0DULHYRQ(EQHU(VFKHQEDFK
2YHUVEHUJ
$XVGHP7DJHEXFKGHV9RORQWlUV )HUGLQDQG%LQGHU
3')HGLQ
E\=RREHVXFKHU
...
11 downloads
308 Views
388KB 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
0DULHYRQ(EQHU(VFKHQEDFK
2YHUVEHUJ
$XVGHP7DJHEXFKGHV9RORQWlUV )HUGLQDQG%LQGHU
3')HGLQ
E\=RREHVXFKHU
0DULH)UHLIUDXYRQ (EQHU(VFKHQEDFK
JHE)UHLLQYRQ VHLW*UlILQ 'XEVN\
*HEDXI6FKOR=GLVODZLF0lKUHQ JHVW LQ:LHQ (EQHU(VFKHQEDFK VWDPPWH YlWHUOLFKHUVHLWV DXV DOW|VWHUUHLFKLVFKHP PWWHUOLFKHUVHLWV DXV QRUGGHXWVFK SURWHVWDQWLVFKHP*HVFKOHFKW6LHKHLUDWHWHLKUHQ9HWWHU 0RULW]3URIHVVRUDQGHU,QJHQLHXU$NDGHPLHLQ:LHQVSlWHU )HOGPDUVFKDOOHXWQDQW XQG 0LWJOLHG GHU $NDGHPLH GHU :LVVHQVFKDIWHQ GLH (KH EOLHE NLQGHUORV 6LH OHEWHQ LQ:LHQELVLQ.ORVWHUEUXFNEHL=QDLPGDQDFKLQ :LHQ XQG =GLVODZLF PDFKWH VLH HLQH 8KUPDFKHU $XVELOGXQJ ZXUGH VLH PLW GHP K|FKVWHQ =LYLORUGHQ gVWHUUHLFKV GHP (KUHQNUHX] IU .XQVW XQG /LWHUDWXU DXVJH]HLFKQHW XQG ZDU HUVWHU ZHLEOLFKHU (KUHQGRNWRU GHU:LHQHU8QLYHUVLWlW
(LQXQGVLHE]LJ-DKUHDOWLVWXQVHU+HUU*HQHUDOLQVSHNWRUDEHU ZHWWHUIHVWXQGXQHUPGOLFKKDUWZLH6WDKOXQGVFKDUIZLHGHU 1RUGZLQGLP'H]HPEHU XQGJHVFKHLW XQGHLQHQ%OLFN ª:LVVHQ6LHZLH6LHVLQG+HUU9HUZDOWHURGHU+HUU)|UVWHURGHU +HUU.RQWUROORU"©RGHUZDVGHULVWPLWGHPHUHEHQVSULFKWª6R VLQG6LH©XQGGDQQVDJWHU VHLQHPDXIV+DDU %HLPLUDOVLFKLKPYRUJHVWHOOWZXUGHEDOGQDFKPHLQHP(LQWULWW LQGLHgNRQRPLHYHUZDOWXQJKLHHVª+HUU%LQGHU .DXIPDQQVVRKQDXV:LHQ'HU-QJVWHGHU)DPLOLH1HVWKlNFKHQ ZRKOKDEHQGXQGZRKOYHUKlWVFKHOW ZLH"©
'DVZDUDP$EHQGGHVHUVWHQ7DJHVGHQHUGDPDOVLQ1HXKDXV ]XEUDFKWHDXIVHLQHU,QVSHNWLRQVUHLVH(LQH:RFKHVSlWHUEHLP $EVFKLHGIUDJWHHUQLFKWPHKUª:LH"©'DWUDQFKLHUWHHUVFKRQ PHLQHQLQQHUHQ0HQVFKHQPLWZDKUHP+RFKJHQXXQGOHJWHPLFK JOHLFKVDPPLUVHOEHUYRU,FKZXUGHVHKUURWXQGVSUDFKª,FK KDEHQLFKWJHZXW+HUU*HQHUDOLQVSHNWRUGDLFKYRQ*ODVELQ© (UVFKPXQ]HOWHNORSIWHPLUPLWVHLQHQODQJHQNQRFKLJHQ)LQJHUQ DXIGLH6FKXOWHUGDLFK VELVLQGHQ(OOERJHQVSUWHXQGQDQQWH PLFKª)LQDXG©HLQH$XV]HLFKQXQJ]XGHUPLUVlPWOLFKH+HUUHQ JUDWXOLHUWHQ
6HLWPHLQHUHUVWHQ%HJHJQXQJPLWLKPKDEHQZLUQRFK]ZHLPDO GLH(KUHJHKDEWLKQEHLXQV]X VHKHQ,P+HUEVWHWULIIWHULPPHU DXV%|KPHQHLQXPGLHIUVWOLFK'HKVGRUILVFKHQ'RPlQHQDQGHU PlKULVFKVFKOHVLVFKHQ*UHQ]H]XEHVLFKWLJHQXQGXQVDOOHQ VFKHLQWGDHUPLWGHQ/HLVWXQJHQGHU)RUVW XQG gNRQRPLHYHUZDOWXQJQRFKQLHVRHLQYHUVWDQGHQZDUZLHGLHVHV 0DO%HLP$EVFKLHGVGLQHULPJURHQ6DDOHGHV$PWVKDXVHV NDPHQQXUIHLQH6RUWHQDXVGHPIUVWOLFKHQ6FKORNHOOHUDXIGHQ 7LVFKXQGGHU)|UVWHUVDJWHPLUª1DFKGHU4XDOLWlWGHV:HLQHV GHQHUXQVYRUVHW]HQOlWLVWGLHVHLQHU=XIULHGHQKHLWPLWGHQ (UIROJHQVHLQHU,QVSHNWLRQ]XEHPHVVHQ'DQNHQ6LH*RWWGD 6LHQLFKW$QQR KLHUJHZHVHQVLQGDOVGLH%RUNHQNlIHULQ XQVHUHQVFK|QVWHQ1DGHOKRO]EHVWlQGHQJHKDXVW,QMHQHP XQYHUJHOLFKHQ-DKUHEUDFKWHGHU,QVSHNWRUGHQ7RDVWDXIGHQ )UVWHQQDFKGHP 5LQGIOHLVFKVWDWWQDFKGHP%UDWHQDXVXQG ]ZDUPLW(LJHQEDX 6LHN|QQHQVLFKGHQNHQ-HW]WQRFKPHLQHU 7UHXMHW]WQRFKZHQQPLUHWZDV8QDQJHQHKPHVSDVVLHUWNRPPW PLUGHU*HVFKPDFNLQGHQ0XQG©
1XQKHXWHNRQQWHGHU)|UVWHUVLFKJWOLFKWXQVFKRQYRUGHP JURHQ$XJHQEOLFNLQGHPGHU+HUU*HQHUDOLQVSHNWRUDXIVWDQGLQ VHLQHUJURHQXQJHZ|KQOLFKHQ+|KHXQG6FKPDOKHLWXQGVHLQHQ KDOEJHIOOWHQ&KDPSDJQHUNHOFKDXIGDV:RKOGHV)UVWHQOHHUWH XQJHUQJHQXJGHQQHULVWVHLQHP*HVFKPDFNXQGVHLQHU hEHU]HXJXQJQDFK:DVVHUWULQNHU :LUVWLPPWHQLQVHLQ+RFKHLQXQGQXQHUKREVLFKGHU+HUU 'HFKDQWGHU]X+lXSWHQGHU7DIHOVDVFKQHHZHLXQGVWDWWOLFK
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lIWGLH3IHUGHGXVHOQGDV +RO]ZHUNNQDUUWXQGVW|KQW PDQJlEZDVGUXPZHQQPDQ UXIHQGUIWH+K (UDEHUK|UWVLFKQDWUOLFKJHUQXQGVFKDXW QDFKMHGHP6DW]LP.UHLVHKHUXPPLWVHKUQDLYHUXQGVHKU KDUPORVHU6HOEVW]XIULHGHQKHLW $OVHUHQGOLFKJHVFKORVVHQKDWWHXQGZLULQ-XEHOGDUEHU DXVEUDFKHQQDKPHUZLHGHU3ODW]XQGIUDJWHGHQ+HUUQ ,QVSHNWRUª+DEHQ6LHPHLQHQOLHEHQ)UVWHQNU]OLFKJHVHKHQ LVWHUUHFKWZRKO" 8QGGLHOLHEH)UVWLQXQGGLHOLHEHQOLHEHQ .LQGOHLQDXFK".RPPWHUEDOGZLHHUPLUPLWWHOVOLHEHU .RUUHVSRQGHQ]NDUWHYRP $SULOYHUVSURFKHQKDW"©
'HU,QVSHNWRUEHDQWZRUWHWHDOOHVPLWMDEHVWHOOWHGLHVFK|QVWHQ *UHXQGVHW]WHKLQ]Xª(UOlW,KQHQDXFKVDJHQGDHUHLQHQ DOWHQ)UHXQGEHWUDXHUWGHQ+HUUQ2YHUVEHUJ© ª2YHUVEHUJ"©
ª(ULQQHUQ6LHVLFKVHLQHUQLFKWPHKU"9RU]HKQ-DKUHQZDUHUKLHU PLWGHP)UVWHQ'LH)UHXQGOLFKNHLWVHOEVWVLFKLPPHUEHGDQNW IUMHGHQ*UXXQGIUMHGHQJXWHQ0RUJHQXQGJXWHQ$EHQGGHQ PDQLKPJHZQVFKWKDW'DQNHVFK|QGDQNHYHUELQGOLFKVWXQG GHQ+XWJH]RJHQYRUMHGHP7DJHO|KQHU© ª,FKZHLVFKRQLFKZHLVFKRQLFKKDELKQVFKRQ©ULHIGHU 2EHUI|UVWHUSO|W]OLFKXQGVHLQ*HOlFKWHUGXUFKVFKPHWWHUWHGHQ 6DDOZLH=LPEHOVFKODJXQG3DXNHQVFKDOOª(UZDUGDPHKUPDOV PLWDXIGHU-DJG6HLQ*HZHKUGDVKDWHUJHWUDJHQZLHHLQH *LWDUUH,FKKDEH,KQHQQRFKJHVDJW+HUU9HUZDOWHU,FKELQ QHXJLHULJ ZDVHUXQVGDDXIVSLHOHQZLUGXQG6LHKDEHQQRFK JHVDJW,FKDXFK©
ª6FKDXVFKDX©YHUVHW]WHGHU9HUZDOWHUHLQJXWHUDOWHU+HUU GHUVHLQH5HGHQLPPHUPLWªXQG©EHVFKOLHWª-DPDQVDJWVR PDQFKHV XQGXQG©:LUZDUWHWHQHLQ:HLOFKHQHVZDUDEHU VFKRQDXV2KQHGDVJHULQJVWH%HGUIQLVQRFKHWZDV KLQ]X]XVHW]HQZLHVHUVFKZHLJHQGGHQ.UDJHQVHLQHUOLFKWJHOEHQ *DODZHVWHGHUPLWWFNLVFKHU+DUWQlFNLJNHLW]XGHQ2KUHQVHLQHV (LJHQWPHUVHPSRUVWUHEWHDQGHQHLQHP:HVWHQNUDJHQ JHEKUHQGHQ3ODW]]XUFN ª(LQ-lJHUZDUHUQLFKWQHLQDEHUHLQ6FKW]©EHJDQQPHLQ 1DFKEDUGHUNOHLQHOHEKDIWH)|UVWHUGHUHLQHQVHPPHOIDUELJHQ VRSSLJHQ+DDU XQG%DUWZXFKVKDWGDVLFKMHGHU3LQVFKHUYRU LKPYHUVWHFNHQNDQQ ª'UHLPDOKDELFKLKQDQOHJHQJHVHKHQ ]ZHLPDODXI0DUGHUHLQPDODXIHLQ:LHVHOXQGPLUJHGDFKW 6DSSHUPHQWZDVDXIVWHKWOLHJW© ª$XIGDV6FKlGOLFKHPDJHUJHVFKRVVHQKDEHQ©VDJWHGHU ,QVSHNWRUªPLW+DVHQEOXWKDWHUVHLQH+lQGHQLHEHIOHFNWXQG ]ZDU DXV1lFKVWHQOLHEH©
:LHGHUOLHGHU 2EHUI|UVWHUVHLQ*HOlFKWHUHUW|QHQGHU'HFKDQW DEHUVFKWWHOWHEHGlFKWLJGHQ.RSIª,FKPXXP(QWVFKXOGLJXQJ ELWWHQPHLQH+HUUHQ+HUU$OEUHFKW2YHUVEHUJZDUGXUFKDXVNHLQ +DVH,FKHQWVLQQHPLFKVHLQHUMHW]WGHXWOLFKXQGGHXWOLFKHU'LH 8PJHEXQJLQZHOFKHUHUYRUPHLQLQQHUHV$XJHWULWWELOGHQ 5DXFKXQG)ODPPHQ$EHUQLFKWDOVGHU+|OOHQIUVWHUVFKHLQWHU PLUVRQGHUQDOVHLQJXWHUVWLOOHU(QJHO8QGVWHKHQVHKHLFKLKQ
DXIGHU)HXHUVSULW]HQHEHQGHP.RPPDQGDQWHQGHU)HXHUZHKU XQVHUHP]XU=HLWLQ*RWWUXKHQGHQ+HUU%lFNHUPHLVWHU/HSLWFHN $QMHQHP7DJHVFKULHGLHVHU*XWHZRKODXV/HLEHVNUlIWHQKDWWH DEHUVHLQH*HLVWHVJHJHQZDUWGXUFKDXVHLQJHEW,KPZXUGH VSlWHUGLH5HWWXQJGHVKDOEHQ'RUIHVEHLGHPIXUFKWEDUHQ%UDQGH DOVVHLQ9HUGLHQVW]XJHVFKULHEHQ,QGHVVHQZDUHVHLQ]LJXQG DOOHLQGDVMHQLJHGHV+HUUQ2YHUVEHUJ© ª+HUU'HFKDQW©ILHOGHU,QVSHNWRULKPLQV:RUWªZHLOLFK,KQHQ HU]lKOHGDGHU)UVWDQGHP2YHUVEHUJHLQHQ1DUUHQJHIUHVVHQ KDWDYDQFLHUWGHUEHL,KQHQJOHLFK]XHWZDV5HFKWHP© 'HU*UHLVVDKLKQYRUZXUIVYROODQXQGVDJWHKDOELP(UQVWXQG KDOELP6FKHU]Hª:DVKDWHU,KQHQJHWDQ"*HVWHKHQ6LH V©
ª0LUQLFKWVXQGQLHPDQGHP8QWHUKDOWHQK|FKVWHQVKDWHUPLFK ZDUIUPLFKHLQ5lWVHOGDVO|VHQ]XZROOHQPLUQLHHLQJHIDOOHQ LVW© ª(LQ5lWVHO,KQHQHLQHPVROFKHQ0HQVFKHQNHQQHU" 'DV PDFKHQ6LHXQVQLFKWZHLV©
ª%HLGHP2YHUVEHUJ+RFKZUGHQKDWPHLQH0HQVFKHQNHQQWQLV PLFKVLW]HQODVVHQ,QGHQNRQQWHLFKPLFKQLFKWKLQHLQGHQNHQ 8QG6LHPHLQH+HUUHQN|QQWHQ6LH V".|QQHQ6LHVLFK YRUVWHOOHQGDHLQ0DQQGDV)DNWRWXPDEJLEWDXIHLQHP*XWH GDVIUKHUIUHLOLFKQLFKWODQJH VHLQZDUXQGGLHUHFKWH+DQGGHV QHXHQ+HUUQZLUG"8QGZHULVW,KQHQGHU"'HUDQJHWUDXWH*DWWH GHUHKHPDOLJHQ%UDXWGHVVHOEHQ¾0DQQHV½ HLQHUYLHOJHOLHEWHQ %UDXWQRWDEHQH© 1HLQZDKUOLFKNHLQHUYRQXQVNRQQWHVLFKGDKLQHLQGHQNHQ(V KlWWHVLFKVRJDUMHGHUYHUDFKWHWGHULPVWDQGHJHZHVHQZlUH VHLQHZHUWH3HUV|QOLFKNHLWLQHLQHVROFKH/DJH]XYHUVHW]HQ 'DUDXIVFKZRUHQZLU 'HU'HFKDQWMHGRFKZROOWHHUVWK|UHQZLHGDV9HUKlOWQLVYRQ GHPGLH5HGHZDUVLFKJHELOGHWKDWWHEHYRUHUVHLQ8UWHLO GDUEHUDXVVSUDFK ª:LHVLFK VJHELOGHWKDW" :HQQLFKDXIGHQ8UDQIDQJ]XUFN PXNRPPHLFKDXIGHQ2QNHOYRQGHP2YHUVEHUJGDV*XW
6LHEHQVFKORJHHUEWKDW'DVLVWQLFKWZHQLJODQJZHLOLJPHOGHLFK ,KQHQLPYRUDXV© (UPXVWHUWHXQVGXUFKGLH%DQNHLQHQQDFKGHPDQGHUQXQG HUTXLFNWHVLFKHLQ:HLOFKHQDQGHPQLHGHUVFKODJHQGHQ(LQGUXFN GHQVHLQH9HUKHLXQJJHPDFKWGDQQIXKUHUIRUWª,FKKDEHLKQ JXWJHNDQQW6LHEHQVFKORJUHQ]WDQGLHIUVWOLFKHQ*WHULQ %|KPHQGLHLFKGDPDOVVFKRQXQWHUGHU/HLWXQJPHLQHV9DWHUV YHUZDOWHWH(UZDU GHU2QNHO2YHUVEHUJQlPOLFK HLQHLQVDPHU DOWHU-XQJJHVHOOHHLQ*HOHKUWHU,QZHOFKHP)DFKJODXEHQ6LH" ,P.lIHUIDFK6DPPOXQJHQHLQHQJDQ]HQ6DDOYROOKDWHUJHKDEW 'D]XGLH.DWDORJHYHUIDWXQGZHLWOlXILJH.RUUHVSRQGHQ]JHIKUW PLWLQ XQGDXVOlQGLVFKHQ%HUXIVJHQRVVHQXQGZLVVHQVFKDIWOLFKHQ 9HUHLQHQ9LHOH-DKUHDOOHLQELVHUEULHIOLFKDXIHLQHQOlQJVW YHUJHVVHQHQ-XJHQGIUHXQGVWLHHLQHQSHQVLRQLHUWHQ 2EHUVWOHXWQDQW'HUEHZHJWHVLFKLQGHQ6FKPHWWHUOLQJHQ6HOLJHV :LHGHUILQGHQ'HU*HGDQNHHLQDQGHUQHXHUOLFK]XYHUOLHUHQ DXVJHVFKORVVHQ (LQH9LHUWHOVWXQGHZHLWYRP+HUUHQKDXVVWHKW HLQHYHUODVVHQH0KOHDQHLQHPHLQVWZDVVHUUHLFKHQMHW]WQXU QRFKVFKZDFKULHVHOQGHQ%DFK%OXPLJH:LHVHQ(UOHQXQG :HLGHQKLQWHUGHP+DXVHHLQ:lOGFKHQDQGHVVHQ6DXPHLQH (LFKH6HKHQPXVLHGHU'HXWVFKHXP]X]XJHEHQGDVRZDV YRUNRPPHQNDQQLQPlKULVFKHQ/DQGHQ'LH0KOHZLUG DGDSWLHUWUHVWDXULHUWNULHJWHLQ7UPFKHQDXIJHVHW]WGUIWHVLFK IUHLQ6FKO|FKHQDXVJHEHQZHQQVLHZROOWHXQGZLUGDXFKVR JHWDXIW© ª*HQDQQW©ZDUIGHU'HFKDQWGD]ZLVFKHQ
ª 'HU2EHUVWOHXWQDQW]LHKWHLQPLWVHLQHQWRWHQ6FKPHWWHUOLQJHQ PLWHLQHPJURHQ3RUWUlWVHLQHUVHOLJHQ)UDX*HPDKOLQXQGPLW VHLQHUOHEHQVSUKHQGHQ7RFKWHU/HQH(LQ%LOGYRQHLQHP )UlXOHLQXQGHOHJDQWVDJHLFK,KQHQ LPPHULQ6SLW]HQ YHUGUHKW0lQQOHLQXQG:HLEOHLQGLH.|SIHGHQHUVWHQGXUFKLKUH 6FK|QKHLWGHQ]ZHLWHQGXUFKLKUH7RLOHWWHQ5HJHU9HUNHKU HQWVSDQQWVLFK]ZLVFKHQGHP.lIHURQNHOXQGGHP 6FKPHWWHUOLQJV2EHUVWOHXWQDQW,Q%lOGHZLUG$OEUHFKW2YHUVEHUJ QDFK6LHEHQVFKOR]LWLHUW(LQH(KUHGLHLKPVHOWHQZLGHUIlKUW .|QLJHXQGDOWH-XQJJHVHOOHQP|JHQLKUH(UEHQQLFKW$EHUGLH )UHXQGHKDEHQLKUHQ3ODQ$OEUHFKWVROOVLFKLQ/HQHYHUOLHEHQXQG YLFHYHUVR©
