'$6'b021(1$8*( -DQH&ROOLQVNlPSIWHPLWGHP7RG ,FKKDWWHVLHDXIHLQH/LHJHJHEHWWHW-DQHV*HVLFKWZDUQRFK EODV...
17 downloads
543 Views
344KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
'$6'b021(1$8*( -DQH&ROOLQVNlPSIWHPLWGHP7RG ,FKKDWWHVLHDXIHLQH/LHJHJHEHWWHW-DQHV*HVLFKWZDUQRFK EODVVHUDOVGDVZHLH7XFKDXIGHPVLHODJ'HU0XOOYHUEDQGDXI GHU:XQGHZDUEOXWJHWUlQNWGLH/LSSHQVFKLPPHUWHQEOHLFK :UGHVLHHVVFKDIIHQXQGPLWGHP/HEHQGDYRQNRPPHQ" ,FKNQLHWHQHEHQGHU/LHJHVDKQXULKU*HVLFKWGLHHLQJHIDOOH QHQ:DQJHQ0HLQH$XJHQEUDQQWHQ'LH$QJVWXP-DQHVFKQU WHPLUGLH.HKOH]X =ZHLgOOLFKWHUEUDQQWHQDP.RSIHQGHGHU/LHJH,KU/LFKWHU IOOWHGHQ5DXPPLWHLQHPYHUVFKZRPPHQHQ'lPPHUVFKHLQ 0HLQ%OLFNZDQGHUWH]XGHQ/DPSHQKLQ,FKKDWWHSO|W]OLFKGDV *HIKODOVZUGHQVLHVLFKHLQDQGHUQlKHUQHLQHQIXULRVHQ )HXHUZLUEHOELOGHQDXVGHPVLFKGDQQGLH%LOGHUGHU9HU JDQJHQKHLWVFKlOWHQ +LQWHUPLUVWDQG6XNRPHLQ)UHXQGXQG3DUWQHU(UKLHOWGLH +lQGHJHJHQHLQDQGHUJHSUHW+LQXQGZLHGHUK|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lOWHUDQ"+DWWHVLFKGLH 7RWHQVWDUUHEHUHLWVLKUHV.|USHUVEHPlFKWLJW" ª-DQH©IOVWHUWHLFKª0HLQ*RWW© 6FKZHUOHJWHVLFKHLQH+DQGDXIPHLQH6FKXOWHUª(VZLUG VFKRQDOOHVJXWZHUGHQ©VDJWH6XNROHLVHKLQWHUPLU ,FK]XFNWHPLWGHQ6FKXOWHUQª0DQLVWVRKLOIORV©HUZLGHUWH LFKª0DQNDQQQLFKWVWXQVLFKQLFKWZHKUHQVLFK©,FKYHU VWXPPWH
ª-DQHV6FKLFNVDOOLHJWLQGHU+DQGHLQHVDQGHUHQ-RKQ© ª-D© ,FKHUKREPLFKVDKGDVDXIGHQ%RGHQJH]HLFKQHWH3HQWD JUDPPPLWGHP6WHUQLQGHU0LWWHXQGGHQPDJLVFKHQ6\PEROHQ DQGHQ6FKQLWWIOlFKHQ 'LHVHV3HQWDJUDPPKDWWHXQVLPOHW]WHQ$XJHQEOLFNJHUHWWHW DOVGLH+|OOHQPHXWHDXVHLQHUDQGHUHQ'LPHQVLRQLQGLHVHQ 5DXPHLQJHIDOOHQZDU8QGQRFKLPPHUNODQJHQPLU.LULDNLV :RUWHLQGHQ2KUHQDOVHUVDJWH ª$]DULQLVWPHLQOHLEOLFKHU 6RKQ© :LHJUDXHQKDIWPXWHHVIULKQJHZHVHQVHLQ]XHUIDKUHQ GDVHLQHLJHQHU6RKQVLFKGHQ0lFKWHQGHU)LQVWHUQLVYHUVFKULH EHQKDWWH-DHVZDUNHLQOHLFKWHV6FKLFNVDOGDVZLU]XWUDJHQ KDWWHQ ,QPHLQHP6FKXOWHUKROVWHUVSUWHLFKGHQ'UXFNGHU3LVWROH :lUHVLHJHODGHQJHZHVHQOlJH-DQHMHW]WQLFKWKLHU$EHUPHLQH :DIIHZDUOHHUJHVFKRVVHQDOV$]DULQ]XVWDFK,FKKDWWHQRFK QLFKWQDFKODGHQN|QQHQ,QGHU+HNWLNKDWWHLFKQLFKWDQGDV (UVDW]PDJD]LQLQPHLQHU7DVFKHJHGDFKW ª:RHUVRODQJHEOHLEW"©IUDJWHLFKXQJHGXOGLJ ª(UZLUGVFKRQUHFKW]HLWLJ]XUFNNHKUHQ©HUZLGHUWH6XNR 0HLQFKLQHVLVFKHU3DUWQHUKDWWH]X.LULDNLVIHVWHV9HUWUDXHQ6R HWZDVJHVFKLHKWEHLHLQHP0HQVFKHQZLH6XNRVHKUVHOWHQ ,FKHPSIDQGGLH/XIWLQGLHVHP.HOOHUUDXPDOVGUFNHQG 0HLQH1HUYHQYLEULHUWHQ,FKZROOWHKLHUUDXVHWZDVWXQ $EHUHVZDUXQP|JOLFKLFKPXWHZDUWHQ $XI-DQHV7RGRGHUDXIHLQH5HWWXQJ 'LH*HUlXVFKHGHU$OWVWDGWGUDQJHQQXUVHKUVFKZDFKELV]X XQV0DQFKPDOIKOWHLFKPLFKZLHLQHLQHU*UXIW :LHGHUVDKLFK-DQHDQ,KUH+DOWXQJLKU$XVGUXFNDXIGHP *HVLFKWKDWWHVLFKQLFKWYHUlQGHUW6WLOOXQGEOHLFKODJVLHDXIGHP SURYLVRULVFKHQ%HWW ,FKKDWWHVLH]XHLQHP$U]WEULQJHQZROOHQ,QHLQPRGHUQHV .UDQNHQKDXVGHVVHQ*HUlWHDXIGHPQHXHVWHQ6WDQGGHU 7HFKQLNVWDQGHQ'RFK.LULDNLVZDUGDJHJHQJHZHVHQ6HLQH
