Bochumer Philosophisches Jahrbuch Fur Antike Und Mittelalter, 2001



%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP



(9$0$5,$ (1*(/(1  

=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ RGHU :DUXPLVW'LRWLPDHLQH)UDX"

    'LHHLQVFKO½JLJH3DVVDJH]XP/LHEHVEHJULEHL3ODWRQLVWGHU%HULFKWGHV6R NUDWHVLP6\PSRVLRQ'LHX¸HUXQJHQLP'LDORJYHUUDWHQQLFKWQXUZDV3OD WRQ DOV GLH HLJHQWOLFKHQ %HVWDQGWHLOH GHU :LUNOLFKNHLW DQVLHKW 6LH HQWKDOWHQ DXFKHLQHQLFKWVLQQOLFKH$XDVVXQJYRQ/LHEHXQGHLQHPHWDSK\VLVFKH9LVL RQGHV9HUK½OWQLVVHVYRQ/LHEHXQG(UNHQQWQLVXPGLHVHQLFKWVLQQOLFKH$XI IDVVXQJYRQ/LHEHDQGHUHQ%LOGXQJGLHVLQQOLFKH/LHEHGXUFKDXVWHLOKDW]X IRUPXOLHUHQ(VGDUIDOVRQLFKWYHUNDQQWZHUGHQGD¸3ODWRQVHLQH$XIIDVVXQJ YRQ/LHEHYRUGHP+LQWHUJUXQGGHUVLQQOLFKHQ/LHEHHQWZLFNHOW,QGHQIRO JHQGHQ 8QWHUVXFKXQJHQ VROO GDKHU JH]HLJW ZHUGHQ LQZLHIHUQ GDV ZDV GHU 'LDORJ ]XU VLQQOLFKHQ /LHEH DXVVDJW IÕU GLH $XVIÕKUXQJHQ ]XU QLFKWVLQQ OLFKHQ /LHEH YRQ %HGHXWXQJ LVW :HQQ GDV 9HUK½OWQLV YRQ VLQQOLFKHU XQG QLFKWVLQQOLFKHU /LHEH YRQ (URWLN XQG LKUHU HSLVWHPLVFKHQ 'LPHQVLRQ JH NO½UW LVW ZLUG HLQH $QWZRUW DXI GLH )UDJH PÏJOLFK VHLQ ZDUXP 3ODWRQ GLH 5ROOHGLH'LRWLPDLP'LDORJLQQHKDWPLWHLQHU)UDXEHVHW]WKDWrHLQH%H VHW]XQJ GLH XP VR HUVWDXQOLFKHU LVW DOV ]X %HJLQQ GHU *HVSU½FKH ÕEHU GLH /LHEHDOOH)UDXHQGHV6DDOHVYHUZLHVHQZXUGHQ(VZLUGLPIROJHQGHQ]X]HL JHQVHLQGD¸HVJXWH*UÕQGHGDIÕUJLEWZDUXP'LRWLPDHLQH)UDXLVWXQG GD¸HVYRQ%HGHXWXQJIÕU3ODWRQV%HJULGHU/LHEHLVW  3ODWRQEHULFKWHWLP6\PSRVLRQZDVGLH6HKHULQ'LRWLPD6RNUDWHVÕEHUGHQ %HJULGHU/LHEHJHOHKUWKDW,QGHP3ODWRQGHQNWLYHQ%HULFKWGHU'LRWLPD HLQIÕKUWJLEWHUHLQH$QWZRUWDXIGLH)UDJHLQZLHIHUQGLH/LHEHGHQ:HJ]XU :DKUKHLW XQG GDPLW ]XU (UNHQQWQLV HUPÏJOLFKW :DV PDQ ÕEHU GLH /HKUHQ GHU'LRWLPDHUI½KUWJLEWGHP*HVSU½FKVYHUODXIGHUELVGDKLQJHIÕKUWHQ'LD 



 :HJZHLVHQG IÕU PHLQH µEHUOHJXQJHQ LVW ' 0 +DOSHULQ ”:K\ LV 'LRWLPD D :R  PDQ"…LQGLHV2QH+XQGUHG
(YD0DULD(QJHOHQ

ORJH HLQH HQWVFKHLGHQGH :HQGH GHQQ 'LRWLPD XQWHUULFKWHW 6RNUDWHV QLFKW DXVVFKOLH¸OLFK ÕEHU GLH /LHEH ]ZLVFKHQ GHQ 0HQVFKHQ VRQGHUQ EHVWLPPW /LHEH DOV GLH 6XFKH QDFK GHP *XWHQ XQG :DKUHQ 'DPLW LVW /LHEH QLFKW PHKU DXI HLQH VSH]LVFKH )RUP ]ZLVFKHQPHQVFKOLFKHU %H]LHKXQJ ZLH HWZD GLH.QDEHQOLHEHIHVWJHOHJWVRQGHUQZLUG]XHLQHP%HJULHUZHLWHUWGHUVLFK LQ HLQ 9HUK½OWQLV ]XU (UNHQQWQLV VHW]HQ O½¸W /LHEH ZLUG DOV 6WUHEHQ ]XP 6FKÏQHQXQG*XWHQEHVWLPPWXQG]XJOHLFKDOV6WUHEHQQDFK8QVWHUEOLFKNHLW 'HP6WUHEHQQDFKGHP*XWHQJHKWGDV6WUHEHQ]XP6FKÏQHQYRUDXVHVIÕKUW DOVZDKUH/LHEH]XGHPZDKUHQ*XWHQXQG]XP(UODQJHQYRQ8QVWHUEOLFK NHLW  (VZLUGQLFKWV1HXHVJHVDJWZHQQGDUDQHULQQHUWZLUGGD¸GHU%HJULGHU /LHEH LP6\PSRVLRQ ]XQ½FKVW IÕU YHUVFKLHGHQH :HLVHQ GHV 6WUHEHQV XQG%H JHKUHQV VWHKW XQG GLH /LHEH PLWKLQ GHU $QVSRUQ LVW GDV %HJHKUWH ]X HUUHL FKHQ%HJHKUWZHUGHQDXIGHUXQWHUVWHQ6WXIHGLHNÏUSHUOLFKH1½KHHLQHVDQ GHUHQ 0HQVFKHQ NÏVWOLFKH 6SHLVHQ XQG ½KQOLFKH *HQÕVVH DXI GHQ KÏKHUHQ 6WXIHQDEHUDXFK:LVVHQXQG(UNHQQWQLV:DVPDQEHJHKUWHQWVSULFKWHLQHU $EIROJHLQGHU(UNHQQWQLVGLHÕEHUGLH/LHEH]XPX¸HUHQKLQ]XU/LHEHGHV :HVHQVHLQHV0HQVFKHQXQGVFKOLH¸OLFKDXIGHUQ½FKVWKÏKHUHQ6WXIH]XDE VWUDNWHUHQ%HJULHQZLHGHPGHU*HUHFKWLJNHLWRGHUGHQJHVHW]OLFKHQ5HJH OXQJHQGHV=XVDPPHQOHEHQVHLQHU*HPHLQVFKD IÕKUW'DUDXIIROJWGLH/LH EH]XU:LVVHQVFKD XQGGDPLWGLH/LHEH]XHZLJJÕOWLJHQ5HJHOQ  'LHVHQ YLHU 6WXIHQ GLH PDQ DOV GLH /LHEH ]XP *HJHQVW½QGOLFKHQ DOV GLH /LHEH]XP:HVHQRGHU]XU6HHOHHLQHV0HQVFKHQDOVGLH/LHEH]XU*HPHLQ VFKD  XQG GHUHQ 5HJHOQ  XQG ]XU :LVVHQVFKD  EH]HLFKQHQ NDQQ IROJHQ ]ZHLZHLWHUHGLHGDV9HUVW½QGQLVIÕU$OOJHPHLQEHJULHPLWHLQVFKOLH¸HQ(V KDQGHOWVLFKEHLGLHVHQEHLGHQOHW]WHQ6WXIHQXPGLH/LHEH]XU6FKÏQKHLWXQG XPGLH/LHEH]XP*XWHQGLH]XJOHLFKGLH/LHEH]XU(UNHQQWQLVVHOEVWXQG GDPLW]XP$EVROXWHQLVW  

 3ODWRQ O½¸W 'LRWLPD LQ 6\PS GD (URV DOV %HJHKUHQ GHV *XWHQ X¶ ƒKEU³R EHVWLPPHQ 'DPLW IÕKUW HU HLQH QHXH PHWDSK\VLVFKH *HZLFKWXQJ HLQ LQGHP QLFKW PHKUYRQX‡ƒKEU„VRQGHUQYRQX¶ƒKEU³RJHVSURFKHQZLUGDOVRYRQGHP*XWHQ9JO DXFK.-'RYHULQ3ODWR6\PSRVLXPHG.-'RYHU&DPEULGJH 6   6LHKH]XU6WHOOXQJGHU$XVIÕKUXQJHQ'LRWLPDVLQQHUKDOEGHV6\PSRVLRQVDXFK:'HWHO 0DFKW 0RUDO :LVVHQ )RXFDXOW XQG GLH NODVVLVFKH $QWLNH )UDQNIXUW D 0   6 'HWHOZHLVWHQWJHJHQHLQHUYHUEUHLWHWHQ,QWHUSUHWDWLRQ]X5HFKWGDUDXIKLQGD¸LQ GLHVHU5HGHQLFKWGLH$XDVVXQJYHUWUHWHQZHUGHGLHwQLHGHUHQk)RUPHQGHV(URVK½W WHQ NHLQHUOHL HSLVWHPLVFKH )XQNWLRQ (V ZHUGH YLHOPHKU GDUJHOHJWGD¸VLHGLHXQWHUHQ 6WXIHQGHU(UNHQQWQLVOHLWHUGDUVWHOOWHQGLHQLFKWDXV]XODVVHQVHLHQ   ,Q 6\PS F ZHUGHQ GLH JXWHQ 'LQJH ]XQ½FKVW DOV VFKÏQ EH]HLFKQHW LQ 6\PS GZLUGGDQQIHVWJHVWHOOWGD¸HVHLQHQ(URVHLQ%HJHKUHQJLEWVFKÏQH'LQJH]X





=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ

 'DV%HJHKUHQYRQ*HEUDXFKVRGHUDXFK/X[XVJHJHQVW½QGHQXQGGDV%H JHKUHQ XQG 6WUHEHQ QDFK :LVVHQ XQG (UNHQQWQLV XQWHUVFKHLGHQ VLFK QDFK 3ODWRQLQHLQHPZHVHQWOLFKHQ3XQNW:½KUHQGGDV%HJHKUHQYRQ6SHLVHQHLQ IÕU GDV SK\VLVFKH µEHUOHEHQ GHU 0HQVFKHQ XQDEGLQJEDUHV 6WUHEHQ XQG %H JHKUHQ LVW GLHQW GDV 6WUHEHQ QDFK :LVVHQ XQG (UNHQQWQLV QLFKW GHP OHLEOL FKHQµEHUOHEHQGHV0HQVFKHQVRQGHUQVHLQHPJHLVWLJHQGDVÕEHUGHQHLJH QHQ7RGKLQDXV]XU8QVWHUEOLFKNHLWIÕKUHQVROO  6RZLHGHU:HJGHU(UNHQQWQLVHLQH6WXIHQIROJHGDUVWHOOWLVWHVDXFKEHLP :HJ ]XU 8QVWHUEOLFKNHLW 'LH EHLGHQ 6WXIHQIROJHQ VLQG YRQ 3ODWRQ LQVRIHUQ DXIHLQDQGHU EH]RJHQ DOV HV PHKUHUH :HLVHQ JLEW 8QVWHUEOLFKNHLW ]X HUODQ JHQYRQZHOFKHQGLHGHV(UNHQQWQLVJHZLQQVGLHKÏFKVWH)RUPGDUVWHOOW'LH XQWHUVWH(EHQHDXIGHUQDFK3ODWRQGLH0HQVFKHQYHUVXFKHQ8QVWHUEOLFKNHLW ]XHUODQJHQVWHOOWGLH=HXJXQJXQG$XI]XFKWYRQ.LQGHUQGDU'HQQLQGHP GLH HLJHQHQ NÏUSHUOLFKHQ XQG JHLVWLJHQ $QODJHQ ZHLWHUJHJHEHQ ZHUGHQ KDW PDQÕEHUGLHVRIRUWJHVHW]WH$KQHQUHLKH$QWHLODQGHU8QVWHUEOLFKNHLW  $QWHLO DQ GHU 8QVWHUEOLFKNHLW ZLUG MHGRFK QLFKW QXU HUODQJW LQGHP GLH NÏUSHUOLFKHQXQGJHLVWLJHQ$QODJHQVRQGHUQDXFKLQGHPHUZRUEHQH.HQQW QLVVH ZHLWHUJHJHEHQ ZHUGHQ 'HQQ ZHUGHQ HLQPDO HUZRUEHQH .HQQWQLVVH QLFKW HUQHXHUW DQ GLH EHVWHKHQGHQ (UIRUGHUQLVVH GHV :LVVHQV DQJHSD¸W XQG GDPLWLQVLFKVWHWVZDQGHOQGHU:HLVHZHLWHUJHJHEHQJHKHQVLHZLHGHUYHUOR UHQ'HU$QWHLODQGHU8QVWHUEOLFKNHLWLVWPLWKLQDQHLQH7UDGLWLRQJHEXQGHQ GHUHQ$XIJDEHHVLVWGLHHZLJZDKUHQ.HQQWQLVVHDXI]XGHFNHQXQG]XWUDGLH UHQ HU LVW PLWKLQ ]XJOHLFK KLVWRULVFK NRQWLQJHQW XQG LQ EH]XJ DXI HZLJH :DKUKHLWHQEHVWLPPW  1DFK3ODWRQLVWHVMHGRFKQLFKWHUIRUGHUOLFKVLFKDXIGLHOHLEOLFKHQ.LQGHU ]X EHVFKU½QNHQ ZHQQ JHLVWLJH (UUXQJHQVFKD HQ ZHLWHU]XJHEHQ VLQG 9LHO PHKU ZLUG GHU OLHEHQGH %OLFN GHVMHQLJHQ GHU 8QVWHUEOLFKNHLW VXFKW DXI MH PDQGHQ IDOOHQ GHVVHQ $QODJHQ PÏJOLFKVW YLHOYHUVSUHFKHQG VLQG )ÕU 3ODWRQ OLHJW HV QDKH GD¸ GLH :DKO DXI HLQHQ .QDEHQ I½OOW ZHLO )UDXHQ IÕU LKQ YRQ 1DWXUDXVQLFKWLQGHPVHOEHQ0D¸ÕEHUGLHHUIRUGHUOLFKHQJHLVWLJHQ$QODJHQ YHUIÕJHQ :DUXP LVW XQWHU GLHVHQ 8PVW½QGHQ 'LRWLPD GLH 6RNUDWHV QLFKW ÕEHUHLQHQEHOLHELJHQVRQGHUQÕEHUHLQHQ]HQWUDOHQ%HJULGHU3ODWRQLVFKHQ (UNHQQWQLVWKHRULHXQG,GHHQOHKUHEHOHKUWGDQQDEHUHLQH)UDX" 

  EHVLW]HQXQGLQ6\PSGHGD¸HVHLQHQ(URVJLEWJXWH'LQJH]XEHVLW]HQ,Q 6\PSHDLVWGDQQYRQGHP*XWHQGLH5HGH   9JO 3ODWRQ 6\PS F 3ODWRQV (LQVWHOOXQJ JHJHQÕEHU )UDXHQ LVW LP *HVDPWZHUN DOOHUGLQJVDPELYDOHQW6LHKH+DOSHULQ”:K\LV'LRWLPDD:RPDQ"…6

 



(YD0DULD(QJHOHQ

'LH )UDJH ZDUXP 'LRWLPD HLQH )UDX VHL KDW ]X GHQ XQWHUVFKLHGOLFKVWHQ $QWZRUWHQ LQ GHU /LWHUDWXU JHIÕKUW 'LH MÕQJVW YHUWUHWHQH $QWZRUW LVW ]X JOHLFKGLHMHQLJHIÕUGLHDPDXVIÕKUOLFKVWHQDUJXPHQWLHUWZRUGHQLVW9HUWUH WHQ ZLUG VLH YRQ 'DYLG +DOSHULQ GHU LQ VHLQHP $XIVDW] ”:K\ LV 'LRWLPD D :RPDQ"… GLHVH )UDJH DOOHUGLQJV DXI GHQ *HVLFKWVSXQNW GHU DQWLNHQ JULHFKL VFKHQ6H[XDOLW½WHLQVFKU½QNWXQGQLFKWZLH0LFKHO)RXFDXOWDXIGLH)UDJHGHV 9HUK½OWQLVVHVYRQ6H[XDOLW½WXQG:DKUKHLWDXVZHLWHW'LH]DKOUHLFKHQ(UJHE QLVVHGLHVHU8QWHUVXFKXQJODVVHQVLFKMHGRFKIÕUGHQVHKUYLHOXPIDVVHQGHUHQ .RQWH[WYRQ(UNHQQWQLVXQG/LHEHIUXFKWEDUKHUDQ]LHKHQ  ,QGHPVLFK+DOSHULQDXVVFKOLH¸OLFKDXIGHQ$VSHNWGHUVH[XHOOHQ3UDNWLNHQ LPDQWLNHQ*ULHFKHQODQGNRQ]HQWULHUWHQWJHKWLKPLQZHOFKHP$XVPD¸VHL QH 6FKOX¸IROJHUXQJ HV VHL LUUHIÕKUHQG 'LRWLPD DOV )UDX XQG QLFKW HKHU DOV 6WDWWKDOWHULQ GHV :HLEOLFKHQ ]X EHWUDFKWHQ QLFKW QXU $XIVFKOÕVVH ÕEHU HLQH YHU½QGHUWH $XDVVXQJ YRQ 6H[XDOLW½W EHL 3ODWRQ ]XO½¸W VRQGHUQ YRU DOOHP DXFKIÕU3ODWRQVµEHUOHJXQJHQ]XP3UR]H¸GHU(UNHQQWQLV]HQWUDOLVW  ,PIROJHQGHQLVWGDKHU]X]HLJHQGD¸GDV(OHPHQWGHU:HLEOLFKNHLWVRZRKO IÕUGHQ%LOGXQJVSUR]H¸MXQJHU0½QQHUDOVDXFKIÕUGHQ(UNHQQWQLVSUR]H¸GHV HLQ]HOQHQHLQHZLFKWLJH)XQNWLRQKDW+DOSHULQOHJW]XWUHHQGGDULQZLHIHUQ 'LRWLPD IÕU GDV (OHPHQW GHU :HLEOLFKNHLW LP %LOGXQJVSUR]H¸ GHU MXQJHQ 0½QQHUVWHKWZDVGDVKHL¸WZLUGQRFKJHQDXHU]XHUO½XWHUQVHLQ 'DIÕULKQ DEHUGHU$VSHNWGHU]ZLVFKHQPHQVFKOLFKHQ6H[XDOLW½WLP9RUGHUJUXQGVWHKW ÕEHUVLHKW HU LQZLHIHUQ GLHVHU *HVLFKWVSXQNW DXFK DXI GHQ 3UR]H¸ GHU (U NHQQWQLV]XÕEHUWUDJHQLVWGHUQLFKWLQHUVWHU/LQLHPLW+LOIHGHV%HJULVGHU /LHEH]ZLVFKHQGHQ0HQVFKHQ]XHUO½XWHUQLVW(VLVWYLHOPHKU]XEHUÕFNVLFK WLJHQGD¸/LHEHDOV6XFKHQDFKGHP*XWHQXQG:DKUHQGLHQLFKWDXIHLQH VSH]LVFKH)RUP]ZLVFKHQPHQVFKOLFKHU%H]LHKXQJZLHHWZDGLH.QDEHQOLH EHHLQJHVFKU½QNWLVWIÕU3ODWRQDXFKHLQ6WUHEHQQDFK8QVWHUEOLFKNHLWLVW  +DOSHULQNRQ]HQWULHUWVLFKDXIGLH)UDJHZDUXP3ODWRQHLQH)UDXJHZ½KOW KDEHXPGDU]XVWHOOHQZLH6RNUDWHVLQGLH0\VWHULHQP½QQOLFKHUKRPRHURWL VFKHU%HJLHUGHQHLQJHIÕKUWZLUG6RZLUGYRQYRUQKHUHLQGHU%OLFNDXI'LR WLPDVXPIDVVHQGHUH5ROOHLP'LDORJYHUVWHOOW(VLVWQ½POLFKQLFKWDXVVFKOLH¸ OLFKXQGLQHUVWHU/LQLH'LRWLPDV5ROOHLQGLH0\VWHULHQP½QQOLFKHUKRPR HURWLVFKHU%HJLHUGHQHLQ]XIÕKUHQ9LHOPHKUNRPPWLKUDXFKGLHZHVHQWOLFKH $XIJDEH ]X GLH 3ODWRQLVFKH ,GHHQOHKUH ]X HUO½XWHUQ 'LRWLPDLVWHVGLH6R NUDWHVGHQ:HJ]XPULFKWLJHQ9HUVW½QGQLVGHU3KLORVRSKLHZHLVWXQGLKQPLW  

 9JO0)RXFDXOW+LVWRLUHGHODVH[XDOLWÂ%G/nXVDJHGHVSODLVLUV3DULV 6  $XFK*5))HUUDUL”3ODWRQLF/RYH…LQ5.UDXW+UVJ  7KH&DPEULGJH&RPSDQLRQ WR3ODWR&DPEULGJH 6KLHU6$QPZHQGHWVLFKGDJHJHQw/LH EHkVRZLH+DOSHULQGLHVWXWDXVVFKOLH¸OLFKDOVVH[XHOOHV%HJHKUHQ]XYHUVWHKHQ   9JO+DOSHULQ”:K\LV'LRWLPDD:RPDQ"…6 





=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ

HLQHU )UDJHWHFKQLN YHUWUDXW PDFKW GLH LQ GHU SKLORVRSKLVFKHQ 7UDGLWLRQ GLH w6RNUDWLVFKHkJHQDQQWZLUG,Q$QEHWUDFKWGLHVHUKHUDXVUDJHQGHQ5ROOH'LR WLPDVIÕUGLH3ODWRQLVFKH3KLORVRSKLHJHZLQQWGLH)UDJHZDUXP'LRWLPDHLQH )UDXVHLHLQHDQGHUH7UDJZHLWHDOVHVLQGHQ'DUOHJXQJHQ+DOSHULQVGHXWOLFK ZLUG 

  8PGLH)UDJHZDUXP'LRWLPDHLQH)UDXVHL]XEHDQWZRUWHQVROO]XQ½FKVW DXIGLHGD]XJHJHEHQHQ$QWZRUWHQLQGHU/LWHUDWXUHLQJHJDQJHQZHUGHQ'LH K½XJVWH$QWZRUWODXWHW'LRWLPDLVWHLQH)UDXZHLOVLHNHLQ0DQQVHLQGDUI :LH ZLUG GLHVH $XVNXQ  LP HLQ]HOQHQ EHJUÕQGHW" =XP HLQHQ ZLUG DQJH IÕKUWGD¸GLHJHZ½KOWH5ROOHQEHVHW]XQJGHQ(LQGUXFNYHUPHLGH6RNUDWHVVHL LQ VHLQHU -XJHQG GXUFK HLQHQ ½OWHUHQ /LHEKDEHU LQ GLH :HOW GHU S½GHUDVWL VFKHQ (URWLNHLQJHIÕKUWZRUGHQ=XPDQGHUHQZLUGGLH$QWZRUWGDKLQJH KHQG DXVJHIÕKUW GD¸ 'LRWLPD DXFK HLQLJH 5HJHOQ IÕU ULFKWLJH S½GHUDVWLVFKH /LHEH JLEW GLH GHP 9HUGDFKW DXVJHVHW]W VHLQ NÏQQWHQ VLH HQWVSU½FKHQ HLJH QHQQXUDGSHUVRQDPJÕOWLJHQ3U½IHUHQ]HQZ½UH'LRWLPDHLQ0DQQ  ,Q GHU )RUVFKXQJ ]X 3ODWRQV 0RWLYDWLRQ IÕU GLH :DKO YRQ 'LRWLPDV *H VFKOHFKWZLUGDXFKGLH7KHVHYHUWUHWHQGLH:DKO]HLJHGD¸3ODWRQHLQÕEHU ]HXJWHU +HWHURVH[XHOOHU VHL $QGHUH VFKOLH¸HQGDUDXVHKHUDXI3ODWRQVYHU PHLQWOLFKH+RPRVH[XDOLW½W.HLQHGLHVHU$QQDKPHQHUNO½UWMHGRFKKLQUHL FKHQGZDUXP'LRWLPDHLQH)UDXLVW'DVKHL¸WQLFKWGD¸GLH7KHVHQLPHLQ ]HOQHQ ZLGHUOHJEDU Z½UHQ LKUH µEHU]HXJXQJVNUD  LVW MHGRFK QLFKW DXVUHL FKHQG GLH XQJHZÏKQOLFKH 'LDORJEHVHW]XQJ SODXVLEHO ]X PDFKHQ 3ODWRQV 0RWLYDWLRQEHLGHU:DKO'LRWLPDV*HVFKOHFKWVZLUGVRHQWZHGHUDXI3ODWRQV HLJHQHVH[XHOOH3U½IHUHQ]HQRGHUDXIGLHPXWPD¸OLFKH6H[XDOLW½WGHV6RNUDWHV RGHUDXIGLH3UREOHPDWLNGHV,QLWLDWLRQVULWXVUHGX]LHUW  'LH$UJXPHQWDWLRQ'LRWLPDVHLHLQH)UDXZHLOVLHNHLQ0DQQVHLQGÕUIH PX¸VLFKGHPIROJHQGHQ(LQZDQGVWHOOHQ(VZ½UHIÕU3ODWRQHLQOHLFKWHVJH ZHVHQ DXI GLH )LJXU GHU 'LRWLPD JDQ] ]X YHU]LFKWHQ LQGHPHU 6RNUDWHV DQ 



 9JO7*RXOG3ODWRQLF/RYH/RQGRQ 6$QP  6R'RYHULQ3ODWR6\PSRVLXPHG'RYHU 6YJODXFK),=HLWOLQ”3OD\LQJWKH 2WKHU7KHDWHU7KHDWULFDOLW\DQGWKH)HPLQLQHLQ*UHHN'UDPD…LQ5HSUHVHQWDWLRQV  6KLHU62KQHHLQGHXWLJH6WHOOXQJQDKPHKLQJHJHQ0&1XVV EDXP”7KH6SHHFKRI$OFLELDGHV$5HDGLQJRIWKH6\PSRVLRQ…LQGLHV7KH)UDJLOLW\RI *RRGQHVV/XFNDQG(WKLFVLQ*UHHN7UDJHG\DQG3KLORVRSK\&DPEULGJH 6 KLHU6   9JO*9ODVWRV3ODWRQLF6WXGLHV3ULQFHWRQ 6KLHU6”:KDWVWDUWHGDVD SHGHUDVWLFLG\OHQGVXSLQWUDQVFHQGHQWDOPDUULDJH…   9JO8YRQ:LODPRZLW]0RHOOHQGRUII3ODWRQ%G%HUOLQ 6 

 



(YD0DULD(QJHOHQ

GLH 6WHOOH GHU 'LRWLPD JHVHW]W XQG IÕUGLH5ROOHGHV6RNUDWHVHLQHQDQGHUHQ 'LDORJSDUWQHUJHZ½KOWK½WWH'LHVH5ROOHQYHUWHLOXQJK½WWHGHP]XPLQGHVWLQ GHU JULHFKLVFKHQ 2EHUVFKLFKW YHUEUHLWHWHQ ,QLWLDWLRQVULWXV YROOVW½QGLJ HQW VSURFKHQXQGLP)DOOHGHV6RNUDWHVZ½UHDXFKQLFKWXQEHGLQJWGDYRQDXVJH JDQJHQZRUGHQGD¸HUVLFKGDPLW]XJOHLFKDXIHLQHHURWLVFKH%H]LHKXQJHLQ JHODVVHQK½WWHGD6RNUDWHVKLQVLFKWOLFKGHU6H[XDOLW½WDXFKLQDQGHUHQ3ODWRQL VFKHQ 'LDORJHQ HLQH 6RQGHUVWHOOXQJ HLQQLPPW 6RNUDWHV KHJW Q½POLFK ZLH VLFKDXVGHQ3ODWRQLVFKHQ'LDORJHQHUVFKOLH¸HQO½¸WHLQJHZLVVHV0L¸WUDXHQ JHJHQÕEHUS½GHUDVWLVFKHQ3UDNWLNHQ  'LHVHV 0L¸WUDXHQ LVW MHGRFK DXI GHQ ,QLWLDWLRQVULWXV EH]RJHQ GHUGLH%LO GXQJGHUMXQJHQ0½QQHUPLWHLQVFKOLH¸WGDQQMHGRFKDXIGHP1LYHDXSHU VÏQOLFKHU]ZLVFKHQPHQVFKOLFKHU%H]LHKXQJHQVWHKHQEOHLEWZDV6RNUDWHVXQG PLWLKP3ODWRQIÕUGLHJHLVWLJH(QWZLFNOXQJGHUMXQJHQ0½QQHUIÕUXQ]XUHL FKHQG KDOWHQ 'LH %LOGXQJ JHU½W DXI GLHVHP 1LYHDX LQ $EK½QJLJNHLW ]X GHU NRQNUHWHQ%H]LHKXQJXQGHUPÏJOLFKWKÏFKVWHQV]XI½OOLJHUZHLVHZHQQÕEHU KDXSW GD¸ GLH MXQJHQ 0½QQHU ]XP HLJHQWOLFKHQ (UNHQQWQLV]LHO YRUGULQJHQ 'DV 6RNUDWLVFKH XQG GDPLW GDV 3ODWRQLVFKH 0L¸WUDXHQ EHWUL$ GLH SHUVÏQOL FKHQ %H]LHKXQJHQ LQVRIHUQ HLQ VH[XHOOHV QLFKW UH]LSURNHV 0DFKWYHUK½OWQLV HQWVWHKW DXI GDV GLH %LOGXQJ GHU MXQJHQ 0½QQHU QLFKW EHVFKU½QNW EOHLEHQ GDUI ZHQQ GLHVH ]X VHOEVW½QGLJHP HLJHQYHUDQWZRUWOLFKHP 'HQNHQ XQG +DQGHOQ HU]RJHQ ZHUGHQ VROOHQ /HW]WHUHV VHW]W YRUDXV GD¸ VLH GLH SDVVLYH +DOWXQJGHV*HOLHEWHQQLFKWLQWHUQDOLVLHUWKDEHQ  )ÕUGLH0ÏJOLFKNHLWDQGLH6WHOOHGHU*HVSU½FKVDX HLOXQJw'LRWLPDr6R NUDWHVk HLQH ]X Z½KOHQ GLH GLH ZHLEOLFKH %HVHW]XQJ JDQ] YHUPHLGHW VSULFKW DXFK GHU 8PVWDQG GD¸ 'LRWLPD QDFK QDKH]X HLQKHOOLJHU $XIIDVVXQJ LQ GHU /LWHUDWXU LP 6\PSRVLRQ DOV GUDPDWLVFKH )LNWLRQ IXQJLHUW 'LRWLPD LVW DOVR QLFKW GHVKDOE HLQH )UDX ZHLO GDV *HVSU½FK ]ZLVFKHQ 'LRWLPD XQG 6RNUDWHV WDWV½FKOLFKVRVWDWWJHIXQGHQKDW  

 'HWHO0DFKW0RUDO:LVVHQ6KDWLQVHLQHUMÕQJVWHQ8QWHUVXFKXQJ HQWJHJHQ)RXFDXOWÕEHU]HXJHQGKHUDXVJHDUEHLWHWGD¸GLHVHPRUDOLVFKH6WLOLVLHUXQJGHU 3½GHUDVWLH DXI HLQHQ NOHLQHQ .UHLV GHU SROLWLVFKHQ )ÕKUXQJVHOLWH GHU w5KHWRUHQk EH VFKU½QNWEOLHE   9JO 3ODWRQ 6\PS FG 9JO DXFK +DOSHULQ ”:K\ LV 'LRWLPD D :RPDQ"… 6   9JO'HWHO0DFKW0RUDO:LVVHQ6   9JO'HWHO0DFKW0RUDO:LVVHQ6   *HJHQ GLH +\SRWKHVH GD¸ HLQH UHDOH 'LRWLPD GDV *HVSU½FK PLW 6RNUDWHV JHIÕKUW KDW GDVLP6\PSRVLRQZLHGHUJHJHEHQLVWVSULFKWGHU8PVWDQGGD¸GDV*HVSU½FKGLH,GHHQ OHKUH YRUDXVVHW]W =XGHP EOHLEW 'LRWLPD LP *HJHQVDW] ]X DQGHUHQ *HVSU½FKVSDUWQHUQ RKQH HLQHQ VSH]LVFKHQ &KDUDNWHU 9JO DXFK +DOSHULQ ”:K\ LV 'LRWLPD D :RPDQ"… 6





=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ

 6FKOLH¸OLFKLVWQDFKGHU7KHVHYRQ$UOHQH6D[RQKRXVH'LRWLPDHLQH)UDX ZHLO)UDXHQLQGHUJULHFKLVFKHQ*HVHOOVFKD HEHQVRZLHGHU(URVXQSROLWLVFK VLQG3ODWRQK½WWHQDFKGLHVHU7KHVH/LHEHDOV%HUHLFKGHV$SROLWLVFKHQGDU JHVWHOOWXQGXPGLHV]XYHUGHXWOLFKHQHLQH)UDXDOV'LDORJSDUWQHULQIÕU6R NUDWHV JHZ½KOW 6HOEVWZHQQPDQGLHVIÕUHLQHSODXVLEOH,QWHUSUHWDWLRQVPÏJ OLFKNHLWK½OWNDQQHVVLFKMHGRFKOHGLJOLFKXPHLQHQ7HLOVDVSHNW]XU%HJUÕQ GXQJ GHU *HVFKOHFKWHUZDKO KDQGHOQ 'HQQ GD HV VLFK EHLP6\PSRVLRQ QLFKW XPHLQHQ'LDORJ]XUSROLWLVFKHQ3KLORVRSKLHKDQGHOWLVWHVDXFKQLFKWÕEHU ]HXJHQGDQ]XQHKPHQGLH%HWRQXQJGHV8QSROLWLVFKHQDOOHLQVHLGHU*UXQG IÕUGLH:DKOYRQ'LRWLPDV*HVFKOHFKW  (VJLEWHLQHZHLWHUH+\SRWKHVHKLQVLFKWOLFKGHU0RWLYDWLRQ3ODWRQVIÕUGLH *HVFKOHFKWVZDKO QDFK ZHOFKHU HVHLQHJULHFKLVFKHOLWHUDULVFKH7UDGLWLRQJH JHEHQ KDEHQ NÏQQWH 3ULHVWHULQQHQ LQ /HKUJHVSU½FKHQ ÕEHU /LHEH XQG (KH DXIWUHWHQ ]X ODVVHQ 6HOEVW ZHQQ GLHVH 7KHVH VLFK VWLFKKDOWLJ EHOHJHQ OLH¸H EOLHEHGHQQRFKGLH)UDJHEHVWHKHQZDUXPGLHVH5ROOHLQHLQHU*HVHOOVFKD  LQGHU+RPRVH[XDOLW½WJHVHOOVFKD OLFKQLFKWQXUDOV)RUPGHU6H[XDOLW½WVRQ GHUQDXFKDOVHLQ9HUK½OWQLVYRQ/HKUHUXQG6FKÕOHUKLQVLFKWOLFKGHUNXOWXUHO OHQXQGZLVVHQVFKD OLFKHQ%LOGXQJLQJHZLVVHQ.UHLVHQHWDEOLHUWZDUYRQHL QHU )UDX HLQJHQRPPHQ ZLUG 'LH $XVÕEXQJ HLQHV 3ULHVWHUDPWHV ZDU LQ $WKHQ]XGHPQLFKWDOOHLQ6HKHULQQHQYRUEHKDOWHQHLQHVROFKH$XIJDEHZXU GHYLHOPHKUDXFKYRQ6HKHUQÕEHUQRPPHQ  6½PWOLFKH$XIIDVVXQJHQQDFKGHQHQ'LRWLPDHLQH)UDXJHZHVHQVHLZHLO VLH NHLQ 0DQQ VHLQ GÕUIH VLQG GHP JHZLFKWLJHUHQ (LQZDQG DXVJHVHW]W GD¸ VLH NHLQH SKLORVRSKLVFKHQ $QWZRUWHQ DXI GLH)UDJHQDFK3ODWRQV0RWLYDWLRQ EHLGHU:DKOGHV*HVFKOHFKWVGHU'LRWLPDVLQGXQGPLWKLQQLFKWV]XPEHVVH UHQ 9HUVW½QGQLV GHV 3ODWRQLVFKHQ %HJULV GHU /LHEH LP 6\PSRVLRQ EHLWUDJHQ *HQDXGLHVLVWDEHUPÏJOLFKZHQQQLFKWQDFKHLQHPQHJDWLYHQ *UXQGJH VXFKW ZLUG ZDUXP 'LRWLPD NHLQ 0DQQ VHL VRQGHUQ QDFK HLQHP SRVLWLYHQ ZDUXPVLHHLQH)UDXLVW'LH)UDJHLQGLHVHU:HLVHIRUPXOLHUW]XKDEHQLVWGDV 9HUGLHQVW +DOSHULQV HV LVW GHVKDOE IUXFKWEDU VLFK PLW VHLQHQ $XVIÕKUXQJHQ HLQJHKHQGHUDXVHLQDQGHU]XVHW]HQ 



 



 9JO$6D[RQKRXVH”(URVDQGWKH)HPDOHLQ*UHHN3ROLWLFDO7KRXJKW$Q,QWHUSUHWD WLRQRI3ODWRnV6\PSRVLXP…LQ3ROLWLFDO7KHRU\ 6   +DOSHULQ”:K\LV'LRWLPDD:RPDQ"…6SUÕ GLHVH+\SRWKHVH   1DFK 'HWHO 0DFKW 0RUDO :LVVHQ 6    XQG  LVW GLHVH ,QVWLWXWLRQ DXI HLQHQNOHLQHQHOLW½UHQ.UHLVGHU*HVHOOVFKD EHVFKU½QNW9JO$QP 

 



(YD0DULD(QJHOHQ

*LEWHVHLQHQSRVLWLYHQ*UXQGZDUXP'LRWLPDHLQH)UDXLVW"/DXW+DOSHULQ LVWIÕU'LRWLPDrXQGGDPLWIÕU3ODWRQrGDVDXWKHQWLVFKH=LHOHURWLVFKHU%H JLHUGHGDVGHV+HUYRUEULQJHQVGHV*HE½UHQVXQGIÕUGLH9HUPLWWOXQJGLHVHU (LQVLFKWLVWGHP]XIROJHHLQHZHLEOLFKH6WLPPHGLHULFKWLJH:DKO  'LHVH7KHVHO½¸WVLFKDXFKDP7H[WJXWEHOHJHQGHQQLQGHU$QWZRUW3OD WRQVE]Z6RNUDWHVnDXIGLH)UDJHZHOFKHQ$QWHLOGLH/LHEHGDUDQKDEHGHQ DQGDXHUQGHQ %HVLW] GHV *XWHQ ]X HUODQJHQ VSLHOHQ GLH %HJULH w=HXJHQk w*HE½UHQk XQG w6FKZDQJHUVFKD k GLH LP *ULHFKLVFKHQ ZLH QLFKW DQGHUV ]X HUZDUWHQ]XHLQHPHUKHEOLFKHQ$QWHLOZHLEOLFKNRQQRWLHUWVLQGHLQHKHUDXV UDJHQGH 5ROOH 6HKHQ ZLU XQV GLHV LP HLQ]HOQHQ DQ 'LH /LHEH WUHLEW GHQ 0HQVFKHQQDFK3ODWRQ]XU=HXJXQJLP6FKÏQHQXQGGDEHLNDQQHVVLFKVR ZRKOXPHLQHNÏUSHUOLFKHDOVDXFKHLQHJHLVWLJH=HXJXQJKDQGHOQ$QGLHVHU 6WHOOHYHUZHQGHW3ODWRQPLWGHU9RNDEHOX³OSNQRFKHLQHQQLFKWJHVFKOHFKWV VSH]LVFKHQ$XVGUXFNIÕUw+HUYRUEULQJHQkw=HXJHQk:HQQHUDEHULQVHLQHQ $XVIÕKUXQJHQ GDPLW IRUWI½KUW GD¸ DOOH 0HQVFKHQ YRQ *HEXUW DQ ÕEHU GDV 9HUPÏJHQ ]X ]HXJHQ OYIlR  YHUIÕJHQ JHEUDXFKW HU HLQH 9RNDEHO GLH YRU DOOHPIÕU)UDXHQJHEU½XFKOLFKLVW  $XFKZHQQHU6FKÏQKHLWPLWGHU*ÏWWLQGHU(QWELQGXQJ)ePIfUYME YHU JOHLFKW OHQNW 3ODWRQ GDV $XJHQPHUN HUQHXW DXI HLQH 0HWDSKRULN GLH UHLQ ZHLEOLFKEHVHW]WLVW(VVROO]ZDUQLFKWYHUVFKZLHJHQZHUGHQGD¸HULQGHP VHOEHQ $EVFKQLWW DXFK 9RNDEHOQ IÕU w]HXJHQk YHUZHQGHW GLH JHVFKOHFKWV QHXWUDOVLQGXfOXIMRXQGK{RRLWMN DQ]HQWUDOHQ6WHOOHQGHU5HGHYHUZHQGHW 3ODWRQMHGRFKZLHGHUHLQHZHLEOLFKEHVHW]WH0HWDSKRULN6RLVWGHUJHLVWLJH =HXJXQJVWULHEÕEHUGHQDOOHYHUIÕJHQGLH(UQGXQJVNUD EHVLW]HQZLHDXFK GHU=HXJXQJVGUDQJGHUGHQ0HQVFKHQ]XP=HXJHQWUHLEWXQGGDVZRPLW PDQVFKRQODQJHVFKZDQJHUJLQJZHLEOLFKNRQQRWLHUWGDDOOHGLHVEH]ÕJOLFKHQ 9RNDEHOQYRQOYIlRVFKZDQJHUVHLQ DEJHOHLWHWVLQG'LHHURWLVFKH%HJLHUGH IÕKUWGHPQDFKDXFKLQHLQHPÕEHUWUDJHQHQ6LQQH]XP*HE½UHQ]XGHPMHQL JHQ YRQ *HGDQNHQ Q½POLFK XQG ZLUNW VR OHW]WOLFK KHUYRUEULQJHQG GK NUHDWLY 



 9JO+DOSHULQ”:K\LV'LRWLPDD:RPDQ"…6VLHKHDXFK%=HKQSIHQQLJLQ3OD WRQ 6\PSRVLRQ KUVJ XQG ÕEHUV YRQ %=HKQSIHQQLJ +DPEXUJ   6;9,, XQG 6$QP=HKQSIHQQLJUHGX]LHUW'LRWLPDV5ROOHMHGRFKQLFKWZLH+DOSHULQDXI GLHHURWLVFKH%HJLHUGHVRQGHUQEHWRQWGLHSKLORVRSKLVFKH'LPHQVLRQGHV+HUYRUEULQ JHQVGDVÕEHUGLHEOR¸H%HGÕUIQLVEHIULHGLJXQJKLQDXVJHKW   9JO3ODWRQ6\PSED   6LHKHDXFK((3HQGHU”6SLULWXDO3UHJQDQF\LQ3ODWRnV6\PSRVLXP…LQ&ODVVLFDO4XDU WHUO\ 6XQG5:DWHUHOGLQ3ODWR6\PSRVLXPWUDG5:DWHUHOG 2[IRUG 6$QP]X6\PSF   9JO3ODWRQ6\PSDF





=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ

 3ODWRQEHQXW]W'LRWLPDV*HVFKOHFKWODXW+DOSHULQXP]ZHL*HVLFKWVSXQN WHLQGHU3ODWRQLVFKHQ7KHRULHGHV(URV]XEHWRQHQ(URVIROJWHUVWHQVQLFKW HLQHP KLHUDUFKLVFK HWDEOLHUWHQ 9HUK½OWQLV VRQGHUQ HUID¸W GLH /LHEHVSDUWQHU JOHLFKHUZHLVH(VKDQGHOWVLFK]ZHLWHQVXPHLQHQNUHDWLYHQQLFKWQXUXPHL QHQ JLHULJHQ (URV 'LHVH EHLGHQ *HVLFKWVSXQNWH HQWVSUHFKHQ ODXW +DOSHULQ ]ZHLDQWLNHQJULHFKLVFKHQ6WHUHRW\SHQÕEHU)UDXHQ  ,QGHUJHO½XJHQJULHFKLVFKHQ9RUVWHOOXQJKDWWHGHU.QDEHLQGHU/LHEHV EH]LHKXQJw0DQQr.QDEHkHQWJHJHQGHUHUVWHQ$QQDKPHQDFKZHOFKHU(URV NHLQKLHUDUFKLVFKHV9HUK½OWQLVHWDEOLHUWGHU3DVVLYHGHU(PSIDQJHQGH]XVHLQ )ÕU $ULVWRWHOHV ZDU DXV GLHVHP *UXQG ]ZLVFKHQ GHQ EHLGHQ /LHEHVSDUWQHUQ DXFKNHLQH)UHXQGVFKD PÏJOLFKZHLO)UHXQGVFKD *OHLFKEHUHFKWLJXQJXQG *HJHQVHLWLJNHLWYRUDXVVHW]WGLHLQGHU%H]LHKXQJw½OWHUHU/LHEKDEHUrMÕQJH UHU*HOLHEWHUkQLFKWJHJHEHQVLQG'LHXQJOHLFKH6WHOOXQJZDUELVLQGDVVH[X HOOH(PSQGHQGHUEHLGHQ%HWHLOLJWHQKLQHLQJHUHJHOW'HQQVHOEVWZHQQGLH :HUEXQJGHV½OWHUHQ/LHEKDEHUVHUIROJUHLFKZDUZXUGHYRQGHPXPZRUEH QHQ*HOLHEWHQQLFKWQXUQLFKWHUZDUWHWGD¸HUGLHVH[XHOOHQ+DQGOXQJHQJH QLH¸HQZÕUGHHVZDULP*HJHQWHLODOVYHUSÏQWHUDFKWHWZHQQGHPVRZDU 'HU *HOLHEWH VROOWH LQ HWKLVFKHU XQG LQWHOOHNWXHOOHU +LQVLFKW DOOHV YRQ GHP /LHEKDEHUOHUQHQXQGLKPQLFKWVELHWHQDX¸HUVHLQHP.ÏUSHUDEHUDXFKGLH VHQNHLQHVIDOOV]XU3HQHWUDWLRQ'DVKRPRHURWLVFKH9HUK½OWQLVZDUPLWKLQDOOHV DQGHUHDOVHLQ9HUK½OWQLVGDVDXIGHU9RUVWHOOXQJYRQ*HJHQVHLWLJNHLW*OHLFK EHUHFKWLJXQJRGHU*OHLFKKHLWEHUXKWH  'HU ]ZHLWH *HVLFKWVSXQNW K½QJW PLW GHP EHUHLWV EHVFKULHEHQHQ DQWLNHQ 9HUVW½QGQLV GHV /LHEHVEHJULV ]XVDPPHQ 'HU EHJHKUHQGH XQG HUREHUQGH (URVZLUGLQGHUDQWLNHQJULHFKLVFKHQ/LWHUDWXUDOVP½QQOLFKJHVFKLOGHUWGLH HPSIDQJHQGH /LHEH GLH ]XU (QWVWHKXQJ YRQ 1HXHP IÕKUW KLQJHJHQ DOV ZHLEOLFK 'LRWLPD HUJ½Q]W GHQ JLHULJHQ -½JHU (URV GXUFK GHQ VFKDHQGHQ KHUYRUEULQJHQGHQ (URV 'D GDV %HJHKUHQ DOV :L¸EHJLHUGH HUIRUGHUOLFK LVW ZHQQ HV GDUXP JHKW QHXH (UNHQQWQLVVH ]X HUODQJHQ EHVWHKW GLH 1HXHUXQJ EHL3ODWRQQLFKWHLQIDFKLQGHU+LQ]XIÕJXQJGHV(OHPHQWVGHV:HLEOLFKHQLQ GHU /LHEH ZLH PDQ +DOSHULQ YHUVWHKHQ NÏQQWH VRQGHUQ GDULQ GD¸ 3ODWRQ ]HLJW GD¸ DXFK (OHPHQWH GHV 6LQQOLFKHQ VHLHQ VLH KLVWRULVFK P½QQOLFK RGHU ZHLEOLFKEHVHW]WIÕUGDV(UNHQQHQHUIRUGHUOLFKVLQGXQGGD¸HVVRZRKOGLHDOV P½QQOLFKEHJHKUHQGDOVDXFKGLHDOVZHLEOLFKKHUYRUEULQJHQGJHNHQQ]HLFKQH  

 9JO+DOSHULQ”:K\LV'LRWLPDD:RPDQ"…6  9JO$1HKDPDV”,QWURGXFWLRQ…LQ3ODWR 6\PSRVLXPWUDG$1HKDPDVHW3:RRG UX ,QGLDQDSROLV r &DPEULGJH   6 ;9 XQG +DOSHULQ ”:K\ LV 'LRWLPD D :RPDQ"… 6  YJO YRU DOOHP . - 'RYHU *UHHN +RPRVH[XDOLW\ &DPEULGJH 0DVV 6   9JO3ODWRQ6\PSH9JODXFK+DOSHULQ”:K\LV'LRWLPDD:RPDQ"…6   9JO+DOSHULQ”:K\LV'LRWLPDD:RPDQ"…69JODXFK3ODWRQ5HVSXEOE 

 



(YD0DULD(QJHOHQ

WHQ (OHPHQWH VLQG GLH EHQÏWLJW ZHUGHQ ZHQQ HVGDUXPJHKW]XHUO½XWHUQ ZLH :LVVHQ XQG (UNHQQWQLV HUZRUEHQ ZHUGHQ XQG ZLH PDQ ]X QHXHQ (U NHQQWQLVVHQJHODQJW  'HUVRJHQDQQWHZHLEOLFKH$QWHLODP(URVGHUJHE½UHQGHKHUYRUEULQJHQ GHLVWDXFKHUIRUGHUOLFKXPVLFKHU]XVWHOOHQGD¸GLHLPPHUZLHGHUHUIRUGHUOL FKHNXOWXUHOOH%LOGXQJGHUMXQJHQ0½QQHUDXVGHU)ÕKUXQJVVFKLFKWGHU*H PHLQVFKD  JHOLQJW -HGHU HLQ]HOQH YRQLKQHQPX¸GLH6WXIHQIROJHGHV/HUQ XQG (UNHQQWQLVSUR]HVVHV KLQWHU VLFK EULQJHQ DXI GHU GLH GXUFK ]ZLVFKHQ PHQVFKOLFKH%H]LHKXQJHQJHSU½JWH6WXIHQXUGHU$QIDQJLVW(KHGLHMXQJHQ 0½QQHUVLFKGHU(UNHQQWQLVGHU,GHHGHV*XWHQ]XZHQGHQNÏQQHQPÕVVHQ VLHDXFKGLH*HVHW]HGHU*HPHLQVFKD XQGGHU:LVVHQVFKD HQYHUVWHKHQOHU QHQ'D]XLVWHVDOOHUGLQJVQLFKWDXVUHLFKHQGGLH.HQQWQLVVHGHPHLQ]HOQHQ MXQJHQ 0DQQ YRU]XWUDJHQ (U VHOEVW PX¸ ,QWHUHVVH XQG :L¸EHJLHUGH PLW EULQJHQXQGGDV(UOHUQWHVHLQHP(UIDKUXQJVKRUL]RQWDQSDVVHQ'LHVLFKGHP HLQ]HOQHQ QHX VWHOOHQGHQ 3UREOHPH HUIRUGHUQ XP JHOÏVW ]X ZHUGHQ GD¸ .HQQWQLVVH GLH YRQ GHQ OWHUHQ YHUPLWWHOW ZHUGHQ DQJHSD¸W ZHUGHQ 'LH MXQJHQ0½QQHUNÏQQHQGHPQDFKQLFKWYROOVW½QGLJSDVVLYEOHLEHQVLHPÕVVHQ YRQVLFKDXV:L¸EHJLHUGH1HXJLHUXQG6FKÏSIHUNUD PLWEULQJHQXQGVHLHV QXUXPEHUHLWV%HNDQQWHVYHUZHUWHQ]XNÏQQHQ,KUH5ROOHDOVMXQJH*HOLHE WHLQHLQHPKLHUDUFKLVFKHQ6H[XDOYHUK½OWQLVGDUIVLHQLFKWGD]XYHUOHLWHQGLH SDVVLYH5ROOHVRZHLWJHKHQG]XLQWHUQDOLVLHUHQGD¸VLHVHOEVW½QGLJHV'HQNHQ XQG+DQGHOQJDUQLFKWHUVWHUOHUQHQ  'HUKHUYRUEULQJHQGH$QWHLODP(URVLVWIÕUGHQ(UNHQQWQLVSUR]H¸DOVREH UHLWV HUIRUGHUOLFK XP :LVVHQ DQ GLH *HJHEHQKHLWHQ DQ]XSDVVHQ XQG QLFKW HUVWXPJDQ]QHXDUWLJH(UNHQQWQLVVHKHUYRU]XEULQJHQ:HQQ6RNUDWHVGXUFK HLQH)UDXLQGLH5HJHOQGHU3½GHUDVWLHHLQJHZHLKWZLUGLVWHLQH0RWLYDWLRQ IÕU GLH *HVFKOHFKWVZDKO DXI GLHVH =XVDPPHQK½QJH KLQ]XZHLVHQ 'LRWLPD YHUNÏUSHUWGDEHLQXUGHQDQGHUHQ7HLOGHVP½QQOLFKHQ6HOEVWXQGQLFKWZLUN OLFKGDVOHEHQGLJHDQGHUH*HVFKOHFKW  'LHVHU $VSHNW LVW LQ GHU )RUVFKXQJ ELVKHU QLFKW JHVHKHQ ZRUGHQ DXFK ZHQQ PDQFKH $XWRUHQ GDUDXI KLQZHLVHQ GD¸ 'LRWLPD DOV GLHMHQLJH GLH P½QQOLFKHKRPRHURWLVFKH/LHEHXQG”JHLVWLJH6FKZDQJHUVFKD …IRUWZ½KUHQG LP7H[WLQ9HUELQGXQJVHW]WHLQHPHUNZÕUGLJH5ROOHDOVHLQZHLVHQGH([SHU WLQIÕUGLH0\VWHULHQGHUKRPRHURWLVFKHQ/LHEHKDEH'DUDXVHQWVWHKWZLH GHUXP(UNO½UXQJVEHGDUIKLQVLFKWOLFKGHU5ROOHQEHVHW]XQJPLW'LRWLPDZHO 

 



 =XGLHVHP*HVLFKWVSXQNWYJO+DOSHULQ”:K\LV'LRWLPDD:RPDQ"…6  9JO:DWHUHOGLQ3ODWR6\PSRVLXPWUDG:DWHUHOG 6$QP]XEVLHKH ]X GHQ JULHFKLVFKHQ %HJULHQ GLH PLW wHPSIDQJHQk wJHE½UHQk wVFKZDQJHU VHLQ PLWk w]HXJHQk HWF ÕEHUVHW]W ZHUGHQ 'RYHU LQ 3ODWR 6\PSRVLXP HG 'RYHU  6 $QP]XED



=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ

FKHU GDQQ QXU XQEHIULHGLJHQG GXUFK +\SRWKHVHQ ZLH GLH IROJHQGH JHGHFNW ZLUG6LHHUODXEHHV6RNUDWHVGLH$QVLFKWHQVHLQHU)UHXQGHKÏLFK]XUHFKW ]XZHLVHQ)ÕUHLQHVROFKHKÏLFKH=XUHFKWZHLVXQJK½WWH3ODWRQDXFKHLQHQ 3ULHVWHU DOV *HVSU½FKVSDUWQHU HLQIÕKUHQ NÏQQHQ HU K½WWH NHLQH 3ULHVWHULQ Z½KOHQPÕVVHQ  $XFK +DOSHULQV (UO½XWHUXQJHQ ]XU P½QQOLFKHQ XQG ZHLEOLFKHQ 6H[XDOLW½W LPDQWLNHQ*ULHFKHQODQGVLQGLQVRIHUQXQ]XUHLFKHQGDOVVLHVLFKQXUIÕUGDV EHVVHUH9HUVW½QGQLVGHU)XQNWLRQGHV(URVIÕUGLHHUVWHQ6WXIHQGHV(UNHQQW QLVSUR]HVVHV KHUDQ]LHKHQ ODVVHQ r IÕU GLHMHQLJHQ 6WXIHQ Q½POLFK DXI GHQHQ GLH ]ZLVFKHQPHQVFKOLFKH %H]LHKXQJ IÕU GHQ /LHEHVEHJUL XQG IÕU GHQ (U NHQQWQLVEHJULQRFKUHOHYDQWLVW$XIGHQKÏKHUHQ6WXIHQZHUGHQHLQ/LHEHV XQG HLQ (UNHQQWQLVEHJUL YHUZHQGHW GLH DEVWUDNWHUH %HUHLFKH DOV GLH GHU ]ZLVFKHQPHQVFKOLFKHQ %H]LHKXQJHQ EHWUHIIHQ %HLVSLHOH KLHUIÕU Z½UHQ GLH EHUHLWV HUZ½KQWH *HVHW]JHEXQJ RGHU GLH ZLVVHQVFKD OLFKHQ 3ULQ]LSLHQ )ÕU GLHVHKÏKHUHQ6WXIHQODVVHQVLFKGLHµEHUOHJXQJHQ+DOSHULQVQXUQRFKLQGL UHNWKHUDQ]LHKHQ6LHODVVHQVLFKMHGRFKGDKLQJHKHQGHUZHLWHUQGD¸UH]HSWLYH )½KLJNHLWHQQLFKWDXVUHLFKHQXP(UNHQQWQLVVH]XHUZHUEHQVRQGHUQ]XV½W] OLFKHLQDNWLYLHUHQGHV(OHPHQWEHQÏWLJWZLUG'DV0HUNPDOGHVDNWLYHQ+HU YRUEULQJHQV r XQG GDV KDW +DOSHULQ JH]HLJW r ZLUG LP *ULHFKLVFKHQ GHP ZHLEOLFKHQ/LHEHVOHEHQ]XJHVSURFKHQ'LHVHV(OHPHQWO½¸WVLFKGDKHUDXFKDOV GHUZHLEOLFKH$QWHLODP(URVEH]HLFKQHQ 



 3ODWRQZLOOPLWGHU'UDPDWXUJLHGHV6\PSRVLRQHUUHLFKHQGD¸GHUYR\HXULVWL VFKH *HQX¸ GHU GXUFK GDV 9RNDEXODU DXV GHP %HUHLFK GHU 6H[XDOLW½W DQJH GHXWHW ZLUG LQ HLQHQ KÏFKVWHQ NÕQVWOHULVFKHQ XQG LQWHOOHNWXHOOHQ *HQX¸ ÕEHUIÕKUW ZLUG 'LH (QWZLFNOXQJ GHV ½X¸HUHQ *HVFKHKHQV Z½KUHQG GHV 7ULQNJHODJHVQGHW VR HLQH (QWVSUHFKXQJ LQGHULQQHUHQ(QWZLFNOXQJEHLP /HVHQ 6LH ZLUG JHJHQ (QGH LQ GHU 5HGH GHV $ONLELDGHV QXU VFKHLQEDU ]X UÕFNJHQRPPHQGHQQDQGHU3HUVRQGHVDQJHWUXQNHQHQ$ONLELDGHVGHUYRQ 6RNUDWHV]XUÕFNJHZLHVHQZLUGZLUGQLFKWLQHUVWHU/LQLHJH]HLJWGD¸GLHNÏU SHUOLFKH/LHEHQXUGLHXQWHUHQ6WXIHQDXIGHU(UNHQQWQLVOHLWHUELOGHWXQGDXI GHP:HJ]XUZDKUHQ(UNHQQWQLVKLQÕEHUZXQGHQZLUG3ODWRQVDJWDQNHLQHU 6WHOOHGHV7H[WHVDXFKQLFKWLQGHU5HGHGHV$ONLELDGHVGD¸PDQ]XGLHVHQ   

 

 9JO:DWHUHOGLQ3ODWR6\PSRVLXPWUDG:DWHUHOG 6  1HKDPDV ”,QWURGXFWLRQ… 6 ;,; XQG ;;,9 ZHLVW OHGLJOLFK DXI GHQ =XVDPPHQKDQJ YRQ6FKZDQJHUVFKD XQG)RUWSDQ]XQJDOV0HWDSKHUQIÕUJHLVWLJH7HLOKDEHDQGHU8Q VWHUEOLFKNHLW KLQ YHUELQGHW GLHVH 6FKLOGHUXQJ DEHU QLFKW PLW GHP 7KHPHQNRPSOH[ w+RPRVH[XDOLW½Wk



(YD0DULD(QJHOHQ

XQWHUHQ6WXIHQQLFKW]XUÕFNNHKUHQGÕUIHRGHUGD¸VLHQLFKWDXFKDOVHLQH(WDS SH GHV (UNHQQWQLVSUR]HVVHVYRQ%HGHXWXQJVHLHQHUVDJWYLHOPHKUGD¸PDQ DXI LKQHQ QLFKW VWHKHQEOHLEHQ VROOWH ZHQQ PDQ DQ GHU ZDKUHQ 8QVWHUE OLFKNHLWWHLOKDEHQZROOH0DQPX¸XP]XU6FKDXGHV6FKÏQHQ]XJHODQJHQ PLW GHP VLQQOLFK 6FKÏQHQ EHJLQQHQ XQG GDQQ HPSRUVWHLJHQ XQGQXUHLQ 6NODYHEOHLEWEHLGHU/LHEH]XHLQHPVFKÏQHQ.ÏUSHUVWHKHQ  (LQH DQGHUV DXVJHULFKWHWH ,QWHUSUHWDWLRQ GHU $ONLELDGHVUHGH KDW 0DUWKD 1XVVEDXP YRUJHOHJW 6LH VWHOOW ]XQ½FKVW IHVW GD¸ $ONLELDGHV ]X %HJLQQ GHV *HVSU½FKVDOVGHUVFKÏQH*HOLHEWHzVÉQIRSN JHVFKLOGHUWZLUGXQGDP(QGH GHUDNWLYH/LHEKDEHUzVEWXœN LVWGHUDXVGHU5ROOHGHVMXJHQGOLFKHQ*HOLHE WHQDXIJUXQGVHLQHU/LHEH]X6RNUDWHVKHUDXVJHZDFKVHQLVW'LHVHQDX½OOLJHQ :HFKVHOLQGHUVH[XHOOHQ5ROOHQ]XZHLVXQJLQQHUKDOEGHU5HGHGHV$ONLELDGHV VLHKW1XVVEDXP]X5HFKWDOV6FKOÕVVHO]XU,QWHUSUHWDWLRQGHU5HGH  :HLO $ONLELDGHV VLFK ZHLJHUH GLH 6WXIH GHU SHUVÏQOLFKHQ %H]LHKXQJ GLH HLQH(WDSSHDXIGHU(UNHQQWQLVOHLWHUGDUVWHOOH]XÕEHUZLQGHQXQGZHLWHU]X VFKUHLWHQLQWHUSUHWLHUW1XVVEDXPGLHVHQ:HFKVHODOVDQWLVRNUDWLVFKH+DOWXQJ 'HQQ $ONLELDGHV HUVHKQH QLFKWV PHKU DOV HLQHQ SHUVÏQOLFKHQ 8PJDQJ PLW 6RNUDWHVZ½KUHQGGLHVHUJHUDGHLQVHLQHQ5HGHEHLWU½JHQYHUODQJHGLHVH6WX IHKLQWHUVLFK]XODVVHQ1XVVEDXPV,QWHUSUHWDWLRQGHV5ROOHQZHFKVHOVWUL$ MHGRFK QLFKW YROOVW½QGLJ ]X =ZDU VWLPPW HV GD¸ VLFK $ONLELDGHVn 5ROOH LP 9HUODXIHVHLQHU5HGH½QGHUWXQGHUVLFKYRQHLQHPHKHUSDVVLYHQ6FKÕOHULQ HLQHQIRUGHUQGHQ3DUWQHUYHUZDQGHOW'LHVHU9HU½QGHUXQJOLHJWMHGRFKNHLQH DQWLVRNUDWLVFKH +DOWXQJ ]XJUXQGH VLH VSLHJHOW YLHOPHKU GLH WKHRUHWLVFKHQ /HKUHQGHV6RNUDWHVLQHLQHUwOLWHUDULVFKHQ:LUNOLFKNHLWk6RZLU $ONLELDGHV 6RNUDWHVJHJHQ(QGHVHLQHU5HGHYRUGD¸HUVFKRQYLHOHIÕUVLFKHLQJHQRP PHQ KDEH LQGHP HU ]XQ½FKVW YRUJHJHEHQ KDEH LKU DNWLYHU  /LHEKDEHU ]X VHLQXPGDQQDEHUGLH5ROOHQ]XYHUWDXVFKHQXQG]XGHP*HOLHEWHQ]XZHU GHQGHUVLFKGHQLKQ/LHEHQGHQHQW]LHKH  6RNUDWHV ZLUG LP DEVFKOLH¸HQGHQ 7HLO GHV 6\PSRVLRQ DOV ,QNDUQDWLRQ GHV (URVJHVFKLOGHUWGHUHUUHLFKWGD¸$ONLELDGHVYHUDQOD¸WGXUFKVHLQH/LHEH]X LKP VHLQH MXJHQGOLFKH 5ROOH DOV SDVVLYHU  *HOLHEWHU DXIJLEW XQG HLQ DNWLY  /LHEHQGHUZLUGZDVQLFKWVDQGHUHVKHL¸WDOVGD¸HUHUZDFKVHQZLUG$QJH GHXWHW ZLUG GLHVH (QWZLFNOXQJ EHUHLWV DOV $ONLELDGHV GLH 6]HQH DOV HLQ YRQ  

 'HU$QWHLOGHV.ÏUSHUOLFKHQDQGHU/LHEHXQGDP(UNHQQWQLVSUR]H¸ZLUGDXFKYRQ'H WHO0DFKW0RUDO:LVVHQ6XQGHQWJHJHQHLQHP*XWWHLOGHU,QWHUSUHWDWLRQV WUDGLWLRQSRVLWLYEHZHUWHW   9JO3ODWRQ6\PSF   9JO3ODWRQ6\PSG   9JO1XVVEDXP”7KH6SHHFKRI$OFLELDGHV…6   9JO1XVVEDXP”7KH6SHHFKRI$OFLELDGHV…6   9JO3ODWRQ6\PSE





=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ

HLQHP(IHXXQG9HLOFKHQNUDQ]*HNUÏQWHUEHWULWW)ÕUGLHJULHFKLVFKHQ/HVHU ZDUGHUHIHXEHNU½Q]WH$ONLELDGHVHLQGHXWLJDOVHLQ%LOGGHV*RWWHVGHU7UDJÏ GLHXQGGHU.RPÏGLH]XHUNHQQHQDEHUGDPLWDXFKDOVGHUMHQLJHGHULQ%H ]LHKXQJ ]X 6RNUDWHV HLQHQ ZHLEOLFKHQ DNWLY KHUYRUEULQJHQGHQ  3DUW ÕEHU QHKPHQZLUGGHQQVHLWGHUNODVVLVFKHQ=HLWZLUG'LRQ\VRVLQOLWHUDULVFKHQ XQGELOGOLFKHQ'DUVWHOOXQJHQDOVHHPLQLHUWGDUJHVWHOOW  (V VLHKW DXI GHQ HUVWHQ %OLFN VR DXV DOV RE $ONLELDGHV DOV /LHEHQGHU GHU QLFKWÕEHUGLH6WXIHGHUSHUVÏQOLFKHQ%H]LHKXQJKLQDXVNRPPWZLHHUVHOEVW VDJWHLQ6NODYHGLHVHUXQHUIÕOOWHQ/LHEHEOLHEH1XVVEDXPYHUWULWWGHVKDOEGLH $QVLFKWHUHUODQJHVROHW]WOLFKNHLQHYROOVW½QGLJH$XWRQRPLH'HQQRFKVHLHU DXIGLHVH:HLVHLQYROOHP6LQQHGHV:RUWHVHLQ0HQVFKZHLOHUVLFKHQWJHJHQ GHP ZDV YHUQÕQ LJ Z½UH YRQ GLHVHU XQHUIÕOOWHQ /LHEH ]X HLQHP DQGHUHQ 0HQVFKHQTX½OHQO½¸W  1XVVEDXPÕEHUVLHKWDEHUGD¸6RNUDWHVnDXINO½UHULVFKHU]LHKHQGH:LUNXQJ JHUDGH GDULQ EHVWHKW GD¸ $ONLELDGHV PHUNW GD¸ HU GDV /HEHQ HLQHV 6NODYHQ IÕKUWGD¸LKPGDVDXIJUXQGGHU5HGHQGHV6RNUDWHVXQHUWU½JOLFKZLUGXQG LKQEHVFK½PW 



 'HU HUVWH +LQZHLV GDUDXI GD¸ 3ODWRQ GDVKLHUDUFKLVFKH9HUVW½QGQLVGHV(URV DXIJLEWZLUGLQGHU5HGHGHV$ULVWRSKDQHVLP6\PSRVLRQJHJHEHQ$ULVWR 



 1DFK IDVW HLQKHOOLJHU 0HLQXQJ GHU /LWHUDWXU LVW $ONLELDGHV DXIJUXQG GHV (IHXV DOV HLQ %LOGGHV'LRQ\VRV]XHUNHQQHQ$QGHUVLQWHUSUHWLHUWGLHVHV(UVFKHLQHQQXU1XVVEDXP ”7KH 6SHHFK RI $OFLELDGHV… 6  )ÕU VLH ZHLVHQ GLH 9HLOFKHQ DOV =HLFKHQ GHU /LHEHVJÏWWLQ$SKURGLWH]XV½W]OLFKGDUDXIKLQGD¸$ONLELDGHVLQGHU/LHEHVEH]LHKXQJ]X 6RNUDWHV GHQ ZHLEOLFKHQ 3DUW HLQQHKPHQ ZLUG $SKURGLWH ZLUG DOOHUGLQJV ]XPHLVW PLW 5RVHQ0\UWH$QHPRQHQXDGDUJHVWHOOW9HLOFKHQVLQGNHLQHIÕUVLHFKDUDNWHULVWLVFKHQ %OXPHQ'HQQRFKKDW1XVVEDXPUHFKWZHQQVLHDQQLPPWGD¸GHU.UDQ]DXIHLQH(I IHPLQLHUXQJ KLQZHLVW GHQQ DXFK 'LRQ\VRV ZLUG LQ GHU JULHFKLVFKHQ /LWHUDWXU DOV GHU :HLELVFKH GHU )UDXOLFKH EHVFKULHEHQ 9JO : ) 2WWR 'LRQ\VRV 0\WKRV XQG .XOWXV )UDQNIXUWD0 6   9JO1XVVEDXP”7KH6SHHFKRI$OFLELDGHV…6   9JO3ODWRQ6\PSHD   9JO3ODWRQ6\PSE   ,QGLHVHP6LQQDXFK)RXFDXOW/nXVDJHGHVSODLVLUV6$QGHUVDOOHUGLQJV'HWHO0DFKW 0RUDO :LVVHQ 6  GHU LQ VHLQHU *HVDPWLQWHUSUHWDWLRQ GHV HSLVWHPLVFKHQ (URV EHL 3ODWRQ]XGHP(UJHEQLVNRPPWGD¸VLFK”GLHSROLWLVFKH+LHUDUFKLVLHUXQJDXIGDVVH[X HOOH KRPRSKLOH XQG KHWHURVH[XHOOH 9HUK½OWQLV >ÕEHUWU½JW@ GLH )RUP GHU UHJXODWLYHQ 0DFKWXQGGHV:DKUKHLWVVSLHOVXQWHUZHOFKHUGHU(URVEHL3ODWRQ]XP*HJHQVWDQGGHU (UNHQQWQLVZXUGHYHUKLQGHUWGLH$XVDUEHLWXQJHLQHV%HJULVYRQUHODWLRQDOHUXQGUH]L SURNHU6H[XDOLW½We…

 



(YD0DULD(QJHOHQ

SKDQHVOHJWGDUGD¸MHGHU/LHEHQGHGLH]XJHKÏULJH+½O H]XHLQHUDQGHUHQ IHKOHQGHQ+½O HLVW(VJLEWIÕUGLHVH5HGHLQGHUJULHFKLVFKHQ/LWHUDWXUNHL QHEHNDQQWHQ9RUELOGHUVLHO½¸WVLFKDEHUQLFKWDOVEOR¸H.XULRVLW½WDEWXQ :LH$ULVWRSKDQHVDXVIÕKUWZDUHQGLH0HQVFKHQIUÕKHUHLQH(LQKHLWDXV]ZHL VLFKHUJ½Q]HQGHQ+½O HQGLHYRQ=HXVQDFK$EVSUDFKHPLWGHQ*ÏWWHUQJH WHLOWZXUGHQZHLOVLHDOV(LQKHLWGHQ*ÏWWHUQ]XJHI½KUOLFKZXUGHQXQGLKUH 6W½UNH QXW]HQ ZROOWHQ XP GLH *ÏWWHU DQ]XJUHLIHQ 6HLW GHU 7HLOXQJ GXUFK =HXVLUUHQGLH+½O HQQXQDXIGHU6XFKHQDFKLKUHP.RPSOHPHQWXPKHU  'LH 5HGH GHV $ULVWRSKDQHV EHUHLWHW DXI GLH 5ROOH GHU 'LRWLPD XQG LKUH $XVVDJHQYRU'LHVHGHP$X ULWWGHV6RNUDWHVXQGGDPLWGHU'LRWLPDYRUDQ JHVWHOOWH5HGHO½¸WVLFKQ½POLFKDXFKDOVHLQHUVWHU+LQZHLVGDUDXIOHVHQGD¸ 'LRWLPDGLHIHKOHQGHZHLEOLFKH+½O H]XPMXQJHQQRFKXQYROONRPPHQHQ P½QQOLFKHQ6RNUDWHVGDUVWHOOW'LRWLPDVHOEVWLVWGDEHLZHQLJHUDOVHLQH*HE½ UHQGHJHVFKLOGHUWGHQQDOVHLQH+HUYRUEULQJHQGHRGHU*HEXUWVKHOIHULQ8QG 6RNUDWHVLVW]XQ½FKVWQLFKWDOV=HXJHQGHUGDUJHVWHOOWVRQGHUQDOV:L¸EHJLHUL JHUXQG%HJHKUHQGHU'HUMXQJHQRFKXQIHUWLJH6RNUDWHVEHQÏWLJWGHPQDFK HLQH *HEXUWVKHOIHULQ GHU (UNHQQWQLV XQG HV OLHJW YRQ GHU 6DFKH KHU QDKH GLHVH5ROOHPLWHLQHU)UDX]XEHVHW]HQ'LH5ROOHQYHUWHLOXQJw/LHEHQGHUr*H OLHEWHUkKDWVLFKLQVRIHUQYHU½QGHUWDOV6RNUDWHVGHU]XQ½FKVWGHUMXQJHXQHU IDKUHQH/HUQEHGÕU LJHLVWQXQGHU%HJHKUHQGHZLUG6RNUDWHVLVWGHUYRQGHU :L¸ %HJLHU %HIDOOHQH Z½KUHQG GLHVHU 7ULHE LQ GHU WUDGLWLRQHOOHQ JHVHOO VFKD OLFKHQ$X HLOXQJ]ZLVFKHQ/LHEHQGHPXQG*HOLHEWHPQXUGHP½OWHUHQ /LHEHQGHQ ]XJHVWDQGHQ ZXUGH 'LRWLPD DOV GLH (UIDKUHQHUH LVW KLQJHJHQ QLFKW ZLH HV GLH JHVHOOVFKD OLFKH 5ROOHQYHUWHLOXQJ KRPRHURWLVFKHU 9HUELQ GXQJHQ YRUJHVHKHQ K½WWH GLH %HJHKUHQGH VRQGHUQ GLHMHQLJH ZHOFKH GLH 'LDORJIÕKUXQJ ÕEHUQRPPHQ KDW XP ZLH GLH )ÕKUHU GLH *HIHVVHOWHQ LP +ÏKOHQJOHLFKQLV DXV GHU +ÏKOH EULQJHQ 6RNUDWHV ]XU (UNHQQWQLV XQG ]XU :DKUKHLW ]X JHOHLWHQ ,Q GHP YRQ 3ODWRQ JHVFKLOGHUWHQ 9HUK½OWQLV ]ZLVFKHQ 6RNUDWHVXQG'LRWLPDVLQGPLWKLQGRFKEHLGH3DUWQHUOHW]WOLFKDNWLYXQGEH JHKUHQG%HLGHEHJHKUHQGD¸6RNUDWHV]XU:DKUKHLWJHODQJWXQGEHLGHVHW ]HQ JHLVWLJH )½KLJNHLWHQ XQG .HQQWQLVVH HLQ XP GLHVHV =LHO ]X HUUHLFKHQ .HLQHUYRQEHLGHQPX¸VLFKGDKHUGHPDQGHUHQGHUDUWXQWHUZHUIHQZLHHV  

 1HKDPDV”,QWURGXFWLRQ…6;9,,ZHLVW]X5HFKWGDUDXIKLQGD¸GLH5HGHYRQ9HUHL QLJXQJ ]ZHLHU ,QGLYLGXHQ DOV=LHOGHU/LHEHDXFKLQGHUURPDQWLVFKHQ$XDVVXQJYRQ /LHEHPD¸JHEOLFKLVW1HKDPDVVSULFKWDOOHUGLQJVGDYRQGD¸GLH5HGHGHV$ULVWRSKDQHV GLHURPDQWLVFKH/LHEHVDXDVVXQJGDPLWDQWL]LSLHUHQZÕUGH7DWV½FKOLFKLVWHVVRGD¸GLH URPDQWLVFKH$XDVVXQJYRQ/LHEHDXFK3ODWRQLVFKHXQGQHXSODWRQLVFKH:XU]HOQKDW   ,PYRUOLHJHQGHQ$XIVDW]ZLUGIROJOLFKGLH$XIIDVVXQJYHUWUHWHQGD¸MHGHGHU5HGHQGHV 6\PSRVLRQ $XVIÕKUXQJHQ ]XP (URV HQWK½OW GLH GDQQ LQ GHU 5HGH GHU 'LRWLPD DXIJH JULHQZHUGHQr]XP7HLOXPVLH]XYHUZHUIHQDEHU]XP7HLOHEHQDXFKXPVLHWKHR UHWLVFKDXV]XIRUPXOLHUHQ6R]XOHW]WDXFK'HWHO0DFKW0RUDO:LVVHQ6





=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ

LP 9HUK½OWQLV w/LHEHQGHU r *HOLHEWHUk WUDGLWLRQHOO HUIRUGHUOLFK ZDU $XFK ZHQQ'LRWLPDGLHGHQ6RNUDWHV)ÕKUHQGHLVWLVWVLHGRFKQLFKWGLH%HKHUU VFKHQGH ZHLO :DKUKHLW XQG (UNHQQWQLV +HUUVFKD  ZHGHU YHUODQJHQ QRFK YHUWUDJHQ :DV :DKUKHLW XQG (UNHQQWQLVJHZLQQ YHUODQJHQ LVW YLHOPHKU GDV JOHLFKEHUHFKWLJWH*HVSU½FK]ZLVFKHQGHQGLH:DKUKHLW/LHEHQGHQ  $ULVWRSKDQHV QHQQW GLH 6XFKH QDFK GHU XUVSUÕQJOLFKHQ (LQKHLW GHV 0HQ VFKHQw/LHEHk'LH3DUDOOHOHYRQGHU5HGHGHU'LRWLPD]XGHUGHV$ULVWRSKD QHV LVW QXQ QLFKW GDULQ ]X VHKHQ GD¸ 6RNUDWHV LQ'LRWLPDGLHLKPIHKOHQGH +½O H JHIXQGHQ K½WWH XQG GLH 9HUHLQLJXQJ PLW LKU GDV =LHO VHLQHU %HJLHUGH Z½UH9LHOPHKUQGHWHUHUVWPLWLKUDOVGHUEHJOHLWHQGHQ*HEXUWVKHOIHULQGHQ HLJHQVW½QGLJHQ:HJ]XU(UNHQQWQLVGHQQLP*HJHQVDW]]XGHPP½QQOLFKHQ /LHEKDEHUIÕUGHQ(UREHUXQJXQG+HUUVFKD HLQHQHLJHQHQ6WHOOHQZHUWKD EHQ ZHFNW 'LRWLPD EHL LKUHP *HVSU½FKVSDUWQHU HLJHQH (LQVLFKWHQ 6R EOHLEWNHLQHUGHUEHLGHQ/LHEHQGHQGHU:HLVKHLWHLQSDVVLYHV2EMHNWGHU%H JLHUGH  :HQQ6RNUDWHVDOVGHUP½QQOLFKHQ+½O H'LRWLPDDOVGLHZHLEOLFKHJHJHQ ÕEHUJHVWHOOWZLUGVWLPPWGDV]ZDUPLWGHQ$QGHXWXQJHQÕEHUGLHVH[XHOOHQ 9RUOLHEHQ GHV 6RNUDWHV ÕEHUHLQ GHUr JODXEW PDQ GHQ HLQVFKO½JLJHQ 6WHOOHQ LP 6\PSRVLRQ r GLH HLQGHXWLJHQ $QJHERWH GHV $ONLELDGHV DEJHOHKQW KDW 'LHVH6WHOOHXQWHUVWUHLFKWDEHUQXUGD¸IÕU6RNUDWHVE]Z3ODWRQGLHVH[XHOOH 9HUHLQLJXQJQLFKWZHVHQWOLFKLVWVRQGHUQGLHMHQLJHGLH]X:DKUKHLWXQG(U NHQQWQLVIÕKUW0LWGLHVHU'HXWXQJLVWGDQQDXFKYHUHLQEDUGD¸6RNUDWHVRE JOHLFKHUKRPRVH[XHOOHQ/LHEHVEH]LHKXQJHQDEOHKQHQGJHJHQÕEHUVWHKWGRFK DXFKYRQGHP&KDUPHMXQJHU0½QQHUDQJH]RJHQLVW 



 (UVWJHPHLQVDPPLW'LRWLPDJHODQJWGHUMXQJH6RNUDWHVLQGHU)UDJHGHU/LH EH GLH EHL 3ODWRQ DXFK DOV )UDJH QDFK GHP (UNHQQWQLVSUR]H¸ JHVWHOOW ZLUG ]XU:DKUKHLW'HU*HVLFKWVSXQNWGHU9HUHLQLJXQJGHULQGHU5HGHGHV$UL VWRSKDQHVHQWKDOWHQLVWWDXFKWLQGHP'LDORJ]ZLVFKHQ'LRWLPDXQG6RNUDWHV 



 ,QGHU7HQGHQ]DQGHUVOHJW+DOSHULQ”:K\LV'LRWLPDD:RPDQ"…6XQGGDV *HZLFKWVHLQHU,QWHUSUHWDWLRQLQHUVWHU/LQLHDXIGHQ*HVLFKWVSXQNWGHU$NWLYLW½WLQGHU /LHEHVEH]LHKXQJ XQG EHWRQW GD¸GLHVHDNWLYH 5ROOHDX¸HUGHPP½QQOLFKHQ/LHEKDEHU GHQ)UDXHQYRUEHKDOWHQZDUZHVKDOE'LRWLPDDOV6WHOOYHUWUHWHULQGLHVHV(OHPHQWVIÕUGLH 1RWZHQGLJNHLWGHUDNWLYHQ7HLOKDEHLP(UNHQQWQLVSUR]H¸VWHKW   9JO3ODWRQ6\PSFG   9JO 3ODWRQ 5HV SXEO EF 3ODWRQ 3KDHGU HD3ODWRQ 3URWD F   9JO3ODWRQ&KDUPED

 



(YD0DULD(QJHOHQ

LQ ]ZHLIDFKHU +LQVLFKW HUQHXW DXI DXFK ZHQQ 'LRWLPD VHOEVW QLFKW GDV =LHO GHU9HUHLQLJXQJLVW'HQQ]XPHLQHQO½¸WVLFKVDJHQGD¸HUVWGLHLQWHOOHNWXHO OH9HUHLQLJXQJGHVMXQJHQ6RNUDWHVPLWGHU3ULHVWHULQ'LRWLPD]XU(UNHQQWQLV ÕEHU GHQ (UNHQQWQLVSUR]H¸ IÕKUW ]XP DQGHUHQ O½¸W VLFK IHVWVWHOOHQ GD¸ GLH LQWHOOHNWXHOOH 9HUHLQLJXQJ ]X GHU GLH )UDJH QDFK GHU /LHEH GLH *HVSU½FKV SDUWQHUIÕKUWDP(QGHHLQH9HUHLQLJXQJPLWGHU:DKUKHLWLVW'HQQGDVHQG JÕOWLJH=LHOGLHVHU9HUHLQLJXQJLVWQLFKWGLH9HUHLQLJXQJPLWHLQHUPHQVFKOL FKHQIHKOHQGHQ+½O HVRQGHUQPLWGHP*XWHQXQGGLHVHV=LHOLVWZHGHU ZHLEOLFKQRFKP½QQOLFK  'LHVHU *HGDQNH LVW LQ GHU 5HGH GHV $ULVWRSKDQHV ]XPLQGHVW YRUEHUHLWHW 'LHIHKOHQGH+½O HQDFKGHUHLQ0DQQVXFKWPX¸QDFK$ULVWRSKDQHVQ½P OLFK QLFKW HLQH )UDX VHLQ r VR ZLH GLH IHKOHQGH +½O H QDFK GHU HLQH )UDX VXFKW DXFK QLFKW QRWZHQGLJHUZHLVH HLQ 0DQQ LVW 9HUHLQIDFKW JHVDJW *H VXFKWZLUGGDV)HKOHQGHXQGZDVGHP(UNHQQWQLVVXFKHQGHQIHKOWLVWLQMH GHP )DOO GLH (UNHQQWQLV RGHU :DKUKHLW GLH DXI GHU REHUVWHQ 6WXIH GLH ,GHH GHV*XWHQLVW'DVHQGJÕOWLJH=LHOGHU6XFKHQGHQLVWVFKOLH¸OLFKDOVRGLH9HU HLQLJXQJQLFKWPLWHLQHPDQGHUHQ0HQVFKHQVRQGHUQPLWGHU,GHHGHV*X WHQREGLHVH]X/HE]HLWHQMHGRFKHUODQJWZHUGHQNDQQLVWRHQ'HU:HJ GHUGDKLQIÕKUWLVWGHUJOHLFKEHUHFKWLJWH'LDORJ  =XHLQHP½KQOLFKHQ6FKOX¸JHODQJWDXFK5XGROI5HKQLQVHLQHU,QWHUSUH WDWLRQ GHV 6\PSRVLRQ 5HKQ EHVFK½ LJW VLFK DOOHUGLQJV QLFKW PLW GHU )UDJH ZDUXP'LRWLPDHLQH)UDXVHLVRQGHUQPLWGHU)UDJHZDVXQWHUHLQHPSKLOR VRSKLVFKHQ(URV]XYHUVWHKHQVHL)ÕU5HKQLVWGHUSKLORVRSKLVFKH(URVNHLQ (URVGHUGLH:HLVKHLWEHVLW]WVRQGHUQJOHLFKGHP6RNUDWHVHLQHUGHULP'LD ORJPLWDQGHUHQXPGLH:DKUKHLWGKDXFKXPGHQEHVVHUHQ/RJRVULQJW 5HKQV 'HXWXQJ GHV 6RNUDWHV DOV GHV SHUVRQL]LHUWHQ (URV GHU DOV VROFKHU  

 9JO3ODWRQ6\PSFXQG6\PSGD  (WZDVDQGHUV*)LJDO”'DV8QWLHUXQGGLH/LHEH'LH)UDJHQDFKVLFKVHOEVWLP+LQ EOLFN DXI GDV 6\PSRVLRQ… LQ GHUV 'DV 8QWLHU XQG GLH /LHEH 6LHEHQ 3ODWRQLVFKH (VVD\V 6WXWWJDUW 6KLHU6GHUGLH/LHEHLP6\PSRVLRQDOV”GDVLQVLFKHUIÕOOWH %HJHKUHQYRQ(LQKHLWOLFKNHLWIÕUGDV/HEHQLP*DQ]HQ…GHXWHWGHUPDQMHGRFKVR)L JDOVRODQJHPDQOHEWQLFKWKDEKD ZLUG   9JO 5 5HKQ ”'HU HQW]DXEHUWH (URV 6\PSRVLRQ… LQ 7 .REXVFK XQG % 0RMVLVFK +UVJ  3ODWRQ 6HLQH 'LDORJH LQ GHU 6LFKW QHXHU )RUVFKXQJHQ 'DUPVWDGW   6  KLHU6KQOLFKDXFK:DWHUHOGLQ3ODWR6\PSRVLXPWUDG:DWHUHOG 6 $QP]XD:DWHUHOGKHEWKHUYRUGD¸/LHEHEHVWLPPWZLUGDOVHLQ*HLVWHV]XVWDQG ]ZLVFKHQ :LVVHQ XQG 8QZLVVHQKHLW ZDV GHP =XVWDQG EHLP 3KLORVRSKLHUHQ JOHLFK NRPPW$XFK6RNUDWHVZLUGVWHWVDOVMHPDQGJHVFKLOGHUWGHUVLFK]ZLVFKHQ:LVVHQXQG 8QZLVVHQKHLWEHQGHWGHQQGDV:LVVHQÕEHUGLH8QZLVVHQKHLWLVWHVGDVGHQ3KLORVR SKHQ]XU6XFKHQDFKGHU:DKUKHLWGU½QJWrHEHQVRZLHHVGLH/LHEHWXW   6RDXFK:DWHUHOGLQ3ODWR6\PSRVLXPWUDG:DWHUHOG 6;;XQG6$QP]X G GHU GLH $XDVVXQJ YHUWULWW GD¸ 6RNUDWHV LP 6\PSRVLRQDOVGLH9HUNÏUSHUXQJGHU 





=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ

QDFKGHU:DKUKHLWQXUJHPHLQVDPPLWDQGHUHQXQGGHUHQXQWHUVFKLHGOLFKHQ 0HLQXQJHQGHU:DKUKHLWQ½KHUNRPPWO½¸WVLFK]XP7HLOPLWGHQKLHUYRU JHOHJWHQ µEHUOHJXQJHQ LQ µEHUHLQVWLPPXQJ EULQJHQ 5HKQ ZHLVW ]XU 8Q WHUVWÕW]XQJVHLQHU$XDVVXQJGDUDXIKLQGD¸GDV½X¸HUOLFKH(UVFKHLQXQJVELOG GHV (URV GHP JOHLFKW GDV YRQ 6RNUDWHV ÕEHUOLHIHUW LVW 6RNUDWHV DOV SHUVR QL]LHUWHU(URVZ½UHGDQQ/LHEKDEHUXQG*HOLHEWHULQHLQHPZLHGLH5HGH GHV $ONLELDGHV ]HLJW (U Z½UH HQWVSUHFKHQG GHP ZDV PDQ LQ GHU 5HGH GHV $ONLELDGHVHUI½KUWGDQQ/LHEKDEHUGHU:HLVKHLWXQGJHOLHEWZHLOHUHLQGLH :HLVKHLW/LHEHQGHULVW$Q]XPHUNHQLVWKLHU]XDOOHUGLQJVQRFKGD¸GHU6R NUDWHVGHUZ½KUHQGGHV6\PSRVLRQVLQGHU5HGHGHV$ONLELDGHVDX ULWWGHU JHUHL H6RNUDWHVLVWGHUODQJHQDFKVHLQHU%HJHJQXQJPLW'LRWLPDDOV)ROJH GLHVHU %HJHJQXQJ VHOEVW ]X HLQHP *HEXUWVKHOIHU GHU (UNHQQWQLV XQG GHU :DKUKHLWJHZRUGHQLVW(LQHQ'LDORJIÕKUHQEHGHXWHWGHPQDFKDXFKXPLQ GHU0HWDSKRULN3ODWRQV]XEOHLEHQ*HEXUWVKHOIHULQ*HEXUWVKHOIHUXQG*HE½ UHQGH*HE½UHQGHU]XVHLQ,QGLHVHP6LQQHLVWGLHHURWLVFKH0HWDSKRULN3OD WRQV IÕU VHLQH (UNHQQWQLVWKHRULH XQG VHLQH 6RNUDWLVFKH :HLVH GHV 3KLORVR SKLHUHQVVRZLHIÕUGHUHQ9HUVW½QGQLVJUXQGOHJHQG 



 :LHO½¸WVLFKGLHVH,QWHUSUHWDWLRQPLWGHU6FKLOGHUXQJGHV6RNUDWHVLP7KHDL WHWRVLQµEHUHLQVWLPPXQJEULQJHQ",P7KHDLWHWRVZLUG6RNUDWHVDOVXQIUXFKW EDUHU*HEXUWVKHOIHUJHVFKLOGHUWGHUVHOEVWQLFKWPHKUJHE½UHQNDQQXQGGDV 

/LHEH XQG GHU 3KLORVRSKLH JHVFKLOGHUW ZLUG DXFK ZHQQ GLHV QLUJHQGV LP 'LDORJ DXV GUÕFNOLFKJHVDJWZLUG:DWHUHOGZHLVWLQGLHVHP=XVDPPHQKDQJGDUDXIKLQGD¸HVJH UDGH ]XU NXQVWYROOHQ 'DUVWHOOXQJVZHLVH GHV 'LDORJV JHKÏUW GLHV QLFKW DXVGUÕFNOLFK ]X VDJHQKQOLFKDXFK1HKDPDV”,QWURGXFWLRQ…6;;,,,   'LHVHQ8PVWDQGKDW'HWHO 0DFKW0RUDO:LVVHQ6ÕEHUVHKHQZHQQHUVFKUHLEW GD¸ $ONLELDGHV SULP½U GHQ LQGLYLGXHOOHQ 6RNUDWHV ZHJHQ VHLQHU (LQ]LJDUWLJNHLW LP :DKUKHLWVEH]XJOLHEW   1HKDPDV ”,QWURGXFWLRQ… 6;;,9;;9 ZHLVW DXI GHQ LQWHUHVVDQWHQ 8PVWDQG KLQ GD¸$ONLELDGHVPLWVHLQHU/LHEH]X6RNUDWHVGDPLWDXFK]XHLQHP/LHEKDEHUGHU:HLV KHLW ZLUG *DQ] DQGHUV )HUUDUL ”3ODWRQLF /RYH… 6  KLHU 6  IÕU GHQ GHU EHWUXQNHQH$ONLELDGHVJHUDGHGHQ)HKOHUEHJHKWGHQ'LRWLPD]XYHUKLQGHUQWUDFKWHW LQGHPVLHGLH,QGLYLGXHQDEHLQHUEHVWLPPWHQ6WXIHGHU(UNHQQWQLVXQGw/LHEHVOHLWHUk DXVLKUHQ(UO½XWHUXQJHQKHUDXVK½OW'HU)HKOHUEHVWHKWGDULQGHQ/LHEKDEHUGHU:HLV KHLWDQ6WHOOHGHU:HLVKHLWVHOEVW]XOLHEHQ   'DPLWLVWGHU'LDORJEHJULEHL3ODWRQQDWÕUOLFKNHLQHVZHJVHUVFKÏSIHQGHUID¸W'LHVHV 0HUNPDOZLUGEHLGHU%HVWLPPXQJGHU)XQNWLRQGHV'LDORJVEHL3ODWRQDOOHUGLQJVDQ VRQVWHQÕEHUVHKHQ

 



(YD0DULD(QJHOHQ

ZÕUGHJHP½¸GHUKLHUYHUWUHWHQHQ$XDVVXQJKHL¸HQGD¸6RNUDWHVVHOEVWNHL QH'LDORJHLPEHVFKULHEHQHQ6LQQHPHKUIÕKUHQNDQQ  'HU7KHDLWHWRVVFKOLH¸WPLWHLQLJHQ:HQGXQJHQXQG$QGHXWXQJHQXQPLW WHOEDUDQGDVIUÕKHUHQWVWDQGHQH6\PSRVLRQDQ$Q6WHOOHGHU'LRWLPDZLUGLP 7KHDLWHWRVQXQ6RNUDWHVDOVGHUMHQLJHYRUJHVWHOOWGHUPLW6HKHUJDEHDXVJHVWDW WHWLVWXQGVLFKVHOEVWDOV*HEXUWVKHOIHUEH]HLFKQHW:LHVHLQH0XWWHU)UDXHQ JHKROIHQ KDEH .LQGHU ]X JHE½UHQ KHOIH HU QXQ MXQJHQ 0½QQHUQ LKUH *H GDQNHQKHUYRU]XEULQJHQ,P6\PSRVLRQZLUG6RNUDWHVDOVMXQJHU0DQQJH VFKLOGHUWGHUYRQGHU6HKHULQ'LRWLPDLQGLH6RNUDWLVFK3ODWRQLVFKH'LDOHN WLNHLQJHIÕKUWZLUGLP7KHDLWHWRVLVWHVGHUMXQJH7KHDLWHWRVGHUYRQ6RNUDWHV GDULQ HLQJHZLHVHQ ZLUG 'LH 3DUDOOHOH ZLUG ]XV½W]OLFK GDGXUFK KHUYRUJHKR EHQGD¸7KHDLWHWRV6RNUDWHVDXFK½X¸HUOLFK½KQOLFKVLHKW'LH6]HQHGLHLP 6\PSRVLRQPLW6RNUDWHVDOV/HUQHQGHPJHVFKLOGHUWZLUGZLHGHUKROWVLFKGHP QDFKLP7KHDLWHWRVPLWYHU½QGHUWHQ5ROOHQ  'HUMXQJH7KHDLWHWRVLVWGHUMHQLJHGHUDOVVFKZDQJHUzKO»Q[R EHVFKULH EHQZLUG*HEXUWVZHKHQKDWÈHfR[ XQG6RNUDWHVVRZRKOIÕUGLHw*HEXUWk VHLQHU*HGDQNHQEUDXFKWDOVDXFKIÕUGLH%HXUWHLOXQJGHVVHQZDVHUJHELHUW 6RNUDWHVZHLVWLQGLHVHP=XVDPPHQKDQJGDUDXIKLQGD¸GDV%HVRQGHUHVHL QHU+HEDPPHQNXQVWGDULQEHVWHKWGD¸GLHwVFKZDQJHUHQk-ÕQJOLQJHGLH$QW ZRUWHQDXVVLFKVHOEVWKHUYRUEULQJHQXQGHUVLHLKQHQQLFKWHWZDQDKHOHJW  'HU JHUHL H 6RNUDWHV GHV 7KHDLWHWRV IÕKUW GHPQDFK NHLQH 'LDORJH LQ GHP REHQ EHVFKULHEHQHQ 6LQQH PHKU (U GHU JOHLFK GHQ DOWHQ +HEDPPHQ XQ IUXFKWEDUJHZRUGHQLVWNDQQQXUQRFK]XU(LQVLFKWYHUKHOIHQGD¸PDQQLFKWV ZHL¸'LH6W½UNHVHLQHU/LHEH]XU:HLVKHLWWUHLEWLKQDEHUGHQQRFKGD]XGLH MXQJHQ]XU(LQVLFKW)½KLJHQLQHLQ5HGHGXHOO]X]ZLQJHQLQGHPVLH)UDX JHQDXVJHVHW]WZHUGHQMHGRFKNHLQH$QWZRUWHQHUKDOWHQVRQGHUQGLHVHVHOEVW QGHQPÕVVHQ6RNUDWHVnJDQ]H$NWLYLW½WLQGLHVHQ'LDORJHQEHVFKU½QNWVLFK GHPQDFK DXI VHLQH +HEDPPHQIXQNWLRQ HU EOHLEW DQVRQVWHQ LQVRIHUQ SDVVLY  

 9JO3ODWRQ7KHDHWF  9JO3ODWRQ7KHDHWF   9JO3ODWRQ7KHDHWDH   9JO 3ODWRQ 7KHDHW HD KLHU EHV GH EF 7KHRGRURV GHU6RNUDWHVGHQ7KHDLWHWRVDOVLKP½KQOLFKDXVVHKHQGVFKLOGHUWEHWRQWGD¸7KHDLWHWRV QLFKW VFKÏQ VHL XQG GD¸ HU LKQ QLFKW JHSULHVHQ K½WWH ZHQQ HU HV JHZHVHQ Z½UH GHQQ GDQQ K½WWH HU VLFK GHP 9HUGDFKW DXVJHVHW]W LQ 7KHDLWHWRV YHUOLHEW ]X VHLQ 7KHRGRURV NDQQ GHQ 7KHDLWHWRV DOVR SUHLVHQ RKQH VLFK GHP 3½GHUDVWLHYHUGDFKW DXV]XVHW]HQ YJO 3ODWRQ7KHDHWHD   9JO3ODWRQ7KHDHWH   9JO3ODWRQ7KHDHWEF   9JO3ODWRQ7KHDHWEF   9JO3ODWRQ7KHDHWF 





=XP%HJULGHU/LHEHLQ3ODWRQV6\PSRVLRQ

DOV HU VHOEVW NHLQH SRVLWLYHQ $QWZRUWHQ PHKU ]X JHEHQ YHUPDJ ,Q GLHVHP 3XQNWXQWHUVFKHLGHWVLFKGHU7KHDLWHWRVYRP6\PSRVLRQGHQQGLH6HKHULQ'LR WLPDEHOHKUWGHQMXQJHQ6RNUDWHVGXUFKDXV6LHJLEW$QWZRUWHQDXIGLH)UDJH QDFKGHP:HVHQGHV(URVXQGHVZLUGGHXWOLFKGD¸VLHrLP*HJHQVDW]]XP JHDOWHUWHQ 6RNUDWHV r ÕEHU :LVVHQ YHUIÕJW GDV VLH DQ GHQ MXQJHQ 6RNUDWHV ZHLWHU]XJHEHQVXFKW 



 $Q GLHVHU 6WHOOHLVWGDUDXIKLQ]XZHLVHQGD¸VLFKIÕUGLHOHW]WHQ)UDJHQQDFK GHP *XWHQ XQG 6FKÏQHQ DXFK NHLQH $QWZRUWHQ JHEHQ ODVVHQ XQG GD¸ HLQH ,QWHUSUHWDWLRQGLHGHQ'LDORJDOV:HJ]XU9HUHLQLJXQJPLWGHU,GHHGHV*X WHQ EHJUHL  LQVRIHUQ HEHQVR HLQ]XVFKU½QNHQ LVW ZLH 5HKQV ,QWHUSUHWDWLRQ 'HQQDP(QGHGHU6WXIHQOHLWHUGHU(UNHQQWQLVGLHHPSRU]XVWHLJHQGLH/LHEH XQV YRUDQWUHLEW VWHKW GDV 6FKÏQH GDVVLFKPLW:RUWHQQLFKWYROOVW½QGLJEH VFKUHLEHQO½¸W'HU9HUVXFKGDV6FKÏQHLQGHU*HJHQZDUWGHV6FKÏQHQ]X EHVFKUHLEHQ VFKHLWHUW DE HLQHU EHVWLPPWHQ 6WXIH GHU (UNHQQWQLV XQG VWHOOW GDQQQXUQRFKHLQ]XHUUHLFKHQGHV=LHOGDU'DV6FKÏQH]XYHUVWHKHQNDQQ QLFKWGXUFKVSUDFKOLFKH9HUPLWWOXQJJHOHKUWRGHUHUNO½UWZHUGHQ  'LH6FKDXGHU,GHHQLVWYRQ3ODWRQGHQQRFKQLFKWDOVHLQHXQPLWWHOEDUH(U OHXFKWXQJ GDUJHVWHOOW VRQGHUQ PX¸ HUUXQJHQ ZHUGHQ 'HU JHOLHEWH MXQJH 0DQQGDUIQLFKW]XGHPSDVVLYHQ+ÏKOHQEHZRKQHUZHUGHQGHUGDVLKP9RU JHJHEHQHDOV:DKUKHLWDN]HSWLHUWVRQGHUQPX¸]XHLQHPDNWLYHQNUHDWLYHQ 0HQVFKHQ ZHUGHQ GHU VLFK DXIPDFKW (UNHQQWQLV ]X JHZLQQHQ 'LH (U]LH KXQJ]XU6HOEVW½QGLJNHLWIÕKUWMHGRFKQLFKWEHUHLWVGDGXUFK]XPHQGJÕOWLJHQ =LHOGD¸:LVVHQZHLWHUJHJHEHQZLUGXQGDXIQHXDX DXFKHQGH)UDJHVWHOOXQ JHQDQJHZHQGHWZLUG'LH/LHEH]XUZDKUHQ(UNHQQWQLVXQG]XUZDKUHQ8Q VWHUEOLFKNHLWIÕKUWGDUÕEHUKLQDXV  'LHHWKLVFKHQXQGLQWHOOHNWXHOOHQ(UNHQQWQLVVHGLH:HLVKHLWGLHGHU/LHE KDEHUGHP*HOLHEWHQDOV$QJHERWIÕUGHVVHQMXJHQGOLFKHQ.ÏUSHUPDFKWVLQG QDFK3ODWRQVFKÏQrGLHVFKÏQH:HLVKHLWZLUGPLWKLQIÕUGHQVFKÏQHQ.ÏUSHU DQJHERWHQ'HU/LHEHQGHGHUGHQVFKÏQHQ.ÏUSHUwMDJWkZLUGVR]XHLQHP GHUGLH:HLVKHLWYHUIROJWGHQQVLHLVWGDVZDVHUIÕUGLH(UREHUXQJGHV*H OLHEWHQHLQVHW]W(UZLUGVRPLWYRP/LHEKDEHUHLQHVVFKÏQHQ.ÏUSHUVDXFK]X HLQHP /LHEKDEHU GHU :HLVKHLW ,QZLHIHUQ GLHVH /LHEH VRZRKO HLQH /LHEH ]X HLQHP VFKÏQHQ .ÏUSHU DOV DXFK HLQH ]XU 8QVWHUEOLFKNHLW LVW ZXUGH EHUHLWV GDUJHVWHOOW   

 

 9JO3ODWRQ6\PSDXQGE  6RDXFK)HUUDUL”3ODWRQLF/RYH…6KLHU6



(YD0DULD(QJHOHQ

 'HU MXQJH 0DQQ PX¸ DEHU ZLH JHVFKLOGHUW VHOEVW HLQ DNWLY w+HUYRUEULQ JHQGHUk VHLQ XP (UNHQQWQLV ]X HUODQJHQ XQG VR O½¸W VLFK DXFK +DOSHULQV 7KHVHYHUVWHKHQGD¸'LRWLPDLPHLJHQWOLFKHQ6LQQHNHLQH)UDXVHL'LRWLPD EHOHKUW 6RNUDWHV QLFKW DOV )UDX VRQGHUQ DOV 6HKHULQ 'D¸ VLH HLQH )UDX LVW ZHLVWGDUDXIKLQGD¸VLHHLQH*HEXUWVKHOIHULQGHU(UNHQQWQLVLVWGHUHQ+LOIH HVEHGDUIXPLPJOHLFKEHUHFKWLJWHQ'LDORJPLWLKU]XU(UNHQQWQLV]XJHODQ JHQ'LRWLPDLVWDOVRQLFKWGHVKDOEHLQH)UDXZHLOVLHDOV)UDXGLHÕEHUOHJHQH UHQ (LQVLFKWHQ LQ GHQ (UNHQQWQLVSUR]H¸ K½WWH VRQGHUQ ZHLO GHU ZHLEOLFKH (URVHLQ6\PEROIÕUGDV.UHDWLYHLP0HQVFKHQLVWGDVHVLKPHUPÏ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





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP

 

$1'5($6 %&+/,

 

%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHVLQ %RHWKLXVn3KLORVRSKLDHFRQVRODWLR∗

    'HU OHW]WH $EVFKQLWW YRQ %RHWKLXVn OHW]WHP :HUN GHU 3KLORVRSKLDH FRQVRODWLR EHJLQQWPLWIROJHQGHQ:RUWHQ ”4XRQLDPLJLWXUXWLSDXORDQWHPRQVWUDWXPHVWRPQHTXRGVFLWXUQRQH[VXDVHG H[FRPSUHKHQGHQWLXPQDWXUDFRJQRVFLWXULQWXHDPXUQXQFTXDQWXPIDVHVWTXLVVLW GLXLQDHVXEVWDQWLDHVWDWXVXWTXDHQDPHWLDPVFLHQWLDHLXVVLWSRVVLPXVDJQRVFHUH…

'DUDQDQVFKOLHVVHQGVDJW%RHWKLXVHVVHLHLQFRPPXQHLXGLFLXPDOOHUGLH”QDFK GHU9HUQXQ OHEHQ…GDVV*RWW”HZLJ…DHWHUQXP VHL:HQQPDQDOVREHWUDFKWH ZDV (ZLJNHLW VHL VR PDFKH GLHV DXFK 1DWXU XQG :LVVHQ *RWWHV HLQVLFKWLJ ”QDWXUDPSDULWHUGLXLQDPVFLHQWLDPTXHSDWHIDFLW… 'DUDXIIROJWGDQQ%RHWKL XVnK½XJ]LWLHUWH'HQLWLRQGHU(ZLJNHLW”$HWHUQLWDVHVWLQWHUPLQDELOLVXLWDH WRWDVLPXOHWSHUIHFWDSRVVHVVLR…:HQQZLUZLVVHQZLHGDV/HEHQHLQHVHZL JHQ :HVHQV EHVFKDHQ LVW GDQQ ZLVVHQ ZLU QDFK %RHWKLXV DXFK HWZDV ÕEHU VHLQ:LVVHQ$EHUVHLQH'HQLWLRQGHU(ZLJNHLWJLEW]XHUNHQQHQGDVVXQVHU ]HLWJHEXQGHQHV/HEHQGHP/HEHQHLQHVHZLJHQ:HVHQVQLFKWNRPPHQVXUDEHO LVW(VLVWQLFKW”XQEHVFKU½QNW…LQWHUPLQDELOLV GDHVHLQHQ$QIDQJXQGHLQ(Q GHKDWXQGGHU”%HVLW]…SRVVHVVLR XQVHUHV/HEHQVrVRIHUQPDQEHLP/HEHQ GDVLQGHU=HLWDEO½X ÕEHUKDXSWYRQw%HVLW]kLQGHP6LQQHVSUHFKHQNDQQLQ GHP%RHWKLXVGLHVHQ7HUPLQXVYHUVWHKWrLVWQLFKW”JDQ]]XJOHLFK…WRWDVLPXO  XQG QLFKW ”YROOHQGHW… SHUIHFWD  'D =HLWOLFKNHLW HLQ :HVHQVPHUNPDO XQVHUHV /HEHQVLVWVWHOOWVLFKGLH)UDJHREGHU%HJULw/HEHQkKLHUQLFKW½TXLYRNYHU ZHQGHW ZLUG 'LHVHOEH )UDJH VWHOOW VLFK DXFK KLQVLFKWOLFK GHV :LVVHQV 9RP 

∗

 'LHYRUOLHJHQGH6WXGLHZXUGHGXUFKHLQHQ)RUVFKXQJVEHLWUDJGHV6FKZHL]HULVFKHQ1D WLRQDOIRQGV HUPÏJOLFKW ,FK GDQNH DXFK +HUUQ 3URI $QGUHDV *UDHVHU IÕU VHLQH 8QWHU VWÕW]XQJ  %RHWKLXV 3KLORVRSKLDH FRQVRODWLR HG / %LHOHU &RUSXV &KULVWLDQRUXP 6HULHV /DWLQD  7XUQKRXW OLE9FDSS:RQLFKWDQGHUVYHUPHUNWEH]LHKHQVLFK GLH=LHUQGHU6WHOOHQDQJDEHQDXIGLH3URVDVWÕFNHGHU3KLORVRSKLDHFRQVRODWLR   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S

$QGUHDV%½FKOL

:LVVHQ*RWWHVVFLHQWLDE]ZSURYLGHQWLD KDQGHOW%RHWKLXVDXVIÕKUOLFKLQ%XFK ,9XQG9GHU3KLORVRSKLDHFRQVRODWLRZ½KUHQGVHLQH(UÏUWHUXQJGHV%HJULVGHU (ZLJNHLW DOVHLQHV:HVHQVPHUNPDOHVGHU JÏWWOLFKHQ 6XEVWDQ] YHUJOHLFKVZHLVH NXU]JHKDOWHQLVW'RFKKDWHUEHUHLWVLP%XFK,,,XQWHUGHP%HJULGHVw(L QHQkXQGw*XWHQkYRQGHUJÏWWOLFKHQ6XEVWDQ]JHVSURFKHQXQGHVVFKHLQWGDVV GLHVH'LVNXVVLRQ]XPEHVVHUHQ9HUVW½QGQLVGHVLQ%XFK9HQWZLFNHOWHQ(ZLJ NHLWVEHJULV EHLWU½JW EHVRQGHUV ZDV GHQ *HGDQNHQ GHU SRVVHVVLR DQJHKW XQG GDPLWDXFKGHVw/HEHQVkGHUJÏWWOLFKHQ1DWXU  %RHWKLXVn$XVIÕKUXQJHQÕEHU(ZLJNHLWVWHKHQLPZHLWHUHQ=XVDPPHQKDQJ GHU%HKDQGOXQJGHV3UREOHPVGHUJÏWWOLFKHQSURYLGHQWLDGLHLQ3KLORVRSKLDHFRQ VRODWLR,9EHJLQQW,Q,9XQWHUVFKHLGHWHU]ZLVFKHQSURYLGHQWLDXQGIDWXP HUYHUDQVFKDXOLFKWGLHVH8QWHUVFKHLGXQJGXUFKHLQ%LOGLQGHPGLHSURYLGHQWLD GHQ0LWWHOSXQNWNRQ]HQWULVFKHU.UHLVHELOGHWZ½KUHQGGDVIDWXP]XU3HULSKH ULH GHU ½XVVHUHQ .UHLVH LQ %H]LHKXQJ JHEUDFKW ZLUG 'LHVH 'DUVWHOOXQJ ZLUG IROJHQGHUPDVVHQ DEJHVFKORVVHQ ”,JLWXU XWL HVW DG LQWHOOHFWXP UDWLRFLQDWLR DG LG TXRG HVW LG TXRG JLJQLWXU DG DHWHUQLWDWHP WHPSXV DG SXQFWXP PHGLXP FLUFXOXV LWD HVW IDWL VHULHV PRELOLV DG SURXLGHQWLDH VWDELOHP VLPSOLFLWDWHP… 'DQDFKVWHKWDOVRGHU0LWWHOSXQNWGHV.UHLVHVIÕUSURYLGHQWLDLQWHOOHFWXVLGTXRG HVWXQGDHWHUQLWDVIÕUGHQ.UHLVVHOEVWVWHKWIDWXPUDWLRFLQDWLRLGTXRGJLJQLWXUXQG WHPSXV'DV9HUK½OWQLVYRQLQWHOOHFWXVXQGUDWLRFLQDWLREHWULWGHQ.HUQGHU$U JXPHQWDWLRQLQ%XFK9%RHWKLXVEHWUDFKWHWIROJHQGH3URSRUWLRQRKQHVLHDO OHUGLQJVDXVGUÕFNOLFK]XIRUPXOLHUHQ'LHUDWLRFLQDWLRYHUK½OWVLFK]XPLQWHOOHFWXV ZLH GHU LQWHOOHFWXV ]XU SURYLGHQWLD 'D ZLU HWZDV ZLVVHQ NÏQQHQ ÕEHU GDV 9HU K½OWQLV YRQ UDWLRFLQDWLR XQG LQWHOOHFWXV LQVRIHUQ HV VLFK GDEHL XP PHQVFKOLFKH (UNHQQWQLVYHUPÏJHQKDQGHOWNÏQQHQZLUDXFKHWZDVÕEHUGLHSURYLGHQWLDZLV VHQ1DFK%RHWKLXVYHUIÕJHQZLULQVRIHUQZLUGHU9HUQXQ WHLOKD LJVLQGUD WLRQLVSDUWLFLSHV ÕEHUHLQ”.ULWHULXP…LXGLFLXP ]XU%HXUWHLOXQJGHVJÏWWOLFKHQ *HLVWHV  ,PIROJHQGHQZLUGGLHVHU*HGDQNHYRUDOOHPLPXQG$EVFKQLWWQ½KHU XQWHUVXFKW,P$EVFKQLWWZHUGHLFKNXU]DXIHLQH0HLQXQJVYHUVFKLHGHQKHLW EH]ÕJOLFKGHU4XHOOHQHLQJHKHQGLH%RHWKLXV]XVHLQHU.RQ]HSWLRQGHU3UR YLGHQ]DOV0LWWHOSXQNWNRQ]HQWULVFKHU.UHLVHDQJHUHJWKDEHQGÕU HQXPGDU DQHLQLJH%HPHUNXQJHQ]XU+HUNXQ VHLQHV%HJULVGHUJÏWWOLFKHQ6XEVWDQ] DQ]XVFKOLHVVHQ(LQHGHWDLOOLHUWH(UÏUWHUXQJGHV(ZLJNHLWVEHJULVZÕUGHDOOHU GLQJVGHQ5DKPHQGLHVHU$UEHLWVSUHQJHQLQGHUHVYRUDOOHPXPGLH)UDJH  

     

9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S 9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S 9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S







%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

JHKWZLHQDFK%RHWKLXVGLHPHQVFKOLFKH9HUQXQ HWZDVYRP:LVVHQ*RWWHV EHJUHLIHQNDQQ  3URYLGHQ] DOV 0LWWHOSXQNW YRQ .UHLVHQ %HPHUNXQJHQ ]XU +HUNXQ  YRQ %RHWKLXVn %HJULGHUJÏWWOLFKHQ6XEVWDQ]  'HUGHP%LOGGHU3URYLGHQ]DOV0LWWHOSXQNWNRQ]HQWULVFKHU.UHLVH]XJUXQGH OLHJHQGH*HGDQNHLVWGHUGDVVDOOHVZDVGHP)DWXPXQWHUZRUIHQLVWDXFKGHU 3URYLGHQ]XQWHUVWHKWGDVVDEHUQLFKWDOOHVZDVGHU3URYLGHQ]XQWHUVWHKWDXFK GHP)DWXPXQWHUZRUIHQLVW ”1DPXWRUELXPFLUFDHXQGHPFDUGLQHPVHVHXHUWHQWLXPTXLHVWLQWLPXVDGVLPSOL FLWDWHPPHGLHWDWLVDFFHGLWFHWHURUXPTXHH[WUDORFDWRUXPXHOXWLFDUGRTXLGDPFLUFD TXHPXHUVHQWXUH[VLVWLWH[WLPXVXHURPDLRUHDPELWXURWDWXVTXDQWRDSXQFWLPHGLD LQGLXLGXLWDWHGLVFHGLWWDQWRDPSOLRULEXVVSDWLLVH[SOLFDWXUVLTXLGXHURLOOLVHPHGLR FRQHFWDWHWVRFLHWLQVLPSOLFLWDWHPFRJLWXUGLXQGLTXHDFGLOXHUHFHVVDWVLPLOLUD WLRQHTXRGORQJLXVDSULPDPHQWHGLVFHGLWPDLRULEXVIDWLQH[LEXVLPSOLFDWXUDFWDQWR DOLTXLGIDWROLEHUXPHVWTXDQWRLOOXPUHUXPFDUGLQHPXLFLQLXVSHWLWe…

'HUIÕUGLH)UDJHQDFKGHP6WDWXVGHUJÏWWOLFKHQ6XEVWDQ]ZLFKWLJH3XQNWEH WULWGLH1DWXUGHVDOV0LWWHOSXQNWYRUJHVWHOOWHQJÏWWOLFKHQ*HLVWHVGHUSULPD PHQV %RHWKLXV ZDU QLFKW GHU HUVWH GHU ]XP EHVVHUHQ 9HUVW½QGQLV GHV 3URYL GHQ]JHGDQNHQV GDV %LOG GHV .UHLVHV YHUZHQGHWH YRU LKP KDWWHQ VLFK EHUHLWV 3ORWLQ XQG 3URNORV GLHVHV 9HUJOHLFKV EHGLHQW (LQLJH ,QWHUSUHWHQ KDEHQ GLH 0HLQXQJYHUWUHWHQGDVV%RHWKLXVn8QWHUVFKHLGXQJYRQ3URYLGHQ]XQG)DWXP DXVVFKOLHVVOLFKDXI3URNORV]XUÕFN]XIÕKUHQLVW1DFK-*UXEHUEDVLHUWGLH]L WLHUWH3DVVDJHJDQ]DXIHLQHU6WHOOHYRQ3URNORVn6FKUL 'HGHFHPGXELWDWLRQLEXV FLUFDSURYLGHQWLDP'LHVLVWQLFKWJDQ]NRUUHNWGHQQLQGHPYRQ*UXEHUDQJH IÕKUWHQ 7H[W ZHUGHQ 3URYLGHQ] XQG )DWXP QLFKW XQWHUVFKLHGHQ 3&RXU 



 9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S   9JO-*UXEHU.RPPHQWDU]X%RHWKLXV”'HFRQVRODWLRQHSKLORVRSKLDH…%HUOLQr1HZ




$QGUHDV%½FKOL

FHOOHDXIGHQVLFK*UXEHUEH]LHKWKDWGDKHUQRFKDXIGLH6FKUL 'HSURYLGHQWLD HWIDWRYHUZLHVHQLQGHU%RHWKLXVn7KHRULHZHLWJHKHQGYRUJHELOGHWHUVFKHLQW &RXUFHOOHNULWLVLHUWLQVHLQHP%XFKHLQHQ$UWLNHOYRQ+53DWFKGHUGLHVH $XIIDVVXQJ LQ )UDJH JHVWHOOW XQG QDFK]XZHLVHQ YHUVXFKW KDWWH GDVV %RHWKLXV YRU DOOHP DXI 3ORWLQ ]XUÕFNJUHLIH GD GHU *HGDQNH GHV %RHWKLXV *RWW ELOGH GHQ 0LWWHOSXQNW GHU .UHLVH LQ GHQ JHQDQQWHQ 6FKUL HQ GHV 3URNORV QLFKW ]XP $XVGUXFN NRPPH ZRKO DEHU EHL 3ORWLQ 'LH $XIIDVVXQJ YRQ 3DWFK ZXUGHLQHLQHUVS½WHUHQ$UEHLWYRQ-&0DJHHHLQHUGHWDLOOLHUWHQ.ULWLNXQ WHU]RJHQGHUDXIGLHXQEHVWUHLWEDUH7DWVDFKHKLQZHLVWGDVVVRZRKOIÕU3ORWLQ DOV DXFK IÕU 3URNORV HLQH wJÏWWOLFKH 5HDOLW½Wk LP 0LWWHOSXQNW GHV .UHLVHV VWH KH:DV3URNORVEHWULWHULQQHUW0DJHHDQGHVVHQ7LPDLRV.RPPHQWDUZR HVKHLVVWGDVVGHU*HLVWQRxZ LP=HQWUXPwGLHVHV$OOVkrGKGHVVLFKWEDUHQ .RVPRVGHQGHU'HPLXUJPLW%OLFNDXIGHQLQWHOOLJLEOHQ.RVPRVJHELOGHWKDW rVWHKW'DPLWVFKHLQWDEHUGHU.HUQGHU6DFKHQLFKWJHWURHQ]XVHLQ2E ZRKOGHU*HLVWIÕUGLH1HXSODWRQLNHUHLQHwJÏWWOLFKH5HDOLW½WkLVWVWHKWHULP 7LPDLRV.RPPHQWDU QLFKW LQ GHPVHOEHQ 6LQQH wLP =HQWUXPk ZLH GLH 3URYL GHQ]GHQQLQVRIHUQPDQGLH3URYLGHQ]DOV0LWWHOSXQNWYRQ.UHLVHQEHWUDFK WHWLVWGHU*HLVWLKUXQWHUJHRUGQHW'LHVZLUGYRQ3URNORVLQ'HGHFHPGXELWD  VLP HW QRQ SDUWLUHWXU VH LSVXP LQ FLUFXOL SDUWLEXV VLF HW SURYLGHQWLHXQLDOLV FRJQLWLR LQ HRGHPLPSDUWLELOLHVWRPQLXPSDUWLWRUXPFRJQLWLRHWXQLXVFXLXVTXHLQGLYLGXLVVLPRUXP HWWRWDOLVVLPRUXPHWXWVXEVLVWLWXQXPTXRGTXHwVHFXQGXPXQXPVLFHWFRJQRVFLWXQXP  TXRGTXHkVHFXQGXPXQXPHWQHTXHGLYLVDHVWFRJQLWLVFRJQLWLRQHTXHFRQIXVDVXQWFR JQLWD SURSWHU XQDP XQLRQHP FRJQLWLRQLV 8QD DXWHP H[LVWHQV RPQHP TXLGHP LQQL WDWHPFRJQRVFLELOLXPFRPSUHKHQGLWRPQLDXWHPHDTXHLQLSVLVXQLRQHVXSHUXQLWDHVW…   3&RXUFHOOH /DFRQVRODWLRQGHSKLORVRSKLHGDQVODWUDGLWLRQOLWWÂUDLUH$QWÂFÂGHQWVHWSRVWÂULWÂGH %RÁFH3DULV 6”$LQVLODWKÂRULHGH%RÁFHVXUOD3URYLGHQFHHWOH'HVWLQVHP EOH UHSURGXLUHH[DFWHPHQW FHOOHGH3URFOXV e… 'HQ 7H[W DXI GHQ &RXUFHOOH YHUZHLVW QGHWPDQLQGHU$XVJDEH3URFOXV7URLVÂWXGHVVXUODSURYLGHQFH,,3URYLGHQFH)DWDOLWÂ/L EHUWÂHG',VDDF3DULV KLHU3URFOXV'HSURYLGHQWLDS(UODXWHW”6LF LJLWXUSURYLGHQWLDTXLGHPGHXVSHUVHIDWXPDXWHPGLYLQDDOLTXDUHVHWQRQGHXVGHSHQ GHWHQLPDSURYLGHQWLDHWYHOXW\PDJRHVWLOOLXV…   +53DWFK”)DWHLQ%RHWKLXVDQGWKH1HRSODWRQLVWV…LQ6SHFXOXP,9 6 EHV6YJO6 ”7KHGLVFXVVLRQLQ3URFOXVeRI3URYLGHQFHDQG)DWHePD\ KDYHVHUYHGWRUHPLQG%RHWKLXVRIWKHVLPLODUGLVFXVVLRQLQ3ORWLQXVIDUPRUHH[WHQGHG ZKHUH WKH JXUH RI WKH RUE RU FLUFOH LV IUHTXHQWO\ XVHG DQG ZKHUH ZH UHDG RI WKH DS SURDFK WR *RG RI +LV VLPSOLFLW\ DQG RI +LV SODFH DW WKH FHQWUH RI WKH XQLYHUVH… 'LH ZLFKWLJVWH3DVVDJHDXV3ORWLQDXIGLHVLFK3DWFKEH]LHKWLVW3ORWLQ(QQ9,   9JO-&0DJHH”7KH%RHWKLDQ:KHHOVRI)RUWXQHDQG)DWH…LQ 0HGLDHYDO6WXGLHV  6   - & 0DJHH ”7KH %RHWKLDQ :KHHOV… 6 ”)RU ERWK3ORWLQXV DQG 3URFOXV e LW ZDV WKHFHQWUHRIWKHFLUFOHWKDWZDVDGLYLQHUHDOLW\…   9JO 3URFOXV ,Q 3ODWRQLV 7LPDHXP &RPPHQWDULD ,, HG ( 'LHKO /HLS]LJ  1DFKGU $PVWHUGDP SYJO0DJHH”7KH%RHWKLDQ:KHHOV…6





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

WLRQLEXVDXFKDXVGUÕFNOLFKVRIHVWJHKDOWHQ'LH3URYLGHQ]EHVWLPPWDOVGDV(L QHXQG*XWHLVWGHP*HLVWLQWHOOHFWXV YRUJHRUGQHWLQVRIHUQGHU*HLVWZLHDO OHV 6HLHQGH QDFK GHP *XWHQ VWUHEW 3URNORV GUÕFNW GLHVHV 9HUK½OWQLV JHOH JHQWOLFKDXFKYHUPLWWHOVHLQHUHW\PRORJLVFKHQ(UZ½JXQJDXVSURYLGHQWLDE]Z SUrQRLD EH]HLFKQHW HLQH ”$NWLYLW½W YRU GHP *HLVW… ?QjUJHLD SUs QRx  %HL %RHWKLXV QGHW PDQ MHGRFK NHLQH GLHVHP 9HUK½OWQLV HQWVSUHFKHQGH 8QWHU VFKHLGXQJ ]ZLVFKHQ 3URYLGHQ] XQG JÏWWOLFKHP *HLVW :LH 3URNORV EH]LHKW %RHWKLXV GHQ %HJUL wSURYLGHQWLDk DXI GLH JÏWWOLFKH 6XEVWDQ] GLH HU LQ 3KLOR VRSKLDHFRQVRODWLR,,,DOVGDVw(LQHkXQGw*XWHkEHVWLPPWDQGHUVDOV3URNORV EHWUDFKWHWHUDEHUGLHVHV(LQH*XWHQLFKWDOVHWZDVwÕEHUkRGHUwYRUkGHP*HLVW VRQGHUQrQDFKGHPREHQDQJHIÕKUWHQ7H[WrDOVwHUVWHQ*HLVWkSULPDPHQV ,Q GLHVHP 6LQQH LVW GLH 0HLQXQJ YRQ 3DWFK %RHWKLXVn %LOG GHU NRQ]HQWULVFKHQ .UHLVHPLW*RWWDOV0LWWHOSXQNWODVVHVLFKQLFKWEUXFKORVDXI3URNORV]XUÕFN IÕKUHQQLFKWDEZHJLJVHOEVWZHQQPDQVHLQHU7KHVH%RHWKLXVKDEHDXI3OR WLQ]XUÕFNJHJULHQQLFKWIROJHQNDQQ'HQQZLHIÕU3URNORVLVWDXFKIÕU3OR WLQGDV(LQHwYRUkGHP*HLVWSUsQRx   'LHV EHGHXWHW MHGRFK QLFKW GDVV 3ORWLQ XQG 3URNORV KLQVLFKWOLFK GHV 9HU K½OWQLVVHV]ZLVFKHQGHP(LQHQXQGGHP*HLVWLQDOOHQ7HLOHQJOHLFKHU$XIIDV VXQJ ZDUHQ 'LH IÕU GDV KLHU EHKDQGHOWH 7KHPD ZLFKWLJH 'LYHUJHQ] EHWULW 3ORWLQV*HGDQNHQGHUw$XWDUNLHkGHV*XWHQ'DV*XWHLVWGDV”$OOHU$XWDUNVWH… D>WDUNjVWDWRQSeQWYQ 3URNORVGDJHJHQVFKUHLEWDOV3URSRVLWLRQVHL QHU(OHPHQWDWLR7KHRORJLFDIROJHQGHV”$OOHV$XWDUNHWsD¥WDUNHZ LVWQLHGULJHU NDWDGHjVWHURQ DOVGDVVFKOHFKWKLQ*XWHWsÆSOtZÎJD\rQ …'DV”VFKOHFKW KLQ *XWH… GK GDV (LQH LVW ]ZDU ”PDQJHOORV… R¥WH ?QGHjZ  GHQQ HV VWUHEW QLFKWQDFKHLQHP$QGHUHQDEHUHVLVWQLFKWDXWDUNR¥WHD¥WDUNHZ GHQQ$X WDUNLH ZÕUGH EHGHXWHQ GDVV HV ”YROO GHV *XWHQ… SOlUHZ ÎJD\Rx  Z½UH XQG 



 9JO3URFOXV'HFHPGXELWDWLRQHV,S”3URYLGHQWLDLWDTXHeVHFXQGXPXQXP HWERQXPGHWHUPLQDWDHWERQRDQWHLQWHOOHFWXPH[LVWHQWHLQWHOOHFWXVHQLPDSSHWLWER QXPHWHQLPHQWLDRPQLDHWQRQERQXPLQWHOOHFWXP e…   9JOHWZD3URFOXV7KH(OHPHQWVRI7KHRORJ\HG(5'RGGV2[IRUG S   'LHVJHKWJHUDGHDXVMHQHU6WHOOHKHUYRUGLH3DWFK”)DWHLQ%RHWKLXV…6DOV+DXSW EHOHJIÕUVHLQH7KHVH]LWLHUWYJO3ORWLQ(QQ9,s:DV3URNORVEHWUL$VRLVW GLH6WHOOHDXV'HFHPGXELWDWLRQHV,DXIGLH*UXEHU.RPPHQWDU]X%RHWKLXV6%RH WKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS]XUÕFNIÕKUHQZLOOVLHKHGHQLQ$QP ]LWLHUWHQ7H[W PLW%H]XJDXIGLH8QWHUVFKHLGXQJGHVHLQHQ*XWHQYRP*HLVW]XYHUVWH KHQGLHLQGHPVHOEHQ=XVDPPHQKDQJVWHKWVLHKHGHQLQ$QP]LWLHUWHQ7H[W    9JO3ORWLQ(QQ9,9,s9JO:%HLHUZDOWHV”3ULPXPHVWGLYHV SHUVH0HLVWHU(FNKDUWXQGGHU /LEHUGHFDXVLV…LQ(3%RVXQG3$0HaHU+UVJ  2Q 3URFOXV DQG KLV ,QXHQFH LQ 0HGLHYDO 3KLORVRSK\ /HLGHQ r 1HZ




$QGUHDV%½FKOL

VRPLW QLFKW GDV ”(UVW*XWH… WÎJD\sQ SU4WYZ  'LHVH µEHUOHJXQJ OLHJW RHQVLFKWOLFKDXFKGHUREHQVFKRQHUZ½KQWHQ3DVVDJHLQ'HGHFHPGXELWDWLRQL EXV]XJUXQGHQDFKGHUGHU*HLVWLQVRIHUQHUGHU3URYLGHQ]XQWHUJHRUGQHWLVW QDFKGHP*XWHQVWUHEW0LWDQGHUHQ:RUWHQ'HU*HLVWLVWQLFKWGDV*XWH VHOEVWVRQGHUQHUKDWGDV*XWHXQGLQVRIHUQVWHKWGDV*XWHÕEHUGHP*HLVW 8QWHU GLHVHP *HVLFKWVSXQNW EHWUDFKWHW VWHKW %RHWKLXV 3ORWLQ Q½KHU DOV 3UR NORV:LHDXV%XFK,,,GHU3KLORVRSKLDHFRQVRODWLRHUVLFKWOLFKLVWEHVWLPPWHUGLH JÏWWOLFKHVXEVWDQWLDDXIGLHHUVLFKLQGHQEHLGHQGDUDXIIROJHQGHQ%ÕFKHUQPLW GHP %HJUL SURYLGHQWLD EH]LHKW DOV GDV *XWH VHOEVW KLHULQ WHLOW HU 3URNORVn $XIIDVVXQJ$EHUDQGHUVDOV3URNORVYHUZHQGHW%RHWKLXVLQVHLQHU(UÏUWHUXQJ GHU1DWXUGHV*XWHQGHQ%HJULGHU$XWDUNLHVX"FLHQWLD :LHIÕU3ORWLQLVW DXFKIÕU%RHWKLXVGDV*XWHDXWDUNDQGHUQIDOOVPDQJHOWHGHP*XWHQHWZDV 0DQJHO DEHU ZÕUGH EHGHXWHQ GDVV *RWW QLFKW UHUXP RPQLXP SULQFHSV Z½UH 9LHOPHKU J½EH HV HLQH KÏKHUH ,QVWDQ] SUDHVWDQWLXV DOLTXLG  GLH LP %HVLW] GHV YROOHQGHWHQ *XWHQ Z½UH SHUIHFWXP SRVVLGHQV ERQXP  'LHVHV 5HJUHVV$UJX PHQW PDFKWGHQ8QWHUVFKLHGGHU $XIIDVVXQJ GHV %RHWKLXV]X GHU GHV 3UR NORV GHXWOLFK GHU DXV V\VWHPDWLVFKHQ *UÕQGHQ QLFKW VDJHQ NRQQWH GDVV GDV w(UVW*XWHkLQYROOHQGHWHP%HVLW]GHV*XWHQVHL%RHWKLXVGDJHJHQDUJXPHQ WLHUWYRP%HJULGHVVXPPXP ERQXPDXVGDVDOVVROFKHVDOOHV*XWHHQWK½OW 'HQ”YROONRPPHQHQ=XVWDQG…GHULQGHU”9HUVDPPOXQJDOOHV*XWHQ…EHVWHKW QHQQWHU”*OÕFNVHOLJNHLW…EHDWLWXGR 'DEHDWLWXGRGDVVXPPXPERQXPLVWXQG *RWWPLWGHPVXPPXPERQXPLGHQWL]LHUWZLUGEH]HLFKQHW%RHWKLXVGLH6XE VWDQ]*RWWHVDXFKPLW”LSVDEHDWLWXGR…E]Z”SOHQDEHDWLWXGR…3URNORVn$UJX PHQWDWLRQ JHJHQ GLH $XWDUNLH GHV *XWHQ VFKHLQW DOVR JHJHQ %RHWKLXV QLFKW ]XO½VVLJ GD GLHVHU XQWHU GHP w*XWHQ VHOEVWk GDVMHQLJH :HVHQ YHUVWHKW GDV GXUFKYROONRPPHQH*OÕFNVHOLJNHLWDXVJH]HLFKQHWLVWLQVRIHUQHVDOOHV*XWHLQ  

 9JO3URFOXV7KH(OHPHQWVRI7KHRORJ\S  6LHKH$QP   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,,,FDS&&6/ S”e FRQFOXGHUHOLFHWGHLTXRTXHLQLSVRERQRQHFXVTXDPDOLRVLWDPHVVHVXEVWDQWLDP…   9JO %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE ,,, FDS   &&6/   S  ”4XL XHURHJHWDOLTXRQRQHVWXVTXHTXDTXHVLELLSVHVXIFLHQV…9JODXFKLELGOLE,,,FDS &&6/ S   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,,,FDS&&6/ S   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,,,FDS&&6/ S”4XDUHQH LQ LQQLWXP UDWLR SURGHDW FRQWHQGXP HVW VXPPXP GHXP VXPPL SHUIHFWL ERQL HVVH SOHQLVVLPXPe…   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,,,FDS&&6/ S”eFXQFWDe LQWUDVHERQDFRQWLQHQV…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,,,FDS&&6/ S   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,,,FDS&&6/ S   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,,,FDS&&6/ S 





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

VLFK HQWK½OW 'LHVHV :HVHQ LGHQWL]LHUW %RHWKLXV PLW *RWW XQG ZHLO HWZDV ”%HVVHUHV…DOV*RWWQLFKWJHGDFKWZHUGHQNDQQPXVV*RWWLP”%HVLW]…SRVVL GHQV DOOHV*XWHQVHLQ  'HU%HJULGHUSRVVHVVLRNRPPWLQ%RHWKLXVn'HQLWLRQGHU(ZLJNHLWYRU 'DVV*RWWHZLJLVWEHVDJWGHPQDFKGDVV*RWWGDV/HEHQ”JDQ]]XJOHLFK…XQG ”YROONRPPHQ…EHVLW]W.HLQLQGHU=HLWOHEHQGHV,QGLYLGXXPNDQQGDV/HEHQ LQGLHVHU:HLVHwEHVLW]HQkGDHVHLQHQ$QIDQJXQGHLQ(QGHLQGHU=HLWKDW *RWWHV/HEHQLVWGHVKDOE”XQEHJUHQ]EDU…LQWHUPLQDELOLV (VVWHOOWVLFKGLH)UD JHPLWZHOFKHP5HFKWPDQHLQ/HEHQGDVNHLQHQ$QIDQJXQGNHLQ(QGHKDW w/HEHQkQHQQW9LHOOHLFKWNDQQPDQGLHVVRYHUVWHKHQGDVV*RWWHV/HEHQGHU ,QEHJUL DOOHQ /HEHQV LVW HEHQVR ZLH *RWWHV *XWVHLQ DOVVXPPXP ERQXP GHU ,QEHJULDOOHV*XWHQLVW$EHUDXFKVREOHLEWGLH)UDJH:LHO½VVWVLFKEHJUHL IHQ GDVV GLH SRVVHVVLR GHV /HEHQV SHUIHFWD LVW *RWWHV /HEHQ DEHU LQWHUPLQDELOLV" ,PSOL]LHUW QLFKW GHU *HGDQNH YROONRPPHQHQ %HVLW]HV GHQ *HGDQNHQ HLQHU %HJUHQ]XQJ RGHU %HVWLPPXQJ GHV %HVHVVHQHQ" (LQH ½KQOLFKH (UZ½JXQJ VFKHLQWEHL3URNORVHLQH5ROOH]XVSLHOHQ'DV$XWDUNHZHOFKHVGDV*XWH”EH VLW]W… NHNWKPjQRQ  LVW ”YROO GHV *XWHQ… XQG QLFKW GDV ”VFKOHFKWKLQ *XWH… VRQGHUQHVKDWDQGLHVHPWHLOPHWj[RQ GRFKGDVZDVDP*XWHQWHLOKDWLVW LSVRIDFWREHJUHQ]WSHSjUDVWDL %HJUHQ]WKHLWLVWGHPQDFKDXFKHLQ0HUNPDO GHVw6HLHQGHQkZLHHVVLFK3DUPHQLGHVYRQ(OHDJHGDFKWKDWDXIGHVVHQ3KLOR VRSKLHOHW]WOLFK%RHWKLXVn.RQ]HSWLRQGHU(ZLJNHLW]XUÕFNJHKW”$EHUGD>HV VFLOGDV6HLHQGH@HLQH½XVVHUVWH*UHQ]HSHoUDZ >KDW@LVWHVYRQDOOHQ6HLWHQ YROOHQGHW ½KQOLFK GHU 0DVVH HLQHU ZRKOJHUXQGHWHQ .XJHO e… %RHWKLXV 



 %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,,,FDS&&6/ S”eFXPQL KLOGHRPHOLXVH[FRJLWDULTXHDW…   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”$HWHUQLWDVLJL WXUHVWLQWHUPLQDELOLVXLWDHWRWDVLPXOHWSHUIHFWDSRVVHVVLR…   9JO:.QHDOH”7LPHDQG(WHUQLW\LQ7KHRORJ\…LQ3URFHHGLQJVRIWKH$ULVWRWHOLDQ6RFLHW\ 16/;,   6 ”$Q\RQH ZKR OLNH %RHWKLXV VSHDNV RI HWHUQLW\ DV WKH wFRPSOHWHSRVVHVVLRQRIHWHUQDOOLIHDOODWRQFHkVHHPVWRPHWREHUXQQLQJWRJHWKHUWZR LQFRPSDWLEOHQRWLRQVQDPHO\WKDWRIWLPHOHVVQHVVDQGWKDWRIOLIH…)ÕUHLQHDQGHUH(LQ VFK½W]XQJ LQ GHU DXFK GHU %HJUL GHU SRVVHVVLR KHUYRUJHKREHQ ZLUG YHUZHLVH LFK DXI 730F7LJKH”(WHUQLW\DQG7LPHLQ%RHWKLXV…LQ/-7KUR+UVJ +LVWRU\RI3KLOR VRSK\LQWKH0DNLQJ8QLYHUVLW\RI$PHULFD3UHVV 6   3URFOXV7KH(OHPHQWVRI7KHRORJ\S   9JO3URFOXV7KH(OHPHQWVRI7KHRORJ\S'DVDQ(LQKHLW 7HLOKDEHQGHLVWEHJUHQ]W WsJfU»QsZPHWDV[sQSHSjUDVWDL    9JO 3DUPHQLGHV )UDJP  %  LQ 'LH )UDJPHQWH GHU 9RUVRNUDWLNHU HG + 'LHOV :.UDQ] =ÕULFK r +LOGHVKHLP   YRO  S  'LH :HQGXQJ ”WRWD VL PXO…GLHLQ%RHWKLXVn(ZLJNHLWVGHQLWLRQYRUNRPPWO½VVWVLFKDXI)UDJP]XUÕFN IÕKUHQ”(V>GDV6HLHQGH@ZDUQLFKWHLQPDOQRFKZLUGHVHLQPDOVHLQGDHVMHW]W]XJOHLFK JDQ]LVW…QxQVWLQCPRxSgQ s:%HLHUZDOWHV3ORWLQÕEHU(ZLJNHLWXQG=HLW)UDQN





$QGUHDV%½FKOL

QLPPW%H]XJDXIGDV%LOGGHUZRKOJHUXQGHWHQ.XJHOXQG]LWLHUWGLHHQWVSUH FKHQGH =HLOH DXV GHP *HGLFKW GHV 3DUPHQLGHV XP VR GLH 6XEVWDQ] *RWWHV ELOGOLFK GDU]XVWHOOHQ 'LHVH &KDUDNWHULVLHUXQJ ZHLVW YRUDXV DXI GLH 'DUVWHO OXQJGHU3URYLGHQ]DOV0LWWHOSXQNWNRQ]HQWULVFKHU.UHLVHLQ%XFK,9  'HU 8PVWDQG GDVV %RHWKLXV DQO½VVOLFK VHLQHU %HVFKUHLEXQJ GHU JÏWWOLFKHQ 6XEVWDQ] 3DUPHQLGHV ]LWLHUW EHGHXWHW DOOHUGLQJV QLFKW GDVV HU GLHVH DOV wEH JUHQ]Wk DXIIDVVW (V LVW MHGRFK DXII½OOLJ GDVV %RHWKLXV ZLH GHU HEHQ ]LWLHUWHQ 6WHOOH]XHQWQHKPHQLVWVRUHGHWDOVK½WWH3DUPHQLGHVPLWGHP”6HLHQGHQ…Ws ?rQ GLHGLYLQDVXEVWDQWLDJHPHLQW+LHUZLUGGLH$QVLFKWGHU1HXSODWRQLNHUHU NHQQEDUGLHGHQ*HLVWQRxZ PLWGHPw6HLHQGHQkGHV3DUPHQLGHVJOHLFKVHW] WHQ(VKDWVLFKDEHUJH]HLJWGDVV%RHWKLXVLQGHU$UWXQG:HLVHLQGHUHU GLH6XEVWDQ]*RWWHVPLWGHP*XWHQVHOEVWLGHQWL]LHUWYRQ3URNORVDEZHLFKW (V EOHLEW ]X IUDJHQ LQZLHIHUQ EHL %RHWKLXV GHU w%HVLW]k GHV XQEHJUHQ]EDUHQ /HEHQVGDV%HVHVVHQHEHJUHQ]WE]ZEHVWLPPW(LQH$QWZRUWDXIGLHVH)UDJH ZLUG LP  $EVFKQLWW ]X JHEHQ YHUVXFKW ZR *RWWHV FRPSUHKHQVLR JHQDXHU ]X EHWUDFKWHQLVW,P+LQEOLFNGDUDXILVWHVEHGHXWVDPGDVV%RHWKLXVGHQ%HJUL GHUFRPSUHKHQVLRGHUGDV:LVVHQ*RWWHVEHWUL$GHP%HJULGHUSRVVHVVLRGHU GLH6XEVWDQ]*RWWHVEHWUL$DQJOHLFKW 

IXUWD0 6KDWJH]HLJWGDVVGLH”HQWVFKHLGHQGH4XHOOH…IÕU%RHWKLXVn (ZLJNHLWVEHJUL 3ORWLQ (QQ ,,,  LVW 3ORWLQ KDW VHLQHUVHLWV 3DUPHQLGHV UH]LSLHUW YJO %HLHUZDOWHVLELG6   %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE ,,, FDS   &&6/   S  ”(D HVW HQLPGLXLQDHIRUPDVXEVWDQWLDHXWQHTXHLQH[WHUQDGLODEDWXUQHFLQVHH[WHUQXPDOLTXLG LSVD VXVFLSLDW VHG VLFXW GH HD 3DUPHQLGHV DLW e UHUXP RUEHP PRELOHP URWDW GXP VH LPPRELOHPLSVDFRQVHUXDW…   9JO3ORWLQ(QQ9ZRQDFK3DUPHQLGHVGDV6HLHQGHXQGGHQ*HLVWPLWHLQDQGHU LGHQWL]LHUWKDEHHzZWD>WsVXQlJHQŒQNDnQRxQ ,P+LQWHUJUXQGGLHVHU,QWHUSUHWDWLRQ VWHKWGLHQHXSODWRQLVFKH,QWHUSUHWDWLRQGHV3ODWRQLVFKHQ'LDORJV 3DUPHQLGHVGHUJHP½VV GLHOLWHUDULVFKH)LJXU3DUPHQLGHVGHQ]ZHLWHQ7HLOGLHVHV'LDORJVPLW GHU”+\SRWKHVH… GHV KLVWRULVFKHQ 3DUPHQLGHV EHJLQQW GK PLW GHP VHLHQGHQ (LQHQ E]Z GHP (LQHQ 6HLHQGHQ XP YRQ GD DXV ]XP ”YRUDXVVHW]XQJVORVHQ $QIDQJ… GHP (LQHQ ”MHQVHLWV GHV 6HLQV… ]X JHODQJHQ 9JO 3URFOXVn .RPPHQWDU LQ 3URFOXV &RPPHQWDULXP LQ 3ODWRQLV 3DUPHQLGHP3URFOL3KLORVRSKL3ODWRQLFL2SHUD,QHGLWDSDUVWHUWLDHG9&RXVLQ+LOGHVKHLP  6S'DDEHUGDV(LQHMHQVHLWVGHV6HLQVLVWLVWHVDXFKQLFKWLP HLJHQWOLFKHQ 6LQQ wHZLJk LQVRIHUQ ”GDV (ZLJH… Ws Dz4QLRQ  HW\PRORJLVLHUHQG PLW GHP ”LPPHU6HLHQGHQ…WsÎHn‹Q JOHLFKJHVHW]WZLUG9JO 3URFOXV7KH(OHPHQWVRI7KHRORJ\ SYJODXFKS”$OOWKDWLVHWHUQDOKDV%HLQJe…   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”4XRGLJLWXU LQWHUPLQDELOLVXLWDHSOHQLWXGLQHPWRWDPSDULWHUFRPSUHKHQGLWDFSRVVLGHWFXLQHTXHIX WXUL TXLFTXDP DEVLW QHF SUDHWHULWL X[HULW LG DHWHUQXP HVVH LXUH SHUKLEHWXU LGTXH QH FHVVH HVW HW VXL FRPSRV SUDHVHQV VLEL VHPSHU DVVLVWHUH HW LQQLWDWHP PRELOLV WHPSRULV KDEHUHSUDHVHQWHP…





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

,QWXLWXVGLYLQXV'LH1RWZHQGLJNHLWGHV.RQWLQJHQWHQXQG%RHWKLXVn8QWHUVFKHLGXQJ ]ZLVFKHQ3URYLGHQ]XQG)DWXP  %RHWKLXVVFKOLHVVWGLHREHQLP$EVFKQLWW]LWLHUWH3DVVDJHLQGHUHUGDV9HU K½OWQLVYRQ3URYLGHQ]XQG)DWXPYHUPLWWHOVGHV%LOGHVNRQ]HQWULVFKHU.UHLVH GDUVWHOOWIROJHQGHUPDVVHQDE”4XRGVLVXSHUQDHPHQWLVKDHVHULWUPLWDWLPR WX FDUHQV IDWL TXRTXH VXSHUJUHGLWXU QHFHVVLWDWHP… 'DV =LHO YRQ %RHWKLXVn $UJXPHQWDWLRQLVWGHU1DFKZHLVGDVV]ZDUDOOHVZDVLP8QLYHUVXPJHVFKLHKW GHU3URYLGHQ]XQWHUVWHKWDEHUQLFKWDOOHVGHU1RWZHQGLJNHLWGHV)DWXPVXQ WHUZRUIHQLVW(UZLOO]HLJHQGDVV(QWVFKHLGXQJVIUHLKHLWOLEHUXPDUELWULXP XQG XQLYHUVHOOH 3URYLGHQ] PLWHLQDQGHU YHUHLQEDU VLQG )DWXP LVW PLW %HZHJXQJ PRWXV  YHUEXQGHQ XQG 3URYLGHQ] PLW 6WDELOLW½W 'DVMHQLJH ZDV GDV )DWXP WUDQV]HQGLHUWVXSHUJUHGLWXU LVWIUHLYRQ%HZHJXQJPRWXFDUHQV XQGGHVKDOELQ JHZLVVHU+LQVLFKWDXFKVWDELO'LHVH%H]LHKXQJ]ZLVFKHQ6WDELOLW½WXQG%H ZHJXQJZLUGGXUFKGDV%LOGGHUXPHLQUXKHQGHV=HQWUXPURWLHUHQGHQ.UHL VHYHUPLWWHOW'RFKQDFKGLHVHP%LOGGUHKWVLFKGHULQQHUVWH.UHLVRUELVLQWL PXV XPVHLQHQ0LWWHOSXQNWGHQJÏWWOLFKHQ*HLVWVHLQH6WDELOLW½WLVWGDKHUUH ODWLY ]XU %HZHJXQJ GHU ½XVVHUHQ .UHLVH GHUHQ 'UHKSXQNW FDUGR  HU LVW 'LH 'DUVWHOOXQJ GHU 0LWWH DOV 'UHKSXQNW HUIRUGHUW HLQH 3U½]LVLHUXQJ GXUFK GHQ %HJUL GHV JHRPHWULVFKHQ 0LWWHOSXQNWHV ZHLO VRQVW GLH 6WDELOLW½W GHV =HQ WUXPV LPPHU QXU UHODWLY Z½UH ]XU 5RWDWLRQ GHU ½XVVHUHQ .UHLVH ,Q GLHVHP 6LQQH ZLUG GLH 6WDELOLW½W GHV JÏWWOLFKHQ *HLVWHV LQ3KLORVRSKLDH FRQVRODWLR ,9   PLW VHLQHU(LQIDFKKHLW VLPSOLFLWDV  EHJUÕQGHW GLH LKUHUVHLWV DOV 8QWHLOEDU NHLW LQGLYLGXLWDV  HUO½XWHUW ZLUG GKPLW %H]XJ DXI GLH (LJHQVFKD GHV JHR PHWULVFKHQ3XQNWHV'HU0LWWHOSXQNWYHUK½OWVLFK]XP.UHLVZLHGLH8UVD FKH]XLKUHU:LUNXQJ'HU%HJULGHU(LQIDFKKHLWHUPÏJOLFKWHLQHSU½]LVHUH 8QWHUVFKHLGXQJ ]ZLVFKHQ GHP ZDV VRZRKO GHU 3URYLGHQ] DOV DXFK GHP )D WXPXQWHUVWHKWXQGGHPZDVQXUGHU3URYLGHQ]QLFKWDEHUGHP)DWXPXQ WHUVWHKW'HQQGLH(LQIDFKKHLWGHU0LWWHXQGGHVVHQZDVGHU0LWWHQDKHLVW VWHKWLP*HJHQVDW]]XU.RPSOH[LW½WGHVVHQZDVYRQGHU0LWWHZHLWHUHQWIHUQW LVWZREHLXQWHUw.RPSOH[LW½WkGLH.RPSOH[LW½WNDXVDOHU$EK½QJLJNHLW]XYHU VWHKHQLVW0LWDQGHUHQ:RUWHQ'DVZDVGHPJÏWWOLFKHQ*HLVWQDKHVWHKWLVW GHVKDOEHLQIDFKXQGGDPLWVWDELOZHLOHVGLUHNWYRQLKPDEK½QJWZ½KUHQGGDV ZDVZHLWHUHQWIHUQWLVWQXULQHLQHPLQGLUHNWHQ$EK½QJLJNHLWVYHUK½OWQLVVWHKW  

 %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S”eVWDELOLWHU [De…   9JO %RHWKLXV3KLORVRSKLDH FRQVRODWLR OLE ,9 FDS  &&6/   SXQG3UR FOXV'HFHPGXELWDWLRQHV,SVLHKHGHQLQ$QP]LWLHUWHQ7H[W    9JO3URFOXV'HFHPGXELWDWLRQHV,S”eVLTXLGHPFDXVDFHQWUXPFDXVDWXPDX WHPFLUFXOXV… 





$QGUHDV%½FKOL

XQGGDPLWLQKÏKHUHP0DVVHGHP)DWXPXQWHUOLHJW'LH8PGUHKXQJGHV½X VVHUHQ.UHLVHVZLUGGXUFKGLHGHVLQQHUHQ.UHLVHVYHUXUVDFKW'LH.RPSOH[LW½W GHUNDXVDOHQ$EK½QJLJNHLWGKGLHVHULHVIDWLGLHLP.RQWUDVW]XU(LQIDFKKHLW XQG6WDELOLW½WGHU3URYLGHQ]DOVPRELOLVEH]HLFKQHWZLUGEHUXKWVRPLWDXIGHU $NWLYLW½W YRQ =ZHLWXUVDFKHQ 'LHVH LQLWLLHUHQ GLH %HZHJXQJ GHV +LPPHOV XQGGHU6WHUQHXQGELOGHQGHQ5DKPHQLQGHPGDVUDXP]HLWOLFKH*HVFKHKHQ GHU:HOWXQGGHUPHQVFKOLFKHQ+DQGOXQJHQDXIVHLQH8UVDFKHQKLQ]XXQWHU VXFKHQLVW'DPLWVWHOOWVLFKGLH)UDJHZLHPDQLP+LQEOLFNDXIGDVUDXP ]HLWOLFKH *HVFKHKHQ GHU :HOW )DWXP XQG 3URYLGHQ] XQWHUVFKHLGHQ NDQQ %RHWKLXVEHDQWZRUWHWGLHVH)UDJHVR ”2PQLXP JHQHUDWLR UHUXP FXQFWXVTXH PXWDELOLXP QDWXUDUXP SURJUHVVXV HW TXLF TXLG DOLTXR PRXHWXU PRGR FDXVDV RUGLQHP IRUPDV H[ GLXLQDH PHQWLV VWDELOLWDWH VRUWLWXU +DHF LQ VXDH VLPSOLFLWDWLV DUFH FRPSRVLWD PXOWLSOLFHP UHEXV JHUHQGLV PR GXP VWDWXLW 4XL PRGXV FXP LQ LSVD GLXLQDH LQWHOOHJHQWLDH SXULWDWH FRQVSLFLWXU SURXLGHQWLDQRPLQDWXUFXPXHURDGHDTXDHPRXHWDWTXHGLVSRQLWUHIHUWXUIDWXPD XHWHULEXVDSSHOODWXPHVW…

%RHWKLXV IÕKUWDQGLHVHU6WHOOHGHQ8QWHUVFKLHGYRQSURYLGHQWLDXQGIDWXPHLQ LQGHPHUGHQ%HUHLFKGHV,QVWDELOHQZRGLH'LQJHGHU(QWVWHKXQJGHU9HU ½QGHUXQJXQGÕEHUKDXSWGHU%HZHJXQJXQWHUZRUIHQVLQGYRQGHU”6WDELOLW½W… GHV JÏWWOLFKHQ *HLVWHV DEJUHQ]W $OOH 'LQJH LP %HUHLFK GHV ,QVWDELOHQ VLQG KLQVLFKWOLFKLKUHU8UVDFKHQLKUHU2UGQXQJXQGLKUHU)RUPYRQGHUGLYLQDLQ WHOOHJHQWLDDEK½QJLJXQG]ZDUGHUDUWGDVVGLHVHGLHYLHOI½OWLJH:HLVHPXOWLSOLFHP PRGXP GHV*HVFKHKHQVIHVWJHOHJWKDWVWDWXLW 'LHVHUPRGXVEH]LHKWVLFKHLQHU VHLWVDXIGLH(LQIDFKKHLWGHVJÏWWOLFKHQ*HLVWHVXQGZLUG”3URYLGHQ]…JHQDQQW DQGHUHUVHLWVEH]LHKWHUVLFKDXIGLH:LUNXQJHQGHULQWHOOHJHQWLDLP%HUHLFKGHV ,QVWDELOHQ XQG ZLUG w)DWXPk JHQDQQW 'HU 6LQQ GLHVHU 8QWHUVFKHLGXQJ LVW HV RHQEDU]XJHZ½KUOHLVWHQGDVVGLH9LHOI½OWLJNHLWGHU:LUNXQJVZHLVHGHU3UR YLGHQ]PXOWLSOH[PRGXV GXUFKGLHGDV*HVFKHKHQIHVWJHOHJWZLUGYHUHLQEDULVW  

 9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S  9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S ”(DVHULHVFDHOXPDFVLGHUDPRXHWHOHPHQWDLQVHLQXLFHPWHPSHUDWHWDOWHUQDFRPPXWD WLRQH WUDQVIRUPDW HDGHP QDVFHQWLD RFFLGHQWLDTXH RPQLD SHU VLPLOHV IHWXXP VHPLQXP TXHUHQRXDWSURJUHVVXV+DHFDFWXVHWLDPIRUWXQDVTXHKRPLQXPLQGLVVROXELOLFDXVDUXP FRQH[LRQHFRQVWULQJLWe…   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S   =XP KLVWRULVFKHQ +LQWHUJUXQG GLHVHU 8QWHUVFKHLGXQJ YJO 3+XEHU 'LH 9HUHLQEDUNHLW YRQ JÏWWOLFKHU 9RUVHKXQJ XQG PHQVFKOLFKHU )UHLKHLW LQ GHU ”&RQVRODWLR 3KLORVRSKLDH… GHV %RHWKLXV =ÕULFK   6 YJO MHW]W DXFK ) 5HJHQ 3UDHVFLHQWLD 9RUDXVZLVVHQ *RWWHV XQG :LOOHQVIUHLKHLW GHV 0HQVFKHQ LQ GHU &RQVRODWLR 3KLORVRSKLDH GHV %RHWKLXV *ÏWWLQJHQ   6 





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

PLWGHU(LQIDFKKHLWGHVJÏWWOLFKHQ*HLVWHV'HVKDOEPÕVVHQ)DWXPXQG3URYL GHQ] XQWHUVFKLHGHQ ZHUGHQ ”1DP SURXLGHQWLD HVW LSVD LOOD GLXLQD UDWLR LQ VXPPRRPQLXPSULQFLSHFRQVWLWXWDTXDHFXQFWDGLVSRQLWIDWXPXHURLQKDH UHQVUHEXVPRELOLEXVGLVSRVLWLRSHUTXDPSURXLGHQWLDVXLVTXDHTXHQHFWLWRU GLQLEXV… ,QZLHIHUQ EULQJHQ GLHVH %HVWLPPXQJHQ GLH 9HUVFKLHGHQKHLW YRQ 3URYLGHQ]XQG)DWXP]XP$XVGUXFN".ÏQQWHPDQQLFKWGLHGLVSRVLWLRGHUUHV PRELOHVGXUFKGLHSHUTXDP GLHGLYLQDUDWLRRSHULHUWGLVSRQLW HLQIDFKPLWGHU GLYLQDUDWLRLGHQWL]LHUHQ")ÕU%RHWKLXVK½QJWMHGRFKGLH9HUVFKLHGHQKHLWPLW GHU8QWHUVFKHLGXQJYRQ(ZLJNHLWXQG=HLW]XVDPPHQ'LHVNRPPWVFKRQLQ GHU %HVWLPPXQJ GHU 3URYLGHQ] ]XP $XVGUXFN ZRQDFK GLHVHFXQFWD GLVSRQLW $OOHV LP 8QLYHUVXP XQWHUVWHKW GHU 3URYLGHQ] ”LQ JOHLFKHU :HLVH SDULWHU … ”3URXLGHQWLD QDPTXH FXQFWD SDULWHU TXDPXLV GLXHUVD TXDPXLV LQQLWD FRP SOHFWLWXU e… Z½KUHQG GHP )DWXP GLH HLQ]HOQHQ 'LQJH VLQJXOD  LQ 5DXP XQG=HLWXQWHUVWHOOWVLQG”eIDWXPXHURVLQJXODGLJHULWLQPRWXPORFLVIRU PLVDFWHPSRULEXVGLVWULEXWDe…$XIGHU*UXQGODJHGLHVHU8QWHUVFKHLGXQJ YHUVXFKW%RHWKLXVGDV3UREOHPGHU)UHLKHLWGHV:LOOHQVXQGGHUVRJHQDQQWHQ FRQWLQJHQWLD IXWXUD ]X OÏVHQ 6HLQH /ÏVXQJ LVW LQ GHU )RUVFKXQJ YLHO GLVNXWLHUW ZRUGHQLPIROJHQGHQEHVFKU½QNHLFKPLFKDXIHLQHQ$VSHNWGHV3UREOHPV GDV PLW GHU $QQDKPH YHUEXQGHQ LVW 3URYLGHQ] VHL PLW GHU .RQWLQJHQ] GHV *HVFKHKHQVYHUHLQEDUs=XQ½FKVWIRUPXOLHUW%RHWKLXVGDV3UREOHP ”+LFVLGLFDVTXRGHXHQWXUXPGHXVXLGHWLGQRQHXHQLUHQRQSRVVHTXRGDXWHPQRQ SRWHVW QRQ HXHQLUH LG H[ QHFHVVLWDWH FRQWLQJHUH PHTXH DG KRF QRPHQ QHFHVVLWDWLV DGVWULQJDV IDWHERU UHP TXLGHP VROLGLVVLPDH XHULWDWLV VHG FXL XL[ DOLTXLV QLVL GLXLQL VSHFXODWRUDFFHVVHULW…

$Q]XPHUNHQ LVW GDVV GHU 7HLOVDW] ”PHTXH DG KRF QRPHQ QHFHVVLWDWLV DGVWULQJDV… QRFK]XU3UREOHPVWHOOXQJJHKÏUWGDVVDOVR”KRFQRPHQQHFHVVLWDWLV…7HLOGHV3UR EOHPV LVW DXI GDV %RHWKLXV DQWZRUWHW ”5HVSRQGHER QDPTXH LGHP IXWXUXP  

 %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S+LHULVWHLQ *HJHQVDW]]XUVWRLVFKHQ$XIIDVVXQJIHVW]XVWHOOHQQDFKGHU3URYLGHQ]XQG)DWXPQLFKW YHUVFKLHGHQ VLQG YJO + 'ÏUULH ”'HU %HJUL w3URQRLDk LQ 6WRD XQG 3ODWRQLVPXV… LQ )UHLEXUJHU=HLWVFKUL IÕU3KLORVRSKLHXQG7KHRORJLH 6   'LHVZDUPXWDWLVPXWDQGLVGLH$XIIDVVXQJGHU6WRLNHUVLHKH$QP    %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S'LH)RUWVHW ]XQJODXWHW”eXWKDHFWHPSRUDOLVRUGLQLVH[SOLFDWLRLQGLXLQDHPHQWLVDGXQDWDSURVSHF WXPSURXLGHQWLDVLWHDGHPXHURDGXQDWLRGLJHVWDDWTXHH[SOLFDWDWHPSRULEXVIDWXPXR FHWXU…   (LQHQJXWHQµEHUEOLFNÕEHUGLH)RUVFKXQJVODJHELHWHW5:6KDUSOHV &LFHUR2Q)DWH DQG%RHWKLXV7KH&RQVRODWLRQRI3KLORVRSK\,99(GLWLRQZLWK,QWURGXFWLRQ7UDQVOD WLRQDQG&RPPHQWDU\:DUPLQVWHU    %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S





$QGUHDV%½FKOL

FXPDGGLXLQDPQRWLRQHPUHIHUWXUQHFHVVDULXPFXPXHURLQVXDQDWXUDSHU SHQGLWXUOLEHUXPSURUVXVDWTXHDEVROXWXPXLGHUL…'LH]ZHLIDFKH+LQVLFKW LQGHUKLHUHLQNRQWLQJHQWHV]XNÕQ LJHV*HVFKHKHQEHWUDFKWHWZLUGQ½POLFK HLQHUVHLWV PLW %H]XJ DXI GLHGLYLQD QRWLR GLH 3URYLGHQ] XQG DQGHUHUVHLWV PLW %H]XJ DXI GHVVHQ HLJHQH 1DWXU HULQQHUW DQ GLH REHQ HUZ½KQWH 8QWHUVFKHL GXQJ]ZLVFKHQ3URYLGHQ]XQG)DWXP'HUPRGXVGXUFKGHQGLH3URYLGHQ]GDV *HVFKHKHQ LP %HUHLFK GHV ,QVWDELOHQ IHVWOHJW NDQQ DOV 3URYLGHQ] EH]HLFKQHW ZHUGHQZHQQHUDXIVHLQHQ8UVSUXQJEH]RJHQZLUGGHUDOVVWDELOXQGHLQIDFK FKDUDNWHULVLHUW ZLUG GHUVHOEH PRGXV ZLUG DOV )DWXP EH]HLFKQHW ZHQQ HU DXI GLH ]HLWOLFKHQ :LUNXQJHQ GHU 3URYLGHQ] EH]RJHQ ZLUG %RHWKLXVn (UNO½UXQJ VHLQHU$QWZRUWELHWHWDOOHUGLQJV6FKZLHULJNHLWHQ(UXQWHUVFKHLGHW]ZHL$UWHQ GHU1RWZHQGLJNHLWHLQHHLQIDFKHVLPSOH[XQD XQGHLQHEHGLQJWHDOWHUDFRQGL FLRQLV  'HU %HJUL GHU HLQIDFKHQ 1RWZHQGLJNHLW VFKHLQW XQSUREOHPDWLVFK ”(VLVWQRWZHQGLJGDVVDOOH0HQVFKHQVWHUEOLFKVLQG…GLH1RWZHQGLJNHLWEH UXKWKLHUGDUDXIGDVV0HQVFKHQDOVVWHUEOLFKH:HVHQGHQLHUWVLQG'HU%HL VSLHOVDW]IÕUGLHEHGLQJWH1RWZHQGLJNHLWVFKHLQWDOOHUGLQJVEHGHQNOLFK”:HQQ GXZHLVVWGDVVMHPDQGVSD]LHUWGDQQLVWHVQRWZHQGLJGDVVHUVSD]LHUW…:LH LVWGLHVH1RWZHQGLJNHLW]XYHUVWHKHQ"'LH6DFKHVFKHLQWNODUZHQQPDQHLQH IUÕKHUH3DVVDJHEHUÕFNVLFKWLJW+LHUZLUGIROJHQGHUPDVVHQDUJXPHQWLHUW:HQQ MHPDQGVLW]WGDQQLVWGLH0HLQXQJGDVVHUVLW]WQRWZHQGLJHUZHLVHZDKUXQG XPJHNHKUW:HQQGLH0HLQXQJGDVVHUVLW]WYRQMHPDQGHPZDKULVWGDQQLVW HV QRWZHQGLJ GDVV HU VLW]W %H]ÕJOLFK GHU 1RWZHQGLJNHLW XP GLH HV KLHU JHKWGU½QJWVLFKDOOHUGLQJVHLQH8QWHUVFKHLGXQJDXIGLHGHU3URSRQHQWGLHVHV $UJXPHQWHVQLFKWLP$XJH]XKDEHQVFKHLQWQ½POLFK]ZLVFKHQGHUQHFHVVLWDV FRQVHTXHQWLDH XQG GHU QHFHVVLWDV FRQVHTXHQWLV 'HU %HLVSLHOVDW] IÕU GLH HUVWH $UW Z½UH”1RWZHQGLJJLOW:HQQLFKYRQMHPDQGHPZHLVVGDVVHUVLW]WGDQQVLW]W HU…%HLVSLHOIÕUGLH]ZHLWH$UWZ½UH”:HQQLFKYRQMHPDQGHPZHLVVGDVVHU VLW]WGDQQVLW]WHUQRWZHQGLJHUZHLVH…%HWUDFKWHWPDQQXQGLHVS½WHUH6WHOOH YRU GHP +LQWHUJUXQG GLHVHU $UJXPHQWDWLRQ GDQQ NÏQQWH PDQ JHJHQ %R 



 %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S  %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ]X GLHVHU 8QWHUVFKHLGXQJYJO+:HLGHPDQQ”'LH8QWHUVFKHLGXQJ]ZLVFKHQHLQIDFKHUXQGEH GLQJWHU1RWZHQGLJNHLWLQGHU3KLORVRSKLDH&RQVRODWLRGHV%RHWKLXV…LQ3KLORVRSKLHJHVFKLFK WHXQGORJLVFKH$QDO\VH 6   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eVLDOL TXHPDPEXODUHVFLDVHXPDPEXODUHQHFHVVHHVW…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ SEHV LELGOLE9FDS”,QXWURTXHLJLWXUQHFHVVLWDVLQHVWLQKRFTXLGHPVHGHQGLDWXHUR LQDOWHURXHULWDWLV…   9JO6KDUSOHV&LFHURRQ)DWH6YJO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS &&6/ S 





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

HWKLXVn /ÏVXQJ HLQZHQGHQ GDVV DXV PHLQHP :LVVHQ GDVV MHPDQG VSD]LHUW QLFKWIROJWGDVVHUQRWZHQGLJHUZHLVHVSD]LHUW:LUGGLHVH/ÏVXQJDOVRGDGXUFK DEJHZHUWHWGDVV%RHWKLXV]ZLVFKHQGHUQHFHVVLWDVFRQVHTXHQWLDHXQGGHUQHFHVVLWDV FRQVHTXHQWLVQLFKWXQWHUVFKHLGHW"(LQHDQJHPHVVHQH$QWZRUWDXIGLHVH)UDJH ZÕUGHHLQHGHWDLOOLHUWH8QWHUVXFKXQJHUIRUGHUQ'RFKVROO%RHWKLXVn/ÏVXQJ KLHUQXUXQWHUGHP*HVLFKWVSXQNWEHWUDFKWHWZHUGHQGDVVwKRFQRPHQQHFHVVLWD WLVk7HLOGHV3UREOHPVLVW  %RHWKLXV ZHQGHW GLH 8QWHUVFKHLGXQJ YRQ EHGLQJWHU XQG HLQIDFKHU 1RW ZHQGLJNHLW DXI GLH %H]LHKXQJ DQ GLH ]ZLVFKHQ GHP JÏWWOLFKHQ :LVVHQ XQG VROFKHQ]XNÕQ LJHQ(UHLJQLVVHQEHVWHKWGLHDXVGHUIUHLHQ(QWVFKHLGXQJUH VXOWLHUHQ”+DHFLJLWXUDGLQWXLWXPUHODWDGLXLQXPQHFHVVDULDXQWSHUFRQGL FLRQHPGLXLQDHQRWLRQLVSHUVHXHURFRQVLGHUDWDDEDEVROXWDQDWXUDHVXDHOL EHUWDWH QRQ GHVLQXQW… 'LHVH /ÏVXQJ GHV 3UREOHPV GHU 9HUHLQEDUNHLW GHU IUHLHQ(QWVFKHLGXQJPLWGHU3URYLGHQ]ZLUGVREHJUÕQGHW, :DVJHZXVVW ZLUGLVWQRWZHQGLJLQGHP6LQQHGDVVHVVLFK”QLFKWDQGHUVYHUKDOWHQNDQQDOV VRZLHHVJHZXVVWZLUG…,, 0LWGHUEHGLQJWHQ1RWZHQGLJNHLWGHV*HZXVV WHQ LVW NHLQH HLQIDFKH 1RWZHQGLJNHLW YHUEXQGHQ GHQQ ,,,  GLH 1RWZHQGLJ NHLW GHV *HZXVVWHQ NRPPW QLFKW GXUFK GHVVHQ HLJHQH 1DWXU ]XVWDQGH VRQ GHUQLVWEHGLQJWGXUFKGDV:LVVHQ,9 :HUDXVIUHLHP:LOOHQVFKUHLWHWGHQ 



 'LHVHQ (LQZDQG KDW $ *UDHVHU HUKREHQ ”%RHWKLXV 7URVW GHU 3KLORVRSKLH… LQ $*UDHVHU,QWHUSUHWDWLRQHQ+DXSWZHUNHGHU3KLORVRSKLH$QWLNH6WXWWJDUW 6”e GLHVH'HXWXQJGHU1RWZHQGLJNHLW>LQ%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS &&6/ S@JLQJGDULQIHKOGD¸%RHWKLXVGLH1RWZHQGLJNHLWGHU,P SOLNDWLRQ:DS →SDOV1RWZHQGLJNHLWMHQHV6DFKYHUKDOWHVPL¸YHUVWHKWYRQGHPLP6DW] SGLH5HGHLVW'LHUHOHYDQWHQ%HLVSLHOHOHJHQGHQ(LQGUXFNQDKHGD¸%RHWKLXVZLHDQ GHUH'HQNHUYRUXQGQDFKLKP]ZLVFKHQGHUQHFHVVLWDVFRQVHTXHQWLDHXQGGHUQHFHVVLWDVFRQ VHTXHQWLVQLFKWXQWHUVFKHLGHW,QVRIHUQLVWGHU+LQZHLVDXIGLHVHwEHGLQJWH1RWZHQGLJNHLWk KLHUQLFKWÕEHUMHGHQ=ZHLIHOHUKDEHQ…   $XV]XJHKHQ Z½UH KLHU YRQ MHQHP 9RUVFKODJ ]XU /ÏVXQJ GHV 3URYLGHQ]SUREOHPV GHQ %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  HUZ½KQW XQGLQOLE9FDS&&6/ SZLHGHUDXIQLPPW'LHVHU9RUVFKODJEHVDJW QDFK%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”1HTXH HQLPQHFHVVHHVVHFRQWLQJHUHTXDHSURXLGHQWXUVHGQHFHVVHHVVHTXDHIXWXUDVLQWSURXL GHUL…=XGLHVHP /ÏVXQJVYRUVFKODJ XQG %RHWKLXV $QWZRUW GDUDXI YJO+ :HLGHPDQQ ”'LH 8QWHUVFKHLGXQJ ]ZLVFKHQ HLQIDFKHU XQG EHGLQJWHU 1RWZHQGLJNHLW LQ GHU 3KLOR VRSKLDH&RQVRODWLRGHV%RHWKLXV…6VLHKH$QP    %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”KDHF…EH ]LHKWVLFKDXIGLHMHQLJHQ]XNÕQ LJHQ(UHLJQLVVHGLHDXVGHUIUHLHQ(QWVFKHLGXQJUHVXO WLHUHQTXDHH[DUELWULLOLEHUWDWHSURYHQLXQW    9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”+DQFHQLP QHFHVVLWDWHPQRQSURSULDIDFLWQDWXUDVHGFRQGLFLRQLVDGLHFWLR…





$QGUHDV%½FKOL

]ZLQJW NHLQH 1RWZHQGLJNHLW 9  :HQQ HU DEHU VFKUHLWHW LVW HV QRWZHQGLJ GDVVHUVFKUHLWHW9, )ÕUGDV:LVVHQ*RWWHVVLQG]XNÕQ LJH(UHLJQLVVHGLH DXVGHUIUHLHQ(QWVFKHLGXQJUHVXOWLHUHQJHJHQZ½UWLJ9,, :DV*RWWDOVJH JHQZ½UWLJ VLHKW LVW QRWZHQGLJ $XV 9,, HUJLEW VLFK %RHWKLXVn /ÏVXQJ ZR QDFKHLQ]XNÕQ LJHVNRQWLQJHQWHV(UHLJQLVPLW%H]XJDXIGDV:LVVHQ*RWWHV DGLQWXLWXPUHODWDGLYLQXP QRWZHQGLJLVWLQ$QEHWUDFKWVHLQHUHLJHQHQ1DWXU MHGRFK NRQWLQJHQW 1DFK %RHWKLXV KDQGHOW HV VLFK GDEHL XP HLQH EHGLQJWH 1RWZHQGLJNHLWGDGLH”HLQIDFKH…1RWZHQGLJNHLWPLWGHU$QQDKPHGHU.RQ WLQJHQ]QLFKWYHUHLQEDUZ½UH*HP½VV,,,NÏQQWHPDQKLHUYRQHLQHUHSLVWHPL VFKHQ1RWZHQGLJNHLWVSUHFKHQYRUDXVJHVHW]WGDVVVLFK,,,LP6LQQHGHUQHFHV VLWDV FRQVHTXHQWLDHLQWHUSUHWLHUHQO½VVW”1RWZHQGLJJLOWZHQQLFKZHLVVGDVVS GHU)DOOLVWGDQQLVWSGHU)DOO… 9LHOOHLFKWZÕUGH,9GLHVH,QWHUSUHWDWLRQVWÕW ]HQ$EHULQ9ZLUGwQRWZHQGLJkQLFKWLP6LQQHHSLVWHPLVFKHU1RWZHQGLJNHLW YHUZHQGHW:HQQLFKVFKUHLWHGDQQLVWHVQRWZHQGLJGDVVLFKVFKUHLWHLQVR IHUQLFKHQWZHGHUVFKUHLWHRGHUQLFKWVFKUHLWH'LHVH1RWZHQGLJNHLWLVW]ZDU EHGLQJW Q½POLFK GXUFK GDV *HVFKHKHQ DEHU HV LVW NHLQH HSLVWHPLVFKH 1RW ZHQGLJNHLW+LHUVFKHLQWDXVGHU6LFKWGHV%RHWKLXVGHU.HUQGHV3UREOHPV]X OLHJHQXQGHQWVSUHFKHQGPXVVKLHUGLH/ÏVXQJDQVHW]HQ  )ÕU%RHWKLXVEHVWHKWNHLQ=ZHLIHOGDVVGDV*HVFKHKHQLP8QLYHUVXPSUR YLGHQWLHOO JHOHQNW LVW ]X NO½UHQ LVW DEHU RE HV (QWVFKHLGXQJVIUHLKHLW JLEW  

 %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eTXDPXLV HXPWXPFXPJUDGLWXULQFHGHUHQHFHVVDULXPVLW…   %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ”$WTXL GHXVHDIXWXUDTXDHH[DUELWULLOLEHUWDWHSURXHQLXQWSUDHVHQWLDFRQWXHWXU…   %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ”e VL TXLG SURXLGHQWLDSUDHVHQVXLGHWLGQHFHVVHHVW…   6KDUSOHV &LFHUR RQ )DWH 6 ÕEHUVHW]W GHQ 6DW] ”TXDPYLV HXP WXP FXP JUDGLWXU LQFHGHUHQHFHVVDULXPVLW…%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS>&&6/@ S VR”$OWKRXJKLWLVQHFHVVDU\WKDWKHPRYHVIRUZDUGDWWKHWLPHZKHQKH ZDONV…,QVHLQHP.RPPHQWDULELG6 LQWHUSUHWLHUWHUGLH1RWZHQGLJNHLWGDKLQ JHKHQGGDVVGDV3U½GLNDWwPRYLQJIRUZDUGkORJLVFKLP3U½GLNDWwZDONLQJkHQWKDOWHQVHL ”1HFHVVDULO\ZDONLQJLQYROYHVPRYLQJIRUZDUGe…'RFKVFKHLQHQPLUIÕUGLH:DKOGHU :RUWIROJHwJUDGLWXULQFHGHUHkHKHUVWLOLVWLVFKH*UÕQGHPDVVJHEHQGJHZHVHQ]XVHLQ'DV 6FKUHLWHQ HLQHV 0HQVFKHQ LVW QRWZHQGLJ GDQQ ZHQQ HU VFKUHLWHW YJO %RHWKLXV 3KLOR VRSKLDHFRQVRODWLROLE9FDS&&6/ S”eVRORULHQVHWJUDGLHQV KRPRTXDHGXP XQWQRQHULQRQSRVVXQWHRUXPWDPHQXQXP>VFLOGDV$XIJHKHQ GHU6RQQH@SULXVTXRTXHTXDP HUHWQHFHVVHHUDWH[VLVWHUHDOWHUXP>VFLOGDV6FKUHLWHQ HLQHV0HQVFKHQ@XHURPLQLPH…   'LHVJHKW]%DXV%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S   KHUYRU ”1HF PLUXP LQTXLW >VFLO GLH *ÏWWLQ 3KLORVRSKLD@ VL TXLG RUGLQLV LJQRUDWD UDWLRQH WHPHUDULXP FRQIXVXPTXH FUHGDWXU VHG WX TXDPXLV FDXVDP WDQWDH





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

%RHWKLXV DUJXPHQWLHUW GDIÕU PLW GHP %HJUL GHU ”UDWLRQDOHQ 1DWXU… (LQHP UDWLRQDOHQ:HVHQ GLHOLEHUWDV DUELWULL DEVSUHFKHQ KLHVVH VHLQH5DWLRQDOLW½W DXI KHEHQ 'LH $XIJDEH GHV 3KLORVRSKHQ EHVWHKW DOVR GDULQ KHUDXV]XQGHQ LQ ZHOFKHP 6LQQH NRQWLQJHQWH (UHLJQLVVH ]XJOHLFK QRWZHQGLJ VLQG $XI GHU *UXQGODJHGHU$UJXPHQWDWLRQVVFKULWWH,9,,NÏQQWHPDQ%RHWKLXVn$QWZRUW YLHOOHLFKWVRHUO½XWHUQ8P]XYHUVWHKHQGDVVNRQWLQJHQWH(UHLJQLVVHQRWZHQ GLJVLQGZHQQPDQVLHDXIGHQLQWXLWXVGLYLQXVEH]LHKWPXVVPDQVLFK]XHUVW GDUÕEHU LP NODUHQ VHLQ GDVV NRQWLQJHQWH (UHLJQLVVH LQ HLQHP XQSUREOHPDWL VFKHQ6LQQYRQwQRWZHQGLJkQRWZHQGLJVLQGQ½POLFKGDQQZHQQYRQDOWHUQD WLYHQ0ÏJOLFKNHLWHQGLHHLQHUHDOLVLHUWXQGGDGXUFKGLHDQGHUHDXVJHVFKORVVHQ ZLUG 6FKULWW 9  %RHWKLXV YHUZHQGHW GLHVHQ *HGDQNHQ GHU 1RWZHQGLJNHLW XP GHP $UJXPHQWHQWJHJHQ]XWUHWHQ GDVV ZHQQ *RWW EH]ÕJOLFK HLQHV NRQ WLQJHQWHQ(UHLJQLVVHVZHLVVZHOFKHUPÏJOLFKH9HUODXIHLQHV*HVFKHKHQVUHDOL VLHUW ZHUGHQ ZLUG VLFK GLHVHV *HVFKHKHQ ”DXV 1RWZHQGLJNHLW… YROO]LHKHQ ZLUG GLHVH 1RWZHQGLJNHLW QHQQW HU ”HLQIDFK… XP VLH YRQ GHU ”EHGLQJWHQ… 1RWZHQGLJNHLW]XXQWHUVFKHLGHQGLHHUDOOHLQGHU6DFKHIÕUDQJHPHVVHQK½OW 'LHV HUVFKHLQW DEHU DOV SUREOHPDWLVFK GD GLH DOOJHPHLQH )RUPXOLHUXQJ GHU ,PSOLNDWLRQ]HLJWGDVVHVVLFKEHLGHUIUDJOLFKHQ1RWZHQGLJNHLWXPHLQHQHFHV VLWDVFRQVHTXHQWLVKDQGHOW:HQQ$ZHLVVGDVVSGHU)DOOLVWGDQQLVWSQRWZHQ GLJHUZHLVHGHU)DOO'HU3XQNWXPGHQHV%RHWKLXVJHKWWULWWEHLJHQDXHUHU %HWUDFKWXQJGHV%HLVSLHOVDW]HV”:HQQ$ZHLVVGDVV%VSD]LHUWGDQQVSD]LHUW % QRWZHQGLJHUZHLVH…  GHXWOLFKHU KHUYRU :HQQ Q½POLFK GDV DQWHFHGHQV QLFKW ODXWHQZÕUGH”$ZHLVVGDVV%VSD]LHUW…VRQGHUQ”$VLHKWGDVV%VSD]LHUW… GDQQ]HLJWHVLFKGDVVHLQHGHU%HGLQJXQJHQIÕU$V:LVVHQGLHLVWGDVV%LQ GHU *HJHQZDUW YRQ $ VSD]LHUW +LHU OLHJW YHUPXWOLFK IÕU %RHWKLXV GHU HQW VFKHLGHQGH 3XQNW GHQQ IÕU *RWWHV :LVVHQ VLQG DOOH 'LQJH JHJHQZ½UWLJ  GLVSRVLWLRQLVLJQRUHVWDPHQTXRQLDPERQXVPXQGXPUHFWRUWHPSHUDWUHFWHHULFXQF WDQHGXELWHV…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eQH TXHHQLPIXHULWXOODUDWLRQDOLVQDWXUDTXLQHLGHPOLEHUWDVDGVLWDUELWULLe…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eH[ QHFHVVLWDWHFRQWLQJHUHe…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”3OXUD HWHQLP GXP XQW VXELHFWD RFXOLV LQWXHPXU XW HD TXDH LQ TXDGULJLV PRGHUDQGLV DWTXH HFWHQGLVIDFHUHVSHFWDQWXUDXULJDHe 1XPLJLWXUTXLFTXDPLOORUXPLWD HULQHFHVVLWDV XOODFRPSHOOLW"…%RHWKLXVEHQXW]WGDV%HLVSLHOGHV=XVFKDXHUVEHLHLQHP:DJHQUHQQHQ DOV$UJXPHQWIÕUGLH9HUHLQEDUNHLWYRQ”9RUKHUZLVVHQ…SUDHVFLHQWLD PLWGHU.RQWLQJHQ] ]XNÕQ LJHU (UHLJQLVVH ”1DP VLFXW VFLHQWLD SUDHVHQWLXP UHUXP QLKLO KLV TXDH XQW LWD SUDHVFLHQWLDIXWXURUXPQLKLOKLVTXDHXHQWXUDVXQWQHFHVVLWDWLVLPSRUWDW…%RHWKLXV3KL ORVRSKLDHFRQVRODWLROLE9FDS>&&6/@S =XP%HJULGHUSUDHVFLHQ WLDVLHKHDXFK$QP   'DULQOLHJWQDFK+XEHU'LH9HUHLQEDUNHLW6GLH”2ULJLQDOLW½WXQG]XJOHLFKGLH3UR





$QGUHDV%½FKOL

$EHUDXFKVRZ½UHGLH)ROJHUXQJ”:HQQ$VLHKWGDVV%VSD]LHUWGDQQVSD]LHUW %QRWZHQGLJHUZHLVH…GHP(LQZDQGDXVJHVHW]WGDVV$V6HKHQXQG%V6SD]LH UHQYRQHLQDQGHUYHUVFKLHGHQVLQGGDVVDOVRDXV$V6HKHQQLFKWGLH1RWZHQ GLJNHLW YRQ %V 6SD]LHUHQ IROJW 'LHVHP 3XQNW VFKHLQW %RHWKLXVn $UJXPHQW QLFKW 5HFKQXQJ ]X WUDJHQ ZHQQ HU VDJW GDVV ”LQ GHUVHOEHQ :HLVH… LQ GHU DXV $V :LVVHQ GLH 1RWZHQGLJNHLW YRQ %V 6SD]LHUHQ IROJH DXFK IROJH GDVV ZHQQ GLH 3URYLGHQ] HWZDV DOV JHJHQZ½UWLJ VHKH GLHVHV QRWZHQGLJ VHL 'HQQ ZLHNDQQ$V:LVVHQYRQ%V6SD]LHUHQPLWGHPGLYLQXVLQWXLWXVEH]ÕJOLFKGHV VHOEHQ*HVFKHKHQVYHUJOLFKHQZHUGHQGD*RWWDOOHV*HVFKHKHQDOVJHJHQZ½U WLJ VLHKW" :HQQ DEHU *RWW DOOHV *HVFKHKHQ DOV JHJHQZ½UWLJ VLHKW GDQQ NDQQ QLFKWVLP8QLYHUVXPJHVFKHKHQRKQHGDVV*RWWHVZHLVVGK*RWWHV:LVVHQ XPIDVVWDOOHVZDVMHLQGHU9HUJDQJHQKHLWJHVFKDKLQGHU*HJHQZDUWJHVFKLHKW XQGLQGHU=XNXQ JHVFKHKHQZLUG'LH6FKZLHULJNHLWKLHUEHWUL$%RHWKL XVn$XIIDVVXQJGHUQHFHVVLWDVFRQGLFLRQLV(UYHUZHQGHWGLHVHQ%HJULPLW%H]XJ DXIGDV:LVVHQNRQWLQJHQWHU(UHLJQLVVHDQVFKHLQHQGRKQH5Õ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n %HLVSLHO IÕU GLH EHGLQJWH 1RWZHQGLJNHLW VL DOLTXHP DPEXODUH VFLDV HXP DPEXODUH QHFHVVH HVW  VFKHLQW GHQ 6FKOXVV DXI GLH JÏWWOLFKH w,QWXLWLRQk QLFKW ]X]XODVVHQ 'LH )UDJH LVW GDQQ RE %RHWKLXVWDWV½FKOLFKGLHVHQ6FKOXVV]LHKW  EOHPDWLNGHU/ÏVXQJGHV%RHWKLXV…  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eHRGHP LJLWXUPRGRe…   9JO %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ”e VFLHQWLDTXRTXHHLXV>GK*RWWHV@RPQHPWHPSRULVVXSHUJUHVVDPRWLRQHPLQVXDHPD QHWVLPSOLFLWDWHSUDHVHQWLDHLQQLWDTXHSUDHWHULWLDFIXWXULVSDWLDFRPSOHFWHQVRPQLDTXD VLLDPJHUXQWXULQVXDVLPSOLFLFRJQLWLRQHFRQVLGHUDW…s+XEHU'LH9HUHLQEDUNHLW6 VFKUHLEW PLW %H]XJ DXI %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ”$WTXL VL HVW GLXLQL KXPDQLTXH SUDHVHQWLV GLJQD FROODWLR XWL XRV XHVWUR KRF WHPSRUDULR SUDHVHQWL TXDHGDP XLGHWLV LWD LOOH RPQL VXR FHUQLW DHWHUQR…  ”:HQQ PDQ ÕEHUKDXSW JÏWWOLFKH XQG PHQVFKOLFKH *HJHQZDUW YHUJOHLFKHQ GDUI GDQQ HUNHQQW *RWW GLH JDQ]H :LUNOLFKNHLW RPQLD  LQ VHLQHU HZLJHQ *HJHQZDUW JHQDX VR ZLH GLH 0HQVFKHQ HLQHQ 7HLO GHU :LUNOLFKNHLW TXDHGDP  LQ ]HLWOLFKHU *HJHQZDUW HUNHQQHQ… +XEHUVLHKWGLH”3UREOHPDWLN…YRQ%RHWKLXVn/ÏVXQJVLHKH$QP GDULQGDVVHUGLH HZLJH XQG GLH ]HLWOLFKH *HJHQZDUW ]XHLQDQGHU LQ %H]LHKXQJ EULQJW 1DFK PHLQHU $XDVVXQJYHUVXFKW%RHWKLXVJHUDGHGLHVHU3UREOHPDWLNJHUHFKW]XZHUGHQ 





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

 %RHWKLXVPHLQWRHQEDUGDVVMHPDQGHPGHUEHKDXSWHW3URYLGHQ]VHLPLW GHU .RQWLQJHQ] GHV *HVFKHKHQV XQYHUHLQEDU GLH (LQVLFKW LQ GLH 6LQJXODULW½W GHVJÏWWOLFKHQ:LVVHQVIHKOW'HU*HJQHUDUJXPHQWLHUW:HQQ*RWWZHLVVGDVV HWZDVJHVFKHKHQZLUGGDQQLVWHVXQPÏJOLFKGDVVHVQLFKWJHVFKLHKWGKHV JHVFKLHKW QRWZHQGLJ %RHWKLXV O½VVW VLFK ”DQ GLHVHQ 1DPHQ GHU 1RWZHQGLJ NHLW ELQGHQ… r HLQH )RUPXOLHUXQJ GLH QDKHOHJW GDVV HU DG KRPLQHP DUJX PHQWLHUW XQG GHP 2SSRQHQWHQ NRQ]HGLHUW GDVV NRQWLQJHQWH (UHLJQLVVH LQ JHZLVVHP6LQQHQRWZHQGLJVLQG)ÕU%RHWKLXVVLQGVLHQRWZHQGLJSHUFRQGLFLR QHPGLYLQDHQRWLRQLVQLFKWMHGRFKLQ$QEHWUDFKWLKUHU”1DWXU…6LHVLQGVRPLW QXUQRWZHQGLJPLW%H]XJDXIGHQLQWXLWXVGLYLQXVRGHUDQGHUVJHVDJW'DVDQWH FHGHQVGHV%HLVSLHOVDW]HV”:HQQ$ZHLVVGDVV%VSD]LHUW…KDWQLFKWGLHVHOEH%H GHXWXQJZLH”ZHQQ*RWWZHLVVGDVV%VSD]LHUW…w*RWWkNDQQQLFKWIÕUw$kVWH KHQGDHVQRWZHQGLJLVWGDVV*RWWZHLVVGDVV%VSD]LHUWQLFKWDEHUGDVVHLQH EHOLHELJH 3HUVRQ $ GLHV ZHLVV 'RFK GDVV w*RWWk IÕU w$k HLQJHVHW]W ZHUGHQ NDQQ OHJW %RHWKLXVn HLJHQH )RUPXOLHUXQJ QDKH (U VFKHLQW VLFK DOOHUGLQJV GHV3UREOHPVEHZXVVW]XVHLQJODXEWMHGRFKQLFKWGDVVHVGHUVROLGLVVLPDYHULWDV EH]ÕJOLFK GHU 1RWZHQGLJNHLW GHV .RQWLQJHQWHQ $EEUXFK WXW 9ROONRPPHQ NODUXQGNRQVHQVI½KLJZ½UHGLH6DFKHQXUIÕUGLHVSHFXODWRUHVGHV*ÏWWOLFKHQ DXIHLQHU6WXIHGHV(UNHQQHQVGLHGHU$GUHVVDWGHV$UJXPHQWVGHU3KLORVRSKLD QRFKQLFKWHUUHLFKWKDW  'HU*HGDQNHGHU1RWZHQGLJNHLWGHV.RQWLQJHQWHQNRPPWZHQLJHUWHFK QLVFK GDULQ ]XP $XVGUXFN GDVV DOOHV LQVRIHUQ HV GHP 5HJLPHQW GHU 3URYL GHQ]XQWHUVWHKWDQHLQH2UGQXQJJHEXQGHQLVW”2UGRHQLPTXLGDPFXQFWD FRPSOHFWLWXU XW TXRG DGVLJQDWD RUGLQLV UDWLRQHGHFHVVHULW KRF OLFHW LQ DOLXP WDPHQ RUGLQHP UHODEDWXU QH TXLG LQ UHJQR SURXLGHQWLDH OLFHDW WHPHULWDWL… 'LHVZLUGPLW%H]XJDXIGHQ%HUHLFKGHV,QVWDELOHQYRQ%RHWKLXVVREHJUÕQ GHWGDVVDOOHVGHUQHFHVVLWDVIDWLXQWHUVWHKW0HLQ6SD]LHUHQJHKHQZ½UH]%HLQ *HVFKHKHQ GDV GHU 1RWZHQGLJNHLW GHV )DWXPV XQWHUVWHKW LQVRIHUQ HV GLHVH RGHU MHQH 8UVDFKHQ KDW $EHU %RHWKLXV PHLQW DXFK GDVV PHLQH (QWVFKHL GXQJVSD]LHUHQ]XJHKHQIUHLLVWYRQGHUQHFHVVLWDVIDWL'DVVPHLQH(QWVFKHL GXQJ wIUHLk LVW VFKHLQW ]X EHLQKDOWHQ GDVV LFK PLFK DXFK K½WWH HQWVFKHLGHQ  

 %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”ePHTXH DGKRFQRPHQQHFHVVLWDWLVDGVWULQJDVe…   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eFXPXHUR LQVXDQDWXUDSHUSHQGLWXU…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”(R GHPLJLWXUPRGRe…   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S   'DV KHLVVW VHLQH SURSULDH FDXVDH YJO %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   >&&6/@S VLHKHDXFK$QP





$QGUHDV%½FKOL

NÏQQHQ QLFKW VSD]LHUHQ ]X JHKHQ +½WWH PHLQ 6SD]LHUJDQJ DOVR DXFK QLFKW VWDWWQGHQNÏQQHQ",QZLHIHUQXQWHUVWÕQGHLQGLHVHP)DOOPHLQ6SD]LHUHQGHU QHFHVVLWDV IDWL" 2EZRKO GLHV %RHWKLXVn PHLQHV :LVVHQV QLUJHQGV DXVGUÕFNOLFK VDJWLVWHVZRKOVRGDVVGLH(QWVFKHLGXQJVSD]LHUHQ]XJHKHQXQWHUGLH8UVD FKHQ ]X UHFKQHQ LVW GLH GDV *HVFKHKHQ LP 6LQQH GHVIDWXP QRWZHQGLJ PD FKHQ ,P +LQEOLFN DXI %RHWKLXVn .RQ]HSWLRQ GHV IDWXP DOV FRQH[LR FDXVDUXP E]ZDOVVHULHVGLHHUDOVPRELOLVEH]HLFKQHWNÏQQWHPDQDUJXPHQWLHUHQGDVV PHLQ 6SD]LHUJDQJ VRZHLW HU YRQ PHLQHU (QWVFKHLGXQJ DEK½QJW HEHQVRJXW DXFKQLFKWK½WWHVWDWWQGHQNÏQQHQ'HU*HGDQNHGHU”0RELOLW½W…GHV)DWXPV VFKHLQW GHU 9DULDELOLW½W GHV *HVFKHKHQV LP %HUHLFK GHV ,QVWDELOHQ 5HFKQXQJ ]XWUDJHQXQGHLQZLFKWLJHU*HVLFKWVSXQNWXQWHUGHPGDV*HVFKHKHQDOVYD ULDEHO EHWUDFKWHW ZLUG VFKHLQW HEHQ GLH 5HDOLW½W GHVOLEHUXP DUELWULXP ]X VHLQ *HP½VVGHUREHQHUÏUWHUWHQ3DVVDJHLVWGDV)DWXPGHUPRGXVGXUFKGHQGLH 3URYLGHQ] GDV *HVFKHKHQ LP %HUHLFK GHV ,QVWDELOHQ IHVWOHJW 'LHVHU PRGXV ZXUGHREHQLQWHUSUHWLHUWDOVNRPSOH[HNDXVDOH$EK½QJLJNHLWGHV*HVFKHKHQV 'HPZ½UHKLQ]X]XIÕJHQGDVVGLH5HDOLW½WGHVOLEHUXPDUELWULXPDOVHLQ$VSHNW GLHVHU .RPSOH[LW½W DQJHVHKHQ ZHUGHQ NDQQ 'HQVHOEHQ 0RGXV EH]HLFKQHW %RHWKLXVDOV3URYLGHQ]LQVRIHUQHUDXIGLH6WDELOLW½WGHVJÏWWOLFKHQ*HLVWHVEH ]RJHQZLUG0DQNÏQQWHGLHVH8QWHUVFKHLGXQJDPJHZ½KOWHQ%HLVSLHOHWZDVR H[SOL]LHUHQ ,  :DV PHLQH (QWVFKHLGXQJ EH]ÕJOLFK GHV 6SD]LHUJDQJV DQJHKW VR K½WWH LFK PLFK DXFK DQGHUV HQWVFKHLGHQ NÏQQHQ ,,  0HLQ 6SD]LHUJDQJ PXVVWHVWDWWQGHQXQG]ZDUQLFKWGHVKDOEZHLOHVVLFKGDEHLLQ:DKUKHLWQLFKW XPHLQNRQWLQJHQWHV(UHLJQLVKDQGHOWHVRQGHUQZHLOHLQHNRPSOH[H9HUELQ GXQJYRQ8UVDFKHQXQWHUGHQHQDXFKPHLQH(QWVFKHLGXQJJXULHUWGDV(LQ WUHWHQ GLHVHV (UHLJQLVVHV QRWZHQGLJPDFKWH ,,,  0HLQ 6SD]LHUHQLVW QLFKW LQ GHPVHOEHQ 6LQQH QRWZHQGLJ ZHQQ HV DXI GLH 3URYLGHQ] EH]RJHQ ZLUG ZLH ZHQQ HV DXI GLH VHULHV IDWL GK DXI GLH 9HUNQÕSIXQJ YRQ 8UVDFKHQ EH]RJHQ ZLUG GLH ]X GHP *HVFKHKHQ JHIÕKUW KDEHQ GHQQ DQGHUQIDOOV ZÕUGH HV LQ GHPVHOEHQ6LQQHYRQGHU3URYLGHQ]YHUXUVDFKWZLHYRQGHUNRPSOH[HQ5HLKH YRQ8UVDFKHQGHP)DWXP:ROOWHPDQMHGRFKGDV(UHLJQLVDOVYRPGLYLQXVLQ WXLWXVYHUXUVDFKWDQVHKHQGDQQPÕVVWHPDQEHLGHVYRQHLQDQGHUXQWHUVFKHLGHQ NÏQQHQ'LHVVFKHLQWDEHUQXUPLW%H]XJDXIGLH8QWHUVFKHLGXQJYRQ(ZLJ 



 )ÕU GLHVH $XDVVXQJ NÏQQWH PDQ VLFK DOOHQIDOOV DXI %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE9FDS&&6/ EHUXIHQVLHKH$QP    9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S ZRGLHIDWLVHULHVPRELOLVGHUVWDELOLVVLPSOLFLWDVSURYLGHQWLDHJHJHQÕEHUJHVWHOOWZLUG”(DVHULHV FDHOXP DF VLGHUD PRXHW HOHPHQWD LQ VH LQXLFHP WHPSHUDW HW DOWHUQD FRPPXWDWLRQH WUDQVIRUPDWHDGHPQDVFHQWLDRFFLGHQWLDTXHRPQLDSHUVLPLOHVIHWXXPVHPLQXPTXHUH QRXDWSURJUHVVXV+DHFDFWXVHWLDPIRUWXQDVTXHKRPLQXPLQGLVVROXELOLFDXVDUXPFRQH [LRQHFRQVWULQJLWe…   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

NHLWXQG=HLWPÏJOLFK,QVRIHUQGLH.DXVDOLW½WGHV)DWXPV]HLWEH]RJHQLVWXQG PHLQ6SD]LHUHQGXUFKGDV)DWXPEHVWLPPWLVWNDQQHVDOVRNHLQHNDXVDOH%H ]LHKXQJ]ZLVFKHQGHU3URYLGHQ]XQGPHLQHP6SD]LHUHQJHEHQ*RWWKDWPHLQ 6SD]LHUHQ wYRUk GHP (UHLJQLV E]Z wYRUk PHLQHP (QWVFKOXVV QLFKW JHVHKHQ :½UH3URYLGHQ]HLQw9RUKHUVHKHQkLQGLHVHP6LQQHGDQQZ½UHGDV(UHLJQLV LQGHP6LQQHXQDXVZHLFKOLFKJHZHVHQGDVVPHLQH(QWVFKHLGXQJQLFKW]XVHL QHQ8UVDFKHQJHUHFKQHWZHUGHQNÏQQWHZDVGLH.DXVDOLW½WGHV)DWXPVVXVSHQ GLHUHQ ZÕUGH 'HQQ ZHQQ GLH 3URYLGHQ] ]HLWOLFKHV *HVFKHKHQ YHUXUVDFKWH ZDV NÏQQWH GDQQ ÕEHUKDXSW DOV ]HLWOLFKH 8UVDFKH DQJHVHKHQ ZHUGHQ" 9LHO  

 6LHKH %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ”,WDTXHVLSUDHXLGHQWLDPSHQVDUHXHOLVTXDFXQFWDGLQRVFLWQRQHVVHSUDHVFLHQWLDPTXDVL IXWXUL VHG VFLHQWLDP QXPTXDP GHFLHQWLV LQVWDQWLDH UHFWLXV DHVWLPDELV 8QGH QRQ SUD HXLGHQWLDVHGSURXLGHQWLDSRWLXVGLFLWXUTXRGSRUURDUHEXVLQPLVFRQVWLWXWDTXDVLDE H[FHOVRUHUXPFDFXPLQHFXQFWDSURVSLFLDW…%RHWKLXVHUO½XWHUWSURYLGHUHKLHULP.RQWUDVW ]XSUDHYLGHUHYRUKHUVHKHQ GXUFKSURVSLFHUHGKPLW%H]XJDXIGHQTXDVL]HLWORVHQw%OLFN YRQ REHQk 7KRPDV GH $TXLQR 6XPPD 7KHRORJLDH , HG 3&DUDPHOOR (G 0DULHWWL 5RP TXDHVWDUWDGSEKDWVS½WHUIÕUGLH]HLWORVH6LFKW*RWWHVIRO JHQGHQ9HUJOHLFKEHQXW]W”6LFXWLOOHTXLYDGLWSHUYLDPQRQYLGHWLOORVTXLSRVWHXPYH QLXQW VHG LOOH TXL DE DOLTXD DOWLWXGLQH WRWDP YLDP LQWXHWXU VLPXO YLGHW RPQHV WUDQV HXQWHVSHUYLDP…s6KDUSOHV&LFHURRQ)DWH6HUKHEWJHJHQGLHVHQ9HUJOHLFKIRO JHQGHQ(LQZDQG”eHYHQDZDWFKHULQDKLJKSODFHFDQQRWVHHZKLFKZD\VRPHRQHLV JRLQJWRWXUQDWDMXQFWLRQWKH\KDYHQRW\HWUHDFKHGe7KHDWWHPSWWRUHSUHVHQW*RGnV WLPHOHVVNQRZOHGJHE\DQDQDORJ\LQWHUPVRI VSDFHDQGWLPHEUHDNVGRZQDVLWPXVW DQG LW EUHDNV GRZQ ZKHQ DQ DWWHPSW LV PDGH WR LQWURGXFH WKH QRWLRQ RI IUHH KXPDQ FKRLFH…6KDUSOHVn.ULWLNEHUXKWZRKODXIHLQHUDOO]XZÏUWOLFKHQ$XVOHJXQJYRQ7KRPDVn *OHLFKQLV 'HQQ 7KRPDVn *HGDQNH VFKHLQW GHU ]X VHLQ GDVV GHUMHQLJH GHU DXI HLQHP :HJYRUZ½UWVJHKWQLFKWGHQJDQ]HQ:HJYRU$XJHQKDEHQNDQQ'HQQZ½UHGLHVGHU )DOOV½KHHUVLFKVHOEVWYRUEHLJHKHQ'HUwJDQ]H:HJkNÏQQWHHQWZHGHUIÕUGLH/HEHQV VSDQQHHLQHV,QGLYLGXXPVVWHKHQGDQQZ½UHQGLH”9RUEHLJHKHQGHQ…GLH(UHLJQLVVHGLH VHV /HEHQV RGHU HU NÏQQWH IÕU GDV /HEHQ DOOHV w7UDQVHXQWHQk VWHKHQ ,Q EHLGHQ )½OOHQ Z½UHQ GLH YRQ 6KDUSOHV PRQLHUWHQ w9HU]ZHLJXQJHQk LPwJDQ]HQ /HEHQk GHU ,QGLYLGXHQ PLWJHGDFKW   %RHWKLXVLVWQLFKWGHU0HLQXQJGDVV]HLWOLFKH8UVDFKHQE]Z=ZHLWXUVDFKHQGKYRQ GHUwHUVWHQ 8UVDFKHk E]Z *RWW YHUVFKLHGHQH 8UVDFKHQ NHLQH JHQXLQHQ 8UVDFKHQ VLQG %RHWKLXVLVWNHLQ2NNDVLRQDOLVW6LHKH]XU3UREOHPDWLN$-)UHGGRVR”0HGLHYDO$ULV WRWHOLDQLVP DQG WKH &DVH DJDLQVW 6HFRQGDU\ &DXVDWLRQ LQ 1DWXUH… LQ 7 9 0RUULV >+UVJ@ 'LYLQH DQG +XPDQ $FWLRQ (VVD\V LQ WKH 0HWDSK\VLFV RI 7KHLVP >,WKDFD r /RQGRQ @6 $OOHUGLQJVZLU %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS &&6/   S  LQ GLHVHU +LQVLFKW )UDJHQ DXI ,Q VHLQHU 'LVNXVVLRQ GHV =X IDOOVEHJULVEHWUDFKWHW%RHWKLXVGDVIROJHQGHNODVVLVFKH%HLVSLHO-HPDQGPÏFKWHVHLQHQ $FNHU XPJUDEHQ XQG VWÏVVW EHLP *UDEHQ ]XI½OOLJ DXI HLQHQ YHUJUDEHQ HQ 6FKDW] ”+RF LJLWXUIRUWXLWXTXLGHPFUHGLWXUDFFLGLVVHXHUXPQRQGHQLKLORHVWQDPSURSULDVFDXVDV KDEHW TXDUXP LQSURXLVXV LQRSLQDWXVTXH FRQFXUVXV FDVXP XLGHWXU RSHUDWXV 1DP QLVL FXOWRUDJULKXPXPIRHGHUHWQLVLHRORFLSHFXQLDPVXDPGHSRVLWRUREUXLVVHWDXUXPQRQ





$QGUHDV%½FKOL

PHKU VFKHLQW %RHWKLXV ]X PHLQHQ GDVV PHLQ 6SD]LHUHQ LQVRIHUQ QRWZHQGLJ LVWDOVHVXQPÏJOLFKLVWGDVVGDVZDVVLFKHUHLJQHWGHPGLYLQXVLQWXLWXVYHUERU JHQVHLQNDQQ,FKNDQQKLHUVHLQH'LVNXVVLRQGHU6FKZLHULJNHLWHQGLHGLHVH w/ÏVXQJk GHP 9HUVW½QGQLV ELHWHWQLFKWLP 'HWDLO YHUIROJHQVRQGHUQ ZHUGH LPIROJHQGHQ$EVFKQLWWGHU)UDJHQDFKJHKHQZDVHVKHLVVWGDVVGHUFRPSUHKHQ VLR*RWWHVQLFKWVHQWJHKW  'LHwFRPSUHKHQVLRk*RWWHVXQGGLHwUDWLRKXPDQDk  (LQ ZLFKWLJHU *HVLFKWVSXQNW GHU 8QWHUVFKHLGXQJ YRQ 3URYLGHQ] XQG )DWXP LVWGHUGDVVGLH$QQDKPHYRQ=ZHLWXUVDFKHQQRWZHQGLJLVWIÕUGLH(UNO½UXQJ GHV *HVFKHKHQV LP %HUHLFK GHV ,QVWDELOHQ *HP½VV GLHVHU $XIIDVVXQJ ZÕUGH GLH $QQDKPH *RWW VHL GLH DOOHLQLJH 8UVDFKH DOOHV *HVFKHKHQV LP 8QLYHU VXPEHGHXWHQGDVVGLHIHVWVWHOOEDUHQ8QWHUVFKLHGHLQGHQ:LUNXQJHQQLFKW  HVVHWLQXHQWXP…%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS>&&6/@S   %RHWKLXV JLEW GDQQ GLH IROJHQGH 'HQLWLRQ GHV =XIDOOV FDVXV  ”/LFHW LJLWXU GHQLUHFDVXPHVVHLQRSLQDWXPH[FRQXHQWLEXVFDXVLVLQKLVTXDHREDOLTXLGJHUXQWXU HXHQWXP…%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS>&&6/@S  'LH 7HUPLQL FRQFXUVXV E]Z FRQX[XV EH]HLFKQHQ GLH ,QWHUDNWLRQ GHUMHQLJHQ 8UVDFKHQ GLH]XP]XI½OOLJHQ(UHLJQLVIÕKUHQGKGHUSURSULDHFDXVDH(LQ2NNDVLRQDOLVWZÕUGHDU JXPHQWLHUHQGDVVGLHVHSURSULDHFDXVDHQLFKW8UVDFKHQLPHLJHQWOLFKHQ6LQQHVLQGXQGLKU ”=XVDPPHQODXIHQ…PLW%H]XJDXIGLH.DXVDOLW½W*RWWHV]XYHUVWHKHQLVWGHUDOOHLQLPHL JHQWOLFKHQ6LQQHGHV:RUWHVw8UVDFKHkGHV(UHLJQLVVHVLVW'LHVLVWQLFKW%RHWKLXVn$XI IDVVXQJGRFK]HLJWGHUDXIGLH'HQLWLRQIROJHQGH6DW]GDVVKLHUVDFKOLFKHLQ3UREOHP OLHJW”&RQFXUUHUHXHURDWTXHFRQXHUHFDXVDVIDFLWRUGRLOOHLQHXLWDELOLFRQH[LRQHSUR FHGHQVTXLGHSURXLGHQWLDHIRQWHGHVFHQGHQVFXQFWDVXLVORFLVWHPSRULEXVTXHGLVSRQLW… %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS>&&6/@S :HQQGD PLWJHVDJWVHLQVROOGDVV*RWWGLHHLJHQWOLFKH8UVDFKHGHV”=XVDPPHQODXIHQV…GHU8UVD FKHQLVWGDQQLVWHVMHGHQIDOOVQLFKWJDQ]OHLFKW%RHWKLXVn3RVLWLRQYRQGHUGHV2NNDVLR QDOLVWHQJHQDXDE]XJUHQ]HQ   6LHKH %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S  ”$LXQW>VFLOTXLGDP@HQLPQRQLGHRTXLGHVVHHXHQWXUXPTXRQLDPLGSURXLGHQWLDIXWX UXP HVVH SURVSH[HULW VHG H FRQWUDULR SRWLXV TXRQLDP TXLG IXWXUXP HVW LG GLXLQDP SURXLGHQWLDP ODWHUH QRQ SRVVH HRTXH PRGR QHFHVVDULXP KRF LQ FRQWUDULDP UHODEL SDU WHP1HTXHHQLPQHFHVVHHVVHFRQWLQJHUHTXDHSURXLGHQWXUVHGQHFHVVHHVVHTXDHIXWXUD VLQW SURXLGHUL e… 'LHVH w/ÏVXQJk GHV 3UREOHPV ZLUG ]XQ½FKVW YRQ %RHWKLXV GHP *H VSU½FKVSDUWQHU GHU 3KLORVRSKLD YHUZRUIHQ ”1HTXH HQLP LOODP SURER UDWLRQHP TXD VH TXLGDPFUHGXQWKXQFTXDHVWLRQLVQRGXPSRVVHGLVVROXHUH…%RHWKLXV3KLORVRSKLDHFRQVR ODWLROLE9FDS>&&6/@S 'RFKZLUGVLHYRQ%RHWKLXVGHP9HUIDV VHUYRQ3KLORVRSKLDHFRQVRODWLRVS½WHUYHUWHLGLJW”4XDHURHQLPFXULOODPVROXHQWLXPUDWLR QHPPLQXVH"FDFHPSXWHVTXDHTXLDSUDHVFLHQWLDPQRQHVVHIXWXULVUHEXVFDXVDP QH FHVVLWDWLVH[LVWLPDWQLKLOLPSHGLULSUDHVFLHQWLDDUELWULLOLEHUWDWHPSXWDW…%RHWKLXV3KLOR VRSKLDHFRQVRODWLROLE9FDS>&&6/@S    6LHKH$QP





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

DXI 8QWHUVFKLHGH DXI 6HLWHQ GHU 8UVDFKHQ ]XUÕFNIÕKUEDU VHLHQ ZDV HLQ IXQ GDPHQWDOHV3ULQ]LSGHU$ULVWRWHOLVFKHQ:LVVHQVFKD LQ)UDJHVWHOOWHGHP]X IROJHYHUVFKLHGHQH:LUNXQJHQGLH$QQDKPHYHUVFKLHGHQHU8UVDFKHQYHUODQ JHQGLHDXIJUXQGLKUHU:LUNXQJHQHUNDQQWZHUGHQNÏQQHQ:LVVHQEH]LHKW VLFKQDFK$ULVWRWHOHVDXIGDV$OOJHPHLQHGDVQDFK%RHWKLXVn,QWHUSUHWDWLRQGHU $ULVWRWHOLVFKHQ /HKUH YRP ,QWHOOHNW HUNDQQW ZLUG LQWHOOHJLWXU  DXIJUXQG GHU KQOLFKNHLWVLPLOLWXGR GHUXQWHUGHQDOOJHPHLQHQ%HJULIDOOHQGHQ(LQ]HOGLQ JHVLQJXODULD 'LHVHKQOLFKNHLWLVWQDFK%RHWKLXVVRZRKOVLQQHQI½OOLJVHQVLEL OLV DOVDXFKLQWHOOLJLEHOLQWHOOHJLELOLV ZREHLVLHYRP,QWHOOHNWHUNDQQWXQGXQL YHUVDOZLUG'LHVH([SOLNDWLRQVWHKWLP+LQWHUJUXQGHLQHVNQDSSHQ+LQZHL VHV DXI GLH 8QWHUVFKHLGXQJ YRQ XQLYHUVDOH XQG VLQJXODUH GLH ]XU /ÏVXQJ GHV 3URYLGHQ]SUREOHPVHUZ½KQWZLUG ”+DXGLJLWXULQLXULDGL[LPXVKDHF>GKGLH(UHLJQLVVHGLHYRQGHUSRWHVWDVIDFLHQWLXP DEK½QJHQ@ VLDGGLXLQDPQRWLWLDPUHIHUDQWXUQHFHVVDULDVLSHU VH FRQVLGHUHQWXUQH FHVVLWDWLVHVVHQH[LEXVDEVROXWDVLFXWLRPQHTXRGVHQVLEXVSDWHWVLDGUDWLRQHPUHIH UDVXQLYHUVDOHHVWVLDGVHLSVDUHVSLFLDVVLQJXODUH…

'LHVH3DVVDJHHQWK½OWHLQH6FKZLHULJNHLW%RHWKLXVPHLQWGDVVHLQXQGGDV VHOEHNRQWLQJHQWH(UHLJQLVQRWZHQGLJLVWPLW%H]XJDXIGLHGLYLQDQRWLWLDQLFKW DEHULQVRIHUQHVSHUVHEHWUDFKWHWZLUG'LH3DUDOOHOLW½WGLHVHU8QWHUVFKHLGXQJ PLW GHU 8QWHUVFKHLGXQJ ]ZLVFKHQ XQLYHUVDOH XQG VLQJXODUH VFKHLQW GDQQ DOOHU GLQJVREHU½FKOLFKGHQQVLHOHJWQDKHGDVVHLQXQGGDVVHOEHPLW%H]XJDXIGLH 9HUQXQ UDWLR XQLYHUVDOHLVWSHUVHEHWUDFKWHWDEHUVLQJXODUH'LHVMHGRFKZÕUGH JHP½VVGHUREHQHUO½XWHUWHQ([SOLNDWLRQEHGHXWHQGDVVGDVYRP,QWHOOHNWE]Z GHU9HUQXQ (UNDQQWHXQLYHUVDOHrQ½POLFKGLHVLPLOLWXGRGHUVLQJXODULDGLHLQ  

 ,FK YHUZHLVH KLHU JHQHUHOO DXI GHQ $XIVDW] YRQ )UHGGRVR ”0HGLHYDO $ULVWRWHOLDQLVP… VLHKH $QP   $OV %HLVSLHO IÕU HLQH 9HUWHLGLJXQJ GHU $ULVWRWHOLVFKHQ :LVVHQVDXIIDV VXQJVLHKH7KRPDVGH$TXLQR6XPPDFRQWUDJHQWLOHV(G/HRQLQD;,95RP OLE ,,,FDSS   9JO%RHWKLXV,Q,VDJRJHQ3RUSK\ULL&RPPHQWDHG6%UDQGW/HLS]LJUHSU/RQGRQ r1HZ




$QGUHDV%½FKOL

VRIHUQ VLH YRP ,QWHOOHNW HUNDQQW ZLUG XQLYHUVDOH LVW r LP +LQEOLFN DXI VHLQH w1DWXUkEHWUDFKWHWVLQJXODUHLVWZDV%RHWKLXVQLFKWJHPHLQWKDEHQNDQQ0LW DQGHUHQ:RUWHQ:½KUHQGPDQQDFK%RHWKLXVVDJHQNDQQGDVVHLQYRQ*RWW HUNDQQWHV NRQWLQJHQWHV *HVFKHKHQ VHLQH 1DWXU DOV NRQWLQJHQWHV *HVFKHKHQ EHZDKUWREZRKOHVPLW%H]XJDXIGLHGLYLQDQRWLWLDQRWZHQGLJLVWNDQQPDQ HEHQIDOOV QDFK %RHWKLXV  QLFKW VDJHQ GDVV GDV YRP ,QWHOOHNW (UNDQQWH VHLQH 1DWXUDOVVLQJXODUHEHZDKUWGHQQGHU,QWHOOHNWHUNHQQWGDVXQLYHUVDOHQLFKWGDV VLQJXODUH9LHOOHLFKWNDQQPDQVLFKKLHUEHKHOIHQLQGHPPDQXQWHUGHPw6LQQ I½OOLJHQkTXRGSDWHWVHQVLEXV GDVVHQVLELOHYHUVWHKWZHOFKHVJHJHEHQHQIDOOVIÕUVLQ JXODUHVWHKHQNDQQVLFKKLHUDEHUDXIGLHVLPLOLWXGRGHUVLQJXODULDEH]LHKW'DQQ NÏQQWHGLHYRQ%RHWKLXVLQGHU]LWLHUWHQ3DVVDJHLQWHQGLHUWH3DUDOOHOHDXIUHFKW HUKDOWHQZHUGHQGLHYRP,QWHOOHNWHUNDQQWHVLPLOLWXGREHZDKUWHLKUH1DWXUDOV VLPLOLWXGR VLQJXODULXP REZRKO VLH DOV LQWHOOHJLELOLV XQG QLFKW VHQVLELOLV HUNDQQW ZLUG$EHUVHOEVWZHQQZLUEHUHFKWLJWVLQGGLH8QWHUVFKHLGXQJ]ZLVFKHQXQL YHUVDOHXQGVLQJXODUHDOV8QWHUVFKHLGXQJ]ZLVFKHQLQWHOOHJLELOHXQGVHQVLELOH]XLQ WHUSUHWLHUHQLVWGDPLWQRFKQLFKWJHNO½UWLQZLHIHUQVLHXQVHLQEHVVHUHV9HU VW½QGQLV YRQ %RHWKLXVn $XIIDVVXQJ HUPÏJOLFKW NRQWLQJHQWH (UHLJQLVVH VHLHQ PLW%H]XJDXIGDV(UNHQQHQ*RWWHVQRWZHQGLJ'LHVH)UDJHEHWUL$GHQ.HUQ GHU $UJXPHQWDWLRQ LP OHW]WHQ JURVVHQ $EVFKQLWW GHU 3KLORVRSKLDH FRQVRODWLR *UXQGODJHGLHVHU$UJXPHQWDWLRQLVWGLH$XIIDVVXQJGDVVVLFKGLH:HLVHLQGHU *RWWNRQWLQJHQWH(UHLJQLVVHHUNHQQWLQ$QDORJLH]XGHU:HLVHHUNO½UHQO½VVW LQ GHU GLH 9HUQXQ  GDV 6LQQHQI½OOLJH EHJUHL  %RHWKLXV PXVV ]HLJHQ GDVV XQGLQZLHIHUQGLHUDWLRGLHLKUHU1DWXUQDFKDXIGDVLQWHOOHJLELOHE]ZXQLYHUVDOH EH]RJHQLVWGDV6LQQHQI½OOLJHEHJUHL   6HLQ$XVJDQJVSXQNWLVWGDV3UREOHPGHV9RUKHUZLVVHQV]XNÕQ LJHUNRQWLQ JHQWHU(UHLJQLVVH ”eKRFeLSVXPGXELWDWXUDQHDUXPUHUXPTXDHQHFHVVDULRVH[LWXVQRQKDEHQWXOOD SRVVLW HVVH SUDHQRWLR'LVVRQDUH HWHQLP XLGHQWXU SXWDVTXH VL SUDHXLGHDQWXU FRQVH TXLQHFHVVLWDWHPVLQHFHVVLWDVGHVLWPLQLPHSUDHVFLULQLKLOTXHVFLHQWLDFRPSUHKHQGL SRVVHQLVL FHUWXP4XRGVLTXDHLQFHUWLVXQWH[LWXV HDTXDVLFHUWDSURXLGHQWXURSL QLRQLVLGHVVHFDOLJLQHPQRQVFLHQWLDHXHULWDWHPDOLWHUHQLPDFVHVHUHVKDEHDWDUEL WUDULDELQWHJULWDWHVFLHQWLDHFUHGLVHVVHGLXHUVXP…

%RHWKLXVEHWUDFKWHWLQGLHVHU3DVVDJHIROJHQGHV$UJXPHQW, :LVVHQXPIDVVW QXUGDVZDVEHVWLPPWFHUWXP LVW,, .RQWLQJHQWH(UHLJQLVVHLQGHU=XNXQ   

 6LHKH%RHWKLXV,Q,VDJRJHQ3RUSK\ULL&RPPHQWDOLE,FDSS”,QWHOOHJXQ WXU>VFLOGLHLQFRUSRUDOLDGKGLH8QLYHUVDOLHQ@YHURXWSHUVHPHWLSVDVXEVLVWHQWLDDFQRQ LQDOLLVHVVHVXXPKDEHQWLD…   6LHKH%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eUD WLReVHQVLELOLDFRPSUHKHQGLW…   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

