ REZRKOHULP/DXIHGHU-DKUHGXUFKVHLQHQ%HUXIGRFK]LHP OLFKDEJHEUKWJHZRUGHQZDU$EHUGDV%HLQKDXVLQGHQ *HZ|OEHQGHUDOWHQ.LUFKHEHUHLWHWHLKP8QEHKDJHQ $OV5RXWLQHMREHPSIDQGHUGDVgIIQHQHLQHV*UDEHV'RFK GDHUDQGLHVHP$EHQGQRFKDUEHLWHQVROOWHVFKPHFNWHLKP EHUKDXSWQLFKW(VVHLGHQQHUEHHLOWHVLFKPLWVHLQHU$UEHLW XQGNRQQWHGDQDFKQRFKHLQ*ODVWULQNHQJHKHQ -DGLHVHU*HGDQNHJHILHOLKP )UHG6SDW]HNVFKULWWDQGHQ*UlEHUQYRUEHL6LHZDUHQ lXHUVWJHSIOHJWXQGDXFKPLW6FKPXFNYHUVHKHQ$XIHLQLJHQ *UlEHUQEUDQQWHQNOHLQHgOODPSHQGLHHLQHQWUDXULJHQ 6FKHLQYHUEUHLWHWHQDEHULPPHUGDUDQHULQQHUWHQGDHVGRUW ZR/LFKWLVWDXFK6FKDWWHQJLEW8QGJOHLFK]HLWLJZDUHQGLHVH /DPSHQ+RIIQXQJVIXQNHQIUGLH7RWHQDXIGHP:HJLQV -HQVHLWVXQG0DKQXQJIUGLH/HEHQGHQDXIGHU(UGH 0DQFKH*UDEVWHLQHKDWWHQHLQNOHLQHV9HUP|JHQJHNRVWHW 6LHZDUHQ0HLVWHUZHUNHKDQGZHUNOLFKHU6WHLQPHW]NXQVW GRFKLQLKUHQ0RWLYHQRIWEHUDXVNLWVFKLJZHQQPDQVLHPLW GHQ$XJHQHLQHV.XQVWNULWLNHUVEHWUDFKWHWH /LQNVZXUGHGHU)ULHGKRIYRQGHU.LUFKHQZDQGEHJUHQ]W DXIGHUUHFKWHQ6HLWHYHUVFKORLKQHLQH]ZHL0HWHUKRKH 0DXHUYRUQHXJLHULJHQ%OLFNHQ'RFKDP(QGHGHU0DXHU
EHIDQGVLFKHLQNOHLQHV7RU'DKLQWHUODJHLQYHUZLOGHUWHU *DUWHQXQGGRUWVWDQGDXFKGHUNOHLQH%UHWWHUVFKXSSHQLQ GHP)UHG6SDW]HNGLH*HUlWHDXIEHZDKUWHGLHHUIUVHLQH $UEHLWEHQ|WLJWH $XIGLH6SLW]KDFNHNRQQWHHUYHU]LFKWHQ'LHQDKPHUQXU ZHQQGHU%RGHQJHIURUHQZDU$EHU6SDWHQXQG6FKDXIHO ZDUHQZLFKWLJ(UOXGEHLGHVDXIVHLQHUHFKWH6FKXOWHUKLHOW PLWGHUOLQNHQ+DQGGLH:HUN]HXJHLQGHU:DDJHXQGEHWUDW ZLHGHUGHQNOHLQHQ)ULHGKRI 'DV*UDEGLUHNWDQGHU0DXHUZDUGDVlOWHVWH )UHG6SDW]HNOHJWHGLH6FKDXIHO]XU6HLWHXQGEHJDQQGDPLW GHQ/HKPDXI]XVWHFKHQ=XP*OFNKDWWHGDV*UDEQXUHLQ HLQIDFKHV6WHLQNUHX]XQGNHLQULHVLJHV0DOVRGDVLFKGDV .UHX]UHODWLYOHLFKWHQWIHUQHQOLH )UHG6SDW]HNDUEHLWHWHVFKQHOOXQGJHVFKLFNW 6SDW]HNKDWWHLP/DXIHGHU-DKUHHLQHJHZLVVH7HFKQLNEHLP $XVKHEHQHLQHV*UDEHVHQWZLFNHOW6LHHUP|JOLFKWHHVLKP RKQHJURHQ.UDIWDXIZDQGYLHO]XVFKDIIHQ(UVWDFKGHQ 6SDWHQPLWHLQHUURXWLQLHUWHQ*OHLFKPlLJNHLWLQGDVNDOWH (UGUHLFKXQGWURW]GLHVHUKDUWHQ$UEHLWJLQJVHLQ$WHPNDXP VFKQHOOHU 1HEHQXQGKLQWHULKPZXUGHGHU(UGKJHOLPPHUK|KHU 6SDW]HNZUGHLKQQRFKEUDXFKHQXPGDV*UDEDP EHUQlFKVWHQ7DJQDFKGHU%HHUGLJXQJZLHGHU]X]XVFKDX IHOQ =XVFKDXHUKDWWHHUNHLQH1LHPDQGZROOWHLKQIUHLZLOOLJEHL VHLQHUPDNDEUHQ$UEHLWEHREDFKWHQ 1DWUOLFKKlWWHGDV'RUIOlQJVWHLQHQQHXHQ)ULHGKRIZR DQGHUVDQOHJHQN|QQHQGRFKVHLW-DKUKXQGHUWHQYHUIXKUPDQ VRZLHGHU7RWHQJUlEHU6SDW]HN0DQ|IIQHWHDOWH*UlEHUXP IUGLHQHXH/HLFKH3ODW]]XVFKDIIHQ 'LH'lPPHUXQJKROWHGHQ7RWHQJUlEHUHLQXQGDXFKGLH 'XQNHOKHLWNDP $PVDPWEODXHQ+LPPHOEOLW]WHQGLHHUVWHQ6WHUQH6LH HUVFKLHQHQ6SDW]HNZLHXQHQGOLFKZHLWHQWIHUQWH'LDPDQW
6SOLWWHUGLHHLQHJHZDOWLJH+DQGJHJHQGHQ+LPPHOJHVFKOHX GHUWKDWWH'DQQPXWHHULQGLH*UXEHKLQHLQNOHWWHUQXP ZHLWHUVFKDXIHOQ]XN|QQHQ 1XUGHU2EHUN|USHUVFKDXWHQRFKDXVGHP*UDEKHUYRU 0LWHLQHUIDVWPDVFKLQHOOHQ*OHLFKPlLJNHLWIORJHQGLH(UG EURFNHQDXVGHU*UXEHXQGHUK|KWHQGHQ/HKPKJHO 'DQQVWLH6SDW]HNDXIGHQ6DUJRGHUYLHOPHKUGHVVHQ hEHUUHVWH'DV+RO]ZDUY|OOLJYHUIDXOWXQGNDXPQRFKDOV VROFKHV]XHUNHQQHQ(U]HUEU|VHOWH]ZLVFKHQGHQ)LQJHUQ ZHQQPDQHVDQIDWH )UHG6SDW]HNJUXEMHW]WYRUVLFKWLJHUGHQQHUZROOWHGLH .QRFKHQGHV/HLFKQDPVQLFKW]HUVW|UHQ,QGLHVHP*UDEODJ HLQ0DQQ(UZDU$QIDQJGHUGUHLLJHU-DKUHJHVWRUEHQQRFK YRUGHP=ZHLWHQ:HOWNULHJ 'HU7RWHQJUlEHUYHUWDXVFKWHGHQ6SDWHQPLWGHU6FKDXIHO (UJUXEDXFKQLFKWPHKUGLUHNWZHLWHUVRQGHUQWUXJGLH(UGH YRUVLFKWLJDE'DEHLVWHOOWHHUVLFKDQGDV(QGHGHV*UDEHV $P+LPPHOVWDQGGHU0RQG(UVDKDXVZLHHLQHGXUFKJH VFKQLWWHQH=LWURQHXQGQDKPDQ6WlUNH]X6HLQVLOEULJIDKOHV /LFKWEHOHXFKWHWHQLFKWQXUGLH%HUJHGHV%D\HULVFKHQ:DOGHV VRQGHUQILHOHEHQVRDXIGHQNOHLQHQ)ULHGKRIGLFKWDQGHU DOWHQ.LUFKHQPDXHU:LHHLQ*HVSLQVWEUHLWHWHVLFKGHUNDOWH 6FKHLQDXVXQGXQZLOONUOLFKGUHKWHGHU7RWHQJUlEHUGHQ .RSIXQGVFKDXWHKLQDXI]XP+LPPHO (UVDKQXUGHQ0RQGXQGGLHZHLWHUHQWIHUQWHQ6WHUQH (LJHQWOLFKQLFKWV%HVRQGHUHVXQGGRFKZDUGLHVHU$EHQG DQGHUVDOVGLHEULJHQ )UHGVSUWHHVJHQDX(LQXQUXKLJHV*HIKOEUHLWHWHVLFKLQ VHLQHP,QQHUQDXVXQGDXFKVHLQH$UEHLWNDPLKPSO|W]OLFK NRPLVFKYRU1LFKWGDHUJURH$QJVWJHKDEWKlWWHDEHUHU EHHLOWHVLFKGRFKIHUWLJ]XZHUGHQ 'LH$WPRVSKlUHGHV)ULHGKRIVJHILHOLKPQLFKW6LHKDWWH VLFKYHUlQGHUWYHUGLFKWHWVRDOVZUGHHWZDVXQEHVFKUHLE OLFK*UDXHQYROOHVLUJHQGZRDXILKQODXHUQ ª,FKVSLQQH©PXUPHOWH6SDW]HNª/DQJVDPZHUGHLFKDOW
$PEHVWHQKlQJHLFKGHQ7RWHQJUlEHUDQGHQ1DJHODEHUVLH ILQGHQMDNHLQHQGHUPLFKDEO|VHQZUGH© 0LW6HOEVWJHVSUlFKHQYHUWULHEHUVLFKGLH)XUFKWXQGGLH QlFKVWHQGUHL0LQXWHQ 'DQQVWLHHUDXIGLHHUVWHQ.QRFKHQ (UOHJWHGHQ6FKlGHOIUHL 'DV0RQGOLFKWILHOMHW]WYROOLQGDV*UDEXQGOHXFKWHWHDXI GHQJULQVHQGHQ7RWHQNRSI )UHG6SDW]HNHUVFKUDN (UKDWWHSO|W]OLFKGDV*HIKODOVZUGHGLHVHU6FKlGHO OHEHQ8QZLOONUOLFKXQWHUEUDFKGHU7RWHQJUlEHUVHLQH$UEHLW GDQQODFKWHHUDXIXQGVFKDOWVLFKHLQHQ1DUUHQ :HQQHUVLFKMHW]WYHUUFNWPDFKHQOLHNRQQWHHUHLQ SDFNHQ'DV6NHOHWWNRQQWHQLFKWPHKUOHEHQ 9RUVLFKWLJEHIUHLWHHUGLHEULJHQ7HLOHGHV6NHOHWWVYRQ 6FKPXW]XQG/HKP 'DQQODJGDV*HULSSHYRULKP 6SDW]HNVFKOXFNWH 3O|W]OLFKYHUVSUWHHU$QJVWGHQQGDVZDVHUVDKZDULKP QRFKQLHXQWHUJHNRPPHQ 'HU7RWHGDV6NHOHWWKDWWHGLH%HLQHDQJHZLQNHOWXQG GLHNQRFKLJHQ+lQGH]X)lXVWHQJHEDOOW$EHUVRHWZDV ZDUQXUP|JOLFKZHQQGHU7RWHQRFKJHOHEWKDWWHDOVPDQ LKQEHJUXE +DVWLJVFKOXJ)UHG6SDW]HNHLQ.UHX]]HLFKHQª+HUUJRWW 0DULDXQG-HVXV©IOVWHUWHHUUDXKª'DVGDUIGRFKQLFKWZDKU VHLQ'LHGLHNRQQWHQGRFKNHLQHQ/HEHQGHQEHJUDEHQ© 8QGGRFKJDEHVVRHWZDV 6SDW]HNILHOHQGLH*HVFKLFKWHQYRQ6FKHLQWRWHQHLQ0DQ HU]lKOWHVLFKGDHLQ6FKHLQWRWHUZHQQHULP*UDEHUZDFKWH XQGHUIDWHZRHUVLFKEHIDQGLQVHLQHU9HU]ZHLIOXQJGDV +HPGDQIUDVLFKGDEHLZLOGEHZHJWHELVHUTXDOYROO HUVWLFNWH
'HP7RWHQJUlEHUOLHIHLQH*lQVHKDXWQDFKGHUDQGHUHQEHU GHQ5FNHQ :HQQHUQlKHUGDUEHUQDFKGDFKWHGDQQZDUGDVZDVHU KLHUHUOHEWHGHUUHLQVWH+RUURU *UDXHQYROO 6FKQHOOVFKDXWHHUVLFKXP 'HU)ULHGKRIZDUOHHU(UEHIDQGVLFKDOVHLQ]LJ/HEHQGHU GDUDXI$XVVHLQHU3HUVSHNWLYHVDKHQVHOEVWGLH*UDEVWHLQH XQG.UHX]HEHGURKOLFKDXV8QGGDVIODFNHUQGH/LFKWGHU NOHLQHQ/lPSFKHQWUXJHEHQIDOOVGD]XEHLGDGLH $WPRVSKlUHQRFKJHVSHQVWLVFKHUZLUNWH )UHG6SDW]HNGHU7RWHQJUlEHUZXUGHYRQ$QJVWUHJHOUHFKW GXUFKJHVFKWWHOW(UZROOWHVHLQH$UEHLWVRUDVFKZLHP|JOLFK EHHQGHQXQGGDQQQXUZHJYRQGLHVHPXQKHLPOLFKHQ2UW(U EHVFKORDXHUGHPPLWNHLQHP0HQVFKHQEHUVHLQH (QWGHFNXQJ]XUHGHQ )UHGEFNWHVLFKXQGQDKP]XHUVWGHQ7RWHQVFKlGHOLQEHLGH +lQGH'HQ6SDWHQKDWWHHUDQGLH,QQHQZDQGGHV*UDEHV JHOHKQW hEHUUDVFKWUXQ]HOWHGHU7RWHQJUlEHUGLH6WLUQ0LWGHP .RSIVWLPPWHHWZDVQLFKW1RUPDOHUZHLVHIKOWHVLFKGDV *HEHLQNDOWDQDEHULQGLHVHP)DOOZDUHVZDUPDOVZUGHQ GLHEOHLFKHQ.QRFKHQYRQHLQHPXQQDWUOLFKHQ/HEHQHUIOOW VHLQ 'LHVHU6FKlGHOHUOHEWH ª$DKKK©'HU7RWHQJUlEHUVFKULHDXIXQGOLHGHQ.RSI IDOOHQ(UNODWVFKWHDXIGHQIHXFKWHQ/HKPXQGEOLHEGRUW OLHJHQ %HZHJXQJVORV 7LHIVDXJWH)UHG6SDW]HNGLH/XIWLQVHLQH/XQJHQ(UZROOWH DXVGHP*UDEIOFKWHQGRFKMHW]WEOLHEHU5XKLJODJGHU 7RWHQVFKlGHOYRULKP 6SDW]HNOlFKHOWHSO|W]OLFKGRFKGDV/lFKHOQ]HUIDVHUWH]X HLQHU*ULPDVVH(LQH7lXVFKXQJ-DHUZDUHLQHUPLHVHQ 7lXVFKXQJ]XP2SIHUJHIDOOHQ(UZDUHLQIDFKEHUUHL]WGLH
1HUYHQKDWWHQLKPHLQHQE|VHQ6WUHLFKJHVSLHOW (LQOHEHQGHU6FKlGHO:RJDEHVGHQQVRHWZDV"6SDW]HN EHVFKORHLQPDOHLQHQ$U]WDXI]XVXFKHQ,Q]DKOUHLFKHQ ,OOXVWULHUWHQKDWWHHUEHUGHQ%HJULII6WUHJHOHVHQ9LHOOHLFKW OLWWHUGDUXQWHU (UPDFKWHVLFKZLHGHUDQGLH$UEHLW$OVHUGHQ6FKlGHO]XP ]ZHLWHQPDOLQGLH+DQGQDKPKDWWHQVLFKVHLQH1HUYHQHQW VSDQQW,KPNDPGLHVHOWVDPH:lUPHDXFKQLFKWPHKU NRPLVFKYRU'LHVHU6FKlGHOZDUHEHQDQGHUVDOVQRUPDO $XVGHU-DFNHQWDVFKHKROWHHUHLQHQGLHVHUPRGHUQHQ 0OOEHXWHOGLHHLQVHKUJURHV)DVVXQJVYHUP|JHQKDWWHQ DEHUDXFKOHLFKW]XVDPPHQ]XIDOWHQZDUHQ(U|IIQHWHGHQ 0OOEHXWHOXQGOLHGHQ6FKlGHOKLQHLQUROOHQ9RUVLFKWLJ GDPLWHUQLFKW]HUVW|UWZXUGH6SDW]HNZROOWHGLH*HEHLQH P|JOLFKVWXQEHVFKlGLJWDQGLH.QRFKHQUXWVFKHEULQJHQ 1DFKGHP6FKlGHOQDKPHUGLH$UPNQRFKHQLQGLH+DQG $XFKVLHIKOWHQVLFKQLFKWVRNDOWDQZLHVRQVWEOLFKDEHU QLFKWVRZDUPZLHGHU6FKlGHOGHV*HULSSHV 9RUVLFKWLJOHJWHGHU7RWHQJUlEHUGLH*HEHLQHLQGHQ 3ODVWLNVDFN(UEUDXFKWHJHQDX]ZHL0LQXWHQGDQQKLHOWHU GHQOHW]WHQ)XLQGHU+DQG 6FKOLHOLFKODJHQDOOH*HEHLQHLP6DFN (UNOHWWHUWHDXVGHU*UXEHQDFKGHPHUGHQ6DFNVRKLQJH VWHOOWKDWWHGDHULKQEHTXHPYRQDXHUKDOEGHV*UDEHVKHU DXVKHEHQNRQQWH)UHG6SDW]HNJLQJLQGLH.QLHXQGKREGHQ 6DFNKRFK'LHGDULQEHILQGOLFKHQ.QRFKHQNODSSHUWHQJHJHQ HLQDQGHUDOVHUGHQ3ODVWLNVDFNEHZHJWH(VZDUHLQHVFKDX ULJH0XVLNGLHEHL6SDW]HNHLQH*lQVHKDXWYHUXUVDFKWH1RFK LPPHUVFKLHQGHU0RQG(UZDUMHW]WZHLWHUJHZDQGHUWXQG ZDUIVHLQNDOWHV/LFKWGLUHNWDXIGHQ)ULHGKRI 6SDW]HNZXWHDXFKQLFKWZDUXPHUDXVJHUHFKQHWMHW]W GDUDQGHQNHQPXWHDEHULQDOWHQ*HVFKLFKWHQVWDQG]X OHVHQGDGHU0RQGGLH.UDIWTXHOOHGHV%|VHQZDUXQGGHQ 0lFKWHQGHU)LQVWHUQLV0DFKWXQG6WlUNHJDE (LQHEHNOHPPHQGH9RUVWHOOXQJ
'DOLHEWHGHU7RWHQJUlEHUWURW]VHLQHV%HUXIHVGRFKGDV /LFKWGHU6RQQHXQGGHUHQ:lUPH 'HQ3ODVWLNVDFNQDKPHULQGLHUHFKWH+DQGPDUVFKLHUWH GDPLWDXIGLH.LUFKHQPDXHU]X (WZDLQGHU0LWWHEHIDQGVLFKGLH5XWVFKH 'HU(LQJDQJVDKDXVZLHHLQKDOEUXQGHV.HOOHUIHQVWHU(LQH HLQJHDUEHLWHWH+RO]WUPLWHLQHP9RUKlQJHVFKORVFKW]WH YRU8QEHIXJWHQ'LH6FKOVVHO]XP6FKOREHVDHQQXU 6SDW]HNXQGGHU3IDUUHU 6SDW]HNVWHOOWHGHQ6DFNDEKROWHGHQ6FKOVVHOKHUYRUXQG EFNWHVLFKXPGDV6FKOR]X|IIQHQ (UKDWWHGHQ6FKOVVHOQRFKQLFKWHLQJHIKUWDOVHUGDV *HIKOKDWWHHLQHHLVNDOWH+DQGZUGHEHUVHLQHQ5FNHQ VWUHLFKHQ 'LH.QRFKHQKDWWHQVLFKLQQHUKDOEGHV6DFNHVEHZHJW6LH NODSSHUWHQJHJHQHLQDQGHU ª:DKQVLQQ©lFK]WHGHU7RWHQJUlEHU(UYHUVWHLIWHVLFKXQG VFKLHOWHDXVGHQ$XJHQZLQNHOQ]XP6DFNKLQ*OHLFK]HLWLJ IXKUHLQNKOHU:LQGVWREHUGHQNOHLQHQ)ULHGKRIEHZHJWH UDVFKHOQGGLH%OlWWHUGHU%VFKHXQGJOLWWDXFKEHUGHQ 3ODVWLNVDFN )UHG6SDW]HNODFKWHDXI 'DVZDUGLH(UNOlUXQJIUGDV.ODSSHUQ'HU:LQGKDWWHGLH .QRFKHQXQGGHQ6DFNEHZHJW 8QGHUKDWWHVFKRQJHGDFKW +DVWLJ|IIQHWHHUGDV6FKOR-HW]WDEHUQLFKWVZLHZHJ PLWGHQ*HEHLQHQ/lQJHUZROOWHHUGLH'LQJHUQLFKWPLW VLFKKHUXPVFKOHSSHQ(UVFKWWHOWHVLFKDOVHUGHQ6DFN ZLHGHUDXI]RJ 'LH.QRFKHQODJHQZLUUGXUFKHLQDQGHU 6SDW]HNUROOWHGLH6HLWHQGHV6DFNVQDFKXQWHQGDPLWHUVLFK QLFKW]XWLHI]XEFNHQEUDXFKWH (LQ]HOQKROWHHUGLHRIWVSHUULJHQ*HEHLQHKHUYRU 'LH7UKDWWHHULQ]ZLVFKHQDXIJH]RJHQ'DKLQWHUEHJDQQ GLHHLQH5XWVFKH6LHZDUDXV6WHLQJHEDXWDEHUPLWHLQHUVHKU
JODWWHQ2EHUIOlFKHYHUVHKHQVRGDNHLQH+LQGHUQLVVHGLH .QRFKHQDXILKUHUNXU]HQ5HLVHDXIKDOWHQNRQQWHQ 'LHHUVWHQ.QRFKHQUXWVFKWHQLQGDV%HLQKDXV 'DQQIROJWHQ$UPHXQG+lQGH 'DQDFK5LSSHQE|JHQ 8QGVRJLQJHVZHLWHU 6SDW]HNDUEHLWHWHUDVFK(UZROOWHHVHQGOLFKKLQWHUVLFK EULQJHQ8QGGDV%LHUZUGHLKPWURW]GHUVSlWHQ6WXQGH GRSSHOWVRJXWVFKPHFNHQ =XOHW]WKLHOWHUGHQ6FKlGHOLQGHU+DQG :LHXQWHUHLQHPLQQHUHQ=ZDQJVFKDXWHHUVLFKGHQ 7RWHQNRSIDQ (UEOLFNWHLQGLHOHHUHQ$XJHQK|KOHQLQGDVJULQVHQGH *HELXQGLQGLHEHLGHQ/|FKHUZRHLQVWGLH1DVHJHVHVVHQ KDWWH 8QGGDQQKDWWHHUZLHGHUGDV*HIKODOVZUGHVLFKGHU 8QWHUNLHIHUGHV6FKlGHOVEHZHJHQ :HJGDPLW +DVWLJZDUIGHU7RWHQJUlEHUGHQ6FKlGHO]XGHQDQGHUHQ .QRFKHQKLQ 6SDW]HNVFKDXWHLKPQDFK 3O|W]OLFKZXUGHQVHLQH$XJHQJUR(UVFKQDSSWHQDFK/XIW VWLHHLQHQNUlFK]HQGHQ/DXWDXVGHQQGDVZDVHUVDKOLH LKQDQVHLQHP9HUVWDQG]ZHLIHOQ 'LHOHW]WHQ*HEHLQHZDUHQQLFKWDXIGHPDOWHQ.QRFKHQEHUJ JHODQGHWVRQGHUQVFKZHEWHQGDUEHU -DVLHVFKZHEWHQ 2EZRKOHVLQGHQXQWHULUGLVFKHQ*HZ|OEHQGHU.LUFKH ILQVWHUZDUVDKGHU7RWHQJUlEHUGRFKMHGH(LQ]HOKHLWGHQQGLH *HEHLQHVWUDKOWHQHLQVLOEULJVFKLPPHUQGHV/LFKWDXV -HGHUHLQ]HOQH.QRFKHQZDUYRQHLQHUIOLPPHUQGHQ$XUD XPJHEHQMHGHUHLQ]HOQHWDQ]WHXQGEHZHJWHVLFKKLQXQGKHU (VZDUHLQPDNDEUHVDEHUDXFKIDV]LQLHUHQGHV6FKDXVSLHO
'LH.QRFKHQIKUWHQHLQHQUHJHOUHFKWHQ7DQ]EHUGHQOlQJHU GDOLHJHQGHQ*HULSSHQDXIVLHEHZHJWHQVLFKDXIHLQDQGHU]X XPGDQQZLHGHUDXVHLQDQGHU]XIlFKHUQ6LHEHUVFKOXJHQVLFK RGHUNODSSHUWHQJHJHQHLQDQGHUVRDOVZUGHHLQXQVLFKWEDUHU 'LULJHQWGHQ7DNWVWRFNVFKZLQJHQ 'LH6]HQHZDUXQEHVFKUHLEOLFK 8QGXQJODXEOLFK 'HU7RWHQJUlEHUNRQQWHHVHLQIDFKQLFKWIDVVHQ)ULKQZDU HVXQP|JOLFKZDVHUGRUWVDK .QRFKHQWDQ] )UHG6SDW]HNZXWHQLFKWREHU6HNXQGHQRGHU0LQXWHQ JHVWDUUWKDWWH3O|W]OLFKJHULHWHQGLHVLOEULJVFKLPPHUQGHQ .QRFKHQLQQRFKVWlUNHUH%HZHJXQJHQXQGVFKZHEWHQHLQHP =LHOHQWJHJHQ 'HP6FKlGHO :LHGHU.|QLJDXIVHLQHP7KURQVDVRKLQJHUPLWWHQLQ GHU/XIWEHUGHP*HELUJHYRQ*HEHLQHQ 8QGHUZDUGHU6DPPHOSXQNW 'LHHLQ]HOQHQ.|USHUWHLOHIORJHQDXILKQ]XZXFKVHQ ZLHGHU]XVDPPHQXQGVRHQWVWDQGHQHLQ+DOVGLH6FKXOWHUQ GLH$UPHGLH%HLQHXQG)H $XIHLQPDOVFKZHEWHHLQ*HULSSHEHUGHP%HUJ (LQOHEHQGHV6NHOHWW 'DVVLFKEHZHJWH 'HU7RWHQJUlEHUJODXEWHGHQ9HUVWDQG]XYHUOLHUHQ'DV %LOGZDUVRLUUDWLRQDOGDHUHVHLQIDFKQLFKWIDVVHQNRQQWH :HQQHUGDVMHPDQGHPHU]lKOWHZUGHPDQLKPNHLQ:RUW JODXEHQ 'DV*HULSSHVFKOHXGHUWHVHLQUHFKWHV%HLQYRU(VZDUVFKRQ HLQ6FKOHXGHUQGHQQYRQHLQHPQRUPDOHQ*HKHQNRQQWHPDQ ZLUNOLFKQLFKWVSUHFKHQ 'HU)XEHUKUWHGHQXQWHUHQ5DQGGHU5XWVFKHXQGGHU QlFKVWHIROJWH 8QGGDQQVFKULWWGDV*HULSSHHQWJHJHQDOOHQSK\VLNDOLVFKHQ *HVHW]HQGLH5DPSHQDFKREHQ
$XI)UHG6SDW]HN]X 'HU7RWHQJUlEHUVW|KQWHDXI(U|IIQHWHGHQ0XQGZROOWH VFKUHLHQGRFKVHLQH.HKOHZDUZLH]XJHVFKQUW.HLQHQ HLQ]LJHQ/DXWEUDFKWHHUKHUYRU 6FKULWWIU6FKULWWQlKHUWHVLFKLKPGDVJULQVHQGH6NHOHWW ,PPHUK|KHULPPHUZHLWHU -HW]WEFNWHHVVLFKGHQQVRQVWZlUHHVPLWGHPNDKOHQ 6FKlGHOJHJHQGLH'HFNHJHVWRHQ'DV6NHOHWWQDKPQXQGLH +lQGH]X+LOIHXPGLH5XWVFKHZHLWHUKRFK]XNOHWWHUQ1RFK JXWHLQHQ0HWHUZDUHVYRQGHP.VWHUHQWIHUQW 'DHQGOLFKHUZDFKWH)UHG6SDW]HNDXVVHLQHU(UVWDUUXQJ 3O|W]OLFKNRQQWHHUVLFKZLHGHUEHZHJHQVHLQH/lKPXQJZDU JHZLFKHQ(UZDUIVLFK]XU6HLWHUROOWHHLQPDOXPGLHHLJHQH $FKVHXQGVSUDQJDXIGLH)H 8QGGDQQUDQQWHHU (UUDQQWHZLHHUQRFKQLHLQVHLQHP/HEHQJHODXIHQZDU(U QDKPNHLQH5FNVLFKWDXIGLH*UDEVWlWWHQVRQGHUQKHW]WH TXHUGDUEHU(UZDUI%OXPHQNEHOXPXQGVWROSHUWHEHUGLH NOHLQHQ6WHLQHGHU5DQGEHIHVWLJXQJHQDQGHQ*UlEHUQ'RFK GDVZDULKPHJDO(UZROOWHQXUZHJ)OXFKW1XUGLHVHU *HGDQNHEHKHUUVFKWHLKQ 'DV6NHOHWWYHUOLHGDV*HZ|OEHGXUFKGLH.HOOHU|IIQXQJ(V VDKVLFKNXU]XPVFKDXWHKRFK]XP0RQGXQGVFKULWWGDQQ RKQH(LOHTXHUEHUGHQ)ULHGKRI (VYHUVFKZDQGGXUFKGDVNOHLQH7RULQGHU)ULHGKRIVPDXHU XQGOLHIUDVFKVHLQHPQHXHQ=LHOHQWJHJHQ (VZDUGHUJHKHLPQLVYROOH6WHLQ 9RUGHP*DVWKDXV!=XU(LFKH SDUNWHHLQPHWDOOLFODFNLHUWHU 0DQWD*7((LQ*HVFKRDXIYLHU5lGHUQPLWEHUKXQGHUW 36DEHUHLQHPJQVWLJHQ6SULWYHUEUDXFK 'LHVHU:DJHQJHK|UWH.RPPLVVDU0DOOPDQQ'HUGHXWVFKH .ULPLQDOEHDPWHGHUEHLP%XQGHVNULPLQDODPWDUEHLWHWH KDWWHHVJHVFKDIIWXQGHLQH:RFKH8UODXEKHUDXVJHKROW
6LHEHQ7DJHLP%D\HULVFKHQ:DOG(LQH:RFKH5XKH .HLQH9HUEUHFKHUNHLQH*DQJVWHURGHU)DOVFKPQ]HU1XU QRUPDOH0HQVFKHQ8QGDXFKNHLQH'lPRQHQGDVKRIIWHGHU .RPPLVVDUVHKUGHQQHUKDWWHLQGHU9HUJDQJHQKHLWGRFK PDQFKEOH(UIDKUXQJPLWGHQ'LHQHUQGHU)LQVWHUQLV JHPDFKW -HW]WDEHUIUHXWHVLFKGHUJXWH:LOODXIZRKOYHUGLHQWHVLHEHQ 7DJH5XKH $EHUVRUXKLJZLHHUHVVLFKYRUJHVWHOOWKDWWHZDUHQGLH HUVWHQEHLGHQ7DJHGRFKQLFKWJHZRUGHQ6FKXOGGDUDQWUXJHQ QLFKWHWZD*HLVWHURGHU'l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|OQXQGXQWHUULFKWHWHGRUWLQHLQHU *UXQGVFKXOH1LFKWQXUGDGLHEHLGHQJHPHLQVDPH,QWHU HVVHQKDWWHQQHLQ.DULQ%HFNHUZDUDXFKQRFKHLQHDXHU RUGHQWOLFKKEVFKH)UDX ,KUH]ZHLXQGGUHLLJ-DKUHVDKPDQLKUZLUNOLFKQLFKWDQ =X]DKOUHLFKHQ/RFNHQJHGUHKWILHOGDVODQJHEUDXQ VFKZDU]H+DDUELVDXIGLH6FKXOWHUQ ,KUHGXQNOHQ$XJHQZDUHQZLH]ZHLUHLIH.LUVFKHQXQGGLH /LSSHQKDWWHQJHQDXGHQ6FKZXQJGHUDXIHLQHJHK|ULJH 3RUWLRQ6LQQOLFKNHLWKLQGHXWHWH
'LH6HLWHDOOHUGLQJVKDWWHGHU.RPPLVVDUEHL.DULQ%HFNHU QRFKQLFKWNHQQHQJHOHUQW 6LHJDEVLFK]ZDUIUHXQGOLFKZDUDEHULQJHZLVVHQ'LQJHQ QRFKVHKUUHVHUYLHUWZDVZLHGHUXPGHP.RPPLVVDUJHILHO 8QGHUVDKGLH:HOWGXUFKHLQHURVDURWH%ULOOH1RFKQLHLQ VHLQHP/HEHQKDWWHHUVROFKHLQHJXWH/DXQHJHKDEW:LHLP )OXJZDUHQGLHEHLGHQHUVWHQ7DJHYHUJDQJHQXQGDXFKGHU 0RQWDJZDUVFKRQ]XGUHLYLHUWHOYRUEHL 6LHZDUHQDQGLHVHP7DJPLW0DOOPDQQV:DJHQ]XP$UEHU GHPK|FKVWHQ%HUJGHV%D\HULVFKHQ:DOGHVJHIDKUHQXQG KDWWHQGRUWGLHSKDQWDVWLVFKH$XVVLFKWJHQRVVHQ ,QHLQHPNOHLQHQ5HVWDXUDQWDHQVLH]X0LWWDJXQGDXIGDV QDFKPLWWlJOLFKH.DIIHHWULQNHQKDWWHQEHLGHYHU]LFKWHW'HU .DORULHQZHJHQ'DEHLEUDXFKWHVLFK.DULQ%HFNHUHLJHQWOLFK NHLQH6RUJHQXPLKUH)LJXU]XPDFKHQ6LHZDU]ZDUQLFKW JHUDGHVFKODQNZLHHLQ0DQQHTXLQDEHUEHLLKUVDHQGLH 3IXQGHDQGHQULFKWLJHQ6WHOOHQYHUWHLOWZLHGHU .RPPLVVDUZRKOJHIlOOLJEHPHUNWKDWWH (UXQGDXFK.DULQ%HFNHUKDWWHQ+DOESHQVLRQJHEXFKW 'DVKHLWVLHHUKLHOWHQDXHUGHP)UKVWFNQRFKHLQ $EHQGHVVHQ 'DVZXUGHXPDFKW]HKQ8KUVHUYLHUW(WZDVIUKHUDOV VRQVWGDGLHEHLGHQQRFKHLQHQ6SD]LHUJDQJPDFKHQZROOWHQ 1DWUOLFKZDULKUHJHJHQVHLWLJH6\PSDWKLHQLFKWXQEHPHUNW JHEOLHEHQ'LH:LUWVOHXWHXQG3HQVLRQVLQKDEHUIUHXWHQVLFK HEHQVRZLHGLHDQGHUHQ*lVWH $EHUGDVPDFKWHGHP.RPPLVVDUSO|W]OLFKQLFKWVPHKUDXV :LOO0DOOPDQQZDUHLQDQGHUHUJHZRUGHQ (LQHKDOEH6WXQGHYRU%HJLQQGHV(VVHQVEHIDQGHUVLFKDXI VHLQHP=LPPHUXQG]RJVLFKXP *HGXVFKWKDWWHHUVFKOSIWHQXQLQVHLQH:DQGHUNOHLGXQJ 7ULWWIHVWH/HGHUVFKXKHHLQ+HPGDXV%DXPZROOHHLQHVWUD SD]LHUIlKLJH&RUGKRVHXQGHLQH:LQGMDFNH)HKOWQXUQRFK GHU:DQGHUVWDEGDQQLVW5EH]DKOV(QNHOSHUIHNWGDFKWHGHU .RPPLVVDU