:RUWHVFKZDQJHQPLUQRFKLP2KUQDFKZLHHUVDJWH ª,FK ZHUGHEDOG]XUFNVHLQXQGHWZDVPLWEULQJHQGDV-DQH&ROOLQV KHLOHQNDQQ© 6HOWVDPHUZHLVHVWDQG6XNRDXIVHLQHU6HLWH'HU&KLQHVHLVW VHOEVWLQHLQHP/DQGJHERUHQLQGHPGLH0HQVFKHQGHQ*ODXEHQ DQGLH.UDIWGHV*HLVWHVXQGGHU0DJLHQLFKWYHUORUHQKDEHQ (UYHUWUDXWH.LULDNLV 8QGLFK" :LHRIWVFKRQZDULFKLQPHLQHU/DXIEDKQPLW'LQJHQNRQ IURQWLHUWZRUGHQGLHGHUQRUPDOH9HUVWDQGQLFKWHUNOlUHQ NRQQWH$EHULFKZHLJHUWHPLFK]XJODXEHQGDGHU*ULHFKH-DQH &ROOLQVZLUNOLFKKHOIHQNRQQWH ª(UNRPPW©VDJWH6XNRXQGXQWHUEUDFKGDPLWPHLQHSHVVL PLVWLVFKHQ*HGDQNHQ 6XNRKDWWHGDVEHVVHUH*HK|U7DWVlFKOLFKYHUGXQNHOWHVLFK ZHQLJH6HNXQGHQVSlWHUGHU(LQJDQJ (LQ0DQQEHWUDWGHQ5DXP (VZDU.LULDNLV 'HU*ULHFKHKLHOWHLQHIODFKH6FKDOHLQGHU+DQG6LHZDUPLW HLQHP7XFKEHGHFNWVRGDLFKQLFKWHUNHQQHQNRQQWHZDVVLFK LQGHU6FKDOHEHIDQG ,FKOLHIDXI.LULDNLV]Xª(QGOLFK©ULHILFK 'HU*ULHFKHOlFKHOWHª'XVROOVWQLFKWVRXQJHGXOGLJVHLQ-RKQ 6LQFODLU(LOHVFKDGHWVHOEVWGHPZHLVHVWHQ0DQQ© (VZDUVHLQH$UWVR]XVSUHFKHQ(WZDVJHVFKUDXEWXQG PDQFKPDOXQYHUVWlQGOLFK'DQQYHUVWHFNWHHUVHLQH%LWWHQLQ *OHLFKQLVVH)U6XNRXQGPLFKZDUHVQLFKWHLQIDFKLKQLPPHU ]XYHUVWHKHQ ª6LHOHEWQRFKQLFKWZDKU"©IUDJWHGHU*ULHFKH ª-D© ª'DVLVWJXW,FKKDEHHVJHZXW(UKDWHVPLUJHVDJW©'HU *ULHFKHJLQJDXI-DQHV/LHJHVWDWW]X ª:HUKDWHVGLUJHVDJW"©ZROOWHLFKZLVVHQ
.LULDNLVEOLHEDXIKDOEHP:HJVWHKHQXQGZDQGWHGHQ.RSI(U EOLFNWHPLFKQDFKGHQNOLFKDQ'DEHL]DXEHUWHHUHLQ/lFKHOQDXI VHLQIDOWLJHV*HVLFKWª%H]lKPHGHLQH1HXJLHUGH'XZLUVWLKQ VLFKHUOLFKQRFKNHQQHQOHUQHQ'HQQHUNDQQGLUGHQ:HJ]XP 'lPRQHQDXJHHEQHQ© 'DZDUGHU%HJULIIZLHGHUJHIDOOHQ 'lPRQHQDXJH :DVKDWWHGLHVHV$XJHPLW$WODQWLVGHU,QVHO'HORVXQG-DQH &ROOLQV]XWXQ" ,FKIKOWHGHQ6FKZHLDXIPHLQHQ+DQGIOlFKHQ,FKZDUQHU Y|VZLHVHOWHQ(VZDUDEHUDXFKGLHVFKZOH/XIWGLHPLUVFKZHU ]XVFKDIIHQPDFKWH'LH'HFNHGHV5DXPHVZDUQLHGULJ,FK NRQQWHQXUJHEFNWVWHKHQ .LULDNLVJLQJ]X-DQH&ROOLQV /LHJHKLQEHU5DVFKWUDWLFKDQ VHLQH6HLWH -DQHV$QEOLFN]HUVFKQLWWPLUIDVWGDV+HU],FKKDWWHGDV *HIKOGDLKUH+DXWQRFKEODVVHUXQGGXUFKVFKHLQHQGHU JHZRUGHQZDU5HJORVODJVLHGD $WPHWHVLHEHUKDXSWQRFK" :HQQVLHVWDUEGDQQPXWHLFKPLUGLH6FKXOGJHEHQRE ZRKO,FKVFKWWHOWHGHQ.RSIYHUVXFKWHGLHVFKUHFNOLFKHQ*H GDQNHQ]XYHUWUHLEHQGRFKHVZROOWHPLUHLQIDFKQLFKWJHOLQJHQ ,FKKlWWHVLHUHWWHQN|QQHQ +lWWHKlWWH $EHULFKZUGHGHQMHQLJHQXQHUELWWOLFKMDJHQGHULP +LQWHUJUXQGGLH)lGHQ]RJ8QGGDQQZHQQLFKLKQKDWWH ZUGHLFKPHLQHQ-REDXIJHEHQ9LHOOHLFKWZUGHLFKGLHVHQ .DPSIQLFKWEHUOHEHQHVZDUPLULQGLHVHQJUDXVDPHQ 0LQXWHQHJDO .LULDNLV]RJGDV7XFKYRQGHU6FKDOH(LQJUQHUXQGVWDUN ULHFKHQGHU%UHLIOOWHGLH7RQVFKDOH(UZDUQRFKZDUP +LW]HVFKZDGHQIDVHUWHQGHUQLHGULJHQ'HFNHHQWJHJHQ ª'LHVH6DOEHZLUGGLH:XQGHVFKOLHHQ©VDJWHGHU*ULHFKH ,FKUlXVSHUWHPLFK (LQNOHLQHV/lFKHOQKXVFKWHEHU.LULDNLVVFKPDOH/LSSHQ
ª'XJODXEVWPLUQLFKW"© ª=XPLQGHVWKDEHLFKVWDUNH=ZHLIHO© ª'LHEDOGDXVGHU:HOWJHVFKDIIWVLQGPHLQ)UHXQG-DQH &ROOLQVZLUGOHEHQ© 6HLQH=XYHUVLFKWVWHFNWHPLFKDQ-DSO|W]OLFKZDULFKVLFKHU GD-DQHHVVFKDIIHQZUGH ª1LPPLKUYRUVLFKWLJGHQ1RWYHUEDQGDE©VDJWH.LULDNLV (UWUDWHLQHQ6FKULWWQDFKKLQWHQGDPLWLFKDQGLH/LHJHKHUDQ NRQQWH,FKVWULFKEHU-DQHV:DQJHQXQGEHUGDVODQJHVHLGLJ EORQGH+DDU 8QHQGOLFKEHKXWVDPO|VWHLFKGHQ9HUEDQG0HLQH)LQJHU ]LWWHUWHQGDEHL,FKULPLFK]XVDPPHQ]ZDQJPLFKVHOEVW ]XU5XKH 'DQQVDKLFKGLH:XQGH6LHZDUQLFKWJURKDWWHGHQ 'XUFKPHVVHUHLQHU)LQJHUQDJHOKlOIWH$QGHQ5lQGHUQKDWWHGDV %OXWVFKRQHLQH.UXVWHJHELOGHW6LHZDUDOOHUGLQJVQRFKQLFKWVR IHVWGDLFKVLHEHLP/|VHQGHV9HUEDQGHVPLWDEUL 0HLQHWDVWHQGH+DQGJOLWW]XUOLQNHQ6HLWHLKUHV.