3')HGLQ E\=RREHVXFKHU
7KHRGRU)RQWDQH
7K)RQWDQHZXUGHDP LQ1HXUXSSLQJHERUHQ(U VWDPPWHDXV...
10 downloads
112 Views
2MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
3')HGLQ E\=RREHVXFKHU
7KHRGRU)RQWDQH
7K)RQWDQHZXUGHDP LQ1HXUXSSLQJHERUHQ(U VWDPPWHDXVHLQHULQ3UHXHQKHLPLVFKJHZRUGHQHQ +XJHQRWWHQIDPLOLH'HU9DWHUZDU$SRWKHNHU)RQWDQH EHVXFKWHGDV*\PQDVLXP1HXUXSSLQ XQGGLH *HZHUEHVFKXOH%HUOLQ $SRWKHNHUOHKUHLQ %HUOLQ )RQWDQHJDE VHLQHQ$SRWKHNHUEHUXIDXI HUDUEHLWHWH GDQQPLW8QWHUEUHFKXQJELV DOVIUHLHU0LWDUEHLWHULP %URHLQHV0LQLVWHULXPV(UOHEWHYRQ LQ(QJODQG DOV%HULFKWHUVWDWWHU9RQELVDUEHLWHWHHU DOV 5HGDNWHXUGHU%HUOLQHU.UHX]=HLWXQJ 7KHDWHUNULWLNHUEHLGHU9RVVLVFKHQ=HLWXQJ6HNUHWlU GHU$NDGHPLHGHU.QVWH%HUOLQXQGIUHLHU6FKULIWVWHOOHU 'USKLOKF)RQWDQHVWDUEDP LQ%HUOLQ
,QKDOW (UVWHV.DSLWHO
=ZHLWHV.DSLWHO
'ULWWHV.DSLWHO
9LHUWHV.DSLWHO
)QIWHV.DSLWHO
6HFKVWHV.DSLWHO
6LHEHQWHV.DSLWHO
$FKWHV.DSLWHO
1HXQWHV.DSLWHO
=HKQWHV.DSLWHO
(OIWHV.DSLWHO
=Z|OIWHV.DSLWHO
'UHL]HKQWHV.DSLWHO
9LHU]HKQWHV .DSLWHO
)QI]HKQWHV.DSLWHO
6HFK]HKQWHV.DSLWHO
6LHE]HKQWHV.DSLWHO
$FKW]HKQWHV.DSLWHO
1HXQ]HKQWHV.DSLWHO
=ZDQ]LJVWHV.DSLWHO
(LQXQG]ZDQ]LJVWHV.DSLWHO
=ZHLXQG]ZDQ]LJVWHV.DSLWHO
'UHLXQG]ZDQ]LJVWHV.DSLWHO
9LHUXQG]ZDQ]LJVWHV.DSLWHO
)QIXQG]ZDQ]LJVWHV.DSLWHO
6HFKVXQG]ZDQ]LJVWHV.DSLWHO
6LHEHQXQG]ZDQ]LJVWHV.DSLWHO
$FKWXQG]ZDQ]LJVWHV.DSLWHO
1HXQXQG]ZDQ]LJVWHV.DSLWHO
'UHLLJVWHV.DSLWHO
(LQXQGGUHLLJVWHV.DSLWHO
=ZHLXQGGUHLLJVWHV.DSLWHO
'UHLXQGGUHLLJVWHV.DSLWHO
9LHUXQGGUHLLJVWHV.DSLWHO
(UVWHV.DSLWHO (LQH0HLOHVGOLFKYRQ*OFNVEXUJDXIHLQHUGLFKWDQGLH6HH KHUDQWUHWHQGHQ'QHODJGDVYRQGHUJUlIOLFK+RONVFKHQ)DPLOLH EHZRKQWH6FKOR+RONHQlVHLQH6HKHQVZUGLJNHLWIUGLH YHUHLQ]HOWHQ)UHPGHQGLHYRQ=HLW]X=HLWLQGLHVHZHQLJVWHQV GDPDOVQRFKYRP:HOWYHUNHKUDEJHOHJHQH*HJHQGNDPHQ(VZDU HLQQDFKLWDOLHQLVFKHQ 0XVWHUQDXIJHIKUWHU%DXPLWJHUDGHVR YLHO$QNOlQJHQDQVJULHFKLVFK.ODVVLVFKHGDGHU6FKZDJHUGHV JUlIOLFKHQ+DXVHVGHU%DURQ$UQHDXI$UQHZLHNYRQHLQHP QDFKJHERUHQHQª7HPSHO]X3lVWXP©VSUHFKHQGXUIWH1DWUOLFK DOOHVLURQLVFK8QGGRFKDXFKZLHGHUPLWHLQHUJHZLVVHQ %HUHFKWLJXQJ'HQQZDVPDQYRQGHU6HHKHUVDKZDUZLUNOLFK HLQDXV6lXOHQ]XVDPPHQJHVWHOOWHV2EORQJKLQWHUGHPVLFKGHU 8QWHUWHLOGHVHLJHQWOLFKHQ%DXHVPLWVHLQHQ:RKQ XQG 5HSUlVHQWDWLRQVUlXPHQYHUVWHFNWHZlKUHQGGDVDQVFKHLQHQG VWDUN]XUFNWUHWHQGH2EHUJHVFKRZHQLJEHUPDQQVKRFKEHU GLHQDFKDOOHQYLHU6HLWHQKLQHLQH9RUKDOOHELOGHQGH 6lXOHQHLQIDVVXQJKLQDXVZXFKV'LHVH6lXOHQHLQIDVVXQJZDUHV GHQQDXFKGLHGHP*DQ]HQZLUNOLFKHWZDV6GOLFKHVJDE WHSSLFKEHGHFNWH6WHLQElQNH VWDQGHQEHUDOOGLH+DOOHHQWODQJ XQWHUGHUPDQEHLQDKHWDJDXVWDJHLQGLH6RPPHUPRQDWH]X YHUEULQJHQSIOHJWHZHQQPDQHVQLFKWYRU]RJDXIGDV)ODFKGDFK KLQDXI]XVWHLJHQGDVIUHLOLFKZHQLJHUHLQHLJHQWOLFKHV'DFKDOVHLQ ]LHPOLFKEUHLWHUVLFKXPGDV2EHUJHVFKRKHUXP]LHKHQGHU*DQJ ZDU$XIGLHVHPEUHLWHQIODFKGDFKDUWLJHQ*DQJHGHQGLH6lXOHQ GHV(UGJHVFKRVVHVWUXJHQVWDQGHQ.DNWXV XQG$ORHNEHOXQG PDQJHQRKLHUDXFKDQKHLHVWHQ7DJHQHLQHUYHUJOHLFKVZHLVH IULVFKHQ/XIW.DPGDQQJDUYRP0HHUKHUHLQH%ULVHVRVHW]WH VLHVLFKLQGDVDQHLQHU0DVWVWDQJHVFKODIIKHUDEKlQJHQGH )ODJJHQWXFKGDVGDQQPLWHLQHPVFKZHUHQ.ODSSWRQKLQ XQG KHUVFKOXJXQGGLHVFKZDFKH/XIWEHZHJXQJXPHLQJHULQJHV VWHLJHUWH 6FKOR+RONHQlVKDWWHQLFKWLPPHUDXIGLHVHU'QHJHVWDQGHQ XQGQRFKGHUJHJHQZlUWLJH*UDIDOVHUVLFKVLHE]HKQ-DKUH ]XUFNPLWGHUVFK|QHQ%DURQHVVH&KULVWLQH$UQHMQJVWHQ 6FKZHVWHUVHLQHV*XWVQDFKEDUQ$UQHYHUPlKOWHZDUGDPDOVLQ GLHEHVFKHLGHQHQ5lXPHGHVDOWHQXQGHLJHQWOLFKHQ6FKORVVHV +RONHQlVHLQJH]RJHQGDVPHKUODQGHLQZlUWVLQGHPJURHQ 'RUIH+RONHE\ODJJHUDGHGHU+RONHE\HU)HOGVWHLQNLUFKH
JHJHQEHUGLHZHGHU&KRUQRFK7XUPKDWWH'DVDOWH6FKOR HEHQVRZLHGLH.LUFKHJLQJELVLQVYLHU]HKQWH-DKUKXQGHUW]XUFN XQGHLQ1HXEDXZDUVFKRQXQWHUGHV*UDIHQ*URYDWHUJHSODQW ZRUGHQ$EHUHUVWGHUJHJHQZlUWLJH*UDIGHUQHEHQDQGHUHQ NOHLQHQ3DVVLRQHQDXFKGLH%DXSDVVLRQKDWWHKDWWHGHQ3ODQ ZLHGHUDXIJHQRPPHQXQGEDOGGDQDFKGDVYLHOEHUHGHWHXQG EHVS|WWHOWHDEHUIUHLOLFKDXFKYLHOEHZXQGHUWH6FKORDXIGHU 'QHHQWVWHKHQODVVHQLQGHPVLFK VQLFKWEORVFK|QHUVRQGHUQ YRUDOOHPDXFKEHTXHPHUZRKQWH7URW]GHPZDUGHU*UlILQHLQH QLFKW]XEDQQHQGH9RUOLHEHIUGDVDOWHPLWWOHUZHLOH]XP ,QVSHNWRUKDXVHGHJUDGLHUWH6FKORJHEOLHEHQ HLQH9RUOLHEHVR JURGDVLHQLHGDUDQYRUEHUJLQJRKQHGHUGDULQYHUEUDFKWHQ 7DJHPLWHLQHP$QIOXJHYRQ:HKPXW]XJHGHQNHQ'HQQHVZDU LKUHJOFNOLFKVWH=HLWJHZHVHQ-DKUHZlKUHQGZHOFKHUPDQVLFK LPPHUQXU]XU/LHEHJHOHEWXQGQRFKNHLQH 0HLQXQJVYHUVFKLHGHQKHLWHQJHNDQQWKDWWH+LHULQGHPDOWHQ 6FKORVVHJHJHQEHUGHU.LUFKHZDUHQLKQHQLKUHGUHL.LQGHU JHERUHQZRUGHQXQGGHU7RGGHVMQJVWHQ.LQGHVHLQHV.QDEHQ GHQPDQ(VWULGJHWDXIWKDWWHKDWWHGDVVFK|QHXQGMXJHQGOLFKH 3DDUHLQDQGHUQXU QRFKQlKHUJHIKUWXQGGDV*HIKOLKUHU =XVDPPHQJHK|ULJNHLWJHVWHLJHUW $OOGDVZDUVHLWGHUhEHUVLHGHOXQJLQGDVQHXH6FKORQLFKWJDQ] VRJHEOLHEHQYRQZHOFKHP:DQGHOGHU'LQJHGLHEHLGHQ +HUUQKXWHUQHU]RJHQH]XGHPYRQ1DWXUVFKRQJHIKOYROO JHVWLPPWH *UlILQHLQHVWDUNH9RUDKQXQJJHKDEWKDWWHVRVWDUN GDLKUHLQEORHU8P XQG$XVEDXGHVDOWHQ6FKORVVHVXQGVRPLW HLQ9HUEOHLEHQDQDOWHU6WHOOHGDVZHLWDXV/LHEHUHJHZHVHQZlUH GHU*UDIDEHUWUXJVLFKHQWKXVLDVWLVFKXQGHLJHQVLQQLJPLWHLQHP ª6FKORDP0HHU©XQGGHNODPLHUWHJOHLFKEHLGHPHUVWHQ *HVSUlFKGDVHUPLWGHU*UlILQLQGLHVHU$QJHOHJHQKHLWKDWWH +DVWGXGDV6FKORJHVHKHQ" 'DVKRKH6FKORDP0HHU" *ROGHQXQGURVLJZHKHQ 'LH:RONHQGUEHUKHU HLQ=LWDWGDVIUHLOLFKEHLGHUMHQLJHQGLHGDGXUFKJQVWLJ JHVWLPPWXQGIUGHQ3ODQJHZRQQHQZHUGHQVROOWHQXUGHQ HQWJHJHQJHVHW]WHQ(LQGUXFNXQGQHEHQKHUHLQHKDOEVS|WWLVFKH 9HUZXQGHUXQJKHUYRUJHUXIHQKDWWH'HQQ+RONZDU]LHPOLFK XQOLWHUDULVFKZDVQLHPDQGEHVVHUZXWHDOVGLH*UlILQ
ª:RKDVWGXGDVKHU+HOPXWK"© ª1DWUOLFKDXV$UQHZLHN%HLGHLQHP%UXGHUGUEHQKlQJWHLQ .XSIHUVWLFKXQGGDVWDQGHVGUXQWHU8QGLFKPXGLUVDJHQ &KULVWLQHHVJHILHOPLUJDQ]XQJHPHLQ(LQ6FKORDP0HHU,FK GHQNHHVPLUKHUUOLFKXQGHLQ*OFNIUGLFKXQGPLFK© ª:HQQPDQJOFNOLFKLVWVROOPDQQLFKWQRFKJOFNOLFKHUVHLQ ZROOHQ8QGGDQQ+HOPXWKGDGXJHUDGHGDV]LWLHUHQPXWHVW 'XNHQQVWZLHLFKJODXEHQXUGHQ$QIDQJGLHVHV8KODQGVFKHQ /LHGHVHVLVWQlPOLFKYRQ8KODQGYHU]HLKDEHUHVYHUOlXIW QLFKWVRZLH VEHJLQQWXQGDP6FKOXVVHNRPPWQRFKYLHO 7UDXULJHV 'LH:LQGHGLH:RJHQDOOH /DJHQLQWLHIHU5XK (LQHP.ODJHOLHGDXVGHU+DOOH +|UWLFKPLW7UlQHQ]X -D+HOPXWKVRVFKOLHWHV© ª9RU]JOLFK&KULVWLQH*HIlOOWPLUDXFK©ODFKWH+RONª8QGYRQ 8KODQGVDJVWGX$OOHQ5HVSHNWGDYRU$EHUGXZLUVWGRFKQLFKW YHUODQJHQGDLFKPHLQ¾6FKORDP0HHU½QLFKWEDXHQVROOH EORZHLODXVHLQHPHUGLFKWHWHQ6FKORDP0HHUDXFKZHQQYRQ 8KODQGHUGLFKWHWHLQ.ODJHOLHGDXVGHU+DOOHNODQJ"© ª1HLQ+HOPXWKGDVYHUODQJLFKQLFKW$EHULFKEHNHQQHGLURIIHQ LFKEOLHEHOLHEHUKLHUXQWHQLQGHPDOWHQ6WHLQKDXVHPLWVHLQHQ 8QEHTXHPOLFKNHLWHQXQGVHLQHP6SXN'HU6SXNEHGHXWHWPLU QLFKWVDEHUDQ$KQXQJHQJODXELFKZLHZRKOGLH+HUUQKXWHUDXFK GDYRQQLFKWVZLVVHQZROOHQXQGZHUGHQZRKODXFKUHFKWGDPLW KDEHQ7URW]GHPPDQVWHFNWQXQPDOLQVHLQHUPHQVFKOLFKHQ 6FKZDFKKHLWXQGVREOHLEWHLQHPPDQFKHVLP*HPWZDVPDQ PLWGHPEHVWHQ6SUXFKHQLFKWORVZHUGHQNDQQ© 6RZDUGDPDOVGDV*HVSUlFKJHJDQJHQDXIGDVPDQQLFKWZLHGHU ]XUFNNDPHLQHLQ]LJHV0DODXVJHQRPPHQZREHLGH GLH6RQQH ZDUVFKRQXQWHU GLH'QHKLQDXIVWLHJHQXPQDFKGHP1HXEDX GHULQ]ZLVFKHQEHJRQQHQKDWWH]XVHKHQ8QGDOVVLHREHQ ZDUHQOlFKHOWH+RONXQGZLHVDXIGLH:RONHQGLHJHUDGHªJROGHQ XQGURVLJ©EHULKQHQVWDQGHQ
ª,FKZHLZDVGXPHLQVW©VDJWHGLH*UlILQ ª8QG© ª,FKKDEHPLFKLQ]ZLVFKHQPHLQHUZLGHUVWUHLWHQGHQ:QVFKH EHJHEHQ'DPDOVDOVGX]XHUVWYRQGHP1HXEDXVSUDFKVWZDU LFKWUEHQ*HPWV GXZHLWZHVKDOE,FKNRQQWHGDV.LQGQLFKW YHUJHVVHQXQGZROOWHGHU6WHOOHQDKHVHLQZRHVOLHJW© (UNWHLKUGLH+DQGXQGJHVWDQGLKUGDQQGDLKUH:RUWH ZlKUHQGLKUHVGDPDOLJHQ*HVSUlFKVGRFKHLQHQ(LQGUXFNDXILKQ JHPDFKWKlWWHQª8QGQXQELVWGXVRJXW8QGZLHVFK|Q GX GDVWHKVWLQGHPJROGHQHQ$EHQGURW,FKGHQNH&KULVWLQHZLU ZROOHQKLHUJOFNOLFKVHLQ:LOOVWGX"© 8QGVLHKLQJVLFK]lUWOLFKDQVHLQHQ$UP$EHUVLHVFKZLHJ 'DVZDUGDV-DKUYRU$EVFKOXGHV%DXHVJHZHVHQXQGEDOG GDQDFKZHLO VLQGHPDOWHQ6FKORXQWHQLPPHUXQZRKQOLFKHU ZXUGHZDU+RONPLWVHLQHP6FKZDJHUEHUHLQJHNRPPHQ &KULVWLQHXQGGLH.LQGHUQDFK$UQHZLHN]XVFKLFNHQXQGVLH GDVHOEVWELVQlFKVWH3ILQJVWHQXPZHOFKH=HLWDOOHVIHUWLJVHLQ VROOWH]XEHODVVHQ8QGGDVZDUGHQQDXFKJHVFKHKHQ 8QGQXQNDP3ILQJVWHQKHUDQXQGGHU7DJ]XU%H]LHKXQJGHV QHXHQ6FKORVVHVZDUGD'HU*DUWHQDP5FNDEKDQJHGHU'QH ]HLJWHVLFKIUHLOLFKQXUKDOEEHSIODQ]WXQGEHUKDXSWZDUYLHOHV HUVWLP:HUGHQ$EHUHLQHVZDUGRFKIHUWLJJHZRUGHQ GLH VFKPDOHVl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lKULJHQ$XVV|KQXQJPLWGHP1HXEDX QRFKLPPHUZLHGHUYRQ6RUJHQXQG$KQXQJHQLQLKUHU6HHOH JHUHJWKDWWH MDVLHULHIGLH.LQGHUGLHQRFKXQWHQDQGHU
7HUUDVVHVWDQGHQKHUEHLGDVLHPLWWHLOQHKPHQP|FKWHQDQ LKUHU)UHXGH+RONVDKLKUHWLHIH%HZHJXQJXQGZROOWHVSUHFKHQ XQGLKUGDQNHQ6LHNDPLKPDEHU]XYRUXQGVDJWH ª%DOGLVWHVHLQ-DKUQXQ+HOPXWKGDZLU]XOHW]WKLHU DXIGHU 'QHVWDQGHQXQGGXPLFKIUDJWHVWRELFKKLHUJOFNOLFKVHLQ ZROOH,FKVFKZLHJGDPDOV© ª8QGKHXWH"© ª+HXWHVDJLFKMD©
=ZHLWHV.DSLWHO 6RVFKORGHU7DJDQGHPGLH*UlILQLQGDVQHXH6FKORHLQ]RJ (LQLJH:RFKHQVSlWHUZDUDXFKHLQH)UHXQGLQDXVGHQ ]XUFNOLHJHQGHQ*QDGHQIUHLHU3HQVLRQVWDJHQKHUDXI+RONHQlV HLQJHWURIIHQ-XOLHYRQ'REVFKW]HLQDUPHV)UlXOHLQEHLGHUHQ (LQODGXQJ]XQlFKVWQXUDQHLQHQNXU]HQ6RPPHUEHVXFKJHGDFKW ZRUGHQZDU%DOGDEHUUHJWHVLFKGHU:XQVFKGDV)UlXOHLQDOV *HVHOOVFKDIWHULQ)UHXQGLQXQG/HKUHULQLP+DXVHYHUEOHLEHQ]X VHKHQHLQ:XQVFKGHQ+RONWHLOWHZHLOLKQ&KULVWLQHQV (LQVDPNHLWPLWXQWHUEHGUFNWH6REOLHEGHQQGLH'REVFKW]XQG EHUQDKPGHQ8QWHUULFKW$VWDVXQG$[HOVGHUEHLGHQ.LQGHUGHV +DXVHV$VWDZDUGLKUDXFKZHLWHUKLQDQYHUWUDXW$[HODEHU ZHFKVHOWHPLWGHP8QWHUULFKWHDOV.DQGLGDW6WUHKONHLQV+DXV NDP 'DVDOOHVODJMHW]WVLHEHQ-DKUH]XUFN*UDIXQG*UlILQKDWWHQ VLFKHLQJHZ|KQWXQGGLHªJOFNOLFKHQ7DJH©GLHPDQGRUWREHQ OHEHQZROOWHPDQKDWWHVLHZLUNOLFKJHOHEW'LHKHU]OLFKVWH 1HLJXQJGLHEHLGHYRUHLQHU5HLKHYRQ-DKUHQ]XVDPPHQJHIKUW KDWWHEHVWDQGIRUWXQGZHQQHVQDPHQWOLFKLQ(U]LHKXQJV XQG UHOLJL|VHQ)UDJHQDXFKJHOHJHQWOLFK]X'LIIHUHQ]HQNDPVRZDUHQ VLHGRFKQLFKWDQJHWDQGHQ)ULHGHQGHV+DXVHVHUQVWOLFK]X JHIlKUGHQ$QVROFKHQ'LIIHUHQ]HQZDUQXQIUHLOLFKQHXHUGLQJV VHLWGLH.LQGHUKHUDQJHZDFKVHQNHLQ0DQJHOJHZHVHQZDVEHL GHU9HUVFKLHGHQKHLWGHU&KDUDNWHUHYRQ*UDIXQG*UlILQQLFKW ZXQGHUQHKPHQNRQQWH+RONVRJXWXQGYRUWUHIIOLFKHUZDUZDU GRFKQXUGXUFKVFKQLWWVPlLJDXVJHVWDWWHWXQGVWDQGKLQWHUVHLQHU )UDXGLHVLFKK|KHUHU(LJHQVFKDIWHQHUIUHXWHXPHLQ EHWUl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
:HKPXWGHU7DJHLPDOWHQ6FKORJHGDFKWHZRGHUJOHLFKHQQLFKW YRUJHNRPPHQZDURGHUGRFKMHGHQIDOOVYLHOYLHOVHOWHQHU 1XQZDU(QGH6HSWHPEHU XQGGLH(UQWHOlQJVWKHUHLQ 'LH ULQJVKHUXPXQWHUGHP6lXOHQJDQJHQLVWHQGHQ6FKZDOEHQZDUHQ IRUWHLQH%ULVHJLQJXQGGDV)ODJJHQWXFKREHQDXIGHP )ODFKGDFKHVFKOXJWUlJHKLQXQGKHU0DQVDXQWHUGHU )URQWKDOOHGHQ%OLFNDXIV0HHUGHQJURHQ(VDDOGHVVHQKRKH *ODVWUDXIVWDQG LP5FNHQZlKUHQGGLH'REVFKW]GHQ.DIIHH EHUHLWHWH1HEHQGHU'REVFKW]DQHLQHPDQGHUHQ7LVFKKDWWH GLH*UlILQ3ODW]JHQRPPHQLP*HVSUlFKPLWGHP6HPLQDUGLUHNWRU 6FKZDU]NRSSHQGHUYRUHLQHUKDOEHQ6WXQGHPLW%DURQ$UQHYRQ $UQHZLHNKHUEHUJHNRPPHQZDUXPGHVVFK|QHQ7DJHVLQGHP JDVWOLFKHQ+RONVFKHQ+DXVH]XJHQLHHQ$UQHVHOEVWVFKULWWPLW VHLQHP6FKZDJHU+RONDXIGHQ6WHLQIOLHVHQDXIXQGDEXQGEOLHE PLWXQWHUVWHKHQZHLOGDV%LOGYRULKPLKQIHVVHOWH )LVFKHUERRWH IXKUHQ]XP)DQJHKLQDXVGDV0HHUNUlXVHOWHVLFKOHLVXQGGHU +LPPHOKLQJEODXGDUEHU.HLQH:RONHZDUVLFKWEDUXQGQLFKWV VDKPDQDOVGLHVFKZDU]DP+RUL]RQWKLQ]LHKHQGH5DXFKIDKQH HLQHV'DPSIHUV ª'XKDWWHVWGRFKUHFKW6FKZDJHU©VDJWH$UQHªDOVGXKLHU KLQDXI]RJVWXQGGLUGHLQHQ¾7HPSHO½DQGLHVHU6WHOOHEDXWHVW,FK ZDUGDPDOVGDJHJHQZHLOPLU$XV]LHKHQXQG:RKQXQJVZHFKVHO DOVHWZDV8QJHK|ULJHVHUVFKLHQDOVHWZDV0RGHUQHVGDVVLFK© ªGDVVLFKQXUIU3UROHWDULHUXQG%HDPWHVFKLFNHVRVDJWHVWGX GDPDOV© ª-DVRZDVbKQOLFKHVZLUGHVZRKOJHZHVHQVHLQ$EHULFKKDEH PLFKLQ]ZLVFKHQLQPDQFKHPEHNHKUWXQGDXFKGDULQ,QGHVVHQ HVVHLZLH VVHLVRYLHOVWHKWPLUIHVWZHQQLFKDXFKSROLWLVFKXQG NLUFKOLFKXQGVHOEVWODQGZLUWVFKDIWOLFKZDVIUXQVHUHLQHQGRFK HLJHQWOLFK LPPHUGLH+DXSWVDFKHEOHLEWGHUVHOEHJHEOLHEHQZlUH GDVPWLFKGRFKHLQUlXPHQHVLVWHQW]FNHQGKLHUREHQXQGVR ZLQGIULVFKXQGJHVXQG,FKJODXEH+RONDOVGXKLHUHLQ]RJVW KDVWGXGLUIQI]HKQ-DKUH/HEHQ]XJHOHJW© ,QGLHVHP$XJHQEOLFNHZDUGLKP YRQHLQHPDOWHQ'LHQHULQ *DPDVFKHQGHUQRFKYRP9DWHUGHV*UDIHQKHUPLWEHUQRPPHQ ZDUGHU.DIIHHSUlVHQWLHUWXQGEHLGHQDKPHQXQGWUDQNHQ
ª'HOL]L|V©VDJWH$UQHª)UHLOLFKHWZDV]XJXWEHVRQGHUVIUGLFK +RON VROFKHU.DIIHHZLHGHU]LHKWZLHGHUIQI-DKUHYRQGHQ IQI]HKQDEGLHLFKGLUHEHQ]XJHVSURFKHQXQGGLHSKLOLVWU|VH ZHQQDXFKK|FKVWEHPHUNHQVZHUWH+RP|RSDWKLHGLHZLHGX ZHLWYRQ0RNNDXQG-DYDQLFKWVZLVVHQZLOOZUGHYLHOOHLFKW QRFKVWlUNHUVXEWUDKLHUHQ$SURSRV+RP|RSDWKLH+DVW GXGHQQ VFKRQYRQGHPKRP|RSDWKLVFKHQ9HWHULQlUDU]WJHK|UWGHQZLU VHLWHLQSDDU:RFKHQLQ/LOOH*ULPVE\KDEHQ"© 8QGODQJVDPDXIXQGDEVFKUHLWHQGIXKUHQEHLGH6FKZlJHULQ LKUHP*HVSUlFKHIRUW (LQVHKUDQGHUHV7KHPDEHKDQGHOWHPLWWOHUZHLOHGLH*UlILQLQ LKUHU8QWHUUHGXQJPLW6HPLQDUGLUHNWRU6FKZDU]NRSSHQGHUYRU -DKUXQG7DJHUVWDXVVHLQHU:HUQLJHURGHU3IDUUHKLHUKHUQDFK 6FKOHVZLJ+ROVWHLQYHUVFKODJHQXQGDQGDV$UQHZLHNHU6HPLQDU EHUXIHQZRUGHQZDU(UKDWWHGHQ5XIXQGGDV$QVHKHQHLQHU SRVLWLYHQNLUFKOLFKHQ5LFKWXQJ ZDVGHU*UlILQDEHUIDVWPHKU EHGHXWHWHZDUGDVGD6FKZDU]NRSSHQ]XJOHLFK$XWRULWlWLQ 6FKXO XQG(U]LHKXQJVIUDJHQZDULQ)UDJHQDOVRGLHVLFKVHLW NXU]HP]XEUHQQHQGHQ)UDJHQIUGLH*UlILQJHVWDOWHWKDWWHQ 'HQQ$VWDZDUVHFK]HKQ$[HOEHLQDKHIQI]HKQ-DKUH 6FKZDU]NRSSHQDXFKHEHQMHW]WZLHGHULQGLHVHUGLIIL]LOHQ)UDJH ]X5DWHJH]RJHQDQWZRUWHWHVHKUYRUVLFKWLJXQGDOVGLH*UlILQ PHUNWHGDHUYLHOOHLFKWPLW5FNVLFKWDXI+RONQLFKWXQEHGLQJW DXILKUH6HLWHWUHWHQZROOWHOLHVLHGDV*HVSUlFKZLHGHUIDOOHQ ZHQQDXFKXQJHUQXQGZDQGWHVLFKHLQHPDQGHUHQVFKRQ|IWHU PLWGHP'LUHNWRUYHUKDQGHOWHQ/LHEOLQJVSODQH]XGHU(UULFKWXQJ HLQHU)DPLOLHQJUXIW ª1XQZLHVWHKWHVGDPLW"©VDJWH6FKZDU]NRSSHQGHUIURKZDU DXVGHU(U]LHKXQJVIUDJHKHUDXV]XVHLQ ª,FKKDEH©VDJWH&KULVWLQHªGLH6DFKHQRFKLPPHUQLFKW EHVSUHFKHQP|JHQZHLOLFKPLFKYRUHLQHU$EOHKQXQJYRQVHLWHQ +RONVIUFKWH© ª'DVLVWQLFKWJXWJQlGLJVWH*UlILQ6ROFKH)XUFKWLVWLPPHUYRP hEHOVLHZLOOGHP)ULHGHQGLHQHQDEHUHLJHQWOLFKGLHQWVLHQXUGHU 9HUVWLPPXQJXQGGHP.ULHJH8QG]XEHLGHPLVWNHLQ*UXQG6LH PVVHQZHQQEHVVHUH%HZHJJUQGHQLFKW]XKDEHQVLQGDXI
VHLQH/LHEKDEHUHLHQUHFKQHQ+DWHUGRFKZLH6LHPLUVHOEHURIW YHUVLFKHUWGLH%DXSDVVLRQ© ª-DGLHKDWHU©EHVWlWLJWHGLH*UlILQª'LHV6FKORLVWGHVVHQHLQ =HXJQLVXQG%HZHLVGHQQHVZDUHLJHQWOLFKXQQ|WLJ HLQ8PEDX KlWWHGDVVHOEHJHWDQ$EHUVRJHUQHHUEDXWVREHYRU]XJWHU GRFKGDVHLQHYRUGHPDQGHUHQXQGZDVLFKYRUKDEHZLUG VHLQHQ%HLIDOONDXPKDEHQ,FKZHWWHGDHUOLHEHUHLQH+DOOH EDXHQZUGHGDULQPDQ)HGHUEDOOVSLHOHQNDQQRGHUZLHGDV MHW]W0RGHLVWDXI5ROOVFKXKHQ6FKOLWWVFKXKODXIHQMHGHQIDOOV DOOHVOLHEHUDOVLUJHQGZDVZDVPLW.LUFKH]XVDPPHQKlQJW8QG QXQJDUHLQH*UXIWEDXHQ(UGHQNWQLFKWJHUQDQ6WHUEHQXQG VFKLHEWGDVZDVPDQVRVFK|QXQGVLQQLJ¾VHLQ+DXVEHVWHOOHQ½ KHLWJHUQHKLQDXV© ª,FKZHL©VDJWH6FKZDU]NRSSHQª$EHU6LHGUIHQQLFKW YHUJHVVHQGDDXFKDOOVHLQHOLHEHQVZUGLJHQ(LJHQVFKDIWHQPLW GLHVHU6FKZlFKH]XVDPPHQKlQJHQ© ª6HLQHOLHEHQVZUGLJHQ(LJHQVFKDIWHQ©ZLHGHUKROWHVLHª-DGLH KDWHUIDVW]XYLHOZHQQPDQYRQOLHEHQVZUGLJHQ(LJHQVFKDIWHQ MH]XYLHOKDEHQNDQQ8QGZLUNOLFKHUZlUHGDV,GHDOYRQHLQHP 0DQQHZHQQHUEHUKDXSW,GHDOH KlWWH9HU]HLKHQ6LHGLHVH :RUWVSLHOHUHLVLHGUlQJWVLFKPLUDEHUDXIZHLOHVVRXQGQLFKW DQGHUVOLHJWXQGLFKPXHVQRFKHLQPDOVDJHQHUGHQNWQXUDQ GHQ$XJHQEOLFNXQGQLFKWDQGDVZDVNRPPW-HJOLFKHPZDVLKQ GDUDQHULQQHUQN|QQWHJHKWHUDXVGHP:HJH6HLWZLUXQVHUHQ (VWULGEHJUXEHQLVWHUQRFKQLFKWLQGHU*UXIWJHZHVHQ6RZHL HUDXFKQLFKWGDEHLQDKHDOOHVHLQ]XVWU]HQGURKW8QGGRFKLVW HVVRXQGGLHQHXH*UXIWPXJHEDXWZHUGHQ0XVDJLFKXQG ZHQQLFKQLFKWDOOHV6SLW]HXQG9HUOHW]OLFKHYHUPHLGHQP|FKWHVR ZUGLFKLKPVDJHQHVKDQGOHVLFKJDUQLFKWGDUXPGHQ5HLJHQ GXUFKLKQHU|IIQHW]XVHKHQLFKZROOHHV© 6FKZDU]NRSSHQZROOWHXQWHUEUHFKHQDEHU&KULVWLQHDFKWHWH GHVVHQQLFKWXQGIXKULKUHOHW]WHQ:RUWHZLHGHUKROHQGIRUW ª,FK ZROOHHV DEHULFKPVVHGDUDXIEHVWHKHQPHLQHUVHLWVLQHLQH :RKQXQJHLQ]X]LHKHQGLHPLUJHILHOHQLFKWLQHLQHGDULQDOOHV ]HUEU|FNHOWXQG]HUIDOOHQVHL'RFKODVVHQZLU9HUPXWXQJHQEHU GDVZDVLFKVDJHQRGHUQLFKWVDJHQZUGH PLUOLHJWIUGHQ $XJHQEOLFNPHKUGDUDQ,KQHQHLQHDXIPHLQHQ%DXSODQ EH]JOLFKH$TXDUHOOHYRU]XOHJHQGLHPLUGLH'REVFKW]LQGHQ
OHW]WHQ7DJHQDQJHIHUWLJWKDW1DWUOLFKDXIPHLQHQ:XQVFK VLH ]HLFKQHWVRJXW(VLVWHLQHRIIHQH+DOOHJRWLVFKXQGGLH6WHLQH GLHGHQ)XERGHQELOGHQGHFNHQ]XJOHLFKGLH*UXIW:RUDXILFK DEHUGDVPHLVWH*HZLFKWOHJH GLHNOHLQH=HLFKQXQJOlWQDWUOLFK QXUZHQLJGDYRQHUNHQQHQ GDVLVWGHU%LOGHUVFKPXFNDQ:DQG XQG'HFNH'LH/lQJVZDQGPLWHLQHP7RWHQWDQ]YLHOOHLFKWXQWHU $QOHKQXQJDQGHQLQ/EHFNXQGLQGLH*HZ|OEHNDSSHQ(QJHO XQG3DOPHQ]ZHLJH-HVFK|QHUGHVWREHVVHU8QGZHQQZLUHUVWH .QVWOHUQLFKWKDEHQN|QQHQZHLOXQVHUH0LWWHOGDIUQLFKW DXVUHLFKHQVR]ZHLWHXQGGULWWH VFKOLHOLFKLVWGRFKGHU *HGDQNHGLH+DXSWVDFKH/LHEH-XOLHYHU]HLKGDLFKGLFK EHPKH$EHUEULQJXQVGDV%ODWW© +RONXQG$UQHKDWWHQLQ]ZLVFKHQLKUHQ*DQJXQWHUGHU 6lXOHQKDOOHIRUWJHVHW]WXQGZDUHQ]XOHW]WDXIHLQHQ.LHVZHJ ]XJHVFKULWWHQGHULQHLQHU6FKOlQJHOOLQLHELVDQGLHQlFKVWHQ 6WXIHQGHU]XU6HHQLHGHUVWHLJHQGHQ7HUUDVVHOLHI$QHEHQGLHVHU 6WHOOHEHIDQGVLFKDXFKHLQDXV=\SUHVVHQXQG/RUEHHUJHELOGHWHV %RVNHWWPLWHLQHU0DUPRUEDQNLQ)URQWXQGKLHUVHW]WHQVLFKGLH EHLGHQ6FKZlJHUXPXQJHVW|UWLKUH=LJDUUHUDXFKHQ]XN|QQHQ ZDVGLH*UlILQZHQQPDQXQWHUGHU+DOOHVD]ZDUQLHYHUERW DEHUDXFKQLFKWHLJHQWOLFKJHVWDWWHWH'DV*HVSUlFKEHLGHUGUHKWH VLFKVRQGHUEDUHUZHLVHQRFKLPPHUXPGDV:XQGHUYRQ7LHUDU]W ZDV]LHPOLFKXQHUNOlUOLFKJHZHVHQZlUHZHQQQLFKW+RONDXHU VHLQHU%DXOHLGHQVFKDIWDXFKQRFKHLQH]ZHLWH3DVVLRQJHKDEW KlWWH GLHIUVFK|QHV9LHK(UZDUNHLQJURHU/DQGZLUWZLHVHLQ 6FKZDJHU$UQHMDWDWVLFKZDVGDPLWHVQLFKW]XVHLQ DEHUDXI VHLQ9LHKKLHOWHUGRFKIDVWQDFK$UWHLQHVVSRUWVPDQXQGIUHXWH VLFKHVEHZXQGHUW]XVHKHQXQGGDEHLYRQPLUDNHOKDIWHQ 0LOFKHUWUlJHQHU]lKOHQ]XN|QQHQ$XVGLHVHP*UXQGHZDULKP GHUQHXH9HWHULQlUDU]WHLQHZLUNOLFKZLFKWLJH3HUV|QOLFKNHLWXQG QXUGLHKRP|RSDWKLVFKH+HLOPHWKRGHGHVVHOEHQOLHLPPHU ZLHGHUHLQLJH%HGHQNHQLQLKPDXIVWHLJHQ$EHU$UQHVFKQLWW GLHVH%HGHQNHQDE'DVVHLMDJHUDGHGDV,QWHUHVVDQWHVWHDQGHU 6DFKHGDGHUQHXH'RNWRUQLFKWEORJXWH.XUHQPDFKHGDV N|QQWHQDQGHUHDXFKVRQGHUQZLHHUVLHPDFKHXQGZRGXUFK'LH JDQ]H*HVFKLFKWHEHGHXWHQLFKWPHKUXQGQLFKWZHQLJHUDOVGHQ HQGOLFKHQ7ULXPSKHLQHVQHXHQ3ULQ]LSVHUVWYRQGHU9LHKSUD[LV KHUGDWLHUHGHUQLFKWPHKUDQ]X]ZHLIHOQGH6LHJGHU+RP|RSDWKLH %LVGDKLQVHLHQGLH4XDFNVDOEHUDOWHQ6WLOVQLFKWPGHJHZRUGHQ YRQGHU0DFKWGHU(LQELOGXQJ]XVSUHFKHQZDVQDWUOLFKKHLHQ VROOWHGDGLH6WUHXNJHOFKHQQLFKWDOVVROFKHKHLOWHQ HLQH
VFKOHVZLJVFKH.XKDEHUVHL*RWWVHL'DQNIUHLYRQ(LQELOGXQJHQ XQGZHQQVLHJHVXQGZUGHVRZUGHVLHJHVXQGGXUFKGDV 0LWWHOXQGQLFKWGXUFKGHQ*ODXEHQ $UQHYHUEUHLWHWHVLFKQRFK GHVZHLWHUHQGDUEHU]XJOHLFKKHUYRUKHEHQGGDHVVLFKEHLGHQ .XUHQGHVQHXHQEHLOlXILJDXVGHP6lFKVLVFKHQVWDPPHQGHQ 'RNWRUVDOOHUGLQJVDXFKQRFKXPDQGHUH'LQJHKDQGHOHGLHPLW $OORSDWKLHRGHU+RP|RSDWKLHQLFKWV'LUHNWHV ]XVFKDIIHQKlWWHQ 8QWHUGLHVHQ'LQJHQVWHKHGLHGXUFKJHIKUWHVWHVFKRQGHQ/X[XV VWUHLIHQGH5HLQOLFKNHLWREHQDQDOVRLPPHUQHXH6WDOOEDXWHQXQG XQWHU8PVWlQGHQVHOEVWHLQ2SHULHUHQPLW0DUPRUNULSSHQXQG YHUQLFNHOWHQ5DXIHQ+RONK|UWHGDVDOOHVPLW(QW]FNHQXQG HPSIDQGVRJURH/XVWPLW&KULVWLQHGDUEHU]XVSUHFKHQGDHU GLH=LJDUUHZHJWDWXQGDXIGLH6lXOHQKDOOH]XUFNVFKULWW ª,FKK|UHGDHEHQLQWHUHVVDQWH'LQJH&KULVWLQH'HLQ%UXGHU HU]lKOWPLUYRQKRP|RSDWKLVFKHQ.XUHQHLQHVQHXHQVlFKVLVFKHQ 9HWHULQlUGRNWRUVGHULQ/HLS]LJVHLQH6WXGLHQJHPDFKWKDW,FK EHWRQH/HLS]LJZHLOHV+RFKEXUJGHU+RP|RSDWKLHLVW:DKUH :XQGHUNXUHQ6DJHQ6LH6FKZDU]NRSSHQZLHVWHKHQ6LH]X GHU6DFKH"'LH+RP|RSDWKLHKDWVRHWZDV*HKHLPQLVYROOHV 0\VWLVFKHV,QWHUHVVDQWJHQXJXQGLQLKUHU0\VWLNHLJHQWOLFKHLQ 7KHPDIU&KULVWLQH© 6FKZDU]NRSSHQOlFKHOWHª'LH+RP|RSDWKLHYHU]LFKWHWVRYLHOLFK ZHLDXIDOOHV*HKHLPQLVYROOHRGHUJDU:XQGHUEDUH(VLVW HLQIDFKHLQH)UDJHYRQYLHORGHUZHQLJXQGREPDQPLWHLQHP *UDQVRZHLWNRPPHQNDQQZLHPLWHLQHPKDOEHQ=HQWQHU© ª9HUVWHKWVLFK©VDJWH+RONª8QGGDQQJLEWHVQRFKHLQHQ6DW] ¾6LPLOLDVLPLOLEXV½ZRUXQWHUVLFKMHGHUGHQNHQNDQQZDVHUZLOO 8QGPDQFKHUGHQNWVLFKJDUQLFKWVGDEHLZRKLQZRKODXFKXQVHU WLHUlU]WOLFKHU3ILIILNXVXQG0DQQGHU$XINOlUXQJJHK|UHQZLUG(U JLEWVHLQH6WUHXNJHOFKHQXQGLVWLPEULJHQDOV+DXSWVDFKHIU 6WDOOUHLQOLFKNHLWXQG0DUPRUNULSSHQXQGLFKP|FKWHVDJHQGLH 7U|JHPVVHQVREODQNVHLQZLHHLQ7DXIEHFNHQ© ª,FKJODXEH+HOPXWKGDGXGHLQH9HUJOHLFKHUFNVLFKWVYROOHU ZlKOHQN|QQWHVWVFKRQXPPHLQHWZLOOHQQDPHQWOLFKDEHULQ 6FKZDU]NRSSHQV*HJHQZDUW© ª=XJHVWDQGHQhEULJHQVDOOHVLSVLVVLPDYHUEDGHVQHXHQ :XQGHUGRNWRUV:RUWHGLHGHLQ%UXGHU]LWLHUWHZREHLIUHLOLFK
QLFKW EHVWULWWHQZHUGHQVROOGDHVVLFKDXFKIUGHQ'RNWRU HPSIHKOHQZUGHVROFKH9HUJOHLFKHOLHEHUQLFKW]XEUDXFKHQ ]XPDOHU.RQYHUWLWLVW(UKHLWQlPOLFK/LVVDXHU© 6FKZDU]NRSSHQXQG&KULVWLQHZHFKVHOWHQ%OLFNH ª:HQQHUEULJHQVDXIGHQ+RINRPPWVR ODGLFKLKQXQWHQLQ GHU,QVSHNWRUZRKQXQJ]XP/XQFK+LHUREHQ© ª,VWHUHQWEHKUOLFK© ª,FKZHLXQGGXGDUIVWXQEHVRUJWVHLQ$EHULFKUHFKQHHVLKP DQGDHUVHOEVWlQGLJH*HGDQNHQKDWXQGGHQ0XWGHU $XVVSUDFKH'DVPLWGHQ0DUPRUNULSSHQLVWQDWUOLFKPHKURGHU ZHQLJHU7RUKHLWXQGQLFKWVDOVHLQRULHQWDOLVFKHU9HUJOHLFKGHQ PDQLKP]XJXWHKDOWHQPX$EHUPLWGHU)RUGHUXQJGHU 5HLQOLFKNHLWVRJDQ]LPDOOJHPHLQHQGDPLWKDWHUGRFKUHFKW 0HLQH6WlOOHGLHQRFKVlPWOLFKDXVGHP(QGHGHVYRULJHQ -DKUKXQGHUWVVLQGPVVHQIRUWXQGLFKIUHXHPLFKHQGOLFKHLQH 9HUDQODVVXQJXQGHLQHQ6SRUQ]XKDEHQPLWGHPDOWHQ8QZHVHQ DXI]XUlXPHQ© 'LH*UlILQVFKZLHJXQGVXFKWHPLWGHU1DGHOLQGHQ6HLGHQIlGHQ GLHYRULKUDXIGHP7LVFKHODJHQ 'HQ*UDIHQYHUGURGLHV 6FKZHLJHQª,FKGDFKWHGXZUGHVWPLU GHLQH=XVWLPPXQJDXVGUFNHQ© ª(VVLQG:LUWVFKDIWVVDFKHQLQGHQHQLFKZDVDXFKEHOLHEWZLUG QLFKWPLW]XVSUHFKHQKDEH+lOWVWGX0DUPRUNULSSHQRGHU lKQOLFKHVIUQ|WLJVRZHUGHQVLHVLFKILQGHQXQGZHQQHVLQ &DUUDUDZlUH© ª:DVOlWGLFKZLHGHUVRELWWHUVSUHFKHQ&KULVWLQH"© ª9HU]HLK+HOPXWKDEHUHVWULIIWVLFKXQJOFNOLFK(EHQKDELFK PLW6FKZDU]NRSSHQEHU'LQJHJHVSURFKHQGLHPLUPHKUDP +HU]HQOLHJHQEULJHQVDXFK%DXVDFKHQXQGLPVHOEHQ $XJHQEOLFNZLOOVWGX6WlOOHEDXHQ6WlOOH© ª)UHLOLFKZLOOLFKGDV'XYHUJLWLPPHU&KULVWLQHZHQQGXDXFK QLFKWPLWVSUHFKHQZLOOVWZLHGXHEHQVDJWHVWGXYHUJLWLPPHU GDLFKLQHUVWHU5HLKH/DQGZLUWELQXQGIUHLQHQ/DQGZLUW]LHPW
VLFKHEHQGDV/DQGZLUWVFKDIWOLFKH'DV/DQGZLUWVFKDIWOLFKHLVWGLH +DXSWVDFKH© ª1HLQGLH+DXSWVDFKHLVWHVQLFKW© ª1XQZDVGHQQ"© ª(VLVWHLQ8QJOFNXQGHLQ6FKPHU]IUPLFKGDLFKGDV 6HOEVWYHUVWlQGOLFKHGLUJHJHQEHUQRFKLPPHUZLHGHU KHUYRUKHEHQPX© ª$FKLFKYHUVWHKH 'LH.LUFKHVROODXVJHEDXWZHUGHQRGHUHLQ 6FKZHVWHUQDV\ORGHUHLQ:DLVHQKDXV8QGGDQQHLQ&DPSRVDQWR XQGGDQQZLUGGHUJDQ]H&RUQHOLXVDXIJHNDXIWXQGLQ :DVVHUIDUEHQDQGLH:DQGJHPDOW© (VZDUVHOWHQGDGHU*UDI]XVROFKHQ:RUWHQVHLQH=XIOXFKW QDKPDEHUHVJDEHLQSDDU3XQNWHZR9HUVWLPPXQJXQG *HUHL]WKHLWVRIRUWEHULKQNDPHQXQGLKQGLHIHLQHQ 8PJDQJVIRUPHQYHUJHVVHQOLHHQGHUHQHUVLFKVRQVWUKPHQ GXUIWH6HLQ6FKZDJHUZXWHGDVXQGVFKULWWGHVKDOEUDVFKHLQ XPGDV*HVSUlFKLQDQGHUH:HJH]XOHLWHQZR]XVHLQJXWHU +XPRULKQMHGHU]HLWEHIlKLJWH ª6FKZHVWHU6FKZDJHULFKPHLQHUVHLWVGHQNHGDVHLQHWXQXQG GDVDQGHUHQLFKWODVVHQ'DKDEWLKUPHLQH:HLVKHLWXQGGHQ )ULHGHQGD]X=XGHP+RONGXZHLWQRFKQLFKWHLQPDOXPZDV HVVLFKKDQGHOW© +RONODFKWHJXWPWLJ ª'XZHLWHVQLFKW©IXKU$UQHIRUWªXQGLFKZHLHVDXFKQLFKW GHULFKGRFKVRQVWLQGLH*HKHLPQLVVH&KULVWLQHQVHLQJHZHLKW]X VHLQSIOHJH)UHLOLFKZHQQPLFKQLFKWDOOHVWlXVFKWVRKDEHQZLU KLHUGHQ6FKOVVHO©8QGGDEHLQDKPHUGDVDTXDUHOOLHUWH%ODWW GDVGLH'REVFKW]LQ]ZLVFKHQJHEUDFKWKDWWHª&KDUPDQWYRQ ZHOFKHU+DQGHVDXFKKHUUKUHQP|JH*RWLN(QJHO3DOPHQ6ROO PDQVHOEVWXQWHUGLHVHQQLFKWXQJHVWUDIWZDQGHOQGUIHQ"8QGDQ DOOHPLVWGLHVHUXQJOFNVHOLJH9HWHULQlUDU]WVFKXOGHLQ0DQQLQ 6WXOSHQVWLHIHOQDQGHPQLFKWVNRPLVFKHULVWDOVGLH7DWVDFKHGD HUVlFKVLVFKVSULFKW(UPWHHLJHQWOLFKSODWWGHXWVFKVSUHFKHQ VRJDUPHFNOHQEXUJLVFK:REHLPLUHLQIlOOWZLWLKUGHQQVFKRQ GDVLFKLQ.LHOXQG5RVWRFN HLQHSODWWGHXWVFKH'LFKWHUVFKXOH
JHELOGHWKDWRGHUHLJHQWOLFK]ZHLGHQQGLH'HXWVFKHQZHQQVLFK LUJHQGZDVDXIWXW]HUIDOOHQLPPHUJOHLFKZLHGHULQ]ZHL7HLOH .DXPLVWGDV3ODWWGHXWVFKHGDVRKDEHQZLUDXFKVFKRQZLHGHU LWLRLQSDUWHVXQGGLH0HFNOHQEXUJHUPDUVFKLHUHQXQWHULKUHP )ULW]5HXWHUXQGGLH+ROVWHLQHUXQWHULKUHP.ODXV*URWK$EHU .ODXV*URWKKDWHLQHQ3DVYRUDXVZHLOHU/\ULNHULVWXQG NRPSRQLHUWZHUGHQNDQQXQGGDYRQKlQJWHLJHQWOLFKDOOHVDE .HLQ-DKUYLHOOHLFKWNHLQKDOEHVVRNRPPWHUYRQNHLQHP.ODYLHU PHKUKHUXQWHU,FKKDEHGDVFKRQZDVDXIHXUHP)OJHOOLHJHQ VHKHQ$VWDGXN|QQWHVWZDVYRQLKPVLQJHQ© ª,FKPDJQLFKWV3ODWWGHXWVFKHV© ª1XQGDQQVLQJHZDV+RFKGHXWVFKHVDEHUQDWUOLFKHWZDVUHFKW +EVFKHVXQG/XVWLJHV© ª,FKPDJQLFKWV/XVWLJHV© ª1XQZHQQHVQLFKWV/XVWLJHVVHLQNDQQGDQQVLQJHZDVUHFKW 7UDXULJHV$EHUHVPXGDQQDXFKJDQ]WUDXULJVHLQGDPDQDXI VHLQH.RVWHQNRPPW(WZDVYRQHLQHP3DJHQGHUIU.RPWHVVH $VWDVWLUEWRGHUYRQHLQHP5LWWHUGHUYRQVHLQHP 1HEHQEXKOHU HUVFKODJHQXQGDP:HJHEHJUDEHQZLUG8QGGDQHEHQZDFKWGHU +XQGDP*UDEHGHV5LWWHUVXQGGUHL5DEHQVLW]HQLQHLQHU 3DSSHOZHLGHXQGNUHLVFKHQXQGVHKHQ]X© $VWDGLHPLWGHP2QNHODXIHLQHP1HFNIXVWDQGZUGHLKP DXFKGLHVPDOHLQH$QWZRUW QLFKWVFKXOGLJJHEOLHEHQVHLQZHQQ QLFKWLQHEHQGLHVHP$XJHQEOLFNLKUH$XIPHUNVDPNHLWQDFKHLQHU DQGHUHQ6HLWHKLQLQ$QVSUXFKJHQRPPHQZRUGHQZlUH ª'DNRPPW(OLVDEHWK©ULHIVLHIUHXGLJHUUHJWª8QGGHUDOWH 3HWHUVHQPLWLKUXQG6FKQXFNDXFK© 8QGDOV VLHGDVVDJWHWUDWHQDOOHYRQGHU+DOOHKHULQGHQ 9RUJDUWHQXQGJUWHQPLWLKU]XJOHLFKKLQXQWHU
'ULWWHV.DSLWHO 3DVWRU3HWHUVHQXQGVHLQH(QNHOLQ(OLVDEHWKYLHOOHLFKWZHLOGDV /LFKWVLHEOHQGHWHEHPHUNWHQYRQGHPLKQHQJHOWHQGHQ*UXH QLFKWVDEHU XPVRGHXWOLFKHUVDKPDQREHQYRQ7HUUDVVHXQG 9RUKDOOHKHUGLHXQWHQDP6WUDQGLPPHUQlKHU.RPPHQGHQ'HU $OWHVHLQHQ+XWLQGHU+DQG VRGDGHU:LQGPLWVHLQHP GQQHQDEHUODQJHQZHLHQ+DDUHVSLHOWH JLQJHLQSDDU6FKULWWH YRUDXIZlKUHQG(OLVDEHWKVLFKQDFKGHQ+RO] XQG %RUNHQVWFNFKHQEFNWHGLH]ZLVFKHQGHP6HHWDQJXPKHUODJHQ XQGVLHLQV0HHUZDUIXP6FKQXFNHLQHQZXQGHUYROOHQ VFKZDU]HQ3XGHOGDQDFKDSSRUWLHUHQ]XODVVHQ-HW]WDEHUOLHVLH GDYRQDEXQGEHJQJWHVLFKHLQSDDU%OXPHQ]XSIOFNHQGLH ]ZLVFKHQGHP6WUDQGKDIHUVWDQGHQ8QGVRVFKOHQGHUQGNDPHQ VLHVFKOLHOLFKELVDQGHQ3LHUZRVLHOLQNVDEERJHQXPGLH 7HUUDVVHKLQDXI]XVWHLJHQ ª6LHNRPPHQ©EUDFK$VWDLQHUQHXWHP-XEHODXVª8QG(OLVDEHWK EULQJWLKUHQ*URYDWHUPLW© ª-D©VDJWH%DURQ$UQHª9LHOOHLFKWN|QQWHPDQDXFKVDJHQGHU *URYDWHUEULQJW(OLVDEHWKPLW$EHUVRVHLGLKU GLH-XJHQGLVWGLH +DXSWVDFKH ZHQQPDQDOWZLUGLVWPDQQXUQRFK%HLJDEH-XQJ VHLQKHLWVHOEVWVFKWLJVHLQ$EHUHLJHQWOLFKLVWHVVSlWHUDXFK QLFKWEHVVHU0HLQHUVWHU*HGDQNHZDUDOVLFKGHQ$OWHQVDKGD NRPPWXQVHUH:KLVWSDUWLH6FKZDU]NRSSHQLVWIUHLOLFKQLFKWIU 6SLHODEHU*RWWVHL'DQNDXFKQLFKWGDJHJHQXQGZUGHZHQQ HU.DWKROLNZlUHZDKUVFKHLQOLFKYRQHLQHU¾OlOLFKHQ6QGH½ VSUHFKHQ8QGGDVVLQGPLUGLHOLHEVWHQ,PEULJHQEHZXQGHUH LFKGLHVHQ3XGHOZLHKHLWHUGRFK"© ª6FKQXFN©VDJWH$VWD ª5LFKWLJ6FKQXFN HLJHQWOLFKPHKUHLQ1DPHIUHLQH /XVWVSLHOILJXU(UZDUVFKRQGUHLPDOREHQXQGLPPHUZLHGHU ]XUFN2IIHQEDUIUHXWHUVLFKJDQ]XQElQGLJ8QGQXQVDJH $VWDZRUDXIIUHXWHUVLFKDXIGLFKRGHUDXIGLH.XQVWVWFNHGLH HUPDFKHQGDUIRGHUDXIGHQ=XFNHUGHQHUGDIUNULHJW"© =ZHL6WXQGHQVSlWHUZDUHVVWLOOXQWHUGHU6lXOHQKDOOH GHU$EHQG ZDUKHUHLQJHEURFKHQXQGQXUDP+RUL]RQWODJQRFKHLQURWHU
:LGHUVFKHLQ$OOHVKDWWHVLFKLQGDV:RKQ XQG(PSIDQJV]LPPHU ]XUFNJH]RJHQGDVLQJOHLFKHU*U|HZLHGHU(VDDO XQPLWWHOEDUKLQWHUGLHVHPODJXQGGHQ%OLFN]XQlFKVWDXIHLQHQ ZRKOJHSIOHJWHQPLW7UHLEKlXVHUQEHVHW]WHQ9RUJDUWHQKDWWHGHU ZHLWHUKLQLQJURHEHUJDEVWHLJHQGH3DUNDQODJHQEHUJLQJ 'DV:RKQ XQG(PSIDQJV]LPPHUZDUUHLFKP|EOLHUWXQGKDWWH GRFK5DXPJHQXJ]XIUHLHU%HZHJXQJ1HEHQGHP)OJHOLQGHU JHVFKW]WHVWHQ(FNHVWDQGHLQJURHUUXQGHU7LVFKPLWHLQHU 0RGHUDWHXUODPSHGDUDXI+LHUVDHQGLH*UlILQXQGLKUH)UHXQGLQ GLH'REVFKW]GLHYRUOHVHQVROOWHZlKUHQG$VWDXQG(OLVDEHWK GLFKWQHEHQLKQHQDXI]ZHL)XElQNHQ3ODW]JHQRPPHQKDWWHQ XQGDEZHFKVHOQGOHLVHSODXGHUWHQRGHUGHQ3XGHO]XGHVVHQ HLJHQHUVLFKWOLFKHU)UHXGH.XQVWVWFNHPDFKHQOLHHQ$EHU ]XOHW]WZXUGHHUPGHYRQGHU$QVWUHQJXQJXQGVFKOXJZHLOHU GLH%DODQFHQLFKWPHKUKDOWHQNRQQWHPLWHLQHUVHLQHU3IRWHQDXI GLH7DVWHQGHVRIIHQVWHKHQGHQ)OJHOV ª$FKQXQVSLHOWHUDXFKQRFK©ODFKWH $VWDª,FKJODXEHZHQQHU ZLOOVSLHOW6FKQXFNEHVVHUDOVLFK HULVWVRJHVFKLFNWXQG7DQWH -XOLHZLUGHVQLFKWEHVWUHLWHQ9RUKLQVROOWLFKVSLHOHQXQGVRJDU VLQJHQ2QNHO$UQHEHVWDQGGDUDXIDEHULFKKWHWHPLFKZRKO ,FKKDEHEOR/XVWXQGJDUNHLQ 7DOHQW+DVWGXZDVPLWJHEUDFKW (OLVDEHWK",KUKDEWMDLPPHUZDV1HXHVXQGGXKDWWHVWMDDXFK HLQH0DSSHDP$UPDOVGXNDPVW/DXQVVHKHQ© 6RSODXGHUWHQGLH0lGFKHQZHLWHU,QGHUVFKUlJ JHJHQEHUOLHJHQGHQ=LPPHUHFNHDEHUVDHQGLHYLHU+HUUHQEHLP :KLVW$UQHZLHJHZ|KQOLFKPLWGHPDOWHQ3HWHUVHQVFKHOWHQG GDHUQRFKVRODQJVDPVSLHOHZLH]XU=HLWGHV:LHQHU .RQJUHVVHV ª-D©ODFKWH3HWHUVHQªZLH]XU=HLWGHV:LHQHU.RQJUHVVHV GD VSLHOWHPDQODQJVDPGDVJDOWIUYRUQHKPXQGPXLFK,KQHQ QDFKKHUHLQH*HVFKLFKWHGDYRQHU]lKOHQHLQH*HVFKLFKWHGLH ZHQLJEHNDQQWLVWXQGGLHVRYLHOLFKZHLYRQ7KRUZDOGVHQ VWDPPWGHUVLHYRQ:LOKHOPYRQ+XPEROGWK|UWH© ª9RQ$OH[DQGHU©VDJWH$UQH ª1HLQHUODXEHQ6LH$UQHYRQ:LOKHOPYRQ+XPEROGW:LOKHOP ZDUEHUKDXSW©
ª$XISDVVHQ3HWHUVHQ© 8QGGDV6SLHOQDKPRKQHZHLWHUH=ZLVFKHQUHGHVHLQHQ )RUWJDQJXQGDXFKGLH0lGFKHQGlPSIWHQLKUH6WLPPH'HQQGLH 'REVFKW]KDWWH]XOHVHQEHJRQQHQXQG]ZDUDXVHLQHPJURHQ =HLWXQJVEODWWGDVLP/DXIHGHV1DFKPLWWDJVGHU3RVWERWH JHEUDFKWKDWWH)UHLOLFKZDUHVQRFKNHLQUHFKWHV9RUOHVHQ VRQGHUQHUVWGHU9HUVXFKGD]XZREHLVLFK VGLH'REVFKW] LQ GHQ=HLWXQJHQ]LWWHUWHGHULWDOLHQLVFKH.ULHJQRFKQDFK DQJHOHJHQVHLQOLH]XQlFKVWQXUGLH.RSIWLWHO]XOHVHQXQG]ZDU LQHLQHPDQIUDJHQGHQ7RQHª(U]KHU]RJ$OEUHFKWXQG$GPLUDO 7HJHWKRII©'LH*UlILQVFKWWHOWHGHQ.RSIª$XIGHP0DUVFKH QDFK0DJHQWD©ª'LH.UDVVLHUEULJDGH%RQQHPDLQ©1HXHV .RSIVFKWWHOQª0DQVFKUHLEWXQVDXV&KDUORWWHQEXUJEHUGDV %HILQGHQ.|QLJ)ULHGULFK:LOKHOPVGHV9LHUWHQ© ª-D©XQWHUEUDFKKLHUGLH*UlILQªGDVOLHVOLHEH'REVFKW]'DV DXV&KDUORWWHQEXUJ,FKKDEHNHLQ,QWHUHVVHIU .ULHJVJHVFKLFKWHQHVVLHKWVLFKDOOHVVRlKQOLFKXQGLPPHUEULFKW ZHUDXIGHQ7RGYHUZXQGHW]XVDPPHQXQGOlWVWHUEHQG LUJHQGHLQ(WZDVOHEHQGDVDEZHFKVHOQG3ROHQRGHU)UDQNUHLFK RGHUPHLQHWZHJHQDXFK6FKOHVZLJ+ROVWHLQKHLW$EHUHVLVW LPPHUGDVVHOEH'LHVHUPRGHUQH*|W]HGHU1DWLRQDOLWlWLVWQXQ PDOQLFKWGDV,GROYRUGHPLFKEHWH'LHUHLQPHQVFKOLFKHQ 'LQJH]XGHQHQIUPLFKZHQLJVWHQVDXFKGDV5HOLJL|VHJHK|UW LQWHUHVVLHUHQPLFKQXQPDOPHKU'LHVHUXQJOFNOLFKH.|QLJLQ VHLQHP&KDUORWWHQEXUJHU6FKOR HLQVRKHOOHU.RSIXQGQXQ XPQDFKWHWLQVHLQHP*HLVWH-DGDVLQWHUHVVLHUWPLFK,VWHV ODQJ"© ª(LQH6SDOWH© ª'DVLVWYLHO$EHUIDQJHQXUDQZLUN|QQHQMDDEEUHFKHQ© 8QGQXQODVGLH'REVFKW] ª$OOH1DFKULFKWHQVWLPPHQGDKLQEHUHLQGDHVPLWGHP %HILQGHQGHV.|QLJVVFKOHFKWHUJHKW VHLQH7HLOQDKPHOlWQDFK XQGGLH 6WXQGHQLQGHQHQHUIROJHQNDQQZHUGHQLPPHU VHOWHQHU6HOEVWYHUVWlQGOLFKEHJLQQWGLHVHU=XVWDQGGHV.UDQNHQ DXFKGDVVWDDWOLFKH/HEHQ]XEHHLQIOXVVHQXQGJHZLVVH 5FNVLFKWHQGLHPDQELVKHUQDKPODVVHQVLFKQLFKWPHKU GXUFKIKUHQ(VOlWVLFKQLFKWYHUNHQQHQGDVLFKHLQ
YROOVWlQGLJHU6\VWHPZHFKVHOYRUEHUHLWHWXQGGDVLFKGLHVHU :HFKVHOGHPQlFKVWDXFKLQGHUDXVZlUWLJHQ3ROLWLN]HLJHQZLUG 'DV9HUKlOWQLV]X5XODQGXQGgVWHUUHLFKLVWHUVFKWWHUWHLQ IUHXQGVFKDIWOLFKHV9HUKlOWQLV]XGHQ:HVWPlFKWHQEDKQWVLFK PHKUXQGPHKUDQ]X(QJODQGJHZL$OOHVZDVJHVFKLHKW HULQQHUWDQGLH=HLWYRQELVGLHQDFKYRUDXIJHJDQJHQHU (UQLHGULJXQJHLQH=HLWGHU9RUEHUHLWXQJXQG:HKUKDIWPDFKXQJ ZDU0LWVROFKHU:HKUKDIWPDFKXQJEHVFKlIWLJHQVLFK XQDXVJHVHW]WGLH*HGDQNHQGHV3ULQ]UHJHQWHQXQGLVW3UHXHQ PLOLWlULVFKHUVWGDVZDVGHU3ULQ]UHJHQWDXVLKP]XPDFKHQ WUDFKWHWVRZHUGHQZLUVHKHQZDVZLUG8QGLQNHLQHU)UDJHZLUG VLFKGDVGHXWOLFKHU]HLJHQDOVLQGHUVFKOHVZLJKROVWHLQVFKHQ© ª(VLVWJXW©VDJWHGLH*UlILQª,FKGDFKWHGHU$UWLNHOZUGH 0LWWHLOXQJHQYRP+RIHEULQJHQDQHNGRWLVFKH=JH.OHLQLJNHLWHQ GLHPHLVWGLH+DXSWVDFKHVLQGXQGQXQEULQJWHUSROLWLVFKH .RQMHNWXUHQ,FKJODXEHQLFKWDQ9RUKHUVDJXQJHQGLHPHLVWYRQ GHQHQJHPDFKWZHUGHQ GLHGLHJHULQJVWH%HUHFKWLJXQJGD]X KDEHQ$EHUZDVLVWGDVIUHLQ%LOGGDVLFKGDDXIGHU 5FNVHLWHGHU=HLWXQJVHKH6FKORXQG6FKORWUPH© 'LH'REVFKW]GLHQLFKWVGDYRQZXWHZDQGWHGLH=HLWXQJXQG VDKQXQGDHVHLQH$QQRQFHZDUGLHPLWLKUHPJURHQ +RO]VFKQLWWLQGHU0LWWHEHLQDKHGLHJDQ]H5FNVHLWHGHU=HLWXQJ HLQQDKP'DV$XJHGHU'REVFKW]JOLWWGDUEHUKLQ'DQQVDJWH VLH ª(VLVWHLQH3HQVLRQVDQ]HLJHDXVGHU6FKZHL]QDWUOLFKYRP *HQIHUVHH KLHUGDVNOHLQH*HElXGHLVWGDV3HQVLRQDWXQGGDV JURH+RWHOLP9RUGHUJUXQGHLVWQXU=XJDEH© ª/LHV,FKLQWHUHVVLHUHPLFKIUVROFKH$QQRQFHQ© ª8QVHUH3HQVLRQ%HDX5LYDJHWULWWQXQLQLKU IQIXQG]ZDQ]LJVWHV-DKU(VKDEHQLQGLHVHU=HLWMXQJH'DPHQ DXVDOOHQ7HLOHQGHU(UGH$XIQDKPHEHLXQVJHIXQGHQXQG EHZDKUHQXQVVRYLHOZLUHUIDKUHQHLQIUHXQGOLFKHV*HGHQNHQ :LUYHUGDQNHQGLHVQHEHQGHP6HJHQGHUQLFKWIHKOHQGDUI DXFKZRKOGHQ*UXQGVlW]HQQDFKGHQHQZLUXQVHUH3HQVLRQ XQDXVJHVHW]WOHLWHQ(VVLQGGLHVGLH*UXQGVlW]HGHU ,QWHUQDWLRQDOLWlWXQGNRQIHVVLRQHOOHU*OHLFKEHUHFKWLJXQJ(LQ NDOYLQLVWLVFKHU*HLVWOLFKHUVWHKWOHLWHQGDQGHU6SLW]HGHV*DQ]HQ DEHUGXUFKDXVYRQHLQHP*HLVWHGHU'XOGXQJHUIOOWEHUOlWHU HVGHQ(OWHUQXQG9RUPQGHUQGLH=|JOLQJHGLHPDQXQV
DQYHUWUDXWDQGLHVHP5HOLJLRQVXQWHUULFKWWHLOQHKPHQ]XODVVHQ RGHUQLFKW© 'LH*UlILQHUKHLWHUWHVLFKVLFKWOLFK6LHKDWWHGHQ=XJGHUPHLVWHQ )URPPHQXQG.LUFKOLFKHQGLH.LUFKOLFKNHLWDQGHUHUQLFKWEOR DQ]X]ZHLIHOQVRQGHUQPHLVWDXFKYRQGHUNRPLVFKHQ6HLWH]X QHKPHQXQGVRZDUHQLKUGHQQ0LWWHLOXQJHQDXVGHP/DJHUGHU .DWKROLNHQXQGEHLQDKPHKUQRFKGHU*HQIHULVFKHQLPPHUHLQH 4XHOOHYHUJQJOLFKHU8QWHUKDOWXQJDXFKZHQQVLFKQLFKWZLH KLHUHLQHGDV+HLWHUHVRGLUHNWKHUDXVIRUGHUQGH*HVFKlIWOLFKNHLW PLWHLQPLVFKWH6LHQDKPGDV%ODWWXPGLH3HQVLRQVDQ]HLJHGLH VLFKQRFKIRUWVHW]WHZHLWHU]XOHVHQDEHUGHU'LHQHUGHUVFKRQ VHLWHLQHU9LHUWHOVWXQGHGHQ:KLVWWLVFKEHREDFKWHWXQGGHQ 6FKOXGHV5REEHUVDEJHZDUWHWKDWWHWUDWMHW]WYRUXP]X PHOGHQGDGHU7HHVHUYLHUWVHL ª7ULIIWVLFKYRU]JOLFK©VDJWH%DURQ$UQHª:HQQPDQJHZRQQHQ KDW]lKOWHLQ5HEKXKQZRUDXILFKUHFKQH]XGHQJHVXQGHVWHQ *HULFKWHQ VRQVWIUHLOLFKQLFKW© 8QGGDPLWHUKREHUVLFKXQGUHLFKWHGHP)UlXOHLQYRQ'REVFKW] GHQ$UPZlKUHQG 6FKZDU]NRSSHQPLWGHU*UlILQYRUDQVFKULWW ª1XQ3HWHUVHQ©VDJWHGHU*UDIªZLUPVVHQPLWHLQDQGHUIUOLHE QHKPHQ©8QGDQ$VWDXQG(OLVDEHWKYRUEHUJHKHQGULHIHU GLHVHQ]X ª1XQPHLQH'DPHQ© $EHU$VWDVWUHLFKHOWHQXU]lUWOLFKVHLQH+DQGXQGVDJWH ª1HLQ 3DSDZLUEOHLEHQKLHU0DPDKDWHVVFKRQHUODXEW ZLUKDEHQXQV QRFKDOOHUOHL]XHU]lKOHQ©
9LHUWHV.DSLWHO ,QGHP(VDDOHZDUJHGHFNWGLH)OJHOWUHQVWDQGHQDXIXQGHLQ KHOOHU/LFKWHUJODQ]HPSILQJGLH(LQWUHWHQGHQ'LH*UlILQQDKP LKUHQ3ODW] ]ZLVFKHQGHQEHLGHQ*HLVWOLFKHQZlKUHQG)UlXOHLQ YRQ'REVFKW]PLW+RONXQG$UQHLKUJHJHQEHUVDHQ(LQHQ $XJHQEOLFNVSlWHUHUVFKLHQHQDXFKGHU+DXVOHKUHUXQG$[HO ª,FKKDEHPLFKHEHQVHKUHUKHLWHUW©ZDQGWHVLFKGLH*UlILQDQ 6FKZDU]NRSSHQ ª$K©ZDUI+RONGD]ZLVFKHQLQHLQHP7RQHGHUZHQQZHQLJHU VS|WWLVFKHUJ|W]OLFKJHZHVHQZlUHXQG$UQHGHUGHQ6SRWWGDULQ QXU]XVHKUKHUDXVIKOWH GHQQ&KULVWLQHZDUHLJHQWOLFKQLH KHLWHU ODFKWHKHUUOLFKYRUVLFKKLQ ª,FKKDEHPLFKHEHQVHKUHUKHLWHUW©ZLHGHUKROWHGLH*UlILQPLW HLQHP$QIOXJHYRQ(PSILQGOLFKNHLWXQGIXKUGDQQIRUW ª(VLVW GRFKHLQHLJHQ'LQJXPGLHVH6FKZHL]HUSHQVLRQHQLQGHQHQVLFK *HVFKlIWOLFKNHLWPLW.DOYLQLVPXVVRJXWYHUWUlJW(VZDULPPHU GLHKlOLFKH6HLWHGHV.DOYLQLVPXVVROHEHQVNOXJ]XVHLQ© 6FKZDU]NRSSHQDQGHQVLFKDXFKGLHVH]ZHLWH%HPHUNXQJ JHULFKWHWKDWWHYHUQHLJWHVLFK,KU%UXGHUDEHUVDJWHª'DVLVWPLU QHX&KULVWLQH&DOYLQVRYLHOLFKZHLZDUXQEHTXHPXQG XQHUELWWOLFK.QR[GHVJOHLFKHQXQG&ROLJQ\EHQDKPVLFK MHGHQIDOOVQLFKWDOO]XOHEHQVNOXJVRQVWOHEWHHUYLHOOHLFKWQRFK 8QGGDQQ/D5RFKHOOH8QGGDQQGLH]HKQWDXVHQG $XVJHZDQGHUWHQXP*ODXEHQVZLOOHQ(VVROOGHQ/XWKHUVFKHQ VFKZHUZHUGHQ6HLWHQVWFNHGD]X]XILQGHQRGHUZRKOJDU %HVVHUHV,FKEHDQWUDJH*HUHFKWLJNHLW 6FKZDU]NRSSHQ6LH GUIHQPLFKQLFKWLP6WLFKODVVHQJHJHQPHLQH6FKZHVWHU8QG 3HWHUVHQ6LHDXFKQLFKW© +RONGHUVHLQHQ6FKZDJHUEHUKDXSWVHKUOLHEWHKDWWHVHLQH KHU]OLFKH)UHXGHGD$UQHVRVSUDFKª'DVLVWUHFKW$OIUHG)U GLHGLHQLFKWGDVLQGPXPDQHLQWUHWHQ© ª8QGZHQQHV3UHXHQZlUHQ©VHW]WH$UQHODFKHQGKLQ]X ª:REHLPLUGHU$UWLNHOHLQIlOOWGHUYRUKHUYRUJHOHVHQZXUGH:DV ZDUHVHLJHQWOLFKGDPLW",FKKDEHQlPOLFKGLH7XJHQGEHLP :KLVWJHZLQQHQXQGGRFKVR]LHPOLFKDOOHPIROJHQ]XN|QQHQ
ZDVQHEHQKHUJHOHVHQRGHUJHVSURFKHQZLUG,FKK|UWHZDVYRP &KDUORWWHQEXUJHU+RIXQGYRQ:HKUKDIWPDFKXQJXQG$QQR 2GHUZDUHVQLFKWVR"$QQRKDEHLFKEHVWLPPWJHK|UWXQG :HKUKDIWPDFKXQJDXFK© ª$FKOLHEH'REVFKW]HU]lKOH ZDVHVZDU©VDJWHGLH*UlILQ ª(VZDUJHQDXVRZLHGHU+HUU%DURQDQQLPPWXQGDOOHVLQDOOHP VFKLHQGHU$UWLNHOVDJHQ]XZROOHQGDHVPLW'lQHPDUNYRUEHL VHLZHQQHVVLFKLQGHU6SUDFKHQIUDJHQLFKWKDQGHOQODVVH© +RONODFKWHª0LW'lQHPDUNYRUEHL1HLQ+HUU3UHXVRZHLWVLQG ZLUQRFKQLFKWXQGXQWHUDOOHQ8PVWlQGHQKDEHQZLULPPHUQRFK GLH*HVFKLFKWHYRP6WRUFKXQG)XFKV'HU)XFKVLQGHU)DEHO NRQQWHQLFKWDQGDV:DVVHUKHUDQZHLOHVLQHLQHU)ODVFKHZDU XQGGHUQHXHVWH)XFKVGHU3UHXHNDQQQLFKWDQ'lQHPDUN KHUDQZHLOHV,QVHOQVLQG-DGDV:DVVHU*RWWVHL'DQN(VLVW LPPHUGLHVHOEH*HVFKLFKWHZDVGHUHLQHNDQQNDQQGHUDQGHUH QLFKWXQGVRJXWGLH3UHXHQLKUHQ3DUDGHPDUVFKPDUVFKLHUHQ EHUGLH2VWVHHN|QQHQVLHQLFKWUEHUZHQQHVDXFKEHL.ODXV *URWKKHLW ¾'H2VWVHHLVPDQHQ3XKO½© $UQHGHUELVVSlWLQGHQ+HUEVWKLQHLQVHLQH$EHQGPDKO]HLW UHJHOPlLJPLWHLQHP7HOOHUVDXUHU0LOFKHLQOHLWHWHVWUHXWHHEHQ %URWXQG=XFNHUDXIGLHYRULKPVWHKHQGH6DWWHQDKPHLQHQ HUVWHQ/|IIHOYROOXQGVDJWHGDQQZlKUHQGHUVHLQHQ%DUWSXW]WH ª6FKZDJHUGDGLYHUJLHUHQZLU'HUHLQ]LJH3XQNW8QGLFKVHW]H KLQ]XJOFNOLFKHUZHLVH'HQQPLWVHLQHU6FKZHVWHUGDUIPDQ VFKRQDOOHQIDOOV.ULHJIKUHQDEHUPLWVHLQHP6FKZDJHUQLFKW ,FKEHUXIHPLFK EULJHQVDXI3HWHUVHQGHUKDWDPPHLVWHQYRP /HEHQJHVHKHQ© 3HWHUVHQQLFNWH ª6LHK+RON©IXKUVHLQ6FKZDJHUIRUWªGXVSULFKVWGDYRQ)XFKV XQG6WRUFK1XQJXWLFKKDEHQLFKWVGDJHJHQGDZLULQGLH WLHUJHVFKLFKWOLFKH)DEHOKLQHLQJHUDWHQLP*HJHQWHLO'HQQHVJLEW DXFKHLQH)DEHOYRP9RJHO6WUDX/LHEHU+RONGXVWHFNVWGHQ .RSIZLH9RJHO6WUDXLQGHQ%XVFKXQGZLOOVWGLH*HIDKUQLFKW VHKHQ©
+RONZLHJWHVLFKKLQXQGKHUXQGVDJWHGDQQ ª$KEDK$OIUHG :HUVLHKWEHUKDXSWLQGLH=XNXQIW"1LFKW GXQLFKWLFK$EHU VFKOLHOLFKDOOHVLVW:DKUVFKHLQOLFKNHLWVUHFKQXQJXQG]XGHP 8QZDKUVFKHLQOLFKVWHQYRQGHU:HOWJHK|UWHLQH*HIDKUYRQ%HUOLQ RGHU3RWVGDPKHU'LH7DJHGHU3RWVGDPHU:DFKWSDUDGHVLQG YRUEHU1LFKWVEHUGHQ$OWHQ)ULW]HQHUKDWNHLQHQJU|HUHQ 9HUHKUHUDOVPLFKDEHUDOOHVZDVHUJHWDQKDWKDWGHQ &KDUDNWHUHLQHU(SLVRGHGLHIUVHLQ/DQGJHUDGH]X YHUKlQJQLVYROOJHZRUGHQ© ª$OVRGHU5XKPHLQHV/DQGHVRGHUJDUVHLQH*U|HVHLQ 9HUKlQJQLV© ª-DGDVNOLQJWVRQGHUEDUXQGGRFKOLHEHU$UQH© +RONXQWHUEUDFKVLFKGHQQPDQK|UWHYRP1HEHQ]LPPHUKHU GD$VWDVLFKPKWHGLH%HJOHLWXQJHLQHV/LHGHVDXIGHP)OJHO KHUDXV]XWLSSHQ(VZXUGHDEHUJOHLFKZLHGHUVWLOOXQG+RON VHLQHUVHLWVZLHGHUKROWH ª-D6FKZDJHUNOLQJWVRQGHUEDUGDGHU 5XKPHLQ9HUKlQJQLVVHLQVROOXQGGRFKGHUJOHLFKHQNRPPWYRU XQGHQWVSULFKWGDQQLPPHUGHU1DWXUGHU'LQJH0|JOLFKGDDXI GLHVHPEUDQGHQEXUJLVFKHQ6XPSI XQG6DQGODQGDXIGHPMDGLH 6HPQRQHQXQGlKQOLFKHURWKDDULJH:HOWHUREHUHUJHOHEWKDEHQ VROOHQHLQQHXHV:HOWHUREHUXQJVYRONKlWWHJHGHLKHQN|QQHQ JXW]XJHJHEHQDEHUGDKlWWHGLHV/DQGHLQHQODQJVDPHQ QRUPDOHQ:HUGHSUR]HGXUFKPDFKHQPVVHQ'HQKDWGLHVHU JURH)ULHGULFKJHVW|UW$OV.OHLQVWDDWOHJWHVLFK3UHXHQ]X%HWW XQGDOV*URVWDDWVWDQGHVZLHGHUDXI'DVZDUXQQRUPDOXQG NDPHLQIDFKGDKHUGDHVGLH1DFKWEHURGHUJHQDXHU JHUHFKQHWHWOLFKHYLHU]LJ-DKUHODQJLQHLQHP5HFN XQG 6WUHFNEHWWJHOHJHQKDWWH© ª+RONGDVVLQGQLFKWGHLQH,GHHQ©VDJWH&KULVWLQH ª1HLQXQGLVWDXFKQLFKWQ|WLJ HVJHQJWGDLFKVLHPLU DQJHHLJQHW8QGVRODPLFKGHQQLQPHLQHQHQWOHKQWHQ,GHHQ IRUWIDKUHQ$OOHQ5HVSHNWYRUGHPJURHQ.|QLJHULVWHLQH6DFKH IUVLFK$EHUGDVVR]XVDJHQSRVWKXPH3UHXHQGDV3UHXHQ QDFKLKPLVWNHLQ*HJHQVWDQGPHLQHU%HZXQGHUXQJLPPHULP 6FKOHSSWDXKHXWHYRQ5XODQGPRUJHQYRQgVWHUUHLFK$OOHV ZDVLKPJHJOFNWLVWLVWLKPXQWHULUJHQGHLQHP'RSSHODDU JHJOFNWQLFKWXQWHUGHPHLJHQHQ$GOHUHUVHLVFKZDU]RGHUURW
(VKDWHWZDVIUVLFKZHQQ6S|WWHUYRQHLQHP SUHXLVFKHQ .XFNXFNVSUHFKHQ(LQ6WDDWGHUVLFKKDOWHQXQGPHKUDOVHLQ 7DJHVHUHLJQLVVHLQZLOOPXQDWUOLFKH*UHQ]HQKDEHQXQGHLQH 1DWLRQDOLWlWUHSUlVHQWLHUHQ© ª(VJLEWQRFKDQGHUHQ0|UWHOXQG6WDDWHQNLWW©VDJWH$UQHXQG 6FKZDU]NRSSHQXQG&KULVWLQHVDKHQ]XVWLPPHQGHLQDQGHUDQ ª*HZL©UHSOL]LHUWH+RONª=XP%HLVSLHO*HOG$EHUZHUODFKWGD" 3UHXHQXQG*HOG© ª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lFKOLFKNHLWV]HLWYRQGHU GXJHVSURFKHQGLHZDU,QWHUUHJQXP8QGPLWGLHVHP ,QWHUUHJQXPLVWHVMHW]WYRUEHL:DVGHU=HLWXQJVDUWLNHOGDVDJW LVWULFKWLJ'LH:HUEHWURPPHOJHKWVWLOOGXUFKV/DQGXQGJDPOH 'lQHPDUNZHQQHV]XP.ODSSHQNRPPWZLUGVFKOLHOLFKGLH =HFKHEH]DKOHQPVVHQ3HWHUVHQVDJHQ6LHHLQ:RUW,Q,KUHQ -DKUHQKDWPDQGDV=ZHLWH*HVLFKWXQGZHLZDVNRPPW© 'HU$OWHOlFKHOWHYRUVLFKKLQª,FKZLOO GLH)UDJHGRFKOLHEHU ZHLWHUJHEHQ'HQQZDVXQVHUHLQHPHUVWNRPPWZHQQPDQ DFKW]LJ-DKUHKLQWHUVLFKKDW XQGLFKVWHKHGRFKQRFKGDYRU GDV KDEHQGLH)UDXHQYRQ1DWXUGLH)UDXHQVLQGJHERUHQH6HKHU 8QGXQVHUH*UlILQJHZL© ª8QGLFKZLOODXFKDQWZRUWHQ©VDJWH&KULVWLQHª:DVPHLQHOLHEH 'REVFKW]GDJHOHVHQ DQIDQJVELQLFKHLJHQWOLFKQXUPLWKDOEHP 2KUHJHIROJWGHQQLFKZROOWHYRQGHPPLUWHXUHQ.|QLJVSDDU K|UHQXQGQLFKWYRQ:HKUKDIWPDFKXQJXQGQHXHU=HLW$EHUZDV GDJHVDJWZXUGHGDVLVWULFKWLJ©
$UQHZDUIGHU6FKZHVWHUHLQH.XKDQG]XZlKUHQGVLFK+RON GHUVLFKVFKRQDOV2SIHUHLQLJHU$Q]JOLFKNHLWHQIKOWHPLWHLQHP .UDPPHWVYRJHO]XVFKDIIHQPDFKWH ª'HQ%ULHILQGHU+DPEXUJHU=HLWXQJ©IXKU&KULVWLQHIRUW ªKDWRIIHQEDUMHPDQGJHVFKULHEHQGHUGHPQHXHQ0DFKWKDEHU QDKHVWHKWXQGVHLQH3OlQHNHQQW8QGZHQQHVQRFKQLFKW3OlQH VLQGVRGRFK:QVFKH*DQ]XQGJDUDEHUPXLFKDOOHP ]XVWLPPHQZDV$OIUHGHEHQEHUGLH0DFKWJHZLVVHU 9RUVWHOOXQJHQJHVDJWKDW'LH:HOWZLUGGXUFKVROFKH'LQJH UHJLHUW]XP*XWHQXQG6FKOHFKWHQMHQDFKGHPGLH'LQJHVLQG 8QGEHLGHQ3UHXHQZXU]HOWDOOHV© ª,Q3IOLFKW©ZDUI$UQHGD]ZLVFKHQ ª-DLQ3IOLFKWXQGLQ*RWWYHUWUDXHQ8QGZHQQGDV]XYLHOJHVDJW LVWVRGRFKZHQLJVWHQVLQGHPDOWHQ.DWHFKLVPXV/XWKHUL'HQ KDEHQVLHGDQRFK'XVROOVWGHQ)HLHUWDJKHLOLJHQGXVROOVWQLFKW HKHEUHFKHQGXVROOVWQLFKWEHJHKUHQGHLQHV1lFKVWHQ.QHFKW 0DJG9LHKRGHUDOOHVZDVVHLQLVW MDGDVDOOHVJLOWGDQRFK© ª8QGLVWLPEULJHQDXVGHU:HOWYHUVFKZXQGHQ© ODFKWH+RON ª1HLQ+HOPXWKQLFKWDXVGHU:HOWDEHUGRFKDXVGHP =LSIHOFKHQ:HOWGDVXQVHUH:HOWLVW,FKPHLQHQLFKWDXV XQVHUHPWHXUHQ6FKOHVZLJ+ROVWHLQGDVKDW*RWWLQVHLQHU*QDGH VRWLHIQLFKWVLQNHQODVVHQLFKPHLQHGDV7UHLEHQGUEHQ GUEHQZRGRFKXQVHUH2EULJNHLWVLW]WGHUZLUJHKRUFKHQVROOHQ XQGGHU]XJHKRUFKHQLFKDXFKZLOOHQVELQVRODQJH5HFKW5HFKW EOHLEW$EHUGDLFKPLFKDQGHP7UHLEHQGUEHQHUIUHXHQVROOWH GDVNDQQVWGXQLFKWIRUGHUQGDVLVWXQP|JOLFK,Q .RSHQKDJHQ© ª'HLQDOWHU:LGHUZLOOH:DVKDVWGXQXUGDJHJHQ"© ª,Q.RSHQKDJHQLVWDOOHVYRQGLHVHU:HOWDOOHV*HQXXQG 6LQQHQGLHQVWXQG5DXVFKXQGGDVJLEWNHLQH.UDIW'LH.UDIWLVW EHLGHQHQGLHQFKWHUQVLQGXQGVLFKEH]ZLQJHQ6DJHVHOEVWLVW GDVQRFKHLQ+RIHLQ.|QLJWXPGDGUEHQ"'DV.|QLJWXPVRODQJ HVGDVEOHLEWZDVHVVHLQVROOKDWHWZDV=ZLQJHQGHVGHPGDV +HU]IUHXGLJ)ROJHOHLVWHWXQGGHP]XOLHEHPDQ*XWXQG%OXWXQG /HLEXQG/HEHQGDUDQJLEW$EHUHLQ.|QLJGHUQXUJURLVWLQ (KHVFKHLGXQJHQXQGVLFK XP9RUVWDGWSRVVHQXQG'DQ]LJHU
*ROGZDVVHUPHKUNPPHUWDOVXP/DQGXQG5HFKWGHUKDWNHLQH .UDIWXQGJLEWNHLQH.UDIWXQGZLUGGHQHQXQWHUOLHJHQGLHGLHVH .UDIWKDEHQ© ª8QGZLUZHUGHQSUHXLVFKZHUGHQXQGHLQH3LFNHOKDXEHZLUG DXIHLQH6WDQJHJHVWHFNW ZHUGHQZLH*HOHUV+XWXQGZLUZHUGHQ GDYRUQLHGHUNQLHQXQGDQEHWHQ© ª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© 'HUDOWH3HWHUVHQQDKPLKUH+DQGXQGNWHVLH ª-D&KULVWLQH 6HOLJVLQGGLH)ULHGIHUWLJHQ© (VZDUGDVVRUXKLJKLQJHVSURFKHQRKQHMHGH$EVLFKWGDV+HU] GHU*UlILQWLHIHUEHUKUHQ]XZROOHQ8QGGRFKJHVFKDKHV6LH KDWWHVLFKLKUHV)ULHGHQVEHLQDKJHUKPWRGHUGRFKZHQLJVWHQV HLQHIHVWH+RIIQXQJDXILKQDXVJHVSURFKHQXQGHPSIDQGLP VHOEHQ$XJHQEOLFNHZRGHUDOWH3HWHUVHQLKUGLHVHQ)ULHGHQIDVW ZLH]XVLFKHUWHGDVLHGHVVHOEHQHQWEHKUH7URW]GHVEHVWHQ 0DQQHVGHUVLHOLHEWHGHQVLHZLHGHUOLHEWHVWDQGVLHQLFKWLQ GHP)ULHGHQQDFKGHPVLHVLFKVHKQWH7URW]DOOHU/LHEH VHLQH OHLFKWOHELJH1DWXUXQGLKUHPHODQFKROLVFKHVLHVWLPPWHQQLFKW UHFKWPHKU]XHLQDQGHUZDVLKUGLHVHOHW]WH=HLWWURW]DOOHV $QNlPSIHQVGDJHJHQPHKUDOVHLQPDOXQGOHLGHULQLPPHU ZDFKVHQGHP*UDGHJH]HLJWKDWWH6RIDQGHQGHQQ3HWHUVHQV ZRKOJHPHLQWH:RUWHEHLQLHPDQGHPHLQUHFKWHV(FKRYLHOPHKU EOLFNWHMHGHUVFKZHLJHQGYRUVLFKKLQXQGQXU$UQHZDQGWHVLFK GLH7DIHOKLQXQWHUXQGVDKGXUFKGLHRIIHQVWHKHQGHKRKH*ODVWU DXIGDV0HHUKLQDXVGDVLP6LOEHUVFKLPPHUGDODJ
8QGLQGLHVHP$XJHQEOLFNHYROO%HGUFNXQJXQG6FKZOHWUDW $VWDDXVGHP1HEHQ]LPPHUDQGHQ7LVFKKHUDQXQGIOVWHUWHGHU 0XWWHU]X ª(OLVDEHWKZLOOHWZDVVLQJHQ'DUI VLH"© ª*HZLGDUIVLH$EHUZHUZLUGEHJOHLWHQ"© ª,FK(VLVWVHKUOHLFKWXQGZLUKDEHQHVHEHQGXUFKJHQRPPHQ ,FKGHQNHHVZLUGJHKHQ8QGZHQQLFKVWHFNHQEOHLEHVRLVWHV NHLQ8QJOFN© 8QGGDPLWJLQJVLHELVDQGHQ)OJHO]XUFNZlKUHQGGLHJURH 0LWWHOWUDXIEOLHE'DV1RWHQEODWWZDUVFKRQDXIJHVFKODJHQGLH /LFKWHUEUDQQWHQXQGEHLGHEHJDQQHQ$EHUGDV*HIUFKWHWH JHVFKDK%HJOHLWXQJXQG6WLPPHJLQJHQQLFKWUHFKW]XVDPPHQ XQGQXQODFKWHQVLHKDOEOXVWLJXQGKDOEYHUOHJHQ*OHLFKGDQDFK DEHUYHUVXFKWHQVLH V]XP]ZHLWHQ0DOHXQGQXQNODQJ(OLVDEHWKV QRFKKDOENLQGOLFKH6WLPPHKHOOXQGNODUGXUFKEHLGH5lXPHKLQ $OOHVVFKZLHJXQGODXVFKWH%HVRQGHUVGLH*UlILQVFKLHQHUJULIIHQ XQGDOVGLHOHW]WH6WURSKHJHVXQJHQZDUHUKREVLHVLFKXQG VFKULWWDXIGHQ)OJHO]X+LHUQDKPVLHGDVQRFKDXIJHVFKODJHQ DXIGHP1RWHQSXOWVWHKHQGH/LHGXQG]RJVLFKRKQHZHLWHUH 9HUDEVFKLHGXQJDXVGHU*HVHOOVFKDIW]XUFN(VILHOQLFKW DOO]XVHKUDXIGDMHGHULKUVHQVLWLYHV:HVHQNDQQWH+RON EHJQJWHVLFK(OLVDEHWK]X IUDJHQYRQZHPGHU7H[WVHL ª9RQ:DLEOLQJHUHLQHP'LFKWHUGHQLFKELVGDKLQQLFKWNDQQWH© ª,FKDXFKQLFKW©VDJWH+RONª8QGGLHhEHUVFKULIW"© ª'HU.LUFKKRI© ª'UXPDXFK© (LQH9LHUWHOVWXQGHVSlWHUIXKUGHU$UQHZLHNHU:DJHQYRUXQG $UQHEHVWDQGGDUDXIGD3HWHUVHQXQG(OLVDEHWKELVYRUGDV +RONHE\HU3IDUUKDXVPLWIDKUHQPWHQ6FKQXFNZHUGHVLFK QHEHQKHUVFKRQGXUFKVFKODJHQ1DFKHLQLJHP3DUODPHQWLHUHQ ZXUGHGDV$QHUELHWHQDXFKDQJHQRPPHQ$UQHQDKPGHQ 5FNVLW]XQG(OLVDEHWKZHLOVLHJHUQHPLWGHP .XWVFKHU SODXGHUWHNOHWWHUWHDXIGHQ%RFNKLQDXI8QGZLUNOLFKNDXP REHQVROLHVLHVLFKDXFKVFKRQGHVEUHLWHUHQYRQVHLQHU NUDQNHQ)UDXHU]lKOHQXQGYRQGHUª6\PSDWKLH©GLHPDOZLHGHU EHVVHUJHKROIHQDOVGHU'RNWRUGHUEHUKDXSWEORLPPHUZDV
YHUVFKUHLEHXQGJDUQLFKWRUGHQWOLFKQDFKVlKHZR VHLJHQWOLFK VlHXQGZLH VPLWGHU0LO]VWlQGH'HQQLQGHU0LO]Vl HV 1DWUOLFKZDUGLHV*HVSUlFKQXUYRQNXU]HU'DXHUGHQQNHLQH ]HKQ0LQXWHQVRKLHOWPDQDXFKVFKRQYRUGHU3IDUUH6FKQXFN JDEVHLQHU)UHXGHZLHGHUGDKHLP]XVHLQOHEKDIWHQ$XVGUXFN XQG$UQHVHW]WHVLFK]X6FKZDU]NRSSHQLQGHQ)RQG8QGQXQ IXKUHQEHLGHQDFKGHPQRFKHLQSDDU'DQNHV XQG $EVFKLHGVZRUWHJHZHFKVHOWZRUGHQZDUHQDXI$UQHZLHN]X
)QIWHV.DSLWHO 'LH)DKUWJLQJ]ZLVFKHQKRKOHQ.QLFNVKLQGDV0HHUGLFKW]XU /LQNHQ DEHUPDQK|UWHHVQXUHLQQLHGULJHU'QHQ]XJKLQGHUWH GLH$XVVLFKWGDUDXI$UQHZLH6FKZDU]NRSSHQKDWWHQGLH)HLQ 3ODLGVXQG'HFNHQJHVFKODJHQGHQQHVZDUQDFKGHPVFK|QHQ ZDUPHQ7DJHKHUEVWOLFKIULVFKJHZRUGHQIULVFKHUDOVGHP 6HSWHPEHU]XNDP$EHUGDVVWHLJHUWHQXUGLH/HEHQGLJNHLWLKUHV *HVSUlFKVGDVQDWUOLFKGHP$EHQGJDOWGHQPDQHEHQYHUOHEW KDWWH ª'LHNOHLQH3HWHUVHQKDWHLQHUHL]HQGH6WLPPH©VDJWH$UQH ª7URW]GHPZROOWLFKVLHKlWWHOLHEHUGHQ¾-XQJIHUQNUDQ]½ JHVXQJHQDOVGDVVFKZHUPWLJH/LHG© ª(VZDUVHKUVFK|Q© ª*HZLZDUHVGDVXQGZLUEHLGHN|QQHQHVK|UHQRKQH 6FKDGHQ]XQHKPHQ$EHUPHLQH6FKZHVWHU6DKHQ6LHZRKOZLH VLHGDV1RWHQEODWWQDKPXQGGDV=LPPHUYHUOLH",FKZHWWHVLH KDWHVVRIRUWDXVZHQGLJJHOHUQWRGHU$EVFKULIWJHQRPPHQXQGLQ LUJHQGHLQ$OEXPHLQJHNOHEW'HQQWURW]LKUHUVLHEHQXQGGUHLLJ -DKUHLQPDQFKHQ6WFNHQLVWVLHQRFKJDQ]GDV*QDGHQIUHLHU 3HQVLRQVIUlXOHLQEHVRQGHUVDXFKGDULQZLHVLHPLWGHU'REVFKW] OHEW'LH'REVFKW]LVWHLQHYRU]JOLFKH3HUVRQYRUGHUHQ:LVVHQ XQG&KDUDNWHULFKDOOHQP|JOLFKHQ5HVSHNWKDEHWURW]GHPLVWVLH IUPHLQHQDUPHQ6FKZDJHUHLQ8QJOFN6LHVLQGEHUUDVFKW DEHUHVLVWVR'LH'REVFKW]LVWYLHO]XNOXJXQGDXFKYLHO]X JXWHQ +HU]HQVXPVLFKDXVIUHLHQ6WFNHQRGHUZRKOJDUDXV (LWHONHLW]ZLVFKHQGLH(KHOHXWH]XVWHOOHQDEHUGLH6WHOOXQJGLH VLHVLFKQLHQHKPHQZUGHZLUGLKUGXUFKPHLQH6FKZHVWHU DXIJH]ZXQJHQ&KULVWLQHEUDXFKWLPPHUMHPDQGHQXPVLFK DXV]XNODJHQJDQ]VFK|QH6HHOHQDFKJHERUQH-HDQ3DXOVFKH )LJXUGLHVLFKZHQQLFKPLFKVRDXVGUFNHQGDUIPLWGHP(UQVWH GHV/HEHQVGHQ.RSI]HUEULFKW(VJLEWHLJHQWOLFKQXUHLQH)RUP VLH]XHUKHLWHUQXQGGDVVLQGNOHLQH/LHEHVJHVFKLFKWHQDXVGHP .UHLVHGHU,UUJOlXELJHQ 8QGLUUJOlXELJLVWVR]LHPOLFKDOOHVZDV QLFKWDOWOXWKHULVFKRGHUSLHWLVWLVFKRGHUKHUUQKXWLVFKLVW(LQ :XQGHUGDVLHGLHVHGUHLZHQLJVWHQVQHEHQHLQDQGHUGXOGHW 'DEHLVRHLJHQVLQQLJVRXQ]XJlQJOLFK,FKYHUVXFKHPLWXQWHU ]XP*XWHQ]XUHGHQXQGLKUNODU]XPDFKHQZLHVLHVLFKDQSDVVHQ
XQGLKUHP0DQQH]XK|UHQPVVHZHQQHUZDVDXVGHU:HOW HU]lKOWHLQHQ:LW]HLQ:RUWVSLHOHLQH$QHNGRWH© 6FKZDU]NRSSHQQLFNWH]XVWLPPHQGXQGVDJWHGDQQ ª,FKKDEHLKU KHXWHWZDVbKQOLFKHVJHVDJWXQGDXIGHV*UDIHQOLHEHQVZUGLJH 6HLWHQKLQJHZLHVHQ© ª(LQ+LQZHLVGHQVLHPLW]LHPOLFKKDXWDLQHU0DQLHU ]XUFNJHZLHVHQKDEHQZLUG,FKNHQQHGDV,PPHU (U]LHKXQJVIUDJHQLPPHU0LVVLRQVEHULFKWHYRQ*U|QODQGRGHU &H\ORQKHULPPHU+DUPRQLXPLPPHU.LUFKHQOHXFKWHULPPHU $OWDUGHFNHPLW.UHX](VLVWQLFKWDXV]XKDOWHQ,FKVSUHFKH GDUEHUVRIUHLZHJXQGVRDXVIKUOLFK]X,KQHQZHLO6LHGHU HLQ]LJHVLQGGHUGDKHOIHQNDQQ,FKJODXEHVRJDQ]JHQJHQ6LH LKUDXFKQLFKWVFKRQGHVKDOEQLFKWZHLO6LH*RWWVHL'DQNRKQH GDVSLHWLVWLVFKH.RORULWYRQ¾%OPHOHLQXQG(QJHOHLQ½VLQGDEHU ,KU6WDQGSXQNWLVWZHQLJVWHQVGHUNRUUHNWH'LH7HPSHUDWXU,KUHV %HNHQQWQLVVHVLVWLKUQLFKWKRFKJUDGLJJHQXJLQGHVVHQGDV %HNHQQWQLVVHOEVWOlWVLHZHQLJVWHQVJHOWHQXQGZHLOVLHGDVWXW K|UWVLHQLFKWEOR,KUHQ5DWVRQGHUQXQWHUZLUIWVLFKLKPDXFK :DVHWZDVVDJHQZLOO© $OV$UQHVRSODXGHUWHZDUHQVLHELVDQHLQH6WHOOHJHNRPPHQZR VLFKGHU'QHQ]XJQDFKGHP0HHUKLQ|IIQHWH'LH%UDQGXQJ ZXUGHMHW]WVLFKWEDUXQGZHLWHUKLQDXVVDKPDQ)LVFKHUERRWHGLH PLWHLQJHUHIIWHP6HJHOVWLOOLQGHPKHOOHQ0RQGOLFKWODJHQ$P +RUL]RQWVWLHJHLQH5DNHWHDXIXQG/HXFKWNXJHOQILHOHQQLHGHU $UQHKDWWHKDOWHQODVVHQª(QW]FNHQG'DVLVWGHUYRQ.RUV|U NRPPHQGH'DPSIHU9LHOOHLFKWLVWGHU.|QLJDQ%RUGXQGZLOO QRFKHLQSDDU:RFKHQLQ*OFNVEXUJ]XEULQJHQ,FKKDEHVFKRQ JHK|UWGDVLHZLHGHUHWZDVLP0RRUJHIXQGHQKDEHQEHL 6GHUEUDUXSRGHUVRQVWZRYLHOOHLFKWHLQ:LNLQJVFKLIIRGHUHLQH /XVWMDFKWYRQ.DQXWGHP*URHQ+RIIHQWOLFKJHKWGLHVHU.HOFKDQ XQVYRUEHU:DVPLFKSHUV|QOLFKDQJHKWLFKOHVHOLHEHU¾'DYLG &RSSHUILHOG½RGHUGLH¾'UHL0XVNHWLHUH½'LHVH0RRUIXQGH.lPPH XQG1DGHOQRGHUZRKOJDUHLQHYHUILW]WH0DVVHZRUEHU7KRPVHQ XQG:RUVDDHVLFKVWUHLWHQXQGQLFKWIHVWVWHOOHQN|QQHQREHVHLQ :XU]HOJHIDVHURGHUGHU6FKRSIHLQHV6HHN|QLJVLVWN|QQHQPLFK QLFKWLQWHUHVVLHUHQXQGGLHN|QLJOLFKHQ)UKVWFNHEHLGHQHQGHU /LTXHXUNDVWHQGLH+DXSWUROOHVSLHOWZHQQHVQLFKWJDUGLH*UlILQ 'DQQHUSXW]PDFKHUOLFKHQ$QJHGHQNHQVLVWVLQGPLUHLJHQWOLFK
JHUDGH]X]XZLGHU,FKZHLFKHVRQVWLQDOOHPYRQPHLQHU 6FKZHVWHUDEDXFKQRFKGDZRVLHUHFKWKDWXQGQXUOHLGHU ]XYLHO$XIKHEHQVYRQLKUHP5HFKWHPDFKWDEHULQGLHVHP6WFNH NDQQLFKLKUQXU]XVWLPPHQXQGEHJUHLIH+RONQLFKWGDHUPLW GHU*HVFKLFKWHGUEHQQLFKWDXIUlXPWXQGHLQ*HIDOOHQGDUDQ ILQGHWVLFKLQGHP3ULQ]HVVLQQHQ3DODLVQDFKZLHYRULQVHLQHU .DPPHUKHUUQXQLIRUPKHUXP]X]LHUHQ'DHVLKPVHLQVFKOHVZLJ KROVWHLQLVFKHV+HU]QLFKWYHUELHWHWZLOOLFKKLQJHKHQODVVHQGHQQ VRODQJHGHU.|QLJOHEWLVWHUQXQPDOXQVHU.|QLJXQG+HU]RJ $EHULFKILQGHVQLFKWNOXJXQGZHLVH'DV/HEHQPLWGHU'DQQHU NRQVHUYLHUWQLFKWLFKPHLQHGHQ.|QLJXQGEHU1DFKWNDQQHV YRUEHLVHLQ(ULVWRKQHKLQHLQ$SRSOHNWLNXV8QGZDVGDQQ"© ª,FKJODXEHQLFKWGDVLFK+RONPLWGLHVHU)UDJHEHVFKlIWLJW(U LVWHLQ$XJHQEOLFNVPHQVFKXQGKlOW]XGHPDOWHQ7URVWH 1DFK XQVGLH6QGIOXW© ª6HKUZDKU$XJHQEOLFNVPHQVFK8QGGDHVVRLVWGDVLVWDXFK ZLHGHUHLQHUYRQGHQ3XQNWHQGLHPHLQH6FKZHVWHULKPQLFKW YHU]HLKHQNDQQXQGZRULQLFKPLFKDEHUPDOVDXILKUH6HLWHVWHOOHQ PX$EHUODVVHQZLUGDV LFKKDEHJHUDGHKHXWHQLFKW/XVWGLH 7XJHQGHQPHLQHU6FKZHVWHUDXI]X]lKOHQHVNRPPWPLUKHXWH PHKUDXI¾OHVGpIDXWVGHVHVYHUWXV½DQGLHZLUOLHEHU 6FKZDU]NRSSHQJHPHLQVFKDIWOLFKEHNlPSIHQPVVHQVRQVW HUOHEHQZLUHWZDVVHKU8QOLHEVDPHV'DVLVWPLUVLFKHUXQG XQJHZLLVWPLUQXUZHUGHQHUVWHQ6FKULWWWXQZLUGGHQHUVWHQ 6FKULWW]XP8QKHLO+RONLVWLQIDVW]XZHLWJHKHQGHU$QEHWXQJXQG 5LWWHUOLFKNHLWGLH1DFKJLHELJNHLWXQG%HVFKHLGHQKHLWVHOEVW HUKDW VLFKDQJHZ|KQWVLFKVHLQHU)UDXJHJHQEHULPPHULQGLH]ZHLWH /LQLH]XVWHOOHQ1DWUOLFK(UVWLPSRQLHUWHLKPLKUH6FK|QKHLW VLH ZDUZLUNOLFKVHKUVFK|QXQGLVWHVHLJHQWOLFKQRFK XQGGDQQ LPSRQLHUWHLKPLKUH.OXJKHLWRGHUGRFKGDVZDVHUGDIUKLHOW XQGGDQQLPSRQLHUWHLKPXQGYLHOOHLFKWDPPHLVWHQLKUH )U|PPLJNHLW$EHUVHLWHLQLJHU=HLWXQGOHLGHULQ]XUDVFK ZDFKVHQGHP*UDGHEHUHLWHWVLFKHLQ8PVFKZXQJLQLKPYRU HU LVWXQJHGXOGLJDQ]JOLFKLURQLVFKXQGHUVWKHXWHQDFKPLWWDJ ZLHGHUILHOHVPLUDXIZLHVHKUHUVLFKLQVHLQHP7RQHYHUlQGHUW KDW(QWVLQQHQ6LHVLFKQRFKDOVYRQGHQ0DUPRUNULSSHQGLH5HGH ZDU1XQPHLQH6FKZHVWHUQDKPGLHPHKURGHUZHQLJHU VFKHU]KDIWH6DFKHZLHJHZ|KQOLFKZLHGHUJDQ]HUQVWKDIWXQG DQWZRUWHWHKDOEJHUHL]WKDOEVHQWLPHQWDO1RFKYRU]ZHLGUHL -DKUHQKlWWH+RONGDVKLQJHKHQODVVHQDEHUKHXWHJDEHULKU
DOOHVVSLW]]XUFNXQGVS|WWHOWHGDLKUEORZRKOVHLZHQQVLH YRQ*UXIWXQG.DSHOOHVSUHFKHQXQGHLQHQDXVEORHU7DLOOH EHVWHKHQGHQ(QJHOPDOHQODVVHQN|QQH© 6FKZDU]NRSSHQKDWWHGDVDOOHVPLWHLQHPJHOHJHQWOLFKHQª1XU]X ZDKU©EHJOHLWHWXQGDQVHLQHU=XVWLPPXQJZDUQLFKW]X]ZHLIHOQ 1XQDEHUVFKZLHJ$UQHZHLOLKPGLHEORH=XVWLPPXQJQLFKW JHQXJZDUXQGHUJHUQHLQDXVIKUOLFKHV:RUWYRQVHLWHQ 6FKZDU]NRSSHQVK|UHQZROOWH'LHVHUYHUULHWLQGHVVHQZHQLJ/XVW GDV7KHPDZHLWHUIRUW]XVSLQQHQ HVZDULKPHLQ]XKHLHV(LVHQ XQGQDFK$UQHZLHNKLQEHUZHLVHQGGDVLQHEHQGLHVHP $XJHQEOLFNMHQVHLWVHLQHUWLHIHLQEXFKWHQGHQ )|UGHVLFKWEDU ZXUGHVDJWHHU ª:LHUHL]HQGGLH6WDGWLP0RQGOLFKWHGDOLHJW 8QGZLHGHU'DPPGUEHQGLH'lFKHURUGHQWOLFKDEVFKQHLGHWXQG GD]XGLH*LHEHO]ZLVFKHQGHQ3DSSHOQXQG:HLGHQ8QGQXQ 6DQNW.DWKDULQHQ+|UHQ6LHZLH VKHUEHUNOLQJW,FKVHJQHGLH 6WXQGHGLHPLFKKLHUKHULQ,KUVFK|QHV/DQGJHIKUW© ª8QGGDIUVROOHQ6LHEHGDQNWVHLQ6FKZDU]NRSSHQ-HGHUK|UW HVJHUQZHQQPDQLKPVHLQH+HLPDWSUHLVW$EHU6LHZROOHQPLU EORHQWVFKOSIHQ,FKIRUGHUH6LHDXIPLUEHL]XVWHKHQLQGLHVHU VFKZLHULJHQ6DFKHGLHYLHOVFKZLHULJHUOLHJWDOV6LHYHUPXWHQ N|QQHQXQG6LH]HLJHQDXIGHQ'DPPGUEHQXQGVDJHQPLU GDHUGLH'lFKHUDEVFKQHLGHW9HUVWHKWVLFKWXWHUGDV$EHU GDPLWNRPPHQ6LHPLUQLFKWORV6LHPVVHQPHLQHU6FKZHVWHU EHLGHP(LQIOXGHQ6LHDXIVLHKDEHQYRQGHU%LEHOVHLWHKHU EHL]XNRPPHQXQGLKUDXVHLQHPKDOEHQ'XW]HQG6WHOOHQ]X EHZHLVHQVXFKHQGDGDVQLFKWVRJLQJHGDGDVDOOHVQXU 6HOEVWJHUHFKWLJNHLWVHLGDGLHUHFKWH/LHEHYRQGLHVHP YHUVWHFNWHQ+RFKPXWGHUQXULQ'HPXWVDOOUHQHLQKHUJHKW QLFKWVZLVVHQZROOHPLWDQGHUHQ:RUWHQGDVLHVLFKlQGHUQXQG LKUHP0DQQH]X:LOOHQVHLQPVVHVWDWWLKPGDV+DXV]X YHUOHLGHQ-D6LHN|QQHQKLQ]XVHW]HQXQGKDOEHQWVSULFKWHV DXFKGHU:DKUKHLWGDHUGLHJDQ]H.RSHQKDJHQHU6WHOOXQJ ZDKUVFKHLQOLFKOlQJVWDXIJHJHEHQKlWWHZHQQHUQLFKWIURKZlUH GDQQXQGZDQQDXVGHP'UXFNKHUDXV]XNRPPHQGHQGLH 7XJHQGHQVHLQHU)UDXPHLQHUJHOLHEWHQXQGYHUHKUWHQ)UDX 6FKZHVWHUDXILKQDXVEHQ© ª$FKOLHEHU%DURQ©QDKPMHW]W6FKZDU]NRSSHQGDV:RUWªLFK ZLOO,KQHQQLFKWHLJHQWOLFKHQWVFKOSIHQGDVLVWHVQLFKWHVIHKOW PLUQLFKWGHUJXWH:LOOHQDFKPHLQHU.UDIWPLW]XZLUNHQGHQQLFK
VHKHGLH*HIDKUZLH6LHVLHVHKHQ$EHUPLWGHPJXWHQ:LOOHQLVW ZHQLJJHWDQ:HQQ,KUH)UDX6FKZHVWHUVWDWWHLQH SURWHVWDQWLVFKH*UlILQHLQHNDWKROLVFKH*UlILQXQGZHQQLFKVHOEHU VWDWWHLQ6HPLQDUGLUHNWRULQ$UQHZLHNHLQ5HGHPSWRULVWHQ RGHU ZRKOJDUHLQ-HVXLWHQSDWHUZlUHVRZlUHGLH6DFKHVHKUHLQIDFK $EHUVROLHJWVLHQLFKW9RQ$XWRULWlWNHLQH5HGH $OOHVUHLQ JHVHOOVFKDIWOLFKXQGZHQQLFK0LHQHPDFKHQZROOWHGHQ 6HHOHQDU]WGHQ%HLFKWYDWHU]XVSLHOHQVRZlULFKHLQ(LQGULQJOLQJ XQGWlWHHWZDVZDVPLUQLFKW]XNRPPW© ª(LQGULQJOLQJ©ODFKWH$UQHª,FKNDQQGRFKQLFKWDQQHKPHQ 6FKZDU]NRSSHQGD,KQHQ3HWHUVHQ6RUJHPDFKWGHUPLWVHLQHQ EHLQDKH$FKW]LJQDFKJHUDGHDQHLQHP3XQNWVWHKWZRGDV 5LYDOLVLHUHQXQGhEHOQHKPHQDXIK|UW© ª1LFKW3HWHUVHQ©VDJWH6FKZDU]NRSSHQª'HUKDWIUHLOLFKGLH NOHLQHQ(LWHONHLWHQGLHVRQVWQLUJHQGVJU|HUVLQGDOVEHL PHLQHQ SDVWRUDOHQ$PWVEUGHUQOlQJVWKLQWHUVLFKJHZRUIHQXQGZUGH PLUGLH5ROOHGHV%HNHKUHUVXQG:XQGHUWlWHUVJ|QQHQ$EHUZDV HLQHPGHU=XIDOOELHWHWGDUIPDQQLFKWLPPHUDXVQXW]HQ(V VSULFKWKLHUVRYLHOHVGDJHJHQHUVFKZHUWXQGPDKQW]XU 9RUVLFKW© ª$OVRDEJHOHKQW© ª1HLQQLFKWDEJHOHKQW,FKZLOOWXQZDVLQPHLQHQ.UlIWHQVWHKW DEHUHVNDQQQXUHLQJDQ]*HULQJHVVHLQ6FKRQDXVlXHUOLFKHQ *UQGHQ,FKELQLP$PWXQGGHU:HJELV+RONHQlVLVWQLFKWDOO]X QDKVRZLUGVLFKGDVEHL*HOHJHQKHLW ZRYRQ6LHVSUDFKHQQLFKW DOO]XRIWHLQVWHOOHQN|QQHQ$EHUGLH+DXSWVFKZLHULJNHLWLVWGRFK LPPHUGLH*UlILQVHOEVW,FKKDEHNDXPHLQH'DPH NHQQHQJHOHUQWGHULFKHLQHJU|HUH9HUHKUXQJHQWJHJHQEUlFKWH 6LHJHVHOOW]XGHQ9RU]JHQHLQHUYRUQHKPHQ'DPH]XJOHLFKDOOH 7XJHQGHQHLQHUFKULVWOLFKHQ)UDX6LHZLOOMHGHQ$XJHQEOLFNGDV %HVWHGDV3IOLFKWPlLJHXQGGLHVHQLKUHQ$QVFKDXXQJHQYRQ 3IOLFKWHLQHDQGHUH5LFKWXQJ]XJHEHQGDVLVWDXHURUGHQWOLFK VFKZHU8QVHUH.LUFKHZLH6LHZLVVHQXQGZLHLFK]XPhEHUIOX DXFKVFKRQDQGHXWHWHJHVWDWWHWQLFKWVDOV5DW=XVSUXFK%LWWH 0HKURGHUZHQLJHULVWDOOHVLQ6SUXFKDXVOHJXQJJHOHJWZDVGHP 0HLQXQJVNDPSIH7UXQG7RU|IIQHW8QGGD]XNRPPWQRFKGLH *UlILQLVWQLFKWEORVHKUELEHOIHVWVLHKDWDXFKGLHJDQ]H.UDIW GHUHUGLHQLFKWOLQNVXQGQLFKWUHFKWVVHKHQNHLQH.RQ]HVVLRQHQ