ª9HUVD©EHULFKWLJWHGHU'HFKDQWZRUDXIGHU,QVSHNWRUVHLQ VS|WWLVFKHV5lXVSHUQYHUQHKPHQOLHGDVQLFKWVDQGHUHVKHLW DOV :HQQ6LHJODXEHQGDLFK6LHXP,KUH.HQQWQLVVH EHQHLGH XQGZHLWHUHU]lKOWHª'DVZDULQGHQ2VWHUIHULHQ2QNHO 2YHUVEHUJPVVHQ6LHZLVVHQKDWWHGHQ1HIIHQLQ$QZDUWVFKDIW DXIGDVEHUKPWH(UEHgNRQRPLHVWXGLHUHQODVVHQLKPDEHU NHLQH*HOHJHQKHLWJHJHEHQGLHHUZRUEHQH:HLVKHLWSUDNWLVFK DQ]XZHQGHQ6RZDU$OEUHFKWPLWXQ]XUHLFKHQGHQ0LWWHOQHLQHQ 3DFKWHLQJHJDQJHQEHLGHPHUVHLQELFKHQ(LJHQHVHLQEWH 6SlWHUZXUGHHU3URIHVVRUDQHLQHUgNRQRPLHVFKXOH© ª5LFKWLJ©ULHIGHU2EHUI|UVWHUª'HUMHQLJHZHOFKHUEHLGHU3UD[LV DEJHEOLW]WLVWVXFKWVHLQ*OFNEHLGHU7KHRULH©XQGGHU ,QVSHNWRUYHUVHW]WHª:RLPPHUHUIUKHUVHLQ*OFNJHVXFKW MHW]WKDWWHHU VJHIXQGHQ(VODFKWHLKQDQDXVGHQ$XJHQGHV )UlXOHLQV/HQHXQGVSUDFK]XLKPDXVGHP0XQGHGHV2QNHOV(U VROOGDV)UlXOHLQKHLUDWHQ6LHEHQVFKOREHUQHKPHQGHU 2EHUVWOHXWQDQWEHKlOWGHQLKPOLHEJHZRUGHQHQ:RKQVLW]GLH )UHXQGHEOHLEHQEHLHLQDQGHUXQG9DWHUXQG7RFKWHUDXFK$OOHV UROOWHZLHDXI5lGFKHQGLH$OWHQMXELOLHUWHQGLH9HUOREXQJZXUGH JHIHLHUW:LUZDUHQDXFKJHODGHQPHLQ9DWHUXQGLFKXQGKDOIHQ UHGOLFKPLWGLH%UDXWDQVFKZlUPHQ1DWUOLFKVLHZDUGDQDFK ¾0RRVURVHQNQRVSH½QDQQWHVLHPHLQ1DFKEDU]XU/LQNHQ ¾0RUJHQU|WH½PHLQ1DFKEDU]XU5HFKWHQ'HUJOFNOLFKH 8QJOFNOLFKHDEHUGHU%UlXWLJDPPXWHVLFKQDFKHPSIDQJHQHP 9HUOREXQJVNXXQGJHWDXVFKWHP7UHXHVFKZXUORVUHLHQXQGQDFK VHLQHU+RFKVFKXOH]XUFNNHKUHQXPVHLQHQ.XUV]X(QGH]X OHVHQ=XU7UDXXQJVROOWHHUZLHGHULQ6LHEHQVFKORHLQWUHIIHQ ,QGHVVHQ ZDVJHVFKLHKW"(V]HLJWVLFKGDGLH9HUWLHIXQJLQV 6FKPHWWHUOLQJVIDFKGHP0HQVFKHQYHUVWDQGZHQLJHUDEWUlJOLFKLVW DOVGLHLQV.lIHUIDFK'HU2EHUVWOHXWQDQWIlQJW,KQHQQDFKXQG QDFKDQ]XPHUNHQGDHVQLFKWUHFKWJHKHXHULVWPLWGHU :LUWVFKDIWDXIGHP*XWH6LHLVWXQWHUGHUIQI]LJMlKULJHQ 5HJLHUXQJHLQHV*HOHKUWHQDXIHLQHVFKLHIH(EHQHJHUDWHQXQG UXWVFKWDEZlUWVODQJVDPDEHUVLFKHU :DVWXQ"¾gIIQHQ6LH LKPGLH$XJHQ6LHVLQGSUDNWLVFKHgNRQRPHQ½VDJWGHU 2EHUVWOHXWQDQWDXIGDVlXHUVWHEHNPPHUW]XPHLQHP9DWHU XQGPLU¾+HOIHQ6LHUHGHQ6LHPLWLKP½ :LUUHGHQ(ULVWZLH HLQ%RFN:DUWHQVROOHQZLUELVVHLQ1HIIHNRPPWGHUKDW VWXGLHUWGHUZLUG VXQV]HLJHQEHLGHPN|QQHQZLULQGLH6FKXOH
JHKHQ'DVZDUDOOHVVHKUIHLQJHJHEHQXQGZLUKDEHQJOHLFKIDOOV IHLQUHSOL]LHUW GDZLUMHGH*HOHJHQKHLWHWZDV]XOHUQHQJHUQ HUJUHLIHQ.HLQHVHFKV:RFKHQVSlWHUVWDUEGHUDOWH2YHUVEHUJ QDFKNXU]HU.UDQNKHLW6HLQ1HIIHNDP]XP%HJUlEQLVXQGZDUVR HUJULIIHQGDZLUPHLQWHQ'HPKDWDP(QGHHLQJXWHU)UHXQG YHUUDWHQZLH VEHVWHOOWLVWPLWVHLQHU(UEVFKDIW$EHUQHLQGDV GlPPHUWHLKPHUVWDXIDOVHUVLHDQWUDW :DVZDKULVWLVWZDKUHUKDWQLFKWJHVXFKWVLFKHLQ;IUHLQ8 YRU]XPDFKHQQLFKWODQJHKHUXPJHZDFNHOW]ZLVFKHQGHPHUVWHQ =ZHLIHOXQGGHPOHW]WHQ ]XPLUJHVDJW¾6LHNHQQHQGLH 9HUKlOWQLVVH:LHVWHKLFK",FKZLOOHVZLVVHQ½ 'DKDEHLFKLKQ VLFKVHOEVWYRQDOOHPEHU]HXJHQODVVHQGXUFKGHQ$XJHQVFKHLQ XQGHULVWQDWUOLFKYRQHLQHUXQDQJHQHKPHQhEHUUDVFKXQJLQGLH DQGHUHJHUDWHQXQGJlQ]OLFKQLHGHUJHEURFKHQLQGHU.DQ]OHL EHLP$GGLHUHQGHU5FN XQG$XVVWlQGH$XIHLQPDOOHJWHHUGLH )HGHUKLQVWHPPWHGLH(OOERJHQDXIGHQ7LVFKGUFNWHGDV *HVLFKWLQGLH+lQGHXQGEOLHELQGLHVHU3RVLWLRQELVLFKLKQ HQGOLFKPDKQWH¾1XQ+HUU2YHUVEHUJEHOLHEHQ,KUH*HGDQNHQ $XGLHQ]]XJHEHQ"½(UJXFNWDXIVFKDXWKHUXPJDQ]YHUORUHQ LFKUXIHLKQDQ¾.RPPHQ6LH]XVLFKZRVLQG6LH"½1XQKDWHU HLQ/lFKHOQYRQEHVRQGHUHU$UWJHKDEWGDVLKPJHEOLHEHQLVWELV DQVHLQ(QGH¾,FKZDUEHLHLQHP/HLFKHQEHJlQJQLV½JLEWHU]XU $QWZRUW¾ZHOFKHLQ7UDXHU]XJ XQEHUVHKEDU LFKKDEHPHLQH +RIIQXQJEHJUDEHQ½ :DVHUVDJHQZROOWHZDUQLFKWPL]XYHUVWHKHQXQGLFKIUHXWH PLFKGDHU VYRQVHOEVWEHJULIINHLQ*HOGNHLQH%UDXW'LH 7HPSHUDWXUYHUlQGHUXQJLP%HQHKPHQGHV2EHUVWOHXWQDQWV JHJHQLKQNRQQWHLKPWURW]DOOHUVHLQHU8QVFKXOGLQVROFKHQ 'LQJHQQLFKWHQWJHKHQXQGHUKDWWHVLFKIHUQJHKDOWHQYRQGHP 6FKO|FKHQDXIGHU:LHVHZlKUHQGGHUJDQ]HQ=HLWGLHZLU EUDXFKWHQXPLQVUHLQH]XNRPPHQEHUGHQ6WDQGVHLQHU $QJHOHJHQKHLWHQ
:DVZLUGHUMHW]WZRKODQIDQJHQ"GDFKWHLFKPLUZROOWHLKQDEHU QLFKWIUDJHQ
$PQlFKVWHQ7DJHHVZDUXP-RKDQQLXQGVHKUKHLWULHEPLFK GLH1HXJLHUGHZLHGHU]XLKP8QWHUZHJVLQGHU1lKHVHLQHU :RKQXQJWUDILFKGHQ2EHUVWOHXWQDQWXQGVHLQH7RFKWHUGLHYRQ
GHU6FKPHWWHUOLQJVMDJGKHLPNHKUWHQ(UKDWWHHLQSDDU 6FKZDOEHQVFKZlQ]HDXIGHP+XWVWHFNHQVLHWUXJHLQ 6SLULWXVIOlVFKOHLQXQGHLQHQ3LQVHOXPGHQ*HIDQJHQHQGDPLWDXI GLH.|SIH]XWURSIHQZHLOVLHHVQLFKWOHLGHQNRQQWHGDV 8QJH]LHIHUDQGHU1DGHO]XFNHQXQGIODWWHUQ]XVHKHQ
'HU2EHUVWOHXWQDQWZLQNWHXQGULHIPLUVFKRQYRQZHLWHP]XVHKU DXIJHUHJWZLHHUVHLWHLQLJHU=HLWLPPHUZDU¾*XWHQ1DFKPLWWDJ .RPPHQ6LHNRPPHQ6LHPDFKHQZLUHLQH½ (LQH3DUWLH'RPLQRPHLQWHHU,FKVDJWHGDLFKEHUHLWVHLXQG IROJWHLKPLQV+DXV
'DV)UlXOHLQMHGRFKVFKLFNWHHUIRUWPLWYLHOHUOHL$XIWUlJHQ :UGHVLHDOOHPQDFKJHNRPPHQVHLQELV]XP$EHQGKlWWHVLH]X WXQJHKDEW 1XQZLUVHW]WHQXQVKLQXQGVSLHOWHQ
0HLQ*HJQHUZDUQLFKWEHLGHU6DFKHYHUORUQDFKHLQDQGHU]ZHL 3DUWLHQXQGVWDQGLP%HJULIIDXFKGLHGULWWH]XYHUOLHUHQ(U EHXJWHVHLQHQEUHLWHQ1DFNHQVWW]WHVHLQH$UPHLQGLH6HLWHQ VFKQDXEWHXQG]RJGLHQLHGHUH6WLUQLQ)DOWHQXQGKLQWHUGHUVD ,KQHQHLQ(LJHQVLQQHLQXQJODXEOLFKHUNHLQHLVHUQHUVRQGHUQGHU YRQGHUXQEHUZLQGOLFKHQGHU]lKHQ$UW© ª:HQQPDQGLHVH%HVFKUHLEXQJK|UWGHQNWPDQGHUUHLQH =\NORS©VSUDFKGHU'HFKDQWXQGGHU,QVSHNWRUlUJHUOLFKEHU GLH8QWHUEUHFKXQJYHUVHW]WHª.HQQGDV7LHUQLFKW©
(USURW]WHHLQPDOJHUQGDPLWGDHUIUHPGZDUDXI KXPDQLVWLVFKHP*HELHWH$XFKIUKHUKDEHLFKVFKRQEHPHUNW GD*HOHKUWHRIWZHQLJHUVWRO]VLQGDXILKU:LVVHQDOV8QJHOHKUWH DXILKUH8QZLVVHQKHLW
ª*XWDOVR©IXKUGHU,QVSHNWRUIRUWª*ODXEHQ6LHPLU QLFKWGD LFKHVMHW]WVDJHQHLQGDPDOVZLHLFKPLULKQUHFKWEHWUDFKWH GHQNHLFKHUN|QQWHLQHPDQJVWPDFKHQGHU0DQQPLWVHLQHU $XIJHGXQVHQKHLWXQGVHLQHPNXU]HQ$WHP)UKHUZDUPLUGDV QLFKWVRDXIJHIDOOHQXQGYHUlQGHUWKDWHUVLFKMDVHLWGHP7RGH VHLQHV)UHXQGHVXQGVHLWGHPGLH$XVVLFKWHQDXIHLQHJXWH3DUWLH IUGDV)UlXOHLQ7RFKWHUYHUVFKZXQGHQVLQGLVWGRFKHLQDOWHU
0DQQXQGJDUYLHOGUIWHEHULKQQLFKWNRPPHQVRQVWZlU V JHIHKOW GHQ(LQGUXFNPDFKWHHUPLU 'DVHLQ$SSHWLWIRUWLVW JLEWHUVHOEVW]XXQGGLHKDOEHQ1lFKWHVFKUHLEWHU HUGHPGDV 6FKUHLEHQ RGHUZLHHUVLFKDXVGUFNWGDV+HUXPNUDW]HQPLW HLQHP6WFNFKHQ(LVHQDXIGHP3DSLHU =lKQHNQLUVFKHQPDFKW 8QGDP0RUJHQWUlJWHUVHOEVWUHNRPPDQGLHUWH%ULHIHDQVHLQHQ 9HWWHULQ:LHQDXIGLH3RVWXQGKROWDXFKVHOEVWGLHHLQWUHIIHQGHQ $QWZRUWHQDE
(UVWLHUWHQRFKLPPHUUDWORVVHLQH6WHLQHDQ,FKXQWHUGHVVHQVDK YRQPHLQHP3ODW]HDXVGXUFKGDV)HQVWHUXQGHUEOLFNWH,KQHQ XQWHQDXIGHP)XVWHLJDP:LHVHQUDQGHGHQJHHKUWHQ+HUUQ 2YHUVEHUJ(UVFKUHLWHWHLQKHUODQJVDPDEHURKQHVLFK DXI]XKDOWHQ© 'DLQWHUSHOOLHUWHLFKGHQ+HUUQ,QVSHNWRUª'DUILFKIUDJHQLVWHU HLQKEVFKHU0HQVFKJHZHVHQ":LHKDWHUDXVJHVHKHQ"©
ª:LHVROOHUDXVJHVHKHQKDEHQ"1LFKWJURXQGQLFKWNOHLQQLFKW GLFNXQGQLFKWGQQEODXH$XJHQEUDXQH+DDUHEUDXQHQ %DFNHQ XQG6FKQXUUEDUWGDV*HVLFKWWURW]VHLQHUHLQXQGGUHLLJ -DKUHQRFKZLH0LOFKXQG%OXW$QGHP7DJHPHKUZLH0LOFKXQG ]ZDUZLHJHVWRFNWH*XWGHQQ'HU2EHUVWOHXWQDQWVWUHFNWHQGOLFK GLH+DQGDXVXQGVHW]WVHLQHQ6WHLQDQ LFKZLOOHEHQGHQ PHLQHQPHLQHQOHW]WHQXPVFKODJHQ 'RPLQRKlWWHLFKJHPDFKW GDNORSIWHVDQGLH7UXQG2YHUVEHUJWULWWHLQ(UVFKLHQQLFKW JHUDGHEHVRQGHUVDQJHQHKPEHUUDVFKWPLFKGD]XILQGHQ EHJUWHPLFKHEHQVRNKOZLHHUGHQ2EHUVWOHXWQDQWZDUPXQG JHUKUWEHJUWHZRUDXILFK0LHQHPDFKWHPLFKDXV'LVNUHWLRQ ]XHPSIHKOHQ $EHUGHU$OWHKLHOWPLFKIHVW¾%OHLEHQ6LHEOHLEHQ6LH:LUKDEHQ NHLQH*HKHLPQLVVH+HUU2YHUVEHUJXQGLFK:DV+HUU2YHUVEHUJ PLUVDJHQNRPPWGDUIGLHJDQ]H:HOWZLVVHQ:RKOZRKO 1HKPHQ6LH3ODW]+HUU2YHUVEHUJ½ 6RJLEWHULKPHLQHQ+HUUQ2YHUVEHUJQDFKGHPDQGHUQXQGPLW GHP+HUU6FKZLHJHUVRKQXQG/LHEHU+HUU6RKQLVWHVDXV 0HLQJXWHU2YHUVEHUJJLQJVRIRUWDXIGHQ7RQHLQZDVEOLHELKP EULJ"
¾6LHZLVVHQDOOHV+HUU2EHUVWOHXWQDQW½VDJWHHU¾6LHVLQGJHQDX XQWHUULFKWHWYRQGHULQPHLQHQ9HUKlOWQLVVHQHLQJHWUHWHQHQ :HQGXQJ½
¾:HQGXQJMDGDVLVWHV½ GLHVHV$XVGUXFNVEHPlFKWLJWHVLFKGHU 2EHUVWOHXWQDQWPLWJURHU*HVFKZLQGLJNHLW ¾(LQH:HQGXQJ ]LHKWGLHDQGHUHQDFKXQGVRVWHKHQZLUQLFKWPHKUZLHIUKHU OHLGHUOHLGHU,FKEHGDXUH EHVRQGHUVZHJHQPHLQHU7RFKWHU :DVXQVEHWULIIWXQV0lQQHU*RWWLP+LPPHOLFKKDEHPHLQH 'RURWKHDYHUORUHQXQGOHEHXQGNDQQPLFKIUHXHQEHUHLQHQ 6FKPHWWHUOLQJ6LHZHUGHQVLFKDOVRKLQHLQILQGHQDEHUDXFKVLH ZLUGVLFKKLQHLQILQGHQZRKOZRKOLQGDV8QDElQGHUOLFKH½ 'DV)UlXOHLQ]XVSUHFKHQZQVFKHHUGRFKVHKQOLFKHUZLGHUWH 2YHUVEHUJ:HQQHUDXFK6LHEHQVFKORQLFKWEHKDXSWHQN|QQH JDQ]PLWWHOORVVHLHUQLFKW'LH0|JOLFKNHLWGDV*XWQDFKVHLQHP YROOHQ:HUWH]XYHUNDXIHQXQGLP%HVLW]HLQHVNOHLQHQ9HUP|JHQV ]XEOHLEHQKDEHVLFKLKPJHERWHQ(U]RJHLQHQ%ULHIDXVGHU %UXVWWDVFKHXQGEHUUHLFKWHLKQGHP2EHUVWOHXWQDQW'HUVHW]WH GHQ=ZLFNHUDXIGLHlXHUVWH6SLW]HVHLQHUNOHLQHQ1DVHGHQQ QXUGDIDQGGLHVHUHLQHQ+DOWXQGODVKDOEODXWYRUZDVVHLQ 9HWWHU7KHRGRUYRQ6LHJVKRIHQHLQUHLFKHU*URKlQGOHULQ:LHQ DQ2YHUVEHUJVFKULHE ,Q6FKODQJHQZLQGXQJHQNDPHUKHUDQ(LQ NXU]HU$XIHQWKDOWGHQHULPYRULJHQ6RPPHUEHLVHLQHPOLHEHQ 9HUZDQGWHQGHP2EHUVWOHXWQDQWLQ6LHEHQVFKORJHQRPPHQ ZDULKPXQYHUJHOLFK'LH/XIWVRJHVXQGGLH*HJHQGVR V\PSDWKLVFK(UKDWWHDOOHUGLQJVNHLQH$KQXQJRE+HUU 2YHUVEHUJGDUDQGHQNHVLFKYRQGHP%HVLW]H]XWUHQQHQ,Q GHPZHQQDXFKQLFKWZDKUVFKHLQOLFKHQDEHUGRFKP|JOLFKHQ )DOOHMHGRFKGDHUVLFKKHXWHRGHUPRUJHQRGHUEHUV-DKUGD]X JHQHLJWIlQGHElWHHULKQVLFKVHLQHUDOVHLQHVLKPLP:RUW 6WHKHQGHQ]XHULQQHUQ 'DYRQGDGHU*URKlQGOHUVHLQHQ%HVXFKEHLP2EHUVWOHXWQDQW LQ%HJOHLWXQJVHLQHV6RKQHVDEJHVWDWWHWXQGGDGLHVHUHLQ]LJH YLHOJHOLHEWH6RKQVLFKVWHUEOLFKLQ)UlXOHLQ/HQHYHUOLHEWKDWWHXQG VLHPLW]lUWOLFKHQ%ULHIHQERPEDUGLHUWHGDYRQVWDQGLQGHP YlWHUOLFKHQ6FKUHLEHQQDWUOLFKQLFKWV8QGZHQQDXFKHWZDV JHVWDQGHQKlWWHPHLQJXWHUJXWHU2YHUVEHUJZUGHGRFKQLFKWV JHPHUNWKDEHQ©
:LUODFKWHQDPODXWHVWHQDEHUODFKWHGHU.RQWUROORUGHU LFK ZHWWHGDUDXI VHOEVWQLFKWVPHUNWHYRQHLQHP=XVDPPHQKDQJ ]ZLVFKHQGHP%HVXFKHGHV+HUUQYRQ6LHJVKRIHQLQ6LHEHQVFKOR XQGGLHVHP%ULHIH ª,FKNRQQWH©EHJDQQGHU,QVSHNWRUYRQQHXHPªPLFKQLFKW HQWKDOWHQ]XVDJHQ¾'LHVHU$QWUDJNRPPWDWHPSRPHUNZUGLJ DWHPSR½ 'HQ2EHUVWOHXWQDQWEHILHOHLQHNOHLQH9HUOHJHQKHLWHUZHW]WHDXI VHLQHP6HVVHOKLQXQGKHUXQGVSUDFK¾:RKOZRKO-HW]WDEHU KHLW VEHUOHJHQ:DVZHUGHQ6LHDQWZRUWHQ"½ ¾,FKKDEH JHDQWZRUWHW½ ¾6LHKDEHQ"½ ¾:RUDXIGHQQZDUWHQ"½ ¾1XQ½ PHLQWHLFK¾VFKLPPOLJZlUH,KQHQLQDFKW7DJHQGLH6DFKHQLFKW ZRUGHQXQGHLQHP.DXIPDQQVROFKH(LOH]HLJHQ.OXJVHLQLVW DQGHUV½