|USHUV,FK IKOWHLQ+|KHGHV+HU]HQVZROOWHGHQ6FKODJYHUIROJHQDXFK ZHQQHUQRFKVRVFKZDFKZDU 'LH)LQJHUIDQGHQGLHULFKWLJH6WHOOH-HW]WPXWHLFKGHQ +HU]VFKODJVSUHQ 'HU6FKZHLVDPPHOWHVLFKDXIPHLQHU6WLUQ,FKDWPHWHPLW RIIHQHP0XQG:LHHLQJUDXVDPHU6FKRFNWUDIPLFKGLH (UNHQQWQLV,FKZROOWHVLHDEVFKWWHOQKLQZHJZLVFKHQGRFKGLH WDVWHQGHQ)LQJHUWURJHQPLFKQLFKW -DQHV+HU]KDWWHDXIJHK|UW]XVFKODJHQ'LH'HWHNWLYLQZDU NOLQLVFKWRW -DQH&ROOLQVVDKQRFK-RKQ6LQFODLULQGLH)HOVKDOOHVWUPHQVLH VSUWHGHQ+RIIQXQJVIXQNHQGHULQLKUDXIORGHUWHXQGGDQQ VFKDXWHVLHLQ$]DULQVYHU]HUUWHV*HVLFKW 6HLQ$UPVDXVWHKHUDEGDQQIROJWHQGHUDOOHVYHU]HKUHQGH 6FKPHU]XQGGLH'XQNHOKHLW
'LH=HLWYHUJLQJ-DQH&ROOLQVZXWHQLFKWREHV6WXQGHQRGHU QXU0LQXWHQZDUHQ6LHZDUQLFKWWRWVSUWHDEHUDXFKNHLQH (PSILQGXQJHQPHKU6LHEHPHUNWHQLFKWZLHVLHDXIGDV%RRW JHWUDJHQZXUGHZLHLFK]LWWHUQGXQGPLWJHIDOWHWHQ+lQGHQ QHEHQLKUVWDQGZLHVLHLQ.LULDNLV+DXVJHEUDFKWZXUGH ,UJHQGZDQQMHGRFKOLFKWHWHVLFKGLHDEVROXWH6FKZlU]H-DQHV *HLVWYHUOLHGHQWLHIHQ6FKDFKWGHU%HZXWORVLJNHLWWDXFKWHDXI ZXUGHDQGLH2EHUIOlFKHJHVSOWXQG 3O|W]OLFKZDUDOOHVDQGHUV -DQHVSUWHUDVHQGH6FKPHU]HQLQLKUHU%UXVW*HQDXGRUWZR GLH:DIIHVLHJHWURIIHQKDWWH,KU+HU]KlPPHUWHVFKZHU:LH *ORFNHQVFKOlJHGU|KQWHHVGXUFKLKUHQ.RSI6LHZROOWHVLFK EHPHUNEDUPDFKHQZROOWHUXIHQVFKUHLHQHVJLQJQLFKW 6SDOWEUHLW|IIQHWHVLHGLH$XJHQ(VGDXHUWHHLQH=HLWELVVLH HWZDVHUNHQQHQNRQQWH 6LHODJLQHLQHPLKUXQEHNDQQWHQ5DXP'LH*HJHQVWlQGHXP VLHKHUXPYHUVFKZDPPHQZLHEHLHLQHP)LOPEHUGHQ:DVVHU OLHI6LHVDK0HQVFKHQGLHVLFKYRUVLFKWLJEHZHJWHQ6LHVFKLHQHQ ]XVFKZHEHQ 'DQQWUDWHLQH*HVWDOWLQLKUH1lKH (VZDUHLQ0DQQGDVNRQQWHVLHMHW]WHUNHQQHQ 8QGVLHNDQQWHLKQ6HKUJXWVRJDU (VZDU-RKQ6LQFODLU -DQH&ROOLQVZROOWHLPHUVWHQ$XJHQEOLFNODXWDXIVFKUHLHQ6LH KDWWHYRU-RKQ6LQFODLUGLH+DQGHQWJHJHQ]XVWUHFNHQXPVLFK YRQLKPKRFKKHOIHQ]XODVVHQ 'RFK-DQHZDUJHOlKPW.HLQHQ)LQJHUNRQQWHVLHEHZHJHQ(LQ JUDXVDPHV6FKLFNVDOKLHOWVLHJHIHVVHOW8QGGDEHLZDUGLH 5HWWXQJGRFKVRQDKH-RKQVWDQGEHLLKU :DUXPVDJWHHUGHQQQLFKWV":DUXPVSUDFKHUQLFKWPLWLKU PDFKWHLKU+RIIQXQJ" -HW]WNQLHWHHUVLFKQHEHQGDV%HWW6HLQH+DQGVWULFKEHULKUH :DQJH6LHVSUWHGLH%HUKUXQJGDVVDQIWH6WUHLFKHOQLQGHP DOOH=lUWOLFKNHLWODJGLH-RKQ6LQFODLUIUVLHHPSIDQG6HLQH /LSSHQEHZHJWHQVLFKIRUPWHQ:RUWH
:HOFKH:RUWH" -DQHYHUVWDQGVLHQLFKW,KU:LOOHElXPWHVLFKSO|W]OLFKDXI :DUXPKLOIWHUPLUGHQQQLFKW":DUXPOlW-RKQPLFKKLHU OLHJHQ" (LQDQGHUHU0DQQWUDWQHEHQGHQ*HLVWHUMlJHU(VZDU6XNR -RKQVFKLQHVLVFKHU3DUWQHU(UOHJWHGHP*HLVWHUMlJHUGLH+DQG DXIGLH6FKXOWHUVSUDFKPLWLKP:LHGHUXPYHUVWDQG-DQH&ROOLQV QLFKWV -RKQ6LQFODLUHUKREVLFKJLQJZHJYRQLKU6HLQH*HVWDOWYHU VFKZDPP :DUXPJHKWHU"VFKULHHVLQ-DQH:DUXPEOHLEWHUQLFKWGD" -RKQELWWHEOHLEEHLPLU,FKIOHKHGLFKDQ -DQHJODXEWH]XVFKUHLHQGRFKNHLQ:RUWGUDQJEHULKUH /LSSHQ 'LH'HWHNWLYLQEOLHEVWXPP 'LH%LOGHUYHUZLVFKWHQ(WZDVJHVFKDKPLWLKUGDVLKUH6LQQH XQG5HDNWLRQHQEHHLQWUlFKWLJWH3O|W]OLFKEHJDQQLKU+HU] UDVHQG]XKlPPHUQ-DQHYHUPHLQWHLKUH%UXVWZUGHLPQlFK VWHQ$XJHQEOLFN]HUVSULQJHQ*OHLFK]HLWLJVSUWHVLHYRQGHQ )HQKHUHLQHHLVLJH.lOWHODQJVDPDXIZlUWVNULHFKHQ 