PDFKHQXQGGXUFK6WDUUKHLWXQG8QHUELWWOLFKNHLWVLFKHLQH 5VWXQJDQ]XOHJHQZLVVHQGLHEHVVHUVFKOLHWDOVGLH5VWXQJ HLQHVPLOGHQXQGOLHEHYROOHQ*ODXEHQV0LW:LGHUVSUXFKLVWLKU QLFKWEHL]XNRPPHQXQGQRFKZHQLJHUPLWEHUOHJHQHU0LHQH© ª*HZL$XFKNDQQLFKQXUZLHGHUKROHQ HVPXVLFKDOOHVZLH YRQXQJHIlKUHUJHEHQ© ª$OOHVZDVLFKWXQNDQQLVW ZHQQLFKPLFKDOVKDOEHU 6FKXOPHLVWHUGHULFKMHW]WELQDXIHLQHWZDVJHOHKUWNOLQJHQGHV :RUWDXVVSLHOHQGDUI HLQSURSK\ODNWLVFKHV9HUIDKUHQ 9HUKWXQJ9RUEDXXQJ,FKZLOOPLU*HVFKLFKWHQ]XUHFKWOHJHQ *HVFKLFKWHQDXVPHLQHPIUKHUHQ3IDUUOHEHQ LQZHOFKH 9HUVFKOLQJXQJHQXQG9HULUUXQJHQJHZLQQWPDQQLFKW(LQEOLFN XQGZLOOYHUVXFKHQGLHVH*HVFKLFKWHQVWLOOZLUNHQ]XODVVHQ,KUH )UDX6FKZHVWHULVWLQJOHLFKHP0DHSKDQWDVLHYROOXQG QDFKGHQNOLFK GDV3KDQWDVLHYROOHZLUGLKUGDV*HK|UWH YHUOHEHQGLJHQXQGLKUH1DFKGHQNOLFKNHLWZLUGVLH]ZLQJHQVLFK PLWGHP.HUQGHU*HVFKLFKWH]XEHVFKlIWLJHQXQGVLHVR YLHOOHLFKW]XQlFKVW]XHLQHP:DQGHOGHU$QVFKDXXQJXQG ZHLWHUKLQ]XU6HOEVWEHNHKUXQJIKUHQ'DVLVWDOOHVZDVLFK YHUVSUHFKHQNDQQ(LQVHKUODQJVDPHV9HUIDKUHQXQGYLHOOHLFKW HLQ$XIZDQGYRQ.UDIWGHULQNHLQHP9HUKlOWQLVVWHKW]XGHP ZDVGDEHLKHUDXVNRPPW$EHULFKZLOOPLFKPHLQHU$XIJDEH ZHQLJVWHQVQLFKWHQW]LHKHQZHLOLFKHLQ(LQVHKHQKDEHGDHV Q|WLJLVWLQQHUKDOEYRUVLFKWLJ]X]LHKHQGHU*UHQ]HQLUJHQGHWZDV ]XWXQ© ª$EJHPDFKW6FKZDU]NRSSHQ LFKKDE,KU:RUW8QGGDPLWJXW =XGHPGLH=HLWLVWJQVWLJIUGDVZDVZLUYRUKDEHQ+RON HUZDUWHWLQHWZDYLHU:RFKHQVHLQH=LWLHUXQJ]XU3ULQ]HVVLQQDFK .RSHQKDJHQXQGGDQQLVWHUIRUWELV:HLKQDFKWHQ,QGHU ]ZLVFKHQOLHJHQGHQ=HLWELQLFKRIWGUEHQXPZLHKHUN|PPOLFK ZHQQ+RONLQ.RSHQKDJHQLVWLQ:LUWVFKDIWXQG%XFKIKUXQJ QDFKGHP5HFKWHQ]XVHKHQ LFKZHUGHPLFKZHQQLFK KLQEHUIDKUHUHJHOPlLJHUVWPLW,KQHQEHQHKPHQXQGDQIUDJHQ RE6LHPLFKEHJOHLWHQN|QQHQ$XFKGDVP|FKWLFKQRFKVDJHQ GUIHQDOOHPDOZHQQHUIRUWLVWLVWVLHLQHLQHUZHLFKHQXQG EHLQDK]lUWOLFKHQ6WLPPXQJXQGGLHJURH/LHEHGLHVLHIUKHU IULKQKHJWHXQGGLHVLHJHJHQZlUWLJPHKUKDEHQZLOODOVGDVLH VLHZLUNOLFKKDWGLHVH/LHEHZLUGGDQQLPPHUZLHGHUOHEHQGLJ .XU]XPLKU*HPWLVWLQ VHLQHU$EZHVHQKHLWHLQ$FNHUGDULQ
MHGHVJXWH6DPHQNRUQDXIJHKW(VNDQQQXUGDUDXIDQNRPPHQ LKUHLQPDODOOHVYRQHLQHUDQGHUHQHLQLJHUPDHQPLWEHUHFKWLJWHQ 6HLWH]X]HLJHQ*OFNWXQVGDVVRKDEHQZLUJHZRQQHQ6SLHO %HLGHP(UQVWXQGGHU1DFKKDOWLJNHLWZRPLWVLHDOOHVDXVWUlJW NRPPWVLHZHQQLKUHP*HLVWHQXUHUVWGLHUHFKWH5LFKWXQJ JHZLHVHQLVWYRQVHOEHUDQVUHFKWH=LHO© 0DQKDWWHMHW]WGHQDQGHUDQGHUHQ6HLWHGHU%XFKWVLFK KLQ]LHKHQGHQ'DPPHUUHLFKWDXIGHPQRFKDXIHLQHNXU]H 6WUHFNHKLQGLH)DKUVWUDHOLHI8QWHQODJGLH6WDGWLQLKUHU0LWWH YRQGHU.DWKDULQHQNLUFKHGDULQGDV6HPLQDUHLQJHEDXWZDUXQG DP$XVJDQJHYRQHLQHPDOWHQKRFKJHOHJHQHQ6FKOREDX ª6FKOR$UQH©EHUUDJW$OVGHU:DJHQGLH'DPPVFKUlJXQJ QDFKGHU6WDGW]XKLQDEIXKUVDJWH6FKZDU]NRSSHQ ª(LQ ZXQGHUOLFKHV6SLHO VLQGZLUGRFKZLH]ZHL9HUVFKZ|UHUGLH QlFKWOLFKHUZHLOH3OlQHVFKPLHGHQ3OlQHEHLGHQHQPLUZRKOGLH 5ROOH]XIlOOWGLHHLJHQWOLFKGHPDOWHQ3HWHUVHQ]XIDOOHQPWH 8QGGDVXPVRPHKUDOVGLH*UlILQLKQHLJHQWOLFKVFKZlUPHULVFK YHUHKUWXQGQXUEHUGHQ5DWLRQDOLVWHQLQLKPQLFKWJXW IRUWNRPPHQNDQQhEHUGHQ5DWLRQDOLVWHQ(LQEORHV:RUWXQG EHL/LFKWHEHVHKHQLVWHVQLFKWPDOVRVFKOLPPGDPLWDP ZHQLJVWHQMHW]W(ULVWQXQQDKDQGHU*UHQ]HGHUXQV KLHQLHGHQ EHZLOOLJWHQ=HLWXQGKDWKHOOHUH$XJHQDOVZLUYLHOOHLFKWLQDOOXQG MHGHPXQGLQ'LQJHQYRQGLHVHU:HOWQXQVFKRQJDQ]JHZL©
6HFKVWHV.DSLWHO 'LHVFK|QHQ+HUEVWWDJHVFKLHQHQDQGDXHUQ]XZROOHQ$XFKDP DQGHUHQ0RUJHQZDUHVZLHGHUKHOOXQGVRQQLJXQGGDVJUlIOLFKH 3DDUQDKPGDV)UKVWFNLP)UHLHQXQWHUGHU)URQWKDOOH-XOLHYRQ 'REVFKW]PLWLKQHQ$VWDEWHQHEHQDQ$[HOXQGGHU+DXVOHKUHU ZDUHQLQGHQ'QHQDXI-DJGZDVGLH0LFKDHOLVIHULHQ JHVWDWWHWHQYRQGHQHQGLH*UlILQZLHYRQ)HULHQEHUKDXSWDOV 5HJHOQLFKWYLHOZLVVHQZROOWH )HULHQLQGHU6WDGWXQGDXI 6FKXOHQGDVKDEH6LQQKLHUGUDXHQDEHUZRPDQLQ*RWWHV IUHLHU1DWXUOHEHVHLHQVLHPLQGHVWHQVEHUIOVVLJ+LHUDQKLHOW GLH*UlILQSULQ]LSLHOOVHLWODQJHIHVWXQGOlFKHOWHEHUOHJHQZHQQ GHU*UDIVHLQHQHQWJHJHQJHVHW]WHQ6WDQGSXQNWYHUWHLGLJWH JHJHQGLHGLHVMlKULJHQ0LFKDHOLVIHULHQDEHUKDWWHVLHWURW]LKUHU XQYHUlQGHUWHQ$QVFKDXXQJHQDXVQDKPVZHLVHQLFKWV HLQ]XZHQGHQZHLOVLHGHQ3ODQEHLGH.LQGHUPLW%HJLQQGHV :LQWHUNXUVXVLQ3HQVLRQ]XJHEHQQRFKLPPHUQLFKWDXIJHJHEHQ KDWWH'DEHGHXWHWHQGHQQGLHSDDU7DJHQLFKWYLHO'HU*UDI VHLQHUVHLWV]HLJWHKLQVLFKWOLFKGHU6FKXO XQG3HQVLRQVIUDJHQDFK ZLHYRUGLHYRQGHU*UlILQLPPHUZLHGHUEHNODJWH/DVFKKHLW HU ZDUQLFKWHLJHQWOLFKGDJHJHQDEHUHUZDUDXFKQLFKWGDIU -HGHQIDOOVEHVWULWWHUGDHVLUJHQGZHOFKH(LOHGDPLWKDEH ZRUDXIGDQQGLH*UlILQPLWHLQHUJHZLVVHQ*HUHL]WKHLWDQWZRUWHWH GDVJHUDGHN|QQHVLHQLFKWJHOWHQODVVHQ HVVHLQLFKWEORDQGHU =HLWHVVHL VRJDUK|FKVWH=HLW $VWDVHLVHFK]HKQ$[HOZHUGH IQI]HKQGDVVHLHQGLH-DKUHZRGHU&KDUDNWHUVLFKELOGHZRGHU .UHX]ZHJNlPHZRVLFK VHQWVFKHLGHQDFKOLQNVRGHUUHFKWV ª8QGREVFKZDU]HRGHUZHLH6FKDIH©ZDUI+RONVS|WWLVFKHLQ XQGJULIIQDFKGHU=HLWXQJ $EHUJHUDGHGLHVHVS|WWLVFKH%HKDQGOXQJGLHGHU*UlILQ]HLJHQ VROOWHGDVLHGDVDOOHVPDOZLHGHUYLHO]XZLFKWLJQlKPH VWHLJHUWHQXULKUHQ(UQVWXQGVRVDJWHVLHGHQQRKQHDXIGLH *HJHQZDUWGHU'REVFKW]GLHRKQHKLQHLQH(LQJHZHLKWHZDU 5FNVLFKW]XQHKPHQ ª,FKELWWHGLFK+HOPXWKYHU]LFKWHGRFK HQGOLFKGDUDXIHLQHHUQVWKDIWH6DFKHLQV6FKHU]KDIWH]X]LHKHQ ,FKHUKHLWHUHPLFKJHUQ© ª3DUGRQ&KULVWLQHGDVVFKHLQWVHLWJHVWHUQGHLQH3DUROH©
ª,FKHUKHLWHUHPLFKJHUQ©ZLHGHUKROWHVLHªDEHUDOOHV]XVHLQHU =HLW,FKYHUODQJHNHLQH=XVWLPPXQJYRQGLULFKYHUODQJHQXU HLQHIHVWH0HLQXQJVLHEUDXFKWQLFKWHLQPDOEHJUQGHW]XVHLQ 6DJHGDGX+HUUQ6WUHKONHIUDXVUHLFKHQGKlOWVWXQGGDGLU (OLVDEHWK3HWHUVHQOLHEHULVWDOVHLQJDQ]HV3HQVLRQDWMXQJHU 'DPHQ LFKZHUGHEHLGHVQLFKWJODXEHQDEHULFKZHUGHPLFK XQWHUZHUIHQXQGVFKZHLJHQ1XUIUHLOLFKQHQQHGDVQLFKW (U]LHKXQJ© ª$FKOLHEH&KULVWLQHGDVLVWQXQPDOGHLQ6WHFNHQSIHUGRGHUHLQV DXVGHU5HLKHGDYRQXQGZHQQGXQLFKWDOV%DURQHVVH$UQH JHERUHQZlUHVWVRZlUHVWGX%DVHGRZRGHU3HVWDOR]]LJHZRUGHQ XQGN|QQWHVW6FKZDU]NRSSHQDOV6HPLQDUGLUHNWRUDEO|VHQ2GHU ZRKOJDUVHLQ,QVSL]LHQWZHUGHQ(U]LHKXQJXQGLPPHUZLHGHU (U]LHKXQJ2IIHQJHVWDQGHQLFKIUPHLQH3HUVRQJODXEHQLFKWDQ GLH:LFKWLJNHLWDOOGLHVHU*HVFKLFKWHQ(U]LHKXQJ$XFKGDLVWGDV %HVWH9RUKHUEHVWLPPXQJ*QDGH,QGLHVHP6WFNVRJXW OXWKHULVFKLFKVRQVWELQVWHKHLFK]X&DOYLQ8QGIDOOV&DOYLQGLFK YHUGULHWEHLOlXILJDXFKHLQHYRQGHLQHQK|KHUHQ *HVLQQXQJVNDSULFHQVRODPLFKGLUHLQIDFKGDVDOWH6SULFKZRUW VDJHQ ¾:LHPDQLQGLH:LHJHJHOHJWZLUGVRZLUGPDQDXFKLQ GHQ6DUJJHOHJW½(U]LHKXQJWXWQLFKWYLHO8QGZHQQGDQQVFKRQ YRQ(U]LHKXQJGLH5HGHVHLQVROOVRLVWHVGLHGLHGDV+DXVJLEW© 'LH*UlILQ]XFNWHOHLVPLWGHQ$FKVHOQ+RONDEHUVDKGDUEHUKLQ XQGIXKUIRUWª+DXVLVW9RUELOGXQG9RUELOGLVWGDVHLQ]LJHGHP LFKVRZDVZLHHU]LHKOLFKH.UDIW]XVFKUHLEH9RUELOGXQGQDWUOLFK /LHEH8QGLFKOLHEHGLH.LQGHUGDULQZHUGLFKGRFKKRIIHQWOLFK GHLQHQ%HLIDOOILQGHQXQGVLHMHGHQ7DJ]XVHKHQLVWPLU %HGUIQLV© ª(VKDQGHOWVLFK+HOPXWKQLFKWXPGDVZHVVHQGXEHGDUIVW VRQGHUQHVKDQGHOWVLFKXPGDVZHVVHQGLH.LQGHUEHGUIHQ'X VLHKVWGLH.LQGHUQXUEHLP)UKVWFNZHQQGX¾'DJEODGHW½XQG EHLP7HHZHQQGXGLH¾+DPEXUJHU1DFKULFKWHQ½OLHVWXQGELVW YHUVWLPPWZHQQVLHVSUHFKHQRGHUZRKOJDUHLQH)UDJHDQGLFK ULFKWHQ(VLVWP|JOLFKGDGLUGLH1lKHGHU.LQGHUHLQJHZLVVHV :RKOJHIKOJLEWDEHUHVLVWGDPLWQLFKWYLHODQGHUVDOVPLWGHU =XFNHUGRVHGDGLHUHJHOPlLJUHFKWVYRQGLUVWHKHQPXZHQQ HVGLUZRKOVHLQVROO'XEHGDUIVWGHU.LQGHUVDJVWGX*ODXEVW GXGDLFKLKUHUQLFKWEHGDUIKLHULQGLHVHU(LQVDPNHLWXQG6WLOOH GDULQLFKQLFKWVKDEHDOVPHLQHJXWH'REVFKW]"$EHU GDV*OFN
PHLQHU.LQGHUJLOWPLUPHKUDOVPHLQ%HKDJHQXQGGDVZDVGLH 3IOLFKWYRUVFKUHLEWIUlJWQLFKWQDFK:RKOEHILQGHQ© +RONVWULFKPLWGHU/LQNHQEHUGDV7LVFKWXFKZlKUHQGHUPLWGHU 5HFKWHQGLH=XFNHUGRVHGUHLYLHUPDODXI XQG]XNQLSVWHELVGLH *UlILQGLHEHLGLHVHP7RQHMHGHVPDOQHUY|VZXUGHGLH'RVH EHLVHLWHVFKREZDVHUUXKLJJHVFKHKHQOLH'HQQHUEHJULII YROONRPPHQGDVROFKHVFKOHFKWH$QJHZRKQKHLWVFKZHU]X HUWUDJHQVHL0HKUQRFKGHUJDQ]JHULQJIJLJH=ZLVFKHQIDOOJDE LKPVHLQHJXWH/DXQHZLHGHUª0HLQHWZHJHQ&KULVWLQH%HVSULFK HVPLW6FKZDU]NRSSHQXQGGHLQHP%UXGHUXQGQDWUOLFKPLW XQVHUHUJXWHQ'REVFKW]8QGGDQQWXWQDFKHXUHP(UPHVVHQ ,VWHVGRFKEHUKDXSWQXW]ORVEHUDOOGDVHLQH)HKGH]XIKUHQ XQGLFKlUJHUHPLFKQDFKWUlJOLFKEHUMHGHV:RUWGDVLFKGLU JHDQWZRUWHWKDEH'HQQHLJHQWOLFK©XQGHUQDKPLKUH+DQGXQG NWHVLHªHLJHQWOLFKLVWHVGRFKHLQHNOHLQH.RP|GLHGLHGX VSLHOVWHLQHOLHEHQVZUGLJHNOHLQH.RP|GLH'XZLOOVWPLFKLFK ZHLIUHLOLFKQLFKWUHFKWZDUXPLQGHP*ODXEHQHUKDOWHQDOVRE LFKKLHUDXI+RONHQlVHWZDV]XVDJHQKlWWH1XQ&KULVWLQHGX ELVWQLFKWEORYLHOFKDUDNWHUYROOHUDOVLFKGXELVWDXFKYLHO NOJHU DEHUVRZHQLJNOXJELQLFKGRFKQLFKWGDLFKQLFKW ZLVVHQVROOWHZHUKLHU+HUULVWXQGQDFKZHPHVJHKW8QGZHQQ LFKHLQHV0RUJHQVKLHUDP)UKVWFNVWLVFKHUVFKLHQHXQGGX VDJWHVWPLU ¾,FKKDEHEHU1DFKW]ZHL3DNHWHJHPDFKWXQGGDV HLQHKDEHLFKQDFK6FKQHSIHQWDOXQGGDVDQGHUHQDFK*QDGHQIUHL JHVFKLFNWXQGLQGHPHLQHQ3DNHWZDU $[HOXQGLQGHPDQGHUHQ ZDU$VWD½VRZHLWGXPLWMHGHUHUGHQNOLFKHQ*HZLKHLWGDLFK YLHOOHLFKWHLQHQ$XJHQEOLFNVWXW]HQDEHUJHZLQLFKW ZLGHUVSUHFKHQRGHUPLFKZRKOJDUELV]X9RUZUIHQVWHLJHUQ ZUGH© 'LH*UlILQOlFKHOWHKDOEEHIULHGLJWKDOEZHKPWLJ ª1XQVLHK©IXKU+RONIRUWªGXJLEVWPLUUHFKWXQGZHQQGX QRFKHLQHQ$XJHQEOLFNGDPLW]|JHUQZROOWHVWVRZUGHLFKPLFK ]XU(QWVFKHLGXQJDQXQVHUH)UHXQGLQ-XOLHZHQGHQ1LFKWZDKU OLHEH'REVFKW]HVLVWHLQH7RUKHLWXQGHLJHQWOLFKHLQJUDXVDPHV 6SLHOYRQGHQ:LGHUVSUFKHQRGHU8QHQWVFKORVVHQKHLWHQHLQHV 0DQQHV]XVSUHFKHQGHVVHQ8QHQWVFKORVVHQKHLWHQQLHHLQ +LQGHUQLVVLQGZHLOVLHGXUFKGLH%HVWLPPWKHLWHQVHLQHUEHVVHUHQ +lOIWH]XEDUHQ*OHLFKJOWLJNHLWHQKHUDEVLQNHQ$EHUGDELHJWMD GLH¾'URQQLQJ0DULD½JUDGXP)DU|.OLQWKHUXP1RFKIQI
0LQXWHQVRLVWVLHKHUDQ,FKVFKODJHYRUGDZLUELVDQGLH /DQGXQJVEUFNHJHKHQXQGGLH.RSHQKDJHQHU%ULHIVFKDIWHQLQ (PSIDQJQHKPHQ© ª1HLQLFK©ULHI$VWDGLHGDV:RUWYRQGHP+HUDQNRPPHQGHU ¾'URQQLQJ0DULD½QHEHQDQJHK|UWXQGGHQ)OJHODXIGHPVLH EWHVRIRUW]XJHNODSSWKDWWHª1HLQLFK LFKELQIOLQNHU©8QG HKHQRFKPLWHLQHP-DRGHU1HLQJHDQWZRUWHWZHUGHQNRQQWH IORJVLHVFKRQGLH7HUUDVVHKLQXQWHUXQGDXIGHQ3LHU]XGHVVHQ (QGSXQNWVLHIDVWLQGHPVHOEHQ$XJHQEOLFNHHUUHLFKWHZRGDV 6FKLIIDQOHJWH'HU.DSLWlQGHUGLHMXQJH.RPWHVVHVHKUZRKO NDQQWHJUWHPLOLWlULVFKXQGUHLFKWHGDQQSHUV|QOLFKYRQGHU .RPPDQGREUFNHKHUGLH=HLWXQJHQXQG%ULHIVFKDIWHQ(LQHQ $XJHQEOLFNVSlWHUVHW]WHVLFKGDV6FKLIIDXI*OFNVEXUJ]X ZHLWHULQ%HZHJXQJ$VWDDEHUHLOWH]XUFNDXIGLH7HUUDVVH]X XQGDOVVLHKDOEKHUDXIZDUKLHOWVLHVFKRQHLQHQ%ULHILQGLH +|KHDQGHVVHQ)RUPDWXQGJURHP6LHJHO*UDIXQG*UlILQ XQVFKZHUHUNDQQWHQGDHVHLQGLHQVWOLFKHV6FKUHLEHQVHL*OHLFK GDQDFKZDUGLHMXQJH.RPWHVVHZLHGHUREHQXQWHUGHU 6lXOHQKDOOHXQGOHJWHGLH=HLWXQJHQDXIGHQ7LVFKZlKUHQGVLH GHQ%ULHIGHP3DSDEHUUHLFKWH 'LHVHUEHUIORJGLH$GUHVVHXQGODV ª6U+RFKJHERUHQGHP *UDIHQ+HOPXWK+RONDXI+RONHQlVVWHOOYHUWUHWHQGHP3URSVWGHV DGOLJHQ.RQYHQWV]X6W-RKDQQHVLQ6FKOHVZLJ.DPPHUKHUU,. +GHU3ULQ]HVVLQ0DULD(OHRQRUH© ª6RNRUUHNWXQGVRYROOVWlQGLJ©VDJWHGLH*UlILQªVFKUHLEWQXU HLQHU'HU%ULHIPXDOVRYRQ3HQW]VHLQ,FKPXLPPHUODFKHQ ZHQQLFKDQLKQGHQNHHWZDV3RORQLXVXQGHWZDV+RIPDUVFKDOO .DOE$VWDGXVROOWHVWDEHUZHLWHUEHQ GLH¾'URQQLQJ0DULD½ JODXELFKNDPGLUVHKU]XSD© 8QG$VWDJLQJDQGHQ)OJHO]XUFN +RONKDWWHLQ]ZLVFKHQGHQ%ULHIJH|IIQHWXQGEHJDQQRKQH ZHLWHUHVPLWVHLQHU9HUOHVXQJZHLOHUZXWHGDHUNHLQH 6WDDWVJHKHLPQLVVHYHUUDWHQZUGH ª.RSHQKDJHQ3ULQ]HVVLQQHQ3DODLV 6HSWHPEHU
/LHEHU+RON8QVUHQIUHLKHUUOLFKHQ*UX]XYRU8QGPHLQHP*UX DXIGHU)HUVHGLHJDQ]HUJHEHQVWH%LWWHPLFKVQLFKWHQWJHOWHQ ODVVHQ]XZROOHQGDLFKDXIGHP3XQNWVWHKHGDV)DPLOLHQOHEHQ DXI6FKOR+RONHQlV]XVW|UHQ8QVHU)UHXQG7KXUHVRQ%LOOHGHU DP2NWREHUGHQ'LHQVWEHLGHU3ULQ]HVVLQDQWUHWHQXQGPLW (ULFKVHQDOWHUQLHUHQVROOWHOLHJWVHLW GUHL:RFKHQDQGHQ0DVHUQ GDQLHGHUHLQH.LQGHUNUDQNKHLWYRQGHUPDQLQGLHVHP)DOOH VDJHQGDUI LFK]LWLHUHKLHUXQVUH3ULQ]HVVLQ.|QLJOLFKH+RKHLW VLHKDEHVLFKDQGHQUHFKWHQ0DQQJHZDQGW1XQKlWWHQZLU IUHLOLFKQRFK%DURQ6WHHQDEHUGHULVWJHUDGHLQ6L]LOLHQXQG ZDUWHWVFKRQVHLWIQI:RFKHQDXIHLQHQbWQD$XVEUXFK6HLWGHP 6WHHQDOOHUSHUV|QOLFKVWVHLQHUXSWLYHV/HEHQQLFKWPHKUIRUWVHW]HQ NDQQKDWHUVLFKGHQ(UXSWLRQHQGHUIHXHUVSHLHQGHQ%HUJH ]XJHNHKUW:LHVHLQHHLJQH9HUJDQJHQKHLWLKPGDQHEHQ HUVFKHLQHQPDJ,FKNHQQHLKQQXQVHLWGUHLLJ-DKUHQ(UZDU WURW]DOOHU$QVWUHQJXQJHQHLQ'RQ-XDQ]XVHLQLPZHVHQWOLFKHQ LPPHUQXUHLQ-XQNHU%OHLFKZDQJDOVRJHPHVVHQDQVHLQHQ $QVSUFKHQVR]LHPOLFKGDV/lFKHUOLFKVWHZDVPDQVHLQNDQQ $EHU ODVVHQZLUGDVXQGZHQGHQZLUXQVGHU+DXSWVDFKH]X 6WHHQXQG%LOOHYHUVDJHQXQGVREOHLEHQQXU6LH'LH3ULQ]HVVLQ VHOEVWOlW,KQHQXQGGHUOLHEHQVZUGLJHQ*UlILQLKU%HGDXHUQ GDUEHUDXVVSUHFKHQXQGEHDXIWUDJWPLFKKLQ]X]XIJHQ¾VLH ZUGHVLFKPKHQ,KQHQGLH7DJHVROHLFKWXQGDQJHQHKPZLH P|JOLFK]XPDFKHQ½8QGGDVZLUGLKUDXFKJHOLQJHQ'HU.|QLJ KDWYRUGHQ6SlWKHUEVWLQ*OFNVEXUJ]X]XEULQJHQGLH'DQQHU QDWUOLFKPLWLKPXQGVRILQGHQ6LHGHQQXQVHUH6HUHQLVVLPD GLHZLH6LHZLVVHQPLWGHU'DQQHUQLFKWJHUQGLHVHOEH/XIW DWPHWEHLEHVWHU/DXQH'LH6WHOOXQJ+DOOVGHULQSROLWLFLVQDFK ZLHYRUGHU/LHEOLQJLP3ULQ]HVVLQQHQ3DODLVLVWLVWHUVFKWWHUW DEHUDXFKGDVWUlJWGD]XEHLGLH6WLPPXQJGHU3ULQ]HVVLQVHOEVW ]XYHUEHVVHUQGHQQGHP¾%DXHUQ0LQLVWHULXP½GDVQDK EHYRUVWHKWYHUVSULFKWDOOH:HOWQXUHLQH'DXHUYRQYLHU:RFKHQ XQGZHQQ+DOOGDQQZLHGHUHLQWULWW XQGPDQZLUGLKQ EHVFKZ|UHQHV]XWXQ VRVWHKWHUIHVWHUGHQQMH]XYRU,P EULJHQOLHEHU+RONXQGLFKIUHXHPLFKGLHVKLQ]XVHW]HQ]X GUIHQLVWHVQLFKWQ|WLJGD6LHVLFKKDVWHQXQGHLOHQXQGJOHLFK GHQHUVWHQ'DPSIHUEHQXW]HQ GLH3ULQ]HVVLQOlW,KQHQGLHV HLJHQVVDJHQHLQHEHVRQGHUH*XQVWEH]HXJXQJGD3QNWOLFKNHLW LP'LHQVW]XGHQ'LQJHQJHK|UWDXIGLHVLHVRQVWKlOWXQGEHL GHQHQVLHXQWHU8PVWlQGHQHPSILQGOLFKZHUGHQNDQQ,FKEUHFKH KLHUDEXQGQHKPHQLFKWVYRU]HLWLJDXVGHP6DFNYROO1HXLJNHLWHQ
KHUDXVGHQLFKIU6LHKDEH'LH3ULQ]HVVLQQLPPWHVDXHUGHP EHOZHQQPDQYRUZHJDXVSODXGHUWZDVVLHVHOEHUJHUQHU]lKOHQ P|FKWH1XUHLQ.RVWKlSSFKHQ$GGD1LHOVHQTXLWWLHUWGLH%KQH XQGZLUG*UlILQ%UHGHQDFKGHPVLHYLHU]HKQ7DJHODQJ JHVFKZDQNWREVLHQLFKWOLHEHULQLKUHUIUHLHUHQXQGILQDQ]LHOO YRUWHLOKDIWHUHQ6WHOOXQJEHL*URVVLHUHU+RSWUXSYHUEOHLEHQVROOH 'DV/HJLWLPHKDWDEHUGRFKDXFKHLQHQ5HL]XQGQXQJDUHLQH OHJLWLPH*UlILQ+RSWUXSVHOEVWZHQQHUHLQ:LWZHUZHUGHQVROOWH ZRUDQYRUOlXILJQRFKJDUQLFKW]XGHQNHQ NDQQWURW]VHLQHU 0LOOLRQHQEHUGHQ(WDWVUDWQLHKLQDXV8QGGDVLVWIUGLH $QVSUFKHHLQHUHUVWHQ7UDJ|GLQ]XZHQLJ'H0H]DLVW )OJHODGMXWDQWJHZRUGHQ7KRPVHQXQG:RUVDDHKDEHQVLFKPDO ZLHGHUJH]DQNWQDWUOLFKEHUHLQHQDXVJHK|KOWHQYHUVWHLQHUWHQ %DXPVWDPPGHQ:RUVDDHEORELVDXI5DJQDU/RGEURFN 7KRPVHQDEHUGHPGDVQLFKWJHQXJLVWELVDXI1RDK ]XUFNYHUOHJHQZLOO,FKELQIU1RDK HUZHFNWPLUDQJHQHKPHUH 9RUVWHOOXQJHQ $UFKH7DXEH5HJHQERJHQXQGYRUDOOHP :HLQVWRFN/DVVHQ6LHPLFKLQHLQHU=HLOHZLVVHQRGHUDPEHVWHQ LQHLQHP7HOHJUDPPZDQQZLU6LHHUZDUWHQGUIHQ7RXWjYRXV ,KU(EHQH]HU3HQW]© +RONDOVHUGHQ%ULHIJHOHVHQYHUILHOLQHLQHKHU]OLFKH+HLWHUNHLW LQGLHGLH*UlILQQLFKWHLQVWLPPHQPRFKWH ª1XQZDVVDJVWGX&KULVWLQH"3HQW]IURPWRSWRWRH9ROOJXWHU /DXQHYROO0HGLVDQFH]XP*OFNDXFKYROO6HOEVWLURQLH'DV +RIOHEHQELOGHWVLFKGRFKZXQGHUEDUH*HVWDOWHQDXV© ª*HZL8QGEHVRQGHUVGUEHQLQXQVHUHPOLHEHQ.RSHQKDJHQ (VNDQQDXFKLQVHLQHP+RIOHEHQYRQVHLQHUXUVSUQJOLFKHQ1DWXU QLFKWODVVHQ© ª8QGZDVLVWGLHVH1DWXU"© ª7DQ]VDDO0XVLN)HXHUZHUN(VLVWHLQH6WDGWIU 6FKLIIVNDSLWlQHGLHVHFKV0RQDWHODQJXPKHUJHVFKZRPPHQXQG QXQEHIOLVVHQVLQGDOOHV(UVSDUWH]XYHUWXQXQGDOOHV9HUVlXPWH QDFK]XKROHQ$OOHVLQ.RSHQKDJHQLVW7DYHUQH 9HUJQJXQJVORNDO©
+RONODFKWHª7KRUZDOGVHQ0XVHXP QRUGLVFKH$OWHUWPHUXQG 2ODINUHX]XQGGD]XGLH)UDXHQNLUFKHPLW&KULVWXVXQG]Z|OI $SRVWHOQ$XFKGDV"© ª$FK+RONZHOFKH)UDJH'DOLHHVLFKQRFKYLHODQGUHV DXI]lKOHQXQGLFKELQQLFKWEOLQGIUDOOGDV6FK|QHZDVGD GUEHQ]XILQGHQLVW(VLVWHLJHQWOLFKHLQIHLQHV9RONVHKUNOXJ XQGVHKUEHJDEWXQGDXVJHUVWHWPLWYLHOHQ7DOHQWHQ$EHUVR JHZLVLHGLH7XJHQGHQKDEHQGLHGHU9HUNHKUPLWGHU:HOWJLEW VRJHZLDXFKGLH6FKDWWHQVHLWHQGDYRQ(VVLQGODXWHU/HEHOHXWH VLHKDEHQVLFKQLHUHFKWTXlOHQXQGPKHQPVVHQXQGGDV *OFNXQGGHU5HLFKWXPVLQGLKQHQLQGHQ6FKRJHIDOOHQ'LH =XFKWUXWHKDWJHIHKOWXQGGDVJLEWLKQHQQXQGLHVHQ7RQXQG GLHVHQ+DQJ]XP9HUJQJHQXQGGHU+RIVFKZLPPWQLFKWQXU EORPLWHUVFKZLPPWYRUDQDQVWDWWHLQ(LQVHKHQ]XKDEHQXQG VLFK]XVDJHQGDGHUGHUKHUUVFKHQZLOOPLWGHU%HKHUUVFKXQJ VHLQHUVHOEVWEHJLQQHQPX$EHUGDVNHQQWPDQLQ.RSHQKDJHQ QLFKWXQGGDVKDWDXFKGHLQH3ULQ]HVVLQQLFKWXQGDPZHQLJVWHQ KDWHVGLHVHUJXWH%DURQ3HQW]GHUJODXELFKGDV7LYROL7KHDWHU IUHLQHQ(FNSIHLOHUGHU*HVHOOVFKDIWKlOW8QGLQGHP6LQQH VFKUHLEWHUDXFK,FKNDQQGLHVHQ7RQQLFKWUHFKWOHLGHQXQGPX GLUVDJHQHVLVWGHU7RQGHUQDFKPHLQHP*HIKOXQGIDVWDXFK QDFKPHLQHU(UIDKUXQJLPPHUHLQHU.DWDVWURSKH YRUDXVJHKW© +RONZDUDQGUHU0HLQXQJª*ODXEHPLU&KULVWLQHVRYLHO N|QLJOLFKHXQGQLFKWN|QLJOLFKH*DVWHUHLGUEHQVHLQPDJGDV *DVWPDKOGHVVHOLJHQ%HOVD]DULVWQRFKQLFKWGDXQGGHU 8QWHUJDQJZLUGPHLQHQOLHEHQ.RSHQKDJQHUQQRFKODQJHQLFKWDQ GLH:DQGJHVFKULHEHQ$EHUZDVWXHLFKGLHVHU=LWDWLRQPHLQHU 3ULQ]HVVLQJHJHQEHU"© ª1DWUOLFKLKUJHKRUFKHQ'XELVWLP'LHQVWXQGVRODQJHGX VIU ULFKWLJKlOWVWGDULQ]XYHUEOHLEHQVRODQJHKDVWGXEHVWLPPWH 3IOLFKWHQXQGPXWVLHHUIOOHQ8QGLQGHPYRUOLHJHQGHQ)DOOHMH HKHUMHOLHEHU:HQLJVWHQVQDFKPHLQHP'DIUKDOWHQ'DVPLW GHP8UODXERGHUPLWGHU9HUVLFKHUXQJ¾HVKDEHNHLQH(LOH½GDV ZUGLFKQLFKWJODXEHQXQGMHGHQIDOOVQLFKWDQQHKPHQ,FKELQ DOOHP+|ILVFKHQDXVGHP:HJHJHJDQJHQXQGKDEHHLQHQ+RUURU YRUDOWHQXQGMXQJHQ3ULQ]HVVLQQHQDEHUVRYLHOZHLLFKGRFK DXFKYRP+RIOHEHQXQGVHLQHQ*HVHW]HQGDPDQDQ +XOGLJXQJHQQLFKWOHLFKWJHQXJWXQNDQQXQGGDGLHUXKLJH +LQQDKPHEHZLOOLJWHU)UHLKHLWHQLPPHUHWZDV0LOLFKHVLVW8QG
GDQQ+RONZHQQGXDXFKQRFKEOHLEHQZROOWHVWHVZlUHQGRFK XQUXKLJH7DJHIUGLFKXQGPLFKIUXQVDOOH.DQQLFKGLUDOVR UDWHQVRUHLVHPRUJHQ© ª'XKDVWUHFKW HVLVWGDVEHVWHVRQLFKWODQJHEHVLQQHQ$EHUGX VROOWHVWPLFKEHJOHLWHQ&KULVWLQH'LH+DQVHQGUEHQKDWGDV JDQ]H+DXVDOVRhEHUIOXDQ5DXPXQGLVWHLQH:LUWLQZLHVLH QLFKWEHVVHUJHGDFKWZHUGHQNDQQ8QGZDVGLH%HNDQQWVFKDIWHQ DQJHKWVRILQGHVWGXGLH6FKLPPHOPDQQXQGGLH6FKZlJHULQ XQVHUHUJXWHQ%URFNGRUIIXQG+HOHQH0ROWNH,FKQHQQHGLHVH GUHLZHLOLFKZHLGDGXVLHPDJVW8QGGDQQJLEWHVGRFKDXFK .LUFKHQLQ.RSHQKDJHQXQG0HOE\HLVWGHLQ/LHEOLQJVPDOHUXQG YRUGHPDOWHQ*UXQGWYLJKDVWGX]HLWOHEHQV5HVSHNWJHKDEW© 'LH*UlILQOlFKHOWH'DQQVDJWHVLH ª-D+HOPXWKGDELVWGXQXQ ZLHGHUJDQ]GX1RFKNHLQH6WXQGHGDZLUYRQGHQ.LQGHUQXQG LKUHU8QWHUEULQJXQJJHVSURFKHQKDEHQXQGVFKRQKDVWGXDOOHV ZLHGHUYHUJHVVHQ(LQHUPXGRFKKLHUVHLQXQGGDVZDV]XWXQ LVWLQGLHUHFKWHQ:HJHOHLWHQ,FKP|FKWHZLVVHQZDVGLFK HLJHQWOLFKEHVFKlIWLJW$OOH.|UQHUIDOOHQDXVGHLQHP*HGlFKWQLV KHUDXVXQGQXUGLH6SUHXEOHLEW]XUFN9HU]HLKDEHULFKNDQQ GLUGLHVHELWWUHQ:RUWHQLFKWHUVSDUHQ,FKJODXEHZHQQPHLQ %UXGHU$OIUHGVWLUEWRGHUYLHOOHLFKWDXFKZHUGHUGLUQRFK QlKHUVWHKWXQGGXKDVWJHUDGHLQH+KQHUMDJGDQJHVDJWVR YHUJLWGX]XP%HJUlEQLV]XIDKUHQ© +RONELVLFKDXIGLH/LSSHQª(VJOFNWPLUQLFKWGLFKIUHXQGOLFK ]XVWLPPHQXQGGLFKDXVGHLQHPHZLJHQ%UWHQXQG (UQVWQHKPHQKHUDXV]XUHLHQ,FKIUDJHPLFKLVWHV PHLQH6FKXOG RGHULVWHVGHLQH"© 'LHVH:RUWHEOLHEHQGRFKQLFKWRKQH:LUNXQJDXI&KULVWLQH6LH QDKPVHLQH+DQGXQGVDJWH ª6FKXOGLVWEHUDOOXQGYLHOOHLFKWLVW PHLQHGLHJU|HUH'XELVWOHLFKWOHELJXQGVFKZDQNHQGXQG ZDQGHOEDUXQGLFKKDEHGHQPHODQFKROLVFKHQ=XJXQGQHKPH GDV/HEHQVFKZHU$XFKGDZR/HLFKWQHKPHQGDV%HVVHUHZlUH 'XKDVWHVQLFKWJXWPLWPLUJHWURIIHQXQGLFKZQVFKWHGLUZRKO HLQH)UDXGLHPHKU]XODFKHQYHUVWlQGH'DQQXQGZDQQYHUVXFK LFK VEHUKPHPLFKDXFKZRKOGDLFK VYHUVXFKWDEHUHVJOFNW QLFKWUHFKW(UQVWELQLFKJHZLXQGYLHOOHLFKWDXFKVHQWLPHQWDO 9HUJLZDVLFKGLUYRUKLQJHVDJWKDEH HVZDUKDUWXQGXQUHFKW XQGLFKKDEHPLFKKLQUHLHQODVVHQ*HZLLFKNODJHGLFKRIWDQ
XQGZLOOHVQLFKWOHXJQHQDEHULFKGDUIDXFKVDJHQLFKYHUNODJH PLFKYRUPLUVHOEHU© ,QGLHVHP$XJHQEOLFNHWUDW$VWDYRP6DORQKHUZLHGHUXQWHUGLH +DOOHHLQHQ+HOJROlQGHUKXWEHUGHPOLQNHQ$UP ª:RZLOOVWGXKLQ"© ª=X(OLVDEHWK,FKZLOOLKUGLH1RWHQPDSSH]XUFNEULQJHQGLHVLH JHVWHUQKLHUJHODVVHQ© ª$KGDVWULIIWVLFKJXW©VDJWH+RONªGDEHJOHLWLFKGLFKHLQ 6WFN:HJV©8QG$VWDGLHZRKOVDKGDHLQHUQVWKDIWHV *HVSUlFKVWDWWJHIXQGHQKDWWHJUWH]XQlFKVWGLH'REVFKW] XQGNWHGDQQGHU0XWWHUGLH6WLUQ8QGJOHLFKGDQDFKQDKPVLH GHV9DWHUV+DQGXQGJLQJPLWLKPGLH+DOOHKLQXQWHUDXIGLH *DUWHQIURQWGHV+DXVHV]X $OVVLHIRUWZDUHQVDJWHGLH'REVFKW] ª,FKP|FKWHEHLQDK JODXEHQ&KULVWLQHGXKlWWHVWGLH1RWHQPDSSHQRFKJHUQHLQSDDU 7DJHKLHUEHKDOWHQ",FKVDKJHVWHUQDEHQGZHOFKHQ(LQGUXFNGDV /LHGDXIGLFKPDFKWH© ª1LFKWGLH.RPSRVLWLRQEORGHU7H[W8QGGHQKDELFKPLULP HUVWHQ(LIHUJOHLFKJHVWHUQDEJHVFKULHEHQ%LWWHOLHEH-XOLHKRO LKQPLUYRQPHLQHP6FKUHLEWLVFK,FKP|FKWHZRKOGXOlVHVWPLU GDV*DQ]HQRFK HLQPDOYRURGHUGRFKZHQLJVWHQVGLHHUVWH 6WURSKH© ª'LHJHUDGHNDQQLFKDXVZHQGLJ©VDJWHGLH'REVFKW] ª,FKYLHOOHLFKWDXFK$EHUWURW]GHPP|FKWLFKVLHK|UHQ VDJHVLH PLUXQGUHFKWODQJVDP© 8QGQXQVSUDFKGLH'REVFKW]ODQJVDPXQGOHLVHYRUVLFKKLQ ª'LH5XKLVWZRKOGDV%HVWH 9RQDOOHP*OFNGHU:HOW :DVEOHLEWYRP(UGHQIHVWH :DVEOHLEWXQVXQYHUJlOOW" 'LH5RVHZHONWLQ6FKDXHUQ 'LHXQVGHU)UKOLQJJLEW
:HUKDWLVW]XEHGDXHUQ 8QGPHKUQRFKIDVWZHUOLHEW© 'LH*UlILQOLHYRQLKUHU$UEHLWDEXQGHLQH7UlQHILHODXILKUH +DQG'DQQVDJWHVLH ª(LQHZXQGHUEDUH6WURSKH8QGLFKZHL QLFKWZDVVFK|QHULVWGLH]ZHL=HLOHQZRPLWVLHEHJLQQWRGHU GLH]ZHL=HLOHQZRPLWVLHVFKOLHW© ª,FKJODXEHVLHJHK|UHQ]XVDPPHQ©VDJWHGLH)UHXQGLQªXQG MHGHV=HLOHQSDDUZLUGVFK|QHUGXUFKGDVDQGUH¾:HUKDWLVW]X EHGDXHUQXQGPHKUQRFKIDVWZHUOLHEW½-D&KULVWLQHHVLVWVR $EHUJHUDGHZHLOHVVRZDKULVW© ª,VWGDVDQGUHZRPLWGLH6WURSKHEHJLQQWQRFKZDKUHU 'LH5XK LVWZRKOGDV%HVWH©
6LHEHQWHV.DSLWHO +RONXQG$VWDVFKULWWHQZlKUHQG&KULVWLQHGLHV*HVSUlFKPLWGHU 'REVFKW]IKUWHGLH6lXOHQKDOOHKLQXQWHUXQGHUVWDOVVLH KXQGHUW6FKULWWHZHLWHUDEZlUWVGDVPLW5DVHQEHUZDFKVHQH 5RQGHOOHUUHLFKWKDWWHQZRPDQZHQQ%HVXFKZDU .ULFNHW]X VSLHOHQSIOHJWHWUHQQWHQVLHVLFK+RONXPVLFKHLQHPYRUHLQHP 7UHLEKDXVHEHVFKlIWLJWHQ*lUWQHU]X]XZHQGHQ$VWDXPLKUHQ :HJDXIGHUZRKOJHSIOHJWHQ3DUNFKDXVVHHIRUW]XVHW]HQ'LHVH VHQNWHVLFKDOOPlKOLFKXQGERJVFKOLHOLFKVFKDUIOLQNVLQ HLQH EUHLWHVFKRQLQGHU(EHQHODXIHQGH.DVWDQLHQDOOHHHLQGLHVLFK ELV'RUI+RONHE\KLQ]RJhEHUDOOODJHQ.DVWDQLHQDP%RGHQRGHU SODW]WHQDXVGHU6FKDOHZHQQVLHYRU$VWDQLHGHUILHOHQ'LHVH EFNWHVLFKQDFKMHGHUHLQ]HOQHQDOVDEHUGDV3IDUUKDXVGDVLQ GLH.LUFKKRIVPDXHUHLQJHEDXWZDULQ6LFKWNDPZDUIVLHDOOHV ZLHGHUIRUWXQGJLQJLQUDVFKHUHP6FKULWWDXIGDV+DXV]X 'LH7UKDWWHQRFKYRQDOWHU=HLWKHUHLQHQ.ORSIHUHUVFKLHQDEHU VHLQHQ'LHQVWYHUVDJHQ]XZROOHQGHQQQLHPDQGNDP(UVWDOV VLH GDV.ORSIHQPHKUPDOVZLHGHUKROWKDWWHZXUGHJH|IIQHWXQG]ZDU YRQ3DVWRU3HWHUVHQVHOEVWGHUDXJHQVFKHLQOLFKJHVW|UWZRUGHQ ZDU$OVHUDEHU$VWDHUNDQQWHYHUVFKZDQGUDVFKGLH 0LPXWVZRONHYRQVHLQHU6WLUQXQGHUQDKPLKUH+DQGXQG]RJ VLHPLWVLFKLQVHLQH6WXGLHUVWXEHGHUHQ7UHURIIHQJHODVVHQ KDWWH'LH)HQVWHUJLQJHQDXIGHQHLQZHQLJDQVWHLJHQGHQ .LUFKKRIKLQDXVVRGDGLH*UDEVWHLQHHLQDQGHUZLHEHUGLH 6FKXOWHUVDKHQ'D]ZLVFKHQVWDQGHQ(VFKHQXQG7UDXHUZHLGHQ XQGGHU'XIWYRQ5HVHGDWURW]GHPHVVFKRQVSlWLP-DKUHZDU GUDQJYRQDXHQKHUHLQ ª1LPP3ODW]$VWD©VDJWH3HWHUVHQª,FKZDUHEHQ HLQJHVFKODIHQ,QPHLQHQ-DKUHQJHKWGHU6FKODIQLFKWPHKUQDFK GHU8KU LQGHU1DFKWZLOOHUQLFKWNRPPHQXQGGDNRPPWHU GHQQEHL7DJXQGEHUIlOOWHLQHQ(OLVDEHWKLVWEHL6FKQHPDQQV GUEHQXQGEULQJWGHUDUPHQ)UDXGLH VJODXELFKQLFKWODQJH PHKUPDFKHQZLUGHLQSDDU:HLQWUDXEHQGLHZLUKHXWHIUK JHVFKQLWWHQKDEHQ$EHUVLHPXJOHLFKZLHGHUGDVHLQ +DQQD KLOIWPLWGUDXHQDXIGHP)HOG8QGQXQWULQNVWGXPLWPLUHLQ *ODV0DOYDVLHU'DVLVW'DPHQZHLQ©
8QGGDEHLVFKREHUGLHDXIJHVFKODJHQH%LEHOQDFKUHFKWVHLQHQ .DVWHQPLW$OWHUWPHUQDEHU GHQQHUZDUHLQ$OWHUWPOHUZLHGLH PHLVWHQVFKOHVZLJVFKHQ3DVWRUHQ ZHLWQDFKOLQNVKLQXQGVWHOOWH ]ZHL:HLQJOlVHUDXIVHLQHQ$UEHLWVWLVFK ª/DXQVDQVWRHQ-DZRUDXI"1XQDXIHLQIURKHV :HLKQDFKWHQ© ª$FKGDVLVWQRFKVRODQJH© ª-DGLU$EHULFKUHFKQHDQGHUV8QGGDGDV&KULVWNLQGGLUDOOHV HUIOOWZDVGXDXIGHP+HU]HQKDVW© ,KUH*OlVHUNODQJHQ]XVDPPHQXQGLPVHOEHQ$XJHQEOLFNHWUDW DXFK(OLVDEHWKHLQXQGVDJWH ª'DPXLFKGRFKPLWDQVWRHQ ZHQQLFKDXFKQLFKWZHLZHPHVJLOW© 8QGQXQHUVWEHJUWHQVLFKGLHMXQJHQ0lGFKHQXQG$VWDJDE DQ(OLVDEHWKGLH1RWHQPDSSH]XUFNXQGVSUDFKLKUGDEHLGHQ 'DQNLKUHU0XWWHUIUGDVVFK|QH/LHGDXVGDVVLHJHVWHUQDEHQG JHVXQJHQ 'LHVZXUGHQXUVRKLQJHVSURFKHQGHQQZlKUHQG$VWDGLH %HVWHOOXQJDXVULFKWHWHEHVFKlIWLJWHVLFKLKU$XJHVFKRQPLWGHQ ]DKOUHLFKHQQXPHULHUWHQ'LQJHQNOHLQHQXQGJURHQGLHGHQ DUFKlRORJLVFKHQ.DVWHQIOOWHQ'DVHLQHZDVVLHVDKVFKLHQ *ROGGUDKW]XVHLQ*ROGGUDKWLQHLQHUJURHQ6SLUDOH ª:DUXPLVWHVYRQ*ROG"©IUDJWH$VWDª(VVLHKWMDDXVZLHHLQH 6RID6SUXQJIHGHU© 'HU$OWHYHUJQJWHVLFKGDUEHUXQGVDJWHLKUGDQQHVVHLZDV %HVVHUHVHLQ6FKPXFNVWFNHLQH$UW$UPEDQGGDVYRU ]ZHLWDXVHQG-DKUHQHLQHGDPDOLJH&RPWHVVH$VWDJHWUDJHQKDEH $VWDIUHXWHVLFKXQGQLFNWHXQG(OLVDEHWKGLHYRQGLHVHQ'LQJHQ PHKUNDQQWHDOVLKUOLHEZDUGHQQVLHZDUZLHGHU.XVWRVGHU 6DPPOXQJVHW]WHLKUHUVHLWVKLQ]X ª8QGZHQQQDFKZLHGHU ]ZHLWDXVHQG-DKUHQGHLQHNOHLQH+XIHLVHQEURVFKHJHIXQGHQZLUG GDQQGDVNDQQLFKGLUYHUVLFKHUQZLUGHVDXFK9HUPXWXQJHQXQG )HVWVWHOOXQJHQJHEHQ$EHUQXQNRPP$VWDZLUZROOHQGHQ *URSDSDXQGVHLQH6WXGLHUVWXEHQLFKWOlQJHUVW|UHQ©
8QGGDPLWQDKPVLH$VWDV$UPXQGJLQJPLWLKUEHUGHQ)OXUDXI HLQH3IRUWH]XGLHGLUHNWQDFKGHP.LUFKKRIKLQDXVIKUWH1XU ZHQLJH6FKULWWHQRFKGDQQNDPHQVLHELVDQHLQHQEUHLWHQ 4XHUZHJGHU]ZLVFKHQ*UlEHUQKLQDXIGLHDOWH)HOGVWHLQNLUFKH ]XOLHIHLQHQIUKJRWLVFKHQ%DXRKQH7XUPGHUIUHLQH6FKHXQH KlWWHJHOWHQN|QQHQZHQQQLFKWGLHKRKHQ6SLW]ERJHQIHQVWHU JHZHVHQZlUHQPLWLKUHPGLFKWHQNOHLQEOlWWULJHQ(IHXGHUVLFK ELVXQWHUGDV'DFKKLQDXIUDQNWH'LH*ORFNHKLQJXQWHUHLQSDDU 6FKXW]EUHWWHUQDQGHUHLQHQ*LHEHOVHLWHGHU.LUFKHZlKUHQGDQ GHUDQGHUQHLQQLHGULJHV%DFNVWHLQKDXVDQJHEDXWZDUPLWNOHLQHQ )HQVWHUQXQGMHGHV)HQVWHUPLW]ZHL(LVHQVWlEHQ(LQLJHGHU *UDEVWHLQHGLHKLHULQ1l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lQGLJQRUZHJLVFKH+|O]HU JHVFKQLWWHQZXUGHQ$XFKLQGLHVHP$XJHQEOLFNHZLHGHUODJHLQ URKPLWGHU$[WEHKDXHQHU%DXPVWDPPDXI]ZHLKRKHQ +RO]E|FNHQXQGHLQSDDU=LPPHUOHXWHYRQGHQHQGHUHLQHREHQ GHUDQGUHXQWHQVWDQGVlJWHQPLWHLQHUJURHQLQLKUHU$UEHLW LPPHUEODQNHUZHUGHQGHQ+RO]VlJHGHQ6WDPPHQWODQJ%HLGH 0lGFKHQVDKHQHPVLJKLQEHUXQGGLH1lKHGHU0HQVFKHQGD]X GHUOHEHQGLJH7RQGHU$UEHLWWDWLKQHQZRKOQDFKGHP*UDXHQ YRQGHPVLHVLFKDQJHVLFKWVGHU]HUEU|FNHOQGHQ*UXIWVRHEHQ QRFKEHUKUWJHIKOWKDWWHQ
(VZDUHLQVHKUDQKHLPHOQGHU3ODW] GLH%UHQQHVVHOQGLHVRQVW KLHUZXFKHUWHQZDUHQQLHGHUJHWUHWHQXQGVRVDHQGLHEHLGHQ )UHXQGLQQHQEHTXHPXQGEHKDJOLFKDXIGHQKRFKDXIJHVFKLFKWHWHQ %UHWWHUQXQGKDWWHQGLH%DONHQDOV )XEDQNXQGGLH .LUFKKRIVPDXHUDOV5FNOHKQH ª:HLWGX©VDJWH$VWDªGLH0DPDKDWGRFKUHFKWGDVLHYRQ GHU*UXIWQLFKWVZLVVHQZLOOXQGHLQH6FKHXKDWVLH]XEHWUHWHQ (VLVWMDDOVZlUHMHGHU6WHLQORVHXQGDOVZDUWHDOOHVQXUGDUDXI GDHV]XVDPPHQVWU]H8QG]ZHLPDOLP-DKUHJHKWVLHGRFKKLQ XQGOHJWLKUHQ.UDQ]DXIGHQ6DUJDQVHLQHP*HEXUWVWDJXQGDQ VHLQHP6WHUEHWDJH© ª.DQQVWGXGLFKGHQQGHLQHV%UXGHUV(VWULGQRFKHULQQHUQ"© ª2KJHZLNDQQLFK,FKZDUVFKRQVLHEHQ-DKU© ª8QGLVWHVZDKUGDHUQLFKWEOR(VWULGKLHVRQGHUQDXFK QRFK$GDP"© ª-D'LH0DPDZROOWHIUHLOLFKGDHUDOV]ZHLWHQ1DPHQGHQ 1DPHQ+HOPXWKIKUHQVROOWHZLHGHU9DWHU(VWULG+HOPXWK 7DQWH'REVFKW]KDWHVPLURIWHU]lKOW GHU3DSDDEHUEHVWDQG DXI$GDPZHLOHUJHK|UWKDWWHGD.LQGHUGLHVRKHLHQQLFKW VWHUEHQXQGGDKDEHGHQQGLH0DPDJHVDJW LFKZHLGDVDOOHV YRQ7DQWH-XOLH GDVVHL+HLGHQWXPXQG$EHUJODXEHQXQGHV ZHUGHVLFKVWUDIHQGHQQGHUOLHEH*RWWODVVHVLFKQLFKWV YRUVFKUHLEHQXQGHVVHLOlVWHUOLFKXQGYHUZHUIOLFKLKPGLH+lQGH ELQGHQ]XZROOHQ© ª,FKNDQQPLUGHQNHQGDGHLQH0XWWHUVRJHVSURFKHQKDW8QG HVKDWVLFKMDDXFKJHVWUDIW$EHULFKILQGHGRFK$VWDGDGHLQH 0XWWHULQDOOGHP]XVWUHQJLVWXQGGHU*URSDSDGHUVLHGRFKVR VHKUOLHEWXQGVLHJHWUDXWKDW ZDVEULJHQVGHU$UQHZLHNHU 3DVWRUGDPDOVVHKUEHOJHQRPPHQKDEHQVROO XQGGHUQLFKWV %HVVHUHVNHQQWDOVVHLQH¾OLHEH&KULVWLQH½ZLHHUVLHQRFKLPPHU QHQQWXQGGHLQHQ3DSDQHQQWHUMDDXFKQRFK¾GX½YRQDOWHQ =HLWHQKHUGHUVDJWGRFKDXFKVLHVHL]XVLFKHUDXILKUHP:HJH XQG]XVWUHQJJHJHQDQGUH© ª-DGDVVDJHQDOOHGHLQ*URSDSDVDJWHVXQG'LUHNWRU 6FKZDU]NRSSHQVDJWHVXQG2QNHO$UQHVDJWHV8QGZHQQ$[HO
XQGLFKHVDXFKQLFKWK|UHQVROOHQZLUK|UHQHVGRFKXQGPDFKHQ VRXQVUH%HWUDFKWXQJHQGUEHU© ª8QGZHPNRPPHQGHQQHXUH%HWUDFKWXQJHQ]XJXWH"© ª,PPHUGHU0DPD© ª'DVZXQGHUWPLFKHLJHQWOLFK,FKGDFKWHGXZlUHVWGHLQHV 9DWHUV9HU]XJXQG/LHEOLQJ8QGOLHEWHVWLKQDPPHLVWHQ© ª2KJHZLKDELFKLKQOLHE HULVWVRJXWXQGHUIOOWXQVMHGHQ :XQVFK$EHUGLH0DPDPHLQWHVGRFKYLHOEHVVHUPLWXQVXQG GHVKDOELVWVLHVWUHQJHU$OOHVEORDXV/LHEH© ª,FKKDEHGLFKQLFKWLPPHUVRVSUHFKHQK|UHQ$VWD(VLVWQRFK NHLQH:RFKHGDGXYROOHU.ODJHQXQGIDVWYROO%LWWHUNHLWZDUVW XQGGDGXVDJWHVWHVVHLPLWGHU0DPDNDXPQRFK]XOHEHQXQG DOOHVVFKOJHVLHGLUDEXQGDOOHVVHLVRZLFKWLJDOVRE/HEHQXQG 6HOLJNHLWGDUDQKLQJH© ª-DGDVZHUGLFKZRKOJHVDJWKDEHQ$EHUZHUNODJWHQLFKWPDO 8QGGDQQLVWHVRIWVRVWLOOKLHUXQGGDEHLZLUGPDQWUDXULJXQG ZLOOHVDQGHUVKDEHQ6LHKLFKGHQNHVPLUVRGLH0DPD EHGUFNWXQVRIWDEHUVLHVRUJWGRFKDXFKIUXQVXQGGHU3DSD HUIUHXWXQVMHGHQ$XJHQEOLFNDEHULPJDQ]HQNPPHUWHUVLFK QLFKWUHFKWXPXQV(ULVWPLWVHLQHQ*HGDQNHQLPPHUZRDQGHUV XQGGLH0DPDLPPHUEHLXQV:HQQHVQDFKGHP3DSDJLQJHVR JLQJHDOOHVVRUXKLJZHLWHUELVMHPDQGNlPHXQGPLFKKDEHQ ZROOWH&RPWHVVH+RONURWEORQGXQGJHUDGHJHZDFKVHQXQG HWZDV9HUP|JHQ LFKJODXEHGDVLVWDOOHVZDVLKPYRUVFKZHEW XQGGDYRQYHUVSULFKWHUVLFKGDV%HVWH'DLFKDXFKHLQH6HHOH KDEHGDUDQGHQNWHUQLFKWYLHOOHLFKWJODXEWHUQLFKWPDOGDUDQ© ª:LHGXQXUVSULFKVW(UZLUGGRFKJODXEHQGDGXHLQH6HHOH KDVW"© ª9LHOOHLFKW,FKZHLHVQLFKW8QGGDVLVWGHU8QWHUVFKLHGYRQGHU 0DPD'LHJODXEWEHVWLPPWGDUDQXQGZLOOGDLFKHWZDVOHUQHQ XQGHLQHQIHVWHQ*ODXEHQJHZLQQHQVROO¾HLQHQ$QNHUIUGLH 6WUPHGHV/HEHQV½ZLHVLHVDJWXQGLFKZlUHJOFNOLFKGDUEHU ZHQQLFKQLFKWYRQGLUIRUWPWH6ROFKH)UHXQGLQZLHGXGLHILQG LFKLQGHU:HOWQLFKWZLHGHU©
ª$EHUGXZLUVWGRFKQLFKWIRUWZROOHQ$VWD"8QGXPZDVGHQQ",VW GHQQQLFKWGLH'REVFKW]HLQHNOXJH'DPHXQGOLHEXQGJXWGD]X" 8QGGXNDQQVWMDIUDQ]|VLVFKSDUOLHUHQGDHVHLQH/XVWLVWXQG 6WUHKONHKDWMD]ZHL3UHLVHJHZRQQHQHLQHQLQ.RSHQKDJHQEHU GLH6WUDQGYHJHWDWLRQLQ1RUGVFKOHVZLJXQGHLQHQLQ.LHOEHU 4XDOOHQXQG6HHVWHUQH8QGGDHU*HRJUDSKLHZHLGDVZHL LFKHUZXWHMDQHXOLFKGDV/XVWVFKORYRP.|QLJYRQ1HDSHOVR GDLKPVHOEVWGHLQ2QNHO$UQHJUDWXOLHUWH:DVZLOOVWGXGHQQ QRFKPHKUOHUQHQ"'DVQHKPLFKGLUEHOZHQQGXVRYLHOPHKU OHUQHQZLOOVWDOVLFKXQGZHQQGXGDQQZLHGHUNRPPVWLVWNHLQ 9HUNHKUPHKUPLWPLU8QGLFKZLOOGRFKPLWGLUYHUNHKUHQGHQQ LFKOLHEHGLFKMDVRVHKU8QGGHLQH0DPDZHQQVLHGLFKIRUWJLEW ZLUGGLFKJHZLLQHLQHJURH6FKZHL]HUSHQVLRQJHEHQZROOHQ© ª1HLQLQHLQHNOHLQH+HUUQKXWHUSHQVLRQ© ª1XQGDUEHUOlWVLFKUHGHQ$VWD+HUUQKXWHUNHQQLFKGDV VLQGJXWH/HXWH© ª'DVPHLQLFK'LH0DPDZDUMDDXFKLQHLQHU +HUUQKXWHUSHQVLRQ© ª,VWHVGHQQVFKRQJHZL"© ª6RJXWZLHJHZL'HU3DSDKDWQDFKJHJHEHQ8QGDXHUGHP UHLVWHUPRUJHQQDFK.RSHQKDJHQ]XU3ULQ]HVVLQZRUDXIJDUQLFKW JHUHFKQHWZDUXQGGDVZLUG0DPDZRKOEHQXW]HQXPDOOHV VFKQHOOLQVUHFKWH*HOHLVH]XEULQJHQ,FKGHQNHPLULQYLHU]HKQ 7DJHQRGHUQRFKIUKHU© ª$FK$VWDZlUHQLFKWGHU*URSDSDLFKElWHGHLQH0DPDGD VLHPLFKPLWJlEH:DVVROOLFKKLHUDQIDQJHQZHQQGXIRUWELVW"© ª(VPXVFKRQVRJHKHQ(OLVDEHWKXQGZLUGDXFK6FKZHUZLUG HVPLUDXFK8QGPHLQH0DPDZLUGDXFKDOOHLQVHLQXQG QLHPDQGHQXPVLFKKDEHQDOVGLH'REVFKW]XQGVLHVFKLFNWXQV GRFKIRUW'HQQ$[HOJHKWDXFK(VLVWGRFKUHFKWZDVVLHPLU JHVWHUQDEHQGVDJWH 0DQOHEWQLFKWXP9HUJQJHQXQG)UHXGH ZLOOHQVRQGHUQPDQOHEWXPVHLQH3IOLFKW]XWXQ8QGVLH EHVFKZRUPLFKGHVVHQVWHWVHLQJHGHQN]XVHLQGHQQGDUDQKLQJH *OFNXQG6HOLJNHLW©
ª'DVLVWVFKRQDOOHVJDQ]ZDKUDEHUHVKLOIWPLUQLFKWV©8QGLQ (OLVDEHWKV$XJHZDUHLQ)OLPPHUQDOVVLHGDVVDJWHª,FKNDQQ GRFKQLFKWLPPHUDP6WUDQGVSD]LHUHQJHKHQXQG%HUQVWHLQ VXFKHQXQG.DWDORJHPDFKHQXQGGLH1XPPHUQXPVFKUHLEHQ 8QGGHQNH:LQWHUV]HLWZHQQDOOHVLQ6FKQHHOLHJWXQGGLH .UlKHQDXIGHQ.UHX]HQVLW]HQXQGGDQQXP0LWWDJGLH]Z|OI 6FKOlJH© 8QGLQGLHVHP$XJHQEOLFNHVFKOXJGLH0LWWDJVJORFNHYRQGHU (OLVDEHWKHEHQJHVSURFKHQKDWWH%HLGH0lGFKHQIXKUHQ ]XVDPPHQ'DQQDEHUODFKWHQVLHZLHGHUXQGHUKREHQVLFKGHQQ HVZDUKRKH=HLW ª:DQQNRPPVWGXZLHGHU"© ª0RUJHQ© 'DPLWWUHQQWHQVLHVLFKXQGDOV$VWDJOHLFKGDQDFKEHLGHU6WHOOH YRUEHUNDPZRGLH*ORFNHKLQJWDWGLHVHJHUDGHGHQ]Z|OIWHQ 6FKODJXQGGHU.VWHUVMXQJHGHUJHOlXWHWKDWWH]RJVHLQH .DSSHXQGYHUVFKZDQGGDQQKLQWHUGHQ*UlEHUQ
$FKWHV.DSLWHO +RONDOVHUVLFKDQGHP.ULFNHWSODW]YRQ$VWDJHWUHQQWKDWWH KDWWHVLFKQDFKGHPQlFKVWJHOHJHQHQ7UHLEKDXVHEHJHEHQLQ GHVVHQ)URQWHUVHLQHQ*lUWQHUHPVLJEHLGHU$UEHLWVDK8QG KLHUQDFKNXU]HU%HJUXQJULHU]ZHL%OlWWHUDXVVHLQHP 1RWL]EXFKXQGVFKULHEHLQSDDU7HOHJUDPP]HLOHQDQ3HQW]XQGGLH :LWZH+DQVHQLQGHQHQHUEHLGHQVHLQ(LQWUHIIHQLQ.RSHQKDJHQ IUGHQDQGHUQ$EHQGDQ]HLJWHª'LHVH7HOHJUDPPHOLHEHU 2KOVHQPVVHQQDFK*OFNVEXUJRGHUPHLQHWZHJHQDXFKQDFK $UQHZLHN HVJLOWPLUJOHLFKZR6LH VDXIJHEHQZROOHQ1HKPHQ 6LHGHQ-DJGZDJHQ© 'HU*lUWQHUHLQ0XIIHOZLHGLHPHLVWHQVHLQHV=HLFKHQVZDU DXJHQVFKHLQOLFKYHUGULHOLFKZHVKDOE+RONKLQ]XVHW]WH ª7XWPLU EULJHQVOHLG2KOVHQ6LHEHLGHU$UEHLWVW|UHQ]XPVVHQ DEHU LFKEUDXFKH 3KLOLSSEHLP3DFNHQXQG,KUHU)UDX%UXGHUGHUVLFK MDJXWDQOlWZHLQRFKQLFKWUHFKW%HVFKHLGXQGLVWPLUDXFK QLFKW]XYHUOlVVLJJHQXJ© 'HU*lUWQHUIDQGVLFKQXQZLHGHU]XUHFKWXQGVDJWHGDHU ZHQQHVGHP*UDIHQUHFKWZlUHOLHEHUQDFK*OFNVEXUJZROOH VHLQH)UDXKDEHQlPOLFKZLHGHUVROFK-XFNHQEHUGHQJDQ]HQ .|USHUZDVJHZLYRQGHU*DOOHNlPHVLHlUJHUHVLFKVROHLFKW XQGGDP|FKWHUGHQQZRKOPLW]X'RNWRU(VFKNHKHUDQXQGHLQ 5H]HSWKROHQ ª0LUUHFKW©VDJWH+RONª8QGZHQQ6LHPDOGDVLQGVRVRUJHQ 6LHDXFKJOHLFKGDIUGDGDV6FKLIIPRUJHQIUKPLW6LFKHUKHLW KLHUDQOHJW HVLVWVFKRQYRUJHNRPPHQGDHVYRUEHLIlKUWXQG IUDJHQ6LHDXFKREGHU.|QLJVFKRQGDLVWLFKPHLQHLQ *OFNVEXUJXQGZLHODQJHHUZRKOEOHLEW© 'DPLWJLQJGHU*UDIZLHGHUDXIGDV6FKOR]XZR3KLOLSSLP $QNOHLGH]LPPHUVHLQHV+HUUQQLFKWEORGLH.RIIHUEHUHLWV ]XUHFKWJHVWHOOWVRQGHUQDXFKVFKRQPLWGHP3DFNHQEHJRQQHQ KDWWH ª'DVLVWUHFKW3KLOLSS LFKVHKHGLH*UlILQKDWGLUJHVDJWGDLFK IRUWPX1XQGXZHLWMDZDVLFKEUDXFKH DEHUQLFKW]XYLHOMH PHKUPDQPLWQLPPWMHPHKUIHKOWHLQHP1LFKWZDKU",VWGHU
.RIIHUYROOVRYHUODQJWPDQ]XOHW]WDOOHVDOVZlUHPDQ]X+DXVH 1XUHLQHVYHUJLQLFKWGLH3HO]VWLHIHOXQGGLHKRKHQ *XPPLVFKXKH0DQWDSVWGULQKHUXPZLHHLQ(OHIDQWDEHUGDV +HU]EOHLEWZDUPXQGJHVXQGXQGGDVLVWGRFKLPPHUGLH +DXSWVDFKH0HLQVWGXQLFKWDXFK"© 3KLOLSSEHVWlWLJWHGHQ$XVVSUXFKZRUDXIVLFKGHU*UDILQ VLFKWOLFKHP%HKDJHQDQVHLQHQ6FKUHLEWLVFKVHW]WHXQGHLQLJH %ULHIHVFKULHEDXFKHLQHQDQVHLQHQ6FKZDJHU$UQHZlKUHQGGHU DOWH'LHQHUPLWGHP3DFNHQGHU.RIIHUIRUWIXKU ª:HOFKH%FKHUEHIHKOHQGHU+HUU*UDI"© ª.HLQH:DVZLUKLHUKDEHQSDWQLFKWQDFK.RSHQKDJHQ2GHU QLPPHLQSDDU%lQGH:DOWHU6FRWWPLW PDQNDQQQLFKWZLVVHQ XQGGHUSDWLPPHU© ,QGHU0LWWDJVVWXQGH$VWDZDUQRFKXQWHQLP'RUINDP%DURQ $UQHYRQ$UQHZLHNKHUEHUXQG+RONDOVPDQSODXGHUQGPLWGHQ 'DPHQXQWHUGHU+DOOHVDJDELKPODFKHQGGHQ%ULHIGHQHUDP 9RUPLWWDJJHVFKULHEHQKDWWHª'D$OIUHG DEHUOLHVLKQHUVW]X +DXVHVHLOWQLFKWGDPLWXQGHLJHQWOLFKZHLWGXMDGRFKZDV GDULQVWHKW(VLVWGDVDOWH/LHG,FKHPSIHKOHGLU6FKOR+RONHQlV XQGGLH:LUWVFKDIWZLHVFKRQPDQFKOLHEHV0DOXQGVHW]HGLFKIU GLH7DJHPHLQHU$EZHVHQKHLW]XP 0DMRUGRPXVHLQ6HLGHLQHU 6FKZHVWHUHLQ%HUDWHUEHVSULFKPLWLKU© GLHVVSUDFKHUKDOE OHLVH ªGHQ%DXHLQHUQHXHQ.DSHOOHPLW*UXIWRGHUZDVVLHVRQVW ZLOOXQGODVVH3OlQHPDFKHQZHJHQGHU6WlOOH0LWGHPIUGLH 6KRUWKRUQVZLUGDQJHIDQJHQ=LHKGHQKRP|RSDWKLVFKHQ'RNWRU ]X5DWHYRQGHPGXPLUQHXOLFKVRYLHO:XQGHUGLQJHHU]lKOWKDVW XQGVFKLFNHGDQQGLH=HLFKQXQJHQKLQEHUQDFK.RSHQKDJHQ 3HQW]YHUVWHKWDXFKZDVGDYRQXQG%LOOHGHUVRYLHOJHUHLVWLVW QRFKPHKUXQGVHLQH0DVHUQ© XQGGDPLWZDQGWHUVLFKZLHGHU DQGLH'DPHQ ªN|QQHQGRFKDP(QGHQLFKWHZLJGDXHUQ,VWHU HUVWDEJHVFKOEHUWLFKPXODFKHQZHQQLFKLKQPLULQGHU 0DXVHUXQJGHQNHVRVXFKLFKLKQDXIXQGOHJLKPGLH3OlQHYRU .UDQNHVLQGLPPHUIURKZHQQVLHZDVDQGUHVK|UHQDOVGHQ 0HGL]LQO|IIHORGHUGHQ'RNWRUVWRFN© +RONVSUDFKQRFKZHLWHULQGLHVHP7RQHZDVNHLQHQ=ZHLIHO GDUEHUOLHGDHUVLFKHLJHQWOLFKIUHXWH+RONHQlVDXIHLQ 9LHUWHOMDKUYHUODVVHQ]XN|QQHQ(VZDUIDVWYHUOHW]HQGIUGLH
*UlILQXQGVLHZUGHGLHVHP*HIKODXFK$XVGUXFNJHJHEHQ KDEHQZHQQVLHVLFKQLFKWDXIHLQHUJDQ]lKQOLFKHQ(PSILQGXQJ HUWDSSWKlWWH:LHEHLYLHOHQ(KHOHXWHQVRVWDQGHVDXFKEHLGHQ +RONVFKHQ:HQQVLHJHWUHQQWZDUHQZDUHQVLHVLFKLQQHUOLFKDP QlFKVWHQGHQQHVILHOHQGDQQQLFKWEORGLH 0HLQXQJVYHUVFKLHGHQKHLWHQXQG6FKUDXEHUHLHQIRUWVRQGHUQVLH IDQGHQVLFKDXFKZLHGHU]XIUKHUHU/LHEH]XUFNXQGVFKULHEHQ VLFK]lUWOLFKH%ULHIH'DVZXWHNHLQHUEHVVHUDOVGHU6FKZDJHU GUEHQLQ$UQHZLHN$UQHVWHOOWHGHQQDXFKKHXWHZLHGHUVHLQH %HWUDFKWXQJHQEHUGLHV7KHPDDQXQGJDELKQHQLQHLQSDDU 6FKHU]ZRUWHQ$XVGUXFN$EHUGDVZDUQLFKWZRKOJHWDQ VRVHKUHV ]XWUDIZDVHUVDJWHVRZHQLJODJHVLP:XQVFKHVHLQHU 6FKZHVWHUGLHVH'LQJHEHUKUW]XVHKHQ9LHOOHLFKWZDUHVGHQQ DXFKGLHVHU*DQJGHU8QWHUKDOWXQJZDVGHQGLHOHLVH 9HUVWLPPXQJVHLQHU)UDXEHREDFKWHQGHQ+RONYHUDQODWHGLH 'REVFKW]]XHLQHP6SD]LHUJDQJLQGHQ3DUNDXI]XIRUGHUQªHU KDEHQRFKGLHVXQGGDVPLWLKU]XEHVSUHFKHQ© $OVVLHIRUWZDUHQVDJWH&KULVWLQH]XLKUHP%UXGHUPLWGHPVLH DOOHLQJHEOLHEHQ ª'XPXWHVWGDVQLFKWVDJHQ$OIUHGQLFKWLQ VHLQHU*HJHQZDUW(UKDWZLHGXZHLWRKQHKLQGLH1HLJXQJ HUQVWH'LQJHOHLFKW]XQHKPHQXQGZHQQGXLKPGDULQPLWJXWHP %HLVSLHOYRUDQJHKVWVRZHLHUVLFKQRFKZDVGDPLWXQGJHIlOOW VLFKGDULQGHQ)UHLJHLVW]XVSLHOHQ© $UQHOlFKHOWH ª'XOlFKHOVW$EHUJDQ]PLW8QUHFKW'HQQLFKVDJHQLFKWHLQ )UHLJHLVW]XVHLQ(LQ)UHLJHLVWVHLQGDVNDQQHUQLFKWGD]X UHLFKHQVHLQH*DEHQQLFKWDXVDXFKQLFKWGLHVHLQHV&KDUDNWHUV 8QGGDVLVWHEHQGDV6FKOLPPH0LWHLQHP$WKHLVWHQN|QQWHLFK OHEHQZHQLJVWHQVKDOWHLFKHVIUP|JOLFKMDPHKUHVN|QQWH HLQHQ5HL]IUPLFKKDEHQHUQVWH.lPSIHPLWLKP]XEHVWHKHQ $EHUGDYRQLVW+HOPXWKZHLWDE(UQVWH.lPSIH'DVNHQQWHU QLFKW0LWDOOHPZDVGXGDVDJWHVW]XPLUNDQQVWGXVR VSUHFKHQYHUZLUUVWGXLKQEORXQGEHVWlUNVWLKQQXULQDOOHP ZDVVFKZDFKXQGHLWHODQLKPLVW© $UQHEHJQJWHVLFKHWOLFKHQ%XFKILQNHQGLHZlKUHQGGHV *HVSUlFKVELVXQWHUGLH+DOOHJHNRPPHQZDUHQHLQSDDUNOHLQH .UXPHQKLQ]XZHUIHQVFKZLHJDEHU
ª:DUXPVFKZHLJVWGX"%LQLFKGLUZLHGHU]XNLUFKOLFK",FKKDEH NHLQ:RUWYRQ.LUFKHJHVSURFKHQ2GHUELQLFKGLUZLHGHU]X VWUHQJ"© $UQHQLFNWH ª=XVWUHQJ6RQGHUEDU'XILQGHVWGLFKQLFKWPHKULQPLU]XUHFKW $OIUHGXQGZHQQGDVHLQ9RUZXUILVWXQGGXPHLQVWHVVRVR PXLFKGLUGHQ9RUZXUI]XUFNJHEHQ,FKILQGHPLFKQLFKWPHKU LQGLU]XUHFKW'XZHLWZLHPHLQ+HU]DQGLUKlQJWZLHLFKDXV PHLQHU.LQGKHLW7DJHQKHUYROOHU'DQNJHJHQGLFKELQXQGGLHV 'DQNHVJHIKOKDEHLFKQRFK$EHULFKNDQQGLUGDV:RUWQLFKW HUVSDUHQGXELVWHLQDQGHUHUJHZRUGHQLQGHLQHQ$QVFKDXXQJHQ XQG3ULQ]LSLHQQLFKWLFK$QGHPHLQHQ7DJHELQLFKGLU]X VLWWHQVWUHQJDPDQGHUHQ7DJH]XVWDUULQPHLQHP%HNHQQWQLV DPGULWWHQ7DJH]XSUHXLVFKXQGDPYLHUWHQ]XZHQLJGl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lXHUVWHQ $ULVWRNUDWLVPXVZDUVWMHW]WZRGXEHLQDKVHFK]LJELVWGLH:HOW PLWHLQHP0DOHGXUFKOLEHUDOJHVFKOLIIHQH*OlVHUVLHKVW DEHU GDUIVWGXPLU9RUZUIHPDFKHQZHQQLFKGDEOLHEZRGXIUKHU DXFKVWDQGHVWXQGZRGXPLFKVHOEHUKLQJHVWHOOW"© $UQHQDKP]lUWOLFKGHU6FKZHVWHU+DQGª$FK&KULVWLQHVWHKH ZRGX ZLOOVW,FKKDEHQLFKWGHQ0XWPHKU6WDQGSXQNWH]X YHUZHUIHQ'DVLVWHEHQGDVHLQHZDVLFKLQPHLQHQ]ZHLWHQ GUHLLJ-DKUHQJHOHUQWKDEH'HU6WDQGSXQNWPDFKWHVQLFKWGLH $UWPDFKWHVZLHPDQLKQYHUWULWW8QGGDPXLFKGLUVDJHQGX EHUVSDQQVWGHQ%RJHQGXWXVWGHV*XWHQ]XYLHO© ª.DQQPDQGHV*XWHQ]XYLHOWXQ"©
ª*HZLNDQQPDQGDV-HGHV=XYLHOLVWYRPhEHO(VKDWPLU VRODQJLFKGHQ6DW]NHQQHGHQJU|WHQ(LQGUXFNJHPDFKWGD GLH$OWHQQLFKWVVRVFKlW]WHQZLHGDV0DGHU'LQJH© +RONXQGGLH 'REVFKW]NHKUWHQLQGLHVHP$XJHQEOLFNHYRQLKUHP 6SD]LHUJDQJH]XUFNXQGYRQGHUDQGHUQ6HLWHKHUNDP$VWDGLH 6WUDQGWHUUDVVHKHUDXIXQGHLOWHVRIRUWDXI$UQH]XGHVVHQ /LHEOLQJVLHZDUXQGDQGHPVLHMHGHU]HLWGHQEHVWHQ=XK|UHU KDWWH'HU0DPDJHJHQEHU]HLJWHVLHVLFKPHLVW]XUFNKDOWHQG DEHUZHQQ2QNHO$OIUHGGDZDUPXWHDOOHVKHUXQWHUZDVLKUDXI GHU6HHOHODJ ª,FKKDEHKHXWHIUKVFKRQDQ3DVWRU3HWHUVHQV$UEHLWVWLVFK JHVHVVHQXQGUHFKWVODJGLH%LEHOXQGOLQNVVWDQGGHU.DVWHQPLW $OWHUWPHUQXQGZDUHLJHQWOLFKNHLQ=ROOEUHLW3ODW]PHKUGDXP PLU]X]HLJHQZDVLQGHQ3DSSVFKDFKWHOQDOOHVODJ0HLVWHQV ZDUHQHV6WHLQH=XOHW]WDEHUDOVHUGLH%LEHO]XUFNJHVFKREHQ KDWWH© ª'DKDWWHWLKU3ODW]©ODFKWHGLH*UlILQª0HLQDOWHUOLHEHU 3HWHUVHQHUVFKLHEWLPPHUGLH%LEHO]XUFNXQGLVWLPPHUEHL VHLQHQ6WHLQHQXQGKDWDXFKVRQVWHLQH1HLJXQJGLH6WHLQHIU %URW]XJHEHQ© $UQHZROOWHZLGHUVSUHFKHQDOVHUDEHUGHVHEHQJHKDEWHQ *HVSUlFKVJHGDFKWHEHVDQQHUVLFKUDVFKZLHGHUXQGZDUIURK DOV$VWDIRUWIXKU ª8QGGDQQKDELFKGUDXHQDXIGHP.LUFKKRIH PLW(OLVDEHWKDQGHP*UDELKUHU0XWWHUJHVWDQGHQXQGKDEHEHL GHU*HOHJHQKHLWJHVHKHQGD(OLVDEHWKHLJHQWOLFK(OLVDEHWK.UXVH KHLWXQGGDEORLKUH0XWWHUHLQH3HWHUVHQZDUXQGGDZLUVLH HLJHQWOLFKJDUQLFKW(OLVDEHWK3HWHUVHQQHQQHQGUIHQ$EHUVR VDJWHVLHPLUVLHKDEHLKUHQ9DWHUJDUQLFKWPHKUJHNDQQWXQG GLH0XWWHUZHQQPDQLP'RUIYRQLKUJHVSURFKHQKlWWHVHLIU GLH/HXWHQXULPPHUGHVDOWHQ3HWHUVHQ7RFKWHUJHZHVHQXQGVR KHLHVLHGHQQDXFK(OLVDEHWK3HWHUVHQXQGVHLHLJHQWOLFKUHFKW JXWVR 8QGGDQQ©IXKU$VWDIRUWªJLQJHQZLUGHQ.LUFKKRIVVWHLJZHLWHU KLQDXIELVDQGLH.LUFKHXQGNOHWWHUWHQDXIHLQHQVFKUlJ GDOLHJHQGHQ*UDEVWHLQXQGZROOWHQHEHQGXUFKGDV*LWWHUIHQVWHU LQXQVHUH*UXIWVHKHQGDILHOHLQ6WHLQKLQHLQXQGVFKOXJDXIXQG ZDUPLUDOVKlWWLFKZHQHUVFKODJHQ$FKLFKNDQQJDUQLFKW
VDJHQZLHLFKPLFKHUVFKURFNHQKDEH'DPDJLFKQLFKWKLQHLQ XQGZHQQLFKVWHUEHGDVPWLKUPLUDOOHYHUVSUHFKHQZLOOLFK GHQ+LPPHOEHUPHLQHP*UDEHKDEHQ© 'HU*UlILQ%OLFNWUDIGHQ*UDIHQGHUVLFKWOLFKEHZHJWZDUXQG VHLQHU)UDXIUHXQGOLFK]XQLFNWHª6ROODQGHUVZHUGHQ&KULVWLQH +DEHVFKRQPLW$OIUHGJHVSURFKHQXQGDXFKHEHQPLWGHU 'REVFKW](VZLUGHLQHRIIHQHJRWLVFKH+DOOHZHUGHQGLHGHQ %HJUlEQLVSODW]XPVFKOLHWXQGZDVVRQVWQRFKZHUGHQVROOGDV ZLUVWGXVHOEHUDQJHEHQ© $UQHZlKUHQG*UDIXQG*UlILQQRFKHLQHNOHLQH:HLOHVR ZHLWHUVSUDFKHQXQWHUKLHOWVLFKPLW$VWDXQGOHLWHWHGDQQDOVGDV *HVSUlFKZLHGHU HLQDOOJHPHLQHVZXUGH]XDQGHUHQ'LQJHQEHU ZDVVLFKOHLFKWPDFKWHGD*lUWQHU2KOVHQHEHQYRQ*OFNVEXUJ ]XUFNNDPXQGGLH1DFKULFKWEUDFKWHGHU.|QLJNRPPHPRUJHQ XQGGLH*UlILQ'DQQHUDXFKXQGHUZROOHYLHU:RFKHQEOHLEHQXQG DXIGHP%UDUXSHU0RRUHLQ+QHQJUDEDXVQHKPHQ8QGGDV%LOOHW KDEHHUEHL5HHGHU.LUNHJDUGJOHLFKJHO|VWXQGXP]HKQ8KUIUK RGHUVRKHUXPZHUGGDV'DPSIVFKLIIDQGHP6WHJXQWHQDQOHJHQ (VVHLGDVEHVWH6FKLIIDXIGHU/LQLH ª.|QLJ&KULVWLDQ©.DSLWlQ %U|GVWHGW (KH2KOVHQQRFKVHLQHQ5DSSRUWEHHQGHWNDP$[HOPLWGHP +DXVOHKUHUXQGKROWHGLHYRQLKPJHVFKRVVHQHQ5HEKKQHUDXV GHU-DJGWDVFKHKHUYRU ª0LUOLHE$[HO©VDJWH+RONªGDVJLEWHLQ)UKVWFNIU XQWHUZHJV'XZLUVWGRFKQRFKHLQULFKWLJHU+RONVFKHU-lJHU ZHUGHQXQGRIIHQJHVWDQGHQGDVZlUHPLUGDVOLHEVWH'DV /HUQHQLVWIUDQGHUH© 8QGGDEHLVWUHLIWH+RONV%OLFNRKQHUHFKW]XZROOHQGHQDUPHQ 6WUHKONHGHUVLFKZlKUHQGVHLQ=|JOLQJGLH5HEKKQHU JHVFKRVVHQGDPLWEHJQJWKDWWHHLQ'XW]HQG.UDPPHWVY|JHO DXVGHQ'RKQHQ]XQHKPHQ
1HXQWHV.DSLWHO 'HUª.|QLJ&KULVWLDQ©KLHOW:RUW SQNWOLFKXP]HKQ8KUNDPHU LQ6LFKWXQG]HKQ0LQXWHQVSlWHUOHJWHHUDQGHU/DQGXQJVEUFNH DQ'HU*UDIVWDQGVFKRQGDGLH.RIIHUQHEHQLKPDXIGHQHQ $[HOXQG$VWD3ODW]JHQRPPHQKDWWHQMHQHUPLWVHLQHU-DJGIOLQWH EHUGHU6FKXOWHU8QGQXQNDPGHU$EVFKLHGYRQGHQ.LQGHUQ XQGJOHLFKGDQDFKVWLHJ+RONDQ%RUGXQWHU9RUDQWULWW]ZHLHU %RRWVOHXWHGLHGDV*HSlFNWUXJHQ(LQHU$XJHQEOLFNVSlWHUXQG .DSLWlQ%U|GVWHGWULHIDXFKVFKRQVHLQH%HIHKOH]XU:HLWHUIDKUWLQ GHQ0DVFKLQHQUDXPKLQHLQGHU6WHXHUPDQQDEHUOLHGDV5DG GXUFKGLH+DQGODXIHQXQGXQWHUHLQSDDUVFKZHUHQ6FKOlJHQ HV ZDUQRFKHLQ5DGGDPSIHU O|VWHVLFKGDV6FKLIIYRQGHU /DQGXQJVEUFNHORVXQGQDKPVHLQHQ.XUV|VWOLFKLQGLHRIIHQH 6HHKLQDXV+RONVHLQHUVHLWVZDUPLWWOHUZHLOH]XGHP.DSLWlQ KHUDQJHWUHWHQXQGVDKMHW]WYRQGHU.RPPDQGREUFNHKHUDXI GHQ3LHU]XUFNYRUGHPDXVEHLGH.LQGHUQRFKHLIULJJUWHQ MD$[HOJDEVRJDUHLQHQ6DOXWVFKXDXVVHLQHP*HZHKU 2EHQ DEHUDXIGHUOHW]WHQ7HUUDVVHQVWXIHVWDQGHQGLH*UlILQXQGGDV )UlXOHLQELVVLHQDFKNXU]HP9HUZHLOHQDQGLHVHU6WHOOHZLHGHU XQWHUGLHK|KHUJHOHJHQH6lXOHQKDOOH]XUFNWUDWHQXPYRQKLHU DXVGHP6FKLIIHEHTXHPHUIROJHQ]XN|QQHQ=XJOHLFKVDKHQVLH QDFKGHP3LHUKLQXQWHUDXIGHPMHW]WGLH*HVFKZLVWHU JHPHLQVFKDIWOLFKKHUDQNDPHQDQVFKHLQHQGLQOHEKDIWHP *HVSUlFK(UVWDP6WUDQGHWUHQQWHQVLHVLFKZLHGHUXQGZlKUHQG $[HODXI0|ZHQMDJGLQGLH'QHQHLQERJVWLHJ$VWDGLH7HUUDVVH KLQDXI $OVVLHREHQZDUVFKREVLHHLQH)XEDQNQHEHQGHQ3ODW]GHU 0DPDQDKPGLH+DQGGHUVHOEHQXQGYHUVXFKWH]XVFKHU]HQª(V ZDU.DSLWlQ%U|GVWHGWGHUIXKUHLQVFK|QHU0DQQXQGVROODXFK ZLHPLU3KLOLSSHU]lKOWKDWHLQHELOGVFK|QH)UDXKDEHQYRQGHU HVKHLW HUKDEHVLHVLFKYRQGHP%RUQKROPHU/HXFKWWXUP KHUXQWHUJHKROW(VLVWGRFKHLJHQWOLFKVFKDGHGDPDQXP EORHU6WDQGHVYRUXUWHLOHZLOOHQHLQHQ0DQQZLH.DSLWlQ %U|GVWHGWQLFKWKHLUDWHQNDQQ© ª$EHU$VWDZLHNRPPVWGXQXUDXIVROFKH'LQJH"© ª*DQ]QDWUOLFK0DPD0DQKDWGRFKDXFKVRVHLQH]ZHL$XJHQ XQGK|UWDOOHUOHLXQGPDFKWVHLQH9HUJOHLFKH'DQLPPHLQPDOGHQ
JXWHQ6HPLQDUGLUHNWRUGHUHLQH$GOLJH]XU)UDXKDWWH QXQLVWHU IUHLOLFK:LWZHU-DGXZLUVWGRFK]XJHEHQ0DPDGD 6FKZDU]NRSSHQQRFKODQJHNHLQ%U|GVWHGWLVW8QG 6FKZDU]NRSSHQJLQJHQRFKDEHU+HUU6WUHKONH© %HLGH'DPHQODFKWHQXQGDOVGLH0DPDVFKZLHJVDJWHGDV )UlXOHLQ ª$VWDGXELVWZLHHLQMXQJHV)OOHQXQGLFKVHKH]X PHLQHP6FKUHFNHQGDGLUGLH6FKXOVWXQGHQIHKOHQ8QGZDV GX GDQXUVSULFKVWDOVREJHVHOOVFKDIWOLFKHLQ8QWHUVFKLHG]ZLVFKHQ HLQHP0DQQHZLH%U|GVWHGWXQGHLQHP0DQQHZLH6WUHKONH ZlUH© ª*HZLLVWHLQ8QWHUVFKLHG'DVKHLWQLFKWIUPLFKIUPLFK JDQ]JHZLQLFKWGDVNDQQLFKEHWHXHUQ$EHUIUDQGHUHLVWHLQ 8QWHUVFKLHG6LHKGLFKGRFKQXUXP,FKIUPHLQ7HLOKDEHQRFK QLHYRQHLQHU+HLUDW]ZLVFKHQHLQHP'DPSIVFKLIIVNDSLWlQXQG HLQHU&RPWHVVHJHK|UW DEHUVROOLFKGLUDQPHLQHQ]HKQ)LQJHUQ DOOGLH+DXVOHKUHUXQG.DQGLGDWHQDXI]lKOHQGLHKLHUKHUXP© ª(VLVWVFKRQGDVEHVWH$VWDZLUYHU]LFKWHQDXIDOOH9HUJOHLFKH© ª0LUUHFKW©ODFKWHGLHVHª$EHUHLQH/HXFKWWXUPVWRFKWHUVHLQXQG YRQHLQHP0DQQHZLH.DSLWlQ%U|GVWHGWYRQHLQHP/HXFKWWXUP KHUXQWHUJHKROW]XZHUGHQGDVLVWGRFKKEVFKXQGHLJHQWOLFKHLQ OHLEKDIWLJHV0lUFKHQ8QGDOOHVZDV0lUFKHQLVWLVWPHLQH 6FKZlUPHUHLPHLQH3DVVLRQXQGGLH*HVFKLFKWH¾YRPWDSIHUQ =LQQVROGDWHQ½LVWPLUYLHOYLHOOLHEHUDOVGHUJDQ]H6LHEHQMlKULJH .ULHJ©8QGEHLGLHVHQ:RUWHQHUKREVLHVLFKZLHGHUYRQLKUHU )XEDQNXQGOLHGLHEHLGHQ'DPHQDOOHLQXPVLFKQHEHQDQDQ GHQ)OJHO]XVHW]HQ*OHLFKGDQDFKK|UWHPDQGHQQDXFKHLQH &KRSLQVFKH(WGHIUHLOLFKQLFKWUHFKWIOVVLJXQGPLWYLHOHQ )HKOHUQ ª:LHNDP$VWDQXU]XVROFKHU%HPHUNXQJ",VWHVEORhEHUPXW RGHUZDVVRQVW":DVIKUWVLHLQLKUHP*HPWVRVRQGHUEDUH :HJH"© ª1LFKWVZDVGLFKlQJVWLJHQN|QQWH©VDJWHGLH'REVFKW]ª:lU HVGDVVRZUGHVLH]XVFKZHLJHQZLVVHQ,FKOHEHPHKUPLWLKU DOVGXXQGEUJHGLUIULKUHQJXWHQ6LQQ$VWDKDWHLQHQ OHEKDIWHQ*HLVWXQGHLQHOHEKDIWH3KDQWDVLH© ª:DVLPPHUHLQH*HIDKULVW©
ª-D$EHURIWDXFKHLQ6HJHQ(LQHOHEKDIWH3KDQWDVLHVFKLHEW DXFK%LOGHUYRUGDV+lOLFKHXQGLVWGDQQZLHHLQ6FKXW]XQG 6FKLUP© 'LH*UlILQVFKZLHJXQGEOLFNWHYRUVLFKKLQXQGDOVVLHQDFK HLQLJHU=HLWZLHGHUDXIGDV0HHUKLQDXVVDKVDKVLHYRQGHP 'DPSIHUQXUQRFKGHQLPPHUEODVVHUZHUGHQGHQ5DXFKGHUZLH HLQ6WULFKDP+RUL]RQWHKLQ]RJ6LHVFKLHQDOOHUKDQG*HGDQNHQ QDFK]XKlQJHQXQGDOVGLH'REVFKW]YRQGHU6HLWHKHUHLQHQ IOFKWLJHQ%OLFNDXIGLH)UHXQGLQULFKWHWHVDKVLHGDHLQH7UlQH LQGHUHQ$XJHVWDQG ª:DVLVW&KULVWLQH"©VDJWHVLH ª1LFKWV© ª8QGGRFKELVWGXVREHZHJW© ª1LFKWV©ZLHGHUKROWHGLH*UlILQª2GHUZHQLJVWHQVQLFKWV %HVWLPPWHV$EHUHVTXlOWPLFKHLQHXQEHVWLPPWH$QJVWXQG ZHQQLFKQLFKWGDV:DKUVDJHQXQG7UlXPHGHXWHQYRQ*UXQG PHLQHU6HHOHYHUDEVFKHXWHZHLOLFKHVIUJRWWORVXQGDXFKIU HLQH4XHOOHGHU7UEVDOKDOWHVRPWLFKGLUYRQHLQHP7UDXP HU]lKOHQGHQLFKGLHVHOHW]WH1DFKWJHKDEWKDEH8QGZDUQLFKW HLQPDOHLQVFKUHFNOLFKHU7UDXPEORHLQWUEHUXQG VFKZHUPWLJHU(LQ7UDXHU]XJZDUHVQXULFKXQGGXXQGLQGHU )HUQH+RON8QGPLWHLQHP0DOHZDUHVHLQ+RFK]HLWV]XJLQGHP LFKJLQJXQGGDQQZDUHVZLHGHUHLQ7UDXHU]XJ,FKNDQQGDV%LOG QLFKWORVZHUGHQ'DEHLGDV6RQGHUEDUHVRODQJHGHU7UDXP GDXHUWHKDELFKPLFKQLFKWJHlQJVWLJWXQGHUVWDOVLFKZDFK ZXUGHNDPGLH$QJVW8QGGHVKDOEEHXQUXKLJWHPLFKDXFKGDV ZDV$VWDVDJWH1RFKJHVWHUQKlWWHPLFKVEORHUKHLWHUWGHQQLFK NHQQHGDV.LQGXQGZHLGDVLHJDQ]VRLVWZLHGXVDJVW8QG GDQQRIIHQJHVWDQGHQDXFKGLHVH5HLVHlQJVWLJWPLFK6LHKMHW]W LVWGLH5DXFKIDKQHYHUVFKZXQGHQ© ª$EHU&KULVWLQHGDVZLUVWGXGRFKYRQGLUDEWXQ GDVLVWMDZLH VLFKIUFKWHQGDPDQYRP6WXKOIlOOWRGHUGDGLH'HFNH HLQVWU]W(VVWU]HQ'HFNHQHLQXQG+lXVHUDXFKXQGHV VFKHLWHUQDXFK6FKLIIHGLH]ZLVFKHQ*OFNVEXUJXQG.RSHQKDJHQ IDKUHQDEHU*RWWVHL'DQNGRFKEORDOOHKXQGHUW-DKU HLQPDO©
ª8QGHLQHQWULIIWHVGDQQXQGZHUZLOOVDJHQZHUGLHVHUHLQHLVW $EHUGDVLVWHVQLFKW-XOLH,FKGHQNHQLFKWDQHLQ8QJOFN XQWHUZHJV(VVLQGJDQ]DQGHUH'LQJHGLHPLFKlQJVWLJHQ,FK IUHXWHPLFKZLHGXZHLWDXIGLHVHVWLOOHQ7DJHGLH]XJOHLFK JHVFKlIWLJH7DJHZHUGHQVROOWHQXQGVHLWKHXWHIUKIUHXHLFK PLFKQLFKWPHKUGDUDXI© ª%LVWGXZHJHQGHU.LQGHUDQGHUHQ6LQQHVJHZRUGHQ"© ª1HLQ(VEOHLEWEHLGHPOlQJVW]ZLVFKHQXQV%HVSURFKHQHQXQG QXUZHJHQ$[HOVFKZDQNWHVQRFKPLWGHP:RKLQ$EHUDXFKGDV ZLUGVLFKXQVFKZHUUHJHOQ1HLQ -XOLHZDVPLFKLQPHLQHP *HPWHVHLWKHXWHIUKEHVFKlIWLJWLVWHLQIDFKGDV LFKGXUIWH +RONQLFKWUHLVHQODVVHQRGHUGRFKQLFKWDOOHLQ,FKKDEHGLHVH VRQGHUEDUH6WHOOXQJLPPHUPLW8QEHKDJHQXQG0LWUDXHQ DQJHVHKHQXQGZHQQHUDXFKGLHVPDOZLHGHUKLQEHUPXWH ZHLOVHLQ1LFKWHUVFKHLQHQHLQH%HOHLGLJXQJJHZHVHQZlUHVR PXWHLFKPLWLKPJHKHQ© 'LH'REVFKW]EHUUDVFKWPKWHVLFKHLQ/lFKHOQ]X XQWHUGUFNHQ ª(LIHUVFKWLJ"©8QGZlKUHQGVLHVRIUDJWHQDKPVLHGLH+DQGGHU *UlILQXQGIKOWHGDGLHVH]LWWHUWHª'XVFKZHLJVW$OVR JHWURIIHQDOVRZLUNOLFKHLIHUVFKWLJVRQVWZUGHVWGXVSUHFKHQ XQGPLFKDXVODFKHQ0DQOHUQWGRFKQLHDXVDXFKQLFKWLQGHP +HU]HQVHLQHUEHVWHQ)UHXQGLQ© (LQH3DXVHWUDWHLQIUEHLGHSHLQOLFKEHVRQGHUVIUGLH 'REVFKW]GLHGDVDOOHVVRJDQ]ZLGHU:XQVFKXQG:LOOHQ KHUDXIEHVFKZRUHQKDWWH-D9HUOHJHQKHLWDXIEHLGHQ6HLWHQ VRYLHOZDUJHZLXQGGLHVH9HUOHJHQKHLWZLHGHUDXVGHP:HJH ]XUlXPHQGDVZDUQXUP|JOLFKZHQQGDV*HVSUlFKZLHHV EHJRQQHQPLWDOOHP)UHLPXWIRUWJHVHW]WZXUGH ª*|QQVWGXPLUQRFKHLQ:RUW"© 'LH*UlILQQLFNWH ª1XQGHQQ&KULVWLQHLFKZDULQYLHOHQ+lXVHUQXQGKDEH PDQFKHVJHVHKHQZDVLFKOLHEHUQLFKWJHVHKHQKlWWH'LH +HUUHQVLW]HODVVHQRIWYLHO]XZQVFKHQEULJ$EHUZHQQLFKMH XPJHNHKUWHLQ]XYHUOlVVLJHV+DXVJHIXQGHQKDEHVRLVWHVGDV
HXHUH'XELVWHLQ(QJHOZLHDOOHVFK|QHQ)UDXHQZHQQVLHQLFKW EORVFK|QVRQGHUQDXFKJXWVLQGHLQ)DOOGHUIUHLOLFKVHOWHQ HLQWULWWXQGLFKSHUV|QOLFKZHQLJVWHQVKDEHQLFKWV%HVVHUHV NHQQHQJHOHUQWDOVGLFK$EHUJOHLFKQDFKGLUNRPPWGHLQ0DQQ(U LVWLQGHPXPGDVVLFK VKLHUKDQGHOWHLQ0XVWHUXQGZHQQLFK HLQHP)UHPGHQ]HLJHQVROOWHZDVHLQGHXWVFKHV+DXVXQG GHXWVFKH6LWWHVHLVRQlKPLFKLKQEHLP6FKRSIXQGEUlFKWLKQ HLQIDFKKLHUKHUQDFK+RONHQlV© 'HU*UlILQ$QWOLW]YHUNOlUWHVLFK ª-D&KULVWLQHGXELVWDOOHVLQDOOHPGRFKHLQHVHKUEHYRU]XJWH )UDX+RONLVWDXIULFKWLJXQG]XYHUOlVVLJXQGZHQQGUEHQLQ .RSHQKDJHQDXFKMHGHGULWWH)UDXGLH)UDX3RWLSKDULQ3HUVRQ ZlUHGXZlUHVWVHLQHUGRFKVLFKHU8QGVFKOLHOLFK&KULVWLQH ZHQQGLUWURW]DOOHGHPLPPHUQRFKHLQ=ZHLIHONlPH© ª:DVGDQQ"© ª'DQQPWHVWGXGHQ=ZHLIHOQLFKWDXINRPPHQODVVHQXQGGLUµV NOXJXQGOLHEHYROOHLQUHGHQHVVHLDQGHUV(LQVFK|QHU*ODXEH EHJOFNWXQGEHVVHUWXQGVWHOOWZLHGHUKHUXQGHLQVFKOLPPHU $UJZRKQYHUGLUEWDOOHV© ª$FKPHLQHOLHEH-XOLHGDVVDJVWGXVRKLQZHLOGXVRYLHOGX YRQXQVHUHP+DXVXQG/HEHQNHQQVWGRFKQLFKWUHFKWZHLW XQG GXVDJWHVWHEHQVHOEVWVRZDV ZLHHVLQPHLQHP+HU]HQ HLJHQWOLFKDXVVLHKW'XZHLWDOOHVXQGGRFKDXFKZLHGHUQLFKW ,FKJODXEHZLH(KHQVLQGGDVZLVVHQLPPHUQXUGLH(KHOHXWH VHOEVWXQGPLWXQWHUZLVVHQVDXFKGLHQLFKW:HUGUDXHQVWHKW GHUVLHKWMHGHQ0LPXWXQGK|UWMHGHQ6WUHLW GHQQVRQGHUEDU]X VDJHQYRQLKUHQ)HKGHQXQG6WUHLWLJNHLWHQYHUEHUJHQGLH (KHOHXWHPHLVWHQVQLFKWYLHOYRUGHU:HOWMDPLWXQWHULVWHVIDVW DOVVROOWHQHVDQGHUHK|UHQXQGDOVZUGHGDV+HIWLJVWHJHUDGH IUDQGHUHJHVSURFKHQ$EHUGDVJLEWGRFKHLQIDOVFKHV%LOGGHQQ HLQH(KHZHQQQXUQRFKHWZDV/LHEHGDLVWKDWGRFKDXFKLPPHU QRFKHLQHDQGHUH6HLWH6LHK-XOLHZHQQLFK+RONLQLUJHQGHLQHU 6DFKHVSUHFKHQZLOOXQGVXFKLKQLQVHLQHP=LPPHUDXIXQGVHKH GDHUUHFKQHWRGHUVFKUHLEWVRQHKPHLFKHLQ%XFKXQGVHW]H PLFKLKPJHJHQEHUXQGVDJH ¾/DGLFKQLFKWVW|UHQ+RONLFK ZDUWH½8QGGDQQZlKUHQGLFKOHVHRGHUDXFKQXUVRWXHVHKLFK RIWEHUGDV%XFKIRUWXQGIUHXHPLFKEHUVHLQJXWHVOLHEHV
*HVLFKWXQGP|FKWHDXILKQ]XIOLHJHQXQGLKPVDJHQ ¾%HVWHU +RON½6LHK-XOLHGDVNRPPWDXFKYRU DEHUQLHPDQGVLHKWHV XQGQLHPDQGK|UWHV© ª$FK&KULVWLQHGDLFKGDVDXVGHLQHP0XQGHK|UHGDVIUHXW PLFKPHKUDOVLFKGLUVDJHQNDQQ,FKKDEHPLFKPDQFKPDOXP HXFKXQGHXHU*OFNJHlQJVWLJW$EHUZHQQHVVRLVW© ª(VLVWVR-XOLHJDQ]VRPLWXQWHUPLUVHOEVW]XP7URW]$EHU JHUDGHZHLOHVVRLVWGHVKDOEKDVWGXGRFKXQUHFKWPLWGHLQHP 5DWHGDPDQLPPHUGDV%HVWHJODXEHQXQGPLWXQWHUVRJDUGLH $XJHQVFKOLHHQPVVH'DVJHKWQLFKWVRZHQQPDQZHQOLHEW 8QGGDQQOLHEH-XOLHKDVWGXGRFKDXFKXQUHFKWRGHU ZHQLJVWHQVHLQKDOEHVPLWGHPZDVGXEHU+RONVDJVW(ULVW JXWXQGWUHXGHUEHVWH0DQQYRQGHU:HOWGDVLVWULFKWLJDEHU GRFKDXFKVFKZDFKXQGHLWHOXQG.RSHQKDJHQLVWQLFKWGHU2UW HLQHQVFKZDFKHQ&KDUDNWHUIHVW]XPDFKHQ6LHK-XOLHGX PDFKVWVHLQHQ$GYRNDWHQXQGWXVWHVPLWDOOHUhEHU]HXJXQJDEHU GXVSULFKVWGRFKDXFKYRQ0|JOLFKNHLWHQXQGGLHJHUDGHODVWHQ PLUMHW]WDXIGHU6HHOH© 'LH'REVFKW]ZROOWHZHLWHUEHUXKLJHQDEHU3KLOLSSNDPXQG EHUJDEHLQHQ%ULHIGHQHLQ%RWHYRQ$UQHZLHNKHUHEHQ EHUEUDFKWKDWWH'LH*UlILQQDKPDQGDHUYRQLKUHP%UXGHU VHLDOVVLHDEHUGLH$XIVFKULIWEHUIORJVDKVLHGDHUYRQ 6FKZDU]NRSSHQNDP8QGQXQODVVLH ª*QlGLJVWH)UDX,FKKDEHPLFKVHLWYRUJHVWHUQHLQJHKHQGHUPLW GHU]ZLVFKHQXQVYHUKDQGHOWHQ)UDJHEHVFKlIWLJWXQGELQGLH 5HLKHGHU(U]LHKXQJVLQVWLWXWHGXUFKJHJDQJHQGLHIU$[HOLQ %HWUDFKWNRPPHQN|QQHQ(LQLJHGHUEHVWHQVLQG]XVWUHQJQLFKW EORLQGHU'LV]LSOLQVRQGHUQZRKODXFKNLUFKOLFKXQGVRP|FKWH LFKGHQQDQQHKPHQGDGDV%XQ]ODXHU3lGDJRJLXPGHQ]X VWHOOHQGHQ$QIRUGHUXQJHQDPPHLVWHQHQWVSULFKW,FKNHQQHGHQ 9RUVWDQGXQGZUGHPLUGLH(UODXEQLVLQGLHVHU$QJHOHJHQKHLWHLQ SDDUHLQIKUHQGH:RUWHDQGHQVHOEHQVFKUHLEHQ]XGUIHQ]XU (KUHVFKlW]HQ$XHUGHPLVW*QDGHQIUHLYHUKlOWQLVPlLJQDKVR GDGLH*HVFKZLVWHUVLFK|IWHUVHKHQDXFKGLH6RPPHUIHULHQUHLVH JHPHLQVFKDIWOLFKPDFKHQN|QQHQ*QlGLJVWH*UlILQLQ YRU]JOLFKHU(UJHEHQKHLW ,KU6FKZDU]NRSSHQ©
ª1XQ-XOLHGDVWULIIWVLFKJXW,FKYHUODVVHPLFKLQGLHVHU)UDJH JDQ]DXIXQVHUHQ)UHXQGGUEHQXQG+RONKDWPLUMDIUHLH+DQG JHJHEHQ:LHJXWGDZLUQXQHWZDVYRUKDEHQ+HXWHQRFK VFKUHLEHQZLUDXIZDVMHGHVGHU.LQGHUEUDXFKWHVZLUGHLQH :HOWYRQ6DFKHQVHLQ8QGGDQQ NRPPWGLH5HLVHXQGGXPXW XQVQDWUOLFKEHJOHLWHQ,FKIUHXHPLFKYRQJDQ]HP+HU]HQXQG GXZLUVWHVDXFKPHLQJHOLHEWHV*QDGHQIUHLZLHGHU]XVHKHQ8QG ZHQQLFKGDQQGDUDQGHQNHZLHPHLQ%UXGHUDFKODQJLVW VKHU PLFKYRQGRUWDEKROWHXQG+RONPLWLKP)DVWZDUHVZLHGHU /HXFKWWXUPYRQGHP.DSLWlQ%U|GVWHGWVHLQH%RUQKROPHULQ KHUXQWHUKROWH1XQHLQ/HXFKWWXUPZDUHVJHZLIUGLFKXQG PLFKHLQ/LFKWIUV/HEHQXQGKRIIHQWOLFKELVLQGHQ7RG©
=HKQWHV.DSLWHO 'LH'DPSIVFKLIIDKUWJLQJJXWXQG HVZDUQRFKQLFKWQHXQ8KU DEHQGVKHUDQDOVGHUª.|QLJ&KULVWLDQ©]ZLVFKHQ1\KROPXQG 7ROERGHQLQGHQ.RSHQKDJHQHU+DIHQHLQERJ+RONVWDQGDXI 'HFNXQGJHQRHLQHVKHUUOLFKHQ$QEOLFNHV EHULKPIXQNHOWHQ GLH6WHUQHLQIDVWVFKRQZLQWHUOLFKHU.ODUKHLWXQGPLWLKQHQ ]XJOHLFKVSLHJHOWHQVLFKGLH8IHUOLFKWHULQGHUVFKLPPHUQGHQ :DVVHUIOlFKH6FKLIIVYRONXQG.RPPLVVLRQlUHGUlQJWHQVLFK KHUDQGLH.XWVFKHUKREHQLKUH3HLWVFKHQXQGZDUWHWHQHLQHV ]XVWLPPHQGHQ:LQNHV+RONDEHUGHUHVYRU]RJGLHZHQLJHQ KXQGHUW6FKULWWHELV]XU'URQQLQJHQV7YHUJDGH]X)X]X PDFKHQOHKQWHDOOH'LHQVWHDEXQGJDEGHP6FKLIIVVWHZDUGQXU :HLVXQJLKPVHLQ*HSlFNVREDOGZLHP|JOLFKELVLQGLH :RKQXQJGHU:LWZH+DQVHQ]XVFKLFNHQ'DQQJLQJHUQDFK HLQHPIUHXQGOLFKHQ$EVFKLHGHYRP.DSLWlQGDV%ROOZHUNHQWODQJ HUVWDXIGHQ6DQNW$QQHQ3ODW]XQGYRQKLHUDXVLQNXU]HU %LHJXQJDXIGLH'URQQLQJHQV7YHUJDGH]XZRJOHLFKOLQNVGDV ]ZHLVW|FNLJH+DXVGHU:LWZH+DQVHQJHOHJHQZDU$OVHUKLHU QDFKZHQLJHQ0LQXWHQYRQGHUDQGHUHQ6HLWHGHU6WUDHKHU VHLQHU:RKQXQJDQVLFKWLJZXUGHVDKHUPXVWHUQGKLQEHUXQG IUHXWHVLFKGHVVDXEHUHQXQGDQKHLPHOQGHQ(LQGUXFNVGHQGDV *DQ]HPDFKWH'HUHUVWH6WRFNLQGHPVLFKVHLQH]ZHL=LPPHU EHIDQGHQZDUVFKRQHUOHXFKWHWXQGGLH6FKLHEHIHQVWHUXP IULVFKH/XIWHLQ]XODVVHQZDUHQHLQZHQLJJH|IIQHWª,FKZHWWHHV EUHQQWDXFKHLQ)HXHULP.DPLQ(LQ,GHDOYRQHLQHU:LUWLQ© 8QWHUGLHVHQ%HWUDFKWXQJHQVFKULWWHUEHUGHQ'DPPDXIGDV +DXV]XXQGWDWPLWGHP.ORSIHUHLQHQJXWHQ6FKODJQLFKW]XODXW XQGQLFKW]XOHLVH*OHLFKGDQDFKZXUGHGHQQDXFKJH|IIQHWXQG :LWZH+DQVHQLQ3HUVRQHLQHQRFKKEVFKH)UDXYRQEHLQDK IQI]LJEHJUWHGHQ*UDIHQPLWHLQHU$UW+HU]OLFKNHLWXQGVSUDFK LKPLKUH)UHXGHDXVLKQQRFKLQGLHVHP-DKUHZLHGHU]XVHKHQ ZlKUHQGVLHGRFKIUKHVWHQVYRQ1HXMDKUDQGDUDXIJHUHFKQHW KDEHª'D%DURQ%LOOHGHUGRFKNHLQ.LQGPHKUDXFKJHUDGHGLH 0DVHUQNULHJHQPXWH$EHUVRLVWHVLP/HEHQGHPHLQHQVHLQ 6FKDGLVWGHPDQGHUHQVHLQ1XW]© 8QWHUGLHVHQ:RUWHQZDUGLH:LUWLQLQGHQ)OXU]XUFNJHWUHWHQ XPYRUDQJHKHQGGHP*UDIHQKLQDXI]XOHXFKWHQ'LHVHUIROJWH GHQQDXFK8QWHQDQGHU7UHSSHDEHUEOLHEHUHLQHQ$XJHQEOLFN VWHKHQZDVQDFKGHP$QEOLFNGHUVLFKLKPERWNDXP
DXVEOHLEHQNRQQWH'LH]ZHLWH+lOIWHGHVQXUVFKPDOHQ+DXVIOXUHV ODJQDFKKLQWHQ]XZLHLQ1DFKWJDQ]]XOHW]WDEHUGDZR PXWPDOLFKHLQH]XU.FKHIKUHQGH7UDXIVWDQGILHOHLQ /LFKWVFKHLQLQGHQGXQNOHQ)OXUKLQHLQXQGLQGLHVHP/LFKWVFKHLQH VWDQGHLQHMXQJH)UDXYLHOOHLFKWXP]XVHKHQQRFK ZDKUVFKHLQOLFKHUXPJHVHKHQ]XZHUGHQ+RONZDUEHWURIIHQXQG VDJWH ª:RKO,KUH)UDX7RFKWHU",FKKDEHVFKRQGDYRQJHK|UW XQGGDVLHGLHVPDOLKUHQ(KHPDQQQLFKWEHJOHLWHWKDW©'LH :LWZH+DQVHQEHVWlWLJWH+RONV)UDJHQXUJDQ]NXU]PXWPDOLFK ZHLOVLHGXUFKHLQHOlQJHUH0LWWHLOXQJLKUHUVHLWVGLH:LUNXQJGHV %LOGHVQLFKWDEVFKZlFKHQZROOWH 2EHQLQGHQ=LPPHUQGLHPLWVFKZHUHQ7HSSLFKHQDXVJHOHJWXQG PLW9DVHQXQGDQGHUHQFKLQHVLVFKMDSDQLVFKHQ3RU]HOODQVDFKHQ UHLFKDEHUQLFKWEHUODGHQJHVFKPFNWZDUHQ]HLJWHVLFKDOOHV VRZLH V+RONYHUPXWHWKDWWH GLH/LFKWHUEUDQQWHQGDV)HXHULP .DPLQZDUGDXQGDXIGHP6RIDWLVFKHVWDQGHQ)UFKWHPHKU ZRKOXPGHQDQKHLPHOQGHQ(LQGUXFNHLQHV6WLOOHEHQV]XVWHLJHUQ DOVXPJHJHVVHQ]XZHUGHQ1HEHQGHU)UXFKWVFKDOHODJHQGLH .DUWHQYRQ%DURQ3HQW]XQG%DURQ(ULFKVHQGLHEHLGHYRUHLQHU 6WXQGHEHUHLWVGDJHZHVHQZDUHQXQGQDFKGHP*UDIHQJHIUDJW KDWWHQª6LHZUGHQZLHGHUNRPPHQ© ,QGLHVHP$XJHQEOLFNK|UWHPDQXQWHQDXIGHP+DXVIOXU VSUHFKHQª(VZHUGHQPHLQH6DFKHQVHLQ©VDJWH+RONXQG HUZDUWHWHGLHMXQJH)UDXGHUHQ%LOGLKQQRFKEHVFKlIWLJWHVDPW HLQSDDUNRIIHUWUDJHQGHQ6FKLIIVOHXWHQHLQWUHWHQ]XVHKHQ$EHU GLHMXQJH)UDXNDPQLFKWDXFKQLFKWGDV*HSlFNZRKODEHU HUVFKLHQHQEHLGH)UHLKHUUHQPLWGHQHQVLFKQXQ+RON EHJUWH PLW3HQW]KHU]OLFKXQGMRYLDOPLW(ULFKVHQDUWLJXQGHWZDV ]XUFNKDOWHQG)UDX+DQVHQPDFKWH0LHQHVLFK]XUFN]X]LHKHQ XQGIUDJWHQXUQRFKZDVGHU+HUU*UDIIUGHQ$EHQGEHIHKOH +RONZROOWHDXFKGDUDXIDQWZRUWHQ3HQW]DEHUOLHHVQLFKWGD]X NRPPHQXQGVDJWH ª/LHEH)UDX+DQVHQ*UDI+RONKDWIUKHXWH JDUNHLQH:QVFKHPHKUDXVJHQRPPHQGHQXQV]X9LQFHQWV]X EHJOHLWHQ6LHPVVHQVLFK VJHIDOOHQODVVHQGDZLULKQ,KQHQ JOHLFKLPHUVWHQ0RPHQWZLHGHUHQWIKUHQ,KQHQXQGGHU)UDX 7RFKWHU:REHLPLUHLQIlOOWVLQGGHQQ1DFKULFKWHQYRQ.DSLWlQ +DQVHQGDGLHVHPJOFNOLFKVWHQXQGEHQHLGHQVZHUWHVWHQXQG ]XJOHLFKOHLFKWVLQQLJVWHQDOOHU(KHPlQQHU":HQQLFKVROFKH)UDX KlWWHKlWWLFKPLFKIUHLQ0HWLHUHQWVFKLHGHQGDVPLFKMHGHQ
