+*(:(56 (,17(,/'(5(:,*.(,7
'LH/$1&(7VFKOLQJHUWHLQHLQHPSO|W]OLFKDXINRPPHQGHQ2UNDQ.DSLWl...
25 downloads
726 Views
382KB 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
+*(:(56 (,17(,/'(5(:,*.(,7
'LH/$1&(7VFKOLQJHUWHLQHLQHPSO|W]OLFKDXINRPPHQGHQ2UNDQ.DSLWlQ$LVVD%KXJROPXWHDOO VHLQH $XIPHUNVDPNHLW DXI GLH .RQWUROOHQ XQG GLH 6WHXHUXQJ GHV 5DXPVFKLIIHV ULFKWHQ 'DUXP EHPHUNWHHUGLHKHUHLQEUHFKHQGH'XQNHOKHLWQLFKWVRIRUW $XVGHP7HOHNRPGUDQJHQXQPRGXOLHUWH:RUWIHW]HQ$LVVDK|UWHVLHDEHUHUUHDJLHUWHQLFKWGDUDXI(V ZDU LPPHU ZLHGHU GDV JOHLFKH ZDV %HQ EHULFKWHWH 'LH 2EHUIOlFKH GHV 8803ODQHWHQ EDUJ NHLQ /HEHQ ZHGHU LQWHOOLJHQWHV QRFK XQLQWHOOLJHQWHV 'LH UlWVHOKDIWHQ :HVHQ GLH VLFK 880 QDQQWHQ ZDUHQYRQGHP(LVULHVHQYHUVFKZXQGHQZLHHLQ:DVVHUWURSIHQGHULQGHU6RQQHYHUGDPSIW (UVWGLHVHU9HUJOHLFKOLH.DSLWlQ%KXJROVWXW]HQ(UHULQQHUWHLKQGDUDQGDDXFKGHU(LVSODQHWQLFKW Y|OOLJNDOWZDUREZRKONHLQH6RQQHLKQHUZlUPWH(EHQVRZLHGHU3ODQHW7KXWDZDUDXFKGHU880 3ODQHWGXUFKHLQHQXQEHNDQQWHQ(IIHNWHUZlUPWZRUGHQ'LH7HPSHUDWXUHQODJHQDXIEHLGHQ:HOWHQ HEHQVR KRFK EH]LHKXQJVZHLVH WLHI ZLH VLH JHZHVHQ ZDUHQ EHYRU GDV LPDJLQlUH (QHUJLHQHW] GHV ª6XFKHUV©VLHDXVLKUHQQDWUOLFKHQ/HEHQV]RQHQKHUDXVJHULVVHQKDWWH *OHLFKHVJDOWIUGLH+HOOLJNHLW ,Q$LVVDV*HKLUQVFKOXJHLQH$ODUPJORFNHDQ :DUXPZXUGHHVSO|W]OLFKGXQNHO":DUXPVHQNWHVLFK1DFKWEHUGLH6HLWHGHV(LVULHVHQDXIGHUQRFK IUPLQGHVWHQVDFKW6WXQGHQ7DJKHUUVFKHQVROOWH" (UULFKWHWHGLHVWXPSIH1DVHGHU/$1&(7QDFKREHQXQGJDEIUGUHL6HNXQGHQ0LQLPDOVFKXEDXI GLH +HFNGVHQ :LH HLQH /DQ]H VFKR GDV 5DXPVFKLII DXV GHP TXLUOHQGHQ 6RJ ZLUEHOQGHU (LVNULVWDOOPDVVHQKHUDXV$XIXQGQLHGHUWDQ]HQGYHUKDUUWHHVEHUGHP&KDRV,UJHQGZRGRUWXQWHQ EHIDQGVLFK%HQGHU5RERWHU 'HU .DSLWlQ ZDQGWH OHLFKW GHQ .RSI DOV HU GLH 6FKULWWH YHUQDKP 6DPXHO 3HFN ZDU HLQ ]XU )HWWOHLELJNHLW QHLJHQGHU JODW]N|SILJHU DOWHU +HUU XQG GHU .\EHUQR0DWKHPDWLNHU GHV .RQWDNWVFKLIIHV ,P )ODFNHUVFKHLQ KXVFKHQGHU .RQWUROOLFKWHU ZLUNWH VHLQ QDUEHQEHGHFNWHV %XOOGRJJHQJHVLFKWZLHDXV6WHLQJHPHLHOW 3HFNV$XJHQIXQNHOWHQKDUWDOVHUVHLQHQ&KHIDQEOLFNWHXQGVDJWH ª:LUVROOWHQ%HQKHUDXIKROHQXQGQDFK7KXWD]XUFNNHKUHQ$LVVD'LH'XQNHOKHLWEHKDJWPLUQLFKW $OOHV KDW VHLQH 8UVDFKH DEHU ZHQQ LFK DQ GLH 8UVDFKH GHU SO|W]OLFKHQ )LQVWHUQLV GHQNH EHVFKOHLFKW PLFKNDOWHV*UDXHQ© .DSLWlQ %KXJRO OlFKHOWH GHP *HIlKUWHQ ]X 1RFK YRU NXU]HP KDWWH HV ]ZLVFKHQ LKQHQ QXU GDV I|UPOLFKHª6LH©JHJHEHQ%HLGHZDUHQ0HQVFKHQGLHGDVªGX©QLFKWXQEHGLQJWDOV*UXQGODJHHLQHU )UHXQGVFKDIWEHWUDFKWHWHQ'RFKLQ]ZLVFKHQZDUYLHOJHVFKHKHQ:lKUHQGLKUHUJHLVWLJHQ5HLVHLQGLH 'LPHQVLRQ GHV 6XFKHUV ZDUHQ VLH HLQV JHZHVHQ ]XVDPPHQ PLW )UDQFRLV XQG $QQD ]XP JHLVWLJHQ 9ROXPHQ GHV :,5 YHUVFKPRO]HQ 6HLWGHP IKOWHQ XQG GDFKWHQ VLH QLFKW PHKU ZLH HLQVW =ZLVFKHQ LKQHQ EHVWDQG HLQ XQ]HUWUHQQOLFKHV JHLVWLJHV %DQG GDV HQJHU ZDU DOV EHL HLQHLLJHQ =ZLOOLQJHQ $QJHVLFKWVGHVVHQZlUHHVDEVXUGJHZHVHQZHLWHUKLQEHLPª6LH©]XEOHLEHQ 1DFKGHQNOLFKQLFNWH$LVVD6FKRQZROOWHHUGLH+DQGQDFKGHP0LNURSKRQDXVVWUHFNHQDOV%HQVLFK YRQVHOEVWPHOGHWH ª5DSLGHU7HPSHUDWXUDEIDOO6LU'LH$WPRVSKlUHEHJLQQWVLFKNULVWDOOLQQLHGHU]XVFKODJHQ,FKUDWH]XP VRIRUWLJHQ$XIEUXFK©'HU.DSLWlQ]RJGDV0LNURSKRQ]XVLFKKHUDQ ª.RPPKHUDXI%HQ© (UVFKDOWHWHGHQ3HLOVWUDKOHLQXQGKRIIWHGDGHU5RERWHUVLFKGXUFKGHQ2UNDQQDFKREHQNlPSIHQ NRQQWH0HKUJDEHVQLFKW]XWXQ8QWHUKDOEGUHLLJ.LORPHWHU+|KHZDUGLH0HWKDQDWPRVSKlUHGHV 8803ODQHWHQ VR GLFKW GD LKU 'UXFN GLH /$1&(7 ]XVDPPHQJHGUFNW KDEHQ ZUGH 1XU GHU 5RERWHUGXUIWHVLFKLQGLHVH+|OOHZDJHQ(UDOOHLQNRQQWHGHQ,QQHQGUXFNVHLQHV5DXPSDQ]HUVGHP DWPRVSKlULVFKHQ'UXFNDQJOHLFKHQ 'DV:DUWHQ DXI%HQZXUGH]XU4XDO8QWHUGHU/$1&(7WREWHQ+DJHOVWUPHIHJWHQ6FKQHHZlQGH JOHLFKVFKZDU]HQ8QJHKHXHUQGDKLQQXUHUKHOOWGXUFKHLQ7URPPHOIHXHUEOHQGHQGHU%OLW]H$EHUGRUW
ZRGDV5DXPVFKLIIVFKZHEWHZXUGHGHU6WXUPVFKZlFKHUXQGVFKZlFKHUELVHUVFKOLHOLFKJlQ]OLFK YHUHEEWH'LH/$1&(7EHIDQGVLFKSO|W]OLFKZLHGHULP:HOWUDXPRKQHVLFKYRQGHU6WHOOHEHZHJW]X KDEHQ 'LH DEVROXWH .lOWH HLQHV VRQQHQOHHUHQ 5DXPHV OLH GLH JHIURUHQH $WPRVSKlUH 6FKLFKW XP 6FKLFKWQDFKXQWHQVWU]HQZRVLHVLFKZLHHLQ/HLFKHQWXFKEHUGLHVDQIWJHZHOOWHQ$PPRQLDNKJHO OHJWH (UVFKDXHUQGHUNDQQWH$LVVDGDDXFKHLQHWRWH:HOWVWHUEHQNRQQWH (LQH 6WXQGH QDFK GHP (LQEUXFK GHU )LQVWHUQLV WDXFKWH GHU 5RERWHU DXI 'LH $JJUHJDWH VHLQHV 5DXPSDQ]HUVEHVDHQQXUQRFK6FKURWWZHUW6LHZDUHQLQGLHVHUHLQHQ6WXQGHVWlUNHUEHODVWHWZRUGHQ DOV ZlKUHQG GHU EHLGHQ 7DJH GLH %HQ DXI GHU 2EHUIOlFKH JHJHQ GLH QRUPDOHQ 6WUPH DQJHNlPSIW KDWWH .DSLWlQ%KXJROZDUWHWHQLFKWDEELVGHU5RERWHUGLH6FKOHXVHYHUOLH(UZHQGHWHGLH/$1&(7XQG QDKP .XUV DXI 7KXWD 2EZRKO HU VLFK LPPHU IU HLQHQ DEJHEUKWHQ 5DXPIDKUHU JHKDOWHQ KDWWH JHVWDQGHUVLFKQXQHLQGDHUVLFKIUFKWHWH,PPHUZLHGHUKDOOWHQ6DPV:RUWHLQVHLQHP*HLVWQDFK $OOHVKDWVHLQH8UVDFKH 8QG GLH )LQVWHUQLV DXI 880 NRQQWH QXU HLQH 8UVDFKH KDEHQ HLQH IDOVFKH 5HDNWLRQ GHV 6XFKHUV 'LHVHV K\SHUGLPHQVLRQDOH :HVHQ KDWWH VHLQHQ ª*HIDQJHQHQ© /LFKW XQG :lUPH HQW]RJHQ ,QQHUKDOE GHUDQGHUWKDOE/LFKWMDKUHGXUFKPHVVHQGHQ(QHUJLHEODVHZUGHGHU7RGVHLQHQ(LQ]XJKDOWHQ $LVVDVFKORJHEOHQGHWGLH$XJHQDOVODXWORVHV)HXHULQGHU'XQNHOKHLWGHV:HOWUDXPVDXI]XFNWH(LQ *LWWHUZHUNJUHOOHU(QWODGXQJHQZ|OEWHVLFKJOHLFKHLQHUJLJDQWLVFKHQ.XJHO ª0HLQ*RWW©IOVWHUWH$LVVDEHNORPPHQª:DVVROOGDVEHGHXWHQ"© 'RFKHVJDENHLQH$QWZRUWDXIGLHVH)UDJH 1RFKQLFKW
'LH EHLGHQ 0lQQHU LQ GHU =HQWUDOH GHV .RQWDNWVFKLIIHV KLHOWHQ XQZLOONUOLFK GHQ $WHP DQ DOV GHU 3ODQHW7KXWDDOVVFKZDU]HU%DOOLP)URQWVFKLUPDXIWDXFKWH :RZDUGDVU|WOLFKHZDUPH/LFKWZRGLHTXHFNVLOEHUIDUEHQHQ5HIOH[HGHU]DKOORVHQ6HHQ":RZDUHQ GLHGXQNHOJUQHQ:lOGHUGLHJHOEHQ6DYDQQHQXQGGLHZHLHQ)DUENOHFNVHGHU6LHGOXQJHQ" (UVW GHU 3DQRUDPDVFKLUP GHU ,PSXOVRUWXQJ HQWKOOWH HWZDV YRQ GHP 'UDPD GDV VLFK DXI MHQHU IULHGOLFKHQ :HOW DEVSLHOWH 'LH $WPRVSKlUH ZDU DQJHIOOW PLW JLJDQWLVFKHQ 6FKQHHZRONHQ 6WUPH WULHEHQGLH:RONHQEHUGLH2EHUIOlFKHZLUEHOWHQVLHLP.UHLVXQGULVVHQVLHDXVHLQDQGHU$EHUDXFK GXUFK GLH :RONHQO|FKHU KLQGXUFK ZDU QLFKWV ]X HUNHQQHQ DXHU GHP JOHLFKPlLJ DXVJHEUHLWHWHQ ZHLHQ7XFKDXV6FKQHH ª7KXWDV/HLFKHQWXFK©PXUPHOWH6DP $LVVDELVLFKDXIGLH/LSSHQ(LQ%OXWVWURSIHQUROOWHEHUVHLQ.LQQHUEHPHUNWHHVQLFKW ª,PPHUQRFKNHLQ.RQWDNW%HQ"©(UZDUIGHP5RERWHUHLQHQXQJHGXOGLJHQ%OLFN]X ª1LFKWV6LU$EHUGDVKDWZHQLJ]XVDJHQ0LVWHU3HWLWXQGVHLQH)UDXEUDXFKHQGDV8QZHWWHUQLFKW]X IUFKWHQ 0LW LKUHU $XVUVWXQJ KDOWHQ VLH QRFK VFKOLPPHUHQ .DWDVWURSKHQ VWDQG 6LH ZHUGHQ GHQ 7KXWDVKHOIHQXQGGHVKDOEXQVHUHQ)XQNVSUXFKQLFKWJHK|UWKDEHQ6LU© ª'XPHLQH*WH©6DPXHO3HFNVHXI]WHª:DVN|QQHQ]ZHL0HQVFKHQVFKRQKHOIHQZHQQHLQJDQ]HU 3ODQHWVWLUEW":DUXPWXQVLHHWZDVGHUDUW6LQQORVHV© ª(EHQ ZHLO VLH 0HQVFKHQ VLQG© JDE .DSLWlQ %KXJRO VFKDUI ]XUFN (U UlXVSHUWH VLFK XQG IJWH YHUV|KQOLFKHU KLQ]X ª1LFKW GD LFK GLU XQUHFKW JlEH 6DP 1DWUOLFK N|QQHQ VLH QLFKW YLHO KHOIHQ $EHU ZHQLJVWHQV ZHUGHQ VLH YHUKLQGHUQ GD GLH 5DVVH GHU 7KXWDV Y|OOLJ YRQ GHU .DWDVWURSKH DXVJHO|VFKWZLUGXQGZLUZHUGHQVLHPLWDOOHPXQWHUVWW]HQZDVZLUKDEHQ© (UEHUOLHGLH6WHXHUXQJGHU/$1&(7GHP$XWRSLORWHQ]QGHWHVLFKHLQH=LJDUHWWHDQXQGOHKQWH VLFKZHLW]XUFN (VKDWWHDOOHVVHKUKDUPORVEHJRQQHQ9RUHLQHU:RFKHDP-XQLWHUUDQLVFKHU=HLWUHFKQXQJ KDWWHQVLHGDVVRODUH6\VWHPKLQWHUVLFKJHODVVHQ,KU=LHOZDUHLQXQHUIRUVFKWHU5DXPNXEXVJHZHVHQ DXHUKDOE GHV 3HUVHXV$UPHV 'RUW JDE HV ]ZHL 6RQQHQ YRP 6RO7\S ZDV ]X GHU +RIIQXQJ EHUHFKWLJWH DXI HUGlKQOLFKH 3ODQHWHQ PLW LQWHOOLJHQWHP /HEHQ ]X VWRHQ $LVVD %KXJRO KDWWH HV VLFK ]XU$XIJDEHJHPDFKW.RQWDNWPLWXQEHNDQQWHQLQWHOOLJHQWHQ5DVVHQDQ]XNQSIHQXQGIHVW]XVWHOOHQ REVLHVLFKDOV3DUWQHUGHVLQWHUVWHOODUHQ+DQGHOVHLJQHWHQ%LVKHUZDUHUQLFKWVFKOHFKWGDEHLJHIDKUHQ 'LH+DQGHOVJHVHOOVFKDIWHQGHV6RODUHQ,PSHULXPV]DKOWHQUHFKWJXWIUEUDXFKEDUH(LJQXQJVEHULFKWH XQG GLH .RRUGLQDWHQ HLQHU QHXHQ 3DUWQHUZHOW XQG .DSLWlQ %KXJRO JDOW DOV GHU ]XYHUOlVVLJVWH DOOHU
)UHPGUDVVHQNRQWDNWHU /HLGHUKDWWHPDQGDV=LHOJHELHWQLHPDOVHUUHLFKW$OVGLH/$1&(7QDFKGHUHUVWHQ/LQHDUIOXJHWDSSH ZLHGHULQGHQ1RUPDOUDXP]XUFNNHKUWHEHIDQGVLHVLFKLQQHUKDOEHLQHUXQVLFKWEDUHQQXUGXUFKGLH :LUNXQJ ]X HUNHQQHQGHQ (QHUJLHEODVH 'LHVH :LUNXQJVNXJHO KLHOW VLH ZLH LQ HLQHP *HIlQJQLV IHVW XQGVFKOHSSWHVLHJOHLFK]HLWLJPLW]HKQPLOOLRQHQIDFKHU/LFKWJHVFKZLQGLJNHLWGXUFKGLH*DOD[LV $EHUGLH0HQVFKHQLQGHU/$1&(7ZDUHQQLFKWGLHHLQ]LJHQ*HIDQJHQHQGHV6XFKHUV'LH%HZRKQHU GHV 3ODQHWHQ 7KXWD HLQHU HUGlKQOLFKHQ :HOW JHK|UWHQ HEHQIDOOV GD]X 6LH NDPHQ DXV HLQHU DQGHUHQ *DOD[LVXQGZDUHQYRQGHPXQVLFKWEDUHQ1HW]GXUFKGHQ$EJUXQGGHVH[WUDJDODNWLVFKHQ5DXPHVXQG GXUFK GLH 0LOFKVWUDH KLQGXUFKJHVFKOHSSW ZRUGHQ 8QG HV VDK VR DXV DOV ZUGH GLH 5HLVH HZLJ VR ZHLWHUJHKHQ(LJHQDUWLJHUZHLVHHPSILQJ7KXWD/LFKWXQG:lUPHPLWGHUJOHLFKHQ,QWHQVLWlWDXVGHP 1LFKWVZLHHUHVIUKHUYRQVHLQHU6RQQHHUKDOWHQKDWWH 6SlWHU QDFKGHP PLW ZHLWHU DQVWHLJHQGHU *HVFKZLQGLJNHLW GLH QlFKVWH *DOD[LV HUUHLFKW ZRUGHQ ZDU ILQJVLFK5RROV6WDGWLP1HW]HLQH5DXPVWDGWYRQDFKWWDXVHQG.LORPHWHUQ+RUL]RQWDOGXUFKPHVVHU /HEHQVVSKlUH XQG ª6SLHO]HXJ© HLQHU JLJDQWLVFKHQ +\GURLQWHOOLJHQ] GLH VLFK QRFK LP .LQGKHLWVVWDGLXPEHIDQG ,Q GHU GULWWHQ *DOD[LV VFKOLHOLFK WDXFKWH GHU 8803ODQHW DXI XQG PLW LKP GLH 880 VHOWVDPH IOLPPHUQGH/LQVHQYRQGUHL0HWHU'XUFKPHVVHUGLHJDUQLFKWZLHRUJDQLVFKHV/HEHQZLUNWHQ 0LW GHP 7KXWD :XUJK GHU +\GURLQWHOOLJHQ] 5RRO XQG GHU +LOIH GHU 880 ZDU HV VFKOLHOLFK JHOXQJHQ 9HUELQGXQJ PLW GHP (QWIKUHU DXI]XQHKPHQ 'HU 6XFKHU ZLH HU VLFK QDQQWH ZDU HLQ K\SHUGLPHQVLRQDOHV :HVHQ DXV HLQHP RIIHQEDU VHFKVGLPHQVLRQDOHQ .RQWLQXXP (V JHK|UWH ]X HLQHU 5DVVHGLHGLH0HQVFKHQª)LVFKHUGHV8QLYHUVXPV©JHQDQQWKDWWHQ0LWJHQDXEHUHFKQHWHQ6WUDKOHQ VHFKVGLPHQVLRQDOHU (QHUJLH ZLUNWHQ VLH DXI GDV (LQVWHLQ8QLYHUVXP HLQ XQG HU]HXJWHQ HLQHQ HQJ EHJUHQ]WHQ .UPPXQJVHIIHNW GHU HLQH :LUNXQJVNXJHO VFKXI HLQ 8QLYHUVXP LP 8QLYHUVXP 0LW GLHVHU:LUNXQJVNXJHOILQJHQGLHª)LVFKHUGHV8QLYHUVXPV©3ODQHWHQ5DXPVWlGWHXQG5DXPIDKU]HXJH HLQ XP VLH ]X EHREDFKWHQ XQG ]X VWXGLHUHQ :LEHJLHU ZDU LKU 0RWLY 1LHPDOV ZDU HV LKQHQ ]X %HZXWVHLQ JHNRPPHQ GD VLH PLW LKUHQ ª)LVFK]JHQ© DQGHUH LQWHOOLJHQWH :HVHQ TXl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|VW KDWWH 'LHVHV :HVHQ NDQQWH NHLQH )DOVFKKHLW (V KDWWH HLQ 9HUVSUHFKHQJHJHEHQXQGZUGHGLHVHV9HUVSUHFKHQHLQO|VHQ (WZDV PXWH LQ GHU IUHPGHQ 'LPHQVLRQ JHVFKHKHQ VHLQ ZDV GHQ 6XFKHU DQ GHU (LQO|VXQJ VHLQHV 9HUVSUHFKHQVKLQGHUWHXQG]XJOHLFKW|GOLFKH.lOWHXQG'XQNHOKHLWEHUGLH*HIDQJHQHQEUDFKWH $EHUZDVNRQQWHHLQIUPHQVFKOLFKH%HJULIIHIDVWDOOPlFKWLJHV:HVHQGDUDQKLQGHUQHLQ9HUVSUHFKHQ ]XHUIOOHQ" %HQVODXWH6WLPPHULGHQ.DSLWlQDXVVHLQHQ*HGDQNHQ=XVDPPHQ]XFNHQGIXKUHUKHUXP 'DVWlXVFKHQGPHQVFKHQlKQOLFKH%LRSODVWJHVLFKWGHV5RERWHUVYHU]RJVLFK]XHLQHPWULXPSKLHUHQGHQ /DFKHQ ª.RQWDNW6LU©ULHIHUª.RQWDNWPLW7KXWD© $XI$LVVDV7HOHNRPOHXFKWHWHGHU5XINQRSILQSXUSXUQHP5RWDOV%HQGDV*HVSUlFKXPOHJWH+DVWLJ VFKDOWHWHGHU.DSLWlQVHLQ*HUlWHLQ )UDQFRLV *HVLFKW HUVFKLHQ DXI GHU NOHLQHQ %LOGVFKHLEH $EHU ZLH VDK HV DXV 1LFKWV YRQ GHU VSUKHQGHQ /HEHQGLJNHLW GHV )UDQNR7HUUDQHUV ZDU ]X VHKHQ 6RJDU GLH %UlXQH GHV *HVLFKWV ZDU HLQHPIDKOHQ*UDXZHLJHZLFKHQ,QGHQ$XJHQLUUOLFKWHUWHGDVQDFNWH(QWVHW]HQ $LVVDVFKOXFNWHXPGHQ.ORDXVVHLQHP+DOV]XYHUGUlQJHQ ª+DOOR)UDQFRLV©PXUPHOWHHUVFKZDFKª:LUZLVVHQ%HVFKHLG:LHJHKWHVHXFK"© 'LH$QGHXWXQJHLQHVKLOIORVZLUNHQGHQ/lFKHOQVKXVFKWHEHUGDV*HVLFKWGHV(UVWHQ2IIL]LHUV ª$QQDXQGLFKVLQGZRKODXI©VDJWHHUPGHª$EHUGLH7KXWDVVWHUEHQ$LVVD:LUEHLGHN|QQHQQLFKW YLHO PHKU WXQ DOV XQWlWLJ ]X]XVHKHQ 'LH 6FKQHHGHFNH ZlFKVW VFKQHOOHU DOV LUJHQG MHPDQG GLH 7UDQVPLWWHU3ODWWIRUPHQIUHLKDOWHQN|QQWH©
ª:LUPVVHQLKQHQKHOIHQ©HUZLGHUWH%KXJROIHVWª6FKDOWHGHQ3HLOVHQGHUHLQGDPLWZLUHXFKILQGHQ XQGJLEPLU/DQGHDQZHLVXQJHQVREDOGGLH/$1&(7DXIHXUHP2UWXQJVVFKLUPDXIWDXFKW© ª,FK ZLOO HV YHUVXFKHQ 7URW] GHU IQI 0HWHU KRKHQ 6FKQHHGHFNH GLH DXI GHU 2UWXQJVDQWHQQH OLHJW 0DQQ$LVVDZDVLVWGHQQQXUSDVVLHUW"© .DSLWlQ%KXJROKDWWHQLHJHZXWGDHUVFKDXVSLHOHULVFKHV7DOHQWEHVD(UHUIXKUHVHUVWLQGLHVHP $XJHQEOLFN DOV HU GHP )UHXQG XQG 0LWDUEHLWHU HLQ KRIIQXQJVIURKHV /lFKHOQ VFKLFNWH )UDQFRLV 6FKXOWHUQVWUDIIWHQVLFKIDVWLPJOHLFKHQ$XJHQEOLFN(WZDVYRQ$LVVDVSO|W]OLFKHU=XYHUVLFKWVSLHJHOWH VLFKLP*ODQ]VHLQHU$XJHQZLGHU ª,FKGHQNHHVKDQGHOWVLFKQXUXPHLQHYRUEHUJHKHQGH3DQQH©VDJWHHUUXKLJª:LUPVVHQVHKHQ GDGLH7KXWDVGLHVFKZHUH=HLWEHUVWHKHQ/DQJHNDQQHVQLFKWVREOHLEHQ)UDQFRLV© (UIKOWHHLQHQVFKDOHQ*HVFKPDFNLP0XQGDOVGLH%LOGVFKHLEHHUORVFK:DUXPKDWWHHUJHORJHQ"(U ]XFNWH GLH 6FKXOWHUQ 9LHOOHLFKW KDWWH HU LQ MHQHP $XJHQEOLFN VHOEVW DQ VHLQH :RUWH JHJODXEW 8QG PXWHHUQLFKWPLWJDQ]HU.UDIWKRIIHQGDHVVRZlUH" (U EOLFNWH DXI XQG VDK JHUDGHVZHJV LQ 6DPV VWDUUHV *HVLFKW 'HU .\EHUQR0DWKHPDWLNHU KLHOW HLQHQ 6\PEROVWUHLIHQLQGHU+DQG6HLQ%OLFNZDUXQYHUZDQGWGDUDXIJHULFKWHWDOVJLQJHHLQHK\SQRWLVFKH .UDIWGDYRQDXV $LVVDUlXVSHUWHVLFK 6DP 3HFN VDK KRFK 'LH 6WDUUH YHUVFKZDQG DXV VHLQHP *HVLFKW XQG PDFKWH HLQHU *ULPDVVH GHU 9HU]ZHLIOXQJ3ODW](UNQOOWHGLH6\PEROIROLH]XVDPPHQXQGVFKOHXGHUWHGDV.QlXHOLQHLQH(FNH ª9HUGDPPW© 2EZRKO %KXJRO IOXFKHQGH 0HQVFKHQ QLFKW DXVVWHKHQ NRQQWH VFKOXFNWH HU GLHVPDO GLH VFKDUIH =XUHFKWZHLVXQJKLQXQWHU ª:DVPHLQWGLH3RVLWURQLN"©IUDJWHHUOHLFKWKLQ ª8QVLQQ©VWLH6DPKHUYRUª'LH3RVLWURQLNUHGHW8QVLQQ:LHNDQQHLQHIQIGLPHQVLRQDOGHQNHQGH 0DVFKLQHGLH9RUJlQJHLQHLQHUVHFKVGLPHQVLRQDOHQ([LVWHQ]HEHQHGHILQLHUHQ© ª:DVKDWVLHHUUHFKQHW"©EHKDUUWH$LVVD 3HFNVFKWWHOWHGHQ.RSI(UODFKWHDEHUHVNODQJLUJHQGZLHXQHFKW)XUFKWVFKZDQJLQVHLQHU6WLPPH PLWDOVHUVDJWH ª'LH3RVLWURQLNPHLQWGHU6XFKHUVHLHUNUDQNW© $LVVD %KXJRO VWDUUWH GHQ DQGHUHQ YHUEOIIW DQ 'DQQ YHU]HUUWHQ VHLQH =JH VLFK DOV EHJlQQH HU GLH JUDXVLJH:DKUKHLW]XDKQHQ 1DWUOLFK NDQQ GHU 6XFKHU QLFKW NUDQN LQ XQVHUHP 6LQQH VHLQ VFKR HV LKP GXUFK GHQ .RSI $EHU HWZDV VFKLHQ DQ VHLQHU (QHUJLH ]X ]HKUHQ XQG OLH LKQ GLH .RQWUROOH EHU VHLQ HQHUJHWLVFKHV 1HW] YHUOLHUHQ
1DFK GHQ VFKZLHULJHQ 0DQ|YHUQ LQ GHQ 2UNDQHQ GHU 880$WPRVSKlUH HUVFKLHQ $LVVD %KXJRO GLH /DQGXQJ DXI 7KXWD HLQ .LQGHUVSLHO 0LW +LOIH YRQ )UDQFRLV H[DNWHQ $QZHLVXQJHQ XQG GHV (FKR 6FKLUPHV IDQG HU GHQ DOWHQ /DQGHSODW] ZLHGHU 'DV 'VHQIHXHU IHJWH GHQ IQI 0HWHU KRKHQ 6FKQHH GDYRQ XQG VFKPRO] GLH GDUXQWHU OLHJHQGH (LVVFKLFKW 'DQQ OHXFKWHWHQ GLH VHFKV .RQWUROODPSHQ LQ EHUXKLJHQGHP*UQXQG]HLJWHQDQGDGLH/DQGHWHOOHUDXIJHVHW]WKDWWHQXQGGLH7HOHVNRSVWW]HQVLFK LP*OHLFKJHZLFKWEHIDQGHQ 'HU .DSLWlQ VFKDOWHWH GHQ 6FKXW]VFKLUP HLQ XQG EHREDFKWHWH DXI GHQ %LOGVFKLUPHQ GHU 5XQGVLFKWDQODJH ZLH GLH 6FKQHHPDVVHQ YRP 6WXUP JHJHQ GDV XQVLFKWEDUH (QHUJLHIHOG JHZRUIHQ ZXUGHQ'HU6FKQHHVFKPRO]VRIRUW(VVDKDXVDOVUDQQHDQHLQHUXQVLFKWEDUHQ0DXHUHLQH6WXU]IOXW KHUXQWHU 'DV /LFKW GHU 6FKHLQZHUIHU ]DXEHUWH EXQWH 5HIOH[H DXI GLH :DVVHUZDQG 5LQJV XP GHQ 6FKXW]VFKLUPZXFKVXQDXIKDOWVDPHLQ(LVZDOOLQGLH+|KH 6DP3HFNVW|KQWHXQWHUGUFNW $LVVDNRQQWHGLH*HIKOHGHV0DWKHPDWLNHUVQDFKHPSILQGHQ(UJHVWDQGVLFKHLQGDHUVLFKGLH/DJH QLFKWVRVFKOLPPYRUJHVWHOOWKDWWH(LQHDXVJHIDKUHQH6RQGHHUEUDFKWHGLHHUVWHQ$QDO\VHQ1RFKZDU GLH $WPRVSKlUH JDVI|UPLJ ZHQQ VLFK DXFK IDVW KXQGHUW 3UR]HQW GHU /XIWIHXFKWLJNHLW LQ 6FKQHH XQG (LVNULVWDOOH YHUZDQGHOW KDWWHQ 'LH 7HPSHUDWXU EHWUXJ ]ZHL 0HWHU EHU GHP %RGHQ PLQXV VHFKVXQGDFKW]LJ *UDG &HOVLXV $LVVD NQLUVFKWH XQZLOONUOLFK PLW GHQ =lKQHQ -HGHU GHU VLFK GRUW GUDXHQ QXU ZHQLJH 0LQXWHQ RKQH 5DXPDQ]XJ DXIKLHOW ZDU GHP 7RGH JHZHLKW 8QG GLH 7KXWDV EHVDHQVHLQHV:LVVHQVNHLQH5DXPDQ]JH
6HLQ*HVLFKWYHUKlUWHWHVLFK(UZDQGWHVLFK%HQ]X ª8QWHUGLHVHQ8PVWlQGHQPVVHQZLUGLH6FKLOGNU|WHEHQXW]HQ%HQ© 'HU5RERWHUHUKREVLFKXQGJLQJ]XP6FKRWW ª-DZRKO6LU© ª:LUNRPPHQVRIRUWQDFK©IJWH$LVVDKLQ]X ª+HOOHU :DKQVLQQ© PXUPHOWH 6DP ª:LH VROOHQ ZLU GHQ 7KXWDV KHOIHQ" :lUH HV QLFKW EHVVHU VFKQHOOVWHQV]X5RROV6WDGW]XIOLHJHQXQGHLQHQQHXHQ.RQWDNWPLWGHP6XFKHUKHU]XVWHOOHQ"© ª9LHOOHLFKWKDVWGXUHFKW©JDE%KXJRO]Xª$EHULFKN|QQWHQLHPHKUUXKLJVFKODIHQZHQQLFK]XYRU QLFKWDOOHV0HQVFKHQP|JOLFKHYHUVXFKWKlWWHXPGHQhEHUOHEHQGHQGLHVHU:HOW]X KHOIHQ© ª,FKDXFKQLFKW$LVVD©6DP3HFNHUKREVLFKVFKZHUIlOOLJXQG VHXI]WHª$OVRORV© 'LH EHLGHQ 36(OHNWURPRWRUHQ GHU 6FKLOGNU|WH VXPPWHQ EHUHLWV DOV VLH GLH %RGHQVFKOHXVH EHWUDWHQ =ZHL %DE\)XVLRQVUHDNWRUHQ YHUVRUJWHQ GLH 0RWRUHQ PLW 6WURP 'HU $QWULHE ZDU VR NRQVWUXLHUW GD VHOEVW EHL 7RWDODXVIDOO HLQHV 5HDNWRUV XQG HLQHV 0RWRUV PLW YROOEHODGHQHP :DJHQ QRFK DFKW]LJ 6WXQGHQNLORPHWHU HUUHLFKW ZXUGHQ 'LH ]ZHL 0HWHU EUHLWHQ *OHLVNHWWHQ EHVWDQGHQ DXV PROHNOYHUGLFKWHWHP7HUNRQLWVWDKOXQGKDWWHQHLQHWKHRUHWLVFKH9HUVFKOHLTXRWHYRQ]HKQ0LOOLRQHQ )DKUVWXQGHQ3UDNWLVFKZDUHQVLHXQ]HUVW|UEDU1LFKWXPVRQVWJDOWGLH6FKLOGNU|WHLPPHUQRFKDOVGDV ]XYHUOlVVLJVWH %RGHQIDKU]HXJ IU ([SHGLWLRQHQ ,Q LKUHP )UDFKWUDXP NRQQWHQ VHFKV 0DQQ UHODWLY EHTXHP OlQJHUH =HLW ZRKQHQ ZlKUHQG GDV )DKU]HXJ GLH 2EHUIOlFKH HLQHV IUHPGHQ 3ODQHWHQ DEIXKU 'DV 6FKQHOOIHXHUJHVFKW] LQ GHU GUHKEDUHQ 3DQ]HUNXSSHO YHUPRFKWH VRZRKO NRQYHQWLRQHOOH 5DNHWHQSURMHNWLOHZLHDXFKNOHLQH$WRPUDNHWHQDE]XIHXHUQ 'LH 6WLHIHO LKUHU 5DXPDQ]JH SROWHUWHQ DXI GHP KHUXQWHUJHNODSSWHQ (LQVWLHJOXN 6DP YHUVFKOR GDV /XN XQG IROJWH GHP .DSLWlQ GXUFK GHQ HUOHXFKWHWHQ )UDFKWUDXP 6LH VWLHJHQ GXUFK HLQHQ NXU]HQ 6FKDFKW ]XP )KUHUVWDQG KLQDXI XQG OLHHQ VLFK QHEHQ GHQ 5RERWHU LQ GLH EHTXHPHQ *HOHQNVHVVHO IDOOHQ1RFKNRQQWHQVLHGXUFKGLH6LFKWVFKHLEHQDXV3DQ]HUSODVWH[VHKHQDEHU%HQKDWWHEHUHLWVGLH 5DGDUDQODJHHLQJHVFKDOWHW $XI HLQHP 3HLOVFKLUP VFKLPPHUWHQ GLH NRQ]HQWULVFKHQ .UHLVH GHU 5LFKWXQJVDQ]HLJH 'HU 3HLOVHQGHU )UDQFRLV ZUGHLKQHQDXFKLPGLFKWHVWHQ6FKQHHVWXUPGHQ:HJ]X:XUJKV+DXVZHLVHQ $LVVDQLFNWHGHP5RERWHUDXIIRUGHUQG]X%HQEHWlWLJWHGLH6FKOHXVHQIHUQVWHXHUXQJ6FKDUUHQGJOLWWHQ GLH EHLGHQ 7RUH ]XU 6HLWH GLH 5DPSH IXKU KHUDXV XQG VWLH JHJHQ GHQ YHUEUDQQWHQ )HOV 'LH 6FKLOGNU|WH VHW]WH VLFK PLW HLQHP VDQIWHQ 6FKQXUUHQ LQ %HZHJXQJ /HLFKW VFKDXNHOQG UROOWH VLH GLH 5DPSH KLQDE DXI GHQ DNWLYLHUWHQ 6FKXW]VFKLUP ]X .XU] GDYRU EHWlWLJWH %HQ DEHUPDOV HLQH )HUQVFKDOWXQJ(LQ7RUJHUDGHJURJHQXJXPGLH6FKLOGNU|WHKLQGXUFK]XODVVHQ|IIQHWHVLFKLQGHU (QHUJLHKOOH+LQWHUGHP)DKU]HXJVFKORHVVLFKZLHGHU .DSLWlQ%KXJROZDUIHLQHQ%OLFN]XUFN]XP6FKLII'RFKREZRKOVLHHUVW]HKQ0HWHUHQWIHUQWZDUHQ ]HLJWHQ GLH 6LFKWVFKHLEHQ QXU GHQ WDQ]HQGHQ :LUEHO N|UQLJHQ 6FKQHHV 1XU DXI GHQ 5DGDUVFKLUPHQ ZDUHQVFKHPHQKDIWGLH.RQWXUHQGHU/$1&(7]XHUNHQQHQ 'HU (LVZDOO XP GDV 6FKLII KDWWH EHUHLWV HLQH +|KH YRQ DFKW 0HWHUQ HUUHLFKW 'RFK HU ZDU HUVW DQGHUWKDOE 0HWHU VWDUN XQG KLHOW GLH 6FKLOGNU|WH NDXP PHKU DOV IQI 6HNXQGHQ DXI 0LW KRKOHP 'U|KQHQSROWHUWHQ(LVWUPPHUJHJHQGLH:DQGXQJGHV)DKU]HXJHVGDQQZDUHVKLQGXUFK 1DFK ]HKQ 0LQXWHQ EHUHLWV PXWH %HQ GDV )DKU]HXJ DEEUHPVHQ 'LH EHZHJOLFKHQ .HWWHQNUDOOHQ VWHPPWHQVLFKJHJHQGHQIHVWJHIDKUHQHQ6FKQHHXQGEUDFKWHQGLH6FKLOGNU|WHIDVWDXJHQEOLFNOLFK]XP 6WHKHQ (LQHQ KDOEHQ 0HWHU YRU LKQHQ UDJWH GHU :UIHO YRQ :XUJKV +DXV DXI GDV KHLW GDV ZDV GDYRQQRFKQLFKW]XJHVFKQHLWZDU0HKUDOVHLQ0HWHUZDUHVQLFKWXQGLQVSlWHVWHQVHLQHU6WXQGH VFKlW]WH$LVVDZUGHEHUKDXSWQLFKWVPHKUGDYRQ]XVHKHQVHLQ ª:LHVROOHQZLUGLH7UILQGHQ"©NQXUUWH6DP3HFNlUJHUOLFK ª.RPPW ]XP 0LWWHOSXQNW GHV 'DFKHV© PHOGHWH VLFK $QQDV 6WLPPH ª)UDQFRLV LVW EHUHLWV ]XP 'DFKOXNXQWHUZHJVXQGZLUGHXFK|IIQHQ© ª2ND\©EUXPPWHGHU.DSLWlQZRUWNDUJXQGVFKORKDVWLJGHQ'UXFNKHOP (U NRQQWH GDV MlKH .ORSIHQ VHLQHV +HU]HQV QLFKW XQWHUGUFNHQ $QQD :LH ODQJH KDWWH HU VLH QLFKW PHKU JHVHKHQ (UVW MHW]W NDP LKP ]X %HZXWVHLQ GD HU GLH VLQQORVH 6XFKDNWLRQ DXI GHP 880 3,DQHWHQ QXU XQWHUQRPPHQ KDWWH XP GHQ HUVWHQ 6FKPHU] ]X XQWHUGUFNHQ (V KDWWH LKQ Y|OOLJ EHUUDVFKWGD$QQDXQG)UDQFRLVVLFKYHUOREWHQ(UVWGDZDUHUVLFKVHLQHU*HIKOHIUGLH%LRORJLQ EHZXWJHZRUGHQ$EHUVRKDWWHHUVLFKJHVDJWHVOLHVLFKDQGHU6LWXDWLRQQLFKWVPHKUlQGHUQ,P 9HUJOHLFK ]X GHP WHPSHUDPHQWYROOHQ ZRUWJHZDQGWHQ )UDQFRLV ZDU HU HLQ 7|OSHO ZDV )UDXHQ
DQEHWUDI 1DFKHLQDQGHUSDVVLHUWHQVLHGLH%XJVFKOHXVH$LVVDYHUOLHGHQ:DJHQDOVHUVWHU6RIRUWZDUIHUVLFK DXIGHQ%RGHQGHQQGHU6FKQHHVWXUPULPLWIXUFKWEDUHU*HZDOWDQLKP(LVNULVWDOOHSUDVVHOWHQJHJHQ GHQ'UXFNKHOP6RJXWZLHEOLQGNURFKGHU.DSLWlQDXIGDV'DFKOXN]X(UZDUWHWHELV6DPXQG%HQ QHEHQLKPODJHQGDQQJDEHUEHU+HOPIXQNGLH$QZHLVXQJGDV/XN]X|IIQHQ ,P QlFKVWHQ $XJHQEOLFN WDVWHWHQ VHLQH )LQJHU LQV /HHUH 9DJH HUNDQQWH HU GLH DXV GHU gIIQXQJ DXIVWHLJHQGH1HEHOZRONH'HU:DVVHUGDPSIGHUZDUPHQ/XIWYHUZDQGHOWHVLFKVRIRUWLQ(LVNULVWDOOH DOVHUPLWGHUHLVLJHQ$XHQDWPRVSKlUHLQ%HUKUXQJNDP $LVVD VSUWH GHQ VDQIWHQ =XJ HLQHV $QWLJUDYIHOGHV $XIDWPHQG OLH HU VLFK LQ GLH gIIQXQJ IDOOHQ +LQWHULKPZlO]WHQVLFK6DPXQG%HQEHUGHQ/XNHQUDQG $OV HU GDV /XN ]XVFKODJHQ K|UWH KRIIWH HU VHLQH 8PJHEXQJ VHKHQ ]X N|QQHQ $EHU HU VDK VLFK HQWWlXVFKW $XFK GLH /XIW LQQHUKDOE GHV $QWLJUDYVFKDFKWHV ZDU YRQ 1HEHO HUIOOW (UVW DOOPlKOLFK YHUGDPSIWHGDVNRQGHQVLHUWH:DVVHUZLHGHU6FKDWWHQKDIWWDXFKWHQ*HVWDOWHQDXI .DSLWlQ%KXJROHUUHLFKWHGHQ*UXQGGHV6FKDFKWHVXQGNODSSWHGHQ'UXFNKHOP]XUFN'LH/XIWZDU DXFKKLHUNDOWDEHUPLQXV]HKQ*UDGOLHHQVLFKHUWUDJHQ 9RQ LUJHQGZRKHU EOLHV GLH .OLPDDQODJH PHKU XQG PHKU :DUPOXIW LQ GHQ 6FKDFKW 'HU 1HEHO O|VWH VLFKY|OOLJDXI $LVVD EOLFNWH GLUHNW LQ )UDQFRLV YHUNQLIIHQHV *HVLFKW 'HU (UVWH 2IIL]LHU VDK EOHLFK XQG DEJHVSDQQW DXV 'XQNOH 6FKDWWHQ ODJHQ XQWHU VHLQHQ $XJHQ XQG XP GHQ 0XQG JDE HV ]ZHL KDUWH /LQLHQ GLH YRUKHUQLFKWGDJHZHVHQZDUHQ 6LHGUFNWHQVLFKVWXPPGLH+lQGH=ZLVFKHQGHQEHLGHQ0lQQHUQKDWWHVLFKQLFKWVJHlQGHUW 6DPXHO3HFNGDJHJHQEHZLHVZLHGHUHLQPDOVHLQHVFKOHFKWH(U]LHKXQJDOVHUIUDJWH ª1D.OHLQHUZLHVLQGHXFKGLH!)OLWWHUZRFKHQEHNRPPHQ"© )UDQFRLV *HVLFKWYHUVFKORVLFKDXJHQEOLFNOLFK :LH HLQ NOHLQHV .LQG GHP PDQ VHLQ 6SLHO]HXJ YRUHQWKlOW REZRKO HV DXI GHP ZHLKQDFKWOLFKHQ *DEHQWLVFKJHOHJHQKDWGDFKWH$LVVD)UHLQHQHUIDKUHQHQ3V\FKRORJHQZLHLKQGDXHUWHHVGHQQRFK ]LHPOLFKODQJHEHYRUHU)UDQFRLV 5HDNWLRQGHXWHWH(UPHLQWH]XEHJUHLIHQGD$QQD]XGHQZHQLJHQ )UDXHQ ]lKOWH GLH VFKDUI ]ZLVFKHQ 9HUOREXQJ XQG +HLUDW XQWHUVFKLHGHQ XQG QXU GHP (KHJDWWHQ JHZlKUWHQ ZDV GLH PHLVWHQ ZlKUHQG GHU 9HUOREXQJV]HLW DOV VHOEVWYHUVWlQGOLFK HPSIDQGHQ (UQHXW VSUWHHUVHLQ+HU]ELV]XP+DOVHNORSIHQ'RFKGDQQVFKDOWHUVLFKHLQHQVHQWLPHQWDOHQ1DUUHQ(U KDWWHVLFKJHVFKZRUHQHLQJXWHU9HUOLHUHU]XVHLQXQG$QQDVO|EOLFKH*UXQGVlW]HVROOWHQNHLQHQ'HXW GDUDQlQGHUQ ª:LUKDEHQMHW]WZHL*RWWDQGHUH3UREOHPH©ZLHVHU6DP]XUHFKW(UQLFNWH)UDQFRLV]Xª)DQJHQ ZLUDQ©
6LHVDHQXPGHQQLHGULJHQ7LVFKLQ:XUJKV$QGUR/HQNUDXPXQGUDXFKWHQQHUY|V(EHQVRQHUY|V YHUOLHIHQLKUH*HVSUlFKH.HLQHUPDFKWHVLFKQRFK,OOXVLRQHQZDVGLH5HWWXQJGHU7KXWDVEHWUDI'LH 3ODQHWHQEHZRKQHUKDWWHQVLFKEHL$XVEUXFKGHU.DWDVWURSKHJU|WHQWHLOVLQLKUH:UIHOKlXVHUUHWWHQ N|QQHQ'RUWZDUHQVLHUHODWLYVLFKHUELV]XGHP=HLWSXQNWDQGHPGLH$WPRVSKlUHJHIURUXQGVLFK DOV NULVWDOOLQHV (LV DXI GLH 2EHUIOlFKH LKUHU :HOW VHQNWH (V JDE LQ GHQ :UIHOKlXVHUQ ]ZDU DXVJH]HLFKQHWH .OLPDDQODJHQ DEHU NHLQH $JJUHJDWH ]XU *HZLQQXQJ YRQ 6DXHUVWRII DXV IHVWHQ 9HUELQGXQJHQ 6DPXHO 3HFN IOXFKWH OHLVH YRU VLFK KLQ ELV $LVVD VLFK HQHUJLVFK UlXVSHUWH XQG GHP 0DWKHPDWLNHU HLQHQYHUZHLVHQGHQ%OLFNVFKLFNWH ª6FKRQJXWVFKRQJXW©PXUPHOWH6DPª$EHU]XP7HXIHOHVPXGRFKHLQH0|JOLFKNHLWJHEHQGHQ 7KXWDV]XKHOIHQ© ª'DUI LFK HWZDV GD]X VDJHQ"© ZDUI %HQ HLQ 'HU 5RERWHU VWDQG XQEHZHJOLFK YRU GHP WKXWDVFKHQ ,QWHUSKRQ XQG ODXVFKWH GHQ YHU]ZHLIHOWHQ *HVSUlFKHQ GLH ]ZLVFKHQ GHQ :UIHOEDXWHQ KLQ XQG KHU JLQJHQ $LVVDQLFNWHLKPDXIPXQWHUQG]X ª,FK JHKH GDYRQ DXV© EHJDQQ GHU 5RERWHU EHGlFKWLJ ªGD MHGHV +DXV DXI 7KXWD HLQHQ HLJHQHQ OHLVWXQJVVWDUNHQ)XVLRQVJHQHUDWRUEHVLW]W$XHUGHPHQWKDOWHQGLH$QGUR/HQNDSSDUDWXUHQJHQJHQG 0DWHULDO GDV PDQ DXVVFKODFKWHQ XQG ]XP %DX HLQHU SULPLWLYHQ /XIWHUQHXHUXQJV XQG $XIEHUHLWXQJVDQODJHYHUZHQGHQNDQQ:HQQLFK!SULPLWLYVDJHVRPHLQHLFKGDPLWLQHUVWHU/LQLH
GHQ (QHUJLHYHUEUDXFK GHV *HUlWHV 1DFK PHLQHQ %HUHFKQXQJHQ ZLUG HV GDV =HKQWDXVHQGIDFKH DQ (QHUJLH YHUEUDXFKHQ DOV JOHLFKZHUWLJH WHUUDQLVFKH 0LNUR$JJUHJDWH $EHU GLH )XVLRQVJHQHUDWRUHQ KDEHQJHQJHQG/HLVWXQJVUHVHUYHXPGLH$QODJH]XYHUVRUJHQ:LHGHQNHQ6LHGDUEHU"© .DSLWlQ %KXJRO ]QGHWH VLFK HLQH QHXH =LJDUHWWH DQ XQG VWDQG DXI (UUHJW VFKULWW HU LQ GHP NOHLQHQ 5DXPDXIXQGDE1DFKHLQHU0LQXWHZDUIHUGLHNDXPDQJHUDXFKWH=LJDUHWWHDXIGHQ%RGHQXQGWUDW VLHPLW]RUQLJHU*HElUGHDXV ª'HLQ 9RUVFKODJ LVW DXVJH]HLFKQHW %HQ© VDJWH HU LURQLVFK ª/HLGHU KDVW GX HLQH ZLFKWLJH 7DWVDFKH DXHUDFKWJHODVVHQ©(UKROWHWLHI/XIWXQGEHJHJQHWHGDEHL$QQDVUlWVHOKDIWHP%OLFNZDVLKQHUQHXW YHUZLUUWHª'LHlKHP7KXWDVVLQG©(UXQWHUEUDFKVLFKXQGEDOOWHGLH)lXVWHYRUbUJHUEHUVLFK VHOEVW ª)DVW DOOH 7KXWDV VLQG YROONRPPHQH ,GLRWHQ ZDV WHFKQLVFKH 3UREOHPH DQJHKW 'LH PHLVWHQ N|QQHQ LKUH *HUlWH ]ZDU EHGLHQHQ YRQ LKUHP $XIEDX XQG GHQ WHFKQLVFKHQ (LQ]HOKHLWHQ KDEHQ VLH NHLQHQ6FKLPPHU© ª1DK|UHLQPDO©VDJWH6DPHQWUVWHWª6RHWZDVJLEWHVGRFKJDUQLFKW© ª1HLQ"© IUDJWH $LVVD PLW lW]HQGHP 6SRWW ª8P GLFK ]X ZLGHUOHJHQ EUDXFKH LFK QXU DQ GHQ 'XUFKVFKQLWWVEUJHU7HUUDV]XHULQQHUQ0HLQVWGXHUZWHZLHHVKLQWHUGHU%LOGVFKHLEHVHLQHV' 9LGHRJHUlWHVDXVVLHKWDXIGLHHUHLQ'ULWWHOGHV7DJHVZLHHLQK\SQRWLVLHUWHV.DQLQFKHQVWDUUW"© (UOlFKHOWHVDUGRQLVFKXQGIXKUIRUW ª1LFKW DQGHUV HUJHKW HV GHQ 7KXWDV PHLQ )UHXQG 6LH KDEHQ YRQ LKUHQ 9RUIDKUHQ HLQH ZXQGHUYROO NRPSOL]LHUWH 7HFKQLN JHHUEW 6R ZXQGHUEDU VLQG LKUH WHFKQLVFKHQ *HUlWH GD LKUH %HQXW]HU QLFKW HLQPDOZLVVHQZDVHLQH5HSDUDWXULVW$EHUVRHWZDVPDFKWGHQ*HLVWWUlJH(VLVWMDVRVFK|QVLFKDP /HEHQHUKDOWHQ]XODVVHQVFK|QHUMHGHQIDOOVDOVVHOEVWVHLQ/HEHQ]XPHLVWHUQ,FKZHLGHU9HUJOHLFK PLWXQV0HQVFKHQKLQNW%HLXQVLVWHVQXUHLQHJHZLVVH6FKLFKWGLHGHU'HNDGHQ]YHUIlOOW'DV*URV JHKWGXUFKGLHKDUWH6FKXOHGHU5DXPIDKUWXQG.RORQLVDWLRQ'LHVHQ-XQJEUXQQHQNHQQHQGLH7KXWDV DEHUQLFKW© %KXJROOLHVLFKLQVHLQHQ6HVVHOIDOOHQXQG]QGHWHHLQHQHXH=LJDUHWWHDQ ª:DV LFK GDPLW VDJHQ ZLOO LVW GLHV :LU ZUGHQ GLH 7KXWDV GXUFK QRFK VR JXWH $QOHLWXQJ QLHPDOV GD]X EULQJHQ GDV SULPLWLYVWH /XIWHUQHXHUXQJV XQG $XIEHUHLWXQJVJHUlW ]X EDXHQ 6LH N|QQWHQ ZDKUVFKHLQOLFKQLFKWHLQPDOGLHHUVWH6FKUDXEHYRQLKUHU$QGUR/HQNDSSDUDWXUO|VHQ© ª:DVDOVRVFKOlJVWGXYRU$LVVD"©ZDUI$QQDHLQXQGOlFKHOWHGDEHLª:LHLFKGLFKNHQQHZUGHVW GXGLHVH5HGHQLFKWJHKDOWHQKDEHQRKQHEHUHLQHQEHVVHUHQ3ODQ]XYHUIJHQ©!$LVVDQLFNWH ª$OOHUGLQJVKDWHUVW%HQPLFKDXIGHQUHWWHQGHQ(LQIDOOJHEUDFKW©JDEHURKQH8PVFKZHLIH]Xª%HQ VSUDFK YRQ GHU JURHQ /HLVWXQJVUHVHUYH GHU )XVLRQVJHQHUDWRUHQ (V ZUGH VLH DOVR NDXP EHUEHDQVSUXFKHQ ZHQQ VLH ]XVlW]OLFK JHIURUHQH /XIW DXIWDXHQ PWHQ :HQQ GLH 7KXWDV DEZDUWHQ ELV GLH $WPRVSKlUH VLFK QLHGHUVFKOlJW EUDXFKWHQ VLH DQVFKOLHHQG QXU GDIU ]X VRUJHQ GD GLH (LVNULVWDOOHLQJHQJHQGHU0HQJHLQGHQ$QIHXFKWHUGHU.OLPDDQODJHNRPPHQ'DGHU$QIHXFKWHUPLW HLQHP 7HPSHUDWXUUHJOHU DXVJHUVWHW LVW ZLUG HU GLH JHIURUHQH $WPRVSKlUH DXIWDXHQ XQG GLH JHZRQQHQH )ULVFKOXIW LQ GLH %HOIWXQJ EODVHQ 'LH /XIWUHLQLJHU ZLHGHUXP VRUJHQ IU HLQH JOHLFKPlLJH6DXHUVWRIINRQ]HQWUDWLRQ© ª$OOHVVFK|QXQGJXW©VDJWH)UDQFRLVEHGlFKWLJªDEHUGXYHUJLWGDEHLGDNHLQ7KXWDEHUHLQHQ 5DXPDQ]XJYHUIJW:LHVROOWHQVLHGLHJHIURUHQH$WPRVSKlUHDXVGHP9DNXXPEHUJHQ"© .DSLWlQ%KXJROYHU]RJNHLQH0LHQH(UGUHKWHVLFKQXUKDOEXPXQGVDKGHQ5RERWHUDXIIRUGHUQGDQ %HQYHUVWDQGVRIRUW ª(V NlPH DXI HLQHQ 9HUVXFK DQ 6LU© (U ZDQGWH VLFK DQ )UDQFRLV ª(ULQQHUQ 6LH VLFK GD ZLU YRU XQVHUHUHUVWHQ/DQGXQJDXI7KXWD+XQGHUWWDXVHQGHYRQ5RERWHUQHQWGHFNWHQ"© )UDQFRLVVFKOXJVLFKPLWGHUIODFKHQ+DQGJHJHQGLH6WLUQ ª'LH 5RERWHU © ULHI HU HQWJHLVWHUW ª:DUXP KDEH LFK QLFKW JOHLFK GDUDQ JHGDFKW $QQD XQG LFK NRQQWHQ VLH PHKUIDFK EHL LKUHU $UEHLW EHREDFKWHQ 6LH ]lKOHQ LQ :LUNOLFKNHLW QDFK 0LOOLDUGHQ XQG VRUJHQ GDIU VRUJWHQ GDIU© YHUEHVVHUWH HU VLFK ªGD GHU 3ODQHW LP =XVWDQG HLQHV ULHVLJHQ 3DUNV JHKDOWHQZLUG©6HLQH0LHQHYHUILQVWHUWHVLFKHUQHXWª$EHULFKIUFKWHVLHVLQG]XVSH]LDOLVLHUWXP GLH LKQHQ ]XJHGDFKWH $XIJDEH HUIOOHQ ]X N|QQHQ IDOOV VLH EHUKDXSW YHUP|JHQ VLFK XQWHU GHP 6FKQHH]XEHZHJHQ© $LVVD%KXJROQLFNWHHUQVW ª:LH%HQVFKRQHUNOlUWH(VNRPPWDXIHLQHQ9HUVXFKDQ8QGQXQVROOWHQZLUXQVVFKOHXQLJVWPLW HLQLJHQ7KXWDVLQ9HUELQGXQJVHW]HQXPGLH$QJHOHJHQKHLW]XNOlUHQ9RQ6FKQHOOLJNHLWKlQJWDOOHV DE© ª:LHVR"© IUDJWH )UDQFRLV HUVWDXQW ª(V NDQQ QRFK YLHUXQG]ZDQ]LJ 6WXQGHQ GDXHUQ EHYRU GLH
$WPRVSKlUHJHIULHUW© $LVVDV*HVLFKWZXUGH]XUXQGXUFKVLFKWLJHQ0DVNHDOVHUHUNOlUWH ª/HLGHUVRIUFKWHLFKNDQQGHU6XFKHUQLFKWVRODQJHDXIXQVZDUWHQ© 'LH 0RWRUHQ GHU 6FKLOGNU|WH VXPPWHQ LKU PRQRWRQHV HLQVFKOlIHUQGHV /LHG :LH GLH EUHLWHQ 7DW]HQ HLQHV 6FKQHHOXFKVHV VFKREHQ VLFK GLH *OHLVNHWWHQ EHU GHQ N|UQLJHQ 6FKQHH SUHWHQ LKQ ]XVDPPHQ XQGVFKXIHQVRHLQHKDUWH8QWHUODJHEHUGLHGDV)DKU]HXJXQJHIlKUGHWKLQZHJUROOWH 'HU 6WXUP ZDU IDVW HLQJHVFKODIHQ GHU 6FKQHHIDOO VSlUOLFKHU JHZRUGHQ 'LH 6FKHLQZHUIHUNHJHO GXUFKVFKQLWWHQ GLH 'XQNHOKHLW ZLH /LFKWHUVSHHUH XQG ZLHVHQ GHQ :HJ $EHU QLHPDQG LQ GHU )DKUHUNDELQH IUHXWH VLFK GDUEHU 6LH PLGHXWHWHQ GLH $Q]HLFKHQ NRPPHQGHQ 8QKHLOV QLFKW 'HU 6FKQHHIDOOZDUQXUGHVKDOEVRVSlUOLFKJHZRUGHQZHLOGLH/XIWNDXPQRFK)HXFKWLJNHLWHQWKLHOWXQG GHU 6WXUP VFKOLHI HLQ ZHLO HV NDXP QRFK 7HPSHUDWXUXQWHUVFKLHGH LQQHUKDOE GHU $WPRVSKlUH JDE ,QQHUKDOENU]HVWHU)ULVWZUGHGLH7HPSHUDWXUDXIGHQDEVROXWHQ1XOOSXQNWVLQNHQXQGGDQQJDEHV NHLQH/XIWPHKU $LVVD%KXJROYHUVXFKWHGLH:DUWH]HLW]XP6FKODIHQ]XEHQXW]HQ(VJHODQJLKPQLFKW,PPHUZLHGHU PXWH HU DQ GHQ 6XFKHU GHQNHQ XQG GDUDQ ZDV LKQ GD]X YHUDQODW KDWWH GLH *HIDQJHQHQ VHLQHV (QHUJLHQHW]HVLP6WLFK]XODVVHQ %HQ VWHXHUWH GDV )DKU]HXJ PLW HLQHP 0LQLPXP DQ (QHUJLHDXIZDQG ,QIROJHVHLQHU Y|OOLJHQ lXHUHQ 0HQVFKHQlKQOLFKNHLW ZLUNWH HU ZLH HLQ )DKUHU GHU GLH Q|WLJHQ +DQGJULIIH LP +DOEVFKODI WXW ,Q :LUNOLFKNHLW ZDQGWH HU JHUDGH VRYLHO $XIPHUNVDPNHLW XQG .UDIW DQ ZLH XQEHGLQJW Q|WLJ ZDU QLFKW PHKUXQGQLFKWZHQLJHU'DIUZDUHUVFKOLHOLFKHLQ5RERWHU ,PPHUPHKUQlKHUWHQVLHVLFKGHP2UWYRQGHPGHU+LOIHUXIGHU7KXWDVDXVJLQJ$QIlQJOLFKKDWWHHV VR DXVJHVHKHQ DOV RE GLH 5RERWHU LKUH $XIJDEH YROOHQGHW HUIOOWHQ 3UREHZHLVH KDWWHQ VLH GLH %HZRKQHUGHU:UIHOEDXWHQPLW6FKQHHYHUVRUJWXQGGDPLWLKUH(LJQXQJEHZLHVHQ)DVWEHUDOOZDU GLHNQIWLJH/XIWYHUVRUJXQJJHVLFKHUWQXUDQHLQLJHQZHQLJHQ6WHOOHQQLFKW =X HLQHU GLHVHU 6WHOOHQ ZDUHQ VLH XQWHUZHJV %HQ $LVVD XQG )UDQFRLV 6DP XQG $QQD VRUJWHQ XQWHUGHVVHQGDIUGDGLH)XQNYHUELQGXQJ]XGHQDQGHUHQ+LOIVEHGUIWLJHQQLFKWDEUL 0LWHLQHU0LVFKXQJDXVbUJHUXQG,URQLHGDFKWH$LVVDDQGLH)XQNPHOGXQJHQGHU7KXWDV6LHZDUHQ QLFKWLQGHU/DJHJHZHVHQHLQHQ*UXQGIUGDV9HUVDJHQLKUHU5RERWHU]XHUNHQQHQ $EXQG]X]XFNWHQ%OLW]HEHUGHQ+LPPHO'LH(QWODGXQJHQZDUHQMHGRFKQLFKWLQGHU$WPRVSKlUH HQWVWDQGHQ VRQGHUQ YLHO ZHLWHU GUDXHQ LP 5DXP GRUW ZR GLH LPDJLQlUH .XJHOVFKDOH GHV 6XFKHUQHW]HVVLFKZ|OEWH'LH7DWVDFKHGDGLH(QWODGXQJHQEHUHLQGUHLYLHUWHO/LFKWMDKUEHUKDXSW ]XEHREDFKWHQZDUHQVWLPPWH$LVVD%KXJROQRFKQDFKGHQNOLFKHU(VNRQQWHNHLQJHZ|KQOLFKHV/LFKW VHLQGDV]HLWZHLOLJGLH1DFKW]XP7DJHPDFKWH2IIHQEDUKDQGHOWHHVVLFKEHLGHQ(UVFKHLQXQJHQXP HLQH XQEHNDQQWH (QHUJLHDUW DXV GHU IUHPGHQ 'LPHQVLRQ :HQQ HV VR ZDU GDQQ VWHOOWHQ GLH %OLW]H JHZDOWLJH6WUXNWXUULVVHLQGHU.XJHOVFKDOHGDU 'HU.RQWDNWHUIKOWHZLHVHLQH1DFNHQKDDUHVLFKVWUlXEWHQ :DVJLQJGRUWYRULQHLQHP.RQWLQXXPGDVGHP0HQVFKHQHZLJIUHPGEOHLEHQPXWH" 6HLQH $XIPHUNVDPNHLW ZDQGWH VLFK ZLHGHU GHP JHJHQZlUWLJHQ 3UREOHP ]X DOV %HQ GLH 6FKLOGNU|WH KHIWLJDEEUHPVWH,PQlFKVWHQ$XJHQEOLFNULHUGDV6WHXHUKHIWLJKHUXPXQGEHVFKOHXQLJWHHUQHXW 9HUEOIIWVWDUUWH$LVVDDXIGHQYLROHWWHQ/LFKWVWUDKOGHUVLFKKLQWHUGHP)DKU]HXJLQGHQ6FKQHHJUXE XQGHLQH:RONHNRFKHQGHQ'DPSIHVLQGHQ+LPPHOVFKLHHQOLH ,PQlFKVWHQ$XJHQEOLFNZDUGLH6FKUHFNVHNXQGHEHUZXQGHQ:LHHLQ$XWRPDWKDQGHOWHGHU.DSLWlQ 'LH*HVFKW]NXSSHOVFKZHQNWHKHUXPXQGDOVGHU]ZHLWH(QHUJLHVWUDKODXIEOLW]WHMDJWHGLHHUVWH6HULH GHU6SUHQJJHVFKRVVHDXVGHP/DXI 'RUWZRKLQGLH5DXFKVSXUHQGHU5DNJHVFKRVVHZLHVHQIODPPWHHLQJUHOOHU)HXHUEDOODXI'HU'RQQHU GHU([SORVLRQZXUGHYRQGHQ$XHQPLNURSKRQHQLQGLH)DKUHUNDELQHEHUWUDJHQ %HQIXKUZLHHLQ,UUHUXPGHQQlFKVWHQEHLGHQ(QHUJLHVFKVVHQDXV]XZHLFKHQ+lWWHHLQ0HQVFKDP 6WHXHUGHU6FKLOGNU|WHJHVHVVHQZlUHZDKUVFKHLQOLFKVFKRQGHUHUVWH6FKXHLQ9ROOWUHIIHUJHZHVHQ 'LH=LHODXWRPDWLNGHV*HVFKW]HVVRUJWHGDIUGD$LVVDGLH$QJUHLIHUPLW]ZHLNXU]HQ)HXHUVW|HQ DXVVFKDOWHQNRQQWH'DQQZDUHVZLHGHUVWLOO ,P =LFN]DFNNXUV OHQNWH %HQ GDV )DKU]HXJ DXI GLH JHVFKZlU]WHQ .UDWHU LP 6FKQHH ]X ,Q GHP ]LVFKHQGHQ'DPSIZDUHQGLHPHWDOOHQHQ)HW]HQXQG0DVFKLQHQWHLOHQXUVFKZHU]XHUNHQQHQ$EHUGHU