9RUGHP6SLHJHONlPPWHHUVLFKVHLQ+DDU:LOOZDUSO|W] OLFKHLWHOJHZRUGHQXQGEHUOHJWHREHUGLH+DDUHWHLOHQXQG GDQQQDFKOLQNVXQGUHFKWVOHJHQVROOWHRGHUREHUVLHZLH IUKHUQDFKKLQWHQNlPPWHXQGVHLQHEHJLQQHQGH*ODW]H GDPLWNDVFKLHUWH (USURELHUWHKLQXQGKHUXQGHQWVFKLHGVLFKGDQQIUGLH HUVWH0|JOLFKNHLW'LHDQGHUHZUGH.DULQQRFKIUKJHQXJ VHKHQ :LOO0DOOPDQQKDWWHVLFKVRJDU]XP]ZHLWHQPDOUDVLHUW(U EHWXSIWHVHLQ*HVLFKWQRFKPLWHLQHP'XIWZlVVHUFKHQGUHKWH VLFKHLQPDOYRUGHP6SLHJHO]RJGDEHLGHQ%DXFKHLQXQG QDKPVLFKYRUZHQLJHU]XHVVHQ$EHUGLH9HUSIOHJXQJZDU KLHUOHLGHUVRJXWGDHUHLQIDFKQLFKWZLGHUVWHKHQNRQQWH :LOOYHUOLHVHLQ=LPPHUXQGVFKULWWQDFKXQWHQ 'LH7UHSSHJOlQ]WHIULVFKJHERKQHUW(LQGXQNHOURWHU 7HSSLFKEHGHFNWHVLHLQGHU0LWWHXQGOLHQXUGLH6HLWHQ GHU6WXIHQIUHL hEHUKDXSWZDUGLH3HQVLRQVHKUVDXEHU $XVGHU.FKHZHKWHQGHPJXWHQ:LOO(VVHQVGQVWHXP GLH1DVHXQGHUYHUVSUWHSO|W]OLFKHLQHQ%lUHQKXQJHU .DULQ%HFNHUZDUQRFKQLFKWGDDOVHUGLH*DVWVWXEHEHWUDW ª*XWHQ$EHQG©JUWHHUPLWVRQRUHU6WLPPHGLHZHQLJHQ *lVWHXQGQDKPDQVHLQHPXQG.DULQV6WDPPWLVFK3ODW] 6HLQ*UXZXUGHIUHXQGOLFKHUZLGHUW'LH%HGLHQXQJHLQ DFKW]HKQMlKULJHVURWKDDULJHV0lGFKHQPLW1DPHQ$QQD IUDJWHQDFKVHLQHQ:QVFKHQ :LOOEHVWHOOWHHLQ%LHU .OHLQH*OlVHUJDEHVQLFKWGHU.RPPLVVDUHUKLHOWHLQHQ KDOEHQ/LWHU$QQDVWHOOWHGHQ.UXJYRULKPDXIGHQ7LVFK ª%LWWHVFK|QGHU+HUU© ª'DQNH© :LOO0DOOPDQQKREGHQ.UXJDQGLH/LSSHQXQGWUDQNLQ ODQJHQGXUVWLJHQ=JHQ'DVED\HULVFKH%LHUVFKPHFNWHLKP JXWXQGQDFKGHU7DJHVZDQGHUXQJKDWWHHUVLFKHLQHQDQVWlQ GLJHQ6FKOXFNYHUGLHQWIDQG:LOO
(UXQG.DULQ%HFNHUKDWWHQLKUHQ3ODW]GLUHNWDP)HQVWHU 'XUFKGLHVDXEHUHQ6FKHLEHQNRQQWH:LOODXIGHQNOHLQHQ 3DUNSODW]YRUGHP+DXVVFKDXHQ 'RUWVWDQGGLH(LFKH 6LHZDU-DKUKXQGHUWHDOWXQGKDWWH:LQGXQG:HWWHU JHWURW]W.QRUULJEUHLWHWHQVLFKDUPGLFNHbVWHDXVXQGJULIIHQ GDQQGHP+LPPHOHQWJHJHQ'HU%DXPZDUQRFKYROOEHODXEW XQGELOGHWHHLQVFKW]HQGHV'DFKXQWHUGHPHLQLJHKHOOH 7LVFKHXQG6WKOHVWDQGHQGHQQLP6RPPHUZXUGHDXFK GUDXHQVHUYLHUW :LOO0DOOPDQQKDWWHVHLQHQ0DQWDOLQNVQHEHQGHU(LFKHDXI HLQHPNOHLQHQ3DUNSODW]DEJHVWHOOW'RUWVWDQGHQDXFKGLH $XWRVGHUDQGHUHQ*lVWH 'HU:LUWWUDWDQ:LOOV7LVFK(UEUDFKWH]ZHL2EVWOHUPLWXQG VFKREGHP.RPPLVVDUHLQ*OlVFKHQUEHU ª=XP:RKO+HUU0DOOPDQQ© :LOOOLHVLFKQLFKWODQJHELWWHQ 6LHWUDQNHQGHQ2EVWOHU:LH)HXHUUDQQHUGXUFKGLH.HKOH XQGLQGHQ0DJHQKLQHLQ :LOOYHU]RJGDV*HVLFKW 'HU:LUWODFKWH(UZDUGQQZLHHLQ%HVHQVWLHODEHUXQ JHKHXHU]lK8QGHUVHW]WHVLFKJHJHQVHLQHJHZLFKWLJH)UDX GXUFKGLHPHKUDOVGRSSHOWVRYLHOZRJZLHHU ª:REOHLEW,KUH%HNDQQWH"©IUDJWHGHU:LUWXQGGUHKWH VHLQHQ2EHUOLSSHQEDUW :LOOVFKDXWHDXIGLH8KUª6LHPWHJOHLFKNRPPHQ:LU KDEHQXQV]XP$EHQGHVVHQYHUDEUHGHW© 'HU:LUWOlFKHOWHª,FKZHL,QGHU.FKHLVWVFKRQDOOHV EHUHLW© ª'DVQHQQHLFK6HUYLFH© ª'DIUVLQGZLUEHNDQQW© 'HU:LUWKLH0D\UXQGHUEHVFKlIWLJWHDXVVFKOLHOLFK)DFK NUlIWHLQVHLQHP+DXV:DVDXIGHQ7LVFKJHEUDFKWZXUGH VFKPHFNWH3UlFKWLJH+DXVPDQQVNRVWGDYRQNRQQWHPDQ ZLUNOLFKVDWWZHUGHQ
ª)UlXOHLQ%HFNHUHU]lKOWHGD6LHKLQWHUKHUQRFKVSD]LHUHQ JHKHQZROOHQ©VDJWH0D\U :LOOQLFNWH ª+DEHQ6LHVFKRQHLQ=LHO"© ª-DLFKKDEHYRQGLHVHP)HOVHQJHK|UWGHU]ZDUGXQNHOLVW XQGWURW]GHPJOlQ]HQVROO'DZROOHQZLUPDOKLQ+HUU 0D\U© 'DV*HVLFKWGHV:LUWVYHUVWHLQHUWH'HU0DQQVHQNWHGHQ .RSIVFKDXWHDXIGLHZHLEODXJHPXVWHUWH7LVFKGHFNHXQG GUHKWHVHLQ6FKQDSVJODV]ZLVFKHQ=HLJHXQG0LWWHOILQJHU :LOO0DOOPDQQEHPHUNWHZRKOGLH9HUlQGHUXQJGHV 0DQQHVª+DEHQ6LHZDV"©IUDJWHHU 0D\UKREGHQ.RSIª+DWPDQ,KQHQGHQQQLFKWJHVDJWZDV HVPLWGHP6WHLQDXIVLFKKDW"© ª,FKK|UWHHWZDV'LH/HXWHHU]lKOHQYRQHLQHUVHOWVDPHQ *HJHQG© 6HSS0D\UODFKWHª6HOWVDPLVWQLFKWGHUULFKWLJH$XVGUXFN +HUU0DOOPDQQ'LH*HJHQGLVWYHUIOXFKW-DYHUIOXFKW *ODXEHQ6LHPLU© :LOOOlFKHOWHXQGWUDQNHLQHQ6FKOXFN(UKDWWH]ZDUVFKRQ PLW*HLVWHUQXQG'lPRQHQ]XWXQJHKDEWKDWWHJHJHQVLH JHNlPSIWDEHULP8UODXEVROOWHPDQLKPPLWGHQ*HVFKLFKWHQ YRP+DOVHEOHLEHQ'DZROOWHHUVHLQH5XKHKDEHQ :LOONDQQWHVLFKLQGHQGHXWVFKHQ/DQGHQDXV'DKDWWH MHGHV'RUIVHLQHHLJHQH6SXNJHVFKLFKWH,UJHQGHWZDVJDEHV LQMHGHP2UW(LQDOWHV+DXVRGHUHLQHQ6WROOHQZDUXPVROO WHHVKLHUQLFKWHLQ6WHLQVHLQ" 'DVZDUJDQ]QDWUOLFK ª1DLFKZHLQLFKWVRUHFKW+HUU0D\U6RHUQVWNDQQPDQ GLH*HVFKLFKWHQGRFKQLFKWQHKPHQ© ª+DEHQ6LHHLQH$KQXQJ©DQWZRUWHWHGHU:LUW(VNODQJVR DOVZWHHUYLHOPHKUª:HQQLFK,KQHQHLQHQ5DWJHEHQGDUI *HKHQ6LHEHUDOOKLQQXUQLFKW]XGLHVHP)HOVHQ© ª:DVLVWGHQQVR6FKOLPPHVGDEHL"©ZROOWHGHU.RPPLVVDU ZLVVHQ
'HU:LUWNDPQLFKWPHKUGD]XHLQH$QWZRUW]XJHEHQ GHQQ.DULQ%HFNHUEHWUDWGHQ*DVWUDXP 3QNWOLFKDXIGLH0LQXWH$OVKlWWHGLH6FKXOJORFNHJHUDGH JHOlXWHW+HUU0D\UVWDQGDXIª'DQQZLOOLFKQLFKWOlQJHU VW|UHQ©VDJWHHUª*XWHQ$SSHWLWQRFK© ª'DQNH©:LOOHUKREVLFKHEHQIDOOVXQGUFNWHGHU/HKUHULQ HLQHQ6WXKO]XUHFKW ª'DQNHVHKU©.DULQOlFKHOWHXQGQDKP3ODW] :LOOV+HU]NORSIWHSO|W]OLFKVFKQHOOHU(UIKOWHVLFKZLHHLQ 3ULPDQHUYRUGHPHUVWHQ5HQGH]YRXV8QGZLHGHUHLQPDO VWHOOWHGHUJXWH.RPPLVVDUIHVWGDGLH%HNDQQWVFKDIWPLW .DULQ%HFNHUPHKUZDUDOVQXUHLQ8UODXEVIOLUW 1HLQGDVJLQJWLHIHU :LOOKDWWHDXIVHLQHP=LPPHUVFKRQGDUEHUQDFKJH GDFKW(UGHU-XQJJHVHOOHZDUHVSO|W]OLFKOHLGDOOHLQ]X OHEHQ(UZROOWHKHLUDWHQ8QG]ZDU.DULQ%HFNHU(U NRQQWHVLFKYRUVWHOOHQGDHLQ/HEHQDQLKUHU6HLWH6SD PDFKHQZUGH $EHUGDFKWHVLHHEHQVR" :LOO0DOOPDQQHQWVFKORVLFKQRFKZlKUHQGGHV8UODXEV .DULQGLHVH)UDJH]XVWHOOHQ -HW]WDEHUZROOWHQVLHHVVHQ (VZXUGHVHUYLHUW$QQDVFKOHSSWHHLQJURHV+RO]WDEOHWW KHUDQ(VJDEHLQH/HEHUNQ|GHOVXSSHXQGDQVFKOLHHQGHFKW ED\HULVFKHQ:XUVWVDODWGHQ:LOOVRJHUQD'LHIULVFKHQ %UDWNDUWRIIHOQGDPSIWHQQRFKLQGHU3IDQQHXQGVFKRQDOOHLQ LKU*HUXFKOLHEHLGHP.RPPLVVDUGDV:DVVHULP0XQG ]XVDPPHQODXIHQ .DULQOlFKHOWHLKQDQª*XWHQ$SSHWLWZQVFKHLFK,KQHQ :LOO© ª'DQNHVHKUJOHLFKIDOOV© (VVFKPHFNWHEHLGHQDXVJH]HLFKQHW =ZLVFKHQGXUFKPXWH:LOO0DOOPDQQGLH/HKUHULQLPPHU ZLHGHUDQVFKDXHQ .DULQWUXJHEHQIDOOV:DQGHUNOHLGXQJ6LHKDWWHGLH+DDUH
KLQWHQLP1DFNHQ]XVDPPHQJHEXQGHQ(LQHQJURHQ7HLO GHV.RSIHVEHGHFNWHHLQJHKlNHOWHV6WRIINlSSLZLHHVMHW]W PRGHUQZDU 6LHKDWWHVLFKGH]HQWJHVFKPLQNWXQG:LOOIDQGGDHVLKU ZLUNOLFKDXVJH]HLFKQHWVWDQG 'LHEHLGHQDHQELVVLHVDWWZDUHQ $XIDWPHQGOHKQWHVLFK.DULQ%HFNHU]XUFNXQGNORSIWHDXI LKUHQ%DXFKª3XK©VW|KQWHVLHªGDVZDUZLUNOLFK]XYLHOGHV *XWHQ,FKNRPPHPLUYRUZLHHLQH.DORULHQERPEH© ª)UDJHQ6LHPLFKPDO©:LOOOlFKHOWH .DULQ%HFNHUKROWHDXVLKUHUEUDXQHQ8PKlQJHWDVFKHHLQH 6FKDFKWHO=LJDUHWWHQKHUYRU1DFKMHGHP(VVHQUDXFKWHVLH HLQH9HUGDXXQJV]LJDUHWWH :LOO0DOOPDQQZDU1LFKWUDXFKHU7URW]GHPWUXJHUHLQ )HXHU]HXJLPPHUEHLVLFK (UOLHHVDXIVFKQDSSHQ ª'DQNH©.DULQEOLHVGHQ5DXFKJHJHQGLH'HFNHª%OHLEWHV EHLXQVHUHP*DQJ"© ª1DWUOLFK© 6LHOlFKHOWHXQGVFKDXWHQDFKGUDXHQª,FKJHKHJHUQLQGHU 'lPPHUXQJ© ª:LHGHUHWZDVGDVZLUJHPHLQVDPKDEHQ© .DULQZXUGHSO|W]OLFKURWXQGVHQNWHGDQQGHQ%OLFN6LH VWlXEWHGLH$VFKHDE )UZHQLJH$XJHQEOLFNHVFKZLHJHQGLHEHLGHQ0HQVFKHQ 'LH*DVWVWlWWHIOOWHVLFKODQJVDP3HQVLRQVJlVWHNHKUWHQ ]XUFNDXFKPLW.LQGHUQ6LHOLHHQVLFKQLHGHU]XP $EHQGHVVHQXQGSO|W]OLFKZDUGHUJHPWOLFKHLQJHULFKWHWH *DVWUDXPPLW6WLPPHQJHZLUUHUIOOW .DULQ%HFNHUUDXFKWHODQJVDP]X(QGHXQGGUFNWHGDQQ GLH=LJDUHWWHDXV ª*HKHQZLU"©IUDJWH:LOO .DULQQLFNWHXQGVWDQGDXI $OVVLHGHQ6WXKO]XUFNVFKREIUDJWHVLH ª+DEHQ6LHVFKRQ HLQ=LHO:LOO"©
'HU.RPPLVVDUQLFNWHª-DLFKZROOWHPLUHLJHQWOLFKPDOGHQ )HOVHQDQVHKHQ© ª:HOFKHQ)HOVHQ"©.DULQUXQ]HOWHGLH6WLUQ ª/DVVHQ6LHVLFKEHUUDVFKHQ©HUZLGHUWH:LOOXQGUHLFKWH LKUVHLQHQ$UP 'HQZDUQHQGHQ%OLFNGHV:LUWVVDKHQVLHQLFKWDOVVLHGDV /RNDOYHUOLHHQ .DULQ%HFNHUXQG:LOO0DOOPDQQYHUOLHHQGDV*DVWKDXVXQG ZDQGWHQVLFKQDFKUHFKWV'LH6WKOHZDUHQKRFKJHVWHOOW ZRUGHQ0DQKDWWHVLHDEHUQLFKWZHJJHUlXPW/DXW:HWWHU EHULFKWVROOWHGHUPRUJLJH7DJVRQQLJZHUGHQ :LOOKDWWHQLFKWVGDJHJHQXQG.DULQDXFKQLFKW :LHVHOEVWYHUVWlQGOLFKIDQGHQVLFKLKUH+lQGHXQG:LOO VSUWHGHQZDUPHQ6WURPGHULKQSO|W]OLFKGXUFKIOR 6LHVFKULWWHQXQWHUGHU(LFKHKHUSDVVLHUWHQGHQ3DUNSODW] XQGHUUHLFKWHQGHQVFKPDOHQ:HJGHUKLQWHUGHP*DVWKDXV EHJDQQXQGGLUHNWLQGHQ:DOGIKUWHVRGDVLHQLFKWHUVW GHQ2UWGXUFKTXHUHQPXWHQ 'LH'lPPHUXQJKDWWHVFKRQHLQJHVHW]W,P:HVWHQJOKWH GHU+LPPHOQRFKXQWHUGHQOHW]WHQ6RQQHQVWUDKOHQZlKUHQG VLFKDXVGHUHQWJHJHQJHVHW]WHQ5LFKWXQJGDVJUDXH%DQGGHU 'XQNHOKHLWQlKHUWHXQGGLH1DFKWGHQ7DJDEO|VWH 1RFKOlUPWHQGLH9|JHOLQGHQ%lXPHQGRFKEDOGZUGHQ DXFKVLHYHUVWXPPHQXQGVLFK]XU5XKHEHJHEHQ 'HU:HJIKUWHVFKRQQDFKZHQLJHQ0HWHUQEHUJDXI=ZDU QLFKWVHKUVWHLODEHUXQDXIK|UOLFK 6FKRQEDOGXPJDEGLFKWHU:DOGGLHEHLGHQ0HQVFKHQ+LHU ZDUGLH:HOWQRFKLQ2UGQXQJ0LVFKElXPHEHVWLPPWHQGLH 9HJHWDWLRQQLFKWQXU7DQQHQXQG)LFKWHQVFKRQXQJHQ +LHUEUDXFKWHPDQQLFKWDXI]XIRUVWHQZHLOQLHPDQGHWZDV ]HUVW|UWKDWWH 'HU%D\HULVFKH:DOGKDWWHKLHUQRFKGLH8UZFKVLJNHLW GHU-DKUKXQGHUWH
:LOO0DOOPDQQXQG.DULQ%HFNHUVSUDFKHQQLFKWYLHOPLW HLQDQGHU-HGHUJHQRGLH5XKHGHUVLHXPJHEHQGHQ1DWXU +XPXVGlPSIWHLKUH6FKULWWHIDVWELV]XU*HUlXVFKORVLJ NHLWQLHPDQGNDPLKQHQHQWJHJHQXQGDXFKGHU.RP PLVVDUVSUWHGLH5XKHGLHVLFKSO|W]OLFKLQVHLQHP,QQHUQ DXVEUHLWHWH 'HU:HJPDFKWHHLQH%LHJXQJXQGIKUWHLPPHUWLHIHULQ GHQ:DOGKLQHLQ$XFKQDKPGLH'lPPHUXQJ]XVRGDGLH HLQ]HOQHQIUHLHQ)OlFKHQ]ZLVFKHQGHQ%lXPHQPDQFKPDO]X HLQHPGLFKWHQ*UDXYHUZLVFKWHQ .DULQ%HFNHUEOLHESO|W]OLFKVWHKHQ(LQH+DDUORFNHZDULKU LQGLH6WLUQJHIDOOHQ6LHVFKREVLH]XUFNXQGIUDJWH ª:LH ODQJHGDXHUWHVHLJHQWOLFKQRFKELVZLUGLHVHQNRPLVFKHQ )HOVHQHUUHLFKWKDEHQ"© :LOO0DOOPDQQKREGLH6FKXOWHUQª'DVNDQQLFKGLUDXFK QLFKWVDJHQ'LH/HXWHKDEHQ©(UYHUVWXPPWHSO|W]OLFKZHLO LKPHLQJHIDOOHQZDUGDHU.DULQ%HFNHUVRHEHQJHGX]WKDWWH ª(QWVFKXOGLJHQ6LH.DULQLFKPHLQHQDWUOLFK© ª:DUXPODVVHQZLUHVQLFKWEHLP'X"©IUDJWHVLHXQGLKUH 6WLPPH]LWWHUWHHLQZHQLJ :LOOVFKOXFNWHª6LHPHLQHQGXPHLQVW"© .DULQQLFNWH 7LHIKROWHGHU.RPPLVVDU$WHP(UGHUVLFKVFKRQPLWKDUW JHVRWWHQHQ*DQJVWHUQXQG9HUEUHFKHUQKHUXPJHVFKODJHQ KDWWHZDUSO|W]OLFKQHUY|VZLHHLQ6FKXOMXQJHNXU]YRUGHQ =HXJQLVVHQ(UZXWHQLFKWZDVHUVDJHQVROOWH 'DUHDJLHUWH.DULQ%HFNHUVFKRQHQHUJLVFKHU6LHWUDWDXI:LOO 0DOOPDQQ]XXQGXPIDWHEHLGH+lQGH ª2ND\:LOO"© 0DOOPDQQQLFNWH 6LHZXWHQEHLGHZDVMHW]WIROJHQZUGH8QGEHLGHKDWWHQ ODQJHGDUDXIJHZDUWHWGRFKQLHPDQGKDWWHODXWGDYRQ JHVSURFKHQ$OV:LOO0DOOPDQQVHLQH/LSSHQDXI.DULQ %HFNHUV0XQGSUHWHYHUPHLQWHHUGLH:HOWXPLKQKHUXP ZUGHYHUVLQNHQ
:LHODQJHHU.DULQNWHZXWHHUVHOEVWQLFKW]XVDJHQ 6FKOLHOLFKGUFNWHGLH/HKUHULQGHQ.RPPLVVDUYRQVLFK ZHJª+LPPHO©VDJWHVLHªMHW]WPXLFKHUVWHLQPDO/XIW KROHQ© ª(QWVFKXOGLJXQJDEHU© .DULQODFKWHª'XEUDXFKVWGLFKQLFKW]XHQWVFKXOGLJHQ 6FKOLHOLFKKDVWGXHEHQVRGDUDXIJHZDUWHWZLHLFK© :LOOQLFNWHKHIWLJª'DQQ©HUKROWHWLHI/XIWªGDQQELQLFK GLUDOVRDXFKQLFKWJOHLFKJOWLJ"© ª1HLQ©,Q.DULQV$XJHQHUNDQQWH:LOOZLHHKUOLFKGLH $QWZRUWJHPHLQWZDU 6LHJLQJHQZHLWHU'LHVPDOKDWWH:LOO0DOOPDQQHLQHQ$UP XPGLH6FKXOWHUQGHU/HKUHULQJHOHJW6LHVSUDFKHQYRQGHU =XNXQIWXQGGHU9HUJDQJHQKHLW 8QG:LOOHU]lKOWHLKUYRQVHLQHP%HUXI%LVMHW]WKDWWH.DULQ QLFKWJHZXWZRPLWHUVHLQ*HOGYHUGLHQWH ª'XELVW.RPPLVVDU"©IUDJWHVLH ª-D© ª0HLQ*RWW:LOOLVWGDVQLFKWJHIlKUOLFK"© 0DOOPDQQOlFKHOWHª0DQJHZ|KQWVLFKGDUDQ© ª:UGHPLUQLHJHOLQJHQ© -HW]WJLQJ0DOOPDQQDXIV*DQ]Hª8QGZHQQGXPHLQH)UDX ELVW"© .DULQEOLHEVWHKHQ6LHGUHKWHGHQ.RSIXQGVDK:LOO 0DOOPDQQLQV*HVLFKWª0HLQVWGXGDVLP(UQVW"© ª-D© 6LHVHQNWHGHQ%OLFNXQGVFKDXWHDXILKUH)XVSLW]HQ =ZLVFKHQGHQEHLGHQHQWVWDQGHLQH6FKZHLJHSDXVH1XUGDV 5DVFKHOQGHV$EHQGZLQGHVZDU]XK|UHQDOVHUGXUFKGLH %lXPHVWULFK 'DQQKROWH.DULQWLHI/XIWXQGIUDJWH ª'XP|FKWHVWHLQH $QWZRUWKDEHQ"© ª:HQQHVJHKW© ª2ND\:LOOGXEHNRPPVWVLH$EHUQLFKWMHW]W*LEPLU HWZDV=HLW]XPhEHUOHJHQ'DVDOOHVNDPIUPLFKHLQZHQLJ
SO|W]OLFK$OVLFKGLFK]XPHUVWHQPDOVDKHUJLQJHVPLUHEHQ VRZLHGLU,FKKDEHELVKHUEHUGHQ%HJULII/LHEHDXIGHQ HUVWHQ%OLFNJHODFKWDEHUGDQQWUDIHVPLFK1XQPXLFK PLFKHUVWGDPLWDEILQGHQXQGPHLQH*HGDQNHQLQGLHULFKWLJH 5HLKHQIROJHEULQJHQ,FKKRIIHGXYHUVWHKVWGDV:LOO© ª$EHUQDWUOLFK© ª'DQNH©.DULQOlFKHOWHª8QGLFKZLOOGLUQRFKHWZDV VDJHQ(LQHQ0HQVFKHQZLHGLFKILQGHWPDQlXHUVWVHOWHQLQ XQVHUHU=HLW© :LOO0DOOPDQQZXUGHEHUGLHVHV/REIDVWURW(UKREGLH 6FKXOWHUQVDJWH ª7MD©XQGPHLQWHGDQQ ª6ROOHQZLUQLFKW ZHLWHUJHKHQVRQVWLVWHV]XGXQNHOEHYRUZLUXQVHU=LHO HUUHLFKWKDEHQ© ª1DWUOLFK© 6LHVFKULWWHQ]JLJZHLWHU:LOOKLHOW.DULQ%HFNHUQDFKZLH YRUVRIHVWDOVZROOWHHUVLHQLHZLHGHUORVODVVHQ 'HU:HJZXUGHHQJHU'LHbVWHXQG=ZHLJHGHU%lXPH ZXFKVHQEHUGHP3IDG]XVDPPHQZRVLHHLQUHJHOUHFKWHV 'DFKELOGHWHQGDVVRJDUYRU5HJHQVFKW]WH :LHGHUHUUHLFKWHQVLHHLQH.XUYH 8QGGDQQVDKHQVLHGHQ)HOVHQ 3O|W]OLFKWUDWGHU:DOG]XUFNXQGDXIHLQHUIUHLHQ)OlFKH VWDQGGHUVHOWVDPH)HOVHQGHUVLFKZLHHLQPDKQHQGHU GXQNOHU)LQJHULQGHQ+LPPHOUHFNWH 8QGQRFKHWZDVZDUVHOWVDP ,P8PNUHLVYRQVLFKHUOLFKIQI0HWHUQZXFKVQLFKWV'HU %RGHQZDUVWHLQLJXQGYHUNDUVWHW.HLQJUQHU*UDVKDOP GXUFKEUDFKGDV%UDXQGHU(UGH1DFNWXQGNDKOSUlVHQWLHUWH VLFKGHU%RGHQHEHQVRQDFNWZLHGHU+JHO .RPLVFK :LOO0DOOPDQQUXQ]HOWHGLH6WLUQ'DVWDWHULPPHUZHQQHU QDFKGDFKWH(VZDUIULKQ]XHLQHU$UW0DUNHQ]HLFKHQ JHZRUGHQXQGLKPILHOGLH:DUQXQJGHV:LUWVHLQQLFKWLQ GLH1lKHGLHVHV)HOVHQV]XJHKHQ 6ROOWHGDWDWVlFKOLFKHWZDV:DKUHVGUDQVHLQ"
$XFK.DULQ%HFNHUVSUWHGDKLHUHWZDVQLFKWVWLPPWH6LH GUlQJWHVLFKXQZLOONUOLFKDQ:LOO0DOOPDQQKHUDQXQGZDV GHU.RPPLVVDUVRQVWDXVJHNRVWHWKlWWHOLHLKQMHW]WNDOW (UGUlQJWH.DULQ]XU6HLWH ª:DUWHKLHUDXIPLFK©VDJWHHUPLWOHLVHU6WLPPHª,FKVHKH PLUGHQ)HOVHQHLQPDOQlKHUDQ© ª$EHUVHLYRUVLFKWLJ©IOVWHUWH.DULQ ª:LHVR"© ª.HLQH$KQXQJDEHULUJHQGZLHLVWPLUGLHVHU)OHFNHQQLFKW JDQ]JHKHXHU© 0DOOPDQQZLQNWHDEª.HLQH6RUJHZLUZHUGHQHVVFKRQ VFKDIIHQXQGEHL*HLVWHUQ©(UYHUVWXPPWHDXV$QJVW VFKRQ]XYLHOJHVDJW]XKDEHQ ª:DVVROOGDVGHQQKHLHQ"©IUDJWHGLH/HKUHULQGLHGLH :RUWHZRKOYHUVWDQGHQKDWWH ª1LFKWV(VZDUQXUVRGDKLQJHVDJW©:LOOJULII]XGLHVHU NOHLQHQ1RWOJHZHLOHU.DULQQLFKWEHXQUXKLJHQZROOWH(U VHOEVWZDULQ]ZLVFKHQGDYRQEHU]HXJWGDPLWGLHVHP )HOVHQZLUNOLFKHWZDVQLFKWVWLPPWH2EPDQYRQEHUVLQQ OLFKHQ'LQJHQUHGHQNRQQWHZROOWHHUHUVWHLQPDOGDKLQJH VWHOOWVHLQODVVHQGRFKVROFKHLQ*HVWHLQKDWWHHUQRFKQLHDXI GHU(UGHJHVHKHQ $OVZUGHHVYRQHLQHUDQGHUHQ:HOWVWDPPHQ 1DWUOLFKVFKOXJHQLPPHUZLHGHUDXVGHP$OO0HWHRULWHQ DXIGLH(UGREHUIOlFKHXQGYLHOOHLFKWZDUGLHVHU)HOVHQVR HLQ0HWHRULW .RPPLVVDU0DOOPDQQVFKULWWODQJVDPDXILKQ]X(LQH XQHUNOlUOLFKH6SDQQXQJKDWWHLKQHUIDW'DV%OXWVFKLHQ VFKQHOOHUGXUFKVHLQH$GHUQ]XSXOVLHUHQXQGMHZHLWHUHUVLFK GHP)HOVHQQlKHUWHXPVRXQZRKOHUZXUGHLKP $P+LPPHOZDUGHU0RQGDXIJHJDQJHQXQGVWUHXWHVHLQ IDKOHV/LFKWGHU(UGHHQWJHJHQ 'DGHU)HOVHQDXIHLQHU/LFKWXQJVWDQGXQGGDPLW]LHPOLFK IUHLODJZXUGHDXFKHUYRP0RQGOLFKWYROOJHWURIIHQ 'DVLP*HVWHLQVLW]HQGH0HWDOOOHXFKWHWHXQWHUGHQ6WUDKOHQ
GHV0RQGHVDXIXQGYHUEUHLWHWHHLQHQVLOEHUQHQ6FKLPPHU (LQHQKDOEHQ6FKULWWYRUGHP)HOVHQEOLHE.RPPLVVDU 0DOOPDQQVWHKHQ:LOOVWUHFNWHGHQUHFKWHQ$UPDXVXQG EHUKUWHPLWGHQ)LQJHUVSLW]HQGDV*HVWHLQ 1RUPDOHUZHLVHIKOWHQVLFK6WHLQHNDOWXQGWRWDQDEHU GLHVHU)HOVHQKLHUQLFKW 'HU6WHLQZDUUHJHOUHFKWOHEHQGLJGDVIKOWHGHU .RPPLVVDUXQWHUVHLQHQWDVWHQGHQ)LQJHUVSLW]HQ(UVWDQG QLFKWVWLOOVRQGHUQYLEULHUWHXQGVFKLHQVLFK]XEHZHJHQ 0DOOPDQQEHXJWHVLFKQRFKZHLWHUYRUXQGOHJWHVHLQ2KU JHJHQGHQ6WHLQ 'DHUOHEWHHUHLQHhEHUUDVFKXQJ 'HU6WHLQVDQJ (VZDUNHLQ/LHGDEHUHLQ6XPPHQGDVDXVGHP,QQHUQ HUW|QWHXQGUXKLJPLW%H]HLFKQXQJ6LQJHQEHVFKULHEHQZHU GHQNRQQWH 6DJHQKDIW :LOO0DOOPDQQNRQQWHHVNDXPJODXEHQ :HOFKHV*HKHLPQLVKDWWHHUKLHUHQWGHFNW":HOFKHLQHU 6DFKHZDUHUKLHUDXIGLH6SXUJHNRPPHQ" (LQHP:XQGHUYLHOOHLFKW" 0|JOLFKDEHUNDXP]XJODXEHQ 'LHVHV6LQJHQXQGGDV9LEULHUHQPXWHQHLQHDQGHUH 8UVDFKHKDEHQ :RKHUVWDPPWHGLHVHVHLJHQWPOLFKH*HUlXVFK":DUGDV *HUlXVFKHLQ5lWVHOGDVGHU6WHLQYRQHLQHUDQGHUHQ:HOW RGHUDXVGHP8QLYHUVXPPLWJHEUDFKWKDWWH" :LOO0DOOPDQQGDFKWHGDUDQGHQQHUKDWWHLQGHQOHW]WHQ GUHL-DKUHQJHOHUQWGDHVDXIXQVHUHU:HOWYHUGDPPWYLHOH 5lWVHOJDEGLHPLWGHPQRUPDOHQ9HUVWDQGQLFKW]XEHJUHLIHQ JHVFKZHLJHGHQQ]XO|VHQZDUHQ 'HU6WHLQEDUJHLQ*HKHLPQLV'DUDQJDEHVIU.RPPLVVDU 0DOOPDQQQLFKWV]XUWWHOQ %DXWHVLFKGLHVHV5lWVHODXIHLQHSK\VLNDOLVFKH%DVLVDXI RGHUDXIHLQHGlPRQLVFKH"
'DVZDUGLH)UDJHGLH:LOO0DOOPDQQEHVFKlIWLJWH(UEHU OHJWHZHOFKHLQH%HGHXWXQJGLHVHP)HOVHQ]XJHPHVVHQ ZXUGH(UVWDQGVLFKHUOLFKQLFKWRKQH*UXQGLQGLHVHUDEJH OHJHQHQ*HJHQGGHV%D\HULVFKHQ:DOGHV :LOOZDUIHLQHQ%OLFNEHUGLH6FKXOWHU]XUFN .DULQ%HFNHUVWDQGQRFKDXIGHPJOHLFKHQ)OHFN(VZDU LQ]ZLVFKHQVRGXQNHOJHZRUGHQGD:LOOQXUPHKUGLH 8PULVVHGHU)UDXVDK,KU*HVLFKWMHGRFKOHXFKWHWHZLHHLQ KHOOHU)OHFN $EHUPDOVZDQGWHVLFKGHU.RPPLVVDUGHP6WHLQ]X(U ZROOWHLKQHLQPDOXPUXQGHQVLFKGLH5FNVHLWHDQVFKDXHQ GRFKGD]XNDPHVQLFKWPHKU .DULQ%HFNHUVSDQLVFKHU5XIULLKQKHUXP ª:LOO'D©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|VWHVLFKDOVHUVWHUDXVGHU (UVWDUUXQJ(UWUDWKDVWLJ]ZHL6FKULWWH]XU6HLWHGDPLWHUPLW GHPXQKHLPOLFKHQ.QRFKHQPDQQQLFKW]XVDPPHQVWLH 'DQQEHREDFKWHWHHUZHLWHUXQGZDUWHWHDEZDVJHVFKDK 'DV6NHOHWWEOLHEYRUGHP)HOVHQVWHKHQ(VKDWWHHLQHIDVW PLOLWlULVFKH+DOWXQJHLQJHQRPPHQVWUHFNWHMHW]WGHQ$UP DXVXQGOHJWHVHLQH.QRFKHQILQJHUJHJHQGHQ)HOVHQ