7DJUXQGHYLHUXQG]ZDQ]LJ6WXQGHQDQV+DXVIHVVHOWH 6FKLIIVNDSLWlQZlUHMHGHQIDOOVGDVOHW]WHJHZHVHQ© :LWZH+DQVHQZDUVLFKWOLFKHUKHLWHUWUFNWHVLFKDEHUGRFK HLQLJHUPDHQHUQVWKDIW]XUHFKWXQGVDJWHPLWHLQHUJHZLVVHQ 0DWURQHQZUGH ª$FK+HUU%DURQZHULPPHUDXIVHLQHQ0DQQ ZDUWHWGHUGHQNWQLFKWDQDQGHUH0HLQ6HOLJHUZDUMDDXFK .DSLWlQ8QGLFKKDEHLPPHUEORDQLKQJHGDFKW© 3HQW]ODFKWHª1XQ)UDX+DQVHQZDVHLQHPGLH)UDXHQVDJHQ GDVPXPDQJODXEHQGDVJHKWQLFKWDQGHUV8QGLFKZLOO VDXFK YHUVXFKHQ© 8QGGDEHLQDKPHU+RONDP$UPXPLKQ]XJHPHLQVFKDIWOLFKHP $EHQGHVVHQXQGREOLJDWHU3ODXGHUHL]X9LQFHQWV5HVWDXUDQW]X IKUHQ%DURQ(ULFKVHQIROJWHPLWHLQHP*HVLFKWVDXVGUXFNGHU GLHYRUDXIJHJDQJHQHQ.RUGLDOLWlWHQPLWGHU:LUWLQ]XPLELOOLJHQ VFKLHQWURW]GHPHUVLHDOV3HQW]VFKH9HUNHKUVIRUPJHQXJVDP NDQQWH 'LH:LWZH+DQVHQLKUHUVHLWVDEHUKDWWHEHUHLWVGLH*ORFNHYRQ HLQHUGHUEHLGHQ/DPSHQJHQRPPHQXQGOHXFKWHWHKLQDEELVGLH GUHL+HUUHQGDV+DXVYHUODVVHQKDWWHQ 3HQW]XQG(ULFKVHQZDUHQ *HJHQVlW]HZDVQLFKWDXVVFKORGD VLHVLFK]LHPOLFKJXWVWDQGHQ0LW3HQW]VWDQGVLFKEULJHQVMHGHU JXWZHLOHUQLFKWEOR]XGHPKROOlQGLVFKHQ6SULFKZRUWH ª:XQGHUHGLFKDOOHQIDOOVDEHUlUJHUHGLFKQLFKW©YRQJDQ]HP +HU]HQKLHOWVRQGHUQGLHVHQ:HLVKHLWVVDW]DXFKQRFKEHUERW(U KDWWHQlPOLFKDXFKGDVªVLFKZXQGHUQ©VFKRQKLQWHUVLFK DXFK GDVZDULKPVFKRQXPHLQHQ*UDG]XYLHO(UEHNDQQWHVLFK YLHOPHKU]XªULGHVLVDSLV©XQGQDKPDOOHVYRQGHUKHLWHUHQ 6HLWH'HPDOWHQ3LODWXVZRUWHª:DVLVW:DKUKHLW"©JDEHULQ /HEHQ3ROLWLNXQG.LUFKHGLHZHLWHVWH$XVGHKQXQJXQGVLFKEHU 0RUDOIUDJHQ]XHUKLW]HQ EHLGHUHQ(U|UWHUXQJHUUHJHOPlLJGLH *ULHFKHQbJ\SWHU,QGHUXQG7VFKHUNHVVHQDOV9HUWUHWHUMHGHU 5LFKWXQJLQ/HEHQXQG/LHEH]LWLHUWH ZDULKPHLQIDFKHLQ%HZHLV WLHIHU1LFKWELOGXQJXQGlXHUVWHU8QYHUWUDXWKHLWPLWGHQ ªZHFKVHOQGHQ)RUPHQPHQVFKOLFKHU9HUJHVHOOVFKDIWXQJ©ZLHHU VLFKXQWHU/IWXQJVHLQHUNOHLQHQ*ROGEULOOHJHUQDXVGUFNWH 0DQVDKGDQQMHGHVPDOZLHGLHNOHLQHQ$XJHQSILIILJXQG EHUOHJHQOlFKHOWHQ(UZDUHLQVHFK]LJHUXQYHUKHLUDWHWXQG
QDWUOLFK*RXUPDQG GLH3ULQ]HVVLQKLHOWDXILKQZHLOHUVLHQLH JHODQJZHLOWXQGVHLQQLFKWOHLFKWHV$PWDQVFKHLQHQGVSLHOHQGXQG GRFKLPPHUPLWJURHU$NNXUDWHVVHYHUZDOWHWKDWWH'DVOLH PDQFKHVDQGHUHYHUJHVVHQYRUDOOHPDXFKGDVGDHUDOOVHLQHU 0HULWHQXQHUDFKWHWGRFKHLJHQWOLFKLQDOOHPZDV(UVFKHLQXQJ DQJLQJHLQHNRPLVFKH)LJXUZDU6RODQJHHUEHL7LVFKHVDJLQJ HV ZHQQHUGDQQDEHUDXIVWDQG]HLJWHVLFK VZDVGLH1DWXU HLQHUVHLWV]XYLHOXQGDQGHUHUVHLWV]XZHQLJIULKQJHWDQKDWWH 6HLQH6RFNHOSDUWLHQlPOLFKOLHYLHO]XZQVFKHQEULJZDVGLH 3ULQ]HVVLQGDKLQDXVGUFNWHªVLHKDEHQLHHLQHQ0HQVFKHQ JHVHKHQGHUVRZHQLJDXI6WHO]HQJLQJHZLH%DURQ3HQW]©'DVLH GLHV:RUWLPPHUQXU]LWLHUWHZHQQLQVHLQHP6SUHFKHQHWZDV PRUDOLVFKVHKUª8QJHVWHO]WHV©YRUDXVJHJDQJHQZDUVRJHQRVLH GDEHLGLH'RSSHOIUHXGHLKQPLWHLQXQGGHPVHOEHQ:RUWH ULGLNOLVLHUWXQGEHJOFNW]XKDEHQ(UZDUYRQJURHU %HZHJOLFKNHLWXQGKlWWHGDQDFKHLQHZLJHV/HEHQYHUVSURFKHQ ZHQQQLFKWVHLQ(PERQSRLQWVHLQNXU]HU+DOVXQGVHLQJHU|WHWHU 7HLQWJHZHVHQZlUHQGUHL'LQJHGLHGHQ$SRSOHNWLNXVYHUULHWHQ $OV3HQW]µ*HJHQVWFNNRQQWH(ULFKVHQJHOWHQ ZLHMHQHUHLQ $SRSOHNWLNXVVRZDUGLHVHUHLQJHERUHQHU+HNWLNXV(UVWDPPWH DXVHLQHU6FKZLQGVXFKWVIDPLOLHGLHZHLOVLHVHKUUHLFKZDUGLH .LUFKK|IHVlPWOLFKHUNOLPDWLVFKHU.XURUWHPLW'HQNPlOHUQDXV 0DUPRU6\HQLWXQG%URQ]HYHUVRUJWKDWWH'LH=HLFKHQGHU 8QVWHUEOLFKNHLWDXIHEHQGLHVHQ'HQNPlOHUQZDUHQDEHUEHUDOO GLHVHOEHQXQGLQ1L]]D6DQ5HPR)XQFKDOXQG.DLURMD SURVDLVFKHUZHLVHDXFKLQ*|UEHUVGRUIVFKZHEWHGHU 6FKPHWWHUOLQJDOVZHQQHUGDV:DSSHQGHU(ULFKVHQJHZHVHQ ZlUHKLPPHODQ$XFKXQVHUJHJHQZlUWLJHU.DPPHUKHUU (ULFKVHQVHLWHWZD]HKQ-DKUHQLP'LHQVWHGHU3ULQ]HVVLQKDWWH GHQJDQ]HQ.XUVXVªGXUFKVFKPDURW]W©LKQDEHUJOFNOLFKHU DEVROYLHUWDOVDQGHUHVHLQHV1DPHQV9RQVHLQHPYLHU]LJVWHQ -DKUHDQZDUHUVHKDIWJHZRUGHQXQGNRQQWHVLFKGLHUXKLJHQ 7DJHJ|QQHQZDVHUVRZHLWWULHE GDHUNDXPQRFK .RSHQKDJHQYHUOLH(UKDWWHGDV5HLVHQVDWWEHNRPPHQ ]XJOHLFKDEHUDXVVHLQHQlU]WOLFKYHURUGQHWHQ(QWVDJXQJVWDJHQ DXFKHLQH$EQHLJXQJJHJHQDOOH([WUDYDJDQ]HQLQVHLQGHU]HLWLJHV +RIOHEHQPLWKHUEHUJHQRPPHQ'DUDQJHZ|KQWYRQ0LOFK +KQHUEUXVWXQG(PVHU.UlKQFKHQ]XOHEHQILHOLKPZLH3HQW] VDJWHEHL)HVWPDKOHQXQG)UHXGHQIHLHUQLPPHUQXUGLH$XIJDEH ]XGXUFKVHLQHODQJHHLQHP$XVUXIXQJV]HLFKHQJOHLFKHQGH *HVWDOWYRUDOOHPZDVDQ%DFFKXVNXOWXVHULQQHUQNRQQWH]X
ZDUQHQª(ULFKVHQGDV*HZLVVHQ©ZDUHLQHUGHUYLHOHQ%HLQDPHQ GLH3HQW]LKPJHJHEHQKDWWH 9RQGHP+DXVHGHU:LWZH+DQVHQLQGHU'URQQLQJHQV7YHUJDGH ELV]X9LQFHQWV5HVWDXUDQWDP.RQJHQV1\WRUYZDUQXUHLQ:HJ YRQIQI0LQXWHQ(ULFKVHQPXWHQDFK3HQW] :HLVXQJ UHNRJQRV]LHUHQGYRUDQJHKHQªZHLOLKPVHLQHVHFKV)XHLQHQ EHVVHUHQhEHUEOLFNEHUGLH9LQFHQWVFKHQ3ODW]]XVWlQGHJHVWDWWHQ ZUGHQ©8QG]XGLHVHUYRUVLFKWLJHQ:HLVXQJVRVFKHU]KDIWVLH JHJHEHQZDUZDUQXU]XJXWHU*UXQGYRUKDQGHQ GHQQDOVHLQH 0LQXWHQDFK(ULFKVHQDXFK3HQW]XQG+RONLQGDV/RNDOHLQWUDWHQ VFKLHQHVXQP|JOLFKHLQHQQRFKXQEHVHW]WHQ7LVFK]XILQGHQ $EHUVFKOLHOLFKHQWGHFNWHPDQGRFKHLQHJXWH(FNHGLHQLFKWQXU HLQSDDUEHTXHPH3OlW]HVRQGHUQDXFKHLQEHKDJOLFKHV %HREDFKWHQYHUVSUDFK ª,FKGHQNHZLUEHJLQQHQPLWHLQHPPLWWOHUHQ5GHVKHLPHU 'RNWRU*UlPLJEHLOlXILJGHUOXVWLJVWH0HQVFKYRQGHU:HOWVDJWH PLUQHXOLFKHVVHLPHUNZUGLJGDLFKQRFKRKQH3RGDJUDVHL ZRUDXILFKQLFKWEORPHLQHU/HEHQVZHLVHVRQGHUQJDQ] EHVRQGHUVDXFKPHLQHU/HEHQVVWHOOXQJQDFKHLQHQVR]XVDJHQ KLVWRULVFKYHUEULHIWHQ$QVSUXFKKlWWH-HPHKUHUDEHUGDPLW UHFKWKDEHQPRFKWHMHPHKUJLOWHVIUPLFKGLHQRFKIUHLH 6SDQQH=HLW]XQXW]HQ(ULFKVHQZDVGDUILFKIU6LHEHVWHOOHQ" %LOLQHURGHU6HOWHUVRGHUSKRVSKRUVDXUHV(LVHQ© (LQ.HOOQHUNDPXQGHLQHNOHLQH:HLOHGDQDFKVRVWLHHQDOOH GUHLPLWLKUHQSUlFKWLJJHVFKOLIIHQHQ5|PHUQDQGHQQDXFK (ULFKVHQKDWWHYRQGHP5GHVKHLPHUJHQRPPHQQDFKGHPHU VLFKYRUKHUHLQHU:DVVHUNDUDIIHYHUVLFKHUWKDWWH ª*DPOH'DQPDUN©VDJWH3HQW]ZRUDXI+RONHLQ]ZHLWHV0DO DQVWRHQGHUZLGHUWH ª*HZL3HQW]JDPOH'DQPDUN8QGMH ¾JDPOHU½GHVWRPHKU'HQQZDVXQVMHWUHQQHQN|QQWH JHEH *RWWGDGHU7DJIHUQVHLGDVLVWGDVQHXH'lQHPDUN'DV DOWHGDELQLFK PLWGDEHLGHPWULQNLFK]X)ULHGULFK9,,XQG XQVHUH3ULQ]HVVLQ$EHUVDJHQ6LH3HQW]ZDVLVWQXULQPHLQH JXWHQ.RSHQKDJHQHUJHIDKUHQXQGYRUDOOHPLQGLHVHJHPWOLFKH :HLQVWXEH"6HKHQ6LHGRFKQXUGDGUEHQZLHGDVDOOHV DXIJHUHJWLVWXQGVLFKGLH%OlWWHUDXVGHQ+lQGHQUHLW8QG 2EHUVWOHXWQDQW)DDERUJMDHVLVW)DDERUJGHQPXLFKQDFKKHU EHJUHQVHKHQ6LHGRFKQXUGHUJOKWMDZLHHLQ3XWHUXQG
IXFKWHOWPLWGHP=HLWXQJVVWRFNLQGHU/XIWXPKHUDOVREHVHLQ 'UDJRQHUVlEHOZlUH$XIZHQUHGHWHUGHQQHLJHQWOLFKHLQ"© ª$XIGHQDUPHQ7KRWW© ª$UP":DUXP"© ª:HLOPDQVRYLHOLFKZHL7KRWWLP9HUGDFKWKDWGDHUDXFK PLWLP.RPSORWWVHL© ª,QZHOFKHP.RPSORWW"© ª$EHU+RON6LHVLQGMDZHQLJVWHQVXPHLQ0HQVFKHQDOWHU]XUFN )UHLOLFKGD6LHJHVWHUQJHSDFNWKDEHQXQGKHXWHJHUHLVWVLQGVR VLQG6LHKDOEHQWVFKXOGLJW:LUKDEHQKLHUDOOHUGLQJVVRZDVZLH HLQ.RPSORWW +DOOVROOEHUGLH.OLQJHVSULQJHQ© ª8QGGDVQHQQHQ6LH.RPSORWW,FKHQWVLQQHPLFKEULJHQV6LH VFKULHEHQPLUVFKRQGDYRQ,FK ELWWH6LHODVVHQ6LHGHQJXWHQ +DOOGRFKVSULQJHQ(UZLUGVLFKVHOEHUQLFKWYLHOGDUDXVPDFKHQ GDVDXVGHQ)XJHQJHKHQGH'lQHPDUNZRUDQLFKEULJHQVQRFK ODQJHQLFKWJODXEHZLHGHUHLQ]XUHQNHQ6FKRQ+DPOHWZROOWH QLFKW8QGQXQJDU+DOO© ª1XQGHUZLOODXFKQLFKWGDULQKDEHQ6LHUHFKW$EHUXQVHUH 3ULQ]HVVLQZLOOHVXQGGDVJLEWGHQ$XVVFKODJ6RZHQLJ9HUWUDXHQ VLH]XGHP.|QLJKDWZDVPLWLKUHU$EQHLJXQJJHJHQGLH'DQQHU ]XVDPPHQKlQJWVRYLHO9HUWUDXHQKDWVLHQXQPDO]X+DOO QXU +DOONDQQUHWWHQXQGGHVKDOEPXHULP$PWHEOHLEHQ8QGZLH GLH3ULQ]HVVLQGHQNW LFKELWWH6LHVLFKPLW,KUHU HQWJHJHQJHVHW]WHQ0HLQXQJLKUJHJHQEHUQLFKWHWZD GHFRXYULHUHQ]XZROOHQVRGHQNHQYLHOH+DOOVROOEOHLEHQ8QG GHVKDOEVHKHQ6LHDXFK)DDERUJPLWVHLQHP=HLWXQJVVWRFNZLH HLQHQ*ODGLDWRUIHFKWHQ© (ULFKVHQZDUGHUHUUHJWHQ6]HQHGUEHQHEHQIDOOVJHIROJWª(LQ *OFNGDGH0H]DDP1DFKEDUWLVFKHVLW]W©VDJWHHUªGHUZLUG HVZLHGHULQ2UGQXQJEULQJHQ© ª$FKJHKHQ6LHPLU(ULFKVHQPLWZLHGHULQ2UGQXQJEULQJHQ $OVRE)DDERUJGLHVHU6WRFNGlQHGHU0DQQZlUHVLFKEHUXKLJHQ ]XODVVHQZHQQHUPDOLQ8QUXKHLVW8QGQXQJDUYRQGH0H]D©
ª'H0H]DLVWVHLQ9RUJHVHW]WHU© ª-DZDVKHLW9RUJHVHW]WHU"(ULVWVHLQ9RUJHVHW]WHUZHQQHUGLH %ULJDGHLQVSL]LHUWDEHUQLFKWVHLQ9RUJHVHW]WHUKLHUEHL9LQFHQW RGHULUJHQGVRQVWZRJHVFKZHLJHZHQQHVVLFKXP3ROLWLNKDQGHOW XPGlQLVFKH3ROLWLNYRQGHUGH0H]DQLFKWVYHUVWHKWZHQLJVWHQV QLFKWLQ)DDERUJV$XJHQ'H0H]DLVWLKPHLQ)UHPGHUXQGHVKDW DXFKZDVIUVLFK'H0H]DV9DWHUZDUHLQSRUWXJLHVLVFKHU-XGH DOOH3RUWXJLHVHQVLQGHLJHQWOLFK-XGHQXQGNDPZDV+RON YLHOOHLFKWQLFKWZHLYRUVRXQGVRYLHO-DKUHQDOVHLQ6FKLIIVGRNWRU KLHUQDFK.RSHQKDJHQKHUEHU8QGZHQQHVDXFKQLFKWVLFKHU YHUEUJWZlUH 6LHN|QQHQHVEULJHQVLQMHGHP%XFKH QDFKVFKODJHQXQGGH0H]DVHOEVWPDFKWDXFKJDUNHLQ+HKO GDUDXVVRN|QQWHQ6LHLKPGLH$EVWDPPXQJYRQGHU6WLUQH OHVHQ8QGGD]XGLHVHU3RUWXJLHVHQWHLQW© (ULFKVHQKDWWHVHLQH)UHXGHGDUDQXQGQLFNWH]XVWLPPHQG ª8QG ZHQQHUEORGHQVGOLFKHQ7HLQWKlWWH©IXKU3HQW]IRUW ªHULVWDEHUEHUKDXSWDXIGHQ6GHQXPQLFKW]XVDJHQDXIGHQ 2ULHQWHLQJHULFKWHWXQG:HWWHUJODVXQG:LQGIDKQHVLQGVR ]LHPOLFKGLHJU|WHQ8QHQWEHKUOLFKNHLWHQIULKQ(UIULHUWLPPHU XQGZDVDQGHUHIULVFKH/XIWQHQQHQGDVQHQQWHU=XJRGHU:LQG RGHU2UNDQ,FKP|FKWHZRKOZLVVHQZLHVLFKXQVHU.|QLJ :DOGHPDUGHU6LHJHUGHUDOOH-DKUHZHQLJVWHQVGUHLXQGIQI]LJ :RFKHQDXI6HHZDU]XGH0H]DJHVWHOOWKlWWH© %LVGDKLQZDU(ULFKVHQXQWHU=XVWLPPXQJJHIROJWDEHUDOOGLHV OHW]WHZDUGRFKZLHGHUVHKUXQYRUVLFKWLJJHVSURFKHQXQGWUDIGHQ DQJHNUlQNHOWHQODQJHQ.DPPHUKHUUQYLHOYLHOPHKUQRFKDOVHV GH0H]DWUDI ª,FKEHJUHLIH6LHQLFKW3HQW]©QDKPHUGHUVRQVWQLHVSUDFK MHW]WHPSILQGOLFKGDV:RUWª6LHZHUGHQVFKOLHOLFKQRFKEHZHLVHQ ZROOHQGDPDQDEVROXWRKQH:ROOHOHEHQPXXPEHUKDXSW DOV6ROGDW]XJHOWHQ,FKZHLGH0H]DVWHFNWLQ)ODQHOOZHLOHU LPPHUIULHUWDEHUVHLQIU|VWHOQGHU=XVWDQGKDWLKQQLFKW DEJHKDOWHQEHL)ULGHULFLD $QQR VHKUYLHOXQGEHL,GVWHGWGDV -DKUGDUDXIHLJHQWOLFKDOOHV]XWXQ,FKIUPHLQH3HUVRQ EH]ZHLIOHQLFKWGD1DSROHRQJHUDGHVRJXWQDFKGHP 7KHUPRPHWHUJHVHKHQKDWZLHDQGHUH0HQVFKHQ LQ5XODQGZDU HVIUHLOLFKXQQ|WLJhEULJHQVVHKLFKGDPDQGUEHQLQGHU
2IIL]LHUVHFNHZLHGHUEHLP=HLWXQJVOHVHQLVWXQGGDV6WUHLWHQXQV EHUOlW2EZLUKLQEHUJHKHQXQGGH0H]DEHJUHQ"© ª,FKGHQNHZLUODVVHQHV©VDJWH+RONª(UN|QQWHQDFKGLHVHP XQGMHQHPIUDJHQZRUDXILFKJHUDGHKHXWHQLFKWDQWZRUWHQ P|FKWH1LFKWGH0H]DVZHJHQELQLFKlQJVWOLFKGHUMHGH 0HLQXQJUHVSHNWLHUWDEHUGHUDQGHUQ+HUUQKDOEHUXQWHUGHQHQ QDFKPHLQHUIUHLOLFKVFKZDFKHQ3HUVRQDONHQQWQLVHLQLJH 'XUFKJlQJHUVLQG6RZHQQLFKUHFKWVHKH2EHUVWOHXWQDQW 7HUVOLQJGDOLQNVDP )HQVWHU8QGGDQQGHQNLFKDXFKDQXQVUH 3ULQ]HVVLQGHUDOVHLQHUSROLWLVFKHQ'DPHDOOHVJOHLFK]XJHWUDJHQ ZLUG,FKEDQJHRKQHKLQYRUGHP.UHX]YHUK|UGHPLFKPRUJHQ RGHULQGHQQlFKVWHQ7DJHQDXVJHVHW]WVHLQZHUGH© 3HQW]ODFKWHª/LHEHU+RON6LHNHQQHQGRFKKRIIHQWOLFKGLH )UDXHQ© (ULFKVHQPDFKWHVFKHOPLVFKH$XJHQZHLOHUZXWHGD3HQW] WURW]VHLQHV*ODXEHQVHUNHQQHVLHVLHVLFKHUOLFKQLFKWNDQQWH ª'LH)UDXHQVDJLFK8QGZHQQQLFKWGLH)UDXHQVRGRFKGLH 3ULQ]HVVLQQHQXQGZHQQQLFKW GLH3ULQ]HVVLQQHQVRGRFKXQVUH 3ULQ]HVVLQ6LHKDEHQJDQ]UHFKWHVLVWHLQHSROLWLVFKH'DPHXQG PLWHLQHPVFKOHVZLJKROVWHLQVFKHQ3URJUDPPGUIHQ6LHLKUQLFKW NRPPHQ'DULQLVWQLFKWVJHlQGHUWDEHUDXFKQLFKWV YHUVFKOLPPHUWZHLOVLHWURW]DOOHU3ROLWLNPDFKHUHLQDFKZLHYRU JDQ]DQFLHQUpJLPHLVW© ª=XJHJHEHQ$EHUZDVVROOLFKIUPHLQH3HUVRQGDUDXV JHZLQQHQ"© ª$OOHV8QGLFKZXQGUHPLFKGDLFK6LHGDUEHUHUVWDXINOlUHQ PX:DVKHLWDQFLHQUpJLPH"'LH/HXWHGHVDQFLHQUpJLPH ZDUHQDXFKSROLWLVFKDEHUVLHPDFKWHQDOOHVDXVGHP6HQWLPHQW KHUDXVGLH)UDXHQJHZLXQGYLHOOHLFKWZDUHVGDV5LFKWLJH -HGHQIDOOVZDUHVGDV$PVDQWHUH'DKDEHQ6LHGDV:RUWDXI GDVHVDQNRPPW'HQQGDV$PVDQWHZDVLQGHU3ROLWLN ZHQLJVWHQVLPPHUJOHLFKEHGHXWHQG LVWPLW&KURQLTXH VFDQGDOHXVHVSLHOWHGDPDOVGLH+DXSWUROOHZLH VEHLXQVUHU 3ULQ]HVVLQQRFKKHXWHGHU)DOOXQGZHQQ6LHVLFKYRUHLQHP SROLWLVFKHQ.UHX]YHUK|UIUFKWHQVREUDXFKHQ6LHQXUYRQ%HUOLQJ RGHUGHU'DQQHURGHUYRQ%OL[HQ)LQHNH]XVSUHFKHQ XQGQXU DQ]XGHXWHQZDVLQ6NRGVERUJRGHULQGHU9LOODGHUJXWHQ)UDX
5DVPXVVHQDQ6FKlIHU XQG6DW\UVSLHOHQJHVSLHOWZRUGHQLVWVR IlOOWMHGHVSROLWLVFKH*HVSUlFKVRIRUW]X%RGHQXQG6LHVLQGDXV GHU=ZLFNPKOHKHUDXV+DELFKUHFKW(ULFKVHQ"© (ULFKVHQEHVWlWLJWH ª-DPHLQH+HUUHQ©ODFKWH+RONªLFKZLOOGDVDOOHVJHOWHQODVVHQ DEHULFKNDQQOHLGHUQLFKW]XJHEHQGDPHLQH6LWXDWLRQGDGXUFK VRQGHUOLFKJHEHVVHUWZLUG'LH6FKZLHULJNHLWHQO|VHQVLFKEORDE :DVPLFKYRUGHPSROLWLVFKHQ*HVSUlFKEHZDKUHQVROOLVWIDVW QRFKVFKZLHULJHUDOVGDVSROLWLVFKH*HVSUlFKVHOEHU:HQLJVWHQV IUPLFK6LHYHUJHVVHQGDLFKNHLQ(LQJHZHLKWHUELQXQGGD LFK,KU.RSHQKDJHQHU/HEHQWURW]JHOHJHQWOLFKHU$XIHQWKDOWH GRFKHLJHQWOLFKQXUJDQ]REHUIOlFKOLFKDXV¾'DJEODGHW½RGHU ¾)O\YHSRVWHQ½NHQQHQOHUQH'LH'DQQHUXQG%HUOLQJRGHUGLH 'DQQHUXQG%OL[HQ)LQHNH GDYRQVROOLFKPLWHLQHP0DOH VSUHFKHQ DEHUZDVZHLLFKGDYRQ"1LFKWVJDUQLFKWV QLFKWVDOV ZDVLFKGHPQHXVWHQ:LW]EODWWHQWQRPPHQXQGGDVZHLGLH 3ULQ]HVVLQDXFKGHQQVLHOLHVWMD:LW]EOlWWHUXQG=HLWXQJHQELVLQ GLH1DFKWKLQHLQ,FKKDEHQLFKWVDOVGLH:LWZH+DQVHQGLHPLU GRFKDOV%H]XJVTXHOOHQLFKWDXVUHLFKW© ª*DQ]PLW8QUHFKW+RON'DKDEHQ6LHNHLQHULFKWLJH9RUVWHOOXQJ YRQGHU:LWZH+DQVHQXQGLKUHU7RFKWHU'LHVLQGHLQ 1DFKVFKODJHEXFKIUDOOH.RSHQKDJQHU*HVFKLFKWHQ:RVLH V KHUQHKPHQLVWHLQVHV*HKHLPQLV(LQLJHVSUHFKHQYRQ 'LRQ\VRVRKUHQDQGHUHYRQHLQHPXQWHULUGLVFKHQ*DQJHQRFK DQGHUHYRQHLQHP+DQVHQVFKHQ7HOHVNRSGDVDOOHVZDVVLFK JHZ|KQOLFKHQ6WHUEOLFKHQYHUELUJWDXVVHLQHU9HUERUJHQKHLW KHUDXV]XKROHQZHL8QGHQGOLFKQRFKDQGHUHVSUHFKHQYRQ HLQHP3ROL]HLFKHI0LUGLHYHUVWlQGOLFKVWHGHU$QQDKPHQ$EHURE HVQXQGDVHLQHVHLRGHUGDVDQGHUHVRYLHOLVWJHZLEHLGH )UDXHQRGHUDXFK'DPHQZHQQ6LHZROOHQGHQQLKU5DQJLVW VFKZHUIHVW]XVWHOOHQZLVVHQDOOHVXQGZHQQ6LHMHGHQ0RUJHQ PLWHLQHU)UDX+DQVHQVFKHQ$XVUVWXQJ]XP'LHQVWHUVFKHLQHQ VRYHUEUJLFKPLFKGD6LHJHIHLWVLQGJHJHQLQWULNDWHSROLWLVFKH *HVSUlFKH 'LH+DQVHQVXQGVSH]LHOOGLHMXQJHZLVVHQPHKUYRQ GHU*UlILQ'DQQHUDOVGLH'DQQHUVHOEVW'HQQ3ROL]HLEHDPWH KDEHQDXIGLHVHPLQWHUHVVDQWHQ*HELHWHVR]XVDJHQHWZDV 'LYLQDWRULVFKHVRGHU'LFKWHULVFKHVXQGZHQQQLFKWVYRUOLHJWVR ZLUGZDVHUIXQGHQ©
ª$EHUGDOHUQHLFKMDPHLQHJXWH)UDX+DQVHQYRQHLQHUJDQ] QHXHQ6HLWHNHQQHQ,FKYHUPXWHWHK|FKVWH5HVSHNWDELOLWlW© ª,VWDXFKGDLQJHZLVVHP6LQQH:RNHLQ.OlJHULVWLVWNHLQ 5LFKWHU© ª8QGLFKZHUGHPLFKXQWHUGLHVHQ8PVWlQGHQ]XEHVRQGUHU 9RUVLFKWEHTXHPHQPVVHQ© ª:RYRQLFK,KQHQGXUFKDXVDEUHGHQP|FKWH'LH1DFKWHLOHGDYRQ OLHJHQREHQDXIXQGGLH9RUWHLOHVLQGPHKUDOVIUDJOLFK6LH N|QQHQLQGLHVHP+DXVHQLFKWVYHUEHUJHQVHOEVWZHQQ,KU &KDUDNWHUGDV]XOLHH GLH+DQVHQVOHVHQ,KQHQGRFKDOOHVDXV GHU6HHOHKHUDXVXQGGDV%HVWHZDVLFK,KQHQUDWHQNDQQKHLW )UHLKHLWXQG8QEHIDQJHQKHLWXQGYLHOVSUHFKHQ9LHOVSUHFKHQLVW EHUKDXSWHLQ*OFNXQGXQWHU8PVWlQGHQGLHZDKUH GLSORPDWLVFKH.OXJKHLW HVLVWGDQQGDVHLQ]HOQHQLFKWPHKUUHFKW IHVW]XVWHOOHQRGHUQRFKEHVVHUGDVHLQHKHEWGDVDQGHUHZLHGHU DXI© (ULFKVHQOlFKHOWH ª6LHOlFKHOQ(ULFKVHQXQGHVNOHLGHW,KQHQ$XHUGHPDEHU PDKQWHVPLFK GHQQHLQ/lFKHOQZHLOHVLQVHLQHQ=LHOHQPHLVW XQEHVWLPPWEOHLEWNULWLVLHUWLPPHUQDFKYLHOHQ6HLWHQKLQGD HV=HLWLVWXQVUHQ+RONIUHL]XJHEHQ HVLVWVFKRQHLQ9LHUWHOQDFK HOIXQGGLH+DQVHQVVLQGUHSXWLHUOLFKH/HXWHGLHGLH0LWWHUQDFKW QLFKWJHUQKHUDQZDFKHQZHQLJVWHQVQLFKWQDFKYRUQKHUDXVXQG PLW)OXUODPSH'UEHQDP7LVFKLVWEULJHQVDXFKVFKRQDOOHV DXIJHEURFKHQ,FKZHUGHLQ]ZLVFKHQGLH%HUHFKQXQJPDFKHQ HUZDUWHQ6LHPLFKGUDXHQDQGHU+DXSWZDFKH©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
EHJHJQHW$OOHVLQDOOHPHLQHPHUNZUGLJH0LVFKXQJYRQ)URXIURX XQG/DG\0DFEHWK+RONHLQLJHUPDHQLQ9HUZLUUXQJVXFKWH QDFKHLQHU$QUHGHGLHMXQJH)UDX+DQVHQNDPLKPDEHU]XYRU XQGVDJWHZlKUHQGLKUGLH$XJHQYRUDQVFKHLQHQGHU hEHUPGXQJKDOE]XILHOHQLKUH0XWWHUODVVHVLFKHQWVFKXOGLJHQ VRUVWLJVLHVHLVREUDXFKHVLHGRFKGHQ6FKODIYRU0LWWHUQDFKW +RONJDEQXQVHLQHP%HGDXHUQ$XVGUXFNGDHUVLFKYHUSODXGHUW KDEH]XJOHLFKGLHGULQJHQGH%LWWHKLQ]XIJHQGLKQZHQQHV ZLHGHUYRUNlPHQLFKWHUZDUWHQ]XZROOHQ$EHUGLHMXQJH)UDX RKQHGLUHNWHVDXV]XVSUHFKHQGHXWHWHZHQLJVWHQVDQGDPDQ VLFKHLQMHGHVPDOLJHV(UZDUWHQLKUHV+DXVJDVWHVQLFKWQHKPHQ ODVVHQZHUGH=XJOHLFKJLQJVLHPLWLKUHU$PSHOODQJVDPHQ 6FKULWWVYRUDXIEOLHEDEHUDOVVLHELVXQWHQDQGLH7UHSSH JHNRPPHQZDUQHEHQGHUVHOEHQVWHKHQXQGOHXFKWHWHGLH/LQNH DXIGDV*HOlQGHUVWW]HQGPLWLKUHUKRFKHUKREHQHQ5HFKWHQGHP *UDIHQKLQDXI'DEHLILHOGHUZHLWHbUPHO]XUFNXQG]HLJWHGHQ VFK|QHQ$UP+RONDOVHUREHQZDUJUWHQRFKHLQPDOXQGVDK DOVVLFKJOHLFKGDQDFKDXFKGLHMXQJH)UDXODQJVDPXQGOHLVH ]XUFN]RJZLHGDV6SLHOGHU/LFKWHUXQG6FKDWWHQDXI)OXUXQG 7UHSSHJHULQJHUZXUGH+RUFKHQGVWDQGHUQRFKHLQSDDU $XJHQEOLFNHEHLKDOEJH|IIQHWHU7UXQGHUVWDOVHVXQWHQGXQNHO JHZRUGHQZDUOLHHUDXFKVHLQHUVHLWVGLH7ULQV6FKORIDOOHQ ª(LQHVFK|QH3HUVRQ$EHUXQKHLPOLFK,FKGDUILKUHULQPHLQHP %ULHIDQ&KULVWLQHJDUQLFKWHUZlKQHQVRQVWVFKUHLEWVLHPLUHLQHQ 6FKUHFNEULHIXQGOlWDOOHIUDJOLFKHQ)UDXHQJHVWDOWHQGHV$OWHQ XQG1HXHQ7HVWDPHQWVDQPLUYRUEHU]LHKHQ©
(OIWHV.DSLWHO +RONKDWWHVLFKYRUP(LQVFKODIHQWURW]DOOHU(UPGXQJYRQGHU 5HLVHPLWGHP%LOGHGHUMXQJHQ)UDX+DQVHQEHVFKlIWLJW MHGHQIDOOVPHKU DOVPLW3ROLWLNXQG3ULQ]HVVLQ$PDQGHUHQ0RUJHQ DEHUZDUDOOHVYHUIORJHQXQGZHQQHUGHU(UVFKHLQXQJPLWGHU $PSHODXFKMHW]WQRFKJHGDFKWHVRZDUHVXQWHU/lFKHOQ(UVDQQ GDEHLQDFKZHOFKH*|WWLQRGHU/LHEHQGHPLWGHU$PSHO XPKHUVXFKHQGDXIDQWLNHQ:DQGELOGHUQDEJHELOGHW]XZHUGHQ SIOHJHNRQQWHVDEHUQLFKWILQGHQXQGJDEVFKOLHOLFKDOOHV 6XFKHQGDQDFKDXI'DQQ]RJHUGLH.OLQJHOXQG|IIQHWHGDV )HQVWHUXPQRFKYRUGHP(UVFKHLQHQGHV)UKVWFNVHLQHQ=XJ IULVFKH/XIWQHKPHQXQGHLQHQ%OLFNDXI GLH6WUDHWXQ]XN|QQHQ (VZDUHQQXUZHQLJHGLH]XVRYHUKlOWQLVPlLJIUKHU6WXQGHGLH 'URQQLQJHQV7YHUJDGHSDVVLHUWHQDEHUMHGHVHLQ]HOQHQ+DOWXQJ ZDUJXWDOOHVEOKHQGXQGIULVFKXQGHUEHJULIIGHQ6WRO]GHU 'lQHQGLHVLFKDOVGLH3DULVHUGHV1RUGHQVIKOHQXQGQXUGHQ 8QWHUVFKLHGJHOWHQODVVHQLKUHP9RUELOGQRFKEHUOHJHQ]XVHLQ ,QGLHVHP$XJHQEOLFNHEDXVFKWHQGLH*DUGLQHQDP)HQVWHUXQG DOVHUVLFKXPVDKVDKHUGD:LWZH+DQVHQPLWGHP )UKVWFNVWDEOHWWHLQJHWUHWHQZDU0DQEHJUWHVLFK XQGQDFK GHUVHOEVWYHUVWlQGOLFKHQ)UDJHZLHGHU+HUU*UDIJHVFKODIHQXQG ZDVHUJHWUlXPWKDEHªGHQQGHUHUVWH7UDXPJHKHLPPHULQ (UIOOXQJ©OHJWHGLH+DQVHQGDV7XFKXQGEDXWHGDQQDOOHVZDV HEHQQRFKDXIGHP7DEOHWWJHVWDQGHQKDWWHDXIGHP )UKVWFNVWLVFKDXI+RONPXVWHUWHGLHJDQ]H+HUUOLFKNHLWXQG VDJWHGDQQ ª0DQLVWGRFKQLUJHQGVEHVVHUDXIJHKREHQDOVEHL :LWZH+DQVHQ HVODFKWHLQHQDOOHVDQDOOHVVREOLQNXQGEODQN XQGDPPHLVWHQ:LWZH+DQVHQVHOEVW8QGGDVFKLQHVLVFKH *HVFKLUU]XGHP7HH0DQPHUNWDQDOOHPGD,KU6HOLJHUHLQ &KLQDIDKUHUZDUXQG,KU6FKZLHJHUVRKQZLHPLU%DURQ3HQW] JHVWHUQDEHQGHU]lKOWKDWLVWHVDXFKXQGKHLWDXFK+DQVHQ GHUVHOEH1DPHGHUVHOEH7LWHOVRGDHVHLQHPSDVVLHUHQNDQQ 0XWWHUXQG7RFKWHU]XYHUZHFKVHOQ© ª$FK+HUU*UDI©VDJWHGLH+DQVHQªZHUVROOXQVYHUZHFKVHOQ" ,FKHLQHDOWH)UDXPLWHLQHPODQJHQXQGVFKZHUHQ/HEHQ© ª1XQQXQ©
ª8QG%ULJLWWHGLHPRUJHQHUVWGUHLLJZLUG$EHU6LHGUIHQ PLFKQLFKWYHUUDWHQ+HUU*UDIGDLFKHVJHVDJWKDEHXQGGD PRUJHQ%ULJLWWHQV*HEXUWVWDJLVW© ª9HUUDWHQ",FK",FKELWWH6LH)UDX+DQVHQ$EHU6LHVWHKHQVR DXIGHP6SUXQJH GDVQLPPWPLUGLH5XKH:LVVHQ6LHZDV6LH PVVHQVLFK]XPLUVHW]HQXQGPLUHWZDVHU]lKOHQ YRUDXVJHVHW]WGDLFK6LHPLWGLHVHU%LWWHQLFKWLQ,KUHU :LUWVFKDIWRGHULQQRFK:LFKWLJHUHPVW|UH© 'LH+DQVHQWDWDOVREVLH]|JHUH ª:LUNOLFKODVVHQ6LHGLHV,KUHQHUVWHQ%HVXFKVHLQGHQ6LHPLULQ ,KUHU*WHMDUHJHOPlLJPDFKHQ LFKKDEHRKQHKLQVRYLHOH )UDJHQDXIGHP+HU]HQ%LWWHKLHUKLHUDXIGLHVHQ6WXKOGDVHK LFK6LHDPEHVWHQXQGJXWVHKHQLVWGDVKDOEH+|UHQ,FKK|UWH VRQVWVRJXWDEHUVHLWNXU]HPYHUVDJWHVGDQQXQGZDQQ GDV VLQGVRGLHHUVWHQ$OWHUV]HLFKHQ© ª:HU V,KQHQJODXEW+HUU*UDI,FKJODXEH6LHK|UHQ DOOHVZDV 6LHK|UHQZROOHQXQGVHKHQDOOHVZDV6LHVHKHQZROOHQ© ª,FKVHKXQGK|UHQLFKWV)UDX+DQVHQXQGZHQQLFKHWZDV JHVHKHQKDEHVRYHUJHLFKHVZLHGHU)UHLOLFKQLFKWDOOHV'D KDELFKJHVWHUQDEHQG,KUH)UDX7RFKWHUJHVHKHQ%ULJLWWH QDQQWHQ6LHVLH ]XPhEHUIOXDXFKQRFKHLQZXQGHUYROOHU1DPH 1XQGLHYHUJLWPDQQLFKWZLHGHU6LHN|QQHQVWRO]VHLQHLQHVR VFK|QH7RFKWHU]XKDEHQXQGQXUGHQ(KHPDQQEHJUHLILFKQLFKW GDHUVHLQH)UDXKLHULQDOOHU5XKH]XUFNOlWXQG]ZLVFKHQ 6LQJDSXUXQG6FKDQJKDLKLQ XQGKHUIlKUW6RQHKPLFK ZHQLJVWHQVDQGHQQGDIDKUHQVLHVR]LHPOLFKDOOH-D)UDX +DQVHQVROFKHVFK|QH)UDXPHLQLFKGLHQLPPPDQPLWYRP 1RUGSROELVDQGHQ6GSROXQGZHQQPDQ VQLFKWDXV/LHEHWXW VRWXWPDQ VDXV$QJVWXQG (LIHUVXFKW8QGLFKIUPHLQ7HLO VRYLHOZHLLFKLFKZUGHPLULPPHUVDJHQPDQPXDXFKYRQ GHU-XJHQGQLFKWPHKUYHUODQJHQDOVVLHOHLVWHQNDQQ1LFKWZDKU" ,QGLHVHP3XQNWHGHQNLFKVLQGZLUHLQLJ 6LHGHQNHQDXFKVR $OVRZDUXPQLPPWHUVLHQLFKWPLW":DUXPEULQJWHUVLHLQ *HIDKU"8QGQDWUOLFKVLFKHUVWUHFKW© ª$FKGDVLVWHLQHODQJH*HVFKLFKWH+HUU*UDI©
ª'HVWREHVVHU(LQH/LHEHVJHVFKLFKWHGDXHUWQLH]XODQJXQGHLQH /LHEHVJHVFKLFKWHZLUGHVGRFKZRKOVHLQ© ª,FKZHLQLFKWUHFKW+HUU*UDIRELFKHVVRQHQQHQNDQQ HVLVW ZRKOVRZDVGDEHLDEHUHLJHQWOLFKLVWHVGRFKNHLQHUHFKWH /LHEHVJHVFKLFKWHEORGDHVHLQHZHUGHQNRQQWH© ª6LHPDFKHQPLFKLPPHUQHXJLHULJHUhEULJHQVHLQNDSLWDOHU 7HH PDQPHUNWDXFKGDUDQGHQ&KLQDIDKUHUXQGZHQQ6LHPLU HLQHEHVRQGHUH)UHXGHPDFKHQZROOHQVRJHVWDWWHQ6LHPLU ,KQHQYRQ,KUHPHLJHQHQ7HHHLQ]XVFKHQNHQ© 'DPLWVWDQGHUDXIXQGQDKPDXVHLQHULQGHU1lKHGHV)HQVWHUV VWHKHQGHQ(WDJHUHHLQH7DVVHKHUDXVGDUDXILQ*ROGEXFKVWDEHQ VWDQG 'HPJOFNOLFKHQ%UDXWSDDUHª'HPJOFNOLFKHQ %UDXWSDDUH©ZLHGHUKROWH+RONª:HPJLOWGDV"9LHOOHLFKW,KQHQ OLHEH)UDX+DQVHQ 6LHODFKHQ$EHUPDQLVWQLH]XDOWXPHLQHQ YHUQQIWLJHQ6FKULWW]XWXQXQGGDV9HUQQIWLJVWHZDVHLQH :LWZHWXQNDQQLVWLPPHU© ª(LQH:LWZHEOHLEHQ© ª1XQPHLQHWZHJHQ6LHVROOHQUHFKWKDEHQ$EHUGLH*HVFKLFKWH GLH*HVFKLFKWH.DSLWlQ+DQVHQ,KU6FKZLHJHUVRKQZLUGGRFK ZRKOHLQKEVFKHU0DQQVHLQDOOH.DSLWlQHVLQGKEVFKXQG)UDX %ULJLWWHZLUGLKQGRFKZRKODXV/LHEHJHQRPPHQKDEHQ© ª'DVKDWVLHZHQLJVWHQVKDWVLHPLUQLHZDVDQGHUHVJHVDJW DXHUHLQHLQ]LJHV0DO$EHUGDVZDUHUVWVSlWHUXQGLFKVSUHFKH MHW]WYRQGDPDOVYRQGHUHUVWHQ=HLWDOVVLHVLFKHEHQJHKHLUDWHW KDWWHQ'DZDUZLUNOLFKHLQHJURH=lUWOLFKNHLWXQGZRKLQHV JLQJXQGZHQQHVHLQHJHOEH)LHEHUJHJHQGZDULPPHUZDUVLH PLWLKPDQ%RUGXQGZHQQVLHZLHGHUKLHULQ.RSHQKDJHQ]XUFN ZDUVLHKDWWHDEHUGDPDOVHLQHVHOEVWlQGLJH:RKQXQJGHQQ PHLQDOWHU+DQVHQGHVVHQVLFKGHU+HUU*UDIMDZRKOQRFKYRQ *OFNVEXUJKHUHULQQHUQZHUGHQOHEWHGDPDOVQRFKMDZDVLFK VDJHQZROOWHLPPHUZHQQVLHQDFKHLQHUODQJHQODQJHQ5HLVH ZLHGHUKLHUZDUZROOWHVLHJOHLFKZLHGHUIRUWZHLOVLHMHGHVPDO PHLQWH GLH0HQVFKHQKLHUJHILHOHQLKUQLFKWXQGGUDXHQLQGHU :HOWVHL VDPVFK|QVWHQ© ª'DVLVWDEHUGRFKZXQGHUEDU:DUVLHGHQQVRZHQLJHLWHO"+DWWH VLHGHQQJDUNHLQ9HUODQJHQVLFKXPVFKPHLFKHOWXQGXPZRUEHQ
]XVHKHQZRUDQHVGRFKQLFKWJHIHKOWKDEHQZLUG",FKZHWWHGLH .RSHQKDJHQHUZHUGHQHVLKUZRKOVFKRQDQLKUHP .RQILUPDWLRQVWDJHJH]HLJWKDEHQ© ª'DVKDEHQVLHIUHLOLFK$EHU%ULJLWWHZDULPPHUJOHLFKJOWLJ GDJHJHQXQGEOLHEHVDXFKLQLKUHU(KH1XUPLWXQWHUZDUVLHVR UDELDW8QGVRJLQJHVELV$QQRZDVLFKVRJHQDXZHLZHLO HVJHUDGHGDV-DKUZDUZRGLHHQJOLVFKH)ORWWHGLHQDFK5XODQG JLQJKLHUYRUEHUNDP8QGLQGHPVHOEHQ6RPPHUKDWWHQZLUKLHU LQ.RSHQKDJHQHLQHQEOXWMXQJHQ2IIL]LHUYRQGHU/HLEJDUGHGHU EHLGHU5DVPXVVHQ LFKPHLQHGLH*UlILQ'DQQHUDEHUZLU QHQQHQVLHQRFKLPPHU VR DXVXQGHLQJLQJXQGVWHFNWHVRWLHI LQ6FKXOGHQGDHUQLFKWPHKU]XKDOWHQZDUXQGPXWHGHQ $EVFKLHGQHKPHQ$EHUZHLOHUVRNOXJZDUXQGDOOHVZXWHGHQQ HUNDQQWHMHGHVUHLFKH+DXVXQGEHVRQGHUVGLH)UDXHQVRVDJWH %DURQ6FKHHOHGHUGDPDOV 0LQLVWHUZDU ¾HUZROOHGHQ/HXWQDQW LQGHQLQQHUHQ'LHQVWKHUEHUQHKPHQ½8QGHUQDKPLKQDXFK ZLUNOLFKLQGHQLQQHUHQ'LHQVWKHUEHUXQGLQGLHVHP'LHQVWLVW HUQRFKXQGDXFKVFKRQVHKUYRUQHKPJHZRUGHQ'DPDOVDEHU ZDUHUQRFKHLQKDOEHU6FKOLQJHOXQG EORVHKUKEVFKXQGDOV %ULJLWWHGHQVDKHVZDUJHUDGHDQGHP7DJHDOVGLH1DFKULFKW YRQGHP%RPEDUGHPHQWGDREHQKLHUDQNDPGHQ1DPHQKDELFK OHLGHUYHUJHVVHQGDJHVWDQGVLHPLU¾GHUJHILHOHLKU½8QGVLH ]HLJWHHVDXFKJOHLFK8QGDOV+DQVHQLQGHPVHOEHQ+HUEVWH ZLHGHUQDFK&KLQDPXWHGDVDJWHVLHLKPJUDGKHUDXV ¾VLHZROOH QLFKWPLW½XQGVDJWHLKPDXFKZDUXPVLHQLFKWZROOH2GHU YLHOOHLFKWKDEHQHVLKPDXFKDQGHUHJHVDJW.XU]XQGJXWDOVGHU 7DJNDPZRGDV6FKLIIIRUWVROOWHGDZXUGH+DQVHQGRFKJDQ] HUQVWKDIWXQGYHUVWDQGNHLQHQ6SDPHKUXQGVDJWH ¾%ULJLWWHGX PXWQXQPLW½8QGZHQQHUVLHYRUKHUDXV/LHEHPLWJHQRPPHQ KDWWHVRQDKPHUVLHMHW]WJHUDGHZLHGHU+HUU*UDIJHVDJW KDEHQDXV9RUVLFKWPLWRGHUDXV(LIHUVXFKW© ª8QGKDOI HV"8QGZXUGHVLHGXUFKGLHVH5HLVHYRQLKUHU/LHEH JHKHLOW",FKPHLQHYRQGHU/LHEH]XGHP¾LPLQQHUHQ'LHQVW½"© ª-DGDVZXUGHVLHZLHZRKOPDQ VEHL%ULJLWWHQLHVRJDQ]VLFKHU ZLVVHQNDQQ'HQQVLHVSULFKWZRKOPDQFKHUOHLDEHUVLHVFKZHLJW DXFKYLHO 8QGLVWDXFKLQVRZHLWJDQ]JOHLFKDOVZLUGLH +DXSWVDFKHMDGRFKJHKDEWKDEHQ© ª8QGZDVZDUGLH+DXSWVDFKH"©
ª'DPHLQ6FKZLHJHUVRKQVHLQHQ*ODXEHQZLHGHUKDWJDQ]XQG JDU+DQVHQLVWQlPOLFKHLQVHKUJXWHU0HQVFKXQGLVWZLHGHU UXKLJXQGYHUQQIWLJXQG IlKUWDXFKZLHGHUDXIVHLQHUDOWHQ &KLQDWRXU© ª,FKIUHXHPLFKDXIULFKWLJGDV]XK|UHQ$EHUZLUGUIHQLQGLHVHU 6DFKHGRFKQLFKWVDXVODVVHQRGHUYHUJHVVHQ,FKJODXEHQlPOLFK OLHEH)UDX+DQVHQ6LHZROOWHQPLUHLJHQWOLFKHU]lKOHQZLH VNDP GDVLFK,KU6FKZLHJHUVRKQYRQVHLQHU(LIHUVXFKWZLHGHU HUKROWH© ª-DGDVZROOWLFKXQGLFKVDJHLPPHUGHU0HQVFKGHQNWXQG *RWWOHQNWXQGZHQQGLH1RWDPJU|WHQLVWGDQQLVWGLH+LOIHDP QlFKVWHQ'HQQGDVGDUILFKZRKOVDJHQLFKlQJVWLJWHPLFK HLQH 0XWWHUlQJVWLJWVLFKLPPHUXPLKU.LQGXQGPDFKWNHLQHQ 8QWHUVFKLHGREYHUKHLUDWHWRGHUQLFKW MDLFKlQJVWLJWHPLFKXP %ULJLWWHQZHLOLFKGDFKWHGDVJLEWHLQH6FKHLGXQJGHQQVLHKDW HLQHQVHKUIHVWHQ:LOOHQPDQN|QQWHEHLQDKVFKRQVDJHQ HLJHQVLQQLJXQG LVWVHKUHUUHJEDUVRVWLOOXQGVRVFKOlIULJVLH DXFKPLWXQWHUDXVVLHKW© ª-DMD©ODFKWH+RONªGDVLVWLPPHUVRVWLOOH:DVVHUVLQGWLHI© ª$OVRLFKl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lGLJXQGOLHNHLQ$XJHYRQLKUXQGDOVPDQVLFK YHUDEVFKLHGHQZROOWHVDJWHHU]X+DQVHQ ¾(VOlJHLKPVHKU GDUDQGDGLH)UDX.DSLWlQLQDP DQGHUHQ7DJHQRFKHLQPDOLQ GHQ3DODVWNlPHGDPLWVHLQH*HWUHXHQLP9RONHXQGYRUDOOHP VHLQH)UDXHQ ZRYRQHUVHKUYLHOHKDWWH GLHVFK|QH*HUPDQODG\ QRFKHLQPDOYRQ$QJHVLFKW]X$QJHVLFKWVHKHQN|QQWHQ½(LQHQ $XJHQEOLFNHUVFKUDN+DQVHQEHUGLHIRUWJHVHW]WH(KUHGLHMD
9HUUDWVHLQNRQQWHGHQQUXQGXPGHQJDQ]HQ3DODVWKHUXP ZDUHQ.|SIHDXIJHVWHFNWJDQ]VRZLHZLU$QDQDVDXIVWHFNHQ DEHU%ULJLWWHGLHGDV*HVSUlFKJHK|UWKDWWHYHUQHLJWHVLFKYRU GHP.DLVHUXQGVDJWHPLWGHUULFKWLJHQ0LHQHGHQQVLHKDWVR ZDV6LFKHUHVXQG9RUQHKPHVGDVLH]XGHUIHVWJHVHW]WHQ 6WXQGHNRPPHQZHUGH© ª*HZDJWVHKUJHZDJW© ª8QGVLHNDPDXFKZLUNOLFKXQGQDKPHLQHQHUK|KWHQ3ODW]HLQ GHUYRUGHP3RUWDOGHV6FKORVVHVXQGJHUDGHVRGDGDV3RUWDO LKU6FKDWWHQJDEHLJHQVIUVLHHUULFKWHWZRUGHQZDUXQGDXI GLHVHP7KURQHVDVLHPLWHLQHP3IDXHQZHGHOQDFKGHPVLH YRUKHUGHU.DLVHUPLWHLQHU3HUOHQNHWWHJHVFKPFNWKDWWH'LH .HWWHVROOZXQGHUVFK|QJHZHVHQVHLQ8QGQXQ]RJHQDOOHIHLQHQ /HXWHYRQ%DQJNRNXQGGDQQGDV9RONDQLKUYRUEHUXQG YHUQHLJWHQVLFKXQG]XP6FKOXNDPHQGLH)UDXHQXQGDOVGLH OHW]WHYRUEHUZDUHUKREVLFK%ULJLWWHXQGVFKULWWDXIGHQ.DLVHU ]XXPGHQ3IDXHQZHGHOXQGGLH3HUOHQNHWWHZRPLWVLHVLFKEOR IUGLH=HUHPRQLHJHVFKPFNWJODXEWH YRULKPQLHGHU]XOHJHQ 8QGGHU.DLVHUQDKPDXFKEHLGHVZLHGHUDQJDELKUDEHUGLH .HWWH]XUFN]XP=HLFKHQGDVLHGLHVHOEH]XPHZLJHQ *HGlFKWQLVWUDJHQVROOH8QGJOHLFKGDQDFKNHKUWHVLHZlKUHQG GLH0LQLVWHUVLHIKUWHQXQGGLH/HLEJDUGH6SDOLHUELOGHWHELVDQ GLH/DQGXQJVEUFNH]XUFNYRQGHUDXV+DQVHQ=HXJHGHV *DQ]HQJHZHVHQZDU© ª8QGQXQ"© ª8QGYRQGHP7DJHDQZDUHLQHJURH6LQQHVlQGHUXQJDQLKU ZDKU]XQHKPHQXQGDOVVLHGHQQlFKVWHQ:LQWHUZLHGHUKLHUZDU XQGGHUXPGHVVHQWZLOOHQVLHEHLQDKHXQJOFNOLFKJHZRUGHQ ZlUHVHLQH:HUEXQJHQHUQHXHUQZROOWHZLHVVLHGLHVH :HUEXQJHQVRYLHOLFKVHKHQNRQQWHNDOWXQGJOHLFKJOWLJ]XUFN 8QGDOV+DQVHQHLQKDOEHV-DKUVSlWHUZLHGHUDQ%RUGJLQJXQG %ULJLWWHLKPHUNOlUWHGDVLHYRUDXVJHVHW]WGD HUQLFKWV GDZLGHUKDEHGRFKOLHEHU]X+DXVHEOHLEHQZROOWHZHLOHVLKU QDFKVROFKHUNDLVHUOLFKHQ$XV]HLFKQXQJHWZDVVRQGHUEDU YRUNlPHQRFKZLHGHUXQWHU0DWURVHQOHEHQXQGYLHOOHLFKWLQ HLQHP+DIHQZLUWVKDXVHVFKODIHQ]XVROOHQZRPDQQXU 1HJHUPXVLNK|UHXQGDOOHVQDFK*LQULHFKHGDZDU+DQVHQQLFKW EORHLQYHUVWDQGHQGDPLWVRQGHUQDXFKJDQ]HQW]FNWGDUEHU
GDVLHGLH5HLVHQLFKWPHKUPLWPDFKHQZROOWHGLHVHQLFKWXQG DOOHIROJHQGHQQLFKW'HQQYRQ(LIHUVXFKWZDUNHLQH6SXUPHKUDQ LKPZDKU]XQHKPHQ(UVDKMDZDVDXV%ULJLWWHQJHZRUGHQZDU XQGlXHUWHQXUQRFK)XUFKWGDHVGRFKZRKO]XYLHOJHZHVHQ XQGLKUGHUVLDPHVLVFKH.DLVHU]XVHKU]X.RSIHJHVWLHJHQVHL© +RONZDULQ=ZHLIHOREHUGLH*HVFKLFKWHJODXEHQRGHUDOVHLQH NKQH3KDQWDVLHOHLVWXQJXQG]XJOHLFKDOVGUHLVWHV6SLHOPLWVHLQHU /HLFKWJOlXELJNHLWDQVHKHQVROOH1DFKDOOHPZDV3HQW]JHVWHUQ DQJHGHXWHWZDUGDVOHW]WHUHGDV:DKUVFKHLQOLFKHUH6FKOLHOLFK NRQQWHVDEHUDXFKZDKUVHLQ:DVNRPPWQLFKWDOOHVYRU"8QGVR IUXJHUGHQQXPVLFKGXUFKHWZDV,URQLHZHQLJVWHQVYRUVLFK VHOEHU]XUHFKWIHUWLJHQ ªZRGHQQGLHZHLHQ(OHIDQWHQJHZHVHQ VHLHQ"© ª'LHZDUHQZRKOLQLKUHP6WDOO©VDJWHGLH+DQVHQXQGODFKWH VFKDONKDIW ª8QGGDQQGLH3HUOHQVFKQXUOLHEH)UDX+DQVHQGLHPVVHQ6LH PLU]HLJHQ© ª-DZHQQGDVJLQJH© ª:HQQGDVJLQJH":DUXPQLFKW"© ª:HLODOV%ULJLWWHZLHGHUDQ%RUGZDUGLH6FKQXUPLWHLQHP0DOH IHKOWH VLHPXWHVLHYHUORUHQRGHULQGHU$XIUHJXQJLP3DODVW YHUJHVVHQKDEHQ© ª$EHUGDKlWWLFKGRFKVRIRUWQDFKJHIUDJW© ª,FKDXFK$EHU%ULJLWWHKDWVRZDV6RQGHUEDUHVXQGDOV+DQVHQ ZLHLFKQDFKKHUJHK|UWKDEHGDUDXIEHVWHKHQZROOWHVDJWHVLH QXU ¾GDVVHLVRJHZ|KQOLFKXQGJHJHQGHQ$QVWDQGEHL+RIH½© ª-D©VDJWH+RONGHUMHW]WNODUHU]XVHKHQDQILQJªGDVLVWULFKWLJ 8QGVROFKH*HIKOHPXPDQUHVSHNWLHUHQ©
=Z|OIWHV.DSLWHO *OHLFKQDFKGLHVHU(U]lKOXQJGLHVFKOLHOLFKDOVVLFK VYRQGHU YHUORUHQHQ3HUOHQVFKQXUKDQGHOWHVHOEVWGHPOHLFKWJOlXELJHQ +RONHWZDVPlUFKHQKDIWYRUJHNRPPHQZDUHUKREVLFK)UDX +DQVHQªXPQLFKWOlQJHU]XVW|UHQ©XQGVDKVLFKDXFKQLFKW ZHLWHU]XUFNJHKDOWHQ1LFKWDOVRE+RONV*HGXOGHUVFK|SIW JHZHVHQZlUHJDQ]LP*HJHQWHLOHUOLHVLFKJHUQGHUJOHLFKHQ YHUSODXGHUQXQGGDVVXVSHNWH+DOEGXQNHOLQGHPDOOHVUXKWH VWHLJHUWHHLJHQWOLFKQXUVHLQ,QWHUHVVH1HLQHVZDUHLQIDFKHLQ %OLFNDXIGLH.RQVROXKUZDVLKQYRQXQEHGLQJWHUZHLWHUHU +LQJHEXQJDQGLH(U]lKOXQJVNXQVWGHU:LWZH+DQVHQ$EVWDQG QHKPHQOLH XPHOI8KUZDUHUEHLGHU3ULQ]HVVLQHUZDUWHWNHLQH YROOH6WXQGHPHKUXQGYRUKHUPXWHQRFKHLQNXU]HU%ULHIPLW GHU0HOGXQJVHLQHUJOFNOLFKHQ$QNXQIWDQVHLQH)UDXJHVFKULHEHQ ZHUGHQ(VKLHDOVRVLFKHLOHQZDVHUXQWHU8PVWlQGHQ YHUVWDQGXQGIQI0LQXWHQYRUHOIVWLHJHULQGHQ:DJHQGHULKQ QDFKGHPQXU]ZHL0LQXWHQHQWIHUQWHQ3ULQ]HVVLQQHQ3DODLV KLQEHUIKUWH 'LH=LPPHUGHU3ULQ]HVVLQODJHQLPHUVWHQ6WRFN+RONLQ .DPPHUKHUUQXQLIRUPLQGHUHUVLFKVHOEVWQLFKWXQJHUQVDKVWLHJ GLH7UHSSHKLQDXIXQGWUDWLQHLQ9RUJHPDFKXQGJOHLFKGDQDFKLQ HLQEHKDJOLFKHVPLW%RLVHULHQXQG 7HSSLFKHQUHLFK DXVJHVWDWWHWHVLPEULJHQDEHUGHQ6FKUHLEWLVFKDEJHUHFKQHW PLWQXUZHQLJ*HJHQVWlQGHQDXVJHVWDWWHWHV:RKQ]LPPHUGDULQ GLH3ULQ]HVVLQ%HVXFKH]XHPSIDQJHQRGHU$XGLHQ]]XHUWHLOHQ SIOHJWH'HU.DPPHUGLHQHUYHUVSUDFKVRJOHLFK]XPHOGHQ +RON WUDWDQHLQVGHU)HQVWHUGDVGHU7UGXUFKZHOFKHGLH3ULQ]HVVLQ HLQWUHWHQPXWHJHUDGHJHJHQEHUODJXQGVDKDXI3ODW]XQG 6WUDHKLQXQWHU'HU3ODW]XQWHQZDUZLHDXVJHVWRUEHQYRUQHKP DEHUODQJZHLOLJXQGQLFKWVOLHVLFKEHREDFKWHQDOVDEJHIDOOHQH %OlWWHUGLHGHUPlLJH:LQGGHUJLQJEHUGLH6WHLQH KLQZLUEHOWH(LQ*HIKOYRQ(LQ|GHXQG9HUODVVHQKHLWEHUNDP +RONXQGHUZDQGWHVLFKZLHGHULQGDV=LPPHU]XUFNXPVHLQHQ %OLFNDXIGLHEHLGHQHLQ]LJHQ3RUWUlWELOGHU]XULFKWHQGLHGLH JODWWHQ6WXFNZlQGHVFKPFNWHQ'DVHLQHEHUGHP3ROVWHUVRID ZDUHLQ%LOGQLVGHV2KHLPVGHU3ULQ]HVVLQGHVKRFKVHOLJHQ.|QLJV &KULVWLDQV9,,GDVDQGHUHEHUGHP6FKUHLEWLVFKGDV3RUWUlW HLQHVDQGHUHQQDKHQ9HUZDQGWHQHLQHVHEHQIDOOVVFKRQ YHUVWRUEHQHQWKULQJLVFKHQ/DQGJUDIHQ'HU*ROGUDKPHQGHUHV
HLQIDWHZDUPLWHLQHPYHUVWDXEWHQ)ORUEHU]RJHQXQGGHU 6WDXEPDFKWHGDGHU)ORUQLFKWZLH)ORUVRQGHUQIDVWZLHHLQ 6SLQQZHEZLUNWH'HV/DQGJUDIHQ*HVLFKWZDUJXWXQGWDSIHU DEHUGXUFKVFKQLWWVPlLJ XQG+RONVWHOOWHVLFKXQZLOONUOLFKGLH )UDJHZHOFKHYRONVEHJOFNHQGHQ5HJLHUXQJVJHGDQNHQGHU 9HUVWRUEHQHZRKOJHKDEWKDEHQP|JH'DVHLQ]LJHZDVVLFKPLW HLQHU$UW6LFKHUKHLWKHUDXVOHVHQOLHZDU$XVVFKDXQDFKGHQ 7|FKWHUQGHV/DQGHV (KH+RONV%HWUDFKWXQJHQKLHUEHUQRFKDEJHVFKORVVHQKDWWHQ |IIQHWHVLFKHLQH]LHPOLFKNOHLQH7ULQGHUUHFKWHQ(FNHGHU +LQWHUZDQGXQGGLH3ULQ]HVVLQWUDWHLQJDQ]VRZLHPDQVLH QDFK(LQULFKWXQJGLHVHVLKUHV=LPPHUVHUZDUWHQPXWH EHTXHP XQGEHLQDKHXQVRUJOLFKJHNOHLGHWXQGMHGHQIDOOVPLWHLQHUY|OOLJHQ *OHLFKJOWLJNHLWJHJHQ(OHJDQ]+RONJLQJVHLQHU+HUULQHQWJHJHQ XPLKUGLHELV]XGHQ)LQJHUQLQHLQHPVHLGHQHQ+DQGVFKXK VWHFNHQGH+DQG]XNVVHQXQGIKUWHVLHGDQQLKUHP$XJH IROJHQGELV]XGHPGXQNHOIDUELJHQHWZDVHLQJHVHVVHQHQ6RID ª1HKPHQ6LH3ODW]OLHEHU+RON'LHVHU)DXWHXLOZLUGZRKONHLQH *QDGHYRU,KQHQILQGHQDEHUGHUKRKH/HKQVWXKOGD© +RONVFKREGHQ6WXKOKHUDQXQGGLH3ULQ]HVVLQGLHVLFKDP $QEOLFNGHVVFK|QHQ0DQQHVVLFKWOLFKHUIUHXWHIXKUDOVHUVLFK JHVHW]WKDWWHPLWYLHOHU%RQKRPLHXQGZLHHLQHJXWHDOWH )UHXQGLQIRUW ª:HOFKHIULVFKH)DUEH6LHPLWEULQJHQOLHEHU+RON :DVLFKKLHUXPPLFKKDEHVLQGLPPHU6WDGWJHVLFKWHU N|QQHQ 6LHVLFK3HQW]DOVHLQHQ*HQWOHPDQIDUPHURGHUJDU(ULFKVHQDOV HLQHQ+RSIHQ]FKWHUYRUVWHOOHQ"6LHODFKHQXQGLFKZHLZDV6LH GHQNHQZRUDQGHU+RSIHQUDQNWMDODQJJHQXJLVWHUGD]X 6WDGWJHVLFKWHUVDJWLFK'DIUHXWPLFK,KUHJXWHVFKOHVZLJVFKH )DUEHURWXQGZHLZLHGLH/DQGHVIDUEHQ8QGZDVPDFKW,KUH OLHEH)UDXGLH*UlILQ",FKZHLVLHOLHEWXQVQLFKWVRQGHUOLFK DEHUZLUOLHEHQVLHGHVWRPHKUXQGGDVPXVLHVLFKJHIDOOHQ ODVVHQ© +RONYHUQHLJWHVLFK ª8QGZDVVDJHQ6LH]XGHP/lUPGHQ6LHKLHUYRUILQGHQ"(LQ ZDKUHV6WXUPODXIHQJHJHQGHQDUPHQ+DOOGHUGRFKVFKOLHOLFK GHU.OJVWHXQGDXFKHLJHQWOLFKGHU%HVWHLVWXQGGHPLFKHVIDVW YHU]HLKHGDHU]XGHUSXW]PDFKHUOLFKHQ*UlILQKlOWGHULFK
EHLOlXILJZHQQLFKMHPDOVGDUEHU]XEHVWLPPHQJHKDEWKlWWH HLQHQWVSUHFKHQGHVJUlIOLFKHV:DSSHQDXVHLQHP+DXEHQVWRFN XQGHLQHU.ULQROLQH]XVDPPHQJHVWHOOWKlWWHYLHOOHLFKWPLWGHU 'HYLVH ¾-HZHLWHUMHOHHUHU½,FKZHUGHPLFKLQGLHVHU *HVFKPDFNVYHULUUXQJPHLQHV1HIIHQZHQQLFKDXFKQXUVHLQH +DOEWDQWHELQQLH]XUHFKWILQGHQN|QQHQ XPGLH*UlILQ DUFKlRORJLVFKRGHUZDVGDVVHOEHVDJHQZLOODOVDXVJHJUDEHQHV YDWHUOlQGLVFKHV$OWHUWXPDQ]XVHKHQHLQ6WDQGSXQNWYRQGHP DXVPHLQ1HIIHVR]LHPOLFKDOOHVEHWUDFKWHWGD]XLVWVLHWURW] LKUHU9LHU]LJGRFKVFKOLHOLFKQRFKQLFKWDOWJHQXJ$EHUZDV ZXQGHUHLFKPLFKQRFK"*HRUJ,,YRQGHPPLUPHLQ*URYDWHU LQPHLQHQMXQJHQ7DJHQRIWHU]lKOWHKLHOWDXFK]XGHP6DW]H ¾)DLUIDWDQGIRUW\½:DUXPQLFKWDXFKPHLQ1HIIHGHU.|QLJ" hEULJHQVKDEHQ6LHGHQJHVWULJHQ6LW]XQJVEHULFKWVFKRQ JHOHVHQ"(LQHZDKUH6NDQGDOV]HQHYROOHU*HKlVVLJNHLWHQ$QGHU 6SLW]HQDWUOLFKLPPHUGLHVHU7RPSVHQ2OGHQVZRUWK,KUKDOEHU /DQGVPDQQHLQPLUXQHUWUlJOLFKHU6FKUHLHUXQG6FKZlW]HULQ VHLQHU0LVFKXQJYRQ$GYRNDWHQSILIILJNHLWXQGELHGHUPlQQLVFKHP +ROVWHLQLVPXV© +RONZDUYHUOHJHQGDV*HVSUlFKPLWGHU3ULQ]HVVLQVRYRQ YRUQKHUHLQHLQHQSROLWLVFKHQ&KDUDNWHUDQQHKPHQ]XVHKHQXQG LQVHLQHP*HVLFKWHPRFKWHVLFKHWZDVYRQGLHVHU9HUOHJHQKHLW VSLHJHOQZHVKDOEGLH3ULQ]HVVLQIRUWIXKU ª$EHUODVVHQZLUGLH OHLGLJH3ROLWLN ,FKZLOO,KQHQNHLQH9HUOHJHQKHLWHQPDFKHQQRFK GD]XJOHLFKLQGLHVHUHUVWHQ6WXQGHZHLLFKGRFKGD6LHHLQ NHW]HULVFKHU6FKOHVZLJ+ROVWHLQHUVLQGHLQHUYRQGHQHQPLW GHQHQPDQQLHIHUWLJZLUGXQGYRQGHQHQPDQLPPHUGDQQDP ZHLWHVWHQDELVWZHQQPDQHEHQJODXEWPLWLKQHQ)ULHGHQ JHVFKORVVHQ]XKDEHQ$QWZRUWHQ6LHQLFKWVVDJHQ6LHQLFKWVYRQ ,KUHU/R\DOLWlW LFKZHL6LHKDEHQVRYLHOGDYRQZLH6LHKDEHQ N|QQHQDEHUZHQQHV]XP/HW]WHQNRPPWLVWGRFKGHUDOWH6WHLQ GHV$QVWRHVLPPHUZLHGHUGDXQGMHQHVIXUFKWEDUH¾VDOOHQ EOHZHQXQJHGHHOW½GLHVHV=LWDWRKQH(QGHGLHVHU*HPHLQSODW] RKQHJOHLFKHQ]LHKWZLHGHUGLH6FKHLGHOLQLH© +RONOlFKHOWH ª)UHLOLFKLVWGLHVGHV3XGHOV.HUQ:RKLQJHK|UW6FKOHVZLJ",KU 6FKOHVZLJOLHEHU+RON'DVLVWGLHJDQ]H)UDJH+DOOKDWGHQ0XW JHKDEWGLH)UDJH]XEHDQWZRUWHQZLH VHLQHP'lQHQ]XNRPPW XQGZHLOHUHVPLW.OXJKHLWWXQXQGQLFKWJOHLFKGDV6FKZHUWLQ
GLH:DDJHZHUIHQZLOOGHVKDOEGLHVHU6WXUPDXILKQDQGHP )UHXQGXQG)HLQGJOHLFKPlLJWHLOQHKPHQ8QGGDVLVWGDV VFKOLPPVWH'D,KU7RPSVHQ6WXUPOlXIWNDQQPLFKZHGHU ZXQGHUQQRFKHUVFKUHFNHQ DEHUGDJXWHWUHXH'lQHQGLHPLW +DOOPLWGHP.|QLJHPLWPLUVHOEHUHLQHU0HLQXQJVLQGXQGQXU OHLGHUGHQGXUFKJlQJHULVFKHQ=XJKDEHQGDVDJLFKJXWH WUHXH 'lQHQZLH6WXGHQWHQXQG3URIHVVRUHQLPPHUQXULKU3URJUDPP ZROOHQXQGGUDXIXQGGUDQVLQGGHQEHVWHQ0DQQ]XVWU]HQGHQ HLQ]LJHQGHUHLQH,GHHYRQ3ROLWLNKDWXQG]XZDUWHQYHUVWHKW ZDVGDVHUVWH*HVHW]DOOHU3ROLWLNLVW GDVEULQJWPLFKLQ (UUHJXQJ© (KHVLHGHQ6DW]HQGHWHZXUGH%DURQ3HQW]JHPHOGHWªVHKU ZLOONRPPHQ©ULHIGLH3ULQ]HVVLQXQGLPVHOEHQ$XJHQEOLFNH ZR3HQW]XQWHUGLH3RUWLqUHGHU)OJHOWUWUDWHUVFKLHQYRQGHU DQGHUHQ6HLWHKHUJDQ]LQ1lKHGHUNOHLQHQ7UGXUFKGLHGLH 3ULQ]HVVLQHLQJHWUHWHQZDUHLQHMXQJHEORQGH'DPHYRQVFK|QHU )LJXUXQGVFK|QHP7HLQWDEHUVRQVWZHQLJUHJHOPlLJHQ=JHQ XQGVFKULWWDXIGLH3ULQ]HVVLQ]XZlKUHQG3HQW]QRFKDXIKDOEHP :HJHVWHKHQEOLHEXQGVHLQH9HUEHXJXQJZLHGHUKROWH ª6R\H] OHELHQYHQX©VDJWHGLH3ULQ]HVVLQXQWHUOHLFKWHP +DQGJUXHª6LHNRPPHQ]XJXWHU6WXQGH3HQW]GHQQ6LH PDFKHQHLQHPSROLWLVFKHQ9RUWUDJHLQ(QGHHLQH0LVVLRQ]XGHU QLHPDQGEHUXIHQHULVWDOV6LH'HQQVREDOGLFK,KUHUDQVLFKWLJ ZHUGHYHUNOlUWVLFKPLUGLH:HOWLQHLQH:HOWGHV)ULHGHQVXQG ZHQQLFKHEHQYRQ+HLQULFK,9XQG5DYDLOODFJHVSURFKHQKlWWH VRVSUlFKLFKQDFK,KUHP(LQWUHWHQQXUQRFKYRQ+HLQULFK,9 XQGGHP+XKQLP7RSI(LQVHKUZHVHQWOLFKHU8QWHUVFKLHG© ª8QGHLQVHKUDQJHQHKPHUGD]XJQlGLJVWH3ULQ]HVVLQ,FKELQ JOFNOLFKPLFKRKQHPHLQ'D]XWXQDOVHLQ7UlJHUXQG%ULQJHU DOOHV,G\OOLVFKHQLQVWDOOLHUW]XVHKHQ$EHU©XQGVHLQ$XJH EHZHJWHVLFK]ZLVFKHQ+RONXQGGHUMXQJHQ%ORQGLQHKLQXQG KHUªDXFKLQ$UNDGLHQVROOGLH6LWWHGHU9RUVWHOOXQJ]X+DXVH JHZHVHQVHLQ,FKZHLQLFKWRELFKYRQPHLQHU3IOLFKWDOV ,QWURGXFWHXU*HEUDXFKPDFKHQ© ª2GHUEHLGHVDQ.|QLJOLFKH+RKHLWDEWUHWHQVROO©ODFKWHGLH 3ULQ]HVVLQª,FKJODXEHOLHEHU3HQW]GD5HFKWXQG3IOLFKWDXI ,KUHU6HLWHVLQGDEHULFKZLOOPLUGLH)UHXGHQLFKWYHUVDJHQ]ZHL
PLUVRZHUWH3HUVRQHQDOOHUSHUV|QOLFKVWPLWHLQDQGHUEHNDQQW JHPDFKW]XKDEHQ *UDI+RON)UlXOHLQ(EEDYRQ5RVHQEHUJ© %HLGHYHUQHLJWHQVLFKJHJHQHLQDQGHU+RONHWZDVVWHLIXQGPLW ZLGHUVWUHLWHQGHQ(PSILQGXQJHQGDV)UlXOHLQOHLFKWXQGPLW HLQHP$XVGUXFNKXPRULVWLVFKDQJHIORJHQHU6XIILVDQFH'LH 3ULQ]HVVLQDEHUGLHGLHVHP9RUVWHOOXQJVDNWHJHULQJH7HLOQDKPH VFKHQNWHZDQGWHVLFKVRIRUWZLHGHUDQ3HQW]XQGVDJWH ª'LHV ZlUHQXQDOVRDXVGHU:HOWJHVFKDIIWXQGGHP=HUHPRQLHOO ZRUEHU6LH]XZDFKHQKDEHQ*HQJHJHWDQ$EHU6LHZHUGHQ PLFKGRFKQLFKWJODXEHQPDFKHQZROOHQ3HQW]GD6LHKLHU HUVFKLHQHQVLQGXPGHPVWDWWJHKDEWHQ9RUVWHOOXQJVDNWH IHLHUOLFKVWEHL]XZRKQHQRGHULKQVHOEVW]XYROO]LHKHQ6LHKDEHQ ZDVDQGHUHVDXIGHP+HU]HQXQG]XP9RUWUDJ,KUHUHLJHQWOLFKHQ $QJHOHJHQKHLWKDEHQ6LHQXQPHKUGDV:RUW:HQQPDQVRYLHO 3DUODPHQWVEHULFKWHOLHVWZLUGPDQVFKOLHOLFKVHOEHUYLUWXRVLQ SDUODPHQWDULVFKHQ:HQGXQJHQ© ª,FKNRPPHJQlGLJVWH3ULQ]HVVLQXPJHKRUVDPVW]XYHUPHOGHQ GDKHXWHQDFKPLWWDJHLQJURHVPLOLWlULVFKHV)HVWHVVHQLQ .ODPSHQERUJLVW© ª8QG]XZHOFKHP=ZHFN"2GHUZHP]X(KUHQ"© ª*HQHUDOGH0H]D]X(KUHQGHUJHVWHUQIUKDXV-WODQGKLHU HLQJHWURIIHQLVW© ª'H0H]D1XQJXWVHKUJXW$EHUOLHEHU3HQW]RIIHQJHVWDQGHQ ZDVVROOHQZLUGDPLW",FKNDQQGRFKQLFKWHLQHP.DVLQRIHVWH SUlVLGLHUHQXQGGH0H]DOHEHQODVVHQ© ª(VIUDJWHVLFKREHVQLFKWGRFKYLHOOHLFKWJLQJH.|QLJOLFKH +RKHLWKDEHQhEHUUDVFKOLFKHUHVJHWDQ8QGGD6LH VJHWDQGDV LVWHVJUDGHZDV6LHGHP9RONHYHUELQGHW© ª$FKGHP9RONH'DVLVWHLQHLJHQ.DSLWHO6LHZLVVHQZDVLFK YRQGHUVRJHQDQQWHQ3RSXODULWlWKDOWH0HLQ1HIIHGHU.|QLJLVW SRSXOlU DEHULFKVHKQHPLFKQLFKWGDQDFKGDV,GHDOXQVHUHU %ODXMDFNHQRGHUJDUXQVHUHU'DPHQDXVGHU+DOOH]XVHLQ1HLQ 3HQW]QLFKWVYRQ3RSXODULWlW$EHUGD6LH.ODPSHQERUJJHQDQQW KDEHQGLH6RQQHODFKWXQGGHU1DFKPLWWDJLVWIUHLYLHOOHLFKWGD ZLUKLQDXVIDKUHQQLFKWXPGHV)HVWHVVHQVZLOOHQVRQGHUQWURW] LKP HVLVWRKQHKLQHLQHJDQ]H:RFKHGDZLUHLQJHVHVVHQXQG
QLFKWUHFKWIULVFKH/XIWJHKDEWKDEHQXQGPHLQHOLHEH5RVHQEHUJ ZlUHEOHLFKVFKWLJZHQQVLHQLFKWVRYLHO(LVHQLP%OXWKlWWH© 'DV*HVLFKWGHV)UlXOHLQVHUKHLWHUWHVLFKVLFKWOLFKEHLGHU $XVVLFKWGHP|GHQ(LQHUOHLGHV3ULQ]HVVLQQHQSDODLVDXIHLQHQ JDQ]HQ1DFKPLWWDJHQWIOLHKHQ]XN|QQHQXQG3HQW]GHUDOV DQJHKHQGHU$VWKPDWLNXVRKQHKLQLPPHUIUIULVFKH/XIWZDU WURW]GHPLKP$XWRULWlWHQYHUVLFKHUWKDWWHQ6HHZLQG YHUVFKOLPPHUHGHQ=XVWDQGJULIIHEHQIDOOVPLW%HJLHUGH]XXQG IUDJWH]XZHOFKHU6WXQGH.|QLJOLFKH+RKHLWGLH:DJHQEHI|KOH ª6DJHQZLU]ZHLXQGHLQKDOEDEHUQLFKWVSlWHU:LUIDKUHQ IQIYLHUWHO6WXQGHQXQGVFKRQXPIQIEHJLQQWHV]XGXQNHOQ 8QGZHQQZLUHUVWLQ.ODPSHQERUJVLQGPVVHQZLUGRFK QDWUOLFKDXFKHLQHQ6SD]LHUJDQJELV]XU(UHPLWDJHPDFKHQZlU HVDXFKQXUXPPHLQHUOLHEHQ(EEDPHLQH/LHEOLQJHVHOEVW YRU]XVWHOOHQ:HUGLHVH/LHEOLQJHVLQGGDVZLUGYRUOlXILJQLFKW YHUUDWHQ,FKKRIIH*UDI+RONLVWPLWYRQGHU3DUWLHWURW]GHP PRUJHQHUVWVHLQ'LHQVWEHJLQQWXQGEULQJWVHLQHUDOWHQ)UHXQGLQ GLHV2SIHUDQ=HLW© ª8QGEHIHKOHQ.|QLJOLFKH+RKHLWQRFKDQGHUH%HJOHLWXQJ"© ª1XU*UlILQ6FKLPPHOPDQQXQG(ULFKVHQ=ZHL:DJHQ8QGGLH 9HUWHLOXQJGHU3OlW]HEHKDOWHLFKPLUYRU$XUHYRLUOLHEHU+RON 8QGZHQQ6LHZLHJHZ|KQOLFKHLQHVWDUNH.RUUHVSRQGHQ] SIOHJHQ© (UOlFKHOWH ª$KLFKVHKH6LHKDEHQVFKRQJHVFKULHEHQ'DNRPPHLFKPLW PHLQHQ(PSIHKOXQJHQDQGLH*UlILQ]XVSlW/LHEH5RVHQEHUJ ,KUHQ$UP© 8QGZlKUHQGVLHODQJVDPDXIGLHNOHLQH7U]XVFKULWWGLH]X LKUHPHLJHQWOLFKHQ:RKQ]LPPHUIKUWHEOLHEHQGLHEHLGHQ .DPPHUKHUUHQLQUHVSHNWYROOHU9HUEHXJXQJ
'UHL]HKQWHV.DSLWHO 3XQNW]ZHLXQGHLQKDOEIXKUHQGLH:DJHQYRURIIHQGDV9HUGHFN ]XUFNJHVFKODJHQ QHEHQGHU3ULQ]HVVLQQDKPGLH*UlILQ 6FKLPPHOPDQQ3ODW]EHLGHQ'DPHQJHJHQEHU+RON,P)RQG GHV]ZHLWHQ:DJHQVVDGDV)UlXOHLQYRQ5RVHQEHUJDXIGHP 5FNVLW]H3HQW]XQG(ULFKVHQ 'LH6FKLPPHOPDQQHLQH'DPHYRQYLHU]LJHULQQHUWH HLQLJHUPDHQDQ(ULFKVHQ VLHZDUKDJHUXQGJURZLHGLHVHUXQG YRQHLQHPlKQOLFKHQ(UQVWH ZlKUHQG(ULFKVHQV(UQVWDEHU HLQIDFKLQV)HLHUOLFKHVSLHOWHVSLHOWHGHUGHU6FKLPPHOPDQQVWDUN LQV9HUGULHOLFKH6LHZDUIUKHU+RIVFK|QKHLWJHZHVHQXQGGLH GDQQXQGZDQQDXIEOLW]HQGHQVFKZDU]HQ$XJHQHULQQHUWHQQRFK GDUDQDOOHVDQGHUHDEHUZDULQ0LJUlQHXQGJHOEHP7HLQW XQWHUJHJDQJHQ0DQVSUDFKYRQHLQHUXQJOFNOLFKHQ/LHEH *HVDPWKDOWXQJ +RI3KLOLSSVYRQ6SDQLHQVRGDPDQ XQZLOONUOLFKQDFKGHU+DOVNUDXVHVXFKWH6RQVWZDUGLH*UlILQ JXWXQGFKDUDNWHUYROOXQGXQWHUVFKLHGVLFKYRQDQGHUHQEHL+RIH GDGXUFKVHKUYRUWHLOKDIWGDVLHJHJHQDOOHV.ODWVFKHQXQG 0HGLVLHUHQZDU6LHVDJWHGHQ/HXWHQGLH:DKUKHLWLQV*HVLFKW XQGZHQQVLHGDVQLFKWNRQQWHVRVFKZLHJVLH6LHZDUQLFKW JHOLHEWDEHUVHKUJHDFKWHWXQGYHUGLHQWHHVDXFK ,PHUVWHQ:DJHQZXUGHVRODQJHPDQLQQHUKDOEGHU6WDGWZDU NHLQ:RUWJHVSURFKHQ +RONXQGGLH6FKLPPHOPDQQVDHQ DXIUHFKWHLQDQGHUJHJHQEHUZlKUHQGVLFKGLH3ULQ]HVVLQLQGHQ )RQG]XUFNJHOHKQWKDWWH6RJLQJHVGXUFKGLH%UHG XQG1\ gVWHU*DGH]XQlFKVWDXIGLHgVWHUEURHU9RUVWDGWXQGDOVPDQ GLHVHSDVVLHUWDXIGHQDP6XQGHKLQODXIHQGHQ6WUDQGZHJ]X +RONZDUHQW]FNWYRQGHP%LOGHGDVVLFKLKPGDUERW XQPLWWHOEDUOLQNVGLH5HLKHVFKPXFNHU/DQGKlXVHUPLWLKUHQMHW]W KHUEVWOLFKHQDEHUQRFKLPPHULQ%OXPHQVWHKHQGHQ*lUWHQXQG QDFKUHFKWVKLQGLHEUHLWHZHQLJEHZHJWH:DVVHUIOlFKHPLWGHU VFKZHGLVFKHQ.VWHGUEHQXQGGD]ZLVFKHQ6HJHO XQG 'DPSIERRWHGLHQDFK.ODPSHQERUJXQG6NRGVERUJXQGELV KLQDXIQDFK+HOVLQJ|UIXKUHQ +RONZUGHVLFKGLHVHP$QEOLFNQRFKYROOHUKLQJHJHEHQKDEHQ ZHQQQLFKWGDV/HEHQDXIGHU&KDXVVHHGUDXIVLHKLQIXKUHQLKQ YRQGHP/DQGVFKDIWOLFKHQLPPHUZLHGHUDEJH]RJHQKlWWH
)XKUZHUNHPDQQLJIDFKVWHU$UWNDPHQLKQHQQLFKWEORHQWJHJHQ VRQGHUQEHUKROWHQDXFKGLH3ULQ]HVVLQGLHZHQQVLH 6SD]LHUIDKUWHQPDFKWHNHLQDOO]XUDVFKHV7HPSROLHEWH'DJDE HVGDQQLQHLQHPIRUW%HJHJQXQJHQXQG(UNHQQXQJVPRPHQWH ª'DVZDUMD0DUVWUDQG©VDJWHGLH3ULQ]HVVLQª8QGZHQQLFK UHFKWJHVHKHQKDEHQHEHQLKP:RUVDDH'HUIHKOWDXFKQLH:DV ZLOOHUQXUEHLGHPGH0H]D)HVW"'H0H]DVROOJHIHLHUWDEHU QLFKWDXVJHJUDEHQZHUGHQ(UOHEWQRFKXQGKDWDXFKQLFKW HLQPDOGDV0DIU+QHQJUlEHU©(VVFKLHQGDGLH3ULQ]HVVLQ GLHV7KHPDQRFKZHLWHUDXVVSLQQHQZROOH VLHNDPDEHUQLFKW GD]XZHLOLPVHOEHQ$XJHQEOLFNHPHKUHUH2IIL]LHUHELVJDQ]LQGLH 1lKHGHV:DJHQVJHNRPPHQZDUHQXQGGLH3ULQ]HVVLQYRQOLQNV XQGUHFKWVKHU]XNRWR\LHUHQEHJDQQHQ8QWHUGLHVHQZDUDXFK 2EHUVWOHXWQDQW7HUVOLQJXQVHU%HNDQQWHUYRQ9LQFHQWV 5HVWDXUDQWKHUHLQVFK|QHUJURHU0DQQYRQDXVJHVSURFKHQ PLOLWlULVFKHQ$OOUHQ(UVDKVLFKPLWEHVRQGHUHU)UHXQGOLFKNHLW VHLWHQVGHU3ULQ]HVVLQEHJUWXQGHUNXQGLJWHVLFKVHLQHUVHLWV QDFKGHP%HILQGHQGHUVHOEHQ ª(VJHKWPLUJXWGRSSHOWJXWDQHLQHP7DJHZLHKHXWH'HQQLFK K|UHGD6LHXQGGLHDQGHUHQ+HUUHQGH0H]DHLQ)HVWJHEHQ ZROOHQ'DVKDWPLFKKHUDXVJHORFNW LFKZLOOPLWGDEHLVHLQ© 7HUVOLQJOlFKHOWHYHUOHJHQXQGGLH3ULQ]HVVLQGLHVLFKGHVVHQ IUHXWHIXKUHUVWQDFKHLQHU:HLOHIRUW ª-DPLWGDEHLVHLQ DEHU HUVFKUHFNHQ6LHQLFKWOLHEHU7HUVOLQJQXUDQGHU3HULSKHULH :HQQ6LHGHQ7RDVWDXIGHQ.|QLJRGHUGHQ]X)HLHUQGHQ DXVEULQJHQZHUGLFKPLFKPLWPHLQHUOLHEHQ*UlILQKLHUXQGPLW (EED5RVHQEHUJGLH6LHZRKOVFKRQLQGHP]ZHLWHQ:DJHQ JHVHKHQKDEHQZHUGHQLQXQVHUHP.ODPSHQERUJHU7LHUJDUWHQ HUJHEHQXQGPLFKIUHXHQZHQQGDV+RFKJXWGlQLVFKHU.HKOHQ ]XPLUKHUEHUNOLQJWhEULJHQVELWWHLFK6LHGH0H]DPHLQH*UH EULQJHQXQGLKPVDJHQ]XZROOHQGDLFKLPPHUQRFKDQDOWHU 6WHOOHZRKQH*HQHUlOHVLQGIUHLOLFKQLHOHLFKW]X+RIH]XEULQJHQ XQGZHQQVLHJDUQRFK%HHWKRYHQ.RQNXUUHQ]PDFKHQXQG 6\PSKRQLHQNRPSRQLHUHQVRLVWHVYROOHQGVYRUEHLGDPLW LQGHVVHQZHQQHUYRQ,KQHQK|UWGDLFK,GVWHGWLPPHUQRFKLQ JXWHP*HGlFKWQLV KDEHVRKlOWHUHVYLHOOHLFKWIUGHU0KHZHUW VLFKPHLQHU]XHULQQHUQ8QGQXQZLOOLFK6LHQLFKWOlQJHUDQ GLHVHQ:DJHQVFKODJIHVVHOQ©
7HUVOLQJNWHGHU3ULQ]HVVLQGLH+DQGXQGHLOWHGLHYHUVlXPWH =HLWZLHGHUHLQ]XEULQJHQ GLH3ULQ]HVVLQDEHUZlKUHQGVLHVLFK]X +RONZDQGWHIXKUIRUW ª'LHVHU7HUVOLQJVFK|QHU0DQQ HUZDU HLQPDO3ULQ]HVVLQQHQWlQ]HUXQG.DYDOLHUFRPPHLOIDXWGLH VSLW]HVWH=XQJHGHUVSLW]HVWH'HJHQXQG6LHZHUGHQVLFK YLHOOHLFKWQRFKGHV'XHOOVHULQQHUQGDVHUVFKRQYRUPLW .DSLWlQ'DKOEHUJKDWWH"'DKOEHUJNDPGDPDOVPLWHLQHP 6WUHLIVFKXDP+DOVGDYRQDEHUQXQOLHJWHUODQJHVFKRQYRU )ULGHULFLD3DUGRQOLHEH6FKLPPHOPDQQGDLFKGLHVDOOHVLQ,KUHU *HJHQZDUWEHUKUH PLUIlOOWHEHQHLQ6LHZDUHQVHOEVWGLH 9HUDQODVVXQJ]XGHP'XHOO2IIHQJHVWDQGHQLFKZWHJHUQ PHKUGDYRQ$EHUQLFKWKHXWHGDVLVW)UDXHQVDFKH© +RONZROOWHVHLQH'LVNUHWLRQYHUVLFKHUQXQGGDHU'LQJHGLH QLFKWGLUHNWIULKQJHVSURFKHQZUGHQEHUKDXSWJDUQLFKWK|UH GLH3ULQ]HVVLQEOLHEDEHUEHLLKUHP6DW]XQGVDJWH ª1HLQQLFKWV KHXWHGDYRQYHUVFKLHEHQZLU V8QGGDQQ'LVNUHWLRQOLHEHU+RON GDVLVWHLQODQJHVXQGVFKZHUHV.DSLWHO,FKEHREDFKWHGLHVH 'LQJHQXQVHLWIQIXQGIQI]LJ-DKUHQGHQQPLWIQI]HKQZXUGLFK VFKRQHLQJHIKUW© ª$EHU.|QLJOLFKH+RKHLWZHUGHQVLFKGRFKGHU'LVNUHWLRQ,KUHU 8PJHEXQJYHUVLFKHUWKDOWHQ© ª*RWWVHL'DQNQHLQ©HUZLGHUWHGLH3ULQ]HVVLQª8QG6LHN|QQHQ VLFKJDUQLFKWYRUVWHOOHQPLWZLHYLHO(UQVWLFKGDVVDJH 'LVNUHWLRQjWRXWSUL[NRPPWIUHLOLFKYRUDEHUJHUDGHZHQQVLHVR EHGLQJXQJVORVYRUNRPPWLVWVLHIXUFKWEDU VLHGDUIHEHQQLFKW EHGLQJXQJVORVDXIWUHWHQ'LH0HQVFKHQXQGYRUDOOHPGLH 0HQVFKHQEHL+RIHPVVHQGXUFKDXVHLQ 8QWHUVFKHLGXQJVYHUP|JHQDXVELOGHQZDVJHVDJWZHUGHQGDUI XQGZDVQLFKW ZHUDEHUGLHV8QWHUVFKHLGXQJVYHUP|JHQQLFKWKDW XQGLPPHUQXUVFKZHLJWGHULVWQLFKWEORODQJZHLOLJGHULVWDXFK JHIlKUOLFK(VOLHJWHWZDV8QPHQVFKOLFKHVGDULQGHQQGDV 0HQVFKOLFKVWHZDVZLUKDEHQLVWGRFKGLH6SUDFKHXQGZLU KDEHQVLHXP]XVSUHFKHQ,FKZHLGDLFKPHLQHUVHLWVHLQHQ DXVJLHELJHQ*HEUDXFKGDYRQPDFKHDEHULFKVFKlPHPLFK GHVVHQQLFKWLP*HJHQWHLOLFKIUHXHPLFKGDUEHU© ,QGHP]ZHLWHQ:DJHQKDWWHPDQlKQOLFKH%HJHJQXQJHQXQG %HJUXQJHQJHKDEW DEHUGDV+DXSWJHVSUlFKGUHKWHVLFK GRFK XP+RONEHLZHOFKHU*HOHJHQKHLW3HQW]YRQGHP)UlXOHLQYRQ
5RVHQEHUJHUIDKUHQZROOWHZLHGHU*UDILKUEHL9RUPLWWDJVDXGLHQ] HLJHQWOLFKJHIDOOHQKDEH(ULFKVHQPLVFKWHVLFKLQGLHVH)UDJHQ XQG$QWZRUWHQQLFKWPLWHLQK|UWHGRFKDXIPHUNVDP]XZHLOHU VROFKH6FKUDXEHUHLHQVHKUOLHEWHYLHOOHLFKWXPVRPHKUMHPHKU HUVHLQHSHUV|QOLFKH8QIlKLJNHLWGD]XHPSIDQG ª(ULVWHLQ6FKOHVZLJ+ROVWHLQHU©VDJWH(EEDª'LH'HXWVFKHQ VLQGNHLQH+RIOHXWH© 3HQW]ODFKWHª'DPHUNWPDQQXQDEHUZLUNOLFKPHLQH*QlGLJVWH GD'lQHPDUNQLFKWGHV9RU]XJVJHQLHW6LHJHERUHQ]XKDEHQ 'LH6FKOHVZLJ+ROVWHLQHUNHLQH+RIOHXWH'LH5DQW]DXVGLH %HUQVWRUIIVGLH0ROWNHV© ª:DUHQ0LQLVWHUDEHUNHLQH+RIOHXWH© ª'DVLVWDEHUGRFKQDKH]XGDVVHOEH© ª0LWQLFKWHQPHLQOLHEHU%DURQ,FKOHVHYLHO*HVFKLFKWHZHQQ DXFKQXUDXVIUDQ]|VLVFKHQ5RPDQHQDEHUIUHLQH+RIGDPHPX GDVDXVUHLFKHQXQGLFKZDJHGLH%HKDXSWXQJHLQ*HJHQVDW] H[LVWLHUW]ZLVFKHQHLQHP0LQLVWHUXQGHLQHP+RIPDQQ :HQLJVWHQVGDQQZHQQMHGHUVHLQHQ1DPHQ HKUOLFKYHUGLHQHQ VROO'LH'HXWVFKHQKDEHQHLQJHZLVVHVEUXWDOHV7DOHQW]XP 5HJLHUHQ J|QQHQ6LHPLUGDVKDUWH%HLZRUWGHQQLFKNDQQGLH 'HXWVFKHQQLFKWOHLGHQDEHUJHUDGHZHLOVLH]XUHJLHUHQ YHUVWHKHQVLQGVLHVFKOHFKWH+RIOHXWH'DV5HJLHUHQLVW HLQ JUREHV*HVFKlIW)UDJHQ6LH(ULFKVHQRELFKUHFKWKDEH© 'LHVHUQLFNWHJUDYLWlWLVFKXQGGDV)UlXOHLQGDVODFKHQGGDUDXI KLQZLHVIXKUIRUW ª8QGGDVDOOHVSDWPHKURGHUZHQLJHUDXFK DXIGHQ*UDIHQ(VOLHHVLFKYLHOOHLFKWHLQ0LQLVWHUDXVLKP PDFKHQ© ª8P*RWWHVZLOOHQ© ª$EHUGHU.DYDOLHUHLQHU3ULQ]HVVLQ]XVHLQGD]XIHKOWLKP QLFKWPHKUDOVDOOHV(UVWHKWGDPLWGHU)HLHUOLFKNHLWHLQHV 2EHUSULHVWHUVXQGZHLQLHZDQQHUODFKHQVROO8QGGLHVLVW HWZDVVHKU:LFKWLJHV8QVHUHJQlGLJVWH3ULQ]HVVLQLFKGHQNH GDZLUHLQLJGDUEHUVLQGKDWHLQLJHNOHLQH6FKZlFKHQGDUXQWHU DXFKGLHVLFKDXIGLHJHLVWUHLFKH)UDXGHVYRULJHQ-DKUKXQGHUWV KLQDXV]XVSLHOHQ6LHKDWLQ)ROJHGDYRQHLQH9RUOLHEHIUlOWHUH
$QHNGRWHQXQG=LWDWHXQGYHUODQJWGDPDQEHLGHQLFKWEOR YHUVWHKWVRQGHUQVLHDXFK]XVWLPPHQGEHOlFKHOW$EHUYRQ GLHVHP$EFGHU6DFKHKDWGHU*UDINHLQH9RUVWHOOXQJ© ª8QGGDVKDEHQ6LHZlKUHQGHLQHU$XGLHQ]YRQNDXP]HKQ 0LQXWHQGHPDUPHQ*UDIHQDOOHVYRQGHU6WLUQJHOHVHQ"© ª,FKZHLQLFKWRELFKGLHVHQ$XVGUXFNJHOWHQODVVHQGDUIGHQQ GDV:HVHQWOLFKHODJGDULQGDLKPDOOGLH=HLWEHUEHUKDXSW QLFKWVYRQGHU6WLUQH]XOHVHQZDU8QGGDVLVWGDVVFKOLPPVWH 'DVSUDFKEHLVSLHOVZHLVHGLH3ULQ]HVVLQYRQ.|QLJ+HLQULFKGHP 9LHUWHQXQGNDPDXIGDV¾+XKQLP7RSI½YRQGHPPDQIJOLFK QLFKWPHKUVSUHFKHQVROOWH$EHUJHUDGHZHLOHVVRVFKZDFKPLW GLHVHP+XKQVWHKWKDWHLQ+RIPDQQGRSSHOWGLH9HUSIOLFKWXQJ]X OlFKHOQXQGQLFKWOHEORVGDEHL]XVWHKHQXQGHLQHVLFKQDFK%HLIDOO XPVHKHQGH3ULQ]HVVLQLP6WLFK]XODVVHQ© hEHU(ULFKVHQVHUQVWHV*HVLFKWJOLWWHLQVWLOOHV%HKDJHQ ª8QGGDQQVSUDFKGLH3ULQ]HVVLQKXOGYROOYRQPHLQHU%OHLFKVXFKW RGHUGDLFKVLHEHLQDKHKDEHQPWH1XQLFKELWWH6LH%DURQ EHL%OHLFKVXFKWPXLPPHUJHOlFKHOWZHUGHQGDVLVWHLQPDOVR KHUN|PPOLFKXQGZHQQHLQH3ULQ]HVVLQGLH*QDGHKDWQRFK HWZDVYRQ¾(LVHQLP%OXW½KLQ]X]XVHW]HQXQGGDGXUFK DQ]XGHXWHQGDVLH'DUZLQRGHULUJHQGHLQHQDQGHUHQJURHQ )RUVFKHUJHOHVHQKDWVRPXVLFK]XGHP+HLWHUNHLWVOlFKHOQ DXFK QRFKHLQ%HZXQGHUXQJVOlFKHOQJHVHOOHQXQGZHQQGDVDOOHV DXVEOHLEWXQGHLQ.DPPHUKHUUVRQFKWHUQGDVWHKWDOVZUGH EOR]HKQ8KUDXVJHUXIHQVRPXLFKVROFKHP.DPPHUKHUUQ DOOHQKRIPlQQLVFKHQ%HUXIDEVSUHFKHQ© (VZDUJHJHQYLHUDOVPDQLQ.ODPSHQERUJKLHOW+RONZDUGHU 3ULQ]HVVLQEHKLOIOLFKXQGQDFKGHPPDQGLH)UDJHZRGHU.DIIHH ]XQHKPHQVHL]XJXQVWHQGHUª(UHPLWDJH©HQWVFKLHGHQKDWWH EUDFKPDQUDVFKQDFKGHPXQPLWWHOEDUDQJUHQ]HQGHQ7LHUJDUWHQ DXIDQGHVVHQQ|UGOLFKHP5DQGHGLH(UHPLWDJH JHOHJHQZDU'HU :HJGDKLQIKUWH]XQlFKVWDQHLQHPJURHQ.ODPSHQERUJHU+RWHO YRUEHULQGHVVHQ)URQWDXIHLQHP]ZLVFKHQ:HJXQG6WUDQG JHOHJHQHQ:LHVHQVWUHLIHQHLQZRKOKXQGHUW6FKULWWODQJHVQDFK GUHL6HLWHQKLQJHVFKORVVHQHV/HLQZDQG]HOWHUULFKWHW ZDU'LH RIIHQH6HLWHODJJHUDGHGHP:HJH]XGDUDXIGLH3ULQ]HVVLQMHW]W KHUDQNDP'DV)HVWPDKOVHOEVWKDWWHQRFKQLFKWEHJRQQHQDEHU
]DKOUHLFKHGHQYHUVFKLHGHQVWHQ7UXSSHQWHLOHQGHU.RSHQKDJHQHU *DUQLVRQDQJHK|ULJH2IIL]LHUHZDUHQEHUHLWVEHLVDPPHQ EHUDOO VDKPDQGLHJOlQ]HQGHQ8QLIRUPHQVRZRKOGHU/HLEJDUGH]X 3IHUGHZLHGHU*DUGHKXVDUHQXQGQRFKEXQWHUDOVGDV%XQWGHU 8QLIRUPHQZDUHQGLH)ODJJHQXQG:LPSHOGLH]X+lXSWHQGHV =HOWHVZHKWHQ$OVGLH3ULQ]HVVLQELVDXIKXQGHUW6FKULWWHKHUDQ ZDUERJVLHVFKDUIOLQNVLQHLQHQ.LHVZHJHLQZHLOVLHGLH VLFKWOLFKXQPLWWHOEDUYRUGHU(U|IIQXQJVWHKHQGH)HVWOLFKNHLWQLFKW VW|UHQZROOWH VLHZDUDEHUEHUHLWVHUNDQQWZRUGHQXQGGH0H]D GHQPDQDXILKU(UVFKHLQHQDXIPHUNVDPJHPDFKWKDWWHVlXPWH QLFKWEHUGHQ/DZQKHUDQ]XNRPPHQXQGGLH3ULQ]HVVLQ UHVSHNWYROOVW]XEHJUHQ ª/LHEHU*HQHUDO©VDJWHGLHVHªVRZDUHVQLFKWJHPHLQW(EHQ VFKOlJWHVYLHUXQGLFKVHKHEHUHLWVZLHVLFKGLH6XSSHQNRORQQH YRP+RWHOKHULQ%HZHJXQJVHW]W8QGHLQHNDOWJHZRUGHQH 6XSSHGDVPDJLFKQLFKWYHUDQWZRUWHQ$PZHQLJVWHQDQHLQHP 2NWREHUWDJHPLWIULVFKHU%ULVH'DVOLHEW*HQHUDOGH0H]DQXU DXVQDKPVZHLVHQXUZHQQHU]X)HOGH]LHKWXQGPLWVHLQHQ /HXWHQLP%LZDNOLHJW© 6LHVDJWHGDVDOOHVPLWHLQHUJHZLVVHQSULQ]HOLFKHQ*UD]LH ZRUDXIVLHGHQ*HQHUDOGHUQLFKWXQHPSILQGOLFKGDJHJHQZDU XQWHUHUQHXWHQ+XOGEHZHLVHQHQWOLH9RP=HOWKHUDEHUNODQJHQ EHUHLWVDOOHUOHL+RFKVXQGGLH0XVLNLQWRQLHUWHGDVQDWLRQDOH ª.|QLJ&KULVWLDQVWDQGDPKRKHQ0DVW©ELVHVLQGHQªGDSSUHQ /DQGVROGDWHQ©EHUJLQJ 8QGQXQKDWWHGLH3ULQ]HVVLQVDPW*HIROJHGHQ7LHUJDUWHQ HUUHLFKWGHUJOHLFKKLQWHU.ODPSHQERUJPLWVHLQHU6GVSLW]HGLH &KDXVVHHEHUKUWH+LHUJDEVLH(ULFKVHQLKUHQ$UP'DQQIROJWH GLH6FKLPPHOPDQQPLW3HQW]ZHLWHU]XUFN+RONPLW(EED+RON LQVLFKWOLFKHU9HUOHJHQKHLWZLHGDV*HVSUlFKHLQ]XOHLWHQVHL'HQQ LKPZDUQLFKWHQWJDQJHQGDHUDP9RUPLWWDJHZlKUHQGGHU $XGLHQ]EHLGHU3ULQ]HVVLQYRQVHLWHQ(EEDVPLWHLQHPOHLVHQ $QIOXJHYRQ6SRWWXQGhEHUOHJHQKHLWEHREDFKWHW ZRUGHQZDU ZlKUHQGGHU1DFKPLWWDJVIDKUWDEHUKDWWHVLFKGLH*HOHJHQKHLW]X LUJHQGZHOFKHU$QNQSIXQJQRFKQLFKWILQGHQODVVHQZROOHQ (QGOLFKEHJDQQHU ª:LUZHUGHQHLQHQZXQGHUYROOHQ 6RQQHQXQWHUJDQJKDEHQ8QGNHLQVFK|QHUHU3ODW]GD]XDOV
GLHVHU'LHVHSUlFKWLJH3ODLQH(VVLQGMHW]WVLHEHQ-DKUGDLFKLQ .ODPSHQERUJZDUXQGLQGHU(UHPLWDJHQLH© ª6FKUHFNWH6LHGHU1DPH"© ª1HLQ'HQQLFKELQPHLQHU1HLJXQJXQG/HEHQVZHLVHQDFKPHKU RGHUZHQLJHU(UHPLWXQGZlUHQLFKWGLH3ULQ]HVVLQGLHPLFKGDQQ XQG ZDQQLQGLH:HOWUXIWLFKN|QQWHPLFKGHQ(UHPLWHQYRQ +RONHQlVQHQQHQ+LPPHOXQG0HHUXQGHLQHLQVDPHV6FKORDXI GHU'QH© ª$XIGHU'QH©ZLHGHUKROWHGDV)UlXOHLQª8QGHLQHLQVDPHV 6FKOR%HQHLGHQVZHUWXQGURPDQWLVFK(VOLHJWVRZDV %DOODGHQKDIWHVGDULQVRZDVYRP.|QLJYRQ7KXOH)UHLOLFKGHU .|QLJYRQ7KXOHZHQQPLUUHFKWLVWZDUXQYHUKHLUDWHW© ª,FKZHLGRFKQLFKW©VDJWH+RONGHQGHU7RQGHV)UlXOHLQV VRIRUWDXVDOOHU9HUOHJHQKHLWULª,FKZHLGRFKQLFKW:LUNOLFK HLQH'RNWRUIUDJH:DUHUXQYHUKHLUDWHW":HQQPLUUHFKWLVWKHLW HVHUJ|QQWHDOOHVVHLQHQ(UEHQZDVGRFKDXI)DPLOLH]XGHXWHQ VFKHLQW)UHLOLFKHVNDQQHLQH1HEHQOLQLHJHZHVHQVHLQ7URW]GHP P|FKWHLFKYHUPXWHQHUZDUYHUKHLUDWHWXQGLP%HVLW]HLQHU NOXJHQ)UDXGLHGHP$OWHQEHUGHQVLHYLHOOHLFKWRGHUVDJHQ ZLUVHKUZDKUVFKHLQOLFKOlFKHOWHVHLQH-XJHQGVFKZlUPHUHLPLW GHP%HFKHUJ|QQWH© ª'DVOlWVLFKK|UHQ©VDJWHGDV)UlXOHLQZlKUHQGLKUGHU hEHUPXWDXVGHQ$XJHQODFKWHª6RQGHUEDU%LVKHUHUVFKLHQPLU GLH%DOODGHVRUXQGXQGDEJHVFKORVVHQZLHQXUP|JOLFK GHU .|QLJWRWGHU%HFKHUJHWUXQNHQXQGJHVXQNHQXQGGDV5HLFK YRP%DOODGHQVWDQGSXQNWHDXVLPPHUGDV*OHLFKJOWLJVWH MHGHP JHJ|QQWXQGDQDOOHYHUWHLOW$EHUZHQQZLUDQGDV9RUKDQGHQVHLQ HLQHU.|QLJLQJODXEHQXQGLFKVWHKHGDULQQDFKWUlJOLFKJDQ]DXI ,KUHU6HLWHVRIlQJWGLH6DFKHPLWGHP7RGHGHV$OWHQHUVWUHFKW HLJHQWOLFKDQXQGGHU¾.|QLJYRQ7KXOH½GDV*HULQJVWH]XVDJHQ LVWXQIHUWLJXQGIRUWVHW]XQJVEHGUIWLJ8QGZDUXPDXFKQLFKW"(LQ 3DJHZLUGVLFKDP(QGHGRFKZRKOILQGHQODVVHQGHUVLFKELV GDKLQYHU]HKUWKDWXQGQXQZLHGHU)DUEHNULHJWRGHU¾(LVHQLP %OXW½XPPLWHLQHP=LWDWXQVHUHUJQlGLJVWHQ3ULQ]HVVLQ]X VFKOLHHQ© ª$FKPHLQH*QlGLJVWH©VDJWH+RONª6LHVSRWWHQEHU5RPDQWLN XQGYHUJHVVHQGDEHLGD,KUHLJHQHU1DPHPLWHLQHPVHKU
URPDQWLVFKHQ+HUJDQJHGHUZRKOHLQH%DOODGHYHUGLHQWKlWWH YHUIORFKWHQLVW© ª0HLQ1DPH"©ODFKWHGDV)UlXOHLQª8QGPLWHLQHPURPDQWLVFKHQ +HUJDQJHYHUIORFKWHQ"%H]LHKWHVVLFKDXI(EED"1XQGDVZUGH VLFKK|UHQODVVHQGDVJLQJH GHQQVFKOLHOLFKODXIHQDOOH%DOODGHQ DXIHWZDV(EEDKLQDXV(EEDLVW(YDZLH6LHZLVVHQXQG EHNDQQWOLFKJLEWHVQLFKWV5RPDQWLVFKHVRKQHGHQ$SIHO$EHULFK VHKH6LHVFKWWHOQGHQ.RSIXQGPHLQHQDOVRQLFKW(EEDXQG QLFKW(YDVRQGHUQ5RVHQEHUJ© ª*HZLPHLQJQlGLJVWHV)UlXOHLQLFKPHLQH5RVHQEHUJ *HQHDORJLVFKHV]lKOWQlPOLFK]XPHLQHQNOHLQHQ/LHEKDEHUHLHQ XQGGLH]ZHLWH)UDXPHLQHV*URRQNHOVZDUHLQH5RVHQEHUJ VR ELQLFKGHQQLQ,KUH*HVFKOHFKWVVDJHQHLQLJHUPDHQHLQJHZHLKW $OOH5RVHQEHUJVZHQLJVWHQVDOOHGLHGLHVLFK5RVHQEHUJ *UXV]F]\QVNLQHQQHQEHLGHQ/LSLQVNLVVWHKWHVDEHUHWZDV DQGHUVVWDPPHQYRQHLQHP%UXGHUGHV(U]ELVFKRIV$GDOEHUWYRQ 3UDJGHUDQGHUVRJHQDQQWHQ%HUQVWHLQNVWHYRQGHU.DQ]HO KHUDEJHULVVHQXQGYRQGHQKHLGQLVFKHQ3UHXHQHUVFKODJHQ ZXUGH'LHVH.DQ]HOZHQQDXFK]HUVWFNHOWXQG]HUPUEW H[LVWLHUWQRFKXQGLVWGDV3DOODGLXPGHU)DPLOLH© ª:RYRQLFKOHLGHUQLHJHK|UWKDEH©VDJWHGDV)UlXOHLQLQ DQVFKHLQHQGHPRGHUYLHOOHLFKWDXFKZLUNOLFKHP (UQVWH ª:RUDXVPLUQXUKHUYRUJHKHQZUGHGD6LHVWDWWGHP *UXV]F]\QVNLVFKHQZDKUVFKHLQOLFKGHP/LSLQVNLVFKHQ=ZHLJHGHU )DPLOLH]XJHK|UHQ© ª=XPHLQHP%HGDXHUQDXFKGDVQLFKW)UHLOLFKZHQQLFK/LSLQVNL PLW/LSHVRKQEHUVHW]HQGDUIHLQ8QWHUIDQJHQ GDVPLUGLH EHUKPWH)DPLOLHYHU]HLKHQZROOHVRZUGHVLFKYRQGHPLQ GLHVHU)RUPDXIWUHWHQGHQ1DPHQDXVYLHOOHLFKWHLQH%UFNH]X PLUXQGPHLQHU)DPLOLHKHUEHUVFKODJHQODVVHQ,FKELQQlPOLFK HLQH5RVHQEHUJ0H\HURGHUULFKWLJHUHLQH0H\HU5RVHQEHUJ (QNHOWRFKWHUGHVLQGHUVFKZHGLVFKHQ*HVFKLFKWHZRKOEHNDQQWHQ 0H\HU5RVHQEHUJ/LHEOLQJV XQG/HLEMXGHQ.|QLJ*XVWDYV,,,© +RONVFKUDNHLQZHQLJ]XVDPPHQGDV)UlXOHLQDEHUIXKULQHLQHP DIIHNWLHUWUXKLJHQ7RQHIRUW ª(QNHOWRFKWHU0H\HU5RVHQEHUJV GHQ.|QLJ*XVWDYVSlWHUXQWHUGHP1DPHQHLQHV%DURQ 5RVHQEHUJQRELOLWLHUWH%DURQ5RVHQEHUJYRQ)LOHKQHZHOFKHP