6RNQGLJWHVLFKGHU7RGDQ 7LHILQLKUHP8QWHUEHZXWVHLQGDFKWHVLHEHUGLH*HVFKLFKWHQ GHU6WHUEHQGHQQDFK:HQQVLHGDYRQEHULFKWHWHQGD]XHUVWGLH JUDXVDPH.lOWHNDPGLHVLFKODQJVDPDEHUVWHWLJGHP+HU]HQ QlKHUWHHVHLQVFKQUWHXQGGDQQ]XP6WLOOVWDQGEUDFKWH 'RFK6HNXQGHQEHYRUGHU7RGHLQWUDWGDElXPWHVLFKGDV+HU] QRFKHLQPDODXI(VNlPSIWHJHJHQGHQJUDXVDPHQHQGJOWLJHQ 6WLOOVWDQGDQZROOWHGLH=HLWDQKDOWHQ 6RKLOIPLUGRFK-RKQ%LWWHELWWH -DQHV*HGDQNHQIRUPWHQGLH6FKUHLH'RFK-RKQNRQQWHQLFKW KHOIHQ2EZRKOHUVRQDKEHLLKUVWDQGZDUHUZHLWHUHQWIHUQW GHQQMH 3O|W]OLFKVDK-DQHZLHGHUJODVNODU(LQ0DQQKDWWHGHQ5DXP EHWUHWHQ(UKLHOWHWZDVLQGHU+DQG'HXWOLFKHUNDQQWH-DQHVHLQ IDOWLJHV*HVLFKWGLHVFKDUIKHUYRUVSULQJHQGH1DVHGLHKHOO
ZDFKHQ$XJHQXQGGDVODQJHJUDXH+DDUGDVGLH6FKXOWHUQ EHUKUWH6LHJODXEWHGLHVHQ0DQQVFKRQHLQPDOJHVHKHQ]X KDEHQZXWHMHGRFKQLFKWZR,KU*HGlFKWQLVXQGLKUH (ULQQHUXQJOLHHQVLHLP6WLFK 'HU0DQQWUDW]XVDPPHQPLW-RKQ6LQFODLUDQLKU%HWWVDJWH HWZDV ,QGLHVHP0RPHQWVSUWH-DQHHLQHQUDVHQGHQ6FKPHU]LQ +|KHGHV+HU]HQV6LHKDWWHGDV*HIKODXVHLQDQGHUJHULVVHQ]X ZHUGHQGRFKGDQQZDUDXIHLQPDODOOHVYRUEHL .HLQ+HU]VFKODJPHKUQLFKWV 'DIUHLQHJHZLVVH/HLFKWLJNHLWHLQhEHUVFKZDQJZLHDXV HLQHU6HNWODXQHJHERUHQ -DQHKlWWHWDQ]HQN|QQHQVFKZHEHQ 6FKZHEHQ" -DVLHVFKZHEWH2GHUZDUHVLKU*HLVW" 6LHEHIDQGVLFKMHW]WXQVLFKWEDUEHUGHU/LHJHVWDWWJOLWWGHU 'HFNHHQWJHJHQ .HLQH(LQ]HOKHLWHQWJLQJ-DQH&ROOLQV8QGVLHK|UWHGLH 0lQQHUVRJDUPLWHLQDQGHUUHGHQ9HUVWDQG:RUWH ª7RWVLHLVWWRW©-RKQ6LQFODLUVDJWHHV6LHVDKZLHHU]XVDP PHQEUDFKYRULKUHP%HWWDXIGLH.QLHILHOXQGVHLQ*HVLFKWLQ EHLGH+lQGHYHUJUXE -RKQ6LQFODLUZHLQWH $XFK6XNRZLVFKWHVLFKEHUGLH$XJHQ $EHULFKELQGRFKJDUQLFKWWRWZROOWH-DQHPLWWHLOHQ,FKELQ KLHU6HKWKHU0LUJHKWHVDXVJH]HLFKQHW,FKIUHXHPLFKVRJDU NRPPWWDQ]WPLWPLU 6LHK|UWHQQLFKW 6WDWWGHVVHQVDK-DQHGDGHUIUHPGH0DQQHWZDV%UHLDXVGHP 7RQJHIlQDKPXQGLKQDXIGLH:XQGHVFKPLHUWH6XNRGUFNWH -RKQ6LQFODLU]XU6HLWH ª'XVW|UVWMHW]W©VDJWHHU -DQHZROOWHSURWHVWLHUHQGRFKVLHNRQQWHQLFKWUHGHQ6LH VFKDIIWHHVQXULKUH*HGDQNHQPLW]XWHLOHQDEHUGLHZXUGHQ YRQGHQGUHL0lQQHUQQLFKWJHK|UW
:DV6XNRDQLKUHP.|USHUWDWNRQQWHVLHQLFKWYHUIROJHQ6HLQ EUHLWHU5FNHQYHUGHFNWHLKUGLH6LFKW6LHQDKPDEHUDQGDHU VLFKPLWHLQHU+HU]PDVVDJHEHVFKlIWLJWH $EHUZLHVR",KUJLQJHVGRFKJXWEOHQGHQGVRJDU6LHZROOWH JDUQLFKWPHKU]XUFNLQLKUHQ.|USHU 6HOWHQKDWWHVLHVLFKVRIUHLJHIKOW6LHVFKZHEWHKlWWHMXELOLH UHQN|QQHQVLQJHQ $XIHLQPDOHQWIHUQWHQVLFKGLH*HVWDOWHQZXUGHQNOHLQHUXQG YHUVFKZDPPHQ -DQH&ROOLQVHQWIHUQWHVLFKDXVGHP=LPPHU0DXHUQXQG :lQGHO|VWHQVLFKYRULKUHQ$XJHQDXIZDUHQYHUVFKZXQGHQ QLFKWPHKUH[LVWHQW (LQHDQGHUHQLHPDOV]XYRUJHVHKHQH:HOWWDWVLFKYRU-DQH &ROOLQVDXI 6LHGXUFKVFKZHEWHHLQHQODQJHQXQHQGOLFKHQ*DQJ'LH :lQGHVFKLPPHUWHQSDVWHOOIDUEHQIORVVHQLQHLQDQGHUXQGELOGH WHQLPPHUQHXH0XVWHU 6LHZXUGHJHWUDJHQLPPHUZHLWHUIRUW6LHVDKSO|W]OLFKGDV (QGHGHV*DQJHVNRQQWHZHLWHUVFKDXHQXQGKLQHLQVHKHQLQ HLQHQEOKHQGHQ*DUWHQ1RFKQLHKDWWHQLKUH$XJHQVRHWZDV 6FK|QHVJHVHKHQ.ULVWDOONODUH6HHQSUlFKWLJH%lXPHPLWLKU XQEHNDQQWHQ%OWHQ0HQVFKHQGLHVLFKYHUVDPPHOWKDWWHQPLW HLQDQGHUVSUDFKHQXQGWDQ]WHQ1LHKDWWHVLHVRJOFNOLFKH/HXWH JHVHKHQ -DQHZROOWHUDVFK]XLKQHQHLOHQ6LHEHZHJWHGLH%HLQHKDWWH MHGHQIDOOVGDV*HIKOGLHV]XWXQGRFKVLHWUDWDXIGHU6WHOOH(V VDKVRDXVDOVZUGHVLHJHJHQHLQVFKQHOOODXIHQGHV)OLHEDQG DQUHQQHQ6LHNDPQLFKWYRQGHU6WHOOH 3O|W]OLFKO|VWHVLFKHLQHZHLJHNOHLGHWH*HVWDOWDXVGHP5HLJHQ GHUWDQ]HQGHQ0HQVFKHQ(VZDUHLQH)UDX6LHKDWWHJUDXHV+DDU XQGHLQIHLQJHVFKQLWWHQHV*HVLFKWDXIGHPHLQYHUNOlUWHV /lFKHOQODJ ª0XWWHU©IOVWHUWH-DQHHUJULIIHQ 6LHNRQQWHHVQLFKWJODXEHQ9RULKUVWDQGLKUH0XWWHUGLHYRU VHFKV-DKUHQJHVWRUEHQZDU