'LHOLQNH+DQGIROJWH 'HUNQRFKLJH2EHUN|USHUILHOHWZDVQDFKYRUQXQGLQ VHLQHUJHEFNWHQ+DOWXQJEOLHEGDV*HULSSHVWHKHQ ª:LOO©YHUQDKP0DOOPDQQGHQVFKOXFK]HQGHQ5XIGHU )UDXGRFKGHU.RPPLVVDUUHDJLHUWHQLFKW 'HU.Q|FKHUQHKDWWHLKQIDV]LQLHUW (LQLJH6HNXQGHQYHUVWULFKHQ'DQQEHJDQQHLQHHWZD WUJURH)OlFKHLQPLWWHQGHV6WHLQVKHOODXI]XOHXFKWHQXQG QRFKHKHGHU.RPPLVVDUVLFKYHUVDKYHUVFKZDQGGDV6NHOHWW LQGLHVHU)OlFKH (VZXUGHUHJHOUHFKWYRQLKUDXIJHVDXJW (LQHQ$XJHQEOLFNVSlWHUHUORVFKGDV/HXFKWHQXQGGHU 6WHLQVDKZLHGHUDXVZLH]XYRU 1LFKWVDEHUDXFKJDUQLFKWVHULQQHUWHGDUDQGDHUHLQH +RUURUJHVWDOWYHUVFKOXFNWKDWWH .RPPLVVDU0DOOPDQQVW|KQWHDXI(UZLVFKWHVLFKEHUGLH $XJHQXQGJODXEWHHLQHQVFKOLPPHQ7UDXPHUOHEW]XKDEHQ $EHUHUZXWHJOHLFK]HLWLJGDHVNHLQ7UDXPJHZHVHQZDU VRQGHUQ5HDOLWlW 9RUEHLPLWGHP8UODXE'HUYHUGDPPWH=XIDOOKDWWHLKQ GLUHNWLQHLQHQKHLHQ)DOOJHIKUW2GHUZDUYLHOOHLFKWDOOHV EHZXWJHOHQNWXQGJHVWHXHUWZRUGHQ" :LOO0DOOPDQQZXWHHVQLFKW,KPZDUQXUNODUGDHU DOOHLQXQGRKQH+LOIVPLWWHOQLFKWPHKUZHLWHUNDP'HQQHLQV KDWWHHUVLFKYRUJHQRPPHQ'DV5lWVHOGLHVHVJHKHLPQLV YROOHQVLQJHQGHQ)HOVHQVPXWHJHO|VWZHUGHQ :LHDXFKLPPHU ª:LOOELWWH©.DULQ%HFNHUV5XIEUDFKWHGHQ.RPPLVVDU LQGLH5HDOLWlW]XUFNXQGVWRSSWHVHLQHQ*HGDQNHQIOX :LHYHUORUHQVWDQGGLH)UDXDP5DQGGHU/LFKWXQJXQG EOLFNWHGHP.RPPLVVDUHQWJHJHQGHUDXIVLH]XOLHI :LOOQDKP.DULQLQGLH$UPH ª0HLQ*RWW©IOVWHUWHVLHªZDVLVWJHVFKHKHQ"+DEHLFK HLQHQ$OSWUDXPJHKDEW"© ª1HLQHVLVWDOOHVZDKUJHZHVHQ©
ª'DQQGDQQ©6LHKROWHWLHI/XIWª'DQQKDWHVGLHVHV 6NHOHWWZLUNOLFKJHJHEHQ"© :LOOQLFNWH +HIWLJVFKWWHOWHGLH/HKUHULQGHQ.RSIª'DVLVWGRFKQLFKW P|JOLFK'DKDWVLFKMHPDQGHLQHQ6FKHU]HUODXEWXQGVLFK YHUNOHLGHW(VJLEWNHLQHOHEHQGHQ6NHOHWWH6LHVLQGWRWVLH VLQG©.DULQVSUDFKQLFKWPHKUZHLWHUGDLKUGLH:RUWH IHKOWHQXPGDVDXV]XGUFNHQZDVVLHHPSIDQG :LOO0DOOPDQQVFKZLHJHEHQIDOOV:DVKlWWHHULKUDXFKJUR HU]lKOHQVROOHQ"9RQDQGHUHQ:HOWHQYRQ*HLVWHUQXQG 'lPRQHQ"9RQ0lFKWHQGHU)LQVWHUQLVYRQ$VPRGLVRGHU GHP6FKZDU]HQ7RG" .DULQKlWWHLKPVLFKHUOLFKQLFKWJHJODXEWXQGGDVNRQQWHHU LKUQLFKWHLQPDOEHOQHKPHQ:HQQHUVLHVFKRQHLQZHLKWH GDVZUGHVLFKHUOLFKQLFKWDXVEOHLEHQGDQQEHKXWVDPXQG YRUVLFKWLJ1DFKXQGQDFKVROOWHVLHPHKUHUIDKUHQ 6LHJODXEWHDQHLQHQ6FKHU]HLQH7lXVFKXQJª:HUPDFKW GHQQVRHWZDV"©IOVWHUWHVLHª'DVNDQQLFKQLFKWEHJUHLIHQ :DUXPZROOWHPDQXQVHUVFKUHFNHQ"© ª:LUZHUGHQHVHUIDKUHQ©HUZLGHUWH:LOOª,UJHQGZDQQ© ª,FKKDEH$QJVW©VDJWH.DULQOHLVH ª'DVLVWJDQ]QDWUOLFK© ª/DXQVJHKHQELWWH© 'HU.RPPLVVDUQLFNWH(WZDVDQGHUHVKDWWHHUVRZLHVRQLFKW YRUJHKDEW(UQDKP.DULQEHLGHU+DQGXQGVLHOLHIHQGHQ :HJVRUDVFK]XUFNZLHHVHEHQJLQJ 'LHVPDOVFKDIIWHQVLHGLH6WUHFNHLQGHU+lOIWHGHU=HLW 'DEHLDKQWHQVLHQLFKWGDLP'RUIEHUHLWVHLQHZHLWHUHhEHU UDVFKXQJDXIVLHZDUWHWH 6FKRQDOVVLHDXVGHP:DOGWUDWHQXQGKLQXQWHU]XP *DVWKDXVVFKDXWHQVDKHQVLHGDHWZDVQLFKWVWLPPWH:LOO XQG.DULQEHIDQGHQVLFKVRKRFKGDVLHEHUGDV'DFKVHKHQ NRQQWHQXQGHUNDQQWHQWURW]GHU'XQNHOKHLWGLH]DKOUHLFKHQ
0HQVFKHQDXIGHU6WUDH(LQLJHKLHOWHQHLQJHVFKDOWHWH 7DVFKHQODPSHQLQGHQ+lQGHQ:HQQGLH7UlJHUVLFKEHZHJ WHQWDQ]WHQGLH6WUDKOHQKHNWLVFKKLQXQGKHU .DULQ%HFNHUVFKWWHOWHYHUZXQGHUWGHQ.RSIª:DVVROOGDV EHGHXWHQ"©IUDJWHVLH :LOO0DOOPDQQKREGLH6FKXOWHUQª.HLQH$KQXQJDEHUZLU ZHUGHQHVEDOGZLVVHQ© ª2EGDVPLWGHP$XIWDXFKHQGHV6NHOHWWV]XVDPPHQ KlQJW"© ª0|JOLFK© 6LHJLQJHQZHLWHUXQGVFKULWWHQGDEHLZHLWDXV8QWHULKUHQ 6FKXKVRKOHQUXWVFKWHQ6WHLQHXQG*HU|OOZHJ 'DQQXPUXQGHWHQVLHGDV+DXVXQGKDWWHQNDXPGHQ 3DUNSODW]SDVVLHUWDOVLKQHQ$QQDGLH%HGLHQXQJHQWJHJHQ NDP 6HOEVWLPVFKOHFKWHQ/LFKWGHU$XHQEHOHXFKWXQJGHV*DVW KDXVHVHUNDQQWHQVLHGLH$QJVWDXI$QQDV*HVLFKW ª+HUU0DOOPDQQ©VDJWHVLHXQGOHJWHLKUH+DQGDXIGHQ EHDFKWOLFKHQ%XVHQª'HP+LPPHOVHL'DQNGD6LHXQG )UDX%HFNHUZLHGHUKLHUVLQG© :LOOSURELHUWHHLQ/lFKHOQª$EHUZDVLVWGHQQORV":LUVLQG GRFKQLFKWYRQGHQ7RWHQDXIHUVWDQGHQ© $QQDZLFKHLQHQ6FKULWW]XUFNª(UZlKQHQ6LHQXUQLFKW GLH7RWHQ6DJHQ6LHGDV:RUWQLFKW© ª$EHUZDUXP"© $QQDWUDWZLHGHUQlKHUVRGDVLHGLFKWYRU:LOO0DOOPDQQ VWDQGXQGHUGLH.FKHQGQVWHURFKGLHLQLKUHU.OHLGXQJ KLQJHQª'LH7RWHQVLQGDXIHUVWDQGHQ©IOVWHUWHVLH ª'DVPVVHQ6LHPLUHUNOlUHQ© ª(UKDWVLHJHVHKHQ© ª:HU"©IUDJWH:LOO ª)UHG6SDW]HNGHU.VWHUXQG7RWHQJUlEHU(UZROOWHGDV *UDEDXVKHEHQGLH.QRFKHQEHUGLH5XWVFKHJOHLWHQODVVHQ XQGGDQQNDPGDV6NHOHWW© 0DOOPDQQYHUVWDQGQLFKWV%LVDXIGDV6NHOHWW
ª:DVPDFKWHHV"© $QQDVFKWWHOWHGHQ.RSIª1LFKWV(VJLQJHLQIDFKZHJ$XI GHQ:DOG]XZLH6SDW]HNHUNOlUWH(VZROOWHEHVWLPPW]XP 6WHLQ2*RWW6LHZDUHQMDDXFKGD©6LHSUHWHLKUH+DQG JHJHQGHQ0XQG 0DOOPDQQORJMHW]Wª:LUKDEHQDEHUQLFKWVJHVHKHQ©VDJWH HUUXKLJ ª'DQQGDQNHQ6LHGHP+HUUJRWW©$QQDZROOWHZLHGHU JHKHQGRFKGHU.RPPLVVDUKLHOWVLHDQGHU6FKXOWHU]XUFN ª:RNDQQLFKPLWGLHVHP7RWHQJUlEHUVSUHFKHQ",VWHUGD"© ª-DHUVLW]WGUEHQLQGHU*DVWVWXEH'HU+HUU&KHIXQGGHU +HUU3IDUUHUVLQGEHLLKP6SDW]HNZROOWHVLFKEHWULQNHQXP GLH$QJVW]XW|WHQDEHUGDVKDEHQGLHDQGHUHQQLFKW]XJH ODVVHQ© ª:DUXPODXIHQGHQQGLH0HQVFKHQKLHUDXIGHU6WUDH KHUXP"©ZROOWH:LOO0DOOPDQQQRFKZLVVHQ ª:HLO6SDW]HNVLHYHUUFNWJHPDFKWKDW(UKDWGRFKODXW JHQXJJHVFKULHQ© ª'DQNH$QQD© 'HU.RPPLVVDUKDWWHNHLQH/XVW(UNOlUXQJHQDE]XJHEHQ 8QGHUKDWWHVLFKHQWVFKORVVHQVHLQ,QNRJQLWR]XOIWHQ REZRKOHUXQHUNDQQW8UODXEPDFKHQZROOWH (LQ3ROL]LVWVWDQGYRUGHP(LQJDQJGHU*DVWVWXEH(LQ W\SLVFKHU'|UIOHUZDVNHLQHVZHJVQHJDWLYJHPHLQWLVW .DULQ%HFNHUXQG:LOO0DOOPDQQWUDWHQDXILKQ]X ª6LHGUIHQKLHUQLFKWUHLQ©VDJWHGHU3ROL]LVWXQGKRE GURKHQGGLH$XJHQEUDXHQ ª:HUEHVWLPPWGDV"©IUDJWH0DOOPDQQ]XUFN ª,FK© 'HU.RPPLVVDUQLFNWHXQGJULIIXQWHUVHLQH-DFNHZlKUHQG VLFKGHU3ROL]LVWUlXVSHUWHXQGVLFKQRFKEUHLWEHLQLJHU DXIVWHOOWH :LOO0DOOPDQQ]HLJWHLKPVHLQHQ$XVZHLVª%LWWH© 'HU3ROL]LVWZXUGHEODª(QWVFKXOGLJHQ6LH+HUU .RPPLVVDUGDVKDEHLFKQLFKWJHZXW%LWWHVHKU©
(UKLHOW:LOOXQG.DULQVRJDUGLH7UDXI 1HEHQHLQDQGHUEHWUDWHQGLHEHLGHQ0HQVFKHQGLH*DVW VWXEHLQGHUVLHYRU]ZHL6WXQGHQQRFKJHJHVVHQKDWWHQ 'UHL0lQQHUVDHQDQGHPRYDOHQ6WDPPWLVFK 'HQ:LUWNDQQWH:LOO'HU3IDUUHUZDUDQVHLQHU.OHLGXQJ]X HUNHQQHQXQGEHLGHPGULWWHQ*DVWNRQQWHHVVLFKQXUXP GHQ=HXJHQKDQGHOQGHUGDV6NHOHWWJHVHKHQKDWWH ª6LH"©IUDJWHGHU:LUWª(LQ*OFN©'HU7RWHQJUlEHUKDWWH HLQH6FKQDSVIODVFKHYRUVLFKVWHKHQXQGVFKLHQGLH(LQ WUHWHQGHQJDUQLFKWEHPHUNW]XKDEHQ ª$PEHVWHQLVWHV6LHJHKHQKLQDXILQ,KUH=LPPHU©VFKOXJ GHU:LUWYRUª,KQHQLVWMDXQWHUZHJV© ª:LUJHKHQQLFKWQDFKREHQ©XQWHUEUDFK.RPPLVVDU 0DOOPDQQGHQ5HGHIOX ª:LHVR"© :LHGHU]HLJWH:LOOVHLQHQ$XVZHLV-HW]WZXUGHGHU:LUW EOD(UGUHKWHVLFK]XP3IDUUHUXPª(LQ.RPPLVVDU©VDJWH HUª(LQULFKWLJHU.RPPLVVDU© ª:HQQ6LHHUODXEHQZHUGHLFKGHQ=HXJHQYHUQHKPHQ© VDJWH:LOO0DOOPDQQ ª1DWUOLFK©EHHLOWHVLFK6HSS0D\U]XYHUVLFKHUQª$EHUHV ZLUGNDXP=ZHFNKDEHQXQVHUJXWHU)UHXQG6SDW]HNLVW QlPOLFKYROO(UPXWHDXIGHQ6FKUHFNKLQHLQIDFKHLQHQ 6FKOXFNWULQNHQ'DVLQGHVHEHQHLQSDDU6FKOXFNHPHKU JHZRUGHQZHQQ6LHYHUVWHKHQ+HUU.RPPLVVDU© 0DOOPDQQQLFNWHª(ULVWEHWUXQNHQ© ª*HQDX© 'HU3IDUUHUPHOGHWHVLFKª$EHUZLUZLVVHQZDVJHVFKHKHQ LVW+HUU6SDW]HNKDWHVXQVEHULFKWHW© ª'DQNH© .DULQ%HFNHUXQG0DOOPDQQQDKPHQ3ODW]'LHDQGHUHQ GUHLVDHQLKQHQJHJHQEHU )UHG6SDW]HNVWLHUWHDXIGLH7LVFKSODWWHXQGNLSSWHKLQXQG ZLHGHUHLQHQ.ODUHQKLQWHUGLH%LQGH 'HU3IDUUHUEHULFKWHWH(UHU]lKOWHYRQGHP)ULHGKRIGHU
LQVHLQHU$UWZLUNOLFKHLQHQ$QDFKURQLVPXVGDUVWHOOWH'D ZXUGHQ*UlEHUDXVJHKREHQXPIUQHXH7RWH3ODW]]X VFKDIIHQ 0DOOPDQQNRQQWHQXUGHQ.RSIVFKWWHOQ6RHWZDVKDWWHHU LQVHLQHPJDQ]HQ/HEHQQRFKQLFKWJHK|UW 'HU.RPPLVVDUHUIXKUDXFKYRQGHP%HLQKDXVLQGHPGLH .QRFKHQJHODJHUWZXUGHQ ª8QGZDVJHVFKLHKWGDPLW"©IUDJWHHU]ZLVFKHQ 'HU3IDUUHUKREGLH6FKXOWHUQª1LFKWV6LH]HUIDOOHQLP /DXIHGHU=HLW]X6WDXE© .DULQ%HFNHUVFKWWHOWHVLFK'LHVHV7KHPDZDUIUVLH]X PDNDEHU 'HU.RPPLVVDUIUDJWH ª*ODXEHQ6LHZLUNOLFKDQGDVZDV GHU7RWHQJUlEHUJHVHKHQKDW"© 6HSS0D\UQLFNWHKHIWLJ 'HU3IDUUHUMHGRFKZLHJWHGHQ.RSIª(VLVWQLFKW]XIDVVHQ© HUZLGHUWHHUª,QXQVHUHU+HLOLJHQ.LUFKH,FKJODXEHHV HLQIDFKQLFKW9LHOOHLFKWZDU+HUU6SDW]HNVFKRQYRUKHU EHWUXQNHQ© ª$EHU6LHKDEHQGRFKYRUKHUPLWLKPJHUHGHW©VDJWHGHU :LUW ª-DEHPHUNWKDEHLFKQLFKWV© ª,FKJODXEHLKP©.RPPLVVDU0DOOPDQQKDWWHGLH:RUWH JHVSURFKHQXQGGHU:LUWXQGGHU3IDUUHUVWDUUWHQLKQEHU UDVFKWDQ ª:LHVR"©IUDJWH+RFKZUGHQ 0DOOPDQQEHULFKWHWH -HW]WVFKOXJGHU:LUWHLQ.UHX]]HLFKHQª'HU)HOVHQ© IOVWHUWHHUª,FKZXWHHVGHU)HOVHQ© ª8QG6LHKDEHQGDV6NHOHWWZLUNOLFKJHVHKHQ"©HUNXQGLJWH VLFKGHU*HLVWOLFKH ª-D)UlXOHLQ%HFNHULVWPHLQH=HXJLQ© .DULQQLFNWHEHVWlWLJHQG 'HU:LUWVSUDFKGDVDXVZDVZRKODOOHGDFKWHQª(VNRPPW HWZDV6FKOLPPHVDXIXQV]X:DVPDFKHQZLUQXQ"©
ª%HWHQXQGKRIIHQ©DQWZRUWHWHGHU3IDUUHU$XVVHLQHU6LFKW KDWWHHUEHVWLPPWUHFKW$EHU.RPPLVVDU0DOOPDQQGDFKWH GDHWZDVSUDNWLVFKHU ª,FKZHUGHHLQ7HOHIRQJHVSUlFKIKUHQ©VDJWH0DOOPDQQ ª'DUILFKPDO"© 'HU:LUWQLFNWHª1DWUOLFK© 6HLQH$XJHQZXUGHQMHGRFKJURDOV.RPPLVVDU0DOOPDQQ HLQ*HVSUlFKQDFK/RQGRQDQPHOGHWHXQGDOV7HLOQHKPHU HLQHQJHZLVVHQ-RKQ6LQFODLUDQJDE ,FKKDWWHPDOYRU-DKUHQHLQHQ)LOPJHVHKHQPLWGHP7LWHO ª*HIlKUOLFKVLQGGLHKHOOHQ1lFKWH© (VJLQJGDPDOVXP6H[LQ6RPPHUQlFKWHQ 2ND\GLH6FKDXVSLHOHUKDWWHQHVJXW:DKUVFKHLQOLFKZDU GHU6WUHLIHQLP)UKMDKUJHGUHKWZRUGHQ0LUZDUHQGLH KHOOHQ1lFKWHPRPHQWDQHKHUXQDQJHQHKP ,FKKDWWHGLHOHW]WH1DFKWIDVWQLFKWJHVFKODIHQ 'HVKDOEZDULFKDQGLHVHPIUKHQ$EHQGKXQGHPGHXQG EHUOHJWHRELFKVFKRQLQV%HWWJHKHQVROOWH$EHULFKZXWH GDLFKDXFKLQGLHVHU1DFKWQLFKWJXWVFKODIHQZUGHGHQQ GDV:HWWHUKDWWHVLFKQLFKWJHlQGHUW ,FKVDKPLUHLQHODQJZHLOLJH6HQGXQJLP)HUQVHKHQDQ 1RUPDOHUZHLVHZLUNWVRHWZDVDXIPLFKHLQVFKOlIHUQGDEHU LFKEOLHEZLHDXIJHNUDW]W 'DQQNOLQJHOWHSO|W]OLFKGDV7HOHIRQ (KUOLFKJHVDJWLFKZDUVRJDUIURKGDUEHU 5DVFKKLHOWLFKGHQ+|UHULQGHU+DQGXQGVFKPHWWHUWHHLQ ZDFKHV ª6LQFODLU© ª0DOOPDQQ© ª+D:LOOGXDOWHU*HLHU6DJEORGXELVWLQ/RQGRQ"'LH 9HUELQGXQJLVWDXVJH]HLFKQHW© ª1HLQLP%D\HULVFKHQ:DOG© ª+|UWVLFKQDFK*HUPDQ\DQ© ª,VWDXFKLQ*HUPDQ\©
ª%UHQQWHVZLHGHU"©IUDJWHLFK ª8QGZLH©:LOOHU]lKOWHPLUXPZDVHVJLQJ,FKK|UWH JHQDX]XXQGVWDQGGHU6DFKHVRIRUWSRVLWLYJHJHQEHUGHQQ :LOO0DOOPDQQULHIQLFKW]XP6SDDQ ª'XNRPPVWDOVR"©IUDJWHHU]XP6FKOX ª-DDEHUZLHVROOLFKGDVGUHKHQ"© ª$PWVKLOIH© ª:HQQHVJHKW$XHUGHPPXLFKPHLQH'HXWVFKNHQQW QLVVHPDOZLHGHUDXIIULVFKHQ© ª1DELWWH© ª%ULQJVWGX6XNRPLW"© ª.DXP(UKDWPLW6KDRJHQXJ]XWXQ© ª$EHUGXNRPPVW"©IUDJWH0DOOPDQQ ª-D© ª3KDQWDVWLVFK,FKKROHGLFKLQ5HJHQVEXUJDE'XNDQQVW ELV1UQEHUJIOLHJHQXQGYRQGRUWPLWGHP=XJIDKUHQ©:LOO 0DOOPDQQJDEPLUQRFKVHLQH7HOHIRQQXPPHUGXUFKXQWHU GHUHULP8UODXE]XHUUHLFKHQZDU ,FKDEHUOHJWHDXI 'DQQULHILFKDP$LUSRUWDQXQGHUNXQGLJWHPLFKZDQQGHU QlFKVWH)OXJQDFK1UQEHUJJLQJ %LV1UQEHUJEHNDPLFKNHLQH0DVFKLQH'DIUMHGRFKELV )UDQNIXUW,FKEHVWHOOWHHLQ7LFNHWXQGQRWLHUWHPLUGLH $EIOXJ]HLW'DQQVFKZDQJLFKPLFKDXIGLH0DWUDW]H 8QGSO|W]OLFKNRQQWHLFKVFKODIHQ :HQQGDVNHLQJXWHV2PHQZDU $XFK.RPPLVVDU0DOOPDQQOHJWHGHQ+|UHUDXI(UJLQJ ZLHGHU]X.DULQ%HFNHUXQGGHQ0lQQHUQ]XUFN ª:HQKDEHQ6LHLQ/RQGRQDQJHUXIHQ"©IUDJWHGHU:LUW ª2EHULQVSHNWRU-RKQ6LQFODLU(LQJXWHU)UHXQGYRQPLU© ª8QG"© :LOO0DOOPDQQOlFKHOWHª(UWULIIWLP/DXIHGHVPRUJLJHQ 7DJHVKLHUHLQ©
ª$EHUZDVVROOHUKLHU"©ULHIGHU3IDUUHU ª'HQ)DOOO|VHQ© -HW]WVFKDXWHQ:LOO0DOOPDQQQLFKWQXUGLHGUHL0lQQHUYHU ZXQGHUWDQVRQGHUQDXFK.DULQ%HFNHU ª,FKJODXEHGDVPXWGXXQVHUNOlUHQ:LOO© ª2ND\©:LOO0DOOPDQQEHULFKWHWH(UHU]lKOWHYRQPHLQHQ (UIROJHQLP.DPSIJHJHQGLH0lFKWHGHU)LQVWHUQLVXQG DXFKYRQGHQ)lOOHQGLHHUXQGLFKJHPHLQVDPGXUFKVWDQGHQ KDWWHQ ,PPHUPHKU8QJODXEHQVSLHJHOWHVLFKDXIGHQ*HVLFKWHUQ VHLQHU=XK|UHUZLGHU 'HU:LUWIUDJWH ª8QGGDVJLEWHVWDWVlFKOLFK"© :LOO0DOOPDQQQLFNWHª-D+HUU0D\U-HGHV:RUWGDVLFK ,KQHQJHVDJWKDEHLVWZDKU© ª8QJODXEOLFK© ª'DVLVWGDV:HUNGHV7HXIHOV©IOVWHUWHGHU3IDUUHU ª6RJDQ]XQUHFKWKDEHQ6LHQLFKW+HUU3IDUUHU©JDE:LOO 0DOOPDQQ]X ª'HU7HXIHONRPPWXQGIULWXQVDOOH©EUDEEHOWHGHU 7RWHQJUlEHULQVHLQHP6XII(UKREGHQ.RSI6HLQ%OLFNZDU VWXPSI+DUWOLHHUVHLQHUHFKWH+DQGDXIGHQ7LVFKIDOOHQ 8QWHUVHLQHQ)LQJHUQlJHOQNOHEWHQRFKGHU'UHFNYRP )ULHGKRIª6RZLUGHUXQVVFKQDSSHQXQGGDQQZHUGHQZLU LP+|OOHQIHXHUVFKPRUHQ© ª6LHVLQGMDEHWUXQNHQ©VFKLPSIWHGHU3IDUUHU :LOO0DOOPDQQNDPDXIGLHVHV%HLQKDXV]XUFN(VVSXNWH LKPVFKRQGLHJDQ]H=HLWEHULP.RSIKHUXP'HU .RPPLVVDUZDQGWHVLFKGLUHNWDQGHQ3IDUUHUª.DQQLFKGDV %HLQKDXVXQWHUGHU.LUFKHHLQPDOEHVLFKWLJHQ"© 'HU*HLVWOLFKHVWDXQWHª6LHZROOHQ"© ª-D© ª:DQQGHQQ"© ª0HLQHWZHJHQVRIRUW©VDJWHGHU.RPPLVVDU .DULQ%HFNHUJULIIQDFK0DOOPDQQV$UPXQGULHI ª:LOOELVW GXGHQQOHEHQVPGH"©
ª1HLQGDVJDQ]EHVWLPPWQLFKW© ª,FKKDEH$QJVWXPGLFK(VNRPPWQLFKWLQ)UDJHGDGX GRUWKLQJHKVW© ª,FKPXDEHU© ª'DQQJHKHLFKPLW©VDJWHVLH ª8QGLFKDXFK©PHOGHWHVLFKGHU:LUWª(LQYHUVWDQGHQ +HUU3IDUUHU"© ª0HLQHWZHJHQ©'HU*HLVWOLFKHOlFKHOWHª,FKELQVLFKHUGD ZLUQLFKWVILQGHQZHUGHQ$OOHVLVWEHVWLPPWQXU6SLQQHUHL© (UHUKREVLFKXQGGLHDQGHUHQIROJWHQVHLQHP%HLVSLHO ª,FKVDJHQXUQRFKHEHQPHLQHU)UDX%HVFKHLGGDLFK ZHJJHKH©ULHIGHU:LUW 'HU3IDUUHUQLFNWH0LW.DULQ%HFNHUXQG:LOO0DOOPDQQ JLQJHUVFKRQQDFKGUDXHQ 'LH0HQVFKHQZDUWHWHQQRFKLPPHU(LQLJH0lQQHUKLHOWHQ %LHUNUJHLQGHQ+lQGHQ'LH)UDXHQKDWWHQLKUH.LQGHU lQJVWOLFKDQGLH+DQGJHQRPPHQ,Q:LQGHVHLOHKDWWHVLFKGLH 1DFKULFKWGHV.VWHUVLP2UWKHUXPJHVSURFKHQ-HW]WZXWHQ DXFKGLHOHW]WHQ%HVFKHLG $OVGHU3IDUUHUEHUGLH6FKZHOOHWUDWZXUGHHUPLW]DKO UHLFKHQ)UDJHQEHVWUPW$OOHVSUDFKHQGXUFKHLQDQGHU (LQHDOWH)UDXPLWHLQHPURWHQ.RSIWXFKXPGHQ.RSIKLHOW VRJDUHLQULHVLJHV+RO]NUHX]LQGHU+DQGXQGZROOWH-DJGDXI +H[HQPDFKHQ ª'DVLVWGLHPRGHUQH=HLW©NHLIWHVLHGD]ZLVFKHQª6LH PDFKWDXV0HQVFKHQ7HXIHOQ6RJDUGLH7RWHQKDEHQMHW]W NHLQH5XKHPHKU:HKHXQVZHKH© -DPPHUQG]RJVLHGDYRQ 1LHPDQGK|UWHDXIVLH 'HU3IDUUHUJDENHLQH(UNOlUXQJ(UOLHVHLQH0LWEUJHU ZHLWHU5lWVHOUDWHQ 6FKOLHOLFKNDPGHU:LUW(UKDWWHHLQH-DFNHEHUJH]RJHQ ª:LUN|QQHQ©VDJWHHU 'UHL0lQQHUXQGHLQH)UDXVFKOXJHQGHQ:HJ]XP)ULHGKRI HLQ6LHVFKULWWHQGXUFKGDV'RUIYRUEHLDQHLQLJHQNOHLQHQ
*HVFKlIWHQXQGERJHQGDQQLQ+|KHGHV0DUNWSODW]HVYRQ GHU+DXSWVWUDHDEhEHUHLQHQVFKPDOHQPLW3IODVWHUVWHLQHQ EHGHFNWHQ:HJJHODQJWHQVLHLQGLH1lKHGHU.LUFKH (VEUDQQWHQQXUZHQLJH/DWHUQHQ8QGGLHZDUHQPHLVW LQDOWHUWPOLFKHU0DQLHUDQGHQ+DXVZlQGHQEHIHVWLJW 'HUPLOFKLJH6FKHLQHUUHLFKWHNDXPGHQ%RGHQ .DULQ%HFNHUKLHOW:LOOVUHFKWH+DQGIHVWXPNODPPHUW'LH )UDXIUFKWHWHVLFKGDVZDULKUGHXWOLFKDQ]XPHUNHQ-HQlKHU VLHGHU.LUFKHNDPHQXPVR]|JHUQGHUZXUGHQLKUH6FKULWWH ª:LOOVWGXHVGLUQLFKWQRFKHLQPDOEHUOHJHQ:LOO"© ª1HLQ© 6LHJLQJHQZHLWHU6FKZHLJHQG =XHUVWZDUHQLKQHQHLQLJH(LQZRKQHUXQGDXFK)HULHQJlVWH JHIROJWGRFKVLHEOLHEHQ]XUFNMHPHKUVLFKGLH*UXSSHGHP 2UWGHV*HVFKHKHQVQlKHUWH 'HU:LUWKDWWHHLQH7DVFKHQODPSHPLWJHQRPPHQ(UVFKDO WHWHVLHHLQOHXFKWHWHXQG:LOO0DOOPDQQVDKGDVURVWLJH )ULHGKRIVWRUGDVHWZDVVFKLHILQGHQ$QJHOQKLQJ ª6ROOHQZLUQLFKWHUVWLQGLH.LUFKHJHKHQ"©IUDJWHGHU:LUW 6HLQH6WLPPH]LWWHUWHOHLFKW 0DOOPDQQVFKWWHOWHGHQ.RSIª1HLQLFKP|FKWHPLUQRFK GHQ.LUFKKRIDQVFKDXHQ© (UVWLHGDV7RUDXI .DULQV+DQGUXWVFKWHDXVGHUVHLQHQª,FKEOHLEHKLHU©VDJWH VLHª9RU)ULHGK|IHQKDEHLFKLPPHU$QJVWJHKDEW%HVRQGHUV EHL'XQNHOKHLW© 6LHVWDQGQLFKWDOOHLQGHQQDXFKGHU:LUWKDWWHNHLQH/XVW GHQ7RWHQDFNHU]XEHWUHWHQ 6RJLQJHQGHU.RPPLVVDUXQGGHU3IDUUHUDOOHLQ :LOO0DOOPDQQKDWWHVLFKYRQ-RVHI0D\UGLH/DPSHJHEHQ ODVVHQ(UVFKZHQNWHVLHLP.UHLV 'HUKHOOH6FKHLQZDQGHUWHEHU*UDEVWHLQHXQG.UHX]H(U ULDXFKGLH8PUDQGXQJHQGHU*UlEHUDXVGHU'XQNHOKHLW XQGWDVWHWHVLFKZHLWHUYRUELVDQGDV(QGHGHVNOHLQHQ )ULHGKRIVZRHUDQGHPDXIJHEURFKHQHQ*UDENOHEHQEOLHE
0DOOPDQQVFKULWWUDVFKDXIGDV*UDE]X'DQQEOLHEHU GDYRUVWHKHQXQGOHXFKWHWHKLQHLQ 9HUIDXOWH+RO]UHVWHZDUHQQRFK]XHUNHQQHQ$EHUNHLQ HLQ]LJHU.QRFKHQPHKU'HU7RWHQJUlEHUKDWWHDXIJHUlXPW 0DOOPDQQGUHKWHVLFK-HW]WZDQGHUWHGHU/LFKWNUHLVEHU GLH.LUFKHQPDXHU ª6LHPVVHQHWZDVWLHIHUKDOWHQ©HUNOlUWHGHU3IDUUHUª'RUW EHILQGHWVLFKGHU(LQVWLHJ© ª'DQNH© 1HEHQGHU5XWVFKHVWDQGQRFKGHU3ODVWLNVDFN)UHG6SDW]HN KDWWHLKQQLFKWPHKUPLWJHQRPPHQ :LOOVDKGLHKDOEUXQGHgIIQXQJVFKULWWGDUDXI]XXQG EFNWHVLFKZREHLHUPLWGHU/DPSHLQGLH7LHIHOHXFKWHWH *HVSHQVWLVFKVFKLPPHUWHGHU.QRFKHQEHUJDOVGDVNDOWH /LFKWLKQWUDI :LOOZXUGHHLQXQEHKDJOLFKHV*HIKOQLFKWORV'DVDOVRZDU GDV%HLQKDXV :LUNOLFKNHLQ$QEOLFNIU1HUYHQVFKZDFKH ª0|FKWHQ6LHQRFKLPPHUGRUWKLQHLQ"©HUNXQGLJWHVLFK GHU3IDUUHU ª1DWUOLFK©0DOOPDQQHUKREVLFKZLHGHUª+DEHQ6LHGHQ 6FKOVVHOEHLVLFK"© ª1HLQGDPVVHQZLU]XPLU,FKKDEHLKQLP3IDUUKDXV XQWHU9HUVFKOX© 0DOOPDQQQLFNWHª2ND\JHKHQZLU© .DULQ%HFNHUXQGGHU:LUWZDUWHWHQ.DULQV*HVLFKW]HLJWH (UOHLFKWHUXQJDOVVLHGHQ.RPPLVVDUVDKª*XWGDGLUQLFKWV SDVVLHUWLVW©VDJWHVLH ª8QNUDXWYHUJHKWQLFKW©'HU.RPPLVVDUOlFKHOWHª,FK ZHUGHDEHUQRFKGDV%HLQKDXVEHVLFKWLJHQ'HU3IDUUHULVWVR IUHXQGOLFKXQGKROWGHQ6FKOVVHO0XLFKPLW"© ª1HLQQHLQ6LHN|QQHQKLHUZDUWHQ'HU(LQJDQJLVWDXFK YRQGLHVHU6HLWHEHTXHP]XHUUHLFKHQ©'HU*HLVWOLFKHJLQJ .DULQ%HFNHUVFKDXWH:LOODQª+DVWGXGLUGDQLFKWHWZDV ]XYLHOYRUJHQRPPHQ"©IUDJWHVLH