SUHXLVFKSROQLVFKHQ2UWZLUHQWVWDPPHQ(VZDUGHU6LW] XQVHUHU)DPLOLHGXUFKPHKUHUH-DKUKXQGHUWHKLQ8QGQXQODVVHQ 6LHPLFKGD6LHVLFKIUJHQHDORJLVFK$QHNGRWLVFKHV LQWHUHVVLHUHQQRFKLQ.U]HKLQ]XVHW]HQGDHVPLWGLHVHP 1RELOLWLHUXQJVDNWHDOOHUGLQJVHLOWHGHQQGUHL7DJHVSlWHUZXUGH GHUULWWHUOLFKHXQGIUXQVHU+DXVVRXQYHUJHOLFKH.|QLJYRQ /HXWQDQW$QFNDUVWU|PHUVFKRVVHQ(LQHEHQVREDOODGHQKDIWHU +HUJDQJZLHGHUHUPRUGHWH%LVFKRIDEHUIUHLOLFKQXULP DOOHUORVHVWHQ=XVDPPHQKDQJPLWPHLQHU)DPLOLH6LHGUIHQPLFK DEHUGDUXPQLFKWDXIJHEHQhEHUDOOGDVLVW*UDVJHZDFKVHQXQG PHLQ9DWHUYHUKHLUDWHWHVLFKEHUHLWVPLWHLQHU:UDQJHOQRFKGD]X LQ3DULVZRLFKDXFKJHERUHQELQXQG]ZDUDP7DJHGHU-XOL 5HYROXWLRQ(LQLJHVDJHQPDQPHUNHPLUµVDQ8QWHUDOOHQ 8PVWlQGHQDEHUN|QQHQ6LHPHLQ$OWHUGDQDFKEHUHFKQHQ© +RONZDUNUDVVHU$ULVWRNUDWGHUQLH]|JHUWHGHQ)RUWEHVWDQG VHLQHU)DPLOLHPLWGHP)RUWEHVWDQGGHUJ|WWOLFKHQ:HOWRUGQXQJLQ GHQLQQLJVWHQ=XVDPPHQKDQJ]XEULQJHQXQGGHULP JHZ|KQOLFKHQ9HUNHKUEHUGLHVH'LQJHQXUVFKZLHJZHLOHVLKP HLQH]XKHLOLJH6DFKHZDU(UZDULQGLHVHP3XQNWHIU :LHGHUHLQIKUXQJDOOHUQXUP|JOLFKHQ0LWWHODOWHUOLFKNHLWHQXQG HLQHUMHVWUHQJHUHQ$KQHQSUREHPDQLKQXQGGLH6HLQHQ XQWHUZRUIHQKlWWHMHOLHEHUZlUHHVLKPJHZHVHQGHQQXPVR JOlQ]HQGHUZlUHVHLQ1DPHGDUDXVKHUYRUJHJDQJHQ6HLQH OHLFKWHQXQGDQJHQHKPHQDXFKGLHEUJHUOLFKH:HOW EHIULHGLJHQGHQ8PJDQJVIRUPHQZDUHQQLFKWVDOVHLQ5HVXOWDW VHLQHVVLFK6LFKHUIKOHQVLQGLHVHUKRFKZLFKWLJHQ$QJHOHJHQKHLW $EHUVRVLFKHUHUEHUVHLQHQHLJQHQ6WDPPEDXPZDUVR ]ZHLIHOYROOYHUKLHOWHUVLFKJHJHQDOOHDQGHUQGLHIUVWOLFKHQ +lXVHUQLFKWDXVJHVFKORVVHQZDVGHQQDXFK*UXQGZDUGD PDQEHUDOOGHUOHL'LQJHVHKUIUHLPLWLKPVSUHFKHQNRQQWH ZHQQQXUGLH+RONVDXHU)UDJHEOLHEHQ8QGVRJHVFKDKVGHQQ DXFKKHXWHGDHUVLFKYRQGHPHUVWHQ6FKUHFNGHQLKPGHU VFKZHGLVFKH5RVHQEHUJPLWVHLQHPXQKHLPOLFKHQ(SLWKHWRQ RUQDQVHLQJHMDJWKDWWHQLFKWQXUUDVFKHUKROWHVRQGHUQHVVRJDU K|FKVWSLNDQWIDQGGLHVHGRFKLQGHU0HKU]DKOGHU)lOOHQLFKW OHLFKWJHQXJ]XQHKPHQGH)UDJHYRQHLQHUDXJHQVFKHLQOLFKVR NOXJHQ3HUVRQDXFKZLUNOLFKOHLFKWEHKDQGHOW]XVHKHQ
9LHU]HKQWHV.DSLWHO 'HU:HJGHQPDQHLQ]XVFKODJHQKDWWHOLHIDP2VWUDQGHGHV 7LHUJDUWHQVKLQPHLVWXQWHUKRFKVWlPPLJHQ3ODWDQHQGHUHQ KHUDEKlQJHQGHYLHOIDFKQRFKPLWJHOEHP/DXEJHVFKPFNWHQ =ZHLJHGLH$XVVLFKWGHUDUWKLQGHUWHQGDPDQGHU LQPLWWHQHLQHU OLFKWHQ:DOGZLHVHVWHKHQGHQª(UHPLWDJH©HUVWDQVLFKWLJZXUGH DOVPDQDXVGHU3ODWDQHQDOOHHKHUDXVZDU)UGLHEHLGHQ YRUGHUHQ3DDUHGLHGLHVH6]HQHULHOlQJVWNDQQWHQEHGHXWHWHGDV ZHQLJ+RONXQGGDV)UlXOHLQDEHUGLHGHV$QEOLFNV]XPHUVWHQ 0DOHJHQRVVHQEOLHEHQXQZLOONUOLFKVWHKHQXQGVDKHQIDVW EHWURIIHQDXIGDVLQHLQLJHU(QWIHUQXQJLQGHQNODUHQ +HUEVWKLPPHODXIUDJHQGHYRQDOOHP=DXEHUGHU(LQVDPNHLW XPJHEHQH6FKOR.HLQ5DXFKVWLHJDXIXQGQXUGLH6RQQHODJ DXIGHUZHLWHQPLWHLQHPGLFKWHQLPPHUQRFKIULVFKHQ*UDV EHUGHFNWHQª3ODLQH©ZlKUHQGREHQDPVWDKOEODXHQ+LPPHO +XQGHUWHYRQ0|ZHQVFKZHEWHQXQGLQODQJHP=XJHYRP6XQGH KHUQDFKGHPLKQHQZRKOEHNDQQWHQZHLWHUODQGHLQZlUWV JHOHJHQHQ)XUHVHHKLQEHUIORJHQ ª,KU6FKORDXIGHU'QHNDQQQLFKWHLQVDPHUVHLQ©VDJWHGDV )UlXOHLQDOVPDQMHW]WHLQHQVFKPDOHQ3IDGHLQVFKOXJGHUTXHU EHUGLH:LHVHKLQEHLQDKHJUDGOLQLJDXIGLH(UHPLWDJH]XIKUWH ª1HLQQLFKWHLQVDPHUXQGQLFKWVFK|QHU$EHUVRVFK|QGLHVLVW LFKP|FKWHGHQQRFKQLFKWWDXVFKHQ'LHVH6WHOOHKLHUEHGUFNW PLFKLQLKUHU6WLOOH,Q+RONHQlVLVWLPPHUHLQHOHLFKWH%UDQGXQJ XQGHLQH%ULVHNRPPWYRQGHU6HHKHUXQGEHZHJWGLH6SLW]HQ PHLQHU3DUNElXPH+LHUDEHU]LWWHUWNHLQ*UDVKDOPXQGMHGHV :RUWGDVZLUVSUHFKHQNOLQJWDOVZHQQHVGLH:HOWEHODXVFKHQ N|QQH© ª(LQ*OFNGDZLUQLFKW6FKDGHQGDEHLQHKPHQ©ODFKWHGDV )UlXOHLQªGHQQHLQHPHKUIUGLHgIIHQWOLFKNHLWJHHLJQHWH 8QWHUKDOWXQJDOVGLHXQVHUHNDQQLFKPLUQLFKWGHQNHQ© +RONZDUQLFKWDQJHQHKPEHUKUWYRQGLHVHU(QWJHJQXQJXQG VWDQGDXIGHP3XQNWVHLQHUNOHLQHQ9HUVWLPPXQJ$XVGUXFN]X JHEHQ DEHUHKHHUDQWZRUWHQNRQQWHKDWWHPDQGLHEUHLWHQ 6WXIHQGHU)UHLWUHSSHHUUHLFKWGLH]XGHP-DJGVFKORVVH KLQDXIIKUWH9RUGHUVHOEHQVWDQGHLQ]XJOHLFKDOV.DVWHOODQ LQVWDOOLHUWHUDOWHU:DOGKWHUXQGDQGLHVHQGHUUHVSHNWYROOVHLQH
.DSSHJH]RJHQKDWWHWUDWMHW]WGLH3ULQ]HVVLQKHUDQXPLKP 2UGUHV]XJHEHQ'LHVHJLQJHQ]XQlFKVWGDKLQREHQLPJURHQ 0LWWHOVDDOHGHQ.DIIHHVHUYLHUHQ]XODVVHQ'DV VSUDFKVLHPLW ODXWHU6WLPPHVRGDMHGHUHVK|UHQNRQQWH'DQQDEHUQDKP VLHGHQ:DOGKWHUQRFKHLQHQ$XJHQEOLFNEHLVHLWHXPHLQH ZHLWHUH9HUDEUHGXQJPLWLKP]XWUHIIHQª8QGQLFKWVSlWHUDOV IQI©VRVFKORVLHGDVJHKHLPJHIKUWH*HVSUlFKª'HU$EHQG LVWGDPDQZHLQLFKWZLHXQGZLUEUDXFKHQJXWH%HOHXFKWXQJ© 'HU$OWHYHUQHLJWHVLFKXQGGLH3ULQ]HVVLQWUDWJOHLFKGDQDFKLQ GDV6FKORHLQXQGVWLHJDXIGLH6FKLPPHOPDQQVLFKVWW]HQGLQ GHQREHUHQ6WRFNKLQDXI +LHULP0LWWHOVDDOHKDWWHQGLHQVWEHIOLVVHQH+lQGHEHUHLWVKRKH /HKQVWKOHXPHLQHQODQJHQHLFKHQHQ7LVFKJHUFNWXQGGLHQDFK 2VWXQG:HVWKLQHLQDQGHUJHJHQEHUOLHJHQGHQ%DONRQIHQVWHU JH|IIQHWVRGDGLHJDQ]HODQGVFKDIWOLFKH+HUUOLFKNHLWZLHGXUFK ]ZHLJURH%LOGHUUDKPHQEHZXQGHUWZHUGHQNRQQWH)UHLOLFKGLH GDV6FKORXQPLWWHOEDUXQGQDFKDOOHQ6HLWHQKLQXPJHEHQGH :LHVHQSODLQHZDUZHLO]XQDKHZLHLQGHU7LHIHYHUVFKZXQGHQ GDIUDEHU]HLJWHVLFKDOOHV)HUQHUJHOHJHQHNODUXQGGHXWOLFKXQG ZlKUHQGQDFKOLQNVKLQEHUGLH:LSIHOHLQHVZHLWHQ:DOG]XJHV LQGHUQLHGHUJHKHQGHQ6RQQHEOLQNWHQVDKPDQQDFKUHFKWVKLQ GLHEODXIOLPPHUQGH)OlFKHGHV0HHUHV+RONXQG(EEDZROOWHQ DXIVWHKHQXPHUVWYRQGHPHLQHQXQGGDQQYRPDQGHUQ)HQVWHU DXVGDV%LOGYROOHUJHQLHHQ]XN|QQHQGLH3ULQ]HVVLQDEHUOLWWHV QLFKW VLHYHUVWlQGHVLFKDXFKDXI/DQGVFKDIWXQGN|QQH YHUVLFKHUQGDJHUDGHVRZLH VMHW]WVHLGDV%LOGDPVFK|QVWHQ ZlUH=XGHPKDEHGHU.DIIHH GLH.DVWHOODQLQHUVFKLHQHEHQPLW HLQHPPLWGHPVFK|QVWHQ0HLQHU6HUYLFHEHVHW]WHQ7DEOHWW DXFKVHLQ5HFKWXQGZDVGLH3UDFKWGHUPRPHQWDQDOOHUGLQJV XQVLFKWEDUJHZRUGHQHQ3ODLQHEHWUHIIHVRZUGHGLHVHVFKRQ ZLHGHU]XWDJHWUHWHQZHQQDXFKHUVWVSlWHU$OOHV]XVHLQHU=HLW ª8QGQXQOLHEH6FKLPPHOPDQQELWWHPDFKHQ6LHGLH+RQQHXUV 2IIHQJHVWDQGHQLFKVHKQHPLFKQDFKHLQHU(UIULVFKXQJ VRQDK GHU:HJZDUVRZDUHUGRFKJHUDGHZHLWJHQXJ:HQLJVWHQVIU PLFK© 'LH3ULQ]HVVLQVFKLHQEHLEHVWHU/DXQHZDVVLFKQHEHQDQGHUHP DXFKLQLKUHUQRFKJHVWHLJHUWHQ*HVSUlFKLJNHLW]HLJWH6LH VFKHU]WHGHQQDXFKGDUEHUXQGVXFKWHEHL3HQW]GHUKHXWHJDU QLFKW]X:RUWHNRPPH,QGHPQLWlWQDFKª,QGHPQLWlW©IXKUVLH
GDQQIRUWªDXFKVROFK:RUWDXVGHPHZLJ3DUODPHQWDULVFKHQ $EHUSDUODPHQWDULVFKRGHUQLFKWDXIGLH6DFKHVHOEVWDXI 6WUDIHUODKDELFKLQVRZHLWHLQHQZLUNOLFKHQ$QVSUXFKDOVHV NHLQHQ3ODW]JLEWVHOEVWPHLQJHOLHEWHV)UHGHULNVERUJQLFKW DXVJHQRPPHQZRPLUVRSODXGHUKDIW]XPXWVHLQGUIWHZLH JHUDGHDQGLHVHU6WHOOH(VJDE=HLWHQZRLFKEHLQDKWlJOLFKKLHU ZDUXQGPLFKVWXQGHQODQJGLHVHU0HHU XQG:DOGKHUUOLFKNHLW IUHXWH)UHLOLFKZHQQLFKVDJHQVROOWHGDGLHVH)UHXGHGDV JHZHVHQZlUHZDVPDQVRODQGOlXILJ¾*OFN½QHQQWVRZUG LFK VGDPLWQLFKWWUHIIHQ,FKKDEHQXULPPHUHUTXLFNOLFKH5XKH KLHUJHIXQGHQ5XKHGLHZHQLJHULVWDOV*OFNDEHUDXFKPHKU 'LH5XKLVWZRKOGDV%HVWH© +RONKRUFKWHDXI,KPZDUDOVREHUGLHVHOEHQ:RUWHJDQ]YRU NXU]HPHUVWJHK|UWKDEH$EHUZR"8QGVXFKHQGXQGVLQQHQG IDQGHU VDXFKZLUNOLFKXQGGHU$EHQGDXI+RONHQlVXQGGDV%LOG (OLVDEHWK3HWHUVHQVWUDWHQPLWHLQHP0DOHYRULKQKLQXQGHU K|UWHZLHGHUGDV/LHGXQGGLHNODUH6WLPPH'DVZDUQRFKNHLQH :RFKHXQGVFKRQNODQJHVLKPZLHDXVZHLWHUZHLWHU)HUQH 'LH3ULQ]HVVLQPXWHEHPHUNWKDEHQGD+RONV$XIPHUNVDPNHLW DELUUWH6LHOLHGHVKDOE GDV$OOJHPHLQHIDOOHQXQGIXKUIRUW ª6LH ZHUGHQNDXPHUUDWHQOLHEHU+RONZHOFKHU.VWHQVDXPHVLVWGHU GDYRQGUEHQKHUXQVLQV)HQVWHUVLHKW© ª,FKGDFKWH6FKZHGHQ© ª'RFKQLFKWHLJHQWOLFKGDV(VLVW+YHHQGDV,QVHOFKHQGDUDXI XQVHU7\FKRGH%UDKHVHLQHQDVWURQRPLVFKHQ7XUPEDXWHVHLQ ¾6WHUQHQVFKOR½ZLH VGLH:HOWQDQQWH-DGLH%UDKHVDXFKXP PHLQHUHLJHQHQ3HUVRQZLOOHQPXLFKLKUHULPPHULQ $QKlQJOLFKNHLWXQG/LHEHJHGHQNHQ(VVLQGQXQJHUDGH IQIXQGYLHU]LJ-DKUHGD(EED%UDKHGLH GDPDOVEHZXQGHUWH 6FK|QKHLWEHL+RIHPHLQ+RIIUlXOHLQZDUXQGPHLQH)UHXQGLQ GD]XZDVPLUPHKUEHGHXWHWH'HQQZLUEHGUIHQHLQHU )UHXQGLQLPPHUXQGDOOH]HLW© GLH3ULQ]HVVLQUHLFKWHGHU 6FKLPPHOPDQQGLH+DQG ªXQGQXQJDUZHQQZLUMXQJVLQGXQG LPHUVWHQ-DKUXQVHUHU(KH3HQW]OlFKHOWQDWUOLFK HUNHQQWQLFKW GDVHUVWH-DKUHLQHU(KH© 'HU%DURQYHUQHLJWHVLFKXQGVFKLHQQLFKWEORVHLQH =XVWLPPXQJVRQGHUQDXFKHLQHJHZLVVHKXPRULVWLVFKH
%HIULHGLJXQJEHUGLHVHQ7DWEHVWDQGDXVGUFNHQ]XZROOHQGLH 3ULQ]HVVLQOLHHVDEHUQLFKWGD]XNRPPHQXQGVDJWH ª'RFKLFK ZROOWHYRQ(EED%UDKHVSUHFKHQ$XIPDQFKHP1DPHQOLHJWHLQ 6HJHQXQGPLWGHQ(EEDVKDEHLFKLPPHU*OFNJHKDEW:LH ZHQQHVJHVWHUQJHZHVHQZlUHVWHKWGHU7DJYRUPLUDQGHP LFKYRQHEHQ GLHVHU6WHOOHDXVQDFK+YHHQKLQEHUZLHVXQG]X (EED%UDKHVDJWH ¾1XQ(EEDP|FKWHVWGXQLFKWWDXVFKHQ"+DVW GXNHLQH6HKQVXFKWQDFKGHP6FKORGHLQHU$KQHQGDGUEHQ"½ $EHUVLHZROOWHYRQNHLQHP7DXVFKHZLVVHQXQGLFKK|UHQRFK ZLHVLHPLWLKUHUEH]DXEHUQGHQ6WLPPHVDJWH ¾'HU%OLFNYRQGHU (UHPLWDJHQDFK+YHHQLVWPLUGRFKOLHEHUDOVGHUYRQ+YHHQQDFK GHU(UHPLWDJH½8QGGDQQEHJDQQVLH]XVFKHU]HQXQG]X EHKDXSWHQGDVLHJDQ]LUGLVFKVHLYLHO]XVHKUXPVLFKIUGDV ¾6WHUQHQVFKOR½EHJHLVWHUQ]XN|QQHQ8QWHUDOOHQ6WHUQHQ LQWHUHVVLHUHVLHQXUGLH(UGH]XGHUHQQlFKWOLFKHU%HOHXFKWXQJ GLHDQGHUQEORGDVHLHQ2KVLHZDUFKDUPDQW HLQVFKPHLFKHOQG/LHEOLQJDOOHUXQGLFKP|FKWHEHLQDKHVDJHQ VLHZDUPHKUQRFKHLQH(EEDDOVHLQH%UDKHZlKUHQGXQVHUH QHXH(EED© 'LH3ULQ]HVVLQVWRFNWH ª0HKUHLQH5RVHQEHUJLVWDOVHLQH(EED©ZDUIGDV)UlXOHLQHLQ XQGYHUQHLJWHVLFKXQEHIDQJHQJHJHQGLH3ULQ]HVVLQ +HU]OLFKH+HLWHUNHLWDQGHUVHOEVWGLHEHLGHQ3DJRGHQGHU *HVHOOVFKDIW(ULFKVHQXQGGLH6FKLPPHOPDQQWHLOQDKPHQ EHORKQWHGLHVH6HOEVWSHUVLIOLHUXQJGHQQMHGHUNDQQWHQXU]XJXW GHQ6WDPPEDXPGHV)UlXOHLQVXQGYHUVWDQGGXUFKDXVGHQ6LQQ LKUHU:RUWH1LFKW]XPZHQLJVWHQGLH3ULQ]HVVLQVHOEVWGLHGHQQ DXFKHEHQGDUDXIDXVZDUVLFKPLWHLQHUEHVRQGHUHQ )UHXQGOLFKNHLWDQ(EED]XZHQGHQDOVGHUDOWH:DOGKWHULQGHU 7UHUVFKLHQXQGGXUFKVHLQ(UVFKHLQHQGDVPLWGHU3ULQ]HVVLQ YHUDEUHGHWH=HLFKHQJDE8QGHLQHNOHLQH:HLOHVRWUDWHQDOOH YRP6DDOKHUDXIHLQHQYRUJHEDXWHQ%DONRQKLQDXVYRQGHPDXV PDQHLQHQSUlFKWLJHQ)HUQEOLFNDXIGLHJURHGDV*HVDPWELOG QDFK:HVWHQKLQDEVFKOLHHQGH:DOGPDVVHKDWWH'HU ]ZLVFKHQOLHJHQGH:LHVHQJUXQGZDUYRQHLQHUEHWUlFKWOLFKHQ $XVGHKQXQJDQHLQSDDU6WHOOHQDEHUVFKREHQVLFK :DOGYRUVSUQJHELVZHLWLQGLH:LHVHYRUXQGDXVHEHQGLHVHQ 9RUVSUQJHQWUDWHQMHW]W5XGHO+LUVFKH]X]HKQXQG]ZDQ]LJDXI GLH3ODLQHKLQDXVXQGVHW]WHQVLFKLQHLQHPVSLHOHQGHQ7HPSR
QLFKWUDVFKXQGQLFKWODQJVDPDXIGLH(UHPLWDJH]XLQ%HZHJXQJ (EEDZDUHQW]FNWDEHUHKHVLH VQRFKDXVVSUHFKHQNRQQWHVDK VLHVFKRQGDVLFKLP+LQWHUJUXQGHGHUJDQ]HZHLWH:DOGERJHQ ZLH]XEHOHEHQEHJDQQXQGLQJOHLFKHU:HLVHZLHELVGDKLQQXU YHUHLQ]HOWH5XGHODXVGHQYRUJHVFKREHQHQ6WHOOHQKHUDXVJHWUHWHQ ZDUHQWUDWHQMHW]WYLHOH+XQGHUWHYRQ+LUVFKHQDXVGHU ]XUFNJHOHJHQHQ:DOGHVWLHIHKHUYRUXQGVHW]WHQVLFKZHLOVLHEHL GHUXQPLWWHOEDUEHYRUVWHKHQGHQ'HILOLHUFRXUQLFKWIHKOHQZROOWHQ LQHLQHQOHEKDIWHQ7UDEDQIlQJOLFKZLUUXQGEHLQDKHZLOG GXUFKHLQDQGHUELVVLHVLFKLP1lKHUNRPPHQRUGQXQJVPlLJ JUXSSLHUWHQXQGQXQVHNWLRQVZHLVHDQGHU(UHPLWDJH YRUEHU]RJHQ(QGOLFKDOVDXFKGLHOHW]WHQYRUEHLZDUHQ ]HUVWUHXWHQVLHVLFKZLHGHUEHUGLH:LHVHKLQXQGQXQHUVW HUP|JOLFKWHVLFKHLQYROONRPPHQHUhEHUEOLFNEHUGLH *HVDPWKHLW $OOH*U|HQXQG)DUEHQZDUHQYHUWUHWHQXQGZHQQ VFKRQGLHVFKZDU]HQ+LUVFKHYRQ(EEDEHZXQGHUWZRUGHQZDUHQ VRYLHOPHKUQRFKGLHZHLHQGLHVLFKLQYHUKlOWQLVPlLJJURHU =DKOLQGHP:LOGEHVWDQGHYRUIDQGHQ$EHUGLHVH6WLPPXQJ(EEDV YHUIORJZLHJHZ|KQOLFKVHKUUDVFKZLHGHUXQGDOVEDOG]XU =LWLHUXQJYRQDOOHUOHL6WURSKHQDXVGlQLVFKHQXQGGHXWVFKHQ 9RONVOLHGHUQEHUJHKHQGYHUVLFKHUWHVLHGDGHUZHLH+LUVFKLQ DOOHPZDV%DOODGHEHWUHIIHQDFKZLHYRUGLH+DXSWUROOHVSLHOH QDWUOLFKPLW$XVQDKPHGHU¾ZHLHQ+LQGH½GLHQRFKK|KHU VWQGH3HQW]VHLQHUVHLWVZROOWHGLHVQLFKWZDKUKDEHQXQG YHUVLFKHUWHPLWYLHOHU(PSKDVHGD¾GLH3ULQ]HVVLQXQGGHU3DJH½ GHQ9RUWULWWKlWWHQXQGLKQDXFKHZLJEHKDXSWHQZUGHQHLQH %HPHUNXQJGHUGLH3ULQ]HVVLQ]XVWLPPWHIUHLOLFKPLWHLQHP $QIOXJHYRQ:HKPXWª,FKDN]HSWLHUHGDVZDV3HQW]VDJWXQG P|FKWHQLFKWGDLKPZLGHUVSURFKHQZUGH:LUDUPHQ 3ULQ]HVVLQQHQZLUKDEHQVFKRQQLFKWYLHOXQGDXVGHU:HOWGHU :LUNOLFKNHLWHQVLQGZLUVRJXWZLHYHUGUlQJW QLPPWPDQXQV DXFKQRFKGLH0lUFKHQ XQG%DOODGHQVWHOOHVRZHLLFKQLFKWZDV ZLUEHUKDXSWQRFKZROOHQ©$OOHVFKZLHJHQZHLOVLH]XVHKU HPSIDQGHQZLHULFKWLJHVZDUXQGQXU(EEDNWHGLH+DQGLKUHU :RKOWlWHULQXQGVDJWH ª*QlGLJVWH3ULQ]HVVLQHVEOHLEW*RWWVHL 'DQNQRFKYLHOHVEULJ HVEOHLEWQRFK=XIOXFKWVVWlWWHVHLQXQG DQGHUHEHJOFNHQXQGEHU9RUXUWHLOHODFKHQ©(VZDUHUVLFKWOLFK GDGHU3ULQ]HVVLQGLHVH:RUWHZRKOWDWHQYLHOOHLFKWZHLOVLH KHUDXVK|UWHGDHVWURW]GHPVLHYRQ(EEDNDPHQPHKUDOV EORH:RUWHZDUHQ DEHUVLHVFKWWHOWHGRFKGHQ.RSIXQGVDJWH ª/LHEH(EEDDXFKGDVZLUGEDOG0lUFKHQVHLQ©
:lKUHQGVLHVRVSUDFKHQZDUHQGLH:DJHQGHQHQPDQ HLJHQWOLFKHQWJHJHQJHKHQZROOWHELVGLFKWDQGLH)UHLWUHSSH KHUDQJHIDKUHQXQGDOVGLH3ULQ]HVVLQJOHLFK]HLWLJZDKUQDKPGD GLH'lPPHUXQJXQGPLWLKUGLH$EHQGNKOHPHKUXQGPHKU KHUHLQEUDFKHUNOlUWHVLHYRQHLQHPZHLWHUHQ6SD]LHUJDQJ $EVWDQGQHKPHQXQGGLH5FNIDKUWXQPLWWHOEDUDQWUHWHQ]X ZROOHQª$EHUZLUDUUDQJLHUHQXQVDQGHUVXQGLFKYHU]LFKWHDXI GLH%HJOHLWXQJPHLQHU.DYDOLHUH© 'DVNDPDOOHQHUZQVFKW'LH3ULQ]HVVLQQDKPLKUHQ3ODW]GLH 6FKLPPHOPDQQLKU]XU6HLWHGDV)UlXOHLQJHJHQEHU 3HQW]XQG +RONXQG(ULFKVHQIROJWHQLP]ZHLWHQ:DJHQ$OVPDQ .ODPSHQERUJSDVVLHUWHZDUGDV2IIL]LHUV]HOWDXFKLQVHLQHU)URQW PLW6HJHOWFKHUQJHVFKORVVHQXQGQXUDXVHLQHPVFKPDOHQ6SDOW HUJRVLFKHLQ/LFKWVWUHLIHQDXIGHQGXQNOHQ9RUGHUJUXQG (LQ]HOQHVDXVHLQHU5HGHGLHJHUDGHJHKDOWHQZXUGHWUXJGHU :LQGKHUEHUXQGQXQVFKZLHJDXFKGDVXQGQXU]XVWLPPHQGH 5XIHNODQJHQQRFKLQGHQ$EHQGKLQDXV
)QI]HKQWHV.DSLWHO 'LH5FNIDKUWZDURKQHZHLWHUH=ZLVFKHQIlOOHYHUODXIHQDEHU QDWUOLFKQLFKWRKQH0HGLVDQFHGDULQVLFK(EEDQLFKWOHLFKW]XYLHO WXQNRQQWH'LH*HVFKLFKWHPLWGHQª5RVHQEHUJV© XQGGHQ YHUVFKLHGHQHQ9HU]ZHLJXQJHQGHU)DPLOLHZDULKUGDEHLGDV GHQNEDUJOFNOLFKVWH7KHPDª'HUDUPH*UDI©VDJWHVLHªGDV PXZDKUVHLQHUJHKWDOOHPVRJUQGOLFKDXIGHQ*UXQG 1DWUOLFKGDIULVWHUHLQ'HXWVFKHUXQGQXQJDUEHL JHQHDORJLVFKHQ)UDJHQGDNRPPWHUDXVGHP%RKUHQXQG 8QWHUVXFKHQJDUQLFKWPHKUKHUDXV$QMHGHQ1DPHQNQSIWHU DQXQGZHQQLFK]XP8QJOFNDXIGHQ1DPHQ&RUGHOLDJHWDXIW ZRUGHQZlUHVRELHWLFKMHGH:HWWHGDHUVLFKRKQHZHLWHUHV QDFKGHPDOWHQ/HDUEHLPLUHUNXQGLJWKDEHQZUGH© 'LH3ULQ]HVVLQJDE(EEDHLQHQ=lUWOLFKNHLWVVFKODJDXIGLH+DQG GHUPHKUHUPXWLJWHDOVDEOHKQWHXQGVRIXKUGLHVHGHQQIRUW ª(U KDWHWZDVYRQHLQHP0XVHXPVNDWDORJPLWKLVWRULVFKHQ $QPHUNXQJHQXQGLFKVHKHQRFKVHLQ*HVLFKWDOV.|QLJOLFKH +RKHLWYRQ7\FKRGH%UDKHVSUDFKHQXQGQDFKGHU,QVHO+YHHQ KLQEHU]HLJWHQ HUZDUJDQ]EHQRPPHQGDYRQXQGVHLQH6HHOH GUlQJWHVLFKWOLFKQDFKHLQHP*HVSUlFKEHU:HOWV\VWHPH'DV ZlUHVRZDVIULKQJHZHVHQ]XUFNELV3WROHPlXV*RWWVHL 'DQNNDPHWZDVGD]ZLVFKHQGHQQRIIHQJHVWDQGHQ$VWURQRPLH JHKWPLUQRFKEHU*HQHDORJLH© $XFKGHUIROJHQGH7DJYHUOLHIXQWHUlKQOLFKHP*HSODXGHUZDV EULJHQVQLFKWKLQGHUWHGD+RONYRQVHLWHQGHU'DPHQHLQHP DOOHUIUHXQGOLFKVWHQ(QWJHJHQNRPPHQEHJHJQHWHVRIUHXQGOLFK GDHVLKPQLFKWEORVFKPHLFKHOWHVRQGHUQLKQDXFKLQGLH GHQNEDUEHVWH6WLPPXQJYHUVHW]WH 'LHVH6WLPPXQJQDKPHUGDQQPLWQDFK+DXVLQVHLQH EHKDJOLFKH+DQVHQVFKH:RKQXQJXQGDOVHUWDJVGDUDXIEHL VHLQHP)UKVWFNHVDNDPLKPGDVSULFNHOQG$QUHJHQGHGHV .RSHQKDJHQHU+RIOHEHQVVRUHFKWDXIVQHXH]XP%HZXWVHLQ:LH |GHZDUHQGDQHEHQGLH7DJHGDKHLPXQGZHQQHUVLFKGDQQ YHUJHJHQZlUWLJWHGDHUVLFKLQQHUKDOE]HKQ0LQXWHQDQGHQ 6FKUHLEWLVFK]XVHW]HQXQGEHUGLHJHKDEWHQ(LQGUFNHQDFK +RONHQlVKLQ]XEHULFKWHQKDEHVRHUVFKUDNHUIDVWZHLOHU IKOWHZLHVFKZHUHVVHLQZUGHGHQUHFKWHQ7RQGDIU]X
ILQGHQ8QGGRFKZDUGLHVHU7RQQRFKZLFKWLJHUDOVGHU,QKDOWGD &KULVWLQH]ZLVFKHQGHQ=HLOHQ]XOHVHQYHUVWDQG (UEHUOHJWHQRFKDOV HVNORSIWHª+HUHLQ©8QG)UDX.DSLWlQ +DQVHQWUDWHLQGLHVPDOQLFKWGLH0XWWHUVRQGHUQ%ULJLWWHGLH 7RFKWHU(UKDWWHVLHVHLWGHP$EHQGVHLQHU$QNXQIWNDXP ZLHGHUJHVHKHQDEHULKU%LOGZDUHUQLFKWORVJHZRUGHQVHOEVW QLFKWLQGHQ*HVSUlFKHQPLW(EED%ULJLWWHQV(UVFKHLQXQJLQ GLHVHP$XJHQEOLFNHYHUULHWHLQHJHZLVVHKHUDEJHVWLPPWH *UDQGH]]DGDULQGDVDXI+RFKJHIKO*HVWHOOWHGHP*HIKOLKUHU 0DFKWXQG6FK|QKHLWGDV+HUDEJHVWLPPWHGHU(LQVLFKWLKUHU EHVFKHLGHQHQ/HEHQVVWHOOXQJHQWVWDPPWHEHVFKHLGHQ ZHQLJVWHQVVRODQJHGHU*UDIGHU0LHWHULKUHV+DXVHVZDU2KQH PHKUDOVHLQHQNXU]HQ0RUJHQJUX]XELHWHQVFKULWWVLHJHUDGH XQGDXIUHFKWXQGEHLQDKHVWDWXDULVFKELVDQGHQ7LVFKKHUDQXQG EHJDQQKLHUGDV)UKVWFNVVHUYLFH]XVDPPHQ]XVFKLHEHQ ZlKUHQGVLHGDVPLWJHEUDFKWHJURH7DEOHWWGLH%UXVWGDPLW EHGHFNHQGQRFKLPPHULQLKUHU/LQNHQKLHOW+RONVHLQHUVHLWV KDWWHVLFKLQ]ZLVFKHQYRQVHLQHP)HQVWHUSODW]HUKREHQXQGJLQJ LKUHQWJHJHQXPLKUIUHXQGOLFKGLH+DQG]XUHLFKHQ ª6HLHQ6LHPLUZLOONRPPHQOLHEH)UDX+DQVHQXQGZHQQ,KUH =HLWHV]XOlW©XQGGDEHLZLHVHUPLWYHUELQGOLFKHU +DQGEHZHJXQJDXIHLQHQ6WXKOZl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lWWH'HQQJHUDGHLKU+DOV ZDUYRQEHVRQGHUHU6FK|QKHLWXQGKDWWHVR]XVDJHQHLQHQ7HLQW IUVLFK'LHVHOEH%HUHFKQXQJ]HLJWHVLFKLQDOOXQGMHGHP,KUH ZHLWH6FKRMDFNHPLWORVHP*UWHOYRQJOHLFKHP6WRIIVFKLHQ RKQH6FKQLWWXQG)RUPDEHUDXFKQXUXPLKUHHLJHQHQ)RUPHQ GHVWRGHXWOLFKHU]X]HLJHQ,QLKUHU*HVDPWHUVFKHLQXQJZDUVLH GDV%LOGHLQHUVFK|QHQ+ROOlQGHULQXQGXQZLOONUOLFKVDK+RON QDFKLKUHQ6FKOlIHQREHUQLFKWGLHKHUN|PPOLFKHQ*ROGSODWWHQ GDUDQHQWGHFNH
ª6LH]LHKHQYRU©QDKPHUDOVVLHVHLQHP%OLFNXQDXVJHVHW]W EHJHJQHWHZLHGHUGDV:RUWª6LH]LHKHQYRUVLFKQLFKW]XVHW]HQ XQGLQJDQ]HU)LJXU]XEOHLEHQXQG6LHZLVVHQVHKUZRKOPHLQH VFK|QH)UDX%ULJLWWHZDV6LHGDEHLWXQ:LUNOLFKZHQQLFKEHL *HOHJHQKHLWGHU5HLVHYRQ6FKDQJKDLQDFK%DQJNRN YRQGHUPLU ,KUH )UDX0XWWHUJHVWHUQHU]lKOWH GHU.DLVHUYRQ6LDPJHZHVHQ ZlUHVRZlUHGDVPLWGHP7KURQVHVVHOYRUGHP3DODVWDOOHVVHKU DQGHUVDQJHRUGQHWZRUGHQXQG6LHKlWWHQVWDWW]XVLW]HQZDV QLHNOHLGHWQHEHQGHP7KURQVHVVHOJHVWDQGHQXQGQXU,KUHQ$UP DXIGLHZHLH(OIHQEHLQOHKQHJHOHKQW8QGGDKlWWHVLFK VGDQQ ]HLJHQPVVHQZHU6LHJHUEOLHEHGDV(OIHQEHLQRGHUGHU$UPGHU VFK|QHQ)UDX+DQVHQ© ª$FK©VDJWH%ULJLWWHPLWJXWDXIJHVHW]WHU9HUOHJHQKHLWªGLH 0XWWHUVSULFKWLPPHUGDYRQDOVREHVHWZDV%HVRQGHUHVJHZHVHQ ZlUH8QGHVZDUGRFKEOR6SLHOHUHL© ª-D6SLHOHUHL)UDX%ULJLWWHZHLOHVLQ6LDPZDU$EHUZLUVLQG QLFKWLPPHULQ6LDP8QGQXUGDVKDEHQZLULQXQVHUHPJXWHQ .RSHQKDJHQDXFKGDZLUHLQ$XJHKDEHQIUGLH6FK|QKHLW8QG ZHUHVDPPHLVWHQXQGLQVHLQHUKRKHQ6WHOOXQJDXFKZRKODP HLQGULQJOLFKVWHQKDW$EHUHVLVWQLFKWQ|WLJ1DPHQ]XQHQQHQ OLHEH)UDX.DSLWlQ+DQVHQXQGLFKEHZXQGHUHQXU,KUHQWHXHUHQ *DWWHQYRQGHPLFKVRYLHO5KPOLFKHVJHK|UWKDEH© ª9RQ+DQVHQ-D1XQGHUNHQQWVHLQH%ULJLWWH©VDJWHVLH ZlKUHQGVLHGDV$XJHVFKDPKDIWQLHGHUVFKOXJ ª(UNHQQW6LHOLHEH)UDX+DQVHQXQGZHLZHOFKHVXQEHGLQJWH 9HUWUDXHQHU,KQHQHQWJHJHQEULQJHQGDUI8QGLFKP|FKWHVDJHQ LFKZHLHVDXFK'HQQZHQQ6FK|QKHLWHLQHUVHLWVHLQH *HIDKULVW VRLVWVLHGRFKNDXPZHQLJHUDXFKHLQ6FKLOG©XQGGDEHLJOLWW VHLQ$XJHQDFKGHP7DEOHWWKLQEHUª(VJHQJWHLQ%OLFNDXI ,KUHZHLH6WLUQXP]XZLVVHQGD6LHGHQ6FKZlFKHQ,KUHV *HVFKOHFKWVQLFKWXQWHUZRUIHQVLQG© )UDX%ULJLWWHVFKZDQNWHZLHVLHVLFK]XGLHVHQ$XVODVVXQJHQ VWHOOHQVROOH SO|W]OLFKDEHUZDKUQHKPHQGGD+RONV$XJHOHLVH KLQXQGKHU]ZLQNHUWHZDUHVLKUNODUGD3HQW]RGHU(ULFKVHQ RGHUYLHOOHLFKWDXFKEHLGHJHVSURFKHQKDEHQPWHQXQGVROLH VLHGHQQGLH.RP|GLHGHU:UGLJNHLWIDOOHQXQGEHJHJQHWH VHLQHP/lFKHOQPLWHLQHP/lFKHOQGHV(LQYHUVWlQGQLVVHV
ZlKUHQGVLHZLHJOHLFKDPHUVWHQ$EHQGGHQOLQNHQ(OOERJHQVR GDGHUZHLWHbUPHO]XUFNILHODXIGHQKRKHQ.DPLQVLPVVWW]WH 'DVZlUHQXQVLFKHUGHUJHHLJQHWH0RPHQWJHZHVHQGHP *HVSUlFKHLQH:HQGXQJ]XU,QWLPLWlW]XJHEHQ +RON]RJHVDEHU YRUZHQQDXFKVFKHU]KDIWXQGLURQLVFKVLFKYRUOlXILJQRFKDXI GHQ6LWWHQYRUPXQGKLQDXI]XVSLHOHQXQGVDJWH ª-DOLHEH)UDX +DQVHQGDLFKHVQRFKHLQPDOVDJHQLFKWXQWHUZRUIHQGHQ 6FKZlFKHQ,KUHV*HVFKOHFKWV'DEHLEOHLEWHV8QGGRFKP|FKW LFKGLH6WLPPHGHV:DUQHUVHUKHEHQGUIHQ(VLVWZLHLFKPLU VFKRQDQ]XGHXWHQHUODXEWHLPPHUJHIlKUOLFKLQHLQHU6WDGW]X OHEHQZRGLH.|QLJHGHQDXVJHVSURFKHQHQ6LQQIUGLH6FK|QKHLW KDEHQ'HU/LHEHGLHVHU0lFKWLJHQGHU(UGHOlWVLFKYLHOOHLFKW ZLGHUVWHKHQDEHUQLFKWLKUHU0DFKW8QGZDVGLH*UlILQ'DQQHU DQJHKWPLWGHUYRUOlXILJIUHLOLFKQRFK]XUHFKQHQLVWQXQVLH ZLUGGRFKDP(QGHQLFKWHZLJOHEHQ© ª2GRFK© ª1XQVRVWLUEWYLHOOHLFKWGLH1HLJXQJLKUHVN|QLJOLFKHQ $QEHWHUV© ª$XFKGDVQLFKW+HUU*UDI'HQQGLH'DQQHUKDWHLQHQ=DXEHU XQGPDQK|UWGDUEHUVRGLHVXQGGDV© ª.DQQPDQHVQLFKWHUIDKUHQ"© ª1HLQ0HLQH0XWWHUVDJW]ZDULPPHU ¾+|UH%ULJLWWHGXVDJVW DXFKDOOHV½ DEHUGDVPLWGHU'DQQHUGDVLVWGRFK]XYLHO© ª1XQGDQQZHUGLFK%DURQ3HQW]IUDJHQ© ª-DGHUNDQQHVVDJHQGHUZHLHV(LQLJHVDJHQVLHKDEHGHQ 6FK|QKHLWVDSIHOLFKPHLQHGLH'DQQHU DEHUGDVLVWQLFKWGHU JURH=DXEHUGHQVLHKDW GDVLVWK|FKVWHQVGHUNOHLQH© ª*ODXELFKXQEHGLQJW8QGEHUKDXSWRIIHQJHVWDQGHQLFKZHL QLFKWZDVLPPHUGHU$SIHOVROO(ULVWPLULPPHUKDOE XQYHUVWlQGOLFKHUVFKLHQHQ8QWHU.LUVFKHQNDQQLFKPLUHWZDV GHQNHQDEHU$SIHO© ª,FKZHLGRFKQLFKW+HUU*UDI©VDJWH%ULJLWWHZlKUHQGVLHGLH 6FKRMDFNHJODWW]RJXPLKUHU)LJXUGLHUHFKWH/LQLH]XJHKHQ
ª,FKZHLGRFKQLFKWRE6LHGDULQUHFKWKDEHQ©8QGHLQPDO DQJHODQJWDXIGLHVHUDEVFKVVLJHQ(EHQHVFKLHQVLHGXUFKDXV JHQHLJWGDV7KHPDZHLWHUIRUW]XIKUHQ$EHUHKHVLHGD]X NRPPHQNRQQWHK|UWHVLHYRQGHU7UHSSHKHUGHQKDOEODXWHQ 5XI ª%ULJLWWH© ª'DVLVWGLH0XWWHU©VDJWHVLHYHUGURVVHQXQGVWHOOWHGDV *HVFKLUUDXIGDV7DEOHWW'DQQDEHUVLFKZUGHYROOYHUQHLJHQG DOVRE6WDDWV XQG.LUFKHQIUDJHQ]ZLVFKHQLKQHQYHUKDQGHOW ZRUGHQZlUHQYHUOLHVLHGDV=LPPHU +RONDOV%ULJLWWHGLH7ULQV6FKORJHGUFNWKDWWHVFKULWWDXI XQGDEVHKUYHUVFKLHGHQHQ*HIKOHQKLQJHJHEHQ(UZDUQLFKW XQHPSILQGOLFKJHJHQGLH6FK|QKHLWXQG.RNHWWHULHGLHVHU EHUFNHQGHQ3HUVRQGLHZLHJHVFKDIIHQVFKLHQDOOHUOHL 9HUZLUUXQJHQDQ]XULFKWHQ DEHUGDVLHGHQ:LOOHQGD]XVR GHXWOLFK]HLJWHGDVPLQGHUWHGRFKDXFKZLHGHUGLH*HIDKU $OOHUOHL:LGHUVSUHFKHQGHVEHNlPSIWHVLFKLQLKPELVHQGOLFKVHLQH JXWH1DWXUGHQ6LHJJHZDQQXQGLKPGLH.UDIWJDEGDVZlKUHQG GLHVHU7DJH(UOHEWHPLWHLQHPJHZLVVHQGDUEHUVWHKHQGHQ+XPRU ]XEHWUDFKWHQ8QGGDPLWZDUGHQQDXFKGLH6WLPPXQJ JHZRQQHQQDFK+RONHQlVKLQ]XVFKUHLEHQXQGVHLQHQHUVWHQ =HLOHQLQGHQHQHUQXUVHLQH$QNXQIWDQJH]HLJWKDWWHHLQHQ Ol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lFKVWOLHJHQGHQPLWPHLQHU :RKQXQJEHLGHU:LWZH+DQVHQEHJLQQHQ(VLVWDOOHVZLH V IUKHUZDUQXUHOHJDQWHUVRGDPDQ GHXWOLFKVLHKWZLHVLFKLKUH 9HUKlOWQLVVHJHKREHQKDEHQ9LHOOHLFKWLVWDOOHVGHP8PVWDQGH ]X]XVFKUHLEHQGDVLHMHW]WPLWLKUHU7RFKWHUHEHQIDOOVHLQHU )UDX.DSLWlQ+DQVHQ GLHIUKHULKUHQ0DQQDXIVHLQHQ
&KLQDIDKUWHQEHJOHLWHWH ]XVDPPHQZRKQW(VVWHKHQGDGXUFK ZRKOJU|HUH0LWWHO]XU9HUIJXQJ)UDX.DSLWlQ+DQVHQLVWHLQH VFK|QH)UDXVRVFK|QGDVLHGHP.DLVHUYRQ6LDPYRUJHVWHOOW ZXUGHEHLZHOFKHU*HOHJHQKHLWVLH]XJOHLFKGHU*HJHQVWDQGHLQHU VLDPHVLVFKHQ+RIRYDWLRQZXUGH6LHKDWHLQHVWDWXDULVFKH5XKH URWEORQGHV+DDU HWZDVZHQLJDEHUVHKUJHVFKLFNWDUUDQJLHUW XQGQDWUOLFKGHQ7HLQWGHUVROFKURWEORQGHV+DDU]XEHJOHLWHQ SIOHJW,FKZUGHVLH5XEHQVFKQHQQHQZHQQQLFKWDOOHV 5XEHQVFKHGRFKDXVJU|EHUHP6WRIIHJHVFKDIIHQZlUH'RFK ODVVHQZLU)UDX.DSLWlQ+DQVHQ'XZLUVWODFKHQXQGGDUIVWHV DXFKEHUGDV,QWHUHVVHGDVDXVGHP9HUJOHLFKPLW5XEHQV]X VSUHFKHQVFKHLQW8QG5XEHQVQRFKEHUWURIIHQ,FKZDUJOHLFK DPHUVWHQ$EHQGEHL9LQFHQWVDXIGHP.RQJHQV1\WRUYZRKLQLFK GXUFK3HQW]XQG(ULFKVHQDEJHKROWZXUGH9LHOH%HNDQQWH JHVHKHQ DXFKGH0H]DGHUYRQ-WODQGKHUEHUJHNRPPHQZDU DEHUQLHPDQGHQJHVSURFKHQZDVLQHLQHUJURHQSROLWLVFKHQ $XIUHJXQJGLHLFKKLHUYRUJHIXQGHQVHLQHQ*UXQGKDW+DOOVROO JHVWU]WXQG5RWWZLJDQ VHLQH6WHOOHJHVHW]WZHUGHQ1DWUOLFK QXUhEHUJDQJVPLQLVWHULXPZHQQHVEHUKDXSWJOFNWZDVDXFK QRFKGLH)UDJH/LHVGLH%HULFKWHGLH¾'DJEODGHW½EULQJWVLHVLQG DXVIKUOLFKHUXQGPLQGHUSDUWHLLVFKDOVGLHYRQ¾)O\YHSRVWHQ½$P DQGHUQ9RUPLWWDJHZDU LFKEHLGHU3ULQ]HVVLQXPPLFKLKU YRU]XVWHOOHQ,KU%HQHKPHQJHJHQPLFKJHQDXGDVVHOEHZLH IUKHU VLHNHQQWPHLQHQDEZHLFKHQGHQSROLWLVFKHQ6WDQGSXQNW DEHUVLHYHU]HLKWHVPLUGDLFKPHKUIUGDVDOWH'lQHPDUNELQ DOVIUGDVQHXH0HLQHU/R\DOLWlWLVWVLHVLFKHUXQGPHLQHU $QKlQJOLFKNHLWDQLKUH3HUVRQGRSSHOWXQGGUHLIDFK'DVOlWVLH YLHOHVEHUVHKHQZHQLJVWHQVVRODQJHGHU.|QLJOHEWXQGYRQ HLQHUHUQVWHQSROLWLVFKHQ.ULVHNHLQH5HGHVHLQNDQQ6RVLQGZLU LQGHUDQJHQHKPHQ/DJHDXIHLQHPY|OOLJHQ)ULHGHQVIXH PLWHLQDQGHUYHUNHKUHQ]XN|QQHQ ,QGHU8PJHEXQJGHU3ULQ]HVVLQKDWVLFKQLFKWVJHlQGHUWIDVW ]XZHQLJ$OOHVLVWEHTXHPXQGEHKDJOLFKDEHUGRFK]XJOHLFKDXFK HUJUDXWXQGYHUVWDXEW GLH3ULQ]HVVLQKDWNHLQ$XJHGDIUXQG 3HQW]GHUYLHOOHLFKW:DQGHOVFKDIIHQN|QQWHKlOWHVIUNOXJGLH 'LQJHUXKLJZHLWHUJHKHQ]XODVVHQ'LH6FKLPPHOPDQQLVWQDFK ZLHYRUZUGLJXQGZRKOZROOHQGDQ&KDUDNWHUHLQ6FKDW]DEHU HLQZHQLJEHGUFNHQG$Q6WHOOHGHU*UlILQ)UMLVGLHZlKUHQGGHU OHW]WHQ]HKQ-DKUHGHU/LHEOLQJGHU3ULQ]HVVLQZDULVWHLQ )UlXOHLQYRQ5RVHQEHUJJHWUHWHQ,KUH0XWWHUZDUHLQH:UDQJHO 'LHVH5RVHQEHUJVVWDPPHQDXVGHPZHVWSUHXLVFKHQ6WlGWFKHQ
)LOHKQHZXUGHQHUVWXQWHU*XVWDY,,,EDURQLVLHUWXQGKDEHQ NHLQH9HUZDQGWVFKDIWZHGHU PLWGHQE|KPLVFKHQQRFKPLWGHQ VFKOHVLVFKHQ5RVHQEHUJV'DV)UlXOHLQVHOEVW QXULPPHUGHU l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|UWDEHUGDVLFKQLHJHVHKHQ KDEHVFKOXJPLUGDV+HU]YRU(QW]FNHQXQGLFKZQVFKWH 'LFKXQGGLH.LQGHUKHUEHLXP=HXJHGDYRQVHLQ]XN|QQHQ(V YHUODQJWPLFKEULJHQVOHEKDIWYRQ(XFK]XK|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|JOLFKH)UHXQGOLFKHVDJHQ6WUHKONHVROO$[HOQLFKWPLW 0DWKHPDWLNXQG$OJHEUDTXlOHQDEHUGHQ&KDUDNWHUVROOHU ELOGHQ/HLGHUKDWHUVHOEHUNHLQHQHLQVRJXWHU.HUOHULPEULJHQ LVW)UHLOLFKZHUKDW&KDUDNWHU"(VLVWQLFKWMHGHPVRJXW JHZRUGHQZLH'LU'XKDVWGDVZDVGHQPHLVWHQIHKOW DEHUZHQQ PLFKQLFKWDOOHVWlXVFKWHUIOOW'LFKVHOEHUPLWXQWHUGHUOHLVH :XQVFKHWZDVZHQLJHUYRQGHP]XKDEHQZDV'LFKDXV]HLFKQHW ,UULFKGDULQ"/DEDOGYRQ'LUXQGGHQ.LQGHUQK|UHQXQGZHQQ HVVHLQNDQQ(UIUHXOLFKHV 'HLQ +HOPXWK+
8QGQXQOHJWHHUGLH)HGHUDXVGHU+DQGXQGEHUIORJGDV *HVFKULHEHQHQRFKHLQPDO(LQLJHVPLW=XIULHGHQKHLW$OVHUDEHU JHJHQGDV(QGHKLQGLH:RUWHODV ªGDV%HVWHEOHLEWGRFKLPPHU GDVHOWHUOLFKH+DXV©XQGGDQQ ªZHQQHLQH+DQGZLHGLH'HLQH GLHV+DXVEHVWHOOW©GDEHUNDPLKQHLQHOHLVH5KUXQJYRQ GHUHUVLFKNDXP8UVDFKXQG5HFKHQVFKDIW]XJHKHQYHUPRFKWH +lWWHUHVJHNRQQWVRKlWWHUJHZXWGDLKQVHLQJXWHU(QJHO ZDUQH
6HFK]HKQWHV.DSLWHO +RONJDEGHQ%ULHIVHOEVW]XU3RVWGDQQJLQJHU]X3HQW]GHULKQ LQVHLQH:RKQXQJ]XP)UKVWFNJHODGHQKDWWH9RQGHQ 0LQLVWHUQZDUQLHPDQGGDDXFK+DOOQLFKWWURW]GHPHU]XJHVDJW KDWWHZRKODEHU5HLFKVWDJVPLWJOLHGHUXQG0LOLWlUV *HQHUDO %ORZ2EHUVWGX3ODW2EHUVWOHXWQDQW7HUVOLQJ.DSLWlQ/XQGE\H VHOEVWYHUVWlQGOLFK:RUVDDHGHUDOV(VSULWIRUWXQG $QHNGRWHQHU]lKOHUQLFKWIHKOHQ GXUIWH7HUVOLQJKDWWHVHLQHQ JXWHQ7DJ:RUVDDHDXFKZDVEHLGHQ6FKUDXEHUHLHQLQGHQHQ PDQVLFKJHILHODPEHVWHQ]XWDJHWUDW DEHUVRYHUJQJOLFKGLHVH .lPSIHZDUHQVRVDKVLFKGRFKJHUDGH+RONQXUPlLJGDGXUFK XQWHUKDOWHQWHLOVZHLOLKPDOVHLQHP1LFKW.RSHQKDJHQHU PDQFKHVYRQGHQ3RLQWHQHQWJLQJWHLOVZHLOHU)UDJHQDXIGHP +HU]HQKDWWHGLH]XVWHOOHQVLFKEHLGHPEHVWlQGLJHQ :RUWJHIHFKWGHUEHLGHQKXPRULVWLVFKHQ*HJQHUNHLQHUHFKWH *HOHJHQKHLWIULKQELHWHQZROOWH'HQQ3HQW]ZDUJDQ]2KUXQG K|UWHQXUDXIGLHJHJHQVHLWLJHQ6WLFKHOHLHQ'DV)UKVWFNZLH MHGHVJXWH)UKVWFNGDXHUWHELV$EHQG$OVHVEHHQGHWZDU JLQJHQHWOLFKHYRQGHQ-QJHUHQQRFKQDFK7LYROLKLQDXVXP HLQHPOHW]WHQ2SHUHWWHQDNWEHL]XZRKQHQ +RONDEHUDQ JURVWlGWLVFKHV/HEHQQLFKWJHZ|KQWXQGLPPHUEHIOLVVHQVLFKLQ EHLQDKSKLOLVWU|VHU:HLVHEHLJXWHU*HVXQGKHLW]XKDOWHQ EHJOHLWHWH%ORZXQGGX3ODWELVDQGDV.ULHJVPLQLVWHULXPXQG JLQJGDQQDXIVHLQH:RKQXQJ]X'LHlOWHUH)UDX+DQVHQHPSILQJ LKQDXIPHUNVDPXQGDUWLJZLHLPPHUIUDJWHQDFKVHLQHQ %HIHKOHQXQGEUDFKWHGHQ7HH'DV*HVSUlFKGDVVLHGDEHL IKUWHZDUQXUNXU]XQGDOOHVZDVVLHVDJWHODJKHXWHQDFKGHU JHIKOYROOHQ6HLWHKLQ LKUHU7RFKWHU%ULJLWWHVHLQLFKWUHFKWZRKO XQGZHQQVLHGDQQEHGHQNHGDGLHDUPHMXQJH)UDXGHQQVLH VHLGRFKHLJHQWOLFKQRFKMXQJXQGGHU0DQQVFKRQLPVLHEHQWHQ 0RQDWIRUWXQGNlPDXFKQRFKODQJHQLFKWZLHGHU]XUFNMD ZHQQVLHGDVDOOHVVREHGHQNHXQGGD%ULJLWWHGRFKHUQVWOLFK NUDQNZHUGHQXQGDXVGLHVHU=HLWOLFKNHLWVFKHLGHQN|QQHGD ZROOHVLHGRFKOLHEHUJOHLFKVHOEHUVWHUEHQª8QGZDVLVWHVGHQQ DXFKDP(QGH":HQQPDQIQI]LJLVWXQG:LWZHGD]XMD+HUU *UDI© XQGVLHWURFNQHWHVLFKHLQH7UlQH ªZDVKDWPDQGDQRFK YRP/HEHQ"-HIUKHUHVNRPPWGHVWREHVVHU$UPXWLVWQLFKW GDVVFKOLPPVWHVFKOLPPHULVW(LQVDPNHLWLPPHUHLQVDPXQG RKQH/LHEH©+RONGHQGLHVH6HQWLPHQWDOLWlWDPVLHUWH
EHVWlWLJWHVHOEVWYHUVWlQGOLFKDOOHVª-DZRKOOLHEH)UDX+DQVHQHV LVWJDQ]VRZLH6LHVDJHQ$EHU6LHGUIHQHVQLFKWVR VFKZHUQHKPHQ(LQELFKHQ/LHEHILQGHWVLFKLPPHUQRFK© 6LHVDKLKQYRQGHU6HLWHKHUDQXQGIUHXWHVLFKVHLQHV 9HUVWlQGQLVVHV $PDQGHUHQ7DJHZDU+RONZLHGHULQ'LHQVWZDVDP+RIHGHU 3ULQ]HVVLQQLFKWYLHOEHVDJHQZROOWH'LHIDVW6LHE]LJMlKULJHGLH GDULQQRFKJDQ]GDV.LQGGHVYRULJHQ-DKUKXQGHUWV LPPHUVSlW ]XU5XKHJLQJXQGQRFKVSlWHUDXIVWDQGHUVFKLHQQLHYRU0LWWDJ LQLKUHQ(PSIDQJVUlXPHQ GLH.DPPHUKHUUHQYRP'LHQVWKDWWHQ DOVRELVGDKLQQLFKWVDQGHUHV]XWXQDOVLP9RU]LPPHU]XZDUWHQ 'DZXUGHQGHQQ=HLWXQJHQJHOHVHQDXFKZRKO%ULHIH JHVFKULHEHQXQGZHQQODQJHYRU6LFKWEDUZHUGHQGHU3ULQ]HVVLQ GHU.DPPHUGLHQHUHLQJXWDUUDQJLHUWHV)UKVWFNEUDFKWHVR UFNWH3HQW]LQGLHWLHIHPLWHLQHPNOHLQHQ'LZDQLQ+XIHLVHQIRUP KDOEDXVJHIOOWH)HQVWHUQLVFKHZRVLFKGDQQ+RONRGHU(ULFKVHQ LKPJHVHOOWH6RZDUHVDXFKKHXWHXQGDOVPDQYRQGHP6KHUU\ JHQLSSWXQG3HQW]HLQVHKUDQHUNHQQHQGHV:RUWEHUGLH 6DUGLQHQJHlXHUWKDWWHVDJWH+RON ª-DYRU]JOLFK8QGGRFK OLHEHU3HQW]LFKP|FKWHKHXWHZHQQHVJHKWHWZDVDQGHUHVYRQ ,KQHQK|UHQDOV.XOLQDULVFKHVRGHU)UKVWFNOLFKHV,FKKDWWHPLU VFKRQJHVWHUQHLQSDDU)UDJHQDQ6LHYRUJHQRPPHQDEHUGLH EHLGHQ.DPSIKlKQHQDKPHQ6LHMDJDQ]LQ$QVSUXFK:RUVDDH ZDUEULJHQVZLUNOLFKVHKUDPVDQW8QGGDQQPXWLFKPLUDXFK VDJHQZHUVRJOlQ]HQGHU:LUWLVWZLH6LHGHULVWHEHQ:LUWXQG QLFKWVZHLWHUXQGKDWQLFKW=HLW]X3ULYDWJHVSUlFKHQLQHLQHU YHUVFKZLHJHQHQ(FNH© ª6HKUOLHEHQVZUGLJOLHEHU+RON,FKKDEHPLFKQLFKWUHFKWXP 6LHJHNPPHUWXQGDQVWDWWPLUHLQHQ9RUZXUIGDUDXV]X PDFKHQPDFKHQ6LHPLU(ORJHQEHUPHLQH:LUNOLFKNHLW hEULJHQVPXLFK,KQHQEHNHQQHQZHQQLFKJHVWHUQXPHLQ 3ULYDWJHVSUlFKPLW,KQHQXQGQRFKGD]XZHQQLFKUHFKWJHK|UW ¾XPHLQ3ULYDWJHVSUlFKLQHLQHUYHUVFKZLHJHQHQ(FNH½JHNRPPHQ ELQVRYHUZQVFKHLFKDOOH5HSUlVHQWDWLRQVWXJHQGHQGLH6LHPLU JWLJVW]XGLNWLHUHQ¾,QHLQHUYHUVFKZLHJHQHQ(FNH½ GDGDUIPDQ HWZDVHUZDUWHQZDVMHQVHLWVGHV*HZ|KQOLFKHQOLHJW© ª,FKELQGDUEHUGRFKVHOEVWLP=ZHLIHO$XIGHQHUVWHQ%OLFNLVW HVMHGHQIDOOVZDVVHKU*HZ|KQOLFKHVXQGEHWULIIWHLQ7KHPDGDV
VFKRQJOHLFKDPHUVWHQ$EHQG]ZLVFKHQXQVYHUKDQGHOWZXUGH +DELFKGDQQDEHUZLHGHUJHJHQZlUWLJZLHVLFKDOOHVLQGHU6DFKH VRP\VWHUL|VYHUVFKOHLHUWVRK|UWHVGRFKDXFKZLHGHUDXIZDV $OOWlJOLFKHVXQG7ULYLDOHV]XVHLQ.XU]XPLFKZHLVHOEHUQLFKW UHFKWZLH VVWHKWDXVJHQRPPHQGDLFKQHXJLHULJELQXQGQXQ VDJHQ6LHPLUZDVLVWHVPLWGHQ]ZHL)UDXHQ0XWWHUXQG 7RFKWHU© 3HQW]YHUVWDQGHQWZHGHUZLUNOLFKQLFKWRGHUJDEVLFKGRFKGDV $QVHKHQGDYRQZHVKDOE+RONIRUWIXKU ª,FKPHLQHQDWUOLFKGLH EHLGHQ+DQVHQV(LJHQWOLFKDXFKJDQ]DEJHVHKHQYRQGHPZDV 6LHPLUVFKRQHU]lKOWKDEHQVROOWLFKGDUEHUVRJXWXQWHUULFKWHW VHLQZLH6LHVHOEVW GHQQEHLGH)UDXHQVLQGVFKOHVZLJVFKHV *HZlFKVLFKJODXEDXV+XVXPJHEUWLJXQGGDQQVSlWHULQ *OFNVEXUJXQGEHLGHU0XWWHUZLH6LHMDZLVVHQKDELFKDXFK VFKRQJHZRKQWDOVLFKGDVOHW]WH0DOKLHUZDUXQGPHLQHQ'LHQVW WDW$EHULFKPXGDPDOVVFKOHFKWEHREDFKWHWKDEHQRGHUGLH 7RFKWHUGLHMHW]WGDLVWKDWGHP+DXVVWDQGHLQDQGHUHV:HVHQ JHJHEHQ6RYLHOEOHLEWLFKVFKZDQNHQDFKZLHYRUKLQXQGKHU ZDVLFKHLJHQWOLFKGDUDXVPDFKHQVROO0DQFKPDOJODXELFKLQ PHLQHU$QQDKPHUDIILQLHUWHVWHU.RP|GLDQWHUHLJDQ]VLFKHU]X VHLQ GDQQDEHUVHKLFKZLHGHUKRKH0LHQHQYROONRPPHQH¾$LUV½ XQGZHQQLFKDXFKVHKUZRKOZHLGDPDQKRKH0LHQHQ DXIVHW]HQNDQQVREULQJHQVLHPLFKGRFKLPPHUZLHGHULQV 8QVLFKHUH'DJLEWHVEHLVSLHOVZHLVHHLQHZXQGHUYROOH*HVFKLFKWH YRQGHP.DLVHUYRQ6LDPPLWPlUFKHQKDIWHQ+XOGLJXQJHQXQG *HVFKHQNHQXQGVRJDUHLQHUSUDFKWYROOHQ3HUOHQVFKQXU,VWGDV QXQ:DKUKHLWRGHU/JH"9LHOOHLFKWLVWHV*U|HQZDKQ'LH 7RFKWHULVWVLFKHUOLFKHLQHVHKUVFK|QH3HUVRQXQGZHUXPVHLQHU 6FK|QKHLWZLOOHQZLHLFKQLFKW]ZHLIOHJHOHJHQWOLFKJURH 7ULXPSKHIHLHUWXQGGDQQGRFKDXFKZLHGHUVWLOOVLW]HQXQGEUWHQ XQGDEZDUWHQPXGHUVSLQQWVLFKLQVHLQHU(LQVDPNHLWVHLQH 7ULXPSKHOHLFKWZHLWHUDXVXQGGDKDEHQZLUGHQQHLQHQ.DLVHU YRQ6LDPPLW3HUOHQVFKQXUXQG(OHIDQWHQZLUZLVVHQQLFKWZLH© 3HQW]OlFKHOWHYRUVLFKKLQDEHUVFKZLHJZHLWHUZHLOHUZRKOVDK GD+RONPLWGHPZDVHUVDJHQZROOWHQRFKQLFKWYROODP(QGH ZDU'LHVHUIXKUGHQQDXFKZHLWHUIRUW ª6RNDQQGHQQDOOHV +DOOX]LQDWLRQVHLQ$XVJHEXUWHLQHUHUKLW]WHQ3KDQWDVLH:HQQLFK GDQQDEHUDQGDV$XJHQDXIOHXFKWHQXQG.LFKHUQZDVEHLGHV JHOHJHQWOLFKYRUNRPPWXQG]XJOHLFKDQGLH:RUWHGHQNHGLH6LH JOHLFKGHQHUVWHQ$EHQGEHL9LQFHQWJHJHQPLFKlXHUWHQ
%HPHUNXQJHQLQGHQHQVRZDVYRQ¾6LFKHUKHLWVEHK|UGH½YRUNDP VRNRPPWPLUHKUOLFKJHVWDQGHQHLQOHLVHU0lUFKHQJUXVHO8QG ZHQQHVEOR0lUFKHQJUXVHOZlUHQHLQHLQHULFKWLJH$QJVWXQG 6RUJH'HQQOLHEHU3HQW]ZDVKHLW6LFKHUKHLWVEHK|UGH" 6LFKHUKHLWVEHK|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|QQWHNDQQPLFKIUGLH'DXHU QLFKWWU|VWHQ(VVFKLHQPLUDXFKDOVREGLH3ULQ]HVVLQZLHVLH GHQ1DPHQGHU)UDX+DQVHQK|UWHQLFKWJHUDGHHUEDXOLFK GUHLQEOLFNWH.XU]XPZDVLVWHVGDPLW"8QGQXQKHUDXVPLWGHU 6SUDFKH© 3HQW]PLWVHLQHP6KHUU\JODVOHLVHDQNOLQJHQGODFKWHKHU]OLFKXQG VDJWHGDQQ ª,FKZLOO,KQHQZDVVDJHQ+RON6LHVLQGELVEHUGLH 2KUHQLQGLHVHVFK|QH3HUVRQYHUOLHEWXQGZHLO6LHVLFKYRULKU IUFKWHQRGHUZDVGDVVHOEHLVWVLFKSHUV|QOLFKQLFKWUHFKW WUDXHQVRZQVFKHQ6LHGDLFK,KQHQHLQHIXUFKWEDUH *HVFKLFKWH]XPEHVWHQJHEHGLH6LHMHGHU]HLWDOV 6LFKHUKHLWVYDGHPHNXPDXVGHU7DVFKHKROHQXQGZLHHLQHQ 6FKLUP]ZLVFKHQVLFKXQGGHUVFK|QHQ)UDX+DQVHQDXIULFKWHQ N|QQHQ0LWVROFKIXUFKWEDUHU*HVFKLFKWHNDQQLFK,KQHQDEHU EHLPEHVWHQ:LOOHQQLFKWGLHQHQ8QGEHGHQNHQ6LHZLHZUGLFK HVDOV6LHYRU]ZHL-DKUHQGDVHUVWH0DODXIPHLQH(PSIHKOXQJ KLQEHLGHU)UDX+DQVHQ:RKQXQJQDKPHQZLHZUGLFKHV JHZDJWKDEHQ6LHGHQ*UDIHQ+RONXQG.DPPHUKHUUQXQVHUHU 3ULQ]HVVLQLQHLQHU&KDPEUHJDUQLHXQWHU]XEULQJHQIUGLH6LH IULVFKIURPPXQGIUHLGDV:RUW¾6SHOXQNH½GHP6SUDFKVFKDW] GHXWVFKHU1DWLRQHQWQRPPHQKDEHQ© ª6LHGUIHQQLFKWHPSILQGOLFKZHUGHQ3HQW]8PVRZHQLJHUDOV 6LHPLW,KUHQ$QVSLHOXQJHQHLJHQWOLFKVFKXOGDQPHLQHP$UJZRKQ VLQG:DUXPVSUDFKHQ6LHYRQ¾6LFKHUKHLWVEHK|UGH½"©
ª:HLOHVVLFKVRYHUKlOW:DUXPVROOLFKQLFKWYRQ 6LFKHUKHLWVEHK|UGHVSUHFKHQ":DUXPVROOHLQ0LWJOLHGGLHVHU %HK|UGHGLHVFK|QH)UDX%ULJLWWHQLFKWHEHQVRVFK|QILQGHQZLH 6LHVLHILQGHQ"(ULVWYLHOOHLFKWHLQ9HWWHUYRQLKURGHUDXFKYRQ GHU$OWHQGHULFKEHLOlXILJQRFKZHQLJHUWUDXHDOVGHU -QJHUHQ© +RON QLFNWH]XVWLPPHQG ª,PEULJHQGUIHQ6LHVLFKEHUGLHVXQGYLHOHVDQGHUHQLFKWGHQ .RSI]HUEUHFKHQ'DVLVWVR.RSHQKDJHQVFKGDVZDUKLHULPPHU VR VFKRQYRUGUHLKXQGHUW-DKUHQKDWWHQZLUGLH'YHNH *HVFKLFKWH0XWWHUXQG7RFKWHUXQGREQXQ+DQVHQRGHU 'YHNHPDFKWNHLQHQUHFKWHQ8QWHUVFKLHG%HLOlXILJGD 'YHNHQLFKW1DPHVRQGHUQEOR(SLWKHWRQRUQDQVZDUZHUGHQ 6LHZLVVHQ8QGZDUNOXJJHQXJJHZlKOW¾7lXEFKHQ½7lXEFKHQ YRQ$PVWHUGDP NDQQPDQVLFKHWZDV8QVFKXOGLJHUHVGHQNHQ"© +RONNRQQWHQXU EHVWlWLJHQ 3HQW]DEHUGHUQLFKWEORHLQ OHEHQGLJHV1DFKVFKODJHEXFKIUGLHKDXSWVWlGWLVFKH&KURQLTXH VFDQGDOHXVHVRQGHUQJDQ]EHVRQGHUVDXFKIUGLH /LHEHVJHVFKLFKWHQDOWHUXQGQHXHU.|QLJHZDUZDUQLFKWXQIURK HLQ7KHPDGDVHUDXVJLHELJEHKHUUVFKWHZHLWHUDXVVSLQQHQ]X N|QQHQª(VLVWZDVJDQ](LJHQHVPLWGLHVHU'YHNH*HVFKLFKWH 6LHZLVVHQGDVLHGXUFKURWH.LUVFKHQYHUJLIWHWVHLQVROO$EHUVR RGHUVRGLH*HVFKLFKWHZDUVFKRQVRJXWZLHKDOEYHUJHVVHQXQG PDQ]HUEUDFKVLFKQLFKWVRQGHUOLFKGHQ.RSIPHKUEHUGLH 'YHNHKLHOWHVYLHOPHKUPLWDQGHUHQQLFKWJDQ]VRZHLW DEOLHJHQGHQ9RUELOGHUQDOVPLWHLQHP0DOHXQVHUHJXWH 3XW]PDFKHULQ5DVPXVVHQLQHLQHGlQLVFKH*UlILQXPJHEDFNHQ ZXUGH8QGZROOHQ6LHPLUµVJODXEHQ+RONYRQGHP7DJHDQLVW DOOGDVDOWH=HXJZLHGHUOHEHQGLJJHZRUGHQXQGDOOHVZDVLQ 'lQHPDUNHLQSDDUURWH%DFNHQKDWRGHUJDUVRKEVFKLVWZLH GLHVH)UDX%ULJLWWHPLWGHPHZLJPGHQ$XJHQDXIVFKODJGDVZLOO QXQZLHGHU¾'YHNH½ZHUGHQXQGVLFKDGHOQODVVHQXQGHLQH 6WUDQGYLOODKDEHQXQGOHJWGLH+lQGHLQGHQ6FKRXQGSXW]WVLFK XQGZDUWHW8QGGDEHLGHQNHQDOOHZHQQQLFKWGHU.|QLJNRPPW XQVHUDOOHUJQlGLJVWHU0DWURVHQN|QLJ)ULHGULFKGHU6LHEHQWH GHQQ VRYLHOVHKHQVLHZRKOGLH'DQQHUZHLLKQ]XKDOWHQXQGPX HLQHQ&KDUPHKDEHQGHQGHU5HVWGHU0HQVFKKHLWQRFKQLFKW HQWGHFNHQNRQQWHZHQQVDJLFKGHU.|QLJQLFKWNRPPWVR NRPPWHLQDQGHUHUVRNRPPW+RONRGHU3HQW]ZREHL6LHPLU
YHU]HLKHQPVVHQGDLFKPLFKVRRKQHZHLWHUHVDQ,KUH6HLWH GUlQJH1HLQ+RONQLFKWV YRQ6SHOXQNH'LHVHVFK|QH.DSLWDQD GHUHQ0DQQLFKEULJHQVQLFKWEHQHLGHEHLOlXILJVROOHULPPHU XQWHU5XPVWHKHQLVWQLFKWVFKOLPPHUDOVDQGHUHQXUHLQELFKHQ JHIlKUOLFKHULVWVLHZHLOVLHVFK|QHULVWPLWLKUHP5RWEORQGXQG GHU:HOOMDFNHGLHQLUJHQGVVFKOLHW,KUHU5LWWHUOLFKNHLWOLHEHU +RONEUDXFKLFKHVEULJHQVQLFKWHUVWDQ]XHPSIHKOHQGD6LH GDUDXIYHU]LFKWHQGLHVHbUPVWH© ª6SRWWHQ6LHQXU3HQW]$EHU6LHJHKHQGXUFKDXVLQGLH,UUHXQG YHUJHVVHQGDLFKIQIXQGYLHU]LJELQ© ª8QGLFKOLHEHU+RONELQIQIXQGVHFK]LJ8QGZHQQLFKGDQDFK GLH%HUHFKQXQJPDFKHVRNDQQHVXP6LHEH]LHKXQJVZHLVHXP GLHVFK|QH%ULJLWWHJHUDGHQRFKVFKOHFKWJHQXJVWHKHQ© (UZROOWHVLFKWOLFKLQGLHVHP7RQHQRFKZHLWHUVSUHFKHQDEHULP VHOEHQ$XJHQEOLFNHWUDWHLQ.DPPHUGLHQHUDXVGHQ*HPlFKHUQ GHU3ULQ]HVVLQXQGPHOGHWHGD.|QLJOLFKH+RKHLWGLH+HUUHQ]X VSUHFKHQZQVFKH 3HQW]XQG+RONWUDWHQHLQ'LH3ULQ]HVVLQKLHOWHLQ=HLWXQJVEODWWLQ GHU+DQGXQGZDUDXJHQVFKHLQOLFKQLFKWEORLQ(UUHJXQJ VRQGHUQLQJHUDGH]XVFKOHFKWHU/DXQH6LHZDUIGDV%ODWWEHLVHLWH XQGVWDWWGHUVRQVWEOLFKHQJQlGLJHQ%HJUXQJHUIROJWHQXUGLH )UDJH ª+DEHQ6LHVFKRQJHOHVHQPHLQH+HUUHQ"© +RONGHPDOVHLQHPKDOEHQ)UHPGHQNHLQHEHVRQGHUH /HVHYHUSIOLFKWXQJREODJEOLHEUXKLJ 3HQW]DEHUNDPLQ 9HUOHJHQKHLWXPVRPHKUDOVHUQHXHUGLQJV|IWHUVDXIVROFKHQ 8QWHUODVVXQJVVQGHQHUWDSSWZRUGHQZDU'LHVHVHKUVLFKWEDUH 9HUOHJHQKHLWVWHOOWHDEHUGLHJXWH6WLPPXQJGHU3ULQ]HVVLQVRIRUW ZLHGHUKHUª1XQOLHEHU3HQW]HUVFKUHFNHQ 6LHQLFKW]XVHKUXQG ODVVHQ6LHPLFK]X,KUHU%HUXKLJXQJVDJHQGDPLULPODQJHQ /DXIHGHU-DKUH XQGQDFKVROFKHQPVVHQZLUGRFKQDFKJHUDGH UHFKQHQHLQ0DQQGHU7UIIHO XQG:LOGEUHWSDVWHWHZLH6LHYLHO YLHOOLHEHULVWDOVHLQ0DQQGHU3ROLWLNXQGGHV=HLWXQJVNODWVFKHV RGHUJDUGHU=HLWXQJVPDOLFH'HQQPLWHLQHUVROFKHQKDEHQZLU V KLHU]XWXQ(VZLUG]ZDUHLQ+DQGHOVKDXVYRUJHVFKREHQQRFK GD]XHLQ+DQGHOVKDXVLQ.RNNHJDUGHDEHUHVEHGDUIQLFKWYLHOHU (LQVLFKWXQG9HUWUDXWKHLWXPGLH3HUVRQHQ ]XHUUDWHQGLHGLHVHQ 6NDQGDOLQ6]HQHJHVHW]WKDEHQ©
,Q3HQW] *HVLFKWYHUVFKZDQGGHU$XVGUXFNGHU9HUOHJHQKHLWXQG GHUGHU1HXJLHUGHWUDWDQVHLQH6WHOOHª0XWPDOLFK 8QSDVVHQGKHLWHQEHUGLH*UlILQ© ª2QHLQ©ODFKWHGLH3ULQ]HVVLQKHU]OLFKª8QSDVVHQGKHLWHQEHU GLH*UlILQJLEWHVHUVWOLFKEHUKDXSWQLFKWXQGZHQQ6LHGDV 0XVWHUHLQHV.DPPHUKHUUQZlUHQ*RWWVHL'DQNVLQG6LH VQLFKW VRZUGHQ6LHPHLQHQ,KQHQZRKOEHNDQQWHQ*HIKOHQIUGLH *UlILQHWZDVDXVJLHELJHU5HFKQXQJWUDJHQ$EHUVRVLQG6LH %DURQXQGYHUJHVVHQLP+LQEOLFNDXIGDV)UKVWFNZHQQ6LH V QLFKWVFKRQJHQRPPHQGDHLQ3DVTXLOOEHUGLH'DQQHUPHLQH JXWHQLFKWDEHUPHLQHVFKOHFKWH/DXQHJHZHFNWKDEHQN|QQWH -DOLHEHU3HQW]GDKDEHQ6LHVLFKYHUIDKUHQRGHUYLHOOHLFKWVHOEVW YHUUDWHQXQGOHEWHQZLULQDQGHUHQ=HLWHQVREHJlELFKPLFK UHFWH]XP.|QLJXQGJLQJ LKQDQ,KQHQHLQHQ6WUXHQVHH3UR]H ]XPDFKHQXQG6LHGHUXQHUODXEWHQ%H]LHKXQJHQ]XU*UlILQ 3XW]PDFKHULQ]X]HLKHQ'HQNHQ6LHZHQQGDQQ,KU+DXSWILHOH 'RFKLFK ZLOO6LHVRZHLWQLFKWEHGURKHQXQGYHUXUWHLOH6LHQXU GHQ$UWLNHO]XOHVHQKLHUGHQ (EEDKDWMHGH=HLOHURW XQWHUVWULFKHQVLHOLHEWGHUJOHLFKHQXQGGDQQP|JHQ6LHVLFK ZXQGHUQZLHZHLWZLULQ'lQHPDUNPLWXQVHUHP5HJLPHQWGHU *DVVHEHUHLWVJHNRPPHQ VLQG5HJLPHQWGHU*DVVHOHLGHU YRU +RONVROOWHQZLUXQVIUHLOLFKVWUlXEHQHV]X]XJHVWHKHQGHQQHV VWHOOWXQVEORXQGLVWQXU:DVVHUDXIVHLQHVFKOHVZLJ KROVWHLQVFKH0KOH'RFKZDVKLOIWHVGHU$UWLNHOLVWQXQPDOGD XQGZHQQHULKQKLHUQLFKWOLHVWVROLHVWHULKQLQVHLQHU:RKQXQJ RGHUGLH)UDX.DSLWlQ+DQVHQOLHVWLKQLKPZRKOJDUYRU/HXWH GLHVHOEHU$QVSUXFKDXIHLQHQ¾$UWLNHO½RGHUlKQOLFKHVKDEHQVLQG LPPHUDPGXUVWLJVWHQQDFKDOOHPZDV6HQVDWLRQPDFKW© +RONIKOWHVLFKXQDQJHQHKPEHUKUWZHLOHUDXVGLHVHU 6FKOXEHPHUNXQJDXIVQHXHKHUDXVK|UWHGDGHUJXWH/HXPXQG GHU+DQVHQVHLQJURHV)UDJH]HLFKHQKDEH HVZDUDEHUQLFKW =HLWVLFKGLHVHP*HIKOHKLQ]XJHKHQGHQQ3HQW]KDWWHGDV%ODWW EHUHLWVLQGLH+DQGJHQRPPHQXQGEHJDQQZlKUHQGHUVHLQ 3LQFHQH]KLQXQGKHUVFKRE ª(UESULQ]OLFK)HUGLQDQGVFKH:HFKVHO ]XYHUNDXIHQ© ª1XQ3HQW]6LHVWRFNHQMDVFKRQXQG]LHKHQ,KU7DVFKHQWXFK PXWPDOLFKXP,KUH*OlVHU]XSXW]HQXQGVLFK]XYHUJHZLVVHUQ GD6LHUHFKWJHOHVHQKDEHQ$EHU6LHKDEHQUHFKWJHOHVHQ )DKUHQ6LHQXUIRUW©
ª9HUVFKLHGHQHYRP3ULQ]HQ)HUGLQDQG.|QLJOLFKH+RKHLWXQG ]ZDUXQWHUGHP=XVDW]H ¾EHLPHLQHUN|QLJOLFKHQ(KUH½ DXVJHVWHOOWH:HFKVHOLQGRVVLHUWYRQVHLQHP.DPPHUDVVHVVRU 3O|WKHUVLQG]XYHUNDXIHQXQG]ZDUIUGHQ:HUWGHQHYHQWXHOOH /LHEKDEHUEH]LHKXQJVZHLVH6DPPHO XQG.XULRVLWlWHQDPDWHXUV 3DSLHUHQYRQVROFKHU%HGHXWXQJEHLPHVVHQZROOHQGRFKQLFKW XQWHUIQI]LJ3UR]HQW0DQEHOLHEHVLFKDQGDV&RPSWRLU .RNNHJDUGH]XZHQGHQ© 3HQW]OHJWHGDV%ODWW QLHGHU GHU$UWLNHOZDU]X(QGH ª1XQPHLQH+HUUHQZDVVDJHQ6LH]XGLHVHP9RUNRPPQLVYRQ GHPLFKEHKDXSWHQGDUIlKQOLFKHVLQPHLQHQVLHE]LJ-DKUHQQRFK QLFKWHUOHEW]XKDEHQ6LHVFKZHLJHQXQG+RONLVWPXWPDOLFK GHU0HLQXQJ ZLHPDQVLFKEHWWHWVR OLHJWPDQ ZHU:HFKVHO DXVVWHOOWXQGQRFKGD]X¾EHLVHLQHUN|QLJOLFKHQ(KUH½KDWGLH :HFKVHOHLQ]XO|VHQXQGXQWHUOlWHU VVRPXHUVLFK VJHIDOOHQ ODVVHQZLH VKLHUJHVFKLHKWYRQ.RNNHJDUGHDXVDQGHQ 3UDQJHUJHVWHOOW]XZHUGHQ6RGHQNWPXWPDOLFK+RONXQGHU KDWUHFKW JHZLHVOLHJWVR'HU3ULQ]LVWPLUDXFKGXUFKDXV JOHLFKJOWLJXQGMHPHKUHUVLFKUXLQLHUWMHPHKUNRPPWHVGHP ]XVWDWWHQGHUEHVWLPPWLVWDQGLHVHVVRJHQDQQWHQ(UESULQ]HQ 6WHOOHZLUNOLFKGHU(UEHGLHVHV/DQGHV]XVHLQ$EHULFKNDQQ PLFKGHUHJRLVWLVFKHQ)UHXGHGDUEHUPHLQHSROLWLVFKHQ3OlQH JHI|UGHUW]XVHKHQGRFKQLFKWJDQ]KLQJHEHQZHQQVRYLHO DQGHUHVXQGVFKOLHOLFK:LFKWLJHUHVGDEHLYHUORUHQJHKW.HLQ 9RJHOEHVFKPXW]WGDVHLJHQH1HVWXQGHVJLEWHLQH6ROLGDULWlW GHU,QWHUHVVHQGLHGDV.|QLJWXPDOVVROFKHVDQHUNHQQHQPX VRQVWLVWHVXPGDV.|QLJWXPJHVFKHKHQ,FKN|QQWHPLFKEHU ¾'DJEODGHW½DLJULHUHQXQGLFKJHVWHKHPHLQHUVWHU8QPXWJLQJ QDFKGLHVHU6HLWHKLQ$EHUZDVLVWHLQH=HLWXQJ"1LFKWV$LJULHUW ELQLFKEHUGHQ.|QLJGHPGLHV*HIKOGHU6ROLGDULWlWDEKDQGHQ JHNRPPHQLVW(UGHQNWDQQLFKWVDOVDQGLH'DQQHUXQGDQGDV $XVJUDEHQYRQ5LHVHQEHWWHQDQXQGIUVLFKVHKUYHUVFKLHGHQH 'LQJHGLHVLFKIUHLOLFKYLHOOHLFKWDXFKZLHGHULQGHU9RUVWHOOXQJ GHU=XNXQIW]XHLQHUVHOWVDPHQ(LQKHLW]XVDPPHQWXQZHUGHQ 9RUDOOHPGHQNWHU DSUqVQRXVOHGpOXJH8QGGDVLVWHLQ 8QJOFN,FKKDVVH0RUDOSUHGLJWHQXQG7XJHQGVLPSHOHLHQDEHU DQGHUHUVHLWVEOHLEWGRFKDXFKEHVWHKHQ HVLVWQLFKWVPLWGHQ OD[HQ*UXQGVlW]HQ *UXQGVlW]HVLQGZLFKWLJHUDOVGDV 7DWVlFKOLFKH'DVVDJLFK,KQHQOLHEHU3HQW]0LW+RONOLHJWHV DQGHUVHULVWHLQ'HXWVFKHUXQGZHQQHUDXFKYLHOOHLFKWLQV
6FKZDQNHQNRPPW GLH5RVHQEHUJKDWPLUZDKUH:XQGHUGLQJH YRQGHU)UDX%ULJLWWH+DQVHQHU]lKOW VRKDWHUHEHQVHLQH)UDX &KULVWLQHGDKHLP8QGLFKPWHPLFKVHKULQLKULUUHQZHQQVLH QLFKWPLWLKUHU0DFKWYRQ+RONHQlVELV.RSHQKDJHQUHLFKHQVROOWH 8QGQXQDXUHYRLUPHLQH+HUUHQ©
6LHE]HKQWHV.DSLWHO +RONKDWWHQLFKW=HLWVLFK%HWUDFKWXQJHQEHUGDVHEHQ*HK|UWH KLQ]XJHEHQGHQQHVZDUHLQEHVXFKUHLFKHUXQGEHUKDXSWHLQ ]LHPOLFKXQUXKLJHU7DJ8P]Z|OIHUVFKLHQHQ]ZHLELOGVFK|QH ªSHWLWQLqFHV©GHU3ULQ]HVVLQQRFKKDOEH.LQGHUXPGLH *URWDQWH]XP%HVXFKHLQHUKLVWRULVFKHQ$XVVWHOOXQJDE]XKROHQ GLHGLH3URIHVVRUHQ0DUVWUDQGXQG0HOE\HVHLWGHP2NWREHULQ HLQLJHQ1HEHQVlOHQGHV0XVHXPVHU|IIQHWKDWWHQ'LHJDQ]H 6WDGWVSUDFKYRQGLHVHU$XVVWHOOXQJXQGZLHJHZ|KQOLFKWUDWGDV 3ROLWLVFKHGDQHEHQ]XUFNWURW]GHPHVJHUDGH7DJHZDUHQLQ GHQHQQLFKWQXUHLQ0LQLVWHULXPVRQGHUQIDVWDXFKGLH0RQDUFKLH LQ)UDJHVWDQG$EHUZDVEHGHXWHWHGDVQHEHQJURVWlGWLVFKHU XQGQXQJDU.RSHQKDJHQHU9HUJQJXQJVVXFKWGLHVLFKGLHVPDO DXHUGHPQRFKKLQWHUHLQHPJURHQ:RUWHYHUVWHFNHQXQGDOV 3DWULRWLVPXVDXVJHEHQNRQQWH'HQQZDVHVGD]XVHKHQJDE ZDUHWZDVQLH'DJHZHVHQHVHLQHGlQLVFKH1DWLRQDODXVVWHOOXQJ ]XGHUPDQDOOHVZDVDQKLVWRULVFKHQ3RUWUlWVLQ6WDGWXQG/DQG H[LVWLHUWHVRUJOLFK]XVDPPHQJHWUDJHQKDWWH0LW.QLHVWFNHQ &KULVWLDQV,,XQGVHLQHU*HPDKOLQ,VDEHOODILQJHVDQXQGVFKOR PLWGUHLOHEHQVJURHQ3RUWUlWV)ULHGULFKV9,,GHVMHW]W UHJLHUHQGHQ.|QLJV0DMHVWlWDE,QHLQLJHU(QWIHUQXQJZDUDXFK GDV%LOGQLVGHU'DQQHU'D]ZLVFKHQHQGORVH6FKODFKWHQ]X/DQG XQG]X6HH.lPSIHPLWGHQ/ELVFKHQ(UVWUPXQJYRQ:LVE\ %RPEDUGHPHQWYRQ.RSHQKDJHQEHUDOOURWU|FNLJH*HQHUlOH QRFKPHKUDEHU6HHKHOGHQDXVPLQGHVWHQVGUHL-DKUKXQGHUWHQ XQGQDWUOLFKDXFK7KRUZDOGVHQXQG2HKOHQVFKOlJHUXQGGHU KlOLFKHDOWH*UXQGWYLJ'LH3ULQ]HVVLQ]HLJWHQXUHLQPlLJHV ,QWHUHVVHZHLOGDVPHLVWHZDVVLHVDKGHQ]DKOUHLFKHQEHU 6HHODQGKLQ]HUVWUHXWHQN|QLJOLFKHQ6FKO|VVHUQHQWQRPPHQLKU DOVRVHLWODQJHEHNDQQWZDU GLHMXQJHQ*URQLFKWHQDEHUZDUHQ )HXHUXQG)ODPPHIUDJWHQKLHUKLQXQGGRUWKLQXQGNRQQWHQ HLQHQ$XJHQEOLFNZLUNOLFKGLH9RUVWHOOXQJZHFNHQDOVREVLH MHGHPDOWHQ$GPLUDOYRQGHQHQHLQHUGHUEHUKPWHVWHQHLQ 3IODVWHUEHUGHPHLQHQ$XJHKDWWHGLHYROOVWH%HZXQGHUXQJ HQWJHJHQEUlFKWHQ$EHUDXIGLH'DXHUHQWJLQJHVGRFK QLHPDQGHPZHGHU GHU3ULQ]HVVLQQRFKLKUHU8PJHEXQJGDGDV JDQ]H,QWHUHVVHIU$GPLUlOHQXU6FKHLQXQG.RP|GLHZDUXQG GDGLHMXQJHQ3ULQ]HVVLQQHQLPPHUQXUDQGlFKWLJYRUGHQ %LOGQLVVHQVROFKHU3HUVRQHQYHUZHLOWHQGLHJOHLFKYLHORE0lQQHU
RGHU)UDXHQPLWLUJHQGHLQHU URPDQWLVFKP\VWHUL|VHQ /LHEHVJHVFKLFKWHYHUNQSIWZDUHQ ª6RQGHUEDU©VDJWH3HQW]]X(EEDXQGZLHVDXIGLHlOWHUHGHU EHLGHQ3ULQ]HVVLQQHQGLHZLH VVFKLHQYRQGHP6WUXHQVHH 3RUWUlWJDUQLFKWORVNRQQWH ª1HLQ©ODFKWH(EEDª1LFKWVRQGHUEDU'XUFKDXVQLFKW2GHU YHUODQJHQ6LHGDVLFKMXQJH3ULQ]HVVLQQHQIUGHQDOWHQ *UXQGWYLJRGHUJDUIUGHQ%LVFKRI0RQUDGLQWHUHVVLHUHQVROOHQ" 'DV%LVFK|IOLFKHZLHJWQLFKWVFKZHUZHQQPDQYLHU]HKQLVW© ª$EHUGDV6WUXHQVHHVFKH"© ª6DQVGRXWH© $P1DFKPLWWDJHPDFKWHGLH3ULQ]HVVLQZDVQLFKWRIWYRUNDP HLQHQ$XVIOXJLQGLH8PJHJHQGXQGDP$EHQGHWZDVQRFK 6HOWHQHUHVHUVFKLHQVLHVRJDULQLKUHU7KHDWHUORJHKLQWHULKUGLH 6FKLPPHOPDQQXQG(EEDKLQWHUGLHVHQ3HQW]XQG+RON (VZXUGHGHU]ZHLWH7HLOYRQ6KDNHVSHDUHV ª+HLQULFK,9© JHJHEHQXQGQDFKGHPGULWWHQ$NWHGHPHLQHOlQJHUH3DXVH IROJWHQDKPPDQGHQ7HHZREHLZLHJHZ|KQOLFKIOHLLJNULWLVLHUW ZXUGHGHQQGLH3ULQ]HVVLQKDWWHQRFKGLHOLWHUDULVFKHQ$OOUHQ GHVYRULJHQ-DKUKXQGHUWV(VHUKHLWHUWHVLHGDPDQQLFKWEOR ]XNHLQHPHLQKHLWOLFKHQ8UWHLONRPPHQNRQQWHVRQGHUQGDMHGHU VHLQHQ/LHEOLQJXQGVHLQH5HQRQFHKDWWHQLFKWEORKLQVLFKWOLFK GHU6FKDXVSLHOHUVRQGHUQDXFKLQ5FNVLFKWDXIGLH 6KDNHVSHDUHVFKHQ)LJXUHQ'LH3ULQ]HVVLQVHOEVWGLHLPPHUZDV %HVRQGHUHVKDEHQPXWHZDUDPPHLVWHQIUGLHEHLGHQ )ULHGHQVULFKWHUHLQJHQRPPHQXQGHUNOlUWHGLHVHQ*HVFKPDFN VFKRQLQLKUHQMXQJHQ-DKUHQJHKDEW]XKDEHQ HLQHYROOHQGHWH 'DUVWHOOXQJGHV3KLOLVWHULXPVKDEHVLHYRQMHKHUPHKUHQW]FNW DOVDOOHVDQGHUH XQGQLFKWEORDXIGHU%KQH6ROFKH )ULHGHQVULFKWHUOLHIHQDXFKLQGHUKRKHQ3ROLWLNXPKHUXQGLQ MHGHP0LQLVWHULXP MDVLHN|QQHVHOEVWLKUHQ)UHXQG+DOOQLFKW JDQ]DXVQHKPHQ]XPDODEHULQMHGHU6\QRGHVlHPLQGHVWHQV HLQKDOEHV'XW]HQG)LJXUHQZLH6FKDDOXQG6WLOOH9RQ)DOVWDII ZROOWHQLHPDQGHWZDVZLVVHQYLHOOHLFKWZHLOHUQLFKWJDQ]JXW JHJHEHQZXUGHZRJHJHQ+RONIU)lKQULFK3LVWROXQG3HQW]IU 'RUWFKHQ/DNHQUHLHUVFKZlUPWH'RFKXQWHUOLHHUHVGHQ YROOHQ1DPHQ]XQHQQHQXQGVSUDFKLPPHUQXUYRQª'RUWFKHQ©
'LH3ULQ]HVVLQOLHLKPZLHVLHVDJWHGLHVH*HVFKPDFNVYHULUUXQJ UXKLJKLQJHKHQMDKDWWH:RUWHKDOEHU$QHUNHQQXQJIULKQZHLO HUZHQLJVWHQVHKUOLFKXQGNRQVHTXHQWEOHLEH ]XGHPVHLHVGDV NOJVWH MHGHDQGHUH9HUVLFKHUXQJVHLQHUVHLWVZUGHGRFKQXU LKUHP0LWUDXHQEHJHJQHWVHLQ(EEDPKWHVLFKDXIGLHVHQ VFKHU]KDIWHQ7RQGHU3ULQ]HVVLQHLQ]XJHKHQVFKHLWHUWHDEHUY|OOLJ GDPLWXQGYHUILHOVFKOLHOLFKLQHLQVLFKLPPHUVWHLJHUQGHV QHUY|VHV=XFNHQXQG=LWWHUQ+RONGHUHVVDKYHUVXFKWHGHP *HVSUlFKHLQHDQGHUH:HQGXQJ]XJHEHQNDPDEHUQLFKWZHLW GDPLWXQGZDUKHU]HQVIURKDOVGDV6SLHODXIGHU%KQHZLHGHU VHLQHQ$QIDQJQDKP0DQEOLHELQGHVVHQQLFKWODQJHPHKUNDXP QRFKELV]XP6FKOXVVHGHVQlFKVWHQ$NWHVGDQQZXUGHGHU :DJHQ EHIRKOHQXQG3HQW]XQG+RONQDFKGHPVLHVHLWHQVGHU 3ULQ]HVVLQJQlGLJHQWODVVHQZDUHQVFKOHQGHUWHQDXIHLQHP 8PZHJDXI9LQFHQWV5HVWDXUDQW]XZRVLHEHLVFKZHGLVFKHP 3XQVFKHLQH3ODXGHUVWXQGH]XKDEHQZQVFKWHQ 8QWHUZHJVVDJWH+RON ª6DJHQ6LH3HQW]ZDVZDUGDVPLWGHU 5RVHQEHUJ"6LHZDUGLFKWYRUHLQHPK\VWHULVFKHQ$QIDOO3HLQOLFK XQGQRFKPHKUYHUZXQGHUOLFK© ª-DSHLQOLFK$EHUYHUZXQGHUOLFKJDUQLFKW© ª:LHGDV"© 3HQW]ODFKWHª/LHEHU+RONLFKVHKHGD6LHGLH:HLEHUGRFK KHU]OLFKVFKOHFKWNHQQHQ© ª,FKPDJQLFKWGDV*HJHQWHLOEHKDXSWHQGHQQLFKKDVVH 5HQRPPLVWHUHLHQXQGDPPHLVWHQDXIGLHVHP*HELHWH$EHUEHU GLH5RVHQEHUJJODXEWHLFKLPNODUHQ]XVHLQXQGJODXEHVQRFK ,FKKDOWHGDV)UlXOHLQIUIUHLJHLVWLJXQGEHUPWLJXQGEHKDXSWH JDQ]HUQVWKDIWZHUPLW*ODXEHQV XQG0RUDOIUDJHQVR]XVSLHOHQ ZHLGHULVWDXFKVR]XVDJHQYHUSIOLFKWHWDQ)DOVWDIIV'RUWFKHQ HLQHKHOOH)UHXGH]XKDEHQRGHUGRFKPLQGHVWHQVNHLQHQ$QVWR GDUDQ]XQHKPHQ© ª-DGDVGHQNHQ6LH+RON$EHUGDVLVWHVMDHEHQZHVKDOELFK ,KQHQGLH:HLEHUNHQQWQLVDEVSUHFKH:HQQ6LHGLHKlWWHQVR ZUGHQ6LHZLVVHQGDJHUDGHGLHGLHGLHVXQGGDVDXIGHP .HUEKRO]KDEHQVLFKGXUFKQLFKWVVRVHKUYHUOHW]WIKOHQZLH GXUFKHLQJUREHVXQGXQWHU8PVWlQGHQVHOEVWGXUFKHLQOHLVHV =HUUELOGLKUHUVHOEVW0LWLKUHPULFKWLJHQ6SLHJHOELOGHOHEHQVLH
VLFKHLQDXFKZHQQLKQHQJHOHJHQWOLFKHLQ=ZHLIHODQGHU EHVRQGHUHQ%HUHFKWLJXQJLKUHUPRUDOLVFKHQ3K\VLRJQRPLH NRPPHQPDJ WDXFKWDEHUQHEHQGLHVHP%LOGHQRFKHLQ]ZHLWHV DXIGDVGLH VFKRQ]ZHLIHOKDIWHQ6WHOOHQDXFKQRFKPLWHLQHP$JLR ZLHGHUJLEWVRKDWHVPLWGHU6HOEVWJHIlOOLJNHLWHLQ(QGH0LW DQGHUHQ:RUWHQGDV6WFNOHLQ(YDGDVVROFKHVXVSHNWH'DPHQ UHSUlVHQWLHUHQVLQGVLHJHQHLJWQRFKJHUDGHSDVVLHUHQ]XODVVHQ DEHUQXQDXFKNHLQ'HXWFKHQPHKUGDYRQHLQ0HKULVW VFKOHFKWHUGLQJVXQ]XOlVVLJXQGWULWWHVLKQHQWURW]GHPHQWJHJHQ VRVFKUHFNHQVLH]XVDPPHQXQGNULHJHQGHQ:HLQNUDPSI© +RONEOLHEVWHKHQXQGVDJWHGDQQ ª/LHJWHVVR"6DJHQ6LHGD QLFKWPHKU3HQW]DOV6LHYHUDQWZRUWHQN|QQHQ",FKNDQQGRFK XPQXUHLQV]XQHQQHQQLFKWZRKODQQHKPHQGDGLH3ULQ]HVVLQ DOVVLHGDV)UlXOHLQDQGHQ+RI]RJHLQH:DKOJHWURIIHQKDWGLH VLFKDQGHUHU%HGHQNHQ]XJHVFKZHLJHQVFKRQPLW5FNVLFKWDXI GLH'DQQHUGLHVHQ*HJHQVWDQGLKUHUEHVWlQGLJHQPRUDOLVFKHQ $QJULIIHYHUERWHQKDEHQZUGH© ª8QGGRFKLVWHVVR=XUFN]XQHKPHQLVWPHLQHUVHLWVQLFKWV (EEDZQVFKWVLFKHLQH=XNXQIWGDVLVWJHZLXQGQXUHLQVLVW QRFKJHZLVVHU VLHKDWHLQH9HUJDQJHQKHLW© ª.|QQHQ6LHGDUEHUVSUHFKHQ"© ª-D,FKELQLQGHUDQJHQHKPHQ/DJHYRUQLFKWVKDOWPDFKHQ]X PVVHQXQGDPZHQLJVWHQYRU)UlXOHLQ(EED:HUVHOEVWVRZHQLJ 6FKRQXQJEWKDW6FKRQXQJYHUZLUNWXQGGHUEHVWlQGLJH 6S|WWHUEHU'LVNUHWLRQZDVKDELFKQLFKWDOOHVDXVGHP0XQGH GLHVHV6SUKWHXIHOVK|UHQPVVHQGDUIVHLQHUVHLWVNHLQHQ $QVSUXFKDXI'LVNUHWLRQHUKHEHQ© ª8QGZDVZDUHV"©XQWHUEUDFK+RONGHULPPHUQHXJLHULJHU ZXUGH ª:HQQ6LHZROOHQQLFKWVRGHUGRFKMHGHQIDOOVQLFKWYLHO$OOHV 'XUFKVFKQLWWVJHVFKLFKWH6LHZDU+RIGDPHEHLGHU.|QLJLQ -RVHSKLQDGUEHQLQ6WRFNKROP'LH/HXFKWHQEHUJVZLH6LH ZLVVHQVLQGDOOHVHKUOLHEHQVZUGLJ1XQHVLVWHLQ-DKUMHW]W RGHUHWZDVOlQJHUGDPDQVLFKEHUGLH=lUWOLFKNHLWHQXQG $XIPHUNVDPNHLWHQ]XZXQGHUQDQILQJGLHPLWHLQHP0DOHGHU MQJVWH6RKQGHU.|QLJLQ©
ª'HU+HU]RJYRQ-lPWODQG© ª(EHQGHUGLHPLWHLQHP0DOHGHUMQJVWH6RKQGHU.|QLJLQIU VHLQH0XWWHUDQGHQ7DJOHJWH'LH9HUZXQGHUXQJLQGHVZlKUWH QLFKWDOO]XODQJH6LHNHQQHQGLHNOHLQHQ%RRWHGLH]ZLVFKHQGHQ /LHEHVLQVHOQGHV0lODUVHHVKLQ XQGKHUIDKUHQXQGGDPDQGLH 6WRFNKROPHU*RQGROLHULVRJXWEHVWHFKHQNDQQZLHGLH YHQH]LDQLVFKHQVRODJHQGLH0RWLYHIUGHV3ULQ]HQ $XIPHUNVDPNHLWHQVHKUEDOGRIIHQ]XWDJH VLHKLHHQHLQIDFK )UlXOHLQ(EED'DJDEHVGHQQVHOEVWYHUVWlQGOLFKHLQH6]HQH 7URW]DOOHGHPZROOWHGLH.|QLJLQGLHJHUDGHVRYHUQDUUWLQGDV )UlXOHLQZDUZLHXQVHUH3ULQ]HVVLQYRQ(QWODVVXQJRGHUJDU 8QJQDGHQLFKWVZLVVHQXQGJDEQXUXQJHUQXQGVHKU ZLHGHUVWUHEHQGHLQHU3UHVVLRQYRQVHLWHQGHV+RIHVQDFK$P PHLVWHQJHJHQVLHZDUGHU.|QLJGHULQDOOHPNODUVDK© ª$OVRGDKHUVROHLGHQVFKDIWOLFKDQWLEHUQDGRWWLVFK©VDJWH+RON GHUVLFKSO|W]OLFKHLQLJHU%HPHUNXQJHQHULQQHUWHGLHGDV)UlXOHLQ DXIGHP:HJH]XU(UHPLWDJHJHPDFKWKDWWHª'DKHUGLH JOKHQGH%HJHLVWHUXQJIU+DXV:DVD© ª+DXV:DVD©ODFKWH3HQW]ª-DGDVLVWMHW]WLKUH /LHEOLQJVZHQGXQJ8QGGRFKJODXEHQ6LHPLUKDWHV6WXQGHQ XQG7DJHJHJHEHQZRGLH5RVHQEHUJGDVJDQ]H+DXV:DVDGHQ JURHQ*XVWDY$GROIPLWHLQJHUHFKQHWIUGHQ5LQJILQJHUHLQHV MQJVWHQ%HUQDGRWWHKLQJHJHEHQKlWWH9LHOOHLFKWLVWHVQRFKVR YLHOOHLFKWVLQGGLH%UFNHQQDFK6FKZHGHQKLQEHUQRFKLPPHU QLFKWJDQ]DEJHEURFKHQZHQLJVWHQVELVJDQ]YRUNXU]HPJLQJ QRFKHLQH.RUUHVSRQGHQ](UVWVHLWGLHVHP+HUEVWVFKZHLJWDOOHV XQGWUHIIHQVRYLHOLFKZHLNHLQH%ULHIHPHKUHLQ0XWPDOLFKLVW ZDVDQGHUHVLP:HUNH(EEDKDWQlPOLFKLPPHUPHKUHUH(LVHQ LP)HXHU© ª8QGZHLGLH3ULQ]HVVLQGDYRQ"© ª:DVGLHVHVFKZHGLVFKH9HUJDQJHQKHLWEHWULIIWJHZLDOOHVMD YLHOOHLFKWQRFKPHKUDOV DOOHV'HQQPLWXQWHUHPSILHKOWHVVLFK DXFKDXVSXUHU(UILQGXQJQRFKZDVKLQ]X]XWXQ'DVVWHLJHUW GDQQGDV3LNDQWH/LHEHVJHVFKLFKWHQGUIHQQLFKWKDOEVHLQXQG ZHQQHVVLFKVRWULIIWGDGLHPLWOHLGVORVH:LUNOLFKNHLWGHQ)DGHQ YRUGHU=HLWDEVFKQLWWVRPXHUNQVWOLFKZHLWHUJHVSRQQHQ
ZHUGHQ'DVYHUODQJWMHGHU/HVHULP5RPDQXQGGDVYHUODQJW DXFKXQVHUH3ULQ]HVVLQ© $QGLHVHU6WHOOHEUDFKGDV*HSODXGHUDEGHQQPDQKDWWH9LQFHQW HUUHLFKWXQGDOVPDQHLQH6WXQGHVSlWHUGDV5HVWDXUDQWZLHGHU YHUOLHJHVFKDKHVLQ*HVHOOVFKDIWDQGHUHUVRGDGDV*HVSUlFK QLFKWZLHGHUDXIJHQRPPHQZHUGHQNRQQWH :LWZH+DQVHQ]HLJWHVLFK]LHPOLFKHLQVLOELJDOV+RONLQGHQ +DXVIOXUHLQWUDWXQGEHVFKUlQNWHVLFKDXI%HKlQGLJXQJHLQHV 7HOHJUDPPVGDVLP/DXIHGHV1DFKPLWWDJVHLQJHWURIIHQZDU(V EHVWDQGDXVZHQLJ:RUWHQLQGHQHQ&KULVWLQHPLWHLQHU.U]H GLHMHGHP*HVFKlIWVPDQQH]XU=LHUGHJHUHLFKWKDEHQZUGHQXU GUHL'LQJHDQ+RONYHUPHOGHWH 'DQNIUVHLQH=HLOHQ *HQXJWXXQJEHUVHLQ:RKOHUJHKHQXQG,QDXVVLFKWVWHOOXQJHLQHV OlQJHUHQ%ULHIHVLKUHUVHLWV+RONKDWWHGDV7HOHJUDPPQRFKXQWHQ LP)OXUEHUIORJHQERWJOHLFKGDQDFKXQWHU$EOHKQXQJLKUHU %HJOHLWXQJGHU)UDX+DQVHQHLQHJXWH1DFKWXQGVWLHJGDQQLQ VHLQH=LPPHUKLQDXIZRGLH/DPSHVFKRQEUDQQWH'DLKQ &KULVWLQHQV:RUWHEHVRQGHUVEHVFKlIWLJWKlWWHQOLHVLFKQLFKW VDJHQHUGDFKWHPHKUDQ3HQW]DOVDQGDV7HOHJUDPPXQGVDK ZHLWHUHQ0LWWHLOXQJHQEHU(EEDPLWPHKU1HXJLHUGHHQWJHJHQ DOVGHPLQ$XVVLFKWJHVWHOOWHQ%ULHIH9RUGHP(LQVFKODIHQ VFKZDQGHQDEHU DXFKGLHVH*HGDQNHQZLHGHUGHQQPLWHLQHP 0DOHZDULKPDOVREHUJDQ]GHXWOLFKHLQ*HNLFKHUXQG GD]ZLVFKHQHLQHQIHLQHQGXUFKGULQJHQGHQ7RQZLHYRP$QVWRHQ JHVFKOLIIHQHU*OlVHUK|UH:DUHVLP+DXVHQHEHQDQRGHUZDUHV GLUHNWXQWHULKP"(VEHUKUWHLKQ ZHQLJDQJHQHKPXQGXPVR ZHQLJHUDOVHUVLFKQLFKWYHUKHKOHQNRQQWHGDHWZDVYRQ (LIHUVXFKWPLWLP6SLHOHZDU(LIHUVXFKWDXIGLH ª6LFKHUKHLWVEHK|UGH©'LHV:RUWLQGHVVHQEDUJDXFKZLHGHUGLH +HLOXQJLQVLFKXQGDOVHUHVYRUVLFKKLQJHVSURFKHQNDPLKP VHLQHJXWH/DXQHZLHGHUXQGEDOGGDQDFKDXFKGHU6FKODI $PDQGHUQ0RUJHQHUVFKLHQGLHMQJHUH+DQVHQPLWGHP )UKVWFNXQGDOV+RONVLHPXVWHUWHZDUHUIDVWEHVFKlPWEHU GLH*HGDQNHQPLWGHQHQHUJHVWHUQHLQJHVFKODIHQZDU%ULJLWWH VDKDXVZLHGHU KHOOH7DJ7HLQWXQG$XJHNODUXQGHLQHUXKLJH IUDXHQKDIWH6FK|QKHLWIDVWZLH8QVFKXOGZDUEHUVLH DXVJHJRVVHQ'DEHLZDUVLHVFKZHLJVDPZLHJHZ|KQOLFKXQGQXU DOVVLHJHKHQZROOWHZDQGWHVLHVLFKQRFKHLQPDOXQGVDJWH ª'HU +HUU*UDIVLQGKRIIHQWOLFKQLFKWJHVW|UWZRUGHQ0XWWHUXQGLFK
KDEHQELVQDFK]Z|OINHLQ$XJH]XJHWDQ(VVLQGVRVRQGHUEDUH /HXWHQHEHQDQXQUXKLJELVLQGLH1DFKWKLQHLQXQGPDQK|UW MHGHV:RUWDQGHU:DQGKLQ8QGZHQQHVGDEHLEOLHEH©'HU *UDIYHUVLFKHUWHQLFKWVJHK|UW]XKDEHQXQGDOV%ULJLWWHIRUWZDU ZDUHUZLHGHUJDQ]XQWHULKUHP(LQGUXFNª,FKWUDXLKUQLFKWIDVW VRZHQLJZLHGHU$OWHQDEHUHLJHQWOLFKZHLLFKGRFKQLFKWV ZHLWHUDOVGDVLHVHKUKEVFKLVW'DV*HVSUlFKGDVLFKJHVWHUQ RGHUYRUJHVWHUQPLWLKUKDWWHMDZDVEHGHXWHWGDVDP(QGH" 6ROFK*HVSUlFKNDQQPDQPLWMHGHUMXQJHQ)UDXIKUHQRGHUGRFK PLWVHKUYLHOHQ(LJHQWOLFKKDWVLHQLFKWVJHVDJWZDVDQGHUHQLFKW DXFKVDJHQN|QQWHQ %OLFNHVLQGLPPHUXQVLFKHUXQGPLWXQWHULVW PLUµVDOVREDOOHVZDV 3HQW]GDVRKLQJHVSURFKHQEOR.ODWVFK XQG8QVLQQVHL'DVPLWGHU(EEDZLUGZRKODXFKQRFKDQGHUV OLHJHQ© (LQH6WXQGHVSlWHUNDPGHU3RVWERWHGHUGHQWHOHJUDSKLVFK DQJHNQGLJWHQ%ULHIEUDFKWH+RONIUHXWHVLFKZHLOLKPDXIULFKWLJ GDUDQODJDOOGHQXQOLHEVDPHQ%HWUDFKWXQJHQZLHVLHGLHVH :HLEHU(EEDPLWHLQJHUHFKQHWLQLKPDQJHUHJWKDWWHQHQWULVVHQ ]XZHUGHQ8QGGD]XZDUQLFKWVJHHLJQHWHUDOVHLQ%ULHIYRQ &KULVWLQH'HUNDPDXVHLQHP]XYHUOlVVLJHQ+HU]HQXQGHU DWPHWHDXIDOVHUGDV&RXYHUWJH|IIQHWXQGGHQ%ULHI KHUDXVJHQRPPHQKDWWH$EHUHUJLQJHLQHU7lXVFKXQJHQWJHJHQ GHU%ULHIZDUYRQHLQHUVROFKHQ1FKWHUQKHLWGDHUQXU LPVWDQGHZDUHLQ0LEHKDJHQDQGLH6WHOOHGHVDQGHUHQ]X VHW]HQ ,FKKDWWHYRUOLHEHU+RONVRYHUPHOGHWH&KULVWLQH'LUHLQHQ OlQJHUHQ%ULHI]XVFKUHLEHQDEHU$OIUHGGHQ'XIUGLH:RFKHQ 'HLQHU$EZHVHQKHLWDOV'HLQDOWHUHJRHLQJHVHW]WKDVWLVWHEHQ YRQ$UQHZLHNKHUEHUJHNRPPHQXQGVRJLOWHVGHQQ'HLQHP 6WHOOYHUWUHWHU5DSSRUWDE]XVWDWWHQ1DWUOLFKLVWDXFK 6FKZDU]NRSSHQPLWGDZDVPLUVHKUOLHEDEHUGRFKDXFKZLHGHU ]HLWUDXEHQGLVWXQGVRPXLFKPLFKGHQQNXU]IDVVHQXQG'LFK KLQVLFKWOLFKHLQJHKHQGHUHU0LWWHLOXQJHQELVDXIZHLWHUHV YHUWU|VWHQ$OO]XJURZLUG'HLQ9HUODQJHQGDQDFKQLFKWVHLQ GHQQLFKZHLGD'X'LFKDOOHPDOYRQGHPHLQQHKPHQOlWZDV 'LFKXQPLWWHOEDUXPJLEW8QGZHQQGDVZDV'LFKXPJLEWVR VFK|QLVWZLHGLH)UDX.DSLWlQ+DQVHQXQGVRSLNDQWZLHGDV )UlXOHLQ(EEDGDVQXUOHLGHU'HLQHQ$EVWDPPXQJVHUZDUWXQJHQ QLFKWJDQ]HQWVSURFKHQKDW VRZLUVW'XQDFK0LWWHLOXQJHQDXV XQVHUHPVWLOOHQ+RONHQlVZR VVFKRQHLQ(UHLJQLVLVWZHQQGLH
VFKZDU]H+HQQHVLHEHQ.FKOHLQDXVEUWHWQLFKWVRQGHUOLFK EHJLHULJVHLQ0LW6FKZDU]NRSSHQKRIIHLFKGDV7KHPDGDV'X NHQQVWHQGJOWLJHUOHGLJHQ]XN|QQHQ,FKVFKUHLEH'LUGDUEHU HUVWZHQQJDQ]EHVWLPPWH)HVWVHW]XQJHQJHWURIIHQVLQG]X GHQHQLFKMD'HLQH(UPlFKWLJXQJKDEH*HVXQGKHLWOLFKJHKWDOOHV JXW'HUDOWH3HWHUVHQKDWWHYRUJHVWHUQHLQHVFKOLPPH2KQPDFKW XQGZLUGDFKWHQVFKRQHVJLQJH]X(QGH HUKDWVLFKDEHU YROONRPPHQZLHGHUHUKROWXQGEHVXFKWHPLFKKHXWHIUKKHLWHUHU XQGDXIJHUlXPWHUGHQQMH+LQWHUGHP:LUWVFKDIWVKRIH]ZLVFKHQ GHPNOHLQHQ7HLFKXQGGHUDOWHQ3DSSHOZHLGHPLWGHQYLHOHQ .UlKHQQHVWHUQZLOOHUJUDEHQODVVHQXQGLVWVLFKHUHWZDV]X ILQGHQ8UQHQRGHU6WHLQJUlEHURGHUEHLGHV,FKKDEHLKPRKQH ZHLWHUHVGLH(UODXEQLVGD]XHUWHLOWXQG$OIUHGGHU5HJHQWHZLUG GHQNLFK]XVWLPPHQXQG'XDXFK0HLQHJXWH'REVFKW]KDW ZLHGHUYLHOJHKXVWHWDEHU(PVHU%UXQQHQXQG0RONHKDEHQZLH JHZ|KQOLFKZDKUH:XQGHUJHWDQ$[HOLVWIULVFKXQGPXQWHUZDV ZRKOGDUDQOLHJWGD6WUHKONHPHKUDQ-DJGDOVDQ*UDPPDWLN GHQNW,FKODHVYRUOlXILJJHKHQDEHUHVPXDQGHUVZHUGHQ $VWDLVWKDOEH7DJHODQJXQWHQEHL(OLVDEHWK%HLGH.LQGHUOLHEHQ VLFK ]lUWOLFKZDVPLFKXQHQGOLFKJOFNOLFKPDFKW'HQQYRQ -XJHQGDXIJHSIOHJWH+HU]HQVEH]LHKXQJHQVLQGGRFKGDV 6FK|QVWHZDVGDV/HEHQKDW*RWWVHL'DQNGDLFKPLFKGDULQ HLQLJPLW'LUZHL:LHLPPHU'HLQH&KULVWLQH +RONOHJWHGHQ%ULHIDXVGHU+DQGª:DVVROOGDV",FKHUZDUWH =lUWOLFKNHLWHQXQGILQGH6WLFKHOHLHQ'DVLHVLFKYHUNODXVXOLHUHQ PDFKWGLH6DFKHQXUQRFKVFKOLPPHU¾$OIUHGGHU5HJHQWH½XQG YRUKHU¾VRVFK|QZLH)UDX.DSLWlQ+DQVHQRGHUVRSLNDQWZLH )UlXOHLQ(EED½GDVZlUHJHUDGHJHQXJ$EHUGLH 6FKOXEHWUDFKWXQJLVWGRFKGLH+DXSWVDFKH¾GDYRQ-XJHQGDXI JHSIOHJWH+HU]HQVEH]LHKXQJHQGDV6FK|QVWHVLQG½$OOHVZLH +RQLJGHUELWWHUVFKPHFNW8QGGD]XGLH3HQVLRQV XQG (U]LHKXQJVIUDJHQHQYXH9LHOOHLFKWLVWGDVGHU3XQNWGHUDOOHV HUNOlUWXQGVLHVFKOlJWHLQHQVS|WWLVFKKHUEHQ7RQDQXPPLFK HLQ]XVFKFKWHUQXQGPHKUIUHLH+DQG]XKDEHQ$EHUZDKUKDIWLJ VLHKlWWHQLFKWQ|WLJQDFKGLHVHP0LWWHO]XJUHLIHQ(VJHVFKLHKW GRFKZDVVLHZLOO$POLHEVWHQIUHLOLFKEHKLHOW LFKGLH.LQGHUXP PLFK VLQGVLHIRUWVRKDELFKQLFKWVDOVHLQHIXUFKWEDU YRU]JOLFKH)UDXGLHPLFKEHGUFNW6LHZHLGDVDXFKXQG PLWXQWHUJODXELFKZLUGLKUVHOEHUYRULKUHU9RU]JOLFKNHLWEDQJH 6ROOHQGLH.LQGHUDEHUIRUWXQGLFKKDEHPLFKGDULQHUJHEHQVR PDFKWHVPLUNHLQHQ'HXWREVLHQDFK*QDGHQDXRGHUQDFK