5RERWHU EHVD ZHLWDXV EHVVHUH $XJHQ DOV GLH 0HQVFKHQ (U EHVFKULHE ZDV HU VDK XQG $LVVD XQG )UDQFRLVDWPHWHQDXI 'HU*HJHQVFKODJKDWWHNHLQH/HEHZHVHQJHW|WHW )UDQFRLVVWLHHLQHUOHLFKWHUWHV/DFKHQDXV ª.DPSIURERWHU:HUKlWWHJHDKQWGDHVDXI7KXWDVRHWZDVJLEW© $LVVDVWLPPWHLQGDV*HOlFKWHUHLQYRUDOOHPGHVKDOEZHLOQXQGDV5lWVHOGHU+LOIHUXIHJHO|VWZDU ª1XQZXQGHUWHVPLFKQLFKWPHKUGDVLHGHQEHWUHIIHQGHQ7KXWDVNHLQH+LOIHZDUHQ6LHNDPHQDOV VLH JHUXIHQ ZXUGHQ $EHU VLH ZXWHQ PLW DOOHQ DQGHUHQ %HIHKOHQ QLFKWV DQ]XIDQJHQ GD LKUH .RQVWUXNWLRQHLQGHXWLJDXI.DPSIDXVJHOHJWZDU'HP]XIROJHVWHOOWHQVLHVLFKDOV:lFKWHUULQJVXP GDV:UIHOKDXVDXI© (U GHXWHWH PLW GHU +DQG QDFK YRUQ 'LH ([SORVLRQVNUDWHU ELOGHWHQ HLQ JOHLFKVFKHQNOLFKHV 'UHLHFN XQGLP0LWWHOSXQNWGHV'UHLHFNVUDJWHHLQHIODFKH3ODWWIRUPDXVGHPDXIJHZKOWHQ6FKQHH'DV'DFK GHV*HElXGHV ª'LH7KXWDVVLQGQRFKGPPHUDOVLFKGDFKWH©EUXPPWH)UDQFRLVlUJHUOLFKª:DUXPHUNDQQWHQVLH QLFKWGDVLHHVPLW.DPSIURERWHUQ]XWXQKDWWHQXQGJDEHQLKQHQGLH$QZHLVXQJQLFKWDXIXQV]X VFKLHHQ"© ª*DQ] HLQIDFK© HUZLGHUWH $LVVD %KXJRO WURFNHQ ª6LH ZXWHQ QLFKWV YRQ LKUHU ([LVWHQ] 9LHOOHLFKW VWDPPHQ GLH .DPSIPDVFKLQHQ QRFK DXV HLQHU SUlKLVWRULVFKHQ (SRFKH DOV GLH 3ODQHWHQEHZRKQHU 6FKXW] YRU ZLOGHQ 7LHUHQ EHQ|WLJWHQ (LQLJH ([HPSODUH P|JHQ GLH =HLW LQ LUJHQGZHOFKHQ ZLWWHUXQJVJHVFKW]WHQ :LQNHOQ EHUVWDQGHQ KDEHQ (UVW GLH /HQNVLJQDOH KDEHQ VLH DXV LKUHP !'RUQU|VFKHQVFKODI DXIJHZHFNW $QGHUQIDOOV KlWWHQ ZLU VFKRQ YRUKHU 6FKZLHULJNHLWHQ PLW LKQHQ JHKDEW© ª%HLQDKHZlUHHVDXVJHZHVHQPLWXQV6LU©IJWH%HQKLQ]Xª:HQQLFKQLFKWJHVHKHQKlWWHGDGHU HUVWH5RERWHUHLQH:DIIHWUXJZlUHLFKDXILKQ]XJHIDKUHQ© ª6RJDU 5RERWHU ZLH GX KDEHQ LKUH KHOOHQ 0RPHQWH© JDE )UDQFRLV ELVVLJ ]XUFN 'DQQ OlFKHOWH HU ª9LHOHQ'DQNDXFKDOWH%OHFKKDXW© %HQV%LRSODVWJHVLFKWYHU]RJVLFK]XHLQHP/lFKHOQ ª*HUQJHVFKHKHQ6LU$XFKHLQ5RERWHU!ZLHLFKKDWHLQHQJHZLVVHQ6HOEVWHUKDOWXQJVWULHE© (UVWMHW]WQDKP.DSLWlQ%KXJROGLH)LQJHUYRQGHQ:DIIHQVFKDOWXQJHQ ª)DKUHQlKHUDQGDV+DXVKHUDQ%HQ©EHIDKOHUª:LUZROOHQGHQ/HXWHQGRUWGULQVDJHQZDVPLW LKUHQ0DVFKLQHQQLFKWVWLPPWH'DQDFKVROOWHQZLUXQVEHUOHJHQZLHZLULKQHQHLQLJH$UEHLWVURERWHU ]XNRPPHQODVVHQN|QQHQ© 6LH VWLHJHQ DXV XQG EHWUDWHQ GDV +DXV GXUFK GDV 'DFKOXN 9HUVW|UWH XQG YHUlQJVWLJWH 7KXWDV HUZDUWHWHQVLH(VZDUHQPHKUHUH0lQQHUXQGHLQH)UDX'LH0HQVFKHQHUNDQQWHQGDUDQGDVLHVLFK LQ HLQHP VRJHQDQQWHQ )UDXHQKDXV EHIDQGHQ $XI 7KXWD KHUUVFKWH HLQH PDWULDUFKDOLVFKH *HVHOOVFKDIWVRUGQXQJ=XMHGHU$QVLHGOXQJJHK|UWHQHLQLJH]HKQRGHUKXQGHUW0lQQHUKlXVHUDEHUQXU HLQHLQ]LJHV)UDXHQKDXV'DV*DQ]HZXUGH0DWULNRQJHQDQQW(LQHHLQ]HOQH)UDXEHVDDXIHLQ]HOQHQ *HELHWHQ %HIHKOVJHZDOW EHU DOOH 0lQQHU GHV 0DWULNRQV 3UDNWLVFK ZDU GDV 0DWULNRQ HLQ 0lQQHUKDUHP ,Q GHU JHJHQZlUWLJHQ /DJH LQWHUHVVLHUWHQ VLFK GLH 7HUUDQHU MHGRFK QLFKW IU GLH IUHPGDUWLJH *HVHOOVFKDIWVRUGQXQJ =LHPOLFK EDUVFK HUIUDJWH $LVVD GDV ZDV HU ZLVVHQ PXWH XP GHQ 7KXWDV ]X KHOIHQ'DQDFKYHUDEVFKLHGHWHQVLHVLFKIOFKWLJXQGNHKUWHQ]XU6FKLOGNU|WH]XUFN :lKUHQGGHU5FNIDKUWJDEGHU.DSLWlQVHLQH$QZHLVXQJHQDQ6DPXQG$QQD$XV:XUJKV:RKQXQJ KHUDXV GLH LQ]ZLVFKHQ HLQH $UW %HIHKOV]HQWUDOH IU GLH 3ODQHWHQEHY|ONHUXQJ JHZRUGHQ ZDU YHUDQODWHQ GLH =XUFNJHEOLHEHQHQ GD EHU]lKOLJH $UEHLWVURERWHU YRQ LKUHQ 6WDQGRUWHQ DEJH]RJHQ XQG ]X DOOHQ 6WHOOHQ JHVFKLFNW ZXUGHQ ZR PDQ VLH EHQ|WLJWH $XHUGHP YHUDQODWHQ VLH HLQH $QZHLVXQJDQDOOHQRFKH[LVWLHUHQGHQ.DPSIURERWHUVLFKYROONRPPHQSDVVLY]XYHUKDOWHQ 'DPLWZDUDOOHVJHWDQZDVLQGLHVHU/DJHJHWDQZHUGHQNRQQWH 'RFKGHQ0HQVFKHQVWDQGGLHVFKZLHULJVWH$XIJDEHQRFKEHYRU(LQLJHUPDHQJHODVVHQWUDIHQVLHLKUH 9RUEHUHLWXQJHQ6LHZlUHQZHQLJHUJHODVVHQJHZHVHQKlWWHQVLHJHDKQWZDVVLHHUZDUWHWH
'LH /$1&(7 VWLH GXUFK HLQH $WPRVSKlUH KLQGXUFK GLH EHUHLWV NHLQH $WPRVSKlUH PHKU ZDU 'LH QLHGHUVLQNHQGHQ (LVNULVWDOOH EHVWDQGHQ QLFKW PHKU DXV JHIURUHQHP :DVVHU VRQGHUQ DXV JHIURUHQHU /XIW
'HU %XJ GHV 6FKLIIHV ]HLJWH DXI GLH 6WHOOH LP 5DXP DXI GHU GLH JLJDQWLVFKH 5DXPVWDGW 5RROV VFKZHEWHQPXWH$LVVDVWHXHUWH$QQDKDWWHGLH)XQNWLRQGHV(UVWHQ2IIL]LHUVEHUQRPPHQZlKUHQG )UDQFRLV6DPXQG%HQGDPLWEHVFKlIWLJWZDUHQGLH0HGDWHQGHU2UWXQJVLQVWUXPHQWHDXV]XZHUWHQ 1DFKHLQHU6WXQGHVWDQGIHVWGDGDV(QHUJLHQHW]GHV6XFKHUVVLFKQLFKWPHKUGXUFKGHQ:HOWUDXP EHZHJWH(VVWDQGVWLOO'LHEHUOLFKWVFKQHOOHQ5HIOH[LRQVLPSXOVHGHU+\SHUWDVWHU]HLJWHQDQGDGLH .XJHODXVXQVLFKWEDUHUXQGXQPHEDUHU(QHUJLHXQEHZHJOLFK]ZLVFKHQ]ZHL*DOD[LHQVFKZHEWH 1LHPDQG NRQQWH VLFK HUNOlUHQ ZDUXP GHU 6XFKHU YHUVDJW KDWWH 'D HU YHUVDJWH KDWWH VWDQG IU GLH 0HQVFKHQIHVW6LHWUDXWHQGHPXQGHILQLHUEDUHQ:HVHQDXVGHUIUHPGHQ'LPHQVLRQNHLQH)DOVFKKHLW ]X8QEHNDQQWH(LQIOVVHPXWHQGHQ6XFKHUJH]ZXQJHQKDEHQVHLQH(QHUJLHHLQHUDQGHUHQ$XIJDEH ]X]XZHQGHQ 6DPVSUDFKGDVDXVZDVDOOHQVFKZHUDXIGHU6HHOHODJ ª:HQQGHU6XFKHUQLFKWLQGHU/DJHLVWXQV]XKHOIHQZLHVROOHQZLUGDQQHLQ]LJXQGDOOHLQGXUFKGLH JHLVWLJH.RQWDNWDXIQDKPHHWZDVGDUDQlQGHUQ"© ª,FK ZHL HV QLFKW© JDE $LVVD ]XUFN ª(UVW HLQPDO PVVHQ ZLU ZLVVHQ ZDV PLW GHP 6XFKHU JHVFKHKHQLVWGDQQ©(UVFKZLHJZHLOLKPGLH:HLWHUIKUXQJGHV*HGDQNHQVVLQQORVHUVFKLHQ $QQDGDJHJHQVSDQQGHQ)DGHQPLWW\SLVFKZHLEOLFKHU8QNRPSOL]LHUWKHLWZHLWHU ªGDQQZLUGXQVVFKRQHWZDVHLQIDOOHQZRPLWZLULKPKHOIHQN|QQHQ© )UDQFRLVODFKWHVFKULOOXQGK\VWHULVFKYHUVWXPPWHMHGRFKVRIRUWDOV$LVVDLKPHLQHQILQVWHUHQ%OLFN ]XZDUI ª1D VFK|Q© EUXPPWH HU YHUOHJHQ ª9LHOOHLFKW LVW GHU 6XFKHU ZLUNOLFK NUDQNXQG GLH 3RVLWURQLN KDW UHFKW$EHUZLHVROOHQZLUVHLQH.UDQNKHLWGLDJQRVWL]LHUHQ":LHVROOHQZLUHLQ:HVHQKHLOHQYRQGHP ZLUQLFKWYLHOPHKUZLVVHQDOVGDHVH[LVWLHUW"© 'HU.DSLWlQPDFKWHHLQHZHJZHUIHQGH+DQGEHZHJXQJXQG VDJWHXQEHVWLPPW ª6FKOLHOLFK JLEW HV QRFK PHKU 0|JOLFKNHLWHQ QLFKW ZDKU © (LQ]LJ XQG DOOHLQ 6DP VFKLHQ ]X YHUVWHKHQ ZRUDXI $LVVD KLQDXVZROOWH 6HLQ %XOOGRJJHQJHVLFKW ZXUGH SO|W]OLFK JUDX 'LH $XJHQ EHNDPHQ HLQHQ VWDUUHQ $XVGUXFN 0LW EHEHQGHQ )LQJHUQ VWHFNWH HU VLFK HLQH =LJDUHWWH ]ZLVFKHQ GLH /LSSHQ$EHUHVJHODQJLKPQLFKWGHQHOHNWURQLVFKHQ$Q]QGHU]XP0XQGH]XIKUHQ,QVLQQORVHU :XWJULIIHUGLH=LJDUHWWHXQG]HUNUPHOWHVLH]ZLVFKHQVHLQHQIOHLVFKLJHQ)LQJHUQ ª'DV KlWWH LFK QLFKW JHWDQ 6DP© VDJWH $LVVD VDQIW ª:LU ZLVVHQ QLFKW ZRKHU ZLU QHXH =LJDUHWWHQ EHNRPPHQZHUGHQZHQQGLHYRUKDQGHQHQDXIJHUDXFKWVLQG© ª9HUGDPPW© IOXFKWH 3HFN XQEHKHUUVFKW (U OHFNWH VLFK EHU GLH /LSSHQ XQG YHUVXFKWH HLQ GQQHV *ULQVHQ ª(QWVFKXOGLJH $LVVD ,FK IUFKWH LFK ELQ LQ PHLQHP $OWHU GLHVHQ QHUYOLFKHQ %HODVWXQJHQ QLFKWPHKUJHZDFKVHQ© ª:DV GX QLFKW VDJVW© IOVWHUWH %KXJRO ª'HLQH 1HUYHQ ZHUGHQQRFK PHKU DXVKDNHQ PVVHQ DOV HLQ ZHQLJ$QJVW'XVROOWHVWGLFKVHHOLVFKGDUDXIYRUEHUHLWHQ© (U ZDQGWH VLFK DEUXSW ZLHGHU GHQ 6WHXHUNRQWUROOHQ ]X 'DEHL ILQJ HU ZLHGHU HLQHQ VHOWVDPHQ XQGHXWEDUHQ%OLFNGHU%LRORJLQDXI :DVVWDUUWVLHPLFKVRDQZLHHLQYHUZXQGHWHV5HKGDFKWHHU,FKKDEHLKUGRFKQLFKWVJHWDQ 0LW]XVDPPHQJHELVVHQHQ=lKQHQVFKREHUGHQ%HVFKOHXQLJXQJVKHEHOYRU'LH/$1&(7EHJDQQ]X YLEULHUHQ DOV GLH 7ULHEZHUNH YROO EHODVWHW ZXUGHQ 5XFNDUWLJ VFKR GDV 6FKLII QDFK YRUQ 'RFK GLH %HVDW]XQJVSUWHQLFKWVGDYRQGLH$QGUXFNQHXWUDOLVDWRUHQNRPSHQVLHUWHQLP,QQHUQGHV6FKLIIHVDOOH %HVFKOHXQLJXQJVZLUNXQJHQ =ZHL6WXQGHQVSlWHUHUVFKLHQHLQ]LWWHUQGHUJUQHU5HIOH[DXIGHP2UWXQJVVFKLUPGLH5DXPVWDGW 6LHEHIDQGVLFKQRFKLPPHUGRUWZRPDQVLHEHLPOHW]WHQPDOYHUODVVHQKDWWH ª,FKZHWWHGLHVHU5RRODKQWQLFKWHLQPDOZDVLQGHU=ZLVFKHQ]HLWJHVFKHKHQLVW©EHPHUNWH6DP $LVVD HUZLGHUWH QLFKWV GDUDXI ,P VWLOOHQ MHGRFK VWLPPWH HU GHP 0DWKHPDWLNHU ]X 'LH +\GURLQWHOOLJHQ] EHIDQG VLFK QRFK LP .LQGKHLWVVWDGLXP ,KU PRFKWHQ GLH K\SHUHQHUJHWLVFKHQ (QWODGXQJHQGHV1HW]HVXQYHUGlFKWLJHUVFKLHQHQVHLQ8QWHUDQGHUHQ$XVZLUNXQJHQGHU.DWDVWURSKH KDWWH GLH 5DXPVWDGW QLFKW ]X OHLGHQ GD VLH RKQHKLQ IU GHQ $XIHQWKDOW LP OHHUHQ 5DXP DXVJHVWDWWHW ZDU ª*OFNOLFKHV!.LQG©PXUPHOWHHUª:HQQZLUQLFKWZlUHQGXZUGHVWQLHHUIDKUHQZDVJHVFKHKHQ LVW 'X ZUGHVW GHLQ VRUJORVHV /HEHQ ZHLWHUOHEHQ © (U XQWHUEUDFK VLFK DOV HU VHLQHQ )HKOVFKOX HUNDQQWH 1HLQ DXFK 5RRO ZUGH XQWHU GHU .DWDVWURSKH ]X OHLGHQ KDEHQ GDQQ QlPOLFK ZHQQ VHLQ 1DKUXQJVYRUUDW DXIJHEUDXFKW ZDU XQG QLFKW PHKU HUJlQ]W ZXUGH 'LH +\GURLQWHOOLJHQ] ZDU ]XP +XQJHUWRGYHUXUWHLOW
(UQLFNWH$QQD]XXQGGLH%LRORJLQVFKDOWHWHGHQ,PSXOVVHQGHUHLQ(LQJHUDIIWHU.RGHVSUXFKMDJWH EHUOLFKWVFKQHOODXVGHQ$QWHQQHQXQGLQIRUPLHUWH5RROEHULKUH5FNNHKU'DVZDUQRWZHQGLJGHQQ GLH5DXPVWDGWZXUGHYRQHLQHPVXSHUVWDUNHQ(QHUJLHVFKLUPJHVFKW]W 1DFK ZHQLJHQ 6HNXQGHQ |IIQHWH VLFK GHU 6FKLUP DQ GHU EHNDQQWHQ 6WHOOH .DSLWlQ %KXJRO EUHPVWH VWlUNHUXQGGUHKWHGLH/$1&(7VRGDVLHPLWGHP+HFNDXIGLH/FNHZLHV+XQGHUW.LORPHWHUYRU GHP=LHOVFKDOWHWHHUGLH7ULHEZHUNHDXVXQGDNWLYLHUWHGLH$QWLJUDY3URMHNWRUHQ6DQIWZLHHLQZHONHV %ODWWODQGHWHGDV6FKLIILP,QQHQKRIGHV*HElXGHVLQGHPVLFKGHU7KHUDSLH3URMHNWRUEHIDQG 1RFK EHYRU GLH 0HQVFKHQ GDV 6FKLII YHUODVVHQ KDWWHQ ZXUGH LKU *HLVW YRQ HLQHU PHQWDOHQ )UHXGHQZHOOH EHUVFKZHPPW 1XU VFKZDFK PLVFKWHQ VLFK :XUJKV *HGDQNHQLPSXOVH GDUXQWHU GLH *HLVWHVVWU|PHMHQHV7KXWDVGHUVHLQHN|USHUOLFKH([LVWHQ]JHRSIHUWKDWWHGDPLWGHUHUVWH.RQWDNWPLW GHP6XFKHUKHUJHVWHOOWZHUGHQNRQQWH $LVVD ZROOWH VHLQH *HGDQNHQ YHUEHUJHQ 'RFK GD VSUWH HU GDV HUVFKURFNHQH =XUFNZHLFKHQ GHU DQGHUHQ*HGDQNHQGDVOlKPHQGH(QWVHW]HQGDVYRQ:XUJKV*HLVW%HVLW]HUJULII$XFK5RROYHUVWDQG SO|W]OLFK(QWVSUHFKHQGVHLQHUNLQGOLFKHQ0HQWDOLWlWEHJDQQHU]XMDPPHUQ $LVVD%KXJROSUHWHGLH/LSSHQIHVWDXIHLQDQGHU ª%HUXKLJWHXFK©IOVWHUWHHUª1RFKLVWQLFKWDOOHVYHUORUHQ©
$OVVLHLKUH)HDXIGHQ%RGHQGHU5DXPVWDGWVHW]WHQIKOWHQVLHVLFKZLHLQHLQHUDQGHUHQ:HOW'DV ODJQLFKWHWZDGDUDQGDGLH5RERWHUGLHVLFK]X)XRGHUPLW*OHLWZDJHQGXUFKGLH6WDGWEHZHJWHQ QXU6SLHO]HXJHZDUHQ6SLHO]HXJHYRQGHU*U|HXQGGHP$XVVHKHQYRQ0HQVFKHQ1HLQHWZDVJDQ] DQGHUHV EHUKUWH GLH 0HQVFKHQ HLJHQDUWLJ 8QWHU GHU IOLPPHUQGHQ (QHUJLHJORFNH ZDU GLH /XIW VR ZDUPXQGIHXFKWZLHDQGHU.VWHHLQHVWURSLVFKHQ0HHUHV 6LHNODSSWHQLKUH'UXFNKHOPH]XUFNXQGDWPHWHQWLHIGXUFK(VHUVFKLHQLKQHQZLHHLQ:XQGHUDEHU VFKOLHOLFKZDUDOOHVDQ5RROV6WDGWNQVWOLFKXQGGDPLWYRQGHU+LOIHGHV6XFKHUVXQDEKlQJLJ %LVDXI5RROGLHJLJDQWLVFKHNLQGOLFKH+\GURLQWHOOLJHQ] 0LW HLQHP $QIOXJ VHLQHV DOWHQ +XPRUV GDFKWH $LVVD DQ GHQ 7DJ ]XUFN DQ GHP HU GLH 5DXPVWDGW ]XHUVWEHVXFKWKDWWHDOV$QGURLGDXV:XUJKV/HQN]HQWUDOH'DPDOVZXWHHUQRFKQLFKWVGDYRQGD QLFKW GLH PHQVFKHQlKQOLFKHQ 5RERWHU VRQGHUQ GDV YHUERUJHQH +\GURZHVHQ GDV JLJDQWLVFKH *HELOGH EHZRKQWH(UKDWWHVLFKJHZXQGHUWGDVHLQ(UVFKHLQHQXQEHDFKWHWEOLHE(UVWEHLP]ZHLWHQ%HVXFK ZDUHUDXI5RROJHVWRHQ 5RROGDVZDUHLQHJUQOLFKHNROORLGDOH/|VXQJHLQ]XVDPPHQKlQJHQGHUVFKOHLPLJIOVVLJHU.|USHU GHUJOHLFK]HLWLJGLH)XQNWLRQHLQHV*HKLUQVDXVEWH6HLQH9RUIDKUHQZDUHQZDKUVFKHLQOLFKLP8UPHHU HLQHVKHLHQ3ODQHWHQHQWVWDQGHQ(LQIUVLHJLIWLJHU%HVWDQGWHLOGHU$WPRVSKlUHKDWWHYHUKLQGHUWGD VLHGHQ6FKULWWYRP0HHU]XPIHVWHQ/DQGWDWHQ9LHOPHKUEHUVSUDQJHQVLHHLQH(QWZLFNOXQJVVWXIH LQGHPVLHZLQ]LJHDEJHNDSVHOWH/HEHQVNHLPHYRQGHQ$XIZLQGHQGHU$WPRVSKlUHDQGLH*UHQ]H]XP :HOWUDXP WUDJHQ OLHHQ 'HU 6WUDKOXQJVGUXFN GHU 6RQQH JHQJWH GLH PLNURVNRSLVFK ZLQ]LJHQ ª6SRUHQ© ]X DQGHUHQ 3ODQHWHQ XQG DQGHUHQ 6RQQHQV\VWHPHQ ]X WUDJHQ 'RUW ZR VLH LKUH DUWVSH]LILVFKHQ /HEHQVEHGLQJXQJHQ DQWUDIHQ HQWZLFNHOWHQ VLH VLFK ]X QHXHQ +\GURLQWHOOLJHQ]HQ 6R NDPHVGDVLHVLFKLQHLQHPUHODWLYIUKHQ(QWZLFNOXQJVVWDGLXPGHV.RVPRVEHULKUH+HLPDWJDOD[LV DXVEUHLWHWHQ 'D VLH VWDUN DXVJHSUlJWH 7HOHSDWKHQ ZDUHQ GLH VRJDU PLW 1LFKWWHOHSDWKHQ .RQWDNW DXIQHKPHQNRQQWHQIDQGHQVLHEDOG+HOIHULQGHQKXPDQRLGHQ,QWHOOLJHQ]HQLKUHU*DOD[LV6LHOHKUWHQ GLHQRFKDXIQLHGULJHU6WXIHVWHKHQGHQ+XPDQRLGHQDOOHVZDVVLHEHUGHQ.RVPRVXQGVHLQH*HVHW]H ZXWHQ 'DIU OHLVWHWHQ GLH +XPDQRLGHQ LKQHQ VSlWHU WHFKQLVFKH +LOIH 6LH EDXWHQ ULHVLJH 5DXPVFKLIIH LQ GHQHQ GLH ª:LHJHQ© IRUWSIODQ]XQJVEHUHLWHU +\GURZHVHQ ]X QRFK XQHUVFKORVVHQHQ :HOWHQJHWUDJHQZHUGHQNRQQWHQ,PPHUPHKU:HOWHQZXUGHQYRQª+\GURV©XQG+HOIHUQJHPHLQVDP EHVLHGHOW$OVHLQ+RFKVWDQGGHUWHFKQLVFKHQ(QWZLFNOXQJHUUHLFKWZDUZXUGHQVHOEVWGLHMXQJHQXQG MQJVWHQ :HVHQ GHU +\GURUDVVH PLW 5DXPVWDWLRQHQ DXI GLH 5HLVH JHVFKLFNW 5RROV 6WDGW ZDU HLQH VROFKH6WDGWGLH+HOIHUKDWWHQVLHJHEDXW $LVVD%KXJRO]ZHLIHOWHQLFKWGDUDQGDEHLGH5DVVHQVLFKJHJHQVHLWLJXQJHKHXHUYLHOJHJHEHQKDWWHQ (UZDUVLFKDEHUHEHQVRVLFKHUGDGLHHLJHQWOLFKHKHUUVFKHQGH5DVVHGLHGHU+\GURZHVHQZDU'LH +XPDQRLGHQZDUHQXP-DKUWDXVHQGH]XVSlWJHNRPPHQ (LVLJH /XIW VFKOXJ GHQ 5DXPIDKUHUQ HQWJHJHQ DOV VLH GHQ VRJHQDQQWHQ .KOUDXP EHWUDWHQ 6LH NODSSWHQ HLOLJ GLH 'UXFNKHOPH ]XUFN 6RJDU %HQ UHDJLHUWH LQ JOHLFKHU :HLVH HU ZDU VR ªHU]RJHQ© GDHUVLFKZLHHLQDQIlOOLJHUXQGVFKZDFKHU0HQVFKEHQDKP
'LH JUQOLFKH )OVVLJNHLW LQ GHQ VFKPDOHQ KRKHQ *ODVVLWEHKlOWHUQ ZDQGHOWH GLH %HOHXFKWXQJ LQ JHLVWHUKDIW VFKLPPHUQGHV /LFKW XP /HLVHV *OXFNVHQ GUDQJ DXV GHQ %HKlOWHUQ +LHU OHEWH HLQ 7HLO 5RROVPLWGHP+DXSWN|USHUGXUFKHLQH3XPSOHLWXQJYHUEXQGHQ=ZLVFKHQGHQ(LQ]HOPROHNOHQGHU /|VXQJKHUUVFKWHVWHWVXQPLWWHOEDUFKHPRHOHNWULVFKHU.RQWDNW0DQFKPDODOOHUGLQJVZXUGHQHLQ]HOQH 6FKLFKWHQ GHU )OVVLJNHLW XQGXUFKOlVVLJ IU *HGDQNHQVWU|PH 'DQQ EHVWDQG GLH *HIDKU HLQHU =ZHLWHLOXQJGHV%HZXWVHLQVGLH0HQVFKHQKlWWHQ6FKL]RSKUHQLHGD]XJHVDJW'LHVHU*HIDKUZLUNWH GHU.KOUDXPHQWJHJHQXQGQDWUOLFKGHU7KHUDSLH3URMHNWRU0LWGHP3URMHNWRUNRQQWHQ*HGDQNHQ DXIJHQRPPHQ XQG LQ HLQH DQGHUH 'LPHQVLRQ DEJHVWUDKOW ZHUGHQ $XI GLHVH :HLVH ZXUGH HLQH %HZXWVHLQVVSDOWXQJYHUPLHGHQ =ZHLPDOVFKRQKDWWHQGLH0HQVFKHQVLFKGHV3URMHNWRUVEHGLHQWXPLKUHQ*HLVWLQGLH'LPHQVLRQGHV 6XFKHUVSURML]LHUHQ]XODVVHQ%HLP]ZHLWHQPDOZDULKQHQ(UIROJEHVFKLHGHQJHZHVHQ 1XQ ZROOWHQ VLH HV ]XP GULWWHQPDO YHUVXFKHQ .DSLWlQ %KXJRO EHULFKWHWH 5RRO XQG GHP LQ VHLQHP .|USHUHQWKDOWHQHQ*HLVW:XUJKVGLH7DWVDFKHQXQGGLH9HUPXWXQJHQ%HLGHZDUHQVRIRUWEHUHLWGHQ 0HQVFKHQ]XKHOIHQ/HW]WHQ(QGHVZUGHQVLHVLFKGDPLWQXUVHOEVWKHOIHQ ª:LUVLQGEHUHLW©PHOGHWH:XUJKV*HLVWQDFKHLQLJHQ0LQXWHQ ª6RIRUW©IOVWHUWH$LVVD (UPXWHVSUHFKHQZHQQ HUVLFKYHUVWlQGLJHQZROOWH'DVHUOHLFKWHUWHGHQ JHGDQNOLFKHQ.RQWDNWPLWGHQEHLGHQYHUHLQWHQ:HVHQ 'LH0HQVFKHQOHJWHQVLFKODQJDXIGHQ%RGHQXQGIDWHQVLFKEHLGHQ+lQGHQ.DSLWlQ%KXJROIKOWH VHLQH+DQGIOlFKHQIHXFKWZHUGHQ(USUHWHNUDPSIKDIWXQGXQEHZXW$QQDV+DQGXQGVFKOXFNWHDOV VLHGHQ'UXFNHUZLGHUWH OHW]W QLFKW DEOHQNHQ ODVVHQ GDFKWH HU YHU]ZHLIHOW 8QG DOOH GLHVH *HGDQNHQ LQ GLH 7LHIHQ GHV 8QWHUEHZXWVHLQV YHUEDQQHQ 1LHPDQG EUDXFKWH VLH ]X OHVHQ ZHQQ VLH HLQV ZXUGHQ ZLH VFKRQ HLQPDO (VJHODQJLKPVLFKJDQ]DXIGLHNRPPHQGH$XIJDEH]XNRQ]HQWULHUHQ1XUHLQPDOVFKZHLIWHQVHLQH *HGDQNHQHUQHXWDEDOVHUHLQVS|WWLVFKHV.LFKHUQ:XUJKV]XYHUQHKPHQJODXEWH 'DQQHQWVSDQQWHHUVLFK ª)HUWLJ©IOVWHUWH6DP ª)HUWLJ©PXUPHOWH)UDQFRLV ª)HUWLJ©KDXFKWH$QQDQDFKHLQHU3DXVH $LVVDVFKORGLH$XJHQª-HW]W©EHIDKOHU (UVSUWHGHQ6FKZLQGHOGHULKQSDFNWHXQGEHUHLQHPERGHQORVHQ$EJUXQGURWLHUHQOLH:LHDXV ZHLWHU)HUQHGUDQJ.HXFKHQ:LPPHUQXQG6W|KQHQDQVHLQ2KU,QNUHDWUOLFKHU5HDNWLRQZROOWHVHLQ .|USHUVLFKDXIElXPHQ 'RFK GD OLH GLH LPDJLQlUH +DQG ORV +DOWORV WDXPHOWH HU GDQQ EHJDQQ GHU UDVHQGH 6WXU] LQ GHQ $EJUXQG 6HLQ.|USHUDEHUODJVWDUUXQGVWHLIDXIGHP%RGHQZLHGLH.|USHUGHU*HIlKUWHQ*ODQ]ORVEOLFNWHQ GLH$XJHQ]XU'HFNH'XPSIJOXFNVWHHVLQGHQVFKPDOHQ%HKlOWHUQ 'HU5RERWHU%HQEOLFNWHPLWJOKHQGHQ$XJHQOLQVHQVHLQHQ+HUUQDQXQGEHJDQQGLHYHUVWUHLFKHQGHQ 6HNXQGHQ]X]lKOHQ
:LHVFKRQHLQPDOZDUHVHLQHQ7DJHLQH:RFKHRGHUHLQH(ZLJNHLWKHU"EHJDQQVLFKDOOPlKOLFK HLQH9RUVWHOOXQJ]XIRUPHQ1XUZDUHQGLH0HQVFKHQGLHVPDOGDUDXIYRUEHUHLWHW ,FKELQZLUZLUVLQGLFKUDXQWHHVXQK|UEDU,FKELQ$LVVD6DP$QQDXQG)UDQFRLV]XJOHLFK,FKELQ GDV:,5 :XUJK" -DLFKELQEHLHXFK 'LH*HGDQNHQGHV7KXWDVKDWWHQGLHJHLVWLJH9HUHLQLJXQJGHU0HQVFKHQJOHLFKHLQHPUHLHQGHQ6WURP PLWJHULVVHQ'HU7KHUDSLH3URMHNWRUHUJULIIVLHIRUPWHVLHXPXQGEDXWHGLH*HGDQNHQEUFNHEHUGHQ $EJUXQGYRQ5DXPXQG=HLW 'HP :,5 HUVFKLHQ HV QRFK LPPHU ZLH GHU 6WXU] LQ HLQHQ ILQVWHU JlKQHQGHQ 6FKOXQG $EHU GLH ,QGLYLGXHQZDUHQQLFKWOlQJHUDOOHLQ=ZDUH[LVWLHUWHQQRFK6SXUHQLKUHULQGLYLGXHOOHQ'DVHLQVIRUPHQ DEHUHVJDENHLQH(LQ]HOZHVHQPHKUQXUQRFKGLHJHVFKORVVHQHJHLVWLJH)RUPGHV:,5 ,UJHQGZRDPXQVLFKWEDUHQ(QGHGHV$EJUXQGVHUVFKLHQHQWDQ]HQGH*OXWSXQNWH3O|W]OLFKVFKLHQVLFK GLH)RUWEHZHJXQJVHEHQHXPQHXQ]LJ*UDG]XGUHKHQ$XVGHP6WXU]ZXUGHHLQVDQIWHV'DKLQJOHLWHQ
(VLVWZLHGDPDOVGDFKWHGDV:,5XQGGHQQRFKQLFKWJHQDXVR -HGHVPDOLVWHVHLQZHQLJDQGHUVDQWZRUWHWH:XUJKV*HLVW 'DV:,5HQWVDQQVLFKGDHV:XUJKVGULWWH5HLVHLQGLHDQGHUH'LPHQVLRQZDU ,P QlFKVWHQ $XJHQEOLFN ZDUHQ GLH WDQ]HQGHQ *OXWSXQNWH KHUDQ 6LH ZXFKVHQ GHP :,5 HQWJHJHQ JOHLFK VLFK HQWIDOWHQGHQ %OWHQ 9LHOIDUELJ VFKLPPHUQGH :RONHQ VFKZHEWHQ HPSRU VDQGWHQ JUHOOH 'LVVRQDQ]HQ DXV VFKUXPSIWHQ ]XVDPPHQ XQG HUORVFKHQ PLW HLQHP VFKULOOHQ 0LWRQ (LQH GHU ª%OWHQ©QDKPSO|W]OLFKGHQJDQ]HQ5DXPHLQ'DV :,5VWU]WHKLQHLQXQGYHUVDQNLQHLQHP0HHU XQGHILQLHUEDUHU (PSILQGXQJHQ 7RQIRQWlQHQ VFKLOOHUWHQ LQ JROGEHUKDXFKWHP 6FKZDU] YLROHWWH 6FKDWWHQKXVFKWHQPLWVHOWVDPHQDEJHKDFNWHQ.ODJHODXWHQYRUEHUHLQ$EJUXQG]HUULPLWGHP/DXW HLQHU]HUVSULQJHQGHQ+DUIHQVDLWH 9RQIHUQWDXFKWHGDV2YDOHLQHUIDUEORVHQ/LQVHDXI'LH5lQGHUEHZHJWHQVLFKNRQYXOVLYLVFKGHKQWHQ VLFKHLQPDOEHUGDVJDQ]H8QLYHUVXPDXVQlKHUWHQVLFKHLQDQGHUPDOVRZHLWGDVLHVLFKEHUKUWHQ 'DQQZLHGHUVFKZDQJHQVLHLPJOHLFKHQ5K\WKPXVZLHHLQGXPSIHVDQ7URPPHOZLUEHOHULQQHUQGHV 7UHPROR 8QGGDQQ6WLOOH $XVGHP1LFKWVVWLHJ3DQLNDXIZLHHLQYLHON|SILJHV8QJHKHXHUVFKODQJVHLQHLPDJLQlUHQ)DQJDUPH XPGDV:,5XQGPDUWHUWHHVPLWGHU)XUFKWYRUGHP9HUORUHQVHLQ :XUJK 3DXVH'DQQHLQK\VWHULVFKHV*HOlFKWHUGDVDEUXSWDEEUDFK :XUJK'HU5XIIDQGNHLQH5HVRQDQ] 8QGHXWOLFKHV:LPPHUQ (LQXQDUWLNXOLHUWHU6FKUHL :RELQLFK":RVHLGLKU" :,5VLQGEHLGLU:XUJK$XVGHQ7URVWVXFKHQGHQZDUHQ7U|VWHUJHZRUGHQ+DOWHDXV :RVLQGZLU" :,5ZLVVHQHVQLFKW$EHULUJHQGZDQQPXDXFKGDV1LFKWVHLQ(QGHKDEHQ 5RWHV/HXFKWHQHUIOOWHSO|W]OLFKGLHXQGHXWEDUH'LPHQVLRQ 5RW*HIDKU 1LHPDQG DQWZRUWHWH GHP MlKHQ *HGDQNHQ 'DV URWH /HXFKWHQ ZXUGH JUHOOHU XQG JUHOOHU XQG GDQQ EUDFK HLQ FKDRWLVFKHV *HGDQNHQLQIHUQR EHU GDV :,5 XQG EHU :XUJK KHUHLQ *OHLFK HLQHU :RJH VFKOXJHVEHULKQHQ]XVDPPHQEHJUXEVLHXQWHUVHLQHU4XDOXQGPDUWHUWHVLHPLWGHQ$XVVWUDKOXQJHQ VHLQHV6FKPHU]HV 6FKHPHQKDIW WDXFKWH HLQH VFKZDU]H +DOENXJHO XQWHU LKQHQ DXI GHKQWH VLFK XQG EHUVSDQQWH HLQH +lOIWHGHV8QLYHUVXPV,QLKUSHUOWHQNODJHQGH/DXWHZLHVFKLPPHUQGH)QNFKHQ 'DV:,5XQG:XUJKEHJDQQHQQDFKGHP6XFKHU]XUXIHQ .HLQH$QWZRUW 1XU GLH SHUOHQGHQ /DXWH YHUVDQNHQ LQ GHU ILQVWHUHQ .XJHOVFKDOH 6WDWW LKUHU VFK|VVHQ EODXZHLH 6SLUDOHQGDUDXVKHUYRUEUDFKHQVLFKDQHLQHUXQVLFKWEDUHQ%DUULHUHXQGIO|VVHQYHUO|VFKHQG]XUFN (LQ HLQ]HOQH *HGDQNH VWLHJ DXV GHU 7LHIH GHU GXQNOHQ +DOENXJHO KHUYRU $EHU HU YHUPLWWHOWH QXU YHUVFKZRPPHQH(LQGUFNHYRQ6FKPHU]1RWXQG%HGUlQJQLV$OVHUGDV:,5HUUHLFKWHYHUZDQGHOWH HUVLFKLQHLQHQYLEULHUHQGHQ7RQ'HU7RQVFKZROODQGXPSIH/DXWHGHU/HHUHPLVFKWHQVLFKGDUHLQ 'HU *HLVWGHV:,5YHUVXFKWHVLFKGLHYHUZLUUHQGHQEHlQJVWLJHQGHQ(LQGUFNHHLQ]XSUlJHQXQG]X HQWVFKOVVHOQ 'RFK GD EUDFK GHU 7RQ DE 'LH 6FKZlU]H YHUZDQGHOWH VLFK LQ JUHOOHV 5RW GDQQ LQ GXQNOHVEHUXKLJHQGHV*UQ 0LWWHQ LQ GHU EHUXKLJHQGHQ $XVVWUDKOXQJ Z|OEWH VLFK HLQH JLJDQWLVFKH VLOEHUVFKLPPHUQGH %ODVH GHKQWHVLFKXQGYHUVFKODQJGDV*UQOLHHVYHUEODVVHQ (LQ)XULRVRZLUEHOQGHU'LVVRQDQ]HQULGDV:,5PLWVLFKIRUWVFKOHXGHUWHHVGXUFKHLQOLQVHQI|UPLJHV 7RUXQGWULHEHVDXIHLQHUXQVLFKWEDUHQ%UFNHEHU=HLWXQG5DXP]XVHLQHP$XVJDQJVSXQNW]XUFN 'LH'LVVRQDQ]HQYHUHEEWHQ 9LHUPHQVFKOLFKH.|USHU]XFNWHQLQJUQOLFKHP/LFKW9LHU.|SIHILHOHQVFKODII]XU6HLWH ª6LHVLQGRKQPlFKWLJ©VWHOOWH%HQGHU5RERWHUIHVW 1LHPDQGDQWZRUWHWHLKP
/DQJVDPNHKUWHGDV/HEHQLQGLHVFKODIIHQ.|USHU]XUFN
$LVVDVSUWHVFKPHU]KDIWGHQ3XOVGXUFKVHLQ*HKLUQMDJHQ*HTXlOWYHU]RJHUGDV*HVLFKWXQGVW|KQWH 6HLQH %UXVW KRE XQG VHQNWH VLFK VWRZHLVH 5DVVHOQG HQWZLFK GHU $WHP VHLQHP 0XQG 0LW $QVSDQQXQJDOOHUVHLQHU:LOOHQVNUDIWJHODQJHVLKPVFKOLHOLFKGLH$XJHQ]X|IIQHQ ª:RELQLFK"©IOVWHUWHHU (LQYHUWUDXWHV*HVLFKWQlKHUWHVLFKVHLQHP'UXFNKHOP%HQV*HVLFKW ª(VLVWDOOHVLQ2UGQXQJ6LU©VDJWHGHU5RERWHUª6LHZDUHQQXURKQPlFKWLJ© ª0HLQ.RSI©lFK]WH$LVVDª:LHJHKWHVGHQDQGHUHQ%HQ"© 'LH JHVFKLFNWHQ )LQJHU GHV 5RERWHUV |IIQHWHQ GHQ 'UXFNKHOP (LVLJH /XIW YHUVFKODQJ GHP .DSLWlQ GHQ$WHPYHUVFKHXFKWHDEHUJOHLFK]HLWLJHWZDVYRQVHLQHU%HQRPPHQKHLW(UIKOWHHLQHJODWWH.DSVHO ]ZLVFKHQGHQ=lKQHQ ª$QDOJHWLQ©HUNOlUWH%HQª=HUEHLHQ6LHGLH.DSVHO6LU© *HKRUVDP ]HUEL GHU .DSLWlQ GLH .DSVHO GHV 6FKPHU]OLQGHUXQJVPLWWHOV 'LH )OVVLJNHLW UDQQ LKP ZLGHUOLFK V GLH .HKOH KLQDE (U VFKOXFNWH NUDPSIKDIW 1DFK ZHQLJHQ 6HNXQGHQ OLH GDV VFKPHU]KDIWH+lPPHUQXQWHUGHU6FKlGHOGHFNHHWZDVQDFK'LHHLVNDOWH/XIWGHV.KOUDXPVWDWGDV LKUH%DOGVFKRQYHUPRFKWH.DSLWlQ%KXJROZLHGHUNODU]XGHQNHQ (UNODSSWHGHQ+HOP]XXQGULFKWHWHVLFKKDOEDXI/LQNVQHEHQLKPODJ6DPPLWRIIHQHP'UXFNKHOP 'HU 0DWKHPDWLNHU JULQVWH LKP VFKZDFK HQWJHJHQ 5HFKWV YRQ LKP YHUVRUJWH GHU 5RERWHU JHUDGH GLH %LRORJLQ $QQDV *HVLFKW ZDU QRFK VFKPHU]YHU]HUUW )UDQFRLV GHU DXI $QQDV DQGHUHU 6HLWH ODJ ZDU DQVFKHLQHQGQRFKEHZXWORV $LVVDYHUVSUWHSO|W]OLFKVRVWDUNHV9HUODQJHQQDFKHLQHU=LJDUHWWHGDHUGLH.lOWHGHV.KOUDXPV PLW LQ .DXI QDKP (WZDV XPVWlQGOLFK GHQQ HU WUXJ GLH GLFNHQ +DQGVFKXKH VHLQHV 5DXPDQ]XJHV ]QGHWH HU VLFK GLH =LJDUHWWH DQ 6DP EHJDQQ HEHQIDOOV ]X UDXFKHQ $LVVD VWHFNWH DXFK $QQD HLQH =LJDUHWWH ]ZLVFKHQ GLH /LSSHQ XQG JDE LKU )HXHU 6LH OlFKHOWH LKP GDQNEDU ]X 9RQ )UDQFRLV NDP ODXWHV 6W|KQHQ %HQ KDWWH VRHEHQ VHLQHQ +HOP JH|IIQHW XQG YHUVXFKWH GHP (UVWHQ 2IIL]LHU HLQH $QDOJHWLQ.DSVHO]ZLVFKHQGLH/LSSHQ]XVFKLHEHQ .DSLWlQ %KXJRO UDXFKWH VFKZHLJHQG XQG PLW JHVHQNWHP .RSI (U VXFKWH LQ VHLQHU (ULQQHUXQJ XQG IXKU]XVDPPHQ ª:DVZDUGDV"©IUDJWH$QQD ª:DV"©$LVVDVDKGLH%LRORJLQJHLVWHVDEZHVHQGDQ ª'HU 6XFKHU© PXUPHOWH $QQD ª+DEHQ ZLU LKQ !JHVHKHQ RGHU QLFKW" :DV ZDU GDV IU HLQ &KDRV VFKPHU]HUIOOWHUTXDOYROOHU*HGDQNHQ"© )UDQFRLV ULFKWHWH UXFNDUWLJ VHLQHQ 2EHUN|USHU DXI $XV ZHLWJH|IIQHWHQ $XJHQ VWDUUWH HU JHJHQ GLH %HKlOWHUPLWGHUJUQOLFKHQ)OVVLJNHLW6HLQH=lKQHVFKOXJHQZLHLP6FKWWHOIURVWDXIHLQDQGHU (LQVWDUNHU*HGDQNHZDUSO|W]OLFKLQ$LVVDV*HKLUQ(UVWUDKOWHSDQLVFKH$QJVWDXV ª5RRO©VDJWHGHU.DSLWlQVFKDUI ª,FKIUFKWHPLFK©NDPHV]XUFNXQK|UEDUXQGGRFKVRNODUDOVKlWWHMHPDQGJHVSURFKHQª:XUJKV *HGDQNHQVLQGJUDXHQKDIW6LHPDFKHQPLU$QJVW© ª%HUXKLJHGLFK©IOVWHUWH$QQDª6HLQH*HGDQNHQVSLHJHOQQXUGDVZLGHUZDVZLUDOOHHUOHEWHQ(U ZLUGVLFKHUKROHQZLHZLU© ª+DEWLKUPLWGHP6XFKHUJHVSURFKHQ"© ª0LW HWZDV GDV GHU 6XFKHU KlWWH VHLQ N|QQHQ© DQWZRUWHWH $LVVD VFKQHOO ª%LWWH OD XQV HLQ ZHQLJ =HLWGDPLWZLUXQVVDPPHOQN|QQHQ.DQQVWGX:XUJKV*HLVWKHOIHQ5RRO"© ª,FK IKUH LKP HWZDV YRQ PHLQHU (QHUJLH ]X $LVVD /DQJVDP EHJLQQW HU VLFK ]X HUKROHQ 1XU GLH )XUFKWEOHLEW,FKJODXEHHUNRPPWMHW]W]XVLFK© ª$LVVD"©'LH)UDJHNODQJQXUZLHHLQ+DXFKLQ%KXJROV*HKLUQDXI$EHUDOOPlKOLFKKDWWHHUGLH *HGDQNHQLPSXOVHXQWHUVFKHLGHQJHOHUQW ª:XUJK©ULHIHU]XUFNª:LUVLQGDOOHZLHGHUKLHU:LHJHKWHVGLU"© 0LQXWHQODQJVFKZLHJGHU7KXWD'DQQVDJWHHUJHIDW ª(V JLEW NHLQH +RIIQXQJ PHKU QLFKW ZDKU" 'HU 6XFKHU LVW WRW (WZDV KDW LKQ JHW|WHW ,FK KDEH HV JHIKOW© 5RROEHJDQQOHLVH]XZHLQHQ ª8QVLQQ© ZLGHUVSUDFK GHU .DSLWlQ LQ VFKDUIHP 7RQ (U lUJHUWH VLFK GD :XUJK GHQ +\GUR YHUlQJVWLJWKDWWH6FKOLHOLFKKDQGHOWHHVVLFKXPHLQ.LQGª:LUZLVVHQEHUKDXSWQLFKWV*HQDXHV© IXKUHUIRUWª(WZDVLVW PLWGHP6XFKHUJHVFKHKHQGDVLVWDXFKXQVNODU$EHUGDHUWRWVHLQVROO QHLQGDVJODXEHLFKQLFKW© ª'LH +DOENXJHO DXV Y|OOLJHU 'XQNHOKHLW GDV ZDU GHU 6XFKHU "© IUDJWH $QQD ]DJKDIW ª8QG GLH
VLOEHUQVFKLPPHUQGH%ODVHGLH"© ªGLHEHZHLVWEHUKDXSWQLFKWV©ILHO6DPHLQª:LUVROOWHQZHQLJHUVSHNXOLHUHQDOVNDONXOLHUHQ,FK VFKlW]HGHU6XFKHULVWYRQHLQHPDQGHUHQ:HVHQVHLQHU'LPHQVLRQDQJHJULIIHQZRUGHQ© ª9RQHLQHP6XFKHU"©IUDJWH5RROGD]ZLVFKHQ ª1HLQ©HUZLGHUWH6DPEHVWLPPWª'LH6XFKHUOHEHQVRYRQHLQDQGHUJHWUHQQWGDHV]ZLVFKHQLKQHQ NHLQH.RQIOLNWHJHEHQNDQQ$EHUZHUVDJWGHQQGDHVLQGLHVHUYHUUFNWHQ'LPHQVLRQQXUHLQH6RUWH LQWHOOLJHQWHU:HVHQJLEW© ª(EHQ©PHLQWH)UDQFRLVª:DVZDUGDVPLWGHPOLQVHQI|UPLJHQ7RUGDVXQVDXIVDXJWHXQGKLHUKHU ]XUFNVFKOHXGHUWH"© $LVVDEOLFNWHGHQ)UHXQGHUQVWDQ ª,FKQHKPHDQZLUGHQNHQEHLGHGDVJOHLFKH"© $EHUEHYRU)UDQFRLVDQWZRUWHQNRQQWHKDWWH5RROVFKRQLQLKUHQ*HGDQNHQJHOHVHQ ª'DV NDQQ LFK PLU QLFKW YRUVWHOOHQ© ZLVSHUWH GLH +\GURLQWHOOLJHQ] XQVLFKHU ª6LH KDEHQ PLU VFKOLHOLFKGDPDOVJHKROIHQ© $QQDVWLHHLQHQ6FKUHLDXV ª0HLQWLKUGDVLP(UQVW"©ZDQGWHVLHVLFKDQ)UDQFRLVXQG$LVVD ª$OOHUGLQJV©VDJWHGHU.DSLWlQª8QGGLH880KDEHQDXFKHLQ0RWLYGHQ6XFKHUDQ]XJUHLIHQ(U KDWWHVLHJHQDXVRLQVHLQHP1HW]JHIDQJHQZLHXQV1XUKDWWHQVLHGLH0DFKWVLFKGDIU]XUlFKHQ,FK HULQQHUHGDUDQDXIZHOFKHJHKHLPQLVYROOH:HLVHGLHVHOLQVHQI|UPLJHQ:HVHQYHUVFKZDQGHQ© ª'DQQLVWDOOHVDXV©IOVWHUWH:XUJK ª1HLQ©$LVVDHUKREVLFKWDXPHOQGª:LUPVVHQKHUDXVILQGHQDXIZHOFKHP:HJGLH880GDPDOV XQVHU.RQWLQXXPYHUODVVHQKDEHQ© ª+|OOHXQG7HXIHO©IOXFKWH6DPHUVFKURFNHQª:LOOVWGXLKQHQHWZDDXIGHPJOHLFKHQ:HJHIROJHQ"© ª:DVEOHLEWXQVDQGHUHVEULJ©PXUPHOWH$LVVDGXPSI
'LH /$1&(7 VWU]WH ZLH HLQ 6WHLQ DXI GHQ 3ODQHWHQULHVHQ ]X 'HU 8803ODQHW ZDU ]XVDPPHQJHVFKUXPSIW VHLQH $WPRVSKlUH H[LVWLHUWH QLFKW PHKU 6LH ODJ JOHLFK HLQHP (LVSDQ]HU DXI GHU 2EHUIOlFKH 'HU 8PIDQJ GHV 3ODQHWHQ EHWUXJ GHQQRFK GDV KXQGHUWIQI]LJIDFKH GHU (UGH 8QG LPPHUQRFKZLUNWHGLH6FKZHUNUDIWYRQ*UDYRV .DSLWlQ%KXJROVFKDOWHWHGLH%UHPVGVHQHUVWHLQDOV880QXUQRFKYLHUKXQGHUWWDXVHQG.LORPHWHU HQWIHUQWZDU'LH,PSXOVEQGHOVWDFKHQZLHVFKLPPHUQGH/DQ]HQDXIGHQ3ODQHWHQHLQ8QG]DXEHUWHQ XQZLUNOLFKVFKHLQHQGH)DUEUHIOH[HDXIGDV(LV%HLHLQHU'LVWDQ]YRQ]ZHLWDXVHQG.LORPHWHUQILHOGLH /$1&(7QXUQRFK]HKQ0HWHUSUR6HNXQGH$LVVDVFKDOWHWH]XVlW]OLFKGLH$QWLJUDY3URMHNWRUHQHLQ 6HQNUHFKW ZLH HLQH /LIWNDELQH JOLWW GHU VFKODQNH .|USHU GHV 5DXPIDKU]HXJV KHUDE 'LH ,PSXOVZHOOHQEQGHOEUDQQWHQDEJUXQGWLHIH/|FKHULQGLHVWDKOKDUWJHIURUHQH$WPRVSKlUH'DPSIXQG JUDXJUQOLFKH *DVVFKZDGHQ VWLHJHQ DXI 6LH YHUEDUJHQ GHQ HLQJHEUDQQWHQ 6FKOXQG YRU RSWLVFKHU %HREDFKWXQJDEHUGLH7DVWHURUWXQJPDFKWHGLH*HIDKUGHXWOLFKVLFKWEDU $LVVDVGXQNOHV*HVLFKWZDUPLW6FKZHLSHUOHQEHGHFNW8QDEOlVVLJEHREDFKWHWHHUGLH0HJHUlWHIU 6LQNJHVFKZLQGLJNHLW XQG (QWIHUQXQJ (U GDFKWH IU HLQHQ IOFKWLJHQ $XJHQEOLFN GDUDQ GD VLH EHGHQNHQORV GLH .DWDVWURSKH DXVQXW]WHQ XQG HLQ VFKZDFKHV /lFKHOQ IORJ EHU VHLQ DQJHVSDQQWHV *HVLFKW 9RU GHU .DWDVWURSKH KDWWH GLH /$1&(7 QLFKW DXI 880 ODQGHQ N|QQHQ GHU $WPRSKlUHQGUXFN KlWWH LKUH +OOH HUEDUPXQJVORV ]HUTXHWVFKW 'LHVPDO JDE HV GLHVH 6FKZLHULJNHLW QLFKW 'LH $WPRVSKlUH ODJ JHIURUHQ XQG YRQ GHU 6FKZHUNUDIW ]X HLQHU SDQ]HUJOHLFKHQ 6FKLFKW ]XVDPPHQJHSUHWDXIGHP*UXQGHGHVHKHPDOLJHQ/XIWR]HDQV $EHUHLQHDQGHUH*HIDKUEHVWDQG $LVVD %KXJRO ZXWH GD HU GLH /$1&(7 QLFKW LQ GHP 6FKPHO]NUDWHU ODQGHQ GXUIWH 6LH ZUGH LQ IOVVLJHP(LVYHUVLQNHQXQGDQVFKOLHHQGYRQGHQQLHGHUUHJQHQGHQ*DVHQ]XJHGHFNWZHUGHQ ,QWDXVHQG0HWHU+|KHDNWLYLHUWHHUGLH6WHXHUERUG.RUUHNWXUGVHQ'DV6FKLIIVFKZDQNWHXQG]LWWHUWH 1XU DOOPlKOLFK O|VWH HV VLFK DXV GHU DQIlQJOLFKHQ 6LQNULFKWXQJ =HQWLPHWHUZHLVH ZDQGHUWHQ GLH *OXWEQGHO GHU ,PSXOVWULHEZHUNH YRQ GHP YHUKlQJQLVYROOHQ $EJUXQG ZHJ XQG EUDQQWHQ HLQH WLHIH 6FKOXFKWLQGDV(LV,QKXQGHUW0HWHUQ+|KHEHJDQQGLH/$1&(7]XVFKOLQJHUQXQG]XSHQGHOQ(V VDK JHIlKUOLFK DXV DEHU GLHVHU (IIHNW ZDU EHDEVLFKWLJW XQG YRUEHUHFKQHW 'XUFK GDV 6FKOLQJHUQ YHUIODFKWH VLFK GLH 6FKPHO]VSXU GHU 7ULHEZHUNV VWUDKOHQ XQG VFKXI HLQH 0XOGH LQ GHU GDV 6FKLII VFKOLHOLFKVDQIWDXIVHW]WH
,P0LWWHOSXQNWGHVYRQGHQ/DQGHVWW]HQJHELOGHWHQ.UHLVHVEURGHOWHXQGNRFKWHHLQ.UDWHUGRFKHU ZDU]XHQJXQG]XIODFKDOVGDHUGHU/$1&(7QRFKKlWWHJHIlKUOLFKZHUGHQN|QQHQ $LVVD OHKQWH VLFK DXIDWPHQG ]XUFN 'LH .OLPDDQODJH VHLQHV 5DXPDQ]XJHV VXPPWH SIHLIHQG (U WUDQVSLULHUWHDPJDQ]HQ.|USHU$EHUHUODFKWHDOVHUVLFKGHQ6FKZHLYRQGHU6WLUQZLVFKWH ª(LQH %LOGHUEXFKODQGXQJ© JDE )UDQFRLV QHLGORV ]X ª3HUU\ 5KRGDQ KlWWH HV QLFKW EHVVHU PDFKHQ N|QQHQ© $LVVDV*HVLFKWYHUVFKORVLFK=ZLVFKHQGHQ%UDXHQELOGHWHVLFKHLQHVWHLOH)DOWH ª3HUU\5KRGDQXQGGLH*DODNWLVFKH$OOLDQ]ZLHYLHO(ZLJNHLWHQWUHQQHQXQVYRQLKQHQ"© ª7DXVHQGXQGHLQH©JDE)UDQFRLV]XUFN 6DPXHO3HFNVFKQHX]WHVLFKXPVWlQGOLFKLQVHLQURWNDULHUWHV7DVFKHQWXFK ª(LJHQWOLFKKDEHQZLUMHW]WYLHOHVPLWGHP*URDGPLQLVWUDWRUJHPHLQVDP©PHLQWHHUOHLFKWKLQª:LU N|QQHQ QLFKW QDFK +DXVH XQG HU NDQQ DXFK QLFKW QDFK +DXVH 1XU GLH *UQGH VLQG YHUVFKLHGHQ 6RYLHO LFK ZHL LVW HU ]X HLQHP 5HQGH]YRXV PLW GHQ 3RVELV XQWHUZHJV 'DPLW ULFKWHW VLFK GHU WHUUDQLVFKH 9RUPDUVFK DXWRPDWLVFK LQ GHQ /HHUUDXP (LQHV 7DJHV ZLUG HU GHQ $EJUXQG ]ZLVFKHQ XQVHUHU 0LOFKVWUDH XQG $QGURPHGD EHUVSULQJHQ 'DQQ GUIWH 5KRGDQ GLH +HLPDW QRFK VHOWHQHU VHKHQDOVELVKHU© ª'X VFKHLQVW DXVJH]HLFKQHW LQIRUPLHUW ]X VHLQ© VDJWH $QQD 3DVWXFKDMD HUVWDXQW ª3ODXGHUVW KLHU *HKHLPQLVVHYRQJDODNWLVFKHU%HGHXWXQJDXV© 'HU.DSLWlQODFKWH ª8QVHU'LFNHUKDW%H]LHKXQJHQ6FKOLHOLFKZDUHUIUKHU0DMRUEHLGHU*DODNWLVFKHQ$EZHKU© ª8QGDXHUGHP©IJWH6DPKLQ]XªVLQG'LQJHYRQJDODNWLVFKHU%HGHXWXQJIUXQVK|FKVWHQVQRFK 3URYLQ]NODWVFK:LUDOVZHLWJHUHLVWH)RUVFKHU© ª$OVZHLWJHUHLVWHDUPH:UPHU©ZDUI)UDQFRLV]\QLVFKHLQ ª$EHU DEHU© PDKQWH 6DP ª:R ZLU GRFK JHUDGH GDEHL VLQG XQV GLH VHFKVWH 'LPHQVLRQ ]X XQWHUZHUIHQ© $LVVD %KXJRO ]QGHWH VLFK HLQH =LJDUHWWH DQ XQG LJQRULHUWH GDV *HVSUlFK GDV QXU HLQ 9HQWLO IU SV\FKLVFKHQ hEHUGUXFN GDUVWHOOWH 8QWHU JHVHQNWHQ $XJHQOLGHUQ KHUYRU PXVWHUWH HU GLH DXI 0LNURZHOOHQUDGDU JHVFKDOWHWHQ 3DQRUDPDELOGVFKLUPH ,Q 6WHXHUERUG ]RJ VLFK GLH 6FKOXFKW VFKQXUJHUDGH GDKLQ GLH YRQ GHQ ,PSXOVVWUDKOHUQ LQV (LV JHEUDQQW ZRUGHQ ZDU 'LH KRFKHUKLW]WHQ 6FKPHO]JDVH UHJQHWHQ EHUHLWV ZLHGHU DE XQG IOOWHQ GHQ *UDEHQ UDVFK DXI ,Q %DFNERUG ODJ GDV XQEHUKUWH (LV GHU HKHPDOLJHQ $WPRVSKlUH :LH HLQ JODWWSROLHUWHU 6FKLOG HUVWUHFNWH HV VLFK IXJHQORV ELV]XPIHUQHQ+RUL]RQW 6HLQH6WLUQXPZ|ONWHVLFK%HVWDQGEHUKDXSWGLHJHULQJVWH$XVVLFKWXQWHUGHUPHKUHUHKXQGHUW0HWHU GLFNHQ (LVGHFNH 6SXUHQ GHU 880 ]X ILQGHQ" *DE HV EHUKDXSW 6SXUHQ DXHU GHQ EHNDQQWHQ .XSSHOEDXWHQXQGGHP]HUVW|UWHQ5DXPVFKLII"+DWWHQGLH880HLQHWHFKQLVFKH$QODJHQ|WLJJHKDEW XPLQV.RQWLQXXPGHV6XFKHUVHLQ]XGULQJHQ" (UVDKEDOGHLQGDVLFKGLHVH)UDJHQQLFKWWKHRUHWLVFKEHDQWZRUWHQOLHHQ6LHZUGHQV\VWHPDWLVFK VXFKHQPVVHQXQGGDVPLWGHUEHGUFNHQGHQ*HZLKHLWGDGHUHYHQWXHOOH(UIROJXPVRPHKUDQ %HGHXWXQJYHUORUMHVSlWHUVLHLKQHU]LHOWHQ (UGUHKWHVLFKPLWVHLQHP.RQWXUVHVVHOXQGZROOWHDXIVWHKHQ6HLQ%OLFNEOLHEDXI)UDQFRLVKDIWHQ'HU (UVWH2IIL]LHUVWDUUWHWUEVLQQLJYRUVLFKKLQXQGNDXWHDXIVHLQHU8QWHUOLSSH$QQDVDKPLWOHLGLJDXI LKQ KHUDE $OV VLH $LVVDV %OLFN EHPHUNWH YHUZDQGHOWH VLH VLFK LQ GLH ]lUWOLFKH 9HUOREWH XQG VWULFK )UDQFRLVEHUGDVVFKZDU]H+DDU'RFK3HWLWNQXUUWHQXUJHUHL]W %KXJRO VFKWWHOWH GHQ .RSI 'LH EHLGHQ JDEHQ LKP 5lWVHO DXI 6LH PDFKWHQ ZHQQ VLH VLFK XQEHREDFKWHWJODXEWHQQLFKWGHQ(LQGUXFNNQIWLJHU(KHOHXWHVRQGHUQHKHUYRQ0HQVFKHQGLHLKUHU 8PJHEXQJJHJHQEHU7KHDWHUVSLHOWHQ0DQFKPDOJULQVWH6DPLKPYHUVFKPLW]W]XDEHU$LVVDZDULQ GLHVHQ'LQJHQ]XQDLYXPGDVGHXWHQ]XN|QQHQ (UUlXVSHUWHVLFKODXWVWDUNXQGHUKREVLFK ª$QQDXQG)UDQFRLVLKUEOHLEWLQGHU/$1&(7ZlKUHQG6DP%HQXQGLFKPLWGHU6FKLOGNU|WHGLH 8PJHEXQJ HUNXQGHQ 8QVHU /DQGHSODW]OLHJW JHQDX LP 0LWWHOSXQNW GHU IQI NDUWRJUDSKLVFK HUIDWHQ 8806WlGWH:HQQHVHWZDV]XILQGHQJLEWGDQQQXUKLHU© )UDQFRLV3HWLWVSUDQJLPSXOVLYDXI ª,FKELWWHDQGHU([SHGLWLRQWHLOQHKPHQ]XGUIHQ$LVVD© 'HU.DSLWlQEOLFNWHLKQDQ'DQQPXVWHUWHHU$QQD'LH%LRORJLQYHU]RJlUJHUOLFKGDV*HVLFKW ª9RQPLUDXV©VDJWH$LVVDVFKXOWHU]XFNHQGª'DQQEOHLEW6DPIUGLFKKLHU$XINHLQHQ)DOOP|FKWH LFKHLQHQDOOHLQLP6FKLIIODVVHQ©'HU0DWKHPDWLNHUQLFNWH
ª0LUVROOHVUHFKWVHLQ$LVVD© ª*XW 'LU EUDXFKH LFK MD NHLQH 9HUKDOWHQVUHJHOQ ]X JHEHQ 'X ZHLW %HVFKHLG ZRUDXI HV DQNRPPW +|FKVWHQV QRFK HLQV 6ROOWH HLQH *HIDKU DXIWDXFKHQ GHU LKU PLW GHQ 0LWWHOQ GHV 6FKLIIHV QLFKW JHZDFKVHQ VHLGGDQQ VWDUWHW ,KU ZHUGHW GDQDFK VFKRQ KHUDXVILQGHQ RE LKU XQV QRFK KHOIHQ N|QQW 'DVLVWHLQ%HIHKO©IJWHHUKLQ]XDOV6DPXQG$QQDJOHLFK]HLWLJ]XHLQHP3URWHVWDQVHW]HQZROOWHQ 6DPXHO3HFNJULQVWH ª:HQQ HV DXI 880 MHPDOV *HVSHQVWHU JHJHEHQ KDW VLQG VLH OlQJVW KLQWHU GHQ ZDUPHQ 2IHQ JHNURFKHQ$XHU(LVVSDOWHQXQGGHP9DNXXPVHKHLFKNHLQH*HIDKU$LVVD© ª$EZDUWHQ XQG GDQQ :LW]H UHLHQ© HUZLGHUWH $LVVD HUQVW (U VFKOR GHQ 'UXFNKHOP VFKQDOOWH VHLQHQ:DIIHQJXUWXPXQGZLQNWH)UDQRLV]X 'HU5RERWHU%HQVWDSIWHNOLUUHQGKLQWHULKQHQKHU$PJH|IIQHWHQ6FKRWWZDQGWHHUVLFKQRFKHLQPDO XPXQGGURKWHPLWGHP)LQJHU ª6FK|QEUDYVHLQ0L3DVWXFKDMDLVWYHUOREW© (UYHUVFKZDQGEHYRUGLH'UXFNIODVFKHGLH6DPLKPQDFKZDUILKQHUUHLFKWH0LWHQWVFKXOGLJHQGHP /lFKHOQGUHKWHGHU0DWKHPDWLNHUVLFK]X$QQDXP ª%HQV +XPRU ZDU VFKRQ LPPHU HWZDV VNXUULO =XGHP KDW HU LQ OHW]WHU =HLW RIW WHUUDQLVFKH /LHEHVURPDQH JHOHVHQ (U PDFKW VLFK YROONRPPHQ IDOVFKH 9RUVWHOOXQJHQ YRQ GHU 0RUDO HLQHV 5DXPIDKUHUV© ª,FKILQGHLKQN|VWOLFK©HUZLGHUWHGLH%LRORJLQODFKHQG