:LHVHKUKDWWHVLHGDPDOVJHOLWWHQ'RFKMHW]WVWDQGVLHJOFN OLFKOlFKHOQGYRULKU-DVLHZDUJOFNOLFK ,KUH/LSSHQIRUPWHQXQK|UEDUH:RUWH-DQHPHLQWHLKUHQ 1DPHQDEOHVHQ]XN|QQHQ,KUH0XWWHUULHIVLH:DUXPNDPVLH GHQQQLFKWQlKHU"6LHVWUHFNWHLKUH+DQGDXVZROOWHGLH)LQJHU GHU7RFKWHUJUHLIHQXPVLHKLQEHU]X]LHKHQ :RKLQ" ,QV-HQVHLWV:DUGRUWZRLKUH0XWWHUVWDQGGDV-HQVHLWV"'DV 3DUDGLHV"'HU+LPPHO"(UOHEWH-DQHGDVZDVVLHLQ]DKOUHLFKHQ %FKHUQJHOHVHQKDWWHMHW]WVHOEVW"'LH%HULFKWHDXVGHP-HQVHLWV DXVGHU'LPHQVLRQ]ZLVFKHQGHP/HEHQXQGGHP7RG" 0HQVFKHQGLHHLQPDOGRUWZDUHQZROOWHQQLFKWPHKU]XUFN NHKUHQ=XVFK|Q]XSKDQWDVWLVFKZDUHQGLH(LQGUFNHGLH LKQHQGRUWJHERWHQZXUGHQ 'DV3DUDGLHVORFNWHPLWDOOVHLQHU3UDFKW $EHUZDUXPVFKDIIHLFKHVQLFKWGRUWKLQ]XNRPPHQ"IUDJWH VLFK-DQH:DUXPJHKWHVQLFKWZHLWHU"'HU*DQJLVWGRFK]X (QGH:DVKlOWPLFK]XUFN" -DQH&ROOLQVVFKDXWHQDFKXQWHQ 6LHHUVFKUDN 6LHVDKGLUHNWYRUVLFKHLQHJHERJHQH%UFNHGLHHLQHXQHQG OLFKH6FKOXFKWEHUVSDQQWH(LQH6FKOXFKWGHUHQ*UXQGQLFKW PHKU]XHUNHQQHQZDU'XQNOH1HEHOZDOOWHQGRUW$UPHXQG +lQGHVWLHJHQDXVGLHVHPZDEHUQGHQ%UHL'LH1HEHOVFKOHLHU ZXUGHQGXUFKHLQDQGHUJHZLUEHOWYHUIRUPWHQVLFK6LHELOGHWHQ *HVLFKWHU)UDW]HQXQG$OSWUDXP*HVWDOWHQ -DQHYHUVSUWH$QJVW 6LHZROOWHHLQHQ%OLFNLQGLHVFK|QHKHUUOLFKH:HOWZHUIHQ GRFKGLHUFNWHLPPHUZHLWHUIRUW1XUQRFKNOHLQVDKVLHLKUH 0XWWHU6LHKDWWHEHLGH$UPHDXVJHVWUHFNWDOVZROOHVLH LKUH7RFKWHUDQVLFK]LHKHQXQGZLHIUKHUDOVNOHLQHV.LQG DQLKUH%UXVWGUFNHQ 'DQQYHUVFKZDPPGDVKHUUOLFKH3DUDGLHV =XUFNEOLHEGDV*UDXHQ 'HU1HEHOVFKLHQ]XEURGHOQELOGHWH:LUEHOGLHLPPHUK|KHU
VWLHJHQGHUHQ$XVOlXIHU-DQH&ROOLQVXPVSLHOWHQ $OVGHU6FKUHFNHQNHLQH*UHQ]HQPHKUNDQQWHVDKVLHHLQH *HVWDOWDXVGHU1HEHOVXSSHDXIWDXFKHQ 1HLQNHLQH*HVWDOWQXUHLQ*HVLFKW 5LHVHQJURPLWHLQHUGXQNHOEUDXQHQZLHDXV/HGHUJHJHUEWHQ +DXW(LQHEUHLWH1DVHHLQRIIHQHU0XQGXQG]ZHL$XJHQDXV GHQHQJHOEURWH)ODPPHQODQ]HQVFKRVVHQDQ-DQH&ROOLQVYRU EHLJOLWWHQXQGVLFKKLQWHULKUYHUHLQLJWHQ -DQH&ROOLQVNRQQWHVLFKQLFKWPHKUUKUHQ6LHZDUJH]ZXQ JHQLQGDV*HVLFKW]XVFKDXHQ,QHLQH)UDW]HLQGHUGLH$XJHQ ]XVDPPHQZXFKVHQXQGVLFK]XHLQHPHLQ]LJHQYHUHLQLJWHQ -DQH&ROOLQVVDKLQGDV'lPRQHQDXJH 6LHZXWHQLFKWZDVHVPLWGHP'lPRQHQDXJHDXIVLFKKDWWHVLH VWDUUWHQXUJHEDQQWLQGLHVHULHVLJH3XSLOOHLQGHUVLH'LQJHZLH DXIHLQHP)HUQVHKVFKLUPVDK 9RUJlQJHXQG(UHLJQLVVHOLHIHQDE 9HUJDQJHQHV=XNQIWLJHV /HW]WHUHVMHGRFKYHUVFKZRPPHQYHUZLVFKW6LHVFKDXWHDXI 0HQVFKHQHQWGHFNWHHLQH6WDGWPLWKRKHQ+lXVHUQXQGWLHIHQ 6FKOXFKWHQ 1HZ