VLQGLKUHU1DWXUQDFKXQEHVWLPPWVRGDVV,,, 3URYLGHQ]HQWZHGHUJDUNHLQ :LVVHQXQGEORVVH0HLQXQJRGHUDEHU:LVVHQLVW,VWOHW]WHUHVGHU)DOOGDQQ VLQGLKUHU1DWXUQDFKXQEHVWLPPWH]XNÕQ LJH(UHLJQLVVHQLFKWXQEHVWLPPW 'HPQDFKK½QJWGLH%HVWLPPWKHLWGHV:LVVHQVYRQGHU%HVWLPPWKHLWGHV*H JHQVWDQGHV DE 'D GHU $XVJDQJ HLQHV ]XNÕQ LJHQ NRQWLQJHQWHQ *HVFKHKHQV QLFKWLPYRUDXVIHVWVWHKWNDQQHVGDYRQDXFKNHLQEHVWLPPWHV:LVVHQJHEHQ 1DFK HLQHU IUÕKHUHQ $UJXPHQWDWLRQ JLEW HV GHVKDOE LP +LQEOLFN DXI GHQ 6WDWXVGHVJÏWWOLFKHQ:LVVHQVQXU]ZHL0ÏJOLFKNHLWHQ*RWWJODXEWGDVVHLQ VHLQHU 1DWXU QDFK QXU PÏJOLFKHV (UHLJQLV XQDXVZHLFKOLFK LVW GDQQ DEHU W½XVFKWHUVLFKIDOOLWXU (UHUNHQQWNRQWLQJHQWH(UHLJQLVVHVRZLHVLHLKUHU 1DWXU QDFK VLQG GK HU HUNHQQW QXU GDVV VLH VLFK JOHLFKHUPDVVHQ HUHLJQHQ RGHU QLFKW HUHLJQHQ NÏQQHQ 'LH HUVWH $OWHUQDWLYH LVW XQYHUHLQEDU PLW GHP %HJUL*RWWHVDOVHLQHV:HVHQVGDVVLFKQLFKWW½XVFKW1DFKGHU]ZHLWHQ$O WHUQDWLYHK½WWHGLHSUDHVFLHQWLD*RWWHVGHQ6WDWXVHLQHUEORVVHQ0HLQXQJ:LOO PDQ DOVR DP %HJUL GHU JÏWWOLFKHQ 3URYLGHQ] DOV ”UHUXP RPQLXP FHUWLVVLPXV IRQV…LQGHPQLFKWV8QEHVWLPPWHVVHLQNDQQQLKLOLQFHUWLHVVHSRWHVW IHVWKDOWHQ GDQQIROJWGDVVGHU$XVJDQJ]XNÕQ LJHU(UHLJQLVVHGLH*RWWPLW%HVWLPPW KHLWUPLWHU ZHLVVEHVWLPPWFHUWXV LVW%RHWKLXVDEHUDN]HSWLHUWGHQ6FKOXVV YRQGHUFHUWLWXGRGHV*HJHQVWDQGHVDXIGLHFHUWLWXGRGHV:LVVHQVQLFKWXQG]ZDU KDXSWV½FKOLFKDXV]ZHL*UÕQGHQ'HUHLQHEHWUL$GLH6LQJXODULW½WGHVJÏWWOL FKHQ:LVVHQVYRQGHUREHQLP]ZHLWHQ$EVFKQLWWVFKRQGLH5HGHZDU'HU DQGHUH EHWUL$ GLH YRQ %RHWKLXV QLFKW EHVWULWWHQH $XIIDVVXQJ GDVV GLH 9HU QXQ ]XNÕQ LJHV*HVFKHKHQQXULQVRZHLWHUNHQQHQNDQQDOVGLHVHV*HVFKH KHQ VHLQHU 1DWXU QDFK EHUHLWV EHVWLPPW LVW ZDV GLH FRQWLQJHQWLD IXWXUD DXV VFKOLHVVW&HUWLWXGRGHV:LVVHQVJLEWHVQXUPLW%H]XJDXIVROFKH(UHLJQLVVHGH UHQ$XVJDQJFHUWXPLVW'LHVJLOWRKQH=ZHLIHOIÕUGLHKXPDQDUDWLR8PMHGRFK  

 'LH3DVVDJH%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S EH]LHKWVLFK]XUÕFNDXIOLE9FDS&&6/ S'LH)ROJH UXQJ,,, VROOGDVGLVVRQDUH%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS>&&6/@ S PLWWHOVHLQHUDXVVFKOLHVVHQGHQ'LVMXQNWLRQDXVGUÕFNHQ'HU6DW]”TXDHLQ FHUWL VXQW H[LWXV HD TXDVL FHUWD SURYLGHQWXU… HUVFKHLQW LP 9HUJOHLFK ]XU IUÕKHUHQ 6WHOOH VWDUN NRPSULPLHUW(ULPSOL]LHUWGDVV*RWW3URYLGHQ]GLHEH]ÕJOLFKNRQWLQJHQWHU(UHLJQLVVH LQGHU=XNXQ QDFK$XIIDVVXQJGHV3URSRQHQWHQGHV$UJXPHQWHVGHQ6WDWXVHLQHUEOR VVHQ0HLQXQJKDWDOV:LVVHQEHWUDFKWHWGDVVHUDOVRHWZDV]XZLVVHQZ½KQWZDVHUQLFKW ZLVVHQNDQQ'DQDFKZ½UH3URYLGHQ]DOVRQLFKWHLQPDO0HLQXQJLP6LQQHHLQHVEORVVHQ )ÕUZDKU+DOWHQVVRQGHUQHLQWUÕJHULVFKHV:½KQHQRSLQLRIDOOD[YJO%RHWKLXV3KLOR VRSKLDHFRQVRODWLROLE9FDS>&&6/@S    9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S   'LH)DOOLELOLW½W*RWWHVLVWHWZDV”TXRGQRQVHQWLUHPRGRQHIDVHVWVHGHWLDPXRFHSURIHU UH…%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS>&&6/@S    9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S





$QGUHDV%½FKOL

YRQGHUPHQVFKOLFKHQ9HUQXQ DXIGLHJÏWWOLFKH3URYLGHQ]VFKOLHVVHQ]XNÏQ QHQEHGDUIHVHLQHU3U½PLVVHGHU]XIROJHHLQH(UNHQQWQLVQXUPLW%H]XJDXI GLH1DWXULKUHV*HJHQVWDQGHVEHVWLPPEDULVW'LHVH3U½PLVVHLVWQDFK%RHWKL XVIDOVFKKLQVLFKWOLFKGHUPHQVFKOLFKHQ9HUQXQ XQGGDPLWDIRUWLRULDXFKKLQ VLFKWOLFKGHUJÏWWOLFKHQ3URYLGHQ]'HQQGDUDXVGDVVGHU*HJHQVWDQGGHUUDWLR GDVLQWHOOHJLELOHE]ZXQLYHUVDOHLVWIROJWQLFKWGDVVGHU(UNHQQWQLVPRGXVGHUUDWLR LQGHP6LQQHGXUFKGDVLQWHOOHJLELOHEHVWLPPWLVWGDVVGDVVHQVLELOHDXVVHUKDOEGHV %HUHLFKVLKUHUFRPSUHKHQVLROLHJW:HQQGLHVVRZ½UHGDQQNÏQQWHGLHPHQVFK OLFKH 9HUQXQ  LP %HUHLFK GHV 6LQQHQI½OOLJHQ QLFKW ]X :LVVHQ LP 6LQQH GHV $ULVWRWHOLVFKHQ8UVDFKHQ:LVVHQVJHODQJHQ  µEHUGLH8UVDFKHGHV,UUWXPVGHUGHP$UJXPHQW]XJUXQGHOLHJWGDVGLH ,QNRK½UHQ] GHV 3URYLGHQ]*HGDQNHQV DXI]HLJHQ ZLOO ½XVVHUW VLFK %RHWKLXV PLWIROJHQGHQ:RUWHQ ”&XLXVHUURULVFDXVDHVWTXRGRPQLDTXDHTXLVTXHQRXLWH[LSVRUXPWDQWXPXLDWTXH QDWXUD FRJQRVFL DHVWLPDW TXDH VFLXQWXU 4XRG WRWXP FRQWUD HVW RPQH HQLP TXRG FRJQRVFLWXU QRQ VHFXQGXP VXL XLP VHG VHFXQGXP FRJQRVFHQWLXP SRWLXV FRPSUH KHQGLWXUIDFXOWDWHP…

1DFK%RHWKLXVEHVWHKWGHU,UUWXPLQGHU0HLQXQJGDVVGLH'LQJHDXVVFKOLHVV OLFKDXVLKUHU1DWXUKHUDXVHUNDQQWZHUGHQZREHLGLH1DWXUGHV(UNHQQHQ GHQE]ZGDV9HUPÏJHQIDFXOWDV GHU(UNHQQWQLVDXVVHUDFKWJHODVVHQZHUGHQ 'LHVWULWWLQGHUIROJHQGHQ)RUPXOLHUXQJNODUKHUYRU”1DPFXPRPQHLXGL FLXPLXGLFDQWLVDFWXVH[VLVWDWQHFHVVHHVWXWVXDPTXLVTXHRSHUDPQRQH[DOL HQDVHGH[SURSULDSRWHVWDWHSHUFLDW…)ÕUGLH$XIIDVVXQJGLH'LQJHZÕU GHQ DOOHLQ DXV LKUHU 1DWXU KHUDXV HUNDQQW VFKHLQW %RHWKLXV GLH VWRLVFKH (U NHQQWQLVWKHRULHYHUDQWZRUWOLFK]XPDFKHQ1DFKVHLQHU&KDUDNWHULVLHUXQJGLH VHU7KHRULHYHUK½OWVLFKGHUPHQVFKOLFKH*HLVWUHLQSDVVLYEH]ÕJOLFKGHU(LQ GUÕFNHGLHHUYRQGHQ½XVVHUHQ'LQJHQHPSI½QJWHLQHDNWLYH5ROOHGHV*HL VWHVLP3UR]HVVGHV(UNHQQHQV]LHKHVLHQLFKWLQ%HWUDFKW,QGHPQXQ%R 



 %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S=XU +HUNXQ  GHV *HGDQNHQV GDVV GDV ZDV HUNDQQW ZLUG QLFKW JHP½VV GHU 1DWXU GHV (U NDQQWHQ VRQGHUQ JHP½VV GHP 9HUPÏJHQ GHV (UNHQQHQGHQ HUNDQQW ZLUG YJO +XEHU 'LH 9HUHLQEDUNHLW YRQ JÏWWOLFKHU 9RUVHKXQJ PLW PHQVFKOLFKHU )UHLKHLW 6 /2EHUWHOOR ”3URFOXV $PPRQLXV DQG %RHWKLXV RQ 'LYLQH .QRZOHGJH… LQ 'LRQ\VLXV 9   6   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S  ,Q%RHWKLXVnZRKODEVLFKWVYROOHU.DULNDWXUGHUVWRLVFKHQ(UNHQQWQLVOHKUHYHUK½OWVLFKGHU *HLVW]XGHQ(LQGUÕFNHQGHUPDWHULHOOHQ*HJHQVW½QGHZLHHLQ6SLHJHO VLHKHGD]X%RH WKLXV3KLORVRSKLDHFRQVRODWLROLE9FDSPHWU,9&&6/ S”6HGWDQ WXPSDWLHQVLDFHWQRWLVVXEGLWDFRUSRUXPFDVVDVTXHLQVSHFXOLXLFHPUHUXPUHGGLW LPDJLQHVe…





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

HWKLXV LQ GLHVHU :HLVH GLH HUNHQQWQLVWKHRUHWLVFKHQ 9RUDXVVHW]XQJHQ GHV $U JXPHQWV JHJHQ GLH 3URYLGHQ] LQ %HWUDFKW ]LHKW EHKDQGHOW HU GDV 9HUPÏJHQ GHUKXPDQDUDWLRXQWHU]ZHLYHUVFKLHGHQHQ*HVLFKWVSXQNWHQ8QWHUGHPHLQHQ *HVLFKWVSXQNW VWHOOW HU GHU KXPDQD UDWLR GLH GLYLQD LQWHOOHJHQWLD JHJHQÕEHU ,Q GLHVHU+LQVLFKWEHVWHKWGHUGHP$UJXPHQW]XJUXQGHOLHJHQGHw,UUWXPkLQGHU $QQDKPH”TXRGKXPDQDUDWLRGLXLQDPLQWHOOHJHQWLDPIXWXUDQLVLXWLSVDFR JQRVFLWQRQSXWDWLQWXHUL…+LHUEHLEHWUDFKWHW%RHWKLXVGLHKXPDQDUDWLRDOV IDFXOWDV FRJQRVFHQWLVGKXQWHUGHP%HJULGHQHULQGHUREHQ]LWLHUWHQ)RU PXOLHUXQJYHUZHQGHWKDW8QWHUGHP]ZHLWHQ*HVLFKWVSXQNWEHKDQGHOWHUGLH UDWLRQLFKWLQGLHVHUDOOJHPHLQHQ6SUHFKZHLVHDOV9HUPÏJHQGHVPHQVFKOLFKHQ (UNHQQHQVVRQGHUQVSH]LVFKDOV9HUPÏJHQGHUPHQVFKOLFKHQ(UNHQQWQLVI½ KLJNHLWIDFXOWDVFRJQRVFHQGL DOVGDVGLVNXUVLYH'HQNHQGHPVHQVXVXQGLPDJLQD WLRXQWHUXQGLQWHOOHJHQWLDÕEHUJHRUGQHWVLQG   



9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S %RHWKLXVYHUZHQGHWGHQ7HUPLQXVIDFXOWDVFRJQRVFHQGLQLFKWGRFKGU½QJWVLFKGLH8QWHU VFKHLGXQJ]ZLVFKHQ IDFXOWDVFRJQRVFHQWLVXQGIDFXOWDVFRJQRVFHQGLDXVIROJHQGHP*UXQGDXI ,QGHU3DVVDJH%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S EHKDQGHOW%RHWKLXVGLH IDFXOWDWHVFRJQRVFHQGLQ½POLFKVHQVXVLPDJLQDWLRUDWLRXQG LQWHOOHJHQWLD 'LH 8QWHUVFKHLGXQJ ]ZLVFKHQ UDWLR XQG LQWHOOHJHQWLD LQ GLHVHP $EVFKQLWW LVW QLFKWGLHVHOEHZLHGLH]ZLVFKHQKXPDQDUDWLRXQGGLYLQDLQWHOOHJHQWLDLQ3KLORVRSKLDHFRQVROD WLROLE9FDS&&6/ SZLH*5DOIV”'LH(UNHQQWQLVOHKUHGHV %RHWKLXV…LQ0)XKUPDQQXQG-*UXEHU+UVJ  %RHWKLXV'DUPVWDGW 6 GLHVQDKH]XOHJHQVFKHLQW”'HURUJDQLVFKH$XIVWLHJGHU(UNHQQWQLV]XKÏKHUHQ)RUPHQ GHU(LQVLFKWVFKHLQWQDFKGHP:RUWODXWGHU6WXIHQOHKUH]XQ½FKVWLQGHU UDWLRGHV0HQ VFKHQVHLQHQ$EVFKOX¸]XQGHQZ½KUHQGGLHKÏFKVWH(LQVLFKWXQG)RUPNUD GLHLQWHO OLJHQWLDDXVGUÕFNOLFKGHPJÏWWOLFKHQ*HLVWHYRUEHKDOWHQEOHLEW…)DOOV VLFK5DOIVZLHHV VFKHLQWDXI%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDSEH]LHKWO½VVWVLFKVHLQH ,QWHUSUHWDWLRQQLFKWVWÕW]HQGHQQGLHLQWHOOHJHQWLDZLUGKLHUQLFKW”DXVGUÕFNOLFK…JÏWWOLFK JHQDQQW$OOHUGLQJVKHLVVWHVLQ%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/  S”5DWLRXHURKXPDQLWDQWXPJHQHULVHVWVLFXWLQWHOOHJHQWLDVRODGLXLQL… $EHUVRIHUQGDPLWJHPHLQWLVWGDVVUDWLRGDV6SH]LNXPGHV0HQVFKHQJHVFKOHFKWVLVWVR EHVDJW GLHV MD QXU GDVV GLH LQWHOOHJHQWLD QLFKW VSH]LVFK PHQVFKOLFK LVW ZDV QLFKW DXV VFKOLHVVW GDVV GLH 0HQVFKHQ ÕEHU LQWHOOHJHQWLD DOV wIDFXOWDV FRJQRVFHQGLk YHUIÕJHQ 1DFK %RHWKLXVYHUIÕJHQZLUDOVYHUQÕQ LJH:HVHQÕEHUHLQ”.ULWHULXP…LXGLFLXP ]XU%HXU WHLOXQJGHVJÏWWOLFKHQ*HLVWHV%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/  S”6LLJLWXUUDWLRQLVSDUWLFLSHVVXPXVLWDGLXLQDHLXGLFLXPPHQWLVKDEH UH SRVVXPXV VLFXW LPDJLQDWLRQHP VHQVXPTXH UDWLRQL FHGHUH RSRUWHUH LXGLFDXLPXV VLF GLXLQDHVHVHPHQWLKXPDQDPVXPPLWWHUHUDWLRQHPLXVWLVVLPXPFHQVHUHPXV…%RHWKLXV VSULFKW LQ GLHVHP 6DW] GHU GHQ IDFXOWDWHV FRJQRVFHQGL JLOW QLFKW YRQ GHU LQWHOOHJHQWLD XQG 5DOIVn'HXWXQJVFKHLQWDXIGHQHUVWHQ%OLFNDXFKGXUFKGHQXQPLWWHOEDUDQVFKOLHVVHQGHQ 6DW]LQ%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ SEHVW½ WLJW]XZHUGHQ”4XDUHLQLOOLXVVXPPDHLQWHOOHJHQWLDHFDFXPHQVLSRVVXPXVHULJ DPXU LOOLFHQLPUDWLRXLGHELWTXRGLQVHQRQSRWHVWLQWXHULeTXRQDPPRGRHWLDPTXDHFHUWRV



$QGUHDV%½FKOL

 'DV PHQVFKOLFKH (UNHQQWQLVYHUPÏJHQ IDFXOWDV FRJQRVFHQWLV  LVW EHVWLPPW GXUFKVHLQHVSH]LVFKHQ(UNHQQWQLVYHUPÏJHQIDFXOWDWHVFRJQRVFHQGL YRQGHQHQ MHGHV GLH LKP ]XJHRUGQHWHQ *HJHQVW½QGH wDQGHUVk DOLWHU  HUNHQQW 'HU *H VLFKWVVLQQ QLPPW GLH 5XQGXQJ HLQHV .ÏUSHUV DQGHUV ZDKU DOV GHU 7DVWVLQQ EH]ÕJOLFKGHU(UNHQQWQLVHLQHV0HQVFKHQLVW]XXQWHUVFKHLGHQREGHU0HQVFK *HJHQVWDQGGHU6LQQHVZDKUQHKPXQJVHQVXV LVWIÕUGLHHUHLQNRQNUHWHVNÏU SHUOLFKHV:HVHQLVWREHU*HJHQVWDQGGHU(LQELOGXQJVNUD LPDJLQDWLR LVWGLH QXUGLH*HVWDOWJXUD XQGQLFKWGLH0DWHULHEHUÕFNVLFKWLJWREHU*HJHQVWDQG GHVGLVNXUVLYHQ'HQNHQVUDWLR LVWGDVGLHXQLYHUVDOH$UWVSHFLHV GLHGHQHLQ ]HOQHQ0HQVFKHQLQQHZRKQWHUNHQQWRGHUREHUVFKOLHVVOLFK*HJHQVWDQGLQ WHOOHNWXHOOHU (LQVLFKW LQWHOOHJHQWLD  LVW ZHOFKH GLH )RUP IRUPD  DOOHLQ IÕU VLFK JHQRPPHQGKZHGHUDOVw*HVWDOWkQRFKDOVGHQHLQ]HOQHQ,QGLYLGXHQLQQH ZRKQHQGH w$UWk VRQGHUQ VR]XVDJHQ DOV *HJHQVWDQG LP HLJHQHQ 5HFKW EH WUDFKWHW'LHVHYLHU(UNHQQWQLVYHUPÏJHQGHV0HQVFKHQVLQGLQDXIVWHLJHQ GHU 5HLKH JHRUGQHW GK 'DV MHZHLOV KÏKHUH 9HUPÏJHQ wWUDQV]HQGLHUWk GDV MHZHLOVQLHGULJHUHXQG]ZDULQGHU:HLVHGDVVGDVKÏKHUH9HUPÏJHQDOOHVHU NHQQWZDVGDVQLHGULJHUH9HUPÏJHQHUNHQQWDEHUQLFKWXPJHNHKUW:HQQ 

H[LWXV QRQ KDEHQW FHUWD WDPHQ XLGHDW DF GHQLWD SUDHQRWLR e… $EHU %RHWKLXV GHXWHW KLHUDQGDVVGHU0HQVFKLQGHU/DJHLVWGLHUDWLRGKGDVGLVNXUVLYH'HQNHQIDFXOWDVFR JQRVFHQGL ]XÕEHUVWHLJHQZDVGRFKQXUPÏJOLFKLVWZHQQHUÕEHUHLQHJHJHQÕEHUGHUUD WLRKÏKHUHIDFXOWDVFRJQRVFHQGLYHUIÕJWHEHQGLHLQWHOOHJHQWLD  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”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…  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”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e,PDJL QDWLR TXRTXH WDPHWVL H[ VHQVLEXV XLVHQGL IRUPDQGLTXH JXUDV VXPSVLW H[RUGLXP VHQVX WDPHQDEVHQWHVHQVLELOLDTXDHTXHFROOXVWUDWQRQVHQVLELOLVHGLPDJLQDULDUDWLRQHLXGLFDQGL…





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

QXQGDVKÏFKVWHGHUPHQVFKOLFKHQ9HUPÏJHQGLHLQWHOOHNWXHOOH(LQVLFKWDOOHV HUNHQQWZDVGLHLKUXQWHUJHRUGQHWHQ9HUPÏJHQHUNHQQHQGDQQLVWHVQDKHOLH JHQGDQ]XQHKPHQGDVVGLHJÏWWOLFKHLQWHOOHJHQWLDDOOHVHUNHQQWZDVGLHPHQVFK OLFKHLQWHOOHJHQWLDHUNHQQW$EHUGLH:HLVHLQGHUGHUJÏWWOLFKH*HLVWGLH'LQJH HUNHQQWLVWYHUVFKLHGHQYRQGHU:HLVHGHVPHQVFKOLFKHQ(UNHQQHQVLQVRIHUQ *RWWHV(UNHQQHQw]HLWORVkLVWGDVPHQVFKOLFKHMHGRFK]HLWJHEXQGHQ(LQH0ÏJ OLFKNHLWGLHVHQ8QWHUVFKLHGDXV]XGUÕFNHQLVWGLHGDVVGLHLQWHOOHJHQWLD*RWWHV DOVIDFXOWDVFRJQRVFHQWLV]XYHUVWHKHQLVWGLHPHQVFKOLFKHLQWHOOHJHQWLDMHGRFKDOVID FXOWDVFRJQRVFHQGLGKQLFKWDOVGDV(UNHQQWQLVYHUPÏJHQVFKOHFKWKLQGHV0HQ VFKHQLQVRIHUQQ½POLFKGLHPHQVFKOLFKH(UNHQQWQLVGHUHQJOHLFKVDPRUJDQL VFKHQ $XIEDX %RHWKLXV GDUVWHOOW PLW GHU 6LQQHVZDKUQHKPXQJ DQI½QJW $XV JHKHQGYRQGLHVHU8QWHUVFKHLGXQJVROOGLH)UDJHEHDQWZRUWHWZHUGHQZRULQ VLFK GHU 0RGXV GHU FRPSUHKHQVLR *RWWHV YRP PHQVFKOLFKHQ (UNHQQHQ XQWHU VFKHLGHW  9RQGHUPHQVFKOLFKHQLQWHOOHJHQWLDVDJW%RHWKLXVGDVVVLH”LSVDPLOODPVLP SOLFHPIRUPDPSXUDPHQWLVDFLHFRQWXHWXU…'LH”HLQIDFKH)RUP…LVWZHGHU *HJHQVWDQG GHU VLQQOLFKHQ :DKUQHKPXQJ NHLQ wNRQNUHWHVk (LQ]HOQHV QRFK GHU (LQELOGXQJVNUD  GK QLFKW GLH YRQ GHU 0DWHULH DEVWUDKLHUWHJXUD RGHU GHUUDWLRVRPLWQLFKWGDV8QLYHUVDOHE]ZGLHVSHFLHVGLHLQGHQ(LQ]HOGLQJHQ LVW'LHLQWHOOHNWXHOOH(LQVLFKW”HUNHQQW…FRJQRVFLW MHGRFKVRZRKOGDV8QLYHU VDOHGHUUDWLRDOVDXFKGLHJXUDGHULPDJLQDWLRXQGGDVVLQQOLFKZDKUQHKPEDUH (LQ]HOQHPDWHULDOHVHQVLELOH ZREHLVLHZHGHUYRQGHUUDWLRQRFKYRQGHULPDJL QDWLRRGHUYRQGHQVHQVXV*HEUDXFKPDFKW”VHGLOORXQRLFWXPHQWLVIRUPDOLWHU XWLWDGLFDPFXQFWDSURVSLFLHQV…:LHNDQQDEHUGLHLQWHOOHNWXHOOH(LQVLFKW ]% GDV VLQQOLFK ZDKUQHKPEDUH (LQ]HOQH HUNHQQHQ RKQH YRQ GHU 6LQQHV ZDKUQHKPXQJ*HEUDXFK]XPDFKHQ"%RHWKLXVDQWZRUWHWGDVVGLHLQWHOOHNWX HOOH(LQVLFKWGDVPDWHULDOHVHQVLELOHQLFKWDOVVROFKHVHUNHQQWGHQQDOVVROFKHVLVW HV*HJHQVWDQGGHU6LQQHVZDKUQHKPXQJ'LHLQWHOOHJHQWLDHUNHQQWGDVPDWHULDOH VHQVLELOH QLFKW LQ GHU :HLVH LQ GHU HV GLH 6LQQHVZDKUQHKPXQJ HUNHQQW VRQ GHUQLQGHU:HLVHLQGHUGLHLQWHOOHNWXHOOH(LQVLFKWGLHIRUPDEHJUHL ”HRPR GRTXRIRUPDPLSVDPTXDHQXOOLDOLLQRWDHVVHSRWHUDWFRPSUHKHQGLW…,Q ZHOFKHU%H]LHKXQJVWHKWDEHUGLHIRUPD]XPPDWHULDOHVHQVLELOH"'LHVSHFLHVYHU K½OWVLFK]XP,QGLYLGXXPDOV8QLYHUVDOH]XP3DUWLNXO½UHQRGHUDQGHUVJHVDJW 'LH UDWLR HUNHQQW ]% GHQ LQGLYLGXHOOHQ 0HQVFKHQ LQVRIHUQ HU 0HQVFK LVW XQG XQWHUGLH 'HQLWLRQ w]ZHLIÕVVLJHVUDWLRQDOHV /HEHZHVHQk I½OOW 'LHIRUPD DEHULVWQLFKWLQGLHVHPORJLVFKHQ6LQQHDOOJHPHLQXQGVLHVWHKWRQWRORJLVFK KÏKHUDOVGLHVSHFLHV'DV9HUK½OWQLVGHUIRUPD]XP,QGLYLGXXPLVWIROJOLFKQLFKW  

9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S 9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S  9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S 





$QGUHDV%½FKOL

LGHQWLVFK PLW GHP 9HUK½OWQLV GHUVSHFLHV ]XP 3DUWLNXO½UHQ 0DQ NÏQQWH GHQ 8QWHUVFKLHG]ZLVFKHQIRUPDXQGVSHFLHVYLHOOHLFKWVRFKDUDNWHULVLHUHQGDVVGLH UDWLRYRQDOOHQ(LJHQVFKD HQGLHNRQNUHWHQ0HQVFKHQ]XJHVSURFKHQZHUGHQ NÏQQHQ QXU GLHMHQLJHQ EHWUDFKWHW GLH GHP 0HQVFKHQ DXIJUXQG VHLQHU 'HQLWLRQ]XNRPPHQZ½KUHQGGLHLQWHOOHNWXHOOH(LQVLFKWLQGHPVLHGLHIRU PDEHWUDFKWHWQLFKWQXUGLHQRWZHQGLJHQVRQGHUQDXFKGLHPÏJOLFKHQ(LJHQ VFKD HQ GHV 0HQVFKHQ XPIDVVW 8QWHUGHUIRUPD Z½UH DOVR GHU ,QEHJUL DOOHU (LJHQVFKD HQ GHV 0HQVFKHQ ]X YHUVWHKHQ 'LHFRPSUHKHQVLR GHU )RUP GXUFK GLH LQWHOOHNWXHOOH (LQVLFKW LVW IÕU GDV PHQVFKOLFKH (UNHQQHQ XQDEGLQJEDU ,Q GLHVHP 6LQQH ZRKO KDW %RHWKLXV LQ HLQHP IUÕKHUHQ =XVDPPHQKDQJ JHVDJW GDVV PDQ QRFK O½QJVW QLFKW ZHLVV ZDV HLQ 0HQVFK LVW TXLG HVW KRPR  ZHQQ PDQQXUZHLVVGDVVHUHLQwUDWLRQDOHVVWHUEOLFKHV/HEHZHVHQkLVW&RPSUHKHQ VLREH]ÕJOLFKGHU)RUPVFKHLQWGDKHUVRHWZDVZLHHLQLQWXLWLYHV%HJUHLIHQGHV :HVHQVGHU'LQJH]XEH]HLFKQHQGDVGHUUDWLRQLFKW]XJ½QJOLFKLVW  +LQVLFKWOLFKGHUFRPSUHKHQVLRGHUUDWLRLVWGLH6DFKHNRPSOL]LHUWHU”eUDWLR TXRTXH FXP TXLG XQLXHUVDOH UHVSLFLW QHF LPDJLQDWLRQH QHF VHQVLEXV XWHQV LPDJLQDELOLD XHO VHQVLELOLD FRPSUHKHQGLW… 'HU 7HUPLQXV FRPSUHKHQGHUH EH ]HLFKQHWKLHUHLQH%H]LHKXQJ]ZLVFKHQGHUUDWLRDOVIDFXOWDVFRJQRVFHQGLXQGGHQ LPDJLQDELOLD XQG VHQVLELOLD GK GHQ 2EMHNWHQ GHU LPDJLQDWLR XQG GHV VHQVXV 'LHVH%H]LHKXQJLQYROYLHUW]ZHLYHUVFKLHGHQH5HODWLRQHQHLQHUVHLWVGLHORJL VFKH E]Z RQWRORJLVFKH 5HODWLRQ ]ZLVFKHQ GHP XQLYHUVDOH XQG GHQ VLQJXODULD XQG DQGHUHUVHLWV GLH HKHUPHWDSK\VLVFKH 5HODWLRQ GHUUDWLR ]X GHQLKU XQWHU JHRUGQHWHQ(UNHQQWQLVYHUPÏJHQGHULPDJLQDWLRXQGGHVVHQVXV,Q$QEHWUDFKW GHUDP$QIDQJGLHVHV$EVFKQLWWVHUÏUWHUWHQ6WHOOHZR%RHWKLXVGDV9HUK½OW QLVGHVXQLYHUVDOH]XPVLQJXODUHLQ3DUDOOHOH]XP9HUK½OWQLVGHVJÏWWOLFKHQ:LV VHQV ]X GHQ FRQWLQJHQWLD IXWXUDVHW]W HUVFKHLQW HV QDKHOLHJHQG GLHFRPSUHKHQVLR *RWWHV YRQ GHUFRPSUHKHQVLRGHU UDWLR KHU]X EHJUHLIHQ 'DEHLLVW DOOHUGLQJV ]X EHDFKWHQGDVVGLHUDWLRKLHUQLFKWDOVIDFXOWDVFRJQRVFHQWLV]XP:LVVHQ*RWWHVLQ %H]XJJHEUDFKW ZLUGGHQQGLHKXPDQD UDWLR LVW DOV VROFKH GHPLQWXLWXV GLYLQXV QLFKWNRPPHQVXUDEHO9LHOPHKUZLUGKLHUDOOHLQQDFKGHUFRPSUHKHQVLRGHUUDWLR DOV IDFXOWDV FRJQRVFHQGL JHIUDJW 'LH FRPSUHKHQVLR GHU UDWLR LVW NRPSOH[HU 1DWXU Z½KUHQGGDV%HJUHLIHQ*RWWHVGXUFK(LQIDFKKHLWFKDUDNWHULVLHUWLVW'LH.RP SOH[LW½WEHVWHKWGDULQGDVVGLHUDWLRLQGHPVLHGDVXQLYHUVDOHHUNHQQWEH]RJHQ LVW DXI GLH LKU XQWHUJHRUGQHWHQ (UNHQQWQLVYHUPÏJHQ GHU LPDJLQDWLR XQG GHV 



9JO %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE , FDS   &&6/   S  3KLORVRSKLDVLHKWKLHUGHQ*UXQGIÕU%RHWKLXVn/HLGHQLQGHU8QNHQQWQLVVHLQHUVHOEVW TXLGLSVHVLVQRVVHGHVLVWL GKLQGHU(QWEHKUXQJGHUKHLOVDPHQ.HQQWQLVGHV*XWHQGHU SURSULDERQD   9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S  9JO%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

VHQVXV 9RQ GHQ PHQVFKOLFKHQ (UNHQQWQLVYHUPÏJHQ VLQG GLH KÏKHUHQ LQ GHU :HLVH DXI GLH QLHGHUHQ EH]RJHQ GDVV VLH VLH ”XPIDVVHQ… DPSOHFWLWXU  'DV EHGHXWHW GDVV DXFK GLH FRPSUHKHQVLR GHV KÏFKVWHQ PHQVFKOLFKHQ (UNHQQWQLV YHUPÏJHQV GHU LQWHOOHJHQWLD GLH GLH wUHLQH )RUPk EHWUDFKWHW LQ GLHVHP 6LQQH NRPSOH[LVW'HQQIÕUGLHUDWLRKXPDQDLVWHVFKDUDNWHULVWLVFKGDVVVLHQLFKWGLH VLPSOH[ IRUPD EHWUDFKWHQ NDQQ RKQH GLH YRUJ½QJLJH $NWLYLW½W GHU 9HUPÏJHQ GLH GHU LQWHOOHNWXHOOHQ(LQVLFKW XQWHUJHRUGQHW VLQG 'LHVYHUK½OW VLFK PLW GHU FRPSUHKHQVLR*RWWHVDQGHUV:LHNDQQGDQQDEHUGLHUDWLRKXPDQDHWZDVYRQLKU EHJUHLIHQ" $QGHUVJHIUDJW:LH O½VVW VLFK GLH %HKDXSWXQJ EHJUÕQGHQ GDVV LQ *RWWHV (UNHQQHQ GLH FRQWLQJHQWLD IXWXUD KLQVLFKWOLFK LKUHU 1DWXU NRQWLQJHQW VLQGREZRKOVLHLQVRIHUQVLHYRQ*RWWJHZXVVWZHUGHQQRWZHQGLJVLQG"'LH )UDJH EHWUL$ GLH %HVWLPPWKHLW FHUWLWXGR  GHV JÏWWOLFKHQ :LVVHQV %RHWKLXVn $QWZRUWGDUDXILVWGLHGDVVGLH'LQJHQLFKWJHP½VVLKUHU1DWXUVRQGHUQJH P½VVGHP9HUPÏJHQGHV(UNHQQHQGHQHUNDQQWZHUGHQ ”4XDUH KDHF GLXLQD SUDHQRWLR QDWXUDP UHUXP SURSULHWDWHPTXH QRQ PXWDW WDOLDTXH DSXGVHSUDHVHQWLDVSHFWDWTXDOLDLQWHPSRUHROLPIXWXUDSURXHQLHQW1HFUHUXPLX GLFLD FRQIXQGLW XQRTXH VXDH PHQWLV LQWXLWX WDP QHFHVVDULH TXDP QRQ QHFHVVDULH XHQWXUDGLQRVFLWVLFXWLXRVFXPSDULWHUDPEXODUHLQWHUUDKRPLQHPHWRULULLQFDHOR VROHPXLGHWLVTXDPTXDPVLPXOXWUXPTXHFRQVSHFWXPWDPHQGLVFHUQLWLVHWKRFXR OXQWDULXPLOOXGHVVHQHFHVVDULXPLXGLFDWLV,WDLJLWXUFXQFWDGLVSLFLHQVGLXLQXVLQWXL WXV TXDOLWDWHP UHUXP PLQLPH SHUWXUEDW DSXG VH TXLGHP SUDHVHQWLXP DG FRQGLFLR QHPXHURWHPSRULVIXWXUDUXP…

(QWVFKHLGHQG IÕU %RHWKLXVn /ÏVXQJ LVW KLHU GDVV *RWW LQGHP HU PLW HLQHP %OLFNXQRTXHVXDHPHQWLVLQWXLWX QRWZHQGLJHVXQGNRQWLQJHQWHV*HVFKHKHQHU NHQQHQG XQWHUVFKHLGHW GLQRVFLW  QLFKW GLH UHUXP LXGLFLD FRQIXQGLW GK GDVV LQ *RWWHV (UNHQQHQ QRWZHQGLJHV *HVFKHKHQ QRWZHQGLJ XQG NRQWLQJHQWHV *H VFKHKHQ NRQWLQJHQW LVW :LH NDQQ DEHU GLH PHQVFKOLFKH 9HUQXQ  EHJUHLIHQ GDVVLP*HLVWH*RWWHVGLHUHUXPLXGLFLDGLH”0HUNPDOH…GHU'LQJHXQWHUVFKLH GHQVLQG"'LH$QWZRUWGDUDXIOLHJWLQGHP6DW]”VXSHULRUFRPSUHKHQGHQGLXLV DPSOHFWLWXU LQIHULRUHP… *RWW ZHLVV DOOHV ZHLO GLH 3URYLGHQ] DOOHV ”XP JUHL …”3URXLGHQWLDQDPTXHFXQFWDSDULWHUTXDPXLVGLXHUVDTXDPXLVLQQLWD FRPSOHFWLWXU…'LHVLVWDEHUQRFKQLFKWGLH$QWZRUWDXIGLH)UDJHZLHGLH UHUXP LXGLFLD LP :LVVHQ *RWWHV XQWHUVFKLHGHQ VLQG GK LQZLHIHUQ GLHVHV HLQ EHVWLPPWHV:LVVHQLVW%RHWKLXVVFKHLQWQ½POLFKDQ]XGHXWHQGDVV*RWWLQ  

%RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S”eQDPVX SHULRUFRPSUHKHQGHQGLXLVDPSOHFWLWXULQIHULRUHPe…  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/   %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE9FDS&&6/ S  %RHWKLXV3KLORVRSKLDHFRQVRODWLROLE,9FDS&&6/ S  2EHUWHOOR”3URFOXV$PPRQLXVDQG%RHWKLXVRQ'LYLQH.QRZOHGJH…6VDJW”'L





$QGUHDV%½FKOL

GHPHLQHQ %OLFN VHLQHV *HLVWHV QLFKW QXU DOOH w'LQJHk XPJUHL  VRQGHUQ DXFK DOOH0RGLGHV(UNHQQHQVGLHVLFKPLW%H]XJDXIGLH]HLWJHEXQGHQHUDWLRKXPD QDDOVYHUVFKLHGHQHIDFXOWDWHVFRJQRVFHQGLXQWHUVFKHLGHQODVVHQ6RZHQLJZLHLP PHQVFKOLFKHQ (UNHQQHQ GLH 8UWHLOH LXGLFLD  GHU YHUVFKLHGHQHQ (UNHQQWQLV YHUPÏJHQ GXUFKHLQDQGHUJHUDWHQ VR ZHQLJ ZHUGHQ LP JÏWWOLFKHQ (UNHQQHQ GLHLXGLFLDUHUXPGXUFKHLQDQGHUJHEUDFKW%RHWKLXVPDFKWDOVRJHOWHQGGDVVGLH %HVWLPPWKHLWGHVJÏWWOLFKHQ:LVVHQVYHUNQÕS LVWPLWGHP%HJULGHUFRPSUH KHQVLR'LHVHU*HGDQNHJHKWYLHOOHLFKW]XUÕFNDXI3URNORVn'HQLWLRQGHV*H QDXHQWsÎNULEjZ LQVHLQHP.RPPHQWDU]XGHU6WHOOHGHV3ODWRQLVFKHQ'LD ORJV3DUPHQLGHVZRGLHSDUDGR[H%HKDXSWXQJHUZRJHQZLUGGDVVGDV:LV VHQ*RWWHVDOVGDV”JHQDXHVWH:LVVHQ…ÎNULEHVWeWK?SLVW`PK YRQGHU:HOW GHU0HQVFKHQQLFKWVZHLVV1DFK3URNORVLVWGDV*HQDXHGDVZDV”DOOHVXP IDVVWXQGQLFKWVDXVVHUVLFKO½VVW…'LH([SOLNDWLRQGLHVHU9HUNQÕSIXQJYRQ FHUWLWXGRXQGFRPSUHKHQVLRLVWVRZHLWLFKVHKHGDV:HUNGHV%RHWKLXV 



 $XVJDQJVSXQNWGLHVHU8QWHUVXFKXQJZDU%RHWKLXVn$XIIDVVXQJGDVVPDQYRP :LVVHQ *RWWHV QXU HWZDV EHJUHLIHQ NDQQ ZHQQ PDQ GHQ 6WDWXV VHLQHU 6XE VWDQ]ULFKWLJHLQVFK½W]W:LHLVWDEHU%RHWKLXVn%HJULGHUJÏWWOLFKHQ6XEVWDQ] VHOEVW HLQ]XVFK½W]HQ E]Z KLVWRULVFK HLQ]XRUGQHQ" ,P HUVWHQ $EVFKQLWW KDEH LFK]X]HLJHQYHUVXFKWGDVVGHU%HJULGHV%HVLW]HVGHULQ%RHWKLXVn'HQL WLRQGHU(ZLJNHLWYRUNRPPWGHQ*HGDQNHQHLQHU%HJUHQ]XQJRGHU%HVWLP PXQJGHV%HVHVVHQHQLQYROYLHUW'LHVLVWQDFKGHUQHXSODWRQLVFKHQ+\SRVWD  YLQHNQRZOHGJHLVQHFHVVDU\DQGGHWHUPLQDWHRUEHWWHUGHWHUPLQDWLYH LQVRIDUDVLWEH VWRZVEHLQJRQDOOWKDWH[LVWV…,ELG6KHL¸WHV”WKHUHLVQRGLHUHQFHEHWZHHQ WKHFRJQLWLYHDQGWKHSURGXFWLYHRUFUHDWLYHFDSDFLW\RI'LYLQLW\…'LHVLVWVLFKHUULFKWLJ WU½JW DEHU GHU HSLVWHPLVFKHQ .RQQRWDWLRQ GHU %HVWLPPWKHLW QLFKW 5HFKQXQJ GLH LP =HQWUXPYRQ%RHWKLXVn$UJXPHQWDWLRQVWHKW  9JO3ODWRQ3DUPEH  3URFOXV&RPPHQWDULXP LQ3ODWRQLV3DUPHQLGHP HG9&RXVLQ 2SHUDLQHGLWD3DULV UHSU )UDQNIXUW D 0   6S   ”WRxWR JeU?VWLQ ÎNULEkZ Ws?PSHULODP EeQRQSeQWDNDnPKGkQMY»DXWRxNDWDOLPSeQRQ…  'LH 9RUVWXIH YRQ %RHWKLXVn ([SOLNDWLRQ LVW ZRKO 3URFOXV 'HFHP GXELWDWLRQHV ,  S ”eXWVXEVLVWLWXQXPTXRGTXHwVHFXQGXPXQXPVLFHWFRJQRVFLW>VFLOGLH3URY L GHQ]@XQXPTXRGTXHkVHFXQGXPXQXPHWQHTXHGLYLVDHVWFRJQLWLVFRJQ LWLRQHTXHFRQ IXVDVXQWFRJQLWDSURSWHUXQDPXQLRQHPFRJQLWLRQLV8QDDXWHPH[LVWHQVRPQHPTXL GHP LQQLWDWHP FRJQRVFLELOLXP FRPSUHKHQGLW RPQL DXWHP HD TXH LQ LSVLV XQLRQH VXSHUXQLWD HVW… (LQH DQJHPHVVHQH (UÏUWHUXQJ GHV %HJULV GHU FHUWLWXGR HUIRUGHUWH HLQH $XVHLQDQGHUVHW]XQJ PLW GHQ DQWLNHQ .RPPHQWDUHQ HLQVFKOLHVVOLFK GHP GHV %RHWKLXV  ]X$ULVWRWHOHVn'HLQWZRGLHVHUGLH$XDVVXQJYHUWULWWGDVV$XVVDJHQÕEHU]XNÕQ LJH NRQWLQJHQWH6DFKYHUKDOWHQLFKWZDKURGHUIDOVFKVLQG





%HPHUNXQJHQ]X6XEVWDQ]XQG:LVVHQ*RWWHV

VHQ/HKUHGLH)XQNWLRQGHV*HLVWHVXQGQLFKWGHVKÏFKVWHQ3ULQ]LSVGHV(L QHQ GDV ÕEHU GHP *HLVW VWHKW ,P ]ZHLWHQ $EVFKQLWW ZXUGH GLH /ÏVXQJ GHV 3URYLGHQ]3UREOHPVEHWUDFKWHWGHUJHP½VVNRQWLQJHQWH(UHLJQLVVHLKUHU1D WXU QDFK NRQWLQJHQW PLW %H]XJ DXI GLH 3URYLGHQ] *RWWHV MHGRFK QRWZHQGLJ VLQG +LHU JLQJ HV XP GDV 3UREOHP GHU w1RWZHQGLJNHLWk GHV .RQWLQJHQWHQ GHP QXU GXUFKGLH$QQDKPHHLQHV UDGLNDOHQ8QWHUVFKLHGHV ]ZLVFKHQ JÏWWOL FKHPXQGPHQVFKOLFKHP:LVVHQ]XHQWNRPPHQLVW'DPLWVWHOOWHVLFKIÕUGHQ GULWWHQ$EVFKQLWWGLH)UDJHZLHGLHPHQVFKOLFKH9HUQXQ HWZDVYRPJÏWWOL FKHQ:LVVHQEHJUHLIHQNÏQQH'LH$QWZRUWO½X GDUDXIKLQDXVGDVV%RHWKLXV *RWWHV %HJUHLIHQ FRPSUHKHQVLR  GHU PHQVFKOLFKHQ 9HUQXQ  DQ LKUHQ HLJHQHQ (UNHQQWQLVYHUPÏJHQEHJUHLLFKPDFKHQZLOOYRQGHQHQGLHREHUHQGLHXQWH UHQwXPJUHLIHQk,QGHUVHOEHQ:HLVHwXPJUHL k*RWWDOOH'LQJHRKQHLKUHGL VWLQNWHQ0HUNPDOHGXUFKHLQDQGHU]XEULQJHQ'DPLWLVWDQVDW]ZHLVHHLQH$QW ZRUWDXIGLHLPHUVWHQ$EVFKQLWWDXIJHZRUIHQH)UDJHJHJHEHQLQZLHIHUQGHU w%HVLW] XQEHJUHQ]EDUHQ /HEHQVk HLQH %HJUHQ]XQJ RGHU %HVWLPPXQJ GHV %H VHVVHQHQLQYROYLHUW     $EVWUDFW 

%RHWKLXVnDWWHPSWWRFODULI\WKHQRWLRQRIGLYLQHSURYLGHQFHLQWKH 3KLORVRSKLDHFRQVRODWLRLV EDVHG RQ WKH FRQFHSWLRQ RI GLYLQH VXEVWDQFH DV wHWHUQLW\k &RQFHUQLQJ KLV GLVWLQFWLRQ EH WZHHQwSURYLGHQFHkDQGwIDWHkWKLVHVVD\UHFRQVLGHUVDQGPRGLHVWKHYLHZRIVRPHPRGHUQ UHDGHUVDFFRUGLQJWRZKLFK%RHWKLXVnVDFFRXQWHQWLUHO\GHSHQGVRQ3URFOXV7KHIDFWWKDW %RHWKLXVDVVRFLDWHVWKHQRWLRQRIWKH2QHRUWKHVXSUHPH*RRGZLWKWKHQRWLRQRIHWHUQLW\ VXJJHVWV D UDWKHU IUHH XVH RI 3URFOXVnV LGHDV $OWKRXJK WKH VROXWLRQ RI WKH SUREOHP RI WKH wQHFHVVLW\kRIIXWXUHFRQWLQJHQWHYHQWVKHSURSRVHVLVQRWQHZZKDWKHKDVWRVD\RQGLYLQH wFRPSUHKHQVLRQkGRHVQRWVHHPWRFRQVLVWPHUHO\LQDSUHVHQWDWLRQRIYLHZVRIKLV1HRSOD WRQLFSUHGHFHVVRUV 





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP

   

*5$=,(//$ )('(5,&, 9(6&29,1,

/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9 1XRYLDSSURFFL 

    $OOD IRUWXQD R DOOD VIRUWXQD GHOOD VWRULRJUDD ORVRFD GHO 0HGLRHYR PROWR KDQQR FRQWULEXLWR DOFXQL IDWWRUL FKH SRWHYDQR DSSDULUH HOHPHQWL SRVLWLYL DG HVHPSLRODULQDVFLWDGHJOLVWXGLQHRWRPLVWL&RPHKDQQRDYXWRPRGRGLRVVHU YDUHDOFXQLVWXGLRVL$QGUÂGH0XUDOWHDOWUL ODULQDVFLWDGHOQHRWRPLVPRVH FRQFHQWUË OnDWWHQ]LRQH VXOOD ORVRD PHGLHYDOH QHOOR VWHVVR WHPSR DFFUHGLWË OnLGHDFKHWXWWDODORVRDPHGLHYDOHFRLQFLGHVVHFRQODORVRDGLVDQ7RP PDVRPHQWUHLQYHFHVDSSLDPRFKHVWRULFDPHQWHTXHVWRQRQDFFDGGH IHFHUL WHQHUH FKH HVVD IRVVH LQWHUDPHQWH XQD WHRORJLD R WXWWD WHRORJL]]DQWH /nLQWHU SUHWD]LRQHGHOODORVRDPHGLHYDOHFRPHORVRDVFRODVWLFDLQROWUHLQFHQWUD WDVXOWHPDGHOUDSSRUWRDFFRUGRRGLVDFFRUGR WUDIHGHHUDJLRQHYHULW¹ULYH ODWDHORVRDGL$ULVWRWHOHGLVFXVVRQHOODVHGHLVWLWX]LRQDOHGHOOD6FXRODGLODWË TXHVWDWHPDWLFDQRDGDVVRUELUHWXWWLJOLDOWULDPELWLGHOOHULFHUFKHGHLORVR PHGLHYDOL FKH SXU VL HEEHUR LQ GLYHUVL VHWWRUL ,QQH OnLQWHUSUHWD]LRQH GHOOD ORVRDPHGLHYDOHSUHVHQWDWDGDOODVWRULRJUDDORVRFDGL+HJHOFRPHORVR D FULVWLDQD VH SRUWË SLÒ R PHQR GLUHWWDPHQWH XQR VWXGLRVR FRPH (WLHQQH *LOVRQDVRVWHQHUHFKHQRQVRORWXWWDODORVRDPHGLHYDOHHUDORVRDFULVWLD QDEHQVÅOnLQWHUDVWRULDGHOODORVRDRFFLGHQWDOHWUDVFXUËWXWWLTXHJOLDVSHWWL GHOSHQVLHURPHGLHYDOHFKHHUDQRLOULVXOWDWRGHOOnLQFRQWURGHOODORVRDFRQOH UHOLJLRQL GLYHUVH VLD OD PXVXOPDQD FKH OnHEUDLFD $ OLYHOOR LVWLWX]LRQDOH SRL YHQQHUR SULYLOHJLDWL JOL LQVHJQDPHQWL H OH GRWWULQH GHOOH )DFROW¹ GL 7HRORJLD WHQHQGRDLPDUJLQLVHQRQWUDVFXUDWHOHRSHUHGHLPDHVWULGHOOH)DFROW¹GLLQ VHJQDPHQWR PRQGDQR FRPH OH )DFROW¹ GHOOH $UWL )LORVRD H 0HGLFLQD $W 

 4XHVWDULFKHUFDÁVWDWDQDQ]LDWDFRQLIRQGLHGHO0,85  $GH0XUDOW/nHQMHXGHODSKLORVRSKLHPÂGLÂYDOH¢WXGHVWKRPLVWHVVFRWLVWHVRFFDPLHQQHVHWJUÂ JRULHQQHV/HLGD S   ¢%UÂKLHU”<DWLOXQHSKLORVRSKLHFKUÂWLHQQH"…LQ5HYXHGHPÂWDSK\VLTXHHWGHPRUDOH  S(*LOVRQ&KULVWLDQLVPH HW SKLORVRSKLH3DULJL 50DQVHOOL”,O 0HGLRHYRFRPHFKULVWLDQLWDV8QDVFRSHUWDURPDQWLFD…LQ9%UDQFDHG &RQFHWWRVWR ULDPLWLHGLPPDJLQLGHOPHGLRHYR)LUHQ]H S 

*UD]LHOOD)HGHULFL9HVFRYLQL

WXDOPHQWHJOLRULHQWDPHQWLGHJOLVWXGLVXOODORVRDHOHVFLHQ]HPHGLHYDOLVR QRPROWRPXWDWLHDQFKHOHULFHUFKHGLTXDQWLDFFHWWDQRDQFRUDTXHVWHLQWHU SUHWD]LRQLVRQRVWLPRODWHGDWDOLPXWDPHQWL,QROWUHOHGLVFXVVLRQLVXFRVDVLDR QRQVLDODORVRDPHGLHYDOHLQTXHVWLXOWLPLGHFHQQLVWDQQRXVFHQGRVHFRQ GRDOFXQHOLQHHLQWHUSUHWDWLYHGDOSUREOHPDGHOODSHULRGL]]D]LRQHw0HGLRHYRr 5LQDVFLPHQWR r (W¹ PRGHUQDk FKH KD FDUDWWHUL]]DWR SHU PROWR WHPSR TXHVWH ULFHUFKH  /DPEHUW 0 GH 5aN KD GHGLFDWR XQnDFXWD H SHQHWUDQWH ULFRVWUX]LRQH WHR ULFRFULWLFD GHOOnLGHD GHO 0HGLRHYR H GHOOD ORVRD PHGLHYDOH FRPH SHULRGR VWRULFRVRWWROLQHDQGROnDUELWUDULHW¹GHOOHSHULRGL]]D]LRQLDWWXDOLVLDTXDQGRVL LQVLVWHVXOODFRQWLQXLW¹FRQLOSHULRGRPRGHUQRVLDTXDQGRVHQHVRWWROLQHDOD FHVXUD/RVWHVVRGLVFRUVRVLSXËIDUHTXDQGRVLDSSOLFDQRLWHUPLQLwSHULRGRGL WUDQVL]LRQHkHwSUHFXUVRULkFRPHTXDQGRVLXVDQRSHULRGL]]D]LRQLHVWULQVHFKH FRPHTXHOODFDQRQLFDGHO&HOODULR&ULVWRIRUR.HOOHU 4XDQGRSRLYLHQHLQ WURGRWWD OnLGHD GHOOH HSRFKH GL GHFDGHQ]D SHU FXL LO 0HGLRHYR UDSSUHVHQWH UHEEHXQSHULRGRLQWHURGLFDGXWDULVSHWWRDOOn$QWLFKLW¹HDO5LQDVFLPHQWRRS SXUH YL VDUHEEHUR VWDWL PRPHQWL GL GHFDGHQ]D SHU HVHPSLR LO VHFROR ;,9  DOOnLQWHUQRVWHVVRGHO0HGLRHYRULVSHWWRDOODJUDQGHRULWXUDVFRODVWLFDGHOVH FROR ;,,, VL YLHQH FRPSOHWDPHQWH D IDOVDUH OD YLVLRQH VWRULFD /H LQWHUSUHWD ]LRQL GHOOD ORVRD PHGLHYDOH FRPH ORVRD VFRODVWLFD VLD TXHOOH YDOXWDWLYH GHOOnLQGLUL]]RQHRWRPLVWDFKHTXHOOHQHJDWLYHFKHULVDOLYDQRDOJLXGL]LRVHP SOLFDWLYR GL +HJHO VL IRQGDYDQR WXWWH VXOOnLGHD GL XQD SHULRGL]]D]LRQH FKH FRQWUDSSRQHYDLO0HGLRHYRFRPHHW¹GHOODWUDVFHQGHQ]DDOODPRGHUQLW¹LQWHVD FRPHVHFRODUL]]D]LRQHHGLPPDQHQ]D4XHVWHLPSRVWD]LRQLVWRULRJUDFKHGHO ODSHULRGL]]D]LRQHGHO0HGLRHYRVLULHWWHYDQRVXTXHOOHGHOODORVRDPHGLH YDOH H YHQLYDQR FRVÅ D ULVHQWLUQH LQ PRGR SDUWLFRODUH JOL DXWRUL FRVÅ GHWWL GL  

 &RPHÁQRWRGDOOn(QFLFOLFD$HWHUQL3DWULVGL/HRQH;,,,SUHVHDYYLRLOPRYLPHQWRGLVWX GLR QHRWRPLVWD 6XO SLDQR ORVRFR VL ULSURSRVH LO JUDQGH LQVHJQDPHQWR ORVRFR GL 7RPPDVRGn$TXLQRHIXURQRFHQWULSURSXOVRULGLTXHVWRRULHQWDPHQWROnw,QVWLWXW6XSÂ ULHXUGHSKLORVRSKLHkGL/RYDQLRIRQGDWRGDOFDUGLQDO0HUFLHUQHOHOD5LYLVWDGLOR VRD QHRVFRODVWLFD IRQGDWD D 0LODQR GD $JRVWLQR *HPHOOL QHO  /D ULFRVWUX]LRQH GL TXHVWD ORVRD FKH IX LQWHUSUHWDWD FRPH ORVRD VFRODVWLFD FRQVLVWHQWH QHO SUREOHPD GHOOnDFFRUGRWUDYHULW¹GLIHGH5LYHOD]LRQH HYHULW¹GLUDJLRQH)LORVRD JHQHUËVXELWR XQDYLYDFLW¹GLGLVFXVVLRQLGLSROHPLFKHHSUHFLVD]LRQLFKHVRORLQTXHVWLXOWLPLDQQLVH SDLRQRHVVHUVLD"HYROLWHVLVRQRVHPPDLLUUREXVWLWHQHOGLYDULFDUVLGHOOHWHVL,OGLEDWWLWR RUPDLVLÁSDUWLFRODUPHQWHD"QDWRHVLFRQGXFHVXLWHVWLJOLDXWRULOHULFRVWUX]LRQLGR FXPHQWDULHORORJLFKHHFULWLFKH   * : ) +HJHO /HÀRQV VXU OnKLVWRLUH GH OD SKLORVRSKLH YRO  /D SKLORVRSKLH GX 0R\HQ ›JH WUDG GL 3 *DUQLURQ 3DULJL   S  LQ FXL +HJHO ULFRQGXFH OD ORVRD GL VDQ 7RPPDVRDGXQwIRUPDOLVPRORJLFRkDQFKHVHULFFRGLSHQVLHULPHWDVLFLVROLGLLG/H ]LRQL VXOOD ORVRD GHOOD VWRULD WUDG GL * &DORJHUR H & )DWWD )LUHQ]H   YRO ,9 SLQFXLVLLQGLYLGXDQHO0HGLRHYRXQSHULRGRGLWUDQVL]LRQHHGLEDUEDULH





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

wWUDQVL]LRQHkFRPH1LFROD&XVDQRGDXQODWRHTXDVLWXWWLLORVRHLPDHVWUL GHOVHFROR;,9WUDQVL]LRQHTXHVWDGDOVHFROR;,,,0ROWLGHJOLDXWRULGLTXHVWR VHFROR;,9QRQVLSUHVWDYDQRDOODIDFLOHFRQWUDSSRVL]LRQHWUDPRGHUQLW¹DYDQ ]DQWHH0HGLRHYRDOGHFOLQR3HUWDQWRVRSUDWWXWWRPHVVRLQGLVFXVVLRQHÁVWD WRQRQVRORHWDQWRLOFRQFHWWRGL0HGLRHYRPDDQFKHTXHOORGLHW¹PRGHUQD $QFKH +DQV %OXPHQEHUJ KD PRVWUDWR OD VFDUVD XWLOLW¹ GL WHUPLQL H FRQFHWWL TXDOLwVHFRODUL]]D]LRQHkRwPRQGDQL]]D]LRQHkSHUGHQLUHLUDSSRUWLWUD0HGLR HYR H PRGHUQLW¹ /D VHFRODUL]]D]LRQH QRQ VDUHEEH OD WUDGX]LRQH LQ WHUPLQL XPDQLHPRQGDQLGLGRWWULQHSUREOHPLHPLWLGHOOnHW¹PHGLHYDOHPD0HGLRH YRHPRGHUQLW¹VRQRFRQFHWWLVWRULRJUDFLXWLOL]]DWLFRQXQDJDPPDYDVWLVVLPD H VSHVVR FRQWUDGGLWWRULD GL VLJQLFDWL H SUHVXSSRQJRQR SLÒ R PHQR VXUUHWWL ]LDPHQWHXQDFHUWDFRQWLQXLW¹IUDGXHHSRFKHDQFKHTXDQGRVHQHDHUPDOD URWWXUD/DTXHUHOOHWUDDQWLFKLHwPRGHUQLkFRQDFFHQWLHVLJQLFDWLGLYHUVLFRQ WLQXHU¹SHUWXWWDODVWRULDGHOSHQVLHURQRDLJLRUQLQRVWUL 

  1HOOH ULFHUFKH GL TXHVWL XOWLPL DQQL PROWH GRWWULQHGL DXWRUL PHGLHYDOL VRQR VWDWLLQWHUSUHWDWHDOGLIXRULGLTXHVWDFRQWUDSSRVL]LRQHWUD0HGLRHYRHPRGHU QLW¹ TXHVWL FRQFHWWL VWRULRJUDFL QRQ VRQR SLÒ LQWHVL FRPHHVVHQ]H OHJDWH DG XQD LQWULQVHFD QHFHVVLW¹ PHWDVLFD FRQWUDSSRVWL WUD ORUR FRVÅ FRPH SLDFTXH SUHVHQWDUOL DJOL XPDQLVWL R GXUDQWH OD UHVWDXUD]LRQH GHO VHFROR ;,; $OOXGR TXLDLUHFHQWLLPSRUWDQWLVWXGLGLORVRDPHGLHYDOHGLGH0XUDOW/n(QMHXGHOD SKLORVRSKLHPÂGLÂYDOHHDOYROXPHGHOORVWHVVRVXOQHRSODWRQLVPRHOnDULVWRWHOLVPR QHOOD PHWDVLFD PHGLHYDOH LQ FXL OnDXWRUH FL SUHVHQWD OD ORVRD PHGLHYDOH FRQXQWDJOLRVWUXWWXUDOLVWD4XHVWRDSSURFFLRJOLSHUPHWWHGLFRQQHWWHUHWUDGL ORURGRWWULQHORVRFKHDSSDUHQWHPHQWHORQWDQHGLYHGHUHODQR]LRQHGLHVVH RELHFWLYXPGL'XQV6FRWRLQ%UHQWDQRHLQ+XVVHUORSSXUHTXHOODGHOwVLJQLFD ELOHFRPSOHVVDPHQWHkGL*UHJRULRGD5LPLQLLQ&DUWHVLRLQ6SLQR]DLQ/HLE QL]LQ$UQDXOGHTXHVWRDOGLIXRULGHOODFDWHJRULDVWRULRJUDFDGHOODFRQWL QXLW¹,OGH0XUDOWLQGLYLGXDQHO0HGLRHYROHVWUXWWXUHGHOSHQVLHURFKHYDQQR DOGLO¹GHLVHFROLPHGLHYDOLROWUHODPHWDVLFDHODWHRORJLDQRDOOHSUREOHPD WLFKH DQWURSRORJLFKH FULWLFKH ORJLFKH OLQJXLVWLFKH DWWXDOL VHFRQGR XQR VYL 



 6L YHGD OnLQWHUSUHWD]LRQH GHOOR VWXGLRVR RODQGHVH - +XL]LQJD /nDXWXQQR GHO 0HGLRHYR WUDG%-DVLQN)LUHQ]H    + %OXPHQEHUJ /DOHJLWWLPLW¹ GHOOnHW¹ PRGHUQD &ULWLFD GLXQD FDWHJRULD GHOOnLQJLXVWL]LD VWRULFD WUDG GL & 0DUHOOL *HQRYD   VX FLË LQ SDUWLFRODUH DQFKH 7 *UHJRU\ ”3HQVLHUR PHGLHYDOHHPRGHUQLW¹…LQ*LRUQDOHFULWLFRGHOODORVRDLWDOLDQD S   3HUXQDOHWWXUDDOGLIXRULGLTXHVWDFRQWUDSSRVL]LRQHGHOSHQVLHURGL&XVDQRFILOPLR ,OSHQVLHURGL1LFROD&XVDQR7RULQR S   $GH0XUDOW1ÂRSODWRQLVPHHW$ULVWRWÂOLVPHGDQVODPÂWDSK\VLTXHPÂGLÂYDOH3DULJL 





*UD]LHOOD)HGHULFL9HVFRYLQL

OXSSRLQWHUQRDOSHQVLHURORVRFRVWHVVR3HUWDQWRHJOLULWURYDQHOODORVRD GL%RO]DQR%UHQWDQRH+XVVHUOXQDVWUXWWXUDGLSHQVLHURORVRFRLGHQWLFD ELOHQHOOHDUWLFROD]LRQLGHOFRQFHWWRGLYHULW¹FRPH wVLJQLFDELOHFRPSOHVVRkGL *UHJRULRGD5LPLQLHGLDOWULORVRGHO0HGLRHYR,OGH0XUDOWGHQLVFHOD VWUXWWXUDGLSHQVLHURQRQFRPHXQPRGHOORLQWHOOLJLELOHVVRLQXQFLHORHPSL UHRXQDUFKHWLSR PDFRPHXQDVWUXWWXUDIXQ]LRQDOHSHUFKÂKDUHDOW¹QHOODPL VXUD LQ FXL VL HVHUFLWD LQ XQD GRWWULQDVWRULFD R LQ XQnDOWUD 4XHVWH VWUXWWXUH VL SRVVRQR WURYDUH VROR QHOOH GRWWULQH VWRULFDPHQWH DHUPDWHVL H TXLQGL LO GH 0XUDOWLQVLVWHVXOOnDSSURFFLRVWRULFRGHOODVXDULFHUFDVHFRQGRXQnDQDOLVLGRW WULQDOHGHOSHQVLHURORVRFRLOTXDOHKDVWUXWWXUHSURSULHFKHORVRVWHQJRQR,O GH 0XUDOW VL LQWHUURJD VH VL SRVVD SDUODUH DQFRUD GL ORVRD wPHGLHYDOHk GL 7RPPDVR'XQV6FRWR2FFDP*UHJRULRGD5LPLQLRSLXWWRVWRGLORVRD WRXW FRXUW (G Á YHUR R SLXWWRVWR IDOVR FKH OD ORVRD PHGLHYDOH IX VROR XQ WHRORJLVPR" 6HFRQGR GH 0XUDOW LQROWUH QRQ VL SXË PDQWHQHUH OnRSSRVL]LRQH WUDVFLHQ]DHORVRDTXDQGRVLWHQWDGLULFRVWUXLUHOHVWUXWWXUHFRPXQLGHOOH RSHUHGHOOnLQWHOOLJHQ]DXPDQD/HJUDQGLLQQRYD]LRQLVDUHEEHURDYYHQXWHFRQ ODPHWDVLFDGHOOnXQLYRFLW¹GHOOnHQWHGL'XQV6FRWRFKHVLFRQWUDSSRVHDTXHOOD GHOOnDQDORJLDGL7RPPDVRFKHOnDYHYDGHULYDWDGD$ULVWRWHOH  3HUWDQWROHVWUXWWXUHSRUWDQWLGHOSHQVLHURPHGLHYDOHIXURQRVHFRQGRLOGH 0XUDOW   OD GLVWLQFWLR IRUPDOLV H[ SDUWH UHL GL 'XQV 6FRWR   OD QR]LRQH GLHVVH RELHFWLYXP VHFRQGR XQD FRQFH]LRQH GL RJJHWWLYLW¹ LGHDOH LQ VÂ GHOOnLGHD FKH Á XQD FDUDWWHULVWLFD GHOOD QRHWLFD GHO FRQFHWWR GL 'XQV 6FRWR OnRJJHWWR GLYHQWD XQHVVHUHSU¿VHQWDWLYXPRXQTXLGLQWHOOLJLELOHHSRLLQWHOOHFWXPHQWURHSHUOHVSH FLH LQWHOOLJLELOL H TXHVWD WHPDWLFD VDU¹ SDUWLFRODUPHQWH VYLOXSSDWD GDL ORVR GHOVHFROR;,9FRPH$GDPR:RGHKDP*UHJRULRGD5LPLQLHWDQWLDOWULH SRUWHU¹ DO SULPDWR GHOOD QR]LRQH GL FRVFLHQ]D GHOODORVRD GHO VHFROR ;9,, OnHVVHRELHFWLYXPÁFLËFKHQHOOnDQLPDÁUDSSUHVHQWDWRFRPHWDOHHGÁLPPHGLDWD PHQWH HYLGHQWH   JOL VYLOXSSL GHOOD ORJLFD SURSRVL]LRQDOH RSHUDWLYD FRQ OD WHRULDGHOVLJQLFDWRwVXSSRVLWLYRkGLYHULW¹HQRQSLÒFRPHWHRULDGLSUHGLFD ]LRQH GL YHULW¹   OnHODERUD]LRQH GL XQD QR]LRQH GL FDXVD GLYHUVD GD TXHOOD QDOHHIRUPDOHGL$ULVWRWHOHHGL7RPPDVRLQWHVDFRPHLOwFRQFRUVRkGLFDXVH SDU]LDOLQRQUHFLSURFKHFRVÅFKHVLVRVWLWXLVFHDOODQR]LRQHGLFDXVDWRWDOHTXHO OD GL FDXVD SDU]LDOH H VL VRVWLHQH OnDXWRQRPLD GL XQD ULVSHWWR DOOnDOWUD 4XHVWH QR]LRQLSHUPHWWHUDQQRJOLVYLOXSSLGHOODPHGLFLQDHGHOODELRORJLDFRPHVFLHQ ]D LQWURGXFHQGR OD SRVVLELOLW¹ GHOOD FRQRVFHQ]D GHO SDUWLFRODUH QHOOnRUL]]RQWH GHOwFRQWLQJHQWHkHGÁYROWDDOODFRQRVFHQ]DGHOOnLQGLYLGXDOH4XHVWHLGHHVLUL WURYDQRRSHUDQWLQHO0HGLRHYRLQPRGRRULJLQDOHLQ3LHWURGn$EDQRHLQ%LD







 'H0XUDOW1ÂRSODWRQLVPHHW$ULVWRWÂOLVPHS



/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

JLR3HODFDQLGD3DUPDHQHOSHQVLHURGLWDQWLDOWULORVRPHGLFLVRSUDWWXWWRGL VFXRODLWDOLDQD  8QDSSURFFLRGLYHUVRDOORVWXGLRGHOODORVRDPHGLHYDOHÁDQFKHTXHOORFKH VLOHJJHQHJOLVWXGLGL7XOOLR*UHJRU\GHOYROXPH0XQGDQDVDSLHQWLD)RUPHGL FRQRVFHQ]DHLGHDOLGLVDSHUHHQHOODDQDOLVLVX3HQVLHURPHGLHYDOHHPRGHUQLW¹RYHUL SUHQGHFRQPROWDFKLDUH]]DDOFXQHGHOOHLQGLFD]LRQLSUHFHGHQWLGHOOHVXHULFHU FKHULFRQIHUPDQGROnLGHDFKHQHO0HGLRHYRODORVRDQRQIXWXWWDWHRORJL VPRPDVLDHUPËDQFKHLQULFHUFKHWHUUHQHPRQGDQHQHOOnDPELWRGHOODPH GLFLQDGHOODORVRDGHOODQDWXUDGHOOnDVWURORJLD4XHVWnXOWLPDUDSSUHVHQWËXQ EHQ GLYHUVR LGHDOH ULVSHWWR DOOD YLWD FRQWHPSODWLYDQDOL]]DWD DOOD YLVLRQH wEH DWLFDkHVFDQGÅLOWHPSRPRQGDQRGHOODVWRULDGHLSRSROLGHOOHHSLGHPLHGHO OHLQRQGD]LRQLGHOOHVWDJLRQLHGHLIHQRPHQLPHWHUHRORJLFLFKHQRQHUDLOWHP SRHVFDWRORJLFRFULVWLDQR4XHVWRWHPDIXULSUHVRLQXQLQWHUHVVDQWHFRQYH JQRLQWHUQD]LRQDOHWHQXWRVLD2UOÂDQVQHLJLRUQLDSULOHGDOWLWROR /H WHPSV VD PHVXUH HW VD SHUFHSWLRQ DX 0R\HQ ›JHLQFXLWUDJOLDOWULODYRUL-HDQ 3DWULFH%RXGÂDQDOL]]DYDLOFRQFHWWRGHOOnDVWURORJLDFRPHVLJQRUDGHOWHPSR 1HO0HGLRHYRVRSUDWWXWWRQHOOH8QLYHUVLW¹LWDOLDQHGHOQRUGVLHEEHURLQIDWWL LPSRUWDQWLLQVHJQDPHQWLwVHFRODULkFKHVLSURIHVVDURQRVRSUDWWXWWRQHOOH)DFROW¹ GHOOH $UWL )LORVRD H 0HGLFLQD LQ VHGL LVWLWX]LRQDOLFRPH %RORJQD H3DGRYD QHOOHTXDOLIXURQRDVVHQWLRGHEROLJOLLQVHJQDPHQWLHLFRQWUROOLGRWWULQDOLHVHU FLWDWLGDTXDOXQTXHWLSRGLDXWRULW¹IRUWHGDSDUWHGHOOH)DFROW¹GL7HRORJLDSLÒ IDPRVH &RVÅ LO *UHJRU\ KD VRWWROLQHDWR OH RULJLQL GHO OLEHUWLQLVPR GHL VHFROL ;9, H ;9,, QHOOH LQWHUSUHWD]LRQLUDGLFDOL GHL WHVWL GL $ULVWRWHOHFKH YHQLYDQR VWXGLDWLLQTXHVWHVHGLLQDOFXQHGHOOHTXDOLSHUHVHPSLRQHOORVWXGLRGL3DGR YDVLVRVWHQQHURWRSRLFRPHODQHJD]LRQHGHOOnLPPRUWDOLW¹GHOOnDQLPDGHOOnHVL VWHQ]DGHLGHPRQLRVLVRVWHQQHOnRURVFRSRGHOOHUHOLJLRQLFKHGD3LHWURGn$ED QR%LDJLR3HODFDQLGD3DUPDJLXQVHURQRD3RPSRQD]]LDOOnDXWRUHGHO7KHR SKUDVWXVUHGLYLYRHD*LXOLR&HVDUH9DQLQL 



 ,RVWHVVDKRYHULFDWRTXHVWDWHVLGHOGH0XUDOWVWXGLDQGROnRSHUDVLDGL3LHWURGn$EDQR FKHGL%LDJLR3HODFDQLGD3DUPD6X3LHWURGn$EDQRFIODLQWURGX]LRQHDOODPLDHGL]LRQH FULWLFD GHO /XFLGDWRU GXELWDELOLXP DVWURQRPLDH H DOWUH RSHUH 3DGRYD   H SHU %LDJLR GD 3DUPDLOPLRVWXGLR$VWURORJLDHVFLHQ]DODFULVLGHOOnDULVWRWHOLVPRVXOFDGHUHGHO7UHFHQWRH%LDJLR 3HODFDQLGD3DUPD)LUHQ]H    7*UHJRU\0XQGDQDVDSLHQWLD)RUPHGLFRQRVFHQ]DQHOODFXOWXUDPHGLHYDOH5RPD    &IQRWD   7*UHJRU\”7HPSVDVWURORJLTXHVHWWHPSVFKUÂWLHQV…HL”6RJQLHJOLDVWUL…LQLG0XQ GDQDVDSLHQWLDS   /HWHPSVVDPHVXUHHWVDSHUFHSWLRQDX0R\HQ›JH$FWHVGXFROORTXH2UOÂDQVDYULO HG%5LEÂPRQW&DHQ S   7 *UHJRU\ ”$ULVWRWHOLVPR H OLEHUWLQLVPR… LQ / 2OLYLHUL HG  $ULVWRWHOLVPR YHQHWR H VFLHQ]DPRGHUQD$WWLGHOŠ$QQR$FFDGHPLFRGHO&HQWURSHUOD6WRULDGHOODWUDGL]LRQHDULVWRWHOLFD





*UD]LHOOD)HGHULFL9HVFRYLQL

 6HDGHVVRSDVVLDPRDGHVDPLQDUHJOLVWXGLHOHULFHUFKHGLTXHVWLXOWLPLGH FHQQLVLDSHUTXDQWRULJXDUGDLOVHFROR;,,,FKHLOVHFROR;,9FLWURYLDPRGL IURQWHDXQDULFFKH]]DHDGXQDYDVWLW¹GLSXEEOLFD]LRQLYHUDPHQWHHFFH]LRQDOH 'LYLGHUËLOPLRGLVFRUVRLQTXDWWURVH]LRQLSDUWHQGR   'DOOH GLVFXVVLRQL VXOOH LQWHUSUHWD]LRQL GHOOH FRQGDQQH GHO  FKH LQYH VWRQRWUDOnDOWURXQDQXRYDFRQVLGHUD]LRQHGHOODULVRQDQ]DGHOODORVRDGL 7RPPDVRGDSDUWHGHLVXRLFRQWHPSRUDQHL  ,GLYHUVLRULHQWDPHQWLQHOODGLVFXVVLRQHVHYLIXRQRXQSHQVLHURORVRFR QHO0HGLRHYRHFRPHGHQLUOR  1XRYD OXFH VXOOnDULVWRWHOLVPR PHGLHYDOH On$ULVWRWHOH VSXULR H OR SVHXGR $ULVWRWHOH  /DQXRYDLPPDJLQHGHOOHWHQGHQ]HHGHOOHVFXROHGHOVHFROR;,9FKHÁGR YXWDDOODVWUDRUGLQDULDDWWHQ]LRQHULYROWDSHUODSULPDYROWDLQPRGRVLVWHPD WLFRULVSHWWRDOOHULFHUFKHGL3DXO*ORULHX[ DOOD)DFROW¹GHOOH$UWLGL3DULJL HGL2[IRUGFRPHDOOH)DFROW¹GL%RORJQD3DGRYD3DYLD4XHVWDQXRYDVLR JQRPLDVLDUULFFKLVFHGHLQXPHURVLVWXGLPRQRJUDFLGHGLFDWLDLPDHVWULQR WLHPHQRQRWLFRPHDSDUWLUHGD$OEHUWR0DJQRDOODFRUUHQWHGHOOnDOEHU WLVPR WHGHVFR UDSSUHVHQWDWR GD %HUWROGR GL 0RVEXUJR7HRGRULFR GL )UHL EHUJ0DHVWUR(FNKDUW(LPHULFRGL&DPSRQRD&XVDQR(SRLWXWWLLQX PHURVLVWXGLGHGLFDWLD'XQV6FRWRHDOODVXDVFXRODDG2FFDPHDOFRVLG GHWWRRFFDPLVPRDOOHVFXROHHDLPDHVWULGLPHGLFLQDGDSDUWHGL0LFKDHO 0F9DXJKGL'DQLHOOH-DFTXDUWGL1DQF\6LULDVLHGLDOWULGLFXLSDUOHUHPR  /DVFLR DG XQnDOWUD RFFDVLRQH OnHVSRVL]LRQH GHJOL XOWLPL VWUDRUGLQDUL VYLOXSSL GHOODVWRULDGHOODVFLHQ]DDUDEDPHGLHYDOHFRQOnHPHUJHQ]DGHOOnLQXHQ]DGHOOH VFLHQ]HDUDEHPDWHPDWLFKHDOJHEUDDVWURQRPLDRWWLFD HGHOOHVFLHQ]HGLYLQD WRULHRPDWHPDWLFKHLOOHFLWH OnDVWURORJLDODVLRJQRPLFDJOLH[SHULPHQWDDFXL VLGHYHDJJLXQJHUHODPHGLFLQDHOnDOFKLPLD1HÁULVXOWDWRXQDPSOLDPHQWRGH  QHO9HQHWR3DGRYD YRO9,SLG”(UXGL]LRQHHDWHLVPRQHOODFXOWXUDGHO 6HLFHQWR ,O w7KHRSKUDVWXV UHGLYLYXVk… LQ *LRUQDOH FULWLFR GHOOD ORVRD LWDOLDQD    S FI DQFKH OnHGL]LRQH FULWLFD GHO 7KHRSKUDVWXV  YRO >HG * &DQ]LDQL H *3DJDQLQL )LUHQ]H @  LG (WLFD H UHOLJLRQH QHOOD FULWLFD OLEHUWLQD 1DSROL   3HU OnDVSHWWR wPRQGDQRk ELRORJLFR R VLFR GHOOD ORVRD GL %LDJLR 3HODFDQL GD 3DUPD PL VL SHUPHWWDGLULQYLDUHDOPLRODYRUR$VWURORJLDHVFLHQ]DFILQSDUWLFRODUH*)HGHULFL9HV FRYLQL ”,O SUREOHPD GHOOnDWHLVPR GL %LDJLR 3HODFDQL GD 3DUPD GRFWRU GLDEROLFXV… LQ )1LHZÏKQHUH23OXWDHG $WKHLVPXVLP0LWWHODOWHUXQGLQGHU5HQDLVVDQFH:LHVEDGHQ  S6X3LHWURGn$EDQRHODQHJD]LRQHGHOOnHVLVWHQ]DGHLGHPRQLFIODPLD QXRYDLQWURGX]LRQHDOOD DHGL]LRQHGL3HWUXVGH$EDQR 7UDWWDWLGL$VWURQRPLD/XFLGDWRU GXELWDELOLXPDVWURQRPLDH'HPRWXRFWDYDHVSKDHUDHHDOWUHRSHUH3DGRYD    * )HGHULFL 9HVFRYLQL ”,O SHQVLHUR VFLHQWLFR GHO 0HGLRHYR H OnHPHUJHUH GHOOH VFLHQ]H DUDEH…LQ3DUDGLJPL5LYLVWDGLFULWLFDORVRFD S





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

JOL VWXGL VX TXHVWH GLVFLSOLQH wULVFRSHUWHk LQVLHPH D TXHOOR GHO TXDGUR LVWLWX ]LRQDOH H DOOD YLWD LQWHOOHWWXDOH FKH OH DOLPHQWË OR VWUDRUGLQDULR UHSHULPHQWR GHOOHIRQWLFDWDORJDWHSHUVHWWRULORVWXGLRGHLOHVVLFLHGHLYRFDERODULLQSDUWL FRODUHXQDYHUDDWWHQ]LRQHDOSUREOHPDGHOODOHVVLFRORJLD6LÁRVVHUYDWRLQIDWWL FKHVHVLFRQVLGHUDQRLOLEULUHGDWWLVRSUDWWXWWRQHOFDPSRGHOOHVFLHQ]HHGHOOD ORVRD GL TXHVWR SHULRGR VHQ]D DYHUQH XQD TXDOFKH FRQRVFHQ]D WHUPLQROR JLFD VL ULVFKLD FRPH Á JL¹ VXFFHVVR GL WURYDUVL GL IURQWH D WHVWL LQFRPSUHQ VLELOL3HUWDQWRDEELDPRDYXWRXQnDWWHQ]LRQHSDUWLFRODUHGDSDUWHGHJOLVWXGL GLTXHVWLXOWLPLDQQLDLOHVVLFLGHLJUDQGLWUDGXWWRULHDLSUREOHPLGHOODWUDVPLV VLRQH GHL ORUR WHVWL LQ WUDGX]LRQL GDOOnDUDER GL *HUDUGR GD &UHPRQD GL (U PDQQRGL&DULQ]LDGL*LRYDQQLGL6LYLJOLDGL$GHODUGRGL%DWKHGLDOWUL RGDO JUHFR GL 5REHUWR *URVVDWHVWD GL 5XJJHUR %DFRQH GL 3LHWUR Gn$EDQR  WUD L PDJJLRULRGDOOnHEUDLFR$EUDPR6DYRVDUGDH$EUDPR,EQ(]UD $WXWWRFLË KDGDWRLPSXOVRDQFKHOnLQL]LDWLYDGLXQDULFRVWUX]LRQHGHOODWLSRORJLDGHLJH QHULOHWWHUDULQHOOHIRQWLWHRORJLFKHORVRFKHPHGLFKHGDSDUWHGL/ÂRSROG *HQLFRWFKHD/RYDQLRRUJDQL]]ËXQD7DEOH5RQGHVXLJHQHULOHWWHUDULQHO0H GLRHYRFKHXVFÅQHOYROXPH/HVJHQUHVOLWWÂUDLUHV  ,  /nDWWHQ]LRQHGHJOLVWXGLGLTXHVWLXOWLPLDQQLVXOODORVRDPHGLHYDOHGHOODVH FRQGDPHW¹GHOVHFROR;,,,VLÁGLQXRYRFRQFHQWUDWDVXJOLDVSHWWLGHOODSHQH WUD]LRQH GHOOD ORVRD GL $ULVWRWHOH QHL JUDQGL FHQWUL XQLYHUVLWDUL H LQ SDUWL FRODUHVXOFDUDWWHUHGHOOHFRQGDQQHGHOVRSUDWWXWWRDQFKHLQUHOD ]LRQHDTXHOOHSDULJLQHGHO6HFRQGRQXPHURVHULFHUFKHUHFHQWLÁDSSDUVR GDSLÒSDUWLFKHXQDVWRULDGHOODORVRDPHGLHYDOHGHOVHFROR;,,,SRWHVVHPH JOLRFRPSUHQGHUVLQHLVXRLULVYROWLPROWHSOLFLDWWUDYHUVRXQDULFRVWUX]LRQHGHL GRFXPHQWLGHOOHFRQGDQQHGHOODORURFRQVHUYD]LRQHHGHOODORURGLVVHPLQD]LR QHHFLËWUDOnDOWURSHUVWDELOLUHLOFDUDWWHUHDXWRULWDULRGRJPDWLFRRPHQRGL TXHVWHFRQGDQQH3DUWLFRODUPHQWHLQVRGGLVIDFHQWLHUDQRRUPDLVHPEUDWHOHLQ WHUSUHWD]LRQL FKH HUDQR VWDWH GDWH VLD GDO *LOVRQ FKHGD 3LHUUH 'XKHP GHOOH FRQGDQQHGHOVRVWDQ]LDOPHQWHSRVLWLYHSHUODQDVFLWDGHOODORVRDHGHOOD VFLHQ]D PRGHUQD QHOOH ORUR FRQVHJXHQ]H GRWWULQDOL 4XHVWnXOWLPD SRVL]LRQH 



 &IODFROOH]LRQHw&LYLFLPDkRVVLDw&RPLWÂLQWHUQDWLRQDOGXYRFDEXODLUHGHV,QVWLWXWLRQV HWGHOD&RPPXQLFDWLRQLQWHOOHFWXHOOHDX0R\HQ›JHkGLFXLWUDJOLDOWULVLULFRUGDLOYR OXPH9,,'-DFTXDUWHG /DIRUPDWLRQGXYRFDEXODLUHVFLHQWLTXHHWLQWHOOHFWXHOGDQVOHPRQGH DUDEH7XUQKRXW S   &I/HVJHQUHVOLWWÂUDLUHVGDQVOHVVRXUFHVWKÂRORJLTXHVHWSKLORVRSKLTXHVPÂGLÂYDOHV'ÂILQLWLRQFULWL TXHHWH[SORLWDWLRQ$FWHVGX&ROORTXH,QWHUQDWLRQDOGH/RXYDLQOD1HXYHPDL/R YDQLROD1XRYD S   ( *LOVRQ /D ORVRD QHO 0HGLRHYR GDOOH RULJLQL SDWULVWLFKH DOOD QH GHO ;,9 VHFROR WUDG GL





*UD]LHOOD)HGHULFL9HVFRYLQL

IXDVVDLFULWLFDWDGD$OHVVDQGUR.R\UÂVHEEHQHHVVDVLDDQFRUDDFFHWWDWDFRQ TXDOFKHVIXPDWXUDGDVWXGLRVLDQJORVDVVRQLFRPH(GZDUG*UDQWDQFKHQHOVXR XOWLPRODYRURGHGLFDWRDOODFRVPRORJLDGDLVHFROL;,,,DO;9,,  $YHYDVRVWHQXWR'XKHP”6nLOQRXVIDXWDVVLJQHUXQHGDWH¹ODQDLVVDQFHGH ODVFLHQFHPRGHUQHQRXVFKRLVLULRQVVDQVGRXWHFHWWHGDWHGHRÒOn(Yà TXHGH3DULVSURFODPDVROHQQHOOHPHQWTXnLOSRXYDLWH[LVWHUSOXVLHXUVPRQGHVHW TXHOnHQVHPEOHGHVVSKÁUHVFÂOHVWHVSRXYDLWVDQVFRQWUDGLFWLRQÃWUHDQLPÂGnXQ PRXYHPHQWUHFWLOLJQH…HDYHYDFRPPHQWDWRLO.R\U”$VVHUWLRQFXULHXVHTXL PHW ¹ OnRULJLQH GH OD VFLHQFH PRGHUQH OD SURFODPDWLRQ SDU On(YÃTXH GH GHX[ DEVXUGLWÂV…$QFKH*LOVRQHEEHEHQUDJLRQHDVRWWROLQHDUHFKHLO9HVFRYRQRQ VLSUHRFFXSDYDGHOOHVFLHQ]HPDVHPSOLFHPHQWHGLTXHVWLRQLWHRORJLFKH2UDL ODYRULGLTXHVWLXOWLPLDQQLGDJOLVWXGLGL5RODQG+LVVHWWHGDTXHOOLSDUWLFR ODUPHQWHSUHFLVLVXOSLDQRGRFXPHQWDULRHVWRULFR GL:LOOLDP&RXUWHQD\GL -RKDQQHV00+7KaVVHQGL-RKQ):LSSHOGL/XFD%LDQFKLHVRSUDWWXW WRGL$ODLQGH/LEHUDKDQQRFHUFDWRGLVWDELOLUHSULPDGLWXWWRLOFDUDWWHUHLVWL WX]LRQDOH R PHQR GL TXHVWH FRQGDQQH VH IXURQR R QRQ IXURQR YHUH FHQVXUH DXWRULWDULHVHQRQIXURQRLQYHFHOnHVHPSLRGLXQFRQLWWRGLSRWHULDOOnLQWHUQR GL RULHQWDPHQWL WHRORJLFL GLYHUVL QRQ DQFRUD FRQVROLGDWL VH IX XQD ORWWD WUD ORVRHWHRORJLVHIXURQRFRHUHQWLRVFRQFOXVLRQDWH4XHVWRVHQ]DGXEELRÁ VWDWRXQRGHJOLDUJRPHQWLJHQHUDOLWUDWWDWRQHOOnXOWLPR&RQYHJQR,QWHUQD]LR QDOHGLORVRDPHGLHYDOHGL(UIXUWWHQXWRVLQHOVHWWHPEUH  5RODQG+LVVHWWHQHOODVXD(QTXÃWHVXUOHVDUWLFOHVFRQGDPQÂV¹3DULVDYHYD VRVWHQXWRFKHTXHVWHFRQGDQQHHUDQRLQFRHUHQWLVXSHUFLDOLHGDSSURVVLPDWL 

0$GHO7RUUH)LUHQ]H S3'XKHP/HV\VWÁPHGXPRQGH3DULJL  YROSYROS   $.R\U”/HYLGHHWOnHVSDFHLQQLDX;,9HVLÁFOH…LQ$UFKLYHVGn+LVWRLUH'RFWULQDOHHW/LW WÂUDLUHGX0R\HQ›JH SULVWDPSDWRLQLG (WXGHVGn+LVWRLUHGHOD3HQVÂH 3KLORVRSKLTXH3DULJL SVLYHGDDQFKHLOPLRVWXGLR”.R\UÂHODVFLHQ]DPH GLHYDOH…LQ&9LQWLHG $OH[DQGUH.R\UÂOnDYYHQWXUDLQWHOOHWWXDOH5RPD S    ( *UDQW HG  3ODQHWV 6WDUV DQG 2UEV 7KH 0HGLHYDO &RVPRV  &DPEULGJH  LQSDUWLFRODUHLG”7KHFRQGHPQDWLRQRI*RGnV$EVROXWH3RZHUDQG3K\VL FDO7KRXJKWLQWKH/DWH0LGGOH$JHV…LQ9LDWRU S6XFLËLQSDUWL FRODUH - ( 0XUGRFK ”3LHUUH 'XKHP DQG WKH +LVWRU\ RI /DWH 0HGLHYDO 6FLHQFH DQG 3KLORVRSK\LQWKH/DWLQ:HVW…LQ5,PEDFKH$0DLHUÒHG *OLVWXGLGLORVRDPHGLH YDOHWUD2WWRH1RYHFHQWR5RPD S   -$$HUWVHQH$6SHHUHG :DVLVW3KLORVRSKLHLP0LWWHODOWHU"4XnHVWFHTXHODSKLORVRSKLH DX0R\HQ›JH":KDWLV3KLORVRSK\LQWKH0LGGOH$JHV"$NWHQGHV;,QWHUQDWLRQDOHQ.RQJUHVVHV IÕUPLWWHODOWHUOLFKH3KLORVRSKLHGHU6RFLÂWÂ,QWHUQDWLRQDOHSRXUOn¢WXGHGHOD3KLORVRSKLH0ÂGLÂYDOH $XJXVWLQ(UIXUW%HUOLQRr1HZ




/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

YHHTXHVWDWHVLHUDVWDWDGLVFXVVDFRQXQSXQWXDOHGLVDFFRUGRQHOODGLVDQLPDGL $ODLQGH/LEHUD”3KLORVRSKLHHWFHQVXUH…/nLQWHUHVVHSHUXQDPLJOLRUHFRP SUHQVLRQHHFRQRVFHQ]DGHOOHWHVLGHOHUDPRWLYDWRDQFKHGDOOnHVLJHQ]DGL FRPSUHQGHUHPHJOLROHSRVL]LRQLFKHVLHUDQRDYXWHQHLFRQIURQWLGHOODGRWWUL QD GL VDQ 7RPPDVR OD FXL FRQFH]LRQH GHOOnXQLW¹ GHOOD IRUPD VRVWDQ]LDOH HUD VWDWDFHQVXUDWDFRPHGHOOHWHVLDWWULEXLWHD(JLGLR5RPDQR  &RVÅJOLVWXGLGL:LSSHOLQXQDGHOOHw$TXLQDV/HFWXUHVkFRPHOHULFHUFKH GHOSDGUH:LHORFN[ULFRVWUXLVFRQRODVWRULDGLTXHVWDFRQGDQQDHIDQQRHPHU JHUHFRQSLÒFKLDUH]]DVLDODSRVL]LRQHGL7RPPDVRD3DULJLFKHOHGRWWULQHGL (JLGLRVRSUDWWXWWRLQUHOD]LRQHDOSUREOHPDGHOOnHWHUQLW¹GHOPRQGRHQHLFRQ IURQWLGL7RPPDVR4XHVWHULFHUFKHVLFROORFDQRLQTXHOODGLUH]LRQHGLULFR VWUX]LRQH FULWLFD VWRULFD ORORJLFD H GRWWULQDOH GHOOnRSHUD FRPSOHVVLYD GL VDQ 7RPPDVR GL FXL HPHUJH XQ SUROR DVVDL GLYHUVR GD TXHOOR ULFRVWUXLWR GDOOD 6FRODVWLFDGHOVHFROR;9,,(PHUJHVHPSUHSLÒFRQPDJJLRUHFKLDUH]]DFRPH ODORVRDGL7RPPDVRQRQIXFRVÅDULVWRWHOLFDFRPHQRDGXQFHUWRSHULRGR GHJOLVWXGLVLÁFUHGXWRPDHJOLLQWHUSUHWHUHEEHLOFRQFHWWRGLHVVHUHGL$ULVWR WHOHFRPHXQDwSLHQH]]DkGLHVVHUHFKHÁXQDQR]LRQHGLYHUVDGDOOnHVVHGL$ULVWR WHOHSHUFKÂVDUHEEHQHRSODWRQLFD 



 $GH/LEHUD”3KLORVRSKLHHWFHQVXUH5HPDUTXHVVXUODFULVHXQLYHUVLWDLUHSDULVLHQQHGH …LQ$HUWVHQH6SHHUHG :DVLVW3KLORVRSKLHLP0LWWHODOWHU"S   5+LVVHWWH”/nLPSOLFDWLRQGH7KRPDVGn$TXLQGDQVODFHQVXUHSDULVLHQQHGH…LQ 5HFKHUFKHVGHWKÂRORJLHDQFLHQQHHWPÂGLÂYDOH S   -):LSSHO0HGLHYDO5HDFWLRQWRWKH(QFRXQWHUEHWZHHQ)DLWKDQG5HDVRQ0LOZDXNHH  'HOOR VWHVVR ”7KRPDV $TXLQDV DQG WKH &RQGHPQDWLRQ RI WKH … LQ 7KH 0RGHUQ 6FKRROPDQ S   5:LHORFN[”/HPV3DULV1DWODWHWODFRQGDPQDWLRQGXPDUV…LQ5H FKHUFKHV GH WKÂRORJLH DQFLHQQH HW PÂGLÂYDOH    S  FI LG ”&RPPHQWDLUH… H ”&RQFOXVLRQ…LQ$HJLGLXV5RPDQXV$SRORJLD2SHUDRPQLD,,,HG5:LHORFN[)L UHQ]H   S  LG ”$XWRXU GX SURFÁV GH 7KRPDV Gn$TXLQ… LQ $=LPPHU PDQQHG 7KRPDVYRQ$TXLQ:HUNXQG:LUNXQJLP/LFKWQHXHUHU)RUVFKXQJHQ%HUOLQRr 1HZ 0HGLRHYR @   /0GH5aN”/DPÂWDSK\VLTXHGHVDLQW7KRPDV…LQLGHG /DSKLORVRSKLHDX0R\HQ ›JH /HLGD   S  FI : %HLHUZDOWHV ”'HU .RPPHQWDU ]XP /LEHU GH FDXVLV DOV QHRSODWRQLVFKHV (OHPHQW LQ GHU 3KLORVRSKLH GHV 7KRPDV YRQ $TXLQ… LQ 3KLORVRSKLVFKH 5XQGVFKDX    S FI DQFKH . .UHPHU 'LH QHXSODWRQLVFKH 6HLQVSKLORVRSKLH XQGLKUH:LUNXQJDXI7KRPDVYRQ$TXLQ/HLGD 3)DXFRQ$VSHFWVQÂRSODWRQLFLHQVGHOD GRFWULQHGH6DLQW7KRPDVGn$TXLQ/LOOD r3DULJL -$$HUWVHQ”7KH3ODWRQLF7HQ GHQF\RI7KRPLVP…LQ0HGLRHYR S&IDQFKH+5LNKRI”0HGLHYDO 7KHRORJ\ FXUUHQW5HVHDUFK LQWR $TXLQDV $6XUYH\… LQ - +DPHVVH HG  %LODQ HW SHU VSHFWLYHVGHVÂWXGHVPÂGLÂYDOHVHQ(XURSH/RYDQLROD1XRYD S





*UD]LHOOD)HGHULFL9HVFRYLQL

 'H /LEHUD HVDPLQD DQFKH OD WHVL GL 7KaVVHQ VHFRQGR LO TXDOH TXHVWH FRQ GDQQH HUDQR HVSUHVVDPHQWH LQGLUL]]DWH FRQWUR 6LJLHUL %HUQLHU H *RVYLQ GD SDUWHGHOOn,QTXLVLWRUHDURQWDQGRGLUHWWDPHQWHLOSUREOHPDGHLUDSSRUWLWUDDU WLVWLHWHRORJLD3DULJLGHLFRQLWWLLGHRORJLFLHGLSRWHUHWUDOHGXH)DFROW¹HUL VSHWWRDO9HVFRYRQHQGRSHUGRPDQGDUVLVHOD)DFROW¹GHOOH$UWLIXRQRXQD )DFROW¹ GL )LORVRD &RVÅ VHFRQGR GH /LEHUD OH WHVL QRQ ULYHODQR XQD GH FLHQ]D WHRORJLFD GD SDUWH GHO UHGDWWRUH XQD DSSURVVLPD]LRQH HG XQD DUHWWD WH]]DQHOODORURUDFFROWDXQDDVVHQ]DGLFRHUHQ]DLQYHFHHJOLVRVWLHQHFKHVH DQFKHLOSDSDFKLHGHYDDO9HVFRYRGRYHFRPHHFKLSURIHVVDYDHUHVLHLO9H VFRYR7HPSLHUQRQJLXVWDSSRVHLULVXOWDWLGLXQDLQFKLHVWDDUHWWDWDHGLVRUGL QDWDFKHPLUDYDDOODFRQGDQQDGHOODORVRDGHOOHVFLHQ]HDUDEHHGHOOnDYHUURL VPRPDHODERUËXQDVHULHGLSURSRVL]LRQLORVRFKHSHUHVHPSLRWXWWHTXHO OHGLPRUDOHVHVVXDOHLQTXDGUDWHQHOODQDWXUDHQHOOnRUGLQHVLFR FKHGHOLQHD YDQRXQDGRWWULQDORVRFDGDFRQGDQQDUHDQFKHVHQHVVXQPDHVWURRDXWRUH OHDYHVVHVRVWHQXWHLQTXHOPRPHQWR,O9HVFRYRDYUHEEHWUDFFLDWRLGLYHUVLUH WLFRODWLFRQFHWWXDOLLPSOLFDWLLQTXHOORFKHJOLSDUHYDLOSXQWRGLYLVWDORVRFR GLTXHVWLRQLFUXFLDOLRVVLDDYUHEEHRHUWRODFRVWUX]LRQHGLXQDORVRDVLDGL DUWLVWLFKHGLWHRORJLGDULXWDUH3HUTXHVWRHVVDQRQULVSHFFKLHUHEEHODVLWXD ]LRQHHHWWLYDGHOODORVRDGHJOLDUWLVWLGHO&RVÅVHFRQGRGH/LEHUDVL YHULFËFKHOnHUURUHULFRVWUXLWRGDOFHQVRUHSULPDPRGHOOËOnHUURUHSURIHVVDWR VXFFHVVLYDPHQWH  $FFDQWRDOODLQWHUSUHWD]LRQHGLGH/LEHUDVLGHYHULFRUGDUHTXHOODGHJOLVWXGL GL:LOOLDP&RXUWHQD\FKHSUHFLVDFRQXQDJUDQGHULFFKH]]DGLGRFXPHQWLOD YDULHW¹GHOOHSRVL]LRQLGHJOLDXWRULHGHOOHORURGRWWULQH&RXUWHQD\ULFRVWUXLVFH ODIRUPXOD]LRQHGHOOHFRQGDQQHVXOODEDVHGLULFHUFKHORORJLFKHVWRULFKHHWH VWXDOLGLTXHOPRPHQWRHSRLGHJOLLQL]LGHOVHFROR;,9PHWWHQGRLQOXFHFKH ODPDJJLRUSDUWHGHLGRFXPHQWLFKHFHOnKDQQRWUDVPHVVDQRQVRQRGHOOnHSRFD PD VRQR WDUGLYH VL WURYDQR LQ RUGLQH VSDUVR H GLVVHPLQDWH LQ PDQRVFULWWL GL 



 $GH/LEHUD”)DFXOWÂGHV$UWVRX)DFXOWÂGH3KLORVRSKLH"6XUOnLGÂHGHSKLORVRSKLHHW OnLGÂDOSKLORVRSKLTXHDX;,,, HVLÁFOH…LQ2:HaHUVH/+ROW]HG /nHQVHLJQHPHQWGHV GLVFLSOLQHV¹OD)DFXOWÂGHVDUWV3DULVHW2[IRUG;,,,HHW;,9HVLÁFOHV $FWHVGXFROORTXHLQWHUQDWLR QDO7XUQKRXW S   - 0 0 + 7KaVVHQ ”:KDW 5HDOO\ +DSSHQHG RQ  0DUFK " %LVKRS 7HPSLHUnV &RQGHPQDWLRQ DQG LWV ,QVWLWXWLRQDO &RQWH[WV… LQ ( 6\OOD H 0 0F9DXJK HG  7H[WV DQG&RQWH[WVLQ$QFLHQWDQG0HGLHYDO6FLHQFH6WXGLHVLQWKH2FFDVLRQRI-RKQ(0XUGRFKnV6HY HQWLHWK%LUWKGD\/HLGD SLG”5HYLVLWHG$1HZ,QWHUSUHWDWLRQRI WKH 'RFWULQDO ,QYHVWLJDWLRQ RI 7KRPDV $TXLQDV DQG *LOHV RI 5RPH… LQ 9LYDULXP    S  s 1HJOL XOWLPL VWXGL VXOOH FRQGDQQH VL Á YROXWR YHGHUH DQFKH XQD FRQWUDSSRVL]LRQH WHRORJLFD WUD wYRORQWDULVWLk H wLQWHOOHWWXDOLVWLk FI 0 ( ,QJKDP ”7KH &RQGHPQDWLRQ RI  $QRWKHU /LJKW RI 6FRWLVW (WKLFV… LQ )UHLEXUJHU =HLWVFKUL  IÕU 3KLORVRSKLHXQG7KHRORJLH S





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

RSHUH LQGLUL]]DWHSHU OR SLÒ DJOL VWXGL WHRORJLFLFRPH DYYHUWLPHQWL GL WHVL GD QRQVRVWHQHUH  6HFRQGRTXHVWRVWXGLRVRHVVHQRQUDSSUHVHQWDQRTXHOFRQWUROORGRJPDWLFR FRVÅFRPHOHSUHVHQWËOnLQWHUSUHWD]LRQHGLFHUWDVWRULRJUDDRWWRFHQWHVFDUDS SUHVHQWDWDHVHPSODUPHQWHGDOOnRSHUDGL(UQHVW5HQDQRGL3LHUUH0DQGRQQHW DQFKHVHGDXQDOWURSXQWRGLYLVWD,O&RXUWHQD\VRUUHWWRGDLGRFXPHQWLGDL TXDOLULVXOWDFKHOHFRQGDQQHQRQVLWURYDQRQHJOLDWWLX"FLDOLQÂGHOOD)DFROW¹ GL 7HRORJLD QÂ GHOOH $UWL FRQIURQWD OH IRUPXOD]LRQL GHOOH WHVL GHO  FRQ TXHOOHGHOHVRWWROLQHDFRPHQRQVLWUDWWLGLFRQGDQQHGHLWHRORJLFRQWUR JOLw$UWLVWLk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w$UWLVWLkFRQWURw$UWLVWLk  /D GLVFXVVLRQH FRVÅ QXWULWD VXO FDUDWWHUH H LO VLJQLFDWR VWRULFR H GRWWULQDOH GHOOHFRQGDQQHKDLPSOLFDWRDQFKHLOULHVDPHGLXQRGHLSUREOHPLFHQWUDOLGHOOD VWRULDGHOODORVRDPHGLHYDOHLQSDUWLFRODUHVHVLWUDWWËGLXQDFRQGDQQDGD SDUWHGHLWHRORJLGHOODORVRDDULVWRWHOLFDDUDEL]]DWDQHOODIRUPDDYHUURLVWDLQ WHUURJDWLYRFKHKDULSURSRVWRLOTXHVLWRGHOODVXERUGLQD]LRQHGHOODORVRDDOOD WHRORJLDHTXLQGLVHFLIRVVHRPHQRXQSHQVLHURORVRFRDXWRQRPRQHO0H GLRHYR  $ TXHVWR SURSRVLWR GHYH HVVHUH VRWWROLQHDWD OnLPSRUWDQWH LQL]LDWLYD GHL WUH YROXPLFXUDWLGD*LXOLR'n2QRIULR6WRULDGHOODWHRORJLDQHO0HGLRHYRLFXLOD YRULUHGDWWLGDQXPHURVLVWXGLRVLVRQRVWDWLSDUWLFRODUPHQWHDWWHQWLDQFKHDJOL VYLOXSSL GL XQ DULVWRWHOLVPR wVHFRODUHk GHOOH VFXROH VRSUDWWXWWR QHJOL LQVHJQD PHQWLGHLPDHVWULDYHUURLVWLRQRQDYHUURLVWLGHOOH)DFROW¹GL$UWLH)LORVRDH 0HGLFLQD GHOOn,WDOLD GHO 1RUG H TXLQGL DOOH LQWHUUHOD]LRQL WUD SHQVLHUR WHROR JLFRHORVRH  4XHVWD VWRULD GHOOD WHRORJLD KD FRPH VIRQGR OnLPSRVWD]LRQH GHO SDGUH 'R PLQLTXH &KHQX SHU LO TXDOH OD ORVRD PHGLHYDOH QHO VXR FRPSOHVVR QRQ Á VWDWDXQD6FRODVWLFDFKHYHQLYDGHQLWDVXOODEDVHGHOODSUHRFFXSD]LRQHGLVX ERUGLQDUHODYLWDLQWHOOHWWXDOHDOODYLWDUHOLJLRVDHGLVWDELOLUHXQVLVWHPDVSHFXOD WLYR DYHQWH FRPH DVSHWWR HVVHQ]LDOH OnDFFRUGR GLUHWWR GL XQDORVRD FRQ XQ GRJPDFULVWLDQRRPXVVXOPDQR'DLYROXPLGL'n2QRIULRHPHUJHFKLDUDPHQ WHXQTXDGURVHFRQGRLOTXDOHLPHGLHYDOLKDQQRSHUVHJXLWRXQLGHDOHGHOVDSH 





 *'n2QRIULRHG 6WRULDGHOODWHRORJLDQHO0HGLRHYRYRO&DVDOH0RQIHUUDWR 



*UD]LHOOD)HGHULFL9HVFRYLQL

UH XQD FRQFH]LRQH GHO PRQGR LQ FXL OH ULVRUVH XPDQH GHOOH GLYHUVH VFLHQ]H ULXQLWHLQVLHPHIXURQRLPSHJQDWHVHFRQGRXQDDOWLVVLPDVDJJH]]D(QRQVLSXË GLUHFKHLOFDUDWWHUHUHOLJLRVRGHOODORVRDPHGLHYDOHVLDXQDFDUDWWHULVWLFDSH FXOLDUHGHO0HGLRHYRTXDQGRWDQWHORVRHVXFFHVVLYHFRPHTXHOOHGL6SLQR ]D R GL /HLEQL] IXURQR IRUWHPHQWH FDUDWWHUL]]DWH GD XQ LQWHUHVVH UHOLJLRVR ,Q FRPSHQVRLQTXHVWRODYRURYHUDPHQWHPRQXPHQWDOHÁVWDWRGDWRVSD]LRDQFKH DYRFLGLVVRQDQWLFRPHLSURIHWLHLVLPEROLVWLGHO;,,VHFRORODWHRORJLDGHOOR VSLULWRGL*LRDFFKLQRGD)LRUHRODVSHFXOD]LRQHGL*LRYDQQL2OLYL/nDEDWHFD ODEUHVH VWD PHULWDQGR XQD DWWHQ]LRQH SDUWLFRODUH GD SDUWH GL GLYHUVL VWXGLRVL 7DJOLDSLHWUDKDWUDGRWWRLOWHVWRGHOOn$SRFDOLVVH6RQRUHVHDFFHVVLELOLLQLWDOLDQR OHULFHUFKHIRQGDPHQWDOLGL+HUEHUW*UXQGPDQQ6WXGLHQÕEHU-RDFKLPYRQ)LRUH *LDQ/XFD3RGHVW¹VWXGLDODVXDGRWWULQDGDGLYHUVLDQQL  $OWURFRQWULEXWRLPSRUWDQWHGHOWHU]RYROXPHGLTXHVWD6WRULDGHOODWHRORJLDÁ ORVSD]LRGDWRDJOLVYLOXSSLGHOODWHRORJLDEL]DQWLQD4XHVWRVHWWRUHGHOODVWRULD GHOODORVRDHGHOODWHRORJLDPHGLHYDOHHUDVWDWRQRUDDVVDLWUDVFXUDWRQHOVXR LQVLHPH 7XWWDYLD OnLQL]LDWLYD GL &RVWDQWLQ 7U\SDQLV GHOOn8QLRQ $FDGÂPLTXH ,QWHUQDWLRQDOHGLSXEEOLFDUHODVHULH”3KLORVRSKLEL]DQWLQL…DOOnLQWHUQRGHO&RU SXV3KLORVRSKRUXP0HGLL$HYLKDSURGRWWRXQFHUWRQXPHURGLULVXOWDWLSRVLWLYL 6XLYROXPLJL¹DSSDUVLGDOHTXHOOLFKHGRYUDQQRXVFLUHQHG¹QRWL]LD/L QRV*%HQDNLVQHL&DKLHUVGHOn,QVWLWXWGX0R\HQ›JHJUHFHWODWLQ 



 + *UXQGPDQQ 6WXGLHQ ÕEHU -RDFKLP YRQ )LRUH 6WRFFDUGD   6WXGL VX *LRDFFKLQR GD )LRUH WUDG GL 6 6RUUHQWLQR *HQRYD   LG 1HXH )RUVFKXQJHQ ÕEHU -RDFKLP YRQ )LRUH 0DUEXUJR %0F*LQQ7KH&DODEULDQ$EERW-RDFKLPRI)LRUHLQWKH+LVWRU\RI:HVW HUQ7KRXJKW1HZWUDG 3 H ( GL *LXOLR *HQRYD @  ( 5 'DQLHO ”7KH 'RXEOH 3URFHVVLRQRIWKH+RO\6SLULWLQ-RDFKLPRI)LRUHnV8QGHUVWDQGLQJRI+LVWRU\…LQ6SHFX OXP S-RDFKLPGH)ORUH,RDFKLP$EEDV)ORUHQVLV 'LDORJLGHSUDHVFL HQWLDGHLHWGHSUDHGHVWLQDWLRQHHOHFWRUXPHG*/3RWHVW¹5RPD *LRDFFKLQRGD)LR UH6XOOn$SRFDOLVVHHGHWUDGGL$7DJOLDSHWUD0LODQR    /*%HQDNLV ”*ULHFKLVFKH 3KLORVRSKLH LP 0LWWHODOWHU 6WDQG GHU )RUVFKXQJ… LQ &D KLHUVGHOn,QVWLWXWGX0R\HQ›JHJUHFHWODWLQ S7UDOnDOWURÁSUHYLVWDXQDH GL]LRQHFULWLFDGHLWHVWLGL1LFRODGL0HWRQHHGL*HPLVWR3OHWRQHXQDHGL]LRQHFULWLFD GHOOHRSHUHGHO%HVVDULRQHGHJOL 2UDFROLFDOGDLFLQHOODUHFHQVLRQHGHO3OHWRQHODORJLVWLFD GL%DUODDPGL&DODEULDLOWUDWWDWRGL7HRGRURGD6PLUQHVXOODQDWXUDHLSULQFLSLGHOODQD WXUD H OD VHULH GHL FRPPHQWDUL EL]DQWLQL GL $ULVWRWHOH GDO ,;; DO;,9 VHFROR FRPH OD WUDGX]LRQHLQJUHFRGL'.LGRQHVGHOOHRSHUHGLVDQ7RPPDVRLQSDUWHJL¹DSSDUVD3HU XQDVWRULDGHOODOHWWHUDWXUDH ORVRDEL]DQWLQDFI(+XQJHU 'LHKRFKVSUDFKOLFKHSURIDQH /LWHUDWXUGHU%\]DQWLQHU0RQDFR %7DWDNLV+LVWRLUHGHODSKLORVRSKLHE\]DQWLQHWUDG ¢%UÂKLHU 3DULJL   6L YHGD DQFKH OnDJJLRUQDPHQWR GL . 2HKOHU ”%\]DQWLQLVFKH 3KLORVRSKLH…LQ*)OÑLVWDGH5.OLEDQVN\HG 3KLORVRSK\DQG6FLHQFHLQWKH0LGGOH$JHV %RVWRQr'RUGUHFKW S





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

 6LGHOLQHDSHUWDQWRXQQXRYRSDQRUDPDGHOODORVRDPHGLHYDOHFKHQRQÁ TXHOORGHOOnDUFKLWHWWXUDGHOOD6FRODVWLFDFRVWUXLWDGD0DXULFHGH:XOIGD3LHUUH 0DQGRQQHWHGD0DUWLQ*UDEPDQQ,OWHUUHQRÁVWDWRIHUWLOL]]DWRGDPROWLUL YROLGLVDSHUHFKHYHQJRQRGDOPRQGRJUHFRDUDERHEUDLFRLTXDOLPHVFRODQR LORURFRUVLVFDPELDQROHORURDFTXHHIDQQRQDVFHUHFRQOHORURFRQXHQ]H PLOOHFRQJXUD]LRQLVLDGHO;,,,FKHGHO;,9VHFROR&RVÅHPHUJHVHPSUHSLÒ ODFRQWDPLQD]LRQHQHRSODWRQLFDGHOOnDYHUURLVPRVLDIUDQFHVHFKHLWDOLDQRFR PH L GHELWL YHUVR LO QHRSODWRQLVPR DUDER DWWUDYHUVR WHVWL FRPSRVLWL FRPH OD 7KHRORJLD $ULVWRWHOLV H LO /LEHU GH FDXVLV 4XHVWL KDQQR IRUWHPHQWH FDUDWWHUL]]DWR OnDULVWRWHOLVPRPHGLHYDOHODWLQRWDQWRGDVWUDYROJHUQHFRPSOHWDPHQWHODVLR JQRPLD WUDGL]LRQDOH FRVWUXLWD GDOOD VHFRQGD 6FRODVWLFD H GDO QHRWRPLVPR H KDQQR QLWR SHU ULSURSRUUH LO SUREOHPD GHOOD VXD FRQJXUD]LRQH FRPSRVLWD VLDYHUVROnDQWLFRVLDYHUVRLOPRGHUQRVLDLQUHOD]LRQHDOOHPHGLD]LRQLDUDEHHG HEUDLFKHSRQHQGRFLGLQXRYRGLIURQWHDOTXHVLWRFLIXHFRVDIXOnDULVWRWHOLVPR PHGLHYDOH"7XWWDODORVRDPHGLHYDOHIXDULVWRWHOLFD"(VLVWHXQDORVRDPH GLHYDOH"  ,,  3URSULR D TXHVWR LQWHUURJDWLYR VH FL IX H LQ FKH FRVD Á FRQVLVWLWD ODORVRD PHGLHYDOH TXDOH VLD OnRJJHWWR GHOOD ORVRD PHGLHYDOH KDQQR FHUFDWR GL UL VSRQGHUHLODYRULGHOUHFHQWH&RQYHJQRLQWHUQD]LRQDOHGL(UIXUW,SUHFHGHQWL WHPL GHL &RQJUHVVL LQWHUQD]LRQDOL GL ORVRD PHGLHYDOH DYHYDQR ULJXDUGDWR SUREOHPLPHQRJHQHUDOLHSLÒVSHFLFLFRPHOHFRQRVFHQ]HHOHVFLHQ]HQHOOD ORVRD PHGLHYDOH +HOVLQNL   R OD ORVRD PRUDOH H SROLWLFD 2WWDZD   PHQWUH TXHVWR VWHVVR WHPD HUD VWDWR HVDPLQDWR JL¹ QHO &RQJUHVVR GHO GL0DGULG/DFRQFHSWLRQGHODSKLORVRSKLHDX0R\HQ›JHFRQLQWHUYHQWLGL  

 0LVLSHUPHWWDGLULQYLDUHDOPLRVWXGLR”/DFODVVLFDWLRQGHVPDWKÂPDWLTXHVGnDSUÁVOH SURORJXH GH On w([SRVLWLR VXSHU 7KHRULFD SODQHWDUXP GH OnDYHUUÏLVWH 7KDGGÂH GH 3DUPH %RORJQH  k… LQ - +DPHVVH HG  0DQXHOV 3URJUDPPHV GH &RXUV HW 7HFKQLTXHV GnHQ VHLJQHPHQWGDQVOHV8QLYHUVLWÂV0ÂGLÂYDOHV/RYDQLROD1XRYD S&IDQFKH JOLVWXGLGL5,PEDFK”$YHUURLVWLVFKH6WHOOXQJQDKPHQ]XU'LVNXVVLRQÕEHUGDV9HUK½OW QLVYRQwHVVHHWHVVHQWLDk…LQ$0DLHUÒH$3DUDYLFLQL%DJOLDQLHG 6WXGLVXO;,9VHFROR LQ PHPRULD GL $ 0DLHU 5RPD   S  H GL 2 3OXWD ”'LH 'LVNXVVLRQ GHU 8QVWHUEOLFKNHLWVIUDJHEHL0DUVLOLXVYRQ,QJKHQ…LQ6:LHOJXVHG 0DUVLOLXVYRQ,QJKHQ :HUN XQG :LUNXQJ $NWHQ GHV  ,QWHUQDWLRQDOHQ 0DUVLOLXVYRQ,QJKHQ.RQJUHVVHV  6HS WHPEHULQ/XEOLQ/XEOLQ S   *(QGUH¸”/n$ULVWRWHDUDEHUÂFHSWLRQDXWRULWÂHWWUDQVIRUPDWLRQGXSUHPLHUPDÇWUH… LQ0HGLRHYR  SYROXPHLQWHUDPHQWHGHGLFDWRDOOD ORVRDDUDERODWLQD HGHEUDLFDVLDDULVWRWHOLFDFKHSODWRQLFD   0 $V]WDORV - ( 0XUGRFK H , 1LLQLOXRWR HG  .QRZOHGJH DQG WKH 6FLHQFHV LQ 0HGLHYDO 3KLORVRSK\3URFHHGLQJVRIWKHWK,QWHUQDWLRQDO&RQJUHVVRI0HGLHYDO3KLORVRSK\YRO+HO





*UD]LHOOD)HGHULFL9HVFRYLQL

)HUGLQDQG YDQ 6WHHQEHUJKHQ GL 7XOOLR *UHJRU\ GL +RVHLQ 1DVU GL ,RDQQHV 17KHRGRUDNRSRXORV FRQ XQD FRQFOXVLRQH GL 3DXO 9LJQDX[ 4XHVWnXOWLPR GHQLYDODVWRULDGHOODORVRDPHGLHYDOHFRPHVWRULDORVRFDGHOODUDJLRQH HQWURODTXDOHGLVWLQJXHUHODUDJLRQHVFLHQWLFDGDOODUDJLRQHWHRORJLFDHLQGLYL GXDYDGLYHUVHORVRHDQFKHLQUHOD]LRQHDOOHGLHUHQWLUHOLJLRQLQHLVXRLQX PHURVLVWXGLFRPSDUVLLQYROXPLGLYHUVL  8QULSHQVDPHQWRFULWLFRDSURSRVLWRGLFKHFRVDVLDVWDWDODORVRDPHGLH YDOHÁVWDWRULWHQXWRXWLOHQRQVRORGDJOLRUJDQL]]DWRULGHO&RQYHJQRGL(UIXUW GHOPDDQFKHGDLSURPRWRULGHOw7KRPDV,QVWLWXWkGL&RORQLDHGHOOnw,Q VWLWXW 6XSÂULHXU GH3KLORVRSKLHk GL /RYDQLR ,QIDWWL VH WRUQDQR OHLQWHUSUHWD ]LRQLSHUFXLODORVRDPHGLHYDOHÁFRQVLVWLWDQHOODHODERUD]LRQHUD]LRQDOHGHO OD SURPHVVD GL VDOYH]]D GHOOnXRPR HPHUJH FRQ FKLDUH]]D DQFKH XQnDOWUD LQ WHUSUHWD]LRQH FRPH TXHOOD GL GH /LEHUD FKH JL¹ ULHFKHJJLDQGR OD WHVL GL -DF TXHV/H*RQHOODYRUR/HVLQWHOOHFWXHOVDX0R\HQ›JHULWLHQHFKHODYHUDOR VRDQHO0HGLRHYRIXHODERUDWDQHOODVHFRQGDPHW¹GHOVHFROR;,,,GDJOL$UWLVWL HLQSDUWLFRODUHGDLORVRDYHUURLVWLFRPH6LJHULGL%UDEDQWHH%RH]LRGL'D FLD*OLDYHUURLVWLSDULJLQLDYUHEEHURULYHQGLFDWRXQDYHUDHSURSULDDXWRQR PLDLQWHOOHWWXDOHXQORURVSD]LR”DXWRQRPR…GHQLWRFRPHORVRFRQHLFRQ IURQWLGHOOHYHULW¹UHOLJLRVH4XHVWRVSD]LRVDUHEEHVWDWRFROPDWRGDXQLGHDOH SRHWLFRHGHWLFRFKHWHQGHYDDOOnXQLRQHGHOOnDQLPDFRQOnLQWHOOHWWRGLYLQRVHSD UDWRHDVSLUDYDDOOnLGHDOHGHOODIHOLFLW¹PHQWDOHFRPHQH&RQODFLUFROD]LRQH  VLQNL %&%D]¹Q($QGÓMDUH/*6EURFFKLHG /DSKLORVRSKLHPRUDOHVHWSR OLWLTXHVDX0R\HQ›JH$FWHVGX,;H&RQJUÁV,QWHUQDWLRQDOGH3KLORVRSKLHPÂGLÂYDOH2WWDZD DRÔWYRO1HZ




/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

GHOOHQXRYHWUDGX]LRQLGL$YLFHQQDHGL$YHUURÁYHUUHEEHLQIDWWLDPXWDUHFRP SOHWDPHQWHOnRJJHWWRGHOORVRIDUHFKHQRQSDUHSLÒTXHOORGHOOH,QWURGX]LRQLDOOD ORVRD GHL PDHVWUL GHOOH $UWL GHJOL DQQL  /D GRWWULQD GL TXHVWH FRPSLOD]LRQLÁGDOGH/LEHUDGHQLWDFRPHORVRDIRVVLOH,QYHFHLPDHVWULGL DOFXQL GHFHQQL SLÒ WDUGL FRPH $OEHUWR 0DJQR 6LJLHUL *LDFRPR GL 'RXDL (JLGLRGn2UOÂDQV7RPPDVRGL:\OWRQ-HDQGH-DQGXQ%XULGDQRHDOWULSXU QHOOHORURWHQGHQ]HGLYHUVHWXWWLWHVWLPRQLHUHEEHURVHFRQGRGH/LEHUDGLDYHUH SUHVR FRVFLHQ]D GL XQD IRUPD GL YLWD FKH Á OD SURIHVVLRQH HWLFD GHOOD IHOLFLW¹ PHQWDOHSURSULDGHOORVRIR  -DQ$$HUWVHQWHQWDGLQXRYRXQELODQFLRGHOOHLQWHUSUHWD]LRQLSLÒFRUUHQWL GLFKHFRVDSRVVDHVVHUHOnRJJHWWRGHOODORVRDPHGLHYDOHLQXQVDJJLRFRP SDUVRQHOGHGLFDWRDOOHWHQGHQ]HHDOOHSURVSHWWLYHQHJOLVWXGLGLORVRD PHGLHYDOH6HFRQGROR$HUWVHQDTXHVWDSURVSHWWLYDGLGH/LEHUDVLGHYRQRDI DQFDUHDOWUHGXHLQWHUSUHWD]LRQLTXHOODGHOOnLPPDJLQHFKHFLKDSUHVHQWDWR*LO VRQSHUFXLOnRJJHWWRGHOODORVRDPHGLHYDOHÁODULHVVLRQHUD]LRQDOHVXO&UL VWLDQHVLPRODTXDOHFRQWLQXDDGHVVHUHYDOLGDSHUPROWL HOnLQWHUSUHWD]LRQHOLQ JXLVWLFDGHOODORVRDDQDOLWLFDFRQWHPSRUDQHDFKHVLSURLHWWDVXOOHULFHUFKHGL VWRULDGHOODORVRDPHGLHYDOH,QSDUWLFRODUHHVVDULJXDUGDJOLVWXGLSLÒUHFHQWL WXWWLLQGLUL]]DWLDLSUREOHPLGHOODORJLFDHGHOODVHPDQWLFDGHLVHFROL;,9H;9 VRSUDWWXWWR 6HFRQGR TXHVWnXOWLPD SURVSHWWLYD OD ORVRD PHGLHYDOH VDUHEEH XQDYHUDHSURSULDORVRDGHOOLQJXDJJLRDVVDLULFFDDUWLFRODWDHGRULJLQDOH8Q HVHPSLRGLULOLHYRVDUHEEHFRVWLWXLWRSHUOR$HUWVHQGDOOD7KH&DPEULGJH+LVWRU\ RI/DWHU0HGLHYDO3KLORVRSK\)URPWKH5HGLVFRYHURI$ULVWRWOHWRWKH'LVLQWHJUDWLRQRI 6FKRODVWLFLVP&DPEULGJHDFXUDGL1.UHW]PDQQ$.HQQ\ H - 3LQERUJ 4XHVWD SUHVHQWD]LRQH GHOOD ORVRD PHGLHYDOH FRPH ORVRD DQDOLWLFDGHOOLQJXDJJLRFRQWXWWHOHGLYHUVLW¹GLLPSRVWD]LRQHVWDDOODEDVHGHL QXPHURVLVWXGLUHFHQWLHGL]LRQLGLWHVWLHPRQRJUDHVXOODORJLFDPHGLHYDOH 



 2UDHGLWLGD&/DHXU4XDWUH,QWURGXFWLRQV¹ODSKLORVRSKLHPÂGLÂYDOHDX;,,,HVLÁFOH0RQ UHDOH&DQDGDr3DULJL LG”/HVWH[WHVwGLGDVFDOLTXHVkGHOD)DFXOWÂGHV$UWVGH3DULV DX;,,,HVLÁFOH…LQ:HaHUVH+ROW]HG /nHQVHLJQHPHQWGHVGLVFLSOLQHV¹OD)DFXOWÂGHV$UWV S   3HUXQDQXRYDVLRJQRPLDGHOOnRSHUDGL7RPPDVRGL:\OWRQFIOnHGL]LRQHGL7KRPDV GH :\OWRQ 4DHVWLR GH LGHLV 9DW %RUJK  HG * &DQQL]]R 5RPD   FI LG 4XDHVWLRGHUHODWLRQHHG,VWLWXWR6WRULFRGHL&DSSXFFLQL5RPD S   - $ $HUWVHQ ”7HQGHQFLHV DQG 3HUVSHFWLYHV LQ WKH 6WXG\ RI 0HGLHYDO 3KLORVRSK\… LQ +DPHVVHHG %LODQHWSHUVSHFWLYHVGHVÂWXGHVPÂGLÂYDOHVHQ(XURSHS   &I 0 &RXUDWLHU HG  (WLHQQH *LOVRQ HW QRXV /D SKLORVRSKLH HW VRQ KLVWRLUH &ROORTXH VXU OnDFWXDOLWÂGHODSHQVÂHGn(WLHQQH*LOVRQ3DULJL $GH/LEHUD”/HVÂWXGHVGHSKLORVR SKLH PÂGLÂYDOH HQ )UDQFH Gn(WLHQQH *LOVRQ ¹ QRV MRXUV… LQ 5 ,PEDFK H $ 0DLHUÒ HG *OLVWXGLGLORVRDPHGLHYDOHIUDRWWRHQRYHFHQWR5RPD S   6LYHGDLQSDUWLFRODUHSHUXQDFKLDUDPHVVDDSXQWRJHQHUDOHVXOOnLPSRUWDQ]DGHOODORJLFD





*UD]LHOOD)HGHULFL9HVFRYLQL

,,,

 /nDWWHQ]LRQHGHJOLXOWLPLVWXGLSHUOHRSHUHGHLPDHVWULGHOOH)DFROW¹GHOOH$UWL VL Á LQGLUL]]DWD DQFKH D XQR VWXGLR GHJOL VYLOXSSL GHO FRVLGGHWWR DULVWRWHOLVPR DUDER QHOOH VXH FRPSOHVVH FRQQRWD]LRQL FRPH wDYHUURLVWLFRk wDOIDUDELDQRk R wDYLFHQQLDQRkSHULOVRUJHUHGLXQSHQVLHURORVRFRULFFRHGDUWLFRODWR(VVD KDSRUWDWRDGXQLQWHUHVVHVHPSUHSLÒD"QDWRHGLYHUVLFDWRGLULFHUFKHFRQLO UHSHULPHQWRGLWHVWLHSXEEOLFD]LRQLGLHGL]LRQLVXOODWUDVIRUPD]LRQHGHOOHRSHUH LQ WUDGX]LRQH GHO FRVLGGHWWR$ULVWRWHOH DUDER VLD VHFRQGR OD WUDGL]LRQH DYLFHQ QLDQDHDYHUURLVWLFDFKHHEUDLFDGDQGRYLWDDQFKHDGXQDULFRVWUX]LRQHVWRULFD GHOOn$ULVWRWHOHVHPLWLFRODWLQR4XHVWRIHUYRUHGLLQL]LDWLYHKDIDWWRHPHUJHUHXQD QXRYD LPPDJLQH GHOOH WHQGHQ]H H GHOOH VFXROH FKH DYUDQQR XQD QRWHYROH UL SHUFXVVLRQHVRSUDWWXWWRQHOVHFROR;,9  D /DWUDVPLVVLRQH/nDWWHQ]LRQHULYROWDDOOnLPSRUWDQ]DGHOODWUDVPLVVLRQHGHLWHVWL GHL ORVR JUHFL DYHYD JL¹ GDWR OXRJR DOOnLQL]LDWLYD GL )HUGLQDQG ( &UDQ] H 3DXO2VNDU.ULVWHOOHUFKHDYHYDQRDSSUHVWDWRXQSUH]LRVRFDWDORJRRUGLQDWR LQRUGLQHDOIDEHWLFR  3LÒUHFHQWHPHQWHOnLQWHUHVVHGDSLÒSDUWLHVHWWRULVLÁLQGLUL]]DWRDOOHWUDGX ]LRQLGDOVLULDFRLQDUDERHGDOOnHEUDLFRLQODWLQRHQRQVRORGDOJUHFR GLRSH UHVLDORVRFKHFKHVFLHQWLFKH&LËKDFRQGRWWRLQHYLWDELOPHQWHDOORVWXGLR GHLJORVVDULGHLWUDGXWWRULDOOnHVLJHQ]DGLLGHQWLFDUHPHJOLRJOLDXWRULOHORUR RSHUHHODORURSHFXOLDULW¹&RVÅVLVRQRDYXWHULFHUFKHHGLPSRUWDQWLHGL]LRQL VXL PDJJLRUL R DQFKH L ULWHQXWL PLQRUL  WUDGXWWRUL GDOOnDUDER GHO VHFROR ;,, FRPH(UPDQQRGL&DULQ]LD*LRYDQQLGL6LYLJOLD$GHODUGRGL%DWKH*HUDUGR GD&UHPRQD3HUOHYHUVLRQLGDOOnHEUDLFRVRQRFRPSDUVLVWXGLVX$EUDPR6DYR VDUGD3ODWRQHGL7LYROL$EUDPR,EQ(]UDFRPHSHUTXHOOHGDOJUHFRVX5R EHUWR*URVVDWHVWD5XJJHUR%DFRQHH3LHWURGn$EDQR6RQRFRVÅDSSDUVLQX  QHO0HGLRHYRLQXPHURVLODYRULGL/0GH5aNPDVRSUDWWXWWRSHUODVXDVLQWHWLFLW¹H FKLDUH]]D”/DVXSSRVLWLRQQDWXUHOOHXQHSLHUUHGHWRXFKHSRXUOHVSRLQWVGHYXHSKLO R VRSKLTXHV…LQLG/DSKLORVRSKLHDX0R\HQ›JHS'H5aNHODVXDVFXRODKDQ QRGDWRXQIRUWHLPSXOVRDTXHVWLVWXGL GLORJLFDQHO0HGLRHYRFRQDQDOLVLPRQRJUDH HGHGL]LRQLGLWHVWL&IDQFKH$GH/LEHUD$(ODPUDQ-DPDOH$*DORQQLHUHG /DQ JDJHHWSKLORVRSKLH+RPPDJH¹-HDQ-ROLYHW3DULJL &0DUPRHG 9HVWLJLDLPDJLQHV YHUED 6HPLRWLFV DQG /RJLF LQ 0HGLHYDO 7KHRORJLFDO 7H[WV ;,,WK;,9WK &HQWXULHV  7XUQKRXW     )(&UDQ]H32.ULVWHOOHUHG &DWDORJXVWUDQVODWLRQXPHWFRPPHQWDULRUXP:DVKLQJWRQ     &IIUDWXWWL07Gn$OYHUQ\”7UDQVODWLRQVDQG7UDQVODWLRQV…LQ/%HQVRQH*&RQVWD EOHHG 5HQDLVVDQFHDQG5HQHZDOLQWKH7ZHO K&HQWXU\&DPEULGJH0DVV S  VXOOH WUDGX]LRQL GDO JUHFR GL 3LHWUR Gn$EDQR HDG ”3LHWUR Gn$EDQR WUDGXFWHXU GH *DOLHQ…LQ0HGLRHYR S&IDQFKHOnLQWURGX]LRQHDOODPLDHGL]LRQHFUL





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

PHURVLVWXGLFKHKDQQRDJJLRUQDWROHULFHUFKHDQFRUDIRQGDPHQWDOLGL0RULW] 6WHLQVFKQHLGHUSHULWUDGXWWRULHEUDLFLHGL*UDEPDQQSHUTXHOOLGDOJUHFR  $O SUREOHPD GHO FDUDWWHUH GHOOH WUDGX]LRQL H GHL WUDGXWWRUL IX GHGLFDWR QHO SUHVVROn8QLYHUVLW¹GL&DVVLQRXQFRQYHJQRLQWHUQD]LRQDOHGDFXLXVFL URQRJOLDWWLQHODFXUDGL-DFTXHOLQH+DPHVVHHGL0DUWD)DWWRULJOLVWXGL GLTXHVWRYROXPHFRVWLWXLVFRQRXQDXOWHULRUHPHVVDDIXRFRGHOOnLQWHURSDQR UDPDGHOOHWUDGX]LRQLGDOJUHFRGDOOnDUDERGDOOnHEUDLFRGDOVLULDFRHGDOWXUFR LQDUDERHLQODWLQR  4XHVWL WHPL VRQR VWDWL ULSUHVL VHFRQGR L VLQJROL VHWWRUL GL FRPSHWHQ]D GD -DFTXDUWSHUOHWUDGX]LRQLPHGLFKHHVFLHQWLFKHGDOOnDUDERGL*HUDUGRGD&UH PRQDFRPHSLÒVSHFLFDWDPHQWHSHUOHWUDGX]LRQLGL*DOHQRGD*RWWKDUG 6WURKPDLHU QHJOL DWWL GHO 6LPSRVLRGHGLFDWR D*DOHQ XQG GDV KHOOHQLVWLVFKH (UEH 8QLYHUVLW¹GL%HUOLQRVHWW  WLFDGL3LHWURGn$EDQR/XFLGDWRUGXELWDELOLXPDVWURQRPLDHHDOWUHRSHUH3DGRYD S VXOOHWUDGX]LRQLGDOJUHFRGHL 3UREOHPDWDGL3LHWURGn$EDQRFI=.XNVHZLF]”/HV 3UREOHPDWD GH 3LHWUR Gn$EDQR HW OHXU wUÂGDFWLRQk SDU -HDQ GH -DQGXQ… LQ 0HGLRHYR   S/2OLYLHUL3LHWURGn$EDQRHLOSHQVLHURQHRODWLQR3DGRYD VX$ EUDPR6DYRVDUGD%DU+aD FILPLHLVWXGL”8QDYHUVLRQHODWLQDPHGLHYDOHGHOOnRSHUD H VFDWRORJLFDGL$EUDPEDU+aD6DYRVDUGD w0HJLOODWKDr0HJDOOHKk,OwOLEHUGHUHGHPS WLRQH,VUDHOk…LQ0&LOLEHUWRH&9DVROLHG )LORVRDHFXOWXUDSHU(XJHQLR*DULQYRO 5RPD   S  H ”3LHUUH Gn$LOO\ H $EUDPR 6DYRVDUGD 8QD IRQWH HEUDLFD GHOOD ORVRD DVWURORJLFD GHOOnw(OXFLGDULXPk GL 3LHUUHGn$LOO\ DJOL LQL]L GHO VHFROR ;9  … LQ%D]¹Q$QGÓMDUH6EURFFKLHG /HVSKLORVRSKLHVPRUDOHVHWSROLWLTXHVDX0R\HQ›JHYRO ,,,S3HUXQDXOWHULRUHELEOLRJUDDFI-35RWKVFKLOG”3KLORVRSKLHJUÂ FRDUDEH w3KLORVRSKLHGHODORLkGnDSUÁVOHVVRXUFHVMXLYHVPÂGLÂYDOHVGDQVODOLWWÂUDWXUH ODWLQH XQ ELODQ SURYLVRLUH… LQ 0HGLRHYR    S  FI DQFKH $ / ,YU\ ”3KLORVRSKLFDO 7UDQVODWLRQV IURP WKH $UDE LQ +HEUHZ GXULQJ WKH 0LGGOH $JHV… LQ -+DPHVVHH0)DWWRULHG 5HQFRQWUHVGHVFXOWXUHVGDQVODSKLORVRSKLHPÂGLÂYDOH/RYDQLR OD1XRYDr&DVVLQR SVLYHGDTXLDQFKHODUDVVHJQDGL+'DLEHU”/D WHLQLVFKHµEHUVHW]XQJHQDUDELVFKHU7H[WH]XU3KLORVRSKLH…LQLELGS3HUOH YHUVLRQLGL*XJOLHOPRGL0RHUEHFNHFIDQFKH95(OOLVH57L[LHUHG 7KH0HGLHYDO 7UDQVODWRU7UDGXLUHDX0R\HQ›JH 7XUQKRXW    &I++XJRQQDUG5RFKH”/HVWUDGXFWLRQVGXJUHFDXV\ULDTXHHWGXV\ULDTXH¹OnDUDEH… LQ+DPHVVHH)DWWRULHG 5HQFRQWUHVGHVFXOWXUHVGDQVODSKLORVRSKLHPÂGLÂYDOHS FIDQFKH*6WURKPDLHU”+XQDLQLEQDQDUDE,VKDT$Q$UDE6FKRODU7UDQVODWLQJLQWR 6\ULDF…LQ$UDPSHULRGLFDO S   '-DFTXDUW”'HOnDUDEHDXODWLQOnLQXHQFHGHTXHOTXHVFKRL[OH[LFDX[LPSUHVVLRLQ JHQLXP LQWXLWLR … LQ - +DPHVVH HG  $X[ 2ULJLQHV GX OH[LTXH SKLORVRSKLTXH HXURSÂHQ /nLQXHQFHGHODwODWLQLWDVk$FWHVGX&ROORTXH5RPD/RYDQLROD1XRYD S    * 6WURKPDLHU ”+HOOHQLVWLVFKH :LVVHQVFKD  LP QHXJHIXQGHQHQ *DOHQNRPPHQWDU ]XU KLSSRNUDWLVFKHQ6FKUL wµEHUGLH8PZHOWk…LQ-.ROOHVFKH'1LFNHOHG *DOHQXQG GDVKHOOHQLVWLVFKH(UEH9HUKDQGOXQJHQGHV,9LQWHUQDWLRQDOHQ*DOHQ6\PSRVLXPVYHUDQVWDOWHWYRP





*UD]LHOOD)HGHULFL9HVFRYLQL

 $O FRQYHJQR GL &DVVLQR IHFH VHJXLWR TXDOFKH DQQR GRSR RUJDQL]]DWR QHO SURJUDPPDGHOOHLQL]LDWLYHGHOODw)LGHPkOD)ÂGÂUDWLRQ,QWHUQDWLRQDOHGHV,Q VWLWXWV Gn(WXGHV PÂGLÂYDOH IRQGDWD GD -DFTXHOLQH +DPHVVH  LO 6LPSRVLR VXO WHPDGHOOnRULJLQHGHOOHVVLFRORVRFRHXURSHRHOnLQXHQ]DGHOODWLQR,ODYRUL SXEEOLFDWL SRL QHJOL DWWL FL IRUQLVFRQR XWLOL SUHFLVD]LRQL VXO YRFDERODULR GHL SULQFLSDOLWUDGXWWRULFRPH%XUJXQGLRGD3LVDWUDGXWWRUHGL*DOHQRGDSDUWH GL)HUQDQG%RVVLHU &KDUOHV%XUQHWW'DQLHOOH-DFTXDUW*HUKDUG(QGUH¸HDO WULLQGLYLGXDQROHGL"FROW¹GHOOHWUDGX]LRQLHODGHULYD]LRQHGDFHUWHSDUROHDUD EHGLQXPHURVLWHUPLQLGLFRQLRQXRYRDVVDLLPSRUWDQWLQHOJORVVDULRVFLHQWL FRHORVRFRODWLQRFRVÅFRPHVLIRUPËGDOOnDUDER4XHVWRJORVVDULRGLWUD GXWWRULGDOJUHFRGDOVLULDFRGDOOnDUDERGDOOnHEUDLFRFRQJXUËSRLODODWLQLWDV FRPHXQDUHDOW¹OLQJXLVWLFDHXURSHDFKHÁODQRVWUDHUHGLW¹RGLHUQD  4XHVWH ULFHUFKH VL VRQR XOWHULRUPHQWH DUWLFRODWH SHU OH LQL]LDWLYH GHJOL VWXGL SURPRVVLGD2OJD:HaHUVFKHKDGDWROXRJRDOOHSXEEOLFD]LRQLGHOOD&ROOH]LRQH &LYLFLPDGHGLFDWDDJOL(WXGHVVXUOHYRFDEXODLUHLQWHOOHFWXHOGX0R\HQ›JHGLFXLVR QRJL¹XVFLWLQXPHURVLYROXPL,OWHU]RYROXPHHVDPLQDLOYRFDERODULRGHOOHGL VFLSOLQH GHO WULYLR H GHO TXDGULYLR GDOOD UHWRULFD $UV GLFWDPLQLV  DOOnDULWPHWLFD DOOnDVWURQRPLDDLRULOHJL,OTXDUWRYROXPHGHOODVHULHXVFLWRQHOSUHVVR %UHSROVVRWWRODGLUH]LRQHGL'DQLHOOH-DFTXDUWÁGHGLFDWRLQWHUDPHQWHD/DWHU PLQRORJLHJUDPPDWLFDOH*ÂUDUG7URXSHDXS DOOD)RUPDWLRQGXYRFDEXODLUHGH ODORJLTXHHQDUDEH++XJRQQDUG5RFKHS D/DIRUPDWLRQGXYRFDEXODLUH SKLORVRSKLTXH DUDEH 3LHUUH 7KLOOHW S   D 'LH DVWURQRPLVFKH 7HUPLQRORJLH LP $OPDJHVW 3 .XQLWVFK S  D =XU PHGL]LQLVFKHQ 7HUPLQRORJLH GHV DUDELVFK LVODPLVFKHQ0LWWHODOWHUV++%LHVWHUIHOGWS D0RWVGnDOFKLPLHDOFKLPLHGHV PRWV3/RU\S   E /n$ULVWRWHOH DUDERODWLQR PHGLHYDOH H OR SVHXGR$ULVWRWHOH 8QR VWUXPHQWR GL OD YRURSUH]LRVLVVLPRFKHFLIRUQLVFHFRQXQDYHUDHSURSULDPHVVHGLLQIRUPD ]LRQL XQD QXRYD FRQRVFHQ]D GHJOL VWXGL VXOOD WUDVPLVVLRQH PHGLHYDOH H GHOOD EDVVDFODVVLFLW¹GHOOHRSHUHGL$ULVWRWHOHVHFRQGROHOLQHHGHOODWUDGL]LRQHVLULDFD HDUDEDROWUHFKHJUHFDÁODYRFH$ULVWRWHGH6WDJLUHGHO'LFWLRQQDLUHGH3KLORVRSKHV $QWLTXHVUHGDWWDDSLÒPDQLFKHSHUDGHVVRQRQFRPSUHQGHODGHVFUL]LRQHGH JOLVWXGLVXWXWWDOnRSHUDGL$ULVWRWHOHPDVRORVXDOFXQH,QL]LDFRQ3URVRSRJUD SKLH H /nxXYUH Gn$ULVWRWH FRQVLGHUDWD LQ JHQHUDOH FRQ OnLQGLFD]LRQH GHL FRP PHQWL JUHFL H EL]DQWLQL OD ORUR VRSUDYYLYHQ]D QHO PRQGR DUDER H PHGLHYDOH QHO 5LQDVFLPHQWR QHOOD WUDGL]LRQH DUPHQD H GHOOD *HRUJLD  On,FRQRJUDSKLH  ,QVWLWXW IÕU *HVFKLFKWH GHU 0HGL]LQ DP %HUHLFK 0HGL]LQ &KDULW  GHU +XPEROGW8QLYHUVLW½W ]X %HUOLQ6HSWHPEHU6WRFFDUGD 6   2 :HaHUV HG  0ÂWKRGHV HW LQVWUXPHQWV GX WUDYDLO LQWHOOHFWXHO DX 0R\HQ ›JH 7XUQKRXW   FRQ OD FROODERUD]LRQH GL 2 .QHHSNHQV - 2 :DUG / 0 GH 5aN 6 %URZQ $*DUFLD\*DUFLD'-DFTXDUW:)UREHQLXV$$OODUG-+DPHVVHH9&ROOL





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

0LÂ]D GRFXPHQWL VXOOD FLWW¹ GHOOD 0DFHGRQLD GRYH $OHVVDQGUR ULFHYHWWHOnLQ VHJQDPHQWRGL$ULVWRWHOHGDODO TXLQGLLQGLFD]LRQLGHJOLVWX GLVXOOHRSHUH/DSRÂWLTXHHGL]LRQLWUDGX]LRQLFRPPHQWLOHVVLFRYHUVLRQHOD WLQD H ELEOLRJUDD  /D UKÂWRULTXH VWXGLDWD QHOOD WUDGL]LRQH JUHFD D FXUD GL $:DUWHOOH HQHOODWUDGL]LRQHVLULDFDHDUDEDQHLFRPPHQWLHULDVVXQWLGL$PLUL VHF; GLDO)DUDELGL$YLFHQQDGL$YHUURÁDFXUDGL0DURXQ$RXDG /H FRUSVELRORJLTXHGDOOD+LVWRULDDQLPDOLXPGHSDUWLEXVGHPRWXGHLQFHVVXGHJHQHUD WLRQHDQLPDOLXPDFXUDGL3LHUUH3HOOHJULQ /n2UJDQRQQHOODWUDGL]LRQHJUHFDH VLULDFRDUDED/D0ÂWDSK\VLTXHWUDGX]LRQHVLULDFDHDUDEDDFXUDGL++XJRQ QDUG5RFKH 4XHVWDYRFHGHO'LFWLRQQDLUHVLDUUHVWDDJOL6SXULD'H0HOLVVR;H QRIDQH*RUJLD 'HSRPRHOD7KÂRORJLHGn$ULVWRWHDFXUDGL0DURXQ$RXDG 4XH VWHXOWLPHRSHUHLQYHVWRQRLOSUREOHPDGHOODFRQRVFHQ]DGHO3ODWRDUDEXVGLFXL GLUËSLÒDYDQWL  4XHVWHULFHUFKHHUDQRVWDWHSUHFHGXWHGDOOHSULPHHGL]LRQLFULWLFKHGHOOn$UL VWRWHOHVODWLQXVPHGLHYDOHQHOODYHUVLRQHGDOJUHFRGL%RH]LRGL-DFRSR9HQH WRGL*XJOLHOPRGL0RHUEHNH ,QL]LDWHQHOGDO/DFRPEHSRLFRQWLQXDWH GD 0LQLR3DOXHOOR VRQR DWWXDOPHQWH SURVHJXLWH SHU PHULWR GHL ODYRUL GL *9XLOOHPLQ'LHPGL-%UDPVGL)%RVVLHULQVLHPHDGDOWUL/HHGL]LRQLUH FHQWLGHOOHYHUVLRQLGDOOnDUDERGL0LFKHOH6FRWRGDSDUWHGL$0,YDQ2S SHQUDDaHGL+-'URVVDDUW/XORIVGHOOHRSHUHELRORJLFKHGL$ULVWRWHOH+LVWRULD DQLPDOLXPFKHKDIRQGDWRODFROOH]LRQHGHOOn$ULVWRWHOHVVHPLWLFRODWLQXVLQVLHPHD +'DLEHU+*DHWMHHODVWHVVD$0,YDQ2SSHQUDDa KDQQRQLWRSHU  

 0$RXDGDUWLFOH”$ULVWRWHGH6WDJLUH…LQ5*RXOHWHG 'LFWLRQQDLUHGHVSKLORVRSKHVDQWL TXHVYRO,3DULJL S6RQRXVFLWLVXFFHVVLYDPHQWHDQFKHLYROXPL,,H,,,   */DFRPEHH /0LQLR3DOXHOOR HG  $ULVWRWHOHVODWLQXV&RGLFHVWRP ,3DULJL r%UÔJHV  WRP,,&DPEULGJH SHUXQDLQGLFD]LRQHGHLYROXPLPLVLSHUPHWWDGLULQYLD UH DOOD ELEOLRJUDD GHOOD PLD HGL]LRQH FULWLFD GHO /XFLGDWRU GXELWDELOLXP DVWURQRPLDH S &IDQFKH)%RVVLHUH-%UDPV”4XHOTXHVDGGLWLRQVDXFDWDORJXHGHOn$ULVWRWHOHVOD WLQXV…LQ%XOOHWLQGHSKLORVRSKLHPÂGLÂYDOH S   $ULVWRWHOHV'HDQLPDOLEXV,,0LFKDHO6FRWnVDUDELFODWLQ7UDQVODWLRQHG$0, YDQ2SSHQUDDa/HLGD r1HZ




*UD]LHOOD)HGHULFL9HVFRYLQL

IDU HPHUJHUH FRQ XQD VLQJRODUH HYLGHQ]D OD FRPSOHVVLW¹ GHOOD WUDVPLVVLRQH H GHOODFRQRVFHQ]DGL$ULVWRWHOHQHO0HGLRHYRQRDO5LQDVFLPHQWR6HJL¹5 6RUDEMLDYHYDPHVVRLQOXFHTXDQWRLFRPPHQWDWRULJUHFLGL$ULVWRWHOHDYHVVHUR FRQWULEXLWRDFDPELDUHODVXDLQWHUSUHWD]LRQHWUDLODWLQLJOLVWXGLGL&KDUOHV% 6FKPLWWHGL&KDUOHV/RKUDYHYDQRVFDQGLWROHYDULHWDSSHHODGLYHUVDWLSRORJLD GHOODFRQRVFHQ]DGHOOHRSHUHGL$ULVWRWHOH  *OL DWWL GL XQ DOWUR FRQYHJQR WHQXWRVL D &DPEULGJH QHO  RUJDQL]]DWR GDO0DUHQERQHXVFLWRSHU%UHSROVQHO VRQRGHGLFDWLDOORVWXGLRGHOOnLQX HQ]DGL$ULVWRWHOHLQ,QJKLOWHUUD4XHVWDWUDGL]LRQHDULVWRWHOLFDÁVWDWDULFRVWUXL WD DWWUDYHUVR OnDQDOLVL GHOOH RSHUH GHL PDJJLRUL ORVR LQJOHVL H VRQR VWDWL DS SURIRQGLWLJOLDVSHWWLGHOOnRQWRORJLDGHOODPHWDVLFDGHOODJQRVHRORJLDGL$UL VWRWHOH RSHUDQWL VRSUDWWXWWR LQ 5XJJHUR %DFRQH 5REHUWR *URVVDWHVWD 'XQV 6FRWRLORVRPDJJLRUL ,QGLUHWWDPHQWHDQFRUSLÒFRQWXWWDHYLGHQ]DYLHQH SUHFLVDQGRVLODUHDOW¹GLXQ$ULVWRWHOHVSXULRHGLXQR3VHXGR$ULVWRWHOH5XJ JHUR%DFRQH   $OFXQH RSHUH FRPH Á QRWR FLUFRODURQR VRWWR LO VXR QRPH HG HEEHUR XQD VLQJRODUH ULVRQDQ]D LQ WXWWL L VHWWRUL VLD VFLHQWLFL FKH ORVRFL H FRQWDPLQD URQRODwSXUH]]DkGLXQDORVRDDULVWRWHOLFDFKHQRQÁPDLHVLVWLWDQHO0HGLRH YR,QSDUWLFRODUHVRQRVWDWHULFRVWUXLWHGDYDULVWXGLRVLQHOOHOLQHHGLUHWWULFLH QHOOHORUROLD]LRQLOHFRPSOHVVHVWRULHGHOODFLUFROD]LRQHGHOOD7KHRORJLD$ULVWR WHOLVHGHO/LEHUGHFDXVLVRSHUHQRWLVVLPHGDFXLGLSHVHODIRUWHLQXHQ]DGHOOD ORVRDQHRSODWRQLFDDUDEDQHOFRVLGGHWWRDULVWRWHOLVPRPHGLHYDOHFKHQRQFRQ VLVWHWWHVRORQHOODWUDGX]LRQHGLUHWWDGHOOnRSHUDGLDO)DUDELHGL$YLFHQQD,OD YRULSLÒUHFHQWLHDFFXUDWLFKHFKLDULVFRQRODFRPSOHVVDVWRULDGHOODWUDVPLVVLR QHGHOOD7KHRORJLD$ULVWRWHOLVHGHO/LEHUGHFDXVLVVRQRVWDWLSUHSDUDWLGDOOHULFHU FKHGL&%6FKPLWWH'.QR[FKHVLVRQRGHGLFDWLDOORVWXGLRGHOODWUDGL]LR QH PDQRVFULWWD PHGLHYDOH GL WXWWH OH RSHUH IDOVDPHQWH DWWULEXLWH DG $ULVWRWH OH7UDHVVHODWUDGL]LRQHGHO6HFUHWXPFKHÁOnRSHUDSLÒIDPRVDGHOOR3VHXGR 



 56RUDEML3KLORSRQXVDQGWKH5HMHFWLRQRI$ULVWRWHOLDQ6FLHQFH/RQGUD   & /RKU ”7KH 0HGLHYDO ,QWHUSUHWDWLRQ RI $ULVWRWOH… LQ 1 .UHW]PDQQ $.HQQ\ H -3LQERUJ HG 7KH &DPEULGJH +LVWRU\ RI /DWHU 0HGLHYDO 3KLORVRSK\ )URP WKH UHGLVFRYHU\ RI $ULVWRWOHWRWKHGLVLQWHJUDWLRQRIVFKRODVWLFLVP&DPEULGJH SLG”0H GLHYDO /DWLQ $ULVWRWOH &RPPHQWDULHV… LQ 7UDGLWLR    S     S    S     S     S    S S&%6FKPLWW/DWUDGL]LRQHDULVWRWHOLFDIUD,WDOLDH ,QJKLOWHUUD1DSROL &IDQFKHLOPLRVWXGLR”/nDULVWRWHOLVPRODWLQRGHOVHFROR;,,,H OnDULVWRWHOLVPR VHFRODUH… LQ * 'n2QRIULR HG  6WRULD GHOOD WHRORJLD QHO0HGLRHYR &DVDOH 0RQIHUUDWR YRO,,,S   &%6FKPLWWH'.QR[3VHXGR$ULVWRWHOHV/DWLQXV$*XLGHWR/DWLQ:RUNV)DOVHO\$WWULE XWHG WR $ULVWRWOH EHIRUH  /RQGUD   :) 5\DQ H &% 6FKPLWW 3VHXGR$ULVWRWOH 7KH6HFUHWRI6HFUHWV6RXUFHVDQG,QXHQFHV/RQGUD &ISHUOnLQXHQ]DGLTXHVWDRS 





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

$ULVWRWHOHKDDYXWRXQDVLQJRODUHVWRULDDVÂHVVDJRGHWWHGLQXPHURVHHGL]LRQL DVWDPSDQRDOVHFROR;9,,'LIURQWHDOODPROHGHLPDQRVFULWWLODWLQLGLTXH VWHRSHUHFRVÅFRPSRVLWHQRQULHVFHGL"FLOHFRPSUHQGHUHORVIRU]RFKHORVR HWHRORJLFRPH7RPPDVRGn$TXLQRR9LWHOOLRQHHDOWULIHFHURSHUUHQGHUHDF FHVVLELOHLQWUDGX]LRQHGDOJUHFRTXHVWDYROWDJOLVFULWWLGL$ULVWRWHOHVHQ]DOD FRQWDPLQD]LRQHGHJOLLQWHUYHQWLGHOVDSHUHDUDER'LJUDQGHLPSRUWDQ]DIXUR QROHRSHUHGLWUDGX]LRQHGDOJUHFRGL*XJOLHOPRGL0RHUEHNHHGL5REHUWR *URVVDWHVWD4XHVWHYHUVLRQLFRQOHRSHUHFKHWUDVPLVHURGHWWHURYLWDDGXQnDO WUDGLUH]LRQHGHOOnLQXHQ]DGHOSHQVLHURGL$ULVWRWHOHQHO0HGLRHYRFKHDJLU¹ DQFKHVXOODVFXRODGHLQHRSODWRQLFLDOEHUWLVWLWHGHVFKL4XHVWRSHUFKÂ*XJOLHO PR GL 0RHUEHNHQRQ WUDGXVVH VROR $ULVWRWHOHPD DQFKHOH RSHUHGL XQR GHL SLÒ LPSRUWDQWL ORVR QHRSODWRQLFL FRPH 3URFOR $ *XJOLHOPR Á VWDWR GH GLFDWR XQ LPSRUWDQWH VLPSRVLR D /RYDQLR SHU OnDQQLYHUVDULR GHOOD VXD PRUWH   *OL DWWL SXEEOLFDWL D FXUD GL - %UDPV H : 9DQKDPHO FL SUHVHQWDQR XQDPHVVDDIXRFRLPSRUWDQWHGHOOnRSHUDGLWUDGX]LRQHGL*XJOLHOPRGL0RHU EHNHVLDGLRSHUHORVRFKHGL$ULVWRWHOHGL$OHVVDQGURGL$IURGLVLDHGL3UR FORFKHVFLHQWLFKHTXDOLJOLVFULWWLGL$UFKLPHGH/nDWWHQ]LRQHVLÁFRVÅFRQ FHQWUDWDVHPSUHSLÒVXJOL(OHPHQWL GL WHRORJLD GL 3URFORGLFXLÁVWDWD DSSUHVWDWD XQDQXRYDHGL]LRQHFULWLFDGHOODVXDYHUVLRQHDFXUDGL+%RHVH QRQFKÂVXOOD VWRULDGHOOHVXHWUDGX]LRQLGHOOHRSHUHGL$OHVVDQGURGL$IURGLVLD  &RPH Á QRWR LO/LEHU GH FDXVLV KD FRVWLWXLWR XQD GHOOH IRQWL SULQFLSDOL GHOOH GRWWULQH PHWDVLFKH PHGLHYDOL(VVR ÁFRPPHQWDWR QRQ VROR GDL PDHVWUL FR

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Ò FRPSOHWDFI/6WXUOHVH6WRULDGHOODORVRDWHGHVFDQHO0HGLRHYRYRO,'DJOLLQL]LDOVHFROR ;,,)LUHQ]H YRO,,,OVHFROR;,,,)LUHQ]H LQSDUWLFRODUHLOYROXPHVHFRQGR &I DQFKH 9/RVVN\ 7KÂRORJLH QÂJDWLYH HW FRQQDLVVDQFH GH 'LHX FKH] 0DÇWUH (FNKDUW 3DULJL  0LVLSHUPHWWDGLULQYLDUHDQFKHDOPLRVWXGLR”/nLQXHQ]DQHRSODWRQLFD,OLEUL GHFDXVLV…LQ*)HGHULFL9HVFRYLQLHG 6WXGLVXOODSURVSHWWLYDPHGLHYDOH7RULQR   SVXOOnLQXHQ]DGL3URFORQHOOR6SHFXOXPGL(QULFR%DWHGL0DOLQHVFILOPLRVWX GLRLQw$UWLkHORVRD)LUHQ]H SVXOODw3ORWLQLDQDDUDELFDkVLYHGDRUD --&OHDU\HG 7KH3HUHQQLDO7UDGLWLRQRI1HRSODWRQLVP/RYDQLR 





*UD]LHOOD)HGHULFL9HVFRYLQL

VLGGHWWL DYHUURLVWL PD DQFKH GD VDQ 7RPPDVR QHOOD VHFRQGD PHW¹ GHO ;,,, VHFRORSULPDGHOOnLQJUHVVRJHQHUDOL]]DWRGHLOLEULGHOOD0HWDVLFDGL$ULVWRWHOHH GHOODORUROHWWXUDQHOOH8QLYHUVLW¹&LUFROËFRVÅXQDWHRULDGHOOHFDXVHVJRUJDQWL GDOOn8QRVHFRQGRXQSURFHVVRGLVFHQVLRQDOHHGDVFHQVLRQDOHODTXDOHUDSSUH VHQWDXQRGHLORQLSULQFLSDOLGHOODORVRDQHRSODWRQLFDPHGLHYDOHFRQWDPL QDWDQRQWDQWRHVRORGDOSHQVLHURGL3URFORPDDQFKHGLXQ3ORWLQRGLFXLVL LJQRUDYD OD WUDVPLVVLRQH 2UD Á ULVXOWDWD GDJOL XOWLPL VWXGL XQD FKLDUD GHULYD ]LRQHGLTXHVWDRSHUDGDXQDFRPSLOD]LRQHORVRFDDUDEDFKHVLVDUHEEHLVSL UDWDDIUDPPHQWLGLWHVWLLQDUDERGL3ORWLQR(TXHVWRLQUHOD]LRQHDOODFRVLG GHWWD7KHRORJLD$ULVWRWHOLV(VLVWHUHEEHSHUWDQWRXQDORVRDDUDEDSODWRQL]]DQWH XQ 3ODWR DUDEXV FKH LVSLUHUHEEH OH LGHH GLUHWWULFL GHO/LEHU GH FDXVLV FRPH GHOOD 7KHRORJLD$ULVWRWHOLV4XHVWDVFRSHUWDKDIDWWRFRQYHUJHUHXQDDWWHQ]LRQHVHPSUH SLÒDQDOLWLFDVXOODVWRULDGHOODUHGD]LRQHDUDEDGHOWHVWRGDFXLVDUHEEHGHULYDWR LO/LEHUGHFDXVLVODWLQRHOD7KHRORJLD$ULVWRWHOLVHTXLQGLVXOOnRSHUDGHLSULPLWUD GXWWRULDUDELGHOOnRSHUDGHLORVRJUHFLFRPH$ONLQGLFKHÁFRQVLGHUDWRXQR GHJOLHVSRQHQWLGLULOLHYRGHOFRVLGGHWWRSODWRQLVPRDUDER  /H ULFHUFKH GL TXHVWL XOWLPLVVLPL DQQL KDQQR DSHUWR XQR VTXDUFLR GL OXFH VXOOnRVFXULW¹GHOODVLRQRPLDGHOOnRSHUDGL$ONLQGLGRSRJOLVWXGLDVVDLGDWDWL PDVHPSUHXWLOLQRUDGL$OELQR1DJ\FKHDSSUHVWËQHOQHL%HLWU½JH]XU *HVFKLFKWHGHU3KLORVRSKLHGHV0LWWHODOWHUVXQDSULPDHGL]LRQHGHOOHVXHYHUVLRQLOD WLQH  GRSR OH LQGDJLQL GL 0 *XLGL GL 5 :DOVHU H L EHQHPHULWL FRQWULEXWL GHOODGn$OYHUQ\VXOODFLUFROD]LRQHGHLPDQRVFULWWLGHOOn$ONLQGLODWLQXVGDOWLWROR .LQGLDQD$EELDPRRUDLQIDWWLLFRQWULEXWLGLDUDELVWLFRPH-HDQ-ROLYHWGHGL FDWLLQJHQHUDOHD7KH$UDELF+HULWDQFHHDOODULFRVWUX]LRQHGLDVSHWWLSDUWLFRODUL GHOSHQVLHURGL$ONLQGLHGHLORVRDUDELSLÒFRQRVFLXWLFRPH$YLFHQQDLQ FROODERUD]LRQHFRQ55DVKHG++XJRQQDUG5RFKH(:ÂEHUHDOWUL -R OLYHW KD DYXWR LO PHULWR GL IRFDOL]]DUH OnDWWHQ]LRQH VXJOL HYHQWXDOL UDSSRUWL WUD OnRSHUDGL$ONLQGLHJOL(OHPHQWLGLWHRORJLDGL3URFORULFRVWUXHQGRDOFXQLWDVVHOOL GHOFRVLGGHWWR3URFORDUDEXV*OLVWXGLGL*(QGUH¸GDODWXWWnRJJLKDQQR 



 7KRPDVGH$TXLQR6XSHUOLEUXPGHFDXVLVH[SRVLWLRHG+'6DUH\)ULEXUJR6YL]]HUD     $ONLQGL'HUDGLLVHG07Gn$OYHUQ\H)+XGU\ LQ $UFKLYHVGnKLVWRLUHGRFWULQDOHHWOLW WÂUDLUHGX0R\HQ›JH SLG.LQGLDQD S&%XU QHWW”$JURXSRI$UDELF/DWLQ7UDQVODWRUV:RUNLQJLQ1RUWKHUQ6SDLQLQWKH0LGWK &HQWXU\…LQ-RXUQDORIWKH5R\DO$VLDWLF6RFLHW\UG6HU  S   --ROLYHW”7KH$UDELF+HULWDQFH…LQ3'URQNHHG $+LVWRU\RI7ZHO K&HQWXU\:HVW HUQ3KLORVRSKLH&DPEULGJH S   --ROLYHW3KLORVRSKLHPÂGLÂYDOHDUDEHHWODWLQH3DULJL LQSDUWLFRODUHS   --ROLYHWH55DVKHGHG (WXGHVVXU$YLFHQQH3DULJL S   * (QGUH¸ 3URFOXV $UDEXV =ZDQ]LJ $EVFKQLWWH DXV GHU w,QVWLWXWLR 7KHRORJLFDk LQ DUDELVFKHU µEHUVHW]XQJ%HLUXW HRUDLG”$ULVWRWH$UDEH…LQ0HGLRHYR S





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

VHPSUHSLÒDSSURIRQGLWROnDUJRPHQWRHSUHVHQWDQRRUDXQDULFRVWUX]LRQHVLQ WHWLFD QHO VDJJLR FRQWHQXWR QHO YROXPH w0HGLRHYRk LQWHUDPHQWH GHGLFDWR DOOD ORVRDDUDEDPHGLHYDOHGDOWLWROR$ULVWRWHDUDEH5HFHSWLRQDXWRULWÂHWWUDQVIRUPD WLRQGX3UHPLHU0DLWUH(QGUH¸GLVWLQJXHGXHIDVLQHOODUHFH]LRQHGL$ULVWRWHOH QHOPRQGRDUDERDOODSULPDFRUULVSRQGHUHEEHOnRSHUDGL$ONLQGLFKHVDUHEEH VWDWRLQXHQ]DWRGDOODPHGLD]LRQHGHLFRPPHQWDWRULJUHFLFRPHLO)LORSRQR FKH HUD FULVWLDQR 3HUWDQWR $ONLQGL FKH HUD DQFKnHVVR FUHGHQWH IDUHEEH XQD RSHUD]LRQH GL FRQFLOLD]LRQH WUD IHGH H ORVRD VRVWHQHQGR OD FUHD]LRQH GHO PRQGRHOnLPPRUWDOLW¹GHOOnDQLPDXPDQDDOORUFKÂVLFRQJLXQJHDOQRXV HGLQ GLUL]]HUHEEHODULFHUFDUD]LRQDOHSURSULDPHQWHORVRFDDOOnRUJDQL]]D]LRQHGHO OHVFLHQ]HPDWHPDWLFKHHVLFKHXWLOLQHOODVRFLHW¹,OVHFRQGRSHULRGRVLUHDOL] ]HUHEEHFRQDO)DUDELFRQ$YLFHQQDHG$YHUURÁTXDQGRHVVLDFFHGRQRGLUHW WDPHQWHDOOnRSHUDGL$ULVWRWHOHGDOOnDUDERVHQ]DODPHGLD]LRQHGHLFRPPHQWD WRULGHOWDUGRHOOHQLVPR  $JOLLQWHUHVVLPDWHPDWLFLRWWLFLVFLHQWLFLGL$ONLQGLVRQRVWDWHGHGLFDWHLQ TXHVWLXOWLPLVVLPLDQQLLPSRUWDQWLHGL]LRQLGHOODVXDRSHUDLQDUDERDQFKHDOOD OXFH GHOOD UHFHQWH HPHUJHQ]D GHOOnLPSRUWDQ]D GHOOD VFLHQ]D DUDED VRSUDWWXWWR PDWHPDWLFD RWWLFD H DVWURQRPLD GL FXL SDUOHUË SLÒ DYDQWL 4XL ULFRUGR VROR OnLQL]LDWLYDGHOOnHGL]LRQHGHOOH2HXYUHVSKLORVRSKLTXHVHWVFLHQWLTXHVGL$ONLQGLWH VWRDUDERFRQWUDGX]LRQHIUDQFHVHDFXUDGL5RVKGL5DVKHGH-HDQ-ROLYHWGL FXLVRQRXVFLWLLOYROXPHSULPRDFXUDGL55DVKHG/nRSWLTXHHWODFDWRSWULTXH /HLGDHLOVHFRQGRYROXPH0ÂWDSK\VLTXHHWFRVPRORJLH/HLGD4XHVWH HGL]LRQLGHOWHVWRDUDERVRQRPROWRLPSRUWDQWLPDSRQJRQRLOSUREOHPDVWR ULFR GHOOD ORUR FRQRVFHQ]D QHO VDSHUH PHGLHYDOH RFFLGHQWDOH RVVLD GHOOD ORUR LQXHQ]DVLDQHOORVWHVVRPRQGRDUDERFKHLQTXHOORODWLQR  3HUODFRQRVFHQ]DFKHLOPRQGRLVODPLFRHEEHGHOODORVRDGL$YLFHQQDUL FRUGRLOODYRURGL'LPLWUL*XWDVVX$YLFHQQDHODGLXVLRQHGHOSHQVLHURGL$UL VWRWHOHQHJOLDPELHQWLDUDEL/nDXWRUHVFDQGLVFHOHWDSSHGHOOnLQXHQ]DGHOOD0H WDVLFDGL$ULVWRWHOHGRYXWDDOODRULJLQDOHULHODERUD]LRQHGL$YLFHQQD,QROWUH SHUXQDPLJOLRUHFRPSUHQVLRQHGHLQHVVLGHOOHGRWWULQHSODWRQLFKHDUDEHHOnDUL VWRWHOLVPRODWLQRQHOODORVRDPHGLHYDOHODWLQDKDQQRDYXWRXQJUDQGHULOLHYR OHHGL]LRQLFULWLFKHGHOOn$YLFHQQDODWLQXVLQL]LDWHGD6LPRQH9DQ5LHWLQVLHPHD *ÂUDUG9HUEHNHGDO'HDQLPDDLOLEULGHOOD0HWDVLFDDO'HJHQHUDWLRQHHWFRUUXS WLRQHDO'HDFWLRQLEXVHWSDVVLRQLEXVTXDOLWDWXPSULPDULXP   

 (QGUH¸3URFOXV$UDEXVSVX$ONLQGLLQSDUWLFRODUHLG”$ULVWRWH$UDEH…S  '*XWDV$YLFHQQDDQGWKH$ULVWRWHOLDQ7UDGLWLRQ,QWURGXFWLRQWR5HDGLQJ$YLFHQQDnV3KLORVRSK LFDO:RUNV/HLGD    $YLFHQQD/LEHUGHDQLPDVHXVH[WXVGHQDWXUDOLEXVHG69DQ5LHWOLE,,,,/RYDQLRr/HL GDOLE,99/RYDQLRr/HLGD $YLFHQQD/LEHUGHSKLORVRSKLDSULPDVLYHVFLHQWLD GLYLQD,,9HG69DQ5LHW/RYDQLRr/HLGD $YLFHQQD/LEHUWHUWLXVQDWXUDOLXP'H JHQHUDWLRQHHWFRUUXSWLRQHHG69DQ5LHW/RYDQLR r/HLGD $YLFHQQD /LEHUTXDUWXV 





*UD]LHOOD)HGHULFL9HVFRYLQL

 ¡VWDWRFRVÅIDFLOLWDWRGDDOFXQHULFHUFKHUHFHQWLORVWXGLRGHOOnLQXHQ]DGHOOH FRQWDPLQD]LRQLWUDODPHWDVLFDQHRSODWRQLFDGL$YLFHQQDHTXHOODGL$ULVWR WHOHQHOOHRSHUHGHLORVRPHGLHYDOLFRPH$OEHUWR0DJQR7RPPDVR'XQV 6FRWR2FFDP  &RVÅOnDULVWRWHOLVPRPHGLHYDOHVLGLVVROYHLQWDQWLULYROLGLFXLXQRGHLSULQ FLSDOL ÁFRVWLWXLWR GDO QHRSODWRQLVPR DUDERr VLD TXHOOR GHO /LEHU GH FDXVLV FKH GHOOnRSHUD GL $ONLQGL GL DO)DUDELH GL$YLFHQQD ,O SHVR GHOOH LGHH GHOOD0H WDVLFD DYLFHQQLDQD QHL ORVR WHRORJL H VFLHQ]LDWL PHGLHYDOL HPHUJH VHPSUH SLÒDFFDQWRDTXHOORGHOODWUDGL]LRQHDYHUURLVWLFDODFXLVLRQRPLDULVXOWDDVVDL PRGLFDWD8QULVXOWDWRGLTXHVWLUHFHQWLVWXGLORORJLFRVWRULFLVXOOn$ULVWRWHOH DUDERHODFRQWDPLQD]LRQHQHRSODWRQLFDGHOOHVXHGRWWULQHFKHIXURQRDFFROWH GDL ODWLQL FRVWLWXLVFH XQ DOODUJDPHQWR GHOOH WUDGL]LRQLORVRFKH FKH DJLURQR QHOODORVRDPHGLHYDOH(VVHQRQIXURQRSHUWDQWRVROROHGRWWULQHGHLQHRSOD WRQLFLFULVWLDQLLQXHQ]DWLGD3URFORFRPHOR3VHXGR'LRQLJLHSRLSHUOHWUD GX]LRQLGL*XJOLHOPRGL0RHUEHNHOHVSHFXOD]LRQLGHOOnLQWHURFRUSXVGHJOL(OH PHQWL GL WHRORJLD GL 3URFOR 4XHVWnRSHUD ODUJDPHQWH FRPPHQWDWD GDL PDHVWUL WHGHVFKLGHOVHFROR;,9HEEHFRPHVDSSLDPRTXHOODJUDQGHULVRQDQ]DVSHFX ODWLYDFKHÁVWDWDULVFRQWUDWDVRSUDWWXWWRQHLPDHVWULVHJXDFLGL$OEHUWR0DJQR FKH GD 8OULFR GL 6WUDVEXUJR %HUWROGR GL 0RVEXUJR 7HRGRULFR GL )UHLEHUJ 0DHVWUR(FNKDUWFRQ(LPHULFRGL&DPSRDUULYDQRD&XVDQR4XHVWDOLQHD GLRQLVLDQDHSURFOLDQDGLULFHUFDKDJXLGDWRLUHFHQWLVWXGLGHO&RQYHJQRWHQX WRVLD&RUIÒGDODOOnRWWREUHRUDXVFLWDSHU%UHSROVDFXUDGL/LQRV* %HQDNLV1ÂRSODWRQLVPH HW SKLORVRSKLH PÂGLÂYDOH  'nDOWURQGH VXOOnLQXHQ]D GL3URFOROHWWRUHGL3ODWRQHHGL3ORWLQR32.ULVWHOOHUJL¹DYHYDJL¹IDWWRXQD SUHFLVDPHVVDDSXQWRQHOORVWXGLRGHO  QDWXUDOLXP'HDFWLRQLEXVHWSDVVLRQLEXVTXDOLWDWXPSULPDUXPHG69DQ5LHW/RYDQLRr/HL GD    3HUTXHVWHLQGLFD]LRQLULPDQGRDOODUDVVHJQDGL+'DLEHU”/DWHLQLVFKHµEHUVHW]XQJHQ DUDELVFKHU 7H[WH ]XU 3KLORVRSKLH XQG LKUH %HGHXWXQJ IÕU GLH 6FKRODVWLN GHV 0LWWHODO WHUV…LQ+DPHVVHH)DWWRULHG 5HQFRQWUHVGHVFXOWXUHVGDQVODSKLORVRSKLHPÂGLÂYDOHS  LQ SDUWLFRODUH 3 +RVVIHOG ”'HU /LEHUGHFDXVLV.RPPHQWDU $OEHUWV XQG VHLQH QDWXUSKLORVRSKLVFKHQ.RPPHQWDUH…LQ'RFXPHQWLHVWXGLVXOODWUDGL]LRQHORVRFDPHGLHYDOH    S  LQROWUH / 6WXUOHVH ”'HU 5DWLRQDOLVPXV $OEHUWV GHV *URVVHQ… LQ .)ODVFKH85-HFNHG 'DV/LFKWGHU9HUQXQ 'LH$QI½QJHGHU$XINO½UXQJLP0LWWHODO WHU0RQDFR SFRQOnLQWURGX]LRQHGLTXHVWRFRQFHWWRGL$XINO½UXQJGHOOD UDJLRQHORVRFD   &IQRWD6XTXHVWRWLSRGLQHRSODWRQLVPRFIDQFKH33ULQLHG  ,OQHRSODWRQLVPRQHO 5LQDVFLPHQWR5RPD    3 2 .ULVWHOOHU ”3URFOXV DV D 5HDGHU RI 3ODWR DQG 3ORWLQXV DQG KLV ,QXHQFH LQ WKH 0LGGOH$JHVDQGWKH5HQDLVVDQFH…LQ-3ÂSLQH+'6DUH\HG 3URFOXVOHFWHXUHWLQ WHUSUÁWH GHV DQFLHQV 3DULJL   S  FI DQFKH & 6WHHO ”3ODWR ODWLQXV… LQ +D PHVVHH)DWWRULHG 5HQFRQWUHVGHVFXOWXUHVGDQVODSKLORVRSKLHPÂGLÂYDOHS





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

 /nRULJLQH LO FDUDWWHUH L FRQWHQXWL OH IRQWL GHO/LEHU GH FDXVLV FKH KD DYXWR FRVÅ WDQWD LQXHQ]D VRSUDWWXWWR QHO VHFROR ;,,, HUDQR DUJRPHQWL QRUD DO TXDQWRRVFXULHULPDVWLSRFRFKLDUL7XWWDYLDJL¹QHO+'6DUH\DYHYD ULFRVWUXLWRDTXHOODGDWD/nÂWDWDFWXHOGHV UHFKHUFKHVVXUOHOLEHUGHFDXVLVFRPPHXQH VRXUFHGHODPÂWDSK\VLTXHDX0R\HQ›JHLQWHUHVVDWRVRSUDWWXWWRDOFRPPHQWRGL VDQ7RPPDVR  'DDOORUDVLÁFRPSUHVRVHPSUHSLÒFKHELVRJQDYDLQGLUL]]DUHOHULFHUFKHVXL WHVWLGLORVRDDUDEDFKHDYHYDQRPHVVRLQFLUFROD]LRQHOD7KHRORJLD$ULVWRWHOLVH LO/LEHUGHFDXVLV4XHVWDPHVVDDIXRFRSXQWXDOHVLWURYDQHOODUDFFROWDGLVWXGL 3VHXGR$ULVWRWOHLQWKH0LGGOH$JHVJL¹ULFRUGDWLFKHPHWWHLQOXFHXQDFLUFROD ]LRQHVRWWHUUDQHDGDOOnDUDERGLDOFXQLSDVVLGHOOH(QQHDGLGL3ORWLQR'HO/LEHUGH FDXVLVFRQRVFLXWRDQFKHFRQLOWLWRORGL/LEHU$ULVWRWHOLVGHH[SRVLWLRQHERQLWDWLVSX U¿ FLUFRODURQR EHQ  PDQRVFULWWL LQ ODWLQR H DOPHQR  FRPPHQWL UHGDWWL DQWHULRUPHQWHDO&LQTXHFHQWR  1HOPRQGR DUDER OD VXD IRQWH FKH HUD LO'LVFRUVR VX OD SXUH]]D GL 'LR QRQ HEEHODVWHVVDIRUWXQD6HFRQGRORVWXGLRGL5LFKDUG&7D\ORUFKHHVDPLQD ORVIRQGRFXOWXUDOHGHOWHVWRDUDERGHO'HFDXVLVR'LVFRUVRHVVRQRQVLVDUHEEH SUHVHQWDWRFRPHXQDFROOH]LRQHRUGLQDWDGLSURSRVL]LRQLWUDWWHGDJOL(OHPHQWLGL WHRORJLDGL3URFORFKHSHUËÁXQDGHOOHIRQWLSULQFLSDOLEHQVÅOnDXWRUHPRGL FKHUHEEHH VFHJOLHUHEEHOLEHUDPHQWH VHFRQGR LO VXR FUHGRPRQRWHLVWLFR DQ FKHWHVLWUDWWHGD3ORWLQRSHUFRQFOXGHUHFRQXQDGRWWULQDFKHÁPROWRYLFLQD DOOD3ULPDORVRDGL$ONLQGL7D\ORUULWLHQHFRPH(QGUH¸FKHLOFRPSLODWRUHVL LVSLUDYDSHUORSLÒDVH]LRQLGHOOH(QQHDGLr9H9,rPHQWUHDOWUHSURSRVL]LRQL GHULYDYDQRGD3URFOR4XHVWRVFULWWRHUDVWDWRUHGDWWRSUREDELOPHQWHQHOQRQR VHFRORQHOOnDPELHQWHGL%DJGDG2UDLWHVWLGHOOH(QQHDGLGL3ORWLQRQHOODUH GD]LRQHGHOOD3ORWLQLDQDDUDEDLVSLUDURQRDQFKHODFRVLGGHWWD7KHRORJLD$ULVWRWHOLV HVLFRPSUHQGHSHUWDQWRSHUFKÂLO/LEHUGHFDXVLVIXDWWULEXLWRDG$ULVWRWHOHUL WHQXWROnDXWRUHGHOOD7KHRORJLD,OUHGDWWRUHDQRQLPRGLTXHVWRWHVWRVDUHEEHDS SDUWHQXWRDOODFHUFKLDGL$ONLQGLFRPHORHUDVWDWRTXHOORGHOOD7KHRORJLD$ULVWR WHOLVSHUWDQWROHGXHRSHUHDYHYDQRLQFRPXQHDOFXQHSURSRVL]LRQLWUDWWHGDOOH (QQHDGLGL3ORWLQR  

 /RVWXGLRDSSDUYHQHOYROXPHPLVFHOODQHRGL3:LOSHUWHG  'LH0HWDSK\VLNLP0LWWHO DOWHU%HUOLQRr1HZ




*UD]LHOOD)HGHULFL9HVFRYLQL

 4XHVWDSUHVHQWD]LRQHGHO7D\ORUÁVHJXLWDLQTXHVWRYROXPHGDOODPDJLVWUDOH ULFRVWUX]LRQHORORJLFD H VWRULFD GL): =LPPHUPDQQ H GDXQR VWXGLR VXOOD YHUVLRQHLQHEUDLFRHVXLFRPPHQWLFKHVLHEEHURQHOPRQGRODWLQRQRDO5L QDVFLPHQWRTXDQGRJRGHWWHGLQXRYRGLXQDIRUWXQDVWUDRUGLQDULDSDULVHQRQ VXSHULRUHDTXHOODGHO;,,,VHFRORs¡RUDPDLFKLDURGDLULVXOWDWLGLTXHVWHUL FHUFKH FKH LO TXDGUR GHOOD PHWDVLFD PHGLHYDOH ULVXOWD SURIRQGDPHQWH PXWDWR ULVSHWWRDOOD0HWDVLFDGL$ULVWRWHOHSHUWXWWHTXHVWHFRQWDPLQD]LRQLGRWWULQDOL  ,9  ,OVHFROR;,9HJOLLQVHJQDPHQWLGHOOH)DFROW¹GHOOH$UWL  6HQHOOHOLQHHSULQFLSDOLDSSDUHHYLGHQWHODFRPSOHVVLW¹GHOODWUDGL]LRQHORVR FD QHOOH VXH IRQWL VLD DULVWRWHOLFD FKH QHRSODWRQLFD QHOOD ORUR WUDVPLVVLRQH H QHLORURVYLOXSSLGRWWULQDOLLQPRGRDOWUHWWDQWRFKLDURÁULVXOWDWDOnHVLJHQ]DGL SURFHGHUHVHFRQGRXQDSSURFFLRULJRURVDPHQWHVWRULFRORORJLFRHWHVWXDOH DOODLGHQWLFD]LRQHGHJOLDXWRULHGHOOHGRWWULQHFKHIXURQRLQXHQ]DWLRPHQR GDTXHVWHWUDGL]LRQL  'RSROnHVDPHODULFRVWUX]LRQHGRFXPHQWDULDOHLQWHUSUHWD]LRQLGHOOHFRQ GDQQHGHOJOLVWXGLRVLVLVRQRGHGLFDWLGDSLÒSDUWLDOWHQWDWLYRGLXQDUL FRVWUX]LRQHSHUVHWWRULSHUVFXROHSHULVWLWX]LRQLGLTXHOVHFROR;,9FKHHUD VWDWRGHQLWRFRPHOD”GHJHQHUD]LRQH…GHOOD6FRODVWLFD  3URSULRQHJOLVWXGLGLTXHVWRSHULRGRÁGDWRULQWUDFFLDUHXQGLYHUVRDSSURF FLRPHWRGRORJLFRGHOODULFHUFDQRQVLFHUFDSLÒHVFOXVLYDPHQWHGLULQWUDFFLDUH QHJOLDXWRULODYHUDORVRDLOQHRWRPLVPR PDOHIRUPHSLÒDSHUWHGHOSHQ VLHURFRVÅFRPHVLVRQRPDQLIHVWDWHOLEHUDPHQWHSHUFXLODVWRULDGHOODORVRD PHGLHYDOHVRSUDWWXWWRGHOVHFROR;,9DPRWLYRGHOOHJUDQGLLQQRYD]LRQLWHR UHWLFKHFKHIXURQRLQWURGRWWHGD'XQV6FRWRGD2FFDPFRPHGDJOLw$OEHU WLVWLk VL FRVWLWXLVFH VHFRQGR DOFXQL VWXGLRVL SLÒ FRPH XQD VWRULD GHOOD FXOWXUD ORVRFDXQDVWRULDUD]LRQDOHGHOOHLGHHXQn$XINO½UXQJ.XUW)ODVFK FKHVL VQRGD VHFRQGR DOFXQH GLUHWWLYH R GLVSRVLWLYL FRQFHWWXDOL FRVÅ OL FKLDPD $ODLQ

 

 ): =LPPHUPDQQ ”7KH 2ULJLQV RI WKH VRFDOOHG 7KHRORJ\ RI $ULVWRWOH… LQ .UD\H 5\DQH6FKPLWWHG  3VHXGR$ULVWRWOHLQWKH0LGGOH$JHVS3%)HQWRQ”7KH $UDELFDQG+HEUHZ9HUVLRQVRIWKH7KHRORJ\RI$ULVWRWOH…LELGS-.UD\H ”7KH 3VHXGR$ULVWRWHOLDQ w7KHRORJ\k LQ 6L[WHHQWK DQG 6HYHQWHHQWK&HQWXU\ (XURSH… LELGS   &IQRWDH.)ODVFK'DVSKLORVRSKLVFKH'HQNHQLP0LWWHODOWHU9RQ$XJXVWLQ]X0DFKLD YHOOL6WRFFDUGD 





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

GH/LEHUD FRQLTXDOLÁGDWRLQWHQGHUHHULQWUDFFLDUHOHHODERUD]LRQLGRWWULQDOL GLSUREOHPDWLFKHWHRORJLFKHRSXUDPHQWHQDWXUDOL  6HFRQGR*UHJRU\LOSHQVLHURGHO;,9VHFRORRULUHEEHXQHVHPSLRSHUFXL ODSOXUDOLW¹GLSRVL]LRQLHGLLQWHUHVVLQRQVRORORVRFLPDVFLHQWLFLHSVHX GRVFLHQWLFL OR FRQJXUHUHEEHUR FRPH XQ YHUR H SURSULR PRGHOOR GL wFXO WXUDk  ,OJUDQGHULQQRYDPHQWRGHJOLVWXGLPHGLHYDOLGHOVHFROR;,9ÁVWDWRJXLGDWR DQFKHGDOOnLGHDVHPSUHSLÒHPHUJHQWHGHOOnLPSRUWDQ]DGHJOLLQVHJQDPHQWLGHO OH)DFROW¹GL$UWL)LORVRDH0HGLFLQDSHUOn,WDOLD RGHOOH)DFROW¹GHOOH$UWLH )LORVRDSHU3DULJLSHU2[IRUGHLO&HQWUR(XURSDQRQFKÂGHOOH)DFROW¹VHSD UDWHGL0HGLFLQDFRPH3DULJLH0RQWSHOOLHUSHUOD)UDQFLD  /nHVLJHQ]DGLXQDQXRYDULFRVWUX]LRQHYLYDHGHHWWLYDGHOODYLWDLQWHOOHWWXDOH FRVÅFRPHVLÁFRQJXUDWDLQTXHVWHVHGLLVWLWX]LRQDOLGHOOD)DFROW¹GHOOH$UWL DWWUDYHUVRLFRUVLGLLQVHJQDPHQWRLSURJUDPPLHOHDWWLYLW¹GHLVLQJROLPDHVWUL KDLQGRWWR2OJD:HaHUVFRQODFROODERUD]LRQHGL/RXLV+ROW]DOOnLQL]LDWLYDGL XQDFROODQDGDOWLWROR6WXGLDDUWLVWDUXP¢WXGHVVXUOD)DFXOWÂGHV$UWVGDQVOHV8QL YHUVLWÂVPÂGLÂYDOHV GLFXLVRQRXVFLWLGLYHUVLYROXPL  8QELODQFLRFRPSOHVVLYRÁRHUWRQHOYROXPHTXDUWR/nHQVHLJQHPHQWGHVGLV FLSOLQHV¹OD)DFXOWÂGHV$UWV3DULVHW2[IRUG;,,,HHW;,9HVLÁFOHV,ODYRULTXL FRQWHQXWL ULJXDUGDQR QRQ VROR LO TXDGUR LVWLWX]LRQDOH PD DQFKH OnLQGLYLGXD ]LRQH GHOOH PDWHULHGHJOLLQVHJQDPHQWL,O PRGHOORGHOOD)DFROW¹ GHOOH $UWL GL 3DULJLÁVWXGLDWRDQFKHULVSHWWRDOODVXDDFFHWWD]LRQHRPHQRQHOOHDOWUH8QLYHU VLW¹GL(XURSDFRVLFFKÂOnDWWHQ]LRQHGLDOFXQHULFHUFKHÁULYROWDDQFKHDOOn8QL YHUVLW¹GL%RORJQD'%X]]HWWL HGHOOn(XURSD&HQWUDOHFRPH3UDJDH&UDFR YLD36SXQDU *OLVWXGLULJXDUGDQRVLDXQHVDPHGHOOnLQVHJQDPHQWRGHOOHGL VFLSOLQHGHOWULYLRJUDPPDWLFDUHWRULFDGLDOHWWLFDFRVÅFRPHULVXOWDGDLFRP PHQWLHPHUJHQWLGHOOH6XPPXO¿GL3LHWUR,VSDQR VLDFLGDQQRXQDSULPDULFR VWUX]LRQHGLFRPHVLFRQJXUËOnLQVHJQDPHQWRGHOOHGLVFLSOLQHGHOTXDGULYLR HQWURLOTXDOHVLYLHQHLQGLYLGXDQGRXQVXRDOODUJDPHQWRDXQDTXLQWDVFLHQ]D 



 $GH/LEHUD”/HGÂYHORSHPHQWGHVQRXYHDX[LQVWUXPHQWVFRQFHSWXHOVHWOHXUXWLOLVDWLRQ GDQVODSKLORVRSKLHGHODQDWXUHDX;,9 HVLÁFOH…LQ6.QXXWWLODHDOWULHG $WWLGHOOn9,,, &RQYHJQRLQWHUQD]LRQDOHGLORVRDPHGLHYDOHYRO,+HOVLQNL S   6HOH8QLYHUVLW¹PHGLHYDOLHXURSHHHUDQRJL¹VWDWHVWXGLDWHFRPHLVWLWX]LRQLPDQFDYDQR ULFHUFKHVXOOHIRUPHGLYLWDVXLSURJUDPPLVXOOHLQQRYD]LRQLFRQWLQXHFKHSXUHYLIXU R QR VXJOL VFDPEL GL LGHH WUD L PDHVWUL , YROXPL XVFLWL QRUD IRUQLVFRQR OnHOHQFR FRQ OnLQGLFD]LRQHGHOOHRSHUHPDQRVFULWWHHGHOODELEOLRJUDDGHLPDHVWULGHOOH$UWLGHOOD)D FROW¹GL3DULJLQHOVHFROR;,9FKHRYLLQVHJQDURQRRYLVRJJLRUQDURQRRIXURQROHWWLLQ TXHOODVHGH)LQRUDVRQRXVFLWHOHVFKHGHGHLPDHVWULGDOOD$DOOD)2:HaHUV/HWUDYDLO LQWHOOHFWXHO¹OD)DFXOWÂGHVDUWVGH3DULVWH[WHVHWPDÇWUHV YRO,$%7XUQKRXW  YRO,,/Dw'LVSXWDWLRk¹OD)DFXOWÂGHV$UWV 7XUQKRXW YRO,,, &)7XUQKRXW 





*UD]LHOOD)HGHULFL9HVFRYLQL

FKHDYU¹JUDQGHVXFFHVVRQHLVHFROLVXFFHVVLYLHFLRÁODSHUVSHFWLYDRRWWLFD8QnDO WUDVH]LRQHÁGHGLFDWDDOOHQXRYHWUDGX]LRQLGL$ULVWRWHOHHDLVXRLFRPPHQWL FKHFRQJXUDQRTXHOORFKH&KDUOHV/RKUFKLDPD1HZ$ULVWRWOHULVSHWWRDOODWUD GL]LRQHGHOOn$ULVWRWHOHYHWXVHFKHYHGRQRDOODQHGHOVHFROR;,9OnHPHUJHQ]D GHLFRPPHQWLVXOOD3ROLWLFDHOn(WLFDQRQFKÂORVYLOXSSRGLXQRVWXGLRGHOFRUSXV ]RRORJLFRFKHDYU¹XQVLQJRODUHVXFFHVVRVRSUDWWXWWRQHOOH)DFROW¹Gn$UWL)LOR VRDH0HGLFLQDGn,WDOLD  $OOHLQL]LDWLYHGLTXHVWHFROOH]LRQLVXOODVSHFLFLW¹GHOYRFDERODULRHGHOOHDW WLYLW¹ LQWHOOHWWXDOL GHO VHFROR ;,9 VL GHYRQR DJJLXQJHUH JOL VWXGL SURPRVVL GDOOn8QLYHUVLW¹&DWWROLFDGL/RYDQLRVRWWRODGLUH]LRQHGL/ÂRSROG*HQLFRWGH GLFDWLDOORVWXGLRGHLGLYHUVLJHQHULOHWWHUDULQHOOHIRQWLWHRORJLFKHORVRFKH PHGLFKHVFLHQWLFKHGLFXLVRQRXVFLWLDOFXQLYROXPL  /DPLQRUHLPSRUWDQ]DGDWDGDOPRYLPHQWRQHRWRPLVWDGHJOLLQL]LGHOVHFROR DJOLVWXGLORORJLFLHVWRULFLVLÁYHQXWDVWHPSHUDQGRQHLODYRULGHOOHSXEEOLFD ]LRQLGHOOn8QLYHUVLWÂ&DWKROLTXHGH/RXYDLQGLTXHVWLXOWLPLDQQL1HLODYRUL SLÒUHFHQWLVLÁDYXWDXQnDSSOLFD]LRQHGHOPHWRGRVWRULFRHGHOODFRVFLHQ]DFUL WLFDGLFRQWUR DOPHWRGR GRJPDWLFR GHOOD ULFHUFD SHULO TXDOH VLFHUFKHUHEEH VHPSUHHVRORODYHULW¹HWHUQD3HUWDQWRVLDJOLDUWLFROLFKHHVFRQRQHO%XOOÂWLQ GHSKLORVRSKLHPÂGLÂYDOHGL/RYDQLROD1XRYDFKHLODYRULGHJOLDWWLGHL6LPSRVL RUJDQL]]DWLGDOOD)LGHPIRQGDWDGD-DFTXHOLQH+DPHVVHULYHODQRXQDSDUWLFR ODUHDWWHQ]LRQHDLOHVVLFLDLPHWRGLSURSULGHOOnDWWLYLW¹GLULFHUFDDOODWHUPLQR ORJLDVFRODVWLFDDLSUREOHPLLQVROXWLHDOOHTXHVWLRQLPHQRFKLDUH/DFRQRVFHQ ]D VHPSUHSLÒ DFFUHVFLXWD GHOOnLPSRUWDQ]D IRQGDPHQWDOH GHOOD wOHWWXUDk GHO WH VWRFRQLUHODWLYLSUREOHPLGLLQWHUSUHWD]LRQHVHJQDJOLVWXGLGLTXHVWDVFXROD ORYDQLHQVHDSUHQGRODULFHUFDDGXQDWHPDWLFDYDVWLVVLPDHFRVWLWXLWDDOOnDSSD  

 ' /XVFRPEH ”&RPPHQWDLUHV RQ WKH 3ROLWLFV 3DULV DQG 2[IRUG ;,,, WK;,9WK &HQWX ULHV…LQ:HaHUVH+ROW]HG /n(QVHLJQHPHQWGHVGLVFLSOLQHVHWOD)DFXOWÁGHV$UWVS /&RYD”,OFRUSXV]RRORJLFRGL$ULVWRWHOHQHLGLEDWWLWLIUDJOLwDUWLVWLkSDULJLQLDOOH VRJOLHGHO;,9VHFROR…LQLELGSSHUOnLPSRUWDQ]DGHLWHVWLGHOOn$ULVWRWHOHGHL 3DUYDQDWXUDOLDHGHOOn+LVWRULDDQLPDOLXPQHOFXUULFXOXPGHJOLVWXGHQWLGL$UWL)LORVRDH 0HGLFLQDVHFRQGRJOL6WDWXWLGL%RORJQDGHOPLVLSHUPHWWDGLULQYLDUHDOPLROD YRUR ”, SURJUDPPL GHJOL LQVHJQDPHQWL GHO &ROOHJLR GL PHGLFLQD ORVRD H DVWURORJLD GHOOR 6WDWXWR GHOOn8QLYHUVLW¹ GL %RORJQD GHO … LQ - +DPHVVH HG  5RPD PDJLVWUD PXQGLr,WLQHUDULDFXOWXUDHPHGLHYDOLV0ÂODQJHVRHUWVDX3ÁUH/(%R\OHYRO,/RYDQLROD 1XRYD S   &ITXLODQRWD   / *HQLFRW HG  7\SRORJLH GHV VRXUFHV GX 0R\HQ ›JH RFFLGHQWDO IDVF  7XUQKRXW  %&%D]¹Q-):LSSHO*)UDQVHQH'-DFTXDUWHG /HVTXHVWLRQVGLVSXWÂHVHW OHVTXHVWLRQVTXRGOLEÂWLTXHVGDQVOHVIDFXOWÂVGHWKÂRORJLHGHGURLWHWGHPÂGHFLQH7XUQKRXW    &I - +DPHVVH HG  /HV SUREOÁPHV SRVÂV SDU OnÂGLWLRQ FULWLTXH GHV WH[WHV DQFLHQV HW PÂGLÂYDX[ /RYDQLROD1XRYD ,QSDUWLFRODUHLG”/HPRGÁOHVFKRODVWLTXHGHODOHFWXUH…LQ





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

UHQ]DGLHOHPHQWLHWHURJHQHL,QUHDOW¹QHLODYRULRUJDQL]]DWLGDOOD+DPHVVHVL FRJOLH OnRULHQWDPHQWR FRQGLYLVR DQFKH GD DOWUH LQL]LDWLYH RVVLD GL ULWURYDUH LO WHUUHQRFRPXQHTXHOOnLQFRQWURWUDFXOWXUHHVDSHULFKHFRVWLWXÅOnDVSHWWRFR VPRSROLWDGHOSHQVLHURPHGLHYDOH  $OOD SXEEOLFD]LRQH GHO YROXPH GHJOL $WWL GHO 6LPSRVLR GL &DVVLQR JL¹ FL WDWRKDQQRIDWWRVHJXLWRDOWUHLQL]LDWLYHWUDFXLL6HPLQDULGDPHRUJDQL]]DWL SUHVVROD)DFROW¹GL/HWWHUHH)LORVRDGL3DUPDQHOHGHGLFDWRDOOnLQFRQ WUR WUD VDSHUL GL WUDGL]LRQL GLYHUVH JUHFD DUDED H ODWLQD QHO TXDOH VL HEEH XQ SURFXRVFDPELRGLLGHHVXJOLVYLOXSSLGHOODORVRDHGHOODVFLHQ]DPHGLHYDOH DQFKH LQ UHOD]LRQH DOOH VFLHQ]H DUDEH LQ VHWWRUL PHQR QRWL H SRFR HVSORUDWL ,QROWUHQHOHUDQRXVFLWLJOL$WWLGHO&RQYHJQRVHPSUHRUJDQL]]DWRGD-DF TXHOLQH+DPHVVHGHGLFDWLD0DQXHOVSURJUDPPHVGHFRXUVHWWHFKQLTXHVGnHQVHLJQH PHQWGDQVOHV8QLYHUVLWÂVPÂGLÂYDOHVFKHUDSSUHVHQWDXQDGHOOHUDFFROWHSLÒXWLOL HSUH]LRVHVXOOHWUDVIRUPD]LRQLGHLJHQHULOHWWHUDULFRPHVLSDVVDGDOOHUDFFROWH GHOOH6HQWHQ]HDOOD6XPPDGDOOHJORVVHGLGLULWWRFDQRQLFRDOODTX¿VWLRTXDOHLO FDUDWWHUH H OnLPSRUWDQ]D GHL NRORSKRQ ,Q TXHVWR YROXPH VL VRQR DQDOL]]DWL JOL DVSHWWLIRUPDOLGHOOnH[SRVLWLRULVSHWWRDOODTX¿VWLRLOVLVWHPDGLVWXGLXPQHLFROOHJL GRPHQLFDQL ( WXWWH TXHVWH LQGLFD]LRQL VRQR IRUQLWH SXQWXDOPHQWH GDJOL VWX GLRVL VXOOD EDVH GHOOH IRQWL GHL WHVWL GHOOH RSHUH PDQRVFULWWH FRQ ULJRURVR VFUXSRORVWRULFRORORJLFR  *OLVWXGLSLÒFDSLOODULQRQVRORULJXDUGDQRLOTXDGURLVWLWX]LRQDOHPDDQFKH OnLQGLYLGXD]LRQH GHL VLQJROL PDHVWUL GHOOH $UWL H GHOOD ORUR DWWLYLW¹ QHO VHFROR ;,9VLDLQJOHVLFKHLWDOLDQLRIUDQFHVL,QROWUHOnLQXHQ]DGHOOHORVRHHGHOOH VFLHQ]HDUDEHFKHÁHPHUVDVHPSUHSLÒKDQLWRSHUFDPELDUHLWHPLJOLLQ WHUHVVLGHOOHULFHUFKHHOHDQDOLVLGLTXHVWLXOWLPLDQQLVLDSHUTXDQWRULJXDUGDOH SXEEOLFD]LRQL GL WHQGHQ]D HVSOLFLWDPHQWH QHRVFRODVWLFD FKH TXHOOH GL LVSLUD ]LRQHODLFL]]DQWH 

*&DYDOORH5&KDUWLHUHG  +LVWRLUHGHODOHFWXUHGDQVOHPRQGHRFFLGHQWDOH3DULJL  S   4XHVWRRULHQWDPHQWRKDGDWRYLWDQHODQFKHDOODSXEEOLFD]LRQHSUHVVR%ULOOGHLID VFLFROL GHOOD QXRYD ULYLVWD GL JUDQGH LQWHUHVVH w0HGLHYDO (QFRXQWHUV -HZLVK &KULVWLDQ DQG 0XVOLP &XOWXUH  LQ &RQXHQFH DQG 'LDORJXHk GLUHWWD GD XQ FRPLWDWR VFLHQWLFR LQWHUQD]LRQDOH   6LWUDWWDGHOYROXPHGL*)HGHULFL9HVFRYLQLHG )LORVRDHVFLHQ]DFODVVLFDORVRDVFLHQ ]D DUDERODWLQD PHGLHYDOH H OnHW¹ PRGHUQD 5RPD r /RYDQLROD1XRYD   FRQ VWXGL GL 50RUÂORQ55DVKHG6)HUDEROL-'1RUWK-%LDUG96RUJH30RUSXUJR6&D URWL5)XELQL00DPLDQL3&DVWHOOLH)%DURFHOOL   -+DPHVVHHG 0DQXHOVSURJUDPPHVGHFRXUVHWWHFKQLTXHVGnHQVHLJQHPHQWGDQVOHV8QLYHUVLWÂV PÂGLÂYDOHV/RYDQLROD1XRYD    &ILOPLRVWXGLR”,OSHQVLHURVFLHQWLFRGHO0HGLRHYR…S





*UD]LHOOD)HGHULFL9HVFRYLQL

 &RVÅOHJXUHFKHDYHYDQRGRPLQDWRLQPRGRHVFOXVLYRTXHVWRVHFROR;,9 QRQDSSDLRQRSLÒ(FNKDUW'XQV6FRWR2FFDPR%XULGDQRPDVLDPRGLIURQWH DGXQDYHUDULYLVLWD]LRQHGHJOLVWXGLVRSUDWWXWWRLQUHOD]LRQHD2FFDPOnRFFDPL VPR H LO QRPLQDOLVPR GHL VHFROL ;,9 H ;9 FRQ OnLQGLYLGXD]LRQH GL QXRYL PDHVWULHGLQXRYHGRWWULQH  ,Q TXHVWD GLUH]LRQH GL LQGDJLQH KDQQR XQ ULOLHYR SDUWLFRODUH OH ULFHUFKH GL :LOOLDP &RXUWHQD\ VRUUHWWH GD XQ YDOLGR PHWRGR VWRULFRORVRFRGRFX PHQWDULR LO TXDOH GDOOR VWXGLRGHOOHFRQGDQQHÁSDVVDWR DQFKH D WHQWDUH XQD ULFRVWUX]LRQHGHOODORVRDRFFDPLVWD,O&RXUWHQD\VRWWROLQHDOnLPSRUWDQ]DGL XQULJRURVRDSSURFFLRPHWRGRORJLFRFKHGHOUHVWRÁYDOLGRQRQVRORSHUOnRF FDPLVPR PD SHU TXDOXQTXH ORVRD GHO VHFROR ;,9 FKH QRQ SXË HVVHUH UL FRVWUXLWD VROR SDUWHQGR GDOOH WHVWLPRQLDQ]H GHO ;9 ,Q DOWUL WHUPLQL L GRFX PHQWLGHOVHFROR;9VRSUDWWXWWRTXHOOLVWDWXWDULRGLFRQGDQQDUHODWLYLDOOnRF FDPLVPR H DO QRPLQDOLVPR QRQ VRQR ULWHQXWL YDOLGL GDO &RXUWHQD\ FKH LQ TXHVWR VHQVR VYROJH XQD GLVFXVVLRQH VHUUDWD FRQ OH LQWHUSUHWD]LRQL GL =HQRQ .DOX]DVXOOnRFFDPLVPRHLOQRPLQDOLVPRGHOVHFROR;,9.DOX]DLQIDWWLLQWHU SUHWDHULFRVWUXLVFHVLDLOQRPLQDOLVPRFKHOnRFFDPLVPRVXOODEDVHGHOOHWHVWL PRQLDQ]H GHL QRPLQDOLVWL IUDQFHVL GHO VHFROR ;9 VHFRQGR OH FRQGDQQH GHO HDOWULGRFXPHQWL  6LDYUHEEHFRVÅXQDFRQIXVLRQHWUDRFFDPLVPRORVRDGL2FFDP HQRPL QDOLVPR6HFRQGR&RXUWHQD\SHUGHQLUHVHXQORVRIRIXRQRXQRFFDPLVWD 





 =.DOX]D”/HVVFLHQFHVHWOHXUVODQJXDJH…LQ/%LDQFKLHG  )LORVRDHWHRORJLDQHO7UH FHQWR6WXGLLQULFRUGRGL(XJHQLR5DQGL/RYDQLROD1XRYD SLG”/H6WD WXWGHVHSWHPEUHHWOn2UGRQQDQFHGXVHSWHPEUH…LQ23OXWDHG 'LH 3KLORVRSKLHLPXQG-DKUKXQGHUW,QPHPRULDP.RQVWDQW\0LFKDOVNL $P VWHUGDP S:&RXUWHQD\”7KH5HFHSWLRQRI2FNKDPnV7KRXJKWDWWKH 8QLYHUVLW\RI3DULV…LQ=.DOX]DH39LJQDX[HG 3UHXYHHWUDLVRQ¹On8QLYHUVLWÂGH3DULV 3DULJL S:&RXUWHQD\H.+7DFKDX”2FNKDP2FNKDPLVWVDQGWKH (QJOLVK*HUPDQ 1DWLRQ DW 3DULV … LQ +LVWRU\ RI 8QLYHUVLWLHV   S  FIDQFKHLG”:KDWWKHUHRQ2FNKDPLVW6FKRRO"…LQ0-)0+RHQHQ-+- 6FKQHLGHUH*:LHODQGHG 3KLORVRSK\DQG/HDUQLQJ8QLYHUVLWLHVLQWKH0LGGOH$JHV/HLGD  SVXJOL6WDWXWLSDULJLQLGHOrVHIXURQRRQRQIXURQRDQWLRFFDPLVWL rODGLVFXVVLRQHÁDFFHVD FIDSDUWLUHGDOYROXPHGL53DTXÂ 'DV3DULVHU1RPLQDOLVWHQ VWDWXW %HUOLQR  WUDG IU /H 6WDWXW SDULVLHQ GHV QRPLQDOLVWHV WUDG GL (0DUWLQHDX 3DULJL LG”/HV0DWULFXOHVXQLYHUVLWDLUHV…LQ*HQLFRWHG 7\SRORJLHGHVVRXUFHVGX 0R\HQ ›JH OnLQWHUSUHWD]LRQH GL - %LDUG /RJLTXH HW WKÂRULH GX VLJQH DX ;,9H VLÁFOH 3DULJL   - 0 0 + 7KaVVHQ ”2QFH DJDLQ WKH 2FNKDPLVW 6WDWXWHV RI  DQG  6RPH1HZ3HUVSHFWLYHV…LQ9LYDULXP SLG”%XULGDQRQWKH8QLW\ RID6FLHQFH$QRWKHU&KDSWHULQ2FNKDPLVP"…LQ(3%RVH+$.URSHG  2FN KDPDQG2FNKDPLVWV$FWVRIWKHV\PSRVLXPRUJDQL]HGE\WKH'XWFK6RFLHW\IRU0HGLHYDO3KLORVR SK\ 0HGLXP $HYXP RQ WKH RFFDVLRQ RI LWV WK DQQLYHUVDU\ /HLGHQ  6HSWHPEHU   1aPHJHQ S



/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

ÁQHFHVVDULRYHGHUHTXDOLVLDQROHWHVLSHFXOLDULGL2FFDPFKLOHDFFHWWLHFKLOH ULXWL'DTXHVWDVXDLPSRVWD]LRQHVRQRGHULYDWHLPSRUWDQWLHGLYHUVHFRQFOX VLRQLVXOOnLPSDWWRGHOODORVRDGL2FFDPQHOVXRWHPSRHVXOODULOHYDQ]DDOOD QHGHLVHFROL;,9H;96RSUDWWXWWRSHUJOLVWXGLGL.DWKHULQH+7DFKDXFKH KDDQDOL]]DWRLSUREOHPLGHOODYLVLRQHHGHOODFHUWH]]DQHOVHFROR;,9GHGLFDQ GRSDUWLFRODUHDWWHQ]LRQHD2FFDPHDLVXRLFRQWHPSRUDQHLÁULVXOWDWRFKHSR FKLVVLPLIXURQRLVXRLVHJXDFLDQ]LFKHTXDVLWXWWLIXURQRRSSRVLWRUL2FFDP VL FRQRVFHUHEEH SLÒSHUOHSROHPLFKH GHJOL DYYHUVDULFKHGHL VHJXDFL &RVL OH VLRQRPLH GHO SHQVLHUR GL FRQWHPSRUDQHL FRPH $GDPR :RGHKDP +ROFRW &UDWURQQRQFRQJXUDQRVHFRQGR&RXUWHQD\QHVVXQDVFXRODRFFDPLVWD,QRO WUHOHVXFFHVVLYHFRQGDQQHGHOQRPLQDOLVPRGHOQRQKDQQRPROWRLQFR PXQHFRQOHWHVLGHOODGRWWULQDGL2FFDPSLXWWRVWRLQYHFHVDUHEEHUROnHVSUHV VLRQHGHJOLRULHQWDPHQWLWHRULFLGL%XULGDQR/R6WDWXWRSDULJLQRGHOUL YHOHUHEEH XQD FRQFH]LRQH SUDJPDWLFRVSHULPHQWDOH GHO VDSHUH FKH VDUHEEH LO PDQLIHVWRGHOOHGRWWULQHGL%XULGDQRQRQÁDQWL2FFDPÁDOWUDFRVD3HUWDQ WRDWWUDYHUVRODULFRVWUX]LRQHGRFXPHQWDULDGLTXHVWLHYHQWLHODVHUUDWDGLVFXV VLRQHFKHLPSHJQDQRJOLVWXGLRVLVLYHQJRQRDGHOLQHDUHPHJOLROHVLRQRPLH GRWWULQDOLGHLPDHVWULVLLQGLYLGXDQROHVLQJROHSRVL]LRQLHOHGLYHUVHVFXROH  ,QWDOPRGRODVLRQRPLDGL2FFDPHGHOODVXDGRWWULQDFKHVLÁFHUFDWRGL ULFRVWUXLUH DWWUDYHUVR JOL VWDWXWL SDULJLQL GHO VHFROR ;,9 H ;9 ULVXOWD VHPSUH SLÒFRQWURYHUVDHVRJJHWWDDGLYHUVHLQWHUSUHWD]LRQL/nLPPDJLQHGHOVXRSHQ VLHURÁTXHOODFKHKDSLÒULVHQWLWRGHOFDPELDPHQWRGHJOLVWXGLUHFHQWLGRYXWR DOOH QXRYH DFTXLVL]LRQL GRFXPHQWDULH HVRSUDWWXWWR DL PRGL GLYHUVL GHOOH ORUR OHWWXUHULVSHWWRDOODSUHVHQWD]LRQHRUPDLWUDGL]LRQDOHWUDVPHVVDFLGDOOHULFHU FKHGL0RRG\GL$EEDJQDQRHGLDOWULVWXGLRVLGHJOLDQQL7UHQWD&RPHÁQR WRLORURVWXGLFRQVDFUDWLDOQRPLQDOLVPRDUULYDURQRTXDVLDOOHVWHVVHFRQFOX VLRQLSXUHVVHQGRSDUWLWLGD]RQHGLYHUVH1HOODHODERUD]LRQHORJLFDHGHSLVWH PRORJLFD GHO JUDQGH IUDQFHVFDQR LQJOHVH 0RRG\ H $EEDJQDQR UDYYLVDURQR OnDHUPD]LRQH GL XQD ORVRD HPSLULVWD DQWLPHWDVLFD SHU HFFHOOHQ]D OD FXL IXQ]LRQHSRVLWLYDSHUODVWRULDGHOSHQVLHURYHQLYDULEDGLWDVXOSLDQRVSHFXODWLYR GD0RRG\FRQWUROHLQWHUSUHWD]LRQLQHJDWLYHGHLQHRWRPLVWLQHOOnDUWLFRORFKH FRPSDUYHSLÒWDUGLQHOQHOOD3KLORVRSKLFDO5HYLHZGDOWLWRORVLJQLFDWLYR w(PSLULVPRHPHWDVLFDQHOODORVRDPRGHUQDkH1LFROD$EEDJQDQRORSUHVHQWDYD FRPHOnHVSRQHQWHGLXQDFRQFH]LRQHFKHDSULYDDOOnLGHDGHOODULFHUFDDXWRQRPD GHO ORVRIR VXL SUREOHPL GHOOD QDWXUD H GHOOD VLFD ,O ULFRUVR GL 2FFDP DOOnHVSHULHQ]D QHL VXRL OLPLWL FRQRVFLWLYL IX ULFRQGRWWD GD $EEDJQDQR QRQ 



 .+7DFKDX9LVLRQDQG&HUWLWXGHLQWKH$JHRI2FNKDP/HLGD   5LVWDPSDWRLQ(0RRG\6WXGLHVLQ0HGLHYDO3KLORVRSK\6FLHQFHDQG/RJLF&ROOHFWHG3DSHUV %HUNHOH\r/RV$QJHOHVr/RQGUD S   1$EEDJQDQR*XJOLHOPRGn2FNKDP/DQFLDQR  





*UD]LHOOD)HGHULFL9HVFRYLQL

DOOnDULVWRWHOLVPRPDDGXQDFRUUHQWHIUDQFHVFDQDFKHVLLVSLUDYDDOIUDQFHVFDQH VLPR LQJOHVH ULVDOHQWH DOOD WUDGL]LRQH GHL wSHUVSHFWLYLk LQJOHVL FRPH 5XJJHUR %DFRQHFKHDYHYDQRVRVWHQXWROnLPSRUWDQ]DGHOOnHVSHULHQ]DYLVLYD(LQTXHVWD GLUH]LRQHGLLQGDJLQHVLVRQRFROORFDWHOHPLHULFHUFKHGHO6WXGLVXOODSUR VSHWWLYDPHGLHYDOH0DLOPHULWRGHOQRPLQDOLVPRGL2FFDPVRWWROLQHDWRDQFKH GD 3DXO 9LJQDX[ H GD &HVDUH 9DVROL VHPEUD SLÒ QHJDWLYR FKH SRVLWLYR SHU OD QDVFLWDGHOODVLFDPRGHUQDrVHFRQGRJOLXOWLPLVWXGL,QWDQWRVRQRPHVVHLQ GLVFXVVLRQH VLD OD PRGHUQLW¹ GHO VXR HPSLULVPR FKH OnDVSHWWR DQWLPHWDVLFR GHOODVXDORVRDWHUPLQLVWD4XHVWDLQWHUSUHWD]LRQHVLULFDYDLQSDUWLFRODUHGD JOL VWXGL GL $QGUÂ *RGGX FKH VRWWROLQHD WXWWL L OLPLWL GHOOD VLFD GL 2FFDP FRPHGDLODYRULGLDOFXQLVWXGLRVLWHGHVFKLFKHPHWWRQRLQOXFHFRPHODORVR D GL 2FFDP IRVVH DQFKnHVVD XQD PHWDVLFD DQFKH VH GHOOnLQGLYLGXDOH H QRQ GHOOnXQLYHUVDOH$QGUÂ*RGGXLQSDUWLFRODUHVLDQHOOnDUWLFRORVX”:LOOLDPRI 2FNKDPnV(PSLULFLVPDQG&RQVWUXFWLYH(PSLULFLVP…FKHQHOYROXPHGHGLFD WRDOODVLFDGL2FFDPULFRQGXFHWXWWDODGRWWULQDRFFDPLVWDDOOnDOYHRWUDGL]LR QDOHGHOODORVRDGL$ULVWRWHOHULGLPHQVLRQDQGRPROWRODPRGHUQLW¹GHOVXR HPSLULVPR  ,QFRPSHQVRVRQRHPHUVHFRQSLÒFKLDUH]]DOHVLRQRPLHGRWWULQDOLGLPDH VWUL FRQWHPSRUDQHL GL 2FFDP FRPH $GDPR :RGHKDP D FXL &RXUWHQD\ KD GHGLFDWR XQD LPSRUWDQWH PRQRJUDD H 2QRUDWR *UDVVL XQ DWWHQWR VWXGLR 3HUWDQWROHSRVL]LRQLGLDOWULDQWLRFFDPLVWLFRPH5REHUWRGL+ROFRWRSSXUHLO PLVWHULRVRQRUD &UDWURQHVFRQRGDOOnRPEUD  0LOLPLWRLQTXHVWDVHGHDULFRUGDUHVRORTXHVWLVWXGLVXLPDHVWULGHOVHFROR ;,9 LQ UHOD]LRQH DL SUREOHPL GHOOnLQWHUSUHWD]LRQH GHOOD ORVRD GL 2FFDP H  

 *)HGHULFL9HVFRYLQLHG 6WXGLVXOODORVRDPHGLHYDOH7RULQR    ) +RPDQQ 'LH &RQIHUHQWLDH GHV 5REHUW +ROFRW 23 XQG GLH DNDGHPLVFKHQ $XVHLQDQGHUVHW ]XQJHQDQGHU8QLYHUVLW½W2[IRUG0ÕQVWHU LQSDUWLFRODUHS   $*RGGX”:LOOLDPRI2FNKDPnV(PSLULFLVPDQG&RQVWUXFWLYH(PSLULFLVP…LQ:9RV VHQNXKOH56FKÏQEHUJHUHG  'LH*HJHQZDUW2FNKDPV:HLQKHLP S LG7KH3K\VLFVRI:LOOLDP2FNKDP/HLGDr&RORQLD LG”7KH'LDOHFWLFRI&HUWLWX GHDQG'HPRQVWUDELOLW\DFFRUGLQJWR:LOOLDPRI2FNKDP…LQ6&DURWLHG 6WXGLHVLQ 0HGLHYDO1DWXUDO3KLORVRSK\)LUHQ]H SFIDQFKH)%RWWLQ/DVFLHQ]DGHJOL RFFDPLVWL5LPLQL 0'DPLDWD,OFRQWHQ]LRVRIUD'XQV6FRWRH2FFDP)LUHQ]H  LG*XJOLHOPRGn2FFDPYRO)LUHQ]H    : &RXUWHQD\ $GDP :RGHKDP $Q ,QWURGXFWLRQ WR KLV /LIH DQG :ULWLQJV /HLGD   2*UDVVL,QWHQ]LRQHHVLJQLFDWR$GDP:RGHKDPHLOSUREOHPDGHOODFRQRVFHQ]DQHO;,9VHFROR 0LODQR VXOOHGLYHUVHDFFH]LRQLGHOFRQFHWWRGLQRWL]LDLQWXLWLYDFIDQFKH*&DQ QL]]R,OVRUJHUHGLQRWL]LDLQWXLWLYDDOOnDOEDGHOSHQVLHURPRGHUQRQHOOn(XURSDGHOSULPR7UHFHQWR 2[IRUG3DULJL 3DOHUPR    . $ 6SUHQJDUG 6\VWHPDWLVFKKLVWRULVFKH 8QWHUVXFKXQJHQ ]XU 3KLORVRSKLH GHV ;,9 -DKUKXQ GHUWV(LQ%HLWUDJ]XU.ULWLNDQGHUKHUUVFKHQGHQVS½WVFKRODVWLVFKHQ0HGLDHYLVWLN%G&UDWKRUQ (LQ2[IRUGHU0RGHUQXVGHV;,9-DKUKXQGHUWV%RQQ 





/DVWRULDGHOODORVRDPHGLHYDOHGHLVHFROL;,,,H;,9

GHOODVXDVFXROD/HULFHUFKHVXOOD ORVRDGHOVHFROR;,9VRQRLQYHFHPROWR SLÒQXPHURVHHFDSLOODULPLULIHULVFRDLQXPHURVLODYRULVXOOnDOEHUWLVPRWHGH VFRGD(FNKDUWD&XVDQRFKHKDQQRDVVDLPRGLFDWRLOTXDGURGHOOnDOEHUWLVPR WHGHVFRGHOLQHDWRGDO*0HHUVVHPDQ  /nLQWHUHVVH GHJOL XOWLPL VWXGL SHU L PDHVWUL GHOOH $UWL SDULJLQH KD FRQGRWWR DQFKHDOOnDSSURIRQGLPHQWRGHOOHGRWWULQHGLPDHVWULGHO;,9VHFRORGLDOWUHVH GLFRPH9LHQQD+HLGHOEHUJR%RORJQD$OEHUWRGL6DVVRQLD0DUVLOLRGn,Q JKHQ *HUDUGR 2GGRQH 1LFROD GL $XWUHFRXUW 3LHWUR Gn$EDQR 0DUVLOLR GD 3DGRYD7DGGHRGD3DUPD7RPPDVRGL:\OWRQ%LDJLR3HODFDQLGD3DUPD$L PDHVWULGL WHQGHQ]DVFRWLVWD LQJOHVL IUDQFHVL VRQR VWDWL GHGLFDWL XOWHULRUL DS SURIRQGLPHQWLVHFRQGRWHPLFKHULJXDUGDQRODFRVPRORJLDGL)UDQFHVFRGHOOD 0DUFD OH GRWWULQH GHOOnHWHUQLW¹ GHO PRQGR OD ORVRD GL 7RPPDVR %UD GZDUGLQH'DWXWWLTXHVWLVWXGLHPHUJHFRPHLOSHQVLHURPHGLHYDOHVLDQHL VXRLULVYROWLWHRORJLFLFKHQHLVXRLDVSHWWLVWUHWWDPHQWHVLFLQRQVLSUHVHQWLSLÒ FRPHXQRVWDWLFRPRQROLWHPDVXVVLVWDLQXQDWHQVLRQHFRQWLQXDGLGRWWULQH SRVL]LRQLFRQWURYHUVLHHGLVFXVVLRQLWUDLGLYHUVLRULHQWDPHQWLWHRULFL/DOR VRDGHOVHFROR;,9FRQOnHPHUJHQ]DGHLSUREOHPLJQRVHRORJLFLGHOOnHYLGHQ]D  

 *0HHUVVHPDQ*HVFKLFKWHGHV$OEHUWLVPXVYRO3DULJL LQSDUWLFRODUHFI7(J JHQVSHUJHUH8(QJHOHG  :DKUKHLW5HFKHUFKHQ]ZLVFKHQ+RFKVFKRODVWLNXQG3RVWPRGHUQH 0DJRQ]D 0-)0+RHQHQH$GH/LEHUDHG $OEHUWXV0DJQXVXQGGHU$OEHU WLVPXV'HXWVFKH3KLORVRSKLVFKH.XOWXUGHV0LWWHODOWHUV/HLGDr1HZ