¾*DQ]UHFKWDEHU MHGHUNDQQZDVHUNDQQQLFKWPHKUQLFKW XPGDV*HULQJVWHPHKU,FKNDQQGLH8QJHZLKHLWQLFKWHUWUDJHQ LFKPXPLU GLH:HQQXQG9LHOOHLFKWDEJHZ|KQHQGLHPDFKHQ PLFKLUUH½,QGHVVHQ LPPHUVDQIWPWLJXQGGXUFKDXVQLFKWZLH HLQHUGHULUUHLVW ZDQGWHHUVLFKDQGHQ2EHUVWOHXWQDQW¾,FK KDEH+HUUQYRQ6LHJVKRIHQ6LHEHQVFKORDQJHWUDJHQDQJHWUDJHQ DXFKQRFK XPHLQPDOKXQGHUWIQI]LJWDXVHQG*XOGHQ*LEWHUVLH XQGGDVNDQQPDQJHEHQGDQQEOHLEHQPLUQDFKPHLQHU %HUHFKQXQJ]ZDQ]LJWDXVHQG*XOGHQHKHUPHKUDOVZHQLJHU½ ¾=ZDQ]LJWDXVHQG*XOGHQ"½ZLHGHUKROWHGHU$OWHLQHLQHU$UWZLH ZHQQGDVHLQ3ILIIHUOLQJZlUHGHQ HUIUVHLQH3HUVRQQLFKW HLQPDOPLWHLQHP+|O]FKHQDQUKUHQZUGH'DQQJDEHU 5HGHQVDUWHQYRQVLFK9HUVLFKHUXQJHQJU|WHU+RFKDFKWXQJ WLHIJHIKOWHQ%HGDXHUQVHZLJHU'DQNEDUNHLWVWDQGDXIXQG PDFKWHPLWGHU+DQGGLHVWDUN]LWWHUWHHLQHHQWODVVHQGH *HElUGH(UKlWWHLKQXPDOOHVJHUQGUDXHQJHKDEWEHYRUGLH 7RFKWHU]XUFNNDP$EHUGDVZDUVRJDUYRQGHPOLHEHQ 2YHUVEHUJ]XYLHOJHIRUGHUW 6HKHQP|FKWHHUVLHGRFKQRFK ZLHGHUKROWHHUJOHLFKIDOOVDXIVWHKHQGDOVGHUK|IOLFKH0DQQGHU HUZDU'HUDOWH+HUUJDQ]SXWHUURWOHJWHVLFKDXIV%LWWHQ ¾0DFKHQ6LHLKUGDV+HU]QLFKWVFKZHUVHKHQ6LH ZR]XZRKO" *HVFKLHGHQPXVHLQ½ ¾+HUU2EHUVWOHXWQDQWLFKP|FKWHGDV ZLHVFKRQJHVDJWDXVLKUHPHLJHQHQ0XQGHK|UHQ½ ¾$OVREVLH
HWZDVGUHLQ]XUHGHQKlWWH6LHKDWQLFKWVGUHLQ]XUHGHQVLHLVW VLHE]HKQ½
'DZXUGH2YHUVEHUJHWZDVHQWUVWHW:HQQDOWJHQXJXPHLQ YRU*RWWXQGGHQ0HQVFKHQIUV/HEHQELQGHQGHV-D]XVSUHFKHQ GRFKZDKUOLFKDXFKDOWJHQXJXPHLQ1HLQ]XVDJHQGDVQXUHU DOOHLQJHOWHQ]XODVVHQEUDXFKWVDJWHUXQGZHQQHUVFKRQLKU-D QLFKWK|UHQVROOLKU1HLQZLOOHUK|UHQ'DUDXIEHVWHKWHUPHUNW QLFKWGDGHU2EHUVWOHXWQDQWEHUHLWVDPJDQ]HQ.|USHU]LWWHUW DOOH)DUEHQVSLHOWXQGDXVVLHKW]XP(UVFKUHFNHQ1XQGDPDQ :LGHUVSUXFKHUIDKUHQNDQQKDWHUOlQJVWYHUJHVVHQ'LH 6FKPHWWHUOLQJHZLGHUVSUHFKHQQLFKWGLH7RFKWHUDXFKQLFKWGLH WXWZDVVLHPDJXQGKlOWGHQ0XQG'LHDOWHQ/HXWHYHUWUDJHQ HLQ=XZLGHUKDQGHOQEHVVHUDOVHLQ=XZLGHUVSUHFKHQ3O|W]OLFK VHQNWGHU2EHUVWOHXWQDQWGLH6WLPPHXQG2YHUVEHUJUXIW¾'DLVW VLHMD½
,QHLQHPZHLHQ.OHLGHGHQJURHQUXQGHQ+XWLQGHU+DQGGLH +DDUHPLWHLQHPURVHQIDUELJHQ%DQGHKLQDXIJHEXQGHQZLHHLQ NOHLQHV0lGFKHQNRPPW)UlXOHLQ/HQHURWXQGHUKLW]WGDKHUXQG DXI2YHUVEHUJ]XPLWKHOOLFKWHU)UHXGH¾$OEUHFKW½VDJWVLH ¾HULQQHUQ6LHVLFKHLQPDOGD6LHHLQH%UDXWKDEHQ" (VLVW=HLW ,FKKDEHZLUNOLFKJHJODXEW6LHZROOHQQLFKWVPHKUYRQPLU ZLVVHQ½ :HQQVLHGDVJHJODXEWKDWWHDOVVLHLKQVDKJODXEWHVLHHWZDV DQGHUHV0LWHLQHU:RQQHEOLFNWHHUVLHDQXQGPLWHLQHU %HZXQGHUXQJ8QGKDWWHLPVHOEHQ0RPHQWDOOHVYHUJHVVHQ DXHUGDVLHGDYRULKPVWDQGYROO-XJHQG6FK|QKHLWXQG/LHEH XQGGDHUYLHU]HKQ7DJHLQLKUHU1lKH]XJHEUDFKWXQGLKUHQ $QEOLFNHQWEHKUWKDWWH© +LHUEHJLQJGHU2EHUI|UVWHUHLQH7DNWORVLJNHLW(USODW]WHKHUDXV PLWVHLQHUSOXPSHQ/DFKHUHL]ZLUEHOWHVHLQHQVWLFKHOKDDULJHQ .QHEHOEDUWVHLQHbXJOHLQEOLQNWHQXQWHUGHQKHUDEKlQJHQGHQ %UDXHQXQGGHQLPPHUKDOEJHVFKORVVHQHQ$XJHQGHFNHOQ ZHLQVHOLJKHUYRUXQGHUNLFKHUWHª%HOLHEHQ]XJHVWHKHQ+HUU ,QVSHNWRUGHU+HUU,QVSHNWRUZHUGHQVHOEVWLQGDVVFK|QH )UlXOHLQYHUJXFNWJHZHVHQVHLQ"©
8QVHU*HVWUHQJHUQDKPGLH'XPPKHLWEHO6HLQKDUWHU%OLFN VFKRGHP2EHUI|UVWHUHLQ6LH/PPHOPLWWHQLQV*HVLFKWª:LU ZROOHQYRQHWZDVDQGHUHPVSUHFKHQ©VDJWHHUXQGVHLQH/LSSHQ GUFNWHQVLFKIHVWXQGNODPP]XZLHHLQH.DVVHGLHPDQ DEVSHUUW
:LUPXWHQODQJHELWWHQEHYRUHUVLFKZLHGHUKHUEHLOLHGDV :RUW]XQHKPHQª'HU2EHUVWOHXWQDQWIXKUVHLQH7RFKWHUDQ:HU VLHJHUXIHQKDEHXQGZLHVLHVLFKXQWHUVWHKHQN|QQHXQG DXJHQEOLFNOLFKVROOHVLHVLFKDXILKU=LPPHUEHJHEHQ$EHUGDV )UlXOHLQYHUKLHOWVLFKQLFKWDQGHUVDOVZHQQHUFKLQHVLVFK]XLKU JHVSURFKHQKlWWH0HLQJXWHU2YHUVEHUJKLQJHJHQZLHHUGLH 8QHUELWWOLFKNHLWGHVDOWHQ+HUUQDXFKVHLQHU/HQHJHJHQEHU VLHKWJLEWGLHOHW]WH+RIIQXQJDXIQLPPWVLFK]XVDPPHQVRYLHO HUNDQQXQGVSULFKW¾)UlXOHLQ/HQHLFKKDEHXP6LHJHZRUEHQ REZRKOLFKMDHLJHQWOLFK]XDOWIU6LHELQ LQGHUhEHU]HXJXQJ GDLFK,KQHQGDV/HEHQDQJHQHKPZHUGHJHVWDOWHQN|QQHQ'DV ZDUHLQ,UUWXP,FKELQQLFKWQXU]XDOWLFKELQDXFK]XDUPIU 6LHXQGJHEH,KQHQGHQQ,KU:RUW]XUFN½ (LZLHVLHGLHVH(UNOlUXQJDXIJHQRPPHQKDW :HUGDVQLFKW JHVHKHQKDW KDWQLFKWVJHVHKHQ'DV(UVWDXQHQHUVWGDV JUHQ]HQORVH,KU:RUW]XUFNJHEHQHU LKU"6WHKWGLH:HOWDXI GHP.RSI"*LEW VNHLQHQ9HUODNHLQH7UHXHPHKU" 8QGGDQQ ¾+DEHQ6LHQXUHLQ:RUWYRQPLUKDEHLFKQLFKWDXFKHLQHVYRQ ,KQHQ"½LQWHUSHOOLHUWHLKQGDVMXQJH'LQJPLWGHP$QVWDQGHLQHV 6WDDWVDQZDOWV¾)UDJHQ6LHGRFKRELFK,KQHQGDVLKUH ]XUFNJHEH½ 9LHOH-DKUHVLQGGDUEHUKLQJHJDQJHQ LFKNDQQQDWUOLFKQLFKW MHGHHLQ]HOQH5HGHZLHGHUJHEHQZLHVLHJHODXWHWKDWLPJDQ]HQ DEHUVWLPPW V6RYLHOHUOHLHLQHPLP/DXIHGHV/HEHQVXPGLH 2KUHQVXPPW HVLVW8QYHUJHOLFKHVGDUXQWHU'HU.DPSI]XP %HLVSLHO]XGHPHVGDPDOVNDP]ZLVFKHQ9DWHUXQG7RFKWHU
'HUOLHEH2YHUVEHUJZDQNWHDQIDQJVKLQXQGKHU6SUDFKVLHJDE HULKPUHFKWXQGXPJHNHKUWZLHVLFK VIUHLQHQVRH[WUDHGOHQ 0HQVFKHQJHK|UWGHULPPHUWUDFKWHQPXHLQ([HPSHOIUDOOH DQGHUQ]XVHLQ(LQPDOEDWHU¾)UlXOHLQ/HQHIJHQZLUXQV½HLQ DQGHUHV0DO¾9HUWUDXHQ+HUU2EHUVWOHXWQDQW HWZDVZHUWELQLFK GRFKLFKZHUGHPLFKHPSRUULQJHQ½
'HU2EHUVWOHXWQDQWVDKHQWVHW]OLFKDXVWDXFKWHVHLQ6DFNWXFK DOOH$XJHQEOLFNHLQV/DYRLUXQGSUHWHVLFK VDQGLH6WLUQXQGNDP ]XOHW]WLQVHLQHU9HU]ZHLIOXQJPLWDOOHPKHUDXV ZDVLKQVFKRQ ODQJHJHGUFNWKDEHQPRFKWH(UKDWWHGDUDXIJHUHFKQHWGD 2YHUVEHUJGHU(KUHQPDQQVHLQH$QVSUFKHDXIGLH+DQGGHV )UlXOHLQVMHW]WDXIJHEHQZHUGHXQGVLHGHPMXQJHQ6LHJVKRIHQ ]XJHVDJW-DGDVKDWWHHUJHWDQ HUNRQQWHVLFKQLFKWDQGHUV KHOIHQ'LH2EHUYRUPXQGVFKDIWVEHK|UGHYHUODQJWHYRQLKP]XP LFKZHLQLFKWZLHYLHOWHQ 0DOGDHU5HFKQXQJOHJHEHUGDV 9HUP|JHQGDVVHLQH7RFKWHUYRQLKUHU0XWWHUJHHUEWKDW1XQHU NDQQ5HFKQXQJOHJHQHVLVWQXUHEHQNHLQ9HUJQJHQXQGZUGH HLQHP6FKUHLEHUHLHQPDFKHQRKQH(QGH.XU]XPHUZLOOHLQHQ 6FKZLHJHUVRKQGHULKQLQVWDQGVHW]WDXIGLH)UDJH:RLVWGDV *HOG"DQWZRUWHQ]XN|QQHQ 'DOLHJW V+HXWHZLHGLH6DFKHQ VWHKHQZWHHUQXU]XVDJHQ:R" PDQVROOHGRFK/HQHVHOEVW IUDJHQ-DHUZDUHLQVFKZDFKHU9DWHUZDVVLHKDEHQZROOWHJDE HULKUXQGZDVZROOWHXQGEUDXFKWHVLHQLFKW¾%LWWHVHKHQ6LH GRFKVHOEVWZLHVLHKHUXPJHKWDXIGHP/DQGH6SLW]HQNOHLG 6SLW]HQKXWVHLGHQH6WUPSIH8QVHUH1DFKEDULQGLH)UVWLQ JHKW LQ/RGHQ GLHEUJHUOLFKH6WDEVRIIL]LHUVWRFKWHULQ6DPPHW GLH)UVWLQLQ3HUNDO VLHLQ*D]HXQGVRZHLWHUZRKOZRKO LPPHUZLHHLQH3ULQ]HVVLQGLHDXILKUHQYHUZXQVFKHQHQ3ULQ]HQ ZDUWHW8QGELWWHJHKHQ6LHGRFKLQLKUH=LPPHU EHU]HXJHQ 6LHVLFKZLHVLHZRKQWXQGVDJHQ6LHGDQQVHOEVWREVLHGDQDFK LVWHLQHQ3URIHVVRUDQHLQHUODQGZLUWVFKDIWOLFKHQ6FKXOHRGHU HLQHQNOHLQHQ3lFKWHU]XKHLUDWHQ½ /HQHHUZLGHUWHLKUOLHJHQLFKWVDQGHQ)HW]HQXQGDQGHP7DQG LKUOLHJHQXUDQLKUHP$OEUHFKW6LHIODPPWHGHU2EHUVWOHXWQDQW ZDULQGDV6WDGLXPGHV:HLJOKHQVJHODQJW*DQ]KHLVHU VW|KQWHXQGNHXFKWHHUQXUQRFKXQGGHXWHWHDXIGLH3LVWROHQGLH DXIGHP6FKUDQNHODJHQ¾'LHVLQGPHLQHOHW]WH=XIOXFKWGDKLQ WUHLEVWGXGHLQHQ9DWHU(QWVFKHLGH ZlKOHLKQRGHUPLFK½ 8QGVLHPDFKWHLQ3DDU$XJHQVRUHFKWZLHHLQZLOGHVIHXULJHV )OOHQVWDPSIWPLWGHP)FKHQXQGUXIWDXVRKQHVLFK]X EHVLQQHQ¾,KQLKQ ZLHNDQQVWGXQXU]ZHLIHOQ"½© ª6HLQHLJHQHV%OXW©JUROOWHGHU.RQWUROORUGHUVLHEHQVFKRQ HUZDFKVHQH.LQGHUKDWXQGVLHLQGHU&RUGDKlOWGDVLHQLFKW VFKQDXIHQN|QQHQ
ª1XQLFKNDQQ,KQHQYHUVLFKHUQ©YHUVHW]WHGHU+HUU,QVSHNWRU ªGDLFKVRHWZDVZLHHLQ$PHLVHQKDXIHQEHUGHQ5FNHQ YHUVSUWHEHLGHUVWDQGKDIWHQ(UNOlUXQJ GHV)UlXOHLQV 6WDUN VHKUVWDUNYRQHLQHU7RFKWHUGDFKWHLFKZDVZLUGZRKOXQVHU 2YHUVEHUJGD]XVDJHQ"XQGVDKLKQGDUDXIDQXQGEHPHUNWHGD HUGLH6WLUQILQVWHUUXQ]HOWH ¾2QEVS)UlXOHLQ/HQH½VSUDFKHU YRUZXUIVYROO=XJOHLFKYHUQDKPLFKHLQ6W|KQHQXQGHLQHQ VFKZHUHQ)DOOGHU2EHUVWOHXWQDQWZDUXPJHVXQNHQKDWWHVLFK UDVFKDXIULFKWHQZROOHQVFKOXJHLQ]ZHLWHV0DOKDUWDXIPLWGHP .RSIHXQGODJGDZLHWRW *URHU6FKUHFNHQNOHLQHhEHUUDVFKXQJ ZLHJHVDJWLFKKDEHV NRPPHQVHKHQ©
ª8QG6LH KDEHQGHQQRFKGDV)UlXOHLQGDV8QJOFNVNLQGQLFKW DXIPHUNVDPJHPDFKW"©IUDJWHGHU'HFKDQW(VUROOWHXQGJUROOWH LQVHLQHQ:RUWHQZLHLQHLQHU*HZLWWHUZRONHXQGVHLQHKRKH JHZ|OEWH6WLUQZXUGHJDQ]URWZLHLPPHUZHQQHUPLW DXIVWHLJHQGHP=RUQLQVHLQHP,QQHUQNlPSIW
ª1HLQ+RFKZUGHQ©DQWZRUWHWHGHU,QVSHNWRUªZHLOLFKGDPDOV VFKRQEOHLEHQOLHZDVLFKIUXQQ|WLJKLHOW1XQGHQQZLUULVVHQ GHP2KQPlFKWLJHQGLH.UDZDWWHKHUXQWHUOHJWHQLKQIODFKDXI VHLQ%HWWODEWHQLKQZDVZLUODEHQNRQQWHQ'HU$U]WNDPGDV GHQNEDUP|JOLFKHJHVFKDK=Z|OIJHVFKODJHQH6WXQGHQEOLHE ,KQHQGHUDOWH0DQQEHZXWORVXQGDOVHUHQGOLFK]XVLFKNDP ZDUGLH*HIDKUQRFKODQJHQLFKWYRUEHL:RFKHQODQJKLQJVHLQ /HEHQDQHLQHPGQQHQ)DGHQ(UZDUQLHNUDQNJHZHVHQQXQ SDFNWHHVLKQDXIHLQPDOXQGZROOWHLKQQLFKWPHKUORVODVVHQ8QG GRFKZlUHLFK,KQHQOLHEHULQVHLQHU+DXWJHVWHFNWDOVLQGHUGHV )UlXOHLQVVRVFK|QGLHZDU,KUHNLQGOLFKH/LHEHKDWWHVLFKZLHGHU JHPHOGHW]XLKUHU6WUDIHXQG4XDO 2YHUVEHUJPDFKWHHVLKU DXFKQLFKWOHLFKW¾)UlXOHLQ/HQH½K|UWHLFKLKQHLQPDO]XLKU VDJHQ¾ZHQQHUQLFKWJHVXQGZUGHZLUKlWWHQNHLQHUXKLJH 6WXQGHPHKU½ 0HUNHQ6LH:LUGLH+lOIWHGHU6FKXOGQDKPHU DXIVLFK ¾(UPXJHVXQGZHUGHQXQGZDVHUZLOOPX JHVFKHKHQ1LFKWZDKU)UlXOHLQ/HQH"½6LHQLFNWHVWXPPMDVLH ZDUJHEURFKHQXQGHUXQGVLHSIOHJWHQGHQ$OWHQ7DJXQG1DFKW ZLH]ZHL*HVFKZLVWHULKUHQ9DWHU
:lKUHQGGHU.UDQNKHLWGHV2EHUVWOHXWQDQWVZXUGHGHU9HUNDXI YRQ6LHEHQVFKORSHUIHNWJHPDFKW,FKGDPDOVQRFKHLQ1HXOLQJ YHUWUDWGLH,QWHUHVVHQ2YHUVEHUJVJHJHQHLQHQPLWDOOHQ6DOEHQ JHVFKPLHUWHQ.HUOYRQHLQHP:LUWVFKDIWVUDWGHULP1DPHQGHV +HUUQYRQ6LHJVKRIHQDEVFKOLHHQVROOWH0DQFKHQ9RUWHLOOLHLFK PLUDEJHZLQQHQPLFKRIWLQGLH(QJHWUHLEHQ+DWWHLFKHLQPDO GDV)HOGEHKDXSWHWXQGVWULWWGHUDQGHUHQXUQRFK]XP6FKHLQH ZHLWHUGDULFKWLJZDUDXFKVFKRQGHUOLHEH$OEUHFKWGDXQG YHUGDUEPLUDOOHVPLWVHLQHPHZLJHQ¾*HEHQ6LHQDFKVFKOLHHQ 6LHDE,FKKDEHYRUKHUJHOHEWLFKZHUGHQDFKKHUOHEHQ'HU 2EHUVWOHXWQDQWNRPPW]XNHLQHU*HPWVUXKHHKHPDQLKPQLFKW GHQ.DXINRQWUDNWDXIGLH%HWWGHFNHOHJW½ -HGHU0HQVFKKDWZRKOLP/HEHQHWZDVGDVHUVLFKQLHYHU]HLKW LFKKDEHGLHVHQ9HUNDXI'LH5HFKQXQJ2YHUVEHUJVZDUULFKWLJ =ZDQ]LJWDXVHQG*XOGHQPXWHQLKPEOHLEHQZHQQGHU *HVFKlIWVPDQQGHV+HUUQYRQ6LHJVKRIHQQLFKW]XGHQHQJHK|UW KlWWHGLHGHP6WLHUGLH+|UQHUYRP.RSIKHUXQWHUKDQGHOQ8QWHU GHQREZDOWHQGHQIUGHQ9HUNlXIHUK|FKVWXQJQVWLJHQ 8PVWlQGHQEOLHEHQLKPNDXPIQI]HKQ $P7DJHQDFKGHPZLUGLHVHVWUDXULJH5HVXOWDWHUUHLFKWKDWWHQ XQGGLHhEHUJDEHVWDWWILQGHQVROOWHHUVFKLHQHQ9DWHUXQG6RKQ 6LHJVKRIHQLQ6LHEHQVFKOR'HU9DWHUHLQNOHLQHUVFKODXHU VFKODJIHUWLJHU0DQQPLWHLQHP*HVLFKWHZLHHLQ:LHVHOGHU6RKQ IQIXQG]ZDQ]LJ-DKUHDOWKRFKDXIJHVFKRVVHQHQJEUVWLJ EOXWDUPODXWHU1HUYHQNHLQ1HUY(UVFKLHQVHKUYHUOLHEWLQ )UlXOHLQ/HQH 6LHLVWZDKUVFKHLQOLFKGDVHUVWHJHZHVHQQDFK GHVVHQ%HVLW]HUHLQH:HLOHVFKPDFKWHQPXWH©