*QDGHQEHUJRGHUQDFK*QDGHQIUHLNRPPHQHLQELFKHQ*QDGH ZLUGZRKOLPPHUGDEHLVHLQ)U$VWDPDJVRKQHKLQSDVVLHUHQ ZDUXPQLFKW"8QG$[HO"1XQPHLQHWZHJHQDXFKGHU GHULVWHLQ +RONXQGZHQQHUYRUOlXILJDXFKJDQ]YHUKHUUQKXWHUWXQG 0LVVLRQDUZLUGXQGLQ*U|QODQGYLHOOHLFKWHLQ7ULHQQLXP GXUFKPDFKWHUZLUGVLFKVFKRQZLHGHUHUKROHQ©
$FKW]HKQWHV.DSLWHO 'DV:HWWHUVFKOXJXPXQGHVIROJWHQPHKUHUH5HJHQWDJH'LH 3ULQ]HVVLQKLHOWVLFK]XUFNJH]RJHQXQGIOFKWLJH%HJHJQXQJHQ DEJHUHFKQHWVDKVLH+RONQXUDEHQGVZRPDQQDFKHLQHU3DUWLH :KLVWGHQ7HHJHPHLQVFKDIWOLFKHLQQDKP,QGHP9HUNHKU lQGHUWHVLFKQLFKWVDPZHQLJVWHQ]ZLVFKHQ+RONXQG(EED'LHVH ZXUGHYLHOPHKUPLWMHGHP7DJHNHFNHUXQGEHUPWLJHUXQGDOV LKUNODUZDUGD3HQW]EHUGLH6WRFNKROPHU9RUJlQJH JHSODXGHUWKDEHQPVVHPDFKWHVLHVHOEHU$QGHXWXQJHQQDFK GLHVHU6HLWHKLQXQGVSUDFKEHU/LHEHVYHUKlOWQLVVHEHVRQGHUV DEHUEHU/LHEHVYHUKlOWQLVVHEHL+RIHZLHZHQQGDVQLFKWEOR VWDWWKDIWHVRQGHUQJHUDGH]XSIOLFKWPlLJH'LQJHZlUHQª(VJLEW VRYLHO)RUPHQGHV/HEHQV©VDJWHVLHªPDQNDQQ*UlILQ$XURUD 6FKLPPHOPDQQXQGPDQNDQQ(EED5RVHQEHUJVHLQ HLQMHGHV KDWVHLQH%HUHFKWLJXQJDEHUPDQGDUIQLFKWEHLGHV]XJOHLFKVHLQ ZROOHQ© +RONHLQLJHUPDHQIUDSSLHUWVDKVLHKDOEHUKHLWHUWXQG KDOEHUVFKUHFNWDQ(EEDDEHUIXKUIRUW ª(VJLEWYLHOH0DVWlEH IUGLH0HQVFKHQXQGHLQHUGHUEHVWHQXQGVLFKHUVWHQLVWZLHVLH VLFK]X/LHEHVYHUKlOWQLVVHQVWHOOHQ'DJLEWHV3HUVRQHQGLH ZHQQVLHYRQHLQHP5HQGH]YRXVRGHUHLQHP%LOOHWGRX[K|UHQ VRIRUWHLQH*lQVHKDXWYHUVSUHQ ZDVPLFKSHUV|QOLFKDQJHKWVR IKOLFKPLFKIUHLYRQGLHVHU6FKZlFKH:DVZlUHGDV/HEHQRKQH /LHEHVYHUKlOWQLVVH"9HUVXPSIW|GHODQJZHLOLJ$EHUYHUVWlQGQLV XQGOLHEHYROOEHREDFKWHQZLHVLFKDXVGHQIOFKWLJVWHQ %HJHJQXQJHQXQG%OLFNHQHWZDVDXIEDXWGDVGDQQVWlUNHULVWDOV GHU7RG RKHVJLEWQXUHLQHVGDVQRFKVFK|QHULVWDOVHV]X EHREDFKWHQXQGGDVLVWHV]XGXUFKOHEHQ,FKEHGDXHUHMHGHQ GHPGHU6LQQGDIUIHKOWRGHUGHUZHQQHULKQEHVLW]WVLFKQLFKW RIIHQXQGIUHXGLJGD]XEHNHQQW:HUGHQ0XWHLQHU0HLQXQJKDW ZLUGDXFKLPPHUHLQSDDU]XVWLPPHQGH+HU]HQILQGHQXQG VFKOLHOLFKJHQJWHVZHQQHVHLQHVLVW©(VYHUJLQJNHLQ$EHQG ZRQLFKWGHUOHL:RUWHILHOHQJHJHQGLHVLFK+RONPLWIUHLOLFK LPPHUVFKOHFKWHUHP(UIROJHLQH:HLOH]XZHKUHQVXFKWH0LW MHGHP7DJHZXUGLKPNODUHUZLHULFKWLJXQG]XWUHIIHQG3HQW] EHUGLH0DFKWVRJHQDQQWHUSLNDQWHU9HUKlOWQLVVHJHVSURFKHQ KDWWH9HUKlOWQLVVHGHQHQHWZDVKLQ]X]XWXQGHQ:HLEHUQRIW JHUDWHQHUHUVFKHLQHDOV$E]JHGDYRQ]XPDFKHQ-D3HQW] KDWWHUHFKWXQGPLWHLQHPJDQ]HLJHQHQ0LVFKJHIKOYRQ %HKDJHQbUJHUXQG%DQJHQQDKPHUPHKUXQGPHKUZDKUZLH
GDV)UlXOHLQPLWLKPVSLHOWH'DVVDKDEHUIUHLOLFKDXFKGLH 3ULQ]HVVLQXQGEHVFKORPLW(EEDGDUEHU]XVSUHFKHQ ª(EED©VDJWHVLHª+RONLVWQXQYLHU]HKQ7DJHODQJXPXQVXQG LFKP|FKWHZRKOK|UHQZLHGXEHULKQGHQNVW,FKKDEH 9HUWUDXHQ]XGHLQHQJXWHQ$XJHQ© ª,Q3ROLWLN"© ª$FK6FKHOPLQGXZHLWGDPLUVHLQH3ROLWLNJOHLFKJOWLJLVW VRQVWZlUHUEHUKDXSWQLFKWLQPHLQHP'LHQVW,FKPHLQHVHLQHQ &KDUDNWHUXQGLFKP|FKWHIDVWKLQ]XVHW]HQVHLQ+HU]© ª,FKJODXEHHUKDWHLQJXWHVVFKZDFKHV+HU]© 'LH3ULQ]HVVLQODFKWHª*HZLGDVKDWHU$EHUGDPLWNRPPHQ ZLUQLFKWZHLWHU$OVRVDJHPLUHWZDVEHUVHLQHQ&KDUDNWHU'HU &KDUDNWHULVWZLFKWLJHUDOVGDV+HU](VNDQQMHPDQGHLQ VFKZDFKHV+HU]KDEHQDEHUGRFK]XJOHLFKHLQHQVWDUNHQ &KDUDNWHUZHLOHU*UXQGVlW]HKDW8QGGLHVHUVWDUNH&KDUDNWHU NDQQLKQGDQQUHWWHQ© ª'DQQLVW+RONYHUORUHQ©ODFKWH(EEDª'HQQLFKJODXEHVHLQ &KDUDNWHULVWQRFKYLHOVFKZlFKHUDOVVHLQ+HU] VHLQ&KDUDNWHULVW GDVUHFKWHLJHQWOLFK6FKZDFKHDQLKP8QGZDVGDVVFKOLPPVWH LVWHUZHLHVQLFKWHLQPDO:HLOHUZLHHLQ0DQQDXVVLHKWVRKlOW HUVLFKDXFKGDIU$EHUHULVWEORHLQVFK|QHU0DQQZDVPHLVW VRYLHOEHGHXWHWZLHJDUNHLQHU$OOHVLQDOOHPHUKDWQLFKWGLH UHFKWH6FKXOHJHKDEWXQGVHLQHEHVFKHLGHQHQ7DOHQWHQLFKWQDFK GHULKPHQWVSUHFKHQGHQ6HLWHKLQHQWZLFNHOQN|QQHQ(UPXWH 6DPPOHUZHUGHQRGHU$OWHUWXPVIRUVFKHURGHU9RUVWDQGHLQHV $V\OVIUJHIDOOHQH0lGFKHQRGHUDXFKEOR3RPRORJH© ª1XQQXQ©VDJWHGLH3ULQ]HVVLQªGDVLVWYLHODXIHLQPDO$EHU VSULFKQXUZHLWHU© ª(ULVWXQNODUXQGKDOEXQGGLHVH+DOEKHLWZLUGLKQQRFKLQ 8QJHOHJHQKHLWHQEULQJHQ(UJHULHUWVLFKDOV6FKOHVZLJ+ROVWHLQHU XQGVWHKWGRFKDOV.DPPHUKHUULP'LHQVWHLQHUDXVJHVSURFKHQ GlQLVFKHQ3ULQ]HVVLQ HULVWGHUOHLEKDIWHJHQHDORJLVFKH.DOHQGHU GHUDOOH5RVHQEHUJHGHQ)LOHKQHU=ZHLJDEJHUHFKQHWDP 6FKQUFKHQKHU]X]lKOHQZHLXQGVSLHOWVLFKWURW]GHPDXI /LEHUDOLVPXVXQG$XINOlUXQJDXV,FKNHQQLKQQRFKQLFKWODQJH
JHQXJXPLKQDXIDOOVHLQHQ+DOEKHLWHQHUWDSSW]XKDEHQDEHU LFKELQJDQ]VLFKHUGDVLHVLFKDXIMHGHP*HELHWHILQGHQ,FK EH]ZHLIOH]XP%HLVSLHONHLQHQ$XJHQEOLFNGDHUMHGHQ6RQQWDJ LQVHLQHU'RUINLUFKHVLW]WXQGMHGHVPDODXVVHLQHP +DOEVFKOXPPHUDXIIlKUWZHQQGLH*ODXEHQVDUWLNHOYHUOHVHQ ZHUGHQDEHULFKEH]ZHLIOHGDHUZHLZDVGULQVWHKWXQGZHQQ HU VZHLVRJODXEWHU VQLFKW7URW]GHPDEHUVFKQHOOWHULQGLH +|KRGHUYLHOOHLFKWDXFKJHUDGHGHVKDOE© ª(EEDGXJHKVW]XZHLW© ª2GXUFKDXVQLFKW,FKZLOOYLHOPHKUHLQHQRFKYLHOJHZLFKWLJHUH +DOEKHLWQHQQHQ(ULVWPRUDOLVFKMDEHLQDKWXJHQGKDIWXQG VFKLHOWGRFKEHJHKUOLFKQDFKGHU/HEHPDQQVFKDIWKLQEHU8QG GLHVH+DOEKHLWLVWGLHVFKOLPPVWHVFKOLPPHUDOVGLH+DOEKHLWLQ GHQVRJHQDQQWHQJURHQ)UDJHQGLHPHLVWHQVNHLQHVLQG© ª1XU]XZDKU$EHUKLHUOLHEH(EEDKDELFKGLFKMXVWGDZRLFK GLFKKDEHQXQGKDOWHQZLOO(UVFKLHOWEHJHKUOLFKQDFKGHU /HEHPDQQVFKDIWKLQEHUVDJVWGX/HLGHUKDVWGX VGDPLW JHWURIIHQ LFKVHKHVPLWMHGHP7DJHPHKU$EHUZHLOHUGLHVH 6FKZlFKHKDWPVVHQZLULKPJROGHQH%UFNHQEDXHQQLFKW ]XP$QJULIIZRKODEHU]XP5FN]XJ'XGDUIVWLKPQLFKWZLHGX MHW]WWXVWXQDXVJHVHW]WHWZDVLUUOLFKWHUOLFKYRUIODFNHUQ(ULVW VFKRQJHEOHQGHWJHQXJ6RODQJHHUKLHULVWPXWGXGHLQ/LFKW XQWHUGHQ6FKHIIHOVWHOOHQ,FKZHLZRKOGDGDVYLHOJHIRUGHUW LVWGHQQZHUHLQ/LFKWKDWGHUZLOOHVDXFKOHXFKWHQODVVHQ DEHU GXPXWPLUGDV2SIHUEULQJHQXQGZHQQHVGLUVFKZHUIlOOWVR EHKDOWH]XGHLQHP7URVWLP$XJHGDVHLQHV%OHLEHQVKLHUQLFKW HZLJVHLQZLUG8P1HXMDKUJHKWHU]XUFNXQGKDEHQZLUHUVW ZLHGHUZRKORGHUEHOXQVHUHDOWH7ULDVXPXQVKHUVRWXZDV GXZLOOVWKHLUDWH3HQW]RGHUPDFKHPLW(ULFKVHQRGHUJDUPLW %LOOHGHVVHQ0DVHUQGRFKPDOHLQ(QGHQHKPHQPVVHQHLQH (VNDSDGHPLUVROOHVUHFKWVHLQ9LHOOHLFKWYHUGUlQJVWGXDXFK QRFKGLH*UlILQLFKPHLQHQLFKWGLH+RONVRQGHUQGLH'DQQHU XQGGDVZlUHYLHOOHLFKWGDV%HVWH© (EEDVFKWWHOWHGHQ.RSIª'DVGDUIQLFKWVHLQGLH'DQQHU YHUGUlQJHQGDZlULFKQLFKWPHKUGLHGDQNEDUHUJHEHQH'LHQHULQ PHLQHUJQlGLJVWHQ3ULQ]HVVLQ©
ª$FK(EEDVSULFKQLFKWVRGXWlXVFKVWPLFKGDGXUFKQLFKW,FK KDEHVRYLHO'DQNYRQGLUZLHGLUJHUDGHSDW,FKWXDXFKQLFKWV XP'DQNHVZLOOHQ'DV8QGDQNEDUVWHZHLO8QNOJVWHZDVHV JLEWLVW'DQNHUZDUWHQ$EHUGDVPLW+RONGDVEHUOHJH© ª9HU]HLKXQJJQlGLJVWH3ULQ]HVVLQ$EHUZDVVROOLFKEHUOHJHQ" 6RODQJLFKGHQNHQNDQQKHLWHV ¾HLQ0lGFKHQVROOVLFKVHOEHU VFKW]HQ½XQGLVWDXFKUHFKWVR PDQPXHVN|QQHQ8QGZHUHV QLFKWNDQQQXQGHUZLOOHVQLFKW$OVRJXWZLUVROOHQXQV VFKW]HQ$EHUZDVLVWHLQMXQJHV0lGFKHQJHJHQHLQHQ DXVJHZDFKVHQHQ*UDIHQYRQIQIXQGYLHU]LJGHUMHGHQ7DJHLQ (QNHONLQGEHUGLH7DXIHKDOWHQNDQQ:HQQVLFKZHUVHOEHU VFKW]HQPXVRLVWHVHLQ*UDIGHUJODXELFKVLHE]HKQ-DKUH YHUKHLUDWHWLVWXQGHLQHWFKWLJHXQGDXVJH]HLFKQHWH)UDXKDWXQG HLQHVHKUKEVFKHGD]XZLHPLU3HQW]HUVWKHXWHQRFK YHUVLFKHUWH© ª*HUDGHGLHVHU)UDXKDOEHULVWHVGDLFKLQGLFKGULQJH© ª1XQZHQQJQlGLJVWH3ULQ]HVVLQEHIHKOHQVRZHUGLFK]X JHKRUFKHQVXFKHQ$EHUELQLFKGLHULFKWLJH$GUHVVH"1XQXQG QLPPHUPHKU+RONLVWHV(ULVWVHLQHU)UDX7UHXHVFKXOGLJQLFKW LFKXQGZHQQHUGLHVHQLFKWKlOWVRNRPPWHVDXILKQXQGQLFKW DXIPLFK6ROOLFKPHLQHV%UXGHUV+WHUVHLQ"© ª$FKGDGXUHFKWKDVW©VDJWHGLH3ULQ]HVVLQXQGIXKUPLWGHU +DQGEHUGDVEORQGH:HOOHQKDDU(EEDVª$EHUZLH VDXFKVHLGX ZHLWPDQEHREDFKWHWXQVZHLOZLUXQVUHUVHLWVDXFKDOOHV EHREDFKWHQXQGLFKP|FKWHQLFKWJHUQGDZLUXQVYRUGHP .|QLJXQGVHLQHU*UlILQHLQH%O|HJlEHQ© $QGHPGLHQVWIUHLHQ7DJHGHUGLHVHP*HVSUlFKHIROJWH KDWWH +RONYRUDOOHUOHL%ULHIVFKXOGHQDE]XWUDJHQ 9RULKPODJGLHJDQ]H.RUUHVSRQGHQ]GHUOHW]WHQYLHU]HKQ7DJH GDUXQWHUDXFK%ULHIHGHU*UlILQ(UEHUIORJVLHZDVQLFKWYLHO =HLWLQ$QVSUXFKQDKPGDLKUHUQXUZHQLJHZDUHQXQGGDQQDOV OHW]WHVHLQ QHXHV7HOHJUDPPGDULQVLHVLFKHQWVFKXOGLJWHVHLW YLHU7DJHQQLFKWJHVFKULHEHQ]XKDEHQ'DVZDUDOOHVXQGVR ZHQLJHVGHP8PIDQJHQDFKZDUVRZHQLJZDUHVLQKDOWOLFK(V YHUGURLKQZHLOHUGHU)UDJHZHUHLJHQWOLFKGLH6FKXOGWUDJH NOJOLFKDXVGHP:HJHJLQJ(UVDJWHVLFKQXUXQGGD]XZDUHU IUHLOLFKEHUHFKWLJWGDHVIUKHUVHKUDQGHUVJHZHVHQVHL)UKHU
MDQRFKEHLVHLQHUOHW]WHQ$QZHVHQKHLWLQ.RSHQKDJHQZDUHQGLH ]ZLVFKHQLKQHQJHZHFKVHOWHQ%ULHIHZDKUH/LHEHVEULHIHJHZHVHQ LQGHQHQDOOHU0HLQXQJVYHUVFKLHGHQKHLWHQXQHUDFKWHWGLHJURH 1HLJXQJGLHVLHEHLMXQJHQ-DKUHQIUHLQDQGHUJHKHJWKDWWHQ LPPHUZLHGHU]XP$XVGUXFNJHNRPPHQZDU$EHUGLHVPDOIHKOWH MHGH=lUWOLFKNHLWDOOHVZDUIURVWLJXQGZHQQHLQ6FKHU]YHUVXFKW ZXUGHVRZDULKPHWZDV+HUEHVRGHU6S|WWLVFKHVEHLJHPLVFKW GDVLKPDOOHV(UTXLFNOLFKHQDKP-DVRZDUHVOHLGHUXQGGRFK PXWHJHVFKULHEHQZHUGHQ$EHUZDV"(UVDQQQRFKKLQXQGKHU DOVGLH+DQVHQHLQWUDWXQGLKP%ULHIHEHKlQGLJWHGLHGHU 3RVWERWHHEHQJHEUDFKWKDWWH=ZHLGDYRQZDUHQ.RSHQKDJHQHU 6WDGWEULHIHGHUGULWWHYRQ&KULVWLQHQV+DQGVFKULIWKDWWHQLFKW GDVJHZ|KQOLFKH)RUPDWXQGVWDWWGHV3RVWVWHPSHOV*OFNVEXUJ GHQ3RVWVWHPSHO+DPEXUJ+RONZDUHLQHQ$XJHQEOLFNEHUUDVFKW HUULHWDEHUGHQ=XVDPPHQKDQJGHU'LQJHQRFKHKHUJH|IIQHW KDWWHª1DWUOLFK&KULVWLQHPDFKWLKUH3HQVLRQVUHLVH©6RZDUHV GHQQDXFKZLUNOLFKXQGZDVVLHVFKULHEZDUGDV)ROJHQGH +DPEXUJ6WUHLWV+RWHO GHQ2NWREHU /LHEHU+RON0HLQ7HOHJUDPPLQGHPLFKPLFKZHJHQPHLQHV PHKUWlJLJHQ6FKZHLJHQVHQWVFKXOGLJWHZLUVW'XHUKDOWHQKDEHQ 1XQVLHKVW'XVFKRQDXVGHP3RVWVWHPSHOZDVGLH9HUDQODVVXQJ ]XGLHVHP6FKZHLJHQZDU LFKZDULQ5HLVHYRUEHUHLWXQJHQGLH WURW]GHU+LOIHPHLQHUJXWHQ'REVFKW]XQGWURW]GHPLFKDOOHVDXI GDVEOR1|WLJVWHEHVFKUlQNWHPHLQHJDQ]H.UDIWLQ$QVSUXFK QDKPHQ:LUIXKUHQELV6FKOHVZLJ]X:DJHQYRQGDSHU%DKQ XQGVHLWKHXWHPLWWDJVLQGZLUKLHULQ6WUHLWV+RWHODQGDVXQVVR YLHOHIUHXQGOLFKH(ULQQHUXQJHQNQSIHQ:HQQ'LUDQVROFKHQ (ULQQHUXQJHQQRFKOLHJW,FKKDEH=LPPHULP]ZHLWHQ6WRFN JHQRPPHQ%OLFNDXIGDV%DVVLQVHLQHQ3DYLOORQXQGVHLQH %UFNHQXQGKDEHPLFKDOVGLH'lPPHUXQJNDPLQGDV)HQVWHU JHOHJWXQGGDVVFK|QH%LOGZLHIUKHUDXIPLFKZLUNHQODVVHQ 1XU$VWDZDUEHLPLU$[HOLQGLH6WDGWJHJDQJHQ HUZROOWHPLW 6WUHKONHGHUXQVELVKLHUKHUEHJOHLWHWKDWHUVWQDFKGHU 8KOHQKRUVWXQGGDQQ]X5DLQYLOOHV9RQGDGDQQQDFK2WWHQVHQ XPVLFK0HWD.ORSVWRFNV*UDEDQ]XVHKHQ,FKKDEHJHUQ ]XJHVWLPPWZHLOLFKZHLGDVROFKH0RPHQWHEOHLEHQXQGGDV /HEHQYHUWLHIHQ8QGGDVZlUHQXQZRKOGHU=HLWSXQNW'LFK ZLVVHQ]XODVVHQZHOFKH%HVFKOVVHQDFKQRFKPDOLJHU
HLQJHKHQGHU%HUDWXQJKLQVLFKWOLFKGHU.LQGHUYRQPLUJHIDW ZXUGHQ$XFK$OIUHGVWLPPWHEHLZHQQHUDXFKGLH%HGHXWXQJ GHU)UDJHEHVWUHLWHW$VWDQDWUOLFKQDFK*QDGHQIUHL'DHV IJOLFKQLFKWDQGHUVNRPPHQNRQQWHGDPLWZLUVWDXFK'X'LFK YHUWUDXWJHPDFKWKDEHQ,FKKDEHJOFNOLFKH-DKUHGRUW YHUEUDFKWLFKVDJHQLFKWGLHJOFNOLFKVWHQ 'XZHLWZHOFKH -DKUHPLUGLHJOFNOLFKVWHQZDUHQ XQGLFKZQVFKHPHLQHP .LQGHGDVJOHLFKEHQHLGHQVZHUWH/RVGLHJOHLFKKDUPRQLVFKH -XJHQG:DV$[HODQJHKWVRKDELFKPLFKDXI6FKZDU]NRSSHQV 5DWIUGDV%XQ]ODXHU3lGDJRJLXPHQWVFKLHGHQ(VKDWGHQ EHVWHQ5XIXQGEOHLEWLQGHU6WUHQJHGHU*UXQGVlW]HKLQWHUGHQ WKULQJLVFKHQ/HKUDQVWDOWHQQLFKW]XUFNOlWDEHUGLHVH6WUHQJH GDIDOOHQZRQLFKW3ULQ]LSLHQLQ)UDJHNRPPHQ6WUHKONHGHUHUVW QDFK0DOFKLQZROOWHZLUGQXQEHLVHLQHP%UXGHULQ0|OOQ YLNDULHUHQ LQGHQJURHQ)HULHQKDWHUPLUYHUVSUHFKHQPVVHQ XQVHU*DVW]XVHLQXQGVLFKXP$[HO]XNPPHUQ(ULVWHLQJXWHU 0HQVFKXQGZlUHYRU]JOLFKZHQQHUHKHUVHLQH6WXGLHQLQ %HUOLQDEVFKORGLHYRUKHUJHKHQGHQ-DKUHVWDWWLQ-HQDOLHEHULQ +DOOHYHUEUDFKWKlWWH'DV-HQDVFKHPLWVHLQHQ(LQIOVVHQLVWQLH JDQ]ZLHGHU]XWLOJHQ,FKZWHQLFKWZDVLFKKLQVLFKWOLFKGHU .LQGHUGLHVHQ=HLOHQQRFKKLQ]X]XVHW]HQKlWWH9LHOOHLFKWGDV HLQHGDPLFKHLQHJHZLVVH)UHXGLJNHLWDQLKQHQVFKPHU]OLFK EHUUDVFKWHDOVHVIHVWVWDQGGDVLHGDVHOWHUOLFKH+DXV YHUODVVHQVROOWHQ'HUDOOHU-XJHQGDQJHERUQH+DQJQDFKGHP 1HXHQQDFKHLQHP:HFKVHOGHU'LQJHVFKHLQWPLUGDEHLQLFKW PLW]XVSUHFKHQRGHUZHQLJVWHQVQLFKWDOOHLQ$EHUZHQQHVGDV QLFKWLVWZDVGDQQ"+DEHQZLUHVGRFKYLHOOHLFKWDQHWZDVLQ XQVHUHU/LHEHIHKOHQODVVHQ"2GHUVHKQWHQVLFKGLH.LQGHU GDQDFKDXVGHP:LGHUVWUHLWGHU0HLQXQJHQGDYRQVLHQXU DOO]XRIW=HXJHZDUHQKHUDXV]XNRPPHQ"$FKOLHEHU+RONLFK KlWWHGLHVHQ:LGHUVWUHLWJHUQYHUPLHGHQDEHUHVZROOWHPLUQLFKW JHOLQJHQ XQGVRZlKOWHLFKGDVZDVLFKIUGDVNOHLQHUHhEHO KLHOW,FKPDJGDGXUFKPDQFKHVYHUVFKHU]WKDEHQDEHULFKKDEH JHWDQZDVPLUPHLQ*HZLVVHQYRUVFKULHEXQGOHEHGHU hEHU]HXJXQJGD'XEHUHLWELVWPLUGLHV=XJHVWlQGQLV]X PDFKHQ0HLQH5HLVHZLUGPLFKQLFKWOlQJHUDOVIQIRGHUVHFKV 7DJHYRQ+DXVIHUQKDOWHQXQGHWZDDPKRIIHLFKLQ+RONHQlV ]XUFN]XVHLQZRXQWHUGHVVHQPHLQHJXWH'REVFKW]GDV 5HJLPHQWIKUW6SULFKGHU3ULQ]HVVLQGLHVLFKPHLQHUVRJQlGLJ HULQQHUWPHLQH'HYRWLRQDXVXQGHPSILHKOPLFK3HQW]XQGGHP )UlXOHLQY5RVHQEHUJZHQQVFKRQLFK'LUEHNHQQHGDVLHPHLQH
6\PSDWKLHQQLFKWKDW,FKOLHEHQLFKWGLHVHIUHLJHLVWLJHQ$OOUHQ ,FKVHKQHGDVQHXH-DKUKHUEHLZRLFK'LFKYLHOOHLFKWVFKRQDP 6LOYHVWHUDEHQGZLHGHU]XVHKHQKRIIH/DGLHGLHVPDOLJHQ .RSHQKDJHQHU7DJH'HLQHOHW]WHQLQGHU+DXSWVWDGWVHLQ ZHQLJVWHQVLQGHU6WHOOXQJGLH'XMHW]WGDULQHLQQLPPVW:R]X GLHVH'LHQVWOLFKNHLWHQZHQQPDQIUHLVHLQNDQQ" ,QDOOHU/LHEH 'HLQH&KULVWLQH© +RONIKOWHVLFKDOVHUJHOHVHQHLQHUJHZLVVHQ5KUVHOLJNHLW KLQJHJHEHQ(VZDUVRYLHO/LHEHVLQGHP%ULHIHGDHUDOWH =HLWHQXQGDOWHV*OFNZLHGHUKHUDXIVWHLJHQIKOWH6LHZDUGRFK GLH%HVWH:DVEHGHXWHWHGDQHEHQGLHVFK|QH%ULJLWWH"-DZDV EHGHXWHWHGDQHEHQVHOEVW(EED"(EEDZDUHLQH5DNHWHGLHPDQ VRODQJHVLHVWLHJPLWHLQHPVWDXQHQGHQª$K©EHJOHLWHWHGDQQ DEHUZDU VZLHGHUYRUEHLVFKOLHOLFKGRFKDOOHVQXU)HXHUZHUN DOOHVNQVWOLFK &KULVWLQHGDJHJHQZDUZLHGDVHLQIDFKH/LFKWGHV 7DJHV8QGGLHVHP*HIKOHKLQJHJHEHQEHUIORJHUGHQ%ULHI QRFKHLQPDO$EHUGDVFKZDQGHVZLHGHUDOOHIUHXQGOLFKHQ (LQGUFNHZDUHQZLHGHUKLQXQGZDVHUKHUDXVK|UWHZDUQXU QRFKRGHUGRFKVHKUYRUZLHJHQGGHU7RQGHU5HFKWKDEHUHL8QG VRNDPHQLKPGHQQDXFKGLHKXQGHUWPDOJHPDFKWHQ %HWUDFKWXQJHQZLHGHUª2KGLHVHWXJHQGKDIWHQ)UDXHQ LPPHU HUKDEHQXQGLPPHULP'LHQVWHGHU:DKUKDIWLJNHLW(VPDJLKQHQ DXFKVRXPV+HU]HVHLQ$EHURKQHEHWUJHQ]XZROOHQEHWUJHQ VLHVLFKVHOEVWXQGQXUHLQHVLVWJHZL GDV6FKUHFNQLVLKUHU 9RU]JOLFKNHLW©
1HXQ]HKQWHV.DSLWHO 9LHU:RFKHQZDUHQVHLWGHPYHUJDQJHQXQG0LWWH1RYHPEHUZDU KHUDQ+RONKDWWHVLFKNRSHQKDJHQVFKHLQJHOHEWQDKPWHLODQ GHPNOHLQHQXQGJURHQ.ODWVFKGHU6WDGWXQGGDFKWHPLWXQWHU QLFKWRKQH%DQJHQGDUDQGDLQDEHUPDOVVHFKV:RFKHQGDV HLQW|QLJH/HEHQDXI+RONHQlVZLHGHULQ$XVVLFKWVWHKH'LH%ULHIH GLHYRQGRUWKHUHLQWUDIHQZDUHQQLFKWJHHLJQHWLKQDQGUHQ 6LQQHV]XPDFKHQ &KULVWLQHVHLWVLHYRQGHU3HQVLRQVUHLVH ]XUFNZDUVFKULHE]ZDUUHJHOPlLJHUXQGXQWHUOLHVRJDUDOOH YHUGULHOLFKHQ%HWUDFKWXQJHQ DEHUHLQHJHZLVVH1FKWHUQKHLW EOLHEXQGYRUDOOHPGHUGRNWULQlUH7RQGHULKUQXQHLQPDOHLJHQ ZDU8QGJHUDGHGLHVHU7RQPLWVHLQHU%HLJDEHYRQ 8QIHKOEDUNHLWZDUHVZRJHJHQ+RONVLFKLQQHUOLFKLPPHUZLHGHU DXIOHKQWH &KULVWLQHZDULQDOOHPVRVLFKHU ZDVVWDQGGHQQDEHU IHVW"1LFKWVJDUQLFKWVXQGMHGHV*HVSUlFKPLWGHU3ULQ]HVVLQ RGHUJDUPLW(EEDZDUQXU]XVHKUGD]XDQJHWDQLKQLQGLHVHU $QVFKDXXQJ]XEHVWlUNHQ$OOHVZDU$ENRPPHQDXI=HLWDOOHV MHZHLOLJHU0DMRULWlWVEHVFKOX 0RUDO'RJPD*HVFKPDFNDOOHV VFKZDQNWHXQGQXUIU&KULVWLQHZDUHQDOOH)UDJHQJHO|VWQXU &KULVWLQHZXWHJDQ]JHQDXGDGLH3UlGHVWLQDWLRQVOHKUHIDOVFK XQG]XYHUZHUIHQXQGGLHNDOYLQLVWLVFKH$EHQGPDKOVIRUPHLQ ª$IIURQW©VHL VLHZXWHPLWJOHLFKHU%HVWLPPWKHLWZHOFKH%FKHU JHOHVHQXQGQLFKWJHOHVHQZHOFKH0HQVFKHQXQG*UXQGVlW]H JHVXFKWXQGQLFKWJHVXFKWZHUGHQPWHQXQGYRUDOOHPZXWH VLHZLHPDQ(U]LHKXQJVIUDJHQ]XEHKDQGHOQKDEH*RWWZLHNOXJ GLH)UDXZDU8QGZHQQVLHGDQQZLUNOLFKHLQPDO]XJDEHLQH 6DFKHQLFKW]XZLVVHQVREHJOHLWHWHVLHGLHV=XJHVWlQGQLVPLW HLQHU0LHQHGLHQXU]XGHXWOLFKDXVGUFNWH VROFKH'LQJHEUDXFKW PDQDXFKQLFKW]XZLVVHQ ,QGLHVHU5LFKWXQJJLQJHQ+RONV%HWUDFKWXQJHQZHQQHUGHV 0RUJHQVYRQVHLQHP)HQVWHUDXVDXIGLHVWLOOH'URQQLQJHQV 7YHUJDGHKHUQLHGHUVDKGLHVRVWLOOVLHZDUGRFKLPPHUQRFK HLQHQOHEKDIWHQ9HUNHKUKDWWHYHUJOLFKHQPLWGHUHLQVDPHQ )DKUVWUDHGLHYRQ6FKOR+RONHQlVQDFK'RUI+RONHE\ KLQXQWHUIKUWH8QGZHQQHUVRVDQQXQGGDFKWHGDQQNORSIWHHV XQGGLH:LWZH+DQVHQRGHUDXFKZRKOGLHVFK|QH%ULJLWWHWUDWHLQ XPGHQ)UKVWFNVWLVFKDE]XUlXPHQXQGZDUHVGLHJHVSUlFKLJH :LWZHVRZDUHUJDQ]2KUEHLDOOHPZDVVLHVDJWHXQGZDUHV GLHVFKZHLJVDPH%ULJLWWHVRZDUHUJDQ]$XJHXQGLKUHP%LOGH
KLQJHJHEHQ(VODJHWZDVLQGLHVHP9HUNHKUGDVWURW]GHPEHLGH )UDXHQXQGEHVRQGHUV%ULJLWWHNHLQHVZHJVLQWHUHVVDQWZDUHQ XQVUHQ+RONGRFKLPPHUZLHGHUDQUHJWHZHQQJOHLFKHULQGHU +DQVHQIUDJHOlQJVWNODUVDKXQGYRQ*HKHLPQLVYROOHPNHLQH5HGH PHKUVHLQNRQQWH'HU.DLVHUYRQ6LDPZDULPPHUXQVLFKUHUGHU ª6LFKHUKHLWVEHDPWH©GDJHJHQLPPHUVLFKUHUJHZRUGHQ DOOHVZDU JHQDXVRZLH V3HQW]HU]lKOWLQGHVVHQGLH'HKRUVEOLHEHQ JHZDKUWXQGHEHQVRGLHNOHLQHQ$XIPHUNVDPNHLWHQGLHEHLGH GHP+RONVFKHQ*HVFKPDFNJHVFKLFNWDQ]XSDVVHQZXWHQXQGVR NDPHVGHQQGDGLHVHUGHQDOOPRUJHQGOLFKHQ%HJHJQXQJHQPLW 0XWWHUXQG7RFKWHUPLWHLQHU$UW%HKDJHQHQWJHJHQVDK EHVRQGHUVVHLWHUIKOWHGDGLHVH%HJHJQXQJHQDXIJHK|UW KDWWHQLUJHQGZLHJHIlKUOLFKIULKQ]XVHLQ2EHUVLFKEHZXW ZDUZRULQGLHV$XIK|UHQDOOHU*HIDKUHLJHQWOLFKZXU]HOWH" 9LHOOHLFKWVDKHUSHUV|QOLFKQLFKWNODUGDULQDEHUDQGUHVDKHQQXU ]XGHXWOLFKGDHV(EEDZDU ,QGHU3ROLWLNJLQJLQ]ZLVFKHQDOOHVUXKLJVHLQHQ*DQJ(UVWIU $QIDQJ'H]HPEHUZDUHLQQHXHU$QVWXUPJHSODQWKLQVLFKWOLFK GHVVHQGLH0HLQXQJGHU3ULQ]HVVLQGDKLQODXWHWHGDIUGLHVPDO XQG]ZDUDXV.OXJKHLWGHP$QVWXUPHQDFK]XJHEHQVHL LP VHOEHQ$XJHQEOLFNHZR+DOOJHKHZHUGHGDV/DQGDXFKVFKRQ HLQVHKHQZDVHVDQLKPJHKDEWKDEH'LHVHU$QVLFKWVFKORVLFK GHUSULQ]OLFKH+RIQDWUOLFKDQXQG+RONZDUHEHQLP%HJULIILQ HEHQGLHVHP6LQQHDQ&KULVWLQH]XVFKUHLEHQXQGLKUGLH VWDDWVPlQQLVFKH%HGHXWXQJ+DOOVDXVHLQDQGHU]XVHW]HQDOV3HQW] HLQWUDW ª1XQ3HQW]ZDVJLEWPLUVRIUKVFKRQGLH(KUH© ª*URH1HXLJNHLW© ª/RXLV1DSROHRQWRW"© ª:LFKWLJHU© ª1XQGDQQPXGDV7LYROLDEJHEUDQQWRGHUGLH1LHOVHQ NDWDUUKDOLVFKDIIL]LHUWVHLQ© ª(VKlOWVLFK]ZLVFKHQEHLGHQ ZLUJHKHQPRUJHQQDFK )UHGHULNVERUJ© ª:LU"ZHUVLQG¾ZLU½"©
ª1XQGLH3ULQ]HVVLQXQGDOOHVZDVLKU]XJHK|UW© ª8QGPRUJHQVFKRQ"© ª-D'LH3ULQ]HVVLQLVWQLFKWIU+DOEKHLWHQXQGZHQQVLHHWZDV YRUKDWVRPVVHQ3ODQXQG$XVIKUXQJZRP|JOLFK ]XVDPPHQIDOOHQ,FKEHNHQQHGDLFKOLHEHUKLHUJHEOLHEHQZlUH 6LHNHQQHQ)UHGHULNVERUJQRFKQLFKWZHLO6LHVLFKDOVGlQLVFKHU .DPPHUKHUUGHU$XIJDEHGlQLVFKH6FKO|VVHUQLFKW NHQQHQ]XOHUQHQPLWHLQHUPHUNZUGLJHQ1DFKKDOWLJNHLW XQWHU]RJHQKDEHQ8QGZHLO6LH)UHGHULNVERUJQRFKQLFKWNHQQHQ VRN|QQHQ6LH VGUHL7DJHODQJGRUWDXVKDOWHQRGHULP6WXGLXP YRQDOOHUOHL.ULPVNUDPVYRQ3HUFNHQELOGHUQXQG5XQHQVWHLQHQ DXFKZRKOGUHL:RFKHQODQJ'HQQHVJLEWPDQFKHVGHUDUWLJHGD ]XVHKHQ HLQHQ(OIHQEHLQNDPPYRQ7K\UD'DQHERGHLQHQ +DDUEVFKHOjOD&KLQRLVHYRQ*RUPGHP$OWHQXQGHLQHQ HLJHQWPOLFKJHIRUPWHQ%DFN]DKQLQEHWUHIIGHVVHQGLH*HOHKUWHQ VLFKVWUHLWHQREHUYRQ.|QLJ+DUDOG%ODX]DKQRGHUYRQHLQHP (EHUGHU$OOXYLDOSHULRGHKHUVWDPPW,FKSHUV|QOLFKELQIUGDV HUVWHUH'HQQZDVKHLW(EHU"(EHULVWHLJHQWOLFKJDUQLFKWV VFKRQGHVKDOEQLFKWZHLOGLHKLVWRULVFKH1RWL]LP.DWDORJLPPHU GLH+DXSWVDFKHEOHLEWXQGEHUHLQHQ(EHUPHLVWHQVQXUVHKU ZHQLJEHUHLQHQKDOEVDJHQKDIWHQ6HHN|QLJDEHUVHKUYLHO]X VDJHQLVW,FKELQ,KUHV,QWHUHVVHVIUGHUOHL'LQJH]LHPOLFK VLFKHUXQGDOV*HQHDORJHZHUGHQ6LHGLH+DUDOG%ODX]DKQVFKHQ 9HUZDQGWVFKDIWVJUDGH]X5DJQDU/RGEURFNRGHUYLHOOHLFKWVRJDU ]X5ROI.UDNHIHVWVWHOOHQN|QQHQ$OVRIU6LH+RONLVWDP(QGH JHVRUJW$EHUZDVPLFKDQJHKWLFKELQQXQ PDOPHKUIU/XFLOH *UDKQXQGIU9LQFHQWXQGZHQQHVQLFKWDQGHUVVHLQNDQQ VHOEVWIUHLQHJDQ]DOOWlJOLFKH+DUOHNLQ3DQWRPLPH© ª*ODXEV©ODFKWH+RON ª-D6LHODFKHQ+RON$EHUZLUVSUHFKHQXQVZLHGHU,FKUHGHWH GDYRUKLQZDVYRQGUHL:RFKHQ QXQMDGUHL:RFKHQP|JHQ JHKHQDEHUVHFKVXQGULFKWLJJHUHFKQHWEHLQDKVLHEHQ GHQQGLH 3ULQ]HVVLQVFKHQNWHLQHPNHLQH6WXQGHXQGKDWNHLQ)LGX]LW]XP QHXHQ-DKUZHQQVLHGDVDOWHQLFKWLQ)UHGHULNVERUJ]X*UDEH JHOlXWHWKDWVLHEHQ:RFKHQVDJLFKGDVLVWPXWPDOLFKDXFK IU6LH]XYLHOWURW]GHP3DVWRU6FKOHSSHJUHOOHLQ&KDUDNWHUXQG VHLQ6FKZDJHU'RNWRU%LHHLQHNRPLVFKH)LJXULVW0LYHUVWHKHQ 6LHPLFKEULJHQVQLFKWLFKZHLUHFKWJXWZDVHLQ&KDUDNWHU
XQGQRFKPHKUZDVHLQHNRPLVFKH)LJXUXQWHU8PVWlQGHQZHUW LVW DEHUIUVLHEHQ:RFKHQLVWGDVDOOHV]XZHQLJ8QGZHQQHV QLFKWVFKQHLWVRUHJQHWHVXQGZHQQ5HJHQXQG6FKQHH YHUVDJHQVRVWUPWHV,FKKDEHVFKRQYLHOH:LQGIDKQHQ TXLHWVFKHQXQGYLHOH'DFKULQQHQXQG%OLW]DEOHLWHUNODSSHUQK|UHQ DEHUVROFK*HNODSSHUZLHLQ)UHGHULNVERUJJLEWHVQLUJHQGVPHKU LQGHU:HOW8QGKDWPDQ*OFNVRVSXNWHVDXFKQRFKXQGLVWHV NHLQHWRWH3ULQ]HVVLQVRLVWHVHLQHOHEHQGLJH.DPPHUIUDXRGHU HLQH+RIGDPHPLWZDVVHUEODXHQ6WHFKDXJHQ© ª$FK3HQW]GD6LHQLFKWVVSUHFKHQN|QQHQRKQHGHPDUPHQ )UlXOHLQHLQHQ7RUWDQ]XWXQ'HQQGLH+RIGDPHPLWGHQ 6WHFKDXJHQGDVVROOGRFKQDWUOLFKGLH5RVHQEHUJVHLQ:lUHQ 6LHQLFKWIQIXQGVHFK]LJXQGZWLFKQLFKWGD6LH]XDQGHUQ *|WWHUQVFKZ|UHQLFKJODXEWHZDKUKDIWLJ6LHZlUHQLQ(EED YHUOLHEW© ª'DVEHUODVVHLFKDQGHUQ© ª(ULFKVHQ"© ª9HUVWHKWVLFK(ULFKVHQ©8QGHUODFKWHKHU]OLFK 7DJVGDUDXIJHUDGXPGLH0LWWDJVVWXQGHKLHOWHQ]ZHL:DJHQYRU GHP3DODLVGHU3ULQ]HVVLQGHUHQ'LHQHUVFKDIWPLWVDPWGHP *HSlFNVFKRQHLQH6WXQGHYRUKHUXQG]ZDUXQWHU%HQXW]XQJGHU QDFK+HOVLQJ|UIKUHQGHQ(LVHQEDKQDXIJHEURFKHQZDU0DQ YHUWHLOWHVLFKLQGHQ]ZHL:DJHQZLHGDPDOVDXIGHU5FNIDKUW YRQGHU(UHPLWDJHKHULPHUVWHQ:DJHQVDGLH3ULQ]HVVLQPLW GHU6FKLPPHOPDQQXQG(EEDLP]ZHLWHQGLHGUHL+HUUHQ(VZDU HLQVRQQHQORVHU7DJXQGJUDXHPlFKWLJH:RONHQPDVVHQ]RJHQ DP+LPPHOKLQ$EHUGHU7RQGHQGLHVH:RONHQPDVVHQGHU /DQGVFKDIWJDEHQOLHGHQ5HL]GHUVHOEHQQXUXPVRJU|HU HUVFKHLQHQXQGDOVPDQGHQ)XUHVHHGHUHWZDKDOEHU:HJZDU DQVHLQHP8IHUKLQSDVVLHUWHKREVLFK(EEDYRQLKUHP6LW]XQG NRQQWHVLFKQLFKWVDWWVHKHQDQGHUVWDKOIDUEHQHQ OHLVJHNUlXVHOWHQ)OlFKHGLHGLHGUEHUKLQIOLHJHQGHQ0|ZHQPLW LKUHQ)OJHOQIDVWEHUKUWHQ'DV8IHUVWDQGLQGLFKWHPXQGZHLW LQGHQ6HHKLQHLQZDFKVHQGHP6FKLOIXQGQXUGDQQXQGZDQQ NDPHQ:HLGHQGHUHQEOlWWHUORVH=ZHLJHELVWLHIKHUDEKLQJHQ$Q GHUDQGHUQ6HLWHGHV6HHVDEHU]RJVLFKHLQGXQNOHU:DOGVWULFK GUEHUHLQ.LUFKWXUPDXIUDJWH'D]XWLHIH6WLOOHQXU
XQWHUEURFKHQZHQQDXVGHP:DOGHHLQYHUHLQ]HOWHU6FKXILHO RGHUGDV*HUDVVHOGHVDXIWDXVHQG6FKULWW(QWIHUQXQJ YRUEHUIDKUHQGHQ(LVHQEDKQ]XJHVK|UEDUZXUGH (EEDPDFKWHGLHVH)DKUW]XPHUVWHQ0DOª,FKNHQQHGHQ6GHQ QLFKW©VDJWHVLHªDEHUHUNDQQQLFKWVFK|QHUVHLQDOVGDVKLHU $OOHVZLUNWVRJHKHLPQLVYROODOVEHUJHMHGHU)XEUHLW(UGHHLQH *HVFKLFKWHRGHUHLQ*HKHLPQLV$OOHVLVWZLH2SIHUVWlWWH JHZHVHQHRGHUYLHOOHLFKWDXFKQRFKJHJHQZlUWLJHXQGGLH :RONHQGLHVRJURWHVNGUEHUKLQ]LHKQ HVLVWDOVZWHQVLH YRQGHPDOOHQ© 'LH3ULQ]HVVLQODFKWHª'DLFKHLQVRURPDQWLVFKHV)UlXOHLQXP PLFKKDEH:HUKlWWHGDVJHGDFKW PHLQHJXWH5RVHQEHUJPLW RVVLDQLVFKHQ$QZDQGOXQJHQ2GHUXPHLQ:RUWVSLHO]XZDJHQ PHLQH(EEDDXI(GGD:HJHQ© (EEDOlFKHOWHZHLOVLHVLFKLQLKUHUURPDQWLVFKHQ5ROOHVHOEHUHLQ ZHQLJIUHPGYRUNRPPHQPRFKWH GLH3ULQ]HVVLQDEHUIXKUIRUW ª8QGGDVDOOHVVFKRQDQJHVLFKWVGLHVHV)XUHVHHVGHUGRFK HLJHQWOLFKQXUHLQ6HHLVWZLHKXQGHUWDQGUH ZDVVWHKWXQVGD QRFKEHYRUZHQQZLUHUVWLQ)UHGHULNVERUJDQXQVHUHP5HLVH]LHO VHLQZHUGHQGHQ(VURPVHH]XU5HFKWHQXQGGHQ$UUHVHH]XU /LQNHQGHQJURHQ$UUHVHHGHUVFKRQ9HUELQGXQJKDWPLWGHP .DWWHJDWXQGGHP0HHU8QGHUIULHUWDXFKQLH]XGLH 6FKPDOXQJHQXQGGLH%XFKWHQDEJHUHFKQHW$EHUZDVVSUHFKHLFK YRQGHQ6HHQGLH+DXSWVDFKHEOHLEWGRFKLPPHUGDV6FKOR VHOEVWPHLQOLHEHVDOWHV)UHGHULNVERUJPLWVHLQHQ*LHEHOQXQG 7UPHQXQGVHLQHQKXQGHUW:XQGHUOLFKNHLWHQDQMHGHP7UDJVWHLQ XQG.DSLWHOO8QGZRVLFKDQGUH6FKO|VVHUPLWHLQHPHLQIDFKHQ $E]XJVURKUEHJQJHQGDVSULQJWLQ)UHGHULNVERUJGLH'DFKULQQH ]HKQ)XZHLWYRUXQGDQLKUHP$XVJDQJHVLW]WHLQ%DVLOLVNPLW GUHL(LVHQVWlEHQLPZHLWJH|IIQHWHQ5DFKHQXQGDQGHQ6WlEHQ YRUEHLVFKLHWGDV:DVVHUDXIGHQ6FKORKRI8QGZHQQGDQQGDV :HWWHUZHFKVHOWXQGGHU9ROOPRQGEODQNXQGJUHOOGDUEHUVWHKW XQGDOOHVVRXQKHLPOLFKVWLOOLVWXQGGDVJDQ]HK|OOLVFKH*HWLHUDXV DOOHQ(FNHQXQG9RUVSUQJHQHLQHQDQVWDUUWDOVREHVEORDXI VHLQH=HLWZDUWHGDNDQQHLQHPVFKRQHLQ*UXVHONRPPHQ$EHU GLHVHU*UXVHOLVWHVJHUDGHGHUPLUGDV6FKORVROLHEPDFKW©
ª,FKGDFKWH)UHGHULNVERUJZlUHHLQVYRQGHQ¾JXWHQ6FKO|VVHUQ½ HLQ6FKORRKQH6SXNXQG*HVSHQVWHUZHLORKQH%OXWXQG0RUG XQGYLHOOHLFKWEHUKDXSWRKQHJURH6FKXOGXQG6QGH© ª1HLQGDKRIIVWGXPHKUDOVGLUPHLQVFK|QHV)UHGHULNVERUJ HUIOOHQNDQQ2KQH%OXWXQG0RUGGDVP|FKWHVHLQ$EHURKQH 6FKXOGXQG6QGH0HLQHOLHEH(EEDZDVOHEW]ZHLKXQGHUW-DKU RKQH6FKXOGXQG6QGH0LUVFKZHEWJHUDGHQLFKWVYRUQLFKWV ZRPDQVFKDXGHUWXQGNODJWDEHUDQ6FKXOGXQG6QGHZLUG V QLFKWJHIHKOWKDEHQ© ª,FKP|FKWHGRFKEHLQDKZLGHUVSUHFKHQGUIHQJQlGLJVWH 3ULQ]H©VDJWHKLHUGLH6FKLPPHOPDQQª(EEDGHQNLFKKDW UHFKWZHQQVLHYRQHLQHP¾JXWHQ6FKORVVH½VSULFKW8QVHUOLHEHV )UHGHULNVERUJLVWGRFKHLJHQWOLFKQXUHLQ0XVHXPXQGHLQ 0XVHXPGHQNLFKLVWLPPHUGDV$OOHUXQVFKXOGLJVWH© ªZDVHVJLEW©ODFKWHGLH3ULQ]HVVLQª-DGDVVDJWPDQXQGLVW DXFKZRKOGLH5HJHO$EHUHVJLEWDXFK$XVQDKPHQ$OWDU 6DNULVWHL*UDEXQGQDWUOLFKDXFK0XVHXP DOOHVNDQQHQWKHLOLJW ZHUGHQDOOHVKDWVHLQH6DNULOHJLHQHUOHEW8QGGDQQEOHLEWDXFK LPPHUQRFKGLH)UDJHZDVHLQ0XVHXPDOOHVEHKHUEHUJWXQG DXIZHLVW'DJLEWHVRIWZXQGHUOLFKH'LQJHYRQGHQHQLFKQLFKW VDJHQP|FKWHVLHVHLHQXQVFKXOGLJ2GHU]XPPLQGHVWHQVLQGVLH WUEXQGWUDXULJJHQXJ$OVLFKQRFKHLQHMXQJH3ULQ]HVVLQZDU ZDULFKHLQPDOLQ/RQGRQXQGKDEHGDGDV%HLOJHVHKHQZRPLW $QQD%XOHQKLQJHULFKWHWZXUGH'DVZDUDXFKLQHLQHP0XVHXP IUHLOLFKLP7RZHUDEHUGDVlQGHUWQLFKWYLHO 0XVHXPLVW0XVHXP ,PEULJHQZLUZROOHQXQVHUHUOLHEHQ(EEDQLFKWXQVHUVFK|QVWHV 6FKORYHUOHLGHQXQVHUVFK|QVWHVXQGPHLQ/LHEOLQJVVFKORGD]X GHQQLFKKDEHGXUFKYLHOH-DKUHKLQLPPHUJXWH7DJHGDULQ YHUOHEW8QGZLH VDXFKVHLQPDJJUXVHOLJXQGJHVSHQVWLJRGHU QLFKWGXOLHEH(EEDVROOVWHVZHQLJVWHQVVLFKHUGDULQKDEHQ GHQQLFKKDEHPLFKIUGHLQH8QWHUEULQJXQJLP7XUP HQWVFKLHGHQ© ª,P7XUP"© ª$OOHUGLQJVLP7XUPDEHUQLFKWLQHLQHP7XUPPLW6FKODQJHQ 'HQQXQWHUGLUZLUGGHLQ VFKZHGLVFKHV0lGFKHQZRKQHQXQGEHU GLU+RON,FKGHQNHGDVZLUGGLFKEHUXKLJHQ8QGMHGHQ0RUJHQ ZHQQGXDQV7XUPIHQVWHUWULWWVWKDVWGXGHQVFK|QVWHQ%OLFNDXI
6HHXQG6WDGWXQGDXIGHQ6FKORKRIXQGDOOHVZDVLKQXPJLEW XQGZHQQVLFKPHLQH:QVFKHHUIOOHQVRVROOVWGXJOFNOLFKH 6WXQGHQLQGHLQHP7XUPYHUOLHVYHUOHEHQ,FKZHLDXFKVFKRQ ZDVLFKGLUDOV-XONODSSEHVFKHUH© :lKUHQGVLHQRFKVRVSUDFKHQZDUHQVLHEHUHLWVELVZHLWEHUGLH 1RUGRVWHFNHGHV)XUHVHHVKLQDXVXQGQlKHUWHQVLFKDXIGHUIDVW JUDGOLQLJHQ&KDXVVHHGHUHQ(EHUHVFKHQElXPHKLHUXQGGDQRFK LQURWHQ)UXFKWEVFKHOQVWDQGHQPHKUXQGPHKUGHP=LHOLKUHU 5HLVH6FKOR)UHGHULNVERUJ:DV]XQlFKVWVLFKWEDUZXUGHZDU IUHLOLFKQLFKWGDV6FKORVHOEVWVRQGHUQGDVGHP6FKORVVH YRUJHOHJHQH6WlGWFKHQ+LOOHU|GXQGDOVVLHELVGLFKWKHUDQZDUHQ XQGVFKRQ]ZLVFKHQGHQ0KOHQXQG6FKHXQHQGHV6WlGWFKHQV KLQIXKUHQEHJDQQHLQVFKZDFKHV6FKQHHWUHLEHQ$EHUHLQH%ULVH GLHVLFKSO|W]OLFKDXIPDFKWHYHUWULHEGLH6FKQHHIORFNHQZLHGHU XQGDOVGHU:DJHQGHU3ULQ]HVVLQDXIGHQ+LOOHU|GHU0DUNWSODW] KLQDXIIXKUNOlUWHVLFK VPLWHLQHP0DODXIXQGHLQ6WFNEODXHU +LPPHOZXUGHVLFKWEDUGDUXQWHUHLQYHUEODVVHQGHV$EHQGURW ,QPLWWHQGLHVHV$EHQGURWVDEHUVWDQGGDVKRKHWXUPUHLFKH 6FKOR)UHGHULNVERUJXQGVSLHJHOWHVLFKVWLOOXQGPlUFKHQKDIWLQ HLQHPNOHLQHQYRUJHOHJHQHQ6HHGHUGHQVFKPDOHQ5DXP ]ZLVFKHQGHP6WlGWFKHQXQGGHP6FKORDXVIOOWH+LQWHUGHP 6FKORVVHODJGHU3DUNGHUPLWHLQLJHQYRUJHVFKREHQHQ%lXPHQ YRQOLQNVXQGUHFKWVKHUELVDQGHQ6HHKHUDQWUDWKHUUOLFKH 3ODWDQHQGHUHQYRP+HUEVWZLQGDEJHVFKWWHOWH%OlWWHU]DKOUHLFK DXIGHUVWLOOHQ6HHIOlFKHWULHEHQ,Q]ZLVFKHQZDUDXFKGHU]ZHLWH :DJHQKHUDQJHNRPPHQXQG+RONGHUVLFKZHLODXI/DQGIDKUWHQ DOOHVHUODXEWVHLZRKOZHLVOLFKGHQ3ODW]QHEHQGHP.XWVFKHUVLW] JHZlKOWKDWWHVSUDQJMHW]WKHUDEXPDQGHQ:DJHQVFKODJGHU 3ULQ]HVVLQ]XWUHWHQXQGLKUDXV]XVSUHFKHQZLHOlQGOLFKLG\OOLVFK GLHVHU0DUNWSODW]XQGZLHVFK|QGHU$QEOLFNGHV6FKORVVHVVHL :RUWHGLHGHU3ULQ]HVVLQVLFKWOLFKZRKOWDWHQXQGHLQHUJQlGLJHQ $QWZRUWJHZLJHZHVHQZlUHQZHQQQLFKWLPVHOEHQ $XJHQEOLFNHYRQHLQHPGHP3ODW]]XQlFKVWJHOHJHQHQ+DXVHKHU HLQDQGUHU+HUUHEHQIDOOVDQGHQ:DJHQVFKODJGHU3ULQ]HVVLQ KHUDQJHWUHWHQZlUH'LHVHUDQGUHZDU3DVWRU6FKOHSSHJUHOOYRQ +LOOHU|GHLQVWDWWOLFKHU)QI]LJHUGHUVHLQH6WDWWOLFKNHLWGXUFK VHLQHQODQJHQ3UHGLJHUURFNQRFKXPHLQHUKHEOLFKHVJHVWHLJHUW VDK(UNWHGHU3ULQ]HVVLQGLH+DQGDEHUPLWPHKU 5LWWHUOLFKNHLWDOV'HYRWLRQXQGEHWRQWHGDQQVHLQH)UHXGHVHLQH *|QQHULQZLHGHU]XVHKHQ
ª6LHZLVVHQGDHVRKQH6LHQLFKWJHKW©VDJWHGLH3ULQ]HVVLQ ªXQGLFKKDEHKLHUDXI,KUHPLPPHUQRFKHQWVHW]OLFK]XJLJHQ 0DUNWSODW] GHQQHVZHKWZLHGHUYRQDOOHQYLHU6HLWHQKHU EOR KDOWHQODVVHQXPPLFK,KUHV%HVXFKHVXQG]ZDUIUKHXWDEHQG QRFK]XYHUVLFKHUQ$EHULFKYHUJHVVHGLH+HUUHQPLWHLQDQGHU EHNDQQW]XPDFKHQ3DVWRU6FKOHSSHJUHOO*UDI+RON© %HLGHYHUQHLJWHQVLFK ª8QGVHLHQ6LHOLHEHU3DVWRUEHL*HGXOGXQGJXWHU/DXQH*UDI +RONLVWEULJHQV*HQHDORJDOVR%UXFKVWFNHLQHV+LVWRULNHUVXQG ZLUG,KQHQDOVVROFKHUXQGDOVHLQYRU]JOLFKHU)UDJHUGHUHULVW *HOHJHQKHLW]XJHOHKUWHU8QWHUKDOWXQJELHWHQ'HQQPDQ XQWHUKlOWVLFKDPEHVWHQZHQQPDQJHIUDJWZLUGXQGDQWZRUWHQ NDQQ'DLFKVHOEHUQHXJLHULJELQZLVVHQ6LH IUHWZDV%HUHV PDJLFKPHLQH)UDJHOXVWQLFKWDXVJHEHQ8QGEULQJHQ6LHGLH OLHEH)UDXPLW,Q+LOOHU|GXQG)UHGHULNVERUJVFKPHFNWPLUGHU 7HHQXUZHQQLKQPLUPHLQHOLHEH)UHXQGLQDXVGHP3DVWRUKDXVH SUlVHQWLHUW-D(EEDGDVLVWQXQPDOVRGDULQPXWGXGLFK ILQGHQXQGGDUIVWQLFKWHLIHUVFKWLJVHLQ$EHULFKHUWDSSHPLFK ZLHGHUDXIHLQHU]ZHLWHQ8QWHUODVVXQJVVQGH 3DVWRU 6FKOHSSHJUHOO)UlXOHLQ(EEDYRQ5RVHQEHUJ© 'HU3DVWRUEHJUWHGDV)UlXOHLQXQGYHUVSUDFKQLFKWQXU]X NRPPHQVRQGHUQDXFKVHLQH)UDXPLW]XEULQJHQXQGJOHLFK GDQDFKVHW]WHVLFKGLH)DKUWYRP0DUNWSODW]DXVQDFKGHP 6FKORVVHKLQIRUWQDFKGHP+RONGHU$XIIRUGHUXQJGHU3ULQ]HVVLQ JHKRUFKHQGIUGLHYHUEOHLEHQGHNXU]H6WUHFNHGHQ5FNVLW]GHV :DJHQVHLQJHQRPPHQKDWWH+LHUVDHUQHEHQ(EEDGHU 6FKLPPHOPDQQJHJHQEHUXQGIKOWHVLFKDQJHUHJWJHQXJXP QRFKGHQ9HUVXFKHLQHU.RQYHUVDWLRQ]XPDFKHQ ª3DVWRU6FKOHSSHJUHOOKDWHWZDV,PSRQLHUHQGHVLQVHLQHU (UVFKHLQXQJXQGGDEHLGRFKHLQH*HPWOLFKNHLWGLHGDV ,PSRQLHUHQGHZLHGHUGlPSIW,FKKDEHZHQLJ0HQVFKHQVRUXKLJ XQGVRVLFKHUPLWHLQHU3ULQ]HVVLQVSUHFKHQVHKHQ,VWHUHLQ 'HPRNUDW"2GHUHLQ'LVVHQWHU*HQHUDO"© ª1HLQ©ODFKWHGLH3ULQ]HVVLQª6FKOHSSHJUHOOLVWNHLQ'LVVHQWHU *HQHUDODEHUHULVWIUHLOLFKGHU%UXGHUHLQHVZLUNOLFKHQ*HQHUDOV GHU%UXGHUYRQ*HQHUDO6FKOHSSHJUHOOGHUEHL,GVWHGWILHO
9LHOOHLFKW]XUHFKWHU=HLW'HQQGH0H]DEHUQDKPGDV .RPPDQGR© ª$K©VDJWH+RONª$OVRGDKHU© ª1HLQOLHEHU+RONDXFKQLFKWGDKHU LFKPXOHLGHUQRFKHLQPDO ZLGHUVSUHFKHQ'DVZDV6LH¾VHLQH6LFKHUKHLW½QHQQHQKDWHLQHQ JDQ]DQGHUQ*UXQG(UNDPPLW]ZDQ]LJ-DKUHQDQGHQ+RIDOV /HKUHUVRJDUDOV5HOLJLRQVOHKUHUYHUVFKLHGHQHUMXQJHU 3ULQ]HVVLQQHQXQGGDVDQGUHN|QQHQ6LHVLFKGHQNHQ(UKDW]X YLHOMXQJH3ULQ]HVVLQQHQJHVHKHQXPVLFKGXUFKDOWHQRFK LPSRQLHUHQ]XODVVHQhEULJHQVVLQGZLULKPXQGVHLQHUNOXJHQ =XUFNKDOWXQJ]XJURHP'DQNHYHUSIOLFKWHWGHQQHVODJGUHLPDO VRGDHUZHQQHUJHZROOWKlWWHMHW]WPLW]XU)DPLOLH]lKOHQ ZUGH6FKOHSSHJUHOOZDU LPPHUVHKUYHUVWlQGLJ1HEHQKHUKDEH LFKQLFKWGHQ0XWGHQ3ULQ]HVVLQQHQYRQGDPDOVHLQHQEHVRQGHUQ 9RUZXUI]XPDFKHQ(UZDUZLUNOLFKHLQVHKUVFK|QHU0DQQXQG GDEHLFKULVWOLFKXQGDEOHKQHQG]XJOHLFK'DZLGHUVWHKHZHU PDJ© +RONHUKHLWHUWHVLFK(EEDPLWLKPXQGVHOEVWEHUGLH=JHGHU 6FKLPPHOPDQQJLQJHLQ/lFKHOQ0DQVDKGLH3ULQ]HVVLQZDULQ EHVWHU6WLPPXQJXQGQDKPHVDOVHLQJXWHV=HLFKHQIUGLH 7DJHGLHEHYRUVWDQGHQ8QGZlKUHQGPDQQRFKVRSODXGHUWH IXKUGHU:DJHQEHUHLQSDDUVFKPDOH%UFNHQLQGHQ6FKORKRI HLQXQGKLHOWJOHLFKGDQDFKYRUGHP3RUWDOHYRQ)UHGHULNVERUJ
=ZDQ]LJVWHV.DSLWHO 'LHQHUVFKDIWHQPLW:LQGOLFKWHUQZDUWHWHQVFKRQXQGVFKULWWHQ YRUDQDOVGLH3ULQ]HVVLQGLHEUHLWHYRPHUVWHQ3RGHVWDQ GRSSHODUPLJH7UHSSHKLQDXIVWLHJXPREHQLKUHQLFKWDOO]X ]DKOUHLFKHQ*HPlFKHULQGHPYRQ]ZHL7UPHQIODQNLHUWHQ 0LWWHOWHLOHGHV6FKORVVHV]XEH]LHKHQ'LHVH7UPHVWDQGHQLQ ]ZHLVFKDUIHQ(FNHQGLHGXUFKGLHYRUVSULQJHQGHQ6HLWHQIOJHO JHELOGHWZXUGHQ]ZLVFKHQGHQHQZLHGHUXPHLQH GLH9HUELQGXQJ KHUVWHOOHQGH.RORQQDGHOLHI $XIGHPHUVWHQ3RGHVWXQG]ZDUDXIHLQHPGDVHOEVW DXIJHVWHOOWHQNOHLQHQ5RNRNR.DQDSHHQDKPGLH3ULQ]HVVLQ DVWKPDWLVFKZLHVLHZDUHLQHQ$XJHQEOLFN3ODW]XQGHQWOLHGDQQ GLH+HUUHQXQG'DPHQLKUHV*HIROJHVPLWGHU$XIIRUGHUXQJVLFK V LQLKUHQ7XUP]LPPHUQQDFK0|JOLFKNHLWEHTXHP]XPDFKHQ8P VLHEHQVRVHW]WHVLH]X+RONJHZDQGWKLQ]XVHLZLHJHZ|KQOLFK GLH7HHVWXQGH 3DVWRU6FKOHSSHJUHOOXQG)UDXNlPHQDOOHUGLQJV HWZDVIUKHUXPLKUGLH+LOOHU|GHU1HXLJNHLWHQPLW]XWHLOHQ ZRUDXIVLHVLFKDXIULFKWLJIUHXH NOHLQVWlGWLVFKH9RUJlQJHVHLHQ HLJHQWOLFKLPPHUGDV,QWHUHVVDQWHVWHPDQPVVHVRKHU]OLFK GDUEHUODFKHQXQGZHQQPDQDOWJHZRUGHQVHLGDV/DFKHQEHU VHLQHOLHEHQ0LWPHQVFKHQVR]LHPOLFKGDV9HUJQJOLFKVWHZDV PDQKDEHQN|QQH1DFKGLHVHQJQlGLJHQ:RUWHQWUHQQWHPDQ VLFKXQGHLQHKDOEH6WXQGHVSlWHUNRQQWHMHGHUGHUEHUGHQ 6FKORKRIJLQJGHXWOLFKHUNHQQHQZHOFKH=LPPHUYRQGHQ 1HXDQJHNRPPHQHQEH]RJHQZRUGHQZDUHQ,QGHPYRQGHU 3ULQ]HVVLQVHOEVWEHZRKQWHQHUVWHQ6WRFNZHUNHGHV&RUSVGHORJLV VDKPDQQXU]ZHLKRKHJRWLVFKH)HQVWHUVFKZDFKHUOHXFKWHW ZlKUHQGGLHEHLGHQIODQNLHUHQGHQ7UPHELVKRFKKLQDXILQ KHOOHP/LFKWHUJODQ]HVWDQGHQ,PZHVHQWOLFKHQZDUDOOHVEHLGHQ HUVWHQYRQGHU3ULQ]HVVLQJHJHEHQHQ$QRUGQXQJHQJHEOLHEHQ XQWHQZRKQWHQGLH'LHQHULQQHQLQGHUHUVWHQ(WDJHGLHEHLGHQ +RIGDPHQEHUGHU6FKLPPHOPDQQ3HQW]XQG(ULFKVHQXQGEHU (EED+RON 6LHEHQ8KUUFNWHKHUDQ GLH6FKORXKUVFKOXJKDOEDOVGDV 6FKOHSSHJUHOOVFKH(KHSDDUHLQH0DJGPLWHLQHU/DWHUQHYRUDXI YRQ+LOOHU|GKHUEHUGHQ6FKORKRINDP%DOGGDQDFKUVWHWH VLFKDXFK+RON8QWHQLP)OXUGHVYRQLKPEHZRKQWHQ 5HFKWVWXUPHVWUDIHU(EEDV-XQJIHUXQGEHLQDK)UHXQGLQ.DULQ
HLQH6WRFNKROPHULQYRQGHUHUHUIXKUGDGDV)UlXOHLQVFKRQEHL GHU3ULQ]HVVLQVHL'HUQRFK]XUFN]XOHJHQGH:HJDQGHUKDOEHQ )URQWGHV+DXSWJHElXGHVKLQZDUQXUNXU]XQGDOV+RONHLQH 0LQXWHVSlWHUGLH7UHSSHKLQDXIZDUWUDWHULQHLQHKRKH+DOOH GLHVRODQJHVLFKGLH3ULQ]HVVLQLQ)UHGHULNVERUJDXIKLHOWDOV (PSIDQJV XQG*HVHOOVFKDIWV]LPPHUGLHQWH1DFKGHP6FKORKRI ZLHUFNVHLWLJQDFKGHP3DUNKLQKDWWHGLHVH+DOOHQXUHLQH VFKPDOH)URQWWURW]GHPZDUHVHLQJURHU5DXPZHLOHUDQ7LHIH HUVHW]WHZDVLKPDQ%UHLWHDEJLQJ,QGHU0LWWHGHUHLQHQ /lQJVZDQGEHIDQGVLFKHLQKRKHU5HQDLVVDQFHNDPLQXQGEHU GHPVHOEHQHLQEHUOHEHQVJURHV%LOGQLV.|QLJ&KULVWLDQV,9GHU 6FKOR)UHGHULNVERUJVHLQHU]HLWVHKUJHOLHEWXQGGLHVH+DOOHJDQ] ZLHMHW]WGLH3ULQ]HVVLQDOOHQDQGHUHQ5lXPHQLP6FKORVVH YRUJH]RJHQKDWWH/LQNVQHEHQGHP.DPLQHVWDQGHQ.|UEHWHLOV PLWJURHQ+RO]VFKHLWHQWHLOVPLW7DQQlSIHOQXQG :DFKROGHU]ZHLJHQJHIOOWZlKUHQG]XU5HFKWHQDXHUHLQHP PlFKWLJHQ6FKUHLVHQHLQSDDU.LHQIDFNHOQODJHQGLHGHQ=ZHFN KDWWHQVSlWDEHQGV EHLP$XIEUXFKEHUGLHGXQNOHQ.RUULGRUH KLQGHQ*lVWHQ]XOHXFKWHQ$OOHVLQGHU$XVVFKPFNXQJGHU +DOOHZDUQRFKKDOEPLWWHODOWHUOLFKZLHGLH+DOOHVHOEVWEHUGHUHQ 3DQHHOHQGHV.|QLJ&KULVWLDQV3RUWUlWVEHUGHP.DPLQH]X JHVFKZHLJHQJURHVWDUNQDFKJHGXQNHOWH%LOGHUVLFKWEDU ZXUGHQ:HLW]XUFNVWDQGHLQ6FKHQNWLVFK GLHVRQVWEOLFKHQ KRKHQ6WKOHIHKOWHQXQGVWDWWLKUHUZDUHLQH$Q]DKOPRGHUQHU )DXWHXLOVXPGLH)HXHUVWHOOHKHUXPJUXSSLHUW +RONVFKULWWDXIGLH3ULQ]HVVLQ]XYHUEHXJWHVLFKXQG VSUDFKLKU DXVZLHVFK|QHUGLH+DOOHIlQGHGDULQPVVHVLFKHLQ ZXQGHUEDUHV-XOIHVWIHLHUQODVVHQDOOHVVHLGDQLFKWEORJURH .LHQIDFNHOQVRQGHUQDXFK7DQQlSIHOXQG:DFKROGHU'LH 3ULQ]HVVLQDQWZRUWHWHGDVLHVROFKH)HLHUDXFKYRUKDEH :HLKQDFKWHQLQ)UHGHULNVERUJVHLLKUGHUEHVWH7DJLP-DKUXQG QDFKGHPVLHQRFKHLQSDDUZHLWHUH:RUWHJHVSURFKHQXQGVFKRQ IUGHQQlFKVWHQ7DJHLQH$UW-XOYRUIHLHUDQJHNQGLJWKDWWH IRUGHUWHVLHGLH)UDX3DVWRULQ6FKOHSSHJUHOODXIDQLKUHU6HLWH 3ODW]]XQHKPHQ'LH3DVWRULQZDUHLQHNOHLQHGLFNH)UDXPLW DXIJHVHW]WHPVFKZDU]HQ6FKHLWHOXQGURWHQ%DFNHQEHUKDXSW YRQJURHU8QVFKHLQEDUNHLWDEHUQLHGDUXQWHUOHLGHQGZHLOVLH]X GHQ*OFNOLFKHQJHK|UWHGLHVLFKJDUQLFKWPLWVLFKVHOEVWXQGDP ZHQLJVWHQPLWLKUHUlXHUHQ(UVFKHLQXQJEHVFKlIWLJHQ(EED KDWWHGLHVJOHLFKKHUDXVJHIKOWXQGHLQH9RUOLHEHIUVLHJHIDW
ª:LUGHV,KQHQQLFKWVFKZHUOLHEH)UDX3DVWRULQ©VRZDQGWHVLH VLFKDQGLHVHªVLFKHLQHQJDQ]HQ$EHQGODQJYRQ,KUHQ.LQGHUQ ]XWUHQQHQ"© ª,FKKDEHNHLQH©VDJWHGLHVHXQGODFKWHGDEHLVRKHU]OLFKGD GLH3ULQ]HVVLQIUDJWHZDVHVHLJHQWOLFKVHL'DJDEHVGHQQHLQH DOOJHPHLQH+HLWHUNHLWLQGLHVFKOLHOLFKDXFK6FKOHSSHJUHOOPLW HLQVWLPPHQPXWHWURW]GHPHUVLFKZHLOLKQGLH.RPLNLQHUVWHU 5HLKHPLWWUDIHLQZHQLJXQEHKDJOLFKGDEHLIKOWH+RONGLHV ZDKUQHKPHQGKLHOWHVIUVHLQH3IOLFKWGHP*HVSUlFKHLQH DQGHUH:HQGXQJ]XJHEHQXQGIUDJWHOHLFKWXQGZLHYRQ XQJHIlKUQDFKGHP3RUWUlWEHUGHP.DPLQª,FKVHKHGDHV .|QLJ&KULVWLDQLVW ZREHJHJQHWHPDQLKPQLFKW XQGVRNDQQ YRQHLQHPEHVRQGHUHQ,QWHUHVVHNDXPGLH5HGHVHLQ$EHUGHVWR PHKULQWHUHVVLHUWPLFKGLH)UDJHYRQZHPHVKHUUKUW,FKZUGH HLQHQ6SDQLHUYHUPXWHQZHQQLFKQXUZWHGDZLUMHPDOV HLQHQVSDQLVFKHQ0DOHULQ.RSHQKDJHQJHKDEWKlWWHQ© 6FKOHSSHJUHOOZROOWH5HGHVWHKHQDEHU(EEDVFKQLWWLKPGDV:RUW DEXQGVDJWH ª'DVJHKWQLFKWGDZLUZHQQQXQPDOEHU.XQVW XQG%LOGHUJHVSURFKHQZHUGHQVROOPLWHLQHP%LOGH.|QLJ &KULVWLDQVEHJLQQHQDXFKZHQQHVZLUNOLFKYRQ HLQHP6SDQLHU KHUUKUHQVROOWHZDVLFKEH]ZHLIHOQP|FKWHJHQDXVRZLH*UDI +RONPLWGHPLFKPLFKZHQLJVWHQVLQ.XQVWVDFKHQ|IWHUV ]XVDPPHQILQGH/DVVHQZLUDOVRGHQXQYHUPHLGOLFKHQ.|QLJ,FK PHLQHUVHLWVHUIKUHOLHEHU© XQGGDEHL]HLJWHVLHQDFKGHU:DQG JHJHQEHU ªZHUGLHEHLGHQGDVLQGGHU$OWHPLWGHP6SLW]EDUW XQGGLHYRUQHKPH'DPHPLWGHUZHLHQ.DSX]H© ª'HUPLWGHP6SLW]EDUWLVW$GPLUDO+HUOXI7UROOHGHUVHOEHYRQ GHPXQVHU.|QLJ)UHGHULNGHU=ZHLWHGLHV6FKORKLHULQ.DXI RGHU7DXVFKQDKPXQGHVGDQQ)UHGHULNVERUJWDXIWHQDFK VHLQHPHLJHQHQ1DPHQ9RQGHPDOWHQ6FKOREOLHENHLQ6WHLQ DXIGHPDQGHUQXQGQLFKWVZXUGHPLWKHUEHUJHQRPPHQDOV GLHVH6FKLOGHUHLHQKLHUUHFKWVXQGOLQNVGLHGHQJURHQ6HHVLHJ EHLgODQGXQWHU$GPLUDO+HUOXI7UROOHYHUKHUUOLFKHQXQGPLWGHQ 6FKLOGHUHLHQ]XJOHLFKGLHGD]ZLVFKHQKlQJHQGHQ%LOGQLVVHYRQ +HUOXI7UROOHVHOEVWXQGYRQ%ULJLWWH*RMHVHLQHU(KHOLHEVWHQGLH ZHJHQLKUHUSURWHVWDQWLVFKHQ)U|PPLJNHLWIDVWQRFKJHIHLHUWHU ZDUDOVLKU*HPDKO©
ª:DVZHQQVLHZLUNOLFKVRIURPPZDUQLHPDQGHQEHUUDVFKHQ GDUI©VDJWH3HQW]PLW(PSKDVHª'HQQVRJHZLHVPLULVWGD 6FKDXVSLHOHULQQHQXQG)UVWHQJHOLHEWHGLHSRSXOlUVWHQ (UVFKHLQXQJHQVLQGJOHLFKQDFKLKQHQNRPPHQGLH)URPPHQ XQGPLWXQWHUVLQGVLHVRJDUXPHLQHQ 6FKULWWYRUDXV© ª-DPLWXQWHU©ODFKWH(EEDª0LWXQWHUDEHUVHOWHQ8QGQXQ 3DVWRU6FKOHSSHJUHOOZDVLVWHVPLWGLHVHU+HUOXI7UROOHVFKHQ 6HHVFKODFKW",FKIUFKWH]ZDUGDVLHJHJHQPHLQHOLHEHQ /DQGVOHXWHGLH6FKZHGHQJHVFKODJHQZXUGHMHGHQIDOOVDEHU GHQ.RVWPHQQDFK]XVFKOLHHQLQHLQHUYRUURVHQEHUJVFKHQ =HLWXQGVRVHKLFKGHQQPHLQHQ3DWULRWLVPXVQLFKWDOO]XGLUHNW KHUDXVJHIRUGHUWhEHUGLHV6HHVFKODFKWHQ6HHVFKODFKWHQVLQG LPPHUHWZDVZR)UHXQGXQG)HLQGJOHLFKPlLJHUWULQNHQXQGHLQ ZRKOWlWLJHU3XOYHUGDPSIEHUDOOHPGHUDUWDXVJHEUHLWHWOLHJWGD HLQ3OXVRGHU0LQXVDQ7RWHQZDVPDQGDQQ6LHJRGHU1LHGHUODJH QHQQWQLHIHVWJHVWHOOWZHUGHQNDQQ8QGQXQJDUKLHUZRZLU]X GHP3XOYHUGDPSIDXFKQRFKGLHGUHLKXQGHUWMlKULJH 1DFKGXQNHOXQJKDEHQ© ª8QGGRFK©VDJWH+RONªVFKHLQWPLUQRFKDOOHVOHLGOLFK HUNHQQEDUXQGZHQQZLUQDFKKHOIHQ$EHUIUHLOLFKZRGDV Q|WLJH/LFKWGD]XKHUQHKPHQ"© ª2KKLHU©VDJWHGLH3ULQ]HVVLQXQGZLHVDXIGLH6WHOOHZRGLH .LHQIDFNHOQODJHQª(VZLUGHWZDV%ODNJHEHQDEHUGDVVWHLJHUW QXUGLH,OOXVLRQXQGZHQQLFKPLUGDQQVDJHGDXQVHU3DVWRU XQG&LFHURQHYLHOOHLFKWVHLQHQJXWHQ7DJKDWVRZHUGHQZLUGLH 6HHVFKODFKWQRFKPDOZLHPLWHUOHEHQ$OVR6FKOHSSHJUHOODQV :HUNXQGWXQ6LH,KU%HVWHVGDVVLQGZLUHLQHP+LVWRULNHUYRP 5DQJH+RONVVFKXOGLJ8QGYLHOOHLFKWEHNHKUHQZLULKQDXFKQRFK DXVGHP6FKOHVZLJ+ROVWHLQLVPXVLQGHQ'DQLVPXVKLQEHU© $OOHVVWLPPWH]XZlKUHQG3HQW]PLW]ZHL)LQJHUQHLQHQOHLVHQ %HLIDOONODWVFKWH6FKOHSSHJUHOODEHUGHU%LOGHUNXVWRGHYRQ 3DVVLRQZDUQDKPHLQHGHUJURHQ.LHQIDFNHOQXQGIXKUGDPLW QDFKGHPHUVLHDQJH]QGHWEHUGLHOLQNH%LOGKlOIWHKLQDXIGHU PDQQXQLQGVWHUHUXQGGRFKJUHOOHU%HOHXFKWXQJGLH6HJHO ]DKOORVHU6FKLIIH)ODJJHQXQG:LPSHOXQGYHUJROGHWH*DOLRQV GD]XGLHZHLHQ:RJHQNlPPHQLFKWVDEHUYRQ6FKODFKWXQG 3XOYHUGDPSIHUNHQQHQNRQQWH
ª'DVLVWDEHUGRFKVLFKHUNHLQH6FKODFKW©VDJWH(EED ª1HLQDEHUGLH9RUEHUHLWXQJGD]X'LH6FKODFKWNRPPWHUVW GLH 6FKODFKWLVWDQGHUDQGHUHQ6HLWHJOHLFKUHFKWVQHEHQGHU%ULJLWWH *RMH© ª$K©VDJWH(EEDª,FKYHUVWHK HLQ'RSSHOVFKODFKWELOG$QIDQJ XQG(QGH1XQLFKELQ$XJXQG2KU8QGLPPHUZHQQ,KU .LHQVSDQDQGHP6FKLIIHYRUEHLIlKUWGDUDXI+HUOXI7UROOH NRPPDQGLHUWGDQQPXLFKELWWHQLKP RGHUDXFKPLU HLQH 9LHUWHOPLQXWH]XJ|QQHQGDPLWLFKLKP5HYHUHQ]PDFKHQXQG PLUVHLQ%LOGDXFKLQPLWWHQGHU6FKODFKWHLQSUlJHQNDQQ© ª'DVZLUGGLUQLFKWJOFNHQ(EED©VDJWHGLH3ULQ]HVVLQª+HUOXI 7UROOHVWHFNWYLHO]XVHKULP3XOYHUTXDOPRGHULVWLQGHU 1DFKGXQNHOXQJXQWHUJHJDQJHQXQGGXPXWGLUDQVHLQHP UHJHOUHFKWHQ3RUWUlWGDJHQXJVHLQODVVHQ$EHUQXQEHJLQQHQ 6LH6FKOHSSHJUHOOXQGWUHIIHQ6LH VLP0DQLFKWVRNXU]GDHV QLFKWVLVWXQGQLFKWVRODQJGDZLUXQVlQJVWOLFKDQVHKHQ+RON LVWHLQ.HQQHU*RWWVHL'DQNHLQHUYRQGHQHQGLHGHQ(U]lKOHU QLFKWEHIDQJHQPDFKHQ HUZHL.XQVWLVWVFKZHU© 8QWHUGLHVHQJQlGLJHQ:RUWHQZDU6FKOHSSHJUHOOZLHGHUDQGHQ .UHLVGHUXPGHQ.DPLQ9HUVDPPHOWHQKHUDQJHWUHWHQXQGVDJWH ª*QlGLJVWH3ULQ]HVVLQ EHIHKOHQXQGLFKJHKRUFKH:DVZLUGD VHKHQRGHUYLHOOHLFKWDXFKQLFKWVHKHQ©XQGHUZLHVDXIGLH ]ZHLWHQLFKWHLQPDOYRP:LGHUVFKHLQGHV)HXHUVJHWURIIHQH +lOIWHGHVJURHQ:DQGELOGHVªZDVZLUGDVHKHQLVWGHU HQWVFKHLGHQGH0RPHQWZRGHU¾0DNHOORV½ LQGLH/XIWIOLHJW© ª'HU¾0DNHOORV½"© ª-DGHU¾0DNHOORV½'DVZDUQlPOLFKGDV$GPLUDOVFKLIIGHU 6FKZHGHQGLHJHUDGHGDPDOVWURW]LKUHVLUUVLQQLJHQ.|QLJV GHQQHVZDUHQGLH7DJHYRQ.|QLJ(ULFK;,9 DXIGHU+|KH LKUHU0DFKWVWDQGHQ8QGJHJHQGLH6FKZHGHQXQGLKUH)ORWWHGLH VHKUVWDUNXQGEHUOHJHQZDUXQGQHEHQGHP¾0DNHOORV½DXFK QRFKDQGHUHJURH6FKLIIHKDWWHJHJHQGLHVHVFKZHGLVFKH)ORWWH VDJLFKJLQJHQGLH8QVULJHQXQWHU6HJHOXQGGHUGHUVLH NRPPDQGLHUWHZDUXQVHUJURHU+HUOXI7UROOH 8QGDOVVLHDXV GHU.M|JH%XFKWKHUDXVXQGDXIKRKHU6HHZDUHQVHJHOWHQVLH VFKDUI|VWOLFKDXI%RUQKROP]XZR+HUOXI7UROOHGLHVFKZHGLVFKH )ORWWHYHUPXWHWH'LHODJDEHUQLFKWPHKUEHL%RUQKROPVRQGHUQ
YRU6WUDOVXQGXQWHU$GPLUDO-DFRE%DJJH8QGNDXPGD-DFRE %DJJHYHUQRPPHQGDGLH'lQHQLKQVXFKWHQVRJDEHUDXFK VFKRQVHLQHQ$QNHUJUXQGYRU6WUDOVXQGDXIXQGIXKUQRUG|VWOLFK XPVLFKGHP)HLQGH]XVWHOOHQ8QGNXU]YRUgODQGWUDIHQEHLGH )ORWWHQDXIHLQDQGHUXQGHLQHGUHLWlJLJH6FKODFKWZLHVLH GLH 2VWVHHQRFKQLFKWJHVHKHQKDWWHQDKPLKUHQ$QIDQJ8QGDP GULWWHQ7DJHZDUHVDOVREGHU6LHJGHQ6FKZHGLVFKHQ]XIDOOHQ VROOH'DULHI+HUOXI7UROOHGHVVHQHLJHQHV6FKLIIEHO]XJHULFKWHW ZDUVHLQHQ8QWHUDGPLUDO2WWR5XGKHUDQXQGJDELKP%HIHKOHV NRVWHZDVHVZROOHGHQ¾0DNHOORV½]XHQWHUQ8QG2WWR5XG ZDU VDXFK]XIULHGHQXQGIXKUDQGHQ)HLQG$EHUNDXPGDVHLQ 6FKLIIGDVQXUNOHLQZDUGLH(QWHUKDNHQJHZRUIHQKDWWHVROLH $GPLUDO-DFRE%DJJHGDVJDQ]H6HJHOZHUNGHV¾0DNHOORV½ EHLVHW]HQXPVRPLWIOLHJHQGHQ6HJHOQGDVNOHLQHGlQLVFKH 6FKLIIGDVVLFKDQLKQJHKlQJWKDWWHPLWLQGLHVFKZHGLVFKH )ORWWHKLQHLQ]XUHLHQ'DVZDUHLQVFKZHUHU$XJHQEOLFNIU2WWR 5XG$EHUHUOLHYRQGHP6WXUPDXIGLH(QWHUEUFNHQLFKWDE XQGDOVHWOLFKHYRQGHQ8QVHUHQGUEHQZDUHQVFKRHLQHUHLQH )HXHUNXJHOLQGLH5VWNDPPHUXQGDOVGDV)HXHUGDVDXVEUDFK DXFKGLH3XOYHUNDPPHUHUJULIIJLQJGHU¾0DNHOORV½PLW)UHXQG XQG)HLQGLQGLH/XIWXQG&ODXV)OHPPLQJEHUQDKPGDV .RPPDQGRGHU6FKZHGLVFKHQXQGIKUWHGHQ5HVWGHU)ORWWHQDFK 6WRFNKROPKLQ]XUFN© (LQHNXU]H3DXVHIROJWHGDQQVDJWH+RON ª'HUHLJHQWOLFKH+HOG GHU*HVFKLFKWHVFKHLQWPLUDEHU2WWR5XG]XVHLQ,QGHVVHQLFK ZLOOGDUEHUQLFKWVWUHLWHQ+HUOXI7UROOHZLUGZRKODXFKVHLQ7HLO JHWDQ KDEHQXQGLFKP|FKWHQXUQRFKIUDJHQZDVZXUGDXVLKP XQGZLHZDUVHLQ(QGH"© ª:LHVLFK V]LHPW(UVWDUEGDV-DKUGDUDXIDQHLQHULQHLQHU 6HHVFKODFKWKDUWDQGHU.VWHYRQ3RPPHUQHUKDOWHQHQ:XQGH 'LH:XQGHZDUDQVLFKQLFKWW|GOLFK$EHUHVZDUMHQHU PHUNZUGLJH.ULHJZRMHGHUGHUHLQH:XQGHGDYRQWUXJVFKZHU RGHUOHLFKWDQGLHVHU:XQGHVWHUEHQPXWH6RZHQLJVWHQVVWHKW LQGHQ%FKHUQ© 3HQW]VSUDFKYRQªYHUJLIWHWHQ.XJHOQ©DEHU(EEDZLHVGDV ]XUFN 6FKZHGHQVHLNHLQ*LIWODQG XQGZROOWHQDFKVRYLHO +HOGLVFKHPOLHEHUHWZDVYRQ%ULJLWWH*RMHK|UHQYRQGHU3DVWRU 6FKOHSSHJUHOOMDRKQHKLQVFKRQJHVDJWKDEHGDVLHIDVW JHIHLHUWHUJHZHVHQVHLDOVLKU6HHKHOGXQG*HPDKOª,FKVHKH
QLFKWHLQZDUXPZLUXQVLPPHUXPGLH0lQQHURGHUJDUXPLKUH 6HHVFKODFKWHQNPPHUQVROOHQ GLH*HVFKLFKWHGHU)UDXHQLVW PHLVWYLHOLQWHUHVVDQWHU8QGYLHOOHLFKWDXFKLQGLHVHP)DOOH:DV ZDUHVPLWGLHVHU%ULJLWWH"© ª6LHZDUVHKUVFK|Q© ª'DVVFKHLQWLP1DPHQ]XOLHJHQ©VDJWH(EEDXQGVDK]X+RON KLQEHUª$EHU6FK|QKHLWEHGHXWHWQLFKWYLHOZHQQPDQWRW LVW© ª8QGZXUGHGXUFKHEHQLKUH6FK|QKHLW©IXKU6FKOHSSHJUHOO XQHUVFKWWHUWIRUWªGLH6WW]HGHUQHXHQ/HKUHVRGDHLQLJH VDJHQRKQH%ULJLWWH*RMHZlUH'lQHPDUNLQGHUSDSLVWLVFKHQ )LQVWHUQLVJHEOLHEHQ© ª6FKUHFNOLFK8QGZLHNDPHVDQGHUV"© ª(VZDUGLH=HLWGHU%HIHKGXQJHQXP*ODXEHQVZLOOHQXQG XQVHUHPXPGLHVH=HLWVFKRQLQGHUQHXHQ/HKUHVWHKHQGHQ9RONH VWDQGHQGHUGlQLVFKH$GHOXQGGLHGlQLVFKHKRKH*HLVWOLFKNHLW JHJHQEHUYRUDOOHP-RDFKLP5|QQRZ%LVFKRIYRQ5RHVNLOGH GHUGHQ%UDQGDXVWUHWHQXQGGLHNOHLQHUHQXQGlUPHUHQ OXWKHULVFKHQ*HLVWOLFKHQVRYLHOLKUHUDXFKVFKRQZDUHQDXVGHP /DQGHMDJHQZROOWH'DWUDW%ULJLWWH*RMHYRUGHQ%LVFKRIKLQXQG EDWIUGLHEHGUlQJWHQ/XWKHUVFKHQXQGGDVLHEOHLEHQGUIWHQ XQGZHLOLKUH6FK|QKHLWGHQ%LVFKRIUKUWHVRQDKPHUGHQ %HIHKO]XUFNXQGVHLQ+HU]XQGVHLQH6HHOHZDUHQVRJHWURIIHQ GDHUEHL0RJHQ*RMHGHP9DWHU%ULJLWWHQVXPLKUH+DQGZDUE XQGVLH]XVHLQHP:HLEHPDFKHQZROOWH© ª1LFKWP|JOLFK©VDJWHGLH3ULQ]HVVLQª(LQNDWKROLVFKHU%LVFKRI© 6FKOHSSHJUHOOOlFKHOWHª9LHOOHLFKWGDHUDXVGHUQHXHQ/HKUH GLHVHLQHZHQLJVWHQVPLWKHUEHUQHKPHQZROOWH-XVWVRZLH GUEHQLQ(QJODQG-HGHQIDOOVDEHUKDEHQZLU%HULFKWHGLHYRQ GHU:HUEXQJXPGDVVFK|QH)UlXOHLQPLWHLQHU$XVIKUOLFKNHLW VSUHFKHQDOVREHVVFKRQGLH+RFK]HLWVIHLHUOLFKNHLWHQJHZHVHQ ZlUHQ© ª8QGNDPHVQLFKWGD]X"©
ª1HLQ(V]HUVFKOXJVLFKXQGVLHQDKPVFKOLHOLFKGHQ+HUOXI 7UROOH© ª'DWDWVLHUHFKW1LFKWZDKU(EED"© ª9LHOOHLFKWJQlGLJVWH3ULQ]HVVLQYLHOOHLFKWDXFKQLFKW,FKELQ HLJHQWOLFKQLFKWIU%LVFK|IHZHQQHVDEHU$XVQDKPHELVFK|IH VLQGZLHGLHVHUYRQ5RHVNLOGHVRZHLLFKQLFKWREVLHQLFKWLP 5DQJHQRFKEHUGLH6HHKHOGHQJHKHQ(LQ%LVFKRIGHUKHLUDWHQ ZLOOKDWQHEHQGHP,PSRQLHUHQGHQGDVGDULQOLHJWDXFKHWZDV 9HUV|KQOLFKHVXQGVFKHLQWPLUIDVWGLHJDQ]H%HLOHJXQJGHV .LUFKHQVWUHLWHV]XEHGHXWHQ© 'LHNOHLQH3DVWRUVIUDXZDUHQW]FNWXQGQlKHUWHVLFK(EEDXP GLHVHUHLQHNOHLQH/LHEHVHUNOlUXQJLQV2KU]X IOVWHUQ$EHUHKVLH GD]XNRPPHQNRQQWHYHUlQGHUWHVLFKGLH6]HQHJHGHFNWH7LVFKH ZXUGHQGXUFKHLQHQLHGULJHJDQ]LP+LQWHUJUXQGHEHILQGOLFKH 6HLWHQWUKHU]XJHWUDJHQXQGDOVJOHLFKGDQDFKDXFK GRSSHODUPLJHPLW/LFKWHUQUHLFKEHVHW]WH/HXFKWHUDXIJHVWHOOW ZXUGHQHUKHOOWHVLFKGLHELVGDKLQJDQ]LP'XQNHOJHOHJHQH ]ZHLWH+lOIWHGHU+DOOHZDVQLFKWEORGHPJHVDPWHQ5DXPH VRQGHUQYRUDOOHPDXFKGHPJURHQ:DQGELOGHVDPWGHQ GD]ZLVFKHQHLQJHODVVHQHQ3RUWUlWELOGQLVVHQHUKHEOLFK]XVWDWWHQ NDP 3HQW]ZDUHVGHU]XHUVWGLHVH:DKUQHKPXQJPDFKWHª6HKHQ 6LH+RONZLH%ULJLWWH*RMHOlFKHOW$OOH%ULJLWWHQKDEHQVRZDV 6RQGHUEDUHVDXFKZHQQVLHIURPPVLQG© +RONODFKWH'LH7DJHZRVROFKH%HPHUNXQJLKQKlWWHYHUOHJHQ PDFKHQN|QQHQODJHQ]XUFN
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lFKHIDQG$EHUIUHLOLFKVHLQH9HUZXQGHUXQJNRQQWHQLFKW ODQJHGDXHUQGHQQHVZDUJDQ]HUVLFKWOLFKGDGDV)UlXOHLQGHQ DUPHQ%DURQQXUIHVWJHKDOWHQKDWWHXP+RONEHLVHLQHU5FNNHKU LQGHUHLQHQRGHUDQGHUHQ:HLVHEHPHUNEDU]XPDFKHQGDVLH QLFKWGDUDQJHZ|KQWVHLVLFKLUJHQGZHP]XOLHEHYHUQDFKOlVVLJW ]XVHKHQDPZHQLJVWHQDEHUXPGLHVHUNOHLQVWlGWLVFKHQ 6FKOHSSHJUHOOVZLOOHQª$FKGDLFK6LHQRFKVHKH©ZDQGWHVLH VLFKDQGHQ*UDIHQDOVGLHVHUXQWHUYHUELQGOLFKHPDEHU OlFKHOQGHP*UXDQLKUXQG(ULFKVHQYRUEHUZROOWHª-DGLHVH 6FKOHSSHJUHOOV8QGQXQJDUHU,QVHLQHU-XJHQGZLHPLUGLH 3ULQ]HVVLQYHUVLFKHUWHZDUHVVHLQ$SRVWHONRSIZRPLWHUVLHJWH MHW]WLQVHLQHP$OWHULVWHV+HUOXI7UROOH'DVLFKHLQ)RUWVFKULWW GDULQDXVVSUlFKHNDQQLFKQLFKW]XJHEHQ© 8QGGDPLWYHUQHLJWHVLHVLFKXQG]RJVLFKLQLKU=LPPHU]XUFN ZR.DULQLKUHU+HUULQEHUHLWVZDUWHWH 1XQZDU0RUJHQ HUVFKLHQVRKHOOLQV)HQVWHUZLHHLQ 1RYHPEHUPRUJHQQXULUJHQGZLHVFKHLQHQNDQQDEHUGLH1DFKW GLH]XUFNODJZDUVWXQGHQODQJHLQHVHKUVWUPLVFKHJHZHVHQ (LQ6GRVWHUKDWWHGHQDP7XUPHKLQODXIHQGHQXQGKLHUXQGGD ORFNHUJHZRUGHQHQ%OLW]DEOHLWHUXQWHUZWHQGHP*HUDVVHOJHSDFNW XQGKLQXQGKHUJHVFKWWHOWZDVDEHUIU+RONDPVW|UHQGVWHQ JHZHVHQZDUGDVZDUGDGHU0RQGDOOHV6WXUPHVXQHUDFKWHW ELVLQVHLQHQ]XUFNJHOHJHQHQXQGWLHILQGLH:DQGHLQJHEDXWHQ $ONRYHQJHVFKLHQHQKDWWH+RONKlWWHVLFKGXUFK=X]LHKHQGHU *DUGLQHYRUGLHVHPXQKHLPOLFKHQ%OLFNHVFKW]HQN|QQHQDEHU
GDVZLGHUVWDQGLKPQRFKPHKU HUZROOWHGHQZHQLJVWHQVVHKHQ GHUGDGUDXHQVWDQGXQGLKPGHQ6FKODIUDXEWH*HJHQ0RUJHQ HUVWVFKOLHIHUHLQXQGGDQRFKXQUXKLJXQGXQWHUDOOHUOHL lQJVWOLFKHQ7UlXPHQ(UZDUPLWGHPª0DNHOORV©GDUDXIVLFK $GPLUDO-DFRE%DJJHEHIDQGLQGLH/XIWJHIORJHQXQGDOVHUHLQ 6WFN0DVWJHSDFNWKDWWHXPVLFKGDUDQ]XUHWWHQZDU(EEDYRQ GHUDQGHUHQ6HLWHKHUJDQ]ZLHHLQ0HHUZHLEDXIJHWDXFKWXQG KDWWHLKQYRQGHP0DVWIRUW XQGLQGLH)OXW]XUFNJHULVVHQ 'DUEHUZDUHUHUZDFKW(UEHUOHJWHVLFKMHW]WGHQ7UDXPXQG VDJWH ª6LHZlUHVLPVWDQGH© 'LHVHP*HGDQNHQQDFK]XKlQJHQZDUHUGXUFKDXVLQGHU/DXQH GRFKYHUERWVLFKHLQ9HUZHLOHQGDEHLGHQQHLQDOWHU*lUWQHUGHU MHGHVPDOZHQQGLH3ULQ]HVVLQLP6FKORZDUGLH 0RUJHQEHGLHQXQJLQGHQEHLGHQ7UPHQ]XPDFKHQKDWWHNDP JHUDGHPLWGHP)UKVWFNXQGHQWVFKXOGLJWHVLFKZlKUHQGHU GHQ7LVFKRUGQHWHGDHVVRVSlWJHZRUGHQ VHL'DV)UlXOHLQYRQ 5RVHQEHUJKDEHGHQQDXFKVFKRQJHVFKROWHQXQGPLWJXWHP 5HFKW$EHUHVZHUGHVFKRQDQGHUVZHUGHQ QXUYRUOlXILJVHL QRFKQLFKWVLQGHUUHFKWHQ2UGQXQJ'DEHLEHUJDEHU]XJOHLFK GLH=HLWXQJHQGLHIU+RONHLQJHWURIIHQZDUHQXQGHLQHQ%ULHI +RONQDKPGHQ%ULHIXQGVDKGDGHU3RVWVWHPSHOIHKOWHª-D GHUIHKOW©EHVWlWLJWHGHU*lUWQHUª(VLVWNHLQ3RVWEULHI 3DVWRU 6FKOHSSHJUHOOKDWLKQDEJHEHQODVVHQ8QGHLQHQDQGHUHQIUGDV )UlXOHLQ©8QGGDPLWJLQJGHU$OWHZLHGHU ª$KYRQ3DVWRU6FKOHSSHJUHOO©VDJWH+RONDOVHUZLHGHUDOOHLQ ZDUª'DVIUHXWPLFKGDELQLFKGRFKQHXJLHULJZDVHUVFKUHLEW© $EHUGLHVH1HXJLHUGHNRQQWHQLFKWEHUJURVHLQGHQQHUOHJWH GHQ%ULHIHLQHJXWH:HLOHEHLVHLWHXQGHUVWDOVHUVHLQ)UKVWFN GDV LKPVLFKWOLFKPXQGHWHEHHQGHWKDWWHQDKPHUGHQ%ULHI ZLHGHU]XU+DQGXQGVHW]WHVLFKLQHLQHQLQGHU1lKHVHLQHV 6FKUHLEWLVFKHVVWHKHQGHQ6FKDXNHOVWXKOGHU]XGHUEULJHQ (LQULFKWXQJGHV7XUP]LPPHUVQLFKWUHFKWSDVVHQZROOWH+LHUHUVW HUEUDFKHUGHQ%ULHI8QGQXQODVHU +RFKJHHKUWHU+HUU*UDI,KU,QWHUHVVHGDV6LHJHVWHUQVR IUHXQGOLFKIUPHLQHQ)UHXQG+HUOXI7UROOH]HLJWHQJLEWPLUGHQ 0XW,KQHQHLQVLFKPLWHEHQGLHVHP)UHXQGHEHVFKlIWLJHQGHV %DOODGHQEUXFKVWFN]XVFKLFNHQGDVLFKYRU-DKUXQG7DJ
JHIXQGHQXQGDXVGHP$OWGlQLVFKHQEHUWUDJHQKDEH.DXPLVW HVQ|WLJ,KU:RKOZROOHQGDIUDQ]XUXIHQGHQQZRZLUPLW/LHEH OHVHQOHVHQZLUDXFKPLW0LOGH *HJHQHOIKDEHQZLUYRUPHLQH )UDXXQGLFK6LHXQGGDV)UlXOHLQYRQ5RVHQEHUJGDVLFK JOHLFK]HLWLJGDYRQEHQDFKULFKWLJH]XHLQHPJHPHLQVFKDIWOLFKHQ *DQJHGXUFKGHQ3DUNDE]XKROHQ9LHOOHLFKWDXI)UHGHQVERUJ]X :LUZHUGHQIUHLOLFKNDXPGDVHUVWH'ULWWHOGHV:HJHVEH]ZLQJHQ DEHUJHUDGHGLHVHUVWH'ULWWHOLVWYRQEHVRQGHUHU6FK|QKHLWXQG YLHOOHLFKWXPGLHVH-DKUHV]HLWVFK|QHUDOV]XMHGHUDQGHUHQ8P ]Z|OIVLQGZLU]XUFNXPSQNWOLFKEHLGHU3ULQ]HVVLQXQVHUHU JQlGLJHQ+HUULQHUVFKHLQHQXQGDQLKUHPIHVWOLFKHQ/XQFK WHLOQHKPHQ]XN|QQHQ'HQQHLQNOHLQHV)HVWZLUGHVZRKOVHLQ ,KUHUJHEHQVWHU $UYLG6FKOHSSHJUHOO© (LQJHOHJWLQGHQ%ULHIZDUHLQURVDIDUEHQHV%ODWWGDUDXIYRQ )UDXHQKDQGJHVFKULHEHQH9HUVHVWDQGHQª$FKPXWPDOLFKGLH +DQGVFKULIWPHLQHUNOHLQHQ)UHXQGLQGHU)UDX3DVWRULQ6LH VFKHLQW]XGHQ/LHEHQVZUGLJHQ]XJHK|UHQGLHVLFKEHUDOO GXUFKNOHLQH'LHQVWHQW]OLFK]XPDFKHQZLVVHQGHQQGDVLH SHUV|QOLFKHLQH3DVVLRQIU+HUOXI7UROOHKDEHQVROOWHZLOOPLU QLFKWUHFKWHLQOHXFKWHQ$EHUZLHGHPDXFKVHLQP|JH]XQlFKVW ELQLFKQHXJLHULJLQ(UIDKUXQJ]XEULQJHQZLH3DVWRU 6FKOHSSHJUHOOVHLQ%DOODGHQEUXFKVWFNJHWDXIWKDW©8QGGDEHL QDKP+RONGDVURVDIDUEHQH%ODWWZLHGHULQGLH+DQGXQGEHUIORJ GHQ7LWHO'HUODXWHWHª:LH+HUU+HUOXI7UROOHEHJUDEHQZXUGH© ª'DVLVWJXWGDZHLPDQGRFKZDVNRPPW©8QGQXQVFKREHU GHQ6FKDXNHOVWXKOELVGLFKWDQV)HQVWHUXQGODV (LQ%RWHPLW0HOGXQJULWWLKQHQYRUDXV 8QGDOVLQGHQ6FKORKRIVLHVFKULWWHQ %ULJLWWHVWDQGYRUGHP7UDXHUKDXV ,QLKUHU)UDXHQ0LWWHQ $KGDVLVW%ULJLWWH*RMHVHLQIURPP*HPDKOYRQGHUZLUJHVWHUQ VFKRQJHK|UWKDEHQ IURPPXQGVFK|QXQGHLQH.OLSSHIUGHQ 5RHVNLOGHU%LVFKRI$EHUVHKHQZLUZDV6FKOHSSHJUHOOXQGVHLQ %DOODGHQEUXFKVWFNZHLWHUYRQLKU]XEHULFKWHQKDEHQ $P(LQJDQJHVWDQGVLHJUWHGHQ=XJ $XIUHFKWXQGXQJHEURFKHQ
8QGGHUHUVWH GHUGDV%DKUWXFKWUXJ 7UDWYRUXQGKDWJHVSURFKHQ ¾:DVJHVFKHKHQZLUVDQGWHQGLH0HOGXQJGLU (KGHQ:HJZLUVHOEHUJLQJHQ 6HLQH6HHOLVWIUHLVHLQH+OOLVWKLHU 'XZHLWZHQZLUGLUEULQJHQ $QGHUSRPPHUVFKHQ.VWHYRU3XGDJOD*ROP 8PGHQVFKZDQNHQGHQ 6LHJXQV]XUHWWHQ 6RILHOHU1XQ+HUULQYRQ+HUOXIVKROP 6DJHZRKLQZLULKQEHWWHQ %HWWHQZLULKQLQGHQ7RWHQVDDO 9RQ7KRUVOXQGRGHU2ODIVNLUNH" %HWWHQZLULKQLQ*MHGGHVGDO 8QWHUGHU7UDXHUELUNH" %HWWHQZLULKQLQGLH.U\SWNDSHOOQ ,Q5RHVNLOGH/HLUH5LQJVWHGH" 6DJH+HUULQZRKLQZLULKQVWHOOQ (LQH5XKVWlWWIULKQKDWMHGH -HGHU.LUFKHJDEHUXPZDVVLHEDW $OWlUH7UPH*ORFNHQ 8QGMHGHZHQQVLHK|UW¾HUQDKW½ :LUGLQ/HLGHIURKORFNHQ (LQHMHGHODGHWLKQ]XVLFKHLQ ,QLKUHU3IHLOHU6FKDWWHQ½ 'DVSUDFK%ULJLWWH ¾+LHUVROOHVVHLQ +LHUZROOHQZLULKQEHVWDWWHQ :RKOKDWHUKLHUNHLQH.LUFKHJHEDXW 'LHVWDQGVFKRQYLHOKXQGHUW-DKUH +LHUDEHUDOV+HUOXI7UROOHV%UDXW 6WDQGLFKPLWLKPDP$OWDUH 9RUGHPVHOEHQ$OWDUDXIVHOEHP6WHLQ 6WHKHUZLHGHULQDOOHU6WLOOH 1LFKWVVROOGDEHLJHVSURFKHQVHLQ $OV+HUUHVJHVFKHKHGHLQ:LOOH 0RUJHQDEHUHKQRFKGHU7DJHUVWDQG ,QVHLQHQ.LUFKHQDOOHQ :HLWEHUGLH6HHZHLWEHUGDV/DQG 6ROOQDOOH*ORFNHQHUVFKDOOHQ 8QG]LWWHUWKLPPHODQGLH/XIW $OVRE6FKODFKWHQGRQQHUUROOH
'DQQLQGLH+HUOXIVKROPHU*UXIW 6HQNHQZLU+HUOXI7UROOH½© +RONVFKREGDV%ODWWZLHGHULQGHQ%ULHIXQGGHQ%ULHIZLHGHULQ GDV&RXYHUWXQGZLHGHUKROWHGDEHLOHLVHYRUVLFKKLQ ª8QGLQGLH +HUOXIVKROPHU*UXIWVHQNHQZLU+HUOXI7UROOH+PJHIlOOWPLU JHIlOOWPLUJXW(VKDWHLJHQWOLFKNHLQHQUHFKWHQ,QKDOWXQGLVW EORHLQH6LWXDWLRQXQGNHLQ*HGLFKWDEHUGDVWXWQLFKWV(VKDW GHQ7RQXQGZLHGDV.RORULWGDV%LOGPDFKWVRZHQLJVWHQVKDW PLU6FKZDJHU $UQHPHKUDOVHLQPDOYHUVLFKHUWVRPDFKWGHU7RQ GDV*HGLFKW8QG$OIUHGZLUGZRKOUHFKWKDEHQZLHJHZ|KQOLFK ,FKZLOO VKHXWHQRFKDEVFKUHLEHQXQGDQ&KULVWLQHVFKLFNHQ2GHU QRFKEHVVHULFKVFKLFNLKUJOHLFKGDVURWH%ODWW'DHVDXVHLQHP 3DVWRUKDXVHNRPPWZLUGLKUGDV*HGLFKWQRFKEHVRQGHUV HPSIHKOHQ$EHUIUHLOLFKLFKZHUGHGLHNOHLQH)UDXYRUKHUGRFK QRFKELWWHQPVVHQLKUHQ1DPHQXQGYRUDOOHPDXFKLKUHQ6WDQG PLWGDUXQWHU]XVFKUHLEHQVRQVWPLJOFNWDP(QGHGDV*DQ]H 'DV5RVDSDSLHULVWRKQHKLQVXVSHNWJHQXJXQGGLHVWHLIH :DVFK]HWWHOKDQGVFKULIWMDZHUZLOOVDJHQZRVLHKHUVWDPPW +RIGDPHQKDEHQDXFKPHUNZUGLJH+DQGVFKULIWHQ© (UXQWHUEUDFKVLFKLQGLHVHQ%HWUDFKWXQJHQZHLOHUQDFKGHU8KU VDKXQGZDKUQDKPGDHVEHUHLWVDXIHOIJLQJ(UKDWWHVLFKDOVR ]XEHHLOHQZHQQHUELV]XP(LQWUHIIHQGHV6FKOHSSHJUHOOVFKHQ (KHSDDUHVDQJHNOHLGHWXQGPDUVFKIlKLJVHLQZROOWH:LHPRFKWHQ EULJHQVGUDXHQGLH:HJHVHLQ".XU]YRU0LWWHUQDFKWZDU5HJHQ JHIDOOHQXQGZHQQGHU6GRVWHLQJXW7HLOGDYRQDXFKZLHGHU DXIJHWURFNQHWKDWWHVRZXWHHUGRFKYRQ+RONHQlVKHUGD 3DUNZHJHQDFK5HJHQZHWWHUPHLVWVFKZHUSDVVLHUEDUVLQG(U ZlKOWHGHQQDXFKGLH.OHLGXQJGDQDFKXQGNDXPGDHUPLW VHLQHU7RLOHWWHIHUWLJZDUVRNDPHQEHLGH6FKOHSSHJUHOOVDXFK VFKRQEHUGHQ6FKORKRI(UULHIKLQXQWHUGDVLHVLFKQLFKW KLQDXIEHPKHQVROOWHQHUZHUGHGDV)UlXOHLQDEKROHQXQGJOHLFK EHLLKQHQVHLQ8QGVRJHVFKDKHVGHQQDXFKXQGHKHIQI 0LQXWHQXPZDUHQGXUFKVFKULWWPDQYRPJURHQ)URQWSRUWDO KHUGLHJDQ]H7LHIHGHV6FKORVVHVXQGWUDWDQGHVVHQ5FNVHLWH GXUFKHLQJOHLFKJURHV3RUWDOLQGHQ3DUNHLQ+LHUWUDIPDQDXFK (ULFKVHQGHUHEHQYRQHLQHPDQGHUWKDOEVWQGLJHQ *HVXQGKHLWVVSD]LHUJDQJH]XUFNNHKUWHVRIRUWDEHU %HUHLWZLOOLJNHLW]HLJWHVLFKDQGHPQHXHQ6SD]LHUJDQJH]X EHWHLOLJHQ'DVZXUGHEHJUWXQGEHZXQGHUW(ULFKVHQERW(EED VHLQHQ$UPXQG+RONIROJWHPLWGHUNOHLQHQ3DVWRUVIUDXZlKUHQG
6FKOHSSHJUHOOGLH)KUXQJQDKP(UWUXJZLHEHLGHUHUVWHQ %HJUXQJDXIGHP+LOOHU|GHU0DUNWSODW]HHLQHQPDQWHODUWLJHQ 5RFNGHURKQH7DLOOHYRQGHQ6FKXOWHUQELVDXIGLH)HJLQJ GD]X6FKODSSKXWXQG(LFKHQVWRFNPLWZHOFKOHW]WUHPHUDOOHUKDQG JURH6FKZLQJEHZHJXQJHQPDFKWHZHQQHUHVQLFKWYRU]RJLKQ LQGLH/XIW]XZHUIHQXQGZLHGHUDXI]XIDQJHQ +RONVRYLHOOLHEHUHUDQ(EEDV6HLWHJHZHVHQZlUHZDUGRFK VHKUYHUELQGOLFKJHJHQGLH3DVWRULQXQGEDWVLHIUGHQ)DOOGD HUSHUV|QOLFKQLFKWGD]XNRPPHQVROOWHLKUHP0DQQHVDJHQ]X ZROOHQZLHVHKUHUVLFKEHUGLH=XVHQGXQJJHIUHXWKDEH NDXP PLQGHUIUHLOLFKKDEHULKUVHOEHU]XGDQNHQGHQQGDGLH$EVFKULIW YRQLKUHU+DQGVHLGDVVHLGRFKZRKOVLFKHU ª-D©VDJWHVLHª0DQPXVLFKXQWHUHLQDQGHUKHOIHQGDVLVW HLJHQWOLFKGDV%HVWHYRQGHU(KH6LFKKHOIHQXQGXQWHUVWW]HQ XQGYRUDOOHPQDFKVLFKWLJ VHLQXQGVLFKLQGDV5HFKWGHVDQGHUQ HLQOHEHQ'HQQZDVLVW5HFKW"(VVFKZDQNWHLJHQWOLFKLPPHU $EHU1DFKJLHELJNHLWHLQHPJXWHQ0HQVFKHQJHJHQEHULVW LPPHUUHFKW© +RONVFKZLHJ'LHNOHLQH)UDXVSUDFKQRFKVRZHLWHURKQHMHGH $KQXQJGDYRQZHOFKH%LOGHUVLHKHUDXIEHVFKZRUXQGZHOFKH %HWUDFKWXQJHQVLHLQLKPDQJHUHJWKDWWH'LH6RQQHGLH IUKPRUJHQVVRKHOOJHVFKLHQHQZDUZLHGHUIRUWGHU:LQGKDWWH VLFKDEHUPDOVJHGUHKWXQGHLQIHLQHV*UDXEHGHFNWHGHQ +LPPHO DEHUJHUDGHGLHVH%HOHXFKWXQJOLHGLH%DXPJUXSSHQ GLHVLFKEHUGLHJURH3DUNZLHVHKLQYHUWHLOWHQLQXPVR ZXQGHUYROOHUHU.ODUKHLWHUVFKHLQHQ'LH/XIWZDUZHLFKXQG HUIULVFKHQG]XJOHLFKXQGDP$EKDQJHLQHUZLQGJHVFKW]WHQ 7HUUDVVHJHZDKUWHPDQDOOHUOHL%HHWHPLW6SlWDVWHUQ EHUDOO DEHUZRGLH3DUNZLHVHWLHIHUH6WHOOHQKDWWH]HLJWHQVLFKJURH XQGNOHLQH7HLFKHPLW.LRVNVXQG3DYLOORQVDP8IHUYRQGHUHQ SKDQWDVWLVFKHQ'lFKHUQDOOHUOHLEODWWORVHV*H]ZHLJH KHUQLHGHUKLQJhEHUKDXSWDOOHVNDKO1XUGLH3ODWDQHQKLHOWHQLKU /DXEQRFKIHVWDEHUMHGHUVWlUNHUH:LQGVWRGHUNDPO|VWH HWOLFKHYRQGHQJURHQJHOEHQ%OlWWHUQXQGVWUHXWHVLHZHLWEHU :HJXQG:LHVHKLQ,QQLFKWDOO]XJURHU(QWIHUQXQJYRP6FKOR OLHIHLQEUHLWHU*UDEHQEHUGHQYHUVFKLHGHQH%LUNHQEUFNHQ IKUWHQ JHUDGHDQGHP3XQNWDEHUZR6FKOHSSHJUHOODQGHU 6SLW]HGHUDQGHUQGHQ*UDEHQUDQGHUUHLFKWHIHKOWHMHGHU %UFNHQVWHJXQGVWDWWGHVVHQZDUHLQH)lKUHGDPLWHLQHP