*UD]LHOOD)HGHULFL9HVFRYLQL

H GHOOD FHUWH]]D VL FRQJXUD VHPSUH PHQR FRPH XQD PHWDVLFD GHOOnXQR H GHOOnHVVHUHTXDQWRSLÒXQDPHWDVLFDGHOODPHQWHFKHSHUYDULULYROLDUULYD QRDOOnRSHUDGL1LFROD&XVDQR$OXLVRQRVWDWLGHGLFDWLLQTXHVWLXOWLPLVVLPL DQQLPROWLODYRULVLDGLVWXGLRVLWHGHVFKLFKHLQJOHVLHLWDOLDQLLTXDOLKDQQRRS SRUWXQDPHQWH HVDPLQDWR LO VXR SHQVLHUR QHOOH VXHSUREOHPDWLFKH VSHFXODWLYH DOGLO¹GHOODFRQWUDSSRVL]LRQHWUD0HGLRHYRH0RGHUQLW¹  ,QQHSHU DYHUH XQD UDVVHJQD HVDXULHQWH GHJOL VWXGLOH HGL]LRQLHOHRSHUH PDQRVFULWWH GHO VHFROR ;,9 Á EHQHPHULWD OnLQL]LDWLYD D FXUD GL -HDQ3LHUUH 5RWKVFKLOG3DVFDO%HUPRQGH3DWULFH6LFDUGGHOOD%LEOLRJUDSKLHDQQXHOOHGX0R \HQ›JHWDUGLIr$XWHXUVHWWH[WHVODWLQGLFXLHVFRQRSXEEOLFD]LRQLSHULRGLFKHH SHUXQDJJLRUQDPHQWRGHJOLVWXGLVXOOHUHOD]LRQLGHOODORVRDPHGLHYDOHFRQ On$QWLFKLW¹HLO5LQDVFLPHQWRODUHFHQWHULYLVWDGL%RFKXP     $EVWUDFW  $QRYHUYLHZRIFXUUHQWPHGLHYDOSKLORVRSKLFDODQGVFLHQWLFVWXGLHVZRXOGVHHPMXVWLHG DWWKHEHJLQQLQJRIWKHVWFHQWXU\:KLOHQRSDUWRIWKHKLVWRU\RISKLORVRSK\KDVEHHQVR PXFK GHVSLVHG DV WKH0LGGOH $JHV WKLV SHULRG KDYLQJ EHHQ FDOOHGXQWLO WKH EHJLQQLQJ RI WKHWKFHQWXU\WKHwGDUNDJHVk QXPHURXVLQWHUQDWLRQDOO\VLJQLFDQWVWXGLHVRQWKLVWRSLF KDYHUHFHQWO\EHHQSXEOLVKHG(VVD\VDQGPRQRJUDSKVFULWLFDOHGLWLRQVDQWKRORJLHVDQGUH YLHZV KDYH DGGUHVVHG PDQ\ IDFHWV RI PHGLHYDO WKRXJKW SDUWLFXODUO\ WKH PHGLHYDO LQVWLWX WLRQDOFRQWH[WDQGWKHLQWHOOHFWXDOOLIHRIWKH0LGGOH$JHVDORQJZLWKWKHKLVWRU\RIPHGLH YDOSKLORVRSK\DQGVFLHQFH7KLVHVVD\ORRNVDWVWXGLHVRIGLHUHQWSKLORVRSKLFDOWHQGHQFLHV IURP WKH HQG RI WKH WK FHQWXU\ WR WKH WK FHQWXU\ QRW UHVWULFWLQJ LWVHOI WR PHGLHYDO $ULVWRWHOLDQLVP

 

- +RSNLQV 1LFKRODV RI &XVD RQ :LVGRP DQG .QRZOHGJH 0LQQHDSROLV   60HLHU 2HVHU”'LH5H]HSWLRQGHU3KLORVRSKLHGHV1LFRODXV&XVDQXV…LQ:%DXPHG .RQ ]LOLDULVPXV XQG +XPDQLVPXV .LUFKOLFKH 'HPRNUDWLVLHUXQJVEHVWLPPXQJHQ LP VS½WHQ ¯VWHUUHLFK 9LHQQD HLOPLRODYRUR,OSHQVLHURGL1LFROD&XVDQR7RULQR *&DVWHOODQL ”,OFULVWLDQHVLPRHOHDOWUHUHOLJLRQL,O'HSDFHGHLGL1LFROD&XVDQR…LQ*&DQREELR HG &ULVWLDQHVLPRHUHOLJLRQL%UHVFLD S  &I-35RWKVFKLOGHG %LEOLRJUDSKLHDQQXHOOHGX0R\HQ›JHWDUGLI$XWHXUVHWWH[WHVODWLQV YRO  7XUQKRXW   FKH WUD OnDOWUR FL IRUQLVFH XQD ELEOLRJUDD UDJLRQDWD XWLOLVVLPD 3HU XQD ELJOLRJUDD JHQHUDOH VX WXWWH OH SXEEOLFD]LRQL ULJXDUGDQWL QRQ VROR LO SHQVLHUR PHGLHYDOH PD LO 0HGLRHYR WRXWFRXUW VL YHGDQR L YROXPL SHULRGLFL GL & /HRQDUGL H /3LQHOOLHG 0HGLRHYRODWLQR%ROOHWWLQRELEOLRJUDFRGHOODFXOWXUDHXURSHDGD%RH]LRD(UDVPR )LUHQ]H   %RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP

 

3$2/$ =$0%(//,

 

3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWH DQGKLVFODQGHVWLQH'HLQFDQWDWLRQLEXV $ULVWRWHOLDQLVPHFOHFWLFLVPRUOLEHUWLQLVP"

    5HQDLVVDQFHSKLORVRSK\ZKHWKHUVHHQIURPD(XURSHDQSHUVSHFWLYHRUIURP DQH[FOXVLYHO\,WDOLDQRQHDVKDVXVXDOO\EHHQWKHFDVHZRXOGFHUWDLQO\EHLQ FRPSOHWHZLWKRXWDEULHIVXUYH\RI$ULVWRWHOLDQLVPLQ3RPSRQD]]LnVWLPHDQG RIWKHYDULRXVFRPSRQHQWVRIKLVWKRXJKW7KHFDSLWDORIWKH$ULVWRWHOLDQPRYH PHQWZDVV\PEROLFDOO\WKH8QLYHUVLW\RI3DGXDEXWIURPDVHDUO\DVWKHWK FHQWXU\XQWLOWKHWLPHRI$FKLOOLQLWKH8QLYHUVLW\RI%RORJQDZDVDOVRDQLP SRUWDQWFHQWHURI$ULVWRWHOLDQWKRXJKW3LHWUR3RPSRQD]]LDOVRFDOOHGE\KLV  

 7UDQVODWHG E\ ,OVH *LURQD , ZDUPO\ WKDQN %UHQGDQ 'RROH\ IRU KDYLQJ UHDG WKLV HVVD\ ZULWWHQ DV DQ LQWURGXFWLRQ WR D FULWLFDO HGLWLRQ RI 3RPSRQD]]LnV 'H LQFDQWDWLRQLEXV SUH SDUHGE\&,QQRFHQWLWKHSDVVDJHVWUDQVODWHGIURPWKLVWUHDWLVHDUHEDVHGRQKHUWH[WEXW , ZLOO UHIHU WR SDJHV RI *XJOLHOPR *UDWDUROnV HGLWLRQ %DVHO  UHSU +LOGHVKHLP r 1HZ
3DROD=DPEHOOL

SXSLOV DQG IULHQGV ”LO 3HUHWWR… OLWWOH 3HWHU  ZDV D VWXGHQW DQG WHDFKHU DW WKH IRUPHUDQGFRQFOXGHGKLVWHDFKLQJFDUHHUDWWKHODWWHUKHDOVRWDXJKWIRUDWLPH DWWKHFRXUWRI&DUSLDQGDWWKHKXPDQLVWLF8QLYHUVLW\RI)HUUDUD+HEHFDPH YHU\ZHOONQRZQDPRQJKLVFRQWHPSRUDULHVDQGLQFXUUHGKHDY\FHQVXUH5D WLRQDOLVW0DVRQLF" KLVWRULDQVIURP5HQDQWR%XVVRQDQGSKLORVRSKHUVIURP )LRUHQWLQR WR $UGLJË WUDQVIRUPHG KLP LQWR D KHURLF JXUH UHSUHVHQWDWLYH DOPRVW WR WKH VDPH H[WHQW DV *LRUGDQR %UXQR  RI WKH VWUXJJOH DJDLQVW WKH ”GDUNQHVV RI WKH 0LGGOH $JHV… DQG DJDLQVW &DWKROLF GRJPD r LQ SDUWLFXODU DJDLQVWWKHWKHVLVRIWKHLPPRUWDOLW\RIWKHVRXO0RUHUHFHQWVFKRODUVZLWKLQ WKH&DWKROLFWUDGLWLRQKDYHLQVWHDGWULHGWRVWUHVVWKHFRQWLQXLW\RIKLVWKRXJKW ZLWKVFKRODVWLFLVPDQGZLWK7KRPLVPH[DFWO\DVKDSSHQHGZLWK'HVFDUWHVLQ *LOVRQnVLQWHUSUHWDWLRQ 2WKHUVIURP3DXO2.ULVWHOOHUWR&KDUOHV%6FKPLWW 



 (5HQDQ$YHUURÁVHWOnDYHUURÈVPHHVVDLKLVWRULTXH3DULV   3LHWUR3RPSRQD]]L/HVFDXVHVGHVPHUYHLOOHVGHODQDWXUHRXOHVHQFKDQWHPHQWVHG+%XVVRQ 3DULVZLWKDORQJDQGLQWHUHVWLQJLQWURGXFWLRQ )RUDGLHUHQWSHUVSHFWLYHVHHDOVR 5/HQREOH0HUVHQQHRXODQDLVVDQFHGXPÂFDQLVPH3DULV SDQGSDVVLP   ))LRUHQWLQR3LHWUR3RPSRQD]]L6WXGLVWRULFLVXODVFXRODERORJQHVHHSDGRYDQDGHOVHFROR;9, )ORUHQFH   LG ”3LHWUR 3RPSRQD]]L… LQ LG 6WXGL H ULWUDWWL GHOOD 5LQDVFHQ]D %DUL     7KHSRVLWLYLVWSKLORVRSKHU5REHUWR$UGLJËZURWHDSUHIDFHWR3LHWUR3RPSRQD]]L 7UDW WDWRVXOOnLPPRUWDOLW¹GHOOnDQLPD,O/LEURGHJOLLQFDQWHVLPLWUDQVOE\,7RVFDQL5RPH    2QWKHJHQHUDOKLVWRU\RIH[HJHVHVRI$ULVWRWOHnV'HDQLPDVHH%1DUGLLQKLV”,QWURGX ]LRQH…WR7KRPDV$TXLQDV7UDWWDWRVXOOnXQLW¹GHOOnLQWHOOHWWRFRQWURJOLDYHUURLVWL)ORUHQFH  FILG6WXGLVXOOnDULVWRWHOLVPRSDGRYDQRGDOVHFROR;,9DO;9,)ORUHQFH DQG*'L1D SROL/nLPPRUWDOLW¹GHOOnDQLPDQHO5LQDVFLPHQWR7RULQR 2QWKLVGHEDWHZKLFKEH JDQ LQ  D IXQGDPHQWDO ZRUN LV ( *LOVRQ ”$XWRXU GH 3RPSRQD]]L… LQ $UFKLYHV Gn+LVWRLUH 'RFWULQDOH HW /LWWÂUDLUH GX 0R\HQ ›JH    S  LG ”/nDDLUH GnLPPRUWDOLWÂGHOn»PH¹9HQLVHDXGÂEXWGX;9,HVLÁFOH…LQ9%UDQFDHG 8PDQHVLPR HXURSHRHXPDQHVLPRYHQH]LDQR)ORUHQFH S   ,WEHJDQZLWK$ULVWRWHOLVPRSDGRYDQRHORVRDDULVWRWHOLFD$WWLGHO;,,&RQJUHVVR,QWHUQD]LRQDOH GL)LORVRDYRO;,,5RPHr)ORUHQFH DQGZLWKWKHHVWDEOLVKPHQWRIWKH”&HQWUR SHU OD VWRULD GHOOD WUDGL]LRQH DULVWRWHOLFD QHO 9HQHWR… DW WKH 8QLYHUVLW\ RI 3DGXD ZKRVH QXPHURXVSXEOLFDWLRQVLQFOXGHGHGLWLRQVDQGERRNVFRQFHUQLQJ3RPSRQD]]LVHHDPRQJ RWKHUV $3RSSL &DXVDOLW¹ H LQQLW¹ QHOOD VFXRODSDGRYDQD GDO  DO 3DGXD   LG 6DJJL VXO SHQVLHUR LQHGLWR GL 3LHWUR 3RPSRQD]]L 3DGXD   LG ,QWURGX]LRQH DOOnDULVWRWHOLVPRSDGRYDQR3DGXD 6HHDOVREHORZQRWH   32.ULVWHOOHU”)LFLQRDQG3RPSRQD]]LRQWKH3ODFHRI0DQLQWKH8QLYHUVH…LQ-RXU QDORIWKH+LVWRU\RI,GHDV9 SUHSULQLG6WXGLHVLQ5HQDLVVDQFH7KRXJKW DQG/HWWHUV5RPH SDQGLQLG5HQDLVVDQFH7KRXJKW,,3DSHUVRQ+XPDQ LVPDQGWKH$UWV1HZ




3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

UHGXFH3RPSRQD]]LWRDFDVHRIHFOHFWLFLVPZLWKLQWKHIUDPHZRUNRIWKHQHZ $ULVWRWHOLDQLVPWKDWFDPHDERXWZLWKWKHLQFUHDVLQJDYDLODELOLW\RI*UHHNWH[WV DQGFRPPHQWDULHV  7KHUH DUH FHUWDLQO\ PHQWDO KDELWV ZKLFK PDNH XV DXWRPDWLFDOO\ DVVRFLDWH $ULVWRWHOLDQLVP ZLWK WKH 0LGGOH $JHV DQG VFKRODVWLFLVP MXVW DV ZH DVVRFLDWH 3ODWRQLVPZLWKWKH5HQDLVVDQFHDQGLWVKXPDQLVWVZKRVH”H[LELOLW\…ZHDG PLUH %XW LQ  RQHRI WKH PRVW LPSRUWDQW RI WKHVH KXPDQLVWV 0DUVLOLR )LFLQR ZURWH ZLWK JUHDW FRQFHUQ WKDW wWKH ZKROH HDUWK KDV EHHQ LQYDGHG E\ 3HULSDWHWLFVk+HDOVRUHIHUUHGWRWKHGLVWLQFWLRQEHWZHHQWKHWZR3HULSDWHWLF VFKRROVWKH$OH[DQGULVWVDQGWKH$YHUURLVWVGHFODULQJERWKKDUPIXO,QGHHG DOWKRXJKLQDOOXQLYHUVLWLHVWKHWHDFKLQJRISKLORVRSK\ZDVR"FLDOO\EDVHGRQ WKH ZRUNV RI $ULVWRWOH DQG RQ $YHUURHVn FRPPHQWDULHV ULFK LQ UHIHUHQFHV WR WKH*UHHNFRPPHQWDULHVLQWKHODWHWKFHQWXU\WKHDYDLODELOLW\RIWKHZRUN RI$OH[DQGHURI$SKURGLVLDVKDGVWLUUHGXSDQLQWHUHVWQHDUO\DVLQWHQVHDVWKDW WUDGLWLRQDOO\JLYHQWR$YHUURLVWFRPPHQWDULHVrQRWWRPHQWLRQWKHPRUHVXE WOH DQG FHUWDLQO\ LPSRUWDQW WKHVHV RI 7KHPLVWLXV 6LPSOLFLXV DQG $YLFHQQD )LFLQRZDVQRWDXQLYHUVLW\SURIHVVRUH[FHSWIRUDEULHIFRXUVHZKLFKKHWDXJKW LQ KLV \RXWK %XW KH NQHZDERXW DQG FORVHO\ IROORZHG WKH $ULVWRWHOLDQ GH EDWHV RQ WKH VRXO LQHHFWLYHO\ SURVFULEHG LQ  E\ WKH ELVKRS RI 3DGXD 6RPHLQVLVWWKDWERWK)LFLQRDQG3LFRXQOLNHWKHHDUO\”DPDWHXULVK…KXPDQLVW SKLORVRSKHUVZHUHWUXHSURIHVVLRQDOV  )URP WKH WLPH RI %D\OHnV 'LFWLRQDU\ DQG WKH &ULWLFDO +LVWRU\ RI 3KLORVRSK\ SXEOLVKHGLQWKHPLGWKFHQWXU\E\--%UXFNHUZKRLQWKLVPRQXPHQWDO  LQ(30DKRQH\HG 3KLORVRSK\DQG+XPDQLVP5HQDLVVDQFHHVVD\VLQKRQRURI3DXO2VNDU .ULVWHOOHU/HLGHQ S-+DQNLQV-0RQIDVDQLDQG)3XUQHOOHGV 6XS SOHPHQWXPIHVWLYXP6WXGLHVLQKRQRURI32.ULVWHOOHU%LQJKDPWRQ1< S;9,,, ;;;9,   6FKPLWW$ULVWRWOHDQGWKH5HQDLVVDQFHS”$ZKROHKHUPHQHXWLFDOIUDPHZRUNKDVEHHQ EXLOWXSRYHUWKH\HDUVE\KLVWRULDQVPDNLQJFDSLWDORIWKHH[LELOLW\IRXQGZLWKLQ3OD WRQLVPDVFRQWUDVWHGZLWKWKHVROLGEXOZDUNRIXQFKDQJLQJDQGXQDGDSWDEOH$ULVWRWHOLDQ LVP…   0DUVLOLR )LFLQR ,Q 3ORWLQ>XP@ (SLWRPH VHX $UJXPHQWD &RPPHQWDULD HW $QQRWDWLRQHV SUR RHPLXP2SHUDRPQLD,,%DVHO S   -'DYLHV ”0)LFLQR /HFWXUHU DW WKH 6WXGLR )LRUHQWLQR… LQ 5HQDLVVDQFH 4XDUWHUO\   S   32.ULVWHOOHUDQG-+5DQGDOO”*HQHUDO,QWURGXFWLRQ…LQ(&DVVLUHU32.ULVWHO OHUDQG-+5DQGDOO-UHGV 7KH5HQDLVVDQFH3KLORVRSK\RI0DQ3HWUDUFD9DOOD)LFLQR3L FR3RPSRQD]]L9LYHV6HOHFWLRQVLQ7UDQVODWLRQ&KLFDJR S.ULVWHOOHUKDVR HQHP SKDVL]HGWKLVGHQLWLRQLQKLVODWHUZULWLQJV   3%D\OH”3RPSRQDFH…LQ'LFWLRQQDLUHKLVWRULTXHHWFULWLTXH$PVWHUGDP S   --%UXFNHU+LVWRULDFULWLFDSKLORVRSKLDHDPXQGLLQFXQDEXOLVDGQRVWUDPXVTXHDHWDWHPGHGXFWD YRO/HLS]LJ S”'HSKLORVRSKLVJHQXLQDPSKLORVRSKLDP$ULVWRWHOLV





3DROD=DPEHOOL

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nV RZQ FROOHDJXHVE\$FKLOOLQLDQGWKHHDUO\1LIR   7KDWWKHVRXOZLOOQRWVHFXUHLQGLYLGXDOLPPRUWDOLW\rDQHFHVVDU\FRQGL WLRQIRUHVWDEOLVKLQJDV\VWHPRISXQLVKPHQWVDQGUHZDUGVLQWKHD HUOLIH   7KDW LQVWHDG DSDUW IURP PHWDSKRULFDO LQWHUSUHWDWLRQV WKH LQGLYLGXDO VRXOZLOOGLVLQWHJUDWHOLNHWKHLQGLYLGXDOERG\  7KH 7UDFWDWXV GH LPPRUWDOLWDWH DQLPDH YLROHQWO\ DWWDFNHG E\ 'RPLQLFDQ LQ TXLVLWRUVDVZHOODVE\$YHUURLVWV&U\SWR$YHUURLVWVDQG1HRSODWRQLVWVWRRN LWV FXH IURP &DMHWDQ WKH 7KRPLVW 7RPPDVR GH 9LR &DUGLQDO &DMHWDQ KDG JLYHQDQLQWHUSUHWDWLRQRI$ULVWRWOHnV'HDQLPDZKLFKZRXOGEHDWWDFNHGE\ 

VHFWDQWLEXV…  &I/%UDXQ+LVWRLUHGHOnKLVWRLUHGHODSKLORVRSKLH3DULV    7KRPDV GH 9LR &DLHWDQXV &RPPHQWDULD LQ ”'H DQLPD… $ULVWRWHOLV HG 0+ /DXUHQW 5RPH &I%1DUGL6WXGLVX3LHWUR3RPSRQD]]L)ORUHQFH SIRUDFRQ YHUVDWLRQEHWZHHQGH9LRDQG3RPSRQD]]LRQWKHLQWHUSUHWDWLRQRISDVVDJHVIURP$ULV WRWOHSIRUWKHLQGLUHFWUHIHUHQFHWRGH9LRZKLFK3RPSRQD]]LPDNHVWRKLVVWXGHQWV LQ  ”H[FHOOHQWLVVLPXV GRFWRU e YLU GRFWLVVLPXV… ZKR ”FRQWUDGLFLW GRFWRUL VXR 7KRPDH…  2Q GH 9LR FI - :LFNV ”%HWZHHQ 5HQDLVVDQFH DQG 5HIRUPDWLRQ WKH &DVHRI&DMHWDQ…LQ$UFKLYIÕU5HIRUPDWLRQVJHVFKLFKWH S%3LQFKDUGDQG 65LFFLHGV 5DWLRQDOLVPHDQDORJLTXHHWKXPDQLVPHWKÂRORJLTXH/DFXOWXUHGH7KRPDVGH9LR w,O*DHWDQRk$FWHVGX&ROORTXHGH1DSOHVHUQRYHPEUH 1DSOHV  





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

KLVFRQWHPSRUDU\'RPLQLFDQLQTXLVLWRUV +DYLQJHPHUJHGXQVFDWKHGIURP WKHGLVSXWHIRUZKLFKKHKDGZULWWHQVHYHUDODSRORJLHV3RPSRQD]]LFLUFXODWHG WZRKDQGZULWWHQWUHDWLVHVZKLFKZHUHHYHQPRUHVXEYHUVLYHRIRUWKRGR[EH OLHIV RQ IDWH DQG RQ WKH QDWXUDO FDXVHV RI SURGLJLHV DQG LQFDQWDWLRQV )URP D 6WRLFSRLQWRIYLHZKHDQDO\]HGWKH1HRSODWRQLFWKHVHVRQFKDQFHDQGGHWHU PLQLVPDVWURORJ\DQGPDJLFDQGWKHSRVLWLRQRIPDQLQWKHXQLYHUVHDVZHOO DVRQWKHVSRQWDQHRXVJHQHUDWLRQRIPDQ,Q3RPSRQD]]LnVWUHDWPHQWRIWKHVH SUREOHPVIUHHZLOODVDWWULEXWHGWRWKHLQGLYLGXDOE\&KULVWLDQGRFWULQHDQGE\ QXPHURXVSKLORVRSKHUVRULQVWHDGWKHFRQGLWLRQLQJE\ZKLFKPDQnVERG\RU KLVSDVVLRQVRUrDFFRUGLQJWRDPRUHUDGLFDOWKHVLVrPDQnVHQWLUHSHUVRQDOLW\ LVVXEMHFWHGE\WKHLQXHQFHRIWKHVWDUVWKHPDMRUFRQMXQFWLRQVRIWKHVWDUV DQGWKHF\FOLFDOQDWXUHRIKLVWRU\WKHFDSDFLW\RIWKHDVWURORJHUDQGWKHQDWXUDO PDJLFLDQWRSURGXFHLQFDQWDWLRQVDQGSURGLJLHVHWF ZHFDQWUDFHNQRZOHGJH RI)LFLQRnVDQG*LRYDQQL3LFRnVLGHDVDQGRIDOOWKHSKDVHVWKURXJKZKLFKWKHLU SKLORVRSKLHVKDGHYROYHG3RPSRQD]]LDQDO\]HVWKHVDPHSUREOHPVDQGUHH[ DPLQHVDIHZSRLQWVZKLFKFRUUHVSRQGWR)LFLQRnV'HYLWDDQGWRWKHZULWLQJV RI3LFRWKDWZHUHFHQVRUHGLQEXWZLWKKLVUHVROXWHQDWXUDOLVPKH FDUULHVWKH)ORUHQWLQH3ODWRQLVWVn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

 07DYX]]L”6LOYHVWURGD3ULHULRDQGWKH3RPSRQD]]L$DLU…LQ5HQDLVVDQFHDQG5HIRU PDWLRQ S$VIRU3ULHULDVnDWWDFNRQGH9LRnVDQG3RPSRQD]]LnVLGHDV DERXWWKHVRXO7DYX]]LLVQRWDZDUHRIZKDW,REVHUYHGLQLQ”0DJLDHVLVWHPL3OD WRQLFLHDULVWRWHOLFLGLIURQWHDGLYLQD]LRQHSURGLJLVWUHJRQHULDHHUHVLD…LQ3=DPEHOOL /nDPELJXD QDWXUD GHOOD PDJLD ILORVRIL VWUHJKH ULWL QHO 5LQDVFLPHQWR 9HQLFH   S  DQGFRQVHTXHQWO\KHGRHVQRWVHHWKHFRQQHFWLRQWR3ULHULDVn 'HVWULJLPDJDUXPGDH PRQXPTXHPLUDQGLVZKLFKQHYHUWKHOHVVKHFLWHV   (YHQ D UDUH ERRN DV ZDV 3LFRnV &RQFOXVLRQHV QRQJHQWDH HG $%LRQGL )ORUHQFH  SHG6$)DUPHU>LQ6\QFUHWLVPLQWKH:HVW3LFRnV7KHVHV 7KH(YROXWLRQ RI 7UDGLWLRQDO 5HOLJLRXV DQG 3KLORVRSKLFDO 6\VWHPV >7HPSH $UL] @ S   ”&RQFOX VLRQHVQŠ;9GHLQWHOOLJHQWLDGLFWRUXP=RURDVWULVeLQWHUSUHVQLKLODOLXGSHUYLUWXWHVP\V WHULDOHVLQWHOOLJHUHTXDPQDWXUDOHPPDJLDP…LVXVHGE\3RPSRQD]]LLQ3HWUXV3RPSR QDWLXV'HQDWXUDOLXPHIIHFWXXPFDXVLVVLYHGHLQFDQWDWLRQLEXVHG**UDWDUROXV%DVHO  S  XQGHU WKH QDPH RI $OEHUWXV 0DJQXV IRU D IXQGDPHQWDO WKHPH ”e WRWD 0DJLFD SRWHULWUHGXFLLQFDXVDVQDWXUDOHVYHOXWL=RURDVWHU$OEHUWRUHIHUHQWHLQTXLQWRVXRUXP 0LQHUDOLXPUHGX[LW…





3DROD=DPEHOOL

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”DOPRVW QR QHZ DUJXPHQW LQ WKH 5HQDLVVDQFH PDWHULDO WKDW , KDYH H[DPLQHG FRPPHQWDULHVRQWKH3K\VLFV ZKLFKZDVQRWDOVRSUHVHQWLQWKHUHOHYDQWPH GLDHYDOPDWHULDO…2QHRIWKHVHDUJXPHQWVDQGSUREOHPVWKDWZHUHwQRWQHZk LVRIFRXUVHWKHVXEMHFWZLWKZKLFK3LHWUR3RPSRQD]]LLVPRVWR HQDVVRFL DWHG r WKH LPPRUWDOLW\ RI WKH VRXO %XW ZH QHHG WR DVN ZKHWKHU LW LV LQGHHG WUXHWKDW3RPSRQD]]LWUHDWVWKLVLQDZD\WKDWLVwQRWQHZk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



 6FKPLWW$ULVWRWOHDQGWKH5HQDLVVDQFHS  - ( 0XUGRFK ”)URP WKH 0HGLHYDO WR WKH 5HQDLVVDQFH $ULVWRWOH… LQ ) +HQU\ DQG 6+XWWRQ HGV  1HZ 3HUVSHFWLYHV RQ 5HQDLVVDQFH 7KRXJKW (VVD\V LQ WKH +LVWRU\ RI 6FLHQFH (GXFDWLRQDQG3KLORVRSK\,Q0HPRU\RI&KDUOHV%6FKPLWW/RQGRQ S&IFRQWUD )(&UDQ]”7KH5HQDLVVDQFH5HDGLQJRIWKHw'HDQLPDk…LQ-&0DUJROLQHG 3OD WRQHW$ULVWRWH¹OD5HQDLVVDQFH;9,H&ROORTXH,QWHUQDWLRQDOGX&HQWUHGHOD5HQDLVVDQFHGH7RXUV 3DULV S”5HQDLVVDQFHWKRXJKWDERXW'HDQLPDEHFDPHLQFUHDVLQJO\LQGHSHQ GHQW7KHJUHDWFRQWURYHUVLHVVXFKDV'HVSHFLHEXVLQWHOOHJLELOLEXV'HVHQVXDJHQWH'HLQWHO OHFWXDJHQWH DOOVHHPWRGHULYHWKHLUHVVHQWLDOG\QDPLFQRWVRPXFKIURPWKHWH[WVRI$ULV WRWOHDVIURPWKHQHZFRQWH[WDQGWKHQHZFDWHJRULHVRIWKH:HVW…   7KRPDV GH $TXLQR 'H DHWHUQLWDWH PXQGL (GLWLR /HRQLQD ;/,,, 5RPH   S  2QWKLVSDVVDJHVHH0XUGRFK”)URPWKH0HGLHYDOWRWKH5HQDLVVDQFH$ULVWRWOH…S ZKRHPSKDVL]HVWKDWWKLVPHGLHYDOWRSLFZDVVWXGLHGPRUHR HQLQWKH5HQDLVVDQFHDQG DPRQJWKH-HVXLWV 





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

WKHZRUOGWRTXHVWLRQVUHJDUGLQJWKHLPPRUWDOLW\RIWKHLQGLYLGXDOVRXO7KLV VXEMHFWDORQHZDVRILQWHUHVWWR3RPSRQD]]LVFKRODUVIURP)LRUHQWLQRWR*LO VRQIURP1DUGLWR3RSSLDQGVRIRUWK2QO\(UQVW&DVVLUHULQ,QGLYLGXXPXQG .RVPRV JDYH GXH LPSRUWDQFH DOVR WR WKH LVVXH RI SURGLJLHV DQG GHPRQV ZKLFK3RPSRQD]]LUHGXFHG WRQDWXUDO DVWURORJLFDO  FDXVHVLQ'H LQFDQWDWLRQL EXVD HU&DVVLUHU.ULVWHOOHUDQG5DQGDOO7ULQNDXVDQGODWHU0DUWLQ3LQH PHQWLRQHGWKLVDVSHFWLQ 3RPSRQD]]LnVWKRXJKW)LRUHQWLQRZDVIDPLOLDUZLWK WKLVZRUNEXWZULWLQJLQWKHGD\VRIUDWLRQDOLVPDQGSRVLWLYLVPGLGQRWFRQ VLGHU WKH TXHVWLRQ LPSRUWDQW +RZHYHU E\ IRFXVLQJ HVSHFLDOO\ RQ 3RPSR QD]]LnVH[HJHVLVRIWKHVRXOVFKRODUVLQPDQ\FDVHVVHHWKHFDVHRI3RSSL KDYH EHHQ SURQH WR VWXG\ 3RPSRQD]]Ln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

 1DUGL6WXGLVX3LHWUR3RPSRQD]]LS  ( &DVVLUHU ,QGLYLGXXP XQG .RVPRV LQ GHU 3KLORVRSKLH GHU 5HQDLVVDQFH /HLS]LJ r %HUOLQ  &DVVLUHUKDGGHDOWZLWK3RPSRQD]]LIURPDGLHUHQWSRLQWRIYLHZLQ'DV(UNHQQW QLVSUREOHPLQGHU3KLORVRSKLHXQG:LVVHQVFKD GHUQHXHUHQ=HLWYRO,%HUOLQ FKDS,, &DVVLUHUGLUHFWHGDWKHVLVVRRQD HUZDUGSXEOLVKHGDVDQDUWLFOHE\(:HLO ”'LH3KLOR VRSKLHGHV3LHWUR3RPSRQD]]L…LQ $UFKLYIÕU*HVFKLFKWHGHU3KLORVRSKLH  S  )UHQFKWUDQVODWLRQLQ(:HLO/DSKLORVRSKLHGH3LHWUR3RPSRQD]]LWUDGSDU*.LU VFKHUHW-4XLOOLHQWUDGGHVQRWHVODWLQHVSDU/%HVFRQG 3LFGHOD0LUDQGROHHWODFULWLTXH GHOnDVWURORJLHHGSDU(1DHUWHW0/HMERZLF] 3DULV    &7ULQNDXV,QRXU,PDJHDQG/LNHQHVV+XPDQLW\DQG'LYLQLW\LQ,WDOLDQ+XPDQLVW7KRXJKW /RQGRQ   S  DQDO\]HV 'H LPPRUWDOLWDWH DQG 'H IDWR EXW GRHV QRW HYHQ PHQWLRQ'HLQFDQWDWLRQLEXV7KLVLVVXUSULVLQJEHFDXVHKHFLWHVDVRQHRIKLVPRGHOV'3 :DONHU6SLULWXDODQG'HPRQLF0DJLFIURP)LFLQRWR&DPSDQHOOD/RQGRQ ZKRDWS GHDOVZLWKWKLVWUHDWLVH   0/3LQH3LHWUR3RPSRQD]]L5DGLFDO3KLORVRSKHURIWKH5HQDLVVDQFH3DGXD S DPRQJKLVSDSHUVVHHWKHUHFHQWRQH”33RPSRQD]]LnVDWWDFNRQ5HOLJLRQDQGWKH 3UREOHPRIw'HIDWRk…LQ)1LHZÏKQHUDQG23OXWDHGV $WKHLVPXVLP0LWWHODOWHUXQG LQGHU5HQDLVVDQFH:LHVEDGHQ S   6FKPLWW$ULVWRWOHDQGWKH5HQDLVVDQFHS”eKHSODFHVPDQDWWKHFHQWHURIWKHXQL YHUVHPXFKLQWKHVDPHZD\DV)LFLQRDQG3LFRKDGGRQHDJHQHUDWLRQHDUOLHU…+HUHKH TXRWHV .ULVWHOOHU 5HQDLVVDQFH 7KRXJKW ,, FI HVSHFLDOO\ S  ”:KHUHDV RQ WKLV SRLQW 3RPSRQD]]LPHUHO\IROORZV)LFLQR3LFRJRHVRQHVWHSIDUWKHUe%RWKRIWKHVHGRFWULQHV KHVXEMXJDWHGWRDQRYHUDUFKLQJ$ULVWRWHOLDQZRUOGYLHZDGDSWLQJWKHWHDFKLQJVRIRWKHU SKLORVRSKLHVWRKLVRZQSXUSRVHWRKLVRZQLGLRV\QFUDWLFYDULHW\RI$ULVWRWHOLDQLVP7KH 





3DROD=DPEHOOL

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nV DQDORJRXV GHQLWLRQ RI PHGLHYDO$ULVWRWHOLDQLVP2EYLRXVO\SKLORVRSKL]LQJWKURXJKFRPPHQWDULHV  FDVHRI3RPSRQD]]LLVTXLWHUHYHDOLQJ rDQGIXUWKHUGRFXPHQWDWLRQIURPRWKHUSDVVDJHV RIKLVZRUNLVDYDLODEOHIRUDGGLWLRQDOHYLGHQFHrLQVKRZLQJWKDWHYHQZKHQDQDWWHPSW ZDVPDGHWRLQWHUSUHWDQLVVXHDGPHQWHP$ULVWRWHOLVGRFWULQHIURPHOVHZKHUHR HQFUHSW LQDQGQRWPHUHO\LQDWULYLDOVHQVH…   3RSSL6DJJLSSUHVHQWVLQGLVSDUDJLQJWHUPV3RPSRQD]]LnVXVDJHRI3ODWRQLFWH[WV FILELGSQ   6HH3=DPEHOOL”w/DPHWDIRUDÁFRQRVFLXWDVRORGDFKLIDODPHWDIRUDk3RPSRQD]]L%HV VDULRQH H 3ODWRQH… LQ 1RXYHOOHV GH OD 5ÂSXEOLTXH GHV /HWWUHV    S  &I )*UDL”$VSHWWLGHOSHQVLHURGL3LHWUR3RPSRQD]]LQHOOHRSHUHHQHLFRUVLGHOSHULRGR ERORJQHVH…LQ$QQDOLGHOOn,VWLWXWRGL)LORVRD8QLYHUVLW¹GL)LUHQ]H SZKRSX EOLVKHVIURPVWXGHQWVnFODVVQRWHVXQSXEOLVKHGUHFROOHFWD RQ'HVHQVXHWVHQVDWXDQREVHUYD WLRQLQVSLUHGE\WKHFRQWUDVWEHWZHHQWZRWUDQVODWLRQVDQGSHUKDSVVXJJHVWHGWR3RPSR QD]]LE\KLVOLWHUDU\DGYLVRUV”eFUHGRTXRGQRQWDQWXPODWLQLKDEHQWWH[WXVGHSUDYDWRV VHGHWLDPJUDHFL1DPVXQWFLUFLWHUGXRPLOLDDQQLH[TXRIXLW$ULVWRWHOHVHWLQWHULPIXH UXQWPXOWDEHOODHWOLEUL$ULVWRWHOHVIXHUXQWDEVFRQGLWLHWPDUFHIDFWL…   ) 9DQ 6WHHQEHUJKHQ $ULVWRWOH LQ WKH :HVW 7KH 2ULJLQV RI /DWLQ $ULVWRWHOLDQLVP WUDQVO E\ /-RKQVWRQ/RXYDLQ SZULWHVRQWKHWKLUWHHQWKFHQWXU\”(FOHFWLF$ULVWR WHOLDQLVP7KHQHZGLVFLSOHVRIWKH6WDJLULWHDUHH[HJHWHVUDWKHUWKDQSKLORVRSKHUVWKH\ DUHWU\LQJWRSHQHWUDWHWKHVHQVHRIWKHGL"FXOWWH[WVZKLFKKDYHFRPHLQWRWKHLUKDQGV 7KH\JRIRUKHOSWRWKHSDUDSKUDVHVRI$YLFHQQDDQGPRUHUHFHQWO\WRWKHFRPPHQWDULHV RI $YHUURHV :LWKRXWPXFK GLVFHUQPHQW WKH\ PL[ WKH DXWKHQWLF GRFWULQH RI $ULVWRWOH ZLWKQHRSODWRQLFLGHDVRI-HZLVKRU$UDERULJLQe6R/DWLQ$ULVWRWHOLDQLVPLVDOZD\VLQ VRPHGHJUHHDQGVRPHIRUPDwQHR3ODWRQL]LQJk$ULVWRWHOLDQLVP… &ILG/DSKLORVRSKLH DX;,,,HVLÁFOH/RXYDLQr3DULV S”/nDULVWRWHOLVPHODWLQYHUVeFH V\QFUÂWLVPH GH GHX[ SKLORVRSKLHV e GÂM¹ UÂDOLVÂ SDU OHV $UDEHV HW OHV -XLIV… PXVW EH FRQVLGHUHG”XQFDUDFWÁUHFRPPXQ¹WRXWHVOHVIRUPHVGHOnDULVWRWHOLVPHDX0R\HQ›JH…





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

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wVWDWXV TXRk E\ ZKLFK , WKLQN KH PHDQV D UHIHUHQFH WR WKH SDVW DV IDU DV WKFHQWXU\ $ULVWRWHOLDQV ZHUH FRQ FHUQHG7KLVLVHYLGHQWLQERWKKLVVXUYH\VLQWKH&DPEULGJH+LVWRU\RI5HQDLV VDQFH 3KLORVRSK\ HGLWHG E\ 6FKPLWW KLPVHOI  ZKR XQIRUWXQDWHO\ OLYHG WR VHH RQO\WKHSURRIV DQGLQWKHPRUHUHFHQWYROXPH5HQDLVVDQFH3KLORVRSK\DSRVW KXPRXVZRUNEDVHGRQQRWHVOH YHU\LQFRPSOHWHE\6FKPLWWDQGFRPSOHWHG E\&RSHQKDYHU 7KHUHLVDWHQGHQF\LQWKHVHZRUNVWRSUHVHQWWKLVUHQHZDO  

 6FKPLWW $ULVWRWOH DQG WKH 5HQDLVVDQFH S  ”(FOHFWLFLVP EHFDPH DQ $ULVWRWHOLDQ VWDWXV TXRLQWKHVL[WHHQWKFHQWXU\QHDUO\HYHU\ZKHUHe7KHFHQWXU\WKRXJKLWVDZDFHUWDLQ wSXULI\LQJk WHQGHQF\ ZDV LQ ODUJH PHDVXUH DQ DJH RI GLHULQJ EOHQGV RI HFOHFWLFLVP DV PXFKDPRQJXQLYHUVLW\$ULVWRWHOLDQVDVDPRQJ3ODWRQLVWV…   &%6FKPLWW46NLQQHU(.H¸OHUDQG-.UD\HHGV &DPEULGJH+LVWRU\RI5HQDLVVDQFH 3KLORVRSK\&DPEULGJH &IDELEOLRJUDSK\RI6FKPLWWnVZULWLQJVLQ)+HQU\DQG 6+XWWRQ HGV  1HZ 3HUVSHFWLYHV RQ 5HQDLVVDQFH 7KRXJKW (VVD\V LQ WKH +LVWRU\ RI 6FLHQFH (GXFDWLRQDQG3KLORVRSK\,Q0HPRU\RI&KDUOHV%6FKPLWW/RQGRQ S   %3&RSHQKDYHUDQG&%6FKPLWW5HQDLVVDQFH3KLORVRSK\2[IRUG ,QWKLVERRN WKH$ULVWRWHOLDQVH[DPLQHGDUH/HRQDUGR%UXQL*HRUJHRI7UHEL]RQG-DFTXHV/HI ÁYUH Gn(WDSOHV -RKQ 0DMRU 3RPSRQD]]L )UDQFLVFR GH 9LWRULD -DFRSR =DEDUHOOD DQG -RKQ &DVH7KHVHOHFWLRQLVFXULRXV,WXQKHVLWDWLQJO\RPLWVVRPHRIWKH$ULVWRWHOLDQVVWXGLHG IRUH[DPSOHE\WKHFHOHEUDWHGKLJKO\FRPSHWHQW%UXQR1DUGL1RWKLQJLVVDLGWKDWLV RI3DROR9HQHWRQRWKLQJLVVDLGRI9HUQLDRURI$FKLOOLQLRURI1LIRQRULVDQ\WKLQJVDLG RI&HVDOSLQRRU&UHPRQLQL/LNHZLVHLWVHHPVWRPHYHU\SUREOHPDWLFWRFRQVLGHU/HR QDUGR %UXQL DV SXUHO\ DQG VLPSO\ DQ $ULVWRWHOLDQ ,QVWHDG WKH ERRN LQFOXGHV /HI ÁYUH ZKRIUDQNO\LVGL"FXOWWRFRQVLGHUDQ$ULVWRWHOLDQH[FHSWIRUWKHPHULWRULRXVWDVNKH SHUIRUPHGLQKDYLQJKXPDQLVWLFWUDQVODWLRQVRI$ULVWRWOHSULQWHGLQRUGHUWRVXSSO\WKH VFKRROVZLWKUHYLVHGXSGDWHGWH[WV$WWKHVDPHWLPHKRZHYHU/HI ÁYUHGHYRWHGKLPVHOI WR SXEOLVKLQJ WKH ZRUNV RI +LOGHJDUG RI %LQJHQ DQG RWKHU P\VWLFV RI 5DPÌQ /OXOO 1LFRODXV&XVDQXV3ODWRDQGHYHQ+HUPHV7ULVPHJLVWXVWH[WVPXFKGHDUHUWRKLV1HR SODWRQLF RU LQGHHG HYDQJHOLFDO KHDUW &I ()5LFH ”,QWURGXFWLRQ… LQ -/HI ÁYUH Gn(WDSOHV7KH3UHIDWRU\(SLVWOHVRI-DFTXHV/HI ÁYUHGn(WDSOHVDQGUHODWHGWH[WVHG()5LFH 1HZ




3DROD=DPEHOOL

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nV DWWULEXWLRQ RI V\QFUHWLVP PD\ EH DFFHSWDEOH&HUWDLQO\LW LVLQ WKH FDVH RI $JRVWLQR1LIR DQG 6FKPLWW PD\ EH FRUUHFW LQ LQVLVWLQJ WKDW WKH $ULVWRWHOLDQ VFKRRO GHPRQVWUDWHV JUHDW DGDSWDELOLW\ DQ DGDSWDELOLW\ ZKLFK LV HYLGHQW LQ &RLPEUDnV FRPPHQWDULHV RQ $ULVWRWOH $ERXW WKLV VFKRRO 6FKPLWW REVHUYHV WKDW WKH 6WRLF DQG 3ODWRQLF WKUHDGVZRYHQLQWRWKH-HVXLWFXUULFXOXPFRPELQHGZLWKWKHLQWHQVHXVHRID PDWKHPDWLFDOPHWKRGZKLFKZDVEHFRPLQJPRUHDQGPRUHFKDUDFWHULVWLFRI WKH SK\VLFDO VFLHQFHV EXW ZKLFK RI FRXUVH ZDV QRW FKDUDFWHULVWLF RI WKH ZRUNRI$ULVWRWOH2QWKHFRQWUDU\IURP&DVVLUHUDQG.R\UÂRQLWZDVFRQ VLGHUHGHYLGHQFHRID3ODWRQLFWHQGHQF\  ,QGHHGRQHRIWKHWKLQJVZKLFKZRXOGKDYHEHHQLQWHUHVWLQJEXWZKLFKLV QRWVX"FLHQWO\HPSKDVL]HGLQWKHVHWZRUHFHQWVXUYH\VLVKRZGXULQJWKHSH ULRGIURPWKH0LGGOH$JHVWRWKH5HQDLVVDQFHWKHUHODWLYHLPSRUWDQFHRIRQH RUDQRWKHUSDUWRI$ULVWRWOHnVZRUNWHQGHGWRFKDQJH)RUH[DPSOH$ULVWRWOHnV (FRQRPLFV DQG 3ROLWLFV DFTXLUH QHZ LPSRUWDQFH HYHQ WKRXJK WKH\ QHYHU ZHUH DGRSWHG LQ WKH FODVVURRP :H FDQ VFDUFHO\ KRSH WR FKDUDFWHUL]H DXWKRUV DQG VFKRROVRIWKRXJKWDFFXUDWHO\RQWKHEDVLVRISXEOLVKLQJDFWLYLWLHVDLPHGDWVXS SO\LQJ VWXGHQWV ZLWK WH[WERRNV $OWKRXJK , DP DIUDLG RQH FDQQRW DFWXDOO\  WUDGLWLRQ GLVWLQFW IURP WKH VFKRODVWLF $ULVWRWHOLDQLVP RI WKH PHGLHYDO /DWLQ :HVW DQG IURPWKHVHFXODU$ULVWRWHOLDQLVPFXUUHQWLQWKH,WDOLDQXQLYHUVLWLHVRIKLVRZQGD\…   &I6FKPLWW$ULVWRWOHDQGWKH5HQDLVVDQFHS   6FKPLWW $ULVWRWOH DQG WKH 5HQDLVVDQFH S  ”5HHVWDEOLVKLQJ WKH UROH RI $ULVWRWOH DV D FRPSRQHQW LQ 5HQDLVVDQFH FXOWXUH FDQQRW VROYH DOO WKH SUREOHPV DQ\ PRUH WKDQ FRXOG WKHUHVXVFLWDWLRQRIDVWURORJ\H[SHULPHQWDOLVPPDWKHPDWLFVRU+HUPHWLFLVP…6FKPLWW ZDVDOOXGLQJWR*DULQnVLQWHUSUHWDWLRQZKLFKJLYHVFRQVLGHUDEOHLPSRUWDQFHWRWKHLQX HQFHRI+HUPHWLFLVPDQGDVWURORJ\LQ5HQDLVVDQFHSKLORVRSK\DQGVFLHQFHDOLQHRILQ WHUSUHWDWLRQZKLFKSUHYLRXVO\KDGQRWHYHQEHHQVXJJHVWHGLQKLVWRULHVRISKLORVRSK\DQG KDGMXVWEHHQLQWURGXFHGLQRWKHUILHOGVRIUHVHDUFKE\$:DUEXUJRU$-)HVWXJLÁUH    6FKPLWW$ULVWRWOHDQGWKH5HQDLVVDQFHS





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

FODLP WKDW WKH SURJUHVV RI SKLORVRSK\ FDQ EH WUDFHG VLPSO\ E\ UHIHUHQFH WR VFKRRO FXUULFXOD DV WKH LQWHUSUHWLYH OLQH IRXQGHG E\ WKH ODWH DQG HVWHHPHG 6FKPLWWVHHPVWRVXJJHVW QHYHUWKHOHVV,ZRXOGOLNHWRSRLQWRXWWKDW3RPSR QD]]L LQ VSLWH RI WKH 6WDWXWHV GHGLFDWHG RQH RI KLV FRXUVHV WR $ULVWRWOHnV'H JHQHUDWLRQH DQLPDOLXP DQG ZDV YHU\ PXFK FRQFHUQHG DERXW LQIRUPLQJ KLPVHOI RQWKH*UHHNFRPPHQWDU\WRWKLVZRUN:HZLOOVHHWKDWWKHVHVWXGLHVZRXOG OHDGWRQHZDUJXPHQWVLQKLVPRVWFHOHEUDWHG7UDFWDWXVGHLPPRUWDOLWDWHDQLPDH  2WKHU PRUH UHFHQW WHUPLQRORJ\ IRU GLVWLQFWLRQV ZLWKLQ WKH $ULVWRWHOLDQ VFKRRODQGFRQFHUQLQJ3RPSRQD]]LZDVLQWURGXFHGE\(FNKDUG.H¸OHUDQG E\ 0DUWLQ 3LQH 7KH\ UHIHU WR ”UDGLFDO $ULVWRWHOLDQLVP… , EHOLHYH WKLV LV GRQHDELWWRRFDVXDOO\EHFDXVHWKH\DOVRDSSO\WKHWHUPWR$YHUURLVWLFSRVL WLRQV ZKLFK DW WKDW SRLQW LQ WLPH ZHUH QR ORQJHU QHZ DQG DSSHDU LQVWHDG TXLWHWUDGLWLRQDO3LQHKDVQHYHUWKHOHVVZULWWHQDQH[FHOOHQWERRNZKLFKKDV UHFHLYHG LQVX"FLHQW DWWHQWLRQ )ROORZLQJ *LOVRQ LQ PRUH XSWRGDWH WHUPV 3LQH KDV WKH PHULW RI KDYLQJ XQGHUOLQHG WKDW WKH GHEDWH SURYRNHG DQG VXV WDLQHGE\3RPSRQD]]LRQWKHLPPRUWDOLW\RIWKHVRXOZDVRQHRIWKHPRVWLP SRUWDQWLQ&KULVWLDQLW\EHIRUHWKH5HIRUPDWLRQ,EHOLHYHWKDW3RPSRQD]]LnV LPSRUWDQFHGRHVQRWFRQVLVWRQO\LQKLVFKRLFHRIWKHVXEMHFWRIWKH”LPPRU WDOLW\RIWKHVRXO…EHFDXVHLWLVFOHDUWKDWWKLVVXEMHFWZDVQRWDWDOOQHZ&HU WDLQO\WKLVWUHDWLVHRI3RPSRQD]]LnVLVQRWHZRUWK\EHFDXVHRIWKHDXWKRUnVH[ WUHPHFODULW\KLVYHU\HHFWLYHDUJXPHQWVDQGDOVRrVRPHWKLQJDWRGGVZLWK WKH UHVW RI KLV ZRUN r D FHUWDLQ HOHJDQFH ,QGHHG , ZRQGHU LI KH PLJKW QRW KDYHVKRZQWKHWH[WWRRQHRIKLVKXPDQLVWIULHQGVWRKDYHWKHVW\OHLPSURYHG 



 (.H¸OHU”7KH,QWHOOHFWLYH6RXO…LQ&%6FKPLWW46NLQQHU(.H¸OHUDQG-.UD\H HG &DPEULGJH+LVWRU\RI5HQDLVVDQFH3KLORVRSK\&DPEULGJH S”7KHSHULRGnV PDLQ FKDUDFWHULVWLF ZDV WKH DWWHPSW WR V\QWKHVLVH wUDGLFDOk QDWXUDOLVWLF $ULVWRWHOLDQLVP EDVHGRQ$YHUURHVDQGLPSRUWHGIURP3DULVWR3DGXDE\3LHWURGn$EDQR…LELGS ”e%ODVLXVnUDGLFDODSSURDFKe…   3LQH3LHWUR3RPSRQD]]L   7KH H[SUHVVLRQ ”w$YHUURLVPk RU wUDGLFDO $ULVWRWHOLDQLVPk … DOVR XVHG E\ - % 5RVV ”&RQWDULQLDQGKLVIULHQGV…LQ6WXGLHVLQWKH5HQDLVVDQFH SQVHHPV WRPHWRWDOO\LQDSSURSULDWH   ,DSSOLHGWKLVWHUPWR1LIRZKRDFFRUGLQJWR1DUGLnVUHVHDUFKZDVWUXO\DQHFOHFWLFDQG DQ RSSRUWXQLVW  DQG WR D PLQRU DXWKRU , KDG GLVFRYHUHG 7LEHULR 5XVVLOLDQR , VDZ KLV SRVLWLRQDVDQDORJRXVWRWKDWRIWKHwUDGLFDOUHIRUPHUVkDQG,QRWHGKLVXVHRIWH[WVWKDW ZHUHTXLWHIDUUHPRYHGIURPWKRVHXVXDOO\XVHGWRWHDFK$ULVWRWOHVXFKDVDO.LQGLnV'H UDGLLVRU7KHRULFDDUWLXPPDJLFDUXP RU:LWHORnV'HGDHPRQLEXV&I3=DPEHOOL8QDUHLQ FDUQD]LRQHGL3LFRDLWHPSLGL3RPSRQD]]L0LODQR FRQWDLQLQJDFULWLFDOHGLWLRQRI7L EHULR5XVVLOLDQRnV $SRORJHWLFRQDGYHUVXVFXFXOODWRV FI-0DUWLQ”.QRZOHGJH3ROL WLFV DQG 0HPRU\ LQ (DUO\ 0RGHUQ ,WDO\ 5HFHQW ,WDOLDQ 6FKRODUVKLS… LQ 5HQDLVVDQFH 4XDUWHUO\ S   3LQH3LHWUR3RPSRQD]]LS





3DROD=DPEHOOL

EHIRUHKDYLQJKLVZRUNSULQWHGEXWWKHJUHDWHUUHQHPHQWRQHVHQVHVKHUHLQ FRPSDULVRQ WR DOO KLV RWKHU ZRUNV PD\ SHUKDSV EH GXH WR WKH DXWKRUnV KDYLQJ KDGWKHFKDQFHWRWHVWLWLQGLVFXVVLRQVLQFLUFXOLVRUUDWKHULQFDPHUDFDULWDWLVEHIRUH VHQGLQJLWWRWKHSUHVV6RPHRIKLVKXPDQLVWIULHQGVZHUHDPRQJWKHIRXQGHUV RI WKH &DWKROLF 5HIRUP PRYHPHQW LW VKRXOG VX"FH WR QDPH WZR FDUGLQDOV 3LHWUR %HPER DQG WKH IULHQGO\ ”&RQWUDGLFWRU… *DVSDUR &RQWDULQL DV H[DP SOHV  :HPXVWNHHSLQPLQGWKDWWKHGHEDWHRQWKHLPPRUWDOLW\RIWKHVRXOZDV SUHFHGHGE\WZRVLJQLFDQWHYHQWV)LUVWRIDOOWKHUHZHUHWKHIUHTXHQWFRQ GHPQDWLRQV RI WKH GLVFXVVLRQV ZKLFK $YHUURLVWV DQG $OH[DQGULVWV ZHUH FRQ GXFWLQJLQWKHXQLYHUVLWLHV,QGXULQJ3RPSRQD]]LnV\HDUVLQ3DGXDDVD VWXGHQWDQGDVD\RXQJWHDFKHU%LVKRS%DUR]]LKDGIRUELGGHQSXEOLFGHEDWHV RQWKLVTXHVWLRQDQGPRUHUHFHQWO\LQWKH)L K/DWHUDQ&RXQFLOKDG GHGLFDWHGDQHQWLUHVHVVLRQWRIRUELGGLQJWKLVNLQGRIGHEDWH)XUWKHUPRUH LQ%RORJQDDWWKHHQGRIKLVFRXUVHRILQPLGVXPPHU3RPSRQD]]L KDGWRLQWHUUXSWKLVFODVVHVEHFDXVHRQHRIKLVOLVWHQHUVDFFXVHGKLPRIKHUHV\ 'HVSLWHDOOWKLVLQKHGHFLGHGWRSXEOLVKKLVWUHDWLVHRQWKHLPPRUWDOLW\ RIWKHVRXODQGWKHQGHIHQGHGLWDJDLQVW&RQWDULQL)LDQGLQR1LIRDQGRWKHUV SXEOLVKLQJ WKUHH WH[WV $SRORJLD , $SRORJLD ,, 'HIHQVRULXP  7KH SUREOHP LQ YROYHV PRUH WKDQ WKLV KRZHYHU ZKDW 3LQH VKRXOG KDYH REVHUYHGLV WKDW WKLV GHEDWHPDNHVXVHRIWKHQHZPHDQVSURYLGHGE\WKHSULQWLQJSUHVV7KLVZDV WKH PRVW LPSRUWDQW SKLORVRSKLFDO GHEDWH LQ WKH 5HQDLVVDQFH DQG PLJKW EH FRPSDUHG ZLWK WKH ”2EMHFWLRQV DQG DQVZHUV… DERXW 'HVFDUWHVn 0HGLWDWLRQHV 



 7KHUHYLVLRQLQWKLVFDVHFDQQRWEHDWWULEXWHGWRKLVSXEOLVKHU*LXVWLQLDQRGD5XELHUD ZKRZDVVSHFLDOL]HGLQSULQWLQJSRSXODUSURJQRVWLFDWLRQVDQGWKHUHIRUHSUREDEO\GLGQRW KDYHDQ\KXPDQLVWVDVSURRIUHDGHUV   5RVV”&RQWDULQL…SFI&'LRQLVRWWL”(UPRODR%DUEDURHODIRUWXQDGL6XL VHWK… LQ 0HGLRHYR H 5LQDVFLPHQWR 6WXGL LQ RQRUH GL %UXQR 1DUGL )ORUHQFH  S  &I ) *LOEHUW ”&ULVWLDQHVLPR XPDQHVLPR H OD EROOD w$SRVWROLFL UHJLPLQLVk GHO …LQ5LYLVWDVWRULFDLWDOLDQD S(OVHZKHUH,KRSHWREHDEOHWRUH FRQVWUXFW 3RPSRQD]]LnV PLOLHX HVSHFLDOO\ GXULQJ WKH SHULRG ZKHQ KH ZDV WHDFKLQJ LQ %RORJQD   6HH WKH WH[WV RI WKLV LQ 3 5DJQLVFR ”'RFXPHQWL LQHGLWL H UDUL LQWRUQR DOOD YLWD H DJOL VFULWWLGL1LFROHWWR9HUQLD…LQ$WWLHPHPRULHGHOOD5HJLD$FFDGHPLDGL6FLHQ]H/HWWHUHH$UWL WRP9,,,3DGXD S&I)*DHWD,OYHVFRYR3LHWUR%DUR]]LHLOWUDWWDWR”'HIDF WLRQLEXVH[WLQJXHQGLV…9HQLFHr5RPH LG”%DUR]]L…LQ'L]LRQDULRELRJUDFRGHJOLL WDOLDQL9,5RPH S   &I6DFURUXPFRQFLOLRUXPQRYDHWDPSOLVVLPDFROOHFWLRHG-'0DQVLWRP3DULV FRO  &RQFLOLRUXP RHFXPHQLFRUXP GHFUHWD HG * $OEHULJR HW 33 -HDQQRX %DVHO   S ,Q KLV OHFWXUHV 3RPSRQD]]L PHQWLRQV WKLV ”GHFUHWXP SRQWLFDOH… FI 1DUGL 6WXGLS   1DUGL6WXGLSQ





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

3RPSRQD]]LZRUNHGRQWKLVFRQWURYHUV\IRUWKHQH[WWZRDQGDKDOI\HDUVXQ WLO-DQXDU\,QKHFRPSOHWHGWZRRWKHUWUHDWLVHV'HLQFDQWDWLRQLEXV DQG 'H IDWR ZKLFK DUH LQGLVSXWDEO\ ZRUNV ZKLFK KH SURPRWHG DQG GLXVHG KLPVHOIEXWZKLFKKHGLGQRWZLVKWRSXWLQWRSULQW7KLVKHGHFODUHGLQWKH SUHIDFHWR'HIDWRVD\LQJWKDWLWZDVQRWIRUWKHERRNVHOOHUVnSURWWKDWKHXQ GHUWRRNWKHGHPDQGLQJWDVNRIZULWLQJWKLVDPELWLRXVZRUNFRQVLVWLQJRIYH ERRNVRQVXFKDQLPSRUWDQWVXEMHFW7KHSUHVVZDVDQRYHOW\VRSXEOLVKLQJ E\PHDQVRIDPDQXVFULSWZDVVWLOODQDFFHSWHGSUDFWLFHLQWKDWSHULRGLQWKH FDVHRIERWK3RPSRQD]]LnVWUHDWLVHVWKHDUFKHW\SHZRXOGEHFRSLHGDQGGLVWULE XWHG RQO\ DPRQJ D WUXVWHG IHZ  *LRYDQQL 3LFR IRU H[DPSOH OH  LQ PDQX VFULSWIRUPKLVUVWSKLORVRSKLFDOPDVWHUSLHFHrKLV&RPHQWRDOODFDQ]RQDGnDPR UH GHO %HQLYLHQL r DQG KDG D IHZ IULHQGV UHDG LW (YHQ LQ WKH FDVH RI WKH JUHDW (UDVPXVZKRHQMR\HGVXFKIUXLWIXOFROODERUDWLRQZLWK)UREHQDQGRWKHUW\ SRJUDSKHUVVRPHRIKLVSROHPLFDOZULWLQJVVXFKDVWKHGLDORJXH-XOLXVH[FOXVXV H FRHOLV ZHUH SULQWHG DQG FLUFXODWHG DQRQ\PRXVO\ +RZHYHU LW LV FOHDU WKDW WKHVHWZRPDQXVFULSWVE\3RPSRQD]]LZHUHFODQGHVWLQHEXWQRWDQRQ\PRXV EHFDXVHRIWKHUHIHUHQFHVKHPDNHVLQ'HIDWRWR'HLQFDQWDWLRQLEXVDQGLQWKLV wERRNOHWk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

 3HWUXV3RPSRQDWLXV/LEULTXLQTXHGHIDWRGHOLEHURDUELWULRHWGHSUDHGHVWLQDWLRQHHG5/HPD\ /XJDQR S   &I3RPSRQDWLXV'HIDWRS”eLQWUDFWDWXTXHPHGLGLPXV'HLQFDQWDWLRQLEXVe…L ELGS”eYHOXWLDOLDVGL[LPXVLQQRVWULVWUDFWDWLEXV 'H,PPRUWDOLWDWH$QLPDHHW'H ,QFDQWDWLRQLEXV… VLPLODU SDVVDJHV DUH PDUNHG SDVVLP E\ FULWLFDO HGLWRU /HPD\  6HH HVSH FLDOO\LELGS”eLQYDQXPSRQLGDHPRQHVWDQTXDPWHQWDWRUHV4XRQLDPTXDQ TXDP IRUWDVVLV UDWLRQH QDWXUDOL GDHPRQHV HVVH SUREDUL QRQ SRVVLW XW GL[LPXV LQ QRVWUR RSXVFXOR 'H,QFDQWDWLRQLEXVWDPHQTXRQLDP(FFOHVLDWHQHWDGPLWWHQGLVXQWHRUXPTXH WHQWDWLRD'HRDGPLWWLWXUDGQRVWUDPPDLRUHPYLFWRULDPe…2QWKLVSDVVDJHDQGDQR WKHURQGHPRQV”FUXFLDQWHVSRVW PRUWHPLOORV TXLHRVHVVHQRQFUHGLGHUXQWe…LELG S FI,QQRFHQWL”,Ow'HLQFDQWDWLRQLEXVk…S   )LRUHQWLQR3LHWUR3RPSRQD]]LSVHHDOVRS GLVFXVVHGE\/HPD\”3UROHJR PHQD…WRKLVHGLWLRQRI'HIDWRS,;





3DROD=DPEHOOL

UHVSHFWWR'HLPPRUWDOLWDWHVHHPVHYLGHQWWRPHSDUWO\EHFDXVHLWLVQRWGL"FXOW WRQGDUJXPHQWVLQWKLVWUHDWLVHVLPLODUWRWKRVHLQ'HLQFDQWDWLRQLEXV1RZ, ZRXOG OLNH WR DQDO\]H ZKDW 3RPSRQD]]L ZULWHV DERXW SURGLJLHV LQ &KDSWHU ;,9RI'HLPPRUWDOLWDWH ”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…

 



 3LHWUR3RPSRQD]]L 2QWKHLPPRUWDOLW\RIWKHVRXOWUDQVOE\:++D\,,LQ(&DVVLUHU 32.ULVWHOOHUDQG-+5DQGDOO-U>HG@7KH5HQDLVVDQFH3KLORVRSK\RI0DQ3HWUDUFD9DO OD)LFLQR3LFR3RPSRQD]]L9LYHV6HOHFWLRQVLQ7UDQVODWLRQ&KLFDJR F;,9S )RUWKH/DWLQWH[WVHH3HWUXV3RPSRQDWLXV7UDFWDWXVGHLPPRUWDOLWDWHDQLPDHLQ3LHWUR 3RPSRQD]]L $EKDQGOXQJ ÕEHU GLH 8QVWHUEOLFKNHLW GHU 6HHOH ÕEHUV XQG PLW HLQHU (LQO KUVJ YRQ %0RMVLVFK ODWGW +DPEXUJ   F ;,9 S FI 3LHWUR 3RPSRQD]]L 7UDFWDWXV GH LPPRUWDOLWDWH DQLPDH HG DQG WUDQVO LQWR ,WDOLDQ E\ *0RUUD %RORJQD   SVHHFULWLFLVPRQ VRPHSDVVDJHVRILWIRUPXODWHGE\%1DUGL”'LXQDQXRYD HGL]LRQHGHOw'HLPPRUWDOLWDWHDQLPDHkGHO3RPSRQD]]L…LQ5DVVHJQDGLORVRD  S  , ZLOO UHIHU WR WKH HGLWLRQ RI % 0RMVLVFK LWV QRWHV SURYLGH WKH EDVLV IRU WKH FRPPHQWDU\ JLYHQ E\ 9 3HUURQH &RPSDJQL )LUHQ]H   LQ KHU ,WDOLDQ WUDQVODWLRQ ZKLFKIROORZV1DUGLVXJJHVWLRQVIRUWKHWH[WDQG3RPSRQD]]LnVHUUDWDFRUULJHRI, DP KRZHYHU XQKDSS\ ZLWK LWV LQWURGXFWLRQ DQG FRPPHQWDU\ ZKLFK GRHV QRW GHDO ZLWK 3RPSRQD]]LnV UVW TXHVWLRQV RQ WKH VRXO QRU ZLWK FRQWHPSRUDU\ ,WDOLDQ $ULVWRWHOLDQV



3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

3RPSRQD]]L FRQFOXGHV WKDW DFFRUGLQJ WR $OH[DQGHU RI $SKURGLVLDn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n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nV7UDFWDWXV ZKLFKDUHHVVHQWLDOIRUWKHWUHDWLVHLWVHOI   7KLVZDVDOUHDG\QRWLFHGE\%XVVRQLQKLVLQWURGXFWLRQWR3RPSRQD]]L/HVFDXVHVS 6HHDOVR3RPSRQD]]LnVXQSXEOLVKHGODWHUZRUN4XDHVWLRGHDOFKLPLDLQ3=DPEHOOL”3RP SRQD]]LVXOOnDOFKLPLDGD(UPHWHD3DUDFHOVR"…LQ'%RFFDVVLQLHG 6WXGLORORJLFLHOHW WHUDULLQPHPRULDGL'DQLOR$JX]]L%DUEDJOL6WRQ\%URRN1< S   6HH=DPEHOOL/nDPELJXDQDWXUDSDQGSDVVLP





3DROD=DPEHOOL

UHOLJLRQVPDLQWDLQWKDWWKHVRXOLVLPPRUWDO3RPSRQD]]LUHVSRQGVWKDW”eLI WKHZKROHLVQRWKLQJEXWLWVSDUWVDVPDQ\WKLQNVLQFHWKHUHLVQRPDQZKRLV QRWGHFHLYHGDV3ODWRVD\VLQWKH5HSXEOLFLWLVQRWZURQJQD\LWLVQHFHVVDU\ WRDGPLWWKDWHLWKHUWKHZKROHZRUOGLVGHFHLYHGRUDWOHDVWWKHJUHDWHUSDUW… ,Q KLV GLVFRXUVH 3RPSRQD]]L DFWXDOO\ LV WKLQNLQJ RQO\ RI WKUHH UHOLJLRQV WKHVHDUHRIFRXUVHWKHWKUHHJUHDWPRQRWKHLVWLFUHOLJLRQVRI0RVHVRI&KULVW DQGRI0RKDPPHG ”)RU DVVXPLQJ WKDW WKHUH DUH RQO\ WKUHH UHOLJLRQV e WKHQ HLWKHU WKH\ DUH DOO IDOVH DQGWKXVWKHZKROHZRUOGLVGHFHLYHGRUDWOHDVWWZRRIWKHPDQGWKXVWKHJUHDWHU SDUWLVGHFHLYHG_%XWLWPXVWEHNQRZQWKDWDV3ODWRDQG$ULVWRWOHVD\WKHVWDWHV PDQ LV WKH SK\VLFLDQ RI VRXOV DQG WKH SXUSRVH RI WKH VWDWHVPDQ LV WR PDNH PDQ ULJKWHRXV UDWKHU WKDQ OHDUQHG 1RZ DFFRUGLQJ WR WKH GLYHUVLW\ RI PHQ RQH PXVW SURFHHGE\GLHUHQWGHYLFHVWRDWWDLQWKLVHQG…

7KLVLQWHUSUHWDWLRQRIWKHPRUDOUHOLJLRXVRUHYHQSROLWLFDOrUDWKHUWKDQSKL ORVRSKLFDORUFRQFHSWXDOrSXUSRVHRIWKHDFWLYLW\RIDSUHDFKHURURIDVWDWHV PDQLVKHUHDWWULEXWHGQRWRQO\WR$ULVWRWOHEXWDOVRWR3ODWRDQDXWKRUZKR HQMR\HG D UHSXWDWLRQ PRUH LQOLQH ZLWKRUWKRGR[\ %HVVDULRQ DQG )LFLQR DUH FUHGLWHGZLWKKDYLQJSUHVHQWHGKLPLQWKLVZD\3RPSRQD]]LZKRKDGFDUH IXOO\UHDG WKH 7KHRORJLD SODWRQLFD GH LPPRUWDOLWDWH DQLPRUXP DQG RWKHU ZRUNV E\ 0DUVLOLR)LFLQRHYLGHQWO\KDGQRWEHHQFRQYLQFHGE\WKHLPDJHJLYHQRI3ODWR LQWKHVHZULWLQJV3RPSRQD]]LnVPRUDOWKHRU\LV6WRLF ”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

 

 3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWDOLWDWH DQLPDHHG0RMVLVFK F;,9S   3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWDOLWDWH DQLPDHHG0RMVLVFK F;,9S   0DUVLOLR)LFLQR7KHRORJLDSODWRQLFDGHLPPRUWDOLWDWHDQLPRUXPHG*0DUFHOWRP,3DULV  S”eSLXPFRJQLWL'HLFXOWXPHWDQLPRUXPGLYLQLWDWHPeFXP3ODWRGHKLV LWD VHQWLDW XW $XUHOLXV $XJXVWLQXV HXP WDQTXDP FKULVWLDQDH YHULWDWL RPQLXP SUR[L PXP H[ RPQL SKLORVRSKRUXP QXPHUR HOHJHULW LPLWDQGXP DVVHUXLWTXH SODWRQLFRV SDXFLVPXWDWLVFKULVWLDQRVIRUH…





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

LQERG\HLWKHUE\PXWLODWLQJDPHPEHURUE\NLOOLQJ%XWVRPHIURPWKHHUFHQHVV DQG SHUYHUVLW\ RI WKHLU QDWXUH DUH PRYHG E\ QRQH RI WKHVH DV GDLO\ H[SHULHQFH WHDFKHV…

+HUH3RPSRQD]]LLQWURGXFHVKLVYLHZRIWKHSROLWLFDOEDVLVRIGRFWULQHVDERXW WKHD HUOLIHWKHLPPRUWDOLW\RIWKHLQGLYLGXDOVRXOUHZDUGVDQGSXQLVKPHQWV LQHWHUQLW\ ”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…

%HKLQGWKHFLWDWLRQRI$YHUURHVnFRPPHQWDU\RQWKH3K\VLFVOLHVDQXQGHFODUHG UHIHUHQFHWR$YHUURHVnRZQSKLORVRSKLFDOWUHDWLVH'HVWUXFWLRGHVWUXFWLRQXP$OJD ]HOLV ZKLFK 3RPSRQD]]L FLWHV HOVHZKHUH 7KHUH $YHUURHV VWURQJO\ HPSKD VL]HVWKHLGHDWKDWWKHYDOXHRIUHOLJLRQOLHVQRWLQQGLQJWUXWKEXWUDWKHULQ FRQWUROOLQJFRPPXQLW\OLIH $/DWLQWUDQVODWLRQRIWKLVWUHDWLVHE\$YHUURHVKDG H[LVWHGIRURYHUDKXQGUHG\HDUVDOUHDG\EXWRQO\DWWKHHQGRIWKHWKFHQ WXU\ZDVLWSXEOLVKHGZLWKDFRPPHQWDU\E\$JRVWLQR1LIR1LIRZDVWKHQD  

 3RPSRQD]]L 2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWDOLWDWH DQLPDHHG0RMVLVFK F;,9S   &IDSDVVDJHRQWKHH[SHFWDWLRQRIUHZDUGVRUSXQLVKPHQWVLQWKHKHUHD HUDQH[SHFWD WLRQZKLFKZRXOGHOLPLQDWHWKHPHULWRIDYLUWXRXVOLIH”VLFIDFLXQWXWOXFUHQWXUHWIDFL XQWX[XUDV,WHPLSVLFRDFWLIDFLXQWKRF1DPQLVLH[SHFWDUHQWXUSUDHPLDULLSVLQRQHV VHQW YLUWXRVL e PLKL YLGHWXU TXRG DFWXV LSVH YLUWXWLV VHFXQGXP SKLORVRSKRV HVW YDOGH YLUWXRVLRU TXDP DFWXV LOOH LQ GH FKULVWLDQRUXP…  SXEOLVKHG E\ *UDL LQ ”$VSHWWL… SIURPXQSXEOLVKHGFODVVQRWHVRQWKH3K\VLFV   3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWDOLWDWH DQLPDHHG0RMVLVFK F;,9S   1DUGL 6WXGL S  ”,GHR $YHUURLV DPDWRU SKLORVRSKLDH XW GLFLW LQ SULQFLSLR 'HVWUXF WLRQLVIHFLWSULPXPSURORJXPTXRGKRPRQRQGHEHWWHUUHULDSKLORVRSKLDTXLDVWXGLXP SKLORVRSKLDH QRQ HVW SURSWHU GLWDUL VHG IHOLFLWDV HVW SUHPLXP SKLORVRSKLDH HW YLUWXWLV PRUDOLV…&I$YHUURHV7DK»IXWDW7DK»IXW7KH,QFRKHUHQFHRI,QFRKHUHQFHWUDQVOE\69DQ GHQ%HUJK/RQGRQ 2Q3RPSRQD]]LDQG'HVWUXFWLRFI=DPEHOOL”w/DPHWDIRUDk…   $PRQJPDQ\VWXGLHVRQ1LIRSXEOLVKHGE\(30DKRQH\FIFRQFHUQLQJ1LIRnVHDUO\SH ULRGVSHQWLQ3DGXD(30DKRQH\”1LFROHWWR9HUQLDDQG$JRVWLQR1LIRRQ$OH[DQGHU





3DROD=DPEHOOL

FROOHDJXHRI3RPSRQD]]LnVLQ3DGXDDQGZDVJRLQJWKURXJKDQHDUO\SKDVHLQ ZKLFK KH KDG QRW \HW EHFRPH D FRQIRUPLVW WKLQNHU DV KH ZRXOG EH LQ WKH \HDUV RI WKH FRQWURYHUV\ RQ LPPRUWDOLW\  7KXV LW LV QRW VXUSULVLQJ WKDW $YHUURHVnWH[WDQG1LIRnVFRPPHQWDU\KDGQRWEHHQZLGHO\GLXVHGDQGZHUH QRWR HQUHSULQWHGGXULQJWKHWKFHQWXU\7KHUHLVQRGRXEWWKDW3RPSR QD]]LNQHZWKH'HVWUXFWLRDQG1LIRnVFRPPHQWDU\ZLWKDOOLWVORQJGLJUHVVLRQV SXEOLVKHGLQYDULRXVDUJXPHQWVLQWKH'HLQFDQWDWLRQLEXVDUHYHU\VLPLODU WRWKHP,PPRUWDOLW\IRU3RPSRQD]]LLVDIDLU\WDOHRUUDWKHUDFWLRQWKH SXUSRVHRIWKLVFWLRQLVWRPDLQWDLQRUGHULQVRFLHW\7KXVLWLVDUHDVRQDEOH HQGZKLFKWKHUHLVQRFDXVHWRFRQGHPQEXWZKLFKDEVROXWHO\PXVWQRWEH FRQIXVHGZLWKYDOXHVRIWUXWK'LVFXVVLRQVDERXWWKHVRXOWKHUHIRUHDUHQRWRI SKLORVRSKLFDOLPSRUWDQFH7KHLGHDRIWKHLPPRUWDOLW\RIWKHVRXOLVDQDUWIXO H[SHGLHQWHPSOR\HGWRDYRLGVRFLDOGLVRUGHU3RPSRQD]]LFRQFOXGHV ”6RDOVRQXUVHV EULQJ WKHLUFKDUJHV WRZKDW WKH\NQRZWREHQHW FKLOGUHQ %XWLID PDQZHUHKHDOWK\RURIVRXQGPLQGQHLWKHUSK\VLFLDQQRUQXUVHZRXOGQHHGVXFK FWLRQV:KHUHIRUHLIDOOPHQZHUHRQWKHUVWOHYHOPHQWLRQHGHYHQJUDQWLQJWKH PRUWDOLW\ RI WKH VRXO WKH\ ZRXOG EH ULJKWHRXV %XW DOPRVW QRQH DUH RI WKDW QD WXUH…

&HQWUDOWR3RPSRQD]]LnVPRUDOGRFWULQHH[SUHVVHGHOVHZKHUHLQ'HLPPRUWDOL WDWH LVWKHLGHDWKDWDVWKH6WRLFVKHOGYLUWXHLVLWVRZQUHZDUGEXWWKLVDSSOLHV  RI $SKURGLVLDV DQ XQQRWLFHG 'LVSXWH… LQ 5LYLVWD FULWLFD GL VWRULD GHOOD ORVRD    SLG”$JRVWLQR1LIRnV(DUO\9LHZVRQ,PPRUWDOLW\…LQ-RXUQDORIWKH+LVWRU\RI 3KLORVRSK\    S  VHH DOVR LG ”1HRSODWRQLVP WKH *UHHN &RPPHQWDWRUV DQG 5HQDLVVDQFH $ULVWRWHOLDQLVP… LQ ' - 2n0HDUD HG  1HRSODWRQLVP DQG &KULVWLDQ 7KRXJKW $OEDQ\ r 1RUIRON   S  6HH DOVR 3 =DPEHOOL ”, SUREOHPL ORVRFLGHOQHFURPDQWH$JRVWLQR1LIR…LQ0HGLRHYR, SDQG63HUIHWWL ”0HWDPRUIRVLGLXQDWUDGX]LRQH$JRVWLQR1LIRUHYLVRUHGHLw'HDQLPDOLEXVkJD]LDQL…LQ 0HGLRHYR;;,, S   3RPSRQDWLXV'HLQFDQWDWLRQLEXVS”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…   3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWD OLWDWHDQLPDHHG0RMVLVFK F;,9S





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

RQO\WRWKRVHZKRKDYHDYLUWXRXVQDWXUHDQGDVZHKDYHVHHQWKHVHDUHDYHU\ VPDOOPLQRULW\ ”:KHQFH LW KDV EHHQ QHFHVVVDU\ WR SURFHHG E\ RWKHU GHYLFHV 1RU LV WKLV XQWWLQJ VLQFHKXPDQQDWXUHLVDOPRVWHQWLUHO\LPPHUVHGLQPDWWHUDQGSDUWLFLSDWHVYHU\OLWWOH LQ LQWHOOHFW ZKHQFH PDQ LV IDUWKHU IURP WKH ,QWHOOLJHQFHV WKDQ D VLFN PDQ IURP D KHDOWK\RQHDER\IURPDPDQDQGDIRROIURPDZLVHPDQ…

7KHUHIRUH ZH VKRXOG QRW EH VXUSULVHG LI WKH SROLWLFLDQ KDV HPSOR\HG WKHVH PHDQV,ZRXOGOLNHDWWKLVSRLQWVLPSO\WRXQGHUOLQHDQRWKHUDVSHFWRI3RP SRQD]]LnV GHQLWLRQ RI WKH PLFURFRVP +HUH .ULVWHOOHU GHVHUYHV UHFRJQLWLRQ EHFDXVHDVHDUO\DVLQDQDQWKRORJ\GHGLFDWHGWRWKHSODFHRIPDQLQWKH XQLYHUVHDQGSXEOLVKHGZLWK(UQVW&DVVLUHUDQG-RKQ+5DQGDOOKHKDGQRWHG WKDW WKH $ULVWRWHOLDQ 3RPSRQD]]L ZDV YHU\ XSWRGDWH RQ GLVFXVVLRQV DERXW WKHPLFURFRVPKHOGDPRQJWKH)ORUHQWLQH3ODWRQLVWV,QWKHYHU\UVWFKDS WHU RI 'H LPPRUWDOLWDWH WKHUH DUH SDJHV ZKLFK UHFDOO 3LFRnV 2UDWLR GH GLJQLWDWH KRPLQLV ”1RZ,KROGWKDWWKHEHJLQQLQJRIRXUFRQVLGHUDWLRQVKRXOGEHPDGHDWWKLVSRLQW 0DQLVFOHDUO\QRWRIVLPSOHEXWRIPXOWLSOHQRWRIFHUWDLQEXWRIDPELJXRXVDQFLSL WLV  QDWXUH DQG KH LV WR EH SODFHG DV D PHDQ EHWZHHQ PRUWDO DQG LPPRUWDO WKLQJV 7KLVLVSODLQWRVHHLIZHH[DPLQHKLVHVVHQWLDORSHUDWLRQVDVLWLVIURPVXFKRSHUD WLRQVWKDWHVVHQFHVDUHPDGHNQRZQ)RULQSHUIRUPLQJWKHIXQFWLRQVRIWKHYHJHWD

 

 3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWDOLWDWH DQLPDHHG0RMVLVFK F;,9S   .ULVWHOOHU DQG 5DQGDOO ”*HQHUDO ,QWURGXFWLRQ… LQ 7KH 5HQDLVVDQFH 3KLORVRSK\ RI 0DQ S”(YHQWKHIRUPRIKLVZULWLQJVUHYHDOVZKDWKH>3RPSRQD]]L@KDVDEVRUEHGIURP WKH+XPDQLVWVDQGWKH3ODWRQLVWV+HHPSOR\VWKHWUHDWLVHQRWWKHFRPPHQWDU\RQ$ULV WRWOH7RWKH3ODWRQLVWVKHRZHVKLVTXRWDWLRQVIURP3ODWRnVGLDORJXHVDQGIURPRWKHUDQ FLHQWSKLORVRSKHUVDQGSUREDEO\KLVFRQFHSWLRQRIPDQDVWKHPHDQEHWZHHQHDUWKDQG KHDYHQ+HTXRWHVIURP3LFRDQGLQKLV $SRORJLDJLYHVDQDFXWHFULWLTXHRI)LFLQRnVDU JXPHQWIRULPPRUWDOLW\EDVHGRQWKHDSSHWLWXVQDWXUDOLV…&IZKDWZDVZULWWHQSUHYLRXVO\ E\%XVVRQ/HVFDXVHVSVHHDOVR$&RUVDQR”,O3RPSRQD]]LQHOODVWRULDUHOLJLRVDGHO 5LQDVFLPHQWR…LQ1XRYDULYLVWDVWRULFD;,; SWRSURYH ”FRQFKHVHULHW¹ 3RPSRQD]]L PHGLWDVVH OD GRWWULQD GHO )LFLQR EDVWD LO FKDS ;,,, GHO 'H LPPRUWDOLWDWH LQ FXLÁULFRUGDWRLOIRQGDPHQWDOHDUJRPHQWRFLQLDQRFKHVHOnXRPRIRVVHPRUWDOHODVXD FRQGL]LRQH VDUHEEH SHJJLRUH GL TXHOOD GL TXDOXQTXH EHVWLD… &I DOVR 1DUGL ”,O SUHWHVR GHVLGHULRQDWXUDOHGHOOnLPPRUWDOLW¹…LQLG 6WXGLVX3LHWUR3RPSRQD]]L)ORUHQFH  S'3:DONHU6SLULWXDODQG'HPRQLF0DJLFS”3RPSRQD]]LKDGUHDG)L FLQRDQGTXRWHVDORQJSDVVDJHIURPWKH7KHRORJLD3ODWRQLFDe6LQFHKRZHYHU3RPSR QD]]LnVWKHRULHVDUHLQVRPHUHVSHFWVFORVHWR)LFLQRnVDQH[DPLQDWLRQRIWKHPKHUHZLOO EHQRWLUUHOHYDQW…:DONHUGHDOVZLWK”YLVLPDJLQDWLYDWUDQVPLWWHGE\VSLULW…RQWKDWWKHPH VHH DOVR 3 =DPEHOOL ”/nLPPDJLQD]LRQH H LO VXR SRWHUH… LQ HDG /nDPELJXD QDWXUD GHOOD PDJLD9HQLFH S





3DROD=DPEHOOL

WLYHDQGRIWKHVHQVLWLYHVRXOZKLFKDVLVVDLGLQ'HDQLPD%RRNLLDQGLQ'HJHQHUD WLRQHDQLPDOLXP%RRNLLFKDSWHUFDQQRWEHSHUIRUPHGZLWKRXWDERGLO\DQGSHU LVKDEOH LQVWUXPHQW PDQ DVVXPHV PRUWDOLW\ +RZHYHU LQ NQRZLQJ DQG ZLOOLQJ e PDQLVWREHQXPEHUHGDPRQJWKHLPPRUWDOWKLQJV…

3RPSRQD]]LZDQWVWRHPSKDVL]HWKDW$ULVWRWOHnVIRUPXODWLRQVDUHQRWXQLYRFDO GHQLWLRQV ”+RZHYHULQNQRZLQJDQGZLOOLQJRSHUDWLRQVZKLFKWKURXJKRXWWKHZKROH'HDQL PDDQGLQ'HSDUWLEXVDQLPDOLXP%RRNLFKDSWHUDQGLQ'HJHQHUDWLRQHDQLPDOLXP ERRNLLFKDSWHUDUHKHOGWREHSHUIRUPHGZLWKRXWDQ\ERGLO\LQVWUXPHQWVLQFH WKH\SURYHVHSDUDELOLW\DQGLPPDWHULDOLW\DQGWKHVHLQWXUQSURYHLPPRUWDOLW\PDQ LVWREHQXPEHUHGDPRQJWKHLPPRUWDOWKLQJV)URPWKHVHIDFWVWKHZKROHFRQFOX VLRQFDQEHGUDZQWKDWPDQLVFOHDUO\QRWRIDVLPSOHQDWXUHVLQFHKHLQFOXGHVWKUHH VRXOV VR WR VSHDNr WKH YHJHWDWLYH WKH VHQVLWLYH DQG WKH LQWHOOHFWLYHr DQG WKDW KH FODLPVDWZRIROGQDWXUHIRUKLPVHOIVLQFHKHH[LVWVQHLWKHUXQTXDOLHGO\VLPSOLFLWHU  PRUWDOQRUXQTXDOLHGO\LPPRUWDOEXWHPEUDFHVERWKQDWXUHV_7KHUHIRUHWKHDQ FLHQWV VSRNH ZHOO ZKHQ WKH\ HVWDEOLVKHG PDQ EHWZHHQ HWHUQDO DQG WHPSRUDO WKLQJV IRUWKHUHDVRQWKDWKHLVQHLWKHUSXUHO\HWHUQDOQRUSXUHO\WHPSRUDOVLQFHKHSDUWDNHV RIERWKQDWXUHV…

7KLVREVHUYDWLRQRQWKHQDWXUHRIPDQLVWKHEDVLVRIDOOWKHK\SRWKHVHVZKLFK PDNH XS WKH 'H LPPRUWDOLWDWH %XW LW LV LQWHUHVWLQJ WRQG DW WKH HQG RI WKH ZRUNDPRUHLOOXVWUDWLYHGHQLWLRQRIWKHPLFURFRVPDFFRUGLQJWRWKHDERYH PHQWLRQHGPRUDOWKHRU\ZKLFKFORVHO\IROORZHGWKH6WRLFV ”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e…

 

 3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF,S3RPSRQDWLXV'HLPPRUWDOLWDWHDQL PDHHG0RMVLVFK F,S   3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF,S3RPSRQDWLXV'HLPPRUWDOLWDWHDQL PDHHG0RMVLVFK F,S   3RPSRQD]]L2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWDOLWDWH DQLPDHHG0RMVLVFK F;,9S





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

 7KHLGHDRIWKHODGGHURIQDWXUHZDVGHDUWRWKH3ODWRQLFVFKRRORIWKH5HQ DLVVDQFH+HUH)LFLQRDQG3LFRFRXOGEHFLWHGDVZHOODVRXWVLGH,WDOLDQFLU FOHV SKLORVRSKHUV VXFK DV &KDUOHV GH %RYHOOHV DQG -XDQ /XLV 9LYHV 7KH PRWLIRIWKHFRQWLQXLW\RIWKHODGGHURIQDWXUHLVLQDQ\FDVHZHOONQRZQDQG ZLGHO\GLXVHG7KLVLVVXJJHVWHGHYHQLQ'LRQ\VLXVWKHSVHXGR$UHRSDJLWH LQ&KDSWHU9,,RI'HGLYLQLVQRPLQLEXVDWH[WZKLFKLQFLGHQWDOO\3RPSRQD]]L UHDGLQWKH/HIÁYUHGn(WDSOHVHGLWLRQ ”7KH %OHVVHG 'LRQ\VLXV e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…

7KLVLV+HUPHV7ULVPHJLVWXVnGHQLWLRQDQGWKHZRUGV3RPSRQD]]LHPSOR\V DVKHJRHVRQOHDYHOLWWOHGRXEWDVWRKLVXVHRI3LFRnV+HUPHWLFRUDWLR ”7KHUHIRUH VRPH KDYH VDLG WKDW PDQ LV D JUHDW PDUYHO VLQFH KH LVWKH ZKROH ZRUOG DQGFDQFKDQJHLQWRHYHU\QDWXUHVLQFHWRKLPLVJLYHQWKHSRZHUWRIROORZZKDW HYHUSURSHUW\RIWKLQJVKHPD\SUHIHU7KHUHIRUHWKHDQFLHQWVZHUHWHOOLQJWKHULJKW

 

 )LFLQR7KHRORJLDSODWRQLFD,S  &DUROXV%RYLOOXV/LEHUGHVDSLHQWHHG5.LEDQVN\ LQ(&DVVLUHU,QGLYLGXXPXQG.RV PRVLQGHU3KLORVRSKLHGHU5HQDLVVDQFH/HLS]LJr%HUOLQ SFILG,OOLEURGHO VDSLHQWHWUDQVOLQWR,WDOLDQDQGZLWKDQLQWURGE\(*DULQ7XULQ  LG/HOLYUHGX VDJHWH[WHHWLQWURGSDU30DJQDUG3DULV    -/9LYHV)DEXODGHKRPLQHLQ2SHUD%DVHO SFIWKH(QJOLVKWUDQVODWLRQLQ &DVVLUHU.ULVWHOOHUDQG5DQGDOOHGV 7KH5HQDLVVDQFH3KLORVRSK\RI0DQS   ,Q$UWKXU/RYHMR\nVZHOONQRZQERRN7KH*UHDW&KDLQRI%HLQJ&DPEULGJH0DVV  WKHFKDSWHUGHDOLQJZLWKWKH5HQDLVVDQFHGRHVQRWJRLQWRPXFKGHSWKRQWKHKLVWRU\RI WKLVLGHD   3RPSRQD]]L 2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRU WDOLWDWHDQLPDHHG0RMVLVFK F;,9S 





3DROD=DPEHOOL

IDEOHZKHQWKH\VDLGWKDWVRPHPHQKDGEHHQPDGHLQWRJRGVVRPHLQWROLRQVVRPH LQWR ZROYHV VRPH LQWR HDJOHV VRPH LQWRVK VRPH LQWR SODQWV VRPH LQWR VWRQHV DQGVRRQVLQFHVRPHPHQKDYHDWWDLQHGLQWHOOHFWVRPHVHQVHVRPHWKHSRZHUVRI WKHYHJHWDWLYHVRXODQGVRRQ… 

,W VHHPV WR PH WKDW RQH FDQQRW GHQ\ WKDW LQ WKHVH SDVVDJHV RI 3RPSRQD]]LnV ZRUN WKHUH LVHYLGHQFHRI D YHU\ DWWHQWLYHUHDGLQJ DQG FRQVLGHUDWLRQ RI *LR YDQQL 3LFRnV 2UDWLR DQG KLV LGHD RI WKH PLFURFRVP , ZLOO QRW DQDO\]H WKHVH WKHPHVLQWKHWZRWUHDWLVHVRIDOWKRXJKLWZRXOGEHSRVVLEOHWRGHPRQ VWUDWH WKDW HVSHFLDOO\ LQ'H IDWR WKLV YHLQ WKLV LQWHUSUHWDWLRQ RI WKH G\QDPLF PLFURFRVP ERUURZHG IURP 3LFR LV VRPHKRZ PRGLHG 7KH HSLORJXH RI 'H IDWR LV PXFK PRUH 6WRLF DQG SHVVLPLVWLF DQG ZRXOG QRW DGPLW D WRQH RI WKLV NLQG +RZHYHU WKHVH DUH VXEWOH GLHUHQFHV ZLWKLQ WKH VDPH SRVLWLRQ LQ'H IDWR3RPSRQD]]LZULWHV ”*LYHQWKDWXQGHUWKHVSKHUHRIWKHPRRQDOOWKLQJVWHQGWRZDUGGHDWKHYHU\WKLQJLV IHWLGDQGLQFOLQHGWRURW$VLQGHHGLQOLYLQJEHLQJVVRPHSDUWVDUHQHFHVVDULO\QREOH DQGRWKHUSDUWVYLOHVRWRRWKHZRUOGLVRQHOLYLQJEHLQJDQGWKHUHPXVWDOVREHQHF HVVDULO\WKRVHWHUUHVWULDOIHWLGURWWLQJSDUWV…

 

 3RPSRQD]]L 2QWKHLPPRUWDOLW\RIWKHVRXOF;,9S3RPSRQDWLXV'HLPPRUWDOLWDWH DQLPDHHG0RMVLVFK F;,9S&I3LHWUR3RPSRQD]]L([SRVLWLRVXSHUOLEURVGHSDU WLEXVDQLPDOLXP0V3DULVODWIROYHG*UDLLQ”$VSHWWL…S ”3RWHVW HQLPKRPRWUDQVPXWDULHWHULEHVWLDODSLVHWKXLXVPRGLVHGQRQTXRDGVXEVWDQWLDPVHG TXRDGPRUHVHWRSHUDWLRQHVXWYHUELJUDWLDTXLDVLKRPRHVWUDSD[HWPDOLJQXVHWOX SXVVLKRPRYHURHULWLQHUVH"FLHWXUWHUUDHWODSLVHWKRFPRGRGHEHWLQWHOOLJLTXDQGR GLFLPXVTXRGwKRPRWUDQVJXUDWXULQGHXPHWEHVWLDVHWXWUXPTXHIDFHUHHVWLQSRWHVWD WHKRPLQLVk…7KLVSDVVDJHFHUWDLQO\UHIHUVWR3LFRnV2UDWLRGHGLJQLWDWHKRPLQLVDQGDLPVWR DGMXVWKLVGHQLWLRQRIWKHGLYLQHQDWXUHRIPDQFI3RPSRQD]]LnVRWKHUSDVVDJHVRQWKH WKHPHRIWKHPLFURFRVPLQ'HLQFDQWDWLRQLEXVSDQGHVSHFLDOO\S”eKR PRHVWPHGLXVLQWHUDHWHUQDHWJHQHUDELOLDHWFRUUXSWLELOLDHWQRQWDQWXPSRQLWXUPH GLXP SHU KRUXP H[FOXVLRQHP YHUXP HW SDUWLFLSDWLRQHP 4XDUH SDUWLFLSDUH SRWHULW GH RPQLEXVH[WUHPLVHWVLFDOLTXLVKRPRDVVLPLODWXUXQLH[WUHPRUXPDOLTXLVDOWHULe>S@ XQGHKRPRGLFWXVHVWSDUYXVPXQGXVTXRQLDPWRWDQDWXUDWDPVXSHULRUXPTXDPLQIH ULRUXPLQQDWXUDKXPDQDHVWFRPSUHKHQVDTXDPYLVHWREDOLDVFDXVDVVLFQXQFXSHWXU… &I DQ XQSXEOLVKHG SDVVDJH IURP FODVV QRWHV IURP D FRXUVH RQ 'H JHQHUDWLRQH 0V 9DW 5HJODWIUHG)*UDL7HPLHSUREOHPLXPDQLVWLFLHSODWRQLFLLQ33RPSRQD]]L >WKHVLV )ORUHQFH @S  DQG XVHG E\ ( *DULQ /R]RGLDFR GHOOD YLWD 5RPH r %DUL SQ”+RPRHVWPLFURFRVPXVLGHVWSDUYXVPXQGXVXQGHYLGHPXV LQ KRPLQH TXRG HVW XQXP SULPXP PHPEUXP D TXR RPQLD PHPEUD OLFHW GLYHUVD PD[LPHVLQWGHSHQGHQWeTXDUHDGKDQFVLPLOLWXGLQHPDOLDVH[LVWLPDYLPXQGXPKXQF JXEHUQDULDFRUSRULEXVFDHOHVWLEXVTXRQLDPFRUSRUDFDHOHVWLDVXQWVLFXWFRUeHWHO H PHQWD VXQW VLFXW PHPEUD ,GHR WDOLD IDFLXQW GLYHUVRV PRWXV WDPHQ RPQHV WDOHV PRWXV VXQWDFRUGHVFLOLFHWFDHOR…   3RPSRQD]]L'HIDWR(SLORJXVVLYHSHURUDWLRS”eLQIUDDXWHPJOREXP/X





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

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nV'LVSXWDWLRQHV DGYHUVXV DVWURORJLDP %XW LW LV SUHFLVHO\ WKLV DELOLW\ WR UHDFW WKDW SHUPLWV PH WR FRQFOXGHWKDW3RPSRQD]]LLVQRWDQHFOHFWLF,WLVWUXHWKDWRQWKHHYHRIKLV ZULWLQJ 'H LQFDQWDWLRQLEXV KH HQXQFLDWHV LWV IXQGDPHQWDO WKHVHV DWWULEXWLQJ WKHPQRWWR$ULVWRWOHEXWUDWKHUWRWKHYHU\GLHUHQWGRFWULQDOJXUHZKRLQ VSLUHG)LFLQRnVDQG3LFRnVLGHDRIQDWXUDOPDJLF”+HUPHV7ULVPHJLVWXVWULHGWR UHGXFHHYHU\WKLQJPDJLFDODQGQHFURPDQWLFWRQDWXUDOFDXVHV…  3RPSRQD]]L LV D WKLQNHU ZKR ZKLOH VWLOO FRQVLGHULQJ $ULVWRWOH WKH LQWHU SUHWHURIQDWXUDOUHDVRQGHIHQGVKLVRZQSRLQWRIYLHZ7KLVSRLQWRIYLHZLV FHUWDLQO\UHQHZHGXSGDWHGDQGJUHDWO\PRGLHGLQUHODWLRQWRPHGLHYDO$ULV WRWHOLDQVFKRODVWLFLVPEXWLWLVDOVRLQP\RSLQLRQDQRULJLQDOSRVLWLRQZKLFK ZLOOSURIRXQGO\LQWHUHVWWKHOLEHUWLQV$ HUWKHLQWHUSUHWDWLRQRHUHGE\+HQUL %XVVRQ WKH FRQWLQXRXV UHIHUHQFHV PDGH E\ 5REHUW /HQREOH 5HQÂ 3LQ WDUGDQG/XFLHQ)HEYUH DQGWKHVWLPXODWLQJVXJJHVWLRQVE\(XJHQLR*DULQ DQG7XOOLR*UHJRU\,ZLOOQRWSUHVVWKHSRLQWE\DQDO\]LQJHYHU\SDJHRIWKH 

QDH FXP RPQLD WHQGDQW DG LQWHULWXP IHWLGD VXQW HW SXWUHQWLD 9HOXWL HQLP LQ DQLPDOL DOLTXDHSDUWHVVXQWQRELOHVGHQHFHVVLWDWHHWDOLTXDHLJQRELOHVVLFPXQGXVHVWXQXPDQL PDOHWGHQHFHVVLWDWHKDEHWLVWDVXEOXQDULDWDQTXDPVWHUFRUD…   3HWUXV 3RPSRQDWLXV 'HIHQVRULXP LQ LG 7UDFWDWXV DFXWLVVLPL XWLOOLPL HW PHUH SHULSDWHWLFL 9HQLFHr6FRWR IROUD   /HQREOH0HUVHQQHSDQGSDVVLP   53LQWDUG/HOLEHUWLQLVPHÂUXGLWGDQVODSUHPLÁUHPRLWLÂGX;9,,HVLÁFOH3DULV    /)HEYUH/HSUREOÁPHGHOnLQFUR\DQFHDX;9,HVLÁFOH/DUHOLJLRQGH5DEHODLV3DULV    (*DULQ/nHW¹QXRYD1DSOHV S7*UHJRU\7KHRSKUDVWXVUHGLYLYXV(UXGL]LRQH HDWHLVPRQHO6HLFHQWR1DSOHV S%HVLGHVFRQVLGHULQJWKHSHUVLVWLQJFODQ GHVWLQHLPSDFWRI3RPSRQD]]LLQWKHXQLYHUVLWLHVZKHUHPDQ\FRSLHVRIKLVUHFROOHFWDFLU FXODWHG IRU D ORQJ WLPH  DQG DPRQJ OLEHUWLQV RQH VKRXOG DOVR FRQVLGHU ZKDW LQTXLVLWRUV DQG FHQVRUV ZURWH DERXW 3RPSRQD]]L FI IRU H[DPSOH 0DUWLQ 'HO 5LR 'LVTXLVLWLRQXP PDJLFDUXP OLEUL 9, 9HQLFH   S ”3RPSRQDWLL 'H LQFDQWDWLRQLEXV RSXVFXOXP FHUWH PLUDWXVIXLWDPGLXWROHUDULDE(FFOHVLDQXQFUHFHQVHWPHULWRLQ5RPDQR,QGLFHGDPQD WXU YHULVVLPXP HQLP TXRG DE $QWRQLR 0LUDQGXODQR VFULSWXP wKRF RSHUH 3RPSRQD WLXP VH QHF SKLORVRSKXP ERQXP QHF TXRG IRHGLXV FKULVWLDQXP ERQXP H[KLEXLVVH FXPHHFWXVRPQHVPLULFRVFRHORUXPLQX[LEXVDGVFULEDWDGHRXWYHOLWHWUHOLJLRQHVHW OHJHVHDUXPODWRUHVDELLVGHSHQGHUHk4XRGSURUVXVLPSLXP…7KHVHDQGRWKHUSDVVDJHV





3DROD=DPEHOOL

VKRUW FODQGHVWLQH WUHDWLVH 'H LQFDQWDWLRQLEXV 7KHUH KDV EHHQ QR DWWHPSW WR FRPSDUH KLV LGHDV ZLWK WKH 4XDHVWLR DQ FDHOXP VLW DQLPDWXP ZULWWHQ E\ 1LFROHWWR9HUQLDLQZKLFK$QWRQLR)UDFDQ]LDQRDQGSUREDEO\DOVR3RP SRQD]]L NQHZ ,W LV WUXH WKDW 9HUQLD IROORZLQJ $OEHUWXV 0DJQXVn FLWDWLRQV IURP*UHHNSKLORVRSKHUVTXRWHV$SXOHLXVDQGHYHQ+HUPHV7ULVPHJLVWXVRQ GHPRQVEXWGHVSLWHDIXQGDPHQWDOSUHPLVH3RPSRQD]]LODWHUVKDUHGZLWKKLP DQG ZLWK DO.LQGL WKDW IRU $ULVWRWOH WKHUH ZHUH QR GHPRQV  3RPSRQD]]LnV PHWKRG DQG TXHVWLRQV DUH DW ERWWRP YHU\ GLHUHQW DQG VKRZ QRW RQO\ WKDW WKLUW\ \HDUV KDYH JRQHE\ EXW WKDW WKHVH TXHVWLRQV KDG EHHQ UHIRUPXODWHG E\ 3LFR$FORVHDQDO\VLVRI'HLQFDQWDWLRQLEXVZRXOGEHYHU\FRPSOH[DQGZRXOG SXW LQWR TXHVWLRQ LQWHUSUHWDWLRQV RI DOO RI 3RPSRQD]]LnV ZRUN , KDYH KDG FRQUPDWLRQRIWKLVIURPWKHIUXLWIXOUHVXOWVDVWXGHQWRIPLQH)UDQFR*UDL LQ D WKHVLV RQ3RPSRQD]]LnV WZR XQSXEOLVKHG VHULHV RIOHFWXUHV RQ 'H JHQHUD WLRQHHWFRUUXSWLRQH DQG0HWHRUD  

IURP$QWRQLR%HUQDUGLGHOOD0LUDQGRODHVFDSHG*=DQLHU5LFHUFKHVXOODGLXVLRQHHIRUWX QDGHO”'HLQFDQWDWLRQLEXV…GL3RPSRQD]]L)ORUHQFH    7KH4XDHVWLRZDVSXEOLVKHGE\5DJQLVFR”'RFXPHQWLLQHGLWL…S7KHSURE OHP RI ZKHWKHU WKH VRXOV RU FHOHVWLDO ,QWHOOLJHQFHV KDYH LQGLYLGXDO FKDUDFWHULVWLFV LV IUH TXHQWO\ WUHDWHG LQ WKH WK FHQWXU\ FI 3 =DPEHOOL 7KH ”6SHFXOXP DVWURQRPLDH… DQG LWV HQLJPD>'RUGUHFKW@S +HUH9HUQLDS H[SRXQGVWKHGLHUHQW WKHVHVRI$OEHUWXVDQG$TXLQDV”eQHTXHTXRGGLFLW6DQFWXV'RFWRUDGPHQWHP$ULVWR WHOLVHVWTXRGSHULQJHQHUDELOHLQWHOOLJLWGDHPRQHPVLF〈XW〉D3ODWRQHGLFWXPTXHPGL[LW $OEHUWXV wFRUSXV DÄUHXP WHPSRUH DHWHUQXPk XW $SXOHLXV UHIHUW OLEUR 'H GHR VLYH JHQLR 6RFUDWLV6LFKRFQLKLOHVWDSXG$ULVWRWHOHPFXPLSVHQHJHWGDHPRQHVXWSDWHWŠ0HWD SK\VLFDH QRQ HQLP HVW VXEVWDQWLD VHSDUDWD HW DEVWUDFWD VHFXQGXP LSVXP TXDH RUEL QRQ DSSDUHWXUXW$OEHUWXVUHIHUW+XLXV HQLPVHQWHQWLDHYLGHWXUIXLVVH-XGDHXVPDJQXV




3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

 1RUGR,ZLVKWRD"UPWKDW3RPSRQD]]LDFWXDOO\PHGLWDWHGRQWKHVH3OD WRQLFWH[WVZLWKWKHVDPHFRQVWDQF\KHGHGLFDWHGWR$ULVWRWOHZKRVHZRUNVKH WDXJKWWKURXJKRXWKLVHQWLUHOLIH2QWKHFRQWUDU\LWLVFHUWDLQWKDWKLVDWWHQ WLRQZDVGUDZQWRDIHZSDVVDJHVKHIRXQGFRPPHQWHGRQLOOXVWUDWHGRUGLV FXVVHGLQ%HVVDULRQ)LFLQRDQG3LFR,QKLV'HLQWHQVLRQHHWUHPLVVLRQHIRUPDUXP  )LFLQRLVFLWHG:HKDYHHYLGHQFHWKDW3RPSRQD]]LZDVIDPLOLDUZLWK %HVVDULRQnV,QFDOXPQLDWRUHP3ODWRQLVDVHDUO\DVWKHYHU\\HDULQZKLFKLW ZDVUVWSULQWHG3RPSRQD]]LUHDG%HVVDULRQrNQRZQWRDOO9HQHWLDQSUR IHVVRUVWR/HRQLFR7RPHRDQGWR1LIRIRUH[DPSOHrZLWKJUHDWFDUHRQFH DJDLQ ZKLOH SUHSDULQJ WKH VKRUW WUHDWLVH 'H LQFDQWDWLRQLEXV ZKLFK PHQWLRQV KLPH[SOLFLWO\,QWKH\HDUVIROORZLQJWKHGLVSXWHRQ'HLPPRUWDOLWDWHSUHFLVHO\ IURP WKH WLPH RI WKH 'HIHQVRULXP DJDLQVW 1LIR ZKR IRUFHG KLP WRUHZRUN WKH3ODWRQLFDUJXPHQWVKHKDGXVHGDVREMHFWLRQV3RPSRQD]]LUHDGDQGPHGL 

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n(QQHDGVDUHFLWHG   &I ) *UDL ”, SURGLJL H OnDVWURORJLD QHL FRPPHQWL GL 3 3RPSRQD]]L DO w'H FDHORk DOOD w0HWHRUDkHDOw'HJHQHUDWLRQHk…LQ0HGLRHYR SLG”(FKLLWDOLDQLGHOOD SROHPLFD IUD (UDVPR H /XWHUR VXO OLEHUR DUELWULR… LQ 4XHOOHQ XQG )RUVFKXQJHQ DXV LWDOLHQL VFKHQ $UFKLYHQ XQG %LEOLRWKHNHQ    S  LG ”$VSHWWL… S  6HH QRZ 63HUIHWWL ”w$Q DQLPD QRVWUD VLW PRUWDOLVk 8QD TXDHVWLR LQHGLWD GLVFXVVD GD 3LHWUR3RP SRQD]]LQHO…LQ5LQDVFLPHQWRVHULH SLG”'RFHERYRVGXELWDUH ,OFRPPHQWRLQHGLWRGL3LHWUR3RPSRQD]]LDO 'HSDUWLEXVDQLPDOLXP%RORJQD … LQ'RFXPHQWLHVWXGLVXOODWUDGL]LRQHORVRFDPHGLHYDOH; S   3RPSRQD]]L 7UDFWDWXVDFXWLVVLPLIROUFLWHVYDULRXVIRXQGHUVRIWKH SLDSKLORVRSKLDDF FRUGLQJWRWKHLGHDRIFRQFRUGLD3ODWRQLVHW$ULVWRWHOLV”([LVWLPDWXUSULPDPRSLQLRQHPHVVH $ULVWRWHOLV HW DQWH HXP 3ODWRQLV VLFXW )LFLQXV QRVWHU LQ ;,Š VXDH 7KHRORJLDH FRQWHQGLW RVWHQGHUH LPPRHWRPQLXPDQWLTXRUXPSKLORVRSKRUXPVLFXW'LRQ\VLL$UHRSDJLWDH $XJXVWLQLHWPXOWRUXPDOLRUXP…&I&:LOVRQ”3RPSRQD]]LnV&ULWLFLVPRI&DOFXOD WRU…LQ,VLV SVHHQRZ6&DURWL”3RPSRQD]]LHODwUHDFWLRk1RWH VXOODIRUWXQDGHOSHQVLHURR[RQLHQVHHSDULJLQRQHOODORVRDLWDOLDQDGHO5LQDVFLPHQWR… LQ*)HGHULFL9HVFRYLQLHG )LORVRDHVFLHQ]DFODVVLFDDUDERODWLQDHPHGLHYDOHHOnHW¹PR GHUQD/RXYDLQOD1HXYH S   3LHWUR3RPSRQD]]L4XDHVWLRGHXQLYHUVDOLEXV LQLG&RUVLLQHGLWLWRP,,HG $3RSSL3DGXD SRQ%HVVDULRQFI3=DPEHOOL”/DPHWDIRUD…





3DROD=DPEHOOL

WDWHGRQ3ODWRERWKGLUHFWO\WKDQNVWR)LFLQRnVWUDQVODWLRQVDQGLQWURGXFWLRQV $UJXPHQWD  DQG LQGLUHFWO\ WKURXJK WKH RULJLQDO ZULWLQJV RI WK FHQWXU\ 1HRSODWRQLVWV %HVVDULRQ ZKRP 3RPSRQD]]L SHUKDSV UHUHDG LQ WKH $OGLQH HGLWLRQRIZRXOGLQGXFHKLPWRUHH[DPLQHWKHWLPHOHVVPHWKRGRORJLFDO UHODWLRQVKLSV EHWZHHQ WKHRORJ\ DQG SKLORVRSK\ 3RPSRQD]]L GHFLVLYHO\ FRQ GHPQV3ODWRnVXVHRIP\WKVZKLFK%HVVDULRQFRQVLGHUVDQDSSURSULDWHVROXWLRQ IRU WKH PRVW DUGXRXV PHWDSK\VLFDO SUREOHPV KH NHHSV LQ PLQG WKH SDVVDJH IURP%HVVDULRQEXWWXUQVLWDURXQGDQGFRPELQHVLWZLWKWKH$YHUURLVWSKL ORVRSK\RIUHOLJLRQ ”ePHQZKRDUHQRWSKLORVRSKHUVZKRDUHLQWUXWKOLNHEHDVWVDUHXQDEOHWRXQGHU VWDQG WKDW *RG WKH KHDYHQV DQG QDWXUH FDQ SHUIRUP WKHVH ZRQGURXV GHHGV WKH\ EHOLHYH WKDW WKH LQWHOOLJHQFHV DUH OLNH PDQ WKH\ DUH LQGHHG XQDEOH WR XQGHUVWDQG DQ\WKLQJ XQOHVV LW KDYH D ERGLO\ QDWXUH  )RU WKDW UHDVRQ WKH\ LQYHQWHG DQJHOV DQG GHPRQVHYHQWKRXJKWKRVHZKRGLGVRZHUHDZDUHWKDWWKHVHFRXOGQRWH[LVW…

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”)RUWKLVUHDVRQ…ZULWHV3RPSRQD]]L ”,EHOLHYHDQGLWVHHPVWREHWUXHWKDW3ODWRLQWURGXFHGDQJHOVDQGGHPRQVQRW EHFDXVH KH EHOLHYHG WKH\ H[LVWHG EXW EHFDXVH KH ZDQWHG WR LQVWUXFW XQFXOWL YDWHGSHRSOH…+HUHDVZHOO3RPSRQD]]LUHFRJQL]HVSDUDGR[LFDOO\WKHFRQFRU GLD EHWZHHQ 3ODWR DQG $ULVWRWOH D"UPHG E\ %RHWKLXV DQG VR WKRURXJKO\ UH VHDUFKHGODWHUE\*HPLVWXV3OHWKRDQG%HVVDULRQ3RPSRQD]]LUHPLQGVXVWKDW 7KHPLVWLXV WRR ”KROGV WKDW ERWK WKLQNHUV PHDQ WKH VDPH DQG GLHU RQO\ LQ ZRUGVYXOWDPERVLGHPVHQVLVVHVHGWDQWXPYHUEXPGLHUUH …7KLVWKHVLVZRUWK\  

 3RPSRQDWLXV'HLQFDQWDWLRQLEXVS&IWKHSDVVDJHIURP3RPSRQD]]L$SRORJLDFL WHGE\3LQH 3LHWUR3RPSRQD]]LS”LQLXQFWDHVWSHQDGDPQLSURSWHUYLURVEHVWLDOHV TXLQRQWHUUHQWXUQLVLH[FRUSRUDOLEXVFXPQRQQLVLFRUSRUDOLDSHUFLSHUHSRVVXQW1RQ LWDTXH OHJHV VXQW YDQDH LQLXQJHQWHV SHQDV GDPQL LPPR PD[LPH SURFXDH TXRQLDP PDLRUSDUVKRPLQXPEHVWLDOLVHVW…6HHDOVRWKHSDVVDJHVFRPPHQWHGE\*UDL”$VSHWWL… S  Q  DQ XQSXEOLVKHG SDVVDJH  DQG  Q  IURP 'HIHQVRULXP ”9LGHDQW 3HULSDWHWLFLVLXPTXDP$ULVWRWHOHVWDOHVIDEXODVHWFKLPHUDVSRVXHULWLPPRQHTXH3ODWR LSVHFXPVHULRORTXXWXVHVWeTXRGVLTXDQGRTXHQJDWWDUWDUXPHWFDPSRVKHO\VLRVVL YHLQVXODVEHDWRUXPKRFHVWSURSWHUKRPLQHVYXOJDUHVQRQSHUFLSLHQWHVQLVLFRUSRUDOLD…   3RPSRQD]]L'HLQFDQWDWLRQLEXVS





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

RI PHQWLRQ E\ $YHUURHV 3RPSRQD]]LQGV FRQYLQFLQJ EXW QRW DV VWDWHG ,Q IDFWWKHWZRWKLQNHUVDUHGL"FXOWWRFRPSDUHRQTXHVWLRQVUHJDUGLQJGHPRQV DERXWZKLFK$ULVWRWOHZDVFDUHIXOWRDYRLGZULWLQJ”IUDQNO\…ZKDWKHWKRXJKW 7KHUHLVWKHFKDQFH3RPSRQD]]LQRWHVWKDW$ULVWRWOHVLPSO\GLGQRWKDYHWKH WLPHPRUHOLNHO\LWZRXOGVHHP”KHGHFLGHGQRWWRZULWHIHDULQJIRUKLVRZQ OLIH… KDYLQJ EHHQ LQYHVWLJDWHG RQ WKH FKDUJH ”WKDW RQ JRGV KH KDG PLVWDNHQ LGHDV…DQGKDYLQJOH IRUWKLVUHDVRQWKHUHSXEOLFRIWKH$WKHQLDQV”ZKREH IRUHWKDWKDGNLOOHG6RFUDWHV… ,QGHHGWKHGLVFXVVLRQFHQWHUVRQWKHYHU\H[LV WHQFHDQGQDWXUHRI*RGRQZKHWKHUKHUHZDUGVRUSXQLVKHVWKHVRXOVRIWKH GHDGDQGZKHWKHUKHFDQEHPRYHGWRSLW\WKURXJKSUD\HU3RPSRQD]]LDQG WKH 6WRLFV ”ODXJKHG DW WKH LGHD WKDW *RG FRXOG EH FKDQJHG E\ UHFHLYLQJ SUD\HUV… ”*LYHQWKDWWKLVWKHRU\FRPSOHWHO\HOLPLQDWHVWKHJRGVRIWKHKHD WKHQV DQG WKDW RWKHU UHOLJLRQV KDYH VXUHO\ QRW WDXJKW WKLV WKH VWDWH ZLOO EH DEROLVKHGDQGSULHVWVZLOOEHUHGXFHGWRQRWKLQJ… 3ODWRWRRIHOWWKHZHLJKW RIWKHWUDJHG\RI6RFUDWHVDQGWKHWKUHDWRIWKHSULHVWVZKRJXDUDQWHHGERWK  

 7KLVFRPPHQWE\3RPSRQD]]L”GHULVHUXQWTXRG'HXVSUHFLEXVPXWHWXU… IURPXQSXE OLVKHGFODVVQRWHVRQ0HWHRUDKDVEHHQSXEOLVKHGE\*UDL”,SURGLJL…S   3RPSRQD]]L'HLQFDQWDWLRQLEXVS   2QH \HDU EHIRUH KLP DQ REVFXUH SKLORVRSKHU EHORQJLQJ WR WKH VDPH FLUFOHV 7LEHULR 5XVVLOLDQR KDG LPDJLQHG 3KLORVRSK\ SURQRXQFLQJ D GHFODPDWLRQ H[KRUWLQJ /HR ; WR GHIHQGWKHIUHHGRPRISKLORVRSKHUVPRUHYLJRURXVO\,QWKH)L K/DWHUDQ&RXQFLO KDG LQ IDFW OLPLWHG WKLV IUHHGRP 7KH GHFODPDWLRQ LPSUHVVHG LWV VROH EXW SHUFHSWLYH UHDGHU*DEULHO1DXGÂDVDVLJQRIWLPHVVRPXFKPRUHYLWDODQGOHVVUHSUHVVHGWKDQWKH WLPHVRIWKH&RXQWHU5HIRUPDWLRQ3ODFHGRQVWDJHE\7LEHULR5XVVLOLDQR3KLORVRSK\ WRRN XS DQG FRPSOHWHG 3RPSRQD]]LnV OLVW 3KLORVRSK\ KDG KDG LWV RZQ ”WUDQVODWLR LP SHULL…WR,WDO\%RORJQDDQG3DGXD D HUWKHZDQLQJRIWKH(J\SWLDQ*UHHNDQG$UDELF VFKRROV r EXW WKH VXEVHTXHQW UHSUHVVLRQ ZDV VXFK WKDW SKLORVRSKHUV ZHUH QHDUO\ IRUFHG LQWRH[LOH(YHQ3LFRKDGEHHQKDUGKLW:HQRZNQRZWKDWWKHFHQVXUHLQYROYLQJWKH SULQFH RI 0LUDQGROD ZDV DOVR NQRZQ WR 3RPSRQD]]L ZKR KDG UHDG3LFRnV &RQFOXVLRQHV DQG$SRORJLDSULQWHGZLWK/HR;nVSULYLOHJH%XW7LEHULR5XVVLOLDQRUHPLQGVXVDERXW WKHOHVVNQRZQHSLVRGHRIVRPHWZHQW\\HDUVEHIRUHLQYROYLQJKLVRZQWHDFKHU$JRVWLQR 1LIR r DQ HSLVRGH 5XVVLOLDQR FRQVLGHUHG DQDORJRXV WR WKH YHU\ UHFHQW RQH LQYROYLQJ 3RPSRQD]]L,QWKLVFDVH1LIRKDGWDNHQDVWDQGRQWKHZURQJVLGHRIWKHEDUULFDGHV7L EHULRrRQHRIWKHUVWOLEHUWLQVrKDGEHHQDIROORZHURI1LIRnV$YHUURLVWLFLQWHUSUHWDWLRQ RIWKHVRXODQGRILWVEHDWLWXGHEXWDWWKLVSRLQWKHKDGWDNHQ VLGHVZLWK3RPSRQD]]L WKXVSXWWLQJKLPVHOIODVWLQWKHOLQHRIYLFWLPV&I=DPEHOOL8QDUHLQFDUQD]LRQHS $ORQJWKHVDPHOLQHVDQGIURPWKHVDPHJURXSRI%RORJQHVHVWXGHQWVIURP6RXWK HUQ,WDO\QHZHYLGHQFHKDVEHHQUHFHQWO\IRXQGDQGNLQGO\VKRZQWRPHE\)UDQFR%DF FKHOOL$XUHOLXV*DXGDULQXV&DODEHU(SLVWRODH%RORJQDr)DHOOL IUY,QDQXQ GDWHG OHWWHU WR $XUHOLXV 1LFRODXV 3RUWLXV D HU PHQWLRQLQJ 7LEHULXVn SHUVHFXWLRQ DQG LJKWDQG1LIRnVDWWHPSWVWRKHOSKLP*DXGDULQXVZULWHV”0LKLYHURGXELXPQRQHVW TXLQ VDFHUGRWHV GH SKLORVRSKLV FUXGHOLVVLPH FRJLWHQW PXOWDVTXH HW JUDYHV RHQVLRQHV VXVFLSLDQW )XLW HWLDP VXSHULRULEXV GLHEXV KDHUHVL DFFXVDWXV 3HUHWXV PHXV RSWLPXV PD





3DROD=DPEHOOL

UHOLJLRXV DQG FLYLF RUGHU ”e WKHLU SRZHU ZDV DOZD\V YHU\ JUHDW WKHUHIRUH YLHZHGDWDOOWLPHVZLWKVXVSLFLRQRQWKHVXEMHFWRIUHOLJLRQDV3ODWRZULWHVLQ KLV $SRORJ\ SKLORVRSKHUV ZHUH DOZD\V ODXJKHG DW VFRUQHG RU KDWHG… 3ODWR ZDVKRZHYHUDSKLORVRSKHUZKRZDVQRWVODQGHUHGDV3OXWDUFKREVHUYHVDW WULEXWLQJWKLVWRKLVKROLQHVVYLWDHVDQFWLPRQLD DQGWRKLVREHGLHQFHWRDGLYLQH RUDFOHZKRVHVHFUHWVKHFODLPHGWRUHYHDOWRKLVGLVFLSOHV%XWLQWKLVKROLQHVV DQGLQVSLUDWLRQ3RPSRQD]]LVHHVRQO\DIRUPRIK\SRFULV\ ”)URPWKLVFDQEHXQGHUVWRRGWKHUHDVRQZK\$ULVWRWOHGLGQRWVSHDNIUDQNO\RIWKDW KHFRQGHPQHGWKHZD\RISKLORVRSKL]LQJWKURXJKHQLJPDVPHWDSKRUVDQGFWLRQV PDLQO\XVHGE\3ODWRDQGKHUHIXVHGWRDGRSWLW6RLWLVQRWVXUSULVLQJWKDWWKHYXOJDU DQGWKHSULHVWVSUDLVHG3ODWRDQGDWWKHVDPHWLPHUHMHFWHGDQGEHOLWWOHG$ULVWRWOH…

7KXV3ODWRDVDSKLORVRSKHUFRXOGQRWKHOSEXWDJUHHZLWKWKRVHZKRGHQLHG WKH VXSHUQDWXUDO EXW RXW RI IHDU DQG FRQIRUPLW\ KH DGPLQLVWHUHG KLV P\WKV GHDUWRSULHVWVDQGHHFWLYHRQFRPPRQVRXOV3RPSRQD]]LLQ$SRORJLD,UH SRUWVWKDW”DKLJKO\H[SHUW*UHHNKDGWROGKLPWKDW3ODWRKLPVHOIGLGQRWEH OLHYHLQWKHLPPRUWDOLW\RIWKHVRXO… $ULVWRWOHRQWKHRWKHUKDQGKDGWRWDNH UHIXJHLQVLOHQFHFRQVWLWXWLQJDQLQVXSHUDEOHLQLWLDWRU\EDUULHUIRUDOOKLVUHDG HUV ZLWK WKH H[FHSWLRQ RI WKH DWWHQWLYH SKLORVRSKHU DEOH WR LQWHUSUHW WKLV VL OHQFHDQGUHFRQVWUXFWKLVGRFWULQHrDV3RPSRQD]]LKRSHGKHKDGGRQHRQWKH VXEMHFWRIGHPRQVDQGSURGLJLHV”$ULVWRWOHUHIXVHGWRGHDOZLWKWKLVTXHVWLRQ LQDVHSDUDWHOHQJWK\ZRUNOHVWWKHVHFUHWVRISKLORVRSK\VKRXOGEHULGLFXOHGE\ WKHYXOJDU…$ULVWRWOHn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…   3RPSRQDWLXV$SRORJLD,LQLG7UDFWDWXVDFXWLVVLPLIY   3RPSRQDWLXV'HLQFDQWDWLRQLEXVS   3RPSRQDWLXV'HLQFDQWDWLRQLEXVS   (*DULQ”/HWUDGX]LRQLXPDQLVWLFKHGL$ULVWRWHOHQHOVHFROR;9…LQ$WWLGHOOn$FFDGHPLD )LRUHQWLQDGL6FLHQ]H0RUDOLw/D&RORPEDULDk S,QWKLVVWXG\RQH QGVWKH FRPPHQWXVHGDJDLQODWHUE\6FKPLWW$ULVWRWOHDQGWKH5HQDLVVDQFHS”WKH2HFRQRP LFVZDVPRUHPHDQLQJIXOWRWKHVHFXODUFXOWXUHRI HHQWKFHQWXU\,WDO\WKDQWRWKHPR QDVWLFFXOWXUHRIWKLUWHHQWKFHQWXU\)UDQFHe:RUNVVXFKDVWKH2HFRQRPLFV(WKLFV3ROL WLFV 3RHWLFV DQG 3UREOHPDWD ZHUH PXFK UHDG E\ DQ LQWHOOHFWXDO PLOLHX GLHUHQW IURP WKH DFDGHPLFRQH…





3LHWUR3RPSRQD]]LnV'HLPPRUWDOLWDWHDQG'HLQFDQWDWLRQLEXV

$QD[DJRUDV 3RPSRQD]]L GRHV QRW VHHN RXW WKLV LQIRUPDWLRQ IURP 3OXWDUFK RQO\RXWRIDSODLQLQJHQXRXVWDVWHIRUVRFDOOHGKXPDQLVWLFHUXGLWLRQZKLFK LQ'HLQFDQWDWLRQLEXVLPSHOVKLPWRFLWHPDQ\FODVVLFZRUNVDQGHYHQVRPHRI 3HWUDUFKnVSRHPVDQG%RFFDFFLRnV/LIHRI'DQWH7KHDQDORJ\ZLWKWKHIHDUVRI KLVWLPHDQGZLWKKLVRZQVLWXDWLRQWUDQVSLUHVIRUFHIXOO\LQWKHVHSDJHVRIKLV ZRUN ”2QHKDVWREHFDUHIXOQRWWRVSHDNRIWKDWZLWKLJQRUDQWSULHVWV7KHUHDVRQLVHDV\ WRXQGHUVWDQGJLYHQWKDWSKLORVRSKHUVKDYHVRR HQEHHQEDQLVKHGIURPWKHLURZQ FLWLHVRULPSULVRQHGRUVWRQHGRUSXWWRGHDWKDQGVRLQH[FKDQJHIRUWKHLUJRRG GHHGVWKH\KDYHHQGXUHGJUHDWVXHULQJ…

:KHQ5HQDQDQG)LRUHQWLQRSUHVHQWHG3RPSRQD]]LDVRQHRIWKHUVWWRDW WHVWWRIUHHWKRXJKWWKH\ZHUHQRWLQYHQWLQJDQHZSUROHLWZDVSUHFLVHO\LQ WKHVH WHUPV WKDW 3RPSRQD]]L UHJDUGHG KLPVHOI DQG ZDV UHJDUGHG E\ VRPH RI KLVFRQWHPSRUDULHV     $EVWUDFW 

7KHLPSRUWDQFHRI$ULVWRWHOLDQLVPGXULQJWKH5HQDLVVDQFHLVRQHRIWKHSRLQWVPRVWHP SKDVL]HGLQWKHSDVWWZHQW\\HDUVE\$PHULFDQKLVWRULDQV,QWKH)DFXOWLHVRI$UWVSURIHVVRUV ZHUHREOLJHGWRLOOXVWUDWH$ULVWRWHOLDQWH[WVDQGFRPPHQWDULHVEXWRIFRXUVHWKH\GLGQRW VXEVFULEHWRDOO RIWKHRULJLQDOGRFWULQHVRI$ULVWRWOHVR9DQ6WHHQEHUJKHQ.ULVWHOOHUDQG &%6FKPLWWFRQVLGHUPRVWRIWKHPDERYHDOO3LHWUR3RPSRQD]]L DV”HFOHF WLFV…+DYLQJHPHUJHGXQVFDWKHGIURPWKHGLVSXWHRQKLVWUHDWLVH”'HLPPRUWDOLWDWHDQLPDH…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nVERG\RUKLVSDVVLRQVRUrDFFRUG LQJWRDPRUHUDGLFDOWKHVLVrKLVHQWLUHSHUVRQDOLW\LVVXEMHFWHGE\WKHLQXHQFHRIWKHVWDUV WKHJUHDWFRQMXQFWLRQVRIWKHVWDUVDQGWKHF\FOLFDOQDWXUHRIKLVWRU\WKHVSRQWDQHRXVJHQ HUDWLRQRIPDQWKHFDSDFLW\RIWKHDVWURORJHUDQGWKHQDWXUDOPDJLFLDQWRSURGXFHLQFDQWD WLRQVDQGSURGLJLHVHWF 

  



 3RPSRQDWLXV'HLQFDQWDWLRQLEXVS  3RPSRQDWLXV'HLQFDQWDWLRQLEXVS



%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP     

:$/7(5 )5,('5,&+ 2772

=ZHL)UDJPHQWH]XU6RNUDWLVFKHQw:LVVHQVHWKLNk       



+HUDXVJHJHEHQXQGPLWHLQHU(LQOHLWXQJYHUVHKHQ  YRQ  $/(66$1'5267$958



: ) 2WWR ]XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

(LQOHLWXQJ

  %H]HLFKQHQGIÕUGLHOHW]WHQEHLGHQ-DKU]HKQWHZLVVHQVFKD OLFKHU3URGXNWLRQGHV$OWSKLOR ORJHQ :DOWHU )ULHGULFK 2WWR VLQG VHLQH ELVKHU XQYHUÏHQWOLFKWHQ 6RNUDWHV9RUOHVXQJHQ 'LHVHVWDPPHQDXVGHQ.ULHJVMDKUHQDOV2WWRLQ.ÏQLJVEHUJOHKUWH:6 DXVVHL QHUNXU]HQ7½WLJNHLWLQ*ÏWWLQJHQ66 VRZLHDXVGHQIÕQI]LJHU-DKUHQDOVHU*DVWSUR IHVVRULQ7ÕELQJHQZDU66XQG:6  ,P1DFKOD¸2WWRVGHUMHW]WLP'HXW VFKHQ /LWHUDWXUDUFKLY 0DUEDFK DXIEHZDKUW LVW OLHJHQ FD  0DQXVNULSWVHLWHQ ]XP 7KHPD w6RNUDWHVk YRU (V KDQGHOW VLFK KDXSWV½FKOLFK XP 9RUOHVXQJV XQG 9RUWUDJVPDQXVNULSWH (QWZÕUIH $EVFKQLWWH XQG 9RUDUEHLWHQ ]X HLQHU JHSODQWHQ 0RQRJUDSKLH  VLQG HEHQIDOOV YRUKDQGHQKQOLFKH)DVVXQJHQ]XEHVWLPPWHQ7KHPHQ]HLJHQGD¸2WWRGLHVHV0DWHULDO LP/DXIHGHU-DKUHPHKUPDOVÕEHUDUEHLWHWHE]ZQHXNRQ]LSLHUWHXQGXPVWUXNWXULHUWH$OV 



'HQ 9RUOHVXQJVYHU]HLFKQLVVHQ ODVVHQ VLFK IROJHQGH 7LWHO HQWQHKPHQ .ÏQLJVEHUJ :6  6RNUDWHV XQG GHU JULHFKLVFKH 0HQVFK IÕU +ÏUHU DOOHU )DNXOW½WHQ  7ÕELQJHQ :6  6RNUDWHV XQG 3ODWRQ  [ ZÏFKHQWOLFK  66  6RNUDWHV 'LHV9RUOHVXQJ  IRUWJHVHW]W LP :6  'DV IÕU GDV :6  DQJHNÕQGLJWH .ROOHJ 6RNUDWHV ]XP :HVHQ GHV 0HQVFKHQ GHU 7XJHQG XQG GHV KÏFKVWHQ *XWHQ NRQQWH GHU VFKZHU HUNUDQNWH 2WWR QLFKW PHKU KDOWHQ 'D¸ HU DXFK LQ VHLQHP *ÏWWLQJHU 9HUWUHWXQJVVHPHVWHU 66  ]X 6RNUDWHV ODV XQG JOHLFK]HLWLJ DQ HLQHP %XFK GDU ÕEHU DUEHLWHWH JHKW DXV HLQHP %ULHI YRP  DQ VHLQHQ .ÏQLJVEHUJHU .ROOHJHQ :LOO\ 7KHLOHU KHUYRU ”,FK ZHUGH LP 6RPPHU ÕEHU 7UDJÏGLH OHVHQ XQG ÕEHU 6RNUDWHV GHU PLFK GLH JDQ]H =HLW EHVFK½ LJW KDW 'LH 9RUOHVXQJ ÕEHU LKQ VROO HLQH 3UREH IÕU GDV EHDEVLFKWLJWH %XFK



ZHUGHQ GDV LFK LQ GLHVHP -DKU IHUWLJ ]X EULQJHQ KR H… 'HXWVFKHV /LWHUDWXUDUFKLY 0DUEDFK $ 2WWR



>LP IROJHQGHQ ]LWLHUW DOV w$ 2WWRk@ 



'LHVHV 0DWHULDO ZXUGH QDFK 2WWRV 7RG PLW GHQ %XFKVWDEHQ wPk XQG w&k EH]L HUW 'HU wPk6WR¸ VWDPPW JUϸWHQWHLOV DXV GHQ .ÏQLJVEHUJHU -DKUHQ GLH w&k0DQXVNULSWH ZXUGHQ LQ GHU 1DFK NULHJV]HLW NRQ]LSLHUW ,Q GHQ -DKUHQ QDFK GHP =ZHLWHQ :HOWNULHJ ZDU HLQ %XFK PLW GHP 7LWHO w6RNUDWHV XQG .DQWk EHLP +DPEXUJHU 6FKUÏGHU9HUODJ NXU] YRU GHP (UVFKHLQHQ YJO $ 2WWR 6 %XFKHQDX DQ 2WWR DP  ZR YRQ HLQHP ”9HUODJVYHUWUDJ… VRZLH YRQ HLQHU ”µEHUZHL VXQJ LQ +ÏKH YRQ 50 r DOV ¹ FRQWR=DKOXQJ IÕU GDV +RQRUDU DXI w6RNUDWHV XQG .DQWk… GLH 5HGH LVW XQG DP  ”'DUI LFK KHXWH DQ 6LH GLH )UDJH ULFKWHQ ]X ZHOFKHP =HLWSXQNW XQJHI½KU GDV 0DQXVNULSW >6RNUDWHV XQG .DQW@ VDW]IHUWLJ ZHUGHQ ZLUG" ,FK ZÕUGH ,KUH $UEHLW



GDQQ VRIRUW QDFK (LQWUH HQ GHV 0DQXVNULSWHV LQ GLH +HUVWHOOXQJ JHEHQ e… )HVW]XVWHOOHQ LVW DXFK GDV %HGDXHUQ YRQ +HOPXW .ÕSSHU DP  ”6R VHKU LFK PLFK ÕEHU GLH VFKÏQH (QWZLFN OXQJ IUHXH GLH ,KUH *HGDQNHQ ]XP 7KHPD w6RNUDWHVk JHQRPPHQ KDEHQ VR LVW HV GRFK IÕU PLFK JHUDGH]X HLQ 6FKPHU] GDVV GLHVHV %XFK QXQ QLFKW EHL PLU HUVFKHLQHQ NDQQ…  $XV ]ZHL ZHLWHUHQ %ULHIHQ JHKW KHUYRU GD¸ 2WWR ]ZDU PLW GHP ,QKDOW VHLQHU 0RQRJUDSKLH ]XIULHGHQ ZDU VLH DEHU IÕU QRFK QLFKW DEJHVFKORVVHQ KLHOW ”6R VWHKW GLH $XIJDEH GDV 6RNUDWHVEXFK ]X VFKUHLEHQ VFKRQ VHLW ]ZHL -DKUHQ YRU PLU RKQH GD¸ DXFK QXU HLQ 7HLO GDYRQ VHLQH HQGJÕOWLJH $XVIÕKUXQJ JHIXQ GHQ K½WWH $EHU ZLH MHGH VFKLFNVDOKD H 9HUELQGXQJ QDFK XQG QDFK HLQHQ WLHIHUHQ 6LQQ HQWKÕOOW VR ELQ LFK DXFK LQ GLHVHP )DOOH GDQNEDU YRQ HLQHU 9RUHLOLJNHLW EHZDKUW ZRUGHQ ]X VHLQ 'HQQ ZHQQ LFK DXFK QLUJHQGV ]X (QGH JHNRPPHQ ELQ VR KDEH LFK GRFK VR YLHO (QWVFKHLGHQGHV LQ GHU =ZLVFKHQ]HLW JHIXQGHQ XQG HUNDQQW GD¸ GLH $UEHLW e YLHO JHKDOWYROOHU ZHUGHQ ZLUG DOV LQ GHP HUVWHQ 3ODQ ODJ…  DQ :LOO\ 7KHLOHU $ 2WWR  ”,P +LQWHUJUXQGH VWHKW QRFK HLQ %XFK ÕEHU 6RNUDWHV DXI GDV HLQ +DPEXUJHU 9HUODJ VFKRQ VHLW  -DKUHQ ZDUWHW GDV DEHU JHZLVV LQ GLHVHU 6FKZHLJH XQG :DUWH]HLW DQ *HKDOW JHZRQQHQ KDW XQG QRFK JHZLQQHQ ZLUG…  DQ .DUO .HUÂQ\L $ .HUÂQ\L 





(LQOHLWXQJ

HUVWDUEKLQWHUOLH¸HU]ZDUNHLQGUXFNUHLIHV%XFKDEHUPHKUHUHDXVJHDUEHLWHWH(LQ ]HODEVFKQLWWHZHOFKHVLFK]XHLQHU0RQRJUDSKLHKDUPRQLVFK]XVDPPHQIÕJHQODVVHQNÏQQ WHQ 'LH YROOVW½QGLJHQ 6FKUL HQ XPIDVVHQ FD  0DQXVNULSWVHLWHQ rGDUXQWHUEHQGHQ VLFKDXFKÏ HUÕEHUDUEHLWHWH$EVFKQLWWHGDUÕEHUKLQDXVOLHJHQHLQLJH)UDJPHQWHFD 6  XQG ]DKOUHLFKH 1RWL]HQ VRZLH ([]HUSWH DXV DQWLNHU XQG PRGHUQHU 6RNUDWHV/LWHUDWXU YRUFD6 (LQH8QWHUWHLOXQJGHUYROOVW½QGLJHQ0DWHULDOLHQQDFK9HUZHQGXQJV]ZHFN XQG,QKDOWJLEWHLQHNODUHµEHUVLFKWÕEHULKUHQ$XIEDX   'LH1RWL]HQXQG([]HUSWH]HXJHQYRQHLQHUXPIDQJUHLFKHQ4XHOOHQDUEHLWZHOFKHGLH ]HLWJHQÏVVLVFKHQ6WXGLHQQLFKWXQEHUÕFNVLFKWLJWO½¸W=XGLHVHQ]½KOHQLQHUVWHU/LQLHGL H 6FKUL HQGHUEHLGHQ5HSU½VHQWDQWHQGHUw6FKRWWLVFKHQ6FKXOHk%XUQHWXQG7D\ORU GHQHQ VLFK2WWRLQPHKUHUHQ3XQNWHQDQVFKOLH¸W 'DV8UWHLOÕEHUGLHGHXWVFKHQ*HOHKUWHQVHL QHU=HLW=HOOHU1DWRUS0DLHUXQG6WHQ]HO I½OOWGDJHJHQHKHUQHJDWLYDXV PLW$XVQDKPH  

/HLGHU PL¸ODQJHQ GLH 9HUVXFKH YRQ 2WWRV 7RFKWHU (YD 6]DEÌ2WWR LP /DXIH GHU HU XQG HU -DKUH IÕU GLHVH 6FKUL HQ HLQHQ +HUDXVJHEHU ]X

QGHQ %LV DXI HLQHQ  LQ .ÏQLJVEHUJ JHKDO

WHQHQ 9RUWUDJ : ) 2WWR ”6RNUDWHV XQG GLH (WKLN (LQ 9RUWUDJ… LQ 6FKHLGHZHJH  >@ 6  r YRP 6FKZHL]HU *U½]LVWHQ %HUQKDUG :\¸ PLW HLQHP *HOHLWZRUW ”=X :DOWHU ) 2W WRV 6RNUDWHV9RUWUDJ… >6 @ KHUDXVJHJHEHQ VLQG ELV ]XP KHXWLJHQ 7DJ V½PWOLFKH 0DQX





VNULSWH XQYHUÏ HQWOLFKW JHEOLHEHQ



'LH 9RUOHVXQJV XQG 9RUWUDJVPDQXVNULSWH XPIDVVHQ FD  6HLWHQ 'DUXQWHU EH QGHQ VLFK DE JHVFKORVVHQH PHLVW DXIHLQDQGHU EH]RJHQH 7H[WH ]X IROJHQGHQ 7KHPHQ ”/HEHQ XQG /HKUH GHV 6RNUDWHV… MHZHLOV       XQG  6  ”6RNUDWLVFKH w:LVVHQVHWKLNk…      6  ”]YGœ… XQG ”ƒKEU³R…    6  ”6RNUDWHV XQG GLH JULHFKLVFKH 5HOLJLRQ…    6  ”'LDORJ XQG ,GHHQOHKUH…   6  ”HEMQ³RMSR…  6  ”1LHW]VFKHV .ULWLN DQ 6RNUDWHV…  6  ”u)V[N… XQG ”*MPfE…  6  'LH IÕU GLH 0RQRJUDSKLH YHUID¸WHQ $EVFKQLWWH EHWUDJHQ LQVJHVDPW FD  6HLWHQ ”w:LVVHQVHWKLNk…         6  ”6RNUDWHV XQG .DQW…       6  ”6RNUDWHV XQG .LHUNHJDDUG…  6  ”ƒKEU³R…    6  ”]YGœ…   6  ”,GHHQOHKUH…



  6  ”/HEHQ XQG /HKUH…  6  9JO - %XUQHW ”7KH 6RFUDWLF 'RFWULQH RI WKH 6RXO… LQ 3URFHHGLQJV RI WKH %ULWLVK $FDGHP\   2[IRUG   6  GHUV ”6RFUDWHV… LQ - +DVWLQJV HG  (QF\FORSHGLD RI 5HOLJLRQ DQG (WKLFV %G ;,, (GLQEXUJK   6  GHUV 3ODWRQLVP %HUNHOH\   $ ( 7D\ORU 9DULD 6RFUDWLFD 2[IRUG   GHUV $ &RPPHQWDU\ RQ 3ODWRnV 7LPDHXV 2[IRUG   GHUV 6RFUD WHV (GLQEXUJK   0LW GLHVHQ IÕU LKQ JUXQGOHJHQGHQ 6FKUL HQ VHW]W VLFK 2WWR LQ VHLQHQ 6RNUDWHV6WXGLHQ DXVIÕKUOLFK DXVHLQDQGHU ]X %XUQHW YJO EHV P 6  ]X 7D\ORU P 6



 XQG 6   9JO & 6  ”,FK QHLJH GD]X GHQ *HOHKUWHQ GHU VFKRWWLVFKHQ 6FKXOH ]X]XVWLPPHQ %XUQHW 7D\ORU e… XQG & 6  ”1DFK PHLQHU 0HLQXQJ VLQG GLH *HOHKUWHQ GHU VFKRWWLVFKHQ 6FKXOH LP :HVHQWOLFKHQ LP 5HFKW ,KUH $UJXPHQWDWLRQ EHUXKW QLFKW QXU DXI GHU JUÕQGOLFKVWHQ .HQQW QLV XQG VRUJI½OWLJVWHQ ,QWHUSUHWDWLRQ GHU 3ODWRQLVFKHQ 6FKUL HQ XQG GHU JDQ]HQ µEHUOLHIHUXQJ



VRQGHUQ KDW YRU GHQ PHLVWHQ DQGHUHQ GHQ 9RU]XJ GHU HLQIDFKHQ 1DWÕUOLFKNHLW… 9JO ( =HOOHU ”6RNUDWHV XQG GLH XQYROONRPPHQHQ 6RNUDWLNHU… LQ GHUV 'LH 3KLORVRSKLH GHU *ULH FKHQ LQ LKUHU JHLVWLJHQ (QWZLFNOXQJ 7 ,, $EW , ”6RNUDWHV XQG GLH 6RNUDWLNHU 3ODWRQ XQG GLH DOWH  $NDGHPLH… /HLS]LJ   6  3 1DWRUS ”8HEHU 6RNUDWHV… LQ 3KLORVRSKLVFKH 0RQDWV KH H    6  GHUV 3ODWRV ,GHHQOHKUH (LQH (LQIÕKUXQJ LQ GHQ ,GHDOLVPXV /HLS]LJ   + 0DLHU 6RNUDWHV 6HLQ :HUN XQG VHLQH JHVFKLFKWOLFKH 6WHOOXQJ 7ÕELQJHQ   - 6WHQ]HO 6WXGLHQ ]XU (QWZLFNOXQJ GHU 3ODWRQLVFKHQ 'LDOHNWLN YRQ 6RNUDWHV ]X $ULVWRWHOHV %UHVODX   GHUV ”6RNUDWHV… LQ * :LVVRZD : .UROO XQG . 0LWWHOKDXV +UVJ  3DXO\V 5HDOHQF\FORS½GLH GHU FODVVL VFKHQ $OWHUWXPVZLVVHQVFKD  %G ,,  6WXWWJDUW   6  GHUV 3ODWRQ GHU (U]LHKHU /HLS]LJ





: ) 2WWR ]XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

YRQ -DHJHU r GHP GDV 9HUGLHQVW ]XJHVSURFKHQ ZLUG GLH ;HQRSKRQWLVFKH µEHUOLHIHUXQJ ZLHGHU DXIJHZHUWHW ]X KDEHQ  :LH ZLFKWLJ 2WWR GLHVHV =HXJQLV ZDU LQVEHVRQGHUH GLH 0HPRUDELOLHQ JHKW DXV GHU ]DKOUHLFKHQ 6HNXQG½UOLWHUDWXU ]XU (FKWKHLW XQG =XYHUO½VVLJ NHLW ;HQRSKRQV KHUYRU GLH LKQ VHKUEHVFK½ LJWH(VGDUIGHVKDOEQLFKWYHUZXQGHUQGD¸GLH HKHUwVNHSWLVFKHQk7KHVHQHLQHV*LJRQEHL2WWRNHLQHQ1DFKKDOOQGHQNRQQWHQ  :DVYLHOHJHOHKUWH/LWHUDWXUDXVGHP%OLFNYHUORUHQKDWWHZDUQDFK2WWRJHUDGHGLHXQ JHKHXUH:LUNXQJZHOFKHGLH6RNUDWLVFKH/HKUHGHVw7XJHQGZLVVHQVkDXIVHLQH6FKÕOHUVR ZLHDXIGLHDEHQGO½QGLVFKH1DFKZHOWDXVÕEWH,QVHLQHQ *ÏWWHUQ*ULHFKHQODQGVKDWWHHUEH UHLWV JH]HLJW GD¸ GDV UHOLJLÏVH 9HUK½OWQLV GHU *ULHFKHQ ]XU :HOW LQ HUVWHU /LQLH YRQ GHU (LQVLFKW EHVWLPPW ZDU 6½PWOLFKH +DQGOXQJHQ XQG (QWVFKHLGXQJHQ GHU +HOOHQHQ r YRQ +RPHUELV]XUNODVVLVFKHQ=HLW rVHLHQQLFKWDXIVXEMHNWLYH:LOONÕUVRQGHUQYLHOPHKUDXI    6  (LQ ]XVDPPHQIDVVHQGHV 8UWHLO ÕEHU GLHVH YLHU *HOHKUWHQ JLEW 2WWR LQ P 6  ”>,Q GHU /RJLN@ GLH HLJHQWOLFKH %HGHXWXQJ GHU 6RNUDWLVFKHQ /HKUH ]X VHKHQ ZLH 1DWRUS XQG

GLH

0DUEXUJHU

6FKXOH 

GHQ

6RNUDWHV

ZHVHQWOLFK

DOV

GHQ

w%HJUÕQGHU

GHU



%HJUL V

3KLORVRSKLHk ]X YHUVWHKHQ ZLH DXFK ] % =HOOHU *HVFK G JU 3KLORV  LVW HEHQVR YHUNHKUW ZLH LQ 5HDNWLRQ GDUDXI + 0DLHU 6RNUDWHV VHLQ :HUN XQG VHLQH *HVFKLFKWOLFKH 6WHOOXQJ  LKQ QXU DOV GHQ 3URWUHSWLNHU GHQ 3URSKHWHQ GHU VLWWOLFKHQ $VWURQRPLH JHOWHQ O½¸W e :HQLJ IÏUGHU OLFK DXFK ZDV LP $QVFKOX¸ DQ + 0DLHU - 6WHQ]HO 6WXGLHQ ]XU (QWZLFNOXQJ GHU 3ODWRQLVFKHQ 'LDOHFWLN YRQ 6RNUDWHV ELV $ULVWRWHOHV  X EHVRQGHUV LQ GHP $UWLNHO w6RNUDWHVk LQ 3: DXV IÕKUW… 'HU )HKOHU GLHVHU ,QWHUSUHWDWLRQHQ OLHJW QDFK 2WWR GDULQ QLFKW HUNDQQW ]X KDEHQ GD¸ GLH



/HKUH GHV 6RNUDWHV GLH XQWUHQQEDUH (LQKHLW YRQ /RJLN XQG (WKLN GDUVWHOOW YJO P 6   9JO : -DHJHU 3DLGHLD 'LH )RUPXQJ GHV JULHFKLVFKHQ 0HQVFKHQ %HUOLQ   ZRUÕEHU 2WWR VFKUHLEW ”(V LVW HLQ JUR¸HV 9HUGLHQVW YRQ -DHJHU 3DLGHLD ,,  GHQ ;HQRSKRQ JHJHQ GLH XQJODXE OLFKHQ 9RUXUWHLOH GHU QHX]HLWOLFKHQ .ULWLN LQ 6FKXW] JHQRPPHQ XQG DOV =HXJHQ IÕU 6RNUDWHV



ZLHGHU ]X (KUHQ JHEUDFKW ]X KDEHQ… & 6   9JO . -RÄO 'HU HFKWH XQG GHU ;HQRSKRQWLVFKH 6RNUDWHV %HUOLQ   $ 'ÏULQJ 'LH /HKUH GHV 6R NUDWHV DOV VRFLDOHV 5HIRUPV\VWHP 1HXHU 9HUVXFK ]XU /ÏVXQJ GHV 3UREOHPV GHU 6RNUDWLVFKHQ 3KLORVRSKLH



0ÕQFKHQ   8 YRQ :LODPRZLW]0RHOOHQGRU  'LH ;HQRSKRQWLVFKH $SRORJLH %HUOLQ   + YRQ $UQLP ;HQRSKRQV 0HPRUDELOLHQ XQG $SRORJLH GHV 6RNUDWHV .RSHQKDJHQ   . YRQ )ULW] ”=XU )UDJH GHU (FKWKHLW GHU ;HQRSKRQWLVFKHQ $SRORJLH GHV 6RNUDWHV… LQ 5KHLQLVFKHV 0X VHXP IÕU 3KLORORJLH    6  =X 2WWRV 6WHOOXQJQDKPH ]XJXQVWHQ YRQ ;HQRSKRQV %TSQRLQSRI»QEXE

 ”'LH 0HPRUDELOLHQ HQWKDOWHQ GHQ ZHUWYROOVWHQ 6FKDW] YRQ 0LWHUOHEWHP

XQG *HKÏUWHP e ,FK KDOWH GLH 0HPRUDELOLHQ IÕU HLQHV GHU JHKDOWYROOVWHQ %ÕFKHU GHU $QWLNH e :½KUHQG ZLU EHL 3ODWRQ LPPHU NXQVWYROOH &RPSRVLWLRQHQ YRU XQV KDEHQ VSULFKW KLHU GLH



VFKOLFKWH 5HDOLW½W ]X XQV… & 6   9JO 2 *LJRQ 6RNUDWHV 6HLQ %LOG LQ 'LFKWXQJ XQG *HVFKLFKWH %HUQ   'D]X 2WWR ”HLQH JHLVW ORVH X XQIUXFKWEDUH 6NHSVLV… & 6   (V VHL KLHU ]XP 9HUJOHLFK DXI GLH QHXHVWH /LWHUDWXU ]XU )LJXU GHV 6RNUDWHV KLQJHZLHVHQ $ *RWWOLHE 6RFUDWHV 1HZ
 HG  5HDVRQ DQG 5HOLJLRQ LQ 6RFUDWLF

3KLORVRSK\ 2[IRUG   1 5DQDVLQJKH 7KH 6RXO RI 6RFUDWHV &DPEULGJH   * $ 6FRWW 3ODWRnV 6RFUDWHV DV (GXFDWRU 1HZ


0DLODQG   9JO : ) 2WWR 'LH *ÏWWHU *ULHFKHQODQGV %RQQ   6  6LHKH DXFK GHUV 'HU 'LFKWHU XQG GLH DOWHQ *ÏWWHU )UDQNIXUW D 0   6  ZR EHUHLWV DOOHV DXI GLH 6RNUDWLVFKH w:LVVHQVHWKLNk KLQDXVO½X 





(LQOHLWXQJ

HLQ w:LVVHQk YRQ REMHNWLYHQ 5HDOLW½WHQ ]XUÕFN]XIÕKUHQ 6R KHL¸W HV EHLVSLHOVZHLVH YRQ IUHXQGOLFKJHVLQQWHQ+HOGHQGD¸VLHw)UHXQGOLFKHVZLVVHQkYRQOLHEHYROORGHUUHFKWP½¸LJ +DQGHOQGHQGD¸VLHYRP/LHEHYROOHQXQGYRP5HFKWP½¸LJHQwZLVVHQkXVZ(VJHKHGDEHL XP HLQ XQPLWWHOEDU HLQOHXFKWHQGHV :LVVHQ ZHOFKHV DOOHLQ GDV 0RWLY MHGHU VLWWOLFKHQ  +DQGOXQJ NRQVWLWXLHUH 'LH JULHFKLVFKH 0RUDOVHLGHPQDFKQLFKWDXIGHQLQQHUHQ:LOOHQ GHV(LQ]HOQHQVRQGHUQDXI(UNHQQWQLVYRQVLFKRHQEDUHQGHQ6HLQVZDKUKHLWHQJHJUÕQGHW 'LHVH ZHVHQWOLFKH (LQVLFKW ZHOFKH $ULVWRWHOHV JHJHQÕEHU GHU HPSLULVFKHQ (UNHQQWQLV DOV HLQ †PPS K{RSN KRÉWI[N DOV ”HLQH DQGHUH $UW YRQ :LVVHQ… GHQLHUW KDEH GXUFKGULQJH V½PWOLFKHJULHFKLVFKH(WKLNXQG QGHLP6RNUDWLVFKHQw7XJHQGZLVVHQkLKUHQ+ÏKHSXQNW (UVWPLW3ODWRQV,GHHQOHKUHVHLGHU:HJLQV0HWDSK\VLVFKHXQGVRPLWDXFKGLHwPRGHUQHk 7UHQQXQJ]ZLVFKHQPHQVFKOLFKHP7XQXQG:HOWZLUNOLFKNHLWYRUJH]HLFKQHW  'LHEHLGHQ)UDJPHQWH2WWRVGLHKLHUDXVGHP1DFKOD¸KHUDXVJHJHEHQZHUGHQKDEHQ GLH 6RNUDWLVFKH w:LVVHQVHWKLNk ]XP *HJHQVWDQG  2EZRKO GHU 7H[W DQ PDQFKHQ 6WHOOHQ VHKU NQDSS ZHQQ QLFKW VRJDU VWLFKZRUWDUWLJ YHUID¸W LVW VFKHLQW GLH 9HUÏHQWOLFKXQJ GHV KDOE DQJHEUDFKW ZHLO GLHVH 6FKUL HQ GLH ZLFKWLJVWHQ 3XQNWH GHU 6RNUDWHV,QWHUSUHWDWLRQ 2WWRV EHUÕKUHQ ,P HUVWHQ 0DQXVNULSW ZLUG GLH HQWVFKHLGHQGH :LFKWLJNHLW GHV 6RNUDWL VFKHQ w:LVVHQVk EHKDQGHOW $XIJUXQG HLQHU $UW wSU½VWDELOLHUWHU +DUPRQLHk HQWVSUHFKH GHU PHQVFKOLFKHQ(UNHQQWQLVGHV6LWWOLFK*XWHQGDV)ÏUGHUOLFKHLQGHU:HOW'HVKDOEVHLDXFK PLW GHU (LQVLFKW GDV PRUDOLVFKH 9HUKDOWHQ XQPLWWHOEDU JHJHEHQ XQG ZLVVHQWOLFK XQPRUD OLVFK ]X KDQGHOQ XQPÏJOLFK SºHIiN yOÌR ‚QEVX„RIM  'LHVHV 9HUWUDXHQ LQ GDV 6HLQ GHU 'LQJH VRZLH LQ GDV PHQVFKOLFKH 9HUPÏJHQ GLHVHV 6HLQ ]X HUNHQQHQ IÕKUH 6RNUDWHV ]XU $XIIDVVXQJ HLQHU zTMWXœQL GHV ƒKEU³R 'HU 0HQVFK NÏQQH VLFK GXUFK JV³RLWMN DQ GDV :HVHQWOLFKHGHU:HOWDQJOHLFKHQ,QGLHVHPwJHLVWLJHQ2SWLPLVPXVkVLHKW2WWRGHQVW½UN VWHQ*HJHQVDW]]XU.DQWLVFKHQVRZLH]XUPRGHUQHQ(WKLNLPDOOJHPHLQHQGLHGDVVLWWOLFKH 9HUKDOWHQ DXI HLQH 8QWHUZHUIXQJ GHV PHQVFKOLFKHQ :LOOHQV XQWHU HLQHQ KÏKHUHQ :LOOHQ GHQGHV*HVHW]HV UHGX]LHUHQ  ,P ]ZHLWHQ )UDJPHQW ZLUG GHU UHOLJLÏVH +LQWHUJUXQG GHU JULHFKLVFKHQ w:LVVHQVHWKLNk LQV $XJH JHID¸W 'LH XQEHGLQJWH µEHU]HXJXQJVNUD  GHU VLWWOLFKHQ (UNHQQWQLV OLHJH VHLW +RPHUV =HLWHQ LQ LKUHU JÏWWOLFKHQ +HUNXQ  'DV HWKLVFK ULFKWLJH 9HUKDOWHQ VHL DQ VHLQHU JHVWDOWKD HQ6FKÏQKHLWXQPLWWHOEDUHUNHQQEDU,Q%eHÉN5{QMN(fOLXQG2{QIWMNVDKGHU *ULHFKHODXWHU*HVWDOWHQGHV6HLQVGLHDOOHLQGXUFKLKUH*HJHQZDUWLPVWDQGHZDUHQVHLQH  

$ 2WWR P 6  ”*HUDGH LP *HJHQVDW] ]X GHU DOOJHPHLQHQ %HKDXSWXQJ GD¸ PLW 6R NUDWHV GDV 6XEMHFWLYH ]XU *HOWXQJ NRPPH ZDV PDQ GDQQ HQWZHGHU SUHLVW r ZLH +HJHO HWF r



RGHU YHU XFKW r ZLH ] % 1LHW]VFKH r  PX¸ PDQ VDJHQ GD¸ HU LQ HFKWJULHFKLVFKHU :HLVH LP *H JHQVDW] ]X GHP ZDV QDFK LKP NDP DOOHV REMHFWLY VDK e (UVW QDFK LKP ZXUGH HLQH 6SHNXODWLRQ DXI JHWKDQ ÕEHU GHQ HLJHQWOLFKHQ 6LQQ VHLQHU /HKUH ZDV LVW GLHVHV w:LVVHQk" :RKHU NRPPW HV" (V ZXUGH YRQ GHU REMHFWLYHQ QDWÕUOLFK JHJHEHQHQ :HOW DEJHWUHQQW X HQWKLHOW HWZDV UHLQ 0HWDSK\ VLVFKHV ]XP 2EMHFW 3ODWRQV ,GHHQ  ZXUGH VR ]X HLQHU 6DFKH GHV wUHLQHQ *HLVWHVk e… 9JO DXFK



P 6  )UDJPHQW , VWDPPW ZRKO DXV GHU HUVWHQ +½O H GHU HU -DKUH XQG LVW LQ IROJHQGH YLHU .DSLWHO XQ WHUWHLOW 'LH %HGHXWXQJ 0DFKW GHV :LVVHQV 'LH HQWVFKHLGHQGH :LFKWLJNHLW GHV :LVVHQV 9HUJOHLFK GHV 6R NUDWLVFKHQ 6WDQGSXQNWHV PLW GHP XQVHULJHQ 'DV $OWH XQG GDV 1HXH EHL 6RNUDWHV 'LH (QWVWHKXQJV]HLW YRQ %UXFKVWÕFN ,, =XVDPPHQIDVVXQJ XQG .O½UXQJ LVW DOOHU :DKUVFKHLQOLFKNHLW QDFK HLQLJH -DKUH VS½WHU DQ]XVHW]HQ 'LH (QWVFKHLGXQJ GLHVH EHLGHQ 0DQXVNULSWH WURW] LKUHU XQWHUVFKLHGOLFKHQ $EIDVVXQJV]HLW JHPHLQVDP ]X HGLHUHQ GÕU H DXIJUXQG LKUHV LQKDOWOLFKHQ =XVDPPHQKDQJV JH UHFKWIHUWLJW VHLQ





: ) 2WWR ]XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

0RUDO]XEHVWLPPHQ'LH:LUNOLFKNHLWVSUDFK]XP0HQVFKHQLQJÏWWOLFKHQw8USK½QRPH QHQk GLH LKP EHL MHGHU HWKLVFKHQ (QWVFKHLGXQJ VHLQH 9HUEXQGHQKHLW PLW GHP 6HLQ GHU :HOWRHQEDUWHQ(UVWPLWGHP”6FKZLQGHQ…GLHVHU5HDOLW½WHQGHU6LWWOLFKNHLWZHOFKHV2W WREHL6LPRQLGHVDQVHW]WNDPHV]XHLQHU7UHQQXQJ]ZLVFKHQGHP0HQVFKHQXQGMHQHP ZHVHQKD HQ 6HLQ 'HU 0HQVFK ZDU SOÏW]OLFK DXI VLFK DOOHLQ JHVWHOOW 'HU ,QGLYLGXDOLVPXV ZXUGH VR LPPHU EHGHXWVDPHU XQG HUUHLFKWH VFKOLH¸OLFK EHL GHQ 6RSKLVWHQ VHLQHQ *LSIHO 'HQJUR¸HQ*HJHQVSLHOHUGLHVHV9HUIDOOVVLHKW2WWRLQ6RNUDWHV'XUFKVHLQ9HUWUDXHQDXI GDVÈJ{PMQSRDXIGDV)ÏUGHUOLFKHGHV6LWWOLFK*XWHQUHWWHWHHUGDVJÏWWOLFKH8USK½QRPHQ 'LH wSU½VWDELOLHUWH +DUPRQLHk GHV ƒKEU³R PLW GHP ÈJ{PMQSR VWHOOWH GHQ YHUORUHQHQ =X VDPPHQKDQJ]ZLVFKHQ(WKLNXQG:LVVHQZLHGHUKHU1XUZHUwZLVVHkZDV LQGHU:HOWGK QLFKW QXU IÕU GHQ (LQ]HOQHQ  IÏUGHUOLFK VHL NÏQQH GHPHQWVSUHFKHQG wULFKWLJk XQG wJXWk KDQGHOQ6RPLWZDULQ2WWRV$XJHQGHU%H]XJ]XP ZHVHQKD HQ6HLQ+RPHUVZLHGHUJH ZRQQHQXQGLQGHU6RNUDWLVFKHQ/HKUHYRPw7XJHQGZLVVHQkEHJUL#LFKJHIHVWLJW  'LH*HVWDOWGHV6RNUDWHVVROOWHDEHUQLFKWQXUDOV9RUELOGIÕUGLHXUVSUÕQJOLFKJULHFKLVFKH $XIIDVVXQJGHU0RUDOGLHQHQ,QGHQLP:6JHKDOWHQHQ9RUOHVXQJHQU½XPWH2WWR GHU6RNUDWLVFKHQw:LVVHQVHWKLNkDXFKLQSROLWLVFKHU+LQVLFKWHLQHSDUDGLJPDWLVFKH)XQNWLRQ HLQ'DVGLHVHU(WKLN]XJUXQGHOLHJHQGH9HUWUDXHQLQHLQHQYHUQÕQ LJHQ.RVPRVZHOFKHV VLFKEHLµEHUWUHWXQJVHLQHU †KVEJSMR³QSMQRWZHQGLJHUZHLVHU½FKWZDU]XJOHLFKDOVHLQH LPSOL]LWH.ULWLNDQGHU16+HUUVFKD JHGDFKW,QHLQHPO½QJHUHQ0DQXVNULSWGHU1DFK NULHJV]HLW JLEW 2WWR ]X YHUVWHKHQ LQZLHIHUQ GLH /HKUH GHV 6RNUDWHV HLQ 9RUELOG IÕU GHQ $XVZHJDXVGHQ”*UHXHOQ…GHV.ULHJHVK½WWHGDUVWHOOHQNÏQQHQ'LHVHZHQLJHQ+LQZHLVH DXI GLH YRQ 2WWR LQWHQGLHUWH SROLWLVFKH )XQNWLRQ GHU 6RNUDWLVFKHQ w:LVVHQVHWKLNk VROOWHQ GDUDXIDXIPHUNVDPPDFKHQGD¸HUVHLQH6RNUDWHV6FKUL HQQLFKWQXULP+LQEOLFNDXIJH VFKLFKWVSKLORVRSKLVFKH XQG DOWSKLORORJLVFKH )UDJHVWHOOXQJHQ NRQ]LSLHUWH VRQGHUQ GDPLW DXFKHLQHGXUFKDXVwDNWXHOOHk6LJQLNDQ]DQVWUHEWH 



µEHU 2WWRV .ÏQLJVEHUJHU .ROOHJ 6RNUDWHV XQG GHU JULHFKLVFKH 0HQVFK P 6  X 6   EHULFKWHW :LOO\ 7KHLOHU IROJHQGHUPD¸HQ ”6HLQH 9RUOHVXQJHQ e ÕEHU 6RNUDWHV HQWKLHOWHQ IÕU DOOH $XIPHUNHQGHQ HLQ GHXWOLFKHV 8UWHLO ÕEHU GLH =HLW… VHOEVW ”wVWDDWVIHLQGOLFKHk X¸HUXQ JHQ… : 7KHLOHU ”:DOWHU ) 2WWR f… LQ *QRPRQ  >@ 6   9JO GD]X EHV P 6 



 $ 2WWR & 6  ”:HQQ PDQ GLH )UDJH ZDV HLQHP 9RONH LQ :DKUKHLW QÕW]OLFK LVW LQ GHQ 9RUGHUJUXQG JHUÕFNW K½WWH GDQQ Z½UHQ GLH *UHXHO GHUHQ =HXJHQ ZLU VHLQ PX¸WHQ QLFKW YRQ VR YLHOHQ PLW XQEHVFKZHUWHP *HZLVVHQ YHUÕEW RGHU PLWDQJHVHKHQ ZRUGHQ… +LHU QLPPW 2WWR 6WHOOXQJ JHJHQ +LWOHUV wJXW LVW ZDV GHP 9RONH QÕW]Wk YJO & 6   0LW GHP ”GXQNOHQ :DKQVLQQ… GHV -XGHQPRUGV VHW]W VLFK 2WWR DXVIÕKUOLFK DXVHLQDQGHU P 6  XQG & 6    +LQZHLVH DXI GHQ  -XOL  VLQG LQ P 6  XQG & 6  ]X

QGHQ 8QWHU DQGHUHP

ZHJHQ VHLQHU wKXPDQLVWLVFKHQ ,GHDOHk ZXUGH 2WWRV ZLVVHQVFKD OLFKH 7½WLJNHLW YRQ 66.UHLVHQ VHKU NULWLVFK EHREDFKWHW XQG ]XP 7HLO DXFK YHUIROJW 9JO GD]X GHQ %ULHI GHV 66%ULJDGHIÕKUHUV 8KOHQDXI &KHI GHU 6LFKHUKHLWVSROL]HL XQG GHV 6LFKHUKHLWVGLHQVWHV DQ GHQ 5HLFKVOHLWHU %RXKOHU YRP  ZR 2WWR DOV ”PDVVJHEOLFKHU 9HUWUHWHU GHV QHXHQ +XPDQLVPXV LQ 'HXWVFKODQG… DXIJHIÕKUW ZLUG %XQGHVDUFKLY %HUOLQ 16   VRZLH GHQ %ULHI GHV 662EHUVWXUPEDQQIÕKUHUV 6SHQJOHU DQ GHQ &KHI GHU 6LFKHUKHLWVSROL]HL XQG GHV 6LFKHUKHLWVGLHQVWHV YRP  ZRQDFK ”3URIHVVRU 2WWR PLW HLQHU VROFKHQ ZHOWDQVFKDXOLFKSROLWLVFKHQ +DOWXQJ XQG 7½WLJNHLW GHU (QW IDOWXQJ HLQHU QDWLRQDOVR]LDOLVWLVFKHQ .XOWXU XQG :LVVHQVFKD VDXIIDVVXQJ HQWJHJHQVWHKW e… ,Q VWLWXW IÕU =HLWJHVFKLFKWH 0ÕQFKHQ 0$r 





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP        

:$/7(5 )5,('5,&+ 2772

=ZHL)UDJPHQWH]XU6RNUDWLVFKHQw:LVVHQVHWKLNk

,

'LH%HGHXWXQJ0DFKW GHVw:LVVHQVk  :DV 6FKRSHQKDXHU JHJHQ GHQ NDWHJRULVFKHQ ,PSHUDWLY .DQWV VDJWH HU VHL ZLH HLQH .O\ VWLHUVSULW]HJHJHQHLQH)HXHUEUXQVWrQ½POLFKGDV)HXHUGHU%HJLHUGHQXQG/HLGHQVFKD HQ ZÕUGHHUDXFKJHJHQGDVw:LVVHQkGHV6RNUDWHVJHVDJWKDEHQ(UIRUGHUWHJHJHQGLH/HLGHQ VFKD HQHLQH/HLGHQVFKD DOV$EZHKUrIÕULKQGDVw0LWOHLGk   (VLVWEHPHUNHQVZHUWGD¸GHPGLHJULHFKLVFKH$QWLNHHQHUJLVFKZLGHUVSULFKW1LFKWQXU 6RNUDWHVDXFK$ULVWRWHOHVXQGDXFK3ODWRQMDEHLGLHVHPGHU6RSKLVW3URWDJRUDVHUNO½UHQHV IÕUXQJHKHXHUOLFKGD¸GDV:LVVHQQLFKWGLHHQWVFKHLGHQGH0DFKWKDEHQVRQGHUQZLHHLQ 6NODYHEHL6HLWHJHVFKREHQZHUGHQNÏQQWH  $XFK$ULVWRWHOHVLVWYRQGHUµEHUPDFKWGHV:LVVHQVÕEHU]HXJWDEHUHUPDFKWGDUDXIDXI PHUNVDP GD¸ HV LP HQWVFKHLGHQGHQ OHLGHQVFKD OLFKHQ $XJHQEOLFN JDU QLFKW LQ VHLQHU .ODUKHLWYRUKDQGHQLVW'DUXPVHL1DWXUDQODJHXQG*HZÏKQXQJµEXQJQÏWLJGDPLWGHU JV³RLWMN HLQ ZRKOEHVFKDHQHV ¤USN DOV |\MN ]XU 6HLWH WUHWH XQG EHLGH ]XVDPPHQZLUNHQ GDPLWDOVRGDV,UUDWLRQDOHJDUNHLQH6WÏUXQJVRQGHUQYLHOPHKU)ÏUGHUXQJEULQJH  :DVEHGHXWHWHVGD¸6RNUDWHVXQGHLJHQWOLFKDXFK3ODWRQ GDUDXIJDUNHLQH5ÕFNVLFKW ]XQHKPHQVFKHLQW"  6RNUDWHV ZÕUGH ZRKO JHVDJW KDEHQ GD¸ GLHV %HODQJORVLJNHLWHQ VHLHQ 'HQQ ZR HLQPDO HFKWHV:LVVHQVHLNÏQQHHVYLHOOHLFKWHLQPDOYHUGXQNHOWZHUGHQDEHUGDQQQLFKWVROHLFKW PHKU YLHOPHKU PÕVVH HV JHUDGH GXUFK GHQ $EIDOO XQG VHLQH (UIDKUXQJHQ EHNU½ LJW ZHU GHQ  'LH)UDJHZ½UHYLHOPHKUREPDQÕEHUKDXSW]XHFKWHP:LVVHQRKQH(UIDKUXQJµEXQJMDRKQH w1DWXUk NRPPHQ NÏQQH ' K RE PDQ QLFKW HUVW GXUFK LQQHUH 9HUEXQGHQKHLW PLW HLQHP :HUWGDVHFKWHw:LVVHQkYRQLKPHUODQJHQNDQQVRGLH:HUWH)UHXQGVFKD 'DQNEDUNHLW 5ÕFNVLFKWQDKPHHWF   'DVLJQRULHUW6RNUDWHVPLWJHZLVVHP5HFKW GHQQ   LVWHUÕEHU]HXJWGD¸GLHV:LVVHQEHLJXWHU1DWXUGXUFKGDVPDLHXWLVFKH*HVSU½FKPLW 6LFKHUKHLWHUZHFNWZHUGHQNDQQ'DVVHW]WYRUDXVGD¸GLHQRWZHQGLJHQ'DWDGDIÕUXQEH ZX¸WLQGHU6HHOHVFKRQHLQZRKQHQrZDVPLW1RWZHQGLJNHLW]XU3ODWRQLVFKHQ$QDPQHVLV IÕKUW   LVWHVLKPLPPHUQXUXPGDVw:LVVHQkVHOEVW]XWKXQDOVGHPDOOHLQLJHQ:HUW(UVHW]W EHL ;HQRSKRQ  GHU WSJfE GLH QERfE JHJHQÕEHU 'LHVH QERfE LVW QLFKW GHU =XVWDQG GHV 1LFKWZLVVHQVVRQGHUQGHU*ODXEH]XZLVVHQZ½KUHQGPDQQLFKWZHL¸ƒKRSIlRyEYX³R 

:DOWHU )ULHGULFK 2WWR

 'DV ZRUDXI DOOHV DQNRPPW LVW DOVR QLFKW VRZRKO GDV SRVLWLYH :LVVHQ GDV MD 6RNUDWHV VHOEVWLPPHUZLHGHUDOVLKPVHOEVWIHKOHQGEHNHQQW VRQGHUQGLH+HOOLJNHLWGHV*HLVWHVGDV :LVVHQGHV:LVVHQV  'LHV D  'HUYROONRPPHQH=XVWDQG E 'HU GHU REMHFWLYHQ :HOW XQG LKUHP :HVHQ XQG *HVFKHKHQ HQWVSUHFKHQGH GDKHUDXFKGHQ(UIROJGDV*OÕFNYHUEÕUJHQGH=XVWDQG  'LHVH :HUWVFK½W]XQJ GHV :LVVHQV LVW QLFKWV DQGHUHV DOV HLQ %HNHQQWQLV ]XU DEVROXWHQ :DKUKHLWREMHFWLY 'DVIÕKUWPLWLQQHUHU1RWZHQGLJNHLW]XU3ODWRQLVFKHQ,GHHQOHKUH   'DKHU KHL¸W HV F{PXMWXSN OEi JVSRMQÉXEXSN KfKRIWUEM XQG GLH VR *HDUWHWHQ XQG +DQGHOQGHQ QLFKW EOR¸ zTEMRS»QIRSM OEi ^LPS»QIRSMVRQGHUQ ƒK„QIRSM yEYXS»N ;H QRSK0HPRU   :LU KDEHQ DOVR EHL 6RNUDWHV HLQ )HVWKDOWHQ DQ GHU XUVSUÕQJOLFKHQ XQG SRSXO½UHQ  0RUDOLW½W XQG]ZDUGDULQGD¸   GLHHWKLVFKHQ)RUGHUXQJHQREMHFWLYH1RWZHQGLJNHLWHQEHWUHHQGLH   ZHQQVLHPL¸DFKWHWZHUGHQQRWZHQGLJ]XP6FKOHFKWHQVRQVWQRWZHQGLJ]XP*XWHQ IÕKUHQPÕVVHQ  'DVZLUGKLHUDEHUVRJHVHKHQrXQGGDVLVWGDV1HXHr   'D¸GLH]XJHZ½UWLJHQGHQ)ROJHQGHVHWKLVFKULFKWLJHQRGHUXQULFKWLJHQ+DQGHOQVLQ GHU1DWXUGHU'LQJHLQGHUQDWÕUOLFKHQ6HLQVDUWXQG9HUNHWWXQJGHU'LQJHOLHJHQ  'DVLVWDEHUQXUPÏJOLFKLQVRIHUQZDVDOOHUGLQJVYRQ6RNUDWHVQLFKWVRGHXWOLFKDXVJ H VSURFKHQZLUGDEHUJHUDGHGHUDOWHQ$QVFKDXXQJHQWVSULFKW    GLHHWKLVFKHQ:HUWHREMHFWLYH0½FKWHVLQGRKQHGLHGDVJHPHLQVFKD OLFKH'DVHLQGHU 0HQVFKHQ NHLQHQ %HVWDQG K½WWH XQG GLH VLFK LPPHU ZLHGHU GXUFK GDV 0HGLXP GHU PHQVFKOLFKHQ(PSQGXQJHQXQG)RUGHUXQJHQ]XU*HOWXQJEULQJHQ'KVLHVLQGQLFKW QXUHLQw0LWWHOkGHV=XVDPPHQKDOWVIÕUGDVPDQDXFKHLQDQGHUHVGHQNHQNÏQQWHDOVR½X ¸HUOLFK VR ZLH HWZD GLH 5HOLJLRQ YRQ 6WDDWVP½QQHUQ EHQXW]W ZLUG VRQGHUQ VLH JHKÏUHQ VHOEVW]XP%HVWDQGDOVR]XUw1DWXUk6RNUDWHVIUDJWZDVLVWHMOEMSW»RLHWFQLPPWVLHDOVR DOV*HJHEHQHV  :HQQ 6RNUDWHV YHUVLFKHUW GD¸ GDV w*XWHk JOHLFK VHL GHP 1ÕW]OLFKHQ VR LVW GDV HEHQ LQ GHP 6LQQ JHPHLQW XQDXVJHSURFKHQ XQG VHOEVWYHUVW½QGOLFK  GD¸ GLH HWKLVFKHQ :HUWH ]X GHQREMHFWLYHQJHKÏUHQ6RQVWZ½UHQDFKGLHVHU*OHLFKVHW]XQJGDVHWKLVFKH+DQGHOQYRQ GHP LP JHZÏKQOLFKVWHQ 6LQQH EOR¸ ]ZHFNP½¸LJHQ QLFKW ]X WUHQQHQ 'D¸ DEHU 6RNUDWHV VLFKWKDWV½FKOLFKVRDXVGUÕFNWZDVLKPVHKUÕEHOJHQRPPHQZLUG LVWHLQVFKÏQHV=HLFKHQ GDIÕUZLHIHVWLKPGLH2EMHFWLYLW½WGHUHWKLVFKHQ:HUWH'DQNEDUNHLW)UHXQGVFKD 5ÕFN VLFKWXVZ VWDQGrXQGZLHVHKUVHLQH'HQNZHLVHPLWGHUDOWHQXUVSUÕQJOLFKHQYHUZDQGWLVWGHUHV HEHQVRQDWÕUOLFKZDU]ZLVFKHQGHPw*XWHQkXQGGHPw1ÕW]OLFKHQkQLFKWJUXQGV½W ]OLFK]X XQWHUVFKHLGHQ  :HQQ DEHU GDV WXJHQGKD H +DQGHOQ HV PLW ODXWHU REMHFWLYHQ *HJHEHQKHLWHQ XQG =X VDPPHQK½QJHQ]XWKXQKDWGDQQLVW   EHL%HXUWHLOXQJXQG(QWVFKHLGXQJDOOHLQGHUP³KSNPD¸JHEHQG  $XFK GDULQ VWLPPW 6RNUDWHV PLW GHU DOWHQ $QVFKDXXQJ ÕEHUHLQ GLH VHLW +RPHU IeH{REM VWDWWGHVw:LOOHQVk VDJW  µEHUKDXSWLQGHPJDQ]HQ2SWLPLVPXV.ODUKHLW$SROORQ   :HQQ GDV w*HUHFKWVHLQk HWF QRWZHQGLJ ]XP *XWHQ IÕKUW VR LVW QLFKW ]X GHQNHQ GD¸ ZLHEHL.DQW HLQHJHKHLPQLVYROOH0DFKWGLHDQVLFKJHJHQ(WKLVFKHVJDQ]JOHLFKJÕOWLJHQ 'LQJH HWZD ]XP /RKQ  VR OHQNW GD¸ 7XJHQG XQG *OÕFN ]XVDPPHQWUHHQ VRQGHUQ GLH





=XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

)ROJHLVWJDQ]wQDWÕUOLFKkLQVRIHUQGLH1DWXUGHUPHQVFKOLFKHQ'LQJHVREHVFKDHQLVWGD¸ VLHVHOEVWwJHUHFKWkEHKDQGHOWVHLQZROOHQZHLO*HUHFKWLJNHLWHWF]XGHQREMHFWLYHQ0½FK WHQ GHV 'DVHLQV JHKÏUW  'D]X GHU 0\WKRV GHV 3URWDJRUDV EHL 3ODW F  GD¸ %eHÉN XQG (fOLMHGHP0HQVFKHQ]XU*HVWDOWXQJGHV=XVDPPHQOHEHQVPLWJHJHEHQZXUGHQ  'D]XQXQDEHUGDVJUR¸H9HUWUDXHQGHV6RNUDWHVVHLQw*ODXEHk DXIGDV6HLQGHU'LQJHXQG GLH0½FKWHGLHHVOHQNHQ'DIÕUEH]HLFKQHQGVHLQ'DLPRQLRQ'DJHJHQIUÕKHUGLHVWUDIHQGH *HUHFKWLJNHLWGHU*ÏWWHU6RORQXD   9RUDOOHPDEHUrHFKWJULHFKLVFKrGDV9HUWUDXHQDXIGHQ*HLVWGD¸HUGLH=XVDPPHQK½QJH XQG GDV :HVHQ HUNHQQHQ NÏQQH XQG ZR HU QLFKW ]XUHLFKW >6SK½UH GHV w*OÕFNVk GHU =X NXQ @GLH*ÏWWHU:HLVXQJHQJHEHQ>YJO;HQRSK0HPRU@   1XQVDJW$ULVWRWHOHVXQGVRDOOJHPHLQGLH.ULWLN 6RNUDWHVKDWQXUGHPw:LVVHQk%HDFK WXQJJHVFKHQNW XQG VRJDU HLQH zTMWXœQLJHIRUGHUW XQG NHLQ 9HUVW½QGQLV JHKDEW IÕU GLH %HJHKUXQJHQT„UL XQGGHQHUVWGXUFKµEXQJ]XHU]LHKHQGHQ &KDUDNWHU¤USN (UPHLQWH DOVRGDMHGHU0HQVFKQDWXUJHP½¸QXUGDV*XWHXQG*OÕFNOLFKHHUVWUHEHQNÏQQHEHGÕUIH HV QXU GHU %HOHKUXQJ ÕEHU GDV LQ :DKUKHLW *XWH XQG *OÕFNOLFKH DOVR GHU (UZHFNXQJ GHV :LVVHQVQLFKWGHV:LOOHQV GHU(U]LHKXQJ]XP(UNHQQHQ  8QGJDQ]HQWVFKLHGHQDXVJHGUÕFNW6RNUDWHVIUDJWHXQDEO½VVLJXfzWXMX¶OEP³RIºWI F{NXVZXQGLVWÕEHU]HXJWGD¸GLHIeH³XINOEPSiOƒKEUSfVLQGGLHƒKRSSÁRXINGDJHJHQ GLH%H]HLFKQXQJƒRHVETSHÉHIMNYHUGLHQHQ;HQRSK0HPRU   +LHULVWHQWVFKHLGHQGGDV9HUWUDXHQDXIGDV:LVVHQLQQHUKDOEGHUVRJHGDFKWHQ:HOW  D 0HQVFKHQZHOWX‡ƒRUVÉTIMEXPGLHDOOHLQGHU:HLVHVLFKNÕPPHUQVROO LQLKUUHJLH UHQGLH0½FKWHGLHPHQVFKOLFKXQG]XJOHLFKJÏWWOLFKVLQGSRODU HfOLG„VMNEeHÉNIº W{FIME XVZ  +LHU KDW GHU 0HQVFK r RGHU NDQQ HUZHUEHQ r HLQ :LVVHQ XQG NDQQ DXV ULFKWLJHU(UNHQQWQLVKDQGHOQHVEHGDUINHLQHUZHLWHUHQ$XINO½UXQJ  $EHU GLH 0HQVFKHQZHOW LVW QLFKW RKQH GDV VFKLFNVDOP½¸LJH JOÕFNKD H *HVFKHKHQ GDV GHU0HQVFKQLFKWHUNHQQHQNDQQDXIGDVHUDOVRDXFKNHLQHQ(LQX¸KDW  E  'LHV LVW GDV 5HLFK GHU *ÏWWHU GLH ZLVVHQ XQG ZLUNHQ $EHU VLH VLQG GHP 0HQVFKHQ QLFKW IHUQH 6LH JHEHQ LKP =HLFKHQ 2UDNHO HWF 'D]X DOV ÕEHU]HXJHQGVWH (UIDKUXQJ  GDV HEMQ³RMSRWLQIlSRGHV6RNUDWHVVHOEVW  6RNRPPWDOVRDXFKGDV:LVVHQGHU*ÏWWHUGHP0HQVFKHQGHUDXIPHUNWZLVVHQVEHUHLWLVW]X *XWH  +ÏFKVWHU *UDG GHV 2SWLPLVPXV 'HQQ PLW GHP VHOEVWHUZRUEHQHQ :LVVHQ XQG HQWVSUH FKHQGHQ7KXQ LVWGLHLQQHUH9ROONRPPHQKHLWXQGKÏFKVWH*OÕFNVHOLJNHLWYHUEXQGHQ   'LHVDOOHVLVWLP*UXQGHQXUGDVZLHGHUJHERUHQHDOWH:HOWJHIÕKO  :DVDEHULVWGHU8QWHUVFKLHG"  ,PDOWHQ:HOWJHIÕKOLVWDOOHVP\WKLVFK'LHHfOLG„VMNEeHÉNGHV0HQVFKHQGDVVLQG]X JOHLFK*RWWKHLWHQ9RQLKQHQwZHL¸kGHU0HQVFK6LH]HLJHQRHQEDUHQVLFKLKPHUVLHKW XQG wYHUVWHKWk VLH LQ LKUHU 6FKÏQKHLW LKUHP $GHO LKUHU :DKUKHLW 6LH wOHXFKWHQ LKP HLQk $EHUHUUDLVRQLHUWQLFKWÕEHUVLH$QVWDWWGHV5DLVRQQHPHQWVKDWHUGLHKHLOLJHµEHUOLHIH UXQJ LQ ODXWHU (LQ]HOYRUVFKUL HQ (LQ]HOKDOWXQJHQ (LQ]HODNWHQ ZRUÕEHU IUHLOLHJHQG XQG HUOHXFKWHQGGLHJÏWWOLFKH*HVDPWJHVWDOWHfOLHWF VFKZHEW6LHZLUGYRQ6RNUDWHVNHLQHV ZHJV HQWWKURQW DEHU SUDNWLVFK WULWW DQ LKUH 6WHOOH GLH QHXH )RUP GHV :LVVHQV GDV *ÏWWOLFKH 6HLQ ZLUG ]XP %HJUL GHVVHQ *HVWDOW XQG %HGHXWXQJ XQG 7UDJZHLWH PLW GHU 6FK½UIH GHV ZHVHQWOLFKSUDNWLVFKHQ'HQNHQVGXUFKGUXQJHQZLUG8QG GDVJÏWWOLFKH6HLQHUZHLVWVLFKGXUFK DXV ]XJ½QJOLFK GLHVHU wJHLVWLJHQk 'XUFKGULQJXQJ *UR¸HU JHLVWLJHU 2SWLPLVPXV (V ]HLJW VLFK DOV LQ VLFKZLGHUVSUXFKVORVXQGDOVGXUFKDXVEHVW½WLJWLQGHU:HOWGHV*HVFKHKHQVGXUFKGDV+HLO 



:DOWHU )ULHGULFK 2WWR

EULQJHQGHGHU(UIROJHZHQQPDQHVULFKWLJYHUVWHKW6RLVWQXQGRFKZHQQ6RNUDWHVDXFK QLFKWGDUDQGHQNWGXUFKGLHVHVWUHQJH8QWHUVFKHLGXQJGHVw0HQVFKOLFKHQkXQG*ÏWWOLFKHQ GDV0HQVFKOLFKHVHOEVW½QGLJJHPDFKWXQGYRP*ÏWWOLFKHQJHWUHQQW   :DV6RNUDWHVDOVRDXFKVDJHQPDJDQGLH6WHOOHGHV*ÏWWOLFKHQWULWWGDVw:LVVHQk  $OOHUGLQJVQLFKWGHUw:LOOHk'KGHU0HQVFKLVWQRFKQLFKWHLJHQWOLFKDXIVLFKVHOEVWJH VWHOOW'HQQGDV:LVVHQEH]LHKWVLFKDXIGDV2EMHFWLYHHLQHUQRFKJÏWWOLFKHQ:HOW   6RYLHOrXQGGDVLVWVHKUYLHOXQGZDKUKD HQWVFKHLGHQGrLVWYRQGHP$OWHQXQGOWHVWHQ HUKDOWHQJHEOLHEHQ-DPHKUQRFKHVLVWLQGLHVHU)RUPZLHGHUJHERUHQXQGLQJHZLVVHP0D¸H EHVW½WLJWXQGJHUHWWHW   :RGLHVHV:LVVHQDXIGHQ3ODQWULWWE]ZDXV½OWHVWHP%HVLW]LQQHXHU)RUPZLHGHUJHERUHQ LVWGDPX¸HVHEHQVRZLHIUÕKHU HQWVFKHLGHQGVHLQXQGDOOHV$ORJLVFKHZRUDXIHUVWGLHVS½WH UHNÕKOHUHZLVVHQVFKD OLFKHUH=HLWDXIPHUNVDPZLUG DX¸HU%HWUDFKWXQG:LUNXQJEOHLEHQ   (LQH OHKUUHLFKH $XVHLQDQGHUVHW]XQJ QRFK QLFKW EHUÕKUW YRQ $ULVWRWHOHV HWF VWHKW EHL ;HQRSKRQ0HPRUI;HQRSKRQEHPÕKWVLFKGLH$QNODJHGHU-XJHQGYHUGHUEQLV GHV6RNUDWHVGLHVLFKDXIGLH7KDWVDFKHGD¸/HXWHZLH.ULWLDVXQG$ONLELDGHVVHLQH6FKÕOHU ZDUHQVWÕW]WH]XZLGHUOHJHQHVVHLVHKUZRKO]XEHJUHLIHQGD¸MHPDQGGHUGLH W[JVS W»RLJHOHUQWKDEHVLHLQGHU(QWIHUQWKHLWYRQVHLQHP/HKUHUZLHGHUYHUOLHUHZHQQHUDXI KÏUHVLFK]XÕEHQXQGXQWHUGLH+HUUVFKD GHUšHSREfJHUDWHQVHL6RZHLW;HQRSKRQZR QDFKHVVFKHLQHQNÏQQWHDOVRELP$ULVWRWHOLVFKHQ6LQQHGDVw:LVVHQkQLFKWJHQÕJWHGDGLH šHSREfLKPJHI½KUOLFKZHUGHQNÏQQHQXQGµEXQJHUIRUGHUOLFKLVW$EHUVRZÕUGH 6RNUDWHV QLFKWJHXUWHLOWKDEHQ(UK½WWHJHVDJWGD¸LQGLHVHP)DOOGDV:LVVHQVHOEVWJDUQLFKWPHKU YRUKDQGHQLVWVRQGHUQ8QZLVVHQKHLWGHQQGHU9HUIÕKUWHK½OWHEHQGLHšHSRœIÕUGDVw*X WHk $XFK$ULVWRWHOHVJLHEW]XGD¸GDV:LVVHQLQGLHVHP)DOOYHUVFKZXQGHQYHUGXQNHOWLVW $EHUHUPHLQWHVVHLÕEHUKDXSWDOVNODUHV7XJHQGZLVVHQQXUPÏJOLFKLP=XVDPPHQKDQJ PLWGHUQXUGXUFK*HZÏKQXQJ]XHUUHLFKHQGHQ|\MNGHUƒVIXœGHV¤USN+LHUIDVVHQZLUGHQ JDQ]HQ 8QWHUVFKLHG GHU 6RNUDWLVFKHQ µEHU]HXJXQJ YRQ GHU VHLQHU .ULWLNHU 'DV :LVVHQ LVW IÕU LKQ QLFKWQXUGLHJUϸWH0DFKWeWGYV³XEXSR ZLHDXFKIÕU$ULVWRWHOHV ZHQQHVZLUNOLFKGD LVWVRQGHUQHVLVWLQVRIHUQVHOEVWKHUUOLFKDOVHVGXUFKEOR¸HV'HQNHQE]Z%HOHKUWZHUGHQ DXV GHP*HLVWH]XHUZHFNHQLVWDOVRXPYROONRPPHQ]XZHUGHQQLFKWGHU=XFKWXQG)RUPXQJ GHV*HPÕWVGXUFKµEXQJXQG*HZÏKQXQJNXU]XPQLFKWGHU*XWZLOOLJNHLWGHVw,UUDWLRQ D OHQkLP0HQVFKHQEHGDUI  'DVEHGHXWHWHVZHQQHUGDV7XJHQGZLVVHQIÕUHLQH zTMWXœQLHUNO½UWH(UPHLQWHGD¸ VHLQH5LFKWLJNHLW VLFK]ZLQJHQGHUZHLVHQ ODVVHXQGXPVLFKXQGDQGHUHQGLHVLPPHUIRUW]X ]HLJHQXQG]XEHVW½WLJHQZDUHUXQHUPÕGOLFKLP'LDORJLVLHUHQ  :DV KDW GDV DXI VLFK" *HZL¸ QLFKW EOR¸ *ODXEH DQ GLH DEVWUDNWH %HZHLVNUD  GHU 9HU QXQ   :HOFKH*UXQGÕEHU]HXJXQJOLHJWKLHUYRU"  +LHU]HLJWVLFKÕEHUKDXSWHUVWGDV:HVHQWOLFKVWH   *ODXEHDQGLH9HUQÕQ LJNHLWXQGREMHFWLYH:DKUKHLW6HLQVJÕOWLJNHLW GHU,GHHQw*H UHFKWLJNHLWkw)UÏPPLJNHLWkXVZ    *ODXEH DQ GHQ VLQQYROOHQ JHVHW]P½¸LJHQ =XVDPPHQKDQJ GHU 'LQJH LP PHQVFKOL FKHQ'DVHLQGHVVHQ.RQVHTXHQ]XQG1RWZHQGLJNHLWNHLQHJHULQJHUHLVWDOVEHLDOOHPZR YRQ HV HLQH zTMWXœQL JLHEW 1DWXU XQG YRU DOOHP GLH YHUVFKLHGHQHQ X{GREM ZHVKDOE VLH LPPHU ZLHGHU ]XP %HLVSLHO DOV $QDORJLH GLHQHQ PÕVVHQ  (EHQ GDV r GD¸ HV KLHU HLQH





=XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

ƒT³HIM\MNJHEHQNÏQQHrOHXJQHWMD$ULVWRWHOHVRKQH:HLWHUHVDOVREHVVHOEVWYHUVW½QGOLFK Z½UH  'HU6WUHLWLVWQXUVFKHLQEDUHLQORJLVFKHU,Q:DKUKHLWLVWHV(UIDKUXQJXQG*ODXEHZDV KLHUGHQ8QWHUVFKLHGPDFKW0DQ YHUVWHKWGHQ6RNUDWHVLPPHUDOV/RJLNHU%HJULVWKHR UHWLNHU$EHUGD¸GLH/RJLNEHLLKPGLHVHJUR¸H%HGHXWXQJEHVLW]WKDWVHLQHQ*UXQGLQGHU )XQGDPHQWDOÕEHU]HXJXQJ GHP )XQGDPHQWDOJODXEHQ DQ GDV 9HUQÕQ LJH 6LQQYROOH *HVHW]P½¸LJ .RQVHTXHQWHGHV6HLQVGHU'LQJHLP0HQVFKHQOHEHQ    'LHVEHLGHV]XVDPPHQGHURSWLPLVWLVFKH*ODXEHDQGDV'HQNHQGHQ*HLVWGLH9HUQXQ XQGGLH µEHU]HXJXQJYRQGHU$OOPDFKWGHV]XU.ODUKHLW]XVLFKVHOEVW JHNRPPHQHQ*HLVWHVPDFKWGHQJUR¸ DUWLJHQ6WDQGSXQNWGHV6RNUDWHVDXV%HLGHVLVWHLQV   'LHHQWVFKHLGHQGH:LFKWLJNHLWGHVw:LVVHQVk  +ÏFKVWHV=LHODOOHV6WUHEHQVGHV0HQVFKHQ´T[NÇNF{PXMWXSNOEiJVSRMQÉXEXSN}WSMXS RGHUX¢N]YG¢N´T[NÇNƒVfWXL}WXEM 3ODW$SROFDG'LHVEHL3ODWRQGHU,Q EHJULGHU6RNUDWLVFKHQ/HKUHSºHICR†PPSTV„XX[RTIVM{VGSQEM8QGIeH{XfNQ{JL WMR†PPEP{KIMR¡XEÁXESºHICRP{KIM   ,Q;HQRSK$SRO´TIVK‡VHMWX³RzWXMRªHIMR±Wf[NQSMOEiHMOEf[N…TERXEX¶R FfSR FIFM[Q{RSR 'D]X 0HPRU    †VMWXE SMsQEM ^¢R XS¾N Q„PMWXE zTMQIPSQ{RSYN XSÁ ÇN FIPXfWXSYN KfKRIWUEM HMWXE HI XS¾N Q„PMWXE EeWUERSQ{RSYN ´XM FIPXfSYN KfKRSRXEMKÏFKVWHHUUHLFKEDUH šHSRœyEYX³R XIšKIlWUEM FIPXf[ KfKRIWUEM OEi JfPSYNƒQIfRSYNOXŠWUEM  'LHVDOOHVHFKWVRNUDWLVFKQDFK$UQLP;HQRSK0HPRUX$SRORJLH6   'DV:LVVHQGXUFKDXVHQWVFKHLGHQG  :LHIÕU.DQWHLQH+DQGOXQJQXUGDQQwJXWkLVWZHQQVLHQLFKWDXV1HLJXQJHWFVRQ GHUQ DOOHLQDXV$FKWXQJXQG*HKRUVDPJHJHQGDV*HVHW]JHVFKLHKW rVRIÕU6RNUDWHVQXU GDQQZHQQVLHQLFKWDXV*HIÕKO,QVWLQNW*HZRKQKHLWHWFVRQGHUQ DXVGHP:LVVHQJH VFKLHKWGLHGLHVHP:LVVHQHQWVSUHFKHQGH+DOWXQJPDFKWGLH ]YGœYROONRPPHQXQGGDV %HZX¸WVHLQ:LVVHQYRQGLHVHU9HUYROONRPPQXQJLVWGDVKÏFKVWH*OÕFN  )ÕU.DQWDOVRVRZRKODOVIÕU6RNUDWHVJHKÏUW]XPVLWWOLFKHQ+DQGHOQQRWZHQGLJGDV%H ZX¸WVHLQGD¸HVDXVGHPDOOHLQULFKWLJHQ0RWLYJHVFKLHKW'LHVHVDOOHLQULFKWLJH0RWLYDEHULVW IÕU.DQWGLH$FKWXQJYRUGHP*HVHW]rIÕU6RNUDWHVDEHUGDV:LVVHQ  %HLEHLGHQLVWHLQZDFKHV%HZX¸WVHLQXQG]ZDUYRQHLQHUDOOJHPHLQHQ5HJHOXQEHGLQJWHUIRU GHUOLFK)ÕU6RNUDWHVLVWGLHVH5HJHOGDVw:LVVHQk  $EHUw:LVVHQkZRYRQ"  1LFKWZLHEHL.DQW YRQHLQHP*HVHW]RGHUZLHSRSXO½U YRQDOOJHPHLQJÕOWLJHQ*HER WHQGHU6LWWOLFKNHLW  6RNUDWHVVDJWw'DV*XWHkrXQGPHLQWGDPLWGDVMHQLJHGDVVLFKQLFKWIÕUGHQ$XJHQEOLFN XQG EOR¸ VFKHLQEDU VRQGHUQ ZDKUKD  XQG HQGJÕOWLJ DOV GDV :RKOWKXHQGH )ÏUGHUOLFKH 1ÕW]OLFKHIÕUGHQ(LQ]HOQHQXQGIÕUGLH*HPHLQVFKD EHLGHVQLFKWYRQHLQDQGHU]XWUHQ QHQ HUZHLVW$OVRQLFKWHWZDVGDVQXUGHUw6HHOHkGHU(LQ]HOH[LVWHQ]]X*XWHNRPPWZLH LQGHQwVHOLJkPDFKHQGHQwHUOÏVHQGHQk5HOLJLRQHQXQG3KLORVRSKLHQPLW,JQRULHUXQJGHV w:HOWOLFKHQk XQG *HPHLQVFKD VOHEHQV  VRQGHUQ GHU ([LVWHQ] GHU 0HQVFKKHLW LQ GLHVHU :HOW





:DOWHU )ULHGULFK 2WWR

 'LHVHVw*XWHkZLUGQXQDEHUNHLQHVZHJVGRJPDWLVFKEHVWLPPWHWZDGLHw/LHEHkw6HOEVW ORVLJNHLWkHWFVRGD¸DOVRGDV:LVVHQHLQ:LVVHQYRQGHUJHRIIHQEDUWHQ $OOPDFKWGHU/LH EHHWFZ½UH 'DVVFKOÏVVHMDHEHQGDVKLHUJHPHLQWHw:LVVHQkDXV  'DVw:LVVHQkVHW]W(LQVLFKWLQ=XVDPPHQK½QJHXQG1RWZHQGLJNHLWHQYRUDXVXQG%HZHLVI½KLJ NHLWƒT³HIM\MNZLH$ULVWRWHOHVGHP6RNUDWHVHQWJHJHQK½OW   (V LVW DOVR JDU QLFKWV )HUWLJHV VRQGHUQ PX¸ LPPHU YRQ 1HXHP HQWVWHKHQ 'DKHU GHU 'LDORJ  9RUDXVVHW]XQJLVWQXUGD¸HVHLQVROFKHV*XWHVLP$OOJHPHLQHQXQGLP6SH]LHOOHQ ZLUNOLFK JLHEWXQGGD¸HVYRQXQVHUHP'HQNHQHUNDQQWZHUGHQNDQQ  >+ÏFKVWHU 2SWLPLVPXV 9HUWUDXHQ DXI GLH 1DWXU GHU 'LQJH GDV 6HLQLVW VR EHVFKDHQ GD¸HVÕEHUDOOHLQw5LFKWLJHVkJLHEWZRGXUFKHVLQ2UGQXQJXQG:RKOVWDQGHUKDOWHQZLUG XQGGLHV5LFKWLJH]XHUNHQQHQ@:LFKWLJVWHV)XQGDPHQWGHUVRNUDWLVFKHQ/HKUH  'DV 9HUWUDXHQ GHV 6RNUDWHV DXI GLHVH :LVVHQVI½KLJNHLW ]XVDPPHQ PLW GHU 6WUXNWXU GHV 6HLQVLVWVRJUR¸GD¸HUJHUDGH]XHLQHw:LVVHQVFKD kGHV*XWHQzTMWXœQL NHQQWXQGIRU GHUW  'DVEH]HLFKQHW$ULVWRWHOHVXQGVR9LHOH DOV*UXQGIHKOHUGHQQKLHUVHLNHLQHƒT³HIM\MN PÏJOLFK ZHLO NHLQH REMHFWLYH 1RWZHQGLJNHLW YRUOLHJH HV NÏQQWH LPPHU DXFK †PP[N }GIMR  'DPLW DEHU ZLUG HU GHP 6RNUDWHV QLFKW JHUHFKW VRQGHUQ LJQRULHUW HLQIDFK VHLQHQ 6WDQGSXQNW )ÕU $ULVWRWHOHV LVW GDV *XWH HLQH |\MN GDV ¤USN  PLW P³KSN YHUEXQGHQ )ÕU 6RNUDWHVGDJHJHQLVWHVHWZDVGXUFKDXV2EMHFWLYHV HLQ2SWLPXPLP6HLQGHU'LQJH HU NHQQW MD NHLQ ƒKEU³R GDV QLFKW ”IÕU HWZDV… ƒKEU³R GDV QLFKW ”QÕW]OLFK… LVW  'HP HQW VSULFKWPLW1RWZHQGLJNHLWYRQ6HLWHQGHV0HQVFKHQGDVw:LVVHQkXQGHVEHGDUIZHGHUGHU $QODJH QRFK GHU *HZÏKQXQJ XQG (U]LHKXQJ DX¸HU HEHQ ]XP w:LVVHQk  -H JUϸHU GLH *HZL¸KHLWYRQGHU2EMHFWLYLW½WGLHVHV*XWHQXPVRVLFKHUHUPX¸DXFKGDV:LVVHQGDYRQ]XHLQHU zTMWXœQLZHUGHQNÏQQHQ$OOHVK½QJWDQ6RNUDWHVnµEHU]HXJXQJXQG9HUWUDXHQGHP6HLQ GHU'LQJHJHJHQÕEHU   :DV6RNUDWHVWKDWV½FKOLFKLJQRULHUWLVWQXUGDVGD¸GLHVHV:LVVHQHLQHLQQHUH9HUZDQGW VFKD  XQG %H]ÕJOLFKNHLW YRUDXVVHW]W r DOVR VFKOLH¸OLFK GRFK ½KQOLFK ZLH GDV w:LVVHQk GHV .ÕQVWOHUV   :LH ZHQLJ GLHVHV w:LVVHQk LP 6LQQHGHV 6RNUDWHV DOV (QGJÕOWLJHV HUUHLFKW LVW ÕEULJHQV GRFKJHQDXVRZLHLQ DOOHU:LVVHQVFKD ]HLJHQGLH3ODWRQLVFKHQ'LDORJHGLHMDGRFKVR K½XJ JHUDGH PLW GHU )HVWVWHOOXQJ GHV XQJHOÏVWHQ  3UREOHPV HQGLJHQ 8QG VR YHUVWHKHQ ZLUGD¸HVGHP3ODWRQJHUDGHDXIGHP6RNUDWLVFKHQ:HJHQÏWLJZXUGHHLQDEVROXW*XWHV DOV w,GHHk LP -HQVHLWLJHQ DOVR XQHUUHLFKEDU QXU GHU $QQ½KHUXQJ XQG ]ZDU GXUFK $Q VFKDXHQI½KLJ]XVHW]HQXQGGD¸HUJHUDGHGLHVH/HKUHGHP6RNUDWHVLQ GHQ0XQGOHJHQ NRQQWH   8QGQXQMHHUQVWKD HUGHU0HQVFKQDFKGLHVHP:LVVHQWUDFKWHWMHZHLWHUHUGDULQIRUW VFKUHLWHWMHPHKUHUVLFKGDPLWGXUFKGULQJW rXPVRwEHVVHUk JVSRMQÉXIVSNXQGFIPXf[R ZLUGHUVHLQH]YGœ   'DVLQQHUH6HLQVHLQHV:HVHQVHQWVSULFKWVRGHPLQQHUHQ6HLQGHP6WUXNWXUVLQQ GHU :HOW$QJOHLFKXQJQLFKWGXUFKw*HIÕKOkVRQGHUQGXUFK'HQNHQ LQGHPGDVZDVLQLKP   

)ÕU GDV

2EMHFWLYH

EH]HLFKQHQG ;HQRSK

0HPRU

    JHQDX ZLH EHL GHU )UDJH QDFK GHQ %XFK

VWDEHQ HWF VR ÕEHUDOO )TMWXœQL

LVW HV HEHQ LP *HJHQVDW] ]X GHU 5HGHNXQVW GHV 6RSKLVWHQ ZLH ] % +LSSLDV 'LHOV 

$ 





=XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

GDV:HVHQWOLFKHXQG+ÏFKVWHLVWGLH 9HUQXQ XQG.ODUKHLWDXIGLH+ÏKHGHV:HVHQWOLFKHQ GHU:HOWw*XWHVk WULWW   9HUJOHLFKGHV6RNUDWLVFKHQ6WDQGSXQNWHVPLWGHPXQVHULJHQ  'HU0RGHUQHSHJWGDV3UREOHPYRQGHUVXEMHFWLYHQ6HLWH]XVHKHQZLUGHQNHQHVJHEH HLQw*HIÕKOkIÕUGDV*XWHXQG(GOHLQQHZRKQHQGLQHLQHPJXWHQXQGHGOHQ +HU]HQRGHU LQGHPJXWHQ:LOOHQLP*HJHQVDW]]XPEÏVHQ 'DV*XWHE]Z%ÏVH LVWDOVRHLQH4XDOLW½W GHVPHQVFKOLFKHQ*HPÕWHV  $EHUZLUGHQNHQGRFKZHLWHUGD¸GLHVHw*ÕWHkGHV*HPÕWHVRGHU:LOOHQVQLFKWEOR¸HL QHVXEMHFWLYH (LJHQKHLWGHUPHQVFKOLFKHQ1DWXUVHLVRZLHHVGLH(LJHQKHLWLVWDXI]ZHL %HLQHQ]XJHKHQQDFKGHP/LFKWH]XVWUHEHQXVZ VRQGHUQGD¸GDPLWHWZDVDEVROXWDQ XQG IÕU VLFK 1RWZHQGLJHV DQHUNDQQW XQG EHIROJW E]Z PL¸DFKWHW ZHUGH 'LHVHV DEVROXW 1RWZHQGLJHVHKHQZLULQHWZDVQLFKWZHLWHU(UNO½UEDUHPGDVGHP0HQVFKHQIDNWLVFKwDXI JHJHEHQkLVWDOVHLQ6ROOHQ  'D¸GLHVHV6ROOHQHLQXQEHGLQJWHVLVWKDW.DQWVWDUNEHWRQW'DVLVWDEHUVHOEVWYHUVW½QG OLFK LQVRIHUQ HV HEHQ HLQ 6ROOHQ LVW .DQW YHUVXFKWH QXQ GHQ ,QKDOW GLHVHV 6ROOHQV r GHU QDFKSRSXO½UHU0HLQXQJLPJÏWWOLFKHQ*HERWE]ZLP*HIÕKORGHU*HZLVVHQJHJHEHQLVWr IÕUGDVGHQNHQGH%HZX¸WVHLQIHVW]XVWHOOHQ'DMHGHUNRQNUHWH,QKDOWEHGLQJWLVWVRPHLQWH HUNÏQQHGDVXQEHGLQJWH6ROOHQQXUGLH)RUPGHU*UXQGV½W]HHQWKDOWHQ'LHVH)RUPIDQGHU LQGHU$OOJHPHLQJÕOWLJNHLW.DWHJRULVFKHU,PSHUDWLY$EHUDXFKGDVLVWHLQHUVHLWVVHOEVWYHU VW½QGOLFKZHLOLP%HJULGHVXQEHGLQJWHQ6ROOHQVOLHJHQGXQGDQGHUHUVHLWVLVWJHUDGHKLHU GHUVFKZDFKH3XQNWGHU.DQWLVFKHQ/HKUHGHQQZHQQHLQ*HERWDOOJHPHLQJÕOWLJVHLQVROO LQMHGHPJOHLFKHQ)DOOIÕUMHGHQJHOWHQG GDQQPX¸HVLQVLFKVHOEVWVLQQYROOXQGQRWZHQ GLJVHLQ8QGKLHUQLPPW.DQWIÕUVHOEVWYHUVW½QGOLFKZDVHVGXUFKDXVQLFKWLVW(LQ*HERW GDVLQVLFKVHOEVWVLQQYROOXQGQRWZHQGLJLVWHUJLHEWVLFKHQWZHGHUDXVGHU6DFKHVHOEVWLVW DOVRWDXWRORJLVFK]%QLFKW]XOÕJHQGHQQGLH:DKUKHLWLVWMDHEHQGDVw5LFKWLJHk RGHU DEHUVHW]WHVJDQ]EHVWLPPWH)DNWHQXQG=XVDPPHQK½QJHYRUDXVLVWDOVRQLFKWPHKUEOR¸ ZLH.DQWPHLQWGXUFKGLH)RUPVRQGHUQGXUFKNRQNUHWH*HJHEHQKHLWHQEHVWLPPWDOVR DXFKQLFKWLP.DQWLVFKHQ6LQQXQEHGLQJWVRQGHUQDQ%HGLQJXQJHQJHNQÕS ]%ZHQQ (LJHQWXPVHLQVROOGDQQDEHUREGDUÕEHUVDJWGDV.DQWLVFKH*HERWQLFKWVDXV   'DKHUDXFKGLH8QEUDXFKEDUNHLWGHV.DQWLVFKHQ,PSHUDWLYVLQGHUIDNWLVFKHQ(QWVFKHL GXQJ'LHEHJHLVWHUQGH:LUNXQJGLHHUDXVJHÕEWKDWXQGDXVÕEWHQWVSULQJWOHGLJOLFKDXV GHU IHLHUOLFKHQ )RUP PLW GHU GLH 6HOEVWYHUVW½QGOLFKNHLW GHV w6ROOHQVk DXVJHVSURFKHQ ZLUG GD¸PDQQLFKWQDFKLQGLYLGXHOOHU:LOONÕUKDQGHOQVROOH  $EHU LQ GLHVH 6FKZLHULJNHLW PX¸WH GLH .DQWLVFKH /HKUH LKUHU *UXQGULFKWXQJ ZHJHQ QRWZHQGLJJHUDWHQZLHMHGH(WKLNGLHYRPw*HVHW]kZHQQQLFKWJÏWWOLFKRGHUwJHJHEHQk DXVJHKWXQGGDEHLSKLORVRSKLVFKGKUHLQYHUQXQ JHP½¸VHLQZLOO LQGLHVH6FKZLHULJ NHLWJHUDWHQPX¸(VEOLHE.DQWJDUQLFKWVDQGHUHVÕEULJGDMDGLH*UXQGYRUDXVVHW]XQJEHL LKPLVWGD¸GDV*XWHLPw:LOOHQkOLHJW9RUGHUw9HUQXQ kO½¸WVLFKGDVQLFKWZHLWHUHQW ZLFNHOQ'LHw6DHFXODULVDWLRQk.DQWVHLQ)HKOVFKODJ>VDPWGHPw3RVWXODWk*RWW8QVWHUEOLFK NHLW*OÕFNVHOLJNHLW@'HUQHXHUH3URWHVWDQWLVPXV 





:DOWHU )ULHGULFK 2WWR

'DV$OWHXQGGDV1HXHEHL6RNUDWHV  $OOH0HQVFKHQ9ÏONHUYRQMHKHU JODXEHQGD¸HVHLQDEVROXW wULFKWLJHVk+DQGHOQJHEH  6LH JODXEHQ DXFK GD¸ GLHVHV 5HFKWWKXQ VLFK wORKQHk r LQVRIHUQ KÏKHUH *HLVWHU RGHU *ÏWWHU GDUÕEHUZDFKHQUIÏRµTMN   8QGVLHNHQQHQDXFKGLHLQQHUHwVHHOLVFKHk %HIULHGLJXQJÕEHUGLHUHFKWH7KDW  'DV DOOHV DOVR JHZLVVHUPD¸HQ GDV wQDWÕUOLFKHk XUVSUÕQJOLFKH (PSQGHQ  NRPPW EHL 6RNUDWHV LP *HJHQVDW] ]X 0DFKWZLOOHQ RGHU 6NHSVLV  ]XU *HOWXQJ $EHU ZDV LVW QXQ GDV 1HXH"   (UZHL¸QLFKWQXUYRQLQQHUHU%HIULHGLJXQJDXI*UXQGGHV5HFKWWKXQV(UZHL¸YRQ HLQHP DEVROXWHQ %HVVHUZHUGHQ 6LFKYHUYROONRPPQHQ GHV LQQHUHQ 0HQVFKHQ 8QG GDV %HZX¸WVHLQ GDYRQ LVW PLW GHP KÏFKVWHQ HUUHLFKEDUHQ *OÕFNVJHIÕKO YHUEXQGHQ 'XUFK QLFKWVDQGHUHVLVWGDV=LHOGHUIºHEMQSRfE]XHUUHLFKHQGDGXUFKDEHUPLW6LFKHUKHLW  (VNRPPWDOVRÕEHUKDXSWQXUDXIGLHVHQLQQHUHQ0HQVFKHQDQZHOFKH+DOWXQJXQG$U WXQJGLHVHUKDW$OOHVZDVYRQDX¸HQNRPPWLVWDQVLFKZHGHUJXWQRFKEÏVHZHGHUZÕQ VFKHQVZHUWQRFKGDV*HJHQWHLOZHLOHVQXUGDUDXIDQNRPPWZLHMHQHULQQHUH0HQVFKHV QLPPW VLFK GD]X YHUK½OW RE wULFKWLJk GK YHUQÕQ LJ  RGHU QLFKW 0LW GHP w5LFK WLJkQHKPHQLVWXQPLWWHOEDUJHJHEHQGD¸HUVLFKLQGHUwULFKWLJHQkYHUQÕQ LJHQ GKZH VHQVQRWZHQGLJHQ 9HUIDVVXQJ EHQGHW LQ GHU PLW 1RWZHQGLJNHLW GDV DEVROXWH :RKOVHLQ XQG*OÕFNOLHJW  'DPLW LVW QLFKW QXU GLHVHU LQQHUH 0HQVFK DOV wGHU 0HQVFKk HUNDQQW GHU LQQHUH .RVPRV r YRQ GHP HU ]ZDU QLFKW XQPLWWHOEDU UHGHW GHU DEHU XQDXVJHVSURFKHQ LPPHU JHJHQZ½UWLJ LVW VRQGHUQHULVWDOVHLQLQVLFKUXKHQGHV:HVHQPLWHLJHQHU*HVHW]OLFKNHLWDQGLHVHLQH*OÕFN VHOLJNHLW JHNQÕS  LVW  EHVWLPPW 8QG GLHVH *HVHW]OLFKNHLW LVW QLFKWV DQGHUHV DOV GLH 9HU QÕQ LJNHLWGHUP³KSN    $EHU GLHVHV w:HVHQkGHV LQQHUHQ 0HQVFKHQ GLHVH *HVHW]OLFKNHLW LVW QLFKW HWZD EOR¸ HLQH(LJHQDUWGHV0HQVFKHQGHUVLFKGDPLWGHU:HOWWURW]LJHQWJHJHQVHW]WXPQXULQVLFK VHOEVWGDV*OÕFN]XQGHQ'HQQGLH*HVHW]OLFKNHLWLVWMDGHUP³KSNGHUMDGRFK%H]LHKXQJ DXIGDV6HLQGHU'LQJHKDW:HQQGHU0HQVFKwULFKWLJkKDQGHOWXQGVLFKGDGXUFKYHUYROO NRPPQHW XQG JOÕFNOLFK PDFKW  VR IROJW HU QLFKW HLQHP JHKHLPHQ *HVHW] VHLQHV HLJHQHQ :HVHQVNDWHJRULVFKHU,PSHUDWLY VRQGHUQGHPREMHFWLYHQ *HVHW]GHU'LQJHVHOEVW'LH LQQHUH:RKOJHVWDOWXQGGLH*OÕFNVHOLJNHLWVWHKHQLQQRWZHQGLJHP=XVDPPHQKDQJPLWGHU ½X¸HUHQ:RKOJHVWDOWGHU'LQJHLQVRIHUQVLHYRQGHP0HQVFKHQ PLW%HZX¸WVHLQKHUEHLJH IÕKUWZLUG  'DVEHGHXWHWHVZHQQ6RNUDWHVDXVGUÕFNOLFKGDV w*XWHkPLWGHPw1ÕW]OLFKHQkJOHLFKVHW]W 'LHWXJHQGKD H+DQGOXQJPX¸]XP*XWHQIÕKUHQZHLOVLHYRPP³KSNJHOHLWHWGHP:H VHQGHU'LQJHJHUHFKWZLUG  6R NQÕS  6RNUDWHV DXFK LQ GLHVHP 3XQNWH DQ GDV $OWH XQG OWHVWH DQ $EHU DQ 6WHOOH JÏWWOLFKHU*HVHW]JHEHUVWHKWGHUP³KSNGLHJV³RLWMN XQGDQ6WHOOHGHU%HORKQXQJRGHU 6WUDIH GLHQDWÕUOLFKH.RQVHTXHQ]GHV/DXIHVGHU'LQJH  





=XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk



,,

=XVDPPHQIDVVXQJXQG.O½UXQJ  :HQQ6RNUDWHVGLHƒVIXœDXI:LVVHQJUÕQGHWXQGJDU]XU:LVVHQVFKD PDFKWXQGZHQQ GLHV:LVVHQHLQ:LVVHQYRP1ÕW]OLFKHQLVWrZDVEHGHXWHWGDV"  'DV*UXQGYHUK½OWQLVZRDXFKVFKRQGDVzTfWXEWUEM VFKRQEHL+RPHU,OYRQ 3DWURNORVTŠWMRK‡VzTfWXEXSQIfPMGSNH¨QDL 'LH)UHXQGOLFKNHLWZHVHQWOLFKYRP6HOEVW w6HHOHk JHWUHQQWQLFKWwJXWKHU]LJk :HVHQKHLW8USK½QRPHQ1LFKWw7ULHEkw1HLJXQJk QLFKWw*HKRUVDPk'DVI¨REMXQGGDPLWGDV7KXQ ]XGHPHUJHVFKLFNWZLUGLVWHLQREMHF WLYHV :DOWHQ w*HQLXVk  GDV HU HUNHQQW ZHL¸ XQG HEHQGDPLW QRWZHQGLJ  VHOEVW LQ VLFK DXIQLPPW*UXQGV½W]OLFKLP0HQVFKHQHLQw*HZLVVHQkHLQH6WLPPHGLHPDKQWXQGDE PDKQW'XUFK/HLGHQVFKD OHLFKWÕEHUWÏQW'DYRQJHKHQDOOHDXVPLWGHU)UDJHZDVGLHVH 6WLPPHHLJHQWOLFKLVW.DQW6WLPPHGHV*HVHW]HVYHUZDQGWPLW*RWWHV:LOOHQGHUGXUFK VLHUHGHW6FKRSHQKDXHU6WLPPHGHV0LWOHLGV,QDOOHQGLHVHQ)½OOHQGHU0HQVFKDXIVHLQH YLHOOHLFKWYRQ*RWWEHUÕKUWH,QQHUOLFKNHLWYHUZLHVHQPX¸wLQVLFKJHKHQk*DQ]DQGHUVGHU *ULHFKH6WLPPHGHU:HOWGHV:HVHQVGHU'LQJH6HLQVYHUK½OWQLVVH,QGHU9HUQXQ DQJH OHJW YRUJHELOGHW ZLH EHL GHP 9HUK½OWQLV $XJH XQG /LFKW $OVR QDFK wDX¸HQk YHUZLHVHQ  WTIVQEXMO¶NP³KSN>VWRLVFKGDQQ]%3ORWLQ@   'DKHUGLHV:LUNOLFKHLQVLFKVHOEVWJÏWWOLFKHLQH*RWWKHLW(VJHKWQXQZLHPLWDOOHP*ÏWWOL FKHQEHLGHQ*ULHFKHQ*HZL¸LVWGDV)UHXQGOLFKH]%HLQLQQHUHV6HLQXQG6LFKYHUKDOWHQ GHV0HQVFKHQ$EHU]XJOHLFKrXQGKDXSWV½FKOLFKrHLQ:HVHQKD HVDX¸HULKPXQG]ZDU QLFKWMHQVHLWLJVRQGHUQ]XP6HLQVEHVWDQGGHU:HOWLPKÏKHUHQ6LQQ JHKÏULJ rGDKHULQ YHUZDQGWHU*HVWDOWDXFKGHUVLFKWEDUHQ1DWXUDQJHKÏULJ  :LU ZHUGHQ VROFKH 'HQNZHLVH QLH JDQ]  YHUVWHKHQ ZHQQ ZLU LKUH X¸HUXQJHQ QLFKW JDQ]HUQVWQHKPHQ'HULQGLHVHP*HLVWOHEHQGH0HQVFKVDKJHZLVVHUPD¸HQGDV)UHXQGOLFKVHLQ DOV*HVWDOWOHEHQGLJYRUVLFKHLQ*UXQGYHUK½OWQLVHLQ8USK½QRPHQHLQH0DFKWHLQ*RWWLQ GHUREMHFWLYHQ:HOW)UHLOLFKHLQH(LQVWHOOXQJHLQ9HUKDOWHQGHV0HQVFKHQrDEHUHLQVROFKHV GDVGHU1DWXUGHU'LQJHGHUOHEHQGLJHQVFKÏSIHULVFKHQIÏUGHUOLFKHQJÏWWOLFKHQ:HVHQ KHLWGLHLQLKQHQZDOWHWHQWVSULFKWGLHHUPLWGHPKÏKHUHQ%OLFNLQGLH:LUNOLFKNHLWGHU'LQJH ”ÕEHUGLH1RWGXU …ZLH+ÏOGHUOLQVDJW VLHKWXQGHUNHQQW>6RQVWZ½UHHVQLH]XGHUJÏWW OLFKHQ*HVWDOWVFKDXGHU*ULHFKHQJHNRPPHQ@(UEOLFNWDOVRQLFKWLQVLFKK½OWVLFKQLFKW DQVHLQ*HIÕKOUHJWQLFKWVHLQHQ:LOOHQDXIVRQGHUQEOLFNWKLQDXVLQGLH:HOWLQGDV*ÏWWOL FKH(UVLHKWHVMDDOVGDVVHOEH]XJOHLFKLQGHUDX¸HUPHQVFKOLFKHQRUJDQLVFKHQXQGDQRUJD QLVFKHQ 1DWXU PLW $XJHQ XQG DOOHQ 6LQQHQ  (V Z½UH DEHU QLFKW GDV *ÏWWOLFKH ZHQQ HV QLFKW .UD  XQG 0DFKW K½WWH ZLH GDV *HGHLKOLFKH ]X EHZLUNHQ VR GDV 6WÏUHQGH DE]XZHKUHQ ]X YHUIROJHQ KHLP]XVXFKHQ 6R ZHQGHW VLFK GLH (fOL VHOEVW JHJHQ GHQ1LFKWDFKWHQGHQ GLH (ULQ\VYHUIROJWGHQ6WÏUHUGHU2UGQXQJGLH)LGHVGHV&DWXOO U½FKWVLFKDQGHP9HUJH¸OL FKHQ 8QG HV Z½UH QLFKW GDV *ÏWWOLFKH JHVWDOWKD PHQVFKHQ½KQOLFK %HJHJQHQGH ZHQQ VHLQH*HJHQZLUNXQJQLFKWDOV6WUDIHXQG+HLPVXFKXQJYHUVWDQGHQZHUGHQPÕ¸WHrZHQQGLHV DOOHVQLFKWDXIGLH$OOJHVWDOWGHV*ÏWWOLFKHQ]XUÕFNJHIÕKUWLQLKUDQJHVFKDXWZÕUGHGKLQ =HXVDOV:DOWHUGHUHfOLTfWXMNGHVVR$JDPHPQRQLQGHU,OLDVXQGDQGHUHVEHL+RPHU 6RORQQHEHQUISf $EHUZLHÕEHUDOOLP*ULHFKLVFKHQGDV*ÏWWOLFKHQLFKWVDQGHUHV LVW DOV GDV 1DWXUKD :LUNOLFKH XQG GDKHU GDV ZDV YRUJHKW DXFK JDQ] VDFKOLFK wUHDOLVWLVFKk DXVJHVSURFKHQZHUGHQNDQQYRQXQVDXVJHVSURFKHQZHUGHQwPX¸k VRVDJWVS½WHU $ULVWRWH