(LQDOWHV'RUIHLQJHEHWWHWLQHLQHUXQKHLPOLFKHQ/DQGVFKDIW 1HEHO0RRUHLQHJHVSHQVWLVFKH$WPRVSKlUH 8QGHLQH0KOH 'LHULHVLJHQ)OJHOZLUNWHQZLH6NHOHWWH(LQHURWKDDULJH)UDX PLWODQJHQ9DPSLU]lKQHQWUDWDXVGHU0KOH6LH]RJHLQH DQGHUH)UDXKLQWHUVLFKKHU 6KHLOD&RQROO\ 'DQQ]HLJWHGLH5RWKDDULJHDXIHLQHQ0KOHQIOJHO(LQ0DQQ ZDUGRUWDQGDV*HVWlQJHJHEXQGHQZRUGHQ -RKQ6LQFODLU :LHGHUYHUVFKZDPPGDV%LOG=XUFNEOLHEGDV$XJH'LH 3XSLOOH]HLJWHQLFKWVPHKUQXUHLQVWXPSIHV*UDX'DQQIORGDV $XJHDXVHLQDQGHUWHLOWHVLFK ,PQlFKVWHQ0RPHQWVDK-DQH&ROOLQVZLHGHULQGDV*HVLFKW PLWGHQEHLGHQ$XJHQ 'HU0XQGLQGHU)UDW]HEHZHJWHVLFK(UVFKLHQ-DQH&ROOLQV ]X]XOlFKHOQ]XORFNHQ $EZHKUHQGUL-DQHEHLGH+lQGHYRUGDV*HVLFKW6LHZROOWH GLHVH)UDW]HQLFKWPHKUVHKHQGHUHQ*HKLUQGLH=XNXQIWXQG GLH9HUJDQJHQKHLWJHVSHLFKHUWKDWWHXQGGLH=HLW]XHLQHP $EVXUGXPZHUGHQOLH 'RFKGLH6FKUHFNHQQDKPHQNHLQ(QGH +LQWHUGHP*HVLFKWWDXFKWHHLQHEHUGLPHQVLRQDOH*HVWDOWDXI (LQ6NHOHWWPLWVFKZDU]HP7RWHQVFKlGHOXQGHLQHPZHKHQGHQ VFKZDU]HQ8PKDQJ,QGHQ$XJHQK|KOHQOHXFKWHWHHVZHL $EHU-DQHJODXEWHDXFKHLQHQJHOEURWHQ6FKLPPHUGDULQ]X HUNHQQHQ 9RULKUVWDQGGHU6FKZDU]H7RG (UZDUGLH5HLQNDUQDWLRQGHV%|VHQUHSUlVHQWLHUWHGLH0DFKW GHU+|OOHXQGNDQQWHQXUGHQUHLQHQ+D %HVRQGHUVHLQ0DQQZDULKP]XZLGHU -RKQ6LQFODLU (UXQGGHU6FKZDU]H7RGZDUHQ(U]IHLQGH'HU6FKZDU]H7RG ZROOWHGLH9HUQLFKWXQJGDV&KDRV-RKQNlPSIWHIUGLH 5HWWXQJGHU0HQVFKHQ
%LVKHUKDWWHGHU*HLVWHUMlJHUGLHVHP'lPRQWURW]HQN|QQHQ GRFKLPPHUZLHGHUWDXFKWHHUZLHHLQ*HVSHQVWDXIXQGVlWH7RG XQG9HUGHUEHQ hEHUGHP.RSIVFKZDQJHUHLQH6HQVHDOVZROOHHUGDPLW ]XVFKODJHQ(LQH*HVWHGHV7ULXPSKHVGHV+RKQV-DQHIKOWH VLFKYRQLKPDQJH]RJHQZROOWHDXILKQ]XJHKHQSO|W]OLFKYHU VSUWHVLHHLQHQEHLHQGHQ6FKPHU]LQLKUHP,QQHUQ'HU*HLVW ]HUIDVHUWHO|VWHVLFKDXIGHU6FKZDU]H7RGYHUVFKZDQGZHJJH ZLVFKWZDUGLH6FKOXFKWDXVGHUGLH1HEHOVWLHJHQQXU 'XQNHOKHLW)LQVWHUQLV 'HU6FKPHU]ZROOWHQLFKWDXIK|UHQ(WZDVKlPPHUWHLQLKUHP .|USHU6FKOXJZLHHLQ0HWURQRP /XIW-DQHEUDXFKWH/XIW6LHGURKWH]XHUVWLFNHQ (LQSIHLIHQGHUVDXJHQGHU$WHP]XJ :HLWUL-DQHGLH$XJHQDXI -RKQV6WLPPHª0HLQ*RWWVLHOHEW© ,FKVDKLQ-DQHV*HVLFKWVDKLKUHJH|IIQHWHQ$XJHQXQGGLH )UHXGHGURKWHPLFK]XEHUPDQQHQ :LUKDWWHQHVJHVFKDIIW1HLQ.LULDNLVKDWWHHVJHVFKDIIW,FK NRQQWHQLFKWVDJHQZLHGDQNEDULFKLKPZDU(UKDWWH-DQH &ROOLQVLQV/HEHQ]XUFNJHKROW 8QGGLH:XQGHZDUJHVFKORVVHQ (WZDV+|KHUHVKDWWHKLHUJHKROIHQZROOWHGDV%|VHQLFKW WULXPSKLHUHQODVVHQ ª-RKQ"©'DV:RUWZDUQXUHLQ+DXFKGDVEHU-DQHV/LSSHQ ZHKWHª-RKQZLH© ,FKOlFKHOWHª%LWWH-DQHVHLUXKLJGXGDUIVWMHW]WQLFKWVVDJHQ© ª'RFK-RKQ©6LHVWUHFNWHLKUHQ$UPDXVXQGGLH)LQJHU XPNUDOOWHQPHLQHQ$UP,FKZXQGHUWHPLFKZHOFKHLQH.UDIWLQ GHU+DQGVWHFNWHQDFKDOOGHPZDV-DQHGXUFKJHPDFKWKDWWH $EHUKLHUGXUIWHPDQQLFKWPLWGHPQRUPDOHQ0HQVFKHQYHU VWDQGPHVVHQ'LHVHU5DXPVFKLHQYHU]DXEHUW]XVHLQHLQ DQGHUHU$XVGUXFNILHOPLUQLFKWHLQ
ª,FKKDEHGLFKJHVHKHQ-RKQ9RUKLQDOVLFK©6LHKLHOWLQQH ª$OVLFKWRWZDU© ,FKVDXJWHGLH/XIWGXUFKGLH1DVHHLQ.LULDNLVXQG6XNR IODQNLHUWHQPLFK$XFKVLHKDWWHQ-DQHV:RUWHJHK|UW ª-D-RKQLFKZDUGUEHQLP-HQVHLWV© ,FKVFKWWHOWHGHQ.RSIGRFK.LULDNLVEHVHLWLJWHPHLQH=ZHLIHO ª-DQH&ROOLQVZDUEHUHLWVNOLQLVFKWRW©HUNOlUWHHU ª1DWUOLFK©'LH*HVFKLFKWHQILHOHQPLUHLQGLHPDQYRQ 0HQVFKHQK|UWHGLHVFKRQHLQPDO!GUEHQ ZDUHQ(VZDUHQ ZXQGHUVDPH%HULFKWH'LH=XUFNJHNHKUWHQVSUDFKHQYRQ EOKHQGHQ*lUWHQLQSDUDGLHVLVFKHU6FK|QKHLW6LHVDJWHQLPPHU GDVLHGRUWLKUHYHUVWRUEHQHQ9HUZDQGWHQJHWURIIHQKDWWHQ ,KUHQ9DWHURGHUGLH0XWWHU ª(VZDUVFK|Q-RKQ©EHULFKWHWH-DQH&ROOLQVOHLVH6LHO|VWHGHQ *ULIIXQGOHJWHEHLGH$UPHIODFKDXIGLH/LHJHª,FKVFKULWWQHLQ LFKVFKZHEWHGXUFKHLQHQODQJHQ*DQJNRQQWHHLQHQ%OLFNLQV 3DUDGLHVZHUIHQVDKVRJDUPHLQH0XWWHUZROOWH]XLKUGRFK LUJHQGHWZDVKLQGHUWHPLFKGDUDQ,FKNRQQWHDXIHLQPDOQLFKW PHKUZHLWHU'DQQVDKLFKYRUPLUHLQH%UFNHGLHHLQH6FKOXFKW EHUVSDQQWH(VZDUHLQHWLHIHDQJVWHLQIO|HQGH6FKOXFKWPLW 1HEHOZlQGHQ,FKKDWWH$QJVWGLH%UFNH]XEHUTXHUHQ'DQQ DEHUWDXFKWHDXVGHP1HEHOHLQVFKHXOLFKHV*HVLFKWDXI'LH EHLGHQ$XJHQZXFKVHQSO|W]OLFK]XVDPPHQZXUGHQHLQV© -DQHEHULFKWHWHZDVVLHHUOHEWKDWWHEHVFKULHEGDV*HVLFKWVHKU JHQDX ª8QGLFKVDKGLFK-RKQ,Q1HZ
IDOOHQ'HU6FKZDU]H7RG0HLQ(U]IHLQG6DWDQV(UVWHU'LHQHU GHUEHUHLWVVRODQJHOHEWHZLHGLH:HOWH[LVWLHUWH ª%HJUHLIVWGXGLH=XVDPPHQKlQJH"©IUDJWH.LULDNLVGLFKW QHEHQPLUPLWOHLVHU6WLPPH ª)DVW©,FKZDQGWHPLFKZLHGHUGHU3ULYDWGHWHNWLYLQ]X ª(U]lKOHELWWHZHLWHU-DQH:DVKDVWGXQRFKJHVHKHQ"© ª6RQVWQLFKWV© ª+DWGLFKGHU6FKZDU]H7RGDQJHJULIIHQ"© ª1HLQ$EHUHUZROOWHHV(UKDWHVQXUQLFKWJHVFKDIIW(U ZROOWHQDFKPLUIDVVHQGRFKGDZDUDOOHVYRUEHL'LH8PJHEXQJ YHUlQGHUWHVLFK,FKVSUWHHLQHQ6FKPHU]LQGHU+HU]JHJHQG XQGHUZDFKWHKLHU© ª'DVZDUGHU0RPHQWDOVGLH0DVVDJH(UIROJKDWWH©NRP PHQWLHUWH.LULDNLV -DQH&ROOLQVEOLFNWHGLH0lQQHUHUVWDXQWDQª'DQQGDQQKDEW LKUPLFKDOVR]XUFNLQV/HEHQJHKROW"© ª6RLVWHV©HUZLGHUWH-RKQ -DQHOlFKHOWHª8QGGDEHLZDUHV]XHUVWVRVFK|Q©HU]lKOWHVLH ª1LHKlWWHLFKZLHGHU]XUFNJHZROOW,FKIKOWHPLFKHLQIDFK ZRKOZLWLKU(XFKZlUHHVVLFKHUOLFKQLFKWDQGHUVJHJDQJHQ© 6LHVHW]WHVLFKSO|W]OLFKDXI ,FKZROOWHVLHQRFK]XUFNKDOWHQUHDJLHUWHMHGRFK]XVSlW-DQH PHUNWHHUVWMHW]WGDLKUH%UXVWQLFKWEHGHFNWZDUXQGZXUGHURW ,FKJDELKULKUH%OXVHª=XVFKlPHQEUDXFKVWGXGLFKDEHU ZLUNOLFKQLFKW©VDJWHLFK 6LH]RJGLH%OXVHEHUª%HLGLUNDQQPDQQLHZLVVHQ-RKQ© 'DQQZXUGHVLHZLHGHUHUQVWª6HOWVDP'LH:XQGHLFKVSUHVLH JDUQLFKWPHKU6LHLVWJHVFKORVVHQ1XUQRFKHLQOHLFKWHV=LHKHQ GDVLVWDOOHV:LHLVWGDVQXUP|JOLFK"© ,FK]HLJWHDXIGHQ*ULHFKHQª'DVKDVWGX.LULDNLV]XYHU GDQNHQOLHEH-DQH© 'LH'HWHNWLYLQUXQ]HOWHGLH6WLUQª:HUVLQG6LH"9RUKLQZDU PLUDOVKlWWHLFK6LHVFKRQHLQPDOJHVHKHQ© ª,FKELQHLQ)UHXQG©HUZLGHUWHGHU*ULHFKHª'DVVROOWH,KQHQ YRUHUVWJHQJHQ©
ª8QGZLHKDEHQ6LHPLFKJHKHLOW"© .LULDNLVOHJWHEHLGH+lQGHJHJHQHLQDQGHUª(VJLEWYLHOH *HKHLPQLVVHLQXQVHUHU:HOW,FKELQGHU0HLQXQJGDVLH DXFK*HKHLPQLVVHEOHLEHQVROOHQ'HVKDOEZHUGHLFK,KQHQQLFKWV VDJHQ0LVV&ROOLQV9LHOOHLFKWHUIDKUHQ6LHGLHVHVNOHLQH:XQGHU LUJHQGZDQQHLQPDO,FKNDQQ,KQHQMHGRFKYHUVLFKHUQGDGLH :XQGHY|OOLJJHKHLOWLVW6LHZHUGHQNHLQH6FKPHU]HQPHKUYHU VSUHQ*ODXEHQ6LHPLU© ª-D0U.LULDNLVLFKJODXEH,KQHQ© ª/DVVHQ6LHGDV!0LVWHU ZHJ:LUVLQG)UHXQGHXQGVROOWHQHV EOHLEHQ© ª=ZHLIHOQ6LHGDUDQ"©IUDJWHLFK .LULDNLVKREGLHPDJHUHQ6FKXOWHUQª:HUZHLZDVVLFKGHU 6FKZDU]H7RGQRFKDOOHVDXVJHGDFKWKDW© ª:DVLVWPLWGHP'lPRQHQDXJH"©IUDJWHLFK ª'DUDXIZROOWHLFKNRPPHQ©.LULDNLVVHW]WHVLFKª:LUZHUGHQ HVVFKZHUKDEHQGDV$XJH]X]HUVW|UHQ(VLVWHEHQVRDOWZLHGHU 6FKZDU]H7RG'XUFKGLHVHV$XJHNDQQGHUVFKUHFNOLFKH'lPRQ LQGLH=XNXQIWXQGLQGLH9HUJDQJHQKHLWEOLFNHQ© ª(UVLHKWDOOHV"©IUDJWHLFKVWDXQHQG ª1HLQQLFKWDOOHV© ª,FKYHUVWHKHQLFKW© ª,FKZLOOHVHXFKHUNOlUHQ$OVGHU.RQWLQHQW$WODQWLVGDPDOV XQWHUJLQJZDUHV]ZDUGDV(QGHGHU%HY|ONHUXQJDEHUQLFKWGHU 