)UDQFRLV OLH GLH 6FKLOGNU|WH PLW KXQGHUWVHFK]LJ 6WXQGHQNLORPHWHUQ *HVFKZLQGLJNHLW EHU GDV VSLHJHOJODWWH (LV MDJHQ ,P ,QQHUQ GHV )DKU]HXJV PLQGHUWH GHU $QWLJUDY GLH 8806FKZHUNUDIW DXI HLQHQ*UDYRKHUDE %HQ VD XQEHZHJOLFK DXI VHLQHP 3ODW] XQGEHREDFKWHWH GLH ,QVWUXPHQWH )U GLHVH $XIJDEH ZDU HLQ 5RERWHU EHVVHU JHHLJQHW DOV HLQ 0HQVFK 1XU GDUXP NRQQWH GLH 6XFKH PLW HLQHU VROFKHQ *HVFKZLQGLJNHLWYRQVWDWWHQJHKHQ $LVVDKRFNWHYRUGHU)HXHUVFKDOWXQJVWHWVEHUHLWEHLPJHULQJVWHQYHUGlFKWLJHQ$Q]HLFKHQGDV=LHO]X HUIDVVHQXQG]X]HUVW|UHQ(UZXWH]ZDUQLFKWREHVDXIGHP8803ODQHWHQEHUKDXSWLUJHQGZHOFKH $EZHKUHLQULFKWXQJHQJDEDEHUQDFKGHQOHW]WHQ(UHLJQLVVHQKDWWHHUVLFKYRUJHQRPPHQQLFKWVIU XQP|JOLFK]XKDOWHQ 'RFKQLFKWVHUHLJQHWHVLFK'DVOHLVH0RWRUHQJHUlXVFKGHV)DKU]HXJVZLUNWHHLQVFKOlIHUQG$XHUGHP KDWWHQ GLH 0HQVFKHQ LQ GHQ OHW]WHQ YLHUXQG]ZDQ]LJ 6WXQGHQ NHLQHQ 6FKODI JHKDEW 'D]X NDP GLH XQJHKHXUHJHLVWLJH$QVSDQQXQJGLHGLH5HLVHLQGLH'LPHQVLRQGHV6XFKHUVHUIRUGHUWKDWWH=HLWZHLVH IKOWH.DSLWlQ%KXJROVLFKLQQHUOLFKZLHDXVJHEUDQQW 6HLQH*HGDQNHQEHVFKlIWLJWHQVLFKXQDXIK|UOLFKPLWGHP5lWVHOGDVGLH880LKQHQDXIJDEHQ,QGHU 7DWZDUHQGLHVHVFKLPPHUQGHQGXUFKVLFKWLJHQ/LQVHQGLHHLJHQDUWLJVWHLQWHOOLJHQWH/HEHQVIRUPDXI GLH 0HQVFKHQ MHPDOV JHVWRHQ ZDUHQ 6LH VFKLHQHQ QLFKW LQV QRUPDOH 8QLYHUVXP ]X JHK|UHQ YHUIJWHQDEHURIIHQEDUEHUHLQH PHQVFKHQlKQOLFKH0HQWDOLWlWZLH%HQV(UOHEQLVYRUHLQHU:RFKH EHZLHVHQ KDWWH $LVVD OlFKHOWH XQZLOONUOLFK DOV HU GDUDQ GDFKWH GD VLH HLQHQ 5RERWHU PLW 6SLHJHOIHOGSURMHNWLRQHQKDWWHQHLQVFKFKWHUQZROOHQ *OHLFK]HLWLJ JDE LKP GLHVH 7DWVDFKH ]X GHQNHQ :HVHQ GLH VLFK DXI SV\FKRORJLVFKH $EZHKU HLQHV *HJQHUVEHVFKUlQNWHQNRQQWHQQLFKWYRQ1DWXUDXVE|VDUWLJVHLQ$XFKGHU$QJULIIPLW8OWUDVFKDOODXI GLH /$1&(7 lQGHUWH QLFKWV DP (UJHEQLV VHLQHU hEHUOHJXQJHQ 'LH 880 NRQQWHQ PLW EHGHXWHQG VWl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
DXV HLQHP XQWHUGUFNWHQ 0LQGHUZHUWLJNHLWVNRPSOH[ 'HU ZLUNOLFK hEHUOHJHQH ZHQQ GLHVH hEHUOHJHQKHLW DXFK DXI JHLVWLJHU (EHQH H[LVWLHUWH NDQQWH ZHGHU 5DFKH QRFK 8QWHUZHUIXQJ 6FKZlFKHUH EHKDQGHOWH HU PLW 1DFKVLFKW PLW *OHLFKZHUWLJHQ YHUVXFKWH HU GLH ,QWHUHVVHQVSKlUHQ GXUFK$ENRPPHQDE]XJUHQ]HQ 'DV880ZDUXQGEOLHEHLQ5lWVHO %OLHE " $LVVDV $XJHQ IXQNHOWHQ SO|W]OLFK LQ IDQDWLVFKHP *ODQ] 0HQVFKHQ SIOHJWHQ QLFKW YRU GHU VFKHLQEDUHQ8QO|VEDUNHLWHLQHV5lWVHOV]XNDSLWXOLHUHQ (U EOLFNWH DXI GLH 7DVWHUVFKLUPH XQG VDK ZLH GLH 6FKHLQZHUIHU GHU 6FKLOGNU|WH HLQHQ ZHLWHQ .UHLVERJHQEHVFKULHEHQ ª:LUEHILQGHQXQVEHUGHP6WDQGRUWGHUHUVWHQ8806WDGW©PHOGHWH%HQª9RQKLHUEHJLQQHLFKPLW GHPHUVWHQ6XFKNUHLVGHUQDFKMHGHU5XQGHHQJHUZLUGELVZLUZLHGHUEHLGHU/$1&(7ODQGHQ© ª9HUIOL[WHU5RERWHU©VFKLPSIWH)UDQFRLVª=XU+|OOH PLWGHLQHU.DOWVFKQlX]LJNHLW:LUVXFKHQELV ZLUGDVJHIXQGHQKDEHQZDVZLUEUDXFKHQ© ª8QGZDVVXFKHQ6LH6LU"©HUZLGHUWHGHU5RERWHUVDQIW )UDQFRLV EOLHE LKP GLH $QWZRUW VFKXOGLJ 1XU GDV MlKH $XIKHXOHQ GHU 0RWRUHQ ]HXJWH YRQ VHLQHP =RUQ $LVVD]QGHWHVLFKHLQH=LJDUHWWHDQXQGVWDUUWHZLHGHUKLQDXVDXIGDVVWDKOKDUWH(LVGDVXQPLWWHOEDU DQGHQ:HOWUDXPJUHQ]WH -DZDVVXFKWHQVLHHLJHQWOLFK" (LQHQ:HJLQGLH'LPHQVLRQGHV6XFKHUV" (UVHXI]WH (VZUGHLKQHQQLFKWVQW]HQHLQHQHXH0|JOLFKNHLWGHUJHLVWLJHQ5HLVH]XILQGHQ6LHEUDXFKWHQHLQHQ :HJGHQVLHN|USHUOLFKEHJHKHQNRQQWHQZHQQGDVEHUKDXSWP|JOLFKZDU ,PHUVWHQ6FKUHFNOHJWHHUGLH+lQGHDXIGLH:DIIHQVFKDOWXQJDOV%HQGHQ6FKUHLDXVVWLHª+DOW© KDWWHGHU5RERWHUJHUXIHQ )UDQFRLV 3HWLW UHDJLHUWH QLFKW PLQGHU KHIWLJ (U EUHPVWH GLH 6FKLOGNU|WH VR SO|W]OLFK DE GD GHU $QWLJUDYGLH7UlJKHLWVEHVFKOHXQLJXQJQLFKWYROODXIIDQJHQNRQQWHXQGDOOHGUHLGLHEHLGHQ0HQVFKHQ XQGGHU5RERWHUJHJHQGDV.RQWUROOSXOWJHVFKOHXGHUWZXUGHQ *OFNOLFKHUZHLVH ZDU GLH SRVLWURQLVFKH =QGXQJ GHV .XSSHOJHVFKW]HV QRFK JHVLFKHUW VRQVW KlWWH DXFKQRFKHLQH5DNHWHQVDOYHGDV5RKUYHUODVVHQ $EHU QLHPDQG PDFKWH GHP 5RERWHU HLQHQ 9RUZXUI %HLGH 0lQQHU VWDUUWHQ DXI GDV (LV XQG VXFKWHQ GDVZDV%HQ]XVHLQHPDODUPLHUHQGHQ5XIYHUDQODWKDWWH 'RFKDXHUGHQ/LFKWUHIOH[HQGLHGLH6FKHLQZHUIHUNHJHOHU]HXJWHQZDUQLFKWV$XIIlOOLJHV=XVHKHQ )UDQFRLVZLVFKWHPLWGHP+DQGVFKXKEHUGLHEOXWHQGH6FKUDPPHDQVHLQHU6WLUQXQGNQXUUWH ª9LHOOHLFKWUFNVWGXHQGOLFKPLWGHLQHU:HLVKHLWKHUDXVGX,PLWDWLRQHLQHV0HQVFKHQ2GHUZLOOVWGX HVIUGLFKEHKDOWHQ"© %HQOlFKHOWHVHLQWlXVFKHQGPHQVFKHQlKQOLFKHV5RERWHUOlFKHOQDOVElWHHUGDPLWXP(QWVFKXOGLJXQJ ª,FK YHUJD GLH JHULQJH 'LIIHUHQ]LHUXQJVIlKLJNHLW ,KUHU 6HKRUJDQH 6LU 6LH N|QQHQ QXU HLQH JODWWH (LVIOlFKHHUNHQQHQQLFKWZDKU©'LH)UDJHZDUUKHWRULVFKJHPHLQWGDUXPIXKUHUIRUWª'DEHLOLHJW GDV/RFKQXU]ZHLKXQGHUW0HWHUYRUDXV© ª-HW]W ZR GX HV VDJVW HUNHQQH LFK HV DXFK© VDJWH $LVVD (U VFKWWHOWH GHQ .RSI ª0DQFKPDO EHNRPPH LFK GLUHNW 0LQGHUZHUWLJNHLWVNRPSOH[H GLU JHJHQEHU %HQ © $EHU HU OlFKHOWH GDEHL XQG VWUDIWH VLFK GDPLW VHOEVW /JHQ ª.HLQ :XQGHU GD ZLU HV QLFKW 6RIRUW VDKHQ 'LH :lQGH HU]HXJHQ HLQH6SLHJHOXQJXQGWlXVFKHQGDGXUFKHLQHJHVFKORVVHQH)OlFKHYRU:DVVDJHQGLH0HGDWHQ"© ª$EVROXW NUHLVI|UPLJ© PHOGHWH %HQ ª'XUFKPHVVHU KXQGHUWQHXQXQGYLHU]LJ 0HWHU XQG ]Z|OI =HQWLPHWHU'LH7LHIHLVWYRQKLHUDXVQLFKW]XHUNHQQHQ© ª$OVR IDKUHQ ZLU KLQ© VDJWH )UDQFRLV WHPSHUDPHQWYROO ª,FK ZHL EHUKDXSW QLFKW ZR]X ZLU XQV DXIUHJHQ (LQ /RFK LP (LV +D 8QG ZLU EHQHKPHQ XQV DOV N|QQWH LP QlFKVWHQ $XJHQEOLFN HLQH $UPHHYRQ8QJHKHXHUQGDUDXVKHUYRUNULHFKHQ/lFKHUOLFK© ª1LFKWVRYRUHLOLJ©ZDUQWH.DSLWlQ%KXJROª2GHUNDQQVWGXPLUHUNOlUHQZDUXPVLFKDXVJHUHFKQHW DXI HLQHP H[DNW NUHLVI|UPLJHQ )OHFN NHLQH RGHU EHGHXWHQG ZHQLJHU $WPRVSKlUH QLHGHUJHVFKODJHQ KDW"© 'HU(UVWH2IIL]LHUNUDW]WHVLFKYHUOHJHQDP.LQQ ª-DZHQQGXHVVRVLHKVW© ª0DQVROOWHHVLPPHUVRVHKHQ6LU©EHOHKUWHLKQ%HQEHWRQWKHUDEODVVHQG )UDQFRLVNQLUVFKWHPLWGHQ=lKQHQDEHUHUEHKHUUVFKWHVLFK
ª$OVRZDVQXQ"©ZDQGWHHUVLFKDQ$LVVD ª1DWUOLFKIDKUHQZLUELV]XP5DQG$EHUPLWGHUQ|WLJHQ9RUVLFKWELWWH© 2KQHQRFKHLQZHLWHUHV:RUW]XYHUOLHUHQHQWVLFKHUWH%KXJROGHQ=QGPHFKDQLVPXVXQGVFKZHQNWH GDV*HVFKW]URKUDXIGLHNDXPZDKUQHKPEDUHgIIQXQJLP(LV )UDQFRLV OLH GLH 6FKLOGNU|WH DQUROOHQ ,P 6FKULWWHPSR VFKOLFK GDV )DKU]HXJ DXI GDV /RFK ]X 'LH $WPRVSKlUH LQ GHU )KUHUNDELQH VFKLHQ HOHNWULVFK JHODGHQ ]X VHLQ .DXP ZDJWHQ GLH 0lQQHU ]X DWPHQ 'LH JHULQJVWH YHUGlFKWLJH %HZHJXQJ ZUGH ]ZHL 5HDNWLRQHQ DXVO|VHQ 3HWLW ZUGH EUHPVHQ XQG GHQ 5FNZlUWVJDQJ HLQOHJHQ $LVVD GHQ )HXHUNQRSI GUFNHQ 1LHPDQG ZDU JHZLOOW QRFK GDV JHULQJVWH5LVLNRHLQ]XJHKHQ $EHUDOOHVEOLHEUXKLJ )QI 0HWHU YRU GHP 5DQG GHV /RFKHV KLHOW )UDQFRLV GLH 6FKLOGNU|WH DQ 9RQ LKUHP HUK|KWHQ 6WDQGSXQNWDXVNRQQWHQVLH PLQGHVWHQV]ZHLKXQGHUWIQI]LJ0HWHUWLHIVHKHQ'HU*UXQGGHV/RFKHV EOLHEMHGRFKXQVLFKWEDU $LVVVDEOLFNWHGHQ5RERWHUDQOLQGVDJWHNQDSS ª'X ELVW XQV VFKZDFKHQ 0HQVFKHQ LQ IDVW MHGHU %H]LHKXQJ EHUOHJHQ %HQ $OVR QLPP GHLQH ,PSXOVNDQRQHXQGVLHKGUDXHQQDFK© ª.DQRQH© HUZLGHUWH %HQ YHUlFKWOLFK ZlKUHQG HU VLFK HUKRE XQG GLH EHUVFKZHUH +DQGZDIIH PLW ]ZHL)LQJHUQDXVGHP*UWHOKDOIWHU]RJª)UPLFKLVWGDVQLFKWHLQPDOHLQ.DQ|QFKHQ© ª'X ELVW KHXWH VHKU ZLW]LJ ZLH"© NQXUUWH GHU .DSLWlQ ª0DQ NDQQ JXW VSRWWHQ ZHQQ PDQ HLQ =HKQWDXVHQG0HJDZDWW.UDIWZHUNLP%DXFKKDW© +LQWHU GHP 5RERWHU NODSSWH GDV ,QQHQVFKRWW GHU 6FKOHXVH ]X ª,FK VFKlW]H GLH 0DVFKLQH ZLOO XQV KHXWHDUJHUQ©EUXPPWH)UDQFRLVZWHQG $LVVDOlFKHOWH ª,KUH/RJLVWLNVFKDOWXQJZUGHGDVJDUQLFKW]XODVVHQ%HQLVWNHLQ.DPSIURERWHUPHLQ/LHEHU)ULKQ JHOWHQGLH5RERWJHVHW]HLQYROOHP8PIDQJ(UZUGHXQVQLHPDOVlUJHUQQXUXPXQV]XlUJHUQ$OOHV ZDVHUMHW]WWXW]LHOWDXIHLQHSV\FKRORJLVFKH$XIPXQWHUXQJDE© ª2EGDVPHLQHU*DOOHVFKDGHWLVWLKPDQVFKHLQHQGJOHLFKJOWLJ©JDE)UDQFRLV]XUFN $LVVD%KXJROZLQNWHDEDOVGHU5RERWHULP%OLFNIHOGHUVFKLHQ(UWUXJHLQHQ5DXPDQ]XJREZRKOHU GDV QLFKW Q|WLJ JHKDEW KlWWH $EHU HQWVSUHFKHQG VHLQHU 5ROOH DOV SV\FKRORJLVFKHU $VVLVWHQW GHV &KHINRQWDNWHUV ZDU LKP PHQVFKOLFKHV 9HUKDOWHQ ]XU *HZRKQKHLW JHZRUGHQ $XFK SRVLWURQLVFKH 6FKDOWIHOGHUZXUGHQYRQGHU5RXWLQH]XIHVWHQ9HUKDOWHQVVFKHPDWDJHSUlJW %HQJLQJODQJVDPDXIGDV/RFK]XGLHNORELJH,PSXOVZDIIHOlVVLJLQGHUUHFKWHQ+DQG$LVVDVRUJWH VLFK ZHQLJ XP LKQ :HQQ VLH HV PLW RUJDQLVFKHQ *HJQHUQ ]X WXQ KDWWHQ ZUGH %HQ LPPHU QRFK WDXVHQGPDOVFKQHOOHUUHDJLHUHQDOVVLH (VVDKJHIlKUOLFKDXVDOVGHU5RERWHUXQPLWWHOEDUDP5DQGVWHKHQEOLHEGLH6WLHIHOVSLW]HQEHUGHP ERGHQORVHQ$EJUXQGXQGGHQ2EHUN|USHUOHLFKWQDFKYRUQJHQHLJW$EHUVHLQH*OHLFKJHZLFKWVRUJDQH NRQQWHQYRQRSWLVFKHQ(LQGUFNHQQLFKWEHHLQIOXWZHUGHQ6FKZLQGHOZDULKPXQEHNDQQW 'LHVWDUNH+HOPODPSHVFKDOWHWHVLFKHLQXQGHLQ/LFKWVWUDKOVFKRLQGLH7LHIH ª6HFKVKXQGHUW 0HWHU© GUDQJ %HQV 6WLPPH UXKLJ DXV GHP /DXWVSUHFKHU GHV 7HOHNRPV ª8QWHQ EHILQGHWVLFKRIIHQEDUGLHDOWH3ODQHWHQREHUIOlFKH© $LVVDKROWHWLHI/XIW ª:LHHUNOlUVWGXGLUGDV%HQ"© ªhEHUKDXSWQLFKW6LU(LQHQ$XJHQEOLFNELWWH© %HQKDWWHVLFKEHLVHLQHQOHW]WHQ:RUWHQHLQLJH0LOOLPHWHU ZHLWHUYRUJHEHXJWXQGZDUXQZLOONUOLFK ]XUFNJH]XFNW -HW]W VWUHFNWH HU HLQHQ $UP DXV 'DV KHLW HU ZROOWH LKQ JDQ] DXVVWUHFNHQ 'RFK ZHQLJH =HQWLPHWHU MHQVHLWV GHV 5DQGHV VWLH HU JHJHQ :LGHUVWDQG (V ZDU DXFK YRQ GHU 6FKLOGNU|WH DXVGHXWOLFK]XHUNHQQHQ ª:DVLVWGDV"©IUDJWH$LVVD ª(LQ XQVLFKWEDUHV (QHUJLHIHOG© JDE GHU 5RERWHU XQJHUKUW ]XUFN ª(V NDQQ DEHU ZHGHU YLHU QRFK IQIGLPHQVLRQDOVHLQGHQQLFKHPSIDQJHNHLQH6WUHXVWUDKOXQJ© )UDQFRLVXQG$LVVDEOLFNWHQVLFKDQ,QLKUHQ$XJHQVFKLPPHUWHQ7ULXPSKXQG*UDXHQ]XJOHLFK 6LHZXWHQGDVLHJHIXQGHQKDWWHQZDVVLHVXFKWHQ $EHUVLHZXWHQDXFKGDQXQGLHHLJHQWOLFKH*HIDKUHUVWEHJDQQ
6LHVWDQGHQDP5DQGHGHV$EJUXQGVGHUHLJHQWOLFKEHUKDXSWNHLQ$EJUXQGZDU )UGHQPHQVFKOLFKHQ9HUVWDQGLVWHVVFKZHU]XEHJUHLIHQGDHWZDVXQVLFKWEDUEOHLEWXQGGHQQRFK H[LVWLHUW(VZDUW\SLVFKGDVRZRKO.DSLWlQ%KXJROZLHDXFK)UDQFRLV3HWLWVLFKGXUFK7DVWYHUVXFKH GDYRQEHU]HXJWHQGDHVWDWVlFKOLFKHLQHQ:LGHUVWDQGJDE )UDQRLV KDWWH GLH 6FKLOGNU|WH ELV XQPLWWHOEDU DQ GHQ 5DQG GHV 6FKDFKWHV EXJVLHUW 'LH VWDUNHQ 6FKHLQZHUIHU GHV )DKU]HXJHV HUKHOOWHQ GHQ 6FKDFKW ELV ]XP *UXQG 'LH 0lQQHU VDKHQ GHXWOLFK GLH 9HUZLWWHUXQJVVSXUHQDXIGHUJODVKDUWHQ0DVVHDXV$PPRQLDNXQGGHQYHUVFKLHGHQVWHQ9HUELQGXQJHQ HLQ=HLFKHQGDGHU6FKDFKWERGHQWDWVlFKOLFKLGHQWLVFKZDUPLWGHU8UREHUIOlFKHGHV8803ODQHWHQ ª$OVRVFK|Q©VDJWH)UDQFRLVQDFKHLQHU:HLOHªLFKDN]HSWLHUHGLH7DWVDFKHGDVLFKLQQHUKDOEGHV 6FKDFKWHV HLQ VHFKVGLPHQVLRQDOHV (QHUJLHIHOG EHILQGHW $QGHUV ZlUH DXFK QLFKW ]X HUNOlUHQ ZDUXP GLH JHIURUHQH $WPRVSKlUH GLHVHQ 3ODW] DXVJHVSDUW KDW $EHU ZLH HUNOlUW LKU HXFK GD HV NHLQH 0DVFKLQHQJLEWGLHMHQHV)HOGHU]HXJHQ"© ª'LH0DVFKLQHQN|QQHQWLHIXQWHUGHP6FKDFKWJUXQGOLHJHQ©DQWZRUWHWH%HQ ª2GHU©IJWH$LVVDKLQ]XªVLHEHILQGHQVLFKEHUKDXSWQLFKWKLHUVRQGHUQGRUWZRGDV(QHUJLHIHOG VWHKW© )UDQFRLVODFKWHXQVLFKHU ª0LULVWQLFKWQDFK6FKHU]HQ]XPXWH$LVVD© ª0LUDXFKQLFKW,FKYHUVXFKHQXUHLQHORJLVFKH%HJUQGXQJIUGDV3KlQRPHQ]XILQGHQ(ULQQHUH GLFKDQGDV1HW]GHV6XFKHUV:LUWDXIWHQHV:LUNXQJVNXJHOZHLOVLFKGDVHLJHQWOLFKH1HW]EHUKDXSW QLFKW LQ XQVHUHU 'LPHQVLRQ EHILQGHW VRQGHUQ QXU YRQ GHU 'LPHQVLRQ GHV 6XFKHUV KHU DXI XQVHU .RQWLQXXPHLQZLUNW$XFKKLHUVSUHQZLU]ZDUGLH:LUNXQJDEHUYRQ0DVFKLQHQLVWQLFKWV]XVHKHQ )ROJOLFK© ªJLEWHVJDUNHLQH(QHUJLHNDSVHODXI880©VSDQQ)UDQFRLVGHQ*HGDQNHQ]X(QGH(UVFKWWHOWH VLFK ª'DV LVW PXOWLGLPHQVLRQDOH /RJLN ,FK GHQNH OLHEHU GDUEHU QDFK ZLH ZLU LQ GLH XQVLFKWEDUH .XSSHOKLQHLQNRPPHQ© ª:HQQ LFK UHFKW KDEH PHLQ /LHEHU© HUNOlUWH $LVVD PLW %HVWLPPWKHLW ªGDQQ NRPPHQ ZLU KLHU JHQDXVRZHQLJKLQHLQZLHZLUDXVGHP1HW]GHV6XFKHUVKHUDXVNRPPHQ$EHULFKNDQQPLFKLUUHQ 'DUXPZHUGHQZLUHVDXIHLQHQ9HUVXFKDQNRPPHQODVVHQ©(UZDQGWHVLFK]X%HQ ª'XKROVWGHQJURHQ'HVLQWHJUDWRUDXVGHP:DJHQXQGEULQJVWHLQH'UXFNIODVFKHYROO6DXHUVWRIIPLW © 'HU 5RERWHU NOHWWHUWH GXUFK GLH 6FKOHXVH XQG WDXFKWH JOHLFK GDUDXI PLW GHQ EHLGHQ *HJHQVWlQGHQ ZLHGHUDXI.DSLWlQ%KXJROOHJWHGLH6DXHUVWRIIIODVFKHDXIGHQ%RGHQXQGULFKWHWHGDV$XVODYHQWLO DXIHLQH6WHOOHLP(LV(UEH]HLFKQHWHGLH6WHOOHPLWHLQHU+DQGEHZHJXQJ ª,FKZHLGLH6DFKHVLHKWSULPLWLYDXV$EHUHVVROOWHJHQJHQGZHQQ%HQLQVHLQHP6FKDFKWDEXQG ]X GHQ ,PSXOVVWUDKOHU PLW 0LQLPDOOHLVWXQJ DNWLYLHUW 'DGXUFK VWHLJW GDV YRP 'HVLQWHJUDWRU HU]HXJWH *DVQDFKREHQ0LWHLQHPGQQHQ6DXHUVWRIIVWUDKOZHUGHQZLUHVYRQGHP6FKDFKWZHJOHQNHQVRGD HVVLFKQLFKWZLHGHUDOV(LVEHU%HQDEVHW]HQNDQQ© 'HU(UVWH2IIL]LHUZLHJWHGHQ.RSI ª:DUXP ZROOHQ ZLU GHQ 6FKDFKW KLHU JUDEHQ $LVVD /DVVH %HQ GLUHNW QHEHQ GHP :LUNXQJVIHOG EHJLQQHQGDQQHUVSDUWHUVLFKHLQ'ULWWHOGHU$UEHLW© ª$XVJH]HLFKQHW©HUZLGHUWH$LVVD(UGUHKWHGLH'UXFNIODVFKHHUQHXWª$OVRIDQJHQZLUGRUWDQ/RV %HQ© 'HU5RERWHU]|JHUWHNHLQH6HNXQGH(UVHW]WHGHQVFKZHUHQ'HVLQWHJUDWRUVHKUJHVFKLFNWHLQ'HQQRFK EUDXFKWHHU]ZHLHLQKDOE6WXQGHQXPHLQHQVHQNUHFKWHQ6FKDFKWLQGDV(LV]XVWUDKOHQ(UVFKZHEWH GDEHL GLFKW EHU VHLQHP DEZlUWV ªZDQGHUQGHQ© $UEHLWVSODW] GHU $QWLJUDYJHQHUDWRU VHLQHV 5DXPDQ]XJHVKLHOWLKQWURW]GHUVWDUNHQ6FKZHUNUDIW 'HQ 6FKDFKW YRQ QHXHP (LV IUHL]XKDOWHQ HUZLHV VLFK DOV ]LHPOLFK VFKZLHULJ 'HQQRFK ZDU GHU 'XUFKPHVVHU ]XP 6FKOX JUR JHQXJ XP HLQHQ 0HQVFKHQ HLQLJHUPDHQ EHTXHP KLQGXUFK]XODVVHQ 1DFKGHP%HQDP*UXQGHQRFKHLQHGUHL0HWHUGXUFKPHVVHQGH+|KOHJHVFKDIIHQKDWWHOLHHQVLFKGLH EHLGHQ0lQQHUYRQLKUHQ$QWLJUDYVDEZlUWVWUDJHQ ª6RZHLWZlUHQZLU©VDJWH)UDQFRLVHLQZHQLJVS|WWLVFKª:LHJHKWHVZHLWHU"© $LVVD OHKQWH VLFK JHJHQ GLH XQVLFKWEDUH 0DXHU GLH HLJHQWOLFK JDU QLFKW YRUKDQGHQ ZDU MHGHQIDOOV QLFKWLQGLHVHP5DXPXQGLQGLHVHU=HLW ª:LUEUDXFKHQ*HZLKHLW%HQGXPXWQRFKHLQZHQLJWXQ)KUHHLQHQ*DQJXQPLWWHOEDUXQWHUGHU (QHUJLHNXSSHOHQWODQJ© 'HU 5RERWHU YHUVWDQG :LHGHU EHWlWLJWH HU GHQ $XVO|VHNQRSI GHV 'HVLQWHJUDWRUV :LHGHU NURFKHQ
6WUHLIHQPROHNXODUHQ*DVHVEHUGHQ%RGHQ'HU5RERWYHUVFKZDQGLQGHPQHXJHVFKDIIHQHQ/RFK 'LH0lQQHUEUDXFKWHQQLFKWODQJH]XZDUWHQ6FKRQQDFK]HKQ0LQXWHQWDXFKWH%HQZLHGHUDXI ª,FK ELQ ELV ]XP 0LWWHOSXQNW GHU *UXQGIOlFKH YRUJHVWRHQ© EHULFKWHWH HU VDFKOLFK ª(V JLEW NHLQHQ :HJKLQHLQ-HGHQIDOOVQLFKWIUPDWHULHOOH.|USHU© ª6FKOXGHV'UDPDV©NRPPHQWLHUWH)UDQFRLVWURFNHQª/DVVHQZLUXQVLQ5RROV6WDGWKlXVOLFKQLHGHU XQGYHUEULQJHQZLUGRUWHLQHQPHKURGHUZHQLJHUEHVFKDXOLFKHQ/HEHQVDEHQG© $LVVDVWLHVLFKYRQGHUXQVLFKWEDUHQ:DQGDEXQGVFKWWHOWHGHQ.RSI ª,FKZXWHJDUQLFKWGDGXHLQVROFKHU3HVVLPLVWELVW)UDQRLV©VDJWHHUWDGHOQG ª$EHU GX KDVW GRFK JHK|UW :LU NRPPHQ QLFKW N|USHUOLFK KLQHLQ XQG JHLVWLJ N|QQHQ ZLU QLFKWV DXVULFKWHQ© ª1DWUOLFK KDEH LFK HV JHK|UW $EHU GLH JDQ]H =HLW EHU ZlO]H LFK GLHVHV 3UREOHP EHUHLWV © (U OlFKHOWH ª,FK ZHWWH GD ZLU XQV LQQHUKDOE GHU QlFKVWHQ YLHUXQG]ZDQ]LJ 6WXQGHQ GRUW GULQQHQ EHILQGHQ © (U VFKOXJ PLW GHU )DXVW JHJHQ GLH XQVLFKWEDUH 0DXHU ª$XI GHU DQGHUHQ 6HLWH GHV 8QLYHUVXPV©
$LVVD %KXJRO EOLFNWH XQJHGXOGLJ DXI GLH 6FKDOWZDQG GHU 6FKLIIVSRVLWURQLN 8QXQWHUEURFKHQ JLQJHQ .RQWUROODPSHQ DXV XQG DQ ZDQGHUWHQ GUHLGLPHQVLRQDO ZLUNHQGH /LQLHQPXVWHU EHU GLH 6FKDOWIHOGVFKLUPH'DV6XPPHQGHU1HEHQDJJUHJDWHELOGHWHHLQHXQVLFKWEDUH*HUlXVFKNXOLVVH]XGHU ODXWORVHQ$UEHLWGHVSRVLWURPHFKDQLVFKHQ*HKLUQV 6DPXHO3HFNVWDQGYRUGHP*HUlWXQGYROOIKUWH%HZHJXQJHQGLHDQGLH%HVFKZ|UXQJVJHVWHQHLQHV PLWWHODOWHUOLFKHQ 0DJLHUV HULQQHUWHQ 6HLQ .DKONRSI VFKLPPHUWH URVD XQG GHU VFKWWHUH +DDUNUDQ] NOHEWHVFKZHLQDDP6FKlGHO .DSLWlQ %KXJRO VRJ VSDUVDP DQ VHLQHU =LJDUHWWH 6HLQHP *HVLFKW ZDU GLH QHUY|VH 8QUXKH GLH LKQ EHKHUUVFKWHQLFKWDQ]XVHKHQ=XJHUQZlUHHUQHEHQ6DPJHWUHWHQXQGKlWWHLKPJHKROIHQ'RFKJDQ] DEJHVHKHQGDYRQGDGHU0DWKHPDWLNHUVLFKHLQH(LQPLVFKXQJLQVHLQHQXUHLJHQVWHQ$UEHLWVEHUHLFK DXFKYRQVHOWHQVHLQHV&KHIVHQHUJLVFKYHUEHWHQKlWWHJHJHQHLQHQ6DPXHO3HFNZDUHUEHVWHQIDOOV HLQ6WPSHU 6DPKDWWHHLQH6FKXOHKLQWHUVLFKZLHVLHZHQLJHJHQLHHQN|QQHQ(UZDU]HKQ-DKUHODQJVRODQJH ZLHVHLQH'LHQVWYHUSIOLFKWXQJOLHIEHLGHU*DODNWLVFKHQ$EZHKUJHZHVHQIQI-DKUHGDYRQKDWWHHU DOV (LQVDW]DJHQW ]XJHEUDFKW 'DQDFK DOV VLFK HLQH +HU]VFKZlFKH EHPHUNEDU PDFKWH ZDU HU ]XU (LQVDW]SODQXQJ YHUVHW]W ZRUGHQ (U KDWWH NOHLQ DQIDQJHQ PVVHQ WURW] VHLQHV DFKWMlKULJHQ 6WXGLXPV GHU .\EHUQR0DWKHPDWLN $EHU HU ZDU LQQHUKDOE GUHLHU -DKUH ]XP /HLWHU GHV 5HFKHQ]HQWUXPV GHU $EZHKUDXIJHUFNW$OODQ'0HUFDQWGHU&KHIGHU*DODNWLVFKHQ$EZHKUKlWWHJHUQJHVHKHQZHQQ 6DPVHLQH'LHQVW]HLWXPZHLWHUH]HKQ-DKUHYHUOlQJHUWH$EHU6DPXHO3HFNZDUHVOHLGJHZHVHQ7DJ IU7DJLPPHUQXU,QQHQGLHQVW]XWXQ(UZDUQXU]XHLQHU+lOIWH.\EHUQR0DWKHPDWLNHUGLHDQGHUH +lOIWHJHK|UWHGHU5DXPIDKUW/lFKHOQGKDWWHHU$OODQ'0HUFDQWVHLQHQ1DFKIROJHUYRUJHVWHOOWHLQHQ DFKWXQGGUHLLJMlKULJHQ 2EHUOHXWQDQW GHQ HU V\VWHPDWLVFK IU GLH$XIJDEH GHV /HLWHUV HU]RJHQ KDWWH 0LW UXKLJHP *HZLVVHQ XQG HLQHP SKDQWDVWLVFKHQ =HXJQLV ZDU HU DXVJHVFKLHGHQ 'RFK DQVWDWW GLH DQJHERWHQH 3URIHVVXU DQ GHU 6SDFH $FDGHP\ 7HUUDQLD DQ]XQHKPHQ ZDU HU ]XP 7HDP .DSLWlQ %KXJROV JHVWRHQ 0LWJOLHG HLQHV .RQWDNWHU7HDPV ZDU GLH ULFKWLJH /HEHQVDXJDEH IU LKQ GD HU GDEHLILQDQ]LHOO]HKQPDOEHVVHUDEVFKQLWWDOVMHGHU3URIHVVRUGHU6SDFH$FDGHP\LQWHUHVVLHUWHLKQQXU DP5DQGH :DVGLH5DXPIDKUWDQEHWUDIVRZDUHQELVKHUDOOHVHLQH:QVFKHYROODXIHUIOOWZRUGHQ$OV.\EHUQR 0DWKHPDWLNHUMHGRFKERWVLFKLKPHUVWKHXWHGLH$XIJDEHVHLQHV/HEHQV .DSLWlQ %KXJRO KDWWH QLFKW PHKU XQG QLFKW ZHQLJHU ]X ZLVVHQ YHUODQJW DOV GLH %HDQWZRUWXQJ GHU )UDJH RE VLFK EHL .RSSOXQJ GHV 7KHUDSLH3URMHNWRUV PLW GHP 7UDQVPLWWHU GHU $QGUR/HQN]HQWUDOH :XUJKV HLQH 0|JOLFKNHLW HUJlEH GDV VHFKVGLPHQVLRQDOH )HOG GHU .XSSHO DXI 880 N|USHUOLFK ]X GXUFKGULQJHQ)HUQHUZROOWH$LVVD%KXJROJHQDXEHUGDVª:LH©%HVFKHLGZLVVHQ 6DPXHO 3HFN EHVFKlIWLJWH GLH 6FKLIIVSRVLWURQLN VHLW YLHU 6WXQGHQ PLW GHU .RQNUHWLVLHUXQJ GHU )UDJHVWHOOXQJ (U ZQVFKWH PDQFKPDO GLH ULHVLJH 5HFKHQDQODJH GHU *DODNWLVFKHQ $EZHKU ]XU 9HUIJXQJ]XKDEHQ'HQQRFKNDPHUJXWYRUDQ $LVVD %KXJRO IXKU DXI DOV GLH .RQWUROODPSHQ GHU 3RVLWURQLN HUORVFKHQ XQG 6DP VLFK VFKQDXIHQG LQ VHLQHQ6FKZHQNVHVVHOIDOOHQOLH $EHU GHU 0DWKHPDWLNHU OLH VLFK QLFKW DXV GHU 5XKH EULQJHQ 8PVWlQGOLFK HQWQDKP HU VHLQHP (WXL
HLQHGXQNOH=LJDUUHXQGJHQDXVRXPVWlQGOLFK]QGHWHHUVLHDQ(UVWDOVGLHHUVWHQEODXHQ5DXFKULQJH ]XU'HFNHVWLHJHQGUHKWHHUVLFKPLWVDPWVHLQHP6HVVHOXP ª(LQV]X1XOO©EHPHUNWHHUWURFNHQ bUJHUOLFKZ|OEWH$LVVDGLH%UDXHQ ª(LQV]X1XOOIUZHQ"© 6DPOlFKHOWHOLVWLJDXVVHLQHQ6FKZHLQVlXJOHLQ(UEOLHVNXQVWYROOHLQHQQHXHQ5DXFKULQJLQGLH/XIW XQGVDJWHGDQQ ª)U GLH 3RVLWURQLN QDWUOLFK 6LH KDW HV WDWVlFKOLFK IHUWLJJHEUDFKW GLH QRWZHQGLJHQ )UDJHQ NODU ]X IRUPXOLHUHQ©(UOHLFKWHUWDWPHWHGHU.DSLWlQDXI ª'XVROOWHVWQLFKW]XEHVFKHLGHQVHLQ6DP2KQHGLFKKlWWHHVGHU.DVWHQEHVWLPPWQLFKWJHVFKDIIW© ª2K©VDJWH6DPXQGNORSIWHEHLQDKH]lUWOLFKJHJHQGLH9HUNOHLGXQJGHU0DVFKLQHª'DVVROOWHVWGX QLFKWVDJHQ6LHLVWHLQHEUDYHDOWH.DIIHHPKOHXQG© ª6FKOX© VDJWH $LVVD HQHUJLVFK 6DP NRQQWH VWXQGHQODQJ EHU GLH 9RU]JH XQG 1DFKWHLOH GHU YHUVFKLHGHQHQ3RVLWURQLNHQVSUHFKHQZHQQPDQJHGXOGLJ]XK|UWHª:LHLFKGLFKNHQQHZHLWGXMHW]W VFKRQREHLQHUHHOOH&KDQFHEHVWHKW"© ª1DWUOLFK6RQVWZlUHQGLH)UDJHQQLFKWIRUPXOLHUEDUJHZHVHQ-HW]WJHKWHVQXUQRFKXPGDV!:LH ©(UVHXI]WHXQGYHUILHOZLHGHULQVHLQHQ-DUJRQGHQHUVLFKLP8PJDQJPLW$JHQWHQXQG*DQRYHQ DOOHUEHNDQQWHQ:HOWHQDQJHHLJQHWKDWWHª'DVZLUGHLQYHUGDPPWGLFNHU+XQG%R*HZL:XUJK KDW PLUHLQJDQ]HV)DYROO'HWDLOVEHVFKULHEHQXQG)XQNWLRQHQHUNOlUW$EHU REGLH6XSSHQDFKKHU DXFKNRFKWGDVZHLQXUGHV7HXIHOV*URPXWWHU©$LVVDOlFKHOWHYRUVLFKWLJ ª'XN|QQWHVWVLHMDHLQPDOIUDJHQQLFKWZDKU"©6DPZLQNWHDEª:HQQLFKDXFKQXUGLH+lOIWHYRQ GHPYHUVWDQGHQKDEHZDVLFKGHU3RVLWURQLNQDFKKHUO|IIHOZHLVHHLQJHEHQPXGDQQNDQQLFKHLQHU (QWHGLH5DXPIDKUWEHLEULQJHQ© 9RP6FKRWWKHUNDPGXQNOHVDQJHQHKPHV/DFKHQª'DVZlUHMDHLQPDOHWZDVDQGHUHV©ULHI$QQD 5DVFKZXUGHVLHZLHGHUHUQVWª+DEHLFKUHFKWZHQQLFKDQQHKPHGDGDV3UREOHPVRJXWZLHJHO|VW LVW"© ª6HOEVWYHUVWlQGOLFK© HUZLGHUWH $LVVD ª6DP PX QXU QRFK HLQ SDDU XQZHVHQWOLFKH 'HWDLOV EHUHFKQHQ© 6DPXHO3HFNVWLHHLQHQKHLVHUHQ6FKUHLDXVGHUDQGHQHUVWHQ.UlKYHUVXFKHLQHV-XQJKDKQVHULQQHUWH GDQQZDUIHUVLFKPLWVDPWVHLQHP6HVVHOKHUXP ,P QlFKVWHQ $XJHQEOLFN MDJWHQ VLFK ZLHGHU GLH EXQWHQ /LFKWHUIROJHQ GHU .RQWUROODPSHQ 6FKDOWIHOGELOGHUIOLPPHUWHQXQGEOLW]WHQ6DPV.RSIYHUVFKZDQGKLQWHUHLQHU:RONHEODXHQ'XQVWHV 1XUKLQXQGZLHGHUGUDQJXQWHUGUFNWHV*HPXUPHOGDUDXVKHUYRU ª9LHOHQ'DQN$QQD©VDJWH$LVVDXQGHUKREVLFKª'XNDPVWJHUDGH]XUUHFKWHQ=HLW6DPKlWWHVRQVW PLQGHVWHQVHLQH6WXQGHJHEUDXFKWEHYRULFKLKQZLHGHUDQGLH$UEHLWEHNRPPHQKlWWH© 6LH OlFKHOWH XQG ZLHGHU ZDU HV $LVVD DOV IXQNHOWHQ LP +LQWHUJUXQG LKUHU $XJHQ WDXVHQG NOHLQH 7HXIHOFKHQ:DUHV6SRWW,URQLHRGHUHWZDVJDQ]DQGHUHV" .DSLWlQ%KXJROORFNHUWHVHLQHQ.UDJHQXQGVWDUUWHXQYHUZDQGW]XU3RVLWURQLNDOVZWHHUQLFKWGD HUVWLQIUKHVWHQV]ZHL6WXQGHQPLWHLQHP(UJHEQLV]XUHFKQHQZDU $QGHU%HVSUHFKXQJQDKPHQYLHU0HQVFKHQ]ZHL)UHPGHXQGHLQ5RERWHUWHLO 'LHEHLGHQ)UHPGHQKLHOWHQVLFKDXHUKDOEGHU/$1&(7DXI(VZDUHQ5RROXQG:XUJK 6DPXHO3HFNHUVWDWWHWH%HULFKW ª KDW GHU 7KHUDSLH3URMHNWRU 5RROV GLH )lKLJNHLW XQVHUHQ *HLVW LQ GLH 'LPHQVLRQ GHV 6XFKHUV ]X YHUVHW]HQ (V JHKW MHGRFK EHL XQVHUHU JHSODQWHQ $NWLRQ QLFKW OHGLJOLFK XP HLQH JHLVWLJH .RQWDNWDXIQDKPHPLWGHP6XFKHUVRQGHUQGDUXPLKPJHJHQVHLQH)HLQGHGLH880]XKHOIHQIDOOV ZLU GDV EHUKDXSW YHUP|JHQ 'DUXP PVVHQ ZLU VRZRKO JHLVWLJ ZLH DXFK N|USHUOLFK LQ MHQHV VHFKVGLPHQVLRQDOH .RQWLQXXP UHLVHQ $XV GHQ SRVLWURQLVFKHQ %HUHFKQXQJHQ JHKW KHUYRU GD GHU 7KHUDSLH3URMHNWRU VLFK IXQNWLRQHLO PLW GHP $QGUR/HQNJHUlW :XUJKV NRSSHOQ OlW 'DGXUFK HQWVWQGHHLQ*HUlWGDVLFKDOVª$QGUR+\SHU3URMHNWRUEH]HLFKQHQP|FKWH© (UVRJHLQSDDUPDODQVHLQHUHUNDOWHWHQ=LJDUUHEHWUDFKWHWHVWLUQUXQ]HOQGVHLQH%HUHFKQXQJHQXQGIXKU GDQQIRUW ª6LH HULQQHUQ VLFK GD :XUJK QLFKW EHUHFKWLJW LVW XQV VHLQH $QGUR/HQN]HQWUDOH ]XU 9HUIJXQJ ]X
VWHOOHQGDPLWZLUDUWHLJHQH$QGURLQGVYRQXQVVFKDIIHQ'LHVH$QGURLQGVLQJHZLVVHU%H]LHKXQJGHQ .XQVWJHVFK|SIHQ JOHLFKZHUWLJ GLH ZLU $QGURLGHQ QHQQHQ ZHUGHQ QDFK GHP 9RUELOG GHV /HQN]HQWUDOHQ%HQXW]HUVDXV)UHPGPDWHULHLQQHUKDOEHLQHUIUHPGHQ8PZHOWJHVFKDIIHQ'D]XEHGDUI HVNHLQHV7UDQVPLWWHU(PSIlQJHUVGHQQHVZLUGGDEHLQLFKWGLH0DWHULHVRQGHUQQXUGHU0XVWHU.RGH YHUVHW]W(VKDQGHOWVLFKEHLGLHVHP*HUlWDOVRXPHLQ*HKHLPQLVGDVPLQGHVWHQVVRZLFKWLJLVWZLH GDVGHUYHUORUHQJHJDQJHQHQ)LNWLY7UDQVPLWWHUGHV:DQGHUHU:HVHQV 1XQ DQJHVLFKWV GHU /DJH LQ GHU VLFK :XUJKV 5DVVH EHILQGHW ZDU HU EHUHLW GDV 9HUERW ]X GXUFKEUHFKHQ :LU PVVHQ XQV QXU YHUSIOLFKWHQ YRQ GHP :LVVHQ GDV ZLU YRQ GHU %HQXW]XQJ GHU /HQN]HQWUDOHSURILWLHUHQNHLQHQSULYDWHQ*HEUDXFK]XPDFKHQ:LUGUIHQGLHVHV:LVVHQDXFKQLFKW DQ'ULWWHZHLWHUJHEHQ© (U VDK DXIPHUNVDP YRQ HLQHP ]XP DQGHUHQ XQG UHJLVWULHUWH PLW *HQXJWXXQJ GDV ]XVWLPPHQGH /lFKHOQVHLQHU6FKLFNVDOVJHIlKUWHQ ª,FK IUHXH PLFK GD ZLU LQ GLHVHU +LQVLFKW EHUHLQVWLPPHQ© VDJWH HU EHGlFKWLJ ª(V ZlUH XQV DOV 0HQVFKHQ XQZUGLJ JHZHVHQ :XUJK ]X HUSUHVVHQ 'DPLW N|QQHQ ZLU ]XP SUDNWLVFKHQ 7HLO EHUJHKHQ© 0LELOOLJHQG EHWUDFKWHWH HU GLH HUNDOWHWH =LJDUUH 'DQQ ]QGHWH HU VLH XPVWlQGOLFK ZLHGHU DQ $XI VHLQHP*HVLFKW]HLJWHVLFKHLQXQGHXWEDUHV/lFKHOQ(UEOLFNWH]X$LVVD%KXJRO ª8QVHU &KHI KDW MD EHUHLWV VHLQH (UIDKUXQJHQ PLW $QGURLQGV (V JLEW MHGRFK ]ZHL PDUNDQWH 8QWHUVFKLHGH(UVWHQVEHQXW]WH$LVVDVHLQHU]HLWQLFKWVHLQHQ$QGURLQGGD]XZDU:XUJKQLFKWEHUHLW XQG ]ZHLWHQV EHIDQG VLFK VHLQ *HLVW LQ HLQHP $QGURLQG GHU QRFK LQQHUKDOE XQVHUHV .RQWLQXXPV ZHLOWH 'DGXUFK ZDU GLH JDQ]H $QJHOHJHQKHLW RKQH MHGHV SHUV|QOLFKH 5LVLNR $OV $LVVDV $QGURLQG GDPDOV VWDUE NHKUWH VHLQ *HLVW RGHU GHU 7HLO VHLQHV *HLVWHV GHU GHQ $QGURLQG VWHXHUWH DXJHQEOLFNOLFKLQGHQHLJHQHQ.|USHU]XUFN 'DVLVWEHL9HUZHQGXQJGHV$QGUR+\SHU3URMHNWRUVQLFKWP|JOLFK +LHUEHL ZLUG QLFKW QXU HLQ 7HLO GHV *HLVWHV LQ GHQ $QGURLQG YHUVHW]W VRQGHUQ GHU JHVDPWH *HLVWHVNRPSOH[GHV%HQXW]HUV(LQH5FNIKUXQJXQGGDPLW:LHGHUEHOHEXQJGHVHLJHQHQ.|USHUV LVWQXUP|JOLFKZHQQGHUHQWVSUHFKHQGH$QGURLQGN|USHUOLFKLQXQVHU.RQWLQXXP]XUFNNHKUW© (UGUFNWHJHGDQNHQORVVHLQH=LJDUUHDXV ª+DEHLFKPLFKHLQLJHUPDHQYHUVWlQGOLFKDXVJHGUFNW"© ª(LQH=XVDW]IUDJH©VDJWH$QQD3DVWXFKDMDVFKQHOO ª%LWWH© ª:LHVROOHQGLH$QGURLQGVLQXQVHU.RQWLQXXP]XUFNNHKUHQ'RUWLQGHU'LPHQVLRQGHV6XFKHUV JLEWHVPHLQHV:LVVHQVNHLQHQHQWVSUHFKHQGHQ$QGUR+\SHU3URMHNWRU"© 6DPV*HVLFKWV]JHQDKPHQSO|W]OLFKHLQHXQJHZRKQWH:HLFKKHLWDQ ª1HLQ$QQD(V© 'LH%LRORJLQKREGLH+DQGXQG6DP3HFNYHUVWXPPWH ª'DQQP|FKWHLFKGDUXPELWWHQDQGHU$NWLRQWHLOQHKPHQ]XGUIHQ© 6LHVDKVLFKQDFKGHP.DSLWlQXPXQGZDUILKPHLQHQIOHKHQGHQ%OLFN]XLQGHPXQWHUVFKZHOOLJQRFK HWZDVDQGHUHVPLWVFKZDQJDOVQXUGLHVDFKOLFKH%LWWH $LVVDUXWVFKWHXQEHKDJOLFKDXIVHLQHP6HVVHOKLQXQGKHU ª'DVJHKWQLFKW$EHULFKZlUHHLQYHUVWDQGHQZHQQ)UDQFRLVHEHQIDOOV]XUFNEOLHEH,FKVHKHHLQGD GLH&KDQFHQ© ª(LQHQ $XJHQEOLFN© ZDUI )UDQFRLV PLW XQJHZRKQWHU 6FKlUIH HLQ ª(V QW]W EHUKDXSW QLFKWV ZHQQ LFK ]XUFNEOLHEH :LU VROOWHQ EHL GLHVHU *HOHJHQKHLW HLQH $QJHOHJHQKHLW NOlUHQ GLH VLFK VRQVW YLHOOHLFKWQLHPDOVPHKUNOlUHQOlW© ª1HLQ©ULHIGLH%LRORJLQ)UDQFRLV]XFNWHGLH6FKXOWHUQXQGOHKQWHVLFKUHVLJQLHUHQG]XUFN $LVVD%KXJROKREYHUZXQGHUWGLH%UDXHQ=X$QQDJHZDQGWVDJWHHU ª'LHDOWH$XIWHLOXQJEOHLEWDOVREHVWHKHQ:HQQLFKDXFKYHUG©(UVFKOXFNWHGHQ5HVWKLQXQWHUª ZHQQLFKDXFKQLFKWNODUVHKHZDVKLHUHLJHQWOLFKJHVSLHOWZLUG'RFKSULYDWH$QJHOHJHQKHLWHQVLQGLQ XQVHUHU/DJHVHNXQGlUHU1DWXU$OVR6DP© 6DQªUDXVSHUWHVLFKXQGZDUI$QQDHLQHQYHUVFKPLW]WHQ%OLFN]X$LVVDNDPHVYRUDOVYHUEDUJHQGLH *HIlKUWHQHWZDVYRULKPGDVQXUQRFKIULKQHLQ*HKHLPQLVZDU ª,FKZUGH$QQDV%LWWHXQWHUVWW]HQDEHUGLH&KDQFHQVLQGGXUFKDXVQLFKWVRVFKOHFKWGDZLUZHLWHU GDUEHUGLVNXWLHUHQPWHQ(VJLEWQDWUOLFKLQGHUIUHPGHQ'LPHQVLRQNHLQHQ$+3DEHUGHU6XFKHU GUIWH QLFKW DXI HLQHQ $QGUR+\SHU3URMHNWRU DQJHZLHVHQ VHLQ ZHQQ HU XQVHUH $QGURLQGV ]XUFNVFKLFNHQZLOO©
ª/HLGHU©ZDUIGLH%LRORJLQVDUNDVWLVFKHLQªLVWGHU6XFKHULP$XJHQEOLFNY|OOLJPDFKWORV© 6DPVHXI]WHXQGZDUIHLQHQ%OLFN]XU'HFNHGHU=HQWUDOH ª*HUDGHGDVZROOHQZLUMDlQGHUQPHLQH/LHEH:HQQXQVHUH$NWLRQ(UIROJKDWLVWGHU6XFKHUZLHGHU VR PlFKWLJ ZLH ]XYRU (U ZLUG XQVHUH $QGURLQGV ]XUFNVFKLFNHQ XQG ZLU N|QQHQ XQVHUHQ *HLVW ]XUFNHUKDOWHQ 1DWUOLFK EHVWHKW DXFK GLH 0|JOLFKNHLW HLQHV 0LHUIROJV 'DQQ ZLUG GHU 6XFKHU ZDKUVFKHLQOLFK YRQ GHQ 880 YHUQLFKWHW ,Q GLHVHP )DOOH JlEH HV IU XQVHUH $QGURLQGV NHLQH 5FNNHKUPHKU8QVHUH.|USHUGLHZLU]XUFNODVVHQZUGHQIUHZLJXQEHOHEWEOHLEHQGDVKHLWGLH UHLQ DQLPDOLVFKHQ /HEHQVIXQNWRQHQ EOLHEHQ HUKDOWHQ MHGHQIDOOV ELV ]X HLQHP JHZLVVHQ 0LQLPXP QXUZUGHQ!ZLUXQVXQVHUHU([LVWHQ]QLFKWPHKUEHZXWVHLQ© ª:HVKDOEQHQQVWGXGDV.LQGQLFKWEHLP1DPHQ©IXKUGLH%LRORJLQDXIªZDUXPVDJVWGXQLFKWGD LKU GDQQ LQ GHU /DJH YRQ .|USHUQ ZlUW GHQHQ PDQ GDV *HKLUQ KHUDXVRSHULHUW KDW XQG GLH PDQ PLW HLQHU$UW!&\ERUJ$JJUHJDWDP!/HEHQHUKlOW"© ª:DUXPVROOWHPDQEHNDQQWH7DWVDFKHQDOO]XRIWQHQQHQ"©JDEGHU0DWKHPDWLNHU]XUFNª:LUNHQQHQ XQVHU5LVLNRXQGZLUVLQGEHUHLWHVDXIXQV]XQHKPHQ6FKOLHOLFKKDWWHDXFK:XUJKGDPDOVHWZDV JHRSIHUW 6HLQ .|USHU LVW QLFKW PHKU YRUKDQGHQ MHGHQIDOOV QLFKW LQ GHU XUVSUQJOLFKHQ )RUP (U EHILQGHW VLFK LQ DXIJHO|VWHU )RUP LQ GHP +\GUR.|USHU 5RROV QXU GHU *HLVW LVW VFKDUI DEJHJUHQ]W HUKDOWHQJHEOLHEHQ'LHVHV2SIHUKDWGHU7KXWDIUXQVDOOHJHEUDFKW© $LVVDHUKREVLFK ª:LUKDEHQQLFKWGLH=HLWVLHIU'LVNXVVLRQHQ]XYHUVFKZHQGHQ1LHPDQGZLUGJH]ZXQJHQDQGHU $NWLRQ WHLO]XQHKPHQ :HU DOVR ]XUFNWUHWHQ P|FKWH VROOWH GDV MHW]W VDJHQ ,FK SHUV|QOLFK ZUGH HV NHLQHPEHUQHKPHQ© (UVDK)UDQFRLVDQ 'HU(UVWH2IIL]LHUOlFKHOWHQXULURQLVFK 6DPZLQNWHHQHUJLVFKDE ª:HUGLH6XSSHHLQJHUKUWKDWVROOWHVLHDXFKDXVO|IIHOQ)ROJOLFKNRPPHLFKPLW'DEHLEOHLEWHV© ª1XQ©IOVWHUWH$LVVDJULPPLJªKRIIHQWOLFKEHUHXWLKUHVVSlWHUQLFKW©(UZDQGWHVLFKGHU%LRORJLQ ]X ª'X EOHLEVW ]XUFN :XUJK ZLUG YHUVXFKHQ JHLVWLJHQ .RQWDNW PLW XQVHUHQ $QGURLQGV ]X KDOWHQ 'DV VROOWH HLJHQWOLFK QLFKW VR VFKZLHULJ VHLQ 9LHOOHLFKW NDQQVW GX XQV DXIGLHVHP :HJH PLW HLQLJHQ +LQZHLVHQXQWHUVWW]HQ© ª8QGLFK6LU"©IUDJWH%HQGHU5RERWHU $LVVDOlFKHOWH ª'XNRPPVWQDWUOLFKPLW%HQ'XELVWGHUHLQ]LJHYRQXQVGHPGDEHLQLFKWV]XVWRHQNDQQ'DGX NHLQHQ*HLVWLPPHQVFKOLFKHQ6LQQHEHVLW]WEOHLEVWGXVRZRKOKLHUDNWLRQVIlKLJDOVDXFK!GUEHQ© ª.HLQHQ*HLVW©HPS|UWHVLFKGHU5RERWHUª,FKNDQQVFKQHOOHUGHQNHQDOV6LHDOOH]XVDPPHQXQG© ª6WRSS© XQWHUEUDFK GHU .DSLWlQ ª'X YHUZHFKVHOVW SRVLWURQLVFKH 5HDNWLRQHQ PLW HLQHP DEVROXW LPPDWHULHOOHQ)OXLGXP© (UJULIIQDFKVHLQHP5DXPDQ]XJ ª%HJLQQHQ ZLU PLW GHQ 9RUEHUHLWXQJHQ :HQQ ZLU XQV EHHLOHQ N|QQWHQ ZLU :XUJKV $QGUR /HQN]HQWUDOHLQYLHU6WXQGHQKLHUKDEHQ© ªXQGHLQH6WXQGHVSlWHULQGHU+|OOHVHLQ©PXUPHOWH6DP ,KUH *HVLFKWHU ]HLJWHQ QXU QRFK ILQVWHUH (QWVFKORVVHQKHLW DOV VLH YRQ 7KXWD ]XUFNNHKUWHQ 'HU HKHPDOVHUGlKQOLFKH3ODQHWZDU]XHLQHUHLVEHGHFNWHQOLFKWXQGZlUPHORVHQ.XJHOJHZRUGHQ9LHOH 7KXWDV KDWWHQ HV QLFKW YHUVWDQGHQ VLFK LKUHU $UEHLWVURERWHU ULFKWLJ ]X EHGLHQHQ XQG ZDUHQ HOHQG ]XJUXQGHJHJDQJHQ7DXVHQGHGHU:UIHOKlXVHUZDUHQ]X*UlEHUQIULKUH%HZRKQHUJHZRUGHQ $LVVDEUDFKWH:XUJKGLHVH1DFKULFKWVRVFKRQHQGZLHP|JOLFKEHL$OOHVZDVGHU7KXWDGD]XVDJWH ZDU ª'DVLVWGLH4XLWWXQJIUXQVHUHELVKHULJH6RUJORVLJNHLW1LHPDOVZLUGHVDXI7KXWDZLHGHUVRZHUGHQ ZLHHVZDU$EHUHVZLUGQLFKWVFKOHFKWHUVHLQVRQGHUQEHVVHU0HLQH6FKZHVWHUQXQG%UGHUZHUGHQ ZLHGHUOHUQHQGDV/HEHQVHOEVW]XPHLVWHUQ© :HQQHVMHPDOVHLQHQQHXHQ$QIDQJJHEHQVROOWHZROOWH$LVVDKLQ]XIJHQXQWHUOLHHVMHGRFK 'LH .RSSOXQJ EHLGHU *HUlWH ZDU HLQIDFKHU DOV VLH HV VLFK YRUJHVWHOOW KDWWHQ (QHUJLH ZDU LQ GHU 5DXPVWDGW PHKU DOV JHQXJ YRUKDQGHQ VR GD VLH NHLQH =HLW IU GHQ (LQEDX HQHUJLHVSDUHQGHU WHFKQLVFKHU5DIILQHVVHQYHUVFKZHQGHQPXWHQ :LH 6DP HV YRUKHUJHVDJW KDWWH ZDU GHU $QGUR+\SHU3URMHNWRU QDFK HLQHU 6WXQGH KDUWHU $UEHLW HLQVDW]EHUHLW -HW]WHUVWQDFKODQJHU3DXVHPHOGHWH5RROVLFKZLHGHU
ª:RUDXI VROO LFK GHQ 7KHUDSLH3URMHNWRU7HLO GHV *HUlWHV HLQVWHOOHQ" $XI GLH 'LPHQVLRQ GHV 6XFKHUV"© ª1LFKWGLUHNW©ZHKUWH$LVVDDEª8QVHUH$QGURLQGVVROOHQVFKOLHOLFKQLFKWLUJHQGZRLPOHHUHQ5DXP GHVIUHPGHQ.RQWLQXXPVHQWVWHKHQJDQ]DEJHVHKHQGDYRQGDZLU0DWHULHEUDXFKHQDXVGHQHQVLFK GLH3VHXGRN|USHUDXIEDXHQODVVHQ© ª6LHVROOHQKLQWHUGHPXQVLFKWEDUHQ(QHUJLHIHOGGHV8803ODQHWHQ!HQWVWHKHQ"©IUDJWH:XUJK ª-D© ª(LQYHUVWDQGHQ'RUWJLEWHVJDQ]VLFKHU0DWHULH$XHUGHPNDQQLFKPHLQHQ7HLOGHV*HUlWVEHVVHU DXIHLQQDKHVDOVHLQXQHQGOLFKZHLWHQWIHUQWHV=LHOHLQVWHOOHQ© )UDQFRLVUlXVSHUWHVLFK ª,FKELQJHVSDQQWGDUDXIZDVZLUKLQWHUGHU(QHUJLHNXSSHODXI880ILQGHQZHUGHQ9RQDXHQZDU QLFKWV]XVHKHQ© ª'X ELVW HLQ VFKODXHU -XQJH© HUZLGHUWH $LVVD VDUNDVWLVFK ª:LH KlWWHVW GX HWZDV VHKHQ ZROOHQ ZDV VLFKLQHLQHPDQGHUHQ.RQWLQXXPEHILQGHW© (U]QGHWHVLFKHLQH=LJDUHWWHDQ ª$OVR PHLQH +HUUHQ OHJHQ ZLU QRFK HLQH NOHLQH %HVLQQXQJVSDXVH HLQ 'DQDFK ]LHKHQ ZLU ZLHGHU XQVHUH 5DXPDQ]JH DQ 'LH /XIWHUQHXHUXQJVDQODJHQ NRPPHQ PLW GHP ,QKDOW GHU EHLGHQ 'UXFNIODVFKHQ ]ZHLKXQGHUW 6WXQGHQ DXV .RQ]HQWUDWH :DVVHU XQG :DVVHUWDEOHWWHQ UHLFKHQ HWZDV OlQJHUDEHUGDVLVWXQZHVHQWOLFK:LUGUIHQQLFKWHUZDUWHQDP=LHOHLQHQ3ODQHWHQRGHUJDUHLQHQ 6DXHUVWRIISODQHWHQYRU]XILQGHQ© ª:LU VROOWHQ QLFKW YHUJHVVHQ JHQJHQG (QHUJLHPDJD]LQH IU GLH ,PSXOVZDIIHQ PLW]XQHKPHQ© ZDUI )UDQFRLVHLQ $LVVD]XFNWHGLH6FKXOWHUQ ª:HQQHVQXUQDFKPLUJLQJHZUGHQEHUKDXSWNHLQH:DIIHQPLWJHQRPPHQ(LQ*HJQHUGHPQLFKW HLQPDO GHU 6XFKHU JHZDFKVHQ LVW NDQQ QLFKW PLW %UDFKLDOJHZDOW EHVLHJW ZHUGHQ 1XU DXI GHQ *HLVW NRPPW HV DQ $EHU QDWUOLFK ZHUGHQ ZLU MHGHQ P|JOLFKHQ 9RUVFKODJ EHUFNVLFKWLJHQ © (U OlFKHOWH ª0HLQH.RPPDQGRJHZDOWJLOWQXUIUGLHVHV.RQWLQXXP© 6LHUDXFKWHQLKUH=LJDUHWWHQDOVZlUHGLH([SHGLWLRQLQGLHIUHPGH'LPHQVLRQQXUHLQNOHLQHU$XVIOXJ 'HQQRFKNODQJHQGLH6FKHU]ZRUWHGLH]ZLVFKHQLKQHQKLQXQGKHUIORJHQQLFKWJDQ]HFKW 'DQDFK DHQ VLH HLQH ZDUPH 0DKO]HLW GLH IU ODQJH =HLW GLH OHW]WH VHLQ VROOWH RGHU YLHOOHLFKW EHUKDXSWGLHOHW]WHLKUHV/HEHQV 'DQQ VWUHLIWHQ VLH VLFK ZRUWORV GLH VFKZHUHQ 5DXPDQ]JH EHU EHUSUIWHQ GLH 0LNUR $QWLJUDYSURMHNWRUHQ XQG GLH /XIWYHUVRUJXQJ XQG JLQJHQ GDQQ PLW VFKZHUIlOOLJ ZLUNHQGHQ 6FKULWWHQ DXIGLH=XVDW]NDPPHUGHV$QGUR+\SHU3URMHNWRUV]X 'LH%LRORJLQKDWWHVLFKELV]XPOHW]HQ$XJHQEOLFNPHLVWHUKDIWEHKHUUVFKW1XQDOVGLH0lQQHUVLFK DQVFKLFNWHQ GLH hEHUWUDJXQJVNDPPHU ]X EHWUHWHQ NRQQWH VLH QLFKW PHKU DQ VLFK KDOWHQ 6LH ZHLQWH VWLOOYRUVLFKKLQ 6DPXHO3HFNUHLFKWHLKUGLH+DQG ª.RSIKRFK0lGFKHQ,FKZHUGHLKQVFKRQZLHGHUKHLO]XUFNEULQJHQ'XZHLWMD8QNUDXWYHUJHKW QLFKW© (QHUJLVFKZLVFKWHVLFK$QQDGLH7UlQHQDXVGHP *HVLFKW6LH EHXJWHVLFKVFKQHOOYRUXQGJDE6DP HLQHQVFKDOOHQGHQ.XDXIGLH:DQJH 9HUOHJHQEOLQ]HOWHGHU0DWKHPDWLNHUXQG([$JHQW'DQQNOHWWHUWHHULQGLHHQJH.DPPHUXQGOHJWH VLFKLQGLHPLW.DEHODQVFKOVVHQJHVSLFNWH6LW]VFKDOH $QQDGUFNWHDXFK)UDQFRLVGLH+DQGXQGNWHLKQDXIGLH:DQJH $LVVD EHPHUNWH GHQ :DQJHQNX ]ZLVFKHQ GHQ EHLGHQ 9HUOREWHQ PLW %HIUHPGHQ 1RFK PHKU MHGRFK EHIUHPGHWHLKQZHQLJH6HNXQGHQVSlWHUGLH8PDUPXQJGLHLKP]XWHLOZXUGH ª+DOVXQG%HLQEUXFKDOWHUGXPPHU%UXPPElU9LHOOHLFKWOHUQVWGX!GRUWGDV'HQNHQ'DQQZlUH GLH$NWLRQZHQLJVWHQV]XHWZDVQW]H© 6LHVFKRELKQLQGLHhEHUWUDJXQJVNDPPHUKLQHLQXQGZDQGWHVLFKDE %HQEHWUDWGLH.DPPHU]XOHW]W(UEHUSUIWHQRFKHLQPDODOOH$QVFKOVVHGDQQOLHHUVLFKEHKXWVDP LQVHLQHEHVRQGHUVYHUVWlUNWH6LW]VFKDOHVLQNHQ $LVVD%KXJROEUDXFKWHIDVWHLQH0LQXWHEHYRUHUVHLQH9HUZLUUXQJEHUZXQGHQKDWWH(UIKOWHVLFK DOV2SIHUHLQHV.RPSORWWVDEHUVHLQH1DLYLWlWLQVROFKHQ'LQJHQZDUEHLQDKHJUHQ]HQORV6RNDPHU DXFKGLHVPDOQLFKWKLQWHUGDV*HKHLPQLVGDVQXUIULKQDOOHLQQRFKHLQVZDU ª)HUWLJ"©IUDJWHHUHQGOLFKPLWUDXKHU6WLPPH
ª)HUWLJ©PHOGHWHQGLH*HIlKUWHQ]XJOHLFK ª:XUJK5RRO:LUVLQGEHUHLW© ª(VLVWJXW$LVVD©NDPGLH$QWZRUWª:LUEHJLQQHQMHW]W.RPPWJXW]XUFN© $XV GHQ PLWHLQDQGHU JHNRSSHOWHQ *HUlWHQ GUDQJ ODXWHV 6XPPHQ (QHUJLHVWU|PH ZXUGHQ DXIJHQRPPHQ XPJHIRUPW JHULFKWHW XQG JHVSHLFKHUW 'DQQ OHJWH VLFK KHOOEODXHV )OLPPHUQ EHU GLH ZLQ]LJH.DPPHU $OVHVHUORVFKEUDFKXQKHLPOLFKH6WLOOHEHUGHQ2UWKHUHLQ 'LH$WHP]JHGHU0lQQHUHEHQQRFKODXWXQGGHXWOLFK]XYHUQHKPHQZDUHQYHUVWXPPW