ª8QGVLH"ZLHEHQDKPVLHVLFKJHJHQLKQ"©HUODXEWHLFKPLUGHQ +HUUQ,QVSHNWRU]XXQWHUEUHFKHQXQGHUHUZLGHUWHª1DFKLKUHU JHZ|KQOLFKHQ0DQLHUMHGHPJHJHQEHUGHUVLFKHUNKQWHVLH PHUNHQ]XODVVHQGDVLHLKPJHILHOXQGQLFKWLKU$OEUHFKWZDU 'DZDUIVLHGHQ.RSI]XUFN]RJGLH$XJHQEUDXHQ]XVDPPHQ VDKHLQHQIHVWDQPLWHLQHP%OLFNGHULFKVDJH,KQHQGHUVSUDFK QLFKWGHUULHI6FKDXQXUVFKDXZLHLFKGLFKQLFKWPDJ 'DVDEHUJHQLHUWH+HUUQ5RELQLFKW5RELZXUGHHUQlPOLFK JHQDQQW5REHUWKLHHU(UZDULQ)UlXOHLQ/HQHYHUOLHEWXQG EHNDPVLH]XU)UDXDOOHVEULJHJDOWLKPDOVQHEHQVlFKOLFK8P
LKUH*HIKOHNPPHUWHHUVLFKZHQLJ:DVQLFKWLVWZLUGZHUGHQ GDFKWHHUZRKOXQGZHQQ VQLFKWZLUGWUDXULJIUVLH$XI 2YHUVEHUJGHQDUPHQ7HXIHOGHUEHVFKHLGHQWOLFKDXVGHP:HJH JLQJHLIHUVFKWLJ]XVHLQGD]XOLHHUVLFKQLFKWKHUDE
'HU+RFK]HLWVWDJZXUGHIHVWJHVHW]WXQGGHULKQPLWGHUJU|WHQ 8QJHGXOGKHUEHLZQVFKWHZDU,KQHQYLHOOHLFKWGRFK GHU 2EHUVWOHXWQDQW(UKDWWHLQVHLQHPQRFKKDOEZLUUHQ.RSIGHQ HLQHQKHOOHQ*HGDQNHQ,P$XJHQEOLFNLQGHPVHLQH/HQHPLW +HUUQ5RELDQGHQ$OWDUWULWWLVWDOOHVJXW,KPGLHYHUKDWH 6FKUHLEHUHLXQG5HFKQXQJVOHJHUHLHUVSDUWYRQLKUGLH*HIDKU DEJHZHQGHWDUP]XVHLQGDUEHQ]XPVVHQ$UPVHLQGDUEHQ GDYRUKDWWHHU,KQHQHLQHQ*UDXV (VVFKWWHOWHLKQZHQQHU GLH:RUWHDXVVSUDFK(LQ8QJOFNLVWHLQ8QJOFN0DQ EHUWDXFKW VRGHUPDQEHUWDXFKW VQLFKW DEHU1RWOHLGHQGDV LVWHLQ8QJOFNYRQMHGHU6WXQGHHLQLPPHUZlKUHQGHV8QJOFN GDJLEW VNHLQhEHUWDXFKHQGDKHLW VXQWHUWDXFKHQGDVUHLW HLQHQKLQDE¾,FKNHQQ V½VDJWHHU¾LFKKDE VDXVJHNRVWHWPHLQH JDQ]HHOHQGH-XJHQGKLQGXUFK1HLQQHLQQLFKW1RWOHLGHQQLFKW GDUEHQVROOPHLQH/HQH½ ,FKZLOOHLQZHQLJYRUJUHLIHQLQPHLQHU(U]lKOXQJXQGJOHLFKMHW]W VDJHQGDLKPVHLQ:LOOHJHWDQXQGGLH7UDXXQJLQGHU 6FKORNDSHOOHDEJHKDOWHQZXUGHJDQ]VWLOOXQGRKQHLKQ
$QZHVHQGZDUHQQXUYLHU7UDX]HXJHQXQGGLH(OWHUQ5RELV 'HVVHQ0XWWHUKDWWHVLFKQlPOLFKDXFKHLQJHIXQGHQHLQH DQVSUXFKVORVH'DPHGHUPDQLKUHQ5HLFKWXPQLFKWDQVDKVHKU HLQIDFKXQGZRUWNDUJ6LHOLHGLH%UDXWQLFKWDXVGHQ$XJHQXQG ZHQQGLHVHDUPH6HHOHQLFKWVREHQRPPHQJHZHVHQZlUHZLH VLHZDUKlWWHVLHGHQPLWOHLGLJHQXQGNXPPHUYROOHQ%OLFN EHPHUNHQPVVHQGHUXQYHUZHLOWDXILKUUXKWH $EHUVLHEHPHUNWHQLFKWV6LHZXUGHURWXQGEODXQGZLHGHUURW XQGVFKLHQHLQPDOJDQ](UJHEXQJXQGXQPLWWHOEDUGDUDXIPHLQWH PDQGLH)ODPPHQGHU(PS|UXQJPWHQJOHLFKEHLP'DFK KHUDXVVFKODJHQ8QGDOVVLHLKU-D]XVDJHQKDWWHVDJWHVLH KDVWLJ¾-DMD½XQGHVIHKOWHQXUGDVLHQRFKKLQ]XJHVHW]W KlWWH,Q*RWWHV1DPHQZHLOLKUPLFK]ZLQJW
*OHLFKQDFKGHU$QNXQIWGHUQHXHQ(LJHQWPHUYRQ6LHEHQVFKOR KDWWH2YHUVEHUJVHLQHQ.RIIHUJHSDFNWXQGVSUDFK]XPLUGDLFK LKQDXIVXFKWHLP$PWVKDXVLQGDVHUVLFK]XUFNJH]RJHQXP 3ODW]]XPDFKHQ¾1XQZLOOLFKIRUW½:RUDXILFKQDWUOLFKQLFKWV HUZLGHUQNRQQWHDOV¾(LQJURHU9HUOXVWIUXQV½
6WHOOHQ6LHVLFKYRUZLHYHUZXQGHUWLFK,KQHQZDUDOVQLFKW VSlWHUGHQQDPQlFKVWHQ0RUJHQGHU2EHUVWOHXWQDQWPLFKUXIHQ OlWXQGJDQ]HLJHQJHKHLPQLVYROOXQGJHUKUWDQIlQJW¾,FKPX ,KQHQHLQH0LWWHLOXQJPDFKHQ½ ¾(UIUHXOLFK"½ ¾.RPPWGUDXIDQ LFKZHLQRFKQLFKW ZDVPHLQHQ6LH"½8QGHUZHLVWPLUHLQHQ 3ODW]DQXQGLFKVHW]HPLFKDQVHLQ%HWW(UVWDQGLPPHUQRFK VSlWDXIZDUPDJHUJHZRUGHQVDKDEHUHLJHQWOLFKJHVQGHUDXV DOVIUKHUKDWWHEHUHLWV7RLOHWWHJHPDFKWVLFKIULVLHUWXQGUDVLHUW ODVDXFKVFKRQZLHGHULQVHLQHQ6FKPHWWHUOLQJVEFKHUQ ¾:LVVHQ6LHZDV"½VDJWHHUDOVR¾XQVHU$OEUHFKWEOHLEW½
¾1HLQ½VDJLFK¾GDVNDQQQLFKWVHLQGDVZlUH]X JXWPWLJ VRJDUIULKQ½
¾(VLVWZRKOZRKOHVLVW½ 8QGQXQHU]lKOWHHUPLULP 9HUWUDXHQ$PYRULJHQ$EHQGZLUZDUHQLP6HSWHPEHUGLH7DJH EHJDQQHQNXU]]XZHUGHQ HVGXQNHOWHEHUHLWVGHU 2EHUVWOHXWQDQWZDULP/HKQVWXKOHLQJHQLFNWXQGVHLQH7RFKWHU VDQHEHQLKP GDNDP2YHUVEHUJ 'HU$OWHVDKLKQHUZDU HUZDFKWDOVGLH7UJLQJWDWDEHUQLFKWVGHUJOHLFKHQ)UlXOHLQ /HQHPDFKWHGHP(LQWUHWHQGHQHLQ=HLFKHQXQGHUIUDJWHOHLVH ¾:LHJHKW V"½ ¾*XWGHU'RNWRUZDU]XIULHGHQ½ ¾+HLOXQV )UlXOHLQ/HQHZHOFKHLQ*OFN1XQNDQQLFKUXKLJVFKHLGHQ½ ¾6FKHLGHQ"½,QLKUHP7RQHVSULFKWVLFKREJOHLFKVLHQXUIOVWHUW DOOHVDXVhEHUUDVFKXQJ%HVWU]XQJXQGHLQJURPlFKWLJHU XQEHUZLQGOLFKHU8QJODXEHQ (LQH3DXVHGDQQIUDJWVLHPLW GHPOLHEHYROOVWHQXQG]lUWOLFKVWHQ9RUZXUI¾$OEUHFKWZDUXP TXlOHQ6LHPLFK"½ 8QGHU¾0HLQ*RWW)UlXOHLQZDVVROOLFK GHQQ"½ (VHQWVWHKWHLQVHOWVDPHU6WUHLW]ZLVFKHQLKQHQ6LHEHJUHLIW QLFKWZDVLKQZHJWUHLEWVLHEHJUHLIWHVQLFKWVLHEHJUHLIWQXU ZHQQPDQMHPDQGHQOLHEKDWXQGZLUGQLFKWPLW*HZDOWYRQLKP IRUWJHULVVHQEOHLEWPDQEHLLKP8QGHUEHJUHLIW VLHZHLQLFKW
ZDVVLHLKP]XPXWHWZHLOVLHHLQ.LQGLVWOHLGHQVFKDIWOLFKXQG XQVFKXOGLJ+HUUQ5RELPXVLHKHLUDWHQZHLOLKU9DWHUHVZLOO GDVLHLKUHQ$OEUHFKWGDUEHUYHUOLHUHQVROOVLHKWVLHQLFKWHLQ :DUXP ZDUXPGHQQ":LHVLHMHW]WPLWHLQDQGHUH[LVWLHUWXQG LKUHQ.UDQNHQGLHQVWEHVRUJWKDEHQZROOHQVLHZHLWHUH[LVWLHUHQ GDVLVWLQLKUHQ$XJHQGDV=XVDPPHQOHEHQYRQ/LHEHQGHQ 2YHUVEHUJULQJWGLH+lQGH¾/HQH/HQHZHQQ6LHQLFKWZlUHQ ZLHHLQ.LQG 6LHN|QQWHQGDVYRQPLUQLFKWYHUODQJHQ½ 8QGVLH PLWJHZDOWVDPXQWHUGUFNWHP6FKOXFK]HQ XQKHLPOLFK YHUVLFKHUWHGHU2EHUVWOHXWQDQWZDUGDV*HIOVWHUDXVGHPLKUH VFKUHLHQGH+HU]HQVDQJVWKHUDXVW|QWH,P*UXQGHZLHVFKRQGLH )UDXHQVLQGVDJWVLHLPPHUGDVVHOEH¾:HQQ6LHPLFKYHUODVVHQ KDEHQ6LHPLFKQLFKWOLHE½'DEULFKWHUHQGOLFKDXV¾1XU]XOLHE LFKPXIRUWZHLOLFK6LH]XOLHEKDEH6LHYHUVWHKHQGDVQRFK QLFKWDEHU6LHZHUGHQGDVYHUVWHKHQ*RWWPHLQ*RWW HLQ DQGHUHUZLUGHV6LHOHKUHQ½'DPLWZHQGHWHUVLFKXQGZLOO GDYRQVWU]HQ /HQHLVWPLWGHP5FNHQJHJHQGDVRIIHQH)HQVWHUJHVWDQGHQ LKUH*HVWDOW GLHZDU,KQHQVFKODQNXQGELHJVDPZLHHLQH*HUWH XQGGDEHLNUlIWLJ KDWVLFKVFKDUIDEJHKREHQYRPQRFKHWZDV EHOHXFKWHWHQ$EHQGKLPPHO=XIlOOLJKDWWHVLHGLH$UPHMXVW DXVJHEUHLWHWXQGGUFNWHGLH+DQGIOlFKHQDQGLH)HQVWHUIOJHO XQGZLHGHU2EHUVWOHXWQDQWYHUVWRKOHQ]XLKUKLQEHUVDKLVWVLH LKPYRUJHNRPPHQZLHHLQH*HNUHX]LJWHXQGGDKDWHUHLQHQ VFKZHUHQ*HZLVVHQVYRUZXUIYHUVSUWXQGJHGDFKW,FKELQ VGHU VLHMHW]WDQV.UHX]VFKODJHQPXZHLOLFKLKUIUKHUQLFKWV YHUVDJHQNRQQWH ,QGHP0RPHQWVSUDFKGLH.OHLQHDXIHLQPDO¾$OEUHFKW $OEUHFKW½XQGHUEOLHEVWHKHQ¾:LVVHQ6LHZLHPLUMHW]WLVW" *DQ]ZLHLQ.LQGHUWDJHQ:HQQLFKVFKOLPPZDUXQGLFKZDURIW VFKOLPPXQGZHQQPHLQHOLHEHVFKZDFKH0XWWHUQLFKWHLQXQG DXVZXWHPLWPLUJULIIVLH]XLKUHPOHW]WHQ0LWWHOXQGVDJWH $UPH/HQHMHW]WLVWGHLQ6FKXW]HQJHOIRUW LFKKDELKQIOLHJHQ JHVHKHQ 'DNDPHLQ*HIKOEHUPLFKYRQWURVWORVHU 9HUODVVHQKHLW,FKKDEHHVODQJHQLFKWPHKUJHKDEW MHW]WLVWHV ZLHGHUJHNRPPHQ½
(ULVWJHUKUWVSULFKWKLQXQGKHU LFKZHLQLFKWZDV DOOHUOHL QXUQLFKWGDV5LFKWLJH'DVHLQH0DQQHVHKUHLKPEHILHKOWVLFK ]XYHUDEVFKLHGHQVFKHLQWLKPQLFKWHLQJHIDOOHQ]XVHLQ©
ª0DQQHVHKUH+HUU,QVSHNWRU"©ILHOLKPGHU'HFKDQWPLWJURHU :XFKWLQGLH5HGHª+LHUPXLFKHLQH%HPHUNXQJPDFKHQ0LW GLHVHU0DQQHVHKUHLVWGDVVRHLQH6DFKH,P(YDQJHOLXPKDEHLFK QLHHWZDVYRQLKUJHOHVHQXQGEHUKDXSWQLFKWLQGHU9XOJDWDXQG HEHQVRZHQLJLQGHU7KRUD© ª7XWPLUOHLGXPGLHVH7|ULQRGHUZLHVLHDXIODWHLQLVFKKHLW© ZDUIGHU,QVSHNWRUlUJHUOLFKKLQª=XU6DFKH /HQHHUJLQJVLFK QXQLQGHQELWWHUVWHQ9RUZUIHQ ¾6LHKDEHQPLFKLQV8QJOFN JHVWRHQXQGMHW]WYHUODVVHQ6LHPLFK½ *XWJXWHUP|JH JHKHQVLHZLUGVLFKVFKRQ]XKHOIHQZLVVHQVLHZLUGVWHUEHQ ¾2 /HQHVWHUEHQLVWQLFKWVROHLFKW½JDEHUJDQ]GXUFKGUXQJHQ ]XU$QWZRUWXQGPHLQWHQDWUOLFK VRQVWZlUHLFKWRW'RFKVLH PLYHUVWDQGLKQXQGYHUVHW]WH¾/LHEORVVLQG6LH OLHEORV6LH ZROOHQQXUIRUWZLHPLUGDVWXWNPPHUW6LHQLFKW,FKELQ HLQH1lUULQGDLFKGDELWWHXQGEHWWOH6RJHKHQ6LHGHQQ JHKHQ6LHZHQQ6LHGDV+HU]GD]XKDEHQ,FKDEHULFKVDJH LKQHQLFKZHUGHGDUDQVWHUEHQZHLOLFKZLOOXQGLFKNDQQZDV LFKZLOO½
(LQH:HLOHLVWHVJDQ]VWLOOJHEOLHEHQXQGHQGOLFKIUDJWH 2YHUVEHUJVHKUOHLVHXQGVHKU]|JHUQG¾:HQQLFKEOLHEH/HQH ZUGHQ6LHGDQQQLFKWPHKUVWHUEHQZROOHQ"½
8QGVLHJDEPLWGHPYROOHQ7RQGHU)UHXGH]XU$QWZRUW¾2 QHLQ QLFKWPHKUDOOHVZUGHLFKGDQQHUWUDJHQDOOHVXQGOHLFKWLFK ZUGHOHEHQXQG JHUQ½
8QGJHUQDUPHV'LQJ'LHVHV9HUVSUHFKHQKDWVLHQLFKW JHKDOWHQ:LHGHULVWHLQHODQJH3DXVHJHZHVHQHQGOLFKVDJWHHU ¾$FK/HQH6LHVLQGVWDUNXQGLFKELQVFKZDFK ,FKEOHLEH /HQH½ ,VW,KQHQGHQQULFKWLJDXFKJHEOLHEHQ©
ª+HUU,QVSHNWRU©ULHILFKDXV LFKZHLQLFKWZRLFKGLH .KQKHLWGD]XKHUQDKP ªLFKZlUHDXFKJHEOLHEHQ©
'LH+HUUHQODFKWHQXQGZLW]HOWHQXQG]ZDUNHLQHVZHJVIHLQXQG GHU,QVSHNWRUEHVFKlPWHPLFKUHFKWJUDXVDPLQGHPHU ZHJZHUIHQG]XPLUVDJWHª6FK|QYRQ,KQHQ)UHLOLFKHLQH 'XPPKHLWILQGHWLPPHU*HVHOOVFKDIWGLH.OXJKHLWVWHKWDOOHLQ +|UHQ6LHZHLWHU'HQ2EHUVWOHXWQDQWKDWWHQDOOHPLWGHP $EVFKLHGYRQVHLQHU7RFKWHUYHUEXQGHQHQ$XIUHJXQJHQVHKU ]XUFNJHZRUIHQ(UVHXI]WHLQHLQHPIRUWQDFKVHLQHU ¾.UDQNHQZlUWHULQ½ZLHHUGHQJXWHQJXWHQ2YHUVEHUJQDQQWH XQGGHUOLHVLFKKDOWZLHGHUDOVVROFKHEHLLKPDQVWHOOHQ 1HEHQEHLEHVRUJWHHUVHLQHQ8P]XJLQHLQHQ%DXHUQKRIGHQHU WHXHUJHQXJ QDWUOLFKZR]XZlUHQ/HXWHYRQVHLQHP6FKODJH DXIGHU:HOWZHQQQLFKWXPEHUV2KUJHKDXHQ]XZHUGHQ" HUVWDQGHQKDWWH'DV+DXVPDFKWHLKPZHQLJ6RUJHQXUJHUDGH GDHVQLFKWKHUHLQUHJQHWHXQGGDHVLKPQLFKWEHUGHP.RSI ]XVDPPHQILHOPHKUYHUODQJWHHUQLFKW(UZDUQLHGULQLPPHU GUDXHQ'HU%RGHQPXLKPNXULRVJHEUDQQWKDEHQXQWHUGHQ )HQVFKRQJDULQGHUHUVWHQ=HLWQDFKGHU5FNNHKUGHUMXQJHQ (KHOHXWH :DVHUVLFK,KQHQGDKHUXPJHWULHEHQKDWLQ:LQGXQG :HWWHU 9RQXQVDXVLQV*HELUJ ¾VLVWHLQHVFK|QH'LVWDQ]7DJ IU7DJZDUHUGRUW DXIGHU-DJGKDW VJHKHLHQLPPHUDXIGHU -DJG½© ª1XQMDHLQVROFKHU-lJHU©PHLQWHGHU2EHUI|UVWHU ªZDKUVFKHLQOLFKQLFKWVWUHIIHQZROOHQDEHUYLHOOHLFKWZDVIDQJHQ *ULOOHQYLHOOHLFKW© 'HU.RQWUROORUGHU+HUUQ2YHUVEHUJVFKRQGHVKDOEKDWHZHLO HLQH7RFKWHUXPVHLQHWZLOOHQLKUHP9DWHUGHQ*HKRUVDP JHNQGLJWEHPHUNWHELVVLJª'LHZHLWHQ6SD]LHUJlQJHGUIWHQ VHLQHPVFK|QHQ7HLQWHUVSUDFK7HQW JHVFKDGHWKDEHQ©
ª$QJHUDXFKWKDWHUVLFKQDFKXQGQDFKVFKRQ©YHUVHW]WHGHU +HUU,QVSHNWRUª6HLQHURVHQIDUELJHQ:DQJHQVLQGVRGXQNHO JHZRUGHQGDPDQ VQLFKWPHKUPHUNWHZLHLKPGDV%OXW KLQHLQVFKRZHQQGLH5HGHDXI)UDX/HQHNDP$QIDQJVKDWWH PDQLPPHUJHK|UWGD +HUUYRQ6LHJVKRIHQXQG*HPDKOLQXP :HLKQDFKWHQZLHGHUGDVHLQVROOWHQ'HU2EHUVWOHXWQDQW]lKOWH HLQHPZHQQPDQLKQEHVXFKWHGLH7DJHXQG6WXQGHQYRUGLH