:DOWHU )ULHGULFK 2WWR

OHVDP6FKOX¸GHV%XFKHVGHU0HWDSK\VLNYRQGHPVHOEHQ6DFKYHUKDOWX‡µRXESºFS» PIXEMTSPMXI»IWUEMOEOÏN  'LHVHVw:LVVHQkZDUXUVSUÕQJOLFKQLFKWVDOVGDV $QVFKDXHQHLQHV9ROONRPPHQHQVRZLHGHU .ÕQVWOHUDXIGDVYRUVHLQHP*HLVWDXI OHXFKWHQGH%LOGEOLFNWGHVVHQYROONRPPHQH*HVWDO WXQJ VHLQ 6FKDHQ LQ %HZHJXQJ VHW]W GDV $QVFKDXHQ HLQHV w*XWHQk ZHLO 1RWZHQGLJHQ XQGGXUFKVLFKVHOEVWYRQVHLQHU5LFKWLJNHLWµEHU]HXJHQGHQ(UZDUQLFKWDOOHLQIÕUVLFK (UZDUQXUHLQ%HVWDQGWHLOGHVYRUQHKPHQ&KDUDNWHUVXQGVHLQHUVWRO]HQ9HUSLFKWXQJ]X VHLQHPDQJHERUHQHQ$GHO  8QGGLHVHU&KDUDNWHUVHOEVWVRVWRO]XQGVHOEVWEHZX¸WHUVHLQPRFKWHZDULQVHLQHU*H VDPWKHLWHEHQIDOOVHLQ:LVVHQXQG]ZDUYRQHLQHUYROONRPPHQHQJRWW½KQOLFKHQ :HVHQKHLW w0HQVFKkRGHUV[N GLHGHP*ÏWWOLFKHQQDKHZDUMDJHZLVVHUPD¸HQVHOEVW*RWW'DVHLJHQ WÕPOLFKH9HUK½OWQLVGHVJUR¸HQ 0HQVFKHQ]XU*RWWKHLWYHUVWHKHQZLUHUVWKLHUJDQ]ZDV LQLKPEHLMHGHU(QWVFKOX¸IDVVXQJYRUVLFKJHKWXQGYRQXQVLKPVHOEVWVHLQHPw:LOOHQk ]XJHVFKULHEHQZLUG LVWHEHQGDV*ÏWWOLFKHDEHUQLFKWVRZLHEHL/XWKHUGD¸HVGHQ0HQ VFKHQVHLQHQ:LOOHQDOOP½FKWLJXQWHUZLU LKQDOVRJ½Q]OLFKXQIUHLPDFKW HVWULWWYRULKQ DOVGDVKÏKHUH6HLQGLHHZLJH:DKUKHLWKLQXQGLP$QVFKDXHQZLUGVHLQ:LVVHQHUOHXFK WHWXQGZLHGDV:LVVHQXQGGDV*HZX¸WHHLQVVLQGVRLVWHUJHEXQGHQXQGGRFK]XJOHLFK IUHL GDV *ÏWWOLFKH GDV YRU LKQ KLQWULWW LVW HU LQ GLHVHP $XJHQEOLFN JHZLVVHUPD¸HQ VHOEVW GLH (QW VFKHLGXQJPLWGHP:LVVHQXQPLWWHOEDUJHJHEHQXQGLGHQWLVFKXQGwHUVHOEVWkGHU6LFKHQW VFKHLGHQGH%HLVSLHO$WKHQHYRU$FKLOOLQ,OLDV$ s'DGDV*HVFKDXWHXQG(UNDQQWHGDV KÏKHUH 6HLQ GHU 'LQJH HLQ *ÏWWOLFKHV LVW WU½JW HV GLH XQEHGLQJWH µEHU]HXJXQJVNUD  LQ VLFKVHOEVWXQGEHGDUINHLQHVZHLWHUHQ1DFKGHQNHQVLQ%H]XJDXISUDNWLVFKH5LFKWLJNHLW ZÕQVFKHQVZHUWHQ (UIROJ 1ÕW]OLFKNHLW 'DV DOOHV LVW LQ GHP QDWÕUOLFKHQ 9HUWUDXHQ DXI GDV *ÏWWOLFKHEHVFKORVVHQ$XFKZRGHUw(GOHkNHLQ%HZX¸WVHLQGHV*ÏWWOLFKHQPHKUKDWLVWLQ GHPZDVHUDOV,GHDOGHU+DOWXQJYRUVLFKVLHKWGDVIHVWH9HUWUDXHQEHVFKORVVHQGD¸VROFKHV 7KXQLQMHGHP)DOOHZLHHVDXFKDXVVFKODJHQPDJULFKWLJXQGJXWXQGKHLOVDPVHL'DVLVW KLHUVHKUYLHOZHLWHUDXV]XIÕKUHQLQGHP6LQQHGD¸DXFKEHLXQVGHU(GOHGDVw(GOHkZHQQDXFK LQVHKUDEJHEOD¸WHU:HLVHDOVJÏWWOLFKYRUVLFKVLHKWXQGHVNHLQHV:LOOHQVDNWHVEHGDUIrGHQQ ZLUDFKWHQXQGYHUHKUHQGRFKGHQDOVGHQ+ÏKHUHQXQGZDKUKD (GOHQw*XWHQkGHUJDU NHLQH :LOOHQVDQVWUHQJXQJ EUDXFKW JDU NHLQH :DKO KDW JDU QLFKW DQGHUV NDQQ +DQGHOW ,SKLJHQLHEHL*RHWKHGXUFKGHQ:LOOHQ"   :LU NÏQQWHQ GDV *ULHFKLVFKH JDU QLFKW HLQPDO DKQHQG YHUVWHKHQ ZHQQ GDVVHOEH QLFKW DXFKLQXQVZHQLJVWHQVDQJHOHJWZ½UHXQGPLQGHVWHQVXQEHZX¸WPDQFKPDOXQGEHLPDQ FKHQ3HUVRQHQ VRJDUJDQ]NODUVLFKJHOWHQGPDFKWH  *ODXEHQ ZLU GHQQ WKDWV½FKOLFK DQ GHQ :LOOHQ UHFKQHQ ZLU DXI LKQ" 'HU (GOH LVW DXFK XQVHLQHUGHUJDUQLFKWDQGHUVNDQQMDZRZLUHLQH:DKOQRFKVHKHQHLQHµEHUOHJXQJLVW XQVHUH $FKWXQJ QLFKW YROONRPPHQ ]ZDU YRU GHP w:LOOHQk DEHU QLFKW YRU GHP w0HQ VFKHQk 1XUEHLEHGHXWHQGHQ&ROOLVLRQHQZRDXFKGHU(GOHLQHLQHQ=ZLHVSDOWJHU½W6R *RHWKHV,SKLJHQLHLQGHUHVYRQ3\ODGHVIDVWÕEHU]HXJHQGGDUJHOHJWZLUGGD¸GLH:DKUKHLW LQGLHVHP)DOOHXQVLWWOLFKZ½UH$EHUDXFKEHL,SKLJHQLHLVWHVQLFKWGHU:LOOH9LHOPHKULVW GDVw*XWHkVRP½FKWLJGD¸VLHJDUQLFKWDQGHUVNDQQ6LHVLHKWHVJHZLVVHUPD¸HQLQVHLQHU *ÏWWOLFKNHLWOHXFKWHQGYRUVLFKXQGLQGLHVHP6HKHQLVW]XJOHLFKDXFKGDVw9HUWUDXHQkGD GD¸ HV GHQQRFK ]XP +HLO IÕKUHQ PÕVVH 'DV LVW WURW] GHU PRGHUQHQ )RUP LP *UXQGH JDQ]JULHFKLVFKXQGHVIHKOWQXUGLHJULHFKLVFKHYROONRPPHQH*HVWDOWKD LJNHLWGHV*ÏWWOL FKHQGHVVHQw(UVFKHLQXQJkGHUKHURLVFKH*ULHFKHLQGLHVHP$XJHQEOLFNHUOHEWK½WWH





=XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

 9HUIROJHQ ZLU GDV ZHLWHU VR JHODQJHQ ZLU ]X HLQHP ZHVHQKD HQ 8QWHUJUXQG XQVHUHV 9HUK½OWQLVVHV ]XP 6HLQ GHU XQV GXUFK GLH *ULHFKHQ GHXWOLFKHU ZLUG 'DV ZDKUKD  w0HQVFKOLFKHkKLQWHUDOOHPGXUFK&KULVWHQWXPXVZ$XVJHELOGHWHRGHUGXUFKGHQQRUGL VFKHQ+LPPHO9HUGÕVWHUWH :LUNÏQQHQYRQGHQ*ULHFKHQOHUQHQ6RQVWZ½UHQMDDXFKDOOHVRO FKH8QWHUVXFKXQJHQEOR¸KLVWRULVFKXQGPÕ¸LJ  *RHWKH]X(FNHUPDQQ$SULO,,,6 ”w:LHGDV6LWWOLFKHLQGLH:HOWJHNRP PHQ"kIUDJW(FNHUPDQQw'XUFK*RWWVHOEHUkHUZLGHUWH*RHWKHwZLHDOOHVDQGHUH*XWH(V LVW NHLQ 3URGXNW PHQVFKOLFKHU 5HH[LRQ VRQGHUQ HV LVW DQJHVFKDHQH XQG DQJHERUHQH VFKÏQH1DWXU(VLVWPHKURGHUZHQLJHUGHQ0HQVFKHQLP$OOJHPHLQHQDQJHVFKDHQLP KRKHQ*UDGHDEHUHLQ]HOQHQJDQ]YRU]ÕJOLFKEHJDEWHQ*HPÕWHUQ'LHVHKDEHQGXUFKJUR ¸H7KDWHQRGHU/HKUHQLKUJÏWWOLFKHV,QQHUHRHQEDUWZHOFKHVVRGDQQGXUFKGLH6FKÏQKHLWVHL QHU (UVFKHLQXQJ GLH /LHEH GHU 0HQVFKHQ HUJULXQG ]XU 9HUHKUXQJ XQG 1DFKHLIHUXQJ JH ZDOWLJIRUW]RJ'HU:HUWGHV6LWWOLFK 6FKÏQHQXQG*XWHQDEHUNRQQWH GXUFK(UIDKUXQJXQG :HLVKHLW]XP%HZX¸WVHLQJHODQJHQLQGHPGDV6FKOHFKWHVLFKLQVHLQHQ)ROJHQDOVHLQVROFKHVHU ZLHV ZHOFKHV GDV *OÕFN GHV (LQ]HOQHQ ZLH GHV *DQ]HQ ]HUVWÏUWH GDJHJHQ GDV (GOH XQG 5HFKWHDOVHLQVROFKHVZHOFKHVGDVEHVRQGHUHXQGDOOJHPHLQH*OÕFNKHUEHLIÕKUWHXQGEHIH VWLJWH6RNRQQWHGDV6LWWOLFK 6FKÏQH]XU/HKUHZHUGHQXQGVLFKDOVHLQ$XVJHVSURFKHQHVÕEHU JDQ]H9ÏONHUVFKD HQYHUEUHLWHQk…  ,QGLHVHQ:RUWHQLVWDOOHV]XVDPPHQJHID¸WZDVÕEHUGLH6LWWOLFKNHLWLPZHLWHVWHQ6LQQH ]X VDJHQ LVW DOOHV ZDV IÕU GLH (LQIDOW GHU QRFK NLQGOLFKHQ 0HQVFKKHLW ZLH IÕU LKUH YROO NRPPHQH%LOGXQJJLOWQXUQLFKWIÕUGLHPLWVLFKXQGGHU:HOW=HUIDOOHQHQGLHVLFKXQWHU GHU 6WUHQJH HLQHV DEVROXWHQ *HVHW]HV IÕKOHQ %HGHXWVDPHU :HLVH VSULFKW *RHWKH YRQ ”VFKÏQHU1DWXU…YRP”6LWWOLFK6FKÏQHQ…YRQGHU”6FKÏQKHLWGHU(UVFKHLQXQJ…YRU]ÕJOLFK EHJDEWHU*HPÕWHUZLHHUMDDXFKLP$QEOLFNGHU5DDHOLVFKHQ6FKÏQKHLWHLQHV%LOGHVGHU KHLOLJHQ$JDWKDZÕQVFKWHVHLQH,SKLJHQLHQLFKWVVDJHQ]XODVVHQZDVGLHVHQLFKWJHVDJWKD EHQNÏQQWH  6FKÏQLVWZDVPLWVLFKVHOEVWLQYROONRPPHQHU+DUPRQLHLVW0DQNDQQDEHUQLFKWPLW VLFKVHOEVWLQ+DUPRQLHVHLQZHQQPDQHVQLFKWPLWGHUXPJHEHQGHQ:HOWLVW6RVLQGGLH =ÕJHXQG*HE½UGHQGHU0HQVFKHQREVLH]XGHQ(LQIDFKVWHQRGHU]XGHQ+ÏFKVWJHELOGH WHQJHKÏUHQVFKÏQZHQQLKU,QQHUHVYRQHLQHUQDWÕUOLFKHQ)UÏPPLJNHLWJHDGHOWLVW'LHVH QDWÕUOLFKH)UÏPPLJNHLWEHGHXWHWDEHUQLFKWVDQGHUHVDOVGD¸LKU/HEHQPLWGHP:HVHQGHU 'LQJH GHP JHKHLPQLVYROOHQ :DOWHQ GHU *HVFKLFNH XQG HEHQ GDPLW DXFK PLW VLFK VHOEVW HLQLJLVW6LHEUDXFKHQQLFKWLQVLFKVHOEVW]XIRUVFKHQXQGPLWVLFKVHOEVW]XULQJHQ6LHZL V VHQ RKQH %HJUL XQG µEHUOHJXQJ YRQ HLQHP LQQLJHQ =XVDPPHQKDQJ HLQHU KHLOLJHQ 2UGQXQJ DOOHU 'LQJH YRQ HLQHP *HLVW GHU PLW JÏWWOLFKHU 6WLOOH LQ LKQHQ ZDOWHW XQG VLH PLWHLQDQGHU]XP*DQ]HQYHUELQGHWXQGGHUJHJHQDOOH0HLQXQJHQXQG:ÕQVFKHGHV(LQ ]HOQHQLPPHUUHFKWEHK½OW8QGGLHVHVDQJHERUHQHRGHUGXUFKHGOH9RUELOGHUHLQJHSDQ]WH :LVVHQVFKOLH¸WLKQHQDXFKGDVHLJHQH,QQHUHDXIXQGYHUOHLKWLKPGLH5XKHXQG2UGQXQJ GHVKÏKHUHQ6HLQVGHU:HOW:DVVLFKKLHUDOVGDV6LWWOLFK6FKÏQHHQWIDOWHWUHLFKWYLHOZHLWHU DOV GLH 5HFKWVFKDHQKHLW (V ]HLJW VLFK QLFKW QXU LP 9HUNHKU PLW 0HQVFKHQ VRQGHUQ LP 8PJDQJPLWDOOHQ'LQJHQXQGLQGHU+DOWXQJGHP*OÕFNZLHGHP8QJOÕFNJHJHQÕEHU µEHUDOOLVWHVHLQ$XVGUXFNGDIÕUGD¸GLH:HOWPLWDOOLKUHU0DQQLJIDOWLJNHLWLKUHQ9HU NHWWXQJHQ XQG LKUHQ VFKHLQEDUHQ =XI½OOHQ LKUHU /XVW XQG LKUHP 6FKPHU] HLQ VLQQYROOHV *DQ]HVLVW'LHVHV:LVVHQLVWHLQ:LVVHQYRP*ÏWWOLFKHQLQGHU:HOWGDKHUGLH6FKÏQKHLW GLH DOOH (PSQGXQJHQ *HE½UGHQ XQG +DQGOXQJHQ DGHOW PÏJHQ VLH IUHXGLJHU RGHU OHLG YROOHU$UWVHLQ





:DOWHU )ULHGULFK 2WWR

 (VLVWZLH*RHWKHVDJW”NHLQ3URGXNWGHU5HH[LRQVRQGHUQDQJHVFKDHQHXQGDQJH ERUHQH VFKÏQH 1DWXU…$EHU GLH6FKÏQKHLWGLHVHU 1DWXU LVW LP *UXQGH QLFKWV DQGHUHV DOV OHEHQGLJH(PSI½QJOLFKNHLWXQGXQPLWWHOEDUHV9HUVW½QGQLVIÕUGDV*ÏWWOLFK6LQQYROOHGDVLQ GHU JDQ]HQ 6FKÏSIXQJ ZDOWHW XQG VLFK LP 0HQVFKHQJHLVWH VSLHJHOW (LQ 9HUVW½QGQLV DOVR HLQ :LVVHQ YRQ GHP ZDV LVW XQG EHVWHKW XQPLWWHOEDU XQG XQUHHNWLHUW DEHU GRFK HLQ VLFKWVYROO XQG NODU VR ZLH +ÏOGHUOLQ LQ VHLQHP $XIVDW] ÕEHU GLH 5HOLJLRQ VDJW GD¸ GHU 0HQVFKZHQQHUVLFKÕEHUGLH1RWGXU DOVRÕEHUGLHDXJHQEOLFNOLFKH%HGÕU LJNHLW6RUJH XQG$QJVWHUKHEH”HUNHQQHQ…NÏQQH8QGZHQQ*RHWKHGLHVYRQ*RWWKHUOHLWHWVRK½W WHHUDXFKVDJHQNÏQQHQGD¸HVHLQ8USK½QRPHQVHLZLHHUHLQDQGHUPDODXFKYRQVLWWOL FKHQ8USK½QRPHQHQVSULFKW KLQWHUGHPXQPLWWHOEDUGLH*RWWKHLWVWHKWHLQ8USK½QRPHQ GHVPHQVFKOLFKHQ6HLQVXQG]XJOHLFKGDPLWGHV6HLQVGHU:HOW8QGDXFKGDVIHKOWEHLLKP QLFKWGD¸HV”GXUFK(UKHEXQJXQG:HLVKHLW ]XP%HZX¸WVHLQJHODQJHQ…XQGVHLQH:DKU KHLWGXUFKVHLQHw)ROJHQkEHZHLVHQNÏQQH'LHVLWWOLFKVFKÏQH1DWXULP6LQQH*RHWKHnVKDW HVQLFKWQÏWLJDXIGLHVH)ROJHQ]XUHHNWLHUHQ,KU:LVVHQKDWDQGHU(UNHQQWQLVGHUVLWWOL FKHQ1RUPHQDXVGHQHQGHU:HOWJHLVW]XLKUVSULFKWJHQXJXQGPLWLKPLQ(LQLJNHLW]X EOHLEHQ LVW LKU HLJHQWOLFKHV $QOLHJHQ $EHU GXUFK LKQ KDW VLH ]XJOHLFK HLQ :LVVHQ GDYRQ GD¸GLHVH1RUPHQ]XPWKDWV½FKOLFKHQ*UXQGEHVWDQGGHV'DVHLQVJHKÏUHQXQGLKUHµEHU WUHWXQJ VLFK QLFKW QXU DQ GHP %HWURHQHQ VRQGHUQ DXFK DQGHP 7K½WHU VHOEVW PLW 1RW ZHQGLJNHLWU½FKHQPX¸:½KUHQGGHUMHQLJHGHUVLFKGXUFKVHLQH%HIDQJHQKHLWLP$XJHQ EOLFNOLFKHQQLFKW]XMHQHU(LQLJNHLWHUKHEHQNDQQXQZLVVHQGXQGEOLQGGDKLQOHEW  6R LVW GDV 6LWWOLFKH ZHQQ HV QLFKW EOR¸ $QJHZÏKQXQJ (KUJHIÕKO RGHU HPSQGVDPH 7HLOQDKPHLVWYRP5HOLJLÏVHQJDUQLFKW]XWUHQQHQ0DJLKPGLH*RWWKHLWDXFKQLFKWYRU $XJHQVWHKHQHVLVWLPPHUHLQKÏKHUHV6HLQGHU:HOWDXVGHPHVVHLQH$QWULHEHHPSI½QJW :HOFKHV9HUKDOWHQDXFKLPPHULP$XJHQEOLFNHLQHU(QWVFKHLGXQJDOVGDVDOOHLQJXWHXQG HKUHQZHUWHVLFKXQVGDUELHWHQPDJHVLVWLPPHUYRQHLQHP*ODQ]HUIÕOOWGHUGDYRQ]HXJW GD¸ HV PHKU LVW DOV 6DW]XQJ XQG3LFKW Q½POLFK 6\PERO RGHU 2HQEDUXQJ GHV DOOXPIDV VHQGHQ:HOWJHLVWHV8QGGDVLVWGDV*ÏWWOLFKH  6RLVWGHU8QWHUJUXQGDXFKEHLXQVQRFK 8QGYRQKLHUDXVYHUVWHKHQZLUGDV*ULHFKLVFKHZR MHQHVEHLXQVQXU]XDKQHQGHRGHUwJHJODXEWHk *ÏWWOLFKHXQPLWWHOEDUXQGJHVWDOWKD KHU YRUXQGDQGHQ0HQVFKHQGHQKHURLVFKHQKHUDQWUDW  'HUKHURLVFKH0HQVFKEHL+RPHUIÕKOWHVHLQH8QIUHLKHLWQLFKW'DVEHJHJQHWXQVDEHU HWZDEHL 6LPRQLGHVEHLGLHVHP]HLJWVLFKGHXWOLFKGLHVFKZLQGHQGH1½KHGHV*ÏWWOLFKHQ  'HQQGHUKHURLVFKH0HQVFKEHL+RPHUNDQQNHLQ OEO³NVHLQHUEOHLEWƒQ»Q[RDXFKLP 8QJOÕFNrWURW]GHPZDV(XPDLRVYRQGHQ8QIUHLHQVDJWHULVWMDVHOEVWHLQHUXQGXQWDGH OLJ(UEOHLEWwHGHOkDXFKQDFKVFKOLPPHUWDGHOQVZÕUGLJHU7KDWGHUHQ)ROJHQHUDXI VLFK QHKPHQ PX¸ ZHLO VHLQH *HVDPWKDOWXQJ GHP *ÏWWOLFK:DKUHQ ]XJHZDQGW LVW 6R QRFK $GPHWRVEHL(XULSLGHVDXFKVHLQ+HUDNOHVXQGGHU$LDVGHV6RSKRNOHV6LHKDEHQWURW]DO OHPGDV*ÏWWOLFKHQHEHQVLFK6R NDQQHUDXFKQLHJDQ]XQJOÕFNOLFK VHLQZHQQDXFK HLQ XQYHUVFKXOGHWHV6FKLFNVDOLKQQLHGHUZLU XQGVRJDUYHUQLFKWHWZLH+HNWRUGHULQGLHYHU VFKXOGHWH.DWDVWURSKHGHU6HLQHQKLQHLQJH]RJHQZLUG=HXVJLHEWLKPYRUGHP(QGHDXFK *ODQ]XQGQDFKGHP7RGHVRUJHQGLH*ÏWWHUIÕULKQ'DVDOOHVLVWQLFKWVRZRKOÕEHU]HX JHQG QDFKZHLVEDUH w(UIDKUXQJk DOV w9HUWUDXHQk DXI *UXQG GHU XQPLWWHOEDUHQ 1½KH GHU *ÏWWHU:LHJDQ]DQGHUVLVWHVEHL6LPRQLGHVGHUYRQHLQHPEÏVHQ6FKLFNVDOEHWURHQHLVW MHW]W ZLUNOLFK XQJOÕFNOLFK XQG GDPLW DXFK OEO³N GLH DOOHV IÕJHQGH 0DFKW GHU *RWWKHLW XQGGHV*HVFKLFNHVZLUGQXQDOVGUÕFNHQGHPSIXQGHQZHLOGLH*RWWKHLW QLFKWPHKUVRQDKH LVWGD¸GHU*HVFKODJHQHDXFKLP8QJOÕFNQRFKwJUR¸kVHLQNÏQQWHGD¸VHLQH*HVDPWKDOWXQJ





=XU 6RNUDWLVFKHQ w:LVVHQVHWKLNk

DXFKZHQQHUGXUFKLUJHQGHLQH7KDWWDGHOQVZÕUGLJVHLQVROOWHLKQLP6WDQGHGHVƒQ»Q[R KLHOWHGHU]ZDUGLH)ROJHQWUDJHQPX¸DEHUGHQQRFKVRJHVÕQGLJWKDWDOVK½WWHHUQLFKW JHVÕQGLJWXQGGDKHUDXFKQLFKWZDKUKD XQJOÕFNOLFKVHLQNDQQLQGHPGDV*ÏWWOLFKHLKP LPPHUQRFK]XU6HLWHVWHKWXQGVHLQHw7XJHQGkWURW]DOOHPDXFK]XP+HLOHDXVVFKO½JW rVHL HVDXFKLQHLQHPHGOHQEHJQDGHWHQ7RGXQG1DFKOHEHQ   'DV5HOLJLÏVHLVWLQVRIHUQHQWVFKHLGHQGDOVHVVFKOLH¸OLFKQLFKWDXIHLQ]HOQH1RUPHQDQNRPPW VR ZDKU XQG ZLFKWLJ VLH VHLQ PÏJHQ  VRQGHUQ DXI MHQHV KÏKHUH 6HLQ GHP GHU w(GOHk LP *DQ]HQ ]XJHZDQGW LVW VR GD¸ ZLH HEHQ JHVDJW DXFK )HKOWULWWH DXV 9HUEOHQGXQJ HWF DP *DQ]HQQLFKWV½QGHUQNÏQQHQ 'LHVKÏKHUH6HLQ RHQEDUWVLFKHEHQLQGHQ*ÏWWHUQGLH LKPVROHEKD HUVFKHLQHQ   6FKZLQGHQGHU1½KHGHV*ÏWWOLFKHQ(LQ*HKHLPQLV  (V]HLJWVLFKGHXWOLFKLQGHPµEHUJDQJYRQ+RPHUXQG6RORQ]X7KHRJQLV'HQQGLH .ODJHÕEHU8QJHUHFKWLJNHLW]HLJWGDVVFKZLQGHQGHRGHUJHVFKZXQGHQH9HUWUDXHQXQGGDULQ]HLJW VLFK DQ GD¸ GDV %HZHJHQGH LP PRUDOLVFKHQ 6LQQ  QLFKW PHKU RGHU VHKU VFKZDFK  YRP *ÏWWOLFKHQHUIÕOOWLVWGKGD¸HVVLFKQLFKWPHKUDOV*ÏWWOLFKHV*RWWKHLW YRUGHQ0HQ VFKHQKLQVWHOOWXQGGDVEHGHXWHWGD¸GLH7LHIHGHV6HLQVXQGGHU1DWXUQLFKWPHKUÕEHU ]HXJHQG]XP0HQVFKHQUHGHWH'HQQVRQVWZ½UHGDV9HUWUDXHQGDXQGGDVEHGHXWHWGLH XQUHHFWLHUWH *HZL¸KHLW GD¸ HV ]XP *XWHQ VHLQ ZLUG E]Z EHL µEHUWUHWXQJ ]XP 6FKOLPPHQ  RE VLFK GLHV IUÕKHU RGHU VS½WHU ]HLJHQ PDJ XQG ZHQQ VHOEVW HUVW EHL 1DFK NRPPHQGD¸DXFKGDVVLQQYROOXQGUHFKWLVW  'HU +LVWRULNHU WKXW VLFK OHLFKW PLW VHLQHP 1DFKZHLV GD¸ GLHV YRQ 6WXIH ]X 6WXIH PLW 1RWZHQGLJNHLWVLFKVRwHQWZLFNHOQkPX¸WHLQGHPGHU0HQVFKPHKUXQGPHKU(UIDKUXQ JHQ PDFKWH XQG LPPHU PHKUGHQNHQ PLW (QHUJLH GHQNHQ OHUQWH $EHU PDQ YHUOLHUW GLH XQPLWWHOEDUH*HZL¸KHLWQLFKWLQGHPPDQwGHQNWkVRQGHUQPDQKDWVLHVFKRQ YHUORUHQr XQGGDVLVWHEHQGDV*HKHLPQLVrHKHPDQ]XGHQNHQDQQJ'LH0HWKRGHGHV+LVWRUL NHUV VHW]W XQEHZX¸W YRUDXV GD¸ ZLU +HXWLJHQ ZLVVHQ ZDV ZLU WKDWV½FKOLFK QLFKW ZLVVHQ ZLHHVLQGLHVHQ'LQJHQZLUNOLFK]XJHKWGD¸HVQ½POLFKMHQH*HUHFKWLJNHLWGHV*HVFKHKHQV WKDWV½FKOLFKQLFKWJLHEWVRQGHUQGD¸VLHHLQPHQVFKOLFKHV,GHDOLVWGDUXPLVWHVLKPVRQD WÕUOLFK VLFK YRU]XVWHOOHQ GD¸ GDV DXIZDFKHQGH XQG VLFK wHQWZLFNHOQGHk 'HQNHQ GLHVHQ 6DFKYHUKDOW QRWZHQGLJ HUNHQQHQ wPX¸WHk XQG GLH IUÕKHUH µEHU]HXJXQJ QXU QRFK DOV w*ODXEHk DQ MHQVHLWLJH :DKUKHLWHQ ZHLWHU OHEHQ NRQQWH $EHU GDV LVW HLQ 9RUXUWHLO r XQG 6RNUDWHVKDWVHLQJDQ]HV/HEHQGDUDQJHZDQGWHVDOVVROFKHV]XÕEHUZLQGHQ'LHwZLVVHQ VFKD OLFKHk *HVFKLFKWVVFKUHLEXQJ LVW JHUDGH]X GDUDXI DQJHOHJW GLH ZDKUHQ *UÕQGH GHU 'LQJHDXV]XVFKDOWHQXQGDQ6WHOOHGHVVHQZDVLQVHLQHP8UVSUXQJXQG)RUWJDQJLPPHU JHKHLPQLVYROO EOHLEHQ PX¸ HWZDV UDWLRQDO OHLFKW 9HUVW½QGOLFKHV ]X VHW]HQ LQGHP VLH GDV 9HUK½OWQLVYRQ8UVDFKHXQG:LUNXQJHLQIDFKXPNHKUW(VEOHLEWGDEHLGD¸GDV6FKZLQGHQ GHU1½KHGHV*ÏWWOLFKHQGLHZDKUH8UVDFKHGHU9HUWUDXHQVORVLJNHLWGHU(LJHQZLOOLJNHLWGHV 5DWLRQDOLVPXVLVWXQGQLFKWXPJHNHKUWXQGGD¸GLHV6FKZLQGHQ rZLHMDGRFKDXFKGLH 1½KHVHOEVWrQXULP*HKHLPQLVGHV*ÏWWOLFKHQVHOEVWEHJUÕQGHWLVWDOVRYRQXQVQLFKWHU NO½UWZHUGHQNDQQ rDPZHQLJVWHQGDGXUFKGD¸PDQZLHGLH+LVWRULHHVWKXW VHLQH:LU NXQJQ½POLFKGHQ8QJODXEHQGDVVRXYHU½QH'HQNHQHWF]XU8UVDFKHPDFKW   1XQNDPHQGLH/HXWHGLHrZLHGLH6RSKLVWHQXQG7KUDV\PDFKRVrJDQ]DXIVLFKVHOEVWJH VWHOOWVHLQZROOWHQXQJHPHLQNÕKQXQGVFKDUIVLQQLJ]XJOHLFKMDJHLVWUHLFKGDV'DVHLQLKUHP YRUXUWHLOVORVHQ 'HQNHQ XQWHU]RJHQ 6LH ZDUHQ wYRUXUWHLOVIUHLk GK KLHU GDV 'DVHLQ VSUDFK QLFKW PHKU DOV HLQ *ÏWWOLFKHUIÕOOWHV ]X LKQHQ GDV *ÏWWOLFKH ZDU QLFKW PHKU GHU WUDJHQGH *UXQGLKUHV'HQNHQVHVZDUQLFKWPHKUGDULQYHUZXU]HOWYRQMHQHPXQHQGOLFK)UXFKWED





:DOWHU )ULHGULFK 2WWR

UHQ XQG 6FKÏSIHULVFKHQ DOV $XVJDQJVSXQNW XQG )ÕKUXQJ JHOHLWHW VRQGHUQ QXU QRFK YRQ GHU 6HOEVWKHUUOLFKNHLW GHV ORVJHOÏVWHQ 0HQVFKVHLQV 'DV EHGHXWHW GLH :LUNOLFKNHLW VSUDFK QLFKWPHKULQw8USK½QRPHQHQk]XLKQHQ'DVw*HUHFKWHkHWFZDUQLFKWPHKUDOV8USK½QRPHQ XQPLWWHOEDUÕEHU]HXJHQGZHLOJÏWWOLFKGXUFKOHXFKWHW  %HLGLHVHU/DJHGHU'LQJHVWHKHQQXQ]ZHL:HJHRHQXPGDV8USK½QRPHQ]XUHWWHQ 'HUHLQHZ½UHGDVw*HUHFKWHkHWFDOVwVLWWOLFKHV8USK½QRPHQk]XHUNO½UHQDOVRGHUXUVSUÕQJOL FKHQ1DWXUGHV0HQVFKHQHLQJHERUHQXQGLQGHU ƒPœUIMEDXI]XGHFNHQ'LHVHQ:HJKDW .DQWHLQJHVFKODJHQXQGLQGHU1DFKIROJHGHV&KULVWHQWXPVVRZLHGHVQHX]HLWOLFKHQ6HH OHQ9HUQXQ JODXEHQVZDUHUIÕULKQGHUJHJHEHQH'HQQGHUNDWHJRULVFKH,PSHUDWLYLVWHL JHQWOLFKHLQ8USK½QRPHQ 6RKDW.DQWDOV3KLORVRSKPLWGHUJDQ]HQ6FK½UIHVHLQHU.ULWLN GLHUHOLJLÏVH8UDQVFKDXXQJ JHUHWWHW'HQQKLQWHUGHP8USK½QRPHQVWHKWLPPHUXQPLWWHO EDUGLH*RWWKHLWZLHMDDXFKKLHUQLFKWQXUGDVUHOLJLÏVH3DWKRV.DQWVDQ]HLJWVRQGHUQVHLQ DOVXQHUODXEWJHWDGHOWHUXQGGRFKLQQHUOLFKQRWZHQGLJHU 6SUXQJYRQKLHULQnV0HWDSK\VL VFKHXQG*ÏWWOLFKH  6RNUDWHV GDJHJHQ ZDU DOV *ULHFKH LQ GHU 7UDGLWLRQ YRQ +RPHU KHU XQG GHV DOWJULHFKL VFKHQ*ÏWWHUJODXEHQVGHULKPLPPHUKHLOLJZDU DXIHLQHQDQGHUHQ:HJJHZLHVHQ(UPX¸ WHDXIGLH1DWXUGHU'LQJHEOLFNHQ6RZDUHVHFKWJULHFKLVFKGD¸HUGDVw*XWHkDOV8U SK½ QRPHQLQGHU1DWXUGHUPHQVFKOLFKHQ'LQJH]HLJWH'DVNRQQWHQLFKWDQGHUVJHVFKHKHQDOVLQ GHPHUQDFKZLHVGD¸HVIÏUGHUOLFKXQGIUXFKWEDUDOVRwQÕW]OLFKkLVWGHQQGDVPX¸HVVHLQ ZHQQHV]XU1DWXURUGQXQJJHKÏUW   'DVZLUGJDQ]GHXWOLFKLQGHP;HQRSKRQWLVFKHQ*HVSU½FKZRHUDXVJHKHQGYRQGHU (PSIHKOXQJGHU7UHXHJHJHQGLH6WDDWVJHVHW]HDXIGLH †KVEJSMR³QSMNRPPWXQGQDFK ZHLVW GD¸ VLH GLH (LJHQWÕPOLFKNHLW KDEHQ GD¸ VLH QLFKW QXU JHELHWHQ VRQGHUQ GD¸ GLH µEHUWUHWXQJVLFKXQPLWWHOEDUXQG]ZDUJDQ]HYLGHQWU½FKW6LHPÕVVHQDOVRJÏWWOLFKHU+HU NXQ VHLQ  6R UHWWHWHUZLH.DQWGLHUHOLJLÏVH8UDQVFKDXXQJGXUFK+LQZHLVDXI GDVLQGHU1DWXU %HJUÕQGHWHDOVR8USK½QRPHQDOHGHUVLWWOLFKHQ1RUP





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP

  

 

$121<086 4XHVWLRSUHDPEXODULVLQGLVSXWDFLRQHPGHTXROLEHW FHOHEUDWDP(URUGLH$' SULPXPDGGHPXQLXVFRGLFLVPDQXVFULSWLHGLWD   -2'2&86 75879(77(5 8QDFRQFOXVLRFXPFRUROODULLV LQGLVSXWDWLRQHGHTXROLEHW(URUGLH$'SRVLWD VHFXQGXPHGLWLRQHP(URUGHQVHP$'   %$57+2/20$(86 $512/', '( 86,1*(1 4XHVWLRGHTXLGLWDWHTXDQWLWDWLVFRQWLQXHLQGLVSXWDWLRQHGHTXROLEHW (URUGLH$'GHWHUPLQDWD VHFXQGXPHGLWLRQHP/LSVLHQVHP$'     (GLGLW +$168/5,&+ :¯+/(5

RUGLH 

'LVSXWDWLR GH TXROLEHW (U

(LQOHLWXQJ



'LH(UIXUWHU4XRGOLEHW'LVSXWDWLRQGHV-DKUHV

  'DV(UHLJQLVXQGVHLQHµEHUOLHIHUXQJ  $Q GHU (UIXUWHU 8QLYHUVLW½W ZXUGHQ GLH 4XRGOLEHW'LVSXWDWLRQHQ LP  -DKUKXQGHUW ]X HLQHU IHVWHQ ,QVWLWXWLRQ LP DNDGHPLVFKHQ /HEHQ 8P GLH $XVULFKWXQJ GLHVHV QDFK 6WDWXW HLQPDOM½KUOLFKVWDWWQGHQGHQ$NWHVKDWWHVLFKGLH3KLORVRSKLVFKH)DNXOW½W]XNÕPPHUQ $OV 7HUPLQ IÕU GHQ %HJLQQ ZXUGH MHZHLOV GHU  $XJXVW IHVWJHOHJW  'LHVH 'LVSXWDWLRQ IDQG LP &ROOHJLXP 0DLXV GHU 8QLYHUVLW½W VWDWW ,KU $EODXI IROJWH HLQHP EHVWLPPWHQ ]HLWOL FKHQXQGRUJDQLVDWRULVFKHQ5HJOHPHQW'LHHLQOHLWHQGHVRJHQDQQWH4XHVWLRSULQFLSDOLVKDW WHVLFKWKHPDWLVFKDXIGLH*HELHWHw0RUDOSKLORVRSKLHkw1DWXUSKLORVRSKLHkXQGw0HWDSK\VLNk ]XEH]LHKHQ)ÕUHLQHQMHGHQ0DJLVWHUGHU$UWLVWHQIDNXOW½WZXUGHQYRP9RUVLW]HQGHQGHU 'LVSXWDWLRQVRGDQQEHVWLPPWHw4XDHVWLRQHQkEHQDQQWZHOFKHLKPLQEHVWLPPWHU)ULVWYRU GHP7HUPLQGHU'LVSXWDWLRQ]XJHVWHOOWZXUGHQXQGGLHHUZ½KUHQGGHVHLJHQWOLFKHQ$NWHV ]XwGHWHUPLQLHUHQkKDWWH$XVGUÕFNOLFKVROOWHQEHLGHU9HUJDEHGLHVHU7KHPHQGLHMHZHLOL JHQ6SH]LDOLVLHUXQJHQGHUPDJLVWULEHUÕFNVLFKWLJWZHUGHQ6RZRKOKLQVLFKWOLFKGHUEHWHLOLJ WHQ+DXSWSHUVRQHQGKGHU3URIHVVRUHQVFKD GHU3KLORVRSKLVFKHQ)DNXOW½WDOVDXFKKLQ VLFKWOLFKGHU7KHPHQZDKOZDUHQGLHVH4XRGOLEHW'LVSXWDWLRQHQUHSU½VHQWDWLYIÕUGDVGD PDOLJHSKLORVRSKLVFKH/HEHQDQGLHVHU8QLYHUVLW½W)ÕUXQVHUH.HQQWQLVÕEHUGLH5HVXOWDWH GHU(UIXUWHU4XRGOLEHW'LVSXWDWLRQDXVGHP-DKUVLQGHLQKDQGVFKUL OLFKHUXQG]ZHL JHGUXFNWH7H[W]HXJHQPD¸JHEOLFK8QWHUGHP7LWHO 4XHVWLRSUHDPEXODULVLQGLVSXWDWLRQHPGH TXROLEHWFHOHEUDWDP(URUGLH$'HQWK½OWHLQHKHXWHLQGHU8QLYHUVLW½WVELEOLRWKHNYRQ :URFàDZ%UHVODX DXIEHZDKUWH+DQGVFKUL HLQHQ7H[WGHUKÏFKVWZDKUVFKHLQOLFKGDVHLQ ]LJHÕEHUOLHIHUWH=HXJQLVGHU4XHVWLRSULQFLSDOLVMHQHUJHQDQQWHQ4XRGOLEHW'LVSXWDWLRQGDU VWHOOW )ÕU HLQH VROFKH =XRUGQXQJ VLQG ]ZHL ,QGL]LHQ PD¸JHEOLFK =XQ½FKVW LVW GHU 7H[W GHUw4XHVWLRkDXVGLHVHU+DQGVFKUL GHXWOLFKLQGUHLDUWLFXOLJHJOLHGHUWZHOFKHHLQGHXWLJGHU 0HWDSK\VLNGHU1DWXUSKLORVRSKLHXQGGHU0RUDOSKLORVRSKLH]XJHRUGQHWZHUGHQNÏQQHQ 'DPLWJHQÕJWGLHVHU7H[WGHUHUZ½KQWHQ)RUGHUXQJGHV(UIXUWHU6WDWXWV'HVZHLWHUHQJLEW HVLQGLHVHP7H[WHLQHFRQFOXVLRGKHLQHJUXQGV½W]OLFKH/HKUHQWVFKHLGXQJZHOFKHLQEHL QDKH LGHQWLVFKHP :RUWODXW LQ HLQHP ZHLWHUHQ 7H[W]HXJHQ GLHVHU 4XRGOLEHW'LVSXWDWLRQ DXIWDXFKWGKLQ-RGRFXV7UXWYHWWHUV6XPPXOHWRWLXVORJLFHJHGUXFNWLP-DKU(VKDQ GHOWVLFKXPHLQH*HVDPWGDUVWHOOXQJGHU/RJLN,QGLHVHKDWGHU$XWRUXQWHUHLQHPGLUHNWHQ 9HUZHLVDXIGLH(UIXUWHU4XRGOLEHW'LVSXWDWLRQYRQHLQHO½QJHUH7H[WSDVVDJHDXIJH QRPPHQ GLH HLQH FRQFOXVLR ]XU 3UREOHPDWLN GHU 8QLYHUVDOLHQ E]Z GHV w:HJHVWUHLWVk GDU 

      



9JO - & + :HLVVHQERUQ $NWHQ GHU (UIXUWHU 8QLYHUVLW½W ,, 7HLO +DOOH   6  6WDWXWD

GLVSXWDWLRQHP GH TXROLEHW FRQFHUQHQWLD 9JO :HLVVHQERUQ $NWHQ GHU (UIXUWHU 8QLYHUVLW½W   6 



9JO ( .OHLQHLGDP 8QLYHUVLWDV 6WXGLL (U RUGHQVLV , /HLS]LJ



  6 

9JO :HLVVHQERUQ $NWHQ GHU (UIXUWHU 8QLYHUVLW½W   6  9JO :HLVVHQERUQ $NWHQ GHU (UIXUWHU 8QLYHUVLW½W   6  :URFàDZ %UHVODX  8QLZHUV\WHW :URFODZVNL %LEOLRWHND 8QLZHUV\WHFND 0V ,9 4 D IRO YU 9JO LQ XQVHUHU $XVJDEH 7H[W 1U , XQG 7H[W 1U ,, &RQFOXVLR r ,, &RUROODULXP WHUWLXP



(LQOHLWXQJ

VWHOOW 'LHVH 7H[WSDVVDJH LVW HLQHU GHU ]ZHL JHGUXFNWHQ 7H[W]HXJHQ XQVHUHU 'LVSXWDWLRQ (LQJHQDXHUHU9HUJOHLFKGLHVHUJHGUXFNWHQ7H[WSDVVDJHPLWGHP]XYRUEHVFKULHEHQHQKDQG VFKUL OLFKHQ7H[WGHUHUZ½KQWHQFRQFOXVLRDXVGHU4XHVWLRSUHDPEXODULVHUJLEWGHQIROJHQGHQ LQWHUHVVDQWHQ%HIXQG1HEHQJHULQJHQXQGXQZHVHQWOLFKHQ$EZHLFKXQJHQJHJHQÕEHUHL QLJHQ6WHOOHQGHVKDQGVFKUL OLFKHQ7H[W]HXJHQGLHLQXQVHUHU$XVJDEHLPHLQ]HOQHQLQGL ]LHUWZXUGHQGHFNWVLFKGHU:RUWODXWGHUJHGUXFNWHQ7H[WSDVVDJHPLWGHPGHVNRPSOHWWHQ KDQGVFKUL OLFKHQ7H[WHVGHUFRQFOXVLRrELVDXIHLQHXPIDQJUHLFKH(UJ½Q]XQJLPJHGUXFNWHQ 7H[W ZHOFKH LP KDQGVFKUL OLFKHQ 7H[W IHKOW 'LHVH (UJ½Q]XQJ QXQ HQWK½OW YLHOH ZHLWHUH $UJXPHQWHXQG%HOHJHIÕUGLHSKLORVRSKLVFKH3RVLWLRQVEHVWLPPXQJZHOFKHGHU$XWRU]X YRUJHJHEHQKDWs$XVGHUZHLWJHKHQGHQµEHUHLQVWLPPXQJGHV7H[WHV1U,DXVGHU 4XHVWLR SUHDPEXODULV PLW GHP $QIDQJ GHV GLH 4XRGOLEHW'LVSXWDWLRQ EHWUHHQGHQ 7H[WHV YRQ7UXWYHWWHUV 6XPPXOHWRWLXVORJLFHLP(UIXUWHU'UXFNGHV-DKUHV7H[W1U,, O½¸W VLFK VFKOLH¸HQ GD¸ -RGRFXV 7UXWYHWWHU GHU $XWRU GHU 4XHVWLR SULQFLSDOLV E]Z GHU 4XHVWLR SUHDPEXODULVMHQHU'LVSXWDWLRQZDUXQGGD¸HUGLHVH4XHVWLRIÕUGHQ'UXFNUHGLJLHUWXQGHU ZHLWHUWKDWWH0LWGLHVHP(UJHEQLVGHVNULWLVFKHQ7H[WYHUJOHLFKVODVVHQVLFK/0HLHUV8Q JHZL¸KHLWKLQVLFKWOLFKGHU=XRUGQXQJGHV:URFàDZHU7H[W]HXJHQ]XU(UIXUWHU4XRGOLEHW 'LVSXWDWLRQ DXVU½XPHQ XQG :8UEDQV 7KHVH NRUULJLHUHQ GD¸ QLFKW -RGRFXV 7UXWYHWWHU VRQGHUQ%DUWKRORP½XV$UQROGLYRQ8VLQJHQGLH$XWRUVFKD GHU4XHVWLRSUHDPEXODULV]XMH QHU'LVSXWDWLRQ]X]XVFKUHLEHQVHL,P-DKUHUVFKLHQLQ/HLS]LJHLQ$EUL¸GHU$ULVWR WHOLVFKHQ1DWXUSKLORVRSKLHGHV%DUWKRORP½XV$UQROGLYRQ8VLQJHQXQWHUGHP7LWHO3DUYX OXVSKLORVRSKLHQDWXUDOLVLP'UXFN'LHVHP7H[WZXUGHLP$QKDQJHLQZHLWHUHU7H[WGHVVHO EHQ$XWRUVEHLJHIÕJWZHOFKHUHLQHNRPSOHWWH4XHVWLR]XU)UDJHQDFKGHP:HVHQGHUTXDQ WLWDVFRQWLQXDHQWK½OW'LHVHU$QKDQJE]ZGLHVH4XHVWLRLVWHLQHIÕUGHQ'UXFNÕEHUDUEHLWHWH )DVVXQJMHQHU4XHVWLRZHOFKHUGHUVHOEH$XWRULP-DKUZ½KUHQGGHU(UIXUWHU4XRGOL EHW'LVSXWDWLRQGHWHUPLQLHUWKDWWH6LHVWHOOW]XJOHLFKGHQGULWWHQÕEHUOLHIHUWHQ7H[W]HX JHQYRQMHQHU'LVSXWDWLRQGDU'LHJHQDQQWHQGUHL7H[W]HXJQLVVHELOGHQGLH*UXQGODJHIÕU XQVHUH ,QIRUPDWLRQ ÕEHU MHQH 'LVSXWDWLRQ DQ GHU (UIXUWHU $UWLVWHQ)DNXOW½W :HLWHUH ,Q IRUPDWLRQHQÕEHUDQGHUH%HWHLOLJWHRGHUDQGHUH7KHPHQEHVLW]HQZLUQLFKW,QVRIHUQEOHLEW XQVHUH .HQQWQLV HLQJHVFKU½QNW 'HQQ ZLU PÕVVHQ GDYRQ DXVJHKHQ GD¸ DQ HLQHU 4XRGOL EHW'LVSXWDWLRQJHZÏKQOLFKVRJXWZLHDOOHPDJLVWULGHU$UWLVWHQ)DNXOW½WWHLOQDKPHQ'HQ QRFKNRPPWGHQJHQDQQWHQ7H[W]HXJHQHLQHJUR¸HKLVWRULVFKSKLORVRSKLVFKH%HGHXWXQJ ]X 

   

-RGRFXV 7UXWYHWWHU 6XPPXOH WRWLXV ORJLFH (UIXUW   I 0Y0Y YJO LQ XQVHUHU $XVJDEH 7H[W 1U ,,  9JO 7H[W 1U ,, &RUROODULXP WHUWLXP r 7H[W 1U ,, &RUROODULXP TXDUWXP LQ XQVHUHU $XVJDEH 6  9JO / 0HLHU ”'LH 5ROOH GHU 7KHRORJLH LP (UIXUWHU 4XRGOLEHW… LQ 5HFKHUFKHV GH WKÂRORJLH DQFLHQ

QH HW PÂGLÂYDOH    6  : 8UEDQ ”'LH wYLD PRGHUQDk DQ GHU 8QLYHUVLW½W (UIXUW DP 9RU DEHQG GHU 5HIRUPDWLRQ… LQ + $ 2EHUPDQ +UVJ  *UHJRU YRQ 5LPLQL :HUN XQG :LUNXQJ ELV



]XU 5HIRUPDWLRQ %HUOLQ r 1HZ
…

$QQH[D HVW KXLF RSXVFXOR TXHVWLR DUGXD GH

TXLGLWDWH TXDQWLWDWLV FRQWLQXH SHU HXQGHP PDJLVWUXP TXRGOLEHWLFH GHWHUPLQDWD DF LQ RUGLQHP OHFWRULEXV DSWLR UHP VLQJXODUL VWXGLR LQVWUXFWD /HLS]LJ   I UY YJO LQ XQVHUHU $XVJDEH 7H[W 1U ,,, 





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

'LHKLVWRULVFKSKLORVRSKLVFKH%HGHXWXQJGHU(UIXUWHU4XRGOLEHW'LVSXWDWLRQGHV-DKUHV  'LHKLHUHGLHUWHQ7H[WHGRNXPHQWLHUHQGHQSKLORVRSKLVFKHQ*HLVWHLQHVPHWDSK\VLNNULWL VFKHQ 1RPLQDOLVPXV MD ÕEHUKDXSW HLQHV NULWLVFKHQ 3KLORVRSKLHUHQV DQ HLQHU GHU HLQX¸ UHLFKVWHQ GHXWVFKHQ 8QLYHUVLW½WHQ GHV VS½WHQ 0LWWHODOWHUV 8QG VLH GRNXPHQWLHUHQ GLH VFKQHOOH 1XW]XQJ GHV QHXHQ 0HGLXPV w%XFKGUXFNk GXUFK ]ZHL GHU GDPDOV EHNDQQWHVWHQ XQLYHUVLW½UHQ/HKUHUGHU3KLORVRSKLH1LFKW]XOHW]WLOOXVWULHUHQGLHVH7H[WHGLH4XDOLW½WXQG GHQ,QKDOWHLQHV3KLORVRSKLHUHQVZHOFKHV0DUWLQ/XWKHUDXVHLJHQHPPHKUM½KULJHQ6WXGL XPDQGHU(UIXUWHU8QLYHUVLW½WNHQQHQJHOHUQWKDW,QLKUHQ8QWHUVXFKXQJHQXQG'DUVWHO OXQJHQ]XGLHVHU(UIXUWHU'LVSXWDWLRQKDEHQ(.OHLQHLGDPXQG:8UEDQNODUDXIGLHKL VWRULVFKH'LPHQVLRQGLHVHV(UHLJQLVVHVYHUZLHVHQ.OHLQHLGDPVSULFKWYRQHLQHP”'XUFK EUXFK ]X HLQHU NODUHQ WHUPLQLVWLVFKRFNKDPLVWLVFKHQ 5LFKWXQJ LQ (UIXUW… XQG 8UEDQ ZHUWHWGLHÕEHUOLHIHUWHQ7H[WHDOV”HLQHV\VWHPDWLVFKH$XVDUEHLWXQJ…XQG”SURJUDPPDWLVFKH 'XUFKIÕKUXQJGHUYLDPRGHUQD…%HLGH$XWRUHQPDFKHQLQGLHVHP=XVDPPHQKDQJDXIGLH ÕEHUUDJHQGH5ROOHGHU3KLORVRSKLHSURIHVVRUHQ-RGRFXV7UXWYHWWHUJHVWDE$U WHV0DJLVWHU LQ (UIXUW  XQG %DUWKRORP½XV $UQROGL YRQ 8VLQJHQ FD  DE  $UWHV0DJLVWHULQ(UIXUW DXIPHUNVDPGHQ$XWRUHQGHUÕEHUOLHIHUWHQ7H[WHMHQHU(UIXUWHU 'LVSXWDWLRQ 'LHVHQ LVW HV LP KRKHQ 0D¸ ]X YHUGDQNHQ GD¸ GLH (UIXUWHU 8QLYHUVLW½W LP VS½WHQ0LWWHODOWHUDOVHLQH+RFKEXUJGHUYLDPRGHUQDDQJHVHKHQZXUGH'DKLQWHUVWDQGLQV EHVRQGHUH GDV DOOP½KOLFKH 9RUGULQJHQ GHU 3KLORVRSKLH XQG 7KHRORJLH GHV :LOKHOP YRQ 2FNKDPDQGLHVHU8QLYHUVLW½WHWZDVHLWGHU0LWWHGHV-DKUKXQGHUWV$OOHUGLQJVZÕUGH HLQH VLPSOH *OHLFKVHW]XQJ GHU SKLORVRSKLVFKHQ 3RVLWLRQHQ EHLGHU 6FKRODVWLNHU PLW HLQHP ”2FNKDPLVPXV… LKUH QLFKW XQZHVHQWOLFKHQ 'LHUHQ]HQ ]X HLQLJHQ GHU /HKUHQ 2FNKDPV XQJHEÕKUOLFK ÕEHUJHKHQ ,QVRIHUQ PDFKHQ GLH 5H]HSWLRQ YRQ XQG GLH .ULWLN DQ GLHVHQ /HKUHQ ]XVDPPHQJHQRPPHQ ZLFKWLJH JHLVWHVJHVFKLFKWOLFKH .RRUGLQDWHQ IÕU GLH EHLGHQ (UIXUWHU3KLORVRSKHQDXV1LFKWGLH)RUWVFKUHLEXQJXQG=HPHQWLHUXQJYRQ6FKXOGRJPHQ VRQGHUQ GHU *HLVW NRQVWUXNWLYHU XQG VHOEVW½QGLJHU $XWRULW½WHQNULWLN FKDUDNWHULVLHUW GLH 0RWLYODJHYRQEHLGHQ1LFKW]XOHW]WKDWHVGDEHLDXFKELVHWZD]XP-DKUHLQJHZLVVHV 0LWHLQDQGHU YRQ VFKRODVWLVFKHU XQG SKLORORJLVFKKXPDQLVWLVFKHU DNDGHPLVFKHU .XOWXU LQ (UIXUW JHJHEHQ ZRUDXI .OHLQHLGDP DXIPHUNVDP PDFKW ,Q GLHVHU $WPRVSK½UH EHJDQQ DXFKGHUMXQJH0DUWLQ/XWKHULP-DKUDQGLHVHU8QLYHUVLW½WVHLQ3KLORVRSKLHVWXGLXP (V LVW GDV =XVDPPHQWUHHQ XQG ZLUNHQ YRQ 6FKRODVWLN SKLORORJLVFKHP 5HQDLVVDQFH +XPDQLVPXVXQGHLQHPDXWRULW½WVNULWLVFKHQ%HZX¸WVHLQLP=HLFKHQGHUYLDPRGHUQDZHO FKH GLH XQV YRUOLHJHQGHQ 5HVXOWDWH GHU 4XRGOLEHW'LVSXWDWLRQ KLVWRULVFK EHDFKWHQVZHUW HUVFKHLQHQODVVHQ$OOHUGLQJVZDUGLHVHKLVWRULVFKH.RLQ]LGHQ]DXFKEUÕFKLJ'HQQVRZRKO GHU8QLYHUVDOLHQVWUHLWDOVDXFKGLHSKLORVRSKLVFKJHSU½JWH'LVNXVVLRQWKHRORJLVFKHU)UDJHQ ZHOFKHGLHÕEHUOLHIHUWHQ7H[WHGLHVHU'LVSXWDWLRQVRVWDUNSU½JWHQHUVFKLHQHQ/XWKHUZH QLJH-DKUHVS½WHUEHUHLWVYÏOOLJREVROHW(UYHUNÕQGHWH]%LQGHU7KHVHVHLQHU'LVSXWDWLR FRQWUDVFKRODVWLFDPWKHRORJLDPYRP-DKUGD¸HVIÕUGLH.LUFKHEHVVHUZ½UHK½WWHHVQLHHL 

   



( .OHLQHLGDP 8QLYHUVLWDV 6WXGLL (U RUGHQVLV ,, /HLS]LJ



  6 

8UEDQ 'LH wYLD PRGHUQDk 6  



.OHLQHLGDP 8QLYHUVLWDV 6WXGLL (U RUGHQVLV ,, 6  9JO 6 .QXXWWLOD ”7UXWIHWWHU 8VLQJHQ DQG (UIXUWLDQ 2FNKDPLVP… LQ - $ $HUWVHQ XQG $ 6SHHU +UVJ  :DV LVW 3KLORVRSKLH LP 0LWWHODOWHU" $NWHQ GHV ; ,QWHUQDWLRQDOHQ .RQJUHVVHV IÕU PLWWHODOWHUOLFKH





3KLORVRSKLH GHU 6,(30  LQ (UIXUW %HUOLQ r 1HZ


.OHLQHLGDP 8QLYHUVLWDV 6WXGLL (U RUGHQVLV ,, 6  



(LQOHLWXQJ

QHQ3RUSK\ULRVPLWVHLQHQ8QLYHUVDOLHQJHJHEHQ*HZL¸EOHLEHQDEHUGLH2HQKHLWJH JHQÕEHUGHPOLWHUDULVFKSKLORORJLVFKHQ+XPDQLVPXVXQGGHUNULWLVFKH8PJDQJPLWDQHU NDQQWHQ$XWRULW½WHQEOHLEHQGH3U½JXQJHQGLH/XWKHUXQGVHLQH(UIXUWHU/HKUHU7UXWYHWWHU XQG8VLQJHQGHP(UIXUWHU8QLYHUVLW½WVOHEHQGHUGDPDOLJHQ=HLW]XYHUGDQNHQKDEHQ'HU 8QLYHUVDOLHQVWUHLWPDFKW]ZDUHLQHQGHULQKDOWOLFKHQ+DXSWDVSHNWHGHUYRUOLHJHQGHQ7H[WH DXVGRFKNDQQQLFKWGHUJHVDPWH,QKDOWDXIGLHVHQUHGX]LHUWZHUGHQZHQQPDQGLHJDQ]H KLVWRULVFKHXQGSKLORVRSKLVFKH.RQVWHOODWLRQMHQHU=HLWDP9RUDEHQGGHU5HIRUPDWLRQXQG GHU%OÕWHGHV5HQDLVVDQFH+XPDQLVPXVHUIDVVHQZLOO=XGLHVHU.RQVWHOODWLRQJHKÏUW]% DXFKGDV9HUK½OWQLVGHU3KLORVRSKLH]XU7KHRORJLH(LQUHLQKDUPRQLVFKHV9HUK½OWQLV]ZL VFKHQEHLGHQKDWHVRHQEDUDXFKVFKRQ]XU=HLWGHV4XRGOLEHWVYRQLQ(UIXUWQLFKW PHKU JHJHEHQ 'DUDXI GHXWHQ HLQLJH %HPHUNXQJHQ LQ GHU 4XHVWLR SUHDPEXODULV KLQ DEHU DXFKZLHGHUKROWH6WHOOXQJQDKPHQ]XGLHVHP7KHPDVHLWHQV/XWKHUV/HKUHUV%DUWKRORP½XV $UQROGLYRQ8VLQJHQLQGHQ6FKUL HQDE:HQQJOHLFKZHGHU8VLQJHQQRFK7UXW YHWWHUrZLHHWZD/XWKHUrIÕUHLQH$EWUHQQXQJGHU7KHRORJLHYRQGHU3KLORVRSKLHHLQWUD WHQVSUDFKHQVLHVLFKDEHUDXFKJOHLFKIDOOVQLFKWIÕUGDV3URJUDPPHLQHVFKULVWOLFKHQ$ULVWR WHOLVPXV DXV GK DOVR IÕU HLQH HLQIDFKH 6\QWKHVH DXV $ULVWRWHOLVFKHU 3KLORVRSKLH XQG FKULVWOLFKHU7KHRORJLH'LH$XIJDEHQXQGGLH%HVWDQGWHLOHGHU3KLORVRSKLHKDW8VLQJHQLQ GHU(LQOHLWXQJ]XVHLQHP3DUYXOXVSKLORVRSKLHQDWXUDOLVQ½KHUVNL]]LHUW'DVVWXGLXPSKLORVRSKL FXP ZDU IÕU LKQ LQ HUVWHU /LQLH HLQ VWXGLXP YHULWDWLV HW QRQ HUURULV (V VHW]H VLFK DXV GHQ %H VWDQGWHLOHQ w0HWDSK\VLNk w0DWKHPDWLNk w1DWXUSKLORVRSKLHk w/RJLNk XQG w(WKLNk ]XVDP PHQ)ÕUHLQH6LFKWXQJGHUYHUVFKLHGHQHQSKLORVRSKLVFKHQ3UREOHPVFKLFKWHQXQGVLFK WHQLQGHU4XRGOLEHWGLVSXWDWLRQVROOHQQXQGLH7H[WHHWZDVGHWDLOOLHUWHUEHWUDFKWHWZHUGHQ  ,QGHU4XHVWLRSUHDPEXODULVNRPPW]XQ½FKVWGLH(UVWH3KLORVRSKLH]XU6SUDFKH6RZHUGHQ LPDUWLFXOXVSULPXV]XQ½FKVWGLH*UR¸DUWLJNHLW(LQ]LJNHLWXQGQXUEHJUHQ]WH(UNHQQEDUNHLW *RWWHVWKHPDWLVLHUWFRQFOXVLRSULPD7H[W1U, HVVFKOLH¸HQVLFK%HPHUNXQJHQÕEHUGLH XQYHU]LFKWEDUH HUNHQQWQLVEHJUÕQGHQGH 5ROOH GHU JHLVWLJHQ 6XEVWDQ]HQ GHU VRJHQDQQWHQ w,QWHOOLJHQ]HQkDQFRQFOXVLRVHFXQGD7H[W1U, GDUDXIIROJHQGLHEHUHLWVHUZ½KQWHQPH WDSK\VLNNULWLVFKHQ$XVIÕKUXQJHQÕEHUGLH8QLYHUVDOLHQIUDJHLP5DKPHQHLQHUQRPLQDOL VWLVFKHQ,QGLYLGXDORQWRORJLHFRQFOXVLRWHUFLD7H[W1U, 'LHVHUHUVWH$UWLNHOYHUPLWWHOW GHQ (LQGUXFN HLQHV *HPLVFKV DXV 2QWR7KHRORJLH XQG 0HWDSK\VLN.ULWLN ,P DQVFKOLH ¸HQGHQDUWLFXOXVVHFXQGXV ZLUGQXQDXIGLHQDWXUSKLORVRSKLVFKH7KHPDWLNHLQJHJDQJHQ(V ZLUG GRUW GHU VLGHULVFKH (LQX¸ DXI GLH 0HQVFKHQ XQG GLH 7LHUH ]XJHVWDQGHQ ]XJOHLFK DEHU ZHUGHQ *HRPDQWLN XQG $VWURORJLH NULWLVLHUW FRQFOXVLR SULPD 7H[W 1U ,  GLH GH WHUPLQLHUHQGH5ROOHGHUYLHUQDWÕUOLFKHQw(OHPHQWHkIÕUGDV/HEHQGLH*HVXQGKHLWRGHUGLH .UDQNKHLWVRZLHGLHVW½QGLJH9HU½QGHUOLFKNHLWYRQGHUHQ0LVFKXQJVYHUK½OWQLVVHQZLUGEH KDXSWHWFRQFOXVLRVHFXQGD7H[W1U, GLHw(UVWH0DWHULHkZLUGDOVHLQDNWXDOHVNÏUSHUOL FKHV 6HLHQGHV DXIJHID¸W XQG VFKOLH¸OLFK ZLUG GLH VFKÏSIHULVFKH 5ROOH GHU 1DWXU EHL GHU 



0 /XWKHU 'LVSXWDWLR FRQWUD VFKRODVWLFDP WKHRORJLDP :HUNH .ULWLVFKH *HVDPWDXVJDEH %G  HG .RPPLVVLRQ ]XU +HUDXVJDEH GHU :HUNH 0DUWLQ /XWKHUV :HLPDU   7KHVH  6  ”%R

 

QXP HUDW HFFOHVLDH VL WKHRORJLV QDWXV QRQ IXLVVHW 3RUSKLULXV FXP VXLV XQLYHUVDOLEXV… 9JO 1 3DXOXV 'HU $XJXVWLQHU %DUWKRORP½XV $UQROGL YRQ 8VLQJHQ /XWKHUV /HKUHU XQG *HJQHU (LQ /H

EHQVELOG )UHLEXUJ L %U   %DUWKRORPDHXV $UQROGL GH 8VLQJHQ 3DUYXOXV SKLORVRSKLH QDWXUDOLV /HLS]LJ   IRO UU LELG

… FXP VWXGLXP SKLORVRSKLFXP VLW VWXGLXP YHULWDWLV HW QRQ HUURULV FXLXV VWXGLXP EHQH

IRO U ”

DSSDUHW SKLORVRSKLFXP VHG QRQ HVW WDOH (W VLF GHEHW FDSL SKLORVRSKLD LQ SUHVHQWL…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

+HUYRUEULQJXQJ YRQ 0HWDOOHQ PLW GHU VFKÏSIHULVFKHQ *ROGPDFKHUNXQVW GHV $OFKHPLVWHQ LQHLQHSRVLWLYH$QDORJLHJHVHW]WFRQFOXVLRWHUFLD7H[W1U,   'HUDUWLFXOXVWHUFLXVZLGPHWVLFKHLQLJHQ$VSHNWHQGHV0HQVFKHQELOGHV'LHDX¸HURUGHQW OLFKH 5DQJVWHOOXQJGHV KRPR YLDWRU LP *HVDPWSODQ GHV :HOWJUÕQGHUVJLEW GLH %HJUÕQGXQJ GDIÕUGD¸DXFKYRUFKULVWOLFKHSRHWLVFKP\WKLVFKH0HQVFKHQELOGHUWROHULHUWZHUGHQZREHL ]XJOHLFKEHVRQGHUHU:HUWDXIGLHÕEHUUDJHQGH5ROOHGHU9HUQXQ DOVOHQNHQGHUXQGNXOWL YLHUHQGHU .UD  GHV 0HQVFKHQ XQG GLH $EJUHQ]XQJJHJHQÕEHU MHJOLFKHU )RUP YRQ $EHU JODXEHQJHOHJWZLUGFRQFOXVLRSULPD7H[W1U, VRGDQQZLUGGLH%HGHXWXQJYRQwJÏWWOL FKHP XQG QDWÕUOLFKHP 5HFKWk YRQ 0RUDO 7KHRORJLH XQG 3KLORVRSKLH IÕU GLH :DKUXQJ YRQ)ULHGHQXQG6WDELOLW½WLPJHVHOOVFKD OLFKHQ=XVDPPHQOHEHQGHVFLYLOHDQLPDOw0HQVFKk HUO½XWHUW XQG GLH %HLEHKDOWXQJ GHU 6W½QGHRUGQXQJ LQ IULHGOLFKHU (LQWUDFKW XQWHUVWULFKHQ FRQFOXVLRVHFXQGD7H[W1U VFKOLH¸OLFKZLUGGLH=HQWUDOVWHOOXQJGHV0HQVFKHQLQGHU :HOWPLWGHU9RUVWHOOXQJVHLQHU5ÕFNNHKU]XPJÏWWOLFKHQ8UVSUXQJYHUNQÕS FRQFOXVLRWHU FLD7H[W1U,   'LHVH*UXQGV½W]H(UO½XWHUXQJHQXQG.ULWLNHQELOGHQLQNRPSOH[HU:HLVHGHQZHOWDQ VFKDXOLFKHQ5DKPHQGHU4XRGOLEHWGLVSXWDWLRQ$QLKPI½OOWXDGHUUDWLRQDOLVWLVFKH7HQRU LP*RWWHV:HOWXQG0HQVFKHQELOGDXIGLHQRPLQDOLVWLVFKH.ULWLNDQHLQHPPHWDSK\VL VFKHQ8QLYHUVDOLHQUHDOLVPXVGLH7KHVHYRPSRVLWLYHQ6HLQVZHUWGHUw(UVWHQ0DWHULHkXQG YRQHLQHUVFKÏSIHULVFKHQ1DWXUGDV3O½GR\HUIÕUGLH$QHUNHQQXQJDX¸HUFKULVWOLFKHUSRHWL VFKHU 0HQVFKHQELOGHU GHU NRQVHUYDWLYH 6R]LDOSD]LVPXV XQG GHU NRPELQLHUWH 7KHR$Q WKURSR]HQWULVPXV +LQVLFKWOLFK GHV 3O½GR\HUV IÕU GLH $QHUNHQQXQJ GHU DX¸HUFKULVWOLFKHQ 3RHVLH 7H[W 1U ,  GU½QJW VLFK HLQH XQPLWWHOEDUH KLVWRULVFKH 3DUDOOHOH DXI ,P 6RP PHUVHPHVWHU GHV -DKUHV  IDQG DQ GHU /HLS]LJHU 8QLYHUVLW½W HEHQIDOOV HLQH 4XRGOLEHW GLVSXWDWLRQVWDWWZHOFKHVLFKDXVIÕKUOLFKPLWGHU%HZHUWXQJGHU5ROOHHLQHUJÏWWOLFKLQVSL ULHUWHQ3RHVLHJHJHQÕEHUGHU3KLORVRSKLHXQGGHU7KHRORJLHVRZLHGHU)UDJHEHID¸WHZLH PDQ HV SULQ]LSLHOO PLW GHQ 'LFKWHUQ KDOWHQ VROOWH 'LH (UÏQXQJVTXHVWLR GHV (UIXUWHU 4XRGOLEHWV]HLJWLQGHQJHQDQQWHQZHOWDQVFKDXOLFKHQ3RVLWLRQHQGHXWOLFKGDV=XVDPPHQ ZLUNHQYRQ6FKRODVWLN)UÕKKXPDQLVPXVXQGHLQHPNULWLVFKHQ3KLORVRSKLHUHQDQGDVVLFK EHWRQWYRP8QLYHUVDOLHQUHDOLVPXVGLVWDQ]LHUWHXQGZRKOJHUDGHLQGLHVHU+LQVLFKWDXFKGDV (UIXUWHU/RNDONRORULWNODUHUNHQQHQOLH¸  'HU$N]HQWDXIGLH.ULWLNDP8QLYHUVDOLHQUHDOLVPXVHUIXKUGXUFK-RGRFXV7UXWYHWWHUHL QHQRFKPDOLJH9HUVW½UNXQJ'LHVHUJOLHGHUWHZLHEHUHLWVHUZ½KQWHLQHFRQFOXVLRGHU4XHVWLR SUHDPEXODULVZHOFKHGDV8QLYHUVDOLHQSUREOHPEHWUDIXQWHU+LQ]XIÕJHQYRQ(UO½XWHUXQJHQ ZHLWHUHQ$UJXPHQWHQXQGDXVIÕKUOLFKHQ%HOHJHQIÕUGLHDQJHJHEHQHQ*UXQGV½W]HLQVHLQ VS½WHUHV:HUNPLWGHP7LWHO6XPPXOHWRWLXVORJLFHHLQ7H[W1U,, 7UXWYHWWHUVSULFKWGRUW LQGHU3HUVRQ3OXUDOXQGGHXWHWZRKOGDPLWDXFKGLHSURJUDPPDWLVFKH)XQNWLRQVHLQHU  

9JO * %DXFK *HVFKLFKWH GHV /HLS]LJHU )UÕKKXPDQLVPXV PLW EHVRQGHUHU 5ÕFNVLFKW DXI 6WUHLWLJNHLWHQ ]ZL

VFKHQ .RQUDG :LPSLQD XQG 0DUWLQ 0HOOHUVWDGW /HLS]LJ   6  + 5XSSULFK +XPDQLVPXV XQG 5HQDLVVDQFH LQ GHQ GHXWVFKHQ 6W½GWHQ XQG DQ GHQ 8QLYHUVLW½WHQ /HLS]LJ   6  *5 7HZHV ”'LH (UIXUWHU 1RPLQDOLVWHQ XQG LKUH WKRPLVWLVFKHQ :LGHUVDFKHU LQ .ÏOQ /HLS]LJ XQG :LWWHQEHUJ (LQ %HLWUDJ ]XP GHXWVFKHQ +XPDQLVPXV DP 9RUDEHQG GHU 5HIRUPDWLRQ… LQ $ 6SHHU +UVJ  'LH %LEOLRWKHFD $PSORQLDQD ,KUH %HGHXWXQJ LP 6SDQQXQJVIHOG YRQ $ULVWRWHOLVPXV

1RPLQDOLVPXV XQG +XPDQLVPXV %HUOLQ r 1HZ


ZHUGHQ HEG 6  



(LQOHLWXQJ

$XVIÕKUXQJHQDQ(ULVWGHU0HLQXQJGD¸GLH'LVNXVVLRQGHV8QLYHUVDOLHQSUREOHPVLQHU VWHU/LQLHHLQH$QJHOHJHQKHLWGHV/RJLNHUVQLFKWDEHUGHV0HWDSK\VLNHUVVHL'LHHQWJHJHQ JHVHW]WH 3RVLWLRQ HLQLJHU 3KLORVRSKHQ IÕKUH ]XP 3RVWXODW HLQJHELOGHWHU XQG ÕEHUÕVVLJHU 'LQJKHLWHQZDVLKPGRSSHOWXQKDOWEDUHUVFKHLQWVRZRKOKLQVLFKWOLFKGHU:DKUKHLWDOVDXFK LP+LQEOLFNDXIGLH$XWRULW½WGHV$ULVWRWHOHV,P8QLYHUVXPVHLQ½POLFKDOOHVDXVQDKPVORV HLQ 6LQJXO½UHV $EVROXWHV 'DXHUKD HV HLQH 6XEVWDQ] RGHU HLQH 4XDOLW½W YJO 7H[W 1U ,, 'LHVHX¸HUXQJ]HLJWNODULQGLH5LFKWXQJGHVw2FNKDPVFKHQ5DVLHUPHVVHUVkXQGHL QHU2FNKDPVFKHQ,QGLYLGXDORQWRORJLHVRZLH.DWHJRULHQWKHRULH7UXWYHWWHUVSULFKWVLFKIÕU HLQH (UNO½UXQJ GHV 3ULQ]LSV GHU 9HUDOOJHPHLQHUXQJ XQG GHV 3ULQ]LSV GHU w,QGLYLGXDWLRQk XQG DQGHUHU %H]ÕJH XQWHU GHQ 'LQJHQ PLW +LOIH GHU =HLFKHQWKHRULH DXV 7H[W 1U ,,  $XI GLHVH *UXQGV½W]HZHOFKH EHUHLWV LQ GHU 4XHVWLR SUHDPEXODULV GHU 4XRGOLEHWGLVSXWDWLRQ QLHGHUJHOHJW ZDUHQ IROJHQ LQ 7UXWYHWWHUV 5HGDNWLRQ GHU FRQFOXVLR LP/RJLN.RPSHQGLXP QXQ DXVIÕKUOLFKH (UO½XWHUXQJHQ XQG (UJ½Q]XQJHQ 'RUW YHUZHLVW HU XD DXI GLH IXQGD PHQWDOHSURS½GHXWLVFKH)XQNWLRQGHU/RJLNXQGGHU*UDPPDWLNIÕUGLH3KLORVRSKLHXQG GLH 7KHRORJLH XQG PL¸ELOOLJW HQWVFKLHGHQ MHJOLFKH ,JQRUDQ] GLHVHQ JHJHQÕEHU (U IRUGHUW GD]XDXIGHQw:HJHVWUHLWk]ZLVFKHQGHQw5HDOLVWHQkXQGGHQw7HUPLQLVWHQkLP+LQEOLFNDXI GLHVHQ*UXQGVDW]]XDQDO\VLHUHQXPGDUDXVGLHULFKWLJHQ6FKOÕVVH]XP8PJDQJPLWGHQ %HJULHQ]X]LHKHQYJO7H[W1U,, ,QGHPXQPLWWHOEDUIROJHQGHQw.RUROODUkELHWHW HUVRGDQQHLQHJDQ]H3KDODQ[YRQ$XWRULW½WVEHOHJHQDXVGHQ6FKUL HQ:LOKHOPVYRQ2FN KDP *UHJRUV YRQ 5LPLQL -RKDQQHV *HUVRQV $QVHOPV YRQ &DQWHUEXU\ 3LHUUH Gn$LOO\V XQG*DEULHO%LHOVDXIXPGLHZLFKWLJVWHQ(LQZ½QGHGHUw7HUPLQLVWHQkJHJHQGLH$QQDKPH HLQHUwGLVWLQNWHQk'DVHLQVZHLVHGHU8QLYHUVDOLHQDEVROXWHURGHUUHODWLYHUSRVLWLYHURGHUQH JDWLYHU $UW JHJHQ GDV FRPSOH[H VLJQLFDELOH XQG JHJHQ GLH w5HDOGLVWLQNWLRQk YRQ 4XDQWLW½W XQG6XEVWDQ]E]Z4XDOLW½W]XEHNU½ LJHQ7H[W1U,, 7UXWYHWWHUGUÕFNWGHXWOLFKHLQH 6\PSDWKLHPLW2FNKDPV6FKUL HQDXV ZHQQHULKQGRUWPLW”XQVHU:LOKHOP…WLWXOLHUW $OOHUGLQJVPDFKWHUDQHLQHUDQGHUHQ6WHOOHDXFKDXI7KHVHQDXIPHUNVDPZHOFKHVHLQ0D JLVWHUNROOHJH%DUWKRORP½XV$UQROGLYRQ8VLQJHQLP 3DUYXOXVSKLORVRSKLHQDWXUDOLVLP6LQQH GHUYLDPRGHUQDIRUPXOLHUWKDWWHXQGGHQHQHUVLFKDQVFKOR¸  'LH4XHVWLRYRQ8VLQJHQÕEHUGDV9HUK½OWQLVYRQTXDQWLWDVFRQWLQXDPDJQLWXGRVHXH[WHQVLR UHL]XGHQ.DWHJRULHQw6XEVWDQ]kXQGw4XDOLW½WkLQLKUHUIÕUGHQ'UXFNÕEHUDUEHLWHWHQ)RUP VWHOOW GDV XPIDQJUHLFKVWH ÕEHUOLHIHUWH 7H[W]HXJQLV GHU (UIXUWHU 4XRGOLEHWGLVSXWDWLRQ YRQ GDU6LHLVW%HVWDQGWHLOXQVHUHU$XVJDEHYJO7H[W1U,,, 'LHGRUWEHKDQGHOWH7KH PDWLNZXUGHEHUHLWVYRUGLHVHP(UHLJQLVVHKUR LQGHUPLWWHODOWHUOLFKHQ3KLORVRSKLHXQG 7KHRORJLH GLVNXWLHUW,KU NRPPW ]ZHLIHOORV HLQH JUXQGV½W]OLFKH %HGHXWXQJ]X 8VLQJHQ 



 

7H[W 1U ,, 6  9JO 7H[W 1U ,, $QP  XQG  9JO : 8UEDQ ”4XDQWLW½W ,, 0LWWHODOWHU… LQ - 5LWWHU XQG . *UÕQGHU +UVJ  +LVWRULVFKHV :ÏU

WHUEXFK GHU 3KLORVRSKLH %G  %DVHO   6S  s ,Q (UJ½Q]XQJ ]X 8UEDQV $QJDEHQ VSH]LHOO LQ EH]XJ DXI GLH $UJXPHQWDWLRQHQ :DOWHU %XUOH\V JHJHQ :LOKHOP YRQ 2FNKDP LVW DQ ]XPHUNHQ 8UEDQ IÕKUW GHQ .RPPHQWDU %XUOH\V ]XU 3K\VLN GHV $ULVWRWHOHV DQ HEG 6S  XQG HUZ½KQW GLH 3ROHPLN %XUOH\V JHJHQ HLQHQ WKHRORJLVFKHQ %HZHLV 2FNKDPV IÕU GLH UHDOH (LQ KHLW YRQ 6XEVWDQ] XQG 4XDQWLW½W 'LHVHQ WKHRORJLVFKHQ %HZHLV 2FNKDPV KDW DXFK 8VLQJHQ ÕEHUQRPPHQ YJO 7H[W 1U ,,,  'HFLPR

… 

=XU :LGHUOHJXQJ GLHVHV %HZHLVHV ]½KOW %XUOH\

PHKUHUH r YRQ 8UEDQ XQHUZ½KQW JHODVVHQH r RQWRORJLVFKH XQG QDWXUSKLORVRSKLVFKH $UJXPHQWH DXI GLH VHLQHV (UDFKWHQV IÕU GLH w5HDOGLVWLQNWLRQk YRQ 6XEVWDQ] XQG 4XDQWLW½W VSUHFKHQ XQG VLFK DXVGUÕFNOLFK JHJHQ GLH HQWJHJHQJHVHW]WH 7KHVH GHU ” PRGHUQL… ULFKWHQ YLHOH GLHVHU $UJXPHQWH





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

KROWZHLWDXVZHQQHUVLFKLQVHLQHU'LVNXVVLRQGLHVHV7KHPDVDXIGLH3RVLWLRQHQXQG7H[ WHYLHOHU$XWRUHQEH]LHKWDQJHIDQJHQEHL-RKDQQHV'DPDVFHQXVELVKLQ]X-RKDQQHV5X FKHUDWYRQ:HVHO8QVHU0DJLVWHUVRQGLHUWSUÕ XQGEHZHUWHWGLHVH0HLQXQJHQLQGHPHU VLH]XQ½FKVWLQ]ZHL+DXSWJUXSSHQHLQWHLOW'LH9HUWUHWHUGHUHUVWHQ+DXSWJUXSSHVLQGGHU $QVLFKWGD¸HVHLQHw5HDOGLVWLQNWLRQk]ZLVFKHQGHUTXDQWLWDVFRQWLQXDXQGGHU6XEVWDQ]E]Z GHU 4XDOLW½W GHU 'LQJH JHEH 7H[W 1U ,,,  GLH 9HUWUHWHU GHU ]ZHLWHQ +DXSWJUXSSH EHVWUHLWHQGLHJHQDQQWH0HLQXQJXQGEHKDXSWHQGD¸HLQHMHGH$XVGHKQXQJRGHUTXDQWLWDV FRQWLQXDUHDOQXUDOVHLQHDXVJHGHKQWH6XEVWDQ]RGHUDOVHLQHDXVJHGHKQWH4XDOLW½WYRUVWHOO EDU VHL 7H[W 1U ,,,  8VLQJHQ WHLOW ]ZDU PLW GD¸ QHEHQ GHQ 9HUWUHWHUQ GHU YLD DQWLTXD DXFKEHGHXWHQGH9HUWUHWHUGHUYLDPRGHUQD]XUHUVWHQ+DXSWJUXSSHJHKÏUHQGRFKVWHOOWHU NODUGD¸VLFKJHUDGHGLH$QVLFKWGHU]ZHLWHQ+DXSWJUXSSHPLWGHP*UXQGNRQVHQVGHUYLD PRGHUQD GHFNW GHP JHP½¸ ”HLQH 9LHOKHLW QXU DQ]XQHKPHQ LVW ZHQQ HV QRWZHQGLJ LVW… *HP½¸ GLHVHP w¯NRQRPLHSULQ]LSk VLHKW HU LQ GHU 7KHVH YRQ GHU RQWRORJLVFKHQ ,GHQWLW½W YRQ 4XDQWLW½W XQG 6XEVWDQ] E]Z 4XDQWLW½W XQG 4XDOLW½W GLH EHVVHUH /ÏVXQJ GHU 4XHVWLR ÕEHUGLHTXDQWLWDVFRQWLQXDYHUJOLFKHQPLWGHU7KHVHYRQGHUHQw5HDOGLVWLQNWLRQk)ÕUGLH VHLKPDOVEHVVHUHUVFKHLQHQGH/ÏVXQJJLEWHULPHLQ]HOQHQXQWHUVWÕW]HQGH$UJXPHQWH DQYJO7H[W,,, 6LHEHWUHHQGLH)HOGHUGHU1DWXUSKLORVRSKLH*QRVHRORJLHXQG7KHR ORJLH 'DEHL JUHL  HU H[SOL]LW DXI HQWVSUHFKHQGH X¸HUXQJHQ YRQ :LOKHOP YRQ 2FNKDP XQG 3LHUUH Gn$LOO\ ]XUÕFN ZHOFKH IÕU LKQ GLH ZLFKWLJVWHQ *HZ½KUVOHXWH VLQG 'HXWOLFK PL¸ELOOLJHQG YHUPHUNW HU DP 6FKOX¸ GLHVHU $UJXPHQWDWLRQHQ GD¸ YLHOH PRGHUQL GHQ JH QDQQWHQ $UJXPHQWHQ DEOHKQHQG RGHU DEHU PLW 8QYHUVW½QGQLV JHJHQÕEHUVWDQGHQ REZRKO GLHVH$UJXPHQWHYRQGHQJUϸWHQ$XWRULW½WHQGHUYLDPRGHUQDDXVJLQJHQ  'HP&KDUDNWHUGHU)RUPGHU4XHVWLRHQWVSUHFKHQGQLPPW8VLQJHQVRGDQQDXVIÕKUOLFK ]XGHQ$UJXPHQWHQXQG$XWRULW½WVEHOHJHQGHUHUVWHQ+DXSWJUXSSHIÕUHLQHw5HDOGLVWLQNWL RQkYRQ4XDQWLW½WXQG6XEVWDQ]E]Z4XDOLW½W6WHOOXQJ7H[W1U,,, (UPDFKWPLWHLQHU VHKUNULWLVFKHQ6WHOOHDXVHLQHP%ULHIGHV0DUVLOLR)LFLQRJHJHQGLH SKLORSRPSLGHUGDPDOL JHQ =HLW GHXWOLFK GD¸HLQ EOR¸HU $XWRULW½WVEHZHLV DXFK ZHQQ HU DXI $ULVWRWHOHV ]XUÕFN JHKWLQDN]HSWDEHOLVW*HQDXVRZLHIÕUGLH$XWRULW½WwGHV3KLORVRSKHQkJLOWGDVDEHUDXFK IÕU HQWVSUHFKHQGH WKHRORJLVFKH XQG NLUFKOLFKH $XWRULW½WHQ 0HKUPDOV WULWW HU DXFK GHQ 0HLQXQJHQ GHV -RKDQQHV 5XFKHUDW YRQ :HVHO HQWJHJHQ HLQHU GHU +DXSWDXWRULW½WHQ GHU (UIXUWHUYLDPRGHUQD%HLGHU:LGHUOHJXQJGHU3RVLWLRQHQGHUHUVWHQ+DXSWJUXSSHVWÕW]W HU VLFK YRU DOOHP DXI :LOKHOP YRQ 2FNKDP *UHJRU YRQ 5LPLQL XQG 3LHUUH Gn$LOO\ *OHLFKZRKO]ÏJHUWHUQLFKWDXFK:LOKHOPYRQ2FNKDPVWUHQJ]XUÕJHQZHQQHUEHLLKP  QHQQW DXFK %DUWKRORP½XV $UQROGL YRQ 8VLQJHQ ZLHGHU LQ VHLQHU 4XHVWLR EHL GHU %HVFKUHLEXQJ GHU 3RVLWLRQHQ GHU ”DQWLTXL… XP VLH GDQQ LP HLQ]HOQHQ ]X ZLGHUOHJHQ YJO *XDOWHUXV %XUODHXV

,Q 3K\VLFDP $ULVWRWHOLV H[SRVLWLR HW TXDHVWLRQHV >9HQHGLJ  1DFKGU +LOGHVKHLP r 1HZ
      



'XRGHFLPR VRZLH GLH (QWJHJQXQJHQ GD]X LQ 7H[W 1U ,,,  7H[W 1U ,,, 6  9JO 7H[W 1U ,,, 6  9JO 7H[W 1U ,,,  X  $UJXPHQW 9JO 7H[W 1U ,,, 6  9JO 7H[W 1U ,,, 6 9JO 7H[W 1U ,,, $G VH[WXP 9JO 7H[W 1U ,,, $G WUHGHFLPXP 0RGXV %XULGDQL GH UDULIDFWLRQH $G GHFLPXP VHSWLPXP



(LQOHLWXQJ

XQDQQHKPEDUH,QWHUSUHWDWLRQHQYRQ7H[WVWHOOHQDXVGHP$ULVWRWHOLVFKHQ:HUNIHVWVWHOOW 'LHVHUDXII½OOLJDXWRULW½WVNULWLVFKH*HVWXV8VLQJHQVUHVXOWLHUWGLUHNWDXVVHLQHP9HUVW½QGQLV YRQ3KLORVRSKLHZHOFKHHUKLHUPLWGHUEHJUÕQGHQGHQ$UJXPHQWDWLRQXQGPLWGHU/LHEH ]XU:DKUKHLWJOHLFKVHW]W/HKQWHUGLH3RVLWLRQHLQHUw5HDOGLVWLQNWLRQkYRQ4XDQWLW½WXQG 6XEVWDQ] E]Z 4XDOLW½W LQKDOWOLFK DE VR EHUX  HU VLFK GDEHL XD DXI HLQ ]HLFKHQWKHRUHWL VFKHV9HUVW½QGQLVGHU.DWHJRULHQXQGSROHPLVLHUWJHJHQGHUHQ9HUGLQJOLFKXQJ(LQHQPH WDSK\VLVFKHQ 3DUDOOHOLVPXV YRQ NDWHJRULDOHU %HJUL#LFKNHLW XQG 'LQJZHOW OHKQW HU LP 1D PHQGHUPRGHUQLXQGXQWHU9HUZHLVDXI-RKDQQHV'DPDVFHQXVNODUDE(EHQVRYHUZLU HU JHQHUHOOGLHw5HDOGLVWLQNWLRQk]ZLVFKHQGHQQHXQDN]LGHQWHOOHQ.DWHJRULHQ(UKLHOWVLFK LQGLHVHUw4XHVWLRk]ZDUEHWRQWYRQORJLVFKHQ7KHPHQ]XUÕFNGRFKLVWHLQHJHPHLQVDPH WKHRUHWLVFKH%DVLVVHLQHU$XVIÕKUXQJHQXQGYRQ7UXWYHWWHUV/RJLN6FKUL GHXWOLFK]XHU NHQQHQ(VKDQGHOWVLFKXPHLQHQPHWDSK\VLNNULWLVFKHQ1RPLQDOLVPXVZHOFKHUJHJHQGLH $QQDKPH YRQ DEVWUDNWHQ (QWLW½WHQ DOV .RUUHODWHQ YRQ 8QLYHUVDOLHQ E]Z .DWHJRULHQ JH ULFKWHWLVWXQGGDPLWGHQ8QLYHUVDOLHQUHDOLVPXVXQGGLHw4XLGLW½WHQk0HWDSK\VLNJHQHUHOO GHQ6FRWLVPXVGHQ0RGLVPXVGLH9HUWUHWHUHLQHUw5HDOGLVWLQNWLRQk]ZLVFKHQGHQ.DWHJR ULHQXQGGLH$QK½QJHUGHU/HKUHYRPFRPSOH[HVLJQLFDELOHLPVSH]LHOOHQWUL$8VLQJHQZDU VLFK GDUÕEHU LP NODUHQ GD¸ HU NRQVHTXHQWHUZHLVH DXFK JHJHQ EHVWLPPWH $XWRULW½WHQ wLP HLJHQHQ +DXVHk SROHPLVLHUHQ PX¸ XP VHLQH 3RVLWLRQ ]X VW½UNHQ +LHU LVW EHVRQGHUV GLH $XVHLQDQGHUVHW]XQJPLWGHQQDWXUSKLORVRSKLVFKHQ/HKUHQGHV-RKDQQHV5XFKHUDWYRQ:H VHO EHPHUNHQVZHUW (U VXEVXPLHUW GHVVHQ X¸HUXQJHQ ÕEHU GDV 9HUK½OWQLV YRQ 6XEVWDQ] XQG4XDQWLW½WGHPDEJHOHKQWHQ.RQ]HSWGHUw5HDOGLVWLQNWLRQkEHLGHUJHVWHKWDEHU]XJOHLFK IUHLPÕWLJ]XGD¸5XFKHUDWV/HKUHQHLQHJUR¸H$XWRULW½WLPGDPDOLJHQ(UIXUWHU6FKXOOHEHQ JHQRVVHQ 'D¸ HV 8VLQJHQ QLFKW XP HLQH PÏJOLFKVW EUHLWH XQG ZHLWH YLD PRGHUQD JLQJ VRQGHUQXPGLH'XUFKVHW]XQJPHWDSK\VLNNULWLVFKHU3ULQ]LSLHQ]HLJWDXFKVHLQHLQGLUHNWH .ULWLNDQGHU=XVWLPPXQJYRQ-RKDQQHV%XULGDQXQG0DUVLOLXVYRQ,QJKHQ]XP3ULQ]LS GHUw5HDOGLVWLQNWLRQk]ZLVFKHQ6XEVWDQ]XQG4XDQWLW½W6HLQGLUHNWHU*HJQHULVWGDEHLZLH GHU-RKDQQHV5XFKHUDWGHUVLFKXQWHUGHU9RUDXVVHW]XQJGLHVHV3ULQ]LSVIÕUGLH%XULGDQ VFKH 7KHRULH ÕEHU GLH QDWÕUOLFKHQ 9HUGLFKWXQJV E]Z 9HUGÕQQXQJVYRUJ½QJH DXVJHVSUR FKHQKDW9LHOOHLFKWNOLQJWLQGLHVHU3ROHPLNDXFKGHU9HUVXFK8VLQJHQVDQGHQ(LQX¸ GHU3KLORVRSKLH%XULGDQVXQGVHLQHU1DFKIROJHUDQGHU(UIXUWHU8QLYHUVLW½W]XUÕFN]XGU½Q JHQGHUQLFKWXQHUKHEOLFKJHZHVHQZDU'DGXUFKZÕUGHDXFKVHLQHDPELYDOHQWH+DOWXQJ JHJHQÕEHUGHUYLDPRGHUQDHLQHLQKDOWOLFKH(UNO½UXQJQGHQ1XU*UHJRUYRQ5LPLQLXQG 3LHUUHGn$LOO\EOHLEHQDOVGLHHLQ]LJHQXQWHUGHQ$XWRULW½WHQGHUYLDPRGHUQDÕEULJGLHHU]L WLHUWRKQHVLH]XNULWLVLHUHQ+LQVLFKWOLFK2FNKDPVZROOWHHUJOHLFKZRKOWURW]GHUHUZ½KQ WHQNULWLVFKHQ%HPHUNXQJHQYRUDOOHP]HLJHQGD¸DOOHGLHMHQLJHQZHOFKHGLH$UJXPHQWD WLRQHQ:LOKHOPVYRQ2FNKDP]XGHVWUXLHUHQJHGDFKWHQVHOEVWLQLQDN]HSWDEOH([WUHPSR VLWLRQHQ JHULHWHQ (LQH VROFKH +DOWXQJ NÏQQWH DOV w$QWL$QWL2FNKDPLVPXVk JHNHQQ 



    

9JO 7H[W 1U ,,, $G SULPXP UHVSRQGHWXU $G VHFXQGXP 9JO $QP  XQG GHQ 7H[W 1U ,,, $G PRWLYD SULPH RSLQLRQLV 7H[W 1U ,,, $G WUHGHFLPXP 9JO 7H[W 1U ,,, $G VHSWLPXP 9JO 7H[W 1U ,,, 9JO 7H[W 1U ,,, 0RGXV %XULGDQL GH UDULIDFWLRQH 0RGXV 0DUVLOLL GH UDULIDFWLRQH =XU 5ROOH GHV %XULGDQLVPXV YJO 0 0DUNRZVNL ”'LH HUVWHQ SKLORVRSKLVFKHQ 6WUÏPXQJHQ DQ GHU (UIXUWHU 8QLYHUVLW½W LP /LFKW GHU $ULVWRWHOHV+DQGVFKUL





FD $PSORQLDQD 6  9JO 7H[W 1U ,,, 0RGXV 7KRPH $UJHQWLQHQVLV



HQ… LQ 6SHHU +UVJ  'LH %LEOLRWKH

RUGLH 

'LVSXWDWLR GH TXROLEHW (U

]HLFKQHWZHUGHQ'LH$QZHQGXQJGHVw¯NRQRPLHSULQ]LSVkGLH]HLFKHQWKHRUHWLVFKH'HX WXQJ GHU 8QLYHUVDOLHQ E]Z GHU DN]LGHQWHOOHQ .DWHJRULHQ GHU RQWRORJLVFKH 6LQJXODULVPXV XQG GLH SULQ]LSLHOOH =XUÕFNZHLVXQJ HLQHV PHWDSK\VLVFKHQ 3DUDOOHOLVPXV YRQ 'HQN XQG 6HLQVIRUPHQELOGHQGDIÕUGDVSRVLWLYHWKHRUHWLVFKH)XQGDPHQW  :HQQQLFKWLPPHUGHU%XFKVWDEHVRLVWHVGHU*HLVWGHVYRQ:LOKHOPYRQ2FNKDPHU QHXHUWHQ1RPLQDOLVPXVGHULP6LQQHGHUJHQDQQWHQ3ULQ]LSLHQHLQVHOEVWEHZX¸WHVDXWR ULW½WVNULWLVFKHV3KLORVRSKLHUHQGHU(UIXUWHUw0RGHUQHQkLQVSLULHUWHLQVRZHLWHVXP)UDJHQ GHU1DWXUSKLORVRSKLHGHU7KHRORJLHXQGGHU/RJLNJLQJ-RKDQQHV5XFKHUDWYRQ:HVHO ZHOFKHU LQ (UIXUW DOV HLQHU GHU HUVWHQ 3KLORVRSKHQ GDV ,QWHUHVVH DXI GLH 3KLORVRSKLH XQG 7KHRORJLH:LOKHOPVYRQ2FNKDPJHULFKWHWKDWWHVXFKWHGDEHLQRFKLP6LQQHHLQHURSLQLR FRPPXQLVQDFKJHZLVVHQµEHUHLQVWLPPXQJHQGHUYLDPRGHUQDPLWGHQ6FRWLVWHQRKQHDEHU GLH 'LHUHQ]HQ ]ZLVFKHQ EHLGHQ JHQHUHOO ]X XQWHUVFKODJHQ  8VLQJHQ VHW]WH LQ GHU (LQ OHLWXQJ]XVHLQHP3DUYXOXVSKLORVRSKLHQDWXUDOLVKLHUVRIRUWGHXWOLFKHUH$N]HQWHLQGHPHUVLFK YRQGHUVFRWLVWLVFKHQ7KHRULHGHUIRUPDOLWDWHVE]ZGHVRELHFWXPIRUPDOHDOVNRUUHVSRQGLHUHQ GHU2EMHNWHXQVHUHV:LVVHQVDNWHVHQWVFKLHGHQDEJUHQ]WLQWHUHVVDQWHUZHLVHJLQJHULQGLHVHU +LQVLFKWPLWHLQHUSDUDOOHOHQX¸HUXQJGHV-RKDQQHVYRQ:HVHONRQIRUP ,QVRIHUQLVWGLH 3RVLWLRQ 8VLQJHQV DOV DQWLVFRWLVWLVFK ]X EHZHUWHQ (V LVW GLH /HXJQXQJ GHU ([LVWHQ] DE VWUDNWDOOJHPHLQHU:HVHQKHLWHQGLHDOV.RUUHODWHXQVHUHV:LVVHQVIXQJLHUHQVROOHQXQGHV LVWGLH/HXJQXQJHLQHVPHWDSK\VLVFKHQ3DUDOOHOLVPXVYRQ'HQNXQG6HLQVIRUPHQZHOFKH EHLLKPPHWDSK\VLNNULWLVFKH$VSHNWHVHLQHV'HQNHQVHUNHQQHQODVVHQ(UJUHQ]WVLFKGD PLW DOVR SULQ]LSLHOO YRQ GHU WUDGLWLRQHOOHQ DEVWUDNWHQ w4XLGLW½WHQk0HWDSK\VLN DE 'LH YLD PRGHUQDZÕUGHQLFKWQXUGLHw)RUPkDOVw4XLGLW½WkJHOWHQODVVHQVRQGHUQV½KHLQGHUw(UVWHQ 0DWHULHkHLQ”HQVVXEVWDQWLDOHHWTXLG…KHEW8VLQJHQKHUYRU'DVVFKOLH¸WDEHUDXFKQLFKWDXV GD¸HUSRVLWLYYRQGHUw0HWDSK\VLNkDOVHLQHU:LVVHQVFKD YRQGHP6HLHQGHQDOV6HLHQGHP XQG DOOHQ $UWHQ GHV 6HLHQGHQ VRZLH YRQ GHQ REHUVWHQ 3ULQ]LSLHQ VSULFKW 6R JHVHKHQ EOHLEW8VLQJHQHLQ9HUWUHWHUGHUDULVWRWHOLVFKHQ0HWDSK\VLN'LHJHQDQQWHQNULWLVFKHQX ¸HUXQJHQ JHJHQÕEHU GHU DEVWUDNWHQ )RUPHQ0HWDSK\VLN VLQG DOV HLQ 9HUVXFK ]X ZHUWHQ GHQ8QLYHUVDOLHQUHDOLVPXVDXVGLHVHUDULVWRWHOLVFKHQ0HWDSK\VLNDXV]XVFKOLH¸HQRKQHDEHU w0HWDSK\VLNkDOV7HLOGLV]LSOLQGHU3KLORVRSKLHJHQHUHOOXQPÏJOLFK]XPDFKHQ$OVWUDQV]HQ GHQWDOH3ULQ]LSLHQZLVVHQVFKD DOV”7KHRORJLHGHU3KLORVRSKHQ…XQGDOV6XEVWDQ]HQRQWR    

9JO +8 :ÏKOHU ”'HU 1RPLQDOLVPXV GHV -RKDQQHV 5XFKHUDW YRQ :HVHO… LQ 6SHHU +UVJ 

'LH %LEOLRWKHFD $PSORQLDQD 6  %DUWKRORPDHXV 3DUYXOXV SKLORVRSKLH QDWXUDOLV IRO UY YJO +8 :ÏKOHU ”'HU 1RPLQDOLVPXV GHV -RKDQQHV 5XFKHUDW YRQ :HVHO… 6  $QP  %DUWKRORPDHXV 3DUYXOXV SKLORVRSKLH QDWXUDOLV IRO Y ”

…

PDWHULD SULPD HVW HQV VXEVWDQWLDOH HW

TXLG TXLD TXLGLWDV SDUWLDOLV FRPSRVLWL 1HF RPQLV TXLGLWDV HVW IRUPD VHFXQGXP YLDP PRGHUQDP

FHWXU …… LELG IRO Y FDWLYH LQFOXGXQWXU LQ VXR VXELHFWR 6HG wHQVk HVW

TXDPYLV UHV QRQ YRFHWXU TXLGLWDV QLVL IRUPDOLWHU LG HVW DEVWUDFWLYH VLJQL ”(WLDP TXHOLEHW VFLHQFLD FRQVLGHUDW HD TXH VLJQL

VXELHFWXP FRPPXQLWDWLV HW DWWULEXWLRQLV PHWDSKLVLFH TXLD LSVD FRQVLGHUDW HQV LQTXDQWXP HQV VXE UDWLRQH DEVROXWD HW RPQHV VSHFLHV HQWLV TXDUWR 0HWDSK\VLFH 6HG UDWLRQH HQWLV QLKLO VXEWHUIX JHUH SRWHVW GXRGHFLPR 0HWDSK\VLFH FXP VLW WUDQVFHQGHQV HWF 'HQRPLQDWXU WDPHQ wPHWDSKLVL FDk D SULQFLSDOLVVLPLV FRQVLGHUDWLV VLFXW WKHRORJLD D GHR QRQ TXRG WDOLV VROXP VLW GH GHR XW FODUHW



DOLEL (WLDP D GLJQLRUL GHEHW

HUL GHQRPLQDWLR…

%DUWKRORPDHXV 3DUYXOXV SKLORVSKLH QDWXUDOLV IRO Y ”(WLDP GLFLWXU SKLORVRSKRUXP WKHRORJLD TXDOLWHU QRPLQDW HDP 3KLORVRSKXV VH[WR 0HWDSK\VLFH XEL WKHRULFDP GLYLGLW LQ PDWKHPDWLFDP QDWXUDOHP SKLORVRSKLDP HW WKHRORJLDP…





(LQOHLWXQJ

ORJLHLP6LQQHGHV$ULVWRWHOHVZHOFKHDXFKGLH([LVWHQ]LPPDWHULHOOHU6XEVWDQ]HQ]XO½¸W KDWWH8VLQJHQGLH0HWDSK\VLNGXUFKDXVJHOWHQODVVHQ)HUQHUVDKHULQGHU0HWDSK\VLNGHU 1DWXUSKLORVRSKLH XQG GHU 0DWKHPDWLN GUHL XQLYHUVHOOH 7KHRULHEHVWDQGWHLOH GHU 3KLORVR SKLHPLWHLQHPMHZHLOVVSH]LVFKHQWKHRUHWLVFKHQ*HKDOW  %DUWKRORP½XV$UQROGLYRQ8VLQJHQJHODQJWHLQVHLQHQµEHUOHJXQJHQÕEHUGDV9HUK½OW QLV YRQ NÏUSHUOLFKHU 6XEVWDQ] XQG 4XDQWLW½W DXFK ]X GHU )UDJH ZLH GDV 9HUK½OWQLV YRQ ”XQEHJUHQ]WHU4XDQWLW½W…TXDQWLWDVLQWHUPLQDWDrLP6LQQHHLQHURQWLVFKHQ3RWHQ]GHU0D WHULH]XU$XVGHKQXQJ XQG”EHJUHQ]WHU4XDQWLW½W…TXDQWLWDVWHUPLQDWDrLP6LQQHHLQHUEH VWLPPWHQ0H¸JUϸHYRQDXVJHGHKQWHU0DWHULH ]XEHVWLPPHQVHL'LHVH8QWHUVFKHLGXQJ JLQJDXI$YHUURHV]XUÕFNXQGZXUGHLP0LWWHODOWHUK½XJGLVNXWLHUW8VLQJHQÕEHUQDKP VLH DXV GHP 6HQWHQ]HQ.RPPHQWDU GHV *UHJRU YRQ 5LPLQL (U JHODQJWH ]X GHP 6FKOX¸ GD¸HV]ZLVFKHQEHLGHQ)RUPHQQXUHLQHQQRPLQHOOHQDEHUNHLQHQUHDOHQ8QWHUVFKLHGJH EH 'DPLW ZHUGHQ GHU QDWXUSKLORVRSKLVFKPDWKHPDWLVFKH XQG GHU RQWRORJLVFKH %HJUL YRQ$XVGHKQXQJE]ZwNRQWLQXLHUOLFKHU4XDQWLW½WkGHIDFWRLQHLQVJHVHW]W(LQVROFKHV.RQ ]HSWNRPPWGHPVS½WHUHQ&DUWHVLVFKHQ%HJULGHUUHVH[WHQVDVHKUQDKHKQOLFKHµEHUOH JXQJHQ ZDUHQ DEHU DXFK VFKRQ LQ HLQHP GHU .RPPHQWDUH GHV :LOKHOP YRQ 2FNKDP ]X $ULVWRWHOHVn3K\VLN]XOHVHQZHOFKHUXQWHUGHP7LWHO6XPPXODHLQOLEURV3K\VLFRUXPLP-DKU LQ%RORJQDLP'UXFNHUVFKLHQHQZDU 8VLQJHQXQGDXFK:LOKHOPYRQ2FNKDP  KDQGHOW ÕEHU GLH w$XVGHKQXQJk E]Z GLH wNRQWLQXLHUOLFKH 4XDQWLW½Wk KLHU LP .RQWH[W GHU .ÏUSHUPDWHULHXQGQLFKWLP.RQWH[WHLQHVWUDQV]HQGHQWDOHQw6HLQVk)ÕULKQLVWw4XDQWLW½Wk LP QDWXUSKLORVRSKLVFKHQ .RQWH[W ZHGHU HLQ ½X¸HUHV $N]LGHQV GHU NÏUSHUOLFKHQ 6XEVWDQ] QRFKHLQGHU6XEVWDQ]LPPDQHQWHV:HVHQVPHUNPDOGDVGHUHQw4XLGLW½WkDQ]HLJW9LHOPHKU EHKDQGHOWHUVLHWHUPLQRORJLVFKDOVHLQHwNRQQRWDWLYH.DWHJRULHkGLHGHQ$VSHNWGHUU½XP OLFKHQ8QWHUVFKHLGXQJYRQ%HVWDQGWHLOHQGHU6XEVWDQ]EH]HLFKQHW 'DPLWLVWGDV'HQRWDW GHU .DWHJRULH wNRQWLQXLHUOLFKH 4XDQWLW½Wk LP 9HUVW½QGQLV YRQ 8VLQJHQ XQG :LOKHOP YRQ 2FNKDPGHIDFWRHLQ0RGXVGHUNÏUSHUOLFKHQ6XEVWDQ]'DEHLLVWODXW8VLQJHQ]XEHDFK WHQGD¸HLQPRGXVUHLNHLQHUOHL½X¸HUH=XWDW]XHLQHP'LQJLVWZLHGLHYLDPRGHUQDOHKUH 8VLQJHQKDWDOVRQLFKWZLH:8UEDQPHLQWHLQH”WUDQV]HQGHQWDOH)DVVXQJGHU.DWHJRULH

 

%DUWKRORPDHXV 3DUYXOXV SKLORVRSKLH QDWXUDOLV IRO UY ”6HTXLWXU FRUROODULH TXRG VLPLOLWHU QDWX UDOLV SKLORVRSKLD FXP PHWDSKLVLFD HW PDWKHPDWLFD HVW RPQLXP UHUXP PXQGL FRQVLGHUDWLYD TXLD

 

RPQHV UHV PXQGL DOLTXR PRGR DG PRWXP SHUWLQHQW… 9JO 7H[W 1U ,,, 0RGXV 7KRPH $UJHQWLQHQVLV 9JO GLH GHXWVFKH µEHUVHW]XQJ GLHVHV 7H[WHV YRQ +8 :ÏKOHU :LOKHOP YRQ 2FNKDP .XU]H

=XVDPPHQIDVVXQJ ]X $ULVWRWHOHVn %ÕFKHUQ ÕEHU 1DWXUSKLORVRSKLH /HLS]LJ    7HLO  .DS 6  s ,Q GHU QHXHVWHQ (GLWLRQ YJO *XLOOHOPXV GH 2FNKDP 6XPPXOD SKLORVRSKLDH QDWXUDOLV HG 6 %URZQ 2SHUD SKLORVRSKLFD >23@ 9, 6W %RQDYHQWXUH 1 <   OLE , FDS  S 

 

 9JO 7H[W 1U ,,, 1RQR 7H[W 1U ,,, $G VH[WXP $G VHSWLPXP 9JO 7H[W 1U ,,, 2FWDYR ”1HF YDOHW GLFHUH TXRG TXDQWLWDV VLW LQ FRUSRUH VHG QRQ PRGR TXDQ WLWDWLYR TXDUH QRQ GHQRPLQDW TXDQWXP TXLD VHFXQGXP FRPPXQHP YLDP PRGHUQRUXP PRGXV UHL QLKLO VXSHUDGGLW UHL TXDUH VL QRQ HVW LEL PRGXV TXDQWLWDWLYXV QRQ HULW LEL TXDQWLWDV 6HTXLWXU HUJR TXRG VL LEL HVW DOLTXRG TXRG SULXV YRFDEDWXU TXDQWLWDV YHO DOLEL YRFDWXU WDOLV XEL KDEHW SDU WHP H[WUD SDUWHP (W LDP QRQ YRFDWXU LEL TXDQWLWDV TXLD QRQ KDEHW SDUWHV VXDV H[WUD VH 4XRG QLKLO HVVHQWLDOLWHU HVW TXDQWLWDV VHG DFFLGLW HL HVVH TXDQWLWDWHP





……

RUGLH 

'LVSXWDWLR GH TXROLEHW (U

GHU4XDQWLW½W…JHJHEHQ9LHOPHKUKDWHULQQHUKDOEGHU2FNKDPVFKHQ2QWRORJLHXQGDXI GHU%DVLVGHV$ULVWRWHOLVFKHQ.DWHJRULHQV\VWHPVDXIQRPLQDOLVWLVFKHU%DVLVGLHRQWLVFKH,GHQ WLW½W YRQ .ÏUSHUVXEVWDQ] XQG NRQWLQXLHUOLFKHU 4XDQWLW½W DXIJH]HLJW 'LH 4XDQWLW½W ZLUG QLFKW ]X HLQHP 7UDQV]HQGHQWDOH RGHU LQ *HVWDOW GHV PRGXV UHL ]X HLQHU VHSDUDWHQ (QWLW½W GXUFKHLQH(UZHLWHUXQJGHU2QWRORJLHVRQGHUQVLHLVWUHDOGDVVHOEHZLHGLHw'LQJHkGK GLH6XEVWDQ]HQXQGGLH4XDOLW½WHQQXUXQWHUGHU1RWDWLRQHLQHVEHVRQGHUHQ$VSHNWVE]Z w0RGXVkDQLKQHQ'DEHLSRVWXOLHUWHUHLQHQDXVVFKOLH¸OLFKVXEMHNWLYLQWHQWLRQDOHQ8QWHU VFKLHG]ZLVFKHQ'LQJXQG'LQJPRGXVGLVWLQFWLRLQWHQWLRQXP Z½KUHQGVHLQH*HJQHUKLHU HLQHw5HDOGLVWLQNWLRQk]ZLVFKHQ'LQJXQG(LJHQVFKD JHOWHQODVVHQ6\VWHPDWLVFKJHVHKHQ QLPPWGLHw4XDQWLW½WkLQQHUKDOEGHV.DWHJRULHQV\VWHPVIÕU8VLQJHQDEHUQDFKZLHYRUGLH 6WHOOXQJ HLQHU ”DN]LGHQWHOOHQ .DWHJRULH… SUHGLFDPHQWXP DFFLGHQWLV  HLQ DOOHUGLQJV GH IDFWR PRGL]LHUW]X HLQHP $N]LGHQV ]ZHLWHU 6WXIHGK]X HLQHP PRGXV UHL 'LHVH =XRUGQXQJ PDFKWGHXWOLFKGD¸GDVWUDGLWLRQHOOH$ULVWRWHOLVFKH.DWHJRULHQV\VWHPXQGGLH2FNKDPVFKH 6XEVWDQ]4XDOLW½W2QWRORJLH ]X VWDUU JHZRUGHQ ZDUHQ RGHU ]X HUNHQQWQLVWKHRUHWLVFKHQ .RPSOLNDWLRQHQIÕKUHQNRQQWHQZHOFKH]%GXUFKHLQH0RGDORGHUHLQH6DFKYHUKDOWV RQWRORJLHDXVJHU½XPWZHUGHQNRQQWHQ'RFKGLHVHQ6FKULWWNRQQWHQRGHUZROOWHQGLHEHL GHQ(UIXUWHU1RPLQDOLVWHQQLFKWJHKHQ  ,QGHUYRQ%DUWKRORP½XV$UQROGLYRQ8VLQJHQGHWHUPLQLHUWHQ4XHVWLRÕEHUGLHwNRQWL QXLHUOLFKH4XDQWLW½WkJLEWHVDXFKHLQLJHWKHRORJLVFKH3DVVDJHQZHOFKHVSH]LHOOGDV3UREOHP GHUVDNUDPHQWDOHQ:DQGOXQJYRQ%URWXQG:HLQ]XP/HLEXQG]XP%OXW&KULVWLEHWUHI IHQ 8VLQJHQ PDFKW GHXWOLFK GD¸ HU GLH 7KHRULH GHU 7UDQVVXEVWDQWLDWLRQ DQQLPPW XQG JDQ]JHQHUHOOGHQHQWVSUHFKHQGHQ$XVIÕKUXQJHQ2FNKDPVIROJHQZLOO (QWVFKHLGHQGDEHU EOHLEW GD¸ HU HLQH QDWXUDOLVWLVFKH ,QWHUSUHWDWLRQ GLHVHV 3K½QRPHQV PLWWHOV GHV $ULVWRWHOL VFKHQ .DWHJRULHQV\VWHPV RGHU VSH]LHOO GLH $QZHQGXQJ GHU SKLORVRSKLVFKHQ .DWHJRULH w4XDQWLW½WkLQHLQHPPDWKHPDWLVFKQDWXUDOLVWLVFKHQ6LQQDXIGHQVDNUDPHQWDOHQ/HLE&KUL VWLIÕUYHUIHKOWK½OW*OHLFKZRKOLVWDEHUDXFKGHXWOLFK]XHUNHQQHQGD¸HUKLHUQRFKQLFKW GLH =HLW IÕU HQGJÕOWLJH /ÏVXQJHQ IÕU JHNRPPHQ K½OW E]Z YRU YHUDEVROXWLHUHQGHQ (UNO½ UXQJHQZDUQW,QGHPHUIÕUGLH7UDQVVXEVWDQWLDWLRQYRQ6XEVWDQ]XQG4XDQWLW½WGHV%URWHV LQGHQ/HLEXQGGLH4XDQWLW½WGHV/HLEHV&KULVWLVRZLHIÕUGHVVHQ5HDOSU½VHQ]LQGHUJH ZHLKWHQ+RVWLHHLQWULWWPX¸HUNODUPDFKHQZDVGHU7HUPLQXVw4XDQWLW½WkGDQQQRFKEH GHXWHW ZHQQ HU QLFKW HLQIDFK HLQ QDWÕUOLFKHV 0D¸ GHU $XVGHKQXQJ EH]HLFKQHW (U UHWWHW VLFKPLWGHU(UNO½UXQJGD¸w4XDQWLW½WkE]Zw4XDQWXPkKLQVLFKWOLFKGHUJHZHLKWHQ+RVWLH QLFKWPHKUZÏUWOLFKLPSK\VLVFKHQ6LQQ]XQHKPHQVLQGVRQGHUQQXUV\PEROLVFKIÕUGHQ KLPPOLVFKHQ /HLE &KULVWL (LQH HLQIDFKH QDWXUSKLORVRSKLVFKH 'HXWXQJ GHV WKHRORJLVFKHQ 7KHPDV ZDU PLW GLHVHU %HGHXWXQJVGLHUHQ]LHUXQJ XPJDQJHQ ZRUGHQ )ÕU HLQH VROFKH QDWXUSKLORVRSKLVFKH$UWGHU$XVOHJXQJKDWWHVLFKDEHUQXU-DKUH]XYRUQRFKGHULQ(U IXUWDXVJHELOGHWH7KHRORJHXQGQDFKPDOLJHWKHRORJLVFKH/HNWRUDQGHU0DLQ]HU'RPNLU  

   



: 8UEDQ ”4XDQWLW½W ,, 0LWWHODOWHU… LQ - 5LWWHU XQG . *UÕQGHU +UVJ  +LVWRULVFKHV :ÏUWHU

EXFK GHU 3KLORVRSKLH %G  %DVHO   6S  9JO 7H[W 1U ,,, 4XDUWR ”6HFXQGXP -RKDQQHP 'DPDVFHQXP HDGHP UHV HVW GH JHQHUH VXE VWDQWLH HW TXDQWLWDWLV SURSWHU GLVWLQFWLRQHP LQWHQWLRQXP e… 9JO 7H[W 1U ,,, 6  ”4XRPRGR DXWHP TXDQWLWDV VLW SUHGLFDPHQWXP DFFLGHQWLV SDWHELW LQ IUD…



9JO 7H[W 1U ,,, $G GHFLPXP RFWDYXP $G FRQ UPDWLRQHP $G XOWLPXP



9JO 7H[W 1U ,,, $G RFWDYXP $G GHFLPXP RFWDYXP $G FRQ UPDWLRQHP



(LQOHLWXQJ

FKH(JJHOLQ%HFNHULQVHLQHU(UNO½UXQJGHV0H¸NDQRQVHLQJHVHW]W,QGHP8VLQJHQDQGH UHUVHLWV GLHVH 7KHPDWLN LQ VHLQH w4XHVWLRk QHEHQ GHQ QDWXUSKLORVRSKLVFKHQ $VSHNWHQ GHU wNRQWLQXLHUOLFKHQ4XDQWLW½WkDXIQDKPXQGHLQHORJLVFKH$QDO\VHEHVWLPPWHUWKHRORJLVFKHU $XVVDJHQEHWULHE]HLJWHHUGD¸HUQDFKZLHYRUDXIGHQ6FKXOWHUQ:LOKHOPVYRQ2FNKDP VWDQG9LHOOHLFKWLVWJHUDGHGLHVHXQGQXUGLHVH$UWGHV+HUDQJHKHQVHLQ*UXQGGDIÕU%DU WKRORP½XV$UQROGLYRQ8VLQJHQDOVHLQHQw2FNKDPLVWHQk]XEH]HLFKQHQ$OV1DPHIÕUHL QHJDQ]EHVWLPPWHSKLORVRSKLVFKH5LFKWXQJE]ZHLQJHVFKORVVHQHV6\VWHPHUVFKHLQWGLHVH %H]HLFKQXQJ LP +LQEOLFN DXI GDV (UIXUWHU 4XRGOLEHW YRQ  XQG EHLGH +DXSWDNWHXUH GLHVHV(UHLJQLVVHVQLFKWDQJHEUDFKWZHQQVLHPHKUEHGHXWHQVROODOVGHQ%H]XJDXIGLH$X WRULW½WGHU2FNKDPVFKHQ/HKUHQ +LQ]XNRPPWGD¸HVKLQVLFKWOLFKHLQLJHU3UREOHPH]% HUNHQQWQLVWKHRUHWLVFKHU$UW JUDYLHUHQGH$EZHLFKXQJHQ]ZLVFKHQGLHVHQXQGGHPSKLOR VRSKLVFKHQ:HUN2FNKDPVJLEW$QJHEUDFKWHUIÕUGLH.HQQ]HLFKQXQJGHU(LQVWHOOXQJEHL GHU$NWHXUHVFKHLQWGLHIROJHQGH)RUPXOLHUXQJDQGHP:HUN:LOKHOPVYRQ2FNKDPRUL HQWLHUWHU 1RPLQDOLVPXV PLW VWDUNHU .ULWLN DQ GHU w4XLGLW½WHQk0HWDSK\VLN 'LHV VFKOLH¸W DXFKGLH$QZHQGXQJORJLVFKVHPDQWLVFKHU$QDO\VHQYRQEHVWLPPWHQWKHRORJLVFKHQ$XVVD JHQ GXUFKDXV PLW HLQ *HQDXVR LVW LQ HLQH VROFKH JHLVWLJH 6WDQGRUWEHVWLPPXQJ DXFK GLH 7HQGHQ] ]X HLQHU PHWKRGLVFKHQ 7UHQQXQJ YRQ 3KLORVRSKLH XQG 7KHRORJLH HLQEH]RJHQ .HLQHVIDOOVDEHUEHGHXWHWGLHVHLQH/RVOÏVXQJGHU3KLORVRSKLHYRQGHU7KHRORJLH9LHOPHKU VDK8VLQJHQLQGHU7KHRORJLHGLHREHUVWH:DKUKHLWVLQVWDQ]XQGGDVDOOJHPHLQH5HJXODWLY DOOHU 6WXGLHQ (LQ ”NDWKROLVFKHU 3KLORVRSK… PÕVVH QLFKW QXU ZLVVHQ ZDV GLH ”KHLGQLVFKHQ 3KLORVRSKHQ…OHKUWHQVRQGHUQDXFKNODUGDVPLWGHU7KHRORJLHµEHUHLQVWLPPHQGHXQGGLH $EZHLFKXQJHQYRQLKUEHQHQQHQXPGDV:DKUH]XÕEHUQHKPHQXQGGDV)DOVFKH]XUÕFN ]XZHLVHQ 9RQ 2FNKDP XQWHUVFKHLGHW 8VLQJHQ DEHU ] % GLH JHZDFKVHQH NULWLVFKH 'L VWDQ]]XU$XWRULW½WGHU$ULVWRWHOLVFKHQ3KLORVRSKLHE]ZGHU$UWLKUHU$QHLJQXQJXQG'HX WXQJ]XUGDPDOLJHQ=HLW  'LHHUVWPDOLJHNULWLVFKH(GLWLRQGLHVHU6FKOÕVVHOWH[WHIÕUGDV9HUVW½QGQLVGHUVS½WPLWWHO DOWHUOLFKHQ3KLORVRSKLHHQWZLFNOXQJLQ'HXWVFKODQGHUIÕOOW]XQ½FKVWHLQ)RUVFKXQJVGHVLGH UDWLQQHUKDOEGHUSKLORVRSKLVFKHQ0HGL½YLVWLN6LHO½¸WHLQXPIDVVHQGHV%LOGGHU4XHOOHQ XQG0RWLYODJH]XYRQZHOFKHUDXV]ZHLSURPLQHQWH3KLORVRSKHQGHVDXVJHKHQGHQ-DKU KXQGHUWVSURJUDPPDWLVFK]XHLQHUDXWRULW½WVNULWLVFKHQ6FKRODVWLNLP*HLVWH:LOKHOPVYRQ 2FNKDPDXIEUDFKHQ6LHHUODXEWIHUQHUHLQHJHQDXHUHXQGNULWLVFKH%HXUWHLOXQJGHUELVKHU LQGHU/LWHUDWXUYRUJHWUDJHQHQ%HZHUWXQJHQGHV(UHLJQLVVHVGHU(UIXUWHU4XRGOLEHW'LVSX WDWLRQYRP-DKU:HGHUHLQHSHUVLLHUHQGH%HVSÏWWHOXQJGLHVHU)RUPGHV3KLORVRSKLH UHQV QRFK HLQ HQWKLVWRULVLHUHQGHV +HUDXVKHEHQ GHU SRVLWLYHQ 5HVXOWDWH GLHVHV (UHLJQLVVHV VLQGLKPWDWV½FKOLFKDQJHPHVVHQ$XFKHLQHVFKODJZRUWDUWLJH5XEUL]LHUXQJGLHVHU7H[WHPX¸ VLFKDOVLPKRKHQ0D¸HYRUO½XJH(LQRUGQXQJHUZHLVHQZHOFKHGHUKLVWRULVFKHQ.RPSOH [LW½WGHV(UHLJQLVVHVQLFKWJHUHFKWZLUG'LHREHQPLWJHWHLOWHQ%HREDFKWXQJHQXQGGLHUHQ  



.OHLQHLGDP 8QLYHUVLWDV 6WXGLL (U RUGHQVLV ,, 6  $QP  ”(W GH KRF PDJQD HVW GLYHUVLWDV LQ WHU GRFWRUHV TXDP DG ORQJXP QROR SHUVHTXL TXLD YHULWDV KXLXV UHL QRQ SRWHVW KDEHUL QLVL H[ GLV



SXWDWLRQH SKLVLFD

……

9JO %DUWKRORPDHXV 3DUYXOXV SKLORVRSKLH QDWXUDOLV IRO U ”7KHRORJLD HQLP HVW GH VXPPLV YHULWD WLEXV TXH PHWXV HW PHQVXUD VXQW RPQLXP DOLDUXP YHULWDWXP TXDUH REYLDQV YHULWDWL FDWKROLFH IDOVXP HVW HW HUURQHXP ,Q LOODP HQLP RPQLD VWXGLD KXPDQD RUGLQDUL GHEHQW HW DE LOOD PRGHUD WLRQHP HW UHJXODWLRQHP FDSHUH 4XDUH QRQ VX

"FLW SKLORVRSKLFR FDWKROLFR VFLUH TXLG SKLORVRSKL

JHQWLOHV GRFXHUXQW VHG VFLUH RSXV HVW LQ TXR FXP WKHRORJLD FRQFRUGDQW HW LQ TXR GLVFUHSDQW XW YHUXP DVVXPDWXU IDOVXP YHUR UHIXWHWXU…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

]LHUWHQ%HZHUWXQJVYRUVFKO½JHZROOHQJHUDGHGLHVHU.RPSOH[LW½WEHVVHUJHUHFKWZHUGHQDOV VROFKHHLQVFKO½JLJHQ%H]HLFKQXQJHQZLHw2FNKDPLVPXVkXQGw7HUPLQLVPXVk:HLWHUH)RU VFKXQJHQ]XU:LUNXQJVJHVFKLFKWHHLQHVDP:HUN2FNKDPVXQGVHLQHU1DFKIROJHURULHQ WLHUWHQ3KLORVRSKLHUHQVLQVEHVRQGHUHDQGHQGHXWVFKHQ8QLYHUVLW½WHQHYHQWXHOODQJHUHJW]X KDEHQZ½UHVFKOLH¸OLFKHLQGXUFKDXVHUZÕQVFKWHV5HVXOWDWGLHVHU(GLWLRQ  =XU*HVWDOWXQJGHU(GLWLRQ  'LH(GLWLRQVWÕW]WVLFKDXVVFKOLH¸OLFKDXIGLHIROJHQGHQGUHL4XHOOHQ  , 4XHVWLR SUHDPEXODULV LQ GLVSXWDFLRQHP GH TXROLEHW FHOHEUDWDP (URUGLH DQQR GRPLQL  LQ :URFàDZ 8QLZHUV\WHW :URFODZVNL %LEOLRWHND 8QLZHUV\WHFND 0V ,9 4 D I Y Y ,, -RGRFXV7UXWYHWWHU6XPPXOHWRWLXVORJLFH(UIXUWI0Y0Y ,,,%DUWKRORP½XV$UQROGLYRQ8VLQJHQ3DUYXOXVSKLORVRSKLHQDWXUDOLVe$QQH[DHVWKXLFRSXV FXORTXHVWLRDUGXDGHTXLGLWDWHTXDQWLWDWLVFRQWLQXHSHUHXQGHPPDJLVWUXPTXRGOLEHWLFHGHWHUPLQDWD DFLQRUGLQHPOHFWRULEXVDSWLRUHPVLQJXODULVWXGLRLQVWUXFWD/HLS]LJIUYJHQDX HUHU7LWHOLELGIU”4XHVWLRDQQH[DGHTXLGLWDWHTXDQWLWDWLVFRQWLQXHVXSHUFXLXV GHFLVLRQHPXOWDIXQGDQWXULQGRFWULQD0RGHUQRUXPw8WUXPTXDQWLWDVFRQWLQXDPD JQLWXGRVHXH[WHQVLRUHLVXEVWDQWLHYHOTXDOLWDWLVVLWHQWLWDVUHDOLWHUGLVWLQFWDDVXEVWDQWLD HWTXDOLWDWHk…   'LH7H[WHZHUGHQLQLKUHURULJLQDOHQ2UWKRJUDSKLHJHERWHQ=XUEHVVHUHQµEHUVLFKWXQG =LWDWLRQLVWMHGHUHLQ]HOQH7H[WHQWVSUHFKHQGVHLQHPHUNHQQEDUHQLQQHUHQ$XIEDXYRQPLU PLWHLQHUGH]LPDOHQ*OLHGHUXQJYHUVHKHQZRUGHQ'LHUÏPLVFKHQ=LHUQEH]HLFKQHQGLH MHZHLOLJH=XJHKÏULJNHLW]XHLQHPGHUGUHLJHQDQQWHQ7H[WH'LHDUDELVFKHQNHQQ]HLFKQHQ GLHKHUYRUJHKREHQHQLQQHUHQ7H[WEHVWDQGWHLOH)ÕUGLH7H[WH,,XQG,,,ZHUGHQGLHQDFK JHZLHVHQHQ 4XHOOHQ]LWDWH YHUZHLVH XQG EHOHJH IRUWODXIHQG PLW =LHUQLQGLFHV LQ GHQ )X¸QRWHQDXVJHZLHVHQ,P7H[W,,,,,,ELV]XU6WHOOH”eSUHWHQGLWXU FWLFLXP… ZHUGHQ ]XV½W]OLFKPLWWHOV%XFKVWDEHQLQGLFHVLQGHQ)X¸QRWHQGLHDEZHLFKHQGHQ7H[WYDULDQWHQ]XP SDUDOOHOHQ7H[W,,, DXVJHZLHVHQ  )ROJHQGH.ODPPHUQZHUGHQLP(GLWLRQVWH[WPLWGHUMHZHLOLJHQ%HGHXWXQJYHUZHQGHW >@9RP +HUDXVJHEHU YRUJHQRPPHQH (UJ½Q]XQJHQ YRQ $ENÕU]XQJHQ =LWDWHQ XQG 7HU PLQL 〈〉9RP+HUDXVJHEHUHLQJHIÕJWH.RQMHNWXUHQ  ,PKHUDQJH]RJHQHQRULJLQDOHQ4XHOOHQWH[WHQWKDOWHQH7H[WHUO½XWHUXQJHQ 





4XHVWLR SUHDPEXODULV

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



RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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





4XHVWLR SUHDPEXODULV

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〈X〉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





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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〈HW〉DQXOORLXULVSHULWRFRQWHPQLWXU





-RGRFXV 7UXWYHWWHU 8QD FRQFOXVLR FXP FRUROODULLV

,&RUROODULXPWHUFLXP &XPLWDTXHKRPRQDWXUDFLYLOHDQLPDOOHJHLXVWLFLDTXHYLYHQGRRSWLPXPVLWHLVGHPYHUR UHOLFWLV D QRELOLWDWH VXD GHJHQHUDQV LQ EHOXDP YHUWLWXU DWTXH RPQLXP UHGGLWXU VLOYHVWULVVL PXP$PSKLRQHW2USKHXVWLJUHVUDSLGRVTXHOHRQHVFLWKDUDOHQLVVHQJXQWXUVLOYDVODSLGHV TXRTXHOLUDPRYLVVHLQH[VWUXFFLRQHP7KHEDQRUXPPHQWLXQWXU  ,&RQFOXVLRWHUFLD 6XPPXPLQFRPPXWDELOHERQXPFXQFWRUXPRULJRHWQLVLPPHQVHVXHODUJLWDWLVGLXVLR QHRPQLDYHJHWDQVRUGLQHSRQGHUHHWPHQVXUDHRUXQGHPXWLPRQRFRUGROXGHQVDELQL FLRPRWXVSURSULRVVLQJXOLVLQGLGLWTXRVGXPFXVWRGLXQWDFDJHQGRSDFLHQGRPRYHQGR TXHLQGXOWDVYLFHVSHUDJXQWTXHPDGPRGXPXPLQDLQDOYHRVUHGHXQFLDIRQWDOLVXRUHGLQ XXQWSULQFLSLR ,&RUROODULXPSULPXP 8QLYHUVLWDV UHUXP FRUSRUDOLXP HW VSLULWXDOLXP D VXPPR GHRUVXP XVTXH KRPLQLV JUDFLD FRQGLWDHVWTXDWHQXVLQQXPHULVLOOLLSVLREVHTXLLVVHGXORHWR"FLRVHVHUYLDW(WHDPREUHP LQRUL]RQWHGXSOLFLVPRGLVXHPHQWLVIDFLHVVWDWXWDHVWTXDQWXVLSVHVLQJXODLQ'HXPDTXR SURGXFWLRQHHJUHVVDVXQWXWHQGRUHIHUDW ,&RUROODULXPVHFXQGXP )LQ[LWSURIHFWRQDWXUDSHFRUDSURQDDWTXHYHQWULREHGLHQFLDVROXPKRPLQHPHUHFWRFRU SRUH DG FHORV VSHFWDQWH FDSLWH SODVPDQV H"JLDOLWHU JXUDFLRQH LVWDF FRPPRQVWUDQV TXRG X[LVIUDJLOLEXVTXHSRVWKDELWLVDGVXSHUQRUXPFRQWHPSODFLRQHPVHVHHULJHUHGHEHDWDPRUH HLVGHPLQKHUHQGRQDOLWHU ,&RUROODULXPWHUFLXP +XLF LWDTXH XQLYHUVL SRWHQWLVVLPR FRQGLWRUL JXEHUQDWRUL SUXGHQWLVVLPR QHF QRQ PXQL FHQWLVVLPRRPQLXPODUJLWRUL'HRQRVWDQWDPXQLHUXPVXRUXPGRQDQWLODUJLWDWHJUDWLDVHW ODXGHVTXDVLIHXGDOHPFHQVXPGHHWLQVLQJXOLVVROYDPXVXWHQGRLSVLVDGSURSULXPGHFRUHP HWDOLRUXPXWLOLWDWHPTXRWDQGHPVXDYLVLRQHIUXLPHUHDPXULQHWHUQLWDWH  )LQLV   ,, -RGRFXV7UXWYHWWHU8QDFRQFOXVLRFXPFRUROODULLVLQGLVSXWDWLRQHGHTXROLEHW(URUGLH$' SRVLWD  ,GTXRGDQQRDQDWDOL&KULVWLDQRLQXQLYHUVDOLGLVSXWDWLRQHTXDPTXRGOLEHWXPYRFDQW LQKHFYHUEDFRQFOXVLPXV ,,&RQFOXVLR ,Q WDP QXPHURVD UHUXP YDULHWDWH GXREXV SUHGLFDPHQWLV VXEVWDQWLD HW TXDOLWDWH LQWULQVHFH UHOLTXLV RFWR H[WULQVHFLV KDELWXGLQLEXV DEXQGH VLJQLFDWD VLPSOLFLWHU QXOOD HVW HQWLWDV XQL YHUVDOLVUHVSHFWLYDLQGLYLVLEOLVSULYDWLYDDXWVXFFHVVLYDQXOOXPFRPSOH[HVLJQLFDELOHIRU PDWRFLXVDXWWRWDOLWDVDDTXROLEHWVLQJXODULDEVROXWRDFSHUPDQHQWLVHTXHVWUDWD ,,&RUROODULXPSULPXP (UUDQW LJLWXUE QRQQXOOL LQ SURSULDP VHGXFWLRQHP LQFDXWH 0HWDSK\VLFDP UHTXLUHQWHV XEL GLDOHFWLFXVIDFLOHFRQVXOHUHWTXRUXPXWYHULWDWLVLFHWLDP$ULVWRWHOLQRVWURDGYHUVDHVWXQL  D



WRWDOLWDV@ WRWDOLV ,



LJLWXU@ RP ,

E





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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

F



G H



FRQ

FWLR@ FFLR ,



LGFLUFR@ RP ,



TXRPRGROLEHW GLVWLQFWDP@ TXRFXQTXH FRQGLVWLQFWDP ,



-RGRFXV 7UXWYHWWHU 8QD FRQFOXVLR FXP FRUROODULLV

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wPRWXVk wWHPSXVkHWVLPLOLDVLJQLFDUHUHVSHUPDQHQWHVQRQVLQHTXDUXQGDPQHJDWLRQXPLQFOXVLRQH PXOWDVXQWGRFXPHQWDDSXG*XLOKHOPXPOLEURT>XHVWLRQH@S>DUWH@ORJLFHVXH FDSL>WXOR@HWLQWUDFWDWXTXHP'HLQGLYL>VL@ELOLEXVLQVFULSVLW,WHPDSXG*UHJRULXP $ULPLQHQVHP OL>EUR@  GLVWLQ>FWLRQH@  T>XHVWLRQH@  HW GLV>WLQFWLRQH@  T>XHVWLRQH@     

&I 3VHXGR'LRQ\VLXV $UHRSDJLWD 'H GLYLQLV QRPLQLEXV 9,,  HG % 5 6XFKOD &RUSXV 'LRQ\

VLDFXP , %HUOLQ r 1HZ
     

… &RJQRVFLW LQVXSHU FRQWLQJHQWLD LQIDOOLELOLWHU PXWDELOLD LPPXWDELOLWHU IXWXUD SUDHVHQ

WLDOLWHU WHPSRUDOLD DHWHUQDOLWHU TXLD SHU VHLSVXP HVVHQWLDOLWHU… /RFXV QRQ LQYHQWXV *XLOOHOPXV GH 2FNKDP 4XRGOLEHWD VHSWHP HG - & :H\ 2SHUD WKHRORJLFD >27@ 9,, 6W %RQDYHQ WXUH 1 <   TXRGO 9, TXDHVW  S  LELG TXRGO 9,, TXDHVW  S  *XLOOHOPXV GH 2FNKDP 6XPPD ORJLFDH HG 3 %RHKQHU HW * *ºO HW 6 ) %URZQ 23 , 6W %RQD YHQWXUH 1 <   SDUV , FDS  S  *XLOOHOPXV GH 2FNKDP 6FULSWXP LQ OLEUXP SULPXP 6HQWHQWLDUXP 'LVW  HG * , (W]NRUQ HW ) ( .HOOH\ 23 ,9 6W %RQDYHQWXUH 1 <   GLVW  S  *XLOOHOPXV GH 2FNKDP 4XDHVWLRQHV LQ OLEUXP VHFXQGXP 6HQWHQWLDUXP HG * *ºO HW 5 :RRG 27 9 6W %RQDYHQWXUH 1 <   TXDHVW  S   LELG TXDHVW  S  *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU 3ULPXP 6HQWHQWLDUXP 'LVW  HG $ ' 7UDSS HW 9 0DUFROLQR /HFWXUD VXSHU 3ULPXP HW 6HFXQGXP 6HQWHQWLDUXP WRP ,,, %HUOLQ r 1HZ
   

GLVW  TXDHVW  S  *XLOOHOPXV 4XDHVWLRQHV LQ OLE ,, 6HQW TXDHVW  S  TXDHVW  S   *XLOOHOPXV 6XPPD ORJLFDH SDUV , FDS  S  /RFXV QRQ LQ WUDFWDWX VXSUD GLFWR LPPR LQ DOLR WUDFWDWX LQYHQLUL SRWHVW *XLOOHOPXV GH 2FNKDP

7UDFWDWXV GH VXFFHVVLYLV HG 3 %RHKQHU 6W %RQDYHQWXUH 1 <   S   *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU 6HFXQGXP 6HQWHQWLDUXP 'LVW  HG $ ' 7UDSS /HFWXUD

VXSHU , HW ,, 6HQWHQWLDUXP WRP ,9 %HUOLQ r 1HZ




RUGLH 

'LVSXWDWLR GH TXROLEHW (U

0XOWD HWLDP GH KRF FRPPHQWL VXPXV LQ OLEHOOR FRPPXQLV SKLORVRSKLH TXHP 3DUYXOXP SKLORVRSKLHDSSHOODQW  1XOODPHVVHUHPSULYDWLYDPYHOQHJDWLYDPUHEXVSRVLWLYLVGLVWLQFWDPVHGQRPLQDSULYD WLYD YHO QHJDWLYD TXDOLD VXQW wLQVWDQVk wSXQFWXVk wFHFLWDVk wWHQHEUHkwQRQ KRPRk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wSXQFWXVk wOLQHDk wVXSHUFLHVk wFRUSXVk HDQGHP UHP GLYHUVR PRGR VLJQLFDUL (RGHP >PRGR@ UHWRUTXHQWXU KHF >QRPLQD@ wWHPSXVk wLQVWDQVk wPRWXVk wPXWDWLRk +LV FRQVHQWLW $QVKHOPXVLQOLEUR'HFDVXGLDEROLFRFD>SLWXOR@HWVHTXHQWL  1XOOXPHVVHFRPSOH[HVLJQLFDELOHLGHVWUHPVLJQLFDELOHPWRWDSURSRVLWLRQHHWQXOOD HLXVSDUWHXWRSLQDWLVXQW*UHJRULXV$ULPLQHQVLVHW+HQULFXVGH+DVVLDT>XHVWLRQH@SUR OR>JR@ DU>WLFXOR@   SRWHQWHU HW H"FDFLWHU FRQUPDQW &DUGLQDOLV &DPHUDFHQVLV OL>EUR@  T>XHVWLRQH@DU>WLFXOR@,&HWDU>WLFXOR@KK,WHPLQWUDFWDWXLQVROXELOLXP0DUVLOLXV  

&I %DUWKRORPHXV GH 8VLQJHQ 3DUYXOXV SKLORVRSKLH QDWXUDOLV /HLS]LJ   WUDFW  IRO UU s LELG IRO U ”(VW FRPPXQLV >RSLQLR@ VFROH YLH PRGHUQH TXRG PRWXV QRQ VLW UHV VXFFHVVLYD

    

DE RPQLEXV SHUPDQHQWLEXV UHDOLWHU GLVWLQFWD… *XLOOHOPXV GH 2FNKDP 6FULSWXP LQ OLEUXP SULPXP 6HQWHQWLDUXP 3URORJXV HW GLVW SULPD HG * *ºO HW 6 ) %URZQ 27 , 6W %RQDYHQWXUH 1 <   SURO TXDHVW  S  *XLOOHOPXV 6XPPD ORJLFDH SDUV , FDS  S  *XLOOHOPXV GH 2FNKDP 7UDFWDWXV GH TXDQWLWDWH HG & $ *UDVVL 27  6W %RQDYHQWXUH 1 <   TXDHVW  S  *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU ,, 6HQW GLVW  TXDHVW  DUW  S  LELG GLVW  TXDHVW  DUW  S 



,RDQQHV *HUVRQ &ROOHFWRULXP VXSHU 0DJQL FDW HG 3 *ORULHX[ lXYUHV FRPSOÁWHV YRO  3DULV   WUDFW  S  ”&HWHUXP SULYDWLR VHX QLKLO GLFLWXU VLQH YHUER IDFWD QRQ TXLD VLW DOLTXLG H[WUD LQWHOOLJHQWLDP VHG LWD QRPHQ HQWLV YHO HVVH YHO H[LVWHQWLDH SKLORVRSKXV H[WHQGLW DG LOOD FLUFD TXDH QHJRWLDWXU LQWHOOHFWXV XW VXQW SULYDWLRQHV HW UHODWLRQHV UDWLRQLV XW FRPSOH[H VLJQL



$QVHOPXV &DQWXDULHQVLV 'H FDVX GLDEROLFR HG ) 6 6FKPLWW 2SHUD RPQLD , 6WXWWJDUW   FDS  S  LELG FDS  S  ”+RF LJLWXU PRGR PDOXP HW QLKLO VLJQL



FDELOH H[

IDEULFDWLRQH LQWHOOHFWXV FRPSRQHQWLV HW GLYLGHQWLV FXP VLPLOLEXV…

TXRG VLJQL

FDQW DOLTXLG HW

FDWXU HVW DOLTXLG QRQ VHFXQGXP UHP VHG VHFXQGXP IRUPDP ORTXHQGL…

&I *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU 3ULPXP 6HQWHQWLDUXP 'LVW  HG $ ' 7UDSS /HFWXUD

VXSHU 3ULPXP HW 6HFXQGXP 6HQWHQWLDUXP , %HUOLQ HWF   SURO TXDHVW  DUW  S  &I +HQULFXV GH +DVVLD w,Q OLEURV 6HQWHQWLDUXPk %D\HULVFKH 6WDDWVELEOLRWKHN 0V &OP  IRO  UD UD  wSUROk TXDHVW  IRO  UE YE LELG IRO  YE ”([ LVWD FRQFOXVLRQH LQIHUR SULPR

FDWLV DGHTXDWLV HD UXQGXP LWDTXH TXRG QRQ VROXP SURSRVLFLRQHV VXQW YHUH YHO IDOVH VHG HFLDP VLJQL FDWD SURSRVL FLRQXP 3DWHW H[ FRQFOXVLRQH TXLD QLFKLO VLJQLFDWXU QLVL UHV (W VLJQLFDWXP SURSRVLFLRQLV VFLWXU TXRG YHULWDV HW IDOVLWDV QRQ VROXP VXQW LQ SURSRVLFLRQLEXV VHG HFLDP LQ VLJQL

TXLD SwHUk DFWXP VFLHQFLH LQ PHQWH DWWLQJLWXU XW GLFLW FRQFOXVLR LJLWXU HVW YHUXP… LELG IRO  UE ”(W LGHR UHV DFFLSLWXU LEL >VFLO LQ SURS wKRPR HVW DOEXVk HWF@ SUR WRWDOL VLJQL





FDWR SURSRVLFLR

QLV VFLOLFHW SUR KRPLQHP HVVH DOEXP… 3HWUXV GH $OOLDFR 4XDHVWLRQHV VXSHU OLEURV 6HQWHQWLDUXP FXP TXLEXVGDP LQ



QH

DGMXQFWLV 6WUD¸EXUJ

-RGRFXV 7UXWYHWWHU 8QD FRQFOXVLR FXP FRUROODULLV

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”6HFXQGR GHFODUDQGXP HVW TXLG VLW YHULWDV 8QGH GLFR TXRG RPQLV YHULWDV XW KLF VXPLWXU HVW SURSRVLWLR YHUD $G FXLXV SUREDWLRQHP SRQR DOLTXDV SURSRVLWLRQHV 3ULPD HVW TXRG QXOOD YHULWDV HVW GLVWLQFWD D SURSRVL

FDELOH VHX SURSRVLWLRQLV VLJQLFDWXP WRWDOH 3DWHW TXLD VL HVVHW WDOLV YHULWDV VHX WDOH FRPSOH[H VLJQLFDELOH QHF HVVHW VXEVWDQWLD QHF DFFLGHQV QHF GHXV QHF WLRQH TXH VLW TXRGGDP FRPSOH[H VLJQL

FUHDWXUD LPPR RPQLQR QLKLO HVVHW XW FRQFHGXQW LOOL TXL VLF SRQXQW e… LELG OLE , TXDHVW 

FDELOH FDWXP WRWDOH FRQFOXVLRQLV GHPRQVWUDWH QRQ HVW RELHFWXP VFLHQWLH SURSULH GLFWH 3DWHW H[ SULPR FRUROODULR VLFXW SUHFHGHQV ,WHP TXLD LVWH GRFWRU FRQFOXGLW TXRG WDOH FRPSOH[XP VLJQL 

DUW  KK IRO HYE ”7HUWLR VHTXLWXU FRQWUD *UHJRULXP T  DUW  TXRG FRPSOH[XP VLJQL VHX VLJQL

FDELOH WRWDOH QLKLO HVW HW TXRG QLKLO HVW HVW RELHFWXP VFLHQWLH 6HG QXOOXP YLGHWXU SRVVH PDLXV LQ FRQYHQLHQV FRQFOXGL QHF UDWLRQHV VXH FRQYLQFXQW VHG HDV GLPLWWR TXLD DG ORJLFDP HW PHWDSK\VL

 

FDP VSHFWDQW… /RFXV QRQ LQYHQWXV ,RDQQHV *HUVRQ ,Q 1DWDOL 'RPLQL HG 3 *ORULHX[ lXYUHV FRPSOÁWHV YRO  3DULV   S  ”4XR SDFWR LJLWXU HQWLWDV FRPSOH[H VLJQL

FDQWLEXV

WULEXLWXU TXRUXP DOLTXD QXOOXP KDEXHUXQW

DXW KDEHUH SRWXHUXQW IDFWLRQLV LQLWLXP HR LSVR TXDVL LQVDQLHQV GLFHUH DXGHW 0DQLFKHXV D 'HR WH QHEUDUXP IDFWD HVVH PXOWD TXDH 'HXV LSVH QRQ FRQGLGLW FXP DXGLDW TXRG SHU 'HL 9HUEXP

         



RPQLD IDFWD VXQW

……

*XLOOHOPXV 6XPPD ORJLFDH SDUV , FDS  S  *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO 9,, TXDHVW  S  *XLOOHOPXV GH 2FNKDP 6FULSWXP LQ OLEUXP SULPXP 6HQWHQWLDUXP 3URORJXV HW GLVWLQFWLR SULPD HG * *ºO HW 6 ) %URZQ 27 , 6W %RQDYHQWXUH 1 <   SURO TXDHVW  S  *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO 9 TXDHVW  S  *XLOOHOPXV 6FULSWXP LQ OLE , 6HQW 'LVW   GLVW  S  *XLOOHOPXV GH 2FNKDP 4XDHVWLRQHV LQ OLEUXP WHUWLXP 6HQWHQWLDUXP HG ) ( .HOOH\ HW * , (W] NRUQ 27 9, 6W %RQDYHQWXUH 1 <   TXDHVW  S  *XLOOHOPXV 4XDHVWLRQHV LQ OLE ,, 6HQW TXDHVW  S  *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU 6HFXQGXP 6HQWHQWLDUXP 'LVW  HG $ ' 7UDSS /HFWXUD

VXSHU 3ULPXP HW 6HFXQGXP 6HQWHQWLDUXP 9 %HUOLQ r 1HZ


RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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”(W HDGHP UDWLRQH FXP GLFXQWXU UHV PXOWDH PXOWLWXGR VLF DFFHSWD VLJQL

FDW UHV LO

ODV FXP LQGLYLVLRQH FLUFD XQDPTXDPTXH HDUXP s 1XPHUXV DXWHP TXL HVW VSHFLHV TXDQWLWDWLV

   

SRQDW TXRGGDP DFFLGHQV DGGLWXP VXSUD HQV HW VLPLOLWHU XQXP TXRG HVW SULQFLSLXP QXPHUL… *XLOOHOPXV 6FULSWXP LQ OLE , 6HQW 'LVW   GLVW  TXDHVW  S  *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU , 6HQW 'LVW   GLVW  TXDHVW  DUW  S  *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO ,9 TXDHVW    S  *XLOOHOPXV GH 2FNKDP 7UDFWDWXV GH TXDQWLWDWH HG & $ *UDVVL 27 ; 6W %RQDYHQWXUH 1 <   TXDHVW  S  LG 7UDFWDWXV GH FRUSRUH &KULVWL HG & $ *UDVVL 27 ; 6W %RQDYHQ

 

WXUH 1 <   FDS  S  *XLOOHOPXV 6XPPD ORJLFDH SDUV  FDS  S  3HWUXV GH $OOLDFR 4XDHVWLRQHV VXSHU OLEURV 6HQWHQWLDUXP OLE 9 TXDHVW  DUW  FRQFO  FRUU  8 IRO FUD ”3ULPXP HVW TXRG RSLQLR TXH SRQLW TXRG RPQLV TXDQWLWDV FRQWLQXD HVW VXEVWDQWLD YHO

 

TXDOLWDV PDJLV FRQVRQDW SRVLWLRQL

GHL TXDP HLXV RSSRVLWD…

*DEULHO %LHO &DQRQLV 0LVVH H[SRVLWLR ,, HG + $ 2EHUPDQ HW : - &RXUWHQD\ :LHVEDGHQ   OHFW  S  &I %DUWKRORPHXV GH 8VLQJHQ 3DUYXOXV SKLORVRSKLH QDWXUDOLV WUDFW  IRO Y ” FRQWLQXD QRQ GLVWLQJXLWXU D VXEVWDQWLD HW TXDOLWDWH XW LQ SUHVHQWL VXSSRQR…





… TXLD TXDQWLWDV

%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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



&I 7KRPDV GH $TXLQR ,Q RFWR OLEURV 3K\VLFRUXP $ULVWRWHOLV H[SRVLWLR HG 3 0 0DJJLËOR (G 0DUL HWWL 5RP r 7XULQ   OLE ,, OHFW  Q  S E ”6LPLOLWHU DXWHP LQWHU DFFLGHQWLD RPQLD TXDH DGYHQLXQW VXEVWDQWLDH SULPR DGYHQLW HL TXDQWLWDV HW GHLQGH TXDOLWDWHV VHQVLELOHV HW DFWLRQHV HW SDVVLRQHV

……

… TXDQWLWDV SURSLQTXLVVLPH VH KDEHW DG …… &I $OEHUWXV 0DJQXV /LEHU GH SUDHGLFDPHQWLV 7UDFWDWXV ,,, 'H

LELG OLE 9,, FDS  QXP  S  ”

VXEVWDQWLDP LQWHU DOLD DFFLGHQWLD

TXDQWLWDWH HG 3 -DPP\ 2SHUD RPQLD , /\RQ   FDS  S  ”4XDPYLV HQLP KRF DFFL GHQV TXRG HVW TXDQWLWDV VLW LX[WD VXEVWDQWLDP SURSLQTXLVVLPXP WDPHQ QRQ HVW VXEVWDQWLD VHG VXEVWDQWLD PHGLDQWH HR TXLEXVGDP DOLLV VXEVWDW DFFLGHQWLEXV HW KDHF H

"FLXQWXU TXDQWD SHU DFFL

GHQV SHU KRF TXRG VXQW LQ PDLRUL VXELHFWR PDLRUD HW LQ PLQRUL PLQRUD… s LG 3K\VLFD 3DUV 

/LEUL  HG 3 +RVVIHOG (G &RORQLHQVLV ,9 SDUV  0ÕQVWHU   OLE , WUDFW  FDS  S  ”(VW DXWHP >VXEVWDQWLD@ SRWHQWLD TXDQWD QRQ DFWX HW LGHR SRWHQWLD QRQ DFWX HVW GLYLVLELOLV… &I 7KRPDV GH $UJHQWLQD 6FULSWD VXSHU TXDWWXRU OLEURV 6HQWHQWLDUXP 6WUD¸EXUJ   OLE ,9 GLVW  DUW  IRO // U ”$G UDWLRQHP IDFWDP FRQWUD FRQFOXVLRQHP GLFHQGXP TXRG PLQRU HVW IDOVD >VFLO ”FRUSXV GH SUHGLFDPHQWR TXDQWLWDWLV H[LVWHQV LQ &KULVWR HVW UHDOLWHU LGHP FXP VXEVWDQWLD FRUSRULV &KULVWL… O F IRO // Y@ $G SULPDP SUREDWLRQHP GLFHQGXP TXRG VXEVWDQWLD SRWHVW GXSOLFLWHU FRQVLGHUDUL 8QR PRGR VHFXQGXP VH HW VLF HVW SULRU TXDQWLWDWH $OLR PRGR XW ORFXP RFFXSDW HW VLF QRQ HVW SULRU TXDQWLWDWH TXLD KRF FRQYHQLW VLEL SUDHFLVH SHU TXDQWLWDWHP VHX PHGLDQWH TXDQWL WDWH

…… LELG ”… TXLD XW VLF TXDQWLWDV QRQ HVW SRVWHULRU VXEVWDQWLD VHG FDXVDOLWHU SULRU VXEVWDQWLD

TXLD TXDQWLWDV HVW FDXVD TXDUH VXEVWDQWLD VLF HVW LQ ORFR… &I ,RDQQHV %XULGDQXV 6XEWLOLVVLPH TXH

VWLRQHV VXSHU RFWR 3KLVLFRUXP OLEURV $ULVWRWHOLV HG - 'XOODHUW 3DULV  1DFKGU )UDQNIXUW D 0   OLE , TXDHVW  IRO UD ” WXGR… LELG IRO UE ”

…

HJR SRQDP FRQFOXVLRQHP TXRG QXOOD VXEVWDQWLD HVW PDJQL

… HW VLF DSSDUHW FDXVD HW UDWLR SUHGLFWDUXP SRVLWD VLF PDJQLWXGLQH GLVWLQF

WD D VXEVWDQWLD HW TXDOLWDWH… &I 0DUVLOLXV GH ,QJKHQ $EEUHYLDWLRQHV ,9,,, OLEURUXP 3K\VLFRUXP $UL

VWRWHOLV 9HQHGLJ  ]LWLHUW QDFK $ 0DLHU 0HWDSK\VLVFKH +LQWHUJUÕQGH GHU VS½WVFKRODVWLVFKHQ 1DWXU SKLORVRSKLH >5RP @ 6   OLE , QRW  GXE  ”… HW VXQW GXDH RSLQLRQHV H[WUHPDH 8QD SRQLW TXRG RPQLV UHV H[WHQVD HVW VXD H[WHQVLR

… +DHF HVW RSLQLR SUREDELOLV s 6HFXQGD RSLQLR

GLFLW FRQWUDULXP TXRG RPQLV H[WHQVLR VXEVWDQWLDH VLW UHV GLVWLQFWD D VXEVWDQWLD HW SUREDW SULQFL SDOLWHU TXLD DOLWHU QRQ SRVVHW RVWHQGL TXLG LQ YHVLFD FODXVD DHUH UHSOHWD UHVLVWLW FRPSULPHQWL 4XLD QRQ VXEVWDQWLD DHULV YHO PDWHULD YHO IRUPD HLXVGHP FXP WDOLD QDWD VXQW SHU PRGLFXP PRWXP OR FDOHP PXOWXP FRQGHQVDUL

… QHF FDOLGLWDV QLVL IRUWH LQTXDQWXP FRQVHUYDW GLPHQVLRQHV QHF DOL

TXLG DOLXG QLVL GLPHQVLR GLVWLQFWD D VXEVWDQWLD 7HQHDV RSLQLRQHP TXDP YLV HJR FUHGR KDQF HV VH SUREDELOLRUHP (W VROYLWXU UDWLR DOWHULXV RSLQLRQLV SHU KRF TXRG QHFHVVH HVW SRQHUH TXDQWLWD WHP H[WHQVDP UHVLVWHUH FRPSULPHQWL…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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

7KRPDV GH $UJHQWLQD 6FULSWD VXSHU TXDWWXRU OLEURV 6HQWHQWLDUXP OLE ,9 GLVW  DUW  FRQF SULP IRO // U ”6XEVWDQWLD HQLP VHFXQGXP VH HVW LQGLYLVLELOLV OLFHW H[ KRF VLW GLYLVLELOLV TXRG HVW VXE LHFWXP UHL SHU VH GLYLVLELOLV VFLOLFHW LSVLXV TXDQWLWDWLV (W LGHR VHFXQGXP VH VXEVWDQWLD QLKLO UHSOHW



QHF RFFXSDW QLVL PHGLDQWH TXDQWLWDWH TXH LSVDP LQIRUPDW… ,RDQQHV GH :HVDOLD

〈4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV〉 0ÕQFKHQ 8QLY ELEO  &RG PV

  OLE , IRO Y ”$G VHFXQGXP UHVSRQGHWXU TXRG DEODWD TXDQWLWDWH VXEVWDQFLD FHUWD QRQ KD



EHW SDUWHV KRPRJHQLDV HW FRQFHGLWXU TXRG SULXV KDEXLW HW QXQF QRQ KDEHW… ,RDQQHV GH :HVDOLD

〈4XDHVWLRQHV〉



IRO U ”4XLGDP WDPHQ GLFXQW TXRG LEL VLW YDFXXP HW TXRG

SDUWHV LOOLXV VXEVWDQFLH FRQ X[HUXQW LQ XQXP SXQFWXP TXRG QRQ RFFXSDW ORFXP TXRG QRQ UH



SXWDWXU YHUXP

……

,RDQQHV GH :HVDOLD

〈4XDHVWLRQHV〉 IRO Y ”5HVSRQGHWXU HFLDP DG WHUFLXP TXRG SRVVLELOH HVW DOL

TXDP VXEVWDQFLDP PDQHUH LQ HRGHP ORFR LQ TXR SULXV HUDW HW DXIHUUL TXDQWLWDWHP (W FRQVH TXHQWHU GLFLWXU TXDOLWHU HVW LQ ORFR SRVWHULXV TXDP SULXV HUDW 3ULXV HQLP HUDW FLUFXPVFULSWLYH

"QLWLYH… &I *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO , TXDHVW  DUW  S 

QXQF DXWHP VROXP GL





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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”4XDQWLWDWL QLKLO HVW FRQWUD ULXP…HUJRTXDQWLWDVQRQHVWTXDOLWDVFXLDOLTXLGHVWFRQWUDULXPXWSDWHWLQSUHGLFDPHQ WRTXDOLWDWLV  ,WHPSURSULXPHVWTXDQWLWDWLVHFXQGXPHDPHTXDOHYHOLQHTXDOHGLFLHUJRQRQFRQYHQLW VXEVWDQWLHQHFTXDOLWDWLHWSHUFRQVHTXHQVTXDQWLWDVQHFHVWVXEVWDQWLDQHFTXDOLWDV  1HFYDOHWVROXWLR2FNDPTXLGLFLWSULPDPSURSULHWDWHPTXDQWLWDWLVOR\FHGHEHUHH[SR QLLGHVWGHWHUPLQLVXWELFXELFRQLKLOHVWFRQWUDULXPLGHVWLOOLWHUPLQRQXOOXVDOLXVWHUPL QXVFRQWUDULDWXUTXLDFRQWUDULHWDVWHUPLQRUXPRUWXPKDEHWH[FRQWUDULHWDWHUHUXP4XLD SURWDQWRWHUPLQLYRFDQWXUFRQWUDULLH[HRTXRGIDFLDQWIRUPDVJUDGXDOLWHUGLVWDQWHVHWF6HG VLDOEHGRHVWELFXELFDQLJUHGRYHURWULFXELFDLOOLWHUPLQLwELFXELFXPkHWwWULFXELFXPkYLGHQ WXUYHUHFRQWUDULLXWSDWHWH[GL"QLWLRQHWHUPLQRUXPFRQWUDULRUXP 



&I 3DXOXV 9HQHWXV 6XPPD SKLORVRSKLH V O   SDUV 9, FDS  IRO  U ”4XDUWD FRQFOXVLR 0DWHULD GHQXGDWD D TXDQWLWDWH QRQ DFWX VHG DSWLWXGLQH YHO SRWHQWLD HVW TXDQWLWDWLYH GLYLVLELOLV 3D WHW TXLD WDOLV PDWHULD DFWXDOLWHU QRQ KDEHW SDUWHP H[WUD SDUWHP VHG HVW DSWD QDWD KDEHUH SDUWHP H[WUD SDUWHP SHU DGYHQWXP TXDQWLWDWLV H[WHQGHQWLV LSVDP

  

…

4XLD OLFHW PDWHULD QRQ VLW TXDQWD

KDEHW WDPHQ SDUWHV TXDUXP TXHOLEHW SRWHVW HVVH TXDQWD HW H[WUD DOLDP… $ULVWRWHOHV 3K\V ,  E *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO 9, TXDHVW  S  TXDHVW  S  3DXOXV 9HQHWXV 6XPPD SKLORVRSKLH SDUV 9, FDS  IRO U ”$ULVWRWHOHV DUJXHEDW FRQWUD DQWL TXRV QRQ TXLD SRQHEDQW SOXUDOLWDWHP QXPHUDOHP TXLD EHQH VFLHEDQW VHLSVRV KDEHUH PXOWDV SDU WHV VHG TXLD QHJDEDQW SOXUDOLWDWHP GLYHUVDUXP UDWLRQXP TXDP $ULVWRWHOHV GHPRQVWUDW LQ VXE

  

VWDQWLD HW TXDQWLWDWH… $ULVWRWHOHV &DW 9, E $ULVWRWHOHV &DW 9,,, E *XLOOHOPXV GH 2FNKDP ([SRVLWLR LQ OLEUXP 3UDHGLFDPHQWRUXP $ULVWRWHOLV HG * *ºO 23 ,, 6W %RQDYHQWXUH 1 <   FDS  S 





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

 (WLDPLOODSURSULHWDVFLUFDTXRGOLEHWSUHGLFDPHQWXPLQTXRSRQLWXUSRWHVWH[SRQLUHDOL WHU HW OR\FH (W UHDOLWHU H[SRVLWD VROL TXDOLWDWL FRQYHQLW XW SDWHW SHU %RHWLXP TXL GLFLW ”&RQWUDULHWDV LQ XQRTXRTXH SUHGLFDPHQWR LQYHVWLJDWXU VHG LQ VROD TXDOLWDWH UHSHULWXU… (UJRQXOODTXDQWLWDVHVWTXDOLWDVXWFODUHW  7HUWLR$ULVWRWLOHV9,,0HWDSKLVLFHSRVWTXDPGLYLVLWVXEVWDQWLDPLQPDWHULDPIRUPDP HWWRWXPFRPSRVLWXPSURVHTXLWXUGHPDWHULDGLFHQV”ORQJLWXGRYHURODWLWXGRHWSURIXQ GLWDVTXDQWLWDWHVTXHGDPVXQWVHGQRQVXEVWDQWLD4XDQWLWDVHQLP QRQHVWVXEVWDQWLDVHG FXL LQHVW VXEVWDQWLD HVW…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”,QUHEXVTXHSDUWL FLSDWLRQH PDJQLWXGLQLV PDJQH VXQW DOLXG HVW PDJQLWXGR DOLXG TXRG DE HD PDJQLWXGLQH PDJQXPHVW…(WH[HPSOLFDWGLFHQV”4XLDQRQHVWKRFPDJQLWXGRTXRGHVWPDJQDGR PXV…0XOWDVDOLDVDXWRULWDWHVEUHYLWDWLVJUDWLDWUDQVHRHWSURFHGDPDGUDWLRQHV  6HSWLPRSUREDWXUUDWLRQHDQWLTXRUXPVLFDUJXHQWLXP4XHFXPTXHGLVWLQJXXQWXUSUHGL FDPHQWLDOLWHUGLVWLQJXXQWXUUHDOLWHUVHGVXEVWDQWLDTXDQWLWDVHWTXDOLWDVGLVWLQJXXQWXUSUH GLFDPHQWDOLWHUXWQRWXPHVWLJLWXUGLVWLQJXXQWXUUHDOLWHUr0DLRUSUREDWXUTXLDSUHGLFD PHQWDVXQWUHVXWDOLELSUREDQWDQWLTXLHWKLFVXSSRQXQWr&RQUPDWXU3KLORVRSKXVSR 



/RFXV QRQ LQYHQWXV s &I %RHWKLXV ,Q &DWHJRULDV $ULVWRWHOLV ,, HG -3 0LJQH 3DWURORJLD /DWLQD  3DULV   FRO  ”4XDUH KDEHUH FRQWUDULD UHODWLRQLV SURSULXP QRQ HVW QDP QHTXH LQ VROD UHODWLRQH HVW KDEHW HQLP KRF TXRTXH TXDOLWDV  QHF LQ RPQLEXV DG DOLTXLG FRQVLGHUDUL SRWHVW

… 4XRG YHUR QHTXH VROL QHTXH RPQLEXV LQHVW KRF SURSULXP QRQ HVW …… LELG FRO  ”'LFLW LQ TXDOLWDWLEXV TXDHGDP HVVH FRQWUDULD … VHG KRF TXDOLWDWLV SURSULXP QRQ HVW … 6XVFLSHUH FRQ WUDULD TXDOLWDWLV SURSULXP QRQ HVW… s %RHWKLXV EHKDXSWHW QLFKW GD¸ GLH .RQWUDULHW½W UHDO DOOHLQH GHU .DWHJRULH w4XDOLW½Wk ]XNRPPH RGHU VLFK DOOHLQH LQ LKU

QGHQ ODVVH 9LHOPHKU VWUHLWHW HU DE

GD¸ VLH HLQ H[NOXVLYHV 0HUNPDO LUJHQGHLQHU .DWHJRULH VHLQ NÏQQH 'LH ,QWHUSUHWDWLRQ GHV % YRQ

    

8VLQJHQ LVW KLHU QLFKW NRUUHNW $ULVWRWHOHV 0HWDSK 9,,  D $ULVWRWHOHV 0HWDSK 9,,  D &I $ULVWRWHOHV 'H DQ ,,  E $ULVWRWHOHV 3K\V 9  E $XJXVWLQXV 'H WULQLWDWH HG : - 0RXQWDLQ HW ) *ORULH &RUSXV &KULVWLDQRUXP 6HULHV /DWLQD  7XUQKRXW   OLE 9 FDS  S  ”,Q UHEXV HQLP TXDH SDUWLFLSDWLRQH PDJQLWXGLQLV PDJQDH VXQW TXLEXV DOLXG HVW HVVH DOLXG PDJQDV HVVH VLFXW PDJQD GRPXV HW PDJQXV PRQV HW PD JQXV DQLPXV LQ KLV HUJR UHEXV DOLXG HVW PDJQLWXGR DOLXG TXRG DE HD PDJQLWXGLQH PDJQXP HVW HW SURUVXV QRQ KRF HVW PDJQLWXGR TXRG HVW PDJQD GRPXV…





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

QLWQRYHPSUHGLFDPHQWDDFFLGHQWLXPGHTXRUXPQXPHURHVWTXDQWLWDVHUJRHVWDFFLGHQV HW SHU FRQVHTXHQV QRQ VXEVWDQWLD TXLD VXEVWDQWLD HW DFFLGHQV VXQW SULPR GLYHUVD VHSWLPR 0HWDSKLVLFH  2FWDYRLOODQHJDWLYDHVWLPPHGLDWDLQTXDQHJDWXUXQXPJHQHUDOLVVLPXPGHDOLRXWYXOW 3KLORVRSKXV LQ OLEULV 3RVWHULRUXP 4XDUH KHF HULW YHUD ”1XOOD VXEVWDQWLD HVW TXDQWLWDV 1XOOD TXDOLWDV HVW TXDQWLWDV… s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”5DWLRQLWLHWLQQLWLVROL TXDQWLWDWLFRQJUXLWHWKRFSHUVHVXEVWDQWLHDXWHPHWTXDOLWDWLFRQYHQLWQRQQLVLVHFXQGXP DFFLGHQVTXLDUDWLRQHTXDQWLWDWLV…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wSHUVHkHWwSHU DFFLGHQVkwSHUVHkXOWHULXVGLYLGLWXULQwFRPPXQHkHWwSURSULXPkVHGPDJQLWXGRHVWVHQVLELOH FRPPXQHVHFXQGXP3KLORVRSKXPLJLWXUQRQHVWTXDOLWDVTXHHVWVHQVLELOHSURSULXP$OL DVLOODPHPEUDHWLDPFRLQFLGHUHQWTXRGHVWFRQWUD3KLORVRSKXPVHFXQGR'HDQLPD  7UHGHFLPR PXWDWLRQHV HW PRWXV GLVWLQJXXQWXU SHQHV WHUPLQRV DG TXRV VXQW TXLQWR 3KLVLFRUXP VHG DXJPHQWDWLR HVW DG TXDQWLWDWHP JHQHUDWLR YHUR DG VXEVWDQWLDP LJLWXU TXDQWLWDVQRQHVWVXEVWDQWLD$OLDVDXJPHQWDWLRHVVHWDGVXEVWDQWLDPWDQTXDPDGWHUPLQXP TXRGDSHUWHHVWFRQWUD3KLORVRSKXPHWDSSDUHWDEVXUGXPs&RQUPDWXUVHTXHUHWXUFRQ WUDGLFWLRTXLDPXWDWLRQHPVXFFHVVLYDPHVVHLQVWDQWDQHDPHWSHUFRQVHTXHQVPRWXPQRQ HVVHPRWXPTXLDDXJPHQWDWLRHVWPRWXVHWPXWDWLRVXFFHVVLYDTXHVLHVWDGVXEVWDQWLDP HULW JHQHUDWLR VXSSRVLWD FRPPXQL YLD PRGHUQD TXRG PXWDWLR VLW VXXV WHUPLQXV DG TXHP LQWULQVHFXV6HGJHQHUDWLRHVWPXWDWLRLQVWDQWDQHDHWQRQPRWXVXWYXOW3KLORVRSKXVTXLQWR

      



$ULVWRWHOHV $QDO SRVW ,  DE $ULVWRWHOHV &DW 9, E $ULVWRWHOHV 3K\V ,  DE $ULVWRWHOHV 3K\V ,9  E ,9  E $ULVWRWHOHV 'H DQ ,,  D $ULVWRWHOHV 3K\V 9  D



RUGLH 

'LVSXWDWLR GH TXROLEHW (U

3KLVLFRUXP6HGPRWXVHVWPXWDWLRVXFFHVVLYDWDQWXPXWSDWHWH[GL"QLWLRQHPRWXVWHU WLR3KLVLFRUXPVHFXQGXPH[SRVLWLRQHPRPQLXPLJLWXU  'HFLPRTXDUWRLQUDULIDFWLRQHHWFRQGHQVDWLRQHPDQHWHDGHPVXEVWDQWLDTXLDSHUKRF GLHUXQWDEDXJPHQWDWLRQHHWGLPLQXWLRQHTXHXQWFXPLQJUHVVXHWHJUHVVXVXEVWDQWLHXW FRPPXQLWHUGLFXQWSKLORVRSKLVHGTXDQWLWDVQRQPDQHWHDGHPTXLDPDLRUDWXUHWPLQRUD WXUXWSDWHWDGRFXOXP8QGHLQUDULFDWLRQHVHFXQGXP%XULGDQXPWDGGLWLRQRYHTXDQ WLWDWLVDGSULRUHPSUHLQH[LVWHQWHPTXHPDGPRGXPLQLQWHQVLRQHTXDOLWDWLVWDGGLWLRJUD GXVDGJUDGXP6HGVHFXQGXP0DUVLOLXPSUHH[LVWHQVTXDQWLWDVFRUUXPSLWXUHWQRYDSULR ULPDLRUDFTXLULWXU(WVLFTXRGFXPTXHGL[HULVTXDQWLWDVYDULDWXUHWVXEVWDQWLDPDQHWHD GHPLJLWXUs&RQUPDWXUTXDQGRFHUDOLTXHVFLWLJQHDGRFXOXPFRQVSLFLWXUDOLDPDF TXLUHUHTXDQWLWDWHPXQGHFXPPROOLVWWUDKLWXULQORQJXPYHOLPDPSOXPYHOFRQJORED WXUXELQRQYLGHWXUPDQHUHHDGHPTXDQWLWDV  'HFLPRTXLQWRUDWLRQH%XULGDQLSRQDWXUTXRGIROOLVUHSOHWXVVLWDHUHHWTXRGODWHUDHLXV VLQWDELQYLFHPHOHYDWDHWHORQJDWDHWRPQLDIRUDPLQDHLXVEHQHREVWUXFWDWXQFDOLTXLGUHVL VWLWYROHQWLFRPSULPHUHODWHUDIROOLV(WQRQPDWHULDDHULVTXLDKXLFQRQUHSXJQDWVWDUHVXE PLQRULTXDQWLWDWHFXPLQGLHUHQVVLWDGRPQHP1HFIRUPDDHULVUHVLVWLWTXLDHWLOODSRWHVW VWDUHLQPDWHULDVXEPLQRULTXDQWLWDWHQHFTXDOLWDWHVUHVLVWXQWTXLDHWWDOHVSRVVXQWVWDUHLQ PLQRULVXELHFWR5HOLQTXLWXUHUJRTXRGTXDQWLWDVUHVLVWDWTXLDQLKLODEH[WUDUHVLVWLWQHFDE LQWUDDOLXGDETXDQWLWDWHHUJRGLVWLQJXLWXUDVXEVWDQWLDHWTXDOLWDWH 

  

&I $ULVWRWHOHV 3K\V 9  &I $ULVWRWHOHV 3K\V ,,,  &I ,RDQQHV %XULGDQXV 6XEWLOLVVLPH TXHVWLRQHV VXSHU RFWR 3KLVLFRUXP OLEURV $ULVWRWHOLV 3DULV  1DFKGU )UDQNIXUW D 0   OLE ,9 TXDHVW  IRO UD ”4XDUWD FRQFOXVLR DSSDUHW PLFKL SUREDELOLV TXRG LQ RPQL UDUHIDFWLRQH JHQHUDWXU PDJQLWXGR VLYH GLPHQVLR

……

LELG IRO UE

”,WHP GLPHQVLR UHGGLW H[WHQVXP VLFXW FDOLGLWDV FDOLGXP YHO OXPHQ OXPLQRVXP LGHR YLGHWXU UD WLRQDELOH TXRG VLFXW SOXV GH FDOLGLWDWH YHO GH OXPLQH UHGGLW VXELHFWXP PDJLV FDOLGXP YHO OXPLQR VXP HW PLQXV GH FDOLGLWDWH YHO OXPLQH UHGGLW LSVXP PLQXV FDOLGXP YHO OXPLQRVXP LWD SOXV GH GL PHQVLRQH UHGGLW PDJLV H[WHQVXP HW PLQXV PLQXV 8QGH VLFXW SOXV GH TXDOLWDWH UHGGLW LQWHQVLXV LWD SOXV GH GLPHQVLRQH UHGGLW H[WHQVLXV… LELG IRO UE ”

…

SOXUHV GLPHQVLRQHV HVVH VLPXO HW

UHGGHUH VXELHFWXP H[WHQVLXV QRQ HVW LPSRVVLELOH HW LWD HVW LQ UDUHIDFWLRQH TXLD FXP GLPHQVLRQH SUHFHGHQWH JHQHUDWXU LQ HDGHP PDWHULD DOLD GLPHQVLR VLFXW FXP JUDGX FDOLGLWDWLV SUHFHGHQWH HW



DOLXV JUDGXV JHQHUDWXU HW LQGH PDWHULD UHGGLWXU H[WHQVLRU

……

0DUVLOLXV GH ,QJKHQ 4XDHVWLRQHV LQ OLEURV 'H JHQHUDWLRQH HW FRUUXSWLRQH HG 9HQHWLLV  1DFKGU )UDQNIXUW D 0   OLE , TXDHVW  IRO YD ”4XDUWD FRQFOXVLR KXLXVPRGL UDUHIDFWLR SHU QRYH TXDQWLWDWLV JHQHUDWLRQHP FRQGHQVDWLR YHUR SHU SUHWHULWH TXDQWLWDWLV FRUUXSWLRQHP

W

……

LELG IRO YDYE ”3RWHVW DXWHP GLFL XQR PRGR TXRG LQ UDUHIDFWLRQH TXDQWLWDV WRWD SUHWHULWD



FRUUXPSLWXU HW VHTXHQV PDLRU JHQHUDWXU (W KHF IRUVLWDQ HVW VHFXULRU VROXWLR

…

,RDQQHV %XULGDQXV 6XEWLOLVVLPH TXHVWLRQHV OLE , TXDHVW  IRO UE ”

……

1DP VL ODWHUD IROOLV VLQW

SHUIHFWH DE LQYLFHP HOHYDWD XW LQWUD VLW SOHQLWXGR DHULV HW REVWUXDQWXU EHQH RPQLD IRUDPLQD IROOLV WX QRQ SRWHULV FRPSULPHUH ODWHUD IROOLV DG VXEGXSOXP LPPR QHF DG DOLTXDP QRWDELOHP TXDQWLWD WHP… LELG ”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





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

 'HFLPRVH[WRH[SHULHQWLDWDOLLQGLYLVLRQHVXEVWDQWLHFRUSRUHH4XDQGRTXHSDUWHVXQW PLQRUHVLQGLYLVRTXDPHUDQWLQFRPSRVLWRDEVTXHWDPHQDPLVVLRQHDOLFXLXVTXRGHVWGH VXEVWDQWLDHDUXPTXDUHKRFSURYHQLWUDWLRQHTXDQWLWDWLVHUJRGLVWLQJXLWXUDVXEVWDQWLD s 3DWHWDXWHPLOODH[SHULHQWLDGXPDQVHUWUXQFDWXUFDSXWYHOKRPRPDQXP" XELFXWLVUH FXUULWHWPLQRUWTXDPDQWHHUDWHWF  'HFLPRVHSWLPRUDWLRQHWKHRORJLFD,OODVXQWUHDOLWHUGLVWLQFWDTXRUXPXQXPLQQLFKL OXPYDGLWUHOLTXRSHUPDQHQWHXWFODUHWVHGVLFHVWGHVXEVWDQWLDHWTXDQWLWDWHXWSDWHWLQVD FUDPHQWR DOWDULV XEL VXEVWDQWLD SDQLV QRQ UHPDQHW OHFWLV YHUELV FRQVHFUDWLRQLV HW WDPHQ TXDQWLWDVSDQLVLEL PDQHWXW GHVFODPDWs+RFHVWDUJXPHQWXP7KRPH$UJHQWLQHQVLV FLUFD TXDUWXP HW 3HWUL 1LJUL LQ &OLSHR 7KRPLVWDUXP VLPLOLWHU :HVDOLH FLUFD SULPXP 3KLVLFRUXP  'HFLPRRFWDYRTXLDQLVLVLFVHTXHUHWXULQFRQYHQLHQVLQGHTXLDVHTXHUHWXUVLFXWVXE VWDQWLDSDQLVFRQYHUWLWXULQFRUSXV&KULVWLLWDTXDQWLWDVSDQLVFRQYHUWHUHWXULQFRUSXV&KUL VWL TXRG QXOOXV VDQFWXV GLFLW s &RQUPDWXU VLFXW VXEVWDQWLD SDQLV FRQYHUWLWXU YL VDFUD PHQWL LQ FRUSXV &KULVWL LWD FRQYHUWHUHWXU LQ TXDQWLWDWHP FRUSRULV &KULVWL (W VLF FRUSXV &KULVWL YL VDFUDPHQWL HW YLUWXWH FRQYHUVLRQLV HVVHW TXDQWXP HW FLUFXPVFULSWLYH LQ ORFR VXE KRVWLDTXRGHVWFRQWUDGHPs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

…… s LELG IRO UEYD ”4XLG SURKLEHW TXRG HJR QRQ SRVVXP FRPSULPHUH VLPXO SDU

WHV DHULV FRQGHQVDQGR DG REWLQHQGXP PLQRUHP ORFXP 0DWHULD QRQ REVWDW TXLD SOXV GH PDWHULD SRVVHW LQ PXOWR PLQRUL ORFR 1HF IRUPD VXEVWDQWLDOLV DHULV REVWDW TXLD LOOD WRWD IRUPD VLW LQ PLQRUL ORFR FRQGHQVDWR DHUH SHU IULJHIDFWLRQHP VLFXW GLFWXP HVW 1HF FDOLGLWDV REVWDW VHFXQGXP VHLS

 

VDP

… QDP PXOWR SOXV GH FDOLGLWDWH SRVVHW LQ YDOGH PLQRUL ORFR ……

&I 7KRPDV GH $UJHQWLQD 6FULSWD VXSHU TXDWWXRU OLEURV 6HQWHQWLDUXP OLE ,9 GLVW  DUW  FRQF SULP HW VHF IRO //U// U 3HWUXV 1LJUL &O\SHXV 7KRPLVWDUXP HG 9HQHWLLV  1DFKGU )UDQNIXUW D 0   TXDHVW  IRO YUE ”1RQR TXHFXPTXH VLF VH KDEHQW TXRG XQR WUDQVVXEVWDQWLDWR QRQ WUDQVVXEVWDQWLDWXU DOLXG LOOD GLVWLQJXXQWXU UHDOLWHU 3DWHW KRF SHU SULPXP SULQFLSLXP 6HG WUDQVVXEVWDQWLDWD VXEVWDQWLD SD QLV LQ FRUSXV &KULVWL QRQ WUDQVVXEVWDQWLDWXU TXDQWLWDV LQ VDFUDPHQWR DOWDULV LJLWXU HWF r 0LQRU HVW DUWLFXOXV

GHL… LELG ”8QGHFLPR TXHFXPTXH VLF VH KDEHQW TXRG XQXP SRWHVW VHSDUDUL DE DOLR

LOOD GLVWLQJXXQWXU UHDOLWHU VHG DFFLGHQV SRWHVW VHSDUDUL D VXEVWDQWLD LJLWXU HWF s 0LQRU SUREDWXU



TXLD LQ VDFUDPHQWR DOWDULV TXDQWLWDV VHSDUDWXU D VXEVWDQWLD VHFXQGXP

GHP…

,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV OLE , IRO Y ”4XHFXPTXH VLF VH KDEHQW TXRG XQXP FRUUXPSLWXU YHO LQ QLFKLO FDGLW HW DOWHUXP SHUPDQHW LOOD VXQW UHDOLWHU GLVWLQF WD 6HG VLF HVW GH VXEVWDQFLD HW TXDQWLWDWH

…

(W PLQRU SUREDWXU LQ VDFUDPHQWR DOWDULV TXLD XEL

VXEVWDQFLD SDQLV QRQ HVW HW WDPHQ TXDQWLWDV TXH SULXV IXLW HVW TXRG FODPDW





GHV…

RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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

*XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO ,9 TXDHVW  S  ,G 7UDFWDWXV GH FRUSRUH &KUL

VWL FDS  S  3HWUXV GH $OOLDFR 4XDHVWLRQHV VXSHU OLEURV 6HQWHQWLDUXP OLE ,9 TXDHVW  DUW  FRU  2 IRO

…

&UE ”

WDPHQ SUR YHULWDWH SULPH SDUWLV FRUROODULL VXSSRQR SUR QXQF TXRG RPQLV TXDQWLWDV

FRQWLQXD HVW VXEVWDQWLD YHO TXDOLWDV (W LGHR LVWH WHUPLQXV wFRUSXV &KULVWLk XW HVW GH JHQHUH VXE

   



VWDQWLH HW XW HVW GH JHQHUH TXDQWLWDWLV VXSSRQLW SUR HRGHP OLFHW GLYHUVD FRQQRWDQGR $ULVWRWHOHV 3K\V ,  D $ULVWRWHOHV 3K\V ,,  D $ULVWRWHOHV 'H DQ ,,,  E $ULVWRWHOHV 'H FDHOR ,  D



……

%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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s([TXLEXVSDWHWOLTXL GLVVLPHSULPDPYLDPTXDLQFHGXQWGHSULPDRSLQLRQHHVVHLQVROLGDP(WTXLKRFQRQYL GHWQHFHVVDULRKHEHWHVKDEHWRFXORVLQVFLWLHFDOLJLQHRSSUHVVRV 4XDUH GRFWLRUHVGHSULPD RSLQLRQHLQFHGXQWDOLDYLDXWSDWXLW  ,,,6HFXQGHYLHLPSUREDWLR H[SHGLWLRQHIRUWLRULLQGLJHWDFDFXWLRULEXVWHOLV  3ULPRHUJRVLFLPSUREDWXUTXLDPDWHULDTXDQWDTXDQWLWDWHLQIRUPDWD KDEHQVSDUWHVHV VHQWLDOHVHWLQWULQVHFDVTXLEXVLQVXQWSDUWHVTXDQWLWDWLVLQIRUPDWLYHYHOKDEHWSDUWHVHVVHQ WLDOHV H[WHQVDV VLYH QRQ 6L GDWXU VHFXQGXP VLF VROD TXDQWLWDV HVVHW H[WHQVD LQ PDWHULD 6L  



&I %RHWKLXV 3KLORVRSKLDH FRQVRODWLR OLE 9 FDS   &&6/   S 



RUGLH 

'LVSXWDWLR GH TXROLEHW (U

SULPXP TXHULWXU DQ LOOH SDUWHV HVVHQWLDOHV VH LSVLV VLQW H[WHQVH YHO VROXP SHU TXDQWLWDWHP LQIRUPDQWHP6LVHLSVLVVXQWH[WHQVHHUJRVHLSVLVVXQWTXDQWHHUJRSDULUDWLRQHWRWDPDWH ULDVHLSVDHVWTXDQWDHWH[WHQVD6LSHUVRODPTXDQWLWDWHPVHTXLWXUTXRGRPQHVKHSDUWHV LQWULQVHFHHWHVVHQWLDOLWHUVXQWLQGLYLVLELOHVTXDUHSHUQXOOXPH[WULQVHFXPXQWGLYLVLELOHV TXDOHHVWTXDQWLWDVTXLDVLFXWTXDQWLWDVQRQGDWWRWLPDWHULHSDUWHPHVVHQWLDOHPVLFQHFGDW SDUWL PDWHULH SDUWHP HVVHQWLDOHP (W SHU FRQVHTXHQV GLYLVLELOH DGKXF HVVHW LQ LQGLYLVLELOL TXRGVXSUDLPSUREDWXPHVW  6HFXQGRIRUWLXVVLFTXLDLOODYLDFRQFHGLWOLJQXPYHODOLXGTXDQWXPVHFXQGXPPDWHULDP KDEHUHSDUWHVHVVHQWLDOHVVLPSOLFLWHUVHFXQGXPIRUPDPHWHVVHLQORFRFLUFXPVFULSWLYHWDP VHFXQGXP SDUWHV DFFLGHQWDOHV TXDP VXEVWDQWLDOHV ,DP SRQR TXRG 'HXV DXIHUDW TXDQWLWD WHPDFFLGHQWDOHPDPDWHULDOLJQLHWFRQVHUYHWVXEVWDQWLDPOLJQL4XRSRVLWRTXHURDQPD WHULDDGKXFVLWH[WHQVDVLFXWSULXV"(WVLVLFVHLSVDHVWH[WHQVDSHUVXDVSDUWHVHVVHQWLDOHV6L YHURQRQHVWH[WHQVDKRFQRQSRWHVWGLFLTXLDSRQRTXRG'HXVLQDXIHUHQGRTXDQWLWDWHP FRQVHUYHWSDUWHVHVVHQWLDOHVPDWHULHLQHRGHPVLWXHWORFRLQTXRSULXVHUDQWTXDQGRKD EXHUXQWVLELTXDQWLWDWHPXQLWDPTXLDSRWHVW'HXVDQQLFKLODUHTXDQWLWDWHPPDWHULHHWQRQ FRQFXUUHUHDGFRQX[XPSDUWLXPLQHXQGHPSXQFWXPORFLLPPRSRWHVWHDV FRQVHUYDUH TXDPOLEHWLQHRORFRXELSULXVHUDWHWF4XDUHWXQFSDUWHVPDWHULHFRQVWLWXXQWXQXPHV VHQWLDOLWHUFRQWLQXXPKDEHQVSDUWHPH[WUDSDUWHPTXDUHVHLSVRTXDQWXPHWH[WHQVXPs +DQFUDWLRQHP2FNDPPXOWLFRQDWLVXQWVROYHUHVHGGHIHFHUXQWRPQHV8QGH3DXOXV9H QHWXVLQ0HWDSKLVLFDVXDUHVSRQGHWDGLOODPUDWLRQHPTXRGDEODWDTXDQWLWDWHDPDWHULDLSVD DGKXFKDEHWSDUWHVHVVHQWLDOHVVHGQRQGLVWDQWHVHWH[WUDVHLQYLFHPH[LVWHQWHV(WDGFDXVDP UDWLRQLVGLFLWFRQFHGHQGRQXOODPSDUWHPPDWHULHPXWDWDPHVVHORFDOLWHUVHGQHJDQGRTXRG SDUWHVPDWHULHDGKXFVLQWLQSULRULVLWXHWH[WUDVHLQYLFHPTXLDXELFXQTXHHVWXQDSDUVLEL HVWHWDOLDQRQSHUPRWXPORFDOHPQHFFRQX[XPVHGSHUPXOWLSOLFDWLRQHPTXLDSHUPXO WLSOLFDWLRQHP TXDQGDP SRWHVW DOLTXLG LQFLSHUH HVVH DOLFXEL XEL SULXV QRQ IXLW VLQH WDPHQ PRWXHWFRQX[X  &RQUPDWXUKHFVROXWLRDQLPDUDWLRQDOLVLQFRUSRUHKRPLQLVTXDQGRFRUSRULDFFUHVFLW YLDDXJPHQWDWLRQLVXQDQRYDSRUWLRFDUQLVDQLPDLOODPSRUWLRQHPLQFLSLWLQIRUPDUHHWYHQLW LQHDPVLQHPXWDWLRQHORFLFXPPDQHDWDGKXFXELSULXVHUDW  6HGLOODVROXWLRLQVROLGDHVWTXLDVLFXW'HXVSRWHVWQRQFRQFXUUHUHDGFRQX[XPSDUWLXP DGHXQGHPORFXPVLFVLPLOLWHUSRWHVWQRQFRQFXUUHUHDGPXOWLSOLFDWLRQHPVHXGLXVLRQHP LOODUXPLQHXQGHPORFXPQRQFXUDQGRDQLOODGLXVLRVLWLQVWDQWDQHDYHOVXFFHVVLYD,PPR YLGHUHWXU KRF GHURJDUH SRWHQWLH GLYLQH TXRG QRQ SRVVLW FRQVHUYDUH LOODV SDUWHV XEL SULXV HUDQW  $GFRQUPDWLRQHPGLFLWXUQRQHVVHVLPLOHGHDQLPDUDWLRQDOLTXLDLOODLQGLYLVLELOLVHVWHW LQKRFTXRGLQFLSLWLQIRUPDUHQRYDPSDUWHP FRSRULVSURSWHUFRQWLQXLWDWHPQRQGHVHULW LGLQTXRSULXVHUDW4XDUHEHQHSRWHVWLQFLSHUHHVVHDOLFXELXELSULXVQRQHUDWVLQHPXWD WLRQHORFL6HGVLFQRQHVWGHSDUWLEXVPDWHULHTXDQWLWDWHDEODWDTXLD LELSDUWHVH[WUHPDOHV GHUHOLQTXXQWVXDORFDHWPXOWLSOLFDQWLGHVWGLXQGXQWVHLQXQXPFHQWUXPVHFXQGXPLO OXPGRFWRUHPTXDUHQHFHVVDULRLVWDFYHQLXQWSHUPXWDWLRQHP(WLDPGDWRTXRGVLWVLPL  

3DXOXV 9HQHWXV 6XPPD SKLORVRSKLH SDUV 9, FDS  IRO U ”6HFXQGR FRQFHGLWXU FRQVHTXHQWLD HW FRQVHTXHQV HW DGPLVVR FDVX GLFR TXRG PDWHULD KDEHW SDUWHP HW SDUWHP VHG QRQ KDEHW SDUWHP H[WUD SDUWHP (W FXP GLFLWXU QXOOD SDUV PDWHULH HVW PXWDWD ORFDOLWHU HUJR DGKXF SDUWHV VXQW LQ SULRUL VXR VWDWX HUJR VXQW H[WUD VH LQYLFHP 1HJHWXU FRQVHTXHQWLD HR TXRG XELFXPTXH HVW XQD





SDUV LEL HVW DOLD QRQ SHU PRWXP ORFDOHP VHG SHU PXOWLWXGLQHP… &I $QP 



%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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〈,,,3UREDWLRRSLQLRQLVVHFXQGH〉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s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



3HWUXV 1LJUL &O\SHXV 7KRPLVWDUXP TXDHVW  IRO YUD ”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…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

PLOLWHU HVW LQ DOLLV TXDUH LEL PDQHW FRQWLQXLWDV 4XLD DXWHP KRF VLW SRVVLELOH TXLD DQLPD QRQQHFHVVDULRUHTXLULWFRUSXVH[WHQVXPXWSDWHWGHFRUSRUH&KULVWLVXEVDFUDPHQWRHWF  6HFXQGR 4XLV GHOLXP DXGHW GLFHUH VL 'HXV YXOW DFFLGHQV DEVROXWXP LQKHUHQV VXEVWDQWLH VHSDUDUH YHO GHVWUXHUH VLQH GHVWUXFWLRQH VXEVWDQWLH TXRG FRPSHOODWXU VXEVWDQWLDP YHO DOLTXDP HLXV SDUWHPGHORFRDGORFXPWUDQVIHUUH  ,WHPVL'HXVD〈X〉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s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s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

,RDQQHV 'DPDVFHQXV &DSLWD SKLORVRSKLFD 'LDOHFWLFD HG % .RWWHU 'LH 6FKUL HQ GHV -RKDQQHV YRQ

'DPDVNRV , %HUOLQ   FDS  S 





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

HVWUHVQDWXUDOLVQDWDTXDOLFDUHVXELHFWXPHVWGHJHQHUHTXDOLWDWLVVHGSURXWKDEHWSDUWHP H[WUDSDUWHPHWFHVWLQTXDQWLWDWHTXDUHSDWHWTXDOLWDWHPHVVHTXDQWLWDWHPFRQWLQXDPVL PLOLWHUVXEVWDQWLDPHVVHTXDQWLWDWHPFRQWLQXDP  4XLQWR ,Q VDFUDPHQWR DOWDULV TXDOLWDWHV VXQW TXDQWH HW QRQ SHU LQIRUPDQWHP TXDQWLWDWHP LJLWXU VHLSVLVs7HQHWFRQVHTXHQWLDTXLDVLFXWQLKLOGHQRPLQDWXUDOEXPQLVLDEDOEHGLQHLQIRU PDQWHVLFQLKLOGHQRPLQDWXUTXDQWXPQLVLDTXDQWLWDWHLQIRUPDQWHVLFRQGLVWL〈Q〉JXLWXUHWF 4XLDDXWHPTXDQWLWDVQRQLQIRUPHWTXDOLWDWHVFRQFHGXQWGHSULPDRSLQLRQH4XHURHUJR DEHLVVLTXDQWLWDVQRQLQIRUPHWLOODVTXDOLWDWHVQHFHVWLQHLVVXELHFWLYHQHFLQKHVLYHDQFR DVVLVWDWHLV"(WYLGHWXUTXRGVLFTXLDHVWLPPHGLDWDHLVVHGDFFLGHQVFRDVVLVWHQVDOLFXLQRQ GHQRPLQDW LSVXP DOLDV TXDQWLWDV FRDVVLVWHQV PDWHULH HW QRQ LQKHUHQV GHQRPLQDUHW HDP TXDQWDPTXRGHVWDEVXUGXPHWFRQWUDHRVGHPGHSULPDRSLQLRQH  6H[WR 4XDOLWDWHVLQVDFUDPHQWRDOWDULVQRQVXQWLQTXDQWLWDWHWDPTXDPLQVXELHFWRXWWDPHQDOL TXLGLFXQWGHSULPDRSLQLRQHVFLOLFHWTXDQWLWDWHPLELLQGXHUHPRGXPVXEVWDQWLHHWVXVWHQ WDUHLOODVTXDOLWDWHV4XLDKRFHVWFRQWUD0DJLVWUXP6HQWHQWLDUXPOL>EUR@,9GL>VWLQFWLRQH@ ;,,TXLGLFLWHDVHVVHVLQHVXELHFWRHWSHUVHVXEVLVWHUH6HGKLFUHVSRQGHW7KRPDV$UJHQ WLQHQVLVFLUFD,9GL>VWLQFWLRQH@;,,,PDJLVWUXPYROXLVVHDFFLGHQWLDWDOLDVWDUHVLQHVXELHFWR SULPRVHGQRQSUR[LPRHWLPPHGLDWR,OODVROXWLRQRQVWDELWTXLDQXQTXDPDFFLGHQVGL FLWXUVWDUHVLQHVXELHFWRTXDPGLXHVWLQVXELHFWRVXRLPPHGLDWRHWPDJLVWHUGLFLWLOODDFFL GHQWLDSHUVHVXEVLVWHUHLJLWXU  ,WHP6DQFWD0DWHU(FFOHVLDHWGRFWRUHVVDQFWLGLFXQWH[SUHVVHXWLQGHFUHWLVKDEHWXULEL DFFLGHQWLDVWDUHVLQHVXELHFWR(WQXOOXVGLFLWTXRGVWHQWVLQHVXELHFWRVXEVWDQWLDOLHWSULPR HW VLQW LQ VXELHFWR SUR[LPR HW DFFLGHQWDOL TXDUH LOOD VROXWLR HVW XQD FWLR QRQ FRQIRUPLV GLFWLVVDQFWRUXPLJLWXU  ,WHPVLDFFLGHQWLDLELLQHVVHQWTXDQWLWDWLGHQRPLQDUHQWHDPGHQRPLQDWLRQHFRQFUHWLYD HWFXWDOEDPSRQGHURVDPHWVLFGHDOLLVTXRGHVWFRQWUDXQDPJORVDPGHFRQVHFUDWLRQH GL>VWLQFWLRQH@,,TXHGLFLWLQVHQWHQWLDTXRGTXDPYLVDFFLGHQWLDFDGDQWLQWHUUDPQRQWD  

3HWUXV /RPEDUGXV 6HQWHQWLDH LQ ,9 OLEULV GLVWLQFWDH 7RPXV ,, /LEHU ,, HW ,9 6SLFLOHJLXP %RQDYHQ

 WXULDQXP 9 *URWWDIHUUDWD   OLE ,9 GLVW  FDS  S  ”6L DXWHP TXDHULWXU GH DFFLGHQ

WLEXV TXDH UHPDQHQW VFLOLFHW GH VSHFLHEXV HW VDSRUH HW SRQGHUH LQ TXR VXELHFWR IXQGHQWXU SRWLXV PLKL YLGHWXU IDWHQGXP H[LVWHUH VLQH VXELHFWR TXDP HVVH LQ VXELHFWR TXLD LEL QRQ HVW VXEVWDQWLD

"FLWXU LOOLV DFFLGHQWLEXV 1RQ HQLP FRUSXV &KULVWL

QLVL FRUSRULV HW VDQJXLQLV GRPLQLFL TXDH QRQ D

WDOHP LQ VH KDEHW IRUPDP VHG TXDOLV LQ LXGLFLR DSSDUHELW 5HPDQHQW HUJR LOOD DFFLGHQWLD SHU VH VXE VLVWHQWLD DG P\VWHULL ULWXP DG JXVWXV



GHLTXH VXUDJLXP TXLEXV FRUSXV &KULVWL KDEHQV IRUPDP

HW QDWXUDP VXDP WHJLWXU… 7KRPDV GH $UJHQWLQD 6FULSWD VXSHU TXDWXRU OLEURV 6HQWHQWLDUXP OLE ,9 GLVW  DUW  FRQF  IRO // U ”$G TXDUWXP GLFHQGXP VLFXW HWLDP GL[L VXSHULXV GLVW ;,, GXSOH[ HVW VXELHFWXP VFLOLFHW SULPXP HW SUR[LPXP 0RGR TXDPYLV LQWHQWLR PDJLVWUL VLW TXRG RPQLD LOOD DFFLGHQWLD VLQW VLQH VXELHFWR SULPR SXWD VLQH VXEVWDQWLD WDPHQ SHU KRF QRQ LQWHQGLW GLFHUH TXRG RPQLD VLQW VLQH VXELHFWR SUR[LPR 6LPLOLWXGR HQLP LEL LPPHGLDWH IXQGDWXU LQ TXDOLWDWH HW TXDOLWDV LQ TXDQWLWDWH 6HG QHF TXDOLWDV QHF TXDQWLWDV IXQGDWXU LQ VXELHFWR SULPR SXWD LQ VXEVWDQWLD TXLD LOOD LQ FRUSXV





&KULVWL HVW WUDQVVXEVWDQWLDWD… /RFXV QRQ LQYHQWXV



RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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

'HFUHWXP *UDWLDQL HG 1LFRODXV GH %HQHGLFWLV /\RQ   *ORVVD DG SDUV ,,, GLVW ,, F  V Y ”,Q WHUUDP… IRO Y ”

… TXLD DFFLGHQWLD QRQ KDEHQW SRQGXV TXLD VROXP FRUSXV KDEHW SRQGXV

TXDOLWHU HUJR GLFXQWXU DFFLGHQWLD FDGHUH FXP QRQ KDEHQW SRQGXV" 6HG GLF TXRG SRQGHURVLWDV

  

DGKXF PDQHW FXP DFFLGHQWLEXV DOLLV HW WDPHQ QLKLO HVW LEL SRQGHURVXP… $ULVWRWHOHV &DW 9 D /RFXV QRQ LQYHQWXV 3DXOXV 9HQHWXV 6XPPD SKLORVRSKLH SDUV  FDS  I U ”(W DG 3KLORVRSKXP GLFLWXU TXRG SURSULXP HVW VXEVWDQWLH VHFXQGXP VXL PXWDWLRQHP HVVH VXVFHSWLELOHP FRQWUDULRUXP WDP SHU LQ KHUHQWLDP TXDP SHU GHQRPLQDWLRQHP SURSULH VXPSWDP 4XDQWLWDV DXWHP VL UHFLSLW FRQWUDULD KRF HVW GLVSRVLWLYH VROXP HW QRQ LQKHUHQW QHF SURSULH GHQRPLQDWLYH TXLD QRQ SURSULH GLFLWXU



TXDQWLWDV DOED YHO QLJUD VHG VROD VXEVWDQWLD SULPD XW 6RUWLV… ,RDQQHV GH :HVDOLD $UV 9HWXV %D\HULVFKH 6WDDWVELEO 0V &OP   IRO UD ”$G VHFXQGXP

FLHV QRQ VXVFLSLW SHU PRGXP VXELHFWL LOOD FRQWUDULD TXLD DOEHGR HW QLJUHGR QRQ VXQW LQ VXSHUFLH WDPTXDP LQ VXELHFWR VHG FXP VXSHUFLH VXQW LQ PDWHULD WDPTXDP LQ VXE GLFLWXU TXRG VXSHU

LHFWR TXH HVW VXEVWDQWLD…





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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

3HWUXV GH $OOLDFR 4XDHVWLRQHV VXSHU OLEURV 6HQWHQWLDUXP OLE ,9 TXDHVW  DUW  FRQF  FRU  8 IRO FUD ”3ULPXP HVW TXRG RSLQLR TXH SRQLW TXRG RPQLV TXDQWLWDV FRQWLQXD HVW VXEVWDQWLD YHO

GHL TXDP HLXV RSSRVLWD s 3UREDWXU TXLD VHFXQGXP SRVL GHL VLFXW FRUSXV &KULVWL TXRG HVW LQ FHOR HVW LQ VDFUDPHQWR HW LQ TXDOLEHW SDUWH HLXV LWD

TXDOLWDV PDJLV FRQVRQDW SRVLWLRQL WLRQHP

RPQLV UHV TXH HVW LSVXP YHO LQ HR HVW LQ VDFUDPHQWR HW LQ TXDOLEHW SDUWH HLXV (W SHU FRQVHTXHQV VL VHFXQGXP SRVLWLRQHP RSSRVLWDP LQ FRUSRUH &KULVWL TXRG HVW LQ FHOR HVVHW XQD TXDQWLWDV FRQWL QXD GLVWLQFWD D VXEVWDQWLD FRUSRULV &KULVWL HW D TXDOLWDWH HLXV LOOD TXDQWLWDV FRQWLQXD GLVWLQFWD D VXEVWDQWLD FRUSRULV &KULVWL HW D TXDOLWDWH HLXV HWLDP HVVHW LQ VDFUDPHQWR SHU SULPDP SDUWHP FRQFOXVLRQLV HW WDPHQ QRQ HVVHW LQ VDFUDPHQWR TXDQWLWDV FRQWLQXD SHU VHFXQGDP SDUWHP FRQFOX VLRQLV HW SUREDWLRQHP HLXV… &I LELG OLE ,9 TXDHVW  DUW  FRQF  7 IRO FYE ”6HFXQGD FRQFOXVLR HVW KHF TXRG OLFHW FRUSXV &KULVWL TXDQWXP HW FRUSRUHD &KULVWL TXDQWLWDV VLW LQ FHOR HW



LQ VDFUDPHQWR WDPHQ QRQ HVW FRUSXV &KULVWL TXDQWXP DXW FRUSRUHD TXDQWLWDV LQ VDFUDPHQWR… 3HWUXV GH $OOLDFR 4XDHVWLRQHV VXSHU OLEURV 6HQWHQWLDUXP OLE ,9 TXDHVW  DUW  FRQF  FRU  8 IRO FUDUE ”6HG SURER TXRG KRF VLW LPSRVVLELOH VHFXQGXP LOODPPHW RSLQLRQHP TXLD VHFXQ GXP HDP VLFXW VXEVWDQWLD HVW IRUPDOLWHU VXEVWDQWLD HW TXDOLWDV IRUPDOLWHU TXDOLWDV VLF TXRG QRQ VWDW TXRG VXEVWDQWLD VLW DOLFXEL HW QRQ VLW LEL VXEVWDQWLD YHO TXDOLWDV VLW DOLFXEL HW QRQ VLW LEL TXDOLWDV LWD VLPLOLWHU VHFXQGXP HRV LOOD TXDQWLWDV FRQWLQXD TXDP LEL SRQXQW GLVWLQFWDP D VXEVWDQWLD HW TXDOL WDWH VL HVVHW HVVHW IRUPDOLWHU TXDQWLWDV LWD TXRG QRQ VWDUHW LSVDP HVVH HW QRQ HVVH TXDQWLWDWHP FRQWLQXDP QHF LSVDP HVVH DOLFXEL HW QRQ HVVH LEL TXDQWLWDWHP FRQWLQXDP ([ KRF XOWHULXV VHTXL WXU TXRG QXOOD UHV HVW IRUPDOLWHU VHX GH VXD UDWLRQH LQWULQVHFD TXDQWLWDV FRQWLQXD TXLD TXDFXP TXH UH GDWD VWDW LSVDP HVVH HW QRQ HVVH TXDQWLWDWHP FRQWLQXDP HW HVVH DOLFXEL HW QRQ HVVH LEL TXDQ WLWDWHP FRQWLQXDP VLFXW SDWHW H[ GLFWLV…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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s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



&I *XLOOHOPXV 7UDFWDWXV GH TXDQWLWDWH TXDHVW  DUW  S 



%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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

3DXOXV 9HQHWXV 6XPPD SKLORVRSKLH SDUV 9, FDS  IRO Y ”$G SULPXP QHJDWXU FRQVHTXHQ WLD TXLD TXDQWLWDV GHQRPLQDW VXEVWDQWLDP PDWHULDOHP XW IRUPD LOOLXV HW TXDOLWDWHP XW VXELHFWXP LOOLXV 4XDQWD HQLP IXHULW VXSHU

FLHV WDQWD DOEHGLQHP LOOLXV GLFHV HVVH VHFXQGXP 3KLORVRSKXP

LQ 3UHGLFDPHQWLV 8QGH QRQ HVW LQFRQYHQLHQV TXDQGRTXH VXELHFWXP GHQRPLQDUH IRUPDP 1DP SRWHQWLD YLVLYD GHQRPLQDW YLVLRQHP HR TXRG YLVLR VL SRQHUHWXU LQ ODSLGH QRQ HVVHW YLVLR VHG TXDOLWDV (FRQWUD DXWHP YLVLR GHQRPLQDW SRWHQWLDP TXLD SRWHQWLD YLVLYD QRQ DFWXDOLWHU YLGHWXU VL QH YLVLRQH (W DG H[HPSOXP GH DOEHGLQH GLFLWXU TXRG QRQ HVW VLPLOLWXGR TXLD DOEHGR QRQ HVW IRUPD UHFLSLHQV VLFXW TXDQWLWDV $G VHFXQGXP FRQFHGR FRQVHTXHQV HW FRQVHTXHQWLDP GLFHQGR TXRG IRUPH PDWHULDOHV JHQHUDELOHV HW FRUUXSWLELOHV QRQ VROXP GXR \PR WULD VXELHFWD KDEHQW VFL OLFHW LQKHVLRQLV HW KRF HVW PDWHULD GLVSRVLWLRQLV HW KRF HVW TXDQWLWDV HW GHQRPLQDWLRQLV TXRG HVW FRPSRVLWXP e…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

,,,$GPRWLYDSULPHRSLQLRQLV (WSULPRDGDXWRULWDWHVLQJHQHUDOLSRVWKRFLQVSHFLDOLHWXOWLPRDGUDWLRQHVUHVSRQGHWXU 8ELQRWDQGXPTXRGDUJXPHQWXPDEDXFWRULWDWHGXSOH[HVWVFLOLFHWWKHRORJLFXPHWSKLOR VRSKLFXP  7KHRORJLFXPHWIRUWLVVLPXPTXLDLQWKHRORJLDIRUWLXVVWDWXUDX〈F〉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

 

&I  .RU   3KLO   *UHJRULXV

〈0DJQXV〉

+RPLOLDH LQ HYDQJHOLD HG 0 )LHGURZLF] )RQWHV &KULVWLDQL  )UHLEXUJ

  KRP  -RK    S  ”6HG VFLHQGXP QRELV HVW TXRG GLYLQD RSHUDWLR VL UDWLRQH FRPSUHKHQGLWXU QRQ HVW DGPLUDELOLV QHF

 

GHV KDEHW PHULWXP FXL KXPDQD UDWLR SUDHEHW H[SH

ULPHQWXP… $ULVWRWHOHV (WK 1LF 9,,  D &LFHUR 'H QDWXUD GHRUXP HG 2 *LJRQ HW / 6WUDXPH=LPPHUPDQQ =ÕULFK r 'ÕVVHOGRUI   OLE ,  S  ”1RQ HQLP WDP DXFWRULWDWLV LQ GLVSXWDQGR TXDP UDWLRQLV PRPHQWD TXDHUHQGD VXQW SUR

TXLQ

HWLDP

REHVW

SOHUXPTXH

LLV

TXL

GLVFHUH

YROXQW

DXFWRULWDV

HRUXP

TXL

VH

GRFHUH

WHQWXU GHVLQXQW HQLP VXXP LXGLFLXP DGKLEHUH LG KDEHQW UDWXP TXRG DE HR TXHP SUREDQW

LXGLFDWXP YLGHQW QHF YHUR SUREDUH VROHR LG TXRG GH 3\WKDJRUHLV DFFHSLPXV TXRV IHUXQW VL TXLG DG

UPDUHQW LQ GLVSXWDQGR FXP H[ LLV TXDHUHUHWXU TXDUH LWD HVVHW UHVSRQGHUH VROLWRV wLSVH GL[LWk

LSVH DXWHP HUDW 3\WKDJRUDV WDQWXP RSLQLR SUDHLXGLFDWD SRWHUDW XW HWLDP VLQH UDWLRQH YDOHUHW DXF WRULWDV…





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

〈,,,$GDXFWRULWDWHVHWUDWLRQHVSURYLDVHFXQGDSULPHRSLQLRQLVLQFDSLWXOR,,,DOOH JDWDV〉 $GSULPXPUHVSRQGHWXU 4XLD$ULVWRWLOHVLELORTXDWXUFRQGLFWLRQDOLWHUXWVLVXEVWDQWLDHVWHWTXDQWLWDVHWFDFVLGL FHUHWXWKDEHWRSLQLRPXOWRUXPQHFHVVDULRSOXUDVXQWTXDPXQXPHUJRQRQRPQLDVXQW XQXPHLXVGHPUDWLRQLVXWDQWLTXLYROXHUXQW6HGQRQORTXLWXULELGHWHUPLQDWLYHTXLDQRQ GHWHUPLQDWLWDHVVHQHFSUREDWVLFHVVHVHGTXDVLVXSSRVLWLYHORTXLWXUVHFXQGXPRSLQRQHP PXOWRUXP(WVROXWLR2FNDPQRQSODFHWVLFXWEHQHDUJXLW3DXOXV9HQHWXVTXLDQRQHVWDG LQWHQWLRQHP3KLORVRSKL6HGDXFWRULWDWHVH[SRQHQGHVXQWDGLQWHQWLRQHPDX〈F〉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〈Q〉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

$ULVWRWHOHV $QDO SRVW ,  D &LFHUR 'H QDWXUD GHRUXP ,  S  ”$ULVWRWHOHVTXH LQ WHUWLR GH SKLORVRSKLD OLEUR PXOWD WXUEDW D PDJLVWUR VXR 3ODWRQH GLVVHQWLHQV PRGR HQLP PHQWL WULEXLW RPQHP GLYLQLWDWHP PRGR PXQGXP LSVXP GHXP GLFLW HVVH PRGR DOLXP TXHQGDP SUDH





FLW PXQGR HLTXH HDV SDUWLV WULEXLW XW UHSOLFD

RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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



JHQV FDHOXP PXQGL HVVH SDUWHP TXDP DOLR ORFR LSVH GHVLJQDYLW GHXP… 0DUVLOLR )LFLQR /HWWHUH , (SLVWRODUXP IDPLOLDUXP OLEHU , HG 6 *HQWLOH )LUHQ]H   HS  S  ”6XQW PXOWL QRVWULV VHFXOLV QRQ SKLORVRSKL VHG SKLORSRPSL TXL VHQVXP $ULVWRWHOL FXP VH WHQHUH VXSHUEH QLPLXP SUR

WHQWXU &XP WDPHQ $ULVWRWHOHP LSVXP UDUR DGPRGXP DWTXH

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

OLL QRQ OHJLWLPL LG HVW RSLQLRQHV

DEVXUGH LQWHU SKLORVRSKRV RULDQWXU 3URER LJLWXU WH DPLFH TXRG SXHULOHV KRUXP LQHSWLDV HW YDQD VWXGLD QRQ HPXOHULV TXL QHTXH IRQWHV KDXULXQW VHG ULYXORV ODPEXQW QHTXH YHULWDWLV OXFHP VHG RSLQLRQLV XPEUDP VWXOWH VHFWDQWXU



……



%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

QRQSRWHQWLXPHWF(WVLFGLFLWTXDQWLWDWLQLKLOHVVHFRQWUDULXPUHFWHVLFXWVXEVWDQWLHHWKRF PRGRFDSLD3KLORVRSKRLQ3UHGLFDPHQWLV$OLRPRGRFRPPXQLWHUSURUHEXVDTXLEXVVX PLELOHV VXQW GHQRPLQDWLRQHV LPFRPSRVVLELOHV VLPXO SRWHQWHV WDPHQ VXFFHVVLYH HLGHP FRQYHQLUHXWORFXVVXUVXPHWGHRUVXPWHUPLQXVDTXRHWDGTXHPLQPRWX(WVLFGLFLW3KL ORVRSKXPFDSLTXDQGRGLFLWRPQHPPRWXPHVVHGHFRQWUDULRLQFRQWUDULXP(WTXDQGR DUJXLWXU3KLORVRSKXVSULPR3KLVLFRUXPGLFLWSULQFLSLDUHUXPQDWXUDOLXPHVVHFRQWUDULDD TXLEXVWDPHQGHQRPLQDWLRQHVLQFRPSRVVLELOHVVLPXOQRQSRVVXQWVXFFHVVLYHHLGHPFRPSH WHUHXWSDWHWGHIRUPDHWSULYDWLRQHs5HVSRQGHW〈XU〉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

,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 6WDGW XQG 5HJLRQDOELEOLR WKHN :LVVHQVFKD

OLFKH 6RQGHUVDPPOXQJHQ 0V 4   OLE 9 TXDHVW  IRO UY ”$G

VHFXQGXP UHVSRQGHWXU TXDPYLV FRPPXQLWHU FDSLW 3KLORVRSKXV LEL >VFLO 0HWDSK , @ FRQWUDULH WDWHP FDSLW HQLP LEL SUR UHSXJQDQFLD TXH HFLDP LQFOXGLW LQ VH GHVSHUDWLRQHP KLF DXWHP FDSLW FRQWUDULHWDWHP FHUWR PRGR SUR UHSXJQDQFLD HRUXP TXH HLGHP VXFFHVVLYH FRQYHQLUH >FI 8QLYELEO 0ÕQFKHQ 0V  IRO U 0V (UIXUW 4  KLF KDEHW FRQWUDULH@ SRVVXQW VLFXW FDSLWXU FRQWUD ULHWDV LQ 3UHGLFDPHQWLV

$G WHUFLXP UHVSRQGHWXU QHJDQGR SULPDP FRQVHTXHQFLDP DG SUREDFLR

QHP HW VLF GLFLWXU TXRG LOOD VXQW FRQWUDULD FRPPXQLWHU GLFWD D TXLEXV VXPXQWXU GHQRPLQDWLR QHV LQFRPSRVVLELOHV 'LFHQGXP HVW TXRG QRQ VX

"FLW

DG FRQWUDULD FRPPXQLWHU GLFWD HVVH WDOLD

TXRG DE HLV VXPXQWXU GHQRPLQDWLRQHV LQFRPSRVVLELOHV >DGG 8QLYELEO 0ÕQFKHQ 0V   U 6HG XOWUD UHTXLULWXU TXRG WDOLD VLQW VLF VH KDEHQFLD TXRG DE HLV VXPDQWXU GHQRPLQDWLRQHV LQFRPSRVVLELOHV @ SRWHQWHV WDPHQ HLVGHP >DGG 8QLYELEO 0ÕQFKHQ 0V  IRO U VXFFHVVLYH@ FRQYHQLUH 0RGR D QXOOLV VXEVWDQFLLV VXPXQWXU GHQRPLQDWLRQHV LQFRPSRVVLELOHV SRWHQWHV VXFFHVVLYH HLGHP FRQYH QLUH… FI ,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 6WDGW XQG 5HJLR QDOELEOLRWKHN :LVVHQVFKD

OLFKH 6RQGHUVDPPOXQJHQ 0V 4   OLE , TXDHVW  IRO Y

”6FLHQGXP TXRG FRQWUDULHWDV XW HVW SDVVLR UHUXP XW LSVD FRQVLGHUDWXU LQ VFLHQWLD QDWXUDOL FDSLWXU GXSOLFLWHU 8QR PRGR SURSULH HW VLF FRQWUDULHWDV HVW UHSXJQDQFLD GXDUXP IRUPDUXP JUDGXDOLWHU GLVWDQFLXP QRQ SRWHQFLXP VLPXO LQHVVH HLGHP VHG VXFFHVVLYH (W VLF FDOLGLWDV HW IULJLGLWDV H[FH GHQWHV QXPHUR GHQDULXP JUDGXXP VXQW FRQWUDULH $OLR PRGR FRPPXQLWHU HW VLF TXHOLEHW GXD UXP UHUXP UHSXJQDQFLD TXDUXP QRPLQD GH HRGHP VLQJXODUL VLPXO HW VHPHO HW GLYLVLP QRQ SRV



VXQW YHUL

FDUL VHG EHQH VXFFHVVLYH (W VLF WHUPLQL PRWXV FRQWUDULL VXQW…

,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 4   OLE 9 TXDHVW  IRO Y ”$G TXDUWXP UHVSRQGHWXU TXRG SURSWHU KRF DG VXEVWDQWLDP QRQ HVW PRWXV TXLD QRQ KDEHW FRQWUDULXP FRPPXQLWHU FDSLHQGR FRQWUDULHWDWHP 7DOHP DXWHP KDEHW LSVD TXDQWLWDV 1RQ PDLRU HW PLQRU KDF FHUWD GDWD LOOR PRGR VXQW FRQWUDULD >8QLYELEO 0ÕQFKHQ 0V  IRO U 1DP

SDUYXP HW PDJQXP LOOR PRGR VXQW FRQWUDULD@ (W DG 3KLORVRSKXP LQ 3UHGLFDPHQWLV GLFLWXU TXRG LEL FDSLWXU FRQWUDULHWDV SURSULH…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