$QQD VWU]WH ]XP (LQJDQJ GHU hEHUWUDJXQJVNDPPHU XQG EOLFNWH DXI GLH VWDUU XQG VWHLI LQ GHQ 6LW]VFKDOHQOLHJHQGHQ0lQQHU6LH]LWWHUWHDPJDQ]HQ.|USHU 1DFKHLQHU:HLOHZDQGWHVLHVLFKXPXQGVDKPLWDQJVWYROOJHZHLWHWHQ$XJHQDXIGLHKRKHQVFKPDOHQ %HKlOWHULQGHQHQGLHJUQH.|USHUIOVVLJNHLW5RROVXQG:XUJKVJOXFNVWH ª:XUJK"© ª0DGDP"©NDPHLQ*HGDQNHQLPSXOVDXVZHLWHU)HUQH ª+DEHQ6LH9HUELQGXQJPLWLKQHQ"©IOVWHUWHGLH%LRORJLQVWRFNHQG :XUJK VFKZLHJ HLQH =HLWODQJ DOV PVVH HU VLFK GLH $QWZRUW VRUJIlOWLJ EHUOHJHQ 'DQQ NDP VHLQH $QWZRUWXQGOLHDOOHYHU]ZHLIHOWHQ+RIIQXQJHQ]XVDPPHQEUHFKHQ ª,FK NDQQ VLH QLFKW HUUHLFKHQ 0DGDP ,KUH *HGDQNHQ HQWJOLWWHQ PLU DOV GLH hEHUWUDJXQJ EHHQGHW ZDU© ª0HLQ*RWW©$QQDVFKOXFK]WHª:RKLQKDWGLH0DVFKLQHVLHJHVFKOHXGHUW"© ª%HUXKLJHQ6LHVLFK©HUZLGHUWHGHU7KXWDª'DV.RQWLQXXPGHV6XFKHUVLVWJUREHLQDKHXQHQGOLFK ,FKZHUGHPHLQHQ*HLVWKLQHLQVFKLFNHQXQGZHLWHUVXFKHQ8QGLFKZHUGHVLHILQGHQ© $QQDQLFNWH ª6LHPVVHQVLHILQGHQ:XUJK©
'HU6FKRFNZLFKJUHQ]HQORVHU9HUZXQGHUXQJ $LVVD %KXJRO NQLHWH QLHGHU GHQ ,PSXOVVWUDKOHU LPPHU QRFK VFKXEHUHLW LQ GHU $UPEHXJH 6HLQH +lQGH EHWDVWHWHQ GHQ %RGHQ DXI GHP HU VWDQG 'LH 6\QWKR5H]HSWRUHQ VHLQHU KHUPHWLVFK GLFKWHQ +DQGVFKXKH EHUPLWWHOWHQ LKP GLH ,OOXVLRQ GLUHNWHU %HUKUXQJ 'HU %RGHQ EHVWDQG RIIHQEDU DXV SRU|VHP*HVWHLQ8Q]lKOLJH5LVVHOLHIHQKLQGXUFK$EHUGDV*HVWHLQªIKOWH©VLFKLPEULJHQJHQDXVR DQZLH*HVWHLQDXIGHU(UGREHUIOlFKH (UULFKWHWHVLFKZLHGHUDXIXQGYHUVXFKWHGHQEOlXOLFKHQ1HEHOPLWGHQ$XJHQ]XGXUFKGULQJHQ'DV HUZLHV VLFK DOV XQP|JOLFK $OOHV ZDV HU PLW VHLQHP DQJHVWUHQJWHQ 6WDUUHQ HUUHLFKWH ZDU GD LKP VHLQH1HW]KlXWHZDQNHQGH6FKDWWHQJHVWDOWHQYRUJDXNHOWHQ(UJDEGHQ9HUVXFKDXIXQGEOLFNWHVHLQH *HIlKUWHQDQ 6DPXHO3HFNVWDQGXQEHZHJOLFKZLHHLQH6WDWXHDQGHP)OHFNDQGHPHU]XP9RUVFKHLQJHNRPPHQ ZDU )UDQFRLV OLHI VHLQHP 7HPSHUDPHQW HQWVSUHFKHQG XQXQWHUEURFKHQ KLQ XQG KHU VFKOXJ PLW GHQ $EVlW]HQVHLQHU6WLHIHOJHJHQGHQ%RGHQXQGYHUVXFKWHGHQ1HEHOPLWZHGHOQGHQ+DQGEHZHJXQJHQ ]XYHUWUHLEHQ 1XU%HQVFKLHQEHUGHQ'LQJHQ]XVWHKHQ(UVWDQGHLQZHQLJDEVHLWVXQGVDKGHQ0lQQHUQXQJHUKUW ]X $LVVDODFKWHXQVLFKHU ª'D ZlUHQ ZLU 0lQQHU© VSUDFK HU LQV 0LNURSKRQ GHU +HOPIXQNDQODJH ª.HLQH $XIUHJXQJ 'DV ([SHULPHQWVFKHLQWJHOXQJHQ]XVHLQ© )UDQFRLVVWHOOWHVHLQHEHUIOVVLJHQ%HZHJXQJHQHLQXQGIXKUUXFNDUWLJKHUXP ª6R"©GHKQWHHUª*HOXQJHQ",FKIUFKWHHKHUZLUVLQGLQXQVHUHU'LPHQVLRQJHEOLHEHQ:lUHGHU 1HEHOQLFKWN|QQWHPDQJODXEHQDXIHLQHP)HOVSODWHDXGHULUGLVFKHQ6DKDUD]XVWHKHQ© ª6LHKDEHQUHFKW6LU©EHPHUNWH%HQ ª'XKDVWEHVVHUH $XJHQDOVZLU© VDJWH$LVVDª:DVEHPHUNVWGXVRQVWQRFKGDVDQHLQHQ3ODQHWHQ XQVHUHV.RQWLQXXPVHULQQHUW"© ª'LH 6FKZHUNUDIW XQG GLH HLQIDOOHQGH 6RQQHQVWUDKOXQJ 6LU %HLGHV HULQQHUW HEHQIDOOV DQ GLH (UGH
DXFKZHQQPDQGLH6RQQHQLFKWVLHKW© ª$OVRPLJOFNW©NRPPHQWLHUWH6DP ª'XUFKDXV QLFKW© EHULFKWLJWH GHU 5RERWHU LKQ ª(V JLEW QlPOLFK HWZDV GDV DXI NHLQHU :HOW XQVHUHV .RQWLQXXPVYRUNRPPW6LHVHOEVW6LU© ª,FKVHOEVW"©ULHI6DPYHUEOIIWª6RHLQPDOLJELQLFKQXQDXFKZLHGHUQLFKW:HQQGXVFKOHFKWHUH 6FKHU]Hª ª.HLQHVZHJV©ZLGHUVSUDFK%HQª$XHUGHPPHLQWHLFKQLFKWQXU6LHDOOHLQVRQGHUQXQVDOOH6HKHQ 6LH VLFK GRFK HLQPDO JHQDX DQ :R LQ XQVHUHP .RQWLQXXP WUHWHQ 0HQVFKHQ DOV VFKDWWHQKDIWH OHXFKWHQGH*HELOGHDXI"© $LVVDVFKOXFNWHXQGEOLFNWHDQVLFKKHUDE $EHUHUNRQQWHNHLQH9HUlQGHUXQJEHPHUNHQ1RFKLPPHUODJGHU5DXPDQ]XJDQVHLQHP.|USHUDQ XQG HV ZDU HLQ 5DXPDQ]XJ QLFKWV DQGHUHV $XFK GDUDQ GD HU ]ZHL $UPH XQG ]ZHL %HLQH EHVD KDWWHVLFKQLFKWVJHlQGHUW(UWUDWQlKHUDQ6DPKHUDQXQGVWDUUWHGXUFKGHVVHQ+HOPVFKHLEH(UVDK NHLQHQOHXFKWHQGHQ6FKHPHQVRQGHUQGDV*HVLFKWGHV0DWKHPDWLNHUVZLHHUHVNDQQWH /DQJVDPGUHKWHHUVLFK]X%HQKHUXP ª%HVFKUHLEHXQVQlKHU©IRUGHUWHHULKQPLWPKVDPEHKHUUVFKWHU6WLPPHDXI ª'D JLEW HV QLFKW YLHO ]X EHVFKUHLEHQ 6LU© HUZLGHUWH %HQ ª,KUH (UVFKHLQXQJ LVW ]X XQGHXWOLFK ]X YHUZDVFKHQDOVGDLFK(LQ]HOKHLWHQHUNHQQHQN|QQWH$XHUGHPIOLHHQGLHVFKHPHQKDIWHQ.RQWXUHQ ODXIHQGLQHLQDQGHUIRUPHQVLFKXPXQGQHKPHQJURWHVNH)RUPHQDQ© ª(UVSLQQW©VDJWH)UDQFRLVWRQORVª6HLQH3RVLWURQLNKDWXQWHUGHU9HUVHW]XQJJHOLWWHQ© ª'DVKDWVLHQLFKW©HUNOlUWH6DPXHO3HFNPLW%HVWLPPWKHLWª'D]XIHKOWMHJOLFKHU*UXQG,FKJODXEH %HQ-DHVZlUHPLUXQJODXEOLFKHUHUVFKLHQHQZHQQZLULQHLQHPVHFKVGLPHQVLRQDOHQ.RQWLQXXPDOV QDWXUJHWUHXH$QGURLQGVKHUDXVJHNRPPHQZlUHQ'LHIUHPGH8PJHEXQJKDWXQVXPJHIRUPWZHLOZLU LQGHUDOWHQ*HVWDOWQLFKWH[LVWHQ]IlKLJZlUHQ1XUZLU0HQVFKHQDOOHLQPHUNHQHVQLFKWZHLOXQVHUH :DKUQHKPXQJVRUJDQH HEHQIDOOV XQG YRQ GHQ JOHLFKHQ (LQIOVVHQ XPRULHQWLHUW ZXUGHQ 1XU %HQV IQIGLPHQVLRQDODUEHLWHQGH3RVLWURQLNGXUFKVFKDXWGLH,OOXVLRQZHQQLFKDXFKQLFKWJODXEHGDHUXQV LQGHUWDWVlFKOLFKHQ*HVWDOWVLHKW'D]XPWHHUVHFKVGLPHQVLRQDOGHQNHQN|QQHQ© ª*UDXHQKDIW©VW|KQWH)UDQFRLV $LVVDGHUVLFKYRQGHPHUVWHQ6FKUHFNUDVFKHUKROWKDWWHODFKWHOHLVH ª'DVZlUHHVDOVR6FK|QZLUVLQGQLFKWVRDXVJHIDOOHQZLHXQVHUH2ULJLQDOHGDVVLFKYRUVWHOOWHQ,FK KDOWHGDVIUHLQHQ9RUWHLO'LH+DXSWVDFKHLVWGRFKGDZLUXQVLQGHUQHXHQ!*HVWDOWVREHZHJHQ N|QQHQDOVZlUHQZLUHFKWH$QGURLQGV$OOHVDQGHUH]lKOWQLFKW© (UKlQJWHVLFKGLH,PSXOVZDIIHXPRGHUYLHOPHKUGDVZDVHUIUVHLQH,PSXOVZDIIHKLHOWXQGOHJWH GLH+DQGDXIGHQ6FKDOWNQRSIGHV0LNUR$QWLJUDYJHUlWV ª)DQJHQZLUDQ,UJHQGZRVROOWHPHKU]XVHKHQVHLQDOVQXUGLHVHU1HEHO© (ULUUWHVLFKQLFKW$EHUEDOGZUGHHUZQVFKHQZHQLJHUQHXJLHULJJHZHVHQ]XVHLQ
(VZDUZLHHLQ$OSWUDXP 'LH0lQQHUXQGGHU5RERWHUKDWWHQLKUH0LNUR$QWLJUDYJHQHUDWRUHQDXIPD[LPDOH/HLVWXQJJHVFKDOWHW XQGIORJHQLQIQI0HWHUQ+|KH $LVVD VWDUUWH GXUFK GLH +HOPVFKHLEH DXI GHQ 1HEHO XQG IUDJWH VLFK ZRUDXV GLHVHV XQEHZHJOLFK ªVWHKHQGH©*DVEHVWQGH(VZLFKLKUHQPLWUXQGKXQGHUW6WXQGHQNLORPHWHUQGDKLQMDJHQGHQ.|USHUQ QLFKWDXV(VZXUGHDXFKQLFKWYHUGUlQJWVRQGHUQYHUKLHOWVLFKZLHDEVROXWPDVVHORVH(QHUJLH:HQQ $LVVD QDFK XQWHQ EOLFNWH NDP LKP LKU )OXJ QRFK JHVSHQVWLVFKHU YRU 'HU VHOWVDPH 1HEHO ZDU GLFKW JHQXJ DXI GLHVH NXU]H (QWIHUQXQJ GHQ %RGHQ Y|OOLJ ]X YHUGHFNHQ 'DGXUFK HUZHFNWH HV GHQ $QVFKHLQDOVNlPHQVLHQLFKWHLQHQ=HQWLPHWHUYRUZlUWV 1,*+70$5(KDWWH)UDQFRLVGHQIUHPGHQ3ODQHWHQJHWDXIW(UZDUVLFKGDEHLNODUGDUEHUJHZHVHQ GD HV XQEHVWLPPW ZDU RE VLH VLFK EHUKDXSW DXI HLQHP 3ODQHWHQ EHIDQGHQ ,Q GLHVHU YHUUFNWHQ 'LPHQVLRQ VFKLHQ DOOHV P|JOLFK ]X VHLQ ZDV LP (LQVWHLQ8QLYHUVXP DOV $XVJHEXUW HLQHU NUDQNHQ 3KDQWDVLHHUVFKLHQHQZlUH$EHUQLHPDQGNRQQWHVLFKYRUVWHOOHQGDHVHLQHDQGHUH([LVWHQ]IRUPYRQ :HOWHQDOVGLHIUDOOH3ODQHWHQFKDUDNWHULVWLVFKH.XJHORGHU(OOLSVRLGHQIRUPJHEHQN|QQWH 'UHL6WXQGHQODQJZDUHQVLHVFKRQXQWHUZHJV1LFKWVKDWWHVLFKJHlQGHUW'HU1HEHOZDUJHEOLHEHQ XQG DXFK GLH %RGHQEHVFKDIIHQKHLW ZLH %HQV HPSILQGOLFKH 0HJHUlWH DXVZLHVHQ $LVVD NDPHQ =ZHLIHO RE VLH MHPDOV GDV HLJHQWOLFKH =LHO HUUHLFKHQ ZUGHQ 7KHRUHWLVFK NRQQWH 1LJKWPDUH VLFK
HQWJHJHQJHVHW]WGHVJHVXFKWHQ%UHQQSXQNWVEHILQGHQ'RFKGDQQVDJWHVLFKGHU.DSLWl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lXOHDXI 'LH6lXOHYHUVFKZDQGDXVGHP%OLFNIHOGEHYRUVLHDQKDOWHQNRQQWHQ'RFK%HQV:DUQUXIYHUDQODWH GLH 0lQQHU LKUH *HVFKZLQGLJNHLW VWDUN ]X GURVVHOQ *HUDGH UHFKW]HLWLJ JHQXJ ,PPHU PHKU GHU EL]DUUHQ 6lXOHQ WDXFKWHQ DXI 6LH ZLUNWHQ LP HUVWHQ $XJHQEOLFN ZLH JLJDQWLVFKH 6WDODJPLWHQ ,KU 'XUFKPHVVHUEHWUXJDP%RGHQHWZD]HKQ0HWHUZlKUHQGHUDQGHU6SLW]H%HQPD+|KHQ]ZLVFKHQ ]ZDQ]LJXQGIQI]LJ0HWHUQQXUQRFKHLQLJH=HQWLPHWHUZDU $LVVD%KXJROJHULHWIDVWLQ*HIDKUGHU5RPDQWLNGHUIUHPGDUWLJHQ6]HQHULH]XHUOLHJHQ 'DNDPGHU$QJULII 'LH0lQQHUZDUHQYRQYRUQKHUHLQLP1DFKWHLOZHLOGLHª6WDODJPLWHQ©LKUH$XIPHUNVDPNHLWJHIHVVHOW KDWWHQXQGVLHK|OOLVFKDXISDVVHQPXWHQQLFKWPLWHLQHUGHUVROLGHZLUNHQGHQ6lXOHQ]XNROOLGLHUHQ 9RQ HLQHU 6HNXQGH ]XU DQGHUHQ ZLPPHOWH HV QHEHQ XQG EHU GHQ 6lXOHQ YRQ GLVNXVI|UPLJHQ IDUEORVHQXQGGXUFKVLFKWLJHQ*HELOGHQGLHHWZDGUHL0HWHUKRUL]RQWDOGXUFKPDHQ ª880©JHOOWH%HQV6FKUHLLQGHQ+HOPHPSIlQJHUQ ª%UHPVHQXQGQHEHQGHUQlFKVWHQ6lXOHQLHGHUJHKHQ©EHIDKO$LVVDª,PEULJHQDEZDUWHQ1LFKWGLH )HLQGVHOLJNHLWHQ]XHUVWHU|IIQHQ© 8QJHKLQGHUWODQGHWHQVLHQHEHQGHUQlFKVWHQHWZDIQI]HKQ0HWHUGXUFKPHVVHQGHQ6lXOH'LH880 VFKZHEWHQJHVSHQVWLVFKODXWORVKHUDQZLHULHVLJHSODWWJHGUFNWH6HLIHQEODVHQ,KUHZDKUHQ$EVLFKWHQ OLHHQVLHQRFKQLFKWHUNHQQHQ ª'XKDVWLKUH6SUDFKHLQGHLQHU3RVLWURQLNYHUDQNHUW%HQ©VDJWH$LVVDª6SULFKVLHDQ)UDJHVLHZDV VLHYRQXQVZROOHQ© (U K|UWH GDV FKDUDNWHULVWLVFKH .QDFNHQ DOV GHU 5RERWHU GHQ $XHQODXWVSUHFKHU HLQVFKDOWHWH hEHU VHLQHQ +HOPHPSIlQJHU K|UWH HU %HQV :RUWH PLW 6FKRQ JODXEWH HU GLH 880 ZUGHQ YHUKDQGHOQ ZROOHQ6LHZDUHQ]XP6WLOOVWDQGJHNRPPHQXQGELOGHWHQMHW]WHLQHQHQJHQ.UHLVXPGLH5DXPIDKUHU 'DVSUWHHUZLHHWZDVQDFKVHLQHP*HLVWJULII (VZDUHLQ*HIKODOVKlWWHLKPMHPDQGEHLYROOHP%HZXWVHLQGLH6FKlGHOGHFNHJH|IIQHWXQGWDVWHWH QXQ PLW QDVVHQ XQDQJHQHKP NDOWHQ +lQGHQ VHLQ *HKLUQ DE (U VWUlXEWH VLFK JHJHQ GHQ MlK DXIJHWDXFKWHQ:XQVFKDXIGHQQlFKVWHQ880]X]XJHKHQXQGVHLQHQIUHLHQ:LOOHQDXI]XJHEHQ )DVWKlWWHHU]XVSlWHUNDQQWZDVYRUJLQJ 'LH880YHUVXFKWHQVLHSDUDSV\FKLVFK]XEHHLQIOXVVHQ $LVVD UHDJLHUWH ZLH HLQ $XWRPDW 'HU ,PSXOVVWUDKOHU LQ VHLQHU $UPEHXJH UXFNWH QDFK REHQ (LQ ILQJHUGLFNHU 6WUDKO HUIDWH GHQ QlFKVWHQ 880 XQG OLH LKQ LQ HLQHP VFKLOOHUQGHQ )XQNHQUHJHQ YHUJHKHQ$XFK6DPXQG)UDQRLVNRQQWHQVLFKDXVGHPJHLVWLJHQ=ZDQJO|VHQ(LQ'LVNXVQDFKGHP lQGHUQYHUJLQJ$EHULPPHUPHKUVFKLHQHQGXUFKGHQ1HEHOKHUDQ]XVFKZHEHQ 'HU$XJHQEOLFNNDPLQGHP$LVVD VLFKQLFKWPHKUJHJHQGLH:LOOHQVEHHLQIOXVVXQJZHKUHQNRQQWH 0LWVFKZHUHQ6FKULWWHQVRDOVJLQJHHUGXUFK]lKHQ/HLPZDQNWHHUDXIGLH880]X%HLQDKH]XP *UHLIHQQDKHZDUHUHLQHPGHU]DUWOHXFKWHQGHQ*HELOGH 'DVFKOHXGHUWHLKQHWZDVPLWHOHPHQWDUHU:XFKW]XUFN'XQNHOKHLWVHQNWHVLFKEHUVHLQHQ*HLVW $XV'DVZDUDOOHVZDVHUQRFK]XGHQNHQYHUPRFKWH
$OVHUZLHGHU]XVLFKNDPZROOWHHUVLFKDXIULFKWHQ$EHUHLQH.UDIWGLHVWlUNHUZDUDOVHUGUFNWHLKQ ZLHGHUDXIGHQ%RGHQ $LVVD%KXJROZDQGWHGHQ.RSIXQGVWDUUWHDXIHLQHQUXQGHQVFKZDU]HQ*HJHQVWDQG ª8K©EUDFKWHHUVW|KQHQGKHUYRUª1RFKHLQ0DQQDXV$IULND© ª9HUKDOWHQ 6LH VLFK ELWWH VWLOO© VDJWH HLQH HQHUJLVFKH 6WLPPH ª,FK PX HUVW ,KUHQ 5DXPDQ]XJ XQWHUVXFKHQ©
$LVVDUROOWHVLFK]XU6HLWHXQGHQWJLQJGHQQDFKJUHLIHQGHQ+lQGHQ0LWHLQHP5XFNULFKWHWHHU VLFK DXIXQGEOLFNWHGLHEHUXQGEHUJHVFKZlU]WH*HVWDOWYRUVLFKDQ ª%HQ© IOVWHUWH HU VFKZDFK ª:DV KDEHQ VLH PLW GLU JHPDFKW" 2GHU ELVW GX GXUFK HLQHQ .DPLQ JHVWLHJHQ"© ª6LH VHKHQ QLFKW YLHO EHVVHU DXV 6LU© HUZLGHUWH %HQ XQG JULII HUQHXW ]X ª+DOWHQ 6LH HQGOLFK VWLOO VRQVWPXLFK*HZDOWDQZHQGHQ© $LVVD VDK HLQ GD HU JHJHQ GLH 6WlUNH HLQHV 5RERWHUV NHLQH &KDQFH KDWWH *HGXOGLJ OLH HU VHLQHQ 5DXPDQ]XJXQWHUVXFKHQ 1DFKHLQHU0LQXWHULFKWHWH%HQVLFKDXIXQG]RJLKQDXIGLH%HLQH ª*OFN JHKDEW 6LU $OV GHU 880 H[SORGLHUWH ZXUGHQ 6LH JHJHQ GLH 6lXOH JHVFKOHXGHUW ,FK KDWWH QLFKWJHJODXEWGDGHU$Q]XJGDVRKQHGLHJHULQJVWH%HVFKlGLJXQJDXVKDNHQZUGH© ª7HUUDQLVFKH4XDOLWlWVDUEHLW©NQXUUWH$LVVDª:LHJHKWHVGHQDQGHUHQ%HQ"© ª%HZXWORV6LU$EHUVRQVWVLQGVLHRIIHQEDULQ2UGQXQJ© ª2IIHQEDU"©NUlFK]WHHLQHKHLVHUH6WLPPHª:LUVLQGLQ2UGQXQJGX%OHFKKDXIHQ© (LQHVFKZDQNHQGH*HVWDOWWDXFKWHLQ$LVVDV%OLFNIHOGDXI(VZDU6DP ª,FKGDFKWHVFKRQGLH880KlWWHQXQVHUZLVFKW©VDJWHHUJULPPLJª:LHNRPPWHVGDZLUQRFK IUHLKHUXPODXIHQ"© ª'DV ZXQGHUW PLFK DXFK 6LU© HUZLGHUWH %HQ DQ]JOLFK 'HU 5RERWHU NRQQWH DOOH 6SLHODUWHQ PHQVFKOLFKHU*HIKOHLQVHLQHPHFKDQLVFKH6WLPPHOHJHQZHQQHUZROOWHª6LH]XP%HLVSLHO©IXKUHU IRUW ªZROOWHQ HLQHV GLHVHU :HVHQ XPDUPHQ ,FK NRQQWH HV LP OHW]WHQ $XJHQEOLFN YHUKLQGHUQ VRQVW OHEWHQ6LHZDKUVFKHLQOLFKQLFKWPHKU'HU880KDWWHSO|W]OLFKHLQHgIIQXQJDQGHU8QWHUVHLWH© ª+XK©6DPNLFKHUWHª:ROOWHHUPLFKHWZDIUHVVHQ"© ª,FK WUDXH GHQ %UGHUQ DOOHV ]X© HUNODQJ GLH QRFK UHFKW VFKZDFKH 6WLPPH )UDQFRLV LQ GHQ +HOPHPSIlQJHUQ'HU(UVWH2IIL]LHUHUKREVLFKWDXPHOQG%HQHLOWHLKPHQWJHJHQXQGVWW]WHLKQ ª$OVR %HQ© VDJWH $LVVD DOV VLH DOOH EHLVDPPHQ VWDQGHQ ªQXQ EHULFKWH HLQPDO JDQ] VDFKOLFK ZDV EHUKDXSWJHVFKHKHQLVW,FKZHLQXUQRFKGDGLH880PLFKJHLVWLJEHHLQIOXWHQXQGGDLFKDXI HLQHVGLHVHU0RQVWUHQ]XOLHI© ª'LH880JLQJHQVHKUJHVFKLFNWYRU©EHJDQQGHU5RERWHU ª$EHUHEHQQLFKWJHVFKLFNWJHQXJIUGLFKZDV"©ZDUI)UDQFRLVELVVLJHLQ ª+DOE XQG KDOE© GHXWHWH %HQ DQ ª,FK EHUPLWWHOWH LKQHQ ,KUH )UDJH 6LU © (U ZDQGWH VHLQH JHVFKZlU]WH+HOPVFKHLEH$LVVD]Xª6LHVFKLHQHQDXFKGDUDXIHLQ]XJHKHQ-HGHQIDOOVILQJHLQHUYRQ LKQHQDQPLUHWZDV]XHUNOlUHQ/HLGHUNRQQWHLFKLKPQLFKWELV]X(QGH]XK|UHQ6LHPHLQH+HUUHQ EHJDQQHQSO|W]OLFK]XVFKLHHQ,FKEHJULIIGDVQLFKWVRIRUW(UVWDOVLFK,KUH%HQRPPHQKHLWXQG,KUH XQVLFKHUHQ %HZHJXQJHQ EHPHUNWH EHJDQQ LFK GHQ 6DFKYHUKDOW ]X GXUFKVFKDXHQ ,FK DKQWH GD GLH 8806LHSDUDSV\FKLVFKEHHLQIOXWHQ$XFKGDZDUHVEHLQDKHVFKRQ]XVSlW6LHVWHOOWHQQDFKHLQDQGHU GDV)HXHUZLHGHUHLQXQGOLHIHQDXIGLH$QJUHLIHU]X *OFNOLFKHUZHLVH DKQWHQ GLH 880 QLFKWV GDYRQ GD LFK HLQ 5RERWHU ZDU 6LH ZXUGHQ YROONRPPHQ EHUUDVFKWDOVLFKGDV)HXHUHU|IIQHWH0HLQ,PSXOVVWUDKOHU©HUKREGLHEHUVFKZHUH:DIIHKRFK© ZXUGHPKHORVPLWLKQHQIHUWLJ©(UVFKZLHJHLQH:HLOHGDQQVDJWHHUOHLVHª'HU5HVWIORK'DVLVW DOOHV6LU© ª+P©PDFKWH$LVVDQDFKGHQNOLFK (UKlWWHIURKVHLQVROOHQEHULKUHQHUVWHQ6LHJ$EHUHUZDUHVQLFKW(WZDVDQGHUJDQ]HQ*HVFKLFKWH PLILHOLKPRKQHGDHUKlWWHVDJHQN|QQHQZDV ª-HW]WZLVVHQZLUDOVRKXQGHUWSUR]HQWLJ%HVFKHLG©VDJWH)UDQFRLVYROOHU*HQXJWXXQJª'LH880VLQG GLH:HVHQGLHGHQ6XFKHUEHGUlQJHQ6LHUHFKQHWHQZRKONDXPGDPLWGDZLULKQHQDXILKUHP:HJ IROJHQVRQVWKlWWHQVLHVLFKVLFKHUEHVVHUDXIXQVHUHQ(PSIDQJYRUEHUHLWHW© $LVVDQLFNWH8QPRWLYLHUWVDJWHHU]X%HQ ª'XVROOWHVWGLUGHLQH+HOPVFKHLEHDEZLVFKHQDXFKZHQQGLFKGHU5XQLFKWEHKLQGHUW© (U OlFKHOWH HLQ ZHQLJ DOV GHU 5RERWHU XPVWlQGOLFK HLQHQ /DSSHQ DXV VHLQHP $Q]XJ ]RJ XQG HLIULJ GDPLWEHUVHLQH+HOPVFKHLEHIXKU'DQQZHFKVHOWHHUHUQHXWGDV7KHPD ª,FK PX GLU UHFKW JHEHQ )UDQFRLV 'HQQRFK ZlUH LFK IURK %HQ KlWWH GHQ 880 ]X (QGH DQK|UHQ N|QQHQ9LHOOHLFKWZDUGLH!(UNOlUXQJQXUHLQ$EOHQNXQJVPDQ|YHUXPXQVLQ6LFKHUKHLW]XZLHJHQ YLHOOHLFKWDEHUDXFKQLFKW:LUVLQGWURW]XQVHUHV(UIROJHVQRFKQLFKWYLHOVFKODXHU:LHVROOHQZLU DXIGLHVHU1HEHOZHOWGLH880ZLHGHUILQGHQZHQQVLHVLFKYRUXQVYHUEHUJHQ"8QGYRUDOOHP:LH ILQGHQZLUGHQ6XFKHU"© ª:LUKlWWHQXQVHUHJXWHDOWH/$1&(7PLWQHKPHQVROOHQ©6DPVHXI]WH
ª/HLGHUSDWHVLHQLFKWLQGLHhEHUWUDJXQJVNDPPHU6LU©JDE%HQHUQVWKDIW]XUFN )UDQFRLVXQG$LVVDODFKWHQ 6DPHUZLGHUWHNQXUULJ ª,FK SIHLIH DXI GLH :HLVKHLWHQ HLQHV 5RERWV :DV QXQ" (QWZHGHU ZDUWHQ ZLU RE GLH 880 QRFK HLQPDODQJUHLIHQRGHUZLUJHKHQVLHVXFKHQ© ª*DQ]UHFKW©VWLPPWH$LVVDLKP]Xª*HKHQZLUVLHVXFKHQ© $QQD 3DVWXFKDMD NRQQWH GDV =LWWHUQ LKUHU .QLH QLFKW JDQ] YHUEHUJHQ DOV VLH LQ GHP EHUHLWVWHKHQGHQ 6HVVHO3ODW]QDKP 6LH EHPKWH VLFK QLFKW LQ GLH hEHUWUDJXQJVNDPPHU ]X VHKHQ LQ GHU GLH HQWJHLVWLJWHQ .|USHU GHU *HIlKUWHQZLHWRWGDODJHQ(VZDUQLFKWGLHVHU$QEOLFNDOOHLQYRUGHPVLH]XUFNVFKUHFNWHVRQGHUQ GLH)XUFKWGLHHULQLKUKHUYRUULHIGLH)XUFKWGLH*HIlKUWHQN|QQWHQDXIHZLJYHUVFKROOHQEOHLEHQ ª1XUUXKLJ©NODQJ:XUJKV6WLPPHLQLKUHP*HLVWDXI $QQDEOLFNWHVFKDXGHUQGDXIGLHKRKHQ+\GUR%HKlOWHU,UJHQGZRLQGLHVHUNROORLGDOHQ)OVVLJNHLWGHU +\GURLQWHOOLJHQ]VFKZDPPGHUDXIJHO|VWH.|USHUGHV7KXWDV1XUVHLQ*HLVWJHK|UWHLKPQRFKJDQ] DOOHLQHUZDUZHGHUDXIJHO|VWQRFKYRQ5RROV*HLVWHLQYHUOHLEWZRUGHQ ª,FKKDEH$QJVW©IOVWHUWHVLH ª:DUXP"©JDE:XUJKHUVWDXQW]XUFNª6FKOLHOLFKLVWHVQLFKWGDVHUVWHPDOGDXQVHU*HLVWLQGLH IUHPGH'LPHQVLRQSURML]LHUWZLUG8QVNDQQGDEHLQLFKWV]XVWRHQ© $QQDVFKWWHOWHGHQ.RSI'LH+lQGHYHUNUDPSIWHQVLFKLQLKUHP6FKR ª'DVLVWHVQLFKW©HUZLGHUWHVLHª,FKIUFKWHPLFKQLFKWYRUGHU5HLVHGHV*HLVWHVVRQGHUQYRUGHP ZDVZLUGRUW]X!VHKHQEHNRPPHQZHUGHQ©0LWWURW]LJHU*HElUGHZDUIVLHGHQ.RSI]XUFNª$EHU PDQVROOGHQ7DWVDFKHQQLFKWDXVZHLFKHQ,FKELQEHUHLW:XUJK© 'HU 7KXWD YHU]LFKWHWH GDUDXI HWZDV ]X YHUVSUHFKHQ ZDV HU QLFKW YHUVSUHFKHQ NRQQWH 1XU QRFK VFKZDFKHV 0XUPHOQ VLFNHUWH LQ $QQDV*HLVW EHUXKLJHQG XQG ]XYHUVLFKWOLFK 'DQQ YHUVFKZDPP GLH 8PJHEXQJYRULKUHQ$XJHQ:LHGHUKDWWHVLHGHQ(LQGUXFNLQHLQHQXQHQGOLFKHQVFKZDU]HQ$EJUXQG JHVFKOHXGHUW]XZHUGHQ 'LVKDUPRQLVFKH7RQIHW]HQEUDXVWHQYRULKUKHUZLHHLQ+|OOHQJHVSDQQ,KU*HLVWIKOWHGLH1lKHYRQ :XUJKV*HLVW8QVLFKWEDUH)KOHUVWUHFNWHQVLFK]ZLVFKHQLKQHQDXVXPNODPPHUWHQVLFKEHLHLQDQGHU 6FKXW]VXFKHQG(LQJUHOOZHLHU3XQNWWDXFKWHXQWHULKQHQLQGHU)LQVWHUQLVDXIGHKQWHVLFKDXVXQG ZXUGH ]X HLQHP ZDVVHUKHOOHQ VWUDKOHQGHQ 5LQJ 6DQIWHV 3OlWVFKHUQ ZLH YRQ HLQHP 6SULQJEUXQQHQ HUNODQJXQWHUPDOWYRQXQHQGOLFKWUDXULJHU0XVLN'D]ZLVFKHQH[SORGLHUWHQ7|QHDOV]HUVFKOJHHLQH LPDJLQlUH$[WHLQHHEHQVRLPDJLQlUH+DUIH $QQDXQG:XUJKZXUGHQYRQHLQHPXQZLGHUVWHKOLFKHQ6RJJHSDFNWXQGGXUFKGHQVWUDKOHQGHQ5LQJ JHULVVHQ8QVLFKWEDUH:HVHQKHLWHQVRZLUEHOWHQVLHEHUGLH$EJUQGHYRQ=HLWXQG5DXP 9ROONRPPHQH6WLOOH +DVWLJNUHLVHOQGH)DUEHQDQGHQ+RUL]RQWHQ (LQH KDOENXJHOLJH /HXFKWHUVFKHLQXQJ VSDQQWH VLFK XQWHU GHU 6WLOOH 5RVD )OHFNHQ WDQ]WHQ XQUXKLJ ]LWWHUQGGDUEHUKLQ7LHIVFKZDU]H6SLUDOJHELOGHVWLHHQ]ZLVFKHQVLHO|VFKWHQVLHDXV$EHULPPHU QHXHURVLJH)OHFNHQWDXFKWHQDXVGHU7LHIH (LQKDOOHQGHU$NNRUGEUDFKVLFKDQXQVLFKWEDUHQ:lQGHQ6HLQ(FKRNHKUWHJHLVWHUKDIWKRKO]XUFN VFKZDQJ ]ZLVFKHQ GHP 1LFKWV XQG GHU 7LHIH KLQ XQG KHU ZXUGH OHLVHU HUKRE QRFK HLQPDO VHLQH 6WLPPHXQGYHUORVFKZLHHLQH.HU]HLP6WXUP *UDXHQ :DVZDUGDV:XUJK" 8QVLFKHUHV/DFKHQ (LQH,OOXVLRQ 6FKULOOHV.UHLVFKHQGXPSIKDOOHQGH7|QHZLHYRQQlKHUNRPPHQGHQ6FKULWWHQ .HLQH,OOXVLRQ,FK $QQDXQG:XUJK]XJOHLFK 'DVZDUGHU6XFKHU:DVLVWJHVFKHKHQ":DVJHVFKLHKW" (LQ6FKUHLJUDXHQHUUHJHQGHV*XUJHOQHLQOHLVHU$NNRUG .DPSI1RW,FKELQLQ1RW
:LUZROOHQGLUKHOIHQ:DVN|QQHQZLUWXQ" 9HU]ZHLIOXQJ 1LFKWV,KUKDEWKLHUNHLQH0DFKW)OLHKW (UVFKUHFNHQ5HVLJQDWLRQ 8QVHUH*HIlKUWHQVLQGKLHU6LHPVVHQKLHUVHLQ.|QQHQVLHGLUKHOIHQ"6LHVLQGN|USHUOLFKLQGHLQH 'LPHQVLRQJHNRPPHQ 6FKZHLJHQ $QJVW $QQDXQG:XUJK]XJOHLFK 0HOGHGLFK $XVVWUDKOXQJYRQIXUFKWEDUHU4XDO ,FK NDQQ QLFKW :R VLQG HXUH *HIlKUWHQ 6FKOX VLH JUHLIHQ VFKRQ ZLHGHU DQ :HQQ LFK QXU ZWH ZHU .QLUVFKHQZLH]HUUHLHQGHV0HWDOO6FKULOOHV3IHLIHQ7LHIVFKZDU]H6SLUDOJHELOGHO|VWHQVLFKDXVHLQHU VLOEHUQVFKLPPHUQGHQ:RONHVWLHHQDXI0LOOLDUGHQYRQURVD)OHFNHQ]X:LUEHOQGHV'XUFKHLQDQGHU $QQDXQG:XUJKIKOWHQVLFKLQGLHVHV'XUFKHLQDQGHUKLQHLQJHULVVHQ6LHZROOWHQVLFKVWUlXEHQXQG EHJULIIHQZDVGHU6XFKHUJHPHLQWKDWWHDOVHUVDJWH,KUKDEWKLHUNHLQH0DFKW 6FKRQ JODXEWHQ VLH PLWWHQ LQ GLHVHV XQEHJUHLIOLFKH ,QIHUQR KLQHLQ]XVWU]HQ 'RFK GHU $EJUXQG ZDU JUR]XJURDOVGDVLHLKQQRFKLQGLHVHU(SRFKHGHU(ZLJNHLWKlWWHQEHUEUFNHQN|QQHQ0LWWHQ ]ZLVFKHQGHU7LHIHXQGGHP1LFKWVWDXFKWHQVLHLQEOlXOLFKHQ1HEHOVFKZDPPHQKLQGXUFKXQGWUDIHQ SO|W]OLFKDXIYHUWUDXWH*HGDQNHQ 'LH*HGDQNHQHU]lKOWHQYRQHLQHU:HOWGHU$OSWUlXPHYRQHLQHU8PZDQGOXQJGHU([LVWHQ]IRUPHQ XQGYRQGHQ880 %HYRU$QQDXQG:XUJKGLH*HGDQNHQVWU|PHIHVWKDOWHQNRQQWHQZDUHQVLHKLQGXUFK=XUFNEOLHEHQ QXU/HHUHXQGXQHUIOOEDUH:QVFKH :DUHQGDV":XUJKV)UDJHNDP]|JHUQG 6LHZDUHQHVMXEHOWH$QQD(VZDUHQGLH*HGDQNHQYRQ$LVVD6DPXQG)UDQFRLV6LHOHEHQXQGVLH ZHLOHQJDQ]LQGHU1lKH:XUJK ,QHLQHU1lKHGLHQDFK(ZLJNHLWHQPLW0DGDP +LHU JHOWHQ DQGHUH 0DVWlEH )U GLHVH 'LPHQVLRQ VLQG VLH GHP 6XFKHU VHKU QDKH 8QG VLH NHQQHQ MHW]WGHQ*HJQHU(VVLQGGLH880 6LH EHILQGHQ VLFK DXI HLQHU :HOW HLQHP 3ODQHWHQ DOVR :DUXP KDEHQ ZLU QLFKWV YRQ GLHVHU :HOW JHVHKHQ0DGDP" :LUVLQGKLQGXUFKJHJDQJHQ:XUJK%HGHQNHGDZLUQLFKWN|USHUOLFKKLHUZHLOHQ8QVHU*HLVWKDW MHQH :HOW GXUFKTXHUW VR ZLH GHU 6FKDOO GXUFK 1HEHO KLQGXUFKJHKW 9LHOOHLFKW GHU EOlXOLFKH 1HEHO YLHOOHLFKWZDUGDVGLH:HOWZLHZLUVLHDOVJHLVWLJH:HVHQKHLWHQZDKUQDKPHQ" 8QGZRVLQGZLUMHW]W":DVEHGHXWHWGLHVHVZRJHQGH1LFKWVYRUXQV" ,FKZHLHVQLFKW:XUJK,FKZHLQXUGDZLUZHLWHUVXFKHQPVVHQ 'DV ZRJHQGH 1LFKWV QDKP GLH *HGDQNHQVWU|PH GHU EHLGHQ VR XQWHUVFKLHGOLFKHQ XQG GRFK VR YHUZDQGWHQ:HVHQDXI 8QGGXUFKGDV1LFKWVJOLWWHQSO|W]OLFKVFKDWWHQKDIWHGLVNXVI|UPLJH*HELOGHKHUDQ
ª'DZDUHWZDV©VFKULH)UDQFRLV $LVVDOHJWHGHP*HIlKUWHQEHUXKLJHQGGLH+DQGDXIGLH6FKXOWHU ª$XFKLFKKDEHHVJHVSUW(VZDUZLHHLQH7UDXPHULQQHUXQJXQGGRFKQRFKPHKU,VWHVP|JOLFK GD"1HLQGDVNDQQQXUHLQH+DOOX]LQDWLRQJHZHVHQVHLQ© ª(V ZDU NHLQH +DOOX]LQDWLRQ © 6DP WUDW PLW VFKZHUHQ XQEHKROIHQ ZLUNHQGHQ 6FKULWWHQ QlKHU ª'LH *HGDQNHQZDUHQGLHYRQ$QQDXQG:XUJK6LHVXFKHQXQV© ª,FKKDEHHVJHIKOW©PXUPHOWH$LVVDª$EHUVLHKDEHQXQVQLFKWJHIXQGHQ:LHP|JHQVLHKLHUKHU QDFK1LJKWPDUHJHNRPPHQVHLQ"© ª/HLGHU NRQQWH LFK QLFKWV ZDKUQHKPHQ 6LU© ZDUI %HQ HLQ ª$EHU ZHQQ GLH JHLVWLJHQ :HVHQKHLWHQ YRQ0L3DVWXFKDMDXQG:XUJKLQGHU1lKHVLQGGDQQLVWDXFKGHU6XFKHUQLFKWZHLW(QWVLQQHQ6LH VLFKGDGHU*HGDQNHQVWURPELVKHUVWHWVLQGLH1lKHGHV6XFKHUVJHOHQNWZXUGH"© ª-D©HUZLGHUWH$LVVDGXPSIª'DPLWVWHLJHQXQVHUH&KDQFHQ$XI6XFKHQZLUZHLWHU©
6LH VFKDOWHWHQ GLH 0LNUR$QWLJUDYJHQHUDWRUHQ HLQ XQG VFKZHEWHQ GDYRQ KLQHLQ LQ GDV 0HHU JLJDQWLVFKHUª6WDODJPLWHQ©8QEHZHJOLFKKLQJGHUEOlXOLFKH1HEHOQHEHQEHUXQGXQWHULKQHQKOOWH VLHHLQZLHHLQ7XFKXQGOLHVLHJOHLFK]HLWLJKLQGXUFKDOVZlUHHUQXUHLQH9RUVSLHJHOXQJ 1DFKHLQHU6WXQGHZXUGHQGLH6lXOHQ]XVHKHQGVNOHLQHUELVGHUª6WDODJPLWHQZDOG©Y|OOLJ]XUFNWUDW XQG HLQHU JOlVHUQ VFKLPPHUQGHQ 6DQGIOlFKH 3ODW] PDFKWH 'HU 6DQG EHIDQG VLFK LQ VWlQGLJHU %HZHJXQJ(VZDUDOVEHIlQGHHUVLFKLQHLQHPULHVLJHQ6LHEGDVYRQMHPDQGHPKLQXQGKHUJHUWWHOW ZXUGH(LQKDXFKGQQHUGLDPDQWHQJOLW]HUQGHU6WDXEVFKOHLHUODJEHUDOOHP $XIPHUNVDPEHREDFKWHWH$LVVDGLH%HZHJXQJHQGHV6DQGHVRGHUGHVVHQZDVVLHIU6DQGKLHOWHQ REZRKOHVPHKUZLHIHLQJHPDKOHQHV*ODVDXVVDK1LFKWVYRQHLQHP/XIW]XJZDU]XVSUHQGHQQRFK ZRJWHGHU6DQGXQXQWHUEURFKHQKLQXQGKHU,UJHQGHWZDVPXWHLKQEHZHJHQVDJWHVLFKGHU.DSLWlQ :HQQHVQLFKWGHU:LQGZDUZDVGDQQ" )DVW]XJOHLFKPLW%HQVWLHHUHLQHQ:DUQUXIDXV'HUEOlXOLFKH1HEHOKDWWHVLFKVWlUNHUJHOLFKWHWXQG DP +RUL]RQW WDXFKWHQ VPDUDJGJUQH /HXFKWVSLUDOHQ DXI 'LH 6SLUDOHQ UHIOHNWLHUWHQ GDV /LFKW HLQHU XQVLFKWEDUHQ 6RQQH 6LH GUHKWHQ XQG ZDQGHQ VLFK LQ HLQHP XQLUGLVFKHQ 7DQ] ZlKUHQG /LFKWUHIOH[H EHUVLHKLQZHJIORVVHQDOVZUGHQVLHPLWOHXFKWHQGHPYLHOIDUELJHP:DVVHUEHUVFKWWHW 6DQIWVHW]WHQGLH0lQQHUXQGGHU5RERWHUDXIGHP6DQGDXI:DFKVDPODXHUWHQVLHDXIHLQH5HDNWLRQ GHU ZRJHQGHQ 0DVVHQ $EHU GHU 6DQG YHUKLHOW VLFK ZLH QRUPDOHU 7UHLEVDQG 6LH EHJDQJHQ HLQ]XVLQNHQYHUPRFKWHQVLFKDEHUPLW+LOIHGHU$QWLJUDYJHQHUDWRUHQDXIGHU2EHUIOlFKH]XKDOWHQ 9RUVLFKWLJ JOLWWHQ VLH ]X %RGHQ XQG EUDFKWHQ LKUH ,PSXOVZDIIHQ LQ $QVFKODJ 6LH KDWWHQ GDV (PSILQGHQDOVVFKZlPPHQVLHZLH.RUNVWFNFKHQDXIHLQHUOHLFKWEHZHJWHQ6HH 'LH /HXFKWVSLUDOHQ VFKLHQHQ LKU .RPPHQ QLFKW ]X EHDFKWHQ 1LHPDQG ZXWH RE HV VLFK XP /HEHZHVHQRGHUXPHLQH1DWXUHUVFKHLQXQJKDQGHOWH ª6LHJUHLIHQZHGHUDQQRFKJHKHQVLHZHJ©PXUPHOWH)UDQ
RLVª(LJHQDUWLJ©6DPXHO3HFNZDQGWH GHQ.RSI ª6ROO LFK HLQPDO KLQEHUJHKHQ $LVVD" ,FK KDEH VR GDV *HIKO DOV RE VLH EHUKDXSW QLFKW UHDJLHUHQ ZUGHQ© ª*HIKOHWlXVFKHQXQGJDQ]EHVWLPPWDXI1LJKWPDUH©ZDUQWH$LVVD ª,Q GLHVHP )DOO K|FKVWZDKUVFKHLQOLFK QLFKW 6LU© PHOGHWH VLFK %HQ ª,FK ZUGH VDJHQ GD ZLU 3IODQ]HQYRUXQVKDEHQRGHUGRFKGDVZDVDXIGLHVHU:HOWlTXLYDOHQWXQVHUHQ3IODQ]HQLVW© ª(LQHQ)RWRDSSDUDWPWHPDQPLWKDEHQ©EHPHUNWH)UDQFRLVVDUNDVWLVFKª+LPPHO:HQQLFKPLU]X +DXVHGLH*HVLFKWHUYRUVWHOOH(LQJDQ]HU:DOGDXVWDQ]HQGHQ6SLUDOHQ© ª2SWLPLVW©NQXUUWH6DPYHUlFKWOLFK 'HU5RERWHUHUNOlUWHY|OOLJHUQVWKDIW ª(LQH.DPHUDDXVXQVHUHU'LPHQVLRQZUGHVLFKHUHWZDVY|OOLJDQGHUHVDXIQHKPHQDOVZLU]XVHKHQ YHUP|JHQ6LU© $LVVDKDWWHVLFKXQWHUGHVVHQIUGLH$UWGHV9RUJHKHQVHQWVFKLHGHQ ª'X JHKVW KLQEHU %HQ© HQWVFKLHG HU ª$EHU KDOWH GLFK HWZDV QDFK UHFKWV GDPLW ZLU GLU QRWIDOOV )HXHUVFKXW]JHEHQN|QQHQ:HQQGLH!%lXPHQLFKWIHLQGOLFKUHDJLHUHQVROOWHVWGXHLQHQYRQLKQHQ EHUKUHQ© ª-DZRKO6LU©VDJWH%HQVWHLIXQGPDUVFKLHUWHORV (V VDK JURWHVN DXV ZLH HU IDVW EHU GHQ ZHOOLJHQ 6DQG GDKLQVFKZHEWH HLQ KXPDQRLGHU 5RERWHU PLW HLQHP1HWWRJHZLFKWYRQHOIHLQKDOE=HQWQHUQ6HLQH)HEHUKUWHQNDXPGHQ%RGHQRGHUQXUHEHQ VRYLHO GD HU IODFKH $EGUFNH KLQWHUOLH $XFK HU NDP RKQH DNWLYLHUWHQ $QWLJUDY QLFKW DXV 'HU 7UHLEVDQGKlWWHLKQLQQHUKDOEZHQLJHU0LQXWHQYHUVFKOXQJHQ 'HU 5RERWHU VFKOXJ HLQHQ ZHLWHQ %RJHQ XQG QlKHUWH VLFK GHP ª:DOG© YRQ UHFKWV 8QHQWZHJW EHREDFKWHWHQ GLH 0lQQHU ,KQHQ ZlUH NHLQH YHUGlFKWLJH %HZHJXQJ GHU /HXFKWVSLUDOHQ HQWJDQJHQ $EHU QLFKWV UHJWH VLFK 'LH LUUOLFKWHUQGHQ 6SLUDOHQ GUHKWHQ VLFK LQ VNXUULOHP 7DQ] VFKLHQHQ MHGRFK GDEHLVWHWVDXIGHUVHOEHQ6WHOOH]XEOHLEHQ(VKDWWHGHQ$QVFKHLQDOVNOHEWHLKUVFKPDODXVODXIHQGHV XQWHUHV(QGHIHVWLP%RGHQ $LVVD IUDJWH VLFK ZDUXP GLH 880 QRFK QLFKW ZLHGHU DXIJHWDXFKW ZDUHQ =ZDU KDWWHQ VLH HLQH 1LHGHUODJH HUOLWWHQ DEHU HU ZDU VLFKHU GD GLHVH :HVHQ EHVVHUH 0|JOLFKNHLWHQ NDQQWHQ DOV GHQ SOXPSHQ)URQWDODQJULII (USDFNWHGLH:DIIHIHVWHUXQGNQLIIHLQ$XJH]XVDPPHQGDPLWHUVHLQ=LHOIHVWLP5HIOH[YLVLHUKDWWH :LHZHQQGHU:DOGHLQH7UROOH$DUVWHOOWH" 8QHQWZHJW VWDSIWH %HQ ZHLWHU DXI GLH 6SLUDOHQ ]X 6HLQHQ EHUVFKZHUHQ ,PSXOVVWUDKOHU KLHOW HU VFKXEHUHLW'LHVH5RERWHUZDIIHQZDUHQHLJHQWOLFKVFKRQNOHLQH*HVFKW]HGDFKWHGHU.DSLWlQ(LQ
HLQ]LJHU6FKXNRQQWHEHLPD[LPDOHU/HLVWXQJVDEJDEHHLQHQNOHLQHQ%HUJIRUWEODVHQ $LVVDKLHOWXQZLOONUOLFKGHQ$WHPDQDOVGHU5RERWHUGLHHUVWH5HLKHGHUª%lXPH©HUUHLFKWH %HQEOLHEVWHKHQ1XUVHLQ.RSIGUHKWHVLFKODQJVDP ,P+HOPHPSIlQJHUNUDFKWHHVDOVGHU5RERWHUVLFKPHOGHWH ª.HLQH 9HUlQGHUXQJ 6LU© VDJWH HU JHODVVHQ ª'LH %lXPH O|VHQ VLFK QLFKW YRQ LKUHQ 3OlW]HQ $EHU QRFK EHVWHKW GLH 0|JOLFKNHLW GD ZLU HV PLW ZDQGHUQGHQ 3IODQ]HQ ]X WXQ KDEHQ ,FK ZHUGH HV DXVSURELHUHQ6LU© $LVVD VDK ZLH %HQ ODQJVDP ]ZLVFKHQ ]ZHL 6SLUDOHQ WUDW 'HU 5RERWHU YHUKDUUWH HLQLJH 6HNXQGHQ 'DQQ EHUKUWH HU PLW GHU +DQG GHQ UHFKWV YRQ LKP VWHKHQGHQ ª%DXP© 2KQH (UJHEQLV (WZDV VFKQHOOHUGUHKWHHUVLFKXPXQGVWLH KHIWLJJHJHQGLHDQGHUH6SLUDOH6LHERJVLFKLQGHU 0LWWHHLQ NHKUWHDEHUUDVFKLQGLHQRUPDOH/DJH]XUFN $LVVDVFKOXFNWHDOVGHU5RERWHUVHLQH,PSXOVZDIIHEHUGLH6FKXOWHUKlQJWHXQGPLWEHLGHQ+lQGHQ HLQH6SLUDOHXPVSDQQWH(UZXWHZHOFKH.|USHUNUDIW%HQHQWIDOWHQNRQQWH %HQV5FNHQEHXJWHVLFK'DQQERJHUVLFKHWZDVGXUFK(VJDEHLQHQ.QDOOGHUVHOEVWDXIGLHHWZD IQIKXQGHUW0HWHU(QWIHUQXQJQRFKGHXWOLFK]XK|UHQZDUGDQQKLQJGLHª3IODQ]H©IUHLLQGHU/XIW 'HU5RERWHUKLHOWVLHPLWDXVJHVWUHFNWHQ$UPHQYRQVLFKDEXQGEOLFNWHLQGDV/RFKGDVVLHLP%RGHQ KLQWHUODVVHQKDWWH 0LWGHU/HXFKWVSLUDOHJLQJHWZDV(UVFKUHFNHQGHVYRU 6LH ZXUGH LPPHU GXQNOHU ELV QXU QRFK HLQ PDWWHU 6FKLPPHU DXHU GHP QDKH]X DEVROXWHQ 6FKZDU] DXV]XPDFKHQ ZDU %HQ KDWWH HV HEHQIDOOV EHPHUNW %HKXWVDP OLH HU GLH 3IODQ]H ZLHGHU LQ LKU /RFK ]XUFNVLQNHQVFKDUUWHPLWGHQ)HQ6DQGKHUDQXQGVWDPSIWHLKQIHVW 'DV 6FKZDU] GHU 3IODQ]H ZLFK JDQ] DOOPlKOLFK HLQHP KHOOHU XQG KHOOHU ZHUGHQGHQ *UDX ZXUGH ]X %ODX GDQQ ]X 5RW XQG VFKOLHOLFK ]X *HOE (LQH 0LQXWH VSlWHU ZXUGH GDV *HOE YRP HUVWHQ VPDUDJGJUQHQ 6FKLPPHU YHUGUlQJW 'LH 6SLUDOH EHJDQQ VLFK VFKFKWHUQ ]X GUHKHQ ZlKUHQG LKUH )DUEHLPPHUPHKU]XPQRUPDOHQ7RQEHUJLQJ ª:DVVDJHQ6LHQXQ6LU"©IUDJWH%HQª6LQGHV3IODQ]HQRGHUVLQGHV880"© $LVVDODFKWHUDXK ª0LUVFKHLQWGXKDVWPHLQH*HGDQNHQJHOHVHQZLH"1DWUOLFKVLQGHV3IODQ]HQ'HLQ9HUVXFKKDWHV EHZLHVHQ%OHLEGRUW:LUNRPPHQ© 'LH0lQQHUHUKREHQVLFKXQGOLHHQVLFKYRP$QWLJUDYELV]XP:DOGUDQGWUDJHQ 9RQ GRUW DOOHUGLQJV ZLUNWHQ GLH *HELOGH LPPHU QRFK EHGURKOLFK XQG JHKHLPQLVYROO 7URW] LKUHU DQVFKHLQHQG Y|OOLJHQ +DUPORVLJNHLW KlWWH $LVVD GHQ :DOG QRUPDOHUZHLVH XPJDQJHQ 'RFK YRQ +RUL]RQW]X+RUL]RQW]RJVLFKOFNHQORVGLH0DXHUGHU/HXFKWVSLUDOHQKLQ %HQ VFKULWW YRUDQ (U ZUGH MHGH DXIWDXFKHQGH *HIDKU ]XHUVW EHPHUNHQ $LVVD IROJWH LKP PLW IQI 6FKULWW$EVWDQGGDQQNDPHQ)UDQFRLVXQG6DP 6LH ZDUHQ QRFK NHLQH ]ZHL 6FKULWW ZHLW HLQJHGUXQJHQ DOV LKUH $XHQPLNURSKRQH HLQ VHOWVDP KHOOHV 6LQJHQ XQG .OLQJHQ EHUWUXJHQ (V ZDU DOV UDXQWHQ JHLVWHUKDIWH 6WLPPHQ LKQHQ HWZDV ]X HLQH :DUQXQJRGHUHLQH'URKXQJ %HQHUNOlUWHGDV3KlQRPHQ'DV*HUlXVFKNDPYRPZDQGHUQGHQ6DQGXQGGLHHLJHQDUWLJHQ3IODQ]HQ YHUVWlUNWHQGLHVRQVWXQK|UEDUHQ7|QHXQGZDUIHQVLHYLHOIDFK]XUFN 'HQQRFKZXUGHQVLHGDV*HIKOQLFKWORVGXUFKHLQH*UXIWYROOHUWRWHU6HHOHQ]XJHKHQ8QGVHOEVW GHU5RERWHUZXUGHVWXW]LJDOVGDV.OLQJHQ]XPRKUHQEHWlXEHQGHQ'U|KQHQZXUGH $EHUGDZDUHVIDVWVFKRQ]XVSlW
(WZDVGDVZHGHUZDKU]XQHKPHQQRFKYHUVWHOOEDUZDUKDWWHVLHHLQJHVFKORVVHQXQGYRQLKUHU8PZHOW LVROLHUW (V LVW GDV 1LFKWV KDWWH :XUJK GD]X JHPHLQW $EHU $QQD ZXWH GD GLHVH 'HILQLWLRQ NHLQH 'HILQLWLRQVHLQVROOWHVRQGHUQQXUDOV9HUJOHLFKJHGDFKWZDU6RODQJHGDV8QLYHUVXPEHVWDQGJDEHV NHLQ DEVROXWHV 1LFKWV 'DV VDJWH GHU 9HUVWDQG 'DV *HIKO MHGRFK UHDJLHUWH DQGHUV :HQQ HV QLFKWV PHKUJDEZDVZDKUJHQRPPHQZHUGHQNRQQWHVRZROOWHHVGHP9HUVWDQGHLQUHGHQXQGZHQQDXFK QLFKWVGDZDUGDVGLH:DKUQHKPXQJEHKLQGHUWHGDQQH[LVWLHUWHQLFKWVPHKU (VZDUJXWGDGHU9HUVWDQGVLFKJHJHQGDV*HIKOJHZHKUWKDWWH $EHULP(QGHIIHNWQW]WHHVDXFKQLFKWVPHKU 'LH JODVLJ GXUFKVLFKWLJHQ VFKLPPHUQGHQ 'LVNXVVH ZDUHQ XUSO|W]OLFK GD 1LFKWV KDWWH LKU .RPPHQ DQJHNQGLJWXQGQLFKWVJDEHVGDVVLHDEZHKUHQNRQQWH
6LHN|QQHQXQVQLFKWVDQKDEHQGDFKWH$QQDYROOYHU]ZHLIHOWHU+RIIQXQJ:LUVLQGQLFKWZLUNOLFKKLHU VRQGHUQQXUJHLVWLJ ,VWGHU*HLVWQLFKWZLUNOLFK"IUDJWH:XUJKPLWELWWHUHU,URQLH (ULVWZLUNOLFKDEHUPDQNDQQLKQQLFKWIDQJHQKRIIWH$QQDZHLWHUKLQ*HLVWLVWGDVHLQ]LJIUHLHLP 8QLYHUVXP 6LHZXWHQLFKWPLWZHOFKHU*HVFKZLQGLJNHLWVLHXQG:XUJKGXUFKGLHIUHPGH'LPHQVLRQªILHOHQ© 1XUGDUDQGDGLH880GLHVRSO|W]OLFKDXIJHWDXFKWZDUHQQXUODQJVDPDXIKROWHQZDU]XHUNHQQHQ GDGLH*HVFKZLQGLJNHLWDOOHPHQVFKOLFKH9RUVWHOOXQJVNUDIWEHUVWLHJ )UNXU]H=HLWJODXEWH$QQDVRJDUGDVLHGHQVFKLPPHUQGHQ'LVNXVZHVHQHQWIOLHKHQN|QQWHQ$EHU GLHVHU *ODXEH KLHOW QLFKW ODQJH DQ :XUJK XQG VLH EHVDHQ NHLQH 0|JOLFKNHLW LKUH *HVFKZLQGLJNHLW RGHU)DOOULFKWXQJ]XEHHLQIOXVVHQ'LH880GDJHJHQPDQ|YULHUWHQPLWEHLQDKHOlVVLJHU(OHJDQ]XQG NDPHQXQDXIKDOWVDPQlKHU $QQD ZXQGHUWH VLFK GD VLH GLH +\SHUZHVHQ VR VDK ZLH %HQ VLH EHVFKULHEHQ KDWWH QDFKGHP HU GDPDOV YRQ GHU 880:HOW ]XUFNJHNHKUW ZDU 'RFK GDQQ VDJWH VLH VLFK GD:HVHQ GLH PLW VHFKV 'LPHQVLRQHQ PDQLSXOLHUWHQ LKUH (UVFKHLQXQJVIRUP EHUDOO XQG MHGHU]HLW NRQVWDQW ]X KDOWHQ YHUPRFKWHQ)DVWHUJULIIVLHHWZDVZLH%HZXQGHUXQJIUGLHHLJHQDUWLJH6FK|QKHLWGHUGXUFKVLFKWLJHQ :HVHQLKUHDEVROXWV\PPHWULVFKH.|USHUIRUPXQGGLH/HLFKWLJNHLWPLWGHUVLHVLFKEHZHJWHQ(UVWDOV VLH GDUDQ GDFKWH GD GLH 880 GLH .DWDVWURSKH LP 1HW] GHV 6XFKHUV YHUVFKXOGHW KDWWHQ NRQQWH VLH VLFKYRQGHP]DXEHUKDIWHQ%DQQO|VHQ 0LW(QWVHW]HQQDKPVLHZDKUGDHLQLJHGHU+\SHUZHVHQVLHEHUHLWVEHUKROWKDWWHQ 9RQ:XUJKNDPHLQ*HGDQNHQLPSXOVGHU)XUFKW 'DZXFKV$QQDEHUVLFKKLQDXV :DVLVWGDVVFKRQVWHUEHQ"*HZLHVLVWVFKDGHGDZLUQXQDXIHZLJJHWUHQQWVLQG:XUJK$EHU ZDUXQVHU/HEHQQLFKWUHLFKJHQXJ" 9LHOHQ'DQNNDPHV]XUFN $QQDOLHGLH(ULQQHUXQJHQZLHHLQ.DOHLGRVNRSDQVLFKYRUEHU]LHKHQ,KUH-XJHQGLPVFK|QHQ5LJD GLH6RPPHULQGHUVLELULVFKHQ7DLJDGLH$XVELOGXQJDP,QVWLWXWIU([RELRORJLHDXIGHP0DUVGDV 3UDNWLNXPDXIGHPbUD3ODQHWHQ7ROLPRQGHU6WDUWPLWGHU/$1&(7GDV1HW]GHV6XFKHUV:XUJK 5RRO 6DP )UDQFRLV XQG $LVVD 1XU VFKDGH GD $LVVD YLHOOHLFKW QLHPDOV HUIlKUW ZHOFKHU /LVW )UDQFRLVXQGLFKXQVEHGLHQWHQXP (LQVFKLPPHUQGHU'LVNXVWDXFKWHZLHHLQ%HUJQHEHQLKUDXI$QJVWHUIOOWVWDUUWHVLHLKQDQ (WZDV8QKHLPOLFKHVJLQJPLWGHP880YRU 6HLQH.RQWXUHQYHUVFKZDPPHQGDV/HXFKWHQZXUGHGLIIXVHUXQGGDQQZDUHVQLFKWPHKULUJHQGZR DXHUKDOE$QQDV*HLVWVRQGHUQZ|OEWHVLFKJOHLFKHLQHU.XJHOVFKDOHXQHQGOLFKHU$XVGHKQXQJXPVLH KHUXP 6LHZDUJHIDQJHQ 3O|W]OLFK IDQG VLH LKUH 5XKH ZLHGHU 6LH EHPHUNWH GD LKU QLFKWV JHVFKDK XQG VFK|SIWH ZLHGHU +RIIQXQJ $EHU YLHOOHLFKW NRQQWH GHU 880 LKU GD VLH QXU *HLVW ZDU ZLUNOLFK QLFKWV DQGHUHV DQKDEHQ DOV GD HU VLH JHIDQJHQKLHOW 8QG ZHQQ ZDV ZDU GDPLW JHZRQQHQ" :DU HLQH HZLJH *HIDQJHQVFKDIWQLFKWHEHQVRVFKOLPPMDVFKOLPPHUQRFKDOVGHU7RG":DVZUGHPLWLKUHP.|USHU JHVFKHKHQ ZHQQ GLH 9HUELQGXQJ ]XP EHVHHOHQGHQ *HLVW DEUL" :UGH HU DEVWHUEHQ YHUZHVHQ ]X 6WDXE]HUIDOOHQRGHUHZLJDXIGLH5FNNHKUGHV*HLVWHVZDUWHQ" )UDJHQDXIGLHHVNHLQH$QWZRUWJDE 6LHVSUWHQLFKWVYRQLUJHQGHLQHU%HZHJXQJ6LHHUKLHOWDXFKNHLQH9HUELQGXQJPHKUPLW:XUJK'DV ,QQHUHGHV880ZDUIUVLHJOHLFKEHGHXWHQGPLWHLQHU*UXIWLQGHUPDQVLHOHEHQGEHVWDWWHWKDWWH 8QGSO|W]OLFKZDUDOOHVJDQ]DQGHUV 'LH VFKHLQEDU XQHQGOLFKH .XJHOVFKDOH VFKZDQG $QQD QDKP YHUVFKLHGHQH *HJHQVWlQGH RGHU $JJUHJDWH ZDKU ZHQQ DXFK QRFK XQGHILQLHUEDU 8QG VLH HUNDQQWH GD VLH UHODWLY ]X LKUHU 8PZHOW VWLOOVWDQG :RVLQGZLU"NDPHLQH)UDJHZLHHLQ+DXFKDQJHQHKPZDUPHU/XIW :XUJKIUDJWH$QQD]DJKDIW]XUFN,FKELQHV6LQGZLUIUHLRGHUEHILQGHQZLUXQVQXULQHLQHP QHXHQ*HIlQJQLV" ,VWGDVLP$XJHQEOLFNQLFKWJOHLFK":LUVLQGZLHGHU]XVDPPHQ'DVLVWDOOHLQVFKRQHLQH*QDGH(LQ XQDUWLNXOLHUWHU6FKUHL'DQQ ,FKNDQQPLFKEHZHJHQ1DFKPHLQHPHLJHQHQ:LOOHQEHZHJHQ $QQD KDWWH EHUHLWV HLQH VFKDUIH (UZLGHUXQJ EHUHLW 6LH lXHUWH VLH MHGRFK QLFKW $EHU REZRKO VLH