ª.DXPGHQQGLHVHU)DOOLVWHLJHQWOLFKQRFKKDUPORV]XGHP ZDVLFKEHUHLWVKLQWHUPLUKDEH© ª%LVMHW]W©JDE.DULQ]XEHGHQNHQ :LOOOlFKHOHª6WLPPWDXFKZLHGHU© 'HU:LUWVWDQGVFKZHLJHQGGDQHEHQ+LQXQGZLHGHUWUDWHU XQUXKLJYRQHLQHP)XDXIGHQDQGHUHQRGHUHUZDUIHLQHQ IXUFKWVDPHQ%OLFN]XP)ULHGKRIKLQEHU(UWUDXWHGHP )ULHGHQHUVWUHFKWQLFKW .DULQVDJWH ª,FKGHQNHGXELVW.ULPLQDONRPPLVVDU© ª'DVVWLPPW ª6HLWZDQQMDJHQ.RPPLVVDUH*HLVWHU",FKPHLQHKLHULP 8UODXEGDVZLOOLFKPDODOVHLQH$XVQDKPHVHKHQDEHU ZLHLFKGHLQHQ:RUWHQHQWQRPPHQKDEHKDVWGXGLFKMD VFKRQIUKHUPLWGLHVHQNRPLVFKHQ)lOOHQEHVFKlIWLJW8QG GHLQ$QUXIQDFK/RQGRQNDPVFKOLHOLFKDXFKQLFKWYRQ XQJHIlKU© ª1HLQGDVQLFKW©JDE:LOO]X .DULQGUFNWHVLFKDQLKQª:LOOVWGXPLUGHQQNHLQH (UNOlUXQJJHEHQ"©IUDJWHVLH ª1DWUOLFKDEHUVSlWHU-HW]WKDEHLFKZLUNOLFKNHLQH=HLW GD]X© ª.ODU© 6LHK|UWHQ6FKULWWH 6RIRUWVSDQQWHVLFKGLH+DOWXQJGHV:LUWV'RFKHVZDUQXU GHU3IDUUHUGHU]XUFNNHKUWH ª,FKKDEHGHQ6FKOVVHO©PHOGHWHHUEOLHEVWHKHQXQGKRE HLQHQHLVHUQHQ5LQJKRFKDQGHPHLQ6FKOVVHOKLQJ :LOO0DOOPDQQQLFNWHª2ND\+RFKZUGHQ/DVVHQ6LHXQV JHKHQ© ª%LWWHVHLYRUVLFKWLJ©IOVWHUWH.DULQ%HFNHU 0DOOPDQQQLFNWHª:LUGVFKRQVFKLHIJHKHQ© (UZROOWH.DULQQRFKHLQHQ.XDXIGLH:DQJHQGUFNHQ XQWHUOLHHVDEHUGDHU]XYLHOH=XVFKDXHUKDWWH 6WDWWGHVVHQIROJWHHUGHP3IDUUHULQGLH.LUFKH 6LHQDKPHQHLQHQ6HLWHQHLQJDQJJLQJHQMHGRFKQLFKWYRU
ELV]XP:HLKZDVVHUEHFNHQXPGDV]DKOUHLFKHEUHQQHQGH .HU]HQVWDQGHQGLHLP:LQG]XJIODFNHUWHQ 'HU$OWDUZDUNDXP]XHUNHQQHQ=ZHLEUHQQHQGH.HU]HQ UDKPWHQLKQHLQ(UURFKQDFK:HLKZDVVHUXQG7DOJ$XHU GHPZDUHVVHKUNKO'LHNDKOHQ:lQGHDP(LQJDQJGHV .LUFKHQVFKLIIVVWUDKOWHQGLHVH.lOWHDXV :LOO0DOOPDQQOLHVHLQH%OLFNHNUHLVHQXQGQLFNWHHKU IUFKWLJ(UKDWWHYRUDOWHQ.LUFKHQLPPHUHLQHQXQJHKHXUHQ 5HVSHNW8QGGLHVHV*RWWHVKDXVZDUDOW'HQ%DXVWLOLGHQWL IL]LHUWH:LOO0DOOPDQQDOV*RWLN 'HU3IDUUHUVFKORHLQHNOHLQH6HLWHQSIRUWHDXI :LOOVFKDOWHWHGLH/DPSHHLQ(LQHVWHLQHUQH:HQGHOWUHSSH IKUWHKLQDELQGLH7LHIHHLQHV*HZ|OEHV 'HU3IDUUHUJLQJYRU(UKDWWHHLQHGLFNH.HU]HDXVGHP 6WlQGHUJHQRPPHQXQGKLHOWVLHLQGHUUHFKWHQ+DQG :lKUHQGHUGLH6WXIHQKLQXQWHUVFKULWWEHZHJWHVLFKGLH )ODPPHXQGZDUI]XFNHQGH6FKDWWHQDXIGLHNDKOHQ:lQGH 'DQQHUUHLFKWHQVLHGHQ.HOOHU (LQJURHU5DXPWDWVLFKYRULKQHQDXI(UZDUQLFKWOHHU :LOOVDKHLQLJH%HWElQNH]ZHLDXVUDQJLHUWH%HLFKWVWKOHDQ GHQHQGLH6HLWHQWHLOHIHKOWHQXQG.DUWRQVPLW]DKOUHLFKHQ ZHLHQ.HU]HQ (LQ'XUFKODIKUWHLQGHQ1HEHQUDXP 'HU3IDUUHUZDQGWHVLFKQDFKUHFKWVXQGEOLHEYRUHLQHU +RO]WUVWHKHQª'DKLQWHUOLHJWHV©IOVWHUWHHU :LOOQLFNWH 'HU*HLVWOLFKHZHFKVHOWHGLH.HU]HYRQGHUUHFKWHQLQGLH OLQNH+DQGIKUWHGHQ6FKOVVHOLQV6FKORXQGGUHKWHLKQ ]ZHLPDOKHUXP (VNODFNWHXQGGLH7UZDURIIHQ 'HU3IDUUHU]|JHUWHHLQHQ0RPHQWEHYRUHUGLH+DQGDXI HLQHHLVHUQH.OLQNHOHJWHXQGVLHQDFKXQWHQGUFNWH (UDWPHWHWLHIHLQXQGVDJWH ª*HKHQZLU© .RPPLVVDU0DOOPDQQKDWWHGDV*HIKOGDDXFKGHP 3IDUUHUQLFKWJDQ]ZRKOLQVHLQHU+DXWZDU.HLQ:XQGHU
GHQQGLHVH6SXNJHVFKLFKWHZDUZLUNOLFKQLFKWVIU/HXWHPLW VFKZDFKHQ1HUYHQ +LQWHUGHP*HLVWOLFKHQEHWUDW:LOO0DOOPDQQGDVJHKHLP QLVYROOH%HLQKDXV 1DFK]ZHL6FKULWWHQVWRSSWHQVLH 'LH.QRFKHQZDUHQELVGLFKWYRUGLH7UJHUROOW:LOOVWLH VRJDUPLWGHU)XVSLW]HJHJHQHLQHQ6FKlGHOGHUNROOHUQGHLQ 6WFNQDFKYRUQUROOWH 'HU.RPPLVVDUVWLHJEHUGHQ6FKlGHOKLQZHJOHXFKWHWH PLWGHU/DPSH 'LH.QRFKHQVFKLHQHQLKQDQ]XVWDUUHQ%OHLFKH*HEHLQH PDQFKH]LJ-DKUHDOW]XP7HLOVFKRQ]HUIDOOHQXQGEUFKLJ :LOOVFKOXFNWH :HQQHUVLFKYRUVWHOOWHGDGLHVH.QRFKHQLQ%HZHJXQJ JHULHWHQVLFKVDPPHOQXQGQHXIRUPLHUHQZUGHQXPGDU DXVOHEHQGH6NHOHWWHHQWVWHKHQ]XODVVHQZXUGHLKPGLUHNW VFKZLQGOLJ :HOFKHLQHQ+RUURUHUOHEWHHUKLHU'LH:lQGHJOlQ]WHQQD ,UJHQGZRWURSIWH:DVVHU :LOOJLQJYRUZlKUHQGGHU3IDUUHUPLWVHLQHUEUHQQHQGHQ .HU]HLQGHU1lKHGHU7UVWHKHQEOLHE (VNRVWHWHGHQ.RPPLVVDUVFKRQhEHUZLQGXQJDXIGHQ .QRFKHQEHUJ]X]XVFKUHLWHQ%HYRUHUMHGRFK]ZLVFKHQGHQ *HULSSHQYHUVDQNEOLHEHUVWHKHQ (UIKUWHGHQ/DPSHQVWUDKODXIGLH5XWVFKH]X 0DOOPDQQVFKWWHOWHGHQ.RSI6RHWZDVKDWWHHUQRFKQLFKW JHVHKHQ 'DH[LVWLHUWHWDWVlFKOLFKHLQH.QRFKHQUXWVFKHXPGLH *HEHLQHLQGHQ.HOOHU]XEHI|UGHUQ 6DJHQKDIW 'LH.QRFKHQODJHQWRWXQGEOHLFKYRUVHLQHQ)HQ1LFKWV EHZHJWHVLFK8QGKlWWHGHU.RPPLVVDUQLFKWPLWHLJHQHQ $XJHQHLQOHEHQGHV*HULSSHJHVHKHQGDQQKlWWHHUDOOHVIU 6SLQQHUHLJHKDOWHQ 6REOLHELKPQXUHLQ$FKVHO]XFNHQ
ª'DLVWZRKOQLFKWV©K|UWHHUKLQWHUVLFKGLH6WLPPHGHV *HLVWOLFKHQ 0DOOPDQQGUHKWHVLFKXPª1HLQ© ª8QGMHW]W"© 'HU.RPPLVVDUJLQJZLHGHUDXIGHQ3IDUUHU]Xª:LU ZHUGHQZLHGHUKLQDXVJHKHQ+LHULVWQLFKWV]XVHKHQ'LH *HEHLQHHLQPDODXVJHQRPPHQ© 'HU3IDUUHUQLFNWHª:LHJXWGD6LHDXFKVRGHQNHQ+HUU 0DOOPDQQ,FKJODXEHDXFKGDHVGLHVHV6NHOHWWJDUQLFKW JHJHEHQKDW'DKDWVLFKMHPDQGHLQHQ6FKHU]HUODXEWXQGGHQ )DVFKLQJXPHLQKDOEHV-DKUYRUJH]RJHQ.QRFKHQGLHOHEHQ QHLQVRHWZDVJLEWHVQLFKW'DVZLGHUVSUlFKHGRFKDOOHQ*H VHW]HQ© :LOO0DOOPDQQKDWWHQGLH:RUWHGHV3IDUUHUV]ZDUQLFKW EHU]HXJWGRFKHUVDJWHQLFKWV$XFKHUZROOWHGLHVHVVHOW VDPH*HZ|OEHYHUODVVHQ(UZDUVFKRQDQGHU7UDOVHUZLH DQJHZXU]HOWVWHKHQEOLHE 8USO|W]OLFKK|UWHHUGDVMlPPHUOLFKH6HXI]HQXQG6W|KQHQ (VZDUVRTXDOYROOGDGHP.RPPLVVDUHLQH*lQVHKDXWEHU GHQ5FNHQULHVHOWH 'DQQHUW|QWHHLQHIOHKHQGH6WLPPH ª+HOIWPLUVRKHOIWPLU GRFK© $XFKGHU3IDUUHUVWDQGVWRFNVWHLI'DQQDEHUEHJDQQHU]X ]LWWHUQXQGKlWWHGHU.RPPLVVDUVHLQHQUHFKWHQ$UPQLFKW JHKDOWHQVRZlUHLKPGLH.HU]HDXVGHU+DQGJHUXWVFKW :LHGHUYHUQDKPHQGLHEHLGHQ0lQQHUGDVHUElUPOLFKH 6W|KQHQXQGbFK]HQ ª$KKKZHKPLULFKELQ©'LH6WLPPHKDOOWHVFKDXULJ XQGKRKOYRQGHQNDKOHQ:lQGHQZLGHU $EHUQLFKWHLQPDOGLH6WLPPHZDUHVGLHGLHEHLGHQ 0lQQHUVRHUVFKUHFNWKDWWHVRQGHUQGHUHQ+HUNXQIW 'LHJUDXVDPHQ*HUlXVFKHZDUHQGLUHNWXQWHUGHP .QRFKHQEHUJDXIJHNOXQJHQ
'HU3IDUUHUVFKOXFNWH6HLQ$GDPVDSIHOWDQ]WHDXIXQGQLHGHU ª,FKJODXEHLFKZHUGHYHUUFNW©NHXFKWHHUª'DVNDQQGRFK QLFKWZDKUVHLQ6RHWZDVJLEWHVQLFKWVRHWZDVGDUIHVHLQ IDFKQLFKWJHEHQ0HLQ*RWWZDVLVWQXUORV"© (UZROOWHDXIGHU6WHOOHNHKUWPDFKHQGRFK:LOO0DOOPDQQ KLHOWLKQDP$UPIHVW ª%OHLEHQ6LH© 9RUVLFKWLJGUHKWHVLFKGHU.RPPLVVDUXPXQGVFKULWW ZLHGHUDXIGHQ.QRFKHQEHUJ]X 'DVVFKZHUH6HXI]HQNODQJLKPQRFKLPPHULQGHQ2KUHQ 'DQQHLQTXDOYROOHU6FKUHLDOVZUGHHLQ0HQVFKXQWHU XQVlJOLFKHQ6FKPHU]HQOHLGHQ (VIROJWHHLQJUDXVDPHV5|FKHOQ 6WLOOH :LOOOHXFKWHWHGLUHNWDXIGHQEOHLFKHQ.QRFKHQKDXIHQ)U HLQHQ0RPHQWKDWWHHUGHQZDKQVLQQLJHQ*HGDQNHQGD VLFKMHPDQGXQWHUGLHVHP%HUJYHUVWHFNWKlWWHDEHUGDV ZDUQDWUOLFK8QVLQQ'RFK:LOOZROOWHHVZLVVHQ ª:HUELVWGX"©IUDJWHHUª0HOGHGLFK%LVWGXHLQ9HU IOXFKWHUGHVVHQ6HHOHNHLQH5XKHILQGHW"© 1LFKWV 0DOOPDQQYHUVXFKWHHVQRFKHLQPDO 8QGGHU*HLVWPHOGHWHVLFK$EHUPDOVHUNODQJGDVVFKZHUH 6HXI]HQ$EHUGLHVPDODEJHKDFNWXQGYRQVFKULOOHQ6FKUHLHQ XQWHUEURFKHQ ª6DJZHUGXELVW©ULHI0DOOPDQQ 'DQQHUW|QWHHLQH6WLPPH8QWHUXQVlJOLFKHQ6FKPHU]HQ VWLHGHU*HLVWVHLQHQ1DPHQKHUYRUGHQ0DOOPDQQNDXP YHUVWHKHQNRQQWH ª$OEHUWXV.URJPDQQ© 6WLOOH $XFKDOVGHU.RPPLVVDUGHQ*HLVWQRFKGUHLPDODQULHIXP (LQ]HOKHLWHQ]XHUIDKUHQK|UWHHUQLFKWV /DQJVDPGUHKWHVLFKGHU.RPPLVVDUXPª+DEHQ6LHGHQ 1DPHQYHUVWDQGHQ"©IUDJWHHUGHQ3IDUUHU
ª-DGDVKDEHLFKNODUXQGGHXWOLFK© )UDJHQGVFKDXWH0DOOPDQQGHQ*HLVWOLFKHQDQª.HQQHQ6LH GLHVHQ1DPHQ"© 'HU3IDUUHUQLFNWH ª8QG"© ª'DVLVWHLQHODQJH]LHPOLFKEOXWLJH*HVFKLFKWH,FKZHUGH VLH,KQHQREHQHU]lKOHQ© ª(LQYHUVWDQGHQ© 'LH0lQQHUYHUOLHHQGDV%HLQKDXV'HU3IDUUHUVFKOR ZLHGHUDEXQGDOV:LOO0DOOPDQQXPGHQ6FKOVVHOEDW HUKLHOWHULKQDXFK 6FKZHLJHQGJLQJHQVLHGLH7UHSSHKRFK-HGHUKLQJVHLQHQ *HGDQNHQQDFK :LOOGDFKWHDQGHQ1DPHQGHQHUJHK|UWKDWWH $OEHUWXV.URJPDQQ :DUGDVGLHHUVWH6SXUXPGDV5lWVHOGHU.QRFKHQUXWVFKH O|VHQ]XN|QQHQ" 0DOOPDQQKRIIWHHV (UZDUIURKDOVHUZLHGHUYRUGHU.LUFKHVWDQG.DULQ%HFNHU OLHIDXILKQ]X ª'HP+LPPHOVHL'DQN©VDJWHVLHXQGQDKP:LOOV+lQGH ª:LUKDWWHQVFKRQ$QJVWGDHWZDVSDVVLHUWZlUH© 'HU.RPPLVVDUTXlOWHVLFKHLQ/lFKHOQDEª8QNUDXWYHU JHKWQLFKW©PHLQWHHUOHLFKWKLQª'DVVDJWHLFKGRFK© ª,PPHUKLQZDUWLKU]LHPOLFKODQJHGRUWXQWHQ© 'HU:LUWZDUQHXJLHULJJHZRUGHQª$EHUJHVHKHQKDEHQ6LH GRUWQLFKWV"© ª'RFK.QRFKHQ©HUZLGHUWH0DOOPDQQ -RVHI0D\UJULQVWH ª:LUJHKHQQRFKPLWGHP3IDUUHU©VDJWH0DOOPDQQ]X VHLQHU%HNDQQWHQ .DULQUXQ]HOWHGLH6WLUQHUNOlUWHVLFKMHGRFKHLQYHUVWDQGHQ 'HU:LUWZROOWHZLHGHU]XUFNXQGJLQJ 'DV3IDUUKDXVZDUHEHQVRDOWZLHGLH.LUFKH.DULQXQG:LOO EHWUDWHQHLQNOHLQHV=LPPHUGDVVLFKGHU3IDUUHUDOV%URKHU
JHULFKWHWKDWWH$XIGHPGXQNOHQ6FKUHLEWLVFKVWDQGHLQ VFKZDU]HV7HOHIRQ'HU*HLVWOLFKH]RJGLH9RUKlQJH]XGDPLW QLHPDQGGXUFKGDV)HQVWHUVFKDXHQNRQQWH$P.LPJHO EUHWWKDWWH:LOOJHOHVHQGDGHU1DPHGHV*HLVWOLFKHQ .URJHUODXWHWH ª'DUILFK,KQHQHWZDVDQELHWHQ"©IUDJWHGHU3IDUUHU :LOOXQG.DULQVFKDXWHQVLFKDQ ª,FKKDEHHLQHQ6HOEVWJHEUDQQWHQ© 'DVDJWHQGLHEHLGHQQLFKWQHLQ'HU3IDUUHUVFKHQNWHHLQ :LOOXQG.DULQWUDQNHQ 'HU)UDXVWLHJHQ7UlQHQLQGLH$XJHQVRVFKDUIZDUGHU 6FKQDSV0DOOPDQQKXVWHWHGHU3IDUUHUOlFKHOWHZXUGHDEHU VFKQHOOZLHGHUHUQVWDOVHUGDV7KHPDDXIJULII ª$OEHUWXV.URJPDQQKDWKLHUZlKUHQGGHV'UHLLJMlKULJHQ .ULHJVJHOHEWXQGJHZWHW©HUNOlUWHGHU3IDUUHUª,FKVDJH EHZXWJHZWHWGHQQHUJHK|UWH]XGHQ.LUFKHQPlQQHUQ GLHPDQDPOLHEVWHQYHUJLW(UZDU0DJLVWHUGHU,QTXLVLWLRQ XQGKDWLQGHUJDQ]HQ*HJHQGIXUFKWEDUDXIJHUlXPW8QGGDV ]XVlW]OLFK]XGHQ6FKUHFNHQGHVJHZDOWLJHQ.ULHJHV8QWHU VHLQHQ+lQGHQVWDUEHQ+XQGHUWH)UDXHQGLHDOV+H[HQYHU VFKULHQZDUHQ0lQQHUXQGVRJDU.LQGHU'LH6FKZHGHQ EUDFKWHQLKQVFKOLHOLFKXP1DFKGHPVLHLKQJHIROWHUWKDWWHQ ZDUIHQVLHLKQNXU]HUKDQGLQGDV.LUFKHQJHZ|OEH(UZDU QRFKQLFKWWRWNRQQWHDEHUVHLQ*HIlQJQLVQLFKWYHUODVVHQ XQGYHUKXQJHUWH6RZHLWGLH:LUNOLFKNHLW'LH6DJHMHGRFK EHULFKWHWGD.URJPDQQV6HHOHQDFKGHPVLHDXFKNXU]YRU GHP7RGQLFKWJHOlXWHUWZRUGHQZDUNHLQH5XKHILQGHQ NRQQWH)UDOOH=HLWHQVROOWHVLHKHUXPJHLVWHUQXQGQLH HLQH(UO|VXQJILQGHQ6HLQH6HHOHLVWLQGHQ*HPlXHUQGHV %HLQKDXVHVJHIDQJHQ© ª*XW©PHLQWH:LOO0DOOPDQQªVRZHLW,KUH*HVFKLFKWH 1XQPHLQH)UDJH :DVKDWGLHVHU$OEHUWXV.URJPDQQPLW GHP6WHLQ]XWXQ"'HQQLUJHQGZRPXHVHLQH9HUELQGXQJ JHEHQ© 'HU3IDUUHUKREDOV$QWZRUWQXUGLH6FKXOWHUQ
:LOO0DOOPDQQVDJWH ª)UlXOHLQ%HFNHUXQGLFKKDEHQVHOEVW JHVHKHQZLHGDV6NHOHWWYRQGHP6WHLQDXIJHVRJHQZRUGHQ LVW.|QQHQ6LHXQVQLFKWVEHUGLH(QWVWHKXQJGLHVHV)HOVHQV VDJHQ"© ª1HLQ(VH[LVWLHUHQ]ZDU]DKOUHLFKH6DJHQDEHUGHU6WHLQ ZDUVFKRQLPPHUGD0DQFKHVDJHQYRP$QEHJLQQGHU =HLWHQ© ª+DWPDQLKQPDODQDO\VLHUW"© 'HU3IDUUHUVFKWWHOWHGHQ.RSI ª,FKELQ]ZDUNHLQ3K\VLNHU©PHLQWH:LOOªKDEHDEHUGDV *HIKOGDGLHVHU)HOVHQDXVHLQHP0DWHULDOEHVWHKWGDVDXI XQVHUHU(UGHQLFKWH[LVWLHUW© 3IDUUHU.URJHUUXQ]HOWHGLH6WLUQª:LHPHLQHQ6LHGDV+HUU .RPPLVVDU"© ª*DQ]HLQIDFK+RFKZUGHQ'LHVHU6WHLQVWDPPWDXVGHP :HOWUDXPXQGQLFKWYRQGHU(UGH© ª*HKVWGXMHW]WQLFKWHWZDV]XZHLW"©IUDJWH.DULQ%HFNHU ª1HLQ© ª1DLFKZHLQLFKW©PXUPHOWHGHU3IDUUHU ª0HLQHU0HLQXQJQDFKPXHLQ0HWHRULWHQ(LQVFKODJ LUJHQGZDQQKLHUVWDWWJHIXQGHQKDEHQ©YHUPXWHWHGHU .RPPLVVDUª+DWPDQNHLQHQ.UDWHUJHIXQGHQ"© ª.DQQVHLQDEHUGLHVLQGLP/DXIHGHU-DKUKXQGHUWHVLFKHU OLFK]XJHZDFKVHQ©DQWZRUWHWHGHU3IDUUHU ª6WLPPWDXFKZLHGHU©0DOOPDQQJDELKPUHFKW .DULQ%HFNHUVFKDXWHDXIGLH8KUª,FKJODXEHZLUPVVHQ JHKHQ(VLVWEDOG0LWWHUQDFKW© :LOO0DOOPDQQKDWWHQLFKWVGDJHJHQ(UVFKREVHLQHQ6WXKO PLWGHUKRKHQ5FNHQOHKQH]XUFNXQGVWDQGDXI 'HU3IDUUHUUHLFKWHLKQHQGLH+lQGHª*RWWVHLPLW,KQHQ© VDJWHHU]XP$EVFKLHGDQGHU7UVFKZHOOH /DQJVDPJLQJHQ.DULQ%HFNHUXQG:LOO0DOOPDQQ]XUFN ]XP*DVWKDXV6LHVFKZLHJHQHLQLJH=HLWELV.DULQIUDJWH ª:LHVROOHQGLHVH6NHOHWWHXQGGHU6WHLQGHQQPLWHLQDQGHULQ 9HUELQGXQJVWHKHQ"$OVRLFKNRPPHGDQLFKWNODU©
ª,FKDXFKQLFKW©JDE:LOO]Xª1RFKQLFKW© ª:HULVW-RKQ6LQFODLU"©IUDJWH.DULQ%HFNHUSO|W]OLFKEHU JDQJVORV :LOOODFKWHª(LQHUPHLQHU)UHXQGH'XZLUVWLKQNHQQHQ OHUQHQ(UDUEHLWHWIU6FRWODQG
:LOO0DOOPDQQZDUHLQSUlFKWLJHU.HUODXIGHQPDQVLFK KXQGHUWSUR]HQWLJYHUODVVHQNRQQWH)UKHUKDWWHHUPHLQHQ -REYHUVWlQGOLFKHUZHLVHVNHSWLVFKJHJHQEHUJHVWDQGHQGRFK PLWWOHUZHLOHZXWHHUPHKUXQG:LOO0DOOPDQQZDUDXIGHP )HVWODQG]XHLQHUUHJHOUHFKWHQ6WW]HJHZRUGHQ :LUKLHOWHQPHKUPDOVDEHUGLH1DPHQGHU2UWHKDEHLFK YHUJHVVHQ0LUJHILHODEHUGLH*HJHQG(VVDKDOOHVVRVDXEHU DXV.HLQH,QGXVWULHGLHGLH/XIWYHUSHVWHWHXQGDXFKGLH +lXVHULQGHQ2UWHQZLUNWHQVHKUJHSIOHJW 'DVZDUHEHQGLHGHXWVFKH*UQGOLFKNHLW1LFKWVFKOHFKW GLHVH$UW]XOHEHQ 'LHHUVWHQ9RURUWHYRQ5HJHQVEXUJWDXFKWHQDXI'DHV HLQH6WDGWPLW*HVFKLFKWHZDUVDKLFKYRP=XJIHQVWHUDXV 'DV6FKORXQG]DKOUHLFKHDQGHUH%DXWHQOXGHQGLUHNW]X HLQHP%HVXFKHLQ 1XUKDWWHLFKNHLQH=HLW 'DQQIXKUGHU=XJLQGHQ%DKQKRI(UYHUORUQRFKPHKUDQ *HVFKZLQGLJNHLWXQGVWDQG ,FKKDWWHPLFKEHUHLWVHUKREHQXQGKROWHGLHEHLGHQ.RIIHU DXVGHP*HSlFNQHW] (LQHUZDUVFKPDOHU'DULQEHZDKUWHLFKPHLQH:DIIHQDXI GLHIUHLQHHUIROJUHLFKH'lPRQHQEHNlPSIXQJXQHUOlOLFK ZDUHQ 0HLQ5HLVHEHJOHLWHUZDULQ]ZLVFKHQHLQJHVFKODIHQ'LH =HLWXQJODJDXIGHP%RGHQ,FKVWLHJGDUEHUKLQZHJXQG |IIQHWHGLH$EWHLOWU9LHOH)DKUJlVWHVWLHJHQKLHULQ5HJHQV EXUJDXV 0LFKEHUKROWHQQRFK]ZHL.LQGHUPLW5XFNVlFNHQ6LH VSUDQJHQDXIGHQ%DKQVWHLJXQGUDQQWHQUXIHQGDXIHLQH lOWHUH)UDX]XGLHVLHLQLKUH$UPHVFKOR ,FKDEHUVXFKWH.RPPLVVDU0DOOPDQQ (UVWDQGDQHLQHP.LRVNXQGZLQNWHPLWEHLGHQ+lQGHQ ,FKJUWH]XUFN 'DQQOLHIHQZLUDXIHLQDQGHU]X -HW]WVDKLFK0DOOPDQQV%HJOHLWHULQ
(LQHVFKZDU]KDDULJH)UDXGLHLFKQLFKWNDQQWH$EHU]XHUVW EHJUWHQZLUXQV :LOOVFKOXJPLUDXIGLH6FKXOWHU6HLQHGXQNOHQ$XJHQ EOLW]WHQYRU)UHXGHª,FKILQGHHVULHVLJGDGXVRUDVFK JHNRPPHQELVW-RKQ©VDJWHHU ª:HQQGXUXIVWLPPHU© ª1XQPDFK VKDOEODQJ©:LOOGUHKWHVLFKXQGGHXWHWHDXI GLHVFKZDU]KDDULJH)UDXª'DUILFKGLU)UlXOHLQ%HFNHUYRU VWHOOHQ-RKQ"©8QG]X.DULQJHZDQGWVDJWHHU ª'DVLVW-RKQ 6LQFODLUYRQGHPLFKGLUVRYLHOHU]lKOWKDEH© ª+RIIHQWOLFKQXU*XWHV©ODFKWHLFK ª1DWUOLFK©HUZLGHUWHGLH)UDX6LHKDWWHHLQHQNUlIWLJHQ +lQGHGUXFNZDVPLUJHILHOhEHUKDXSWPDFKWH.DULQ%HFNHU HLQHQVHKUV\PSDWKLVFKHQ(LQGUXFNXQGLFKIUDJWHPLFKZLH GHUJXWH:LOOZRKODQGLHVH%HNDQQWVFKDIWJHNRPPHQZDU $XHUGHPKDWWHHUVLFKYHUlQGHUW:LOO0DOOPDQQZLUNWH LUJHQGZLHIU|KOLFKHUDXIJHVFKORVVHQHU(UODFKWHYLHOVHLQH $XJHQVWUDKOWHQXQGHUKDWWH6SDDP/HEHQ ,FKNRQQWHPLUHLQIDFKQLFKWKHOIHQDEHUGDKLQWHUVWHFNWH VLFKHUOLFK.DULQ%HFNHU 2EVLFKGHUJXWH:LOOYHUNQDOOWKDWWH" ,FKEHVFKORLKQEHLGHUQlFKVWEHVWHQ*HOHJHQKHLWGDQDFK ]XIUDJHQ 6HLQ0DQWDSDUNWHYRUGHP%DKQKRI.DULQ%HFNHUVWLHJ KLQWHQHLQWURW]PHLQHV3URWHVWVXQGLFKQDKPQHEHQGHP .RPPLVVDU3ODW] ª:LHODQJHGDXHUWGLH)DKUW"©IUDJWHLFK :LOOKREGLH6FKXOWHUQXQGGUHKWHGHQ=QGVFKOVVHO ª(WZDHLQHLQKDOE6WXQGHQ© ª'DQQVLQGZLUDPVSlWHQ1DFKPLWWDJGD© 'HU.RPPLVVDUQLFNWH 1DFKGHP5HJHQVEXUJKLQWHUXQVODJEHJDQQ:LOO 0DOOPDQQ]XHU]lKOHQ6HKUGHWDLOOLHUWJDEHUGLH(UHLJQLVVH ZLGHU,FKK|UWHJHQDX]XXQGVWHOOWHKLQWHUKHUPHLQH)UDJHQ 'DV%HLQKDXVHUVFKLHQPLUDPLQWHUHVVDQWHVWHQ]XVHLQ
ª:LHLVWHV:LOO"+DVWGXGLHVHQ*HLVWQLFKWYHUVXFKW]X EHVFKZ|UHQ"©IUDJWHLFK ª1HLQZRPLW"© 'DVVWLPPWHDXFKZLHGHU:LOO0DOOPDQQKDWWHMDNHLQH +LOIVPLWWHOEHLVLFK ª8QGGXQLPPVWDQGDGLHVHU$OEHUWXV.URJPDQQRGHU YLHOPHKUGHVVHQ*HLVWQRFKLQGLHVHP*HZ|OEHKHUXPVSXNW© ª-DGDYRQELQLFKEHU]HXJW© ª'DUILFKHLQPDOHWZDVVDJHQ©PHOGHWHVLFK.DULQ%HFNHU YRP5FNVLW]KHU ª%LWWH©:LOOODFKWH ª,KUWXWJHUDGHVRDOVZlUHQ*HLVWHUHWZDVY|OOLJ1RUPDOHV *LEWHVVLHGHQQEHUKDXSW"© ª8QGZLH©HUZLGHUWHLFKª1LFKWQXU*HLVWHUVRQGHUQ JDQ]H+HHUVFKDUHQYRQ'lPRQHQGLHVLFKLQ3DUDOOHOZHOWHQ YHUVDPPHOWKDEHQXQGHLQHQ$QJULIIDXIXQVHUH(UGHYRUEH UHLWHQ© ª$EHUGDVLVWGRFK8WRSLH© :LOODQWZRUWHWHª'DVKDEHLFKIUKHUDXFKJHGDFKWELVLFK GXUFK-RKQHLQHV%HVVHUHQEHOHKUWZXUGH/HLGHU©IJWHHU KLQ]X ,FKGUHKWHPLFKKDOEXPXQGVDKZLH.DULQ%HFNHUGHQ .RSIVFKWWHOWHª'DVNDQQLFKHLQIDFKQLFKWJODXEHQ 'lPRQHQUHLFKH3DUDOOHOZHOWHQGDVJHK|UWGRFKLQGLH)DEHO GDVLVW6FLHQFHILFWLRQ© ª/HLGHUDXFK:LUNOLFKNHLW©JDELFK]X ª'DPVVHQ6LHPLUDEHUDQGHUH%HZHLVHOLHIHUQXPPLFK ]XEHU]HXJHQ©VDJWHGLH/HKUHULQ ,FKZLQNWHDEª:QVFKHQ6LHVLFKGDVQLFKW)UlXOHLQ %HFNHU© ª6DJHQ6LHUXKLJ.DULQ© ª2ND\LFKKHLH-RKQ© 'LH*HJHQGZXUGHZDOGUHLFKHU=XEHLGHQ6HLWHQGHU6WUDH VDKLFKVDQIWHEHZDOGHWH+JHOGLHZLHJUQH:HOOHQEHU GHP(UGERGHQVWDQGHQ'HU+LPPHOZDUIDVWZRONHQORVXQG
KDWWHGLH)DUEHHLQHVPDWWHQ%ODXV:LHHLQVHLGHQHV7XFK VSDQQWHHUVLFKEHUGDV/DQG:LUKDWWHQZLUNOLFKHLQHQ VFK|QHQ7DJHUZLVFKW :LUSDVVLHUWHQ'|UIHULQGHQHQGLH6WUDHQHQJXQG ZLQNOLJZDUHQXQG:LOO0DOOPDQQQXUQRFKLP]ZHLWHQ *DQJIDKUHQNRQQWH,FKVDKNOHLQH3HQVLRQHQQHWWH*DVW KlXVHUXQGDXFK)HULHQ%XQJDORZV=DKOUHLFKH)DPLOLHQ PDFKWHQKLHU8UODXEGDGHU%D\HULVFKH:DOGVRHU]lKOWH PLU:LOOQRFKSUHLVZHUWZDU *HJHQVLHE]HKQ8KUHUUHLFKWHQZLU:DOGHFN ,FKKDWWHHLQHQYHUVFKODIHQHQ2UWHUZDUWHWVDKPLFKMHGRFK JHWlXVFKW6FKRQEHLGHU(LQIDKUWILHOPLUGLH+HNWLNDXIGLH VLFKEUHLWJHPDFKWKDWWH $XFK:LOO0DOOPDQQZXQGHUWHVLFKª'DLVWGRFKLUJHQG HWZDVVFKLHIJHODXIHQ©VDJWHHU 6RVFKQHOOZLHP|JOLFKIXKUHQZLU]XGHP*DVWKDXVLQGHP DXFKLFK4XDUWLHUILQGHQVROOWH 'HU.RPPLVVDUIDQGPLW1RWDXIGHPEHUIOOWHQ3DUNSODW] HLQH/FNHIUVHLQHQ2SHO0DQWD :LUVWLHJHQDXV 9RUGHP+DXVZDUHQVlPWOLFKH6WKOHEHVHW]W$EHUQLFKW YRQ(LQKHLPLVFKHQRGHU8UODXEHUQVRQGHUQ5HSRUWHUQ ,FKNDQQWHGLH.QDEHQ6LHVDKHQLQMHGHP7HLOGHU:HOW LUJHQGZLHJOHLFKDXV'DVOlVVLJH*HKDEHGLH.DPHUDVGLH JURHQ.ODSSHQ :LOO0DOOPDQQEOLHEVWHKHQª'DVKDWXQVJHUDGHQRFK JHIHKOW©VDJWHHUª,UJHQGMHPDQGKDWGDVHLQHQ0XQGQLFKW KDOWHQN|QQHQ.ODUGDGLH3UHVVHIULW]HQNRPPHQZR 6DXUHJXUNHQ]HLWLVW© :LUZDUHQLQGHU'HFNXQJHLQHV%DXPVVWHKHQJHEOLHEHQ 'HU:LUWKDWWHQRFK3HUVRQDOHLQJHVWHOOWGHQQGLH0lGFKHQ GLHEHGLHQWHQNDQQWH0DOOPDQQQLFKW ª*LEWHVKLHUNHLQHQ6HLWHQHLQJDQJ"©IUDJWHLFK ª1DWUOLFK©HUZLGHUWH:LOOª.RPP© :LUEHWUDWHQGDV+DXV$QGHU7UHSSHOLHIXQVGHU:LUWEHU