LKQQRFKYRP:LHGHUVHKHQPLWVHLQHU/HQHWUHQQWHQ$XIHLQPDO ZXUGHQGHUHQDEHUVRYLHOGDHUGDV=lKOHQEOHLEHQOLH+HUU 5RELKDWWHJHVFKULHEHQHUKDEHHLQHQ+XVWHQPVVHHWZDVIU VLFKWXQXQGZHUGHDXIlU]WOLFKHQ5DWGHQJDQ]HQ:LQWHULP 6GHQ]XEULQJHQ,P0DLNDPHQVHLQH(OWHUQQDFK6LHEHQVFKOR LKQGD]XHUZDUWHQ'HP9DWHUPDFKWHGHU+XVWHQEDQJYRQGHP HULQMHGHP%ULHIDXVIKUOLFKEHULFKWHWHGLH0XWWHUOHJWHGHU 6DFKHNHLQH%HGHXWXQJEHLXQGEHKLHOWUHFKWGHQQDOVGHU YLHOJHOLHEWH6RKQKHLPNHKUWHVDKHUVRJXWDXVDOVHUEHUKDXSW DXVVHKHQNRQQWH 'LH/HQHKLQJHJHQ HLQHVROFKH9HUlQGHUXQJZLHDQGHUKDEHLFK LQGRFKYHUKlOWQLVPlLJNXU]HU=HLW DQHLQHP]ZHLWHQ 0HQVFKHQQLHHUOHEW$OVHLQKHUUOLFKHVVWRO]HVEOKHQGHV.LQG ZDUVLHJHJDQJHQDOVHLQHEODVVHVWLOOHVFKHXH)UDXNDPVLH ]XUFN6RVFKHXXQGIUHPGXQGZLHKLQDXVJHVFKREHQDXVGHU :HOWXQGQLUJHQGVZHQLJHU]X+DXVHDOVLQLKUHPHLJHQHQ+DXV XQGGDVLVWLKUJHEOLHEHQELV]XLKUHP]XP*OFNIUVLHIUKHQ 7RG
¾:DVLVWLKU ZDVLVWPHLQHU/HQH"½IUDJWHGHU2EHUVWOHXWQDQW XQGGHU6FKZLHJHUVRKQVFKPXQ]HOWH:DVVROOLKUVHLQ"(UKDW QLFKWVEHPHUNWVLHNODJWQLFKW'DVLHHEHQQLFKWEHVRQGHUV KEVFKDXVVLHKWKDWQDWUOLFKH8UVDFKHQ'LHVHZDUHQDOOHUGLQJV YRUKDQGHQ,P6SlWVRPPHUJHQDVVLHHLQHV.QDEHQ*RWWLP +LPPHOGDVZDU,KQHQHLQ6WDPPKDOWHU )DXVWJUR.HLQ-DKU ZLUGHUDOWPHLQWHGLHZHLVH)UDXXQGGHU'RNWRUPDFKWHGDV EHGHQNOLFKVWH*HVLFKW'DYRQGXUIWHPDQMHGRFKQLFKWVK|UHQXQG QLFKWVVHKHQVRQGHUQPXWHWXQDOVREPDQGHQDUPVHOLJHQ NOHLQHQ.ULHWVFKIUHLQNUlIWLJHV.LQGKDOWHQZUGH8QGDOV)UDX /HQHYRP:RFKHQEHWWDXIVWDQGPXWHPDQILQGHQVLHVHLZLHGHU Y|OOLJDXIJHEOKWLQ)ULVFKHXQG*HVXQGKHLW)|UPOLFKHUSUHW ZXUGHHLQHPGDVGXUFKGHQ2EHUVWOHXWQDQWXQGGLH+HUUHQYRQ 6LHJVKRIHQ1XUGLH6FKZLHJHUPXWWHUGLHPHLVWHQWHLOVPLW QLHGHUJHVFKODJHQHQ$XJHQXPKHUJLQJVDKQLFKWZDVVLH]X VHKHQZQVFKWHVRQGHUQZDVZDU:RUWHKDWVLHDOOHUGLQJV GDUEHUQLFKWYHUORUHQHVOLHVLFKQXUDXVLKUHPOLHEHYROOHQ %HQHKPHQJHJHQGLH6FKZLHJHUWRFKWHUHUNHQQHQ6LHPDFKWHVLFK DXFKLQEH]XJDXI LKUHQ5RELQLFKWVZHLVWDGHOWHLKQVRJDULQ *HJHQZDUWDQGHUHU/HXWH'DVQDKPHUGHQQLPPHUDXIZLHHLQ 8QUHFKWGDVLKPJHVFKDKXQGVFKULHE VHLQHP0DQJHODQ
PWWHUOLFKHU/LHEH]X,P=DXPKLHOWHVLKQDEHUGRFKHLQZHQLJ )UHLOLFKGDXHUWHGDVQLFKWODQJH'HUDOWHQ'DPHZDUGHU.DPSI SHLQOLFKXQGVLHPDFKWHVLFKDXVGHP6WDXEH6REDOG)UDX/HQH GLH)KUXQJGHV+DXVHVZLHGHUEHUQHKPHQNRQQWHWULHEGLH 0XWWHU6LHJVKRIHQ]XU+HLPNHKUQDFK:LHQXQGQXQVWDQGHV +HUUQ5RELIUHL]XWXQXQG]XODVVHQZDVLKPHLQILHORKQHGD MHPDQGDXFKQXU¾3DK½GD]XJHVDJWKlWWH
(UVWKDWWHHVLKPEHOLHEWKHUXP]XNRPPDQGLHUHQXQGGHQ+HUUQ ]XVSLHOHQLQ6LHEHQVFKOR:HP*RWWGLH%HVLW]XQJJLEWJLEWHU DXFKGHQ9HUVWDQGVLH]XDGPLQLVWULHUHQZLUGHUZRKOJHGDFKW KDEHQ$EHUGHU9HUVWDQGGHQHUJHEUDXFKWKlWWHZROOWHLKP QLFKWZDFKVHQ $OOHUK|FKVWH=HLWGHUPLVHUDEOHQ:LUWVFKDIWGLH VRJDUHLQHQ)UHPGHQMDPPHUWHHLQ(QGH]XPDFKHQGHUQHUYXV UHUXP ZDUYRUKDQGHQDEHU ZLHSDFNWPDQGLH*HVFKLFKWHDQ" +HUU5RELZXWHHVQLFKWXQGVHLQH9HUOHJHQKHLWGHQ%HDPWHQ HLQ]XJHVWHKHQJHQLHUWHHUVLFK.HLQ:XQGHUDP(QGHGDHU GHQ:HJ]XGHPMHQLJHQIDQGYRUGHPVLFKQLHPDQGJHQLHUWKDW ]X 2YHUVEHUJ© ª8QGGHUKDWGDJOHLFKDQJHELVVHQ©ULHIGHU2EHUI|UVWHU
ª'DVKHLWZLHHUVFKRQZDU QDFKVHLQHU0DQLHU:LUKDEHQ VHLQ9RUJHKHQLPPHUGDVVWLOOH5HJLPHQWJHQDQQW%HIHKOHQ NRQQWHHUQLFKW© GHU,QVSHNWRUVDJWHHVOlFKHOQG ªHUPDFKWH QXU9RUVFKOlJH©
:LUZDUHQDOOHHUJ|W]WXQGGHU9HUZDOWHUGHUHEHQZLHGHUHLQHQ .DPSIPLWVHLQHU:HVWHEHVWDQGHQKDWWHVSUDFKª9RUVFKOlJH" *DUQLFKWEHO,FKZLOOPLUGDVDXFKDQJHZ|KQHQ 2FKVHQNQHFKWHZLHZlU VZHQQLKUHXHUKXQJULJHV9LHKIWWHUQ XQGHXFKGDQQHUVWHXUHQ$EHQGUDXVFKDQWULQNHQZUGHW" $UEHLWVOHXWHPHLQH/LHEHQVSLHOHQGOHLFKWN|QQWHWLKU IHUWLJZHUGHQPLWGHP%LQGHQ HLQ/DQGUHJHQGURKWXQGPRUJHQ LVW6RQQWDJhEHUOHJHQZLURE VQLFKWEHVVHUZlUH]X]XJUHLIHQ VWDWW]XIDXOHQ]HQ XQG XQG© ª+HUU9HUZDOWHU©XQWHUEUDFKLKQGHU'HFKDQWLQGHU)RUWVHW]XQJ VHLQHU8QG ªZHQQ]ZHLGDVVHOEHWXQLVWHVQLFKWGDVVHOEH©
ª%UDXFKHQVLFKVHLQHUQLFKWDQQHKPHQ©YHUVLFKHUWHGHU ,QVSHNWRUªHVZLOOQLHPDQGVHLQ9HUGLHQVWVFKPlOHUQ(UKDW PDQFKHVDXVJHULFKWHWZLHVFKRQJHVDJW DXIVHLQH$UW:RHU PLWJHKROIHQKDWGDLVW PHUNZUGLJ GHQDQGHUQDOOHUOHL*XWHV HLQJHIDOOHQEHLGHVVHQ$XVIKUXQJHU,KQHQLPPHUJOHLFKPLW +DQGDQOHJWH/HLGZDULKPQLFKWXPVLFKVHOEVW]XJHULQJKDWHU HLQH$UEHLWQLHJHIXQGHQ1DFKXQGQDFKGHYHORSSLHUWHHUVLFKDOV UHFKWOHLGOLFKHUgNRQRPKDWWHEULJHQVYLHO*OFNYHUOLHVLFK GUDXIXQGGXUIWHVLFKGUDXIYHUODVVHQ ¾,KQHQWUlJWMDGHU :LQGKDIHU:HL]HQlKUHQ½KDEHLFKPHKUDOVHLQPDO]XLKP JHVDJW8QGGDQQ EUDYH/HXWHMDGLHKDWWHHUXQGGDVZDU HLJHQWOLFKVHLQ+DXSWJOFN©
ª:LUGHVQLFKWYLHOOHLFKWDXFKVHLQ9HUGLHQVWJHZHVHQVHLQGDHU VLH]XILQGHQZXWH"©IUDJWHGHU'HFKDQWXQGGHU,QVSHNWRU HUZLGHUWHª-DJHZL +HUU5RELVWW]WHVLFKHQGOLFKJDQ]DXI LKQ(VNDPVRZHLWGDHUQLFKWPHKUGDKLQ]XEULQJHQZDUHLQH 8QWHUVFKULIW]XJHEHQHLQH5HFKQXQJ]XEH]DKOHQRKQHEHL 2YHUVEHUJDQJHIUDJW]XKDEHQ¾6ROOLFK"½'DEHL PDQP|FKW V QLFKWJODXEHQ IKOWHHUVLFKDOVGHVVHQ:RKOWlWHU¾'HQQ½VDJWH HU ¾LFKJHELKPHLQH6WHOOXQJ½8QGGDQQPDFKWHHUHLQHQ ZLFKWLJHQ%XFNHOZLHJWHGHQ.RSIXQGVHW]WHKLQ]XVRYRQREHQ KHUXQWHU¾,FKWXHJHUQHWZDVIULKQ 6LHZLVVHQMD GHU$UPH HUZDUKDOEXQGKDOEYHUOREWPLWPHLQHU)UDX $EHU VLHKDW PLFKYRUJH]RJHQ½ 'DVZDUZLHGHUVHLQH0DQLHUZHULKQDQVDK VWDQGLQVHLQHU6FKXOG(UKDWWHVLFKQLHEHLMHPDQGHP]X EHGDQNHQ8QGHLQVROFKHV:HLFKWLHU+LHOWQLFKWVDXVXQGKLHOW QLFKWVIHVW$OOHSDDU:RFKHQHLQHDQGHUH/LHEKDEHUHLXQGLPPHU JURDUWLJEHWULHEHQ5XGHUVSRUW%LHQHQ]XFKW$VWURQRPLHGLH -DJG$XFKDXIV.QVWOHULVFKHKDWHUVLFKJHZRUIHQ(QWGHFNW ,KQHQGDHLQJURHV7DOHQW]XP%LOGKDXHULQLKPVFKOlIWXQG GDHUELVKHUQXUQLFKWVJHPHUNWKDWYRQGHP*RWWHVVHJHQ 6RIRUWZHUGHQHLQLJH=LPPHUDOV$WHOLHUHLQJHULFKWHWXQGHLQ /HKUHUNRPPWDXV:LHQ6LHGHUKDW VYHUVWDQGHQ+DWLQ 6LHEHQVFKORHLQSDDU6DFKHQJHPDFKW HLQH%VWHYRQ+HUUQ 5RELXQGHLQHYRP2EHUVWOHXWQDQWXQGHLQHYRP6WDPPKDOWHU VFKRQSUlFKWLJ$XFK)UDX/HQHKlWWHUPDFKHQVROOHQ GDVLVW LKPDEHUQLFKW]XVDPPHQJHJDQJHQGHQQGHUMXQJH0DQQ HLQ VFK|QHUJURHU%XUVFKZDUHU YHUOLHEWVLFK]XP :DKQVLQQLJZHUGHQLQVLH1LFKWLPVWDQGHHV]XYHUEHUJHQ%HL
7LVFKVLW]WHUEULQJWNHLQHQ%LVVHQKLQXQWHUYHUVFKOLQJWLPPHU QXU)UDX/HQHPLWGHQ$XJHQ'HP+HUUQ5RELKDW V DXHURUGHQWOLFK6SDJHPDFKWGDVHLQH)UDXHLQHP.QVWOHU HLQHVROFKH/HLGHQVFKDIWHLQIO|W'HUVDQIWH2YHUVEHUJKLQJHJHQ LVWGDPDOVDXIJHVWDQGHQDXVVHLQHU*HODVVHQKHLW=XDOOHQ 7DJHV]HLWHQDXIGHP6FKORJHZHVHQVLFKHLQJHIXQGHQEHLGHQ 6LW]XQJHQGLH)UDX/HQHLP$WHOLHUKDWWH -DVLFKKLQUHLHQ ODVVHQ+HUUQ5RELYRUPLU]XVDJHQ¾:HQQGX½ VLHZDUHQ¾GX½ JHZRUGHQYHUPXWOLFKZHJHQGHU6WHOOXQJ ¾,KPQLFKWGLH7U ZHLVHVWWXLFK V½8QGHUWDW V:LHKDEHQZLUQLHHUIDKUHQ$XI HLQPDOZDUGHU.QVWOHUDEJHUHLVWPLW+LQWHUODVVXQJHLQHV $EVFKLHGVEULHIHVDQGHQ+DXVKHUUQHLQHV%ULHIHVGHQ]ZDUGHU %LOGKDXHUJHVFKULHEHQLQGHPLFKDEHUDOVVLHLKQPLU]XOHVHQ JDEHQGHQK|IOLFKHQ6WLOPHLQHVJXWHQ2YHUVEHUJHUNDQQWH 'HU WUDWQXQZLHGHUVFK|Q]XUFNLQVHLQHU%HVFKHLGHQKHLWOLHVLFK QXU]XURIIL]LHOOHQ%HVXFKVVWXQGHEOLFNHQGDVZDUDP 1DFKPLWWDJGHQGHU2EHUVWOHXWQDQWUHJHOPlLJEHLVHLQHU 7RFKWHU]XEUDFKWH6FKOHSSWHDXFKVHLQ.UHX]GHU$OWH 2 ZLHJHUQKlWWHUGHQ6FKZLHJHUVRKQJHOLHEWXQGGHQ2YHUVEHUJ QLFKWJHPRFKW(VZDUMHGRFK ZDVHUVLFKVHOEVWXQGGHQ DQGHUHQDXFKYRU]XVFKZLQGHOQVXFKWH GDV8PJHNHKUWHGHU)DOO 8QGQXQGLH$QJVWGD)UDX/HQHLKP VQDFKPDFKHQN|QQWH (LQHEHJUQGHWH$QJVW+HUU-HVXVZDVPDJGLHDXVJHVWDQGHQ KDEHQGLH)UDX© 'HU,QVSHNWRUVDJWHGDVJDQ]ZHKPWLJRKQHGLHJHULQJVWH6SXU YRQ6FKlUIHhEHUKDXSWZHQQHUYRQ)UDX/HQHVSUDFKJHVFKDK HVLPPHUPLWYHUKDOWHQHP6FKPHU]XQGGHUGHUEH0DQQIDQG $XVGUFNHXPLKUH(PSILQGXQJHQ]XVFKLOGHUQGLHLFKQLFKW LPVWDQGHELQDXVGHU(ULQQHUXQJZLHGHU]XJHEHQEHUGHUHQ =DUWKHLWLFKDEHUVWDXQWH(UPXVLHVHKUYHUHKUWKDEHQ'DIU KDWHU+HUUQ5RELNUlIWLJJHKDWXQGEHXUWHLOWHLKQYLHOOHLFKWGRFK JDU]XKDUW ª:LVVHQ6LH©VSUDFKHUªLP,QQHUVWHQ]XZLGHUZDULKUGHU+HUU *HPDKOLKU*HVLFKWYHUlQGHUWHVLFKZHQQHULQV=LPPHUWUDW LKUH6WLPPHKDWWHHLQHQDQGHUHQ.ODQJDOVVRQVWZHQQVLHPLW LKPVSUDFK
(LQPDOVWDQGVLHYRUGHP6FKPHWWHUOLQJVNDVWHQPLWLKUHP9DWHU GHULKUXQGPLUHLQH9RUOHVXQJKLHOWEHUGHQQHXHVWHQ)DQJGHQ HUJHWDQ'DVFKOLFK+HUU5RELYRQUFNZlUWVPLWJURHQOHLVHQ 6FKULWWHQDQVLHKHUDQXQGJDELKUSO|W]OLFKHLQHQGHUEHQ.XLQV *HQLFN 6LH]XFNWHVLHZXUGH,KQHQZLHGLH:DQGHLQ*UXVHOQGXUFKOLHI VLHYRP:LUEHOELV]XU6RKOHXQGMHW]WGHQNLFK MHW]WIlOOWVLH KLQXQGZLUGRKQPlFKWLJ'RFKQDKPVLHVLFK]XVDPPHQXQG VDJWHQXU¾:LHKDVWGXPLFKHUVFKUHFNW½ (VZDUDEHUQLFKW6FKUHFNHQZDVVLHJHSDFNWKDWWHHVZDU *UDXVHQ (NHO(VZDUZDVGLH/HXWHGLHDQ.DW]HQVFKHX OHLGHQHPSILQGHQPVVHQZHQQLKQHQHLQH.DW]LQGLH1lK NRPPW,FKKDE VHLQSDDUPDOPLWDQJHVHKHQ©
ª:DVGDVIU6DFKHQVLQG0LWVROFKHQ6DFKHQVROOWGLH0HLQLJH PLUNRPPHQ© EUXPPWHGHU.RQWUROORUªGLHZUGLFKLKU DXVWUHLEHQ+DWGHQQGHUJQlGLJH+HUUYRQ6LHJVKRIHQQLFKWV JHPHUNWYRQGLHVHQ6DFKHQ"©
ª'RFK0RPHQWDQLVWLKP VDXIJHJDQJHQ$EHUZLHVROFKH/HXWH VLQG:HJVFKLHEHQGDV8QDQJHQHKPH ZHJVFKLHEHQ:HQQHU VLFK V ]XJHJHEHQKlWWH ZDVIU8QJHOHJHQKHLWNRQQWHGDUDXV HUZDFKVHQ$P(QGHJDUHLQH6FKHLGXQJ*RWWEHKW V'DIDQG HU VYLHOEHTXHPHUXQGDXFKVFKPHLFKHOKDIWHU]XGHQNHQ0LULVW VLHUHFKWZDUXPVROOLFKLKUQLFKWUHFKWVHLQ" XQGGHQ]lUWOLFKHQ XQGJHOLHEWHQ*DWWHQVSLHOHQ 8QGVLHKDWWHHLQH*HGXOGPLWLKP HLQHKLPPOLVFKH
6HLQHDOEHUQHQ/DXQHQVHLQILSSULJHV:HVHQGDVOlSSLVFKH *HWXHGDVHUPDQFKPDOKDWWHEUDFKWHQVLHQLHDXHUVLFK6LH PXVHLQH'XPPKHLWHQVFKRQJHNDQQWKDEHQXQGLPPHUGUDXI JHIDWJHZHVHQVHLQXQGHLQVRHUILQGHULVFKHU.RSIZDUHUWURW] VHLQHU8QVWHWKHLWQLFKWGDHUVLHPLWHLQHUQHXHQKlWWH EHUUDVFKHQN|QQHQ©
+LHUPDFKWHGHU*HQHUDOLQVSHNWRUHLQH3DXVHXQGIXKUHUVWQDFK OlQJHUHU=HLWPLWVLFKWOLFKHU6HOEVWEHUZLQGXQJ IRUWª*DQ] DQGHUVIUHLOLFKZDUVLHJHJHQ2YHUVEHUJ 0LWDOOHQ0HQVFKHQ LPPHUGLHVHOEHJHJHQLKQXQJOHLFKVHKUXQJOHLFK
%HLPHUVWHQ:LHGHUVHKHQ DOVREVLHYRULKPLQGHQ%RGHQ VLQNHQP|FKWHDXV6FKDPEDOGGDUDXIDOVREVLHLKQJOHLFK]XU 5HFKHQVFKDIW]LHKHQZHUGHZHJHQHLQHUVFKZHUHQ6FKXOG
:DVHLQHPDOOHVHLQIlOOWZHQQPDQDQIlQJWVLFK]XHULQQHUQDQ GLHDOWHQ*HVFKLFKWHQ.OHLQLJNHLWHQ QLFKWGHU5HGHZHUWPHLQW PDQXQGKDEHQHLQHQGRFKVRWLHIKLQHLQVFKDXHQODVVHQLQGLHVH 0HQVFKHQ 8QWHUDQGHUHP]XP%HLVSLHOGDV(VZDUQDFKHLQHP'LQHU]X GHPDXFK2YHUVEHUJXQGLFKJHODGHQJHZHVHQVLQG$OOHEULJHQ *lVWHKDWWHQVFKRQLKUHQVFKZDU]HQ.DIIHHEHNRPPHQQXUHU QRFKQLFKW¾.ULHJWGHUQLFKWV"½IUDJWH+HUU5RELXQG]HLJWHPLW GHP)LQJHUDXILKQ¾:DVKDWHUGHQQDQJHVWHOOWGDHUQLFKWV NULHJW"½ 6LHZLUG,KQHQIXUFKWEDUURWVFKHQNWVFKQHOOHLQLQGLHOHHUH 7DVVHGLHQRFKYRULKUVWHKWQLPPWVLHJHKWGDPLWDXILKQ]X XQGVDJWEHUIOVVLJODXW¾9HU]HLKHQ6LH+HUU2YHUVEHUJLFK KDEH6LHJDQ]YHUJHVVHQ½
9HUJHVVHQ ,FKELQLQHLQHU(FNHJHVWDQGHQXQGKDEHPHLQH %HREDFKWXQJHQJHPDFKWXQGGHQ.DPSIJHVHKHQGHQVLHJHIKUW KDWLQGHU6WLOOH9HUJHVVHQ GLHJDQ]H=HLWQLFKWVDQGHUHV JHGDFKWDOV:LHEULQJLFKGDV+HUU2YHUVEHUJ,KU.DIIHHLQ HLQHPQDWUOLFKHQ7RQXQGMXVWVRKHUDXVZLHLFKJHVDJWKDEH +HUU'HUXQG+HUUMHQHU,KU.DIIHH:RKO]HKQPDOGLH/LSSHQ JH|IIQHWXQGQDFKGHU7DVVHGLH+DQGDXVJHVWUHFNWXQGVLFKQLFKW HQWVFKOLHHQN|QQHQXQGVLHZLHGHU]XUFNJH]RJHQ-HW]WDEHU SO|W]OLFKDXIJHVSUXQJHQGLHXQJOFNOLFKH7DVVHHUJULIIHQ JH]LWWHUWGDPDQGDV/|IIHUONOLUUHQK|UWHDXI2YHUVEHUJ ]XJHJDQJHQXQGLKPHLQH/JHXQGHLQH8QDUWKLQJHZRUIHQ(V LVWDEHUNDXPJHVFKHKHQVRHUVFKULFNWVLHHUVFKULFNW]XP 6WHUEHQ $OOHVLQGDXIPHUNVDPJHZRUGHQXQGVWXW]LJEHULKUYHUVW|UWHV :HVHQ'HU2EHUVWOHXWQDQWKDWDP6FKQXUUEDUWJHNDXWXQGHLQHQ 0RPHQWQLFKWYLHOZHQLJHUZLOGGUHLQJHVWDUUWDOVDQGHPJHZLVVHQ 7DJHDQGHPHUXQVZLHWRWKLQJHVFKODJHQLVW+HUU5RELODFKW GHU(VHOEHUGLH9HUOHJHQKHLWLQGLHHUVHLQH)UDXJHVHW]WKDW (LQHQ6FKDEHUQDFNWXWHULKUMDLPPHUJHUQDQPXGRFKHLQH
NOHLQHRUGLQlUH5DFKHQHKPHQIUGLH*HGDQNHQGLHHUVLFK LKUHWZHJHQLQVHLQHQOLFKWHQ6WXQGHQPDFKW
'HUHLQ]LJHGHUXQEHIDQJHQJHEOLHEHQLVWZDU2YHUVEHUJ =XJOHLFKPLW)UDX/HQHLVWHUDXIJHVSUXQJHQXQGLKU HQWJHJHQJHHLOW¾$EHU5REL½VDJWHU¾LFKELWWHGLFK½8QG]XLKU ¾$EHULFKELWWH6LHJQlGLJH)UDX½XQGGLH7DVVHQLPPWHULKUVR UXKLJDXVGHQ+lQGHQZLHZHQQUHLQ JDUQLFKWVZlUHK|FKVWHQV GDHUHVYHUPLHGHQKDWVLHDQ]XVHKHQ
'LHVHUVFKHLQEDUHQRGHUYLHOOHLFKWZLUNOLFKHQ5XKHYHUGDQNWHHU GLH+HUUVFKDIWGLHHUEHUGLHDQGHUHQJHZDQQ,FKKDEHQLH HLQHQVFKZDFKHQ0HQVFKHQJHVHKHQDQGHQVRYLHOHVLFK DQJHOHKQWKlWWHQ'HU2EHUVWOHXWQDQWXQG+HUU5REL HLQJHVWDQGHQHUPDHQ)UDX/HQHXQZLVVHQWOLFKXQG ZLGHUVWUHEHQGXQGGDV.LQGVREDOGHVMDSSHQNRQQWHMDSSWHHV ¾+HUU2YHUVEHUJ½ /LHIKLQWHULKPKHUZLHHLQ+QGOHLQ%HLP (UZDFKHQ¾,FKZLOO]X+HUUQ2YHUVEHUJ½=X0LWWDJZHQQPDQ V ]XP(VVHQ]ZDQJGHQQYRQVHOEVWZROOWHVQLFKW XQWHU7UlQHQ ¾$EHUGDQQ]X+HUUQ2YHUVEHUJ½ 8QGGHU.OHLQH ]ZLVFKHQ GHPGULWWHQXQGYLHUWHQ-DKUHKDWHUVLFKHWZDVKHUDXVJHPDXVW ZLUPHLQWHQVFKRQZHUZHLYLHOOHLFKWEULQJHQVLHLKQGRFKDXI GHU.OHLQHZXUGHQDFKXQGQDFKVHLQ/HEHQ ¾:LH6LHLKQ YHUZ|KQHQ½VSUDFK)UDX/HQHYRQ=HLW]X=HLWXQGZDU HLIHUVFKWLJDXILKUHLJHQHV.LQGVFKPHU]OLFKHLIHUVFKWLJXQG (LIHUVXFKWLVWHLQHJURH4XDO¾:LH6LHLKQYHUZ|KQHQ½ 'D]X KDWWHVLHVLFKVHLQH$UW]XOlFKHOQDQJHZ|KQW6RHLQDUPHV /lFKHOQZDU,KQHQGDVXQGEHGHXWHWH1XU]X:DVLFKPLU ZQVFKHGDUILFKMDGRFKQLFKWKDEHQ ¾,FKEHZXQGHUH,KUH7XJHQG½VDJWHLFKHLQPDO]X2YHUVEHUJ ZHLQLFKWPHKUEHLZHOFKHU*HOHJHQKHLW
(UPDFKWHHLQRUGHQWOLFKVWUHQJHV*HVLFKW¾7XJHQG+HUU 9HUZDOWHU":HQQLFKQXUHLQZHQLJDQGHUVKDQGHOQZUGHDOV LFK VWXHZlUHLFKHLQ6FKXIW0HUNHQ6LHZRKO1LFKWZHQQLFK GDV*HJHQWHLOYRQGHPWlWHZDVLFKWXHQHLQVFKRQGDQQZHQQ LFKQXUHLQZHQLJDQGHUVKDQGHOQZUGH'DVLVWHLQJURHU 8QWHUVFKLHG0HUNHQ6LHZRKO½ZLHGHUKROWHHU¾XQGNHLQ6FKXIW VHLQLVWQRFKODQJHQLFKW7XJHQGZLH6LHVDJHQ,FKPDJGDV :RUWQLFKW½
¾1LFKW"½,FKJ|QQWHPLU VLKQVWHLJHQ]XODVVHQXQGVWHOOWHPLFK JDQ]HUVWDXQW¾6LHVLQGDOVRHLQHUGHUVHLQHQHLJHQHQ1DPHQ QLFKWK|UHQZLOO½©
'HU,QVSHNWRUKLHOWZLHGHULQQHQRFKOlQJHUDOVIUKHUEHYRUHU YRQQHXHPEHJDQQª(LQSDDU-DKUHPLFKKDW VJHZXQGHUW JHQXJLVWQLFKWVJHUHGHWZRUGHQEHU)UDX/HQHXQG2YHUVEHUJ ,QGHVVHQ6LHN|QQHQVLFKGHQNHQGHU7UDWVFKDP/DQG 'LH /HXWKDEHQKDOWGRFK]XPXQNHOQDQJHIDQJHQ
,P6FKORZDUHLQH.DPPHUMXQJIHUQLFKWEHOQXUGDVLH LPPHUVFKLHIODFKWHPLWGHPKDOEHQQLHPLWGHPJDQ]HQ0XQGH $UEHLWVDPIDPRVLQLKUHP)DFKDQVWlQGLJHKUOLFKDEHU HLQH 9LSHU'LHEHHKUWHPLFKPLWLKUHP9HUWUDXHQ)UDX9HUZDOWHULQ ZHUGHQKlWWHLKUJHSDW,PPHUZXWHVLHHWZDV1HXHVXQGVR JLIWLJNDP,KQHQEHLLKUDOOHVKHUDXV 1XQHLQPDOLFKGHQN VZLHKHXWEHJHJQ LFKLKUHVZDUDQ HLQHPUHFKWNKOHQ9RUPLWWDJLP0lU]LQGHU1lKHGHV IUVWOLFKHQ7LHUJDUWHQV6LHKDWHLQHQ%HVXFKEHLGHU)|UVWHULQ DEJHVWDWWHW:LUEOHLEHQEHLGHVWHKHQXQGVLHPDFKWJOHLFKLKUH 6FKODQJHQDXJHQXQGHU]lKOWYRQGHP6FKUHFNHQXQGGHU *HPWVEHZHJXQJGLHVLHYRUHLQSDDU6WXQGHQJHKDEWKDW6LH ZDULP6FKODI]LPPHUGHUJQlGLJHQ)UDXEHVFKlIWLJWPLW+RUFKHQ QDWUOLFK QHEHQDQLP6DORQVDGHU2EHUVWOHXWQDQWEHLVHLQHU 7RFKWHU XQGVSUDFKODXWXQG]RUQLJ6HLQH¾:RKOZRKO½QDKPHQ VFKUHFNOLFKEHUKDQG+DWWHQHLQHQ9RUWUDEEHNRPPHQHLQH 0HQJH¾:R½:HQQHUVLFKlUJHUWHZXUGHHLQI|UPOLFKHV%HOOHQ GDUDXV¾:RZRZRZRKO½'LH=RIHEHKDXSWHWHMXVWGLH2KUHQ KlWWHVLHVLFKYHUVWRSIHQPVVHQXPQLFKWMHGHV:RUW]X YHUVWHKHQDOVHU)UDX/HQHXQWHUJHK|ULJHU:RZRKO%HJOHLWXQJ DQGRQQHUWH¾(LQ8QUHFKWGDVDOOHUNOHLQVWHXQGGXZHLW PHLQH3LVWROHQOLHJHQQRFKLPPHUGD½
6LHODFKWHNUDPSIKDIWXQGVDJWH JHZLQLFKWODXWDEHUGLH9LSHU KDWHEHQJHKRUFKW¾,FKZHLXQGZHLDXFKGDGXPLFK ODQJZHLOVWPLWGHLQHQ3LVWROHQ0HLQHWZHJHQN|QQHQVLHUXKLJ OLHJHQEOHLEHQ(KGXGLFKPHLQHUVFKlPHQEUDXFKVW9DWHUVWHKVW GXDQPHLQHP*UDEXQGZHLQVWXPPLFK½
'DUDXIZROOWH GLH.DPPHUNDW]PHKUHUH¾:RZRKO½JHK|UWKDEHQ XQGGDQQHLQ6W|KQHQXQG:LPPHUQZLHYRQHWZDV $QJHVFKRVVHQHPXQGGDV6WU]HQHLQHVVFKZHUHQ.|USHUV6LH VRJOHLFKXQGJHVWDQGHVDXFKJDQ]XQJHQLHUW GDV$XJHDP 6FKOVVHOORFK
:DVVLHKWVLH" 'HU2EHUVWOHXWQDQWOLHJWDXIGHQ.QLHQYRUVHLQHU 7RFKWHUGLHEHLP)HQVWHUVLW]WPLWGHP5FNHQJHJHQGLH7UH 'HU$OWHULQJWGLH+lQGH%lFKHYRQ7UlQHQODXIHQLKPEHUGDV *HVLFKW:LHVLHLKPDXFK]XUHGHWXQGLKQELWWHWDXI]XVWHKHQHU WXW VQLFKWHUZLOOQLFKWHUNRPPWQXULPPHUWLHIHUKLQHLQLQVHLQH $QJVWXQG9HU]ZHLIOXQJVFKOXFK]WXQGEHVFKZ|UW¾*OFNOLFK VHLQ/HEHQPLU]XOLHEJOFNOLFKVHLQ1LFKWVWHUEHQPHLQH /HQHQLFKWVWHUEHQ½© 'HU,QVSHNWRUXQWHUEUDFKVLFKSO|W]OLFKXQGHVZDUZLHZHQQGLH 6SDQQXQJGLHDXVGHQYLHOHQDXILKQJHULFKWHWHQ$XJHQVSUDFK LKPHLQJHZLVVHV8QEHKDJHQYHUXUVDFKHHUULFKWHWHGLHVHLQHQ DXIHLQ%LOGXQVHUHUJURHQ.DLVHULQ0DULD7KHUHVLDGDVLKP JHJHQEHUKLQJXQGVDJWHJHSUHWXQGQDFKGHQNOLFKª6HFK]HKQ :RFKHQVSlWHUDXIGHQ7DJVWDUE)UDX/HQH'UHLXQG]ZDQ]LJ -DKUHDOWLPVHFKVWHQLKUHU(KH©
ª6LHKDWVLFKJHZL]X7RGHJHNUlQNW©VDJWHLFKXQGGHU 2EHUI|UVWHUVSUXGHOWHKHIWLJKHUDXVª-DMXVW'DVLVWDXFKHWZDV 1HXHVGDVLFKGLH/HXWH]X7RGHNUlQNHQ=XPHLQHU=HLWKDEHQ ZLUJHOLWWHQZLHGLH+XQGHXQGVLQGGDEHLJHVXQGJHEOLHEHQZLH GLH)LVFKH© ª8QGZDVVROOLKUGHQQJHIHKOWKDEHQ"©HUNXQGLJWHVLFKGHU .RQWUROORUVRE|VHXQGVRELVVLJDOVREHULKUQLFKWHLQPDOGDV 5HFKWDXIHLQH.UDQNKHLWDQGHUVLHVWHUEHQGXUIWH]XJHVWDQGHQ KlWWH
'HU,QVSHNWRU]XFNWHGLH$FKVHOQª5|VHUOQDXIGHQ:DQJHQ JHKDEWJHILHEHUW 'HU'RNWRUVRHLQHUZLHGLH/DQGlU]WH JHZHVHQVLQGYRUYLHU]LJ-DKUHQ:HQLJ.XQVWYLHO(UIDKUXQJYROO 'HYRWLRQYRUDOOHPZDVLQ6FKO|VVHUQZRKQWGHU'RNWRUDOVR VSUDFKVLFKQLFKWDXV(UZDUDXIGDV6FKZHLJ XQG 9HUWXVFKXQJVV\VWHPGHV+HUUQ5RELHLQJHVFKXVWHUW(UVWHLQHQ 0RQDWYRULKUHP7RGHKDWPDQDQJHIDQJHQVLHDOVHLQH.UDQNH
]XEHKDQGHOQ8QGVLHVLFK VQLFKWJHIDOOHQODVVHQZROOHQVHOEVW GDQRFKQLFKWVLFKJHVFKOHSSWDXIGLH*HVXQGHJHVSLHOWYLHO KHLWHUHUJHZHVHQDOVMH]XYRUXQGYLHO]lUWOLFKHUPLWLKUHP .LQGH© ª8QGYLHOOHLFKWDXFKPLW©EHJDQQGHU.RQWUROORUXQGZROOWH GD]XHLQH3ULVHQHKPHQ$EHUVHLQHIODPPHQGURWH1DVHKDWWH VLFKXPVRQVWDXIGHQEHYRUVWHKHQGHQ*HQXJHIUHXWXQGVHLQH 5HGHEOLHEXQYROOHQGHW
(LQª+HUU.RQWUROORU©LQGHPZHQLJVWHQVHLQLJH'XW]HQG5 EHGURKOLFKNQDWWHUWHQZLH.OHLQJHZHKUIHXHUVFKQLWWLKPGLHVHOEH DE 'HU+HUU'HFKDQWKDWWHJHVSURFKHQ
)DVWXQPHUNOLFKGDQNWHLKPGHU,QVSHNWRUPLWHLQHPUDVFKHQ %OLFNXQGVSUDFKª2YHUVEHUJZDULQGHP-DKUHZHQLJLQ 6LHEHQVFKOREOLHEIHUQKLHOW VQLFKWPHKUDXVLQGHU1lKH)UDX /HQHV'LH$UPHPLWLKUHP6FKXW]HQJHO'HU6FKXW]HQJHOZDU LPPHUDXIGHU)OXFKWYRULKU©
ª'HUGLH9HUVXFKXQJIOLHKWGHULVWGHU+HOG©IORFKWGHUJHLVWOLFKH +HUUHLQ
ª,FKZDUGDEHLZLHHU]XPOHW]WHQ0DOHLQLKUHU*HJHQZDUW DQ]HLJWHGDHUYHUUHLVHXQGVLFKHPSIDKO6LHVHQNWHEHLGLHVHU 1DFKULFKWUDVFKGLH$XJHQXPLKUH/LSSHQVSLHOWHHVVHOWVDP WURW]LJXQGKHUEHDEHUVLHVFKZLHJ(UPDFKWHHLQWLHIHV .RPSOLPHQWXQG GUDXHQZDUHU1LHKDELFKJHVHKHQGDHU LKURGHUVLHLKPGLH+DQGJHJHEHQKlWWH$EHULQHLQHPJHKHLPHQ (LQYHUVWlQGQLVLVWHUGRFKJHZHVHQ PLWGHP'RNWRUGHUVFKULHE LKPUHJHOPlLJ'DUDXIELQLFKJHNRPPHQ1XQWULWW,KQHQGDV (QGHJHVFKZLQGHUHLQDOVGHU$U]WHUZDUWHWKDW'D]LWLHUWHU PLFK ¾6LHVWLUEW½VDJWHU¾,FKELWWH6LHEOHLEHQ6LHGDIUDOOH )lOOHEHLPDOWHQ+HUUQ0LULVWEDQJXPLKQ(LJHQWOLFKVROOWPDQ LKQXQG+HUUQYRQ6LHJVKRIHQYRUEHUHLWHQ½ ¾'DVZlUHGLH 6DFKH2YHUVEHUJ½PHLQWLFKXQGXQJODXEOLFKDEHUZDKUVHKQWH PLFKQDFKLKPLQGLHVHP$XJHQEOLFNH¾'DGHUDXFKMHW]WQRFK IRUWVHLQPX½ ¾,FKKRIIHHUNRPPW½VHXI]WHGHU'RNWRU¾LFK KDEHLKPWHOHJUDSKLHUWXQGLKPHLQHQ:DJHQDXIGLH%DKQ
JHVFKLFNW:HQQDOOHVNODSSWN|QQWHHUGDVHLQLQDQGHUWKDOE 6WXQGHQ*HE V*RWWGDGLH.DWDVWURSKHQLFKWIUKHUHLQWULWW :DVIDQJHQZLUVRQVWPLWGHPDOWHQ+HUUQDQ"½
,FKHQWVFKOLHHPLFKXQGIUDJH¾6ROOLFK]XLKP"½ ¾1HLQQRFK QLFKW(UKDWGLHJDQ]H1DFKWEHLGHUJQlGLJHQ)UDXJHZDFKWXQG LVWMHW]WGUEHQEHLPJQlGLJHQ+HUUQXQGUXKWHLQZHQLJDXV %HLGHVFKODIHQ½ 6RELQLFKGHQQYRUGHP6FKORJHEOLHEHQKDEHPLFKDXIGLH %DQNQHEHQGHP7RUJHVHW]WXQGJHZDUWHW
'HU'RNWRUJHKWHLQ]ZHLPDOKLQDXINRPPWZLHGHU]QGHWVLFK HLQH=LJDUUHDQVWHFNWVLHYHUNHKUWLQGHQ0XQGPDFKWVLFK QLFKWVGUDXV:DVLKQSODJWLVWVHLQH6RUJHXPGHQ 2EHUVWOHXWQDQWXQGDXFKGLHGDQRFKNHLQH$QVWDOWHQZHJHQ GHV*HLVWOLFKHQJHWURIIHQZRUGHQVLQG¾:DVDQIDQJHQ+HUU 9HUZDOWHUZHQQ+HUU2YHUVEHUJQLFKWNRPPW"$EHUHUNRPPW½ WU|VWHWHHUVLFK¾XQGGDQQLVWXQVJHKROIHQ 'LHJQlGLJH)UDX VFKHLQWPLUMHW]WHWZDVEHVVHU]XPJU|WHQ*OFN0HLQ*RWW ZHQQQXU+HUU2YHUVEHUJNlPH½ 1XQGHQQ6FKODJDFKWIlKUWHULQGHQ +RIVSULQJWDXVGHP :DJHQXQGDXIGHQ'RNWRU]XXQGNHXFKWPHKUDOVHUVSULFKW ¾/HEWVLHQRFK"½ 'HU'RNWRUZLHGHUKROW¾1RFK½XQGEULQJW VHLQH6FKPHU]HQYRUZHJHQGHV2EHUVWOHXWQDQWVXQGGHV *HLVWOLFKHQ2YHUVEHUJK|UWLKQDQRGHUK|UWLKQQLFKWDQ LFK ZHLQLFKW(UKDWNHLQHQ7URSIHQ%OXWLP*HVLFKWEHLWGLH=lKQH ]XVDPPHQXQGJHKWLQV+DXVEHUGLH6WLHJHGHQ*DQJ JHUDGHDXVDXIGLH=LPPHUGHU)UDX/HQH]X :LUIROJHQLKPGHU'RNWRUXQGLFKELVLQGHQ6DORQ(UGDV EHPHUNHQVLFKXPZHQGHQXQGXQV]XUXIHQPLWHLQHU6WLPPHYROO =RUQXQG6FKPHU]¾,FK LFKDOOHLQ½ 'HU'RNWRUZDJWQLFKWPHKUVLFK]XUKUHQLFKGHQNHPLU:DV KDVWGX]XNRPPDQGLHUHQ"XQGVXFKHPLUHLQHQ3ODW]YRQGHP DXVLFK)UDX/HQHVHKHQNDQQRKQHGDVLHPLFKEHPHUNW%HLGH )OJHOGHU7U]XP6FKODI]LPPHUZDUHQRIIHQGDV%HWWLVWJHUDGH JHJHQEHUIUHLPLWGHP.RSIHQGHDQGHU:DQGJHVWDQGHQ'LH 9LSHUXQGHLQ6WXEHQPlGFKHQKDEHQDXI%HIHKOGHU