:XUJKV0LWWHLOXQJQLFKWJODXEWHYHUVXFKWHVLHVLFKEHKXWVDP]XEHZHJHQ8QGHVJHODQJ (VZDUHLQH HLJHQDUWLJHLKUY|OOLJQHXH$UWGHU)RUWEHZHJXQJXQGGHU2ULHQWLHUXQJ(VZDULKUDOV EUDXFKWHVLHQXUGHQHQWVSUHFKHQGHQ%HIHKO]XGHQNHQXQGVFKRQEHIDQGVLHVLFKGRUWZRKLQVLHVLFK JHZQVFKWKDWWH'HP]XIROJHZDUHQGLHHUVWHQ%HZHJXQJHQUXFNKDIWXQGXQDXVJHJOLFKHQ$OOPlKOLFK HUVWOHUQWHVLHGXUFKHLQHIRUWODXIHQGH.HWWHYRQ%HIHKOVLPSXOVHQODQJVDPGDKLQ]XVFKZHEHQ 'RFK ZHGHU VLFK VHOEVW QRFK :XUJK YHUPRFKWH VLH ZDKU]XQHKPHQ 'DUDQ KDWWH VLFK DOVR QLFKWV JHlQGHUW'HQQRFKZXWHQEHLGHLQMHGHP$XJHQEOLFNJHQDXZRVLFKGHUDQGHUHªEHIDQG© 6LH HQWVDQQHQ VLFK ZLHGHU LKUHU HLJHQWOLFKHQ $XIJDEH ,FK ZHL QLFKW ZDV GDV LVW ZRULQ ZLU XQV DXIKDOWHQHUNOlUWH$QQD (VHUVFKHLQWDOOHVVRIUHPG$EHUZLUN|QQHQQLFKWHZLJKLHUEOHLEHQ IOLHKHQ ZLU VFKOXJ :XUJK YRU 9LHOOHLFKW JHODQJHQ ZLU HEHQVR OHLFKW GXUFK GLH :lQGH ZLH GXUFK GLHVHQ3ODQHWHQDXIGHPGLH*HIlKUWHQVLQG 1HLQHUZLGHUWH$QQDIHVW (UVWPVVHQZLUZLVVHQZRZLUVLQGXQGZHUVLFKVRQVWQRFKKLHUDXIKlOW :XUJKVWLPPWHLKU]X 9RUVLFKWLJ EHZHJWHQ VLH VLFK DQ GHP HQWODQJ ZDV VLH IU HLQH :DQG KLHOWHQ ELV VLH XQWHU HLQHU JHZ|OEWHQ'HFNHVFKZHEWHQ6LHNRQ]HQWULHUWHQVLFKXQGKDWWHQLPQlFKVWHQ$XJHQEOLFNGLH'HFNH GXUFKGUXQJHQ(VZDUEHUKDXSWQLFKWVFKZHUJHZHVHQ,PVWLOOHQIURKORFNWHQVLHZHQQVLHDXFKQLFKW EHJULIIHQZDUXPPDQVLHLQGLHVHVª*HIlQJQLV©JHVWHFNWKDWWHGDVIULKUHQ*HLVWNHLQVZDU 6LHJOLWWHQGXUFK*lQJHVFKZHEWHQLQ6FKlFKWHQHPSRUNDPHQDQJLJDQWLVFKHQ$JJUHJDWHQYRUEHU XQGGXUFKTXHUWHQ6lOHPLWXQDXIK|UOLFKEOLW]HQGHQ/LFKWHUQ 1DFKODQJHU=HLWIDQGHQVLHVLFKHQGOLFKDQGHUHQ:HVHQJHJHQEHU 'LH)UHPGHQEHDFKWHWHQVLHQLFKWXQG$QQDXQG:XUJKPXWHQVLFKHUVWGDUDQJHZ|KQHQGDVLHIU :HVHQPLWªQRUPDOHQ©:DKUQHKPXQJVRUJDQHQQLFKWH[LVWLHUWHQ 9LHU :HVHQ VWDQGHQ LQ HLQHU QLHGULJHQ +DOOH GLH HQWIHUQW DQ GLH .RPPDQGR]HQWUDOHQ WHUUDQLVFKHU 5DXPVFKLIIHHULQQHUWH'RFKGLHYLHU:HVHQZDUHQNHLQH7HUUDQHU,KUH*HVWDOWHQZDUHQVREL]DUUGD VLFKNHLQ9HUJOHLFKIDQGVLH]XEHVFKUHLEHQ=XGHPVFKLHQHVDOVYHUlQGHUWHQVLHLKUH.|USHUIRUPHQ XQDXIK|UOLFK ZHQQ DXFK QXU JHULQJIJLJ 0DQFKPDO KDWWHQ VLH VRJDU HQWIHUQWH bKQOLFKNHLW PLW +XPDQRLGHQ $EHU$QQDXQG:XUJKIDQGHQZHQLJ=HLWDXIbXHUOLFKNHLWHQ]XDFKWHQ 6LHODVHQHLQHQ:LUUZDUUIUHPGDUWLJHUXQG]XJOHLFKVHOWVDPYHUWUDXWHU*HGDQNHQ 8QG GLHVH *HGDQNHQ ZDUHQ VR HQWVHW]OLFK GD VLH YRUEHUJHKHQG GLH )lKLJNHLW MHJOLFKHU :DKUQHKPXQJYHUORUHQ 6LHGURVVHOWHQGHQ(PSIDQJLKUHU$XHQPLNURSKRQH$EHUGLHXQGHILQLHUEDUH$WPRVSKlUH1LJKWPDUHV OHLWHWHGHQ6FKDOOVRJXWGDGDV'U|KQHQZHLWHUKLQLKUH2KUHQPDUWHUWH %HQZDUVWHKHQJHEOLHEHQ ª:DVLVWORV"©IUDJWH$LVVDª+DVWGXHWZDV9HUGlFKWLJHVHQWGHFNW"© ª1HLQ6LU©EHUW|QWH%HQV6WLPPHGLHDQGHUHQ*HUlXVFKHª$EHUGLHVHV'U|KQHQLVWQLFKWQRUPDO© ª9LHOOHLFKWK|UWHVYRQVHOEVWDXIVREDOGZLUDXVGHP:DOGKHUDXVVLQG©ZDUI6DPHLQ$LVVD]XFNWH GLH6FKXOWHUQ ª9LHOOHLFKW/RV%HQ:HLWHU$EHUHWZDVVFKQHOOHU:LUZROOHQYHUVXFKHQGHQ:DOGEDOGKLQWHUXQV ]XEULQJHQ© 'HU 5RERWHU EHJDQQ ]X ODXIHQ 0LW ZHLWHQ 6lW]HQ VSUDQJ HU ]ZLVFKHQ GHQ GLFKWVWHKHQGHQ /HXFKWElXPHQ KLQGXUFK 6DQGZRONHQ VWlXEWHQ KRFK ZR VHLQ )X GHQ %RGHQ EHUKUWH 'LH 0lQQHU VFKDOWHWHQ LKUH $Q]XJ$QWLJUDYJHQHUDWRUHQ DXI K|KHUH /HLVWXQJ XQG IROJWHQ %HQ PLW GHU JOHLFKHQ *HVFKZLQGLJNHLW 'LH%lXPHVFKLHQHQLPPHUKHOOHU]XOHXFKWHQ8QGDXFKGDV'U|KQHQQDKPDQ/DXWVWlUNH]X(VWULHE GLH 0lQQHU IDVW ]XP :DKQVLQQ 6LH VDKHQ NHLQH 0|JOLFKNHLW GDV *HUlXVFK YRQ LKUHQ *HK|UQHUYHQ IHUQ]XKDOWHQ6LHPXWHQHVHUWUDJHQ$EHUVLHIKOWHQGDVLHHVQLFKWPHKUODQJHDXVKDOWHQZUGHQ $LVVD VDK URWH 5LQJH YRU VHLQHQ $XJHQ NUHLVHQ 'DV %OXW SXOVWH VFKPHU]KDIW LQ GHQ 6FKOlIHQ 5HLQ PHFKDQLVFKQXUEHZHJWHQVLFKGLH%HLQHQRFK ª9HUGDPPW©K|UWHHUZLHYRQIHUQH6DPV6WLPPH'HU0DWKHPDWLNHUPXWHZDKUVFKHLQOLFKEUOOHQ ZLH DWD 6WLHU VRQVW ZlUH HU EHUKDXSW QLFKW ]X K|UHQ JHZHVHQ ª9HUGDPPW© ZLHGHUKROWH 6DP ª:DUXP VWHLJHQ ZLU QLFKW DXI" 'DQQ ZlUHQ ZLU GRFK VFKQHOO DXV GLHVHP GUHLPDO YHUIOXFKWHQ :DOG KHUDXV© $LVVD IKOWH VLFK YHUVXFKW GHU )RUGHUXQJ QDFK]XJHEHQ 6LH HUVFKLHQ EHUHFKWLJW XQG LKUH (UIOOXQJ
JHIDKUORV$EHUHWZDVGDVlOWHUZDUDOVGLH,QWHOOLJHQ]GHV0HQVFKHQZDUQWHLKQ 'LHLQVWLQNWLYH)XUFKWGLH'HFNXQJ]XYHUODVVHQUHWWHWHLKQHQGDV/HEHQ 6LHIKOWHQGHQULHVLJDQPXWHQGHQ6FKDWWHQPHKUDOVVLHLKQZLUNOLFKVDKHQ,QGHP$XJHQEOLFNDOVHU EHUVLHKLQZHJJOLWWZXUGHGDV'U|KQHQDEVROXWXQHUWUlJOLFK'LH0lQQHUWDXPHOWHQXQGVWU]WHQ]X %RGHQVLQQORVVFKUHLHQGYRU4XDO hEHULKQHQDEHUVFKZDQGGHU6FKDWWHQDOV ZlUHHUQLHJHZHVHQ'DV'U|KQHQOLHDOOPlKOLFKQDFK 'RFK HV ZXUGH DEJHO|VW YRQ LQIHUQDOLVFKHP H[SORVLRQVDUWLJHP *HW|VH GDV GLH *HK|UQHUYHQ QLFKW ZHQLJHUVWUDSD]LHUWH 0LW XQHQGOLFKHU 0KH JHODQJ HV $LVVD VHLQHQ .RSI ]X GUHKHQ (U VDK VFKZDQNHQGH /HXFKWElXPH GHUHQ :LSIHO VLFK IDVW ELV ]XP %RGHQ QHLJWHQ XQG HU VDK XQ]lKOLJH VPDUDJGJUQH 7UPPHUVWFNH EHU GLH JHGXFNWHQ :LSIHO ZLUEHOQ (U K|UWH DXV GHP ,QIHUQR GDV =HUEUHFKHQ GHU %lXPH KHUDXV HUNDQQWH GDV 6WDNNDWR H[SORVLRQVDUWLJHU *HUlXVFKH ZLHGHU GLH YRQ HQWZXU]HOWHQ /HXFKWElXPHQ NDPHQXQGVDK7DXVHQGHYRQ7UPPHUVWFNHQKHUDEUHJQHQXQGVLFKVFKZlU]OLFKYHUIlUEHQ 'HXWOLFK ZDU GLH EUHLWH *DVVH GHU 9HUZVWXQJ ]X HUNHQQHQ GLH GHU 6FKDWWHQ DXI VHLQHU 6SXU ]XUFNJHODVVHQKDWWH $LVVD ZXQGHUWH VLFK QXU GD HU QRFK OHEWH (LQLJH 7UPPHU GHU %lXPH KDWWHQ VHLQHQ 5DXPDQ]XJ JHWURIIHQXQGZDUHQJHJHQVHLQHQ+HOPJHSUDOOW'RFKGLH:LUNXQJVWDQGLQNHLQHP9HUKlOWQLV]XGHQ *HUlXVFKHQGLHGDEHLHQWVWDQGHQ6LHZDUJOHLFK1XOO 3O|W]OLFK XQG XQHUZDUWHW EUDFK EHLQDKH DEVROXWH 6WLOOH KHUHLQ 1XU GDV JHLVWHUKDIWH 5DXQHQ GHV ZDQGHUQGHQ6DQGHVZDUQRFK]XYHUQHKPHQVRQVWQLFKWV %HQ OLHI EHUHLWV ]ZLVFKHQ GHQ 0lQQHUQ KLQ XQG KHU XQG XQWHUVXFKWH LKUH 5DXPDQ]JH EHYRU GLH 0lQQHUEHJULIIHQGDVLHGHP7RGHQRFKHLQPDOHQWJDQJHQZDUHQ ª'DVZDUNQDSS©VDJWH6DPXHO3HFNWRQORVª(LQ*OFNGDGXQLFKWDXIPLFKJHK|UWKDVW$LVVD© .DSLWlQ%KXJROOlFKHOWHLURQLVFK ª$XI)RUGHUXQJHQGLHYRQ)OFKHQEHJOHLWHWZHUGHQK|UHLFKJUXQGVlW]OLFKQLFKW6DP© 'HU0DWKHPDWLNHUYHUVXFKWH]XODFKHQ(VJHODQJLKPQLFKW ª1DVFK|QLFKKDEHPLUDOO]XKHIWLJ/XIWJHPDFKW(QWVFKXOGLJHELWWH$EHUQXQYHUUDWHPLUZDUXP GXZLUNOLFKQLFKWDXIPLFKJHK|UWKDVW© ª,QVWLQNW© YHUULHW )UDQFRLV ª1HQQW PLFK PHLQHWZHJHQ QDLY DEHU LFK KDWWH EHL GLHVHP 'U|KQHQ XQZLOONUOLFKGDV%HGUIQLVPLFKDQGHQ%RGHQ]XGXFNHQZLHHLQ-XQJKDVH© ª0LUJLQJHVlKQOLFK©JDE$LVVD]Xª8QVHU9HUVWDQGLVWQLFKWMHGHU6LWXDWLRQJHZDFKVHQ2IWLVWGHU ,QVWLQNWYHUOlOLFKHU$EHUHVNRQQWHDXFKJHQDXXPJHNHKUWVHLQGDGLH5HWWXQJREHQXQGGHU7RG XQWHQJHZDUWHWKlWWHQ© )UDQFRLVGUHKWHVLFK]X%HQXP ª:DUXPKDVWGXQLFKW]XU)OXFKWQDFKREHQJHUDWHQDOWH%OHFKKDXW"%HLGLUNDQQHVGRFKNDXPDP ,QVWLQNWJHOHJHQKDEHQRGHU"© ª,FKEHVLW]HNHLQHQ,QVWLQNW6LU©DQWZRUWHWHGHU5RERWHUI|UPOLFKª6LFKQDFKHLQHP,QVWLQNWULFKWHQ KLHHIULQWHOOLJHQWH:HVHQ]XGHP5XVVLVFKHV5RXOHWWHVSLHOHQ© ª$FKGXKHLOLJHV.DQRQHQURKU©lFK]WH6DPª:RKDWHUQXUGLHVHQ$XVGUXFNDXIJHVFKQDSSW"© ª$XV ,KUHU 3ULYDWELEOLRWKHN 6LU© HQWJHJQHWH %HQ XQJHUKUW ª6LH HUODXEWHQ PLU QHXOLFK PLU HLQLJH XUDOWH%FKHUDXV]XOHLKHQ© ª'LH%FKHUPVVHQZLUNOLFKXUDOWJHZHVHQVHLQ©EHPHUNWH)UDQFRLVDQ]JOLFK$LVVDUlXVSHUWHVLFK GXUFKGULQJHQG ª.HKUHQ ZLU LQ GLH :LUNOLFKNHLW ]XUFN PHLQH +HUUHQ 6FKOLHOLFK VLQG ZLU HEHQ HUVW DQJHJULIIHQ ZRUGHQ:DVQXQZHQQVLFKGDVJOHLFKHZLHGHUKROW"© ª,FKJODXEHQLFKWDQHLQHQ$QJULII6LU©ZLGHUVSUDFK%HQPLW1DFKGUXFNª1LHPDQGKDWHLQH:DIIH JHJHQXQVHLQJHVHW]W© ª$FKGXJUQH1HXQH©HQWIXKUHV6DPª6DJ GDVQRFKHLQPDO© ª1LHPDQGVHW]WHHLQH:DIIHJHJHQXQVHLQ6LU'HU=ZLVFKHQIDOOGHU,KQHQIDVWGDV/HEHQNRVWHWH VFKHLQWGXUFKHLQH9HUNQSIXQJYRQ=XIlOOHQHQWVWDQGHQ]XVHLQ© ª6HOWVDPH =XIlOOH© PXUPHOWH $LVVD VNHSWLVFK ª+DVW GX YLHOOHLFKW DXFK HUNDQQW ZDV GDV IU HLQ 6FKDWWHQZDU"© ª-DZRKO6LU(VZDUHLQ5DXPVFKLII© ª(LQ5DXPVFKLII©6DPVW|KQWHª'XKDVWZRKOQLFKWDOOH© ª(LQ 5DXPVFKLII 6LU© ZLHGHUKROWH %HQ VWHUHRW\S ª8QG ZHQQ PHLQH 3RVLWURQLN QRFK IXQNWLRQLHUW KDQGHOWHHVVLFKGDEHLXPHLQH6SDFH-HWWHUUDQLVFKHU.RQVWUXNWLRQ©
'HU 6FKDOWHU NOLFNWH VFKZDFK DOV GHU 0DQQ GHQ 7RQ%LOG6SHLFKHU GHU %RUGSRVLWURQLN DNWLYLHUWH 7HLOFKHQVWU|PHRUGQHWHQVLFKLQQHUKDOEHLQHVWHFKQLVFKHQ:XQGHUZHUNV]XNRPSOL]LHUWHQ6WUXNWXUHQ GLHVLFKXQXQWHUEURFKHQYHUlQGHUWHQXQGPLWXQVLFKWEDUHQ.UlIWHQDXIHLQHQZLQ]LJHQ6SHLFKHUNULVWDOO HLQZLUNWHQ ª -XQL (UG]HLW %HULFKWHUVWDWWHU 3HUU\ 5KRGDQ *URDGPLQLVWUDWRU GHV 6RODUHQ ,PSHULXPV 2UW GHU %HULFKWHUVWDWWXQJGLH 6SDFH-HW 6-7 YRP )ODJJVFKLII GHU 6RODUHQ )ORWWH 7+(2'(5,&+ ]XU =HLW DXI HLQHP XQEHNDQQWHQ 3ODQHWHQ LQQHUKDOE HLQHV 5DXPHV GHU RIIHQVLFKWOLFK QLFKW ]XP EHNDQQWHQ (LQVWHLQ.RQWLQXXP JHK|UW %HVDW]XQJ GHU 6SDFH-HW 2EHUOHXWQDQW ,VDEHOOD 0RQWD XQG /HXWQDQW+RONYDQ'UHHVHQEHLGH$QJHK|ULJHGHU*DODNWLVFKHQ$EZHKUVRZLHGLH6HUJHDQWHQ%ULDQ )RON XQG /DLP 7DLOORQ 3DVVDJLHUH -RKQ 0DUVKDOO &KHI GHV 6RODUHQ 0XWDQWHQNRUSV XQG 7HOHSDWK 7HOHSRUWHU5DV7VFKXEDLXQGLFKGHULFKJOHLFK]HLWLJ/HLWHUGLHVHU([SHGLWLRQELQ© 3HUU\5KRGDQZDUIHLQHQNXU]HQ%OLFNDXIGLH%LOGVFKLUPHGHU5XQGXPHUIDVVXQJ'LH6-7VWDQGLQ HLQHU YRQ VFKZDU]HQ )HOVHQULIIHQ HLQJHUDKPWHQ 6HQNH 'HU %RGHQ GHU 6HQNH EHVWDQG DXV HLQHP XQEHNDQQWHQ 0DWHULDO GDV UHLQ lXHUOLFK ZLH IHLQVWHU 0DUPRU ZLUNWH XQG YRQ EOlXOLFK VFKLOOHUQGHQ %ODWWSIODQ]HQEHGHFNWZDUGLHVLFKLQXQDXIK|UOLFKHU%HZHJXQJEHIDQGHQ'HU+LPPHOZDUQLFKW]X VHKHQZHGHU6WHUQHQRFKHLQH6RQQHNRQQWHQDXVJHPDFKWZHUGHQ'HQQRFKEHWUXJGLH/XIWWHPSHUDWXU LQ %RGHQQlKH VHFKVXQGGUHLLJ *UDG &HOVLXV ZHQQ GLH $WPRVSKlUH QDFK GHQ ELVKHULJHQ 8QWHUVXFKXQJHQDXFKQLFKWIU0HQVFKHQDWHPEDU]XVHLQVFKLHQ 5KRGDQKDWWHVFKRQYLHOHVHOWVDPH:HOWHQJHVHKHQDEHUHLQHZLHGLHVHZDUDXFKLKPVRIUHPGGDHU NHLQHQ9HUJOHLFKIDQG ª9RU YLHU 6WXQGHQ QRFK EHIDQGHQ ZLU XQV LP YHUWUDXWHQ (LQVWHLQ.RQWLQXXP $P -XQL (UG]HLW ODQGHWH GLH 7+(2'(5,&+ DXI HLQHP 3ODQHWHQ PLW GHP 1DPHQ 7$3+256 3/$1(7 7DSKRUV3ODQHWLVWHLQH6SULQJHUZHOWZDUMHGRFK]HLWZHLOLJYRQHLQHPDNRQLVFKHQ6RQGHUNRPPDQGR EHVHW]W'LH$NRQHQKDWWHQYHUVXFKW.RQWDNWPLWHLQHP5DXPVFKLIIGHU3RVELV]XEHNRPPHQGDVVLH LP=XJHHLQHUYHUUlWHULVFKHQ,QWULJH]X7DSKRUV3ODQHWGLULJLHUWKDWWHQ'LH3RVELVVLQG5RERWHUDEHU PLW OHEHQGHP XQG GHQNHQGHP %LRSODVPD DXVJHVWDWWHW GDV LQ HLQHU VRJHQDQQWHQ !K\SHUWR\NWLVFKHQ 9HU]DKQXQJ PLW LKUHP SRVLWURQLVFKHQ *HKLUQ YHUEXQGHQ LVW (V JHODQJ XQV DXI 7DSKRUV 3ODQHW DOV GLH UHFKWPlLJHQ 9HUKDQGOXQJVSDUWHU YRQ GHQ 3RVELV DQHUNDQQW ]X ZHUGHQ XQG HLQLJH ZHUWYROOH ,QIRUPDWLRQHQ ]X HUKDOWHQ PLW GHQHQ ZLU XQV LQ =XNXQIW YLHOOHLFKW DOOH 3RVELV ]X )UHXQGHQ PDFKHQ N|QQHQ 'RFKGDVLVWQXUGLH9RUJHVFKLFKWH =ZHL 7DJH QDFK XQVHUHU /DQGXQJ DXI 7DSKRUV 3ODQHW VLFKWHWHQ ]ZHL SDWURXLOOLHUHQGH %HLERRWH GHV $EZHKUVFKLIIHV )('25,$ HLQH XQJHZ|KQOLFKH (UVFKHLQXQJ 'LH (UVFKHLQXQJ VFKLHQ DFKW]LJ /LFKWVWXQGHQ YRQ 7DSKRUV 3ODQHW EHZHJXQJVORV LP 5DXP ]X KlQJHQ XQG EHVWDQG DXV HLQHP YLROHWW VFKLPPHUQGHQ 5LQJ YRQ HLQHU KDOEHQ /LFKWVHNXQGH 'XUFKPHVVHU 1DFKGHP VLFK GLH %HLERRWNRPPDQGDQWHQ PLW 2EHUVW 1LNH 4XLQWR GHP &KHI GHU $EWHLOXQJ ,,, LQ 9HUELQGXQJ JHVHW]W KDWWHQ 4XLQWR EHIDQG VLFK DQ %RUG GHU )('25,$ IORJ HLQHV YRQ LKQHQ GXUFK GHQ YLROHWW VFKLPPHUQGHQ5LQJKLQGXUFKZlKUHQGGDVDQGHUHLQ:DUWHSRVLWLRQ!KLQWHUGHP5LQJVWDQG'DEHL HUJDEVLFKHLQXQEHNDQQWHV3KlQRPHQ'DVHUVWH%HLERRWYHUVFKZDQGLQMHQHP$XJHQEOLFNLQGHPHV GHQ5LQJGXUFKVWLH(VWDXFKWHDXFKQLFKWEHL%HLERRWHLQVDXI$EHUQDFKIQI0LQXWHQNHKUWHHVDXI GHPVHOEHQ:HJH]XUFNDXIGHP HVYHUVFKZXQGHQZDUXQG]ZDU!YRUGHP 5LQJ'LH%HVDW]XQJ EHULFKWHWH QDFK LKUHU 5FNNHKU ]X 7DSKRUV 3ODQHW HLQVWLPPLJ GD VLH VLFK QDFK 'XUFKIOLHJHQ GHV 5LQJHVLQDEVROXWHP1LFKWVEHIDQGHQ)UVLHZDUQLFKWQXUGDV(LQVWHLQ.RQWLQXXPYHUVFKZXQGHQ VRQGHUQ EHUKDXSW DOOHV 1XU GHU 5LQJ EOLHE ZHQQ HU DXFK QLFKW PHKU YLROHWW VRQGHUQ EOlXOLFK VFKLPPHUWH 'HU .RPPDQGDQW GHV %RRWHV WDW GDV HLQ]LJ 5LFKWLJH ZDV HU LQ GLHVHU 6LWXDWLRQ WXQ NRQQWH (U ZHQGHWH XQG GXUFKIORJ GHQ 5LQJ LQ XPJHNHKUWHU 5LFKWXQJ XQG NDP LP 1RUPDOUDXP KHUDXV'HUYLROHWWVFKLPPHUQGH5LQJDEHUEOLHE 1DFKGHP1LNH4XLQWRPLUEHUGDV3KlQRPHQEHULFKWHWKDWWHEHVFKORLFKGLHVH6DFKHJHQDXHU]X XQWHUVXFKHQ(VVFKLHQXQJHIlKUOLFK]XVHLQGHQ5LQJ]XGXUFKIOLHJHQZLHGDV([SHULPHQWPLWGHP %HLERRWEHZLHVHQKDWWH 8QVHUHhEHUOHJXQJHQJLQJHQGDKLQGDZLUXQVHLQ!/RFKLQGHU6WUXNWXUXQVHUHV.RQWLQXXPVQLFKW HUODXEHQ N|QQWHQ 6FKRQ HLQPDO ZDU GXUFK lKQOLFKH (UVFKHLQXQJHQ GLH ([LVWHQ] GHU JDODNWLVFKHQ
9|ONHUEHGURKWZRUGHQGXUFKGDV$XIWDXFKHQGHU'UXXI:LUPXWHQGHQ5LQJJHQDXHUXQWHUVXFKHQ XQGVRODQJHEHZDFKHQZLHHUH[LVWLHUWH -HIH&ODXGULQGHU.RPPDQGDQWGHU7+(2'(5,&+VWHOOWHPLUDXIPHLQHQ%HIHKOHLQH6SDFH-HW]XU 9HUIJXQJXQGEHRUGHUWH]XP6FKXW]GHU$NWLRQ]Z|OI%HLERRWHYRP7\S.DXOTXDSSHYRUXQGKLQWHU GHQ 5LQJ 1LNH 4XLQWR JDE PLU DOV .RPPDQGDQWLQ GHU 6SDFH-HW GHQ DXHURUGHQWOLFK WFKWLJHQ XQG HUIDKUHQHQ2EHUOHXWQDQWGHUJDODNWLVFKHQ$EZHKU,VDEHOOD0RQWDVRZLH/HXWQDQW+RONYDQ'UHHVHQ PLW'LHEHLGHQDQGHUHQ%HVDW]XQJVPLWJOLHGHUVLQGYRQGHU6WDPPEHVDW]XQJGHU-HW,FKKLHOWHVIU DQJHEUDFKW ]ZHL 0XWDQWHQ PLW]XQHKPHQ GHQ 7HOHSDWKHQ -RKQ 0DUVKDOO XQG GHQ 7HOHSRUWHU 5DV 7VFKXEDL(LQHVROFKH=XVDPPHQVHW]XQJKDWVLFKRIWEHZlKUW 'HQQRFKNDPDOOHVY|OOLJDQGHUVDOVHUZDUWHW 8QVHU )OXJ ]XP 5LQJ HUIROJWH GXUFK GHQ +\SHUUDXP GD 6SDFH-HWV YRUOlXILJ QRFK QLFKW EHU /LQHDUWULHEZHUNHYHUIJHQ(LQHKDOEH/LFKWVWXQGHYRUGHP5LQJNHKUWHQZLUPLWXQVHUHU(VNRUWHLQ GHQ 1RUPDOUDXP ]XUFN 'LH HUVWHQ 8QWHUVXFKXQJHQ OLHIHQ DQ 6LH EUDFKWHQ HLQ HQWWlXVFKHQGHV (UJHEQLV 'HU /LFKWULQJ NRQQWH ]ZDU RSWLVFK HUIDW ZHUGHQ DEHU ZHGHU PLW GHQ 0LNURZHOOHQRUWHUQ GHQ,PSXOVWDVWHUQQRFKGHQHPSILQGOLFKHQ6WUXNWXUPHJHUlWHQZDUHWZDVDXV]XPDFKHQ(VKDWWHGHQ $QVFKHLQDOVEHVWQGHGHU5LQJQLFKWDXV0DWHULH(LQH8QP|JOLFKNHLWLQXQVHUHP8QLYHUVXP :LUVFKO|VVHQGDUDXVGDGHU5LQJQLFKWLQQHUKDOEXQVHUHV.RQWLQXXPVH[LVWLHUWHVRQGHUQLQHLQHP DQGHUHQ 5DXP 'LH HLQ]LJH 0|JOLFKNHLW ]XYHUOlVVLJH 0HHUJHEQLVVH ]X HU]LHOHQ EHVWDQG IROJOLFK GDULQGLHVHQ!DQGHUHQ5DXPDXI]XVXFKHQ ,FK EHIDKO GHQ .RPPDQGDQWHQ GHU %HLERRWH LQ :DUWHSRVLWLRQ ]X EOHLEHQ XQG XQVHUH 5FNNHKU DE]XZDUWHQ 'D EHUHLWV VFKRQ HLQPDO HLQ 5DXPIDKU]HXJ GXUFK GHQ 5LQJ JHIORJHQ XQG XQYHUVHKUW ]XUFNJHNHKUWZDUVDKLFKNHLQ5LVLNRLQHLQHU:LHGHUKROXQJ/HLGHUWlXVFKWHLFKPLFK :LUSDVVLHUWHQXQJHKLQGHUW!GDV7RU]XP1LFKWVZLHZLUHVQDQQWHQ'DQDFKOLHIHQGLH(UHLJQLVVHVR VFKQHOODEGDGHU%HULFKWPHKU=HLWEHDQVSUXFKWDOVGLH(UHLJQLVVHVHOEVW $OVZLUGHQ5LQJSDVVLHUWHQHUZDUWHWHQZLUDEVROXWHV1LFKWV6WDWWGHVVHQWDXFKWHYRUXQVGLHULHVLJH 6FKHLEH HLQHV EOlXOLFK VFKLPPHUQGHQ 3ODQHWHQ DXI :LU EHIDQGHQ XQV EHUHLWV VR GLFKW EHU GHU 2EHUIOlFKH GD ZLU GHP 5LQJ NHLQH $XIPHUNVDPNHLW PHKU ZLGPHQ NRQQWHQ $EHU GLH DXWRPDWLVFK ODXIHQGHQ.DPHUDVKDEHQHLQGHXWLJEHZLHVHQGDGHU5LQJLQGHP$XJHQEOLFNYHUVFKZDQGLQGHP ZLUKLQGXUFKZDUHQ *OFNOLFKHUZHLVH]HLJWHVLFK2EHUOHXWQDQW0RQWDDOVHLQ3LORWZLHPDQVLHQXUVHKUVHOWHQILQGHW0LW GXUFKVFKQLWWOLFKHP RGHU DXFK EHUGXUFKVFKQLWWOLFKHP .|QQHQ DOOHLQ ZlUH XQV NHLQH JODWWH /DQGXQJ JHOXQJHQ$EHU,VDEHOOD0RQWDVFKLHQLP$XJHQEOLFNGHUK|FKVWHQ*HIDKUHLQVPLWGHU6SDFH-HW]X ZHUGHQ6RMDJWHGDV)DKU]HXJGXUFKHLQHQXQGHILQLHUEDUHQXQGXUFKVLFKWLJHQKHOOEODXHQ1HEHOGLFKW EHUHLQHPIHOVLJHQ%RGHQGDKLQ'LHHLQJHVFKDOWHWHQ6FKXW]VFKLUPHUHWWHWHQXQVDOVSO|W]OLFKKRKH )HOVVlXOHQDXIWDXFKWHQ0RQWDYHU]LFKWHWHGDUDXIGLH-HWKRFK]X]LHKHQXQGHLQ$EVDFNHQ]XULVNLHUHQ 6LHEOLHEZHLWHUKLQGLFKWEHUGHU3ODQHWHQREHUIOlFKHXQGEUHPVWHYRUVLFKWLJDE 'HUEODXH1HEHOZXUGHOLFKWHUXQGYHUVFKZDQGY|OOLJDOVZLUHLQHYRQZHLHP6DQGEHGHFNWH(EHQH HUUHLFKWHQ0RQWDNRQQWHVWlUNHUDEEUHPVHQ:LUZDUHQEHUHLWVDXVGHUXQPLWWHOEDUHQ*HIDKUKHUDXV DOVHLQVHOWVDPHU!:DOGDXIWDXFKWH0LOOLRQHQVLFKGUHKHQGHU6SLUDOHQVWDQGHQZLHIHVWJHZXU]HOWPLW GHP 6DQGERGHQ /HLGHU ZDUHQ ZLU QRFK VR WLHI GD XQVHUH 6FKXW]VFKLUPH GLH K|FKVWHQ :LSIHO EHUKUWHQ'HU6RJWDWHLQEULJHV:LU]RJHQHLQH*DVVHGHU9HUZVWXQJKLQWHUXQVKHU (WZD]ZHLKXQGHUW.LORPHWHUKLQWHUGHPVHOWVDPHQ:DOGZDUGLH*HIDKUYRUEHU2EHUOHXWQDQW0RQWD ]RJGLH-HWKRFKXQGKLHOWQDFKGHP5LQJ$XVVFKDX(UZDUQLFKWPHKU]XVHKHQ 'DUXPVHW]WHVLHXQVHU)DKU]HXJLQGHU6HQNHDXILQGHUZLUXQVDXFKMHW]WQRFKEHILQGHQ $XJHQEOLFNOLFKVLQGZLUGDEHLXQVHUHXQPLWWHOEDUH8PJHEXQJ]XXQWHUVXFKHQ,QHWZDYLHU6WXQGHQ ZROOHQ ZLU VWDUWHQ XQG YHUVXFKHQ GHQ 5LQJ ZLHGHU]XILQGHQ *HOLQJW XQV GDV QLFKW JLEW HV QXU HLQH 0|JOLFKNHLW:LUPVVHQGHQ3ODQHWHQJHQDXHUNXQGHQ9LHOOHLFKWJLEWHVKLHULQWHOOLJHQWH/HEHZHVHQ ZHQQQLFKWVXFKHQZLUDXHUKDOEGHV3ODQHWHQZHLWHU )U GLH GLHHYHQWXHOO QDFK XQVNRPPHQ XQGXQV KHOIHQ N|QQHQ VSUHFKH LFK GLHVH 1DFKULFKW LQGHQ 6SHLFKHU *OHLFK]HLWLJ ZHUGHQ $XIQDKPHQ GHU QlKHUHQ 8PJHEXQJ JHVSHLFKHUW %HYRU ZLU GHQ 3ODQHWHQ YHUODVVHQ ZHUGHQ ZLU HLQHQ 3XQNW DXI GHP K|FKVWHQ )HOVHQULII GXUFK SHLOWHFKQLVFKH XQG UDGLRORJLVFKH6SXUHQPDUNLHUHQXQGHLQH.DSVHOPLWGHP6SHLFKHU]XUFNODVVHQ© 3HUU\5KRGDQVFKDOWHWHGDV*HUlWDXV (LQHQ+HU]VFKODJODQJEOLFNWHHUDXIGLHYLHU0HQVFKHQXQGGLHEHLGHQ.DPSIURERWHUGLHVLFKLQGHU 6HQNH EHIDQGHQ 'LH 5RERWHU VWDQGHQ :DFKH ZlKUHQG GLH 0HQVFKHQ %RGHQ XQG 3IODQ]HQSUREHQ VDPPHOWHQ GLH HLQIDOOHQGH /LFKW XQG :lUPHVWUDKOXQJ PDHQ XQG GLH $WPRVSKlUH ]X DQDO\VLHUHQ
YHUVXFKWHQ 3HUU\5KRGDQYHUVFKORGHQ+HOPVHLQHV5DXPDQ]XJVXQGVFKQDOOWHVLFKGHQ:DIIHQJXUWXP'DQQ JLQJHU]XU6FKOHXVH
ª8QP|JOLFK©VDJWH$LVVD%KXJROª:HQQGXWDWVlFKOLFKHLQ5DXPVFKLIIXQGQRFKGD]XHLQH6SDFH -HWWHUUDQLVFKHU.RQVWUXNWLRQJHVHKHQKDEHQZLOOVWGDQQIXQNWLRQLHUWGHLQH3RVLWURQLNWDWVlFKOLFK QLFKWPHKUULFKWLJ© ª'DVNDQQPDQEHUSUIHQ6LU©JDE%HQUXKLJ]XUFN 6DPXHO3HFNQLFNWH ª6RJDU]LHPOLFKVFKQHOO,FKZHUGHGDVEHUQHKPHQ$LVVD© 'HU.DSLWlQQLFNWH6DPZDUGHUJHHLJQHWVWH0DQQIUGHUJOHLFKHQ'LQJH3RVLWURQLNHQVWHOOWHQIULKQ NHLQJU|HUHV*HKHLPQLVGDUDOVHLQ)HUQVHKDSSDUDWIUHLQHQ)HUQVHKWHFKQLNHU 6DP |IIQHWH GLH 0DJQHWNODSSH DXI GHP 5FNHQWHLO YRQ %HQV 5DXPDQ]XJ 'LH GDUXQWHUOLHJHQGH .RPELQDWLRQ EHVD HEHQIDOOV HLQH gIIQXQJ 'LH ª+DXW© DXV %LRSODVWLN NDP ]XP 9RUVFKHLQ 6DPV )LQJHU IXKU EHU GLH ,PLWDWLRQ HLQHU 2SHUDWLRQVQDUEH XQG HLQ TXDGUDWLVFKHU IQI]HKQ PDO IQI]HKQ =HQWLPHWHU JURHU +DXWODSSHQ NODSSWH KHUDE 'DUXQWHU NDP HLQH 3ODWWH DXV 0HWDOOSODVWLN ]XP 9RUVFKHLQGLH6DPHEHQIDOOVHQWIHUQWH(LQ0LQLDWXUVFKDOWSXOWODJRIIHQYRUVHLQHQSUIHQGHQ$XJHQ 'HU0DWKHPDWLNHUO|VFKWHGLHEHZXWHQ5HDNWLRQHQGHV5RERWHUV'DQDFKVFKDOWHWHHUHLQHQ3UINUHLV QDFKGHPDQGHUHQHLQ*UQH/lPSFKHQOHXFKWHWHQLQUDVFKHU5HLKHQIROJHDXIXQGYHUORVFKHQZLHGHU VREDOGGHUQlFKVWH3UINUHLVJHVFKORVVHQZXUGH 1DFK]HKQ0LQXWHQGUHKWH6DPXHO3HFNVLFKXPXQGVDJWHEHGHXWXQJVYROO ª%HQLVWYROONRPPHQLQ2UGQXQJ© :lKUHQGGHU0DWKHPDWLNHU%HQLQGHQDOWHQ=XVWDQGYHUVHW]WHJUEHOWH$LVVDEHUGLH%HGHXWXQJGHU (UNHQQWQLVQDFK (LQHWHUUDQLVFKH6SDFH-HWZDUEHU1LJKWPDUHDXIJHWDXFKW'LHVH7DWVDFKHZDUVREHUZlOWLJHQGXQG VFKLHQYRQVROFKHU7UDJZHLWH]XVHLQGD$LVVDLPPHUZLHGHUYRQ=ZHLIHOQEHVFKOLFKHQZXUGH :LH NRQQWH HLQ 5DXPVFKLII DXV GHP (LQVWHLQ.RQWLQXXP LQ HLQ VHFKVGLPHQVLRQDOHV .RQWLQXXP EHUZHFKVHOQ":HGHULP6RODUHQ,PSHULXPQRFKLQQHUKDOEGHUEHNDQQWHQ*DOD[LVH[LVWLHUWHQ*HUlWH GLH PLW 5RROV 7KHUDSLH3URMHNWRU RGHU :XUJKV $QGUR/HQN]HQWUDOH YHUJOHLFKEDU ZDUHQ %LVKHU ZDU NHLQ0HQVFKZHLWHULQV8QEHNDQQWHYRUJHGUXQJHQDOVELVLQGHQIQIGLPHQVLRQDOHQ+\SHUUDXPXQG DXFKGDVQXUDOVHQWPDWHULDOLVLHUWHSDVVLYH:HVHQKHLW $XHUGHPVDJWHVLFKGHU.DSLWlQOLHJW1LJKWPDUHQLFKWªQHEHQ©GHUKHLPDWOLFKHQ*DOD[LVVRQGHUQ YLHOH 0LOOLRQHQ /LFKWMDKUH GDYRQ HQWIHUQW (V JDE LP 6RODUHQ ,PSHULXP QRFK QLFKW GLH WHFKQLVFKHQ 0LWWHOWUDQVJDODNWLVFKH5HLVHQ]XXQWHUQHKPHQ 'DV )D]LW VHLQHU hEHUOHJXQJHQ ODXWHWH 'LH YHUPHLQWOLFKH 6SDFH-HW ZDU NHLQ WHUUDQLVFKHV )DKU]HXJ JHZHVHQ(VPXWHVLFKXPHLQ5DXPVFKLIIKDQGHOQGDVHLQHU6SDFH-HWY|OOLJJOLFKDEHUYRQHLQHU IUHPGHQ5DVVHHUEDXWZRUGHQZDU (UlXHUWHGLHVH0HLQXQJRIIHQXQG%HQEDWXP=HLW]XP1DFKGHQNHQ1DFK]ZHLHLQKDOE6HNXQGHQ ODJEHUHLWVGDV(UJHEQLVYRU(UVDJWH ª:LUZLVVHQVRJXWZLHQLFKWVXPGLH6WUXNWXUGHVVHFKVGLPHQVLRQDOHQ.RQWLQXXPV(VNDQQGXUFKDXV VHLQ GD ]ZHL 2UWH GLH LP (LQVWHLQ.RQWLQXXP 0LOOLRQHQ RGHU 0LOOLDUGHQ /LFKWMDKUH YRQHLQDQGHU HQWIHUQWVLQGLP.RQWLQXXPGHV6XFKHUVXQPLWWHOEDUQHEHQHLQDQGHUOLHJHQ0LWZHOFKHQ0LWWHOQHLQ WHUUDQLVFKHV5DXPVFKLIIDNWLYLQGLHVHFKVWH'LPHQVLRQHLQGULQJHQNDQQGDUEHUEHVLW]HLFKDOOHUGLQJV NHLQHUOHL,QIRUPDWLRQHQ© 6DPXHO3HFNKDWWHEHLGHP:RUWªDNWLY©DXIJHKRUFKW(UIXKUDXIGHP$EVDW]KHUXPXQGVWDUUWHGHP 5RERWHU LQV 3ODVWLNJHVLFKW (U GHU PLW 3RVLWURQLNHQ VR]XVDJHQ DXI GX XQG GX VWDQG ZXWH XP GLH %HGHXWXQJGHU%HJULIIHYRQ5RERWHUQ ª'XKlOWVWHVDOVRIUP|JOLFK©IOVWHUWHHUPLWYRU(UUHJXQJKHLVHUHU6WLPPHªGDGLH6SDFH-HWGLH 9HUVHW]XQJDOVSDVVLYHV2EMHNWHUOHLGHQPXWH"© ª'DV LVW HLQH GHU 0|JOLFKNHLWHQ 6LU© EHVWlWLJWH %HQ ª'RFK ZLH JHVDJW ,FK EHVLW]H NHLQHUOHL ,QIRUPDWLRQHQGDUEHUREPLWWHUUDQLVFKHU7HFKQLNHLQDNWLYHV(LQGULQJHQLQ© $LVVDZLQNWHDE ª(LQDNWLYHV(LQGULQJHQLVWPLWWHUUDQLVFKHQ0LWWHOQQLFKWP|JOLFK(VJLEWDOVR]ZHL0|JOLFKNHLWHQ (QWZHGHUZXUGHHLQHWHUUDQLVFKH6SDFH-HWYRQHLQHUXQVXQEHNDQQWHQ.UDIWLQGLHVHQ5DXPJH]RJHQ
RGHUGLHYHUPHLQWOLFKH-HWLVWHLQ5DXPIDKU]HXJXQEHNDQQWHUKLHUEHKHLPDWHWHU,QWHOOLJHQ]ZHVHQ-D ELWWH©VDJWHHUDOV)UDQFRLVGHQ$UPKRE ª,FKSOlGLHUHIUGLHHUVWH0|JOLFKNHLW©HUNOlUWHGHU(UVWH2IIL]LHUNDWHJRULVFKª,FKP|FKWHPHLQHQ 6WDQGSXQNW PLW HLQHP LQGLUHNWHQ %HZHLV YHUWHLGLJHQ 1HKPHQ ZLU DQ LFK KlWWH XQUHFKW XQG GDV 5DXPIDKU]HXJ JHK|UW HLQHU DXI 1LJKWPDUH EHKHLPDWHWHQ LQWHOOLJHQWHQ 5DVVH 'LHVH /HXWH VR VROOWH PDQ PHLQHQ NHQQHQ VRZRKO LKUHQ 3ODQHWHQ DOV DXFK DOOH IU GLH 5DXPIDKUW LQ LKUHU 'LPHQVLRQ ZLFKWLJHQ )DNWRUHQ 6LH ZWHQ JHQDX PLW ZHOFKHU *HVFKZLQGLJNHLW LQ ZHOFKHU +|KH XQG PLW ZHOFKHU 6FKXW]VFKLUPVWlUNH PDQ VLFK EHZHJHQ PX XP XQDQJHQHKPH RGHU DXFK QXU XQHUZQVFKWH %HJOHLWHUVFKHLQXQJHQ]XYHUPHLGHQ+DEHQVLHGDVJHWDQ"6LHIORJHQLQVHKUJHULQJHU+|KHDXHUGHP PLW DQVFKHLQHQG YROO DNWLYLHUWHP 6FKXW]VFKLUP 'LH *HIDKU HLQHV $EVWXU]HV ZDU XQJHPHLQ JUR $XHUGHP]RJHQVLHHLQH*DVVHGHU9HUZVWXQJKLQWHUVLFKKHU$OOHVGLHVVSULFKWGDJHJHQGDGDV 5DXPVFKLII ,QWHOOLJHQ]HQ JHK|UWH GLH KLHU EHKHLPDWHW VLQG 6LH KlWWHQ VLFK YHUQQIWLJHU EHQRPPHQ ZHLOVLHGLH%HGLQJXQJHQLKUHU:HOWNDQQWHQ 'DPLWVFKHLGHWGLH]ZHLWH0|JOLFKNHLWDOVRDXV 7HUUDQHU GDJHJHQ GLH RKQH LKU :LVVHQ XQG JHJHQ LKUHQ :LOOHQ SO|W]OLFK LQ HLQ IUHPGHV .RQWLQXXP JHULVVHQ ZHUGHQ XQG VLFK HLQHU IUHPGHQ :HOW JHJHQEHUJHVWHOOW VHKHQ N|QQWHQ ]X GLHVHP VFKHLQEDU XQVLQQLJHQ7LHIIOXJJH]ZXQJHQVHLQ© ª+P© PDFKWH $LVVD QDFKGHQNOLFK ª'HLQH /RJLN ZLUNW EHVWHFKHQG ,FK ILQGH NHLQHQ IXQGLHUWHQ (LQZDQGGDJHJHQ© ª,FKDXFKQLFKW©PHOGHWHVLFK6DP ª$OOHEHNDQQWHQ)DNWRUHQVSUHFKHQIU0LVWHU3HWLWV6FKOXIROJHUXQJ©VDJWH%HQ $LVVDKROWHWLHI/XIW ª$OVR EHVWHKW XQVHUH QlFKVWH $XIJDEH GDULQ GLH 6SDFH-HW ]X VXFKHQ XQG 9HUELQGXQJ PLW LKUHU %HVDW]XQJDXI]XQHKPHQ©
'DV JHLVWHUKDIWH 5DXQHQ GHV ZDQGHUQGHQ 6DQGHV HUVWDUE QDKH]X Y|OOLJ DOV GLH GUHL 0lQQHU XQG GHU 5RERWHUGHQVHOWVDPHQ:DOGYHUOLHHQ 6LH VWHOOWHQ IHVW GD GHU 6DQG YRU LKQHQ VLFK QLFKW EHZHJWH VRQGHUQ ]X ODQJJH]RJHQHQ )ODFKGQHQ HUVWDUUWZDU2EHUGHXWOLFKKREVLFKGLHJHUDGOLQLJYHUODXIHQGHHWZDKXQGHUW0HWHUEUHLWH6SXUYRQGHU 8PJHEXQJ DE (V VDK VR DXV DOV ZlUH KLHU HLQ VFKZHUHU *HJHQVWDQG GXUFK GHQ 6DQG JHVFKOHLIW ZRUGHQ 'LH0lQQHUZXWHQHVEHVVHU 'LHVFKHLQEDUH6FKOHLIVSXUVWDPPWHYRQGHPXQJHKHXUHQ6RJGHUYRQGHP5DXPVFKLIIXQGVHLQHP 6FKXW]VFKLUPDXVJHJDQJHQZDUZlKUHQGHVLP7LHIIOXJGDKLQUDVWH'LH6SXUIKUWHELV]XP+RUL]RQW XQG HV ZDU GXUFKDXV P|JOLFK GD VLH LUJHQGZR GDKLQWHU DEUXSW HQGHWH ZHLO GDV 6FKLII VWHLO KRFKJH]RJHQZRUGHQZDU 'HQQRFKEHIDKO$LVVDJU|WH(LOHXQGPD[LPDOH*HVFKZLQGLJNHLW*OHLFK]HLWLJVWLHJHQVLHDXIIQI]LJ 0HWHU+|KH'DQQVFK|VVHQVLHGDYRQGHUGHXWOLFKHQ6SXUQDFK 5LQJVXP KHUUVFKWH EHLQDKH XQZLUNOLFKH 6WLOOH 'LHVH *HJHQG GHV 3ODQHWHQ 1LJKWPDUH HUVFKLHQ IULHGOLFK.HLQ880OLHVLFKVHKHQ'HQQRFKZXUGH$LVVDGDV*HIKOQLFKWORVGDVLHIRUWZlKUHQG EHREDFKWHW ZXUGHQ GD LKUH *HJQHU HWZDV SODQWHQ ZDV HLQ PHQVFKOLFKHV *HKLUQ QLFKW ]X HUUDWHQ YHUPRFKWH $OV QDFK IDVW ]ZHL 6WXQGHQ HUHLJQLVORVHQ )OXJHV GXQNOH VFKDUIJH]DFNWH .OLSSHQ DP +RUL]RQW DXIWDXFKWHQEHIDKOGHU.DSLWlQDXIHLQHQ0HWHU+|KHKHUXQWHU]XJHKHQ(LQHQHXH8PJHEXQJNRQQWH DXIGLHVHU:HOWJOHLFKEHGHXWHQGVHLQPLWQHXHQ*HIDKUHQ 6LHEHREDFKWHWHQGLH.OLSSHQVRNRQ]HQWULHUWGDVLHHWZDVDQGHUHVEHLQDKHQLFKWEHPHUNWKlWWHQ 'LH6SXUEUDFKSO|W]OLFKDE ª$OVR GRFK© PXUPHOWH )UDQFRLV HQWWlXVFKW ª6LH KDEHQ GHQ )OXJ VWDELOLVLHUW XQG VLQG LQ GHQ 5DXP JHVFKRVVHQ$XV6LHZLVVHQQLFKWVYRQXQVXQGZLUZHUGHQQLHPDOVHUIDKUHQREVLH7HUUDQHUZDUHQ © $LVVDEDOOWHGLH)lXVWH'LH(QWWlXVFKXQJEHUPDQQWHLKQXQGHUIOOWHLKQPLW=RUQDXIGDV6FKLFNVDO GDVLKQHQHLQHQQHXHQ6WUHLFKJHVSLHOWKDWWH'RFKVHKUUDVFKJHZDQQHUGLHNDOWHhEHUOHJXQJ]XUFN 6LH KDWWHQ VLFK PLW GHQ 7DWVDFKHQ DE]XILQGHQ 6FKOLHOLFK ZDU LQ LKUHP 3ODQ NHLQ WHUUDQLVFKHV 5DXPVFKLIIHLQNDONXOLHUWJHZHVHQ6LHVWDQGHQDOVROHGLJOLFKZLHGHULQGHUDOWHQ$XVJDQJVSRVLWLRQ
ª$XVVFKZlUPHQ XQG GLH .OLSSHQ DQIOLHJHQ© EHIDKO HU ª:DIIHQ IHXHUEHUHLW KDOWHQ $EHU QXU LP 1RWIDOOGDYRQ*HEUDXFKPDFKHQ1DFK0|JOLFKNHLWQLFKWVHKHQODVVHQ©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lPPHUWH ZLH ZDKQVLQQLJ XQG VHNXQGHQODQJYHUVFKOHLHUWHVLFKVHLQ%OLFN (UVDKQDFKOLQNVXQGUHFKWVXQGEHPHUNWHGDGLH*HIlKUWHQLQGHUJOHLFKHQ+DOWXQJHUVWDUUWZDUHQ ZLHHUHEHQDXFK 'RFKGDQQHQWGHFNWHHUGLHEHLGHQ.DPSIURERWHU 'LHPlFKWLJHQ]ZHLHLQKDOE0HWHUJURHQ0DVFKLQHQPXWHQPLWLKUHQHPSILQGOLFKHQ2UWXQJVJHUlWHQ GLH %HZHJXQJ ]ZLVFKHQ GHQ .OLSSHQ EHPHUNW KDEHQ (LQHU YRQ LKQHQ EOLHE PLW HUKREHQHQ :DIIHQDUPHQ VWHKHQ VR GD HU GLH LP 7DO EHILQGOLFKHQ 0HQVFKHQ HLQLJHUPDHQ GHFNWH GHU DQGHUH NDP PLW ODQJHQ 6FKULWWHQ DXI GLH .OLSSHQ ]X 'LH 0QGXQJHQ VHLQHU EHLGHQ :DIIHQ HLQHV 'HVLQWHJUDWRUVXQGHLQHV,PSXOVVWUDKOHUVGURKWHQ]XGHQ5DXPIDKUHUQKHUEHU 'LH 0HQVFKHQ LP 7DO EHJDQQHQ SO|W]OLFK DXI GLH 6SDFH-HW ]X]XODXIHQ 1XU HLQHU QLFKW 'LHVHU HLQH VWHOOWHVLFKQHEHQGHQVLFKHUQGHQ.DPSIURERWHUXQGEOLFNWHJHQDX]X$LVVDV9HUVWHFN 'HU .DSLWlQ ZXWH GD HU NHLQH =HLW KDWWH GLH 6HQGHIUHTXHQ] GHU DQGHUHQ ]X VXFKHQ ,Q ZHQLJHQ 6HNXQGHQZUGHHLQHUGHU5RERWHULKQHUUHLFKHQ(VZDUQLFKWYRUDXV]XVHKHQ ZLHHUUHDJLHUWH'DV KLQJ YRQ VHLQHU 3URJUDPPLHUXQJ DE $EHU JDQ] JOHLFK ZLH VHLQ 3URJUDPP DXFK ODXWHWH HU ZUGH QLFKWRKQHDXVGUFNOLFKHQ%HIHKO DXI HLQHQZDIIHQORVHQ0DQQVFKLHHQGHU VLFKRIIHQ]XHUNHQQHQ JDE $LVVDULFKWHWHVLFKODQJVDPDXI'DEHLO|VWHHUVHLQHQ:DIIHQJXUWKRELKQPLWVSLW]HQ)LQJHUQDQXQG OLHLKQGHXWOLFKVLFKWEDUIUGHQQDKHQGHQ5RERWHUIDOOHQ ,PHUVWHQ$XJHQEOLFNZDUNHLQHSRVLWLYH5HDNWLRQ]XHUNHQQHQ'HU.DPSIURERWHUPDUVFKLHUWHZHLWHU 6HLQH:DIIHQGURKWHQQRFKLPPHU=XVlW]OLFKVFKZHQNWHHLQHVGHUEHZHJOLFKHQ,PSXOVJHVFKW]HGHU 6SDFH-HWDXIGLH.OLSSHQHLQ 'RFK GDQQ EOLHE GHU .DPSIURERWHU HWZD IQI 0HWHU YRU GHQ .OLSSHQ VWHKHQ 'HU 0DQQ QHEHQ GHP DQGHUHQ 5RERWHU KRE GHQ $UP XQG ZLQNWH (U PXWH JOHLFK]HLWLJ GDPLW GHP HUVWHQ 5RERWHU HLQHQ %HIHKOJHJHEHQKDEHQGHQQGLHVHUVHQNWHGLH:DIIHQXQG]RJVLFKHLQLJH6FKULWWH]XUFN 1XQ]|JHUWH$LVVDQLFKWOlQJHU (U NOHWWHUWH EHU GHQ .OLSSHQUDQG QDFK XQWHQXQG VDK VLFK GHQZDUWHQGHQ .DPSIURERWHU DQ (V ZDU HLQHW\SLVFKWHUUDQLVFKH$XVIKUXQJJHQDXZLHGLH6SDFH-HWDXFK ª)UDQFRLV6DP,KUN|QQWQDFKNRPPHQ$EHUODWHXUH:DIIHQYRUOlXILJ]XUFN© %HQHUZlKQWHHUQLFKW,P)DOOHHLQHUhEHUUDVFKXQJZROOWHHULKQDOV5FNHQGHFNXQJEHKDOWHQ $LVVDVHW]WHVLFKHUVWZLHGHULQ%HZHJXQJDOVGLH*HIlKUWHQLKQHUUHLFKWKDWWHQ6WXPPVFKULWWHQVLH DXIGHQHLQ]HOQHQKRFKJHZDFKVHQHQ0DQQ]XGHUVHLQHQ3ODW]QHEHQGHU.DPSIPDVFKLQHYHUODVVHQ KDWWHXQGLKQHQHQWJHJHQNDP'DEHLKLHOWHUEHVWlQGLJGLH+DQGXQWHUKDOEVHLQHV'UXFNKHOPVXQG NXU]GDUDXIHUIXKUHQGLH5DXPIDKUHUGHQ*UXQGGDIU ª+DOOR©NODQJHLQHKDUWHGRFKQLFKWXQDQJHQHKPH6WLPPHSO|W]OLFKLQLKUHQ+HOPHPSIlQJHUQDXI ª:HOFKHhEHUUDVFKXQJDXIGHUDQGHUHQ6HLWHGHV8QLYHUVXPV7HUUDQHU]XILQGHQ© ª'LHhEHUUDVFKXQJLVWJDQ]EHLXQV©HUZLGHUWH$LVVD(UZXWHGHUDQGHUHKDWWHVHLQH6HQGHIUHTXHQ] JHIXQGHQXQGNRQQWHLKQK|UHQª$OOHUGLQJVZXWHQZLUVFKRQVHLWJXW]ZHLHLQKDOE6WXQGHQYRQ,KUHU ([LVWHQ]© 'HUDQGHUHODFKWHOHLVH ª1DWUOLFK(LQH6SDFH-HWLVWQLFKW]XEHUVHKHQZHQQVLHLP7LHIIOXJGLH!%lXPHDEUDVLHUW© ,QGLHVHP$XJHQEOLFNVWDQGHQVLHVLFKJHJHQEHU$LVVDXQGGHUDQGHUH 'HU.DSLWlQVWUHFNWHGLH+DQGDXVXQGVDJWHPLWLURQLVFKHP8QWHUWRQ ª+HU]OLFK ZLOONRPPHQ DXI 1LJKWPDUH© 6HLQ %OLFN ILHO GXUFK GLH +HOPVFKHLEH GHV *HJHQEHUV XQG ZXUGHVWDUU(UEOLQ]HOWHZHLOHUVHLQHQ$XJHQQLFKWWUDXWH'DV%LOGEOLHEGLHHLVJUDXHQ$XJHQGDV EHLQDKHDVNHWLVFKH*HVLFKWGLHVFKPDOHQ/LSSHQGLHYLHOHQNOHLQHQ)lOWFKHQXPGLH$XJHQXQGGLH
NOHLQH 1DUEH DXI GHP UHFKWHQ 1DVHQIOJHO $LVVD KDWWH GLHVHV *HVLFKW VFKRQ RIW JHVHKHQ DOOHUGLQJV ELVKHUQXUDXIGHQ%LOGVFKLUPHQVHLQHV)HUQVHKJHUlWHV 'LHVHV*HVLFKWJHK|UWH3HUU\5KRGDQGHP*URDGPLQLVWUDWRUGHV6RODUHQ,PSHULXPV ª1DGDQQEUDXFKHLFKPLFKZRKOQLFKWPHKUYRU]XVWHOOHQ©VDJWH3HUU\5KRGDQWURFNHQ $LVVDVFKOXFNWHXQGPHUNWHHUVWMHW]WGDHUGHQ*URDGPLQLVWUDWRULPPHUQRFKDQVWDUUWHª6LU© (UHUJULIIGLHDXVJHVWUHFNWH+DQGXQGIKOWHGHQNUlIWLJHQ'UXFN/DQJVDPJHZDQQHUVHLQH5XKHXQG .DOWEOWLJNHLW]XUFN ª$EHULFKPXPLFKZRKOYRUVWHOOHQ©HUZLGHUWHHULPJOHLFKHQLURQLVFKHQ7RQIDOOª0HLQ1DPHLVW © ª+DOW©XQWHUEUDFK5KRGDQLKQª/DVVHQ6LHPLFKUDWHQ©8PVHLQH$XJHQHUVFKLHQGLH$QGHXWXQJ HLQHV /lFKHOQV ª9RU XQJHIlKU ]HKQ 7DJHQ HUKLHOW LFK HLQH XQJHZ|KQOLFKH 0HOGXQJ 6LH NDP YRQ HLQHP VFKZHUHQ .UHX]HU GHU LQ HLQHP 5DXPVHNWRU KLQWHU GHP 3HUVHXV$UP 3DWURXLOOH IORJ 'HU .RPPDQGDQWEHULFKWHWHYRQHLQHUVHOWVDPHQ(UVFKHLQXQJ(VVDKVRDXVDOVZlUHHLQNXJHOI|UPLJHU 5DXPVHNWRUYRQDQGHUWKDOE/LFKWMDKUHQ'XUFKPHVVHUSO|W]OLFKXQGXUFKVLFKWLJJHZRUGHQ'HU.UHX]HU EHIDQG VLFK UHODWLY ]XU JDODNWLVFKHQ (EHQH JHVHKHQ EHU GLHVHP 6HNWRU 'LH 2SWLNHQ XQG +\SHURUWXQJVLQVWUXPHQWH]HLJWHQSO|W]OLFKHLQHQ!6FKDWWHQDQGHUZLHHLQJLJDQWLVFKHV/RFKEHU GLH0LOFKVWUDHQHEHQHZDQGHUWH 'HU .RPPDQGDQW ZROOWH GLHVHQ 6FKDWWHQ YHUIROJHQ NRQQWH MHGRFK GLH *HVFKZLQGLJNHLW QLFKW PLWKDOWHQ © 3HUU\ 5KRGDQ VDK GHQ .DSLWlQ DXIPHUNVDP DQ ª:LU KDEHQ LP ,PSHULXP HLQH DXVJH]HLFKQHWH 5HJLVWUDWXU EHU GLH 5DXPIDKUW -HGHU 6WDUW HLQHV 5DXPVFKLIIHV MHGH /DQGXQJ XQG MHGHV DQJHIORJHQH =LHO ZLUG GDULQ YHUDQNHUW XQG ODJHUW DEUXIEHUHLW 'HU .RPPDQGDQW GHV 6FKZHUHQ .UHX]HUV PHOGHWH GLH %HREDFKWXQJ LP 3HUVHXV6HNWRU HEHQIDOOV GHU 5HJLVWUDWXU GDPLW GLHVH KHUDXVIlQGH RE VLFK ]XU JOHLFKHQ =HLW DQ GLHVHP 2UW EH]LHKXQJVZHLVH DXI GHQ %DKQRUWHQ GHV !6FKDWWHQVHLQ5DXPVFKLIIEHIXQGHQKlWWH'DVZDUUHLQH5RXWLQH*HQDXVRZlUHHUYHUIDKUHQKlWWH HUHLQH1RYDEHREDFKWHW 'LH5HJLVWUDWXUIDQGKHUDXVGDVLFKHLQWHUUDQLVFKHV.RQWDNWVFKLIIDXIGHP:HJ]XP3HUVHXV$UP EHIlQGH XQG HLQHU GHU %DKQRUWH ODJ ]HLWOLFK JHQDX GRUW ZR GLHVHV 6FKLII ]ZHFNV 2ULHQWLHUXQJGHQ =ZLVFKHQUDXPYHUODVVHQVROOWH 'LHVHV6FKLIIKLH/$1&(76HLQ.RPPDQGDQWZDU.DSLWlQ$LVVD%KXJRO+DEHLFKUHFKW.DSLWlQ %KXJRO"© ª-DMDZRKO6LU©VWDPPHOWH$LVVD ª+LPPHONUHX]GRQQHUZHWWHU©HQWIXKUHV6DPª6RHLQ*HGlFKWQLVP|FKWHLFKDXFKKDEHQ© 3HUU\5KRGDQOlFKHOWHQDFKVLFKWLJXQGEHJUWHGLH*HIlKUWHQ$LVVDVPLWIHVWHP+lQGHGUXFN ª1XQ©VDJWHHUªZHUGHLFKPHLQHQ5RERWHUQEHIHKOHQ,KUH:DIIHQ]XKROHQGLH6LHLQGHQ.OLSSHQ ]XUFNJHODVVHQKDEHQ© ª1LFKW Q|WLJ 6LU© ZHKUWH .DSLWlQ %KXJRO VFKPXQ]HOQG DE ª:LU KDEHQ VHOEVW HLQHQ 5RERWHU (U ZDUWHWKLQWHUGHU.OLSSH*HVWDWWHQ6LHGDLFKLKQGDPLWEHDXIWUDJH© 5KRGDQV/lFKHOQYHUWLHIWHVLFK ª6LHVLQGHLQVHKUYRUVLFKWLJHU0DQQ.DSLWlQ©VDJWHHUDQHUNHQQHQG 1DFKGHP$LVVD%HQYHUVWlQGLJWKDWWHOHJWH3HUU\5KRGDQLKPGLH+DQGDXIGHQ$UP ª,FKKRIIH6LHVLQGQLFKW]XHUVFK|SIW,FKP|FKWHJHUQHLQHQ%HULFKWYRQ,KQHQKDEHQ:LUZLVVHQ QlPOLFKQLFKW©IJWHHUHWZDVKLOIORVKLQ]XªZRZLUXQVEHILQGHQ©
$LVVD %KXJRO EHHQGHWH VHLQHQ %HULFKW PLW GHQ :RUWHQ ª8QVHUH $XVVLFKWHQ GHP 6XFKHU ]X KHOIHQ VLQGQLFKWVHKUJUR$EHUZHQQ6LHVLFKHQWVFKO|VVHQXQVGDEHL]XXQWHUVWW]HQVlKHHVVFKRQDQGHUV DXV©(UZDQGWHVLFK3HUU\5KRGDQ]Xª'DVLVWPHLQH%LWWHDQ6LH6LU6WHOOHQ6LHXQVGLH6-7]XU 9HUIJXQJGDQQZHUGHQZLUGLH880ILQGHQIDOOVHVDXI1LJKWPDUHQRFKZHOFKHJLEW© 3HUU\5KRGDQQLFNWHEHGlFKWLJ ª'DVEHGDUI,KUHU%LWWHQLFKW.DSLWlQ,FKQHKPHDQZLUVLQGJHQDXZLH6LHYHUORUHQZHQQHVXQV QLFKWJHOLQJWGHP6XFKHU]XKHOIHQ© $LVVD OlFKHOWH K|IOLFK XQG ]QGHWH VLFK GLH =LJDUHWWH DQ GLH -RKQ 0DUVKDOO LKP DQJHERWHQ KDWWH (U OLHVHLQHQ%OLFNGXUFKGLH=HQWUDOHGHU6SDFH-HWVFKZHLIHQXQGPXVWHUWHVFKZHLJHQGGLH%HJOHLWHU GHV*URDGPLQLVWUDWRUV 'D ZDU 5DV 7VFKXEDL GHU 7HOHSRUWHU 7VFKXEDL JOLFK LKP $LVVD IDVW Y|OOLJ 1XU GHU %OLFN VHLQHU
$XJHQZLUNWHWLHIJUQGLJHUDOVKlWWHHUHLQHQ=LSIHOGHU(ZLJNHLWVFKDXHQGUIHQ.HLQ:XQGHUGHU 7HOHSRUWHUJHK|UWH]XGHQZHQLJHQ0HQVFKHQGHQHQHLQH/HEHQVYHUOlQJHUXQJJHZlKUWZRUGHQZDU -RKQ 0DUVKDOO GHU &KHI GHV 0XWDQWHQNRUSV ZDU HEHQIDOOV JUR XQG VFKODQN 6HLQH *HVLFKWV]JH ZLUNWHQHWZDVZHLFKGRFKGLH$XJHQVWUDIWHQGLHVHQ(LQGUXFN/JHQ %HVRQGHUVODQJHUXKWH$LVVDV%OLFNDXI,VDEHOOD0RQWD6LHZDU]ZHLIHOORVHLQH6FK|QKHLWXQGPDQ VDKLKUQLFKWDQGDVLHDXHUGHPQRFK$JHQWLQXQG2EHUOHXWQDQWGHU*DODNWLVFKHQ$EZHKUZDU,Q LKUHQ *HVLFKWV]JHQ XQG GHQ $XJHQ ZDU HLQGHXWLJ PDXULVFKHV %OXW ]X HUNHQQHQ VLH YHUHLQWHQ VSDQLVFKH(OHJDQ]XQGPDXULVFKHV)HXHULQVLFK /HXWQDQW +RON YDQ 'UHHVHQ GDJHJHQ ZLUNWH ZLH HLQ ODQJDXIJHVFKRVVHQHU EODVLHUWHU 3OD\ER\ 6HLQ *HVLFKW ZDU QLFKWVVDJHQG XQG ZHQQ HU VSUDFK GDQQ LQ HLQHP GHUDUW JHODQJZHLOWHQ 7RQIDOO GD HV EHLQDKHHLQVFKOlIHUQGZLUNWH 'LH EHLGHQ 6HUJHDQWHQ GHU 6WDPPEHVDW]XQJ ZDUHQ JXWHU 'XUFKVFKQLWW IlKLJH 5DXPVROGDWHQ HLQHV PlFKWLJHQ,PSHULXPV ª:LUEUHFKHQPRUJHQDXI©VDJWH5KRGDQQDFKHLQHU3DXVHª0RUJHQQDFKWHUUDQLVFKHU=HLWUHFKQXQJ QDWUOLFK©(UEOLFNWH]XU8KUª'DVZlUHLQHWZD]Z|OI6WXQGHQ%LVGDKLQN|QQHQVLFKGLH0lQQHU GHU/$1&(7DXVUXKHQXQGGDV,QQHUHXQGbXHUH,KUHV.|USHUVHLQZHQLJSIOHJHQ© .RPLVFK GDFKWH $LVVD EHL VLFK DOV HU GLH LKP ]XJHZLHVHQH .DELQH EHWUDW HU KDW EHUKDXSW NHLQH 9HUZXQGHUXQJEHUXQVHUH(UOHEQLVVHJH]HLJW'LHVHU5KRGDQVFKHLQWVFKRQPHKUJHVHKHQ]XKDEHQ DOVZLUXQVYRUVWHOOHQN|QQHQ $EHU GDV WUDI QXU ]XP 7HLO ]X 3HUU\ 5KRGDQ KDWWH OHGLJOLFK DXV 5FNVLFKW DXI GLH (UVFK|SIXQJ GHU 5DXPIDKUHUJHVFKZLHJHQ -HW]WWUDWHUGLFKWKHUDQDQGHQ5XQGVLFKWVFKLUP6LQQHQGVFKDXWHHUDXIGLHIUHPGDUWLJH/DQGVFKDIW (LQLJH0LQXWHQYHUVWULFKHQ1LHPDQGVDJWHHLQ:RUW 8QYHUPLWWHOW ZDQGWH 5KRGDQ VLFK XP :LH RIW LQ lKQOLFKHQ 6LWXDWLRQHQ JOLFK VHLQ *HVLFKW HLQHU VWDUUHQ XQGXUFKGULQJOLFKHQ 0DVNH 1XU QRFK 0DUVKDOO 7VFKXEDL ,VDEHOOD 0RQWD XQG YRQ 'UHHVHQ ZDUHQDQZHVHQG ª1XQZLHGHQNHQ6LHEHUGLHVH*HVFKLFKWH"©IUDJWH5KRGDQJHGHKQW -RKQ0DUVKDOOGUFNWHVHLQH=LJDUHWWHDXV ª'DVLVWGLHVHOWVDPVWHXQKHLPOLFKVWHXQGJHIlKUOLFKVWH6DFKHLQGLHZLUMHJHUDWHQVLQG6LU:HQQ LFKEHGHQNHGD%KXJRO3HWLWXQG3HFNHLJHQWOLFKQLFKWVHOEVWKLHUVLQGVRQGHUQQXUGDVZDVVLHLKUH SHUV|QOLFKHQ $QGURLQGV QDQQWHQ © (U OLH GDV (QGH GHV 6DW]HV LQ GHU /XIW KlQJHQ $EHU 5KRGDQ YHUVWDQGLKQDXFKVR ª'LH3URML]LHUXQJGHV.|USHUVXQG*HLVWHVLQHLQVHFKVGLPHQVLRQDOHV.RQWLQXXP©5DV 7VFKXEDL VHXI]WHª'DJHJHQLVW7HOHSRUWDWLRQQLFKWV© /HXWQDQW+RONYDQ'UHHVHQJlKQWH ª,P*UXQGHJHQRPPHQJLEWHVGRFKJDUQLFKWV1HXHV'HU3ODQHWMHGHQIDOOVVLHKWZLH7DXVHQGHYRQ DQGHUHQ:HOWHQDXV© ª0LWHLQHU!ZLQ]LJHQ(LQVFKUlQNXQJ/HXWQDQW©ILHO,VDEHOOD0RQWDVDUNDVWLVFKHLQª1LJKWPDUHKDW HLQH $WPRVSKlUH HLQH 2EHUIOlFKH XQG HLQH 3IODQ]HQZHOW GLH QLFKW HLQ $WRP HLQHV EHNDQQWHQ (OHPHQWVDXIZHLVHQ=XGHP VFKHLQWGHU3ODQHWY|OOLJLP1LFKWV ]XVFKZHEHQ(UEHVLW]WNHLQHQ7DJ XQG NHLQH 1DFKW NHLQH 6RQQH XQG NHLQHQ 6WHUQHQKLPPHO 'HQQRFK LVW HV KLHU UHODWLY KHOO XQG HUWUlJOLFKZDUP6HKUDOOWlJOLFK/HXWQDQWYDQ'UHHVHQQLFKWZDKU"© ª1D VFK|Q© JDE GHU /HXWQDQW ZLGHUZLOOLJ ]X ªHV LVW HLQ ZHQLJ DQGHUV DOV VRQVW $EHU ZDUXP VLFK GDUEHUDXIUHJHQZHQQHVZLFKWLJHUH3UREOHPHJLEW© 3HUU\5KRGDQODFKWHWURFNHQ ª'DVLVWDXFKHLQ6WDQGSXQNW$EHUHVLVWGXUFKDXVQLFKWGHUULFKWLJH©IJWHHUKLQ]Xª:HQQZLUGHQ EHYRUVWHKHQGHQ .DPSI QLFKW QXU EHUVWHKHQ VRQGHUQ JHZLQQHQ ZROOHQ PVVHQ ZLU ]XHUVW .ODUKHLW EHUGLH%HVFKDIIHQKHLWXQVHUHU8PZHOWKDEHQ© (UVWULFKVLFKPLWGHU+DQGEHUGDV+DDU ª2EHUOHXWQDQW0RQWDKDWEHUHLWVGLHZLFKWLJVWHQ)DNWHQJHQDQQW,FKP|FKWHQXUQRFKGDVKLQ]XIJHQ ZDV GHU 5RERWHU %HQ EHU XQVHUH GHU]HLWLJH (UVFKHLQXQJVIRUP VDJWH 6HLQH :DKUQHKPXQJVRUJDQH VHKHQ XQV DOV VFKDWWHQKDIWH OHXFKWHQGH *HELOGH DQ ZlKUHQG ZLU XQV VHOEVW VHKHQ XQG IKOHQ ZLH LPPHU© ª'DV ZlUH MD DXFK QRFK VFK|QHU© SODW]WH ,VDEHOOD 0RQWD LPSXOVLY KHUDXV $OOH ODFKWHQ DXHU YRQ 'UHHVHQ 5KRGDQUlXVSHUWHVLFKXQGIXKUIRUW