GHQ:HJ-RVHI0D\UKDWWHHLQKRFKURWHV*HVLFKWXQG VFKZLW]WH0DQVDKLKPDQGDGDV*HVFKlIWOLHI 'HU.RPPLVVDUZROOWHHLQH(UNOlUXQJKDEHQGRFKGHU:LUW KDWWHSO|W]OLFKNHLQH=HLW6HLQH)UDXZLHVPLUGDV=LPPHU]X XQGGUFNWHPLUDXFKGHQ6FKOVVHOLQGLH+DQG :LOOPHLQWH ª,FKZHUGHGDV*HIKOQLFKWORVGDGHU:LUW GLH5HSRUWHUYHUVWlQGLJWKDW© :LUVWDQGHQDXIGHP)OXUEHULHWHQGLHQlFKVWHQ6FKULWWH ª:DVKDVWGXYRU-RKQ"©IUDJWH:LOO0DOOPDQQ ª,FKP|FKWH]XHUVWGDV%HLQKDXVVHKHQ© ª+DEHLFKPLUJHGDFKW:DKUVFKHLQOLFKZLUG3IDUUHU.URJHU VFKRQZDUWHQ© ,FKZDUIHLQHQ%OLFNDXIGLH8KUXQGVDJWH ª,QHLQHUKDOEHQ 6WXQGHRND\"© :LOOZDUHLQYHUVWDQGHQ ,FKEHWUDWPHLQ=LPPHUXQGZXQGHUWHPLFKZLHJHPWOLFK HVHLQJHULFKWHWZDU 'DV%HWWPLWGHQKRKHQ.LVVHQOXGGLUHNW]XP6FKODIHQ HLQ$EHU6FKODIZUGHLFKZRKOLQGHUQlFKVWHQ=HLWNDXP ILQGHQN|QQHQ 'DV8QKHLOVFKOXJYRQHLQHU6HNXQGH]XUDQGHUHQXQGPLW GHUXUZFKVLJHQ*HZDOWHLQHV%OLW]HV]X (VWUDIPLFKHEHQVRXQYRUEHUHLWHWZLHDXFKGLHDQGHUHQ ,FKZROOWHPLFKJHUDGHDXV]LHKHQXPXQWHUGLH'XVFKH]X VWHLJHQDOVGDV+DXVSO|W]OLFKYRQHLQHPEHUVWHQGHQ.UDFKHQ HUIOOWZXUGHXQGLFKTXHUGXUFKGDV=LPPHUIORJ (VLVWZLHEHLHLQHU9ROOEUHPVXQJGHU6WUDHQEDKQDXIGLH PDQQLFKWYRUEHUHLWHWLVW,FKZXWHDXIHLQPDOQLFKWPHKUZR REHQXQGXQWHQZDUXQGVFKOXJPLWGHP.RSIJHJHQGLH %HWWNDQWH 3O|W]OLFKK|UWHLFKDOOH(QJHOVLQJHQXQGIU6HNXQGHQYHU VFKZDQGPHLQ%HZXWVHLQ 'DQQZDULFKZLHGHUYROOGD
(WZDVGU|KQWHZXFKWLJYRQDXHQJHJHQPHLQH7U *OHLFK]HLWLJK|UWHLFKGLH6FKUHLHGDV)HQVWHUZXUGHDXVGHU )DVVXQJJHULVVHQXQGGLH6SOLWWHUUHJQHWHQLQV=LPPHU ,FKEUDFKWHPLFKGXUFKHLQHQUDVFKHQ6SUXQJ]XU6HLWH YRUGHPJOlVHUQHQ5HJHQLQ6LFKHUKHLWXQGZROOWHVFKRQLQ 5LFKWXQJ7UODXIHQDOVGHU6FKUDQNNLSSWH /DQJVDPILHOHUPLUHQWJHJHQ 5DVFKULLFKGLH$UPHKRFKXQGVWW]WHLKQDEGUFNWHLKQ ZLHGHUJHJHQGLH:DQG (UEOLHEVWHKHQ 0HLQ%OLFNWUDIGDVMHW]W]HUVW|UWH)HQVWHU,FKVFKDXWHKLQDXV DXIGLH%HUJHVDKGHQ+LPPHOXQGHUVFKUDN (LQJHZDOWLJHVURWHV/HXFKWHQJOHLFKHLQHUULHVLJHQ:RONH KDWWHGDV)LUPDPHQWEHU]RJHQ 8QGGLH:RONHNDPQlKHU'DEHLQDKPGDV/HXFKWHQ]X(V ZXUGHLQWHQVLYHUXQGLFKVSUWHSO|W]OLFKIUHPGH*HGDQNHQ GLHLQPHLQ*HKLUQGUDQJHQ $OOHVZDUDQGHUV ,FKZROOWHJHKHQDEHUPHLQH%HLQHJHKRUFKWHQPLUQLFKW PHKU,FKZROOWHGLH$UPHKHEHQGRFKGLH*HOHQNHVFKLHQHQ PLW%OHLDXVJHIOOW]XVHLQ ,FKILHO ,FKOHKQWHPLFKGDJHJHQDXIGRFKLFKNRQQWHQLFKWV PDFKHQ=XP*OFNVWDQGGDV%HWWVRGDLFKGLUHNWGDUDXI OLHJHQEOLHE0HLQ*HVLFKWYHUVFKZDQGLQGHQ.LVVHQ (LQHVHOWVDPH0GLJNHLWJULIIDXIPHLQHQ.|USHUEHU 'DQQZDUHQGLH6WLPPHQZLHGHUGD 6LHZROOWHQPLUGHQ6FKODIUHJHOUHFKWVXJJHULHUHQGRFK ]XP7HXIHOQRFKPDOLFKVWHPPWHPLFKGDJHJHQNlPSIWH ZLHHLQ:LOGHU $OOHLQKlWWHLFKHVQLHJHVFKDIIW'RFKGDZDUHWZDVDQGHUHV ZDVSO|W]OLFKVHLQH0DFKWDXVVSLHOWH 0HLQ.UHX] 'LHVHVJHKHLPQLVYROOH.OHLQRGPLWGHQPDJLVFKHQ 6\PEROHQEHJDQQHLQH(QHUJLH]XHQWZLFNHOQGLHGHUDQGH
UHQE|VHQHQWJHJHQVWU|PWH'LH6WLPPHQLQPHLQHP6FKlGHO GLHLQGHQOHW]WHQ6HNXQGHQLPPHUIRUGHUQGHUXQGGUlQJHQ GHUJHZRUGHQZDUHQPXWHQ]XUFNZHLFKHQ6LHVFKDIIWHQHV HLQIDFKQLFKWJHJHQGDV.UHX]DQ]XNRPPHQ ,FKHUKROWHPLFK 'DEHLGUHKWHLFKPHLQHQ.RSIVRGDLFKZHQLJVWHQV$WHP KROHQNRQQWHXQGYRQ6HNXQGH]X6HNXQGHJLQJHVPLU EHVVHU0HLQH)LQJHUNUDOOWHQVLFKLQGHQ%HWWEH]XJLFK VSUWHDXIPHLQHU6WLUQGHQNDOWHQ6FKZHLXQGK|UWH PHLQ+HU]SXPSHQ $EHUGLH.UDIWNHKUWH]XUFN ,FKVWHPPWHPLFKDE'DEHLZLQNHOWHLFKGLH$UPHDQXQG OHJWHEHLGH+lQGHJHVSUHL]WDXIGDV%HWW 6RNDPLFKKRFK $OVLFKQHEHQGHP%HWWVWDQGKDWWHLFKGDV*HIKOPLFKLQ HLQHP.DUXVVHOO]XEHILQGHQ'DVJHVDPWH=LPPHUGUHKWH VLFKYRUPHLQHQ$XJHQ,FKZROOWHPLFKLUJHQGZRDEVWW]HQ JULIIMHGRFKLQV/HHUHXQGILHOKLQ ,QVWLQNWLYUROOWHLFKPLFKMHGRFK]XVDPPHQVRGDLFKPLU QLFKWVYHUVWDXFKWHRGHUSUHOOWH 'HU]ZHLWH9HUVXFK 'LHVPDOJLQJHVEHVVHU ,FKJHODQJWHDXIGLH)HPLUZXUGHGDEHL]ZDUZLHGHU VFKZLQGOLJGRFKGXUFKPHKUPDOLJHVWLHIHV$WPHQYHUGUlQJWH LFKGHQ7DXPHO 0HLQ%OLFNJOLWW]XP)HQVWHU 1RFKLPPHU]HLJWHGHU+LPPHOGLHVHWLHIURWH)DUEH'DV *OKHQZDUQRFKLQWHQVLYHUJHZRUGHQXQGKDWWHVLFKGXUFK GDVRIIHQH)HQVWHUDXFKLQPHLQHP=LPPHUDXVJHEUHLWHW 'LH:lQGHVDKHQDXVDOVKlWWHVLHMHPDQGPLW%OXWDQJH VWULFKHQ :DVZDUJHVFKHKHQ" ,FKZXWHHVQLFKWIDQGNHLQH$QWZRUWDXIGLH)UDJH ZHOFKH.UlIWHSO|W]OLFKGLHVHV'RUIPLWWHQLP%D\HULVFKHQ :DOGDWWDFNLHUWKDWWHQ
:DVPLUDXIILHOZDUGLH5XKH .HLQ/DXWGUDQJDQPHLQH2KUHQ 3O|W]OLFKYHUVSUWHLFK$QJVW$QJVWXP:LOO0DOOPDQQXP .DULQ%HFNHUXQGDOOGLHDQGHUHQ0HQVFKHQGLHVLFKLQGHP 2UWDXIKLHOWHQ1LFKWVDEHUDXFKJDUQLFKWVZDUYRQLKQHQ]X K|UHQ.HLQ*HVSUlFKNHLQ6FKUHLNHLQ/DFKHQ6WLOOH 7|GOLFKXQGJUDXVDP hEHUODXWNODQJPHLQHLJHQHU$WHP8QGZLHYRQVHOEVW EHZHJWHQVLFKPHLQH%HLQHDXIGHQ.RIIHU]XGHUZlKUHQG GHV$QJULIIVYRP7LVFKXQGELVXQWHUGDV)HQVWHUJHVFKOHXGHUW ZRUGHQZDU ,FKKREGHQ.RIIHUDXIXQGOHJWHLKQDXIGDV%HWW'DQQ |IIQHWHLFKGHQ'HFNHO'DV6FKORKDWWHHLQHQ0HFKDQLVPXV GHUQXUZHQLJHQEHNDQQWZDU6RN|QQHQ]XP%HLVSLHO6XNR XQG%LOO&RQROO\GHQ.RIIHU|IIQHQ0DFKWVLFKMHGRFKHLQ 8QEHWHLOLJWHUGDUDQ]XVFKDIIHQGDQQYHUVWU|PWHLQH'VH HLQ%HWlXEXQJVJDVGDVGHQ'LHEVRIRUWIODFKOHJW8QGGLHVHV *DVZDUDXFKPLW:HLKUDXFKGXUFKVHW]WXP'lPRQHQYRQ HLQHP'LHEVWDKODE]XKDOWHQ ,FKVFKDXWHPLUPHLQH:DIIHQDQ ,QURWHP6DPWHLQJHEHWWHWODJHQGLHEHLGHQ%HUHWWDVGHU VLOEHUQH'ROFKGLHPDJLVFKH.UHLGHGLH*QRVWLVFKH*HPPH GLH(LFKHQERO]HQYHUVFKLHHQGH'UXFNOXIWSLVWROHXQGODVW QRWOHDVWNOHPPWHXQWHUGHP'HFNHOGLH'lPRQHQSHLWVFKH GLHZLU0\[LQGHP0DJLHUDEJHQRPPHQKDWWHQ 'LH%HUHWWDQDKPLFK]XHUVWKHUYRUXQGOLHVLHLQV 6FKXOWHUKROVWHUJOHLWHQ'LH'lPRQHQSHLWVFKHQDKPLFKHEHQ IDOOV,KU*ULIIZDUVRJURZLHHLQ7DVFKHQVFKLUP'LH:DIIH NRQQWHLFKPLURKQHZHLWHUHVDQGHQ*UWHOKlQJHQ =XP6FKOXQDKPLFKQRFKGHQ6LOEHUGROFKLQGHVVHQ*ULII ZHLPDJLVFKH=HLFKHQHLQJUDYLHUWZDUHQ,KQVWHFNWHLFKLQ HLQHOHGHUQH6FKHLGHGLHHEHQIDOOVDQPHLQHP*UWHOEHIHVWLJW ZDU'LHPDJLVFKH.UHLGHYHUVWDXWHLFKLQGHQ+RVHQWDVFKHQ GLH(UVDW]%HUHWWDVRZLHHLQ(UVDW]PDJD]LQPLW6LOEHUNXJHOQ VWHFNWHLFKHEHQIDOOVHLQ
'DQQOLHLFKGHQ.RIIHUGHFNHOZLHGHU]XIDOOHQ,FKIKOWH PLFKZLHHLQ6ROGDWGHULQGHQ.ULHJPDUVFKLHUWH ,FKKDWWHHLQXQJXWHV*HIKODOVLFK]XU7UVFKOLFKXQG VLH|IIQHWH6LFKHUKHLWVKDOEHUKLHOWLFKPHLQH%HUHWWDLQGHU UHFKWHQ+DQGXQGSHLOWHLQGHQ*DQJKLQHLQEHYRULFKGLH 6FKZHOOHEHUWUDW hEHUUDVFKWEOLHELFKVWHKHQ 9RUPHLQHU7UODJHLQ.|USHU ,FKEFNWHPLFKXQGHUNDQQWH.RPPLVVDU0DOOPDQQ:LH WRWODJHUDXIGHP%RGHQ 'HU6FKUHFNGXUFKIXKUPLFKZLHHLQHIHXULJH)ODPPH 0DOOPDQQV$XJHQZDUHQZHLWDXIJHULVVHQHEHQVRGHU0XQG 6HLQ%OLFNVWLHUWHJHJHQGLH'HFNH ,FKIKOWHQDFKGHP3XOV 'DV+HU]VFKOXJZHQQDXFKVFKZDFK :LOOKDWWHVLFKHUOLFKYHUVXFKWEHL%HJLQQGHV8QKHLOVEHL PLU+LOIH]XKROHQKDWWHHVDEHUGDQQQLFKWPHKUJHVFKDIIW 'LH7U]XVHLQHP=LPPHUVWDQGQRFKDXI 'HU5DXPODJGHPPHLQHQVFKUlJJHJHQEHU,FKHUKRE PLFKVWLHJEHU:LOO0DOOPDQQKLQZHJXQGEHWUDWGHVVHQ =LPPHU (UKDWWHGLH=HLWQLFKWDOOHLQGRUWYHUEUDFKW.DULQ%HFNHU ZDUEHLLKPJHZHVHQ $XFKVLHKDWWHHVHUZLVFKW .DULQODJTXHUEHUGHP%HWW,KUH%HLQHEHUKUWHQQRFKGHQ %RGHQGHU%OLFNZDUVWDUUJHJHQGLH'HFNHJHULFKWHW,FK IKOWHDXFKEHL.DULQ%HFNHUQDFKGHP+HU]VFKODJ (UZDUYRUKDQGHQ $EHUVHKUVFKZDFK 7LHIDWPHWHLFKHLQGDQQYHUOLHLFKGDV=LPPHU:LOO 0DOOPDQQKDWWHPLUHU]lKOWGDHUGHQ6FKOVVHO]XGHP %HLQKDXVLQGHU7DVFKHKlWWH ,FKVFKDXWHQDFKXQGIDQGLKQ9RQPHLQHPXUVSUQJOLFKHQ 3ODQZROOWHLFKQLFKWDEZHLFKHQGD]XZDULFKDXFKWURW]YHU lQGHUWHU9RU]HLFKHQIHVWHQWVFKORVVHQ
,FKVFKULWWEHUGHQ*DQJDXIGLH7UHSSH]X8QGLFKNDPPLU YRUZLHGHUHLQ]LJH0HQVFKQDFKGHU.DWDVWURSKH 9RQPDQFKHQ=LPPHUQVWDQGHQGLH7UHQRIIHQ,FKNRQQWH JDUQLFKWDQGHUVXQGPXWHHLQHQ%OLFNKLQHLQZHUIHQ 'LH0HQVFKHQODJHQHQWZHGHUDXIGHP%RGHQRGHUYRUGHU 7UVFKZHOOH 0lQQHU)UDXHQ.LQGHU $OOHKDWWHHVHUZLVFKW 1XUPLFKQLFKW :DUXP" ,FKKDWWHGDV.UHX]XQGGLHVHV.OHLQRGKDWWHPLFKYRUGHQ *HIDKUHQEHZDKUW(VZDUGXUFKGLH.UlIWHGHV%|VHQDNWL YLHUWZRUGHQXQGKDWWHHLQHQ6FKXW]VFKLOGJHELOGHWVRGD GLH.UlIWHGHUDQGHUHQGDUDQDESUDOOWHQ ,FKDOVHLQ]LJHU :DUGLHV6FKLFNVDORGHUKDWWHPLUHLQHUPHLQHU*HJQHUHLQH JURH)DOOHJHVWHOOW" 'LHVH$WWDFNHVDKJDQ]QDFKHLQHP$QJULIIGHV6FKZDU]HQ 7RGVDXV$EHULFKNRQQWHPLFKDXFKLUUHQ9LHOOHLFKWEDUJ GLHVHV'RUIHLQJDQ]DQGHUHV*HKHLPQLV$XIMHGHQ)DOOZDU LFKIHVWHQWVFKORVVHQGLHVKHUDXV]XILQGHQ ,FKVFKULWWGLH7UHSSHKLQXQWHUXQGJLQJGDEHLXQZLOONUOLFK DXI=HKHQVSLW]HQ:LHVRGDVZXWHLFKDXFKQLFKW9LHOOHLFKW ZDUHVGLHXQQDWUOLFKH5XKHGLHLFKDXINHLQHQ)DOOVW|UHQ ZROOWH +DOEDXIGHUXQWHUVWHQ6WXIHODJGLH:LUWLQGHV*DVWKDXVHV 6LHKDWWHGLH$UPHDXVJHEUHLWHWXQGGDVUHFKWH%HLQDQJH ZLQNHOW,FKSDVVLHUWHVLH 'LH7U]XP*DVWUDXPVWDQGVSHUUDQJHOZHLWRIIHQ6LH SHQGHOWHOHLFKWKLQXQGKHU ,FKVFKULWWGXUFKGLH*DVWVWXEH(VZDUHLQUHJHOUHFKWHV +LQGHUQLVODXIHQ:LHHLQ$UWLVWPXWHLFKEHUGLH.|USHUGHU DXIGHP%RGHQOLHJHQGHQ*lVWHVWHLJHQ (LQHEORQGH)UDXODJDXIGHP%DXFK'HQUHFKWHQ$UPKDWWH VLHDXVJHEUHLWHWXQGVFKW]HQGEHULKUNOHLQHV.LQGJHOHJW
(LQVKDWWHQDOOHJHPHLQVDP'HQ6FKUHFNHQXQGGDV (QWVHW]HQDXILKUHQ*HVLFKWHUQ 'HU*DQJZXUGHIUPLFK]XHLQHPUHJHOUHFKWHQ$OSWUDXP 'DQQVWDQGLFKYRUGHP+DXV (LQURWVFKZDU]HVGVWHUHV=ZLHOLFKWODJEHUGHPJHVDP WHQ'RUI(VZDUQLFKWJDQ]GXQNHOVRGDLFKVl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lXVHUVRGDLFKLKQ JDUQLFKWYHUIHKOHQNRQQWH 6RIRUWPDUVFKLHUWHLFKLQGLHVH5LFKWXQJ'LH3LVWROHKDWWH LFKHLQJHVWHFNWZHLOPLUNHLQHXQPLWWHOEDUH*HIDKUGURKWH 'HU:HJNDPPLUXQJHKHXHUODQJYRU9LHOOHLFKWDXFKGHV KDOEZHLOLFK]ZLVFKHQGXUFKHLQSDDUPDOVWHKHQEOLHEXQG PLFKXPVFKDXWH 'RFK9HUIROJHUVDKLFKNHLQH ,FKVFKLHQGHUHLQ]LJ/HEHQGHLQGLHVHP'RUI]XVHLQ'LH DQGHUHQEHIDQGHQVLFKDOOHLQHLQHPWRWHQlKQOLFKHQ6FKODI $EHUZDUXPXQGZLHVR"
'LHVH)UDJHQEUDQQWHQPLUDXIGHP+HU]HQGRFKMHW]WHLQH $QWZRUWGDUDXI]XILQGHQZDUVRJXWZLHXQP|JOLFK ,FKHUUHLFKWHGHQ0DUNWSODW] (LQDOWHU%UXQQHQXPJHEHQYRQKHOOJHVWULFKHQHQ%lQNHQ DXIGHQHQGLH0HQVFKHQ]XVDPPHQJHEURFKHQZDUHQVWDFK PLUVRIRUWLQV$XJH'DV:DVVHUOLHIZHLWHU(LQ/|ZHQPDXO VSLHHVDXV 'DV3OlWVFKHUQZDUGDVHLQ]LJH*HUlXVFKLQGHUODVWHQGHQ 6WLOOH =XP%UXQQHQUDQGIKUWHHLQH6WXIHKRFK,FKJLQJKLQXQG VFKDXWHLQGDV:DVVHU=XP*OFNZDUQLHPDQGGRUWKLQHLQ JHIDOOHQXQGHUWUXQNHQ $XIPHLQHP5FNHQODJHLQHSHUPDQHQWH*lQVHKDXW 2EZRKOPLUQLHPDQGHWZDVWDWHPSIDQGLFKGLHVH6WLOOHGRFK DOVHLQHUHJHOUHFKWH%HGURKXQJ ,FKZHLQLFKWRE6LHVLFKGDVYRUVWHOOHQN|QQHQDEHUVLQG 6LHVFKRQHLQPDOGXUFKHLQ'RUIJHJDQJHQLQGHPDOOHVDXV JHVWRUEHQZDU":RGLH0HQVFKHQDXIGHU(UGHODJHQXQGZLH WRWDXVVDKHQ":RNHLQH9|JHOVDQJHQXQGZRGLHHLQ]LJHQ *HUlXVFKHGLHHLJHQHQ6FKULWWHZDUHQ" ,FKJODXEHNDXPGD6LHVRHWZDVVFKRQHUOHEWKDEHQ 'LH6WLOOHZDUVFKOLPP ,FKVFKULWWZHLWHUOLHGHQ0DUNWSODW]KLQWHUPLUJLQJEHU GLH+DXSWVWUDHVDKHLQSDDU*HVFKlIWH 0DQFKH7UHQVWDQGHQRIIHQ2GHUYLHOPHKUVLHZXUGHQ RIIHQJHKDOWHQ8QG]ZDUYRQGHQ0HQVFKHQGLHDXIGHQ 6FKZHOOHQODJHQ ,FKPXWHPLFKQDFKUHFKWVRULHQWLHUHQZHLOLFKGRUWGHQ .LUFKWXUPVDK 'DQQHQWGHFNWHLFKDXFKGHQLP9HUJOHLFK]XU+DXSWVWUDH VFKPDOHQ:HJGHULQGLH+|KHIKUWHXQGGDPLWDXFK]XGHU 'RUINLUFKH'HU:HJZDUPLW.RSIVWHLQHQJHSIODVWHUW 5HFKWVEHIDQGVLFKHLQ(LVHQJHOlQGHUGDUXQWHUHLQH %UXFKVWHLQPDXHUGLHQDFKMHGHP0HWHUGLHGHU:HJK|KHU IKUWHDQZXFKV
'DQQILHOPLUHLQGDLFKGLH7DVFKHQODPSHYHUJHVVHQKDWWH $EHUJDQ]RKQH/LFKWTXHOOHZDULFKWURW]GHPQLFKW,FKEHVD QRFKPHLQH.XJHOVFKUHLEHUODPSH'HU/LFKWVWUDKOZDU]ZDU GQQDEHUEHVVHUDOVJDUQLFKWV ,FKVDKGLH.LUFKHXQGEOLHEXQZLOONUOLFKVWHKHQ (LQHJOXWURWH:RONHKDWWHVLHHLQJHKOOW'LHVHV5RWVFKLHQ QRFKLQWHQVLYHU]XVHLQDOVGDVZDVEHUGHP'RUIODJ %HIDQGVLFKKLHUGDV=HQWUXPGHV%|VHQ" 1HLQGDVZDUQLFKWP|JOLFK'HQQGLH.LUFKHYHUN|USHUWH HLQ6\PEROGHV*XWHQGDVGHQ0lFKWHQGHU)LQVWHUQLVHLQIDFK ZLGHUVWUHEHQPXWH6LHZUGHlKQOLFKUHDJLHUHQZLHPHLQ .UHX]=XPLQGHVWQDKPLFKGDVVWDUNDQ (VZDUHQQXUQRFKHLQSDDU0HWHUGDQQKDWWHLFKGDV *RWWHVKDXVHUUHLFKW 'LHJURH7UZDU]X ,FKJLQJHLQSDDU6FKULWWHQDFKOLQNVXQGVDKHLQNOHLQHUHV 1HEHQJHElXGH 'DVPXWHGDV3IDUUKDXVVHLQ8QGKLQWHUGHQ)HQVWHUQ EUDQQWH/LFKW $EHUGDVZDUHVQLFKWZDVPLFKVWXW]LJPDFKWHVRQGHUQ GHU6FKDWWHQGHUDXIXQGDEZDQGHUWH 8QUXKLJZLHPLUVFKLHQ :DUHVGHU3IDUUHU"+DWWHHUDXHUPLUGLHVHV,QIHUQREHU VWDQGHQ" 'DVZROOWHLFKJHQDXZLVVHQXQGVFKULWWVFKQXUVWUDFNVDXI GLH+DXVWU]X 'HU3IDUUHUPXWHPLFKJHVHKHQKDEHQGHQQGHU6FKDWWHQ KLQWHUGHU6FKHLEHYHUKDUUWHXQGLFKVDKZLQNHQGH%H ZHJXQJHQ 5DVFKGHXWHWHLFKDXIGLH7U :HQLJVSlWHUZXUGHVLHDXIJHULVVHQ 6RIRUWWUDWLFKHLQZlKUHQGGHU*HLVWOLFKHUDVFKKLQWHUPLU ]XVFKOR ª6LHPVVHQGHU)UHXQGYRQ.RPPLVVDU0DOOPDQQVHLQ© VDJWHGHU*HLVWOLFKH
ª-DLFKELQ-RKQ6LQFODLU© 3IDUUHU.URJHUDWPHWHDXI(UVFKDXWHPLFKYHUVWlQGQLVORV DQª,FKEHJUHLIHQLFKWV©VDJWHHUª,FKYHUVWHKHEHUKDXSW QLFKWVPHKU:DVLVWQXUJHVFKHKHQXQGZDUXPVLQG6LHQLFKW XPJHIDOOHQZLHGLHDQGHUHQDXFK"© ª:DVJHVFKHKHQLVWZHLLFKQLFKW©DQWZRUWHWHLFKªDEHU PLFKKDWGDVJHUHWWHW©,FKJULIIXQWHUPHLQ+HPGXQG]HLJWH GHPHUVWDXQWHQ3IDUUHUGDV.UHX]ª8QWHUVHLQHP6FKXW]KDEH LFKJHVWDQGHQHEHQVRZLH6LH+RFKZUGHQ© ª-D©IOVWHUWHHUªDXIGHQ+HUUJRWWLVW9HUOD© ª:ROOHQ6LHPLUKHOIHQ"©IUDJWHLFK ª:HQQLFKNDQQ©$XFKHUKDWWHVLFKHLQ.UHX]XPGHQ +DOVJHKlQJW,FKURFKGHQ:HLKUDXFK6RHWZDVZDUIUGLH 0lFKWHGHU)LQVWHUQLV*LIW ª,FKKDEHYHUVXFKW]XWHOHIRQLHUHQ©HUNOlUWHPLUGHU3IDUUHU ª$EHUGLH/HLWXQJHQVLQGJHVW|UW0DQEHNRPPWHLQIDFK NHLQH9HUELQGXQJ$OVRN|QQHQZLUNHLQH+LOIHKROHQ© ,FKJDELKPUHFKWª:LUPVVHQXQVHEHQVHOEVWKHOIHQ© VDJWHLFK 'HU3IDUUHUVFKDXWHPLFKVNHSWLVFKDQª.|QQHQ6LHPLU VDJHQZLH6LHGDVDQVWHOOHQZROOHQ+HUU6LQFODLU"© ª1HLQGDVNDQQLFK,KQHQLP0RPHQWQLFKWHUNOlUHQ 0HLQHU0HLQXQJQDFKKlQJWGLHVHUJHVDPWHVFKUHFNOLFKH 9RUIDOOPLWGHQ6NHOHWWHQLP%HLQKDXV]XVDPPHQ.RPPLVVDU 0DOOPDQQHU]lKOWHPLUHWZDVYRQHLQHP*HLVWGHV$OEHUWXV .URJPDQQ6SXNWHUWDWVlFKOLFKLQGLHVHP%HLQKDXVKHUXP"© 'HU3IDUUHUKREGLH6FKXOWHUQXQGQLFNWHJOHLFK]HLWLJª:LU KDEHQLKQJHK|UW(VZDUVFKOLPP© ª$EHU6LHNRQQWHQLKQQLFKWEHVFKZ|UHQ© ª1HLQLFKZHLDXFKQLFKWZDVLFKYRQVROFKHLQHU0HWKRGH KDOWHQVROO© ,FKZLQNWHDEª,VWDXFKHJDO© ª6LHZROOHQVLFKHUGDV%HLQKDXVVHKHQ©PHLQWHGHU3IDUUHU XQGOHJWHEHLGH+lQGHJHJHQHLQDQGHU ª1DWUOLFK©
ª'DQQNRPPHQ6LH©'HU3IDUUHUJLQJVFKRQDXIGLH7U]XU GRFKLFKKLHOWLKQIHVW ª0RPHQWQRFK+RFKZUGHQLFKP|FKWHGRFKOLHEHUDOOHLQ JHKHQ(VNDQQJHIlKUOLFKZHUGHQ© ª0LFKVFKW]WGLH0DFKWGHV+HUUQ© ,FKHUZLGHUWHQLFKWVVRQGHUQKROWHGHQ6FKOVVHO]XP %HLQKDXVKHUYRUª'HQKDWPLUGHU.RPPLVVDUJHJHEHQ©HU NOlUWHLFK 'HU3IDUUHUIKUWHPLFKQDFKGUDXHQ(UXQGDXFKLFK NRQQWHQIUHLDWPHQGDV*UDXHQWDWXQVQLFKWV'HU*HLVWOLFKH EOLFNWHVLFK]ZDUVLFKHUQGXPHUVWHFNWHQRFKYROOHU 0LWUDXHQXQGXPNODPPHUWHVHLQ.UHX]PLWEHLGHQ +lQGHQ:lKUHQGHUQHEHQPLUKHUVFKULWWPXUPHOWHQVHLQH /LSSHQ*HEHWH :LUJLQJHQDQGHU9RUGHUVHLWHGHU.LUFKHHQWODQJ'DVURWH /LFKWXPVWUDKOWHXQV,FKVSUWHZLHGHUGDVLFKPHLQ.UHX] OHLFKWHUZlUPWKDWWH-HW]WKLHUGUDXHQZRPLFKGLH JHEDOOWH0DFKWGHV%|VHQWUDIDNWLYLHUWHHVVHLQH.UlIWH 'HU3IDUUHUVFKDXWHVLFKLPPHUZLHGHUVLFKHUQGXP(U KDWWH$QJVWHVZDUYHUVWlQGOLFK,QVHLQHP/HEHQZDUELVKHU IU*HLVWHUXQG'lPRQHQNHLQ3ODW]JHZHVHQ(UJODXEWH ZRKODQGLH+|OOHDEHUGDVLPELEOLVFKHQ6LQQ 'RFKOHEHQGH6NHOHWWH" )U3IDUUHU.URJHUPXWHHLQH:HOW]XVDPPHQJHEURFKHQ VHLQ$OVZLUYRUGHP6HLWHQHLQJDQJVWDQGHQZDUQWHLFK LKQQRFKHLQPDO ª6LHN|QQHQZLHGHU]XUFNJHKHQ+RFK ZUGHQ© 6WXPPVFKWWHOWHHUGHQ.RSI 5HFKWVVDKLFKGHQ)ULHGKRIYRQGHP.RPPLVVDU 0DOOPDQQHU]lKOWKDWWH(LJHQWOLFKKDWWHLFKLKQPLUDQVHKHQ ZROOHQGRFKMHW]WGUlQJWHGLH=HLW 'HU3IDUUHU|IIQHWHGLH7UXQGZLUEHWUDWHQGLH.LUFKH,FK JLQJGHQJOHLFKHQ:HJZLH]XYRU.RPPLVVDU0DOOPDQQVDK GLHXQUXKLJHQ.HU]HQIODPPHQLKUIODFNHUQGHV/LFKWGDVHLQH JHVSHQVWLVFKH$WPRVSKlUH]DXEHUWH
$XFKLFKZDUQHUY|V'DV:LVVHQXPGLHOHEHQGHQ6NHOHWWH PDFKWHPLFKXQUXKLJ ,FKHUNDQQWHLQGHPURWHQ/LFKWHLQ=HLFKHQGDVDOOHLQIU VLHJDOW :DUHVHLQ6WDUWVLJQDO" :LUVFKULWWHQGLH7UHSSHQVWXIHQKLQXQWHU +LQWHUPLUEHWHWHGHU3IDUUHUQRFKLPPHU ,FKKDWWHPHLQ-DFNHWWDXIJHNQ|SIWXPLP1RWIDOOVFKQHOOHU DQGLH:DIIH]XJHODQJHQ 'DQQVWDQGHQZLUYRUGHU7UKLQWHUGHUGDV%HLQKDXVODJ ,FKKLHOWGHQ6FKOVVHOEHUHLWVLQGHU+DQGZDUIGHP3IDUUHU QRFKHLQHQ%OLFN]X ª*RWWEHVFKW]HXQV©PXUPHOWHGHU*HLVWOLFKH ,FKJLQJLQGLH.QLHIKUWHGHQ6FKOVVHOLQV6FKORXQG GUHKWHLKQKHUXP 'LH7UZDURIIHQ 0LWGHPUHFKWHQ)XVWLHLFKVLHQDFKLQQHQ 1LFKWVJHVFKDK $EHUHVKDWWHVLFKHWZDVYHUlQGHUW$XFKGDV%HLQKDXVZDU YRQHLQHUURWHQ/LFKWIOOHHUOHXFKWHW6LHGUDQJDXVGHQ :lQGHQEHUZDUIGHQ.QRFKHQEHUJPLWLKUHP6FKHLQXQG PHLQHQ$XJHQERWVLFKHLQPDNDEUHV%LOG 9RUVLFKWLJEHWUDWLFKGDV*HZ|OEH 3IDUUHU.URJHUYHUKDUUWHKLQWHUPLUDXIGHU7UVFKZHOOH(U WUDXWHVLFKQLFKWZHLWHU ,FKDEHUEOLHEGLUHNWYRUGHP.QRFKHQEHUJVWHKHQ (VZDUVWLOO 8QGGHVKDOEK|UWHLFKGDVIHLQH6LQJHQGDVPRQRWRQGHQ 5DXPHUIOOWH :RNDPHVKHU" ,FKNRQ]HQWULHUWHPLFKDXIGLH4XHOOHXQGVWHOOWHIHVWGD GLHVHV*HUlXVFKDXVGHP.QRFKHQEHUJGUDQJ-DGLH*HEHLQH VDQJHQ6LHZXUGHQXQUXKLJ ª:DVLVWGDV"©IOVWHUWHGHU3IDUUHUKLQWHUPLU$XFKHUKDWWH GDV*HUlXVFKYHUQRPPHQ