.UDQNHQZlUWHULQHEHQLP6DORQGLH)HQVWHUDXIJHPDFKW'LH JXWHIULVFKH0RUJHQOXIWLVWKHUHLQJHNRPPHQXQGGXUFKGLH =LPPHUJHVWULFKHQXQGEHUGDV%HWWGHU.UDQNHQXQGEHULKU *HVLFKWXQGGXUFKGLHNOHLQHQ]HU]DXVWHQEUDXQHQ/RFNHQ,KUH $XJHQVLQGJHVFKORVVHQGLH:DQJHQIDKOVLHVLHKWDXVDOVREVLH HLQHQVFKZHUHQILQVWHUQ7UDXPKlWWHUKUWVLFKQLFKWQXUGLH )LQJHU]XFNHQXQGNORSIHQDXIGLH'HFNH'LH.UDQNHQZlUWHULQ GLHYRUHLQSDDU7DJHQDXV:LHQJHNRPPHQLVWVWHKWQHEHQLKU XQGZLVFKWLKUPLWHLQHP%DWLVWWFKHOGHQ6FKZHLYRP*HVLFKW
*XWH1DFKW)UDX/HQHGHQNHLFKXQGELQGRFKIURKGDLFKVLH QRFKHLQPDOJHVHKHQKDEHRKQHGDLKU3ODJHJHLVWGDEHLZDU GHU+HUU5REL1XQDEHUWULWW,KQHQ2YHUVEHUJ PLW6FKULWWHQ ZLHZHQQHUGHU+HUUZlUHDQV%HWW1LPPWGHU:lUWHULQGDV 7FKHUODXVGHU+DQGVFKLHEW,KQHQGLH3HUVRQZHJVLHGUIWHLQ 6HVVHOVHLQGHULKPLP:HJLVWEHXJWVLFKEHUGLH.UDQNHXQG VDJWJDQ]ODXW¾/HQHOLHEH/HQH½ 8QGVLHPDFKWGLH$XJHQ ODQJVDPDXIXQGLKU*HVLFKWYHUZDQGHOWVLFK$OOH7UDXULJNHLWLQ )UHXGH DOOHU6FKDWWHQLQ/LFKW'LH-XJHQGLKUHUVHFK]HKQ-DKUH HUZDFKWLQLKUHP%OLFNXQGLKUDOWHV/lFKHOQLVWDXFKZLHGHUGD LKU/lFKHOQDXVGHUIUKHUHQ=HLW GDVURVLJHVRQQLJHGDVKHLW :DVLFKPLUQXUZQVFKHDOOHVDOOHVKDEHLFK ¾$OEUHFKW½VDJWHVLHHLQLJH0DOHOHLVHXQGGHXWOLFKXQGVDKLKQ IOHKHQGDQ6RVFKFKWHUQNDP VKHUDXVDOVREVLHNDXPKRIIHQ ZUGHDXIGLH(UIOOXQJLKUHU%LWWH¾$OEUHFKWHLQPDOJHEHQ 6LHPLUHLQPDOGLH+DQG ½XQGZLHHULKUGLH+DQGJLEW¾'LH DQGHUHDXFK½6LHKlOWVHLQHEHLGHQ+lQGHLQLKUHQ+lQGHQXQG VDJW¾6LHKDEHQPLFKGRFKHLQZHQLJOLHEJHKDEW½ ¾2 /HQH /HQHLPPHUJOHLFKEHUPHQVFKOLFKOLHE½ZDUVHLQH$QWZRUW ¾'DQN½ QXUJHKDXFKWDEHUGLH6HOLJHQLP+LPPHOGDQNHQVR JODXELFK6LHVWUHFNWGLH$UPH DXVGUFNWVHLQH+lQGHIHVW IHVWPDFKWHLQHQWLHIHQ$WHP]XJXQGLVWWRW
(UEOLHEVHKUODQJHYRULKUVWHKHQRKQHGHQ%OLFNYRQLKU]X YHUZHQGHQO|VWHHQGOLFKVHLQH+lQGHDXVGHQLKUHQSUHWHGDV 7FKHUODQVHLQH$XJHQXQGDQVHLQHQ0XQGVWHFNWH HV]XVLFK XQG PHUNZUGLJGDHUVLFKYRQLKUDE XQGXQV]XZHQGHW QLFKWVKlWWHQ6LHLKPDQJHVHKHQ QLFKWVVDJHLFK,KQHQ
6LHOLHJWGDDXVJHV|KQWPLWGHP/HEHQPLWDOOHPXQGPDQ KlWWHVLHIUHLQ.LQGKDOWHQN|QQHQGDVYRU0GLJNHLW HLQJHVFKODIHQLVWDXVLKPVSULFKWHLQ)ULHGHQ Y|OOLJHUKDEHQ-D MDVDQIWXQGOHLFKWLVWVLHJHVWRUEHQXQGHUKDWHLQHQVFK|QHQ $XJHQEOLFNJHKDEWLQVHLQHP/HEHQXQGGDVZDUGHU
$QGHUVGHU2EHUVWOHXWQDQWXQG+HUU5REL'HU$OWHQDFKGHP 7RGHVHLQHU7RFKWHU WRWDOQLHGHUJHEURFKHQXQGZDVGDV*HLVWLJH EHWULIIW IHUWLJJHZHVHQ'HU+HUU5RELHLQ9LHUWHOMDKUKLQGXUFK XQWU|VWOLFKHU:LWZHU¾0HLQ:HLEPHLQJHOLHEWHVOLHEHQGHV :HLE½(UKDWEHWHXHUWHULKUIUKHV(QGHYRUDXVJHVHKHQXQGLKU GHVKDOEGLHJROGHQHQ7DJHEHUHLWHWGLHVLHDQVHLQHU6HLWH JHKDEW(UZROOWHHLQ*HGLFKWPDFKHQIULKU*UDEEUDFKWHHV DEHUQLFKWEHUGLHHUVWH=HLOH'LHODXWHWHHLQPDO¾.HLQ =ZLHVSDOWWUEWHXQVHUQ+LPPHO½XQGHLQDQGHUHV0DO¾=X VRQQLJXQVHU:HJ½ 6RJDUGHUJHGXOGLJH2YHUVEHUJ]HLJWHRIIHQ GDLKPGLH)D[HQ]XP+DOVKHUDXVZXFKVHQQXUGHU 2EHUVWOHXWQDQWNRQQWHQLFKWDXIK|UHQVLFKZLHGHUKROHQ]XODVVHQ ZLHJOFNOLFKVHLQH7RFKWHUJHZHVHQ'HQ7URVWVXFKWHZROOWHHU DQGHQNODPPHUWHHUVLFKDXV6HOEVWHUKDOWXQJVWULHEGHULPPHU PlFKWLJLQLKPZDU 6LHKDWWHQ)UDX/HQH HLQVWZHLOHQ DXIGHP'RUINLUFKKRI EHLJHVHW]WGHQ3ODW]DEHUVFKRQDXVJHVXFKWDXIGHPVLFKLKU 0DXVROXPHUKHEHQVROOWH© ª0DXVROHXP©EHULFKWLJWHGHU'HFKDQWLQGHPHUGDVOH QDFKGUFNOLFKEHWRQWH
ª1DWUOLFK 0DQGDUIVLFKGRFKYHUVSUHFKHQ©YHUVHW]WHGHU ,QVSHNWRUª(LQ0DXVROHXPZROOWHULKUEDXHQXQGLQGHU$UWZLH GDVYRPJURHQ1DSROHRQKlWWHHVZHUGHQXQGDXFKVFKRQJOHLFK IHUWLJGDVWHKHQVROOHQ1XQ GLHDOWH*HVFKLFKWH'LH$UEHLWPLW GHPEHNDQQWHQ5RELVFKHQ6WDOOIHXHUDQJHIDQJHQXQGEHWULHEHQ ZRUGHQELVGHU:LQWHUVLHXQWHUEURFKHQKDW'DQQLVWGHU %DXKHUUGDYRQJHUXWVFKW]XU(UKROXQJQDFK:LHQXQG2YHUVEHUJ KDWLQVHLQHP1DPHQZHLWHUUHJLHUW 8PGLH:HLKQDFKWV]HLWJDEHVHLQH hEHUUDVFKXQJLQ6LHEHQVFKOR )UDX/HQHNDP]XUFN/HLEKDIWLJKHU]LJZLHVLHXQWHUXQV
JHZDQGHOWDEHU DXV6WHLQLQGHU*HVWDOWLKUHUIUGDV 0DXVROHXPEHVWLPPWHQ6WDWXH
'HUMXQJH%LOGKDXHUKDWWHVLHJHPDFKWXQGHVZDUQRFKVHLQH JDQ]H/LHEHGULQ0LUKDW VEHLPHUVWHQ$QEOLFNGHQ$WHP YHUVFKODJHQ(WZDVVR6FK|QHV'HU.RSIVHKUVDQIWYRUJHQHLJW GHUOLQNH$UPKHUDEKlQJHQGDP]DUWHQVFKODQNHQ/HLEGLH UHFKWH+DQGHLQZHQLJHUKREHQGDV.OHLGHLQIDFKLQYLHOHQ )DOWHQ8QGGHU$XVGUXFNLQGHP *DQ]HQ8QVFKXOGLJXQGGRFK EHZXWHLQ0lGFKHQXQGGRFKHLQH)UDX-DHLQHVROFKH.XQVW ODVVHLFKPLUJHIDOOHQ
'HU2EHUVWOHXWQDQWEUDFKYRUGHP(EHQELOGHVHLQHU7RFKWHULQ 7UlQHQDXVNRQQWHVLFKGLHOlQJVWH=HLWQLFKWIDVVHQ¾6LHVSULFKW MD½ULHIHUHQGOLFK¾6LHVSULFKW6DJZRELVWGXMHW]WPHLQH /HQH"6DJHVXQV½ 'LH6WDWXHZXUGHDXFK¾HLQVWZHLOHQ½]X+lXSWHQYRQ)UDX/HQHV *UDEDXIJHVWHOOWVWHKWKHXWHQRFKDXIGHPVHOEHQ)OHFNGHQQ ]XP$XVEDXGHU*UXIWLVWHVQLFKWJHNRPPHQ:DUXQP|JOLFK VROFKH.DSLWDOVFKQLW]HUKDEHQVLHLP$QIDQJPLWLKUHP hEHUKHW]HQJHPDFKW:DVZlUHLQXQVHUHPUDXKHQ.OLPDDXV GHPVFK|QHQ0HLVWHUZHUNJHZRUGHQZHQQ2YHUVEHUJQLFKWHLQ .DSHOOFKHQGDUEHUKlWWHPDXHUQODVVHQ"
,QGHUHUVWHQ=HLWLQGHUVLHVLFKGRUWEHIDQGIXKULFKHLQHV 1DFKWVLP6FKOLWWHQYRQHLQHU8QWHUKDOWXQJ HVZDU)DVFKLQJ GLHLFKLQGHU.UHLVVWDGWPLWJHPDFKWKDWWHQDFK+DXVH'LH 6WUDHIKUWEHU6LHEHQVFKOR$P(QGHGHV'RUIHVPDFKWVLH HLQH6FKOLQJHGLHVLFKDEVFKQHLGHQOlWLQGHPPDQHLQHQ VFKPDOHQ:HJOlQJVGHU)ULHGKRIVPDXHUHLQVFKOlJW6RWDWLFK 'DV/DQGLVWIODFKZLHGHU7LVFKGHU6FKQHHODJIHVWJHIURUHQXQG VFKXKKRFK1XQZLHLFKDQGHUNOHLQHQ*LWWHUWUYRUEHLNRPPH ZDVVHKLFK" 6LHVWHKWKDOERIIHQ:DVVROOGDVKHLHQ":HUKDW EHLQDFKWVFKODIHQGHU=HLWDXIGHP.LUFKKRI]XWXQ",FKKDOWH VWHLJHDXVELQGHPHLQ3IHUGDQGHQQlFKVWHQ%DXP:ROOHQXQV GRFKXPVFKDXHQGHQNLFKXQGJHKKLQHLQ 9RQZHLWHPVFKRQVFKLPPHUWPLUPLWWHQXQWHUGHQQLHGHUHQ .UHX]HQULQJVXP )UDX/HQHHQWJHJHQ+LQWHULKUGLHGXQNHOQ =\SUHVVHQGHU2YHUVEHUJLVFKHQ*UXIWLKUH*HVWDOWKHEWVLFKYRQ
LKQHQDEZHLHUDOVGHU6FKQHHHLQHZDKUH/LFKWHUVFKHLQXQJ ,FKWUHWHQlKHUGDK|UHLFKHLQ6FKOXFK]HQDXVWLHIVWHU%UXVW KDUWWURFNHQXQGVHKHGHU/lQJHQDFKDXVJHVWUHFNWHLQHQ 0HQVFKHQDP%RGHQOLHJHQYRUGHU6WDWXHGDV*HVLFKWDXILKUHQ )XJHSUHW(VLVW2YHUVEHUJ6HLQJDQ]HU.|USHUEHEWXQG VFKWWHUWLQHLQHPOHLGHQVFKDIWOLFKHQYHU]ZHLIOXQJVYROOHQ 6FKPHU]XQGHUJLEWVLFKLKPZLOOHQORVKLQGHU0DQQGHU 6HOEVWEHUZLQGXQJ 'LHVWHLQHUQH)UDX/HQHVFKDXWHPLOGDXILKQKHUDEXQGJDU VHOWVDPPDFKWHVLFK VGDLKUH+DQGVLFKJHUDGHEHUVHLQHQ .RSIDXVVWUHFNWHZLH]XP6HJHQZLH]XP6FKXW]
1XQ LFK]RJPLFKVWLOO]XUFNPLUZDU VQLFKWGDUXP]XWXQLKQ ]XEHVFKlPHQ :LVVHQDEHUZROOWHLFKLQZHOFKHP+XPRUHUVLFKEHILQGHWQDFK HLQHPVROFKHQ6WHOOGLFKHLQPLWVHLQHUWRWHQ*HOLHEWHQ6RQDKP LFKPLU]X+DXVHQXU=HLWPLFKDQ]X]LHKHQXQG]XIUKVWFNHQ XQGIXKUVRIRUWZLHGHUQDFK6LHEHQVFKOR(LQNDXIHQOHLGHU6LH KDWWHQGRUWLKUJHZ|KQOLFKHV*OFNJHKDEWXQGWURW]GHVQDVVHQ -DKUHVLKU+HXWURFNHQKHUHLQJHEUDFKW:LU QLFKW
,FKIDQGLKQLQGHU.DQ]OHLPLWGHQ3OlQHQ]XHLQHU:DVVHUOHLWXQJ EHVFKlIWLJWGLHHUVSlWHUDXVJHIKUWKDW$OVLFKYRQGHU (QWIHUQXQJGHU4XHOOHQK|UWHXQGYRQGHQYLHOHQ%DXHUQJUQGHQ GXUFKZHOFKHGLH5|KUHQODXIHQVROOWHQNDPPLUGDV 8QWHUQHKPHQVHKUNHFNYRUXQGLFKVDJWH¾6LHGDVEOHLEWDXI GHP5HLEUHWW½
(UVXFKWHPLFK]XZLGHUOHJHQUHFKQHWH]HLFKQHWHPLUYRUXQG ZDUKDOWEHLGHU6DFKHZLHHLQ0HQVFKGHUQLFKWVDQGHUHVDOVGDV LP.RSIHKDW'LH$XJHQJOlQ]WHQLKPDOVREHUVLHGLHJDQ]H 1DFKWQLFKWDXIJHPDFKWXQGK|FKVWHQVYRQGHU:DVVHUOHLWXQJ JHWUlXPWKlWWH(VYHUGURPLFKMD LFKNDQQ VQLFKWOHXJQHQ XQGLFKWDWDOVZHQQHUPLFK]XVHLQHU0HLQXQJEHNHKUWKlWWH XQGVDJWH¾'DVGUIHQDXFKQXU6LHULVNLHUHQ PLW,KUHP*OFN½ :RUDXIHUZHJVDKXQGVFKZLHJ 'DV7UDXHUMDKUZDUQRFKQLFKWJDQ]XPXQG+HUU5RELGHU XQWU|VWOLFKH:LWZHUZLHGHUYHUKHLUDWHW'LHVHV0DOPLWHLQHP
)UlXOHLQYRQ$GHOVRHLQHPSDSLHUQHQZLHGHUVHLQLJH6FK|QH VWDWWOLFKH%ORQGLQHOHEHQVOXVWLJYLHO*HOGJHEUDXFKW2IIHQHV +DXVLQ:LHQRIIHQHV+DXVDXIGHP/DQGH+HUU5RELDQIDQJV JDQ]DXIJHPLVFKWGDQQRIWIURKZHQQHUEHLP2EHUVWOHXWQDQW VLW]HQXQGVLFKHLQELVVHUOODQJZHLOHQNRQQWH]XU(UKROXQJYRQ DOOHQGHQ)HVWLYLWlWHQ
6HLQH)UDXPDFKWH:LW]HEHUGLH*UHLVHQNRORQLHLQ6LHEHQVFKOR GHQQDXFKGLHDOWHQ6LHJVKRIHQKDWWHQVLFK QDFKGHPHUVHLQ *HVFKlIWDXIJHJHEHQ GDKLQ]XUFNJH]RJHQ8PGHQ6WLHIVRKQ NPPHUWHVLHVLFKQLFKWVWDUNVLHKDWWHHLJHQH.LQGHU EHNRPPHQGLHHWZDVJHVQGHUDXVJHIDOOHQVLQGDOVGHUZDU,KQ HUKLHOWMDQXUGLHDXHUJHZ|KQOLFKH6RUJVDPNHLWGLHVHLQH *URHOWHUQXQG2YHUVEHUJDXI LKQYHUZHQGHWHQPDQPX ZLUNOLFKVDJHQNQVWOLFKELV]XPVLHEHQWHQ-DKUH'LHMXQJH)UDX ZXUGHWUDXULJZHQQVLHLKQDQVDK¾$UPHV7LHUFKHQHVZLUGQLFKW OHEHQ½VDJWHVLHYROO0LWOHLGGHQQVLHZDUJXWPWLJ:lUHVLH E|VHJHZHVHQVLHKlWWHGLH$OWHQGLHGRFKNHLQH*HVHOOVFKDIWIU VLHZDUHQYRQ6LHEHQVFKORZHJJHGUFNWVRDEHU GUFNWHVLH VLFKVHOEVWEUDFKWHGHQ:LQWHULQGHU6WDGWGHQ6RPPHULQ6HH XQGDQGHUHQ%lGHUQ]X,Q6LHEHQVFKORHUVFKLHQVLHQLFKWPHKU XQG+HUU5RELQXUVHOWHQXPVHLQH$OWHQXQGVHLQHQ (UVWJHERUHQHQ]XVHKHQGHQLKQHQZHJ]XQHKPHQHUQLFKWGDV +HU]KDWWH'DV7UHLEKDXVSIOlQ]FKHQZDULKU*OFNXQGGDV 2YHUVEHUJV (VEHUOHEWHQXUGLH*URHOWHUQ6LHJVKRIHQ%DOGQDFKLKQHQJLQJ DXFKLKU(QNHO
1XQ ZDV2YHUVEHUJIU )UDX/HQHQLFKWKDWWHWXQGUIHQKDWHU IULKU.LQGJHWDQHVJHKHJWXQGJHSIOHJWXQHUPGOLFKLVWQLFKW YRQLKPJHZLFKHQ7DJXQG1DFKW,QGHU.UDQNKHLWZDU VVHLQHU 0XWWHULPPHUlKQOLFKHUJHZRUGHQODJLP6DUJHZLHVLHVR VFKODQNXQGZHLXQGKDWWHDXFKGLHODQJHQGXQNHOQ:LPSHUQ GLHHLQHQGXUFKVLFKWLJHQ6FKDWWHQZDUIHQDXIVHLQHDEJHPDJHUWHQ :DQJHQXQGXPGHQ0XQGLKUOHW]WHVVHOLJHV/lFKHOQ$Q GLHVHPNOHLQHQ6DUJHLVWGLH(ULQQHUXQJDQVLHZLHGHUUHFKW OHEKDIWHUZDFKWDEHUDXFKGLH*LIWVWDXGHGHU9HUOHXPGXQJYRQ GHUPDQPHLQWHVLHLVWJOFNOLFKHLQJHJDQJHQZLHGHULQGLH+|KH JHVFKRVVHQ -DGLH9LSHUVDQLFKWXPVRQVWLP$PWVKDXVXQG
KDWWHGHQ5HYLVRUJHQRPPHQZHLOGHU9HUZDOWHUQLFKW]XKDEHQ ZDU
,QGHU*HVWDOWGHV%HGDXHUQVXQGGHV /REHVVXFKWHGLH/lVWHUXQJ GHQDUPHQ2YHUVEHUJDXI ¾'DVLVWHLQ9HUOXVWIU6LH6LHVLQG MDVRJXW1HLQGLHVH*WHGLHVH/LHEH]XGHPDUPHQ.LQG 6HLQHLJHQHU9DWHUKlWWHQLFKWDQGHUVPLWLKPVHLQN|QQHQ½