VXEVWDQWLDTXRGVXFFHVLYHHVWPLQRUHWPDLRUSURSULDH[WHQVLRQHVLQHTXDQWLWDWHVXSHUDGGLWD VLFXWSHUTXDQWLWDWHPVXSHUDGGLWDPHWF4XDUH3KLORVRSKXVFDSLWLELFRQWUDULHWDWHPSURUH SXJQDQWLDVHXLQFRPSRVVLELOLWDWHDOLTXRUXPUHVSHFWXVXELHFWLWUDQVPXWDWLRQLVTXRGHVWKRF DOLTXLGSHUVHH[LVWHQVHQVLQDFWX(WWDOLVFRQWUDULHWDVQRQUHSHULWXULQVXEVWDQWLLVWRWDOLEXV VHGLQTXDQWLWDWHTXDOLWDWHHWXELTXLDVXELHFWXPIRUPHVXEVWDQWLDOLVWRWDOLVHVWHQVLQFRP SOHWXPTXLDPDWHULD6HGVXELHFWXPDXJPHQWDWLRQLVDOWHUDWLRQLVHWORFLPXWDWLRQLVHVWWR WXPFRPSRVLWXPDGLOOXPVHQVXPTXRGPRWXVORFDOLVHVWLQWRWRFRPSRVLWRQRQTXLGHP SHULQKHVLRQHPVHGSHUFRQWLJXDPFLUFXPVFULSWLRQHP(WVLFGHQRPLQDWFRPSRVLWXPPR YHUL ORFDOLWHU 6HG PRWXV DOWHUDWLRQLV LQHVW SHU UHDOHP LQKHUHQWLDP HW XEL FRPSRVLWXP HVW GXHVXEVWDQWLHH[WHQVHLQHVWWRWLSHQHWUDWLYHXWSDWHWLQDTXD6HGXELXQDQDWXUDVROXPH[ WHQVDHVWXWLQKRPLQHLQHVWPDWHULHWDQWXPGHQRPLQDWWDPHQWRWXPFRPSRVLWXPSHUVL QRGR\FDPORFXWLRQHPXELSURSULHWDVSDUWLVGHQRPLQDWWRWXP6HGDXJPHQWDWLRTXHQRQ HVWTXDOLWDVDXWHVWLQPDWHULDWDPTXDPSDUVLQWHJUDOLVDXWLQIRUPDXWEUXWDOLWDPTXDP SDUVTXDUXPXWUDTXHGHQRPLQDWWRWXPFRPSRVLWXPPRYHULHWDXJPHQWDULTXLDQRQFRQ WLQJLWIRUPDPDXJHULXWVLFVLQHPDWHULD6HGIRUPDVXEVWDQWLDOLVWRWDOLVQRQKDEHWVLFDOLDP IRUPDPVLELUHSXJQDQWHPTXRGSRVVLQWVXFFHVVLYHGHQRPLQDUHLGHPVXELHFWXPTXRGHVW WRWXPFRPSRVLWXPTXRGIDFLWPDLRUHWPLQRUTXDQWLWDVDOLDHWDOLDFDOLGLWDVDOLXGHWDOLXG XEL  $GVH[WXP 4XRGEHDWXV$XJXVWLQXVQRQDOLXGYHOLWTXDPTXRGQLKLOHVVHQWLDOLWHUHVWPDJQXPPDJQL WXGLQHPROLVLGHVWH[WHQVLRQLVVHGDFFLGLWUHLVLFHVVHPDJQDPTXLDDFFLGLWHLKDEHUHSDU WHPH[WUDSDUWHPVHGQRQDFFLGLWUHLVXXPHVVH6LFXWLQVLPLOLORTXLWXUGHUHODWLRQLEXVLQ PXOWLVORFLVDFVLGLVWLQJXHUHQWXUDEDEVROXWLVHWWDPHQQRQQHFHVVDULRVLFHVW  6HGVLTXLVGL[HULW$XJXVWLQLYHUEDYHOOHPDJQLWXGLQHPPROLVHVVHUHPGLVWLQFWDPDUHPD JQD5HVSRQGHWXUGDWRTXRGYHOLQWUHFHGHQGXPHVVHDVHQWHQWLDVXDVLQHLQFRQYHQLHQWLVL FXWLSVHPHWDWWHVWDWXUTXRGVXDVFULSWDVLPLOLWHUDOLRUXPVDQFWRUXPSRVVXQWTXDQGRTXHOL FLWH QHJDUL HW LPSUREDUL HW KRF DQWHTXDP SHU HFFOHVLDP VLQW DSSUREDWD 4XLD LSVH PXOWD VFULSVLW TXHSRVWHD UHWUDFWDYLW HW XQXP VSHFLDOHP OLEHOOXP IHFLWTXL LQWLWXODWXU 5HWUDFWD WLRQXP(WTXLUHWUDFWDQWVXRVHUURUHVKRQHVWHDJDQWQHGHQWFHWHULVHUUDQGLRFFDVLRQHP XWGLFLW4XLQWLOLDQXVLQOLEUR'HLQVWLWXWLRQHRUDWRULDSRQHQVLELH[HPSOXP&LFHURQLVTXL QRQ GXELWDYLW LDP DOLTXRV OLEURV HGLWRV DOLLV SRVWHD VFULSWLV LSVH GDPQDUH 6HG YLGHDQWXU SURSULD$XJXVWLQLWHVWLPRQLD'LFLWQDPTXHLQHSLVWRODDG)RUWXQDWXP1HTXH>HQLP@TXR UXPOLEHW GLVSXWDWLRQHV TXDPYLV FDWKROLFRUXP HW ODXGDWRUXP KRPLQXP YHOXW VFULSWXUDV FDQRQLFDVKDEHUHGHEHPXVXWQRELVQRQOLFHDWVDOYDKRQRULFHQWLDTXHLOOLVGHEHWXUKRPL QLEXVDOLTXLGLQHRUXPVFULSWLVLPSUREDUHDFUHVSXHUHVL>IRUWH@LQYHQ>HU@LPXVTXRGDOLWHU VHQVHULQW TXDP YHULWDV KDEHW >GLYLQR DGLXWRULR YHO DE DOLLV LQWHOOHFWD YHO D QRELV@  (W DG 9LQFHQWLXPGLFLW1HJDUHQRQSRVVXPPXOWDHVVHLQRSXVFXOLVPHLVTXHSRVVXQWLXVWRLXGL

  

0DUFXV )DELXV 4XLQWLOLDQXV ,QVWLWXWLRQLV 2UDWRULDH /LEUL 'XRGHFLP HG 0 :LQWHUERWWRP 2[IRUG   OLE ,,, FDS  Q  S    $XJXVWLQXV (SLVWXOD  HG $ *ROGEDFKHU &RUSXV 6FULSWRUXP (FFOHVLDVWLFRUXP /DWLQRUXP  :LHQ ‡ /HLS]LJ   FDS  S 





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

FLRHWQXOODWHPHULWDWHFXOSDUL(WLQSOXULEXVDOLLVORFLVLGHPWDQJLW$XJXVWLQXVXWFRSLRVH QDUUDW2FNDPLQ7UDFWDWXGHVDFUDPHQWRHWF  6LDUJXLWXU%HDWXV7KRPDVHWDOLLVDQFWLSDWUHVWHQXHUXQWSULPDPRSLQLRQHPVHGFXP VDQFWLWDWHQRQYLGHWXUSRVVHVWDUHHUURULQGRFHQGRHWVFULSWDHRUXPSHUHFFFOHVLDPDSSUR EDWDVXQWHWDVVXPSWDLJLWXUQRQOLFHWFRQWUDVHQWLUHr5HVSRQGHWXUKRFHVVHDUJXPHQWXP LPSHULWRUXP6HGTXLDVHSHRELLFLWXUERQLVLXXHQLEXVTXLWDOLYHOFRQVLPLOLDYLD YHULWDWLV DYHUWXQWXULGHRUHVSRQGHRDGLSVXPTXRGLOOLERQLSDWUHVSUREDELOLYLDLQFHVVHUXQWHWGH WHUPLQDYHUXQWTXRGVLELSUREDELOLXVH[VXLVSULQFLSLLVVHTXLYLGHEDWXU&XPTXRVWDWHRVLQ PXOWLVHUUDVVHWDPLQWKHRORJLDTXDPSKLORVRSKLD6DQFWLPRQLDHQLPYLWHEHQHFRPSDWLWXU HUURUHPGRFWULQHVLQHWDPHQWHPHULWDWH3DWHWKRFGHVDQFWR3HWURDSRVWRORFXLLQIDFLHP UHVWLWLW 3DXOXV UHGDUJXHQV TXRQLDP QRQ VHFXQGXP YHULWDWHP HYDQJHOLL GRFXLW DPEXODUH 8QGHDSRVWROXVDG*DODWDVVHFXQGRGLFLW&XPYHQLVVHW&HSKDV$QWLRFKLDPLQIDFLHPHLUH VWLWLTXLDUHSUHKHQVLELOLVHUDWQRQHQLPUHFWHDPEXODYLWDGYHULWDWHPHYDQJHOLL  ,WHP SDWHW KRF LQ DOLLV PXOWLV 6DQFWXV &LSULDQXV DE $XJXVWLQR UHSUHKHQGLWXU TXLD EDSWLVPDKHUHWLFRUXPODYDFUXPG\DEROLDSSHOODEDW  ,WHPVDQFWXV+LHURQLPXVDE$XJXVWLQRFRUULJLWXUVXSHULOOXGDSRVWROL2SRUWHWHQLPHV VHXQLXVX[RULVYLUXPHWQRQSOXULXPXWKDEHWXULQGHFUHWLVXELGLFLWJORVD+LHURQLPXP PDOHVHQVLVVH  ,WHP0DJLVWHU6HQWHQWLDUXPFXLXVGRFWULQDDSRVWROLFHDXWHQWLFDWDHVWVFULSVLWDOLTXDLQ GHHUURQHD  ,WHP$QVHOPXV&DQWXDULHQVLVHW+XJRGH6DQFWR9LFWRUHHWPXOWLDOLLGRFWRUHVPDLRULV DXFWRULWDWLVVXQWTXDPEHDWXV7KRPDVHWWDPHQVFULSWDHRUXPLQSDUWHLXVWHDELLFLXQWXU(W VFULSWD 7KRPH DSSUREDWD VXQW DE HFFOHVLD TXH YHULWDWL VXQW FRQVRQD DOLD QRQ 1RQ HQLP RPQLDVDQFWLSDWUHVH[6SLULWXV6DQFWLUHYHODWLRQHVFULSVHUXQWVHGPXOWDH[SURSULRLQJHQLR HWSUREDELOLFRQLHFWXUD6LFXWQHFSURSKHWHGLYLQRVSLULWXD#DWLVHPSHUORFXWLVXQWH[6SLUL WX 6DQFWR VHG TXDQGRTXH H[ SURSULR XW FODUHW 1DWKDQ SURSKHWD TXL GL[LW 'DYLG VWUXHUH WHPSOXPGHEHUHLQ+LHUXVDOHPTXHPWDPHQGRPLQXVSURKLEXLWHRTXRGYLUVDQJXLQLVHV VHW VHG OLR VXR 6DORPRQL KXLXV VWUXFWXUH SURYLQFLDP GHPDQGDYLW 'H TXR YLGHDWXU OD WLXVVLFXLSODFHWFLUFD%RQDYHQWXUDPLQDUWLFXOLVHUURQHLVWDEXOH+HFDGGX[LQHLPSHULWL LXYHQHVLQFDXWLFLUFXPYHQLDQWXUHWDYHULWDWLVYLDDPSXOORVLVYHUELVGHWHUUHDQWXU        

$XJXVWLQXV 'H QDWXUD HW RULJLQH DQLPDH OLEUL TXDWWXRU HG & ) 8UED HW - =\FKD &6(/  :LHQ r /HLS]LJ   OLE ,9 FDS  S  *XLOOHOPXV 7UDFWDWXV GH FRUSRUH &KULVWL FDS  S 

*DO   &I $XJXVWLQXV 'H EDSWLVPR OLEUL VHSWHP HG 0 3HWVFKHQLJ &6(/  :LHQ ‡ /HLS]LJ   OLE 9, FDS  S  OLE 9, FDS  S  &I $XJXVWLQXV 'H ERQR FRQLXJDOL HG - =\FKD &6(/  :LHQ r /HLS]LJ   FDS  S   FI  7LP   7LW  

'HFUHWXP *UDWLDQL *ORVVD DG '  F  IRO Y ”3RVW EDSWLVPXP QRQ GLFLW YHUXP TXLD PDWUL PRQLXP QRQ VROYLWXU LQ EDSWLVPR

 

…

'HLQGH HW PDOH VHQWLW KLF +LHURQ\PXV XQGH $XJXVWLQXV

HXP FRUULJLW LQ SUR[LPR F… &I  6DP    &KURQ   &I %RQDYHQWXUD &RPPHQWXP LQ OLEUXP ,, 6HQWHQWLDUXP 2SHUD 2PQLD  (G &ROOHJLL 6 %RQDYHQ WXUDH &RPPHQWDULD LQ ,9 OLEURV 6HQWHQWLDUXP WRP ,, $G &ODUDV $TXDV >4XDUDFFKL@   SUDHOR FXWLR S  GLVW  GXE  S 





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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”4XHFXPTXHGLVWLQ JXXQWXUSUHGLFDPHQWDOLWHUGLVWLQJXXQWXUUHDOLWHU…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”QXOOXVKRPRHVWLUUDWLRQDOLV…”QXO OXVDVLQXVHVWUDWLRQDOLV…9HOGLFDWXUGDWRTXRG$ULVWRWLOHVSRQDWLOODPSURSRVLWLRQHPLQ VHQVX DUJXPHQWL WDPHQ LSVD QRQ HVW YHUD QLVL FXP VLJQR VSHFLYRFDWLYR XW VXEVWDQWLD LQ TXDQWXPVXEVWDQWLDQRQHVWUHODWLRHWFLGHVWWHUPLQLVXEVWDQWLHHWUHODWLRQLVGDWRTXRGVLJQL FHQW LGHP QRQ WDPHQ VLJQLFDQW LGHP VLQRQLPH TXLD DOLD UDWLRQH DOLTXLG YRFDWXU VXE VWDQWLDHWDOLDUDWLRQHLGHPYRFDWXUUHODWLRYHOTXDQWLWDVXWSDWHWFLUFDSUHGLFDPHQWDODFLXV  $GFRQUPDWLRQHPGLFLWXU$ULVWRWLOHPYHOOHLOODPHVVHSHUDFFLGHQVYHUDPHWQRQSHUVH ”DOEXPHVWTXDQWXP…(WQRQFDSLWLEL3KLORVRSKXVSURSRVLWLRQHPSHUVHHWSHUDFFLGHQVVLF XWLQSULPR3RVWHULRUXP4XLDSURSRVLWLRSHUVHLQSURSRVLWRHVWSURSRVLW>L@RYHUDLQTXD SUHGLFDWXPQRQFRQQRWDWDOLWHUTXDPVXELHFWXPXW”OLQHDHVWTXDQWLWDV…TXDUHLOODXWVLFHVW SHUDFFLGHQVYHUD”DOEXPHVWTXDQWXP…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



,RDQQHV 'DPDVFHQXV &DSLWD SKLORVRSKLFD FDS  S  *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU ,, 6HQW 'LVW   GLVW  TXDHVW  S  &I *XLOOHOPXV 6XPPD ORJLFDH SDUV , FDS  S  $ULVWRWHOHV $QDO SRVW ,  E



%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

$GQRQXP 4XRGORQJLWXGRDHULVHWORQJLWXGRDTXHVXQWHLXVGHPVSHFLHLLQSUHGLFDPHQWRTXDQWLWDWLV VHGGLYHUVDUXPVSHFLHUXPLQJHQHUHVXEVWDQWLHSDWHWSULPXPTXLDHTXDOLWHUH[WHQVHVXQW SDWHWVHFXQGXPTXLDVXQWHQWLDGLYHUVDUXPSHUIHFWLRQXP6LFXWLQVLPLOLUHODWLRQHVTXD UXPIXQGDPHQWDGLVWLQJXXQWXUVSHFLHSRVVXQWHVVHHLXVGHPVSHFLHLXWSDWHWGHDOEHGLQHHW GXOFHGLQH TXH LQTXDQWXP IXQGDPHQWD VXQW VXQW UHV GLYHUVDUXP VSHFLHUXP VHG LQTXDQ WXPYRFDQWXUVLPLOLWXGLQHVHWUHODWLRQHVVXQWHLXVGHPVSHFLHLTXLDXWUDTXHTXDOLWDWXPYR FDWXUVLPLOLWXGR(WLOODVROXWLRVDWLVIDFLWPRGHUQR6HGGHDQWLTXRQRQHVWFXUDTXLGLVWLQ JXLWUHODWLRQHPDVXRIXQGDPHQWRTXRQLDPLOOLXVSRVLWLRVX"FLHQWHULPSUREDWXUDOLELPR GHUQLVGRFWRULEXVGHTXRKLFWUDQVHR  $GGHFLPXP 1HJDQGRVXEVWDQWLDPQRQHVVH QLWDPSHUVHORTXHQGRGHQLWDWHLQWULQVHFDHWHVVHQWLDOL TXLDVHLSVDWHUPLQDWDHVW6HGORTXHQGRGHQLWDWHH[WULQVHFDLGHVWH[WHQVLYDTXHDFFLGLW UHLKHFQRQHVWSHUVHVHGSHUDFFLGHQVYHUD”VXEVWDQWLDHVWQLWD…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wPDJQLWXGRkVLJQLFDQWXUTXDOLWDWHVVHQVLELOHVGLYHUVLVVHQVL EXVH[WHULRULEXVXWPDJQLWXGRFRORULVRGRULVFDOLGLWDWLVHWF(WTXRGLWDQHFHVVDULRKDEH DQW ORTXL VLJQDQWHU PRGHUQL SDWHW TXLD QXPHUXV HVW VHQVLELOH FRPPXQH TXHP LSVL WDPHQ LGHPSWLFDQWUHEXVQXPHUDWLV4XDUHQXPHUXVQRQHVWVHQVLELOHFRPPXQHDGLVWXPVHQ VXP TXRG VLW DOLTXD XQD HQWLWDV TXH YRFHWXU QXPHUXV HW VHQWLDWXU SOXULEXV VHQVLEXV 6HG 





&I $ULVWRWHOHV 3K\V ,9  DE



RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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

&I $ULVWRWHOHV 'H JHQ HW FRUU ,  E ,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 0V 4   OLE 9 TXDHVW  IRO U ”/LFHW HQLP LSVXP DXJPHQWDELOH TXRG HVW LQ DFWX SULXV VLW VXEVWDQWLD >0ÕQFKHQ 0V  IRO Y ”LQ SRWHQWLD…@ HW SRVWHD DFTXLUDW DGKXF DOLTXLG VXEVWDQWLH WDPHQ KHF VXEVWDQWLD TXH SULXV HUDW QRQ KDEHW VH XW DFWXV LPSHUIHFWXV UHVSHFWX WRFLXV VXEVWDQWLH TXH SRVWHD HVW WDP TXDP DFWXV SHUIHFWL TXLD >DGG 0V 0ÕQFKHQ O F ”VLFXW…@ 6RUWHV SULXV >0V 0ÕQFKHQ ”SDUYXV…@ LWD SHUIHFWH >0V 0ÕQFKHQ O F ”EHQH…@ HVW VXEVWDQWLD VLFXW PDJQXV VLF HWLDP %UXQHOOXV LQ XWHUR PDWULV LWD SHUIHFWH HVW DVLQXV VLFXW LQ GHFLPR DQQR VXR >RP 0V 0ÕQFKHQ O F@…





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

 $G FRQUPDWLRQHP GLFLWXU QHJDQGR VHTXL FRQWUDGLFWLRQHP TXLD QRQ RPQLV JHQHUDWLR HVWPXWDWLRLQVWDQWDQHDTXRQLDPKRFVROXPYHUXPHVWGHJHQHUDWLRQHWRWDOLVHGQRQSDUWLD OLTXLDLOODHVWVXFFHVVLYDTXRQLDPVLFXWFRUSXVLQDXJPHQWDWLRQHDVLQLVXFFHVVLYHH[WHQGL WXUHWDXJPHQWDWXUVLFHWLDPIRUPDHLXV(WFRUSXVDXJHWXUSHUDOLPHQWXPTXRGFRQYHUWL WXULQVXEVWDQWLDPUHLDOLWH3HUTXLGDXWHPIRUPDEUXWDOLVLQFRUSRUHDXJHDWXUGXELXPHVW TXRGGHWHUPLQDWXUSHUGXDVRSLQLRQHVTXHVXQWGHLOORH[TXRIRUPDTXHHGXFLWXUGHSR WHQWLLVPDWHULHSURGXFDWXUHWFDXVHWXU  2SLQLR SULPD HVW TXRG PDWHULD VX"FLHQWHU GLVSRVLWD SUR IRUPH JHQHUDWLRQH QDWXUDOLWHU FDXVHWIRUPDPLQHDQLKLOLSVLXVPDWHULHFRQYHUWHQGRLQIRUPDPQHFFRQYHUWHQGRDOLTXDP TXDOLWDWHPLQPDWHULDLQLSVDPIRUPDPQHFFRQYHUWHQGRDOLTXRGDJJUHJDWXPH[SDUWHPD WHULH HW TXDOLWDWXP YHO SUHH[LVWHQWLV IRUPH HWF VHG TXRG PDWHULD VX"FLHQWHU GLVSRVLWD LEL RULDWXUHWUHVXOWHWIRUPD(WKXLFRSLQLRQLFRQFRUGDWLOOXGTXRGGLFLWXUFRPPXQLWHUIRU PDP DQWH VXL JHQHUDWLRQHP QXOOXP HVVH KDEHUH LQ PDWHULD 4XDUH VLPLOL PRGR HUHW VLF DXJPHQWDWLR 2SLQLRVHFXQGDHVWTXRGDJHQWLDQDWXUDOLDLQPDWHULDFRQYHUWDQWDOLTXDPSDUWHPPDWHULH YHODJJUHJDWXPH[SDUWHPDWHULHHWTXDOLWDWXPYHOSUHH[LVWHQWLVIRUPHLQIRUPDPQRYDP(W KXLF FRQFRUGDW GLFWXP 3KLORVRSKL SULPR 3KLVLFRUXP FXP GLFLW ([ QLKLOR QLKLO W 4XRGWDPHQGHSULPDRSLQLRQHH[SRQXQW([WUDVXELHFWXPQLKLOW(WKXLFVHFXQGHRSL QLRQL FRQFRUGDW LOOXG TXRG FRPPXQLWHU GLFLWXU TXRG TXDQGR IRUPD QRQ UDWLRQDOLV FRU UXPSLWXU UXUVXV WUDQVLW LQ SRWHQWLDV PDWHULH H[ TXLEXV HGXFWD IXLW SHU DJHQWLD QDWXUDOLD TXLD DOLDV PDWHULD HVVHW FRUUXSWLELOLV TXRG HVW FRQWUD 3KLORVRSKXP SULPR 3KLVLFRUXP (W VLFVLPLOLPRGRGLFHUHWXUHULDXJPHQWDWLRQHP6HGGHKLVODWLXVDOLELYLGHULKDEHW+HFDG SURSRVLWXPVX"FLXQW  (WVLDGKXFLQVWDWXU+HFVROXWLRQRQHVWH[LQWHQWLRQH$ULVWRWLOLVTXLD$ULVWRWLOHVYLGHWXU VHQWLUHRPQHPJHQHUDWLRQHPHVVHPXWDWLRQHPLQVWDQWDQHDP(WLGHRFLUFDTXLQWXP3KLVL FRUXPGLFLWLSVDPQRQHVVHPRWXPs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



$ULVWRWHOHV 3K\V ,  D /RFXV QRQ LQYHQWXV /RFXV QRQ LQYHQWXV



RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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s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

*UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU 6HFXQGXP 6HQWHQWLDUXP 'LVW  HG $ ' 7UDSS /HFWXUD

VXSHU 3ULPXP HW 6HFXQGXP 6HQWHQWLDUXP 9 %HUOLQ   GLVW  TXDHVW  DUW  FRQF  S 



 3DXOXV 9HQHWXV 6XPPD SKLORVRSKLH SDUV 9, FDS  IRO  U ”$G WHUWLXP GLFLWXU TXRG TXDQGR DHU FRQGHQVDWXU PDQHW WRWD TXDQWLWDV SUHFHGHQV HW SUHFLVH LOOD TXH SULXV IXLW HW TXRG HDGHP TXDQWLWDV HVW QXQF PLQRU TXDP SULXV SHU KRF TXRG SDUWHV TXDQWLWDWLV SURSLQTXLXV LDFHQW 6HG QRQ SRQLWXU TXDQWLWDV VROXP SURSWHU FDXVDP LVWDP VHG XW H[WHQGDW PDWHULDP TXRQLDP VL QRQ IRUHW UDULWDV QHF GHQVLWDV LQ PDWHULD DGKXF LQGLJHUHW TXDQWLWDWH H[WHQGHQWH SDUWHP PDWHULH H[WUD

UPR VLF TXRG HUL HW FRQGHQVDUL TXDQWLWDWHP LQFOXGLW 3DWHW TXLD UDUHIDFWLR HW FRQGHQVDWLR XQW VH

VH LQYLFHP… 3HWUXV 1LJUL &O\SHXV 7KRPLVWDUXP TXDHVW  IRO YUD ”4XDUWR FRQ SRWHVW UDUH

FXQGXP DSSUR[LPDWLRQHP HW GLVWDQWLDP SDUWLXP LQFOXGHQWLXP TXDQWLWDWHP VHG VXEVWDQWLD ODSLV SRWHVW UDUH

HUL HW FRQGHQVDUL VHFOXVR RPQL GLVWLQFWR D VH UHDOLWHU TXLD SDUWHV VXEVWDQWLDOHV SRVVXQW

KDEHUH HVVH DSSUR[LPDWXP VHFXQGXP PDJLV HW PLQXV LJLWXU WDOLV VXEVWDQWLD LQFOXGLW TXDQWLWDWHP

 

VHG QRQ LQFOXGLW DOLDP TXDQWLWDWHP TXDP VHLSVDP LJLWXU VXEVWDQWLD HULW TXDQWLWDV… 9JO $QP  XQG  ,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV 0ÕQFKHQ 8QLYELEO &RG 0V   OLE ,9 TXDHVW  IRO Y ”'H TXLEXV PRGLV FRQWUDULH \PDJLQDQWXU 0DUVLOLXV HW %LULGDQXV LOOD WDPHQ VXSSRVLWLRQH KDELWD TXRG TXDQWLWDV FRQWLQXD VLW UHV GLVWLQFWD >(UIXUW 0V 4  IRO





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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”GLVWLQFWD D UH TXDQWD VHX…@ D VXEVWDQWLD 8QGH 0DUVLOLXV RSLQDWXU TXRG UDUHIDFWLR

DW SHU KRF

«

>(UIXUW 0V 4  O F ”KRF PRGR @ TXRG FRQWLQXH QRYD PDLRU HW PDLRU TXDQWLWDV JHQHUHWXU

(W VXR PRGR GH FRQGHQVDFLRQH >RP (UIXUW O F@ VLF TXRG SUHFHGHQV FRUUXPSDWXU 6HG %LULGDQXV RSL QDWXU TXRG UDUHIDFWLR

DW SHU KRF TXRG FRQWLQXH DOLTXD QRYD TXDQWLWDV JHQHUHWXU TXH FXP SULRUL

VHFXP SHUPDQHQWH IRUPDW >(UIXUW O F ”SHUPDQHQV IDFLW…@ PDLRUHP TXDQWLWDWHP TXD LSVXP VXE LHFWXP SRVWHULXV HVW PDLXV TXDP SULXV IXLW >(UIXUW O F ”HUDW…@ (W VXR PRGR GH FRQGHQVDFLRQH RSSRVLWR PRGR SUHGLFWL VHQWLXQW 9LGHWXU WDPHQ SUREDELOLRU >(UIXUW O F ”SUREDELOLWHU…@ PRGXV %LULGDQL TXDP >DGG (UIXUW O F ”PRGXV…@ 0DUVLOLL TXLD FRQVRQDW LQWHQVLRQL LQ TXDOLWDWLEXV ,WHP

QRWDQGXP >(UIXUW O F ”6FLHQGXP…@ TXRG H[ H[SHULHQFLLV GHYHQHUXQW SKLORVRSKL LQ FRJQLFLRQHP



UDUHIDFLRQLV HW FRQGHQVDFLRQLV… ,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 6WDGW XQG 5HJLRQDOELEOLR WKHN :LVV 6RQGHUVDPPOXQJHQ 0V 4   OLE , TXDHVW  IRO U ”6HFXQGR VXSSRVLWR VH FXQGXP KDQF SUREDELOHP RSLQLRQHP TXRG LQ FRQGHQVDFLRQH HW UDUHIDFFLRQH VHPSHU QRYD TXDQ WLWDV DFTXLUDWXU DE HDGHP QXPHUR VXEVWDQWLD TXLD HW WDPHQ TXDQWLWDV HDGHP QXPHUR QRQ PDQHW 6HG IRUWH DGYHUVDULXV QHJDUHW LOODP VXSSRVLFLRQHP WXQF DUJXLWXU DOLWHU VLF 6XEVWDQFLD PDQHW HD GHP QXPHUR HW LQ FRQGHQVDFLRQH HW UDUHIDFFLRQH QRQ PDQHW TXDQWLWDV HDGHP QXPHUR VHG

HUUHW DE DXJPHQ WDFLRQH LSVD UDUHIDFFLR 1HF SHU LQJUHVVLRQHP VXEVWDQFLH SULRULV TXLD WXQF QRQ GL HUUHW FRQGHQ PDLRUDWXU YHO PLQRUDWXU QRQ SHU LQJUHVVXP QRYH VXEVWDQFLH TXLD DOLDV QRQ GL

VDFLR D GLPLQXFLRQH…





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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

7KRPDV GH $UJHQWLQD 6FULSWD VXSHU TXDWWXRU OLEURV 6HQWHQWLDUXP OLE ,9 GLVW  DUW  IRO // Y ”$G VHSWLPDP TXRDG SULPDP LQTXLVLWLRQHP GLFR TXRG TXDQGR GH GHQVR

W UDUXP LEL HULW QRYD

TXDQWLWDV 4XDQWXP DG VHFXQGDP LQTXLVLWLRQHP GLFR TXRG VL WRWD VXEVWDQWLD GHQVL WUDQVPXWDWXU WXQF WRWD TXDQWLWDV HULW QRYD VL SDUV WXQF SDUV TXDQWLWDWLV HULW QRYD $G WHUFLDP LQTXLVLWLRQHP TXDQGR SHWLWXU GH VXELHFWR LOOLXV QRYH TXDQWLWDWLV GLFR TXRG VL WRWD VXEVWDQWLD UHL GHQVH WUDQV PXWDWXU WXQF QRYD VXEVWDQWLD JHQLWD H[ LOOD WUDQVPXWDWLRQH HULW VXELHFWXP LOOLXV WRWLXV QRYH TXDQWLWDWLV 3XWD VL UDUHIDFWLR HW FDOHIDFWLR LQ WDQWXP LQWHQGXQWXU TXRG H[ WHUUD JHQHUDWXU LJQLV WXQF H[ TXDQWLWDWH XQLXV SXJLOOL WHUUH JHQHUDQWXU PLOOH SXJLOOL LJQLV VHFXQGXP SURSRUWLRQHP TXDP IDFLW $ULVWRWHOHV LQ OLEUR 0HWHRURUXP (W WXQF VXELHFWXP LOOLXV TXDQWLWDWLV SXWD PLOOH SX JLOORUXP HULW VXEVWDQWLD LJQLV TXH H[ XQR SXJLOOR WHUUH JHQLWD HVW 6L YHUR SDUV WUDQVPXWDWXU WXQF LOOXG TXRG H[ LOOD SDUWH JHQHUDWXU HULW VXELHFWXP LOOLXV QRYH SDUWLV LSVLXV TXDQWLWDWLV 6HPSHU HQLP LQ RPQL UDUHIDFWLRQH DOLTXLG FRUUXPSLWXU GH LSVR FRUSRUH GHQVR H[ TXR JHQHUDQWXU LSVD FRUSRUD VXEWLOLD TXH LQJUHGLXQWXU SRURVLWDWHV FRUSRULV SULRULV LSVXP GLODWDQGR LQ TXLEXV VXEWLOLEXV FRU SRULEXV VXELHFWLYH IXQGDWXU SDUV TXDQWLWDWLV GH QRYR JHQLWD (W TXRFXPTXH LVWRUXP GDWR QRQ



VHTXLWXU TXRG GXH TXDQWLWDWHV VLQW VLPXO LQ HRGHP VXELHFWR XW SDWHW H[ LDP GLFWLV… &I 3HWUXV /RPEDUGXV 6HQWHQWLDH LQ ,9 OLEULV GLVWLQFWDH OLE ,9 GLVW  FDS  S  ”$OLD 'LFXQW HQLP 6L KDQF SRWHQWLDP >VFLO SRWHQWLDP GLPLWWHQGL SHFFDWD r +8 :@ DOLFXL GDUH SRWXLW SRW XLW HL GDUH FUHDUH FUHDWXUDV TXLD QRQ HVW KRF PDLRULV SRWHQWLDH TXDP LOOXG… &I 3HWUXV GH $OOLDFR

4XDHVWLRQHV VXSHU OLEURV 6HQWHQWLDUXP OLE ,9 TXDHVW  DUW  IRO ]YD]UE ”8WUXP SRVVH FUHDUH VLPSOLFLWHU UHSXJQHW FUHDWXUH"…





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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

…

*UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU ,, 6HQW 'LVW   GLVW  TXDHVW  DUW  S  ”

VFLHQGXP TXRG DOLTXL SXWDYHUXQW &RPPHQWDWRUHP SRVXLVVH GXSOH[ JHQXV GLPHQVLRQXP TXD UXP TXDVGDP YRFDEDW GLPHQVLRQHV LQWHUPLQDWDV HW GLPHQVLRQHV VLPSOLFHV HW HWLDP DOLTXDQGR GLPHQVLRQHV LQ SRWHQWLD HW LVWDH HUDQW LQVHSDUDELOHV D PDWHULD HW FRPPXQHV JHQHUDWR HW FRUUXSWR

… 6HG LVWDP LPDJLQD WLRQHP QHF SXWR IXLVVH &RPPHQWDWRULV HW HVWR TXRG IXLVVHW QRQ SXWR HVVH YHUDP …… 4XDVGDP YHUR DOLDV YRFDEDW GLPHQVLRQHV WHUPLQDWDV HW GLPHQVLRQHV LQ DFWX



$YHUURHV &RPPHQWDULD LQ OLEURV 3K\VLFRUXP 2SHUD RPQLD ,9 9HQHGLJ   OLE ,9 WH[W FRPP

…

 IRO U ”

TXRQLDP FXP DEVWXOHULV D PDWHULD XOWLPXP HW

JXUDP QLKLO UHPDQHELW LQ HD

QLVL GLPHQVLR QRQ GHWHUPLQDWD VFLOLFHW TXDH HVW FRUSXV LQ SRWHQWLD (W FXP VDOWHP GHWHUPLQDWXU SHU XOWLPD VFLOLFHW SHU VXSHU

FLHV W FRUSXV LQ DFWX (W GHEHV VFLUH TXRG YLGLW $ULVWRWHOHV TXRG

GLPHQVLR QRQ VHSDUDWXU D PDWHULD LQ LPDJLQDWLRQH QHGXP LQ HVVH TXRQLDP TXDQGR D PDWHULD DXIHUXQWXU VXSHU

FLHV QLKLO UHPDQHW LQ HD QLVL GLPHQVLR VHG LVWD GLPHQVLR LQ HD HVW LQ SRWHQWLD FLHV W GLPHQVLR LQ DFWX VFLOLFHW FRUSXV (W FXP DXIHUXQWXU VX

(W FXP GHWHUPLQDWXU SHU VXSHU SHU

FLHV W GLPHQVLR LQ SRWHQWLD HUJR SURSULXP HVW PDWHULDH XW KDEHDW GLPHQVLRQHP LQ SRWHQ

WLD HW ORFXV DQWHTXDP LQ HR H[LVWDW ORFDWXP VHFXQGXP $ULVWRWHOHP LQ YHULWDWH HVW GLPHQVLR LQ SRWHQWLD

……

LG 'H VXEVWDQWLD RUELV 2SHUD RPQLD 9 9HQHGLJ   FDS  IRO U ”(W TXLD LQ

YHQLW >VFLO $ULVWRWHOHV@ RPQHV IRUPDV FRPPXQLFDUL LQ GLPHQVLRQLEXV QRQ WHUPLQDWLV VFLYLW TXRG SULPD PDWHULD QXQTXDP GHQXGDWXU D GLPHQVLRQLEXV QRQ WHUPLQDWLV… LELG IRO Y ”(W TXLD LO OD IRUPD VFLOLFHW GLPHQVLRQHV QRQ WHUPLQDWDH H[LVWLW LQ SULPD PDWHULD SULPLWXV





……

RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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s5HVSRQGHRQHJDQGRTXRGVLWGHLVLFHQLPDUJX HQWHVDOOHJDQWHVVHGHLFXPWDPHQQRQVLWGHLTXLDDOLDVRPQHVHVVHQWKHUHWLFLTXLRS SRVLWXPGLFHUHQWHWH[LQWHQWLRQHGHIHQVDUHQWTXRGDEVLW 4XLDFRQWUDYHQLHQVYHULWDWLGHL SHUHFFOHVLDPGHWHUPLQDWHKHUHVLPVDSLWXWGXELWDWQHPRFXPGHLHWHFFOHVLHDXFWRULWDV VLWPDLRUTXDPWRWLXVKXPDQHUDWLRQLVFDSDFLWDVLQFXLXVREVHTXLXPTXLYLVGHOLXPWHQH WXU FDSWLYDUH VXXP LQWHOOHFWXP HW QRQ DG GLFWXP FXLXVYLV GH SOHEH QHVFLHQWLV TXLG GLFDW 0LURUYDOGHGHVLFDUJXHQWLEXVTXRGQRQHUXEHVFXQWLQFRQWLRQHYLURUXPGRFWRUXPWDOLD SURSRQHUHTXHDSHUWHVXQWFRQWUDYHULWDWHP'LFDQWHQLPVLKDEHQWLQTXR&RQFLOLRGH WHUPLQDWXP VLW YHO LQ TXD VFULSWXUD FDQRQLFD FRQWLQHDWXU KRF HVVH GHL YHO DSXG TXHP GRFWRUHPTXHPQRQOLFHDWQHJDULLQKDFSDUWH  6LGLFLVPLKL7KRPDV$UJHQWLQHQVLVGLFLWFLUFDTXDUWXPHW:HVDOLDFLUFDSULPXP3KL VLFRUXP s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





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

KDELWD4XRPRGRHUJRWXDXGHVHDWDPDSHUWHIDOVLWDWLVDUJXHUHHWDEHLVGHVFLVFHUHs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s 5HVSRQGHR TXRG LOOR VWDQWH QRQ VHTXLWXU SUR WDQWR QRQ HVVH YHUXP TXLD DGKXF KRGLH PXOWH VXQW YHULWDWHV WKHRORJLFH HW QDWXUDOHV QRQGXP H[SUHVVH GHFODUDWH DE DXFWRULEXV QHF LGHRPLQXVYHUHVXQW8QGHQHFVDQFWLRSSRVLWXPGLFXQWTXRVQRQOLFHDWQHJDULLQHDSDU WH,WHPVDQFWLVQRQSDWXHUXQWRPQHVYHULWDWHVQHF'HXVUHYHODYLWHLVRPQLDXWSDWHWFODUH 4XLDLDPTXDVLWRWDHFFOHVLDFDWKROLFDWHQHWEHDWDPYLUJLQHPIXLVVHFRQFHSWDPVLQHFRQWD PLQDWLRQHRUJLQDOLVPDFXOHHWWDPHQIUHTXHQWHUVDQFWLGL[HUXQWHWVFULSVHUXQWRSSRVLWXP XWSXOFUHGHFODUDW*UHJRULXV$U\PLQHQVLVFLUFDVHFXQGXP3DWHWHUJRTXRGVLFXWLOODHVW YHUDVXEVWDQWLDSDQLVFRQYHUWLWXULQFRUSXV&KULVWLVLFVLPLOLWHULOODHVWYHUDTXDQWLWDVSDQLV FRQYHUWLWXU LQ FRUSXV &KULVWL TXLD YDOHW WDQWXP SDQLV KDEHQV SDUWHV VLWXDOLWHU GLVWDQWHV FRQYHUWLWXULQFRUSXV&KULVWL6WDWWDPHQLQFDVXSRVVLELOLSULPDPHVVHYHUDPHWVHFXQGDP IDOVDPYLGHOLFHWTXRGRPQLVSDQLVVLWVROXPLQORFRGL"QLWLYHHWQXOOXELFLUFXPVFULSWLYHHW WXQF FRQYHUWDWXU LQ FRUSXV &KULVWL 6LF HQLP SULPD HVVHW YHUD XW SDWHW FODUH VHG VHFXQGD IDOVD4XLDXQDD"UPDWLYDFXLXVVXELHFWXPSURQXOORVXSSRQHUHWFXPGHFLHQWHFRQQRWD WRGHFLDWVXSSRVLWLRQHWHUPLQLLX[WDFRPPXQHPUHJXODP  



,RDQQHV GH :HVDOLD 4XDHVWLRQHV GH OLEULV 3K\VLFRUXP $ULVWRWHOLV (UIXUW 0V 4   OLE , TXDHVW  IRO U ”$OLL DXWHP TXL GLFXQW HVVH SRWHQFLDP LQ VHFXQGD VSHFLH TXDOLWDWLV GLFXQW SRWHQ FLDP HVVH TXDQGDP TXDOLWDWHP VXSHUDGGLWDP LSVL PDWHULH SHU TXDP GLFDWXU PDWHULD SRWHQV 8QGH WDOHV GLFXQW RPQLD FLWUD GHXP HVVH FRPSRVLWD H[ DFWX HW SRWHQFLD (W GH KDF RSLQLRQH HVW



EHDWXV 7KRPDV LQ SULPD VXD 6XPPD WKHRORJLFD… 7KRPDV GH $TXLQR 6XPPD WKHRORJLDH , TXDHVW  DUW  DG  S D ”$G VHFXQGXP GLFHQGXP TXRG DFWXV DG TXHP HVW LQ SRWHQWLD PDWHULD SULPD HVW VXEVWDQWLDOLV IRUPD (W LGHR SRWHQWLD PDWH

 

ULDH QRQ HVW DOLXG TXDP HLXV HVVHQWLD… 9JO *XLOOHOPXV 7UDFWDWXV GH FRUSRUH &KULVWL FDS  S  *UHJRULXV $ULPLQHQVLV /HFWXUD VXSHU 6HFXQGXP 6HQWHQWLDUXP 'LVW  HG $ ' 7UDSS HW 9 0DUFROLQR /HFWXUD VXSHU 3ULPXP HW 6HFXQGXP 6HQWHQWLDUXP 9, %HUOLQ   GLVW  DUW  S 





RUGLH 

'LVSXWDWLR GH TXROLEHW (U

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w4XDQWLWDVFRUSRULV&KULVWLHVWVXEKRVWLDLGHVWHQVKD EHQV SDUWHP H[WUD SDUWHP QRQ LEL VHG LQ FHOR HVW VXE KRVWLDk VHFXQGD w4XDQWXP HVW VXE KRVWLDLGHVWHQVKDEHQVSDUWHVVLWXDOLWHUGLVWDQWHVXWLQFHORHVWVXEKRVWLDkWHUWLDw&RUSXV &KULVWL VXE KRVWLD HVW TXDQWLWDVk LQWHOOLJH wQRQ LEL VHG LQ FHORk s (W HLXV FRQYHUWHQV HVW w4XDQWLWDVHVWFRUSXV&KULVWLVXEKRVWLDkTXDUWDw&RUSXV&KULVWLVXEKRVWLDHVWTXDQWXPk LQWHOOLJH wQRQ LEL VHG LQ FHORk s &XLXV FRQYHUWHQV HVW w4XDQWXP HVW FRUSXV &KULVWL VXE KRVWLDk  6HG IDOVH VXQW LOOH SULPD w&RUSXV &KULVWL VXE KRVWLD HVW TXDQWXPk VHFXQGD w&RUSXV &KULVWLHVWTXDQWXPVXEKRVWLDkWHUFLDw&RUSXV&KULVWLHVWTXDQWLWDVVXEKRVWLDkTXLDFRQ YHUWHQWHV VXQW IDOVH 3DWHW GH LOOD w4XDQWXP VXE KRVWLD HVW FRUSXV &KULVWLk TXLD 〈LOOD HVW〉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

9JO *XLOOHOPXV 7UDFWDWXV GH TXDQWLWDWH TXDHVW ,,, S  LG 7UDFWDWXV GH FRUSRUH &KULVWL FDS  S  





%DUWKRORPDHXV $UQROGL GH 8VLQJHQ 4XHVWLR GH TXLGLWDWH TXDQWLWDWLV

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〈,,,(SLORJXV〉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

 



&I *XLOOHOPXV 4XRGOLEHWD VHSWHP TXRGO ,9 TXDHVW  S  LG 7UDFWDWXV GH FRUSRUH &KUL

VWL FDS  HW  S   6LGRQLXV (SLVWRODH HG & /XHWMRKDQQ 0RQXPHQWD *HUPDQLDH +LVWRULFD $XFWRUXP $QWLTXLVVLPRUXP WRP 9,,, %HUOLQ   OLE 9,,,   S 





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP  

)UDJHQDQe7+20$6/(,1.$8)

    7KRPDV /HLQNDXI JHE  VWXGLHUWH 3KLORVRSKLH .XQVWJHVFKLFKWH XQG *HVFKLFKWH LQ )UHLEXUJXQG0ÕQFKHQZXUGHHUPLWHLQHU$UEHLWÕEHU.XQVWXQG5HH[LRQ8QWHUVX FKXQJHQ]XP9HUK½OWQLV3KLOLSS2WWR5XQJHV]XUSKLORVRSKLVFKHQ7UDGLWLRQ0ÕQFKHQ SUR PRYLHUWIROJWHGLH+DELOLWDWLRQPLWGHU6FKUL 0XQGXVFRPELQDWXV8QWHUVXFKXQJHQ]XU 6WUXNWXUGHUEDURFNHQ8QLYHUVDOZLVVHQVFKD DP%HLVSLHO$WKDQDVLXV.LUFKHUV6- %HUOLQ  9RQZDU7KRPDV/HLQNDXI+HLVHQEHUJ6WLSHQGLDWXQG*DVWSURIHVVRUDQ GHU.DUOV8QLYHUVLW½WLQ3UDJ6HLWLVWHU3URIHVVRUIÕU3KLORVRSKLHDQGHU8QLYHUVLW½W 0ÕQVWHU XQG 'LUHNWRU GHU GRUWLJHQ /HLEQL])RUVFKXQJVVWHOOH 6FKZHUSXQNWH VHLQHU )RU VFKXQJHQXQG3XEOLNDWLRQHQVLQGGLH3KLORVRSKLHGHU6S½WDQWLNHGHU5HQDLVVDQFHXQGGHU IUÕKHQ1HX]HLW1LNRODXVYRQ.XHV0DUVLOLR)LFLQR)UDQFHVFR3DWUL]L VRZLH/HLEQL]XQG GHU'HXWVFKH,GHDOLVPXVYJO6FKHOOLQJDOV,QWHUSUHWGHUSKLORVRSKLVFKHQ7UDGLWLRQ=XU5H]HSWLRQ XQG7UDQVIRUPDWLRQYRQ3ODWRQ3ORWLQ$ULVWRWHOHVXQG.DQW>0ÕQVWHU@ =XU=HLWDUEHLWHW 7KRPDV/HLQNDXIDQHLQHP)RUVFKXQJVSURMHNW]XP%HJULGHU1DWXULQGHUIUÕKHQ1HX ]HLW   XQG DQ GHU 5HNRQVWUXNWLRQ GHU 7UDGLWLRQ GHU *HLVW0HWDSK\VLN LP  XQG-DKUKXQGHUW'DUÕEHUKLQDXVLVWHUIHGHUIÕKUHQGHU+HUDXVJHEHUHLQHUQHXHQNULWL VFKHQGHXWVFKHQ$XVJDEHGHU6FKUL HQ*LRUGDQR%UXQRV'DV,QWHUYLHZIDQGLP-XQL LQ0ÕQVWHUVWDWW ,KUHSKLORVRSKLHJHVFKLFKWOLFKH$UEHLW]HLFKQHWVLFKGXUFK9LHOIDOWXQG%UHLWHDXV6LHKDEHQVLFKQLFKWQXU PLW3ORWLQVRQGHUQDXFKPLW0DULXV9LFWRULQXVEHVFK½ LJWQLFKWQXUPLW&XVDQXVVRQGHUQDXFKPLW /OXOOQLFKWQXUPLWPLW/HLEQL]VRQGHUQDXFKPLW.LUFKHUQLFKWQXUPLW6FKHOOLQJVRQGHUQDXFKPLW 5XQJHrDXFKPLW*HVWDOWHQDOVRGLHQLFKWXQPLWWHOEDU]XGHQEHNDQQWHQ*UϸHQJHKÏUHQ$XVZHO FKHP*UXQGKDEHQ6LHDXFKXQGJHUDGHGLHVHELVKHUZHQLJHUEHUÕFNVLFKWLJWHQ'HQNHUEHKDQGHOW" (V JHKW PLU HLQIDFK GDUXP ZHL¸H )OHFNHQ DXI GHU SKLORVRSKLVFKHQ /DQGNDUWH HLQ ZHQLJ HLQ]XI½UEHQ XQG LKQHQ HLQH .RQWXU ]X YHUOHLKHQ ,FK ELQ VHKU VNHSWLVFK LP %OLFN DXI GLH XQJODXEOLFKH 3XEOLNDWLRQVXW KLQVLFKWOLFK GHU JUR¸HQ $XWRUHQ 0DQ PX¸ VDJHQ GD¸ GLH )RUWVFKULWWH GHU 'HXWXQJ PLNURVNRSLVFK VLQG LP 9HUK½OWQLV ]X GHU 4XDQWLW½W GHVVHQ ZDV JHVFKULHEHQRGHUDXI.RQJUHVVHQEHKDQGHOWZLUG'DUDQPÏFKWHLFKPLFKQLFKWXQEHGLQJW EHWHLOLJHQXQGZHQQLFKHWZDVÕEHU6FKHOOLQJJHVFKULHEHQKDEHGDQQKDEHLFKEHVWLPPWH )UDJHVWHOOXQJHQDXIJHJULHQYRQGHQHQLFKJODXEHGD¸VLHQRFKQLFKWVRLQWHQVLYWUDNWLHUW ZRUGHQVLQGVRHWZDVHLQHLQWHQVLYH$XVHLQDQGHUVHW]XQJPLW$ULVWRWHOHVLPVS½WHUHQlX YUH%HL5XQJHKDWPLFKLQWHUHVVLHUWGD¸KLHUHLQ0DOHUDXVGHU5RPDQWLNrHLQKRFKUH HNWLHUWHU.RSIOHLGHUVHKUIUÕKYHUVWRUEHQrHLQLJHZHQLJH6FKUL HQKLQWHUODVVHQKDWGLH DXFK YRQ 3KLORVRSKHQ DQDO\VLHUW ZHUGHQ VROOWHQ r EHVRQGHUV LP %OLFN DXI LKUH 9RUDXVVHW ]XQJHQDXILKUH.RQWH[WXDOLW½WXQGDXIGLH%H]LHKXQJ]ZLVFKHQ.XQVW1DWXUSKLORVRSKLH 5HH[LRQ DXI .XQVW XQG 3KLORVRSKLH %HL $WKDQDVLXV .LUFKHU LVW HV GLH 7DWVDFKH GD¸ LQ GLHVHU*HVWDOWrDQGHUVDOVEHL/HLEQL]rHLQH.RQGHQVLHUXQJDOOGHVVHQJHVFKLHKWZDVVLFK ÕEHUHLQHEHVWLPPWH(QWZLFNOXQJGHV0HWKRGHQGLVNXUVHVGHU*HLVWPHWDSK\VLNVDJHQO½¸W XQGDXFKÕEHUGLH(QWZLFNOXQJHLQHU:LVVHQVIRUPGLHDXIEHVWLPPWHQDQWKURSRORJLVFKHQ

0LVFHOODQHD *UXQGJHGDQNHQ EDVLHUW =X /HLEQL] LVW VFKRQ VR YLHO JHVFKULHEHQ ZRUGHQ HV ORKQW VLFK .LUFKHU HLQPDO KHUDXV]XVWHOOHQ XQG GDPLW DQ HLQHP $XWRU XP GHQ GLH 3KLORVRSKLHJH VFKLFKWHELVKHUHLQHQJUR¸HQ%RJHQJHPDFKWKDW]X]HLJHQGD¸GLH3KLORVRSKLHGHUIUÕKHQ 1HX]HLW DXFK HLQH JDQ] DQGHUH *HVWDOW KDEHQ NDQQ DOV GDV ZDV ZLU HWZD YRQ -RKQ /RFNH 'HVFDUWHVRGHU6SLQR]DNHQQHQ0LWGHUSKLORVRSKLVFKHQ%HGHXWXQJGHUHLQ]HOQHQ$XWR UHQKDWGDVQLFKWV]XWXQ(VJHKWGDUXPGLH%UHLWHXQG9DULDQ]GHUJHGDQNOLFKHQ$QV½W]H HLQHU(SRFKH]XHUDUEHLWHQXPVLHGDGXUFKEHVVHU]XYHUVWHKHQXQGXPGDGXUFKDXFKGLH /HLVWXQJGHUVRJw*UR¸HQkULFKWLJZÕUGLJHQ]XNÏQQHQ:DVLFKGDYHUVXFKWKDEHXQGYHU VXFKH LVW DEHU JHUDGH]X KDVDUGHXUKD  JHZHVHQ LQ EH]XJ DXI GLH %HUXIXQJVDXVVLFKWHQ DQ GHXWVFKHQ,QVWLWXWHQIÕU3KLORVRSKLH0DQ QGHWZHQLJ$QHUNHQQXQJXQWHUGHQSKLORVR SKLVFKHQ .ROOHJLQQHQ XQG .ROOHJHQ µEHU PHLQH $UEHLWHQ KDEH LFK YLHO PHKU $XVWDXVFK PLW *HUPDQLVWHQ 0XVLNZLVVHQVFKD OHUQ .XQVWKLVWRULNHUQ r XQG PLW 3KLORVRSKHQ LQ )UDQNUHLFKXQG,WDOLHQ $XI GHQ 6WDWXV GHU 3KLORVRSKLHJHVFKLFKWH DQ GHXWVFKHQ 8QLYHUVLW½WHQ ZHUGHQ ZLU VS½WHU ]X VSUHFKHQ NRPPHQ$OV6LHEHLXQVHUHQ9RUEHVSUHFKXQJHQHWZDVÕEHUHLQH9RUOHVXQJVUHLKHDQGHXWHWHQKDWWHLFK GHQ(LQGUXFNGD¸6LHDXFKDQHLQHU*HVFKLFKWHGHU3KLORVRSKLHDUEHLWHQ7UL$GLHVHU(LQGUXFN]X" 6RHWZDVZ½UH]XDQVSUXFKVYROO ,FKELQVHKUYRUVLFKWLJPLWGHQ]XVFKQHOOJHVFKULHEHQHQ 3KLORVRSKLHJHVFKLFKWHQ(VLVWVRGD¸LFKPLW]ZHLDXVIÕKUOLFKHUHQ9RUOHVXQJHQYHUVXFKHQ PÏFKWH HLQ *UXQGSUREOHP ]X UHNRQVWUXLHUHQ GDV 9HUK½OWQLV ]ZLVFKHQ HLQHP PHWDSK\ VLVFKSKLORVRSKLVFKHQGKSULQ]LSLHQWKHRUHWLVFKHQRQWRORJLVFKHQ =XJULDXIGLH:LUN OLFKNHLWXQGGHPZDV7KHRORJLHHLQHUVHLWVLQ$EK½QJLJNHLWYRQGHU0HWDSK\VLNEHGHXWHW XQGDQGHUHUVHLWVrGXUFKHLQHQ3UR]H¸GHU$EOÏVXQJXQG9HUVHOEVW½QGLJXQJrLQGHU=HLW VHLW 3KLORQ EHGHXWHQ NRQQWH 'HQ KLVWRULVFKHQ 5DKPHQ PX¸ LFK HLQJUHQ]HQ XQG ZHUGH PLWGHP1HXSODWRQLVPXVHQGHQ'LHJHQXLQMÕGLVFKFKULVWOLFKHQ7KHRORJHQEHGÕU HQHL QHU HLJHQHQ 9HUDQVWDOWXQJ ,FK KDEH ]XQ½FKVW QXU 3KLORQ EHKDQGHOW HU VWHKW VR VWDUN PLW GHP 0LWWHOSODWRQLVPXV LQ =XVDPPHQKDQJ GD¸ HU QLFKW XQEHUÕFNVLFKWLJW EOHLEHQ GXU H $EHUHULVWDQGHUHUVHLWVHLQVHKUVHOEVW½QGLJHU'HQNHUXQGSKLORVRSKLHKLVWRULVFKDXFKGHV KDOELQWHUHVVDQWZHLOHUVHOEVWNHLQ+HEU½LVFKNRQQWHVLFKGDV$OWH7HVWDPHQWLQGHU6HS WXDJLQWDµEHUVHW]XQJ DQHLJQHQ PX¸WH XQG ZHLO GHP]XIROJH DXFK GLH JDQ]H VS½WHUH ([ RGXV0HWDSK\VLNrGLHVLFKDXI([”zKÉIeQM±ËR…”LFKELQGHULFKELQ…RGHU”LFKELQ GHU6HLHQGH…EH]LHKWrGDUDXIEHUXKW'LHVHV7KHPDNRPPWDQPHKUHUHQ6WHOOHQEHL3KL ORQYRUYHUNÕU]WDEHUVFKRQGHQKHEU½LVFKHQ+LQWHUJUXQG,QGLHVHP6LQQHLVW3KLORQVR HWZDVZLHHLQH6FKDOWVWHOOH +DWWHQ 6LH EHUHLWV EHL GHU3ODQXQJ GLHVHU 9RUOHVXQJHQ GLH (QWVWHKXQJ HLQHU WKHRORJLVFKHQ 0HWDSK\VLN RGHU HLQHU 3ULQ]LSLHQZLVVHQVFKD  DXV GHU DQWLNHQ 3KLORVRSKLH E]Z GHU 3ODWRQLVFKHQ 3KLORVRSKLH LP %OLFN" -DVRLVWHV'DUÕEHUKDQGHOWHLQJUR¸HQ7HLOHQGHUHUVWH'XUFKJDQJLPOHW]WHQ6HPHVWHU ,FKGHQNHDEHUGD¸DXFKGLHYRUVRNUDWLVFKH3KLORVRSKLHGLHHUKDOWHQHQ)UDJPHQWHXQGGR [RJUDSKLVFKHQ %HULFKWH JDQ] GHXWOLFK ]HLJHQ GD¸ GDV +LQGHQNHQ DXI HLQ 6HLQVSULQ]LS r RGHUDXILUUHGX]LEOHZLUNOLFKNHLWVNRQVWLWXWLYH(OHPHQWDUVWUXNWXUHQrLPPHUVFKRQWKHROR JLVFKH $VSHNWH DXI]HLJW 6HOEVW GDV 6LFK$EVHW]HQ YRQ HLQHU WULYLDOHQ 0\WKRORJLVLHUXQJ ]HLJW GD¸ GHQQRFK LP +LQWHUJUXQG DOV 2ULHQWLHUXQJVSXQNW GLH 9RUVWHOOXQJ HLQHV HUVWHQ 3ULQ]LSVVWHKW'LHVZLUGGDQQXQPLWWHOEDUGDQDFKEHL3ODWRQXQG$ULVWRWHOHVGLUHNWWKH PDWLVLHUW3ODWRQV0\WKHQNULWLNHWZDGLH)UDJHQDFKGHQX»TSMTIViUISPSKfENLQGHU3ROL





)UDJHQDQe7KRPDV/HLQNDXI WHLDZLHPDQQRFKÕEHU*ÏWWHUUHGHQNDQQ]HLJWMD GD¸PDQÕEHU*RWWUHGHQNDQQVROO XQGGDUIQXUQLFKWLQGHU$UWGHU'LFKWHUVRQGHUQHEHQSKLORVRSKLVFK'DVDEHUEHGHXWHW GD¸PDQLKQDOVGDV*XWHEH]HLFKQHQPX¸DOVHLQHQQLFKWEHWUÕJHQGHQ*RWW:LUKDEHQ KLHU JHZLVVHUPD¸HQ HLQH 9RUZHJQDKPH GHU $UJXPHQWDWLRQ GHV 'HVFDUWHV ,QWHUHVVDQWHU ZHLVHLVWGLHVHUHLQHJXWH*RWWEHL3ODWRQDOVGHUDXVJH]HLFKQHWGHUQLFKWIDOVFKVHLQNDQQ GHUQLFKWEHWUÕJHQNDQQXQGGDUIrHLQH=XYHUO½VVLJNHLWVIRUGHUXQJGLHJOHLFKVDPDXFKRQ WRORJLVFKH+LQWHUJUÕQGHKDW'DVDOVRKDEHLFKGDUJHVWHOOWGDQQQDWÕUOLFKGLHVRJ7KHROR JLHGHV$ULVWRWHOHVYRUDOOHPLP%XFKGHU0HWDSK\VLNGLHVLFKMDDOVZLUNXQJVJHVFKLFKW OLFKKRFKEHGHXWVDPHUZLHVHQKDWrLQVEHVRQGHUHLQGHU9HUELQGXQJGLHGLH1HXSODWRQLNHU PLWGHP3ODWRQLVFKHQ(LQHQDXVGHP3DUPHQLGHVXQGGHUDEVROXWHQ6HOEVWUHH[LRQGHV$UL VWRWHOLVFKHQ*RWWHVJH]RJHQKDEHQ$OOGLHVH'LQJHVLQGNHLQH,QQRYDWLRQHQVRQGHUQHKHU 9HUNQÕSIXQJHQGLH]ZDULQGHU)RUVFKXQJSUREOHPDWLVLHUWLQGHUXQLYHUVLW½UHQ/HKUHDEHU VHOWHQWKHPDWLVLHUWZHUGHQ :HOFKH5ROOHVSLHOWGDQQGLHDOH[DQGULQLVFKH5HOLJLRQVSKLORVRSKLHLQGHU(QWZLFNOXQJGLHVHU7UDGLWLRQ" 6LHKDEHQJHUDGHYRQ3KLORQDOVHLQHU6FKDOWVWHOOHJHVSURFKHQ 3KLORQLVWHLQH]HQWUDOH*HVWDOWGLHIÕUGLH(QWZLFNOXQJVJHVFKLFKWH:HLFKHQJHVWHOOWKDWHU LVWHLQH6FKDOWVWHOOHGXUFKGLHVLFKEHVWLPPWH%HJULVIHOGHUÏQHQHWZDw3HUVRQDOLVLHUXQJ GHVHUVWHQ3ULQ]LSVkwEHVWLPPWH7UDQV]HQGHQ]kRGHUw:LOOHk,FKGHQNHLQGHU3ODWRQLVFKHQ 7UDGLWLRQVHOEVWNDQQPDQQXUPLWJUR¸HQ9RUEHKDOWHQYRQHLQHU3HUVRQDOLVLHUXQJGHVHU VWHQ 3ULQ]LSV UHGHQ (V O½¸W VLFK ZRKO NDXP ]HLJHQ ZR GDV JHVFKULHEHQ VWHKW ZHGHU EHL $ONLQRRVE]Z$OELQRV RGHU3OXWDUFKQRFKEHL$SXOHLXVRGHU1XPHQLXVVFKRQJDUQLFKW EHL3ORWLQ0DQNÏQQWHYLHOOHLFKWVDJHQEHL3ORWLQJLEWHVGHQ9HUVXFKGHP(LQHQDXFKHL QH,QWHQWLRQDOLW½W]X]XVFKUHLEHQrFS»PLWMNrDEHUGDVZLUG]XJOHLFKDXFKZLHGHU]XUÕFN JHQRPPHQ(VPX¸LKPVR]XVDJHQDOOHV]XJHVFKULHEHQZHUGHQDXFKGLH)UHLKHLWDEHUHV PX¸DXFKZLHGHU]XUÕFNJHQRPPHQZHUGHQZHLOPDQ]ZDUDOOHVDXVVDJHQNÏQQHQPX¸r LQHLQHUÕEHUVWHLJHUWHQVXSHUODWLYLVFKHQ)RUPrZHLOPDQGDGXUFKDEHU]XJOHLFKHLQH%H VWLPPWKHLW]XHWZDVKLQ]XVHW]WGDVMHQVHLWVMHGHU%HVWLPPWKHLWXQGGDPLWDXFKMHQVHLWVMH GHU3HUVRQDOLW½WDQJHVLHGHOWLVW,QJHZLVVHU:HLVHJLEWHVDOVRSHUVRQDOH*ÏWWHULP1HXSOD WRQLVPXV XQG ]ZDU HUVW LP QLHGHUHQ 5DQNLQJ LQ G\QDPLVFKHQ 6WUXNWXUHQ HWZD EHL 3URNORV:DVZLUKDEHQLVWHLQHVHKUNRPSOL]LHUWH$XVGLHUHQ]LHUXQJHLQHV3ULQ]LSVVRJDU HLQHU3ULQ]LSLHQPDQQLJIDOWLJNHLWDXIGHUHLQHQ6HLWHLQ3ODWRQV3DUPHQLGHVE]ZLP%HJUL GHV(LQHQXQGGHV*XWHQXQGDXIGHUDQGHUHQ6HLWHGXUFKGHQ'HPLXUJHQLP7LPDLRV 6LQGGLHVDEHUQLFKWJHUDGH0ÏJOLFKNHLWHQYRQ3HUVRQDOLW½WGLHGHPVRNRQ]LSLHUWHQ8UJUXQGWURW]GHU JHQDQQWHQ=XUÕFNQDKPHQGHQQRFK]XJHVFKULHEHQZHUGHQ" -DDEHUGHU'HPLXUJDOVHLQKDQGHOQGHV3ULQ]LSrDOVXIGRfXLNrLVWEHLGHQ$XVGLHUHQ]LH UXQJHQDXIGLHLFKJHUDGHKLQVWHXHUQZLOOLPPHULQGLH]ZHLWH3HUVRQDOVRDQGLH]ZHLWH 6WHOOHJHUÕFNWZRUGHQVRGD¸PDQSOÏW]OLFKHLQH3ULQ]LSLHQ7ULDVKDWZDVMDGHQ0LWWHO SODWRQLVPXVDXV]HLFKQHW'LHVKDEHQ-RKQ'LOORQXQGDQGHUHLPPHUZLHGHUKHUDXVJHVWHOOW DXFK )HVWXJLÁUH LQ GHU 5ÂYÂODWLRQ Gn+HUPÁV 7ULVPÂJLVWH r HLQHP KHUYRUUDJHQGHQ XQG DQUH JHQGHQ%XFKGDVOHLGHUYLHO]XZHQLJVWXGLHUWZLUG,QGLHVHU3ULQ]LSLHQ7ULDVDOVRwHUVWHU *RWWr]ZHLWHU*RWWr:HOWkRGHUwGDV(LQHrGHU'HPLXUJrGLH:HOWk ZLUGGDVZRPÏJ OLFK3HUVRQDOHQLHPDOVDQGLHHUVWH6WHOOHJHVHW]W'DVDEHULVWEHL3KLORQDQGHUV'DVOLHJW QDWÕUOLFK GDUDQ GD¸ HU 7H[WH DXVOHJW GLH VHOEVW VFKRQ HLQHQ *RWW WKHPDWLVLHUHQ GHU HLQ 9HUK½OWQLV]XVHLQHU6FKÏSIXQJKDW%HL3ODWRQNDQQPDQQLFKWYRQw6FKÏSIXQJkLP6LQQH





0LVFHOODQHD HLQHU FUHDWLR H[ QLKLOR VSUHFKHQ DEHU LQ GLHVHU 'LVNXVVLRQ JDE HV LPPHU VFKRQ GLH )UDJHQ ”0X¸PDQDQQHKPHQGD¸GLH:HOWJHVFKDHQLVW",VWVLHHZLJ",VWVLH]ZDUJHVFKDHQDEHU GXUFKHLQYRUOLHJHQGHVHZLJHV6XEVWUDW"…'LHVHVDOOHVZLUGGLVNXWLHUWXQGGLH$QWZRUWGLH OHW]WOLFKGDEHLKHUDXVNRPPWLVWGLHGD¸GLH:HOW]ZDUKHUYRUJHEUDFKWLVWDEHUDXVHLQHP .RQWH[WGK'LH,GHHQDXIGLHGHU'HPLXUJVFKDXWVLQGVFKRQGDVLHVLQGHZLJHTEVE HIfKQEXE DXFK GDV 6XEVWUDW GLH GÉVE LVW LPPHU VFKRQ GD µEHU GDV =XVWDQGHNRPPHQ GLHVHU9RUEHGLQJXQJHQREGLHVHDXFKLUJHQGZLHJHVFKDHQVLQGHUKDOWHQZLUNHLQH$XV NXQ 'LH:HOWLVWKHUYRUJHEUDFKWDEHUDXVHZLJHQ9RUDXVVHW]XQJHQVLHNDQQDXFKLPPHU ZLHGHUKHUYRUJHEUDFKWZHUGHQXQGVLHZLUGLP6HLQJHKDOWHQGXUFKHLQHQLQQHUHQ6HOEVW YROO]XJ GHU GXUFK GHQ 'HPLXUJHQ VHOEVW LQ GLHVH :HOW KLQHLQJHVHW]W ZRUGHQ LVW LQ GHP GDQQGLH]YGŸ XSÁ TERX³NJHVFKDHQZLUG 'DV VLQGJDQ]DQGHUH6WUXNWXUHQDOVGLHGLH ZLULPMÕGLVFKHQ.RQWH[WKDEHQ$OVRPX¸PDQGLHVH'LQJHVDXEHUDXVHLQDQGHUKDOWHQYRU DOOHQ'LQJHQDXFKXPGLH3ROHPLN]ZLVFKHQ&KULVWHQXQG1LFKWFKULVWHQ]XYHUVWHKHQGLH VLFKLQGHU6S½WDQWLNHHQWZLFNHOWKDWEHLGHUHVLPZHVHQWOLFKHQXPIROJHQGHVJLQJ”:DV NDQQ HV EHGHXWHQ HLQH 6FKÏSIXQJ DXV GHP 1LFKWV HLQHQ SHUVRQDOHQ *RWW HLQHQ :LOOHQ XVZDQ]XQHKPHQ"…'LHNULWLVFKHQ)UDJHQGHUJULHFKLVFKHQ$XWRUHQVWDPPHQDOVRDXVGHP )XQGDPHQWHLQHU7UDGLWLRQGLHDOOGLHVH9RUDXVVHW]XQJHQrGLHJOHLFKVDPGXUFKGLH6FKUL  H[HJHVHGXUFKGDV$OWHXQGQDWÕUOLFKDXFKGXUFKGDV1HXH7HVWDPHQWLQGHQ'LVNXUVHLQ JHEUDFKWZRUGHQVLQGrJDUQLFKWPLWPDFKW(VLVWDXFKGLH)UDJHLQZLHIHUQGLH'LHUHQ ]LHUXQJ HLQHV 3ULQ]LSV LQ HLQH JHVWX H )ROJH GUHLHU 3ULQ]LSLHQ GDQQ HLQH (QWIDOWXQJVVH TXHQ] PLW VLFK EULQJW 'DV (LQH GDV ]ZHLWH KHUYRUEULQJHQGH GHPLXUJLVFKH (LQH r GHU ]ZHLWH *RWW GHU HI»XIVSN UI³N E]Z RSÁN GHU XQWHU =XKLOIHQDKPH GHV $ULVWRWHOLVFKHQ KÏFKVWHQ*RWWHVDOVUHLQH6HOEVWUHH[LRQJHGDFKWZLUGrXQGGDVGULWWHDXVGLHVHQEHLGHQ IROJHQGHGLH:HOWRGHUGLH6HHOH'DVHKHQ6LHGDQQVFKRQZLHVLFK GDV3ORWLQLVFKH6\ VWHPYRUEHUHLWHWLQGHPGDQQGDV(LQHDOV(LQHVLQGLHUHLQH7UDQV]HQGHQ]ÕEHUIÕKUWZLUG :LHEHXUWHLOHQ6LHGDV%HGÕUIQLVQDFKHLQHU3HUVRQDOLVLHUXQJGHVHUVWHQ3ULQ]LSVLP+LQEOLFNDXIHLQH GHUDUWLJHWKHRORJLVFKH0HWDSK\VLN",VWGDVHLQJHQXLQSKLORVRSKLVFKHV%HGÕUIQLVRGHULVWHVHKHUUHOLJLÏV EHGLQJWXQGLQVRIHUQDX¸HUSKLORVRSKLVFK" ,FK GHQNH HV LVW NHLQ SKLORVRSKLHH[WHUQHV %HGÕUIQLV HV K½QJW GDYRQ DE ZDV PDQ XQWHU w3KLORVRSKLHkYHUVWHKWGDVJHQDXLVWGDV+DXSWSUREOHP,FKGHQNH5HOLJLRVLW½WLVWQLFKW]X WUHQQHQ YRQ HLQHP SKLORVRSKLVFKHQ *UXQGYROO]XJ (V JLEW MD LQ GHU VS½WHUHQ 7UDGLWLRQ LPPHUZLHGHU9HUVXFKHGHQ%HJULw5HOLJLRQkDXVVLFKVHOEVWKHUDXV]XHUNO½UHQDOVwUHOLJD UHk wUHOLJDWLRk XVZ DOVR DOV w]XUÕFNELQGHQGk 5HOLJLRQ DOV JOHLFKVDP QRWZHQGLJHV 6LFK =XUÕFNZHQGHQ]XVHLQHP3ULQ]LSJHKÏUWGDQQLQWULQVLVFK]XU6WUXNWXUGHV0HQVFKHQ6R KDWHVHWZD0DUVLOLR)LFLQRJHVHKHQ5HOLJLRLVWLXGLFLXPKXPDQLWDWLV'LHVZ½UHHLQVHKUDOO JHPHLQHU ]XJOHLFK SKLORVRSKLVFKHU 5HOLJLRQVEHJUL GXUFK GHQ LQ GHU IRUPDOHQ 6WUXNWXU VRJDUHLQ=XVDPPHQKDQJPLWGHPVWRLVFKHQ%HJULHLQHU±VQœHLQHV7ULHEHVKHUJHVWHOOW ZHUGHQ NÏQQWH r VR ZLH DXFK GLH 1HXSODWRQLNHU PLW GHP %HJUL GHU }JIWMN YHUIDKUHQ VLQG'DVLVWVLFKHUOLFKHLQH8PGHXWXQJGHUVWRLVFKHQ±VQœDOVRGHU7DWVDFKHGD¸HWZDV ZHQQHVDXVHLQHP3ULQ]LSKHUYRUJHKWHUVWGDQQ]XVLFKVHOEVWNRPPWZHQQHVVLFK]X UÕFNK½OWXQGLP0HQVFKHQLQHLQH*HVWDOWJHID¸WZLUG6RZÕUGHVLFKLQHLQHPGHQNHQGHQ :HVHQ GDV ,QHLQH*HVWDOW)DVVHQ JHUDGH GDULQ ]HLJHQ GD¸ HV VLFK JOHLFKVDP ]XUÕFNEH ZHJW1XQNÏQQWHPDQVDJHQGD¸HLQHUHHNWLHUHQGHUHLQEHJUL#LFKHGHQNHQGH5ÕFN ZHQGXQJ w3KLORVRSKLHk JHQDQQW ZLUG XQG GD¸ HLQH ]XJOHLFK UDWLRQDOH XQG HPRWLRQDOH 5ÕFNZHQGXQJDOVw5HOLJLRQk]XEH]HLFKQHQZ½UHrGXUFKGHQ%HJULGHV}V[NDXFKGXUFK





)UDJHQDQe7KRPDV/HLQNDXI DXVLP3ODWRQLVFKHQ6LQQH:HQQDEHUGLH7KHRORJLHGLHUHHNWLHUWH'XUFKGULQJXQJGLHVHU )RUPYRQ5HOLJLRVLW½WLVWPÕ¸WHPDQVDJHQGLH7KHRORJLHVHLLQVLFKVHOEVWDXFKSKLORVR SKLVFK'HU8QWHUVFKLHGOLHJWGDQQEOR¸GDULQXQGGDVLVWGHU8UVSUXQJDXFK,KUHU)UDJH GD¸GDVZRUDXIPDQVLFK]XUÕFNZHQGHWGDVHLQH3ULQ]LSLVWGDVGDGXUFKGD¸HVDOVUHLQHV (LQHVrRGHUDOVGDVQLFKWDOVGHU*XWHrLQGLH7UDQV]HQGHQ]JHUÕFNWZLUGGHP%HGÕUIQLV GHU$QVSUHFKEDUNHLWQLFKWJHUHFKWZLUGGLHPDQHLQHPVROFKHQ3ULQ]LSJHJHQÕEHUKDEHQ NDQQrHLQH$QVSUHFKEDUNHLWGLHDXIGHUHLQHQ6HLWHDXV/LHEHXQGDXIGHUDQGHUHQ6HLWH DXV)XUFKWEHVWHKW :LHK½QJWGLHVH7KHPDWLNrGLH$QVSUHFKEDUNHLWGHVHUVWHQ3ULQ]LSVrPLWGHUJHVFKLFKWOLFKHQ6LWXDWLRQ GHU3KLORVRSKLHLQGHU6S½WDQWLNH]XVDPPHQ" 'LH(QWZLFNOXQJHQGHUVS½WHUHQ7UDGLWLRQNXU]]XVDPPHQ]XIDVVHQLVWVFKZLHULJHVLVWMH GHQIDOOVGHXWOLFKGD¸rZLHHWZD'RGGVJH]HLJWKDWrGLH%HQGOLFKNHLWHQGHVVS½WDQWLNHQ 0HQVFKHQVLFKVHKUVWDUNJH½QGHUWKDEHQLQEH]XJDXIGLH3ROLVZLUNOLFKNHLWDOV/HEHQVZHOW LQ GHU NODVVLVFKHQ =HLW LP  -DKUKXQGHUW :DV DEHU KDW VLFK JH½QGHUW" (V KDW VLFK GDV *HIÕKO GHV $XVJHVHW]W6HLQV JH½QGHUW GDV *HIÕKO ]XP 6SLHOEDOO XQNDONXOLHUEDUHU SROLWL VFKHU XQG ZLUWVFKD OLFKHU =XVDPPHQK½QJH JHZRUGHQ ]X VHLQ 'DV %HGÕUIQLV QDFK 5HOL JLRVLW½W LVW XQJODXEOLFK DQJHVWLHJHQ XQG GDV VSLHJHOW VLFK DXFK LQ SKLORVRSKLVFKHQ 7H[WHQ ZLGHUrGDUXPJLQJHVPLU,FKKDEH]ZDUNHLQHVR]LRORJLVFKH8QWHUVXFKXQJGXUFKJHIÕKUW GDLVWDXFKQRFKYLHO]XWXQVRQGHUQDQKDQGGHU7H[WHHUIRUVFKWZLHVRSOÏW]OLFKGHU%H JUL w*RWWk w*RWWKHLWk HLQH LPPHU VW½UNHUH 5ROOH VSLHOW ZLHVR LQ 4IVi O³WQSY LQ HLQHU 6FKUL GLHHLQPDODOV$ULVWRWHOLVFKJDOWGLHDEHU(QGHGHV-DKUKXQGHUWVQ&KUHQWVWDQ GHQ LVW SOÏW]OLFKJHVDJW ZHUGHQ NDQQ HV VHL HLQH SºWfE WYRIOXMOœ GLH GLH :HOW LQ LKUHU *UXQGVSDQQXQJLQGHU+HUDNOLWHLVFKJHGDFKWHQ*HJHQVDW]VSDQQXQJ]XVDPPHQID¸WGLHVH SºWfEWYRIOXMOœDEHUVHLHLQ*RWWGHUVR]XVDJHQÕEHUDOOHPWKURQWXVZ0DQNDQQVLFK GDEHLQDWÕUOLFKDXI6WHOOHQDXV+RPHUEHUXIHQDEHUKLHUKDEHQZLUQXQHLQHQDQGHUHQ*RWW DOVGHQ+RPHULVFKHQrHVLVWHLQ*RWWGHUVFKRQKLVWRULVFKJHVHKHQDXIGHP5ÕFNHQ3KL ORQV VLW]W 'LHVH 6DFKHQ LQWHUHVVLHUHQ PLFK ZLH VLFK SKLORVRSKLVFKHV 3ULQ]LSLHQGHQNHQ JOHLFKVDPLQWHUQWKHRORJLVLHUW :HQQVLFKGLHVHYLHOI½OWLJHQ9HUZDQGOXQJHQLQGHU6S½WDQWLNHPLWSULQ]LSLHQWKHRUHWLVFKHQµEHUOHJXQJHQ YHUELQGHQODVVHQVROOWHQ6LHYLHOOHLFKWHWZDV]XP6WDWXVGHUXQJHVFKULHEHQHQ/HKUH3ODWRQVVDJHQ (LQKHL¸HV(LVHQ,FKELQGDVHKUYRUVLFKWLJREZRKOLFKPLFKVFKRQZ½KUHQGPHLQHU6WXGL HQ]HLWLQ)UHLEXUJEHVRQGHUVPLWGHQ$UJXPHQWHQYRQ*DLVHURGHU.U½PHUEHVFK½ LJWKD EHGLHVLFKLPÕEULJHQGDULQXQWHUVFKHLGHQGD¸*DLVHUV5HNRQVWUXNWLRQSKLORORJLVFKPL QX]LÏV DXV GHQ 3ODWRQLVFKHQ 7H[WHQ XQG DXV GHQ GR[RJUDSKLVFKHQ %HULFKWHQ KHUYRUJHKW Z½KUHQG .U½PHU GLH :LUNXQJVJHVFKLFKWH DOV $UJXPHQW PLW LQ GLH 'LVNXVVLRQ HLQEULQJW 'LHVH)UDJHQNRPPHQMDQLFKWDXVGHP1LFKWV0DQPX¸IUDJHQ:HOFKH3HUVSHNWLYHKD EHQZLUDOVKHXWLJH3ODWRQH[HJHWHQRGHUDOVMHPDQGGHUYHUVWHKHQZLOOZLHHVGD]XNRPPW GD¸3ODWRQLP0LWWHOXQG1HXSODWRQLVPXVVRLQWHUSUHWLHUWZHUGHQNRQQWHZLHHVGHU)DOO ZDU'DQQPX¸PDQIHVWKDOWHQGD¸HVVLFKHUOLFKLP3ODWRQLVFKHQlXYUHVHOEVW+LQZHLVH DXI HLQHQ QLFKW GLUHNW ]XU 6SUDFKH NRPPHQGHQ XQG DXFK ZDKUVFKHLQOLFK YRQ 3ODWRQ EH ZX¸WRHQJHKDOWHQHQWKHRUHWLVFKHQ+LQWHUJUXQGJLEWGHQPDQLQJHZLVVHU:HLVHDOVXQ JHVFKULHEHQH/HKUHEH]HLFKQHQNÏQQWH1XUGDUIPDQGDPLWQLFKWHLQIHUWLJHV6\VWHPYHU ELQGHQ'DVZLGHUVSULFKWGHU$XIIDVVXQJGLHLFKYRQ3ODWRQKDEHrJHUDGHDXFKLQEH]XJ DXI VHLQH HLJHQH (QWZLFNOXQJ EHVRQGHUV YRQ GHQ PLWWOHUHQ ]X GHQ VS½WHQ 'LDORJHQ r VL





0LVFHOODQHD FKHUOLFKDXFKVFKRQXQWHUGHP(LQX¸GHV$ULVWRWHOHVXQGDQGHUHUXQPLWWHOEDUHU6FKÕOHU GLHVS½WHUGDV6FKRODUFKDWÕEHUQRPPHQKDEHQ8QGHVLVWHLQH(QWZLFNOXQJEHLGHUPDQ GDYRQDXVJHKHQGDUIGD¸HUVLHQLFKW]X(QGHJHEUDFKWKDW$OVRVHOEVWZHQQHVHLQHQLFKW GLUHNW]XU6SUDFKHJHNRPPHQHXQJHVFKULHEHQH/HKUHDOV2ULHQWLHUXQJVV\VWHPDOVHLJHQH 'HQNDQVWUHQJXQJJHJHEHQKDWZDVLFKVHKUVWDUNYHUPXWHGDQQELQLFKGHQQRFKNHLQ7Õ ELQJHU LQ GHP VWDUNHQ 6LQQH GD¸ LFK VDJHQ ZÕUGH HV JLEW HLQHUVHLWV GLH S\WKDJRUHLVFKHQ *HJHQVDW]SDDUHXQGDQGHUHUVHLWVKDEHQZLU|RXQGƒ³VMWXSNHY„NXQGDOOGDVLQHLQHPV\ VWHPDWLVFKHQ FRQQLXP 0DQ PX¸ GDYRQ DXVJHKHQ GD¸ DOO GLHV GLVNXWLHUW ZRUGHQ LVW XQG GD¸ 3ODWRQ VLFKHU YHUVXFKW KDW GHP 3UREOHP GHV $XIEUHFKHQV HLQHV PRQROLWKLVFKHQ QXU IÕU VLFK VWHKHQGHQ *XWHQ ]X HLQHP G\QDPLVFKHQ =XVDPPHQKDQJ PLW GHQ ,GHHQ VHOEVW QDFK]XJHKHQXQGGLHVHV9HUÕVVLJHQGLHVHV$QJHKHQJHJHQHLQHQLPPDQHQWHQLQWHUQHQ (OHDWLVPXVEHLLKPVHOEVWQGHQZLUMDHEHQLP6RSKLVWHVRGHU3DUPHQLGHV3ODWRQLVWMHPDQG GHUVLFKLPPHUJHJHQHLQHVROFKH6\VWHPDWLVLHUXQJZHQGHW:HQQPDQGDKHU3ODWRQVS½WHU V\VWHPDWLVLHUHQZROOWHIXQNWLRQLHUWHGDVQXUGXUFKHLQH5HLKHYRQ6WHOOHQGLHPDQDQ]HKQ )LQJHUQ DE]½KOHQ NDQQ PHKU QLFKW 'LHVH 6WHOOHQ ZHUGHQ VW½QGLJ ZLHGHUKROW r YRQ $O NLQRRVELV3ORWLQrGLHNÏQQHQVLHIDVWDXVZHQGLJXQGNÏQQHQVLHGDKHUZLH%DXVWHLQHYHU ZHQGHQ'DVLVWQDWÕUOLFKIÕUGLH,QWHQWLRQHQGHUPLWWOHUHQ3ODWRQLNHUXQGYRUDOOHPIÕU3OR WLQJDQ]ZLFKWLJJHZHVHQDEHU3ORWLQXQGGLHDQGHUHQ3ODWRQLNHUVLQGQLFKW3ODWRQVLHKD EHQ VLFK MD DXFK DOV ([HJHWHQ EHWUDFKWHW :LU NÏQQHQ ]X 5HFKW VDJHQ GD¸ VLH LKQ LQ GHU :HLVHDQJHPHVVHQLQWHUSUHWLHUWKDEHQGD¸HLQ%HJULZLHGLH±QSf[WMNUIÚOEX‡X¶HYRE X³RHLQVHKUGHXWEDUHU%HJULLVWrDXFKVFKRQEHL3ODWRQ(ULVWQLFKWELVLQV/HW]WHEHVWLPPW HUJLEWQXUHLQH5LFKWXQJYRU'DV6LFK$QJOHLFKHQDQ*RWWNDQQVHKUXQWHUVFKLHGOLFKJH GHXWHWZHUGHQHV]HLJWDEHUDQGD¸HVHLQ3ODWRQLVFKHU*UXQGJHGDQNHLVWGD¸ZLUXQVLQ GHU 3KLORVRSKLH DXFK LQ HWKLVFKHU +LQVLFKW DQ HLQ 3ULQ]LS DQJOHLFKHQ VROOHQ XQG ]ZDU GXUFK HLQH LPPHU VFKQHOOHUH ,QWHQVLYLHUXQJ XQVHUHV 'HQNHQV GLH VLFK ] % PLWWHOV GHU X{GRLHMEPIOXMOœXQGDQGHUHU6WUDWHJLHQHUUHLFKHQO½¸WrDEHULQKDOWOLFKLVWGDQLFKWVEH VHW]W:HQQLFKQXQHLQHDQGHUHPHKUVFKLFKWLJH2QWRORJLHKDEHZHQQLFKGLHTIVMEK[Kœ XQGƒR„FEWMNDXVGHU3ROLWHLDPLWLKUYHUELQGHrZLHLQGLHVHU7KHDLWHWRV6WHOOHrGDQQNDQQ LFKGRFKDXVHLQHUVROFKHQ±QSf[WMNSOÏW]OLFKHLQH*UXQG$GKRUWDWLR]XHLQHP$XIVWLHJKHU DXVOHVHQGLHQLFKWJDQ]XQSODWRQLVFKLVWDEHUÕEHU3ODWRQKLQDXVJHKW8PHVNXU]]XVD JHQ +LQWHU 3ODWRQV 'HQNHQ VWHFNW VLFKHUOLFK HLQH $UW *HUÕVW DXI GDV HU LPPHU JHEOLFNW KDW GDV DEHU QLFKWV 6WDWLVFKHV LVW LP 6LQQH HLQHV 6\VWHPV GDIÕU DEHU r XQG GDPLW IÕU ]X VWDUNrKDOWHLFKGLH9HUVXFKHYRQ*DLVHUXQGWHLOZHLVHDXFKGLHYRQ.U½PHU ,KUHU 0HLQXQJ QDFK LVW DOVR GLH 7ÕELQJHU ,QWHUSUHWDWLRQ GHU XQJHVFKULHEHQHQ /HKUH HWZDV ]X VHKU DP 1HXSODWRQLVPXVDQ3ORWLQXQG3URNORVXQGGDPLWDQHLQHUIHVWJHOHJWHQNRVPRORJLVFKHQ6WUXNWXURULHQ WLHUW" 3ORWLQLVWQLFKWVRV\VWHPDWLVFKZLH3URNORVGDVLVWZLHGHUHLQ8QWHUVFKLHG'HVKDOELVWPLU 3ORWLQV3ODWRQLPPHUQ½KHUDOVGHUGHV3URNORVrVRVHKULFK3URNORVDXFKVFK½W]HrZHLOLFK JUXQGV½W]OLFK GHQNH GD¸ IÕU 3ODWRQLVFKHV 3KLORVRSKLHUHQ RKQHKLQ GDV 1LFKW)HVWJHOHJWH FKDUDNWHULVWLVFKLVWGDVw6LFKQLFKWDXIHLQHEHVWLPPWH3RVLWLRQIHVWOHJHQ/DVVHQkLP6LQ QHGHU(LQ]HODXVVDJHHLQHUVFKOHFKWHQ.RQNUHWLVLHUXQJPÏFKWHLFKPLW+HJHOVDJHQ3OD WRQLVFKHV'HQNHQLVWHLQHSHUPDQHQWH$QVSDQQXQJRGHU$XVULFKWXQJDXIGHQ9HUVXFKHLQ /HW]WHV(LQHVXQG+ÏFKVWHV]XGHQNHQRKQHGD¸PDQGHVZHJHQDQGHP$QGHUHQGDVQXU GHU$XVGUXFNGLHVHV(LQHQE]ZGDV1LFKW(LQHLVWYRUEHLGHQNWRGHUHV]XU6HLWHVFKLHEW 'DVLVWJOHLFKVDPHLQ6LFK9HUPLWWHOQPLWGHUYLHOI½OWLJVWUXNWXULHUWHQ:LUNOLFKNHLWKLQDXI





)UDJHQDQe7KRPDV/HLQNDXI HLQHQ 8UVSUXQJ GLHVHV 9LHOI½OWLJHQ r HLQ SHUPDQHQWHU 3UR]H¸ 'HVKDOE KDEH LFK 3ODWRQ QLFKW]XP6\VWHPDWLNHUJHPDFKWDEHUPDQNDQQLKQDXINHLQHQ)DOODOVHLQHQQXUDPIRU PDOHQP³KSNDPGLDOHNWLVFKHQ6SLHODQGHUEOR¸HQ$SRULH,QWHUHVVLHUWHQGDUVWHOOHQZLHHV LQDOOGLHVHQ½X¸HUOLFKEOHLEHQGHQ/HVDUWHQGLHVHQ'HSRWHQ]LHUXQJHQYHUVXFKWZRUGHQLVW XQG ]ZDU DXV HLQHP DQDFKURQLVWLVFKHQ %OLFN HWZD DXV GHP OHW]WHQ -DKUKXQGHUW ZR PDQ 3ODWRQVR]XVDJHQQXUQRFKVSUDFKDQDO\WLVFKGHXWHW 9HUVWHKHQ6LHXQWHUVROFKHQw'HSRWHQ]LHUXQJHQkDXFKGDV%LOG3ODWRQVDOV'LDORJWKHRUHWLNHU" ,P%OLFNDXI3ODWRQDOV'LDORJWKHRUHWLNHUQLPPWGHU7LPDLRVHLQHQHLJHQWÕPOLFKHQ3ODW]LP *HVDPWZHUN3ODWRQVHLQZLUNXQJVJHVFKLFKWOLFKLVWHUHLQHUGHUZLFKWLJVWHQ'LDORJHJHZH VHQDEHUHULVWJDUNHLQ'LDORJ :DUXPQLFKW":DUXPLVWGHU7LPDLRVNHLQ'LDORJ" (ULVWMDQXUDP$QIDQJHLQ'LDORJHULVWHLJHQWOLFKHLQHPRQRORJLVFKH'DUVWHOOXQJHLQHU .RVPRORJLHNDQQPDQVDJHQ $EHUPHLQH)UDJHJHKWLP*UXQGHWLHIHU:RUDQHUNHQQWPDQHLQHQ3ODWRQLVFKHQ'LDORJDOV'LDORJ" 'DVLVWHLQHQRFKEHVVHUH)UDJHDOVGLHQDFKHLQHP'LDORJÕEHUKDXSW(LQHQ3ODWRQLVFKHQ 'LDORJ HUNHQQHQ 6LH GDUDQ GD¸ HU HLQH *HVWDOW KDW HLQIÕKUHQ NDQQ XQG DXFK PX¸ (LQH *HVWDOWZLH6RNUDWHVZHQQDXFKDOVNWLRQDOH*HVWDOWPLWUHDOHP+LQWHUJUXQGGLHLQHLQHU EHVWLPPWHQ:HLVHGDV*HVSU½FKVRIÕKUWGD¸VLHVLFKLP*HVSU½FKDXFKVHOEVWUHHNWLHUWr GXUFK ,URQLH GXUFK GDV /RVODVVHQ GHU *HVSU½FKVIÕKUXQJ GXUFK GLH µEHUWUDJXQJ DXI GHQ DQGHUHQGLHDEHUDXFKZLHGHU]XUÕFNJHQRPPHQZLUGZHLOGDV/RVODVVHQJHQDXVRYRQVWDW WHQJHKWGD¸GHUDQGHUHJDUQLFKWLQGHU/DJHLVWGLH*HVSU½FKVIÕKUXQJDQVLFK]XUHL¸HQ (VLVWDOVRHLQ6SLHOHQPLWGHPZDVLP'LDORJVWDWWQGHWrPLWHLQHU:HFKVHOUHGHGLHVLFK XQWHUVFKLHGOLFKVWUXNWXULHUWGXUFK(LQZÕUIHGXUFK)UDJHQGXUFK3RVLWLRQHQ*HJHQSRVL WLRQHQ5ÕFNIUDJHQ.ULWLNXVZ'HU6RNUDWLVFKH'LDORJLVWHLQHUGHUGLHVH6WUXNWXUHQDXFK VHOEVWLQGLHVHUUD"QLHUWHQ)RUPLQGHUMHGHV:RUWJHQDXJHVHW]WLVWQRFKPLWUHHNWLHUW XQVGDEHLDEHUQLFKWGDUDXIYHUZHLVWGD¸ZLUGDQQLQGLHEOR¸H,URQLHLQGLH8QHLJHQWOLFK NHLWNLSSHQVRQGHUQGDUDXIGD¸GDV*HVSU½FKGHU0RGXVLVWLQGHPZLUDXFKLQXQVVHOEVW SKLORVRSKLHUHQJOHLFKVDPDOV*HVSU½FKGHU6HHOHPLWVLFKVHOEVWÕEHUGDVZDVVLHWDWV½FKOLFK LQWHQGLHUW,FKGHQNHLQGHU+LQVLFKWLVW3ODWRQLVFKHV3KLORVRSKLHUHQLQGHU:XU]HOGLDOR JLVFKXQG]ZDULP5DKPHQHLQHUGLDOHNWLVFKHQ6WUXNWXUGLH3RVLWLRQHQKHUDXVDUEHLWHWGLH LP*UXQGHGHQ$XVJDQJVSXQNWGHVVHQZDVYHUPHLQWOLFKLQWHQGLHUWLVWYROOVW½QGLJXPGUH KHQNÏQQHQXPGDQQ]X]HLJHQGD¸GHUGHUDQI½QJW]XUHGHQGDVHLJHQWOLFK$QJHVWUHEWH DQIDQJVJDUQLFKWJHZX¸WKDWVRQGHUQGD¸GLHVPLWWHOVGHUX{GRLQEMIYXMOœDXVLKPKHU YRUJHKROW ZLUG 'HU 3ODWRQLVFKH 'LDORJ LVW DOVR JDQ] YLHOVFKLFKWLJ (U LVW HLQ 'LDORJ ]ZL VFKHQ *OHLFKEHUHFKWLJWHQ HU LVW HLQ 'LDORJ GHU DXFK ]ZLVFKHQ QLFKW *OHLFKUDQJLJHQ VWDWWQGHWXPDEHUGHQDQGHUHQQLFKW]XGHSRWHQ]LHUHQVRQGHUQXPLKQ]XVLFKVHOEVW]X EULQJHQrDOV.XQVWLPDQGHUHQGLHIUDJOLFKH6DFKH]XU*HEXUW]XEULQJHQ,QGHU+LQVLFKW LVW 3ODWRQ HLQ GLDORJLVFKHU $XWRU GHU DXFK PLW VLFK VHOEVW LP 'LDORJ VWDQG QLFKW QXU PLW VHLQHQ 6FKÕOHUQ XQG GDGXUFK DXFK NHLQ DEJHVFKORVVHQHV 6\VWHP LQ SHMRUDWLYHP 6LQQH  HQWZLU  VRQGHUQ RHQ LVW IÕU ZHLWHUH (QWZLFNOXQJHQ .XU] JHVDJW 3ODWRQ LVW LQ VHLQHP 'HQNHQGLDORJLVFKXQGGHU3ODWRQLVFKH'LDORJLVWHEHQVHKUYLHOVFKLFKWLJ:DVLKQDEHUEH VRQGHUVDXV]HLFKQHWLVWGD¸HUVLFKDQYLHOHQ6WHOOHQDOV'LDORJLP9ROO]XJVHOEVWPLWWKHPD WLVLHUW





0LVFHOODQHD 6LHKDEHQDXFKJHVDJWGDV'LDORJLVFKHEHL3ODWRQVHLGLDOHNWLVFKXQGGLH3ODWRQLVFKH'LDOHNWLNNDQQ PDQDOVGLH%HZHJXQJYRQHMEfVLWMNXQGWYREK[KœEHJUHLIHQ:LHLVWGLH'LDOHNWLN]XYHUVWHKHQLQ GHU 7UDGLWLRQ GHV 3ODWRQLVPXV LQ GHU GLH %HZHJXQJ YRQ 3UR]HVVXDOLW½W XQG 5ÕFNNHKU HLQH ]HQWUDOH 5ROOHVSLHOWrHWZDEHL3URNORV'LRQ\VLXV3VHXGR$UHRSDJLWD&XVDQXV)LFLQRRGHUDQGHUHQ" 'LH'LDOHNWLNLVWHLQH0HWKRGHHLQ:HJ0HODQFKWKRQHWZDGHXWHWQ{USHSNDOVX{GRL±HS TSMLXMOœDOVRDOVHLQH.XQVWIHUWLJNHLWGLHGHQ:HJEHUHLWHW'LH'LDOHNWLNLVWJHQDXGLHVHV LP3ODWRQLVFKHQ3KLORVRSKLHUHQ6LHLVWDOV0HWKRGHQLFKWGLH6DFKHVHOEVWVRQGHUQGLH0H WKRGHGLH]XU6DFKHKLQIÕKUWXQGHV]HLJWVLFKGD¸GDVZLUNOLFKZDKUKD H6HLQGDVµRX[N µRLQVLFKVHOEVWGLDOHNWLVFKYHUID¸WLVWGK'LH0HWKRGHGHV'HQNHQVHUDUEHLWHWVLFKHL QHQ+RUL]RQWGHULKUJOHLFKVDPLPVW½UNVWHQ6LQQH½KQOLFKLVW´QSMSRGLH±QSM³XLNVSLHOW MDHLQHJUR¸H5ROOHXQGHVLVWJDQ]LQWHUHVVDQW]XVHKHQGD¸]%&XVDQXVGLHPHQVKXPD QDRGHUVRJDUGLH PHQVÕEHUKDXSWDOVHLQHLQQHUHJHLVWLJH(LQKHLWDOVHLQH YLVDVVLPXODWLYD EHVWLPPWKDW9RUDOOHP,GLRWDGHPHQWHZLUGJHQDXJHVDJWGD¸GLHPHQVHLQHYLVDVVLPXODWLYD LVWGDVPHLQWrJDQ]3ODWRQLVFKJHGDFKWrOHW]WOLFKGHQ6HOEVWYROO]XJGHV'HQNHQV&XVDQXV VDJWDQHLQHU6WHOOH,QGHPGDV'HQNHQVLFKHQWIDOWHWIDOWHWHVLPVHOEHQ9ROO]XJGLH:LUN OLFKNHLWLQVLFKHLQ:LHWXWHVGDVZLHLVWGLHVHFRPSOLFDWLR]XYHUVWHKHQ",QGHPGDV'HQNHQ VLFK GHP ZDV HV GHQNW JOHLFKVDP DQJOHLFKW $EHU wVLFK DQJOHLFKHQk KHL¸W HEHQ DXFK wEHL VLFK VHOEVW EOHLEHQk 'DV 'HQNHQ ZLUG QLFKW ]X GHU 6DFKH VHOEVW GLH HV GHQNW VRQGHUQ HV ELOGHW HLQ KQOLFKNHLWVELOG XQG GLHVHV NDQQ LPPHU QRFK LQWHQVLYLHUW ZHUGHQ 'DV LVW HV ZDVEHL&XVDQXVDXFKGHU3ODWRQLVFKHQ,QWHQWLRQJDQ]HQWVSULFKWGLHVHV1LFKW)HVWJHOHJWH GLHVHV%HWRQHQGHUSURGXNWLYHQ2HQKHLWGD¸GDV'HQNHQLQGHU*HQDXLJNHLWEHLGHU(U IDVVXQJ GHV *HJHQVWDQGHV GHQ HV GHQNW LPPHU QRFK ZHLWHUNRPPHQ NDQQ RKQH GD¸ HV PLW GHP *HJHQVWDQG LQ LUJHQGHLQHU :HLVH ]XVDPPHQHOH 'DV ZÕUGH LFK ]% DOV HLQHQ JHQXLQ3ODWRQLVFKHQ*UXQG]XJDXFKEHL&XVDQXVVHKHQXQGGLH.UD GD¸GDV'HQNHQHL QH(LQKHLWDXV*HJHQV½W]HQLVWGLHLPPHUVFKRQYHUPLWWHOWVLQGGDVVWHFNWMDLQGHP3ODWR QLVFKHQ *HGDQNHQ GHV TERXIPÏN µR DXV GHP 6RSKLVWHV LP *UXQGH JHGDFKW DOV OSMR[RfE XÏRIeHÏRGLHGXUFKGLHQ{KMWXEK{RLVWUXNWXULHUWLVWDEHUJHQDXVRKDWHUHVHEHQQLFKW JHVDJW3ORWLQHWZDVDJWGDQQGD¸GHURSÁNJHQDXVRVHLXQGGDVVLQGGDQQGLH(SLWKHWDRU QDQWLDGHV3ORWLQLVFKHQRSÁN 1XQ VLQG ZLU EHL 1LNRODXV YRQ .XHV JHODQGHW 'LH 'LDOHNWLN LVW GLH 6HOEVWYHUPLWWOXQJ GHV *HLVWHV .DQQPDQGDVDEHUIÕU3ODWRQVHOEVWJHOWHQODVVHQ" (VLVWQLFKWXQSODWRQLVFKZHQQPDQEHL3ODWRQ8QDXVJHVSURFKHQHVDXVVSULFKWXQGGDGXUFK ]XHWZDVNRPPWZDVZLUNXQJVJHVFKLFKWOLFKJDQ]DQGHUV]XP7UDJHQJHNRPPHQLVW'HU %HJULHLQHVLQVLFKYHUPLWWHOWHQ*HLVWHVKDWQDWÕUOLFKHLQHXQJODXEOLFKH)DV]LQDWLRQDXVJH ÕEWXQGDXIGLH*HLVW0HWDSK\VLNGHUIUÕKHQ1HX]HLWJHZLUNWrPLWGHULFKPLFKLQWHQVLY EHVFK½ LJH,FKGHQNHKLHUQLFKWQXUDQ&XVDQXVVRQGHUQDXFKDQ)LFLQRPLWVHLQHQJHQLD OHQ µEHUVHW]XQJVOHLVWXQJHQ XQG DQ GLH )ORUHQWLQHU $NDGHPLH 'XUFK GHUHQ %HJUL GHU PHQVDOVHLQHULQVLFKGLDOHNWLVFKYHUPLWWHOWHQ(LQKHLWGHUMDOHW]WOLFKDOV%LOGGHVYHUEXPGLYL QXP]XGHQNHQLVWZLUGHLQHVROFKH3KLORVRSKLHHEHQNHLQHSKLORVRSK\RIPLQGLP6LQQHHL QHU%HZX¸WVHLQVWKHRULHVRQGHUQVLHLVWLPPHUVFKRQLQHLQHQRQWRORJLVFKPHWDSK\VLVFKHQ XQG DXFK WKHRORJLVFKHQ +RUL]RQW JHVWHOOW 'HU RSÁN%HJUL XQG GHU %HJUL GHV O³WQSN RSLX³NrGLHZLUDXFKVFKRQEHL3KLORQKDEHQDXFKZLHGHU3KLORQGDVLVWZLFKWLJ3KLORQ KDWDOVHLQHUGHUHUVWHQGHQ%HJULGHVO³WQSNRSLX³N rVLQGWKHRORJLHJHVFKLFKWOLFKJOHLFK VDP LP 6LQQH GHU $XVGLHUHQ]LHUXQJ GHV 7ULQLW½WVJHGDQNHQV DOV 6WUXNWXU GHV YHUEXP GLYL QXPE]ZPXQGXVLQWHOOLJLELOLVEHVWLPPWZRUGHQ'LHVHUPXQGXVLQWHOOLJLELOLVLVWGLHVDFKKDOWLJH





)UDJHQDQe7KRPDV/HLQNDXI 6WUXNWXUGHVHUVWHQSHUVRQDOHQ0RPHQWHVGHUDXVGHPJÏWWOLFKHQ8UJUXQGKHUYRUJHKWDXV GHPHLQHQ9DWHU'HU9DWHUVSULFKWVLFKLPP³KSNLPYHUEXPDXVXQG]ZDUVRGD¸LPVHO EHQ0RPHQWGLH*HVDPWKHLWDOOHU,GHHQDOVPXQGXVLQWHOOLJLELOLVPLWJHVHW]WLVWGLHVHUPXQGXV LQWHOOLJLELOLVLVWGLH9RUIRUPGHU:HOWGLHGDQQTXD6FKÏSIXQJKHUYRUJHKW,FKVDJHGDVGHV KDOEZHLO$XWRUHQZLH&XVDQXV)LFLQR3DWUL]L5HXFKOLQXQGYLHOHPHKUGLHVH7UDGLWLRQ QDWÕUOLFKNDQQWHQGK'LHPHQVKXPDQDLVWHLQ%LOGGHUPHQVGLYLQDDXVGHUPHQVGLYLQDLVW GLH:HOWKHUDXVJHVHW]WZRUGHQrGDVLVWGDV.RRUGLQDWHQJHIÕJH'HVKDOENDQQPDQVDJHQ GD¸ GLH PHQV KXPDQD HLQHQ %H]XJVSXQNWKDW HLQ RELHFWXP HLQHQ *HJHQVWDQGVEHUHLFK GHU ZLUNOLFKDX¸HULKUOLHJWXQGQLFKWVLHVHOEVWLVWGHULKUDEHUVFKRQYRUGHUKDQGD"QLVW'LHVH *UXQGD"QLW½WGLHVHV*UXQGYHUWUDXHQGD¸HLQVROFKHV6HLQGDLVWGD¸XQVHU'HQNHQD"Q LVWGDVNÏQQHQ6LHQXUYRUGHP+LQWHUJUXQGGLHVHVJUR¸HQ6]HQDULRVEHJUHLIHQ6RQVWO½X  PDQ *HIDKU LQ &XVDQXV HLQH SURWRNDQWLVFKH 7UDQV]HQGHQWDOSKLORVRSKLH KLQHLQ]XOHVHQ 'DVDEHUZ½UHIDOVFKVRHWZDVLVWDXFKIÕU)LFLQRYHUVXFKWZRUGHQ$EHUGDVLVWDQDFKURQL VWLVFKZHLOQLFKWEHUÕFNVLFKWLJWZLUGGD¸GLHVH$XWRUHQVLFKVHOEVWLQHLQHPDQGHUHQ.RQ WH[WYHUVWDQGHQKDEHQ :RULQVHKHQ6LHGDVZLUNOLFK,QQRYDWLYHDP&XVDQLVFKHQ'HQNHQLQVHLQHPHLJHQHQ.RQWH[W" 'DV,QQRYDWLYHLVWVHKUYLHOVFKLFKWLJEHL&XVDQXV(VLVWQDWÕUOLFKDXIGHUHLQHQ6HLWHVHLQH 3ULQ]LSLHQOHKUH'DVZDVLQVHLQHQQHXHUGDFKWHQ*RWWHVQDPHQ]XP$XVGUXFNNRPPWr HWZDLPSRVVHVWLQGHU=XVDPPHQ]LHKXQJYRQSRVVHXQGHVWRGHULPQRQDOLXGrI½OOWQDWÕU OLFKQLFKWHLQIDFKVRYRP+LPPHO6LHVWHKHQLP=XVDPPHQKDQJPLWGHUVS½WPLWWHODOWHUOL FKHQQRPLQDOLVWLVFKHQ3KLORVRSKLHXQG6SUDFKWKHRULHHQWVWDPPHQDEHULP*UXQGHVHLQHU $XVHLQDQGHUVHW]XQJPLWGHP3ODWRQLVFKHQ'HQNHQrYRUDOOHPPLWGHPGXUFK0RHUEHNH ÕEHUOLHIHUWHQ 3DUPHQLGHV.RPPHQWDU PLW GHU 6FKXOH YRQ &KDUWUHV PLW %RQDYHQWXUD XQG PLW0HLVWHU(FNKDUW'LH:HQGXQJwQRQDOLXGHVWQRQDOLXGTXDPQRQDOLXGkDOV*RWWHVGHQL WLRQ]%LVWHLQHJHQLDOH/ÏVXQJVLH]HLJWGD¸GDVVHOEHYROOVW½QGLJGXUFKVLFKVHOEVWLQHLQHU GUHLI½OWLJHQ :LHGHUKROXQJ GHQLHUW ZHUGHQ NDQQ r XQG GDGXUFK JOHLFKVDP DXFK GLH GUHL 3HUVRQHQ DOV IXQNWLRQDOH (LQKHLW HLQHU QLFKW DXV GHU 8UVSUXQJVGHQLWLRQ KHUDXVIDOOHQGHQ %HVWLPPXQJ 'DV LVW LQQRYDWLY ZHLO HV VR QRFK QLFKW JHGDFKW XQG DXVJHVSURFKHQ ZXUGH $XFKGLH9HUELQGXQJYRQSRVVHXQGHVVHE]ZJHUDGHQLFKWYRQHVVHVRQGHUQYRQHVWrGDKD EHQZLUZLHGHUGHQ+LQWHUJUXQGGHU([RGXV0HWDSK\VLN'DV.ÏQQHQ,VWZLHHVMDÕEHU VHW]WZRUGHQLVWLVWDXFKHLQH6\QWKHVLVEHUHLWVYRUKDQGHQHU*HGDQNHQÕEHUGLHSRWHQWLDGHL ÕEHUGDVSRVVHGDVQLFKWQXUGLHUHLQH3RWHQWLDOLW½WLP6LQQHHLQHVQRFKQLFKW9HUZLUNOLFK WHQLVWVRQGHUQHEHQDXFKHLQH0½FKWLJNHLWHWZDV]XWXQRGHU]XVHW]HQ'LHVHV.ÏQQHQ GLHVH0DFKWXQG3RWHQWLDOLW½WKDW&XVDQXVLQVHLQwLVWkKLQHLQJHVHW]WVRGD¸LPPHUVFKRQ EHYRUHWZDVDXVGHPHUVWHQ3ULQ]LSr*RWWrKHUDXVNRPPWHLQHYRUJUHLIHQGHDEVROXWH6\Q WKHVLVYRQDOOHPSRVVHPLWGHP([LVWLHUHQ.ÏQQHQJHVWL HWLVW$EHUQDWÕUOLFKLVW&XVDQXV QLFKWQXUEHLGHQ*RWWHVQDPHQLQQRYDWLYJHZHVHQ(VLVWDXFK$XVGUXFNVHLQHUVSHNXODWL YHQ 'LDOHNWLN ]XPLQGHVW GHQ 9HUVXFK XQWHUQRPPHQ ]X KDEHQ DOV KRKHU .LUFKHQPDQQ XQG:ÕUGHQWU½JHUGLH9LHOIDOWGHU5HOLJLRQHQVRZHLWHVGDPDOVPÏJOLFKZDUDQ]XHUNHQ QHQMDVLHLQHLQHJHZLVVH*OHLFKUDQJLJNHLW]XVWHOOHQ'HSDFHGHLLVWHLQVROFKHU9HUVXFK QDWÕUOLFKLVWNODUGD¸GLHILGHVFDWKROLFDGLH/HLWIXQNWLRQKDWrPDQNDQQMDQLFKWYRQHLQHP 0HQVFKHQYHUODQJHQYROOVW½QGLJDXVVHLQHU=HLWKHUDXV]XVSULQJHQ$EHUHUKDWYHUVXFKW]X GHQNHQGD¸GLH9HUVFKLHGHQKHLWGHUUHOLJLÏVHQ3UDNWLNHQLP9HUK½OWQLV]XGHPZDVVLHLQ WHQGLHUHQQLFKWGDVZLUNOLFK:LFKWLJHLVW]XPLQGHVWQLFKWVRZLFKWLJGD¸DOOHLQHLQHULWX HOOH 'LHUHQ] ]X HLQHU 'LVWDQ]LHUXQJ XQG ZRPÏJOLFK NULHJHULVFKHQ $XVHLQDQGHUVHW]XQJ





0LVFHOODQHD IÕKUHQGDUI'DQQQDWÕUOLFKVHLQH$XIIDVVXQJGHV0HQVFKHQr]%LQ'HFRQLHFWXULVXQGLQ DQGHUHQ6FKUL HQrGLHQDWÕUOLFKPLWGHP%HJULGHUPHQVLQ=XVDPPHQKDQJVWHKW,FK PHLQHGLH'HXWXQJGHUPHQVQLFKWQXUDOVYLVDVVLPXODWLYDVRQGHUQYLHOPHKUDOVYLVLQQLWD DOVRGLH(LQVLFKWGD¸XQVHU'HQNHQHLQXQHQGOLFKHV3RWHQWLDOKDWVRGD¸ZLUHLJHQWOLFKGD YRQDXVJHKHQNÏQQHQXQVQLFKWQXUGDVHLQ]HOQH,QGLYLGXXPVRQGHUQGLH0HQVFKKHLWLQ LKUHQYHUVFKLHGHQHQ5HSU½VHQWDQWHQHLQHQGHU0ÏJOLFKNHLWQDFKXQHQGOLFKHQ6DFKJHKDOW YRQ:LUNOLFKNHLWLQ$QQ½KHUXQJVFKULWWZHLVHDXFKGXUFK7UDGLHUXQJDQ]XHLJQHQ'DVLVW HLQ*HGDQNHGHUVLFKGDQQDXFKEHL$XWRUHQZLH)LFLQR&KDUOHVGH%RYHOOHVXQG3DWUL]L ]HLJHQO½¸W&XVDQXVJHKÏUW]XGHQHUVWHQGLHGDVXPKHUXPVRNRQ]LSLHUWKD EHQ $OVRLVW&XVDQXV9RUUHLWHUGHVwPRGHUQHQ*HLVWHVkLQVRIHUQVLFKGLHVHUDXIGLH 8QHQGOLFKNHLWEHZX¸W HLQO½¸W" -D9RUUHLWHUHLQHUIUÕKQHX]HLWOLFKHQ*HLVWPHWDSK\VLNGLHDEHUQRFKJDQ]DQGHUVLVWDOVGDV ZDVGDQQLQGHQ6\VWHPHQGHV-DKUKXQGHUWVHWZDLPVRJ5DWLRQDOLVPXVDXVGHP%H JULGHUPHQVJHPDFKWZLUGrHLQHUHVFRJLWDQV]%EHL'HVFDUWHV:HULP-DKUKXQGHUW GLHJUϸWH$"QLW½W]XGLHVHU7UDGLWLRQKDWLVWPHLQHU0HLQXQJQDFK/HLEQL],FKZÕUGH VDJHQ/HLEQL]KDWGLH*HLVWPHWDSK\VLNLQYLHOHQ3XQNWHQDXFKWDWV½FKOLFKYHUVXFKW]XUHDOL VLHUHQXQGHUKDWYHUVXFKWGHUYLVLQQLWDYRQGHU&XVDQXVXQG)LFLQRVSUHFKHQDOVRGHU PHQVLKUHQ2UWLKUH:LUNVW½WWHLQGHQ$NDGHPLHQ]XYHUVFKDHQ'DVKDWLKQDQGHQYRU DXVJHKHQGHQIUDQ]ÏVLVFKHQ*UÕQGXQJHQIDV]LQLHUWGDVZROOWHHUDXFKLQ'HXWVFKODQGKD EHQHUZROOWHHLQ1HW]YRQ$NDGHPLHQGXUFKGLHHLQ$XVWDXVFKGHUEHVWHQ.ÏSIHGHU=HLW DXIGHQYHUVFKLHGHQHQ:LVVHQVJHELHWHQPÏJOLFKZHUGHQVROOWHLFKNDQQQXUVDJHQVRZHLW VLQGZLUKHXWHHLJHQWOLFKQRFKQLFKW 6LHPHVVHQDOVR/HLEQL]nSKLORVRSKLHKLVWRULVFKH%HGHXWXQJQLFKWQXUDQVHLQHQ6FKUL HQVRQGHUQDXFK DQVHLQHQ7½WLJNHLWHQEHLGHU*UÕQGXQJYRQ,QVWLWXWLRQHQ:DUXP" 6HLQH$NWLYLW½WHQYRUGHU*UÕQGXQJVSLHOHQHLQHJUR¸H5ROOH(UKDW-DKUHE]Z-DKU]HKQWH GDUDQJHDUEHLWHWZDUVHOEVW0LWJOLHGGHU)UDQ]ÏVLVFKHQ$NDGHPLHGHU:LVVHQVFKD HQXQG VWDQGLQHQJHP.RQWDNW]XGHULQ/RQGRQJHJUÕQGHWHQ5R\DO6RFLHW\0DQNDQQrHWZDV ÕEHUVWHLJHUWrVDJHQGD¸HLQ1HW]YRQ$NDGHPLHQLQ(XURSDGLH,GHDOJHVWDOWZDUGLHLKP YRUVFKZHEWH,QHLQHUNOHLQHQ6FKUL VDJWHUPDQGDUIVHLQHQ5XKPQLFKWDXIGHQ5XLQHQ GHUDQGHUHQHUULFKWHQrIÕUPLFKDXFKHLQ$XVGUXFNVHLQHU*UXQGLQWHQWLRQGHUXQEHGLQJ WHQ$QHUNHQQXQJGHVDQGHUHQLQVHLQHU(LJHQVW½QGLJNHLW'LHDQJHVWUHEWH=XVDPPHQDUEHLW GHU$NDGHPLHQVROOWHHLQ$XVWDXVFKXQWHU*OHLFKUDQJLJHQVHLQGLHDQGHU6DFKHGHV:LV VHQV DUEHLWHQ 'DV WKHRUHWLVFKH )XQGDPHQW VHLQHV $NDGHPLHJHGDQNHQV LVW QDWÕUOLFK VHLQ 9HUVXFKHLQH8QLYHUVDOVSUDFKH]XNRQVWLWXLHUHQZHOFKHGLH'LHUHQ]HQGHU(LJHQVSUDFKH ÕEHUZLQGHWrJOHLFKVDPDOVFODYLVXQLYHUVDOLVGHU0LWWHLOXQJ'LHVH8QLYHUVDOVSUDFKHVROOWHMD QXQQLFKWQXUHLQ3URGXNWGHUDEVWUDNWHQ6SLHOHUHLHLQHV*HOHKUWHQLQWHUHVVHVVHLQGDVPDQ LUJHQGZLH PDO HQWZLFNHOW GDQQ DEHU QLFKW QXW]W HV VROOWH HLQ 1XW]HQ HUEUDFKW ZHUGHQ $XFKZLFKWLJLVWGLHSDUDOOHOHQWZLFNHOWH$XVDUEHLWXQJHLQHUXQLYHUVDOHQ/RJLNGLHDXIHLQHU EHVWLPPWHQ=HLFKHQVSUDFKHHLQHU.ÕU]HOVSUDFKHEHUXKWPLWGHUNRPSOH[H)RUPHQrZLH HWZDLQGHQ$OJRULWKPHQXVZrGXUFKHLQH$UWYRQ6XEVWLWXWLRQVWKHRULHYHUHLQIDFKWZHU GHQNÏQQHQXPGDQQLQVHLQHU7KHRULHGHUXQLYHUVDOHQ:LVVHQVFKD GHUVFLHQWLDJHQHUDOLV HLQH5ROOH]XVSLHOHQrXQG]ZDUDXIGHP6RFNHOGHVVHQZDVGDVXQGGDVIUÕKH-DKU KXQGHUWVFKRQJHOHLVWHWKDEHQ,P%OLFNDXIGLH9LHOIDOWVHLQHU,QWHUHVVHQPX¸PDQDOVRHL





)UDJHQDQe7KRPDV/HLQNDXI QHQ*UXQGJHGDQNHQVHLQHU=HLWEHUÕFNVLFKWLJHQGHULKQLPPHUDQJHWULHEHQKDW,FKPHL QHGHQ9HUVXFKIRUPDOLVLHUHQGH6WUDWHJLHQ]XHQWZLFNHOQLP6LQQHGHU0ÏJOLFKNHLWNRP SOH[H6WUXNWXUHQRKQH9HUOXVWDXIHLQIDFKHUH]XUHGX]LHUHQXQGGLHVFLHQWLDJHQHUDOLVLVWHLQ VROFKHU9HUVXFKGHU5HGXNWLRQRKQH9HUOXVWDQ*HKDOWXQG,QIRUPDWLRQGHUDXIYHUVFKLH GHQHQPHWKRGRORJLVFKHQ:XU]HOQUXKW =XP6WLFKZRUWwVFLHQWLDJHQHUDOLVk:HURGHUZDVKDW/HLEQL],KUHU$QVLFKWQDFKDXIGLHVHQ%HJUL JHEUDFKWXQGZDVKDWHUGDUDXVJHPDFKWrLP8QWHUVFKLHG]X.LUFKHUHWZDÕEHUGHQ6LHDXFKYLHOJHDU EHLWHWKDEHQ" 'HU%HJULwVFLHQWLDJHQHUDOLVkLVWVLFKHUOLFKHLQH:HLWHUHQWZLFNOXQJGHV%HJULVGHUDUVPDJQD GHVNDWDODQLVFKHQPLWWHODOWHUOLFKHQ$XWRUV5DLPXQGXV/XOOXVGHUPLWVHLQHU.RPELQDWRULN DOVHUVWHUYHUVXFKWKDWHLQHVROFKHQLFKWUHGXNWLRQLVWLVFKH)RUPDOLVLHUXQJ]XHUUHLFKHQ'LHVH KDWGDQQZHLWHUJHZLUNWLP3DULVHU/XOOLVPXV]ZLVFKHQXQGGXUFK/HXWHGLH &XVDQXVLQ3DULVHGLHUWRGHU)LFLQREHNDQQWJHPDFKWKDEHQGLHVH6\QWKHVLV]ZLVFKHQ/XOO XQG 3ODWRQLVPXV LVW ZLFKWLJ 6LH WULWW DOV ZHLWHUH :XU]HO IÕU /HLEQL] KLQ]X XQG DXFK IÕU .LUFKHUGHUGLH'LDOHNWLNGHV3HWUXV5DPXVUH]LSLHUWXQG]ZDUDOVHLQHGLFKRWRPLVFKYRU JHKHQGH.XQVWGHU%HJULVEHVWLPPXQJrTXDVLGHU3ODWRQLVFKHQHMEfVLWMNHQWVSUHFKHQG 'HU5DPLVPXVDOVGLFKRWRPLVFKGLKDLUHWLVFKH.XQVWXQG]XV½W]OLFKGLHVLFKDXIGHP6RFNHO GHV+XPDQLVPXVXQGGHV$ULVWRWHOLVPXVGHV-DKUKXQGHUWVHUKHEHQGH5HIRUPGHU/R JLNGHV3DGXDQHU*HOHKUWHQ=DEDUHOODrGDVVLQGGLHIÕU.LUFKHUXQGGDPLWDXFKIÕU/HLEQL] ]HQWUDOHQ (LQÕVVH ,Q VHLQHP :HUN $UV PDJQD VFLHQGL YHUVXFKW .LUFKHU VHLQH )RUP HLQHU VFLHQWLDJHQHUDOLVYRU]XVWHOOHQ/HLEQL]KDWWHVLFKVHKUYLHOGDYRQYHUVSURFKHQZDUGDQQDEHU HQWW½XVFKWXQG]ZDUGHVKDOEZHLO.LUFKHUQXUGLH*UXQGLGHHQGHUXQLYHUVDOHQ.RPELQD WRULNXQGGHU%LOGXQJYRQ0DWUL]HQYRQ5DPXVXQG/XOOÕEHUQRPPHQKDWWH'LH(QGJH VWDOWGLHVHUORJLVFKHQXQGPHWKRGRORJLVFKHQ)RUPVLQGGLH0RQDGHQEHL/HLEQL]'LH0R QDGHQVHW]HQVR]XVDJHQIÕUVLFKGLHJDQ]H:HOWXQWHULKUHQ,QGH[MHGH0RQDGH'DVLVWGHU *UXQGJHGDQNHGLH0RQDGHDOVHLQHUHIRUPLHUWHIRUPDVXEVWDQWLDOLV'LHQSR„NLVWJHQDXGD GXUFKGHQLHUWGD¸VLHGLHJDQ]H:HOWRGHUGLHJDQ]H:LUNOLFKNHLWLQVLFKHLQVFKOLH¸W :HQQ PDQ ,KUH $QVLFKWHQ ]XVDPPHQID¸W VFKHLQW GDV 1HXH EHL /HLEQL] GDULQ]X OLHJHQ GD¸ HU GLH 8QLYHUVDOZLVVHQVFKD GXUFKGLH7KHRULHGHU0RQDGHQYHUYROOVW½QGLJW ,FKPHLQWHGD¸GLH.RPELQDWRULNZLH/XOOVLHHQWZLFNHOWKDWVRIXQNWLRQLHUWGD¸HLQ6HW YRQ(OHPHQWHQLQ%H]LHKXQJ]XHLQDQGHUVWHKW$XIGLHDEVROXWH6SLW]HJHWULHEHQZLUGGLH XQLYHUVDOH.RPELQDWRULN]XU0RQDGRORJLHRGHU]XUPRQDGLVFKHQ9HUID¸WKHLWGHU:LUNOLFK NHLWZLHVLH/HLEQL]VFKLOGHUWQXULVWGDVQDWÕUOLFKEHL/HLEQL]YLHOUD"QLHUWHUXQGSKLORVR SKLVFKGLHUHQ]LHUWHUDOVLQHLQHPVROFKHQJODVSHUOHQVSLHODUWLJHQ=XVDPPHQVHW]HQYRQ7HL OHQ(VLVWGDVYROOVW½QGLJH=X(QGH'HQNHQGHVVHQZDVLQHLQHPVROFKHQ)RUPDOLVPXVLP SOL]LHUW LVW XQG GDV IÕKUW ]X HLQHU PRQDGLVFKHQ .RQ]HSWLRQ YRQ :LUNOLFKNHLW 0DQ LVW GDQQJH]ZXQJHQ]XVDJHQGD¸HWZDVGDVZLUNOLFKLVWDOOHDQGHUHQ0ÏJOLFKNHLWHQPLWXP ID¸WXQWHUVHLQHQVLQJXO½UHQ,QGH[VWHOOWrGDVZDUGLH.RQVHTXHQ]'DVEHGHXWHWQLFKWGD¸ /HLEQL]VHLQH0RQDGRORJLHQXUDOVHLQH:HLWHUHQWZLFNOXQJGHU.RPELQDWRULNYHUVWHKWGDV LVW VLH DXFK DEHU VLH LVW QDWÕUOLFK DXFK HLQH :HLWHUHQWZLFNOXQJ GHV %HJULV GHU (LQKHLW 0DQPX¸DXFKJDQ]NODUVHKHQGD¸/HLEQL]LQGLHVHU+LQVLFKW3ODWRQLNHULVWXQGLPPHU GHQ 9HUVXFK JHPDFKW KDW GLH 9LHOKHLW YRU GHP +LQWHUJUXQG HLQHU GLHVH 9LHOKHLW LQ GHU :XU]HO]XVDPPHQELQGHQGHQ(LQKHLW]XVHKHQ'DHUDEHUQXQGDUDQLQWHUHVVLHUWZDUGHQ JUϸWPÏJOLFKHQ $PELWXV DQ 9LHOKHLW QLFKW QXU ]X EHKDXSWHQ VRQGHUQ DXFK WDWV½FKOLFK





0LVFHOODQHD GHPPHQVFKOLFKHQ=XJUL]XHUVFKOLH¸HQHQWZLFNHOWHHUGLH6WUDWHJLHQGHUVFLHQWLDJHQHUDOLV XQGGDEHLNRQQWHHUDXIGLHJHLVWWKHRUHWLVFKHQ:XU]HOQ]XUÕFNJUHLIHQGLHLFKJHVFKLOGHUW KDEH ,Q GHU +LQVLFKW LVW VHLQH 3KLORVRSKLH GLHJUR¸H 6\QWKHVLV HLQHU *HVDPWHQWZLFNOXQJ GHV IUÕKQHX]HLWOLFKHQ 'HQNHQV r YRQ GHU =HLW XP 0LWWH GHV  -DKUKXQGHUWV ELV KLQ ]X LKPVHOEVW(UV\QWKHWLVLHUW9RUJDEHQGLHHU]XPJUR¸HQ7HLODXFKZRKOJHNDQQWKDWPDQ NDQQHVLPHLQ]HOQHQQLFKWLPPHUQDFKZHLVHQDEHUHUKDWGRFKZRKOYLHOHVGDYRQJHNDQQW XQGEULQJWHVJOHLFKVDPLQHLQHRULJLQ½UH)RUPGLHHLQHUDQGHUHQJUR¸HQTXDVLNRQNOXVL YHQ/HLVWXQJrQ½POLFKGHU6SLQR]DVrHWZDVJDQ](LJHQWÕPOLFKHV]XU6HLWHVWHOOWYÏOOLJDQ GHUVNRQ]LSLHUWrDXFKYÏOOLJDQGHUVDOVGLH:HOWGHV'HVFDUWHVDEHUQDWÕUOLFKLQLQWHQVLYHU $XVHLQDQGHUVHW]XQJPLW'HVFDUWHV(V]HLJWVLFKMD]%GD¸HUVLFKLQVHLQHUVFLHQWLDJHQHUDOLV rHLQHPZRUNLQSURJUHVVr*HGDQNHQÕEHUHWZDV1HXHVPDFKWXQGVRDXIHLQH5HIRUPDXFK GHU-XULVSUXGHQ]JHNRPPHQLVW /DVVHQ6LHXQVQRFKHLQDQGHUHV7KHPDDQVFKQHLGHQGDVDQHLQHPHLQHU(LQJDQJVIUDJHQDQNQÕS rDQ GLH)UDJHQDFK,KUHQ/HKUYHUDQVWDOWXQJHQ0LWZHOFKHP7H[WZÕUGHQ6LHHLQH(LQIÕKUXQJLQGLH3KLOR VRSKLH3ODWRQVEHJLQQHQ"0LWGHU)UDJHGHU(LQIÕKUXQJKDWVLFKMDEHUHLWV$OELQRVDXVHLQDQGHUJHVHW]W -DDEHUQDWÕUOLFKDXFK)LFLQRGDQQ3DWUL]]LLP-DKUKXQGHUW(UIUDJW”:LHLVWGLHLQQH UH2UGQXQJGHU3ODWRQLVFKHQ'LDORJH"*LEWHV(LQIÕKUXQJVGLDORJH"…XVZ'HUHLQ]LJH'LD ORJGHUIÕUPLFKDOV(LQIÕKUXQJVWH[WLQ)UDJHNRPPWLVWGHU 3KDLGRQrVSH]LHOOIÕU/HXWH GLH]XPHUVWHQ0DOÕEHUKDXSW3ODWRQLQGLH+DQGQHKPHQJHUDGHZHQQLFKQLFKWQXUGHQ 3ODWRQLVFKHQ6RNUDWHVXQGGLH)UDJHQDFKGHU0ÏJOLFKNHLWGHV7XJHQGZLVVHQVWKHPDWLVLH UHQZLOOVRQGHUQDXFKDXI3ODWRQLVFKH.HUQJHGDQNHQKLQDXVZLOOGLHLQGHQVS½WHQ'LDOR JHQDXVIRUPXOLHUWZHUGHQ 0LWZHOFKHQ%HJUÕQGXQJHQHPSIHKOHQ6LH,KUHQ6WXGLHUHQGHQHLQH$XVHLQDQGHUVHW]XQJPLWGHUDQWLNHQ 3KLORVRSKLHÕEHUKDXSW" 'DJLEWHVYLHOH*UÕQGHGLH)UDJHLVWHLJHQWOLFKZHQQ6LHVLHQLFKWVREHJUHQ]HQZROOHQ PLWGHQ)UDJHQLGHQWLVFKZDUXPPDQÕEHUKDXSW3KLORVRSKLHJHVFKLFKWHEHWUHLEWXQGZDU XP GLH $QWLNH ZRPÏJOLFK HLQHQ JUR¸HQ 9HUELQGOLFKNHLWVJUDG KDW 1DWÕUOLFK JHUDGH GHV KDOEZHLOMHPDQGPLWSKLORVRSKLHJHVFKLFKWOLFKHP,QWHUHVVHDXFKDQGHU*HQHVHYRQ3UR EOHPHQYRQ)UDJHVWHOOXQJHQLQWHUHVVLHUWVHLQPX¸XQGGDQQIÕKUHQDOOH:HJH]XUÕFN]XP 8UVSUXQJ HLQHU )UDJHVWHOOXQJ 'LHVHU NDQQ GDUÕEHU DXINO½UHQ ZDV PÏJOLFKHUZHLVH LQ GHU VS½WHUHQ%HDQWZRUWXQJrRGHUVRJDUVFKRQLQGHU)UDJHVWHOOXQJrQLFKWPHKUEHUÕFNVLFKWLJW ZLUG-D,FKNDQQQXU DXVGHU3KLORVRSKLHJHVFKLFKWHE]ZDXVGHU*HLVWHVJHVFKLFKWHDXFK HWZDVÕEHUPHLQHLJHQHV)UDJHQOHUQHQ 'DPLWNRPPHQZLU]XP9HUK½OWQLV]ZLVFKHQ3KLORVRSKLHXQG3KLORVRSKLHJHVFKLFKWH8QWHU%HUXIXQJ DXI6FKQ½GHOEDFKZLUGQHXHUGLQJVYRQPHKUHUHQ6HLWHQIRUPXOLHUWGLH3KLORVRSKLHVHLNHLQH*HLVWHVZLV VHQVFKD NÏQQHQ6LHGLHVHQ6WDQGSXQNWYHUVWHKHQ" 1HLQ,FKZHL¸ZDV6LHPHLQHQ:DVVROOHVGHQQKHL¸HQGD¸GLH3KLORVRSKLHV\VWHPDWLVFK LVWGLH*HLVWHVZLVVHQVFKD DEHUQLFKWXQGGD¸6DFKIUDJHQ6DFKSUREOHPHQLFKWLQGHU*HL VWHVZLVVHQVFKD  YHUKDQGHOW ZHUGHQ" ,FK KDEH GLHVH $XVIÕKUXQJHQ QLFKW YHUVWDQGHQ ,FK ZÕUGHMHGHQIDOOVVDJHQ3KLORVRSKLHNDQQJDUNHLQ%HZX¸WVHLQYRQVLFKVHOEVWKDEHQRKQH DXFKLKUHJHVFKLFKWOLFKHQ:XU]HOQ]XUHHNWLHUHQ'HVKDOEPX¸PDQDEHUQLFKWLQGHUJH VFKLFKWOLFKHQ2ULHQWLHUXQJVWHKHQEOHLEHQ'LH3KLORVRSKLHLVWHLQVRJUR¸HV)HOGGD¸ZLU HLQ .RQ]HUW PÏJOLFKVW YLHOHU 3RVLWLRQHQ EUDXFKHQ GLH VLFK LQ JHZLVVHU :HLVH ÕEHU VLFK





)UDJHQDQe7KRPDV/HLQNDXI VHOEVWYHUVW½QGLJHQPÕVVHQ'DVNÏQQHQVLHPLWJUR¸HP*HZLQQWXQLQGHPVLHVLFKDXIGLH XUVSUÕQJOLFKHQ)UDJHVWHOOXQJHQHWZDGHUDQWLNHQ3KLORVRSKLHRGHUGHUIUÕKHQ1HX]HLW]X UÕFNEHVLQQHQ XQG GDQQ JOHLFKVDP GLH 'LHUHQ] IHVWVWHOOHQ NÏQQHQ HLQH 'LHUHQ] GLH HQWZHGHUDOV=XJHZLQQRGHUDOV9HUOXVWGDUVWHOOEDULVW rZHQQQ½POLFK HLQXUVSUÕQJOLFKHV HUVWHV)UDJHQQRFKZHLWHUH+RUL]RQWHKDWWHGLHPLWWOHUZHLOHYHUVFKÕWWHWZRUGHQVLQG-DLQ GHU+LQVLFKWZÕUGHLFKVDJHQLVWGLH3KLORVRSKLHE]ZGLH7DWVDFKHGD¸EHVWLPPWH3UR EOHPHÕEHUKDXSW]X3UREOHPHQZHUGHQDXFKVFKRQKLVWRULVFKLQGL]LHUWrJDQ]DEJHVHKHQ YRQGHU7DWVDFKHGD¸DOOH%HJULHGLHZLUYHUZHQGHQDXFKVFKRQLKUHHLJHQH*HVFKLFKWH KDEHQXQGGD¸HVHLQYÏOOLJDEVWUDNWHV'HQNHQLVW]XJODXEHQPDQNÏQQHGLH%HJULHJH JHQLKUHKLVWRULVFKHVHPDQWLVFKH6½WWLJXQJQXUUHLQIRUPDORGHUQHXWUDOHLQVHW]HQ,QGLHVHU +LQVLFKW ZÕUGH LFK PHLQHQ LVW GLH %HVFK½ LJXQJ PLW 3KLORVRSKLHJHVFKLFKWH HWZDV ZDV HUKDOWHQZHUGHQVROOWH6LHVROOWHQLFKWGDVHLQ]LJHVHLQDEHUVLHVROOWHQLFKWVRZLHHVVHLW  -DKUHQ GHU )DOO LVW DXV GHP DNDGHPLVFKSKLORVRSKLVFKHQ 'LVNXUV VFKULWWZHLVH KLQ DXVJHGU½QJW ZHUGHQ (V JLEW NDXP QRFK &6WHOOHQ IÕU *HVFKLFKWH GHU 3KLORVRSKLH PDQ KDWGDVEHUÕKPWHXQGrZRKOJHPHUNWrHLQ]LJH,QVWLWXWIÕU3KLORVRSKLHGHU5HQDLVVDQFHXQG GHV+XPDQLVPXVLQ0ÕQFKHQ]XP7RGHYHUXUWHLOWLQGHPPDQGXUFKGLH6WUHLFKXQJGHV /HKUVWXKOVGDV,QVWLWXWJOHLFKVDPGHNDSLWLHUWKDWGDVVLQGDOOHV'LQJHGLHLQNHLQHPDQGH UHQ/DQGVWDWWQGHQZÕUGHQrLFKNHQQHZHGHULQ(QJODQGQRFKLQ)UDQNUHLFKRGHU,WDOLHQ YHUJOHLFKEDUH 9RUJ½QJH :HQQ PDQ DOVR VDJW 3KLORVRSKLHJHVFKLFKWH LVW ZLFKWLJ GDQQ VFKOLH¸WGDVZLHEHPHUNWGDV9HUIROJHQGHV=XVWDQGH.RPPHQVYRQ3UREOHPXQG)UD JH]XVDPPHQK½QJHQ HLQ XQG GDQQ ZLUG PDQ LPPHU ZLHGHU DXI GLH DQWLNH 3KLORVRSKLH YHUZLHVHQ 'HUHQ %HGHXWXQJ ]HLJW VLFK DXFK GDULQ GD¸ VLFK VFKRQ GLH 3KLORVRSKHQ GHU 6S½WDQWLNHGHV0LWWHODOWHUVrVRZHLWVLHNRQQWHQrGHU5HQDLVVDQFHGHV-DKUKXQGHUWV GLHGHXWVFKHQ,GHDOLVWHQrGD¸VLHVLFKDOOHLPPHUZLHGHUDXIDQWLNH$XWRUHQEHUXIHQKDEHQ VRGD¸HVHLJHQWOLFKDOOHLQVFKRQYRPJXWHQSKLORVRSKLVFKHQ+DQGZHUNKHUQRWZHQGLJLVW DXIGLH$QWLNH]XUHNXUULHUHQ 6LH VSUHFKHQ JDQ] XQYHUEOÕPW YRP 9HUVFKZLQGHQ GHU 3KLORVRSKLHJHVFKLFKWH DXV GHQ GHXWVFKHQ +RFK VFKXOHQ:HOFKH*UÕQGHJLEWHV,KUHU0HLQXQJQDFKIÕUGLHVHVYHUEOÕHQGH(UHLJQLV" (LQ*UXQGOLHJWGDULQGD¸0HLQXQJHQZLH3KLORVRSKLHLVWwV\VWHPDWLVFKkXQGwVDFKEH]R JHQkLP:LVVHQVFKD VUDWEHLHQWVFKHLGHQGHQ/HXWHQGRPLQLHUHQ'DQQKDEHQZLUQRFKGDV 3UREOHP GD¸3KLORVRSKLHJHVFKLFKWHK½XJ QXU GD ]XP7UDJHQ NRPPW ZR ZLU .RQNRU GDWVOHKUVWÕKOHKDEHQGKXQWHUWKHRORJLVFKHU6XSHUYLVLRQrDQVRQVWHQJLEWHVQXUHLQLJH 6WHOOHQIÕUDQWLNH3KLORVRSKLH:DVIHKOWLVWZHQLJVWHQVHLQ/HKUVWXKOIÕUGLH3KLORVRSKLH GHU5HQDLVVDQFHGHQJDEHVZLHJHVDJWLQ0ÕQFKHQGHULVWDEJHV½JWZRUGHQXQGGDUDQ KLQJGDV 1DFKIROJHLQVWLWXW GHVGXUFKGLH1DWLRQDOVR]LDOLVWHQ H[LOLHUWHQ:DUEXUJ,QVWLWXWHV DXV+DPEXUJ )ÕU6LHLVWHVDOVRVRQQHQNODUGD¸PDQ3KLORVRSKLHJHVFKLFKWHEHWUHLEHQPX¸XPDG½TXDWSKLORVRSKLH UHQ]XNÏQQHQ:DVVHKHQGLHDQGHUHQQLFKWRGHU:DUXPVHKHQVLHHVQLFKW" :HLO GLH 3KLORVRSKLH GXUFK GDV $EVFKQHLGHQ GHV PHWDSK\VLVFKHQ WKHRORJLVFKHQ +LQWHU JUXQGHV PLW GHP VLH ELV LQV  -DKUKXQGHUW LQWHQVLY YHUEXQGHQ ZDU LQ HLQHU :HLVH DXI VLFK]XUÕFNJHZRUIHQZXUGHGLHZLUMDVFKRQLP+LVWRULVPXVKDEHQ,QGHU$XVELOGXQJGHU *HLVWHVZLVVHQVFKD HQQGHQZLUGDVLP1HXNDQWLDQLVPXV QGHQZLUVFKRQGLH:XU]HOQ GDIÕU GD¸ GLH 3KLORVRSKLH VLFK LPPHU ZHQLJHU ]XWUDXW GD¸ VLH VLFK IRUPDOLVLHUW KLQWHU )RUPHOQYHUVFKDQ]WXQG]XUJOHLFKHQ=HLWDXIGHUQLFKWIRUPDOHQQLFKWORJLVFKHQQ½POLFK





0LVFHOODQHD DXIGHUHWKLVFKHQ6HLWHYHUVXFKW3UREOHPH]XWUDNWLHUHQGLHDQJHEOLFKXQVHUXQPLWWHOEDUHV /HEHQ EHWUHHQ 1XQ ]HLJW VLFK DEHU GD¸ GLHVH 3UREOHPH PHLVWHQV HEHQ QLFKW QXU XQVHU XQPLWWHOEDUHV/HEHQEHWUHHQVRQGHUQXQVLQGLHDOOJHPHLQH)RUPPHQVFKOLFKHQ'DVHLQV ]XUÕFNYHUZHLVHQ 'LHVH )RUP PHQVFKOLFKHQ 'DVHLQV NDQQ LFK DEHU QLFKW LUJHQGZLH wYRQ 1XOO DXI +XQGHUWk EHJUHLIHQ VRQGHUQ GD NRPPW GLH 3KLORVRSKLHJHVFKLFKWH GLH JHVDPWH *HLVWHVJHVFKLFKWHLQV6SLHO,QGHU/LWHUDWXULQGHU.XQVWDEHUHEHQDXFKLQGHU3KLORVR SKLH LVW VFKRQ VHLW -DKUWDXVHQGHQ DXI GDV UHHNWLHUW ZRUGHQ ZDV w0HQVFK6HLQk KHL¸W VR GD¸ ZLU PLW JUR¸HP *HZLQQ ]DKOUHLFKH 7H[WH HLQEH]LHKHQ NÏQQHQ :HQQ LFK GDV DOOHV ZHJODVVH GDQQ PX¸ LFK PLFK DXI GLH 3V\FKRORJLH DXI GLH 6R]LRORJLH DXI GLH 3ROLWRORJLH YHUODVVHQ ,FK VHOEVW DOV 3KLORVRSK EHKDQGOH *UXQGIUDJHQ 6DFKIUDJHQ 6DFKSUREOHPH XQG LFKIUDJHPLFKREGLHVH6DFKSUREOHPHVRYHUVFKLHGHQVLQGYRQGHQHQGLH3ODWRQPLWHLQHU 0HLVWHUOHLVWXQJLQGHQ$QDO\VHQGHU%HQGOLFKNHLWGHU6HHOHXQGGHV*HLVWHVVFKRQDQJH VSURFKHQKDW'DVVLQG'LQJHGLHSKLORVRSKLVFKDQJHJDQJHQZHUGHQPÕVVHQ 6LHHUNO½UHQGHQ5ÕFNJDQJGHU3KLORVRSKLHJHVFKLFKWHXQWHUDQGHUHPGDPLWGD¸VLFKGLH3KLORVRSKLHLP PHUZHQLJHU]XWUDXW*OHLFKZRKOHUOHEHQZLUKHXWHQDWLRQDOH(WKLNU½WH(WKLNLQ6FKXOHQ(WKLNLQGHU 0HGL]LQrGDZHUGHQVHKUJUR¸H$QVSUÕFKHDQGLH3KLORVRSKLHJHVWHOOWGLHPLWVHKUKRKHQ(UZDUWXQJHQ YHUEXQGHQVLQG.DQQPDQGLHVHQ(UZDUWXQJHQÕEHUKDXSWJHUHFKWZHUGHQGLHMHW]WDQGLH(WKLNJHVWHOOW ZHUGHQr(UZDUWXQJHQGLHDOOHUGLQJVDXFKPLW.ULWLNDQGHUXQLYHUVLW½UHQ,QVWLWXWLRQw3KLORVRSKLHk]X VDPPHQK½QJHQ" ,FKZHL¸QLFKWJHQDXREGLH(UZDUWXQJHQGLHPDQDQHLQHQ(WKLNUDWKDWPLWGHU.ULWLN DQ GHU ,QVWLWXWLRQ GHU 3KLORVRSKLH ]XVDPPHQK½QJHQ LFK JODXEH GDV VLQG ]ZHL JDQ] YHU VFKLHGHQH6DFKHQ,FKGHQNHYRQDX¸HQJHVHKHQKDWGLH3KLORVRSKLHLPPHUQRFKHLQHUH ODWLYJUR¸H5HSXWDWLRQrZHQQDXFKQLFKWÕEHUDOO0DQHUZDUWHWHWZDV%HVRQGHUHVZHQQ PDQHLQHQ3KLORVRSKHQLQHLQHQVROFKHQ5DWKROWGDPDQMDDXFKVFKRQHLQHQ7KHRORJHQ XQG HLQHQ +XPDQELRORJHQ XQG GHUJOHLFKHQ PHKU LQ HLQHP VROFKHQ *UHPLXP KDW 0DQ HUZDUWHWHLQH6DFKNRPSHWHQ] GLH ÕEHUGLH%HUHLFKHGHV 3K\VLVFKHQ GHV 0DWHULHOOHQ GHV %LRORJLVFKHQKLQDXVUHLFKWXQG]ZDULQV0HWDSK\VLVFKHLQV0HWDELRORJLVFKHLQGDVZDVMD HLJHQWOLFKQLFKWPHKUVHLQVROO$EHUGDYRQZROOHQGLH/HXWHJHUDGHHWZDVZLVVHQVLHZRO OHQ6LQQIUDJHQEHDQWZRUWHWKDEHQDXFKZHQQGLH3KLORVRSKLHJHUDGHVDJWZLUVROOHQNHLQH 6LQQIUDJHQ PHKU EHDQWZRUWHQ VRQGHUQ YRU DOOHQ 'LQJHQ 6DFKIUDJHQ :DV VROO GDV GHQQ KHL¸HQ" 6LQG GLH SKLORVRSKLVFKHQ 6DFKIUDJHQ QLFKW JHUDGH GDUDXV JHERUHQ GD¸ ZLU HLQHQ XQHQGOLFKHQ0DQJHODQ6LQQYHUVSÕUHQHLQH6LQQ%HGÕU LJNHLWGLHQLFKWPLWNXU]IULVWLJ DXV GHP %RGHQ JHVWDPS HQ TXDVLUHOLJLÏVHQ 1HRP\WKRORJLHQ EHDQWZRUWHW ZHUGHQ VROO VRQGHUQPLWUHHNWLHUWHQ$QWZRUWHQ"'DVLVWXQGZDULPPHUVFKRQGLH$XIJDEHGHU3KLOR VRSKLHXQGLFKIUDJHPLFKZLHMHPDQGGHUGDUDXINHLQH5ÕFNVLFKWQLPPWSOÏW]OLFKDXV GHP1LFKWVKHUDXVQXUZHLOHUKHXWHOHEWHLJHQWÕPOLFKHWUDJI½KLJH$QWZRUWHQQGHQZLOO DXI GLHVHV YRQ DX¸HQ DQ GLH 3KLORVRSKLH KHUDQJHWUDJHQH %HGÕUIQLV QDFK VDFKJHP½¸HU VWLFKKDOWLJHUWUDJI½KLJHU$XVNXQ ÕEHUHWZDVZDVÕEHUGHQNRQNUHWHQ9ROO]XJHLQHUHLQ]HO QHQ:LVVHQVFKD rZLHHWZDGHU+XPDQJHQHWLNrKLQDXVJHKW+LHUJHKWHVXP6LQQIUDJHQ 8PZHOFKH6LQQIUDJHQKDQGHOWHVVLFKGHQQ" ”:DVKHL¸W/HEHQ"…”:DVKHL¸WPHQVFKOLFKHV/HEHQ"…”:DQQI½QJWHVDQ"…”.DQQPDQÕEHU KDXSWHLQHQ=HLWSXQNWIÕUGHQ%HJLQQDQJHEHQ"…0DQNDQQVLFKIUDJHQREHVGHU3KLORVR SKLHÕEHUKDXSWPÏJOLFKLVWGDUDXI]XDQWZRUWHQ'LHVH)UDJHQXQGGLH(UZDUWXQJHQGLH PDQGDPLWKDWVLQGVLFKHUOLFKVHKUYLHOJUϸHUDOVGDVZDVGLH3KLORVRSKLHDOV$QWZRUWOHL





)UDJHQDQe7KRPDV/HLQNDXI VWHQNDQQXQG]ZDUZHLOVLHVLFKHEHQPHWDSK\VLVFKH)UDJHQXQG$QWZRUWHQQLFKWPHKU ]XWUDXWZHLOVLHPHWDSK\VLVFKH)UDJHQ]ZDUQLFKWYHUELHWHQVLFKDEHUDOV3KLORVRSKLHQLFKW ]XJHVWHKHQZLOO0HWDSK\VLVFKH)UDJHQZHUGHQGDQQVR]XVDJHQH[LOLHUWXQGLQGLH7KHROR JLHRGHULQHLQHQSULYDWHQ6LQQQGXQJVEHUHLFKYHUVFKREHQ3KLORVRSKLHLVWGDQQQXUQRFK JHVFKLFKWOLFKH3KLORORJLHRGHUHLQHV\VWHPDWLVFKHXQJHVFKLFKWOLFKHIRUPDOUHGXNWLRQLVWLVFKH %HVFKUHLEXQJWULYLDOHU:DKUKHLWHQ 'DQQKDEHQZLUHLQHGRSSHOWH*HI½KUGXQJSKLORVRSKLVFKHU)UDJHVWHOOXQJHQVRZRKOYRQLQQHQDOVDXFK YRQDX¸HQ 5LFKWLJ :LU ZLVVHQ MD JDU QLFKW PHKU ZHU ZLU ÕEHUKDXSW VLQG LQ GHU 3KLORVRSKLH (V LVW GRFKVR(VJLEWNHLQHQYHUELQGOLFKHQ.RQVHQVLQGHU)UDJHZDVHVKHL¸W3KLORVRSK]XVHLQ RGHU3KLORVRSKLH]XEHWUHLEHQ(VNDQQVHLQGD¸GDVLQWULQVLVFKPLWGHUKHXWLJHQ%HGLQ JXQJGLHGLH3KLORVRSKLHVLFKMDDXFKLQJHZLVVHU:HLVHVHOEVWJHVFKDHQKDW]XVDPPHQ K½QJW(VK½QJWQDWÕUOLFKDXFKGDPLW]XVDPPHQGD¸VLFKDXVGHU3KLORVRSKLHVRYLHOH'LV ]LSOLQHQDXVJHJOLHGHUWKDEHQYRUDOOHQ'LQJHQLQGHU)ROJHGHU8PZ½O]XQJHQGLHVFKRQ LP-DKUKXQGHUWVWDWWJHIXQGHQKDEHQGD¸VLFKGLH3ROLWLNGLH3V\FKRORJLHGLH¯NRQR PLHrGDVZDUHQDOOHV7HLOEHUHLFKHGHU3KLORVRSKLHrDXVJHJOLHGHUWYHUVHOEVW½QGLJWXQGLKUH HLJHQHQ 6WUDWHJLHQ HQWZLFNHOW KDEHQ /XKPDQQ XQG +DEHUPDV VLQG 6R]LRORJHQ VLH HQW ZLFNHOQHLQHQSKLORVRSKLVFKHQ=XJULDXIHWZDVZDVVLHGDQQDEHULP*UXQGHDOVVR]LROR JLVFKH3UREOHPVWHOOXQJHUDUEHLWHQ :HOFKHV VLQG ,KUH HLJHQHQ 9HUVXFKH HLQH YHUELQGOLFKH %HVWLPPXQJ GHU 3KLORVRSKLH ]XPLQGHVW YRU]X VFKODJHQ ]XU 'LVNXVVLRQ DQ]XELHWHQ GLH GLHVHU $XÏVXQJ GHV 3KLORVRSKLHEHJULV HQWJHJHQZLUNHQ NÏQQWHQ" ,FKYHUVXFKHQLFKWQXUKLVWRULVFKH%ÕFKHUYRU]XVWHOOHQLFKOHVHXQGGLVNXWLHUHVLHPLW.RO OHJLQQHQXQG.ROOHJHQVRZLHLQGHQ6HPLQDUHQPLWGHQ6WXGLHUHQGHQXQGLQGHU$UWXQG :HLVH ZLH LFK GDV WXH ELQ LFK GRFK SKLORVRSKLVFK ZHLO LFK QLFKW QXU SKLORORJLVFK H[DNW HWZDVQDFKEXFKVWDELHUHRGHUÕEHUVHW]WHXQGZLHGHUKROHVRQGHUQZHLOLFKHVLQWHUSUHWLHUH,Q GLHVHU+LQVLFKWQGHLFKGD¸HLQKHUPHQHXWLVFKHV9HUK½OWQLV]XU:LUNOLFKNHLWrGDVMDLP *UXQGH HLQH GHU JUR¸HQ 2SWLRQHQ JHZHVHQ LVW GLH LP  -DKUKXQGHUW PLW GHP ,GHDOLV PXVDEHUDXFKLQHLQHUJHZLVVHQ'LVWDQ]LHUXQJYRQGHQIHVWHQ6\VWHPELOGXQJHQGHV,GHD OLVPXVYRUDOOHPLP6LQQH+HJHOVrHLQHQHXH2SWLRQHUÏQHWKDW(VLVWHLQKHUPHQHXWL VFKHU =XJUL GHU GLH :LUNOLFKNHLW DOV HLQHQ +RUL]RQW GHV 'HXWEDUHQ DXIID¸W r LP 6LQQH HLQHV XQDEVFKOLH¸EDUHQ 'HXWXQJVSUR]HVVHV GHU QLFKW EOLQG VRQGHUQ UHHNWLHUW JHVFKLHKW QDFKEHVWLPPWHQ9RUJDEHQXQG0HWKRGHQ(VJLEWHLQHJHQXLQSKLORVRSKLVFKH)UDJHVWHO OXQJGLHHEHQrREPDQGDVKHXWHKÏUHQZLOORGHUQLFKWrQDFKHLQHPOHW]WHQ6LQQJUXQG XQG QDFK HLQHP OHW]WHQ *UXQG GHU :LUNOLFKNHLW IUDJW QDFK GHP ZDV GLH 1HXSODWRQLNHU GDV(LQHJHQDQQWKDEHQ $OVRGRFKSULQ]LSLHQWKHRUHWLVFKHµEHUOHJXQJHQ" -D$EHUGDV(LQHLVWMDQLFKWQXUHLQDEVWUDNWHV(LQHVHVLVWMDQLFKWLUJHQGHWZDVGDVYÏOOLJ XQ]XJ½QJOLFKLVWVRQGHUQGDV(LQHVHW]WXQVLQHLQ9HUK½OWQLV]XGLHVHU]XGHXWHQGHQ:LUN OLFKNHLW LQ GHU LFK EHLGLHVHQ 'HXWXQJVSUR]HVVHQ LPPHU DXI 6WUXNWXUHQ XQG )RUPHQGHU (LQKHLWKLQEOLFNHXQG]ZDUQLFKWLP6LQQHGHU%LQQHQSHUVSHNWLYHHLQHUEHVWLPPWHQ:LV VHQVFKD rGDQQNÏQQHQ6LHQDWÕUOLFKVDJHQJXW'DVNDQQPDQGHU/LWHUDWXUZLVVHQVFKD  RGHU GHU 3V\FKRORJLH ÕEHUODVVHQ r VRQGHUQ LP 6LQQH HLQHU :LVVHQVFKD  GLH GLHVH YHU





0LVFHOODQHD VFKLHGHQHQ3HUVSHNWLYLHUXQJHQPLWEHUÕFNVLFKWLJWRKQHDQGHUH]XHUVHW]HQ,FKKDEHLQGHU 3KLORVRSKLHHLQHDQGHUH0ÏJOLFKNHLWGLHLQGHU'HXWXQJGHUVHOEHQ:LUNOLFKNHLWVXLJHQHULV XQLYHUVDOHULVWDOVGLHGHU(LQ]HOZLVVHQVFKD HQ,QGLHVHU+LQVLFKWLVWPHLQH9RUVWHOOXQJYRQ 3KLORVRSKLHJHUDGH]XXPJHNHKUW]XGHUGLHVDJW3KLORVRSKLHEHVWHKHDXFKGDULQVWDWWGHU (LQKHLWQXUGLH9LHOKHLWGHQ8QWHUVFKLHGGDV'LVSDUDWHGDV$XVHLQDQGHUVHLQXQGGDV8Q YHUPLWWHOWH]XEHWRQHQ,FKYHUVXFKHQLFKWJHZDOWVDPJHJHQGDV'HQNHQ]XGHQNHQRGHU HWZDVKHUDXV]XVWHOOHQGDVrRQWRORJLVFKRGHUJDUPHWDSK\VLVFKJHGDFKWr]XHLQHU.DWDVWUR SKH IÕKUHQ ZÕUGH GDV UHLQ 'LVSDUDWH O½¸W VLFK MD QRFK QLFKW HLQPDO PLWWHLOHQ MHGHU 6DW] Z½UHMDXQPÏJOLFKYLHOPHKUNDQQLFKVROFKH8QWHUQHKPXQJHQZHOFKHGLH9LHOKHLWEHWR QHQHLJHQWOLFKLPPHUQXUYHUVWHKHQDOVUHJLRQDOH9HUVXFKHPLWHLQHUXQHQGOLFKHQ/L]HQ] ]XU'HXWXQJrXPHVPLW)ULHGULFK6FKOHJHO]XVDJHQrGLHDEHUHLQDXIGLHQLFKWDEVWUDN WH (LQKHLWKLQRULHQWLHUWHV'HQNHQHUIRUGHUW6REHWUHLEHLFKOHW]WOLFK3KLORVRSKLHJHVFKLFKWH DOVV\VWHPDWLVFKH$XIDUEHLWXQJPHKURGHUZHQLJHUVWDUNV\VWHPDWLVFKHU3RVLWLRQHQVHLWGHU $QWLNHXQGYHUVXFKHVLHLQV.RQ]HUWGHV6FKÏQHQHLQ]XEULQJHQPLWGHPZLUMDXQVHUHL JHQHV/HEHQEHZ½OWLJHQ3KLORVRSKLHLVWVRZRKODNDGHPLVFKH3KLORVRSKLHDOVDXFK/HEHQV IRUPrZLUVLQGQLFKWQXUGDQQSKLORVRSKLVFKW½WLJZHQQZLU8QLYHUVLW½WVSURIHVVRUHQVLQG ZHQQ ZLU 8QLYHUVLW½WVWÕUHQ ÏQHQ XQG DP 6FKUHLEWLVFK VLW]HQ 'DV 3KLORVRSKLVFKH K½OW (LQ]XJLQPHLQHQ/HEHQVYROO]XJGLH3KLORVRSKLHNDQQGRFKPHLQ/HEHQQLFKWXQEHUÕKUW ODVVHQVRKDEHQHVDXFK/HXWHZLH3LHUUH+DGRWJHVHKHQ$XFKIÕU3ORWLQLVW3KLORVRSKLH HLQH /HEHQVIRUP QLFKW HLQ 6LFK+LQDXV]LHKHQ DXV GHP /HEHQ HU KDW VHLQ JDQ]HV /HEHQ ODQJ0ÕQGHO:DLVHQNLQGHUYHUVRUJWGLHLKPYRQUHLFKHQ5ÏPHUQDQYHUWUDXWZXUGHQ'DV LVWMDHLQH=XZHQGXQJ]XU:LUNOLFKNHLW]XHLQHUJHEUHFKOLFKHQSUHN½UHQ)RUPYRQ:LUN OLFKNHLWGLHHLQJUR¸HV0D¸DQ9HUDQWZRUWXQJ]HLJWGDV+HUDXVVWHOOHQGHU)OXFKW]XP(L QHQGDVw†JIPIT„RXEkwOD¸DOOHVZHJkwOD¸DOOHVIDKUHQkGDVPX¸PDQULFKWLJrXQG]ZDU QLFKWDEVWUDNWrGHXWHQLP6LQQHYRQw,FKVWHKHLP/HEHQLFKÕEHUQHKPH9HUDQWZRUWXQJ REZRKOLFKVDJHGDV(LJHQWOLFKHLVWQLFKWGLHVHV/HEHQVHOEVWk 'DVNDQQGHU(LQ]HOQHYLHOOHLFKWHLQVHKHQGHUVLFKDXIHLQHGHUDUWLJH/HEHQVIRUPHLQO½¸WDEHUGLHJH JHQZ½UWLJH .RQWURYHUVH XP GLH XQLYHUVLW½UH 3KLORVRSKLH IUDJW DXFK ZDV GLH 3KLORVRSKLH GHQ 1LFKW 3KLORVRSKHQEULQJW 'LH3KLORVRSKLHLVWNHLQ*HEUDXFKWZDUHQODGHQLQGHQPDQKLQHLQJHKHQNDXIHQRGHUWDX VFKHQNDQQGLH3KLORVRSKLHO½¸WVLFKQLFKWXQWHUVRHLQH1XW]HQRGHU=ZHFNUHODWLRQVWHO OHQGLHHLQGHXWLJ]HLJWZDVGLH3KLORVRSKLHHLQHP1LFKW3KLORVRSKHQwEULQJWk:HUGDVZLV VHQZLOOPX¸HVHLJHQWOLFKVHOEVWYROO]LHKHQ0DQPX¸HVVWXGLHUHQ0DQNDQQJDQ]3ODWR QLVFKVDJHQ:HQQGXZLVVHQZLOOVWZDVGLH3KLORVRSKLHGLUEULQJHQNDQQPX¸WGXDQIDQ JHQ ]X SKLORVRSKLHUHQ GLH QXU ½X¸HUH DQ GLFK KHUDQJHWUDJHQH 'DUVWHOOXQJ QÕW]W QLFKWV ZHQQLKUQLFKWYRQLQQHQLP$NWGHV/HVHQVRGHUGHV3HU]LSLHUHQVVFKRQHLQHSKLORVRSKL VFKH(LQVWHOOXQJEHJHJQHW$OOGDVZDVLFKVFKUHLEHNDQQPDQQDWÕUOLFKDXFKYHUVWHKHQDOV DNDGHPLVFKHV*HVFKUHLEHHLQHV6SH]LDOLVWHQIÕU6SH]LDOLVWHQGDVGLH3KLORVRSKLHJHVFKLFKWH DXVHLQHUEHVWLPPWHQ6LFKWDXI]XKHOOHQXQG]XYHUVWHKHQYHUVXFKW'DVLVWQLFKWIDOVFKDEHU GDVLVWQLFKW3KLORVRSKLHVRQGHUQHLQ3URGXNWHLQHUSKLORVRSKLVFKHQ'HXWXQJGHU7UDGLWL RQGLHDXFKQXUYRQMHPDQGHPYHUVWDQGHQZHUGHQNDQQGHUVLFKVHOEVWXPGLH$XIDUEHL WXQJGLHVHU7UDGLWLRQEHPÕKW'LH3KLORVRSKLHDOVDXIGDV/HEHQGXUFKVFKODJHQGH)RUPLVW HWZDVZDVLFKLP6HPLQDUÕEHQNDQQGDV6HPLQDULVWHLQH3DQ]VW½WWHHLQ2UWGHV*HVSU½ FKHV'LHVH)UHLU½XPHJLEWHVLQXQVHUHU]HLWOLFKGLFKWEHVHW]WHQ:LUNOLFKNHLWXQGLQXQVH UHUVRQVWLJHQKHNWLVFKHQ8PJHEXQJMDNDXPQRFK,QGHU+LQVLFKWO½¸WVLFKGLH)UDJHZDV





)UDJHQDQe7KRPDV/HLQNDXI GHQ 1LFKWSKLORVRSKHQ GLH 3KLORVRSKLH EULQJW QXU GXUFK GLH $XIIRUGHUXQJ EHDQWZRUWHQ w,KUPÕ¸WVHOEVWKLQJHKHQXQGDQIDQJHQ3KLORVRSKLH]XEHWUHLEHQk'LH3KLORVRSKLHJHKÏUW r ZLH DXFK GLH 3RHWLN r QLFKW ]X GHQ 'LQJHQ GLH PDQ GDGXUFK LQ LUJHQGHLQHU )RUP IÕU VLFKEHGHXWHQGPDFKHQNDQQGD¸PDQVLHQXUDXIID¸WLKUDEHULQQHUOLFKIUHPGXQG½X¸HU OLFKEOHLEW6FKLH¸OLFKLVWGDV6FKÏQHDQHLQHP3ODWRQLFXVGD¸HUHLQHQZHLWHQ+RUL]RQWKD EHQGDUIHVJLEWLPPHUGDV:LGHUVWUHEHQJHJHQ7HQGHQ]HQVLFKLQLUJHQGHLQH(FNHVWHOOHQ XQG V\VWHPDWLVLHUHQ ]X ODVVHQ s :DV LFK LQ GLHVHP =XVDPPHQKDQJ YLHOOHLFKW QRFK HU Z½KQHQVROOWHLVWGD¸ZLUHLQH3ODWRQLVFKH$NDGHPLHJHJUÕQGHWKDEHQ:LVVHQ6LHGDYRQ" -DGLHw$FDGHPLD3ODWRQLFD6HSWLPD0RQDVWHULHQVLVk6DJHQ6LHGRFKHWZDVGD]X 'LHVH$NDGHPLHGLHZLUKLHULQ0ÕQVWHUJHJUÕQGHWKDEHQLVWrZLHDXFKGLH)ORUHQWLQHU $NDGHPLHGHU5HQDLVVDQFHrNHLQH8QLYHUVLW½WVDQJHOHJHQKHLWVLHZLUGYRQGHU8QLYHUVLW½W NDXPZDKUJHQRPPHQXQGVLHZLUGÕEHUKDXSWYRQGHQ.ROOHJHQLQ'HXWVFKODQGGHQ3KL ORVRSKHQQLFKWZDKUJHQRPPHQ:LUEHVFK½ LJHQXQVQLFKWYRUQHKPOLFKPLWGHQ6FKULI WHQ3ODWRQVVRQGHUQPLWGHQHQVHLQHU,QWHUSUHWHQYRQGHU$QWLNHELVLQGLH5HQDLVVDQFH 0LWJOLHGHU VLQG -RKQ 'LOORQ /XF %ULVVRQ 'RPLQLF 2n0HDUD 0DWWKLDV %DOWHV KLHU DXV 0ÕQVWHU0LFKDHO(UOHU-HQV+DOIZDVVHQ$QGUHZ6PLWKDXV'XEOLQGHUGLH3RUSK\ULXV $XVJDEH JHPDFKW KDW'DYLG 5XQLD DXV /HLGHQ XQG DQGHUH (KUHQPLWJOLHGHUGLH ZLU IUHL DGRSWLHUHQ VLQG 3LHUUH +DGRW XQG :HUQHU %HLHUZDOWHV HV VLQG VFKRQ GLH HXURS½LVFKHQ 6SLW]HQIRUVFKHUGHU3ODWRQLVPXVJHVFKLFKWH 'LHVH$NDGHPLHLVWDOVRRHQJHQXJXPHLQHQ3ODWRQLNHUDXI]XQHKPHQGHUQLFKWDXIHLQHSODWRQLVFKH 6\VWHPDWLNKLQGHQNHQPÏFKWH" -DGDVLVWGDV6FKÏQH-HGHQIDOOVKDEHQZLUVLHEHZX¸WJHJUÕQGHWXPXQV]XWUHHQXQGLQ HLQHUDQGHUHQ:HLVHDOVEHL7DJXQJHQLP6LQQHHLQHUWYRSYWfEHLQHVLQWHQVLYHQ%HLVDP PHQVHLQV7H[WHJHPHLQVDP]XOHVHQXQG]XGHXWHQRGHUXP3URMHNWHXQVHUHU6FKÕOHULQ QHQXQG6FKÕOHUYRU]XVWHOOHQ'DVQGHLFKHLQHVHKUJXWH,GHHGLHHWZDVYRQGHU/HEHQ GLJNHLWHLQHVSKLORVRSKLVFKHQ9ROO]XJHVDQGHXWHWXQGDXFK$XVGUXFNHLQHU/HEHQVIRUPLVW GHQQQLHPDQG]ZLQJWXQVGD]XHLQHVROFKH$NDGHPLH]XJUÕQGHQrVLHLVW$XVGUXFNHLQHV JHPHLQVDPHQ:LOOHQVEHVWLPPWH'LQJH]XYROO]LHKHQJHPHLQVDP]XSKLORVRSKLHUHQXQG GDIÕU]XVRUJHQGD¸3KLORVRSKLHQLFKWQXULQGHQ6HPLQDUU½XPHQEOHLEW

 

7KRPDV/HLQNDXIVSUDFKPLW2UULQ)6XPPHUHOOYRP%RFKXPHU3KLORVRSKLVFKHQ-DKUEXFK





0LVFHOODQHD

7KH6LJQLFDQFHRI5LFKDUG)LVKDFUHnV6HQWHQFHV&RPPHQWDU\

 )RU WKH GHFDGH RI WKH V DQG LQWR WKH WZHQW\UVW FHQWXU\ DQ LQWHUQDWLRQDO JURXS RI VFKRODUVrWZR$PHULFDQVWZR$XVWULDQVD&DQDGLDQDQ(QJOLVKPDQDQGD*HUPDQrKDYH EHHQDWZRUNSUHSDULQJDFULWLFDOHGLWLRQRIWKH6HQWHQFHV&RPPHQWDU\RI5LFKDUG)LVKDFUH 23)LVKDFUHn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nVSLRQHHULQJHRUWVZRXOGVXEVHTXHQWO\EHFRPHDW2[IRUGDUHTXLUHGWH[WDORQJ ZLWKDERRNRIWKH%LEOHIRUDQ\RQHSURFHHGLQJWRDQDGYDQFHGGHJUHHLQVDFUHGGRFWULQH  *LYHQWKLVSULYLOHJHGVWDWXVLWZDVZLGHO\FRPPHQWHGRQGHYHORSLQJLQWRWKHSUHHPLQHQW ORFXVIRUVSHFXODWLYHWKHRORJL]LQJIRUWKHUHVWRIWKH0LGGOH$JHV  7RWKHEHVWRIRXUNQRZOHGJH)LVKDFUHZDVWKHUVW2[IRUGPDVWHUWRKDYHFRPSRVHGD 6HQWHQFHV&RPPHQWDU\+HGLGVRIXUWKHUPRUHLQVSLWHRIWKHYLJRURXVRSSRVLWLRQRI5RE HUW*URVVHWHVWHWKHELVKRSRI/LQFROQZKRKDGMXULVGLFWLRQRYHUWKH2[IRUGVWXGLXP7KH

 

5 - /RQJ DQG 0 2n&DUUROO 7KH /LIH DQG :RUNV RI 5LFKDUG )LVKDFUH 23 3UROHJRPHQD WR WKH (GLWLRQ

RI KLV &RPPHQWDU\ RQ WKH w6HQWHQFHVk 0ÕQFKHQ   

7KH QH[W YROXPH WR JR WR SUHVV LV WKH VHFRQG ERRN WKH RQH GHDOLQJ ZLWK FUHDWLRQ DQG WKDW RQH LV P\ UHVSRQVLELOLW\ %RRN WKUHH LV QHDULQJ FRPSOHWLRQ WKH UHVSRQVLELOLW\ RI $OH[DQGHU (L FKLQJHU *HUKDUG /HLEROG DQG .ODXV 5RGOHU 0\ JXHVV LV WKDW ERRN IRXU XQGHU WKH HGLWRUVKLS RI -RVHSK *RHULQJ DQG 0DXUD 2n&DUUROO ZRXOG EH QH[W LQ OLQH 7KH 6WHSKHQ %URZQ ZRXOG WKHQ EH WKH



QDO YROXPH LQ WKH VHULHV

UVW

ERRN LQ WKH FDUH RI

,Q  WKH 2[IRUG PDVWHUV SDVVHG WKH IROORZLQJ VWDWXWH %DFKHORUV FRXOG OHFWXUH HLWKHU RQ D ERRN RI WKH %LEOH RU RQ WKH 6HQWHQFHV RI 3HWHU /RPEDUG RU RQ WKH +LVWRULHV RI 3HWHU &RPHVWRU 6WDWXWD DQWLTXD XQLYHUVLWDWLV 2[RQLHQVLV >HG 6 *LEVRQ 2[IRUG @ S   %\  KRZHYHU 2[IRUG KDG FDSLWXODWHG WR WKH 3DULVLDQ FXVWRP DQG PDQGDWHG XVH RI WKH 6HQWHQFHV DV WKH RQO\ WH[W LQ DGGLWLRQ WR D ERRN RI WKH %LEOH WR EH FRYHUHG LQ WKH WKHRORJ\ IDFXOW\ VHH 5RJHU %DFRQ 2SXV

PLQXV LQ )U 5RJHUL %DFRQ 2SHUD 4XDHGDP +DFWHQXV ,QHGLWD HG - 6 %UHZHU /RQGRQ  UHSU 1HQGHOQ /LHFKWHQVWHLQ   S  (YHQ D

HU 7KRPDV Gn$TXLQR KDG IRXQG WKH 6HQWHQFHV

ZDQWLQJ DV D WKHRORJ\ WH[W IRU EHJLQQHUV DQG FRPSRVHG KLV RZQ WKH 'RPLQLFDQV WKHPVHOYHV FRQWLQXHG WR PDQGDWH XVH RI WKH /RPEDUG LQ WKHLU FRQYHQWV VHH 0 0 0XOFKDKH\ ”)LUVW WKH

%RZ LV %HQW LQ 6WXG\ … 'RPLQLFDQ (GXFDWLRQ EHIRUH  7RURQWR   S  ,W ZDV QRW XQWLO WKH WK FHQWXU\ LQ IDFW WKDW WKH 6XPPD WKHRORJLDH ZRXOG UHSODFH WKH 6HQWHQFHV DV WKH IULDUVn VWDQ GDUG WH[WERRN RI WKHRORJ\ LELG S  



6HH 0 &ROLVK 0HGLHYDO )RXQGDWLRQV RI WKH :HVWHUQ ,QWHOOHFWXDO 7UDGLWLRQ  1HZ +DYHQ r /RQGRQ   S 

 

/RQJ DQG 2n&DUUROO /LIH DQG :RUNV S  -DPHV *LQWKHU KDV UHFHQWO\ GLVSXWHG WKH FODLP WKDW *URVVHWHVWH ZDV RSSRVHG WR WKH QHZ WKHRORJ\ UHSUHVHQWHG E\ WKH 6HQWHQFHV DQG WKH FRPPHQWDULHV WKHUHRQ EXW PHUHO\ WR LWV SODFH LQ WKH SURPL QHQW SODFH LQ WKH FXUULFXOXP ”7KHRORJLFDO (GXFDWLRQ DW WKH 2[IRUG 6WXGLXP LQ WKH 7KLUWHHQWK





5-DPHV/RQJ)LVKDFUHnV6HQWHQFHV&RPPHQWDU\ ELVKRSnVRSSRVLWLRQIRXQGH[SUHVVLRQLQDOHWWHUWRWKH2[IRUGPDVWHUVLQZKLFKKHLQVLVWHG WKDWDOOWKHLUOHFWXUHVYHVWUDVOHFWLRQHVRPQHV HVSHFLDOO\WKRVHLQWKHPRUQLQJKRXUWKHWLPH VHWDVLGHIRUZKDWZHUHWHUPHGRUGLQDU\OHFWXUHVEHEDVHGRQWKHFDQRQLFDOERRNVZKDWKDV KDSSHQHGFRPSODLQHG*URVVHWHVWHLVWKDWWKH KRUDPDWXWLQDZDVEHLQJJLYHQRYHUWRRWKHU ERRNVWKH6HQWHQFHVDUHQRWPHQWLRQHGE\QDPH ZKLFKZHUHQRWIRXQGDWLRQDOLQWKHVDPH VHQVHDV6FULSWXUHZDV)RU*URVVHWHVWHWKHRORJ\ZDV6FULSWXUH:KHWKHUWKLVZDVDUHDF WLRQDU\RUDSURJUHVVLYHVWDQFH,OHDYHWRWKHUHDGHUnVMXGJHPHQW  7KHSRSHKRZHYHULQWHUYHQHGRQ)LVKDFUHnVEHKDOIDOHUWHGWRWKHVLWXDWLRQSHUKDSVE\ +XJKRI6W&KHURUDQRWKHURIWKH'RPLQLFDQVDWWKHSDSDOFRXUW)ULDU5LFKDUGZDVQRWWR EHSURKLELWHGIURPOHFWXULQJRUGLQDULHRQWKHERRNVRIWKH6HQWHQFHVFRPPDQGHG,QQRFHQW EXWHQFRXUDJHGLQHYHU\ZD\”VLQFHLQLW>LHWKHERRNVRI6HQWHQFHV@DUHWREHIRXQGWHV WLPRQLHVE\&DWKROLFWHDFKHUVZRUWK\RIEHOLHIZKLFKDVVHUWWKHWUXWKWKDWPXVWEHDGKHUHG WRE\EHOLHYHUVZKHQWKHGDUNQHVVRIHUURUKDVEHHQGLVVLSDWHG…  *URVVHWHVWHORVWWKLVEDWWOHDQG)LVKDFUHnVPHWKRGRORJLFDODSSURDFKEHFDPHWKHZD\RI WKHIXWXUH,WPD\KDYHEHHQKLVDZDUHQHVVRI*URVVHWHVWHnVREMHFWLRQVKRZHYHUWKDWFDXVHG )LVKDFUHWRMXVWLI\WKHUHDGLQJRIWKH6HQWHQFHVDVSDUWRIWKHRUGLQDU\FXUULFXOXPrDMXVWL FDWLRQQHYHUGHPDQGHGRIQRUJLYHQE\DQ\RIWKH3DULVLDQPDVWHUV:LWKJUHDWDVWXWHQHVV )LVKDFUHPDGHWKHDUJXPHQWWKDWOLPLWLQJWKHUHDGLQJRIWKH6FULSWXUHVWRPRUDORUVSLULWXDO TXHVWLRQVLPSOLHGWKDWGRFWULQDOLVVXHVZHUHXQUHODWHGWRWKHFDQRQLFDOERRNV)DUIURPGL PLQLVKLQJWKHVWXG\RI6FULSWXUHWKHUHDGLQJRIWKH6HQWHQFHVVHUYHGDVDQRFFDVLRQWRXQLI\ WKH PRUDO DQG WKH GRFWULQDO DQG WR UHWHWKHU ERWK WR WKHLU ELEOLFDO DQG SDWULVWLF VRXUFHV 

 &HQWXU\ $ 5HDVVHVVPHQW RI 5REHUW *URVVHWHVWHnV /HWWHU WR WKH 2[IRUG 7KHRORJLDQV… LQ )UDQFLV

FDQ 6WXGLHV  >@ S   EXW , UHPDLQ XQFRQYLQFHG E\ *LQWKHUnV DUJXPHQWV VHH /RQJ DQG 2n&DUUROO /LIH DQG :RUNV S 



5REHUWL *URVVHWHVWH TXRQGDP HSLVFRSL /LQFROQLHQVLV (SLVWRODH HG + /XDUG /RQGRQ   QR  S  6HH /RQJ DQG 2n&DUUROO /LIH DQG :RUNV S 

 

& 7URWWPDQQ 7KÂRORJLH HW QRÂWLTXH DX ;,,,H VLÁFOH $ OD UHFKHUHFKH GnXQ VWDWXW 3DULV   S  * $EDWH ”/HWWHUH wVHFUHWDHk Gn,QQRFHQ]R ,9 H DOWUL GRFXPHQWL LQ XQD UDFFROWD LQHGLWD GHO VHF ;,,,… LQ 0LVFHOODQHD )UDQFLVFDQD    S  Q 



5 - /RQJ ”7KH 6FLHQFH RI 7KHRORJ\ DFFRUGLQJ WR 5LFKDUG )LVKDFUH (GLWLRQ RI WKH 3URORJXH WR +LV &RPPHQWDU\ RQ WKH 6HQWHQFHV… LQ 0HGLDHYDO 6WXGLHV    S  ”'LYLVLR DXWHP KXLXV VFLHQWLDH VLF HVW TXLD LQ QDWXUD PHGLD GXR VXQW VFLOLFHW YLUWXV PRWLYD HW DSSUHKHQVLYD TXDH GL FXQWXU DOLLV QRPLQLEXV D

HFWXV HW DVSHFWXV 1DWXUD DXWHP VXSUHPD HVW ERQLWDV VXPPD HW VXPPD

YHULWDV ,GHR KDHF VFLHQWLD TXDH HVW GH XQR H[ GXREXV KDEHW SDUWHV GXDV XQD HVW GH XQLWDWH D

HFWXV

DXWHP D

FXP VXPPD ERQLWDWH HW DOLD HVW GH XQLWDWH DVSHFWXV FXP VXPPD YHULWDWH _ 8QLWDWHP

HFWXV

FXP VXPPD ERQLWDWH LQ YLD FRQFRPLWDWXU LQ PHGLHWDWH VLFXW SHU VH DFFLGHQV

VXXP SHU VH VXELHFWXP VDQFWLWDV PRUXP LQ SDWULD YHUR IUXLWLR RPQLXP ERQRUXP 8QLWDWHP YH UR DVSHFWXV HW VXPPDH YHULWDWLV VLFXW SRVVLELOH HVW LQ YLD FRQFRPLWDWXU LQ PHGLHWDWH VLFXW SHU VH SDVVLR VXELHFWXP

GHV YHO FUHGXOLWDV DUWLFXORUXP GHL HW LQ SDWULD LQWHOOHFWXV e ,GHR KXLXV VFLHQ 

WLDH SDUV LOOD TXDH HVW GH XQLRQH D HFWXV FXP VXPPD ERQLWDWH LQ YLD LQVLVWLW PRULEXV LQVWUXHQGLV SDUV YHUR D OLD TXDH HVW GH XQLRQH DVSHFWXV HW VXPPDH YHULWDWLV LQ YLD TXDHVWLRQLEXV GL

"FLOLEXV FLUFD DUWLFXORV GHL GLVFX

WLHQGLV e _ 8WUDTXH IDWHRU KDUXP SDUWLXP LQ VDFUR 6FULSWXUDH VDFUDH FDQRQH r VHG LQGLVWLQFWH r FRQWLQHWXU  9HUXPWDPHQ WDQWXP DOWHUD SDUV VFLOLFHW GH PRULEXV LQVWUXHQGLV D PDJLVWULV PRGHUQLV FXP OH JXQWXU VDQFWL OLEUL GRFHWXU $OLD WDPTXDP GL GL

"FLOLRU

"FLOLRU GH FDQRQH VDFUDUXP 6FULSWXUDUXP H[FHUSWD LQ LVWR OLEUR TXL 6HQWHQWLDUXP GLFLWXU SRQL HUW KLF OHJHUH HW GLVSXWDUH… HPSKDVLV PLQH 

WXU 8QGH QRQ GL



GLVSXWDWLRQL UHVHUYDWXU +DHF DXWHP SDUV



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

 

"FH :KHQ GLVFXVVLQJ WKH LPPXWDELOLW\ RI *RG LQ WKH UVW ERRN IRU H[ QGV RFFDVLRQ WR LQYHLJK DJDLQVW UHOLJLRXV ZKR RZLQJ SHUKDSV WR D KDUVK ZRUG

$ IHZ H[DPSOHV ZLOO VX DPSOH )LVKDFUH

RQ WKH SDUW RI D SUHODWH FKDQJH FRQYHQWV RU HYHQ ZRUVH FKDQJH UHOLJLRXV RUGHUV 7KH WRSLF RI *RGnV VLPSOLFLW\ LQ WKH VDPH GLVWLQFWLRQ XUJHV WKH UHDGHU WR DGKHUH WR WKH 6LPSOH WKDW LV WR *RG ZKR LV ZLWKRXW IROG VLQH SOLFD  )LVKDFUH UHFDOOV 6W 3DXOnV ZDUQLQJ WKDW KH ZKR FOHDYHV WR D KDUORW EHFRPHV RQH ERG\ ZLWK KHU WKH VDPH KROGV WUXH IRU WKRVH ZKR FOLQJ WR WKHLU SRVVHVVLRQV WR WKHLU FDWWOH KRUVHV ODQGV YLOODV WR WKHLU JROG DQG VLOYHUDWWDFKPHQWV WKDW DUH HYHQ PRUH HJUH JLRXV 7KH PDQ LQ WKH SDUDEOH >/XNH  @ ZKR VD\V ”0\ VRXO \RX KDYH SOHQW\ RI JRRG WKLQJV ODLG E\ IRU PDQ\ \HDUV WR FRPH WDNH WKLQJV HDV\ HDW GULQN KDYH D JRRG WLPH… )LVKDFUH FRQ GHPQV DV HQMR\LQJ KLV SOHQW\ DW WKH H[SHQVH RI WKRVH ZKR ZDQW HYHQ WKH QHFHVVLWLHV RI OLIH r $QG ZKDW LV WKH GHVWLQ\ RI WKRVH ZKR DUH DWWDFKHG WR WKH WKLQJV RI WKLV ZRUOG" 7KH PHVVDJH LV KDUVK ”7KHVH PRQVWHUV ZKR KDYH EHHQ WKXV HQULFKHG DQG GLVVLSDWHG DQG PDGH IDW ZKLWKHU DUH WKH\ ERXQG" 7R WKH NLQJGRP RI KHDYHQ" 1R EHFDXVH &KULVW LV SRRU DQG ZHDN e KDYLQJ QRZKHUH WR OD\ KLV KHDG >/XNH  @ e %XW +H LV WKH ZD\ >-RKQ  @ e DQG WKH JDWH >-RKQ  @ $QG QDU URZ LV WKH JDWH >0DWWKHZ  @… HWF )LVKDFUHnV FRPPHQWDU\ RQ GLVWLQFWLRQ  RI /RPEDUGnV

UVW

ERRN SURPSWV KLP WR UHPLQG KLV UHDGHUV RI WKH SURSHU RUGHU RI WKLQJV $V LPSRUWDQW DV NQRZO HGJH LV JRRGQHVV LV WR EH VRXJKW

UVW ”,QGHHG ZH NQRZ… KH VD\V ”WKDW PDQ\ ZLVH PHQ KDYH

SHULVKHG HWHUQDOO\ DPRQJ WKHP /XFLIHU 3ODWR $ULVWRWOH DQG SHUKDSV HYHQ 6RORPRQ :LVGRP SUR

WV WKH VDOYDWLRQ RI RWKHUV JRRGQHVV RQHnV RZQ :KDW SURW LV WKHUH WKHQ LQ SXUVXLQJ ZLV

GRP WR WKH QHJOHFW RI JRRGQHVV"… FLWHG LQ 5 - /RQJ ”7KH 0RUDO DQG 6SLULWXDO 7KHRORJ\ RI 5LFKDUG )LVKDFUH (GLWLRQ RI 7ULQLW\ &ROO 06 2… LQ $UFKLYXP )UDWUXP 3UDHGLFDWRUXP  >@ S   $QG VR RQ WKURXJKRXW WKH IRXU ERRNV



7KH GLYLVLRQ RI WKHRORJ\ LQWR GRJPDWLF RU IXQGDPHQWDO DQG PRUDO WKHRORJ\ ZDV WR KDUGHQ QRW DOZD\V WR WKH EHQH

W RI HLWKHU )RU ,JQDWLXV (VFKPDQQ 7KH (WKLFV RI 6DLQW 7KRPDV $TXLQDV 7ZR

&RXUVHV HG ( $ 6\QDQ 7RURQWR   S  IDPRXVO\ EHOOLFRVH LQ KLV GHIHQVH RI $TXL QDVnV SUXGHQWLDO HWKLFV WKLV GLYLVLRQ ZDV QRWKLQJ VKRUW RI GLVDVWURXV KLV XQFRPSURPLVLQJ ZRUGV FXOOHG SRVWKXPRXVO\ IURP KLV OHFWXUHV DUH ZRUWK UHSHDWLQJ ”7KHUH LV QR JUHDWHU KDUP HYHU GRQH WR DQ\

QH DQG QREOH WKLQJ LQ KLVWRU\ WKDQ WKH KDUP GRQH WR WKHRORJ\ ZKHQ WKH wWKHRULVWV RI WKH

*ROGHQ $JHk GHFODUHG WKDW LW ZDV WR EH GLYLGHG DV WKRXJK LW ZHUH D SLHFH RI FDNH LQWR VSHFXODWLYH DQG SUDFWLFDO WKHRORJ\ WKH ODWWHU EHLQJ VRFDOOHG PRUDO WKHRORJ\…





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV

0LQGLQJ2QHnV0DQQHUV 2QWKHw0RUDO$UFKLWHFWXUHkRI6KD HVEXU\nV&KDUDFWHULVWLFNV

 ,WLVVWULNLQJWKDW&KDUDFWHULVWLFNVRI0HQ0DQQHUV2SLQLRQV7LPHVWKHWLWOHRIWKHSULQFLSDO ZRUNE\$QWKRQ\$VKOH\&RRSHU7KLUG(DUORI6KD HVEXU\ ZRXOGEHHTXDOO\ VXLWDEOHIRUDKLVWRU\RIWKDWZRUNnVUHFHSWLRQ$OWKRXJKWKH&KDUDFWHULVWLFNVPHWZLWKDOLYHO\ UHVSRQVHLQWKHHLJKWHHQWKFHQWXU\HVSHFLDOO\LQ*HUPDQ\DQG)UDQFHDPRQJLWVDGPLUHUV ZHUH/HLEQL]+HUGHUDQG'LGHURW LWVLQXHQFHZDQHGE\WKHHDUO\QLQHWHHQWKFHQWXU\ WKHZRUNKDGDOOEXWIDOOHQLQWRREOLYLRQ,WZDVZUHVWHGVRPHZKDWIURPWKLVVWDWHHDUO\LQ WKHWZHQWLHWKFHQWXU\E\QHZHGLWLRQVRI6KD HVEXU\nVZULWLQJV%XWLWLVRQO\LQWKHSDVW WZRGHFDGHVWKDWKLVZRUNKDVEHJXQWRQGDUHVRQDQFHDPRQJUHDGHUVDSSURDFKLQJZKDWLW HQMR\HGRULJLQDOO\,QIDFWLWZRXOGQRWEHDQH[DJJHUDWLRQWRVD\WKDWDWOHDVWLQRQHUHVSHFW WKH&KDUDFWHULVWLFNVKDVUHFHLYHGDQXQSUHFHGHQWHGDPRXQWRIDWWHQWLRQWKHZRUNKDVFRPH WRKDYHZKDWVRPHPLJKWFRQVLGHUDVXUSULVLQJwUHOHYDQFHkLQDFDGHPLFFLUFOHVDQGLQFUHDV LQJO\VRZKLFKLVDWWHVWHGE\WKHFRPSDUDWLYHRRGRIVWXGLHVGHYRWHGWR6KD HVEXU\,WLV GL"FXOW WR VD\ ZKHWKHU KH ZRXOG KDYH EHHQ SOHDVHG E\ UHFHQW GHYHORSPHQWV r HVSHFLDOO\ VLQFH 6KD HVEXU\ KLPVHOI OLNH WKH PDMRULW\ RI KLV FRQWHPSRUDU\ UHDGHUV PRYHG LQ WKH ZRUOGDQGQRWLQWKHDFDGHP\rEXWRQHVXVSHFWVKHZRXOGDWOHDVWKDYHEHHQHQFRXUDJHG E\WKHSURVSHFWRIQGLQJDPRQJKLVQHZO\ZRQUHDGHUVDIHZZKRZHUHDEOHWRPDWFKWKH FDUHKHSXWLQWRKLVZULWLQJVDQGWKHLUSUHVHQWDWLRQ:KLOHWKHUHDUHQRGRXEWVHYHUDOUHD VRQVIRUWKHUHVXUJHQFHRILQWHUHVWLQKLVZRUNWRGD\FKLHIDPRQJWKHPKDVWREHWKHSXEOL FDWLRQ RI WKH UVW YROXPHV RI WKH 6WDQGDUG (GLWLRQ RI 6KD HVEXU\nV ZULWLQJV WKH HHFW RI ZKLFKKDVEHHQKHLJKWHQHGE\WKHDSSHDUDQFHRIVWLOOPRUHUHFHQWHGLWLRQVRIWKH&KDUDFWHU LVWLFNV 0RUH WKDQ DQ\WKLQJ HOVH LQ WKH SUHVHQW DJH RI WH[WXDOLW\ WKHVH HGLWLRQV FRQIURQW 6KD HVEXU\nVUHDGHUVZLWKWKHQHFHVVLW\RIFRPLQJWRWHUPVZLWKKLVWKRXJKWOHVVE\ZD\RI KLVWLPHVWKDQE\ZD\RIKLVWH[W

 

1DPHO\ - 0 5REHUWVRQnV HGLWLRQ RI &KDUDFWHULVWLFV RI 0HQ 0DQQHUV 2SLQLRQV 7LPHV /RQGRQ r 1HZ


RI 6KD HVEXU\ &DPEULGJH  

$ $ &RRSHU 7KLUG (DUO RI 6KD HVEXU\ 6WDQGDUG (GLWLRQ FRPSOHWH ZRUNV VHOHFWHG OHWWHUV DQG SRVWKXPRXV ZULWLQJV HG ZLWK *HUPDQ WUDQVO DQG FRPP E\ : %HQGD * +HPPHULFK : /RW



WHV 8 6FKÏGOEDXHU ) $ 8HKOHLQ DQG ( :RO  FD  YROV 6WXWWJDUW%DG &DQQVWDWW 

 

:KHUHYHU UHOHYDQW OLQH QXPEHUV DUH SURYLGHG WKH\ DUH VHSDUDWHG IURP WKH SDJH QXPEHUV E\ D



FRPPD %H\RQG WKH 6WDQGDUG (GLWLRQ WKH WKUHH PRVW QRWDEOH HGLWLRQV RI &KDUDFWHULVWLFNV WR KDYH DSSHDUHG LQ UHFHQW \HDUV DUH $ $ &RRSHU 7KLUG (DUO\ RI 6KD HVEXU\ &KDUDFWHULVWLFNV RI 0HQ 0DQQHUV 2SLQ LRQV 7LPHV HG DQQRW DQG ZLWK DQ LQWURG E\ 3 $\UHV  YROV 2[IRUG   , [[[YLLL  S ,,

YL  S $ $ &RRSHU 7KLUG (DUO RI 6KD HVEXU\ &KDUDFWHULVWLFV RI 0HQ 0DQQHUV 2SLQLRQV 7LPHV HG DQQRW DQG ZLWK DQ LQWURG E\ / ( .OHLQ &DPEULGJH   [[[YLL  S DQG

$ $ &RRSHU 7KLUG (DUO RI 6KD HVEXU\ &KDUDFWHULVWLFNV RI 0HQ 0DQQHUV 2SLQLRQV 7LPHV HG DQG ZLWK D IRUHZRUG E\ ' 'HQ 8\O  YROV ,QGLDQDSROLV   , [Y  S ,,  S ,,,  S :KHUHYHU WKH &KDUDFWHULVWLFNV LV FLWHG UHIHUHQFHV DUH WR WKH VHFRQG HGLWLRQ  EDVHG RQ $\UHVnV WH[W H[FHSW IRU WH[WV FLWHG RWKHU WKDQ WKH VL[ FRUH WUHDWLHV LQ ZKLFK FDVH WKH 6WDQGDUG (GL WLRQ LV FLWHG





0LVFHOODQHD  (DFKHSRFKKDVRIFRXUVHKDGLWV6KD HVEXU\KRZHYHUGLYHUVHO\LWGHSLFWHGKLVWKRXJKW ,W ZRXOG VHHP WKDW WKH GLHUHQFHV EHWZHHQ UHDGLQJV DQG WKH FRQWURYHUVLHV WR ZKLFK WKH\ JDYH ULVH ZHUH QRW RQO\ GXH WR WKH YDJDULHV RI WKH SDUWLFXODU HSRFK EXW DW OHDVW SDUWO\ WR 6KD HVEXU\KLPVHOIVSHFLFDOO\WRKLVwPLVFHOODQHRXVVW\OHkDQGWKHREVWDFOHVLWSODFHVLQKLV UHDGHUnVSDWK)RULQVHHNLQJWRFRPHWRWHUPVZLWKLWLQWHUSUHWHUVKDYHDOOWRRR HQORVW VLJKWRIWKHWKRXJKWLWVHOIDQGLQVWHDGDOORZHGWKHPVHOYHVWREHOHGE\WKHRSLQLRQVRIWKHLU WLPHV7KHWUHQGWKHUHE\KDVEHHQWRIDYRUWKHWH[WnVGLYHUVLW\RYHULWVXQLW\


'HVSLWH WKH IDFW WKDW 6KD HVEXU\ FOHDUO\ DVSLUHG WR WKH UDQN RI SKLORVRSKHU WKH ZD\ LQ ZKLFKKHZURWHKDVVHHPHGWRPDQ\WRVXSSRUWWKHYLHZWKDWKHLVQRWDSKLORVRSKHUEXWD OLWHUDU\JXUHRUHYHQWKDWKHLVQHLWKHURQHQRUWKHRWKHUEXWIDOOVVRPHZKHUH”EHWZHHQ SKLORVRSK\DQGOLWHUDWXUH…WKDWKHKDVGHYHORSHGDQHZZD\RIZULWLQJKLVFKLHIFRQWULEX WLRQKDYLQJEHHQRQHRIIRUPUDWKHUWKDQRIFRQWHQW %XWLIKHDSSHDUVWRPDQ\RUPRVWRI

 

,W LV SUHFLVHO\ WKH VHQVH IRU WKLV SULQFLSOH WKDW KDV GLVWLQJXLVKHG WKH EHVW PRVW SKLORVRSKLFDO FRQ WULEXWLRQV WR 6KD HVEXU\ VFKRODUVKLS LQ UHFHQW \HDUV 6HH HJ / ( .OHLQ 6KD HVEXU\ DQG WKH &XOWXUH RI 3ROLWHQHVV 0RUDO 'LVFRXUVH DQG &XOWXUDO 3ROLWLFV LQ (DUO\ (LJKWHHQWK&HQWXU\ (QJODQG &DP



EULGJH   / -D UR (WKLTXH GH OD FRPPXQLFDWLRQ HW DUW GnÂFULUH 6KD HVEXU\ HW OHV /XPLÁUHV DQJODLVHV 3DULV   ' - 'HQ 8\O ”6KD HVEXU\ DQG WKH 0RGHUQ 3UREOHP RI 9LUWXH… LQ 6RFLDO 3KLORVR SK\ DQG 3ROLF\    S  DQG + %RHGHU ”(LQH %HZHJXQJ GHU PXQGDQHQ 9HUQXQ …

LQ $EKDQGOXQJHQ GHU %UDXQVFKZHLJLVFKHQ :LVVHQVFKD OLFKHQ *HVHOOVFKD



S 

   S  HVS



&I HJ ( :RO nV LQWURGXFWLRQ WR KLV VHPLQDO VWXG\ 6KD HVEXU\ XQG VHLQH %HGHXWXQJ IÕU GLH HQJOL VFKH /LWHUDWXU GHV  -DKUKXQGHUWV 'HU 0RUDOLVW XQG GLH OLWHUDULVFKH )RUP 7ÕELQJHQ   )ROORZLQJ

+ )ULHGULFKnV UHDGLQJ RI 0RQWDLJQH :RO



 DUJXHV WKDW 6KD



HVEXU\ LV QHLWKHU D SKLORVRSKHU QRU D

0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV KLVUHDGHUVWREHORFDWHGLQVRPHwEHWZHHQkPLJKWLWQRWEHZRUWKZKLOHWRDVNZK\KHJLYHV WKLVLPSUHVVLRQDQGZKHWKHULQWHQWLRQDOO\RUDFFLGHQWDOO\"+DVKHLQWUXWKLQYHQWHGDQHZ ZD\RIZULWLQJ"2UPLJKWLWEHPRUHDFFXUDWHWRVD\WKDWKHDYDLOVKLPVHOIRIZD\VRIZULWLQJ WKDWDUHDVROGDVWKHKLOOVRUDWOHDVWDVROGDVSKLORVRSK\D HU6RFUDWHV"*UDQWLQJWKHVXLW DELOLW\RIWKHGHVLJQDWLRQPLJKWQRWVXFKDwEHWZHHQkPDUNWKHVWUDWHJLFSODFHRIDQHLWKHUQRU SURSHU WR RQH ZKR ZLVKHV WR DYRLG EHLQJ SLQQHG GRZQ E\ KLV HQHPLHV UHDO RU SRWHQWLDO" $QGLIWKDWLVWKHIXQFWLRQRIKLVGLVFXUVLYHVWUDWHJLHVDUHWKH\HPSOR\HGLQRUGHUWRSURWHFW SKLORVRSK\RUSRHV\RUSHUKDSVWRVDYHWKHDXWKRUnVRZQVNLQ"2QWKHRWKHUKDQGPLJKW WKH\ EH PHDQW WR SURWHFW WKRVH IURP 6KD HVEXU\nV WKRXJKW ZKR ZRXOG RWKHUZLVH EH KDUPHGE\LW"$QGZKDWLIKLVGLVFXUVLYHVWUDWHJLHVZHUHQRWRQO\GHIHQVLYHEXWXOWLPDWHO\ DQG HPLQHQWO\ RHQVLYH VWUDWHJLHV QDPHO\ SUDFWLFHV DLPHG DW FDXVLQJ DW OHDVW D IHZ RI KLV UHDGHUVWRWKLQN"7KHVHTXHVWLRQVGRQRWFRQFHUQWULYLDOLWLHVRIUKHWRULFEXWXQGHUVFRUHWKH LPSRUWDQFHRILQTXLULQJLQWRWKHDXWKRUnVLQWHQWLRQZKLFKLQIRUPVKLVUKHWRULF   7KHSUHVHQFHDQGVLQJXODULW\RI6KD HVEXU\nVLQWHQWLRQLVVXJJHVWHGDOUHDG\E\WKHGH VLJQ RU DUFKLWHFWXUH RI WKH &KDUDFWHULVWLFNV E\ ERWK WKH RUGHU RI WKH ”WUHDWLVHV… DV KH FDOOV WKHPDQGWKHLUwH[WHUQDOkSUHVHQWDWLRQ5HJDUGLQJWKHIRUPHUIRULQVWDQFHWKHVLPSOHIDFW WKDW KH GLG QRW VHH W WR SXEOLVK WKH WUHDWLVHV LQ FKURQRORJLFDO RUGHU r WKRXJK KH HDVLO\ FRXOGKDYHGRQHVRVLQFHYHRIWKHVL[SLHFHVKDGDSSHDUHGVHSDUDWHO\EHWZHHQDQG r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wPRWLRQVkUHVXOWLQWZR FURVVLQJ GLDJRQDOV +RZHYHU WKH\ GR QRW PHUHO\ FDQFHO RQH DQRWKHU 5DWKHU WKHLU w;k JLYHVULVHWRDIXUWKHUwPRWLRQkDFLUFOHRUVSLUDO7KDWLVWRVD\WKHPRYHWKURXJKWKHYRO XPHVWRWKHHQGIURPWKUHHWUHDWLVHVWRMXVWRQH HQWDLOVrLQGHHGLWLPSHOVrDWXUQEDFNWR WKHEHJLQQLQJIURPYROXPH,,,WR, 7KHVHPRWLRQVSURYHXSRQFORVHULQVSHFWLRQWRHFKR WKHXQIROGLQJRIWKHFHQWUDODUJXPHQWLQWKH&KDUDFWHULVWLFNVZKLFKZLOOEHVNHWFKHGEULH\ LQWKHQH[WVHFWLRQ7KHSRLQWKHUHLVRQO\WKDWWKRVHQXPEHUVDQGWKHwP\VWHULRXVkIRUPV WRZKLFKWKH\JLYHULVHDUHUVWVLJQVRIDQLQWHQWLRQ  )DUPRUHFRQVSLFXRXVSURRIWKDW6KD HVEXU\KDGVRPHWKLQJTXLWHGHQLWHLQPLQGWKDW WKHUHLVQRWKLQJFDSULFLRXVDERXWWKH&KDUDFWHULVWLFNVLVJLYHQKRZHYHUE\WKHZRUNnVwDHV WKHWLFk SUHVHQWDWLRQ DQG HVSHFLDOO\ E\ WKH SDLQV 6KD HVEXU\ WRRN UHJDUGLQJ LW :KLOH KH

 SRHW EURDGO\ FRQFHLYHG EXW D PRUDOLVW ZKR KROGV DQ LQWHUPHGLDU\ SRVLWLRQ EHWZHHQ SKLORVRSK\



DQG SRHWU\



$Q\ DWWHPSW WR FRPH WR WHUPV ZLWK WKH IXOO VLJQL FDQFH RI UKHWRULF DV D NH\ WR WKH DXWKRUnV LQWHQ



WLRQ ZLOO SUR W IURP FDUHIXO FRQVLGHUDWLRQ RI + 0HLHU ”5RXVVHDXV 'LVNXUV ÕEHU GHQ 8UVSUXQJ XQG GLH *UXQGODJHQ GHU 8QJOHLFKKHLW XQWHU GHQ 0HQVFKHQ (LQ HLQIÕKUHQGHU (VVD\ ÕEHU GLH 5KHWRULN XQG GLH ,QWHQWLRQ GHV :HUNHV… LQ -- 5RXVVHDX 'LVNXUV ÕEHU GLH 8QJOHLFKKHLW  'LVFRXUV  VXU OnLQÂJDOLW HG + 0HLHU 3DGHUERUQ   S [[LO[[YLL HVS S [[LL[[YLL [[[[[[L DQG [OYLLOYLL 1R OHVV FHQWUDO WR VXFK DQ LQTXLU\ ZRXOG EH / 6WUDXVV ”3HUVHFXWLRQ DQG WKH $UW RI  :ULWLQJ… LQ LG 3HUVHFXWLRQ DQG WKH $UW RI :ULWLQJ &KLFDJR   S  ,Q WKH SUHVHQW GLV



FXVVLRQ RI 6KD HVEXU\nV &KDUDFWHULVWLFNV ZH KDYH WR EH VDWLV HG ZLWK LQGLFDWLQJ LQ EURDG VWURNHV WKH LPSRUWDQFH RI UKHWRULF WR 6KD HVEXU\nV SUHVHQWDWLRQ





0LVFHOODQHD PDLQWDLQHGWKHVHTXHQFHRIWKHFRPSRQHQWWUHDWLVHVIURPWKHUVWHGLWLRQRIWRZKDW ZRXOGEHFRPHWKHVHFRQGSRVWKXPRXVHGLWLRQRIKHJUHDWO\PRGLHGWKHwIDFHkRI WKHIRUPHUE\DOWHULQJRUWKRJUDSK\DQGW\SRJUDSK\DGGLQJQXPHURXVFURVVUHIHUHQFHVDQG H[SDQGLQJ WKH LQGH[ $PLGVW D GLYHUVLW\ RI IRUPV RI OLWHUDU\ H[SUHVVLRQ WKHVH DGGLWLRQV ZHUH WR XQGHUVFRUH WKH XQLW\ RI WKH &KDUDFWHULVWLFNV
 

+RZHYHU WKH VHFRQG HGLWLRQ GHSDUWV IURP WKH



UVW

LQ WKDW WKH IRUPHU LQFOXGHV WZR DGGLWLRQDO

SLHFHV D HU 0LVFHOODQHRXV 5H HFWLRQV DV ”7UHDWLVH 9,,… ”$ 1RWLRQ RI WKH +LVWRULFDO 'UDXJKW RU 7DEODWXUH RI WKH -XGJPHQW RI +HUFXOHV… DQG ”$ /HWWHU FRQFHUQLQJ 'HVLJQ… ERWK RULJLQDOO\ SXEOLVKHG LQ  7KHUH KDV EHHQ PXFK GHEDWH DPRQJ VFKRODUV DERXW ZKR ZDV UHVSRQVLEOH IRU LWV LQFOXVLRQ 6KD HVEXU\ RU 0LFNOHWKZD\WH 7KLV PDWWHU FDQQRW EH DGGUHVVHG KHUH ,W VHHPV OLNHO\ KRZHYHU WKDW WKH -XGJPHQW GRHV QRW EHORQJ WR WKH &KDUDFWHULVWLFNV DOUHDG\ IRU VWUXFWXUDO UHDVRQV 7KH DFFRXQW ZH

 

JLYH LQ WKH QH[W VHFWLRQ VKRXOG DW OHDVW JLYH KLQWV DV WR KRZ ZH ZRXOG DUJXH IRU RXU SRVLWLRQ &I + 0H\HU ”(LQ 3KLORVRSK JHVWDOWHW VHLQH %ÕFKHU 6KD HVEXU\ XQG GLH 'UXFNOHJXQJ GHV &KD UDFWHULVWLFNV  … LQ ,PSULPDWXU Q V    S 

&I 6KD HVEXU\ ”,QVWUXFWLRQV ,VW DQG ,,G IURP WKH 9LUWXRVR&RSS\%RRN FRQFHUQLQJ WKH 1HZ (GLWLRQ  RI &KDUDFWHULVWLFNV… LQ $ $ &RRSHU 7KLUG (DUO RI 6KD HVEXU\ 6WDQGDUG (GLWLRQ



YRO ,  HG : %HQGD HW DO 6WXWWJDUW%DG &DQQVWDWW   S   6HH WKH SUHYLRXV QRWH IRU WKH UHIHUHQFH WR KLV ”,QVWUXFWLRQV… ZKLFK KDYH EHHQ SXEOLVKHG LQ WKH 6WDQGDUG (GLWLRQ IRU WKH

UVW WLPH LQ IXOO 7KH VLJQLFDQFH RI WKH LOOXVWUDWLRQV IRU D SURSHU XQGHU

VWDQGLQJ RI WKH &KDUDFWHULVWLFNV KDV EHHQ SRLQWHG RXW LQ WZHQWLHWKFHQWXU\ 6KD HVEXU\ VFKRODU VKLS EXW VDYH IRU RQH H[FHSWLRQ 3DNQDGHO FI Q  EHORZ  WKLV DVVHUWLRQ KDV QRW EHHQ GHPRQ VWUDWHG $QG HYHQ WKH RQH H[FHSWLRQ VHWWOHV IRU WHDVLQJ RXW WKH HPEOHPDWLF FRQWHQW RI WKH LOOXVWUD

 

WLRQV ZLWKRXW UHODWLQJ LW WR WKH IRUP DQG FRQWHQW RI WKH &KDUDFWHULVWLFNV DV D ZKROH 6KD HVEXU\ ”,QVWUXFWLRQV… S  6KD HVEXU\ ”,QVWUXFWLRQV… S   





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV FOXGHG”EH\RQGZWLVSUHVFULEHG…VLQFHDGGLWLRQVQRWLQWHQGHGE\KLPPD\ZHOOGLVWUDFWWKH UHDGHUIURPWKH”UHDO0HDQLQJ…DQGWKHUHE\LPSHGHKLVJUDVSRI6KD HVEXU\nVLQWHQWLRQ  %\WKHVDPHWRNHQLI6KD HVEXU\nVSUHVFULSWLRQVDUHIROORZHGWKHUHZLOOEHQRGDQJHURI UHYHDOLQJWRRPXFKWRWKHUHDGHU7KLVKHPDNHVFOHDUUHJDUGLQJWKHSDJHUHIHUHQFHVKHKDV *ULEHOLQ SODFH XQGHU WKH LOOXVWUDWLRQV ,Q UHVSRQVH WR FRQFHUQ DERXW JLYLQJ DZD\ WKH wUHDO PHDQLQJk IRU H[DPSOH RI WKH WLWOH SDJH LOOXVWUDWLRQnV PRWWR E\ DGGLQJ VXFK UHIHUHQFHV 6KD HVEXU\ UHVSRQGV WR 7KRPDV 0LFNOHWKZD\WH KLV IULHQG FRXVLQ DQG OLWHUDU\ DJHQW LQ (QJODQG”1RULVWKHUHDQ\)HDUWKDWVXFKD5HIHUHQFHDVWKLVVKRXOGGHVWUR\WKH(QLJPDWL FDOSDUWE\EHLQJWRRH[SODQDWRU\1RQHZLOOEHWKHZLVHUIRUWKLV5HIHUHQFHH[FHSWWKRVH ZKRGHVHUYHLWDQGRXJKWWRKDYHZKDW/LJKWFDQEHJLYHQnHPRQVXFK7HUPVDVWKHVH…  7KLVSDVVDJHQRWRQO\WHVWLHVWR6KD HVEXU\nVLQWHQWLRQEXWLQGLFDWHVWKDWLWLVWZRIROGLQ VRIDUDVKHKDVDWOHDVWWZRNLQGVRIUHDGHULQYLHZWKRVHZKRGHVHUYHWREHZLVHUDQGWKRVH ZKRGRQRW:KHUHDVWKHLOOXVWUDWLRQVPD\EHSOHDVLQJWRWKHH\HVRIWKHODWWHUIRUWKHIRU PHUWKH\FRQWDLQNH\VWRWKHSLHFHVPDNLQJXSWKHZKROHRIWKH&KDUDFWHULVWLFNV$ HUVWDW LQJDIXUWKHUTXDOLFDWLRQWKDWWKHSDJHUHIHUHQFHVDUHWRUHIHURQO\WRWKHYROXPHLQZKLFK WKH SODWH DSSHDUV 6KD HVEXU\ WHOOV 0LFNHOWKZD\WH ”, KDYH RWKHU 5HDVRQV e H[SHGLHQWV DQG(TXLYDOHQWVZLWKZKLFK,QHHGQRWKHUHWURXEOH
      

6KD HVEXU\ ”,QVWUXFWLRQV… S    DQG S    UHVSHFWLYHO\ 6HH DOVR S   6KD HVEXU\ ”,QVWUXFWLRQV… S    6KD HVEXU\ ”,QVWUXFWLRQV… S   6KD HVEXU\ ”,QVWUXFWLRQV… S  



2Q WKH VLJQL FDQFH RI WKH GHVLJQ DW WKH GDZQ RI WKH PRGHUQ HUD FI %RHGHU ”(LQH %HZHJXQJ GHU PXQGDQHQ 9HUQXQ … S  VHF ,  &I 6KD HVEXU\ ”3ULQWHG 1RWHV WR WKH &KDUDFWHULVWLFNV… LQ $ $ &RRSHU 7KLUG (DUO RI 6KD HV EXU\ 6WDQGDUG (GLWLRQ YRO ,  HG : %HQGD HW DO 6WXWWJDUW%DG &DQQVWDWW   S  &KDU DFWHULVWLFNV HG $\UHV  YRO ,, S  Q  &KDUDFWHULVWLFV HG .OHLQ  S  Q  DQG &KDUDF WHULVWLFNV HG 'HQ 8\O  YRO ,,, S  Q  r KHUH 6KD HVEXU\ QRWHV WKDW WKH DQFLHQW WUHDWLVHV

ZHUH GLYLGHG LQWR ”WKH

ƒOVSEQEXMOSf DQG z\[XIVMOSf… ,Q 'HU 3KLORVRSK DOV OLWHUDULVFKHU .ÕQVWOHU

(VRWHULVFKH XQG VDWLULVFKH (OHPHQWH EHL /RUG 6KD HVEXU\ XQWHU EHVRQGHUHU %HUÕFNVLFKWLJXQJ YRQ ”6ROLORTX\ 2U $GYLFH WR DQ $XWKRU… 'LVV (UODQJHQ1ÕUQEHUJ   : %HQGD VHHNV WR GHPRQVWUDWH WKH

FHQWUDOLW\ RI WKH H[RWHULFHVRWHULF ZD\ RI ZULWLQJ DERYH DOO LQ 6KD HVEXU\nV 6ROLORTX\





0LVFHOODQHD WLFH…FLWLQJDVSURRIWKHUHRI”WKHLUJUHDWHVW 3+,/2623+(56ZKRVH FULWLFDO3LHFHVOLHLQWHU PL[W ZLWK WKHLU SURIRXQG SKLORVRSKLFDO :RUNV DQG RWKHU SROLWHU 7UDFWV RUQDPHQWDOO\ ZULW IRUSXEOLFNXVH…$UPHGZLWKDWZRIROGLQWHQWLRQVXFKDFULWLFDOPLQGLVDEOHWRZULWHQRW RQO\LQGLYLGXDOWUHDWLVHVIRUWKHSXEOLFRQWKHRQHKDQGDQGIRUSKLORVRSKHUVRQWKHRWKHU EXW DOVR DQG HVSHFLDOO\ WUHDWLVHV GHVLJQHG IRU WKH WZR DXGLHQFHV DW WKH VDPH WLPH WKRXJK GLHUHQWO\  ,Q 6KD HVEXU\nV WH[W WKLV wWZRWLHUHGk ZD\ RI ZULWLQJ LV FRPSOHPHQWHG E\ KLV HPSOR\ PHQW RI DW OHDVW WZR YDULHWLHV RI EHDXW\ IRU WKH SXEOLF WKH SROLWH DQG RUQDPHQWDO ZKLFK VHUYHVWRHQWHUWDLQIRUWKHSKLORVRSKHUVWKHHPEOHPDWLFZKLFKSRLQWVWRWKHUDGLFDOLQWHQ WLRQDQLPDWLQJWKHZRUN,QDUHODWHGYHLQ6KD HVEXU\SUDLVHV+RUDFHnVHSLVWOHVDQGVDWLUHV VD\LQJWKDW”7KH&RQFHDOPHQWRI2UGHUDQG0HWKRGLQWKLVPDQQHURI:ULWLQJPDNHVWKHFKLHI %HDXW\ RI WKH :RUN… +DYLQJ OHDUQHG IURP WKH *UHHNV DQG WKH 5RPDQV 6KD HVEXU\ KLPVHOIHPSOR\VDPLVFHOODQHRXVVW\OHVRDVWRFRQFHDOWKHZRUNnVRUGHUDQGPHWKRG rWKH PHDVXUH RI KLV VXFFHVV DQG WKXV RI WKH EHDXW\ RI WKH &KDUDFWHULVWLFNV EHLQJ WKH H[WHQW WR ZKLFKWKDWRUGHUDQGPHWKRGKDYHJRQHXQQRWLFHG  7KHSXEOLFEHDXW\SURYHVRQFORVHULQVSHFWLRQWREHRQO\WKHPRVWFRQVSLFXRXV$FWLQJ VRWRVSHDNDVDFXUWDLQLWFRQFHDOVDQRWKHUEHDXW\rWKDWRQEHKDOIRIZKLFKWKHPHWKRGLV HPSOR\HGLQWKHUVWSODFH6KD HVEXU\nVPLVFHOODQHRXVPHWKRGKDVHQDEOHGKLPWRKLGHLQ SODLQYLHZZKDWLVPRVWYDOXDEOHDQGWKXVPRVWEHDXWLIXO WRKLPE\VHHPLQJO\JUDQWLQJLW QRPRUHLPSRUWDQFHWKDQDQ\WKLQJHOVHDURXQGLW0RVWYDOXDEOHWR6KD HVEXU\LVZKDWKH HOVHZKHUH FDOOV ”WKH VHFUHW /HDUQLQJ WKH 0\VWHU\ DQG )XQGDPHQWDO .QRZOHGJ RI WKH $UW…7KHSKLORVRSKLFDORUSULYDWHOHYHORIZULWLQJFRQWDLQVWKHwUHDOPHDQLQJk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

 



&I 6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV RQ WKH SUHFHGLQJ 7UHDWLVHV DQG RWKHU &ULWLFDO 6XEMHFWV LQ $ $ &RRSHU 7KLUG (DUO RI 6KD HVEXU\ 6WDQGDUG (GLWLRQ YRO ,  HG : %HQGD HW DO 6WXWWJDUW%DG &DQQVWDWW   S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S  7KH ”JUHDWHVW SKLORVRSKHUV… WR ZKRP 6KD HVEXU\

SRLQWV KHUH DUH 3ODWR DQG $ULVWRWOH VHH ”3ULQWHG 1RWHV… 6WDQGDUG (GLWLRQ ,  S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  Q  &KDUDFWHULVWLFV HG .OHLQ  S  Q  &KDUDFWHULVWLFNV HG 'HQ



8\O  YRO ,,, S  Q 



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULV WLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S  6KRUWO\ D HU WKH SDVVDJH FLWHG

$7,5,&.