,FKJDENHLQH$QWZRUWGHQQSO|W]OLFKNODQJGLHJUROOHQGH 6WLPPHDXI6LHZLUNWHDXIPLFKZLHDXVGHQ%R[HQHLQHU 6WHUHRDQODJHNRPPHQGGUDQJYRQDOOHQ6HLWHQDXIPLFKHLQ XQGMHGHVHLQ]LJH:RUWWUDIPLFKZLHHLQ'RQQHUVFKODJ ª9HUIOXFKWHU:DKQVLQQLJHU©K|UWHLFKGDVKDHUIOOWH 2UJDQª:LHNDQQVWGXHVZDJHQDOV8QZUGLJHULQGHU=HLW GHUURWHQ:RONHGLHVHV*HZ|OEH]XEHWUHWHQ":DUXPELVWGX JHNRPPHQ":DUXPOLHJVWGXQLFKWEHLGHQDQGHUHQ"© ,FKDQWZRUWHWHDXIVHLQH)UDJHQQLFKWVRQGHUQVWHOOWHVHOEVW HLQH)UDJHª:HUELVWGXGHUGD]XPLUVSULFKW"© /DFKHQ 6FKDXULJXQGKRKO 0LUUDQQHLQHNDOWH*lQVHKDXWEHUGHQ5FNHQ 'HU.QRFKHQEHUJJHULHWLQ%HZHJXQJ'LH*HEHLQHNODS SHUWHQJHJHQHLQDQGHU $XIPLFKZLUNWHHVZLHHLQ%HLIDOODXVGHU+|OOH ª,FKZHUGHGLUVDJHQZHULFKELQ©VDJWHGLH6WLPPHQDFK GHPGDV*HOlFKWHUYHUNOXQJHQZDUª,FKELQ$OEHUWXV .URJPDQQ0DJLVWHUXQG*URLQTXLVLWRUXQGPHLQH :DQGHUXQJKDWHLQ(QGHJHIXQGHQ'LH=HLWGHU5FNNHKU LVWJHNRPPHQ0HLQLVWGLH5DFKH6LHKDEHQPLFKQLFKW YHUODVVHQ© ª:HUVLQGVLH"© ª'LHVH$QWZRUW0HQVFKHQZXUPZLUVWGXYLHOOHLFKWQLH PDOVHUKDOWHQGHQQGHLQ7RGLVWHLQHEHVFKORVVHQH6DFKH© ª:DVLVWPLWGHQ0HQVFKHQLP'RUIJHVFKHKHQ"©IUDJWHLFK ª:DUXPVLQGVLHLQGLHVHQ6FKODIJHIDOOHQ"© ª'HUGlPRQLVFKH7LHIVFKODIPXWHVHLQGDPLWLFKVLHZHKU ORVPLWQHKPHQNDQQ© ª8QGZRKLQ"© ª'DVZHUGHLFKGLUQLFKWVDJHQ9HUPHVVHQHU$EHULFKKDEH JHQXJJHUHGHWHVLVWDQGHU=HLWGDLFKPLFKGLU]HLJH:DUWH HVDEXQGGXZLUVWGLH+|OOHHUOHEHQ©'LH6WLPPHYHU VWXPPWH 3IDUUHU.URJHUZDUY|OOLJDXIJHO|VW,FKK|UWHVHLQHDXIJH
UHJWH6WLPPHª:DVVROOHQZLUGHQQMHW]WPDFKHQ"©IOVWHUWH HUª'LHVHU*HLVWKDWVLFKHUOLFKQLFKWJHVFKHU]W© ª1HLQGDVKDWHUDXINHLQHQ)DOO© ª8QGQXQ"© ,FKKREGLH+DQG'HU3IDUUHUYHUVWDQGGDV=HLFKHQXQG VFKZLHJ *OHLFK]HLWLJMHGRFKJHULHWGHU.QRFKHQKDXIHQLQ%HZHJXQJ 3O|W]OLFKVFKREHQVLFKGLH*HEHLQHKLQXQGKHUGUHKWHQVLFK XPLKUHHLJHQHQ$FKVHXQGPLFKSDFNWHGDVNDOWH*UDXHQDOV LFKVDKZLHVLFKGLHHLQ]HOQHQ.QRFKHQLQGLH/XIWHUKREHQ XQG]XQHXHQPDNDEUHQ.|USHUQ]XVDPPHQZXFKVHQ ª1HLQ©,QK|FKVWHU1RWVWLHGHU3IDUUHUGDV:RUWDXV(U ZROOWHQLFKWJODXEHQZDVHUGDPLWHLJHQHQ$XJHQVDK 'LH.QRFKHQVWLHJHQGHU'HFNHHQWJHJHQ,FKVDK6FKlGHO )H$UPHXQG%HLQH6LHVFKZHEWHQIKUWHQPDNDEUH7lQ]H DXIXQGZXFKVHQDQHLQDQGHU ,FK]RJGLH%HUHWWD (VZDUQLFKWHLQIDFKGDV*UDXHQDE]XVFKWWHOQZDVDXFK PLFKJHSDFNWKLHOWDEHUMHW]WGXUIWHLFKPLFKQLFKWHLQIDFKYRQ *HIKOHQOHLWHQODVVHQVRQGHUQPXWHHWZDVWXQ +DWWHQVLFKHLQPDOVlPWOLFKH.QRFKHQ]X6NHOHWWHQIRU PLHUWZDUHVYRUEHL'DQQNDPHQVLHZLHHLQH:HOOHEHUXQV XQGZLUNRQQWHQQLFKWVGDJHJHQWXQ -HW]WZDUQRFK=HLW 'RFKLFK]|JHUWH]XVFKLHHQ,FKZROOWHNHLQH0XQLWLRQ YHUJHXGHQQHLQPLUILHOHLQHZLUNVDPHUH0HWKRGHHLQ +DVWLJO|VWHVLFKHVYRQPHLQHP+DOV'DQQGUHKWHLFKGLH VLOEHUQH.HWWHXPHLQHQ)LQJHUXQGVWDFKPLWGHPJHZHLKWHQ .UHX]GLUHNWLQGHQ.QRFKHQEHUJKLQHLQ 'LH:LUNXQJZDUIUDSSLHUHQG %OLW]H]XFNWHQDXI .QDOOURWXQGGRFKEOHQGHQG ,FKWDXPHOWHXQZLOONUOLFK]XUFNXQGKLHOWVFKW]HQGGLH
+DQGYRUPHLQH$XJHQZlKUHQGLFKPLWGHUDQGHUHQ+DQG GDV.UHX]XPNODPPHUWH +HXOHQXQG:HKNODJHQHUW|QWH (WZDVNQLUVFKWH6FKUHLHIROJWHQ +LQWHUPLUK|UWHLFKGLH6WLPPHGHV3IDUUHUV(UULHIGLH *HEHWHNlPSIWHDXIVHLQH$UWJHJHQGLHILQVWHUHQ.UlIWH ,FKULGLH$XJHQZLHGHUDXI 0HLQ.UHX]KDWWHZLUNOLFKHLQHQGXUFKVFKODJHQGHQ(UIROJ HU]LHOW'RUWZRHVGHQ.QRFKHQEHUJEHUKUWKDWWHZDUHQGLH *HEHLQHUHJHOUHFKWJHVFKPRO]HQ (LQ7ULFKWHUEHIDQGVLFKLQQHUKDOEGHV.QRFKHQKDXIHQV (UHULQQHUWHPLFKDQHLQHQ.UDWHU$QGHQ5lQGHUQVFKZDU] JOlQ]HQG'XQNOHGQQH5DXFKZRONHQVWLHJHQGDUDXVKHUYRU XQGNUlXVHOWHQGHU'HFNHHQWJHJHQ (LQEHLHQGHU*HVWDQNPDFKWHVLFKEUHLW ,FKPXWHKXVWHQ 8QGGLH6NHOHWWH" 6LHKDWWHQVLFKWURW]GHPIRUPLHUW=ZDUQLFKWDOOHGHQQHLQ 7HLOGHU*HEHLQHZDUVFKOLHOLFKYHUEUDQQWDEHUVHFKVGHU .QRFKHQPlQQHUWDQ]WHQYRUPHLQHQ$XJHQHLQHQK|OOLVFKHQ 5HLJHQ ,FKVDKGLHKlOLFKHQPLWURWHP/LFKWEHUJRVVHQHQ 6FKlGHOGLHOHHUHQ$XJHQK|KOHQGDV*ULQVHQGHU*HELVVH XQGVLHGDFKWHQJDUQLFKWGDUDQ]XYHUVFKZLQGHQ 6LHJULIIHQDQ 'LH3LVWROHKDWWHLFKZLHGHUZHJJHVWHFNWQDFKGHPLFKGHQ .QRFKHQKDXIHQPLWPHLQHP.UHX]DQJHJULIIHQKDWWH'DVZDU HLQ)HKOHUGHQQGLH6NHOHWWHOLHHQHVQLFKW]XGDLFKGLH %HUHWWD]RJ6LHZXWHQJHQDXGDUEHU%HVFKHLGZDVLKQHQ JHIlKUOLFKZHUGHQNRQQWH =ZHLNQ|FKHUQH)LQJHUXPNODPPHUWHQPHLQHQUHFKWHQ $UP6LHSDFNWHQLKQJHQDXLQGHP0RPHQWDOVPHLQH+DQG LP$XVVFKQLWWGHV-DFNHWWVYHUVFKZLQGHQZROOWH +DUWZXUGHVLHKHUXPJHULVVHQ6RZXFKWLJGDLFK]XU6HLWH WDXPHOWHXQGLQGLH.QLHJLQJ
*ULQVHQGEHXJWHVLFKGHU.QRFKHQPDQQEHUPLFK,FKVDK VHLQHQKlOLFKHQ6FKlGHOGLFKWYRUPHLQHQ$XJHQGLH=lKQH NODSSHUWHQXQGLFKZXWHGDHUPLFKXPEULQJHQZROOWH ,QPHLQHUOLQNHQ+DQGODJQRFKGDV.UHX] 8QGGDPLWNlPSIWHLFK ,FKEHUKUWHGHQKlOLFKHQ6FKlGHO'DV6NHOHWW]XFNWH ]XUFNOLHPLFKORVXQGKHXOWHDXI'DQQIORJHVI|UPOLFK DXVHLQDQGHUDOVKlWWHHLQ%OLW]HVJHVSDOWHQ5DNHWHQJOHLFK ]LVFKWHQGLHHLQ]HOQHQ.QRFKHQGXUFKGDV*HZ|OEHXQG NODWVFKWHQJHJHQGLHNDKOHQ:lQGHEHYRUVLH]X%RGHQILHOHQ XQG]X6WDXEZXUGHQ ,FKNDPZLHGHUKRFK +LQWHUPLUK|UWHLFKGHQ$QJVWVFKUHLGHV3IDUUHUV %OLW]VFKQHOOZLUEHOWHLFKKHUXPXQG]RJLQGHU'UHKXQJ PHLQH%HUHWWD (LQ6NHOHWWKDWWHVHLQHQNDOWHQ)LQJHUXPGHQ+DOVGHV *HLVWOLFKHQJHOHJW(VZDULKPOHLFKWP|JOLFKGHQQGDVVFKW ]HQGH.UHX]GHV3IDUUHUVODJDXIGHP%RGHQ (WZDVSROWHUWHLQPHLQHP5FNHQGLH.QRFKHQUXWVFKHKHU XQWHULFKDFKWHWHMHGRFKQLFKWGDUDXIVRQGHUQPXWHPLFK XPGHQ*HLVWOLFKHQNPPHUQ ,FKVFKR 0HLQH6LOEHUNXJHOWUDIKDDUJHQDXGHQ+LQWHUNRSIGHV .Q|FKHUQHQ 'LH+lQGHO|VWHQVLFKYRQGHU.HKOHGHV3IDUUHUVXQGGDQQ VDQNGDV6NHOHWW]X%RGHQ (VZXUGH]X6WDXE 6FKZHUKROWHGHU*HLVWOLFKH/XIWª'DQNH©NHXFKWHHU ªGDQNH© ª1HKPHQ6LHGDV.UHX]©ULHILFKLKP]XGDQQPXWHLFK PLFKXPGLHDQGHUHQ.QRFKHQPlQQHUNPPHUQ ,FKIXKUKHUXPXQGYHUQDKPQRFKLQGHU'UHKXQJGDV SIHLIHQGH*HUlXVFK 6FKDWWHQKDIWVDKLFKGHQ*HJHQVWDQGGHUDXIPHLQHQ.RSI ]XUDVWH
(VZDUHLQODQJHU.QRFKHQ 'DQQH[SORGLHUWHHWZDVDQPHLQHU6FKOlIHXQGLFKKDWWHGDV *HIKOPHLQ.RSIZUGHDXVHLQDQGHUVSULQJHQ ,P8QWHUEHZXWVHLQYHUQDKPLFKGHQDQJVWHUIOOWHQ6FKUHL GHV3IDUUHUV /DQJVDPVDFNWHLFKLQGLH.QLH,FKJODXEWHGDVLFKLQGHU 0LWWHPHLQHU%HLQHHLQH3XGGLQJVFKLFKWEHIDQGGLHLPPHU ZHLFKHUZXUGH 9HU]ZHLIHOWNlPSIWHLFKJHJHQGLHGURKHQGH6FKZlFKHDQ ,FKGXUIWHQLFKWRKQPlFKWLJZHUGHQ 1LFKWMHW]WLQGLHVHU+|OOH 6FKZHUILHOLFK]X%RGHQ$EHU]XYRUKDWWHLFKGLH$UPH DXVJHVWUHFNWXQGNRQQWHPLFKVRDEVWW]HQ0HLQ$WHPJLQJ NHXFKHQG,FKVDXJWHLKQSIHLIHQGHLQGHU.QRFKHQEHUJYRU PLUEHZHJWHVLFKKLQXQGKHU'HU%RGHQVFKZDQNWHZLHHLQ VWXUPJHSHLWVFKWHV0HHU$EHUDXFKGLHhEHONHLWVFKRLQ :HOOHQKRFK0LUZXUGHKXQGHHOHQG,FKKDWWH0KHHLQ (UEUHFKHQ]XYHUPHLGHQ:LHLP.UDPSIKLHOWLFKLPPHUQRFK GDV.UHX]XPNODPPHUW,FKZXWHGDHVGHUHLQ]LJH6FKXW] ZDUGHQLFKPRPHQWDQQRFKKDWWH 'DV*HZ|OEHZDUHUIOOWYRP.UHLVFKHQGHU6NHOHWWH6LH VWLHHQJUHOONOLQJHQGH/DXWHDXVLKUH*HEHLQHNODSSHUWHQ XQGLPPHUPHKU.QRFKHQHUKREHQVLFKDXVGHP%HUJWDQ] WHQLQGHU/XIWXQGIDQGHQGDQQ]XVDPPHQXPVLFK]XQHXHQ 6NHOHWWHQ]XIRUPLHUHQ ,FKVDKDOOHVZLHGXUFKHLQHQ6FKOHLHUXQGHUVWLFNWHIDVWDQ PHLQHUHLJHQHQ+LOIORVLJNHLW =XP*OFNNDPNHLQHGHUPDNDEUHQ*HVWDOWHQDXIGLH,GHH PLUHLQHQ]ZHLWHQ6FKODJ]XYHUVHW]HQGHUPLFKHQGJOWLJ DXIGLH%UHWWHUJHVFKLFNWKlWWH ,FKKLHOWPLFKLQGHP=ZLVFKHQVWDGLXP:DUQLFKWY|OOLJ EHZXWORVDXFKQLFKWZDFK (LQPLHVHU=XVWDQG 7LHIDWPHWHLFKHLQ2EZRKOGLH/XIWVFKOHFKWZDUGUDQJVLH GRFKWLHILQPHLQH/XQJHQXQGEHOHEWHPLFK
'LH6FKZlFKHJLQJYRUEHU$XFKOLHHQGLH6FKPHU]HQ HWZDVQDFKXQGGHU%RGHQXQWHUPLUEHZHJWHVLFKQLFKWPHKU JDQ]VRVFKOLPPZLH]XYRU ,FKNRQQWHDXIVWHKHQ2GHUHV]XPLQGHVWYHUVXFKHQGHQQ EHLHLQHP9HUVXFKEOLHEHVYRUHUVW (VJHODQJPLUHLQIDFKQLFKWDXIGLH%HLQH]XJHODQJHQ,FK PXWHGLH=HLWDEZDUWHQXQGGDQQHLQHQ]ZHLWHQ$QODXI QHKPHQ 'LHVPDOVFKDIIWHLFKHV $EHULFKIKOWHPLFKZLHHLQNOHLQHV.LQGGHVVHQ.QRFKHQ QRFKQLFKWGLHQ|WLJH6WlUNHHUUHLFKWKDWWHQXP]XODXIHQ:LH HLQ%HWUXQNHQHUWRUNHOWHLFKKLQXQGKHU 'DEHLVFKDXWHLFKPLFKXP 'HU.HOOHUZDUOHHU 2GHUIDVW 1XUQRFKHLQ6NHOHWWEHIDQGVLFKLP,QQHUQDEHUGDV NOHWWHUWHVRHEHQGLH5XWVFKHKRFKXQGYHUVFKZDQGGXUFKGHQ DP)ULHGKRIJHOHJHQHQ(LQJDQJQDFKGUDXHQ ª+HUU6LQFODLU©6FKZDFKNODQJGLH6WLPPHGHV3IDUUHUV XQGLFKGUHKWHPLFKXP 3IDUUHU.URJHUOHKQWHDQGHU:DQG(UVDKJHVFKDIIWDXV 6FKZHLQDJOlQ]WHVHLQ*HVLFKWXQGLQVHLQHQ$XJHQ IODFNHUWHGLH3DQLNXQGGDV1LFKWEHJUHLIHQGHVKLQWHULKP OLHJHQGHQ(UOHEQLVVHV (UKLHOWVHLQ.UHX]VRIHVWXPNODPPHUWDOVZROOHHUHVQLH ZLHGHUORVODVVHQ 'LHVHVKHLOLJH6\PEROKDWWHLKQJHUHWWHW 9RUHUVW]XPLQGHVW ,FKKREEHLGH+lQGHXQGSUHWHVLHOLQNVXQGUHFKWVJHJHQ GHQ.RSIZHLOGLH6FKPHU]HQGRFK]XVWDUNZXUGHQ ª+HUU6LQFODLUZDVLVWPLW,KQHQ"©IUDJWHGHU*HLVWOLFKH ª6LQG6LHLQ2UGQXQJ"© ª)DVW©NHXFKWHLFKªIDVW© ,FKJLQJDXIGHQ3IDUUHU]X6FKZDQNHQGZLHHLQ %HWUXQNHQHU,QPHLQHQ.QLHQVSUWHLFKLPPHUQRFKGHQ
3XGGLQJDEHUPHLQH*HGDQNHQDUEHLWHWHQZLHGHUNODUHU 'LH6NHOHWWHZDUHQYHUVFKZXQGHQ6LHKDWWHQGDV%HLQKDXV XQWHUGHU.LUFKHYHUODVVHQ $EHUZRKLQ" ,FKGDFKWHDQGLHZHKUORVDXIGHQ6WUDHQXQGLQGHQ +lXVHUQOLHJHQGHQ0HQVFKHQXQGKDWWH$QJVWGDGLH .Q|FKHUQHQLKQHQHWZDVDQWXQNRQQWHQ'RFKEHLJHQDXHU %HWUDFKWXQJZDUGLHVHU*HGDQNHXQORJLVFK:DVKDWWHQGLH .Q|FKHUQHQGDYRQZHQQVLHGLH0HQVFKHQXPEUDFKWHQ" $QGHUHUVHLWVIUDJWHQ'lPRQHQXQGGHUHQ+HOIHUNDXPQDFK HLQHP0RWLY :LHLFKHVDXFKGUHKWHXQGZHQGHWHGLH6DFKHVDKYHU GDPPWVFKOLPPDXV 'LH.RSIVFKPHU]HQQDKPHQ]X $OVLFKPLWGHQ)LQJHUVSLW]HQEHUGLH6WHOOHIXKUZRPLFK GHU6FKODJJHWURIIHQKDWWHVSUWHLFK%OXW=XP*OFNZDUGLH NOHLQH:XQGHVFKRQ]XP7HLOYHUNUXVWHWVROLHIPLUGHUURWH /HEHQVVDIWZHQLJVWHQVQLFKWLQGLH$XJHQ 'HU3IDUUHUPHUNWHGDHVPLUQLFKWJHUDGHEHVRQGHUVJLQJ ª.RPPHQ6LHPLW©VDJWHHUªLFKJHEH,KQHQHWZDVJHJHQ GLH6FKPHU]HQ© ª1HLQLFKPX© ª:ROOHQ6LHHWZDLQ,KUHP=XVWDQGGLHVH.QRFKHQPlQQHU YHUIROJHQ"© 'DKDWWHHUUHFKW 3IDUUHU.URJHUXQGLFKYHUOLHHQGDV*HZ|OEH$QGHU7U ZDUIGHU*HLVWOLFKHQRFKHLQHQOHW]WHQ%OLFN]XUFN$XFKLFK VFKDXWH]XGHU.QRFKHQUXWVFKHKLQ 9RQGHQ*HEHLQHQZDUNDXPPHKUHWZDV]XVHKHQ1XU QRFKYHUHLQ]HOWODJHQHLQLJH.QRFKHQKHUXP8QGGLHZDUHQ ]XP7HLODQJHVHQJWDOVVLHGLH.UDIWGHV.UHX]HV]XVSUHQ EHNDPHQ :LUJLQJHQ $XIGHU7UHSSHQDFKREHQPXWHGHU3IDUUHUPLFKVWW]HQ VRQVWKlWWHLFKHVZRKOQLFKWJHVFKDIIW6RHOHQGZDUPLU
'LH6NHOHWWHKDWWHQGDV*HZ|OEHQLFKWGXUFKGLH.LUFKHYHU ODVVHQVRQGHUQZDUHQGLH5XWVFKHKRFKJHNOHWWHUW6LHKDWWHQ HVZRKOQLFKWJHZDJWDQGHQFKULVWOLFKHQ6\PEROHQYRUEHL ]XJHKHQXQGGHVKDOEHLQHQDQGHUHQ:HJJHQRPPHQ :LUYHUOLHHQGLH.LUFKH 1RFKLPPHUODJGDVURWH/HXFKWHQEHUGHP'RUIDEHU PHLQHU0HLQXQJQDFKKDWWHHVVLFKHWZDVDEJHVFKZlFKW RGHUZDULQ|VWOLFKH5LFKWXQJZHLWHUJHZDQGHUW $XIGLHWVFKHFKLVFKH*UHQ]H]X :HQQGDVVWLPPWHNRQQWHHVKHLWHUZHUGHQ :LUEHWUDWHQGDV3IDUUKDXV'HU*HLVWOLFKHIKUWHPLFKLQ VHLQ$UEHLWV]LPPHUZRLFKPLFKLQHLQHQ/HKQVWXKOVHW]WH ª:DUWHQ6LHKLHU©VDJWH3IDUUHU.URJHU(UYHUVFKZDQGDXV PHLQHP%OLFNIHOG 'HUYHUGDPPWH6FKODJKDWWHPLFKJHVFKDIIW1RFKLPPHU ELVVHQGLH6FKPHU]HQLQPHLQHP.RSI6LHVWDFKHQZLH JOKHQGH3IHLOHLQGLH6FKlGHOGHFNHXQGEHKLQGHUWHQPHLQ 'HQNHQ =ZHL0LQXWHQVSlWHUNHKUWHGHU3IDUUHU]XUFN(UKLHOWHLQ *ODVLQGHU+DQG=XU+lOIWHZDUHVPLW:DVVHUJHIOOW$XI GHP%RGHQODJHQQRFKGLH5HVWHHLQHU7DEOHWWHYRQGHUNOHL QH3HUOHQGHU2EHUIOlFKHHQWJHJHQVSUXGHOWHQ ª+LHUWULQNHQ6LH+HUU6LQFODLU©VDJWHGHU3IDUUHUªGDQQ ZLUGHV,KQHQJOHLFKEHVVHUJHKHQ© 'DQNEDUQDKPLFKGDV*ODVHQWJHJHQ,QGUHL6FKOXFNHQ WUDQNLFKGDV:DVVHUPLWGHPOHLFKWELWWHUHQ1DFKJHVFKPDFN XQGVWHOOWHGDV*ODVDXIHLQHPNOHLQHQ7LVFKDE 3IDUUHU.URJHUKDWWHDXFKQRFKHWZDVDQGHUHVPLWJHEUDFKW 0LWHLQHPIHXFKWHQ7XFKZLVFKWHHUPLUGDV%OXWYRQGHU 6FKOlIH ª6ROOLFK-RGDXIGLH:XQGHWUlXIHOQ"© ª1HLQQHLQGDQNH© ª$EHUHLQ3IODVWHUN|QQHQ6LHYHUWUDJHQ© 'HU3IDUUHUNOHEWHPLUGDV3IODVWHUIDFKJHUHFKWDXIGLH6WLUQ ,FKOlFKHOWHYHU]HUUWª+DEHQ6LHhEXQJGDULQ"©
ª-DLP.ULHJKDEHLFKDXHUDOV6HHOVRUJHUDXFKPDODOV 6DQLWlWHUJHDUEHLWHW© 'LH7DEOHWWHQEHJDQQHQVFKRQ]XZLUNHQ(UPXWHPLU ZLUNOLFKHLQVWDUNHV=HXJJHJHEHQKDEHQ'DVERKUHQGH +lPPHUQOLHQDFKLFKNRQQWHZLHGHUNODUGHQNHQ 'HU*HLVWOLFKHKDWWHQHEHQPLU3ODW]JHQRPPHQ(UJ|QQWH VLFKHLQHQ6HOEVWJHEUDQQWHQ ª'DVPXWHVHLQ©VDJWHHU ,FKQLFNWH ª8QGQXQ+HUU6LQFODLU"©IUDJWHGHU3IDUUHUDOVHUGDV*ODV DEJHVHW]WKDWWHª:DVPDFKHQZLUMHW]W"© ª:LHVRZLU"© ª*ODXEHQ6LHGHQQLFKODVVH6LHLP6WLFK",FKZHUGHPLW ,KQHQNlPSIHQ6HLWHDQ6HLWH'DV%|VHPXDXVJHPHU]W ZHUGHQ1XUVRNDQQXQVHU+HUUVLHJHQ© ,FKEHZXQGHUWHGHQ*HLVWOLFKHQ(UZDUVLFKHUOLFKVFKRQ VHFK]LJ-DKUHDOWDEHUHUKDWWHGHQXQJHEURFKHQHQ0XWHLQHV -QJOLQJV 'LHVHU0DQQVWDQGZLUNOLFKPLWEHLGHQ%HLQHQLP/HEHQ(U WUDWGHQ*HIDKUHQPXWLJHQWJHJHQXQGZROOWH/HEHQUHWWHQ 'LHVH(LQVWHOOXQJIDQGPDQQLFKWRIWLQXQVHUHU:HOWLQGHU DOOHQXUQDFKPDWHULHOOHP5HLFKWXPVWUHEWHQ ª+DEHQ6LHIUPLFKDXFKHLQH:DIIH"© ,FKGDFKWHDQGLH(UVDW]%HUHWWDª:ROOHQ6LHZLUNOLFKHLQH 3LVWROHQHKPHQ"© 'HU*HLVWOLFKHVFKDXWHPLFKHUQVWDQª-D+HUU6LQFODLULFK QHKPHVLH'LHVHVIRUGHUWGDV*HERWGHU6WXQGH:HQQZLU DQGHUVQLFKWJHJHQVLHDQNlPSIHQN|QQHQGDQQHEHQGDPLW 8QGPLWGHP.UHX]©IJWHHUQRFKKLQ]X ,FK]RJPHLQH(UVDW]%HUHWWDXQGVFKREVLHLKPEHUGHQ 7LVFKª%LWWH© 3IDUUHU.URJHUQDKPVLHHQWJHJHQ:LHHUGDVPDFKWHOLH GDUDXIVFKOLHHQGDHUQLFKW]XPHUVWHQPDOHLQH3LVWROHLQ GHU+DQGKLHOW ª6LHLVWPLWJHZHLKWHQ6LOEHUNXJHOQJHODGHQ©HUNOlUWHLFK
ª8QGGLHVH*HVFKRVVHVLQGIUGLH6NHOHWWHW|GOLFKGDVLHLQ GHU'lPRQHQKLHUDUFKLH]XUQLHGULJHQ5DQJRUGQXQJ]lKOHQ© 'HU*HLVWOLFKHOlFKHOWHª:LH6LHGDVDOOHVVRVDJHQ© ª/HLGHUHQWVSULFKWHVGHQ7DWVDFKHQ© ª8QGZLHJHKWHV,KQHQ"© ª'DQNHGLH7DEOHWWHQKDEHQJHKROIHQ© 'HU3IDUUHUOlFKHOWHXQGVWDQGDXIª'DVIUHXWPLFK©'DQQ VFKDXWHHUDXIGLH8KUª.RPPHQ6LHXQVKlOWZRKOQLFKWV PHKUKLHU© 'HU0HLQXQJZDULFKDXFK (VZDUHLQHXQKHLOYROOH5XKHGLHXQVGUDXHQHPSILQJ'HU 7DJQHLJWHVLFKODQJVDPVHLQHP(QGH]X'LH'lPPHUXQJ EUDFKDQXQGLKU*UDXYHUPLVFKWHVLFKPLWGHP5RWGHU 7RGHVZRONH]XHLQHUGVWHUHQ)DUEHQNRPELQDWLRQ 'HU3IDUUHUXQGLFKVFKULWWHQGLHVFKPDOHPLW.RSIVWHLQ SIODVWHUEHOHJWH6WUDHKLQDE 8QVHUH6FKULWWHKDOOWHQGXUFKGLH1DFKW9RQLUJHQGZRKHU ZXUGHQVLHDOV(FKR]XUFNJHZRUIHQXQGGLHVHV(FKRNODQJ KRKOXQGJHLVWHUKDIWDOVZUGHHVXQVYHUVSRWWHQ ,PPHUZLHGHUKLHOWHQZLUQDFKGHQ6NHOHWWHQ$XVVFKDX GRFKZLUVDKHQNHLQHQHLQ]LJHQGHU.QRFKHQPlQQHU(V VFKLHQDOVKlWWHQVLHVLFKLQ/XIWDXIJHO|VW $EHUGDVNRQQWHQLFKWVHLQ ª$KQHQ6LHZRKLQGLH6NHOHWWHYHUVFKZXQGHQVLQG"©IUDJWH PLFKGHU*HLVWOLFKH ,FKQLFNWH ª8QGZR"© ª.RPPLVVDU0DOOPDQQKDWPLUYRQGHPUlWVHOKDIWHQ6WHLQ EHULFKWHW© ª'DQQVLQGZLUMDHLQHU0HLQXQJ©VDJWHGHU3IDUUHUVFKQHOO ª.|QQHQ6LHPLUPHKUEHUGLHVHQ)HOVHQVDJHQ"©HUNXQ GLJWHLFKPLFK ª.DXP©
,FKERKUWHZHLWHUXQGJDEPLFKQLFKWPLWGHU$QWZRUW ]XIULHGHQª,UJHQGHWZDVPXGLHVHU)HOVHQGRFKDQVLFK KDEHQGDYRQLKPQXUPLWVROFKJURHP5HVSHNWJHVSUR FKHQZLUG© ª'LH0HQVFKHQKLHUKDOWHQLKQIUHLQ6\PEROGHV7HXIHOV© ,FKVFKDXWHGHQ*HLVWOLFKHQVFKUlJYRQGHU6HLWHKHUDQ ª+DEHQVLHGDPLWVRXQUHFKW"© 3IDUUHU.URJHUEOLHEVWHKHQXQGLFKPDFKWHHVLKP]ZDQJV OlXILJQDFKª9RUHLQHP7DJQRFKKlWWHLFKGHQGHUPLFK GLHVHVJHIUDJWKDWDXVJHODFKW-HW]WQLFKWPHKU*ODXEHQ 6LHDQGHQ7HXIHO+HUU6LQFODLU"© ª,FKZHLGD6DWDQH[LVWLHUW© ª$EHUZLHVROOHQ6LHLKQEHVFKUHLEHQ",VWREHQGHU+LPPHO RGHUXQWHQGLH+|OOH"1HLQGLHVH3KLORVRSKLHLVWEHUKROW REZRKOLFKVLHGHQ.LQGHUQLPPHUQRFKYHUPLWWHOQPXXP LKQHQGDV*DQ]HEHJUHLIOLFK]XPDFKHQ6FKOLHOLFKLVWGHU *ODXEHHLQ0\VWHULXP© ,FKZROOWHPLFKQLFKWDXIHLQHQODQJHQ'LDORJPLWGHP 3IDUUHUHLQODVVHQVRQGHUQHU]lKOWHLKPHLQLJHVDXVPHLQHU 3UD[LV'DVMHGRFKLQNXU]HQ6lW]HQ,FKHUZlKQWHDXFK $VPRGLVGHQ+|OOHQIUVWHQXQGVHLQHQ(UVWHQ'LHQHUGHQ 6FKZDU]HQ7RG ª'LHVH%HNDQQWVFKDIWKDEHLFKQRFKQLFKWJHPDFKW©JDE 3IDUUHU.URJHU]X ª6HLHQ6LHIURK© :LUZDUHQZHLWHUJHJDQJHQXQGHUUHLFKWHQGDV(QGHGHU VFKPDOHQ6WUDH9RQKLHUDXVNRQQWHQZLUDXIGHQ 0DUNWSODW]PLWGHP%UXQQHQVFKDXHQ 'HU3IDUUHUHUVFKUDN ª+HUULP+LPPHOGDVLVWMDJUDXHQYROO©IOVWHUWHHUDOVHU GLH]DKOUHLFKHQ0HQVFKHQDXIGHU(UGHOLHJHQVDKª,FKLFK NDQQHVQLFKWIDVVHQ© 0HLQH$QWZRUWZDU6FKZHLJHQ :LUVFKULWWHQTXHUEHUGHQ3ODW]1LFKWVKDWWHVLFKYHU lQGHUW'LH0HQVFKHQODJHQZHLWHUKLQLQHLQHPWRWHQlKQ
OLHKHQ6FKODI$EHUZDV]XP7HXIHOZXUGHGDPLWEH]ZHFNW" :HOFKHV*HKHLPQLVVWHFNWHKLQWHUDOOGLHVHP*UDXHQ" $XFKLQPLWWHQGHV2UWHVVDKLFKNHLQH6SXUYRQGHQ 6NHOHWWHQ (VVFKLHQDOVKlWWHQVLHVLFKLQ/XIWDXIJHO|VW ª6LHVLQGGRFK]XP)HOVHQJHODXIHQ©YHUPXWHWHGHU3IDUUHU ,FKQLFNWH]XVWLPPHQGGRFKGDQQKLHOWLFKLKQDP$UPIHVW ª(LQHQ$XJHQEOLFNQRFK© ª:DVLVWGHQQ"© ,FKGHXWHWHQDFKYRUQDXIHLQHVFKPDOH6HLWHQVWUDH'RUW KDWWHVLFKHWZDVEHZHJW(LQKHOOHUHU6FKDWWHQGHUVLFKYRQ GHU+DXVZDQGGHXWOLFKDEKRE (LQ6NHOHWW 1HLQ]ZHL 8QGVLHVFKULWWHQQHEHQHLQDQGHU ,PQlFKVWHQ$XJHQEOLFNVWLHGHU*HLVWOLFKHHLQHQ5XIDXV ª'DVLQGQRFKPHKU*HULSSH©VDJWHHU ,FKVDKVLHHEHQIDOOV 6LHNDPHQDXVGHQ6HLWHQVWUDHQXQGOLHIHQDXIGHQ 0DUNWSODW]]XXPVLFKGRUW]XVDPPHOQ 'RFKGDVZDUHVQLFKWZDVPLFKVRHUVFKUHFNWH'LH6NHOHWWH ZDUHQQLFKWDOOHLQ hEHUGLH6FKXOWHUQKDWWHQVLFKGLH.Q|FKHUQHQMHGHUHLQHQ VFKODIHQGHQ0HQVFKHQJHOHJW 'HU3IDUUHUIDWHQDFKPHLQHP$UP,FKVSUWHZLHVLFKGLH )LQJHULQGDV)OHLVFKJUXEHQVRKDUWZDUVHLQ*ULII ª6DJHQ6LHPLUGDLFKWUlXPH©NHXFKWHGHU*HLVWOLFKH ª%LWWHVDJHQ6LHHV© ,FKVFKWWHOWHGHQ.RSIª1HLQHVLVWNHLQ7UDXP(VLVW :LUNOLFKNHLW© 'LH6NHOHWWHKROWHQVLFKGLH0HQVFKHQ:LHLFKHVJHDKQW KDWWH8QGZLUZDUHQKLOIORVH%HREDFKWHUGHQQZLUNRQQWHQ QLFKWVWXQGLHhEHUPDFKWZDU]XJUR