ª%HQ JDE DOOHUGLQJV VHOEVW ]X HU N|QQH GXUFK GLH 6WUXNWXU GLHVHV .RQWLQXXPV HEHQVR JHWlXVFKW ZHUGHQZLHZLU1XUZLUNWVLFKGHU8PZHOWHLQIOXHEHQEHLLKPDQGHUVDXV'DVEHGHXWHWNXU]JHVDJW ZLUZLVVHQQLFKWZLHZLUVHOEHUXQGXQVHUH8PZHOWZLUNOLFKEHVFKDIIHQVLQG© ª$EHUZLUZLVVHQGDDOOHVDQXQVQRFKJHQDXVRJXWIXQNWLRQLHUWZLHLPPHU©,VDEHOODHUU|WHWHXQG VDKHLQHQ$XJHQEOLFNODQJYHUZLUUWDXV'DQQIJWHVLHUDVFKKLQ]Xª:LUN|QQHQPLWXQVHUHQ+lQGHQ JUHLIHQ PLW GHQ $XJHQ VHKHQ PLW GHQ 2KUHQ K|UHQ XQG PLW GHQ )HQ ODXIHQ $XFK XQVHUH WHFKQLVFKHQ 0LWWHO ZLUNHQ LQ JOHLFKHU :HLVH ZLH VRQVW :LU VLQG DOVR DXFK GHU QHXHQ 8PZHOW JHZDFKVHQ© ª6LH KDEHQ PLU GDV :RUW DXV GHP 0XQG JHQRPPHQ 0DGDP© VDJWH 5KRGDQ PLW IHLQHP /lFKHOQ ª9HU]HLKXQJ6LU©HUZLGHUWH,VDEHOOD ª1LFKWQ|WLJ0DGDP©5KRGDQV*HVLFKWYHUILQVWHUWHVLFKª:DVPLUDQGHUJDQ]HQ*HVFKLFKWHQLFKW UHFKW JHIlOOW GDV VLQG GLH 880 6LH SDVVHQ LUJHQGZLH QLFKW KLQHLQ LQ GLH 5ROOH GLH PDQ LKQHQ ]XVFKUHLEW© ª9LHOOHLFKWVSLHOHQVLHHLQH'RSSHOUROOH©PXUPHOWH-RKQ0DUVKDOOª(LQPDOKHOIHQVLHGHQ0HQVFKHQ HLQDQGHUPDOJUHLIHQVLHVLHDQ2GHUHVJLEW]ZHL*UXSSHQYRQ880PLWXQWHUVFKLHGOLFKHQ$QVLFKWHQ :lKUHQGGLHHLQHQIULHGOLFKVLQGZROOHQGLHDQGHUHQGLH9HUQLFKWXQJGHV6XFKHUVXQGGHUYRQLKP DEKlQJLJHQ:HVHQ© 3HUU\5KRGDQVFKWWHOWHGHQ.RSI ª(LQHVZLOOPLUQLFKWHLQOHXFKWHQ:DUXPOHEHQ%KXJRO3HWLWXQG3HFNQRFK"+\SHUZHVHQGLHHLQH VRPlFKWLJH,QWHOOLJHQ]ZLHGHQ6XFKHULQ*HIDKUEULQJHQNRQQWHQVROOWHQPLWGUHL5DXPIDKUHUQXQG HLQHP5RERWHUVSLHOHQGOHLFKWIHUWLJZHUGHQ© 0DUVKDOO]XFNWHGLH6FKXOWHUQ ª9LHOOHLFKWEHPHUNWHQVLHGDLKQHQYRQGHQ5DXPIDKUHUQRKQHKLQNHLQH*HIDKUGURKWH6LHZHUGHQ ]XGHPZLVVHQ)UHPGHOHEHQKLHUQXUVRODQJHZLHLKUPLWJHEUDFKWHU/XIWYRUUDWUHLFKW© ª2K©VW|KQWHYDQ'UHHVHQSO|W]OLFK ª:LHELWWH"©IUDJWH-RKQ0DUVKDOO ª,FK GDFKWH DQ ,KUH %HJUQGXQJ 6LU© HUZLGHUWH GHU /HXWQDQW ª6LH PHLQHQ GLH 880 KDEHQ GLH 5DXPIDKUHUDOVXQJHIlKUOLFKHLQJHVWXIWXQGGHVKDOEODXIHQODVVHQ"© ª6WLPPW© ª1XQXQVZHUGHQVLHQLFKWODXIHQODVVHQ:LUVLQGQlPOLFKLPK|FKVWHQ*UDGHJHIlKUOLFK©
$OV $LVVD %KXJRO HUZDFKWH ZXWH HU LP HUVWHQ $XJHQEOLFN QLFKW ZR HU ZDU (U VWDUUWH LQ GLH 'XQNHOKHLWODXVFKWHDXIGDVVFKZDFKHDEHUVWHWLJH6XPPHQGDVYRQEHUDOOKHU]XNRPPHQVFKLHQ XQGHQWGHFNWHGHQU|WOLFKOHXFKWHQGHQ.QRSIQHEHQGHP.RSIHQGHVHLQHV%HWWHV $OVHUGHQ)LQJHUGDUDXIGUFNWHJLQJGDV/LFKWDQ,P1XILHOHQLKPGLH(UHLJQLVVHGHVOHW]WHQ7DJHV ZLHGHU HLQ (U EHXJWH VLFK QDFK XQWHQ )UDQFRLV %HWW ZDU OHHU *HJHQEHU ODJ 6DP XQG VFKQDUFKWH OHLVH%HQZDUQLFKW]XVHKHQ $LVVD VSUDQJ DXI GHQ %RGHQ (V JDE HLQ NODWVFKHQGHV *HUlXVFK 6DP XQWHUEUDFK VHLQ JHGlPSIWHV .RQ]HUWEUXPPWHXQZLOOLJXQGZlO]WHVLFKDXIGLHDQGHUH6HLWH 'HU .DSLWlQ |IIQHWH GLH 7U ]XP :DVFKUDXP GXVFKWH UDVLHUWH VLFK XQG SXW]H VLFK JUQGOLFK GLH =lKQH'DQDFKIKOWHHUVLFKIULVFKXQGDXVJHUXKW(UYHUOLHGLH.DELQHVFKDOWHWHGDV/LFKWDEHUDXV GHQQHVZDUQRFK]LHPOLFKIUK 6HLQHJXWH/DXQHYHUIORJPLWHLQHP6FKODJDOVHU LQGHU+DXSW]HQWUDOHDQNDP$XHU)UDQFRLVXQG 2EHUOHXWQDQW 0RQWD ZDU QLHPDQG DQZHVHQG XQG )UDQFRLV VFKLHQ GDV ZHLGOLFK DXV]XQXW]HQ 0LW WHPSHUDPHQWYROOHQ *HElUGHQ VFKLOGHUWH HU GHU ODXVFKHQGHQ 6FK|QHQ YRQ VHLQHQ $EHQWHXHUQ DXI IUHPGHQ:HOWHQ,VDEHOODVFKLHQJDUQLFKW]XEHPHUNHQGDHUGDEHLGHQ$UPXPLKUH6FKXOWHUJHOHJW KDWWH$LVVDUlXVSHUWHVLFK )UDQRLVIXKUKHUXPXQGEHNDPHLQHQURWHQ.RSI'RFKHUIDWHVLFKUDVFK ª$K 1RFK HLQ )UKDXIVWHKHU :LH JHKW HV GLU $LVVD"© ª*XW© HUZLGHUWH GHU .DSLWlQ NQDSS /HLVHU IJWHHUKLQ]Xª+RIIHQWOLFKWULIIWGDVDXFKIUGLFK]XPHLQ-XQJH©)UDQFRLVODFKWHQHUY|V ,VDEHOOD0RQWDKDWWHGHPXQWHUVFKZHOOLJHQ'LVSXWGHUEHLGHQ0lQQHUPLWJHZ|OEWHQ%UDXHQ]XJHK|UW -HW]WUXQ]HOWHVLHGLH6WLUQXQGVDJWHEHWRQWDJJUHVVLY ª)UDQFRLV KDW PLU YLHO ,QWHUHVVDQWHV DXV ,KUHU JHPHLQVDPHQ $UEHLW EHULFKWHW (U NDQQ IXUFKWEDU VSDQQHQGHU]lKOHQ©/lFKHOQGZDQGWHVLHVLFKGHP(UVWHQ2IIL]LHUGHU/$1&(7]XXQGVFKHQNWHLKP
HLQHQEHW|UHQGHQ$XJHQDXIVFKODJª%LWWHHU]lKOHQ6LHPLUQRFKPHKU)UDQFRLV0|FKWHQ6LHDXFK ]XK|UHQ .DSLWlQ" 2GHU NHQQHQ 6LH GLH *HVFKLFKWHQ VFKRQ DXVZHQGLJ"© $LVVD EOLFNWH VHLQHQ (UVWHQ 2IIL]LHU GXUFKGULQJHQG DQ ª6RYLHO LFK DXI GHQ %LOGVFKLUPHQ HUNHQQHQ NDQQ VLQG 5KRGDQ XQG 0DUVKDOO EHUHLWV GUDXHQ :LH ZlUH HV ZHQQ ZLU LKQHQ QRFK HWZDV EHULFKWHWHQ ZDV ZLU JHVWHUQ YHUJHVVHQKDEHQ"©ª9HUJHVVHQ"©HFKRWH)UDQFRLV ª-DZRKOYHUJHVVHQ:RKDWWHQZLUQXUXQVHUH*HGDQNHQDOVZLUGHQJHLVWLJHQ.RQWDNWPLW$QQDXQG :XUJKDXVOLHHQ"© )UDQFRLVZDUVRIRUWDXIGHQ%HLQHQ(UVFKOXFNWH ª-DZRKDWWHQZLUQXU"© $LVVDOLHHLQHQYLHOVDJHQGHQ%OLFN]ZLVFKHQ,VDEHOOD0RQWDXQG)UDQFRLVKLQXQGKHUZDQGHUQ (U UlXVSHUWHVLFKXQGQHLJWHHLQZHQLJGHQ.RSI ª6LHHQWVFKXOGLJHQELWWH0DGDP:LUPVVHQXQVOHLGHUYHUDEVFKLHGHQ© ª+|U PDO $LVVD © EHJDQQ )UDQFRLV DOV VLH DXV GHU 6FKOHXVH WUDWHQ ZLHGHU LQ LKUH 5DXPDQ]JH JHKOOW $LVVD%KXJROWDWDOVK|UWHHUQLFKWV$Q(UNOlUXQJHQZDUHUQLFKWLQWHUHVVLHUW )UDQFRLV VHXI]WH 'D KDWWH HU VLFK HLQH VFK|QH 6DFKH HLQJHEURFNW 8QG GHU XP GHVVHQWZLOOHQ HU GDV JHWDQKDWWHZDUDKQXQJVORVXQGPDFKWHLKPDXFKQRFKLQGLUHNWH9RUZUIH 6LHKROWHQ5KRGDQXQG0DUVKDOONXU]YRUGHQ.OLSSHQHLQ'LHEHLGHQ0lQQHUGUHKWHQVLFKXP ª+DOOR6FKRQVRIUKDXIGHQ%HLQHQ©ULHI5KRGDQª6LHN|QQHQHVZRKOQLFKWHUZDUWHQ"© ª8QVLVWHWZDVHLQJHIDOOHQZDVZLUJHVWHUQDXVOLHHQ6LU©VDJWH$LVVDª(VKDQGHOWVLFKGDXPHLQH 6DFKHGLH0LVWHU0DUVKDOOHLJHQDUWLJYRUNRPPHQZLUGGDZLUMDNHLQH7HOHSDWKHQVLQGZLHHU© ª6LHPDFKHQPLFKQHXJLHULJ.DSLWlQ©VDJWH0DUVKDOO $LVVDEHULFKWHWHYRQGHPNXU]HQ.RQWDNWPLW$QQDVXQG:XUJKV*HLVWGHQVLHQDFKGHPhEHUIDOOGHU 880KDWWHQ ª'DV LVW DOOHUGLQJV YHUZXQGHUOLFK© PHLQWH -RKQ 0DUVKDOO ª1XU HLQ 7HOHSDWK NDQQ GLH *HGDQNHQ DQGHUHU0HQVFKHQZDKUQHKPHQ© ª:HQQ GHU DQGHUH NHLQ 0HQVFK XQG HLQ EHVRQGHUV VWDUNHU 7HOHSDWK LVW NDQQ DXFK HLQ !1RUPDOHU VHLQH *HGDQNHQ HUNHQQHQ© ZLGHUVSUDFK $LVVD GHU DQ 5RRO GDFKWH ª$EHU ZDV GHQ VSH]LHOOHQ )DOO DQJHKW KDEHQ 6LH QDWUOLFK UHFKW (V KDQGHOWH VLFK QLFKW XP HLQHQ JHLVWLJHQ .RQWDNW LP 6LQQH YRQ 7HOHSDWKLH (V JDE NHLQH 9HUVWlQGLJXQJ :LU IKOWHQ QXU GD GLH *HGDQNHQ GHU *HIlKUWHQ IU GHQ %UXFKWHLOHLQHU6HNXQGHEHLXQVZDUHQ'DVZDUDOOHV$QQDXQG:XUJKEHILQGHQRGHUEHIDQGHQVLFK MD QLFKW N|USHUOLFK KLHU VRQGHUQ QXU DOV JHLVWLJH :HVHQKHLWHQ $OV VROFKH KDEHQ VLH ZlKUHQG LKUHV *HGDQNHQIOXJHVRIIHQVLFKWOLFKXQVHUH.|USHUGXUFKGUXQJHQXQGQXUZlKUHQGGLHVHU=HLWVSUWHQZLU VLH© ª,FK YHUVWHKH© HUZLGHUWH 0DUVKDOO ,P *HVLFKW GHV 7HOHSDWKHQ ZDU ]X OHVHQ ZLH VHKU LKQ GLHVH 1DFKULFKW HUUHJWH ª6LH DOV 1LFKWWHOHSDWKHQ NRQQWHQ QDWUOLFK ZHGHU HLQHQ ULFKWLJHQ .RQWDNW EHNRPPHQ QRFK HLQH DQGHUH $UW JHLVWLJHU 9HUELQGXQJ KDOWHQ $EHU PLU PWH GDV P|JOLFK VHLQ YRUDXVJHVHW]W0L$QQDXQG:XUJKEHILQGHQVLFKLQGLHVHP.RQWLQXXPXQGVLQGUlXPOLFKQLFKW]X ZHLW HQWIHUQW $XFK GLH /HLVWXQJ HLQHV 7HOHSDWKHQ PX YRU GHQ JURHQ NRVPLVFKHQ (QWIHUQXQJHQ NDSLWXOLHUHQ© ª6LHVROOWHQHVGHQQRFKYHUVXFKHQ-RKQ©ZDUI3HUU\5KRGDQHLQ 0DUVKDOOQLFNWH ª6HOEVWYHUVWlQGOLFK 6LU © hEHU VHLQHU 1DVHQZXU]HO ELOGHWH VLFK HLQH VWHLOH )DOWH (U ZDQGWH VLFK ZLHGHUDQ$LVVDXQG)UDQRLVª6LHEHULFKWHWHQGD6LHLQ5RROV6WDGWHLQZDQGIUHLHQWHOHSDWKLVFKHQ .RQWDNWPLWGHU+\GURLQWHOOLJHQ]XQGGHP7KXWDKDOWHQNRQQWHQREZRKO6LHDQVFKHLQHQGQLFKWDNWLY GDUDQ EHWHLOLJW ZDUHQ 'DQQ VROOWHQ ]XPLQGHVW )UDJPHQWH GHV VSH]LILVFKHQ *HGDQNHQPXVWHUV YRQ :XUJKLQ,KUHP*HGlFKWQLVJHVSHLFKHUWVHLQ(VZLUGVFKZLHULJVHLQGDKHUDQ]XNRPPHQZHLO6LHVLH QLFKW EHZXW DXIQDKPHQ $EHU ZHQQ 6LH VLFK Y|OOLJ HQWVSDQQHQ N|QQWHQ PWH LFK GLH )UDJPHQWH ILQGHQ'DVZUGHGLH6XFKHQDFK0L$QQDXQG:XUJKEHGHXWHQGHUOHLFKWHUQ© $LVVDXQG)UDQFRLVHQWVSDQQWHQVLFKVRJXWHVJLQJ6LHPDFKWHQGDEHLGLHJOHLFKH(UIDKUXQJZLHYLHOH DQGHUH YRU LKQHQ (V ZDU UHODWLY OHLFKW QLFKW ]X GHQNHQ DEHU HV ILHO VHKU VFKZHU EHUKDXSW NHLQHQ *HGDQNHQ]XKDEHQ -RKQ 0DUVKDOO VFKOR GLH $XJHQ (U VWDQG Y|OOLJ XQEHZHJOLFK GLH 6WLUQ JHIXUFKW GLH /LSSHQ ]XVDPPHQJHSUHWGLH)lXVWHJHEDOOWHLQ%LOGK|FKVWHU.RQ]HQWUDWLRQ 'RFKVFKRQQDFKZHQLJHUDOVHLQHU0LQXWHHQWVSDQQWHHUVLFKZLHGHU ª'DQNHPHLQH+HUUHQ©VDJWHHUPLWIOFKWLJHP/lFKHOQ
ª6LHKDEHQVLFKJDQ]DXVJH]HLFKQHWJHKDOWHQ:XUJKV*HGDQNHQPXVWHUODJVR]XVDJHQRIIHQYRUPLU -HW]WNRPPWDOOHVGDUDXIDQRE,KUHEHLGHQ*HIlKUWHQQRFKLQGHU1lKHVLQG©(UZDQGWHVLFK5KRGDQ ]X ª,FK P|FKWH GDUXP ELWWHQ GHQ .RQWDNWYHUVXFK LP 6FKLII ]X XQWHUQHKPHQ 6LU )DOOV LFK GHQ $XIHQWKDOWVRUW GHU EHLGHQ JHLVWLJHQ :HVHQKHLWHQ DQSHLOHQ NDQQ VROOWHQ ZLU VWDUWHQ XQG QlKHU KHUDQJHKHQ 'D]X GDUI LFK PLFK K|FKVWZDKUVFKHLQOLFK QLFKW YRP 3ODW] EHZHJHQ GD VRQVW PHLQH .RQ]HQWUDWLRQOHLGHW© 3HUU\ 5KRGDQ VWLPPWH VRIRUW ]X 6LH NHKUWHQ ]XU 6SDFH-HW ]XUFN 8QWHUGHVVHQ ZDUHQ GLH DQGHUHQ HEHQIDOOV DXIJHZDFKW XQG KDWWHQ VLFK LQ GHU =HQWUDOH YHUVDPPHOW 5KRGDQ ZLHV VLH DQ LKUH 3OlW]H HLQ]XQHKPHQGDPLWPDQXQWHU8PVWlQGHQVRIRUWVWDUWHQNRQQWH -RKQ 0DUVKDOO VFKQDOOWH VLFK LQ VHLQHP .RQWXUVLW] DQ XQG OHKQWH VLFK ZHLW ]XUFN 'HQ 'UXFNKHOP KDWWH HU JH|IIQHW XQG PDQ K|UWH VHLQH WLHIHQ $WHP]JH DOV HU VLFK NRQ]HQWULHUWH 1DFK HLQLJHQ 6HNXQGHQWUDWHQIHLQH6FKZHLSHUOHQDXIVHLQH6WLUQ'DV*HVLFKWYHU]HUUWHVLFKYRU$QVWUHQJXQJIDVW ]XU)UDW]H (LQH9LHUWHOVWXQGHYHUJLQJ 'LHEULJHQ$QZHVHQGHQZDJWHQNDXP]XDWPHQXPGHQ7HOHSDWKHQQLFKW]XVW|UHQ2IIHQEDUZDUHQ $QQDXQG:XUJKZHLWHQWIHUQW)DVWVFKLHQHVDOVZUGHHVVHOEVWHLQHPVRIlKLJHQ7HOHSDWKHQZLH 0DUVKDOOQLFKWJHOLQJHQGHQUlXPOLFKHQ$EJUXQG]XEHUEUFNHQ 'RFKGDQQQDFKZHLWHUHQ]HKQ0LQXWHQ|IIQHWH-RKQ0DUVKDOOGLH$XJHQ6HLQ%OLFNZLUNWHDOVZlUH HULQZHLWH)HUQHJHULFKWHWXQGDXFKGLH$QVSDQQXQJVHLQHU=JHZLFKQLFKWDOVHUVDJWH ª6LH EHILQGHQ VLFK LQ HLQHU JLJDQWLVFKHQ .XJHO RIIHQEDU HLQHP 5DXPVFKLII 9RQ GRUW JHKW GLH %HGURKXQJ GHV 6XFKHUV DXV $QQD XQG :XUJK NRQQWHQ LQ GHQ *HGDQNHQ GHU %HVDW]XQJ OHVHQ (V ZDUHQJUDXHQKDIWH*HGDQNHQZLHVLHQXUHLQNUDQNHV+LUQKHUYRUEULQJHQNDQQ© ª6DJWHQ6LH!+LUQ"©IUDJWH5KRGDQEHGHXWXQJVYROO ª-D XQG LFK PHLQWH HV Z|UWOLFK© HUZLGHUWH 0DUVKDOO OHLVH XQG PLW YHUNUDPSIWHP /lFKHOQ ª%HL GHU %HVDW]XQJGHU.XJHOGLHRIIHQEDUPLW HLQHPXQJHKHXHUJURHQ5DXPVFKLIILGHQWLVFKLVWKDQGHOWHV VLFK XP :HVHQ DXV XQVHUHP .RQWLQXXP QDFK LKUHP $XVVHKHQ XQG LKUHQ *HGDQNHQ ]X VFKOLHHQ 0HKUZXWHQDXFK0L$QQDXQG:XUJKQLFKW© (UULFKWHWHVLFKSO|W]OLFKVWHLODXI ª$EHU GLH .DWDVWURSKH QlKHUW VLFK GHP +|KHSXQNW 'LH )UHPGHQ ZROOHQ HLQH QHXH :DIIH HLQVHW]HQ XQGGHQ6XFKHUGDPLWY|OOLJZLOOHQORVPDFKHQ:LUVROOWHQVRIRUWVWDUWHQ9LHOOHLFKWN|QQHQZLUQRFK KHOIHQ© 3HUU\ 5KRGDQ VWHOOWH NHLQH ZHLWHUHQ )UDJHQ 0LW JHGlPSIWHU 6WLPPH JDE HU VHLQH $QZHLVXQJHQ 2EHUOHXWQDQW ,VDEHOOD 0RQWD EHZLHV GD VLH GXUFK GLH 6FKXOH GHU *DODNWLVFKHQ $EZHKU JHJDQJHQ ZDU,KUH)UDJHQDQ-RKQ0DUVKDOONDPHQVRNQDSSXQGSUl]LVHGDGHU7HOHSDWKQXUPLW=DKOHQRGHU PLW-DXQG1HLQ]XDQWZRUWHQEUDXFKWH )QI0LQXWHQVSlWHUZXWH2EHUOHXWQDQW0RQWDZHOFKHQ.XUVVLHHLQ]XVFKODJHQKDWWH 'LH6SDFH-HWKREDEXQGVFKRLQVWHLOHP)OXJKLQHLQLQV1LFKWV 6LHIKOWHQVLFKZLH0LNUREHQGLHDXIHLQHPYRP+HUEVWZLQGKLQXQGKHUJHZLUEHOWHQ%ODWWKlQJHQ XQGGLH.DSULROHQLKUHVª)DKU]HXJV©QLFKWEHJUHLIHQ )ULKUH6LQQHH[LVWLHUWHNHLQH8PJHEXQJ$XFKGLH2UWXQJVJHUlWHYHUVDJWHQ6LH]HLJWHQQXUKLQXQG ZLHGHU IQIGLPHQVLRQDOH 6WUHXIHOGHU DQ GLH YRQ K|KHUGLPHQVLRQDOHQ HQHUJHWLVFKHQ (LQIOVVHQ VWDPPWHQ $OOHLQ GLH :LUNXQJGHU XQEHNDQQWHQ (LQIOVVH ZDU ]X VSUHQ ZHQQ DXFK QLFKW DQ HLQHP %H]XJVSXQNWPHEDU 'LH6-7WDXPHOWHGXUFKHLQDEVROXWHV1LFKWV'RFKGLHVHV1LFKWVZDUQXUUHODWLY]XGHQ6LQQHQGHU %HVDW]XQJ,Q:LUNOLFKNHLWZDUGDVVHFKVGLPHQVLRQDOH.RQWLQXXPHEHQVRUHLFKKDOWLJLQGHQ)RUPHQ VHLQHU([LVWHQ]ZLHGHU(LQVWHLQ5DXP $LVVD %KXJRO EHREDFKWHWH DXIPHUNVDP GLH /HLVWXQJVDQ]HLJHQ GHU 7ULHEZHUNH XQG GLH .DSD]LWlWVVFKZDQNXQJHQ GHV 6FKXW]VFKLUPHV 'DUDXV ZDU ]X HUVHKHQ GD GLH -HW VLFK LQQHUKDOE XQVLFKWEDUHU XQG QLFKWPHEDUHU .UDIWIHOGHU EHZHJWH 8QDXIK|UOLFK ZHFKVHOWH GHU HQHUJHWLVFKH :LGHUVWDQG(LQPDOZDUHUVRJURGDGHQ7ULHEZHUNHQHLQIDFKGLH(QHUJLHZHJJHVDXJWZXUGHHLQ DQGHUPDOKHXOWHQGLH7ULHEZHUNHLP/HHUODXIZHLOGDV5DXPVFKLIIYRQDQGHUHQ(LQIOVVHQEHUHLQHQ JHZDOWLJHQ$EJUXQGYRQ5DXPXQG=HLWJHULVVHQZXUGHPLWHLQHU*HVFKZLQGLJNHLWGLHGHQHLJHQHQ
6FKXE]XHLQHP1LFKWVGHJUDGLHUWH,QVROFKHQ$XJHQEOLFNHQZDUHLQH6WHXHUXQJQLFKWP|JOLFK 0DQFKPDO IODPPWHQ GLH 6FKXW]VFKLUPH XQYHUPLWWHOW LQ ZHFKVHOQGHQ )DUEW|QHQ DXI (LQ DQGHUPDO HUVFKLHQHQ DXI GHU $XHQIOlFKH MHQHU HQHUJHWLVFKHQ +OOH URWLHUHQGH /LFKWIOHFNHQ RGHU ZLQ]LJH VWHFKHQGKHOOH3XQNWH 2EHUOHXWQDQW 0RQWD XQG /HXWQDQW YDQ 'UHHVHQ YHUKLHOWHQ VLFK DQJHVLFKWV GHU XQDXIK|UOLFKHQ QDYLJDWRULVFKHQ6FKZLHULJNHLWHQPXVWHUJOWLJ6LHYHUORUHQQLFKWHLQH6HNXQGHODQJGLH5XKHVHOEVW ZHQQQDFKHLQHPVROFKHQ6WXU]EHUHLQHQ$EJUXQGGHU.XUVY|OOLJQHXEHVWLPPWZHUGHQPXWH -RKQ0DUVKDOOGDJHJHQVFKLHQVLFKPHKUXQGPHKUGHP=HLWSXQNW]XQlKHUQDQGHPHUSV\FKLVFKXQG SK\VLVFK ]XVDPPHQEUDFK (U YHUVLFKHUWH ]ZDU GD GLH -HW VLFK DOOPlKOLFK GHU 3RVLWLRQ $QQDV XQG :XUJKVQlKHUHDEHUDOO]XRIWYHUORUHUGHQ.RQWDNWXQGPXWHYRQQHXHPPLWGHU6XFKHEHJLQQHQ $OV$LVVDVLFKHLQHQHXH=LJDUHWWHDQ]QGHWHZDUI3HUU\5KRGDQLKPHLQHQLURQLVFKHQ%OLFN]X ª1HUY|V.DSLWlQ"© $LVVDWDWHLQHQKDVWLJHQ=XJ'DQQZLHVHUPLWZHLWDXVKROHQGHU*HElUGHDXIGLHGXQNOHQ%LOGVFKLUPH ª:HQQ6LHGLHVHQ9HUJOHLFKJHVWDWWHQ6LU:LUEHILQGHQXQVLQGHU/DJHHLQHVPDVVHORVHQ1HXWULQRV GDV VLFK LQQHUKDOE XQVHUHV .RQWLQXXPV EHZHJW:HQQ GLHVHV !(OHPHQWDUWHLOFKHQ ZDKUQHKPHQ XQG GHQNHQ N|QQWH ZUGH HV HEHQIDOOV JODXEHQ LQ HLQHP 1LFKWV ]X IOLHJHQ )U !HV H[LVWLHUHQ EHL XQV ZHGHULQWHUVWHOODUH6WDXEZRONHQQRFK3ODQHWHQHVGXUFKGULQJWVLHRKQHGDYRQDXIJHKDOWHQ]XZHUGHQ :LHVROOWHHVMHPDOVHLQ=LHOILQGHQGDVQRFKYLHONOHLQHUDOVHLQ3ODQHWLVW"© ª(LQ DXVJH]HLFKQHWHU 9HUJOHLFK© VDJWH 3HUU\ 5KRGDQ ª%HKDOWHQ 6LH LKQ LQ ,KUHP *HGlFKWQLV 9LHOOHLFKWN|QQHQXQVHUH:LVVHQVFKDIWOHUHWZDVGDPLWDQIDQJHQYLHOOHLFKWNRPPHQVLHHLQHV7DJHV]X GHU (UNHQQWQLV GD 1HXWULQRV JDU QLFKW ]X XQVHUHP .RQWLQXXP JHK|UHQ VRQGHUQ 6HQGERWHQ HLQHU DQGHUHQ'LPHQVLRQVLQG© ,QGLH$XJHQGHV*URDGPLQLVWUDWRUVWUDWHLQKDUWHU*ODQ] ª$EHUZHQQPHLQH$QVLFKW]XWULIIWGDQQZHUGHQZLUXQVHU=LHOILQGHQXQGDXFKVHKHQ© (U VDJWH QLFKWV ZHLWHU EHU VHLQH $QVLFKW XQG $LVVD ]HUEUDFK VLFK IDVW HLQH 6WXQGH ODQJ GHQ .RSI GDUEHUZDV3HUU\5KRGDQJHPHLQWKDWWH(UNDPMHGRFK]XNHLQHP(UJHEQLV 1DFKGLHVHU6WXQGHEHJDQQVLFKDQ6WHXHUERUGSO|W]OLFKHLQH$UWVLOEULJVFKLPPHUQGH1HEHOEDQN]X ]HLJHQ6LHODJIODFKXQGVFKPDOPLWWHQLP1LFKWVXQGPDQFKPDOOLHIHQJUHOOH6FKDXHUEHUVLHKLQ 'DQQVDKHVDXVDOVEHZHJWHGHU:LQGGLH2EHUIOlFKHHLQHVJLJDQWLVFKHQ:HL]HQIHOGHV 'LH1HEHOEDQNYHUOLHIQLFKWJHQDXSDUDOOHO]XP .XUVGHU6SDFH-HW'LH(QWIHUQXQJYHUULQJHUWHVLFK ]ZDU QXU DOOPlKOLFK DEHU HV EHGXUIWH NHLQHU SRVLWURQLVFKHQ %HUHFKQXQJXP YRUDXV]XVHKHQ GD VLH GHQ.XUVDQHLQHP3XQNWGHU8QHQGOLFKNHLWNUHX]HQZUGH 3HUU\5KRGDQVWHOOWHGLH%HUHFKQXQJWURW]GHPDQ 'DV(UJHEQLVZDUYHUEOIIHQGXQGHUVFKUHFNHQG]XJOHLFK 'HUEHUHFKQHWH.UHX]XQJVSXQNWVWLPPWHJHQDXPLWGHQ$QJDEHQEHUHLQGLH-RKQ0DUVKDOOEHUGLH (QWIHUQXQJ$QQDVXQG:XUJKVPDFKWH
'LH 6SDQQXQJ DQ %RUG GHU 6-7 VWLHJ LQV 8QHUWUlJOLFKH 1LHPDQG JDE VLFK GHU ,OOXVLRQ KLQ PDQ N|QQWHPLWHLQHP*HJQHUGHUGHP6XFKHUZHLWEHUOHJHQZDUOHLFKWIHUWLJZHUGHQ 3HUU\5KRGDQOLHGHQ.XUVGHU-HWYHUlQGHUQ6LHVWLHJUHODWLY]XGHPHLJHQDUWLJHQ1HEHOVWUDKOXP HLQH0LOOLRQ.LORPHWHU1LHPDQGIUDJWHQDFKGHP*UXQGGHV%HIHKOV-HGHUNRQQWHVLFKGHQNHQGD GHU1HEHOHWZDVPLWGHPJLJDQWLVFKHQ5DXPVFKLII]XWXQKDWWHYRQGHP$QQDXQG:XUJKEHULFKWHWHQ (VZlUHDXVJHVSURFKHQOHLFKWVLQQLJJHZHVHQVLFKGHP=LHODXIGHUJOHLFKHQ(EHQH]XQlKHUQ -RKQ 0DUVKDOO HUKROWH VLFK QDFK XQG QDFK (U EHULFKWHWH GD HV LKP MHW]W NHLQH JURH 0KH PHKU EHUHLWHWH .RQWDNW PLW $QQD XQG :XUJK ]X KDOWHQ 'LH HQHUJHWLVFKH .DSD]LWlW GHU EHLGHQ JHLVWLJHQ :HVHQKHLWHQPXWHGXUFKGHQ$XIHQWKDOWLPVHFKVGLPHQVLRQDOHQ.RQWLQXXPHLQH$XIODGXQJHUIDKUHQ KDEHQ1XUVRZDUGHU.RQWDNWEHUGLHJHZDOWLJH(QWIHUQXQJKLQZHJEHUKDXSWP|JOLFKJHZHVHQ 6FKZHUHU ILHO HV GHP 7HOHSDWKHQ VFKRQ GHQ *HGDQNHQLQKDOW $QQDV XQG :XUJKV ]X OHVHQ 6HLQH NQDSSHQ %HPHUNXQJHQ HU]lKOWHQ YRQ HLQHP JHGDQNOLFKHQ :LUUZDUU GHU RIIHQEDU YRQ )XUFKW XQG EHUJURHU(UUHJXQJKHUUKUWH0DUVKDOOEHJDQQXPGHQNODUHQ9HUVWDQGGHUEHLGHQ:HVHQKHLWHQ]X IUFKWHQDOVVLHLKPEHULFKWHWHQGDGLH)UHPGHQLKUH*HVWDOWEHOLHELJZHFKVHOQNRQQWHQ(UJODXEWH HVQLFKW1XU3HUU\5KRGDQVFKLHQHUQVWKDIWGDUEHUQDFK]XGHQNHQ $OVGDV(QGHGHV1HEHOVWUDKOVVLFKWEDUZXUGHEHIDKO5KRGDQGLH9HU]|JHUXQJGHV)OXJHV(UVWMHW]W PDFKWH VLFK HLQH 6FKZLHULJNHLW EHPHUNEDU PLW GHU PDQ QLFKW JHUHFKQHW KDWWH 'LH +\SHURUWXQJ
YHUVDJWH$QVFKHLQHQGYHUPRFKWHQGLHEHUOLFKWVFKQHOOHQ7DVWVWUDKOHQ]ZDUYRP1RUPDOUDXPDXVGHQ +\SHUUDXP]XGXUFKTXHUHQQLFKWDEHUYRQHLQHPK|KHUGLPHQVLRQDOHQ.RQWLQXXP 0DQZUGHDXIHLQIDFKOLFKWVFKQHOOH7DVWVWUDKOHQXQGDXIGLH2SWLNDQJHZLHVHQVHLQ(VZDUP|JOLFK GDGLH0LWWHOGHV*HJQHUVQLFKWGLHVHU%HVFKUlQNXQJXQWHUODJHQ ª7VFKXEDL©VDJWH5KRGDQª:LUZHUGHQ6LHHLQVHW]HQPVVHQ,FKJODXEHQLFKWGDZLUPLWQRUPDOHQ :DIIHQGLHJHULQJVWH&KDQFHKlWWHQ6LHQHKPHQHLQH$UNRQERPEHDXVGHP/DJHUUDXPXQGVWHOOHQVLH DXIGLHEUHLWHVWH:LUNXQJHLQ6REDOGZLUQDKHJHQXJDP*HJQHUVLQGVSULQJHQ6LH'LH=QGXQJGDUI QLFKWVSlWHUDOVHLQH6HNXQGHQDFK,KUHU5FNNHKUHUIROJHQ+DEHQ6LHQRFK)UDJHQ"© 7VFKXEDLVVFKZDU]HV*HVLFKWZXUGHJUDX ª:LUEHILQGHQXQVLQHLQHU'LPHQVLRQGHUHQ$XVZLUNXQJHQDXI7HOHSRUWHULPSXOVHZLUQLFKWNHQQHQ 6LU+RIIHQWOLFKNRPPHLFKXQWHUGLHVHQ8PVWlQGHQEHUKDXSWLQGDVIHLQGOLFKH6FKLII© 5KRGDQQLFNWH ª'LH JOHLFKHQ hEHUOHJXQJHQ KDEH LFK VHLW XQVHUHP 6WDUW YRQ 1LJKWPDUH DQJHVWHOOW 5DV ,FK XQWHUVFKlW]H GLH *HIDKU QLFKW LQ GLH LFK 6LH VFKLFNHQ PX 6LH N|QQWHQ WKHRUHWLVFK LP +\SHUUDXP KHUDXVNRPPHQ 9RQ GRUW DXV ZUGHQ 6LH MHGRFK LQV (LQVWHLQ.RQWLQXXP JHVFKOHXGHUW ,KUH $XVVLFKWHQ LQQHUKDOE GHV 1RUPDOUDXPV ]X EHUOHEHQ VLQG QLFKW VFKOHFKWHU DOV YRQ KLHU DXV LQ GHQ 1RUPDOUDXP]XUFN]XNRPPHQ:HQQZLU6LHQlPOLFKQLFKWHLQVHW]HQIUFKWHLFKGDQQKDEHZLU VFKRQVRJXWZLHYHUORUHQ© ª-DZRKO©PXUPHOWH7VFKXEDL ª$EHU LFK ZLOO 6LH ]X QLFKWV ]ZLQJHQ© ZHKUWH 5KRGDQ DE ª:HQQ 6LH HV IU ]X ULVNDQW KDOWHQ ]X VSULQJHQGDQQEOHLEHQ6LHELWWHDQ%RUG:LUZHUGHQXQVVFKRQHWZDVDQGHUHVHLQIDOOHQODVVHQ© ª1HLQ 6LU © 7VFKXEDL OlFKHOWH ZLHGHU ª6LH N|QQWHQ VLFK ZDKUVFKHLQOLFK QLFKWV DQGHUHV HLQIDOOHQ ODVVHQGDVGLHJOHLFKHQ$XVVLFKWHQKlWWHZLHPHLQ(LQVDW],FKVSULQJH© (UZROOWH]XP/DJHUUDXPKLQDEVWHLJHQ$EHU$LVVDZHKUWHDE'HU.DSLWlQEHIDKO%HQGLHVFKZHUH $UNRQERPEH]XKROHQ ª1LFKW GD LFK JODXEWH 6LH N|QQWHQ VLH QLFKW WUDQVSRUWLHUHQ© HUNOlUWH HU GHP 7HOHSRUWHU ªDEHU 6LH VROOWHQ MHW]W ,KUH .UlIWH VFKRQHQ %HLP NRPPHQGHQ (LQVDW] ZHUGHQ 6LH ZDKUVFKHLQOLFK DOOH (QHUJLH EUDXFKHQ© ª'DQNH©HUZLGHUWH5DV7VFKXEDLHLQIDFK ª$FKWXQJ©ULHI2EHUOHXWQDQW0RQWDYRQLKUHP3ODW]DXVª)UHPGHV2EMHNWLQGHU1RUPDORUWXQJ© 2EZRKOVLHY|OOLJUXKLJJHVSURFKHQKDWWH]LWWHUWHLKUH+DQGHLQZHQLJDOVVLH]XPNOHLQHQ6FKLUPGHU 1RUPDORUWXQJZLHV (LQH VLOEULJ VFKLPPHUQGH .XJHO ZDU GDUDXI ]X HUNHQQHQ 6LH ZLUNWH LPSRQLHUHQG DEHU HUVW DOV GLH 0DH DP XQWHUHQ 5DQG GHV 6FKLUPHV HUVFKLHQHQ EHJULIIHQ GLH 0HQVFKHQ ZRUDXI VLH VLFK GD HLQJHODVVHQKDWWHQ 'LH6LOEHUNXJHOEHVDHLQHQ'XUFKPHVVHUYRQ]ZDQ]LJWDXVHQG.LORPHWHUQ
ª'DVLVWNHLQ6FKLIIGDVLVWHLQ3ODQHW©ULHI$LVVD ª9RQGHU*U|HKHUMD©HUZLGHUWH3HUU\5KRGDQª$EHUNHLQ3ODQHWKDWGLHVHQVLOEULJHQ6FKLPPHU :DVVDJHQGLH0DVVHWDVWHUXQG0LNURZHOOHQRUWHU0DGDP"©ZDQGWHHUVLFKDQ,VDEHOOD ª'LH 0DVVH LVW XP YLHU]LJ 3UR]HQW JHULQJHU DOV GLH HLQHV JOHLFK JURHQ 3ODQHWHQ DXV IHVWHU 0DWHULH 6LU'LH0LNURZHOOHQRUWHUPHOGHQ0HWDOOSODVWLNXQEHNDQQWHU=XVDPPHQVHW]XQJ2IIHQEDUKDQGHOWHV VLFKEHLGHP2EHUIOlFKHQPDWHULDOXPNULVWDOOIHOGLQWHQVLYLHUWHQ7HUNRQLWVWDKOGHUPROHNXODUYHUlQGHUW ZXUGH© .ULVWDOOIHOG,QWHQVLYLHUXQJ ZDU HLQ 9HUIDKUHQ GDV DXFK EHL 7HUUDQHUQ XQG DQGHUHQ 5DVVHQ GHU KHLPDWOLFKHQ *DOD[LV EHNDQQW ZDU 0DQ ZDQGWH HV DQ XP KRFKZHUWLJHV 0HWDOOSODVWLN JHJHQ .RUURVLRQVHLQIOVVHYHUELQGXQJVDNWLYHU*LIWDWPRVSKlUHYRQ6WW]SXQNWZHOWHQ]XVFKW]HQ$XHUGHP GLHQWHHVLQEHVFKUlQNWHP8PIDQJDOV6FKXW]YRU'HVLQWHJUDWRUEHVFKX*U|HUHU9HUZHQGXQJZDUHQ MHGRFK *UHQ]HQ JHVHW]W ZHLO .ULVWDOOIHOG,QWHQVLYLHUXQJ NDXP YRUVWHOOEDUH (QHUJLHPHQJHQ YHUVFKODQJ -HGHU DQ %RUG GHU 6-7 NRQQWH GXUFK HLQH 2EHUVFKODJVUHFKQXQJ ]X HLQHU 9RUVWHOOXQJ YRQ GHP (QHUJLHDXIZDQG NRPPHQ GHQ GHU *HJQHU WULHE 8P GLH +OOH HLQHV SODQHWHQJURHQ 5DXPVFKLIIHVPLWGLHVHP6FKXW]]XYHUVHKHQZDUHQ7ULOOLRQHQYRQ*LJDZDWWSUR6HNXQGHQ|WLJ'LH 7HFKQLN GHU )UHPGHQ PXWH 9HUIDKUHQ GHU (QHUJLHHU]HXJXQJ NHQQHQ GLH GLH )XVLRQVSUR]HVVH LQQHUKDOEHLQHU6RQQH]XHLQHPOlFKHUOLFKSULPLWLYHQ9HUEUHQQXQJVYRUJDQJGHJUDGLHUWHQ
8QGPLWHLQHPVROFKHQ*HJQHUZROOWHQVLHHVDXIQHKPHQ]HKQ0HQVFKHQXQGHLQZLQ]LJHVGUHLLJ 0HWHUGXUFKPHVVHQGHV5DXPVFKLII ª:LU OHEHQ QXU QRFK ZHLO VLH XQV QLFKW JHVHKHQ KDEHQ© NRPPHQWLHUWH YDQ 'UHHVHQ GLH 0HHUJHEQLVVH ª,FKGHQNH©VDJWH)UDQFRLVªVLHKDEHQXQVOlQJVWJHVHKHQ$EHUZUGHQZLUHLQHU)OLHJH%HDFKWXQJ VFKHQNHQGLH]XP$QJULIIDXIXQVHUH6SDFH-HWDQVHW]W"©3HUU\5KRGDQODFKWHKXPRUORV ª6LH KDEHQ HV JHQDX JHWURIIHQ 0LVWHU 3HWLW (V ZlUH XQZDKUVFKHLQOLFK ZHQQ ZLU DQQlKPHQ GLH )UHPGHQKlWWHQXQVQRFKQLFKWHQWGHFNW9LHOZDKUVFKHLQOLFKHULVWGDVLHLQXQVNHLQH*HIDKUVHKHQ :HQQ PDQ DXHUGHP EHGHQNW ZLH VWDUN VLH VLFK DXI GLH $NWLRQ JHJHQ GHQ 6XFKHU NRQ]HQWULHUHQ PVVHQVRLVWGHU6FKOXHLQIDFK6LHKDOWHQXQVIUKDUPORVIROJOLFKYHUVFKZHQGHQVLHLKUHNRVWEDUH =HLWQLFKWDQXQV© ª*HQDXGDVPHOGHQ$QQDXQG:XUJK6LU©EHVWlWLJWH-RKQ0DUVKDOOª6LHKDEHQGDVZDV6LHVDJWHQ LQGHQ*HGDQNHQHLQHVGHU:HVHQHUNDQQW© 5DV 7VFKXEDL HUKRE VLFK XQG OlFKHOWH PDVNHQKDIW ª:HQQ VLH LKUH 7lXVFKXQJ EHPHUNHQ ZLUG HV ]X VSlWIUVLHVHLQ.|QQHQZLUQRFK]HKQ0LOOLRQHQ.LORPHWHUKHUDQJHKHQ",FKP|FKWHVLFKHUVHLQGLH (QWIHUQXQJZLUNOLFKLQHLQHP6SUXQJ]XEHUEUFNHQ© ,VDEHOODVDK5KRGDQIUDJHQGDQ'HU*URDGPLQLVWUDWRUQLFNWHEHVWlWLJHQG 'LH6-7HUK|KWHLKUH*HVFKZLQGLJNHLWZLHGHUXQGMDJWHDXIGLHJHZDOWLJH.XJHO]X 6HOEVWLQGHU1RUPDORSWLNZDUVLHEHUHLWVDOVKHOOHU/LFKWIOHFNDXV]XPDFKHQ 5DV 7VFKXEDL ZDUWHWH JHGXOGLJ ELV 3HUU\ 5KRGDQ GLH QHXH (LQVWHOOXQJ GHU $UNRQ%RPEH PLW GHU %RUGSRVLWURQLN HUUHFKQHW KDWWH $UNRQ%RPEHQ HU]HXJWHQ EHL 1RUPDOHLQVWHOOXQJ HLQHQ XQO|VFKEDUHQ $WRPEUDQG IU (OHPHQWH EHU GHU 2UGQXQJV]DKO ]HKQ 9RUDXVVLFKWOLFK KlWWH GDV JHQJW XP GDV 6LOEHUVFKLII LQ HLQH 6RQQH ]X YHUZDQGHOQ $EHU 5KRGDQ ZROOWH JDQ] VLFKHUJHKHQ :HQQ GHU *HJQHU WHFKQLVFK VR EHUOHJHQ ZDU ZLH HV GLH .ULVWDOOIHOG,QWHQVLYLHUXQJ GHU 6FKLIIVKOOH YHUPXWHQ OLH NDQQWHHUYLHOOHLFKW0LWWHOXQG:HJHGHQ$WRPEUDQGLQHLQ,VROLHUIHOG]XKOOHQXQGHLQ]XGlPPHQ 'HVKDOEVROOWHGLH$UNRQ%RPEHVRYLHOZLHP|JOLFKGHUEHNDQQWHQ(OHPHQWHDQJUHLIHQXQG]QGHQ (QGOLFKODJHQGLHQHXHQ(LQVWHOOXQJHQYRU6LHZDUHQHLQPDOLJJHQDXVRHLQPDOLJZLHGHU(LQVDW]GHU 5DV 7VFKXEDL EHYRUVWDQG (V HUZLHV VLFK DOV QDKH]X XQP|JOLFK GLH HUUHFKQHWHQ (LQVWHOOXQJHQ SUDNWLVFKYRU]XQHKPHQ3HUU\5KRGDQXQG5DV7VFKXEDLJHODQJWHQEDOGDXIHLQHQWRWHQ3XQNW(UVWDOV 6DPXHO3HFNHLQJULIINRQQWHQGLH.RPELQDWLRQHQGHU=QGZLUNXQJNRRUGLQLHUWZHUGHQ 5KRGDQZLVFKWHVLFKGHQ6FKZHLDXVGHU6WLUQXQGVDJWHPLWHLQHPDQHUNHQQHQGHQ%OLFNDXI6DP ª,FK ZHWWH 6LH KlWWHQ GLH JDQ]H $UEHLW DOOHLQ JHVFKDIIW XQG LQ GHU KDOEHQ =HLW (LQ 0DQQ ZLH 6LH ZlUHGHULGHDOH/HLWHUGHV5HFKHQ]HQWUXPVGHU$EZHKU:LHLVWHVGDPLW"© 6DPXHO3HFNEOLQ]HOWHDOVKlWWHQLKQ5KRGDQV:RUWHLQ9HUOHJHQKHLWJHEUDFKW ª6LU© VDJWH HU EHVFKHLGHQ ªLFK P|FKWH 6LH ELWWHQ VR HWZDV QLHPDOV 6RODUPDUVFKDOO 0HUFDQW JHJHQEHU]XHUZlKQHQ,FKELQIURKGDHUPLFKGDPDOVIUHLJHJHEHQKDWXQGP|FKWHQLFKWPLWQHXHQ $QJHERWHQEHVWUPWZHUGHQ© ª'DVZDV6LHLKPDQELHWHQZROOWHQZDUGHUJXWH6DPEHUHLWV©HUOlXWHUWH$LVVDVFKPXQ]HOQG ª2K'DVKDEHLFKVFKRQEHJULIIHQ©HUZLGHUWH5KRGDQª:HQQLFKHUVWDXQWGUHLQVDKVRQXUZHJHQ 3HFNV2SWLPLVPXV© ª:LHVR©EHJDQQ6DP 3HUU\5KRGDQODFKWH ª1XQ LQ XQVHUHU /DJH GDUXP ]X ELWWHQ LFK P|FKWH 0HUFDQW QLFKWV EHU 6LH YHUUDWHQ LVW HWZD GHU *LSIHOYRQDOOHPZDVLFKDQ2SWLPLVPXVELVKHUHUOHEWH© ª9LHOOHLFKWKDWHUQXUJHGDQNHQORVGDKHUJHUHGHW©EHPHUNWHYDQ'UHHVHQEODVLHUW ª6RZLH6LHHWZDMHW]WZLH"©NRQWHUWH6DPXQGIXKUEHWRQWKDUPORVIRUWª:LHODQJHVLQG6LHGHQQ VFKRQEHLGHU*DODNWLVFKHQ$EZHKU/HXWQDQW"© ª(WZDDFKW-DKUH© 6DPXHO3HFNQLFNWHJULQVHQG ª8QG6LHOHEHQLPPHUQRFKZDV"1XQVWHOOHQ6LHVLFKHLQPDOYRU6LH*UQVFKQDEHOZDVJHVFKHKHQ ZlUH KlWWH LFK PHLQH $XIJDEHQ LP 5HFKHQ]HQWUXP PLW VR ZHQLJ +LUQ JHO|VW ZLH 6LH "© ,KUH .QRFKHQ ZUGHQ OlQJVW LUJHQGZR YHUIDXOHQ ZDV DOOHUGLQJV NHLQ JURHU 9HUOXVW IU GLH 0HQVFKKHLW VHLQGUIWH© ª0|JOLFK©JDEYDQ'UHHVHQXQJHUKUW]Xª$EHUGDQQPWHQ6LHMHW]WRKQHPLFKPLWGHQ)UHPGHQ IHUWLJZHUGHQ© 6DPEUDFKLQKRPHULVFKHV*HOlFKWHUDXV'RFKGDQQEUDFKHUDEEOLFNWHGHQ/HXWQDQWYHUEOIIWDQXQG
]ZLQNHUWH LKP VFKOLHOLFK YHUV|KQOLFK ]X (U KDWWH PLW GHP ,QVWLQNW GHV HKHPDOLJHQ $EZHKUPDQQHV KHUDXVJHIXQGHQGDYDQ'UHHVHQVVFKHLQEDUH%ODVLHUWKHLWQXU0DVNHZDU ª)HUWLJ©PHOGHWH,VDEHOOD0RQWDUXKLJª5HODWLY]XP6LOEHUVFKLIIKlQJHQZLUXQEHZHJOLFKLP5DXP 'LH(QWIHUQXQJEHWUlJWQXUQRFKHLQH0LOOLRQ.LORPHWHU© $LVVDZDUIHLQHQ%OLFNDXIGHQ%LOGVFKLUP'LHVLOEHUQH.XJHOHUVFKLHQQXQDXFKLQGHU1RUPDORSWLN VRJURZLHHWZDGHU9ROOPRQGYRQGHU(UGHDXV6LHZlUHDOOHUGLQJVXQVLFKWEDUJHZHVHQZHQQGHU VLOEHUQH6FKLPPHUQLFKWYRQLQQHQKHUDXVJHNRPPHQZlUH$XFKGDVZDUHLQWHFKQLVFKHV 5lWVHOIU GLH0HQVFKHQ$EHUHVlQGHUWHQLFKWVDPIHVWJHOHJWHQ(LQVDW]SODQ -RKQ 0DUVKDOO VROOWH $QQD XQG :XUJK EHULFKWHQ VLH P|FKWHQ VLFK DXV GHP DQGHUHQ 6FKLII LQ GHQ 5DXP]XUFN]LHKHQ$XFKJHLVWLJH:HVHQKHLWHQNRQQWHQP|JOLFKHUZHLVH6FKDGHQHUOHLGHQZHQQHLQ SODQHWHQJURHV 5DXPVFKLII ]XU 1RYD ZXUGH $QQD XQG :XUJK VROOWHQ MHGRFK QLFKW ]XU 6SDFH-HW NRPPHQ REZRKO LKQHQ GDV P|JOLFK JHZHVHQ ZlUH (V EHVWDQG GLH *HIDKU GD GLH -HW GXUFK HLQH $EZHKUUHDNWLRQGHU)UHPGHQYHUQLFKWHWZXUGH 'DQDFKZUGH7VFKXEDLVSULQJHQ 1DFKVHLQHU5FNNHKUZROOWHQVLHPLWGHU-HWIOLHKHQXQGVLFKVRZHLWZLHP|JOLFKYRQGHU6LOEHUNXJHO HQWIHUQHQ6LHPXWHQ/LFKWJHVFKZLQGLJNHLWHUUHLFKHQEHYRUGLHJHVDPWH6LOEHUNXJHOYRPDWRPDUHQ 9HUVFKPHO]XQJVSUR]HHUIDWZRUGHQZDU$QGHUQIDOOVZUGHGLH6WUDKOXQJGLH6SDFH-HWYHUEUHQQHQ 'DV XQG GLH =HLW ZlKUHQG GHU 7VFKXEDL VLFK DP =LHO RULHQWLHUWH ZUGHQ GLH NULWLVFKVWHQ $XJHQEOLFNHVHLQ 3HUU\5KRGDQHUKREVLFKXQGVWHOOWHVLFKQHEHQ7VFKXEDL'HU$IUR7HUUDQHUVWDQGVHLWOLFKQHEHQGHP 3RGHVW IU GLH 6LW]H GHU =HQWUDOH%HVDW]XQJ XQG KLHOW GLH JHIlKUOLFKH %RPEH PLW EHLGHQ +lQGHQ XPIDW(UKDWWHVHLQHQ'UXFNKHOPEHUHLWVJHVFKORVVHQ5KRGDQVFKDOWHWHVHLQHQ+HOPIXQNHLQOHJWH 7VFKXEDLGLH+DQGDXIGLH6FKXOWHUXQGVDJWH ª0DFKHQ 6LH ,KUH 6DFKH JXW PHLQ /LHEHU ,FK GUFNH GLH 'DXPHQ XQG ZQVFKH ,KQHQ +DOV XQG %HLQEUXFK©(UKROWHWLHI/XIWª8QGQXQORV© 'RUWZRHEHQQRFKGHU7HOHSRUWHUXQGGLH%RPEHJHVWDQGHQKDWWHQVWU]WHGLH/XIWJUROOHQGLQGDV HQWVWDQGHQH9DNXXP 8QGLPVHOEHQ$XJHQEOLFNZXUGHGLH6-7YRQHLQHPIOLPPHUQGHQ1HEHOVWUDKOHUIDW
5DV7VFKXEDLKDWWHVLFKQDFK-RKQ0DUVKDOOV$QJDEHQDXIGHQ5DXPNRQ]HQWULHUWLQGHPVLFK$QQD XQG:XUJK]XHUVWEHIXQGHQKDWWHQ $OVHUPDWHULDOLVLHUWHZDUHVYROONRPPHQGXQNHO(UHQWVDQQVLFKGDJHLVWLJH:HVHQKHLWHQQLFKWDXI HLQH%HOHXFKWXQJDQJHZLHVHQZDUHQ$QQDXQG:XUJKKDWWHQHLQIDFKQLFKWGDUDQJHGDFKW 0DUVKDOO DXIGLHVH%HVRQGHUKHLWGHV2UWHVKLQ]XZHLVHQ 7VFKXEDL VFKDOWHWH VHLQH +HOPODPSH DQ (U VDK HLQH )OOH XQEHNDQQWHU $JJUHJDWH DQ GHQ :lQGHQ 9RQ LUJHQGZRKHU NDP EHVWlQGLJHV 'U|KQHQ (UVWDXQW VWHOOWH GHU 7HOHSRUWHU IHVW GD HV HLQH 6DXHUVWRIIDWPRVSKlUHJDEGLHGHU7HUUDVIDVWY|OOLJJOLFK (U KlWWH GLH %RPEH ]QGHQ XQG ]XU 6SDFH-HW ]XUFNNHKUHQ N|QQHQ (LQ XQEHVWLPPWHV *HIKO KLHOW LKQGDYRQDE6RZLH$QQDXQG:XUJKGLH'XQNHOKHLWGLHVHV5DXPHVQLFKWEHPHUNWKlWWHQNRQQWHQ LKQHQ DXFK %HREDFKWXQJVDQODJHQ HQWJDQJHQ VHLQ :DV ZHQQ GLH *HJQHU LKQ OlQJVW HQWGHFNW KDWWHQ XQG GLH %RPEH VRIRUW QDFK VHLQHP 9HUVFKZLQGHQ DXV GHP 6FKLII EUDFKWHQ" 'LH WHFKQLVFKHQ 0LWWHO GD]XWUDXWHHULKQHQ]X (UPXWHGLH%RPEHZHLWHULP,QQHUQGHU6LOEHUNXJHOGHSRQLHUHQQLFKWLQHLQHPGHU$XHQUlXPH-H ZHLWHULP0LWWHOSXQNWHUGLH9HUQLFKWXQJVZDIIHDEVHW]WHGHVWRVFKZLHULJHUPWHHLQ+LQDXVVFKDIIHQ VHLQDXFKIUHLQHEHUOHJHQH7HFKQLN .XU]HQWVFKORVVHQWHOHSRUWLHUWHHUQRFKHLQPDO (U PDWHULDOLVLHUWH LQ HLQHU NXJHOI|UPLJHQ .DPPHU XQG NRQQWH QXU PLW JU|WHU $QVWUHQJXQJ HLQHQ 6WXU] YHUKLQGHUQ .QLHQG XPNODPPHUWH HU GLH $UNRQ%RPEH 6HLQH +HOPODPSH ZDU QRFK LPPHU HLQJHVFKDOWHWHUNRQQWHGLH8PJHEXQJJXWHUNHQQHQ 'HUNXJHOI|UPLJH5DXPGXUFKPDHWZDYLHU0HWHUVHLQH,QQHQZDQGXQJZDUY|OOLJJODWW:HGHUHLQH 7U QRFK GLH 6FKDFKWYHUNOHLGXQJ HLQHU /XIWHUQHXHUXQJVDQODJH ZDUHQ ]X VHKHQ 7VFKXEDL ZDUI HLQHQ NXU]HQ %OLFN DXI GHQ $QDO\VDWRU DQ VHLQHP +DQGJHOHQN XQG SILII GXUFK GLH =lKQH 'HU 5DXP ZDU OXIWOHHU 'HU7HOHSRUWHUEHUOHJWH:HQQHUVHLQHQOHW]WHQ6SUXQJULFKWLJNDONXOLHUWKDWWHPXWHHUVLFKHWZDLP
=HQWUXPGHU6LOEHUNXJHOEHILQGHQ(VZDU=HLWGLH%RPEH]X]QGHQXQGZLHGHU]XYHUVFKZLQGHQ 'HQQRFK]|JHUWHHUQRFK (V HUVFKLHQ XQZDKUVFKHLQOLFK GD HLQ 5DXP Y|OOLJ RKQH =XJDQJ XQG $QVFKOX DQ GLH /XIW XQG /LFKWDQODJHGHV6FKLIIHVVHLQVROOWH'RFKZHQQHVVRZDUGDQQJDEHVHLQHQ*UXQGGDIU7VFKXEDL ]DXGHUWHVHLQH$XIJDEH]XEHHQGHQEHYRUHUGLHVHQ*UXQGNDQQWH(VKLQJ]XYLHOYRPSODQPlLJHQ 9HUODXIGHU$NWLRQDE (U OHJWH GLH %RPEH QLHGHU XQG YHUVXFKWH VLFK DQ GHU QDFK DXHQ JHERJHQHQ :DQG DXI]XULFKWHQ 'DEHLPDFKWHHUHLQHVHOWVDPH(QWGHFNXQJ(UKDWWHJHJODXEWQDFKVHLQHU:LHGHUYHUVWRIIOLFKXQJQDFK ªXQWHQ©JHIDOOHQ]XVHLQGRUWKLQZRKLQGHU=XJGHUNQVWOLFKHQ6FKZHUNUDIWZLUNWH-HW]WDEHUPXWH HUVLFKHLQHVDQGHUHQEHOHKUHQODVVHQ(UNRQQWHGLH:DQGªKLQDXINULHFKHQ©1RFKPHKU$XFKZHQQ HU VLFK DXIULFKWHWH YHUPRFKWH HU GLH :DQG KLQDXI]XJHKHQ (U OLHI HLQPDO XP GLH :DQGXQJ GDQQ ZXWHHU%HVFKHLG 'LHNQVWOLFKH6FKZHUNUDIWZLUNWHJOHLFKPlLJQDFKDXHQ 7KHRUHWLVFK ZDU GDV XQP|JOLFK 0LW HQWVSUHFKHQGHP WHFKQLVFKHP $XIZDQG XQG JHQJHQG (QHUJLH NRQQWHHLQVROFKHU(IIHNWMHGRFKHU]HXJWZHUGHQ1XUVREHUOHJWH7VFKXEDLZUGHGDVQLHPDQGRKQH JXWH*UQGHWXQ'LHVHU5DXPPXWHLQQHUKDOEGHU6LOEHUNXJHOHLQHEHVRQGHUH%HGHXWXQJKDEHQ 3O|W]OLFKIXKU5DVPLWHLQHPHQWVHW]WHQ6FKUHLKHUXP -HPDQGKDWWH]XLKPJHVSURFKHQ-HPDQGKDWWHJHVDJW 'XKDVWUHFKW /DQJMlKULJH6FKXOXQJXQG(UIDKUXQJOLHHQGHQ7HOHSRUWHUGLH 6LQQHVWlXVFKXQJHUNHQQHQ1LHPDQG KDWWHJHVSURFKHQ'LH:RUWHZDUHQGLUHNWLQVHLQHP%HZXWVHLQDXIJHWDXFKWVRDOVKlWWHHUVLHVHOEVW JHGDFKW5DVZXWHZDVGDVKLH-HPDQGEHQXW]WHK\SQRVXJJHVWLYH.UlIWHXPVLFKYHUVWlQGOLFK]X PDFKHQ ª:HU ELVW GX"© IUDJWH 7VFKXEDL (U KRIIWH GHU DQGHUH P|FKWH DXFK EHU WHOHSDWKLVFKH )lKLJNHLWHQ YHUIJHQGDPLWHUVHLQH*HGDQNHQOHVHQNRQQWH5DVVSUDFKVLHQXUGHVKDOE]XVlW]OLFKODXWDXVGDPLW VLHDXVVHLQHQDQGHUHQ*HGDQNHQNODUKHUDXVUDJWHQ 6HLQH+RIIQXQJHUIOOWHVLFK ,FKELQQXUHLQ7HLOPHLQHV*DQ]HQ$EHUGDVLVWXQZLFKWLJGHQQLFKZHUGHEDOGQLFKWPHKUVHLQ ª:LHPHLQVWGXGDV"©IUDJWH5DVXQGDKQWHGRFKVFKRQZLHGLH$QWZRUWDXVIDOOHQZUGH 'DV ZDV GX HLQH %RPEH QHQQVW ZLUG PLFK YHUQLFKWHQ VREDOG VHLQH (QHUJLH IUHL ZLUG $EHU NHLQH 6RUJH,FKYHUUDWHPHLQHQ!+HUUHQQLFKWVGDYRQ6LHZUGHQHVZRP|JOLFKYHUKLQGHUQ 5DV7VFKXEDLKDWWHGDV*HIKODOVIO|VVH(LVZDVVHUVWDWW%OXWGXUFKVHLQH$GHUQ'DV)UHPGHZXWH ZDV HU YRUKDWWH 0HQVFKOLFKHP *HLVW HUVFKLHQ HV XQGHQNEDU GD HLQ :HVHQ VHLQH 5HWWXQJ IUFKWHWH XQGQLFKWVHLQHQ7RG ,FK HUOHLGH 6FKOLPPHUHV DOV GHQ 7RG QLVWHWH VLFK HLQ QHXHU *HGDQNH LQ VHLQHP +LUQ HLQ 'LH !+HUUHQKDEHQPLFKYRQPHLQHP*DQ]HQJHO|VWXQGDNWLYLHUHQPHLQ6HLQQXUGXUFK=HOOYLEUDWRUHQ (LJHQWOLFKH[LVWLHUWYRQPLUQXUQRFKGHU6FKPHU]XQGDXFKGHUJHK|UWQLFKWPHKUPLUDOOHLQ0HLQH 6FKPHU]DXVVWUDKOXQJHQZHUGHQYHUVWlUNWXQGJHEQGHOWXQGGLHQHQ]XU8QWHUZHUIXQJDQGHUHU:HVHQ 'HU7RGZlUHPLU(UO|VXQJ 5DVYHUQDKPGLH:RUWHXQGVLHVWU]WHQLKQLQHLQHQ=ZLHVSDOWGHU*HIKOH'LH6LOEHUNXJHOPXWH YHUQLFKWHW ZHUGHQ $EHU UHFKWIHUWLJWH GDV GLH 9HUQLFKWXQJ HLQHV RIIHQEDU KDUPORVHQ :HVHQV" $XFK GDQQ ZHQQ GLHVHV :HVHQ VHLQHQ HLJHQHQ 7RG KHUEHLVHKQWH GXUIWH HU 5DV GLHVHQ :XQVFK DOV 5HFKWIHUWLJXQJDQVHKHQ" ª1HLQ©VDJWH5DV7VFKXEDLOHLVHDEHUEHVWLPPWª1LHPDQGKDWGDV5HFKWHLQ:HVHQ]XW|WHQGDV LKQ QLFKW EHGURKW 6HOEVW ZHQQ GX HV ZQVFKVW LFK GDUI HV QLFKW WXQ (V PX HLQHQ DQGHUHQ :HJ JHEHQGLH!+HUUHQZLHGXVLHQHQQVWDXV]XVFKDOWHQ© (V JLEW NHLQHQ DQGHUHQ :HJ GX 1DUU'HU IUHPGH *HGDQNH ERKUWH VLFK ZLH HLQ JOKHQGHV (LVHQ LQ 7VFKXEDLV *HKLUQ 8QG GX PXW GLFK EHHLOHQ 'LH !+HUUHQ KDEHQ 9HUGDFKW JHVFK|SIW 6LH ULFKWHQ GHQ6WUDKOHLQHV3DUDSURMHNWRUVDXIGDV5DXPVFKLIIDXVGHPGXNRPPVW ª1HLQ©ULHI5DVYROOHU5DWORVLJNHLWXQGLQ*HZLVVHQVTXDO 'D JULII GDV VHOWVDPH :HVHQ VWlUNHU ]X (V VHW]WH VHLQH 3DUDNUlIWH HLQ 8QWHU K\SQRVXJJHVWLYHP =ZDQJWDXPHOWH5DV7VFKXEDLDXIGLH%RPEH]XXQGSUHWHGHQ'DXPHQDXIGHQ=QGNQRSI ,QYLHU6HNXQGHQZUGHVLFKGHUKHLH7RGXQDXIKDOWVDPQDFKDOOHQ6HLWHQDXVEUHLWHQ 7VFKXEDLNRQ]HQWULHUWHVLFKDXIGLH6SDFH-HWXQGHQWPDWHULDOLVLHUWH (UIDQGVLFKLQHLQHP0HHUGHV6FKPHU]HVZLHGHU