KH VD\V ”(YHQ WKH 6

RU 0

,6&(//$1(286

0DQQHU RI WKH SROLWH $QWLHQWV UHTXLUnG DV

PXFK 2UGHU DV WKH PRVW UHJXODU 3LHFHV %XW WKH $UW ZDV WR GHVWUR\ HYHU\ VXFK 7RNHQ RU $SSHDU



DQFH JLYH DQ H[WHPSRUDU\ $LU WR ZKDW ZDV ZULW DQG PDNH WKH ( HFW RI $UW EH IHOW ZLWKRXW GLVFRY





HULQJ WKH $UWL FH… 6KD HVEXU\ 6ROLORTX\ RU $GYLFH WR DQ $XWKRU LQ $ $ &RRSHU 7KLUG (DUO RI 6KD HVEXU\ 6WDQGDUG (GLWLRQ YRO ,  HG : %HQGD HW DO 6WXWWJDUW%DG &DQQVWDWW   S  &KDUDFWHULVWLFNV HG

$\UHV  YRO , S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO , S 





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV  %HFDXVH KH KDV DFNQRZOHGJHG GLHUHQFHV LQ KLV UHDGHUVKLS 6KD HVEXU\ LV DEOH WR JLYH HDFKUHDGHUZKDWEHVWVXLWVKLPrDQGWKHUHLQOLHV6KD HVEXU\nVFKDUDFWHULVWLFSROLWHQHVV+H DFKLHYHVWKLVE\ZD\RIKLVPLVFHOODQHRXVVW\OHWKDWLVE\LQWHUPL[LQJWKHGLHUHQWOHYHOVRI PHDQLQJ DQG WKXV RI WUXWK LQ D VHHPLQJO\ UDQGRP RU DVVRFLDWLYH PDQQHU 6KD HVEXU\ VKRZVWKHUHE\WKDWKLVLVQRWWKH”3RVWZD\…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”7KHMXVW&RPSRVHURIDOHJLWLPDWH3LHFHLVOLNH DQDEOH7UDYHOOHUZKRH[DFWO\PHDVXUHVKLV-RXUQ\FRQVLGHUVKLV*URXQGSUHPHGLWDWHVKLV 6WDJHVDQG,QWHUYDOVRI5HOD[DWLRQDQG,QWHQWLRQWRWKHYHU\&RQFOXVLRQRIKLV8QGHUWDN LQJ WKDW KH KDSSLO\ DUULYHV ZKHUH KH UVW SURSRVnG ZKHQ KH VHW RXW… $Q DXWKRU LV QRW ERUQMXVW6KD HVEXU\PDLQWDLQVEXWPXVWOHDUQMXVWQHVVIURPDPRGHOVXFKDVD6RFUDWHV RUD+RUDFH8QOLNHWKHPRGHUQDXWKRUVZKRKHVD\VKDYHFDVWRDOOPRGHOV6KD HVEXU\ KDVVRXJKWWROHDUQIURPWKHDQFLHQWV$VIRUZKHWKHUKHKDVOHDUQHGZHOOWKDWFDQEHGH WHUPLQHG OHVV E\ FRPSDULQJ KLV ZULWLQJV ZLWK WKRVH RI D +RUDFH WKDQ E\ FRPSDULQJ 6KD HVEXU\ZLWKKLPVHOI7KDWLVWRVD\WKHUHDGHUZLOOEHDEOHWRGHFLGHWKHOHJLWLPDF\RI WKH &KDUDFWHULVWLFNV DQGWKH MXVWQHVV RI LWV DXWKRU RQO\ E\ DSSO\LQJ 6KD HVEXU\nV RZQ VWDQ GDUGV WR KLVWKRXJKW7KH VXFFHVV RI WKLV YHQWXUH ZLOO WKHUHIRUHGHSHQG RQ KRZ FORVH WKH UHDGHULVWR6KD HVEXU\nVRZQFHQWHU)RUWKHUHLVDFHQWULIXJDOIRUFHWR6KD HVEXU\nVUKHWR ULFWKHIDUWKHURQHLVIURPWKHFHQWHUWKHPRUHUDQGRPPLVFHOODQHRXVDQGDWWLPHVHYHQ SDUDGR[LFDOKLVZULWLQJVZLOODSSHDU:KLFKLVWRVD\WKRVHWKDWDUHFORVHVWDUHWKHPRVWGH VHUYLQJWKHIDUWKHVWDUHWKHOHDVW
  



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S  $OWKRXJK QR GRFXPHQWDWLRQ LV FLWHG LW LV JHQHUDOO\ DVVXPHG WKDW 6KD HVEXU\ ZDV UHVSRQVLEOH IRU WKH GHVLJQ RI WKH IURQWLVSLHFH E\ 6LPRQ *ULEHOLQ DQG WKH SDLQWLQJ E\ -RKQ &ORVWHUPDQ RQ ZKLFK LW ZDV EDVHG &I HJ ' /HDWKHUEDUURZ ”&KDUDFWHU *HRPHWU\ DQG 3HUVSHFWLYH 7KH 7KLUG (DUO RI 6KD HVEXU\nV 3ULQFLSOHV RI *DUGHQ 'HVLJQ… LQ -RXUQDO RI *DUGHQ +LVWRU\    S  KHUH S  /HDWKHUEDUURZ SURYLGHV DQ LOOXPLQDWLQJ LQWHUSUHWDWLRQ RI WKH SRUWUDLW LQ YLHZ RI WKH





GL HUHQFHV EHWZHHQ WKH HWFKLQJ DQG WKH RULJLQDO SDLQWLQJ VSHFL FDOO\ RI WKH JDUGHQ O\LQJ LQ WKH EDFNJURXQG RI WKH HWFKLQJ





0LVFHOODQHD QHDWKDFXUWDLQZKLFKKDVEHHQGUDZQXSFDQRS\OLNHVRDVWRDRUGDYLHZWKURXJKDQ DUFKZD\WRWKHRXWVLGHWRWKHVWULFWO\IRUPHGJDUGHQDQGWKHUROOLQJKLOOVDQGWKHFORXGVEH \RQG7KHSRUWUDLWGRHVQRWXQIROGLQDKHDGRQIURQWWREDFNPDQQHU5DWKHUWKHSODQH RIWKHSRUWUDLWOLHVDWDGLDJRQDOWKHIRUZDUGPRVWSRLQWEHLQJDWWKHULJKWHGJHWKHIDUWKHVW SRLQWO\LQJEH\RQGWKHIUDPHRIWKHOH HGJH0RVWSURPLQHQWRQWKHULJKWLVDSHGHVWDORI VRUWV6KD HVEXU\n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nV WKRXJKW DV SUHVHQWHG LQ WKH &KDUDFWHULVWLFNV 2QH QHHG RQO\ FRQVLGHU WKH FRPPRQ GHQRPLQDWRUEHWZHHQ;HQRSKRQDQG3ODWRWRGLVFRYHUZKRPWKHWKLUGYROXPHLVWRUHSUH VHQWDQDXWKRUrD”*HQLXVRIZULWLQJ…rZKRDVWUDGLWLRQKDVLWQHYHUSHQQHGDVLQJOH ZRUN+HLVRIFRXUVH6RFUDWHV$QGLWLVWKH'HOSKLFGLFWXPKRÏUMWEYX³R.QRZWK\

 

6KD HVEXU\ 6ROLORTX\ S  &KDUDFWHULVWLFNV HG $\UHV  YRO , S  &KDUDFWHULVWLFV HG .OHLQ 



S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO , S  &I DOVR 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHU LVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO



,,, S  &I ( :LQG ”6KD HVEXU\ DV D 3DWURQ RI $UW… LQ -RXUQDO RI WKH :DUEXUJ DQG &RXUWDXOG ,QVWLWXWHV    S  KHUH S  +H GRHV QRW VSHDN RI WKH DXWKRU RI WKH WKLUG YROXPH DOWKRXJK



KH GRHV ULJKWO\ QRWH WKH FHQWUDOLW\ RI 6RFUDWHV WR WKLV FRQVWHOODWLRQ 1RU GRHV KH SXUVXH WKH VLJQL  FDQFH RI 6RFUDWHV WR 6KD HVEXU\nV WKRXJKW ) 3DNQDGHO ”6KD HVEXU\nV ,OOXVWUDWLRQV RI &KDUDFWHULV WLFV… LQ -RXUQDO RI WKH :DUEXUJ DQG &RXUWDXOG ,QVWLWXWHV    S  PHUHO\ UHIHUV WR :LQGnV DFFRXQW ,Q KLV LQIRUPDWLYH ELRJUDSK\ 7KH 7KLUG (DUO RI 6KD HVEXU\  %DWRQ 5RXJH r /RQGRQ   S  5 9RLWOH VXJJHVWV WKDW WKH ERRNV DUH ;HQRSKRQnV 0HPRUDELOLD RI 6RFUDWHV 3ODWRnV ZRUNV DQG ”D UHYHUVH YROXPH RI FRQVLGHUDEOH VL]H VKRXOG EH $UULDQnV 'LVFRXUVHV RI (SLFWHWXV &OXWFKHG WR KLV EUHDVW LV ZKDW RXJKW WR EH WKH PRVW LPSRUWDQW YROXPH LQ WKH SRU WUDLW 6LQFH LW LV UHYHUVHG WKHUH LV QR ZD\ RI GHWHUPLQLQJ WKH H[DFW WLWOH RI WKLV OLWWOH ERRN WKH WLWOH LV FRQFHDOHG MXVW DV LW ZDV LQ KLV SXEOLVKHG ZRUNV \HW LW PXVW EH WKH 0HGLWDWLRQV RI 0DUFXV $XUH OLXV… 5HO\LQJ RQ WKH WKHQ SUHVHQW (DUO RI 6KD HVEXU\nV LQWHUSUHWDWLRQ RI WKH SDLQWLQJ /HDWKHU EDUURZ ”&KDUDFWHU *HRPHWU\ DQG 3HUVSHFWLYH… S  GLVWLQJXLVKHV EHWZHHQ WKH YLWD FRQWHPSOD WLYD DQG WKH YLWD DFWLYD +H UHJDUGV 3ODWR DQG ;HQRSKRQ DV UHSUHVHQWLQJ WKH UHVSHFWLYH ZD\V RI OLIH

”7KH WZR ERRNV RU LPDJHV RI WZR IRUPV RI OLIH DUH MRLQHG E\ D WKLUG XQOHWWHUHG YROXPH 7KLV PD\ EH D VLJQ RI WKH 7KLUG (DUOnV YHUVLRQ RI 6RFUDWLF ZLVGRP 5HJDUGOHVV RI WKLV GHWDLO WKH PHDQ LQJ RI WKH FRPSRVLWLRQ LV FOHDU WKHUH LV D WHQVLRQ EHWZHHQ SULYDWH DQG SXEOLF OLIH ZKLFK HYHU\PDQ >VLF@ PXVW UHFRQFLOH IRU KLPVHOI… ,Q ZKDW IROORZV LW VKRXOG EHFRPH FOHDUHU ZK\ WKHUH LV LQ IDFW QR WHQVLRQ EHWZHHQ WKHVH WZR VSKHUHV IRU 6KD HVEXU\ r WKDW LV VR ORQJ DV RQH GRHV QRW WU\ WR UHGXFH RQH WR WKH RWKHU EXW OHDYHV WKHP GLVWLQFW





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV VHOIRUDV6KD HVEXU\VD\V”5(&2*1,=( <2856(/)… KHVRXJKWWRIXOOOWKDWQRWRQO\ IRUPVWKHKHDUWRI6KD HVEXU\nVWKRXJKWEXWDOVRLQGLFDWHVLWVPRYHPHQW  7KLVLVFRQUPHGE\DUHFRQVLGHUDWLRQRIWKHSRUWUDLWDVDZKROHZKLFKLVDQH[XVRIGL DJRQDOV$OPRVWGLUHFWO\LQLWVFHQWHULVDERRNZKLFK6KD HVEXU\KROGVWRKLVEUHDVWLQKLV ULJKWKDQG7KDWLWLVQRWHTXDOLQUDQNWRWKHRWKHUYROXPHVLVVXJJHVWHGE\LWVGLPHQVLRQV LWPHDVXUHVOHVVWKDQRQHTXDUWHUWKHVL]HRIWKHRWKHUV


$OWKRXJKVHOINQRZOHGJHLVFHQWUDOWR6KD HVEXU\nVWKRXJKWDVERWKWKHVWDUWLQJSRLQWDQG WKHPRWRURIWKHSURJUHVVLRQWKURXJKWKHZKROHRU”MRLQW(GLWLRQ…RIWKH&KDUDFWHULVWLFNVLW LVQRWDQHQGLQLWVHOIEXWWKHPHDQVWRWKHHQGRUDLPRI6KD HVEXU\nVXQGHUWDNLQJ,QGHHG LWLVRQO\LQOLJKWRIKLVDLPWKDWWKHIXOOGHWHUPLQDWHVHQVHRIWKHVHOINQRZOHGJHDWLVVXHLQ KLV WKRXJKW EHFRPHV PDQLIHVW 6R ZKLOH VHOINQRZOHGJH RHUV D NH\ WR WKH ZKROH LW LV 6KD HVEXU\nV DLP WKDW LV XOWLPDWHO\ UHVSRQVLEOH IRU ”WKH &RQQHFWLRQ DQG 'HSHQGHQF\… RI WKHZRUNnVFRQVWLWXHQWSDUWV)RUWXQDWHO\KHPDNHV QRVHFUHWRIKLV DLPEXWVWDWHVLWLQ WKH ZRUNnV QDO VHFWLRQ ”,7 +$6 EHHQ WKH PDLQ 6FRSH DQG SULQFLSDO (QG RI WKHVH 9RO XPHVw7RDVVHUWWKH5HDOLW\RID%($87<DQG&+$50LQ0RUDODVZHOODV1DWXUDO6XEMHFWV DQGWRGHPRQVWUDWHWKH5HDVRQDEOHQHVVRIDSURSRUWLRQDWH7$67(DQGGHWHUPLQDWH&+2,&(LQ /LIHDQG0DQQHUVk…+LVGHPRQVWUDWLRQLVPHDQWWRVHWWKHUHDGHUWRZRUNDWFXOWLYDWLQJKLV UHDVRQZKLFKLVPRVWYLVLEOHLQWKHIRUPDWLRQRIKLVWDVWHRUMXGJPHQW)URPWKHUVWWUHD WLVHWRWKHODVW6KD HVEXU\nVLQWHQWLRQLVWKHUHIRUHQRWKLQJEXWSUDFWLFDOLQDQDJHLQZKLFK JRRGPDQQHUVVHHPWRKDYHEHFRPHWKHH[FHSWLRQUDWKHUWKDQWKHUXOH6KD HVEXU\DLPVWR VKRZKLVUHDGHUWKDWLWLVSRVVLEOHDQGLQGHHGQHFHVVDU\WRFKDQJHKLVZD\VWREHPLQGIXO RIKRZKHDFWVLQGLYLGXDOO\EXWHVSHFLDOO\VRFLDOO\2UDVKHSXWVLWWKHZRUNLVGHVLJQHG”WR

   

6KD HVEXU\ 6ROLORTX\ S  &KDUDFWHULVWLFNV HG $\UHV  YRO , S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO , S 



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULV WLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S 



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULV WLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S  6KD HVEXU\ GLVFXVVHV WKH



XQLW\ RI WKH &KDUDFWHULVWLFNV HJ LQ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO



,, S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S 



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDU DFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S 





0LVFHOODQHD FRUUHFW0DQQHUVDQGUHJXODWH/LYHV…$QGWKDWLVZKHUHVHOINQRZOHGJHFRPHVLQLIKHLVWR DFKLHYHKLVJRDO6KD HVEXU\PXVWUVWPRYHWKHUHDGHULQDVSOHDVDQWDZD\DVSRVVLEOHWR XQGHUWDNH WKH TXHVW IRU VHOINQRZOHGJH r ZKLFK LV WR VD\ 6KD HVEXU\ PXVW JXLGH KLP KRPH)RUVHOINQRZOHGJHSURYLGHVWKHRQO\VXUHIRXQGDWLRQRIPDQQHUVDQGWKXVRIVRFLD ELOLW\7RWKHH[WHQWWKHQWKDW6KD HVEXU\KDVSRVLWLRQHGHYHU\WKLQJLQWKH&KDUDFWHULVWLFNV VRDVWRLQLWLDWHWKDWPRYHPHQWE\DQGLQWKHUHDGHULWVRUGHULVLWVPRUDODUFKLWHFWXUH  7REHVXUHWKHPRUDOIRUFHRIWKHZRUNnVGHVLJQPD\QRWEHLPPHGLDWHO\DSSDUHQWZKHQ RQH UVW SUHVVHV EH\RQG WKH IURQWLVSLHFH 2QH PLJKW EH PLVOHG SHUKDSV E\ RSLQLRQV RQH EULQJV WR WKH ZRUN )RU LQVWDQFH WKH LQLWLDO ZRUG RI WKH WLWOH PLJKW OHDG RQH WR WKLQN RI ZRUNVEHDULQJVLPLODUWLWOHVE\WKHOLNHVRI7KHRSKUDVWXVRU/D%UX\ÁUH,QWKDWFDVHrHYHQ WKRXJKKLVZRUNGLHUVIURPWKHLUVQRWOHDVWGXHWRWKHIDFWWKDWLWLVOHVVDWD[RQRP\RUD FRPSLODWLRQRIFKDUDFWHUW\SHVWKDQDZRUNGHYRWHGWRWKHGLVWLQFWLRQEHWZHHQIHDWXUHVXO WLPDWHO\RIMXVWWZRFKDUDFWHUVrRQHPLJKWZDQWWRFODVV6KD HVEXU\DPRUDOLVW$QGDVXU YH\ RI WKH DQQRXQFHG WRSLFV RI WKH WUHDWLVHV PDNLQJ XS WKH &KDUDFWHULVWLFNV r HQWKXVLDVP ZLWKXPRUDGYLFHYLUWXHPHULWDQGHYHQWKHPRUDOLVWVrZRXOGVHHPWRVXSSRUWWKHDVVR FLDWLRQ%XWWKLVGRHVQRWEULQJRQHYHU\IDUQRPRUHWKDQGRHVFDOOLQJ6KD HVEXU\DFODVVL FLVWRUSDJDQD HUQRWLQJWKHIUHTXHQF\ZLWKZKLFKKHFLWHV*UHHNDQG/DWLQDXWKRUVDVRS SRVHG WR VD\ 1HZ 7HVWDPHQW RU PRGHUQ DXWKRUV ,QGHHG WKHVH DVVRFLDWLRQV JLYH ULVH WR PRUHTXHVWLRQVWKDQDQVZHUV  2QWKHRWKHUKDQGRQHPLJKWEHSX]]OHGRUHYHQSXWRE\WKHEODQGLQGHWHUPLQDF\RI WKHIXOOWLWOHr&KDUDFWHULVWLFNVRI0HQ0DQQHUV2SLQLRQV7LPHVrZKLFK6KD HVEXU\QRZKHUH DWWHPSWVWRUHPRYHZLWKDQ\H[SOLFLWQHVV
 



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULV



WLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S  7KH ODWWHU UHPDUN VSHFL HV

WKH DXWKRUnV DLP LQ 6ROLORTX\ WKH FHQWUDO HVVD\ RI WKH FROOHFWLRQ 1HYHUWKHOHVV DV WKH SUHFHGLQJ TXRWDWLRQ PDNHV FOHDU WKH DLP RI 6ROLORTX\ SHUYDGHV WKH ZKROH RI WKH &KDUDFWHULVWLFNV





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV WKHDQFLHQWVEXWLQGRLQJVRKHQHLWKHUGLVRZQVKLVWLPHVQRUZLVKHVWRUHVXUUHFWWKHDQ FLHQWZRUOGDVVXFK5DWKHU6KD HVEXU\VHHNVWRLQVWLOOLQKLVRZQDJHZKDWKHUHJDUGVDVDQ HVVHQWLDOFKDUDFWHULVWLFRIWKDWIRUPHUDJHLWVSRZHURIMXGJPHQWRUGLVWLQFWLRQDVLWVKDSHG PHQnV PDQQHUV DQG OLYHV 7KLV DLP LV JURXQGHG LQ D WKUHHIROG GLVWLQFWLRQ ZKLFK 6KD HV EXU\HPSOR\VWKURXJKRXWWKH &KDUDFWHULVWLFNVUVWWKH GLVWLQFWLRQRIWKHDQFLHQWV IURPWKH PRGHUQVDQGWKHQWKHGLVWLQFWLRQRIWKHPRGHUQVZLWKLQWKHPVHOYHVrZKLFKLVWRVD\DGLV WLQFWLRQRIDQHZVHOIIURPWKHROGKDELWXDOVHOI7KHJRDOWKHUHE\LVWRFXOWLYDWHDPRGHUQ VHOIRQWKHPRGHORIZKDW6KD HVEXU\UHJDUGVDVWKHDQFLHQWVHOISDUH[FHOOHQFH6RFUDWHV 7KHSLYRWDOGLVWLQFWLRQRIPHQPDQQHUVRSLQLRQVDQGWLPHVWKXVSURYHVWREHEDVHGRQD GLVWLQFWLRQWKDWLVLWVHOIJURXQGHGLQVHOINQRZOHGJH$VDQDSSOLFDWLRQRI6RFUDWLFPHWKRG 6KD HVEXULDQPDLHXWLFVRUZKDWKHFDOOVKLV”KRPHSKLORVRSK\… VHHNVWRJXLGHWKHUHDGHU WRWKHGLVWLQFWLRQRIKLPVHOIIURPKLPVHOIDQGWKHQWRDGLVWLQFWLRQRIWKHVRFLDEOHZRUOG r DOOZLWKDYLHZWRWHDFKLQJKLPWRPLQGKLVPDQQHUV  ,WLVLPSRUWDQWWRQRWHKRZHYHUWKDWIRU6KD HVEXU\WKHVWDJHVRIWKLVSURJUHVVLRQKDYH WKHLU IXOO VHQVH RQO\ ZKHQ WDNHQ WRJHWKHU MXVW DV WKHUH FDQ EH QR PDQQHUV ZLWKRXW VHOI NQRZOHGJHOLNHZLVHWKHUHFDQEHQRPDQQHUVZLWKRXWDFRPPXQLW\LQZKLFKWRDFW7KH SURJUHVVLRQWKURXJKWKLVVSDQLVUHHFWHGLQWKHRUJDQL]DWLRQRIWKHWUHDWLVHVPDNLQJXSWKH &KDUDFWHULVWLFNV6LQFHIRU6KD HVEXU\QROHVVWKDQIRU$ULVWRWOHDZKROHFRQVLVWVRI”DUHDO%H JLQQLQJD0LGGOH>DQG@DQ(QG…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r$/HWWHUFRQFHUQLQJ(QWKXVLDVP DQG6HQVXV&RPPXQLVDQ(VVD\RQWKH )UHHGRPRI:LWDQG+XPRXU rSUHSDUHWKHZD\WRWKHODVWr6ROLORTX\RU$GYLFHWRDQ$X WKRU rE\EULQJLQJKRPHWKHQHHGIRUWKHUHDGHUnVWXUQLQZDUGDQGKLVFRQVHTXHQWLQ VSHFWLRQRIKLPVHOIWKHPHWKRGRIZKLFKLVDUWLFXODWHGLQDQGDV6ROLORTX\7RWKLVHQGWKH /HWWHUDQG6HQVXV&RPPXQLVDUHJLYHQWKHPRVWDFFHVVLEOHWKHHSLVWRODU\IRUP(DFKLVDG GUHVVHGQRWWRDQLQGHWHUPLQDWHSXEOLFEXWWRDIULHQGZKLFKDOORZV6KD HVEXU\QRWRQO\ WRZULWHZLWKDGLUHFWQHVVWKDWZRXOGRWKHUZLVHEHLPSROLWHEXWDOVRWRDGGUHVVHDFKRIKLV UHDGHUVDVDIULHQG)RUE\OLVWHQLQJLQRQWKHwSULYDWHkWKRXJKWV6KD HVEXU\LVUHOD\LQJWRKLV IULHQGHDFKUHDGHULVGUDZQLQWR6KD HVEXU\nVUHHFWLRQVDQGDVLWZHUHVXEWO\LQGXFWHG LQWRWKHJHQWOHPHQnVFOXEDQGLWVJRRGKXPRUHGGHEDWHV%\WKLVPHDQV6KD HVEXU\PDNHV FOHDUWKHQHFHVVLW\RIVFUXWLQL]LQJRQHnVSDVVLRQVHVSHFLDOO\HQWKXVLDVP DQGWKHEHKDYLRUV

 



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULV WLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S  &I 6KD HVEXU\ ”3ULQWHG

1RWHV… S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  Q  &KDUDFWHULVWLFV HG .OHLQ  S  Q  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S  Q  r ZKHUH 6KD HVEXU\ DSSHDOV WR



$ULVWRWOHnV GH QLWLRQ RI WKH ZKROH LQ 3RHWLFV E





0LVFHOODQHD WRZKLFKWKH\JLYHULVH:LWKWKHDLGRIUDLOOHU\RU”WKH7HVWRI5LGLFXOH…WKLVVFUXWLQ\LV FDUULHGRXWWRGHWHUPLQHKRZPXFKRIZKDWRQHEHOLHYHVLVWDLQWHGE\LPSRVWXUH+XPRULV WKHNH\WRWKLVXQGHUWDNLQJWREHVXFFHVVIXORQHPXVWEHRIJRRGKXPRUIRUJUDYLW\RULOO KXPRU EOLQGVRQHWRWKHWUXWKFDXVLQJRQHLQVWHDGWREHLQWROHUDQWDQGVHOVK*RRGKX PRULVWKHSURGXFWRIOLEHUW\$QGLWLVOLEHUW\QHYHUSURWHFWLRQLVPWKDW6KD HVEXU\UHJDUGV DVWKHHOHPHQWRIUHDVRQDQGWKXVRIWUXWK”$OO3ROLWHQHVVLVRZLQJWR/LEHUW\:HSROLVK RQHDQRWKHUDQGUXERRXU&RUQHUVDQGURXJK6LGHVE\DVRUWRIDPLFDEOH&ROOLVLRQ7RUH VWUDLQ WKLV LV LQHYLWDEO\ WR EULQJ D 5XVW XSRQ 0HQV 8QGHUVWDQGLQJV n7LV D GHVWUR\LQJ RI &LYLOLW\ *RRG %UHHGLQJ DQG HYHQ &KDULW\ LWVHOI XQGHU SUHWHQFH RI PDLQWDLQLQJ LW… :KLOH VXFK FROOLVLRQV DUH DQLPDWHG E\ ”FRPPRQ VHQVH… RU ”WKH .QRZOHGJ RI 3XEOLFN *RRG…6KD HVEXU\VHHNVWRVKRZWKDWWKH”UVW.QRZOHGJ…LVRIRXUVHOYHVrWKDWWKLVLV ZKHUHRQHKDVWREHJLQ7KHPHWKRGIRUDFKLHYLQJVHOINQRZOHGJHLVDJDLQZKDW6KD HV EXU\WHUPVwVROLORTX\k,WLV”WKH%XVLQHVVRI6HOI'LVVHFWLRQ…ZKHUHE\RQH”EHFRPHVWZRGLV WLQFWSHUVRQV+HLV3XSLODQG3UHFHSWRU+HWHDFKHVDQGKHOHDUQV…)RU6KD HVEXU\WKLVLV SUHFLVHO\ZKDWLVFDOOHGIRULQWKH'HOSKLFRUDFOHnVw.QRZWK\VHOIkrZKLFKLQ6KD HVEXU\nV WKRXJKWQRWRQO\UHDGV”5(&2*1,=( <2856(/)…EXWDOVR”'LYLGH\RXUVHOIRU%H7 :2… ,WLVWKHWDVNRIKLV”KRPHSKLORVRSK\…WREULQJDERXWVXFKVHOIGLVWLQFWLRQrWKURXJKVHOI GLDORJXH  :KHUHDVWKHWUHDWLVHVPDNLQJXSYROXPH,KDYHFULWLFLVPDVWKHLUFRPPRQWKHPHZKLFK PXVWRQ6KD HVEXU\nVYLHZDOZD\VEHJLQZLWKVHOIFULWLFLVPWKHWZRWUHDWLVHVLQYROXPH,,r $Q,QTXLU\FRQFHUQLQJ9LUWXHRU0HULW DQG7KH0RUDOLVWVD3KLORVRSKLFDO5KDSVRG\  rKDYHYLUWXHRUWKHJRRGIRURQHVHOIDQGIRUDOODVWKHLUXQLI\LQJWKHPH7RJHWKHUWKH\UH VWRUHVHOINQRZOHGJHWRLWVSODFHLQWKHVRFLDEOHZRUOGZKLFKLVPDUNHGE\IUHHH[FKDQJH DQGGLDORJXH7KHUVWWDVNLQWKLVUHJDUGDQGWKHSULPDU\RQHLQWKH,QTXLU\LVWRVHSDUDWH UHOLJLRQDQGYLUWXHLQRUGHUWRLQTXLUHLQWRWKHODWWHURQLWVRZQWHUPV7KHSLYRWDOTXHV WLRQVWKHUHE\DUH”w:KDW+RQHVW\RU9,578(LVFRQVLGHUnGE\LWVHOIDQGLQZKDWPDQQHULW LVLQXHQFnGE\5HOLJLRQ+RZIDU 5HOLJLRQQHFHVVDULO\LPSOLHV 9LUWXHDQGZKHWKHULWEHD WUXH6D\LQJ7KDWLWLVLPSRVVLEOHIRUDQ$WKHLVWWREH9LUWXRXVRUVKDUHDQ\UHDOGHJUHHRI+RQHVW\RU 0(5,7k… 7R DQVZHU WKHP KH HQJDJHV LQ JHQHDORJLFDO LQYHVWLJDWLRQV KH GRHV QRW VWDUW

 

6KD HVEXU\ $ /HWWHU FRQFHUQLQJ (QWKXVLDVP LQ $ $ &RRSHU 7KLUG (DUO RI 6KD HVEXU\ 6WDQGDUG (GLWLRQ YRO ,  HG : %HQGD HW DO 6WXWWJDUW%DG &DQQVWDWW   S  &KDUDFWHULVWLFNV HG



$\UHV  YRO , S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO , S  6KD HVEXU\ 6HQVXV &RPPXQLV DQ (VVD\ RQ WKH )UHHGRP RI :LW DQG +XPRXU LQ $ $ &RRSHU 7KLUG (DUO RI 6KD HVEXU\ 6WDQGDUG (GLWLRQ YRO ,  HG : %HQGD HW DO 6WXWWJDUW%DG &DQQVWDWW   S  &KDUDFWHULVWLFNV HG $\UHV  YRO , S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDF

    

WHULVWLFNV HG 'HQ 8\O  YRO , S 

6KD HVEXU\ 6ROLORTX\ S  &KDUDFWHULVWLFNV HG $\UHV  YRO , S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO , S 

6KD HVEXU\ $ /HWWHU FRQFHUQLQJ (QWKXVLDVP S  &KDUDFWHULVWLFNV HG $\UHV  YRO , S  &KDU DFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO , S 

6KD HVEXU\ 6ROLORTX\ S  &KDUDFWHULVWLFNV HG $\UHV  YRO , S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO , S  6KD HVEXU\ 6ROLORTX\ S  &KDUDFWHULVWLFNV HG $\UHV  YRO , S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO , S  6KD HVEXU\ $Q ,QTXLU\ FRQFHUQLQJ 9LUWXH RU 0HULW LQ $ $ &RRSHU 7KLUG (DUO RI 6KD HVEXU\ 6WDQGDUG (GLWLRQ YRO ,,  HG : %HQGD HW DO 6WXWWJDUW%DG &DQQVWDWW   S  &KDUDFWHULVWLFNV





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV ZLWKDFOHDQVODWHEXWVHHNVWRUHWUDFHWKHJHQHVLVRIHDFKRSLQLRQDQGWKHUHE\FODULI\PDW WHUVVRDVWRGLVSHQVHZLWKLOOIRXQGHGRSLQLRQV$ HUKDYLQJVKRZQYLUWXHWREHDQDWXUDO SRVVLELOLW\RIPDQLUUHVSHFWLYHRIKLVUHOLJLRVLW\6KD HVEXU\SUHVHQWV 7KH0RUDOLVWVZKLFK PD\EHFDOOHG”D0RQXPHQWRIXQVHDVRQDEOH&RQYHUVDWLRQ… ,WKDVWKHIRUPQRWRIVR OLORTX\EXWRIGLDORJXHDQGLQIDFWSKLORVRSKLFDOGLDORJXHDVPRGHOHGRQWKHDQFLHQWIRUP ,QLWWKHSXSLO3KLORFOHVLVOHGE\WKHSUHFHSWRU7KHRFOHVWRVHHWKHXQLRQRIPDQLQSDUWLFX ODUZLWKPHQLQFRPPRQEXWDOVRWKDWLWLVQHFHVVDU\WREHJLQZLWKWKHIRUPHULQRUGHUWR XQGHUVWDQGWKHODWWHU”WRXQGHUVWDQGWKH0DQQHUVDQG&RQVWLWXWLRQVRI0HQLQFRPPRQnWLV QHFHVVDU\WRVWXG\0$1LQSDUWLFXODUDQGNQRZWKH&UHDWXUHDVKHLVLQKLPVHOIEHIRUHZH FRQVLGHUKLPLQ&RPSDQ\DVKHLVLQWHUHVWHGLQWKH6WDWHRUMRLQnGWRDQ\&LW\RU&RP PXQLW\…6HOINQRZOHGJHGRHVQRWUHPDLQLVRODWHGWKHQEXWOHDGVWRDJUDVSRIWKHZKROH ,WLVIRUWKLVUHDVRQWKDW7KHRFOHVVWUHVVHVWKHXQLW\RIWKHLQVLGHDQGWKHRXWVLGHRIVHOIDQG QRQVHOI)RUKLPWKHRQHLVDUHHFWLRQRIWKHRWKHURUDVKHVD\V”FRQYLQFnGWKHPRUHVWLOO RIP\RZQ%HLQJDQGRIWKLV6HOIRIPLQHw7KDWnWLVDUHDO6HOIGUDZQRXWDQGFRS\nGIURP DQRWKHUSULQFLSDODQGRULJLQDO6(/)WKH*UHDWRQHRIWKH:RUOG k,HQGHDYRXUWREHUHDOO\RQH ZLWK,WDQGFRQIRUPDEOHWR,WDVIDUDV,DPDEOH…7KHTXHVWIRUYLUWXHLVQRWRQO\IRUD SHUVRQDOEXWHTXDOO\IRUDFRPPRQYLUWXH7KHKDUPRQ\WKDWLVVRXJKWWKHUHE\LVRQ6KD HV EXU\nVYLHZWKDWRIEHDXW\WKHJRRGDQGWUXWKrLQWKHLQGLYLGXDODQGLQFRPSDQ\7KLVLV DFKLHYHGLQDOWHUQDWLQJGLDORJXHZLWKRQHVHOIDQGZLWKRQHnVRZQ  7KHUHDGHUWDNHVWKHVHFRQGVWHSZKHQKHGLVFHUQVKRZWKHUVWWZRYROXPHVDUHFRQ QHFWHG WKURXJK WKH FRPPRQ WKRXJK GLHUHQWO\ DUWLFXODWHG WKHPH RI GLDORJXH ZKLFK 6KD HVEXU\UHJDUGVDVWKHVXSUHPHIRUPRIVRFLDELOLW\DVZHOODVWKHVXSUHPHOLWHUDU\IRUP 2QDFFRXQWRILWVGHFLVLYHUROHLQWKH&KDUDFWHULVWLFNVLWVWZRFHQWUDOSLHFHVSURYHWREH6R OLORTX\DQG7KH0RUDOLVWV7KHIRUPHUOD\VWKHJURXQGZRUNIRUGLDORJXHEXWVLQFHLWVIRFXVLV RQVROLORTX\RUVHOIGLVFRXUVHLWSUHVHQWVRQO\RQHVLGHRIGLDORJXH%\FRQWUDVW7KH0RUDO LVWVLV6KD HVEXU\nVPRVWVXFFHVVIXODWWHPSWDW GLDORJXHLQ WKHRULJLQDOVHQVH,WLVERWKDQ H[DPSOH RI DQG DQ H[HUFLVH LQ VRFLDELOLW\ DW LWVEHVW 7KH WUHDWLVHV RI WKH UVW YROXPH WKXV OHDGWRWKRVHRIWKHVHFRQGZKLFKOHDGVLQWXUQWRWKHQDOYROXPH  7KHWKLUGVWHSFRPHVWROLJKWLQYROXPH,,,ZKLFKFRQWDLQVWKHVL[WKDQGQDOWUHDWLVHr 0LVFHOODQHRXV 5HHFWLRQV RQ WKH SUHFHGLQJ 7UHDWLVHV DQG RWKHU &ULWLFDO 6XEMHFWV   *HQHUDOO\ VSHDNLQJLWFRQWLQXHVWKHWKHPHRIFULWLFDOGLDORJXHEXWVXFKWKDW6KD HVEXU\nVSUHVHQWD WLRQEHQGVEDFNXSRQLWVHOI1DPHO\WKLVWUHDWLVHZKLFKVHUYHVDVDFRPPHQWDU\RQZKDW KDVFRPHEHIRUHLVDEDUHO\FRQFHDOHGH[HUFLVHLQDXWKRULDOVHOIFULWLFLVPrPXFKOLNHZKDW 6KD HVEXU\FDOOVIRULQ6ROLORTX\+HUHKHSURYLGHVYDOXDEOHFOXHVWRWKHDLPRIWKHZRUNDVD ZKROHWKRXJKKHEXULHVWKHPFKDUDFWHULVWLFDOO\LQPLVFHOODQHRXVUHPDUNVZKLOHDOVRWRQ LQJGRZQWKHLUDXWKHQWLFLW\E\DGRSWLQJWKHSHUVRQDRIWKHFULWLFQRWRIKLVRZQZULWLQJV EXWRIWKRVHSHQQHGE\DQRWKHUDXWKRUHQWLUHO\7KHHHFWRIWKLVPDVTXHUDGHLVWZRIROG

 HG $\UHV  YRO , S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O 



YRO ,, S  6KD HVEXU\ 7KH 0RUDOLVWV D 3KLORVRSKLFDO 5KDSVRG\ LQ $ $ &RRSHU 7KLUG (DUO RI 6KD HVEXU\ 6WDQ GDUG (GLWLRQ YRO ,,  HG : %HQGD HW DO 6WXWWJDUW%DG &DQQVWDWW   S  &KDUDFWHULVWLFNV HG

 

$\UHV  YRO ,, S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,, S  6KD HVEXU\ 7KH 0RUDOLVWV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,, S  6KD HVEXU\ 7KH 0RUDOLVWV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,, S 





0LVFHOODQHD 1RWRQO\GRHV6KD HVEXU\FRPHIXOOFLUFOHE\PHDQVRIKLVFRPPHQWDU\EXWWKH5HHFWLRQV DOVRLPSHOWKHUHDGHUWRUHHFWRQZKDWKHKDVHQFRXQWHUHGLQWKHIRUHJRLQJWUHDWLVHVDQG WKHUHE\ WR UHWXUQ WR WKH EHJLQQLQJ IRU PRUH FULWLFDO LQVSHFWLRQ 7KLV EHJLQQLQJ LV RI FRXUVHQRWRQO\WKHUVWWUHDWLVHDQGWKHSURJUHVVLRQLWLQLWLDWHVEXWDOVRLQWKHFDVHRIWKH UHDGHUWKHVHOIWKHORFXVRIKLVRSLQLRQVDQGWKXVWKHVRXUFHRIKLVPDQQHUV,QYLHZRIWKH ODWWHUZKDW6KD HVEXU\VD\VRIDXWKRUVLQJHQHUDOSURYHVWRKROGHVSHFLDOO\RIKLPVHOI”n7,6 HYLGHQWWKDWDQ$XWKRUnV$UWDQG/DERXUDUHIRUKLV5HDGHUnVVDNHDORQHn7LVWRKLV5HDGHU KH PDNHV KLV DSSOLFDWLRQ LI QRW RSHQO\ DQG DYRZHGO\ \HW DW OHDVW ZLWK LPSOLFLW &RXUW VKLS…6KD HVEXU\FRXUWVWKHUHDGHUQRWIRUKLVRZQDGYDQWDJHEXWIRUWKHUHDGHUnVVXFKLV KLVORYHRIWKH”FRPPRQJRRG…,QVKRUWWKHQWKH0LVFHOODQHRXV5HHFWLRQVDUHSURYLGHGQRW RQO\VRWKDW”WKHVHFRQG5XQQLQJEHIRXQGVRPHZKDWFOHDUHUWKDQWKHUVW…EXWDERYHDOO VRWKDWWKHUHDGHUXQGHUWDNHWKHwVHFRQGUXQQLQJkKLPVHOI,WIRUPVWKHFRQFOXVLRQRI6KD HV EXU\nVGHPRQVWUDWLRQRUZKDWZHKDYHFDOOHGKLVSUDJPDWLFV\OORJLVP7KHWKUHHVWHSVMXVW VNHWFKHGDUHWKHPLOHVWRQHVRQWKHSDWKDORQJZKLFKWKHUHDGHUPD\JUDVSWKHwVHFUHWOHDUQ LQJk7KH\DUHVXFKWKDWWKHUHDGHUZLOOGLVFRYHUWKDWOHDUQLQJQRWRQO\LQ6KD HVEXU\nVWH[W EXWDOVRDQGHVSHFLDOO\LQKLPVHOI  ,,,5HFHQW(GLWLRQVRIWKH&KDUDFWHULVWLFNV



:KDW6KD HVEXU\VD\VDERXWOHDUQLQJDQGSKLORVRSK\KROGVHTXDOO\RIFULWLFLVPDQGSHUKDSV HYHQRIHGLWRULDOZRUN”n7,6FHUWDLQWKDWLQPDWWHUVRI/HDUQLQJDQG3KLORVRSK\WKH3UDF WLFH RI SXOOLQJ GRZQ LV IDU SOHDVDQWHU DQG DRUGV PRUH (QWHUWDLQPHQW WKDQ WKDW RI EXLOGLQJ DQGVHWWLQJXS…$VZHKDYHVRXJKWWRPDNHFOHDULQWKHIRUHJRLQJ6KD HVEXU\nVJRDOLQWKH &KDUDFWHULVWLFNVZDVWRSXOOGRZQVRDVWREXLOGXSrERWKWKHPDQLQSDUWLFXODUDQGPHQLQ FRPPRQ:LWKWKLVLQPLQGZHWXUQWRWKHUHFHQWHGLWLRQVRIKLVSULQFLSDOZRUNVRDVWR GHWHUPLQHWKHH[WHQWWRZKLFKWKH\DLG6KD HVEXU\LQKLVXQGHUWDNLQJ2XUSULPDU\LQWHQ WLRQWKHUHE\LVRIFRXUVHQRWWRGLVSDUDJHWKHKDUGZRUNRIHGLWRUVZKLFKKDVEHHQXQGHU WDNHQDWOHDVWSDUWO\LQ6KD HVEXU\nVLQWHUHVW
   



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDU DFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S 



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULV WLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S 



6KD HVEXU\ 0LVFHOODQHRXV 5H HFWLRQV S  &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  &KDUDFWHULV WLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO ,,, S 





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV FRPSULVHYROXPHVLQDOO-XGJLQJE\WKHQXPEHURIHGLWLRQVRIWKH&KDUDFWHULVWLFNVDQG WKH H[WHQW RI VFKRODUVKLS RQ 6KD HVEXU\ VLQFH WKH SXEOLFDWLRQ RI WKH UVW YROXPH RI WKH 6WDQGDUG(GLWLRQ, LQLWZRXOGQRWEHDQH[DJJHUDWLRQWRVD\WKDWWKH6WDQGDUG(GLWLRQ KDVJLYHQ6KD HVEXU\nVWKRXJKWDQHZOHDVHRQOLIH7KLVLWKDVGRQHLWVHHPVDVDUHVXOWRI ERWKLWVPHULWVDQGLWVGHPHULWV  7KHHGLWRUVRIWKH6WDQGDUG(GLWLRQPXVWEHSUDLVHGDERYHDOOIRUGUDZLQJWKHUHDGHUnVDW WHQWLRQWRWKHSUHVHQFHRI6KD HVEXU\nVJXLGLQJLQWHQWLRQE\WKHPVHOYHVVHHNLQJWRDFFRUG ZLWKLW,QWKLVVSLULWWKH\KDYHDWWHPSWHGWRSURYLGHWKHUHDGHUZLWKDOOWKHWRROVQHFHVVDU\ IRUDWKRURXJKJRLQJLQWHUSUHWDWLRQRI6KD HVEXU\nVZULWLQJV)RULQVWDQFHWKHHGLWRUVDUH WKHUVWWRKDYHUHVWRUHG6KD HVEXU\nVHPEOHPDWLFLOOXVWUDWLRQVWRWKH &KDUDFWHULVWLFNVVLQFH 5REHUWVRQnV HGLWLRQ RI  )XUWKHUPRUH LQVWHDG RI PRGHUQL]LQJ WKH WH[WWKH\ SUHVHQW WKHRUWKRJUDSK\DQGW\SRJUDSK\RIWKHHGLWLRQZKLFKSURYLGHVWKHEDVLVRIWKH6WDQ GDUG (GLWLRQnV YHUVLRQ RI WKH &KDUDFWHULVWLFNV 7R IDFLOLWDWH FRPSUHKHQVLRQ WKH HGLWRUV KDYH DOVR LQFOXGHG (QJOLVK DQG *HUPDQ WUDQVODWLRQV RI 6KD HVEXU\nV QXPHURXV TXRWDWLRQV RI *UHHN DQG /DWLQ DXWKRUV %XW WKDW LV QRW DOO 6LQFH WKH 6WDQGDUG (GLWLRQ LV PHDQW WR EH D ”YDULRUXPHGLWLRQ…WKHHGLWRUVKDYHVRXJKWWRUHFRUGDOOWH[WXDOYDULDQWV7KXVLQWKHPDU JLQVWKHUHDGHUZLOOQGQXPHURXVOH[LFDODQGRUWKRJUDSKLFGLHUHQFHVIURPWKHHGL WLRQDVSUHVHQWHGLQWKHUVWHGLWLRQVHGLWLRQDQGUHOHYDQWPDQXVFULSWV”ZKHUHQHFHV VDU\…$VVXPLQJWKHDFFXUDF\DQGFRPSOHWHQHVVRIWKHHGLWRUVnZRUNLQWKLVUHVSHFWVXFK LQIRUPDWLRQVKRXOGHQDEOHWKHUHDGHUWRWUDFH6KD HVEXU\nVWKRXJKWE\ZD\RIWKHUHYLVLRQV KHPDGHZKHQKHUVWFRPELQHGWKHYHSULQFLSDOWUHDWLVHVLQWRWKH&KDUDFWHULVWLFNVDVZHOO DVWKRVHKHPDGHLQDQDWWHPSWWRUHQHWKHLUSUHVHQWDWLRQLQWKHVHFRQGHGLWLRQ,QDGGL WLRQWKHHGLWRUVKDYHDOVREHHQWKHUVWWRSXEOLVKWH[WVWKDWVKHGDGGLWLRQDOOLJKWRQ6KD  HVEXU\nVWKRXJKW7KH$GHSW/DG\VRU7KH$QJHOLFN6HFWWKH(SLJUDPVDQG2WKHU3RHPVDVZHOO DVWKH”,QVWUXFWLRQV…FLWHGDERYH$QRWKHUUVWDQGRQHWKDWSURPLVHVWREHHYHQPRUHLQ IRUPDWLYHLVWKHSXEOLFDWLRQRIWKHwQDOkYHUVLRQVrWKDWLVWKRVHIURPrRI7KH0RUDO LVWV DQG $Q ,QTXLU\ FRQFHUQLQJ 9LUWXH RU 0HULW DORQJVLGH WKH RULJLQDO YHUVLRQV
  

7KH SODQ RI WKH 6WDQGDUG (GLWLRQ OLVWV FLUFD  YROXPHV ZKLFK PDUNV DQ LQFUHDVH RI VHYHQ YROXPHV RYHU WKH RULJLQDO  &I ”(GLWRULDO 3ULQFLSOHV RI WKH 6WDQGDUG (GLWLRQ… LQ 6KD HVEXU\ 6WDQGDUG (GLWLRQ ,  S  ,Q KLV UHYLHZ RI WKH

UVW YROXPH RI WKH 6WDQGDUG (GLWLRQ 5 % :ROI WDNHV LVVXH ZLWK WKH HGLWRUVn

SUDFWLFHV QRWLQJ WKDW WKH\ KDYH DGRSWHG YDULDQWV IURP WKH  HGLWLRQ IRU ”VW\OLVWLF… UHDVRQV UDWKHU WKDQ EHFDXVH 6KD HVEXU\ KDG LQWHQGHG WKHP 7KXV KH QRWHV WKH\ KDYH UHSURGXFHG RQO\ D IUDFWLRQ RI 6KD HVEXU\nV FKDQJHV WKRVH LQ KLV RZQ KDQGZULWLQJ DQG KDYH DGRSWHG VRPH WKDW ZHUH QRW LQ KLV KDQG :ROI DOVR FDVWV GRXEWV RQ WKH RYHUDOO DFFXUDF\ RI WKH HGLWRUVn PHWKRGV ZKLFK KDYH DOORZHG WKH SXEOLFDWLRQ RI WH[W WKDW LV PDUUHG QRW RQO\ E\ W\SRJUDSKLFDO HUURUV EXW



DOVR ZKDW KH WDNHV WR EH ”VLJQL FDQW RPLVVLRQV… &I :ROI nV UHYLHZ LQ 0RGHUQ 3KLORORJ\    S  7KH HGLWRUV KDYH \HW WR UHVSRQG WR :ROI nV FULWLFLVPV UHJDUGLQJ WKH HUURUV DQG RPLV VLRQV QRU KDYH WKH\ SXEOLVKHG DQ\ HUUDWD





0LVFHOODQHD  %HIRUHWXUQLQJWRWKLVDQGUHODWHGLVVXHVKRZHYHUWKUHHOHVVHUSRLQWVRIFULWLFLVPGHVHUYH PHQWLRQ)LUVWGHVSLWHWKHHGLWRUVnGHVLUHWRPDNH6KD HVEXU\nVWKRXJKWPRUHDFFHVVLEOH WKHSULFHRIHDFKVXPSWXRXVYROXPHRIWKH6WDQGDUG(GLWLRQPLOLWDWHVDJDLQVWWKHVXFFHVVRI WKHLUXQGHUWDNLQJLWZLOOFHUWDLQO\QRWEHIHDVLEOHWRXVHDQ\RIWKHYROXPHVDVWKHEDVLVRID FRXUVH RQ 6KD HVEXU\ VLQFH LW ZLOO EH EH\RQG WKH PHDQV RI PRVW VWXGHQWV LQVWHDG LW LV OLNHO\WKDWRQO\OLEUDULHVDQGVSHFLDOLVWVZLOOEHDEOHRUZLOOLQJWRDRUGWKHYROXPHV6HFRQG WKH H[WHQW RI WKH HGLWLRQ RQO\ FRPSRXQGV WKH DOUHDG\ GDXQWLQJ SULFH :KHUHDV 6KD HV EXU\nVHGLWLRQVRIWKH&KDUDFWHULVWLFNVHDFKFRQVLVWHGRIWKUHHYROXPHVWKH6WDQGDUG(GLWLRQnV SUHVHQWDWLRQRIWKLVZRUNKDVEHHQH[SDQGHGWRVHYHQ7KHLQFOXVLRQRIYDULDQWVDGPLWWHGO\ DFFRXQWVIRUVRPHRIWKLVEXONEXWLWVFKLHIVRXUFHOLHVLQWKH*HUPDQWUDQVODWLRQV,I”WKH 6(LVQRWLQWHQGHGIRU*HUPDQVWXGHQWVRQO\…WKHQLWLVQRWFOHDUZKDWMXVWLFDWLRQWKHUH FRXOGEHIRUSUHVHQWLQJ6KD HVEXU\nVZULWLQJVLQERWKWKHRULJLQDO(QJOLVKDQGLQ*HUPDQ WUDQVODWLRQRQIDFLQJSDJHVrDQGIRUFLQJWKRVHZKRKDYHQRLQWHUHVWLQRUDELOLW\WRUHDGWKH HGLWRUVn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nV WH[WVHSDUDWHO\IURPWKH*HUPDQWUDQVODWLRQLWZRXOGKDYHIDFLOLWDWHGHDVLHUFLWDWLRQRIWKH 6WDQGDUG(GLWLRQ7REHVXUHRULJLQDOSDJLQDWLRQKDVEHHQSURYLGHGDWUHOHYDQWSRLQWVLQWKH ERG\RIWKH(QJOLVKWH[WEXWFLWDWLRQRIWKH6WDQGDUG(GLWLRQnVRZQSDJLQDWLRQLVPDGHDZN ZDUG E\ WKH LQWHUUXSWLQJ *HUPDQ SDJHV RU YLFH YHUVD  7KLV SUREOHP FRXOG KDYH EHHQ DYRLGHGE\VHSDUDWHO\QXPEHULQJWKHWZRWH[WVLQSDUDOOHOZLWKLQRQHYROXPHRUDVMXVWVXJ JHVWHG SULQWLQJ WKH (QJOLVK DQG *HUPDQ WH[WV LQ FRPSDQLRQ YROXPHV (YHQ WKLV VPDOO SRLQWZRXOGVHHPWRFDOOLQWRTXHVWLRQWKHH[WHQWRIWKH6WDQGDUG(GLWLRQnVXVHIXOQHVVrRUDW OHDVWRILWVSUHVHQWDWLRQRIWKH&KDUDFWHULVWLFNVrWRERWKVWXGHQWVDQGVFKRODUV  1RZ ZKLOH WKH HGLWRUV KDYH LQGHHG GUDZQ DWWHQWLRQ WR 6KD HVEXU\nV LQWHQWLRQ KRZ WKH\KDYHGRQHVRKDVEHHQDQGZLOOQRGRXEWUHPDLQDPDWWHURIPXFKGHEDWH:KDWKDV EHHQPRVWFRQWURYHUVLDOWKHUHE\KDVEHHQWKHLUSUHVHQWDWLRQRIWKH &KDUDFWHULVWLFNV,QIDFW RQHLVWHPSWHGWRVD\WKDWWKHHGLWRUVKDYHQRWSURYLGHGDFULWLFDOHGLWLRQRIWKH&KDUDFWHULV WLFNVDWDOOrRUDWOHDVWQRWDQ\YHUVLRQRIWKHZRUN6KD HVEXU\ZRXOGKDYHUHFRJQL]HGrEXW DVHULHVRILQGLYLGXDOHGLWLRQVRILWVFRPSRQHQWWUHDWLVHV 7KRXJKRQHZLOOKDYHWRZDLWIRU DIXOOMXVWLFDWLRQRIWKHLUSRVLWLRQXQWLOWKHHGLWRUVSXEOLVKWKHLUFRPPHQWDULHVWKH 6WDQ GDUG (GLWLRQnV HGLWRUV KDYH DVVHUWHG WKH OHJLWLPDF\ RI WKHLU SUHIHUHQFH RI WKH  HGLWLRQ IURP WKH EHJLQQLQJ FODLPLQJ UHSHDWHGO\ WKDW ”RQH FDQQRW DVVXPH WKDW WKH  HGLWLRQ UHSUHVHQWV 6KD HVEXU\nV wODVW ZLOOk DV IDU DV WKH w&KDUDFWHULVWLFNVk DUH FRQFHUQHG… 7KH\

   

6HH HJ ”(GLWRUVn ,QWURGXFWLRQ… WR 6KD HVEXU\ 6WDQGDUG (GLWLRQ ,,  S  &I ”(GLWRUVn ,QWURGXFWLRQ… S  3X]]OLQJ LV WKDW GHVSLWH WKH HGLWRULDO UHPDUN LQ WKH ”(GLWRUVn ,QWURGXFWLRQ… S  QR *HUPDQ WUDQVODWLRQ LV SURYLGHG IRU WKH RULJLQDO YHUVLRQV RI 7KH 0RUDOLVWV DQG ,QTXLU\ WKXV IRU 7KH 6RFLDEOH (Q



WKXVLDVW D 3KLORVRSKLFDO $GYHQWXUH DQG 7KH ,QTXLU\ FRQFHUQLQJ 9LUWXH LQ 7ZR 'LVFRXUVHV UHVSHFWLYHO\

”(GLWRULDO 3ULQFLSOHV… S 





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV QRWHWKDWWKRVHZKR SUHIHUWKHHGLWLRQZLOOVWLOOEHDEOHWRFLWHLWRQWKHEDVLV RIWKH 6WDQGDUG(GLWLRQZKLFKLVFHUWDLQO\WUXHWRWKHH[WHQWWKDWWKH6WDQGDUG(GLWLRQIDLWKIXOO\UHQ GHUV6KD HVEXU\nVFKDQJHVWRWKHUVWHGLWLRQLQSUHSDUDWLRQIRUWKHVHFRQG  $OOWKLQJVFRQVLGHUHGKRZHYHUIDUPRUHLPSRUWDQWWKDQZKLFKHGLWLRQKDVEHHQFKRVHQ DVIXQGDPHQWDOLVWKHZD\LQZKLFKWKHZRUNnVSDUWVDUHSUHVHQWHG$QGLWLVKHUHWKDWWKH 6WDQGDUG(GLWLRQPXVWEHPRVWVHYHUHO\FULWLFL]HG:KDWLVSDUWLFXODUO\SHUSOH[LQJDERXWWKH 6WDQGDUG(GLWLRQLVWKDWDOWKRXJKRWKHUZLVHUHVSHFWIXORI6KD HVEXU\nVLQWHQWLRQSDUWLFXODUO\ UHJDUGLQJWKHRUWKRJUDSK\DQGW\SRJUDSK\DVZHOODVKLVLOOXVWUDWLRQV LWVHGLWRUVKDYHFRP SOHWHO\ GLVSHQVHG ZLWK WKH RUGHU LQ ZKLFK 6KD HVEXU\ SUHVHQWHG WKH WUHDWLVHV QRW RQO\ LQ WKHUVWHGLWLRQEXWDOVRLQKLVZRUNRQWKHVHFRQG,QGHHGWKH\KDYHJRQHVRIDUDVWRSUH VHQWWKHWH[WVLQQRGLVFHUQLEOHRUGHUZKDWVRHYHUQRWHYHQFKURQRORJLFDOO\WKRXJKWKHHGL WRUVKDYHJURXSHGWKHPDFFRUGLQJWRZKHWKHUWKH\FHQWHU rDFFRUGLQJWRWKHHGLWRUVrRQ HLWKHUDHVWKHWLFVYROXPHV, RUPRUDODQGSROLWLFDOSKLORVRSK\YROXPHV,, $JDLQ WKH\VXSSRUWWKLVGHFLVLRQE\FODLPLQJWKDW”>Z@HFDQQRWEHFHUWDLQEH\RQGGRXEWWKDWWKH w&KDUDFWHULVWLFNVkZHUHSXWLQWRDGHQLWHRUGHU…7KHVRXUFHRIWKHLUXQFHUWDLQW\OLHVLQWKH IDFW WKDW WKH  HGLWLRQ LQFOXGHG D VHYHQWK WUHDWLVH WKH -XGJPHQW RI +HUFXOHV *LYHQ WKDW 6KD HVEXU\ ZDV DOVR DW ZRUN RQ WKH 6HFRQG &KDUDFWHUV WKH QHZO\ DGGHG SLHFH ”PD\… KDYH EHHQLQWHQGHGDVSDUWRIWKHODWWHUZRUN2QWKHHGLWRUVnYLHZWKHUHLV”QRFRQFOXVLYHHYL GHQFH…RIZKHWKHU0LFNOHWKZD\WHRU6KD HVEXU\GHFLGHGWRLQFOXGHWKH-XGJPHQW%XWWKH\ GRQRWVWRSZLWKWKLVSRLQWRIXQFHUWDLQW\5DWKHUWKHHGLWRUVVHHLWDVMXVWLFDWLRQRIWKHLU FRQWHQWLRQ WKDW 6KD HVEXU\nV &KDUDFWHULVWLFNV ZDV DOWRJHWKHU LQ X[ ”7KHVH FRQVLGHUDWLRQV DQGDOVRWKHWKRURXJKO\wPLVFHOODQHRXVkQDWXUHERWKIRUPDOO\DQGWKHPDWLFDOO\VSHDNLQJRI WKH w&KDUDFWHULVWLFNVk SURYLGH UHDVRQV IRU FRQMHFWXULQJ WKDW 6KD HVEXU\ KLPVHOI KDG KH OLYHGPLJKWKDYHH[SDQGHGODWHUHGLWLRQVZLWKIXUWKHUWH[WV…$QGDV\HWDQRWKHUUHDVRQIRU GLVVROYLQJWKHRULJLQDOVHTXHQFHRIWUHDWLVHVWKHHGLWRUVVXJJHVWWKDW”6KD HVEXU\PD\KDYH VXSSUHVVHG FHUWDLQ WH[WV IRU SROLWLFDO DQGRU UHOLJLRXV UHDVRQV… 7KH\ SRLQW WR 7KH $GHSW /DG\VDVDQH[DPSOHVWUHVVLQJLWVWKHPDWLFNLQVKLSZLWKWKH/HWWHUFRQFHUQLQJ(QWKXVLDVPD HU ZKLFKWKHIRUPHUZDVSXEOLVKHGLQYROXPH,RIWKH6WDQGDUG(GLWLRQ:KLOHLWLVXQOLNHO\ WKDWDQ\RQHZRXOGZDQWWRGLVSXWHWKHLQWHUHVWRIWKHVHWH[WVDVVXSSOHPHQWVWRWKH&KDUDF WHULVWLFNVLQLWVIDPLOLDUIRUPWKHFDVHPDGHIRUWKHGLVVROXWLRQRI6KD HVEXU\nVRUGHUEDVHG RQVXFKNLQVKLSDQGWKHSRVVLELOLW\WKDW6KD HVEXU\VXSSUHVVHGWKHWH[WVIRUwSROLWLFDODQGRU UHOLJLRXV UHDVRQVk LV QRW FRQYLQFLQJ ,W LV QR OHVV SODXVLEOH IRU LQVWDQFH WKDW 6KD HVEXU\ FKRVHQRWWRSXEOLVKFHUWDLQWH[WVLQFOXGLQJ7KH$GHSW/DG\VEHFDXVHWKH\GLGQRWPHHWKLV VWDQGDUGV2UKHPD\KDYHGHFLGHGDJDLQVWSXEOLVKLQJWKHPEHFDXVHKHGLGQRWWKLQNLWSR OLWHWRGRVRZKDWKHVDLGWRRUZURWHIRUKLVIULHQGVZDVQRWDOZD\VVXLWHGRQKLVYLHZIRU DZLGHUSXEOLFDVKHPDNHVTXLWHFOHDUUHSHDWHGO\LQWKHFRXUVHRIWKH&KDUDFWHULVWLFNVDVZH KDYHLWrDQGDVKHZDQWHGLW,WLVSHUKDSVZRUWKZKLOHWRUHFDOOWKHREYLRXVQDPHO\WKDW 6KD HVEXU\LVQHLWKHURXUFRQWHPSRUDU\QRUZDVKHDSURSRQHQWRIWKHYLHZWKDWHYHU\RQH LVHQWLWOHGWRDOONQRZOHGJHDOLNHrGL"FXOWDVWKDWPD\EHIRUVRPHFRQWHPSRUDU\VWXGHQWV RIWKH(QOLJKWHQPHQWWRDFFHSW

  

&I ”(GLWRUVn ,QWURGXFWLRQ… S  &RQVLGHU HJ KLV UHPDUN LQ 6HQVXV &RPPXQLV WR KLV IULHQG DERXW WKH OLPLWV RI ZKDW KH FDQ UHLW HUDWH LQ KLV OHWWHU IURP WKH WRSLFV IUHHO\ GLVFXVVHG HDUOLHU LQ WKH JHQWOHPHQnV FOXE DPRQJVW IULHQGV 6KD HVEXU\ 6HQVXV &RPPXQLV S   &KDUDFWHULVWLFNV HG $\UHV  YRO , S   &KDU DFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO , S 





0LVFHOODQHD  7KHHGLWRUVDOVRFODLPWKDWLWZDVQHFHVVDU\ WRGLVORGJHWKHWUHDWLVHVIURPWKHLURULJLQDO VHTXHQFH”LQRUGHUWRPDNHSRVVLEOHDMX[WDSRVLWLRQRIUVWGUD VDQGQDOYHUVLRQV…RIWKH ,QTXLU\DQG7KH0RUDOLVWV7KLVLVWKHFUX[RIWKHHPSKDVLVWKH\SODFHRQWKH 6WDQGDUG(GL WLRQnVEHLQJDYDULRUXPHGLWLRQ7KHDGYDQWDJHRIWKLVDSSURDFKLVVDLGWREHWKDWZLWKWKH DLGRIWKHVHWZRWH[WVWKHRQO\RQHVRIZKLFKVXEVWDQWLDOO\GLHUHQWYHUVLRQVKDYHEHHQSUH VHUYHG WKHUHDGHUZLOOEHDEOHWRVWXG\”6KD HVEXU\nVPDQQHURIFRPSRVLWLRQwLQVWDWXQDV FHQGLk… 7KRXJK VXFK SKLORORJLFDO FRPSDULVRQV FRXOG VKHG QHZ OLJKW RQ WKH JHQHVLV RI 6KD HVEXU\nVWKRXJKWLWLVGRXEWIXOWKDWDQ\VHQVHFRXOGEHJLYHQWRGHYHORSPHQWVLIRQHLV QRWDOUHDG\DUPHGZLWKDUHDVRQDEOHJUDVSRIKLVLQWHQWLRQ:KDWXVHDUHWKHGHWDLOVZLWKRXW WKHIUDPHRUWKHGHSWKVZLWKRXWWKHVXUIDFH",QWKHIRUHJRLQJZHKDYHDWWHPSWHGWRVKRZ WKDW WKH wVXUIDFHk RI 6KD HVEXU\nV WH[WV FDQ EH LQVWUXFWLYH UHJDUGLQJ KRZ 6KD HVEXU\ WKRXJKW,QWKLVUHVSHFWWKHHGLWLRQSURYHVWREHQROHVVKHOSIXOWKDQLWVSUHGHFHVVRUr DQGLQWKHRUGHU6KD HVEXU\SUHVHQWHGHDFK  3HUKDSV WKH PRVW VXUSULVLQJ UHDVRQ IRU WKH GLVVROXWLRQ RI FRQFHUQ KHUH LV WKH HGLWRUVn FRQIXVLRQ RI V\VWHP ZLWK RUGHU RU VWUXFWXUH ZKLFK HLWKHU JLYHV ULVH RU OHQGV VXSSRUW WR WKHLUDQWLV\VWHPDWLFVWDQFH1HHGOHVVWRVD\WKLVFRQIXVLRQGRHVQRWJDLQLQOHJLWLPDF\E\ SRLQWLQJ WR SDVW VWXGLHV WKDW ”KDYH WUHDWHG WKH w&KDUDFWHULVWLFNVk WR D ODUJH H[WHQW DV LI 6KD HVEXU\ KDG VHW RXW WR ZULWH D SKLORVRSKLFDO V\VWHP VLPLODU WR WKRVH IRU H[DPSOH RI 'HVFDUWHV DQG 6SLQR]D… :KLOH WKH\ DUH FHUWDLQO\ FRUUHFW LQ UHFDOOLQJ WKDW LQ 6ROLORTX\ 6KD HVEXU\ UHPDUNV WKDW WKH ”PRVW LQJHQLRXV ZD\ RI EHFRPLQJ IRROLVK LV E\ D 6\VWHP… WKHHGLWRUVrQROHVVWKDQWKH6WDQGDUG(GLWLRQrPD\KDYHEHQHWHGIURPDQLQYHVWLJDWLRQRI KRZWKLVZRUNLVLIQRWV\VWHPDWLFWKHQDWWKHYHU\OHDVWPHWKRGLFDODQGZKDWHHFWWKDW PHWKRGPLJKWKDYHKDGRQWKHSUHVHQWDWLRQRIWKH&KDUDFWHULVWLFNVLQDQGLQrDQG WKLVPD\DOVRKDYHVKHGOLJKWRQWKHLPSRUWDQFHDQGSURSHUSODFHRIWKH-XGJPHQWRI+HUFXOHV ,WPD\DOVRKDYHKHOSHGWKHPWRZDUGVDQDQVZHUWRWKHTXHVWLRQ”ZKDWNLQGRISKLORVRSKL FDOPRGHRIZULWLQJDQGFRPSRVLQJGR6KD HVEXU\nVZRUNVUHDOO\UHSUHVHQW"…(YHQWKRXJK WKHHGLWRUVVSHFLI\ODWHLQYROXPH,ZKDWWKHRULJLQDORUGHURIWKH&KDUDFWHULVWLFNVZDVWKH IDFW WKDW WKH\ WKHPVHOYHV GR QRW SURYLGH WKLV RUGHU GRHV QRW JLYH PXFK VXSSRUW WR WKHLU FODLPWKDW”WKHWH[WVDUHDUUDQJHGWRJLYHHYHU\SRVVLEOHNLQGRIDVVLVWDQFHWRVWXGHQWVZKR ZDQWWRH[SORUHWKLVTXHVWLRQ…7RVHHWKLVZHQHHGRQO\FRQVLGHUWZRH[DPSOHVRIWKH UHVXOWRIWKHDQWLV\VWHPDWLFVWDQFHWKDWPDUNVWKH6WDQGDUG(GLWLRQQDPHO\WKHRUGHURIWKH WUHDWLVHVDQGWKHIDWHRI6KD HVEXU\nVRZQQRWHVWRHDFKRIWKHVL[WUHDWLVHV  ,WLVQRVPDOOPDWWHUWKDWWKH6WDQGDUG(GLWLRQFRPSOHWHO\GLVSHQVHVZLWK6KD HVEXU\nVRU GHU IRU GRLQJ VR VLPXOWDQHRXVO\ GLVSHQVHV ZLWK WKH JXLGDQFH KH VRXJKW WR SURYLGH KLV UHDGHU:KLOH6ROLORTX\LVPRVWFHUWDLQO\FHQWUDOWRWKH&KDUDFWHULVWLFNVLWVLPSRUWDQFHLQKHUHV PRUHLQLWVUROHZLWKLQWKDWZRUNDVDZKROHWKDQZKDWLWRHUVLQLVRODWLRQ)XUWKHUPRUH LQ YLHZ RI 6KD HVEXU\nV JUDVS RI WKH H[RWHULFHVRWHULF ZD\ RI ZULWLQJ ZKLFK KH LPSOH PHQWHG LQ KLV wPLVFHOODQHRXV VW\OHk LW LV TXHVWLRQDEOH ZKHWKHU SODFLQJ 6ROLORTX\ UVW WUXO\ EHQHWVKLVUHDGHUV7KHIDFWWKDWWKHSULQFLSDOHGLWRULVZHOODZDUHRIVXFKFRQVLGHUDWLRQV 

     

”(GLWRUVn ,QWURGXFWLRQ… S  ”(GLWRUVn ,QWURGXFWLRQ… S  &I 6KD HVEXU\ 6ROLORTX\ S  &KDUDFWHULVWLFNV HG $\UHV  YRO , S  &KDUDFWHULVWLFV HG .OHLQ  S  &KDUDFWHULVWLFNV HG 'HQ 8\O  YRO , S  ”(GLWRUVn ,QWURGXFWLRQ… S  7KLV LV SUHFLVHO\ WKH VXEMHFW RI %HQGDnV 'HU 3KLORVRSK DOV OLWHUDULVFKHU .ÕQVWOHU





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV DQGWKHLULPSRUWDQFHDWOHDVWWR6KD HVEXU\ UHQGHUVWKHGLVVROXWLRQRI6KD HVEXU\nVRUGHU HYHQOHVVFRPSUHKHQVLEOH  $VIRUWKHQRWHVWKH\KDYHEHHQUHOHJDWHGWRDVHSDUDWHYROXPH, EHFDXVHDVWKHHGL WRUVVD\D ”WKHWH[WLQWKHYROXPHVFRQWDLQLQJWKHZULWLQJVWKHPVHOYHVLVPDGHPRUHUHDG DEOH…DQGE ”KLVDQQRWDWLRQVWRDODUJHH[WHQWQHHGH[SODQDWLRQWKHPVHOYHV…7KXVWKH\GLG QRWLQFOXGHWKHQRWHVZLWKWKHUHVSHFWLYHWH[WVEHFDXVHGRLQJVRZRXOGKDYHPDGH”WKHWH[W RIWKHODWWHUGL"FXOWWRVXUYH\…7KHUHDGHUZLOOEHOH WRMXGJHIRUKLPVHOIZKHWKHUWKLV GHFLVLRQKDVKHLJKWHQHGWKHDFFHVVLELOLW\RIWKH&KDUDFWHULVWLFNV0RVWOLNHO\E\DWWHPSWLQJWR XVHWKHQRWHVWKHUHDGHUZLOOJHWDVPDOOWDVWHRIZKDWLWZRXOGEHOLNHWRVSHQGDQD HUQRRQ LQ%RUJHVnVwOLEUDU\RI%DEHOk7KHODE\ULQWKLQHUHIHUHQFHVDUHGL"FXOWHQRXJKWRIROORZLQ 6KD HVEXU\nVRZQDQGHGLWLRQVEXWLQWKH6WDQGDUG(GLWLRQWKH\EHFRPHH[DVSHU DWLQJ 1HYHUWKHOHVV HYHQ WKLV SKLORORJLFDO DGYHQWXUH PLJKW KDYH EHHQ WROHUDEOH KDG WKH HGLWRUVSURYLGHGWKHH[SODQDWLRQVRIZKLFKWKH\VSRNHLQWKHSDVVDJHDERYH6LQFHWKH\KDYH QRW GRQH VR KRZHYHU RQH LV OH  WR KRSH WKDW WKH\ ZLOO VRRQ SURYLGH WKH ORQJSURPLVHG FRPPHQWDULHV)RULWVHHPVWKDWWKHODWWHUZLOODQVZHUDOORIRQHnVTXHVWLRQVDERXWWKH6WDQ GDUG(GLWLRQDQGLWVFRQWHQWV  $VQRWHGDERYHLQNHHSLQJZLWKWKHLUDQWLV\VWHPDWLFVWDQFHWKH6WDQGDUG(GLWLRQnVHGLWRUV KDYH QRW RQO\ EURNHQ XS 6KD HVEXU\nV RULJLQDO RUJDQL]DWLRQ RI WKH WUHDWLVHV EXW JURXSHG WKHPDORQJZLWKVXSSOHPHQWDOWH[WV XQGHUWKHKHDGLQJVRIDHVWKHWLFVDQGPRUDODQGSROLWL FDOSKLORVRSK\RUGHULQJWKHP”DFFRUGLQJWRWKHVXEMHFWVZKLFKDUHGHDOWZLWKLQLQGLYLGXDO ZULWLQJV…7KLVWKH\GRHYHQWKRXJKWKH\”DUHDZDUHRIWKHSUREOHPVLQYROYHGLQWKHQHZ DUUDQJHPHQW…SUREOHPVWKH\QHYHUVSHOORXWRWKHUWKDQWRVD\”2QWKHZKROH6KD HV EXU\nVZULWLQJVDUHQRWLQWKHWUXHVHQVHSKLORVRSKLFDOWUHDWLVHVZKLFKFDQEHDWWULEXWHGWR RQH RU RWKHU RI WKH WUDGLWLRQDO SKLORVRSKLFDO GLVFLSOLQHV IRU H[DPSOH HWKLFV SROLWLFV DHV WKHWLFVRUPHWDSK\VLFV…1HYHUPLQGWKDWWKHODWWHUVWDWHPHQWFRQWUDGLFWVWKHRQHUVWFLWHG WKHSRLQWLVWKDW6KD HVEXU\nVQDOHGLWLRQFDQQRWWKHHGLWRUVKROGEHFRQVLGHUHGDXWKRUL WDWLYH6WLOOWKH\”KRSHWKDWWKHGLVDGYDQWDJHVZKLFKPLJKWEHVHHQWRUHVXOWIURPWKHQHZ DUUDQJHPHQW ZLOO EH FRPSHQVDWHG IRU E\ WKH IDFW WKDW IRU WKH UVW WLPH WH[WV ZKRVH WKH PDWLF FRUUHVSRQGHQFHV DUH REYLRXV KDYH EHHQ UHSULQWHG DFFRUGLQJ WR WKHVH FRUUHVSRQ GHQFHV…:KLOHWKH6WDQGDUG(GLWLRQnVDUUDQJHPHQWRIWKH&KDUDFWHULVWLFNVnWUHDWLVHVPD\ZHOO SURYLGH QHZ LQVLJKWV LQWR WKHPDWLF FRUUHVSRQGHQFHV ZKHWKHU LW LV WR EH GHHPHG ”D OXFLG DQGVHQVLEOHDUUDQJHPHQW…ZLOOGHSHQGRQZKDWRQHWDNHVDVWKHVWDQGDUGRIMXGJPHQW,I 6KD HVEXU\LVUHJDUGHGDVVRPHRQHZKRKDVFRQWULEXWHGLGHDVRURSLQLRQVWRWKH HOGVRI DHVWKHWLFVDQGPRUDODQGSROLWLFDOSKLORVRSK\rDVKHLVXOWLPDWHO\SUHVHQWHGLQWKH6WDQGDUG (GLWLRQrWKHQRQHPD\DQVZHUWKHTXHVWLRQLQWKHD"UPDWLYH,IE\FRQWUDVWRQHKHVLWDWHV

  

”(GLWRUVn ,QWURGXFWLRQ… S  6LQFH RQO\ RQHWKLUG RI WKH SODQQHG HGLWLRQ KDV EHHQ SXEOLVKHG RYHU WKH SDVW WZHQW\ \HDUV UHDG



HUV ZRXOG QRW EH XQMXVWL HG LQ IHDULQJ WKDW WKH\ ZLOO KDYH WR ZDLW DQRWKHU IRUW\ \HDUV WR VHH WKH UHPDLQLQJ IRXUWHHQ YROXPHV WKH ODVW RI ZKLFK DUH WR EH WKH FRPPHQWDULHV LQ ZKLFK LW LV KRSHG WKH HGLWRUV ZLOO QRW RQO\ SURYLGH KHOSIXO H[HJHVLV DQG VXSSOHPHQWDO LQIRUPDWLRQ EXW ZLOO DOVR WKRURXJKO\ DGGUHVV FULWLFLVPV DQG ZKHUHYHU QHFHVVDU\ UHGUHVV WKH IDXOWV QRWHG E\ FULWLFV RI WKH

  

6WDQGDUG (GLWLRQ

”(GLWRULDO 3ULQFLSOHV… S  7KH HGLWRUV UHLWHUDWH WKHLU DZDUHQHVV RI WKH SUREOHPV LQ ”(GLWRUVn ,QWURGXFWLRQ… S  DQG SRLQW EDFN WR WKH ”(GLWRULDO 3ULQFLSOHV… S  IRU WKHLU GLVFXVVLRQ RI WKH SUREOHPV 6HH ”(GLWRULDO 3ULQFLSOHV… S 





0LVFHOODQHD WR UHGXFH 6KD HVEXU\nV WKRXJKW WR WKHVH HOGV r DQG HYHQ VXVSHFWV WKDW WKH VLJQLFDQFH WKHVHHOGVKDGLQKLVWKRXJKWDQGHVSHFLDOO\KRZKLVGLVFXVVLRQRIWRSLFVUHOHYDQWWRWKHP DFFRUGHG ZLWK KLV LQWHQWLRQ DUH FRQFHDOHG E\ VXFK FODVVLFDWLRQV r WKH DQVZHU PXVW EH QHJDWLYH$ HUDOOWKHVXUHVWZD\WRREVFXUHWKHLQWHQWLRQDQLPDWLQJDWKRXJKWLVWRFODVVLI\ LW7KHHGLWRUVSURYLGHWKHUHDGHUZLWKDVVLVWDQFHWKDW6KD HVEXU\PRVWOLNHO\GLGQRWLQ WHQGRWKHUZLVHKHSUREDEO\ZRXOGKDYHDUUDQJHGWKHWH[WVDVWKH6WDQGDUG(GLWLRQnVHGLWRUV KDYHGHHPHGPRVWOXFLGDQGVHQVLEOH:KDW6KD HVEXU\VDLGLQKLVLQVWUXFWLRQVWRKLVHQ JUDYHUDERXWVXSHUQXPHUDU\JXUHVRUIRUPVPXVWKROGHTXDOO\RIVXSHUQXPHUDU\FODVVL FDWLRQV  3DUWLFXODUO\ VWULNLQJ LV WKDW ZKLOH WKH HGLWRUV QRWH WKDW ”>Y@LUWXDOO\ HYHU\ WH[W SRVHV WKH SUREOHPRIFODVVLFDWLRQ…DQGWKDW”SUDFWLFDOO\HYHU\SRVVLEOHGLYLVLRQRI6KD HVEXU\nVFRP SOHWH ZRUNV LV FRQWURYHUVLDO… WKH\ JUDYHO\ DQQRXQFH WKDW WKH\ ”ZLOO FRQWLQXH WR FODVVLI\… HYHQWKRXJK”VXFKDFODVVLFDWLRQLVVXSHUFLDO…7KHLUDUUDQJHPHQWWKH\DUHFRQYLQFHG ”GRHV QRW SUHYHQW DQ\RQH IURP FKRRVLQJ ZKDW PLJKW EH FDOOHG WKH RUWKRGR[ SDWK… VLQFH WKH\”FOHDUO\LQGLFDWHZKLFKSODFHDJLYHQWH[WKDGLQWKHRULJLQDOVHTXHQFH…7KHLPSOLFD WLRQKHUHLVRIFRXUVHWKDWwWKHRUWKRGR[SDWKkLVOHVVIUXLWIXORUOHVVSURGXFWLYHRILQVLJKWV WKDQWKHSDWKSUHVHQWHGE\WKHHGLWRUV%XWWKHHGLWRUVDVVXPHWKHUHE\WKDWWKH\NQRZKRZ WRSUHVHQWWKHwUHDOk6KD HVEXU\EHWWHUWKDQ6KD HVEXU\KLPVHOIZDV$VDODVWUHVRUWWKH\ VHHWKHLUFODVVLFDWRU\PHDVXUHVMXVWLHGE\WKHIDFWWKDW”LWWHQGVWRVWLUXSTXHVWLRQVDERXW 6KD HVEXU\nVWKHPHVDQLVVXHKLWKHUWRZLGHO\QHJOHFWHG…%XWGRHVWKHDWWHQWLRQWRVXFK WKHPHVWKDWDOOHJHGO\UHVXOWVIURPWKHLUFODVVLFDWLRQMXVWLI\WKHLUVWXEERUQDGKHUHQFHWRLW"  :KDWnVGRQHLVGRQH7KHSRLQWRIRXUFULWLFLVPVKDVEHHQWRGUDZDWWHQWLRQWRSUREOHPV WKDW PLJKW OLPLWWKH UHDGHUnV EHQHW IURP WKH &KDUDFWHULVWLFNV LI KH ZHUH XQDZDUH RI WKHP 7KH6WDQGDUG(GLWLRQLVVXFKDPRQXPHQWDOZRUNWKDWDQ\VHULRXVUHDGHURI6KD HVEXU\ZLOO KDYHWRUHFNRQZLWKLWIRU\HDUVWRFRPH,WKDVVHWVWDQGDUGVDQGDOVRFDXVHGPDQ\WREHVHW DQGVRPD\MXVWO\EHFDOOHGwWKH6WDQGDUG(GLWLRQk2QHPD\QRWFDUHIRUVRPHRIWKHVWDQ GDUGVRUFRQYHQWLRQVIROORZHGEXWWKHIDFWRIWKHPDWWHULVWKDWWKLVHGLWLRQH[FHHGVDOOSUH YLRXVHGLWLRQVLQEUHDGWKDQGGHSWK$VWKLQJVVWDQGHYHQZLWKWKHVKRUWFRPLQJVMXVWLQGL FDWHGWKH6WDQGDUG(GLWLRQLVQHYHUWKHOHVVDQLPSUHVVLYHDFFRPSOLVKPHQW7KHHGLWRUVKDYH GRQH PXFK WR GUDZ DWWHQWLRQ WR 6KD HVEXU\nV WKRXJKW WR RSHQ WKH HDUV RI PDQ\ UHDGHUV ZKRPLJKWRWKHUZLVHKDYHEHHQGHQLHGWKHSOHDVXUHRIWKHHQFRXQWHUDQGVSHQGLQJDZKLOH LQ6KD HVEXU\nVFRPSDQ\rDQGIRUWKLVDOVRWKHHGLWRUVDUHWREHFRPPHQGHG  )RUWKRVHZKRDUHLQWHUHVWHGLQ6KD HVEXU\nVZRUNEXWXQZLOOLQJRUXQDEOHWRLQYHVWLQ VXFKDQH[WHQVLYHHGLWLRQDVWKH6WDQGDUG(GLWLRQWKUHHRWKHUHGLWLRQVRI&KDUDFWHULVWLFNVKDYH DSSHDUHG UHFHQWO\ QDPHO\ WKRVH HGLWHG E\ 3KLOLS $\UHV /DZUHQFH ( .OHLQ DQG 'RXJODV 'HQ8\O$OOWKUHHSUHVHQW6KD HVEXU\nVWUHDWLVHVLQWKHRUGHUKHLQWHQGHGDQGDOOWKUHH EDVHWKHLUWH[WRQWKHVHFRQGHGLWLRQ'HVSLWHRFFDVLRQDOVKRUWFRPLQJVWKH\LQIDFWSUHVHQW WKHPRVWVDWLVI\LQJDQVZHUVWRWKHTXHVWLRQRIKRZ6KD HVEXU\XQGHUVWRRG6KD HVEXU\LQ PRUHWKDQDFHQWXU\  %\IDUWKHVFKRODUO\HGLWLRQPRVWIDLWKIXOWR6KD HVEXU\nVLQWHQWLRQLV3KLOLS$\UHVnV$O WKRXJK KH SUHVHQWV WKH &KDUDFWHULVWLFNV RQO\ LQ WZR YROXPHV UDWKHU WKDQ LQ WKH RULJL

    

”(GLWRUVn ,QWURGXFWLRQ… S  ”(GLWRUVn ,QWURGXFWLRQ… S  ”(GLWRUVn ,QWURGXFWLRQ… S  6HH Q  DERYH IRU UHIHUHQFHV





0DUFXV%UDLQDUG0LQGLQJ2QHnV0DQQHUV QDOWKUHHKHQHYHUWKHOHVVPDLQWDLQVWKHGLYLVLRQVEHWZHHQWKHWKUHHYROXPHV)XUWKHUPRUH KHLQFOXGHVUHSURGXFWLRQVRIWKHLOOXVWUDWLRQV6KD HVEXU\KDGGHVLJQHGIRUKLVVHFRQGHGL WLRQrWKRXJKWKHLUTXDOLW\LQ$\UHVnVHGLWLRQOHDYHVVRPHWKLQJWREHGHVLUHG$QGKHUHSOL FDWHVWKHRUWKRJUDSK\DQGW\SRJUDSK\RIWKHHGLWLRQDVFRPSDUHGZLWK6KD HVEXU\nV ZRUNLQJFRSLHV)RUDOORIWKLV$\UHVLVWREHSUDLVHG1RWHZRUWK\LVDOVRKLVLQIRUPDWLYHLQ WURGXFWLRQDVZHOODVWKHGHWDLOHGFRPPHQWDU\WKHOLVWRIHPHQGDWLRQVWKHKLVWRULFDOFROOD WLRQRIYDULDQWVDQGWKHELEOLRJUDSKLFDOGHVFULSWLRQV:KDWLVPRUHKHSURYLGHV”HVVHQWLDOO\ 6KD HVEXU\nVRZQ,QGH[DVUHYLVHGE\KLPIRUWKHVHFRQGHGLWLRQ…7KHUHDUHRQO\WZRUH ODWHGDVSHFWVRI$\UHVn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nV FOXHV ZLOO EH VWXPSHG KHUH )RU WKH SDJH UHIHUHQFHV KDYH QR REYLRXV FRUUHVSRQGHQFHV LQ WKLVHGLWLRQ7KLVLVXQIRUWXQDWHDOVRLQYLHZRIWKHJUHDWFDUH$\UHVKDVRWKHUZLVHGHPRQ VWUDWHG r ZKLFK LQFOXGHG XSGDWLQJ 6KD HVEXU\nV FURVVUHIHUHQFHV ZLWKLQ WKH QHZ HGLWLRQ 'HVLUDEOHZRXOGDOVRKDYHEHHQDFRQFRUGDQFHZLWK5REHUWVRQnVHGLWLRQVLQFHLWKDVEHHQ VWDQGDUG VLQFH LWV DSSHDUDQFH LQ  6XFK D FRQFRUGDQFH ZRXOG KDYH JLYHQ WKH HGLWLRQ DGGHGXWLOLW\IRUWKRVHVFKRODUVZLVKLQJWRXVHLWZKLOHVXUYH\LQJWKHVFKRODUVKLSWKDWKDVUH OLHGIRUEHWWHURUIRUZRUVHRQWKDWHGLWLRQ$VDFRQVHTXHQFH$\UHVnVHGLWLRQZLOOQRWUH SODFH WKH ODWWHU LQ DOO SRLQWV 7KH WKRURXJK VFKRODU ZLOO VWLOO EH IRUFHG WR FRQVXOW 5REHUW VRQnV  .OHLQKDVFKRVHQWRUHSUHVHQWWH[WDVWH[WLQKLVHGLWLRQ+LVGHFLVLRQZDVQRGRXEWPRWL YDWHGE\WKHFRQVWUDLQWVRIWKHVHULHVLQZKLFKKLVYHUVLRQRIWKH&KDUDFWHULVWLFVKDVEHHQSXE OLVKHGEXWWKDWPDNHVWKHHQGUHVXOWQROHVVUHJUHWWDEOH.OHLQnVLVDVWULSSHGGRZQYHUVLRQ RI WKH  HGLWLRQ RI &KDUDFWHULVWLFV ZKLFK LV SUHVHQWHG KHUH LQ RQH YROXPH ,W LV E\ QR PHDQVDFULWLFDOHGLWLRQEXWUDWKHUDVWXGHQWHGLWLRQDQGVRKHPD\EHIRUJLYHQIRUVRPHRI WKHGHFLVLRQVKHKDVPDGH1RWRQO\KDYHWKHLOOXVWUDWLRQVDQGWKHFOHDUGLYLVLRQVEHWZHHQ WKHWKUHHYROXPHVEHHQHOLPLQDWHGEXWWKHVSHOOLQJKDVEHHQPRGHUQL]HGDQG6KD HVEXU\nV FDUHIXOW\SRJUDSK\UHQGHUHGWKRURXJKO\FRQYHQWLRQDO,QIDFWWKHUHLVQH[WWRQRPHQWLRQ RIWKHVHIHDWXUHVDQGFHUWDLQO\QRFRQVLGHUDWLRQRIWKHLUDWOHDVWSRWHQWLDO LPSRUWDQFHWRD SURSHUXQGHUVWDQGLQJRI6KD HVEXU\nVWKRXJKW.OHLQIHHOVMXVWLHGLQPDNLQJVXFKW\SR JUDSKLFDOFKDQJHVE\DQRWH6KD HVEXU\ZURWHWRKLVSULQWHU+HSURYLGHVQRMXVWLFDWLRQ IRU KLV RWKHU FRQWURYHUVLDO GHFLVLRQV  $GGHG WR WKLV LV WKH IDFW WKDW .OHLQ KDV GHHPHG LW QHFHVVDU\WREUHDNXSGLDORJLFDOXQLWVLQERWK6ROLORTX\DQG7KH0RUDOLVWV2QHLVWHPSWHGWR VD\ WKDW KH KDV VKRZQ DQ wLPSROLWHk GLVUHJDUG IRU 6KD HVEXU\nV LQWHQWLRQ ZKLFK LV PDGH YLVLEOH E\ ZD\ RI WKH LOOXVWUDWLRQV W\SRJUDSK\ DQG JHQHUDO wSK\VLFDOk SUHVHQWDWLRQ RI KLV

  

6HH QRWH WR ”,QGH[… LQ 6KD HVEXU\ &KDUDFWHULVWLFNV HG $\UHV  YRO ,, S  ”7KH PDUNV ZKLFK , KDYH KHUH SXW LQWR WKH WH[W DUH E\ ZD\ RI FDXWLRQ WR WKH FRPSRVLWRU LQ WKLV SH



FXOLDU GLDORJXH VW\OH ZKHUH WKH WZR SDUWV RU GL HUHQW VSHDNLQJ SDUWLHV VKRXOG EH QHDWO\ UHSUHVHQWHG ZLWK REYLRXV GLVWLQFWLRQ WR WKH H\H $QG WKHUHIRUH LQ VXFK D SDJH DV WKLV WKH GLVWDQFHV EHWZHHQ VHQWHQFH DQG VHQWHQFH VKRXOG EH PDGH OHVV WKDQ RUGLQDU\ WKDW WKRVH ZKLFK DUH EHWZHHQ SDUW\ DQG SDUW\ PD\ DSSHDU WKH JUHDWHU… 6KD HVEXU\ DV FLWHG LQ &KDUDFWHULVWLFV HG .OHLQ  S [[[YL[[[YLL





0LVFHOODQHD WUHDWLVHV:KDWLVWKHMXVWLFDWLRQIRUVXFKLPSROLWHQHVVZKLFKLVDOOWKHPRUHVXUSULVLQJLQ OLJKWRIWKHIDFWWKDW.OHLQLVWKHDXWKRURIRQHRIWKHPRVWVWLPXODWLQJZRUNVRQ6KD HV EXU\ WR KDYH EHHQ SXEOLVKHG VLQFH WKH ODWWHUnV GHDWK" 5HDGDELOLW\ DQG WKXV DFFHVVLELOLW\ LW VHHPV


0DUFXV%UDLQDUG0ÕQFKHQ 

 

6HH HGLWRUnV LQWURGXFWLRQ WR 6KD HVEXU\ &KDUDFWHULVWLFV HG .OHLQ  S [LLL





0LVFHOODQHD

1RWL]wGRFWDLJQRUDQWLDk

 ,FKZHL¸QLFKWZHOFKHU7HXIHO3DXO:LOSHUWJHULWWHQKDWDOVHUGHQ7LWHOGHQ1LNRODXVYRQ .XHVHLQHPVHLQHUHUVWHQ:HUNHYHUOLHKHQKDWQ½POLFK'HGRFWDLJQRUDQWLDPLW”'LHEHOHKU  WH 8QZLVVHQKHLW…  ZLHGHUJHJHEHQ KDW DXI JÏWWOLFKHU (LQJHEXQJ EHUXKWH GLHVHU (LQIDOO MH GHQIDOOVQLFKWDEHUDXFKQLFKWrXQGGDVLVWZHLWDXVEHGDXHUOLFKHUrDXI.HQQWQLVHLQVFKO½ JLJHU&XVDQXV7H[WHRGHUGHU5H]HSWLRQVJHVFKLFKWHGHV:HUNHVGLHHV]ZLQJHQGQDKHOH JHQGRFWDLJQRUDQWLDPLWwZLVVHQGHV1LFKWZLVVHQk]XÕEHUVHW]HQ   $QOD¸]XHLQHUGHUDUWLJHQ5HH[LRQÕEHUHLQµEHUWUDJXQJVSUREOHPELOGHWHLQ%HLWUDJ  HLQHV9HUWUHWHUVGHUVHFWDWKHRORJRUXPLQGHPGHU9HUVXFKXQWHUQRPPHQZLUGGLHµEHUVHW ]XQJ wEHOHKUWH 8QZLVVHQKHLWk QLFKW QXU ]X UHFKWIHUWLJHQ VRQGHUQ DOV HLQ]LJ PÏJOLFKH ]X GHNODULHUHQ'DYLHODXIGHP6SLHOVWHKWrGLHNRUUHNWH:LHGHUJDEHGHUIÕU&XVDQXVn'HQ NHQLQVJHVDPWVLJQLNDQWHQ)RUPHOGRFWDLJQRUDQWLDLQGHUVHLQH:LVVHQVPHWKRGH]XP$XV GUXFNNRPPWrVROOGLHVHU%HLWUDJKLHUSXQNWXHOONULWLVFKJHZÕUGLJWZHUGHQ  8P:HLWVFKZHLJNHLW]XYHUPHLGHQVHLDOOHLQHLQ6HOEVW]HXJQLVGHV&XVDQXVDQJHIÕKUW GDVNODUHUNHQQEDUZHUGHQO½¸WZLHHUVHLQH)RUPHOYHUVWDQGHQZLVVHQZROOWH



”,QHVWLJLWXULQRPQLWDOLGLOHFWLRQHTXD TXLVYHKLWXULQ'HXPFRJQLFLROLFHW TXLGVLWLGTXRGGLOLJLWLJQRUHW(VWLJLWXU FRLQFLGHQFLDVFLHQFLHHWLJQRUDQFLHVHX  GRFWDLJQRUDQFLD… 



=XVDPPHQIDOOYRQ:LVVHQXQG1LFKWZLVVHQrGDVLVWGRFWDLJQRUDQWLDDOVRZLVVHQGHV1LFKW ZLVVHQ.HLQH6SXUVRPLWYRQEHOHKUWHU8QZLVVHQKHLW  %HUQKDUGYRQ:DJLQJ9HUHKUHUXQG9HUWHLGLJHUGHV&XVDQXVNDQQLQ8PNHKUXQJGHU  GRFWDLJQRUDQWLD YRQVWXOWDVDSLHQWLD ”VWXOWHVDSLHQFLH… VSUHFKHQYRQZLVVHQGHP1LFKWZLVVHQ DOVwWÏULFKWHU:HLVKHLWk/REGHU7RUKHLW 2EGRFWDLJQRUDQWLDRGHUVWXOWDVDSLHQWLDrVWHWVKDQ GHOW HV VLFK XP (UNHQQWQLV FRJQLFLR  :LVVHQ VFLHQFLD  :HLVKHLW VDSLHQFLD  IUHLOLFK XP QLFKWZLVVHQGHV:LVVHQRGHUZLVVHQGHV1LFKWZLVVHQQLHPDOVDEHUXPEHOHKUWH8QZLVVHQ  KHLW %HUQKDUG VSULFKW HLQPDO YRQ HLQHP ”VFLHQWHU LQGRFWH…  XQG IRUPXOLHUW ]X DOOHP µEHU X¸DEHULQXQÕEHUWUHOLFKHU/X]LGLW½W





 

1LNRODXV YRQ .XHV 'LH EHOHKUWH 8QZLVVHQKHLW %XFK , ÕEHUV XQG PLW 9RUZ XQG $QP KUVJ YRQ



3 :LOSHUW  GXUFKJHV $X  EHVRUJW YRQ + * 6HQJHU ODWGW +DPEXUJ   6 ,,, 9JO .+ .DQGOHU ”%HOHKUWH RGHU ZLVVHQGH 8QZLVVHQKHLW" *HGDQNHQ ]XU µEHUVHW]XQJ YRQ GRFWD LJQRUDQWLD EHL 1LNRODXV YRQ .XHV… LQ 5 0RNURVFK XQG + 0HUNHO +UVJ  +XPDQLVPXV

  

XQG 5HIRUPDWLRQ )HVWVFKUL

I ÕU )ULHGKHOP .UÕJHU 0ÕQVWHU   6 



”&XVD ¹ *DVSDUG $LQGRU HU… LQ ( 9DQVWHHQEHUJKH +UVJ  $XWRXU GH OD GRFWH LJQRUDQFH 8QH H

FRQWURYHUVH VXU OD WKÂRORJLH P\VWLTXH DX ;9 VLÁFOH 0ÕQVWHU L :   S 

”/DXGDWRULXP GRFWH LJQRUDQFLH QHFQRQ LQYLWDWRULXP DG DPRUHP HLXVGHP HGLWXP SHU %HUQDU GXP SULRUHP LQ 7HJHUQVHH… LQ $XWRXU GH OD GRFWH LJQRUDQFH S  ”'HIHQVRULXP ODXGDWRU

a GRFWH LJQRUDQFLH SHU SDWUHP %HUQDUGXP LQ 7HJHUQVHH SULRUHP FRPSL

ODWXP… LQ $XWRXU GH OD GRFWH LJQRUDQFH S 





1RWL]wGRFWDLJQRUDQWLDk ”6HGTXLGTXHVRHVWLJQRUDFLRQLVVFLHQFLD QLVLGRFWDLJQRUDQFLD(UJRVFLHQGRQHVFLUH  HVWGRFWHLJQRUDUH… 



'RFWD LJQRUDQWLD LVW VRPLW DOOHLQ .RLQ]LGHQ] YRQ :LVVHQ XQG 1LFKWZLVVHQ DOVR ZLVVHQGHV 1LFKWZLVVHQQLHPDOVDEHUrZHGHUEHL&XVDQXVQRFKEHL%HUQKDUGrEHOHKUWH8QZLVVHQ KHLW  &XVDQXVNHQQWHLQH9LHO]DKOYRQ:HQGXQJHQZHOFKHGLH:LVVHQVPHWKRGHGHUGRFWDLJQR UDQWLDDXIVFKOX¸UHLFKLOOXVWULHUHQLQFRPSUHKHQVLELOHLQFRPSUHKHQVLELOLWHUFRPSUHKHQGHUHLQDWWLQJLELOH LQDWWLQJLELOLWHUDWWLQJHUHLQQRPLQDELOHLQQRPLQDELOLWHUQRPLQDUH*HPHLQWLVWVWHWVLP:LVVHQQLFKW ZLVVHQGHUZHUGHQLP1LFKWZLVVHQZLVVHQGHU:LVVHQXQG1LFKWZLVVHQEHGLQJHQVLFKZHFK VHOVHLWLJ XP GDV 8QEHJUHLIEDUH DXI XQEHJUHLIEDUH :HLVH ]X EHJUHLIHQGDV 8QEHQHQQEDUH DXIXQEHQHQQEDUH:HLVH]XEHQHQQHQ  6HOEVWZHQQ&XVDQXVDEHUEHOHKUWZRUGHQLVWrHLQRKQHKLQQXUSV\FKRORJLVFKHUNO½UED UHV)DNWXPRKQH(LQX¸DXIVHLQH:LVVHQVPHWKRGH rGDQQQLFKWZLHLP%HLWUDJ.+ .DQGOHUVMHGRFKVXJJHULHUWZLUGÕEHULJQRUDQWLDVRQGHUQÕEHUGRFWDLJQRUDQWLD'LH%HOHK UXQJLVWDOVRHLQH%HOHKUXQJÕEHUGDVZLVVHQGH1LFKWZLVVHQQLFKWHLQH%HOHKUXQJQXUÕEHU GLH8QZLVVHQKHLWVFKRQJDUQLFKWHLQH%HOHKUXQJÕEHUEHOHKUWH8QZLVVHQKHLWrZDVZLGHU  VLQQLJZ½UHJDQ]DEJHVHKHQGDYRQGD¸HVLP:LGHUVSUXFK]XHLQHULP%HLWUDJVHOEVW LQ µEHUVHW]XQJ]LWLHUWHQ&XVDQXV6HQWHQ]VWÕQGH  )D]LW'LH(UKHOOXQJ&XVDQLVFKHU(LQVLFKWHQEHGDUIPLQX]LÏVHUDUJXPHQWDWLYSUR]HGLH UHQGHU)RUVFKXQJ:HQLJKLOIUHLFKIÕUHLQHGHUDUWLJH(UKHOOXQJLVWHVGRUW]XVXFKHQZR  QLFKWV]X QGHQLVW HUIROJYHUKHL¸HQGDEHUGDV]XHQWGHFNHQZDVGXUFKLQWHQVLYH6XFKH DXFKHQWGHFNWZHUGHQNDQQ&XVDQXVn6HOEVWYHUVW½QGQLVYRQGHUGRFWDLJQRUDQWLDrGHPZLV VHQGHQ1LFKWZLVVHQDOVGHP.RLQ]LGHQ]JHGDQNHQYHUSLFKWHWHU:LVVHQVPHWKRGH  %XUNKDUG0RMVLVFK%RFKXP 

  

”'HIHQVRULXP ODXGDWRU

a GRFWH LJQRUDQFLH… LQ $XWRXU GH OD GRFWH LJQRUDQFH S 

9JO .+ .DQGOHU ”%HOHKUWH RGHU ZLVVHQGH 8QZLVVHQKHLW"… 6  ” wPHLQHU 0HLQXQJ QDFK  LQ GRFWD LJQRUDQWLD  HUNHQQEDU VLQGk… 1XU DP 5DQGH VHL DQJHPHUNW 7H[W XQG µEHUVHW]XQJ EH

GÕUIHQ GHU (PHQGDWLRQ HV PX¸ KHL¸HQ e SHU WUDQVFHQVXP YHULWDWXP FRUUXSWLELOLXP e >QLFKW





LQFRUUXSWLELOLXP@ 9JO .+ .DQGOHU ”%HOHKUWH RGHU ZLVVHQGH 8QZLVVHQKHLW"… 6  =  



1RWL]w(FNKDUWYRQ+RFKKHLPk

 ,P([SOLFLWYRQ(FNKDUWV 6HUPRGLHEHDWL$XJXVWLQL3DULVLXVKDELWXVQGHWVLFKIROJHQGHU+LQ ZHLV”,VWHVHUPRVLFHVWUHSRUWDWXVDERUHPDJLVWUL(FKDUGLGHKRFKKHLPGLHEHDWL$XJXVWL QL3DULVLXV…'DKHUJLQJPDQELVYRUNXU]HPGDYRQDXV(FNKDUWV+HUNXQ VRUWVHL+RFK KHLPHLQHVYRQ]ZHL+RFKKHLPVLQGHU1½KHYRQ*RWKD   ,P$QVFKOX¸DQODQGHVJHVFKLFKWOLFKH)RUVFKXQJHQ($OEUHFKWVSO½GLHUWHMÕQJVW:7UX VHQGDIÕU+RFKKHLPVHL(FNKDUWV)DPLOLHQQDPHVHLQ*HEXUWVRUWZRKOHKHU7DPEDFKHEHQ IDOOV LQ GHU 1½KH YRQ *RWKD JHOHJHQ   $XI =XVWLPPXQJ VWLH¸HQ 7UXVHQV $XVIÕKUXQJHQ EHL.5XK  )ROJHQGH%HREDFKWXQJGÕU HMHGRFKJHJHQ7UXVHQV$QQDKPHVSUHFKHQ(VJLEWHLQHQ LQ*HGLFKWIRUPDEJHID¸WHQ7H[WPLWGHP7LWHO”'LVLVWYRQGHQ]ZHOIPDLVWHUQ…,QGLHVHP 7H[WLVW]XQ½FKVWYRQ”0DLVWHUHJJKDUW…GLH5HGHGDQQYRQ”0DLVWHU'LHWUHLFK…HUZ½KQW ZLUGGDUDXI”'HUYRQ(WOLQJHQ…IHUQHU”'HUYRQWDQQHEDFK… $QJHVLFKWVGLHVHV7H[WHVOHJW VLFKIROJHQGH9HUPXWXQJQDKH:HQQQDFK0HLVWHU (FNKDUWLP9HUV ”'HUYRQWDQQH EDFK…LP9HUV JHQDQQWZLUGGDPLWDEHUGHUGDPDOVEHNDQQWH-RKDQQHVYRQ7DPEDFK V½FKVLVFK'DPEDFK JHPHLQWLVWGÕU HHVKÏFKVWXQZDKUVFKHLQOLFKVHLQGD¸DXFK(FNKDUW DXV7DPEDFKRGHU'DPEDFK VWDPPWZHLO(FNKDUWRKQH=ZHLIHOGLHEHUÕKPWHUH3HUVÏQ OLFKNHLW JHZHVHQ VHLQ GÕU H XQG GDQQ ZRKO HKHU YRP DQRQ\PHQ $XWRU GHV *HGLFKWV DOV w'HUYRQWDQQHEDFKkWLWXOLHUWZRUGHQ Z½UHZHQQGHQQVHLQ+HUNXQ VRUW7DPEDFKJHZH VHQZ½UHZHLOIHUQHUDXV]XVFKOLH¸HQVHLQGÕU HGD¸]ZHLEHUÕKPWH0DJLVWHUGHU/LVWHDXV 7DPEDFKVWDPPWHQGDVK½WWHGHUDQRQ\PH$XWRUGHV*HGLFKWVJHZL¸DQJH]HLJW  'D QXQ -RKDQQHV YRQ 7DPEDFK PHKUIDFK LP  -DKUKXQGHUW EH]HXJW LVW (FNKDUW DEHUQLUJHQGVPLWGLHVHU6WDGWLQ9HUELQGXQJJHEUDFKWZLUGVROOWHDQ+RFKKHLPDOV+HU NXQ VRUW(FNKDUWVIHVWJHKDOWHQZHUGHQ  %XUNKDUG0RMVLVFK%RFKXP 

     

0DJLVWHU (FKDUGXV 6HUPR GLH EHDWL $XJXVWLQL 3DULVLXV KDELWXV HG % *H\HU /DWHLQLVFKH :HUNH 9 6WXWWJDUW R -  S   9JO : 7UXVHQ 'HU 3UR]H¸ JHJHQ 0HLVWHU (FNKDUW 9RUJHVFKLFKWH 9HUODXI XQG )ROJHQ 3DGHUERUQ r 0ÕQFKHQ r :LHQ r =ÕULFK   6  9JO . 5XK *HVFKLFKWH GHU DEHQGO½QGLVFKHQ 0\VWLN %G ,,, 'LH 0\VWLN GHV GHXWVFKHQ 3UHGLJHURUGHQV XQG LKUH *UXQGOHJXQJ GXUFK GLH +RFKVFKRODVWLN 0ÕQFKHQ   6 

$ 6SDPHU +UVJ  7H[WH DXV GHU GHXWVFKHQ 0\VWLN GHV  XQG  -DKUKXQGHUWV -HQD   6  7LWHO EHL 6SDPHU 'LH 6SUÕFKH GHU ]ZÏOI 0HLVWHU 



9JO ]XP .DQRQ GHU ]ZÏOI 0HLVWHU XQG ]X LKUHU ,GHQWL NDWLRQ / 6WXUOHVH ”$OOH RULJLQL GHOOD PL VWLFD VSHFXODWLYD WHGHVFD $QWLFKL WHVWL VX 7HRGRULFR GL )UHLEHUJ… LQ 0HGLRHYR    6 





0LVFHOODQHD 1HZ,PDJHVRI3ODWR'LDORJXHVRQ3ODWRrWKH,GHDRIWKH*RRG 'LHQHXHQ3ODWRQELOGHUrGLH,GHHGHV*XWHQ  $Q,QWHUQDWLRQDO&ROORTXLXPRIWKH,QWHUQDWLRQDO3ODWR&HQWUHDWWKH,QWHUQDWLRQDO  $FDGHP\RI3KLORVRSK\LQ&ROODERUDWLRQZLWKWKH,QWHUQDWLRQDO3ODWR6RFLHW\ *DHL/LHFKWHQVWHLQ6HSWHPEHU 

 'HU %HJUL w3KLORVRSKLHk YHUZHLVW LQ JHZLVVHU +LQVLFKW DXI GHQ 1DPHQ 3ODWRQV GHU LKP HLQHQ ELV KHXWH JÕOWLJHQ ,QKDOW YHUOLHK *HPHLQW LVW GDPLW QLFKW GHU %HVLW] YRQ :HLVKHLW E]Z GDV XQHQWZHJWH )HVWKDOWHQ DQ HLQHU IÕU HZLJH =HLWHQ YHUELQGOLFKHQ /HKUPHLQXQJ VRQGHUQHLQHEHVWLPPWH9HUIDKUHQVZHLVHGLHGXUFKHLQHQPHWKRGLVFKHQ3UR]H¸EHVW½QGL JHQ )UDJHQV XQG µEHUSUÕIHQV LQ GHU NRQVWUXNWLYHQ $XVHLQDQGHUVHW]XQJ GHV GLDORJLVFKHQ =ZLHJHVSU½FKHV JHPHLQVFKD OLFK QDFK HLQHP :LVVHQ VWUHEW GDV VLFK VHLQHU VHOEVW EHZX¸W ZLUG XQG GLH LP GDGXUFK EHVFKULWWHQHQ 3UR]H¸ GHU *HZLQQXQJ QHXHU 3HUVSHNWLYHQ YRU JHEOLFKHGDXQJHSUÕ H*HZL¸KHLWHQHUVFKÕWWHUQZLOO'D¸HVLP5DKPHQGLHVHU$XVHLQ DQGHUVHW]XQJPLW9RUQGOLFKHPDXFK]X[LHUEDUHQ5HVXOWDWHQNRPPW]HLJWLP)DOOH3OD WRQV YRU DOOHP DQGHUHQ VHLQ 1DFKGHQNHQ ÕEHU GLH %HGLQJXQJHQ HLQHU RSWLPLHUWHQ r JH UHFKWHQrSROLWLVFKHQ2UGQXQJ+LHULVWHVXQWHUDQGHUHPVHLQH6FKUL ÕEHUGHQ6WDDWGLH GLH1RWZHQGLJNHLWHLQHVEHVWLPPWHQ:LVVHQVKHUDXVVWHOOWGDVQDFK3ODWRQVRZRKO9RUDXV VHW]XQJIÕUGDVLQGLYLGXHOOH/HEHQVJOÕFNLVWDOVDXFKGLH*UXQGODJHIÕUGDVEHVWHSROLWLVFKH +DQGHOQGDV:LVVHQYRQGHU,GHHGHV*XWHQGLHDOOHQ'LQJHQ:HUWXQG1XW]HQYHUOHLKW 'D¸3ODWRQ]ZDUHLQHUVHLWVGLHDEVROXWH8QXPJHKEDUNHLWDOVZLFKWLJVWHQ/HUQJHJHQVWDQG GHV JHZÕQVFKWHQ 3KLORVRSKHQNÏQLJV  XQG GLH 3U½]LVLRQ GLHVHV :LVVHQV EHWRQW r HV PX¸ GXUFKHLQHQP³KSNJHZX¸WZHUGHQEH rHVDQGHUHUVHLWVMHGRFKEHLGXUFKDXVXQGHXW OLFKHQ&KDUDNWHULVLHUXQJHQGLHVHV*HJHQVWDQGHVEHO½¸WKDWLQGHUÕEHUM½KULJHQ5H ]HSWLRQVJHVFKLFKWH ]X JUR¸HQ ,UULWDWLRQHQ $EOHKQXQJHQ XQG 0L¸YHUVW½QGQLVVHQ JHIÕKUW (VHUÏQHWHDEHUYRUDOOHPHLQHQLPPHQVHQ6SLHOUDXPIÕUGLH(QWIDOWXQJHLQHUEUHLWJHI½ FKHUWHQ 3DOHWWH YRQ ,QWHUSUHWDWLRQHQ XQG 'HXWXQJVYDULDQWHQ XQG UHJW DXFK KHXW]XWDJH LPPHUQRFK]XLQWHQVLYHP1DFKGHQNHQXQGNRQWURYHUVHP$XVWDXVFKDQ  6R DXFK EHL GHU JHPHLQVDPHQ .RQIHUHQ] GHU w,QWHUQDWLRQDOHQ 3ODWRQJHVHOOVFKD k ,36  XQGGHVw,QWHUQDWLRQDOHQ3ODWRQ]HQWUXPVDQGHU,QWHUQDWLRQDOHQ$NDGHPLHIÕU3KLORVRSKLHk ,$3 LQ*DHL/LHFKWHQVWHLQGLHHVVLFK]XU$XIJDEHJHPDFKWKDWWHYHUVFKLHGHQHSURPL QHQWH'HXWXQJVDQV½W]HGHU*HJHQZDUWYRU]XVWHOOHQXQGGLHQHXHQ%LOGHUGHVDQWLNHQ'HQ NHUVLQHLQGLDORJLVFKHV*HVSU½FK]XEULQJHQ  'D¸QLFKWDOOH]XU=HLWYRUKDQGHQHQ)RUVFKXQJVPHLQXQJHQYHUWUHWHQVHLQNRQQWHQOLHJW DQJHVLFKWVGHU9LHOIDOWGHU,QWHUSUHWDWLRQHQHEHQVRDXIGHU+DQGZLHGLH7DWVDFKHGD¸HLQ %HULFKWZLHGHUYRUOLHJHQGHQLFKWLQGHU/DJHLVWGLHGRFKUHFKWXPIDQJUHLFKH$Q]DKOYRQ 9RUWU½JHQQHEVW.XU]UHIHUDWHQYROOVW½QGLJYRUVWHOOHQ]XNÏQQHQJOHLFKZRKOODVVHQVLFK LQQHUKDOEGHVJUR¸HQ6SHNWUXPVGHU3RVLWLRQHQ6FKZHUSXQNWHIHVWPDFKHQGLHHLQHÕEHU VLFKWOLFKH'DUVWHOOXQJHUPÏJOLFKHQRKQH:HVHQWOLFKHV]XYHUQDFKO½VVLJHQ  (LQHQVROFKHQ6FKZHUSXQNWERWYRUDOOHPGLH)UDJHQDFKGHU%HUÕFNVLFKWLJXQJOLWHUDUL VFKHU $VSHNWH GLHLQ PHWKRGRORJLVFKHU +LQVLFKW HLQHQ QHXHQ =XJDQJ ]X GHQ ]XPHLVW LQ 'LDORJIRUPYHUID¸WHQ6FKUL HQ3ODWRQVHUÏQHQVROOWHQ

 

'LH ,GHH GHV *XWHQ ZLUG QHEHQ EOR¸HQ )XQNWLRQDOLW½WVEHVFKUHLEXQJHQ OHGLJOLFK LQ GHU ELOGKDI WHQ 'DUVWHOOXQJVZHLVH YRQ $QDORJLHQ XQG *OHLFKQLVVHQ XPULVVHQ ZREHL VLH ZLH GLH 6RQQH LQ EH ]XJ DXI GLH VLFKWEDUH :HOW TXDVL MHQVHLWV GHV 6HLQV SRVWLHUW DOV GHUHQ 8UVSUXQJ ]X EHJUHLIHQ LVW





.RQJUH¸EHULFKWH  'HQ$QIDQJPDFKWHQKLHUGLHDOV0LW*DVWJHEHU]HLFKQHQGHQ9HUWUHWHUGHU7KHVHHLQHU XQJHVFKULHEHQHQ/HKUH3ODWRQVGLHZHVHQWOLFKDOVPHWDSK\VLVFKH3ULQ]LSLHQOHKUH]XLGHQWL ]LHUHQXQGXPGLHEHLGHQ*UXQGEHVWLPPXQJHQGHV(LQHQXQGGHUXQEHJUHQ]WHQ=ZHL KHLW]HQWULHUWVHL'DEHLYHUZLHV*LRYDQQL5HDOH0DLODQG DOVHUVWHU5HGQHUGHUVRJw7Õ ELQJHQ0DLODQG6FKXOHkrLP%OLFNDXIGDV,QKDOWHNRPSULPLHUHQGH6WLOPLWWHOPLVHHQDEÇ PH DEHU DXFK XQWHU =XKLOIHQDKPH YRQ (W\PRORJLHQ GHV &UDW\OXV r ]XQ½FKVW DXI GLH RUG QXQJVVWL HQGH )XQNWLRQ GHV *XWHQ DOV GHV (LQHQ XQG DEVROXWHQ 0D¸HV DOOHU 'LQJH XP GDQQGLH)RUGHUXQJJRWWJOHLFK]XZLUNHQDOVGHQGDUDXVDE]XOHLWHQGHQ,PSHUDWLY3ODWRQV ]XHUPLWWHOQGDV*HERWDQGHQSKLORVRSKLVFK+DQGHOQGHQLQ1DFKDKPXQJGHV'HPLXU JHQGHV7LPDHXV(LQKHLWLQGLH'LQJHHLQ]XIÕKUHQXQGVR2UGQXQJXQG+DUPRQLHLQQHU KDOEGHU(UVFKHLQXQJVZHOW]XVWL HQ7KRPDV$6]OH]ºN7ÕELQJHQ YHUWHLGLJWHGLH7KHVH GHU([LVWHQ]HLQHUYRQ3ODWRQQLFKWQLHGHUJHVFKULHEHQHQ/HKUHGXUFKGHQQDFKGUÕFNOLFKHQ 5HNXUVDXIGLHYRUKDQGHQHQ7H[WHVHOEVW'LHLQLKQHQHQWKDOWHQHQLQKDOWOLFKHQ9HUZHLVH DEHUDXFKGLHRHQHOLWHUDULVFKH)RUPGHU(QWZLFNOXQJGHU*HGDQNHQOLH¸HQNHLQHDQGHUH 'HXWXQJ ]X 'LHV VHL ]XGHP GXUFK GHQ 6LHEWHQ %ULHI ]X EHVW½WLJHQ GHVVHQ WHVWLPRQLDOH 4XDOLW½WHUKHUYRUKRE6FKOLH¸OLFKVHLHQDXFKGLH$ULVWRWHOLVFKHQ$XVNÕQ HQXUXQWHU=X JUXQGHOHJXQJGHUDQJHVSURFKHQHQ3ULQ]LSLHQOHKUHHUNO½UEDU  'LHKLHUEHUÕKUWH)UDJHQDFKGHP6WDWXV YRQ6FKUL OLFKNHLWXQG0ÕQGOLFKNHLWrDXFK LP +LQEOLFN DXI GLH 0LWWHLOEDUNHLW YRQ SKLORVRSKLVFKHP :LVVHQ ÕEHUKDXSW r VRZLH GLH 3UREOHPDWLNGHV8PJDQJVPLWKLVWRULVFKHQ7H[WHQLQVJHVDPWZXUGHQVRJOHLFKYRQ+D\GHQ $XVODQG 0RQWDQD  DXIJHZRUIHQ (U YHUZLHV LQ GLHVHP =XVDPPHQKDQJ DXI V\VWHPDWLVFKH 'H]LWHGHU7ÕELQJHUXQG0DLO½QGHU ,QWHUSUHWDWLRQVPHWKRGHXQGXQWHUVWULFKVHLQHUVHLWV GHQNWLRQDOHQ&KDUDNWHUGHULQGHQ'LDORJHQDX UHWHQGHQ)LJXUHQVRZLHGLH1RWZHQGLJ NHLW HLQHU DQ OLWHUDULVFKHQ .DWHJRULHQ r ZLH HWZD GHU ,URQLH r RULHQWLHUWHQ +HUDQJHKHQV ZHLVH6RJHEHHVNHLQH$QVSUDFKHDQKHXWLJHRGHUVRQVWLJH/HVHULQGHQ6FKUL HQ3OD WRQVrHLQHOLWHUDULVFKH'LVWDQ]EH]ÕJOLFKPÏJOLFKHU$GUHVVDWHQUHVXOWLHUHDXVGHUVSH]LHOOHQ 3ODWRQLVFKHQ'DUVWHOOXQJVIRUPrYRUDOOHPDEHUNÏQQHHLQ]LJGDVYRUOLHJHQGHVFKUL OLFKH :HUNDOV%DVLVIÕUHLQ3ODWRQYHUVW½QGQLVKHUDQJH]RJHQZHUGHQ'LHVHVVR$XVODQGLP5H NXUVDXI/HR6WUDXVVODVVHGDQQ]ZDUGXUFKDXVHLQHHVRWHULVFKH,QWHUSUHWDWLRQ]XVHW]HQXQ MHGRFKrXQG]ZDUYRUGHP+LQWHUJUXQGSROLWLVFKHU%HGURKXQJ]XU=HLWGHU$EIDVVXQJr GHQ JHÕEWHQ DXIPHUNVDPHQ XQG YROOVW½QGLJ GHP SKLORVRSKLVFKHQ /HEHQ KLQJHJHEHQHQ /HVHUYRUDXV$XVODQGOLH¸GLH)UDJHQDFKGHP*XWHQDOOHUGLQJVXQEHDQWZRUWHW  0LFKDHO(UOHU:ÕU]EXUJ IÕKUWHGHPJHJHQÕEHUGLH$SRULHQLQGHQ3ODWRQLVFKHQ'LD ORJHQ QLFKW QXU DXI HLQH .ULWLN 3ODWRQV DQ GHU 6FKUL OLFKNHLW ]XUÕFN r GLHV DXFK LP *H JHQVDW] ]X 0DXUL]LR 0LJOLRUL 0DFHUDWD  GHU GDUDXV GLH )DNWL]LW½W GHU XQJHVFKULHEHQHQ /HKUHIROJHUWHrVRQGHUQDXFKDQGHQ0ÏJOLFKNHLWHQPÕQGOLFKHUµEHUOLHIHUXQJ*HUDGHLQ EH]XJDXIGLH3DVVDJHQ]XU,GHHGHV*XWHQVHLGXUFKGLHRHQNXQGLJH8QEHVWLPPWKHLWGHU $XVVDJHQHLQHJUXQGV½W]OLFKH)RUGHUXQJ3ODWRQLVFKHQ3KLORVRSKLHUHQVGRNXPHQWLHUW(UVW GLH HLJHQH /HLVWXQJ GHV 5H]LSLHQWHQ HUPÏJOLFKW HLQ (UUHLFKHQ ZLUNOLFKHU (LQVLFKW XQG NDQQVRrGXUFKGLHHLJHQVW½QGLJH3UÕIXQJXQGGDV9HUPÏJHQ]XUV\VWHPDWLVFKJHVFKORVVH QHQ 'DUVWHOOXQJ LQ GHU GLDOHNWLVFKHQ 8QWHUUHGXQJ r GLH *HIDKUHQ GHV UHLQHQ )RUPHOZLV VHQVDEHUDXFKMHJOLFKHU6NHSVLVÕEHUZLQGHQ  5DIDHO)HUEHU.ÏOQ *HUDOG3UHVV1HZ




0LVFHOODQHD WHOHVUHNXUULHUHQGH 'HXWXQJZLHHWZDGLHGHUw7ÕELQJHU6FKXOHk]XODVVHVDKHUGLHQXQ NODHQGHLQKDOWOLFKH/ÕFNHrXQWHU$XVVFKOX¸MHJOLFKHU(QWZLFNOXQJVK\SRWKHVHQEH]ÕJOLFK GHV 3ODWRQLVFKHQ 'HQNHQV r JHIÕOOW GXUFK GDV TV{TSR GHV 3ROLWLFXV VRZLH GDV Q{XVMSR GHV 3KLOHEXV $OOHUGLQJV VWHOOWH HV VLFK DOV VFKZLHULJ KHUDXV GDV 6WUHEHQ QDFK GHP *XWHQ LP 6\PSRVLXPDOV(URVEH]HLFKQHWGDPLW]XYHUHLQHQ  *HUDOG3UHVVVWHOOWHHLQGUXFNVYROOGLH'LVWDQ]LPSOL]LHUHQGH3HUVSHNWLYHGHV3KLORVRSKLH KLVWRULNHUVKHUDXVGLHLKQGLH3ODWRQLVFKHQ6FKUL HQYRUDOOHP]XQ½FKVWDOVOLWHUDULVFKH+HU YRUEULQJXQJHQLKUHU=HLWYHUVWHKHQOLH¸DOVNXQVWYROOJHVWDOWHWH'LDORJHGHUHQMHZHLOLJH(L JHQJHVHW]OLFKNHLWVLFKDXFKDXVGHU9HUJHJHQZ½UWLJXQJLKUHV(QWVWHKXQJV]HLWUDXPHVHUJHEH 8QWHU(LQEH]LHKXQJZHLWHUHUDXFKVSH]LVFK3ODWRQLVFKHU0RPHQWHYRQ/LWHUDULW½WrZLH 2EHU½FKHQXQG7LHIHQVWUXNWXUGHUGLDORJLVFKHQ+DQGOXQJDOVWH[WNRPSRVLWRULVFKHV0LW WHOHWZDDOV6SLHJHOXQJGHVLQKDOWOLFKHQ3ULQ]LSVYRQ6LQQHQHUNHQQWQLVXQGUHLQHP'HQ NHQXQGQHEHQ(PRWLRQDOLW½WDXFK,URQLHDOV,QGLNDWRUZLFKWLJHUSKLORVRSKLVFKHU*HKDOWHr YRUDOOHPDEHUGXUFK8QWHUVWUHLFKXQJGHV3ULQ]LSVKLVWRULVFKHU9ROOVW½QGLJNHLWXQG*HQDXLJ NHLW JHODQJWH 3UHVV ]X GHP 5HVXOWDW GD¸ 3ODWRQ DQKDQG GHU HLQ]LJ ]XJUXQGH]XOHJHQGHQ 'LDORJHrXQGLP*HJHQVDW]]XUWUDGLWLRQHOOHQ*HVFKLFKWVVFKUHLEXQJrNHLQGRJPDWLVFKHV 6\VWHP ]X]XVFKUHLEHQ VHL 'LDORJH VHLHQ NHLQH $EKDQGOXQJHQ  3KLORVRSKLH PDQLIHVWLHUH VLFKEHLLKPYLHOPHKUDOVEHVW½QGLJHIUDJHQGHJHLVWLJH$NWLYLW½WLQGHUSUDNWLVFKHQXQGÕEHU GLH SUDNWLVFKH :HOW r HLQ )DNWXP GDV VLFK DXFK GXUFK GLH +\SRWKHVH HLQHU OHEHQVODQJHQ 8PDUEHLWXQJGHU'LDORJHEHVW½WLJHQODVVH6RHUÏQHWHQVFKOLH¸OLFKDXFKGLH3DVVDJHQÕEHU GLH,GHHGHV*XWHQHLQHQ(LQEOLFNLQHLQw*HGDQNHQH[SHULPHQWkÕEHUYHUVFKLHGHQH(EHQHQ YRQ5HDOLW½WQLFKWMHGRFKGLH6FKDXHLQHVÕEHUVHLHQGHQ(LQHQ'D¸3ODWRQDQHLQLJHQ6WHO OHQGHP([HJHWHQDEHUGHQQRFK5½WVHODXIJHEHPÕVVHQLFKWQXUGHPHQGORVHQ3UR]H¸GHV GLDORJLVFKHQ 1DFKGHQNHQV LQ 5HFKQXQJ JHVWHOOW ZHUGHQ VRQGHUQ VFKHLQH VR 3UHVV DXFK ELVZHLOHQGHU8QYHUVW½QGQLVSURYR]LHUHQGHQ0HUNZÕUGLJNHLWGHV$XWRUVVHOEVWJHVFKXOGHW  ,P5ÕFNJULDXI+DUROG&KHUQLVVDOV9HUWUHWHUHLQHVEHZX¸WWUDGLWLRQHOOHQ$QVDW]HVGHU QLFKWQXU7H[WLPPDQHQ]XQG2ULJLQDO/HNWÕUH$XWRUHQEH]XJXQGGHQWKHRUHWLVFKHQXQG KLVWRULVFKHQ .RQWH[W ]X HQWVFKHLGHQGHQ )DNWRUHQ HUKHEW VRQGHUQ DXFK GLH YROOVW½QGLJH 6LFKWXQJ GHU 6HNXQG½UOLWHUDWXU OHKQWH /XF %ULVVRQ HEHQIDOOV HLQH 7UDQV]HQGHQ] GHU ,GHH GHV*XWHQEHL3ODWRQDE'LHVHVHLYLHOPHKUDOV*UXQGGHV6HLQVrQ½POLFKZLHGLH6RQQH DOV *UXQG GHU 6LQQHQZHOW r LQQHUKDOE GLHVHU 5HJLRQ SRVWLHUW ,Q GLHVHU LPPDQHQWHQ 3HU VSHNWLYH MHGRFK QHKPH VLH JOHLFKZRKO HLQH KLHUDUFKLVFK ÕEHUJHRUGQHWH 6WHOOXQJ HLQ $OV 8UKHEHUGHUQHXSODWRQLVFKHQ'HXWXQJVHLGHUYRQDQGHUHQ,QWHUHVVHQJHOHLWHWH3ORWLQXQG VHLQH,GHQWLNDWLRQYRQ(LQHPXQG*XWHPDXV]XPDFKHQ  1HEHQ YLHOHQ DQGHUHQ ZLGHUVSUDFK VFKOLH¸OLFK DXFK )UDQFR 7UDEEDWRQL 0DLODQG  GHU w7ÕELQJHUk'HXWXQJ(UYHUZLHVGDEHLLQVEHVRQGHUHDXIGHQGLDORJLVFKSUR]HVVXDOHQ&KD UDNWHUGHV3ODWRQLVFKHQ'HQNHQVGHUOHGLJOLFKHLQHDSSUR[LPDWLYH(UNHQQWQLVGHU,GHHGHV *XWHQ]XODVVHXQGHLQHUHLQH3ULQ]LSLHQHUNHQQWQLVrGLHHQWJHJHQGHQ$ULVWRWHOLVFKHQ7H VWLPRQLHQRKQHKLQQLFKWDOV=HQWUXPGHUDXI3UD[LVDXVJHULFKWHWHQ3ODWRQLVFKHQ3KLORVR SKLHDXV]XPDFKHQVHLrLP6LQQHHLQHUYLWDFRQWHPSODWLYDPLWGHPJHIRUGHUWHQ5ÕFNJDQJLQ GLH+ÏKOHXQYHUHLQEDUPDFKH  'LHVHV +HUDXVVWUHLFKHQ GHU OLWHUDULVFKHQ $VSHNWH JDE DEHU DXFK $QOD¸ ]XU %HNXQGXQJ RULJLQHOOHU 3RVLWLRQVYHU½QGHUXQJHQ 'DEHL ZDUHV ]XQ½FKVW &KULVWRSKHU +RZH 'XUKDP  GHUYRUGLHVHP+LQWHUJUXQGHLQH9HUDEVFKLHGXQJGHUGXUFK*UHJRU\9ODVWRVHLQJHIÕKUWHQ XQGYHUEUHLWHWHQQDPHQWOLFKDQDO\WLVFKHQ0HWKRGHXQGGHUGXUFKVLHJHÕEWHQ,VROLHUXQJ YRQ$UJXPHQWHQDXVGHQMHZHLOLJHQGLDORJLVFKHQ.RQWH[WHQSURSDJLHUWH(EHQVRZLH*HUDV





.RQJUH¸EHULFKWH VLPRV6DQWDV,UYLQH ZROOWHHUGLHELVODQJSUDNWL]LHUWH%HKDQGOXQJGHU)UDJHVWHOOXQJw:DV LVW["kYHUPLWWHOVZHOFKHUGLH3ODWRQLVFKHQ,GHHQELVODQJDOVEOR¸H(LJHQVFKD HQJHGHXWHW ZXUGHQGXUFKGLH)UDJHQDFKGHPOLWHUDULVFKHQ.RQWH[WYRUDOOHPDEHUQDFKGHU)XQNWLRQD OLW½WHUVHW]WZLVVHQ6RNRQQWHHULQGHQIUDJOLFKHQ5HVSXEOLFD3DVVDJHQDXFKNHLQHJ½Q]OLFK D"UPDWLY]XYHUVWHKHQGHQ$XVVDJHQKLQVLFKWOLFKGHU,GHHGHV*XWHQHUNHQQHQVWDWWGHVVHQ MHGRFK HLQH $XIIRUGHUXQJ ]X KÏFKVWHU LQWHUSUHWDWRULVFKHU 9RUVLFKW Z½KUHQG 6DQWDV LKUHQ VWUXNWXUHOOHQ9HUXUVDFKXQJVFKDUDNWHUDOVw)RUPGHU)RUPHQkIÕUDOOHPÏJOLFKHQ,QKDOWHGHV :LVVHQVKHUDXVKRE  1RFKVW½UNHUH9HUPLWWOXQJVEHUHLWVFKD DXVDQDO\WLVFKHU3HUVSHNWLYHOLH¸&KULVWRSKHU*LOO ([HWHU HUNHQQHQGHUGHQKHUPHQHXWLVFKHQ$QVDW]+DQV*HRUJ*DGDPHUVJHUDGHDXFKIÕU HLQH LQKDOWOLFK JHVFKORVVHQH ,QWHUSUHWDWLRQ GHU3KLORVRSKLH3ODWRQV IUXFKWEDU PDFKWH E]Z GXUFKGLH*DGDPHUVFKH%HWRQXQJGHU'LDOHNWLNHLQHQKLOIUHLFKHQ:HJ]XHLQHULPPDQHQ WHQ7KHRULHGHU,GHHQXQGLQVEHVRQGHUHGHU,GHHGHV*XWHQHUEOLFNWHGLHQLFKWGHQ(LQ Z½QGHQ PRGHUQH /RJLN YHUDEVROXWLHUHQGHU 3RVLWLRQHQ DXVJHVHW]W VHL 'LHUHQ]LHUW NULWL VLHUWHHUMHGRFK*DGDPHULQGHVVHQXQKLVWRULVFKHU$SSOLNDWLRQSRVWKHLGHJJHULDQLVFKHU.RQ ]HSWH DXI HLQHQ DQWLNHQ $XWRU VRZLH LQ VHLQHU ELVZHLOHQ ÕEHUP½¸LJHQ 7HQGHQ] DXI HLQH WLHIJUHLIHQGH XQGXPIDVVHQGH $QDO\VH GHU HLQ]HOQHQ $UJXPHQWH ]X YHU]LFKWHQ r HLQ 9HU IDKUHQGDV*LOOGHUDQDO\WLVFKHQ6FKXOH]XJXWHKLHOW9RUDOOHPMHGRFKOHKQWHHULQEH]XJ DXI 5HV SXEOLFD EF *DGDPHUV QLFKW ZHLWHU ]X UHFKWIHUWLJHQGH %HWRQXQJ GHV LQGLYLGX HOOHQ.DPSIHVDOV:HJ]XU(UODQJXQJSKLORVRSKLVFKHQ:LVVHQVDE  /OR\G3*HUVRQ7RURQWR XQWHUVWULFKrDXFKLQ$XVHLQDQGHUVHW]XQJPLW3UHVVrGHQGRN WULQDOHQ*HKDOWGHU3ODWRQLVFKHQ6FKUL HQXQGGHV$XWRUV3ODWRQLQVJHVDPWZLHVDEHUXQ WHU=XKLOIHQDKPH$ULVWRWHOLVFKHU=HXJQLVVHDXIGLH(QWZLFNOXQJGHU3ODWRQLVFKHQ3KLORVR SKLHKLQ'LH,GHHQVHLHQGHPQDFKrXQWHUIXQNWLRQDOHP*HVLFKWVSXQNWrLQVEHVRQGHUHDOV wH[SODQDWRULVFKH (LQKHLWHQk ]X YHUVWHKHQ GLH GLH JHJHEHQH (UVFKHLQXQJVZHOW HUNO½UEDU PDFKWHQ'LH,GHHGHV*XWHQGHQÕEULJHQ,GHHQKLHUDUFKLVFKÕEHUJHRUGQHWVLFKHUHGHP QDFK QLFKW QXU GHUHQ 9HUNQÕSIXQJVPÏJOLFKNHLW XQG]ZDU XP GLH LQ GHU VLQQOLFKHQ :HOW DXVVFKOLH¸OLFK DQ]XWUHHQGHQ 9HUELQGXQJHQ YHUVW½QGOLFK ]X PDFKHQ VRQGHUQ HUNO½UH DOV PÏJOLFKH *HVDPWKHLW GHU )RUPHQ DXFK GHQ 5HGXNWLRQLVPXV GHU GXUFK GHQ %H]XJ GHU YRQHLQDQGHUYHUVFKLHGHQHQ,GHHQ]XHLQDQGHUHQWVWHKH  1HEHQDQGHUHQ5HGQHUQGLHVW½UNHUGHQPRUDOLVFKHQ*HKDOWGHU3ODWRQLVFKHQ6FKUL HQ XQG LKUH YHUPHLQWOLFKH %HGHXWXQJ IÕU GLH *HJHQZDUW KHUDXVVWHOOWHQ VHL DQ GLHVHU 6WHOOH GHPJHJHQÕEHU (QULFR %HUWL 3DGXD  KHUDXVJHKREHQ GHU LQ GHU +\SRWKHVHQ'LVNXVVLRQ GHV]ZHLWHQ7HLOHVGHV3DUPHQLGHVGLHJHIRUGHUWHGLDOHNWLVFKH)DVVXQJGHU,GHHGHV*XWHQHU EOLFNWHIHUQHU0DULR9HJHWWL3DYLD GHUGLH,GHHGHV*XWHQXQWHUGLDORJLVFKHU3HUVSHNWLYH XQGLP6LQQHGHUH»REQMNDOV,GHHXQG1LFKW,GHH]XJOHLFKYHUVWDQGXQGVFKOLH¸OLFK-HDQ 0DULH1DUERQQH/DYDO GHUGLH3ODWRQ5H]HSWLRQYRQ(PPDQXHO/ÂYLQDVDOVDQGHUQHX SODWRQLVFKHQ8PIRUPXQJRULHQWLHUWHUZLHV  'LHDXIGLHVHU7DJXQJYHUHLQWHQELVZHLOHQVWDUNGLYHUJLHUHQGHQ'HXWXQJHQGHU3ODWRQL VFKHQ6FKUL HQXQGGHU3KLORVRSKLH3ODWRQVLQVJHVDPWYHUZLHVHQLQLKUHU0DQQLJIDOWLJNHLW rZLHGLH$EELOGHUDXIGDVLKQHQJHPHLQVDPH8UELOGVRZROOWHHVVFKHLQHQr]XJOHLFKDXI GLHVFKUL VWHOOHULVFKHXQGSKLORVRSKLVFKH$XVQDKPHVWHOOXQJGHVDWKHQLVFKHQ3KLORVRSKHQ GHVVHQEHVRQGHUHU5HL]rZLHHVLQHLQHU6FKOX¸UXQGHIRUPXOLHUWZXUGHrJHUDGHYRQGHU 9LHOVFKLFKWLJNHLWVHLQHV:HUNHVXQGGHUXQHUVFKÏSLFKHQ)ÕOOHPÏJOLFKHU'HXWXQJVDQV½W]H DXVJHKH'HP%HWUDFKWHUZXUGHKLHUHLQGUXFNVYROOYRU$XJHQJHIÕKUWGD¸DXFKLQGLHVHP =XVDPPHQKDQJ QRFK YLHOHV ]X VDJHQ LVW XQG GHU ZHLWHUHQ GLDORJLVFKHQ (UÏUWHUXQJ KDUUW





0LVFHOODQHD (UNDQQVLFKMHGRFKGDUÕEHUKLQDXVDXFKVLFKHUVHLQGD¸GLHJHJHEHQHQ,PSXOVHHLQHQIH VWHQ3ODW]EHLGHUZHLWHUHQ%HVFK½ LJXQJPLW3ODWRQHUKDOWHQZHUGHQ  'D¸3ODWRQDOOHUGLQJVZLHHLQHUGHU9RUWUDJHQGHQPHLQWHJODXEHQPDFKHQ]XPÕVVHQ JOHLFKVDPDOVJHWUHXHUw6FKÕOHUk$QVHOPVYRQ&DQWHUEXU\XQGGHV-RKDQQHV'XQV6FRWXVLQ GHU,GHHGHV*XWHQEHUHLWVGHQFKULVWOLFKHQ6FKÏSIHUJRWWVDKXQGGDPLWDXFKHLQH.RQ]HS WLRQGHV+LPPHOVXQGJDUGHU+ÏOOHOLHIHUWHVFKHLQWOHGLJOLFKPLWHLQHPUDGLNDOHQ3URWDJR UHLVFKHQ (UNHQQWQLVUHODWLYLVPXV JHUHFKWIHUWLJW ZHUGHQ ]X NÏQQHQ 'HU DEHU ZDU JHUDGH QLFKWLP6LQQH3ODWRQVrHEHQVRZHQLJZLHGLHPLWVROFKHQ$XVIÕKUXQJHQYHUEXQGHQH9RU ELOG XQG =LHOIXQNWLRQ GLHVHV SHUVRQDOHQ *RWWHV IÕU GDV JOÕFNOLFKH PHQVFKOLFKH /HEHQ 'HQQZLHHLQEHNDQQWHV3ODWRQLVFKHV'LNWXPODXWHWDXFKZHQQLKPQXUGHU6WDWXVHLQHU QLHGHUJHVFKULHEHQHQ(ULQQHUXQJDQHLQHPÕQGOLFKH(U]½KOXQJHLQ]XU½XPHQLVWVRVFKLP PHUWGRFKLPPHUQRFKHLQ)ÕQNFKHQ:DKUKHLWGXUFKGLHYHUGXQNHOQGHQ6FKDWWHQ ”.HL QHUGHU*ÏWWHUSKLORVRSKLHUW…6\PSD 



  

0DWWKLDV%ORFK%RFKXP 

:RUNVKRS3URFOXVYHUVXV3ORWLQXVRQ(YLO 'H:XOI0DQVLRQ&HQWUH.DWKROLHNH8QLYHUVLWHLW/HXYHQ /HXYHQ1RYHPEHU

 7KH YDULHJDWLRQ RI WKH 1HRSODWRQLF WUDGLWLRQ DV D WKHRU\ RI DEVROXWH XQLW\ JURXQGHG LQ ERWK3ODWRQLFDQG$ULVWRWHOLDQWKHRUHPVSURPLQHQWO\GLVSOD\VLWVHOILQWKHGLHULQJDQVZHUV JLYHQE\3ORWLQXVDQG3URFOXVWRWKHYH[LQJTXHVWLRQRIWKHRULJLQRIHYLO7KHIRUPHUKROGV WKHSULQFLSOHRIHYLOWRUHVLGHLQPDWWHUZKLFKWKHQDVVXPHVDFHUWDLQLQGHSHQGHQFHJHQX LQHO\ RSSRVHG WR WKH SULQFLSOH RI WKH JRRG ZKLOH WKH ODWWHU UHJDUGV HYLO DV DQ LQHVVHQWLDO ”FRXQWHUVXEVLVWHQFH…RU”SDUDOOHOH[LVWHQFH…TEVYT³WXEWMN LQWKHVHQVHRIDPHUHO\UHOD WLYHSULYDWLRQRIWKHJRRGZKRVHSULQFLSDOVWDWXVWKXVUHPDLQVXQFKDOOHQJHG,Q1RYHPEHU WKH'H:XOI0DQVLRQ&HQWUHRIWKH.DWKROLHNH8QLYHUVLWHLW/HXYHQLQFROODERUD WLRQZLWKWKH&HQWUHIRU$QFLHQW3KLORVRSK\/HXYHQr8WUHFKWr/HLGHQ KRVWHGDRQH GD\FRQIHUHQFHRQ”3URFOXVYHUVXV3ORWLQXVRQ(YLO…SXWWLQJWKLVFRQWURYHUV\WRGHEDWHIURQW DQGFHQWHU  *HUG9DQ5LHO/HXYHQ EHJDQE\UHYLHZLQJ3ORWLQXVnVWUHDWPHQWRIWKHQDWXUHRIHYLOLQ (QQ ,  XQGHUVFRULQJ LQ SDUWLFXODU WKH DVWRQLVKLQJ IDFW WKDW 3ORWLQXV DVFULEHV WR PDWWHU WKH SULYDWLRQ RI IRUP LWV RZQ FRUUXSWLYH SRZHU ”+IRSQ{RL K‡V OYVfE XSÁ IeN EºXŸR zQJERXEWU{RXSN JUIfVIM EºX¶ OEi HM³PPYWM XŸR EºX¢N TEVEUIlWE J»WMR zRERXfER SÃWER e)RU>PDWWHU@EHFRPLQJPDVWHURIZKDWLVLPDJHGLQLWFRUUXSWVDQGGHVWUR\VLW DGYDQFLQJ LWV RZQ QDWXUH ZKLFK LV RSSRVLWHWRIRUP e … 9DQ 5LHO FRQIURQWHG 3ORWLQXVnV DSSDUHQWO\ FLUFXODU DUJXPHQWDWLRQ WKDW WKH ZHDNQHVV RI WKH VRXO LV GXH WR PDWWHU LWVHOI KRZHYHUEURXJKWIRUWKE\WKHVRXOZLWKWKLVWKHVLV7KHVRXODOWKRXJKUHVSRQVLEOHIRUWKH SURGXFWLRQ RI WKH QRQEHLQJ ZKLFK LV PDWWHU EHFRPHV HYLO RQO\ LQ DQ DFFLGHQWDO VHQVH PDWWHUEHLQJDQHFHVVDU\EXWQRWVX"FLHQWFDXVHRIHYLOLQWKHVRXO5HPDUNDEO\HQRXJKDV 9DQ 5LHO SRLQWHG RXW 3ORWLQXV KROGV DW WKH FRQFOXVLRQ RI KLV WUHDWLVH ”8¶ Hä OEO¶R Sº Q³RSR zWXi OEO¶R HM‡ H»REQMR ƒKEUSÁ OEi J»WMR· zTIfTIV zJ„RL z\ ƒR„KOLN, TIV MPLJUäRHIWQSlNXMWMOEPSlN, SmEHIWQÏXEfXMRINGVYWÚ, OV»TXIXEMXS»XSMN, gR ƒQSÁWE QŸ ±VÚXS XSlN UISlN, OEi †RUV[TSM }GSMIR QŸ ƒIi X¶ OEO¶R FP{TIMR, ƒPP ´XER OEi 



.RQJUH¸EHULFKWH FP{T[WMR, IeHÉPSMNXSÁOEPSÁIeNƒR„QRLWMRWYRÏWMR 'XHWRWKHSRZHUDQGQDWXUHRI WKHJRRGHYLOLVQRWRQO\HYLOEXWVLQFHLWKDV QHFHVVDULO\DSSHDUHGLWKDVEHHQERXQGLQ EHDXWLIXOFKDLQVMXVW DV VRPHSULVRQHUVDUHERXQGLQJROGHQFKDLQVDQGKLGGHQE\WKHP OHVW WKH GLVFRUGDQW EH VHHQ E\ WKH JRGV DQG PHQ DOZD\V KDYH WR ORRN DW HYLO EXW LQVWHDG ZKHQWKH\GRORRNDWLWWKH\PLJKWKDYHLQWHUFRXUVHZLWKLPDJHVRI EHDXW\IRUUHFROOHF WLRQ …7KLVDSSHDUVWRPHDQWKDWZKDWZHDFWXDOO\HQFRXQWHULQWKHZRUOGLVQRWDEVROXWH HYLOrWKHYHU\SRLQWRIGHSDUWXUHZKLFK3URFOXVWDNHVLQKLVUHHFWLRQV  :LWKWKLVSUR[LPLW\RIWKHWZRWKLQNHUVLQPLQG&DUORV6WHHO/HXYHQ WKHQLQWURGXFHG 3URFOXVnV'HPDORUXPVXEVLVWHQWLDUHYLHZLQJLWVWH[WXDOKLVWRU\LQLWVWKFHQWXU\DSSURSULD WLRQE\,VDDF6HEDVWRNUDWRUDQGLWVWKFHQWXU\WUDQVODWLRQE\:LOOLDPRI0RHUEHFNHEH IRUH RXWOLQLQJ WKH ZKROH RI LWV DUJXPHQWDWLRQ 6WHHO ORFDWHG WKH RULJLQDOLW\ RI 3URFOXVnV WKRXJKW DV D FULWLFLVP RI 3ORWLQXVnV WKHRU\ RI WKH RULJLQ RI HYLO HVSHFLDOO\ LQ FDS  +HUH3URFOXVQRWRQO\GHQLHVWKDWWKHUHLVRQHVLQJOHFDXVHRIHYLOrWKLVLQGLVWLQFWLRQIURP ZKDW LV JRRG ”XÏR ƒKEUÏR X¶ EhXMSR |R, XÏR OEOÏR X‡ EhXME TSPP‡ e…  r KH DOVR VSHFLHVWKHVXEVLVWHQFHRIHYLODVLWVEHLQJPHUHO\SDUDVLWLFXSRQUHDOSUHVHQFHWKHUHE\SRV VHVVLQJKRZHYHURQO\WKHSRZHURIWKHXQERXQGHGFRQWUDU\LQDVPXFKDVLWLVLWVHOIQRWK LQJ GLUHFWO\ FDXVHG ”TEVYT³WXEWMR †VE XŸR XSME»XLR K{RIWMR ˜ LX{SR wƒXIP¢ OEik †WOSTSROEiƒREfXM³RT[NSÃWEROEiƒ³VMWXSR…   'HHSHQLQJ WKLV QRWLRQ RI WKH SDUDVLWLF VXEVLVWHQFH RI HYLO -DQ 2SVRPHU /HXYHQ  GL UHFWHGKLVDWWHQWLRQLQLWLDOO\WR3URFOXVnVFULWLFLVPRI3ORWLQXVDORQJWKHOLQHVRIWKHIRUPHUnV PRUHFRQVLVWHQW PRQLVPZKLFKHQWDLOVWKDW PDWWHUDV DQDOGHFOHQVLRQRIDEVROXWHXQLW\ VLPSO\FDQQRWRILWVHOIEHWKHSULQFLSOHRIHYLO7DNLQJXSHVSHFLDOO\FDSRI'HPDORUXP VXEVLVWHQWLD2SVRPHUHPSKDVL]HGWKDW3URFOXVLQWHQGVWRSUHVHUYHWKHUHVSRQVLELOLW\RIWKH VRXOIRULWVPRUDOGHFLVLRQV,WLVWKHZHDNQHVVRIWKHVRXOZKLFKLVUHVSRQVLEOHIRULWVIDOOQRW PDWWHU”OEiHM ƒWU{RIMERT„WGSYWMRˆT„WGIMRX‡NXSME»XENHIlOEOÏNyPSQ{REN…  ,QWKLVFRQWH[W3URFOXVFDQEHVHHQWRVLGHZLWK$ULVWRWOHDJDLQVW3ORWLQXV7KHSULYDWLRQRI WKHJRRGDORQHQRWRIIRUPSHUVHLVHYLO7KHHPSKDVLVRQLQGLYLGXDOUHVSRQVLELOLW\VHHPV DWWKHVDPHWLPHWRPDNH3URFOXVPRUHDSSHDOLQJWRWKHPRGHUQHWKLFDOVHQVLELOLW\  $ QDO DVVHVVPHQW RI 3ORWLQXVnV YLHZV RQ HYLO ZDV RHUHG E\ 'RPLQLF 2n0HDUD )UL ERXUJ LQDWWHPSWWRPRYHWRZDUGVDFRKHUHQWYLHZRIWKHSUREOHPRIHYLOLQJHQHUDO7KH DELGLQJDSSHDORI3ORWLQXVnVWKHRU\LQKLVRSLQLRQFDQEHVHHQZLWKUHJDUGWRWKHPRGHUQ UHFHVVLRQRIWUDGLWLRQDO-XGHR&KULVWLDQUHOLJLRXVFRQFHSWLRQVRI*RGDQG6DWDQDVFRVPLF IRUFHV r D UHFHVVLRQ IRUFLQJ PDQ WR EHDU DQ HQRUPRXV EXUGHQ




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



  

2UULQ)6XPPHUHOO%RFKXP 

0HWDSK\VLNXQG5HOLJLRQ=XU6LJQDWXUGHVVS½WDQWLNHQ'HQNHQV :ÕU]EXUJ0½U] 

 0LW GHP LQWHUQDWLRQDOHQ .RQJUH¸ w0HWDSK\VLN XQG 5HOLJLRQk GLH EHWHLOLJWHQ :LVVHQ VFKD OHUNDPHQDXV'HXWVFKODQGGHQ86$.DQDGD,WDOLHQ)UDQNUHLFKGHU6FKZHL](QJ ODQG6FKRWWODQG,UODQGGHQ1LHGHUODQGHQXQG*HRUJLHQ JLQJHVGHQEHLGHQ9HUDQVWDOWHUQ 0LFKDHO (UOHU :ÕU]EXUJ  XQG7KHR .REXVFK%RFKXP  EHVRQGHUV XP HLQH 9HUELQGXQJ YRQSKLORORJLVFKHUXQGSKLORVRSKLVFKHU%OLFNULFKWXQJXQG0HWKRGLNEHLGHU(UVFKOLH¸XQJ GHU EHGHXWVDPHQ 6LJQDWXUHQ GHV VS½WDQWLNHQ 'HQNHQV ,Q GHQ OHW]WHQ -DKU]HKQWHQ VHW]WH VLFK LPPHU PHKU GDV 8UWHLO GXUFK GD¸ GLH 6S½WDQWLNH QLFKW PHKU DOV 3KDVH GHV 9HUIDOOV VRQGHUQDOVZLFKWLJH6WDWLRQ]ZLVFKHQ$QWLNHXQG0LWWHODOWHU]XJHOWHQKDEH,KUH%HGHX WXQJIÕUGLH7UDQVIRUPDWLRQDQWLNHU,GHHQXQG:HUWYRUVWHOOXQJHQrPLW$XVZLUNXQJHQELV LQGLH5HQDLVVDQFHGHQ+XPDQLVPXVXQGGLH1HX]HLWrLVWPLWWOHUZHLOH]ZDUDQHUNDQQW DEHUQRFKQLFKWXQWHUDOOHQUHOHYDQWHQ$VSHNWHQXQWHUVXFKWZRUGHQ'DKHUZDUGHU:ÕU] EXUJHU.RQJUH¸GHQIÕUGLH.DLVHU]HLWXQG6S½WDQWLNHEHVRQGHUVVLJQLNDQWHQ7KHPHQIHO GHUQw0HWDSK\VLNkXQGw5HOLJLRQkJHZLGPHWGHUHQ)DFHWWHQUHLFKWXPXQG:HFKVHOZLUNXQJ ELVKHU NHLQH GHUDUW XPIDVVHQGH 6LFKWXQJ HUIDKUHQ KDEHQ 9RQ EHVRQGHUHP ,QWHUHVVH ZDU ÕEHUGLHVGLH)UDJHQDFKGHP9HUK½OWQLV]ZLVFKHQVS½WDQWLNHU3KLORVRSKLH$ULVWRWHOLVPXV 1HXSODWRQLVPXV XQG5HOLJLRQVRZLH]ZLVFKHQSDJDQHQXQGFKULVWOLFKHQ.RQ]HSWHQ6S½W DQWLNHSKLORVRSKLVFKH6\VWHPHZHLVHQGDEHLK½XJNRPSOHPHQW½UH6WUXNWXUHQDXILQGHP XPIDVVHQGH WKHRUHWLVFKH (UNO½UXQJHQ GHU :LUNOLFKNHLW XQG GHU 7UDQV]HQGHQ] GHV *ÏWWOL FKHQHQWZLFNHOWXQG]XJOHLFKDXISDJDQHUZLHDXIFKULVWOLFKHU6HLWH*HEHWXQG7KHXUJLHDOV SUDNWLVFKHUHOLJLÏVH)DFHWWHQYRUJHVWHOOWZHUGHQ'LH6SDQQZHLWHGHUSU½VHQWLHUWHQ7KHPHQ UHLFKWHLQFKURQRORJLVFKHU2UGQXQJYRP-DKUKXQGHUWQ&KUELVLQVFKULVWOLFKHXQGLV ODPLVFKH0LWWHODOWHU  :LFKWLJH*UXQGODJHQIÕUGLH/LWHUDWXUIRUPGHV.RPPHQWDUVZHUGHQLP:HUNGHVNDL VHU]HLWOLFKHQ3HULSDWHWLNHUV$OH[DQGHUYRQ$SKURGLVLDVJHOHJWGHUDOVPD¸JHEOLFKHU:HJEH UHLWHUIÕUGLH$ULVWRWHOHV.RPPHQWLHUXQJLQGHU6S½WDQWLNHJLOW,QVHLQHP%HLWUDJ”$OH[ DQGHU RI $SKURGLVLDV DQG WKH (QG RI $ULVWRWHOLDQ 7KHRORJ\…  VWHOOWH 5REHUW:6KDUSOHV µEHUOHJXQJHQ]XU3RVLWLRQ$OH[DQGHUV]ZLVFKHQKHOOHQLVWLVFKHUXQGQHXSODWRQLVFKHU7KHR ORJLHDQ6KDUSOHV]HLJWHGD¸$OH[DQGHUQLFKWKDXSWV½FKOLFKDXIWKHRORJLVFKH)UDJHQ[LHUW ZDUREZRKOEHLLKPHLQH9RUZHJQDKPHYRQµEHUOHJXQJHQ]XPJÏWWOLFKHQ,QWHOOHNWIHVW ]XVWHOOHQLVWGLHDQVRQVWHQHUVWEHL1HXSODWRQLNHUQGLVNXWLHUWZHUGHQ6RNULVWDOOLVLHUWVLFK 



.RQJUH¸EHULFKWH QLFKW]XOHW]WLP9HUJOHLFKPLW1HXSODWRQLNHUQZLH,DPEOLFKRGHU%RHWKLXV$OH[DQGHUVLP ZHVHQWOLFKHQPHFKDQLVWLVFKH$XIIDVVXQJGHU9RUVHKXQJKHUDXV'HQQRFKVR6KDUSOHVLVWGLH 7UHQQXQJVOLQLH]ZLVFKHQ3HULSDWHWLNHUQXQG3ODWRQLNHUQLQGLHVHU+LQVLFKWQLFKWVWUHQJ]X ]LHKHQGDDXFKHLQLJHGHUIUÕKHQ1HXSODWRQLNHU$OH[DQGHUV0HLQXQJWHLOHQ'LH%HGHX WXQJ$OH[DQGHUVOLHJWMHGRFKQLFKWQXULQVHLQHUSKLORVRSKLHJHVFKLFKWOLFKHQ5ROOHVRQGHUQ DXFKLQVHLQHQ*UXQGOHJXQJHQIÕUGLHVS½WHUH.RPPHQWLHUXQJVSUD[LVEHJUÕQGHWGLHYRQ GHQ3ODWRQLNHUQÕEHUQRPPHQZXUGH2EJOHLFKVHLWGHPDXFKIÕUGLH3ODWRQLNHUGLHLQWHQ VLYH([HJHVHXQG,QWHUSUHWDWLRQSKLORVRSKLVFKHU7H[WHGLH*UXQGODJHDOOHUZHLWHUHQSKLOR VRSKLVFKHQ%HVFK½ LJXQJHQELOGHWHQVLQGGHQQRFKPLW%OLFNDXIGLH$XVOHJXQJYRQ7H[ WHQJHUDGHIÕU3ORWLQEHGHXWVDPH(LJHQWÕPOLFKNHLWHQIHVW]XVWHOOHQGLHGHVVHQ6RQGHUUROOH LQQHUKDOEGHV1HXSODWRQLVPXVGHXWOLFKPDUNLHUHQ  )UHGHULF06FKURHGHUXQWHUVXFKWH3ORWLQV8PJDQJPLWGHQ3ODWRQLVFKHQ7H[WHQ”3ORWL QXVDQGWKH3ODWRQLF7H[WDV2UDFOH… :LHHUKHUDXVVWHOOWHLVWGLHJUR¸H)UHLKHLW3ORWLQVEHL GHU,QWHUSUHWDWLRQGLHVHU7H[WHGDUDXI]XUÕFN]XIÕKUHQGD¸HUVLHQLFKW]XP*HJHQVWDQGHL QHU YRP :RUWODXW 3ODWRQV DXVJHKHQGHQ SKLORORJLVFKHQ ([HJHVH PDFKW VRQGHUQ DOV DXVOH JXQJVEHGÕU LJH4XHOOHGHU:HLVKHLWDOV)RUPHLQHURUDNHOKD HQ2HQEDUXQJEHWUDFKWHW 'HU 7H[W 3ODWRQV ZLUG ]XP UHOLJLÏVHQ *UXQGODJHQWH[W GHU DOV SKLORVRSKLVFKHV 5½WVHO HU VFKHLQWGDVHV]XHQWVFKOÕVVHOQJLOW'DEHLZLHV6FKURHGHUQDFKGD¸3ORWLQV6HOEVWYHUVW½QG QLV DOV 9HUPLWWOHU ]ZLVFKHQ JÏWWOLFKHU XQG PHQVFKOLFKHU 6SK½UH VLFK ELV LQ GHQ :RUWODXW KLQHLQDQGHQ6RNUDWHVGHU$SRORJLHDQOHKQWXQG3ORWLQVHLJHQH([HJHVHGHXWOLFKLQVSLULHUWH =ÕJHWU½JW6RZHLVWQLFKWQXU3ORWLQV6SUDFKH]DKOUHLFKH3ODWRQLVFKH5HPLQLV]HQ]HQXQG EHGHXWVDPH =LWDWH DXI VRQGHUQ HV VSULFKW DXFK XPJHNHKUW 3ODWRQ DXV 3ORWLQ VR GD¸ VLFK HLQHwLQWHUWH[WXHOOH0HWDVSUDFKHkGHVJÏWWOLFKLQVSLULHUWHQ([HJHWHQ3ORWLQNRQVWLWXLHUWs 'D¸IÕU3ORWLQ3KLORVRSKLHQLFKWQXUJHOHKUWHV7H[WVWXGLXPVRQGHUQYLHOPHKUYHUELQGOL FKH /HEHQVIRUP LVW GLH GXUFK LKUH PHWDSK\VLVFKH .RQ]HSWLRQ DXFK HWKLVFKH 5LFKWOLQLHQ ELHWHW]HLJWH:HUQHU%HLHUZDOWHVLQVHLQHP$EHQGYRUWUDJ”'DV(LQHDOV1RUPGHV/HEHQV =XP PHWDSK\VLVFKHQ *UXQG QHXSODWRQLVFKHU /HEHQVIRUP…  $XVJHKHQG YRQ GHU LQ GHU 0RGHUQHXPVWULWWHQHQ )UDJHQDFKGHUPHWDSK\VLVFKHQ*UXQGOHJXQJHWKLVFKHU3ULQ]LSLHQ XQG VLQQYROOHU )RUPHQ GHV +DQGHOQV ZLHV %HLHUZDOWHV QDFKGUÕFNOLFK DXI GLH *ÕOWLJNHLW PHWDSK\VLVFKHU7KHRULHQLQGHU3KLORVRSKLH3ODWRQVKLQGHUPLWGHPYHUELQGOLFKHQRQWR ORJLVFKHQ3ULQ]LSGHU,GHHGHV*XWHQ]XJOHLFKDXFKHLQHQHWKLVFKHQ%H]XJVSXQNWIRUPX OLHUWKDEH$XFK3ORWLQ]XIROJHZLUNWVLFKGLHLQQHUOLFKH(UNHQQWQLVGHVKÏFKVWHQ3ULQ]LSV GHV(LQHQDXIGLH/HEHQVJHVWDOWXQJDXV'LH3KLORVRSKLHZLUGEHL3ORWLQVRPLWDOVJDQ]Hr QLFKW QXU LP 7HLOEHUHLFK GHU (WKLN r]XU YHUELQGOLFKHQ /HEHQVIRUP LQGHP HU ]HLW VHLQHV /HEHQVGLH(LQXQJPLWGHP(LQHQNXU]GLH±QSf[WMNUIÚÕEW9RUDXVVHW]XQJGDIÕULVW ZLH%HLHUZDOWHVGHXWOLFKPDFKWHGLHQDFKGHP0XVWHUGHV3ODWRQLVFKHQ3KDLGRQIRUPXOLHU WHO„UEVWMNDOVƒJEfVIWMNGHV6LQQOLFKHQXQGGHU6LQQH,P9HUJOHLFK]X3ODWRQLVWMHGRFK EHL3ORWLQHLQHJHZLVVH5DGLNDOLVLHUXQJLQGHU$XIIDVVXQJGHU3KLORVRSKLHDOVOHEHQVODQJHU WKHRORJLVFKHUµEXQJGHV3KLORVRSKLHUHQGHQVHOEVWIHVW]XVWHOOHQGDHUGDVDQJHVWUHEWHKQ OLFKZHUGHQPLW*RWWGXUFKGLHHUVHKQWHw,GHQWLW½WPLWLKPkÕEHUELHWHW  'LH (WKLN XQG LKU 6\VWHP LQQHUKDOE GHV 1HXSODWRQLVPXV XQWHUVXFKWH &KULVWLDQ :LOG EHUJ XQWHU V\VWHPWKHRUHWLVFKHQ *HVLFKWVSXQNWHQ ”4V¶N X¶ X{PSN 1HXSODWRQLVFKH (WKLN ]ZLVFKHQ 0HWDSK\VLN XQG 5HOLJLRQ…  'LH 'LHUHQ]LHUXQJ GHU KÏKHUHQ 7XJHQGHQ GHU 6HHOHXQGGHV,QWHOOHNWVYRQGHQVRJHQDQQWHQEÕUJHUOLFKHQ7XJHQGHQIÕKUWQDFK:LOGEHUJ ]X HLQHU 3UREOHPDWLVLHUXQJ GHV 7XJHQGV\VWHPV =ZDU EHWRQWH DXFK :LOGEHUJ HLQH HQJH .RK½UHQ] ]ZLVFKHQ GHP w(XG½PRQLVPXVk GHU QHXSODWRQLVFKHQ (WKLN XQG LKUHU PHWDSK\





0LVFHOODQHD VLVFKUHOLJLÏVHQ5ÕFNELQGXQJXQWHUVXFKWHGLHVHMHGRFKNULWLVFKXQGIUDJWHQDFKLKUHU5H OHYDQ]IÕUGLH3KLORVRSKLHJHVFKLFKWH3URYRNDQWVWHOOWHUGLH%HGHXWXQJYRQ3KLORVRSKHQ YLWHQDOV)RUPHQYRUELOGOLFKHU'HPRQVWUDWLRQYHUZLUNOLFKWHUHWKLVFKHU9RUJDEHQLQ)UDJH (UEH]ZHLIHOWHGD¸HLQHGLHUHQ]LHUWH%HVWLPPXQJGHU7XJHQGNRQ]HSWLRQ3ORWLQVPÏJOLFK VHLQDFKGHP3RUSK\ULRVGDV3ORWLQLVFKH6\VWHPGHU7XJHQGJUDGHPRGL]LHUWKDWWHµEHU GLHVVWHOOWH:LOGEHUJGLH%HKDXSWXQJGHU1HXSODWRQLNHULQ )UDJHGLHLQWHOOHNWXHOOHQ7X JHQGHQHQWKLHOWHQEHUHLWVGLHQLHGHUHQEÕUJHUOLFKHQ7XJHQGHQs,QHQJHP=XVDPPHQ KDQJ PLW GHU YRQ :LOGEHUJ GLVNXWLHUWHQ )UDJH QDFK GHU :HUWLJNHLW XQG 9RUELOGOLFKNHLW 3ORWLQLVFKHU(WKLNLVWGLH5ROOHGHUSDJDQHQXQGFKULVWOLFKHQ+HLOLJHQYLWDDOVPRGHOOKD HU ,OOXVWUDWLRQHLQHVJHOHEWHQHWKLVFKSKLORVRSKLVFKHQ,GHDOV]XVHKHQ'DEHLLVWGHUwKRO\PDQk QLFKWQXUDOVVR]LDOJHVFKLFKWOLFKHV3K½QRPHQGHUDXVJHKHQGHQ.DLVHU]HLWXQGGHU6S½WDQWL NH VRQGHUQ DXFK DOV PD¸JHEOLFKHU 5HSU½VHQWDQW GHV KDJLRJUDSKLVFKHQ 'LVNXUVHV LP ]HLW JHQÏVVLVFKHQSDJDQHQRGHUFKULVWOLFKHQ.RQWH[WYRQ%HGHXWXQJ$QKDQGGHUDOV3UDHIDWLR ]X GHQ (QQHDGHQ IXQJLHUHQGHQ 9LWD 3ORWLQL GHV 3RUSK\ULRV XQWHUVWULFK ,UPJDUG 0½QQOHLQ 5REHUWGLHHLJHQZLOOLJH6WUXNWXUGHUELRJUDSKLVFKHQ'DUVWHOOXQJ”%LRJUDSKLH+DJLRJUD SKLH$XWRELRJUDSKLHrGLH9LWD3ORWLQLGHV3RUSK\ULRV… 'DV/HLWPRWLYGHU6FKDP3ORWLQV ÕEHUVHLQH.ÏUSHUOLFKNHLWXQGGLH6FKLOGHUXQJVHLQHV7RGHVZRPLWGLH9LWDHUÏQHWZLUG VRZLH GDV $SROORQ2UDNHO JHJHQ (QGH GHU 9LWD ELOGHQ GLH DXII½OOLJH r WKDQDWRJUDSKLVFKH r 5DKPXQJ'HQOLWHUDULVFKHQ7H[WVHOEVWVWUXNWXULHUHQ*UXQGHOHPHQWHGHU3ORWLQLVFKHQ3KL ORVRSKLHTV³SHSNXQGzTMWXVSJœ 'DEHLZLUGGLH,QWHQWLRQGHV3RUSK\ULRVGHXWOLFKPLW GHU9LWD3ORWLQLHLQHQKHUPHQHXWLVFKHQ6FKOÕVVHOIÕUGLH6FKUL HQ3ORWLQVXQGHLQHLGHDOW\ SLVFKH,OOXVWUDWLRQGHV/HEHQVHLQHVKHLOLJHQ3KLORVRSKHQ]XJHVWDOWHQµEHUGLHVHUZHLVWVLFK GLH5ROOHGHV$XWRUVXQG%LRJUDSKHQ3RUSK\ULRVDOVEHVRQGHUVNRPSOH['XUFKGHQEHWRQ WHQ%H]XJ]X3ORWLQVHOEVWVRZLHGXUFKGLH5HGDNWLRQ+HUDXVJHEHUVFKD XQGGLHV\VWHPD WLVFKH'LVSRVLWLRQVHLQHU6FKUL HQXQWHUVWUHLFKW3RUSK\ULRVQDFKGUÕFNOLFKVHLQHHLJHQH5ROOH XQG%HGHXWXQJ(VQGHQVLFK]DKOUHLFKHDXWRELRJUDSKLVFKH(OHPHQWHGLHDXIVHQJVWHPLW GHUELRJUDSKLVFKHQ'DUVWHOOXQJ3ORWLQVYHUEXQGHQVLQG1DFKGHP0XVWHUGHU0HPRLUHQ XQG 0HPRUDELOLHQOLWHUDWXU VWLOLVLHUW 3RUSK\ULRV 3ORWLQ DOV QHXHQ 6RNUDWHV XQG VLHKW VLFK VHOEVWLQGHU5ROOHGHV 0LWWOHUVXQG3URSKHWHQrLQVSLULHUWGXUFKGHQJÏWWOLFKHQ3KLORVR SKHQ3ORWLQs'HQ'LVNXUVXPw+HLOLJNHLWkIÕKUWH.DUOD3ROOPDQQIÕUGLHVS½WDQWLNHOD WHLQLVFKH+DJLRJUDSKLHH[HPSODULVFKYRU6LHVWHOOWHGLH+HLOLJHQYLWDLQGHUVRQVWZHQLJEH DFKWHWHQOLWHUDULVFKHQ*DWWXQJGHVVS½WDQWLNHQ(SRVLQ)RUP]ZHLHUXQWHUVFKLHGOLFKHU%H DUEHLWXQJHQGHVVHOEHQ6WRHVLQV=HQWUXPLKUHU$XVIÕKUXQJHQ”.RQWLJXLW½WXQG(NOLSVH =ZHL$XIIDVVXQJHQYRQ+HLOLJNHLWLPKDJLRJUDSKLVFKHQ(SRVGHU6S½WDQWLNH>3DXOLQXVYRQ 3HULJXHX[9HQDQWLXV)RUWXQDWXV@… 3ROOPDQQDUEHLWHWHDQKDQGGHU9LWD6DQFWL0DUWLQLGHV 3DXOLQXVHLQHNRPSOH[H,QWHQWLRQKHUDXVGLHDOVNHU\JPDWLVFKGLGDNWLVFKXQGSURWUHSWLVFK ]XJOHLFK JHOWHQ PX¸ 9HQDQWLXV 9LWD 6 0DUWLQL  GHU ZLHGHUXP GDV :HUN GHV 3DXOLQXV NDQQWH VWLOLVLHUW LQ P\WKLVLHUHQGHU $EVLFKW 0DUWLQ DOV ,PLWDWRU &KULVWL (V ]HLJW VLFK GD¸ EHLGH $XWRUHQ HLQH XQWHUVFKLHGOLFKH $XIIDVVXQJ YRQ +HLOLJNHLW KDEHQ ZLH QLFKW ]XOHW]W DQKDQGGHU:XQGHUJHVFKLFKWHQ]%GHU7HLOXQJGHV0DQWHOVGHXWOLFKZLUG6RO½¸W3DX OLQXVYRQ3HULJXH[*RWWGXUFKGHQ+HLOLJHQKDQGHOQZRGXUFKVLFKHLQHYRUVLFKWLJH5HODWL YLHUXQJ GHV +HLOLJHQ DE]HLFKQHW 'DJHJHQ KDQGHOW EHL 9HQDQWLXV )RUWXQDWXV GHU +HLOLJH GXUFK*RWW'HPOLHJHQXQWHUVFKLHGOLFKHHVFKDWRORJLVFKH.RQ]HSWH]XJUXQGH  1HEHQGHUOLWHUDULVFKHQ6WLOLVLHUXQJ]HLWJHQÏVVLVFKHU3KLORVRSKHQVRZLHFKULVWOLFKHU+HLOL JHUGLHQHQLQGHU6S½WDQWLNHDXFKP\WKLVFKH)LJXUHQZLH2USKHXVXQGQLFKW]XOHW]WGLHDO WHQWUDGLWLRQVELOGHQGHQ3KLORVRSKHQZLH3\WKDJRUDVXQG6RNUDWHVDOV/HLWRGHU3URMHNWL





.RQJUH¸EHULFKWH RQVJXUHQ/XF%ULVVRQ”&RPPHQW3ODWRQDXUDLWLOFRQQXOn2USKLVPH¹WUDYHUVOH3\WKD JRUHLVPHVXLYDQW3URFOXV"… ]HLJWH,DPEOLFKV(LQVFK½W]XQJGHU3KLORVRSKLHGHV3\WKDJRUDV DOV3URS½GHXWLNIÕUGLHZDKUHSODWRQLVFKH3KLORVRSKLHDXI'DIÕUVWHOOW,DPEOLFKHLQH9HU ELQGXQJ]ZLVFKHQGHQLQGHUS\WKDJRUHLVFKHQ3KLORVRSKLHHQWKDOWHQHQUHOLJLÏVHQ0RPHQ WHQ 2USKLVPXV  XQG 3ODWRQV 3KLORVRSKLH KHU ZLH VLH LP 6WDDW XQG LP ]ZHLWHQ 7HLO GHV 3DUPHQLGHV HQWZRUIHQ ZLUG =XP (UZHLV GD¸ ZDKUH 3KLORVRSKLH w2HQEDUXQJk VHL NRQ VWUXLHUW HU LQ VLQJXO½UHU XQG IÕU GLH 3KLORVRSKLHJHVFKLFKWH EHGHXWVDPHU :HLVH HLQHQ =X VDPPHQKDQJ]ZLVFKHQ3\WKDJRUDVXQGGHQ2USKLVFKHQ0\VWHULHQ6RVHLGLH,GHQWL]LH UXQJYRQ3KLORVRSKLHXQG7KHRORJLHGHV2USKHXVÕEHU3\WKDJRUDVDXI3ODWRQJHNRPPHQ 'DEHL KDEH VR %ULVVRQ GLH %HGHXWXQJ GHU RUSKLVFKHQ /HKUHQ LQ GHU =DKOHQOHKUH EH VWDQGHQ'LHS\WKDJRUHLVFKHQ3ULQ]LSLHQGLH3ODWRQGXUFKGHQ3\WKDJRUHHU7LPDLRVNHQ QHQOHUQWH VHLHQ DOVR LQ :LUNOLFKNHLW RUSKLVFKH 3ULQ]LSLHQ 6RPLW LVW QDFK GHU $XIIDVVXQJ ,DPEOLFKVXQG3URNORVnVHLW3\WKDJRUDVXQG3ODWRQHLQHEHGHXWVDPH.RQYHUJHQ]YRQ5HOL JLRQXQG0HWDSK\VLNIHVW]XVWHOOHQs'LH5ROOHGHV2USKHXVDOV5HOLJLRQVVWL HULP1HX SODWRQLVPXV JUL DXFK /HOD $OH[LG]H DXI 2USKHXV YHUHLQLJH LQ EHVRQGHUV UHSU½VHQWDWLYHU :HLVH WKHRORJLVFKH $VSHNWH LP 1HXSODWRQLVPXV XQG LP JHRUJLVFKHQ &KULVWHQWXP ”2U SKLVFKH 7KHRJRQLHXQG SODWRQLVFKH .RVPRORJLH LQ GHQ 3URNORVNRPPHQWDUHQ…  2USKHXV IXQJLHUW GDEHL DOV 9HUPLWWOHU ]ZLVFKHQ GHQ 6HLQVVSK½UHQ GHU RUSKLVFKH 0\WKRV ZLUG ]XU $QDORJLHXQG]XU,OOXVWUDWLRQGHU/HKUH3ODWRQVJLOWDEHU]XJOHLFKDOV:HJEHUHLWHUGHV&KUL VWHQWXPV r VR EHL )LFLQR XQG EHL GHP JHRUJLVFKHQ 1HXSODWRQLNHU -RKDQQHV 3HWUL]L 'LH %HKDQGOXQJ GHU RUSKLVFKHQ .RVPRORJLH GLHQW 3URNORV ]XU 9HUDQVFKDXOLFKXQJ GHV =XVDP PHQKDQJV ]ZLVFKHQ GHP EºXS^ÚSR XQG GHP 'HPLXUJHQ 3ODWRQV :HLWHUKLQ XQWHUVXFKWH $OH[LG]HGLH:LUNXQJVJHVFKLFKWHGLHVHU)UDJHQLQ3HWUL]LV.RPPHQWDUHQ]X3URNORVn(OH PHQWDWLR7KHRORJLFDXQGEH]RJVLFKGDEHLYRUDOOHPDXIRUSKLVFKH+\PQHQP\WKLVFKH)LJX UHQ*„RLN XQG%LOGHUDOV([HPSODQHXSODWRQLVFKHU3KLORVRSKLH  ,P .RQWH[W GHV NRPSOH[HQ 9HUK½OWQLVVHV YRQ 3KLORVRSKLH XQG 5HOLJLRQ O½¸W VLFK DXFK GLH5ROOHGHV1HXSODWRQLNHUV,DPEOLFKQHXGHQLHUHQ6RVWHOOWH$QGUHZ6PLWK”,DPEOL FKXVDQG3KLORVRSK\RI5HOLJLRQ… GLHVHQDOVHUVWHQ5HOLJLRQVSKLORVRSKHQGDU$QKDQGYRQ 'HP\VWHULLV]HLJWHHUGD¸GLHGRUWLQ$XVHLQDQGHUVHW]XQJPLW3RUSK\ULRVYRUJHIÕKUWHw3KL ORVRSKLHGHU5HOLJLRQkQLFKWV\VWHPDWLVFKHQVRQGHUQGLVNXUVLYHQ&KDUDNWHUKDW'DEHLZHU GHQ3K½QRPHQHGHU5HOLJLRQXQGLKUHU$XVÕEXQJVRZLHLKUHVVR]LRORJLVFKHQXQGKLVWRUL VFKHQ.RQWH[WHVEHUÕFNVLFKWLJW%HL,DPEOLFKNULVWDOOLVLHUHQVLFKGUHL0RGLGHU%HKDQGOXQJ KHUDXVD GHUUHLQGLVNXUVLYHE GHUWKHRORJLVFKHXQGF GHUWKHXUJLVFKH0RGXV'LH7KHXU JLHVSLHOWKLHULQVRIHUQHLQHEHVRQGHUVZLFKWLJH5ROOHDOVVLHGLHULWXHOOHQ$VSHNWHGHV5HOL JLÏVHQEH]HLFKQHW$XVJHKHQGYRQ'H0\VW,,HUO½XWHUWH6PLWKGHQ8Q WHUVFKLHG]ZLVFKHQ3KLORVRSKLHXQG7KHXUJLH)ÕUOHW]WHUHQLPPW,DPEOLFKLQ$QOHKQXQJ DQ3ODWRQXQG$ULVWRWHOHVHLQH'LVWLQNWLRQYRQ+DXSWXQG1HEHQXUVDFKHDQGXUFKGLHHU ]ZHL$UWHQYRQ.DXVDOLW½WXQWHUVFKHLGHQNDQQ,DPEOLFKXQWHUQLPPWDOVRGHQEHPHUNHQV ZHUWHQ 9HUVXFK GLH JÏWWOLFKH XQGGLH PHQVFKOLFKH %HWHLOLJXQJ DP 5LWXDO PLWHLQDQGHU LQ (LQNODQJ]XEULQJHQ0D¸JHEOLFKIÕUGLH,QWHUSUHWDWLRQGLHVHU6FKUL LVWGLH%HUÕFNVLFKWL JXQJ GHV GR[RJUDSKLVFKHQ +LQWHUJUXQGHV GLH GXUFKDXV SROHPLVFKH $XVHLQDQGHUVHW]XQJ PLW3RUSK\ULRV,DPEOLFKLVWVRPLWGHUHUVWHGHUGHQ9HUVXFKXQWHUQLPPWLQGHU'LVNXVVL RQXP3KLORVRSKLHXQG5HOLJLRQGLHXQWHUVFKLHGOLFKHQ'LVNXUVDUWHQ]XEHVWLPPHQ  ,QGHQVS½WDQWLNHQ'LVNXUVXPGDV9HUK½OWQLVYRQ3KLORVRSKLHXQG5HOLJLRQVWHOOWH0L FKDHO (UOHU GLH LQ GHU 1HXSODWRQLVPXVIRUVFKXQJ R  YHUQDFKO½VVLJWH )LJXU GHV 6RNUDWHV ”+LOIHGHU*ÏWWHUXQG(UNHQQWQLVGHV6HOEVWr6RNUDWHVDOV*ÏWWHUJHVFKHQNEHL3ODWRQXQG





0LVFHOODQHD LPVS½WDQWLNHQ3ODWRQLVPXV… :LHEHL3ODWRQQGHWVLFKDXFKEHLVS½WHUHQ3ODWRQLNHUQ6R NUDWHVDOV3URWUHSWLNHUXQG0DLHXWGHUUHOLJLÏVÕEHUKÏKWZLUG'LHKLHUHUNHQQEDUH.RQWL QXLW½WGHV9HUK½OWQLVVHVYRQ5HOLJLRQXQG3KLORVRSKLHXQWHUVFKHLGHWVLFKMHGRFKPD¸JHE OLFK YRQ GHU /HKUH 3ORWLQV GHU LP .RQWH[W VHLQHU 3V\FKRORJLH HLJHQVW½QGLJH r IUHLOLFK JOHLFKIDOOVLQGHU3HUVRQGHV6RNUDWHVSHUVRQL]LHUWHr6HOEVWHUNHQQWQLVXQG9HU]LFKWDXI½X ¸HUH,PSXOVH]%UHOLJLÏVH3UDNWLNHQSURSDJLHUW'DJHJHQVSLHOW6RNUDWHVDOV/HKUHUZHO FKHUGHUYRP*ÏWWOLFKHQDEJHIDOOHQHQ6HHOH+LOIHVWHOOXQJHQ]XU5ÕFNNHKUELHWHWEHL,DP EOLFK6\ULDQ+HUPHLDVXQG3URNORVHLQHQLFKWXQZLFKWLJH5ROOH6RNUDWHVJLOWDOVHLQYRQ GHQ*ÏWWHUQKHUDEJHVDQGWHVw*HVFKHQNkGDVVHOEVWPLWGHUJÏWWOLFKHQ+HLPDWLQVW½QGLJHP .RQWDNW VWHKH GHQ 0HQVFKHQ LQ GHU +ÏKOH MHGRFK EHLP $XIVWLHJ EHKLOLFK VHL (QWVSUH FKHQGGLHQWLPVS½WHUHQ1HXSODWRQLVPXVUHOLJLÏVH3UD[LVDOV+LOIH]XU(UNHQQWQLVXQGEH ZHLVWGLH$N]HSWDQ]HLQHUw*QDGHQOHKUHk$QKDQGYRQ3ODWRQVEHUÕKPWHP+ÏKOHQJOHLFK QLV DUEHLWHWH (UOHU GLH 3UREOHPVWHOOXQJ KHUDXV ZHU GHQQ 6RNUDWHV DXV GHU +ÏKOH JHIÕKUW E]ZLKQYRQ,OOXVLRQHQEHIUHLWNXU]LKPVHLQHSKLORVRSKLVFKH.RPSHWHQ]YHUVFKD$KDEH (UPRGL]LHUWHGLHELVKHUJ½QJLJHFRPPXQLVRSLQLRLQGHPHU]HLJWHGD¸EHUHLWVEHL3ODWRQUH OLJLÏVH(OHPHQWHGHQ*HVSU½FKVYHUODXIPD¸JHEOLFKSU½JHQLQGHP]%LQHLQHU$SRULH6L WXDWLRQw+LOIHGHU*ÏWWHUkLQV]HQLHUWZLUG$SRORJLH 'HQQRFKNDQQEHL3ODWRQGLH+LOIHYRQ DX¸HQ QXU GDQQ ]XP JHZÕQVFKWHQ (UJHEQLV IÕKUHQ ZHQQ GLH (LJQXQJ GHV *HVSU½FKV SDUWQHUVJHJHEHQVRZLHGHVVHQVHOEVW½QGLJH(UNHQQWQLVJHZ½KUOHLVWHWLVW6RPLWNÏQQHQVLFK VRZRKO3ORWLQDOVDXFKGLHVS½WHUHQ1HXSODWRQLNHUJOHLFKHUPD¸HQDXI3ODWRQVHOEVWEHUXIHQ LQGHPVLHMHZHLOVHLQHRSWLPLVWLVFKH3ORWLQ RGHUSHVVLPLVWLVFKHµEHU]HXJXQJKLQVLFKWOLFK GHUPHQVFKOLFKHQ0ÏJOLFKNHLWHQYHUWUHWHQ  'LHEHVRQGHUH5ROOH3ORWLQVLP5DKPHQGHUQHXSODWRQLVFKHQ3KLORVRSKLHWKHPDWLVLHUWH DXFK -HDQ0DULH 1DUERQQH LP +LQEOLFN DXI GLH 3RVLWLRQ GHU 3KLORVRSKLH DOV GHV :LVVHQV YRP-HQVHLWVGHV:LVVHQV”)T{OIMREX¢NKRÉWI[N/HVDYRLUGnDXGHO¹GXVDYRLUFKH]3OR WLQHWGDQVODWUDGLWLRQ1ÂRSODWRQLFLHQQH… )ÕU3ORWLQOLHJWGDV*XWHMHQVHLWVGHU(UNHQQW QLV 'DEHL HUJLEW VLFK MHGRFK GDV 3UREOHP ZRKHU GDV :LVVHQ XP GLHVHV :LVVHQ RGHU GDV :LVVHQGHV1LFKWZLVVHQVVWDPPW,QHQJHP=XVDPPHQKDQJPLWGLHVHU)UDJHLVWGLHVS½WHUH 8QWHUVFKHLGXQJLQGLHSKLORVRSKLVFKHXQGGLHWKHXUJLVFKH0HWKRGH]XVHKHQGHUIUHLOLFK GDV 3K½QRPHQ GHU 'HJUDGLHUXQJ GHU 3KLORVRSKLH GLH OHGLJOLFK +LOIVIXQNWLRQ KDW YRUDQ JHKW 'DEHL EHGLQJW HLQH 'LVNRQWLQXLW½W LQ GHU 5HLKHQIROJH GHV (UNHQQHQV HLQH HQWVSUH FKHQGH'LVNRQWLQXLW½WGHU6HLQVRUGQXQJ6RYROO]LHKWGLH3KLORVRSKLHHLQHZLFKWLJH7UDQV IRUPDWLRQ6LHVROOVLFKVHOEVWÕEHUÕVVLJPDFKHQXQGHLQHUKÏKHUHQrUHOLJLÏVHQr(UIDK UXQJEHXJHQGHUVLH]ZDUYRUDUEHLWHWGLHVLHDEHUVHOEVWQLFKWOHLVWHQNDQQ1DUERQQHDN ]HQWXLHUWHGDEHLGLH)UDJHREHVVLFKPLW%OLFNDXI3ORWLQEHUHLWVXPHLQHQHXH3RVLWLRQLH UXQJ GHU 3KLORVRSKLH LP 6LQQH HLQHU 8PJHZLFKWXQJ RGHU XP HLQH QHXH $N]HQWXLHUXQJ HLQHUVFKRQLQK½UHQWHQ7HQGHQ]GHU3ORWLQLVFKHQ3KLORVRSKLHKDQGHOWs(LQHQZHLWHUHQ $VSHNWKLQVLFKWOLFKGHU6RQGHUUROOH3ORWLQVXQWHUGHQ1HXSODWRQLNHUQXQWHUVXFKWH&ULVWLQD 'n$QFRQD&RVWD”7REULQJEDFNWKH*RGLQXVWRWKH'LYLQHLQWKH$OO>93RQFH DJDLQ@… $XVJHKHQGYRQGHQLQGHU 9LWD3ORWLQLGHV3RUSK\ULRVEHVFKULHEHQHQXOWLPDYHUED 3ORWLQVHUÏQHWHVLHHLQH'LVNXVVLRQÕEHUGLHYRQ-HDQ3ÂSLQYHUWUHWHQH$XIIDVVXQJGLHVHU 6WHOOH ZRQDFK KLHU DXI GLH 5ÕFNNHKU GHU ,QGLYLGXDOVHHOH LQ GLH JÏWWOLFKH 6HHOH DQJHVSLHOW ZHUGH'n$QFRQD&RVWDZLHVLP5HNXUVDXI]HQWUDOH3ORWLQLVFKH7H[WHDXISKLORVRSKLVFKH 3UREOHPH LP .RQWH[W GHU )UDJH KLQ RE HWZDV ,QGLYLGXHOOHV LQ GDV ,QWHOOLJLEOH HLQJHKHQ NÏQQH8PVWULWWHQLVWELVKHUREHVIÕU3ORWLQHLQH$UWw,GHHGHV,QGLYLGXXPVkJLEWVRGD¸ HLQH GHUDUWLJH 5ÕFNNHKU GHU LQGLYLGXHOOHQ 0HQVFKHQVHHOH PÏJOLFK Z½UH 'LH $XVVDJHQ





.RQJUH¸EHULFKWH 3ORWLQV ]XU ,GHHQOHKUHEDVLHUHQ ]ZDU DXI GHU $QQDKPH GD¸ ,GHHQ NHLQH ,QGLYLGXHQ VLQG GRFKELHWHWHUHLQH/ÏVXQJGHV3UREOHPVDQZHQQHUHLQHNRQWLQXLHUOLFKH9HUELQGXQJMH GHUrVHOEVWGHULQNRUSRULHUWHQrPHQVFKOLFKHQ6HHOH]XULQWHOOLJLEOHQ5HDOLW½WEHWRQW-HGH 6HHOHKDEHVRPLWHLQHQ7HLOGHUQLFKWDEJHVWLHJHQVHL'LHVHVLQJXO½UHGHQJÏWWOLFKHQ&KD UDNWHUGHU6HHOHVRZLHGHUHQ(LJHQVW½QGLJNHLWLQUHOLJLÏVHQ%HODQJHQEHWRQHQGH0HLQXQJ 3ORWLQV OÏVWH KH LJH .ULWLN LQ GHQ 5HLKHQ GHU VS½WHUHQ 1HXSODWRQLNHU YRU DOOHP EHL 3URNORVDXV  %HVRQGHUHV$XJHQPHUNDXIGLHYLHOGLVNXWLHUWHQUHOLJLÏVHQ$VSHNWHLQQHUKDOEGHVVS½WHUHQ 1HXSODWRQLVPXV OHJWH $QQH 6KHSSDUG ”,PDJH DQG $QDORJ\ LQ /DWHU 1HRSODWRQLVP…  6LH ZLHVGDUDXIKLQGD¸RQWRORJLVFKH%HJULHGXUFKDXVLQXQWHUVFKLHGOLFKHQ.RQWH[WHQYHUZHQ GHWZHUGHQ6RLVWGLH9HUZHQGXQJPHWDSK\VLVFKHU7HUPLQLZLHwIeOÉRkwTEV„HIMKQEkXQG wƒREPSKfEk  DXV 3ODWRQV 7LPDLRV  EHL $XWRUHQ ZLH 3URNORV GHP DQRQ\PHQ 9HUIDVVHU GHU 3UROHJRPHQDLQ3ODWRQHPVRZLHEHL2O\PSLRGRUIÕU6DFKYHUKDOWHYRQ.XQVWXQG/LWHUDWXUHU NHQQEDU'LHPHWDSK\VLVFKH.RQQRWDWLRQGLHVHU%HJULHEOHLEWMHGRFKZHLWHUKLQEHVWHKHQ (LQGHUDUWLJHU7UDQVIHUZLUGQXUYRUHLQHP+LQWHUJUXQGYHUVW½QGOLFKGHU3KLORVRSKLH5H OLJLRQ/LWHUDWXUXQG.XQVWQLFKWDOVVHSDUDWH(LQ]HOZLVVHQVFKD HQVRQGHUQDOVXQWHUVFKLHG OLFKH )DFHWWHQ HLQ XQG GHUVHOEHQ 7KHRULD EHJUHL  (LQH EHVRQGHUV HQJH 9HUELQGXQJ YRQ 3KLORVRSKLHXQG5HOLJLRQO½¸WVLFKDQKDQGHLQHU3DVVDJHEHL3VHXGR'LRQ\VLRV$UHRSDJLWHV EHOHJHQLQGHUVLFKGXUFKGLH9HUELQGXQJPHWDSK\VLVFKHUXQGUHOLJLÏVHU$VSHNWHGHU%H JULH wIeOÉRk wTEV„HIMKQEk XQG wƒREPSKfEk GHXWOLFKH 6SXUHQ GHV (LQXVVHV GHU 3URNOL VFKHQUI[VfE]HLJHQ6RVWHOOWVLFKLQGHUSODWRQLVFKHQ7UDGLWLRQYRQ3ODWRQELV3URNORVGDV 9RUKDQGHQVHLQ ]ZHLHU QHEHQHLQDQGHU H[LVWLHUHQGHU .RQ]HSWH GHV *ÏWWOLFKHQ GDU s (V KDQGHOWVLFKKLHUZLH/OR\G*HUVRQ”7KH3UHVHQFHDQGWKH$EVHQFHRIWKH'LYLQHLQWKH 3ODWRQLF7UDGLWLRQ… GDUOHJWHXPNRQNUHWHZLHDEVWUDNWH)RUPHQGHU7KHRORJLHGLHLQXQ WHUVFKLHGOLFKHU:HLVHGLH3U½VHQ]XQGGLH$EVHQ]GHV*ÏWWOLFKHQIRNXVVLHUHQ%DVLHUHQGDXI GHU$QQDKPHEHLGHQ*ÏWWHUQKDQGOHHVVLFKXPDX¸HURUGHQWOLFKH3HUVRQHQIXQJLHUWGDV *HEHW DOV 0LWWHO GHU .RPPXQLNDWLRQ (V VFKD$ GLH 3U½VHQ] GHV GXUFKDXV NRQNUHW QLFKW PHWDSK\VLVFK YHUVWDQGHQHQ *ÏWWOLFKHQ *HJHQV½W]OLFK KLHU]X HUVFKHLQW GLH 9RUVWHOOXQJ QDFKGHUGLH*ÏWWHUQLFKWSHUVÏQOLFKJHGDFKWZHUGHQ'LH3U½VHQ]E]Z$EVHQ]GHV*ÏWWOL FKHQPDQLIHVWLHUWVLFKYLHOPHKULQGHUHQWVSUHFKHQGHQ$QRGHU$EZHVHQKHLWGHV,QWHOOLJL EOHQLP9HUK½OWQLV]XUVLQQOLFKHQ:HOW'LHGHQNRQNUHWHQSUDNWLVFKUHOLJLÏVHQ$VSHNWGHV *HEHWHVXPIDVVHQGHVRZLHGLHUHLQPHWDSK\VLVFKH.RQ]HSWLRQGHV*ÏWWOLFKHQrEHLGHVLQG LQGHUSODWRQLVFKHQ7UDGLWLRQGXUFKZHJEHOHJEDUrVLQGVRPLWDOVNRPSOHPHQW½U]XEHZHU WHQs$XFK-RKQ'LOORQWKHPDWLVLHUWHGLH5ROOHGHV*HEHWVXQGGHU5HOLJLRQIÕUGLHQHX SODWRQLVFKHQ3KLORVRSKHQ”7KH1HRSODWRQLF3KLORVRSKHUDW3UD\HU… $XVJHKHQGYRQGHU LQ GHQ 'LDORJHQ 3ODWRQV JUHLIEDUHQ UHOLJLÏVHQ 3UD[LV GHV 6RNUDWHV XQWHUVXFKWH HU 3ORWLQV ZHLWHUJHID¸WH9RUVWHOOXQJYRQw*HEHWkGLHQLFKWDOVNRQNUHWHVUHOLJLÏVHV'HQNHQXQG+DQ GHOQVRQGHUQYLHOPHKULP6LQQHYRQUI[VfEXQG.RQWHPSODWLRQ]XYHUVWHKHQVHL,QGHQ 9RUGHUJUXQG UÕFNHQ GDEHL PHGLWDWLYH $VSHNWH GHV *HEHWV HLQ 3K½QRPHQ GDV LQ $QOHK QXQJDQ3LHUUH+DGRWGHQwH[HUFLFHVVSLULWXHOVk]XJHRUGQHWZLUG2EJOHLFK3ORWLQVLFKPLW VHLQHU $XDVVXQJ DXI 3ODWRQ VHOEVW EH]LHKW IÕKUW GLHVH GHQQRFK LP VS½WHUHQ 1HXSOD WRQLVPXVYRUDOOHPEHL,DPEOLFK]XHLQHP.RQLNWWKHRUHWLVFKHUXQGWKHXUJLVFKHU7HQ GHQ]HQ $QGHUV DOV 3ORWLQ VHW]W Q½POLFK ,DPEOLFK LP =XJH VHLQHU WKHXUJLVFKHQ *UXQGOH JXQJHQ HLQH VWXIHQDUWLJ JHELOGHWH *HEHWVKLHUDUFKLH YRUDXV ZHOFKH GLH 3KLORVRSKLH QXU PHKUDOVUHOLJLÏVHQ$NWHUVFKHLQHQO½¸W





0LVFHOODQHD  ,Q $XVHLQDQGHUVHW]XQJ PLW GHU QHXSODWRQLVFKHQ 6\QWKHWLVLHUXQJ XQG +LHUDUFKLVLHUXQJ YRQ3KLORVRSKLHXQG5HOLJLRQHQWZLU $XJXVWLQHLQHIÕUGHQFKULVWOLFKHQ%HUHLFKEHGHX WHQGH .RQ]HSWLRQ :LH 7KHUHVH )XKUHU ”$XJXVWLQ XQG GLH 3UD[LV GHV SKLORVRSKLVFKHQ 'LDORJV… GDUOHJWHGLHQWLKPGLHSODWRQLVFKH2QWRORJLHDOVSKLORVRSKLVFKHV)XQGDPHQWGHU FKULVWOLFKHQ7ULQLW½WVOHKUH'DEHLUHSU½VHQWLHUWGHU%HJULwSKLORVRSKLDkGLHJHLVWLJH*RWWHV YRUVWHOOXQJ=XJOHLFKLQWHJULHUW$XJXVWLQDEHUDXFKGLH9RUVWHOOXQJYRQUHOLJLRDOVNRQNUHWHU *RWWHVYRUVWHOOXQJ XQG YRONVWÕPOLFKHU *RWWHVYHUHKUXQJ ZLH ]% GHU $QEHWXQJ &KULVWL 'LHVH .RQ]HSWLRQ YRQ LQWHOOHNWXHOOHP (UNHQQHQ XQG YRONVWÕPOLFKHP *ODXEHQ HUVFKHLQW MHGRFK QDFK $XJXVWLQ QXU LP &KULVWHQWXP PÏJOLFK QXU KLHU IDOOHQ SKLORVRSKLD XQG UHOLJLR QLFKW DXVHLQDQGHU 'HUHQ (LQKHLW LP 'HQNHQ $XJXVWLQV IÕKUW )XKUHU XQWHU %HUÕFNVLFK WLJXQJGHUOLWHUDULVFKHQ(LQNOHLGXQJDQKDQGGHUGUHL)UÕKGLDORJHYRU,QGLHVHQLQV]HQLHUW $XJXVWLQYRUGHU.XOLVVHYRQ&DVVLFLDFXPGDVDOV6]HQHULHGHULGHDOHQWYRSYWfEGLHQWGLH JHOHEWH9HUELQGXQJYRQSUDNWLVFKHU)UÏPPLJNHLWrLQ)RUPYRQ*HEHWHQXQG*HV½QJHQr ZHOFKHGLHJHLVWLJHQ9RUDXVVHW]XQJHQIÕUSKLORVRSKLVFKHV6XFKHQXQG(UNHQQHQHUVWVFKD$ XQGGHULQWHQVLYHQ%HVFK½ LJXQJPLW3KLORVRSKLH'DEHLZHLVHQDXFKRQWRORJLVFKH)UDJHQ LPPHUHLQHQGLUHNWHQ%H]XJ]XU/HEHQVZHOWDXI6RPLWZLUGGLHKDUPRQLVFKH6\QWKHWLVLH UXQJYRQ3KLORVRSKLHXQGSUDNWLVFKHU5HOLJLRQDOVYRUELOGOLFKHU/HEHQVIRUPEHVFKULHEHQ GLHIUHLOLFKQXU0LWJOLHGHUQGHUFKULVWOLFKHQ*HPHLQGHRHQVWHKW  'HQ JOHLFKHQ *HGDQNHQ YHUIROJWH 7KHR .REXVFK EHL VHLQHU 8QWHUVXFKXQJ GHV 6HOEVW YHUVW½QGQLVVHVGHUFKULVWOLFKHQ3KLORVRSKLH”&KULVWOLFKH3KLORVRSKLH'DV&KULVWHQWXPDOV )RUPSUDNWLVFKHU0HWDSK\VLN… 'LHVHYHUVWHKWVLFKDOV 9ROOHQGXQJGHUDQWLNHQYRU DOOHP GHUSODWRQLVFKHQ3KLORVRSKLH3KLORVRSKLHZLUGGDEHLHQWVSUHFKHQGGHPDQWLNHQ9HUVW½QG QLVDOV6HOEVWVRUJHLP6LQQHSUDNWLVFKHU$XVÕEXQJYHUVWDQGHQ'LHVLFKDE]HLFKQHQGH6\Q WKHVH YRQ SKLORVRSKLVFKHU 7KHRULH XQG OHEHQVZHOWOLFKHU 3UD[LV ELHWHW GHQ &KULVWHQ GLH 0ÏJOLFKNHLW DQ GHQ DOV ZHOWIHUQ VWLJPDWLVLHUWHQ 3ODWRQLNHUQ XQG GHUHQ (OLWHEHZX¸WVHLQ .ULWLN]XÕEHQ$N]HQWXLHUWZLUGGLHQHXDUWLJH5ROOHGHV&KULVWHQWXPVDOVHLQHVSKLORVR SKLVFKHQ $QJHERWHV IÕU DOOH 0HQVFKHQ RKQH GHUHQ QDWLRQDOH RGHU VR]LDOH =XJHKÏULJNHLW RGHU LKUH LQWHOOHNWXHOOH %HJDEXQJ LQ $QVFKODJ ]X EULQJHQ %HUHLWV GHU %HJUL w&KULVWHQ WXPkZHLVWDXI1DFKDKPXQJGHU3ODWRQLVFKHQ±QSf[WMNUIÚGHV*RWW½KQOLFKZHUGHQVKLQ :LHEHUHLWV3ORWLQEHLVHLQHU.ULWLNGHV$ULVWRWHOLVFKHQ0HWDSK\VLNEHJULHVGLH/HKUHYRQ GHU (LQVZHUGXQJ PLW GHP *ÏWWOLFKHQ YHUWUHWHQ KDW VR YHUVWHKW VLFK DXFK GLH FKULVWOLFKH 0HWDSK\VLNDOVw(SRSWLHk0HWDSK\VLNLVWVRPLWLP6LQQHYRQ0\VWDJRJLH]XYHUVWHKHQDOV HLQHGDV,QQHUHGHV0HQVFKHQWUDQVIRUPLHUHQGH6FKDXGHV*ÏWWOLFKHQGLHrQDFK*UHJRU YRQ1\VVDHLQHHQWVSUHFKHQGH8PJHVWDOWXQJGHU6HHOH]XU)ROJHKDW'DKHULVWQDFK.R EXVFKGHULQGHU6S½WDQWLNHPD¸JHEOLFKUHOHYDQWH$VSHNWGHUJHOHEWHQ3UD[LVGHPFKULVWOL FKHQ9HUVW½QGQLVYRQ0HWDSK\VLNYRQMHKHULQK½UHQW  'LH 5LYDOLW½W ]ZLVFKHQ FKULVWOLFKHQ XQG SDJDQHQ QHXSODWRQLVFKHQ .RQ]HSWLRQHQ EH OHXFKWHWH-HDQ3ÂSLQLQVHLQHP%HLWUDJ”$XJXVWLQHW3RUSK\UHVXUODYUDLHHWODIDXVVHFRQ YHUVLRQ…'LH.RQ]HQWUDWLRQDXIGHQEHUÕKPWHQ&KULVWHQJHJHQHU3RUSK\ULRVXQGDXI$X JXVWLQGHUQHXSODWRQLVFKH9RUVWHOOXQJHQFKULVWOLFKHQ/HKUHQHQWVSUHFKHQGPRGHOOLHUWXQG WUDQVIRUPLHUW HUZHLVW VLFK DOV EHVRQGHUV IUXFKWEDU $QKDQG ]DKOUHLFKHU 7H[WVWHOOHQ ]HLJWH 3ÂSLQDXIZLH$XJXVWLQXQG3RUSK\ULRVMHZHLOVÕEHU%HNHKUXQJKDQGHOQXQGZRULQLKUHU $XIIDVVXQJQDFKGDV:HVHQHLQHUZDKUHQXQGHLQHUIDOVFKHQ.RQYHUVLRQEHVWHKWs3KL OLSSH +RPDQQ XQWHUVXFKWH GLH IÕU 6LPSOLNLRV ZDKUH %HNHKUXQJ ”$VSHFWV UHOLJLHX[ GX FRPPHQWDLUHGH6LPSOLFLXVDX'HFDHORGn$ULVWRWH… $QKDQGYRQ6LPSOLNLRVn.RPPHQWDU ]XU6FKUL 'HFDHORGLHGLHVHU$ULVWRWHOHV]XVFKUHLEWDUEHLWHWH+RPDQQGLHLP*HQUHGHV





.RQJUH¸EHULFKWH .RPPHQWDUVJUHLIEDUHQUHOLJLÏVHQ(OHPHQWHKHUDXV(LQWKHRORJLVFKHU'LVNXUVZLUGQDFK YROO]LHKEDUGHUVRZRKO6XFKHQDFK:DKUKHLW^œXLWMNDOVDXFKGHUHQ(LQÕEXQJ†WOLWMN XPID¸W'LHVHU.RPPHQWDUÕEHUVFKUHLWHWMHGRFKGLHHWDEOLHUWHQ*UHQ]HQGHU*DWWXQJLQ GHPHUVLFK]XJOHLFKDXFKDOV+\PQXVDXIGHQ.RVPRNUDWRUXQGGHQ'HPLXUJHQSU½VHQ WLHUW6RPLWHUZHLVWVLFK6LPSOLNLRVn.RPPHQWDUDOVZHVHQWOLFKHUJHLVWLJHU$NWGHUUHOLJLÏV IXQGLHUWHQOHW]WOLFKSKLORVRSKLVFKHQ.RQYHUVLRQs'LH9HUELQGXQJYRQSUDNWLVFKHU$XV ÕEXQJUHOLJLÏVHUE]ZWKHXUJLVFKHU5LWHQXQG3KLORVRSKLHLP.RPPHQWDUGHV6LPSOLNLRV ]XP(QFKHLULGLRQ(SLNWHWVVHW]WH,OVHWUDXW+DGRWLQ%H]XJ]XGHQLQWHQGLHUWHQ$GUHVVDWHQ GLHVHU6FKUL ”'LH6WHOOXQJGHV1HXSODWRQLNHUV6LPSOLNLRV]XP9HUK½OWQLVGHU3KLORVRSKLH ]X 5HOLJLRQ XQG 7KHXUJLH…  $OV 9HUPLWWOXQJ VLWWOLFKHU *UXQGKDOWXQJHQ LVW GLHVHU .RP PHQWDUIÕU$QI½QJHULQGHUQHXSODWRQLVFKHQ3KLORVRSKLHNRQ]LSLHUW'DKHUZLUGGHUGRJ PDWLVFKH+LQWHUJUXQGLQ)RUPHLQHVKLVWRULVFKHQ$EULVVHVGDUJHERWHQVRZLHGDV9HUK½OWQLV GHU 3KLORVRSKLH ]XU 0DQWLN DOOJHPHLQ HUO½XWHUW (V QGHQ VLFK MHGRFK LP (SLNWHW.RP PHQWDU GHV 6LPSOLNLRV GHXWOLFKH .RQYHUJHQ]HQ PLW GHU WKHXUJLVFKHQ/HKUH GHV ,DPEOLFK GLH DQKDQG YRQ %HJULHQ ZLH w(UOHXFKWXQJk RGHU w$XIQDKPHI½KLJNHLWk VRZLH GXUFK GHQ +LQZHLV DXI GLH ZHFKVHOVHLWLJH :LUNXQJ YRQ 2SIHU XQG 2SIHUQGHP DXIVFKHLQHQ (QW VFKHLGHQGLVWGLH%HGHXWXQJGHULQQHUHQ+DOWXQJGHV2SIHUQGHQIÕUGLH:LUNVDPNHLWGHV 2SIHUV 'HU GLH VWUHQJHQ 5LWHQ 9ROO]LHKHQGH EUDXFKW (KUIXUFKW )UÏPPLJNHLW XQG QLFKW ]XOHW]W zTMWXœQL 'DEHL KDQGHOW HV VLFK QDFK +DGRW XP SKLORVRSKLVFKHV :LVVHQ GD DXFK QDFK,DPEOLFK+LHURNOHVXQG'DPDVNLRV7KHXUJLHRGHU7HOHVWLNRKQHGLHVHVZLUNXQJVORV VHLHQ%HUHLWVYRQ,DPEOLFKZDUGLH*HVDPWKHLWGHUKHLGQLVFKHQ.XOWHrDOVXQWHUVWH6WXIHr LQGDVWKHXUJLVFKH6\VWHPLQWHJULHUWZRUGHQZHOFKHV6LPSOLNLRVLQHLQHUIÕUGLH6WXGLHQDQ I½QJHUJHHLJQHWHQ:HLVHDGDSWLHUWXQGPRGL]LHUWKDWWH'DVHUNHQQEDUH=LHOGLHVHV(SLN WHW.RPPHQWDUVOLHJWLQGHU$QHLJQXQJGHUSROLWLVFKHQ7XJHQGHQDOVGHUHUVWHQ6WXIHGHV QHXSODWRQLVFKHQ 7XJHQGNDQRQV 'DEHL LVW GLHVH $QHLJQXQJ HQJ YHUEXQGHQ PLW GHU $XV ÕEXQJYRQ.XOWULWHQ$OVZLFKWLJHV(UJHEQLVDUEHLWHWH+DGRWKHUDXVGD¸GHQQRFKIÕUGLH LP .DQRQ QHXSODWRQLVFKHU /HKUHQ VS½WHU EHKDQGHOWH 0HWDSK\VLN GLH 3KLORVRSKLH DOV *UXQGODJHXQHUVHW]OLFKEOHLEWPDJDXFKGLH7KHXUJLHLQGHQ9RUGHUJUXQGJHWUHWHQVHLQ  0LW JUR¸HP *HZLQQ IÕU GDV 9HUVW½QGQLV YRU DOOHP GHU UHOLJLÏVHQ 3KLORVRSKLH GHV 3URNORVXQWHUVXFKW'RPLQLF-2n0HDUDGLH)XQNWLRQGHUSUDNWLVFKHQ5HOLJLRQLP5DK PHQ GHU LVODPLVFKHQ 3KLORVRSKLH DO)DUDELV ”5HOLJLRQ DOV $EELOG GHU 0HWDSK\VLN =XP QHXSODWRQLVFKHQ +LQWHUJUXQGGHU /HKUH DO)DUDELV…  'HVVHQ $XIIDVVXQJ 5HOLJLRQ VHL HLQ $EELOGGHU3KLORVRSKLHZLHVLHLQVHLQHP:HUN*UXQG]ÕJHGHU$QVLFKWHQGHU%ÕUJHUGHUYROO NRPPHQHQ6WDGW]XP7UDJHQNRPPWXQWHUVXFKWH2n0HDUDKLQVLFKWOLFKLKUHU7UDGLWLRQDOL W½W'RUW]HLJWVLFKHLQH'LHUHQ]LHUXQJ]ZLVFKHQGHQw/HLWHUQkGHU6WDGWGLHrDQDORJ]X 3ODWRQV3KLORVRSKHQNÏQLJHQrYROONRPPHQH(UNHQQWQLVKDEHQXQGDOV3URSKHWHQ2HQ EDUXQJHUIDKUHQXQGGHUHQw+LOIVOHXWHQkrHQWVSUHFKHQG3ODWRQV:½FKWHUQrGLHDQGHUSKL ORVRSKLVFKHQ(UNHQQWQLVLKUHU/HLWHUWHLOKDEHQXQGGLHVHVLFKDQHLJQHQNÏQQHQVRZLHGHQ ÕEULJHQ%ÕUJHUQGLHQLFKW]XUSKLORVRSKLVFKHQZRKODEHU]XUV\PEROLVFKHQ(UIDVVXQJYRQ *UXQGZDKUKHLWHQLPVWDQGHVLQG$O)DUDELVFKUHLEWGLHVH/HKUHGHUw7KHRULHGHU$OWHQk]X :LH2n0HDUDSODXVLEHOPDFKWHVFKHLQWDO)DUDELVLFKKLHUEHLDXI3URNORV]XEH]LHKHQGHU GLH %HOHKUXQJ GXUFK 6\PEROH LQ HLQHU EHUÕKPWHQ 3DVVDJH VHLQHU 7KHRORJLD 3ODWRQLFD ,   YRUIÕKUW GRUW DEHU NHLQH VFKDUIH 7UHQQXQJ ]ZLVFKHQ V\PEROLVFKHU XQG DEELOGHQGHU 8Q WHUZHLVXQJYRUQLPPW,Q$QOHKQXQJDQ3ODWRQGLHQHQLKPGLHrDXFKSKLORVRSKLVFKNRU UHNWHQr0\WKHQGHUUHOLJLÏVHQ(U]LHKXQJGHVJHPHLQHQ9RONHV(V]HLJWVLFKDOVRGD¸5H OLJLRQQLFKWQXUDOV$EELOGGHU3KLORVRSKLHJHOWHQVRQGHUQDXFKHLQHZLFKWLJH(U]LHKXQJV





0LVFHOODQHD IXQNWLRQLP6WDDWÕEHUQHKPHQNDQQ'LH5HOLJLRQYHUPLWWHOWELOGKD SKLORVRSKLVFKH:DKU KHLWHQ XQG LVW DXFK 3KLORVRSKHQ GLH NHLQH ELOGKD H %HOHKUXQJ EUDXFKHQ EHLP $XIVWLHJ ]XP*ÏWWOLFKHQGLHQOLFK  =XP'LVNXUVXPGDVUHFKWH9HUK½OWQLVYRQ3KLORVRSKLHXQGUHOLJLÏVHU3UD[LVJHVHOOWVLFK LQGHU6S½WDQWLNHYRUDOOHPVHLWGHP-DKUKXQGHUWQ&KUGHU'LVNXUVXPGLHSKLORVR SKLVFKGRJPDWLVFKH$XVHLQDQGHUVHW]XQJ]ZLVFKHQVS½WDQWLNHP1HXSODWRQLVPXVXQG&KUL VWHQWXP 'LH YLHOGLVNXWLHUWH =XJHKÏULJNHLW GHV 3ODWRQLNHUV &DOFLGLXV ]XP &KULVWHQWXP ZDU*HJHQVWDQGGHU8QWHUVXFKXQJYRQ*UHWFKHQ5H\GDPV6FKLOV”&DOFLGLXV&KULVWLDQXV" *RG0DWWHUDQG%RG\… 6HLQH6RQGHUUROOHPDQLIHVWLHUWVLFKQLFKW]XOHW]WGDULQGD¸HUDOV GXUFKDXVHLJHQVW½QGLJHU$XWRUZHGHUHLQGHXWLJDOV&KULVWQRFKDOVRUWKRGR[HUSODWRQLVFKHU 3KLORVRSKLGHQWL]LHUEDULVW5H\GDPV6FKLOVVWHOOWHGDVSDUDGR[H(UJHEQLVYRUGD¸&DOFL GLXVDOV3ODWRQLNHUHLQHQ'XDOLVPXVYHUWUHWHQXQGGHP]HLWJHQÏVVLVFKHQ3ODWRQLVPXVHQW VSUHFKHQGYRUDOOHPDQ 0HWDSK\VLNLQWHUHVVLHUWVHLQPX¸&DOFLGLXVHQWIHUQWVLFKDEHULP /DXIHVHLQHUSKLORVRSKLVFKHQ'DUVWHOOXQJVFKULWWZHLVHYRP'XDOLPXVGHUVRJDUUHJHOUHFKW PLQLPLHUWZLUG6RGHQLHUWHUGLH5ROOHGHV.ÏUSHUVGHU0DWHULHQLFKWDOV3ULQ]LSVRQ GHUQOHGLJOLFKDOV'HULYDW$QGHUVDOVFKULVWOLFKH3KLORVRSKHQMHGRFKVXFKW&DOFLGLXVQLFKW QDFKHLQHU9HUELQGXQJGHUGUHLKÏFKVWHQ3ULQ]LSLHQGXUFKHLQXQGGDVVHOEHJÏWWOLFKH3ULQ ]LSXQGHUNO½UWGLHQLHGHUHQJÏWWOLFKHQ.U½ HQLFKWDQDORJ]XP/RJRV  0DWWKLDV %DOWHV XQWHUVXFKWH DQKDQG GHU WKHRORJLVFKHQ 6FKUL HQ GHV0DULXV 9LFWRULQXV GHVVHQ$XVHLQDQGHUVHW]XQJPLWGHP$ULDQLVPXV”=XU3KLORVRSKLHGHV0DULXV9LFWRULQXV LQVHLQHQWKHRORJLVFKHQ6FKUL HQ… $OVNWLYHU%ULHISDUWQHUGHUGLH6DFKHGHU$ULDQHUYHU WULWW IXQJLHUW &DQGLGXV %HL VHLQHU $UJXPHQWDWLRQ EHGLHQW VLFK 0DULXV QHXSODWRQLVFKHU /HKUHQXPGLHHLJHQH3RVLWLRQ]XYHUGHXWOLFKHQ$QKDQGGHU7ULQLW½WVOHKUH]HLJWH%DOWHV GLHJUR¸HµEHUHLQVWLPPXQJGHUEHLGHQ3RVLWLRQHQKLQVLFKWOLFKGHU/HKUHYRQ*RWW9DWHU DXIPDJDXFK0DULXVGLH7UDQV]HQGHQ]GHVVHOEHQVW½UNHUEHWRQHQ(LQPD¸JHEOLFKHU8Q WHUVFKLHG EHVWHKW IUHLOLFK LQ GHU )UDJH QDFK GHU =HXJXQJ GHV 6RKQHV :½KUHQG &DQGLGXV GLH=HXJXQJGHV6RKQHVGXUFKGHQ9DWHUOHXJQHWGHULQVHLQHU8QYHU½QGHUOLFKNHLWGXUFK HLQHQ =HXJXQJVDNW HLQH 9HU½QGHUXQJ HUIDKUHQ ZÕUGH XQG VRPLW IÕU HLQH w6FKDXQJ GHV 6RKQHVDXVGHP1LFKWVkSO½GLHUWYHUWHLGLJW0DULXV9LFWRULQXVGLH=HXJXQJGHV6RKQHV,Q GHPHUKLHUDXIGLH6XEVWDQ]JOHLFKKHLWFRQVXEVWDQWLDOLWDV  YRQ 9DWHUXQG 6RKQ KLQZHLVW GH PRQVWULHUWHUVHLQQHXSODWRQLVFKHV=HXJXQJVYHUVW½QGQLV'HP]XIROJHJHKWGDV9HUXUVDFKWH DXVVHLQHU8UVDFKHKHUYRUZHOFKHVHOEVWMHGRFKXQYHU½QGHUOLFKEOHLEW$XII½OOLJLVWEHLGLH VHU'LVNXVVLRQ]ZLVFKHQ&DQGLGXVXQG0DULXVGLHXQEHGHXWHQGH5ROOHGHUGULWWHQ+\SR VWDVHGHVKHLOLJHQ*HLVWHV'DVLFKEHL0DULXVnµEHUWUDJXQJGHUQHXSODWRQLVFKHQ7ULDVHV VH YLYHUH LQWHOOHJHUH  DXI GLH 7ULQLW½W DEHU 'LVNUHSDQ]HQ KLQVLFKWOLFK GHU6XEVWDQ]JOHLFKKHLW XQG GHV 9HUK½OWQLVVHV YRQ %LOG XQG $EELOG HUJHEHQ VWHOOWH %DOWHV GLH HLJHQWÕPOLFKH 3U½ JXQJ GHV YRQ 0DULXV ]XJUXQGHJHOHJWHQ QHXSODWRQLVFKHQ 0RGHOOV KHUDXV 'DEHL HUJHEHQ VLFK YLHOH *HPHLQVDPNHLWHQ PLW GHP 0RGHOO 3ORWLQV XQG 3RUSK\ULRVn DEHU DXFK HLQLJH 8QWHUVFKLHGH%DOWHVZHLVWKLHUDXIGLH1XPHQLRV$QNO½QJHVRZLHDXIGLHÕEHUDXV]DKOUHL FKHQµEHUHLQVWLPPXQJHQPLWGHUQHXSODWRQLVFKHQ3KLORVRSKLHGHVDQRQ\PHQ.RPPHQ WDUV]XP3ODWRQLVFKHQ3DUPHQLGHVKLQGHULQHLQHP7XULQHU3DOLPSVHVWHUKDOWHQJHEOLHEHQ LVW=HLWOLFKNDQQGDVYRQ0DULXVEHQXW]WH0RGHOOPLWJUR¸HU6LFKHUKHLW]ZLVFKHQ3RUSK\ ULRVXQG6\ULDQDQJHQRPPHQZHUGHQs0LW½KQOLFKHP$QVDW]XQWHUVXFKWH&ODXGLR0R UHVFKLQL(LJHQDUWXQG)XQNWLRQQHXSODWRQLVFKHU3KLORVRSKLHLQGHQWKHRORJLVFKHQ6FKULI WHQ GHV %RHWKLXV ”)LORVRD SDJDQD H WHRORJLD FKULVWLDQD QHJOL 2SXVFXOD 7KHRORJLFD GL %RH ]LR…  'LH LQ GLHVHQ 6FKUL HQ EHKDQGHOWHQ SKLORVRSKLVFKHQ 3UREOHPH ZLH ]% GLH FKUL





.RQJUH¸EHULFKWH VWRORJLVFKH)UDJHVRZLHGLH/ÏVXQJVYHUVXFKHGHV%RHWKLXVVLQGHQWJHJHQGHUK½XJHQ$Q QDKPH QLFKW YRU GHP +LQWHUJUXQG YRUDXVJHJDQJHQHU WKHRORJLVFKHU 'LVNXVVLRQHQ LQQHU KDOEGHUFKULVWOLFKHQ.LUFKHVRQGHUQYLHOPHKULP=XVDPPHQKDQJPLWGHUSDJDQHQJULH FKLVFKHQ3KLORVRSKLH]XEHZHUWHQ0RUHVFKLQLXQWHUVWULFKGDEHLGLHK½XJH%H]XJQDKPH GHV%RHWKLXVDXIGLH$UEHLWHQGHV0DULXV9LFWRULQXV'RFKDX¸HUHLQHP5ÕFNJULDXISOD WRQLVFKH .RQ]HSWLRQHQ ZLH ]% KLQVLFKWOLFK GHU ,GHQWL]LHUXQJ GHV SODWRQLVFKHQ µRX[N ËRPLWGHPFKULVWOLFKHQ.RQ]HSWDXV([”LFKELQGHULFKELQ… LVWQLFKW]XOHW]WGLH 9HUZHQGXQJDULVWRWHOLVFKVWRLVFKHU0LVFKXQJVWKHRULHQDXIVFKOX¸UHLFKZLH%RHWKLXVVLHDXI GLH&KULVWRORJLHGHV1HVWRULXV DQZHQGHW'LHLQGHU$XVHLQDQGHUVHW]XQJPLWGHP3ODWR QLVPXV HUNHQQEDUH 3UREOHPDWLN KLQVLFKWOLFK GHV .RQ]HSWHV GHU VXEVLVWHQWLD GLH LP ]HLWJH QÏVVLVFKHQ3ODWRQLVPXVIÕU¹T³WXEWMNYHUZHQGHWEHL0DULXV9LFWRULQXVKLQJHJHQPLWwDE VROXWHU([LVWHQ]kJOHLFKJHVHW]WZLUGERW0RUHVFKLQL5DXPIÕUHLQHJUÕQGOLFKH%HWUDFKWXQJ OH[LNDOLVFKHU3UREOHPHEHL%RHWKLXV'DEHLXQWHU]RJHUEHVRQGHUVGLH6HPDQWLNGHV6HLQV HVVH  HLQHU HLQJHKHQGHQ :ÕUGLJXQJ s $XI SKLORVRSKLHJHVFKLFKWOLFK EHGHXWVDPH 0R GLNDWLRQHQKLQVLFKWOLFKGHU%HVWLPPXQJGHVKÏFKVWHQ3ULQ]LSVKRE7KRPDV/HLQNDXIDE ”'DV KÏFKVWH 3ULQ]LS DOV UHLQHV 6HLQ >3RUSK\ULRV@ 9LFWRULQXV %RHWKLXV…  :½KUHQG EHL $ULVWRWHOHVGDV(LQHQRFKOHGLJOLFKDOV+LOIVPLWWHOJLOWXPZLUNOLFK6HLHQGHVLQ%H]LHKXQJ ]XHLQDQGHU ]X VHW]HQZLUG HV LQ GHU VNHSWLVFKHQ  $NDGHPLH XQG YRU DOOHP LP 0LWWOHUHQ 3ODWRQLVPXVÕEHURGHUMHQVHLWVGHV6HLQVDQJHVLHGHOWXQGHUI½KUWVRPLWHLQHXQJHKHXHUEH GHXWVDPH$XIZHUWXQJ'LHQHXSODWRQLVFKH%HVWLPPXQJGHV(LQHQZLUGGXUFK3ORWLQPD¸ JHEOLFKJHSU½JWGHUGDV(LQHDOV8UJUXQGVFKDUIYRP6HLQDOVHUVWHP +HUYRUJHJDQJHQHP DEVHW]W:LH/HLQNDXI]HLJWHZLUGHUVWKLHUGHUVXEVWDQWLYLHUWH ,QQLWLYw6HLQkIREM ]XU %HJULVEHVWLPPXQJLQGLH'LVNXVVLRQHLQJHIÕKUW'LHVHUNDQQIÕUHLQG\QDPLVFKHVRQWR ORJLVFKHV3RWHQWLDOHLQVWHKHQ)UDJOLFKEOHLEWDOOHUGLQJVREGHUSODWRQLVFKDULVWRWHOLVFKH%H JUL wSºWfEk WUDJI½KLJHU LVW 'LHVH 3UREOHPDWLN YHUIROJWH /HLQNDXI DQKDQG GHV DQRQ\PHQ 3DUPHQLGHV.RPPHQWDUHVGHV7XULQHU3DOLPSVHVWHVDQKDQGGHU3KLORVRSKLHGHV0DULXV9LF WRULQXV VRZLH GHU GLHUHQ]LHUWHQ 'DUVWHOOXQJ EHL %RHWKLXV XQG GHU PLWWHODOWHUOLFKHQ (QW ZLFNOXQJGHV%HJULVYRPKÏFKVWHQ6HLQGDVVWHWVPLWGHPHUVWHQ3ULQ]LSYHUEXQGHQLVW $OV(UJHEQLVNULVWDOOLVLHUWVLFKGLH(UNHQQWQLVKHUDXVGD¸GLH(LQVHW]XQJGHV,QQLWLYVwVHLQk GXUFKDXVGLH,QWHQVLYLHUXQJGHU8QEHVWLPPWKHLWXQG8QEHJUHQ]WKHLWGHVJÏWWOLFKHQ:H VHQVZLGHUVSLHJHOWs(LQH½KQOLFKH$EVSLHJHOXQJGHV/RJRVLPVSUDFKOLFKHQ$XVGUXFNOLHJW DXFK GHP .RPPHQWDU GHV 2ULJHQHV ]XP -RKDQQHVHYDQJHOLXP ]XJUXQGH :LH 3DGUDLJK 2n&OHLULJKGDUOHJWHVWHKHQLQGLHVHP7H[WGLHUKHWRULVFKGLDOHNWLVFKHQ6WUXNWXUHQLQHQJ VWHP%H]XJ]XPGDUJHVWHOOWHQ,QKDOW$QKDQGGHUH[HPSODULVFKHQ)RUPHQGHVw9HUJOHLFKHVk XQG GHU w'LJUHVVLRQk ]HLFKQHW VLFK GLH (EHQELOGOLFKNHLW YRQ 6SUDFKH XQG /RJRV JDQ] LP 6LQQHGHU6SUDFKSKLORVRSKLHDE:½KUHQGPLWw9HUJOHLFKkHLQ0HGLXPEH]HLFKQHWZLUGGDV 9LHOIDOWVXEVXPLHUHQVROOVROOw'LJUHVVLRQk9LHOIDOWHU]HXJHQ2n&OHLULJKDUEHLWHWHLQHLQHU JUÕQGOLFKHQ 6WLODQDO\VH GLH LQ GHU )RUVFKXQJ ELVKHU QLFKW EHUÕFNVLFKWLJWHQ OLWHUDULVFKHQ 6WUDWHJLHQGHV2ULJHQHVKHUDXV'DEHLZLHVHUGDUDXIKLQGD¸2ULJHQHVVHLQH*HGDQNHQLQ GHU6HW]XQJHLQHVEHVWLPPWHQ6WLOVUHHNWLHUWXQGGDULQGLH:HLVKHLWGHU%LEHOQDFKDKPW  'HULQGHU*HQHVLVEHVFKULHEHQHSDUDGLHVLVFKH%DXPGHU(UNHQQWQLVV\PEROLVLHUWGLH(U NHQQWQLVSUREOHPDWLN GHV &KULVWHQWXPV &DUORV 6WHHO KLQWHUIUDJWH LQ VHLQHP $EHQGYRUWUDJ ”'HU%DXPGHU(UNHQQWQLVGHV*XWHQXQG%ÏVHQ&KULVWOLFKHXQGQHXSODWRQLVFKH'LVNXV VLRQHQÕEHUGHQ8UVSUXQJGHV%ÏVHQ… ZHOFKH$UWGHU(UNHQQWQLVYRQ*RWWYHUERWHQXQG ZDUXPGLHVH(UNHQQWQLVGHV*XWHQXQG%ÏVHQPLW6ÕQGHJOHLFKJHVHW]WZLUG'DEHL]HLFK QHW VLFK HLQH 9HUELQGXQJVOLQLH ]XP 6WXU] GHU 6HHOH DE ZLH HU LP 1HXSODWRQLVPXV YRU