]ZLVFKHQKEHQXQGGUEHQDXVJHVSDQQWHQ6HLODQGHPHQWODQJ PDQGDV)ODFKERRWPKHORVKLQEHU]RJ$OVPDQGUEHQZDUZDU HVQXUQRFKHLQHNOHLQH6WUHFNHELVDQHLQHQDXIJHVFKWWHWHQ +JHOYRQGHPDXVPDQQDFK6FKOHSSHJUHOOV9HUVLFKHUXQJ HLQHQJOHLFKIUHLHQ%OLFNQDFK1RUGHQKLQDXI6FKOR)UHGHQVERUJ XQGQDFK6GHQKLQDXI6FKOR)UHGHULNVERUJKDEH8QGGLHVHQ 3XQNWZROOWHPDQHUUHLFKHQ$EHUPLW5FNVLFKWDXIGLHNQDSS ]XJHPHVVHQH=HLWPXWHGLHVHV=LHOVHKUEDOGDXIJHJHEHQXQG VRJDUHLQQlKHUHU5FNZHJHLQJHVFKODJHQZHUGHQ +RONZDUELVGDKLQNHLQHQ$XJHQEOLFNYRQGHU6HLWHGHU)UDX 3DVWRULQJHZLFKHQDOVPDQDEHUGLH)lKUH]XP]ZHLWHQ0DO SDVVLHUWXQGGDVDQGUH8IHUZLHGHUJHZRQQHQKDWWHZHFKVHOWH PDQPLWGHQ'DPHQXQGZlKUHQG(ULFKVHQGHU3DVWRULQGHQ$UP ERWIROJWHQ+RONXQG(EEDGLHELVGDKLQNDXPQRFK*HOHJHQKHLW ]XHLQHP%HJUXQJVZRUWHJHIXQGHQKDWWHQLQLPPHUJU|HU ZHUGHQGHU(QWIHUQXQJ ª,FKJODXEWHVFKRQJDQ]HLQ2SIHU,KUHUQHXHVWHQ1HLJXQJ]X VHLQ©VDJWH(EEDª(LQJHIlKUOLFKHV3DDUGLHVH6FKOHSSHJUHOOV JHVWHUQHUKHXWHVLH© ª$FKPHLQH*QlGLJVWHQLFKWV6FKPHLFKHOKDIWHUHVIUPLFKDOV PLUHLQHGHUDUWLJH'RQ-XDQ5ROOH]XJHZLHVHQ]XVHKHQ© ª8QGXPZHOFKHU=HUOLQHZLOOHQ(LJHQWOLFK=HUOLQHQV*URWDQWH :RYRQKDWVLHPLW,KQHQJHVSURFKHQ"(VJLQJMDVRYLHOLFKVHKHQ NRQQWHZLHHLQH0KOH© ª1XQYRQDOOHUOHL YRQ+LOOHU|GXQGVHLQHPZLQWHUOLFKHQ/HEHQ XQGGDVLFKGLH6WDGWLQHLQH5HVVRXUFHQ XQGHLQH.DVLQR+lOIWH WHLOH0DQNRQQWHEHLQDKJODXEHQLQ'HXWVFKODQG]XVHLQ hEULJHQVHLQHFKDUPDQWHNOHLQH)UDXYROOHUERQVHQVDEHUGRFK DXFKZLHGHUYRQHLQHUJURHQ(LQIDFKKHLWXQG(QJHVRGDLFK QLFKWUHFKWZHLZLHGHU3DVWRUPLWLKUDXVNRPPWXQGQRFK ZHQLJHUZLHGLH3ULQ]HVVLQLKUH6WXQGHQVRPLWLKUKLQSODXGHUW© (EEDODFKWHª:LHZHQLJ6LHGRFK%HVFKHLGZLVVHQ0DQPHUNWDQ DOOHPGD6LHQXUDOOH-XEHOMDKUHLQPDOHLQH)KOXQJPLW 3ULQ]HVVLQQHQKDEHQ*ODXEHQ6LHPLUHVLVWQLFKWVVRQLFKWLJ GDHVQLFKWHLQH3ULQ]HVVLQLQWHUHVVLHUHQN|QQWH-HPHKU .ODWVFKGHVWREHVVHU7RP-HQVHQZDULQ,QGLHQXQGKDWHLQH 6FKZDU]HJHKHLUDWHWXQGGLH7|FKWHUVLQGDOOHVFKZDU]XQGGLH
6|KQHVLQGDOOHZHL RGHU$SRWKHNHU%URGHUVHQKDWVHLQH)UDX YHUJLIWHWHVKHLWPLW1LNRWLQ RGHU)RUVWJHKLOIH+ROPVHQDOVHU JHVWHUQDEHQGDXV/LHEFKHQV)HQVWHUVWLHJLVWLQHLQH.DONJUXEH JHIDOOHQ LFKNDQQ,KQHQYHUVLFKHUQGHUJOHLFKHQLQWHUHVVLHUW XQVUH3ULQ]HVVLQPHKUDOVGLHJDQ]HVFKOHVZLJKROVWHLQVFKH)UDJH WURW]GHPHLQLJHEHKDXSWHQVLHVHLGLH6HHOHGDYRQ© ª$FK(EED6LHVDJHQGDVVRKLQZHLO6LHPRNDQWVLQGXQGVLFK GDULQJHIDOOHQDOOHVDXIGLH6SLW]H]XWUHLEHQ© ª,FKZLOOGDVKLQQHKPHQZHLOHVPLUOLHEHULVWLFKELQVRDOVGDV *HJHQWHLOGDYRQ*XWDOVRLFKELQPRNDQWXQGPHGLVDQWXQGZDV 6LHVRQVWQRFKZROOHQ DEHUYRQGHPZDVLFKGDHEHQEHUGLH 3ULQ]HVVLQQHQJHVDJWKDEHGDYRQJHKWNHLQ7WWHOFKHQDE8QGMH NOJHUXQGZLW]LJHUGLH+RFKJHVWHOOWHQVLQGXQGMHPHKU6LQQXQG $XJHVLHIUGDV/lFKHUOLFKHKDEHQGHVWRVLFKUHUXQGUDVFKHU NRPPHQVLHGD]XGLHODQJZHLOLJHQ0HQVFKHQJHUDGHVRQHWWXQG XQWHUKDOWOLFK]XILQGHQZLHGLHLQWHUHVVDQWHQ© ª8QGGDVVDJHQ6LH6LQG6LHQLFKWVHOEVWGLH:LGHUOHJXQJGDYRQ" :DVKDW,KQHQGHQQ,KUHQ3ODW]LP+HU]HQGHU3ULQ]HVVLQHUREHUW" 'RFKQXUGDVGD6LHNOXJXQGJHVFKHLWVLQG(LQIlOOHKDEHQXQG ]XVSUHFKHQYHUVWHKHQXQGPLWHLQHP:RUWLQWHUHVVDQWHUVLQGDOV GLH6FKLPPHOPDQQ© ª1HLQHLQIDFKZHLOLFKDQGHUVELQDOVGLH6FKLPPHOPDQQGLHGHU 3ULQ]HVVLQJHUDGHVRQ|WLJLVWZLHLFKRGHUZLH(ULFKVHQRGHUZLH 3HQW]RGHUYLHOOHLFKWDXFK© ªZLH+RON© ª,FKZLOOHVQLFKWJHVDJWKDEHQ$EHUEUHFKHQZLUDEXQGUDVWHQ ZLUWURW]GHPZLURKQHKLQVFKRQ]XUFNJHEOLHEHQVLQGHLQHQ NOHLQHQ$XJHQEOLFNDQGLHVHUHQW]FNHQGHQ6WHOOHYRQGHUDXVZLU HLQHQJXWHQ%OLFNDXIGLH5FNVHLWHGHV6FKORVVHVKDEHQ6HKHQ 6LHQXUDOOHVKHEWVLFKVRZXQGHUYROOYRQHLQDQGHUDEGDV +DXSWGDFKXQGGLHVSLW]HQ7XUPGlFKHUOLQNVXQGUHFKWVWURW]GHP DOOHVGLHVHOEHJUDXH)DUEHKDW© ª-D©VDJWH+RONª(VKHEWVLFKDOOHVWUHIIOLFKYRQHLQDQGHUDE $EHUGDVWXWGLH%HOHXFKWXQJXQGDXIVROFKHEHVRQGUH %HOHXFKWXQJKLQGUIHQ6FKO|VVHUQLFKWJHEDXWZHUGHQ,FK PHLQHGLH]ZHL%DFNVWHLQWUPHGULQZLUZRKQHQGLHKlWWHQPLW
LKUHPSUlFKWLJHQ5RWHWZDVK|KHUKLQDXIJHIKUWZHUGHQPVVHQ XQGGDQQHUVWGLH6FKLHIHU RGHU6FKLQGHOVSLW]H-HW]WVLHKWHV DXVDOVVROOHPDQDXVGHUXQWHUVWHQ7XUPOXNHJOHLFKDXIGDV JURH6FKUlJGDFKKLQDXVWUHWHQXPGUDXHQDQGHU'DFKULQQH KLQHLQH3URPHQDGH]XPDFKHQ© (EEDQLFNWHYLHOOHLFKWZHLOLKUGDV(QGHUJHEQLVGLHVHU%DX XQG %HOHXFKWXQJVIUDJHJOHLFKJOWLJZDUXQGJOHLFKGDQDFKHLOWHQ EHLGHUDVFKZHLWHUZHLOVLHZDKU]XQHKPHQJODXEWHQGDGHU 3DVWRUDQKLHOWXPDXIVLH]XZDUWHQ,P+HUDQNRPPHQDEHU VDKHQVLHGDHVHWZDVDQGHUHVZDUXQGGD6FKOHSSHJUHOO VRVHKUGLH=HLWGUlQJWHGRFKQRFKDXIHLQHEHVRQGHUH 6HKHQVZUGLJNHLWDXIPHUNVDPPDFKHQZROOWH'LHVH 6HKHQVZUGLJNHLWZDUQLFKWPHKUXQGQLFKWZHQLJHUDOVHLQDP :HJHOLHJHQGHUHWZDVDXVJHK|KOWHU5LHVHQVWHLQLQGHVVHQIODFKH 0XOGHGLH:RUWHJHPHLHOWZDUHQ ª&KULVWLDQ,9©+RON VSUDFKLP+HUDQWUHWHQGLH0HLQXQJDXVªGDHVPXWPDOLFKHLQ EHYRU]XJWHU6LW] XQG5XKHSODW]GHV.|QLJVJHZHVHQVHL©ZR]X 6FKOHSSHJUHOOEHPHUNWH ª-DVRZDUHV HVZDUHLQ5XKHSODW] $EHUQLFKWHLQUHJHOPlLJHUVRQGHUQQXUHLQHLQPDOLJHU8QGHV NQSIWVLFKDXFKHLQHNOHLQH*HVFKLFKWHGDUDQ© ª(U]lKOHQ©ULHIHQDOOHGHP3DVWRU]X'LHVHUDEHU]RJVHLQH VLOEHUQH*HKlXVHXKUGDUDQDQHLQHUHWZDVDEJHWUDJHQHQJUQHQ 6FKQXUHLQJURHU8KUVFKOVVHOKLQJXQGZLHVDXIGDV=LIIHUEODWW GDVEHUHLWVDXI]HKQ0LQXWHQYRU]Z|OI]HLJWHª:LUPVVHQXQV HLOHQRGHUZLUNRPPHQ]XVSlW,FKZLOOHVEHLP/XQFKHU]lKOHQ YRUDXVJHVHW]WGDHVVLFKHU]lKOHQOlWZRUEHULFKLQ=ZHLIHO ELQ© ª(LQ3DVWRUNDQQDOOHVHU]lKOHQ©VDJWH(EEDª]XPDOLQ *HJHQZDUWHLQHU3ULQ]HVVLQ'HQQ3ULQ]HVVLQQHQVLQGVLFKVHOEHU *HVHW]XQGZDVVLHJXWKHLHQGDVJHKWXQGGDVJLOW8QGQXQ JDUGLHXQVUH'DVLHQLFKW¾QHLQ½VDJHQZLUGGDIUZLOOLFKPLFK YHUEUJHQ© 8QGLQJHVWHLJHUWUDVFKHP7HPSRVFKULWWPDQDXIGDV6FKOR]X
=ZHLXQG]ZDQ]LJVWHV.DSLWHO .XU]YRU]Z|OIZDUPDQLP6FKORVVH]XUFNJHUDGHQRFKIUK JHQXJXPUHFKW]HLWLJEHLGHU3ULQ]HVVLQHUVFKHLQHQ]XN|QQHQ 3HQW]XQGGLH6FKLPPHOPDQQGLHGHQ'LHQVWKDWWHQHPSILQJHQ GLH*HODGHQHQXQGQDFKGHPGLHEDOGGDQDFKHLQWUHWHQGH 3ULQ]HVVLQDQMHGHQHLQ]HOQHQHLQ:RUWGHU%HJUXQJJHULFKWHW KDWWHYHUOLHPDQGLH:RKQ XQG(PSIDQJV]LPPHUXPVLFKEHU HLQHQPLW.DU\DWLGHQUHLFKJHVFKPFNWHQXQGDXJHQVFKHLQOLFK HLQHUVSlWHUHQ=HLWDQJHK|ULJHQ.RUULGRUKLQLQGLHJURH+HUOXI 7UROOH+DOOH]XEHJHEHQGLHVHOEH+DOOHGDULQPDQDP$EHQG YRUKHUEHL.DPLQIHXHUXQG.LHQIDFNHOQHUVWGLHJURHQ%LOGHUVR JXWHVJLQJEHWUDFKWHWXQGGDQQGHPHUNOlUHQGHQ 6FKOHSSHJUHOOVFKHQ9RUWUDJH]XJHK|UWKDWWH-DGLH+DOOHZDU GLHVHOEH WURW]GHP]HLJWHVLFKVHLWJHVWHUQLQVRZHLWHLQH 9HUlQGHUXQJDOVMHW]WKHOOHV7DJHVOLFKWHLQILHO GLH0LWWDJVVWXQGH KDWWHZLHGHU6RQQHQVFKHLQJHEUDFKW XQGDOOHPHWZDV+HLWUHV OLHKHLQ(LQGUXFNGHUGXUFKHLQHPLW%OXPHQXQGDOWQRUGLVFKHQ 7ULQNJHIlHQEHLQDKSKDQWDVWLVFKJHVFKPFNWH3UXQNWDIHOQRFK JHVWHLJHUWZXUGH6FKPXFNEHUDOOJHVFKPFNWDXFKGLH:lQGH 'DZRVLFKGLHKRKHQ3DQHHOHPLWGHQEUHLWHQ%DURFNUDKPHQGHU :DQGELOGHUEHUKUWHQKLQJHQ0LVWHO XQG(EHUHVFKHQEQGHODQ *LUODQGHQYRQ(LFKHQODXEZlKUHQGHLQHTXHUGXUFKGLH+DOOH JH]RJHQH:DQGYRQ=\SUHVVHQXQGMXQJHQ7DQQHQElXPHQGHQ GXQNOHQ+LQWHUUDXPYRQGHP IHVWOLFKKHUJHULFKWHWHQ9RUGHUUDXP DEWUHQQWH'DV*DQ]HVRYLHOZDUDXJHQVFKHLQOLFKVROOWHGHQ :HLKQDFKWVFKDUDNWHUWUDJHQRGHUZLHGLH3ULQ]HVVLQVLFK DXVJHGUFNWKDWWHZHQLJVWHQVHLQ9RUVSLHO]XP-XOIHVWHVHLQ 2UDQJHQLQIDVWEHUUHLFKHU=DKOZDUHQ EHUDOOLQGDV 7DQQHQJH]ZHLJHJHKlQJWXQGNOHLQHZlFKVHUQH&KULVWHQJHO VFKZHQNWHQLKUH)DKQHZlKUHQGEHUGDVEOLW]HQGHZHLH 7LVFKWXFKKLQ6WHFKSDOPHQ]ZHLJHODJHQPLWURWHQ%HHUHQGDUDQ 8QGQXQIRUGHUWHGLH3ULQ]HVVLQGLH*HODGHQHQGXUFKHLQHJQlGLJH +DQGEHZHJXQJDXILKUH3OlW]H]XQHKPHQ0LQXWHQODQJ YHUEOLHEHQDOOHVFKZHLJHQGRGHUNDPHQEHUHLQ)OVWHUQQLFKW KLQDXV DOVDEHUGDVHUVWH*ODV&\SHUJHOHHUWZDUZDUDXFKGLH IU|KOLFKH/DXQHZLHGHUGDGLHGLHVHQNOHLQHQ.UHLVDXV]HLFKQHWH -HGHUQDFK YRUDXIJHJDQJHQHU$XIIRUGHUXQJGHU3ULQ]HVVLQOLH VLFK V]XQlFKVWDQJHOHJHQVHLQEHUVHLQH6FKLFNVDOHZlKUHQG GHUOHW]WHQ6WXUPQDFKW]XEHULFKWHQXQGDOOHZDUHQHLQLJGDULQ
GDGDVVFK|QH6FKORGDULQQXUOHLGHUDOOH)HQVWHUNODSSHUWHQ XQGLQGHPPDQLQMHGHP$XJHQEOLFNHIUFKWHQPVVHYRQ HLQHP1RUGZHVWHUJHSDFNWXQGZHJJHZHKW]XZHUGHQGRFKPHKU HLQ6RPPHU DOVHLQ:LQWHUVFKORVHLª-D©VDJWHGLH3ULQ]HVVLQ ªGDVLVWOHLGHUVRGDYRQNDQQLFKPHLQOLHEHV)UHGHULNVERUJQLFKW IUHLVSUHFKHQ XQGZDVIDVWQRFKVFKOLPPHULVWLFKNDQQDXFK QLFKWVGDJHJHQWXQXQGPXHEHQDOOHVODVVHQZLH VLVW©8QG QXQHU]lKOWHVLHPLWGHULKUHLJHQHQ-RYLDOLWlWZLHVLHYRU-DKU XQG7DJVFKRQHLQHQIHLHUOLFKHQ$QWUDJDXIªVFKOLHHQGH7UHQ XQG)HQVWHU©JHVWHOOWKDEHZDVLKUDEHUYRQGHUEHWUHIIHQGHQ 9HUZDOWXQJV RGHU%DXNRPPLVVLRQUXQGDEJHVFKODJHQZRUGHQ VHLZHLOGLH%HZRKQEDUNHLWGHV6FKORVVHVRGHUGRFKZHQLJVWHQV GLH%UDXFKEDUNHLWGHU.DPLQHPLWGHP)RUWEHVWDQGXQGLFKWHU )HQVWHULPQlFKVWHQ=XVDPPHQKDQJHVWHKH VFKOLHHQGH)HQVWHU ZUGHQJOHLFKEHGHXWHQGVHLQPLW.DPLQHQGLHQLFKWEUHQQHQ ª8QGVHLWGHPLFKGDVZHLKDELFKPLFKLQPHLQ6FKLFNVDO HUJHEHQ MDQDFKDOOHPZDVLFKEHLGHU*HOHJHQKHLWJHK|UWKDEH ZLOOLFKQRFKIURKVHLQZHQQZLUGXUFKHLQHQIRUWJHVHW]WHQJXWHQ 7U XQG)HQVWHU]XJYRUYHUVWRSIWHQ)HXHUHVVHQXQGDOOHQVLFK GDUDXVHUJHEHQGHQ)lKUOLFKNHLWHQEHZDKUWEOHLEHQ2IIHQ JHVWDQGHQPLWXQWHUVWHKLFKXQWHUGHU)XUFKWHVN|QQHPDOVR ZDVNRPPHQ,QGHQ6FKRUQVWHLQHQKLHUKHUXPZLUGHVVFKOLPP JHQXJDXVVHKHQXQGVSH]LHOOLQGHPXQVULJHQYHUPXWLFKHLQH 5XNUXVWHZRP|JOLFKQRFKDXV.|QLJ&KULVWLDQV=HLWHQKHU© (VZDUQDFK1HQQXQJGHV1DPHQVª.|QLJ&KULVWLDQ©VRJXWZLH VHOEVWYHUVWlQGOLFKGDVLFKGDV*HVSUlFKGHQ)UHGHULNVERUJHU 7DJHQGLHVHVGlQLVFKHQ/LHEOLQJVN|QLJV]XZHQGHQPXWHYRQ GHP6FKOHSSHJUHOOIDVWQRFKVHOEVWYHUVWlQGOLFKHUHLQH)OOHYRQ /RNDODQHNGRWHQVRIRUW]XU6WHOOHKDWWH1DFKHLQLJHU=HLWDEHU XQWHUEUDFK+RONXQGVDJWH ª'DVWHFNHQZLUQXQVFKRQHLQH 9LHUWHOVWXQGHODQJLQ.|QLJ&KULVWLDQV$QHNGRWHQXQGKDEHQ LPPHUQRFKQLFKWGLH*HVFKLFKWHYRQGHP6WHLQGUDXHQJHK|UW PLWVHLQHU1DPHQVLQVFKULIWXQGVHLQHU-DKUHV]DKO:DVLVW HVGDPLW"6LHKDEHQXQVGUDXHQLP3DUNYHUVSURFKHQ© 6FKOHSSHJUHOOZLHJWHGHQ.RSI]ZHLIHOQGKLQXQGKHU ª$OOHUGLQJV©QDKPHUGDV:RUWªKDELFKGDYRQHU]lKOHQZROOHQ $EHUHVLVWQLFKWYLHOGDPLWXQGZLUG6LHPXWPDOLFKHQWWlXVFKHQ 0DQHU]lKOWVLFKQlPOLFKHVVHLGHU6WHLQZR&KULVWLDQ,9DOV HUQDFKVHLQHP5HJLHUXQJVDQWULWWGHQJURHQ8PEDXGHV 6FKORVVHV]XOHLWHQEHJDQQJOHLFKDPHUVWHQ6DPVWDJHGLH
$UEHLWHUXPVLFKYHUVDPPHOWXQGLKQHQDOOHUSHUV|QOLFKVWGHQ :RFKHQORKQDXVJH]DKOWKDEH© ª'DVLVWDOOHV"© ª-D©VDJWH6FKOHSSHJUHOO (EEDDEHUZROOWHGDYRQQLFKWVZLVVHQª1HLQ3DVWRU 6FKOHSSHJUHOOVROHLFKWHQ.DXIVNRPPHQ6LHQLFKWORV ZDV6LHGD VDJHQGDVNDQQHLQIDFKQLFKWVHLQ6LHYHUJHVVHQGDMHGHUGHU VLFKKHUDXVZLQGHQRGHUDQGHUHKLQWHUV/LFKWIKUHQZLOOYRUDOOHP HLQJXWHV*HGlFKWQLVKDEHQPX(VLVWQRFKNHLQH]ZHL6WXQGHQ GDZLUDXV,KUHP0XQGHJHK|UW6LHZUGHQYRQGHP6WHLQ HU]lKOHQZHQQGLH3ULQ]HVVLQLKUH=XVWLPPXQJGD]XJlEH1XQ 6LHZHUGHQGRFKQLFKWJHJODXEWKDEHQGLH3ULQ]HVVLQN|QQH YRUKDEHQ,KUHQ%HULFKWEHUHLQHVDPVWlJOLFKH/RKQDXV]DKOXQJ YHUELHWHQ]XZROOHQ© 'LH3ULQ]HVVLQZHLGHWHVLFKDQ6FKOHSSHJUHOOV9HUOHJHQKHLWXQG (EEDQLFKWZLOOHQVLKUHQ9RUWHLODXVGHU+DQG]XJHEHQIXKU IRUW ª6LHVHKHQ6LHN|QQHQDXV,KUHUVFKUHFNOLFKHQ/DJHQXU KHUDXVZHQQ6LHVLFKUXQGZHJHQWVFKOLHHQ)DUEH]XEHNHQQHQ XQGXQVGLH*HVFKLFKWHVRJHEHQZLHVLHZLUNOLFKJHZHVHQ© 6FKOHSSHJUHOOGHUVLFKDOWPRGLVFKHUZHLVHGLH6HUYLHWWHTXHUEHU GLH%UXVWJHEXQGHQKDWWHO|VWHPHFKDQLVFKGHQ.QRWHQOHJWHGLH 6HUYLHWWHQHEHQVLFKXQGVDJWH ª1XQJXWZHQQ6LHEHIHKOHQ HV JLEWQRFKHLQH]ZHLWH/HVDUWYRQGHUHVDOOHUGLQJVKHLWGDVLH GLHULFKWLJHUHVHL'HU.|QLJJLQJPLW&KULVWLQH0XQNGLHVHLQH *HPDKOLQZDUXQGDXFKZLHGHUQLFKWZDUHWZDVGDVLQXQVUHU *HVFKLFKWHOHLGHUPHKUIDFKYRUNRPPWLP6FKORJDUWHQ VSD]LHUHQXQGPLWGHQEHLGHQZDU3ULQ]8OULFKXQG3ULQ]HVVLQ )ULW]$QQDXQGDOVVLHELVDQGLHVHQ6WHLQJHNRPPHQZDUHQ VHW]WHQVLHVLFKXPHLQH3ODXGHUHL]XKDEHQ8QGGHU.|QLJZDU VRJQlGLJXQGOLHEHQVZUGLJZLHQLH]XYRU$EHU&KULVWLQH0XQN DXV*UQGHQGLHELVGLHVHQ$XJHQEOLFNQLHPDQGZHLRGHUDXFK QXUDKQHQNDQQ RGHUYLHOOHLFKWDXFKKDWWHVLHNHLQH VFKZLHJLQ HLQHPIRUWXQGVDKVRVDXHUW|SILVFKXQGJULHVJUlPLJGUHLQGD HVHLQHJURH9HUOHJHQKHLWJDE8QGZDVGDV6FKOLPPVWHYRQGHU 6DFKHZDUGLHVH9HUVWLPPXQJ&KULVWLQHQVKDWWH'DXHUXQGZDU QRFKQLFKWYRUEHUDOVGHU$EHQGKHUDQNDPXQGGHU.|QLJLQGDV 6FKODIJHPDFKZROOWH'DIDQGHUGLH7UYHUULHJHOWXQG
YHUVFKORVVHQXQGPXWHVHLQH5XKDQHLQHUDQGHUQ6WHOOH QHKPHQ8QGGDVROFKHVGHP.|QLJHYRUGHPQLHZLGHUIDKUHQ ZDUZHLO&KULVWLQHQLFKWQXU]XGHQEHVWJHODXQWHQVRQGHUQDXFK ]XGHQDOOHU]lUWOLFKVWHQ)UDXHQJHK|UWHVREHVFKORGHU.|QLJ GLHVHQPHUNZUGLJHQ$XVQDKPHWDJ]XYHUHZLJHQXQGOLH1DPHQ XQG-DKUHV]DKOLQGHQ6WHLQHLQPHLHOQZRGHU UlWVHOYROOH HKHOLFKH=ZLVWVHLQHQ$QIDQJJHQRPPHQKDWWH© ª1XQ©VDJWHGLH3ULQ]HVVLQªGDVLVWIUHLOLFKXPHLQHQ*UDG LQWULNDWHUDEHUGRFKDXFKQRFKODQJHQLFKWGD]XDQJHWDQPLFK DOV6FKUHFNJHVSHQVWGHU3UGHULHKHUDXI]XEHVFKZ|UHQZLHPHLQ OLHEHU6FKOHSSHJUHOOKHXWHYRUPLWWDJJHWDQ]XKDEHQVFKHLQW hEULJHQVDSURSRV3UGHULH'DKDEHLFKJHVWHUQLQHLQHP IUDQ]|VLVFKHQ%XFKHJHIXQGHQ¾3UGHULHZHQQPDQQLFKWPHKU MXQJXQGVFK|QVHLVHLQLFKWVDOVHLQHELVQDFKGHU(UQWHQRFK VWHKHQJHEOLHEHQH9RJHOVFKHXFKH½1LFKWEHO GLH)UDQ]RVHQ YHUVWHKHQVLFKDXIGHUJOHLFKHQ:DVDEHUXPXQVHU7KHPDQLFKW ]XYHUJHVVHQGLH*HVFKLFKWHYRP.|QLJ&KULVWLDQXQGVHLQHP ¾$XVJHVFKORVVHQVHLQ½DQJHKWVRZQVFKWHLFKZRKODOOXQVHUH .|QLJV XQG3ULQ]HQJHVFKLFKWHQGLHMHW]WQXUGDV*HJHQWHLO GDYRQNHQQHQZLHVHQHLQHlKQOLFKH+DUPORVLJNHLWDXIHLQ :XQVFKLQGHPPLU*UDI+RONVLFKHUOLFK]XVWLPPHQZLUG6DJHQ 6LH*UDIZLHILQGHQ6LHGLH*HVFKLFKWH"© ª'LH:DKUKHLW]XJHVWHKHQJQlGLJVWH3ULQ]HVVLQLFKILQGHGLH *HVFKLFKWH]XNOHLQHQ6WLOVXQGEHUKDXSWHWZDV]XZHQLJ© ª=XZHQLJ©ZLHGHUKROWH(EEDª'DP|FKWLFKGRFK ZLGHUVSUHFKHQGUIHQ'DVPLWGHUVDPVWlJOLFKHQ /RKQDXV]DKOXQJGDVZDU]XZHQLJDEHUQLFKWGLHV(LQH)UDXGLH JULHVJUlPLJXQGVDXHUW|SILVFKGUHLQVLHKW LVWQLHZHQLJXQGZHQQ LKUHVFKOHFKWH/DXQHVRZHLWJHKWLKUHQ(KHKHUUQYRQLKUHU .DPPHUDXV]XVFKOLHHQ LFKEHGDXUHGLHVHQ3XQNWEHUKUHQ]X PVVHQDEHUGLH+LVWRULHYHUODQJW:DKUKHLWXQGQLFKW 9HUVFKOHLHUXQJHQ VRLVWGDVYROOHQGVQLFKWZHQLJ,FKUXIHPHLQH JQlGLJVWH3ULQ]HVVLQ]XP=HXJHQDXIXQGIOFKWHPLFKXQWHU LKUHQ6FKXW]$EHUVRVLQGGLH+HUUHQYRQKHXW]XWDJH .|QLJ &KULVWLDQOlWGDV(UHLJQLVLQ6WHLQHLQJUDEHQDOVHLQH PHUNZUGLJH6DFKHGLH]XGHQIHUQVWHQ=HLWHQVSUHFKHQVROO XQG*UDI +RONILQGHWHVZHQLJXQG]X¾NOHLQHQ6WLOV½©
+RONVDKVLFKLQGLH(QJHJHWULHEHQXQG]XJOHLFKZDKUQHKPHQG GDGLH3ULQ]HVVLQDXJHQVFKHLQOLFKLQGHU/DXQHZDUDXI(EEDV 6HLWH]XWUHWHQIXKUHUXQVLFKHUKLQXQGKHUXQGYHUVLFKHUWH ZlKUHQGHUDEZHFKVHOQGHLQHQHUQVWKDIWHQXQGGDQQZLHGHU LURQLVFKHQ7RQDQ]XVFKODJHQYHUVXFKWHGDPDQLQVROFKHU $QJHOHJHQKHLWHLQHQSULYDWHQXQGHLQHQKLVWRULVFKHQ6WDQGSXQNW GXUFKDXVXQWHUVFKHLGHQPVVH YRPSULYDWHQ6WDQGSXQNWDXVVHL VROFKª$XVJHVFKORVVHQVHLQ©HWZDVWLHI%HWUEOLFKHVXQGEHLQDK 7UDJLVFKHVHLQDXVJHVFKORVVHQHU.|QLJDEHUVHLJDQ]XQVWDWWKDIW MDGUIHJDUQLFKWYRUNRPPHQXQGZHQQGLH*HVFKLFKWHGHQQRFK GHUJOHLFKHQEHULFKWHVREHJlEHVLHVLFKHEHQLKUHU+RKHLWXQG :UGHXQGJHUDWHLQGDVKLQHLQZDVHUZRKORGHUEHOªNOHLQHQ 6WLO©JHQDQQWKDEH ª(U]LHKWVLFKJXWKHUDXV©VDJWHGLH3ULQ]HVVLQª1XQ(EED IKUHGHLQH6DFKHZHLWHU© ª-DJQlGLJVWH3ULQ]HVVLQGDVZLOOLFKDXFKXQGZHQQLFKHVDOV HLQGHXWVFKHV)UlXOHLQYLHOOHLFKWQLFKWN|QQWHVRNDQQLFKHVGRFK DOVHLQHUHLQH6NDQGLQDYLQ© $OOHVHUKHLWHUWHVLFK ª$OVHLQHUHLQH6NDQGLQDYLQ©ZLHGHUKROWH(EEDªQDWUOLFK PWWHUOLFKHUVHLWVZDVLPPHUGDV(QWVFKHLGHQGHLVW GHU9DWHU EHGHXWHWQLHYLHO8QGQXQDOVRXQVHUH7KHVH-DZDV*UDI+RON GDVDJWQXQMDYRQVHLQHPVFKOHVZLJKROVWHLQVFKHQ6WDQGSXQNW DXVPDJHUUHFKWKDEHQPLWVHLQHU9RUOLHEHIUGDV*URH'HQQ VHLQ3URWHVWJHJHQGHQNOHLQHQ6WLOEHGHXWHWGRFKQDWUOLFKGD HUGHQJURHQZLOO$EHUZDVKHLWJURHU6WLO"*URHU6WLOKHLW VRYLHOZLHYRUEHLJHKHQDQDOOHPZDVGLH0HQVFKHQHLJHQWOLFK LQWHUHVVLHUW&KULVWLQH0XQNLQWHUHVVLHUWXQVXQGLKUH 9HUVWLPPXQJLQWHUHVVLHUWXQVXQGZDVGLHVHU9HUVWLPPXQJDQ MHQHPGHQNZUGLJHQ$EHQGIROJWHGDVLQWHUHVVLHUWXQVQRFKYLHO PHKU© ª8QGDPPHLVWHQLQWHUHVVLHUWXQV)UlXOHLQ(EEDLQLKUHU EHUPWLJHQ/DXQH© ª9RQGHULFKLQGLHVHP$XJHQEOLFNHYLHOOHLFKWZHQLJHUKDEHDOV VRQVW6RZHLWLFKHUQVWKDIWVHLQNDQQVRZHLWELQLFKHV-HGHQIDOOV DEHUEHKDXSWHLFKPLWMHGHPHUGHQNOLFKHQ*UDGHYRQ(UQVWXQG $XIULFKWLJNHLWXQGZLOOLQMHGHU0lGFKHQSHQVLRQGDUEHU
DEVWLPPHQODVVHQGD.|QLJ+HLQULFK9,,,PLWVHLQHQVHFKV )UDXHQDOOH.RQNXUUHQ]¾JURHQ6WLOV½DXVGHP)HOGHVFKOlJWXQG QLFKWZHJHQGHUSDDU(QWKDXSWXQJHQGLHILQGHQVLFKDXFK DQGHUVZRVRQGHUQZHJHQGHULQWULNDWHQ.OHLQLJNHLWHQGLHGLHVHQ (QWKDXSWXQJHQYRUDXVJLQJHQ8QGQDFK+HLQULFK9,,,NRPPW 0DULD6WXDUWXQGQDFKLKUNRPPW)UDQNUHLFKPLWVHLQHU)OOHGHU *HVLFKWHYRQ$JQHV6RUHODQELVDXIGLH3RPSDGRXUXQG'XEDUU\ XQGGDQQNRPPW'HXWVFKODQGQRFKODQJHQLFKW8QGDOV DOOHUOHW]WHVNRPPW3UHXHQ3UHXHQPLWVHLQHPJURHQ0DQNR DXIGLHVHP*HELHWPLWGHPHVDXFK]XVDPPHQKlQJWGDHLQLJH 6FKULIWVWHOOHULQQHQYRQ*HQLHGHPJURHQ)ULHGULFKHLQKDOEHV 'XW]HQG/LHEHVDEHQWHXHUDQJHGLFKWHWKDEHQDOOHVQXUZHLOVLH JDQ]ULFKWLJIKOWHQGDHVRKQHGHUJOHLFKHQHLJHQWOLFKQLFKW JHKW© 3HQW]QLFNWH]XVWLPPHQGZlKUHQG+RONGHQ.RSIKLQXQGKHU ZLHJWH ª6LHGUFNHQ=ZHLIHODXV*UDIYRUDOOHPYLHOOHLFKWHLQHQ=ZHLIHO DQPHLQHUhEHU]HXJXQJ$EHU HVLVWZLHLFKVDJH*URHU6WLO %DKLFKZHLZRKOGLH0HQVFKHQVROOHQWXJHQGKDIWVHLQDEHUVLH VLQGHVQLFKWXQGGDZRPDQVLFKGULQHUJLEWVLHKWHVLPJDQ]HQ JHQRPPHQEHVVHUDXVDOVGDZRPDQGLH0RUDOEOR]XU6FKDX VWHOOW/HLFKWHV/HEHQYHUGLUEWGLH6LWWHQDEHUGLH7XJHQGNRP|GLH YHUGLUEWGHQJDQ]HQ0HQVFKHQ© 8QGDOVVLHVRVSUDFKILHODXVHLQHPGHUGLH7DIHOXPVWHKHQGHQ 7DQQHQElXPFKHQHLQ:DFKVHQJHOQLHGHUMXVWGDZR3HQW]VD 'HUQDKPLKQDXIXQGVDJWH ª(LQJHIDOOHQHU(QJHO HVJHVFKHKHQ =HLFKHQXQG:XQGHU:HUHVZRKOVHLQPDJ"© ª,FKQLFKW©ODFKWH(EED ª1HLQ©EHVWlWLJWH3HQW]XQGGHU7RQLQGHPHVJHVFKDK PDFKWHGDVLFK(EEDYHUIlUEWH$EHUHKHVLHGHQhEHOWlWHU GDIUDEVWUDIHQNRQQWHZDUGHVKLQWHUGHU7DQQHQ XQG =\SUHVVHQZDQGZLHYRQWULSSHOQGHQ)HQOHEHQGLJ=XJOHLFK ZXUGHQ$QRUGQXQJHQODXWZHQQDXFKQXUPLWOHLVHU6WLPPH JHJHEHQXQGDOVEDOGLQWRQLHUWHQ.LQGHUVWLPPHQHLQ/LHGXQGHLQ SDDUYRQ6FKOHSSHJUHOO]XGLHVHU:HLKQDFKWVYRUIHLHUJHGLFKWHWH 6WURSKHQNODQJHQGXUFK GLH+DOOH
1RFKLVW+HUEVWQLFKWJDQ]HQWIORKQ $EHUDOV.QHFKW5XSUHFKWVFKRQ .RPPWGHU:LQWHUKHUJHVFKULWWHQ 8QGDOVEDOGDXV6FKQHHV0LWWHQ .OLQJWGHV6FKOLWWHQJO|FNOHLQV7RQ 8QGZDVMQJVWQRFKIHUQXQGQDK %XQWDXIXQVKHUQLHGHUVDK :HLVLQG7UPH'lFKHU=ZHLJH 8QGGDV-DKUJHKWDXIGLH1HLJH 8QGGDVVFK|QVWH)HVWLVWGD 7DJGXGHU*HEXUWGHV+HUUQ +HXWHELVWGXXQVQRFKIHUQ $EHU7DQQHQ(QJHO)DKQHQ /DVVHQXQVGHQ7DJVFKRQDKQHQ 8QGZLUVHKHQVFKRQGHQ6WHUQ©
'UHLXQG]ZDQ]LJVWHV.DSLWHO 'LHNOHLQH:HLKQDFKWVYRUIHLHUGLHPLWHLQHP*HSODXGHUDP .DPLQ *UXQGWYLJZDUGDV+DXSWWKHPDJHZHVHQ DEJHVFKORVVHQ KDWWHKDWWHVLFKELV'XQNHOZHUGHQKLQJH]RJHQXQGGLHVHFKVWH 6WXQGHZDUVFKRQYRUEHUDOVPDQDXIEUDFKQDFKGHPVLFKGLH 3ULQ]HVVLQNXU]YRUKHULQLKUH*HPlFKHU]XUFNJH]RJHQ+RON EHJOHLWHWHZLHGHUGDV6FKOHSSHJUHOOVFKH3DDUGLHVPDODEHUELVLQ GLH6WDGWVHOEVWKLQHLQXQGNHKUWHHUVWQDFKGHPHU]XJHVDJW KDWWHEHLQlFKVWHUIUHLHU=HLWHLQHQ%HVXFKLP3IDUUKDXVH PDFKHQXQGGDVHOEVW6FKOHSSHJUHOOV6DPPOXQJHQEHVLFKWLJHQ]X ZROOHQLQVHLQ7XUP]LPPHU]XUFNXPKLHULP/DXIHGHV $EHQGVYHUVFKLHGHQH%ULHIH]XVFKUHLEHQDQ$VWDDQ$[HODQ GLH'REVFKW]9RQGLHVHUOHW]WHUHQZDUHQDPYRUDXIJHJDQJHQHQ 7DJHIDVWXQPLWWHOEDUYRU$XIEUXFKGHVSULQ]HOLFKHQ+RIHVQDFK )UHGHULNVERUJHLQLJH=HLOHQHLQJHWURIIHQLQGHQHQLKPPLWJHWHLOW ZXUGHGD&KULVWLQHQLFKWVFKUHLEHQN|QQHZHLOVLHNUDQNVHL 'DGLHVH0LWWHLOXQJHLQHQJURHQ(LQGUXFNDXILKQJHPDFKW KlWWHNRQQWHQLFKWEHKDXSWHWZHUGHQ(UNDQQWHVHLQHU)UDX :DKUKHLWVOLHEHWURW]GHPVDJWHHU ª6LHZLUGYHUVWLPPWVHLQXQG GDVKHLWGDQQ.UDQNKHLW:HQQPDQZLOOLVWPDQLPPHUNUDQN XQGHUIUHXWVLFKGHV9RU]XJVMHGH/DXQHUHFKWIHUWLJHQ]X N|QQHQ© 'HUDQGHUH0RUJHQIKUWHZLHGHUHLQHQNODUHQXQGZRONHQORVHQ 7DJKHUDXI NHLQ:LQGJLQJXQG+RONGHUVLFKLQGHU 0LWWDJVVWXQGH]XP'LHQVW]XPHOGHQKDWWHVDLQ1lKHGHV )HQVWHUVXQGVDKQDFKGHP+LOOHU|GHU.LUFKWXUPKLQEHUGHVVHQ :HWWHUKDKQLQGHU6RQQHEOLW]WH VWLOOODJHQGLH+lXVHUGDGLH 'lFKHUEOLQNXQGEODQNXQGZlUHQLFKWGHU5DXFKJHZHVHQGHU DXVGHQKRKHQ7RSIVFKRUQVWHLQHQDXIVWLHJVRKlWWHPDQJODXEHQ N|QQHQHVVHLHLQHYHUZXQVFKHQH6WDGW1LUJHQGV0HQVFKHQª,Q VROFKHU6WLOOH]XOHEHQ©VSUDFKHUYRUVLFKKLQªZHOFK*OFN© 8QGDOVHUVLFKGDQQYHUJHJHQZlUWLJWHGD+RONHQlVGLHVHOEH 6WLOOHKDEHVHW]WHHUKLQ]X ª-DGLHVHOEH6WLOOHDEHUQLFKW GHQVHOEHQ)ULHGHQ:LHEHQHLGHQVZHUWGLHVHU3DVWRU(UKDWVHLQH *HPHLQGHVHLQH6WHLQJUlEHUXQGVHLQH0RRUIXQGHGHQ+HUOXI 7UROOHJDQ]XQJHUHFKQHWXQGOlWGLH:HOWGUDXHQLKUHQ*DQJ JHKHQ+LOOHU|GLVWVHLQH:HOW)UHLOLFKZHUZLOOVDJHQZDVLQLKP YRUJHKW"(UVFKHLQWVRUXKLJXQGDEJHNOlUWVRJDQ]LQ)ULHGHQ DEHULVWHU V":HQQHVZDKULVWGDGUHL3ULQ]HVVLQQHQ
KLQWHUHLQDQGHUZHJRGHUYLHOOHLFKWDXFKDWHPSRVLFKLQLKQ YHUOLHEWHQVRZLOOPLUVROFK,G\OODOV$XVJDQJYRQGHPDOOHP GRFKDOVHLQIUDJOLFKHV*OFNHUVFKHLQHQ(LQH3ULQ]HVVLQ]X KHLUDWHQLVWIUHLOLFKHLQQRFKYLHOIUDJOLFKHUHVDEHUZHQQPDQ V NOXJXQWHUOlWXQGDOVHLQ]LJHQ/RKQVHLQHU.OXJKHLWQLFKWVKDWDOV VROFKH+LOOHU|GHU.OHLQVWlGWHUHLVRPXHLQHPGRFKLPPHUVR ZDVZLH6HKQVXFKWEOHLEHQ(LQHSUlFKWLJH)UDXGLHVHNOHLQH GLFNH.XJHOYRQ3DVWRULQDEHUJDQ]XQDQJHWDQHLQHQ0DQQZLH 6FKOHSSHJUHOOVHLQH9HUJDQJHQKHLWYHUJHVVHQ]XPDFKHQ=XOHW]W KDWGRFKMHGHUVHLQH(LWHONHLWXQG3DVWRUHQVROOHQLQGLHVHP 3XQNWHQLFKWJHUDGHGLHOHW]WHQVHLQ© (USKDQWDVLHUWHQRFKHLQH:HLOHVRZHLWHUXQGJLQJEHLGHU *HOHJHQKHLWQRFKHLQPDODOOHVGXUFKZDVLKPGHUJHVWULJH7DJ DEJHVHKHQYRQGHUNOHLQHQ)HVWOLFKNHLWEHLGHU3ULQ]HVVLQDQ %LOGHUQXQG(UOHEQLVVHQJHEUDFKWKDWWH GHQ6SD]LHUJDQJDXI )UHGHQVERUJ]XGDVIODFKH)lKUERRWPLWVHLQHPDXVJHVSDQQWHQ 6HLOGDUDQPDQVLFKEHUGHQ3DUNJUDEHQDQVDQGHUH8IHU]RJ GHQZXQGHUYROOHQ%OLFNDXIGLH5FNVHLWHGHV6FKORVVHVPLW VHLQHP6WHLOGDFKXQGVHLQHQ7UPHQXQGHQGOLFKGHQ0XOGHQVWHLQ XQGGDV*HVSUlFKPLW(EEDª(EEDVSULFKWGRFKQLFKWOLHEHYROO JHQXJYRQGHU3ULQ]HVVLQXQGLVWPLUGDULQZLHGHUHLQUHFKWHU %HZHLVZLHVFKOHFKWVLFK(VSULWXQG'DQNEDUNHLWYHUWUDJHQ,VW LKUHWZDV3LNDQWHVDXIGHU=XQJHVRPXHVKHUDXVXQGGLH 3LHWlWZLUG]X*UDEHJHOlXWHW'LH6WRFNKROPHU*HVFKLFKWHQXQ YRQGHUZLOOLFKQLFKWUHGHQGLHPDJDXIVLFKEHUXKHQZLHZRKO DXFKGDYLHO*UXQG]XU'DQNEDUNHLWYRUOLHJHQPDJ DEHUDXFK MHW]WQRFKDOOHVZDVGLH3ULQ]HVVLQVDJWRGHUWXWLVWHLQH 9HUZ|KQXQJXQG(EEDQLPPWHVKLQQLFKWEORDOV VHOEVWYHUVWlQGOLFKVRQGHUQDOVZlUHVLHGHU3ULQ]HVVLQEHUOHJHQ 8QGGDVLVWVLHQLFKWGLH3ULQ]HVVLQLVWQXUYRQHLQHUVFKOLFKWHUHQ $XVGUXFNVZHLVH:LHJXWZDUGDVDOOHVZLHGHUZDVVLHJHVWHUQ DXVGHU)OOHGHU(UIDKUXQJEHUGHQDOWHQ*UXQGWYLJVDJWH ZREHLPLUHLQIlOOWGDLFKGDUDXVHLQHJXWH1DFKVFKULIWIU PHLQHQ%ULHIDQGLH'REVFKW] PDFKHQN|QQWH'HU%ULHILVW RKQHKLQHWZDVPDJHUDXVJHIDOOHQ© 8QGZlKUHQGHUGDVVDJWHQDKPHUVHLQHQ3ODW]DQGHPUHFKWV QHEHQGHP)HQVWHUVWHKHQGHQ6FKUHLEWLVFKXQGVFKULHEDXIGLH QRFKOHHUJHEOLHEHQH6HLWH ª1RFKHLQHNOHLQH1DFKVFKULIWPHLQH OLHEH 'REVFKW]8QWHUXQVHUHQJHVWULJHQ*HVSUlFKHQEHLGHU 3ULQ]HVVLQZDUDXFKHLQVEHU*UXQGWYLJ6FKOHSSHJUHOOKDWWH
QLFKWEHO/XVWHLQHQKDOEHQ+HLOLJHQDXVLKP]XPDFKHQZRULQ LKQQDWUOLFKLURQLVFK3HQW]XQGGLH5RVHQEHUJXQWHUVWW]WHQ 'LH3ULQ]HVVLQDEHUQDKPGLH6DFKHJDQ]HUQVWKDIWIDVWVR HUQVWKDIWZLH6FKOHSSHJUHOOXQGVDJWH ¾*UXQGWYLJLVWHLQ EHGHXWHQGHU0DQQXQGVRUHFKWDQJHWDQHLQ'lQHQVWRO]]XVHLQ $EHUHLQHQ)HKOHUKDWHUGRFKHUPXLPPHUHWZDV$SDUWHV KDEHQXQGVLFKYRQGHP5HVWGHU0HQVFKKHLWDXFKVHOEVWGHU GlQLVFKHQXQWHUVFKHLGHQXQGZLHZRKOLKPQDFKJHVDJWZLUGHU VWHOOH'lQHPDUNVRKRFKGDHUJDQ]HUQVWKDIWJODXEHGHUOLHEH *RWWVSUlFKHGlQLVFKVRELQLFKGRFKVLFKHUGDHUYRQGHP7DJ DQZRGLHVJDQ]DOOJHPHLQIHVWVWlQGHPLWDOOHP1DFKGUXFN EHKDXSWHQXQGEHZHLVHQZUGH GHUOLHEH*RWWVSUlFKH SUHXLVFK*UXQGWYLJNDQQQLFKWHUWUDJHQPLWLUJHQGMHPDQGHP LQhEHUHLQVWLPPXQJ]XVHLQ½+LHUDXVOLHEH'REVFKW]VSULFKW JDQ]XQGJDUGHU7RQXQVHUHU7LVFK XQG$EHQGXQWHUKDOWXQJHQ XQGLFKIJHGLHVHNOHLQH*HVFKLFKWHPHLQHP%ULHIHPLWDOOHP 9RUEHGDFKWKLQ]XZHLOLFKZHLZLHVLFK&KULVWLQHIU 3DVWRUDODQHNGRWHQXQGWKHRORJLVFKH6WUHLWLJNHLWHQLQWHUHVVLHUW 8QGGLH)UDJHQDFKGHU,QWLPVSUDFKH*RWWHVNDQQYLHOOHLFKWGDIU JHOWHQ1RFKPDOVGLHKHU]OLFKVWHQ*UH$Q&KULVWLQHVFKUHLEH LFKPRUJHQZHQQDXFKQXUHLQLJH=HLOHQ© (UNXYHUWLHUWHQXQGLHVHQ%ULHIDQGLH'REVFKW]]XJOHLFKGLH EHLGHQDQGHUQDQ$VWDXQG$[HOXQGZDUHEHQGDPLWIHUWLJDOVHV NORSIWHª+HUHLQ©$EHUGDV.ORSIHQZLHGHUKROWHVLFKQXUVRGD +RONDXIVWDQGXP]XVHKHQZDVHVVHL'UDXHQVWDQG.DULQGLH YHUOHJHQYRUVLFKKLQVDKWURW]GHP9HUOHJHQKHLW]XGHQOHW]WHQ LKUHU(LJHQVFKDIWHQ]lKOWH6LHEHKlQGLJWH+RONHLQLJH=HLWXQJHQ XQG%ULHIHGLHGHU3RVWERWHGHUVHKUHLOLJJHZHVHQXP =HLWHUVSDUQLVVHVZLOOHQXQWHQEHLPJQlGLJHQ)UlXOHLQPLW DEJHJHEHQKDEH'DVJQlGLJH)UlXOHLQODVVHVLFKGHP+HUUQ *UDIHQHPSIHKOHQXQGKDEHYRUPLW%DURQ3HQW]HLQHQ 6SD]LHUJDQJ]XGHPª6WHLQ©LP3DUN]XPDFKHQ GHU+HUU*UDI ZWHQVFKRQELV]XZHOFKHP6WHLQ+RONOlFKHOWHOLHVLFK HQWVFKXOGLJHQXQGQDKPGDQQVHLQHQ3ODW]ZLHGHUHLQXP]X VHKHQZDVGLHQHXHVWH3RVWJHEUDFKWKDEH'LH=HLWXQJHQGLH EHLGHUPRPHQWDQKHUUVFKHQGHQSROLWLVFKHQ:LQGVWLOOHZHQLJ YHUVSUDFKHQVFKREHUEHLVHLWHXQGPXVWHUWHGDEHLVFKRQGLH +DQGVFKULIWHQGHUHLQJHWURIIHQHQ%ULHIH6LHOLHHQVLFKDOOHOHLFKW HUNHQQHQ GDVZDUGLHGHVDOWHQ3HWHUVHQGDVGLHVHLQHV *lUWQHUVXQGGLHVHKLHUGLH+DQGVFKULIW$UQHVVHLQHV6FKZDJHUV 'HU3RVWVWHPSHOª$UQHZLHN©EHVWlWLJWHQXU
ª9RQ$OIUHG":DVZLOOHU"(UIDWGRFKVRQVWGLH 0DFKWYROONRPPHQKHLWHQVHLQHU0DMRUGRPXVVFKDIWZHLWJHKHQG JHQXJDXIXPPLFKGXUFK$QIUDJHQQLFKWJUR]XVW|UHQ8QGHLQ ZDKUHV*OFNGDHUVRYHUIlKUWXQGEHUKDXSWVRLVW ZLHHULVW ,FKKDEHQLFKW/XVWPLFKKLHUXP:ROOSUHLVH]XNPPHUQRGHU XPGLH)UDJHZLHYLHO)HWWKlPPHOQDFK(QJODQGYHUODGHQZHUGHQ VROOHQ'DVLVWVHLQH6DFKHEH]LHKXQJVZHLVH&KULVWLQHQVXQG EHLGHYHUVWHKHQHVDXHUGHPYLHOEHVVHUDOVLFK GLH$UQHVZDUHQ LPPHU$JULNXOWXUJU|HQZDVLFKYRQGHQ+RONVHLJHQWOLFKQLFKW VDJHQNDQQ LFKPHLQHUVHLWVKDEHLPPHUQXUGHQ$QODXIGD]X JHQRPPHQ$OVRZDVZLOOHU"$EHUZR]XPLUGHQ.RSIPLW 9HUPXWXQJHQ]HUEUHFKHQ©8QGGDEHLQDKPHUGHQ%ULHIXQG VFKQLWWLKQPLWHLQHPNOHLQHQ(OIHQEHLQPHVVHUDXIDEHUODQJVDP GHQQHUVWDQGXQWHUHLQHP9RUJHIKOGDLKPGHU%ULHIQLFKWYLHO (UIUHXOLFKHVEULQJHQZHUGH 8QGQXQODVHU /LHEHU+RON,FKXQWHUODVVHHVZLH'XZHLWJUXQGVlW]OLFK'LULQ 'HLQHQ.RSHQKDJHQHU7DJHQPLWZLUWVFKDIWOLFKHQ $QJHOHJHQKHLWHQDXV+RONHQlVEHVFKZHUOLFK]XIDOOHQ(VZDU DXFKELVKHUQLHQ|WLJGD'HLQOLHEHQVZUGLJHU&KDUDNWHUHVOHLFKW PDFKWDQ'HLQHU6WHOOH]XUHJLHUHQ 'XKDVWQLFKWEORGLH JOFNOLFKH*DEHPLWGHPZDVDQGUHWXQHLQYHUVWDQGHQ]XVHLQ VRQGHUQGLHQRFKJOFNOLFKHUHZHQQGHU$XVQDKPHIDOOPDO HLQWULWWIQIJHUDGHVHLQ]XODVVHQ8QGXPHVJOHLFKYRUZHJ]X VDJHQLFKVFKUHLEH'LUDXFKKHXWHQLFKWXPSUHVVDQWHU ZLUWVFKDIWOLFKHU'LQJHZLOOHQXQGKDEHQRFKZHQLJHUYRUJDQ] DOOJHPHLQDXIPHLQH/LHEOLQJVSOlQH]XUFN]XNRPPHQGLHZLH'X ZHLWGDKLQJHKHQ OLHEHU6KRUWKRUQVDOV2OGHQEXUJHU GLH 0LOFKZLUWVFKDIWKDWVLFKEHUOHEW XQGOLHEHU6RXWKGRZQVDOV 5DPERXLOOHW:DVVROOXQVQRFKGLH:ROOSURGXNWLRQ"(LQOlQJVW EHUZXQGHQHU6WDQGSXQNWGHUIUGLH/QHEXUJHU+HLGHSDVVHQ PDJDEHUQLFKWIUXQV'HU/RQGRQHU&DWWOH0DUNHWGHUDOOHLQ LVWHVGHUIU*WHUZLHGLHXQVULJHQLQ%HWUDFKWNRPPW0HDW PHDW$EHUQLFKWVPHKUGDYRQ,FKVFKUHLEH'LUZHJHQ ZLFKWLJHUHU'LQJHZHJHQ&KULVWLQH&KULVWLQHZLH'LUGLH 'REVFKW]VFKRQPLWJHWHLOWKDEHQZLUGLVWOHLGHQGHUQVWXQG QLFKWHUQVWZLH'X VQHKPHQZLOOVW6LHEUDXFKWZHGHUQDFK .DUOVEDGQRFKQDFK1L]]DJHVFKLFNW]XZHUGHQDEHUGRFKLVWVLH NUDQNNUDQNLP*HPW8QGGDUDQOLHEHU+RONELVW'XVFKXOG :DVVLQGGDVIU%ULHIHGLH'XQXQVFKRQVHLWVHFKV:RFKHQ
VFKUHLEVWRGHUIDVWOLHHVLFKVDJHQDXFKQLFKWVFKUHLEVW,FK YHUVWHKH'LFKQLFKWXQGZHQQLFK'LUYRQ$QEHJLQQXQVHUHU )UHXQGVFKDIWDQLPPHUYRUJHZRUIHQKDEH ¾'XNHQQWHVWGLH )UDXHQQLFKW½VRPXLFKMHW]WDOOHV6FKHU]KDIWHZDVVLFKIUKHU EHLGLHVHU%HPHUNXQJPLWHLQPLVFKWHGDUDXVVWUHLFKHQXQG'LU LPELWWHUVWHQ(UQVWHVDJHQ 'XYHUVWHKVWGLH)UDXHQZLUNOLFK QLFKWDPZHQLJVWHQDEHU'HLQHHLJHQHPHLQHWHXUH&KULVWLQH 8QVHUHWHXUH&KULVWLQHZDJHLFKEHLGHU+DOWXQJGLH'X]HLJVW NDXPQRFK]XVDJHQ,FKVHKHQXQIUHLOLFKGHXWOLFKZLH'XKLHU XQJHGXOGLJZLUVWXQGQLFKWEHO/XVWKDVWJHUDGHPLFKDOVGHQ $QVWLIWHUXQG%HJUQGHUDOOGHU%HKDQGOXQJVVRQGHUEDUNHLWHQ]X YHUNODJHQLQGHQHQ'X'LFKVHLW'HLQHU$EUHLVHYRQ+RONHQlVPLW HEHQVRYLHO9LUWXRVLWlWZLH.RQVHTXHQ]HUJHKVW8QGZHQQ'X 'LFKPLUXQGPHLQHQIUKHUHQ5DWVFKOlJHQJHJHQEHUGXUFKDXV DXI'HLQHQ6FKHLQVWHOOHQZLOOVWVRNDQQLFK'LUHLQEHVWLPPWHV 5HFKWGD]XQLFKWDEVSUHFKHQ-DHVLVWULFKWLJLFKKDEH'LUPHKU DOVHLQPDO]XGHP:HJHJHUDWHQGHQ'XQXQHLQJHVFKODJHQKDVW $EHUPHLQOLHEHU6FKZDJHUPXLFK'LU]XUXIHQ HVWPRGXVLQ UHEXV"0XLFK'LFKGDUDXIDXIPHUNVDPPDFKHQGDLQDOO XQVHUHP7XQGDV0DHQWVFKHLGHWXQGGDGHUNOJVWH5DW 3DUGRQGDLFKGHQPHLQLJHQGDUXQWHU]XYHUVWHKHQVFKHLQH VLFKHUOLFKLQVHLQ*HJHQWHLOYHUNHKUWZLUGZHQQGHUGHULKQ EHIROJWGDVULFKWLJH0DQLFKWKlOWXQGGHQ%RJHQHLQIDFK EHUVSDQQW"8QGGDVKDVW'XJHWDQXQGWXVWHVQRFK,FKKDEH 'LFKEHVFKZRUHQ&KULVWLQHQV(LJHQZLOOHQJHJHQEHUDXIGHU+XW ]XVHLQXQGLKUHP+HUUVFKHUJHOVWHGDVVLFKKLQWHULKUHU .LUFKOLFKNHLWYHUELUJWXQG]XJOHLFKLPPHUQHXH.UDIWGDUDXV VDXJWHQHUJLVFKHQWJHJHQ]XWUHWHQXQGLFKKDEH'LUVRJDQ] QHEHQKHUDXFKZRKOGHQ5DWJHJHEHQHVPLW(LIHUVXFKW]X YHUVXFKHQXQGLQ'HLQHU)UDXPHLQHUJHOLHEWHQ6FKZHVWHUGLH 9RUVWHOOXQJ]XZHFNHQ DXFKGHUVLFKHUVWH%HVLW]VHLQLFKW XQHUVFKWWHUOLFKVLFKHUXQGDXFKGHUEHVWH0DQQN|QQHVHLQH VFKZDFKH6WXQGHKDEHQ-DOLHEHU+RONLQGLHVHP6LQQHKDEHLFK ]X'LUJHVSURFKHQQLFKWOHLFKWIHUWLJVRQGHUQZHQQPLUGHU $XVGUXFNJHVWDWWHWLVWDXVHLQHUJHZLVVHQSlGDJRJLVFKHQ (UZlJXQJXQGLFKEHGDXUHQLFKWVGDYRQXQGKDEHDXFKQLFKW Q|WLJLUJHQGZDVGDYRQ]XUFN]XQHKPHQ$EHUZDVKDVW'XQXQ LQ$QZHQGXQJGLHVHUJODXELFKULFKWLJHQ6lW]HWDWVlFKOLFK GDUDXVJHPDFKW"$XV3ULFNHOHLHQGLHYLHOOHLFKWJXWJHZHVHQ ZlUHQVLQG9HUOHW]XQJHQDXV1DGHOVWLFKHQVLQGJLIWLJH3IHLOH JHZRUGHQXQGZDVVFKOLPPHULVWDOVDOOHVDQGLH6WHOOHHLQHU
JHZLVVHQ=XUFNKDOWXQJGHUPDQGHQ.DPSIXQGGLH0KHGHU 'XUFKIKUXQJKlWWHDQVHKHQPVVHQDQGLH6WHOOHVROFKHU =XUFNKDOWXQJLVW1FKWHUQKHLWJHWUHWHQXQGHLQQLFKWLPPHU JOFNOLFKHVZHLOIRUFLHUWHV%HVWUHEHQ GLHVH1FKWHUQKHLWKLQWHU 6WDGWNODWVFK XQG+RINODWVFKJHVFKLFKWHQ]XYHUEHUJHQ,FKKDEH 'HLQH%ULHIHJHOHVHQ HVZDUHQLKUHUQLFKWDOO]XYLHOXQGNHLQHQ HLQ]LJHQWUDIGHU9RUZXUI]XODQJJHZHVHQ]XVHLQDEHUGLH +lOIWHGLHVHUZHQLJHQEHVFKlIWLJWVLFKPLWGHUPlUFKHQKDIWHQ 6FK|QKHLWGHUGRFKPLQGHVWHQVHWZDVVRQGHUEDUHQ)UDX%ULJLWWH +DQVHQXQGGLH]ZHLWH+lOIWHPLWGHQ*HLVWUHLFKLJNHLWHQGHV HEHQIDOOVHWZDVVRQGHUEDUHQ)UlXOHLQ(EEDYRQ5RVHQEHUJ)U 'HLQH)UDX'HLQH.LQGHUKDVW'XZlKUHQGGLHVHUODQJHQ=HLW NHLQH]ZDQ]LJ=HLOHQJHKDEWLPPHUQXU)UDJHQGHQHQPDQ DEIKOWHGDVLHQDFK$QWZRUWQLFKWVRQGHUOLFKEHJLHULJZDUHQ ,FKJODXEHOLHEHU+RONGDHVJHQJW'LFKDXIDOOGDVHLQIDFK DXIPHUNVDPJHPDFKW]XKDEHQ'XELVW]XJHUHFKWXP'LFK JHJHQGDV5HFKWGHUKLHUYRUJHEUDFKWHQ.ODJH]XYHUVFKOLHHQ XQGELVW]XJWLJHQXQGHGOHQ+HU]HQVXPZHQQ'XGDV5HFKW GLHVHU.ODJH]XJHVWDQGHQKDVWQLFKWDXIGHU6WHOOHIU$EKLOIH]X VRUJHQ'LH6WXQGHZRVROFKHU%ULHIDXI+RONHQlVHLQWULIIWZLUG ]XJOHLFKGLH6WXQGHYRQ&KULVWLQHQV*HQHVXQJVHLQ ODPLFK KRIIHQGDVLHQDKHOLHJW:LHLPPHU 'HLQ'LUWUHXXQGKHU]OLFKHUJHEHQHU6FKZDJHU $OIUHG$UQH +RONZDUVRJHWURIIHQYRQGHP,QKDOWGLHVHV%ULHIHVGDHU GDUDXIYHU]LFKWHWHGLHEHLGHQDQGHUQ]XOHVHQ3HWHUVHQVFKULHE YLHOOHLFKWlKQOLFKHV=XGHPZDUGLH6WXQGHGDZRHUEHLGHU 3ULQ]HVVLQHUVFKHLQHQPXWHYRUGHUHURKQHKLQIUFKWHWHVHLQH (UUHJXQJQLFKWUHFKWYHUEHUJHQ]XN|QQHQ8QGHUZlUHDXFK ZLUNOLFKGDPLWJHVFKHLWHUWZHQQEHLVHLQHP(UVFKHLQHQDOOHVZLH VRQVWXQGGLH3ULQ]HVVLQEHLIUHLHP%OLFNJHZHVHQZlUH'LHVZDU DEHUQLFKWGHU)DOOZHLOGHU3ULQ]HVVLQVHOEHULQ]ZLVFKHQHLQ%ULHI ]XJHJDQJHQZDUGHULKU*HPWJHIDQJHQQDKPXQGLKUGLH )lKLJNHLWUDXEWHVLFKXP+RONV%HQRPPHQKHLW]XNPPHUQ
9LHUXQG]ZDQ]LJVWHV.DSLWHO 'HUEHLGHU3ULQ]HVVLQHLQJHWURIIHQH%ULHIZDUHLQ%ULHIGHV .DPPHUKHUUQ%DURQ%OL[HQ)LQHNHXQGODXWHWH (XUHU.|QLJOLFKHQ+RKHLWLQDOOHU(LOHGLHJHKRUVDPVWH0LWWHLOXQJ GD6HLQH0DMHVWlWGHU.|QLJGHUKHXWHQRFKYRQ*OFNVEXUJ QDFK.RSHQKDJHQ]XUFNNHKUWPLWGHU$EVLFKWXPJHKWGLH QlFKVWHQ:RFKHQLQ6FKOR)UHGHULNVERUJ]XYHUEULQJHQ ZDKUVFKHLQOLFKELV1HXMDKU MHGHQIDOOVJHGHQNWHUGDV :HLKQDFKWVIHVWGDVHOEVW]XIHLHUQ(VZHUGHQLKQQXUZHQLJH 3HUVRQHQDXVVHLQHU QlFKVWHQ8PJHEXQJEHJOHLWHQ 2EHUVWGX 3ODWYLHOOHLFKW.DSLWlQ:HVWHUJDDUGXQG.DSLWlQ/XQGE\HJHZL ,FKKLHOWHVIUDQJH]HLJW(XUH.|QLJOLFKH+RKHLWYRQGLHVHP (QWVFKOXVVH6HLQHU0DMHVWlWLQ.HQQWQLV]XVHW]HQ (XUHU.|QLJOLFKHQ+RKHLWXQWHUWlQLJVWHU %OL[HQ)LQHNH 'HUHUVWH*HGDQNHQDFK/HVXQJGLHVHU=HLOHQZDUJHZHVHQGDV )HOG]XUlXPHQXQGQRFKYRU(LQWUHIIHQGHV.|QLJVDOVR ZRP|JOLFKQRFKYRU$EODXIGHUQlFKVWHQYLHUXQG]ZDQ]LJ 6WXQGHQQDFK.RSHQKDJHQ]XUFN]XNHKUHQ:DUGHU.|QLJHUVW GDVRZDU VROFKHU5FN]XJZHQQQLFKWXQP|JOLFKVRGRFKVHKU HUVFKZHUWZHLOEHLGHQSHUV|QOLFKJXWHQ%H]LHKXQJHQ]ZLVFKHQ 1HIIHQXQG7DQWH]XNODU]XWDJHJHWUHWHQZlUHGDGLH 3ULQ]HVVLQQXUYHUPHLGHQZROOHPLWGHUYRQLKUJHKDWHQ*UlILQ 'DQQHUXQWHUHLQHP'DFKH]XVHLQ$OVRUDVFKHV(QWVFKOLHHQZDU XQHUOlOLFKXQGª$EUHLVHRGHUQLFKW©GLH)UDJHGLHGHQXPGLH 3ULQ]HVVLQYHUVDPPHOWHQ.UHLVEHVFKlIWLJWHYRUDOOHP(EEDGLH PHKU+RIIQXQJHQDOV%HIUFKWXQJHQDQGLH0|JOLFKNHLWHLQHU UDVFKHQ5FNNHKUNQSIWH'HQQHLQHQVRIHLQDXVJHELOGHWHQ 1DWXUVLQQVLHKDWWHXQGVRJXWLKU6FKOHSSHJUHOOWURW] JHOHJHQWOLFKHU$XIOHKQXQJJHJHQLKQXQGVHLQHHZLJH $OWHUWPOHUHLJHILHOVRZDULKUDOOHVLQDOOHPGLH+DXSWVWDGWZR PDQGLH1HXLJNHLWHQVHFKV6WXQGHQIUKHUXQGDXHUGHPDEHQGV HLQH7KHDWHUORJHKDWWHGRFKXPHLQHUKHEOLFKHVOLHEHU'LHJURH )UHGHULNVERUJHU+DOOHZDULQLKUHU$UWHLQ3UDFKWVWFNJHZLXQG ZHQQGLH/LFKWHUXQG6FKDWWHQDQ:DQGXQG'HFNHKLQOLHIHQVR KDWWHGDVVHLQH5RPDQWLNXQGVHLQHQNOHLQHQ6FKDXHU DEHUPDQ
NRQQWHGRFKQLFKWVHFKV6WXQGHQODQJYRQ'XQNHOZHUGHQELV 6FKODIHQV]HLWPLWLPPHUJOHLFKHP,QWHUHVVHQDFK+HUOXI7UROOH KLQEHUEOLFNHQXQGQRFKZHQLJHUDXIGLHJURH6HHVFKODFKWXQG GHQLQGLH/XIWIOLHJHQGHQª0DNHOORV© -DGLH5FNNHKUZHQQGLH(QWVFKHLGXQJEHL(EEDJHOHJHQKlWWH ZlUHUDVFKEHVFKORVVHQZRUGHQ GLH3ULQ]HVVLQDEHUGLHVFKRQ DXV$EHUJODXEHQYRQHLQHP3ODW]HQLFKWJHUQIRUWZROOWHGHQVLH VLFKGXUFK-DKU]HKQWHKLQDOVLKUHQ:HLKQDFKWVSODW]DQ]XVHKHQ JHZ|KQWKDWWHYHUKDUUWHJDQ]JHJHQLKUHQVRQVWLJHQ&KDUDNWHU LQHLQHUJHZLVVHQ8QVFKOVVLJNHLWXQGZDUIURKDOV+RON EHPHUNWH ª9HU]HLKXQJ.|QLJOLFKH+RKHLWDEHUVWHKWHVGHQQ EHUKDXSWIHVWGDGLH*UlILQGHQ.|QLJEHJOHLWHQZLUG"6HLQH 0DMHVWlWVRYLHOLFKZHLLVWYROO5FNVLFKWJHJHQ(XUH.|QLJOLFKH +RKHLWXQGNHQQWQLFKWQXU'HUR*HIKOHVRQGHUQUHVSHNWLHUWVLH DXFK(UOlWVLFKGDGXUFKLQVHLQHU1HLJXQJQLFKWEHLUUHQXQG NDQQDXFKQLFKWZHQQGDV9RONUHFKWKDWGDVDQHLQH$UW +H[HQ]DXEHUJODXEWZRULQLKQGLH'DQQHUHLQJHVSRQQHQ DEHUHU NDQQLQVHLQHU1HLJXQJGXUFKDXVEHKDUUHQXQGGLH*UlILQGRFK GUEHQLQ6NRGVERUJEHODVVHQ(UEHVXFKWVLHGDQQMHGHQ7DJ ZDVLKPYLHOOHLFKWQRFKEHVVHUEHKDJWDOVVLHYRQ0RUJHQELV $EHQGXPVLFK]XKDEHQ'HQQMHGH6WXQGHVLHPLW/LHEHVDXJHQ DQ]XVHKHQZHQQHVVROFKH=HLWHQEHUKDXSWIULKQJHJHEHQKDW GDVVLQGGRFKZRKO7HPSLSDVVDWL© ª:HUZHL©ODFKWHGLH3ULQ]HVVLQª6LHVHKHQOLHEHU+RONLQGHP %HKH[WVHLQHWZDVZLHHWZDGDVLQWHUPLWWLHUHQGH)LHEHUXQG JODXEHQDQIUHLH7DJH'DVOHXFKWHWPLUDEHUQLFKWHLQ(LQ ULFKWLJHU=DXEHUSDXVLHUWQLFKWXQGVHW]WQLFKWDXV*LEPLU EULJHQVOLHEH(EEDQRFKHLQPDO%OL[HQ)LQHNHV%ULHIKHUEHU LFKZLOOJHQDXOHVHQZDVHUVFKUHLEW(ULVWGHU0DQQGHV YRUVLFKWLJHQ$XVGUXFNV© (EEDEUDFKWHGHQ%ULHIXQGGLH3ULQ]HVVLQODV ª¾HVZHUGHQ LKQQXUZHQLJH3HUVRQHQDXVVHLQHUQlFKVWHQ8PJHEXQJ EHJOHLWHQ2EHUVWGX3ODWYLHOOHLFKW.DSLWlQ:HVWHUJDDUGXQG .DSLWlQ/XQGE\HJHZL½+RONKDWUHFKW %OL[HQ)LQHNHZHL]X JXWZLHZLUVWHKHQDOVGDHUQLFKWZHQLJVWHQVHLQH$QGHXWXQJ JHPDFKWKDEHQVROOWH'LH*UlILQNRPPWQLFKWXQGPLWPHLQHP 1HIIHQZHLLFKPLFKJXW]XVWHOOHQ(ULVWHLQH6HHOHJWLJGHU EHVWH0HQVFKYRQGHU:HOW-HGHQIDOOVEUDXFKHQZLUQLFKWKHXWH VFKRQDQ$EUHLVH]XGHQNHQ$OOHU:DKUVFKHLQOLFKNHLWQDFKZLUG
DXFK%HUOLQJQRFKVFKUHLEHQXQGGHUZLUGVLFKZHQLJHU GLSORPDWLVFKDXVGUFNHQDOV)LQHNH© :LUNOLFKDPDQGHUQ7DJHNDPHLQ%LOOHWYRP.DPPHUKHUUQ %HUOLQJGDV]XQlFKVWGLH%HVWlWLJXQJYRQGHPQRFK EHYRUVWHKHQGHQ(LQWUHIIHQGHV.|QLJV]XJOHLFKDEHUKLQVLFKWOLFK GHU'DQQHUYROONRPPHQH%HUXKLJXQJEUDFKWH'LH*UlILQZHUGH ZLHGHUQDFKHLJHQHP:XQVFKLQ6NRGVERUJ:RKQXQJQHKPHQ XQGGDVHOEVWGLH%HVXFKHGHV.|QLJVHPSIDQJHQ'DPLWZDUGHU 6FKZDQNH]XVWDQGLQ GHPPDQVLFKHLQHQ7DJODQJEHIXQGHQ KDWWHY|OOLJEHVHLWLJWXQGHVVWDQGIHVWPDQEOLHE$EHUDXFK ZHQQGDV(QWJHJHQJHVHW]WHEHVFKORVVHQZRUGHQZlUHVRZUGH VLFKGRFKGHU$XVIKUXQJGLHVHV%HVFKOXVVHVHLQ XQEHUVWHLJOLFKHV+LQGHUQLVHQWJHJHQJHVWHOOWKDEHQ GLH 3ULQ]HVVLQHUNUDQNWH'HU&KDUDNWHUGHU.UDQNKHLWEOLHEIUHLOLFK XQDXIJHNOlUWZDVHVDEHUDXFKVHLQPRFKWH PDQKDWWH]XOHW]W YRQHLQHPYHUVWHFNWHQDEHUJXWDUWLJHQ1HUYHQILHEHU JHVSURFKHQ 'RNWRU%LHYRQ+LOOHU|GVSUDFKGUHLPDOGHV7DJHV YRUXQGQDKPUHJHOPlLJDQGHPIUGLH3HUVRQHQGHV +RIVWDDWHVVHUYLHUWHQ/XQFKXQGPHLVWDXFKDQGHQDQGHUHQ 7DJHVPDKO]HLWHQWHLO'RNWRU%LHZDUGHU%UXGHUGHU)UDX3DVWRULQ 6FKOHSSHJUHOOPLWGHUHUGLHNOHLQH)LJXUGDV(PERQSRLQWXQGGLH NOXJHQIUHXQGOLFKHQ$XJHQJHPHLQKDWWH]XJOHLFKGLH :RKOJHOLWWHQKHLWEHLGHU3ULQ]HVVLQ(UWUXJHLQHQ%DPEXVPLW *ROGNQRSIXQGHLQHJROGHQH%ULOOHGLHHUUHJHOPlLJDEQDKP ZHQQHUHWZDVVHKHQZROOWH]lKOWHGHQ3XOVODXWZLHHLQ .ODYLHUOHKUHUGLH7DNWHXQGSODXGHUWH JHUQYRQ,VODQGXQG *U|QODQGZRHUYLHU]HKQ-DKUHODQJ6FKLIIVDU]WJHZHVHQZDU *HJHQGLH5HVLGHQ]OHUZDUHULPDOOJHPHLQHQVHKUHLQJHQRPPHQ ª(VLVWLQ.RSHQKDJHQ6LWWHJHZRUGHQEHUGLH,VOlQGHU]X ODFKHQ DEHULFKQHQQHGDQXUGHQ$UH0DUVRQGHU$PHULND IQIKXQGHUW-DKUYRU.ROXPEXVHQWGHFNWHXQG(ULNGHQ5RWHQ XQG8OIGHQ6FKLHOHUXQGVHLQHJDQ]H6LSSHODXWHU+HOGHQXQG ZHLVH0lQQHU GDVDOOHVZDUHQ,VOlQGHUXQGLFKEHNODJHGD .|QLJOLFKH+RKHLWGLH,QVHOQLHEHVXFKWKDEHQ(VLVWHLQJDQ] HLJHQ*HIKOHLQ(L]XHVVHQGDVLP*HLVHUJHNRFKWZXUGH YLHOOHLFKWLQHLQHP$XJHQEOLFNHZRGLHEHLGHQ)HXHUVSHLHUGD]X OHXFKWHWHQ'DGLH,VOlQGHUXQVHUH=HLWXQJHQXP]Z|OI0RQDWH ]XVSlWOHVHQLPPHUJHUDGHGLH1XPPHUQYRP-DKUHYRUKHUGDV LVWDOOHVHLQHKRFKPWLJH.RSHQKDJHQHU(LQELOGXQJ GLH,VOlQGHU VFKUHLEHQVLFKLKUH=HLWXQJHQVHOEVWN|QQHQDXFKGHQQMHGHQ GULWWHQ7DJNRPPWHLQHQJOLVFKHVRGHUDPHULNDQLVFKHV6FKLIIXQG
ZHQQLQ5H\NMDYLNHLQ6WLIWVDPWPDQQRGHUDXFKEORHLQ 6\VVHOPDQQJHZlKOWZLUGVRLVWGDVJHUDGHVRLQWHUHVVDQWZLH ZHQQVLFKGLH.RSHQKDJQHUHLQHQQHXHQ%XUJHPHLVWHUZlKOHQ $FK.|QLJOLFKH+RKHLWLFKP|FKWHEHLQDKVDJHQHVLVWEHUKDXSW NHLQ8QWHUVFKLHG]ZLVFKHQHLQHP'RUIXQGHLQHU5HVLGHQ] EHUDOO ZRKQHQ0HQVFKHQXQGKDVVHQ XQGOLHEHQVLFKXQGREHLQH 6lQJHULQHLQH0LQXWHODQJHLQHQ7ULOOHUVFKOlJWRGHUREHLQ)LHGOHU GHQ¾GDSSUHQ/DQGVROGDWHQ½VSLHOWGDVPDFKWNHLQHQJURHQ 8QWHUVFKLHGZHQLJVWHQVPLUQLFKW©%HLVROFKHQ%HWUDFKWXQJHQ ZDUHUGHUKHLWHUVWHQ=XVWLPPXQJGHU3ULQ]HVVLQDOOHPDOVLFKHU XQGZHQQ3HQW]XQG(EEDIUDJWHQ ªRE.|QLJOLFKH+RKHLWQLFKW GRFKYLHOOHLFKW,KUHQ/HLEDU]W'RNWRU:LONLQVEHI|KOHQGHU RKQHKLQQLFKWV]XWXQKDEHXQGGDQQXQGZDQQGDUDQHULQQHUW ZHUGHQPVVHGDHUVHLQ*HKDOWHLJHQWOLFKGRFKEORIUHLQH 6LQHNXUHEH]|JH©VROHKQWHGLH3ULQ]HVVLQGLHVDEXQGVDJWH ª1HLQDP6WHUEHQELQLFKQRFKQLFKW8QGZHQQLFKDP6WHUEHQ ZlUHVRZUGHPLFK'RNWRU:LONLQVGHUDOOHVOLHVWDEHUQLFKWYLHO ZHLDXFKQLFKW]XUFNKDOWHQN|QQHQ:DVLUJHQGHLQ0HQVFKIU PLFKWXQNDQQGDVWXW%LHIUPLFKXQGZHQQLFKLKPHLQHKDOEH 6WXQGH]XJHK|UWXQGZlKUHQGVHLQHU(U]lKOXQJHQLP 5HQWLHUVFKOLWWHQPLWLKPJHVHVVHQRGHUZRKOJDUEHL0LVVLRQDU 'DKOVWU|PHLQHURWH*UW]HPLWLKPJHJHVVHQKDEHVRKDEHLFK EHLVROFKHU*HOHJHQKHLWDOOHPDOGDVJHKDEWZDVPDQGLH KHLOVDPH*HJHQZDUWGHV$U]WHVQHQQW ¾PHGLFRSUDHVHQWH½VR KHLWHVMDZRKOGDUXKWGLH.UDQNKHLW1HLQ%LHPXEOHLEHQ 8QGZDVZUGHVHLQH6FKZHVWHU]XVROFKHU.UlQNXQJVDJHQGLH JXWHNOHLQH3DVWRULQGLHLKQIUVREHUKPWKlOWZLH%RHUKDDYH XQGJDQ]DXIULFKWLJGHQNWGDPDQGLHDOWH*HVFKLFKWH ZLHGHUEHOHEHQXQGPLWYROOHU6LFKHUKHLWGHV(LQWUHIIHQVYRP 1RUG RGHU6GSRODXVDQLKQVFKUHLEHQN|QQWH ¾$Q'U%LHLQ (XURSD½© 'LH.UDQNKHLWGHU3ULQ]HVVLQVRZHQLJJHIlKUOLFKVLHZDU]RJVLFK KLQ'HU.|QLJLQ]ZLVFKHQHLQJHWURIIHQKDWWHPLWGHQ3HUVRQHQ VHLQHUQlFKVWHQ8PJHEXQJGHQOLQNHQ)OJHOEH]RJHQXQG EHVFKUlQNWHVLFKZDVGLH3ULQ]HVVLQDQJLQJGDUDXIVLFKMHGHQ 7DJQDFKGHP%HILQGHQGHUVHOEHQHUNXQGLJHQ]XODVVHQ6RQVW ZXUGHPDQVHLQHUNDXPJHZDKUZDVWHLOVPLWVHLQHUKlXILJHQ $QZHVHQKHLWGUEHQLQ6NRGVERUJWHLOVPLWVHLQHU/HEHQVZHLVH ]XVDPPHQKLQJ(UOLHEWHQXQPDOGLH9HUJQJXQJHQLP)UHLHQ :DUQLFKW+HW]MDJGVRZDU3LUVFKMDJG XQGZDUQLFKW 'DFKVJUDEHQVRZDU*UDEHQQDFK6WHLQEHWWHQXQG0RRUIXQGHQ
MDPLWXQWHUZDUHUELV9LQGHU|GXQG$UUHVHHGDOKLQEHUXPYRQ GRUWDXVZRVHLQH%RRWHODJHQDXIGHPJURHQ$UUHVHH]X VHJHOQ +RONGHUGLH.DSLWlQH:HVWHUJDDUGXQG/XQGE\HQRFKYRQ 6FKOHVZLJXQG)OHQVEXUJKHUZRVLHYRUEHUJHKHQGLQ*DUQLVRQ JHVWDQGHQKDWWHQJXWNDQQWHVXFKWHGHQ9HUNHKUPLWLKQHQ]X HUQHXHUQZDVDXFKJHODQJXQGLKPGDQQXQGZDQQHLQSDDU YHUJQJOLFKH3ODXGHUVWXQGHQHLQWUXJ DEHUZHQQHUGDQQZLHGHU DOOHLQZDUXQGQDFK+RONHQlVKLQEHUGDFKWHNDPLKPHLQ*HIKO VFKZHUHU9HUOHJHQKHLWXQG6RUJH'DVJLQJQLFKWVRZHLWHU'LH .RUUHVSRQGHQ]]ZLVFKHQLKPXQG&KULVWLQHVWRFNWHY|OOLJ DEHU DXFKGLH%ULHIHYRQ3HWHUVHQXQG$UQHZDUHQQRFKXQHUOHGLJW 'LHVHUOHW]WHUHZHQLJVWHQVPXWHEHDQWZRUWHWZHUGHQ VFKRQ HLQH:RFKHZDUVHLWVHLQHP(PSIDQJHYHUJDQJHQ ZHQQHU V QLFKWDXFKPLWGHPQRFKYHUGHUEHQZROOWHGHUDOOH]HLWVHLQEHVWHU )UHXQGXQG%HUDWHUXQGYLHOOHLFKWQXU]XRIWVHLQ$QZDOWLQVHLQHQ IUKHUHQNOHLQHQ.lPSIHQPLW&KULVWLQHJHZHVHQZDU (VZDUHLQGLHQVWIUHLHU7DJKHOOXQGNODUXQG'RNWRU%LHYRQGHU 3ULQ]HVVLQNRPPHQGKDWWHEHLLKPYRUJHVSURFKHQXQGLKQGXUFK +LOOHU|GHU6WDGWNODWVFKXQGNOHLQH'RNWRUJHVFKLFKWHQLQHLQH EHKDJOLFKH6WLPPXQJYHUVHW]W'LHVH6WLPPXQJZROOWHHUQLFKW XQJHQXW]WYRUEHUJHKHQODVVHQ 6WLPPXQJZDUVFKRQGHUKDOEH %ULHI8QGZDVZDUHVGHQQDXFKDP(QGH"&KULVWLQHZDUHLQH )UDXPLWZHQLJHU9HUJQJOLFKNHLWDOVZQVFKHQVZHUWXQGPLW PHKU*UXQGVlW]HQDOVQ|WLJ GDVZDUHLQHDOWH*HVFKLFKWHGLH YRQQLHPDQGHPEHVWULWWHQZXUGHNDXPYRQ&KULVWLQHVHOEVW,Q GLHVHP6LQQHVSUDFKHUQRFKHLQH:HLOHYRUVLFKKLQXQGDOVHU VLFKPHKUXQGPHKULQGLH9RUVWHOOXQJKLQHLQJHUHGHWKDWWHGD DOOHVJHQDXEHWUDFKWHWHLQHEORDXIJHEDXVFKWH*HVFKLFKWHVHL ZHLOMDGRFKHLJHQWOLFKQLFKWVYRUOlJHQDKPHUVFKOLHOLFKVHLQHQ 3ODW]DP6FKUHLEWLVFKXQGVFKULHE /LHEHU$UQH6HLKHU]OLFKEHGDQNWIU'HLQHQOLHEHQ%ULHIYRP Y0XPVRKHU]OLFKHUDOVLFKQDFKVRYLHOHQ%HZHLVHQ'HLQHU IUHXQGVFKDIWOLFKHQ*HIKOHIUPLFKVHKUZRKOZHLGD'XEHL VWDUNHU+HUYRUKHEXQJ'HLQHU%HGHQNHQEHUPHLQ7XQXQG /DVVHQQXUGHU9RUVWHOOXQJHLQHU3IOLFKWJHKRUFKWHVW$EHUOLHEHU $UQHODPLFK'LFKIUDJHQODJHLQHVROFKH3IOLFKWZLUNOLFKYRU" +DVW'XQLFKWXPGLHVPDODOV&KULVWLQHQV$QZDOW VRQVWZDUVW'X GHUPHLQH GDV5HFKW'HLQHU.OLHQWLQJHJHQPLFK]XZDKUHQPLFK
LQHLQ8QUHFKWJHVHW]WGDVJDUQLFKWH[LVWLHUW"$OOHV $QNODJHPDWHULDOJHJHQPLFKLVWPHLQHQHLJHQHQ%ULHIHQ HQWQRPPHQ1XQGLHVH%ULHIHOLHJHQMHW]WGUEHQLQ+RONHQlV XQGVLQGPLUQLFKWPHKULQMHGHP(LQ]HOSXQNWJHJHQZlUWLJDEHU ZHQQLFKLKUHQ,QKDOWDXVGHP*HGlFKWQLVUHNDSLWXOLHUHVRNDQQ LFKQLFKWVILQGHQZDVHLQH%HVFKXOGLJXQJUHFKWIHUWLJWH'DVLQG GLH+DQVHQVXQGGDLVWGDV)UlXOHLQ YRQ5RVHQEHUJEHLGHUHQ 6FKLOGHUXQJLFKZLHHLQHQJOLVFKHV6SULFKZRUWVDJW¾PHKU 3HWHUVLOLHDQGDV+KQFKHQJHOHJWKDEHQPDJDOVXQEHGLQJWQ|WLJ ZDU½ DEHUHLQVROFKHV=XYLHOKlWWHPLUHQWZHGHUDXI 8QEHIDQJHQKHLWJHGHXWHWZHUGHQPVVHQRGHUDXIHLQHQ+DQJ GDV5LGLNOHGXUFKVLFKVHOEHUZLUNHQ]XODVVHQ,FKHQWVLQQH PLFKLQHLQHPPHLQHU%ULHIHYRQHLQHUKDOEPlUFKHQKDIWHQ $XGLHQ]GHUVFK|QHQ.DSLWDQDEHLP.DLVHUYRQ6LDPXQGLQ HLQHPDQGHUQYRQGHPSLNDQWHQXQGDOOHUGLQJVHWZDVIUHLVLQQLJHQ )UlXOHLQYRQ5RVHQEHUJDOVYRQHLQHP¾'DYLG6WUDXVFKHQ $PDQXHQVLV½JHVSURFKHQ]XKDEHQXQGQXQIUDJLFK'LFKOLHEHU $UQHREGDV$XVODVVXQJHQVLQGGLH&KULVWLQHQV(PSILQGOLFKNHLWHQ XQGLPZHLWHUQ9HUODXI'HLQHEULHIOLFKHQ9RUZUIHUHFKWIHUWLJHQ ,FKVSUDFKHEHQ YRQPHLQHU8QEHIDQJHQKHLWGLHPLU]XP*XWHQ JHGHXWHWZHUGHQPVVHZLOODEHULP*HJHQVDW]HGD]XHLQUlXPHQ XQGGDVLVWGDVHLQ]LJH=XJHVWlQGQLVGDVLFKPDFKHQNDQQ GDPLULQPHLQHU.RUUHVSRQGHQ]PLW&KULVWLQHGHUULFKWLJH7RQ VFKOLHOLFKYHUORUHQJHJDQJHQLVW9RQGHP$XJHQEOLFNDQZRPDQ VLFKEHDUJZRKQWVLHKWLVWHVVFKZHULQ7RQXQG+DOWXQJNRUUHNW ]XEOHLEHQXQGXPVRVFKZHUHUDOVHVGHQ8QVFKXOGVJUDGJDU QLFKWJLEWGHUHLQHQZHQQHUVWPDO=ZHLIHODQJHUHJWZXUGHQ JHJHQ%HGHQNHQXQGNOHLQH9RUZUIHVHLQHUVHOEVWHLQIUDOOHPDO VLFKHUVWHOOWH:DVZDQGHOWXQVQLFKWDOOHVDQZDVEHVFKOHLFKWXQV QLFKWDOOHV"9LHOHVDOOHV$EHUVFKRQ0DUWLQ/XWKHUGLHVZHLLFK DXVGHU7UDNWlWFKHQOLWHUDWXUGLHLPPHUQXU]XIOHLLJLQXQVHU +DXVNDPKDWHLQPDODXVJHVSURFKHQ ¾:LUN|QQHQQLFKWKLQGHUQ GDGLHE|VHQ9|JHOEHUXQVKLQIOLHJHQZLUN|QQHQQXUKLQGHUQ GDVLH1HVWHUDXIXQVHUP+DXSWHEDXHQ½-D6FKZDJHUHV EOHLEWGDEHL&KULVWLQHVRYLHOHU7XJHQGHQVLHVLFKUKPHQGDUI HLQHKDWVLHQLFKWVLHKDWQLFKWGLHGHU'HPXWXQGJHQlKUWXQG JURJH]RJHQLQGHU9RUVWHOOXQJHLQHUEHVRQGHUHQ 5HFKWJOlXELJNHLWYRQGHUVLHEHVWlQGLJ+HLOVZLUNXQJHQXQG (UOHXFKWXQJHQHUZDUWHWNRPPWVLHQDWUOLFKQLFKWDXIGHQ *HGDQNHQGDVLHJOHLFKDQGHUHQDXFKLUUHQN|QQWH6LHKDW $VWDQDFK*QDGHQIUHLJHEUDFKWXQG$[HOQDFK%XQ]ODXGDVVLQG
7DWHQGLH6FKZlFKHQXQG,UUWPHUDXVVFKOLHHQ,UUWPHU GHQHQDQGHUHGLHVWDWWQDFK+HUUQKXWQDFK.RSHQKDJHQUHLVHQ HLQIUDOOHPDOXQWHUZRUIHQVLQG8QGQDFKGHPLFKVRPHLQH 9HUWHLGLJXQJJHIKUWXQGJHJHQGHQ6FKOXKLQPHKUDOVPLU OLHELVWGLH5ROOHGHV$QJHNODJWHQPLWGHUGHV$QNOlJHUV YHUWDXVFKWKDEHYHUDEVFKLHGHLFKPLFKXQGOHJHPHLQH6DFKHLQ 'HLQH+DQGYROONRPPHQVLFKHUGDULQGD'HLQH.OXJKHLWXQGYRU DOOHPDXFKGLH/LHEHGLH'XJOHLFKPlLJIUPLFKZLHIU &KULVWLQHKHJVWDOOHV]XP*XWHQKLQDXVIKUHQZLUG8QGGDPLW *RWWEHIRKOHQ:LHLPPHU 'HLQ'LUKHU]OLFKHUJHEHQHU +RON $OVHUGLH)HGHUDXVGHU+DQGJHOHJWKDWWHQDKPHUGHQ%RJHQ XQGVWHOOWHVLFKDQV)HQVWHUXPDOOHV=HLOHIU=HLOHQRFKHLQPDO GXUFK]XVHKHQ(UIDQGPDQFKHVDXV]XVHW]HQXQGPXUPHOWH ZHQQLKPGLHVXQGGDVQLFKW]XVDJWHªIDVWVRGRNWULQlUZLH &KULVWLQH© GHU6FKOXDEHUYRQGHUªEHVRQGHUHQ 5HFKWJOlXELJNHLW©JHILHOLKPXQGPHKUQRFKGLH6WHOOHYRQGHU ªHLQJHEWHQ8QEHIDQJHQKHLW©HLQJHEWªZHLOHVVREDOGPDQ HUVWXQWHU$QNODJHVWHKHNHLQHQ8QVFKXOGVJUDGJlEHGHUHLQHQ JHJHQ=ZHLIHOXQGJHOHJHQWOLFKH6HOEVWYRUZUIHVLFKHUVWHOOH© 6HLQ$XJHZHLOWHZLHJHEDQQWGDUDXIELV]XOHW]WGLH%HIULHGLJXQJ GDUEHUKLQVFKZDQGXQGLKQQLFKWVPHKUGDUDXVDQVDKDOVGDV %HNHQQWQLVVHLQHU6FKXOG
)QIXQG]ZDQ]LJVWHV.DSLWHO 'LHVFK|QHQ7DJHGLHVHLQHP5XI]XP7URW]IDVWGHQJDQ]HQ 1RYHPEHUEHUDQJHGDXHUWKDWWHQVFKORVVHQPLWGHP 0RQDWVZHFKVHODEXQG KHIWLJH1RUGZHVWVWUPHVHW]WHQHLQQXU GDQQXQGZDQQYRQ5HJHQVFKDXHUQXQWHUEURFKHQGLHIUHLOLFKRIW VFKRQQDFKZHQLJ6WXQGHQHLQHPQHXHQ1RUGZHVWHU3ODW] PDFKWHQ'LHVHU:HWWHUXPVFKODJlQGHUWHQDWUOLFKDXFKGDV /HEHQLP6FKOR DOOH6SD]LHUJlQJHGLHVLFKQLFKWVHOWHQELV )UHGHQVERUJXQGVGOLFKELV/LOOHU|GDXVJHGHKQWKDWWHQK|UWHQ DXIXQGDQGLH6WHOOHGHUKDOEGLHQVWOLFKHQ9HUHLQLJXQJHQLQGHU JURHQ+HUOXI7UROOH+DOOHWUDWHQMHW]WNOHLQH5HXQLRQVGLHVLFK ]ZLVFKHQªKEHQXQGGUEHQ©RGHUZDVGDVVHOEHVDJHQZROOWH ]ZLVFKHQGHQEHLGHQ7UPHQWHLOWHQXQGDQHLQHP$EHQGEHLGHU HLQHQDPDQGHUQEHLGHUDQGHUHQGHUEHLGHQ+RIGDPHQ VWDWWIDQGHQ'LH3ULQ]HVVLQKDWWHGLHVHLJHQVVRJHZQVFKWXQG GLH6FKLPPHOPDQQVRVWHLIXQG]HUHPRQLHOOVLHVRQVWVHLQ PRFKWHZDUDOV:LUWLQYRQJURHU/LHEHQVZUGLJNHLWVRGDLKUH ª$EHQGH©PLWGHQHQ(EEDVZHWWHLIHUQGXUIWHQ'LH =XVDPPHQVHW]XQJGHU*HVHOOVFKDIWZDULPPHUGLHVHOEH YRUDQ GHU+RIKDOWGHU3ULQ]HVVLQGD]XGDV6FKOHSSHJUHOOVFKH3DDUXQG GLHEHLGHQ$GMXWDQWHQGHV.|QLJVYRQGHQHQ/XQGE\HVLFKDXI GHQ+RI XQG/HEHPDQQ:HVWHUJDDUGDXIGHQ)UHLVLQQLJHQKLQ DXVVSLHOWHNOHLQHJHVHOOVFKDIWOLFKH1XDQFHQGLHGHQ5HL]GHV 9HUNHKUVPLWLKQHQQXUQRFKVWHLJHUWHQ-DPDQVDKVLFKWlJOLFK LPPHUQXU]ZLVFKHQGHP /LQNV XQG5HFKWVWXUPZHFKVHOQGXQG ZLHGLH=XVDPPHQVHW]XQJGHU*HVHOOVFKDIWGLHVHOEHZDUVRZDU HVDXFKGLH)RUPGHU8QWHUKDOWXQJGLHVLFKDXI/XVWVSLHOHOHVHQ XQG'HNODPDWLRQXQGZHQQHVKRFKNDPDXIHLQ6WHOOHQYRQ %LOGHUQEHVFKUlQNWH'DQQXQGZDQQVFKRQXP3HQW]XQGGHU 6FKLPPHOPDQQZLOOHQZXUGHDXFKHLQH:KLVWSDUWLHEHOLHEWGLH GDQQQDFKGHP$EHQGEURWLQHLQNOHLQHVVHKUKDUPORVHV+DVDUG EHUJLQJ(EEDJHZDQQLPPHUªZHLOVLH©ZLHVLHVDJWH ª8QJOFNLQGHU/LHEHKDEH©0DQZDUKHLWHUELV ]XU $XVJHODVVHQKHLWXQGZlKUHQGVHOEVWYHUVWlQGOLFKEHUGDVHZLJH 6WXUP XQG5HJHQZHWWHUXQGPHKUQRFKEHUGLHQLFKWHQGHQ ZROOHQGH.UDQNKHLWGHU3ULQ]HVVLQJHNODJWZXUGHJHVWDQGPDQ VLFKGRFKJOHLFK]HLWLJGDPDQGLHVHPDQJHEOLFKHQ8QJOFNDOO GDV*OFNYHUGDQNHGHVVHQPDQVLFKHUIUHXWH
6RJLQJHVELVGHQ]ZHLWHQ$GYHQW GDVFKOXJGDV:HWWHU DEHUPDOVXPXQGPLWGHPVFKDUIHQ1RUGRVWGHUMHW]WHLQVHW]WH NDPVRIRUWDXFKELWWUH.lOWHGLHJOHLFKLQGHUHUVWHQ1DFKWDOOH 7PSHOXQG5HJHQODFKHQXQGVFKRQGHQ7DJGDUDXIDXFKGHQ NOHLQHQ6FKORVHHPLW(LVEHGHFNWH'HP6FKORVHHIROJWHGDQQ GHUEUHLWHQDFK2VWXQG:HVWKLQPLWGHP(VURP XQG$UUHVHH 9HUELQGXQJKDOWHQGH3DUNJUDEHQXQGDOVDEHUPDOVHLQH:RFKH VSlWHUGLH1DFKULFKWNDPGDDXFKGLHJURHQ6HHQVHOEVWDQ LKUHQ8IHUQZHQLJVWHQVPLWVWDUNHP(LVHEHOHJWVHLHQZXUGH QDFKGHP'RNWRU%LHEHVFKZRUHQKDWWHGDHLQ$XVIOXJEHL EODQNHP:HWWHUJHQDXGDVVHLZDVGLHYRQª6FKOR0DODULD©VR ZDUVHLQ$XVGUXFNKHUUKUHQGHQ=XVWlQGHGHU3ULQ]HVVLQ DP HKHVWHQEHVHLWLJHQZHUGH GHUQlFKVWH7DJVFKRQIUHLQH 6FKOLWWHQ EH]LHKXQJVZHLVH6FKOLWWVFKXKSDUWLHQDFKGHP$UUHVHH KLQIHVWJHVHW]W 8QGQXQZDUGLHVHU7DJGDVRQQLJHUXQGIULVFKHUDOVDOOH YRUDXIJHJDQJHQHQXQGNXU]YRU]ZHLWUDIPDQVLFKDQGHU XQV ZRKOEHNDQQWHQ6WHOOHZRMHW]WGLH6WULFNIlKUHHLQJHIURUHQLP(LVH ODJ'LHGLHVLFKGDVHOEVW]XVDPPHQIDQGHQZDUHQ]XQlFKVWGLH 3ULQ]HVVLQVHOEVWPLW+RONXQG(EEDGDQQ6FKOHSSHJUHOOXQGGLH EHLGHQ$GMXWDQWHQ3HQW]IHKOWHZHLOHU]XDOWGLH3DVWRULQZHLO VLH]XNRUSXOHQWZDUZlKUHQGVLFK(ULFKVHQXQGGLH 6FKLPPHOPDQQGHP]LHPOLFKVFKDUIHQ1RUGRVWGHUJLQJQLFKW DXVVHW]HQPRFKWHQ$EHUDXFKGLHVHYLHUKDWWHQDXIHLQ EHVWLPPWHV0DYRQ7HLOQDKPHQLFKWYHU]LFKWHQZROOHQXQG ZDUHQLQHLQHJHVFKORVVHQH.XWVFKHJHVWLHJHQXP YRUDXVIDKUHQGGLHZHWWHUIHVWHUH+lOIWHGHU*HVHOOVFKDIWLQHLQHP NOHLQHQGLFKWDQGHU(LQPQGXQJGHV3DUNJUDEHQVLQGHQ$UUHVHH JHOHJHQHQ*DVWKDXVH]XHUZDUWHQ 1HEHQGHU)lKUHGLHGXUFKYRUDXIJHVFKLFNWH'LHQHUVFKDIWHQLQ HLQ(PSIDQJV XQG8QWHUNXQIWV]HOWYHUZDQGHOWZRUGHQZDUVWDQG HLQHOHJDQWHU6WXKOVFKOLWWHQXQGDOVGLH3ULQ]HVVLQGDULQ XQWHUJHEUDFKWXQGPLW+LOIHYRQDOOHUKDQG3HO]ZHUNYRU(UNlOWXQJ JHVFKW]WZRUGHQZDUKDQGHOWHVLFK VIUGLHEHJOHLWHQGHQ 6FKOLWWVFKXKOlXIHUQXUQRFKXPGLH)UDJHZHUGLH)KUXQJ EHUQHKPHQXQG]ZHLWHQVZHUPLWGHU(KUHGHQ6FKOLWWHQGHU 3ULQ]HVVLQEHUGDV(LVKLQ]XVWHXHUQEHWUDXWZHUGHQVROOWH 5DVFKHQWVFKLHGPDQVLFKGD6FKOHSSHJUHOODOV2UWVNXQGLJVWHU GHQ=XJ]XIKUHQ+RONDEHUGHQ6FKOLWWHQGHU3ULQ]HVVLQ]X VWHXHUQKDEHZlKUHQGGLFKWDXIVFKOLHHQGGDV)UlXOHLQDQGHU
+DQGGHUEHLGHQ2IIL]LHUHIROJHQVROOWH1DFKGLHVHU$QRUGQXQJ ZXUGHGHQQDXFKZLUNOLFKDXIJHEURFKHQXQGZHLODOOHVHKU JHVFKLFNWH/lXIHUDXHUGHPDXFK GLH.RVWPHJXWXQGNOHLGVDP JHZlKOWZDUHQVRZDUHVHLQH)UHXGHGHQ=XJEHUGLHJODWWH (LVIOlFKHKLQVFKLHHQ]XVHKHQ$PLPSRQLHUHQGVWHQZLUNWH 6FKOHSSHJUHOOGHUKHXWHPHKUHLQHPKHLGQLVFKHQ:RWDQDOV HLQHPFKULVWOLFKHQ$SRVWHOJOLFK VHLQ0DQWHONUDJHQEDXVFKWHVLFK EHUGHP.UHPSHQKXWKRFKLP:LQGHZlKUHQGHUGHQ 3LNHQVWRFNXPGLH6FKQHOOLJNHLW]XVWHLJHUQLPPHUNUDIWYROOHULQV (LVVWLH'LH3ULQ]HVVLQZDUHUIUHXWXQGVSUDFKHV]X+RONDXFK DXVLKUHQª3IDGILQGHU©VRSKDQWDVWLVFKYRUVLFKKHUIDKUHQ]X VHKHQDEHULKU6FK|QKHLWVVLQQGHULKUWURW]GHVLKUIHKOHQGHQ 6LQQHVIU2UGQXQJXQG(OHJDQ]LQKRKHP0DH]XHLJHQZDU ZUGHGRFKQRFKHUIUHXWHUJHZHVHQVHLQZHQQVLHJHOHJHQWOLFK UFNZlUWVEOLFNHQGDXFKGDV%LOGGHULKUIROJHQGHQGUHLKlWWHYRU $XJHQKDEHQN|QQHQ(EEDGDV.OHLGJHVFKU]WXQGLQKRKHQ 6FKOLWWVFKXKVWLHIHOQWUXJHLQHVFKRWWLVFKH0W]HGHUHQ%lQGHULP :LQGHIODWWHUWHQXQGMHW]WUHFKWVGHPHLQHQXQGGDQQZLHGHU OLQNVGHPDQGHUQLKUHU3DUWQHUGLH+DQGUHLFKHQGJOLFKLKU(LVODXI HLQHU7DQ]WRXUGDULQVLHVLFKWURW]ZHLWDXVKROHQGHU 6HLWHQEHZHJXQJHQLQZDFKVHQGHU5DVFKKHLWYRUZlUWVEHZHJWH 'HU]XUFN]XOHJHQGH:HJZDUQLFKWYLHONU]HUDOVHLQH0HLOH DEHUHKHQRFKHLQHKDOEH6WXQGHXPZDUZXUGHPDQVFKRQGHV KRFKJHOHJHQHQ*DVWKDXVHVGDUDXVHLQKHOOHU5DXFKDXIVWLHJ DQVLFKWLJXQGGDKLQWHUGHUZHLWHQ)OlFKHGHV$UUHVHHVEOLQNHQG XQGEOLW]HQGVRZHLWGDV(LVJLQJXQGGDQQEOlXOLFK]LWWHUQGZR GHU6HHQRFKHLVIUHLGHP0HHUHVLFK]XGHKQWH 6FKOHSSHJUHOODOVHUGDV=LHOYRU$XJHQKDWWHVFKZHQNWH WULXPSKLHUHQGGHQ3LNHQVWRFNXQGGDVRKQHKLQVFKRQUDVFKH 7HPSRZRP|JOLFKQRFKEHVFKOHXQLJHQGZDUHULQNU]HVWHU)ULVW ELVDQGDV*DVWKDXVKHUDQDXIGHVVHQYRUJHEDXWHU7UHSSH3HQW] XQGGLH6FKLPPHOPDQQXQGPLWLKQHQDXFKGLHNOHLQH3DVWRUVIUDX VFKRQVWDQGHQXQGGLH+HUDQNRPPHQGHQPLW7FKHUZHKHQ EHJUWHQ1XU(ULFKVHQHLQH6FKDFKWHO&DFKRXLQ+lQGHQZDU ZLHVLFKVSlWHUHUJDELQGHU*DVWVWXEH]XUFNJHEOLHEHQ+RONGLH HLQH+DQGDXIGLH5FNOHKQHGHV6FKOLWWHQVJHOHJWOSIWHPLWGHU DQGHUQGHQ+XWXQGLPQlFKVWHQ$XJHQEOLFNHVFKRQKLHOWHUDQ HLQHPNOHLQHQ:DVVHUVWHJGHVVHQ%UHWWHUODJHELV]XGHP *DVWKDXVHKLQDXIVLFKIRUWVHW]WH3HQW]PLWWOHUZHLOH KHUDQJHNRPPHQERWGHU3ULQ]HVVLQVHLQHQ$UPXPVLHZlKUHQG 6FKOHSSHJUHOOXQGGLHEHLGHQ.DSLWlQHIROJWHQGLH'QH
KLQDXI]XIKUHQXQGQXU+RONXQG(EEDVWDQGHQQRFKDQGHP :DVVHUVWHJXQGVDKHQHUVWGHQ9RUDXIJHKHQGHQQDFKXQGGDQQ HLQDQGHUDQ,Q+RONV%OLFNODJHWZDVZLHYRQ(LIHUVXFKWXQGDOV (EEDV$XJHPLWHLQHPKDOEVS|WWLVFKHQª(LQMHGHULVWVHLQHV *OFNHV6FKPLHG©GDUDXI]XDQWZRUWHQVFKLHQHUJULIIHU XQJHVWPLKUH+DQGXQGZLHVQDFK:HVWHQ]XZHLWKLQDXVZR GLH6RQQHVLFKQHLJWH6LHQLFNWH]XVWLPPHQGXQGEHLQDK EHUPWLJXQGQXQIORJHQVLHZLHZHQQGLH9HUZXQGHUXQJGHU =XUFNEOHLEHQGHQLKQHQQXUQRFKHLQ6SRUQPHKUVHLGHU6WHOOH ]XZRVLFKGHUHLVEOLQNHQGHPLWVHLQHQ8IHUQLPPHUPHKU ]XUFNWUHWHQGH:DVVHUDUPLQGHUZHLWHQ)OlFKHGHV$UUHVHHV YHUORU,PPHUQlKHUUFNWHQVLHGHU*HIDKUXQGMHW]WVFKLHQHVLQ GHU7DWDOVREEHLGHTXHUEHUGHQQXUQRFKZHQLJKXQGHUW 6FKULWWHEUHLWHQ(LVJUWHOKLQZHJLQGHQRIIQHQ6HH KLQDXVZROOWHQ LKUH%OLFNHVXFKWHQHLQDQGHUXQGVFKLHQHQ]X IUDJHQ ª6ROOHVVRVHLQ"©8QGGLH$QWZRUWZDU]XPPLQGHVWHQ NHLQH9HUQHLQXQJ$EHULPVHOEHQ$XJHQEOLFNHZRVLHGLHGXUFK HLQH5HLKHNOHLQHU.LHIHUQDOVOHW]WH6LFKHUKHLWVJUHQ]HEH]HLFKQHWH /LQLHSDVVLHUHQZROOWHQERJ+RONPLWUDVFKHU:HQGXQJUHFKWVXQG ULDXFK(EEDPLWVLFKKHUXP ª+LHULVWGLH*UHQ]H(EED:ROOHQZLUGUEHUKLQDXV"©(EEDVWLH GHQ6FKOLWWVFKXKLQV(LVXQGVDJWH ª:HUDQ]XUFNGHQNWGHU ZLOO]XUFN8QGLFKELQ V]XIULHGHQ(ULFKVHQXQGGLH 6FKLPPHOPDQQZHUGHQXQVRKQHKLQHUZDUWHQ GLH3ULQ]HVVLQ YLHOOHLFKWQLFKW©
6HFKVXQG]ZDQ]LJVWHV.DSLWHO (LQH6WXQGHQDFK6RQQHQXQWHUJDQJDOVXP3HQW]]X]LWLHUHQ +RONXQG(EEDYRQLKUHUª(LVPHHU([SHGLWLRQZLHGHULQJHVLFKHUWH 9HUKlOWQLVVH]XUFNJHNHKUWZDUHQ©WUDWPDQLQHLQHP JHVFKW]WHQXQGPLW'HFNHQZRKOYHUVHKHQHQ&KDUjEDQFGHU 3ODW]IUDOOHKDWWHGHQ+HLPZHJQDFK )UHGHULNVERUJDQ 8QWHUZHJVZXUGHGHUªURPDQWLVFKHQ(VNDSDGH©WURW]GHU *HJHQZDUWGHUEHLGHQ)OFKWOLQJHPLWVLFKWOLFKHU9RUOLHEH JHGDFKWXQGGHU7RQLQGHPHVJHVFKDKOLHNHLQHQ=ZHLIHO GDUEHUGDPDQDOOHVDOVHWZDVYHUJOHLFKVZHLVH+DUPORVHVDOV HLQHQEORHQhEHUPXWVVWUHLFKDQVDK]XGHP(EEDGHQDUPHQ +RONJHGUlQJWKDEHGHUQXQZRKORGHUEHOKDEHQDFKJHEHQ PVVHQ,QGLHVHP6LQQHVSUDFKHQGLHPHLVWHQXQGQXUGLH 3ULQ]HVVLQNRQQWHVLFKJDQ]JHJHQLKUH*HZRKQKHLWQLFKW HQWVFKOLHHQLQGHQ KHLWUHQ7RQPLWHLQ]XVWLPPHQVFKZLHJ YLHOPHKUZDVZHQQDXFKVRQVWQLHPDQGHPVRGRFKGHQEHLGHQ $GMXWDQWHQDXIILHOGLHVLFKEHLGLHVHP6FKZHLJHQHLQLJHUVFKRQ YRUKHUYRQVHLWHQGHU3ULQ]HVVLQJHPDFKWHUKDOElQJVWOLFKHUKDOE PLELOOLJHQGHU%HPHUNXQJHQHULQQHUQPRFKWHQª(EEDOLHEWPLW GHU*HIDKU]XVSLHOHQ©VRKDWWHGDV*HVSUlFKGULQQHQLP *DVWKDXVHEHJRQQHQªXQGVLHGDUIHVDXFKZHLOVLHHLQ7DOHQW KDWLKUHQ.RSINOXJDXVGHU6FKOLQJH]X]LHKHQ6LHZLUGZRKOIU DOOH)lOOHHLQHQ5HWWXQJVJUWHOXQWHUGHU3HO]MDFNHWUDJHQ$EHU QLFKWMHGHULVWVRNOXJXQGVRYRUVLFKWLJXQGDPZHQLJVWHQXQVHU JXWHU+RON© 'LHVDOOHVZDUDP.DIIHHWLVFKHVRKDOEVFKHU]KDIWKLQJHVDJW ZRUGHQZlKUHQG+RONXQG(EEDQRFKGUDXHQZDUHQ DEHUKLQWHU GHP6FKHU]HKDWWHVLFKRIIHQEDUHLQ(UQVWYHUVWHFNW *HJHQVHFKVZDUPDQLP6FKORVVH]XUFNXQGDOVPDQVLFK JOHLFKGDUDXIYRQGHU3ULQ]HVVLQGLHQRFKLPPHUGLH$EHQGH DOOHLQ]X]XEULQJHQOLHEWHJHWUHQQWKDWWHQDKPPDQDXFK XQWHUHLQDQGHU$EVFKLHGDEHUDOOHUGLQJVXQWHUGHPJOHLFK]HLWLJHQ =XUXI ª$XI:LHGHUVHKHQKHXWDEHQG© ª8QGLQZHOFKHP7XUP"©IUDJWHQGLHEHLGHQ.DSLWlQHGLH 'LHQVWHVKDOEHUZlKUHQGGHUOHW]WHQ$EHQGHLQGHPNOHLQHQ .UHLVHJHIHKOWKDWWHQ
ª1XQLP(EED7XUP8QGQLFKWVSlWHUDOVDFKW:HUVSlWHU NRPPW]DKOW6WUDIH© ª:HOFKH"© ª'DVILQGHWVLFK© 8QGGDQDFKJLQJMHGHUDXIVHLQ=LPPHUQDFKGHPQRFK 6FKOHSSHJUHOOYHUVSURFKHQKDWWHVHLQHQ6FKZDJHU'RNWRU%LH PLW]XEULQJHQ 'LHEHLGHQ6FKOHSSHJUHOOVXQG%LHGLHGHQZHLWHVWHQ:HJKDWWHQ ZDUHQQDWUOLFKGLH3QNWOLFKVWHQXQGHUVWHQXQGWUDIHQZHLOHV LQ]ZLVFKHQOHLVH]XVFKQHLHQEHJRQQHQKDWWHYRQNOHLQHQ)ORFNHQ EHUVWlXEWDXIGHPXQWHUQ7XUPIOXUHLQYRQGHPDXVHLQH :HQGHOWUHSSH]XQlFKVWLQ(EEDVXQGGDQQK|KHUKLQDXILQ+RONV =LPPHUIKUWH:DVGDQQLPGULWWHQXQGYLHUWHQ6WRFNHQRFK IROJWHGDUXPKDWWHVLFKYRQDOOHQ7XUPEHZRKQHUQELVGDKLQ QLHPDQGJHNPPHUWQLFKWHLQPDO.DULQGLHVLFK VVHLWGHPHV NDOWJHZRUGHQQXUQRFKDQJHOHJHQVHLQOLHP|JOLFKVWZDUP]X VLW]HQHUVWXPLKUHW XQG]XP]ZHLWHQXPHLQHVMXQJHQ *lUWQHUEXUVFKHQZLOOHQPLWGHPVLHJOHLFKZlKUHQGGHUHUVWHQ YLHUXQG]ZDQ]LJ6WXQGHQLKUHV)UHGHULNVERUJHU$XIHQWKDOWVHLQ LQWLPHV9HUKlOWQLVDQJHNQSIWKDWWH6LHZDUGDULQEHUDXV HUIDKUHQXQG:lUPHZLHVLHZXWHNDPGHU/LHEH]XVWDWWHQ $XFKKHXWHZLHGHUKDWWHVLHIUHLQHUHFKWH%HKDJOLFKNHLWJHVRUJW XQGDOVVLFKGLH+LOOHU|GHU*lVWHYRQGHUDXIGHP)OXU KHUUVFKHQGHQ7HPSHUDWXUDQJHKHLPHOWIKOWHQVDJWH'RNWRU%LH ZlKUHQGHU.DULQGLH+DQGSDWVFKHOWH ª'DVLVWUHFKW.DULQ,KU VFKZHGLVFKHQ0lGHOLKUYHUVWHKWHV$EHUZLHIlQJVWGX VQXUDQ HVKLHUDXIGHP)OXUVRZDUP]XKDEHQ"(VLVWMDGDPDQVLFK JOHLFKKLHUDXIGLH7UHSSHVHW]HQXQGGHQ$EHQGEHLGLU]XEULQJHQ P|FKWH© 6FKOHSSHJUHOOGHUGLHVFKLIIVlU]WOLFKHQ9HUNHKUVIRUPHQVHLQHV 6FKZDJHUVQXU]XJXWNDQQWHZDUIGLHVHPHLQHQ]XPLQGHUHU 9HUWUDXOLFKNHLWDXIIRUGHUQGHQ%OLFN]X.DULQDEHUGLHVLFKPLW MHGHPXQGQLFKW]XPZHQLJVWHQPLWDOWHQ6FKLIIVFKLUXUJHQDXI HLQHQJXWHQ)X]XVWHOOHQOLHEWHZLHVDXIHLQHKLQWHUGHP 7UHSSHQDXIJDQJJHOHJHQH:DQGVWHOOHGLHJHUDGLQGHU0LWWH]X JOKHQVFKLHQ8QGLP1lKHUWUHWHQVDKXQVHU)UHXQG%LHGHQQ DXFKGDVLFKKLHUHLQLQGLH:DQGKLQHLQJHEDXWHUPlFKWLJHU