'HU+RUURUZXUGHLPPHUVFKOLPPHU *HVSHQVWLVFKKDOOWHGDV.ODSSHUQGHU.QRFKHQDQGHQ +DXVZlQGHQZLGHU 'LHOHEORVHQ.|USHUDXIGHQEOHLFKHQ6FKXOWHUQVFKDXNHOWHQ KLQXQGKHU'LHJU|HUHQYRUDOOHQ'LQJHQ0lQQHUEHUKU WHQPLWLKUHQ)LQJHUVSLW]HQGHQ%RGHQ 'LH8QKHLPOLFKHQKDWWHQHLQ=LHO (VZDUGHU%UXQQHQ 'RUWEOLHEHQVLHVWHKHQXQGZDUWHWHQ 8QVKDWWHQVLHQRFKQLFKWJHVHKHQ:LUEHIDQGHQXQVLQUHOD WLYJXWHU'HFNXQJXQGLQXQVHUHP5FNHQWDXFKWHDXFKNHLQ .QRFKHQPDQQPHKUDXI (LQH+DXVWUNODSSWH3HLWVFKHQGKDOOWHGDV*HUlXVFKGXUFK GLH6WLOOH (LQ.QRFKHQPDQQYHUOLHGDV+DXVXQGKDWWHHLQNOHLQHV EORQGHV0lGFKHQDXIVHLQHU6FKXOWHUOLHJHQ 8QGGDQQ]XFNWHLFK]XVDPPHQZLHXQWHUHLQHPVFKZHUHQ 3HLWVFKHQKLHE ,FKKDWWHHWZDVJHK|UWZDVPLUHLQH*lQVHKDXWEHUGHQ 5FNHQWULHE 'DV.LQGGDV0lGFKHQHVZHLQWH 'DVGQQH6WLPPFKHQNODQJ]XXQVKHUEHUXQGHVVFKQLWW PLULQV+HU]DOVLFKGDV:HLQHQYHUQDKP 'HU3IDUUHUQHEHQPLUEHNUHX]LJWHVLFKKDVWLJ,QGHUOLQNHQ +DQGKLHOWHUGLH:DIIH6HLQH)LQJHUXPNODPPHUWHQGHQ *ULIIVRIHVWGDGLH.Q|FKHOVSLW]ZHLKHUYRUWUDWHQ ª6LHKDEHQHVDXFKJHK|UW"©6HLQH6WLPPHZDUNDXP]XYHU VWHKHQ ª-DGDV.LQGLVWEHL%HZXWVHLQ© ª:DVVROOHQZLUWXQ":LUN|QQHQHVGRFKQLFKWVRRKQH ZHLWHUHVGLHVHQ%HVWLHQEHUODVVHQ© ,FKVFKWWHOWHGHQ.RSIª%HVWLPPWQLFKW© 3IDUUHU.URJHUVFKDXWHPLFKDQª:UGHQ6LH"©
,FKQLFNWHª9HUVXFKHQZHUGHLFKHVDXIMHGHQ)DOO© 'LH9RU]HLFKHQKDWWHQVLFKYHUlQGHUW%LVMHW]WKDWWHLFKQLFKW YRUJHKDEWHLQ]XJUHLIHQGRFKQXQJDEHVIUPLFKNHLQH DQGHUH0|JOLFKNHLW(LQ.LQGOLHI*HIDKUYRQGLHVHQ+RUURU *HVWDOWHQXPJHEUDFKW]XZHUGHQ 'DGXUIWHXQGNRQQWHLFKQLFKW]XVHKHQ ª6LHKDOWHQDXIMHGHQ)DOOKLHUGLH6WHOOXQJ©IOVWHUWHLFK GHP3IDUUHU]XªHJDOZDVJHVFKLHKW© 'HU*HLVWOLFKHQLFNWHª*RWWVHLPLW,KQHQ© ,FKVFKOLFKGDYRQ'LHVPDOQDKPLFKQLFKWGHQQRUPDOHQ :HJ]XP%UXQQHQKLQXQWHUVRQGHUQNOHWWHUWHVRODXWORVZLH P|JOLFKEHUGDV*HOlQGHU 1HEHQGHUVFKPDOHQ0DXHUGXFNWHLFKPLFKVRGDLFKPLW GHUHQ6FKDWWHQYHUVFKPRO] .HLQHUKDWWHPLFKELVKHUJHVHKHQ,FKKRIIWHGDGLHVDXFK YRUOlXILJVREOHLEHQZUGH 'LH6NHOHWWHHUVFKLHQHQLPPHUQRFKDXVDOOHQP|JOLFKHQ 5LFKWXQJHQXQGVFKULWWHQ]XP6DPPHOSODW]'DV.ODSSHUQ GHU.QRFKHQZXUGHQLFKWYRQGHPGQQHQ:HLQHQGHV 0lGFKHQVEHUW|QW ,FKEHZHJWHPLFKHLQSDDU0HWHUYRUDQXQGPXWHGDQQ PHLQH'HFNXQJYHUODVVHQ *HGXFNWNDXHUWHLFKPLFKQLHGHU 0HLQH%OLFNHVWUHLIWHQEHUGHQ3ODW]'DV6NHOHWWKDWWHGDV NOHLQH0lGFKHQDXIGHQ%UXQQHQUDQGJHVHW]WZRHVZHLWHU KLQKRFNHQEOLHEXQGZHLQWH(VMDPPHUWHQDFKVHLQHU0XWWHU GRFKGDV5XIHQKDWWHNHLQHQ(UIROJ :HQQLFKGLH.OHLQHKHUDXVKROHQZROOWHGDQQPXWHLFK HLQHQUHJHOUHFKWHQ)URQWDODQJULIIYHUVXFKHQGHQQGDV.LQG ZXUGHYRQGHQ.QRFKHQPlQQHUQJXWDEJHVFKLUPWXQG GLHVHQ5LQJPXWHLFKHUVWHLQPDOGXUFKEUHFKHQ 1RFKHLQPDOKROWHLFKWLHI/XIW3IDUUHU.URJHUNRQQWHLFK QLFKWVHKHQ'LH0DXHUQDKPPLUGLH6LFKW 'DQQVWDUWHWHLFK :LHHLQ+XQGHUWPHWHUOlXIHUVSULQWHWHLFKDXIGHQ%UXQQHQ
]X(UVWDOVLFKGLH+lOIWHGHU6WUHFNHKLQWHUPLUKDWWHHQW GHFNWHQPLFKGLH*HULSSH 'RFKELVVLHGLH6LWXDWLRQHUIDWHQYHUJLQJDXFKZLHGHU =HLWGLHLFKQXW]HQNRQQWH8QGLFKJULIIDQ ,FKVFKR]ZDUQLFKWGHQQHVKlWWHJXWVHLQN|QQHQGDLFK XQVFKXOGLJH0HQVFKHQWUDI'DIUDUEHLWHWHQPHLQH$UPHZLH 'UHVFKIOHJHO'LH:DIIHKDWWHLFKPLU]ZLVFKHQGLH=lKQH JHNOHPPW+DQGNDQWHQWUDIHQGLH+RUURUZHVHQZLUEHOWHQVLH GXUFKHLQDQGHU 2EZRKOVLHNHLQHQ6FKPHU]YHUVSUWHQZXUGHQVLHGRFK YRQGHU:XFKWGHU6FKOlJH]XU6HLWHJHZRUIHQ ,FKEDKQWHPLUHLQH*DVVH 'DQQZDULFKEHLGHP.LQG ,QGHQ%UXFKWHLOHQYRQ6HNXQGHQVDKLFKHLQNOHLQHVUXQGHV *HVLFKWPLWZHLWDXIJHULVVHQHQ$XJHQLQGHQHQLFKGHQ 6FKUHFNHQODVGHQGLH.OHLQHYHUVSUWH %HLGH$UPHVWUHFNWHLFKYRUXQGULGLH.OHLQHYRP %UXQQHQUDQG'DEHLVDKLFKGDVNOHLQH.UHX]GDVVLHDQHLQHU .HWWHXPGHQ+DOVJHEXQGHQWUXJ :LHHVVFKRQGLH6NHOHWWHEHLLKUHQ2SIHUQJHWDQKDWWHQVR ZDUILFKPLUGDV0lGFKHQEHUGLHOLQNH6FKXOWHUGUHKWHPLFK XPXQGUDQQWHZLHGHUZHJ 'RFKGLHVPDOKDWWHQVLH)URQWJHPDFKW 'LH*HULSSHELOGHWHQHLQH0DXHUXPPLFKXQGGDV.LQG IHVW]XKDOWHQ,FKULGLH:DIIH]ZLVFKHQGHQ=lKQHQKHUYRU 'DQQIHXHUWHLFK ,P/DXIHQVFKRLFKGUHL.XJHOQDEXQGGLH6LOEHUJHVFKRVVH VSUHQJWHQGLHNODSSHUQGHQ*HULSSHEXFKVWlEOLFKDXVHLQDQ GHU.QRFKHQZLUEHOWHQGXUFKGLH/XIWXQGILHOHQNODFNHUQG DXIGLH6WUDHZRVLHZHLWHUUXWVFKWHQ ,FKKDWWHMHW]WIUHLH%DKQ :LHHLQ,UUZLVFKUDQQWHLFKDXIGHQVFKPDOHQ3IDG]XZR GHU3IDUUHUDXIPLFKZDUWHWH 'RFKGLH6NHOHWWHZDUHQVFKODX 9RQOLQNVVFKQLWWHQVLHPLUGHQ:HJDE
9HUGDPPWGDVZDUQLFKWPHKU]XVFKDIIHQ $EHUGDV.LQGPXWHJHUHWWHWZHUGHQ ª5HQQZHJ©VFKULHLFKGLH.OHLQHDQª'RUW]XGHP 3IDUUHU© 'HU*HLVWOLFKHZDUYRUJHODXIHQVWDQGDQGHU(LQPQGXQJ GHV:HJHVXQGKLHOWPHLQH(UVDW]%HUHWWDLQGHU+DQG 'DVEORQGH0lGFKHQKDWWHYHUVWDQGHQXQGIORKVRVFKQHOO HVJLQJ ,FKDEHUNQLHWHPLFKKLQ 'DQQVFKRLFK *OHLFK]HLWLJIHXHUWHGHU3IDUUHU 8QGHUWUDI =ZHL6NHOHWWHGLHDQGDV0lGFKHQKHUDQZROOWHQILHOHQ DXVHLQDQGHU'DVGULWWH*HULSSHWUDILFKLQGHQ6FKlGHO 'DQQZDUHVDEHUDXFKYRUEHLPLWPHLQHU+HUUOLFKNHLW,FK NRQQWHQRFKVHKHQZLHGHU3IDUUHUGDV0lGFKHQDQVLFKUL GDQQVWUPWHQGLH*HULSSHDXIPLFK]X (VJDEQXUQRFKHLQV )OXFKW $EHUQLFKWPHKU]XUFNZRGHU3IDUUHUDXIPLFKZDUWHWH QHLQLFKPXWHDXIGLHDQGHUH6HLWHKLQ]XGHQ+lXVHUQ 6RIRUWVSULQWHWHLFKORV ,P=LFN]DFNKHW]WHLFKDXIGLH+lXVHU]HLOH]X,QHLQHGHU *DVVHQNRQQWHLFKQLFKWUHLQGHQQVLHZDUYRQGHQ6NHOHWWHQ DEJHULHJHOWZRUGHQ .QRFKHQKlQGHJULIIHQQDFKPLUGRFKGXUFKJHVFKLFNWH .|USHUGUHKXQJHQZLFKLFKGHQ6NHOHWWILQJHUQDXV ,FKKDWWHHLJHQWOLFKJHVFKDIIWZDVLFKVFKDIIHQZROOWH'LH 6NHOHWWHNPPHUWHQVLFKQLFKWPHKUXPGDV.LQGVRQGHUQ NRQ]HQWULHUWHQMHW]WLKUH-DJGDXIPLFK $EHUOHLFKWZROOWHLFKHVLKQHQQLFKWPDFKHQ ,FKVSULQWHWHDXIHLQH+DXVWU]X6LHVWDQGRIIHQZHLOHLQ .|USHUDXIGHU6FKZHOOHODJXQGVLHKLHOW,FKVWLHVLHJDQ] DXIVSUDQJEHUGHQ.|USHUKLQZHJXQGVWROSHUWHLQGHQ GVWHUHQ)OXU
'LH7UHSSHVDKLFK]XVSlW,FKKDWWH]XYLHO)DKUWGUDXIXQG VWROSHUWHEHUGLHXQWHUVWH6WXIH'LH%DXFKODQGXQJZDUQLFKW PHKUDXI]XKDOWHQ0LWDQJHZLQNHOWHQ$UPHQILQJLFKZHQLJ VWHQVGHQlUJVWHQ6WXU]DEUDIIWHPLFKZLHGHUDXIXQGMDJWH GLHKRKHQDEHUVHKUVFKPDOHQ6WXIHQKRFK $XIGHPHUVWHQ7UHSSHQDEVDW]GUHKWHLFKPLFKXP =ZHL*HULSSHVWUPWHQLQGHQ)OXU,FKKREGLH:DIIHZROO WHHUVWVFKLHHQEHUOHJWHHVPLUMHGRFKDQGHUVXQGOLHGHQ $UPVLQNHQ 1HLQNHLQH0XQLWLRQYHUVFKZHQGHQ$XHUGHPZXUGHLFK QLFKWGLUHNWEHGURKW %HYRULFKZHLWHUOLHIOXGLFKGLH%HUHWWDQDFK 6HFKV.XJHOQQRFK9HUGDPPWZHQLJ ,FKMDJWHGLHIROJHQGH6WLHJHKRFKhEHUGHP*HOlQGHUREHQ JLQJHLQ0DQQ6HLQH$UPHEDXPHOWHQXQG]HLJWHQQDFK XQWHQLQGHQ7UHSSHQVFKDFKW ,FKULGLHHUVWH7UDXIXQGVWDQGLQHLQHP6FKODI]LPPHU PLWNORELJHQ(LFKHQP|EHOQ 'DV)HQVWHUZLHV]XU5FNVHLWH'DNRQQWHLFKVLFKHUOLFK HQWZLVFKHQ6FKQHOOZDULFKGDXQG|IIQHWHHV0HLQ%OLFNILHO LQHLQHQ*DUWHQ(UNHQQHQNRQQWHLFKQLFKWYLHOGHQQGDVURW JUDXH/LFKWOLHHVQLFKW]X ,P)OXUSROWHUWHQGLH6NHOHWWHKHUDQ ,FKVFKZDQJPLFKDXIGLH)HQVWHUEDQN+DOEKLQJLFKLP =LPPHU]XUDQGHUHQ+lOIWHGUDXHQ 8QGGDQQKDWWHQVLHPLFK 3O|W]OLFKHUKREHQVLFKLQQHUKDOEGHV*DUWHQV]DKOUHLFKH 6NHOHWWH6LHKDWWHQLQ'HFNXQJGHU%lXPHXQG6WUlXFKHU JHOHJHQVRGDLFKVLHQLFKWVHKHQNRQQWH -HW]WDEHU]HLJWHQVLHVLFK -HGRFKQLFKWDOOHLQ6LHKDWWHQ*HIDQJHQH 0HQVFKHQGLHLFKNDQQWH .RPPLVVDU0DOOPDQQXQG.DULQ%HFNHU
'LHEHLGHQKLQJHQLP*ULIIGHU.Q|FKHUQHQ'LH6NHOHWWH KDWWHQLKQHQLKUHEOHLFKHQ.QRFKHQDUPHJHJHQGHQ+DOV JHSUHWXQGVRUJWHQVRGDIUGDVLHQLFKW]X%RGHQILHOHQ ,FKZDUIHLQHQUDVFKHQ%OLFNLQGDV=LPPHU 0HLQHEHLGHQ9HUIROJHUZDUHQDXIGHU7UVFKZHOOHVWHKHQ JHEOLHEHQ6LHZXWHQDQVFKHLQHQG%HVFKHLG ,QPLUDEHUVFKRHLQHUDVHQGH:XWKRFK:XWGDUEHUGD GLH.QRFKHQPlQQHUHVGRFKQRFKJHVFKDIIWKDWWHQPLFK NOHLQ]XNULHJHQ6LHVDJWHQNHLQHQ7RQ1LFKWHLQ/DXWGUDQJ EHULKUHOLSSHQORVHQ0lXOHUDEHULFKZXWH%HVFKHLG 'RFKGDQQK|UWHLFKHLQH6WLPPHGLHPLUEHNDQQWYRUNDP ,FKKDWWHVLHEHUHLWVLP%HLQKDXVXQWHUGHU.LUFKHYHUQRPPHQ QXUNODQJVLHMHW]WQLFKWVRJUROOHQGXQGKRKO ª:HQQGXQLFKWZLOOVWGDGHLQHEHLGHQ)UHXQGHVWHUEHQ GDQQZLUIGHLQH:DIIHZHJXQGVWHLJODQJVDPKHUXQWHU© $OEHUWXV.URJPDQQKDWWHJHVSURFKHQ$EHUZRKHU]XP 7HXIHOZXWHHUGD:LOO0DOOPDQQXQGLFK]XVDPPHQ JHK|UWHQ"9LHOOHLFKWKDWWHHUHVJHDKQW:LHGHPDXFKZDULFK PXWHSDVVHQ =RUQLJVFKOHXGHUWHLFKGLH:DIIHDXVGHU+DQG *OHLFK]HLWLJVHW]WHQVLFKGLHEHLGHQ6NHOHWWHLQ%HZHJXQJ (VIHKOWHPLUQRFKGDVLHPLFKQDFKXQWHQVWLHHQ'DNOHW WHUWHLFKOLHEHUVHOEVW 5DQNHQXQG(IHXERWHQPLU+DOW$OVLFKGDQQDXIIHXFKWHU *DUWHQHUGHODQGHWHO|VWHVLFK$OEHUWXV.URJPDQQDXVGHU 'HFNXQJHLQHV%DXPVWDPPV -HW]WVDKLFKGHQ0DJLVWHU]XPHUVWHQ0DOXQGLFKPX HKUOLFKJHVWHKHQVHLQ$QEOLFNMDJWHPLUHLQHQ6FKDXHUEHU GHQ5FNHQ (UZDUJU|HUDOVLFK6HLQH6FKXOWHUQZLUNWHQHFNLJ(VVDK VRDXVDOVKlWWHHUHLQHQ.OHLGHUEJHOXQWHUVHLQHQVFKZDU] HQ0DQWHOJHVWHFNW'DV*HVLFKWZLUNWHZLHHLQHJHVFKPLQNWH 0DVNH8QEHZHJOLFK]XPHLQHQXQGGDQQVWUDKOWHHVHLQ JUQOLFKIDKOHV/HXFKWHQDXVGDVPLFKDQGLH)DUEHYRQ :DVVHUOHLFKHQHULQQHUWH
6HLQ*HVLFKWZDUYROOVWlQGLJHUKDOWHQ.HLQH6NHOHWWIUDW]H NHLQH+DXWIHW]HQDXIEODQNHQ.QRFKHQ,FKVDKDXFKGHQ .QHEHOEDUWDQGHPYRUVSULQJHQGHQ.LQQHEHQVRZLHGLH IOHLVFKLJH1DVH1XUGLH)DUEHGHU$XJHQNRQQWHPDQQLFKW HUNHQQHQ (UWUXJXQWHUGHPRIIHQHQ0DQWHOHLQHQ:DPV6HLQH)H XQGGLH:DGHQVWHFNWHQLQ6FKDIWVWLHIHOQDXVZHLFKHP/HGHU (LQEUHLWHU*UWHOWHLOWHGDV:DPVLQGHU.|USHUPLWWH,QGHU 6FKHLGHDQVHLQHUOLQNHQ+IWHVWHFNWHHLQODQJHV6FKZHUW XQGYRUVHLQHU%UXVWKLQJLFKJODXEWHPHLQHQ$XJHQNDXP WUDXHQ]XGUIHQHLQ.UHX] $EHUHLQHQWZHLKWHV (VZDUDXIGHQ.RSIJHVWHOOWZRUGHQKLQJYHUNHKUWKHUXP ZLHDXFKEHLGHQ6FKZDU]HQ0HVVHQ -HW]WZXWHLFKGD$OEHUWXV.URJPDQQHLQ'LHQHUGHV 7HXIHOVZDU :LUIL[LHUWHQXQV.HLQHUVHQNWHGHQ%OLFN'HU*HLVW .URJPDQQVKDWWHHLQHGlPRQLVFKH$XVVWUDKOXQJVNUDIWGLH LFKGDUDQVSUWHGDVLFKPHLQ.UHX]HUZlUPWH -DYRUPLUVWDQGHLQ'lPRQ $EHUZLHPlFKWLJZDUHU" %HVWLPPWQLFKWVRPlFKWLJZLHGHU6FKZDU]H7RGREZRKOHU VLFKIUVHKUVWDUNKLHOWGDVHQWQDKPLFKVHLQHQQlFKVWHQ :RUWHQDOVHUPLFKIUDJWH ª:HUELVWGXHLJHQWOLFK0HQVFK GDGXHVZDJVWPHLQH.UHLVH]XVW|UHQ"6DJPLUGHLQHQ 1DPHQ© ª-RKQ6LQFODLU©DQWZRUWHWHLFKZDKUKHLWVJHPl $OEHUWXV.URJPDQQVWXW]WH(UVFKLHQGHQ1DPHQEHUHLWV JHK|UW]XKDEHQNRQQWHDEHUZRKOLP$XJHQEOLFNQLFKWV GDPLWDQIDQJHQ 'HVKDOEKDOILFKLKPDXIGLH6SUQJH ª0DQQHQQWPLFKDXFKGHQ*HLVWHUMlJHU© (UEHUOHJWHª)HLQGH©VDJWHHUª)HLQGHJLEWHVJHQXJ0HLQ *HLVWKDWGLH'LPHQVLRQHQGXUFKZDQGHUW(UKDWYLHOJHK|UW LQGHU=HLW'LH-DKUKXQGHUWHVLQGYHUJDQJHQGHU7RGKDW
VHLQH6FKUHFNHQIUPLFKYHUORUHQDEHUPHLQ5HLFKGDVLFK PLUKLHUDXIJHEDXWKDEHH[LVWLHUWQRFKLPPHU'XZLUVWHV HUOHEHQ© ª:DVKDVWGXYRU$OEHUWXV.URJPDQQ"©IUDJWHLFKª:DV ZLOOVWGXPLWGHQ0HQVFKHQPDFKHQ"© ª,FKEUDXFKHVLH© ª:RIU"© ª6LHZHUGHQHLQ2SIHU© 'DPLWNRQQWHLFKQLFKWYLHODQIDQJHQ ª)UZHQZHUGHQVLHHLQ2SIHU"© ª'DVZLUVWGXQRFKVHKHQ-RKQ6LQFODLUGHQQGXVROOVWDOV HLQHUGHUHUVWHQGDEHLVHLQ© ,FKZXQGHUWHPLFKGDHUHLQVRJXWHV'HXWVFKVSUDFK $EHUZDKUVFKHLQOLFKKDWWHVHLQ*HLVWLQGHQ-DKUKXQGHUWHQ DOVHUGLH'LPHQVLRQHQGXUFKZDQGHUWHDOOHVHUOHEWJHVHKHQ XQGJHVSHLFKHUW(UKDWWHPLWJHOHUQWQXUZRIU" ª:HOFKH5ROOHVSLHOWGHU6WHLQ"©ZROOWHLFKZLVVHQ ª(LQHJURH©HUZLGHUWHHU 0HKUQLFKW8QGGDVPXWHPLUDOV$QWZRUWUHLFKHQ 0HLQ%OLFNWUDI.RPPLVVDU0DOOPDQQXQG.DULQ%HFNHU'LH EHLGHQKLQJHQQRFKLPPHULP*ULIIGHU6NHOHWWH6LHUHJWHQ VLFKQLFKW]XFNWHQQLFKWHLQPDOPLWHLQHP$XJHQOLG:DUHV =XIDOOGD$OEHUWXV.URJPDQQJHUDGHGLHVHEHLGHQDXVHU ZlKOWKDWWHRGHUZDUHV$EVLFKW",FKOLHPHLQH%OLFNHGXUFK GHQ*DUWHQVFKZHLIHQXQGVXFKWHQDFKDQGHUHQ2SIHUQGRFK 0DOOPDQQXQG.DULQ%HFNHUZDUHQGLHHLQ]LJHQGLHYRQGHQ *HULSSHQIHVWJHKDOWHQZXUGHQ ,FKKDWWHPHLQH:DIIHZHJZHUIHQPVVHQDEHUVRZHKUORV IKOWHLFKPLFKQLFKW,FKEHVDQRFKPHLQ.UHX]XQGDXFK QRFKGHQ6LOEHUGROFKGHUHEHQIDOOVVHKUZLUNXQJVYROOZDU ª:RKLQ"©IUDJWHLFKGHQ'lPRQ (UPDFKWHHLQHZHLWDXVKROHQGH$UPEHZHJXQJXQGVHLQ 0DQWHOEOlKWHVLFKZLHHLQ6HJHODXIª'XZLUVWPLWJHKHQXQG GHQ2UWNHQQHQOHUQHQGHUGHLQ6FKLFNVDOZHUGHQVROO© ª0HLQVWGXGHQ)HOVHQ"©
ª-D'RUWNRPPWHV]XU(QWVFKHLGXQJ.RPPVWGXIUHLZLOOLJ PLWRGHUPXLFKGLFKHUVWGD]X]ZLQJHQ"© ª1HLQQHLQLFKJHKHIUHLZLOOLJ© ª'DQQORV© 'LHVHU%HIHKOJDOWQLFKWQXUPLUVRQGHUQDXFKGHQ6NHOHWWHQ 8QGVLHZXWHQZDVVLH]XWXQKDWWHQ %OLW]VFKQHOOZDUHQVLHEHLPLUXQGLFKVSUWHLKUHKDUWHQ )LQJHUGLHVLFKXPPHLQH2EHUDUPHSUHWHQ 'DVJHILHOPLUJDUQLFKW ª6LHVROOHQPLFKORVODVVHQ©VDJWHLFK $OEHUWXV.URJPDQQGDFKWHQDFK'DQQQLFNWHHUª*XW-RKQ 6LQFODLULFKYHUWUDXHGLU©(UODFKWHVS|WWLVFKª/DWLKQORV© 'HU'UXFNYHUVFKZDQG =ZHL$WHP]JHVSlWHUPDFKWHQZLUXQVDXIGHQ:HJ 'DVNOHLQHEORQGH0lGFKHQUDQQWHDXI3IDUUHU.URJHU]XXQG GHU*HLVWOLFKHVFKORHVLQVHLQH$UPH'DV.LQGEDUJGHQ .RSIDQGHU6FKXOWHUGHV0DQQHVXQGZHLQWH 6DQIWVWUHLFKHOWHGHU3IDUUHUGDVORFNLJH+DDU ª:DUXPWXQVLHGDV"©VFKOXFK]WHGLH.OHLQHª:DUXP VFKODIHQGLH0HQVFKHQ":DUXPVLQGVLHVRE|VH"© 'DUDXIZXWHGHU3IDUUHUNHLQH$QWZRUW,KPZDUQXUNODU GDHUVRUDVFKZLHP|JOLFKZHJPXWHZHQQHU6FKOLPPHUHV YHUKWHQZROOWHGHQQGLH*HULSSHZUGHQDXFKDXIGDV.LQG NHLQHUOHL5FNVLFKWQHKPHQ 6LHZDUHQNHLQH0HQVFKHQPHKU ª:LHKHLWGXGHQQ"©HUNXQGLJWHVLFKGHU3IDUUHU ª0DULRQ© ª'DQQNRPP0DULRQ:LUJHKHQMHW]W]XPLU© ª8QGPHLQH(OWHUQ"©'LH)UDJHNODQJZLHHLQ6FKOXFK]HQ GDVGHP3IDUUHUGXUFKV+HU]VFKQLWW (UVFKOXFNWHKDUWGDQQJDEHUGLH$QWZRUWª(VZLUGVFKRQ DOOHVZLHGHUJXW©HUNOlUWHGHUDOWH.URJHUHQWJHJHQVHLQHU HLJHQWOLFKHQhEHU]HXJXQJ
0DULRQDEHUVFKDXWHLKQYHUWUDXHQVYROODQXQGGHU3IDUUHU QLFNWH 'DQQJLQJHQVLH 3IDUUHU.URJHUEOLFNWHVLFKLPPHUZLHGHUXPGRFKYRQGHQ *HULSSHQVDKHUQLFKWV$OOHVEOLHEUXKLJXQGGXQNHO(UK|UWH DXFKNHLQH6FKVVHPHKUXQGZXWHQLFKWREHUGDVDOVSRVL WLYHVRGHUQHJDWLYHV=HLFKHQZHUWHQVROOWH$OOHVZDUVR DQGHUVVRYHUUFNWVRLUUHDOGDHUIDVWGHQ9HUVWDQGYHUORU 'HU*HLVWOLFKHPXWHVLFKXQJHKHXHU]XVDPPHQUHLHQXP DXIGHP%RGHQGHU7DWVDFKHQ]XEOHLEHQ (UKDWWHJHVFKRVVHQ $EHUZDUHVZLUNOLFK0RUG" (UGDFKWHGDUEHUQDFKXQGGLHVH*HGDQNHQTXlOWHQLKQ UHJHOUHFKW(UKDWWHELVKHUGLH9HUDEVFKHXXQJGHU*HZDOW JHOHKUWXQGMHW]WJULIIHUVHOEVW]XGLHVHQ0LWWHOQ 'RFKHUKDWWHNHLQH0HQVFKHQXPJHEUDFKW 1HLQHVZDUHQ0RQVWHU'lPRQHQ*HVFK|SIHRKQH6HHOH OHEHQGH7RWH=RPELHV" %HJULIIHEHUGLHHUVLFKVRQVWNHLQH*HGDQNHQJHPDFKW KDWWHDEHUMHW]WPXWHHUVLFKGDPLWEHIDVVHQ )UGHQ3IDUUHUZDUHVVFKOLPP'RFKHUKDWWHLQ1RWZHKU JHVFKRVVHQHUKDWWHQLFKWHLQIDFKORVJHEDOOHUWQXUXPGHQ 7|WHQVZLOOHQ8QGGDVNRQQWHHUYRUVHLQHP*HZLVVHQYHU DQWZRUWHQ ª:REULQJVWGXPLFKKLQ"©IUDJWHGLH.OHLQH ª:LUJHKHQ]XPLULQV3IDUUKDXV© ª8QGGDQQ"© ª:DUWHQZLU©HUZLGHUWHGHU*HLVWOLFKH ª$XIPHLQH(OWHUQ"© ª$XFK© 'DV0lGFKHQKREGLHVFKPDOHQ6FKXOWHUQ(VWUXJHLQKHOO EODXHV6RPPHUNOHLGFKHQPLWHLQHUZHLHQ%RUGHDP6DXP ª+RIIHQWOLFKNRPPHQ0XWWLXQG3DSLDXFK© 3IDUUHU.URJHUGUFNWHGLH+DQGGHU.OHLQHQIHVWHUª*DQ] EHVWLPPWNRPPHQVLH'DYRQELQLFKVRJDUEHU]HXJW©
'LH:RUWHZDUHQVRYHUWUDXHQHUZHFNHQGJHVSURFKHQGD GLH.OHLQHOlFKHOWH0DULRQJLQJSO|W]OLFKVFKQHOOHUXQGDXFK GHU3IDUUHUPXWHHLQHQ6FKULWW]XOHJHQ 'DQQK|UWHHUGDV*HUlXVFK 'LHEHLGHQEHIDQGHQVLFKHWZDDXIKDOEHU6WUHFNHDOVVLHGDV *HUlXVFKK|UWHQ 6RIRUWEOLHEHQVLHVWHKHQ ª:DVZDUGDV"©IOVWHUWH0DULRQXQGGUFNWHVLFKlQJVWOLFK JHJHQGHQ*HLVWOLFKHQ ª,FKZHLQLFKW$EHUNHLQH$QJVWLFKELQEHLGLU6LH ZHUGHQGLUQLFKWVWXQ© 0DULRQQLFNWH 'HU3IDUUHUDEHUZDUQLFKWVREHU]HXJW(UKDWWHGLH:RUWH QXUJHVDJWXPGLH.OHLQHQLFKW]XEHXQUXKLJHQ:HQQ GLH6NHOHWWHSO|W]OLFKDXIWDXFKWHQXQGVLHHLQNUHLVWHQ GDQQZDUHVDXV 8QZLOONUOLFKXPNODPPHUWHHUGLHPLW6LOEHUNXJHOQ JHODGHQH3LVWROHIHVWHU (VZDUWURW]DOOHPHLQH6FKDQGHGDHUVLFKDXIHLQH:DIIH YHUODVVHQPXWH :HLWHUYRUQVDKHQVLHVFKRQGDV/LFKWKLQWHUGHQ)HQVWHUQ GHV3IDUUKDXVHVOHXFKWHQ (LQ+RIIQXQJVVFKLPPHU ª.RPPZHLWHU©VDJWHGHU3IDUUHU 6LHJLQJHQ 5HFKWVYRQLKQHQEHIDQGVLFKGDV*HOlQGHU'DKLQWHUILHOGLH 0DXHUDE 8QGSO|W]OLFKVDKGHU3IDUUHUGLH.QRFKHQKlQGH 6LHKDWWHQVLFKXPGDV*HOlQGHUJHNODPPHUWXQGHLQHQ $XJHQEOLFNVSlWHU]RJVLFKGDV*HULSSHLQGLH+|KH (VPXWHXQWHUKDOEGHV:HJHVJHODXHUWKDEHQDEHUMHW]W ZDUHVGD $XJHQEOLFNOLFKEOLHEHQGHU3IDUUHUXQGGDV.LQGVWHKHQ 0DULRQEHJDQQYRU$QJVW]XZHLQHQ6LH]LWWHUWHZlKUHQG LKUGLH7UlQHQDQGHQ:DQJHQHQWODQJOLHIHQ