0LVFHOODQHD DXVJHVHW]WZLUG1DFKSODWRQLVFKHUµEHU]HXJXQJLVWw6ÕQGHkMHGRFKQLFKWVDQGHUHVDOV8Q ZLVVHQKHLW 6RPLW ZLUG HLQ PD¸JHEOLFK ZLFKWLJHU 8QWHUVFKLHG ]ZLVFKHQ FKULVWOLFKHU XQG QHXSODWRQLVFKHU$XIIDVVXQJHUNHQQEDU:LH$XJXVWLQOHKUWUHVXOWLHUW%ÏVHVDXVGHUIUHLZLO OLJHQ $EZHQGXQJ GHU0HQVFKHQ YRQ *RWW PLWKLQ DXV HLQHU 3HUYHUVLRQ GHV :LOOHQV 'LH 0RWLYDWLRQ YRP YHUERWHQHQ %DXP ]X HVVHQ EHVWHKW IÕU GLH 0HQVFKHQ DOOHLQ LP 9HUERW GHVVHOEHQGHU*HQX¸OLHJWLQGHUµEHUWUHWXQJVHOEVW'DUDXVHQWZLFNHOW$XJXVWLQGDV.RQ ]HSWGHU(UEVÕQGH=DKOUHLFKH0RWLYHGLHHU]XU'DUVWHOOXQJGHV)DOOHVGHU6HHOHLQVHLQHU 6FKUL 'HWULQLWDWHYHUZHQGHWJHKHQDXI3ORWLQ]XUÕFNZHQQJOHLFKVLFKDXFK8QWHUVFKLHGH DE]HLFKQHQ )ROJHQUHLFK LVW GHU HUVW GXUFK GDV 9HUERW H[LVWLHUHQGH 8QWHUVFKLHG ]ZLVFKHQ *XWXQG%ÏVHE]Z]ZLVFKHQ*HKRUVDPXQG8QJHKRUVDP1RFKIÕU+HJHOLVWGLH(UEVÕQ GHPLWGHP*HLVWZHUGHQGHV0HQVFKHQGXUFKGDV(UNHQQHQYHUEXQGHQGDVMHGRFK6ÕQGH EOHLEW 1DFK $XIIDVVXQJ $XJXVWLQV JHKW GHU 0HQVFK QLFKW GXUFK GLH WDWV½FKOLFKH 6ÕQGH VRQGHUQ GXUFK GDV JÏWWOLFKH 9HUERW YRP YRUPRUDOLVFKHQ LQ GDV PRUDOLVFKH 6WDGLXP ÕEHU 'DEHL GLHUHQ]LHUW HU ]ZLVFKHQ GHU EHJULVP½¸LJHQ (UNHQQWQLV GHV %ÏVHQ XQG GHU (U IDKUXQJVHUNHQQWQLVGHV%ÏVHQ6WHHOIÕKUWHLQGLHVHP.RQWH[WDXFK$VSHNWHGHUSV\FKROR JLVFKHQ$QDO\VH.LHUNHJDDUGVÕEHUGLH(UEVÕQGHYRU5HOHYDQWVHLDEHUQLFKWGLH)UDJHQDFK *XW XQG %ÏVH VRQGHUQ GLH QDFK GHP :DKUHQ XQG )DOVFKHQ %HVRQGHUV DXII½OOLJ LVW GLH $PELYDOHQ] LQ GHU 6SUDFKH GHU ELEOLVFKHQ 6FKODQJH GLH PLW LKUHQ DQ $GDP XQG (YD JH ULFKWHWHQ:RUWHQ”LKUZHUGHWVHLQZLHGLH(ORKLP…DXIGLH5LFKWHUDQVSLHOWGLH]ZLVFKHQ *XWXQG%ÏVHXQWHUVFKHLGHQPÕVVHQ6WHHOERWVRPLWHLQHDXIGHUNRUUHNWHQ,QWHUSUHWDWLRQ GHVKHEU½LVFKHQ:RUWODXWHVEDVLHUHQGHNRQNXUULHUHQGH(UNO½UXQJ]XUHWDEOLHUWHQ0HLQXQJ DQGHU]XIROJH$GDPXQG(YDHLQw*RWWVHLQkLQ$XVVLFKWJHVWHOOWZXUGH  'DV GXUFK GDV &KULVWHQWXP PD¸JHEOLFK PRGL]LHUWH 9HUVW½QGQLV YRQ 3KLORVRSKLH XQG 0HWDSK\VLN HU]HXJW HLQ SKLORVRSKLHJHVFKLFKWOLFK EHGHXWVDPHV XQG IROJHQUHLFKHV 6SDQ QXQJVYHUK½OWQLV YRQ :HLVKHLW XQG 7KHRORJLH LP 0LWWHODOWHU $QGUHDV 6SHHU ”:HLVKHLW r 0HWDSK\VLNr7KHRORJLH(LQH$QIUDJHDXVPLWWHODOWHUOLFKHU6LFKW… XQWHUVXFKWHLQVHLQHP %HLWUDJ]XQ½FKVWDXVGHU3HUVSHNWLYHGHUODWHLQLVFKJHSU½JWHQRN]LGHQWDOHQ9RUVWHOOXQJGLH LQQHUH6SDQQXQJLP%HJULw:HLVKHLWkVHOEVW(UPDUNLHUWHPLWGHUVHLWGHU0LWWHGHV -DKUKXQGHUWVHLQVHW]HQGHQ$ULVWRWHOHVUH]HSWLRQHLQHQZLFKWLJHQ(LQVFKQLWWGDIRUWDQHLQH QHXH9HUVW½QGLJXQJÕEHUGHQ3KLORVRSKLHXQGGHQ7KHRORJLHEHJULQRWZHQGLJJHZRUGHQ ZDU8QWHU(LQEH]LHKXQJGHU1LNRPDFKLVFKHQ(WKLN%XFK; GHV$ULVWRWHOHVHUVFKHLQWHLQH GLUHNWH9HUELQGXQJYRQ:HLVKHLWXQG*OÕFNDOVRGLH3KLORVRSKLHVHOEVWDOVGLHHLQ]LJULFK WLJH /HEHQVIRUP 'LHVH QDFK 3LHUUH +DGRW GHQ ZDKUHQ *HLVW DQWLNHU 3KLORVRSKLH ZLGHU VSLHJHOQGH $XIIDVVXQJ LVW HUVW JHJHQ (QGH GHV  -DKUKXQGHUWV EHL %RHWKLXV YRQ 'DFLHQ JUHLIEDU 6SHHU ZLHV MHGRFK GDUDXI KLQ GD¸ DXFK LP IUÕKHQ 0LWWHODOWHU GLHVHV KLHU DXI VFKHLQHQGH6HOEVWYHUVW½QGQLVGHU3KLORVRSKLHDOV:HLVKHLWVS½GDJRJLNLPPHUVFKRQYRUKDQ GHQZDU)ÕU%RHWKLXVYRQ'DFLHQKDWZLHVFKRQEHL$ULVWRWHOHVGLH7KHRORJLHLKUHQ2UW LQGHUWKHRUHWLVFKHQ3KLORVRSKLH6LHVWHKWGRUWDQGHU6WHOOHGHU0HWDSK\VLN6RPLWZHUGHQ 2HQEDUXQJVZHLVKHLWHQDOV9HUQXQ ZDKUKHLWHQDOVRLQHLQHPXQLYHUVDOZLVVHQVFKD OLFKHQ .RQWH[WDXVJHVDJW'LHVHUXQJHNO½UWH7KHRORJLHEHJULLVWDEHUSUREOHPDWLVFKIÕUHLQ0LW HLQDQGHUYRQ0HWDSK\VLNXQG5HOLJLRQZLHHVGLHYRUDOOHPQHXSODWRQLVFKJHSU½JWH6S½W DQWLNHDXV]HLFKQHWHGHQQGDV&KULVWHQWXPEHDQVSUXFKWVHLWGHU6S½WDQWLNHGHQ5DQJHLQHU WKHRUHWLVFKIXQGLHUWHQ7KHRORJLH'LHELVLQV-DKUKXQGHUWDXI$XJXVWLQXQG%RHWKLXV ]XUÕFNJHKHQGH9HUNQÕSIXQJYRQVS½WDQWLNHU3KLORVRSKLHXQG&KULVWHQWXPGLHQDFK%R QDYHQWXUDDOV0RGHOOHLQHUVDSLHQWLDFKULVWLDQDIXQJLHUWEULFKWPLWGHUHLQVHW]HQGHQ$ULVWR WHOHVUH]HSWLRQ DXVHLQDQGHU (LQH 6\QWKHVH GHVFKULVWOLFKHQ 1HXSODWRQLVPXV HLQHV 3VHXGR





.RQJUH¸EHULFKWH 'LRQ\VLRV $UHRSDJLWHV PLW GHP DXWKHQWLVFKHQ 1HXSODWRQLVPXV HLQHV 3URNORV IÕKUW 6SHHU DQKDQG%HUWKROGVYRQ0RRVEXUJYRU'LHGDQQEHL0DUVLOLR)LFLQRJUHLIEDUH.RQNRUGDQ] YRQ 3KLORVRSKLH XQG 7KHRORJLH LVW MHGRFK DOV EHZX¸WHU 5ÕFNJUL DXI GHQ VS½WDQWLNHQ 1HXSODWRQLVPXV]XEHZHUWHQ$OVZLFKWLJH.RQVHTXHQ]IÕUGDV$EHQGODQGHUJLEWVLFKGDU DXVGLH)UHLVHW]XQJGHU7KHRORJLHDOV:LVVHQVFKD VRZLHHLQQHXHV9HUVW½QGQLVYRQ3KLOR VRSKLHDOV:LVVHQVFKD GLHVLFKMHGRFKQLFKWPHKUZLH]XYRUGXUFKHLQLQWHJUDWLYHV:HLV KHLWVYHUVW½QGQLV DXV]HLFKQHWs(LQ7DJXQJVEDQGGHUGLHJHKDOWHQHQVRZLHGUHLZHLWHUH %HLWU½JH XPID¸W ZLUG (QGH  LQ GHQ %HLWU½JHQ ]XU $OWHUWXPVNXQGH LP 6DXU9HUODJ HU VFKHLQHQ  ,UPJDUG0½QQOHLQ5REHUW:ÕU]EXUJ     1LFRODXV&XVDQXV]ZLVFKHQ'HXWVFKODQGXQG,WDOLHQ 1LFFROË&XVDQRWUD*HUPDQLDH,WDOLD  :LVVHQVFKD OLFKHV6\PSRVLRQDXV$QOD¸GHV*HEXUWVWDJHVGHV1LFRODXV&XVDQXV &RQYHJQRVFLHQWLFRLQRFFDVLRQHGHOVHLFHQWHVLPRDQQLYHUVDULR GHOODQDVFLWDGL1LFFROË&XVDQR 

&HQWUR,WDOR7HGHVFRw9LOOD9LJRQLk/RYHQRGL0HQDJJLR>&RPR@0½U]$SULO   &XVDQXV ZDU HLQ 'HXWVFKHU GHU IUÕK (XURS½HU ZXUGH VHLQHQ 0LWWHOSXQNW LQ 5RP KDWWH DEHU VHLQH +HUNXQ QLFKWYHUORUs.DUO-DVSHUV1LNRODXV&XVDQXV0ÕQFKHQ 6  'HUVHFKVKXQGHUWVWH-DKUHVWDJGHU*HEXUWGHV3KLORVRSKHQDXV.XHVKDWLQGHU3UHVVHJUR¸H %HDFKWXQJ JHIXQGHQ -H VFKZHUHU HV I½OOW DXV GHQ %HJULHQ YRQ 7ROHUDQ] XQG 5HVSHNW JDQJEDUH:HJHGHU9HUVW½QGLJXQJ]XJHZLQQHQGHVWRVHKQVÕFKWLJHUK½OWPDQQDFKJUR¸HQ *HVWDOWHQ $XVVFKDXGLHDOV/HLWELOGHUGLHQHQVROOHQ$EHUVROFKH)HLHUWDJHGHV*HZLVVHQV O½XWHQ QLFKW XQEHGLQJW HLQH YHUWLH H $XVHLQDQGHUVHW]XQJ PLW GHQ :HJHQ HLQ DXI GHQHQ (UQHXHUXQJLP'HQNHQKLVWRULVFKJHZRQQHQZXUGHRGHUPLWGHQ8PVW½QGHQXQWHUGH QHQGLHVHUKRKH)XQNWLRQ½UGHU.LUFKH]XGHQ]DKOUHLFKHQ%HW½WLJXQJHQGLHVHLQ$PWYRQ LKPYHUODQJWHZLHVHOEVWYHUVW½QGOLFKVWUHQJHV1DFKGHQNHQXQGLQWHQVLYHV(LQJHKHQDXIGLH %HVWUHEXQJHQVHLQHU8PZHOWKLQ]XIÕJWH,P*HJHQWHLO0HLVWKDWPDQHVQDFKGHU.DWKDU VLVGHV*HGHQNHQVVHKUHLOLJ]XU7DJHVRUGQXQJ]XUÕFN]XNHKUHQ  +LHUVROOWHGDVYRP*UDEPDQQ,QVWLWXWGHU8QLYHUVLW½W0ÕQFKHQYHUDQVWDOWHWH6\PSR VLRQ HLQHQ .RQWUDSXQNW VHW]HQ *HIUDJW ZXUGH :DV KDW GLH 3KLORVRSKLHKLVWRULH LP $XV JDQJYRQ&XVDQXV]XP1DFKGHQNHQÕEHU(XURSDEHL]XWUDJHQ"%HVFKU½QNWDXIGHQ$VSHNW GHU GHXWVFKLWDOLHQLVFKHQ %H]LHKXQJHQ LVW HV =HLW IÕU HLQH ”6\QWKHVH… GLH QDFK 0DUWLQ 7KXUQHU0ÕQFKHQ ,GHDWRUXQG2UJDQLVDWRUGHU9HUDQVWDOWXQJ”QLFKWQXUPÏJOLFKVRQ GHUQDXFKDXIVFKOX¸UHLFKXQGJHIRUGHUW…LVW  *HSODQW ZDU DOVR QLFKW HLQH )HLHU VRQGHUQ HLQH $UEHLWVWDJXQJ 'HU 2UW KLHUIÕU K½WWH QLFKWJOÕFNOLFKHUJHZ½KOWZHUGHQNÏQQHQ9LOOD9LJRQLDP&RPHU6HHLVWHLQ9HUP½FKWQLV GHV OHW]WHQ (UEHQ GHU )DPLOLH 9LJRQL DQ GLH %XQGHVUHSXEOLN XQWHU GHU $XI ODJH GRUW GLH 7½WLJNHLWGHV9HUPLWWHOQV]ZLVFKHQ,WDOLHQXQG'HXWVFKODQGZLHVLHLQGLHVHU)DPLOLH7UD GLWLRQKDWWHIRUW]XIÕKUHQ6HLWGHPWUHHQVLFKKLHUQLFKWQXU9HUWUHWHUGHUVFKÏQHQ.ÕQ VWH VRQGHUQ HEHQVR DUEHLWHQ 'HOHJDWLRQHQ EHLGHU /½QGHU DXV 3ROLWLN XQG $UEHLWVZHOW .RPSURPLVVHDXV]XYLHOHQGHU$NWLYLW½WHQNRRUGLQLHUWGXUFKGLH+LVWRULNHULQ&KULVWLDQH 



0LVFHOODQHD /LHUPDQQEULQJWGDVw&HQWUR,WDOR7HGHVFR9LOOD9LJRQLkHLJHQH3XEOLNDWLRQHQKHUDXV0LW GHU:DKOGLHVHV7DJXQJVRUWHVPDFKWHQGLH9HUDQVWDOWHUGHXWOLFK*HUDGHKLHUZR(XURSDLQ NOHLQHQXQGR PÕKVDPHQ6FKULWWHQJHPDFKWZLUGZROOHQZLUXQVGHU)UDJHQ½KHUQZLH ]XU=HLWGHV&XVDQHUVwHXURS½LVFKkJHGDFKWZXUGH  'HU(LQOHLWXQJVYRUWUDJYRQ&HVDUH9DVROL)ORUHQ] rDXV*HVXQGKHLWVUÕFNVLFKWHQPX¸WH VHLQ$XWRUGHU9HUDQVWDOWXQJIHUQEOHLEHQrKREKHUYRUGD¸GLH(LQEH]LHKXQJGHV&XVDQXV LQGLH%HWUDFKWXQJGHULWDOLHQLVFKHQ3KLORVRSKLHGHU5HQDLVVDQFHQRFKMXQJHQ'DWXPVLVW (U ZÕUGLJWH GLH %HLWU½JH GLH KLHU]X LQVEHVRQGHUH 3DXO 2VNDU .ULVWHOOHU XQG .XUW )ODVFK JHOHLVWHWKDEHQ'LH]XPJUR¸HQ7HLOQRFKXQEHNDQQWHQ:HJHGLHVHUZHFKVHOVHLWLJHQ(LQ X¸QDKPHHUIRUGHUQHLQHHUQHXWH9HUWLHIXQJLQGLH9HUHFKWXQJHQ]ZLVFKHQGHQ%LRJUD SKLHQYRQ3HUVRQHQMHQHU=HLWXQGLQGLH%H]ÕJH]ZLVFKHQLKUHQ6FKUL HQrHLQHYLHOYHU VSUHFKHQGH$UEHLWGLHHUODXEHQZLUGGDVUHLFKH3DQRUDPDGHU(SRFKHQHX]XOHVHQ  1DFK%HJUÕ¸XQJXQG(LQOHLWXQJIROJWHHLQJHGU½QJWHV3URJUDPPVWRUHLFKHU9RUWU½JHr JDQ]LP6LQQHHLQHUw$UEHLWVWDJXQJk'D¸VLFKGLHGDPLWYHUEXQGHQH(UVFKÏSIXQJGHU7HLO QHKPHUXQG*½VWHLQ*UHQ]HQKLHOWZDUGDV9HUGLHQVWHLQHUSHUIHNWHQ2UJDQLVDWLRQHLQHU H[TXLVLWHQ *DVWOLFKNHLW XQG HLQHU PÕKHORV ]X YHUIROJHQGHQ VLPXOWDQHQ µEHUVHW]XQJ GHU 9RUWU½JH  (LQHHUVWH*UXSSHYRQ%HLWU½JHQVWDQGXQWHUGHP7LWHO”(LQX¸GHUGHXWVFKHQXQGLWD OLHQLVFKHQ .XOWXU DXI &XVDQXV… +LHUEHL ZXUGH GHU )ODPH +HLPHULFK YDQ GHQ 9HOGH PLW HLQHU JHZLVVHQ *UR¸]ÕJLJNHLW XQWHU GLH wGHXWVFKHQk (LQÕVVH JH]½KOW ,Q VHLQHP 9RUWUDJ ”'LH%DVOHU6FKUL HQGHV+H\PHULFKGH&DPSRXQGGHU$QIDQJGHU3KLORVRSKLHGHV1LNR ODXVYRQ.XHV…GU½QJWH5XHGL,PEDFK3DULV GDUDXIGLHVHQ'HQNHUQLFKWO½QJHUDOVEOR¸HQ w9RUEHUHLWHUkGHU.RLQ]LGHQ]OHKUH]XVHKHQVRQGHUQZHLWHUHQVHLQHU6FKUL HQGLH(KUHGHU NULWLVFKHQ(GLWLRQ]XWHLOZHUGHQ]XODVVHQ6HLQHPDWKHPDWLVFKHQ6SHNXODWLRQHQVHLQHUH JHOUHFKWH w%HZHLVZXWk XQG GLH JUR¸H %HGHXWXQJ GLH HU GHU GHPRQVWUDWLR DG LPSRVVLELOH EHL PL¸WODVVHQYHUPXWHQGD¸HUIÕU&XVDQXVQLFKWQXUHLQJHOHJHQWOLFKHU,GHHQJHEHUVRQGHUQ HUQVW]XQHKPHQGHULQQHUHU*HVSU½FKVSDUWQHUEHLGHU(QWZLFNOXQJGHU.ULWHULHQYRQ:LVVHQ XQG1LFKWZLVVHQZDUs*UHJRULR3LDLD3DGXD HUZRJGLH6FKOÕVVHGLHVLFKGDUDXV]LHKHQ ODVVHQ GD¸ GHU 9RUWUDJ GHV &XVDQXV ÕEHU GLH VRJHQDQQWH .RQVWDQWLQLVFKH 6FKHQNXQJ YRU GHP %DVOHU .RQ]LO r ZHQLJH -DKUH YRU GHU EHUÕKPWHQ $EKDQGOXQJ /RUHQ]R 9DOODV r PLW JUR¸HU:DKUVFKHLQOLFKNHLWGXUFKGHQ3DGXDQHU-XULVWHQ5DDHOH)XOJRVLREHHLQX¸WZXU GH8QWHUGHP7LWHO”7UDLO)XOJRVLRHLO9DOODODFULWLFDFXVDQLDQDDOODw'RQDWLRk…YHUJOLFK 3LDLD GLH $QV½W]H GHU GUHL $XWRUHQ XQG NDP DXIJUXQG HLQHU DUJXPHQWDWLRQVDQDO\WLVFKHQ %HWUDFKWXQJGHU6WUDWHJLHGHV.XVDQHUV]XGHP6FKOX¸GHU-XULVW&XVDQXVKDEHHLQHUKLVWR ULVFKHQ .ULWLN DQ GHU 6FKHQNXQJ JHJHQÕEHU GHU MXULVWLVFKHQ .ULWLN GHQ 9RU]XJ JHJHEHQ XP HLQH HLQVHLWLJH 3DUWHLQDKPH IÕU GLH NDLVHUOLFKHQ ,QWHUHVVHQ ]X YHUPHLGHQ s :DOWHU +DXJ7ÕELQJHQ PDFKWHXQWHUGHU7KHPHQVWHOOXQJ”1LFRODXV&XVDQXV]ZLVFKHQ0HLVWHU (FNKDUWXQG&ULVWRIRUR/DQGLQR'HU0HQVFKDOV6FKÏSIHUXQGGHU:HJ]X*RWW…GHQ9RU VFKODJEHL&XVDQXVHLQHQ:HQGHSXQNWLQGHU%HWUDFKWXQJGHUVFKÏSIHULVFKHQ7½WLJNHLWGHV 0HQVFKHQ ]X VHKHQ &XVDQXV JHZLQQW GLH NUHDWLYHQ )½KLJNHLWHQ GHV 0HQVFKHQ DXV GHU w:HOWEHWUDFKWXQJkLQZHOFKHUGHU0HQVFKHQWZHUIHQGW½WLJLVWXQGOÏVWVLHGDPLWDXVGHU %LQGXQJDQGLH/HKUHYRP0HQVFKHQDOVLPDJR'HLs3DVTXDOH$UIÂ1HDSHO VSUDFKÕEHU ”1LFFROË&XVDQRHOnw$VFOHSLXVk…XQGGLH:HQGXQJZHOFKHGLHYRQ$OEHUWXV0DJQXVJH SU½JWHGXUFKGHQ$VFOHSLXVLQVSLULHUWH)RUPHOYRP0HQVFKHQDOVQH[XV'HLHWPXQGLEHL&X VDQXVQLPPW





.RQJUH¸EHULFKWH  'HQ ]ZHLWHQ WKHPDWLVFKHQ 6FKZHUSXQNW ELOGHWH GLH ”+DQGVFKUL HQ XQG %LEOLRWKHNV NXOWXUGHV-DKUKXQGHUWV…'LHEHLQDKHXQJHVFKP½OHUWHUKDOWHQH%LEOLRWKHNLQ.XHVVWHOOW HLQPRQXPHQWDOHV9HUP½FKWQLVDQXQVGDUGDVLQVHLQHU%HGHXWXQJQRFKO½QJVWQLFKWDXV JHVFKÏS LVW,QGLHVHP=XVDPPHQKDQJVWHOOWH+HUPDQQ6FKQDUU7ULHU HLQHZHVHQWOLFKH 9RUIUDJH XQWHU GHP 7LWHO ”)UÕKH %H]LHKXQJHQ GHV 1LNRODXV YRQ .XHV ]X LWDOLHQLVFKHQ +XPDQLVWHQ…:HOFKH$XVELOGXQJKDWWH&XVDQXVJHQRVVHQGLHLKQEHI½KLJWHHLQHVRYLHO VHLWLJH%LEOLRWKHNDXI]XEDXHQXQGLKPEHLNHLQHQJHULQJHUHQDOV]ZHLwIÕKUHQGHQ+XPDQL VWHQGHVEHJLQQHQGHQ-DKUKXQGHUWVkrQ½POLFK3RJJLR%UDFFLROLQLXQG1LFFROË1LFFROL rGLH)DPDYHUVFKD$HHLQwLQGHQ$XWRUHQGHUNODVVLVFKHQODWHLQLVFKHQ/LWHUDWXUVHKUEH ZDQGHUWHU0DQQk]XVHLQ"s0DULDURVD&RUWHVL3DYLD ZLGPHWHLKUHQ9RUWUDJ”7UDGL]LRQH GHL3DGULHVXJJHVWLRQLXPDQLVWLFKHQHOODELEOLRWHFDGL1LFFROË&XVDQR…HLQHPELVKHUYHU QDFKO½VVLJWHQ7HLOGHU%LEOLRWKHN'LH:HUNH]DKOUHLFKHU.LUFKHQY½WHUEH]HXJHQVRZRKOGDV LQKDOWOLFKH ,QWHUHVVH GHV &XVDQXV DQ LKUHQ 6FKUL HQ DOV DXFK VHLQH 9HUWUDXWKHLW PLW GHQ .ULWHULHQ QDFK GHQHQGLH KXPDQLVWLVFKHQ +HUDXVJHEHUGLHVHU :HUNHEHL LKUHQ (GLWLRQHQ YRUJHJDQJHQZDUHQs0LWGHU)UDJHGHU3U½VHQ]GHV&XVDQXVLQGHQ%LEOLRWKHNHQVHLQHU 0LWZHOWXQGXQPLWWHOEDUHQ1DFKZHOWEHVFK½ LJWHQVLFKZHLWHUH]ZHL%HLWU½JH0DLNH5RW ]ROO +HLGHOEHUJ  DQDO\VLHUWH ”&XVDQXV+DQGVFKUL HQ LQ GHU %LEOLRWKHN GHV 0HGLFL /HLEDU]WHV 3LHUOHRQH GD 6SROHWR… r HLQ ZLFKWLJHU 6FKULWW DXI GHP :HJH ]X HLQHU EHVVHUHQ .HQQWQLVGHU5ROOHGLH&XVDQXVIÕUGHQ)ORUHQWLQHU+XPDQLVPXVVSLHOWH/HDQGUR3HULQL )ORUHQ] YHUWLH HGDV%LOGGDVGLH/HVHUGHUIUÕKHQ(GLWLRQHQGHU:HUNHGHV.DUGLQDOVr YRQ6WUD¸EXUJ ELV%DVHO rYRQGHUHQ$XWRUJHZLQQHQNRQQWHQXP”GLH]X NQDSSH 'DUVWHOOXQJ GHV 7KHPDV EHUHLWV LP IHUQHQ -DKU  GXUFK GHQ YHUGLHQWHQ GHXW VFKHQ+HUDXVJHEHUGHU:HUNHGHV&XVDQXV3DXO:LOSHUW]XHUJ½Q]HQ…  'LHNRPSOH[H3UREOHPDWLNGHU”:LUNXQJHQGHV&XVDQXVDXIVHLQHGHXWVFKHQXQGLWDOLH QLVFKHQ=HLWJHQRVVHQ…ZDUGLH7KHPHQVWHOOXQJGHUGULWWHQ6LW]XQJ'LH)UDJHZXUGHXQWHU VHKU GLYHUJHQWHQ *HVLFKWVSXQNWHQ DQJHJDQJHQ 7KHRUHWLVFKH 0RPHQWH XQWHUVWULFKHQ GLH 9RUWU½JHYRQ0DUNXV(QGHUV)UHLEXUJL%U”'DV8QHQGOLFKNHLWVYHUVW½QGQLVGHV&XVDQXV LQ'HGRFWDLJQRUDQWLDXQGLQ'HYLVLRQH'HLXQWHU%HUÕFNVLFKWLJXQJVHLQHU]HLWJHQÏVVLVFKHQ 5H]HSWLRQLQ'HXWVFKODQG… XQG*LXVHSSH*LUJHQWL0DLODQG”&XVDQRHOHIRQWLGHOQHR SODWRQLVPRULQDVFLPHQWDOH… ,QGLHVHQ%HLWU½JHQNDPLQVEHVRQGHUHGLHPHWDSK\VLVFKH,Q WHUSUHWDWLRQ GHU 0DWKHPDWLN LQ XQWHUVFKLHGOLFKHQ .RQWH[WHQ ]XU *HOWXQJ s :LOKHOP %DXP.ODJHQIXUW”1LNRODXVYRQ.XHVXQG(QHD6LOYLR3LFFRORPLQL>3LXV,,@rHLQH+X PDQLVWHQIUHXQGVFKD "… ZLHGHUXPIUDJWHNULWLVFKQDFKREGLH%H]LHKXQJ]ZLVFKHQ&XVD QXV XQG 3LXV ,, ZLUNOLFK MHQH YLHOEHUXIHQH )UHXQGVFKD  JHZHVHQ VHL XQG QLFKW YLHOPHKU GLH VSDQQXQJVUHLFKH %H]LHKXQJ ]ZHLHU 3HUVÏQOLFKNHLWHQ PLW VHKU XQWHUVFKLHGOLFKHQ )½ KLJNHLWHQXQG,QWHUHVVHQs-DQ3LHSHU$DFKHQ”'HU.LUFKHQEDX3LXVn,,LQ3LHQ]DXQG VHLQH %H]LHKXQJHQ ]XP 'HQNJHE½XGH GHV &XVDQXV…  VFKOLH¸OLFK IÕKUWH VHLQ 3XEOLNXP LQ GLHYRQ3LXV,,JHJUÕQGHWH6WDGW3LHQ]DXPGLH8PVHW]XQJLQGHU$UFKLWHNWXUYRQ.RQ ]HSWHQZLH.DOHQGHUUHIRUPXQG7ROHUDQ]HUNHQQHQ]XOHKUHQ  ”1LFRODXV&XVDQXV]ZLVFKHQ'HXWVFKODQGXQG,WDOLHQ…rXQWHUGLHVHP7LWHOZXUGHQ)UD JHQYHUWLH ZLHXQWHUVFKLHGOLFKH6WUÏPXQJHQXQG(QWZLFNOXQJHQVLFKQDFKZHLVEDUNUHX] WHQXQGZHFKVHOVHLWLJEHIÏUGHUWHQXQGJHPHLQVDPH$XVJDQJVSXQNWHYHUVFKLHGHQDXVJHOHJW ZHUGHQ )UDQFHVFR 6DQWL /HFFH  YHUIROJWH GLH :HJH GHU 0XVLNWKHRULH LQ VHLQHP %HLWUDJ ”&RQJHWWXUHVXQXPHURDUPRQLDHIHGH&XVDQRHODWUDWWDWLVWLFDPXVLFDOHGHOVXRWHPSR… 'LH)ÏUGHUXQJGHU0XVLNXQWHU3DSVW1LNRODXV9XQGGLHVSHNXODWLYHQ%HPÕKXQJHQGHU 0XVLNHUXPGLH5DWLRQDOLW½WGHU2NWDYHXQGGHV+DOEWRQVUHJWHQ&XVDQXV]XHLJHQHU%H





0LVFHOODQHD VFK½ LJXQJPLWGLHVHP7KHPDDQs+DUDOG6FKZDHW]HU7ULHU ]HLJWHZLHREHU½FKOLFK ½KQOLFKH$QWKURSRORJLHQZLHGLHGHV&XVDQXVXQGGLHGHV*LRYDQQL3LFRGHOOD0LUDQGROD VHKUXQWHUVFKLHGOLFKH7LHIHQVLJQDWXUHQDXIZHLVHQNÏQQHQ8QWHUGHP7LWHO”6HPHQXQLYHU VDOHrGLH$QWKURSRORJLHEHL1LNRODXVYRQ.XHVXQG*LRYDQQL3LFRGHOOD0LUDQGROD…HUPLW WHOWH HU GLH 'LHUHQ] GHU $XVJDQJVSXQNWH EHL &XVDQXV GLH VSH]LVFKHQ w)½KLJNHLWHQkGHV 0HQVFKHQEHL3LFRGLHw2UWORVLJNHLWks$OHVVDQGUD7DUDERFKLD&DQDYHUR0DLODQG NRQ ]HQWULHUWHLQ”1LFFROË&XVDQRH)LFLQRDOODFDFFLDGHOODVDSLHQ]D…LKUHQ9HUJOHLFK]ZLVFKHQ GHQEHLGHQ'HQNHUQDXIGHQ%HJULGHVVSLULWXVXQGNRQQWH]HLJHQZLHVHOEVWEHLJHPHLQ VDPHP $QNQÕSIHQ DQ SKLORVRSKLVFKH 7UDGLWLRQHQ GHUHQ %HDUEHLWXQJ LQ FKUDNWHULVWLVFKHU :HLVHGLYHUJLHUWs(LQHHUVWDXQOLFKH.RQYHUJHQ]KLQJHJHQQRWLHUWH:DOWHU$QGUHDV(XOHU 7ULHU IÕU”'DV5HOLJLRQVYHUVW½QGQLVYRQ&XVDQXVXQG)LFLQR…$XVJHKHQGYRQGHUFRQQD WXUDWDUHOLJLRNRPPHQEHLGH]XGHQVHOEHQ6FKOÕVVHQZRPLWVLFKGLH)UDJHVWHOOWRE)LFLQR GXUFKGDV:HUN'HSDFHGHLGHV&XVDQHUVEHHLQX¸WZRUGHQLVWs)ÕU3DXO5LFKDUG%OXP %XGDSHVW  YHUZHLVW GDV 7KHPD ”'HU 5HOLJLRQVIULHGHQ YRQ &XVDQXV ELV &DPSDQHOOD… DXI HLQHEOHLEHQGHXQGJHGDQNOLFKQRFKHLQ]XKROHQGH/HLVWXQJGHU5HQDLVVDQFH3KLORVRSKLH 'LH YRQ XQWHUVFKLHGOLFKHQ $XWRUHQ r %OXP EHUÕFNVLFKWLJWH &XVDQXV )LFLQR 3LFR 0D FKLDYHOOL6XºUH]XQG&DPSDQHOODrHQWZLFNHOWHQ9RUVFKO½JH]XP8PJDQJPLWGHUw3OXUDOL W½W GHU 7KHRORJLHQk HQWKDOWHQ QDFK %OXP YHUPXWOLFK ”HLQHQ YROOVW½QGLJHQ 6DW] PÏJOLFKHU /ÏVXQJHQ ZHQQ .RQNXUUHQ] GHU 5HOLJLRQHQ QLFKW LQ .ULHJ DXVDUWHQ VROO… s 6WHSKDQ 0HLHU2HVHU %HUOLQ  EHVFKULHE ”'LH &XVDQXV5H]HSWLRQ LP GHXWVFKHQ 5HQDLVVDQFH +XPDQLVPXV…'LHVHHUZHLVWVLFKDOVHEHQVRYLHOJHVWDOWLJZLHHVGLHYRQ&XVDQXVJHERWH QHQ$QNQÕSIXQJVSXQNWHVLQGGDUÕEHUGDUIMHGRFKGLH$XVVWUDKOXQJGHU*HGDQNHQGHV&X VDQXVÕEHUGLH*UHQ]HQ'HXWVFKODQGVKLQDXVDXIGHQ3DULVHU+XPDQLVWHQ]LUNHOXP-DFTXHV /HI ÁYUH Gn¢WDSOHV QLFKW YHUJHVVHQ ZHUGHQ s 'HU EHUÕKPWHVWH )DOO HLQHU &XVDQXV 5H]HSWLRQ LQ ,WDOLHQ LVW GHU GHV *LRUGDQR %UXQR ,Q ”%UXQR H &XVDQR RYYHUR FRPH LO 9HUER GLYHQQH DQLPD PXQGL… IUDJWH 0DXUR )DOFLRQL 3HUXJLD0ÕQFKHQ  QDFK PÏJOLFKHQ (OHPHQWHQGHU.RQWLQXLW½W]ZLVFKHQGHQEHLGHQ'HQNHUQGRUWZR+DQV%OXPHQEHUJGHQ %UXFK]ZLVFKHQLKQHQKHUDXVJHVWHOOWKDWWHXQGVWHOOWHLQGHU”7UDQV]HQGHQ]GHUDQLPDPXQ GL…HLQVROFKHV(OHPHQWKHUDXVs'HQ$EVFKOX¸GHV7KHPHQVFKZHUSXQNWVXQG]XJOHLFK GHV6\PSRVLRQVELOGHWHGHU9RUWUDJYRQ+DQV*HUKDUG6HQJHU+HLGHOEHUJ.ÏOQ GHUEH VRQGHUH 9HUGLHQVWH XP GLH NULWLVFKH (GLWLRQ GHV &XVDQXV HUZRUEHQ KDW (U VSUDFK ÕEHU ”1LFKWZLVVHQ DOV :LVVHQVIRUP ,JQRUDQ]NRPSHQVDWLRQHQ YRQ 3HWUDUFD ELV (UDVPXV… 'LH )UDJHVWHOOXQJGHV1LFKWZLVVHQVO½¸WVLFKGXUFKGLHJHVDPWH3KLORVRSKLHJHVFKLFKWHYHUIROJHQ XQG LVW ]ZLVFKHQ  XQG  EHVRQGHUV SURGXNWLY 6HQJHU HQWIDOWHWH GDV EUHLWH 6SHN WUXPGHU%HDUEHLWXQJHQGHV7KHPDVDQ3HWUDUFD&XVDQXV$JULSSDXQG(UDVPXV  'LH (UJHEQLVVH GHV 6\PSRVLRQV ZHUGHQ GXUFK GDV *UDEPDQQ,QVWLWXW YHUÏHQWOLFKW ZHUGHQ r HUJ½Q]W XP %HLWU½JH GLH JHHLJQHW VLQG GLH EHDUEHLWHWHQ 7KHPHQVFKZHUSXQNWH DE]XUXQGHQHLQ%DQGDXIGHQPDQJHVSDQQWVHLQGDUIGDHUQLFKWVRVHKUEHDEVLFKWLJWHL QH9LHO]DKOYRQ6WLPPHQ]X*HKÏU]XEULQJHQDOVYLHOPHKUIÕUHLQHHUZHLWHUWH'HEDWWH IHVWH*UXQGODJHQ]XELHWHQ  &KULVWLDQH6FKXOW]%RFKXP 





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP  

5H]HQVLRQHQ

    -2+1 - &/($5< +UVJ  7KH 3HUHQQLDO 7UDGLWLRQ RI 1HRSODWRQLVP $QFLHQW DQG 0HGLHYDO 3KLORVRSK\ 'H :XOI0DQVLRQ &HQWUH   /HXYHQ /HXYHQ 8QLYHUVLW\ 3UHVV  ;;;,96*HEú,6%1 -2+1 -&/($5<+UVJ 7UDGLWLRQVRI3ODWRQLVP(VVD\VLQ+RQRXURI-RKQ'LOORQ$OGHUVKRWr %URRNHOG9HUPRQWr6LQJDSRUHr6\GQH\$VKJDWH;;96*HE}r,6%1  -2+$11(609$123+8,-6(1+UVJ 3ODWRDQG3ODWRQLVP6WXGLHVLQ3KLORVRSK\DQGWKH +LVWRU\RI3KLORVRSK\ :DVKLQJWRQ'&7KH&DWKROLF8QLYHUVLW\RI$PHULFD3UHVV 6*HE86,6%1  'HVSLWHWKHPDVVLYHFULWLFLVPZKLFK3ODWRDQG3ODWRQLVWVKDYHXQGHUJRQHLQWKHFRXUVHRI WKHSDVWFHQWXU\DWWKHKDQGVRIYDULRXVSKLORVRSKLFDOPRYHPHQWVrDQDO\WLFDOH[LVWHQWLDO SRVWPRGHUQLVW SUDJPDWLVW UKHWRULFDO DQG VRFLRORJLFDO WKRXJKW WR QDPH RQO\ D IHZ r JHQXLQHSKLORVRSKLFDOFRQFHUQZLWKWKH3ODWRQLFWUDGLWLRQKDVSHUKDSVQHYHUEHHQVWURQJHU DQGPRUHZHOOIRXQGHGVLQFHWKHFORVLQJRIWKH$WKHQLDQ$FDGHP\E\(PSHURU-XVWLQLDQLQ WKDQLWLVWRGD\HYHQLIWKHVHQVHRIWKHFRQWLQXLW\RIWKLVWUDGLWLRQLVQRORQJHUDQGFDQ QHYHU DJDLQ EH ZKDW LW ZDV LQ DQWLTXLW\ :LWK WKH HPHUJHQW GHQLWLRQ RI 3ODWRQLVP DV D SKLORVRSKLFDOKLVWRULFDO FDWHJRU\ r FRQFXUUHQWO\ ZLWK WKDW RI 0LGGOH 3ODWRQLVP 1HRSOD WRQLVP0HGLHYDO3ODWRQLVP5HQDLVVDQFH3ODWRQLVPDQGWKHGHWHUPLQDWLRQRIWKH3ODWRQLF GLPHQVLRQRIPRGHUQLGHDOLVWWKRXJKWDOODFKLHYHPHQWVRIPRGHUQHUXGLWLRQ\HWLQFRQ MXQFWLRQ ZLWK WKH VHOIXQGHUVWDQGLQJ PDUNLQJ VXFK HSRFKDO UHFRXUVH WR WKH ZULWLQJV DQG VFKRRORI3ODWRrWKLQJV3ODWRQLFKDYHEHFRPHLQODUJHPHDVXUHWKHSULQFLSDOLW\RIVFKRODUO\ UHVHDUFKZKRVHMXVWLQWHUHVWKRZHYHUQRWVHOGRPH[WHQGVEH\RQGWKHFKDUDFWHUL]DWLRQRI WKHKLVWRULFDOWRLWVKLVWRULFDOO\FRQVFLRXVDSSOLFDWLRQLQLOOXPLQDWLQJPDWWHUVRIFRQWHPSR UDU\ r DQG R HQ V\VWHPDWLF r UHOHYDQFH 7KUHH UHFHQWO\ SXEOLVKHG DQWKRORJLHV GRFXPHQW WKHDELGLQJSKLORVRSKLFDODWWUDFWLRQRI3ODWRDQG3ODWRQLVPDQGWKHZD\LQZKLFKWKH3OD WRQLFKHULWDJHKDVEHHQVHFXUHGE\WKDWYHU\FULWLFDOUHVHDUFKQRZGHGLFDWHGWRFODULI\LQJLWV RULJLQDQGGHYHORSPHQW  7KHUVWFROOHFWLRQHGLWHGE\-RKQ-&OHDU\7KH3HUHQQLDO7UDGLWLRQRI1HRSODWRQLVPLQ FOXGHVHVVD\VRQWZHOYHWRSLFV1HRSODWRQLFWKHRORJ\-3ÂSLQ32n&OHLULJK$6PLWK  3ODWR DQG 3ORWLQXV '2n%ULHQ 0,6DQWD &UX] '3 +XQW  3ORWLQLDQ RSÁN *9HU EHNH/3*HUVRQ VRFDOOHG3ORWLQLDQP\VWLFLVP*5&DURQH'&DUDELQH 3ORWLQLDQ HXGDLPRQLVP)06FKURHGHU**XUWOHU UHSUHVHQWDWLYHVRIWKH3ODWRQLFVFKRRO%5HLV +-%OXPHQWKDO  ODWH 1HRSODWRQLF HSLVWHPRORJ\ &6WHHO (7HPSHOLV  ODWH $FDGHPLF 1HRSODWRQLVP '%X]]HWWL )$-GH +DDV -'LOORQ  3DWULVWLF DQG PHGLHYDO 1HR SODWRQLVP -0F(YR\ 72n/RXJKOLQ  $UDELF DQG -HZLVK 1HRSODWRQLVP &'n$QFRQD 7(*DVNLOO.6HHVNLQ WKH5HQDLVVDQFHRI1HRSODWRQLVP6$0F.QLJKW-$'RXOO  QDOO\PRGHUQ1HRSODWRQLVWV5%*RRGPDQQ-%UHJPDQ (DFKHVVD\KDVLWVRZQELEOL RJUDSK\WKHYROXPHLQFOXGHVDQLQGH[RIQDPHVDQGVXEMHFWVDVZHOODVDQLQGH[ORFRUXP

5H]HQVLRQHQ  1RWVXUSULVLQJO\WKHIRFDOSRLQWRIWKHYROXPHLV3ORWLQLDQ3ODWRQLVPWKHQWKDWRI3UR FOXV %RWK H[SHUWV DQG VWXGHQWV DUH JHQHUDOO\ ZHOO UHZDUGHG ZLWK VRPH LQWURGXFWRU\ DQG VRPHPRUHGHHSO\H[SORUDWRU\HVVD\VDORQJZLWKDZHDOWKRIUHIHUHQFHVWRSULPDU\DQGVHF RQGDU\VRXUFHV:HOFRPHLVWKHLQFOXVLRQRIWKHVHFWLRQRQ$UDELFDQG-HZLVK1HRSODWRQ LVPDGLPHQVLRQRIPHGLHYDOWKRXJKWZKLFKKDVDOOWRRR HQUHFHLYHGVKRUWVKUL EXWWKHQ PHGLHYDO3ODWRQLVPLWVHOILVVRPHZKDWVKRUWFKDQJHGZLWKRQO\WZRHQWULHVWKHDOOHJDWLRQRI ”WKHUDWKHUOHDQPLGGOHDJHV…>S[[YLLL@KDUGO\KROGVZDWHUIRUDQDJHVREHKROGHQWRWKH/L EHUGHFDXVLVDQGWKH&RUSXV'LRQ\VLDFXPDVZHOODV3DWULVWLF3ODWRQLVP DQGRQHFDQQRWEXW EHGLVDSSRLQWHGZLWKWKHLQDGHTXDWHDWWHQWLRQJLYHQLQVXFKDZHLJKW\YROXPHWRWKH1HR SODWRQLFKHULWDJHRIWKHWKWKURXJKWKHWKFHQWXULHVWKHHGLWRUKLPVHOIUHIHUULQJLQKLV SUHIDWRU\UHPDUNVWRWKH5RPDQWLFPRYHPHQWDV”WKHODVWVHULRXVDWWHPSWWRFXOWLYDWHWKH 1HRSODWRQLFJDUGHQDVDUHIXJHIURPWKHGHKXPDQLVLQJWHQGHQFLHVRIPRGHUQWHFKQRORJ\… S[ ,WPD\EHWKDWKHVLPSO\KDGQRRWKHUPDWHULDODYDLODEOH7KHFROOHFWLRQZDVFXOOHG IURP FRQWULEXWLRQV WR D FRQIHUHQFH RQ ”0\VWLFLVP 5DWLRQDOLVP DQG (PSLULFLVP LQ WKH 1HRSODWRQLF7UDGLWLRQ…KHOGLQLQ0D\QRRWK,UHODQGDQDUUDQJHPHQWZKLFKSHUKDSV SUHFOXGHG DWWHQWLRQ WR ”,GHDOLVP… RU ”$HVWKHWLFV… LQ WKH VDPH 7KHVH FULWLFLVPV KRZHYHU DULVHRQO\DJDLQVWWKHEDFNJURXQGRIWKHEUHDGWKRIVFKRODUVKLSKHUHSUHVHQWHGZKLFKDOVR ZHOOUHHFWVWKHLQWHUQDWLRQDOFKDUDFWHURIFRQWHPSRUDU\1HRSODWRQLFUHVHDUFK  7KH VHFRQG DQWKRORJ\ DOVR SUHSDUHG E\ &OHDU\ 7UDGLWLRQV RI 3ODWRQLVP DUUDQJHV LWV  FRQWULEXWLRQVLQWRIRXUKHDGLQJVWKH3ODWRQLFOHJDF\'2n%ULHQ-%XVVDQLFK&5RZH /3*HUVRQ WKH0LGGOH3ODWRQLFWUDGLWLRQ%5HLV0%DOWHV-0DQVIHOG'75XQLD /%ULVVRQ 3ORWLQXV:%HLHUZDOWHV$6PLWK&'n$QFRQD'2n0HDUD(.(PLOV VRQ DQGWKH1HRSODWRQLFWUDGLWLRQ-3ÂSLQ+'6DUH\+-%OXPHQWKDO-%UHJPDQ &6WHHO+7DUUDQW-05LVW-0F(YR\ 0RVWRIWKHVHHVVD\VDUHIROORZHGE\WKHLURZQ ELEOLRJUDSK\ 0DWFKLQJ LWV FKDUDFWHU DV D )HVWVFKUL  WKH YROXPH DOVR FRQWDLQV D UHJUHWWDEO\ LQFRPSOHWHOLVWRIWKHSXEOLFDWLRQVRIWKHKRQRUHG-RKQ'LOORQRPLWWLQJIRUH[DPSOH”'LH (QWZLFNOXQJ GHV 0LWWHOSODWRQLVPXV… WUDQVO E\ $6HOO DQG 2)6XPPHUHOO LQ 7.R EXVFKDQG%0RMVLVFK>+UVJ@3ODWRQLQGHUDEHQGO½QGLVFKHQ*HLVWHVJHVFKLFKWH1HXH)RUVFKXQJHQ ]XP3ODWRQLVPXV>'DUPVWDGW@S WKHIRFXVRIKLVZHOONQRZQZRUNGHVSLWHLWV LQFOXGLQJVXFKDWLWOHDV”3ORWLQXVDQGWKH7UDQ>V@FHQGHQWDO,PDJLQDWLRQ…S[YL SUHVXPD EO\DQWLFLSDWLQJWKHUHVWULFWLRQRIWKHSOXUDOO\FRQFHLYHG3ODWRQLFWUDGLWLRQVKHUHSRUWUD\HG WRWKHVSDQEHWZHHQ3ODWRDQGWKH1HRSODWRQLVPRIODWHDQWLTXLW\  7KH OXVWHU RI WKLV YROXPH UHVHPEOHV WKDW RI WKH IRUHJRLQJ SURGXFW RI &OHDU\n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aVHQ 3ODWRDQG 3ODWRQLVP WKH VPDOOHVW RI WKHVHWKUHHDQWKRORJLHVFRQWDLQVHVVD\VRIWKUHHVRUWVDOWKRXJKWKHGLYLVLRQLVQRWPDGH H[SOLFLWLQWKHWDEOHRIFRQWHQWV7KHUHDUHWKRVHIRFXVVLQJRQLQGLYLGXDOGLDORJXHVRQHHV VD\HDFKRQWKH3URWDJRUDV5($OOHQ WKH(XWK\SKUR5%XUJHU WKH&ULWR.3ULW]O DQG WKH3KLOHEXV65RVHQ DQGWZRHDFKRQWKH 7LPDHXV'07UHVV7$'UXDUW DQGWKH 6WDWHVPDQ.'RUWHU00LOOHU WKHVHUDQJLQJIURPVXPPDU\FRPPHQWDULHVWRQDUURZHU H[DPLQDWLRQVRIWRSLFVRUSDVVDJHV7KHQWKHUHDUHWKRVHWUHDWLQJWKHPHVUDQJLQJDFURVVVHY





5H]HQVLRQHQ HUDOGLDORJXHVH[DPLQDWLRQVRI3ODWRRQWKHSDUWVRIWKHVRXO)'0LOOHU-U 3ODWRQLFOLE HUDOLVP&/*ULVZROG-U DQGIRUPVDQGSUHGLFDWLRQLQWKHODWHUGLDORJXHV$0:LOHV  )LQDOO\ WKHUH DUH WKRVH HVVD\V GHDOLQJ ZLWK VRPH DVSHFW RI WKH HQVXLQJ 3ODWRQLF WUDGLWLRQ WKURXJKODWHDQWLTXLW\GLVFXVVLRQVRIPRUDOPRWLYDWLRQ-05LVW WKHQRWLRQRIWKHSKL ORVRSKHUNLQJ'-2n0HDUD DQGGLDOHFWLF-09DQ2SKXaVHQ   7KHUHLVQRSRLQWRIFRQFHQWUDWLRQLQWKLVFROOHFWLRQLWLVKDSKD]DUGDQGQRWUHDOO\XSWR WKHGHPDQGVRILWVJHQHULFWLWOHDVZDVVHHPLQJO\WKHOHFWXUHVHULHVDWWKH&DWKROLF8QLYHU VLW\RI$PHULFDRIZKLFKSURYLGHGLWVRFFDVLRQDQGDVWKHHGLWRURSHQO\VWDWHVLQ KLV LQWURGXFWLRQ 1RQHWKHOHVV LQ YLHZ RI WKH ULFKQHVV DQG GLXVLRQ RI 3ODWRnV WKRXJKW WKHUHLVQRUHDOKDUPLQWKDW7KHUHDGHUZLOOSLFNDQGFKRRVHZKDWLVRILQWHUHVW/DXGDEO\ QRHRUWKDVEHHQPDGHGHVSLWHWKHUHVWULFWHGIRUPDWWRSURPRWHDVLQJOHwVFKRROkRILQWHU SUHWDWLRQDQGVRPHVPDOOVWHSVDUHWDNHQrDQGQRWMXVWLQWKHFKRLFHRIFRQWULEXWRUVrWR ZDUGEUHDNLQJGRZQWKHKLJKO\DUWLFLDOHYHQVXSHUFLOLRXVGLYLVLRQEHWZHHQ$QJOR$PHUL FDQ DQG &RQWLQHQWDO (XURSHDQ SKLORVRSK\ ZKLFK DW WLPHV VWLOO PDUV 3ODWRQLF VFKRODUVKLS HYHQ DV (QJOLVKODQJXDJH UHIHUHQFHV GRPLQDWH 7KH DQWKRORJ\ LV KRZHYHU ELEOLRJUDSKL FDOO\XQHYHQHPSOR\LQJERWKLQGHSHQGHQWUHIHUHQFHVDVLQPRVWRIWKHHVVD\VZKRVHVWDQ GDUGVDUHYDULDQWDQGDFROOHFWHGELEOLRJUDSK\PDNLQJQRSUHWHQVHWRV\QRSWLFTXDOLW\DQG FRQWDLQLQJVXFKIULYRORXVHQWULHVLQWKHLUHQWLUHW\DV”(SLFWHWXV'LVFRXUVHV…RU”.DQW,P PDQXHO&ULWLTXHRI3XUH5HDVRQ…ZKLFKVXJJHVWDVSURYHVWREHWKHFDVHWKDWPDQ\RIWKH UHPDLQLQJ HQWULHV ODFN DQ\WKLQJ DSSURDFKLQJ FRPSOHWH RU DFFXUDWH GRFXPHQWDWLRQ 7KH ERRNGRHVFRQWDLQDQH[WHQVLYHJHQHUDOLQGH[RIVXEMHFWVDQGQDPHVZKRVHORJLFKRZHYHU HOXGHV QHLWKHU 6%HQDUGHWH QRU * 5HDOH WR QDPH MXVW WZR RI FRXQWOHVV H[DPSOHV DUH WDNHQXSDOWKRXJKERWKDUHFLWHG DVZHOODVDQLQGH[ORFRUXP  'LVSOHDVLQJ LV WKH WUDQVOLWHUDWLRQ RI *UHHN LQ FRQWUDVW WR WKH RWKHU WZR YROXPHV KHUH SUHVHQWHG ZKLFK PDQ\ $PHULFDQ SXEOLVKHUV QRZ VHHP WR GHPDQG 7KHVH VKRXOG LQVWHDG WDNHWRKHDUWWKHZDUQLQJRHUHGrLWLVWREHKRSHGZLWKGHHSLURQ\rE\WKHHGLWRUWKDW ”ZH VKRXOG QRW WDNH LW IRU JUDQWHG WKDW UHDGLQJ 3ODWR LQ WUDQVODWLRQ ZLWK QR PRUH *UHHN WKDQ LV UHTXLUHG IRU VSRWWLQJ WKH RGG WHFKQLFDO WHUP LQ D SDUDOOHO WH[W LQYROYHV QR JUHDWHU ULVNV RI GLVWRUWLRQ WKDQ UHDGLQJ $TXLQDV ZLWKRXW /DWLQ RU .DQW ZLWKRXW *HUPDQ… S  'DQJHUVDERXQG



2UULQ)6XPPHUHOO%RFKXP 

   67$9526 76,76,5,',63ODWRQV0HQH[HQRV(LQOHLWXQJ7H[WXQG.RPPHQWDU%HLWU½JH]XU$OWHU WXPVNXQGH 6WXWWJDUWr/HLS]LJ6DXU6úr,6%1;  =X GHQ 0HUNZÕUGLJNHLWHQ GHU XQWHU GHP 1DPHQ 3ODWRQV ÕEHUOLHIHUWHQ 6FKUL HQ JHKÏUW PLW6LFKHUKHLWGLH/HLFKHQUHGHGHV6RNUDWHVDXIGLH*HIDOOHQHQHLQHVQLFKWQ½KHUEHQDQQWHQ $WKHQLVFKHQ)HOG]XJHVLQGHUHUQHEHQHLQHPLGHDOLVLHUWHQ$XIUL¸GHU*HVFKLFKWH$WKHQV HLQH'DUVWHOOXQJGHUYRUWUH#LFKHQ+HUNXQ VHLQHU%HZRKQHULKUHU7DWHQVRZLHLKUHUSR OLWLVFKHQ9HUIDVVXQJOLHIHUWXQGGLHQDFKGHP*HVSU½FKVSDUWQHUGHUHLQUDKPHQGHQ'LDORJ SDVVDJHQ ]X %HJLQQ XQG DP (QGH GHU $QVSUDFKH w0HQH[HQRVk EHWLWHOW LVW 'LHVH LQ SKL ORVRSKLVFKHU3HUVSHNWLYH]XPLQGHVWYRUGHUJUÕQGLJLQKDOWVOHHUH6FKUL ZLOOVLFKDOVOLWHUDUL VFKHU$XVZHLVUKHWRULVFKHU$PELWLRQHQ3ODWRQVVRJDUQLFKWPLWVHLQHUVRQVWR PDOVJH½X ¸HUWHQDEOHKQHQGHQ+DOWXQJJHJHQÕEHUGHU5HGHNXQVWYHUWUDJHQ 



5H]HQVLRQHQ HUDOGLDORJXHVH[DPLQDWLRQVRI3ODWRRQWKHSDUWVRIWKHVRXO)'0LOOHU-U 3ODWRQLFOLE HUDOLVP&/*ULVZROG-U DQGIRUPVDQGSUHGLFDWLRQLQWKHODWHUGLDORJXHV$0:LOHV  )LQDOO\ WKHUH DUH WKRVH HVVD\V GHDOLQJ ZLWK VRPH DVSHFW RI WKH HQVXLQJ 3ODWRQLF WUDGLWLRQ WKURXJKODWHDQWLTXLW\GLVFXVVLRQVRIPRUDOPRWLYDWLRQ-05LVW WKHQRWLRQRIWKHSKL ORVRSKHUNLQJ'-2n0HDUD DQGGLDOHFWLF-09DQ2SKXaVHQ   7KHUHLVQRSRLQWRIFRQFHQWUDWLRQLQWKLVFROOHFWLRQLWLVKDSKD]DUGDQGQRWUHDOO\XSWR WKHGHPDQGVRILWVJHQHULFWLWOHDVZDVVHHPLQJO\WKHOHFWXUHVHULHVDWWKH&DWKROLF8QLYHU VLW\RI$PHULFDRIZKLFKSURYLGHGLWVRFFDVLRQDQGDVWKHHGLWRURSHQO\VWDWHVLQ KLV LQWURGXFWLRQ 1RQHWKHOHVV LQ YLHZ RI WKH ULFKQHVV DQG GLXVLRQ RI 3ODWRnV WKRXJKW WKHUHLVQRUHDOKDUPLQWKDW7KHUHDGHUZLOOSLFNDQGFKRRVHZKDWLVRILQWHUHVW/DXGDEO\ QRHRUWKDVEHHQPDGHGHVSLWHWKHUHVWULFWHGIRUPDWWRSURPRWHDVLQJOHwVFKRROkRILQWHU SUHWDWLRQDQGVRPHVPDOOVWHSVDUHWDNHQrDQGQRWMXVWLQWKHFKRLFHRIFRQWULEXWRUVrWR ZDUGEUHDNLQJGRZQWKHKLJKO\DUWLFLDOHYHQVXSHUFLOLRXVGLYLVLRQEHWZHHQ$QJOR$PHUL FDQ DQG &RQWLQHQWDO (XURSHDQ SKLORVRSK\ ZKLFK DW WLPHV VWLOO PDUV 3ODWRQLF VFKRODUVKLS HYHQ DV (QJOLVKODQJXDJH UHIHUHQFHV GRPLQDWH 7KH DQWKRORJ\ LV KRZHYHU ELEOLRJUDSKL FDOO\XQHYHQHPSOR\LQJERWKLQGHSHQGHQWUHIHUHQFHVDVLQPRVWRIWKHHVVD\VZKRVHVWDQ GDUGVDUHYDULDQWDQGDFROOHFWHGELEOLRJUDSK\PDNLQJQRSUHWHQVHWRV\QRSWLFTXDOLW\DQG FRQWDLQLQJVXFKIULYRORXVHQWULHVLQWKHLUHQWLUHW\DV”(SLFWHWXV'LVFRXUVHV…RU”.DQW,P PDQXHO&ULWLTXHRI3XUH5HDVRQ…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rLWLVWREHKRSHGZLWKGHHSLURQ\rE\WKHHGLWRUWKDW ”ZH VKRXOG QRW WDNH LW IRU JUDQWHG WKDW UHDGLQJ 3ODWR LQ WUDQVODWLRQ ZLWK QR PRUH *UHHN WKDQ LV UHTXLUHG IRU VSRWWLQJ WKH RGG WHFKQLFDO WHUP LQ D SDUDOOHO WH[W LQYROYHV QR JUHDWHU ULVNV RI GLVWRUWLRQ WKDQ UHDGLQJ $TXLQDV ZLWKRXW /DWLQ RU .DQW ZLWKRXW *HUPDQ… S  'DQJHUVDERXQG



2UULQ)6XPPHUHOO%RFKXP 

   67$9526 76,76,5,',63ODWRQV0HQH[HQRV(LQOHLWXQJ7H[WXQG.RPPHQWDU%HLWU½JH]XU$OWHU WXPVNXQGH 6WXWWJDUWr/HLS]LJ6DXU6úr,6%1;  =X GHQ 0HUNZÕUGLJNHLWHQ GHU XQWHU GHP 1DPHQ 3ODWRQV ÕEHUOLHIHUWHQ 6FKUL HQ JHKÏUW PLW6LFKHUKHLWGLH/HLFKHQUHGHGHV6RNUDWHVDXIGLH*HIDOOHQHQHLQHVQLFKWQ½KHUEHQDQQWHQ $WKHQLVFKHQ)HOG]XJHVLQGHUHUQHEHQHLQHPLGHDOLVLHUWHQ$XIUL¸GHU*HVFKLFKWH$WKHQV HLQH'DUVWHOOXQJGHUYRUWUH#LFKHQ+HUNXQ VHLQHU%HZRKQHULKUHU7DWHQVRZLHLKUHUSR OLWLVFKHQ9HUIDVVXQJOLHIHUWXQGGLHQDFKGHP*HVSU½FKVSDUWQHUGHUHLQUDKPHQGHQ'LDORJ SDVVDJHQ ]X %HJLQQ XQG DP (QGH GHU $QVSUDFKH w0HQH[HQRVk EHWLWHOW LVW 'LHVH LQ SKL ORVRSKLVFKHU3HUVSHNWLYH]XPLQGHVWYRUGHUJUÕQGLJLQKDOWVOHHUH6FKUL ZLOOVLFKDOVOLWHUDUL VFKHU$XVZHLVUKHWRULVFKHU$PELWLRQHQ3ODWRQVVRJDUQLFKWPLWVHLQHUVRQVWR PDOVJH½X ¸HUWHQDEOHKQHQGHQ+DOWXQJJHJHQÕEHUGHU5HGHNXQVWYHUWUDJHQ 



5H]HQVLRQHQ  7URW]GHVLQGLHVHP=XVDPPHQKDQJ]XJOHLFKQRWZHQGLJHQ(LQJHVW½QGQLVVHVGD¸LQDQ GHUHQ7H[WHQ3ODWRQVPLWXQWHUHEHQIDOOV*ODQ]VWÕFNHDQWLNHU5KHWRULNSU½VHQWLHUWZHUGHQ HVVHLLQGLHVHP=XVDPPHQKDQJHWZDDQGLH$SRORJLDGHQ3KDHGUXVRGHUDXFKGHQ3URWDJRUDV HULQQHUW  XQG WURW] GHU KLHU ZLHGHUXPGHP 6RNUDWHV LQ GHQ 0XQG JHOHJWHQ .RNHWWHULHQ HWZDGXUFKGLH=XZHLVXQJGHU8UKHEHUVFKD GHU5HGHDQGLHDXVGHUDWWLVFKHQ.RPÏGLH EHNDQQWH]ZHLWH)UDXGHV3HULNOHV$VSDVLD EH]HXJWGLHKLHUHUIROJHQGH.RQ]HQWUDWLRQDXI HLQH :LUNXQJ EHDEVLFKWLJHQGH $QVSUDFKH XQG GLH QDKH]X SUDKOHULVFKH $QNÕQGLJXQJ GHV 6RNUDWHVHVDXIGHP*HELHWGHU5HGHNXQVW]XPLQGHVWHQVHEHQVRJUR¸HU0HLVWHUVFKD ZLH GLHEHUXIVP½¸LJHQ5HGQHU]XEULQJHQFD HLQHQ3ODWRQGHUVLFKVHOEVWDOV9HUIDV VHUYRQVSUDFKOLFKHQ0L¸EUDXFKXQGVRSKLVWLVFKH(ORTXHQ]JHL¸HOQGHQ'LDORJHQZLH3URWD JRUDVXQG*RUJLDVJDQ]]XVFKZHLJHQYRQ7KHDHWHWXVXQG6RSKLVWHV]XZLGHUVSUHFKHQVFKHLQW  9RUGLHVHP+LQWHUJUXQGYHUZXQGHUWHVZHQLJHUGD¸GHP0HQH[HQXVK½XJGLH$XWKHQ WL]LW½WDEJHVSURFKHQZXUGHGD¸GLHVDOOHUGLQJV]XPHLVWDXVDQGHUHQ*UÕQGHQJHVFKDKKLQ JHJHQ MHGRFK PHKU (V ZDUHQ Q½POLFK YRUQHKPOLFK ZHQLJHU LQKDOWOLFKH 0RWLYH GLH ]XP =ZHLIHODQUHJWHQDOVYLHOPHKU½X¸HUHSKLORORJLVFKRULHQWLHUWH0RPHQWHZLHXDGLH6WLP PLJNHLWGHUKLVWRULVFKHQ3DVVDJHQXQG½VWKHWLVFKH8UWHLOHHWZDEH]ÕJOLFKGHUUHODWLYVWDWL VFKHQ=HLFKQXQJGHU)LJXUGHV6RNUDWHVGHU0DQJHODQGHUVRQVWW\SLVFKHQ'LDOHNWLNXQG 0½HXWLNRGHULQVJHVDPWGDV)HKOHQMHJOLFKHUGUDPDWLVFKHU(QWZLFNOXQJHQGLHGLH(FKWKHLW EHGHQNOLFKHUVFKHLQHQOLH¸HQ  *HUDGHGLHVH]XOHW]WJHQDQQWHQ$QVDW]SXQNWHQLPPW6WDYURV7VLWVLULGLVLQVHLQHUQXQLQ (UZHLWHUXQJ SXEOL]LHUWHQ 'LVVHUWDWLRQ 3ODWRQV 0HQH[HQRV (LQOHLWXQJ 7H[W XQG .RPPHQWDU ]XP$QOD¸XPPLWGHP6FKZHUSXQNWSKLORORJLVFKHUXQGKLVWRULVFKHU$QDO\VHGHU(FKW KHLWVIUDJHGHV0HQH[HQXVQDFK]XJHKHQXQGVLHVFKOLH¸OLFKSRVLWLY]XEHDQWZRUWHQ(LQHVRO FKH ”DXVIÕKUOLFKH (UÏUWHUXQJ GHU JHJHQ GLH (FKWKHLW YRUJHEUDFKWHQ $UJXPHQWH… VR JLEW 7VLWVLULGLVDOV=LHOYRUJDEHNXQGVROO”QLFKWQXUIÕUGLH*HVFKLFKWHGHUSKLORORJLVFKHQ)RU VFKXQJYRQ,QWHUHVVH…VHLQ”VRQGHUQNDQQDXFKGDV9HUVW½QGQLVGHV:HUNHVVHOEVWIÏUGHUQ LQGHPVLHGLH$XIPHUNVDPNHLWDXIYHUVFKLHGHQH$VSHNWHGHV:HUNHVVHOEVWULFKWHWXQGGLH *HOHJHQKHLW]XU$XINO½UXQJHWOLFKHU6FKZLHULJNHLWHQELHWHW…6 'DEHLJHOLQJWHV7VLWVL ULGLV ]XQ½FKVW GLH (LQZ½QGH JHJHQ HLQH 3ODWRQLVFKH 8UKHEHUVFKD  GHV 'LDORJHV ]X HQW NU½ HQ 6R NRQVWDWLHUW HU GHQ YRUKDQGHQHQ ELVZHLOHQ MHGRFK QXU XQWHUVFKZHOOLJ ZDKU QHKPEDUHQ:LW]GHVKLHUDX UHWHQGHQ6RNUDWHVXQGHQWNU½ HWGLHPRQLHUWHIHKOHQGHOLWH UDULVFKH 9LUWXRVLW½W GHU 6FKUL  GXUFK GHQ 9HUZHLV DXI DQGHUH HEHQIDOOV ZHQLJHU JODQ]YROO JHVWDOWHWH'LDORJH3ODWRQVZLHHWZD$SRORJLDXQG&ULWLDVKLHUNDQQHU]XGHPDXFKGLHYHU PHLQWOLFKHQ8QJHUHLPWKHLWHQGHUKLVWRULVFKHQ$QJDEHQGXUFKGLH+LQ]X]LHKXQJYLHOI½OWL JHQ4XHOOHQPDWHULDOVDXÏVHQ  'LHLP$QVFKOX¸GDUDQDXIJHIÕKUWHQSRVLWLYHQ$UJXPHQWHIÕUGLH=XVFKUHLEXQJGHU$X WRUVFKD EHVLW]HQIÕULKQDOOHUGLQJVJUϸHUHV*HZLFKW+LHULVWHV]XQ½FKVWYRUDOOHPGLH5HL KHGHU7HVWLPRQLHQrXQGGDEHLLQVEHVRQGHUH$ULVWRWHOHVGHULQVHLQHU5KHWRULN]ZHLPDODXI GHQ0HQH[HQXV%H]XJQLPPWrGLHIÕU7VLWVLULGLVGHQVFKODJHQGVWHQ%HZHLVIÕUGLH$XWKHQ WL]LW½WGHV0HQH[HQXVOLHIHUW6 'D¸7VLWVLULGLVLQGLHVHP=XVDPPHQKDQJQLFKWLQJOHL FKHP0D¸DXI&LFHURDEKHEWQDFKGHVVHQ%HULFKW'HRUDW GHUzTMX„JMSNYRQGHUDWKH QLVFKHQ%HYÏONHUXQJGHUPD¸HQEHJHLVWHUWDXIJHQRPPHQZXUGHGD¸HUDOOM½KUOLFKÏHQW OLFKUH]LWLHUWZXUGHHUGLHVHQYLHOPHKUDQVS½WHUHU6WHOOHIÕUGDVWUDGLWLRQHOOH0L¸YHUVW½QGQLV GHUQDFK7VLWVLULGLVn'HXWXQJQLFKWJ½Q]OLFKD"UPDWLYNRQ]LSLHUWHQ6FKUL DQIÕKUW6  PX¸rZRHVDOOHLQXPGHQ(UZHLVGHU(FKWKHLWJHKWrDOVHLQHNOHLQHDUJXPHQWDWLYH6FKZ½





5H]HQVLRQHQ FKH DQJHVHKHQ ZHUGHQ EHJLEW VLFK 7VLWVLULGLV GRFK KLHU GHU 0ÏJOLFKNHLW GXUFK GHQ 9HU ZHLVDXIKLVWRULVFKH)DNWL]LW½WGLH%HZHLVSLFKWGHUDEVSUHFKHQGHQ3DUWHL]X]XZHLVHQ  $EHUDXFKZHLWHUH)DNWRUHQZLHGLH6SUDFKHXQGLQKDOWOLFKH$QNQÕSIXQJVSXQNWHrHW ZDµEHUVFKQHLGXQJHQPLWGHUGULWWHQ5HGHGHU$SRORJLDWKHPDWLVFKH9HUELQGXQJHQ]XP *RUJLDVrEHVW½WLJHQQDFK7VLWVLULGLVQLFKWQXUGHQ%HIXQGE]ZOLHIHUQ”NHLQHUOHL$QOD¸GLH (FKWKHLW GHU 6FKUL  LQ )UDJH ]X VWHOOHQ… 6  VRQGHUQ HUODXEHQ HV LKP GDUÕEHU KLQDXV DXFK HLQH FKURQRORJLVFKH XQG ]HLWOLFKH (LQRUGQXQJ GHV 0HQH[HQXV YRU]XQHKPHQ 'DEHL VWHOOWHU]XQ½FKVWIHVWGD¸GLH6SUDFKH”HLQZDQGIUHLSODWRQLVFK…LVW6 XQGrZLHDXFK ZHLWHUH VWLORPHWULVFKH 5HVXOWDWH r DXI ”HLQH VS½WHUH 3KDVH GHU HUVWHQ 3HULRGH… YHUZHLVW 6 LQGHUVR7VLWVLULGLVZHLWHUDXFK(XWK\GHPXV&UDW\OXV6\PSRVLXPXQG3KDHGRDQ]X VLHGHOQ VHLHQ HEG  $OV NRQNUHWHQ $EIDVVXQJV]HLWUDXP GHV 0HQH[HQXV PDFKW 7VLWVLULGLV KLHUEHLGLH=HLWVSDQQHXP”RGHUZHQLJVS½WHU…6 DXVZREHLGHULQGHDOV(Q GHGHU*HVFKLFKWH$WKHQVHUZ½KQWHVRJ.ÏQLJVIULHGHY&KU IÕULKQGDV.ULWHULXP LP6LQQHHLQHVWHUPLQXVDTXRGDUVWHOOW'LH9HURUWXQJGHU6FKUL ]ZLVFKHQ*RUJLDVHQWVWDQ GHQ]ZLVFKHQXQG XQG6\PSRVLXPFD EHUXKWKLQJHJHQDXILQKDOWOLFKHQ)DN WRUHQ6RVLQGHV]XPHUVWHQZLHGHUXPGLHJUR¸H$Q]DKOLQKDOWOLFKHUµEHUHLQVWLPPXQJHQ XQG :LHGHUDXIQDKPHQ GLHGHQ0HQH[HQXV VR 7VLWVLULGLV PLW GHP *RUJLDV YHUELQGHW EH ]ÕJOLFKGHV6\PSRVLXPHUNHQQW7VLWVLULGLVLQVEHVRQGHUHGLH'LRWLPD5HGHDOV8PIRUPXQJ GHU/HLFKHQUHGHGHV0HQH[HQXVVRGD¸GLHVHU'LDORJIÕULKQDOVWHUPLQXVDQWHTXHPIXQJLHUHQ NDQQ1DFKGHP7VLWVLULGLVLQHLQHPZHLWHUHQ.DSLWHOVHLQHU(LQOHLWXQJw$XIEDXk HLQH(LQ RUGXQJGHUGUDPDWLVSHUVRQDHYRUJHQRPPHQKDWrGLH)LJXUGHV0HQH[HQRVLVWDXVGHP/\VLV XQGGHP3KDHGRDOVUHODWLYMXQJHU$QJHKÏULJHUGHV6RNUDWHV.UHLVHVEHNDQQWNÏQQWHDEHU ]XJOHLFKDXFKDOVKLVWRULVFKH3HUVRQPLW3HULNOHVYHUZDQGWVHLQ$VSDVLDDOV=LHOVFKHLEHGHV 6SRWWHV GHU DWWLVFKHQ .RPÏGLH JDOW LQ KLVWRULVFKHU 3HUVSHNWLYH ]XJOHLFK DOV )ÕKUXQJVJXU GHUVRSKLVWLVFKHQ%HZHJXQJXQWHU3HULNOHVrHUZHLVWHUGHQ$XIEDXGHVzTMX„JMSNDOVGHQ DOOJHPHLQHQ *DWWXQJVW\SHQ HQWVSUHFKHQG $XFK ZHQQ HU LQ GLHVHP =XVDPPHQKDQJ HLQ U½XPHQ PX¸ GD¸ HLQ QRUPDWLYHV 5HJHOZHUN IÕU GLH 6WUXNWXULHUXQJ HLQHV zTMX„JMSN ]XU $EIDVVXQJV]HLWGHV0HQH[HQXVQRFKQLFKWEHVWDQGDOOHUGLQJVSDUWLHOOHµEHUHLQVWLPPXQJHQ PLWGHU]HLWOLFKQLFKWDOO]XHQWIHUQWHQ5KHWRULFDDG$OH[DQGUXPGHV$QD[LPHQHVYRU]XQGHQ VLQGNDQQGRFKHLQHUHFKWVWUHQJHXQGGHP7\SXVHQWVSUHFKHQGH'XUFKVWUXNWXULHUXQJGHU /HLFKHQUHGHYRUJHIXQGHQZHUGHQ6   $EJHVFKORVVHQ ZLUG GLH DOOJHPHLQH (LQRUGQXQJ GHV 'LDORJV GXUFK HLQ YHUJOHLFKVZHLVH XPIDQJUHLFKHV .DSLWHOGDV GHQ HWZDV XQJOÕFNOLFKHQ 7LWHO w6LQQ XQG %HGHXWXQJk WU½JW LQ GHP7VLWVLULGLVVHLQHJUXQGV½W]OLFKH,GHQWL]LHUXQJGHU6FKUL DOVGHP7\SXVGHU'DUVWHO OXQJVIRUPGHU3DVWLFKHHQWVSUHFKHQGYRUQLPPW'LHVHOLWHUDULVFKH*DWWXQJVWHOOHHLQHGHU 3DURGLH YHUZDQGWH 9HU]HLFKQXQJVIRUP GDU ”HLQH VSLHOHULVFKH 1DFKDKPXQJ… 6  GLH VXEWLOHUDOVGLHEOR¸H3DURGLHXQGLQNHLQHU:HLVHDXVVFKOLH¸OLFKXQHUQVWKD ZLHGLH6DWLUH VHLYLHOPHKULPELVZHLOHQXQXQWHUVFKHLGEDUHQ:HFKVHOYRQ(UQVWXQG6SLHOHLQH*DWWXQJ RGHUHLQHQ$XWRUHQLURQLVFKGLVWDQ]LHUH:LHHVGLH8QWHUVXFKXQJHQ]X6SUDFKH6WLOXQG ,QKDOWHUJ½EHQVHLKLHUYRUDOOHPDQGHQ6RSKLVWHQ*RUJLDVXQGVHLQHQUKHWRULVFKHQ6WLODOV ZDKUVFKHLQOLFKHV $QJULV]LHO ]X GHQNHQ 6   'DEHL VR VFKOLH¸W 7VLWVLULGLV VHL GHUzTMX„JMSNrGHUHLQHYHUJOHLFKVZHLVHJXWH5HGHGDUVWHOOHVRZLHDXIJUXQGVHLQHU7KH PDWLNGXUFKDXVHUQVWKD H=ÕJHWUDJHDEHUDXFKZHJHQGHUWUDGLWLRQHOOLGHDOLVLHUHQGÕEHU WUHLEHQGHQ 'DUVWHOOXQJVZHLVH GHU DWKHQLVFKHQ *HVFKLFKWH ZRKO NHLQ SRSXO½UHV :HUN VHL 6 rQLFKWDOVUHLQH%OR¸VWHOOXQJGHU*DWWXQJw/HLFKHQUHGHk]XYHUVWHKHQ6 YLHO ZDKUVFKHLQOLFKHU VHL HV PLW 8 YRQ :LODPRZLW]0RHOOHQGRU DQ]XQHKPHQ 3ODWRQ KDEH





5H]HQVLRQHQ VLFK KLHU LQIROJH GHU (UÏQXQJ VHLQHU HLJHQHQ 6FKXOH LQ HLQH 5LYDOLW½W PLW ,VRNUDWHV XQG GHVVHQ6FKXOHEHJHEHQ'HU0HQH[HQXVVHLVRDOVHLQ.U½ HPHVVHQPLWGHQSROLWLVFKHQ5HG QHUQ]XYHUVWHKHQLQGHPVLFK3ODWRQLP%HUHLFKGHU5KHWRULN.ULWLNVHLQHV'LDORJV*RU JLDVEHZHJWKDEHZREHLDXFKLQ$QEHWUDFKWGHULGHDOLVLHUHQGHQ6FKLOGHUXQJGHU7DWHQGHU $WKHQHUHLQH.ULWLNDQWDJHVSROLWLVFKHQ(UHLJQLVVHQ]XHUZ½JHQVHLrVWDQGGRFKGHUGXUFK GHQ.ÏQLJVIULHGHQJUHLIEDUJHZRUGHQH1LHGHUJDQJGHU6WDGWLQNUDVVHP*HJHQVDW]]XU3OD WRQLVFKHQ 6FKLOGHUXQJ LKUHU UXKPUHLFKHQ 9HUJDQJHQKHLW 'LH SRVLWLYH $XIQDKPH GHV zTMX„JMSN GXUFK QDFKIROJHQGH *HQHUDWLRQHQ VHL GHPQDFK DOV HLQ 0L¸YHUVW½QGQLV GHU HL JHQWOLFKHQ%HGHXWXQJGHV:HUNV]XZHUWHQ6   7VLWVLULGLVn (LQRUGQXQJ GHV 0HQH[HQXV LQ GDV 3ODWRQLVFKH &RUSXV LVW HEHQVR ZLH VHLQ .RPPHQWDUGHUEHWU½FKWOLFKH6HLWHQXPID¸WYRQHLQHPLPPHQVHQ.HQQWQLVUHLFKWXP VRZRKOLP+LQEOLFNDXIGLH6DFKHDOVDXFKKLQVLFKWOLFKGHU/LWHUDWXUJHSU½JWZDVLQVEHVRQ GHUH DQJHVLFKWV GHV UHODWLY VS½UOLFKHQ 8PIDQJV GHU 3ODWRQLVFKHQ 6FKUL  JUR¸H %HDFKWXQJ YHUGLHQW(EHQVRJUR¸H$QHUNHQQXQJYHUGLHQWGLHEHLJHIÕJWHNULWLVFKH1HXHGLWLRQGHVJULH FKLVFKHQ7H[WHV7URW]GHUELVZHLOHQLQV$XJHIDOOHQGHQKRKHQ$Q]DKOGHU6DW]IHKOHUHLQH /LVWHGHUw&RUULJHQGDkLVWEHLJHIÕJWHVIHKOHQKLHUDEHUYRUDOOHPGHU(LQWUDJ]X6ZR LPHUVWHQ6DW]GHUEHVWLPPWH$UWLNHOYRU0[IHKOWRGHUDEHU]X6ZRLPHUVWHQ6DW] GHV]ZHLWHQ$EVDW]HVGDV9HUEIHKOW PDFKWGDV%XFKHLQHQGHQ6WDQGDUGVHQWVSUHFKHQGHQ (LQGUXFN9HUVFKLHGHQH5HJLVWHUw,QGH[WHVWLPRQLRUXPkw,QGH[QRPLQXPHWUHUXPkw,Q GH[*UDHFLWDWLVk VWHLJHUQGLH%HQXW]HUIUHXQGOLFKNHLWVLQGDEHUPLWXQWHUHWZDVNOHLQJHUD WHQVRQGHWVLFK]%NHLQ(LQWUDJ]XGHPREHQHUZ½KQWHQXQGIÕUGLH$UJXPHQWDWLRQ QLFKWXQZLFKWLJHQ&LFHUR  'HU'HWDLOUHLFKWXPGHUIÕUGLHVHEHZX¸WSKLORORJLVFKNRQ]LSLHUWH$UEHLW6 LQHLQHP JHZLVVHQ8PIDQJGXUFKDXVDOVDQJHPHVVHQEHZHUWHWZHUGHQNDQQYHUVW½UNWDOOHUGLQJV]X ZHLOHQGHQ(LQGUXFNGHU8QÕEHUVLFKWOLFKNHLWLQVEHVRQGHUHLP.RPPHQWDUWHLOZDVGLH*H IDKUYRQ/½QJHQEHLGHU/HNWÕUHLQVLFKELUJW$OVYRUWHLOKD K½WWHVLFKHLQHVW½UNHUH.RQ]HQ WUDWLRQGHU,QIRUPDWLRQVIÕOOHHUZLHVHQ'HQQGLHKLHUIDVW]XMHGHPIUDJOLFKHQ3XQNWPLWDQ JHIÕKUWH6HNXQG½UOLWHUDWXUVRZLHGLHZHLWHUIÕKUHQGHQ]7YHU½VWHOWHQKLVWRULVFKHQXQGPLW XQWHUEHJULVJHVFKLFKWOLFKHQ(UNO½UXQJHQODVVHQELVZHLOHQGHQURWHQ)DGHQYHUPLVVHQGLHV YRUDOOHPDQJHVLFKWVGHU7DWVDFKHrZLH7VLWVLULGLVEHUHLWV]X$QIDQJHLQU½XPW6 rGD¸ HLQH $XIDUEHLWXQJ GHU HYWO QLFKW XQLQWHUHVVDQWHQ UKHWRULVFKHQ %HVRQGHUKHLWHQ GHV DQWLNHQ 7H[WHVDXVJHVSDUWEOHLEHQVROO]XGLHVHP%HKXIYHUZHLVWGHU$XWRUDXIGLH'LVVHUWDWLRQYRQ 7 %HUQGW DXV GHP -DKUH  6LFKHU GLH %HLEULQJXQJ GHU KLVWRULVFKHQ VRZLH SKLORORJL VFKHQ%H]XJVSXQNWHXQG9HUZHLVOLQLHQHLQHV3ODWRQLVFKHQ7H[WHVNÏQQHQQXUYRQ1XW]HQ IÕUHLQHHUQVWKD H%HVFK½ LJXQJPLWGLHVHP$XWRUVHLQ-HGRFKLVWHVJHUDGHGHU$XWRU3OD WRQGHUPHKUDOVGLHPHLVWHQDQGHUHQ6FKUL VWHOOHUEHLGHULQWHUHVVLHUWHQ/HVHUVFKD HLQH EHVWLPPWH (UZDUWXQJVKDOWXQJ ZHFNW Q½POLFK GLH )UDJH QDFK SKLORVRSKLVFKHQ 3UREOHP VWHOOXQJHQGLHLPPHUDXFKDXIGDVHQJVWHPLWGHUSROLWLVFKHQ7KHPDWLNGLHMDLQLKUHUDN WXHOOHQ5HOHYDQ]LPYRUOLHJHQGHQ'LDORJPLWDQJHVSURFKHQZLUGYHUEXQGHQLVW7VLWVLULGLV EOHLEW GLHVHQ%UÕFNHQVFKODJ VFKXOGLJ JLEW GDEHL DEHU VHOEVW r ] %GXUFK GDV $QVSUHFKHQ GHU 0RWLYH GHUKLHUJHOREWHQ wJHPLVFKWHQ 9HUIDVVXQJk 6  VRZLH GHV 'HXWXQJVPX VWHUVGHUYRQ3ODWRQLQGHU5HVSXEOLFDDOVSUREDWHV0LWWHOSROLWLVFKHU3UD[LVJHELOOLJWHQ/ÕJH 6 r$QNQÕSIXQJVSXQNWHGLHGXUFKDXVGHUZHLWHUHQ9HUIROJXQJORKQWHQ  /HW]WOLFK Z½UH QRFK KLQVLFKWOLFK GHV YRQ 7VLWVLULGLV VHOEVW JHJHEHQHQ 6WLFKZRUWHV w6LQQ XQG%HGHXWXQJk]XIUDJHQZRULQGDVVSH]LHOOH,QWHUHVVHGHU/HVHUVFKD EHVWHKHQVROOWHVLFK PLWHLQHU6FKUL ZLHGHP0HQH[HQXV]XEHIDVVHQ,VWHVHLQHUHLQKLVWRULVFKH,QWHQWLRQGLH





5H]HQVLRQHQ DXI9ROOVW½QGLJNHLWGULQJWRGHUELUJWGHU7H[WHLQHEHVRQGHUH%RWVFKD RULJLQHOOH*HGDQ NHQJ½QJHGLHVHLQHXPIDVVHQGH$XIDUEHLWXQJQRWZHQGLJPDFKHQ"7VLWVLULGLVO½¸WDXFKGLHVH )UDJHXQEHDQWZRUWHW$XFKKLHUPX¸YHUWHLGLJHQGHLQJHZHQGHWZHUGHQGD¸VLFKGDV%XFK ZLHXDDXFKGDV)HKOHQHLQHUµEHUVHW]XQJGHUYHUGLHQVWYROOHQNULWLVFKHQ1HXHGLWLRQGHV JULHFKLVFKHQ7H[WHVEHZHLVWPLW6LFKHUKHLWDQHLQHQDXVJHZ½KOWHQ6SH]LDOLVWHQNUHLVULFKWHW 'HQYRQGHU3KLORVRSKLHKHUNRPPHQGHQ3ODWRQOHVHUQLVWGDPLWDOOHUGLQJVQXUDQVDW]ZHLVH JHKROIHQ GULQJW VHLQ :LVVHQVGXUVW GRFK ÕEHU GLH .HQQWQLVQDKPH YRQ UHLQHP ,QIRUPDWL RQVPDWHULDOKLQDXV(UZLOOrZLH]XYRUEHUHLWVDQJHGHXWHWrYRUDOOHPDXFKHLQHQ'HQNHU HQWGHFNHQGHUVLFKÕEHUGLHEOR¸H7KHRULHKLQDXVXPGLHNRQNUHWH9HUZLUNOLFKXQJVHLQHU *HGDQNHQVRUJWrXQGVHLHVQXULQ*HVWDOWHLQHUNULWLVFKHQ%HVWDQGVDXIQDKPH  'HU /HVHU LVW DOOHUGLQJV ]XIULHGHQ ]X ZLVVHQ GD¸ HV HLQ %XFK JLEW GDV LKP EHL HLQHU PÏJOLFKHQ.RQIURQWDWLRQPLWGHP3ODWRQLVFKHQ7H[WGXUFKHLQHXPIDVVHQGH0DWHULDOIÕOOH VRZLHYHUO½¸OLFKH,QIRUPDWLRQHQHLQHVROLGH$UEHLWVJUXQGODJHDQGLH+DQGJLEW



0DWWKLDV%ORFK%RFKXP 

   &+5,67,$1 7251$83ORWLQ(QQHDGHQ9,>@(LQ.RPPHQWDU%HLWU½JH]XU$OWHU WXPVNXQGH%G 0ÕQFKHQ.*6DXU6*HEúr,6%1 >]XYRU6WXWWJDUWr/HLS]LJ7HXEQHU'0r,6%1@  7KHREVFXULW\RIVRPHSDVVDJHVLQWKHGLDORJXHVZDVDSUREOHPIRUHYHQ3ODWRnVLPPHGLDWH VXFFHVVRUVZKRXQGHUWRRNDFRKHUHQW3ODWRQLFUHDGLQJRIWKHPLQWKHKRSHWKDWWKH\PLJKW VXFFRUFSLUIlR WKHRULJLQDOP³KSN7KHKLVWRU\RIWKHLQWHUSUHWDWLRQRIWKH7LPDHXVLVQR WRULRXVLQWKLVUHVSHFW,Q(QQ9,3ORWLQXVVXEMHFWVWZRRIWKHPRVWREVFXUHSDVVDJHV LQ 3ODWR WR VFUXWLQ\ 7LP DE DQG 3DUP E & 7RUQDXnV FRPPHQWDU\ RQ WKLV WUHDWLVHRULJLQDOO\VXEPLWWHGDVDGLVVHUWDWLRQWKHVLVDWWHPSWVWRVKHGOLJKWRQ3ORWLQXVnVLQ WHUSUHWDWLRQRIWKHVHWZRSDVVDJHV  7RUQDXnVGHFODUHGDLPLVWRH[SRXQG3ORWLQXVnVDUJXPHQWVLQ(QQ9,DQGWRHOXFL GDWH SUHFLVHO\ KRZ WKH\ DUH FDUULHG RXW +LV DSSURDFK UHVROYHV LQWR WKUHH SDUWV D PLQXWH FRQVLGHUDWLRQRIHDFKRIWKHDUJXPHQWVWKHGHWHUPLQDWLRQRIWKHLUUHODWLRQWR(QQ9, LQLWVHQWLUHW\DQGWRWKH*HVDPWV\VWHPRIWKH(QQHDGVDQGDFKDUDFWHUL]DWLRQRIWKHLUUHODWLRQ WRWKHWKRXJKWRI3ODWR$ULVWRWOHDQGWKH0LGGOH3ODWRQLVWVS 7KHUHDUHWKUHHIHDWXUHV RI7RUQDXnVFRPPHQWDU\WKDWVKRXOGPDNHLWYDOXDEOHWRWKHUHDGHURI(QQ9,HDFKRI ZKLFK,VKDOOEULH\GLVFXVVLQWXUQ  7KHUVWOHPPDRI7RUQDXnVFRPPHQWDU\WRHDFKFKDSWHUFRQWDLQVDVXPPDU\DFFRXQW RIWKHFKDSWHUDQGLWVUHODWLRQWRQHLJKERULQJFKDSWHUVVRPHWLPHVDVZHOODEULHIGLVFXVVLRQ RIWKHEURDGHUFRQWH[WRIWKHVXEMHFWPDWWHUDWKDQG7KHLQH[SHULHQFHGUHDGHUZRXOGEH ZHOODGYLVHGUVWWRUHDGWKURXJKWKHVHOHPPDWDLIKHZLVKHVWRSURWIURP7RUQDXnVERRN $JRRGH[DPSOHRIWKLVLV7RUQDXnVFRPPHQWDU\RQWKHUVWOHPPDRIWKHUVWFKDSWHUWKH

  

&I - 'LOORQ ”7DPSHULQJ ZLWK WKH w7LPDHXVk ,GHRORJLFDO (PHQGDWLRQV LQ 3ODWR… LQ $PHULFDQ -RXUQDO RI 3KLORORJ\    S  ,W LV QRW 3RUSK\U\ ZKR FKRVH WKH WLWOH RI (QQ 9,  DV 7RUQDX UHPDUNV S   LQ IDFW 3RU SK\U\nV WLWOHV DUH WKRVH ZKLFK ZHUH SUHGRPLQDQW DPRQJVW 3ORWLQXVnV VWXGHQWV FI 3RUSK\U\ 9LWD 3ORWLQL  



Ed H SÃR OVEXœWEWEM zTMKVEJEf IeWMR EgHI



 7KH\ VKRXOG WKXV EH FRQVLGHUHG

5H]HQVLRQHQ DXI9ROOVW½QGLJNHLWGULQJWRGHUELUJWGHU7H[WHLQHEHVRQGHUH%RWVFKD RULJLQHOOH*HGDQ NHQJ½QJHGLHVHLQHXPIDVVHQGH$XIDUEHLWXQJQRWZHQGLJPDFKHQ"7VLWVLULGLVO½¸WDXFKGLHVH )UDJHXQEHDQWZRUWHW$XFKKLHUPX¸YHUWHLGLJHQGHLQJHZHQGHWZHUGHQGD¸VLFKGDV%XFK ZLHXDDXFKGDV)HKOHQHLQHUµEHUVHW]XQJGHUYHUGLHQVWYROOHQNULWLVFKHQ1HXHGLWLRQGHV JULHFKLVFKHQ7H[WHVEHZHLVWPLW6LFKHUKHLWDQHLQHQDXVJHZ½KOWHQ6SH]LDOLVWHQNUHLVULFKWHW 'HQYRQGHU3KLORVRSKLHKHUNRPPHQGHQ3ODWRQOHVHUQLVWGDPLWDOOHUGLQJVQXUDQVDW]ZHLVH JHKROIHQ GULQJW VHLQ :LVVHQVGXUVW GRFK ÕEHU GLH .HQQWQLVQDKPH YRQ UHLQHP ,QIRUPDWL RQVPDWHULDOKLQDXV(UZLOOrZLH]XYRUEHUHLWVDQJHGHXWHWrYRUDOOHPDXFKHLQHQ'HQNHU HQWGHFNHQGHUVLFKÕEHUGLHEOR¸H7KHRULHKLQDXVXPGLHNRQNUHWH9HUZLUNOLFKXQJVHLQHU *HGDQNHQVRUJWrXQGVHLHVQXULQ*HVWDOWHLQHUNULWLVFKHQ%HVWDQGVDXIQDKPH  'HU /HVHU LVW DOOHUGLQJV ]XIULHGHQ ]X ZLVVHQ GD¸ HV HLQ %XFK JLEW GDV LKP EHL HLQHU PÏJOLFKHQ.RQIURQWDWLRQPLWGHP3ODWRQLVFKHQ7H[WGXUFKHLQHXPIDVVHQGH0DWHULDOIÕOOH VRZLHYHUO½¸OLFKH,QIRUPDWLRQHQHLQHVROLGH$UEHLWVJUXQGODJHDQGLH+DQGJLEW



0DWWKLDV%ORFK%RFKXP 

   &+5,67,$1 7251$83ORWLQ(QQHDGHQ9,>@(LQ.RPPHQWDU%HLWU½JH]XU$OWHU WXPVNXQGH%G 0ÕQFKHQ.*6DXU6*HEúr,6%1 >]XYRU6WXWWJDUWr/HLS]LJ7HXEQHU'0r,6%1@  7KHREVFXULW\RIVRPHSDVVDJHVLQWKHGLDORJXHVZDVDSUREOHPIRUHYHQ3ODWRnVLPPHGLDWH VXFFHVVRUVZKRXQGHUWRRNDFRKHUHQW3ODWRQLFUHDGLQJRIWKHPLQWKHKRSHWKDWWKH\PLJKW VXFFRUFSLUIlR WKHRULJLQDOP³KSN7KHKLVWRU\RIWKHLQWHUSUHWDWLRQRIWKH7LPDHXVLVQR WRULRXVLQWKLVUHVSHFW,Q(QQ9,3ORWLQXVVXEMHFWVWZRRIWKHPRVWREVFXUHSDVVDJHV LQ 3ODWR WR VFUXWLQ\ 7LP DE DQG 3DUP E & 7RUQDXnV FRPPHQWDU\ RQ WKLV WUHDWLVHRULJLQDOO\VXEPLWWHGDVDGLVVHUWDWLRQWKHVLVDWWHPSWVWRVKHGOLJKWRQ3ORWLQXVnVLQ WHUSUHWDWLRQRIWKHVHWZRSDVVDJHV  7RUQDXnVGHFODUHGDLPLVWRH[SRXQG3ORWLQXVnVDUJXPHQWVLQ(QQ9,DQGWRHOXFL GDWH SUHFLVHO\ KRZ WKH\ DUH FDUULHG RXW +LV DSSURDFK UHVROYHV LQWR WKUHH SDUWV D PLQXWH FRQVLGHUDWLRQRIHDFKRIWKHDUJXPHQWVWKHGHWHUPLQDWLRQRIWKHLUUHODWLRQWR(QQ9, LQLWVHQWLUHW\DQGWRWKH*HVDPWV\VWHPRIWKH(QQHDGVDQGDFKDUDFWHUL]DWLRQRIWKHLUUHODWLRQ WRWKHWKRXJKWRI3ODWR$ULVWRWOHDQGWKH0LGGOH3ODWRQLVWVS 7KHUHDUHWKUHHIHDWXUHV RI7RUQDXnVFRPPHQWDU\WKDWVKRXOGPDNHLWYDOXDEOHWRWKHUHDGHURI(QQ9,HDFKRI ZKLFK,VKDOOEULH\GLVFXVVLQWXUQ  7KHUVWOHPPDRI7RUQDXnVFRPPHQWDU\WRHDFKFKDSWHUFRQWDLQVDVXPPDU\DFFRXQW RIWKHFKDSWHUDQGLWVUHODWLRQWRQHLJKERULQJFKDSWHUVVRPHWLPHVDVZHOODEULHIGLVFXVVLRQ RIWKHEURDGHUFRQWH[WRIWKHVXEMHFWPDWWHUDWKDQG7KHLQH[SHULHQFHGUHDGHUZRXOGEH ZHOODGYLVHGUVWWRUHDGWKURXJKWKHVHOHPPDWDLIKHZLVKHVWRSURWIURP7RUQDXnVERRN $JRRGH[DPSOHRIWKLVLV7RUQDXnVFRPPHQWDU\RQWKHUVWOHPPDRIWKHUVWFKDSWHUWKH

  

&I - 'LOORQ ”7DPSHULQJ ZLWK WKH w7LPDHXVk ,GHRORJLFDO (PHQGDWLRQV LQ 3ODWR… LQ $PHULFDQ -RXUQDO RI 3KLORORJ\    S  ,W LV QRW 3RUSK\U\ ZKR FKRVH WKH WLWOH RI (QQ 9,  DV 7RUQDX UHPDUNV S   LQ IDFW 3RU SK\U\nV WLWOHV DUH WKRVH ZKLFK ZHUH SUHGRPLQDQW DPRQJVW 3ORWLQXVnV VWXGHQWV FI 3RUSK\U\ 9LWD 3ORWLQL  



Ed H SÃR OVEXœWEWEM zTMKVEJEf IeWMR EgHI



 7KH\ VKRXOG WKXV EH FRQVLGHUHG

5H]HQVLRQHQ UHDGHULVJLYHQDFRQFLVHDFFRXQWRIWKHSUREOHPRISDUWLFLSDWLRQZLWKLWVUHODWHGSDVVDJHVLQ 3ODWRDQG3ORWLQXV  $QRWKHUYDOXDEOHIHDWXUHRIWKHFRPPHQWDU\FRQVLVWVLQLWVRFFDVLRQDOGLJUHVVLRQVVXFK DV WKRVH FRQFHUQLQJ WKH WUDGLWLRQ RI LQWHUSUHWLQJ 7LP DE S   WKH QRWLRQ RI WYREfWULWMNS WKHWULDG^SœRSÁNµRS WKHQRWLRQVIhH[PSRIeOÉRDQG hRHEPQE S   DQG WKH QRWLRQ RI P³KSN S   +RZHYHU LW LV XQIRUWXQDWH WKDW WKHVH GLJUHVVLRQV DUH VRPHZKDW VSRUDGLF DQG DUH WKXV KDUG WR QG $W WLPHV 7RUQDX HYHQFRQQHVKLPVHOIPHUHO\WRVNHWFKLQJRXWWKHSUREOHPDQGUHIHUULQJWRWKHYDVWVHFRQ GDU\ OLWHUDWXUH 7KH H[SHUW ZLOO EH JUDWHIXO IRU VXFK V\QRSWLF DFFRXQWV WKH LQH[SHULHQFHG UHDGHUPLJKWZHOOEHSHUSOH[HG  )LQDOO\,VKRXOGPHQWLRQRQHODVWIHDWXUHDQ\UHDGHURI(QQ9,ZLOOJUHDWO\DSSUHFL DWH ,QDVPXFK DV ,JDOnV HPHQGDWLRQV DQG WUDQVODWLRQV DUH FRPSOHWH RQO\ IRU (QQHDGV ,,9 RQHLVJUDWHIXOIRUDQ\FDUHIXODWWHPSWDWUHQGHULQJLQWHOOLJLEOH3ORWLQXVnV*UHHNEHIRUHDW WHPSWLQJWRLQWHUSUHWKLVWKRXJKW7KURXJKRXWWKHGLHUHQWOHPPDWD7RUQDXPDNHVVHY HUDOUHPDUNVRQWKHFRQGLWLRQRIWKH*UHHNWH[WDQGLWVJUDPPDWLFDOUHFRQVWUXFWLRQZKLFK KHXVXDOO\SUHIDFHVE\”6\QWD[7H[W…2QHZRXOGZLVKWKLVWREHDQHVVHQWLDOSDUWRIDQ\IX WXUH FRPPHQWDU\ RQ 3ORWLQXV VLQFH WKH LQVWDQFHV LQ ZKLFK WKH SUHFLVH UHFRQVWUXFWLRQ RI 3ORWLQXVnVDUJXPHQWGHSHQGVXSRQVXFKDSURFHHGLQJDUHQXPHURXV7KHUHDUHKRZHYHU WZRJRRGUHDVRQVZK\rLI7RUQDXKDGJDWKHUHGWKHVHUHPDUNVLQDVHSDUDWHVHFWLRQrWKH FRPPHQWDU\ZRXOGKDYHEHHQPXFKPRUHXVHIXO,WZRXOGEHPRUHDFFHVVLEOHQRWRQO\WR WKHLQH[SHULHQFHGUHDGHUDQGLWZRXOGHQDEOHWKHH[SHUWVFKRODUWRXVHVXFKDVHFWLRQDVD TXLFNUHIHUHQFHIRUUHFRQVWUXFWLQJWKH*UHHNRI(QQ9,1RWZLWKVWDQGLQJWKLVPLQRU DZ7RUQDXnVJUDPPDWLFDODQGWH[WXDOUHPDUNVDUHSHUKDSVWKHJUHDWHVWDFKLHYHPHQWRIWKLV FRPPHQWDU\WKH\FHUWDLQO\DUHDPRVWH"FDFLRXVPHDQVLQYLHZRIKLVRYHUDOOFRQFHUQ  *HQHUDOO\VSHDNLQJ7RUQDXnVFRPPHQWDU\LVFRQFLVHDQGKDVRQO\DIHZDZVKRZHYHU LWZRXOGE\IDUH[FHHGWKHVFRSHRIWKLVUHYLHZWRHQWHULQWRDGHWDLOHGGLVFXVVLRQRIWKHSKL ORORJLFDOYDVWQHVVRIWKLVERRN5DWKHUWKHMXGJPHQWDERXWWKHFRUUHFWQHVVRIVSHFLFLVVXHV PD\EHOH WRWKHOHDUQHGUHDGHUrWKHRQO\UHDGHUZKRZLOOEHFDSDEOHRIPDVWHULQJWKLV ZRUNZLWKRXWDOOWRRPXFKGL"FXOW\%HIRUH,YRLFHVRPHREMHFWLRQVFRQFHUQLQJWKHQDWXUH RIWKHDSSHDOWR7LPDEDQG3DUPELQ(QQ9,,VKDOOH[SRXQG7RUQDXnV FRQFOXVLRQDWHQSDJHDEVWUDFWFRQFHUQLQJZKDWKHWDNHVWREHWKH*UXQGJHGDQNHQRI(QQ 9,S   7KHVFRSHRI(QQ9,LVLQIDFWFRSLRXV,WVVWUXFWXUDOLQWHJULW\UHVXOWVIURPLWVWKRU RXJKJRLQJ FRQFHUQ ZLWK WKH FRQFHLYDELOLW\ RI WKH IRUPnV SDUDGR[LFDO FKDUDFWHUL]DWLRQ DV IRXQGDW3DUPEYL]WKDWLWLVRQH DQGWKHVDPHEHLQJVLPXOWDQHRXVO\SUHVHQWLQ PDQ\ VHSDUDWHG EHLQJV DQG WKXV DV LW ZHUH VHSDUDWHG IURP LWVHOI 7RUQDX FODLPV WKDW WKH VXEMHFWPDWWHURIWKHWUHDWLVHLVwWKHHVVHQFHRIEHLQJVk”GDV6HLQGHV6HLHQGHQ…S DQG WKDW3ORWLQXVLVFRUUHVSRQGLQJO\DWWHPSWLQJWRVKHGOLJKWRQWKHWUDQVFHQGHQFHRILQWHOOLJL EOHEHLQJRYHUDJDLQVWVHQVLEOHEHLQJ,QWKLVDWWHPSW3ORWLQXVFRQFHUQVKLPVHOIUDWKHUZLWK WKHQDWXUHRIWKLVUHODWLRQWKDQZLWKWKHIDFWXDOLW\RILWE\ZD\RIHQGHDYRULQJWRPDNHLQWHO OLJLEOH WKH SDUDGR[LFDO FKDUDFWHU RI WKLV YHU\ UHODWLRQ ,Q HHFW (QQ 9,  DUJXHV IRU WKH

 

D VKRUWKDQG IRU WKH UHOHYDQW GRJPDWLF SRVLWLRQ ZLWKLQ WKH VFKRRO RI 3ORWLQXV



- ,JDO 3RU ULR 9LGD GH 3ORWLQR r 3ORWLQR (QÂDGDV ,,, 0DGULG   DQG LG (QÂDGDV ,,,,9 0D GULG   )RU ,JDOnV HPHQGDWLRQV DQG WUDQVODWLRQV RI (QQHDGV 99, VHH QRZ - ,JDO (QÂDGDV 9 9, 0DGULG  





5H]HQVLRQHQ FRQFHLYDELOLW\ RI WKLV SDUDGR[LFDO FKDUDFWHU ZKLFK FRQVLVWV LQ WKH FDXVDOLW\ RI WKH )RUPV WKDWLVWKHLUFDXVLQJPXOWLSOLFLW\LQWKHVHQVLEOHUHDOPZKLOHUHPDLQLQJLQXQLW\LQWKHLQWHO OLJLEOHUHDOP  7RUQDXKROGVWKDWWKHSKLORVRSKLFDOLPSRUWRI7LPDEPD\EHHTXDWHGPXWDWLVPX WDQGLVZLWKWKDWRI3DUPE7LPDEWKHQIXQFWLRQVPHUHO\DVWKHSRLQWRIGH SDUWXUHIRU3ORWLQXVnVFRQVLGHUDWLRQVDERXWSDUWLFLSDWLRQGXHWRWKHIDFWXDOLW\RISDUWLFLSD WLRQLQWKHVRXOERG\UHODWLRQFIS ,QRWKHUZRUGVRQJURXQGVRIWKHSULPRUGLDO LW\RIWKHLQWHOOLJLEOH3ORWLQXVXQGHUWDNHVDQwRQWRORJLFDOUHGXFWLRQkRIWKH7LPDHXVSURE OHPWRWKH3DUPHQLGHVSUREOHP,QWKHFRQWH[WRIWKH3DUPHQLGHVSUREOHPDQGWKHSUREOHPRI SDUWLFLSDWLRQWKHSUREOHPRIWKHXELTXLW\RIWKHLQWHOOLJLEOHDULVHVWRZKLFKWKHUHDUHWZR SRVVLEOH DSSURDFKHV WKH QDÈYH DQG WKH 3ORWLQLDQ DSSURDFK &UXFLDO WR WKHVH GLHUHQW DS SURDFKHVLVWKDWWKH\ERWKLQYROYHDGLHUHQWXQGHUVWDQGLQJRIWKH3ODWRQLFFRQFHSWHVVHQ WLDOO\UHODWHGWRWKHLGHDRIXELTXLW\TERXEGSÁ7KHQDÈYHDSSURDFKWDNHVWKHwHYHU\ZKHUHk LQWKHSURSRVLWLRQ”WKHLQWHOOLJLEOHEHLQJLVHYHU\ZKHUH…WRPHDQWKDWLWLVHYHU\ZKHUHLQWKH VSKHUHRIVHQVLEOHEHLQJV7KH3ORWLQLDQDSSURDFKDWWHPSWVWRHVWDEOLVKDQXQGHUVWDQGLQJRI wHYHU\ZKHUHkLQWKHVHQVHWKDWLQWHOOLJLEOHEHLQJLVHYHU\ZKHUHLQLWVHOIDQGWKDWVHQVLEOHEH LQJVDUHWKXVHYHU\ZKHUHwLQkRUwWRkLWS 7KLVFKDQJHRISHUVSHFWLYHLVDFKLHYHGE\ WKLQNLQJRIWKHLQWHOOLJLEOHVWULFWO\LQWHUPVRIDWUDQVFHQGHQWDOXQLW\UHJDUGOHVVRIWKHSDUD GR[DVHWIRUWKLQWKHUVWSDUWRI3ODWRnV3DUPHQLGHV  $FFRUGLQJWR3ORWLQXVWKHUHDUHWZRDUJXPHQWVIRUWKHWUDQVFHQGHQWDOXQLW\RIWKHLQWHO OLJLEOHUVWWKHFDXVDOLW\RIWKH)RUPVLVFRQFHLYDEOHRQO\LILWLVFRQVWUXHGLQVXFKDZD\ WKDWLWDYRLGVWKHVDLOFORWKGLOHPPDS VHFRQGWKHIDFWXDOLW\RIWKHXQLW\RIVHQ VLEOH SHUFHSWLRQ WYREfWULWMN  H[KLELWV D GHULYHG IRUP RI XELTXLW\ YL] WKH XELTXLWRXV SUHVHQFHRIVRXOLQWKHERG\FI7RUQDXnVLQVLJKWIXOGLJUHVVLRQDWS 7RUQDXSRLQWV RXWWKDWWKHWUDQVFHQGHQWDOXQLW\RIWKHLQWHOOLJLEOHRXJKWWREHXQGHUVWRRGUDWKHUDVDIXQF WLRQDOWHUPrLHH[SODQDWRU\RIWKHUHODWLRQEHWZHHQWKHLQWHOOLJLEOHDQGWKHVHQVLEOHEHLQJ rWKDQDVKDYLQJDQ\H[SODQDWRU\SRZHULQYLHZRIWKHLQWHOOLJLEOHLWVHOI,QIDFWWKHQDÈYHDS SURDFK WR XQGHUVWDQGLQJ FRQFHSWV VXFK DV wWUDQVFHQGHQWDO XQLW\k FRQYH\V QRWKLQJ EXW WKH QHJDWLYLW\RURWKHUQHVVyXIV³XLN RIVXFKFRQFHSWVDVDSSOLHGWRWKHLQWHOOLJLEOHUHDOP)RU WKHWUDQVFHQGHQWDOXQLW\RIWKHLQWHOOLJLEOHLVHVVHQWLDOO\PDQLIROG|RTSPP„ rLWVPDQLIROG QHVVKRZHYHUEHLQJUDWKHUDIRUPDOWKDQDUHDOGLVWLQFWLRQS   $VLGHIURPWKHVWULFWWUDQVFHQGHQFHRIWKHLQWHOOLJLEOH7RUQDXHPSKDVL]HVWKDWWRWKLQNRI LWDVEHLQJVWULFWO\LPPDQHQWLVDQRWKHUHVVHQWLDODVSHFWRIWKHFRQFHLYDELOLW\RI3DUPE 3DUWLFLSDWLRQPD\WKXVEHWKRXJKWRILQWZRZD\VDVDVWULYLQJIRUIRUPµVI\MN DQGDVD SRWHQF\IRUIRUPDVDFWH»REQMN 6HQVLEOHEHLQJVPD\DWWDLQWRXQLW\RQO\UHODWLYHO\VLQFH WKH\ DUH SRWHQWLDOO\ LQQLWHO\ VHSDUDEOH 6WULYLQJ WKHQ WRNHQV SDUWLFLSDWLRQ VLQFH VHQVLEOH EHLQJVFRQVWDQWO\VWULYH IRUWKHXQDWWDLQDEOHXQLW\RIWKHWUDQVFHQGHQWLQWHOOLJLEOHS  7KHLGHDRISDUWLFLSDWLRQDVSRWHQF\LVEDVHGRQWKH$ULVWRWHOLDQ3ORWLQLDQWKHRU\RIWKH WZRIROGDFWLYLW\zR{VKIME RIHYHU\EHLQJWKHUVWRULQWHUQDODFWLYLW\RIHYHU\EHLQJFRQ

  

: %HLHUZDOWHV UHIHUV WR WKH WUDQVLWLRQ IURP WKH SUREOHP RI WLPH WR WKH SUREOHP RI HWHUQLW\ ZLWK WKLV WHUP VHH LG 3ORWLQ µEHU (ZLJNHLW XQG =HLW (QQHDGH ,,,  )UDQNIXUW D 0   S  ,W LV UHJUHWWDEOH WKDW 7RUQDX DSSHDUV QRW WR EH IDPLOLDU ZLWK 6WHYHQ 6WUDQJHnV YDOXDEOH GLVFXVVLRQ RI WKH VDLOFORWK GLOHPPD LG ”3ORWLQXVnV $FFRXQW RI 3DUWLFLSDWLRQ LQ (QQHDG 9,… LQ -RXUQDO RI



WKH +LVWRU\ RI 3KLORVRSK\  >@ S   3ORWLQXV IUHTXHQWO\ UHIHUV WR WKH $ULVWRWHOLDQ VFLHQFH DQDORJ\ LQ WKDW FRQWH[W FI 7RUQDXnV KHOSIXO DUWLFOH ”:LVVHQVFKD  6HHOH *HLVW =XU %HGHXWXQJ HLQHU $QDORJLH EHL 3ORWLQ (QQ ,9  XQG 9,





5H]HQVLRQHQ VLVWV LQ LWV VXEVWDQWLDOLW\ WKH VHFRQG RU H[WHUQDO DFWLYLW\ LV DQ DFWLYLW\ WR ZKLFK SHUWDLQV D FDXVDOSRWHQF\7KHH[WHQWRIDEHLQJnVFDXVDOSRWHQF\GHWHUPLQHVLWVGHJUHHRIEHLQJ([ WHUQDODQGLQWHUQDODFWLYLW\DUHIXUWKHUPRUHLQVHSDUDEOHZKLFKVHUYHVDVDVLJQIRUSDUWLFLSD WLRQDVSRWHQF\WKHLQWHUQDODFWLYLW\RIWKHLQWHOOLJLEOHFRQVLVWVLQLWVWUDQVFHQGHQFHLWVH[ WHUQDODFWLYLW\LQLWVLPPDQHQFH7KLVGLVWLQFWLRQLVKRZHYHUQRWKLQJEXWDIRUPDORQHGXH WRWKHXELTXLW\RIWKHLQWHOOLJLEOHWKHHVVHQFHRIVHQVLEOHEHLQJVrXQGHUVWRRGDVWKHLPPD QHQWH[WHUQDODFWLYLW\RIWKHLQWHOOLJLEOHrWKXVHQDEOHVDQXQGHUVWDQGLQJRIWKHH[WHUQDODF WLYLW\DVDSUHVHQFHTEVIlREM RIWKHWUDQVFHQGHQWDOSDQG   7KHFRQFHLYDELOLW\RI3DUPELVIXUWKHUDFFRPSOLVKHGE\WKHPHWKRGRIDEVWUDF WLRQƒJEfVIWMN 6LQFHWKHRXWFRPHRIWKHLGHDRISDUWLFLSDWLRQDVSRWHQF\LVWKDWWKHUHLVD WUDQVFHQGHQWDOXQLW\RIWKHFDXVDDQGWKHFDXVDWXPWKHHPSLULFDOPXOWLSOLFLW\ZKLFKLVDPHUH DGGLWLRQ RI QRQEHLQJ TVSWUœOL XSÁ QŸ µRXSN  PD\ EH XQGRQH E\ DEVWUDFWLRQ S DQG 7KHVSDWLDODQGWHPSRUDOOLPLWDWLRQVRIVHQVLEOHEHLQJDUHWKXVPDGHRE VROHWHLQOLJKWRIWKHXELTXLWRXVFKDUDFWHURIWKHWUDQVFHQGHQWSDQG   7KHGL"FXOWLHVRIWKHFRQFHLYDELOLW\RI3DUPEDUHIXUWKHUHOXFLGDWHGE\PHDQVRI WKHGRFWULQHRIwUHFHSWLRQDFFRUGLQJWRWKHFDSDFLW\RIWKHUHFLSLHQWk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nVP³KSM1XPHQLXV7KLVOHDGVXVWRWKHGHHSHUTXHVWLRQRIKRZZHDUHWRLQWHU SUHW w3ORWLQXV LQWHUSUHWLQJk RU UDWKHU WKH TXHVWLRQ RI 3ORWLQXVnV SKLORVRSKLFDO PHWKRG D PDWWHUIRUZKLFK7RUQDXIDLOVWRJLYHDVX"FLHQWDFFRXQW  (DUO\ RQ LQ WKH SRVW+HOOHQLVWLF SHULRG 3ODWRQLVWV DGRSWHG D PHWKRG RI LQWHUSUHWDWLRQ WUDGLWLRQDOO\HPSOR\HGE\3HULSDWHWLFVZKLFKWKHODWWHUGHULYHGIURP$ULVWDUFKXVnVPHWKRG RILQWHUSUHWLQJ+RPHU$FFRUGLQJWRWKLVPHWKRGWKHLQWHUSUHWHURXJKWWRFODULI\DQDX

 

 … LQ *ÏWWLQJHU )RUXP IÕU $OWHUWXPVZLVVHQVFKD

   S 

)RU D EULHI DFFRXQW RI 3ORWLQXVnV SKLORVRSKLFDO PHWKRG VHH 6 6WUDQJH ”3ORWLQXV RQ WKH 1DWXUH RI (WHUQLW\ DQG 7LPH… LQ / 3 6FKUHQN HG  $ULVWRWOH LQ /DWH $QWLTXLW\ :DVKLQJWRQ '&  



S  HVS S  &I & 6FK½XEOLQ ”+RPHUXP H[ +RPHUR… LQ 0XVHXP +HOYHWLFXP    S  3 'R QLQL ”7HVWL H FRPPHQWL PDQXDOL H LQVHJQDPHQWR OD IRUPD VLVWHPDWLFD H L PHWRGL GHOOD

ORVRD

LQ HW¹ SRVWHOOHQLVWLFD… LQ : +DDVH HG  $XIVWLHJ XQG 1LHGHUJDQJ GHU 5ÏPLVFKHQ :HOW ,, %HUOLQ r 1HZ




5H]HQVLRQHQ WKRULQOLJKWRIWKDWZKLFKWKHDXWKRUVD\VLQRWKHUSDVVDJHVRIKLVZRUNFI3RUSK\U\4X +RP S   HG 6FKUDGHU  )HUUDUL KDV UHFHQWO\ VKRZQ WKDW 3OXWDUFK LQWHUSUHWV 7LP DELQSUHFLVHO\WKLVZD\7KHSRVVLELOLW\WKDW3ORWLQXVDVZHOOHQGHDYRUHG4P„X[REz\ 4P„X[RSNWEJLRf^IMRLVDWOHDVWZRUWKVRPHUHHFWLRQ  $OO WKLQJV FRQVLGHUHG 7RUQDXnV ERRN LV KLJKO\ FRPPHQGDEOH r PXFK PRUH VR WR WKH VFKRODU WKDQ WKH VWXGHQW RI 3ORWLQXV +RZHYHU WKH RYHUDOO JRRG LPSUHVVLRQ LV VRPHZKDW ZHDNHQHGE\WKHFRPSOHWHODFNRIDQ\LQGLFHV



2OLYHU%DXP$WODQWD     $1'5( 9$8&+(=+UVJ >LQ&RQMXQFWLRQZLWK%$55,( '2%621DQG0,&+$(/ /$3,'*( (QJO7UDQVOE\$'5,$1 :$/)25'@(QF\FORSHGLDRIWKH0LGGOH$JHV9RO,$.9RO,,/ =&DPEULGJH-DPHV&ODUNH6*HE}r,6%1  µEHU ]HKQ -DKUH Z½KUWHQ GLH $UEHLWHQ DQ GHU QXQ YRUOLHJHQGHQ (QF\FORSHGLD RI WKH 0LGGOH $JHV 9RUQHKPOLFK ]ZHL *UÕQGH ZDUHQ HV GLH HLQ GHUDUWLJHV 8QWHUIDQJHQ UHFKWIHUWLJWHQ *HUDGHLQGHQOHW]WHQ-DKU]HKQWHQGHV-DKUKXQGHUWVKDWWHGLH0LWWHODOWHUIRUVFKXQJJH ZDOWLJH)RUWVFKULWWH]XYHU]HLFKQHQVRGD¸VLFKGHUHQ'RNXPHQWDWLRQQDKHOHJWHGDUÕEHU KLQDXVKDWVLFKHUZLHVHQGD¸GLH(SRFKHGHV0LWWHODOWHUVQLFKWPHKUDOVYHUQDFKO½VVLJEDUHV =HLWDOWHU]XEHWUDFKWHQLVWVLHYLHOPHKUHLQHQ(LJHQZHUWEHVLW]WGHUDXVLKUVHOEVW]XHUPLW WHOQ LVW XQG ZHQQJOHLFK PÕKVDP DXFK HUPLWWHOW ZHUGHQ NDQQ r HLQ )DNWXP GDV HV HU IRUGHUOLFKHUVFKHLQHQOLH¸HEHQIDOOVGRNXPHQWLHUW]XZHUGHQ'DV0LWWHODOWHULVWVRPLWNHLQ UHGXQGDQWHV =HLWDOWHU ]ZLVFKHQ GHQ UHOHYDQWHQ ([WUHPHQ w$QWLNHk XQG w1HX]HLW0RGHU QH3RVWPRGHUQHkVRQGHUQELOGHWLP*HJHQWHLOLQVWUHQJHP:RUWVLQQHGLH0LWWH]ZLVFKHQ GLHVHQ([WUHPHQGDV=HQWUXPGHU:HOWJHVFKLFKWHLQGHPHVDQWLNHV'HQNHQGXUFKEOR¸H 5H]HSWLRQ RGHU DXFK VHOEVW½QGLJH 7UDQVIRUPDWLRQ EHZDKUWH IRUWHQWZLFNHOWH XQG ZHLWHU YHUPLWWHOWH'LHVHV0LWWHODOWHUZDUHLQ6FKPHO]WLHJHOXQWHUVFKLHGOLFKVWHU.XOWXUHQGLHVLFK ZHFKVHOVHLWLJEHIUXFKWHWHQQLFKW]XI½OOLJVRQGHUQDXIJUXQGGHU,QWHQWLRQEHLDOOHU'LYHU VLW½WJUϸWPÏJOLFKHV:LVVHQ]XHUODQJHQrLQWHUNXOWXUHOOLQWHUQDWLRQDO:LHMHGHV=HLWDOWHU VRZDUDXFKGDV0LWWHODOWHUDEHUQLFKWIUHLYRQ6FKDWWHQVHLWHQ9HUZLHVHQVHLQXUDXIGLH5H OLJLRQVNULHJH GLH ,QTXLVLWLRQ DXI GLH SROLWLVFKH 6HOEVWQGXQJ GHU 1DWLRQDOVWDDWHQ XQWHU +LQWDQVHW]XQJHLQKHLWVSROLWLVFKHUrDOVRNRVPRSROLWLVFKHUr$PELWLRQHQDXI:LOONÕUDNWH YRQ+HUUVFKHQGHQJHJHQÕEHU,QGLYLGXHQDXI3HVWXQG6HXFKHQ  µEHU VHFKVKXQGHUW :LVVHQVFKD OHULQQHQ XQG :LVVHQVFKD OHU ZDUHQ HV GLH LQ PHKU RGHUZHQLJHUXPIDQJUHLFKHQ$UWLNHOQEHVRQGHUVDXFKGLHQHXHVWHQ5HVXOWDWHGHU0LWWHODO WHUIRUVFKXQJ LQ HLQHU (Q]\NORS½GLH ]XVDPPHQIDVVHQG ]X SU½VHQWLHUHQ VLFK DQJHOHJHQ VHLQ OLH¸HQ,QKDOWOLFKNRPPWDOOHV:LVVHQVZHUWHDXVGHQYHUVFKLHGHQVWHQ*HELHWHQrYRQGHU $UFK½RORJLH ÕEHU GLH %LRORJLH *HRJUDSKLH *HVFKLFKWH /LQJXLVWLN 3KLORVRSKLH 6SUDFK WKHRULH7KHRORJLHELVKLQ]XVSH]LVFKHQ%LRJUDSKLHQHWZDEHGHXWHQGHU0RQDUFKHQYRQ %LVFKÏIHQRGHUKHUDXVUDJHQGHQ,QWHOOHNWXHOOHQr]XU6SUDFKHUHLFKHV%LOGPDWHULDO rPHL VWHQVLQ)RUPYRQIDUELJHQ,OOXVWUDWLRQHQrXQG7DIHOZHUNHODGHQ/HVHULQQHQXQG/HVHU]XU YHUZHLOHQGHQ%HWUDFKWXQJRGHU]XPEOR¸RSWLVFKHQ1DFKYROO]XJYRQ*HVFKULHEHQHPHLQ    



5H]HQVLRQHQ WKRULQOLJKWRIWKDWZKLFKWKHDXWKRUVD\VLQRWKHUSDVVDJHVRIKLVZRUNFI3RUSK\U\4X +RP S   HG 6FKUDGHU  )HUUDUL KDV UHFHQWO\ VKRZQ WKDW 3OXWDUFK LQWHUSUHWV 7LP DELQSUHFLVHO\WKLVZD\7KHSRVVLELOLW\WKDW3ORWLQXVDVZHOOHQGHDYRUHG4P„X[REz\ 4P„X[RSNWEJLRf^IMRLVDWOHDVWZRUWKVRPHUHHFWLRQ  $OO WKLQJV FRQVLGHUHG 7RUQDXnV ERRN LV KLJKO\ FRPPHQGDEOH r PXFK PRUH VR WR WKH VFKRODU WKDQ WKH VWXGHQW RI 3ORWLQXV +RZHYHU WKH RYHUDOO JRRG LPSUHVVLRQ LV VRPHZKDW ZHDNHQHGE\WKHFRPSOHWHODFNRIDQ\LQGLFHV



2OLYHU%DXP$WODQWD     $1'5( 9$8&+(=+UVJ >LQ&RQMXQFWLRQZLWK%$55,( '2%621DQG0,&+$(/ /$3,'*( (QJO7UDQVOE\$'5,$1 :$/)25'@(QF\FORSHGLDRIWKH0LGGOH$JHV9RO,$.9RO,,/ =&DPEULGJH-DPHV&ODUNH6*HE}r,6%1  µEHU ]HKQ -DKUH Z½KUWHQ GLH $UEHLWHQ DQ GHU QXQ YRUOLHJHQGHQ (QF\FORSHGLD RI WKH 0LGGOH $JHV 9RUQHKPOLFK ]ZHL *UÕQGH ZDUHQ HV GLH HLQ GHUDUWLJHV 8QWHUIDQJHQ UHFKWIHUWLJWHQ *HUDGHLQGHQOHW]WHQ-DKU]HKQWHQGHV-DKUKXQGHUWVKDWWHGLH0LWWHODOWHUIRUVFKXQJJH ZDOWLJH)RUWVFKULWWH]XYHU]HLFKQHQVRGD¸VLFKGHUHQ'RNXPHQWDWLRQQDKHOHJWHGDUÕEHU KLQDXVKDWVLFKHUZLHVHQGD¸GLH(SRFKHGHV0LWWHODOWHUVQLFKWPHKUDOVYHUQDFKO½VVLJEDUHV =HLWDOWHU]XEHWUDFKWHQLVWVLHYLHOPHKUHLQHQ(LJHQZHUWEHVLW]WGHUDXVLKUVHOEVW]XHUPLW WHOQ LVW XQG ZHQQJOHLFK PÕKVDP DXFK HUPLWWHOW ZHUGHQ NDQQ r HLQ )DNWXP GDV HV HU IRUGHUOLFKHUVFKHLQHQOLH¸HEHQIDOOVGRNXPHQWLHUW]XZHUGHQ'DV0LWWHODOWHULVWVRPLWNHLQ UHGXQGDQWHV =HLWDOWHU ]ZLVFKHQ GHQ UHOHYDQWHQ ([WUHPHQ w$QWLNHk XQG w1HX]HLW0RGHU QH3RVWPRGHUQHkVRQGHUQELOGHWLP*HJHQWHLOLQVWUHQJHP:RUWVLQQHGLH0LWWH]ZLVFKHQ GLHVHQ([WUHPHQGDV=HQWUXPGHU:HOWJHVFKLFKWHLQGHPHVDQWLNHV'HQNHQGXUFKEOR¸H 5H]HSWLRQ RGHU DXFK VHOEVW½QGLJH 7UDQVIRUPDWLRQ EHZDKUWH IRUWHQWZLFNHOWH XQG ZHLWHU YHUPLWWHOWH'LHVHV0LWWHODOWHUZDUHLQ6FKPHO]WLHJHOXQWHUVFKLHGOLFKVWHU.XOWXUHQGLHVLFK ZHFKVHOVHLWLJEHIUXFKWHWHQQLFKW]XI½OOLJVRQGHUQDXIJUXQGGHU,QWHQWLRQEHLDOOHU'LYHU VLW½WJUϸWPÏJOLFKHV:LVVHQ]XHUODQJHQrLQWHUNXOWXUHOOLQWHUQDWLRQDO:LHMHGHV=HLWDOWHU VRZDUDXFKGDV0LWWHODOWHUDEHUQLFKWIUHLYRQ6FKDWWHQVHLWHQ9HUZLHVHQVHLQXUDXIGLH5H OLJLRQVNULHJH GLH ,QTXLVLWLRQ DXI GLH SROLWLVFKH 6HOEVWQGXQJ GHU 1DWLRQDOVWDDWHQ XQWHU +LQWDQVHW]XQJHLQKHLWVSROLWLVFKHUrDOVRNRVPRSROLWLVFKHUr$PELWLRQHQDXI:LOONÕUDNWH YRQ+HUUVFKHQGHQJHJHQÕEHU,QGLYLGXHQDXI3HVWXQG6HXFKHQ  µEHU VHFKVKXQGHUW :LVVHQVFKD OHULQQHQ XQG :LVVHQVFKD OHU ZDUHQ HV GLH LQ PHKU RGHUZHQLJHUXPIDQJUHLFKHQ$UWLNHOQEHVRQGHUVDXFKGLHQHXHVWHQ5HVXOWDWHGHU0LWWHODO WHUIRUVFKXQJ LQ HLQHU (Q]\NORS½GLH ]XVDPPHQIDVVHQG ]X SU½VHQWLHUHQ VLFK DQJHOHJHQ VHLQ OLH¸HQ,QKDOWOLFKNRPPWDOOHV:LVVHQVZHUWHDXVGHQYHUVFKLHGHQVWHQ*HELHWHQrYRQGHU $UFK½RORJLH ÕEHU GLH %LRORJLH *HRJUDSKLH *HVFKLFKWH /LQJXLVWLN 3KLORVRSKLH 6SUDFK WKHRULH7KHRORJLHELVKLQ]XVSH]LVFKHQ%LRJUDSKLHQHWZDEHGHXWHQGHU0RQDUFKHQYRQ %LVFKÏIHQRGHUKHUDXVUDJHQGHQ,QWHOOHNWXHOOHQr]XU6SUDFKHUHLFKHV%LOGPDWHULDO rPHL VWHQVLQ)RUPYRQIDUELJHQ,OOXVWUDWLRQHQrXQG7DIHOZHUNHODGHQ/HVHULQQHQXQG/HVHU]XU YHUZHLOHQGHQ%HWUDFKWXQJRGHU]XPEOR¸RSWLVFKHQ1DFKYROO]XJYRQ*HVFKULHEHQHPHLQ    



5H]HQVLRQHQ  'LHVH(Q]\NORS½GLHEHVWLFKWGXUFK1LFKW0RQXPHQWDOLW½W3U½]LVLRQLP'HWDLOXQG]X JOHLFKXPIDVVHQGHQ3HUVSHNWLYHQUHLFKWXP6LHKDWQXUHLQHQw)HKOHUk:HUHLQPDOLQLKU]X EO½WWHUQEHJRQQHQKDWOHJWVLHQLFKWPHKUDXVGHU+DQG



%XUNKDUG0RMVLVFK%RFKXP    5$,1(5 &+5,6723+ 6&+:,1*(6+UVJ $UWLVWHQXQG3KLORVRSKHQ:LVVHQVFKD VXQG:LU NXQJVJHVFKLFKWHHLQHU)DNXOW½WYRPELV]XP-DKUKXQGHUW9HUÏHQWOLFKXQJHQGHU*HVHOO VFKD IÕU8QLYHUVLW½WVXQG:LVVHQVFKD VJHVFKLFKWH%G %DVHO6FKZDEH;,, 6*HEúr,6%1  0LWGLHVHP%XFKOHJWGLH*HVHOOVFKD IÕU8QLYHUVLW½WVXQG:LVVHQVFKD VJHVFKLFKWH*8:  LKUHHUVWH9HUÏHQWOLFKXQJYRU'LHJHJUÕQGHWHLQWHUGLV]LSOLQ½UH*8:JUHL HLQH)RU VFKXQJVULFKWXQJDXIGLHVLFKPLWHLQHU”YHUIDVVXQJVVR]LDOXQGNXOWXUJHVFKLFKWOLFK]HQ WULHUWH>Q@8QLYHUVLW½WVJHVFKLFKWH]ZLVFKHQGHQ e$UEHLWVIHOGHUQw%LOGXQJVJHVFKLFKWHkXQG w:LVVHQVFKD VJHVFKLFKWHk…6,; DQVLHGHOW6LHYHUIROJGHQ*HJHQVWDQGLKUHU8QWHUVXFKXQ JHQ LP +LQEOLFN DXI ODQJIULVWLJH 9HU½QGHUXQJHQ SURJUDPPDWLVFK ”ÕEHU DOOH (SRFKHQ KLQ ZHJELVLQGLHXQPLWWHOEDUH*HJHQZDUW…HEG 'HU%DQGJLQJDXVGHUHUVWHQLQWHUQDWLRQD OHQ7DJXQJGHU*HVHOOVFKD DXIGHP0RQWH9HULW¹LQ$VFRQDKHUYRUDOV7DJXQJVSUR GXNWJLEWHUGHQQDXFKYLHOPHKUYHUVFKLHGHQH,PSXOVHDOVHLQHQµEHUEOLFN(UUÕFNWÕEHU HLQHQ=HLWUDXPYRQVLHEHQ-DKUKXQGHUWHQGLHMHQLJH)DNXOW½WLQV=HQWUXPZHOFKHVLFKYRQ GHUJHPHLQKLQDOV2UWSURS½GHXWLVFKHU6WXGLHQJHOWHQGHQ$UWLVWHQIDNXOW½W]XGHQDXVGLH UHQ]LHUWHQ6WXGLHQJ½QJHQGHUKHXWLJHQJHLVWHVXQGQDWXUZLVVHQVFKD OLFKHQSKLORVRSKLVFKHQ )DNXOW½WHQHQWZLFNHOWH$UWLVWHQZHUGHQLQGLHVHP=XVDPPHQKDQJMHQH3HUVRQHQJHQDQQW GLHOHGLJOLFKDQGHU$UWLVWHQIDNXOW½WVWXGLHUWHQHQWVSUHFKHQGZHUGHQPLW3KLORVRSKHQGLH MHQLJHQEH]HLFKQHWGLHLKUH6WXGLHQDQHLQHUSKLORVRSKLVFKHQ)DNXOW½WDEVROYLHUWHQ  'HU%DQGJOLHGHUWVLFKFKURQRORJLVFKLQGUHL7HLOH7HLO,LVWGHP-DKUKXQGHUW 7HLO,,GHP-DKUKXQGHUWXQG7HLO,,,GHP-DKUKXQGHUWJHZLGPHW'LHHLQ ]HOQHQ7HLOHHQGHQMHZHLOVPLWHLQHU=XVDPPHQIDVVXQJVRZLHDP6FKOX¸GHV%XFKHV PLW .RPPHQWDUHQDXVLWDOLHQLVFKHU6LFKW$XIHLQ9RUZRUWXQGHLQH(LQIÕKUXQJGHV+HUDXVJH EHUV5&6FKZLQJHVIROJHQ7HLO,.:ULHGW”6WXGLXPXQG7½WLJNHLWVIHOGHUGHU$UWL VWHQ LP VS½WHQ 0LWWHODOWHU… &+HVVH ”/DQGHVKHUUOLFKH $PWVWU½JHU r $UWLVWHQ LP %HUXI… 3* 6FKPLGW ”*UDPPDWLN XQG 5KHWRULN DQ GHQ 8QLYHUVLW½WHQ GHV 6S½WPLWWHODOWHUV… 0-)0 +RHQHQ ”$UV DUWLXP HW VFLHQWLD VFLHQWLDUXP /RJLN DQ GHQ PLWWHODOWHUOLFKHQ 8QLYHUVLW½WHQ YRQ 3DULV XQG LP $OWHQ 5HLFK… &6FKÏQHU ”$ULWKPHWLN *HRPHWULH XQG $VWURQRPLH$VWURORJLHDQGHQ8QLYHUVLW½WHQGHV$OWHQ5HLFKHV3URS½GHXWLN+LOIVZLVVHQ VFKD HQGHU0HGL]LQXQGSUDNWLVFKH/HEHQVKLOIH…*57HZHV”'\QDPLVFKHXQGVR]LDO JHVFKLFKWOLFKH $VSHNWH VS½WPLWWHODOWHUOLFKHU $UWHVOHKUSO½QH… 06WDHKHOLQ ”0XVLN LQ GHQ $UWLVWHQIDNXOW½WHQGHXWVFKHU8QLYHUVLW½WHQGHVVS½WHQ0LWWHODOWHUV…5$0ÕOOHU”=X6WUXN

 

'LH HQJOLVFKH 9HUVLRQ LVW r VR ZLUG LP ”9RUZRUW… 3UHIDFH WR WKH (QJOLVK (GLWLRQ YJO 9RO , 6 9,,, DQJH]HLJW r JHJHQÕEHU GHU IUDQ]ÏVLVFKHQ (GLWLRQ YRQ  XQG GHU LWDOLHQLVFKHQ YRQ  GDGXUFK DXVJH]HLFKQHW GD¸ VLH XP ZLFKWLJH $UWLNHO HUJ½Q]W ZRUGHQ LVW IHUQHU GLH MHZHLOLJHQ EL EOLRJUDSKLVFKHQ $QJDEHQ r IDOOV HUIRUGHUOLFK r DNWXDOLVLHUW ZRUGHQ VLQG LQ GHQ $UWLNHOQ w'LRQ\ VLXV WKH $UHRSDJLWH 3VHXGRk XQG w1LFKRODV RI &XVDk YHUPL¸W PDQ DOOHUGLQJV +LQZHLVH DXI GLH 6WDQGDUG$XVJDEHQ w%HUOLQk E]Z w+DPEXUJk 





5H]HQVLRQHQ  'LHVH(Q]\NORS½GLHEHVWLFKWGXUFK1LFKW0RQXPHQWDOLW½W3U½]LVLRQLP'HWDLOXQG]X JOHLFKXPIDVVHQGHQ3HUVSHNWLYHQUHLFKWXP6LHKDWQXUHLQHQw)HKOHUk:HUHLQPDOLQLKU]X EO½WWHUQEHJRQQHQKDWOHJWVLHQLFKWPHKUDXVGHU+DQG



%XUNKDUG0RMVLVFK%RFKXP    5$,1(5 &+5,6723+ 6&+:,1*(6+UVJ $UWLVWHQXQG3KLORVRSKHQ:LVVHQVFKD VXQG:LU NXQJVJHVFKLFKWHHLQHU)DNXOW½WYRPELV]XP-DKUKXQGHUW9HUÏHQWOLFKXQJHQGHU*HVHOO VFKD IÕU8QLYHUVLW½WVXQG:LVVHQVFKD VJHVFKLFKWH%G %DVHO6FKZDEH;,, 6*HEúr,6%1  0LWGLHVHP%XFKOHJWGLH*HVHOOVFKD IÕU8QLYHUVLW½WVXQG:LVVHQVFKD VJHVFKLFKWH*8:  LKUHHUVWH9HUÏHQWOLFKXQJYRU'LHJHJUÕQGHWHLQWHUGLV]LSOLQ½UH*8:JUHL HLQH)RU VFKXQJVULFKWXQJDXIGLHVLFKPLWHLQHU”YHUIDVVXQJVVR]LDOXQGNXOWXUJHVFKLFKWOLFK]HQ WULHUWH>Q@8QLYHUVLW½WVJHVFKLFKWH]ZLVFKHQGHQ e$UEHLWVIHOGHUQw%LOGXQJVJHVFKLFKWHkXQG w:LVVHQVFKD VJHVFKLFKWHk…6,; DQVLHGHOW6LHYHUIROJGHQ*HJHQVWDQGLKUHU8QWHUVXFKXQ JHQ LP +LQEOLFN DXI ODQJIULVWLJH 9HU½QGHUXQJHQ SURJUDPPDWLVFK ”ÕEHU DOOH (SRFKHQ KLQ ZHJELVLQGLHXQPLWWHOEDUH*HJHQZDUW…HEG 'HU%DQGJLQJDXVGHUHUVWHQLQWHUQDWLRQD OHQ7DJXQJGHU*HVHOOVFKD DXIGHP0RQWH9HULW¹LQ$VFRQDKHUYRUDOV7DJXQJVSUR GXNWJLEWHUGHQQDXFKYLHOPHKUYHUVFKLHGHQH,PSXOVHDOVHLQHQµEHUEOLFN(UUÕFNWÕEHU HLQHQ=HLWUDXPYRQVLHEHQ-DKUKXQGHUWHQGLHMHQLJH)DNXOW½WLQV=HQWUXPZHOFKHVLFKYRQ GHUJHPHLQKLQDOV2UWSURS½GHXWLVFKHU6WXGLHQJHOWHQGHQ$UWLVWHQIDNXOW½W]XGHQDXVGLH UHQ]LHUWHQ6WXGLHQJ½QJHQGHUKHXWLJHQJHLVWHVXQGQDWXUZLVVHQVFKD OLFKHQSKLORVRSKLVFKHQ )DNXOW½WHQHQWZLFNHOWH$UWLVWHQZHUGHQLQGLHVHP=XVDPPHQKDQJMHQH3HUVRQHQJHQDQQW GLHOHGLJOLFKDQGHU$UWLVWHQIDNXOW½WVWXGLHUWHQHQWVSUHFKHQGZHUGHQPLW3KLORVRSKHQGLH MHQLJHQEH]HLFKQHWGLHLKUH6WXGLHQDQHLQHUSKLORVRSKLVFKHQ)DNXOW½WDEVROYLHUWHQ  'HU%DQGJOLHGHUWVLFKFKURQRORJLVFKLQGUHL7HLOH7HLO,LVWGHP-DKUKXQGHUW 7HLO,,GHP-DKUKXQGHUWXQG7HLO,,,GHP-DKUKXQGHUWJHZLGPHW'LHHLQ ]HOQHQ7HLOHHQGHQMHZHLOVPLWHLQHU=XVDPPHQIDVVXQJVRZLHDP6FKOX¸GHV%XFKHV PLW .RPPHQWDUHQDXVLWDOLHQLVFKHU6LFKW$XIHLQ9RUZRUWXQGHLQH(LQIÕKUXQJGHV+HUDXVJH EHUV5&6FKZLQJHVIROJHQ7HLO,.:ULHGW”6WXGLXPXQG7½WLJNHLWVIHOGHUGHU$UWL VWHQ LP VS½WHQ 0LWWHODOWHU… &+HVVH ”/DQGHVKHUUOLFKH $PWVWU½JHU r $UWLVWHQ LP %HUXI… 3* 6FKPLGW ”*UDPPDWLN XQG 5KHWRULN DQ GHQ 8QLYHUVLW½WHQ GHV 6S½WPLWWHODOWHUV… 0-)0 +RHQHQ ”$UV DUWLXP HW VFLHQWLD VFLHQWLDUXP /RJLN DQ GHQ PLWWHODOWHUOLFKHQ 8QLYHUVLW½WHQ YRQ 3DULV XQG LP $OWHQ 5HLFK… &6FKÏQHU ”$ULWKPHWLN *HRPHWULH XQG $VWURQRPLH$VWURORJLHDQGHQ8QLYHUVLW½WHQGHV$OWHQ5HLFKHV3URS½GHXWLN+LOIVZLVVHQ VFKD HQGHU0HGL]LQXQGSUDNWLVFKH/HEHQVKLOIH…*57HZHV”'\QDPLVFKHXQGVR]LDO JHVFKLFKWOLFKH $VSHNWH VS½WPLWWHODOWHUOLFKHU $UWHVOHKUSO½QH… 06WDHKHOLQ ”0XVLN LQ GHQ $UWLVWHQIDNXOW½WHQGHXWVFKHU8QLYHUVLW½WHQGHVVS½WHQ0LWWHODOWHUV…5$0ÕOOHU”=X6WUXN

 

'LH HQJOLVFKH 9HUVLRQ LVW r VR ZLUG LP ”9RUZRUW… 3UHIDFH WR WKH (QJOLVK (GLWLRQ YJO 9RO , 6 9,,, DQJH]HLJW r JHJHQÕEHU GHU IUDQ]ÏVLVFKHQ (GLWLRQ YRQ  XQG GHU LWDOLHQLVFKHQ YRQ  GDGXUFK DXVJH]HLFKQHW GD¸ VLH XP ZLFKWLJH $UWLNHO HUJ½Q]W ZRUGHQ LVW IHUQHU GLH MHZHLOLJHQ EL EOLRJUDSKLVFKHQ $QJDEHQ r IDOOV HUIRUGHUOLFK r DNWXDOLVLHUW ZRUGHQ VLQG LQ GHQ $UWLNHOQ w'LRQ\ VLXV WKH $UHRSDJLWH 3VHXGRk XQG w1LFKRODV RI &XVDk YHUPL¸W PDQ DOOHUGLQJV +LQZHLVH DXI GLH 6WDQGDUG$XVJDEHQ w%HUOLQk E]Z w+DPEXUJk 





5H]HQVLRQHQ WXU XQG :DQGHO GHU $UWLVWHQ E]Z 3KLORVRSKLVFKHQ )DNXOW½WHQ DP %HJLQQ GHV  -DKU KXQGHUWV… 7HLO ,, :5ÕHJJ ”'HU +XPDQLVPXV XQG VHLQH JHVHOOVFKD OLFKH %HGHXWXQJ… 60%DXHU”'LH9HU½QGHUXQJYRQ/HKUI½FKHUQXQG/HKULQKDOWHQDQGHU3KLORVRSKLVFKHQ )DNXOW½WGHU8QLYHUVLW½W7ÕELQJHQLPXQG-DKUKXQGHUW…+0DUWL”3KLORVRSKLHXQ WHUULFKWXQGSKLORVRSKLVFKH'LVVHUWDWLRQHQLPXQG-DKUKXQGHUW…&(0F&OHOODQG ”*UHQ]HQ XQG 0ÏJOLFKNHLWHQ wDUWLVWLVFKHUk +RFKVFKXOHU]LHKXQJ LP VS½WHQ 5HLFK… XQG 1+DPPHUVWHLQ”9RP+XPDQLVPXV]XU$XINO½UXQJ)UÕKQHX]HLWOLFKH$VSHNWHGHU8QL YHUVLW½WVJHVFKLFKWH… 7HLO ,,, :3URVV ”$GHO XQG H[SHULPHQWHOOH 1DWXUZLVVHQVFKD  GLH 5ROOH GHU $NDGHPLHQ LP  -DKUKXQGHUW… :+ÏHFKQHU ”%HPHUNXQJHQ ]XU 'LHUHQ ]LHUXQJ GHV )½FKHUNDQRQV XQG ]XU 6WHOOXQJ GHU SKLORVRSKLVFKHQ )DNXOW½WHQ LP µEHUJDQJ YRPDXIGDV-DKUKXQGHUW…3/XQGJUHQ”([DPLQDXQG7½WLJNHLWVIHOGHUIÕU$EVRO YHQWHQ GHU 3KLORVRSKLVFKHQ )DNXOW½W %HUXIVNRQVWUXNWLRQ XQG 3URIHVVLRQDOLVLHUXQJ LP  -DKUKXQGHUW…56WLFKZHK”'LHVR]LDOH5ROOHGHV3URIHVVRUVGHUSKLORVRSKLVFKHQ)DNXOW½W (LQ )DOO YRQ 3URIHVVLRQDOLVLHUXQJ" 'HXWVFKODQG LP  XQG  -DKUKXQGHUW… +7LW]H ”'HU6WUXNWXUEUXFKLQGHUKÏKHUHQ%LOGXQJLP-DKUKXQGHUW…00RUHWWL”8QLYHUVL W½WVV\VWHPXQGw3URIHVVLRQDOLVLHUXQJkGHU+LVWRULNHULQ,WDOLHQ (LQNXU]HU*H VDPWÕEHUEOLFN…5YRP%UXFK”'LHUHQ]LHUXQJXQG3URIHVVLRQDOLVLHUXQJ9RQGHU3URS½ GHXWLN ]XP 0RWRU GHU PRGHUQHQ )RUVFKXQJVXQLYHUVLW½W… $EVFKOLH¸HQG DXV LWDOLHQLVFKHU 6LFKW$6RWWLOL”(LQH3RVWLOOH]XPDUWLVWLVFKHQ&XUULFXOXPGHULWDOLHQLVFKHQ8QLYHUVLW½WHQ LP9HUJOHLFK]XUPLWWHOHXURS½LVFKHQ$UWLVWHQIDNXOW½W…XQG,3RUFLQL”'HU)DOO,WDOLHQ…  %HNDQQWOLFKPDFKWHQGLH6WXGHQWHQGHUDUWLVWLVFKSKLORVRSKLVFKHQ)DNXOW½WHQLQGHQKLHU EHWUDFKWHWHQ=HLWHQGHQJUϸWHQ7HLODOOHU8QLYHUVLW½WVEHVXFKHUDXVLQGHUGHXWVFKHQ9RU PRGHUQHJDUGLHVHPTXDQWLWDWLYHQ$VSHNWVROOWHQGHP+HUDXVJHEHU]XIROJHPLW GHPYRUOLHJHQGHQ%DQGTXDOLWDWLYH$VSHNWHJHJHQÕEHUJHVWHOOWZHUGHQ'DEHLZLUGGLH)UD JHDXIJHZRUIHQREHVEHLP6WXGLXPDQGLHVHQ)DNXOW½WHQXP%LOGXQJXPLKUHUVHOEVWZLO OHQ  RGHU XP HLQH EHVWLPPWH $XVELOGXQJ 6WLFKZRUW w3URIHVVLRQDOLVLHUXQJk  JLQJ %HUHLWV KLHU]HLJWVLFKGLH6WR¸ULFKWXQJHLQHVJUR¸HQ7HLOVGHUYHUVDPPHOWHQ%HLWU½JH0LW4XDOLW½W LVWOHW]WOLFKGHUSUDNWLVFKH1XW]HQJHPHLQWGHULP5DKPHQHLQHV)RUWVFKULWWVNRQ]HSWHVDOV JHVHOOVFKD OLFK UHOHYDQW EHWUDFKWHW ZLUG GDPLW HUI½KUW GHU 4XDOLW½WVEHJUL DOOHUGLQJV HLQH ]HLWJHLVWLJH)L[LHUXQJ'LHVLVWPLWGHPDNWXHOOHQZLVVHQVFKD VXQGIRUVFKXQJVSROLWLVFKHQ .OLPD LQ =XVDPPHQKDQJ ]X EULQJHQ LQ GHP DXIJUXQG HLQVHLWLJHU QDWXUZLVVHQVFKD OLFK WHFKQLVFKHU4XDOLW½WVNULWHULHQGLH/HJLWLPDWLRQGHU*HLVWHVZLVVHQVFKD HQLQ)UDJHJHVWHOOW ZLUG,QGLHVHP/LFKWHVLQGZRKOGLHJUXQGV½W]OLFKH$XVULFKWXQJDXIGLH(UIRUVFKXQJLKUHV 1XW]HQV VRZLH GLH HQWVSUHFKHQG DGDSWLHUWH 7HUPLQRORJLH ]X VHKHQ DXIIDOOHQG R  LVW GLH 5HGHYRQ3URGXNWLRQ1DFKIUDJH/HLVWXQJ,QQRYDWLRQ9HUZHUWXQJ ,PIROJHQGHQVROOHQ DEHUJHUDGHDXFKGLHSRVLWLYHQ$EZHLFKXQJHQGDYRQEHVSURFKHQZHUGHQ  7HLO,,P+LQEOLFNDXI PÏJOLFKH7½WLJNHLWVIHOGHUYRQ$UWLVWHQK½OW.:ULHGWIHVWGD¸ YRQLKQHQGLHVH)DNXOW½WRKQH*UDGXLHUXQJYHUODVVHQKDEHQZREHLDOOHUGLQJVGHU ([LVWHQ]YRQVFKRODUHVYDJDQWHVGLHDQYHUVFKLHGHQHQ8QLYHUVLW½WHQVWXGLHUWKDEHQDEHUQLFKW DQ MHGHUJUDGXLHUW ZRUGHQ VLQG QLFKW 5HFKQXQJ JHWUDJHQ ZLUG  (U IÕKUW GLHV GDUDXI ]X UÕFNGD¸GHU,PPDWULNXODWLRQQLFKWQXUELOGXQJVRULHQWLHUWH0RWLYH]XJUXQGHODJHQVRQ GHUQDXFKKDQGIHVWH,QWHUHVVHQZLHPDWHULHOOH%HVVHUVWHOOXQJGDV.QÕSIHQYRQ%H]LHKXQ JHQXQGGHU(UZHUEYRQSUDNWLVFKHQ)HUWLJNHLWHQZLH/HVHQXQG6FKUHLEHQLQ/DWHLQGLH GHQ$UWLVWHQNRQNUHWH%HUXIVDXVVLFKWHQLQ/DWHLQVFKXOHQRGHU.DQ]OHLHQHUÏQHWHQ'LHVHQ 3XQNWIRNXVVLHUWDXFK&+HVVHZHQQHUHLQHODQJVDPH$NDGHPLVLHUXQJXQGGDPLWDXFK (QWNOHULNDOLVLHUXQJ HLQ]HOQHU9HUZDOWXQJVEHUHLFKHGXUFK$UWLVWHQIHVWK½OW$UWLVWHQÕEWHQLQ





5H]HQVLRQHQ GHU5HJHOXQWHUJHRUGQHWH7½WLJNHLWHQDXVZLHGLHGHV6FKUHLEHUVGLHKÏKHUHQ6WHOOHQEOLH EHQGHQ-XULVWHQYRUEHKDOWHQ)ÕUGLHMHQLJHQZHOFKHDQGHU$UWHV)DNXOW½WSURPRYLHUWHQ ZDUQLFKWHLQ8QLYHUVLW½WVDEJDQJVRQGHUQ:HLWHUVWXGLXPXQG/HKUHYRUJHVHKHQPDJLVWULUH JHQWHV 'LHVH0L[WXUEHVRQGHUVLPVRJHQDQQWHQ”5HJHQ]6\VWHP…9HUSLFKWXQJIÕUQHX SURPRYLHUWH0DJLVWHU]ZHL-DKUHDQGHU)DNXOW½W]XOHKUHQ K½OW5$0ÕOOHUIÕUGDVFKD UDNWHULVWLVFKH6WUXNWXUPHUNPDOGHU VS½WPLWWHODOWHUOLFKHQ8QLYHUVLW½W )HUQHUEHREDFKWHWHU YRP]XP-DKUKXQGHUWLP:DQGHOGHU$UWLVWHQE]Z3KLORVRSKLVFKHQ)DNXOW½WYRQ GHU.RUSRUDWLRQ]XU6WDDWVDQVWDOWHLQHVWDDWOLFKHXQGJHVHOOVFKD OLFKH”)XQNWLRQDOLVLHUXQJ… GHU8QLYHUVLW½W*HUDGHKLQVLFKWOLFKGHUSURS½GHXWLVFKHQ)XQNWLRQGHV$UWHV6WXGLXPVYRQ 0ÕOOHUDXFKDOV”LQQHUXQLYHUVLW½UHV*\PQDVLXP…EH]HLFKQHW HUZHLVWVLFKGHU%OLFNDXIGLH DQGHUV JHDUWHWHQ LWDOLHQLVFKHQ 9HUK½OWQLVVH DOV DXIVFKOX¸UHLFK DXFK ZHQQ GDPLW GLH DQJH VWUHEWH”HXURS½LVFKH3HUVSHNWLYH…QLFKWHLQJHOÏVWZLUG$6RWWLOLK½OWIHVWGD¸GDVDUWLVWLVFKH &XUULFXOXPNHLQHJ\PQDVLDOH)XQNWLRQEHVD¸GLH*UXQGDXVELOGXQJÕEHUQDKPGLH6FKXOH GHU +XPDQLVWHQ  XQG GLH DUWLVWLVFKHQ 6WXGLHQ QLFKW DXI 7KHRORJLH VRQGHUQ DXI 0HGL]LQ DXVJHULFKWHW ZDUHQ ,P  -DKUKXQGHUW VWHOOWH ]XGHP GDV $UWHV6WXGLXP QLFKW PHKU QXU HLQ 3URS½GHXWLNXP IÕU GLH 0HGL]LQ GDU VRQGHUQ ZDU DOV 3URPRWLRQVJDQJ XQG DOV %LO GXQJVZHJDXFKIÕUVLFKVHOEVWHUVWUHEHQVZHUW'LH)UDJHQDFKGHPSUDNWLVFKHQ1XW]HQXQG GHUDXVVHUXQLYHUVLW½UHQ9HUZHQGEDUNHLWGHV(UOHUQWHQOHLWHWDXFKLQKDOWVEH]RJHQH8QWHUVX FKXQJHQ]XU/RJLNXQG]XGHQ)½FKHUQGHV4XDGULYLXPV0+RHQHQJHKWYRQGHULQPLW WHODOWHUOLFKHQ7UDNWDWHQR YRUJHQRPPHQHQ8QWHUVFKHLGXQJ]ZLVFKHQORJLFDGRFHQVXQGOR JLFDXWHQVDXV,P5DKPHQGHV$UWHV6WXGLXPVZXUGHHUVWHUHGLHWKHRUHWLVFKH)RUPGHU/R JLNDOVVHOEVW½QGLJH'LV]LSOLQPLWGHU$UJXPHQWDWLRQDOVLKUHPHLJHQHQ*HJHQVWDQGXQWHU ULFKWHWZLHHVLQORJLVFKHQ7UDNWDWHQXQG.RPPHQWDUHQGRNXPHQWLHUWLVW'LHORJLFDXWHQV VWHOOWGLHLQDQGHUHQ:LVVHQVFKD HQrR QLFKWRKQH%HGHQNHQrDQJHZDQGWH.XQVWGHU$U JXPHQWDWLRQGDUVRLQGHU%HJULVELOGXQJRGHU$QDO\VHYRQ3UREOHPHQ+RHQHQPDFKWGD EHLDXIHLQHLP*UXQGHSOXUDOH/RJLNDXIPHUNVDPZHQQHUMHQDFK6FKXOHXQWHUVFKLHGOLFKH ORJLVFKH7KHRULHQYDULLHUHQGH3U½PLVVHQVRZLHGHQ=XVDPPHQKDQJPLWDQGHUHQ:LVVHQ VFKD HQEHWRQW'DEHLVSLHOWDXFKGHUwFRQWH[WXDODSSURDFKk/0GH5LMN GHU6XSSRVLWL RQVOHKUHHLQH5ROOH+RHQHQYHUZHLVWDXIGLHORJLVFKH'HEDWWHXPGLHYLUWXVVHUPRQLVGLHHL JHQWOLFKH%HGHXWXQJGHU:RUWHLQGHU%LEHOXQGDXWRULWDWLYHQ7H[WHQ(LQHQZHLWHUHQ(LQ EOLFNLQGLHDQJHZDQGWH/RJLNJLEWHUPLWGHP+LQZHLVDXI([DPHQVWUDNWDWHGLHDOV9RUEH UHLWXQJIÕU'LVSXWDWLRQHQGLHQWHQ,QHLQHUDQRQ\PHQ6DPPOXQJYRQSDUDGLJPDWLVFKHQ'LV SXWDWLRQHQGHP3URPSWXDULXPDUJXPHQWRUXPZHUGHQPLWGHQ$UJXPHQWDWLRQHQDXFKJOHLFK 6FKXOGLHUHQ]HQ]ZLVFKHQ7KRPLVWHQXQG$OEHUWLVWHQPLWJHOLHIHUW2EWDWV½FKOLFKJHUDGH GLH/RJLNGHU7KRPLVWHQDX¸HUKDOEGHU8QLYHUVLW½WSUDNWLVFKZHLWHUJHZLUNWKDWZLH+RH QHQ DP 6FKOX¸ YHUPXWHW GDUI DQJH]ZHLIHOW ZHUGHQ &6FKÏQHU NRQVWDWLHUW DQKDQG YRQ /HKUSODQDQDO\VHQ HLQH XQWHUJHRUGQHWH 6WHOOXQJ GHV 4XDGULYLXPV XQG VHLWHQV GHU $UWHV 6WXGHQWHQHLQJHULQJHV,QWHUHVVHGDUDQZHLOQLUJHQGZRVRQVWVRYLHOH6WUDIJHEÕKUHQZHJHQ 9HUV½XPQLVVHV YHU]HLFKQHW VLQG $QGHUHUVHLWV EHVWDQG HLQ EHWU½FKWOLFKHV ,QWHUHVVH YRQ DX ¸HQEHVRQGHUVDQGHU$VWURQRPLHE]Z$VWURORJLH0HGL]LQHUEHQÏWLJWHQVLHIÕULKUH'LD JQRVHXQG7KHUDSLHPHWKRGHQ)ÕUVWHQ]XUSROLWLVFKHQ3ODQXQJXQGHLQ*UR¸WHLOGHV9RO NHV IÕU -DKUHVSURJQRVHQ ,Q GLHVHU 'LVNUHSDQ] VLHKW 6FKÏQHU GLH 8UVDFKH GDIÕU GD¸ GHU 4XDGULYLXP8QWHUULFKWK½XJDX¸HUKDOEGHU8QLYHUVLW½WSULYDWVWDWWIDQG  ,PNXU]HQ7HLO,,VWHOOWVLFKJOHLFK]X%HJLQQGLH)UDJHZHVKDOEGHUHLQ]LJH%HLWUDJ]XP +XPDQLVPXV VLFK ZLH VHOEVWYHUVW½QGOLFK XQWHU ,,  -K  XQG QLFKW XQWHU ,  -K QGHW:HLWHUZLUGPLWGHP9RUWUDJYRQ:5ÕHJJGDV)HOGw+XPDQLVPXVkQXUHLQVHL





5H]HQVLRQHQ WLJ DQJHVSURFKHQ SDXVFKDO JHKDOWHQ XQG OHGLJOLFK DXI ,WDOLHQ EH]RJHQ HQGHW HU LQ HLQHU (ORJHDXIGLHKXPDQLVWLVFKH%LOGXQJIÕUGLHJHVHOOVFKD OLFKSROLWLVFKHQ(OLWHQrYHUVW½QG OLFKQXUDOV,PSHWXVVHLQHU*HQHUDWLRQ+HUYRU]XKHEHQLVWKLHUGHU%HLWUDJYRQ+0DUWL GHUIUÕKQHX]HLWOLFKH'LVSXWDWLRQHQXQG'LVVHUWDWLRQHQLQV%OLFNIHOGUÕFNWZRPLWHUHLQH ZLVVHQVFKD OLFKH3UD[LVKLQWHUIUDJWGLHOHGLJOLFKGLHNDQRQLVLHUWHQ*UϸHQEHUÕFNVLFKWLJW 0LWGHUH[WHQVLYHQ8QWHUVXFKXQJGLHVHUwGXUFKVFKQLWWOLFKHQkZLVVHQVFKD OLFKHQ7H[WHEH WRQW0DUWLLKUHQ:HUWIÕUYHUVFKLHGHQH$VSHNWHGHU*HVFKLFKWVVFKUHLEXQJ/RNDO.XOWXU 6R]LDOXQG0LQRULW½WHQJHVFKLFKWHVRZLH,PDJRORJLH 'LVVHUWDWLRQHQGHUSKLORVRSKLVFKHQ 'LV]LSOLQHQ VWHOOHQ DOV PRQXPHQWV ZLFKWLJH 4XHOOHQ]HXJQLVVH IUÕKQHX]HLWOLFKHU +RFKVFKX OHQ GDU GLH ÕEHU YHUVFKLHGHQVWH %HUHLFKH $XIVFKOX¸ JHEHQ ]% DXFK ÕEHU 8QWHUULFKWV IRUPHQXQGLQKDOWHVRZLH$XINRPPHQ5H]HSWLRQXQG$XVEUHLWXQJSKLORVRSKLVFKHU'HQN ULFKWXQJHQ 0DUWL YHUZHLVW DXI GHQ EOÕKHQGHQ 'LVVHUWDWLRQHQKDQGHO PLW 6SH]LDOELEOLR JUDSKLHQXQGVSH]LDOLVLHUWHQ9HUN½XIHUQZRULQVLFKGHU6WHOOHQZHUWXQGGLH%HOLHEWKHLWGLH VHU7H[WH½X¸HUQrQLFKW]XOHW]WDXFKZHJHQLKUHVS½GDJRJLVFKHQ*HEUDXFKVZHUWHVGDVLHJH OHKUWH.RQWURYHUVHQR JXWQDFKYROO]LHKEDUGRNXPHQWLHUHQ  'LH%HLWU½JHYRQ7HLO,,,ZLGPHQVLFKGHU3URIHVVLRQDOLVLHUXQJKLQ]X([SHUWHQWXPXQG %HUXIVNRQVWUXNWLRQ VRZLH HLQHU 1HXEHVWLPPXQJ GHU 5ROOH GHU 8QLYHUVLW½W :+ÏHFK QHU3/XQGJUHQ56WLFKZHKXQG+7LW]HWKHPDWLVLHUHQLQVWLWXWLRQHOOIRUPDOH$VSHNWH ZLH GLH 'LHUHQ]LHUXQJ GHV )½FKHUNDQRQV XQG GLH 9HUIDFKOLFKXQJ YRQ (LQ]HOGLV]LSOLQHQ GLH (QWZLFNOXQJ GHU SKLORVRSKLVFKHQ )DNXOW½W KLQ ]X HLQHU %HUXIVIDNXOW½W IÕU *\PQDVLDO OHKUHUXQG%HDPWHGLHGRSSHOWH$XIJDEHGHUQHXHQ8QLYHUVLW½WHQLQ)RUVFKXQJXQG/HKUH VRZLH$NDGHPLNHU]\NOHQ'HPJHJHQÕEHUPDFKWGHU%HLWUDJGHV*HUPDQLVWHQ:3URVVDXI HLQHQLQVWLWXWLRQHOOLQKDOWOLFKHQ$VSHNWDXIPHUNVDP'LH8QWHUVXFKXQJZLVVHQVFKD OLFKHU 3XEOLNDWLRQHQGLHVLFKGHUOLWHUDULVFKHQ)RUPHQw(ORJHkw*HVSU½FKkE]Zw%ULHIkEHGLHQHQ IÕKUWLKQ]XU$EVDJHDQGDVMHQLJH$UJXPHQWZHOFKHVHLQHQ.DXVDO]XVDPPHQKDQJ]ZLVFKHQ 'HPRNUDWLVLHUXQJ$XIVWLHJGHV%ÕUJHUWXPV XQGZLVVHQVFKD OLFKHP)RUWVFKULWWSRVWXOLHUW $OVHLQHYRQYHUVFKLHGHQHQ*UXSSHQGLHDP:DQGHOKLQ]XHLQHPQDWXUZLVVHQVFKD OLFKHQ :HOWELOGEHWHLOLJWZDUHQIRNXVVLHUWHUKLHUGHQ$GHOGHUVLFKLQ*HOHKUWHQDNDGHPLHQDX¸HU KDOE GHU 8QLYHUVLW½WHQ ]XVDPPHQIDQG XQG GHVVHQ JUXQGV½W]OLFK IUHLJHLVWLJH +DOWXQJ LQ )RUVFKXQJ XQG 0½]HQDWHQWXP IUXFKWEDU ZXUGH 'LHV EHOHJW 3URVV DQKDQG GUHLHU )UDJHQ NRPSOH[HLP6SDQQXQJVIHOGYRQH[SHULPHQWHOOHU1DWXUZLVVHQVFKD XQG2HQEDUXQJGLH XDYRQ(XOHU+HUGHUXQG/LFKWHQEHUJGLVNXWLHUWZXUGHQ00RUHWWLKHEWGLH3ROLWLVLH UXQJGHULWDOLHQLVFKHQ*HVFKLFKWVVFKUHLEXQJLP-DKUKXQGHUWKHUYRUrHLQ8PVWDQGGHU DXIGLHJUR¸H%HGHXWXQJGHUKLVWRULVFKHQ'LPHQVLRQLP5LVRUJLPHQWR]XUÕFN]XIÕKUHQLVW 'LH*UÕQGXQJGHV.ÏQLJUHLFKHV,WDOLHQPDUNLHUWHLQHQ:HQGHSXQNWVRZLUGKLQVLFKW OLFK8QLYHUVLW½WXQG%LOGXQJYRQYRUHLQKHLWOLFKHPE]Z”YHUVFKLHGHQH>Q@,WDOLHQ…6  XQGHLQHP,WDOLHQQDFKGHU(LQLJXQJJHVSURFKHQ'LHLP5DKPHQGHU7DJXQJYHUQDFKO½V VLJWH*HQGHU)UDJHVWUHL ,3RUFLQLPLWGHP+LQZHLVDXIGLH7DWVDFKHGD¸DQLWDOLHQLVFKHQ 8QLYHUVLW½WHQEHUHLWVLPOHW]WHQ9LHUWHOGHV-DKUKXQGHUWV)UDXHQJUDGXLHUWZXUGHQ  'HU VFKÏQ JHVWDOWHWH HUVWH %DQG GHU *8: LVW DXFK IÕU GLH 3KLORVRSKLHJHVFKLFKWH  YRQ ,QWHUHVVH'LHXQWHUVFKLHGOLFKHQ%OLFNHDXI$UWLVWHQXQGSKLORVRSKLVFKH)DNXOW½WHQDOVYRQ EHVWLPPWHQ6WUXNWXUHQJHSU½JWH,QVWLWXWLRQHQODVVHQDXFKLKUH.RQWLQXLW½WHQXQG'LVNRQ WLQXLW½WHQKHUYRUWUHWHQ'DEHLZHUGHQHLQ]HOQH:HJVWÕFNHHUVLFKWOLFKZHOFKHGDVPLWWHODO WHUOLFKH7ULYLXPE]Z4XDGULYLXPVRZLHGLHVWXGLDKXPDQLWDWLV]XUÕFNJHOHJWKDEHQrKLQ]X GHQJHLVWHVXQGQDWXUZLVVHQVFKD OLFKHQSKLORVRSKLVFKHQ)DNXOW½WHQ1HEHQ,QIRUPDWLRQHQ ]X%LOGXQJXQG$XVELOGXQJJLEWGHU%DQG$XIVFKOÕVVHÕEHUGLHJHVHOOVFKD OLFKHXQGLQVWL





5H]HQVLRQHQ WXWLRQHOOH.RQVWLWXWLRQGHV'HQNHQV(VLVW]XZÕQVFKHQGD¸6WXGLHQGD]XIROJHQZHOFKH QLFKWQXUGLHRVWZHVWXQGQRUGHXURS½LVFKH3HUVSHNWLYHHUZHLWHUQVRQGHUQDXFKGLHLQ GLHVHP %DQG IHVWVWHOOEDUHQ /ÕFNHQ XQG (LQVHLWLJNHLWHQ LP %HUHLFK GHU :LVVHQVFKD VJH VFKLFKWHDQJHKHQ9RQGHUHUVWHQ9HUÏIIHQWOLFKXQJGHU*8:ZLUGHLJHQWOLFKHLQH5HH[LRQ DXIGDV)HOGw:LVVHQVFKD VJHVFKLFKWHkXQGDXIGLH%HJULOLFKNHLWYRQ:LVVHQVFKD HUZDUWHW GLHVH KDW DEHU LP YRUOLHJHQGHQ 7DJXQJVEDQG NHLQHQ HLJHQHQ 2UW JHIXQGHQ REZRKO GDV 9RUZRUW GLH (LQIÕKUXQJ RGHU GLH =XVDPPHQIDVVXQJHQ VLFK GD]X DQJHERWHQ K½WWHQ (LQH NXU]H$EVDJHDQGLHYLHOGLVNXWLHUWH)RUPHOGHUw]ZHL.XOWXUHQk&36QRZ XQGGDV(LQWUH WHQ IÕU HLQHQ QLFKW HUO½XWHUWHQ ”KLVWRULVFK HLQKHLWOLFKHQ :LVVHQVFKD VEHJUL… 6 ,;  GHU *HLVWHVXQG1DWXUZLVVHQVFKD HQXPIDVVHQVROOVLQGDQJHVLFKWVGHU'HEDWWHQGDUÕEHUVRZLH GHU DNWXHOOHQ )RUVFKXQJVODJH XQEHIULHGLJHQG =XGHP Z½UH r JHUDGH ZHQQ GLH $UWHV E]Z SKLORVRSKLVFKHQ)DNXOW½WHQXQWHUHLQHPTXDOLWDWLYHQ%OLFNZLQNHOEHIUDJWZHUGHQrGLH$UEHLW DQ HLQHP GLHUHQ]LHUWHQ XQG SOXUDOHQ 4XDOLW½WVEHJULII ZLFKWLJ GHU VLFK QLFKW YRUUDQJLJ DQ HLQHUPDUNWRULHQWLHUWHQw:LVVHQVÏNRQRPLHkVRQGHUQDQHLQHPGLHYHUVFKLHGHQHQ)UDJHVWHO OXQJHQXQG0HWKRGHQEHUÕFNVLFKWLJHQGHQ9HUVW½QGQLVYRQ:LVVHQVFKD OLFKNHLWDXVULFKWHW



&KULVWLQH%O½WWOHU%HUOLQ    *8,//$80( 'n$89(5*1('HOn»PH9,, ,QWURGXFWLRQWUDGXFWLRQHWQRWHVSDU-HDQ %DSWLVWH %UHQHW 6LF HW 1RQ &ROOHFWLRQ GLULJÂH SDU $ODLQ GH /LEHUD  3DULV - 9ULQ  6.DUWú,6%1  9RQGHQ6FKUL HQGHV%LVFKRIVYRQ3DULV:LOKHOPYRQ$XYHUJQHVWHKWGHU)RUVFKXQJNHLQH ZLVVHQVFKD OLFKH (GLWLRQ E]Z µEHUVHW]XQJ ]XU 9HUIÕJXQJ 'LHVHV 0DQNR YHUVXFKW -% %UHQHWHLQZHQLJDXI]XKHEHQLQGHPHUHLQHPLWNULWLVFKHQ%HPHUNXQJHQYHUVHKHQHµEHU WUDJXQJGHV9,,.DSLWHOV7HLOGHVLP0DJLVWHULXPGLYLQDOHDFVDSLHQWLDOHHQWKDOWHQHQ7UDN WDWHV'HDQLPDELHWHW  'LH %HGHXWXQJ GLHVHU SDUWLHOOHQ (GLWLRQ OLHJW YRU DOOHP LQ LKUHU DXVIÕKUOLFKHQ (LQOHL WXQJ(VLVWLQGHU7DWGDV9HUGLHQVW%UHQHWVGLH(LJHQDUWGHV%HLWUDJV:LOKHOPVJHJHQÕEHU GHQ ]DKOUHLFKHQ PLWWHODOWHUOLFKHQ ,QWHOOHNWWKHRULHQ DXI]X]HLJHQ 'HU %LVFKRI YRQ 3DULV LVW NHLQ $QK½QJHUGHV VRJHQDQQWHQ ”$XJXVWLQLVPH DYLFHQQLVDQW… ZLH ¢WLHQQH *LOVRQ HV IÕU EH ZLHVHQKLHOWVRQGHUQHUGLVWDQ]LHUWVLFKHKHUEHZX¸WYRQMHQHU7KHRULHGHVHLQHQW½WLJHQ ,QWHOOHNWHVGLHLQVEHVRQGHUH,EQ6LQDÕEHU$ULVWRWHOHVKLQDXVJHSU½JWKDWWH0HKUQRFK(U OHKQWGLH1RWZHQGLJNHLWGHU6SDOWXQJGHV,QWHOOHNWVLQHLQHQPÏJOLFKHQXQGHLQHQW½WLJHQ ,QWHOOHNWDOVHLQ]LJH0ÏJOLFKNHLWGLH%LOGXQJYRQ%HJULHQ]XHUNO½UHQDE'LH,GHHHLQHV W½WLJHQ,QWHOOHNWVLVWYLHOPHKUÕEHUÕVVLJHVVHLGHQQHUZ½UHPLW*RWWLGHQWLVFK(VKLH¸H VRQVWQ½POLFKGLH6HHOHEHV½¸H7HLOH(EHQVRZHLVW:LOKHOPGLHSODWRQLVFKH7KHRULHHLQHU LQGHU6HHOHVFKRQYRUKDQGHQHQ:LVVHQVFKD ]XUÕFN)ÕULKQJLEWHVQXUHLQHQ,QWHOOHNWHL QH6HHOH GHUVRZRKOYRQXQWHQYRQGHQ6LQQHQXQGGHQVLQQOLFKHQ:DKUQHKPXQJHQ DOV DXFKYRQREHQYRP6FKÏSIHU HUOHXFKWHWZLUG6RPLWZLUGGHU6HHOHGLH0ÏJOLFKNHLWHLQ JHU½XPWHLQ]HOQHXQGQLFKWQXUDOOJHPHLQH:LVVHQVLQKDOWH*RWW]XHUPLWWHOQ(LQH,OOX VWUDWLRQGLHVHU7KHRULHELHWHWHEHQGDV9,,.DSLWHOYRQ'HDQLPD%UHQHWPDFKWDEHUDXFK GHXWOLFKLQZLHIHUQ:LOKHOPGLHQHXSODWRQLVFKHQ7KHRULHQPL¸YHUVWDQGHQKDWE]ZZLHHU VLH]XUHFKWJHUÕFNWKDWXPVLHWURW]DOOHU.ULWLNGRFKLQVHLQHPHLJHQHQ6\VWHPYHUZHQGHQ ]X NÏQQHQ $OOHUGLQJV PX¸ GLH :LGHUVSUÕFKOLFKNHLW HLQHU $XVVDJH %UHQHWV IHVWJHKDOWHQ ZHUGHQ6RHUZ½KQWHUGDV)HKOHQHLQHU7KHRULHGHU$EVWUDNWLRQEHL%RHWKLXV$ULVWRWHOHV 



5H]HQVLRQHQ WXWLRQHOOH.RQVWLWXWLRQGHV'HQNHQV(VLVW]XZÕQVFKHQGD¸6WXGLHQGD]XIROJHQZHOFKH QLFKWQXUGLHRVWZHVWXQGQRUGHXURS½LVFKH3HUVSHNWLYHHUZHLWHUQVRQGHUQDXFKGLHLQ GLHVHP %DQG IHVWVWHOOEDUHQ /ÕFNHQ XQG (LQVHLWLJNHLWHQ LP %HUHLFK GHU :LVVHQVFKD VJH VFKLFKWHDQJHKHQ9RQGHUHUVWHQ9HUÏIIHQWOLFKXQJGHU*8:ZLUGHLJHQWOLFKHLQH5HH[LRQ DXIGDV)HOGw:LVVHQVFKD VJHVFKLFKWHkXQGDXIGLH%HJULOLFKNHLWYRQ:LVVHQVFKD HUZDUWHW GLHVH KDW DEHU LP YRUOLHJHQGHQ 7DJXQJVEDQG NHLQHQ HLJHQHQ 2UW JHIXQGHQ REZRKO GDV 9RUZRUW GLH (LQIÕKUXQJ RGHU GLH =XVDPPHQIDVVXQJHQ VLFK GD]X DQJHERWHQ K½WWHQ (LQH NXU]H$EVDJHDQGLHYLHOGLVNXWLHUWH)RUPHOGHUw]ZHL.XOWXUHQk&36QRZ XQGGDV(LQWUH WHQ IÕU HLQHQ QLFKW HUO½XWHUWHQ ”KLVWRULVFK HLQKHLWOLFKHQ :LVVHQVFKD VEHJUL… 6 ,;  GHU *HLVWHVXQG1DWXUZLVVHQVFKD HQXPIDVVHQVROOVLQGDQJHVLFKWVGHU'HEDWWHQGDUÕEHUVRZLH GHU DNWXHOOHQ )RUVFKXQJVODJH XQEHIULHGLJHQG =XGHP Z½UH r JHUDGH ZHQQ GLH $UWHV E]Z SKLORVRSKLVFKHQ)DNXOW½WHQXQWHUHLQHPTXDOLWDWLYHQ%OLFNZLQNHOEHIUDJWZHUGHQrGLH$UEHLW DQ HLQHP GLHUHQ]LHUWHQ XQG SOXUDOHQ 4XDOLW½WVEHJULII ZLFKWLJ GHU VLFK QLFKW YRUUDQJLJ DQ HLQHUPDUNWRULHQWLHUWHQw:LVVHQVÏNRQRPLHkVRQGHUQDQHLQHPGLHYHUVFKLHGHQHQ)UDJHVWHO OXQJHQXQG0HWKRGHQEHUÕFNVLFKWLJHQGHQ9HUVW½QGQLVYRQ:LVVHQVFKD OLFKNHLWDXVULFKWHW



&KULVWLQH%O½WWOHU%HUOLQ    *8,//$80( 'n$89(5*1('HOn»PH9,, ,QWURGXFWLRQWUDGXFWLRQHWQRWHVSDU-HDQ %DSWLVWH %UHQHW 6LF HW 1RQ &ROOHFWLRQ GLULJÂH SDU $ODLQ GH /LEHUD  3DULV - 9ULQ  6.DUWú,6%1  9RQGHQ6FKUL HQGHV%LVFKRIVYRQ3DULV:LOKHOPYRQ$XYHUJQHVWHKWGHU)RUVFKXQJNHLQH ZLVVHQVFKD OLFKH (GLWLRQ E]Z µEHUVHW]XQJ ]XU 9HUIÕJXQJ 'LHVHV 0DQNR YHUVXFKW -% %UHQHWHLQZHQLJDXI]XKHEHQLQGHPHUHLQHPLWNULWLVFKHQ%HPHUNXQJHQYHUVHKHQHµEHU WUDJXQJGHV9,,.DSLWHOV7HLOGHVLP0DJLVWHULXPGLYLQDOHDFVDSLHQWLDOHHQWKDOWHQHQ7UDN WDWHV'HDQLPDELHWHW  'LH %HGHXWXQJ GLHVHU SDUWLHOOHQ (GLWLRQ OLHJW YRU DOOHP LQ LKUHU DXVIÕKUOLFKHQ (LQOHL WXQJ(VLVWLQGHU7DWGDV9HUGLHQVW%UHQHWVGLH(LJHQDUWGHV%HLWUDJV:LOKHOPVJHJHQÕEHU GHQ ]DKOUHLFKHQ PLWWHODOWHUOLFKHQ ,QWHOOHNWWKHRULHQ DXI]X]HLJHQ 'HU %LVFKRI YRQ 3DULV LVW NHLQ $QK½QJHUGHV VRJHQDQQWHQ ”$XJXVWLQLVPH DYLFHQQLVDQW… ZLH ¢WLHQQH *LOVRQ HV IÕU EH ZLHVHQKLHOWVRQGHUQHUGLVWDQ]LHUWVLFKHKHUEHZX¸WYRQMHQHU7KHRULHGHVHLQHQW½WLJHQ ,QWHOOHNWHVGLHLQVEHVRQGHUH,EQ6LQDÕEHU$ULVWRWHOHVKLQDXVJHSU½JWKDWWH0HKUQRFK(U OHKQWGLH1RWZHQGLJNHLWGHU6SDOWXQJGHV,QWHOOHNWVLQHLQHQPÏJOLFKHQXQGHLQHQW½WLJHQ ,QWHOOHNWDOVHLQ]LJH0ÏJOLFKNHLWGLH%LOGXQJYRQ%HJULHQ]XHUNO½UHQDE'LH,GHHHLQHV W½WLJHQ,QWHOOHNWVLVWYLHOPHKUÕEHUÕVVLJHVVHLGHQQHUZ½UHPLW*RWWLGHQWLVFK(VKLH¸H VRQVWQ½POLFKGLH6HHOHEHV½¸H7HLOH(EHQVRZHLVW:LOKHOPGLHSODWRQLVFKH7KHRULHHLQHU LQGHU6HHOHVFKRQYRUKDQGHQHQ:LVVHQVFKD ]XUÕFN)ÕULKQJLEWHVQXUHLQHQ,QWHOOHNWHL QH6HHOH GHUVRZRKOYRQXQWHQYRQGHQ6LQQHQXQGGHQVLQQOLFKHQ:DKUQHKPXQJHQ DOV DXFKYRQREHQYRP6FKÏSIHU HUOHXFKWHWZLUG6RPLWZLUGGHU6HHOHGLH0ÏJOLFKNHLWHLQ JHU½XPWHLQ]HOQHXQGQLFKWQXUDOOJHPHLQH:LVVHQVLQKDOWH*RWW]XHUPLWWHOQ(LQH,OOX VWUDWLRQGLHVHU7KHRULHELHWHWHEHQGDV9,,.DSLWHOYRQ'HDQLPD%UHQHWPDFKWDEHUDXFK GHXWOLFKLQZLHIHUQ:LOKHOPGLHQHXSODWRQLVFKHQ7KHRULHQPL¸YHUVWDQGHQKDWE]ZZLHHU VLH]XUHFKWJHUÕFNWKDWXPVLHWURW]DOOHU.ULWLNGRFKLQVHLQHPHLJHQHQ6\VWHPYHUZHQGHQ ]X NÏQQHQ $OOHUGLQJV PX¸ GLH :LGHUVSUÕFKOLFKNHLW HLQHU $XVVDJH %UHQHWV IHVWJHKDOWHQ ZHUGHQ6RHUZ½KQWHUGDV)HKOHQHLQHU7KHRULHGHU$EVWUDNWLRQEHL%RHWKLXV$ULVWRWHOHV 



5H]HQVLRQHQ XQG$YHUURHV6 HLQSDDU=HLOHQZHLWHUVWHOOWHUMHGRFKEHLO½XJIHVWGD¸:LOKHOP”GLH JULHFKLVFKDUDELVFKH'RNWULQGHU$EVWUDNWLRQ…ÕEHUQLPPW(UO½XWHUWZLUGDEHUZHGHUZLH GLHVH]ZHL7DWVDFKHQ]XVDPPHQSDVVHQQRFKZHUGLH9HUWUHWHUGLHVHU7KHRULHVLQG  $EVFKOLH¸HQGHLQLJH%HPHUNXQJHQ=XQ½FKVWHUVFKZHUHQGLHVLFKLQGHU(LQOHLWXQJK½X IHQGHQLQGHU(GLWLRQDOOHUGLQJVVHOWHQHUYRUNRPPHQGHQ6DW]IHKOHUGDV/HVHQ(LQLJH)X¸ QRWHQZ½UHQ]XHUJ½Q]HQJHZHVHQVRDXI6ZRHLQ$XWRURKQH$QJDEHQ]XP7LWHOVHL QHV%XFKHVJHQDQQW ZLUGrLQGHU%LEOLRJUDSKLHZLUGHULPÕEULJHQDXFKQLFKWPHKUHU Z½KQW$XI6ZLUG¢WLHQQH*LOVRQ]ZDUH[DNW]LWLHUWDOOHUGLQJVYHUV½XPWHVGHU+HUDXV JHEHU7LWHOXQG6HLWHQDQJDEHQLQGHUHQWVSUHFKHQGHQ)X¸QRWHQRFKHLQPDO]XYHUPHUNHQ =XUNULWLVFKHQ(GLWLRQVHOEVWLVWDQ]XPHUNHQGD¸]ZDU3DUDOOHO]LWDWHDXVGHQ6FKUL HQ:LO KHOPVLP$SSDUDWYHUPHUNWZHUGHQDQGHUH=LWDWHE]Z$QVSLHOXQJHQDEHUYRUDOOHPDXI 6FKUL HQGHV$ULVWRWHOHVVLQGQLFKWEHOHJWKLQWHUODVVHQMHGRFKEHLP/HVHUHLQ*HIÕKOGHV GÂM¹YX6WÏUHQGLVWDXFKGD¸GLHELEOLVFKHQ=LWDWHRGHU0RWLYHHEHQVRZHQLJDXIJHOLVWHWZHU GHQ XQG GLHV REZRKOVLH PHKUPDOV GLH *HVDPWDUJXPHQWDWLRQ PLWEHVWLPPHQ r HLQ 9HU IDKUHQGDVLP0LWWHODOWHUEHNDQQWOLFKJDQJXQGJ½EHZDU'LHVVWÏUWYRUDOOHPZHQQEH GDFKWZLUGGD¸GHU$XWRUGHU%LVFKRIYRQ3DULVLVWGHVVHQ,QWHQWLRQHVLVWGLH0ÏJOLFKNHLW GHU .HQQWQLV *RWWHV ]X HWDEOLHUHQ XQG GLH FKULVWOLFKH 7KHRULH GHU (LQKHLW GHU 6HHOH ]X ZDKUHQ'D¸GHU5DKPHQGHUµEHUOHJXQJHQ:LOKHOPVHLQWKHRORJLVFKHULVWKHEWÕEULJHQV GHU +HUDXVJHEHU VHOEVW PHKUPDOV KHUYRU (LQH $XVQDKPH QGHW VLFK DXI 6 DXI GHU ]ZHL %LEHO]LWDWH LGHQWL]LHUW ZHUGHQ 'DGXUFK ZLUNW MHGRFK GDV )HKOHQ DQGHUHU 4XHOOHQ XQG1DFKZHLVHXPVREHIUHPGOLFKHU



9LUJLQLH3HNWDV‘'RUWPXQG 

  1,&2/$86 '( &86$'LDORJXVGHOXGRJORELHGFRPPHQWDULLVTXHLOOXVWU,RKDQQHV*HUKDUGXV 6HQJHU 2SHUD RPQLD ,; ,XVVX HW DXFWRULWDWH $FDGHPLDH OLWWHUDUXP +HLGHOEHUJHQVLV DG FRGLFXPGHPHGLWD +DPEXUJ)HOL[0HLQHU;/,,6.DUWúr,6%1 



$P$XJXVWGHV-DKUHVEHULFKWHWHGHU7LUROHUKHU]RJOLFKH5DW/DXUHQWLXV%OXPHQDX ÕEHUGHQ.DUGLQDO1LNRODXVYRQ.XHV”,WHPGHUFDUGLQDOYRQ%UL[HQLVWLQXUEHYHWHUL2U YLHWR XQGGLHKHUF]RJHQYRQ%D\HUQVHLQEH\LPXQGKRUHQLPYDVWH…(EHQMHQH+HU ]ÏJHRGHUYLHOPHKUGHU+HU]RJQHEVWVHLQHQEHLGHQ6ÏKQHQVLQGHVJHZHVHQGLHGHP&X VDQHU LQ GHU GLDORJLVFKHQ $EKDQGOXQJ 'H OXGR JOREL GLH 'LVSXWDWLRQVSDUWQHU VWHOOWHQ 6LH KDWWHQGHPJHVSU½FKVJHVWDOWHQGHQ.DUGLQDODOV6WLFKZRUWJHEHUXQG5HNDSLWXODWRUHQ]XGLH QHQrPHKUQLFKW5ROOHQYHUWHLOXQJHQLQHLQHPSKLORVRSKLVFKWKHRORJLVFKHQ0RQRORJYRQ S½GDJRJLVLHUHQGHU$EVLFKW  2EJOHLFKYRQLKPJHKDQGHOWZLUGEHLQKDOWHQGLH]ZHL%ÕFKHU'HOXGRJORELZHQLJHUHLQH (UO½XWHUXQJGHV*OREXVVSLHOVGLHYHUVFKLHGHQHQ6SLHODQOHLWXQJHQVLQGDXIGHQ6HLWHQ  GHU (GLWLRQ DEJHGUXFNW  'LH %HVFKUHLEXQJ GHV 6SLHOV YHUOLHUW VLFK QDFK GHP HUVWHQ %XFKVRJOHLFKXPHLQHPSKLORVRSKLVFKWKHRORJLVFKHQ7UDNWDW]XZHLFKHQGHUHLQHORFNHUH =XVDPPHQVFKDX GHVVHQ ELHWHW ZDV &XVDQXV LQ VHLQHQ VS½WHQ -DKUHQ SKLORVRSKLVFK HU VFKORVVHQKDW$XFKZHQQGLH=DKOHQVSHNXODWLRQGLH/HKUHYRP0LNURNRVPRVGLH,QWHO

 

=LWLHUW QDFK : %UDXQ 1LNRODXV &XVDQXV LQ 7LURO 'DV :LUNHQ GHV 3KLORVRSKHQ XQG 5HIRUPDWRUV DOV )ÕUVWELVFKRI LQ %UL[HQ %R]HQ   6 





5H]HQVLRQHQ XQG$YHUURHV6 HLQSDDU=HLOHQZHLWHUVWHOOWHUMHGRFKEHLO½XJIHVWGD¸:LOKHOP”GLH JULHFKLVFKDUDELVFKH'RNWULQGHU$EVWUDNWLRQ…ÕEHUQLPPW(UO½XWHUWZLUGDEHUZHGHUZLH GLHVH]ZHL7DWVDFKHQ]XVDPPHQSDVVHQQRFKZHUGLH9HUWUHWHUGLHVHU7KHRULHVLQG  $EVFKOLH¸HQGHLQLJH%HPHUNXQJHQ=XQ½FKVWHUVFKZHUHQGLHVLFKLQGHU(LQOHLWXQJK½X IHQGHQLQGHU(GLWLRQDOOHUGLQJVVHOWHQHUYRUNRPPHQGHQ6DW]IHKOHUGDV/HVHQ(LQLJH)X¸ QRWHQZ½UHQ]XHUJ½Q]HQJHZHVHQVRDXI6ZRHLQ$XWRURKQH$QJDEHQ]XP7LWHOVHL QHV%XFKHVJHQDQQW ZLUGrLQGHU%LEOLRJUDSKLHZLUGHULPÕEULJHQDXFKQLFKWPHKUHU Z½KQW$XI6ZLUG¢WLHQQH*LOVRQ]ZDUH[DNW]LWLHUWDOOHUGLQJVYHUV½XPWHVGHU+HUDXV JHEHU7LWHOXQG6HLWHQDQJDEHQLQGHUHQWVSUHFKHQGHQ)X¸QRWHQRFKHLQPDO]XYHUPHUNHQ =XUNULWLVFKHQ(GLWLRQVHOEVWLVWDQ]XPHUNHQGD¸]ZDU3DUDOOHO]LWDWHDXVGHQ6FKUL HQ:LO KHOPVLP$SSDUDWYHUPHUNWZHUGHQDQGHUH=LWDWHE]Z$QVSLHOXQJHQDEHUYRUDOOHPDXI 6FKUL HQGHV$ULVWRWHOHVVLQGQLFKWEHOHJWKLQWHUODVVHQMHGRFKEHLP/HVHUHLQ*HIÕKOGHV GÂM¹YX6WÏUHQGLVWDXFKGD¸GLHELEOLVFKHQ=LWDWHRGHU0RWLYHHEHQVRZHQLJDXIJHOLVWHWZHU GHQ XQG GLHV REZRKOVLH PHKUPDOV GLH *HVDPWDUJXPHQWDWLRQ PLWEHVWLPPHQ r HLQ 9HU IDKUHQGDVLP0LWWHODOWHUEHNDQQWOLFKJDQJXQGJ½EHZDU'LHVVWÏUWYRUDOOHPZHQQEH GDFKWZLUGGD¸GHU$XWRUGHU%LVFKRIYRQ3DULVLVWGHVVHQ,QWHQWLRQHVLVWGLH0ÏJOLFKNHLW GHU .HQQWQLV *RWWHV ]X HWDEOLHUHQ XQG GLH FKULVWOLFKH 7KHRULH GHU (LQKHLW GHU 6HHOH ]X ZDKUHQ'D¸GHU5DKPHQGHUµEHUOHJXQJHQ:LOKHOPVHLQWKHRORJLVFKHULVWKHEWÕEULJHQV GHU +HUDXVJHEHU VHOEVW PHKUPDOV KHUYRU (LQH $XVQDKPH QGHW VLFK DXI 6 DXI GHU ]ZHL %LEHO]LWDWH LGHQWL]LHUW ZHUGHQ 'DGXUFK ZLUNW MHGRFK GDV )HKOHQ DQGHUHU 4XHOOHQ XQG1DFKZHLVHXPVREHIUHPGOLFKHU



9LUJLQLH3HNWDV‘'RUWPXQG 

  1,&2/$86 '( &86$'LDORJXVGHOXGRJORELHGFRPPHQWDULLVTXHLOOXVWU,RKDQQHV*HUKDUGXV 6HQJHU 2SHUD RPQLD ,; ,XVVX HW DXFWRULWDWH $FDGHPLDH OLWWHUDUXP +HLGHOEHUJHQVLV DG FRGLFXPGHPHGLWD +DPEXUJ)HOL[0HLQHU;/,,6.DUWúr,6%1 



$P$XJXVWGHV-DKUHVEHULFKWHWHGHU7LUROHUKHU]RJOLFKH5DW/DXUHQWLXV%OXPHQDX ÕEHUGHQ.DUGLQDO1LNRODXVYRQ.XHV”,WHPGHUFDUGLQDOYRQ%UL[HQLVWLQXUEHYHWHUL2U YLHWR XQGGLHKHUF]RJHQYRQ%D\HUQVHLQEH\LPXQGKRUHQLPYDVWH…(EHQMHQH+HU ]ÏJHRGHUYLHOPHKUGHU+HU]RJQHEVWVHLQHQEHLGHQ6ÏKQHQVLQGHVJHZHVHQGLHGHP&X VDQHU LQ GHU GLDORJLVFKHQ $EKDQGOXQJ 'H OXGR JOREL GLH 'LVSXWDWLRQVSDUWQHU VWHOOWHQ 6LH KDWWHQGHPJHVSU½FKVJHVWDOWHQGHQ.DUGLQDODOV6WLFKZRUWJHEHUXQG5HNDSLWXODWRUHQ]XGLH QHQrPHKUQLFKW5ROOHQYHUWHLOXQJHQLQHLQHPSKLORVRSKLVFKWKHRORJLVFKHQ0RQRORJYRQ S½GDJRJLVLHUHQGHU$EVLFKW  2EJOHLFKYRQLKPJHKDQGHOWZLUGEHLQKDOWHQGLH]ZHL%ÕFKHU'HOXGRJORELZHQLJHUHLQH (UO½XWHUXQJGHV*OREXVVSLHOVGLHYHUVFKLHGHQHQ6SLHODQOHLWXQJHQVLQGDXIGHQ6HLWHQ  GHU (GLWLRQ DEJHGUXFNW  'LH %HVFKUHLEXQJ GHV 6SLHOV YHUOLHUW VLFK QDFK GHP HUVWHQ %XFKVRJOHLFKXPHLQHPSKLORVRSKLVFKWKHRORJLVFKHQ7UDNWDW]XZHLFKHQGHUHLQHORFNHUH =XVDPPHQVFKDX GHVVHQ ELHWHW ZDV &XVDQXV LQ VHLQHQ VS½WHQ -DKUHQ SKLORVRSKLVFK HU VFKORVVHQKDW$XFKZHQQGLH=DKOHQVSHNXODWLRQGLH/HKUHYRP0LNURNRVPRVGLH,QWHO

 

=LWLHUW QDFK : %UDXQ 1LNRODXV &XVDQXV LQ 7LURO 'DV :LUNHQ GHV 3KLORVRSKHQ XQG 5HIRUPDWRUV DOV )ÕUVWELVFKRI LQ %UL[HQ %R]HQ   6 





5H]HQVLRQHQ OHNWWKHRULHXQGGLH6HHOHQOHKUHVRZLHGLH.RUUHNWXUHQDPDULVWRWHOLVFKHQ1DWXUDOLVPXVZLH DPSODWRQLVFKHQ,GHHQSOXUDOLVPXVGDULQ]XP7UDJHQNRPPHQrLP.HUQOLHJWKLHUYLHOPHKU HLQ7UDNWDWYRQGHUUHFKWHQ/HEHQVIÕKUXQJVNXQVWYRU'DV6SLHOPLWGHUXQZXFKWLJHQ+RO] NXJHOGLHNRQNDYXQGNRQYH[JHGUHFKVHOWLQV=HQWUXPYRQ.UHLVHQ]XUROOHQLVWrZDV LPPHU QXU XQWHU 5ÕFNVLFKWQDKPH DXI HLQH QLHPDOV JDQ] DXVNDONXOLHUEDUH .XUYHQNUÕP PXQJJHVFKHKHQNDQQrYHUTXLFNWGLH(WKLNGHV.DUGLQDOVPLWVHLQHU+RFKVFK½W]XQJGHU .ÕQVWH GLH VHLW 'H FRQLHFWXULV IHVW]XVWHOOHQ LVW 'DUVWHOOXQJHQ ]XU (WKLN VLQG VS½UOLFK LP :HUN GHV &XVDQXV PDQ ZLUG DOOHUGLQJV VHKHQ PÕVVHQ ZDV GLH 3UHGLJWHQ QRFK IÕU µEHUUDVFKXQJHQEHUHLWKDOWHQ (VLVWHLQHVSLHOHULVFKHµEXQJLXFXQGXPH[HUFLWLXP GHV*HL VWHV GHUHQ 9ROO]XJ 6DPHQNÏUQHU GHU :LVVHQVFKD  HLQV½W XQG ]XU 6HOEVWHUNHQQWQLV IÕKUW +DWWH &XVDQXV PLW GHP %HU\OO LQ 'H EHU\OOR HLQH ZLVVHQVFKD OLFKHUQVWH 6HKKLOIH HLQJH IÕKUW VR ZDU HV PLW GHP *OREXV GLH VSLHOHULVFKH 6HKKLOIH -HQH .XJHO EHVFKUHLEW HLQPDO JHZRUIHQDXIJUXQGLKUHU1DWXUVWHWVJHNUÕPPWH.XUYHQ]XP=LHOKLQ-HGH:XUIEDKQLVW VLQJXO½U QLFKWV SDVVLHUW ]ZHLPDO (UVW LQ GHU (LQÕEXQJ GHV :HUIHQV ZLUG HV PÏJOLFK GLH .XJHO]LHOJHQDXHULQGLH0LWWHGHU.UHLVH]XEHIÏUGHUQLQGHUHQ=HQWUXPGHU9ROOHQGHU GHV/HEHQVr&KULVWXVrVLW]W'HU*OREXVIROJWLQVHLQHU:XUIDEVLFKWGHP9RUELOG&KULVWL MHGHVLQGLYLGXHOOH6WUHEHQQGHWVRVLQJXO½UHVVHLQPDJVHLQH9ROOHQGXQJGDULQ'LH]HKQ ]HQWULHUWHQ.UHLVHZHOFKHGLH6WXIHQGHU*RWWHVVFKDXXQGGHVJOÕFNVHOLJHQ/HEHQVV\PER OLVLHUHQ ZRULQ GLH VHOEVWJHZ½KOWHQ /HEHQVEDKQHQ LKUHU 9ROOHQGXQJ ]XVWUHEHQ IXQJLHUHQ DXFKDOV*OHLFKQLVIÕUGLH(WDSSHQVWHWLJNRUULJLHUHQGHU7XJHQGHLQÕEXQJH[HUFLWLRYLUWXWLV  XPPLQLPLHUWDEJHOHQNWGXUFKYLHOHUOHL:LGULJNHLWHQ]XUZDKUHQ*OÕFNVHOLJNHLW]XJHODQ JHQ 'LH JXWH $EVLFKW LQWHQWLR  LVW HQWVFKHLGHQG VLH PX¸ *HZRKQKHLW ZHUGHQ &XVDQXV JLEW GDPLW GHU ,QWHQWLRQVHWKLN 5DXP GLH $EDHODUG r YRQ VWRLVFKHQ (LQÕVVHQ JHSU½JW r HLQVWLPIUÕKHQ0LWWHODOWHUIRUPXOLHUWH'LHVHU=XVDPPHQKDQJLVWVRZHLWLFKVHKHQNDQQ QRFKQLFKWHUIRUVFKWZRUGHQ  $P(QGHGHV%XFKHVSKLORVRSKLHUW&XVDQXVLQWHUHVVDQWHUZHLVHÕEHUGHQ:HUWYDORU r GHQ*HOGZHUWRGHU3UHLVGHV:HUWHVSUHWLXPYDORULV 'HU:HUWLVWHLQZLUNOLFK6HLHQGHVGDV ]ZDU GXUFK GHQ *HLVW HUNDQQW ZHUGHQ NDQQ GDUXP DEHU VHOEVW QRFK QLFKW ZHUWYROO ZLUG %HVVHUH(UNHQQWQLVGHV:HUWHVPDFKWDOVRQRFKNHLQHQPRUDOLVFKZHUWYROOHUHQ0HQVFKHQ $XFKZHQQGLH9HUQXQ GHP:HUWNHLQ6HLQJLEWrGDVNRPPWDOOHLQ*RWW]XrVROLHJW GHU:HUWGHU9HUQXQ LQLKUHUDOOHVÕEHUUDJHQGHQ.UD GLH:HUWH]XXQWHUVFKHLGHQ(VLVW GLHVZHLWZHQLJHUHLQHIUÕKH3KLORVRSKLHGHV*HOGHVVRQGHUQYLHOPHKUHLQH3KLORVRSKLHGHV XQEHJUHQ]EDUHQ 8QWHUVFKHLGHQV &XVDQXV VWHOOWH VHLW 'H FRQLHFWXULV GLHVH %HVRQGHUKHLW GHV UDWLRQDOHQ (UNHQQHQV LQ GHQ 9RUGHUJUXQG VHLQHU %HWUDFKWXQJ 'DUDQ DQVFKOLH¸HQG WKH PDWLVLHUW HU HUQHXW GLHVHV 9HUK½OWQLV YRQ GHU JÏWWOLFKHQ ]XU PHQVFKOLFKHQ 9HUQXQ  r DQ KDQGGHV%LOGHVGHU$EK½QJLJNHLWGHV*HOGZHFKVOHUVQXPPXODULXV ]XP0ÕQ]KHUUHQPR QHWDULXV :½KUHQGHUVWHUHPGHU0RGXVGHVXQWHUVFKHLGHQGHQ'HQNHQV]XNRPPWLVWHVEHL OHW]WHUHPGHU0RGXVGHV6HLQ6FKDHQV  'HU NULWLVFK JHVLFKHUWH 7H[W GLHVHV :HUNHV ZDU ODQJH =HLW HLQ 'HVLGHUDW 'LH 'UXFNH ZLHVHQ]DKOUHLFKH9DULDQWHQDXI$OV*HUGD YRQ%UHGRZIÕUGHQ0HLQHU9HUODJLKUH HUVWH µEHUVHW]XQJ YRQ 'H OXGR JOREL LQ $QJUL QDKP VDK VLH VLFK EDOG YRU GLH $XIJDEH JHVWHOOW GLH YHUIÕJEDUHQ +DQGVFKUL HQ ]X NRQVXOWLHUHQ XQG GLH ÕEHU GLH 'UXFNH KLQDXV JHKHQGHQ 9DULDQWHQ LP $QPHUNXQJVWHLO ]X YHU]HLFKQHQ *OHLFKZRKO NRQQWH PDQ VHKHQ ZLHWURW]GLHVHU%HPÕKXQJGHU7H[WDQHLQLJHQ6WHOOHQGXQNHOEOLHE+DQV*HUKDUG6HQJHU

 



'LH 5HVXOWDWH GLHVHU )RUVFKXQJVDUEHLW VFKODJHQ VLFK QXQ DXFK LQ HLQHU QHXHQ µEHUVHW]XQJ QLH



5H]HQVLRQHQ r XQVWULWWLJ GHU (GLWLRQVVSH]LDOLVW IÕU &XVDQXVWH[WH r KDW QXQ DOOH KHXWH EHNDQQWHQ 7H[W ]HXJQLVVHNROODWLRQLHUWXQGGDVVHLWODQJHPJHZÕQVFKWH7H[WNRUSXVKHUJHVWHOOW'LH+DQG VFKUL HQEDVLV LVW QLFKW VRQGHUOLFK EUHLW (U VWÕW]W VLFK LP ZHVHQWOLFKHQ DXI ]ZHL &RGLFHV GHQ&RGH[&XVDQXVIROUU DXVGHP%LEOLRWKHNVEHVWDQGGHV&XVDQXVKRVSLWDOV LQ%HUQNDVWHO.XHVXQGGHQ&RGH[&UDFRYLHQVLVGHU-DJLHOORQLVFKHQ%LEOLRWKHN]X.UD NDXZRULQGLH6FKUL DOVHUVWHIROUY YRQVHFKV&XVDQLVFKHQ:HUNHQHUVFKHLQW(LQ ZHLWHUHU &RGH[ +&   ELHWHW QXU ([]HUSWH 'HQ 'UXFNQDFKZHLVHQ IROJW GLH $XI OLVWXQJ GHU µEHUVHW]XQJHQ )HUQHU ZLUG GHU VFKZHU ]X EHDQWZRUWHQGHQ )UDJH GHU (QW VWHKXQJV]HLW QDFKJHJDQJHQ GHQQ &XVDQXV KDW ZRKO GLH EHLGHQ %ÕFKHU ]X YHUVFKLHGHQHQ =HLWHQNRQ]LSLHUWXQGQLHGHUJHVFKULHEHQ'LH$UEHLWHQGHVIÕUGLH&XVDQXVIRUVFKXQJYHU GLHQVWYROOHQ .ÏOQHU +LVWRULNHUV (ULFK 0HXWKHQ JHVWDWWHQ HV GLH EHLGHQ 7HLOH GHQ -DKUHQ ]X]XRUGQHQ'LH5H]HSWLRQGHV:HUNHVUHLFKWYRQ-RKDQQHV7ULWKHPLXVÕEHU/HR QDUGRGD9LQFL*LRUGDQR%UXQRELV*DOLOHR*DOLOHLXQG$WKDQDVLXV.LUFKHU'LH(UVWHOOXQJ GHU(GLWLRQLVWDXFKHLQ$XVGUXFNGHUHQJHQ=XVDPPHQDUEHLWGHXWVFKHUXQGSROQLVFKHU0H GL½YLVWHQ  'HU%DQGHQWK½OWQLFKWQXUHLQHQXPI½QJOLFKHQ4XHOOHQDSSDUDWPLW6WHOOHQDQJDEHQ]X GHQLQGLUHNW]LWLHUWHQ:HUNHQHUZLUGDEJHUXQGHWGXUFKGLHLQGLFHVQRPLQXPVFULSWRUXPDXF WRUXPXQGFRGLFXPHLQLQGH[OLEURUXPGHU,QWHUSUHWDWLRQHQ]XP*OREXVVSLHOXQG]X'HOXGR JORELDQIÕKUWXQGHLQLQGH[YHUERUXPVFKOLH¸HQVLFKDQ1HEHQGHUSKLORORJLVFKHQ(UVWHOOXQJ GHV7H[WHVLVWHVLQVEHVRQGHUHGLH$XIDUEHLWXQJGHU]LWLHUWHQ4XHOOHQrGDQNGHUYRUDQVFKUHL WHQGHQ 3UHGLJWHGLWLRQ NÏQQHQ DXFK GLH VS½WHQ 3UHGLJWHQ QXQPHKU YHUO½¸OLFK HLQEH]RJHQ ZHUGHQrGLHGHQ%DQGIÕUGLH)RUVFKXQJVRZHUWYROOPDFKW+LHUNRPPWGLHJUR¸H9HU WUDXWKHLWGHV(GLWRUHQPLWGHP:HUNGHV&XVDQXV]XUHFKWHU*HOWXQJ  'HOXGRJORELLVWLQDOOHQ)UÕKGUXFNHQGHU2SHUDGHV&XVDQXVYRUKDQGHQ6RZRKOLQGHU 6WUD¸EXUJHU,QNXQDEHOYRQrGLHGHP&RGH[&XVDQXVIROJWrLVWGHU7H[WHQWKDO WHQ DOV DXFK LP 3DULVHU 'UXFN YRQ  GHQ -RKDQQHV )DEHU 6WDSXOHQVLV YHUDQWZRUWHWH 'LHVJLOWHEHQVRIÕUGHQ0DLO½QGHU'UXFNJHQDXHU&RUWHPDJJLRUHEHL0DLODQG YRQ VRZLHIÕUGHQHUIROJWHQ%DVHOHU'UXFN,QEHLGHQ+DQGVFKUL HQrGLH)UÕKGUXFNHKD EHQ GLHV ÕEHUQRPPHQ r VLQG GHQ ]ZHL %ÕFKHUQ 'H OXGR JOREL MHZHLOV /REJHGLFKWH QDFK JHVWHOOW6LHVLQGQLFKWGHP&XVDQXVVHOEVW]X]XVFKUHLEHQZHUGHQDEHULQGHU(GLWLRQDXI JHIÕKUW6X ,QGHUQHXHQµEHUVHW]XQJYRQ'HOXGRJORELLVWIROJHULFKWLJDXIVLH YHU]LFKWHWZRUGHQ  'HU&XVDQXV)RUVFKHUZLUGGDQNEDUVHLQZHQQHUVLFKQLFKWO½QJHUKLQVLFKWOLFKGLHVHU 6FKUL DOOHLQPLWGHQ'UXFNHQEHKHOIHQPX¸GLHQRFKDPHKHVWHQYHUIÕJEDUZDUHQ KDWWH 3DXO :LOSHUW HLQHQ 1DFKGUXFN GHU 6WUD¸EXUJHU ,QNXQDEHO YHUDQOD¸W 'HQ ZHQLJHQ ([HPSODUHQGHV3DULVHU'UXFNVYRQQDFKGHPVRPDQVHLQHUKDEKD ZXUGHELVODQJ OLHEHU]LWLHUWZXUGHPX¸PDQQXQDXFKQLFKWPHKUQDFKMDJHQ'HUXQPLWWHOEDUH9HUJOHLFK PLWGHP3DULVHU'UXFNGHQGHU+XPDQLVW)DEHU6WDSXOHQVLVYRPwEDUEDULVFKHQ/DWHLQkJH V½XEHUWKDW]HLJWGHQQDXFKGD¸6WHOOHQLQGHP'LDORJGLHELVODQJIÕUUHFKWGXQNHOJDOWHQ DXIJHKHOOWZHUGHQNRQQWHQ  0LW GLHVHP %DQG GHU LQ GHU $EIROJH GHU &XVDQLVFKHQ 2SHUD RPQLD GLH 1XPPHU ,; WU½JWZLUGGHUYRUELOGOLFKHQKLVWRULVFKNULWLVFKHQ:HUNDXVJDEHHLQZHLWHUHUKHUYRUUDJHQ

 GHU 1LNRODXV YRQ .XHV *HVSU½FK ÕEHU GDV *OREXVVSLHO $XI GHU *UXQGODJH GHV 7H[WHV GHU NULWL VFKHQ $XVJDEH QHX ÕEHUVHW]W XQG PLW (LQOHLWXQJ XQG $QPHUNXQJHQ YHUVHKHQ YRQ * Y %UHGRZ +DPEXUJ  





5H]HQVLRQHQ GHU %DQG KLQ]XJHIÕJW 0DQ OLHVW GDULQ XQG VWDXQW QLFKW ZHQLJ GD¸ VROFKH /HLVWXQJHQ LQ GLHVHUVFKQHOOHELJHQ=HLWQRFKHUEUDFKWZHUGHQNÏQQHQ0DQPX¸VLFKYHUJHJHQZ½UWLJHQ GD¸YRUQLFKWDOO]XODQJHU=HLWGHU5RWVWL GHUDOOHU2UWHQ)RUVFKXQJVJHOGHU]XVDPPHQ VWUHLFKWDXFKYRUGLHVHP/DQJ]HLWSURMHNWQLFKWKDOWPDFKHQZROOWH:HQQHVHLQHVZHLWHUHQ %HZHLVHV EHGÕUIHQ VROOWH GLH 8QVLQQLJNHLW VROFKHU $UW 6SDUZXW EOR¸]XVWHOOHQ GDQQ OHJH PDQGLHVHVWXSHQGH*HOHKUWHQDUEHLWDXIGHQ7LVFKXQGVHKHVLFKXPZRHLQHVROFKHKHXWH QRFKJHIHUWLJWZHUGHQNDQQ  'LHVH*HVDPWHGLWLRQZ½FKVWODQJVDPJHZL¸DEHUXPHLQHVROFKH7H[WTXDOLW½WQHEVWGHQ PÕKVDP DXI]XVSÕUHQGHQ $QPHUNXQJHQ LQ HLQHU =HLW UHDOLVLHUHQ ]X NÏQQHQ GLH GHQ )RUVFKHUO½QJVWQLFKWPHKUQXUIÕUHLQVROFKHVXQLNDOHV3URMHNWDXI-DKUHKLQDEVWHOOWEHGDUI HVQHEHQGHPXQHUO½¸OLFKHQSKLORORJLVFKHQ6DFKYHUVWDQGHLQHULQVSLULHUWHQ9HUEXQGHQKHLW PLW GHP )RUVFKXQJVJHJHQVWDQG 0DQ NDQQ YRQ *OÕFN VDJHQ GD¸ LQ GHU 3HUVRQ 6HQJHUV SKLORORJLVFKH $NNXUDWHVVH XQG ZHUN XQG ZLUNJHVFKLFKWOLFKH 'HWDLONHQQWQLV PLW HLQHU ODQJHJHUHL HQ1HLJXQJ]XGHP:HUNGHV1LNRODXVYRQ.XHVHLQHJOÕFNOLFKH.RLQ]LGHQ] HLQJHJDQJHQVLQG  'LH'UXFNTXDOLW½WLVWrVLHKWPDQYRQHLQHU9HUZLVFKXQJEHLGHQ=HLFKQXQJHQDErKHU YRUUDJHQG+LHULVWGHP0HLQHU9HUODJ/RE]X]ROOHQ)UHLOLFKZ½UH]XZÕQVFKHQGD¸HV EHLGHPVWRO]HQrXQGVLFKHUJHUHFKWIHUWLJWHQr$EJDEHSUHLVGHP9HUODJLQ]ZLVFKHQPÏJOLFK VHLQPÏFKWHGLHVH%ÕFKHUEHQXW]HUIUHXQGOLFKPLWHLQHPUDQGVFKRQHQGHQ(UVWEHVFKQLWW]X YHUVHKHQ



1RUEHUW:LQNOHU0DQQKHLP 

  *,25'$12 %5812'LH.DEEDODGHV3HJDVXVÕEHUVXQGKUVJYRQ.DL1HXEDXHUPLWHLQHU (LQOHLWXQJ YRQ 0LFKHOH &LOLEHUWR 3KLORVRSKLVFKH %LEOLRWKHN %G   +DPEXUJ )HOL[ 0HLQHU6.DUWú,6%1  /D&DEDODGHOFDYDOOR3HJDVHRFRQOnDJJLXQWDGHOOn”$VLQRFLOOHQLFR…ÁXQWHVWRFKH%UXQRSXEEOLFD QHOD/RQGUDGLULWRUQRGD2[IRUGLQVHJXLWRDOOHSROHPLFKHFKHHUDQRLQVRUWHLQWRUQR DOOnDFFXVDGLSODJLRGHO'HYLWDFLQLDQRFKHJOLR[IRUGLDQLJOLDYHYDQRULYROWR$/RQGUDYLYH GDwJHQWLOXRPRkQHOODUHVLGHQ]DGHOOnDPEDVFLDWRUHIUDQFHVHRVVLDGDOLEHURLQWHOOHWWXDOHwDF FDGHPLFRGLQXOODDFFDGHPLDkFRPHOXLVLGHQLVFHLQDSHUWRFRQLWWRFRQOHULJLGHHLQHV VLELOLUHJROHDFFDGHPLFKHDWWHVHFRQGROXLDSURWHJJHUHVROROnDUURJDQ]DGHLSHGDQWLDVFD SLWRGHOYHURVDSHUH$TXHVWDGHOXVLRQHVLDJJLXQJHTXHOODSHULOPRQGRULIRUPDWRODFXLHYL GHQWHwDVLQLW¹kQRQÁGDPHQRGLTXHOODGHOFDWWROLFHVLPRHLQQHGHOFULVWLDQHVLPRWXWWR QHOVXRFLHFRULXWRGHOODYHULW¹HGHOODFRQRVFHQ]DUD]LRQDOH/nLQWHQWRVDWLULFRGHOWHVWRÁ HYLGHQWHHVLPDQLIHVWDJL¹GDOWLWRORFRPHDYYHUWHLOFXUDWRUHHWUDGXWWRUHQHOODSUHPHVVD GDOPRPHQWRFKHQRQGLFDEDODVLWUDWWDQHOWHVWRHFKHLOFDYDOORSHJDVHRVLULYHODHVVHUHLQ UHDOW¹VROWDQWRXQDVLQR$GHVVRVLDJJLXQJHXQDUJRPHQWDUHwDOWHUQDWRkFKHSURFHGHSHUUL SHWXWHQHJD]LRQLGLTXHOORFKHSUHFHGHQWHPHQWHVLHUDYHQXWRDHUPDQGRXQDQGDPHQWR FKH0LFKHOH&LOLEHUWRQHOOnLQWURGX]LRQHFKLDPDwWHFQLFDGHOODYDULD]LRQHkS;; /DQRWD DYYHUWHGHOOnDPELYDOHQ]DFKHQHVFDWXULVFHHFKHDYUHEEHSRUWDWRPROWLLQWHUSUHWLDOOD HUUDWDFRQFOXVLRQHFKHTXLVLWUDWWLGLXQDGHFODPD]LRQHGHOOHGRWLGHOOnDVLQRHQRQFRPHUL VXOWDGDOODOHWWXUDLQWHJUDOHGHOWHVWRGHOODVXDFULWLFD$QFKHLOORFRQGXWWRUHFKHQHJOLDO WULGLDORJKLÁGDWRGDOOnLQWHUORFXWRUHFKHLPSHUVRQDLO%UXQRHFKHTXLSUHQGHLOQRPHGL 6DXOLQR VXELVFH XQnLQWHUUX]LRQH FRQ OnLQWURGX]LRQH QHO VHFRQGR GLDORJR GHOOD JXUD GL 



5H]HQVLRQHQ GHU %DQG KLQ]XJHIÕJW 0DQ OLHVW GDULQ XQG VWDXQW QLFKW ZHQLJ GD¸ VROFKH /HLVWXQJHQ LQ GLHVHUVFKQHOOHELJHQ=HLWQRFKHUEUDFKWZHUGHQNÏQQHQ0DQPX¸VLFKYHUJHJHQZ½UWLJHQ GD¸YRUQLFKWDOO]XODQJHU=HLWGHU5RWVWL GHUDOOHU2UWHQ)RUVFKXQJVJHOGHU]XVDPPHQ VWUHLFKWDXFKYRUGLHVHP/DQJ]HLWSURMHNWQLFKWKDOWPDFKHQZROOWH:HQQHVHLQHVZHLWHUHQ %HZHLVHV EHGÕUIHQ VROOWH GLH 8QVLQQLJNHLW VROFKHU $UW 6SDUZXW EOR¸]XVWHOOHQ GDQQ OHJH PDQGLHVHVWXSHQGH*HOHKUWHQDUEHLWDXIGHQ7LVFKXQGVHKHVLFKXPZRHLQHVROFKHKHXWH QRFKJHIHUWLJWZHUGHQNDQQ  'LHVH*HVDPWHGLWLRQZ½FKVWODQJVDPJHZL¸DEHUXPHLQHVROFKH7H[WTXDOLW½WQHEVWGHQ PÕKVDP DXI]XVSÕUHQGHQ $QPHUNXQJHQ LQ HLQHU =HLW UHDOLVLHUHQ ]X NÏQQHQ GLH GHQ )RUVFKHUO½QJVWQLFKWPHKUQXUIÕUHLQVROFKHVXQLNDOHV3URMHNWDXI-DKUHKLQDEVWHOOWEHGDUI HVQHEHQGHPXQHUO½¸OLFKHQSKLORORJLVFKHQ6DFKYHUVWDQGHLQHULQVSLULHUWHQ9HUEXQGHQKHLW PLW GHP )RUVFKXQJVJHJHQVWDQG 0DQ NDQQ YRQ *OÕFN VDJHQ GD¸ LQ GHU 3HUVRQ 6HQJHUV SKLORORJLVFKH $NNXUDWHVVH XQG ZHUN XQG ZLUNJHVFKLFKWOLFKH 'HWDLONHQQWQLV PLW HLQHU ODQJHJHUHL HQ1HLJXQJ]XGHP:HUNGHV1LNRODXVYRQ.XHVHLQHJOÕFNOLFKH.RLQ]LGHQ] HLQJHJDQJHQVLQG  'LH'UXFNTXDOLW½WLVWrVLHKWPDQYRQHLQHU9HUZLVFKXQJEHLGHQ=HLFKQXQJHQDErKHU YRUUDJHQG+LHULVWGHP0HLQHU9HUODJ/RE]X]ROOHQ)UHLOLFKZ½UH]XZÕQVFKHQGD¸HV EHLGHPVWRO]HQrXQGVLFKHUJHUHFKWIHUWLJWHQr$EJDEHSUHLVGHP9HUODJLQ]ZLVFKHQPÏJOLFK VHLQPÏFKWHGLHVH%ÕFKHUEHQXW]HUIUHXQGOLFKPLWHLQHPUDQGVFKRQHQGHQ(UVWEHVFKQLWW]X YHUVHKHQ



1RUEHUW:LQNOHU0DQQKHLP 

  *,25'$12 %5812'LH.DEEDODGHV3HJDVXVÕEHUVXQGKUVJYRQ.DL1HXEDXHUPLWHLQHU (LQOHLWXQJ YRQ 0LFKHOH &LOLEHUWR 3KLORVRSKLVFKH %LEOLRWKHN %G   +DPEXUJ )HOL[ 0HLQHU6.DUWú,6%1  /D&DEDODGHOFDYDOOR3HJDVHRFRQOnDJJLXQWDGHOOn”$VLQRFLOOHQLFR…ÁXQWHVWRFKH%UXQRSXEEOLFD QHOD/RQGUDGLULWRUQRGD2[IRUGLQVHJXLWRDOOHSROHPLFKHFKHHUDQRLQVRUWHLQWRUQR DOOnDFFXVDGLSODJLRGHO'HYLWDFLQLDQRFKHJOLR[IRUGLDQLJOLDYHYDQRULYROWR$/RQGUDYLYH GDwJHQWLOXRPRkQHOODUHVLGHQ]DGHOOnDPEDVFLDWRUHIUDQFHVHRVVLDGDOLEHURLQWHOOHWWXDOHwDF FDGHPLFRGLQXOODDFFDGHPLDkFRPHOXLVLGHQLVFHLQDSHUWRFRQLWWRFRQOHULJLGHHLQHV VLELOLUHJROHDFFDGHPLFKHDWWHVHFRQGROXLDSURWHJJHUHVROROnDUURJDQ]DGHLSHGDQWLDVFD SLWRGHOYHURVDSHUH$TXHVWDGHOXVLRQHVLDJJLXQJHTXHOODSHULOPRQGRULIRUPDWRODFXLHYL GHQWHwDVLQLW¹kQRQÁGDPHQRGLTXHOODGHOFDWWROLFHVLPRHLQQHGHOFULVWLDQHVLPRWXWWR QHOVXRFLHFRULXWRGHOODYHULW¹HGHOODFRQRVFHQ]DUD]LRQDOH/nLQWHQWRVDWLULFRGHOWHVWRÁ HYLGHQWHHVLPDQLIHVWDJL¹GDOWLWRORFRPHDYYHUWHLOFXUDWRUHHWUDGXWWRUHQHOODSUHPHVVD GDOPRPHQWRFKHQRQGLFDEDODVLWUDWWDQHOWHVWRHFKHLOFDYDOORSHJDVHRVLULYHODHVVHUHLQ UHDOW¹VROWDQWRXQDVLQR$GHVVRVLDJJLXQJHXQDUJRPHQWDUHwDOWHUQDWRkFKHSURFHGHSHUUL SHWXWHQHJD]LRQLGLTXHOORFKHSUHFHGHQWHPHQWHVLHUDYHQXWRDHUPDQGRXQDQGDPHQWR FKH0LFKHOH&LOLEHUWRQHOOnLQWURGX]LRQHFKLDPDwWHFQLFDGHOODYDULD]LRQHkS;; /DQRWD DYYHUWHGHOOnDPELYDOHQ]DFKHQHVFDWXULVFHHFKHDYUHEEHSRUWDWRPROWLLQWHUSUHWLDOOD HUUDWDFRQFOXVLRQHFKHTXLVLWUDWWLGLXQDGHFODPD]LRQHGHOOHGRWLGHOOnDVLQRHQRQFRPHUL VXOWDGDOODOHWWXUDLQWHJUDOHGHOWHVWRGHOODVXDFULWLFD$QFKHLOORFRQGXWWRUHFKHQHJOLDO WULGLDORJKLÁGDWRGDOOnLQWHUORFXWRUHFKHLPSHUVRQDLO%UXQRHFKHTXLSUHQGHLOQRPHGL 6DXOLQR VXELVFH XQnLQWHUUX]LRQH FRQ OnLQWURGX]LRQH QHO VHFRQGR GLDORJR GHOOD JXUD GL 