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lKUHQG HU VHOEVW ]XP 6WHXHUSXOW OLHI (U ZXWH GD VLH IOLHKHQ PXWHQ 'RFK HU NDP QLFKW HLQPDO VR ZHLW ZLH 5KRGDQ 'HU 6FKPHU] MDJWH GXUFK VHLQHQ .|USHU 6FKUHLHQG EUDFKHU]XVDPPHQVWROSHUWHEHU6DPV.|USHUXQGZlO]WHVLFKKLOIORVDP%RGHQ 'HU 5RERWHU %HQ VWDQG UDWORV GDEHL XQG EOLFNWH YRQ HLQHP ]XP lQGHUQ ,Q VHLQHP SRVLWURQLVFKHQ *HKLUQ MDJWHQ VLFK GLH OLFKWVFKQHOOHQ ,PSXOVH ZXUGHQ *HGlFKWQLVVWUXNWXUHQ ªDEJHIUDJW© 9RUVWHOOXQJHQDVVR]LLHUWXQG6FKOVVHJH]RJHQ 'HU IOLPPHUQGH 1HEHO VR HUNDQQWH %HQ ZDU GLH 8UVDFKH GHU $QIlOOH YRQ GHQHQ GLH 0HQVFKHQ EHWURIIHQ ZXUGHQ 'LH 6FKUHLH XQG =XFNXQJHQ GHXWHWHQ DXI VWDUNH SK\VLVFKH 6FKPHU]HQ KLQ 'RFK RIIHQEDU ZDU GHU 1HEHO LPPDWHULHOO VRQVW KlWWH HU GHQ 6FKXW]VFKLUP XQG GLH 6FKLIIVZDQGXQJ QLFKW GXUFKGULQJHQN|QQHQ,PDWHULHOOHVHU]HXJWDEHUNHLQHQSK\VLVFKHQ6FKPHU]MHGHQIDOOVQLFKWGLUHNW(V NRQQWHK|FKVWHQVEHUGHQ*HLVWXQGGLH1HUYHQEDKQHQLQGLUHNWDXIGHQ.|USHUHLQZLUNHQ)ROJOLFK PXWHGHU6FKPHU]QDFKODVVHQVREDOGGLH4XHOOHDXVJHVFKDOWHWZDU (WZDVbKQOLFKHVQlPOLFKJHLVWLJH%HHLQIOXVVXQJKDWWH%HQVFKRQDXI1LJKWPDUHHUOHEW$EHUGRUW ZDUHQ GLH 880 VHOEVW DQZHVHQG JHZHVHQ HU KDWWH VHLQH +HUUHQ EHIUHLW LQGHP HU GLH +\SHUZHVHQ YHUQLFKWHWHRGHULQGLH)OXFKWVFKOXJ$EHUKLHUZRZDUKLHUGLH4XHOOHGHVhEHOV" 'LHVH hEHUOHJXQJHQ KDWWHQ GLH XQJHZ|KQOLFK ODQJH =HLW YRQ YLHU 6HNXQGHQ EHDQVSUXFKW 'DQDFK ZXWHGHU5RERWHUZDVHU]XWXQKDWWH (UZDUPLWHLQHPHLQ]LJHQ6SUXQJYRUGHP3LORWHQSXOW.UDFKHQGVFKOXJHQVHLQH)HDXIGHQ%RGHQ 0LWHLQHP5XFNKDWWHHUGHQ6HVVHO,VDEHOODVVRJHGUHKWGDGLH3LORWLQLKPQLFKWPHKULP:HJZDU 6FKRQZROOWHHUGLH7ULHEZHUNHDNWLYLHUHQXQGGLH6SDFH-HWQDFKREHQUHLHQDOVLKP5DV7VFKXEDL HLQILHO 7VFKXEDLZDU]XU6LOEHUNXJHOWHOHSRUWLHUW(UZUGHQLFKWDQHLQHEHOLHELJH6WHOOHWHOHSRUWLHUHQZHQQ HU]XUFNNHKUWH(UPXWHGLH-HWILQGHQVRQVWZDUHUYHUORUHQ )ROJOLFKGXUIWHVLFKGDV5DXPVFKLIIQLFKWYRQVHLQHP3ODW]EHZHJHQ %HQ ZDQGWH VLFK XP XQG EHREDFKWHWH ZLHGHU GLH 0HQVFKHQ 6LH ZDQGHQ VLFK QRFK LPPHU LQ JUlOLFKHQ .UlPSIHQ DEHU QLFKWV GHXWHWH GDUDXI KLQ GD LKU /HEHQ VFKRQ MHW]W EHGURKW ZDU 6LH ZUGHQZDUWHQPVVHQ)UHLQHQ5RERWHUZDUGDVHLQHHLQIDFKH5HFKQXQJ:HQQHUDOOH0HQVFKHQ UHWWHQNRQQWHZUGHHUZDUWHQELVHUGLHVH0|JOLFKNHLWUHDOLVLHUHQNRQQWH'LHDQGHUHQPXWHQHEHQ VRODQJH OHLGHQ 1XU ZHQQ GLH DQZHVHQGHQ QHXQ 0HQVFKHQ XQPLWWHOEDU LQ /HEHQVJHIDKU VFKZHEWHQ KlWWHHUGHQHLQHQJHRSIHUW *HQDXVHFKV0LQXWHQYHUJLQJHQ :lKUHQGGHUOHW]WHQ0LQXWHZDUHQGLH0HQVFKHQPHUNZUGLJVWLOOJHZRUGHQ6LHZLPPHUWHQQXUQRFK OHLVHDEHUVLHEHJDQQHQDOOPlKOLFKVLFKZLHGHUIULKUH8PJHEXQJ]XLQWHUHVVLHUHQ1XUJHILHOHQGHP 5RERWHU LKUH %OLFNH QLFKW 0HQVFKHQ PLW GHUDUWLJ VWXPSI JORW]HQGHQ $XJHQ XQG DEJHKDFNWHQ %HZHJXQJHQ ZDUHQ QLFKW PHKU +HUU LKUHV 9HUVWDQGHV %HQ EHJULII GLH *HIDKU (U ]RJ VHLQHQ 6FKRFNEODVWHUXQGZDUWHWH:HUVLFKGHQ.RQWUROOHQQlKHUWHZUGHJHVFKRFNWZHUGHQ 8QGHQGOLFKQDFK$EODXIGHUVHFKVWHQ0LQXWHWDXFKWH5DV7VFKXEDLZLHGHUDXI %HQNPPHUWHVLFKQLFKWGDUXPGDGHU7HOHSRUWHULPVHOEHQ$XJHQEOLFNVFKUHLHQG]XVDPPHQEUDFK (UVFKDOWHWH'LH7ULHEZHUNHU|KUWHQRKUHQEHWlXEHQG(LQKHIWLJHU5XFNIXKUGXUFKGLH6SDFH-HWDOV %HQGHQ6FKXEKHEHOELV]XP$QVFKODJYRUVWLH ,P QlFKVWHQ $XJHQEOLFN ZXUGH GLH -HW QRFK PHKU GXUFKJHUWWHOW %HQ KDWWH GHQ 6FKXEKHEHO ZLHGHU ]XUFNJH]RJHQXQGEUHPVWHGLHHUUHLFKWH)DKUWDE *UXQG GDIU ZDUHQ GLH 7DXVHQGH XQG DEHU 7DXVHQGH GLVNXVI|UPLJHU VFKLPPHUQGHU *HELOGH GLH VFKHLQEDUDXVGHP1LFKWVHUVFKLHQHQXQGGHQ$XVEOLFNDXIGLH6LOEHUNXJHOYHUGHFNWHQ%HQHU|IIQHWH GDV)HXHUDXVGHPYRUGHUHQ,PSXOVJHVFKW]
$LVVDV %HZXWVHLQ WDXFKWH DXV HLQHP $EJUXQG DXI LQ GHQ HV YRQ HWZDV DQGHUHP 6FKUHFNOLFKHQ YHUGUlQJWZRUGHQZDU ,Q (UZDUWXQJ GHU QlFKVWHQ 6FKPHU]ZHOOH EL HUGLH=lKQH ]XVDPPHQ 'RFK GHU 6FKPHU] EOLHE DXV 1XUGLH(UVFK|SIXQJILHOI|UPOLFKEHULKQKHU $LVVD ZHKUWH VLFK PLW DOOHQ .UlIWHQ GDJHJHQ GLH LKP QRFK YHUEOLHEHQ ZDUHQ (V JHODQJ LKP GLH $XJHQ RIIHQ]XKDOWHQ 0KVDP ULFKWHWH HU VLFK DXI XQG WDXPHOWH JHJHQ GDV 3RGHVW GHU 6WHXHUVHVVHO 6HLQH .QLH ZROOWHQ QDFKJHEHQ (U EL GLH =lKQH ]XVDPPHQ XQG JULII QDFK GHU 'UHKVWW]H GHV QlFKVWHQ6HVVHOV0LOOLPHWHUZHLVH]RJHUVLFKKRFK (LQHODXWH6WLPPHOLHLKQ]XVDPPHQ]XFNHQ,PQlFKVWHQ$XJHQEOLFNZDUHUZLHGHU]XUFNJHUXWVFKW bUJHUOLFKZDQGWHHUVLFKXP %HQZDUEHUHLWVGDXQGJULIILKPKLOIUHLFKXQWHUGLH$UPH ª6LHGUIHQVLFKMHW]WQLFKWDQVWUHQJHQ6LU2IIHQEDUVLQG6LHSK\VLVFKXQGSV\FKLVFKVWDUNHUVFK|SIW ,FKEULQJH6LHLQ,KUH.DELQH© ª=XHUVWGLH)UDX©ODOOWH$LVVD ª2EHUOHXWQDQW0RQWDLVWEHUHLWVYHUVRUJW6LU©HUZLGHUWH%HQ ª'DQQYHUVRUJHMHW]WGHQ*URDGPLQLVWUDWRU© 'RFK %HQV 5RERWJHVHW]H NDQQWHQ NHLQH 5DQJXQWHUVFKLHGH MHGHQIDOOV QLFKW KLQVLFKWOLFK GHU +LOIHOHLVWXQJ(UDQWZRUWHWHVHLQHP+HUUQQLFKWVRQGHUQOHJWHLKQVLFKEHUGLH6FKXOWHUXQGWUXJLKQ LQHLQH.DELQH ª(VLVWDOOHVLQ2UGQXQJ6LU©HUNOlUWHHUGD]Xª6LHPVVHQVLFKMHW]WHUKROHQ© $LVVDEUDFKWHQXUHLQHQ6HXI]HU]XZHJHGDQQVFKOLHIHUHLQ $OVHUHUZDFKWHIKOWHHUVLFKEHVVHU(UVHW]WHVLFKDXIVWUHFNWHGLH=HKHQDXVGHP%HWWXQGJUEHOWH QDFK5DV7VFKXEDLV$XIWUDJILHOLKPHLQGLHGURKHQGH6LOEHUNXJHOYRQGHU*U|HHLQHV3ODQHWHQGHU 1HEHOXQGGHU6FKPHU](UHQWVDQQVLFKDXFK%HQV%HPHUNXQJHVZlUHDOOHVLQ2UGQXQJ ª1LFKWVLVWLQ2UGQXQJ©EUXPPWHHUXQGVSUDQJDXI ,QGHU0HLQXQJGDDOOHDQGHUHQQRFKVFKOLHIHQVFKOLFKHULP'XQNHOQDXVGHU.DELQH(UZDUQRFK ]LHPOLFK EHQRPPHQ 1XU GDUXP EHUVDK HU GLH EHLGHQ *HVWDOWHQ GLH XQPLWWHOEDU QHEHQ GHP /LIWHLQVWLHJVWDQGHQ(VJDEHLQHQ]LHPOLFKKHIWLJHQ$XISUDOO$LVVDVDK6WHUQHYRUVHLQHQ$XJHQXQG K|UWHHLQHQXQWHUGUFNWHQ)OXFK 9HUEOIIWVWDUUWHHUKLQWHUGHQEHLGHQKHUGLHLP/LIWYHUVFKZDQGHQ 'HUHLQHZDU)UDQFRLVJHZHVHQXQGGHUDQGHUHHLQH)UDX 8QGDQ%RUGGHU6-7JDEHVQXUHLQH)UDX2EHUOHXWQDQW,VDEHOOD0RQWD $LVVDEDOOWHGLH)lXVWH (UEHJULIIQLFKWZDUXPVHLQ(UVWHU2IIL]LHUVRHWZDVWDW6FKOLHOLFKZDUHUPLW$QQDYHUOREW(LQHQ +HU]VFKODJ ODQJ EHUPDQQWH LKQ GHU *ULPP (U ZROOWH GHP 3DDU QDFK XQG )UDQFRLV GLH DPRXU|VHQ *HGDQNHQKHUDXVSUJHOQ'RFKGDQQVDJWHHUVLFKGDHVLP$XJHQEOLFN'ULQJHQGHUHV]XHUOHGLJHQ JlEH (UVWDOVHUGLH=HQWUDOHEHWUDWVDKHUVHLQHQ,UUWXPYRQYRUKLQHLQ(UKDWWHJHJODXEWDOVHUVWHUHUZDFKW ]XVHLQRGHUGRFK]XPLQGHVWDOVGULWWHUKLQWHU)UDQFRLVXQG,VDEHOOD'DEHLZDUHUGHUOHW]WH 3HUU\ 5KRGDQ ZDQGWH VLFK EHL VHLQHP (LQWULWW XP XQG ODFKWH LKP HQWJHJHQ (U ODFKWH $LVVD EHJULII EHUKDXSWQLFKWVPHKU ª1XQ .DSLWlQ KDEHQ GLH EHLGHQ 6LH JHZHFNW"© (U ZDUI HLQHQ %OLFN DXI GLH $JHQWLQ XQG )UDQFRLV ª6LHZROOWHQXQEHGLQJWQDFK,KQHQVHKHQ© ª-DQDWUOLFK©PXUPHOWH$LVVDª6LHKDEHQPLFKZLUNOLFKJHZHFNW©(UZDUI)UDQFRLVHLQHQVROFKHQ %OLFN ]X GD GLHVHU HUEOHLFKWH 'DQQ UlXVSHUWH HU VLFK ª%HYRU LFK HLQVFKOLHI EHKDXSWHWH PHLQ 5RERWHU HV VHL DOOHV LQ 2UGQXQJ 'DV NDQQ LFK PLU JDU QLFKW YRUVWHOOHQ GD ZLU GRFK YRQ GLHVHU !1HEHOZDIIH DXHU *HIHFKW JHVHW]W ZRUGHQ ZDUHQ © (U VDK VLFK VXFKHQG XP XQG HQWGHFNWH %HQ ª9LHOOHLFKW ZUGHVW GX GLFK HLQPDO QlKHU HUNOlUHQ :LH NRPPW HV EHUKDXSW GD LFK VR ODQJH JHVFKODIHQKDEHOlQJHUDOVDOOHDQGHUHQ"+DVWGXPLUHLQ6HGDWLYXPJHJHEHQ"© ª$EHU LFK ELWWH 6LH 6LU© VDJWH %HQ PLW JXW JHVSLHOWHU (QWUVWXQJ ª-HGHU HUKLHOW GLH JOHLFKH %HKDQGOXQJ$EHU6LHZDUHQDOVHLQ]LJHUDXVGHU2KQPDFKWHUZDFKWXQGKDWWHQEHLGHP9HUVXFK]XP 6WHXHUSXOW]XNRPPHQ,KUHOHW]WHQ.UDIWUHVHUYHQYHUEUDXFKW'HVKDOEVFKOLHIHQ6LHMHW]WDPOlQJVWHQ ©
ª$OOHVDQGHUHKDEHQXQV%HQXQG7VFKXEDLEHUHLWVLQJUREHQ=JHQEHULFKWHW©EHPHUNWH5KRGDQª(V NDQQ DEHU QLFKWV VFKDGHQ ZHQQ ZLU QXQ HLQHQ DXVIKUOLFKHUHQ %HULFKW HUKDOWHQ $P EHVWHQ EHJLQQW %HQGDPLW© ª,FK KDEH QLFKWV DXVJHODVVHQ 6LU© ZDQGWH GHU 5RERWHU HLQ ª$EHU JXW 0HQVFKHQ OLHEHQ HLQH DXVJHVFKPFNWH6FKLOGHUXQJ©3HUU\5KRGDQVFKPXQ]HOWH8QG%HQEHJDQQ]XHU]lKOHQ1DFKGHPHU GLH(UHLJQLVVHELV]XP$XIWDXFKHQGHU880JHVFKLOGHUWKDWWHIXKUHUIRUW ª,FK KlWWH ZDKUVFKHLQOLFK NHLQH &KDQFH JHJHQ GLH 880 JHKDEW ZHQQ VLH PLW SK\VLVFKHQ 0LWWHOQ DQJHJULIIHQKlWWHQ9LHOOHLFKWDEHUZDQGWHQVLHQXUZLHGHUSV\FKLVFKH%HHLQIOXVVXQJDQXQGGDJHJHQ ELQLFKEHNDQQWOLFKLPPXQ (V VDK IU HLQLJH 6HNXQGHQ VHKU NULWLVFK DXV ,FK NRQQWH QLFKW IOLHKHQ GD PLFK GLH 880 ]X VHKU EHVFKlIWLJWHQ $EHU MHGHQ $XJHQEOLFN PXWH GLH 6LOEHUNXJHO H[SORGLHUHQ 'RFK HV NDP DOOHV JDQ] DQGHUVDOOHV'LH6LOEHUNXJHOEHJDQQSO|W]OLFKYRQLQQHQKHUDXVXOWUDKHOO]XJOKHQ6LHEOlKWHVLFK GDEHL MHGRFK QLFKW DXI 'DV *OKHQ GDXHUWH HWZD HLQH 0LQXWH DQ GDQQ HUORVFK HV (V EOLHE QLFKWV ]XUFN 'LH 6LOEHUNXJHO ZDU YHUVFKZXQGHQ 2IIHQVLFKWOLFK NRQQWH HV LQ GLHVHU 'LPHQVLRQ QLFKW ]X HLQHP $XVEUXFK YLHUGLPHQVLRQDOHU (QHUJLHQ NRPPHQ (V LVW P|JOLFK GD GHU HLJHQWOLFKH (QHUJLHDXVEUXFKLP1RUPDOUDXPEHREDFKWHWZXUGH ,FK KDOWH GDV DEHU IU XQZHVHQWOLFK :HVHQWOLFKHU HUVFKHLQW PLU GDV 9HUKDOWHQ GHU 880 %HYRU GLH 6LOEHUNXJHOYHUVFKZDQGZLPPHOWHHVYRQLKQHQULQJVXPGLH6SDFH-HW$PVWlUNVWHQNRQ]HQWULHUWHQ VLHVLFKMHGRFK]ZLVFKHQXQVXQGGHP6LOEHUVFKLII$EHUQDFKGHP9HUVFKZLQGHQGHU.XJHOUDVWHQVLH SO|W]OLFK GDYRQ 9LHOOHLFKW KDWWH VLH GHU 9HUOXVW LKUHV 5DXPVFKLIIHV GHPRUDOLVLHUW DEHU PLU ZLOO GDV QLFKWHLQOHXFKWHQ© ª0LUDXFKQLFKW©VDJWH3HUU\5KRGDQª,FKKDEHHLQHJHZLVVH9HUPXWXQJ7ULIIWVLH]XHUJLEWVLFKHLQ Y|OOLJDQGHUHV%LOG7ULIIWVLHDEHUQLFKW]XN|QQHQZLUZLHGHUIDVWYRQYRUQEHJLQQHQ© (LQEHWUHWHQHV6FKZHLJHQEUHLWHWHVLFKDXV (VZXUGHSO|W]OLFKYRQ0DUVKDOOV6WLPPHXQWHUEURFKHQ ª(WZDV EHUHLWHW VLFK YRU© VDJWH HU LQ GLH 6WLOOH KLQHLQ ª,FK IDQJH ZLUUH *HGDQNHQ HLQHV DEVROXW IUHPGDUWLJHQ:HVHQVDXI(LJHQWOLFKVLQGHVZHQLJHU'HQNVRQGHUQ*HIKOVLPSXOVH(V!K|UWVLFK VRDQDOVHUZDFKWHHWZDV*LJDQWLVFKHVDXVHLQHU$UW$OSWUDXP0HKUNDQQLFKOHLGHUQRFKQLFKWVDJHQ © ª:LUVROOWHQIOLHKHQ6LU©VDJWH5DV7VFKXEDLQDFKHLQHU3DXVH 3HUU\5KRGDQVFKWWHOWHGHQ.RSI ª:LU EOHLEHQ /DXVFKHQ 6LH ZHLWHU -RKQ © (U KROWH WLHI /XIW ª9LHOOHLFKW ªK|UHQª 6LH GLH %HVWlWLJXQJIUPHLQH9HUPXWXQJ8QGZHQQQLFKWZLUN|QQHQVRZLHVRQLFKWIOLHKHQ©
*HZDOWLJH5DXP=HLW)HOGHUNUPPWHQVLFKQDFKLQQHQ+\SHUGLPHQVLRQDOH0DVVH6WUXNWXUHQ]RJHQ VLFK ]XVDPPHQ *UDYLWDWLRQVHQHUJLH ZXUGH XPJHZDQGHOW XQG HLQHP IU 0HQVFKHQ XQEHJUHLIOLFKHQ 6WRIIZHFKVHO ]XJHIKUW 9HUEUDXFKWH (QHUJLH NHKUWH ]XU 'LPHQVLRQ GHV JHJHQZlUWLJHQ 8UVSUXQJV ]XUFN LUJHQGZR LQ HLQHU *DOD[LV GHV YLHUGLPHQVLRQDOHQ 5DXP=HLW.RQWLQXXPV ZUGHQ GLH 2EVHUYDWRULHQXQJHKHXUH(QHUJLHDXVEUFKHUHJLVWULHUHQJDOD[LHQJURH.DVNDGHQXQG)RQWlQHQHLQHU (QHUJLHGLHDXVGHP1LFKWV]XNRPPHQVFKLHQ 'HU 6XFKHU ZXWH QLFKWV GDYRQ GHQQ QRFK ZDU VHLQ %HZXWVHLQ LQ GHQ NQVWOLFKHQ .UPPXQJVIHOGHUQJHIDQJHQLQGLHGLH6FKPHU]ZHOOHQGHV3DUDSURMHNWRUVHVJH]ZXQJHQKDWWHQ 1XU GLH XQEHZXWHQ XQZLOONUOLFKHQ 5HDNWLRQHQ HLQHV K\SHUHQHUJHWLVFKHQ 2UJDQLVPXV OLHIHQ DQQlKHUQG QRUPDO DE (LQ JLJDQWLVFKHU *HVXQGXQJVSUR]H VHW]WH HLQ $XI JUDYRHQHUJHWLVFKHQ 5HDNWLRQVEDKQHQ OLHIHQ XQEHZXWH (ULQQHUXQJHQ ZXUGHQ ]X UHLQLJHQGHQ 7UlXPHQ XPJHELOGHW XQG YRQSDUDSV\FKLVFKHQ:HOOHQGDYRQJHWUDJHQ 'DV 8QWHUEHZXWVHLQ GHV 6XFKHUV UHLQLJWH VLFK VHOEVW ,Q JOHLFKHP 7HPSR VFKULWW GHU 5HJHQHUDWLRQVSUR]HGHVJUDYRSK\VLVFKHQ2UJDQLVPXVYRUDQ 8QG GDQQ JDQ] DOOPlKOLFK O|VWHQ VLFK GLH XQVLFKWEDUHQ %HZXWVHLQVEDKQHQ DXV GHP .UDPSI GHU NQVWOLFKHQ.UPPXQJVIHOGHU'LH(ULQQHUXQJVHW]WHHLQ'RFKHVNDP]XNHLQHU6FKRFNUHDNWLRQGDV :DKQVLQQLJH ULHI NHLQHQ :DKQVLQQ KHUYRU GHQQ GDV 7UDXPD ZDU GXUFK GHQ .DQDO KHNWLVFKHU $OSWUlXPHDEJHOHLWHWZRUGHQ 'RFKDXFKGLHEORHQ)DNWHQEHUZlOWLJWHQGDV:HVHQIDVW(V]LWWHUWHQRFKEHLGHP*HGDQNHQGDHV VFKRQVRJXWZLHEHVLHJWZRUGHQZDU'HU)HLQGZDUDXVGHU'LPHQVLRQGHVJHJHQZlUWLJHQ8UVSUXQJV
JHNRPPHQ$EHUQLFKWQXUGHU)HLQGGLH+HOIHUHQWVWDPPWHQGHUJOHLFKHQ'DVHLQVHEHQH8QGGDVZDU HWZDV ZDV GHQ 6XFKHU IDVW QRFK PHKU YHUZLUUWH DOV GHU *HGDQNH DQ VHLQH EHUZXQGHQH 2KQPDFKW :HVHQGLHHUIUZLQ]LJXQGPDFKWORVJHKDOWHQKDWWHZDUHQVWlUNHUJHZHVHQDOVVHLQ%H]ZLQJHU 'HU6XFKHUEHJULIIGDHUOlQJVWQRFKQLFKWDOOHVEHUGHQXQKHLPOLFKHQ.DPSIZXWH(UWDWHLQHQ ZHLWHUHQ ª$WHP]XJ© :LHGHU NUPPWHQ VLFK JHZDOWLJH 5DXP=HLW)HOGHU ]RJHQ K\SHUGLPHQVLRQDOH 0DVVH6WUXNWXUHQ VLFK ]XVDPPHQ ZXUGH YHUEUDXFKWH (QHUJLH LQV YLHUGLPHQVLRQDOH .RQWLQXXP DEJHVWRHQ'LH.UDIWGHV6XFKHUVZXFKV(UEHJDQQGDV:LUNXQJVQHW]LPJHJHQZlUWLJHQ8UVSUXQJ ]XUHJHQHULHUHQ =XJOHLFK VWUHFNWH HU VHLQH *HGDQNHQIKOHU DXV XQG WUDI DXI GLH *HGDQNHQIKOHU HLQHV :HVHQV GDV QLFKW *HLVW VRQGHUQ N|USHUOLFK ZDU REZRKO HV GHP YLHUGLPHQVLRQDOHQ .RQWLQXXP HQWVWDPPWH 'HU 6XFKHUEHJDQQ]XDKQHQGDLQGHU'LPHQVLRQGHVJHJHQZlUWLJHQ8UVSUXQJVHLQH.UDIWLP:HUGHQ ZDUGLH*HJHQZDUW9HUJDQJHQKHLWXQG=XNXQIW]XJOHLFKXPVSDQQWHDEHUDXFK*XWXQG%|VHGD 'URKXQJXQG+LOIHGHUJOHLFKHQ.UDIWTXHOOHHQWVWDPPWHXQGHQWVWDPPHQZUGH (UZUGHEHLGHPNRPPHQGHQª*HVSUlFK©GDUDXIDFKWHQPVVHQGDHUGLH(EHQHGHV=XNQIWLJHQ QLFKWEHUKUWHGHQQVRHUNDQQWHHUPLW*UDXHQGDQQKlWWHLQGHU9HUJDQJHQKHLWGDV%|VHJHVLHJW
ª(V LVW GHU 6XFKHU© IOVWHUWH -RKQ 0DUVKDOO ª(U ZDU LQ PHLQHP *HLVW XQG LVW ZLHGHU ]XUFNJHZLFKHQDOVKlWWHHUVLFKJHIUFKWHW© $LVVDVFKWWHOWHGHQ.RSI ª:HQQHVZLUNOLFKGHU6XFKHUZDUGDQQ]RJHUVLFKQLFKWDXV)XUFKW]XUFN'LHVHV:HVHQNHQQWXQV 0HQVFKHQ(UZLUGQXUHUVWDXQWJHZHVHQVHLQHVPLWHLQHP7HOHSDWKHQ]XWXQ]XKDEHQ© ª$EHU6LHKDEHQGRFKVRQVWDXFKJHLVWLJHQ.RQWDNWPLWLKPJHKDEW©ZDUI3HUU\5KRGDQHLQ ª1LFKW LFK 6LU© ZHKUWH $LVVD DE ªQXU GDV :,5 XQVHU YHUHLQLJWHU *HLVWHVVWURP GHU EHU GLH *HGDQNHQEUFNH LQ GLHVH 'LPHQVLRQ NDP 0DUVKDOO MHGRFK LVW DQGHUV 6HLQ .|USHU XQG *HLVW VLQG YHUHLQLJWGHQQRFKNDQQHU*HGDQNHQDXVVHQGHQXQGDXIIDQJHQ© ª(U NRPPW ]XUFN© PHOGHWH GHU 7HOHSDWK ª$FKWXQJ ,FK ZHUGH MHW]W QLFKW EHULFKWHQ N|QQHQ 'HU *HGDQNHQVWURPGHV6XFKHUVZLUGEHUPlFKWLJ,FKPXPLFKJDQ]DXIGLHWHOHSDWKLVFKH8QWHUKDOWXQJ NRQ]HQWULHUHQ© -RKQ 0DUVKDOO VDQN LQ VHLQHQ .RQWXUVLW] ]XUFN XQG VFKOR GLH $XJHQ 6HLQ $WHP JLQJ UXKLJ XQG JOHLFKPlLJZLHEHLHLQHP6FKODIHQGHQ1XUKLQXQGZLHGHUOLHIQHUY|VHV=XFNHQEHUGLH/LGHU =HKQ0LQXWHQVSlWHUVFKOXJ0DUVKDOOGLH$XJHQZLHGHUDXI(UKROWHHLQSDDUPDOWLHI/XIWGDQQVDJWH HUPLWYLEULHUHQGHU6WLPPH ª'HU6XFKHUEHULFKWHWGDHUVLFKYRQGHPhEHUIDOOHUKROWKDW(UZlUHGDEHLGDV:LUNXQJVQHW]LP JHJHQZlUWLJHQ 8UVSUXQJ ]X UHJHQHULHUHQ $EHU HU LVW VHKU HUVWDXQW GD ZLU N|USHUOLFK HUVFKHLQHQ NRQQWHQ(UGDQNWXQVIUXQVHUH+LOIH© 3HUU\5KRGDQVSUDQJDXI'DQQVDQNHUODQJVDPZLHGHUDXIVHLQHQ3ODW]]XUFN (V ZDU RIIHQVLFKWOLFK HU NRQQWH VHLQH JUHQ]HQORVH hEHUUDVFKXQJ QLFKW YHUEHUJHQ 1XU DOOPlKOLFK EHUXKLJWHHUVLFKZXUGHZLHGHU]XPVWHWVEHKHUUVFKWHQ0DQQGHUEHUGHQ'LQJHQVWDQG ª$QGLHVH0|JOLFKNHLWKDWWHLFKQLFKWJHGDFKW©JDEHUIUHLPWLJ]X $OOH $QZHVHQGHQ EOLFNWHQ LKQ YHUEOIIW XQG IUDJHQG DQ ,KU *HLVW NRQQWH GHP *HGDQNHQVSUXQJ 5KRGDQV QLFKW IROJHQ 1XU $LVVD %KXJRO OlFKHOWH YHUVWHKHQG (U DKQWH ZRUDXI GLH %HPHUNXQJ GHV *URDGPLQLVWUDWRUVVLFKEH]RJ ª$OVRZXWHGHU6XFKHUQLFKWVYRQGHQ880©VWHOOWHHUIHVW 3HUU\5KRGDQZDUILKPHLQHQDQHUNHQQHQGHQ%OLFN]X ª6LHDKQWHQHVDOVRDXFK.DSLWlQ:LHNDPHQ6LH]XGLHVHU6FKOXIROJHUXQJ"©$LVVDZXUGHZLHGHU HUQVW ª'HUHUVWH9HUGDFKWNDPPLUQDFKGHPGLH880PHLQHNOHLQH*UXSSH!DQJHJULIIHQKDWWHQ,FKVDK HLQIDFK NHLQHQ $QKDOWVSXQNW GDIU GD VLH VFKOHFKWH $EVLFKWHQ YHUIROJWHQ 6LH KDWWHQ XQV JHLVWLJ EHHLQIOXWJHZL$EHUNHLQHPYRQXQVKDWWHGLHVH%HHLQIOXVVXQJJHVFKDGHW$XHUGHPDEHUGDV HUNDQQWHLFKHUVWVSlWHUIHKOWHGHQ880MHJOLFKHV0RWLYIUHLQHQZLUNOLFKHQ$QJULII:LU)UDQFRLV 6DP %HQ XQG LFK KlWWHQ LKQHQ EHUKDXSW QLFKW JHIlKUOLFK ZHUGHQ N|QQHQ IDOOV VLH GLH )HLQGH GHV 6XFKHUVZlUHQ:LUZXWHQGDVGDPDOVQLFKWGLH880PXWHQHVJHZXWKDEHQ© ª(LQHQ $XJHQEOLFN© ZDUI )UDQFRLV HQWUVWHW HLQ ª:DUXP KDEHQ VLH XQV GDQQ EHUKDXSW JHLVWLJ EHHLQIOXWZHQQVLHNHLQ0RWLYEHVDHQ©
ª2K©$LVVDOlFKHOWHYROOHU6DUNDVPXVª(LQ0RWLYEHVDHQVLHVFKRQ,FKQHKPHDQVLHZROOWHQXQV ]XU 3DVVLYLWlW ]ZLQJHQ GDPLW ZLU QLFKW LQ HLQH *HIDKU KLQHLQVWROSHUWHQ GHU ZLU QLFKW JHZDFKVHQ ZDUHQ© ª6RZHLWVWLPPHQXQVHUH6FKOVVHEHUHLQ©EHPHUNWH5KRGDQª'DUILFKQXQIRUWIDKUHQ"© $LVVDQLFNWH ª,FKEDXHVR]XVDJHQDXI,KUHP(UOHEQLVDXI.DSLWlQ%KXJRO©EHJDQQ3HUU\5KRGDQOlFKHOQGª'LH 880 KDWWHQ 6LH IU NXU]H =HLW XQWHU JHLVWLJHU .RQWUROOH (V ZlUH QXU QDWUOLFK ZHQQ VLH LQ GLHVHU 6SDQQH,KUHQJHVDPWHQ*HLVWHVLQKDOWHUIDWHQXQGGDUEHUQDFKGDFKWHQ ,Q,KUHP*HGlFKWQLVZDU]ZHLIHOORVHLQ+LQZHLVEHUGLH0XWDQWHQGHV6RODUHQ,PSHULXPVHQWKDOWHQ 'LH880HUNDQQWHQGDGDVZDVVLHVHOEHUELVODQJYHUJHEOLFKYHUVXFKWKDWWHQQlPOLFKGHQ*HJQHU GHV6XFKHUV]XYHUQLFKWHQIU:HVHQPLW3DUDNUlIWHQUHODWLYOHLFKWVHLQPXWH(LQHUYRQ,KQHQPX DXHUGHPEHUPHLQHQ$XIHQWKDOWVRUW%HVFKHLGJHZXWKDEHQ© 6DPXHO3HFNJULQVWHEUHLW ª'DVZDULFK6LU© 5KRGDQ GURKWH GHP 0DWKHPDWLNHU PLW GHP )LQJHU $EHU HV ZDU ]X HUNHQQHQ GD HU HV QLFKW HUQVW PHLQWH ª1HEHQEHL JHVDJW KDQGHOWH HV VLFK XP HLQ 6WDDWVJHKHLPQLV HUVWHQ 5DQJHV ,FK ZLOO KRIIHQ GD GHU ,QIRUPDWLRQVNDQDOQXUIU6LHRIIHQLVW© 6DPXHO3HFNQLFNWHEHVWlWLJHQGXQG5KRGDQIXKUIRUW ª'LH 880 KDWWHQ QLFKW YLHO =HLW IU GLH $QNQSIXQJ YRQ 9HUKDQGOXQJHQ 6LH ZXWHQ MHGRFK DXV ,KUHP*HGlFKWQLVLQKDOWEHUHLQHQZHVHQWOLFKHQ=XJGHU7HUUDQHUXQGYRQPLU7HUUDQHUVLQGVHKU ZLEHJLHULJ VFKO|VVHQ VLH )ROJOLFK PVVHQ ZLU LKQHQ HLQ 5lWVHO DXIVWHOOHQ XQG VLH LQ XQVHUH 'LPHQVLRQORFNHQ6LHZXWHQZHLWHUGDVLFKLQPHLQHU1lKHPHLVWHLQLJH0XWDQWHQDXIKLHOWHQXQG VSHNXOLHUWHQGDUDXIGDLFKPLUHUVWHQVGDV5lWVHOVHOEVWDQVHKHQZUGHXQG]ZHLWHQVHLQLJH0XWDQWHQ PLWEUlFKWH,KU5lWVHOZDUJDQ]DXIGLHVHP:LVVHQXQGGHQHQWVSUHFKHQGHQ.DONXODWLRQHQDXIJHEDXW (VJHODQJLKQHQXQVLQGLHVHV.RQWLQXXP]XORFNHQ'DQDFKVFKORVLFKGLH)DOOH6FKRQGDVHUVFKLHQ PLU YHUGlFKWLJ GHQQ GDV %HLERRW GDV GHQ /HXFKWULQJ ]XHUVW GXUFKVWLH NRQQWH XQEHKHOOLJW ]XUFNNHKUHQ0DQEUDXFKWHDOVRQLFKWLUJHQGZHOFKH7HUUDQHUVRQGHUQYRUDOOHP0XWDQWHQ 'LH880VRUJWHQGDIUGDZLUPLW.DSLWlQ%KXJROV*UXSSH]XVDPPHQWUDIHQ9RQLKPHUIXKUHQZLU DOOHV ZDV QRWZHQGLJ ZDU XQV ]X HLQHP DNWLYHQ (LQVDW] KHUDXV]XIRUGHUQ (V EHKDJW PLU QLFKW ZLH PKHORVGLH880XQVHU9HUKDOWHQOHQNWHQ'RFKGDVVROOWHQZLULKQHQQLFKWEHOQHKPHQ6LHKDEHQ VFKOLHOLFKHLQLJHLKUHU,QGLYLGXHQIUHLZLOOLJJHRSIHUWXPXQVGHQUHFKWHQ:HJILQGHQ]XODVVHQ 'DQQ WDXFKWH GLH 6LOEHUNXJHO DXI $XV $QQDV XQG :XUJKV JHLVWLJHP %HULFKW ZXWHQ ZLU GD GLH %HVDW]XQJGHU.XJHODXVPHQVFKHQlKQOLFKHQ:HVHQEHVWDQG)ROJOLFKZDUGHUHLJHQWOLFKH$QJUHLIHU QLFKWLGHQWLVFKPLWGHQ880 /HLGHUJDEHVZHGHUIUGDVHLQHQRFKIUGDVDQGHUHVWLFKKDOWLJH%HZHLVHVRODQJHGLH(UHLJQLVVHQRFK OLHIHQ 'DUXP KDQGHOWH %HQ LQ JXWHP *ODXEHQ DOV HU GDV )HXHU DXI GLH 880 HU|IIQHWH GLH QXU JHNRPPHQ ZDUHQ XP XQV YRU GHP 6FKPHU]IHOG GHU VRJHQDQQWHQ !+HUUHQ ]X VFKW]HQ $OV GHU 6XFKHUJHUHWWHWZDUYHUVFKZDQGHQVLH© (UVFKZLHJHLQLJH0LQXWHQODQJXQGNHLQHUZDJWHGDV6FKZHLJHQ]XXQWHUEUHFKHQ(QGOLFKVDJWHHU ª'LH880PVVHQVHKUVHOEVWORVHXQGKLOIVEHUHLWH:HVHQVHLQXQGPlFKWLJH:HVHQGD]XREZRKO VLHJHJHQGLH6LOEHUNXJHOQLFKWVDXVULFKWHQNRQQWHQ© ª'DVZDUHQLPJURHQXQGJDQ]HQDXFKPHLQH*HGDQNHQGD]X6LU©PHLQWH$LVVDª1XUHLQVLVWPLU LPPHU QRFK XQNODU :DV IU :HVHQ ZDUHQ GDV GLH GHQ 6XFKHU EHLQDKH XQWHUZRUIHQ KlWWHQ" :RKHU NDPHQVLHXQGZDUXPJULIIHQVLHEHUKDXSWDQ"© 3HUU\5KRGDQ]XFNWHGLH6FKXOWHUQ 0LWWHQLQGLHHLQJHWUHWHQH6WLOOHVFKULOOWHQGLH$ODUPJORFNHQ'LH0HQVFKHQIXKUHQKHUXPXQGVWDUUWHQ DXIGLH%LOGVFKLUPH 5LQJV XP GLH 6SDFH-HW VFKZHEWHQ 0LOOLRQHQ YRQ 880 ,KUH GLVNXVI|UPLJHQ .|USHU JOlQ]WHQ XQG JOHLWHQ DOV ZUGHQ VLH YRQ 7DXVHQGHQ 6RQQHQ EHVFKLHQHQ 6LH ZRJWHQ DXI XQG DE ZLH HLQH ]XVDPPHQKlQJHQGH0DVVH 8QG GDQQ NODQJ HLQH JHZDOWLJH 6WLPPH LP *HLVW GHU 0HQVFKHQ DXI 'LH )HLQGH GHV 6XFKHUV ZDUHQ DXFKHXUH)HLQGH1XUGDUXPNRQQWHQZLUHXFK]X+LOIHKROHQ'LH!+HUUHQZDUHQGLH$EWUQQLJHQ HLQHU JURHQ 5DVVH GLH LQ GHQ (EHQHQ GHU =HLW H[LVWLHUW 6R ZLH HV EHUDOO &XW XQG %|VH JLEW VR YHUN|USHUWHQGLH$EWUQQLJHQGDV%|VHLQQHUKDOELKUHU5DVVH,QGHPLKUVLHDXVO|VFKWHWKDEWLKUHXFK VHOEVWHLQHQJURHQ'LHQVWHUZLHVHQ'LHVH7DWJLEWHXFKHLQH&KDQFHGHQ.DPSIJHJHQGHQ5HVWGHU
$EWUQQLJHQ ]X JHZLQQHQ PHKU DEHU DXFK QLFKW ,Q HLQHU =HLW GLH LKU QDFK -DKUKXQGHUWHQ PHW ZHUGHW LKU GLH OHW]WH $XVHLQDQGHUVHW]XQJ ]X EHVWHKHQ KDEHQ 9LHOOHLFKW HUKDOWHW LKU QRFK HLQLJH +LQZHLVHDXVGHP6WURPYRQ5DXPXQG=HLWDEHUNlPSIHQPWLKUVHOEVW 0HKUGUIHQZLUHXFKQLFKWVDJHQVRQVWZUGHQGLH=HLWHEHQHQLQ9HUZLUUXQJJHUDWHQ 'LH 0HQVFKHQ ODXVFKWHQ QRFK LPPHU LQ VLFK KLQHLQ DOV GLH 6WLPPH OlQJVW YHUNOXQJHQ ZDU $OV VLH QDFKHLQLJHQ0LQXWHQDXIVDKHQZDUHQGLH880YHUVFKZXQGHQ ª'LH$EWUQQLJHQ©PXUPHOWH3HUU\5KRGDQJHGDQNHQYROOª:HUVLQGVLH":DVYHUELUJWVLFKKLQWHU GLHVHP 1DPHQ" (U UXIW (ULQQHUXQJHQ KHUYRU DEHU GLHVH (ULQQHUXQJHQ VLQG QXU JHIKOVPlLJH 3UlJXQJHQYRQHWZDV*URHPXQGHWZDV6FKUHFNOLFKHP© ª:DV HV DXFK VHL© VDJWH -RKQ 0DUVKDOO HEHQVR OHLVH ªLQ ZHQLJHQ -DKUKXQGHUWHQ ZHUGHQ ZLU HV HUIDKUHQ© 5KRGDQVFKWWHOWHGHQ.RSI ª,FKIUFKWHGDV5lWVHOGHU880LVWYLHOJU|HU:LUZHUGHQLQHLQLJHQ-DKUKXQGHUWHQYLHOOHLFKWHLQHQ =LSIHOYRP0DQWHOGHU=HLWKHEHQN|QQHQGLH6XFKHDEHUZLUGZHLWHUJHKHQHZLJ©
6LHKDWWHQHLQHQ6LHJHUUXQJHQDEHUQRFKNDQQWHQVLHNHLQH0|JOLFKNHLWGHU5FNNHKU-RKQ0DUVKDOO YHUVXFKWHVHLW]ZHL6WXQGHQJHLVWLJHQ.RQWDNWPLWGHP6XFKHU]XEHNRPPHQ9HUJHEHQV $LVVD %KXJRO KDWWH HLQH OlQJHUH 8QWHUUHGXQJ PLW 3HUU\ 5KRGDQ 'LHVH EHLGHQ 0lQQHU HLQ 8QVWHUEOLFKHU XQG HLQ 6WHUEOLFKHU IDQGHQ YLHOH JHPHLQVDPH =JH DQ VLFK =XGHP YHUEDQG VLH GDV (UOHEQLVMHQVHLWVLKUHUHLJHQHQ'LPHQVLRQ6LHWDXVFKWHQYLHOH(UIDKUXQJHQDXVXQGMHGHUNRQQWHGHP DQGHUHQHWZDVJHEHQ $OV VLH LKU *HVSUlFK EHHQGHWHQ YHUPLWH $LVVD VHLQHQ (UVWHQ 2IIL]LHU (LQH GURKHQGH )DOWH ELOGHWH VLFK EHU VHLQHU 1DVHQZXU]HO 6RIRUW VDK HU VLFK QDFK ,VDEHOOD 0RQWD XP $XFK GHU ZHLEOLFKH 2EHUOHXWQDQWGHU$EZHKUZDUQLFKWLQGHU=HQWUDOH $LVVDODFKWHJULPPLJXQGHLQZHQLJWUDXULJ (UVW YRU HLQHU KDOEHQ 6WXQGH KDWWHQ $QQD XQG :XUJK VLFK YHUDEVFKLHGHW 6LH ZDUHQ JHLVWLJ LQ GHU 6SDFH-HWJHZHVHQZHQQDXFKQXUIU6HNXQGHQ(LQXQZLGHUVWHKOLFKHU=XJULVLH]XUFN]XUFNLQ GDV1HW]GHV6XFKHUVZRLKUH.|USHUZDUWHWHQ:DUXPKDWWHHUGHU%LRORJLQQLFKWUHLQHQ:HLQEHU GLHVHQ)UDQRLVHLQJHVFKHQNW"9HUGLHQWHGHU&DVDQRYDHVGHQQGDPDQLKQVFKRQWH"$LVVDVFKWWHOWH EHWUEWGHQ.RSI 1LFKWZHJHQ)UDQFRLVKDWWHHUJHVFKZLHJHQVRQGHUQZHJHQ$QQD$EHUGDVYHUSIOLFKWHWHLKQGD]XGLH $QJHOHJHQKHLWXQWHUYLHU$XJHQ]XEHUHLQLJHQXQG]ZDUMHW]WEHYRUHV]XVSlWGD]XZDU (QWVFKORVVHQZDQGWHGHU.DSLWlQVLFKXPXQGVSUDQJLQGHQ6FKDFKWGHV$QWLJUDYOLIWV$EHUHUVWLHJ QLFKWLQ'HFNGUHLDXVZRGLH0DQQVFKDIWVUlXPHVLFKEHIDQGHQ$LVVDJODXEWH,VDEHOOD0RQWDULFKWLJ HLQ]XVFKlW]HQ'LHVH)UDXPRFKWHQRFKVRKHLEOWLJVHLQYLHOOHLFKWVRJDUYHUOLHEWLQ)UDQFRLVDEHUHU JODXEWHQLFKWGDVLH'LQJHWDWGLHLKUHP5XIVFKDGHWHQ1LHPDOVZUGHVLHLKQPLWLQLKUH.DELQH QHKPHQXQGVHLHVQXU]XHLQHP3ODXGHUVWQGFKHQ)ROJOLFKNDPQXUHLQQHXWUDOHU2UWLQ)UDJH $LVVD IUHXWH VLFK GD HU GLH $JHQWLQ ULFKWLJ HLQJHVFKlW]W KDWWH 6LH VD PLW )UDQFRLV DXI GHP +HFNDXIEDX HLQHV 6KLIWV LP KHOOHUOHXFKWHWHQ /DGHUDXP ,P QlFKVWHQ $XJHQEOLFN DOOHUGLQJV VWLHJ LQ $LVVDGLHKHLH:XWKRFK%HLGHKLHOWHQVLFKEHLGHQ+lQGHQXQGHVVDKVRDXVDOVVFKPLHGHWHQVLH 3OlQHIUHLQHJHPHLQVDPH=XNXQIW :DKUVFKHLQOLFK VR VDJWH VLFK GHU .DSLWlQ ZHL ,VDEHOOD YRQ $QQDV 5ROOH $EHU )UDQFRLV ZDU HLQ 6FKXIWGRSSHOWHV6SLHO]XWUHLEHQ (U]ZDQJVLFKlXHUOLFKUXKLJ]XHUVFKHLQHQXQGJLQJDXIGLHEHLGHQ]X ª0DGDP©VDJWHHUPLWHLQHUDQJHGHXWHWHQ9HUEHXJXQJª(VWXWPLUOHLGDEHULFKP|FKWH,KQHQ0LVWHU 3HWLWMHW]WHQWIKUHQ©(UZDUI)UDQFRLVHLQHQXQGXUFKVLFKWLJHQ%OLFN]Xª,FKKDEHPLWGLU]XUHGHQ© )UDQFRLVSUHWHGLH/LSSHQDXIHLQDQGHU(UJOLWWDXIGHQ%RGHQXQGKDOI,VDEHOODKHUDE ª(QWVFKXOGLJH/LHEOLQJ©PXUPHOWHHUª'DNDQQPDQHEHQQLFKWVPDFKHQ© ,VDEHOOD 0RQWD PXVWHUWH .DSLWlQ %KXJROV JURH VHKQLJH *HVWDOW ,Q LKUH $XJHQ WUDW SO|W]OLFK HLQ 6FKLPPHUYRQ$QJVWXQG3DQLN6LHZDQGWHVLFK]X)UDQFRLVXPXQGVWLHKHUYRU ª'XVROOWHVWLKPDOOHVHU]lKOHQ)UDQFRLV2GHUZLOOVWGXGLFKQXUDXI5FNVLFKWDXIª 'HU(UVWH2IIL]LHUGHU/$1&(7SDFNWHVLHDQGHQ6FKXOWHUQXQGVFKREVLHVDQIWLQ5LFKWXQJ$QWLJUDY ª,FKSIOHJHPHLQ:RUW]XKDOWHQ,VDEHOOD© 'LH $JHQWLQ ]XFNWH GLH 6FKXOWHUQ XQG JLQJ GDYRQ $XFK $LVVD ZDQGWH VLFK LQ 5LFKWXQJ $QWLJUDY
)UDQFRLVIROJWHLKPPLWYHUVFKORVVHQHPEODVVHP*HVLFKW $LVVD%KXJROOLHGHQ(UVWHQ2IIL]LHULQVHLQH.DELQHHLQWUHWHQXQGVFKORKLQWHULKPGLH7U'DQQ ZDQGWHHUVLFKXP(UEOLHEPLWEHUGHU%UXVWYHUVFKUlQNWHQ$UPHQVWHKHQXQGEOLFNWHGHQ)UHXQG VWXPPDQ)UDQFRLVHUZLGHUWHGHQ%OLFNRIIHQ $LVVD VSUWH ZLH HU XQVLFKHU ZXUGH ,Q )UDQFRLV %OLFN ODJ ZHGHU )DOVFK QRFK GLH $QGHXWXQJ HLQHV VFKOHFKWHQ*HZLVVHQV8QGHUNDQQWHGHQ)UHXQG]XJHQDXDOVGDHUKlWWHJODXEHQN|QQHQHUZROOH LKPQXU7KHDWHUYRUVSLHOHQ (UUlXVSHUWHVLFK ª-HW]W ZROOHQ ZLU HLQPDO YRQ 0DQQ ]X 0DQQ UHGHQ )UDQRLV (KUOLFK JHVDJW ,FK EHJUHLIH GHLQH +DQGOXQJVZHLVH QLFKW 'X ELVW PLW $QQD YHUOREW XQG JOHLFK]HLWLJ IOLUWHVW GX PLW 0L 0RQWD YHUVSULFKVWLKUYLHOOHLFKWGLH+HLUDW,FKP|FKWHMHW]WYRQGLUZLVVHQZDVGXGLUGDEHLGHQNVW:DUXP KDQGHOVWGXZLHHLQ6FKXUNH"© )UDQFRLV]XFNWH]XVDPPHQ6HLQH$XJHQIXQNHOWHQ ª8QWHUOD ELWWH GLHVH $XVGUFNH $LVVD ,P hEULJHQ IRUGHUH LFK GLFK KLHUPLW DXI GLFK DXV PHLQHQ SULYDWHQ$QJHOHJHQKHLWHQKHUDXV]XKDOWHQ© $LVVDV%OLFNYHUGXQNHOWHVLFK ª3ULYDWDQJHOHJHQKHLWHQ",FKZLOOGLUVDJHQZDVHLQH3ULYDWDQJHOHJHQKHLWZlUH:HQQGXGLULUJHQGZR DXI HLQHP 3ODQHWHQ ]ZHL GUHL RGHU DXFK YLHU )UHXQGLQQHQ ]XOHJWHVW GDQQ ZlUH GDV GHLQH 3ULYDWDQJHOHJHQKHLW$EHUKLHUOLHJHQGLH'LQJHJDQ]DQGHUV$QQDJHK|UW]XXQVHUHP.RQWDNWHUWHDP PHLQ-XQJH6LHLVWQLFKWLUJHQGHLQ)OLWWFKHQVRQGHUQXQVHUDOOHU.DPHUDGLQGLHZLUDFKWHQXQGGHU ZLUKHOIHQZHUGHQZHQQVLHLQ1RWJHUlWVRZLHVLHXQVJHKROIHQKDW0LWLKUNDQQVWGXQLFKWPDFKHQ ZDVGXZLOOVW'XELVW PLWLKUYHUOREWKDVWLKUDOVR 7UHXHXQGGLH(KHYHUVSURFKHQ:HOFKHU7HXIHO UHLWHWGLFKGDGXQXQ,VDEHOOD0RQWDGHQ+RIPDFKVW"'XEHWUJVWEHLGHPHLQ/LHEHU© (UEDOOWHGLH)lXVWH ª-HW]WZLOOLFKGLUHWZDVVDJHQ$EHUK|UHPLUJXW]X'XHQWVFKHLGHVWGLFKMHW]WXQGKLHUZHOFKHQ.XUV GXVWHXHUQZLOOVW(QWZHGHUEHLFKWHVWGX,VDEHOODDOOHVXQGKHLUDWHVW$QQDQDFKGHU5FNNHKURGHUGX O|VWGLH9HUOREXQJPLW$QQD,POHW]WHUHQ)DOONDQQVWGXGHLQH6DFKHQDXVGHU/$1&(7KROHQXQG GDQQDXI1LPPHUZLHGHUVHKHQYHUVFKZLQGHQ+DVWGXPLFKYHUVWDQGHQ"© )UDQFRLV *HVLFKWOLHIEODXURWDQ6HLQH=JHYHU]HUUWHQVLFK ª9RQGLUODVVHLFKPLUEHUKDXSWNHLQH9RUVFKULIWHQPDFKHQGXGXJUQHU-XQJH+lWWHVWGX$XJHQ LP .RSI ZUGHVW GX QLFKW VR XQVLQQLJHV =HXJ VFKZDW]HQ $EHU GX ELVW MD LQ VROFKHQ 'LQJHQ HLQ 6lXJOLQJGHU© ª6FKOX©EUOOWH$LVVD %HLGH0lQQHUVWDUUWHQVLFKVSUXQJEHUHLWDQ(VIHKOWHQXUQRFKHLQZLQ]LJHU)XQNHXPGLH([SORVLRQ DXV]XO|VHQ -HPDQGUlXVSHUWHVLFKKLQWHU$LVVDODXWXQGHQHUJLVFK 'HU.DSLWlQIXKUKHUXPXQGOLHYHUOHJHQGLH)lXVWHVLQNHQ ª0LVWHU0DUVKDOO"© -RKQ0DUVKDOOVFKREVLFKKHUHLQ(UWDWDOVPHUNWHHUQLFKWVYRQGHU6SDQQXQJ ª*OFNJHKDEWPHLQH+HUUHQ©ULHIHUXQGULHEVLFKGLH+lQGHª'HU6XFKHUKDWVLFKJHPHOGHW(UKDW GLH 9HUKlOWQLVVH LQQHUKDOE VHLQHV :LUNXQJVQHW]HV VWDELOLVLHUW -HW]W LVW HU LQ GHU /DJH XQV N|USHUOLFK ]XUFN]XEULQJHQ© ª6R©VDJWHQ$LVVDXQG)UDQFRLVJOHLFK]HLWLJ(VNODQJQLFKWVHKUEHJHLVWHUW 0DUVKDOO EHUK|UWH HV JHIOLVVHQWOLFK (U VHW]WH VLFK DXI HLQHV GHU IUHLHQ %HWWHQ XQG VWHFNWH VLFK HLQH =LJDUHWWHDQ ª$FK GD IlOOW PLU JHUDGH HWZDV HLQ 0LVWHU %KXJRO +P (V ZlUH PLU OLHE ZHQQ LFK 6LH XQWHU YLHU $XJHQVSUHFKHQN|QQWH,VWGDVP|JOLFK"© ª1DWUOLFK©NQXUUWH)UDQFRLV(UVWDSIWHKLQDXVXQGVFKPHWWHUWHGLH7UKLQWHUVLFK]XGDGLH:lQGH ]LWWHUWHQ 'HU0XWDQWHQFKHIOlFKHOWHLURQLVFKXQGZHFKVHOWHDEUXSWGDV7KHPD ª(VLVW]ZDUQLFKW,KUHLJHQHU.|USHUGHQ6LHGDEHQXW]HQ©VDJWHHUJHGHKQWª'HQQRFKVROOWHQ6LH DXFKPLW,KUHP$QGURLQGYHUQQIWLJXPJHKHQ6LHZLVVHQ1XUGDQQNDQQ,KU*HLVWLQGHQULFKWLJHQ .|USHU]XUFNNHKUHQZHQQGHU$QGURLQGZRKOEHKDOWHQLPQRUPDOHQ.RQWLQXXPDQNRPPW© $LVVDYHU]RJGDV*HVLFKW ª,FKKlWWHGDUDQGHQNHQVROOHQGD6LH7HOHSDWKVLQG0LVWHU0DUVKDOO$EHULFKDKQWHQLFKWGD6LH XQVHUH*HGDQNHQEHODXVFKHQ©
ª9HUZHQGHQ 6LH QLFKW VR KDUWH $XVGUFNH© ZHKUWH 0DUVKDOO DE ª,FK PHLQH HV GRFK QXU JXW PLW ,KQHQ6HKHQ6LH6LHWXQ,KUHP)UHXQGXQUHFKW,Q/LHEHVGLQJHQVLQG6LHHEHQGRFKUHLFKOLFKQDLY VRQVWKlWWHQ6LHGLHW\SLVFKZHLEOLFKH/LVWOlQJVWGXUFKVFKDXW© .DSLWlQ%KXJRODWPHWHVFKZHU*DQ]DOOPlKOLFKJLQJLKPHLQ/LFKWDXI$EHUDQVRYLHO*OFNNRQQWH HUQRFKQLFKWJODXEHQ ª'RFK GRFK© VDJWH -RKQ 0DUVKDOO ª*ODXEHQ 6LH UXKLJ GDUDQ 8QG PDFKHQ 6LH 0LVWHU 3HWLW NHLQH 9RUZUIH GD HU VLFK YHUSIOLFKWHW IKOW HLQ 9HUVSUHFKHQ XQWHU DOOHQ 8PVWlQGHQ ]X KDOWHQ 'LH EHWUHIIHQGH 'DPH DOOHUGLQJV KlWWH HLQH NOHLQH /HNWLRQ YHUGLHQW DXFK ZHQQ ,KUH HLJHQH 'XPPKHLW VFKXOGDQGHP3ODQLVW© ª2K,FK©$LVVDVW|KQWHXQGHUZXWHQLFKWREYRUbUJHURGHUYRU(UOHLFKWHUXQJ.RSIVFKWWHOQG IUDJWHHUª0LWGLHVHU/HNWLRQZLHPHLQWHQ6LHGDV0LVWHU0DUVKDOO© ª6DJHQ6LHUXKLJ-RKQ]XPLU$LVVD© ª9LHOHQ'DQN-RKQ'LH/HNWLRQ"© 'HU7HOHSDWKOlFKHOWHZLHHLQ9HUVFKZ|UHU ª$OVRGDQQK|UHQ6LHHLQPDOJXW]X$LVVD© 'LH6SDFH-HWUDVWHDXVGHPVFKHLQEDUHQ1LFKWVDXIHLQHSXOVLHUHQGHURWH:RONH]XXQGYHUVFKZDQG 2EHUOHXWQDQW0RQWDULGHQ6FKXEKHEHO]XUFNXQGVFKDOWHWHGLH7ULHEZHUNHDXI/HHUODXI5RWHV/LFKW HUJRVLFKYRQGHQ%LOGVFKLUPHQLQGLH=HQWUDOH ª'HU6XFKHUKDWGHQ0XQG]LHPOLFKYROOJHQRPPHQ©Q|UJHOWH/HXWQDQW+RONYDQ'UHHVHQª,FKNDQQ PLUQLFKWYRUVWHOOHQGDHUGHQ]ZDQJVOlXILJHQWVWHKHQGHQ=HLWYHUOXVWDXVJOHLFKW© ª,KUH9RUVWHOOXQJVNUDIWEHGDUIZRKOGHU6FKXOXQJ©VSRWWHWH,VDEHOOD0RQWD ª$EHU EHGHQNHQ 6LH GRFK© ZDQGWH YDQ 'UHHVHQ VHLQ ª:LU ZHUGHQ XQV ZRFKHQODQJ LQ GLHVHP NRPLVFKHQ :LUNXQJVQHW] DXIKDOWHQ PVVHQ ZHLO GHU 6XFKHU XQV QLFKW DXI GHP GLUHNWHQ :HJ ]XUFNEULQJHQ NDQQ :HQQ HU VFKRQ QLFKW IlKLJ LVW UlXPOLFKH 'LVWDQ]HQ ]X LJQRULHUHQ ZLH ZLOO HU GDQQGHQ$EODXIGHU=HLWDQKDOWHQ"© ª6LHKDEHQDQVFKHLQHQGQLFKWVEHJULIIHQ©ZDUI$LVVDHLQ'HU.DSLWlQVD]ZLVFKHQ0RQWDXQGYDQ 'UHHVHQ XQG UDXFKWH PLW VLFKWOLFKHP *HQX ª'HU 6XFKHU NDQQ GHQ $EODXI GHU =HLW HEHQVRZHQLJ DQKDOWHQZLHZLU)UXQVZHUGHQHWZDYLHU]HKQ7DJHYHUJHKHQ$EHUZlKUHQGGLHVHUYLHU]HKQ7DJH EHZHJHQZLUXQV]HLWOLFKJHVHKHQLQHLQHU]XXQVHUHU*DOD[LVJHJHQJHULFKWHWHQ6WU|PXQJ5lXPOLFK ZHUGHQ ZLU LQ GHU 1lKH YRQ 7DSKRUV 3ODQHW KHUDXVNRPPHQ ]HLWOLFK GDJHJHQ HLQHQ 7DJ QDFK GHP 6WDUWGHV*URDGPLQLVWUDWRUV© ª$OVRGRFK=HLWUHLVH"©IUDJWHYDQ'UHHVHQVNHSWLVFK $LVVDOlFKHOWHJHGXOGLJ ª1HLQ6HKHQ6LHGLHVH'LQJHNDQQPDQQXUGXUFK9HUJOHLFKHYHUDQVFKDXOLFKHQGDVLHVRQVWDEVROXW DEVWUDNW VLQG 6WHOOHQ 6LH VLFK ]ZHL HQWJHJHQJHVHW]W IOLHHQGH =HLWVWU|PH YRU %HLGH IOLHHQ LQ GLH =XNXQIWZDVGHQPDWHULHOOHQ,QKDOWGHU6WU|PHEHWULIIW=XJOHLFKDEHUIOLHWMHGHUYRP6WDQGSXQNW GHV DQGHUHQ 6WURPHV EHWUDFKWHW LQ GLH 9HUJDQJHQKHLW (LQ 0HQVFK GHU YRQ HLQHP =HLWVWURP ]XP DQGHUHQ EHUZHFKVHOW JHODQJW WURW]GHP QLFKW LQ VHLQH 9HUJDQJHQKHLW VRQGHUQ LQ HLQH IUHPGH *HJHQZDUWGLHLQHLQHHEHQVRIUHPGH=XNXQIWIKUW1XQH[LVWLHUHQLP8QLYHUVXPDEHUQLFKWQXU]ZHL =HLWVWU|PH (V JLEW XQ]lKOLJH GDYRQ 6LH IOLHHQ LQ DOOH P|JOLFKHQ 5LFKWXQJHQ XQG PLW XQWHUVFKLHGOLFKHQ*HVFKZLQGLJNHLWHQ© (U VRJ DQ VHLQHU =LJDUHWWH XQG GDFKWH VFKDUI QDFK 6HOEVW LKP ILHO HV VFKZHU GHQ DEVWUDNWHQ 6DFKYHUKDOW DQVFKDXOLFK ]X PDFKHQ LQGHP HU YRQ ª=HLWVWU|PHQ© VWDWW YRQ K\SHUIUHTXHQWHQ 6WUXNWXUNUPPXQJHQ YRQ )OLHULFKWXQJHQ DQVWDWW EHUKUXQJVORVHQ 'XUFKGULQJXQJHQXQGYRQ HLQHP ª=HLWVWURPZHFKVHO©VWDWWYRQ/DGXQJVVFKZDQNXQJGHU([LVWHQ]HEHQHVSUDFK ª6WHOOHQ ZLU XQV ZHLWHUKLQ YRU ZLU ZUGHQ PLW YLHOPLOOLRQHQIDFKHU hEHUOLFKWJHVFKZLQGLJNHLW LP 5DXPYHUVHW]WRKQHGHQ5DXPWDWVlFKOLFK]XGXUFKTXHUHQ'DVLVWVFKZHUYRUVWHOOEDUDQGHUVMHGRFK QLFKW]XYHUDQVFKDXOLFKHQ:LUEOLHEHQQRFKLPPHULPJOHLFKHQ=HLWVWURPQXUZUGHQZLUDQHLQHP UlXPOLFKHQ 3XQNW ODQGHQ GHU 0LOOLRQHQ -DKUH LQ GHU 9HUJDQJHQKHLW DQ GLHVHP 3XQNW H[LVWLHUWH 8PJHNHKUWZUGHQZLUQLFKWVYRUILQGHQZHLOXQVHUH=XNXQIWQRFKQLFKWJHSUlJWLVW6LHVHKHQDOVR YDQ'UHHVHQDXIGLHVH:HLVHNlPHQZLUQLFKW]XP=LHO© +RONYDQ'UHHVHQUlXVSHUWHVLFKXQGEHPHUNWHVSLW]