2IHQEHIDQGGHVVHQ)URQWQDWUOLFKLQ.DULQV=LPPHUJLQJ ZlKUHQGGLHVFKPXFNORVHQXUDXV%DFNVWHLQHQXQGHLQHUJURHQ (LVHQSODWWHKHUJHVWHOOWH+LQWHUZDQGGHQJDQ]HQ8QWHUIOXUXQGPLW LKP]XJOHLFKGDVKDOEH7UHSSHQKDXVKHL]WHª9RU]JOLFK©VDJWH %LHªYRU]JOLFK'DVZHUGLFKEHLGHU6FKORYHUZDOWXQJDQUHJHQ XQG]XU1DFKHLIHUXQJ HPSIHKOHQ(LVHUQHU2IHQPLWVR]XVDJHQ 'RSSHOKHL]XQJ)OXUXQG6WXEH]XJOHLFK'UEHQEHLGHU 6FKLPPHOPDQQGLHIUHLOLFKNHLQH.DULQ]XU$XVKLOIHKDWKHUUVFKW LPPHUHLQHJULPPLJH.lOWH PDQIULHUW6WHLQXQG%HLQXQGGLH 6FKLPPHOPDQQQDWUOLFKPLW8QGGD VROOPDQGDQQKHOIHQEHL GHQHZLJHQ.DWDUUKHQYRQHUIURUQHQ+lQGHQXQGURWHU1DVHJDU QLFKW]XVSUHFKHQ(LQ*OFNGDGLH'DQQHUQLFKWKLHULVW'LH KDWIUHLOLFKLKUHQ/HLEDU]WXQGQLFKW]XYHUJHVVHQDXFKPHKU QDWUOLFKH:lUPH6RQVWZlUHVLHQLFKWGLHGLHVLHLVW© 6FKOHSSHJUHOOZDUPLWGHPZDVVHLQ6FKZDJHUDQEDXOLFKHQ 9HUEHVVHUXQJVYRUVFKOlJHQYRUEUDFKWHVLFKWOLFKXQHLQYHUVWDQGHQ XQGVDJWHZlKUHQGDOOHGUHLMHW]WGLH7UHSSHKLQDXIVWLHJHQ ª,FK ELQJDQ]GDJHJHQ%LH/DGLH7UPHJHQDXVRZLHVLHVLQG© ª$FK©ODFKWH%LHª'XKDVWZLHGHUKLVWRULVFKH%HGHQNHQ(LQ 7XUPLQGHPPDQ]ZHLKXQGHUW-DKUHODQJJHIURUHQKDWLQGHP PXZHLWHUJHIURUHQZHUGHQ'DVQHQQWLKUGDQQ3LHWlWXQGGLH 3DVWRUHQKDEHQYLHOOHLFKWQRFKHLQJU|HUHV:RUWGDIU,FKIU PHLQH3HUVRQLFKELQIUZDUPVLW]HQ© ª-D©VDJWH6FKOHSSHJUHOOªGDVLVWGDV9RUUHFKWDOOHU 1RUGSROIDKUHU-HQlKHUGHP1RUGSROMHPHKU2IHQKRFNHU8QG 6FKORYHUZDOWXQJVDJVWGXGDZLOOVWGXKLQJHKHQXQGGLH 1HXHUXQJDQHPSIHKOHQ1XQLFKZHUGHPLWJHKHQZHQQGX JHKVWXQGZlKUHQGGXGHQ'RSSHORIHQGHUQRFKGD]XKDOEHLQ HLVHUQHULVWEHDQWUDJVWZHUGHLFKEHDQWUDJHQGLHVHQHLQHQDXV GHU:DQGKHUDXV]XUHLHQ(VLVWGHUJU|WH/HLFKWVLQQ8QG EHUDOO7DQQlSIHOXQGNLHQHQ+RO]XQGGLH'LHOHQXQG9HUVFKOlJH VRZXUPVWLFKLJZLH3IHLIHQ]XQGHU© 8QWHUGLHVHQ:RUWHQZDUHQVLHGLH7UHSSHKLQDXIXQGWUDWHQEHL (EEDHLQZRVFKRQDOOHVLQIHVWOLFKHU9RUEHUHLWXQJZDU GLH /DPSHQXQG/LFKWHUEUDQQWHQXQGGHUEHUHLWVJHGHFNWH7LVFK ZDUVRZHLWHVJLQJLQGLHWLHIH)HQVWHUQLVFKHJHVFKREHQ$OOHV JHUlXPLJXQGEHUVLFKWOLFK$EHUHKH]HKQ0LQXWHQXPZDUHQ KHUUVFKWHGXUFKGHQJDQ]HQ5DXPKLQHLQVXPPHQGHV
'XUFKHLQDQGHUXQGHLQhEHUEOLFNHUP|JOLFKWHVLFKHUVWZLHGHU DOVGLH0HKU]DKODQ]ZHLUDVFK]XUHFKWJHPDFKWHQ6SLHOWLVFKHQ 3ODW]JHQRPPHQKDWWHOLQNVGLH6FKLPPHOPDQQPLW3HQW]XQG /XQGE\HUHFKWVGLH3DVWRULQPLW(ULFKVHQXQG:HVWHUJDDUG+RON XQG%LHGLHJHUQPLWJHVSLHOWXQGGDV:KLVWPLWGHP6WURKPDQQ ]XHLQHPULFKWLJHQ:KLVWHUKREHQKlWWHQPXWHQDXI0LWVSLHO YHU]LFKWHQZHLO6FKOHSSHJUHOOGHQPDQGRFKQLFKWDOOHLQODVVHQ NRQQWHJUXQGVlW]OLFKNHLQH.DUWHQDKP1XQZDUIUHLOLFKQRFK (EEDGD GLHVHKDWWHVLFKDEHUDOV:LUWLQMHGHPHLQ]HOQHQDXI ZHQLJVWHQV$XJHQEOLFNH]XZLGPHQXQGWURW]GHPGHU7LVFK YRUVRUJOLFKLPYRUDXVJHGHFNWZDUJDEHVGRFKQRFKYLHOHUOHL]X WXQXQGGLH:HLVXQJHQDQ.DULQXQGGHQ]XU$XVKLOIHPLW KHUDQJH]RJHQHQ*lUWQHUQDKPHQNHLQ(QGH +RONXQG%LHQDFKGHPVLHVLFKLQGHQ9HU]LFKWJHIXQGHQKDWWHQ VLFKVFKOLHOLFKLQHLQH(FNH]XUFNJH]RJHQGLHGLFKWQHEHQGHU $ONRYHQQLVFKHGXUFKHLQHQYRUVSULQJHQGHQ0DXHUSIHLOHUJHELOGHW ZXUGH+LHUZDUPDQGHQQDXFKEDOGLQHLQHULQWLPHQ 8QWHUKDOWXQJGLHGHUDOO]HLWZLEHJLHULJH+RONQDWUOLFKQDFK ,VODQGKLQEHU]XVSLHOHQZXWH ª:LVVHQ6LH'RNWRU%LHGDLFK6LHZHJHQ,KUHVVFKLIIVlU]WOLFKHQ $XIHQWKDOWVGDREHQJHUDGH]XEHQHLGHQLFKWZHJHQ6NRUEXWXQG GHU$PSXWDWLRQHQGLHMDGDEHLYRUNRPPHQVROOHQDEHUGRFK ZHJHQGHV(WKQRJUDSKLVFKHQ© %LHQXUK|KHUHU)HOGVFKHUGHUGDV:RUWªHWKQRJUDSKLVFK© YLHOOHLFKWQRFKQLHJHK|UWMHGHQIDOOVDEHUEHUVHLQH%HGHXWXQJ QLHQDFKJHGDFKWKDWWHVFKUDNHWZDV]XVDPPHQXQGKlWWHVR RKQHZHLWUHVQLFKW5HGXQG$QWZRUWVWHKHQN|QQHQ GHUJDQ]LQ )UDJHOXVWDXIJHKHQGH+RONDEHUVDKQLFKWVGDYRQXQGIXKUIRUW ª8QGZHQQXQV,VODQGEORHLQEHOLHELJHV(WZDVZlUHGDVXQVVR HLJHQWOLFKQLFKWVDQJLQJHQXQVRN|QQWHPDQPLWVHLQHP ,QWHUHVVH]XUFNKDOWHQ DEHUGLH,VOlQGHUVLQGGRFKXQVUHKDOEHQ %UGHUXQGEHWHQMHGHQ6RQQWDJIU.|QLJ)ULHGULFKJHUDGHVRJXW ZLHZLU XQGYLHOOHLFKWQRFKEHVVHU'HQQHVVLQGHUQVWHXQG IURPPH0lQQHU8QGZHQQLFKGDQQGHQNHGDPDQVRLQGHQ 7DJKLQHLQOHEWXQGJHUDGHYRQGHPQLFKWVZHLYRQGHPPDQ UHFKWHLJHQWOLFKZDVZLVVHQPWHGDQQVFKlPHLFKPLFKXQG PDFKHPLUEHLQDK9RUZUIH :DVZlUHZLHPLUPHLQDOWHU3DVWRU 3HWHUVHQGUEHQZRKOKXQGHUW0DOHYHUVLFKHUWKDWZDVZlUH EHLVSLHOVZHLVHGLHJDQ]HJHUPDQLVFKVNDQGLQDYLVFKH/LWHUDWXU
ZHQQZLUGHQ6QRUUH6WXUOHVRQGLHVHQ6WRO]GHU,VOlQGHUQLFKW JHKDEWKlWWHQ":DVZlUHHVPLWGHU(GGDXQGYLHOHPDQGUHQ" 1LFKWVZlUHVGDPLW8QGQXQIUDJLFK6LH'RNWRU%LHVLQG6LH ZlKUHQG,KUHULVOlQGLVFKHQ7DJHGLHVHQ'LQJHQDOVHLQHP(WZDV EHJHJQHWGDVQRFKMHGHUNHQQWXQGOLHEWXQGVLQJWXQGVDJWGLH )UDXHQXQG0lGFKHQLQGHQ6SLQQVWXEHQXQG GLH0lQQHUZHQQ VLHDXIGHQ5REEHQIDQJ]LHKHQ"© 6FKOHSSHJUHOOGHUDOOGLHVH)UDJHQPLWDQJHK|UWKDWWHZXUGH YHUOHJHQLQGLH6HHOHVHLQHV6FKZDJHUVKLQHLQ%LHVHOEVWDEHU KDWWHVLFKLQ]ZLVFKHQHUKROWXQGVDJWHPLWJXWHP+XPRU ª-D GDVZHLHLJHQWOLFKDOOHVPHLQ6FKZDJHU6FKOHSSHJUHOOYLHO EHVVHUGHUQLFKWGDZDU 3HUVRQHQGLHQLFKWGDZDUHQZLVVHQ LPPHUDOOHVDPEHVWHQ,FKZHLYRQGHQ,VOlQGHUQEORGDLKUH %HWWHQEHVVHUVHLQN|QQWHQWURW]GHPVLHGLH(LGHUJDQV VR]XVDJHQYRUGHU7UKDEHQ8QGGLH)HGHUQVLQGDXFKZLUNOLFK JXWXQGPDQOLHJWDXFKZDUPGDULQZDVGDREHQXPUHFKWXQG ELOOLJ]XVHLQGRFKLPPHUGLH+DXSWVDFKHEOHLEW$EHUGDV/LQQHQ GDVLVWGLHVFKZDFKH6HLWH'DGLH)lGHQPLWXQWHUZLH%LQGIDGHQ QHEHQHLQDQGHUOLHJHQQXQGDVP|FKWHJHKHQ DEHUZDVGLH (QJOlQGHUGLHFOHDQOLQHVVQHQQHQGDPLWKDSHUWHV0DQPHUNW]X VHKUGDHVGDPHKU(LVDOV:DVVHUJLEWXQGGDGLH :lVFKHULQQHQIURKVLQGZHQQVLHGLH+lQGHZLHGHULQLKUHQ 3HO]KDQGVFKXKHQKDEHQ(VLVWNHLQ/DQGGHU5HLQOLFKNHLWHQ VRYLHOLVW]X]XJHEHQ$EHUHLQHQ/DFKVJLEWHVFRPPHLOIDXW8QG GDQQZDVGDV*HWUlQNDQJHKW(LQLJHGHQNHQEORLPPHUDQ ,VOlQGLVFK0RRV QXQGDVJLEWHVDXFKDEHULFKNDQQ,KQHQ YHUVLFKHUQ+HUU*UDIHLQHQEHVVHUHQ:KLVN\KDELFKQLUJHQGVLQ GHU :HOWJHIXQGHQQLFKWLQ.RSHQKDJHQXQGQLFKWLQ/RQGRQXQG QLFKWHLQPDOLQ*ODVJRZZRGRFKGDV)HLQVWHGDYRQ]X+DXVH LVW© 'DVLVOlQGLVFKH*HVSUlFKVHW]WHVLFKQRFKHLQH:HLOHIRUWXQGGHU DQIDQJVLPPHUQXUYHUOHJHQGUHLQVFKDXHQGH6FKOHSSHJUHOOKDWWH VFKOLHOLFKVHLQH)UHXGHGDUDQ+RONVXQDXVJHVHW]WDXIGDV ª+|KHUH©JHULFKWHWH)UDJHQYRQ%LHJHVFKLFNWXPJDQJHQ]X VHKHQ(EEDYRQ=HLW]X=HLWKLQ]XWUHWHQGODFKWHZHQQVLHGDV *HVSUlFKLPPHUQRFKDXIGHPDOWHQ)OHFNHIDQGXQGZDQGWHVLFK GDQQUDVFKZLHGHUGHQ6SLHOWLVFKHQ]XZRVLHPDO]X1XW]XQG )URPPHQGHU)UDX3DVWRULQXQGGDQQZLHGHUIUGLH 6FKLPPHOPDQQGLH6WURKPDQQNDUWHQDXIQDKPXQGDXIGHQ7LVFK OHJWHELVGHUEHVWlQGLJLQ9HUOXVWVWHKHQGH3HQW]GDJHJHQ
SURWHVWLHUWH1LFKWVZDU(EEDZLOONRPPQHUXQGLKUH6SLHOWLVFK *DVWUROOHZLHGHUDXIJHEHQGPDFKWHVLHVLFKEHLGHP.DPLQ]X VFKDIIHQXQGVFKWWHWH.RKOHQXQG:DFKROGHUJH]ZHLJDXIGDV YHUO|VFKHQGH)HXHUIUHLOLFKLPPHUQXUZHQLJZHLOGLHYLHOHQ /LFKWHUGLHEUDQQWHQRKQHKLQGDIUVRUJWHQGD YRQGHU GUDXHQKHUUVFKHQGHQ.lOWHQLFKWVIKOEDUZXUGH=XGHPKDWWH GHUGHQ7DJEHUKHUUVFKHQGH)URVWVHLWGHQHUVWHQ)ORFNHQGLH ILHOHQHUKHEOLFKQDFKJHODVVHQXQGQXUGHU:LQGZDUVWlUNHU JHZRUGHQZDVPDQZDKUQHKPHQNRQQWHZHQQGLHOlFKHOQGXQG JHZDQGWGLH%HGLHQXQJPDFKHQGH.DULQPLWGHPHLQHQRGHU DQGHUQ7DEOHWWLQGLH7UWUDW 1XQDEHUZDUHV]HKQGDV6SLHOEHHQGHWXQGZlKUHQGPDQXP 3ODW]]XVFKDIIHQGLH6SLHOWLVFKHEHLVHLWHVFKREZXUGHGHUQXUDQ GUHL6HLWHQJHGHFNWH(WLVFKZHLOQLHPDQGGDV.DPLQIHXHULP 5FNHQKDEHQZROOWHTXHUGXUFKGDV=LPPHUJHVWHOOW'LH 6FKLPPHOPDQQKDWWHGHQ(KUHQSODW]LQGHU0LWWHGHU7DIHO+RON XQG3HQW]QHEHQLKU GDQQNDPHQQDFKUHFKWVXQGOLQNVKLQGLH YLHUDQGHUQ+HUUHQZlKUHQGGLH3DVWRULQXQG(EEDDQGHQ]ZHL 6FKPDOVHLWHQVDHQXPYRQKLHUDXVGHQ7LVFKDPEHVWHQ EHUEOLFNHQXQGZHQQ VQRWWDWZLUWVFKDIWOLFKHLQJUHLIHQ]X N|QQHQ8QGZDUVFKRQYRUKHUGLH6WLPPXQJHLQHJXWHJHZHVHQ VRZXFKVVLHMHW]WQRFKZR]X'RNWRU%LHGXUFKVHLQHQDFKGHQ YHUVFKLHGHQVWHQ6HLWHQKLQJHOHJHQHQ7DIHOYRU]JHGDVPHLVWH EHLWUXJ(UZDUQlPOLFKQLFKWEOR*HVFKLFKWHQHU]l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lLJDEHUKHXWHZHQLJVWHQVLQHLQHUJURHQ VLOEHUQHQ%RZOHDXIJHWUDJHQZXUGH-HGHUZDUVHLQHV/REHVYROO DPPHLVWHQ%LHGHUGHQQDXFKEHLPIQIWHQ*ODVHEHLGHPHU YHUKlOWQLVPlLJUDVFKDQJHODQJWZDUVLFKHUKREXPXQWHU JQlGLJHU(UODXEQLVGHU'DPHQHLQHQ7RDVWDXV]XEULQJHQª-D HLQHQ7RDVWPHLQH'DPHQ$EHUZHPVROOHUJHOWHQ"1DWUOLFK
XQVUHUOLHEHQVZUGLJHQ:LUWLQLQGHUXQVHUVFKZHGLVFKHV %UXGHUYRON ZLHZLUHLQ0HHUYRONHLQ9RONGHU6HH VR]XVDJHQ VHLQHQ K|FKVWHQ$XVGUXFNILQGHW$XVGHP0HHUHZLHZLUDOOH ZLVVHQLVWGLH6FK|QKHLWJHERUHQDEHUDXVGHP1RUGPHHUDXFK GHUQRUGLVFKH0XWGHUVFKZHGLVFKH0XW,FKZDUQLFKW=HXJHYRQ GHPZDVGLHVHU1DFKPLWWDJYRQHLQHPVROFKHQHFKWHQ 1RUGODQGVPXWJHVHKHQKDWDEHULFKKDEHGDYRQJHK|UW8QGDP 5DQGHGHV7RGHVKLQ]XVFKZHEHQHLQ)HKOWULWWXQGGLH7LHIHKDW XQVIULPPHUGDVLVWGHV/HEHQVK|FKVWHU5HL]8QGGLHV/HEHQ LVWHLQ1RUGODQGVOHEHQ:RGDV(LVEHJLQQWGDKDWGDV+HU]VHLQH K|FKVWH)ODPPH+RFK1RUGODQGXQGKRFKVHLQHVFK|QHVHLQH PXWLJH7RFKWHU© $OOH*OlVHUNODQJHQ]XVDPPHQXQGGLHª(VNDSDGHQDFKGHP $UUHVHH©ZLHVLHVFKRQPHKUIDFKDQGLHVHP7DJHGHU *HJHQVWDQGVFKHU]KDIWHU%HPHUNXQJHQJHZHVHQZDUZXUGHV DXIVQHXH3HQW]GHUZHGHU+RONQRFK(EEDWUDXWHJHILHOVLFKLQ )RUWVHW]XQJVHLQHU6S|WWHUHLHQXQGPDOWHPLW%HKDJHQDXVZDV DXVEHLGHQJHZRUGHQZlUHZHQQVLFKHLQH(LVVFKROOHPLWHLQHP 7DQQHQEDXPGDUDXIXQWHULKQHQORVJHO|VWXQGVLHDXIVKRKH 0HHUKLQDXVJHWUDJHQKlWWH9LHOOHLFKWZlUHQVLHGDQQLQ7KXOH JHODQGHW2GHUYLHOOHLFKWDXFKQLFKWXQGKlWWHQDXILKUHU6FKROOH QLFKWVJHKDEWDOVGHQNOHLQHQ:HLKQDFKWVEDXPRKQH1XXQG 0DU]LSDQ8QG+RONKlWWHVLFKGDQQJHW|WHWXQGVHLQ+HU]EOXW DQJHERWHQXQWHU$QNOlQJHQDQGHQXQYHUPHLGOLFKHQ3HOLNDQ,Q DOWHQ=HLWHQZlUHQVROFKH'LQJHYRUJHNRPPHQ ª,QDOWHQ=HLWHQ©ODFKWH(EEDª-DZDVLVWLQDOWHQ=HLWHQQLFKW DOOHVYRUJHNRPPHQ,FKKDEHQLFKWGLH3UlWHQVLRQPLFKDXI *HVFKLFKWHKLQDXV]XVSLHOHQGDVEHUODLFKDQGHUQXQGDXIDOWH *HVFKLFKWH QXQVFKRQJHZLQLFKW DEHUPDQEUDXFKWQXUHLQ ELFKHQ7URMDQLVFKHQ.ULHJ]XNHQQHQXPYRUGHQDOWHQ=HLWHQ XQGLKUHP0XWHLQHQVHKUEHGHXWHQGHQ5HVSHNW]XKDEHQHLQHQ QRFKEHGHXWHQGHUHQDOVYRUGHPVNDQGLQDYLVFKHQ0XWYRQGHP 'RNWRU%LHVRVFK|QXQGLQIUPLFKSHUV|QOLFKVR VFKPHLFKHOKDIWHU:HLVHJHVSURFKHQKDW© :HVWHUJDDUGXQG/XQGE\HYHUVLFKHUWHQDWHPSRGDVLFKGLH =HLWHQLQGHPZLFKWLJVWHQ3XQNWHQlPOLFKLQGHP+HOGHQPXWH GHU/HLGHQVFKDIWLPPHUJOHLFKEOLHEHQXQGGDVLHVLFKIULKUH 3HUVRQGDIUYHUEUJHQZROOWHQGLH/LHEHVFKDIIHQRFKGLHVHOEHQ :XQGHUZLHIUKHU
$OOHVWHLOWHVLFKVRIRUWLQ]ZHL/DJHULQVROFKHGLHGHUVHOEHQ 0HLQXQJZDUHQ XQWHUGLHVHQVWUDKOHQGHQ*HVLFKWVGLHNOHLQH )UDX3DVWRULQ XQGLQVROFKHGLHUXQGKHUDXVYHUQHLQWHQ$QGHU 6SLW]HGLHVHUVWDQGQDWUOLFK(EEDª'LHVHOEHQ:XQGHU© ZLHGHUKROWHVLHª'DVLVWXQP|JOLFKGHQQGLHVH:XQGHUVLQG 3URGXNWHGHVVHQZDVGHU:HOWYHUORUHQJHJDQJHQLVW3URGXNWH JURHUHUKDEQHU5FNVLFKWVORVLJNHLWHQ,FKZlKOHGLHV:RUWZHLO LFKGDV:RUW¾/HLGHQVFKDIW½GDVIUHLOLFKYRQDQGUHU6HLWHVFKRQ JHIDOOHQLVWJHUQYHUPHLGHQP|FKWHYRQ5FNVLFKWVORVLJNHLWHQ DEHUOlWVLFKVSUHFKHQMDPDQEUDXFKWQLFKWHLQPDOURWGDEHL]X ZHUGHQ8QGQXQIUDJHLFK6LHXQGGHQ+HUUQ.DSLWDQRVDQGHU 6SLW]HZHUXQWHU,KQHQKDW/XVWXP+HOHQDVZLOOHQHLQHQ 7URMDQLVFKHQ.ULHJDQ]X]HWWHOQ":HUW|WHWXP.O\WlPQHVWUDV ZLOOHQ$JDPHPQRQ"© ª:LUZLU©8QG3HQW]HLQHYLHU]LQNLJH*DEHO]FNHQGVHW]WH VRJDUKLQ]X ª,FKELQbJLVWK© $OOHVODFKWH(EEDLKUHUVHLWVDEHUIXKULQLPPHUZDFKVHQGHP hEHUPXWHIRUW ª1HLQPHLQH+HUUHQHVEOHLEWGDEHLGLH 5FNVLFKWVORVLJNHLWHQVLQGDXVGHU:HOWJHJDQJHQ$OOHUGLQJV VRYLHOLVWHLQ]XUlXPHQ XQGHVVWHKWEHL,KQHQGLHVJHJHQPLFK DXV]XQXW]HQ DOOHUGLQJVILQGHQVLFKDXFKLP$OWHUWXPYHUHLQ]HOWH $QIlOOHYRQ6FKZlFKH6RHQWVLQQLFKPLFKYRUJUDXHQ-DKUHQ GHQQLFKZDUQRFKLP)OJHONOHLGHGLH5DFLQHVFKH¾3KlGUD½ JHVHKHQ]XKDEHQPLWGHUEHUKPWHQ5DFKHOLQGHU7LWHOUROOH VLHNDPYRQ3HWHUVEXUJXQGQDKPXQVHUDUPHV6WRFNKROPQXUVR QHEHQKHUPLW1XQGHQQEHVDJWH3KlGUDOLHEWLKUHQ6WLHIVRKQ DOVRVR]XVDJHQHLQHQJDQ]IUHPGHQ0HQVFKHQGHUJDUNHLQ5HFKW KDWGLH%OXWVIUDJH]XEHWRQHQXQGGLHVHU6WLHIVRKQYHUZHLJHUW VHLQ¾-D½OHKQWGLH/LHEHHLQHUVFK|QHQ.|QLJLQDE9LHOOHLFKWGHU HUVWH'HNDGHQ]IDOOHUVWHV9RUVSXNHQGHVVFKZlFKOLFK 0RGHUQHQ© ª2QLFKWGRFK©YHUVLFKHUWH/XQGE\Hª1LFKWGHV0RGHUQHQ'DV 0RGHUQHYHUXUWHLOWVROFKH6FKZlFKHYRQ*UXQGDXV©XQG3HQW] VHLQHUVHLWVVHW]WHKLQ]X ª6FKDGHGDZLUNHLQH3KlGUD]XU+DQG KDEHQXPGLH6WUHLWIUDJHVRIRUW]XP$XVWUDJ]XEULQJHQ PDQ PWHGHQQYLHOOHLFKWYRQ6NRGVERUJKHU©$EHUKLHUXQWHUEUDFK HUVLFKZHLOHULQPLWWHQVHLQHU5HGHZDKUQDKPGDLKQGLH EHLGHQ2IIL]LHUHVFKDUIIL[LHUWHQXPLKQZLVVHQ]XODVVHQGDHU
LQLKUHU*HJHQZDUWGHQ1DPHQGHU'DQQHUGHULKPVFKRQDXIGHU =XQJHVFKZHEWHQLFKWVS|WWLVFKLQV*HVSUlFK]LHKHQGUIH *OHLFKGDQDFKZXUGHGLH7DIHODXIJHKREHQXQGDOOHVUVWHWHVLFK ]XP$XIEUXFKZREHLVLFK+RONDOVHLQ]LJHU0LWEHZRKQHUGHV (EED7XUPHVZLHKDOEYHUSIOLFKWHWIKOWHGLH*lVWHELVLQGDVDOV *DUGHUREHGLHQHQGH)OXU]LPPHU.DULQV]XEHJOHLWHQ+LHUEOLHEHU DXFKELVDOOHVLFKHQWIHUQWKDWWHQ'DQQDEHUJDEHU.DULQGLH +DQGVFKOXJYRU)HQVWHUXQG7U]X|IIQHQGDVLH VPLW GHP 2IHQ]XJXWJHPHLQWKDEHXQGVWLHJUDVFKZLHGHUGLH7UHSSH KLQDXI 2EHQLQGHURIIQHQ7UVWDQG(EEDGLH/LFKWHUEUDQQWHQQRFKDXI GHP7LVFKXQGHVPRFKWH+RONDOVHUVLHVRVDK]ZHLIHOKDIW VHLQREVLHYRP7UHSSHQJHOlQGHUKHUQXUDXIGDV $EVFKLHGQHKPHQXQWHQRGHUDEHUDXIVHLQH5FNNHKUJHZDUWHW KDWWHª*XWH1DFKW©VDJWHVLHXQGVFKLHQVLFKXQWHUHLQHU VFKHU]KDIWIHLHUOLFKHQ9HUEHXJXQJYRQGHU6FKZHOOHKHULQLKU =LPPHU]XUFN]LHKHQ]XZROOHQ$EHU+RONHUJULIILKUH+DQGXQG VDJWH ª1HLQ(EEDQLFKWVR 6LHPVVHQPLFKK|UHQ©8QGPLW HLQWUHWHQGVDKHUVLHYHUZLUUWXQGOHLGHQVFKDIWOLFKDQ 6LHDEHUHQWZDQGVLFKLKPOHLFKWXQGDQNQSIHQGDQGDVYRU ZHQLJ0LQXWHQHUVWJHIKUWH*HVSUlFKVDJWHVLH ª1XQ+RONLQ ZHOFKHU5ROOH"3DULVRGHUbJLVWK"6LHKDEHQJHK|UWGDVLFK 3HQW]GD]XJHPHOGHW© 8QGGDEHLODFKWHVLH 'LHVH+HLWHUNHLWDEHUVWHLJHUWHQXUVHLQH9HUZLUUXQJDQGHUVLH VLFKHLQH:HLOHZHLGHWHELVVLH]XOHW]WKDOEPLWOHLGLJEHPHUNWH ª+RON6LHVLQGGRFKEHLQDKGHXWVFKHUDOVGHXWVFK(VGDXHUWH ]HKQ-DKUHYRU7URMD'DVVFKHLQW,KU,GHDO©
6LHEHQXQG]ZDQ]LJVWHV.DSLWHO (LQH6WXQGHZDUYHUJDQJHQDOVHVNORSIWH+RONIXKU]XVDPPHQ (EEDDEHULKUHUJDQ]HQ1DWXUQDFKYRUGHP/lFKHUOLFKHQHLQHV lQJVWOLFKHQ9HUVWHFNVSLHOVPHKUDOVYRUHLQHU(QWGHFNXQJ HUVFKUHFNHQGVFKULWWUDVFKDXIGLH7U]XXQG|IIQHWH .DULQVWDQGGD ª:DVEULQJVWGX.DULQ"© ª1LFKWV*XWHV,QPHLQHU6WXEHTXDOPWHVXQGHLQZDKUHV*OFN GDHLQ6WFN5XGHQ5DXFKIDQJKHUXQWHUNDPXQGPLFKJHZHFNW KDW,FKKDEH7UXQG)HQVWHUDXIJHULVVHQXQG=XJJHPDFKW DEHUHVKLOIWQLFKWHVLVWDOVREHVDXV:DQGXQG'LHOHQNlPH© ª:DVZLUGHVVHLQ"©VDJWH(EEDGLH]XQlFKVWQXUDQQDKPHVVHL 1HXJLHUZDV.DULQKHUDXIJHIKUWKDEHª'HU:LQGGUFNWDXIGHQ 6FKRUQVWHLQ,FKZHUGHQDFKVHKHQZLOODEHUHUVWHLQ7XFK XPQHKPHQXQG/LFKWPDFKHQGXKDVWGLFKMDVRLP'XQNHOQ KHUDXIJHWDSSW©8QGGDPLWWUDWVLHZLHGHU]XUFNXQGOLHGLH7U LQV6FKORIDOOHQ$EHUNHLQHKDOEH0LQXWHVRZDUVLHZLHGHUGD HLQ/LFKWLQGHU+DQGXQGOHXFKWHWHYRUDXIZlKUHQG.DULQIROJWH 'LHVHKDWWHQLFKW]XYLHOJHVDJW4XDOPXQG5DXFKHUIOOWHQVFKRQ GDV7UHSSHQKDXVXQGHKHEHLGHQRFKKDOEKLQDEZDUHQZDUG LKQHQGDV$WPHQVFKRQIDVWXQP|JOLFKª5DVFKGXUFK©VDJWH .DULQXQGVWU]WHVLFKEHUGHQ)OXUIRUWDXVGHVVHQ'LHOHQVFKRQ NOHLQH)ODPPHQDXIVFKOXJHQDXIGHQJOFNOLFKHUZHLVHQLFKW YHUVFKORVVHQHQ7UHLQJDQJ]X8QGJOHLFKGDQDFKNODQJHV ª)HXHU©EHUGHQ6FKORKRIKLQ(EEDZROOWHQDFKXQGZLH.DULQ LKU+HLOLQGHU)OXFKWVXFKHQ$EHULPQlFKVWHQ $XJHQEOLFNH JHGDFKWHVLH+RONVXQGVFKQHOOHQWVFKORVVHQLKQQLFKWLP6WLFKH ]XODVVHQHLOWHVLHZLHGHUWUHSSDXIXQGLQLKU=LPPHU]XUFN 8PVRQVWHUZDUQLFKWPHKUGDª'HU7RUHUZLOOPHLQHQ5XI UHWWHQRGHUYLHOOHLFKWDXFKVHLQHQXQGEULQJWVLFKXPXQGPLFK PLW©8QGZlKUHQGVLHVRVSUDFKVWLHJVLHUDVFKHQ7ULWWHVGLH ]ZHLWH7UHSSHKLQDXIXPLKQLQVHLQHPHLJHQHQ=LPPHU DXI]XVXFKHQ'DVWDQGHUDQGHU7UVFKZHOOH9RP+RIKHUK|UWH PDQIRUWJHVHW]W.DULQV)HXHUUXILQGHQMHW]WDXFKDQGHUH 6WLPPHQ HLQVWLPPWHQª5DVFK+RONRGHUZLUVLQGGHV7RGHV .DULQKDWVLFKJHUHWWHW9HUVXFKHQZLU VDXFK©8QGRKQHHLQ-D
RGHU1HLQDE]XZDUWHQIDWHVLHVHLQHQ$UPXQGULLKQPLWVLFK IRUWGLHEHLGHQ7UHSSHQZLHGHUKLQXQWHU$EHUVRVFKQHOOGLHV DOOHVJLQJGDV8QKHLOXQWHQZDUQRFKVFKQHOOHUJHJDQJHQXQG ZDVYRUHLQHU0LQXWHRGHU]ZHLQRFKP|JOLFKJHZHVHQZlUHZDU HVMHW]WQLFKWPHKUª:LUVLQGYHUORUHQ©XQG(EEDVFKLHQDXIGHU 7UHSSH]XVDPPHQEUHFKHQ]XZROOHQ$EHU+RONXPIDWHGLHKDOE EHZXWORV*HZRUGHQHXQGPLWDOOGHU.UDIWZLHVLHGLH 9HU]ZHLIOXQJJLEWWUXJHUVLHMHW]WGLH:HQGHOWUHSSHZLHGHU KLQDXIYRQ6WRFNZHUN]X6WRFNZHUNELVHU]XOHW]WPLWLKUXQWHU GHPYRQ%DONHQXQG/DWWHQGXUFK]RJHQHQ7XUPGDFKHVWDQG(LQH RIIHQH/XNHJDEJHUDGH/LFKWJHQXJXPVLFKLQGHPZLUUHQ 'XUFKHLQDQGHUPKVDP]XUHFKW]XILQGHQXQG]ZLVFKHQGHP *HElONKLQDXIGLH/LFKW|IIQXQJ]XVWHXHUQGWUDWHUMHW]W(EED QDFKVLFK]LHKHQGLQV)UHLHKLQDXV+LHUZDUHQVLHIUGHQ $XJHQEOLFNJHUHWWHWXQGKlWWHGDVEHLQDKHVHQNUHFKW DQVWHLJHQGH6FKORGDFKHLQHQXUHWZDVVWlUNHUH6FKUlJXQJ JHKDEWVRKlWWHGLHVHYRUOl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ª:LOOVWGX VZDJHQ©VDJWH+RONXQGZLHVDXIGHQ%OLW]DEOHLWHUDQ GHPHVEHLGHUQ|WLJHQ(QWVFKORVVHQKHLWLPPHUQRFKP|JOLFK JHZHVHQZlUHVLFKKHUDE]XODVVHQ$EHU(EEDGHUHQ.UDIWKLQ ZDUVFKWWHOWHQXUGHQ.RSIª'DQQODXQVVHKHQGDZLUGDV 'DFKHQWODQJELVDQGLHQlFKVWH0DQVDUGHNRPPHQGDZROOHQZLU HLQVWHLJHQ©XQGVLFKYRUVLFKWLJ]XUFNOHKQHQGVFKREHQVLHVLFK DQGHUVWHLOHQ6FKUlJXQJKLQODQJVDPYRUZlUWVGLH)HJHJHQ GLH'DFKULQQHJHVWHPPW(VZDUHQNHLQH]HKQ6FKULWWHXQGDOOHV OLHVLFKJXWDQ DEHUHKHVLHQRFKGHQKDOEHQ:HJELVDQGLH 0DQVDUGHJHPDFKWKDWWHQVDJWH(EED ª(VJHKWQLFKWLFKELQ JHOlKPW©+RONZROOWHUXIHQXQGPLWHLQHP7XFKHZHKHQQDKP DEHUEDOGZDKUGDHVQXW]ORVVHLQZHUGHZHLOHUXP6LFKHUKHLWV ZLOOHQLQHLQHU]XUFNJHOHKQWHQ6WHOOXQJGLHMHGHV
*HVHKHQZHUGHQYRP6FKORKRIDXVVFKORYHUEOHLEHQPXWH6R VWDQGGHQQDOOH+RIIQXQJEHL.DULQYRQGHUVLFKDQQHKPHQOLH GDVLHQLFKWEORSHUV|QOLFKQDFKLKQHQDXVVHKHQVRQGHUQDXFK DQGHUHU%OLFNHQDFKGHP7XUPGDFKKLQDXIOHQNHQZUGH8QG ZLUNOLFKVRJHVFKDKHVXQGVRNDPLKQHQ]XOHW]WDXFKGLH 5HWWXQJDXVLKUHUIXUFKWEDUHQ/DJH6FKRQHLQH9LHUWHOVWXQGH PRFKWHYHUJDQJHQVHLQDOVVLHZDKUQDKPHQGDHWOLFKH 3HUVRQHQXPGLH6HHVSLW]HKHUXPJHJDQJHQZDUHQXQGIDVWLP VHOEHQ$XJHQEOLFNHK|UWHQVLHDXFKVFKRQ=XUXIHYRQ GHUHLQHQ EHVVHUHQhEHUEOLFNJHZlKUHQGHQ+LOOHU|GHU8IHUVHLWHKHU=XUXIH GHUHQ:RUWHVLHIUHLOLFKQLFKWYHUVWDQGHQGHUHQIUHXGLJHU7RQ DEHUNHLQHQ=ZHLIHOOLHGDPDQQXQVLFKHUVHLVLHDXVGHU *HIDKUEHIUHLHQ]XN|QQHQ8QGQLFKWODQJHPHKUVRK|UWHQVLH KLQWHUVLFKDXFKVFKRQHLQ6FKODJHQZLHYRQ+lPPHUQXQGb[WHQ XQGJOHLFKGDQDFKZXUGHQDOOHUOHL.|SIHVLFKWEDUGLHGXUFKGLH JHZRQQHQH'DFK|IIQXQJKLQGXUFKQDFKLKQHQDXVVFKDXWHQ )UHLOLFKPDQKDWWHGLHUHFKWH6WHOOHYHUIHKOWDEHUGDVZDUOHLFKW DXVJHJOLFKHQXQGQXUHLQHNOHLQH:HLOHQRFKVRVWUHFNWHQVLFK LKQHQVWDUNH$UPHYRQLQQHQKHUHQWJHJHQXQG]RJHQHUVW(EED XQGGDQQ+RONDXIGHQ6FKORERGHQKLQDXIYRQZRDXVPDQ EHLGHZLHLP7ULXPSKHUVWGLH7UHSSHQKLQXQWHUXQGGDQQDXIGHQ 6FKORKRI WUXJ'HUHUVWHGHULKQHQKLHUHQWJHJHQWUDWZDUGHU .|QLJ (UVWXP0LWWHUQDFKWHLQH6WXQGHYRU$XVEUXFKGHV)HXHUVYRQ 6NRGVERUJQDFK)UHGHULNVERUJ]XUFNJHNHKUWZDUHUGRFKGHU JHZHVHQGHUDOOHQDQGHUHQYRUDXIGLH5HWWXQJVDUEHLWHQJHOHLWHW XQGVLFKDQ%HUJXQJVHLQHUJHOLHEWHQ$OWHUWXPVVFKlW]H JOFNOLFKHUXQGHUIROJUHLFKHUDOVLUJHQGVRQVWZHUEHWHLOLJWKDWWH :DVJHUHWWHWZRUGHQZDUSHUV|QOLFKVHLQ:HUN'LHEHLGHQ $GMXWDQWHQZDUHQLKP]XU6HLWH ª6LHKGD+RON©VDJWHGHU.|QLJDOVHUGHV*UDIHQJHZDKU ZXUGHª8QGDOV5LWWHUVHLQHU'DPH,FKZHUGHGUEHQLQ 6NRGVERUJHLQ5KPHQVGDYRQPDFKHQ©8QGLQGLHOHLFKW KLQJHZRUIHQHQ:RUWHPLVFKWHVLFKWURW]GHV(UQVWHVGHU 6LWXDWLRQHLQ$QIOXJYRQ6SRWW :HVWHUJDDUGXQG/XQGE\HPKWHQVLFKXP(EEDª:RLVWGLH 3ULQ]HVVLQ"©IUDJWHGLHVH
ª$XIGHP%DKQKRIH©ZDUGLH$QWZRUW ªPDQZLOOHLQHQ([WUD]XJ IUVLHHLQVWHOOHQ'HU%RGHQEUHQQWLKUKLHUXQWHUGHQ)HQ© (VZDUHLQJDQ]XQEHDEVLFKWLJWHV:RUWVSLHOXQGQLHPDQGQDKP HVDOVVROFKHV1XU(EEDGLHVHOEVWLQGLHVHP$XJHQEOLFNHQRFK DXI]XJHVSLW]WH:RUWHJHVWHOOWEOLHEK|UWHKHUDXVZDVJDUQLFKW KLQHLQJHOHJWZDUXQGVDJWH ª-DGHU%RGHQXQWHUGHQ)HQ'LH 3ULQ]HVVLQGDUIHVNDXPVDJHQDEHU+RONXQGLFK©
$FKWXQG]ZDQ]LJVWHV.DSLWHO (EEDYROO9HUODQJHQGHQ([WUD]XJPLW]XEHQXW]HQZROOWHQDFK GHP%DKQKRI DEHULKU6FKZlFKH]XVWDQGZDUGRFKVRJURGD VRZRKO+RONZLHGLHEHLGHQMXQJHQ$GMXWDQWHQLQVLHGUDQJHQ GDYRQ$EVWDQG]XQHKPHQ6LHZLOOLJWHGHQQDXFKHLQXQGOLH VLFKQDFKGHPYRP)HXHUYHUVFKRQWJHEOLHEHQHQOLQNHQ)OJHOGHV 6FKORVVHVKLQEHUIKUHQ,QGLHVHPEHIDQGVLFKGLHYRUOlXILJDOV 8QWHUNXQIWVVWlWWHGLHQHQGH6FKORNLUFKHGHUHQ$OWDUOLFKWHU EUDQQWHQZlKUHQGXPGHQ$OWDUVHOEVWKHUXPGLH)UDXHQXQG .LQGHUGHU%HDPWHQXQG6FKORGLHQHUVFKDIWHQVDHQRGHU ODJHUWHQGLH.LQGHUPLWDOOHUOHL*HZlQGHUQ]XJHGHFNWGDUXQWHU DXFK0HJHZlQGHUQRFKDXVGHUNDWKROLVFKHQ=HLWKHUGLHPDQ DXVGHU6DNULVWHLKHUEHLJHKROWKDWWH)U(EEDZDUQLFKWVPHKU GD QXUHLQSDDU.LVVHQIDQGHQVLFKXPVLH ZHQLJVWHQVJHJHQGLH ELWWHUH.lOWHGHV)XERGHQV]XVFKW]HQ$EHUHVZDU]XZHQLJ XQGDOV+RONLQGHPNOHLQHQDQJUHQ]HQGHQ.DVWHOODQVKDXVH YHUJHEOLFKQDFKHWZDV%HVVHUHPJHVXFKWKDWWHVFKOXJHUGHU LPPHUKHIWLJHUIU|VWHOQGHQ(EEDYRUGHQ:HJQDFKGHP %DKQKRIHKLQYRQGHPPDQYRUKHULKUHU(UVFK|SIXQJKDOEHU $EVWDQGJHQRPPHQKDWWHGRFKOLHEHUZDJHQ]XZROOHQ(LQDOWHU 6FKORGLHQHUZDUDXFKEHUHLWGHQQlFKVWHQ:HJ]X]HLJHQXQG VREUDFKPDQGHQQDXIXQGK|UWHGLH%DKQKRIVXKUHEHQVHFKV VFKODJHQDOVPDQDQNDP'LH3ULQ]HVVLQZDUVFKRQVHLWOlQJHUDOV HLQHU6WXQGHIRUWXQGGHUQlFKVWHYRQ+HOVLQJ|UKHUHUZDUWHWH =XJNDPHUVWLQGUHLLJ0LQXWHQ$XIGHP%DKQKRIHVHOEVWOLHI DOOHVGXUFKHLQDQGHUXQGGDVNOHLQH:DUWH]LPPHUERWNHLQHQ3ODW] PHKUZDUYLHOPHKUEHUIOOWYRQ+LOOHU|GHUQDOWHQXQGMXQJHQ GLHVlPWOLFKQDFK.RSHQKDJHQKLQHLQZROOWHQXPEHUDOOH YRUJHNRPPHQH6FKUHFNQLVVHGHUHQVHQVDWLRQHOOVWH JOFNOLFKHUZHLVHPHLVWHUIXQGHQZDUHQVRVFKQHOOZLHP|JOLFK EHULFKWHQ]XN|QQHQ,QGHPHLQHQ7XUPHVRKLHHVPLWDOOHU %HVWLPPWKHLWVHLHQDOOHYHUEUDQQWGUHL3HUVRQHQYRP+RIVWDDW XQGDXHUGHPHLQ*lUWQHU(EEDGLHVLFKQXUPKVDPDXIUHFKW KLHOWK|UWHGDVDOOHVXQGLKUH/DJHZlUHNDXPEHVVHUJHZHVHQ DOVYRUKHULQGHUNDOWHQ.LUFKHZHQQQLFKWHLQHUGHU 6WDWLRQVEHDPWHQHLQ(LQVHKHQJHKDEWXQGGDVIUGHQN|QLJOLFKHQ +RIEHVWLPPWH6HSDUDW]LPPHUIU+RONXQG(EEDJH|IIQHWKlWWH +LHUZDUHVQLFKWEORZDUPXQGJHUlXPLJKLHUIDQGPDQDXFK 3HQW]XQG(ULFKVHQGLH]XUFNJHEOLHEHQZDUHQXPEHUGLH
6FKLFNVDOHGHU9HUORUHQJHJODXEWHQDQGLH3ULQ]HVVLQEHULFKWHQ]X N|QQHQ6RZDUHVYRQGLHVHUJDQ]]XOHW]WQRFKDQJHRUGQHW ZRUGHQDOVVLHPLWGHU6FKLPPHOPDQQVFKRQGDV&RXSp EHVWLHJHQKDWWH'LH%HJUXQJ+RONVXQG(EEDVYRQVHLWHQGHU EHLGHQ.DPPHUKHUUHQ ZDUGDPDQQLFKWRKQH6RUJHJHZHVHQ DXIULFKWLJKHU]OLFK DEHUGLHVH+HU]OLFKNHLWZXUGHGRFKVHKU EHUWURIIHQDOVJOHLFKGDQDFK.DULQKHUHLQVWU]WHGLHELVGDKLQ ]XVDPPHQJHNDXHUWLQHLQHU(FNHGHVGDQHEHQEHILQGOLFKHQ :DUWH]LPPHUVJHVHVVHQKDWWHª/DGRFK.LQG©YHUVXFKWH(EED ]XVFKHU]HQª:DVZDUHVGHQQJUR"(UVWHWZDV]XKHLXQG GDQQHWZDV]XNDOW©$EHU.DULQVRJHUQHVLHVRQVWODFKWHZROOWH GLHVPDOYRQHLQHP(LQJHKHQDXI(EEDVVFKHU]KDIWHQ7RQQLFKWV ZLVVHQXQGK|UWHQLFKWDXIXQWHU6FKOXFK]HQXQG:HLQHQLKUHU +HUULQGLH+lQGH]XNVVHQ9RQ3HQW] 6HLWHZLHVLFKGHQNHQ OlWZXUGHQDOOHUOHL)UDJHQJHVWHOOWDEHUHKH+RONDQGHQVLH VLFKYRU]XJVZHLVHULFKWHWHQGDUDXIDQWZRUWHQNRQQWHK|UWHPDQ DXVGHU)HUQHVFKRQGHQ3ILIIGHU/RNRPRWLYHHLQ=HLFKHQGD GHUHUZDUWHWH+HOVLQJ|UHU=XJKHUDQNlPH1RFKHLQH0LQXWHVR KLHOWHUXQGWURW]GHP:DJHQPDQJHOZDUJHODQJHVGRFKIU (EEDHLQEHVRQGHUHV&RXSp]XILQGHQZRUHLQVLHJHEHWWHWXQG PLW3ODLGVXQG0lQWHOQ]XJHGHFNWZXUGH.DULQVHW]WHVLFK]XLKU ZlKUHQGGLHGUHL+HUUHQLQHLQ1DFKEDUFRXSpVWLHJHQ 8PDFKWKLHOWPDQDXIGHP.RSHQKDJHQHU%DKQKRIH:DJHQ ZXUGHQKHUDQEHRUGHUWXQGDOVGLHVHGDZDUHQIXKU3HQW]PLW (EEDXQG.DULQLQV3DODLVGHU3ULQ]HVVLQZlKUHQGVLFK(ULFKVHQ XQG+RONLQ LKUH3ULYDWZRKQXQJHQEHJDEHQ+RONNORSIWH'LH VFK|QH)UDX%ULJLWWHVWDQGYRULKPXQGVDJWH ª*RWWVHL'DQN +HUU*UDIGD6LHZLHGHUGDVLQG©$EHUHWZDVYRQ(QWWlXVFKXQJ PLVFKWHVLFKGRFKVLFKWOLFKPLWHLQZDVDXFKNDXPDQGHUVVHLQ NRQQWHGHQQJHUFKWZHLVHZDUJOHLFKQDFK(LQWUHIIHQGHV ([WUD]XJHVYRQGHPVFKUHFNOLFKHQ(QGHGHV*UDIHQ+RONXQGGHV )UlXOHLQVYRQ5RVHQEHUJJHVSURFKHQZRUGHQHLQH 6HQVDWLRQVJHVFKLFKWHZLHVLHVLFK0XWWHUXQG7RFKWHUQLFKW VFK|QHUZQVFKHQNRQQWHQ8QGQXQZDUGHU*UDIGRFKDP/HEHQ XQGGDV)UlXOHLQYLHOOHLFKWDXFKRGHUZRKOHLJHQWOLFKJDQ]JHZL (VZDUGRFKDXIQLFKWV9HUODPHKUXQGJHUDGHLPPHUGDV ,QWHUHVVDQWHVWHYHUVDJWH%ULJLWWHEH]ZDQJVLFKDEHUXQG ZLHGHUKROWH ª*RWWVHL'DQN+HUU*UDI:LHZLULQ$QJVWXP6LH JHZHVHQVLQG8QGXPGDVVFK|QHVFKZHGLVFKH)UlXOHLQ©
8QGEHLGLHVHQ:RUWHQOLHVLHNHLQ$XJHYRQ+RONGHQQLKUQDFK HLQHUEHVWLPPWHQ6HLWHKLQJHUDGH]XSKlQRPHQDODXVJHELOGHWHV $KQXQJVYHUP|JHQOLHVLHGDVJHVDPWH*HVFKHKQLVEHVRQGHUV DEHUGDV,QWLPHGDULQPLWHLQHU'HXWOLFKNHLWHUNHQQHQDOVREVLH GDEHLJHZHVHQZlUH ª-DPHLQHVFK|QH)UDX%ULJLWWH©VDJWH+RONGHUHQWZHGHU ZLUNOLFKQXUKHUDXVK|UWHZDVZLH7HLOQDKPHNODQJRGHUHV KHUDXVK|UHQZROOWHªMDPHLQHVFK|QH)UDX+DQVHQGDVZDUHQ E|VH6WXQGHQZLHPDQVLHVHLQHP7RGIHLQGHQLFKWJ|QQHQPDJ DPZHQLJVWHQDEHUVLFKVHOEHUXQG© ªHLQHUVRVFK|QHQ'DPH© ª1XQMDZHQQ6LHZROOHQ'DV)UlXOHLQLVWDEHUQLFKWVRVFK|Q ZLH6LHLPPHUDQQHKPHQXQGMHGHQIDOOVODQJHQLFKWVRVFK|QZLH DQGHUHGLHLFKQLFKWQHQQHQZLOO$EHUGDYRQVSUHFKHQZLUHLQ DQGHUPDOXQGHQWVFKHLGHQGDQQGLH)UDJH-HW]WELQLFKWRGPGH OLHEH)UDX+DQVHQXQGZLOOGHQ6FKODIQDFKKROHQGHQLFK YHUVlXPWKDEH%LWWHZHLVHQ6LHMHGHQDEDXFK%DURQ3HQW] ZHQQHUQDFKIUlJW$EHUXP]Z|OIELWWLFK]XNORSIHQ8QGGDQQ EDOGGDV)UKVWFN© +RONVFKOLHIIHVWXQGHUVWDOVHUGDV.ORSIHQK|UWHVWDQGHUDXI XPLQDOOHU(LOHVHLQH0RUJHQWRLOHWWH]XPDFKHQ(UZDUQRFKZLH XQWHUHLQHP'UXFNVRGDDOOHV*HVFKHKHQHKDOEVFKHPHQKDIWDQ LKPYRUEHU]RJXQGHUVWDOVHUDQGDV)HQVWHUWUDWXQGDXIGLH 6WUDHKLQXQWHUEOLFNWHNDPLKPGDV=XUFNOLHJHQGHZLHGHU]X NODUHP%HZXWVHLQ8QGMHW]WHUVFKLHQDXFK%ULJLWWHPLWGHP )UKVWFNXQGZDUWHWHGD+RONHLQ*HVSUlFKEHJLQQHQVROOH]X ZHOFKHP=ZHFNHVLHGDV7HHJHVFKLUUQLFKWQXUVHKUODQJVDP DXIEDXWHVRQGHUQVLFKZDVVLHVRQVWQLFKWOHLFKWWDWVRJDU]X GLUHNWHQ)UDJHQEHTXHPWH+RONDEHUEOLHEGLHVPDOXQ]XJlQJOLFK DQWZRUWHWHQXUJDQ]NXU]XQGJDEEHUKDXSWGXUFKVHLQHJDQ]H +DOWXQJ]XYHUVWHKHQGDHUHVYRU]LHKHQZUGHDOOHLQ]XVHLQ ZDVDOOHVGLHVFK|QH)UDX+DQVHQQLFKWQXUDXIVlXHUVWH YHUZXQGHUWHVRQGHUQLKUH*HIKOHIUGDVVFKZHGLVFKH)UlXOHLQ GDVQDWUOLFKGDUDQVFKXOGVHLQPXWHQRFKWLHIHUKHUDEVWLPPWH 1LFKWVGDYRQHQWJLQJ+RON ZHLOHUDEHUVFKRQDXV.OXJKHLWGLH VFK|QH%ULJLWWHQLFKWLQVFKOHFKWH/DXQHEULQJHQPRFKWHVREDWHU VLHVHLQH=HUVWUHXWKHLWHQWVFKXOGLJHQ]XZROOHQXQG]XEHGHQNHQ
GDHUQRFKJDQ]XQWHUGHP(LQGUXFNHDOOGHV6FKUHFNOLFKHQVHL ZDV HUHUOHEWKDEH ª-D©VDJWHGLH+DQVHQªVFKUHFNOLFK HVPXZLUNOLFKVFKUHFNOLFK JHZHVHQVHLQXQGGD]XGLH9HUDQWZRUWXQJXQGKHOIHQVROOHQXQG QLFKWN|QQHQ8QGVRYRUDOOHU$XJHQXQGYLHOOHLFKWLQHLQHPJDQ] OHLFKWHQ.OHLGHZHQQHVHLQ.OHLGZDU© 6LHVDJWHGDVDOOHVPLWGHPHUQVWHVWHQ*HVLFKWVDXVGUXFNXQGLQ HLQHPVRJOFNOLFKHQ5KUWRQHGD+RONDOVVLHGDV=LPPHU YHUOLHGRFKZLHGHULQ=ZHLIHOZDUREHUHVGXUFKDXVIU%RVKHLW XQGSHUILGH.RP|GLHKDOWHQPVVH9LHOOHLFKWPLVFKWHVLFKGRFK DXFK ZDVYRQZLUNOLFKHU7HLOQDKPHPLWHLQ HVKHLWMD3HUVRQHQ GHU$UWVHLHQLPPHUJXWPWLJ*OHLFKYLHOLQGHVHUZDUQLFKWLQ GHU/DJHGHPQDFK]XKlQJHQXQGNDXPGDHUZLHGHUDOOHLQ ZDUVRZDUHUDXFKVFKRQZLHGHUXQWHUGHP$QVWXUPDOOGHU %LOGHUXQG9RUVWHOOXQJHQGLHGDV(UVFKHLQHQ%ULJLWWHQVQXU XQWHUEURFKHQKDWWH1RFKZDUNHLQYROOHU7DJXPGDPDQGLH 3DUWLHQDFKGHPNOHLQHQ*DVWKDXVDP$UUHVHHKLQXQWHUQRPPHQ XQGZDVZDUVHLWGHPDOOHVJHVFKHKHQ(UVWGLH6FKOLWWVFKXKIDKUW PLW(EEDJDQ]GLFKWDQGHPDEJHEU|FNHOWHQXQGGXUFKO|FKHUWHQ (LVHKLQXQGGDQDFKGLH+HLPIDKUWXQGGLHNOHLQHQ1HFNHUHLHQ XQGGDQQ(EEDVhEHUPXWEHL7LVFKXQGGDQQZLH.DULQNDP XQGGLH)ODPPHQDXV:DQGXQG'LHOHVFKOXJHQXQGZLHVLH ]XOHW]WKLQDXVWUDWHQDXIGDV6FKORGDFKXQWHUVLFK7RGXQG 9HUGHUEHQXQGZLHGLHVHV+LQDXVWUHWHQLKQHQGRFKGLH5HWWXQJ EHGHXWHWKDWWH ª-DGLH5HWWXQJ©VSUDFKHUYRUVLFKKLQª$OOHVKlQJWDQHLQHP +DDU VRZDUHVGLHVPDOXQGVRLVWHVLPPHU:DVKDWXQV JHUHWWHW"'DZLUJOHLFKDPHUVWHQ7DJHDQGHQ7HLFKHQXQG 3DYLOORQVYRUEHUHLQHQ6SD]LHUJDQJELVDQGLH3DUNIlKUH PDFKWHQXQGGDDQGHPVHOEHQ7DJHGLH6RQQHVFKLHQXQGGD PHLQ%OLFNDXIGDVKHOOHUOHXFKWHWH6FKORILHOXQGGDLFKZHLO DOOHVVRKHOOXQGNODUGDODJLQDOOHU'HXWOLFKNHLW VHKHQNRQQWHZLH GDV)XHQGHGHV7XUPGDFKHVPLWGHP)XHQGHGHV6FKORGDFKHV ]XVDPPHQOLHI-DGDVKDWXQVJHUHWWHW(LQ=XIDOOZHQQHVHLQHQ =XIDOOJLEW$EHUHVJLEWNHLQHQ=XIDOOHVKDWVRVHLQVROOHQHLQH K|KHUH+DQGKDWHVVRJHIJW8QGGDUDQPXLFKPLFK DXIULFKWHQXQGGDUDQKDELFKDXFKHLQH$QOHKQHIUGDVZDVLFK QRFKYRUKDEH:HQQZLULQ1RWXQG=ZHLIHOJHVWHOOWZHUGHQGD ZDUWHQZLUDXIHLQ=HLFKHQXPLKP]XHQWQHKPHQZDVGDV
5HFKWHVHL8QGVROFK=HLFKHQKDEHLFKQXQGDULQGDHLQH K|KHUH+DQGXQVDXVGHU*HIDKUKLQDXVIKUWH:lUHGHU:HJ GHQPHLQ+HU]DOOGLHVH=HLWJLQJHLQIDOVFKHUJHZHVHQVRKlWWH PLFKGLH6WUDIHJHWURIIHQPLFKXQG(EEDXQGZLUZlUHQ RKQPlFKWLJ]XVDPPHQJHVXQNHQXQGHUVWLFNWXQGKlWWHQXQV QLFKWLQGLH/XIWXQG )UHLKHLWKLQDXVJHUHWWHW8QG&KULVWLQHVHOEVW ZHQQLFKLKUHOHW]WHQ=HLOHQULFKWLJYHUVWDQGHQKDEH&KULVWLQH VHOEVWKDWHLQ*HIKOGDYRQGDHVVRGDVEHVWHVHL'LHJXWHQ 7DJHVROOHQQLFKWYHUJHVVHQVHLQQHLQQHLQXQGHLQHGDQNEDUH (ULQQHUXQJVROO GHU7UHQQXQJDOOHV%LWWHUHQHKPHQ DEHUGLH 7UHQQXQJVHOEVWLVWQ|WLJXQGLFKGDUIZRKOKLQ]XVHW]HQLVW 3IOLFKWZHLOZLUXQVLQQHUOLFKIUHPGJHZRUGHQVLQG$FKDOOGLHVH +HUEKHLWHQ,FKVHKQHPLFKQDFKHLQHPDQGHUHQ/HEHQQDFK 7DJHQGLHQLFKWPLW7UDNWlWFKHQDQIDQJHQXQGHEHQVRDXIK|UHQ LFKZLOONHLQ+DUPRQLXPLP+DXVHVRQGHUQ+DUPRQLHKHLWHUH hEHUHLQVWLPPXQJGHU6HHOHQ/XIW/LFKW)UHLKHLW'DVDOOHVZLOO LFKXQGKDEHVJHZROOWYRPHUVWHQ7DJHDQGDLFKKLHUELQ8QG LFKKDEHQXQHLQ=HLFKHQ GDLFKHVGDUI© (UEUDFKDEDEHUQXUDXI$XJHQEOLFNHGDQQZDUHUZLHGHUDP DOWHQ)OHFN,QHLQHP.UHLVHGUHKWHQVLFKDOOVHLQH9RUVWHOOXQJHQ XQGGDV=LHOEOLHEGDVVHOEH %HVFKZLFKWLJXQJHLQHULQQHUHQ 6WLPPHGLHQLFKWVFKZHLJHQZROOWH'HQQZlKUHQGHUVLFKDOOHV EHZLHVHQ]XKDEHQJODXEWHZDUHUGRFKLPOHW]WHQ:LQNHOVHLQHV +HU]HQVYRQGHU1LFKWVWLFKKDOWLJNHLWVHLQHU%HZHLVH GXUFKGUXQJHQXQGZHQQHUVLFKDXHUKDOEVHLQHUVHOEVWKlWWH VWHOOHQXQGVHLQHPHLJHQHQ*HVSUlFKH]XK|UHQN|QQHQVRZUGH HUEHPHUNWKDEHQGDHULQDOOHPZDVHUVLFKYRUUHGHWH]ZHL :RUWHJHIOLVVHQWOLFKYHUPLHG *RWWXQG+LPPHO(UULHIEHLGHQLFKW DQZHLOHUXQNODUDEHUGRFKJDQ]EHVWLPPWKHUDXVIKOWHGDHU LP'LHQVWHLQHUVFKOHFKWHQ6DFKHIRFKWXQGQLFKWZDJHQGUIH GHQ 1DPHQVHLQHV*RWWHVPLEUlXFKOLFKLQV6SLHO]X]LHKHQ-D GDVDOOHVZUGHHUJHVHKHQKDEHQZHQQHUVLFKZLHHLQ 'UDXHQVWHKHQGHUKlWWHEHREDFKWHQN|QQHQ DEHUGDVZDULKP QLFKWJHJHEHQXQGVRVFKZDPPHUGHQQLP6WURPHIDOVFKHU %HZHLVIKUXQJHQGDKLQ7UlXPHQQDFKKlQJHQGXQGVHLQ *HZLVVHQHLQOXOOHQGXQGVFKULHEVLFKHLQJXWHV=HXJQLVQDFKGHP DQGHUHQ:DUXPDXFKQLFKW"(VOLHVLFKMDGDVGXUIWHUVLFK VDJHQVRJXWPLWLKPOHEHQPDQPXWHVQXUYHUVWHKHQ DEHU &KULVWLQHYHUVWDQGHVQLFKWXQGZROOWHVDXFKQLFKWYHUVWHKHQMD HUZDUHLQ2SIHULKUHUFKULVWOLFKHQ5HGHQVDUWHQGDVVWDQGLKP IHVWRGHUVROOWLKPZHQLJVWHQVIHVWVWHKHQXQGLPPHUPHKUYRQ
GHP9HUODQJHQHUIOOWVHLQHJXWHVHLQHJHUHFKWH6DFKHVRUDVFK ZLHP|JOLFK]XP6FKOX]XEULQJHQYHUORUHU]XOHW]WDOOHV8UWHLO XQGMHGHUXKLJHhEHUOHJXQJ(UZROOWH]X(EEDGLHVH6WXQGH QRFKXQGGDQQZROOWHUPLWLKUYRUGLH3ULQ]HVVLQWUHWHQXQGDOOHV EHNHQQHQXQGHUVWLKUH9HU]HLKXQJXQGGDQQLKUH=XVWLPPXQJ DQUXIHQ8QGLKUDXFKVDJHQGD&KULVWLQHVHOEVWEHUHLWVLQ GLHVHP6LQQHJHVFKULHEHQRGHUZHQLJVWHQV$QGHXWXQJHQJHPDFKW KDEH9RQHLQHP:LGHUVWDQGHGUEHQLQ+RONHQlVN|QQHNHLQH 5HGHVHLQGLH7UHQQXQJVHLVRJXWZLHGDQXUQRFKHLQH )RUPDOLWlWXQGHUElWHVLHGHQ6FKULWWGHQHUYRUKDEH JXWKHLHQXQGVHLQ9HUKlOWQLV]X(EEDDOVHLQHYRUOlXILJH 9HUOREXQJDQVHKHQ]XZROOHQ (UIKOWHVLFKZLHHUOHLFKWHUWDOVGLHVHU3ODQLQLKPIHVWVWDQG (EEDVROOWHGLHVH6WXQGHQRFKGDYRQK|UHQ HUVDKNHLQ+LQGHUQLV RGHUEHUVSUDQJMHGHVLQVHLQHQ*HGDQNHQ (VVFKOXJ]ZHLYRP5DWKDXVWXUPDOVHUVLFKQDFKGHP3DODLVDXI GHQ:HJPDFKWH=ZHLGUHLPDOVDKHUVLFKDXIJHKDOWHQZHLO LKP%HNDQQWHEHJHJQHWHQGLHYRQGHU*HIDKUGHUHUZLHGXUFK HLQ:XQGHUHQWURQQHQVHLJHK|UWKDWWHQ +RONVWDQGLKQHQDXFK 5HGH EUDFKDEHUMHGHVPDOUDVFKDEVLFKPLWª'LHQVW©EHLGHU 3ULQ]HVVLQHQWVFKXOGLJHQG (EEDZRKQWHLP3DODLVVHOEVWEHUGHQ=LPPHUQGHU3ULQ]HVVLQ +RON]RJGLH*ORFNH QLHPDQGNDP(QGOLFKHUVFKLHQ.DULQ$EHU ZDVVLHVDJWHNRQQWH+RONLQVHLQHUJHJHQZlUWLJHQ6WLPPXQJLQ GHUDOOHVQDFKUDVFKHP$EVFKOXGUlQJWHZHQLJEHIULHGLJHQ(U K|UWHQXUGDGDV)UlXOHLQQDFKPHKUVWQGLJHP)LHEHUHEHQ HLQJHVFKODIHQVHLXQGQLFKWJHZHFNWZHUGHQGUIHª6RZHUGLFK ZLHGHUDQIUDJHQ8QGYHUJHVVHQ6LHQLFKW.DULQGHP)UlXOHLQ]X VDJHQGDLFKGDZDUXQGQDFKIUDJHQZROOWH©.DULQYHUVSUDFK DOOHVXQGOlFKHOWH6LHKDWWHNHLQH9RUVWHOOXQJYRQGHPZDVLQ +RONV6HHOHYRUJLQJXQGVDKQLFKWVDQGHUHVLQLKPDOVGHQ VWUPLVFKHQ/LHEKDEHUGHUQDFKQHXHQ=lUWOLFKNHLWHQGUVWHWH +RONVWLHJGLH7UHSSHODQJVDPKLQDEXQGHUVWDOVHUGHQODQJHQ *DQJSDVVLHUWHGDUDQGLH=LPPHUGHU3ULQ]HVVLQJHOHJHQZDUHQ HQWVDQQHUVLFKDOOHVZDVGDVSIOLFKWPlLJ1lFKVWOLHJHQGHIU LKQJHZHVHQZlUHYHUVlXPW]XKDEHQ$EHUZDUHVGDV 1lFKVWOLHJHQGH")ULKQJHZLQLFKW)ULKQZDUGHU *HVXQGKHLWV]XVWDQGGHU3ULQ]HVVLQLQVHLQHUJHJHQZlUWLJHQ
6WLPPXQJVRJXWZLHJOHLFKJOWLJIULKQZDUVLHQXUQRFKGD]X GDGHQ6HJHQ]XVSHQGHQXQGLKQXQG(EEDJOFNOLFK]XPDFKHQ 8QGPLWHLQHP0DOH GHQQ GD(EEDGLHVHOEHQ*HGDQNHQKDEH VWDQGLKPIHVW NDPLKPGDV9HUODQJHQVLFKVFKRQKHXWH *HZLKHLWEHUGDVª-D©GHU3ULQ]HVVLQYHUVFKDIIHQ]XZROOHQ 8QGVRWUDWHULQHLQVGHU9RU]LPPHUXQGHUIXKUKLHUYRQGHU GLHQVWKDEHQGHQ.DPPHUIUDXGD.|QLJOLFKH+RKHLWGDV%HWW KWH1HXH9HUVWLPPXQJ:HQQGLH3ULQ]HVVLQGDV%HWWKWHWHVR NRQQWHYRQ(QWVFKHLGXQJZDVLKPJOHLFKEHGHXWHQGPLW *XWKHLXQJZDUQDWUOLFKNHLQH5HGHVHLQ:LHOlVWLJ QLFKWVJLQJ QDFK:XQVFK3HQW]XQG(ULFKVHQZDUHQLP1HEHQ]LPPHUDEHU HUPRFKWHVLHQLFKWVHKHQXQGEUDFKUDVFKDXIXPHUVWHLQHQ 6SD]LHUJDQJQDFKGHU=LWDGHOOH]XPDFKHQXQGVFKOLHOLFKHLQH 6WXQGHODQJLQGHU2VWHUJDDGH]XIODQLHUHQ8PIQIZDUHU ZLHGHULP3DODLVREHQXQGIUDJWH]XP]ZHLWHQ0DOHQDFK(EED ª'HU'RNWRUVHLGDJHZHVHQ©KLHHVªXQGKDEH]ZHLHUOHL YHURUGQHW HLQH0HGL]LQXQGHLQH3IOHJHULQIUGLH1DFKW'HQQ GDV)UlXOHLQILHEHUHZLHGHUVWDUNXQGVHLQLFKW]XYHUZXQGHUQ QDFKVROFKHU*HIDKUXQGQDFKDOOHP©'LHOHW]WHQ:RUWHVHW]WH .DULQQXUKDOEODXWXQGZLHYRQXQJHIlKUKLQ]XZHLOVLHVLFKQLFKW YHUVDJHQPRFKWH+RONLKUH*HGDQNHQHUUDWHQ]XODVVHQ +RONVDKVHLQH*HGXOGDXIHLQHKDUWH3UREHJHVWHOOW(UKDWWH JHKRIIWLQHLQHUHLQ]LJHQ6WXQGHVHLQ6FKLFNVDOHQWVFKLHGHQ]X VHKHQXQGQXQ+LQGHUQLVEHU+LQGHUQLV(EEDNUDQNGLH 3ULQ]HVVLQNUDQN(EEDVZDUHULQVHLQHP*HPWHVLFKHU(EED DOVR GDVPRFKWHJHKHQ DEHUGLH3ULQ]HVVLQ(UZXWHQLFKWZLH GLH6WXQGHQ6WXQGHQDXVGHQHQ7DJHZHUGHQNRQQWHQ KLQ]XEULQJHQVHLHQXQGZHQQHUGDQQLP)OXJHGXUFKQDKPZDV LQGHPOHEHQVOXVWLJHQXQG]HUVWUHXXQJVUHLFKHQ.RSHQKDJHQDOV =HLWYHUWUHLE]XJHOWHQSIOHJWHVRHUVFKUDNHUZLHVHKULKPDOOH GLHVH'LQJHZLGHUVWDQGHQ$OKDPEUDXQG7LYROL+DUOHNLQXQG &RORPELQH7KRUZDOGVHQ0XVHXPXQG.ODPSHQERUJDOOHVGLH VFK|QH)UDX%ULJLWWHPLWHLQJHUHFKQHWKDWWHJOHLFKPlLJVHLQHQ 5HL]IULKQYHUORUHQXQGZHQQHUJDUDQ3HQW]GDFKWHEHILHOLKQ HLQ*UDXHQ'DVZDUGDVOHW]WHZDVHUDXVKDOWHQNRQQWH OLHEHU ZROOWHHUGLH1LFKWLJNHLWHQ(ULFKVHQVXQGGLH6WHLIKHLWHQ GHU 6FKLPPHOPDQQHUWUDJHQDOVGLH3HQW]VFKHQ%RQPRWVXQG :RUWVSLHOH 'LH1DFKWYHUJLQJLKPXQWHU.RSIGUXFNXQGZHQLJ6FKODIZRUDQ (UNlOWXQJXQG$XIUHJXQJJOHLFKHQ$QWHLOKDEHQPRFKWHQXQGHU
ZDUIURKDOVGLH0RUJHQVRQQHGUEHQGLH'lFKHUU|WHWH'DV )UKVWFNNDPXQGGLH=HLWXQJHQXQGPLWGHQ=HLWXQJHQ DXVIKUOLFKH6FKLOGHUXQJHQEHUGHQ)UHGHULNVERUJHU 6FKOREUDQG(UODVDOOHVHUKHLWHUWHVLFKXQGYHUJDEHLQDKHZDV LKQTXlOWHZHQLJVWHQVVRODQJHGLH/HNWUHGDXHUWH'LH ZLUNOLFKHQ+HUJlQJHZDUHQVHKU]XVHLQHQ*XQVWHQ DXVJHVFKPFNW HUKDEHVLFKVRKLHHVLQ]ZHLIDVW JOHLFKODXWHQGHQ%HULFKWHQDQGHP%OLW]DEOHLWHUKHUDEODVVHQ ZROOHQXPGDQQXQWHQDQJHNRPPHQ+LOIHIUGDVXQJOFNOLFKH )UlXOHLQKHUEHL]XVFKDIIHQ DOVHUDEHULQGLH)HXHUUHJLRQGHV EUHQQHQGHQ7XUPHVJHNRPPHQVHLKDEHVLFKHLQZHLWHUHV +LQDEJOHLWHQDQGHUQDFKXQWHQ]XVFKRQKDOEJOKHQG JHZRUGHQHQ(LVHQVWDQJHYHUERWHQXQGHUVHLZLHGHUPLW HEHQVRYLHO0XWXQG.UDIWZLH*HVFKLFNOLFKNHLWKLQDXIJHNOHWWHUW(U ODVGLHVXQGVDJWHVLFKGDHUQDFKGHPDOOHQQRWZHQGLJGHU +HOGGHV7DJHVVHLQPVVH'HU+HOG8QGZLHZHQLJKHOGLVFKZDU LKP]XPXWH(UIKOWHGDVHLQH1HUYHQ]XYHUVDJHQGURKWHQXQG GDHULQ.UDQNKHLWRGHUJHLVWLJH6W|UXQJIDOOHQZUGHZHQQHV LKPQLFKWJHOlQJHGDVZDVHUJHVWHUQYHUJHEOLFKLQGLHUHFKWHQ :HJH]XOHLWHQJHVXFKWKDWWHQRFKKHXWH]XP$EVFKOX]X EULQJHQ'D(EEDZLHGHUJHVXQGVHLQZHUGHZDUQLFKW DQ]XQHKPHQ DEHUGRFKGLH3ULQ]HVVLQZDVDXFKHLJHQWOLFK ZLFKWLJHUZDU$OOHVZDVVLHVHLWYRUJHVWHUQGXUFK]XPDFKHQ JHKDEWKDWWHZDUGRFKQXUHWZDVYHUJOHLFKVZHLVH*HULQJHV JHZHVHQXQGZHQQVLHZLHVHKUZDKUVFKHLQOLFKZLHGHUDXHU %HWWZDUVRPXWHVLHLKQK|UHQXQGEHULKQHQWVFKHLGHQª8QG EHUPLFKHQWVFKHLGHQGDVKHLWPHLQ*OFNEHVLHJHOQGHQQVLH LVWJWLJXQGLQLKUHQ$QVFKDXXQJHQXQEHHQJW© -DVRVROOWHHVVHLQXQGXP]HKQ8KUZDUHUDXFKVFKRQZLHGHU LP3DODLVZRHU]XVHLQHUXQHQGOLFKHQ)UHXGHYHUQDKPGDGLH 3ULQ]HVVLQHLQHOHLGOLFKJXWH1DFKWJHKDEWKDEH'XUFKHEHQ GLHVHOEH.DPPHUIUDXPLWGHUHUVFKRQJHVWHUQJHVSURFKHQOLH HUDQIUDJHQRE.|QLJOLFKH+RKHLWVHLQH*HJHQZDUW]XEHIHKOHQ JHUXKH8QGJOHLFKGDQDFKWUDWHUEHLLKUHLQGHQQVLHKDWWHLKQ ZLVVHQODVVHQVLHZQVFKHGULQJHQGLKQ]XVSUHFKHQ 'DV=LPPHUZDUGDVVHOEHGDULQHUJOHLFKDP7DJHQDFKVHLQHU $QNXQIWVHLQHHUVWH$XGLHQ]EHLGHU3ULQ]HVVLQJHKDEWKDWWH'D KLQJQRFKGDVJURH%LOG.|QLJ&KULVWLDQV9,,,XQGJHUDGH JHJHQEHUGDVGHVYHUVWRUEHQHQ/DQGJUDIHQGHU)ORUXPGHQ 5DKPHQQRFKJUDXHUXQGYHUVWDXEWHUDOVGDPDOV$XIGHP6RID
XQWHUGHP%LOGHGHV.|QLJVVDGLHDOWH'DPHYHUIDOOHQXQG ]XVDPPHQJHGXFNWYRQ3ULQ]HVVLQQLFKWYLHOXQGYRQ(VSULWIRUW NHLQH6SXU(VZDUHUVLFKWOLFKGDVLH ZHQQDXFKYRQLKUHU HLJHQWOLFKHQ.UDQNKHLWVRJXWZLHJHQHVHQ GHQ6FKUHFNXQGGLH $XIUHJXQJGHUOHW]WHQ)UHGHULNVERUJHU6WXQGHQQRFKNHLQHVZHJV EHUZXQGHQKDWWH-HGH6SDQQNUDIWIHKOWHGDV$XJHZDUPDWW XQGPGH ª'DVZDUHLQHVFKOLPPH1DFKWOLHEHU+RON6LHVHKHQPLFKQRFK XQWHUGHU1DFKZLUNXQJYRQGHPDOOHQ8QGGRFKZDVEHGHXWHWHV QHEHQGHPZDV6LHGXUFK]XPDFKHQKDWWHQ8QG(EEDPLW,KQHQ (LQ:XQGHUGD6LHJHUHWWHWZXUGHQZLHPDQPLUEULJHQV HU]lKOWKDWGXUFK,KUH*HLVWHVJHJHQZDUW,FKKDEH6LHVHKHQXQG ,KQHQEHLGHU*HOHJHQKHLWDXVVSUHFKHQZROOHQZLHJURPHLQH 'DQNEDUNHLWLVW6ROFKH'LQJHEOHLEHQXQYHUJHVVHQ8QGQXQJDU HUVWYRQVHLWHQ(EEDVVHOEVW6LHNDQQ,KQHQGLHVQLHYHUJHVVHQ XQGZLUGVLFK,KQHQGHVVHQELQLFKVLFKHUGXUFKV/HEHQKLQ YHUEXQGHQIKOHQ© (VZDUHQGLHV:RUWHGLHQDFKLKUHP,QKDOWHIU+RONXQGDOOHV GDVZDVVFKRQDXIVHLQHU/LSSH]LWWHUWHQLFKWJOFNOLFKHUJHZlKOW VHLQNRQQWHQXQGHLQHQ$XJHQEOLFNVWDQGHUDXFKZLUNOLFKDXI GHP3XQNWHDQGLH3ULQ]HVVLQKHUDQ]XWUHWHQXQGXQWHU :LHGHUKROXQJXQG$XVGHXWXQJLKUHUHLJHQHQ:RUWHVHLQ+HU]YRU LKUDXV]XVFKWWHQXQGVHLQH3OlQHVLHZLVVHQ]XODVVHQ$EHU VRVHKUGHU,QKDOWGHU:RUWHGD]XDXIIRUGHUQPRFKWHQLFKWGLH +DOWXQJGHU3ULQ]HVVLQQLFKWGHU7RQLQGHPLKUH:RUWH JHVSURFKHQZDUHQ$OOHVNODQJEHLQDKHOHEORVXQG+RONVRVWDUN VHLQH6HHOHQDFK*HZLKHLWXQG$EVFKOXGUlQJWHIKOWHGRFK GHXWOLFKGDGLHVQLFKWGHUGHQNEDUEHVWHVRQGHUQXPJHNHKUW HKHUGHUGHQNEDUVFKOHFKWHVWH0RPHQWIUVHLQ*HVWlQGQLVVHLQ ZUGH9RQGHUIUHLJHLVWLJHQ3ULQ]HVVLQGLHVRQVWHLQ+HU]RGHU GRFKPLQGHVWHQVHLQ,QWHUHVVHIU(VNDSDGHQXQG0HVDOOLDQFHQ IU(KHVFKHLGXQJHQXQG(KHNlPSIHKDWWHZDULQGHUDOWHQ'DPH GLHGDYROONRPPHQJUHLVHQKDIWXQWHUGHPIHLHUOLFKHQ.|QLJVELOGH VDDXFKQLFKWGDVJHULQJVWHPHKUZDKU]XQHKPHQXQGZDVVWDWW GHVVHQDXVLKUHPHLQJHIDOOHQHQ*HVLFKWKHUDXV]XOHVHQZDUGDV SUHGLJWHQXUGDVHLQHGDEHL/HEHQVNKQKHLWHQXQG ([WUDYDJDQ]HQLQGHU5HJHOQLFKWYLHOKHUDXVNRPPHXQGGD :RUWKDOWHQXQG*HVHW]HUIOOHQGDVDOOHLQ(PSIHKOHQVZHUWHYRU DOOHPDEHUHLQHULFKWLJH(KH QLFKWHLQHJHZDOWVDPH GHUHLQ]LJ VLFKHUH+DIHQVHL+RONKlWWHGLH6FKULIWJHUQDQGHUVHQW]LIIHUWHV
ZDUDEHUQLFKWP|JOLFKXQGYHUERWVLFKLQVRKRKHP*UDGHGD HUVWDWWLUJHQGZHOFKH&RQIHVVLRQV]XPDFKHQVLFKGDUDXI EHVFKUlQNWHGLH3ULQ]HVVLQXPHLQHQPHKUWlJLJHQ8UODXE DQ]XJHKHQ(LQNODUHU3ODQVWDQGLKPGDEHLNHLQHVZHJVYRUGHU 6HHOHVRZHQLJGDHUDXIHLQHGLHVEH]JOLFKH)UDJHQLFKW $QWZRUWJHZXWKlWWH GLH3ULQ]HVVLQDEHUYRQ$QIDQJDQQXU YRQGHP9HUODQJHQHUIOOWVLFKEDOGP|JOLFKVWZLHGHULQLKU .DELQHWW]XUFN]LHKHQ]XN|QQHQYHU]LFKWHWHJHUQDXIQHXJLHULJH )UDJHQXQGJHZlKUWHKXOGYROOXPZDVVLHJHEHWHQZDU 8QGQXQQRFKHLQJQlGLJHV.RSIQLFNHQXQGGLH$XGLHQ]ZHQQ PDQLKUGLHVHQ1DPHQJHEHQGXUIWHZDU]X(QGH
1HXQXQG]ZDQ]LJVWHV.DSLWHO $OV+RONXP8UODXEJHEHWHQKDWWHQXUGDVHLQHIULKQ IHVWJHVWDQGHQGDHWZDVJHVFKHKHQPVVH1XQZDUHU EHXUODXEWXQGLPVHOEHQ$XJHQEOLFNHZDUDXFKGLH)UDJHGD ZDV VROOQXQJHVFKHKHQ"$XVVSUDFKHPLW(EEDVRVHKUHULKUHU hEHUHLQVWLPPXQJVLFKHU ZDU9HUDEUHGXQJHQPLWLKUIUGLH =XNXQIW GDVZlUHGDV1DWUOLFKVWHJHZHVHQ DEHU(EEDZDU NUDQNXQGZDV.DULQZHQQHUYRUVSUDFKDQWZRUWHWHEOLHE GDVVHOEH GDV)UlXOHLQGUIHQLHPDQGHQVSUHFKHQ6RJLQJHU GHQQHLQHUZDKUHQ3UIXQJV]HLWHQWJHJHQ7DJHQLQGHQHQHU QLFKWV]XWXQDOV]XZDUWHQKDWWH8QGGDVZDULKPLQVHLQHU 6HHOHQVWLPPXQJGDV6FKZHUVWH=XOHW]WHUJDEHUVLFKGDULQXQG EHVFKORVLFKHLQ]XVFKOLHHQQLHPDQGHQ]XVHKHQ=HLWXQJHQ]X OHVHQ%ULHIH]XVFKUHLEHQ$EHUDQZHQ"(UVDKEDOGGDHUDQ QLHPDQGHQVFKUHLEHQN|QQH3HWHUVHQ$UQHGLH.LQGHU DOOHV YHUERWVLFK1RFKPHKUGLH'REVFKW]%OLHEQXUQRFK&KULVWLQH VHOEVW(UVWDQGYRQGHP6FKUHLEWLVFKDXIDQGHPHUHLQH:HLOH JUEHOQGJHVHVVHQXQGVFKULWWDXIXQGDEª&KULVWLQH -DGDV ZlUHGDVEHVWH6LHPXHVVFKOLHOLFKGRFKZLVVHQXQGOLHEHU KHXWDOVPRUJHQ$EHULKUVFKUHLEHQ"0XGXUFKDXVJHVFKULHEHQ VHLQDOVRELFKQLFKWGHQ0XWKlWWHLKUXQWHUGLH$XJHQ]X WUHWHQ",FKKDEHGHQ0XWGHQQZDVLFKZLOOLVWPHLQJXWHV5HFKW 0DQOHEWQLFKW]XVDPPHQXPLPPHU]ZHLHUOHL0HLQXQJ]XKDEHQ XQG]ZHLHUOHL:HJH]XJHKHQ&KULVWLQHKDWPLFKYRQVLFKZHJ HUNlOWHW-DGDVLVWGDVUHFKWH:RUWXQGVROFKHVLFKPHKUHQGH .lOWHGDVLVWVFKOLPPHUDOV6WUHLWHQXQG+HIWLJVHLQ(LQH)UDX VROO HLQH7HPSHUDWXUKDEHQHLQ7HPSHUDPHQWXQG/HEHQXQG6LQQH $EHUZDVVROOLFKPLWHLQHP(LVEHUJ"8QGZHQQHUGDVNODUVWH(LV KDWGDVNODUVWHLVWJHUDGHGDVNlOWHVWHXQGLFKZLOOQLFKW HUIULHUHQ-DGDVSDWGDVLVWHLQJXWHV(LQOHLWXQJVWKHPDGDPLW ZHUGLFKLKUNRPPHQDEHUYRQ0XQG]X0XQG LFKZLOOHVLKU QLFKWVFKUHLEHQLFKZLOOHVLKUVDJHQ,KUHLJHQHU%ULHIKDWPLU JROGQH%UFNHQJHEDXW8QGZHQQLFKGDQQIUHLELQXQGZLHGHU KLHU$FKZLHVHKQHLFKPLFKQDFK/HEHQ:lUPH)UHXGH 0HLQH7DJHVLQGPLUYHUJDQJHQDOVRE8QWHUZHOWVVFKDWWHQQHEHQ PLUKHUVFKZHEWHQ'LHJXWH'REVFKW]ZDUDXFKVROFK6FKDWWHQ ,FKELQQRFKQLFKWDOWJHQXJXPDXI)OHLVFKXQG%OXW]X YHU]LFKWHQ© 8QGHUNOLQJHOWH'LH:LWZH+DQVHQNDP
ª/LHEH)UDX+DQVHQLFKZLOODXIHLQHQ7DJKLQEHUQDFK +RONHQlV© ª$K]XU&KULVWEHVFKHUXQJ'DZLUGVLFKGLHJQlGLJVWH)UDX*UlILQ IUHXHQGLHMHW]WVRDOOHLQLVWVHLWDXFKGLH.LQGHUIRUWVLQGZLH PLUGHU+HUU*UDIHU]lKOWKDEHQ© ª-DQDFK+RONHQlV©VDJWH+RONª:LVVHQ6LH ZLHGLH 'DPSIVFKLIIHJHKHQ",FKPHLQHGLHQDFK*OFNVEXUJXQG )OHQVEXUJ$POLHEVWHQZlUHHVPLULFKN|QQWHQRFKKHXWHPLWWDJ IRUWRGHUGRFKJHJHQ$EHQG'DQQELQLFKPRUJHQ]XJXWHU 6WXQGHGD9LHOOHLFKWOLHEH)UDX+DQVHQN|QQHQ6LHMHPDQGQDFK GHP+DIHQVFKLFNHQXQGDQIUDJHQODVVHQ$EHUHVPXHLQ%RWH VHLQDXIGHQ9HUODLVWGHQQPLUOLHJWGDUDQVLFKHU]XJHKHQ© )UDX+DQVHQVDJWHVLHZUGHVLFKVHOEHUDXIGHQ:HJPDFKHQ XQGQDFKZHQLJHUDOVHLQHU6WXQGHZDUVLHYRQLKUHP*DQJH ZLHGHU]XUFNXQGEUDFKWHGLH1DFKULFKWKHXWHJHKHNHLQ6FKLII PHKUDEHUPRUJHQJHJHQ$EHQGJHKHGHUª+ROJHU'DQVNH©XQG VHL]HKQ8KUYRUPLWWDJVYRU+RONHQlV ª'DVLVWEHUPRUJHQ:HOFKHQ7DJKDEHQZLUKHXWH"© ª'HQHLQXQG]ZDQ]LJVWHQJHUDGHGHQNU]HVWHQ© +RONGDQNWHIULKUH%HPKXQJXQGZDULQVHLQHP+HU]HQIURK GDHVQLFKW+HLOLJHQDEHQGZDUDQGHPGDV6FKLIIDQGHP :DVVHUVWHJHYRQ+RONHQlVDQOHJHQZUGH 'HQNDPGLH.VWHYRQ$QJHOQLQ6LFKWXQGDOV]HKQ8KU KHUDQZDUVDKPDQYRQ'HFNDXV6FKOR+RONHQlVDXIVHLQHU 'QH'LH/LQLHQZDUHQYHUVFKZRPPHQGHQQHLQOHLVHU1HEHO ]RJXQGHLQHQ$XJHQEOLFNEHJDQQHVVRJDU]XVFKQHLHQ$EHUGHU )ORFNHQWDQ]K|UWHEDOGZLHGHUDXIXQGDXFKGHU1HEHOZDUVRJXW ZLHYHUVFKZXQGHQDOVGLH6FKLIIVJORFNH]XOlXWHQDQKREXQGGHU VWDWWOLFKH'DPSIHUDQOHJWH+RONEHUVFKULWWGLHNOHLQH *HOlQGHUEUFNHGLHPDQYRP'HFNKHUQDFKGHP:DVVHUVWHJ KLQEHUJHVFKREHQKDWWHGDQQVFKDIIWHGHU6WHZDUGVHLQ*HSlFN QDFKXQGHKHIQI0LQXWHQXPZDUHQGDPSIWHGHUª+ROJHU 'DQVNH©ZHLWHUDXI *OFNVEXUJ]X+RONVDKGHP6FKLIIHLQH :HLOHQDFKGDQQZDUIHUVHLQHQ0DQWHOGHULKQEHLP(UVWHLJHQ GHU7HUUDVVHQXUEHKLQGHUWKDEHQZUGH]ZLVFKHQGLHEHLGHQ .RIIHUXQGVFKLFNWHVLFKDQGHQ6WHJHQWODQJ]XJHKHQ'DQQXQG
ZDQQEOLHEHUVWHKHQXQGVDKQDFK+RONHQlVKLQDXI(VODJMHW]W ZRGHU1HEHOVLFKPRPHQWDQYHU]RJHQKDWWHNODUYRULKPDEHU |GXQGHLQVDPXQGGHUGQQH5DXFKGHUDXIVWLHJZLUNWHZLH ZHQQQXUQRFKHLQKDOEHV/HEHQGDREHQ]XILQGHQVHL'LH ]LHPOLFK]DKOUHLFKHQ6WUlXFKHULQ)URQWGHU9RUKDOOHZDUHQHLQ SDDUNOHLQH=\SUHVVHQDEJHUHFKQHWDOOHNDKOXQGHQWEOlWWHUWXQG GLH9RUKDOOHVHOEVW]HLJWHVLFKPLW%UHWWHUQYHUNOHLGHWXQGPLW 0DWWHQYHUKlQJWXPGLHGDKLQWHUJHOHJHQHQ5lXPHQDFK 0|JOLFKNHLWJHJHQGHQ1RUGRVW]XVFKW]HQ$OOHVVWLOOXQG VFKZHUPWLJDEHUHLQ)ULHGHZLHGHU1DFKJODQ]HLQHVIUKHUHQ *OFNVZDUGRFKGDUEHUDXVJHEUHLWHWXQGGLHVHQNDPHUMHW]W ]XVW|UHQ(LQH)XUFKWEHILHOLKQSO|W]OLFKYRUGHPZDVHU YRUKDWWH =ZHLIHONDPHQXQGVHLQ*HZLVVHQVRJXWHU V HLQ]XOXOOHQZXWHZROOWHQLFKWJDQ]VFKZHLJHQ$EHUVRRGHUVR MHGHQIDOOVZDUHV]XVSlWXQGHUNRQQWHQLFKWPHKU]XUFN(V PXWHVHLQ:LHZUGH(EEDLKQDXVJHODFKWXQGLKPGHQ5FNHQ JHNHKUWKDEHQZHQQHUEHLVHLQHP:LHGHUHLQWUHIIHQLQ .RSHQKDJHQLKUJHVDJWKlWWH ª,FKZROOWHVWXQDEHULFKNRQQW HVQLFKW©8QGVRQDKPHUGHQQVHLQHQ:HJZLHGHUDXIXQGVWLHJ HQGOLFKODQJVDPGLH7HUUDVVHKLQDXI$OVHUREHQZDUULHIHU HLQHQDOWHQ]XIlOOLJGHV:HJHVNRPPHQGHQ'LHQHUDQGHULQ HLQHP1HEHQKDXVHVHLW-DKUXQG7DJVFKRQGDV*QDGHQEURWD XQGIUDJWHLKQªREGLH*UlILQLP6FKORVHL© ª*HZL+HUU *UDI©VDJWHGHU$OWHIDVWHUVFKURFNHQªLQLKUHP6FKODI]LPPHU REHQ,FKZLOOYRUDXVXQGGHU)UDX*UlILQPHOGHQGDGHU+HUU *UDIDQJHNRPPHQVLQG© ª1HLQOD©VDJWH+RONªLFKZLOO VHOEHUJHKHQ©8QGQXQJLQJHUVLFK]XQlFKVWVHLWZlUWVKDOWHQG DXIGLH5FNIURQWGHV6FKORVVHV]XGLHGHQ%OLFNODQGHLQZlUWVDXI GLHEHUJDEVWHLJHQGHQ3DUN XQG*DUWHQDQODJHQKDWWH +LHUDQJHNRPPHQQDKPVLFKDOOHVZlUPHU XQGZRKQOLFKHUDXV XQG+RONDOVHUHLQHQ$XJHQEOLFN8PVFKDXJHKDOWHQKDWWHVWLHJ GLHGUHL0DUPRUVWXIHQKLQDXIGLH]ZLVFKHQ]ZHL6lXOHQ KLQGXUFKDXIGLH7UGHV*DUWHQVDORQV]XIKUWHQ8QGQXQWUDWHU LQGHQ6DORQVHOEVWHLQLQGHPVLFKDOOHVWURW]GHPGLH.LQGHU QLFKWGDZDUHQLQZHLKQDFKWOLFKHU9RUEHUHLWXQJ]XEHILQGHQ VFKLHQ$XIGHP(FNWLVFKPLWGHUWUNLVFKHQ'HFNHGDUDQYRUGHP &KULVWLQHPLWGHU'REVFKW]XQG$VWD]XVLW]HQXQG+DQGDUEHLWHQ ]XPDFKHQSIOHJWHVWDQGHLQHILJXUHQUHLFKHVFKRQGXUFK-DKUH KLQJHEUDXFKWHDEHULPPHUQRFKVHKUZRKOHUKDOWHQH :HLKQDFKWVNULSSHZlKUHQGLQGHU(FNHVFKUlJJHJHQEHUHLQ &KULVWEDXPDXIUDJWHQRFKJDQ]VFKPXFNORVDEHUVHKUKRFKVR
GDVHLQH6SLW]HIDVWELVDQGLH'HFNHUHLFKWH1DFKDOOHPPXWH KLHULUJHQGZHUHEHQQRFKWlWLJJHZHVHQVHLQQXUGDVLFK QLHPDQG]HLJWH:DUPDQYRULKPJHIORKHQ"$EHUHKHUVLFK VHOEVWGDUDXIDQWZRUWHQNRQQWHVDKHUGDHUVLFKJHLUUWKDWWH ZHQLJVWHQVLQGHPZDVGDV)OLHKHQYRULKPDQJLQJ GHQQDXVGHU GXQNOHQ+LQWHUJUXQGV(FNHGLHGHUYRUJHVWHOOWH&KULVWEDXP ELOGHWHWUDWMHW]WHLQHVFKZDU]JHNOHLGHWH'DPHKHUYRU(VZDUGLH 'REVFKW]HLQH6FKDOHPLWYHUJROGHWHQXQGYHUVLOEHUWHQ1VVHQ LQGHU+DQGPLWGHQHQVLHGHQ%DXP]XVFKPFNHQHEHQ EHJRQQHQKDEHQPRFKWH6LHIXKU]XVDPPHQDOVVLHGHQ*UDIHQ HUNDQQWHª:DVLVWJHVFKHKHQ"6ROOLFK&KULVWLQHUXIHQ"© ª1HLQOLHEH'REVFKW]©VDJWH+RONª/DVVHQZLU&KULVWLQHQRFK HLQH:HLOH:DVVLHK|UHQPXK|UWVLHIUKJHQXJ,FKELQ IUKHUKLHUDOVHUZDUWHWXQGKlWWHJHUQHLQHQDQGHUQ7DJJHZlKOW DOVGLHVHQ$EHULFKEOHLEHQLFKWODQJH© 'LH'REVFKW]ZXWHZLH VVWDQGXQGZHOFKHVLFKLPPHU VWHLJHUQGHQ(UQFKWHUXQJHQXQG.UlQNXQJHQGLHVHOHW]WHQ :RFKHQJHEUDFKWKDWWHQ DEHUGDVZDVVLHGDHEHQYRQ+RON VHOEVWK|UWHZDUGRFKQRFKPHKUJLQJGDUEHUKLQDXV:DV VROOWHQGLHVH:RUWHGLHQLFKWVXQGDOOHVEHGHXWHWHQ"8QGGDEHL VWDQGHUYRULKUPLWHLQHPKDOEWURW]LJHQXQGGRFK]XJOHLFK YHUOHJHQHQ*HVLFKWVDXVGUXFNZLHZHQQHUDOV$QNOlJHUDQGUHU XQG]XJOHLFKVHLQHUVHOEVWNlPH ª,FK ZLOOGRFKOLHEHUJHKHQXQG&KULVWLQHVDJHQGD6LHGDVLQG© (UQLFNWHDOVREHUDQGHXWHQZROOWH QXQJXWDXFKGDV HVLVW JOHLFKJOWLJMHW]WRGHUQDFKHLQHU9LHUWHOVWXQGH 'DEHLVFKULWWHUDXIGLH.ULSSH]XQDKPHWOLFKHYRQGHQ)LJXUHQ LQGLH+DQGXQGVDKVLFKXPREGLH'REVFKW]PLWWOHUZHLOHGDV =LPPHUYHUODVVHQKDEHRGHUQLFKW -DVLHZDUIRUW8QGQXQHUVWOLHHUVHLQ$XJHXPKHUJOHLWHQ *URHVXQG.OHLQHVKDOEJOHLFKJOWLJPXVWHUQGXQGVDKEHLGHU *HOHJHQKHLWDXFKDXIGLH3DUNJlQJHKLQDXVGDULQHLQSDDU +KQHUVSD]LHUHQJLQJHQZHLOQLHPDQGGDZDUGHUVLKQHQ ZHKUWH'DQQHUVWWUDWHUZLHGHU]XUFNXQGDQGHQ RIIHQVWHKHQGHQ)OJHOGHQVHOEHQGDUDQ(OLVDEHWK3HWHUVHQXQG $VWDVRRIWJHVHVVHQXQGYLHUKlQGLJJHVSLHOWRGHUDXFKLKUH /LHGHUJHVXQJHQKDWWHQHLQVDPOHW]WHQRGHUYRUOHW]WHQ7DJHYRU
VHLQHU$EUHLVH8QGPLWHLQHP0DOHZDUHVLKPDOVK|UHU VQRFK DEHUDXVZHLWHUZHLWHU)HUQH 6RVWDQGHUXQGWUlXPWHYRUVLFKKLQLQKDOEHP9HUJHVVHQ GHVVHQXPZDVHUHLJHQWOLFKKLHUKHUJHNRPPHQDOV HU]X EHPHUNHQJODXEWHGDGLH7UJLQJ8QGQXQZDQGWHHUVLFKXQG VDKGD&KULVWLQHHLQJHWUHWHQZDU6LHEOLHEVWHKHQXQGKDWWHGLH +DQGGHU'REVFKW]JHQRPPHQZLHXPVLFK]XKDOWHQ+RONJLQJ DXIVLH]Xª*XWHQ7DJ&KULVWLQH'XVLHKVWPLFKIUKHUZLHGHU DOVLFKHUZDUWHWH© ª-D©VDJWHVLHªIUKHU©8QGVLHJDELKPGLH+DQGXQGZDUWHWH ZDVHUWXQZUGH'DVVROOWHLKUGDQQHLQ=HLFKHQVHLQZLH V VWQGHGHQQVLHZXWHGDHUWURW]DOOHUVHLQHU6FKZlFKHQ HKUOLFKZDUXQGVLFKQLFKWJXWYHUVWHOOHQNRQQWH +RONKLHOWLKUH+DQGLQGHUVHLQHQXQGZROOWHVLHIHVWDQVHKHQ $EHUHUNRQQWHGHQUXKLJHQ%OLFNGHUGHPVHLQHQEHJHJQHWH QLFKWHUWUDJHQXQGVRZDQGWHUVHLQ$XJHZLHGHUEHLVHLWHXPHV QLFKWQLHGHUVFKODJHQ]XPVVHQXQGVDJWHZlKUHQGVLHLQLKUHP 6FKZHLJHQYHUKDUUWH ª:ROOHQZLUXQVQLFKWVHW]HQ&KULVWLQH"© 'DEHLVFKULWWHQEHLGHDXIGHQ(FNWLVFK]X'LH'REVFKW]IROJWH EOLHEDEHUVWHKHQZlKUHQGVLFKGLH*UlILQVHW]WH+RONLKU JHJHQEHUQDFKGHPHUHLQHQ/HKQVWXKOKHUDQJHVFKREHQKDWWH 'LH:HLKQDFKWVNULSSHVWDQG]ZLVFKHQLKQHQXQGEHUGLH.ULSSH IRUWIUDJWHQVLFKLKUH%OLFNH ª*HKOLHEH-XOLH©VDJWHGLH*UlILQQDFKHLQHU3DXVHª:LUVLQG ZRKOEHVVHUDOOHLQ,FKJODXEHGDPLU+RONHWZDVVDJHQZLOO© 'LH'REVFKW]]|JHUWHQLFKWZHLO VLH=HXJHGHV3HLQOLFKHQ]XVHLQ ZQVFKWHZDVVLFKVLFKWOLFKYRUEHUHLWHWHVRQGHUQDXV/LHEH]X &KULVWLQHKLQVLFKWOLFKGHUHQVLHIUFKWHWHGDVLHLKUHV %HLVWDQGHVEHGUIWLJVHLQZUGH=XOHW]WDEHUJLQJVLH +RONVHLQHUVHLWVVFKLHQGLHOHW]WHQ:RUWHVHLQHU)UDXªGDHULKU PXWPDOLFKHWZDV]XVDJHQKDEH©]XQlFKVWZHQLJVWHQV ZLGHUOHJHQ]XZROOHQ HUVFKZLHJXQGVSLHOWHGDEHLPLWGHP &KULVWNLQGGDVHURKQHUHFKW]XZLVVHQZDVHUWDWGHU-XQJIUDX 0DULDYRP6FKRJHQRPPHQKDWWH
&KULVWLQHVDKLKQDQXQGIKOWHEHLQDK0LWOHLGPLWLKPª,FKZLOO HVGLUOHLFKWPDFKHQ+RON©VDJWHVLHª:DVGXQLFKWVDJHQ PDJVWLFKZLOOHVVDJHQ$P6LOYHVWHURGHUDP1HXMDKUVWDJH KDEHQZLUGLFKHUZDUWHWQXQNRPPVWGX]X:HLKQDFKW,FK JODXEHQLFKWGDGXGHU.ULSSHZHJHQJHNRPPHQELVWDXFK QLFKWGHV&KULVWNLQGHVZHJHQPLWGHPGXVSLHOVW(VOLHJWGLU HWZDVVHKUDQGUHVDP+HU]HQDOVGDV&KULVWNLQGXQGHVNDQQQXU QRFKGLH)UDJHVHLQZLHGHLQ*OFNKHLWRE%ULJLWWHRGHU(EED (LJHQWOLFKLVWHVJOHLFK'XELVWJHNRPPHQXPDXIGDVZDVLFK GLUDOV/HW]WHVXQGbXHUVWHVYRUVFKOXJHLQ]XJHKHQXQGPLU GDEHL]XVDJHQ¾LFKKlWWHVMDVRJHZROOW½8QGZHQQGXGDV VDJHQZLOOVWVRVDJHV GXGDUIVWHV-DLFKKDEHVVRJHZROOW GHQQLFKELQQLFKWIUKDOEH9HUKlOWQLVVH=X GHQYLHOHQ 6HOEVWVFKWLJNHLWHQGLHPLFKDXV]HLFKQHQJHK|UWDXFKGLHQLFKW WHLOHQ]XZROOHQLFKZLOOHLQHQJDQ]HQ0DQQXQGHLQJDQ]HV+HU] XQGPDJQLFKWHLQHV0DQQHV6RPPHUIUDXVHLQZlKUHQGDQGHUH GLH:LQWHUIUDXVSLHOHQXQGVLFKXQWHUHLQDQGHUDEO|VHQ $OVRVSULFK HVDXVGDGXJHNRPPHQELVWXPPLWPLUYRQ7UHQQXQJ]X VSUHFKHQ© (VZDUQLFKWJXWGDGLH*UlILQLKU+HU]QLFKWEH]ZLQJHQNRQQWH 9LHOOHLFKWGDVLHEHLPLOGHUHU6SUDFKHGHQVR%HVWLPPEDUHQ GRFKXPJHVWLPPWXQGLKQ]XU(UNHQQWQLVVHLQHV,UUWXPVJHIKUW KlWWH'HQQGLH6WLPPHYRQ5HFKWXQG*HZLVVHQVSUDFKRKQHKLQ EHVWlQGLJLQLKPXQGHVJHEUDFKLKPQXUDQ.UDIWGLHVHU 6WLPPH]XP6LHJH]XYHUKHOIHQ*HODQJHV&KULVWLQHQGLHVH.UDIW ]XVWlUNHQVRZDU8PNHKULPPHUQRFKP|JOLFKDXFKMHW]W QRFK DEHUVLHYHUVDKHVLP7RQXQGULHIGDGXUFKDOOGDVZLHGHUZDFK ZDVLKQDFKVRODQJHVFKRQJHUHL]WXQGVHLWHU(EEDNDQQWHVR ZLOOIlKULJJHPDFKWKDWWHVLFKVHOEHU$EVROXWLRQ]XHUWHLOHQ 8QGVRZDUIHUGHQQDOV&KULVWLQHMHW]WVFKZLHJGDV&KULVWNLQG ZLHGHULQGLH.ULSSHJOHLFKJOWLJZRGLH3XSSHKLQILHOXQGVDJWH ª'XZLOOVWHVPLUOHLFKWPDFKHQVRJODXELFKZDUHQGHLQH :RUWH1XQLFKELQGLUGDV$QHUNHQQWQLVVFKXOGLJGDGXKLQWHU GHLQHPJXWHQ:LOOHQQLFKW]XUFNJHEOLHEHQELVW,PPHUGHUVHOEH 7RQGHUhEHUKHEXQJ'DLFKGLUµVRIIHQEHNHQQHLFKZDU HUVFKWWHUWDOVLFKGLFKGDYRUKLQHLQWUHWHQXQGDXIGLHJXWH 'REVFKW]JHVWW]WDXIPLFK]XNRPPHQVDK$EHULFKELQHV QLFKWPHKU'XKDVWQLFKWVYRQGHPZDVZRKOWXWXQGWU|VWHWXQG HLQHPHLQH/DVWYRQGHQ6FKXOWHUQQLPPWRGHUZRKOJDU%OXPHQ
DXIXQVUHQ:HJVWUHXW'XKDVWQLFKWVYRQ/LFKWXQG6RQQH'LU IHKOWDOOHV:HLEOLFKHGXELVWKHUEXQGPRURV© ª8QGVHOEVWJHUHFKW© ª8QGVHOEVWJHUHFKW8QGYRUDOOHPVRJODXEHQVVLFKHULQDOOHP ZDVGXVDJVWXQGWXVWGDPDQHVHLQH:HLOHVHOEHU]XJODXEHQ DQIlQJWXQGJODXEWXQGJODXEWELVHVHLQHPHLQHV7DJHVZLH 6FKXSSHQYRQGHQ$XJHQIlOOWXQGPDQDXHUVLFKEHUVLFK VHOEVWJHUlWXQGYRUDOOHPGDUEHUGDPDQGHQ$XVEOLFNDXI HLQHQHQJHQDXINDXP]HKQ6FKULWWHUULFKWHWHQ3ODQNHQ]DXQPLW HLQHP*UDEWXFKGDUEHUIUGHQ%OLFNLQGLHVFK|QH*RWWHVZHOW KDOWHQNRQQWH-D&KULVWLQHHVJLEWHLQHVFK|QH*RWWHVZHOWKHOO XQGZHLWXQGLQGLHVHU:HOWZLOOLFKOHEHQLQHLQHU:HOWGLHQLFKW GDV3DUDGLHVLVWDEHUGRFKHLQ$EJODQ]GDYRQXQGLQGLHVHU KHOOHQXQGKHLWHUQ:HOWZLOOLFKGLH1DFKWLJDOOHQVFKODJHQK|UHQ VWDWWHLQHQ6WHLQDGOHURGHUPHLQHWZHJHQDXFKHLQHQ.RQGRUHZLJ IHLHUOLFKLQGHQ+LPPHOVWHLJHQ]XVHKHQ© ª1XQ+RONODHVJHQXJGDYRQVHLQLFKZLOOGLUGHLQ3DUDGLHV QLFKWOlQJHUYHUVFKOLHHQGHQQGDVPLWGHPEORHQ¾$EJODQ]½ GDYRQGDVUHGHVWGXQXUVRKLQ GXZLOOVWGHLQULFKWLJHVLUGLVFKHV 3DUDGLHVKDEHQXQGZLOOVWZLHGXGLFKHLJHQWPOLFKJHQXJ DXVGUFNVWGLH1DFKWLJDOOHQGDULQVFKODJHQK|UHQ$EHUVLH ZHUGHQEHUNXU]RGHUODQJYHUVWXPPHQXQGGXZLUVWGDQQQXU QRFKHLQH9RJHOVWLPPHK|UHQXQGQLFKW]XGHLQHU)UHXGHOHLVH XQGLPPHUVFKPHU]OLFKHUXQGGXZLUVWGDQQDXIHLQ XQJOFNOLFKHV/HEHQ]XUFNEOLFNHQ9RQGHQ.LQGHUQVSUHFKH LFK GLUQLFKWLFKPDJVLHQLFKWLQHLQ*HVSUlFKZLHGLHVHV KLQHLQ]LHKHQ HLQ0DQQGHUGHU6WLPPHVHLQHU)UDXNHLQ2KU OHLKWHLQHU)UDXGLHGHQ$QVSUXFKDXIVHLQH/LHEHKDWWHZHLOVLH LQ/LHEHIULKQDXIJLQJ GHUK|UWDXFKQLFKWDXIGDVZDVLKPGLH EORHQ1DPHQVHLQHU.LQGHU]XUXIHQ,FKJHKH0HLQ%UXGHUZLUG YRQ$UQHZLHNDXVPHLQH6DFKHIKUHQDEHUQLFKWHWZDLQGHP 6LQQHLQHV:LGHUVWDQGHVRGHU3URWHVWHVJHJHQGDVZDVGX YRUKDVWGDYRUVHL*RWWQXU]XU5HJHOXQJGHVVHQZDVJHUHJHOW ZHUGHQPXXQGZRREHQDQVWHKWREGLH.LQGHUGHLQHVHLQVROOHQ RGHUPHLQH'XZLUVW© XQGVLHOlFKHOWHELWWHU ªVRZHLWLFKGLFK NHQQHNHLQH6FKZLHULJNHLWHQQDFKGLHVHU6HLWHKLQPDFKHQ HV JDEZRKO=HLWHQZRGLUGLH.LQGHUHWZDVEHGHXWHWHQDEHUGDV OLHJW]XUFN'LH=HLWHQlQGHUQVLFKXQGZDVGLUHLQH)UHXGHZDU LVWGLUHLQH/DVWJHZRUGHQ,FKZLOOGHLQHNQIWLJH+DXVIKUXQJ
QDFK0|JOLFKNHLWDOOHU0KHZDOWXQJHQEHUKHEHQDXFKGHU 0KHZDOWXQJGHU6WLHIPXWWHUVFKDIW8QGQXQOHEHZRKOXQG ZHUGHQLFKW]XKDUWJHVWUDIWIUGLHVH6WXQGH© 'DEHLKDWWHVLHVLFKYRQLKUHP3ODW]HUKREHQXQGJLQJVLHZROOWH LKPQLFKWDXVZHLFKHQVFKDUIDQLKPYRUEHUDXIGLH7U]X9RQ GHU6FKZlFKHGLHVLHEHLLKUHP(LQWUHWHQJH]HLJWKDWWHZDULQ LKUHUJDQ]HQ+DOWXQJQLFKWVPHKU GLH(PS|UXQJGLHLKU+HU] IOOWHJDELKU.UDIW]XDOOHP $XFK+RONHUKREVLFK(LQH:HOWZLGHUVWUHLWHQGHU(PSILQGXQJHQ UHJWHVLFKLQVHLQHU6HHOHZDVDEHUQDFKDOOHPZDVHUHEHQ ZLHGHUJHK|UWKDWWHGRFKYRUZRJZDUHLQ*HIKOELWWHUHU 9HUGURVVHQKHLW(LQH JDQ]H:HLOHVFKULWWHUDXIXQGDEXQGGDQQ HUVWWUDWHUDQGLH%DONRQWUKHUDQXQGVDKZLHGHUDXIGHQ 3DUNJDQJKLQDXVGHUPLW%OlWWHUQXQG7DQQlSIHOQEHUVWUHXWLQ OHLVHU6FKUlJXQJEHUJDEXQG]XOHW]WOLQNVHLQELHJHQGQDFK +RONHE\IKUWH'HU+LPPHOKDWWHVLFKZLHGHUEH]RJHQXQGHK HLQH0LQXWHXPZDUEHJDQQHLQKHIWLJHV6FKQHHWUHLEHQHLQ 7DQ]HQXQG:LUEHOQELVGHU:LQG]XJSO|W]OLFKQDFKOLHXQGGLH )ORFNHQVFKZHUXQGGLFKWKHUQLHGHUILHOHQ +RONNRQQWHQXUZHQLJ6FKULWWHZHLWVHKHQDEHUVRGLFKWGLH )ORFNHQILHOHQVLHOLHHQLKQGRFK]ZHL)UDXHQJHVWDOWHQHUNHQQHQ GLHMHW]WYRQGHUUHFKWHQ6HLWHGHV6FKORVVHVKHULQGHQ 3DUNZHJHLQERJHQXQGDXI+RONHE\]XKLQXQWHUVFKULWWHQ (VZDUHQGLH*UlILQXQGGLH'REVFKW] 1LHPDQGEHJOHLWHWHVLH
'UHLLJVWHV.DSLWHO +RONDOVHU&KULVWLQHVRGHQ3DUNZHJKLQDEVFKUHLWHQXQGJOHLFK GDQDFKLQGHP)ORFNHQWDQ]HYHUVFKZLQGHQVDKZDUHUVFKWWHUW DEHUGRFKQXULQVHLQHP+HU]HQQLFKWLQVHLQHQ(QWVFKOVVHQ QLFKWLQGHPZDVHUYRUKDWWH'DV*OFNYHUJDQJHQHU-DKUH ODJ KLQWHULKPGDVZDUJHZLXQGHUVHW]WHKLQ]X ªGXUFKPHLQH 6FKXOGYLHOOHLFKWDEHUVLFKHUDXFKGXUFKLKUH6LHKDWHVVR JHZROOWVLHKDWPLFKJHUHL]WXQGJHSHLQLJWHUVWGXUFK hEHUKHEOLFKNHLWXQGGDQQGXUFK(LIHUVXFKWXQG]XOHW]WKDWVLHPLU ]XJHUXIHQ ¾*HK½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lOOHQ:LHYHUODQJWVPLFKQDFKHLQHPODFKHQGHQ *HVLFKW$FKGLHVHHZLJH6FKPHU]HQVPXWWHUPLWGHP6FKZHUWLP +HU]HQZlKUHQGHVGRFKEOR1DGHOVWLFKHZDUHQ:LUNOLFKHV ZDUVFKZHU]XWUDJHQXQGMHGHQIDOOVLFKZDUHVPGH© 'HUDOWH'LHQHUGHUPLWWOHUZHLOHGDV*HSlFNYRQGHU /DQGXQJVVWHOOHKHUDXIJHVFKDIIWKDWWHWUDWMHW]WHLQXQGIUDJWHGHQ *UDIHQREHUHLQ)UKVWFNEHIHKOHª1HLQ'RRUHQMHW]WQLFKW LFKZHUGHNOLQJHOQ©8QGDOVHUZLHGHUDOOHLQZDUEHUNDPLKQGLH )UDJHZDVHUQXQHLJHQWOLFKVROOHª6ROOLFKKLHUEOHLEHQXQGHLQHQ :DFKVVWRFN]HUVFKQHLGHQXQGGHQ&KULVWEDXPGDEHLGHVVHQ $XVSXW]LFKGLHJXWH'REVFKW]JHVW|UWKDEHPLWHLQHP'XW]HQG )UHXGHQOLFKWHUEHVHW]HQXQGGDQQPRUJHQDEHQGGLH/LFKWHU DQ]QGHQXQGPLUPHLQ*OFNEHVFKHUHQ"(VJHKWQLFKW8QGLFK NDQQDXFKQLFKWKLHUEOHLEHQEORXPKLHUREHQXQGLP'RUIXQWHQ GHQOHXWVHOLJHQXQGVFKHQNHIURKHQ*XWVKHUUQ]XVSLHOHQXQG GDEHLGHQ0lJGHQHLQHQ6SH]LHVWDOHULQGHQ$SIHO]XVWHFNHQXQG GHQ0LFKHOQDFKVHLQHU$QQHPDULHRGHUGLH$QQHPDULHQDFK LKUHP0LFKHO]XIUDJHQXQGREGLH+RFK]HLW]X2VWHUQRGHU]X 3ILQJVWHQVHLQZHUGH8QGZHQQLFKVRZDVVHOEVWZROOWHGDUEHU