5H]HQVLRQHQ 2QRULR OnDVLQR SHJDVHR  FKH QHOOD SULPD SDUWH VHPEUD VRVWLWXLUOR QHO ULSRUWDUH GRWWULQH wEUXQLDQHkVXOOnDQLPDGHOPRQGR  /D&DEDODGHOFDYDOOR3HJDVHRÁXQDwSLFFRODRSHUDkNOHLQHV:HUN DHUPDLO&LOLEHUWRDWWUL EXHQGRDOOnHVSUHVVLRQHEUXQLDQDGL”FDUWDFFLR…XQVLJQLFDWRSLÒRUJDQLFRGLTXDQWRVXJJH ULVFDLOWHUPLQHHVYLOXSSDQGRGDTXHVWRXQDVXDOHWWXUDGHOOn…RUJDQLFLVPR…EUXQLDQR$QFKH 1LFROD %DGDORQL IDFHQGR GHULYDUH OD SDUROD GDOOR VSDJQROR ”FDUWDFKR… H DJJLUDQGR FRVÅ XQ SUHVXPLELOHVHQVRGLVSUHJLDWLYRGHOODSDURODLWDOLDQDYLHQHDFRQIHUPDUHOnDFFH]LRQHSUHFH GHQWH1HOODSUHVHQWHWUDGX]LRQHWHGHVFDLQYHFHWDOHHVSUHVVLRQHÁUHVDFRQ”%O½WWHUKDXIHQ… FXPXORGLIRJOL FRQFXLLQYHFHVLWHQGHDVRWWROLQHDUHLOFDUDWWHUHFDVXDOHHDVLVWHPDWLFR GHOODFRPSRVL]LRQH7XWWDYLDWDOHGLVSDULW¹WHUPLQRORJLFDFKHPHULWDYDGLHVVHUHULOHYDWDSHU PRWLYLGLFKLDUH]]DFRQXQDQRWDQRQÁWDOHGDRVFXUDUHLOSHQVLHURGL%UXQRFKHODVRWWHQ GH1HOODVXDSURVSHWWLYDWRWDOL]]DQWHLQIDWWLHJOLQRQIDVRVWDQ]LDOHGLHUHQ]DIUDLOIUDPPHQ WRHXQDIRUPDFRPSOHWDHFRPSLXWDGDOPRPHQWRFKHDQFKHLOSLÒSLFFRORGHWWDJOLRSHUOD VXDLQWLPDUHIHUHQ]LDOLW¹FRQOnHVVHQ]DGHOWXWWRÁLQJUDGRGLUDSSUHVHQWDUORHULVSHFFKLDUOR  'nDOWUDSDUWHORVWHVVR&LOLEHUWRQRQQHJDFKHSHUFRPSUHQGHUHDSSLHQROD&DEDODVLDQH FHVVDULR ULIDUVL DO SULPR GHL GD *LRYDQQL *HQWLOH FRVÆ GHQRPLQDWL 'LDORJKL PRUDOL /R 6SDFFLRGHOODEHVWDWULRQIDQWH FKHORSUHFHGHHGLFXLVLODPHQWDJLXVWDPHQWHXQnD"GD ELOHWUDGX]LRQHFLÌFKHQRQSXÌQRQFRVWLWXLUHXQnXOWHULRUHGL"FROW¹SHULOOHWWRUHGLOLQJXD WHGHVFD,O&LOLEHUWRGHOLQHDODFRUUHOD]LRQHHVLVWHQWHIUDOHGXHRSHUHQHOVHQVRGLXQURYH VFLDPHQWR”8PNHKUXQJ…GHOODSURVSHWWLYDWHRUHWLFDFKHSURFHGHGDXQSULPDWRGHOODYRURH GHOOnLPSHJQR 0ÕKH  QHO SULPR D TXHOOR GHOOD SDVVLYLW¹ H GHOOnLJQRUDQ]D 8QZLVVHQKHLW  QHO VHFRQGRDFXLVLDJJLXQJHXQXOWHULRUHDVSHWWRHXQQXRYRURYHVFLDPHQWRLQFXLOn”DVLQLW¹…VL ULYROJHFRQWURGLVÂFRQXQDFULWLFDDWXWWHTXHOOHSRVL]LRQLORVRFKHFKHQHJDQRODOLEHUW¹ GLULFHUFDRODSRVVLELOLW¹VWHVVDGHOODFRQRVFHQ]DUD]LRQDOHGDOOnDULVWRWHOLVPRGRJPDWLFRDOOR VFHWWLFLVPR4XHVWRVXFFHVVLYRULYROJLPHQWRKDLQQHODIXQ]LRQHGLIRQGDUHRQWRORJLFD PHQWHXQQDWXUDOLVPRUDGLFDOHFKHRSSRQJDDOODYLVLRQH”DVLQLQD…FULVWLDQDGHOODVHSDUD]LRQH IUD'LR8RPR1DWXUDXQDVRVWDQ]LDOHLGHQWLW¹GHOUHDOH/DVSHFLFLW¹XPDQDQRQSURFHGH TXLFRPHLQYHFHHUDQHOOR6SDFFLRGDXQDSRWHQ]LDOLW¹UD]LRQDOHHVFOXVLYDGHOOnXRPRPDGD XQDGLYHUVD”FRPSOHVVLRQHPDWHULDOH…GHLFRUSLLQFXLORVSLULWRXQLYHUVDOHLQVHDQGRVLYLHQHD PDQLIHVWDUVL/DPDQRGLYLHQHLOVLPERORLOVHJQRPDDQFKHODFDXVDSULPDGHOODVSHFLFD XPDQDFRPSOHVVLRQHLQTXDQWRSUHFHGHOnLQJHJQR”7XWWRTXHVWRVHRFXODWDPHQWHJXDUGLVL ULIHULVFHQRQWDQWRSULQFLSDOPHQWHDOGHWWDWRGHOnLQJHJQRTXDQWRDTXHOORGHOODPDQR…VFUL YHLO%UXQR”$OOGLHVJHKWZHQQGXHVDXIPHUNVDPEHWUDFKWHVWQLFKWVRVHKUDXIGHQ,QWHO OHNWQF ]XUÕFNDOVDXIGLH+DQGGDV2UJDQGHU2UJDQH…S WUDGXFH.DL1HXEDXHUO¹ GRYHVLWUDWWHUHEEHGLGHWHUPLQDUHVHVLWUDWWLGLXQDSUHFHGHQ]DHPLQHQWHPHQWHWHPSRUDOHR DQFKH ORJLFD 'XEEL DEELDPR WXWWDYLD VXOOD WUDGX]LRQH GHO WHUPLQH ”LQJHJQR… FRQ ”,QWHO OHNW…GDOPRPHQWRFKHFRQ”LQJHJQR…VLGHVLJQDQHOODJQRVHRORJLDULQDVFLPHQWDOHXQDID FROW¹LQWHUPHGLDHFRPSOHVVDIUDHVSHULHQ]DVHQVLELOHFUHDWLYLW¹HLQWHOOLJHQ]DHFKHDWDOHGL VWLQ]LRQHWHUPLQRORJLFDVLDWWLHQHLO%UXQRDQFKHLQTXHVWHSDJLQH

  

* %UXQR &DEDOD GHO FDYDOOR SHJDVHR HG 1 %DGDORQL 3DOHUPR   S  &I *LRUGDQR %UXQR µEHU GLH 0RQDV GLH =DKO XQG GLH )LJXU DOV (OHPHQWH HLQHU VHKU JHKHLPHQ 3K\VLN 0DWKHPDWLN XQG 0HWDSK\VLN KUVJ YRQ ( YRQ 6DPVRQRZ +DPEXUJ   LQ FXL VL Á PDQWHQXWR LO WHUPLQH ”,QJHQLXP… 6WHSKDQ 2WWR KD IDWWR VSHVVR ULIHULPHQWR D TXHVWR SUREOHPD GL WUDGX]LR QH FDXVD GL HTXLYRFL QHOOD UHFH]LRQH GHOOH RSHUH ULQDVFLPHQWDOL SURSRQHQGR GL PDQWHQHUH DQFKH LQ WHGHVFR OD SDUROD ODWLQD ”LQJHQLXP… &I 6 2WWR *LDPEDWWLVWD 9LFR 6WXWWJDUW r %HUOLQ r .ÏOQ   LQ SDUW S 





5H]HQVLRQHQ  8QSUREOHPDVLPLOHVLSUHVHQWDFRQODORFX]LRQH”FRPSOHVVLRQH…FKHLO%UXQRFRQVHUYD FRHUHQWHPHQWHDQFKHTXDQGRJOLDSSRQHOnDWWULEXWR”PDWHULDOH…S 1HOODSUHVHQWHWUD GX]LRQHVLÁUHVRSHUHVLQDOFXQLSDVVLDOOHSDJLQHHLOFRQFHWWRFRQLOVRVWDQWLYR”.ÏU SHUEDX…FKHKDORVYDQWDJJLRGLIDUVFRPSDULUHTXHOORFKHDQRVWURDYYLVRÁXQWHUPLQHWHF QLFR EUXQLDQR GL QRWHYROH LPSRUWDQ]D 'DWR FKH LQ VHJXLWR VL Á LQQH DGRWWDWD OD YRFH ”.RPSOH[LRQHQ… QRQVLFRPSUHQGHLOPRWLYRGLTXHVWDVFHOWDGDOPRPHQWRFKHQRQQH YLHQHIDWWRFHQQRQHSSXUHLQQRWD7DOHSHUGLWDQRQVDUHEEHFRVÅJUDYHVHQRQFHODVVHXQD YHUDGL"FROW¹GLFRPSUHQVLRQHGLTXHVWRFRQFHWWRVXFXLVLEDVDLOSULQFLSLXPLGHQWLFDWLRQLV EUXQLDQR/DQRVWUDLPSUHVVLRQHÁFKHODGLQDPLFLW¹FRQQHVVDDOOnHVSUHVVLRQH”FRPSOHVVLRQH… FRQ FXL VL YXROH FRJOLHUH LO SURFHVVR GL UHFLSURFD SHQHWUD]LRQH GHOOR VSLULWR H GHOOH IRUPD FRUSRUHDQHOODVWDWLFLW¹GHOWHUPLQHWHGHVFR”.ÏUSHUEDX…YDGDSHUVD  0DOJUDGRODFRQWLQXLW¹WHPDWLFDGHOOR6SDFFLRHGHOOD&DEDODTXHOODFLRÁGLXQSURJHWWRGL XQLYHUVDOHUHQRYDWLRPRUDOHHSROLWLFDGHOODVRFLHW¹LO&LOLEHUWRVLGLVWDQ]LDGDOODWHVLEDGDOR QLDQDFKHFRQVLGHUDTXHVWnXOWLPDXQFRQVHJXHQWHFRPSOHWDPHQWRGHOODSULPDHQHPHWWHLQ ULOLHYRDQFKHOHGLHUHQ]HDHUPDQGRFKH”.DEEDODXQG6SDFFLRVLQGVHKUYHUVFKLHGHQH7H[ WH GLH QLFKW DOV ]ZHL RUJDQLVFKH 0RPHQWH HLQHV EHZX¸W JHSODQWHQ SKLORVRSKLVFKHQ 'LV NXUVHVDQJHVHKHQZHUGHQNÏQQHQGHUVLFKYRPHUVWHQPRUDOLVFKHQ'LDORJ]XP]ZHLWHQHU VWUHFNW…S;;,,, ,QEUHYHVLSRWUHEEHGLUHFKHQHOOD&DEDODSUHYDOJDLOPRPHQWRFULWLFR GLVWUXWWLYRHLOPRWLYRGHOODGHFDGHQ]DFKHQHOODYLVLRQHEUXQLDQDGHOOnDOWHUQDUVLGHOOHYLFLVVL WXGLQL QHFHVVDULDPHQWH DFFRPSDJQD TXHOOR GHOOD UHQRYDWLR /H UDJLRQL SXQWXDOL SHU FXL LQ XQnRSHUD SUHGRPLQL OnXQ DVSHWWR R OnDOWUR VDUHEEHUR GD ULQWUDFFLDUVL VHFRQGR LO &LOLEHUWR QHOOH FRQGL]LRQL VWRULFKH VRSUD DFFHQQDWH QHOOnDPELHQWH FRQWHPSRUDQHR QHOOR VIRQGR GL TXHOOHSROHPLFKHFKHDFFRPSDJQDURQRLOVXRVRJJLRUQRLQ,QJKLOWHUUDHFKHDQFRUDGHYHHV VHUHULFHUFDWRDIRQGRLQWXWWLLVXRLDVSHWWL  4XHVWD WUDGX]LRQH GHOOD &DEDOD GHO FDYDOOR SHJDVHR LQ WHGHVFR KD LO PHULWR GL ULFKLDPDUH OnDWWHQ]LRQHGHLOHWWRULGLTXHVWDDUHDOLQJXLVWLFDHSUHVXPLELOPHQWHOnLQWHUHVVHGHOULFHUFD WRUHSHUTXHVWD”SLFFRODRSHUD…SRFRGLXVDIUDLFRQWHPSRUDQHLQHOOHELEOLRWHFKHHXURSHH VRQRVWDWHULWURYDWLVROWDQWRHVHPSODULLQFRQIURQWRDLGHJOL(URLFL)XURUL DOXQJRWUD VFXUDWDGDLSRVWHULULFRPSDUHFLWDWDVROWDQWRQHO[L[VHFQHO1RXYHDX'LFWLRQQDLUH+LVWRUL TXH ULXWDWDGDOORVWHVVR%UXQRSHUODVXDHYLGHQWHSHULFRORVLW¹,OLPLWLROWUHTXHOOLFLWDWL OHJDWLDGLQHVSHULHQ]DFRQODWHUPLQRORJLDORVRFDLWDOLDQDULQDVFLPHQWDOHVRQRGLFDUDWWHUH HGLWRULDOH6LDYYHUWHLQIDWWLODPDQFDQ]DGLXQ1DPHQHGLXQ6DFKUHJLVWHUHOHQRWHDQ QXQFLDWHDSULVXOWDQRLQWURYDELOL$PSLHSXQWXDOLLQYHFHLPROWLULIHULPHQWLDOOHIRQWL LQFXLWURYDHVSUHVVLRQHOnHFOHWWLVPREUXQLDQR



0LUDQGD$OEHUWL5DSSPDQQVEHUJHU0ÕQFKHQ 

    

 

&I 1 %DGDORQL LQ * %UXQR &DEDOD GHO FDYDOOR SHJDVHR S  ”,O WHUPLQH Á IUHTXHQWLVVLPR QHO



OLQJXDJJLR EUXQLDQR 6WD D LQGLFDUH OnXQL FD]LRQH GHOOnDQLPD GHO PRQGR FRQ XQD SDUWLFRODUH

JXUD]LRQH /H VLQJROH ”FRPSOHVVLRQL… VRQR DFFLGHQWDOL OD ORUR ULSHWL]LRQH YLFLVVLWXGLQDOH LQGLFD SHUË XQ XVVR R ULXVVR FRVWDQWH GHL PRGL LQ FXL OnDQLPD XQLYHUVDOH VL UHQGH FRUSRUHD…





5H]HQVLRQHQ ./$86 -$&2%, +UVJ *HVSU½FKHOHVHQ3KLORVRSKLVFKH'LDORJHLP0LWWHODOWHU6FULSW2UDOLD  7ÕELQJHQ*XQWHU1DUU6*HEúr,6%1  'HUYRUOLHJHQGH%DQGELHWHWDQKDQGYRQ$QDO\VHQGHUZLFKWLJVWHQFKULVWOLFKHQODWHLQLVFKHQ 'LDORJHGHU6S½WDQWLNHXQGGHV0LWWHODOWHUVHLQHQµEHUEOLFNÕEHUGLH(QWZLFNOXQJGLHVHU OLWHUDULVFKHQ*DWWXQJ,PHLQ]HOQHQZHUGHQXQWHUVXFKW$XJXVWLQV'LDORJH:0HW] %R ÄWKLXVn3KLORVRSKLDHFRQVRODWLR3.XQ]PDQQ $ONXLQV'LDORJH.-DFREL (ULXJHQDV3HULSK\ VHRQ0YRQ3HUJHU GLH'LDORJHYRQ$QVHOPYRQ&DQWHUEXU\(6ZHHQH\ *LOEHUW&ULV SLQ.-DFREL 3HWUXV$OIRQVL75LFNOLQ 3HWHU$EDHODUG+:HVWHUPDQQ $GHODUGYRQ %DWK XQG :LOKHOP YRQ &RQFKHV $6SHHU  $HOUHG YRQ 5LHYDXO[ 3.XQ]PDQQ  (EHU KDUG YRQ <SHUQ .-DFREL  XQG 5DLPXQGXV /XOOXV )'RPÆQJXH]  GLH SKLORVRSKLVFKHQ 'LDORJSDUWLHQLQ'DQWHV'LYLQD&RPPHGLD5,PEDFKXQG60DVSROL VRZLHGLH'LDORJHYRQ 2FNKDP '/ÕGGHFNH  3VHXGR2FNKDP 0YRQ 3HUJHU  +HLQULFK 6HXVH 0(QGHUV  -HDQ*HUVRQ56FKÏQEHUJHU XQG1LNRODXVYRQ.XHV7%RUVFKH 9RUDQJHVWHOOWLVWHLQH ]XVDPPHQIDVVHQGH(LQOHLWXQJGHV+HUDXVJHEHUVGHQ$EVFKOX¸GHV%DQGHVELOGHWHLQw9RU O½XJHV 5HSHUWRULXP SKLORVRSKLVFKHU XQG WKHRORJLVFKHU 3URVD'LDORJH GHV 0LWWHODOWHUVk YRQ0LVFKDYRQ3HUJHU  'LHUHLQH=DKOGHUKLHUDXIJHIÕKUWHQ7H[WHLQVJHVDPWÕEHU XQG$XWRUHQ]%(ULX JHQD$QVHOP$EDHODUG/XOOXV&XVDQXV ]HLJWGLH%HGHXWXQJGHU*DWWXQJw'LDORJkIÕUGLH PLWWHODOWHUOLFKH *HLVWHVJHVFKLFKWH 'HXWOLFK ZHUGHQ GDEHL GLH ”*ODQ]]HLW… GHU *DWWXQJ LP  -DKUKXQGHUW 6FKÏQEHUJHU6  XQGGDV )HKOHQ YRQ 'LDORJHQ EHL GHQ PHLVWHQ EH NDQQWHQ0DJLVWHUQGHVXQG-DKUKXQGHUWVrRHQVLFKWOLFKHLQH)ROJHGHVµEHUZLH JHQVGHU'LVSXWDWLR/ÕGGHFNH66FKÏQEHUJHU6 $EGHP-DKUKXQ GHUW HUOHEW GLH *DWWXQJ w'LDORJk HLQHQ QHXHQ $XIVFKZXQJ SULP½U LP DX¸HUXQLYHUVLW½UHQ %HUHLFKGHUVLFKYLHOOHLFKWDOV*HJHQUHDNWLRQDXIHLQH]XVWDUNH”/RJLVLHUXQJ…GHU7KHROR JLHLQGHU6FKRODVWLNYHUVWHKHQO½¸W6FKÏQEHUJHU6   'LH*DWWXQJw'LDORJkZHLVWLP0LWWHODOWHUHLQHJUR¸H9LHOIDOWLQ)RUPXQG.RQVWHOODWLR QHQ DXI 'LH QDKHOLHJHQGH (LQWHLOXQJ LQ ]ZHL *UXSSHQ LQ GLH w/HKUHU6FKÕOHU'LDORJHk (ULXJHQD$QVHOP2FNKDP&XVDQXVXD XQGGLHwUHOLJLÏVNRQIHVVLRQHOOHQ'LDORJHk]ZL VFKHQ &KULVWHQ -XGHQ +HLGHQ RGHU3KLORVRSKHQ *LOEHUW &ULVSLQ 3HWUXV $OIRQVL $EDH ODUG&XVDQXVXD IÕKUWQLFKWLPPHU]XNODUHQ$EJUHQ]XQJHQXQGNDQQGHQ5HLFKWXP GHU )RUPHQ PLWWHODOWHUOLFKHU 'LDORJH NDXP DQJHPHVVHQ DXVGUÕFNHQ -DFREL 6  2E ZRKO GLH LQ GHU 5HJHO QJLHUWHQ *HVSU½FKVVLWXDWLRQHQ VHKU YLHOI½OWLJ VLQG VWDPPHQ GLH PHLVWHQ 'LDORJH QLFKW DXV HLQHP XQLYHUVLW½UHQ 8PIHOG -DFREL 6   GLH %H VFK½ LJXQJ PLW LKQHQ IÕKUW DOVR ]X HLQHU XPIDVVHQGHUHQ .HQQWQLV GHU 2UWH PLWWHODOWHUOL FKHQ3KLORVRSKLHUHQV  'LHSKLORVRSKLVFKH%ULVDQ]GHV7KHPDVw'LDORJkOLHJWLQGHU)UDJHLQZLHZHLWGLH)RUP GHV*HVSU½FKVDXFKGLHSKLORVRSKLVFKHQ,QKDOWHEHHLQX¸W'DEHLQGHWGLHPRGHUQH7KH VHGD¸(UNHQQWQLVÕEHUKDXSWHUVWLQGHU%HJHJQXQJPLWGHPDQGHUHQPÏJOLFKLVWLQGHQ PLWWHODOWHUOLFKHQ'LDORJHQNHLQH=XVWLPPXQJYLHOPHKUEH]LHKHQVLFKGLHPLWWHODOWHUOLFKHQ 'HQNHUDXIHLQH:DKUKHLWMHQVHLWVGHUJHVSURFKHQHQ:RUWHGLHLQGHQ*UHQ]HQPHQVFKOL FKHU 6SUDFKH QLFKW HLQKROEDU LVW0HW]6:HVWHUPDQQ6%RUVFKH6  'LH PLWWHODOWHUOLFKHQ 'LDORJH ELOGHQGDKHU NHLQH LQKDOWOLFK QHXH 3KLORVRSKLH DXV DEHU VLH NÏQQHQrJHUDGHDXFKLQLKUHUDOOJHPHLQHQ2HQKHLWrHLQH”'DUVWHOOXQJGHU:DKUKHLWV VXFKH…VHLQ-DFREL6 'LH'LDORJIRUPLVWEHLHLQLJHQ$XWRUHQ]XGHP$XVGUXFNHLQHU JUXQGV½W]OLFKGLDORJLVFKHQDQGLH$GUHVVDWHQJHULFKWHWHQ'HQNXQG'DUVWHOOXQJVZHLVHIÕU





5H]HQVLRQHQ $QVHOP6ZHHQH\6IÕU6HXVH(QGHUV6 'DVJLOWLQVEHVRQGHUHIÕU5DLPXQGXV /XOOXV GHVVHQ 'LDORJH VHLQH 9RUVWHOOXQJ HLQHU JHOXQJHQHQ *HVSU½FKVVLWXDWLRQ ]ZLVFKHQ 0HQVFKHQPLWYHUVFKLHGHQHQNXOWXUHOOHQ+LQWHUJUÕQGHQLOOXVWULHUHQKLHULVWGLH)RUPGHV SKLORVRSKLVFKHQ$XVWDXVFKHVOHW]WOLFKZLFKWLJHUDOVGDV(UJHEQLVGDVLPVFKUL OLFKHQ'LD ORJHU]LHOWZLUG'RPÆQJXH]6   :HVWHUPDQQV%HLWUDJ]X$EDHODUGV&ROODWLRQHVGHQLFKKLHUEHLVSLHOKD HWZDVDXVIÕKUOL FKHUEHKDQGHOQPÏFKWHVWHOOWGLHHUVWHOLWHUDWXUWKHRUHWLVFKH$QDO\VHGLHVHV:HUNHVGDU'D EHLZHUGHQPHKUHUH3XQNWHHUVWPDOVGHXWOLFK6RVSULFKW:HVWHUPDQQVLFKGDJHJHQDXVGLH :DKOGHU'LDORJIRUPDXV$EDHODUGV9HUIROJXQJVVLWXDWLRQ]XHUNO½UHQ9LHOPHKUKDEH$EDH ODUG]XU9RUVWHOOXQJVHLQHV)RUVFKXQJVSURJUDPPVGLH0ÏJOLFKNHLWHQQXW]HQZROOHQGLHLKP GLHVH*DWWXQJERW6 'HPLVWXPVRPHKU]X]XVWLPPHQDOV$EDHODUGDXFKVRQVW IÕURULJLQHOOHOLWHUDULVFKH)RUPHQRHQLVWVHLQ6FLWRWHLSVXPLVWMD]%GLHHLQ]LJHHWKLVFKH 0RQRJUDSKLHGHV0LWWHODOWHUV :LFKWLJLVWDXFK:HVWHUPDQQV1DFKZHLVGD¸GLHµEHUHLQ VWLPPXQJ GHU 'LDORJSDUWQHU LQ GHU $QQDKPH YRQ 0RQRWKHLVPXV XQG 1DWXUJHVHW] QLFKW KHL¸WGD¸GLHVH%HJULHYRQGHQHLQ]HOQHQ*HVSU½FKVWHLOQHKPHUQWDWV½FKOLFKLPJOHLFKHQ 6LQQYHUVWDQGHQZHUGHQ6 :LH0HZVPHLQW:HVWHUPDQQGD¸GHURHQH6FKOX¸ GHV*HVSU½FKVQLFKWGHVVHQIUDJPHQWDULVFKHQ&KDUDNWHUEHOHJH9LHOPHKUPDFKHGHU/HUQ SUR]H¸GHQGLH7HLOQHKPHULP/DXIHGHV*HVSU½FKVGXUFKPDFKWHQGDVDQIDQJV YHUODQJWH 8UWHLOGHV6FKLHGVULFKWHUVÕEHUÕVVLJGHVVHQVWXPPH$QZHVHQKHLWKHOIHDEHUHLQHQIDLUHQ *HVSU½FKVYHUODXI]XJDUDQWLHUHQ6 'LHVHµEHUOHJXQJHQVWHOOHQ]ZHLIHOORVZLFK WLJH%HLWU½JH]XRHQHQ3UREOHPHQEHLP9HUVW½QGQLVGHU&ROODWLRQHVGDU)ÕUHLQH*HVDPW LQWHUSUHWDWLRQGHV:HUNHVVFKHLQWHVPLUDOOHUGLQJVQRWZHQGLJGLHPHLQHV:LVVHQVHLQ]LJ DUWLJH 6WUXNWXU GHV $EDHODUGLVFKHQ 'LDORJHV VW½UNHU ]X EHDFKWHQ GLH GHP w3KLORVRSKXVk 9HUWUHWHUYRQ]ZHL6FKUL UHOLJLRQHQJHJHQÕEHUVWHOOWXQGLKPVRPHWKRGLVFKHLQH6FKOÕVVHO VWHOOXQJ]XZHLVW9RUGHP+LQWHUJUXQGYRQ$EDHODUGVDOOJHPHLQHU6WHOOXQJ]X3KLORVRSKLH XQG-XGHQWXPOLHJWGDV%HVRQGHUHGHU&ROODWLRQHVGDQQGDULQGD¸$EDHODUGLQLKUHU6WUXN WXUGDV9HUK½OWQLVYRQDXWRQRPSKLORVRSKLVFKHUXQGDXWRULWDWLYDXI2HQEDUXQJEH]RJHQHU :DKUKHLWDOOJHPHLQ]XP7KHPDPDFKWYRPSKLORVRSKLVFKHQ(UJHEQLVKHUNRPPWHUGD JHJHQrHEHQVRZLHHWZDLP5ÏPHUEULHINRPPHQWDUr]XHLQHUZHLWJHKHQGHQLQKDOWOLFKHQ(QW VSUHFKXQJYRQ&KULVWHQWXPXQG3KLORVRSKLHGLHGDV-XGHQWXPDX¸HQYRUO½¸W  'LHHLQ]LJDUWLJH6WUXNWXUGHV:HUNHVZLGHUVSULFKWDXFKGHU$QQDKPH%RUVFKHV$EDH ODUGV&ROODWLRQHVK½WWHQIÕUGHQLQWHUNRQIHVVLRQHOOHQ'LDORJWUDGLWLRQVELOGHQGJHZLUNW6  'DVLVWZHQLJSODXVLEHOZHQQPDQEHGHQNWZLHXQEHNDQQW$EDHODUGXQGVHLQ:HUNLPVS½ WHUHQ0LWWHODOWHUZDUHQ]XGHPUHLFKWGLH7UDGLWLRQGHVLQWHUUHOLJLÏVHQ'LDORJVZHLWÕEHUVHL QH=HLW]XUÕFNZLHVLFKDXFKDXVYRQ3HUJHUV”5HSHUWRULXP…DP(QGHGHV%DQGHVHUJLEW  ,QVJHVDPW O½¸W VLFK VDJHQ GD¸ GHU YRUOLHJHQGH %DQG LQ HLQ QHXHV )RUVFKXQJVIHOG HLQ IÕKUWDXFKGRUWZRUHFKWJXWEHNDQQWH7H[WHXQWHUVXFKWZHUGHQEULQJWGHUJDWWXQJVJH VFKLFKWOLFKH =XJDQJ QHXH (UNHQQWQLVVH 0LW LKP NRPPW HLQ IÕU GLH 3KLORVRSKLH QLFKW VHOEVWYHUVW½QGOLFKHU $QVDW] ]XP 7UDJHQ GHU MHGRFK LQVEHVRQGHUH IÕU GLH KLVWRULVFKH )RU VFKXQJGLHGLH3KLORVRSKLHMDQLFKWDOVLVROLHUWH*UϸHVRQGHUQLQLKUHPJHLVWHVJHVFKLFKWOL FKHQ .RQWH[W YHUVWHKHQ PX¸ YRQ JUR¸HU %HGHXWXQJ LVW ZLH GHU +HUDXVJHEHU H[HPSOD ULVFKDXFKVFKRQDQVHLQHQ$UEHLWHQ]XP7KHPDw.RPPHQWDUkJH]HLJWKDW   )ÕUGLHZHLWHUH)RUVFKXQJ]XP7KHPDw'LDORJkVFKHLQWPLUDXFKHLQHVW½UNHUGLDFKURQL VFKH %HWUDFKWXQJVZHLVH HUIROJYHUVSUHFKHQG GLH GLH HLQ]HOQHQ 'LDORJH DXFK PLWHLQDQGHU YHUJOHLFKW XQG GLH KLVWRULVFKH (QWZLFNOXQJ GHXWOLFKHU HUNHQQHQ O½¸W LQWHUHVVDQW Z½UH HV DXFK.RQWLQXLW½WXQG9HUVFKLHGHQKHLWPLWWHODOWHUOLFKHUXQGFKULVWOLFKVS½WDQWLNHU'LDORJH





5H]HQVLRQHQ ]X HUPLWWHOQ GLH LP YRUOLHJHQGHQ %DQG HLQIDFK QHEHQHLQDQGHUJHVWHOOW ZHUGHQ 'HUDUWLJH µEHUOHJXQJHQZHUGHQMHGRFKGXUFKGLHVHV%XFKHUVWDQJHUHJWXQGODVVHQVR VHLQHEHVRQ GHUH/HLVWXQJNODUHUNHQQHQQHXH)UDJHQ]XVWHOOHQXQGHUVWH$QWZRUWHQ]XJHEHQ



0DWWKLDV3HUNDPV-HQD  

  )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1*9RQGHU:HOWVHHOHrHLQH+\SRWKHVHGHUKÏKHUQ3K\ VLN]XU(UNO½UXQJGHVDOOJHPHLQHQ2UJDQLVPXV +LVWRULVFKNULWLVFKH$XVJDEH, +UVJ YRQ -ÏUJ -DQW]HQ XQWHU 0LWZLUNXQJ YRQ 7KRPDV .LVVHU 9RUUHGH ]XU µEHUVHW]XQJ   +UVJ YRQ .DL 7RUVWHQ .DQ] XQG :DOWHU 6FKLHFKH 6WXWWJDUW%DG &DQQVWDWW )URPPDQQ +RO]ERRJ;,,6*HEúr,6%1; )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1* (UVWHU (QWZXUI HLQHV 6\VWHPV GHU 1DWXUSKLORVRSKLH   +LVWRULVFKNULWLVFKH $XVJDEH ,   +UVJ YRQ :LOKHOP * -DFREV XQG 3DXO =LFKH 6WXWWJDUW%DG&DQQVWDWW)URPPDQQ+RO]ERRJ9,,,6*HEúr,6%1  )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1* %ULHIZHFKVHO  +LVWRULVFKNULWLVFKH $XVJDEH,,, +UVJYRQ,UPJDUG0ÏOOHUXQG:DOWHU6FKLHFKH6WXWWJDUW%DG&DQQVWDWW )URPPDQQ+RO]ERRJ;;;,;6*HEúr,6%1  ,PGULWWHQXQGOHW]WHQ7HLOGHUHUVFKLHQHQHQEDKQEUHFKHQGHQ*HVFKLFKWHGHV3ODWRQLV PXVVWHOOW+HLQULFKYRQ6WHLQIHVW”.HLQHUXQWHUDOOHQVS½WHUJHNRPPHQHQ3KLORVRSKHQYHU GLHQWLQVROFKHP0DDVVHZLH6FKHOOLQJGHQ1DPHQHLQHV]ZHLWHQ3ODWRQ:HQQDXFKHU LKQQLFKWLQGHUMHQLJHQ9ROONRPPHQKHLWYHUGLHQWLQZHOFKHUHLQHVROFKH1DPHQVÕEHUWUD JXQJÕEHUKDXSWPÏJOLFKLVWVROLHJWGLHVDOOHUGLQJVPHKUQRFKDOVLQLUJHQGZHOFKHQDQGH UHQ 8UVDFKHQ LQ GHP8PVWDQGH GDVV 6FKHOOLQJ GHU LKP ]XJHIDOOHQHQ $XIJDEH JHJHQÕEHU QLFKWJDQ]GDV*OHLFKHJHOHLVWHWKDWZLH3ODWRJHJHQÕEHUGHUVHLQLJHQ$EHUGLH$HKQOLFK NHLWGHU$XIJDEHVHOEVWEOHLEWDXFKGDEHLEHVWHKHQGLH$HKQOLFKNHLWGHU]XU/ÏVXQJDXIJH ERWHQHQ0LWWHOVRZLHDXFKGLH$HKQOLFKNHLWLQGHU*UÏVVHGHVPLWVROFKHQ0LWWHOQDXIEHL GHQ6HLWHQHUUHLFKWHQ(UIROJV…$XIJDEH0LWWHOXQG5HVXOWDWGHV6FKHOOLQJVFKHQ'HQNHQV EH]HXJHQrVRYRQ6WHLQr”HLQHWLHIDQJHOHJWH8HEHUHLQVWLPPXQJPLWGHP3ODWRQLVFKHQ… GLHEHUHLWVDQGHQSHUVÏQOLFKHQXQGOLWHUDULVFKHQ%H]LHKXQJHQGHUEHLGHQ3KLORVRSKHQKHU DXVWULWW XQG VLFK ELV ]XP =XVDPPHQVSLHO YRQ PÕQGOLFKHP XQG VFKUL OLFKHP 8QWHUULFKW HLQHUVLFKDQGHU,GHHQVFKDXRULHQWLHUHQGHQ'HQNZHLVHHUVWUHFNW  'HUUDVFKIRUWVFKUHLWHQGHQ)RUVFKXQJ]XPYLHOI½OWLJHQ%HLWUDJGHUDQWLNHQXQGVS½WDQWL NHQ 3KLORVRSKLH ]XU *HQHVH GHV VRJ w'HXWVFKHQ ,GHDOLVPXVk LP IUÕKHQ 'HQNHQ ) : -

 

+ / : YRQ 6WHLQ 6LHEHQ %ÕFKHU ]XU *HVFKLFKWH GHV 3ODWRQLVPXV 8QWHUVXFKXQJHQ ÕEHU GDV 6\VWHP GHV 3ODWR XQG VHLQ 9HUK½OWQLVV ]XU VS½WHUHQ 7KHRORJLH XQG 3KLORVRSKLH *ÏWWLQJHQ   7HLO  6  ]X 6FKHOOLQJV 3KLORVRSKLH LP HLQ]HOQHQ YJO HEG 6  )UÕKSKLORVRSKLH ELV ]XU

 

,GHQWLW½WVSKLORVRSKLH  6  6S½WSKLORVRSKLH  9RQ 6WHLQ *HVFKLFKWH GHV 3ODWRQLVPXV 6  'DUXQWHU YHUVWHKW 6FKHOOLQJ VHOEVW NHLQHQ (SRFKHQEHJUL

 XQG HUVW JDU QLFKW GDV HLJHQH 'HQNHQ

VRQGHUQ YLHOPHKU GLH 3KLORVRSKLH .DQWV XQG GLH )UÕKSKLORVRSKLH )LFKWHV 9JO ) : - 6FKHO OLQJ 'LH :HOWDOWHU (UVWHV %XFK LQ GHUV 6½PPWOLFKH :HUNH KUVJ YRQ . ) $ 6FKHOOLQJ %G  6WXWWJDUW r $XJVEXUJ   6 





5H]HQVLRQHQ ]X HUPLWWHOQ GLH LP YRUOLHJHQGHQ %DQG HLQIDFK QHEHQHLQDQGHUJHVWHOOW ZHUGHQ 'HUDUWLJH µEHUOHJXQJHQZHUGHQMHGRFKGXUFKGLHVHV%XFKHUVWDQJHUHJWXQGODVVHQVR VHLQHEHVRQ GHUH/HLVWXQJNODUHUNHQQHQQHXH)UDJHQ]XVWHOOHQXQGHUVWH$QWZRUWHQ]XJHEHQ



0DWWKLDV3HUNDPV-HQD  

  )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1*9RQGHU:HOWVHHOHrHLQH+\SRWKHVHGHUKÏKHUQ3K\ VLN]XU(UNO½UXQJGHVDOOJHPHLQHQ2UJDQLVPXV +LVWRULVFKNULWLVFKH$XVJDEH, +UVJ YRQ -ÏUJ -DQW]HQ XQWHU 0LWZLUNXQJ YRQ 7KRPDV .LVVHU 9RUUHGH ]XU µEHUVHW]XQJ   +UVJ YRQ .DL 7RUVWHQ .DQ] XQG :DOWHU 6FKLHFKH 6WXWWJDUW%DG &DQQVWDWW )URPPDQQ +RO]ERRJ;,,6*HEúr,6%1; )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1* (UVWHU (QWZXUI HLQHV 6\VWHPV GHU 1DWXUSKLORVRSKLH   +LVWRULVFKNULWLVFKH $XVJDEH ,   +UVJ YRQ :LOKHOP * -DFREV XQG 3DXO =LFKH 6WXWWJDUW%DG&DQQVWDWW)URPPDQQ+RO]ERRJ9,,,6*HEúr,6%1  )5,('5,&+ :,/+(/0 -26(3+ 6&+(//,1* %ULHIZHFKVHO  +LVWRULVFKNULWLVFKH $XVJDEH,,, +UVJYRQ,UPJDUG0ÏOOHUXQG:DOWHU6FKLHFKH6WXWWJDUW%DG&DQQVWDWW )URPPDQQ+RO]ERRJ;;;,;6*HEúr,6%1  ,PGULWWHQXQGOHW]WHQ7HLOGHUHUVFKLHQHQHQEDKQEUHFKHQGHQ*HVFKLFKWHGHV3ODWRQLV PXVVWHOOW+HLQULFKYRQ6WHLQIHVW”.HLQHUXQWHUDOOHQVS½WHUJHNRPPHQHQ3KLORVRSKHQYHU GLHQWLQVROFKHP0DDVVHZLH6FKHOOLQJGHQ1DPHQHLQHV]ZHLWHQ3ODWRQ:HQQDXFKHU LKQQLFKWLQGHUMHQLJHQ9ROONRPPHQKHLWYHUGLHQWLQZHOFKHUHLQHVROFKH1DPHQVÕEHUWUD JXQJÕEHUKDXSWPÏJOLFKLVWVROLHJWGLHVDOOHUGLQJVPHKUQRFKDOVLQLUJHQGZHOFKHQDQGH UHQ 8UVDFKHQ LQ GHP8PVWDQGH GDVV 6FKHOOLQJ GHU LKP ]XJHIDOOHQHQ $XIJDEH JHJHQÕEHU QLFKWJDQ]GDV*OHLFKHJHOHLVWHWKDWZLH3ODWRJHJHQÕEHUGHUVHLQLJHQ$EHUGLH$HKQOLFK NHLWGHU$XIJDEHVHOEVWEOHLEWDXFKGDEHLEHVWHKHQGLH$HKQOLFKNHLWGHU]XU/ÏVXQJDXIJH ERWHQHQ0LWWHOVRZLHDXFKGLH$HKQOLFKNHLWLQGHU*UÏVVHGHVPLWVROFKHQ0LWWHOQDXIEHL GHQ6HLWHQHUUHLFKWHQ(UIROJV…$XIJDEH0LWWHOXQG5HVXOWDWGHV6FKHOOLQJVFKHQ'HQNHQV EH]HXJHQrVRYRQ6WHLQr”HLQHWLHIDQJHOHJWH8HEHUHLQVWLPPXQJPLWGHP3ODWRQLVFKHQ… GLHEHUHLWVDQGHQSHUVÏQOLFKHQXQGOLWHUDULVFKHQ%H]LHKXQJHQGHUEHLGHQ3KLORVRSKHQKHU DXVWULWW XQG VLFK ELV ]XP =XVDPPHQVSLHO YRQ PÕQGOLFKHP XQG VFKUL OLFKHP 8QWHUULFKW HLQHUVLFKDQGHU,GHHQVFKDXRULHQWLHUHQGHQ'HQNZHLVHHUVWUHFNW  'HUUDVFKIRUWVFKUHLWHQGHQ)RUVFKXQJ]XPYLHOI½OWLJHQ%HLWUDJGHUDQWLNHQXQGVS½WDQWL NHQ 3KLORVRSKLH ]XU *HQHVH GHV VRJ w'HXWVFKHQ ,GHDOLVPXVk LP IUÕKHQ 'HQNHQ ) : -

 

+ / : YRQ 6WHLQ 6LHEHQ %ÕFKHU ]XU *HVFKLFKWH GHV 3ODWRQLVPXV 8QWHUVXFKXQJHQ ÕEHU GDV 6\VWHP GHV 3ODWR XQG VHLQ 9HUK½OWQLVV ]XU VS½WHUHQ 7KHRORJLH XQG 3KLORVRSKLH *ÏWWLQJHQ   7HLO  6  ]X 6FKHOOLQJV 3KLORVRSKLH LP HLQ]HOQHQ YJO HEG 6  )UÕKSKLORVRSKLH ELV ]XU

 

,GHQWLW½WVSKLORVRSKLH  6  6S½WSKLORVRSKLH  9RQ 6WHLQ *HVFKLFKWH GHV 3ODWRQLVPXV 6  'DUXQWHU YHUVWHKW 6FKHOOLQJ VHOEVW NHLQHQ (SRFKHQEHJUL

 XQG HUVW JDU QLFKW GDV HLJHQH 'HQNHQ

VRQGHUQ YLHOPHKU GLH 3KLORVRSKLH .DQWV XQG GLH )UÕKSKLORVRSKLH )LFKWHV 9JO ) : - 6FKHO OLQJ 'LH :HOWDOWHU (UVWHV %XFK LQ GHUV 6½PPWOLFKH :HUNH KUVJ YRQ . ) $ 6FKHOOLQJ %G  6WXWWJDUW r $XJVEXUJ   6 





5H]HQVLRQHQ 6FKHOOLQJV DP $XVJDQJ GHV  -DKUKXQGHUWV VWHKHQ QXQ GUHL ZLFKWLJH %½QGH ]XU 9HUIÕ JXQJ GLH KLVWRULVFKNULWLVFKH (GLWLRQ VHLQHU 6FKUL  PLW GHP HLQVFKO½JLJHQ 7LWHO 9RQ GHU :HOWVHHOH GLH EHUHLWV ]X 6FKHOOLQJV /HE]HLWHQ LQ GUHL $XI ODJHQ   XQG   HU VFKLHQHQ LVW VRZLH VHLQH GDUDXI DXIEDXHQGH HUVWH -HQDHU 9HUÏHQWOLFKXQJ JHQDQQW (UVWHU (QWZXUI HLQHV 6\VWHPV GHU 1DWXUSKLORVRSKLH YRQ  HLQVFKOLH¸OLFK GHU (LQWU½JH LQ GDV DXI GHP .DWKHGHU EHQXW]WH +DQGH[HPSODU XQG OHW]WOLFK GHU %ULHIZHFKVHO DXV GHU =HLW YRQ ELV'LHDXIVFKOX¸UHLFKHQ”(GLWRULVFKHQ%HULFKWH…LQ%DQG,XQGGHU$XV JDEH VWHOOHQ QLFKW QXU GLH 7H[WJHVWDOW GHU EHODQJYROOHQ QDWXUSKLORVRSKLVFKHQ :HUNH YRU VRQGHUQ HUO½XWHUQ GHUHQ (QWVWHKXQJVJHVFKLFKWH XQG XQPLWWHOEDUH 5H]HSWLRQ DXFK XQWHU (LQEH]LHKXQJ GHU LP %DQG ,,,  HGLHUWHQ EXQWHQ .RUUHVSRQGHQ] GLH  %ULHIH XPID¸W GDUXQWHU]HKQELVKHUQLFKWYHUÏHQWOLFKWH%ULHIH=XGHPWULWWPLW%DQG,HLQHGHU)RU VFKXQJELVODQJXQEHNDQQWHNXU]HYHUID¸WH9RUUHGH]XUµEHUVHW]XQJHLQHVIUDQ]ÏVL VFKHQPHGL]LQLVFKHQ:HUNHVDQV/LFKWGLHDEHULPIROJHQGHQÕEHUJDQJHQZHUGHQGDUI(L QH%LEOLRJUDSKLHVRZLH2UWV3HUVRQHQXQG6DFKUHJLVWHUUXQGHQDOOHGUHL%½QGHDE  =XUHSRFKDOHQ%HGHXWXQJGHU:HOWVHHOH6FKUL 6FKHOOLQJVLP=XVDPPHQKDQJGHUQDFK .DQWLVFKHQ 3KLORVRSKLH VHL DOV ]HLWJHQÏVVLVFKHU =HXJH ./5HLQKROG KHUDQJH]RJHQ (U VFKUHLEWDP6HSWHPEHUÕEHU6FKHOOLQJDQ),1LHWKDPPHU”6HLQH:HOWVHHOHKDW PLUGLHVHQ6RPPHUYLHO*HQXVVXQG%HVFK½ LJXQJJHJHEHQXQGLFKKDEHDXVGLHVHP%XFK ÕEHUGLHSK\VLVFKH1DWXUVRYLHOHXQGVRQHXH$XIVFKOÕVVHHUKDOWHQDOVGXUFKNHLQDQGHUHV DXVVHUGHQGXUFK)LFKWHV6LWWHQOHKUHÕEHUGLHPRUDOLVFKH1DWXU…YJO”(GLWRULVFKHQ%HULFKW… %G,6 5HLQKROGGRNXPHQWLHUWGLHGDPDOLJH%HJHLVWHUXQJIÕUGLHQHXH1DWXUSKL ORVRSKLH ZHOFKH LP $QVFKOX¸ DQ GLH :LVVHQVFKD VOHKUH )LFKWHV GLH ]XHUVW YRQ .DQW HU GDFKWHNULWLVFKH0HWDSK\VLNGHU1DWXUYHUZLUNOLFKHQVROOWH  ,P6\VWHPGHU6LWWHQOHKUHYRQYHUI½KUW)LFKWHQDFK3ULQ]LSLHQGHU:LVVHQVFKD VOHKUH XP.DQWVNULWLVFKH3KLORVRSKLHGXUFKGLHHLJHQWOLFKH'HGXNWLRQGHVNDWHJRULVFKHQ,PSH UDWLYVVRZLHGHUHLQ]HOQHQ3LFKWHQ]XÕEHUELHWHQZDV6FKHOOLQJZLHGHUXPÕEHUWUXPSIHQ ZLOOLQGHPHUGLHVHQYHUPHLQWOLFKEOR¸VXEMHNWLYHQ,GHDOLVPXVGXUFKHLQHQREMHNWLYHQHU J½Q]W GHU GDV ”%HIÕJQL¸ DOOH SRVLWLYHQ 1DWXUSULQFLSLHQ DOV XUVSUÕQJOLFK KRPRJHQ DQ]X QHKPHQ…SKLORVRSKLVFKDEOHLWHQVROO%G,6 'LH+RPRJHQLW½WGHU1DWXUEHJUHL  6FKHOOLQJDOVGLH:HOWVHHOHXQGHUVWϸWGDEHLDXIJUR¸H5HVRQDQ]$XFK&*&DUXVVWHOOW QDFKWU½JOLFKIHVW'HU”*HGDQNHYRQGHU:HOWVHHOHeNODQJeJOHLFK]HLWLJLQYLHOHQ*HLVWHUQ ZLHGHUZLHHVGHQQLPPHU]XJHKHQSHJWZHQQGLH0HQVFKKHLWLP.UHL¸HQOLHJWXQGHL QHQHXHJUR¸H,GHHLQLKUKHUYRU]XWUHWHQEHUXIHQLVWXQGVRIHKOWHHVGHQQGXUFKDXVQLFKW GD¸VHKUEDOGGLH)ROJHQGHUVHOEHQLQGHU%HKDQGOXQJGHU1DWXUZLVVHQVFKD HQVLFKJHOWHQG PDFKWHQ 'DEHL EOLHEHQ GHQQ IUHLOLFK DXFK NHLQHVZHJV YLHOI½OWLJH µEHUVWÕU]XQJHQ XQG µEHUWUHLEXQJHQ DXV… ]LWLHUW QDFK GHP ”(GLWRULVFKHQ %HULFKW… 6  1XU LQ HLQHU +LQVLFKWKDW&DUXV8QUHFKW6FKHOOLQJV”QHXHJUR¸H,GHH…LVWHLQHDOWH,GHHGLHVLFKDXVVHL QHU $XVHLQDQGHUVHW]XQJ PLW GHU DQWLNHQ XQG VS½WDQWLNHQ 3KLORVRSKLH EHVRQGHUV PLW GHU .RVPRORJLHGHV7LPDHXVHUJHEHQKDW  ,Q GHU YRUOLHJHQGHQ (GLWLRQ HUVFKHLQW GLH 6FKUL  9RQ GHU :HOWVHHOH VDFKJHP½¸ JHWUHQQW YRQ GHU VS½WHUHQ ”$EKDQGOXQJ ÕEHU GDV 9HUK½OWQL¸ GHV 5HDOHQ XQG ,GHDOHQ LQ GHU 1DWXU RGHU (QWZLFNOXQJ GHU HUVWHQ *UXQGV½W]H GHU 1DWXUSKLORVRSKLH DQ GHQ 3ULQFLSLHQ GHU 6FKZHUH XQG GHV /LFKWV… GLH 6FKHOOLQJ LKU LQ GHQ ]ZHLWHQ XQG GULWWHQ $XI ODJHQ EHLIÕJW /HW]WHUHLVWYRQGHULGHQWLW½WVSKLORVRSKLVFKHQ7KHRULHGHU(LQELOGXQJJHOHLWHWGLH,GHDOHV $OOJHPHLQHVXQG5HDOHV%HVRQGHUHVGXUFKGLH.UD QLFKWEOR¸GHVLPDJLQDULVRQGHUQYLHO PHKUGXUFKGLHGHVLPSULPHUHXQG]ZDUQLFKWQXULP6LQQHHLQHVFRQLXQJHUHVRQGHUQHKHU





5H]HQVLRQHQ HLQHVXQLFDUHYHUPLWWHOQO½¸W,QGHUHUVWHUHQ6FKUL LVW6FKHOOLQJQRFKQLFKWVRZHLWDXFK ZHQQHUHLQHUVHLWVGLH:HOWVHHOHDOV”GLH,GHHHLQHVRUJDQLVLUHQGHQGLH:HOW]XP6\VWHPELO GHQGHQ3ULQFLSV…GHXWHWDQGHUHUVHLWVGHQ”%LOGXQJVWULHEeDOV3ULQFLSDOOHU2UJDQLVDWLRQ… EHJUHL  ZHOFKHV VLFK ”GLH RUJDQLVFKH 0DWHULH DQJHELOGHW… KDW 6  'HQQRFK ZLOOHUGLH1DWXUDOVHLQ*DQ]HVEHWUDFKWHQXQGGHQ*HJHQVDW]]ZLVFKHQ0HFKDQLVPXVXQG 2UJDQLVPXVDXIKHEHQ'HQ%LOGXQJVJHGDQNHQKDW6FKHOOLQJMHGRFKQRFKQLFKWHLQKHLWOLFK YHUDEVROXWLHUWGLH%LOGXQJVHOEVWQRFKQLFKWDOV3UR]HVVXDOLW½WGHV(LQHQ$EVROXWHQJHGDFKW  6FKHOOLQJV .RQ]HSWLRQ 9RQ GHU :HOWVHHOH EHVWHKW DXV ]ZHL 7HLOHQ ”8HEHU GLH HUVWH .UD  GHU1DWXU…XQG”8HEHUGHQ8UVSUXQJGHVDOOJHPHLQHQ2UJDQLVPXV…,QGHQ”(UNO½UHQGHQ $QPHUNXQJHQ…GHU+HUDXVJHEHUGLHJXW6HLWHQXPIDVVHQZLUGGHUGDPDOLJH+LQWHU JUXQGGHU6FKUL GHXWOLFKKHUDXVJHVWHOOW'LH+HUDXVJHEHUEHVFKU½QNHQVLFKQLFKWEOR¸DXI GHQ1DFKZHLVYRQ=LWDWHQYLHOPHKUZHUGHQGLHSKLORVRSKLVFKHQXQGQDWXUZLVVHQVFKD OL FKHQ 4XHOOHQ DXV GHQHQ 6FKHOOLQJ VHLQ XPIDQJUHLFKHV :LVVHQ JHVFKÏS  KDW E]Z K½WWH VFKÏSIHQ NÏQQHQ DXVIÕKUOLFK ZLHGHUJHJHEHQ +LHU VLQG GLH HGLWRULVFKHQ /HLVWXQJHQ YRQ KÏFKVWHP 9HUGLHQVW (UXLHUW XQG LQ .XU]IRUP ]XJ½QJOLFK JHPDFKW ZHUGHQ GLH HQWVSUH FKHQGHQ6WHOOHQ]X6FKHOOLQJV.RQVWUXNWLRQHQHWZDGHV/LFKWVGHU(OHNWUL]LW½WGHV0DJQH WLVPXVXQGGHV2UJDQLVPXVQLFKWQXUDXV$&$(VFKHQPH\HU-:YRQ*RHWKH,.DQW *:/HLEQL] XQG ,1HZWRQ IHUQHU DXV $//DYRLVLHU *&/LFKWHQEHUJ &+ 3ID +%GH6DXVVXUHVRQGHUQGDUÕEHUKLQDXVDXV7&DYDOOR$)GH)RXUFUR\-67*HK OHU&*LUWDQQHU$YRQ+DOOHU+)/LQN0YDQ0DUXPXQG-3ULHVWO\XPQXUHLQHQ %UXFKWHLOGHUYLHOHQ1DPHQ]XQHQQHQ'DQNGHU$UEHLWGHU+HUDXVJHEHUJHZLQQWGLHKL VWRULVFKNULWLVFKHGLHUWH:HOWVHHOHGHQ&KDUDNWHUHLQHV½X¸HUVWZHUWYROOHQ+DQGEXFKVZHO FKHV HEHQGDV IÕU VLFK EHDQVSUXFKHQ NDQQ ZDV 6FKHOOLQJ IÕU VHLQH XUVSUÕQJOLFKH $EKDQG OXQJYHUODQJW6LHVROO”QLFKWEOR¸eJHOHVHQVRQGHUQeVWXGLUWeZHUGHQ…6   'HQ :HOWVHHOH%HJUL VHOEVW YHUELQGHQ GLH +HUDXVJHEHU PLW NHLQHU ”SKLORVRSKLHJH VFKLFKWOLFKID¸EDUHQ)L[LHUXQJ…ODVVHQVRJDUGLH)UDJHQRE6FKHOOLQJ”3ODWRQDXIHLQHGL UHNWH:HLVHLP6LQQKDW…E]ZLQZLHZHLWHU”PLWGHQ6WDWLRQHQGHV:HOWVHHOH%HJULVEHL &XVDQXVXQGGDQQLQGHU1DWXUSKLORVRSKLHXQG1DWXUHUNO½UXQJGHU5HQDLVVDQFHEHL*LR YDQQL3LFRGHOOD0LUDQGROD)LFLQR3DWUL]L&DUGDQR&DPSDQHOOD%UXQREHNDQQWXQGGD PLWXDDXFKPLWHLQHUwPDWHULHOOkRGHUwVWRLVFKkJHGDFKWHQ:HOWVHHOHYHUWUDXWLVW…GDKLQJH VWHOOW 6  'DIÕU OLHIHUQ VLH LP ”(GLWRULVFKHQ %HULFKW… HLQHQ DQPHUNXQJVUHLFKHQ XQG VHKU QÕW]OLFKHQ µEHUEOLFN ÕEHU GLH HLQVFKO½JLJH /LWHUDWXU ]XP 7LPDHXV ZLH HWZD )9/3OHVVLQJ :*7HQQHPDQQ '7LHGHPDQQ &0HLQHUV GLH 6FKHOOLQJ QDFKZHLV OLFKNDQQWHVRZLHÕEHUGLH”:LHGHUNHKUGHV%HJULVGHU6DFKHQDFKEHL6SLQR]DGLHNULWL VFKH'LVNXVVLRQEHL/HLEQL]GLH5HVWLWXWLRQEHL+HPVWHUKXLVVHLQH5ROOHLPVRJ3DQWKH LVPXVVWUHLW]ZLVFKHQ-DFRELXQG+HUGHUVHLQHNULWLVFKH(UZ½KQXQJEHL.DQWVHLQH5HFKW IHUWLJXQJ EHL 0DLPRQ XQG GDQQ 5HLQKROGV %OLFN DXI GHQ DQWLNHQ XQG QLFKW EOR¸ SODWR QLVFKHQ %HJUL GHU :HOWVHHOH… ZDV DOV +LQWHUJUXQG IÕU 6FKHOOLQJV %HJUL GHUVHOEHQ DQ JHQRPPHQZHUGHQGDUI6 

 

$OV +DQGEXFK LP VWUHQJHQ 6LQQ GDV ÕEHU GLH IDFKZLVVHQVFKD OLFKHQ 9RUDXVVHW]XQJHQ GHU QD WXUSKLORVRSKLVFKHQ 6FKUL HQ 6FKHOOLQJV ]ZLVFKHQ  XQG  EHULFKWHW OLHJW IUHLOLFK EHUHLWV LQ GHU KLVWRULVFKNULWLVFKHQ $XVJDEH YRU (UJ½Q]XQJVEDQG ]X :HUNH %DQG  ELV  :LVVHQVFKD VKLVWR ULVFKHU %HULFKW ]X 6FKHOOLQJV QDWXUSKLORVRSKLVFKHQ 6FKUL HQ  7KHRULHQ GHU &KHPLH YRQ 0DQ IUHG 'XUQHU 0DJQHWLVPXV (OHNWUL]LW½W *DOYDQLVPXV YRQ )UDQFHVFR 0RLVR 3K\VLRORJLVFKH 7KHRULH YRQ -ÏUJ -DQW]HQ 6WXWWJDUW%DG &DQQVWDWW  





5H]HQVLRQHQ  ,Q$QEHWUDFKWGLHVHU)ÕOOHEOHLEWGHU6WHOOHQQDFKZHLVLPHGLHUWHQ7H[WVHOEVWLQHLQLJHQ +LQVLFKWHQGHU3KLORVRSKLHJHVFKLFKWHHWZDVXQ]XUHLFKHQG'DVDQI½QJOLFKDQJHIÕKUWHHLQ GHXWLJQHXSODWRQLVFKNRORULHUWH3ULQ]LSGDV”ZHLOHVÕEHUDOOJHJHQZ½UWLJLVWQLUJHQGVLVWXQG ZHLOHV$OOHVLVWQLFKW%HVWLPPWHVRGHU%HVRQGUHVVHLQNDQQeGHVVHQ,GHHGLH½OWHVWH3KLOR VRSKLH ]X ZHOFKHU QDFKGHP VLH LKUHQ .UHLVODXI YROOHQGHW KDW GLH XQVULJH DOOP½KOLJ ]X UÕFNNHKUW QXULQGLFKWHULVFKHQ9RUVWHOOXQJHQXQVÕEHUOLHIHUWKDW…EOHLEWDXII½OOLJXQHUO½X WHUW 6  6FKHOOLQJV 9HUZHLVH DXI GLH ”DWRPLVWLVFKH 3KLORVRSKLH… ZHUGHQ DOV VROFKH QLFKW HUNO½UW6 %HL”EQSVJSR…DOV%HVWLPPXQJGHVXUVSUÕQJOLFKIRUPORVHQ/HEHQV SULQ]LSV ZLUG DXI 6FKHOOLQJV $XVIÕKUXQJHQ ]XU GÉVE LQ VHLQHU HLJHQHQ 7LPDHXV6FKUL  QLFKWMHGRFKDXIGHQ7LPDHXVVHOEVWYHUZLHVHQZ½KUHQG=HLOHQWLHIHUGDV”EJUEVXSR…r HLQHGXUFKDXV3ODWRQLVFKHE]Z3ODWRQLVLHUHQGH%HVWLPPXQJGHU]YGœYJO3KDHGUG  VRZLHGHUGÉVEYJO7LPD rÕEHUUDVFKHQGHUZHLVHQLFKWPLWHLQHU$QPHUNXQJ YHUVHKHQZLUG6 (EHQVRZLUGGLHVWLOOVWHKHQGH”%HWUDFKWXQJGHUDQRUJLVFKHQVRJXW ZLHGHURUJDQLVFKHQ1DWXUYRUMHQHP8QEHNDQQWHQeLQZHOFKHPGLH½OWHVWH3KLORVRSKLH VFKRQGLHHUVWH.UD GHU1DWXUYHUPXWKHWKDW…VWLOOVFKZHLJHQGÕEHUJDQJHQ6 'LHVH NOHLQHQ8QJHUHLPWKHLWHQVSLHJHOQVLFKELEOLRJUDSKLVFKZLGHU%HL&LFHUR'LRJHQHV/DHU WLXV/XNUH]6HQHFDXQGDQGHUHQZHUGHQQXU7LWHONHLQH$XVJDEHQJHQDQQWGLH6FKHOOLQJ HYHQWXHOO]XU9HUIÕJXQJVWDQGHQ'LHVH.ULWLNSXQNWHEHWUHHQGLH%HKDQGOXQJGHUDQWLNHQ XQG VS½WDQWLNHQ 3KLORVRSKLH GLH LQ PDQFKHU +LQVLFKW HKHU GDV 5DKPHQSURJUDPP GHU :HOWVHHOH DXVPDFKW VLH IDOOHQ DEHU DQJHVLFKWV GHU HUVFKÏSIHQGHQ HGLWRULVFKHQ %HKDQGOXQJ GHU]HLWJHQÏVVLVFKHQ3KLORVRSKLHXQG1DWXUZLVVHQVFKD DXI  'HUWH[WNULWLVFKH$SSDUDWLVWDXVIÕKUOLFKJHVWDOWHWXQGXQWHUVFKHLGHWVLFKHUKHEOLFKrYHU VW½QGOLFKHU XQG ]XP 7HLO QRWZHQGLJHUZHLVH r YRQ GHP HLQHV YRUPRGHUQHQ 7H[WHV (V OLHJWGHU(UVWGUXFNHLQVFKOLH¸OLFKGHVVHQ2UWKRJUDSKLHXQG,QWHUSXQNWLRQGHUKLVWRULVFK NULWLVFKHQ$XVJDEH]XJUXQGH6DW]IHKOHUZHUGHQNRUULJLHUWXQGHVZLUGMHGH$EZHLFKXQJ YRQGHQDQGHUHQ$XI ODJHQLQ7H[W7H[WJHVWDOWXQG*OLHGHUXQJDQJHPHUNW=ZHLIHOVRKQH LVW HV ZLFKWLJ ]X ZLVVHQ GD¸ HWZD LP ]ZHLWHQ XQG GULWWHQ 'UXFN GDV ”QRQ… LP 6HQHFD 0RWWR ”$G LQTXLVLWLRQHP WDQWRUXP XQD DHWDV QRQ VX"FLW… XQWHU GHP GHU HUVWH 7HLO GHU 6FKUL VWHKWIHKOW6 2EGHU$SSDUDWDXFKGDPLWEHODVWHWZHUGHQPX¸GD¸VWDWW”DOO P½KOLJ… ZLH LP HUVWHQ 'UXFN ”DOOP½KOLFK… LP ]ZHLWHQ XQG GULWWHQ 'UXFN VWHKW 6  RGHUGD¸”0LQLPXP…LPHUVWHQ]ZHLWHQXQGGULWWHQ'UXFNLQ$QWLTXDLQGHQ6½PPWOLFKHQ :HUNHQDEHULQ)UDNWXUHUVFKHLQWLVWZHQLJHUHLQOHXFKWHQG+LHUZLUGMHGHQIDOOVNRQVHTXHQW ELVLQVNOHLQVWH'HWDLODXI*UÕQGOLFKNHLWXQG9ROOVW½QGLJNHLWJHVHW]W  'LHVHOEHQ7XJHQGHQ]HLFKQHQGLH(GLWLRQGHU]X6FKHOOLQJV/HE]HLWHQQXUHLQPDODXIJH OHJWHQ6FKUL (UVWHU(QWZXUIHLQHV6\VWHPVGHU1DWXUSKLORVRSKLHDXVGLHDXFKGHQ7H[WLP(UVW GUXFNEULQJHQZLOO,QGLHVHP)DOOLVWHVDOOHUGLQJVZLFKWLJYRP”(GLWRULVFKHQ%HULFKW…]X HUIDKUHQ GD¸GHU (UVWGUXFN LQ $QWLTXD HUIROJWH ZLH IÕU QDWXUZLVVHQVFKD OLFKH 7H[WH GHU =HLWÕEOLFKZDUQLFKWZLHDP(QGHGHV-DKUKXQGHUWVIÕUSKLORVRSKLVFKH3XEOLNDWLRQHQ QRFKJHEU½XFKOLFKLQ)UDNWXU,6O 6FKRQVDW]WHFKQLVFKVWHOOWVLFKDOVRGHUNÕKQH$Q VSUXFK6FKHOOLQJVKHUDXVGHQGLH(GLWRUHQQRFKEULVDQWHU]XPDFKHQYHUVWHKHQLQGHPVLH GLH %HGHXWXQJ GHU 1DWXUZLVVHQVFKD HQ GLH 5ROOH GHU QDWXUZLVVHQVFKD OLFKHQ *HVHOO VFKD HQ XQG VFKOLH¸OLFK GLH %URZQ5H]HSWLRQ LQ -HQD XP  GHWDLOOLHUW VFKLOGHUQ ZDV GXUFK JXW  6HLWHQ ”(UNO½UHQGH $QPHUNXQJHQ… HUJ½Q]W ZLUG ZHOFKH GLH ZLFKWLJVWHQ

 





'HU 7H[W RULHQWLHUW VLFK DP (UVWGUXFN LQ GHP R HQEDU DOOH JULHFKLVFKHQ $N]HQWH IHKOHQ



5H]HQVLRQHQ 4XHOOHQ6FKHOOLQJVDXVIÕKUOLFKZLHGHUJHEHQ(EHQIDOOVHUODQJWGLHVH(GLWLRQ+DQGEXFKFKD UDNWHUVLHLVWKLVWRULVFKNULWLVFKLPZDKUKD HQ6LQQHGHVGRSSHOWHQ$GMHNWLYV  'HQ $QVSUXFK 6FKHOOLQJV LQ VHLQHP QDWXUSKLORVRSKLVFKHQ (QWZXUI GHVVHQ 9HUZDQGW VFKD PLWGHU6\VWHPDWLNGHU1HXSODWRQLNHU3ODWRQLFLUHFHQWLRUHV EHUHLWV'7LHGHPDQQ]XU .HQQWQLVQLPPWID¸W+6WHHQVGHUVHOEVWYRQHLQHU”3K\VLRORJLHGHV8QLYHUVXPV…WU½XP WHLP5ÕFNEOLFNDXIGLH9RUOHVXQJHQIÕUGLHGLHVHU7H[WYHUOHJWZXUGHIROJHQGHUPD¸HQ ]XVDPPHQ”(UVSUDFKYRQGHU,GHHHLQHU1DWXUSKLORVRSKLHYRQGHU1RWKZHQGLJNHLWGLH 1DWXUDXVLKUHU(LQKHLW]XIDVVHQYRQGHP/LFKWZHOFKHVVLFKÕEHUDOOH*HJHQVW½QGHZHU IHQ ZÕUGH ZHQQ PDQ VLH DXV GHP 6WDQGSXQNWH GHU (LQKHLW GHU 9HUQXQ  ]X EHWUDFKWHQ ZDJWH…6 'D¸DQGHU1DWXUSKLORVRSKLH6FKHOOLQJV9HUK½OWQLV]X)LFKWH]HUEULFKW VHL KLHU QXU DQJHPHUNW LQVRIHUQ GLHVH $XVHLQDQGHUVHW]XQJ ]XP $QIDQJ GHV QHXHQ -DKU KXQGHUWVJHKÏUW,QGHU$QWZRUWDXIHLQHQ%ULHI)LFKWHVLQGHPGLHVHUXPGLH%HGHXWXQJ GHV5HDOLVPXVIÕU GHQ,GHDOLVPXVULQJWVFKUHLEW6FKHOOLQJDQGHQHLQVWPDOV%HZXQGHUWHQ DP2NWREHU”6LHVDJHQwGLH6LQQHQZHOWeGLH1DWXULVWGXUFKDXVQLFKWV DOV(U VFKHLQXQJGHVLPPDQHQWHQ/LFKWHVk,VWHVPÏJOLFKGDFKWHLFKDOVLFKGLH¸ODVGD¸HV)LFK WHQ QLFKW HLQIDOOHQ NDQQ HEHQ GLH¸ ]X EHZHLVHQ NÏQQWH =ZHFN GHU 1DWXUSKLORVRSKLH VH\Q…6 6LQQHQZHOW(UVFKHLQXQJ/LFKWHLQHGLHDEVROXWH,GHQWLW½WYRQ,GHHOOHPXQG 5HHOOHPEHZHLVHQGH1DWXUSKLORVRSKLHrGLHVDOOHVEHJUHL 6FKHOOLQJDXVHLQHUSODWRQLVFKHQ 3HUVSHNWLYHLQGHPHU)LFKWHEHVVHU]XYHUVWHKHQPHLQWDOVGLHVHUVLFKVHOEVW  'HU7H[WGHU%ULHIHYRQXQGDQ6FKHOOLQJ]ZLVFKHQXQGGHQ%DQG,,,GHU $XVJDEHHQWK½OWVROO”LQGHUHUVLFKWOLFKOHW]WHQ%HDUEHLWXQJVVWXIH…ZLHGHUJHJHEHQZHUGHQ YRUKHUJHKHQGH6WXIHQ]%JHVWULFKHQHURGHUÕEHUVFKULHEHQHU7H[W ZHUGHQLPWH[WNULWL VFKHQ$SSDUDWDXVJHZHUWHWLQGHPDXFK]ZLVFKHQ7LOJXQJXQOHVHUOLFKJHPDFKW XQG6WUHL FKXQJXQWHUVFKLHGHQZLUGDOOHUGLQJVZHUGHQ6FKUHLEIHKOHUXQG9HUVHKHQrIDOOVHLQGHXWLJ XQG]ZHLIHOVIUHLrEHULFKWLJWJOHLFKZRKODEHUQGHWVLFKGLHXUVSUÕQJOLFKH6FKUHLEZHLVHLP $SSDUDW%G,,,6;;;;,    'LH%ULHIHWHLOHQYLHO+HLWHUHVJHOHJHQWOLFKDEHUDXFK%HWUÕEOLFKHVDXVGHPVWUHEVDPHQ /HEHQHLQHVDQJHKHQGHQ$NDGHPLNHUVPLW,QHLQHP6FKUHLEHQDQGLH(OWHUQYRP$SULO HULQQHUWVLFK6FKHOOLQJXQWHUZHJVQDFK/HLS]LJPLWVHLQHQEHLGHQ(OHYHQREHQGUHLQ DQ”7ÕELQJHQLQGHQDOWHQ*U½XHO]HLWHQGHV.ORVWHUVGDPDQHLQDQGHUPLW.QRFKHQZDUI XQGGHQ7DIHOSUHGLJHUDXIGHU.DQ]HOPLW%URGERPEDUGLUWH…6 $EHUDXFKGHQ(OWHUQ EHULFKWHW6FKHOOLQJDP0DLDXV/HLS]LJ”,Q*RWKDHLQHU6WDGWGLHPLUQLFKWYLHO 5HL]HQGHV]XKDEHQVFKLHQEHVXFKWHLFK*HQ>HUDO@VXSHU>LQWHQGHQW@/Ï#HUGHQµEHUVH]HU X&RPPHQWDWRU YRQ6RXYHUDLQnV3ODWRQLVPGHU.LUFKHQY½WHU,FKEHGDXHUWHGD¸LFKLKQ NUDQNDQWUDI(UZDUQLFKWVROHEKD DOVHURKQHGL¸JHZHVHQZ½UH,FKOLH¸LKPPHLQH'LV SXWDWLRQ>'H0DUFLRQHSDXOODUXPHSLVWRODUXPHPHQGDWLRQH@GLHHUVFKRQNDQQWH]XUÕN…6  ,P-DKUHKDW-)&/ÏOHUGDVIÕUGLH5H]HSWLRQGHV3ODWRQLVPXVLP-DKU KXQGHUWEHGHXWVDPH:HUN0DWWKLHX6RXYHUDLQV/HSODWRQLVPHGÂYRLOÂRX(VVDLWRXFKDQWOHYHU EH SODWRQLFLHQ .ÏOQ E]Z $PVWHUGDP   GDV 6FKHOOLQJ QDFKKDOWLJ EHHLQX¸W KDW LQV 'HXWVFKH ÕEHUWUDJHQ 'HU %HVXFK VRZLH GDV 0LWEULQJVHO EH]HXJHQ HWZDV YRP 6HOEVW EHZX¸WVHLQ6FKHOOLQJVGHQQGDV(LJHQWÕPOLFKHVHLQHUWKHRORJLVFKHQ$EKDQGOXQJOLHJWGDU LQGD¸VLH”GLH.ODJHQÕEHU0DUFLRQLWLVFKH9HUI½OVFKXQJHQQLFKWYRQZLUNOLFKHQ9DULDQWHQ RGHUZLUNOLFKHU0DQJHOKD LJNHLWGHV0DUFLRQLWLVFKHQ$SRVWROLFXPVPLW/Ï#HUXQG&RU URGL DEOHLWHWVRQGHUQJOHLFK$QIDQJVGLH)UDJHDXIZLU REGLHDOWHQ6FKUL VWHOOHUZLUNOLFK HLQHQ0DUFLRQLWLVFKHQ&RGH[JHVHKHQRGHUQLFKWGLHVH)UDJHDEHUYRQ,UHQ½XV7HUWXOOLDQ (SLSKDQLXV X V Z YHUQHLQW XQG ]XOHW]W GLH 9HUPXWKXQJ DXVVSULFKW GLH $QNODJH JHJHQ





5H]HQVLRQHQ 0DUFLRQ VHL DXV GHU XQVLFKHUHQ 6DJH YRQ HLQHP EHVRQGHUHQ &RGH[ GHV 0DUFLRQ HQW VWDQGHQGHULQ:LUNOLFKNHLWQXUHLQYRQ0DUFLRQIÕUVHLQH6FKÕOHURKQHNULWLVFKH$EVLFK WHQ ]XVDPPHQJHVWHOOWHU$XV]XJDXVGHQ%ULHIHQ3DXOLJHZHVHQ…3KLORVRSKLVFKHU6FKZHU SXQNWGHU.RUUHVSRQGHQ]6FKHOOLQJVELV]XU-DKUKXQGHUWZHQGHLVWMHGRFKVHLQ%ULHIZHFKVHO XDPLW*:)+HJHO),1LHWKDPPHUXQG-*)LFKWH  (V LVW 6FKHOOLQJV %HJHLVWHUXQJ IÕU GDV QHXHUH 'HQNHQ IÕU GLH )UHLKHLW GHV 6LFKVHOEVW 6HW]HQVDOV$QIDQJXQG(QGHGHU3KLORVRSKLHGLHIDVWÕEHUDOO]XP$XVGUXFNNRPPWXQG GRPLQLHUHQGLVW”:HUPDJVLFKLP6WDXEGHV$OWHUWXPVEHJUDEHQZHQQLKQGHU*DQJVHL QHU =HLW DOOH $XJHQEOLNH ZLHGHU DXI XQG PLW VLFK IRUWUHL¸W… r VR IUDJW HU +HJHO LP %ULHI YRP-XQL6 'HQQRFKEHÕJHOWHEHQGDVVWDXELJH$OWHUWXP6FKHOOLQJZHQQHU VLFKLPVHOEHQ%ULHIÕEHUVHLQ7ÕELQJHQNULWLVFK½X¸HUW”:LOOVW'XZL¸HQZLHHVEHLXQV VWHKW"r/LHEHU*RWWHVLVWHLQEYGQSNHLQJHIDOOHQGHUGHPDOWHQ8QNUDXWEDOGZLHGHUDXI KHOIHQZLUG:HUZLUGHVDXVM½WHQ"…6 +HJHOZLUGGLH$QVSLHOXQJDXI3ODWRQ0HQRQ FD”(VEUHLWHWVLFKJHZLVVHUPD¸HQHLQH'ÕUUHGHU:HLVKHLWDXVXQGGLH:HLVKHLW VFKHLQW YRQ GLHVHP /DQG ]X HXFK JHJDQJHQ ]X VHLQ… QLFKW HQWJDQJHQ VHLQ 6  6HOEVW )LFKWHGHQ6FKHOOLQJDOVGHQ”QHXHQ+HOGHQ…GHV=HLWDOWHUVIHLHUWKDEHJHVDJW”PDQPÕ¸H GHQ*HQLXVGHV6RNUDWHVKDEHQXPLQ.DQWHLQ]XGULQJHQ…DQVWDWW”DP%XFKVWDEHQVWHKHQ… ]XEOHLEHQZDV6FKHOOLQJ”W½JOLFKZDKUHU…QGH6   $EHU HEHQGHU *HQLXV GHV 6RNUDWHV PX¸ GHP *HLVW GHV 3ODWRQ ZHLFKHQ XQG VR LVW HV DXFKDP$XVJDQJGHV-DKUKXQGHUWVSDVVLHUW)LFKWHKDWWHHVJHDKQW”:HUZHL¸…IUDJWHU VLFKLQHLQHP%ULHIDQ6FKHOOLQJYRP'H]HPEHU”ZRVFKRQMHW]WGHUMXQJHIHXULJH .RSI DUEHLWHW GHU ÕEHU GLH 3ULQFLSLHQ GHU :LVVHQVFKD VOHKUH KLQDXV]XJHKHQ XQG GLHVHU 8QULFKWLJNHLWHQXQG8QYROOVW½QGLJNHLWQDFK]XZHLVHQYHUVXFKHQZLUG…6 DEHUHVLVW QLFKWVRJHNRPPHQZLH)LFKWHHVVLFKJHZÕQVFKWKDW-+2EHUHLWrHLQ”M½KULJHUVWLOOHU 3KLORVRSKDQWe>@HLQH$UW3RSXODU3KLORSKURQDEHUQLFKWHPSLULVFKYLHOPHKUUDWLRQDO SUDFWLVFK¹SULRULZRUDXIUHFKWH(PSLULHVLFKJUÕQGHQVROOXQGDEVROXWH5HDOLW½W]XPHU VWHQ*UXQGLQXQVKDW…rHUK½OWIROJHQGHKÏLFK$QWZRUWDXIVHLQHQNXU]DWPLJHQ6WUHLI]XJ GXUFKGLH3KLORVRSKLHJHVFKLFKWHGHU”WUDQVFHQGHQWDOVFLHQWLVFKeLQDFFH¸LEOH…EOHLEHQ XQG”DOOHVYROONRPPHQKÏFKVWPDWKHPDWLVFKYROOHQGHW…ODVVHQZLOOLQHLQHP%ULHIDQ6FKHO OLQJYRP-DQXDU6 ”(VIUHXWHPLFKVHKUGLHQHXH3KLORVDQHLQHP*HLVWHHU SUREW]XQGHQGHUGHP*DQJGHU3KLORVGXUFKPHKUHUH=HLWDOWHUKLQGXUFKJHIROJWODQJH :DKUKHLW PLW (LIHU JHVXFKW KDWW X VLH HQGOLFK GD JHIXQGHQ KDW ZR VLH VFKRQ O½QJVW GLH ZHLVHVWHQ0½QQHUG9RUZHOWDKQGHWHQe,FKJODXEHGD¸]XHLQHU1DWLRQDOHU]LHKXQJ0\ VWHULHQJHKÏUHQLQZHOFKHG>HU@-ÕQJOLQJVWXIHQZHLVHHLQJHZHLKWZLUG,QGLHVHQVROOWHGLH QHXH3KLOJHOHKUWZHUGHQ6LHVROOWHGLHOH]WH(QWKÕOOXQJVH\QGLHPDQG>HP@HUSUREWHQ 6FKÕOHU GHU :HLVKHLW ZLHGHUIDKUHQ OLH¸H ZHQQ VLH DQGHUV HWZDV LVW GDV PDQ YRQ DQGHUQ HPSIDQJHQ NDQQ X QLFKW VLFK VHOEVW YHUVFKDHQ PX¸… 6  'D¸ GLHVH SODWRQLVLH UHQGH 9LVLRQ HLQHU SKLORVRSKLVFKHQ 0\VWHULHQOHKUH ]XPLQGHVW ZLH6FKHOOLQJ VLH]XQ½FKVW LQ VHLQHU 1DWXUSKLORVRSKLH ]X UHDOLVLHUHQ YHUVXFKW QLFKW YRQ DOOHQ =HLWJHQRVVHQ XQG HUVW JDUQLFKWYRQ)LFKWHVRIHLHUOLFKJHWHLOWRGHUDOVVROFKHÕEHUKDXSWDQHUNDQQWZLUGO½¸WVLFK HLQHP%ULHIDQ6FKHOOLQJYRQ+6WHHQVYRP-XOLHQWQHKPHQGHUPLW(QWVHW]HQ EHULFKWHW”'HUJURVVH/LWHUDWRUr&XUW6SUHQJHOrIDQGGDVV6LHPHLQOLHEHU6FKHOOLQJHLQ JDQ]DXVVHURUGHQWOLFKHU6FKZ¿UPHUVH\QPÕVWHQZHLO6LHrLQXQVHUHQDXIJHNO¿UWHQ=HL

 

. ) $ 6FKHOOLQJ ”9RUZRUW GHV +HUDXVJHEHUV… LQ 6FKHOOLQJ 6½PPWOLFKH :HUNH %G  6WXWWJDUW r $XJVEXUJ   6 9,,,





5H]HQVLRQHQ WHQrGLH7U¿XPHUHLHQGHU$OFKHPLVWHQYRQHLQHU:HOWVHHOHZLHGHUDXIZ¿UPHQNÏQQWHQr XQGGLHJDQ]H*HVHOOVFKD IDQGGLHVH%HPHUNXQJVHKUNOXJWLHIXQGULFKWLJ:HOFKH0HQ VFKHQ… 6  6FKZ½UPHUHL r GDV LVW HLQ 9RUZXUI GHU YHUU½W GD¸ GDV 3KLORVRSKLVFKH DP SODWRQLVFKHQ3KLORVRSKLHUHQZHOFKHVGLHQDFK.DQWLVFKH3KLORVRSKLHWLHISU½JWQRFKQLFKW YHUVWDQGHQ ZRUGHQ LVW 8P GLHVHQ 9RUZXUI ]X HQWNU½ HQ ZLUG GHU QRFK MXQJH6FKHOOLQJ ZHLWHUKLQNU½ LJDUEHLWHQPÕVVHQ 2UULQ)6XPPHUHOO%RFKXP    (5167 &$66,5(5 /HLEQL]n 6\VWHP LQ VHLQHQ ZLVVHQVFKD OLFKHQ *UXQGODJHQ %HUOLQ   *H VDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ0DUFHO6LPRQ+DPEXUJ)H OL[0HLQHU;,,6*HEúr,6%1 (5167 &$66,5(5'DV(UNHQQWQLVSUREOHPLQGHU3KLORVRSKLHXQG:LVVHQVFKD GHUQHXHUHQ=HLW(U VWHU%DQG%HUOLQ *HVDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ7RELDV %HUEHQ+DPEXUJ)HOL[0HLQHU;,,,6*HEúr,6%1 (5167 &$66,5(5'DV(UNHQQWQLVSUREOHPLQGHU3KLORVRSKLHXQG:LVVHQVFKD GHUQHXHUHQ=HLW=ZHL WHU%DQG%HUOLQ *HVDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ'DJ PDU9RJHO+DPEXUJ)HOL[0HLQHU9,,6*HEúr,6%1  'LH HLJHQWÕPOLFKH SKLORVRSKLVFKH 3RVLWLRQ (UQVW &DVVLUHUV GLH VLFK YRU DOOHP LQ VHLQHP +DXSWZHUN 'LH 3KLORVRSKLH GHU V\PEROLVFKHQ )RUPHQ %HUOLQ   QLHGHUJHVFKODJHQ KDW GHUHQWKHRUHWLVFKH:XU]HOQDEHUVFKRQPLWVHLQHQ$QDO\VHQ]XP)XQNWLRQVEHJULJHOHJW ZDUHQLVWQLFKWQXULQGXUFKJHKHQGHUJUÕQGOLFKHU$XVHLQDQGHUVHW]XQJPLWGHU*HVFKLFKWH GHV'HQNHQVHQWZLFNHOWZRUGHQVRQGHUQKDWVLFKLPPHUDXFKEHZX¸WLQHLQHQ%H]XJ]XU *HVFKLFKWOLFKNHLWVHOEVWJHVWHOOW&DVVLUHUVORJLVFKPDWKHPDWLVFKH%LOGXQJXQGQHXNDQWLDQL VFKHSKLORVRSKLVFKH3U½JXQJr9RUDXVVHW]XQJHQGLHHLQHUKLVWRULVFKHQ*UXQGRULHQWLHUXQJ QLFKWHEHQJÕQVWLJZDUHQrNRQQWHQGLHVHUEHZX¸WYROO]RJHQHQOHW]WOLFKDXFKHLQ(UEHGHU KLVWRULVFKHQ:HQGXQJGHV,GHDOLVPXV:'LOWKH\ ELOGHQGHQ(LQEHWWXQJLQGHQ5HLFKWXP GHUDOVJHJHQZ½UWLJEHGHXWVDPHUNDQQWHQµEHUOLHIHUXQJQXULKUHEHVRQGHUH5LFKWXQJJHEHQ VLHMHGRFKQLFKWDOVVROFKHQHXWUDOLVLHUHQ&DVVLUHUQLPPWGDKHUGLHWUDGLHUWHQ$UJXPHQWH GHU3KLORVRSKLHXQGGHU:LVVHQVFKD VJHVFKLFKWHQLFKWHLQIDFKQXUDXIRUGQHWVLHQLFKWQXU KLQVLFKWOLFK LKUHU GRNXPHQWDULVFK EHOHJEDUHQ ]HLWOLFKHQ XQG VDFKOLFKHQ )ROJH VRQGHUQ VWHOOWVLHZLHYRUDOOHPVHLQPRQXPHQWDOHVYLHUE½QGLJHV:HUN]XP”(UNHQQWQLVSUREOHP… ]HLJW LQ HLQHQ V\VWHPDWLVFKHQ NULWLVFK YHUIROJWHQ XQG LQ VHLQHU *HQHVH UHNRQVWUXLHUWHQ +RUL]RQW 5HVXOWDW LVW JHUDGH LP OHW]WJHQDQQWHQ :HUN HLQH PXVWHUJÕOWLJH LQLKUHU 4XHO OHQNHQQWQLV IÕU GLH GDPDOLJH =HLW EHZXQGHUQVZHUW PDWHULDOUHLFKH VRXYHU½Q VWUXNWXULHUWH 3UREOHPJHVFKLFKWH HLQ r PDQ NDQQ XQG VROO HV VDJHQ r 0RQXPHQW SKLORVRSKLHJHVFKLFKW OLFKHU$QDO\VHXQG6\QWKHVH

  

9JO ( &DVVLUHU 6XEVWDQ]EHJUL  NHQQWQLVNULWLN %HUOLQ  





XQG )XQNWLRQVEHJUL  8QWHUVXFKXQJHQ ÕEHU GLH *UXQGIUDJHQ GHU (U

%G  6  ”:LH GLH *HVFKLFKWH GDV 3UREOHP JHVWHOOW KDW VR NDQQ QXU VLH VHOEVW GLH 0LWWHO ]X VHL QHU %HZ½OWLJXQJ GDUELHWHQ 0LWWHQ LQ GHQ JHVFKLFKWOLFKHQ (QWZLFNOXQJHQ XQG (UIDKUXQJHQ PÕVVHQ ZLU XQVHUHQ 6WDQGRUW Z½KOHQ XP YRQ KLHU DXV GLH *HVDPWHQWZLFNOXQJ ]X ÕEHUEOLFNHQ XQG ]X EHXUWHLOHQ…





5H]HQVLRQHQ WHQrGLH7U¿XPHUHLHQGHU$OFKHPLVWHQYRQHLQHU:HOWVHHOHZLHGHUDXIZ¿UPHQNÏQQWHQr XQGGLHJDQ]H*HVHOOVFKD IDQGGLHVH%HPHUNXQJVHKUNOXJWLHIXQGULFKWLJ:HOFKH0HQ VFKHQ… 6  6FKZ½UPHUHL r GDV LVW HLQ 9RUZXUI GHU YHUU½W GD¸ GDV 3KLORVRSKLVFKH DP SODWRQLVFKHQ3KLORVRSKLHUHQZHOFKHVGLHQDFK.DQWLVFKH3KLORVRSKLHWLHISU½JWQRFKQLFKW YHUVWDQGHQ ZRUGHQ LVW 8P GLHVHQ 9RUZXUI ]X HQWNU½ HQ ZLUG GHU QRFK MXQJH6FKHOOLQJ ZHLWHUKLQNU½ LJDUEHLWHQPÕVVHQ 2UULQ)6XPPHUHOO%RFKXP    (5167 &$66,5(5 /HLEQL]n 6\VWHP LQ VHLQHQ ZLVVHQVFKD OLFKHQ *UXQGODJHQ %HUOLQ   *H VDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ0DUFHO6LPRQ+DPEXUJ)H OL[0HLQHU;,,6*HEúr,6%1 (5167 &$66,5(5'DV(UNHQQWQLVSUREOHPLQGHU3KLORVRSKLHXQG:LVVHQVFKD GHUQHXHUHQ=HLW(U VWHU%DQG%HUOLQ *HVDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ7RELDV %HUEHQ+DPEXUJ)HOL[0HLQHU;,,,6*HEúr,6%1 (5167 &$66,5(5'DV(UNHQQWQLVSUREOHPLQGHU3KLORVRSKLHXQG:LVVHQVFKD GHUQHXHUHQ=HLW=ZHL WHU%DQG%HUOLQ *HVDPPHOWH:HUNH+DPEXUJHU$XVJDEH%DQG %HDUEYRQ'DJ PDU9RJHO+DPEXUJ)HOL[0HLQHU9,,6*HEúr,6%1  'LH HLJHQWÕPOLFKH SKLORVRSKLVFKH 3RVLWLRQ (UQVW &DVVLUHUV GLH VLFK YRU DOOHP LQ VHLQHP +DXSWZHUN 'LH 3KLORVRSKLH GHU V\PEROLVFKHQ )RUPHQ %HUOLQ   QLHGHUJHVFKODJHQ KDW GHUHQWKHRUHWLVFKH:XU]HOQDEHUVFKRQPLWVHLQHQ$QDO\VHQ]XP)XQNWLRQVEHJULJHOHJW ZDUHQLVWQLFKWQXULQGXUFKJHKHQGHUJUÕQGOLFKHU$XVHLQDQGHUVHW]XQJPLWGHU*HVFKLFKWH GHV'HQNHQVHQWZLFNHOWZRUGHQVRQGHUQKDWVLFKLPPHUDXFKEHZX¸WLQHLQHQ%H]XJ]XU *HVFKLFKWOLFKNHLWVHOEVWJHVWHOOW&DVVLUHUVORJLVFKPDWKHPDWLVFKH%LOGXQJXQGQHXNDQWLDQL VFKHSKLORVRSKLVFKH3U½JXQJr9RUDXVVHW]XQJHQGLHHLQHUKLVWRULVFKHQ*UXQGRULHQWLHUXQJ QLFKWHEHQJÕQVWLJZDUHQrNRQQWHQGLHVHUEHZX¸WYROO]RJHQHQOHW]WOLFKDXFKHLQ(UEHGHU KLVWRULVFKHQ:HQGXQJGHV,GHDOLVPXV:'LOWKH\ ELOGHQGHQ(LQEHWWXQJLQGHQ5HLFKWXP GHUDOVJHJHQZ½UWLJEHGHXWVDPHUNDQQWHQµEHUOLHIHUXQJQXULKUHEHVRQGHUH5LFKWXQJJHEHQ VLHMHGRFKQLFKWDOVVROFKHQHXWUDOLVLHUHQ&DVVLUHUQLPPWGDKHUGLHWUDGLHUWHQ$UJXPHQWH GHU3KLORVRSKLHXQGGHU:LVVHQVFKD VJHVFKLFKWHQLFKWHLQIDFKQXUDXIRUGQHWVLHQLFKWQXU KLQVLFKWOLFK LKUHU GRNXPHQWDULVFK EHOHJEDUHQ ]HLWOLFKHQ XQG VDFKOLFKHQ )ROJH VRQGHUQ VWHOOWVLHZLHYRUDOOHPVHLQPRQXPHQWDOHVYLHUE½QGLJHV:HUN]XP”(UNHQQWQLVSUREOHP… ]HLJW LQ HLQHQ V\VWHPDWLVFKHQ NULWLVFK YHUIROJWHQ XQG LQ VHLQHU *HQHVH UHNRQVWUXLHUWHQ +RUL]RQW 5HVXOWDW LVW JHUDGH LP OHW]WJHQDQQWHQ :HUN HLQH PXVWHUJÕOWLJH LQLKUHU 4XHO OHQNHQQWQLV IÕU GLH GDPDOLJH =HLW EHZXQGHUQVZHUW PDWHULDOUHLFKH VRXYHU½Q VWUXNWXULHUWH 3UREOHPJHVFKLFKWH HLQ r PDQ NDQQ XQG VROO HV VDJHQ r 0RQXPHQW SKLORVRSKLHJHVFKLFKW OLFKHU$QDO\VHXQG6\QWKHVH

  

9JO ( &DVVLUHU 6XEVWDQ]EHJUL  NHQQWQLVNULWLN %HUOLQ  





XQG )XQNWLRQVEHJUL  8QWHUVXFKXQJHQ ÕEHU GLH *UXQGIUDJHQ GHU (U

%G  6  ”:LH GLH *HVFKLFKWH GDV 3UREOHP JHVWHOOW KDW VR NDQQ QXU VLH VHOEVW GLH 0LWWHO ]X VHL QHU %HZ½OWLJXQJ GDUELHWHQ 0LWWHQ LQ GHQ JHVFKLFKWOLFKHQ (QWZLFNOXQJHQ XQG (UIDKUXQJHQ PÕVVHQ ZLU XQVHUHQ 6WDQGRUW Z½KOHQ XP YRQ KLHU DXV GLH *HVDPWHQWZLFNOXQJ ]X ÕEHUEOLFNHQ XQG ]X EHXUWHLOHQ…





5H]HQVLRQHQ  'LHV JLOW WURW] GHU 'H]LWH GLH VLFK HLQHU r DOOHUGLQJV YRP KHXWLJHQ GHP GDPDOLJHQ 4XHOOHQXQG)RUVFKXQJVVWDQGXQYHUJOHLFKEDUHQ%OLFNSXQNWDXVDUJXPHQWLHUHQGHQrNULWL VFKHQ /HNWÕUH ]HLJHQ &DVVLUHU YHUZHLVW LPPHU ZLHGHU DXI GDV ”JHVFKLFKWOLFKH ,QWHUHVVH… %G6 GDVHV]XEHDFKWHQJHOWHMDHUVSULFKWHWZD]XP%HVFKOX¸GHV]ZHLWHQ%DQ GHV ]XP (UNHQQWQLVSUREOHP YRQ HLQHU ”JHVFKLFKWOLFKHQ 0LVVLRQ… GHU 3KLORVRSKLH .DQWV %G  6  )ÕU GHQ GHU VR VSULFKW XQG GHQNW  LVW HV HLQGHXWLJ GD¸ HV LQ GHU (QW ZLFNOXQJGHV'HQNHQVNHLQHJOHLFKVDPJHVFKLFKWVIUHLH=RQHJHEHQNDQQNHLQHQ%HUHLFK ZRVLFK'HQNHQUHLQDOVVROFKHVRGHUUHLQDXVVLFKKHUDXV]XHLQHPQHXHQV\VWHPDWLVFKHQ $QVDW] DXIVFKZLQJHQ NÏQQWH GLH V\VWHPDWLVFKWKHRUHWLVFKH .UD  GHV 'HQNHQV ]HLJW VLFK YLHOPHKUJHUDGHHUVWLQGHU$XIQDKPH%HZX¸WPDFKXQJNULWLVFKHQ9HUDUEHLWXQJXQGDXI KHEHQGHQDOVRQLFKWQHJLHUHQGHQRGHUEHLVHLWHVFKLHEHQGHQµEHUZLQGXQJHLQHVVFKRQHU UHLFKWHQ6WDQGSXQNWHVGHUHEHQKLVWRULVFKrHJDODXVZHOFKHU)HUQHrÕEHUOLHIHUWLVW,QMH GHPZLUNOLFKHQ6WDQGSXQNWGHV*HGDQNHQVPX¸VLFKGDKHUQDFK&DVVLUHUVYRQ+HJHOKLHU QLFKWZHLWHQWIHUQWHU µEHU]HXJXQJGLH$UEHLWGHVµEHUZLQGXQJVSUR]HVVHVDOV*HJHQZDUW GHV$XIJHKREHQHQDOVKLVWRULVFKH6SXUXQG6LJQDWXU]HLJHQ$XIGLHVH6\QWKHVHYRQ*H VFKLFKWH GHU 3KLORVRSKLH XQG V\VWHPDWLVFKHP $QVDW] LVW EHL GHU /HNWÕUH GHU KLHU ]XU %H VSUHFKXQJYRUOLHJHQGHQ:HUNHLPPHU]XDFKWHQ&DVVLUHUVHOEVWKDWLQGHU9RUUHGH]XUHU VWHQ $XDJH ]X 'DV(UNHQQWLVSUREOHP GHXWOLFK KHUDXVJHVWHOOW GD¸ ”*HVFKLFKWH GHU 3KLORVR SKLH…IÕULKQ”:LVVHQVFKD …VHLXQG]ZDUDOV”HLQH0HWKRGH…GXUFKGLHZLUGLH7DWVDFKHQ QLFKWVDPPHOQXQG]XVDPPHQVWHOOHQVRQGHUQ”YHUVWHKHQOHUQHQ…%G6;,   &DVVLUHUV%XFK/HLEQL]n6\VWHPLQVHLQHQZLVVHQVFKD OLFKHQ*UXQGODJHQ0DUEXUJ %G  LVWQLFKWQXUGDVHUVWH'RNXPHQWVHLQHUHQRUPHQLQWHUSUHWDWRULVFKHQXQGZLVVHQVFKD V KLVWRULVFKHQ.RPSHWHQ]XQGVWHOOWGHQ$QIDQJVSXQNWHLQHV6SDQQXQJVERJHQVGDUGHUÕEHU GLH XPIDVVHQGHQ $QDO\VHQ LQ 'DV (UNHQQWQLVSUREOHP LQ GHU 3KLORVRSKLH XQG :LVVHQVFKD  GHU QHXHUHQ=HLW%GH ELVKLQ]XGHUVS½WHQ$EKDQGOXQJ,QGLYLGXXPXQG.RVPRVLQ GHU5HQDLVVDQFH UHLFKHQVROOWHVRQGHUQHVLVWVFKRQLP+DXSWWHLOIHUWLJJHVWHOOW XQGQDKH]X]HLWJOHLFKPLWGHQ/HLEQL]'HXWXQJHQ&RXWXUDWV  XQG5XVVHOOV   HUVFKLHQHQYRUDOOHP$XVGUXFNHLQHVVLFKLQVLJQLNDQWHU:HLVHDQGHU3HUVRQYRQ*: /HLEQL]IHVWPDFKHQGHQSKLORVRSKLVFKHQ,QWHUHVVHVLQGHPVLFKPDWKHPDWLVFKORJLVFKHHU NHQQWQLVWKHRUHWLVFKH QDWXUZLVVHQVFKD OLFKH XQG KLVWRULVFKH (OHPHQWH GXUFKGULQJHQ XP GLH”*HVDPWHQWZLFNOXQJGHV,GHDOLVPXV…GKHLQHUYRP*HLVW%HJULXQGGHU(UNHQQW QLVNULWLN DXVJHKHQGHQ3KLORVRSKLH GDU]XVWHOOHQ %G  6;,,  &DVVLUHU GHU VHLQHU /HLE QL],QWHUSUHWDWLRQ GLH  EHL +HUPDQQ &RKHQ LQ 0DUEXUJ YHUID¸WH 'LVVHUWDWLRQ 'HV FDUWHVn .ULWLN GHU PDWKHPDWLVFKHQ XQG QDWXUZLVVHQVFKD OLFKHQ (UNHQQWQLV DOV ”(LQOHLWXQJ… YRUDQ

 

9JO DXFK %G  6   ”(LQVLFKW LQ GDV HFKWH $SULRUL GHU *HVFKLFKWH… JHJHQ HLQH ”IDOVFKH DSULRULVFKH .RQVWUXNWLRQ GHU (LQ]HOWDWVDFKHQ… YJO DXFK %G  6  'D¸ GLH .DQWLVFKH 3KLOR VRSKLH GHQ 6NRSRV GHU &DVVLUHUVFKHQ $QDO\VHQ GDUVWHOOW LVW DXFK VFKRQ *UXQGODJH GHV /HLEQL] %XFKHV LQ GHP HV XP GLH ”(LQVLFKW LQ GLH PDWHULHOOHQ 9RUDXVVHW]XQJHQ XQG 9RUEHUHLWXQJHQ GHU



9HUQXQ NULWLN… JLQJ YJO %G  6 ; $OOHUGLQJV JLEW HV 3UREOHPVWHOOXQJHQ XQG GXUFK VLH PRWLYLHUWH ”*HGDQNHQULFKWXQJHQ … GLH ”YRQ DOOHU JHVFKLFKWOLFKHQ (QWZLFNOXQJ LQVEHVRQGHUH YRQ DOOHU 8PJHVWDOWXQJ GHV ZLVVHQ VFKD OLFKHQ 'HQNHQV VR JXW ZLH XQEHUÕKUW EOHLEHQ… %G  6   VR HWZD GHU *HJHQVDW] ]ZL



VFKHQ w,FKk XQG w:HOWk &DVVLUHUV $XVHLQDQGHUVHW]XQJ PLW EHLGHQ :HUNHQ LVW VFKRQ YRQ LKP VHOEVW DOV ”NULWLVFKHU 1DFK WUDJ… GHU HUVWHQ $XVJDEH DQJHK½QJW ZRUGHQ %G  6  ]X 5XVVHOO 6  ]X &RX WXUDW 6  





5H]HQVLRQHQ VWHOOW%G6 JHKWrLP8QWHUVFKLHG]X&RXWXUDWXQG5XVVHOOrYRQHLQHP”6WDQG SXQNWGHUKLVWRULVFKHQXQGV\VWHPDWLVFKHQ%HXUWHLOXQJ…DXV9RUUHGH>%G6L[@ GHVVHQ KLVWRULVFKH.RPSRQHQWHGLH%HJUÕQGXQJGHUPRGHUQHQ:LVVHQVFKD DOV,QLWLDOHLQHUKR PRJHQHQ(QWZLFNOXQJKLQ]X.DQWV(UNHQQWQLVNULWLNUHNRQVWUXLHUWXQGGHVVHQV\VWHPDWL VFKHU7HLOHLQH$QDO\VHGHUNRQVWLWXWLYHQ)DNWRUHQL GHV9HUK½OWQLVVHVw(LQKHLWr8QHQG OLFKNHLWkLL GHUG\QDPLVFKHQ7UDQVIRUPDWLRQGHU2QWRORJLHr6HLQHQWKÕOOWVLFKDOV7½WLJ VHLQ r XQG LLL  GHU 5HGXNWLRQ HPSLULVFKTXDOLWDWLYHU 'DWHQ DXI HLQHQ TXDQWL]LHUEDUHQ PDWKHPDWLVFKHQ+LQWHUJUXQGHQWK½OW'LHJDQ]H'DUVWHOOXQJVWHKWHEHQVRXQWHUGHP(LQ GUXFNGHV0DUEXUJHU1HXNDQWLDQLVPXVZLHVLHDXFKYRQ'LOWKH\V%HJULGHV”6\VWHPVGHU *HLVWHVZLVVHQVFKD HQ…EHHLQX¸WLVW9RUUHGH>%G6[L@   'LH(QWZLFNOXQJYRQ'HVFDUWHVÕEHU/HLEQL]]X.DQWZLUGrDXVKHXWLJHU6LFKWYHUNÕU ]HQGrXQWHUGHQ,QGH[”HUNHQQWQLVNULWLVFKHU,GHDOLVPXV…JHVWHOOWLQLKUHU”JHVFKLFKWOLFKHQ )XQNWLRQ…DQDO\VLHUWXQGHLQHP)RUWVFKULWWVPRGHOOYLQGL]LHUWw%HJUÕQGXQJr)RUWIÕKUXQJ r9ROOHQGXQJk%G6YJODXFK%G6 &DVVLUHUUHNRQVWUXLHUWGDV'HQNHQ 'HVFDUWHVnrXQGGLHVNDQQIÕUVHLQHJDQ]H9RUJHKHQVZHLVHDOVEHLVSLHOKD JHOWHQrLPPD QHQWDXVGHQ”*UXQGV½W]HQGHV6\VWHPVVHOEVW…%G6 'LHVHV6\VWHPEHVWHKWDXV GHU (LQVLFKW LQ GLH $SULRULW½W GHV ”VHW]HQGHQ… 'HQNHQV %G  6   GHU (LQVLFKW GD¸5HDOLW½WLGHQWLVFKVHLPLWGHP6HLQGHU'HQNJHVHW]HVRZLHGHU(LQVLFKWGD¸'HQNJH VHW]HHWZDLQGHU'DUVWHOOXQJSKRURQRPLVFKHU9RUJ½QJHTXDOLWDWLYH'LHUHQ]LQTXDQWLWD WLYH.ULWHULHQ*UϸH'LPHQVLRQ*OHLFKDUWLJNHLW DXÏVHQ%G6 =HQWUDO IÕU&DVVLUHULVWKLHUEHLGDV$XVHLQDQGHUIDOOHQYRQ6LQQOLFKNHLWVLQQOLFKHVHNXQG½UH4XDOL W½WHQ XQG5½XPOLFKNHLWUDWLRQDOHSULP½UHTXDQWLWDWLYH5HODWLRQHQ GLH7DWVDFKHGD¸IÕU GDV ZLVVHQVFKD OLFKH 'HQNHQ GLH KHWHURJHQH 3OXUDOLW½W DULVWRWHOLVFK JHGDFKWHU (LQ]HO VXEVWDQ]HQUDGLNDOUHGX]LHUWZLUGDXIGLHKRPRJHQHTXDQWL]LHUEDUHXQGJHRPHWULVFKGDU VWHOOEDUH0XOWLIXQNWLRQDOLW½WGHUU½XPOLFKGLPHQVLRQDOHQ6HLQV%HGLQJXQJHQYRQ6XEVWDQ] ÕEHUKDXSW%G6 $OV'H]LWYRQ'HVFDUWHVn$QVDW]K½OW&DVVLUHUIHVWGD¸HLQHU VHLWVGDV6HLQGHVEHVRQGHUHQ.ÏUSHUVGHUNRQNUHWHQ(LQ]HOVXEVWDQ]GXUFKGLHVHPHWKRGR ORJLVFKH5HGXNWLRQJHUDGHQLFKWHUID¸WZHUGHQNÏQQH%G6 XQGGD¸DQGHUHUVHLWV ”GLHDOOJHPHLQVWH*UXQGODJHGHVSK\VLNDOLVFKHQ6HLQV…GHU5DXPPDWKHPDWLVFK”QXUQRFK HLQ EHVRQGHUHV *HELHW YRQ 2EMHNWHQ EH]HLFKQHW… %G  6  (V IDOOHQ QLFKW QXU $Q VFKDXXQJXQG'HQNHQDXVHLQDQGHU%G6 QLFKWQXUVLQQOLFKHXQGUHLQHJHR PHWULVFKH  $QVFKDXXQJ %G  6  VRQGHUQ LP 'HQNHQ VHOEVW QRFK HLQPDO DOOJH PHLQHV*HVHW]=DKO*UϸHHWF XQGEHVRQGHUHU5HSU½VHQWDQW5DXPVXEVWUDW =XV½W]OLFK ”JHOLQJWHV 'HVFDUWHVQLFKWGDV6\VWHPGHU1DWXUHUNHQQWQLV]XEHJUÕQGHQZHLOHUeGLH *UXQGODJHGHUPRGHUQHQ'\QDPLNGHQ%HJULGHU=HLWYHUIHKOW…%G6   (V]HLJWVLFKVFKRQLQGLHVHQZHQLJHQEHLVSLHOKD KHUDXVJHJULHQHQ.ULWLNSXQNWHQHW ZDVGDVQLFKWQXUIÕUGDV/HLEQL]%XFKVRQGHUQDXFKIÕUGLH'DUVWHOOXQJGHU*HVFKLFKWH GHV(UNHQQWQLVSUREOHPVVLJQLNDQWLVW&DVVLUHULQWHUSUHWLHUWVHLQH$XWRUHQLPPHULP5DK PHQHLQHUYRUJHJHEHQHQ)RUWVFKULWWVJHVFKLFKWHXQWHUHLQHPVFKRQYRUDXVJHVHW]WHQWHOHRORJLVFK ZLUNHQGHQ=LHOSXQNWYRQGHPKHULKQHQGHU0D¸VWDEGHUNULWLVFKHQ5HNRQVWUXNWLRQ]X JHZLHVHQ ZLUG :LUG XP HV ]LHPOLFK KRO]VFKQLWWDUWLJ ]XVDPPHQ]XIDVVHQ GLH VXEVWDQ]

 

$XI 'LOWKH\V $UEHLWHQ QLPPW &DVVLUHU LPPHU ZLHGHU %H]XJ YJO HWZD %G  6  'LOWKH\V %HJUL



GHU ”*HLVWHVZLVVHQVFKD HQ … HEHQVR ZLH GLH DXV GHP ,GHDOLVPXV VWDPPHQGH %LOGXQJ

”*HLVWHVJHVFKLFKWH… ZHUGHQ D

"UPDWLY DXIJHJULHQ VR HWZD %G  6 ;,  %G  6   

 





5H]HQVLRQHQ WKHRUHWLVFKH 3KLORVRSKLH YRQ 0LWWHODOWHU XQG 5HQDLVVDQFH DP QHXHQ 0RGHOO PDWKHPD WLVFKIXQNWLRQDOHQ:LVVHQVJHPHVVHQ%G6 ZLUG'HVFDUWHVn0HFKDQLNVR ]XVDJHQDQGLH0H¸ODWWHGHU/HLEQL]VFKHQ'\QDPLNJHKDOWHQVRZHUGHQGLHOHW]WHUHQZLH GHUXPLQLKUHU*UXQGRULHQWLHUXQJDQHLQHUDQVLFKVHLHQGHQ1DWXUGHUHQw6HLQk2EMHNWL YLW½WXQG0D¸GHV%HJULVELOGHWGXUFK.DQWV.ULWL]LVPXVXQGGHVVHQWUDQ]HQGHQWDOSKLOR VRSKLVFKH 9ROOHQGXQJ ÕEHUERWHQ 'LHV ÕEHU]HXJW MHGRFK QXU ZHQQ PDQ RKQHKLQ GLH JUXQGV½W]OLFKHKHUPHQHXWLVFKH%OLFNIÕKUXQJPLWPDFKWGLHGLHVH$XWRUHQrYRUDOOHPDXFK LQ GHQ %½QGHQ ]XP (UNHQQWQLVSUREOHP r HEHQ YRQ GHU wHUNHQQWQLVNULWLVFKHQk 6HLWH KHU OLHVWXQGGLHw0HWDSK\VLNkPLW&DVVLUHUDOVHWZDV]XµEHUZLQGHQGHVXQGZRKOIÕULPPHU µEHUZXQGHQHV EHWUDFKWHW  'LH/HLEQL]'DUVWHOOXQJ%G JOLHGHUWVLFKLQHLQHQV\VWHPDWLVFKHQXQGHLQHQ KLVWRULVFKHQ7HLO,PV\VWHPDWLVFKHQ7HLOUHNRQVWUXLHUW&DVVLUHU]XQ½FKVWGLH*UXQGEHJULH GHU 0DWKHPDWLN /RJLN 4XDQWLW½W .RQWLQXLW½W 8QHQGOLFKHV  GDQQ GLH GHU 0HFKDQLN 5DXP=HLW .UD  XQG JLEW VFKOLH¸OLFK HLQH HLQJHKHQGH 'DUVWHOOXQJ GHU IXQGLHUHQGHQ 0HWDSK\VLN %HZX¸WVHLQ ,QGLYLGXDOLW½W %H]XJ ]X (WKLN *HVHOOVFKD  VWKHWLN 7KHROR JLH ,QHLQHU$UWKLVWRULVFKHU5HSULVHZLUGHQGOLFKGLHw(QWVWHKXQJkGHV6\VWHPVYRQGHQ -XJHQGVFKUL HQ r HWZD 'H SULQFLSLR LQGLYLGXL   r ELV KLQ ]XP 'LVFRXUV GH PÂWDSK\VLTXH YRQGDUJHVWHOOWDOVRELV]XUDEVFKOLH¸HQGHQ.RQ]HSWLRQHLQHVWUDQVIRUPLHUWHQ%HJULV

 

&DVVLUHUV GHXWOLFKH :HUWXQJHQ LQ GLHVHP =XVDPPHQKDQJ VHLHQ DQ IROJHQGHP %HLVSLHO GRNX PHQWLHUW 'DV 3UREOHP GDV 'HVFDUWHVn 7KHRULH PLW GHP 8QHQGOLFKHQ KDEH JLSIHOH LQ GHU ”8P GHXWXQJ GHV 8QHQGOLFKHQ DXV HLQHU 0HWKRGH LQ HLQH ([LVWHQ] e (V LVW GHU 3XQNW DQ GHP VLFK 'HVFDUWHVn 3KLORVRSKLH LQ GHQ 6SLQR]LVPXV YHUOLHUW LQGHP GDV 'HQNHQ GHU :DKUKHLW ]X HLQHP EOR¸HQ 0RGXV GHV DOOXPIDVVHQGHQ JÏWWOLFKHQ 6HLQV ZLUG $Q 6WHOOH GHU HUNHQQWQLVNULWLVFKHQ *UXQGJOHLFKXQJ ÃWUH

YÂULWÂ WULWW MHW]W GLH RQWRORJLVFKH XQG PHWDSK\VLVFKH UHDOLWDV

SHUIHFWLR…

>%G  6 @ KLHUEHL OLHJW QDWÕUOLFK LQ GHU XPVWDQGVORVHQ =XRUGQXQJ GHU YÂULW ]XU ”HUNHQQW QLVNULWLVFKHQ… 'LPHQVLRQ VFKRQ HLQH VWDUNH GHQ PHWDSK\VLVFKHQ :DKUKHLWVEHJUL



XQVWDWWKD

DXVEOHQGHQGH &DVVLUHUVFKH ,QWHUSUHWDWLRQ YRU  'DUDXV IROJH JHJHQÕEHU GHP 8QHQGOLFKHQ r JH PHLQW LVW KLHU QDWÕUOLFK PLW %OLFN DXI GLH PDWKHPDWLVFKH (QWZLFNOXQJ GDV PDWKHPDWLVFK 8Q HQGOLFKH GDV *DOLOHL YRU DOOHP /HLEQL] SURGXNWLY DQJHKHQ r HLQ ”6WDQGSXQNW GHU 5HVLJQDWLRQ… >HEG@ GHU UHOLJLÏV IXQGLHUW VHL XQG JOHLFKVDP YRU GHQ WDWV½FKOLFKHQ 3UREOHPHQ ”GHU UHLQHQ 0D WKHPDWLN XQG 1DWXUZLVVHQVFKD … NQHLIH XQG YHUVDJH 6FKDXW PDQ LQ GLH 'HVFDUWHV'DUVWHOOXQJ LP (UNHQQWQLVSUREOHP >%G  6 @ VR LVW GLHVH QHJDWLYH (LQVFK½W]XQJ GHV 8PJDQJV PLW GHP 8QHQGOLFKHQ GRFK GHXWOLFK ]XUÕFNJHQRPPHQ >YJO EHV %G  6  @ GDIÕU XP VR K½UWHU GDV 8UWHLO ÕEHU GHQ 3ULPDW GHV :LOOHQV LQ *RWW ”GDV *UXQGSULQ]LS GHV 5DWLRQDOLV



PXV LVW GDPLW DXIJHRSIHUW… >%G  6 @ 9JO %G  6  'HVFDUWHV JHKH HV ”QLFKW PHKU LQ HUVWHU /LQLH XP GLH :HOW GHU *HJHQVW½QGH VRQGHUQ XP GLH GHU (UNHQQWQLVVH e… YJO %G  6  (V LVW ÕEULJHQV DXIVFKOX¸UHLFK GD¸ 0 +HL  GHJJHU GHQ 7HUPLQXV w(UNHQQWQLVSUREOHPk LQ 6HLQ XQG =HLW 7ÕELQJHQ  6  DOV $XV GUXFN IÕU GLH XQDXVZHLFKOLFKH )UDJH QDFK GHP w(UNHQQHQk VHLQHU )XQNWLRQ YRU DOOHP DEHU VHL QHU %H]LHKXQJ ]X GHU 'DVHLQV$QDO\WLN DXIZHLVW LQ GHU ”(UNHQQHQ e DOV HLQH 6HLQVDUW GHV ,Q GHU:HOWVHLQV… JHGDFKW ZHUGHQ PÕVVH GLH MHGHP SKLORVRSKLVFKHQ RQWRORJLVFK VWUXNWXULHUWHQ



(UNHQQHQ YRUJUHLIH 9JO IROJHQGH %HPHUNXQJHQ LQ %G  6  *DVVHQGL VHL ”ZLHGHU GHU 0HWDSK\VLN YHUIDOOHQ…  6  GLH ”LQQHUH 6FKUDQNH… GHU 3V\FKRORJLH VHL HV JHZHVHQ ”GLH LPPHU YRQ QHXHP ]X HLQHU r VSLULWXDOLVWLVFKHQ RGHU PDWHULDOLVWLVFKHQ r 0HWDSK\VLN ]XUÕFNWULHE…  6  ]X %HUNHOH\  6  GD¸ %R\OH DEHU DXFK 1HZWRQ LQQHUKDOE LKUHU $UJXPHQWH VHOEVW QRFK HLQHQ *RWW DQVHW]HQ JLOW DOV JUXQGV½W]OLFKHU 0DQJHO  6 





5H]HQVLRQHQ YRQ6XEVWDQ]GHUDOV%DVLVIÕUGLH0RQDGHQ7KHRULHGLHQW)ÕU&DVVLUHULVWGHU%HJULGHU 0RQDGHEHGHXWHQGZHLOHU”GHUHUVWH9HUVXFK>VHL@GDV3UREOHPGHV,QGLYLGXXPVLQQHU KDOEGHV,GHDOLVPXVGDU]XVWHOOHQXQG]XU/ÏVXQJ]XEULQJHQ…%G6 GKLP5DK PHQHLQHV3ODWRQLVPXVGHUYRQGHU5HDOLW½WGHU,GHHLP6LQQHHLQHVWUDQV]HQGHQWHQWUDQV ORJLVFKHQ $OOJHPHLQHQ DXVJHKW GHQQRFK GDV ,QGLYLGXHOOH XQYHUNÕU]W V\VWHPDWLVFK DEJH OHLWHW]XKDEHQ”eGLH:LUNOLFKNHLWEHGHXWHWGLHNRQNUHWH%HVWLPPWKHLWDOV,QGLYLGXXP 'LH%HVRQGHUKHLWGHV(LQ]HOIDOOVGLHLQGHQZLVVHQVFKD OLFKHQ*HVHW]OLFKNHLWHQGHU1DWXU DXVJHOÏVFKW XQG DXIJHKREHQ LVW ELOGHW GHQ HQWVFKHLGHQGHQ *UXQG]XJ GHU :LUNOLFKNHLW… %G  6  6LJQLNDQW IÕU &DVVLUHUV 8QWHUVXFKXQJ LVW r QHEHQ GHU VWXSHQGHQ 7H[W NHQQWQLVGHPVRXYHU½QHQµEHUEOLFNÕEHUGLH(QWZLFNOXQJVOLQLHQGHUGXUFKJHKHQGHQ2UL HQWLHUXQJDQNODUGHQLHUWHQDXFKDXILKUH*HVFKLFKWOLFKNHLWKLQEHIUDJWHQ%HJULHQXQG GHUZLVVHQVFKD VJHVFKLFKWOLFKHQ.RPSHWHQ]rGHU9HUVXFK/HLEQL]n%HJULGHV,QGLYLGXXPV ”LP 6\VWHP GHU *HLVWHVZLVVHQVFKD HQ… ]X YHURUWHQ %G  6 YRU DOOHP 6  'LHMHQVHLWVGHU”ELRORJLVFKHQ…'LPHQVLRQZRHVDOVVLFKQDWXUJHVHW]OLFKHQWZLFNHOQGH (LQKHLWDEJHOHLWHWZRUGHQZDU]XYHURUWHQGHJHLVWLJH([LVWHQ]GHV,QGLYLGXXPVRGHU,FKDOV ”6XEMHNWGHU*HVFKLFKWH…HEG6 ZLUGDOV]HQWUDOHV$QOLHJHQXQG3UREOHPLQ/HLE QL]n'HQNHQHUNDQQW8PGDVVLFKLP+RUL]RQWYRQ*HVHOOVFKD 0RUDOLW½WXQG5HOLJLRVL W½W EHZHJHQGH IUHL HQWVFKHLGHQ NÏQQHQGH ,FK DOV LUUHGX]LEOHV 0RPHQW GHU :LUNOLFKNHLW DEOHLWHQ]XNÏQQHQPX¸WH/HLEQL]”HWKLVFKH9HUQXQ SULQ]LSLHQDOVGHQ4XHOOHLQHU9HU ELQGOLFKNHLWeGHQNHQGLHGDV%HZX¸WVHLQYRQ*RWWXQG0HQVFKJOHLFKP½¸LJXPVSDQQW… %G6YJO*:/HLEQL]7KÂRGLFÂH PX¸WHHUGHQ”=ZHFN]XPVFKÏSIHUL VFKHQ 3ULQ]LS GHU (UNHQQWQLV… PDFKHQ GLH GLH :HOW DOV ”YROONRPPHQVWH 9HUIDVVXQJ GHU *HLVWHU…VLHKWHEG6 MDPX¸WHHUHLQH”$XWRQRPLHGHU0RUDO…LQQHUKDOEDOOHUGLQJV QRFKGHU”WKHRORJLVFKHQ %HWUDFKWXQJVZHLVH…HEG6 DXIGHU%DVLVHLQHU3KLORVRSKLH NRQ]LSLHUHQ”GHUHQOHLWHQGHU*HGDQNHGLH$XWRQRPLHGHV%HZX¸WVHLQVLVW…HEG6   $Q VROFKHQ %HLVSLHOHQ GLH VLFK XP HLQLJH YHUPHKUHQ OLH¸HQ ]HLJW VLFK LPPHU ZLHGHU GHXWOLFKVRZRKOGHUQHX NDQWLDQLVFKHDOVHEHQDXFKGHUGXUFK'LOWKH\PLWJHSU½JWH+LQWHU JUXQG YRQ &DVVLUHUV SKLORVRSKLHKLVWRULVFKHQ 'HXWXQJHQ ,Q GHU %HWRQXQJ GHV *HLVW%H JULVGHU5HFKWVSKLORVRSKLHXQGYRUDOOHPGHU%HGHXWXQJGHU7KHRORJLHDOOHV0RPHQWH GLHJHUDGHLQGHPLKUH6WUXNWXUPLWGHU/RJLNGDUJHVWHOOWZLUGÕEHUGLH/RJLNKLQDXVJHKHQ XQWHUVFKHLGHW VLFK &DVVLUHUV /HLEQL]%XFK DXFK GHXWOLFK YRQ GHQ $UEHLWHQ 5XVVHOOV XQG &RXWXUDWVYJOGLH.ULWLNDQ5XVVHOOV9HUNHQQXQJGHVw,GHDOHQkGHUJHVFKLFKWOLFKHQ%HGLQJW KHLW GHV 6\VWHPV XQG GHU /R]LHUXQJ GHU 0RQDGHQ DOV ”3XQNWH LP 5DXPH… %G  6 VRZLHHWZDDQ&RXWXUDWVQXUORJLVFKHU$QDO\VHGHV=ZHFNEHJULV%G6 

  

/HLEQL] JHKÏUW IÕU &DVVLUHU HLQGHXWLJ LQ GLH 7UDGLWLRQ 3ODWRQV YJO %G  6    )ÕU &DVVLUHU ELOGHW /HLEQL]n ORJLVFKPHWDSK\VLVFK DEJHVWÕW]WHV .RQ]HSW VWULNWHU ,QGLYLGXDOLW½W HL QH ”JHVFKLFKWOLFKH 8UVSUXQJVVWHOOH IÕU .DQWV .ULWLN GHU 0HWDSK\VLN… GD ]XU WDWV½FKOLFKHQ KLQUHL FKHQGHQ (UIDVVXQJ GHV ,QGLYLGXHOOHQ HLQH )RUP YRQ 9HUVWDQG XQG HQWVSUHFKHQGHU (UNHQQWQLV



ZHLVH HUIRUGHUW ZHUGH GLH ”GHQ %HJUL HQ GHU LQWHOOHNWXHOOHQ $QVFKDXXQJ XQG GHV LQWXLWLYHQ 9HUVWDQGHV… NRUUHVSRQGLHUWHQ XQG GDV 3UREOHP GHV ,QGLYLGXXPV LQ GDV ”3UREOHP GHV w'LQJHV DQ



VLFKk… YHUZDQGOH YJO %G  6  9JO %G  6  ”:LU HUNHQQHQ LQ /HLEQL]n 6½W]HQ QDFK 6SUDFKH XQG *HVLQQXQJ GHQ .HLP IÕU GLH (WKLN GHV NDWHJRULVFKHQ ,PSHUDWLYV… 6  KHL¸W HV GDQQ DXFK GD¸ /HLEQL] GHU ”%HJUÕQGHU



GHV GHXWVFKHQ ,GHDOLVPXV… VHL DOVR GHU HLJHQWOLFKH 9RUEHUHLWHU YRQ .DQWV 'HQNHQ % 5XVVHOO $ FULWLFDO H[SRVLWLRQ RI WKH SKLORVRSK\ RI /HLEQL] :LWK DQ DSSHQGL[ RI OHDGLQJ SDVVDJHV &DP EULGJH   / &RXWXUDW /D ORJLTXH GH /HLEQL] GnDSUÁV GHV GRFXPHQWV LQÂGLWV 3DULV  





5H]HQVLRQHQ  &DVVLUHUVYLHUE½QGLJH'DUVWHOOXQJGHU(QWZLFNOXQJGHVw(UNHQQWQLVSUREOHPVkLQGHU3KL ORVRSKLHGHUwQHXHUHQ=HLWkrYRQGHUKLHUQXUGLHEHLGHQHUVWHQ%½QGHGLHMHGRFKLPPHU KLQVFKRQGHQEHHLQGUXFNHQGHQ+RUL]RQWYRQGHU3KLORVRSKLHGHU5HQDLVVDQFHDQJHIDQJHQ PLW1LNRODXVYRQ.XHVELV]XP(LQVDW]GHUwNULWLVFKHQk3KLORVRSKLHGXUFK,PPDQXHO.DQW XPID¸WEHVSURFKHQZHUGHQNÏQQHQrLVWGDVO½¸WVLFKQDFKHLQHUNULWLVFKHQ/HNWÕUHVD JHQ LPPHU QRFK HLQH ]XPLQGHVW LP GHXWVFKHQ 6SUDFKUDXP XQHUUHLFKWH 'DUVWHOOXQJ GHU NRPSOH[HQ *HQHVH GHV QHX]HLWOLFKHQ 3KLORVRSKLHUHQV ,QWHQWLRQ XQG $QVSUXFK &DVVLUHUV LVWHV”GLHZDKUHQJHGDQNOLFKHQ*HJHQV½W]HDXVGHQHQGLHQHXHUH3KLORVRSKLHHUZ½FKVW DQV/LFKW]XEULQJHQ…%G6 GLH(QWZLFNOXQJGHUQHXHUHQ3KLORVRSKLHOHW]WOLFKDOV HLQHVFKULWWZHLVH7UDQVIRUPDWLRQGHU6WUXNWXUHQGHV”UHDOHQ6HLQVLQHLQ6\VWHPQRWZHQGL JHU'HQNDNWH…HEG6YJODXFK6 GHU”RQWRORJLVFKHQ6XEVWDQ]…ZLHHWZDEHL /DYRLVLHU LQ HLQHQ ”.RUUHODWEHJUL ]XP *HGDQNHQ GHU TXDQWLWDWLYHQ (UKDOWXQJ… HEG 6 ]XUHNRQVWUXLHUHQDXI]X]HLJHQZLHGLH”*UHQ]OLQLH…]ZLVFKHQ”GHQDEVROXWHQ'LQ JHQwDX¸HUXQVkXQGGHQ(UNHQQWQLVVHQwLQXQVk…LPPHUPHKULQWHUQDOLVLHUWZLUGVLFKVFKOLH¸ OLFKVFKRQLQGHUYRUNDQWLVFKHQ'LVNXVVLRQHWZDEHL-RKDQQ1LNRODXV7HWHQVYJOGHVVHQ 3KLORVRSKLVFKH 9HUVXFKH ÕEHU GLH PHQVFKOLFKH 1DWXU /HLS]LJ   ”LP *HELHW GHU (UNHQQWQLV VHOEVW…IHVWVHW]W%G6 *UXQGODJHKLHUIÕUELOGHWQDFK&DVVLUHUQLFKWQXUGLH”PR GHUQH3K\VLN…GKGLHPLW*DOLOHLXQG.HSOHUHLQVHW]HQGHDQGHU0DWKHPDWLNXQGDQGHQ IRUPDOHQ 'HQNJHVHW]HQ RULHQWLHUWH H[SHULPHQWHOOK\SRWKHWLVFKH 1DWXUZLVVHQVFKD  %G 6 GLHVLFKDXVGHQVSHNXODWLYP\VWLVFKHQ3URMHNWLRQHQTXD OLWDWHVRFFXOWDHLQWHUQDUHUXPIRUPDHVXEVWDQWLDOHV>%G6@ ]HLWJHQÏVVL VFKHUVS½WUHQDLVVDQFLVWLVFKQHXVFKRODVWLVFKHU$QV½W]HKHUDXVGUHKWLQV/LFKWGHUUHLQHQJHL VWLJHQ”.RQVWUXNWLRQ…VRQGHUQDXFKrXQGGDVLVWGDVELVKHXWHWURW]DOOHUPÏJOLFKHQ.ULWLN 6SDQQHQGHrGLHSODWRQLVFKH*HLVW0HWDSK\VLNHLQHV1LNRODXVYRQ.XHVGLHIUHLOLFKNDQ WLVFK JHGHXWHW ZLUG XQG HLQHV &KDUOHV GH %RXYHOOHV &DUROXV %RYLOOXV  PLW GHUHQ 'DU VWHOOXQJGDV8QWHUQHKPHQEHJLQQW%G6 &DVVLUHUYHUZHQGHWLP.RQWH[WVHLQHU $QDO\VHQDXFKHLQHQ%HJULYRQ”/RJLN…%G6SULQ]LSLHOOORJLVFKHU&KDUDNWHUGHU PRGHUQHQ3K\VLN6”ORJLVFKH6WUXNWXUGHU(UIDKUXQJ…EHL.DQW GHUUHLQ HUNHQQWQLVWKHRUHWLVFKJHGDFKWLVW”ORJLVFKHe3ULQ]LSLHQGHV:LVVHQV…EHWUL$GLHYRUDO OHPLP'HQNHQGHV/HLEQL]GHUGDKHUYRQ$QIDQJDQIÕU&DVVLUHUZLFKWLJJHZHVHQLVWVLFK

 

'LH HUVWHQ EHLGHQ %½QGH XPIDVVHQ DFKW %ÕFKHU %G ,  'LH 5HQDLVVDQFH XQG GDV (UNHQQWQLVSUREOHP >1LNRODXV Y .XHV +XPDQLVPXV 6NHSWLFLVPXV %G  6 @  'LH (QWGHFNXQJ GHV 1DWXUEH



JUL V >1DWXUSKLORVRSKLH (QWVWHKXQJ GHU H[DNWHQ 1DWXUZLVVHQVFKD HQ %G  6 @  'LH *UXQGOHJXQJ GHV ,GHDOLVPXV >'HVFDUWHV 3DVFDO 0DOHEUDQFKH %D\OH %G  6 @ %G ,,  'LH $QI½QJH GHV (PSLULVPXV >%DFRQ *DVVHQGL +REEHV %G  6 @  )RUWELOGXQJ XQG 9ROO HQGXQJ GHV ,GHDOLVPXV >6SLQR]D /HLEQL] 7VFKLUQKDXV HQJOLVFKHU 5DWLRQDOLVPXV %G  6 @  'DV (UNHQQWQLVSUREOHP LP 6\VWHP GHV (PSLULVPXV >/RFNH %HUNHOH\ +XPH %G  6 @  9RQ 1HZWRQ ELV .DQW >0HWKRGH 5DXP=HLW 2QWRORJLH %HZX¸WVHLQ %G  6 @  'LH

 

NULWLVFKH 3KLORVRSKLH .DQW >(QWVWHKXQJ 9HUQXQ NULWLN %G  6 @ %G  6  'HU &XVDQHU NÏQQH DOV ”%HJUÕQGHU XQG 9RUN½PSIHU GHU QHXHUHQ 3KLORVRSKLH… JHOWHQ %G  6  ”(V LVW GDV &KDUDNWHULVWLNXP GHV UHLQHQ 9HUVWDQGHV GD¸ HU DXV HLJHQHU .UD

DOO VHLQH

,QKDOWH HQWZLFNHOW XQG EHJUÕQGHW GD¸ HU ]X LKUHU ORJLVFKHQ 5HFKWIHUWLJXQJ QLFKW ÕEHU GLH *UHQ ]HQ VHLQHV HLJHQHQ 0DFKWEHUHLFKV KLQDXV]XJHKHQ EUDXFKW 'LH JDQ]H )ÕOOH GHU (UNHQQWQLV LVW VDFKOLFK LQ GHQ HUVWHQ UHLQ LQWHOOHNWXHOOHQ 3ULQ]LSLHQ EHUHLWV HQWKDOWHQ XQG YRUJH]HLFKQHW… +LHULQ VDK &DVVLUHU HLQHQ $QIDQJ GHU LQ VHLQHQ $XJHQ PLW VDFKOLFKHU 1RWZHQGLJNHLW LQ GHU .DQWLVFKHQ 9HUQXQ NULWLN HQGHQ PX¸WH





5H]HQVLRQHQ ”]XP6HOEVW]ZHFN…ZHUGHQ%G6 6HLQH'DUVWHOOXQJLVWHLQHXPIDVVHQGHVXEWLOH LPPHUDXFKDXIDQGHUH.RQWH[WHrHWZDDXIGLH(LQÕVVHGHVDQWLNHQ$WRPLVPXVRGHUGHU 6NHSVLVrDFKWHQGH5HNRQVWUXNWLRQGHU(QWZLFNOXQJGLHVHU/RJLNGHV(UNHQQHQVGLHLPPHU DXIGLH”.UD XQG8QDEK½QJLJNHLWGHV*HLVWHV…DFKWHW%G9RUUHGH6,; GLH(UNHQQW QLVZLHHWZDDP%HLVSLHOYRQ.HQHOP'LJE\DOV”UHLQJHLVWLJHV7XQ…HUZHLVWDOV”HLQ/LFKW GDVGHU,QWHOOHNWDXIGLH'LQJHZLU QLFKWGDVHUYRQLKQHQHUVWHPSI½QJW…%G6  XQGGLHOHW]WOLFKYHUPLWWHOWGXUFKGHQQHX]HLWOLFKHQDQJHOV½FKVLVFKHQ ,GHDOLVPXV%HUNH OH\%G6+XPHHEG6EHV XQGÕEHUGLH0HWKRGHQGLVNXVVL RQ,QGXNWLRQVSUREOHP LQ.DQWVWUDQV]HQGHQWDOHU/ÏVXQJNXOPLQLHUWLQGHUGDV9HUK½OW QLV YRQ 1DWXU E]Z 'LQJHQ XQG ,FK E]Z (UNHQQHQ MHW]W DOV HLQ ”UHLQ ORJLVFKHV %HGLQ JXQJVYHUK½OWQLV…JHGHXWHWZLUGLQGHPGHUQLFKWVXEMHNWLYH9HUVWDQGDSULRULGLH*HJHQ VW½QGOLFKNHLWGHU'LQJHDOVVROFKHEHJUÕQGHW%G6   &DVVLUHUJHOLQJWHVLQEHZXQGHUQVZHUWHU:HLVHLQGHU'XUFKIÕKUXQJVHLQHUKLVWRULVFKHQ 5HNRQVWUXNWLRQ LPPHU ZLHGHU PLW ÕEHUNRPPHQHQ )HKOHLQVFK½W]XQJHQ XQG 9RUXUWHLOHQ DXI]XU½XPHQVRHWZDLQGHP1DFKZHLVGD¸GHU*HGDQNH”GD¸VLFKMHQVHLWVDOOHUXQVHUHU HPSLULVFKSK½QRPHQDOHQ(UNHQQWQLVHLQH:HOWXQHUNHQQEDUHUw'LQJHDQVLFKkYHUELUJWe GHQPDQVRK½XJDOV6XEVWDQ]GHU.DQWLVFKHQ/HKUHDQJHVHKHQKDW…”LQ:DKUKHLWQLFKWV DQGHUHV DOV GLH KHUUVFKHQGH µEHU]HXJXQJ GHU JHVDPPWHQ 3KLORVRSKLH GHV DFKW]HKQWHQ -DKUKXQGHUWV… JHZHVHQ LVW %G  6 YJO HEG 6  (V LVW r IRUVFKXQJVJH VFKLFKWOLFKrHEHQVREHGHXWVDPGD¸&DVVLUHU/HRQKDUG(XOHUHLQHJUÕQGOLFKH:ÕUGLJXQJ ]XNRPPHQ O½¸W ”GHU HLJHQWOLFKH XQG NODVVLVFKH =HXJH GHV *HLVWHV GHU PDWKHPDWLVFKHQ 1DWXUSKLORVRSKLH… GLHLP5DKPHQVHLQHVKHUPHQHXWLVFKHQ$QVDW]HVYROONRPPHQVFKOÕV VLJ LVW %G  6   GD¸ HU 5RJHU -RVHSK %RVFRYLFKV 1DWXUSKLORVRSKLH GLVNXWLHUWHEG6 GD¸HUGHQZLFKWLJHQ(LQX¸YRQ&KULVWLDQ$XJXVW&UXVLXV DXI.DQWKHUDXVDUEHLWHWHEG6EHV   'LH.DQW'DUVWHOOXQJGLHGDVJDQ]HDFKWH%XFKXPID¸WXQGGHQ$EVFKOX¸GHVKLHUYRU OLHJHQGHQ=ZHLWHQ%DQGHVYRQ'DV(UNHQQWQLVSUREOHPELOGHW%G6 LVWREZRKO .DQWKLHUDPrYRUO½XJHQGHUQ½FKVWH%DQGVROOWHMDHUVWHUVFKHLQHQ r(QGHVWHKW VRZRKODOV$QIDQJVZLHDOV(QGRGHU=LHOSXQNWGHUJDQ]HQSKLORVRSKLVFKHQ(QWZLFNOXQJ GHUQHXHUHQ=HLW]XVHKHQ&DVVLUHUJHKWVFKRQREJOHLFKHUDOVHUVWH$UEHLWHLQ/HLEQL] %XFKYRUJHOHJWKDWWHYRQ.DQWDXV'HVVHQ'HQNHQELOGHWVR]XVDJHQGHQ*ROGJUXQGDXI GHPDOOHVDXIJHWUDJHQLVWXQGGHUDOV5LFKWPD¸LPPHUZLHGHU]XP'XUFKVFKHLQHQJHEUDFKW ZLUG'HU)RUWJDQJLVWIÕU&DVVLUHUQXUPH¸EDUZHQQLFKHEHQHLQH”3RVLWLRQ…HLQJHQRP PHQKDEH6HLQHLVWGLHGHVNULWLVFKHQ(UNHQQWQLVEHJULVGLHGHU”/RJLN…GHU(UNHQQWQLV .DQW GLHV JLOW HV WURW] GLHVHU %HREDFKWXQJHQ IHVW]XKDOWHQ ZLUG MHGRFK QLFKW ZLOONÕUOLFK XQGLQ½X¸HUOLFKHU.RQVWUXNWLRQ]XP(QGSXQNWGHU(QWZLFNOXQJGHV(UNHQQWQLVSUREOHPV XQGGHUGDPLWYHUEXQGHQHQLQQRYDWLYHQ%HZ½OWLJXQJVOHLVWXQJHQGHUYRUDOOHPQDWXUWKHR UHWLVFKHQ *UXQGSUREOHPH 5DXPEHJUL %HZHJXQJ .UD  6FKZHUNUD  HWF  JHPDFKW VRQGHUQ&DVVLUHUYHUVXFKWGHXWOLFK]XPDFKHQGD¸GLH.DQWLVFKHNULWLVFKH3KLORVRSKLHHLQH LQQHUH QRWZHQGLJH XQG GHQQRFK GXUFK .DQW IUHL XQGJHQLDO YROO]RJHQH .RQVHTXHQ] GHU

  

%HVRQGHUV DXIVFKOX¸UHLFK LVW KLHU GLH KHUYRUUDJHQGH $QDO\VH GHU 3RVLWLRQ - /RFNHV LQ %G  6  *DQ] GHXWOLFK ZLUG GHU KHUPHQHXWLVFKH 9HNWRU GHQ &DVVLUHU VHLQHQ $QDO\VHQ ]XJUXQGH OHJW VFKRQ LQ GHQ HUVWHQ 3DVVDJHQ GHU ”9RUUHGH ]XU HUVWHQ $XI ODJH…   YJO %G  6 ,;; ”NUL WLVFKH $QDO\VH… YHUVXV ”'RJPDWLVPXV GHU JHZÏKQOLFKHQ $QVLFKW…





5H]HQVLRQHQ 'LVNXVVLRQVODJHGHUHUVWHQ+½O HGHV-DKUKXQGHUWVGHU”.ULVLVGHU2QWRORJLH…%G 6YJODXFK6]X.U9% GDUVWHOOW  'LH'DUVWHOOXQJ.DQWVrXQGGDPLWGLHGHUHUVWHQEHLGHQ%½QGHrHQGHWVLJQLNDQWHU ZHLVHPLWGHQ.DSLWHOQ]XP”%HJULGHV6HOEVWEHZX¸WVHLQV…%G6 XQG]XP ”'LQJDQVLFK…HEG6 LQGHQHQGLH”UHLQH)RUPGHVw%HZX¸WVHLQVÕEHUKDXSWk… 6 DXIGHUHLQHQXQGGLHwUHLQH)RUPGHU*HJHQVW½QGOLFKNHLWÕEHUKDXSWkDXIGHUDQGH UHQ 6HLWH DOV (FNSIHLOHU XQG $XVGUXFN HLQHV JHLVWLJHQ *UXQGSUR]HVVHV ]X VWHKHQ NRPPHQ 'LH7DWVDFKHGD¸HVIÕUXQVXQGGDPLWIÕUGDV6HLQGHU:HOWVRZLHZLUVLHQRWZHQGLJVH KHQPÕVVHQ”*HVHW]P½¸LJNHLW…JLEWGD¸6HLQDOVRLQVLFKUDWLRQDOVWUXNWXULHUWLVWLVW”HLQH NRQVWLWXWLYH 9RUDXVVHW]XQJ GHU )XQNWLRQ GHU (UIDKUXQJ VHOEVW… GLH LKUHUVHLWV HUVW ]XU (U NHQQWQLV”GHU*HJHQVW½QGHZLHGHVHLJHQHQ6HOEVWKLQIÕKUW…%G6 &DVVLUHUVLHKW ]ZDULQGHU(UNHQQWQLVGLHVHUHUNHQQWQLVWKHRUHWLVFKXQKLQWHUJUHLIEDUHQ*UXQGIXQNWLRQGHV 9HUVWDQGHVGLH”JHVFKLFKWOLFKH0LVVLRQ…GHU3KLORVRSKLH.DQWVHUIÕOOWHEG HUIÕJWDEHULQ VRXYHU½QHU(LQVLFKWGDEHLDXFKLQGLH%HJUHQ]WKHLWVHLQHUSUREOHPJHVFKLFKWOLFKHQHUNHQQW QLVWKHRUHWLVFKHQ *UXQGIUDJHVWHOOXQJ HLQGULQJOLFK KLQ]X GD¸ ”GHU HLJHQWOLFKH $EVFKOX¸… GHV .DQWLVFKHQ *HGDQNHQV ”DX¸HUKDOE GHU *UHQ]HQ GHU EOR¸ WKHRUHWLVFKHQ %HWUDFKWXQJ… Q½POLFKLQGHU(WKLNOLHJH%G6 (PSKDWLVFKKHL¸WHVDP%HVFKOX¸”'LHNULWLVFKH 3KLORVRSKLHLVWGLH3KLORVRSKLHGHU)UHLKHLW…HEG6   'LHYRUOLHJHQGHQ%½QGHJHVWDWWHQDXFKVFKRQHLQ8UWHLOÕEHUGLHVHQHXH&DVVLUHU$XV JDEHVRZLHÕEHUGLHHGLWRULVFKH4XDOLW½W=XOHW]WHUHULVW]XVDJHQGD¸GLH$XVJDEHVRZRKO YHUODJVVHLWLJKHUYRUUDJHQGSU½VHQWLHUWLVWr)RUPDWXQG6HLWHQVSLHJHOVLQGDXVJHVSURFKHQOH VHUIUHXQGOLFKGLHEHLJHIÕJWH3DJLQLHUXQJGHU(UVWDXVJDEHHUOHLFKWHUWGDV$XLQGHQYRQ]L WLHUWHQ7H[WVWHOOHQrDOVDXFKYRQGHQMHZHLOLJYHUDQWZRUWOLFKHQ%DQGEHDUEHLWHUQVRUJI½OWLJ EHWUHXWZRUGHQLVW%HVRQGHUVKHUYRU]XKHEHQLVWGDVMHZHLOVDQJHK½QJWHJXWUHFKHUFKLHUWH 6FKUL HQUHJLVWHU GDV VRZHLW QDFKZHLVEDU  GLH YRQ &DVVLUHU VHOEVW EHQXW]WHQ RGHU ]XPLQ GHVWLKPGRFK]XJ½QJOLFKHQ$XVJDEHQQHQQWXQG]XJOHLFKDXIGLH2NNXUUHQ]HQLP7H[W YHUZHLVW'HUwHGLWRULVFKH%HULFKWkLQIRUPLHUWMHZHLOVNQDSSÕEHUGLH]XJUXQGHJHOHJWHQRU WKRJUDSKLVFKHQ.ULWHULHQVRZLHÕEHUGHQ%DVLVWH[W/HLGHUZXUGHIÕU'DV(UNHQQWQLVSUREOHP MHGHQIDOOVZDVGLHHUVWHQEHLGHQ%½QGHEHWUL$DXIHLQ%HJULVXQGDXFK3HUVRQHQUHJLVWHU YHU]LFKWHW ZLH HV GRFK LP HUVWHQ %DQG ]X /HLEQL] YRUJHOHJW ZRUGHQ LVW 0DQ NDQQ GHQ +HUDXVJHEHUQQXUHPSIHKOHQGLHVZHQQHVGHQQQLFKWVFKRQJHSODQWLVWIÕUGHQOHW]WHQ YLHUWHQ%DQGQDFK]XUHLFKHQ'LHw+DPEXUJHU$XVJDEHkGLHDXI%½QGHDQJHOHJWLVWXQG LKUHQ$EVFKOX¸PLW7KH0\WKRIWKH6WDWHQGHQVROOZLUGVLFKHUOLFKQLFKWQXUIÕUGLHKRFK VSH]LDOLVLHUWH&DVVLUHU)RUVFKXQJEDOGXQHQWEHKUOLFKZHUGHQVRQGHUQVLHELHWHWHEHQVRIÕU 6WXGLHUHQGHXQGGHQDOOJHPHLQDQGHU*HVWDOW&DVVLUHUVLQWHUHVVLHUWHQ/HVHULQQHQXQG/H VHUQHLQHQRFK HUVFKZLQJOLFKH]XYHUO½VVLJH7H[WEDVLV



7KRPDV/HLQNDXI0ÕQVWHU 

 

'DV (UNHQQWQLVSUREOHP =ZHLWHU %DQG %G  6  ”*HVFKLFKWOLFK EHWUDFKWHW VWHKW .DQW KLHU DP =LHO HLQHU JHGDQNOLFKHQ %HZHJXQJ GHUHQ :XU]HOQ ELV LQ GLH $QI½QJH GHU PRGHUQHQ 3KLORVR SKLH VRZRKO ZLH GHU PRGHUQHQ :LVVHQVFKD

]XUÕFNUHLFKHQ (U ]XHUVW EULQJW GLHVH %HZHJXQJ ]X

LKUHP LQQHUHQ $EVFKOX¸ LQGHP HU GLH EHLGHQ (QWZLFNOXQJVUHLKHQ >VF GLH GHU REMHNWLYLVWLVFKHQ XQG GLH GHU VXEMHNWLYLVWLVFKHQ :LUNOLFKNHLWVGHXWXQJ 1DWXUWKHRULH XQG (UNHQQWQLVWKHRULH@ GLH ELVKHU JHWUHQQW YRQHLQDQGHU YHUOLHIHQ QXQPHKU PLW NODUHP %HZX¸WVHLQ LQ HLQV ID¸W…





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP  

1HXHUVFKHLQXQJHQ

    $8*867,1 µEHU 6FKDX XQG *HJHQZDUW GHV XQVLFKWEDUHQ *RWWHV 7H[WH PLW (LQIÕKUXQJ XQG µEHUVHW]XQJYRQ(ULFK1DDE0\VWLNLQ*HVFKLFKWHXQG*HJHQZDUW7H[WHXQG8QWHUVX FKXQJHQ$EW,%G 6WXWWJDUW%DG&DQQVWDWW)URPPDQQ+RO]ERRJ6*HE úr,6%1  (LQHUVHLWV EHKDXSWHW GLH +HLOLJH 6FKUL  QLHPDQG KDEH *RWW MH JHVHKHQ DQGHUHUVHLWV EH ULFKWHQYLHOH9½WHUVLHK½WWHQ*RWWLQHLQHUOHLEOLFKXPVFKULHEHQHQ*HVWDOWJHVHKHQ”wµEHU GLH *RWWHVVFKDXk KDEH LFK HLQ %XFK JHVFKULHEHQ LQ GHP LFK HLQH ]LHPOLFK VRUJI½OWLJH 8Q WHUVXFKXQJJHIÕKUWKDEHÕEHUGHQJHLVWLJHQ/HLEGHQHVLQGHU$XIHUVWHKXQJGHU+HLOLJHQ JHEHQZLUGRERGHUZLHw*RWWGHU*HLVWLVWkDXFKGXUFKVROFKHQ/HLEJHVHKHQZLUG…rVR $XJXVWLQ (S   'HU YRUOLHJHQGH YRQ (1DDE ]XVDPPHQJHVWHOOWH %DQG HQWK½OW XP IDQJUHLFKH(LQOHLWXQJHQLQGLH:HUNHw'HYLGHQGR'HRkw&RPPRQLWRULXPVDQFWRIUDWUL)RUWXQD WLDQRkXQGw'HSUDHVHQWLD'HLkIHUQHUGLHIRWRPHFKDQLVFKUHSURGX]LHUWHQODWHLQLVFKHQ7H[WH GHU&6(/(GLWLRQHQVRZLHGLHLKQHQJHJHQÕEHUJHVWHOOWHQGHXWVFKHQµEHUVHW]XQJHQ %2(7+,86'HFRQVRODWLRQHSKLORVRSKLDH2SXVFXODWKHRORJLFD(GLGLW&ODXGLR0RUHVFKLQL%L EOLRWKHFD6FULSWRUXP*UDHFRUXPHW5RPDQRUXP7HXEQHULDQD 0ÕQFKHQr/HLS]LJ.* 6DXU;;,6HLWHQ*HEúr,6%1   'DV+DXSWZHUN'HFRQVRODWLRQHSKLORVRSKLDHGHVHPLQHQWHQµEHUVHW]HUV.RPPHQWDWRUVXQG 9HUPLWWOHUVDQWLNHU3KLORVRSKLHXQG%LOGXQJVWUDGLWLRQDQGDV0LWWHODOWHUOLHJWQXQLQHLQHU QHXHQNULWLVFKHQ(GLWLRQYRU&0RUHVFKLQLKDW]XU(UVWHOOXQJGHVODWHLQLVFKHQ7H[WHVDOOH HUKDOWHQHQ+DQGVFKUL HQQHXNROODWLRQLHUWXQGZHLWHUH7H[W]HXJQLVVHDXVGHPXQG -DKUKXQGHUW KLQ]XJH]RJHQ 'HU 7H[W GHU 2SXVFXOD WKHRORJLFD LVW GLH HUVWH NULWLVFKH (GLWLRQ GLHVHU6FKUL HQÕEHUKDXSW$XIHLQH%LEOLRJUDSKLHZXUGHHEHQVRYHU]LFKWHWZLHDXIHLQHQ WH[WEHJOHLWHQGHQ 4XHOOHQDSSDUDW GHU %DQG HQWK½OW VWDWW GHVVHQ HLQHQ ,QGH[ IRQWLXP VRZLH IHUQHUGLH,QGLFHVQRPLQXPUHUXPXQGPHWURUXP %2(7+,86 'H $ULWKPHWLFD LQ $QLFLL 0DQOLL 6HYHULQL %RHWKLL 2SHUD 3DUV ,, &XUD HW 6WXGLR +HQULFL2RVWKRXWHW,RKDQQLV6FKLOOLQJ&RUSXV&KULVWLDQRUXP6HULHV/DWLQD $ 7XUQ KRXW%UHSROV;9,,6*HEúr,6%1   %RHWKLXVn$ULWKPHWLNHLQHµEHUVHW]XQJXQG%HDUEHLWXQJGHU,QWURGXFWLRDULWKPHWLFDGHV1LNR PDFKRV YRQ *HUDVD ZDU LP 0LWWHODOWHU LP 5DKPHQ GHV 4XDGULYLXPV GDV JUXQGOHJHQGH /HKUEXFK]XU=DKOHQOHKUH,QLKPEHKDQGHOW%RHWKLXVXDGHQ=DKOEHJULGLHPÏJOLFKHQ (LQWHLOXQJHQGHU=DKOHQJHUDGHXQJHUDGHHWF XQGGLHYHUVFKLHGHQHQ$UWHQYRQ=DKOHQ YHUK½OWQLVVHQ1DFKGHUODQJHPD¸JHEOLFKHQ$XVJDEHYRQ*RWWIULHG)ULHGOHLQDXVGHP-DKUH

1HXHUVFKHLQXQJHQ XQGQHEHQGHPLQ3DULVYRQ-HDQ




1HXHUVFKHLQXQJHQ YHUWUDXWHQ.DQRQHQWVSULFKWVRQGHUQELVZHLOHQVHOWHQHUEHKDQGHOWHDQGHUHQEHUÕKPWHUHQ YRUJH]RJHQ ZHUGHQ XP GLH LQKDOWOLFKH 9LHOIDOW GHU IUÕKHQ JULHFKLVFKHQ 3KLORVRSKLH GHP 5DKPHQ DQJHPHVVHQ ZLHGHUJHEHQ ]X NÏQQHQ $OV HLQ HPLQHQWHV 3UREOHP ]HLJW VLFK GLH (LQVFK½W]XQJ GHU XUVSUÕQJOLFKHQ %OLFNULFKWXQJ GLH WHLOV GXUFK GLH PHKU RGHU ZHQLJHU GÕU LJH 4XHOOHQODJH WHLOV GXUFK GLH µEHUODJHUXQJ GHV 9RUOLHJHQGHQ PLW MH HLJHQHQ 9RU VWHOOXQJHQHUVFKZHUWLVWXQGGDKHUHLQ]HQWUDOHV$QOLHJHQGHV%DQGHVLVW'DEHLKDWVLFKIRO JHQGH =XVDPPHQVWHOOXQJ HUJHEHQ -05RHVVOL VFKUHLEW ÕEHU 2USKHXV *%HFKWOH ÕEHU 3\WKDJRUDV $%½FKOL ÕEHU +HUDNOLW $*UDHVHU ÕEHU 3DUPHQLGHV $6WÕFNHOEHUJHU ÕEHU +LSSRNUDWHV XQG KLSSRNUDWLVFKHV 'HQNHQ *)LJDO ÕEHU 6RNUDWHV &(XFNHQ ÕEHU $QWL VWKHQHV -6]DLI ÕEHU 3ODWRQ $0HWU\ ÕEHU 6SHXVLSSRV (6RQGHUHJJHU ÕEHU $ULVWRWHOHV +:HLGHPDQQÕEHU'LRGRU06FKPLW]ÕEHU(XNOLG(5XGROSKÕEHU7KHRSKUDVW=X V½W]OLFKHQWK½OWGHU%DQGHLQ9RUZRUWHLQH(LQOHLWXQJYRQ$*UDHVHUVRZLH1DPHQXQG 6DFKUHJLVWHU 0,&+$(/ (5/(5XQG $1'5($6 *5$(6(5 +UVJ 3KLORVRSKHQGHV$OWHUWXPV9RP+HOOHQLV PXVELV]XU6S½WDQWLNH(LQH(LQIÕKUXQJ'DUPVWDGW:LVVHQVFKD OLFKH%XFKJHVHOOVFKD  9,,6*HEú,6%1   'HU ]ZHLWH %DQG GHU 3KLORVRSKHQ GHV $OWHUWXPV OHJW GHQ LQKDOWOLFKHQ 6FKZHUSXQNW DXI GHQ (UZHLVGHU%HUHFKWLJXQJGHUHUZHLWHUWHQ%HVFK½ LJXQJPLWGHQKHOOHQLVWLVFKHQNDLVHU]HLW OLFKHQ XQG VS½WDQWLNHQ 3KLORVRSKHQ r GXUFKDXV XP GD]X EHL]XWUDJHQ DOWH 9RUYHU XUWHLOXQJHQGLHVHU'HQNHUZHJHQPDQJHOQGHU2ULJLQDOLW½W]XHQWNU½ HQ%HVRQGHUVLQGHU VWDUNHQSUDNWLVFKHQ$XVULFKWXQJGHUKHOOHQLVWLVFKHQ3KLORVRSKLHVRZLHLQGHUR HPSIXQGH QHQ9HUJOHLFKEDUNHLWGHU6S½WDQWLNHPLWGHU*HJHQZDUWVLHKW0(UOHUHLQHQ$VSHNWIÕULKUH DNWXHOOH%HGHXWXQJ+LHUEHLLVWGDV$XI]HLJHQQHXHU$QV½W]H]XU/ÏVXQJGHULQGHUNODVVL VFKHQ3HULRGHDXIJHZRUIHQHQ3UREOHPHXQGLKUHU%HGLQJXQJHQHLQ]HQWUDOHV$QOLHJHQGHV %DQGHV 1HEHQ HLQHP 9RUZRUW HLQHU (LQOHLWXQJ YRQ (UOHU XQG DEVFKOLH¸HQGHQ 1DPHQ XQG6DFKUHJLVWHUQVLQGÕEHUIROJHQGH3KLORVRSKHQ%HLWU½JHHQWKDOWHQ(SLNXU0)RUVFK QHU &KU\VLSS.$OJUD &LFHUR-/HRQKDUGW 3KLORQDXV$OH[DQGULD&/ÂY\ 6HQHFD 7)XKUHU 3OXWDUFK))HUUDUL 0DUF$XUHO-'DOIHQ 6H[WXV(PSLULFXV+)OÕFNLJHU  3ORWLQ'-2n0HDUD $XJXVWLQXV&+RUQ 3URNORV0(UOHU %RHWKLXV0%DOWHV  *5$=,(//$ )('(5,&, 9(6&29,1, +UVJ  )LORVRD H VFLHQ]D FODVVLFD DUDERODWLQD PHGLHYDOH H OnHW¹PRGHUQD&LFORGLVHPLQDULLQWHUQD]LRQDOLJHQQDLR )ÂGÂUDWLRQ,QWHUQDWLRQDOH GHV,QVWLWXWVGn¢WXGHV0ÂGLÂYDOHV7H[WHVHW¢WXGHVGX0R\HQ›JH /RXYDLQOD1HXYH 9,,,6.DUWú>]XEH]LHKHQEHL%UHSROV5HI@   'LHVHU6DPPHOEDQGGHUDXIHLQH9RUWUDJVUHLKHDP”&HQWURGL&LYLOW¹GHO0HGLRHYRHGHO 5LQDVFLPHQWRw%LDJLR3HODFDQLk…LQ3DUPDLP-DKUH]XUÕFNJHKWZLOO]XHLQHUYHUWLHI WHQ.HQQWQLVGHV9HUK½OWQLVVHVGHU3KLORVRSKLHXQG:LVVHQVFKD GHVODWHLQLVFKHQ0LWWHODO WHUV]XU$QWLNHHLQHUVHLWVXQG]XU5HQDLVVDQFH DQGHUHUVHLWVEHLWUDJHQ'LHHLQ]HOQHQ$XI V½W]HEHKDQGHOQGLH(QWZLFNOXQJGHU$QRUGQXQJGHU+LPPHOVNÏUSHULQDQWLNHQ6WHUQHQ NDWDORJHQ 6)HUDEROL  GLH *HVFKLFKWH GHU PDWKHPDWLVFKHQ $VWURQRPLH LP 0LWWHOPHHU UDXPYRQGHU$QWLNHELV]XP0LWWHODOWHU50RUÂORQ GLH%H]LHKXQJ3HWHUVYRQ$EDQR





1HXHUVFKHLQXQJHQ ]XUDUDELVFKHQ$VWURQRPLH*)HGHULFL9HVFRYLQL GHQ=XVDPPHQKDQJYRQ0DWKHPDWLN XQG2SWLNEHLGHQ$UDEHUQ55DVKHG GLH%HGHXWXQJGHUKHEU½LVFKHQ:LVVHQVFKD GHV  XQG  -K LP HXURS½LVFKHQ .RQWH[W 30RUSXUJR  GHQ 1DWXUEHJUL LQ GHU 3K\VLN -RKDQQHV%XULGDQV-%LDUG GHQ(LQX¸$OKD]HQVDXIGLH7KHRULHGHUYLVXHOOHQ:DKUQHK PXQJGHV%LDJLR3HODFDQLGD3DUPD96RUJH 5RJHU%DFRQV9HUK½OWQLV]XGHQw6DUD]HQHQk -'1RUWK  *LRWWR DOV 3K\VLRJQRPLNHU 3&DVWHOOL  &RUUHJJLRV %LOGHU LP .ORVWHU 6DQ 3DRORLQ3DUPD)%DURFHOOL GLH%HGHXWXQJGHUDQWLNHQ/RJLNXQG5KHWRULNIÕUGLHQHXH :LVVHQVFKD GHV-K00DPLDQL GLH5H]HSWLRQGHU3DULVHUXQG2[IRUGHU1DWXUSKL ORVRSKLHEHL3RPSRQD]]L6&DURWL VRZLH/RUHQ]R9DOODV'LDOHFWLFD5)XELQL  0$57,1 +26(+UVJ 0HLVWHUZHUNHGHUDQWLNHQ/LWHUDWXU9RQ+RPHUELV%RHWKLXV0ÕQFKHQ %HFN6.DUWú,6%1   'HU%DQGELHWHWDOOJHPHLQYHUVW½QGOLFKHXQGLQIRUPDWLYH,QWHUSUHWDWLRQHQGHU+DXSWZHUNH DQWLNHU /LWHUDWXU 'HU +HUDXVJHEHU KDW DFKW 6FKUL HQ GLHVHU 3HULRGH DXVJHZ½KOW XQG VHLQH (QWVFKHLGXQJLQHLQHU(LQOHLWXQJEHJUÕQGHW'HU%DQGEHVWHKWDXVIROJHQGHQ%HLWU½JHQ ”(LQOHLWXQJ*UXQGOLQLHQGHUDQWLNHQ/LWHUDWXUJHVFKLFKWH…0+RVH ”'LH,OLDV'DVHUVWH /LWHUDWXUZHUN(XURSDV…+)ODVKDU ”$LVFK\ORVn2UHVWLH(LQHDOWH*HVFKLFKWHQHXHU]½KOW… 0+RVH   ”'LH 3ODWRQLVFKH $SRORJLH DOV SKLORVRSKLVFKHV 0HLVWHUZHUN… $3DW]HU   ”&LFHURV3KLOLSSLVFKH5HGHQ3ROLWLVFKHU.DPSIXQGOLWHUDULVFKH,PLWDWLRQ…:6WURK  ”9HUJLOV$HQHLV'LH(UVFKOLH¸XQJHLQHVJHLVWLJHQ5DXPHV…:6XHUEDXP ”2YLG0H WDPRUSKRVHQ'DV%XFKGHUP\WKLVFKHQXQGOLWHUDULVFKHQ9HUZDQGOXQJHQ…1+RO]EHUJ  ”$SXOHLXV'HUJROGHQH(VHORGHU9RQGHQ)ROJHQGHU1HXJLHUGH…3YRQ0ÏOOHQGRU  ”%RHWKLXV7URVWGHU3KLORVRSKLHRGHU'HV0HQVFKHQZDKUHV*OÕFN…-*UXEHU -HGHU %HLWUDJHQWK½OWHLQLJH/LWHUDWXUKLQZHLVHGLHEHGHXWHQGHQ$XVJDEHQGHUEHKDQGHOWHQ:HU NHXQGZLFKWLJH6HNXQG½UOLWHUDWXU .$7(5,1$ ,(52',$.2128 +UVJ  7RSLFV LQ 6WRLF 3KLORVRSK\ 2[IRUG &ODUHQGRQ 3UHVV 6*HE}r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µEHU GLH (UNHQQEDUNHLW *RWWHV 7H[WH ]XU 3KLORVRSKLH XQG 7KHRORJLH /DWGW+HUDXVJHJHEHQXQGÕEHUVHW]WYRQ+DQV.UDPO*HUKDUG/HLEROGXQG9ODGLPLU5LFK WHU+DPEXUJ)HOL[0HLQHU;;;,,6*HEúr,6%1   $XVMDKU]HKQWHODQJHQ%HPÕKXQJHQGHV,QVWLWXWVIÕU&KULVWOLFKH3KLORVRSKLHGHU8QLYHUVL





1HXHUVFKHLQXQJHQ W½W,QQVEUXFNGDV2SXV2[RQLHQVHGHV-RKDQQHV'XQV6FRWXVLQ6HPLQDUHQ]XOHVHQrWURW] GHU XQNODUHQ 7H[WÕEHUOLHIHUXQJ XQG GHU VLFK GDUDXV HUJHEHQGHQ 6FKZLHULJNHLWHQ IÕU 6WX GLHUHQGHrLVWHLQH5HNRQVWUXNWLRQ(GLWLRQXQGµEHUVHW]XQJZLFKWLJHU3DVVDJHQDXVGHP XQYROOHQGHW ÕEHUDUEHLWHWHQ 6HQWHQ]HQNRPPHQWDU GHV 'RFWRU VXEWLOLV HQWVWDQGHQ GLH VLFK GHP 7LWHO w(UNHQQEDUNHLW *RWWHVk VXEVXPLHUHQ ODVVHQ 'DV %XFK ZHQGHW VLFK ZHQLJHU DQ 6SH]LDOLVWHQ DOV YLHOPHKU DQ 6WXGLHUHQGH GLH PLW GHU PLWWHODOWHUOLFKHQ /DWLQLW½W QLFKW YHU WUDXWVLQG(LQH6HLWHQODQJH(LQOHLWXQJHUO½XWHUWGLH3UREOHPHGHU4XHOOHQODJHJLEWHL QHµEHUVLFKW]XU9LWDXQG]XP:HUNGHV-RKDQQHV'XQV6FRWXVHUNO½UWXQGEHJUÕQGHWGLH 7H[WDXVZDKOXQGUHVÕPLHUWVFKOLH¸OLFKGLH,QKDOWHGHUJHZ½KOWHQ3DVVDJHQLQGHU5HLKHQ IROJHLKUHU$QRUGQXQJ3URORJXV4XDHVWLR 'LVWLQFWLR4XDHVWLR 'LVWLQFWLR 4XDHVWLR   'LVWLQFWLR  4XDHVWLR   'LVWLQFWLR  4XDHVWLR XQLFD  'LVWLQFWLR  4XDHVWLRXQLFD XQG'LVWLQFWLR4XDHVWLRXQLFD 'HU7H[WDXVZDKODQJHK½QJWZXUGHQ $QPHUNXQJHQGHU+HUDXVJHEHUHLQIÕQIVHLWLJHV4XHOOHQXQG6HNXQG½UOLWHUDWXUYHU]HLFK QLVHLQNOHLQHVODWHLQLVFKGHXWVFKHV9RNDEHOYHU]HLFKQLVVRZLHGLH ,QGLFHVYHUERUXPDXFWRUXP XQGQRPLQXP ./$86 .$+1(57 XQG%85.+$5' 02-6,6&++UVJ 8PEUÕFKH+LVWRULVFKH:HQGHSXQNWHGHU 3KLORVRSKLH YRQ GHU $QWLNH ELV ]XU 1HX]HLW )HVWVFKUL  IÕU .XUW )ODVFK ]X VHLQHP  *HEXUWVWDJ $PVWHUGDPr3KLODGHOSKLD%5*UÕQHU;,,6*HEú,6%1    8PEUÕFKHLVWNHLQHOÕFNHQORVH'DUVWHOOXQJDOOHU:HQGHSXQNWHLQGHU3KLORVRSKLHJHVFKLFKWH VRQGHUQHLQH6DPPOXQJYRQ%HLWU½JHQGLHVRZRKOEHNDQQWH1HXDQI½QJHDOVDXFKELVODQJ ZHQLJEHDFKWHWH'HQNEHZHJXQJHQDQDO\VLHUHQrELVKLQ]X$XVHLQDQGHUVHW]XQJHQPLW$Q UHJXQJHQ GLH IÕU VLFK VHOEVW JHQRPPHQ 8PEUÕFKH EHGHXWHQ DOV VROFKH MHGRFK QLFKW KL VWRULVFKZLUNVDPZHUGHQNRQQWHQ)ROJHQGH$XWRUHQE]Z7KHPHQZHUGHQEHUÕFNVLFKWLJW GLH6SUDFKXQG(UNHQQWQLVWKHRULH3ODWRQV$0DOPVKHLPHU%0RMVLVFK 1DWXUSKLORVR SKLH XQG 3KLORVRSKLHNULWLN EHL $XJXVWLQ 85 -HFN )% 6WDPPNÏWWHU  0HLVWHU (FN KDUWV 3UHGLJW  -0DD¸HQ  ZLVVHQVFKD VWKHRUHWLVFKH XQG RQWRORJLVFKH 1HXDQV½W]H EHL $GDP GH :RGHKDP +HUYDHXV 1DWDOLV XQG :LOKHOP YRQ 2FNKDP &5RGH 0/HQ]  DWKHLVWLVFKH7HQGHQ]HQLP-DKUKXQGHUW23OXWD 1LFFROË0DFKLDYHOOLVSROLWLVFKH3KL ORVRSKLH%0LO] SKLORVRSKLHKLVWRULVFKHµEHUOHJXQJHQ]XP(SRFKHQEHJUL&6FKXOW]  .DQWVNULWLVFKH7UDQV]HQGHQWDOSKLORVRSKLHXQGLKUH:HQGHEHL)LFKWH&$VPXWK GLH%H GHXWXQJGHU)UDQ]ÏVLVFKHQ5HYROXWLRQIÕUGHQ)UHLKHLWVEHJUL)LFKWHV$6HOO GLH9ROO HQGXQJGHV$QVHOPLDQLVFKHQ$UJXPHQWVGXUFK6FKHOOLQJV%HJULGHVµEHUVHLHQGHQ2) 6XPPHUHOO GLH6SUDFKSKLORVRSKLH:YRQ+XPEROGWV..DKQHUW VRZLHGLH'LRQ\VLXV 3VHXGR$UHRSDJLWD5H]HSWLRQEHL+XJR%DOO0%ORFK  0(/,66$ /$1(3ODWRnV3URJHQ\+RZ6RFUDWHVXQG3ODWR6WLOO&DSWLYDWHWKH0RGHUQ0LQG&ODVVLFDO ,QWHUIDFHV /RQGRQ'XFNZRUWK;6.DUW},6%1  ”7KHDFXWHVWVHDUFKHUWKHORYLQJHVWGLVFLSOHFRXOGQHYHUWHOOZKDW3ODWRQLVPZDVLQGHHGDG PLUDEOHWH[WVFDQEHTXRWHGRQERWKVLGHVRIHYHU\JUHDWTXHVWLRQIURPKLP…rWKLVREVHU YDWLRQ RI 5:(PHUVRQ LV JLYHQ IXOO GXH LQ WKH SUHVHQW YROXPH LQ ZKLFK 0/DQH DG





1HXHUVFKHLQXQJHQ GUHVVHV6RFUDWHVDQG3ODWRDVVHHQWKURXJKWKHORRNLQJJODVVRIWKDQGWKFHQWXU\SKL ORVRSKLFDO WKRXJKW SULPDULO\ WKDW RI (QJODQG DQG *HUPDQ\ )ROORZLQJ D FKDSWHU WUHDWLQJ GLHULQJSHUVSHFWLYHVRQ6RFUDWHVnVFRQWURYHUVLDOUHODWLRQWRKLVFRQWHPSRUDU\$WKHQVDQG WKHSUHFDULRXVPHDQLQJRIKLVMXGLFLDOFRQGHPQDWLRQDQGH[HFXWLRQIRUODWHUDJHVWKHDX WKRU GHYRWHV D FKDSWHU WR H[DPLQLQJ YDULRXV YLHZV RQ 3ODWR WKH PHWDSK\VLFLDQ IRUHPRVW ZLWKLQWKHVSDQEHWZHHQ1LHW]VFKHDQDQGLGHDOLVWSKLORVRSKLHVZLWKDQDWWHQGDQWUHYLHZRI WKHHWKLFDOVLJQLFDQFHRI3ODWRQLF(URVEHIRUHFRQFOXGLQJZLWKDGLVFXVVLRQRI3ODWRWKH SROLWLFDOSKLORVRSKHUDORQJWKHFRPSDVVSRLQWVRIFRPPXQLVPIDVFLVPDQGOLEHUDOLVP 5$/3+-2+$11(6 /,/,( %\]DQ] *HVFKLFKWH GHV RVWUÏPLVFKHQ 5HLFKHV  0ÕQFKHQ %HFN6.DUWú,6%1  5-/LOLHEHVFKUHLEWGLHZLFKWLJVWHQ(UHLJQLVVHGHUE\]DQWLQLVFKHQ*HVFKLFKWHELV]XU(U REHUXQJ.RQVWDQWLQRSHOVLP-DKUKXQGHUWGXUFKGLH2VPDQHQ'DV%XFKELHWHWGHU/H VHUVFKD  HLQHQ LQIRUPDWLYHQ (LQEOLFN LQ SROLWLVFKH NXOWXUHOOH XQG JHVHOOVFKD OLFKH (QW ZLFNOXQJHQGHVE\]DQWLQLVFKHQ5HLFKHV6RZRKOLQQHQDOVDXFKDX¸HQSROLWLVFKH)DNWRUHQ LQVWLWXWLRQHOOH XQG VR]LDOH (OHPHQWH VRZLH GLH 6WHOOXQJ ]XU wIHLQGOLFKHQk 8PZHOW  EH VWLPPWHQ GLH EHVRQGHUH 3RVLWLRQ YRQ %\]DQ] LQ GHU PLWWHODOWHUOLFKHQ 6WDDWHQZHOW 'DKHU U½XPWGHU$XWRUGHQLQQHUHQ8QUXKHQXQGGHQµEHUOHEHQVN½PSIHQHWZDJHJHQGLH3HUVHU XQGGLH$UDEHUPHKUHUH.DSLWHOVHLQHV%XFKHVHLQ$XFKVWHOOWHUGLHDGPLQLVWUDWLYHXQGJH VHOOVFKD OLFKH6WUXNWXUGHV,PSHULXPVLQGHQ*UXQGOLQLHQYRU rHEHQVRZLHGLH5ROOHGHU .LUFKH IÕU SROLWLVFKH NXOWXUHOOH XQG LQWHOOHNWXHOOH (QWZLFNOXQJHQ LQQHUKDOE GHV 6WDDWHV 'HU%DQGHQWK½OW]XVDPPHQPLWHLQHUDXVIÕKUOLFKHQ=HLWWDIHODXFKHLQH/LVWHGHUE\]DQWL QLVFKHQ.DLVHUXQGHLQ*ORVVDU 5-$0(6 /21*XQG0$85$2n&$552//7KH/LIHDQG:RUNVRI5LFKDUG)LVKDFUH233UROH JRPHQDWRWKH(GLWLRQRIKLV&RPPHQWDU\RQWKH6HQWHQFHV9HUÏHQWOLFKXQJHQGHU.RPPLV VLRQIÕUGLH+HUDXVJDEHXQJHGUXFNWHU7H[WHDXVGHUPLWWHODOWHUOLFKHQ*HLVWHVZHOW 0ÕQ FKHQ %HFN6$EE.DUWú,6%1   ,Q9HUELQGXQJPLWGHU%D\HULVFKHQ$NDGHPLHGHU:LVVHQVFKD HQYHUIROJW5-DPHV/RQJ *HQHUDO(GLWRU GHQ3ODQGHQ6HQWHQ]HQ.RPPHQWDUGHVHQJOLVFKHQ'RPLQLNDQHUV5LFKDUG )LVKDFUHHUVWPDOVDXVGHQ+DQGVFKUL HQ]XHUKHEHQXQGKHUDXV]XJHEHQGLHVDXIGHU%DVLV LQWHUQDWLRQDOHU.RRSHUDWLRQIÕUGLH(GLWLRQYRQ%XFK,LVWYRUJHVHKHQ6)%URZQYRQ %XFK ,, 5-/RQJ YRQ %XFK ,,, */HLEROG $(LFKLQJHU .5RGOHU YRQ %XFK ,9 -*RHULQJXQG02n&DUUROO 'HUYRUOLHJHQGH%DQGLQIRUPLHUWJOHLFKVDPDOV*HQHUDOSUR ÏPLXPÕEHU/HEHQXQG:HUN5LFKDUG)LVKDFUHVIHUQHUÕEHUGLHELVKHUEHNDQQWHQ+DQG VFKUL HQLQGHQHQVHLQ6HQWHQ]HQ.RPPHQWDUYROOVW½QGLJRGHUSDUWLHOOÕEHUOLHIHUWLVW%LEOLR JUDSKLVFKH $QJDEHQ XQG HLQ 1DPHQUHJLVWHU VFKOLH¸HQ GHQ %DQG DE 'HU 6HQWHQ]HQ.RP PHQWDU 5LFKDUG )LVKDFUHV GÕU H ]ZLVFKHQ  XQG  YHUID¸W ZRUGHQ VHLQ XQG LVW DOV +DXSWZHUNGHVHQJOLVFKHQ'RPLQLNDQHUV]XEHWUDFKWHQ$OEHUWGHU*UR¸HZDUPLWGLHVHP :HUNYHUWUDXWXQGYRQ7KRPDVYRQ$TXLQLVWEH]HXJWGD¸HU]XPLQGHVWGLH$EVLFKWKDWWH HVHLQ]XVHKHQ





1HXHUVFKHLQXQJHQ %85.+$5' 02-6,6&+0HLVWHU(FNKDUW$QDORJ\8QLYRFLW\DQG8QLW\7UDQVODWHGZLWKD3UHI DFHDQGDQ$SSHQGL[E\255,1 )6800(5(//$PVWHUGDPr3KLODGHOSKLD%5*UÕQHU *HE;96ú,6%1;   7KHWKRXJKWRI0HLVWHU(FNKDUWH[XGHVDUHPDUNDEOHIDVFLQDWLRQRQWKHPRGHUQPLQGQRW WKH OHDVW GXH WR LWV FDUHIXO LQWHUZHDYLQJ RI SKLORVRSKLFDO DQG YHUQDFXODU WHUPLQRORJ\ 8QLTXHDPRQJ(QJOLVKODQJXDJHVWXGLHVRI(FNKDUWnVVFLQWLOODWLQJWKRXJKWWKLVYROXPHXQ GHUWDNHVWRVKRZWKDWLWFDQRQO\EHXQGHUVWRRGLQUHODWLRQWR$OEHUWWKH*UHDW$ULVWRWOH 'LRQ\VLXV3VHXGR$UHRSDJLWDWKH/LEHUGHFDXVLVDQGWKH1HRSODWRQLFKHULWDJH7KHRGRULF RI)UHLEHUJDQG7KRPDV$TXLQDVDVZHOODV(FNKDUWRI*UÕQGLJ-DNRERI0HW]DQG-RKDQ QHV 3LFDUGL RI /LFKWHQEHUJ $W WKH FHQWHU RI WKH SUHVHQW VWXG\ OLHV WKH UHWXUQ RI WKH VRXO WKURXJKLWVGHWDFKPHQWIURPHYHU\WKLQJFRUSRUHDOPDQLIROGDQGWHPSRUDOLQWRLWVJURXQGRU VSDUNrLQWRWKDW”VRPHWKLQJ…LQWKHVRXOZKHUHDFFRUGLQJWR(FNKDUW”WKHJURXQGRI*RGLV P\JURXQGDQGP\JURXQGLV*RGnVJURXQG…7KLVWUDQVODWLRQQRWRQO\UHYLVHVWKHRULJLQDO *HUPDQODQJXDJH YROXPH WR WDNH DFFRXQW RI UHFHQW GHEDWHV LQ (FNKDUWVFKRODUVKLS LW PRUHRYHUPDNHVDFFHVVLEOHWRWKHQRQVSHFLDOLVWDOO/DWLQDQG0LGGOH+LJK*HUPDQPDWH ULDOFLWHGWKHUHLQPXFKRILWSUHYLRXVO\QRWDYDLODEOHLQDQ\WUDQVODWLRQDWDOO <26+,., 1$.$<$0$>.RPPHQWLHUWHMDSDQLVFKHµEHUVHW]XQJODWHLQLVFKHUXQGPLWWHOKRFK GHXWVFKHU7H[WH]XU3KLORVRSKLHXQG6SLULWXDOLW½WGHV0LWWHODOWHUV'DV6W7UXGSHUWHU+R KHOLHG-RUGDQYRQ6DFKVHQ'DYLGYRQ$XJVEXUJ%HUWKROGYRQ5HJHQVEXUJ6FKZDU]Z½O GHU 3UHGLJWHQ 0HLVWHU (FNKDUW 5XGROI YRQ %LEHUDFK 1LNRODXV YRQ 6WUD¸EXUJ (FNKDUW YRQ *UÕQGLJ 'DV %XFK YRQ JHLVWOLFKHU $UPXW 3DUDGLVXV DQLPH LQWHOOLJHQWLV +HLQULFK 6HXVH -RKDQQHV 7DXOHU /XGROI YRQ 6DFKVHQ 5XOPDQ 0HUVZLQ 0DUTXDUG YRQ /LQGDX 7KRPDV3HXQWQHU-RKDQQHVYRQ.DVWHOO%HUQKDUGYRQ:DJLQJ'LRQ\VLXVGHU.DUWK½XVHU 3VHXGR 1LNRODXVYRQ)OÕH @&RUSXVIRQWLXPPHQWLVPHGLLDHYL 6*HE YJO GD]X %R FKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU 6@ 1,&2/$86 '58..(1 '( '$&,$ 2SHUD 4XDHVWLRQHV VXSUD OLEUXP 3ULRUXP (GLGLW 1LFRODXV *HRUJLXV*UHHQ3HGHUVHQ7UDFWDWXVGHVXSSRVLWLRQLEXV(GLGLW6WHQ(EEHVHQ&RUSXV3KLOR VRSKRUXP'DQLFRUXP0HGLL$HYL .RSHQKDJHQ&$5HLW]HO;;96*HE '..r>FDúr@,6%1   'HULP([SOLFLWGHU+DQGVFKUL HQJHQDQQWH9HUIDVVHUGHUEHLGHQLQGLHVHP%DQGHUVWPDOV HGLHUWHQ6FKUL HQ1LNRODXVGH'DFLDLVWQDFK$QVLFKWGHU+HUDXVJHEHUVHKUZDKUVFKHLQ





1HXHUVFKHLQXQJHQ OLFKLGHQWLVFKPLWGHP0DJLVWHU1LNRODXV'UXNNHQDXV'½QHPDUNGHVVHQ:LUNHQQDFK DQGHU3DULVHU$UWLVWHQIDNXOW½WEH]HXJWLVW'HUXPHQWVWDQGHQH.RPPHQWDU]XGHQ $QDO\WLFD SULRUD LVW LQ ]ZHL +DQGVFKUL HQ ÕEHUOLHIHUW (UIXUW &RG $PSORQ Š  UD UE 3DULV %LEOLRWKÁTXH 1DWLRQDOH ODW   UU  XQG HQWK½OW LQVJHVDPW  4X½VWLRQHQrXQJHZÏKQOLFKHUZHLVHQXU]XPHUVWHQ%XFKGHV$ULVWRWHOLVFKHQ7H[WHV'HU 4XHOOHQDSSDUDWYHUZHLVWDXIHLQLJHLQWHUHVVDQWH3DUDOOHOHQ]X:LOKHOPYRQ2FNKDPV6XP PD/RJLFDHGHQHQQRFKZHLWHUQDFK]XJHKHQVLFKQDFK0HLQXQJGHV+HUDXVJHEHUVORKQHQ ZÕUGH VRZLH DXI PHKU RGHU ZHQLJHU HQJH 9HUELQGXQJHQ PLW GHQ .RPPHQWDUHQ ]X GHQ (UVWHQ$QDO\WLNHQYRQ5DGXOSKXV%ULWR-RKDQQHV%XULGDQXQG3VHXGR6FRWXV'HU]ZHLWH LQ GLHVHP %DQG HGLHUWH VHKU NXU]H 7H[W LVW 1LNRODXVn 7UDNWDW ÕEHU GLH 6XSSRVLWLRQHQ GHU LQ QXU HLQHU +DQGVFKUL  HUKDOWHQ LVW (UIXUW &RG $PSORQ Š  IRO  'LH YRUOLHJHQGH $XVJDEH HQWK½OW HLQH DXVIÕKUOLFKH (LQOHLWXQJ GLH DXI GLH 9HUIDVVHUIUDJH GLH KDQGVFKUL OLFKHµEHUOLHIHUXQJDXIGLH7H[WHXQGLKUH4XHOOHQHLQJHKWVRZLHPHKUHUH,Q GLFHV (112 58'2/3+ +UVJ 'LH5HQDLVVDQFHDOVHUVWH$XINO½UXQJ%GH5HOLJLRQXQG$XINO½ UXQJ 7ÕELQJHQ0RKU6LHEHFN%G'LH5HQDLVVDQFHXQGLKUH$QWLNH9,,, 6.DUWúr,6%1%G'LH5HQDLVVDQFHXQGGLH(QWGHFNXQJGHV,QGLYL GXXPVLQGHU.XQVW;6.DUWúr,6%1;%G'LH5HQDLVVDQFH XQGLKU%LOGLQGHU*HVFKLFKWH;6.DUWúr,6%1   0LW GHQ GUHL %½QGHQ GRNXPHQWLHUWGHU +HUDXVJHEHU ( 5XGROSKGLH%HLWU½JHGUHLHU 7D JXQJHQ GLHXQGXQWHUVHLQHU/HLWXQJYRQGHU ,QWHUQDWLRQDOHQ(UQVW&DVVLUHU*H VHOOVFKD LQ=XVDPPHQDUEHLWPLWGHU+HLGHOEHUJHU)RUVFKXQJVVW½WWHGHU(YDQJHOLVFKHQ6WXGLHQJH PHLQVFKD H9)(6W LQ+HLGHOEHUJ+DPEXUJXQG)ORUHQ]GXUFKJHIÕKUWZXUGHQ'DÕEHU GLHVH.RQJUHVVHLP%DQGXQVHUHV-DKUEXFKHVDXVIÕKUOLFKEHULFKWHWZXUGHYHUZHLVHQZLU DQ GLHVHU 6WHOOH DXI GDV %RFKXPHU 3KLORVRSKLVFKH -DKUEXFK IÕU $QWLNH XQG 0LWWHODOWHU   6 *µ17(5 67$&+(/0HLVWHU(FNKDUW%HLWU½JH]XU'LVNXVVLRQVHLQHU0\VWLN:ÕU]EXUJ.ÏQLJV KDXVHQXQG1HXPDQQ6.DUWúr,6%1   'HU%DQGYHUHLQLJWGLYHUVH$UEHLWHQÕEHUGDV:HUN0HLVWHU(FNKDUWVGLHWHLOZHLVHEHUHLWV YHUÏHQWOLFKW.DSLWHOXQG WHLOZHLVHKLHUHUVWYHUÏHQWOLFKWVLQG.DSLWHOXQG  ,Q .DSLWHO  ”6WUHLW XP 0HLVWHU (FNKDUW…  ZLGPHW VLFK *6WDFKHO GHU )UDJHVWHOOXQJ PLW ZHOFKHQ9RUDXVVHW]XQJHQHLQDG½TXDWHU=XJDQJ]XP:HUN(FNKDUWV YHUVHKHQVHLQVROOWH LP.DSLWHO”'DVwQLFKWkDOV=LHOGHU(QWELOGXQJ… EHVFK½ LJWHUVLFKPLW(FNKDUWV9HU ZHQGXQJGHU%HJULHw%LOGkwELOGHQkwHQWELOGHQkXQGLPGULWWHQPLW”:DFNHUQDJHOV.RQ ]HSWGHUw%LOGXQJk….DSLWHO”(LQHQRFKQLFKWNULWLVFKHGLHUWH3UHGLJWÕEHUGDVwQLFKWkXQG GHQw%OLW]k*RWWHV3IHLHU,9,P7HPSHOrLP8UVSUXQJrODXWHU*RWW… ELHWHW7H[WµEHU VHW]XQJXQG,QWHUSUHWDWLRQGHUJHQDQQWHQ3UHGLJWZ½KUHQGGLH]ZHLOHW]WHQ.DSLWHOGLHJH VWHOOWHQ$XIJDEHQPLWHKHUSKLORORJLVFKHU,QWHQWLRQDQJHKHQ.DSLWHOODXWHW”'LH3UHGLJW ÕEHUwYLWDDFWLYDkXQGwYLWDFRQWHPSODWLYDk0DUWKD0DULD3UHGLJW4 VWDPPWQLFKWYRQ (FNKDUW… .DSLWHO  ”w9RP HGOHQ 0HQVFKHQk r HLQ 6HUPR GHU XPJHDUEHLWHW ZXUGH +DW





1HXHUVFKHLQXQJHQ LKQ(FNKDUWVHOEVWUHGLJLHUW"…(UJ½Q]WZLUGGHU%DQGGXUFKHLQH(LQOHLWXQJXQGHLQ9HU ]HLFKQLVGHUEHQXW]WHQ/LWHUDWXU *(25* 67((5XQG/25,6 6785/(6(+UVJ /HFWXUD(FNKDUGL3UHGLJWHQ0HLVWHU(FNKDUWVYRQ )DFKJHOHKUWHQJHOHVHQXQGJHGHXWHW6WXWWJDUWr%HUOLQr.ÏOQ.RKOKDPPHU6*HE ú,6%1   ,P=XJHGHUVLFKUDVFKIRUWHQWZLFNHOQGHQ(FNKDUW)RUVFKXQJZLUGHLQ6FKZHUSXQNWZHL WHUKLQDXIGLHSKLORVRSKLVFKH,QWHUSUHWDWLRQVHLQHU3UHGLJWHQJHOHJW,PYRUOLHJHQGHQ%DQG KDEHQGLHEHLWUDJHQGHQ$XWRUHQ(FNKDUWVGHXWVFKH3UHGLJWHQ.5XK $0+DDV  E 6.ÏEHOH   /6WXUOHVH   2'DYLHV   )/ÏVHU   %0RMVLVFK   .)ODVFK   :+DXJ   %+DVHEULQN  XQG  *6WHHU  VRZLH VHLQH ODWHLQLVFKH 3UHGLJW,9%0F*LQQ PLWMHZHLOVJHJHQÕEHUOLHJHQGHQµEHUVHW]XQJHQXQGDQVFKOLH¸HQ GHQ.RPPHQWDUHQYHUVHKHQ 7+821,6 '( 9,%(5*,$2SHUD'LVSXWDWD0HWDSK\VLFDH(GLGLW$QGUHD7DEDUURQL'H3OXUDOL WDWH)RUPDUXP(GLGLW6WHQ(EEHVHQ&RUSXV3KLORVRSKRUXP'DQLFRUXP0HGLL$HYL;,,,  .RSHQKDJHQ5HLW]HO;;;,96*HE'..r>FDúr@,6%1    'HU9HUIDVVHUGHUEHLGHQKLHUHUVWPDOVLQHLQHUNULWLVFKHQ(GLWLRQYRUOLHJHQGHQ6FKUL HQ 7KXRGH9LEHUJLDDXV-ÕWODQGDEVROYLHUWHVHLQH6WXGLHQDEDQGHU8QLYHUVLW½W(UIXUW ZR HU VS½WHU DXFK ]HLWZHLOLJ 'HNDQ GHU WKHRORJLVFKHQ )DNXOW½W ZDU EHYRU HU  DOV (U]ELVFKRIYRQ/XQGDPWLHUWH$XIVHLQH(UIXUWHU9RUOHVXQJHQYRQJHKHQGLHYRQ $QGUHD 7DEDUURQL HGLHUWHQ 0HWDSK\VLNTX½VWLRQHQ ]XUÕFN GLH QXU LQ HLQHU (UIXUWHU +DQG VFKUL GHP&RG$PSORQ4ÕEHUOLHIHUWVLQG'HU7H[WXPID¸WLQVJHVDPW4X½ VWLRQHQ ]X GHQ %ÕFKHUQ ,; XQG ;,, GHU 0HWDSK\VLN GHV $ULVWRWHOHV 'HU 4XHOOHQDSSDUDW GHU (GLWLRQ ZLH DXFK GLH $QDO\VH GHV +HUDXVJHEHUV ]HLJHQ GD¸ 7KXR VLFK YRU DOOHP DXI 0DUVLOLXVYRQ,QJKHQXQG-RKDQQHV%XULGDQVWÕW]W'HU]ZHLWHYRQ6WHQ(EEHVHQDQKDQG GHUHLQ]LJHQEHNDQQWHQ+DQGVFKUL DXV.UDNDXKHUDXVJHJHEHQH7H[WEHVWHKWDXVGHUQXU ZHQLJH6HLWHQXPIDVVHQGHQ4XDHVWLRÕEHUGLH3OXUDOLW½WGHU)RUPHQ8WUXPLQXQRHRGHPTXH LQGLYLGXRVXEVWDQWLDOLIRUPDVSHFLHLVLWDOLDDIRUPDJHQHULVGLVWLQFWLRQHUHDOL (LQHDXVIÕKUOLFKH(LQ OHLWXQJ GLH DXI GLH 3HUVRQ GHV 9HUIDVVHUV GLH 7H[WÕEHUOLHIHUXQJ GLH 6WUXNWXU GHU 7H[WH XQGLKUH4XHOOHQHLQJHKWVRZLHPHKUHUH,QGLFHVUXQGHQGHQ%DQGDE





%RFKXPHU3KLORVRSKLVFKHV-DKUEXFKIÕU$QWLNHXQG0LWWHODOWHU  ƒ-RKQ%HQMDPLQV%9$PVWHUGDP  

1DPHQLQGH[

    $EDWH* $EEDJQDQR1 $EUDKDP6DYRVDUGD $FKLOOHV $FKLOOLQL$ $GDP $GDPXV*RGGDPXV $GHODUGXV%DWKHQVLV $GPHWXV $HJLGLXV$XUHOLDQHQVLV $HJLGLXV5RPDQXV $HUWVHQ-$ $HVFK\OXV $JDPHPQRQ $JDWKD $JRVWLQR*HPHOOL0GD $JULSSD YRQ 1HWWHVKHLP +HLQULFK &RU QHOLXV  $JX]]L%DUEDJOL' $LD[ $LOUHGXV5LYDOOHQVLV $LQGRUHU& $OEHULJR* $OEHUWL/ $OEHUWXVGH6D[RQLD $OEHUWXV0DJQXV  $OELQXV $OEUHFKW( $OFLELDGHV $OFLQRXV $OFXLQXV)ODFFXV $OH[DQGHU $SKURGLVLHQVLV    $OH[DQGHU0DFHGRGHU*UR¸H  $OH[LGVH/ $OJD]HO $OJUD. $OKDFHQ

$ONLQGL $OODUG$ $OOHQ5( $OSHWUDJLXV $OSKDUDELXV $PPRQLXV $PSKLRQ $QD[DJRUDV $QD[LPHQHV $QGÓMDU( $QVHOPXV &DQWXDULHQVLV     $QWKLVWHQHV $QWRQ-3 $RXDG0 $SKURGLWH $SROOR $SXOHLXV $UFKLPHGHV $UGLJË5 $UIÂ3 $ULVWDUFKXV $ULVWRSKDQHV $ULVWRWHOHV                              $ULVWRWHOHV 3VHXGR      $UPHOOLQL* $UQDOGXVGH9LOOD1RYD $UQLP+YRQ $UQ]HQ5 $UULDQXV $VPXWK&

1DPHQLQGH[ $VSDVLD $V]WDORV0 $WKHQH $XJXVWLQXV       $XJXVWLQXV1LSKXV  $XJXVWXV $XUHOLXV*DXGDULQXV&DODEHU $XUHOLXV1LFRODXV3RUWLXV $XVODQG+ $YHPSDFH,EQ%DMMD  $YHQH]UD$EUDKDP,EQ(VUD  $YHUURHV       $YLFHQQD      $\UHV 3       %DFFKHOOL) %½FKOL$ %DFRQ) %DGDORQL1 %DOO+ %DOWHV0 %DUEDUR( %DUODDPGH6HPLQDULD %DUQHV- %DURFHOOL) %DUR]]L3 %DUWKRORPDHXV $UQROGL GH 8VLQJHQ  %DXFK* %DXHU60 %DXP2 %DXP: %D\OH3 %D]¹Q%& %HFKWOH* %HFNHU( %HFRQG/ %HLHUZDOWHV:  %HPER3 %HQDNLV/*



%HQDUGHWH6 %HQGD: %HQVRQ++ %HQVRQ/ %HUEHQ7 %HUJHU+ %HUNHOH\* %HUPRQG3 %HUQDUGLGHOOD0LUDQGROD$ %HUQDUGXV$UHWLQXV %HUQGW7 %HUQDUGXVGH:DJLQJ %HUWKROGXVGH0RRVEXUFK %HUWKROGXVGH5DWLVERQD %HUWL( %LDQFKL/ %LDUG- %LHO* %LHOHU/ %LHVWHUIHOGW++ %LRQGL$ %ODVLXVGH3HODFDQLVGH3DUPD  %O½WWOHU& %ORFK0 %OXP35 %OXPHQEHUJ+ %OXPHQWKDO+- %RE]LHQ6 %RFFDFFLR* %RFFDVVLQL' %RHGHU+ %RHKQHU3 %RHVH+ %RHWKLXV       %RHWKLXVGH'DFLD %RO]DQR% %RQDYHQWXUD %RUJHV-/ %RUVFKH7 %RV(3 %RV* %RVFRYLFK5- %RVVLHU)



1DPHQLQGH[ %RWWLQ) %RXGÂ-3 %RXKOHU3 %R\OH/( %R\OH5 %UDDNKXLV+$* %UDFFLROLQL3 %UDLQDUG0 %UDPV- %UDQFD9 %UDQGW6 %UDXQ/ %UDXQ: %UHGRZ*YRQ %UHJPDQ- %UÂKLHU¢ %UHQHW-% %UHQWDQR) %UHZHU-6 %ULFNKRXVH7& %ULVVRQ/ %URZQ- %URZQ6) %UXFK5YRP %UXFNHU-- %UXQL/ %UXQR *       %XFKHQDX6 %XUFNKDUGW- %XUJHU5 %XUJXQGLXV3LVDQXV %XUQHW- %XUQHWW& %XVVDQLFK- %XVVRQ+ %X]]HWWL'  &DOFLGLXV &DORJHUR* &DPSDQHOOD7 &DQGLGXV &DQQL]]R* &DQREELR* &DQ]LDQL* &DUDELQH'



&DUDPHOOR3 &DUGDQR* &DUOVRQ7$ &DUROXV %RYLOOXV &KDUOHV GH %RXHOOHV   &DURQH*5 &DURWL6 &DUXV&* &DVH- &DVVLUHU (       &DVWHOODQL* &DVWHOOL3 &DWXOOXV &DYDOOR* &DYDOOR7 &HVDOSLQR$ &KDOFLGLXV &KDUWLHU5 &KHQX' &KHUQLVV+ &KULVW. &KU\VLSSXV &LFHUR  &LOLEHUWR0 &OHDU\-- &ORVWHUPDQ- &RKHQ+ &ROLVK0 &ROOL9 &RQVWDEOH* &RQWDULQL* &RRSHU $ $ 7KLUG (DUO RI 6KD HV EXU\  &RSHQKDYHU%3 &RUUHJJLR$$GD &RUURGL+ &RUVDQR$ &RUWHVL0 &RXUDWLHU0 &RXUFHOOH3 &RXUWHQD\: &RXVLQ9 &RXWXUDW/ &RYD/



1DPHQLQGH[ &UDQ])( &UHPRQLQL& &ULVSLQ* &ULWLDV &UXVLXV&$ &\SULDQXV  Gn$OYHUQ\07 'n$QFRQD&RVWD& 'n2QRIULR* 'DLEHU+ 'DOHV& 'DOIHQ- 'DPDVFLXV 'DPLDWD0 'DQLHO(5 'DQWH$OLJKLHUL 'DYLG 'DYLGGH$XJVEXUJ 'DYLHV- 'DYLHV2 'HFNHU% 'HO5LR0 'HQ 8\O ' -     'HUULGD- 'HVFDUWHV 5       'HVLGHULXV (UDVPXV YRQ 5RWWHUGDP   'HWHO: 'LGHURW' 'LHKO( 'LHOV+ 'LJE\. 'LOORQ- 'LOWKH\: 'L1DSROL* 'LRGRUXV 'LRJHQHV/DHUWLXV 'LRFOHWLDQXV 'LRQLVRWWL& 'LRQ\VLXV&DUWKXVLDQXV 'LRQ\VLXV 3V$UHRSDJLWD    



'LRQ\VXV 'LRWLPD 'REVRQ% 'RGGV(5 'ROQLNRZVNL(: 'RPÆQJXH]) 'RQLQL3 'RROH\% 'ÏULQJ$ 'ÏUULH+ 'RUWHU. 'RXOO-$ 'RYHU.- 'URQNH3 'URVVDDUW/XORIV+- 'UXDUW7$ 'XKHP3 'XOODHUW- 'XUQHU0  (DPRQ: (EEHVHQ6 (FKDUGXV 0DJLVWHU      (FNHUPDQQ-3 (FNKDUW0HLVWHU→(FKDUGXV0DJLVWHU (FNKDUWXVGH*UÕQGLJ (JJHQVSHUJHU7 (LFKLQJHU$ (ODPUDQ-DPDO$ (OOLV95 (PHUVRQ5: (PLOVVRQ(. (QGHUV0 (QGUH¸* (QJHO8 (SLFWHWXV (SLFXUXV (SLSKDQLXV (UOHU 0      (VFKHQPH\HU$&$ (VFKPDQQ, (W]NRUQ*, (XFNHQ& (XFOLGHV



1DPHQLQGH[ (XOHU/ (XOHU:$ (XPDHXV (XULSLGHV (YD (YHUDUGXVGH,SUD  )DOFLRQL0 )DUPHU6$ )DWWD& )DWWRUL0 )DXFRQ3 )HEYUH/ )HGHULFL9HVFRYLQL*  )HQWRQ3% )HUDEROL6 )HUEHU5 )HUUDUL) )HUUDUL*5) )HVWXJLÁUH$- )LDQGLQR$ )LFKWH-* )LFLQR→0DUVLOLXV)LFLQXV )LHGURZLF]0 )LJDO* )LRUHQWLQR) )LVFKHU+ )ODVFK. )ODVKDU+ )OÑLVWDG* )OÕFNLJHU+ )RQWDLQH5 )RUVFKQHU0 )RUWXQDWXV )RXFDXOW0 )RXUFUR\$)GH )UDFDQ]LDQR$ )UDQFLVFRGH9LWRULD )UDQFLVFXVGH0DUFKLD )UDQVHQ* )UHGGRVR$- )UHGH0 )ULHGOHLQ* )ULHGULFK+ )ULW].YRQ



)UREHQ- )UREHQLXV: )XELQL5 )XKUHU7 )XKUPDQQ0 )XOJRVLR5  *DGDPHU+* *DHWD) *DHWMH+ *DLVHU. *ºO* *DOHQXV *DOLOHR*DOLOHL *DORQQLHU$ *DUFLD\*DUFLD$ *DULQ( *DVNLOO7( *DVVHQGL3 *HKOHU-67 *HQLFRW/ *HQWLOH* *HQWLOH6 *HRUJLXV3OHWKR *HRUJLXV7UDSH]XQWLXV *HUDUGXV&UHPRQHQVLV *HUDUGXV2GRQLV *HUVRQ/3 *H\HU% *LEVRQ6 *LJRQ2 *LOEHUW) *LOO& *LOVRQ(  *LQWKHU- *LRWWR *LUJHQWL* *LURQD, *LUWDQQHU& *LXOLR(GL *LXOLR3GL *ORULH) *ORULHX[3 *RGGX$ *RHULQJ-



1DPHQLQGH[ *RHWKH-:YRQ *ROGEDFKHU$ *RPH]1RJDOHV' *RRGPDQQ5% *RUJLDV *RVYLQXVGH0DUEDVLR *RWWOLHE$ *RXOG7 *RXOHW5 *UDEPDQQ0 *UDHVHU$ *UDL) *UDQW( *UDVVL&$ *UDVVL2 *UDWDUROXV* *UHHQ3HGHUVHQ1* *UHJRULXV $ULPLQHQVLV     *UHJRULXV0DJQXV *UHJRULXV1\VVHQXV *UHJRU\7 *ULEHOLQ6 *ULVZROG&/-U *UXEHU- *UÕQGHU. *UXQGPDQQ+ *XDOWHUXV%XUODHXV *XLGL0 *XLOODXPLQ-< *XLOOHOPXV$OYHUQLHQVLV *XLOOHOPXV&UDWKRUQ *XLOOHOPXVGH&RQFKLV *XLOOHOPXVGH0RHUEHFND  *XLOOHOPXV GH 2FNKDP           *XLOOHOPXVGH2FNKDP3VHXGR  *XUWOHU* *XWDV'  +DDUWHQ-) +DDV$0 +DDV)$-GH



+DDVH: +DEHUPDV- +DGRW, +DGRW3 +DOIZDVVHQ- +DOOHU$YRQ +DOSHULQ'0 +DPHVVH-  +DPPHUVWHLQ1 +DQNLQV- +DVHEULQN% +DVWLQJV- +DXJ: +D\:+,, +HFWRU +HJHO*:)  +HLGHJJHU0 +HLPHULFXVGH&DPSR +HPPHULFK* +HPVWHUKXLV) +HQULFXV%DWHGH0HFKOLQLD +HQULFXVGH/DQJHQVWHLQ +HQULFXV6XVR +HQU\) +HUDFOHV +HUDFOLWXV +HUFXOHV +HUGHU-*YRQ +HUPDQQXVGH&DULQWKLD +HUPHLDV +HUPHV 7ULVPHJLVWXV     +HUYDHXV1DWDOLV +HVVH& +LHURFOHV +LHURQ\PXV +LOGHJDUGLV%LQJHQVLV +LSSLDV +LSSRFUDWHV +LVVHWWH5 +REEHV7 +RHQHQ0-)0 +RPDQQ) +RPDQQ3



1DPHQLQGH[ +ÏHFKQHU: +ÏOGHUOLQ) +ROW]/ +RO]EHUJ1 +RPHUXV     +RSNLQV- +RUDWLXV +RUQ& +RVH0 +RVVIHOG3 +RZH& +XEHU3 +XGU\) +XJRD6DQFWR&DUR +XJRGH6DQFWR9LFWRUH +XJRQQDUG5RFKH+ +XL]LQJD- +XPEROGW:YRQ +XPH' +XQDLQLEQDQDUDE,VKDT +XQJHU( +XQW'3 +XVVHUO( +XWWRQ6  ,DFREXVGH9HQHWLLV ,DFREXV'XDFHQVLV ,DFREXV0HWHQVLV ,DPEOLFKXV ,EQ6LQD→$YLFHQQD ,EQ6XZDU ,HURGLDNRQRX. ,JDO- ,PEDFK5 ,QJKDP0( ,QQRFHQV,93DSVW  ,QQRFHQWL& ,QZRRG% ,RDFKLPGH)ORUH ,RDQQHVGH6LYLJOLD ,DFREXV )DEHU 6WDSXOHQVLV -DTXHV /HIÁYUH Gn(WDSOHV  ,RDQQHV ,RDQQHV %HVVDULRQ    



,RDQQHV %XULGDQXV       ,RDQQHV&DVWHOOHQVLV ,RDQQHV 'DPDVFHQXV    ,RDQQHVGH,DQGXQR ,RDQQHVGH7DPEDFKR ,RDQQHV GH :HVDOLD    ,RDQQHV 'XQV 6FRWXV     ,RDQQHV'XQV6FRWXV3VHXGR  ,RDQQHV*HUVRQ ,RDQQHV3KLORSRQXV ,RDQQHV3LFDUGLGH/XFLGRPRQWH ,RDQQHV6FRWXV(ULXJHQD ,RUGDQXVGH6D[RQLD ,SKLJHQLD ,UHQDHXV ,VDDF' ,VRFUDWHV ,XVWLQLDQXV ,YU\$/  -DFREL. -DFREV:* -DFTXDUW' -DHJHU: -DUR/ -DPP\3 -DQW]HQ- -DVLQN% -DVSHUV. -HDQQRX33 -HFN85 -HVXV &KULVWXV           -RÄO. -RKDQQHV0DMRU-HDQ0DLU  -RKDQQHV7ULWKHPLXV -RKQVWRQ/ -ROLYHW-  .DKQHUW.



1DPHQLQGH[ .DOX]D= .DQGOHU.+ .DQW,   .DQ].7 .HLSKDV .HOOHU& .HOOH\)( .HQQ\$ .HSOHU- .HUÂQ\L. .H¸OHU( .LGRQHV' .LHUNHJDDUG6 .LUFKHU$ .LUVFKHU* .LVVHU7 .OHLQ/(  .OHLQHLGDP( .OLEDQVN\5 .QHDOH: .QHHSNHQV2 .QR[' .QXXWWLOD6 .ÏEHOH6 .REXVFK7 .RFK- .ROOHVFK- .RWWHU% .R\UÂ$ .U½PHU+ .UDPO+ .UDQ]: .UDXW5 .UD\H- .UHPHU. .UHW]PDQQ1 .ULVWHOOHU 3 2     .UROO: .URS+$ .UÕJHU) .XNVHZLF]= .XQLWVFK3



.XQ]PDQQ3 .ÕSSHU+  /D%UX\ÁUH-GH /DFRPEH* /DHXU& /DQGLQR& /DQH0 /DSLGJH0 /DXUHQW0+ /DXUHQWLXV%OXPHQDX /DYRLVLHU$/ /H*R- /HDWKHUEDUURZ' /HLEQL] * :     /HLEROG* /HLQNDXI7 /HMERZLF]0 /HPD\5 /HQREOH5 /HQ]0 /HR;3DSVW  /HR;,,,3DSVW  /HRQDUGL& /HRQDUGRGD9LQFL /HRQKDUGW- /HWWLQFN3 /ÂYLQDV( /ÂY\& /LEHUD $ GH     /LFKWHQEHUJ*& /LHUPDQQ& /LOLH5- /LQN+) /RFNH- /ÏHOEHUJHU0 /Ï#HU-)& /RKU& /RQJ5- /RU\3 /ÏVHU) /RVVN\9 /RWWHV: /XDUG+



1DPHQLQGH[ /XFDV /XFLIHU /XFUHWLXV /ÕGGHFNH' /XGROSKXVGH6D[RQLD /XHWMRKDQQ& /XKPDQQ1 /XQGJUHQ3 /XVFRPEH' /XWKHU0  0DD¸HQ- 0DFKLDYHOOL1 0DJHH-& 0DJJLËOR30 0DJQDUG3 0DKRQH\(3 0DLHU$ 0DLHU+ 0DLHUÒ$ 0DLPRQ6 0DOHEUDQFKH1 0DOPVKHLPHU$ 0DPLDQL0 0DQGRQQHW3 0½QQOHLQ5REHUW, 0DQVHOOL5 0DQVIHOG- 0DQVL-' 0DUFHO* 0DUFLRQ 0DUFROLQR9 0DUFXV$XUHOLXV 0DUHOOL& 0DUJROLQ-& 0DULXV9LFWRULQXV 0DUNRZVNL0 0DUPR& 0DUTXDUGXVGH/LQGDXJLD 0DUVLOLXV GH ,QJKHQ     0DUVLOLXVGH3DGXD 0DUVLOLXV)LFLQXV   0DUWL+



0DUWLQHDX( 0DUXP0YDQ 0DVSROL6 0DWWKDHXV 0F&OHOODQG&( 0F(YR\- 0F*LQQ% 0F.QLJKW6$ 0F7LJKH73 0F9DXJK0 0HHUVVHPDQ* 0HLHU+ 0HLHU/ 0HLHU2HVHU6 0HaHU3$ 0HLQHUV& 0HQH[HQXV 0HUFLHU' 0HUNHO+ 0HWU\$ 0HW]: 0HXWKHQ( 0HZV& 0LFKDHO6FRWXV 0LFKDOVNL. 0LFKHOHW- 0LFNOHWKZD\WH7 0LJOLRUL0 0LJQH-3 0LJQXFFL0 0LOOHU)'-U 0LOOHU0 0LO]% 0LQLR3DOXHOOR/ 0LWVLV3 0LWWHOKDXV. 0RKDPPHG 0RLVR) 0RMVLVFK %      0RNURVFK5 0ÏOOHQGRU3YRQ 0ÏOOHU, 0RQIDVDQL- 0RQWDLJQH0(GH 0RRG\(



1DPHQLQGH[ 0RUÂORQ5 0RUHVFKLQL& 0RUHWWL0 0RUSXUJR3 0RUUD* 0RUULV79 0RVHV 0RVHV0DLPRQLGHV 0RXQWDLQ:- 0XOFKDKH\00 0ÕOOHU5$ 0XUDOW$GH 0XUGRFK-(  1DDE( 1DHUW( 1DJ\$ 1DND\DPD< 1DUERQQH-0 1DUGL%  1DVU+ 1DWKDQ 1DWRUS3 1DXGH* 1HKDPDV$ 1HVWRULXV 1HXEDXHU. 1HZWRQ, 1LFFROL1 1LFNHO' 1LFRODXV93DSVW  1LFRODXV&XVDQXV       1LFRODXVGH$OWULFXULD 1LFRODXVGH$UJHQWLQD 1LFRODXV'UXNNHQ GH'DFLD 1LFRODXV0HWKRQHQVLV 1LHWKDPPHU), 1LHW]VFKH) 1LHZÏKQHU) 1LLQLOXRWR, 1LNRODXVYRQ)OÕH3VHXGR  1LFRPDFKXV*HUDVHQXV 1RUWK-'



1XPHQLXV 1XVVEDXP0&  2n%ULHQ' 2n&DUUROO0 2n&OHLULJK3 2n/RXJKOLQ7 2n0HDUD'-  2EELQN' 2EHUHLW-+ 2EHUPDQ+$ 2EHUWHOOR/ 2HKOHU. 2OLYLHUL/ 2O\PSLRGRUXV 2RVWKRXW+ 2SSHQUDDa$0,YDQ 2SVRPHU- 2ULJHQHV 2USKHXV 2WWR6 2WWR:) 2YLGLXV  3DJDQLQL* 3DJQRQL6WXUOHVH05 3DNQDGHO) 3DTXÂ5 3DUDYLFLQL%DJOLDQL$ 3DUPHQLGHV 3DVFDO% 3DWFK+5 3DWUL]L) 3DWURFOXV 3DW]HU$ 3DXOLQXVYRQ3HULJXHX[ 3DXOXV 3DXOXV1 3DXOXV 9HQHWXV      3HNWDV‘9 3HOOHJULQ3 3HQGHU(( 3ÂSLQ- 3HUIHWWL6



1DPHQLQGH[ 3HUJHU0YRQ 3HULFOHV 3HULQL/ 3HUNDPV0 3HUURQH&RPSDJQL9 3HWUDUFD) 3HWUL]L- 3HWUXV 3HWUXV$EDHODUGXV 3HWUXV$OIRQVL 3HWUXV&RPHVWRU 3HWUXVGH$EDQR 3HWUXV GH $OOLDFR    3HWUXV+LVSDQXV 3HWUXV,RDQQLV2OLYL 3HWUXV/RPEDUGXV 3HWUXV1LJUL 3HWUXV5DPXV 3HWVFKHQLJ0 3ID&+ 3KLOR$OH[DQGULQXV 3KLORFOHV 3LDLD* 3LFFRORPLQL(6→3LXV,, 3LFR GHOOD 0LUDQGROD *     3LHSHU- 3LHUOHRQHGD6SROHWR 3LQERUJ- 3LQFKDUG% 3LQH0 3LQHOOL/ 3LQWDUG5 3LXV,,3DSVW  3ODWRQ                  3ODWR7LEXUWLQXV 3OHVVLQJ)9/ 3ORWLQXV       



 3OXWD2 3OXWDUFKXV 3RGHVW¹*/ 3ROOPDQQ. 3RPSRQD]]L3 3RSSL$ 3RUFLQL, 3RUSK\ULXV     3UHVV* 3ULHVWO\- 3ULQL3 3ULW]O. 3URFOXV        3URVV: 3URWDJRUDV 3VHXGR'LRQ\VLXV $UHRSDJLWD → 'LRQ\ VLXV3VHXGR$UHRSDJLWD 3XUQHOO) 3XWDOOD]); 3\ODGHV 3\WKDJRUDV  4XLOOLHQ- 4XLQWLOLDQXV  5DGXOSKXV%ULWR 5DJQLVFR3 5DLPXQGXV/XOOXV 5DOIV* 5DQDVLQJKH1 5DQG% 5DQGDOO - + -U      5DQGL( 5DSSPDQQVEHUJHU0$ 5DVKHG5 5HDOH* 5HJHQ) 5HKQ5 5HLQKROG./ 5HLV% 5HQDQ(



1DPHQLQGH[ 5HXFKOLQ- 5H\GDPV6FKLOV* 5LEÂPRQW% 5LFFL6 5LFH() 5LFKDUGXV)LVKDFUH 5LFKWHU9 5aN/0GH 5LNKRI+ 5LVW-0 5LWWHU- 5REHUWVRQ-0 5REHUWXV*URVVHWHVWH  5REHUWXV+ROFRW 5RGH& 5RGOHU. 5RHVVOL-0 5RJHUXV%DFR 5RVHQ6 5RVV-% 5RWKVFKLOG-3 5RW]ROO0 5RXVVHDX-- 5RZH& 5XELHUD*GD 5XGHEXVK* 5XGROSK( 5XGROSKXV%LEHUDFHQVLV 5ÕHJJ: 5XK. 5XOPDQ0HUVZLQ 5XQJH32 5XQLD'7 5XSSULFK+ 5XVVHOO% 5XVVLOLDQR7 5\DQ:)  6DUH\+' 6DORPR 6DPVRQRZ(YRQ 6DPXHO 6DPXHOLEQ7LEERQ 6DQWD&UX]0, 6DQWDV*



6DQWL) 6DXOLQR 6DXVVXUH+%GH 6D[RQKDXVH$ 6EURFFKL/* 6FK½XEOLQ& 6FKHOOLQJ):- 6FKLHFKH: 6FKLOOLQJ- 6FKOHJHO) 6FKPLGW3* 6FKPLWW & %   6FKPLWW)6 6FKPLW]0 6FKQ½GHOEDFK+ 6FKQDUU+ 6FKQHLGHU-+- 6FKQHLGHU1 6FKÏGOEDXHU8 6FKÏQEHUJHU5 6FKÏQHU& 6FKRSHQKDXHU$ 6FKUDGHU+ 6FKUHQN/3 6FKURHGHU)0 6FKXOW]& 6FKZDHW]HU+ 6FKZLQJHV5& 6FRWW*$ 6HGOH\' 6HHVNLQ. 6HOO$ 6HQHFD 6HQJHU+* 6HUDFKMDEHQ,VDDFEHQ6FKHDOWLHO+HQ 6H[WXV(PSLULFXV 6KDUSOHV5: 6KHSSDUG$ 6LFDUG3 6LGRQLXV 6LJHUXVGH%UDEDQWLD 6LOYHVWHU 3ULHULDV 6LOYHVWUR 0D]]ROLQL   6LPRQ0 6LPRQLGHV



1DPHQLQGH[ 6LPSOLFLXV 6LULDVL1 6NLQQHU4 6PLWK$ 6PLWK1' 6QRZ&3 6RFUDWHV      6RORQ 6RQGHUHJJHU( 6RSKRFOHV 6RUDEML5 6RUJH9 6RUUHQWLQR6 6RWWLOL$ 6RXYHUDLQ0 6SDPHU$ 6SHHU $      6SHQJOHU: 6SHXVLSSXV 6SLQD% 6SLQR]D % GH      6SUHQJDUG.$ 6SUHQJHO& 6SXQDU3 6WDFKHO* 6WDHKHOLQ0 6WDPPNÏWWHU)% 6WDYUX$ 6WHHO& 6WHHQEHUJKHQ)YDQ 6WHHU* 6WHHQV+ 6WHLQ+/:YRQ 6WHLQVFKQHLGHU0 6WHQ]HO- 6WHSKDQXVGH$XUHOLDQLV6WHSKDQXV7HP SLHU  6WLFKZHK5 6WUDQJH6 6WUDXPH=LPPHUPDQQ/ 6WUDXVV/ 6WURK:



6WURKPDLHU* 6WÕFNHOEHUJHU$ 6WXUOHVH/ 6XºUH]) 6XFKOD%5 6XHUEDXP: 6XPPHUHOO 2 )    6ZHHQH\( 6\OOD( 6\QDQ($ 6\ULDQ 6]DEÌ2WWR( 6]DLI- 6]OH]ºN7$  7DEDUURQL$ 7DFKDX.+ 7DJOLDSHWUD$ 7DUDERFKLD&DQDYHUR$ 7DUUDQW+ 7DWDNLV% 7DYX]]L0 7D\ORU$( 7D\ORU5& 7HPSHOLV( 7HQQHPDQQ:* 7HUWXOOLDQXV 7HWHQV-1 7HZHV*5 7KDGGDHXVGH3DUPD 7KHDHWHWXV 7KHLOHU: 7KHPLVWLXV 7KHRFOHV 7KHRGRUDNRSRXORV1 7KHRGRULFXV GH 9ULEHUFK    7KHRGRUXV 7KHRJQLV 7KHRQ6P\UQDHXV 7KHRSKUDVWXVU 7KaVVHQ-00+ 7KLOOHW3 7KRPDV%UDGZDUGLQXV 7KRPDV GH $TXLQR   



1DPHQLQGH[           7KRPDVGH$UJHQWLQD  7KRPDVGH9LR&DLHWDQXV 7KRPDVGH:\OWRQ 7KRPDV3HXQWQHU 7KUDV\PDFKXV 7KUR/- 7KXRGH9LEHUJLD 7KXUQHU0 7LHGHPDQQ' 7LPDHXV 7LW]H+ 7L[LHU5 7RORPLR, 7RPHR/ 7RUUH0$GHO 7RUQDX& 7UDEEDWRQL) 7UDSS$' 7UHVV'0 7ULQNDXV& 7URWWPDQQ& 7URXSHDX* 7UXVHQ: 7UXWYHWWHU- 7U\SDQLV& 7VFKLUQKDXV(:*UDIYRQ 7VLWVLULGLV6  8HKOHLQ)$ 8OULFXVGH$UJHQWLQD 8UED&) 8UEDQ:  9DOOD/ 9DQGHQ%HUJK6 9DQKDPHO: 9DQLQL*& 9DQ2SKXaVHQ-0 9DQ5LHO* 9DQ5LHW6 9DQVWHHQEHUJKH( 9DVROL&



9DXFKH]$ 9HJHWWL0 9HQDQWLXV)RUWXQDWXV 9HQHWR3 9HUEHNH* 9HUJLOLXV 9HUQLD1 9LJQDX[3 9LQFHQWLXV 9LQWL& 9LWHOOLRQH 9LYHV-/ 9ODVWRV* 9RJHO' 9RLWOH5 9RVVHQNXKO: 9XLOOHPLQ'LHP*  :DOIRUG$ :DONHU'3 :DOVHU5 :DUEXUJ$ :DUG-2 :DUWHOOH$ :DWHUHOG5 :ÂEHU( :HLGHPDQQ+ :HaHUV2 :HLO( :HLVVHQERUQ-&+ :HVWHUPDQQ+ :H\-& :LFNV- :LHODQG* :LHORFN[5 :LODPRZLW]0RHOOHQGRU8YRQ  :LOGEHUJ& :LOHV$0 :LOSHUW3 :LOVRQ& :LQG( :LQNOHU1 :LQWHUERWWRP0 :LSSHO-) :LVVRZD*



1DPHQLQGH[ :LWHOR :ÏKOHU+8 :ROI5% :RO( :RRGUX3 :ULHGW. :XOI0GH :\¸%  ;HQRSKRQ  =DEDUHOOD*



=DPEHOOL3  =DQLHU* =HKQSIHQQLJ% =HLWOLQ), =HOOHU( =HXV =LFKH3 =LPPHUPDQQ$ =LPPHUPDQQ): =RURDVWHU =\FKD-





 

$XWRUHQYHU]HLFKQLV

    'U0,5$1'$ $/%(57, 5$330$116%(5*(55LHVVWU'0ÕQFKHQ 3ULY'R]'U$1'5($6 %&+/,,QVWLWXWIÕU3KLORVRSKLH8QLYHUVLW½W%HUQ /½QJJDVVVWUD&+%HUQ 2/,9(5 %$80 'HSDUWHPHQW RI 3KLORVRSK\ (PRU\ 8QLYHUVLW\ $WODQWD *HRUJLD86$ 'U &+5,67,1( %/77/(5 =HQWUXP IÕU /LWHUDWXUIRUVFKXQJ *HLVWHVZLVVH Q VFKD OLFKH=HQWUHQ%HUOLQH9-½JHUVWU'%HUOLQ 0$77+,$6 %/2&+ 0$ ,QVWLWXW IÕU 3KLORVRSKLH 5XKU8QLYHUVLW½W %R FKXP'%RFKXP 'U0$5&86 %5$,1$5'3RVWGRFWRUDO)HOORZGHU&DUO)ULHGULFKYRQ6LHPHQV 6WL XQJ6ÕGOLFKHV6FKOR¸URQGHOO'0ÕQFKHQ +RFKVFK'R]'U(9$ 0$5,$ (1*(/(13KLORVRSKLVFKH)DNXOW½W8QLYHUVL W½W.RQVWDQ]''.RQVWDQ] 3URI'U*5$=,(//$ )('(5,&, 9(6&29,1,'LSDUWLPHQWRGL6FLHQ]HGHOOn(GX FD]LRQHHGHL3URFHVVL&XOWXUDOLH)RUPDWLYL8QLYHUVLW¹GHJO L6WXGLGL)LUHQ]H 9LDGHO3DULRQHE)LUHQ]H,),  3URI'U7+20$6 /(,1.$8) 3KLORVRSKLVFKHV 6HPLQDU :HVWI½OLVFKH :L O KHOPV8QLYHUVLW½W0ÕQVWHU'RPSODW]'0ÕQVWHU 3URI 'U 5 -$0(6 /21* 'HSDUWPHQW RI 3KLORVRSK\ )DLUHOG 8QLYHUVLW\ )DLUHOG&RQQHFWLFXW86$ 'U,50*$5' 011/(,152%(57,QVWLWXWIÕU.ODVVLVFKH3KLORORJLH%D\HUL VFKH -XOLXV0D[LPLOLDQV8QLYHUVLW½W :ÕU]EXUJ 5HVLGHQ]SODW]  ' :ÕU]EXUJ 3URI 'U %85.+$5' 02-6,6&+ ,QVWLWXW IÕU 3KLORVRSKLH 5XKU8QLYHUVLW½W %RFKXP'%RFKXP

$XWRUHQYHU]HLFKQLV 

'U9,5*,1,( 3(.7$6‘(YLQJHUVWU''RUWPXQG 'U 0$77+,$6 3(5.$06 1DFKZXFKVJUXSSH w6S½WDQWLNH XQG E\]DQWLQLVFKH /LWHUDWXUk ,QVWLWXW IÕU $OWHUWXPVZLVVHQVFKD  GHU 3KLORVRSKLVFKHQ )DNXOW½W )ULHGULFK6FKLOOHU8QLYHUVLW½W-HQD.DKODLVFKH6WUD¸H'-HQD &+5,67,$1( 6&+8/7= 0$,QVWLWXWIÕU3KLORVRSKLH5XKU8QLYHUVLW½W%R FKXP'%RFKXP $/(66$1'52 67$958 0$'LSDUWLPHQWRGL)LORVRDH3ROLWLFD,VWLWXWR8QL YHUVLWDULR2ULHQWDOHGL1DSROL,1DSROL 'U 255,1 ) 6800(5(// ,QVWLWXW IÕU 3KLORVRSKLH 5XKU8QLYHUVLW½W %R FKXP'%RFKXP 'U125%(57 :,1./(5:DFKHQEXUJVWU'0DQQKHLP 3URI'U+$168/5,&+ :¯+/(53KLORVRSKLVFKH)DNXOW½W,QVWLWXWIÕU3KL ORVRSKLH78'UHVGHQ=HOOHVFKHU:HJ''UHVGHQ 3URI'U3$2/$ =$0%(//,'LSDUWLPHQWRGL6WXGL6WRULFLH*HRJUDFL8QL YHUVLW¹GHJOL6WXGLGL)LUHQ]H9LD6*DOOR)LUHQ]H,),