8QGHUDOOHVIUEDUH0Q]HJHQRPPHQQLFKWVJHPHUNW,FKPXW LKQGHP$QGHQNHQ)UDX/HQHV]X(KUHQDXIPHUNVDPPDFKHQHU VROOVLFKJHZLUHFKW]XVDPPHQQHKPHQEHLP%HJUlEQLVXQG ZDUXPHU VVROOXQGGDGLH/HXWHQXUZDUWHQGDHUGHP.LQGH LQV*UDEQDFKVSULQJWXQGVLFKGDUDXIIUHXHQ 'DLVWHUZDFKVEOHLFKJHZRUGHQ ¾:DVVDJHQ6LH"½ZLHGHUKROWH HUHLQSDDU0DOHXQGSUHWHVHLQH+lQGH]XVDPPHQ0LWZHOFKHU .UDIWZHUGHQ6LHVLFKYRUVWHOOHQZHQQLFK,KQHQVDJHZLHHUVLH DXVHLQDQGHUQLPPWVLQGVLHYROO%OXW =XP%HJUlEQLVXPNHLQHQ3UHLVIUKHULVW+HUU5RELHUVFKLHQHQ 'DEHLVHLQZHQQVHLQ.LQGOHLGHW XQP|JOLFKGDVNRQQWHUQLFKW VRJUDXVDPLVWHUQLFKW-HW]WDEHU]HLJWHUVLFK$OOHVDXV:LHQ NRPPHQODVVHQGHQJDQ]HQ3RPSVHFKV6FKLPPHOEODXHQ VLOEHUEHVFKODJHQHQ:DJHQVLOEHUEHVFKODJHQHQ6DUJ VLOEHUJHVWLFNWHV%DKUWXFK)DFNHOWUlJHUXQGVRZHLWHU'LH *HLVWOLFKNHLWDXVGHUJDQ]HQ*HJHQG]XVDPPHQJHWURPPHOWGHU =XGUDQJXQJHKHXHU QDWUOLFK9RQZHLWXQGEUHLWVLQGGLH 0HQVFKHQKHUEHLJHODXIHQXPGDV/HLFKHQIHVWPLW]XPDFKHQ:LH HLQHQ3ULQ]HQHU]lKOWPDQVLFKZLUG+HUUYRQ6LHJVKRIHQVHLQHQ (UVWJHERUHQHQEHJUDEHQODVVHQ¾XQG+HUU2YHUVEHUJZLUGLKP LQV*UDEQDFKVSULQJHQ½VHW]WHQGLH(LQJHZHLKWHQKLQ]X ,VWLKPDEHUQLFKWQDFKJHVSUXQJHQ'DJHVWDQGHQXQGVLFK JHQLHUWZHLO+HUU5RELJDUVRWKHDWUDOLVFKZDUEHVRQGHUVLQGHP 0RPHQWLQGHPHUGLHHUVWHQ6FKROOHQ(UGHDXIGHQ6DUJZHUIHQ XQGGDQQGLH6FKDXIHOGHP2EHUVWOHXWQDQWUHLFKHQPXWH
'HUKDWWHGXUFKDXVPLWJHKHQXQGVHLQHDOWH8QLIRUPDQOHJHQ ZROOHQXQGQDKPVLFKLQLKUDXV ]XP:HLQHQVLHLVWDQLKP JHKlQJWZLHDQHLQHP5HFKHQ,KUHWZHJHQZDKUVFKHLQOLFKDXFK GDVPLOLWlULVFKH$XIWUHWHQ]XGHPHUVLFKVHLQHPUXQGHQ5FNHQ
XQGVHLQHQZDFNOLJHQ%HLQHQ]XP7URW]JH]ZXQJHQKDWXQGGLH $QVWUHQJXQJGLHHUPDFKWHXPGLH7UlQHQKLQXQWHU]XVFKOXFNHQ GLHLKQEHLQDKHUVWLFNWHQ
=XYLHOIUGHQJHEURFKHQHQ0DQQ:LHHUGLH+lQGHQDFKGHU 6FKDXIHODXVVWUHFNWH]LWWHUWHHUVRVWDUNGDHUGDQHEHQJULIIVLH ILHOHUVWROSHUWHXQGZlUHEHLHLQHP+DDUJHVWU]WNQDSSQHEHQ GHU*UXEH:LUKDEHQLKQJOFNOLFKDXIJHIDQJHQLFKXQG 2YHUVEHUJXQGGHUKDWLKQEHLP$UPJHQRPPHQXQGQDFK+DXV JHIKUW $QGHQ1HXJLHULJHQYRUEHLVLQGVLHJHJDQJHQGLH2YHUVEHUJ XQYHUVFKlPWDQJORW]WHQ1XQMD HUKDWLKUH(UZDUWXQJHQ JHWlXVFKW$XFKHUVFKDXW ]LHKWGLH$XJHQEUDXHQ]XVDPPHQ XQGVHLQ%OLFNVDJWGHXWOLFKQLHPDQGNRQQWHHVPLYHUVWHKHQ *HVLQGHO -DZHQQHUVLFKQXU|IWHUVKlWWHlUJHUQN|QQHQHVLVWLKPJXW JHVWDQGHQ
6HLWGHUJHZLVVHQ$QGHXWXQJGLHLFKLKPJHPDFKWKDEHKDWHU QLHZLHGHUYRQGHP.LQGHJHVSURFKHQ:DVHULPVWLOOHQ GXUFKJHPDFKWKDEHQZLUG PHLQHU7UHXOLHEHUHUDOVLFK bXHUOLFKKDWVLFKDQLKPZHQLJYHUlQGHUWQXUGDHUZRP|JOLFK QRFKIOHLLJHUJHZRUGHQLVWDOVIUKHU DQJH]RJHQDQJH]RJHQ GLHSXUH6FKUDXEH9LHOVSlWHUHLQPDONDPJDQ]]XIlOOLJGLH 5HGHDXIGHQNOHLQHQ5RELXQGGDHVGRFKVFKDGHLVWXPGDV HLQ]LJH.LQG)UDX/HQHV ¾(LQ8QJOFN½VDJHLFKXQGHUVHXI]WWLHIDXI¾1HLQ HLQ*OFN 'HQ:LOOHQVROOWHPDQLKPWXQXQGLKQGDEHLGRFKHU]LHKHQ(U VRNUlQNOLFKXQGZLUVRVFKZDFK:LUKlWWHQLKQYHUZ|KQWZDV ZlUHDXVLKPJHZRUGHQ"2 ZRKOLKPZRKOLKP½
'DUDXINRQQWHLFKQXUHQWJHJQHQ¾'DQQLVW VMDUHFKW$EHU5XKH ZUGHLFKPLUDQ,KUHU6WHOOHJ|QQHQ)UZHQSODJHQ6LHVLFK ZHQQGDV.LQGQLFKWPHKUGDLVWGHP6LHEHQVFKORGRFKHLQPDO ]XJHIDOOHQZlUH":DVKDEHQ6LHMHW]WYRQ,KUHU$UEHLW"½
(UVDKPLFKDQZLHZHQQLFKGLHJU|WH'XPPKHLWLQV/HEHQ JHVHW]WKlWWHXQGJDEPLU]XU$QWZRUW¾1XQGRFK GLH$UEHLW½©
'LHVH$XIIDVVXQJHUUHJWHGDV0LIDOOHQGHU+HUUHQ%HDPWHQ'HU 9HUZDOWHUIDQGNHLQ(QGHPLWª(UODXEHQ6LHPLUXQGXQG XQG©'HU2EHUI|UVWHUULHIª'LOHWWDQWHQIOHL8QVLQQGDV©'HU .RQWUROORUSROWHUWHVRHLQYHU]ZLFNWHU-XQJJHVHOOHGHPQLHHLQ 'XQVWGDYRQDXIJHVWLHJHQLVWZDVHVKHLWHLQH)DPLOLH HUQlKUHQKDEHOHLFKWSODSSHUQ$PJHODVVHQVWHQEOLHEGHU )|UVWHUGHUVSUDFKHLQIDFKª9RQGHU$UEHLWQLFKWVKDEHQZROOHQ DOV$UEHLW GDVLVWPLU]XKRFK© ª,VWHV,KQHQ"©YHUVHW]WHGHU ,QVSHNWRUPLWVS|WWLVFKHP 7ULXPSKH RIIHQEDUKDWWHHUVHLQ3XEOLNXPMHW]WGDZRHUHV KDEHQZROOWH ª1XQPLUDXFK)UWFKWLJH$UEHLWWFKWLJHQ /RKQLVWPHLQ*UXQGVDW]8QG]XP%HZHLVGDLFKLKQDXFK DXVEH HLQH0LWWHLOXQJPHLQH+HUUHQ©
(UZDUSO|W]OLFKLQVHLQHQWURFNHQVWHQ*HVFKlIWVWRQ EHUJHJDQJHQHUKREVLFKZLUVHOEVWYHUVWlQGOLFKVSUDQJHQDXI VFKOXJDQVHLQ*ODVXQGVSUDFKXQWHUODXWORVHU6WLOOHª8QVHU JQlGLJVWHU+HUU)UVWKDWDXIPHLQHQ$QWUDJGLH%HVROGXQJ VlPWOLFKHUKLHUDQZHVHQGHU)RUVW XQG:LUWVFKDIWVEHDPWHQXP IQIXQG]ZDQ]LJ3UR]HQWHUK|KW© 'DVZDUHLQHhEHUUDVFKXQJHLQH5KUXQJHLQH'DQNEDUNHLWHLQ JHJHQVHLWLJHV*OFNZQVFKHQ,FKPXWHZDUWHQELVGLH KRFKJHKHQGH)OXWGHUDOOJHPHLQHQ)UHXGHVLFKJHOHJWKDWWHXP PLWGHP5HFKWHGHVHLQ]LJHQGHUEHLHLQHUJURHQ%HVFKHUXQJ QLFKWVEHNRPPHQKDW DEHUDXFKQLFKWVEUDXFKW*RWWVHL'DQN GHQ+HUUQ,QVSHNWRUXPGDV(QGHGHU*HVFKLFKWH2YHUVEHUJV]X ELWWHQ ª6LHKDWNHLQ(QG©HUZLGHUWHHUª6LHLVWDXVGDVLVWLKU(QG©
ª$FK©ULHIGHU)|UVWHUJDQ]EHUPWLJJHPDFKWGXUFKGDV XQHUZDUWHWH*OFNGDVLKP]XWHLOJHZRUGHQHULVWXQVHU OlQGOLFKHU'RQ-XDQ ª9HUHKUWHU+HUU,QVSHNWRUHQWVFKXOGLJHQ GDLFKPLFKDXVGUFNHDEHUPLUVFKHLQW+HUU2YHUVEHUJZDUHLQ 1DUUXQGKDWNHLQH&RXUDJHJHKDEW:HQQHU]XJHJULIIHQKlWWH GDVLFKGDVKEVFKH)UlXOHLQVRWDSIHUIULKQGHNODULHUWKDWDOOHV ZlUHJXWJHZRUGHQ'HUDOWH+HUUKlWWHVLFKHUKROWZLHHUVLFKMD HUKROWKDWXQGYHU]LHKHQXQGVHLQH(QNHOJHKXWVFKWDQVWDWW©
'HU,QVSHNWRUXQWHUEUDFKLKQª1DWUOLFK +DELKP VDXFK YRUJHKDOWHQ$EHUGHUPLFKVSD]LHUHQJHVFKLFNWQLFKWV DQGHUHVJHVDJW¾6LHKDEHQLKQMDGDPDOVJHVHKHQ QlPOLFKGHQ $OWHQ1DFKPHQVFKOLFKHU9RUDXVVLFKWZlUHHUHLQHUQHXHQ *HPWVEHZHJXQJJHZLXQWHUOHJHQXQG ZLUN|QQHQQXUQDFK PHQVFKOLFKHU9RUDXVVLFKWKDQGHOQXQGDXFKQXUQDFKXQVHUHP HLJHQHQ&KDUDNWHU6LHXQGYLHOH 6WlUNHUHDOVLFKZUGHQ DQGHUVJHKDQGHOWKDEHQLFKLFKELQHLQVFKZDFKHU0HQVFK8QG QRFKHWZDV'LH/LHEHLQHLQHP:LQNHOGHV+HU]HQVGLH +RFKDFKWXQJLQHLQHPDQGHUHQ HVNRPPWRIWYRU%HLPLU ZRKQHQVLHEHLVDPPHQ'LH/HQHGLHYRQLKUHPVWHUEHQGHQ 9DWHUZHJ]XPLUJHODXIHQZlUH GDVZlUHQLFKWPHKUPHLQH /HQHJHZHVHQ½© ª%UDYR©ULHIGHU.RQWUROORUªGDK|UWPDQHLQPDOHWZDV 9HUQQIWLJHVYRQLKP©
ª8QGZDVLVWGHQQ©IUDJWHGHU9HUZDOWHUXQGJDEVHLQHU:HVWH HLQHVRQDFKGUFNOLFKH0DKQXQJGDVLHJHQXJKDWWHXQGIU GLHVHQ$EHQGLKUHHKUJHL]LJHQ%HVWUHEXQJHQDXIJDEªZDVLVW GHQQPLWGHP+HUUQ2EHUVWOHXWQDQWJHVFKHKHQXQGXQG"©
ª'HU2EHUVWOHXWQDQWZHLQWHXQGNODJWHVHLQHQ6FKPHU]XPGHQ 6RKQVHLQHU/HQHDXV©HUZLGHUWHGHU,QVSHNWRUªXQGGXVHOWH GDQQQRFKYLHOH-DKUHJHPWOLFKZHLWHUXQGZXUGHXUDOWXQG PHLQJXWHU2YHUVEHUJDXFKQLFKWMQJHU7DJ IU7DJEHLMHGHP :HWWHUZDQGHUWHQEHLGH]XP.LUFKKRI'HU$OWHVHW]WHVLFKDXI HLQ%lQNOHLQDP*UDEVHLQHU7RFKWHUEOLHELQ6RPPHUV]HLW VWXQGHQODQJGRUWVLW]HQXQGZDU,KQHQVWLOOYHUJQJW'LH 6FKPHWWHUOLQJHKDWWHQMHW]W5XKHYRULKP8QJHQLHUWNRQQWHQVLH LKQXPIODWWHUQVLFKDXIVHLQH+DQGQLHGHUODVVHQHUEHWUDFKWHWH VLHPLW.HQQHUEOLFNHQXQG OLHVLHIOLHJHQ(LQEHVRQGHUV VFK|QHU$GPLUDOKDWWHHLQPDO3ODW]JHQRPPHQDXIGHP1HW]H GDVHUJHZRKQKHLWVPlLJLPPHUPLWWUXJXQGQHEHQVLFKDXIGDV %lQNOHLQOHJWH ¾)DQJHQ½VDJWHLFK GHQQPVVHQ6LHZLVVHQLFKEHVXFKWHLKQ KLHXQGGDDXIVHLQHPVWLOOHQ3OlW]FKHQ ¾IDQJHQ6LHLKQGRFK½ (UODFKWHZLHJWHGHQ.RSIKLQXQGKHUXQGHUZLGHUWHPLW RUGHQWOLFKVFKDONKDIWHU0LHQH¾'XVROOVWQLFKWW|WHQ½
'DNRQQWHLFKPLU VQLFKWYHUVDJHQGLH)UDJHDQLKQ]XVWHOOHQ REGLHVH$XVOHJXQJGHVJ|WWOLFKHQ*HERWHVYRQLKPVHOEVWRGHU YRQ2YHUVEHUJKHUVWDPPHEUDFKWHDEHUHLQHNODUH$QWZRUWDXV LKPQLFKWKHUDXV6REOHLEWHVGHQQHZLJXQHQWVFKLHGHQGUIHQ ZLURGHUGUIHQZLUQLFKWXQWHUGHQYLHOHQ9HUGLHQVWHQGLHGHU KHLOLJH$OEUHFKWVLFKHUZRUEHQKDWDXFKDXI]lKOHQ(UUHWWHWH PHKUHUHQ6FKPHWWHUOLQJHQGDV/HEHQYHUGDUEGDPLWIUHLOLFK GHPDOWHQ2EHUVWOHXWQDQWVHLQHOHW]WH)UHXGHZRGXUFKGDV 9HUGLHQVWZLHGHUYHUPLQGHUWZLUG XPZLHYLHO" 'DVVLQG 6SLQWLVLHUXQJHQLQGLHLFKPLFKQLFKWHLQODVVHGDVJHKW6LHDQ +HUU'HFKDQW©
'LHVHUQDKPGHQ6FKHU]QLFKWEHOVRQGHUQHUZLGHUWHPLW 6FKPXQ]HOQª6SLQWLVLHUXQJHQMDEHUHLQHQ.RQIOLNWGHU 3IOLFKWHQGLHHLQHPEXGGKLVWLVFKHQ:HLVHQEHVVHUDQVWQGHQDOV HLQHPFKULVWOLFKHQ3ULHVWHU©
ª$KD©ULHIGHU,QVSHNWRUªGHUJXWH2YHUVEHUJJLEWVRJDU,KQHQ HLQ5lWVHODXI/DVVHQ6LHPLULFKELWWHUHFKWVHKUJHOWHQGDHU IUPLFKHLQHVEOHLEHQGXUIWHELVDQVHLQVHOLJHV(QGH'HQQ VHOLJVROOHVJHZHVHQXQGHUPLWHLQHP6SULFKZRUWDXIGHQ/LSSHQ JHVWRUEHQVHLQ'DVODXWHWH¾2 ZHOFKHLQ*OFN½ ,P/HEHQDOOH $XJHQEOLFNH¾:HOFKHLQ*OFN½XQGLP6WHUEHQDOVHUGHQ$U]W GHULKQIUEHZXWORVKLHOWVDJHQK|UWH¾(VJHKW]X(QGH½ DXFK ZLHGHU¾:HOFKHLQ*OFN½6RKDWWHHUVLFK VDQJHZ|KQW:LHRIW KDEHQZLULKQGHVZHJHQDXVJHODFKW6HLQHEHUKPWH&KDQFHDOV gNRQRPKDWLKQMDDXFKPDQFKPDOVLW]HQODVVHQGLH'XPPKHLW XQG%RVKHLWGHU0HQVFKHQLKPDXFK]XVFKDIIHQJHJHEHQ (LQPDOLVWGLHJDQ]H*HPHLQGHJHJHQLKQDXIJHVWDQGHQELVDXI ]ZHL+lXVOHU¾=ZHL(KUHQOHXWH½VDJWHU¾:HOFKHLQ*OFN½ :LUNOLFKLFKIDKULKQDQ¾:HQQ,KQHQGHU6WXUP,KU+DXV ]HUVW|UWXQGQXU]ZHL=LHJHODXIHLQDQGHUVLW]HQEOHLEHQ6LH ZHUGHQQRFKVDJHQ:HOFKHLQ*OFN1HLQ,KUHVDQIWPWLJH +HLWHUNHLWZR6LHGLHKHUQHKPHQ½ ¾:RKHU"½ GDVJDELKP]XGHQNHQXQGHUVWQDFKHLQLJHU=HLW DQWZRUWHWHHU¾6LHKDWYLHOOHLFKWHLQHQUHFKWHQJKHU]LJHQ*UXQG VLHNRPPWYLHOOHLFKWDXVGHP%HZXWVHLQ LFKKDEHDOOHPHLQH /LHEHQJHERUJHQHVNDQQQXUQRFKPLUHWZDVJHVFKHKHQ½
(UZDUHLQDOWHU0DQQVHLQH+DDUHZDUHQZHLJHZRUGHQGHQ .RSIWUXJHUHLQZHQLJJHEFNWVDKMHGHQYRQXQWHQKHUDXIPLW DXHURUGHQWOLFKHP:RKOZROOHQDQ0DQFKHEHVRQGHUVGLH -QJHUHQZLHVLHVFKRQVLQGHUZLGHUWHQGDVVRJHZL0DFKHQ 6LHVLFKGRFKQLFKWVDXVPLULFKPDFKHPLUMDQLFKWVDXVLKQHQ 2EPHLQJXWHU2YHUVEHUJVRHWZDVJHPHUNWKlWWH" 1LH(U JLQJGDKLQ©
=XPOHW]WHQ 0DOHDQGHP$EHQGXQWHUEUDFKGHU+HUU'HFKDQWGHQ +HUUQ,QVSHNWRU'HUDOWH+HUUOHKQWHVLFK]XUFNLQVHLQHQ 6HVVHOOHJWHGLH+lQGHDXIGHQ5DQGGHV7LVFKHVZLHHUVLHDXI GLH.DQ]HOEUVWXQJ]XOHJHQSIOHJWXQGVSUDFKª(UJLQJGDKLQ XQYHUZXQGEDUGXUFKVHLQH+DUPORVLJNHLWXQG*WHZLHGLH +HOGHQGHUQRUGLVFKHQ6DJHHVJHZRUGHQVHLQVROOHQGXUFKHLQ %DGLQ'UDFKHQEOXW(KUHVHLQHP$QGHQNHQ6RQGHUEDU+HUU ,QVSHNWRUVHKUVRQGHUEDU6LHKDEHQPLUPHKUYRQLKPHU]lKOW DOV6LHVHOEVWYRQLKPZLVVHQXQG ZLVVHQN|QQHQ'HQQQHKPHQ 6LHHVMDQLFKWEHOZHQQLFKPLUGLH%HPHUNXQJHUODXEH6LH VLQGHLQJHVFKHLWHU0DQQHLQUHFKWHU6FKlW]PHLVWHUGHU )lKLJNHLWHQGHU$UEHLWVNUDIWDQGHUHULQLKUHPZLFKWLJHQZHLW XPIDVVHQGHQ:LUNXQJVNUHLVH$EHUHLQHQHLQIDFKHQXQGHGOHQ 0HQVFKHQ YHUVWHKHQ6LHQLFKW©