ª$OOHVZDVLFKELVKHU!VHKHEHVWlWLJWPHLQHQ9HUGDFKW(VJLEWNHLQH=HLWUHLVH© ª6LH VLQG HLQ NOXJHU -XQJH© HUZLGHUWH $LVVD HUQVW ª$EHU 6LH KDEHQ GLH YHUVFKLHGHQHQ =HLWVWU|PH YHUJHVVHQ'HU6XFKHUKDWIROJHQGHVPLWXQVYRU(UEULQJWXQVLQHLQHQ=HLWVWURPGHUVFKQHOOHUIOLHW DOVGHUXQVHUHXQG© ª9RUKLQKDEHQ6LHJHVDJWGDXQVGDVQLFKWLQXQVHUHVRQGHUQLQHLQHY|OOLJIUHPGH=XNXQIWIKUW© ULHIYDQ'UHHVHQHPS|UW $LVVDVHXI]WH 'RFKGDQQOlFKHOWHHUKLQWHUJUQGLJ ª8PZHJH ODVVHQ VLFK HEHQ PDQFKPDO QLFKW YHUPHLGHQ© (U ]ZLQNHUWH ,VDEHOOD ]X XQG UHJLVWULHUWH HUKHLWHUWZLHGLH$JHQWLQHUU|WHWH ª$XI GHP VFKQHOOHUHQ =HLWVWURP HUUHLFKHQ ZLU VHOEVWYHUVWlQGOLFK QLFKW XQVHUH =XNXQIW $EHU ZLU EHUKROHQ XQVHUH *HJHQZDUW 9LHOOHLFKW GHQNHQ 6LH MHW]W ZLU EUDXFKWHQ QXU DQ GHP JHZQVFKWHQ 3XQNWXQVHUHU*HJHQZDUWLQXQVHUHQ=HLWVWURPEHU]XZHFKVHOQXQGDOOHVZlUHLQ2UGQXQJ/HLGHULVW GDV3UREOHPNRPSOL]LHUWHU6RJHQDXOlWVLFKGHU3XQNWGHV=HLWVWURPZHFKVHOVQLFKWEHVWLPPHQ:LU ZUGHQHQWZHGHUKLQWHURGHUYRUXQVHUHU*HJHQZDUWKHUDXVNRPPHQXQGHLQ3DUDGR[RQKHUYRUUXIHQ :LU PVVHQ DOVR XQVHUH *HJHQZDUW EHUKROHQ 'DQDFK VSULQJHQ ZLU DXI HLQHQ HQWJHJHQJHULFKWHWHQ 6WURPXPXQGHLOHQ]XXQVHUHU*HJHQZDUW]XUFN:LUZDUWHQMHGRFKQLFKWELVZLUXQVHUH*HJHQZDUW LP =HLWVWURP HUUHLFKW KDEHQ VRQGHUQ ZHFKVHOQ YRUKHU LQ XQVHUHQ YRUEHVWLPPWHQ =HLWVWU|P XP :lKUHQGXQVHUH*HVFKZLQGLJNHLWGXUFKGLH*HJHQZDUWXQVHUHV6WURPHVDOOPlKOLFKNRPSHQVLHUWZLUG WUHIIHQZLUPLWXQVHUHU*HJHQZDUW]XVDPPHQXQGYHUHLQLJHQXQVPLWLKU$OOHVZDVGHU6XFKHUGDEHL EHDFKWHQPXLVW:LUVROOHQUHODWLY]XXQVHUHPYRUEHVWLPPWHQ=HLWVWURPQLFKWPHKUDOVHLQRGHU ]ZHL7DJH=HLWYHUOLHUHQXQGZLUGUIHQDXIJDUNHLQHQ)DOO=HLWJHZLQQHQVRQVWZlUHQZLUQLHPDOV LP.RQWLQXXPGHV6XFKHUVJHZHVHQXQGKlWWHQLKPQLFKWKHOIHQN|QQHQ© ª,QWHUHVVDQW©EHPHUNWHYDQ'UHHVHQWRQORVª'XPHLQH*WH©(UIXKUVLFKPLWEHLGHQ+lQGHQGXUFK VHLQHIODFKVEORQGHQ+DDUHª:HQQLFKGLH:DKOKlWWHHQWZHGHU!=HLWVWURPIRUVFKHURGHU3DUDQRLNHU ]X ZHUGHQ LFK ZUGH PLFK IU 3DUDQRLNHU HQWVFKHLGHQ %HLGHV OlXIW VFKOLHOLFK GDUDXI KLQDXV GD PDQDXI6WDDWVNRVWHQLQHLQH+HLODQVWDOWYHUIUDFKWHWZLUG1XUEUDXFKWPDQVLFKDOV3DUDQRLNHUQLFKW ]XVlW]OLFKDQ]XVWUHQJHQ© $LVVD%KXJROVWDQGDXIXQGNORSIWHGHP/HXWQDQWDXIGLH6FKXOWHU ª*OFNOLFKHUZHLVH VWHKHQ 6LH QLFKW YRU GLHVHU (QWVFKHLGXQJ YDQ 'UHHVHQ 6LH KDEHQ VLFK EHUHLWV HQWVFKLHGHQIUGDV/HEHQHLQHV3KOHJPDWLNHUV© ,VDEHOOD0RQWDODFKWHXQGDXFK+RONYDQ'UHHVHQVWLPPWHVFKOLHOLFKPLWHLQ 1DFKHLQLJHU=HLWVFKWWHOWHGHU/HXWQDQWGHQ.RSIXQGPXUPHOWH ª:LHKDWHUGDVHLJHQWOLFKJHPHLQW"*LEWHVQXQGLH=HLWUHLVHRGHUJLEWHVNHLQH"©
'LHURWH:RONHVFKLHQNHLQ(QGH]XQHKPHQ6HLWYLHU6WXQGHQMDJWHGLH6SDFH-HWDQWULHEVORVGDKLQ YRQHLQHUVWlUNHUHQ.UDIWEHUGLH$EJUQGHYRQ5DXPXQG=HLWJHWULHEHQ -RKQ 0DUVKDOO ULHI LQ NXU]HQ =HLWDEVWlQGHQ QDFK GHP 6XFKHU 'RFK GDV JHKHLPQLVYROOH :HVHQ PHOGHWHVLFKQLFKWPHKU 3O|W]OLFKZXUGHGDV5RWGHU:RONHRGHUZDVHV LPPHUDXFKZDUGXQNOHUXQGGXQNOHU6FKZDU]H 6FKDWWHQ WDXFKWHQ DXI XQG VFKLHQHQ PLW VWUHLILJHQ *OLHGPDHQ QDFK GHP ZLQ]LJHQ 5DXPVFKLII ]X JUHLIHQ ,P )URQWVFKLUP ZXUGH HLQ GXQNOHU 3XQNW VLFKWEDU (U YHUJU|HUWH VLFK VFKQHOO XQG EDOG HUVFKLHQHUGHQ0HQVFKHQZLHHLQILQVWHUHU$EJUXQGLQGHQVLHXQDXIKDOWVDPKLQHLQVWU]WHQ 3HUU\5KRGDQGUHKWHVLFKPLWVNHSWLVFKHP*HVLFKW]X$LVVDXP $LVVDOlFKHOWH ª:LU GUIHQ GHP 6XFKHU YHUWUDXHQ 6LU :lKUHQG XQVHUHU *HGDQNHQUHLVHQ KDEHQ ZLU YLHO HUOHEW XQG VLQGWLHILQGHQ*HLVWGHV6XFKHUVHLQJHGUXQJHQ)DOVFKKHLWRGHU%RVKHLWLVWLKPIUHPG'DVJLEWHVQXU LPJHJHQZlUWLJHQ8UVSUXQJ© 'HU *URDGPLQLVWUDWRU VHQNWH GHQ .RSI (V KDWWH LKQ ]XWLHIVW JHWURIIHQ GD GLH %HVDW]XQJ GHU 6LOEHUNXJHO DXV PHQVFKHQlKQOLFKHQ :HVHQ EHVWDQG *HZL HV ZDUHQ PLW 6LFKHUKHLW NHLQH 7HUUDQHU JHZHVHQ DEHU GLH $UWYHUZDQGWVFKDIW DOOHU lXHUOLFK KXPDQRLGHQ :HVHQ OLH VLFK QLFKW OHXJQHQ PRFKWHQ LKUH :LHJHQ DXFK GXUFK XQYRUVWHOOEDUH (QWIHUQXQJHQ JHWUHQQW VHLQ 8QG 5KRGDQ ZXWH JHQDXGDGLHª$EWUQQLJHQ©SULQ]LSLHOODXFKKlWWHQ0HQVFKHQVHLQN|QQHQ(VJDEMHGHQIDOOVNHLQHQ *UXQGHLQHDQGHUH5DVVHDOVE|VHXQGGLHHLJHQHDOVJXWDQ]XVHKHQ,QMHGHU5DVVHZDUEHLGHVYHUHLQW
XQGVRJDULQMHGHPHLQ]HOQHQ0HQVFKHQ (UEOLFNWHDXIDOVGLH%LOGVFKLUPHVLFKY|OOLJYHUGXQNHOWHQ'HUVFKZDU]H$EJUXQGKDWWHVLHHQGJOWLJ YHUVFKOXQJHQ1XUPDQFKPDO]RJHQJUHOOIDUELJH6WUHLIHQDQGHQ6FKLUPHQYRUEHLVRUDVFKGDGDV $XJHGLHHLQ]HOQHQ)DUEHQQLFKWWUHQQHQNRQQWH ª,FK!K|UH7|QH©IOVWHUWH-RKQ0DUVKDOOª(VNOLQJWDOVVWUHLIWHQZLULQUDVHQGHP9RUEHLIOXJGLH 6FKDOOZHOOHQGLHYRQ0LOOLDUGHQYHUVFKLHGHQHU2UFKHVWHUHU]HXJWZHUGHQ© 3HUU\5KRGDQOHKQWHVLFK]XGHP7HOHSDWKHQXQGIUDJWH ª(UNHQQHQ6LHHLQHQ=XVDPPHQKDQJ]ZLVFKHQGHQIDUELJHQ6WUHLIHQXQGGHU'XQNHOKHLW"© 0DUVKDOOQLFNWH ª$EHU HV OlW VLFK QLFKW EHVFKUHLEHQ 6LU (V UXIW (PSILQGXQJHQ KHUYRU GLH LFK QLFKW ]X GHXWHQ YHUPDJ© ªbKQOLFK HUJLQJ HV XQV DOV ZLU JHLVWLJ YHUHLQW ]XP :,5 LQV .RQWLQXXP GHV 6XFKHUV HLQGUDQJHQ 8QVHU 6SUDFKVFKDW] HQWKlOW QLFKW GLH WUHIIHQGHQ %H]HLFKQXQJHQ ZHQQ PDQ QLFKW $XVGUFNH ZLH !JUHOOEODXHU $NNRUG RGHU !GXPSI WUHPXOLHUHQGHV 5RVD YHUZHQGHQ ZLOO $XFK NDQQ PDQ PLW GHQ N|USHUOLFKHQ 6LQQHQ QXU $QGHXWXQJHQ ZDKUQHKPHQ QLHPDOV DEHU GDV *DQ]H ,FK IUFKWH GD]X LVW DXFK-RKQQLFKWIlKLJGHQQHUNDQQVLFKQLFKWYRQVHLQHP.|USHUO|VHQZLHGDV:,5GDPDOV© -RKQ0DUVKDOOUXFNWH'DQQVHXI]WHHU ª,FKEHQHLGH6LHXPGLHVHV(UOHEQLV$LVVD6LHKDEHQGLH(ZLJNHLWJHVFKDXWMD6LHZDUHQ]HLWZHLVH HLQ7HLOGLHVHU(ZLJNHLW© $LVVDVFKORGLH$XJHQXQGOlFKHOWH ª6LHWlXVFKHQVLFK-RKQ:LUDOOHDXFK6LHVLQGLQMHGHP$XJHQEOLFNHLQ7HLOGHU(ZLJNHLWXQGGLH (ZLJNHLWOLHJWQLFKWQXULQGHUK|KHUHQ'LPHQVLRQGHV6XFKHUVVRQGHUQEHUDOOLQGHQ6WHUQHQGHQ 3ODQHWHQXQG0RQGHQLPEODXHQ+LPPHOGHU(UGH ª8QGLQGHQ$XJHQVFK|QHU)UDXHQ©ZDUIYDQ'UHHVHQHLQXQGJlKQWH 3HUU\5KRGDQVFKWWHOWHGHQ.RSIXQGPXUPHOWHVRGDGHU/HXWQDQWHVQLFKWYHUVWHKHQNRQQWH ª:HQQ LFK QLFKW ZWH GD GLHVHU .HUO HLQLJH (LQVlW]H PHLVWHUWH YRU GHQHQ VRJDU LFK $QJVW EHNRPPHQKlWWHLFKZUGHLKQIUHLQHQ0DQQPLWSV\FKLVFKHQ'HIHNWHQKDOWHQ© ª0DQFKPDO KDEH LFK GDV (PSILQGHQ© VDJWH 0DUVKDOO ªDOV ZROOWH HU XQV DOOHVDPW DXI GHQ $UP QHKPHQ,FKZQVFKWHLFKN|QQWHLKQHLQPDOLQHLQHUJHIlKUOLFKHQ6LWXDWLRQEHREDFKWHQ© ª%HVFKUHLHQ6LHHVQLFKW©EUXPPWH+RONYDQ'UHHVHQ -RKQ0DUVKDOOULGLH$XJHQZHLWDXI ª'HU.HUOKDW2KUHQZLHHLQHSD\FDUVLVFKH:VWHQPDXV:DVK|UHQ6LHHLJHQWOLFKQLFKW/HXWQDQW"© 9DQ'UHHVHQERKUWHPLWGHP)LQJHULP2KU ª:LHELWWH6LU"© 0DUVKDOOJDEHVDXI$QVFKHLQHQGJDEHVQLFKWVZDVGHQ/HXWQDQWDXVGHU5XKHEULQJHQNRQQWH (LQLJH0LQXWHQVSlWHUYHUVFKZDQGGLH)LQVWHUQLVVFKODJDUWLJYRQGHQ6FKLUPHQ6LHEOLHEQLFKWHWZD KLQWHUGHP6FKLII]XUFNVLHZDUHLQIDFKQLFKWPHKUGD )UDQFRLVVSUDQJYRQVHLQHP3ODW]6HLQ*HVLFKWVWUDKOWHYRU)UHXGHXQG%HJHLVWHUXQJ ª:LUVLQGGD:LUVLQGHQGOLFKZLHGHULP1HW]GHV6XFKHUV© $LVVD%KXJROGUFNWHEHWRQWODQJVDPVHLQH=LJDUHWWHDXV0LWQDFKVLFKWLJHP/lFKHOQPXVWHUWHHUGHQ )UHXQG'DQQZDQGWHHUVHLQH$XIPHUNVDPNHLWGHQ%LOGVFKLUPHQ]X 'XUFK GLH VFKZDFK HUKHOOWH 'XQNHOKHLW GHV 5DXPHV IOLPPHUWHQ XQG URWLHUWHQ EXQWH /LFKWPXVWHU (V VDK DXV DOV ZlUHQ GLH YHUVFKZRPPHQHQ /HXFKWHUVFKHLQXQJHQ DQ HLQHU JLJDQWLVFKHQ *ORFNH DXIJHKlQJWHLQHU*ORFNHYRQDQGHUWKDOE/LFKWMDKUHQ'XUFKPHVVHU $LVVDUlXVSHUWHVLFK ª(VLVWGRFKVHOWVDP©EHPHUNWHHUPLWEHOHJWHU6WLPPHªZLHVHKUPDQDQHLQHU8PJHEXQJKlQJHQ NDQQLQGLHPDQJHJHQGHQHLJHQHQ:LOOHQYHUEDQQWZXUGH© /HXWQDQW+RONYDQ'UHHVHQGHUDOV1DYLJDWRUIQJLHUWHNQXUUWHHWZDV8QYHUVWlQGOLFKHV'DQQVDJWH HWPLWGHPEOLFKHQ3KOHJPD ª,KUHU 0HLQXQJ QDFK .DSLWlQ %KXJRO VROOWHQ ZLU LP 1HW] GHV 6XFKHUV ]ZHL 3ODQHWHQ XQG HLQH 5DXPVWDGWYRUILQGHQ"© $LVVDUHJWHGHUSRPDGLJH7RQDXI ª:DUXPIUDJHQ6LHPLFK0DQQ"/HVHQ6LHGLH$Q]HLJHQGHU+\SHUWDVWHUDEXQG6LHZLVVHQHV© ª'DV WXH LFK GLH JDQ]H =HLW EHU© PXUPHOWH YDQ 'UHHVHQ KDOEODXW ª6HOWVDPHUZHLVH ILQGHQ GLH +\SHUWDVWHUEHUKDXSWQLFKWV:HQQPDQVLFKDXIGLHVH*HUlWHYHUODVVHQNDQQGDQQEHILQGHWVLFKLP 1HW]GHV6XFKHUVQLFKWHLQPDOHLQH6WHFNQDGHO©
ª(KHUJODXEHLFKGDPDQVLFKQLFKWPHKUDXI,KUH$XJHQYHUODVVHQNDQQ©$LVVDV6WLPPHWULHIWHYRU lW]HQGHP6SRWW (UEHJDEVLFKPLWHQHUJLVFKHQ6FKULWWHQ]XYDQ'UHHVHQV3ODW]XQGVFKREGLH+lQGHGHV/HXWQDQWIRUW 'DQQ EHWUDFKWHWH HU GHQ NUHLVHQGHQ (OHNWURQHQVWUDKO DXI GHU '6FKHLEH KLHOW GLH %HZHJXQJ GHU 7DVWHUVWUDKOHQDQOLHVLHXPJHNHKUWYHUODXIHQPRGXOLHUWHGLH,QWHQVLWlWXQGEHREDFKWHWHXQDEOlVVLJ GLH$Q]HLJHQ1DFKZHQLJHUDOVHLQHU0LQXWHGUHKWHHUVLFKXPXQGVDJWHWRQORV ª,FK PX PLFK EHL ,KQHQ HQWVFKXOGLJHQ /HXWQDQW 6LH KDWWHQ UHFKW 'LH 6SDFH-HW LVW GDV HLQ]LJH PHEDUH2EMHNWLP1HW]GHV6XFKHUV© (U]XFNWHEHGDXHUQGGLH6FKXOWHUQDOVHU5KRGDQVHUVWDXQWHQ%OLFNDXIVLFKUXKHQVDK ª7XW PLU OHLG 6LU 'DV LVW GDV 1HW] GHV 6XFKHUV GHQQRFK IHKOHQ GLH 3ODQHWHQ XQG 5RROV 6WDGW ,FK KDEHNHLQH(UNOlUXQJGDIU© ª$EHUGDVNDQQGRFKJDUQLFKWVHLQ©VFKULH)UDQFRLVYROOHU3DQLN(U]ZDQJVLFKJHZDOWVDP]XU5XKH ª6FK|Q8807KXWDXQG5RROV6WDGWN|QQWHQDQLKUH+HLPDWSRVLWLRQHQ]XUFNJHNHKUWVHLQPDJHV QRFKVRXQZDKUVFKHLQOLFKNOLQJHQ$EHUGDQQPWH]XPLQGHVWGLH/$1&(7DXIXQVZDUWHQ© ª-RKQ©EHIDKO5KRGDQª9HUVXFKHQ6LH.RQWDNWPLWGHP6XFKHU]XEHNRPPHQ© $LVVDVFKWWHOWHGHQ.RSI ª'DV LVW ]ZHFNORV 6LU© HUNOlUWH HU ª9RQ XQVHUHP .RQWLQXXP ]XP .RQWLQXXP GHV 6XFKHUV JLEW HV NHLQH JHLVWLJH 9HUELQGXQJ 'DV LVW QXU P|JOLFK ZHQQ EHLGH 3DUWQHU VLFK LP JOHLFKHQ .RQWLQXXP EHILQGHQ© ª0DUVKDOONDQQHVWURW]GHPYHUVXFKHQ©HUZLGHUWH3HUU\5KRGDQKDUWª,FKKDEHGLH$KQXQJDOVVHL MHPDQGHPHLQJDQ]JHZDOWLJHU)HKOHUXQWHUODXIHQ:HQQHVVRLVWVWHKHQZLUYRUHLQHPQHXHQ5lWVHO XQGZLUZHUGHQHVNDXPDXVHLJHQHU.UDIWO|VHQN|QQHQ© 'HU5XFNNDPVRXQHUZDUWHWGDDOOHGLHQLFKWDQJHVFKQDOOWDXILKUHQ3OlW]HQVDHQYRQGHQ)HQ JHULVVHQXQGJHJHQGDV6WHXHUSXOWJHVFKOHXGHUWZXUGHQ ,PVHOEHQ$XJHQEOLFNZLPPHUWHGHUEHUODVWHWH$QGUXFNDEVRUEHUVFKULOOWHGHU$EVRUEHUDODUP 8QGLPQlFKVWHQ$XJHQEOLFNZDUDOOHVZLHGHUYRUEHL $LVVDKLHOWVLFKGHQUHFKWHQ(OOHQERJHQXQGSILIIGXUFKGLH=lKQHXPGHQ6FKPHU]]XNRPSHQVLHUHQ )UDQFRLV XQG 5KRGDQ KDOIHQ HLQDQGHU DXI GLH %HLQH XQG ULHEHQ VLFK GLH 6WLUQ VLH ZDUHQ PLW GHQ .|SIHQ]XVDPPHQJHSUDOOW6DPXHO3HFNGDJHJHQVWHFNWH]ZLVFKHQGHU2EHUIOlFKHGHV6WHXHUSRGHVWHV XQGGHU6LW]IOlFKHHLQHV.RQWXUVHVVHOV(UNDPDXVHLJHQHU.UDIWZHGHUYRUQRFK]XUFN%HQKDOILKP VFKOLHOLFK KHUDXV LQGHP HU GHQ 6HVVHO PLW HLQHU 6FKXOWHU KRFKZXFKWHWH XQG GHQ 0DWKHPDWLNHU PLW GHU+DQGKHUYRU]RJ ª:DVZDUGDV"©IUDJWH)UDQFRLVHUVFKURFNHQ ª1LFKWV 6LU© ULHI YDQ 'UHHVHQ YRQ VHLQHP 3ODW] KHUDE ª.HLQH 2UWXQJ ZHGHU 0DVVH QRFK (QHUJLHDQ]HLJH NHLQH 6WUDKOXQJ DXFK NHLQH *UDYLWDWLRQ 1XU GLH 9HU]|JHUXQJ ZXUGH YRP )OXJVFKUHLEHUUHJLVWULHUW© ª$XVJH]HLFKQHW© VWLH 6DP KHUYRU ZlKUHQG %HQ VHLQH ]HUVFKXQGHQH 1DVH EHKDQGHOWH XQG :XQGSODVPDGDUEHUVSUKWH ª-HW]WNDQQZHQLJVWHQVQLHPDQGEHKDXSWHQZLUKlWWHQDOOHVQXUJHWUlXPW© ª'DVGUIWHRKQHKLQQLFKWP|JOLFKVHLQ©VS|WWHOWH)UDQFRLVª0LWGHLQHU1DVH© 6DPIXKUHU]UQWKHUXP'DQQEHJDQQHU]XJULQVHQ ª%HQ©IDXFKWHHUGHQ5RERWHUDQª1LPPGHQ,PSXOVVWUDKOHUXQGHQWIHUQHGLH%HXOHYRQ0LVWHU3HWLWV !+RKOUDXPDEGHFNXQJ© 'HU5RERWHUEHZLHVGDHUDXIPHQVFKOLFKHQ+XPRUHLQJHKHQNRQQWHDXFKZHQQHUVHOEVWQLFKWLQ GHQ %DKQHQ HLJHQHQ +XPRUV HPSIDQG (U ]RJ VHLQHQ NORELJHQ ,PSXOVVWUDKOHU XQG PDUVFKLHUWH DXI )UDQFRLV]X 'HU(UVWH2IIL]LHUVSUDQJHQWVHW]W]XUFNXQGVWU]WHNRSIEHULQGHQ$QWLJUDYVFKDFKW ª2ND\© 6DPXHO 3HFN JULQVWH QRFK EUHLWHU ª*XW JHPDFKW %HQ -HW]W ZROOHQ ZLU YHUVXFKHQ GLHVHV 3KlQRPHQ]XHUJUQGHQ© (UWUDW]XYDQ'UHHVHQXQGVWUHFNWHGLH+DQGDXV ª*HEHQ6LHPLUGDV'LDJUDPPGHV)OXJVFKUHLEHUV VRZLHGLH 'LDJUDPPHIU$EVRUEHUEHODVWXQJXQG 7ULHEZHUNVVFKXE© ª%LWWHVHKU©HUZLGHUWHGHU/HXWQDQWJHODQJZHLOWXQGKLHOWLKPGLHGLDPDJQHWLVFKHQ6FKHLEHQPLWGHQ
DXIJHGUXFNWHQ6SHLFKHUEDKQHQKLQª,FKZXWHGD6LHVLHEUDXFKHQZUGHQ© ª6LHZHUGHQHVQLFKWJODXEHQ/HXWQDQW©HUZLGHUWHGHU0DWKHPDWLNHUHUQVWKDIWª$EHULFKZXWHGD 6LHGLH'LDJUDPPHVFKRQEHUHLWKDWWHQ© (UJULII]XXQGOHJWHGLH6FKHLEHQLQGLH$XIQDKPHIlFKHUGHU%RUGSRVLWURQLN:lKUHQGHUPLWEHLGHQ +lQGHQDXIGHQ3URJUDPPLHUXQJVWDVWHQKHUXPDUEHLWHWHEOLFNWHHUEHUGLH6FKXOWHU]XUFNXQGVDJWH ª$OOHV ZDV HV JLEW XQWHUOLHJW DXFK JDQ] VSH]LHOOHQ 1DWXUJHVHW]HQ )ROJOLFK DXFK GLH EHZXWH 9HU]|JHUXQJ 'D DQGHUHUVHLWV DOOHV HLQH 8UVDFKH KDEHQ PX VROOWHQ ZLU VHOEVW PLW HLQHU VR NOHLQHQ 5HFKHQPDVFKLQH ZLH GLHVHU GHQ =XVDPPHQKDQJ ]ZLVFKHQ 1DWXUJHVHW] 8UVDFKH XQG :LUNXQJ KHUDXVEHNRPPHQ©
/DQJH EHYRU6DPXHO 3HFN VHLQH %HUHFKQXQJHQ EHHQGHW KDWWH NDP .DSLWlQ%KXJRO HLQ *HGDQNH (U EHVSUDFK VLFK PLW 3HUU\ 5KRGDQ 'HU *URDGPLQLVWUDWRU HUWHLOWH GDUDXIKLQ 2EHUOHXWQDQW 0RQWD GHQ %HIHKOGLH.RRUGLQDWHQLQQHUKDOEGHV6XFKHUQHW]HVDQ]XIOLHJHQLQGHQHQVLFK8807KXWDXQG5RROV 6WDGWKlWWHQEHILQGHQPVVHQZHQQDOOHVPLWUHFKWHQ'LQJHQ]XJHJDQJHQZlUH ,VDEHOOD0RQWDEOLFNWH]ZDUHUVWDXQWGUHLQVDJWHDEHUQLFKWV'DGLHWKHRUHWLVFKH3RVLWLRQYRQ7KXWD DP QlFKVWHQ ODJ VWHXHUWH VLH GRUWKLQ 6LH IKUWH HLQH .XU]WUDQVLWLRQ EHU ]HKQ /LFKWZRFKHQ GXUFK 'DQDFKKlWWH7KXWDQXUQRFKHLQH/LFKWVWXQGHHQWIHUQWVHLQPVVHQ$EHUGLH+\SHUWDVWHU]HLJWHQQXU DEVROXWHV1LFKWVDQ ª)OLHJHQ 6LH PLW KDOEHU /LFKWJHVFKZLQGLJNHLW ELV DXI ]HKQ /LFKWPLQXWHQ KHUDQ© EHIDKO 5KRGDQ ª'DQQYHU]|JHUQ6LHDXIHLQ3UR]HQWGHU/LFKWJHVFKZLQGLJNHLW© 'LH VHFKV KLQWHUHQ 3URMHNWLRQVIHOGGVHQ VWLHHQ JUHOOJOKHQGH ,PSXOVZHOOHQEQGHO DXV 'DV LQIHUQDOLVFKH 'U|KQHQ GHU (QHUJLHHU]HXJHU GUDQJ ELV ]XU =HQWUDOH KRFK XQG OLH GLH ,QVWUXPHQWH NOLUUHQ 6DPXHO3HFNEUXPPWHXQZLOOLJ (UUHFKQHWHDXIYLHU.DQlOHQJOHLFK]HLWLJ'LH3RVLWURQLNGHU6-7DUEHLWHWHZLHVLHZDKUVFKHLQOLFK QRFKQLHJHDUEHLWHWKDWWH8QXQWHUEURFKHQVSLHQGLH$XVJDEHVHNWRUHQKDXFKGQQH6\PEROVWUHLIHQDXV JOKWHQ GLH URWHQ JUQHQ JHOEHQ XQG EODXHQ /DPSHQ EHU GHP 7HLOHUJHEQLV0LVFKVHNWRU XQG VXPPWHQGLH:DUQVLJQDOHIU2EHUEHODVWXQJ 2EHUOHXWQDQW0RQWDVFKDOWHWHGLH+HFNWULHEZHUNHDEXQGEUHPVWHPLWGHQVHFKV%XJWULHEZHUNHQ$E XQG]XJDEVLHNXU]H.RUUHNWXUVW|HPLWGHQLQVJHVDPWVHFKV%DFNERUGXQG6WHXHUERUGIHOGGVHQMH QDFKGHQ'DWHQGLH/HXWQDQWYDQ'UHHVHQLKUEHUPLWWHOWH (VZLUNWHJHVSHQVWLVFKZLH3LORWLQXQG1DYLJDWRUVLFKGDUXPEHPKWHQNHLQHQ0HWHUYRQHLQHUUHLQ WKHRUHWLVFKH[LVWLHUHQGHQ3ODQHWHQSRVLWLRQDE]XZHLFKHQ ª1RFKIQI0LQXWHQ©PHOGHWH,VDEHOOD0RQWD 3HUU\ 5KRGDQ QLFNWH PLW YHUNQLIIHQHP *HVLFKW (U VWDUUWH HLQLJH 6HNXQGHQ ODQJ DXI GHQ OHHUHQ )URQWELOGVFKLUPGDQQEHIDKOHU ª$QVFKQDOOHQXQG.RQWXUVLW]H]XUFNNODSSHQ© 6DPXHO3HFNEHJDQQ]XIOXFKHQ(UVFKDOWHWHZLHZDKQVLQQLJDQGHU3RVLWURQLN ª,FKEUDXFKHQRFK]HKQ0LQXWHQ©VFKULHHUKHLVHUª6LHN|QQHQGRFKMHW]WQLFKW© ª'RFKZLUN|QQHQ©HQWJHJQHWH5KRGDQXQJHUKUWª$XFKIU,KUH%HUHFKQXQJHQGUIWHHVYRUWHLOKDIW VHLQZHQQ6LHQRFKHLQLJH)DNWHQKLQ]XEHNlPHQ© 'HU 0DWKHPDWLNHU NQXUUWH XQZLOOLJ $EHU HU OHJWH GHQ 6FKDOWHU XP GHU GLH 3RVLWURQLN DXI GHQ %HKDUUXQJVNUHLVYHUEDQQWHXQGVSUDQJ]XVHLQHP6LW] .DXPZDUHUIHVWJHVFKQDOOWGXUFKIXKUHLQ5XFNGLH6SDFH-HW 'LH6-7NDPLQQHUKDOEZHQLJHU6HNXQGHQ]XPY|OOLJHQ6WLOOVWDQG8QEHZHJOLFKKLQJVLHDQHLQHU 6WHOOHLPOHHUHQ5DXPXQGVLHEHZHJWHVLFKDXFKQLFKWDOV2EHUOHXWQDQW0RQWDGHQ6FKXEKHEHOELV ]XP$QVFKODJYRUVWLH
6DPXHO 3HFN EHJDQQ ]X ODFKHQ =ZLVFKHQGXUFK VFKQDSSWH HU QDFK /XIW XQG VHLQH +lQJHEDFNHQ ]LWWHUWHQEHUGHP.UDJHQ ª1HLQ©ULHIHUª'DVLVWHLQIDFKSKDQWDVWLVFK©(UZDQGWHVLFKDQ3HUU\5KRGDQª6LHKDEHQZLUNOLFK QLFKW]XYLHOYHUVSURFKHQ6LU'DVHUJLEWLQGHU7DWHLQLJHZHUWYROOH)DNWHQIUPHLQH%HUHFKQXQJHQ©
(UPDFKWH$QVWDOWHQ]XU3RVLWURQLN]XUFN]XNHKUHQ ª+|UHQ6LHHQGOLFKDXIQXUQRFKDXIGHP8PZHJEHUGLH0DVFKLQH]XGHQNHQ0LVWHU3HFN©VDJWH 5KRGDQXQZLOOLJª9HUVXFKHQ6LHGDV3UREOHPPLW,KUHPRUJDQLVFKHQ'HQNDSSDUDW]XO|VHQ© 6DPPDFKWHHLQYHUEOIIWHV*HVLFKW ª'DVLVWDXFKHLQH0|JOLFKNHLW©JDEHU]Xª+P,FKZUGHVDJHQGDZLUXQVDQIlQJOLFKWlXVFKHQ OLHHQ'DV1HW]GHV6XFKHUVLVWQXUVFKHLQEDUOHHU,Q:LUNOLFKNHLWH[LVWLHUHQVRZRKO7KXWDDOVDXFK 880XQG5RROV6WDGW:LUN|QQHQVLHQXUQLFKWVHKHQDEHUZLUIKOHQVLHZHQQZLUKLQGXUFKIOLHJHQ ZLHEHL880RGHUKlQJHQEOHLEHQZLHEHL7KXWD© ª'DVVLQGJHQDXPHLQH *HGDQNHQ©HUNOlUWH3HUU\5KRGDQª'DUXPEHIDKOLFKDXFKGHQ$QIOXJDXI 7KXWD/HLGHUUHFKQHWHLFKQLFKWGDPLWGDZLULQQHUKDOEHLQHVXQVLFKWEDUHQ3ODQHWHQVWHFNHQEOHLEHQ N|QQWHQQRFKGD]XVRDEVROXWZLHHVMHW]WGHQ$QVFKHLQHUZHFNW© ª:LH"©IUDJWH-RKQ0DUVKDOOª*ODXEHQ6LHWDWVlFKOLFKZLUEHIlQGHQXQVLQQHUKDOE7KXWDV":LHLVW GDVP|JOLFKZHQQGHU3ODQHWIUXQVQLFKWH[LVWLHUW"© ª'DVLVWGLH )UDJHGLHZLUQRFKNOlUHQ PVVHQ,FK GHQNH0LVWHU3HFNN|QQWHVHLQH%HUHFKQXQJHQ QXQPHKUIRUWVHW]HQ8QGUHFKQHQ6LHJXW0LVWHU3HFNVRQVWNRPPHQZLUQLHPDOVDXVGLHVHU)DOOH KHUDXV© ª$OVRELFKMHPDOVVFKOHFKWJHUHFKQHWKlWWH©EUXPPWH6DPEHOHLGLJW(UVFKQDOOWHVLFKORVXQGVWDSIWH PLWJULPPLJHP*HVLFKWDXIGLH3RVLWURQLN]X $LVVD%KXJRO]QGHWHVLFKHLQH=LJDUHWWHDQXQGGDFKWHEHUGDV3KlQRPHQQDFK :LHNRQQWHQ]ZHL3ODQHWHQHLQH5DXPVWDGWXQGHLQ5DXPVFKLIILQHLQHP.RQWLQXXPQHEHQHLQDQGHU H[LVWLHUHQXQGGRFKIUHLQDQGHUXQVLFKWEDUEOHLEHQ" (U JODXEWH QLFKW DQ HLQH +HLPWFNH GHV 6XFKHUV $QGHUHUVHLWV KDWWH GDV UlWVHOKDIWH :HVHQ DXV GHU VHFKVWHQ 'LPHQVLRQ LKQHQ YHUVSURFKHQ VLH LQ GDV 1HW] ]XUFN]XEULQJHQ XQG GDIU ]X VRUJHQ GD LQQHUKDOELKUHU+HLPDWJDOD[LVQLFKWPHKUDOVHLQ7DJYHUJLQJZlKUHQGVLH]XUFNWUDQVSRUWLHUWZXUGHQ ,QGHP9HUVSUHFKHQNODIIWHHLQH/FNHVWHOOWH$LVVDIHVW'HU6XFKHUKDWWHQLFKWVGDYRQJHVDJWGD VLHGLH*HIlKUWHQLQQHUKDOEGHV1HW]HVDQWUHIIHQZUGHQ$EHUMHGHUDQ%RUGGHU6SDFH-HWKDWWHGDV DOV VHOEVWYHUVWlQGOLFK DQJHQRPPHQ 'RFK YLHOOHLFKW ZDU GDV JDU QLFKW VR VHOEVWYHUVWlQGOLFK 'LH YHUJDQJHQHQ (UHLJQLVVH KDWWHQ EHZLHVHQ GD DXFK GHU 6XFKHU NHLQ DOOPlFKWLJHV :HVHQ ZDU WURW] VHLQHU ]ZHLIHOORV EHUPHQVFKOLFKHQ 0DFKW 'RFK ZDUXP KDWWH HU GLH 0HQVFKHQ QLFKW DXI GLH 6FKZLHULJNHLWHQKLQJHZLHVHQGLHLP1HW]DXIVLHZDUWHWHQ" 6HLQH 0HQWDOLWlW ,VW DQGHUV DOV GLH XQVHUH VDJWH $LVVD VLFK /DJ GDULQ GHV 5lWVHOV /|VXQJ" :DU GHU 6XFKHU GDYRQ DXVJHJDQJHQ GD GLH 0HQVFKHQ XP GLH 6FKZLHULJNHLW ZXWHQ" 8QG ZDUXP KDWWH HU LKQHQQLFKWJHVDJWGDHUGDV3UREOHPIUVLHO|VHQZUGH" 'DUDXIJDEHVQXUHLQH$QWZRUW$LVVDHUVFKUDNDOVHUGDVHUNDQQWH 6LHVHOEVWPXWHQGDV3UREOHPO|VHQXQGQLHPDQGZUGHLKQHQGDEHLKHOIHQN|QQHQ
ª:LUZHUGHQGLH/|VXQJILQGHQ©EHKDXSWHWH3HUU\5KRGDQIHVW ª8QVHUH0LWWHOVLQGHLQ1LFKWVJHJHQGLH0LWWHOGHV6XFKHUV©ZLGHUVSUDFK$LVVD ª%LVDXIHLQH$XVQDKPHGLH0XWDQWHQ1XULKUH3DUDIlKLJNHLWHQNDQQGHU6XFKHUJHPHLQWKDEHQDOV HUGDUDXIYHUWUDXWHZLUZUGHQGDV3UREOHPDOOHLQO|VHQ© $LVVDODFKWHELWWHU ª:DVQW]HQXQVGLH0XWDQWHQLQGLHVHU/DJH6LU".DQQ-RKQ0DUVKDOOHWZDJHGDQNOLFKH9HUELQGXQJ PLW 5RRO RGHU :XUJK DXIQHKPHQ" 9HUPDJ 5DV 7VFKXEDL LQ GLH /$1&(7 RGHU ]X 5RROV 6WDGW ]X WHOHSRUWLHUHQ"© ª(VVLHKWQLFKWVRDXV©JDE5KRGDQ]XªGHQQRFKELQLFKEHU]HXJWGDGHU:HJLQGLH:LUNOLFKNHLW EHUGLH0XWDQWHQIKUW© 6LH VDKHQ DXI DOV GDV $UEHLWVJHUlXVFK GHU 3RVLWURQLN HUVWDUE 6DPXHO 3HFN UDIIWH HLQHQ 6WDSHO 6WDQ]SODWWHQ]XVDPPHQXQGZlO]WHVLFKVFKQDXIHQGXQGNHXFKHQGKHUDQ(UOHJWHVLHDXIGLH6WXIHQ ]XP6WHXHUSRGHVWXQGULFKWHWHVLFKZLHGHUDXI ª)HUWLJ6LU©PHOGHWHHU 3HUU\5KRGDQQLFNWHLKPDXIPXQWHUQG]X'LHDQGHUHQNDPHQQlKHUKHUDQGDPLWLKQHQNHLQ:RUWGHV 0DWKHPDWLNHUVHQWJLQJ ª:LU KDEHQ HLQHQ )HKOHU JHPDFKW© HUNOlUWH 6DP ª(LQHQ OlFKHUOLFK NOHLQHQ )HKOHU QXU DEHU HU YHUEDXWXQVGHQ5XFNZHJ]XGHQ3ODQHWHQGHV1HW]HVXQG]XU5DXPVWDGW©(UEOLQ]HOWHDXVJHU|WHWHQ
$XJHQLQVKHOOH/LFKWGHU,QVWUXPHQWHQEHOHXFKWXQJª(LJHQWOLFKLVWHVXPJHNHKUW'HP!,QKDOWGHV 1HW]HVLVWGHU:HJLQGLHULFKWLJH([LVWHQ]HEHQHYHUEDXW$EHU]XHUVWPVVHQ$LVVD)UDQFRLVXQGLFK ]XUIDOVFKHQ(EHQHJHODQJHQEHYRUZLUGHQ)HKOHUUFNJlQJLJPDFKHQN|QQHQ© ª(VJLEWDOVRHLQH0|JOLFKNHLWGHQ)HKOHUDXV]XPHU]HQ"©IUDJWH5KRGDQVFKQHOO 6DPXHO3HFN]HLJWHHLQVFKLHIHV*ULQVHQ ª1DWUOLFK6LU:LUGUHL$LVVD)UDQFRLVXQGLFKEUDXFKHQQXULQGLH5DXPVWDGW]XJHKHQXQGGHQ $QGUR+\SHU3URMHNWRU DXV]XVFKDOWHQ 7KHRUHWLVFK JHQJWH VFKRQ GLH hEHUPLWWOXQJ HLQHU HQWVSUHFKHQGHQ 1DFKULFKW DQ 5RRO RGHU :XUJK $EHU ZHQQ VLH GHQ $+3 DXVVFKDOWHQ EHYRU ZLU $QGURLQGVN|USHUOLFKGRUWDQZHVHQGVLQGVWHUEHQXQVHUHULFKWLJHQ.|USHUDE0LULVWQLFKWZRKOEHL GHP *HGDQNHQ GD PHLQ *HLVW HZLJ LQ HLQHQ $QGURLQG HLQJHVSHUUW EOHLEHQ VROO *OFNOLFKHUZHLVH GUIWH HV HEHQVR VFKZLHULJ VHLQ HLQH 1DFKULFKW DQ 5RRO RGHU :XUJK ]X EHUPLWWHOQ ZLH XQV VHOEVW GRUWKLQ]XWUDQVSRUWLHUHQ© ª,FKYHUVWHKHQLFKWJDQ]©VDJWH$LVVDª:DVKDWGHUHLQJHVFKDOWHWH$QGUR+\SHU3URMHNWRUGDPLW]X WXQGD:LUXQGEHLVSLHOVZHLVHGLH5DXPVWDGWDXIXQWHUVFKLHGOLFKHQ(EHQHQH[LVWLHUHQ"© ª'LH 6DFKH LVW HLJHQWOLFK JDQ] HLQIDFK© HUNOlUWH 6DP ª$EHU LFK JHEH ]X HUVW ZlKUHQG GHU 6FKOXEHUHFKQXQJHQ GDUDXIJHNRPPHQ ]X VHLQ 'HU 3URMHNWRU LVW DXI HLQH JDQ] EHVWLPPWH 6WHOOH DXI 880 HLQMXVWLHUW XQG GLHVH 6WHOOH EHILQGHW VLFK LQQHUKDOE GHV VHFKVGLPHQVLRQDOHQ .RQWLQXXPV (V JLEW QXQ OHLGHU VHOWHQ Y|OOLJ HLQVHLWLJH 9HUELQGXQJHQ :HQQ LFK EHLVSLHOVZHLVH /XIW LQ HLQHQ .LQGHUEDOORQEODVHVRVWU|PWJOHLFK]HLWLJ/XIWKLQHLQXQGKHUDXV-HOlQJHULFKEODVHXPVRVWlUNHU ZLUGGHU/XIWGUXFNLQQHUKDOEGHV%DOORQVXQGXPVRPHKU/XIWGUFNWQDFKDXHQ bKQOLFKYHUKlOWHVVLFKPLWGHU9HUELQGXQJGLHGHU$+3KHUVWHOOW1XULVWHVKLHUQRFKNUDVVHU:LU VHOEVW$LVVD)UDQFRLV%HQXQGLFKVWHOOWHQVR]XVDJHQGLH!/XIWGDUGLHLQGHQVHFKVGLPHQVLRQDOHQ !%DOORQ JHEODVHQ ZXUGH 'HU 'UXFN QDFK LQQHQ VDQN UDSLGH DOV ZLU XQVHU =LHO HUUHLFKW KDWWHQ *OFNOLFKHUZHLVHZLUNWHYRQGHUDQGHUHQ6HLWHQXUHLQVFKZDFKHU*HJHQGUXFN(UUHLFKWHMHGRFKDXV QDFKXQGQDFKLQGDVJDQ]H9ROXPHQGHV6XFKHUQHW]HVDXV]XVWUDKOHQXQGGHQ,QKDOWDOVRGLH3ODQHWHQ XQGGLH5DXPVWDGWDXIHLQHHWZDVK|KHUH([LVWHQ]HEHQH]XKHEHQ :LH JHVDJW GHU *HJHQGUXFN ZDU VFKZDFK P|FKWH LFK KLQ]XIJHQ $QGHUQIDOOV ZlUHQ GLH EHLGHQ ([LVWHQ]HEHQHQY|OOLJYRQHLQDQGHUJHWUHQQW6RVLQGVLHVLFKGHUDUWLJQDKHGDZLUXQVVR]XVDJHQLQ GHU(EHQH7KXWDV!IHVWJHIDKUHQKDEHQ© ª$EHU QLFKW QDKH JHQXJ© IJWH 3HUU\ 5KRGDQ KLQ]X ªXP YRQ HLQHU (EHQH LQ GLH DQGHUH ]X UHLVHQ 6WLPPWGDV"© 6DPQLFNWH ª8QG LFK VHKH NHLQHQ $XVZHJ 9LHOOHLFKW NRPPHQ :XUJK RGHU $QQD YRQ VHOEVW GDUDXI ZHQQ ZLU QLFKW]XUFNNHKUHQ'DVLVWDOOHUGLQJVXQZDKUVFKHLQOLFKZHLOVLHMDQLFKWEHPHUNHQGDVLHDXIHLQHU K|KHUHQ ([LVWHQ]HEHQH VLQG )U VLH LVW DOOHV QRUPDO $EHU ZHQQ ZLU QLFKW HLQWUHIIHQ N|QQWHQ VLH JHLVWLJ LQV .RQWLQXXP GHV 6XFKHUV !JHKHQ XQG GLH :DKUKHLW HUIDKUHQ 'RFK GDV QW]W XQV QLFKWV 1LHPDOV ZHUGHQ VLH GHQ $QGUR+\SHU3URMHNWRU DXVVFKDOWHQ ZHLO VLH ZLVVHQ ZDV GDQQ PLW XQVHUHQ .|USHUQ JHVFKLHKW 'LH 6LWXDWLRQ LVW ]LHPOLFK KRIIQXQJVORV IU $QQD :XUJK 5RRO XQG GLH EHUOHEHQGHQ7KXWDV© ª:HVKDOEIUVLH"©IUDJWH)UDQFRLVª,VWVLHQLFKWYLHOPHKUIUXQVKRIIQXQJVORV"© 'HU0DWKHPDWLNHUVHXI]WH ª'XKDVWVFKOHFKWDXIJHSDW)UDQFRLV,FKKDEHGRFKHLQGHXWLJHUNOlUWGDQLFKWVLHVRQGHUQZLUXQV DXI GHU QRUPDOHQ ([LVWHQ]HEHQH EHILQGHQ :LU ZHUGHQ ]XP ULFKWLJHQ =HLWSXQNW LQ XQVHUH *DOD[LV ]XUFNNHKUHQ© %HWUHWHQHV6FKZHLJHQWUDWQDFKGLHVHQ:RUWHQHLQ$OOHEHJULIIHQGDVLHLKUHHLJHQH+DXWPKHORV UHWWHQ NRQQWHQ ZHQQ VLH QLFKWV XQWHUQDKPHQ 'RFK LKU 1LFKWVWXQ ZUGH HLQHP 0HQVFKHQ HLQHU +\GURLQWHOOLJHQ]XQG0LOOLRQHQ7KXWDVHZLJH,VRODWLRQEULQJHQ (LQHUQDFKGHPDQGHUHQEOLFNWH]X3HUU\5KRGDQ%HLLKPZUGHGLH(QWVFKHLGXQJOLHJHQ 5KRGDQUHJLVWULHUWHHVOlFKHOQGXQG]XJOHLFKHLQZHQLJlUJHUOLFK ª:DUXPHUZDUWHQ6LHHLQH(QWVFKHLGXQJYRQPLU"©IUDJWHHUYRUZXUIVYROOª*LEWHVGHQQEHUKDXSW HLQH(QWVFKHLGXQJ]XWUHIIHQ",VWHVQLFKWXQVHUHVHOEVWYHUVWlQGOLFKH3IOLFKWGHQDQGHUHQ]XKHOIHQVR JXWZLUQXUN|QQHQ":DVPLFKEHWULIIW,FKEOHLEHVRODQJHLP1HW]GHV6XFKHUVELVZLUGDV3UREOHP JHO|VWKDEHQXQGZHQQHV]HKQ-DKUHGDXHUQVROOWH© 1LHPDQGMXEHOWH1XU$LVVD%KXJROVWUHFNWHLPSXOVLYGLH+DQGDXVXQG3HUU\5KRGDQHUJULIIVLHXQG VFKWWHOWHVLHNUlIWLJ (VZDU/HXWQDQW+RONYDQ'UHHVHQGHUGDV6FKZHLJHQEUDFK
ª:LHODQJH ZROOHQGLHIDOVFKHQ/HXWH VLFKEHLGHQ+lQGHQKDOWHQ"©PDXOWHHUª:DUXPQLPPW5DV 7VFKXEDLQLFKWHQGOLFK0LVWHU%KXJROV+DQGXQGWHOHSRUWLHUW"© ª:RKLQVROOHUWHOHSRUWLHUHQ"©IUDJWH3HUU\5KRGDQJHGHKQW ª1DLQGLHVHGLHVH'LQJVGD6WDGW:RKLQVRQVW",FKGHQNHGLH/HXWHPVVHQLUJHQGZLHGRUWKLQ JHEUDFKWZHUGHQ"© 5KRGDQQLFNWH ª(VNOLQJWVHKUQDLYZDV6LHGDVDJHQ/HXWQDQW$EHUPLUZDUHVVHLWHLQLJHQ0LQXWHQNODUGDXQV NHLQHDQGHUH0|JOLFKNHLWEOHLEW© ª$EHU 6LU© ULHI -RKQ 0DUVKDOO ª'DV NDQQ GRFK QLFKW IXQNWLRQLHUHQ (LQ 7HOHSRUWHU EOHLEW VWHWV LQQHUKDOEVHLQHU([LVWHQ]HEHQH© ª,FKZHL-RKQ©3HUU\5KRGDQOlFKHOWHXQGZDQGWHVLFK]X7VFKXEDLª1XQ5DV© 'HU7HOHSRUWHUUlXVSHUWHVLFK ª:DV-RKQVDJWWULIIWQXUEHGLQJW]X:HQQLFKWHOHSRUWLHUHNRPPHLFKLQGHUJOHLFKHQ([LVWHQ]HEHQH DQ YRQ GHU LFK !DEJHVSUXQJHQ ELQ 'D]ZLVFKHQ OLHJW HLQ $XIHQWKDOW LQ HLQHU K|KHUHQ 'LPHQVLRQ 'LHVH 7DWVDFKH EHVWHKW REZRKO GLH ]HLWOLFKH 'DXHU GHV $XIHQWKDOWV XQPHEDU LVW ,FK ELQ IU HLQHQ 9HUVXFK0LUNDQQGDEHLEHUKDXSWQLFKWVSDVVLHUHQGHQQLFKZUGHVRIRUWKLHUKHU]XUFNJHVFKOHXGHUW ZHUGHQZHQQLFKLQQHUKDOEHLQHVJHIlKUOLFKHQ0HGLXPVDQNlPH© ª9LHOHQ 'DQN 5DV© HUZLGHUWH 5KRGDQ ª8QG QRFK HWZDV 'HU 6XFKHU KDW ZDKUVFKHLQOLFK YRQ GHU NOHLQHQ9HUVFKLHEXQJJHZXW,FKGHQNHHUEHULFKWHWHXQVQXUGHVKDOEQLFKWVGDYRQZHLOHUZXWH GD ZLU GLH 6LWXDWLRQ PHLVWHUQ ZUGHQ PLW +LOIH XQVHUHV 7HOHSRUWHUV 'DV PDFKW PLU +RIIQXQJ PHLQH+HUUHQ© 5DV7VFKXEDLVDKVLFKVXFKHQGXP ª:HUP|FKWH]XHUVWPLWNRPPHQ"© ª,FK©VDJWH$LVVD(UWLSSWHDXIVHLQHQ'UXFNKHOPª$EHUZLUVROOWHQGLH+HOPHVFKOLHHQ:HQQLFK PLFKQLFKWLUUHNDQQHLQ7HOHSRUWHUVHKUZRKOLP9DNXXPPDWHULDOLVLHUHQ© 7VFKXEDLOlFKHOWHXQGNODSSWHGHQ+HOPQDFKYRUQ (LQH0LQXWHVSlWHUYHUVFKZDQGHQGLHEHLGHQ0HQVFKHQ .XU]GDUDXIWDXFKWH5DV7VFKXEDLZLHGHUDXIDOOHLQXQGPLWUDWORVHP*HVLFKW
$LVVD%KXJROIKOWHGHQ]LHKHQGHQ6FKPHU]ZLHHUIU7UDQVLWLRQHQXQG7HOHSRUWDWLRQHQW\SLVFKLVW ,P QlFKVWHQ $XJHQEOLFN JDE HV HLQHQ VR IUFKWHUOLFKHQ 5XFN GD HU YRU 6FKPHU] XQG (QWVHW]HQ VFKULH (U IKOWH GD VHLQ .|USHU VLFK PDWHULDOLVLHUW KDWWH 9RU GHU +HOPVFKHLEH ZRJWHQ VHOWVDP IOLHHQGH .RQWXUHQ$OOHVZDUYHUVFKZRPPHQXQGDXVGLHVHU9HUVFKZRPPHQKHLWJHOOWHHLQODXWHU6FKUHL 'HU ]ZHLWH 5XFN UDXEWH $LVVD GLH %HVLQQXQJ $OV HU ]X VLFK NDP IDQG HU VLFK LQ VHOWVDP YHUWUDXWHU 8PJHEXQJ(UODJLQVHLQHP.RQWXUVLW]DQ%RUGGHU/$1&(7 9RUVLFKWLJ ULFKWHWH HU VLFK DXI 6HLQ .RSI VFKPHU]WH QRFK LPPHU XQG DXFK HLQLJH DQGHUH 6WHOOHQ VHLQHV.|USHUVWDWHQLKPZHK(UWUXJGHQ5DXPDQ]XJQLFKWPHKUVRQGHUQQXUQRFKGLH.RPELQDWLRQ -HPDQGPXWHLKQKLHUKHUJHEUDFKWXQGKLQJHOHJWKDEHQ $OVVLFKQDFKHLQHU0LQXWHLPPHUQRFKQLHPDQGVHKHQOLHVWDQGHUDXI7DXPHOQGZDQNWHHUDXIGDV 6FKRWW]X(UEHJDEVLFKJHUDGHVZHJV]XU+DXSWVFKOHXVHXQGOLHI]LHOVWUHELJDXIGHQ*HElXGHHLQJDQJ ]XKLQWHUGHPGHU)OXU]XP3URMHNWRUUDXPVHLQPXWH (UODFKWHHUOHLFKWHUWDOVHUHLQHQ%OLFNDXIGDV%LOGJHZRUIHQKDWWHGDVVLFKLKPERW $QQDVWDQGJHEHXJWLP3URMHNWRUUDXPXQGKLHOW6DPXHO3HFNXQWHUGHQ$UPHQIHVW6LHVFKOHLIWHGHQ PDVVLJHQ.|USHU]HQWLPHWHUZHLVHEHUGHQ%RGHQ$QVFKHLQHQGKDWWHVLH$LVVDV/DFKHQEHUK|UW 'HU.DSLWlQVSUDQJKLQ]X ª:DUWH,FKKHOIHGLU© $QQDVDKIDVVXQJVORV]XDOVHUVLFKGHQ0DWKHPDWLNHUEHUGLH6FKXOWHUZDUIXQGGDYRQOLHI ª%OHLEKLHU©ULHIHULKUEHUGLH6FKXOWHU]Xª)UDQFRLVZLUGQLFKWODQJHDXIVLFKZDUWHQODVVHQ© =HKQ0LQXWHQVSlWHUVDHQVLHDOOH]XVDPPHQLQGHU=HQWUDOHGHU/$1&(7$QQD$LVVD)UDQFRLV 6DPXQG%HQ ª:LU EHNDPHQ HLQHQ IUFKWHUOLFKHQ 6FKUHFN DOV 5DV 7VFKXEDL DOOHLQ ]XUFNNHKUWH© EHULFKWHWH 6DP XQG ]RJ KHIWLJ DQ VHLQHU =LJDUUH ª$EHU GHU 7HOHSRUWHU PHLQWH ]ZLVFKHQ GLU $LVVD XQG GHU YHUVFKREHQHQ([LVWHQ]HEHQHEHVWQGHQRFKLPPHUHLQHJHJHQVHLWLJH$Q]LHKXQJVNUDIW7VFKXEDLVHOEVW
NRQQWH QXU LQ GHU JOHLFKHQ (EHQH PDWHULDOLVLHUHQ DEHU ZLU ZXUGHQ SUDNWLVFK DXV VHLQHP 7UDQVSRUWPHGLXPJHULVVHQXQGYRQGHU6WHOOHDQJH]RJHQZRXQVHUHULFKWLJHQ.|USHUOLHJHQ© ª,FKNDQQQRFKJDUQLFKWIDVVHQGDLKUDOOHZLHGHUGDVHLG©VDJWHGLH%LRORJLQ9HUVWRKOHQZLVFKWH VLHVLFKEHUGLH$XJHQª,FKJODXEHHVLVWDQGHU=HLWGDLFKHLQH6DFKHDXINOlUHGLHKPGLH© $LVVDVSUDQJDXI ª:LU PVVHQ XQV EHHLOHQ© ULHI HU ª6FKOLHOLFK VFKZHEHQ GLH DQGHUHQ LPPHU QRFK LQ 8QJHZLKHLW 8QGLFKGHQNHZLUDOOHVHKQHQXQVQDFKXQVHUHQULFKWLJHQ.|USHUQ]XUFN© $QQD YHU]RJ HQWWlXVFKW GDV *HVLFKW XQG )UDQFRLV NRQQWH VLFK HLQ VFKDGHQIURKHV /lFKHOQ QLFKW YHUNQHLIHQ ª$OVR VFK|Q© HUZLGHUWH GLH %LRORJLQ ª6HLW ]ZHL 7DJHQ LVW DOOHV IU GLH 5HSURGXNWLRQ YRUEHUHLWHW )DQJHQZLUDQ©
6LH WUDWHQ DXV GHU hEHUWUDJXQJVNDPPHU XQG IKOWHQ VLFK ZLH QHXJHERUHQ ,KUH $QGURLQGV ZDUHQ YHUVFKZXQGHQ6LHKDWWHQVLFKDXIJHO|VWXQGZDUHQ]XGHPJHZRUGHQZRUDXVVLHVLFKJHELOGHWKDWWHQ ]X0DWHULHGHV3ODQHWHQ1LJKWPDUHMHQVHLWVGHV8QLYHUVXPV ª(LJHQDUWLJ©PXUPHOWH6DPª0LUZDUDOV$QGURLQGHLQULFKWLJHU9ROOEDUWJHZDFKVHQXQGMHW]WELQ LFKIDVWY|OOLJJODWWLP*HVLFKW© $QQDODFKWH ª(XUH ULFKWLJHQ .|USHU EHIDQGHQ VLFK LQ HLQHP =XVWDQG GHU HLQHU 7LHIVFKODIVWDUUH ]LHPOLFK QDKH NRPPW 'HU *UXQGXPVDW] ZDU DXI HLQ NDXP PHEDUHV 0LQLPXP JHVXQNHQ :RKHU VROOWH GDQQ HLQ %DUWNRPPHQ"© ª'HQQRFKLVWHVNRPLVFK©YHUVLFKHUWH6DP ª+P © PHLQWH $LVVD ODXHUQG ª0LU LVW HWZDV JDQ] DQGHUHV DXIJHIDOOHQ 6DP +DVW GX $QQD XQG )UDQFRLVHLQPDOEHREDFKWHW"0DQVROOWHPHLQHQLKUH%HJUXQJZlUHIXUFKWEDUVWUPLVFKDXVJHIDOOHQ 6FKOLHOLFKVLQGVLHGRFKYHUOREW© ª$LVVD©EHJDQQ$QQDª'LH6DFKHLVWPLUVR]XVDJHQDXVGHQ+lQGHQJHJOLWWHQZHLOZLUVRODQJH JHWUHQQWZDUHQ8PVRGULQJHQGHULVWHVHLQHQ,UUWXPDXI]XNOlUHQGHU© :LHGHU OLH GHU .DSLWlQ VLH QLFKW DXVUHGHQ 6HLQH 9RUVWHOOXQJ YRQ GHU .OlUXQJ GHU JHZLVVHQ $QJHOHJHQKHLWZDUDQGHUVDOVGLH$QQDVXQGHUZROOWHGLH'LQJHQDFKVHLQHP3ODQDEODXIHQODVVHQ QDFKGHPHUODQJH=HLWQXUHLQH6FKDFKILJXUJHVSLHOWKDWWH ª0DQZDUWHWDXIHLQ=HLFKHQYRQXQV©XQWHUEUDFKHUVLHª'LH DQGHUHQZLVVHQQLFKWREGLH$NWLRQ ZLUNOLFKJHODQJ(VZlUHJUDXVDPVLHOlQJHUDOVQ|WLJLQ8QJHZLKHLWVFKZHEHQ]XODVVHQ© )UDQFRLVPDFKWHHLQEHGHQNOLFKHV*HVLFKW ª'LH 6SDFH-HW VWHFNW SUDNWLVFK LP ,QQHUQ 7KXWDV +RIIHQWOLFK ZLUG VLH QLFKW ]HUTXHWVFKW ZHQQ GHU 3ODQHWSO|W]OLFKLQGLHQRUPDOH([LVWHQ]HEHQH]XUFNNHKUW© ª'DV LVW JDQ] DXVJHVFKORVVHQ© ZHKUWH 6DP DE ª'LH YHUVFKLHGHQHQ (EHQHQ OLHJHQ QHEHQHLQDQGHU QLFKW MHGRFK LQHLQDQGHU =ZHL *HJHQVWlQGH N|QQHQ IROJOLFK DXFK QXU QHEHQHLQDQGHU !DXIWDXFKHQ 6HOEVWYHUVWlQGOLFK VLPSOLIL]LHUH LFK MHW]W ,Q :LUNOLFKNHLW KlQJW GHU !1HEHQHLQDQGHU(IIHNW PLW GHU HQHUJHWLVFKHQ 9HUODJHUXQJ ]XVDPPHQ $EHU ZDV ZLFKWLJHU LVW )U GLH 6SDFH-HW EHVWHKW NHLQHUOHL *HIDKU,FKKDEHHVGXUFKJHUHFKQHW© $LVVD%KXJROZDUVHKUEOHLFKDOVHUHQWJHJQHWH ª$OVR JXW 'X KDVW KRIIHQWOLFK ULFKWLJ JHUHFKQHW 6DP GHQQ GDYRQ KlQJW GDV /HEHQ GHV *URDGPLQLVWUDWRUVDE© 'HU 0DWKHPDWLNHU HUZLGHUWH QLFKWV GDUDXI $LVVD ZXUGH ZLHGHU HWZDV UXKLJHU :HQQ 6DP HWZDV EHUHFKQHWHGDQQNRQQWHPDQVLFKELVKHULPPHUGDUDXIYHUODVVHQ ª:XUJK5RRO©ULHIHUª+DEWLKUXQVHU*HVSUlFKYHUIROJW"© ª-D©DQWZRUWHWHQEHLGH]XJOHLFK'DQQIXKU:XUJKDOOHLQIRUWª:LUVFKDOWHQMHW]WGHQ$QGUR+\SHU 3URMHNWRUDE© 'LH0HQVFKHQZDUWHWHQQLFKWELVGDV$UEHLWVJHUlXVFKGHV*HUlWVYHUVWXPPWZDU6LHHLOWHQKLQDXV]XU /$1&(7XQGVWHOOWHQGHQ+\SHUHPSIlQJHUDXI0D[LPDOOHLVWXQJ 6LHEUDXFKWHQQLFKWODQJH]XZDUWHQ (LQHKDOEH0LQXWHVSlWHUPHOGHWHVLFK3HUU\5KRGDQXQGWHLOWHPLWGDGLH6--7VLFKLP$QIOXJDXI GLH5DXPVWDGWEHIlQGH
$LVVD%KXJROOHJWHGHQ$UPXP,VDEHOODV6FKXOWHUXQGOlFKHOWHGLH%LRORJLQDQ ª:LHPHLQVWGXGDVZLHLFK!GDUEHUGHQNH"©IUDJWH$QQDPLWKDOEHUVWLFNWHU6WLPPH,KUH$XJHQ ZDUHQ DQJVWYROO DXIJHULVVHQ XQG VLH WDW $LVVD OHLG $EHU GLH NOHLQH /HNWLRQ KDWWH VLH YHUGLHQW (U ZROOWHHVMHGRFKVRNXU]ZLHP|JOLFKPDFKHQ ª1XQ © HQWJHJQHWH HU VFKHLQEDU JHODQJZHLOW ªZLH ZUGHVW GX GDUEHU GHQNHQ ZHQQ LFK PLFK YHUOREWH"©$QQDVFKOXFNWH'RFKGDQQHUZLGHUWHVLHWDSIHUª,FKZUGHHXFKDOOHV*OFNZQVFKHQ $LVVDXQG,VDEHOOD©/lQJHUYHUPRFKWHVLHVLFKQLFKW]XEHKHUUVFKHQ6LHZDQGWHVLFKXPXQGZROOWH GDYRQODXIHQ $LVVDULVLHEHLQDKHEUXWDO]XUFN ª:LOOVW GX PLFK QLFKW ]X (QGH DQK|UHQ GX GXPPHV 0lGFKHQ"© IUDJWH HU ODFKHQG ª:HU KDW GHQQ JHVDJWGDLFKPLFKPLW,VDEHOODYHUOREHQZLOO"© ª$EHUDXHULKUJLEWHVGRFKQLHPDQGHQ© ª'RFK©HUNOlUWH$LVVDª'LFK(VIUDJWVLFKQXUREGXHLQYHUVWDQGHQELVW© $OV$QQDVLFKQDFKODQJHU=HLWYRQ$LVVDV%UXVWO|VWHZDUGLH9HUZLUUXQJGHXWOLFKYRQLKUHP*HVLFKW DE]XOHVHQ ª:LHKDVWGXHUIDKUHQGD)UDQFRLVQXUPHLQ7KHDWHUPLWVSLHOWHXPGLFKHLIHUVFKWLJ]XPDFKHQ"© ª1LFKW GXUFK LKQ -RKQ 0DUVKDOO ODV XQVHUH *HGDQNHQ DOV ZLU GLFKW YRU HLQHU 3UJHOHL VWDQGHQ (U GHXWHWH GLH :DKUKHLW DQ ,FK PX VDJHQ GD LFK ZLUNOLFK HLQH VHKU ODQJH /HLWXQJ JHKDEW KDEH $OOHUGLQJVELVWGXPLWGHLQHP7KHDWHUHQWVFKLHGHQ]XZHLWJHJDQJHQ$QQD© 'LH%LRORJLQVHQNWHVFKXOGEHZXWGHQ%OLFN ª,FKZHL$LVVD(VZDUJUDXVDPXQGGXPP$EHUGXKDWWHVWGLFKVRPLWYHUVFKUREHQHQ.RQWDNWHU *UXQGVlW]HQ XPJHEHQ GD HV HLQIDFK NHLQHQ DQGHUHQ :HJ JDE :LH VROO PDQ DQ HLQHQ 0HQVFKHQ KHUDQNRPPHQGHUVHLQH*HIKOHVRHLVHUQLP=DXPKlOWZLHHLQ5RERWHU"© 6LHVFKQHX]WHVLFKKHIWLJLQLKU7DVFKHQWXFK ª0HLQHHLQ]LJH6RUJHZDUGXZUGHVW)UDQFRLVXQGPLU'LQJH]XWUDXHQGLHXQVQLFKW]XVWDQGHQ9RU DOOHP )UDQFRLV ZXUGH GDV JHPHLQVDPH /HEHQ DXI 7KXWD ]XU +|OOH $EHU ZLU PXWHQ XQV YRQ HXFK DEVRQGHUQVRQVWKlWWHQZLUXQVHUH5ROOHQLFKWHLQHQHLQ]LJHQ7DJVSLHOHQN|QQHQ© $LVVDNWHVLH ª,FK YHUWUDXH GLU XQG DXFK )UDQFRLV © (U GURKWH OlFKHOQG PLW GHP )LQJHU ª$EHU GX PXW PLU YHUVSUHFKHQVRHWZDVQLHZLHGHU]XWXQ© 6LHODFKWHQEHLGH 'DQQDOVVLHVLFKXPGUHKWHQXP]XU=HQWUDOH]XUFN]XJHKHQVDKHQVLH,VDEHOODXQG)UDQFRLV $LVVDUlXVSHUWHVLFK ,VDEHOODXQG)UDQFRLVIXKUHQHUVFKURFNHQDXVHLQDQGHU)UDQFRLVOlFKHOWHHLQZHQLJYHUOHJHQDOVHUDXI $LVVD]XWUDWXQGLKPGLH+DQGUHLFKWH ª'DUILFKHXFK]XU9HUOREXQJJUDWXOLHUHQ]XUULFKWLJHQ9HUOREXQJ"© ª'X GDUIVW PHLQ -XQJH© VWLH $LVVD JHUKUW KHUYRU XQG SUHWH )UDQRLV +DQG ª$EHU GHQNH QXU QLFKWGDLFKGLFKEHPLWOHLGHZHLOGXPHLQHWXQG$QQDVZHJHQ+|OOHQTXDOHQDXVJHVWDQGHQKDVW© ª1LFKWQ|WLJ©HUZLGHUWH)UDQFRLVXQGULHEVHLQH+DQGª,FKELQGDIUUHLFKOLFKHQWVFKlGLJWZRUGHQ© (UEOLFNWH,VDEHOODDQª+DEWLKUHWZDVGDJHJHQZHQQLFKQRFKHLQH)UDXDXIGLH/$1&(7EULQJH"© $LVVDVFKPXQ]HOWH ª'DGXLQ]ZLVFKHQhEXQJGDULQKDVWZLUGHVGLUQLFKWVFKZHUIDOOHQPLFK]XEHU]HXJHQ,FKZHWWH GXEHUUXPSHOVWPLFKJHQDXVRZLHGDPDOVPLW$QQD© ª:RIU GX PLU KHXWH QRFK GDQNEDU VHLQ VROOWHVW© HUJlQ]WH )UDQFRLV JULQVHQG ª+P :LH GHQNVW GX GDUEHUGD,VDEHOODDOV6R]LRORJLQ]XXQVHUHP7HDPVW|WXQGDOVPHLQH)UDXQDWUOLFK"© ª:LHLFKGDUEHUGHQNH"©$LVVDGUHKWHVLFKXPXQG]ZLQNHUWH$QQD]Xª1XQDEJHVHKHQGDYRQ GD GX GD]X $OODQ ' 0HUFDQWV 6HJHQ EHQ|WLJVW ZHUGHQ ZLU XQV ZRKO HQWVFKOLHHQ PVVHQ GLH /$1&(7JHJHQHLQJU|HUHV6FKLIIHLQ]XWDXVFKHQ© ª$EHUZDUXPGHQQ"©IUDJWH)UDQFRLVYHUEOIIWª:HJHQHLQHU3HUVRQPHKU"© ª'DEHLZLUGHVQLFKWEOHLEHQ©JDE$LVVD]XUFNª8QGHLQZHQLJPHKU3ODW]XQG.RPIRUWVROOWHQZLU XQVHUHQ.LQGHUQJ|QQHQGHQNHLFK© (1'(