ª.HLQH$QJVW©UDXQWHGHU*HLVWOLFKHXQGKREGLH+DQGPLW GHU%HUHWWD 'DV6NHOHWWNDP *HVFKLFNWVFKZDQJHVVLFKEHUGDV(LVHQJHOlQGHUVWDQG GDQQDXIGHP:HJXQGEUHLWHWHEHLGH.QRFKHQDUPHDXV .HLQ=ZHLIHOGLHVHV6NHOHWWZROOWHGHQ3IDUUHUXQGGDV EORQGH0lGFKHQDXIKDOWHQ /DQJVDPNDPHVQlKHU 0DULRQV$QJVWZXUGHVRJURGDVLHVLFKKLQWHUGHP *HLVWOLFKHQYHUVWHFNWH 'DVZDU3IDUUHU.URJHUQXUUHFKW (UKREGHQUHFKWHQ$UP 'LH:DIIHQPQGXQJ]HLJWHMHW]WDXIGHQ.QRFKHQPDQQ ª%OHLEVWHKHQ©NHXFKWHGHU3IDUUHU6HLQH6WLPPH]LWWHUWH GRFKGLH+DQGEOLHEUXKLJ'HU3IDUUHUZXWHZRUDXIHV DQNDP(UZROOWHQLFKWQXUGDV/HEHQGHV0lGFKHQVVFKW]HQ VRQGHUQDXFKVHLQHLJHQHV8QGIUGDVK|FKVWH*XWGDVHV DXI(UGHQJDEZUGHHUDXFKEHUVHLQHQHLJHQHQ6FKDWWHQ VSULQJHQ 'HU.QRFKHQPDQQGDFKWHJDUQLFKWGDUDQGHP%HIHKO )ROJH]XOHLVWHQ(UVFKULWWZHLWHU 'HU3IDUUHUZDUQWHQLFKWHLQ]ZHLWHV0DO (UVFKR +DUWZDUGHU5FNVFKODJGHU:DIIHXQGGHU$UPGHV 3IDUUHUVZXUGHQDFKREHQJHULVVHQ 'LH.XJHOWUDIQLFKWJHQDXVWUHLIWHQXUHLQHQGHUEOHLFKHQ 6FKXOWHUNQRFKHQ 'HUQlFKVWH6FKX 'LHVPDOEHVVHU 'DV6LOEHUJHVFKRWUDIGHQ.RSIGHV8QKROGV 3O|W]OLFKOHXFKWHWHHVGRUWDXIZRGDV6NHOHWWJHVWDQGHQ KDWWH(LQ6SUKUHJHQEUHLWHWHVLFKIRQWlQHQDUWLJDXVVRGD GHU3IDUUHUXQZLOONUOLFKHLQHQ6FKULWW]XUFNJLQJXQGGLH $XJHQVFKOR $OVHUVLHZLHGHU|IIQHWHZDUDOOHVYRUEHL
1XUQRFK$VFKHUHJQHWH]X%RGHQ 3IDUUHU.URJHUDWPHWHDXI(UGUHKWHVLFKXPVFKDXWH 0DULRQDQXQGQDKPVLHGDQQDXIVHLQH$UPH ª.RPP©VDJWHHUª-HW]WODXIHQZLUJDQ]VFKQHOO© 'DVEORQGH0lGFKHQQLFNWHXQWHU7UlQHQZlKUHQGGHU *HLVWOLFKHPLWLKPDXIGDV3IDUUKDXV]XOLHI (LQ6WHLQILHOLKPYRP+HU]HQDOVHUGLH7UKLQWHUVLFK DEVFKOR0DULRQVFKDXWHLKQDXVJURHQYHUZHLQWHQ$XJHQ DQª6LQGZLUMHW]WJHUHWWHW"©IUDJWHVLH ª,FKKRIIHHV©HUZLGHUWHGHU*HLVWOLFKHXQGIDOWHWHGLH +lQGH 'DVURWH/HXFKWHQEHJOHLWHWHXQVGHQ:HJEHU$XFKDOVZLU LQGHQ:DOGHLQWUDWHQVFKLPPHUWHGDV/LFKWJORVHQGGXUFK GLH]DKOUHLFKHQ/FNHQ]ZLVFKHQ%DXPlVWHQXQG]ZHLJHQ (VZDUHLQHEHNOHPPHQGHGVWHUH$WPRVSKlUHGLHPLFK DQGLH8PJHEXQJLQHLQHU'lPRQHQZHOWHULQQHUWH'RUWVDK HVHEHQVRVFKDXULJDXV1XUEHIDQGHQZLUXQVKLHUDXIGHU (UGHGRFKGLH8QKHLPOLFKHQIKOWHQVLFKHEHQVRVLFKHU ZLHLQLKUHP5HLFK 6NHOHWWHKDWWHQPLFKHLQJHNUHLVW8QGVLHWUXJHQ0HQVFKHQ EHULKUHQEOHLFKHQNQRFKLJHQ6FKXOWHUQ,FKIKOWHPLFK ]LHPOLFKVHOWVDP]ZLVFKHQDOOGHQ*HULSSHQXQGGDPDQ PLFKYRQDOOHQ6HLWHQEHREDFKWHWHIKOWHLFKPLFKDOVPDNDE UHU0LWWHOSXQNWGHUXQKHLPOLFKHQ3UR]HVVLRQ *HVSURFKHQZXUGHNHLQ:RUW $OEHUWXV.URJPDQQGHUXQKHLPOLFKH+H[HQMlJHUDXVGHU 9HUJDQJHQKHLWKDWWHHLQHQJURHQ6LHJHUUXQJHQ(UKDWWHVHLQ /HEHQGDPDOVODVVHQPVVHQGRFKVHLQ*HLVWZDU]XUFN JHNHKUWLQGHQDXIPDJLVFKH:HLVHHQWVWDQGHQHQ.|USHU $EHUPLWZHVVHQ+LOIH" 'DVIUDJWHLFKPLFKXQGLFK]HUPDUWHUWHPLUGHQ.RSIGDU EHUJHODQJWHMHGRFK]XNHLQHP(UJHEQLV:LHLFKGHQ)DOO DXFKGUHKWHXQGZHQGHWHHLQ5HVXOWDWNDPEHLPHLQHQhEHU
OHJXQJHQQLFKWKHUDXV:DVKDWWHGLHVHUJHKHLPQLVYROOH6WHLQ PLW$OEHUWXV.URJPDQQXQGGHVVHQ6NHOHWWHQ]XWXQ" :HVKDOEZDUHQGLH0HQVFKHQYRQ:DOGHFNLQGLHVHQWLHIHQ WRWHQlKQOLFKHQ6FKODIJHIDOOHQ" 'LH/|VXQJZDUQDKHGDVVSUWHLFK'LH*HULSSHOLHIHQ VFKQHOOHUMHQlKHUVLHLKUHPHLJHQWOLFKHQ=LHOGHP)HOVHQ NDPHQ'DV.ODSSHUQGHU.QRFKHQZDUGLHHLQ]LJH%HJOHLW PXVLN,FKKDWWHPLFKLQ]ZLVFKHQDQGLHPDNDEUH8QWHU PDOXQJJHZ|KQW 'HU:HJZXUGHHWZDVVFKPDOHU5HFKWVXQGOLQNVZXFKVHQ %lXPHXQG8QWHUKRO]GLFKWDQGLFKW hEHUGHP:HJELOGHWHQVLHHLQ7XQQHOGDFKGXUFKGDV U|WOLFKJORVHQGGDV/LFKWVFKLPPHUWH 1RUPDOHUZHLVHHUZDFKHQEHL'XQNHOKHLWGLH7LHUHGHU 1DFKWDEHULQGLHVHP:DOGZDUQLFKWV]XK|UHQ.HLQ/DXW XQWHUEUDFKGDVPDNDEUH.ODSSHUQHVVFKLHQDOVKlWWHQVLFK GLH1DFKWWLHUH]XUFNJH]RJHQ'HQQVLHVSUWHQPLWLKUHQ ,QVWLQNWHQ]XHUVWGDHWZDVQLFKWVWLPPWH +LQXQGZLHGHUUDVFKHOWH/DXEXQWHUGHQNQRFKLJHQ EOHLFKHQ)HQ'DQQZDOOWH6WDXEDXIGHVVHQZLQ]LJH 3DUWLNHOU|WOLFKVFKLPPHUWHQ ,FKVWDPSIWHZHLWHU (LQ0HQVFKXQWHU6NHOHWWHQ (LQH+RUURU9LVLRQ"1HLQHLQH7DWVDFKH,QQHUKDOEYRQ 6WXQGHQKDWWHVLFKGLH:HOWYHUZDQGHOW:HQLJVWHQVIUPLFK ,FKZDUYROOPLWGHP8QKHLPOLFKHQNRQIURQWLHUWZRUGHQ 1RFKHLQH%LHJXQJ ,FKZXUGHDXIJHUHJWHU'LH/|VXQJGHV5lWVHOVVWDQGGLFKW EHYRU(VZDUJDQ]QDWUOLFKGDPHLQ+HU]GDEHLVFKQHOOHU NORSIWH 6FKRQK|UWHLFKHLQJHKHLPQLVYROOHV6XPPHQ 6LQJHQGH6WHLQH 8QGLFKKDWWHGDV*HIKOHLQURWHV0HHU]XGXUFKZDQGHUQ 'DV/LFKWZDUVWlUNHUJHZRUGHQ :LUEHIDQGHQXQVGLFKWDQGHU4XHOOH
'DZDUGHU)HOVHQ 1DFKGHPLFKGLHOHW]WH:HJELHJXQJKLQWHUPLUJHODVVHQ KDWWHVDKLFKLKQ (VZDUJHZDOWLJIDV]LQLHUHQGXQGVFKDXULJ8QZLOONUOLFK KLHOWLFKGHQ$WHPDQ 'HU)HOVHQHUVWUDKOWHLQHLQHPJOKHQGHQ5RW(UVDKDXV ZLHHLQEUHQQHQGHU6WHLQXQGLQQHUKDOEGLHVHV)HOVHQV HUNDQQWHLFK%HZHJXQJHQVDKGLH8PULVVHYRQ.|USHUQXQG *HVWDOWHQ 'LH3UR]HVVLRQVWRSSWH 'LH6NHOHWWHZXWHQJHQDXZDVVLH]XWXQKDWWHQIlFKHUWHQ DXVHLQDQGHUXQGELOGHWHQHLQHQ+DOENUHLV,KUHPDNDEUHQ *HVLFKWHUZDUHQGHP)HOVHQ]XJHZDQGW 1DFKZLHYRUODJHQGLHJHIDQJHQHQ0HQVFKHQDXIGHQ 6FKXOWHUQGHU8QKHLPOLFKHQ $OEHUWXV.URJPDQQWUDWYRU)QI6FKULWWHEUDFKWHQLKQLQ GHQ+DOENUHLVKLQHLQXQGELVGLFKWYRUGHQ6WHLQ%HLGH$UPH KREGHU0DJLVWHUKRFK 'DQQULHIHUPLWODXWHU6WLPPH ª,KU+WHUGHV'lPRQHQ 8QLYHUVXPV(QGOLFKLVWHVVRZHLW6HKWHXUHQ'LHQHUYRUHXFK VWHKHQ+HOIWPLUMHW]WVRZLHLKUPLUIUKHUJHKROIHQKDEW,FK KDEHJHWDQZDVLKUZROOWHW,KUVHLGDXVHLQHUXQHQGOLFKIHU QHQXQGGRFKVRQDKHQ=HLWJHNRPPHQ(UIOOWHXUH$XIJDEH ZLHGLH6FKZDU]HQ*HVHW]HHVYRUVFKUHLEHQ© 'LH6WLPPHKDOOWHEHUGLH/LFKWXQJ ,FKPXWHGLH:RUWHHUVWYHUGDXHQ 'LHVHU'lPRQKDWWHYRQHLQHP'lPRQHQ8QLYHUVXPJH UHGHW":DVPHLQWHHUGDPLW"gIIQHWHHUQLFKWPLWGLHVHQ :RUWHQY|OOLJQHXH3HUVSHNWLYHQ" 1RFKQLHKDWWHLFKGDYRQJHK|UWDEHUKLHOWLFKMHW]WLQ GLHVHP$XJHQEOLFNGHQ=LSIHOHLQHVURWHQ)DGHQVLQGHU +DQG" 0HLQH*HGDQNHQNHWWHZXUGHXQWHUEURFKHQGHQQZDVQXQ JHVFKDKUDXEWHPLUEXFKVWlEOLFKGHQ$WHP $XVGHPURWJOKHQGHQ6WHLQWUDWHLQH*HVWDOW
-DVLHNDPPLWWHQDXVGLHVHU+|OOHXQGLFKKDWWHGDV *HIKOGDVLHQXUPLFKDQVFKDXWH ,FKWUDW]XUFN ,FKWDWHVZLHXQWHUHLQHPLQQHUHQ=ZDQJVWHKHQGXQG SO|W]OLFKZDUPLUNODUGDKLHUHLQ:HVHQYRQHLQHPDQGHUHQ YLHOOHLFKWXQHQGOLFKZHLWHQWIHUQWHQ3ODQHWHQYRUPLUVWDQG (VZDUNHLQ0HQVFK (LQHKDJHUH*HVWDOWGLHZLHPLW*XPPLJHIOOWZLUNWH ZHLOGLHHLQ]HOQHQ*OLHGPDHQLQGDXHUQGHU%HZHJXQJ ZDUHQ6LH]XFNWHQKLQXQGKHUZDUIHQ:HOOHQXQGNRQQWHQ HLQIDFKQLFKWUXKLJVHLQ'DVJDQ]H*HVFK|SIHULQQHUWHPLFK DQHLQHEHUJURH)ODVFKHGHUHQ3URSRUWLRQHQYHUVFKREHQ ZDUHQDEHUGRFKKLQXQGZLHGHU]XGHU*UXQGIRUP ]XUFNNHKUWHQ (VZDUHLQSKDQWDVWLVFKHV6FKDXVSLHOZLHGLHVH*HVWDOWGHQ 6WHLQYHUOLHDXIGHQ0DJLVWHU]XVFKULWWPLFKGDEHLDXV NXJHOUXQGHQ$XJHQDQVFKDXWHXQGVWHKHQEOLHE $OEHUWXV.URJPDQQQHLJWHGHQ.RSI'HPWLJVWDQGHUYRU GHP8QKHLPOLFKHQ 0HLQ.UHX]UHDJLHUWHXQGZXUGHZlUPHU,FKKDWWHHVPLW HLQHP'lPRQ]XWXQ0LWNHLQHPQRUPDOHQ*HVFK|SIDXV HLQHUIHUQHQ:HOWVRQGHUQPLWHLQHP'LHQHUGHV%|VHQ 0HLQH*HGDQNHQUDVWHQZLHGHU,FK]RJ6FKOVVHXQG )ROJHUXQJHQ)DQGHQYLHOOHLFKWDXFKDXIGHQDQGHUHQ:HOWHQ HEHQVROFKH.lPSIHVWDWWZLHKLHU":LHGHUKROWHVLFKGLHVHU .UHLVODXIXQGZDUHQZLUGDQQQLFKWDOOH5lGFKHQLQHLQHP JHZDOWLJHQ.RVPRV" $OEHUWXV.URJPDQQHUJULIIGDV:RUWª'LH0HQVFKHQVLQG EHUHLW©VDJWHHUª6LHVLQGLQGHQ7LHIVFKODIYHUVXQNHQZLHGX HVZROOWHVW'LH.QRFKHQVDDWYRU-DKUKXQGHUWHQGXUFKPHLQH +lQGHJHOHJWLVWDXIJHJDQJHQ*LEPLUMHW]WGLH%HORKQXQJ GLHGXPLUGDPDOVDOVGXPHLQH6HHOHDQGLFKJHULVVHQKDVW YHUVSUDFKVW0HLQH'LHQHUXQGLFKKDEHQQLFKWXPVRQVWVR ODQJHJHZDUWHW-HW]WGUHKDQGHQ=HLWHQGDPLWDOOHVZLHGHU VRZLUGZLH]XYRU©
7UlXPWHLFK":DULFKZDFK"2GHUZDUDOOHVQXUHLQE|VHU $OSWUDXP":RYRQUHGHWHQGLHKLHU",FKLQWHUSUHWLHUWHHV IROJHQGHUPDHQ'HU$XHULUGLVFKHZDUDXIGLHVH:HOW JHNRPPHQXPVLFK0HQVFKHQ]XKROHQ 0HQVFKHQZRIU" $OV6WXGLHQREMHNWH")ULUJHQGZHOFKH)RUVFKXQJV]ZHFNH" 2GHUZDUDOOHVQXUHLQE|VHU=XIDOO" $OEHUWXV.URJPDQQVSUDFKZHLWHUª%HUHLWHGHQ$XVWDXVFK YRU,FKKDEHPHLQ9HUVSUHFKHQJHKDOWHQ1XQLVWGLH5HLKHDQ GLUHV]XWXQ© 'HU)UHPGHQLFNWH6HLQODQJHUVFKPDOHU.RSIEHZHJWHVLFK DXIXQGDE(UYHUVWDQGXQVHUH6SUDFKHREZRKOHUVHOEVW NHLQH$QWZRUWJDE:LHGHUXPHLQ3KlQRPHQ $XVGHUVFKODQNHQJXPPLDUWLJHQ0DVVHVWUHFNWHVLFKHWZDV YRUZDVPLFKDQHLQHQ$UPHULQQHUWH 8QGGLH6SLW]H]HLJWHJHQDXDXIPLFK ,FKZXWH%HVFKHLG (UZROOWHQLFKWGLHDQGHUHQVRQGHUQPLFK :DVVROOWHLFKWXQ"0LFKZHLJHUQRGHU]XNlPSIHQYHU VXFKHQ"$EHUGDQQZlUHQGLHDQGHUHQ0HQVFKHQDQGHU5HLKH JHZHVHQ 6LHODJHQLQLKUHPWRWHQlKQOLFKHQ6FKODIXQGNRQQWHQVLFK QLFKWYHUWHLGLJHQ $OVRPXWHLFKJHKHQ $OEHUWXV.URJPDQQGUHKWHVLFKODQJVDPXP(UVFKDXWH PLFKPLWVHLQHPOHLFKHQIDUEHQHQ*HVLFKWDQXQGHLQWHXI OLVFKHV*ULQVHQYHU]HUUWHGLHXQWHUH+lOIWH(UZXWHZRKO ZHOFKHV6FKLFNVDOPLUEHYRUVWDQG +LQWHUPLUK|UWHLFK*HUlXVFKH ,FKZDUIHLQHQ%OLFNEHUGLH6FKXOWHUXQGVDKYLHU6NHOHWWH 6LHZDUHQGLFKW]XVDPPHQJHUFNWXQGELOGHWHQHLQHIDVWXQ EHUZLQGEDUH0DXHU ª,FKNRPPH©VDJWHLFK
/DQJVDPYHUOLHLFKGHQ+DOENUHLVGHU.Q|FKHUQHQ6FKULWW IU6FKULWWEHZHJWHLFKPLFKDXIGHQ8QKHLPOLFKHQ]X'DEHL QlKHUWHLFKPLFKGHP6WHLQLPPHUPHKUXQGNRQQWHLQVHLQ ,QQHUHVVFKDXHQ :DUGDVEHUKDXSWHLQHIHVWH)RUPGLHLFKGDVDK"$OOHV ZDULQ%HZHJXQJURWLHUWHTXLUOWHGXUFKHLQDQGHUIOR]XVDP PHQXPVLFKVSlWHUZLHGHU]XWHLOHQ (LQHZLJHU.UHLVODXI ,QHLQHP6WHLQ" 9LHOOHLFKW 2GHUVWDQGLFKKLHUQLFKWHLQHPJDQ]DQGHUHQ3KlQRPHQ JHJHQEHU" :LHGHPDXFKVHLLFKVSLHOWHLP$XJHQEOLFNQXUGLH]ZHLWH *HLJH1HEHQ$OEHUWXV.URJPDQQEOLHELFKVWHKHQ,FKURFK GHQ0RGHUGHUYRQGLHVHU*HVWDOWDXVJLQJXQGKLHOWXQZLOO NUOLFKHLQHQ$XJHQEOLFNGLH/XIWDQ 'DVIODVFKHQI|UPLJH:HVHQDEHUVWLHHLQWLHIHV6XPPHQ DXV'HU7RQEUHLWHWHVLFKDXVHUGUDQJLQPHLQ*HKLUQZXUGH GRUWYHUVWlUNWXQGJOHLFK]HLWLJDQDO\VLHUW 3O|W]OLFKYHUVWDQGLFK:RUWHXQGLFKZXUGHUHVWORVEHU GHQ)DOODXIJHNOlUW ª,FKKDEHGLFKHUZlKOWZHLOZLULQXQVHUHP5HLFKGLH 0HQVFKHQXQGGHUHQ5HDNWLRQHQVWXGLHUHQ6FKRQLPPHU KDEHQZLUZHOFKHYRQHXFKPLWJHQRPPHQ'LHVH6WHOOHKLHU ZDUEHUKPWXQGYRU+XQGHUWHQYRQ-DKUHQKDWWHXQV $OEHUWXV.URJPDQQGHU0DJLVWHUGLH0HQVFKHQ]XJHIKUW GLHZLULQXQVHUH:HOWMHQVHLWVYRQ5DXPXQG=HLWVFKDIIWHQ +LQHLQLQDQGHUH'LPHQVLRQHQLQ5HLFKHGLHVRXQHQGOLFK ZHLWHQWIHUQWVLQGGDLKU0HQVFKHQQLFKWHLQPDOGDYRQ]X WUlXPHQZDJW(VKDWWHDOOHVZXQGHUEDUJHNODSSWELVXQVGHU *HJHQ]DXEHUWUDIXQG$OEHUWXV.URJPDQQJHW|WHWZXUGH $EHUQLFKWIULPPHUGDVNRQQWHQZLUPLWXQVHUHU0DJLH QRFKHUUHLFKHQREZRKOZLUVHOEVWQLFKWPHKUYRQGLHVHU(UGH ZHJNDPHQGHQQHXHUSULPLWLYHU0HQVFKHQ]DXEHUZDUGRFK VRVWDUNGDZLUNHLQ*HJHQPLWWHOEHVDHQ:LUZXUGHQ]X
*HIDQJHQHQ'LH-DKUKXQGHUWHYHUJLQJHQDEHUZLUK|UWHQ QLFKWDXI]XH[LVWLHUHQ:LUVFKOLHIHQQXU8QGZlKUHQGXQVH UHV6FKODIVVDPPHOWHQZLUGLH.UlIWHXPGLH(UGHQPDJLH]X VSUHQJHQ'DVJHVFKDKKHXWHDQGLHVHP7DJ1XQVLQGZLU IUHL$OEHUWXV.URJPDQQXQGDXFKLFK*OHLFK]HLWLJMHGRFK ZXUGHXQVHU=DXEHUVRVWDUNGDVHOEVWGLH6NHOHWWHZLHGHU ]XOHEHQGLJHQ:HVHQDXIHUVWDQGHQ'HQQVLHVLQGXQVHUH 'LHQHU6LHEHVFKDIIHQXQVGLH0HQVFKHQGLHZLULQXQVHUHP 5HLFKEUDXFKHQ$OV6NODYHQXQG6WXGLHQREMHNWH© ª:RKHUNRPPVWGX"©IUDJWHLFKª.HQQVWGX$VPRGLVRGHU GHQ6FKZDU]HQ7RG"© :LHGHUNODQJGLH6WLPPHLQPHLQHQ*HGDQNHQDXIª1HLQ LFKKDEHGDYRQJHK|UW$VPRGLVLVWPlFKWLJDEHUGHU 6FKZDU]H7RGLVWHLQ:LFKWJHJHQXQV:LUVLQGlOWHU6RDOW GDGHLQ*HKLUQHVQLFKW]XIDVVHQYHUPDJ:LUZDUHQXQG ZHUGHQVHLQ$XIXQVHUHU:HOWJLEWHVNHLQ*XWXQG%|VH NHLQH8QWHUVFKLHGH:DVJXWLVWNDQQDXFKE|VHVHLQZDV E|VHLVWNDQQDXFKJXWVHLQ:HQQMHPDQGVWHUEHQPXGDQQ ZLUGHUVWHUEHQ'DVVSLHOWNHLQH5ROOH© 'LH:RUWHKDWWHQPLFKKDUWJHWURIIHQVHKUKDUWVRJDU$QJVW HUIDWHPLFK1LFKWHLQPDOVRVHKUXPPLFKVRQGHUQXPDOO GLH0HQVFKHQGLHLQGLHVHU:DOGOLFKWXQJVWDQGHQXQGZLH VWXPPH6WDWLVWHQHLQH6]HQHEHY|ONHUWHQGLHJXWLQHLQHQ 6))LOPJHSDWKlWWH 3O|W]OLFKZXUGHPLUNODUGDLFKGLH8QVFKXOGLJHQQLFKWLP 6WLFKODVVHQNRQQWHGDLFKQLFKWPLWIOLHJHQRGHUIDKUHQ GXUIWH 1HLQLFKPXWHHWZDVWXQ 'DV:HVHQYRUPLUJHULHWZLHGHULQ%HZHJXQJª,FKHUUDWH GHLQH*HGDQNHQ©K|UWHLFKGLH6WLPPHLQPHLQHP*HKLUQ ª'XZLOOVWQLFKWPLW:HQQVFKRQQLFKWDOV/HEHQGHUGDQQ DOV7RWHU©'HQQlFKVWHQ%HIHKOVSUDFKHVODXWDXVXQGHU JDOW$OEHUWXV.URJPDQQGHP0DJLVWHUDXVGHPVSlWHQ 0LWWHODOWHU ª6FKDIILKQLQGHQ6WHLQ(JDOZLH©
6RIRUWVSUDQJLFK]XU6HLWH ,PVHOEHQ$XJHQEOLFN]RJGHU0DJLVWHU$OEHUWXV.URJPDQQ PLWHLQHUJHGDQNHQVFKQHOOHQ%HZHJXQJVHLQ6FKZHUW 6FKDXULJODFKWHHUDXIDOVGLH:DIIHGXUFKGLH/XIWSILII ª'DUDXIKDEHLFKODQJHJHQXJJHZDUWHW-HW]WZHUGHLFKGLU GHQ6FKlGHODEVFKODJHQ-RKQ6LQFODLU© $OEHUWXV.URJPDQQPHLQWHHVHUQVW 8QGZHOFKH:DIIHQKDWWHLFK"'LH'lPRQHQSHLWVFKHXQG PHLQHQ'ROFK'LHHUVWHNRQQWHLFKYHUJHVVHQ%LVLFKVLHJH ]RJHQXQGGDPLWHLQHQ.UHLVJHVFKODJHQKDWWHZDULFKYHU ORUHQQHLQGDVNRVWHWH]XYLHO=HLW %OLHEGHU'ROFK 6FKZHUWJHJHQ'ROFK 'DVJHILHOPLUJDUQLFKW 'DV:HVHQZDUVRIRUW]XUFNJHWUHWHQXQGKDWWHVLFKGHP URWJOKHQGHQ6WHLQJHQlKHUWZlKUHQGGLH6NHOHWWHHLQHQ .UHLVELOGHWHQXQGLKQ]LHPOLFKHQJ]RJHQVRGDPHLQH %HZHJXQJVIUHLKHLWDUJHLQJHVFKUlQNWZXUGH 0LUZDUNODUGD$OEHUWXV.URJPDQQSKDQWDVWLVFKPLWGHP 6FKZHUWXPJHKHQNRQQWHJHK|UWHHV]XVHLQHU=HLWGRFK]XU EHOLHEWHVWHQ:DIIHZLHGDPDOVGHU&ROWLP:LOGHQ:HVWHQ 0HLQH&KDQFHQVWDQGHQYHUGDPPWPLHV $EHUNDPSIORVZROOWHLFKPLFKQLFKWHUJHEHQ,FKPXWH DOOHVULVNLHUHQ 6FKRQHUIROJWHGHUHUVWH+LHE0HLQ*HJQHUIKUWHGDV 6FKZHUWYRQREHQQDFKXQWHQ %OLW]VFKQHOOZLFKLFKDXVGDEHLGUHKWHLFKPLFKJHVFKLFNWVR GDLFKPLFKLQVHLQHP5FNHQEHIDQGGRFKGHUQlFKVWH 6FKZHUWKLHEZDUVFKRQDXIGHP:HJ.URJPDQQIKUWHLKQ ZDDJHUHFKWXQGHWZDLQ%UXVWK|KH ,FKNRQQWHJHUDGHQRFKGHQ.RSIHLQ]LHKHQVRQVWKlWWHHV E|VHDXVJHVHKHQ +DVWLJVSUDQJLFK]XUFN
.QRFKLJH+lQGHKLHOWHQPLFK $OEHUWXV.URJPDQQVWLHHLQGURKHQGHV.QXUUHQDXV0LW ]ZHL+lQGHQKLHOWHUVHLQ6FKZHUWXPNODPPHUWXQGKLHE ZLHGHU]X.URJPDQQOHJWHDOOVHLQH.UDIWKLQHLQ ,FKZXWHPLFKMHGRFK]XZHKUHQ%OLW]VFKQHOOILHOLFK ]XVDPPHQVFKZDQJGLH+lQGHEHUGHQ.RSISDFNWHGHQ EODQNHQ6NHOHWWVFKlGHOXQGVFKOHXGHUWHGDV*HULSSHEHU PLFKKLQZHJ *HQDXLQGLH)OXJEDKQGHV6FKZHUWHV 'LH:DIIH]HUWHLOWHGDV*HULSSH (VJDEHLQVLQJHQGHV*HUlXVFKXQGGLHHLQ]HOQHQ.QRFKHQ IORJHQQDFKDOOHQ6HLWHQGDYRQ $OEHUWXV.URJPDQQDEHUZDULUULWLHUWZDVPLUZLHGHUXP =HLWJDEGLHLFKQXW]HQNRQQWH ,FK]RJPHLQHQ6LOEHUGROFK (ULVWHEHQVRJHZHLKWZLHGLH.XJHOQXQGDXFKVRZLU NXQJVYROO:HQQLFKWUDIXQGGD]XPXWHLFKDQGHQ'lPRQ KHUDQNRPPHQ (UZDUHLQDXVJH]HLFKQHWHU.lPSIHU ,QGHUQlFKVWHQKDOEHQ0LQXWHZDUHVPLUQLFKWP|JOLFK HLQHQ6FKZHUWKLHE]XXQWHUODXIHQXP.URJPDQQPLWHLQHP 'ROFKVWRGHQ*DUDXV]XPDFKHQ ,PPHUZLHGHUSILIIGLH.OLQJHGXUFKGLH/XIW/LQNVUHFKWV RGHUYRQREHQQDFKXQWHQ ,FKILHO]X%RGHQUROOWHPLFKXPGLHHLJHQH$FKVHKHW]WH KRFKXQGWDXFKWHZLHGHUZHJ 'HU'lPRQZXUGHZWHQG ,FKZDUVHKUVFKQHOOXQGKDWWHHLQHJXWH.RQGLWLRQ,FKMDJWH LKQHEHQIDOOVXQG]ZDQJLKQLQHLQHP.UHLV]XODXIHQ 'DQQKDWWHLFKGLH&KDQFH 'HU'lPRQOLHI]ZDUVFKQHOODEHUVHLQ0DQWHOWUDILP:LQG DXI:LGHUVWDQGXQGVFKZDQJQDFK 3O|W]OLFKIODWWHUWHHUGLFKWYRUPHLQHQ$XJHQ %OLW]DUWLJJULIILFK]XXQGZLFNHOWHGHQ6WRIIHLQPDOIHVWXP PHLQHQ$UP
(LQ5XFNXQG 'HU'lPRQILHO 3O|W]OLFKODJHULP6WDXE(USUDOOWHDXIGHQ%RGHQVHLQH OHLFKHQIDUEHQHQ*HVLFKWV]JHYHU]HUUWHQVLFKYRU6FKUHFN XQGEHYRUHUPLWGHP6FKZHUW]XVWRHQNRQQWHZDUILFK PLFKPLWHLQHP+HFKWVSUXQJDXILKQSUHWHVHLQHQ:DIIHQ DUPIHVWJHJHQGHQ%RGHQXQGVWLHPLWGHPJHZHLKWHQ 6LOEHUGROFKGRUW]XZRVHLQXQWRWHV+HU]VD ,PVHOEHQ0RPHQWJLQJHLQ5XFNGXUFKGHQ.|USHUGHV 'lPRQV +DVWLJVSUDQJLFKDXIXQGZLHGHU]XUFNGUHKWHPLFKGHQ 'ROFKZHLWHUKLQVWREHUHLWLQGLH5HFKWHQ :RZDUGHUDQGHUH" 'DVIODVFKHQI|UPLJH:HVHQWDXPHOWH]XUFN ,FKZROOWHKLQWHUKHUDEHUGDILHOHVVFKRQJHJHQGHQ6WHLQ ZXUGHYRQLKPYHUVFKOXFNWXQGLPQlFKVWHQ$XJHQEOLFN VSUKWHHLQURWHU)XQNHQUHJHQKRFKDXIGDV)LUPDPHQW]X 'HUJHKHLPQLVYROOH6WHLQ]HUSODW]WHDOVKlWWHPDQLKQPLW HLQHU%RPEHJHVSUHQJW 'LH6\PELRVHGLH/HEHQVJHPHLQVFKDIW]ZLVFKHQ$OEHUWXV .URJPDQQXQGGHPXQKHLPOLFKHQ:HVHQDXVHLQHUPDJL VFKHQ'LPHQVLRQH[LVWLHUWHQLFKWPHKU 'HU6WHLQZDURKQH5FNVWlQGHYHUJOKW1DFNWODJGLH /LFKWXQJYRUPHLQHQ$XJHQ 8QGGLH6NHOHWWH" $XFKVLHZDUHQQLFKWPHKUYRUKDQGHQ+LHUXQGGDVDKLFK HLQ$VFKHKlXIFKHQGDVDEHUVFKQHOOYRP:LQGGDYRQJHZHKW ZXUGH ,FKZLVFKWHPLUEHUGLH$XJHQ +DWWHLFKYLHOOHLFKWDOOHVQXUJHWUlXPW" 1HLQGDODJHQGLH0HQVFKHQ.RPPLVVDU0DOOPDQQ.DULQ %HFNHUXQGDOOGLHDQGHUHQ 6LHVFKOLHIHQ $OVHUVWHUUHJWHVLFK.RPPLVVDU0DOOPDQQ (UVHW]WHVLFKDXIVWDUUWHPLFKYHUZXQGHUWDQZLVFKWHVLFK
EHUGLH$XJHQXQGPDFKWHHLQVRXQJOlXELJHV*HVLFKWGD LFKODFKHQPXWH ª:DVLVWJHVFKHKHQ-RKQ":RELQLFKKLHU"© ,FKVWUHFNWHLKPPHLQH+DQGKLQ :LOOQDKPVLHXQGOLHVLFKKRFK]LHKHQª'XEHILQGHVWGLFK DXIGHU/LFKWXQJ©HUZLGHUWHLFK ª8QGZRLVWGHU6WHLQ"© ,FKKREGLH6FKXOWHUQª'DVPHLQOLHEHU:LOOLVWHLQHODQJH *HVFKLFKWH,FKHU]lKOHVLHGLUVSlWHU'XZUGHVWVLHPLUMHW]W VRZLHVRQLFKWJODXEHQ© $XFKGLHDQGHUHQ0HQVFKHQKDWWHQMHJOLFKH(ULQQHUXQJYHU ORUHQ6LHZXQGHUWHQVLFKQXUGDHVSO|W]OLFKVRGXQNHO JHZRUGHQZDU+DWWHQVLHVRODQJHJHVFKODIHQ" 'LH5HSRUWHUZROOWHQGHU6DFKHDXIGHQ*UXQGJHKHQ6LH VWHOOWHQ)UDJHQREZRKOVLHVHOEVWGDUDQEHWHLOLJWZDUHQ'RFK DXVLKUHQ.RPPHQWDUHQHQWQDKPLFKGDVLHVLFKKWHQ ZUGHQLQLKUHQ%OlWWHUQHWZDVEHUGLHVHV3KlQRPHQ]X VFKUHLEHQ$XV$QJVWDXVJHODFKW]XZHUGHQ (LQHUDEHUDWPHWHDXIDOVLFKLKQEHVXFKWH 3IDUUHU.URJHU ª+HUU6LQFODLU©ULHIHUXQGVFKOXJPLUDXIEHLGH6FKXOWHUQ ª6LHKDEHQHVJHVFKDIIW© ª-D© ª'DUILFKIUDJHQZLH"© ª-DDEHUGLH$QWZRUWLVWXQJODXEZUGLJ:LUUHGHQVSlWHU GDUEHU© (UZDUHLQYHUVWDQGHQ 1HEHQLKPVWDQGGDVNOHLQHEORQGH0lGFKHQ,FKQDKP HVDXIGLH$UPHXQGIUDJWH ª6ROOLFKGLFK]XGHLQHQ(OWHUQ EULQJHQ"© 'LH.OHLQHQLFNWHKHIWLJ :LUJLQJHQ 8QWHUZHJVVDKLFKGHQJXWHQ:LOO0DOOPDQQ$UPLQ$UP
JLQJHUPLW.DULQ%HFNHUGLH6WUDHHQWODQJ(UVDKPLFKQLFKW HUKDWWHQXU$XJHQIUGLH/HKUHULQ ,FKOlFKHOWH0HLQHU0HLQXQJQDFKKDWWHHVGHQDOWHQ -XQJJHVHOOHQVFKZHUHUZLVFKW8QGZHQQ6LHPLFKIUDJHQ OLHEH/HVHULFKJ|QQWHHVLKP 8QG6LHGRFKVLFKHUOLFKDXFKRGHU" (1'(