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lKH1HLQLFKZLOOOLHEHUQDFK)OHQVEXUJKLQEHU YLHOOHLFKWJHKWKHXWHQRFKHLQ.RSHQKDJHQHU6FKLII8QGZHQQ DXFKQLFKWKLHUNDQQLFKQLFKWEOHLEHQ LFKPXIRUW© 8QGHU]RJGLH.OLQJHOª6DJHGD-RKDQQDQVSDQQW'HQNOHLQHQ :DJHQXQGGLH3RQ\V,FKZLOOQDFK)OHQVEXUJ© (VVFKOXJGUHLDOV+RONLQ)OHQVEXUJHLQIXKUXQGEDOGGDQDFK KLHOWHUYRUGHP+LOOPDQQVFKHQ*DVWKDXVHGDULQHUEHLVHLQHQ KlXILJHQ$QZHVHQKHLWHQLQGHU6WDGWUHJHOPlLJ:RKQXQJ]X QHKPHQSIOHJWH'HU:LUWZDUHLQLJHUPDHQEHUUDVFKWLKQ]X VHKHQELVHUHUIXKUGDGHU*UDIGHVVHQ6WHOOXQJDP+RIHGHU 3ULQ]HVVLQHUNDQQWHQXUDXINXU]HQ8UODXELQ+RONHQlVJHZHVHQ VHL ª:DQQJHKWGDVQlFKVWH.RSHQKDJQHU6FKLIIOLHEHU+LOOPDQQ"© +LOOPDQQKROWHGLH7DEHOOHKHUEHLGDUDXI$EIDKUWXQG$QNXQIWGHU 'DPSIHUJHQDXYHU]HLFKQHWZDUHQXQGJOLWWPLWGHP)LQJHUEHU GLH5XEULNHQKLQ ª5LFKWLJ,YHUVHQV6FKLIILVWDQGHU5HLKHXQG PWHPRUJHQIDKUHQ$EHUGHUIlOOWDXV GDVLVWDOWHV +HUNRPPHQXQG,YHUVHQGHUEHLVHLQHU7RFKWHUZRKQWXQG VFKRQ(QNHOKDWZLUGDQGHP+HUNRPPHQQLFKWVlQGHUQ HUVWHKW DP&KULVWDEHQGDXFKOLHEHUXQWHUP:HLKQDFKWVEDXPDOVDXI 'HFN,VWDEHUVRQVWHLQJXWHU.DSLWlQQRFKHLQHUYRQGHQDOWHQ GLHYRQGHU3LNHDQJHGLHQWKDEHQ(UIlKUWDOVRGHQHUVWHQ )HLHUWDJVLHEHQ8KUDEHQGV© ª8QGNRPPWDQ"© ª8QGNRPPWDQLQ.RSHQKDJHQ]ZHLWHQ)HLHUWDJIUK'DVKHLW XP QHXQRGHUYLHOOHLFKWDXFKHLQH6WXQGHVSlWHU©
+RON]HLJWHVLFKZHQLJHUEDXWYRQGHPDOOHQXQGQXUZHQQHUDQ +RONHQlV]XUFNGDFKWHZDUHUGRFKKHU]OLFKIURKGLHODQJH=HLW YRQPHKUDOV]ZHL7DJHQLQ)OHQVEXUJYHUEULQJHQ]XN|QQHQ(U EH]RJHLQ=LPPHULP]ZHLWHQ6WRFNGDVDXIGHQ5DWKDXVSODW] KLQDXVVDKXQGQDFKGHPHUPLWOHLGOLFKHP$SSHWLW GHQQHUKDWWH VHLWGHP$EHQGYRUKHUVRJXWZLHQLFKWVJHQRVVHQ HLQH YHUVSlWHWH0LWWDJVPDKO]HLWHLQJHQRPPHQYHUOLHHUGDV *DVWKDXVXPDQGHU)OHQVEXUJHU%XFKW KLQHLQHQODQJHQ 6SD]LHUJDQJ]XPDFKHQ(UVWKHUUVFKWH'lPPHUXQJ DEHUQLFKW ODQJHVR]RJHQLPZLQWHUOLFKHQ*ODQ]HGLH6WHUQHKHUDXIXQG VSLHJHOWHQVLFKDXIGHUZHLWHQ:DVVHUIOlFKH+RONIKOWHZLHGHU DXILKPODVWHQGH'UXFNYRQ0LQXWH]X0LQXWHJHULQJHUZDUGXQG ZHQQHUVLFKDXFKQDFKZLHYRUNHLQHVZHJVLQHLQHP=XVWDQGYRQ 6HHOHQUXKHEHIDQGVRJDOWGDVZDVLKPYRQ8QUXKHYHUEOLHE GRFKPHKUGHU=XNXQIWDOVGHU9HUJDQJHQKHLWXQGKDWWH YRUZLHJHQGGHQ&KDUDNWHUHLQHUJHZLVVHQHUZDUWXQJVYROOHQ (UUHJXQJ (UPDOWHVLFKDOOHUOHLDQKHLPHOQGH%LOGHUDXVZLHVLH VSlWHVWHQVGHUQlFKVWH0DLKHUDXIIKUHQVROOWH%LVGDKLQPXWH DOOHVJHRUGQHWVHLQ GLH+RFK]HLWZDUIHVWJHVHW]WXQGHUVDKVLFK LQGHUYRQ0HQVFKHQEHUIOOWHQ+LOOHU|GHU.LUFKH6FKOHSSHJUHOO KLHOWGLH7UDXUHGH GLHJXWH3DVWRUVIUDXZDUHUJULIIHQYRQGHU %HUHGVDPNHLWLKUHV*DWWHQXQG'RNWRU%LHIUHXWHVLFKGDPLW +LOIHHLQHUVFK|QHQ6FKZHGLQHLQVFKOHVZLJKROVWHLQLVFKHV+HU] IU'lQHPDUNHUREHUWZRUGHQVHL,QGHUNOHLQHQ+RIORJHDEHU SDUDGLHUWH GLH3ULQ]HVVLQQHEHQLKUGLH6FKLPPHOPDQQXQGKLQWHU EHLGHQ3HQW]XQG(ULFKVHQ8QGGDQQYHUDEVFKLHGHWHQVLHVLFK YRQ+LOOHU|GXQGGHU*HVDPWKHLWGHU%UDXW]HXJHQXQGIXKUHQLQ HLQHP([WUD]XJHQDFK.RSHQKDJHQXQGDPVHOEHQ$EHQGQRFK QDFK.RUV|UXQG.LHO XQGLQ+DPEXUJZDUHUVWH5DVW8QGGDQQ NDP'UHVGHQXQG0QFKHQXQGGDQQGHU*DUGDVHHPLWHLQHP $XVIOXJHQDFK0DQWXDZRVLHVRQGHUEDUHUZHLVHGHQ:DOOJUDEHQ LQGHP+RIHUHUVFKRVVHQZXUGHEHVXFKHQZROOWHQXQGGDQQJLQJ HVLPPHUVGOLFKHUELVQDFK1HDSHO XQG6RUUHQW'DVROOWHGLH )DKUWDEVFKOLHHQXQGGHQ%OLFNUHFKWVQDFKGHP9HVXYXQGOLQNV QDFK&DSULKLQEHUZROOWHUGLHTXlOHULVFKH:HOWYHUJHVVHQXQG VLFKVHOEVWXQGVHLQHU/LHEHOHEHQ-DLQ6RUUHQW'DZDUDXFK HLQHVRSUlFKWLJH%XFKWZLHGLH)OHQVEXUJHUKLHUXQGGDVFKLHQHQ DXFKGLH6WHUQHKHUQLHGHUDEHUVLHKDWWHQHLQHQKHOOHUHQ*ODQ] XQGZHQQGDQQGLH6RQQHGHQQHXHQ7DJKHUDXIIKUWHGDZDUHV HLQHZLUNOLFKH6RQQHXQGHLQZLUNOLFKHU7DJ
6RNDPHQLKPGLH%LOGHUXQGZlKUHQGHUVLHJUHLIEDUYRUVLFK VDKIOXWHWHGDV:DVVHUGHU%XFKWGLFKWQHEHQLKPHUQVWXQG GXQNHOWURW]GHU/LFKWVWUHLIHQGLHGDUDXIILHOHQ (UVW]XVSlWHU6WXQGHZDUHUZLHGHULQVHLQHP*DVWKDXVXQG XQWHU/HVHQXQGJHOHJHQWOLFKHP*HSODXGHUPLW+LOOPDQQYHUJLQJ LKPGHUDQGHUH7DJ$OVDEHUGHU$EHQGKHUHLQEUDFKWULHEHVLKQ GRFKKLQDXVGXUFKGLH6WUDHQXQG*DVVHQGHU6WDGWXQG EHUDOOZRGLH)HQVWHUOlGHQQRFKRIIHQRGHUQLFKWGLFKW JHVFKORVVHQZDUHQWDWHUHLQHQ%OLFNKLQHLQXQGYRUPHKUDOV HLQHP+DXVHZHQQHUGDV*OFNGDGULQQHQXQGGDV.LQGDXI GHP$UPGHU0XWWHUVDKXQGZLHGHU9DWHUVHLQHU)UDXGLH+DQG HQWJHJHQVWUHFNWHZDQGHOWHLKQGRFKSO|W]OLFKHLQH)XUFKWYRU GHP.RPPHQGHQDQXQGDXI$XJHQEOLFNHVWDQGQXUDOOGDVYRU LKPZDVHUYHUORUHQKDWWHQLFKWGDV ZDVHUJHZLQQHQZROOWH :HOFK+HLOLJDEHQG$EHUHUYHUJLQJXQGQXQZDUHUVWHU)HLHUWDJ XQGVRODQJVDPVLFKVHLQH6WXQGHQDXFKKLQVFKOHSSWHQHQGOLFK ZDUGRFKVLHEHQ8KUKHUDQXQGGLH6FKLIIVJORFNHOlXWHWH+RON VWDQGQHEHQGHPDOWHQ.DSLWlQXQGDOVPDQHLQH6WXQGHVSlWHU LQIUHLHV)DKUZDVVHUNDPOLHVLFKVFKRQXQJHIlKUGHWHLQ)DGHQ VSLQQHQXQG,YHUVHQHU]lKOWHYRQ$OWHPXQG1HXHP(VZDUHLQH VFK|QH)DKUWGD]XHLQHPLOGH/XIWXQGELVEHU0LWWHUQDFKW KLQDXVVWDQGPDQXQWHUGHP6WHUQHQKLPPHOXQGEHUHFKQHWHGD PDQPXWPDOLFKHLQHKDOEH6WXQGHYRUGHU=HLWLQ.RSHQKDJHQ HLQWUHIIHQZHUGH'D]XEHJOFNZQVFKWHPDQVLFKXQGJOHLFK GDQDFK]RJHQVLFKGLHZHQLJHQ3DVVDJLHUHGLHGLH)DKUW EHUKDXSWPLWPDFKWHQLQLKUH6FKODINRMHQ]XUFN$EHUEDOG lQGHUWHVLFKGDV:HWWHUGUDXHQXQGDOVPDQXPIQI8KULQ +|KHYRQ0|HQZDURGHUGRFK]XVHLQYHUPHLQWHGDZDUGHU 6HHQHEHOVRGLFKWJHZRUGHQGDPDQGDV)HXHUXQWHUGHP 'DPSINHVVHODXVJHKHQXQGGLH$QNHUIDOOHQODVVHQPXWH'LH 6WLOOHZLHJHZ|KQOLFKZHFNWHGLH6FKOlIHUXQGDOVPDQHLQH 9LHUWHOVWXQGHVSlWHUDXI'HFNNDPXQGQDFKGHU.VWHYRQ 6HHODQGKLQEHUVFKDXHQZROOWHK|UWHPDQYRQGHP0DQQDP 6WHXHUGDGDV6FKLIIIHVWOLHJH ª:LHODQJH"© ª1XQ0LWWDJZLUGZRKOKHUDQNRPPHQ©
8QG0LWWDJZDUDXFKZLUNOLFKYRUEHUDOVGHU1HEHOHQGOLFKZLFK XQGGLH)DKUWZLHGHUDXIJHQRPPHQZHUGHQNRQQWH9HUORUHQHU 7DJXQGYRQHLQHP9RUVSUHFKHQLP3DODLVGHU3ULQ]HVVLQNHLQH 5HGHPHKU'LH/DWHUQHQEUDQQWHQVFKRQEHUDOODP+DIHQDOV PDQEDOGQDFKIQIDQGHU'DPSIVFKLIIVEUFNHDQOHJWH ,QVHLQHU:RKQXQJZXUGH+RONVWDWWZLHJHZ|KQOLFKYRQ%ULJLWWH GLHVPDOYRQGHUDOWHQ)UDX+DQVHQHPSIDQJHQ VLHJLQJLKP YRUDQGLH7UHSSHKLQDXIXQG]QGHWHGLH/DPSHQDQRKQHQDFK HWZDVDQGHUHPDOVQDFKGHP:HWWHU]XIUDJHQXQGREHUHLQH JXWH)DKUWJHKDEWKDEH'DYRQREGLH)UDX*UlILQEHLJXWHU *HVXQGKHLWJHZHVHQXQGREGDV&KULVWIHVWIURKXQGJOFNOLFK YHUODXIHQVHLGDYRQZDUPLWNHLQHP:RUWHGLH5HGHXQGDOV+RON VHLQHUVHLWVHUVWQDFKGHP%HILQGHQGHUEHLGHQ+DQVHQVFKHQ )UDXHQXQGGDQQQDFKGHPGHU3ULQ]HVVLQIUXJDQWZRUWHWHGLH DOWH+DQVHQLQMHQHPHLJHQWPOLFKHQ8QVFKXOGVWRQZRULQVLHGHU 7RFKWHUZRP|JOLFKQRFKEHUOHJHQZDU ª'DV)UlXOHLQLVWZLHGHU DXHU%HWW©(VNDPVRKHUDXVGDHVVHOEVW+RONDXIILHOHUZDU DEHULQ GLHVHP$XJHQEOLFNYRQYLHO]XYLHODQGHUQ'LQJHQLQ $QVSUXFKJHQRPPHQXPVHLQHUVHLWVHLQHQ*HJHQ]XJ]XWXQXQG VROLHHU VGHQQJHKHQXQGEDWQXUXPGLH=HLWXQJHQXQGHLQHQ JXWHQ7HHª'HQQLKQIU|VWOHYRQGHPODQJHQ6WHKHQDXI'HFN© 'LH+DQVHQEUDFKWH EHLGHV'HU=HLWXQJHQZDUHQGHU)HVWWDJH KDOEHUQXUZHQLJH +RONIORJVLHGXUFKXQGJLQJGDQQIUK]X %HWW(UVFKOLHIDXFKJOHLFKHLQGHQQGLHOHW]WHQ7DJHKDWWHQVHLQH 1HUYHQHUVFK|SIW %HLJXWHU=HLWZDUHUZLHGHUDXI)UDX+DQVHQ %ULJLWWHOLHVLFK DXFKKHXWHQLFKWVHKHQ EUDFKWHGDV)UKVWFNXQGZHLOVLH IKOHQPRFKWHGHQ$EHQGYRUKHU]XZHLWJHJDQJHQ]XVHLQ EHIOHLLJWHVLHVLFKGHUJU|WHQ8QEHIDQJHQKHLWXQGWUXJLKUHQ 6WDGWNODWVFKKDUPORVXQGPLWVRYLHOJOFNOLFKHU/DXQHYRUGD VLFK+RONQLFKWEORVHLQHP0LPXWEHUGLHYRUDXIJHJDQJHQH 3HUILGLHGHU$OWHQVRQGHUQ]XVHLQHUHLJHQHQhEHUUDVFKXQJDXFK VHLQHUWUEHQ6WLPPXQJ]XJXWHP7HLOHQWULVVHQVDK$OOHVDXFK GDV+HLNHOVWHJHZDQQLQGHU(U]lKOXQJGHUJXWHQ+DQVHQHWZDV GXUFKDXV+HLWUHVXQGGXUFKDXV6HOEVWYHUVWlQGOLFKHVXQGDOVVLH ZLHGHUIRUWZDUZDUHVLKPDOVREHUHLQHIUHLOLFKQLFKWVHKU PRUDOLVFKHGDIUDEHUGHVWROHEHQVZHLVHUH3UHGLJWEHUGDVZDV /HEHQVHLYHUQRPPHQKDEH:HQQHUGDVHEHQ*HK|UWH ]XVDPPHQIDWHVRKLHHVHWZD MD*UDI+RONVRZDUHVLPPHU XQGVRZLUGHVLPPHUVHLQ(VOlWVLFKDOOHVVFKZHUQHKPHQDEHU
HVOlWVLFKDXFKDOOHVOHLFKWQHKPHQ8QGZHUGLH.XQVWGHV /HLFKWQHKPHQVYHUVWHKWGHUOHEWXQGZHUDOOHVVFKZHUQLPPW GHUOHEWQLFKWXQGlQJVWLJWVLFKYRU*HVSHQVWHUQGLHJDUQLFKWGD VLQGª-DGLHJXWH)UDX+DQVHQKDWUHFKW©VRVFKOR+RONVHLQH %HWUDFKWXQJHQEHUGDVZDVHUHEHQYHUQRPPHQKDWWH ª/HLFKWQHKPHQDOOHVOHLFKWQHKPHQGDEHLIlKUWPDQDPEHVWHQ GDVKDEHQDXFKGLH0HQVFKHQDPOLHEVWHQXQG HLQODFKHQGHV *HVLFKWLVWGHUHUVWH6FKULWW]XP6LHJH© =Z|OIKDWWHQRFKQLFKWDXVJHVFKODJHQDOVHUDXVVHLQHU:RKQXQJ LQGLH'URQQLQJHQV7YHUJDGHKLQDXVWUDWXQGDXIGDV3DODLV ]XVFKULWW(VZDUGULWWHU)HLHUWDJGDV:HWWHUKDWWHVLFKJHNOlUW XQGGLH:LQWHUVRQQHODJDXI3ODW]XQG6WUDHª'DV)UlXOHLQLVW ZLHGHUDXHU%HWW© VRZDUHQJHVWHUQDEHQGGLH:RUWHGHU)UDX +DQVHQJHZHVHQXQGDQGHU5LFKWLJNHLWGLHVHU0LWWHLOXQJOLHVLFK QLFKWZRKO]ZHLIHOQ GDDEHUGDV)UlXOHLQQDFKHLQHPVRKHIWLJHQ )LHEHUDQIDOODXFKVFKRQZLHGHULP'LHQVWVHLQVROOWHGDVZDU IUHLOLFKVHKUXQZDKUVFKHLQOLFKXQGVRVWLHJHUGHQQRKQH YRUJlQJLJHV$QIUDJHQLQGHQ*HPlFKHUQGHU3ULQ]HVVLQLQGDV YRQ(EEDEHZRKQWH]ZHLWH6WRFNZHUNKLQDXI.DULQ|IIQHWHª'DV )UlXOHLQ]XVSUHFKHQ"©ª-D© 8QG.DULQJLQJYRUDXIZlKUHQG +RONIROJWH 'DV)UlXOHLQVDLQHLQHP/HKQVWXKODP)HQVWHUXQGVDKDXIGHQ 3ODW]DXIGHPNHLQH6SXUYRQ/HEHQZDUQLFKWHLQPDOGLH +HUEVWEOlWWHUWDQ]WHQPHKUGDUEHUKLQ$OV+RONHLQJHWUHWHQ HUKREVLFK(EED YRQLKUHP/HKQVWXKOXQGVFKULWWDXILKQ]X IUHXQGOLFKDEHUPDWWXQGQFKWHUQ6LHJDELKPGLH+DQGQDKP GDQQDEVHLWVYRP)HQVWHUDXIHLQHPZHLWHU]XUFNVWHKHQGHQ 6RID3ODW]XQGZLHVDXIHLQHQ6WXKOLKQDXIIRUGHUQGGDPLWLQLKUH 1lKH]XUFNHQ ª,FKHUZDUWHGHQ$U]W©EHJDQQVLHOHLVHPLWPHKUHUNQVWHOWHU DOVZLUNOLFKHU$QVWUHQJXQJª$EHUGHUJXWH'RNWRUHUNRPPW LPPHUQRFKIUKJHQXJXQGVRIUHXLFKPLFKGHQQDXIULFKWLJ6LH ]XVHKHQ(VOlWVLFKGRFKPDOYRQHWZDVDQGUHPVSUHFKHQ ,PPHUEHUVHLQ%HILQGHQUDSSRUWLHUHQ]XPVVHQ HVLVWVR ODQJZHLOLJIUGHQ'RNWRUJHZLDEHUDXFKIUGHQ.UDQNHQ 6LHKDEHQGDV)HVWGUEHQ]XJHEUDFKW,FKKRIIHGD6LHGLH *UlILQEHLZQVFKHQVZHUWHU*HVXQGKHLWIDQGHQXQGGD6LHJXWH )HVWWDJHKDWWHQ©
ª,FKKDWWHVLHQLFKW©VDJWH+RON ª'DQQNDQQLFKQXUZQVFKHQGD6LHQLFKWGLH6FKXOGGDUDQ WUXJHQ,FKK|UWHVRYLHO*XWHVYRQGHU*UlILQ GLH3ULQ]HVVLQGLH PLFKJHVWHUQEHVXFKWHZDUYROOLKUHV/REHV¾(LQHFKDUDNWHUYROOH )UDX½VDJWHVLH© +RON]ZDQJVLFK]XOlFKHOQª(LQHFKDUDNWHUYROOH)UDX MDGLH 3ULQ]HVVLQOLHEWGLHVH:HQGXQJLFKZHLXQGZLOOGDPLW DQGHXWHQGDQLFKWMHGHUFKDUDNWHUYROOVHL'DULQPDJVLHUHFKW KDEHQ$EHU3ULQ]HVVLQQHQKDEHQHVOHLFKWIU¾&KDUDNWHU½]X VFKZlUPHQZHLOVLHVHOWHQLQGLH/DJHNRPPHQ&KDUDNWHUH NHQQHQ]XOHUQHQ&KDUDNWHUYROOH/HXWHP|JHQKXQGHUW9RU]JH KDEHQKDEHQVLHJHZLDEHUVLHVLQGXQEHTXHPXQGGDVLVWGDV OHW]WHZDV3ULQ]HVVLQQHQ]XOLHEHQSIOHJHQ© ª$OOH:HOWUKPW,KUH*DODQWHULHOLHEHU+RONXQGLFKELQZHLOLFK NHLQHQ*UXQGGD]XKDEHGLHOHW]WHGHP]XZLGHUVSUHFKHQ DEHU 6LHVLQGXQJDODQWJHJHQ,KUHHLJHQH)UDX:DUXPZROOHQ6LHGDV /REYHUNU]HQGDVGLH3ULQ]HVVLQLKUVSHQGHW"3ULQ]HVVLQQHQ OREHQLQGHU5HJHOQLFKWYLHOXQGPDQGDUILKUHP /REHZRKO ]XOHJHQDEHUQLFKWVDE]LHKHQ,FKHPSILQGHJDQ]ZLHGLH 3ULQ]HVVLQXQGELQYROO6\PSDWKLHIUGLH*UlILQXQGZHQQGLHV GDVUHFKWH:RUWQLFKWVHLQVROOWHYROO7HLOQDKPH© +RONULGLH*HGXOGª'LH*UlILQZLUG,KQHQGDQNEDUGDIUVHLQ $EHUGDVGDUILFKVDJHQLKUH'DQNEDUNHLWZLUGYRQLKUHU 9HUZXQGHUXQJQRFKEHUWURIIHQZHUGHQ(EEDZDVVROOGLHVH .RP|GLH"*UlILQXQGZLHGHU*UlILQXQGGDQQFKDUDNWHUYROOXQG GDQQV\PSDWKLVFKXQG]XOHW]W*HJHQVWDQG,KUHU7HLOQDKPH :ROOHQ6LHGDLFKGDVDOOHV JODXEH":DVLVWYRUJHIDOOHQ"$XV ZHOFKHU9HUDQODVVXQJKDWVLFKGHU:LQGJHGUHKW":DUXPSO|W]OLFK GLHVH)|UPOLFKNHLWGLHVH1FKWHUQKHLW"(KLFKDEUHLVWHKDELFK 6LHVSUHFKHQZROOHQQLFKWXPHLQH*HZLKHLWPHLQHV*OFNHV]X KDEHQGLHVH*HZLKHLWKDWWHLFKRGHUJODXEWHZHQLJVWHQVVLH KDEHQ]XGUIHQQHLQHVWULHEPLFKHLQIDFK6LH]XVHKHQXQG PLFKHKLFKKLQEHUJLQJEHU,KU(UJHKHQ]XEHUXKLJHQXQGVR ELQLFKDEJHUHLVWXQGKDEHGUEHQHLQHQ7DJHUOHEWXQGHLQHQ .DPSIJHNlPSIWXQG:RUWHJHVSURFKHQ :RUWHQXQUXQGKHUDXV GLH6LHNHQQHQPVVHQDOVRE6LH=HXJHGHUJDQ]HQ6]HQH JHZHVHQZlUHQ©
(EEDZDUIGHQ.RSI]XUFN+RONDEHUIXKUIRUW ª6LHZHUIHQ KRFKPWLJGHQ.RSI]XUFN(EEDZLHZHQQ6LHPLUVDJHQ ZROOWHQ LFKZHLZDVGDJHVSURFKHQZRUGHQLVWDEHULFKZLOOHV QLFKWZLVVHQXQGLFKPLELOOLJHMHGHVGLHVHU:RUWH© 6LHQLFNWH ª1XQZHQQLFKHVGDPLWJHWURIIHQVRIUDJLFK6LHQRFKHLQPDO ZDVVROOGDV"6LHZLVVHQZLH VPLWPLUVWHKW ZLVVHQGDLFKYRP HUVWHQ7DJDQLQ,KUHP1HW]HZDUGDLFKDOOHVXQGYLHOOHLFKW PHKUDOVLFKGXUIWHGDUDQJHVHW]WKDEH6LH]XEHVLW]HQ8QGGD LFKGDVDOOHVWDWXQGKLHUYRU,KQHQVWHKHZLHLFKVWHKHVFKXOGLJ RGHUQLFKWGD]XKDEHQ6LHPLUGHQ:HJJH]HLJW OHXJQHQ6LH V ZHQQ6LH VN|QQHQ-HGHV,KUHU:RUWHKDWVLFKPLULQGLH6HHOH HLQJHVFKULHEHQXQG,KUH%OLFNHVSUDFKHQHVPLWXQGEHLGH :RUWHXQG%OLFNHVDJWHQHVPLUGD6LH VGXUFKDOOH7DJHKLQ EHNODJHQZUGHQDXIGHUDEJHEU|FNHOWHQ(LVVFKROOHQLFKWLQV 0HHUXQGLQGHQ7RGKLQDXVJHWULHEHQ]X VHLQZHQQLFK6LH YHUOLHH/HXJQHQ6LH V(EED GDVZDUHQ,KUH:RUWH© (EEDKDWWHZlKUHQG+RONVRVSUDFKVLFK]XUFNJHOHKQWXQGGLH $XJHQJHVFKORVVHQ$OVHUMHW]WVFKZLHJULFKWHWHVLHVLFKZLHGHU DXIQDKPVHLQH+DQGXQGVDJWH ª)UHXQG6LHVLQG XQYHUEHVVHUOLFK,FKHQWVLQQHPLFK,KQHQJOHLFKDP$QIDQJ XQVHUHU%HNDQQWVFKDIWXQGGDQQDXFKVSlWHUQRFKMHGHQIDOOV PHKUDOVHLQPDOJHVDJW]XKDEHQ6LHVWQGHQQLFKWDPULFKWLJHQ )OHFN8QGGDYRQNDQQLFKQLFKWV]XUFNQHKPHQ LP*HJHQWHLO $OOHVZDVLFKGDPDOVLQEHUPWLJHU/DXQHQXUVRKLQVSUDFK EORXP6LH]XQHFNHQXQGHLQZHQLJ]XUHL]HQGDVPXLFK ,KQHQLQYROOHP(UQVWXQGLQPLQGHVWHQVKDOEHU$QNODJH ZLHGHUKROHQ6LHZROOHQ+RIPDQQXQG/HEHPDQQVHLQXQGVLQG ZHGHUGDVHLQHQRFKGDVDQGUH6LHVLQGHLQ+DOEHUXQG YHUVQGLJHQVLFKQDFKEHLGHQ6HLWHQKLQJHJHQGDV(LQPDOHLQV GDVQXQPDOMHGH6DFKHKDWXQGQXQJDUGLH6DFKHGLHXQVKLHU EHVFKlIWLJW:LHNDQQPDQVLFKHLQHU'DPHJHJHQEHUDXI:RUWH EHUXIHQGLHGLH'DPHW|ULFKWRGHUYLHOOHLFKWDXFKOLHEHQVZUGLJ JHQXJZDULQHLQHUXQEHZDFKWHQ6WXQGH]XVSUHFKHQ"(VIHKOW QXUQRFKGD6LHVLFKDXFKDXI*HVFKHKQLVVHEHUXIHQXQGGHU .DYDOLHULVWIHUWLJ8QWHUEUHFKHQ6LHPLFKQLFKW6LHPVVHQQRFK 6FKOLPPHUHVK|UHQ$OOPXWWHU1DWXUKDW,KQHQZHQQPDQYRQ GHU%HVWlQGLJNHLWDEVLHKWGDV0DWHULDO]XHLQHPJXWHQ(KHPDQQH JHJHEHQXQGGDEHLPXWHQ6LHEOHLEHQ$XIGHP1DFKEDUJHELHWH
VLQG6LHIUHPGXQGYHUIDOOHQDXV)HKOHULQ)HKOHU,QGHU/LHEH UHJLHUWGHU$XJHQEOLFNXQGPDQGXUFKOHEWLKQXQGIUHXWVLFK VHLQHUDEHUZHUGHQ$XJHQEOLFNYHUHZLJHQRGHUJDU5HFKWH GDUDXVKHUOHLWHQZLOO5HFKWHGLHZHQQDQHUNDQQWDOOHEHVVHUHQ DOOHZLUNOLFKHQ5HFKWHPLWHLQHP:RUWGLHHLJHQWOLFKHQ /HJLWLPLWlWHQDXIGHQ.RSIVWHOOHQZUGHQZHUGDVWXWXQGLP VHOEHQ$XJHQEOLFNHZRVHLQ3DUWQHUNOXJJHQXJLVWVLFK]X EHVLQQHQIHLHUOLFKDXIVHLQHP6FKHLQHEHVWHKWDOVREHVHLQ 7UDXVFKHLQZlUHGHULVWNHLQ+HOGGHU/LHEHGHULVWEORLKU'RQ 4XL[RWH© +RONVSUDQJDXIª,FKZHLQXQJHQXJ DOVRDOOHVQXU6SLHODOOHV QXU)DUFH© ª1HLQOLHEHU+RONQXUGDQQZHQQ,KUHGHSODFLHUWH)HLHUOLFKNHLW GDVZDVOHLFKWZDUVFKZHUJHQRPPHQKDEHQVROOWHZDV*RWW YHUKWHQZROOH© +RONVDKVFKZHLJHQGYRUVLFKKLQXQGEHVWlWLJWHGDGXUFKDXIV QHXHGDVLH VJHWURIIHQª1XQJXWGDQQ©IXKU(EEDIRUWª$OVR GDV7|ULFKWVWHLVWVFKRQJHVFKHKHQ,FKOHKQHMHGH9HUDQWZRUWXQJ GDIUDE,FKKDEHPLFKQLHEHVVHUJHPDFKWDOVLFKELQXQG QLHPDQGZLUGPLUQDFKVDJHQGDLFKPLFKHUQVWKDIWDXIHWZDV )DOVFKHVKLQDXVJHVSLHOWKlWWH:RUWHZDUHQ:RUWH VRYLHO PXWHQVHOEVW6LHZLVVHQ-D+RON+RIOHEHQLVW|GXQG ODQJZHLOLJKLHUZLHEHUDOOXQGZHLOHVODQJZHLOLJLVWLVWPDQ HQWZHGHUVRIURPPZLHGLH6FKLPPHOPDQQRGHUQXQZLHVDJ LFKVRQLFKWIURPPZLH(EED8QGQXQVWDWWDOOH7UHLEKlXVHU GHV/DQGHV]XSOQGHUQXQGPLU%OXPHQDXIGHQ:HJ]XVWUHXHQ RGHUZLHHLQ7URXEDGRXUGDV/REVHLQHU'DPH]XVLQJHQXQGGDQQ ZHLWHU]X]LHKHQXQGZHLWHUVHLQ*OFN]XYHUVXFKHQVWDWWGHVVHQ ZROOHQ6LHPLFKHLQVFKZ|UHQDXIHLQHLQ]LJ:RUWRGHUGRFKDXI QLFKWYLHOPHKUXQGZROOHQDXVHLQHPEORHQ6SLHOHLQHQELWWHUQ (UQVWPDFKHQDOOHVDXI.RVWHQHLQHU)UDXGLHEHVVHULVWDOV6LH XQGLFKXQGGLH6LHW|GOLFKNUlQNHQEORZHLO6LHVLFKLQHLQHU 5ROOHJHIDOOHQ]XGHU6LHQLFKWEHUXIHQVLQG1RFKHLQPDOLFK OHKQHMHGH9HUDQWZRUWXQJDE,FKELQMXQJXQG6LHVLQGHVQLFKW PHKUXQGVRZDUHVQLFKWDQPLU,KQHQ0RUDO]XSUHGLJHQXQG 6LHZlKUHQGLFKPLFKKLHUODQJZHLOWHPLWlQJVWOLFKHU6RUJIDOWDXI GHP7XJHQGSIDGH]XKDOWHQ GDVZDUQLFKWPHLQH6DFKHGDV ZDU,KUH0HLQH6FKXOGEHVWUHLWLFKXQGZHQQHVGRFKVRZDVZDU XQGHVPDJGDUXPVHLQ QXQVRKDELFKQLFKW/XVWGLHVH
6FKXOG]XYHU]HKQ XQG]XYHUKXQGHUWIDFKHQXQGDXVHLQHP EORHQ6FKXOGFKHQHLQHZLUNOLFKH6FKXOG]XPDFKHQHLQHGLHLFK VHOEHUGDIUKDOWH© ,Q+RONGUHKWHVLFKDOOHVLP.UHLVH'DVDOVRZDUVHLQHUWUlXPWHV *OFN$OVHUVLFK]XGLHVHP*DQJDQVFKLFNWHZDUHUZRKOYRQ HLQHPXQVLFKHUHQXQGTXlOHQGHQ*HIKOHUIOOWJHZHVHQYRQGHU )UDJHZDVGLH:HOWGLH.LQGHUGLHVLFKQRWZHQGLJLKP HQWIUHPGHQPXWHQXQGEHUNXU]RGHUODQJYLHOOHLFKWDXFKVHLQ HLJHQHV+HU]GD]XVDJHQZUGH'DVKDWWHYRUVHLQHU6HHOH JHVWDQGHQDEHUDXFKGDVQXUDOOHLQ8QGQXQHLQ.RUEGHU UXQGHVWHQHLQHUVHLQ$QWUDJDEJHOHKQWXQGVHLQH/LHEH ]XUFNJHZLHVHQXQG GDVDOOHVPLWHLQHU(QWVFKLHGHQKHLWGLH MHGHQ9HUVXFKHLQHUZHLWHUHQ:HUEXQJDXVVFKOR8QGZHQQHU ZHQLJVWHQVLQHLQHUSO|W]OLFKHUZDFKWHQ(PS|UXQJHWZDVZLHHLQ *HJHQJHZLFKWLQVLFKKlWWHILQGHQN|QQHQ DEHUDXFKGDVEOLHE LKPYHUVDJWVRY|OOLJGDHUVLHZlKUHQGVLHVRGDVWDQGXQGLKQ GXUFKLKUHQEHUKHEOLFKHQ7RQYHUQLFKWHWHEH]DXEHUQGHUIDQG GHQQMH ª6RVFKOLHWGHQQDOOHV©QDKPHUQDFKHLQHUNXU]HQ3DXVHGDV :RUWªPLWHLQHU'HPWLJXQJIUPLFKDEPLWHLQHU'HPWLJXQJ GLH]XPhEHUIOXDXFKQRFKGHQ)OXFKGHU/lFKHUOLFKNHLWWUl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© 8QGVLFKJHJHQ(EEDYHUEHXJHQGYHUOLHHUGDV=LPPHU 'UDXHQVWDQG.DULQGLHJHKRUFKW KDWWH6LHVSUDFKNHLQ:RUW JDQ]JHJHQLKUH*HZRKQKHLWDEHULKUH+DOWXQJZlKUHQGVLH+RON GXUFKGHQODQJHQ.RUULGRUKLQEHJOHLWHWH]HLJWHGHXWOLFKGDVLH GDV7XQLKUHU+HUULQPLELOOLJWH6LHKLHOWHEHQ]XGHP*UDIHQDXI GHVVHQ*WLJNHLWXQGZRKODXFK6FKZlFKHVLHPDQFKHQ =XNXQIWVSODQDXIJHEDXWKDEHQPRFKWH
(LQXQGGUHLLJVWHV.DSLWHO 1DKH]XDQGHUWKDOE-DKUHZDUHQVHLWGHPYHUJDQJHQ(QGH0DL ZDUXQGGLH/RQGRQHU6TXDUHVERWHQGDVKEVFKH%LOGGDVVLH ]XU3ILQJVW]HLWLPPHU]XELHWHQSIOHJHQ'DVJDOWLPEHVRQGHUHQ DXFKYRQ7DYLVWRFN6TXDUH GHUHLQJHJLWWHUWHVRUJOLFK EHZlVVHUWH5DVHQ]HLJWHGDVIULVFKHVWH)UKOLQJVJUQGLH )OLHGHUEVFKHVWDQGHQLQ%OWHQSUDFKWXQGGLHJHOEHQ5LVSHQGHV *ROGUHJHQVKLQJHQEHUGDV*LWWHUIRUWLQGLHEUHLWHGLFKWGDUDQ YRUEHUIKUHQGH6WUDHKLQHLQ (VZDUHLQUHL]HQGHV%LOGXQGGLHVHV%LOGHVIUHXWHVLFKDXFK+RON GHULQHLQHPDOWHQEULJHQVVHKUZRKOHUKDOWHQHQXQGLQVHLQHU GRSSHOWHQ)URQWYRQHLQHP%DONRQXPJHEHQHQ(FNKDXVHGLH =LPPHUGHVHUVWHQ6WRFNVLQQHKDWWH(UOLHEWHGLHVH*HJHQGQRFK DXVGHUQXQ]ZDQ]LJ-DKUH]XUFNOLHJHQGHQ=HLWKHUZRHUDOV MXQJHU$WWDFKpGHUGlQLVFKHQ*HVDQGWVFKDIWLQHEHQGLHVHP 6WDGWWHLOHJHZRKQWKDWWHXQGQDKPHVDOVHULP/DXIHGHV OHW]WHQ1RYHPEHUVLQ/RQGRQHLQWUDIDOVHLQ JXWHV=HLFKHQGD HVLKPJHOXQJHQZDUJHUDGHKLHUHLQHLKP]XVDJHQGH:RKQXQJ ]XILQGHQ -DVHLW1RYHPEHUZDU+RONLQ/RQGRQQDFKGHPHUELVGDKLQLQ GHU:HOWXPKHUJHIDKUHQXQGDQDOOGHQEHUKPWHQ 6FK|QKHLWVSOlW]HQJHZHVHQZDUDQGHQHQMDKUDXVMDKUHLQYLHOH 7DXVHQGH=HUVWUHXXQJVXFKHQXPVFKOLHOLFKGLH:DKUQHKPXQJ ]XPDFKHQGDDXFKGDV|GHVWH'DKHLPLPPHUQRFKEHVVHULVW DOVGDVZHFKVHOYROOH'UDXHQ(UKDWWHVLFKQDFKVFKULIWOLFKHU 9HUDEVFKLHGXQJYRQGHU3ULQ]HVVLQXQGQDFKHLQHPDXVIKUOLFKHQ XQGKHU]OLFKHQ%ULHIHDQ$UQHGHQHUDQULHILKQLQGLHVHQ VFKZHUHQ7DJHQQLFKWYHUODVVHQ]XZROOHQHUVWQDFK%UVVHOXQG GDQQQDFK3DULVEHJHEHQDEHUVRZHQLJ]XVHLQHU=XIULHGHQKHLW GDHUXP2VWHUQEHUHLWVLQ5RPXQGHLQLJH:RFKHQVSlWHUDXFK VFKRQLQ 6RUUHQWHLQJHWURIIHQZDULQGHPVHOEHQ6RUUHQWLQGHP HUJHKRIIWKDWWHPLW(EEDJOFNOLFKH7DJHYHUOHEHQ]XN|QQHQ 'LHVHJOFNOLFKHQ7DJHZDUHQQXQIUHLOLFKDXVJHEOLHEHQ DEHUGHU DOOGLH=HLWEHUDXILKPODVWHQGH'UXFNZDULP9HUNHKUPLWHLQHU OLHEHQVZUGLJHQHQJOLVFKHQ)DPLOLHPLWGHUHUJHPHLQVFKDIWOLFK HLQH'HSHQGDQFHGHV7UDPRQWDQD+RWHOVEHZRKQWHGRFK VFKOLHOLFKYRQLKPDEJHIDOOHQXQGHUKDWWHZLHGHUOHEHQXQG ZDVQRFKZLFKWLJHUVLFKXPGDV/HEHQDQGHUHUNPPHUQJHOHUQW
6RZDUHQ:RFKHQYHUJDQJHQXQWHU:DJHQIDKUWHQQDFK$PDOIL XQGXQWHU%RRWIDKUWHQQDFK&DSULKLQEHUZREHLGLH6FKLIIHULKUH /LHGHUVDQJHQ DEHUGLHKHLH-DKUHV]HLWGLHEDOGHLQVHW]WH YHUWULHELKQIUKHUDOVLKPOLHEZDUDXVGHPLKP]XVDJHQGHQ ,G\OOELVLQGLH6FKZHL]KLQDXIGLHHVLKPGLHVPDOIUHLOLFKVRVHKU HUVLHVRQVWOLHEWHQLUJHQGVJDQ]UHFKWPDFKHQNRQQWH GHU *HQIHU6HHEOHQGHWH]XVHKUGHU5LJLZDU]XVHKU.DUDZDQVHUHL XQG3IlIHUV]XVHKU+RVSLWDO6REHVFKORHUGHQQZHLO VLKQ ZHQQQLFKWLQGLH+HLPDWVR GRFKZHQLJVWHQVZHLWHUQRUGZlUWVLQ GLHJHUPDQLVFKH:HOWEHUKDXSW]XUFN]RJHVPLW/RQGRQ]X YHUVXFKHQDQGDVLKQIUHXQGOLFKH-XJHQGHULQQHUXQJHQNQSIWHQ XQGZRKLQLKQGLHPLWLKP]XJOHLFKYRQ6RUUHQWDXVDEJHUHLVWHQ HQJOLVFKHQ)UHXQGHPLWHLQHU$UW'ULQJOLFKNHLWJHODGHQKDWWHQ 1DFK/RQGRQDOVR8QGGDZDUHUQXQVHLWHLQHPKDOEHQ-DKUXQG HPSIDQGXQWHU9HUKlOWQLVVHQXQG/HEHQVIRUPHQGLHGHQ VFKOHVZLJKROVWHLQLVFKHQHLQLJHUPDHQYHUZDQGWZDUHQVRYLHO YRQ+HLPDWOLFKNHLWZLHVLHGHU+HLPDWORVHJHZlUWLJHQNRQQWH-D GLHJHVHOOVFKDIWOLFKHQ9HUKlOWQLVVHNRQQWHQLKQEHIULHGLJHQXQG PDQFKHVDQGHUHNDPKLQ]XGDVZRKODQJHWDQZDULKQYRQGHP LPPHUZDFKVHQGHQ*HIKOVHLQHU(LQVDPNHLWDXIZHQLJVWHQV 6WXQGHQXQG7DJHIUHL]XPDFKHQ(LQHNOHLQH7KHDWHUSDVVLRQGLH VFKRQLQ]XUFNOLHJHQGHU=HLWGLH7DJHVHLQHU/RQGRQHU $WWDFKpVFKDIWVRDQJHQHKPJHPDFKWKDWWHZXUGHZLHGHU OHEHQGLJXQGGDVJDQ]LQGHU1lKHYRQ7DYLVWRFN6TXDUH JHOHJHQH3ULQ]H7KHDWHUVDKLKQUHJHOPlLJDXIHLQHPVHLQHU 3DUNHWWSOlW]HZHQQGHU JHUDGHGDPDOVPLWVHLQHQ6KDNHVSHDUH 5HYLYDOVHSRFKHPDFKHQGH&KDUOHV.HDQKHXWHGHQ ª6RPPHUQDFKWVWUDXP©RGHUGDVª:LQWHUPlUFKHQ©XQGPRUJHQ GHQª6WXUP©RGHUª.|QLJ+HLQULFK9,,,©LQELVGDKLQXQHUK|UWHU 3UDFKWDXIGLH%KQHEUDFKWH=XGLHVHP&KDUOHV.HDQWUDWHU GHQQDXFKLP/DXIHGHV:LQWHUVLQSHUV|QOLFKH%H]LHKXQJHQXQG DOVHUVFKOLHOLFKLQGHPYRQ.QVWOHUQXQG6FKULIWVWHOOHUQ YLHOEHVXFKWHQ+DXVHGHVEHUKPWHQ7UDJ|GHQDXFKQRFKGLH %HNDQQWVFKDIWYRQ&KDUOHV'LFNHQVJHPDFKWKDWWHVDKHUVLFK EULJHQVRKQHGHVKDOEVHLQHGHP/DQGDGHODQJHK|ULJHQ)UHXQGH 6RUUHQWLQHU$QJHGHQNHQVYHUQDFKOlVVLJHQ]XPVVHQLQDOOHUOHL 7KHDWHU XQG/LWHUDWXUNUHLVHKLQHLQJH]RJHQGHUHQOHEKDIWHVXQG YRQKHLWHUVWHU/DXQHJHWUDJHQHV7UHLEHQLKQXQJHPHLQ V\PSDWKLVFKEHUKUWH1DPHQWOLFK'LFNHQVVHOEVWZDUVHLQH 6FKZlUPHUHLJHZRUGHQXQGEHL*HOHJHQKHLWHLQHV:KLWHEDLW 'LQQHUVLQ*UHHQZLFKOLHHUVHLQHQQHXJHZRQQHQHQ)UHXQG
OHEHQGHQJURHQ(U]lKOHUYRQGHPHU]ZDUQXUGHQª'DYLG &RSSHUILHOG©NHQQHGHUDEHUDOV9HUIDVVHUGLHVHV%XFKHVDXFK GHU6DQVSDUHLODOOHUOHEHQGHQ6FKULIWVWHOOHUVHL0HKUYRQLKP]X OHVHQZR]XHUYRQGHQEULJHQ$QZHVHQGHQDP6FKOXVHLQHV 7RDVWHVXQWHU/DFKHQDXIJHIRUGHUWZXUGHEHKDXSWHWHHU DEOHKQHQ]XPVVHQGDª&RSSHUILHOG©DXFKYRQ'LFNHQVVHOEVW VFKZHUOLFKEHUWURIIHQZRUGHQVHLZHVKDOEHLQZHLWHUHV/HVHQ HLJHQWOLFKQXU]XU+HUDEPLQGHUXQJVHLQHU%HJHLVWHUXQJIKUHQ N|QQH 5HXQLRQVZLHGLHVHGDUDQDXFKJHIHLHUWH'DPHQDXVGHU .QVWOHUZHOWQDPHQWOLFKGLHVFK|QHXQGYLHOXPZRUEHQH0LVV +HDWKXQGYRUDOOHPGLHJHQLDOH/DG\0DFEHWK6SLHOHULQ0LVV $WNLQVRQEHLQDKHUHJHOPlLJWHLOQDKPHQZDUHQPHKUDOVHLQH EORH=HUVWUHXXQJIU+RONXQGHUKlWWHVLFKGXUFKGLHVHQ 9HUNHKUQLFKWEORVHLQHU(LQVDPNHLWHQWULVVHQVRQGHUQDXFK JHUDGH]XJHKREHQXQGHUTXLFNWIKOHQN|QQHQZHQQHUVLFK HLQLJHUPDHQIUHLJHIKOWKlWWH'LHVZDUDEHUJHQDXGDVZDV LKPIHKOWH GHQQJHUDGHGHU)OHFN(UGHGDUDQHUPLWJDQ]HU 6HHOHKLQJDXIGHPHUJHERUHQXQGGXUFK-DKU]HKQWHKLQ JOFNOLFKJHZHVHQZDUJHUDGHGHU)OHFN(UGH ZDULKP YHUVFKORVVHQXQGEOLHEHVDXFKPXWPDOLFKZHQQHVLKPQLFKW JOFNWHVHLQHQ)ULHGHQPLWGHU*HVHOOVFKDIW]XPDFKHQHLQHQ )ULHGHQGHUZLHGHUXPHLQH9HUV|KQXQJPLW&KULVWLQH]XU 9RUDXVVHW]XQJKDWWH'DUDQZDUDEHUQDFKDOOHPZDVHUDXVGHU +HLPDWK|UWHQLFKWZRKO]XGHQNHQ GHQQVRVHKUGLH*UlILQ GDUDXIKLHOWGDVHLWHQVGHU.LQGHUDQVFKXOGLJHU5FNVLFKWQLFKWV YHUVlXPWXQGEHLVSLHOVZHLVHMHGHU%ULHIGHV9DWHUV HUVFKULHE RIWZHLOLKQHLQ*HIKOGHU9HUODVVHQKHLWGD]XGUlQJWH UHVSHNWYROOHUZLGHUWZXUGHVRYHUJHEOLFKZDUHQGRFK DQGHUHUVHLWVDOOHELVKHUXQWHUQRPPHQHQ6FKULWWH]XU +HUEHLIKUXQJHLQHV$XVJOHLFKVJHZHVHQ0LWGHULKUHLJHQHQ 2IIHQKHLWKDWWHVLFK&KULVWLQHGHP%UXGHUJHJHQEHUEHUGLHVH )UDJHYHUEUHLWHWXQG]ZDUGLHVPDOXQWHU %HLVHLWHKDOWXQJDOOHV PRUDOLVFKHQ+RFKPXWVª,KUDOOH©VRVFKULHEVLHªKDEW(XFK GDUDQJHZ|KQWPLFKDOVDEVWUDNWXQGGRNWULQlUDQ]XVHKHQXQG LFKPDJGDYRQLQ]XUFNOLHJHQGHQ-DKUHQPHKUJHKDEWKDEHQDOV UHFKWZDUMHGHQIDOOVPHKUDOVGLH0lQQHUOLHEHQ$EHUGDVGDUI LFK'LUYHUVLFKHUQLQHUVWHU5HLKHELQLFKGRFKLPPHUHLQH)UDX 8QGZHLOLFKGDVELQYHUEOHLEWPLULQDOOGHP=XUFNOLHJHQGHQHLQ (WZDVGDVPLFKLQPHLQHU(LWHONHLWRGHUPHLQHP6HOEVWJHIKO EHGUFNW,FKPDJHVIUQLFKWV%HVVHUHVDXVJHEHQ+RONXPHV
UXQGKHUDXV]XVDJHQLVWQLFKWUHFKWJHKHLOW:HQQHUGDV)UlXOHLQ GUEHQJHKHLUDWHWXQGEHUNXU]RGHUODQJHLQJHVHKHQKlWWHGD HUVLFKJHLUUWVRIlQGHLFKPLFKYLHOOHLFKW]XUHFKW$EHUVRYHUOLHI HVQLFKW6LHKDWLKQHLQIDFKQLFKWJHZROOWXQGVREHVWHKWGHQQ IUPLFKXPGDVPLQGHVWH]XVDJHQGLHVFKPHU]OLFKH0|JOLFKNHLW IRUWGDGDV6WFNZHQQVLHLKQJHZROOWHLQHQJDQ]DQGHUHQ 9HUODXIJHQRPPHQKlWWH'LH5HLEHZlUHGDQQPXWPDOLFKQLH ZLHGHUDQPLFKJHNRPPHQ,FKVSLHOHLQGLHVHU7UDJLNRP|GLHHLQ ELFKHQGLHIDXWHGHPLHX[5ROOHXQGGDVLVWQLFKWDQJHQHKP© 9RQGLHVHP%ULHIH&KULVWLQHQVKDWWH+RONGLH+DXSWVDFKH ZLHGHUHUIDKUHQXQGZDVVLFKGDULQDXVVSUDFKGDVVWDQG EHVWlQGLJYRUVHLQHU6HHOHWURW]GHPGHUDOWH3HWHUVHQXQG$UQH JHPHLQVFKDIWOLFKEHPKWZDUHQVHLQH+RIIQXQJDXIHLQHQJXWHQ $XVJDQJZLHGHU]XEHOHEHQª'XGDUIVW'LFKGLHVHP*HIKOHYRQ +RIIQXQJVORVLJNHLWQLFKWKLQJHEHQ©VFKULHE3HWHUVHQDQ+RON ª,FKNHQQH&KULVWLQHEHVVHUDOVLKUDOOHVHOEVWEHVVHUDOVLKU %UXGHUXQGLFKPX'LUVDJHQGDVLHQHEHQLKUHUFKULVWOLFKHQ /LHEHGLHMD9HU]HLKXQJIUGHQ6FKXOGLJHQOHKUWDXFKQRFKHLQH UHFKWHXQGHFKWH)UDXHQOLHEHKHJWVRVHKUGDVLH'LU JHJHQEHULQHLQHUJHZLVVHQOLHEHQVZUGLJHQ6FKZlFKHEHIDQJHQ LVW,FK VHKHGDVDXVGHQ%ULHIHQGLHYRQ=HLW]X=HLWDXV *QDGHQIUHLEHLPLUHLQWUHIIHQ(VOLHJWDOOHVJQVWLJHUIU'LFKDOV 'X VJODXEVWXQGDOV'X VYHUGLHQVWXQGHVZUGHPLUPHLQH OHW]WH6WXQGHYHUGHUEHQZHQQ VDQGHUVZlUH0LWDFKW]LJZHL PDQEULJHQVZLH VNRPPWXQGGDIUYHUEUJHLFKPLFK +HOPXWKGDLFK(XUH+lQGHQRFKHLQPDOZLHGHULQHLQDQGHUOHJH ZLHLFK VYRUGHPJHWDQXQGGDVVROOPHLQHOHW]WHKHLOLJH +DQGOXQJVHLQXQGGDQQZLOOLFKDXVPHLQHP$PWWUHWHQXQG DEZDUWHQELV*RWWPLFKUXIW© 'DVZDU$QIDQJ$SULOJHZHVHQGD3HWHUVHQVRJHVFKULHEHQXQG ZHQQ+RONGHUPHKUDOVKDOEHQ6LFKHUKHLWGLHVLFKGDULQ DXVVSUDFKIUVHLQH3HUVRQDXFKPLWUDXWHVRNDPHQLKPGRFK LPPHUZLHGHU6WXQGHQLQGHQHQHUVLFKGDUDQDXIULFKWHWH6RZDU HVDXFKKHXWHZLHGHUXQGYRQKHLWHUHQ%LOGHUQHUIOOWVDHUDXI GHP9RUGHUEDONRQVHLQHV+DXVHVXQWHUGHP*H]ZHLJHLQHU VFK|QHQDOWHQ3ODWDQHGLHKLHUVFKRQJHVWDQGHQKDEHQPRFKWH DOVYRUQXQJHUDGHKXQGHUW-DKUHQGLHVHUJDQ]H6WDGWWHLOHUVW HUULFKWHWZXUGH'LHKRKHQELVDXIGLH'LHOHQLHGHUJHKHQGHQXQG QDFKXQWHQ]XKDOEJH|IIQHWHQ6FKLHEHIHQVWHUJHVWDWWHWHQHLQHQ IUHLHQ9HUNHKU]ZLVFKHQ=LPPHUXQG%DONRQXQGGDV)HXHULQ VHLQHP'UDZLQJ5RRPGDVPHKUGHV$QEOLFNVDOVGHU:lUPH
KDOEHUEUDQQWHGD]XGLH0RUJHQ]LJDUUHVWHLJHUWHGDV%HKDJHQ GDVHUPRPHQWDQHPSIDQG1HEHQLKPDXIHLQHPOHLFKWHQ 5RKUVWXKOODJGLHª7LPHV©GLHZHLOGDVDQPXWLJH)UKOLQJVELOG YRULKPLKQELVGDKLQDEJH]RJHQKDWWHKHXWHVHKU DXVQDKPVZHLVHEHLVHLWHJHVFKREHQZDU1XQDEHUQDKPHUVLH ]XU+DQGXQGEHJDQQVHLQH/HNWUHZLHJHZ|KQOLFKLQGHUOLQNHQ (FNHGHUJURHQ$Q]HLJHEHLODJHZRGXUFKVFKlUIVWH 'LDPDQWVFKULIWDXVJH]HLFKQHWGLH)DPLOLHQQDFKULFKWHQDXVGHP /RQGRQHU+LJK/LIHYHU]HLFKQHWVWDQGHQ JHERUHQJHVWRUEHQ YHUKHLUDWHW$XFKKHXWHO|VWHQVLFKGLHGUHL5XEULNHQ XQWHUHLQDQGHUDEXQGDOV+RONELV]XGHQ(KHVFKOLHXQJHQ JHNRPPHQZDUODVHU ª0LVV(EED5RVHQEHUJ/DG\RIWKH %HGFKDPEHUWR3ULQFHVV0DU\(OOLQRURI'HQPDUNPDUULHGWR/RUG 5DQGROSK$VKLQJKDPIRUPHUO\G6HFUHWDU\RIWKH%ULWLVK /HJDWLRQDW&RSHQKDJXH© ª$OVRGRFK©VDJWH+RONVLFKYHUIlUEHQGLPEULJHQDEHUQLFKW VRQGHUOLFKEHZHJWXQGOHJWHGDV%ODWWDXVGHU+DQG9LHOOHLFKW GDHVLKQWLHIHUJHWURIIHQKlWWHZHQQ VSO|W]OLFKXQGDOVHLQJDQ] 8QHUZDUWHWHVDQLKQKHUDQJHWUHWHQZlUH'LHVZDUDEHUQLFKWGHU )DOO6FKRQ$XVJDQJGHV:LQWHUVKDWWHGHULKQLQVHLQHQ%ULHIHQ ªDXFRXUDQW©HUKDOWHQGH3HQW]GLHVH9HUPlKOXQJDOVHWZDVEHU NXU]RGHUODQJ%HYRUVWHKHQGHVDQJHPHOGHWXQG]ZDULQ IROJHQGHQ6FKOX]HLOHQHLQHVOlQJHUHQ$QVFKUHLEHQV 8QGQXQOLHEHU+RONHLQHNXU]H0LWWHLOXQJGLH6LHPHKU LQWHUHVVLHUHQZLUGDOVDOOHGLHVH*HVFKLFKWHQDXVGHP+DXVH +DQVHQ (EED5RVHQEHUJKDWJHVWHUQGHU3ULQ]HVVLQ$Q]HLJHYRQ LKUHU9HUOREXQJJHPDFKWGLHMHGRFK]XOHLFKWHUHU%HVHLWLJXQJ HQWJHJHQVWHKHQGHU6FKZLHULJNHLWHQYRUOl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
%HGHQNHQHUKREHQZXUGHQ8QGGLHVH%HGHQNHQH[LVWLHUHQLQGHU 7DWQRFK$EHU(EEDPWHQLFKW(EEDVHLQZHQQHVLKUQLFKW JOFNHQVROOWHGHPVWDUNH[]HQWULVFKHQ(UERQNHOGHQ%HZHLV LKUHU7XJHQGHQDXIGHP*HELHWHGHV&KLFXQG+LJK/LIH]XJHEHQ XQGVRZLUGGHQQGLH9HUOREXQJHKHVWHQVSURNODPLHUWZHUGHQ $OOHVQXU)UDJHGHU=HLWhEULJHQVKDEHQVLFKEHLGHGHU/RUGXQG (EEDQLFKWVYRU]XZHUIHQ HUZLHVRYLHOHVHLQHVJOHLFKHQVROO VFKRQPLWYLHU]HKQHLQDXVJHEUDQQWHU.UDWHUJHZHVHQVHLQXQG KHLUDWHW(EEDQXUXPVLFKHWZDVYRUSODXGHUQ]XODVVHQXQGYRQ GLHVHP6WDQGSXQNWDXVDQJHVHKHQKDWHUHLQHJXWH:DKO JHWURIIHQ6LHZLUGMHGHQ7DJ'LQJHVDJHQXQGVSlWHUDXFKZRKO 'LQJHWXQGLH6HLQH/RUGVFKDIWIUDSSLHUHQXQGYLHOOHLFKW]QGHW VLHPDOGLHIQI]HKQ0LOOLRQHQ7DQQHQDQXQGVWHOOWEHLGHU *HOHJHQKHLWVLFKXQGGHQ(KHOLHEVWHQLQGLHUHFKWH%HOHXFKWXQJ 8QGQXQWRXWjYRXVEHDX7ULVWDQ,KU3HQW] 6RKDWWHGDPDOVGHU%ULHIJHODXWHWXQGGLH]ZHL=HLOHQLQGHU ª7LPHV©ZDUHQQLFKWVDOVGLH%HVWlWLJXQJª(VLVWJXWVR©VDJWH +RONQDFKHLQHU:HLOHª'DVJLEWUHLQHQ7LVFK,KU*HVSHQVWJLQJ LPPHUQRFKLQPLUXPXQGZDUQLFKWJDQ]]XEDQQHQ1XQLVWHV JHVFKHKHQGXUFKVLHVHOEVW DOOHVIRUWDOOHVYHUIORJHQXQGRE &KULVWLQHPLUDXFKYHUORUHQEOHLEWYLHOOHLFKWYHUORUHQEOHLEHQPX LKU%LOGVROOZHQLJVWHQVLQPHLQHP+HU]HQZLHGHUGHQLKP JHEKUHQGHQ3ODW]KDEHQ© 8QWHUGLHVHP6HOEVWJHVSUl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lQJHQGHV3ODWDQHQEODWWDEXQGHUVWDOVHUGLH 6SDW]HQEHUVLFKLPPHUODXWHUTXLULOLHUHQK|UWHQDKPHUHWOLFKH .UXPHQXQGVWUHXWHVLHYRUVLFKKLQDXIGHQ%DONRQ6RIRUWIXKUHQ GLH6SDW]HQDXVGHP*H]ZHLJKHUQLHGHUSLFNHQGXQG NULHJIKUHQGXQWHUHLQDQGHUDEHUVFKRQLPQlFKVWHQ$XJHQEOLFNH KXVFKWHQVLHZLHGHUDXIGHQQYRQGHU+DXVWUKHUNODQJHLQ
UDVFKZLHGHUKROWHV.ORSIHQGDV=HLFKHQGDGHUª3RVWPDQ©DQ GHU7UVHL +RONGHUDPIROJHQGHQ7DJH*HEXUWVWDJKDWWH KRUFKWHQHXJLHULJKLQXQWHUXQGJOHLFKGDUDXIWUDW-DQHHLQXQG EHUUHLFKWHLKPYLHU%ULHIH 6FKRQGLHYLHU3RVWVWHPSHO*QDGHQIUHL%XQ]ODX*OFNVEXUJ $UQHZLHNOLHHQ+RONNHLQHQ$XJHQEOLFNLQ=ZHLIHOYRQZHPGLH %ULHIHNDPHQXQGDXFKLKU,QKDOWVFKLHQLKPQLFKWYLHO1HXHV EULQJHQ]XVROOHQ$VWDXQG$[HOVSUDFKHQVWHLIXQGI|UPOLFKXQG MHGHQIDOOV]LHPOLFKNXU]LKUH*UDWXODWLRQHQDXVXQGDXFK 3HWHUVHQGHUVRQVWDXVIKUOLFK]XVFKUHLEHQSIOHJWHEHVFKUlQNWH VLFKKHXWDXIHLQH'DUEULQJXQJVHLQHU*OFNZQVFKH+RONZDU QLFKWDQJHQHKPGDYRQEHUKUWXQGIDQGVHLQHJXWH6WLPPXQJ HUVWZLHGHUDOVHUDXFK$UQHV%ULHIJH|IIQHWXQGJOHLFKGHQ HUVWHQ=HLOHQDOOHUOHL/LHEHVXQG)UHXQGOLFKHVHQWQRPPHQKDWWH ª-D©VDJWH+RONªGHUKlOW DXV8QYHUlQGHUWGHUVHOEH8QGZlUH GRFKHLJHQWOLFKGHUGHUDPHKHVWHQPLWPLU]UQHQGUIWH'HU %UXGHUVHLQHUJHOLHEWHQ6FKZHVWHU$EHUIUHLOLFKGDOLHJWDXFK ZLHGHU*UXQGXQG(UNOlUXQJ(UOLHEWGLH6FKZHVWHUXQG YHUJ|WWHUWVLHIDVW$EHUHUKDWODQJHJHQXJJHOHEWXPWURW]DOOHU -XQJJHVHOOHQVFKDIWVHKUZRKO]XZLVVHQZDVHVKHLWDQHLQH KHLOLJH(OLVDEHWKYHUKHLUDWHW]XVHLQ8QGZHQQVLHQRFKGLH KHLOLJH(OLVDEHWKZlUH'LHZDUVDQIWXQGQDFKJLHELJ$EHU QLFKWVPHKUGDYRQ©XQWHUEUDFKHUVLFK ªLFKYHUELWWHUHPLFKEOR ZLHGHUVWDWWPLFKUXKLJXQGYHUV|KQOLFK]XVWLPPHQ(VLVW EHVVHULFKOHVHZDVHUVFKUHLEW© $UQHZLHN0DL /LHEHU+RON 'HLQ*HEXUWVWDJLVWYRUGHU7UXQGPHLQH*OFNZQVFKHVROOHQ 'LUQLFKWIHKOHQ.RPPHQVLHHLQHQ7DJ]XIUKZLHLFKIDVW YHUPXWHVRQLPPHVDOVHLQ=HLFKHQZLHGULQJOLFKLFKHVKDEH 'LUDOOHV%HVWH]XZQVFKHQ,VWHVQ|WLJ'LUGLH:QVFKH KHU]X]lKOHQGLHPLFKIU'LFKHUIOOHQ"6LHJLSIHOQDXFKKHXWH ZLHGHULQGHPHLQHQGDGHU0RPHQW(XUHU$XVV|KQXQJQDKH VHLQP|JH:RKOZHLLFKGD'XGLHVHU0|JOLFKNHLWPLWUDXVW XQG'HLQ0LWUDXHQDXVGHP&KDUDNWHU&KULVWLQHQV]XEHJUQGHQ VXFKVW8QGHLQHLQQHUH6WLPPHGLH'LU]XIOVWHUW¾GDLKUH +DOWXQJLKUJXWHV5HFKWVHL½NDQQ'LFKLQ'HLQHP0DQJHO DQ 9HUWUDXHQDOOHUGLQJVQXUEHVWlUNHQ$EHUHVOLHJWGRFKJQVWLJHU
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|KQXQJEHVLW]HQ ZUGHODLFKGDKLQJHVWHOOWVHLQLFKVDJHQLFKWMDXQGQLFKWQHLQ DEHUZDVLKUH/LHEHYLHOOHLFKWQLFKWYHUP|FKWHGD]XZLUGVLHVLFK ZHQQDOOHVHUVWLQGLHUHFKWHQ+lQGHJHOHJWLVWGXUFKLKUH 9RUVWHOOXQJYRQ3IOLFKWJHGUlQJWIKOHQ,QGLHUHFKWHQ+lQGHVDJ LFK1RFKNlPSIWHVLQLKUXQGGLHEULHIOLFKHQ9RUVWHOOXQJHQ XQVHUHVJXWHQDOWHQ3HWHUVHQGHUEULJHQVSHUV|QOLFKLQVHLQHU =XYHUVLFKWYHUKDUUWKDEHQELV]XU6WXQGHZHQLJ(UIROJJHKDEW MHGHQIDOOVNHLQHQ6LHJHUUXQJHQ$EHUZDVGHPDOWHQ UDWLRQDOLVWLVFKHQ)UHXQGHGHQVLHVRVHKUOLHEWXQGGHQVLHQXU NLUFKOLFKQLFKWIUYROODQVLHKWZDVXQVHUHPDOWHQ3HWHUVHQQLFKW JHOLQJHQZROOWHGDVGHQNLFKVROOLPUHFKWHQ$XJHQEOLFN XQVHUHPVHLWYLHU:RFKHQ]XP*HQHUDOVXSHULQWHQGHQWHQ HUQDQQWHQ6FKZDU]NRSSHQHLQOHLFKWHVRGHUGRFKZHQLJVWHQVHLQ QLFKWDOO]XVFKZHUHVVHLQ$Q6FKZDU]NRSSHQGHQLFKLQGHU OHW]WHQ:RFKHEHLQDKHWlJOLFKJHVHKHQKDELFKPLFKPLWGHU GULQJHQGHQ%LWWHJHZDQGWGLH6DFKHEHYRUHUXQVXQGXQVHUH *HJHQGYHUOlWVHLQHUVHLWVLQGLH+DQGQHKPHQ]XZROOHQXQG GDVLFKVHLQHNLUFKOLFKHQhEHU]HXJXQJHQPLWVHLQHQSHUV|QOLFKHQ :QVFKHQIU'LFKXQG&KULVWLQHGHFNHQVREH]ZHLIOHLFKNHLQHQ $XJHQEOLFNGDHUGDUHVVLHUHQZLUGZR3HWHUVHQELVKHU VFKHLWHUWH:HQQ6FKZDU]NRSSHQVFKRQLPPHUHQWVFKHLGHQGH ,QVWDQ]IU&KULVWLQHZDUZLHMHW]WHUVWZRGHU$UQHZLHNHU 6HPLQDUGLUHNWRUHLQZLUNOLFKHV.LUFKHQOLFKWJHZRUGHQLVW(ULVW QDFK6WHWWLQLQVHLQHKHLPDWOLFKH3URYLQ]3RPPHUQEHUXIHQ ZRUGHQXQGZLUGXQV(QGH6HSWHPEHUYHUODVVHQXPDP 2NWREHUVHLQQHXHV$PWGDVHOEVWDQ]XWUHWHQ,FKPDJGLHVHQ %ULHIQLFKWZHLWHUDXVGHKQHQDPZHQLJVWHQDEHU:LUWVFKDIWOLFKHV EHUKUHQ'DYRQHLQDQGHUPDO*UlILQ%URFNGRUIIVHKLFKMHW]W KlXILJWHLOVLQLKUHP+DXVHWHLOVEHL5DQW]DXVDEHUDXFK
JHOHJHQWOLFKKLHULQ$UQHZLHNZHQQZLUGLH0LVVLRQVVLW]XQJHQ KDEHQGHUHQHLQHULFKIUHLOLFKDOVHLQVHKU8QZUGLJHUQHXOLFK SUlVLGLHUHQPXWH&KULVWLQHKDWPHLQH3ILQJVWHLQODGXQJ DEJHOHKQWDQJHEOLFKZHLOGLH'REVFKW]VHLW)UKMDKUNUlQNOHXQG GHU3IOHJHEHGUIH'HUZDKUH*UXQGLVWDEHUZRKOGHUGDVLH QLFKWDQgUWOLFKNHLWHQXQGLQ.UHLVH]XUFNNHKUHQPDJGLHQXU VFKPHU]OLFKH(ULQQHUXQJHQLQLKUZDFKUXIHQ,QLKUHQ$XJHQKDW *QDGHQIUHLVRYLHOH9RU]JHXQGQLFKW]XPZHQLJVWHQGHQVLFK YRUGHU:HOWYHUEHUJHQ]XN|QQHQ$EHULFKJHWU|VWHPLFKGD GDV%HGUIQLVQDFKGLHVHU:HOWDEJHVFKLHGHQKHLWLQLKU KLQVFKZLQGHQVROOXQGGDZLUVLHUHFKWEDOGLQGLH:HOWXQGLQHLQ QHXHVDOWHV*OFN]XUFNNHKUHQVHKHQLQHLQ*OFNGDVQXUHLQ :DKQXQWHUEUDFK(LQ:DKQDXVGHP]XOHW]WHLQH6FKXOGZXUGH :DVJlELFKGDUXPZHQQGLHVHV3ILQJVWIHVWVFKRQ(XHUQ(LQ]XJ JHVHKHQXQGGLHJDQ]H6lXOHQKDOOHYRQ+RONHQlVLQJUQHQ0DLHQ JHVWDQGHQKlWWHGDVDOWH:DSSHQEHUGHP(LQJDQJLQHLQHP ZLHGHUYRQ5RVHQGXUFKIORFKWHQHQ.UDQ]'DGLH=XNXQIWHVVR EULQJHQP|JHGLHQlFKVWHVFKRQPLWGLHVHP:XQVFKHODPLFK VFKOLHHQ 'HLQ$UQH +RONOHJWHGHQ%ULHIDXVGHU+DQGXQGVDKIUHXGLJDXIDWPHQG QDFKGHP6TXDUHKLQEHUZRDOOHVJUQWHXQGEOKWH'HU (LQGUXFNXQWHUGHPHUVWDQGZDUGHUGHUUHLQVWHQ)UHXGH 0|JOLFKNHLWHQDQGHUHQ9HUZLUNOLFKXQJHUNDXPQRFKJHJODXEW KDWWHQDKPHQ*HVWDOWDQEHJUDEHQH+RIIQXQJHQVWDQGHQZLHGHU DXIXQGZROOWHQ*HZLKHLWZHUGHQXQGGLHGXUFK-DKUHKLQ lXHUOLFKXQGLQQHUOLFK*HWUHQQWHQ]RJHQZLHGHUHLQLQGDV ª6FKORDP0HHUH©XQGGDVDOWH*OFNZDUZLHGHUGD
=ZHLXQGGUHLLJVWHV.DSLWHO 8QGZDV+RONJHWUlXPWHVHUIOOWHVLFKRGHUVFKLHQVLFKGRFK HUIOOHQ]XZROOHQ -RKDQQLVWDJZDUXQGHLQVRQQLJHUEODXHU +LPPHOVWDQGEHU JDQ]$QJHOQDPVRQQLJVWHQDEHUEHU6FKOR+RONHQlV:DJHQ LQODQJHU5HLKHKLHOWHQDQGHQ7UHLE XQG*DUWHQKlXVHUQKLQXQG GDV+RONVFKH:DSSHQEHUGHP3RUWDOHWUXJHLQHQ(IHXNUDQ]LQ GHQZHLHXQGURWH5RVHQHLQJHIORFKWHQZDUHQ$UQH KDWWH0\UWH JHZROOWDEHU&KULVWLQHZDUGDEHLJHEOLHEHQGDHV(IHXVHLQ VROOH 8QGQXQVFKOXJHV]Z|OIYRQ+RONHE\KHUXQGNDXPGDGLH ]Z|OI+DPPHUVFKOlJHYHUNOXQJHQZDUHQVRNDPDXFKVFKRQHLQ DOOPlKOLFKHV6FKZLQJHQLQGLHPlFKWLJHMHW]WYRQ]ZHL0lQQHUQ JH]RJHQH*ORFNHGLHQXQZHLWLQV/DQGKLQHLQYHUNQGHWHGD GLH)HLHU]XGHUVLFKDOOHEHIUHXQGHWHQ)DPLOLHQYRQQDKXQGIHUQ KHUYHUVDPPHOWKDWWHQLKUHQ$QIDQJQHKPH6RZDUHVGHQQ DXFKXQGQLFKWODQJHPHKUVR|IIQHWHVLFKGLHKRKHQDFKGHP 3DUNKLQDXVIKUHQGH*ODVWUXQGZHUYRQ1HXJLHULJHQXQGLKUHU ZDUHQYLHOHGUDXHQ]ZLVFKHQGHQ*DUWHQEHHWHQHLQHQJXWHQ 6WDQGJHQRPPHQKDWWHGHUVDKMHW]WZLHVLFKGULQQHQLP6DDO DOOHV]XHLQHP=XJHRUGQHWHDQGHVVHQ6SLW]H]XQlFKVW+RONXQG &KULVWLQHHUVFKLHQHQGLH*UlILQLQZHLHP$WODVXQGHLQHP 2UDQJHEOWHQNUDQ]LP+DDUYRQGHPHLQ6FKOHLHUQLHGHUKLQJ +LQWHUGHP3DDUHGDVQXQZLH]XQHXHP(KHEXQGHGHQ6HJHQ GHU.LUFKHHPSIDQJHQVROOWHVFKULWWHQ$VWDXQG$[HOGDQQ$UQH GHUGLHlOWHUH*UlILQ%URFNGRUIIXQGGDQQ6FKZDU]NRSSHQGHU GLH'REVFKW]IKUWHYLHODQGHUHPLWLKQHQXQG]XOHW]WDOOHGLH GLHJHEHWHQKDWWHQGHU)HLHULP)HVW]XJHEHLZRKQHQ]XGUIHQ XQGGHUHQ7HLOQDKPHZHLOHV)HUQHUVWHKHQGHZDUHQGLH+HU]HQ GHUZLHGHU]X7UDXHQGHQEHVRQGHUVEHJOFNWKDWWH 'LHQHUVFKDIWHQVFKORVVHQVLFKDQXQGDOVGHU=XJGHUVLFKDXI +RONHE\]XLQ%HZHJXQJVHW]WHGHQ]ZLVFKHQGHQ7DQQHQGHV 3DUNHVKLQODXIHQGHQ.LHVZHJSDVVLHUWKDWWHWUDWPDQLQHLQ 6SDOLHUHLQGDVGLH+RONHE\HU%DXHUQW|FKWHUVDPWGHQ0lGFKHQ DXVGHQ1DFKEDUG|UIHUQJHELOGHWKDWWHQ$OOHKLHOWHQ.|UEHLQ +lQGHQXQGVWUHXWHQ%OXPHQEHUGHQ:HJHLQLJHDEHUGLHGHP $QVWXUPLKUHU*HIKOHQLFKWZHKUHQNRQQWHQZDUIHQGLH.|UEH EHLVHLWHXQGGUlQJWHQVLFKDQ&KULVWLQHKHUDQXPLKUGLH+DQG
RGHUDXFKQXUGHQ6DXPGHV.OHLGHV]XNVVHQª6LHPDFKHQ HLQH+HLOLJHDXVPLU©VDJWHGLH*UlILQXQGVXFKWH]XOlFKHOQ DEHU+RONGHPVLHGLH:RUWH]XJHIOVWHUWKDWWHVDKZRKOGDLKU GLHVDOOHVPHKU3HLQDOV)UHXGHVFKXIXQGGDVLHZLHGDVLQLKUHU 1DWXUODJlQJVWOLFKVFKPHU]OLFKH%HWUDFKWXQJHQRGHUYLHOOHLFKW VHOEVWWUEH=XNXQIWVJHGDQNHQDQGLHVhEHUPDYRQ+XOGLJXQJ NQSIWH'DVYROOH/HEHQXPVLHKHULQGHVHQWULVLHGHPZLHGHU XQGDOVVLHMHW]WGHXWOLFKK|UWHGDGHU*ORFNHQLPPHUPHKU ZXUGHQXQGGDHVNODQJDOVREDOOH.LUFKHQLP$QJOLWHU/DQGH GDVVHOWHQH9HUV|KQXQJVIHVWPLWIHLHUQZROOWHQGDILHODXI $XJHQEOLFNHZHQLJVWHQVDOOHV7UEHYRQLKUDEXQGLKU+HU]JLQJ DXILQGHP.ODQJHGHUJHQ+LPPHOVWLHJ 8QGQXQZDUHQVLHELVDQGLHQLHGULJH.LUFKKRIVPDXHU JHNRPPHQDQGHUHQWODQJZLHGDPDOVZR$VWDXQG(OLVDEHWK KLHUJHVHVVHQKDWWHQZLHGHUKRKH1HVVHOQVWDQGHQXQG ]HUVFKQLWWHQH6WlPPHKRFKDXIJHVFKLFKWHWODJHQXQGDOVGLH YRUGHUVWHQGDUDQYRUEHUZDUHQERJGHU=XJLQGDV3RUWDOHLQ XQGEHZHJWHVLFK]ZLVFKHQ*UlEHUQKLQDXIGLH.LUFKH]XGLH ZHLWDXIVWDQGXQGHLQHQIUHLHQ%OLFNDXIGHQHUOHXFKWHWHQ$OWDU DP(QGHGHV0LWWHOJDQJHVJHVWDWWHWH 'DVWDQG3HWHUVHQ (UZDUKLQIlOOLJJHZHVHQDOOGLH=HLWEHUXQG]XGHU/DVWVHLQHU -DKUHZDUVFKOLHOLFKDXFKQRFKGLH/DVWVFKZHUHU.UDQNKHLW JHNRPPHQ$OVHUDEHUYHUQRPPHQKDWWHGDª6FKZDU]NRSSHQ ZHQQ3HWHUVHQELV-RKDQQLVWDJQLFKWZLHGHUJHQHVHQVHLGLH 7UDXUHGHKDOWHQVROOH©GDZDUHUZLHGHUJHVXQGJHZRUGHQXQG KDWWHGHQHQGLH]X9RUVLFKWXQG6FKRQXQJPDKQHQZROOWHQ EHWHXHUWGDHUXQGZHQQ VYRP6WHUEHEHWWDXVZlUHVHLQH JHOLHEWH&KULVWLQHZLHGHU]XP*OFNHIKUHQPVVH'DVKDWWH DOOH:HOWJHUKUWLKPDEHUGLH.UDIWVHLQHUEHVWHQ-DKUH ZLHGHUJHJHEHQXQGGDVWDQGHUQXQVRJUDGXQGDXIUHFKWZLHYRU QHXQ]HKQ-DKUHQDOVHUDXFKDQHLQHP-RKDQQLVWDJHGLH+lQGH EHLGHULQHLQDQGHUJHOHJWKDWWH *HVDQJKDWWHEHJRQQHQLPVHOEHQ$XJHQEOLFNHZRGHU=XJLQ GHQ0LWWHOJDQJHLQWUDWXQGDOVGDV6LQJHQQXQVFKZLHJQDKP 3HWHUVHQ]XNXU]HU5HGHGDV:RUWDOOHV3HUV|QOLFKHYHUPHLGHQG DPPHLVWHQDEHUMHGHQ+LQZHLVDXIGHQª8QJHUHFKWHQEHUGHQ PHKU)UHXGHVHLLP+LPPHODOVEHUKXQGHUW*HUHFKWH©6WDWW
GHVVHQULHIHULQHLQHPVFKOLFKWHQDEHUJHUDGHGDGXUFKDOOH 9HUVDPPHOWHQWLHIHUJUHLIHQGHQ*HEHWGLH*QDGHGHV+LPPHOV DXIGLH:LHGHUYHUHLQWHQKHUDEXQGVSUDFKGDQQGHQ6HJHQ 8QGQXQILHOGLH2UJHOHLQXQGGLH*ORFNHGUDXHQKREZLHGHUDQ XQGGHUODQJH=XJGHU7UDX]HXJHQQDKPMHW]WGHQ5FNZHJGLFKW DP6WUDQGHKLQXQGVWLHJDOVPDQGHQ]XU'DPSIVFKLII $QOHJHVWHOOHIKUHQGHQ%UHWWHUVWHJHUUHLFKWKDWWHOLQNV HLQELHJHQGGLH7HUUDVVHQDFK6FKOR+RONHQlVKLQDXI 'DZDUGLHKRFK]HLWOLFKH7DIHOXQWHUGHUYRUGHUHQ+DOOHJHGHFNW GHUDUWGDDOOH*lVWHGHQ%OLFNDXIGDV0HHUKLQIUHLKDWWHQXQG DOVGHU$XJHQEOLFNQXQJHNRPPHQZDUZRZHQQQLFKWHLQ7RDVW VRGRFKHLQNXU]HV)HVWHVZRUWJHVSURFKHQZHUGHQPXWHHUKRE VLFK$UQHYRQVHLQHP3ODW]XQGVDJWHZlKUHQGHUVLFKJHJHQ 6FKZHVWHUXQG6FKZDJHUYHUQHLJWH ª$XIGDV*OFNYRQ +RONHQlV© $OOHZDUHQHLJHQWPOLFKYRQGHQEHLQDKVFKZHUPWLJNOLQJHQGHQ :RUWHQEHUKUWXQGGLHGLHGHP%UlXWLJDP]XQlFKVWVDHQ VWLHHQOHLVHPLWLKPDQ $EHUHLQHUHFKWH)UHXGHZROOWHQLFKWODXWZHUGHQXQGMHGHP $QZHVHQGHQNDPHLQEDQJHV*HIKOGDYRQGDPDQGDVª*OFN YRQ+RONHQlV©ZHQQHVEHUKDXSWGDZDUQXUKHXWHQRFKLQ +lQGHQKLHOWXPHVYLHOOHLFKWPRUJHQVFKRQ]XEHJUDEHQ
'UHLXQGGUHLLJVWHV.DSLWHO 'DV*HIKOGHU7UDXHUGDVEHLGHUVFK|QHQ)HLHUYRUJHKHUUVFKW KDWWHVFKLHQVLFKDEHUDOVXQJHUHFKWIHUWLJWHUZHLVHQXQGªGDV *OFNYRQ+RONHQlV©VLFKZLUNOLFKHUQHXHUQ]XZROOHQ'LHVHQ (LQGUXFNHPSILQJHQZHQLJVWHQVDOOH)HUQHUVWHKHQGHQ0DQOHEWH VLFK]X/LHEHVDKYLHO*HVHOOVFKDIW PHKUDOVVRQVW XQGPDFKWH 1DFKEDUEHVXFKHEHLGHQHQHVYRQVHLWHQ+RONVDQ 8QEHIDQJHQKHLWXQGJXWHU/DXQHQLHJHEUDFKXQGQXUZHU VFKlUIHU]XVDKVDKGHXWOLFKGDGLHVHPDOOHQGRFKGDVUHFKWH /HEHQIHKOWH)ULHGHKHUUVFKWHQLFKW*OFNXQGHKHGHU+HUEVWGD ZDUZDUQDPHQWOLFKIUGLH'REVFKW]XQG$UQHNHLQ=ZHLIHO PHKU GDZDV&KULVWLQHDQJLQJQLFKWVGDZDUDOVGHUJXWH:LOOH ]XP*OFN-DGHUJXWH:LOOH9RQ0HLQXQJVYHUVFKLHGHQKHLWHQ ZDUNHLQH5HGHPHKUXQGZHQQVLFK+RONZDVJHOHJHQWOLFKQRFK JHVFKDKLQJHQHDORJLVFKHQ([NXUVHQRGHULQ 0XVWHUZLUWVFKDIWVSOlQHQHUJLQJVR]HLJWHGLH*UlILQQLFKWVYRQ MHQHP/lFKHOQGHUhEHUOHJHQKHLWGDVIU+RONVRYLHOH0DOHGHU *UXQG]X9HUVWLPPXQJXQG*HUHL]WKHLWJHZHVHQZDU DEHUGLHV lQJVWOLFKH9HUPHLGHQDOOHVGHVVHQZDVGHQ)ULHGHQKlWWHVW|UHQ N|QQHQGDV$EEUHFKHQLP*HVSUlFKZHQQGRFKHLQPDOHLQ=XIDOO HLQKHLNOHV7KHPDKHUDXIEHVFKZRUHQKDWWHJHUDGHGLH EHVWl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|VWHQPLWGHU 'REVFKW]]XVSUHFKHQXQGLKUH0HLQXQJXQGZHQQWXQOLFKDXFK LKUHQ5DWHLQ]XKROHQ hEHU6FKORXQG3DUNODJHLQNODUHUIULVFKHU+HUEVWPRUJHQXQG GLH6RPPHUIlGHQKLQJHQLKU*HVSLQVWDQGDVKLHUXQGGDVFKRQ EODWWORVH*HVWUlXFK$VWDZDUGHQ$EHQGYRUKHUDXVGHU3HQVLRQ HLQJHWURIIHQXQGEUDQQWHGDUDXIJOHLFKQDFKEHHQGLJWHP
)UKVWFN]XGHPPDQVLFKHEHQJHVHW]WKDWWHQDFK+RONHE\ KLQXQWHU]XVWHLJHQXQGGHU)UHXQGLQXQWHQLP'RUILKUHQ%HVXFK ]XPDFKHQª,FKNRPPHPLW©VDJWH+RONXQGGDGLH'REVFKW] VFKRQYRUKHU]XJHVDJWKDWWH$VWDEHJOHLWHQ ]XZROOHQVRVWLHJHQ QXQDOOHGUHLGLH7HUUDVVHKLQXQWHUXPDP6WUDQGHKLQGHQ HWZDVQlKHUHQXQGVFK|QHUHQ:HJ]XQHKPHQ'LHEUHLWH :DVVHUIOlFKHODJEHLQDKHXQEHZHJWXQGQXUGDQQXQGZDQQ VFKREHLQHVFKZDFKH%UDQGXQJLKUHQ6FKDXPELVGLFKWDQGLH 'QHKHUDQ$VWDZDUJOFNOLFKGDV0HHUZLHGHU]XVHKHQXQG EUDFKRIWDELQ(U]lKOXQJLKUHU3HQVLRQVHUOHEQLVVHZHQQGDQQ XQGZDQQHLQZXQGHUEDUHU/LFKWVFKLPPHUJHUDGHEHUGLHVWLOOH )OXWKLQJOLWWRGHUGLH0|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ª(VLVWPLUOLHEOLHEH'REVFKW]©EHJDQQHUªGDZLUHLQHQ $XJHQEOLFNDOOHLQVLQG,FKKDEHVFKRQOlQJVWPLW,KQHQVSUHFKHQ ZROOHQ:DVLVWGDVPLW&KULVWLQH"6LHZLVVHQGD LFKQLFKWDXV 1HXJLHUIUDJHQRFKZHQLJHUXP]XNODJHQXQGDP DOOHUZHQLJVWHQXPDQ]XNODJHQ(VKDW=HLWHQJHJHEHQZR6LH GHUJOHLFKHQPLWDQK|UHQPXWHQZR6LHVFKOLFKWHQVROOWHQ DEHU ZLH6LHZLVVHQOLHEH)UHXQGLQGLHVH=HLWHQOLHJHQ]XUFNXQG NHKUHQQLFKWZLHGHU$OOHU6WUHLWLVWDXVGHU:HOWXQGZHQQLFK PLW&KULVWLQHGXUFKGHQ3DUNJHKHZLH VQRFKKHXWHYRUGHP )UKVWFNGHU)DOOZDUXQGGDV(LFKK|UQFKHQOlXIWEHUGHQ:HJ XQGGHU6FKZDQIlKUWEHUGHQ7HLFKXQG5XVWDQGHUXQV EHJOHLWHWUKUWVLFKQLFKWYLHOOHLFKWDXFKGDQQQLFKWZHQQHLQ 9RON+KQHUDXIIOLHJHQVROOWH VRIlOOWPLULPPHUHLQ%LOGHLQDXI GHPLFKPDOGDV3DUDGLHVDEJHELOGHWJHVHKHQKDEH DOOHVDXIGHP %LOGHVFKULWWLQ)ULHGHQHLQKHUGHU/|ZHQHEHQGHP/DPPXQG GHUOLHEH *RWWNDPGHV:HJHVXQGVSUDFKPLW$GDPXQG(YD-D OLHEH'REVFKW]GDUDQHULQQHUWPLFKMHW]WPHLQ/HEHQXQGLFK N|QQWH]XIULHGHQVHLQXQGVROOWHVYLHOOHLFKW$EHULFKELQHVQLFKW LFKELQXPJHNHKUWEHGUFNWXQGJHlQJVWLJW+DQGHOWHVLFK VGDEHL
QXUXPPLFKVRZUGLFKNHLQ:RUWYHUOLHUHQXQGLQGHPZDV PLUWURW]GHVYRUKDQGHQHQ)ULHGHQVDQ%HKDJHQXQG)UHXGH IHKOWHLQIDFKHLQHPLUDXIHUOHJWH%XHVHKHQXQGQLFKWPXUUHQ MDYLHOOHLFKWLP*HJHQWHLOHWZDVZLH*HQXJWXXQJHPSILQGHQ'HQQ HLQ8QUHFKWIRUGHUWQLFKWEORVHLQH6KQHVRQGHUQGLHVH6KQH EHIULHGLJWXQVDXFKZHLOVLHXQVHUHP5HFKWVJHIKOHQWVSULFKW $OVRQRFKHLQPDOZHQQLFKMHW]WVSUHFKHVRVSUHFKLFKQLFKWXP PHLQHWVRQGHUQXP&KULVWLQHQVZLOOHQXQGZHLOMHGHU7DJPLU ]HLJWGDVLHZRKOYHUJHVVHQP|FKWHDEHUQLFKWYHUJHVVHQNDQQ 8QGQXQVDJHQ6LHPLU,KUH0HLQXQJ© ª,FKJODXEHOLHEHU+RONGD6LH VPLW,KUHP:RUWJHWURIIHQ KDEHQ &KULVWLQHZLOOYHUJHVVHQDEHUVLHNDQQHVQLFKW© ª8QGKDWVLHVLFKLQGLHVHP6LQQHJHJHQ6LHJHlXHUW"+DWVLH]X YHUVWHKHQJHJHEHQGDDOOHVGRFKXPVRQVWVHL"© ª'DVQLFKW© ª8QGGRFKOHEHQ6LHGLHVHUhEHU]HXJXQJ"© ª-DOLHEHU+RONOHLGHU$EHU6LHGUIHQDXVGLHVHPPLFK DOOHUGLQJVEHKHUUVFKHQGHQ*HIKOHQLFKWV6FKPHU]OLFKHUHVXQG QDPHQWOLFKDXFKQLFKWV*HZLVVHUHVDEOHLWHQZROOHQDOVQ|WLJDOV ]XOlVVLJLVW,FKZHLQLFKWV*HZLVVHV'HQQZHQQLFKDXFKQDFK ZLHYRUGHU*HJHQVWDQGYRQ&KULVWLQHQV)UHXQGVFKDIWELQ XQG ZLHN|QQWHVDXFKDQGHUVVHLQ]HLJWLKUGRFKMHGH6WXQGHZLH VHKULFKVLHOLHEHVRELQLFKGRFKQLFKWPHKUGHU*HJHQVWDQG LKUHU0LWWHLOVDPNHLW:LHVLHJHJHQDOOHVFKZHLJWVRDXFKJHJHQ PLFK'DVLVWIUHLOLFKHWZDVWLHI7UDXULJHV6LHZDUGDUDQJHZ|KQW LKU+HU]JHJHQPLFKDXV]XVFKWWHQXQGDOVZLUGDPDOVHLQ XQYHUJHOLFKVFKPHU]OLFKHU7DJDXVGHP+DXVHJLQJHQXQGHUVW LP'RUIHXQWHQXQGGDQQLQ$UQHZLHNXQG]XOHW]WLQ*QDGHQIUHL GLHVFKZHUH=HLWJHPHLQVFKDIWOLFKGXUFKOHEWHQGDKDWVLHQLFKWV JHGDFKWXQGQLFKWVJHIKOWZDVLFKQLFKWJHZXWKlWWH:LU ZDUHQ]ZHL0HQVFKHQDEHUZLUIKUWHQQXUHLQ/HEHQVRJDQ] YHUVWDQGHQZLUXQV$EHUGDVZDUYRQGHP7DJHDQYRUEHLZR &KULVWLQHZLHGHUKLHUHLQ]RJ,QLKUHPIHLQHQ6LQQVDJWHVLHVLFK GDQXQZLHGHUHLQHQHXH*OFNV XQG)UHXGHQ]HLWDQJHEURFKHQ VHLRGHUZHQLJVWHQVDQEUHFKHQPVVHXQGZHLOLKU 9HU]HLKXQJ OLHEHU+RONZHQQLFKGLHVDXVVSUHFKHZHLOLKUGLHUHFKWH)UHXGH GRFKZRKODXVEOLHEXQGLKUDQGHUHUVHLWVHLQZHLWHUHV.ODJHQ
XQVFKLFNOLFKRGHUZRKOJDUXQGDQNEDUJHJHQ*RWWHUVFKHLQHQ PRFKWHVRJHZ|KQWHVLHVLFKGDUDQ]XVFKZHLJHQXQGELV GLHVHQ7DJPXLFKHUUDWHQZDVLQLKUHU6HHOHYRUJHKW© +RONEOLHEVWHKHQXQGVDKYRUVLFKKLQ'DQQVDJWHHU ª/LHEH 'REVFKW]LFKNDPXP7URVWXQG5DWEHL,KQHQ]XVXFKHQDEHU LFKVHKHZRKOLFKILQGHGDYRQQLFKWV,VWHVVRZLH6LHVDJHQVR ZHLLFKQLFKWZLH+LOIHNRPPHQVROO© ª'LH=HLWGLH=HLWOLHEHU+RON'HV0HQVFKHQJXWHU(QJHOLVWGLH =HLW© ª$FKGD6LHUHFKWKlWWHQ$EHULFKJODXEHVQLFKW GLH=HLWZLUG QLFKW=HLWGD]XKDEHQ,FKELQQLFKW$U]WXQGYRUDOOHPYHU]LFKW LFKGDUDXILQ+HU]XQG6HHOHOHVHQ]XZROOHQ7URW]GHPVRYLHO VHKLFKNODUZLUWUHLEHQHLQHU.DWDVWURSKH]X0DQNDQQJOFNOLFK OHEHQXQGPDQNDQQXQJOFNOLFKOHEHQXQG*OFNXQG8QJOFN N|QQHQ]XKRKHQ-DKUHQNRPPHQ$EHUGLHVH5HVLJQDWLRQXQG GLHVHV/lFKHOQ GDVDOOHVGDXHUWQLFKWODQJH'DV/LFKWXQVHUHV /HEHQVKHLWGLH)UHXGHXQGOLVFKWHVDXVVRLVWGLH1DFKWGD XQGZHQQGLHVH1DFKWGHU7RGLVWLVWHVQRFKDPEHVWHQ© (LQH:RFKHVSlWHUZDUHLQHNOHLQH)HVWOLFKNHLWDXI+RONHQlVQXU GHUQlFKVWH)UHXQGHVNUHLVZDUJHODGHQXQWHULKQHQ$UQHXQG 6FKZDU]NRSSHQDXFK3HWHUVHQXQG(OLVDEHWK0DQVDELV 'XQNHOZHUGHQLP)UHLHQGHQQHVZDUWURW]YRUJHUFNWHU -DKUHV]HLWHLQHPLOGH/XIWXQGHUVWDOVGULQQHQGLH/LFKWHU DQJH]QGHWZXUGHQYHUOLHPDQGHQ3ODW]XQWHUGHU+DOOH GUDXHQXPLQGHPJURHQ*DUWHQVDORQ]XQlFKVWGHQ7HH]X QHKPHQXQGGDQQHLQZHQLJ]XPXVL]LHUHQ'HQQ$VWDKDWWHVLFK ZlKUHQGLKUHU3HQVLRQVWDJH]XHLQHUNOHLQHQ9LUWXRVLQDXIGHP .ODYLHUDXVJHELOGHWZDVVHLWVLH]XUFNZDU ]XIDVWWlJOLFKHQ %HJHJQXQJHQXQGhEXQJVVWXQGHQPLW(OLVDEHWKJHIKUWKDWWH +HXWHQXQVROOWHGHPLQQHUKDOEGHUQlFKVWHQ7DJHDXVVHLQHU $UQHZLHNHU6WHOOXQJVFKHLGHQGHQ6FKZDU]NRSSHQ]X(KUHQ PDQFKHUOHL1HXHV]XP9RUWUDJNRPPHQXQGDOVGDV+LQ XQG +HUODXIHQGHU'LHQHUVFKDIWHQXQGGDV*HNODSSHUGHV7HHJHVFKLUUV HQGOLFKHLQ(QGHJHQRPPHQKDWWHEHJDQQHQEHLGH)UHXQGLQQHQ ]LHPOLFKKDVWLJLQGHU0XVLNPDSSH]XVXFKHQELVVLHZDVVLH EUDXFKWHQJHIXQGHQKDWWHQQXU]ZHLGUHL6DFKHQZHLO+RON DOOHV0XVL]LHUHQDOVHLQHJHVHOOVFKDIWOLFKH6W|UXQJDQVDK'DV HUVWHZDV]XP9RUWUDJNDPZDUHLQ/LHGDXV)ORWRZVª0DUWKD©
ZRUDQVLFKGDV5REHUW%XUQVVFKHª8QGVlKLFKDXIGHU+HLGH GRUW©XQPLWWHOEDUDQVFKORXQGDOVGLHOHW]WHQ=HLOHQDXFKGLHVHV /LHGHVXQWHUDOOVHLWLJHP%HLIDOOYHUNOXQJHQZDUHQNQGHWH$VWD GHULPPHUDXIPHUNVDPHUJHZRUGHQHQ=XK|UHUVFKDIWDQGDQXQ HLQZLUNOLFKHV9RONVOLHGIROJHQVROOH GHQQ5REHUW%XUQVVHLGRFK HLJHQWOLFKDXFKQXUHLQ.XQVWGLFKWHU 6FKZDU]NRSSHQEHVWULWWGLHVHQWVFKLHGHQXQGVDKVLFKGDEHLYRQ VHLWHQ$UQHVXQWHUVWW]WGHULQVHLQHU(LJHQVFKDIWDOV2KHLP KLQ]XVHW]HQGXUIWH ªGDVVHLVRPRGHUQHU3HQVLRQVJHVFKPDFN© XQGHLQPDOLP=XJHZlUHUVLFKHUQRFKZHLWHUJHJDQJHQXQG KlWWHGHUGHUDUWLJKHUDXVIRUGHUQGHQ%HPHUNXQJHQQRFKPHKUHUH JHPDFKWZHQQQLFKW+RONLPVHOEHQ$XJHQEOLFNHPLWGHU ZLHGHUKROWHQ)UDJHZLHGDVYRU]XWUDJHQGH9RONVOLHGGHQQ HLJHQWOLFKKHLHGD]ZLVFKHQJHIDKUHQZlUH ª'DV/LHGKHLWJDUQLFKW©DQWZRUWHWH$VWD ª8QVLQQ-HGHV/LHGPXGRFKHLQHQ1DPHQKDEHQ© ª'DVZDUIUKHUVR-HW]WQLPPWPDQGLHHUVWH=HLOHDOV hEHUVFKULIWXQGPDFKW*lQVHIFKHQ© ª-DZRKO©ODFKWH+RONª*lQVHIFKHQ GDVJODXELFK© 8QGQXQVFKZLHJGHU6WUHLWXQGQDFKHLQHPNXU]HQ9RUVSLHO $VWDVEHJDQQ(OLVDEHWKPLWLKUHUVFK|QHQGHP7H[WZLHGHU .RPSRVLWLRQJOHLFKDQJHSDWHQ6WLPPH 'HQNVWGXYHUVFKZXQGHQHU7DJH0DULH :HQQGXVWDUUVWLQV)HXHUEHL1DFKW" :QVFKVWGXGLH6WXQGHQXQG7DJH]XUFN :RGXIURKXQGJOFNOLFKJHODFKW" ,FKGHQNHYHUVFKZXQGHQHU7DJH-RKQ 8QGVLHVLQGDOOH]HLWPHLQ*OFN 'RFKGLHPLUGLHOLHEVWHQJHZHVHQVLQG ,FKZQVFKHVLHQLFKW]XUFN $OVGLHV/LHGVFKZLHJXQGJOHLFKGDQDFKDXFKGLH%HJOHLWXQJ HLOWHQDOOHVRJDU+RONDXIGHQ)OJHO]XXP(OLVDEHWKGLH YHUOHJHQGLH+XOGLJXQJHQLQ(PSIDQJQDKPHLQIUHXQGOLFKHV :RUW]XVDJHQª-D©VDJWH$VWDGLHVLFKGHV7ULXPSKHVGHU )UHXQGLQIUHXWHªVRVFK|QKDVWGX VQRFKQLHJHVXQJHQ©$OOH
ZQVFKWHQGHQQDXFKGLH6WURSKHQRFKHLQPDO]XK|UHQXQGQXU HLQHZDUGDGLHVLFKGHP:XQVFKHQLFKWDQVFKORZHLOLKU LQPLWWHQGHVDOOJHPHLQHQ$XIVWDQGHVQLFKWHQWJDQJHQZDUGD &KULVWLQHJDQ]VRZLHYRU]ZHL-DKUHQEHL9RUWUDJGHV VFKZHUPWLJHQ:DLEOLQJHUVFKHQ/LHGHVGHQ6DORQLQDOOHU6WLOOH YHUODVVHQKDWWH 'LHGLHGLHVZDKUQDKPZDUQDWUOLFKGLH'REVFKW]GHU]XJOHLFK HLQ=ZHLIHONDPREVLHGHU)UHXQGLQIROJHQVROOHRGHUQLFKW =XOHW]WHQWVFKLHGVLHVLFKGDIUXQGVWLHJGLH7UHSSHKLQDXIXP &KULVWLQHLQLKUHP6FKODI]LPPHUDXI]XVXFKHQ'DVDVLHGHQQ DXFKGLH+lQGHJHIDOWHWGLH$XJHQVWDUU]X%RGHQJHULFKWHW ª:DVLVWGLU&KULVWLQH"ZDVKDVWGX"© 8QGGLH'REVFKW]NQLHWHYRULKUQLHGHUXQGQDKPLKUH+DQGXQG EHGHFNWHVLHPLW.VVHQXQG7UlQHQ ª:DVKDVWGX"©ZLHGHUKROWHVLHLKUH)UDJHXQGVDK]XLKUDXI &KULVWLQHDEHUZlKUHQGVLHGLH+DQGDXVGHU+DQGGHU)UHXQGLQ O|VWHVDJWHOHLVHYRUVLFKKLQ ª8QGGLHPLUGLHOLHEVWHQJHZHVHQVLQG ,FKZQVFKHVLHQLFKW]XUFN©
9LHUXQGGUHLLJVWHV.DSLWHO (LQH:RFKHZDUYRUEHUVHLWGHP (VZDUHLQHPLOGH/XIWXQGZlUHQLFKWGHUZLOGH:HLQJHZHVHQ GHUVLFKPLWVHLQHQVFKRQ KHUEVWOLFKURWHQ%OlWWHUQXPHLQ]HOQH 6lXOHQYRQ6FKOR+RONHQlVHPSRUUDQNWHVRKlWWHPDQJODXEHQ N|QQHQHVVHLZLHGHU-RKDQQLVWDJXQGGDVVFK|QH)HVWGDVHLQ 9LHUWHOMDKUYRUKHUJDQ]$QJHOQPLWEHJDQJHQKDWWHZHUGHQRFK HLQPDOJHIHLHUW'HQQQLFKWQXU ODJHVKHOOXQGEHLQDKH VRPPHUOLFKZLHGDPDOVEHLGHU:LHGHUWUDXXQJGHVJUlIOLFKHQ 3DDUHVEHU6FKORXQG3DUNDXFKGLHODQJHIHVWOLFKH :DJHQUHLKHGLHKHXWHJHQDXZLHDP7DJHGHUHUQHXWHQ 7UDXXQJ]DKOUHLFKH*lVWHJHEUDFKWKDWWHZDUZLHGHUGD'D]X NODQJHQDXFKGLH*ORFNHQZLHGHUZHLWLQV/DQGKLQHLQXQGGLH 0lGFKHQYRQ+RONHE\VWDQGHQZLHGDPDOVEHLP(UVFKHLQHQGHV KRFK]HLWOLFKHQ=XJHVGDV'RUIHQWODQJXQGVWUHXWHQLKUH%OXPHQ $EHUKHXWHZDUHQHVZHLH$VWHUQGLHVLHVWUHXWHQXQGGLHGLH YRP6FKORVVHKHUGHV:HJHVNDPZDUHLQH7RWH YRUDXI0XVLN KLQWHUGHP6DUJH+RONXQGGLH.LQGHUXQGGDQQLQODQJHP=XJH GLH9HUZDQGWHQXQG)UHXQGH3HWHUVHQVWDQGDP .LUFKKRIVHLQJDQJXQGGHP=XJHYRUDXIVFKULWWHUMHW]WDXIGDV *UDE]XGDVQHEHQGHUEDXIlOOLJHQDOWHQ*UXIWEHUHLWHWZDU+LHU DQJHNRPPHQVFKZLHJGHU&KRUDODOOH+lXSWHUHQWEO|WHQVLFK XQGGDQQVHQNWHQVLHGHQ6DUJKHUQLHGHUXQGGLH(UGHVFKOR VLFKEHU&KULVWLQH+RON(LQ+HU]GDVVLFKQDFK5XKHVHKQWH KDWWH5XKHJHIXQGHQ -XOLHYRQ'REVFKW] DQ*HQHUDOVXSHULQWHQGHQW6FKZDU]NRSSHQ 6FKOR+RONHQlVGHQ2NWREHU (Z+RFKZUGHQZROOHQYRQXQVHUHU)UHXQGLQK|UHQGHUHQ7RG GDVHUVWHZDUZDV6LHQDFK,KUHP$PWVDQWULWWLQ,KUHUDOWHQ +HLPDWYRQKLHUDXVHUIXKUHQ,FKNRPPH,KUHP:XQVFKH IUHXGLJQDFKGHQQQHEHQDOOHP6FKPHU]OLFKHQLVWHVPLULPPHU ZLHGHUHLQ7URVWXQGHLQH(UKHEXQJYRQGHUWHXUHQ7RWHQ VSUHFKHQ]XGUIHQ
$QGHP7DJHZR6LHVLH]XOHW]WVDKHQUHLIWHZRKOHLQ*HGDQNHLQ LKUGHQVLHODQJHPLWVLFKXPKHUWUDJHQPRFKWH9LHOOHLFKW HQWVLQQHQ6LHVLFKGHVHOHJLVFKHQEHLQDKHVFKZHUPWLJHQ 9RONVOLHGHVGDV(OLVDEHWK3HWHUVHQDQMHQHP$EHQGHYRUWUXJ &KULVWLQHYHUOLHJOHLFKGDQDFKGDV=LPPHUXQGLFKJODXEHGD HVYRQGHP$XJHQEOLFNHDQLQLKUIHVWVWDQG,FKIDQGVLHWLHI HUVFKWWHUWXQGEHNHQQHGDEDQJH$KQXQJHQVRIRUWPHLQ+HU] HUIOOWHQ$KQXQJHQGLHQLHGHU]XNlPSIHQPLUQXUGDGXUFK JHODQJGDLFKPLUGHQFKULVWOLFKHQ6LQQXQGGLHJDQ]H *ODXEHQVIHVWLJNHLWGHUWHXUHQ(QWVFKODIHQHQYHUJHJHQZlUWLJWH GHQFKULVWOLFKHQ6LQQGHUGDV/HEHQWUlJWVRODQJH*RWWHVZLOO 'HUQlFKVWH7DJVFKLHQPLUDXFKHLQ5HFKW]XGLHVHPPHLQHP 9HUWUDXHQJHEHQ]XVROOHQ&KULVWLQHKDWWHVLFKZLHVLHPLUVDJWH VSlWHUVW]XU5XKHEHJHEHQDEHULKU$XVVHKHQ]HLJWHQLFKWVYRQ hEHUZDFKWVHLQLP*HJHQWHLOHLQH)ULVFKHJDEVLFK]XHUNHQQHQ ZLHLFKVLHVHLWGHP7DJHLKUHU:LHGHUYHUHLQLJXQJQLFKWPHKUDQ LKUZDKUJHQRPPHQKDWWH6LHZDUDOVVLH]XP)UKVWFNNDP HQWJHJHQNRPPHQGHUXQGIUHXQGOLFKHUDOVJHZ|KQOLFKVFKOXJ HLQHQEHLQDKKHU]OLFKHQ7RQDQXQGUHGHWH+RON]XVLFKDQHLQHU IUGHQ]ZHLWQlFKVWHQ7DJIHVWJHVHW]WHQ-DJGSDUWLH]XEHWHLOLJHQ ]XGHUHUHEHQHLQH(LQODGXQJYRQ*UDI%DXGLVVLQHUKDOWHQKDWWH 'DQQEHVSUDFKHQVLHVRQGHUEDUHUZHLVH7RLOHWWHQDQJHOHJHQKHLWHQ VRJDUJDQ]DXVIKUOLFKDEHUIUHLOLFKQXUPLW5FNVLFKWDXI$VWD GLHQXQEHUVLHE]HKQVHLXQGLQGLH*HVHOOVFKDIWHLQJHIKUW ZHUGHQPVVHEHLZHOFKHP:RUWHVLFKLKU$XJHPLW7UlQHQ IOOWH 6RYHUJLQJGHU7DJXQGGLH6RQQHVWDQGVFKRQWLHIDOVVLHPLFK DXIIRUGHUWHPLWLKU DQGHQ6WUDQG]XJHKHQ¾$EHU½VHW]WHVLH KLQ]X¾ZLUPVVHQXQVHLOHQXQGXQWHQVHLQHKHVGXQNHOZLUG½ 8QGJOHLFKGDQDFKVWLHJHQZLUGLH7HUUDVVHKLQDE8QWHQ DQJHNRPPHQZDULKUGHU:HJDP6WUDQGHKLQQLFKWUHFKWGHU 6DQGVHLVRIHXFKWXQGLKU6FKXK]HXJVROHLFKWXQGVRJLQJHQZLU GHQQDXIGHQ6WHJKLQDXILQHLQHP*HVSUlFKLQGHPGLH*UlILQ DEVLFKWOLFKMHGHVHUQVWHUH7KHPD]XYHUPHLGHQVFKLHQ$OVZLU HQGOLFKELVDQGLH3ODWWIRUPXQGGLHNOHLQH7UHSSHJHNRPPHQ ZDUHQDQGHUGLH'DPSIVFKLIIHDQOHJHQVHW]WHQZLUXQVDXIHLQH +RO]EDQNGLH+RONVHLWNXU]HPHUVWDQGLHVHU6WHOOHKDWDXIVWHOOHQ ODVVHQXQGVDKHQLQGLH6RQQHGHUHQ:LGHUVFKHLQDXIGHPQXU ZHQLJEHZHJWHQ0HHUHIDVWQRFKVFK|QHUZDUDOVLKUH
)DUEHQSUDFKWLQGHP*HZ|ONGDUEHU¾:LHVFK|Q½VDJWH &KULVWLQH¾/DXQVGHQ8QWHUJDQJKLHUDEZDUWHQ)UHLOLFKHVZLUG VFKRQNDOWXQGGXN|QQWHVWXQVZRKOXQVHUH0lQWHOKROHQ$EHU ELWWHVSDUHGLUGLH6WXIHQXQGUXIHVEORGLH7HUUDVVHKLQDXI $VWDZLUGHVVFKRQK|UHQ½ 6LHVSUDFKGDVDOOHVPLWHLQHP$QIOXJYRQ9HUORJHQKHLWGHQQ HWZDV8QZDKUHVVDJHQZLGHUVWUHEWHLKUHU1DWXU DEHUZHQQGLHVH 9HUOHJHQKHLWDXFKJHIHKOWKlWWHVRZlUHPLUGDV*DQ]HGRFK DXIJHIDOOHQZHLOLKUHIDVW]XZHLWJHKHQGH=DUWKHLWXQG*WH JHJHQPLFKHVLPPHUlQJVWOLFKYHUPLHGLUJHQGHLQHQ'LHQVWYRQ PLU]XIRUGHUQ6LHVDKDXFKZHOFKH5LFKWXQJPHLQH*HGDQNHQ QDKPHQDEHULFKGXUIWHVLH VGRFKQLFKWNODUXQGXQXPZXQGHQ ZLVVHQODVVHQZDVDQ%HVRUJQLVLQPHLQHU6HHOHYRUJLQJXQGVR JLQJLFKGHQQGHQ6WHJZLHGHU]XUFNXQGGLH7HUUDVVHKLQDXI GHQQGDVPLWGHP¾+LQDXIUXIHQELV$VWDHVK|UH½ZDUQXUVR KLQJHVDJWZRUGHQ $OVLFKZLHGHUDP$XVJDQJGHV6WHJHVDQNDPIDQGLFKGLH*UlILQ QLFKWPHKUXQGZXWHQXQZDVJHVFKHKHQ,FKHLOWH]XUFNXP +LOIH]XKROHQWURW]GHPLFKVLFKHUZDUGDDOOHVQXW]ORVVHLQ ZUGH+RONZDUZLHEHWlXEWXQGZXWHVLFKQLFKW5DW(QGOLFK DEHUZXUGHGDV'RUIDODUPLHUWXQGELVLQGLH1DFKWKLQHLQVXFKWH PDQDQ6WHJXQG6WUDQG$XFK%RRWHZXUGHQDEJHODVVHQXQG IXKUHQLQV0HHUKLQHLQDXIHLQHQXUYRQZHQLJ:DVVHUEHUVSOWH 6DQGEDQN]XGLHGHP6WHJHTXHUYRUOLHJW$EHUGXUFK6WXQGHQ KLQRKQHMHGHQ(UIROJXQGHUVWDPDQGHUQ0RUJHQNDPHQ +RONHE\HU)LVFKHUDXIV6FKORXQGPHOGHWHQGDVLHGLH*UlILQ JHIXQGHQKlWWHQ:LUJLQJHQQXQDOOHKLQXQWHU'HU$XVGUXFN VWLOOHQ/HLGHQVGHQLKU*HVLFKWVRODQJHJHWUDJHQKDWWHZDUGHP HLQHUEHLQDKKHLWHUHQ9HUNOlUXQJJHZLFKHQVRVHKUEHGUIWLJZDU LKU+HU]GHU5XKHJHZHVHQ8QGDXIHLQHU%DKUHGLHPDQDXVGHU .LUFKHKHUEHLJHVFKDIIWKDWWHWUXJPDQVLHQXQZHLOPDQGLH 6WHLJXQJGHU7HUUDVVHYHUPHLGHQZROOWHGXUFKGLH'QHELVLQV 'RUIXQGGDQQGHQPlLJDQVWHLJHQGHQ3DUNZHJKLQDXI$OOHV GUlQJWHKHU]XXQGGLHDUPHQ/HXWHIUGLHVLHJHVRUJW ZHKNODJWHQXQGELWWHUH:RUWHZXUGHQODXWGLHGHU*UDIVRKRIIH LFKQLFKWK|UWH
:LHGDV%HJUlEQLVZDUXQGZLH3HWHUVHQVSUDFKGHUDQGLHVHP 7DJHGDVPXLFKEH]HXJHQDXFKGDVUHFKWJOlXELJVWH+HU] ]XIULHGHQVWHOOHQNRQQWHGDVKDEHQ6LHJHOHVHQLQGHP ¾$UQHZLHNHU%RWHQ½GHQ,KQHQ%DURQ$UQHJHVFKLFNWKDWXQG YLHOOHLFKWDXFKLQGHQ¾)OHQVEXUJHU1DFKULFKWHQ½ ,FKKDEHQXUQRFKKLQ]X]XIJHQZDVYLHOOHLFKWDQJHWDQLVWXQV EHUGHQ6HHOHQ]XVWDQGGHU*UlILQXQGEHUGDVZDVVLHGHQ OHW]WHQ6FKULWWWXQOLHLQVNODUH]XEULQJHQ,QGHUVHOEHQ6WXQGH QRFKDOVZLUVLHYRP6WUDQGKHUDXIJHEUDFKWKDWWHQJLQJHQZLU DXILKU=LPPHUXQGVXFKWHQREVLFKQLFKWHLQ$EVFKLHGVZRUW IlQGH:LUIDQGHQDXFKZLUNOLFKPHKUHUH%ULHIERJHQGHUHQ $QUHGHZRUWH]HLJWHQGDVLHGHQ:LOOHQJHKDEWKDWWHYRQGHQ LKU=XQlFKVWVWHKHQGHQYRQ+RONYRQ$UQHXQGDXFKYRQPLU $EVFKLHG]XQHKPHQ'HQhEHUVFKULIWHQDQ$UQHXQGPLFKZDUHQ HLQSDDU:RUWHZLH¾+DEH'DQN½XQG¾:HQQ'XGLHVH=HLOHQOLHVW½ KLQ]XJHIJWDEHUDOOHVZDUZLHGHUGXUFKVWULFKHQXQGGHP%RJHQ PLWGHU$QUHGH¾/LHEHU+RON½IHKOWHDXFKGDV'DIUZDUGHPIU +RONEHVWLPPWHQ%RJHQHLQ]HUNQLWWHUWHVXQGGDQQZLHGHU VRUJVDPJODWWJHVWULFKHQHV%ODWWHLQJHOHJWGDUDXIGDV/LHGVWDQG GDV(OLVDEHWK3HWHUVHQXQPLWWHOEDUYRU+RONV$EUHLVHQDFK .RSHQKDJHQJHVXQJHQXQGGHVVHQ9RUWUDJGDPDOVlKQOLFKZLH MHW]WGDVYRUHUZlKQWH9RONVOLHGDXVGHP(QJOLVFKHQHLQHQVR WLHIHQ(LQGUXFNDXI&KULVWLQHJHPDFKWKDWWH'LHVHVMQJVW JHK|UWHQ9RONVOLHGHVZHUGHQVLFK(Z+RFKZUGHQVLFKHUOLFKQRFK HULQQHUQDEHUGDVIUKHUJHK|UWHZLUG,KUHP*HGlFKWQLV HQWVFKZXQGHQVHLQZHVKDOEHVPLUJHVWDWWHWVHLQPDJGHU HUVWHQ6WURSKHGHVVHOEHQKLHUHLQH6WHOOH]XJHKHQ'LHVH6WURSKH ODXWHWH 'LH5XKLVWZRKOGDV%HVWH 9RQDOOHP*OFNGHU:HOW :DVEOHLEWYRP(UGHQIHVWH :DVEOHLEWXQVXQYHUJlOOW" 'LH5RVHZHONWLQ6FKDXHUQ 'LHXQVGHU)UKOLQJJLEW :HUKDWLVW]XEHGDXHUQ 8QGPHKUQRFKIDVWZHUOLHEW
'LHOHW]WH=HLOHZDUOHLVXQGNDXPVLFKWEDUXQWHUVWULFKHQ(LQH JDQ]H*HVFKLFKWHODJLQGLHVHQYHUVFKlPWHQ6WULFKHOFKHQ ,KQHQZLUG,KU$PWXQG,KU*ODXEHGLH.UDIWJHEHQGHQ7RGGHU )UHXQGLQ]XYHUZLQGHQDXVPHLQHP/HEHQDEHULVWGDV/LHEVWH GDKLQXQGZDVPLUEOHLEWLVWDUPXQGVFKDO$VWDELWWHWVLFK ,KQHQHPSIHKOHQ]XGUIHQHEHQVR(OLVDEHWK3HWHUVHQ (Z+RFKZUGHQHUJHEHQVWH -XOLHYRQ'REVFKW]©