7RGGHV%|VHQ6FKRQ]XU%OWH]HLWGLHVHU.XOWXUKDWHVGDV%|VH JHJHEHQ(VZDUVHKUVWDUNYHUWUHWHQ6FKZDU]H3ULHVWHUXQG 0DJLHUIDQGHQ]DKOUHLFKH'LHQHU'XUFK+|OOHQVSXNXQG =DXEHUHLKLHOWHQVLHGLH0HQVFKHQEHLGHU6WDQJH$EHUDXFKGLH 'lPRQHQEHNULHJWHQVLFKJHJHQVHLWLJ'HU6FKZDU]H7RGGHU VLFKEHUHLWVGDPDOVDOV+HUUVFKHUDXIVFKZLQJHQZROOWHKDWWHHV VFKZHU6HLQ*HJQHUZDU0\[LQGHU0DJLHU8QGHUEHVDGDV 'lPRQHQDXJH'RFKGHU6FKZDU]H7RGVFKDIIWHHVLKPGDV $XJH]XHQWUHLHQ'DQDFKZROOWHHU0\[LQW|WHQ(VJHODQJLKP MHGRFKQLFKW(UNRQQWHLKQQXULQHLQHQ]HKQWDXVHQGMlKULJHQ 6FKODIYHUVHW]HQ'XUFK6FKZDU]H0DJLHJHODQJHVLKPHLQHP
VHLQHU'LHQHUGDV$XJHHLQ]XSIODQ]HQ(VLVWGHU0DQQGHVVHQ *HVLFKWGXJHVHKHQKDVW-DQH&ROOLQV:LOOGHU6FKZDU]H7RGDOVR EHVWLPPWH(UHLJQLVVHVHKHQVRVFKDXWHUHEHQGXUFKGLHVHV$XJH (UVLHKWMHGRFKQXUGDV%|VHGHQ6FKUHFNHQGDV&KDRV$OOGDV ZDVHUVHOEVWYHUWHLGLJW(VLVWMDDXFKORJLVFKGHQQGDV$XJH JHK|UWHHEHQIDOOVHLQHP'LHQHUGHU)LQVWHUQLV'DVLVWGLH*H VFKLFKWHGHV'lPRQHQDXJHV© ª8QGZLHNRPPHQZLUDQGDV$XJHKHUDQ"©ZROOWH6XNR ZLVVHQ ª'XUFK0\[LQGHQ0DJLHU© 6XNRXQGLFKEOLFNWHQXQVDQª'DVJHKWZLUNOLFK"©IUDJWHLFK PLWOHLVHU6WLPPH ª-D© ª'DQQVDJXQVGHQ:HJ© .LULDNLV]RJHLQVHKUQDFKGHQNOLFKHV*HVLFKW3UIHQGVDKHU XQVGDQQGHU5HLKHQDFKDQª,FKNHQQHHXFK]ZDUQRFKQLFKW VHKUODQJHGRFKLFKELQYRQHXUHU/DXWHUNHLWEHU]HXJW 7URW]GHPYHUODQJWLKUVHKUYLHOYRQPLUZHQQLKUGHQ:HJ ZLVVHQZROOWXPGDV'lPRQHQDXJH]XILQGHQ2KQH+LOIH N|QQHQZLUGDV$XJHQLFKW]HUVW|UHQ:LUEUDXFKHQHLQHPlFK WLJH8QWHUVWW]XQJ8QGGLHNDQQXQVQXUHLQHUJHEHQ0\[LQ GHU0DJLHU© ª$EHUGHUVFKOlIWGRFK©VDJWH-DQH&ROOLQV ª'DQQHUZHFNHQZLULKQ© ª,VWHUQLFKWDXFKHLQ'LHQHUGHU)LQVWHUQLV"©IUDJWH6XNR .LULDNLVQLFNWHª7URW]GHPPXHVXQVJHOLQJHQ0\[LQDXI XQVHUH6HLWH]X]LHKHQ© ª'DVKLHHGDQQDEHUGHQ7HXIHOPLWGHP%HHO]HEXEDXV WUHLEHQ©VDJWHLFK ª'XKDVWHVHUIDW-RKQ©JDE.LULDNLV]X ª)UDJWVLFKQXURE0\[LQVRRKQHZHLWHUHVEHUHLWVHLQZLUGXQV ]XKHOIHQ© 'HU*ULHFKHVDKPLFKDQª'DVLVWGDVJURH5LVLNR$QGHUHU VHLWVPWHHUXQVGDQNEDUVHLQGDZLULKQHUZHFNHQ6RJOHLFKW VLFKGDVDXV©
,FKODFKWHDXIª'DQNEDUNHLWYRQHLQHP'lPRQ"'DVJLEWHV QLFKWXQGZLUGHVDXFKQLFKWJHEHQ© ª:HQQZLUJHULVVHQXQGYRUVLFKWLJWDNWLHUHQVFKRQ©PHLQWH 6XNRª:LUPVVHQVHLQHQLHGHUHQ,QVWLQNWHZHFNHQ5DFKH JHIKOHJHJHQGHQ6FKZDU]HQ7RG0\[LQVROOIUXQVGDV'lPR QHQDXJHKROHQ'DQQN|QQHQZLUHV]HUVW|UHQ© ª(LQJHZDJWHU3ODQ©PXUPHOWHLFKª$EHUGLHHLQ]LJH0|J OLFKNHLWGLHXQVEOHLEW© ª(VZlUHZLUNOLFKGLH.U|QXQJPHLQHV/HEHQVZHQQZLUGDV 'lPRQHQDXJH]HUVW|UHQN|QQWHQ©VDJWH.LULDNLVª,FKZLOOHXFK QXQVDJHQZRZLULKQILQGHQN|QQHQ(UOLHJWLQHLQHU+|KOHDXI GHP0HHUHVJUXQGJDUQLFKWZHLWYRQ'HORVHQWIHUQW,FKNHQQH GLHXQJHIlKUH/DJHXQGNDQQHXFKIKUHQ'DV7DXFKHQPVVHQ -RKQXQG6XNREHUQHKPHQ,FKELQ]XDOW© ª(KUHQVDFKH©VDJWHGHU&KLQHVH ,FKSIOLFKWHWHLKPEHL ª8QGLFKELQHEHQIDOOVPLWYRQGHU3DUWLH©PLVFKWHVLFK-DQH &ROOLQVHLQ 6XNRXQGLFKZDUHQGDJHJHQGRFK-DQHOLHVLFKQLFKWYRQ LKUHP9RUVDW]DEEULQJHQ%LVKHUKDWWHVLHQRFKLPPHULKUHQ.RSI GXUFKJHVHW]W 'HU0DQQLQGHU7HOHIRQ]HOOHWUXJHLQHQGXQNHOJUDXHQ$Q]XJ PLWIHLQHQ1DGHOVWUHLIHQ9RP7\SKHUJOLFKGHU.QDEHHLQHP %XOOHQ%UHLWLQGHQ6FKXOWHUQ6WLHUQDFNHQXQG3UDQNHQLQGHQHQ GHU+|UHUIDVWYHUVFKZDQG(LQHJURH6RQQHQEULOOHYHUGHFNWH IDVWGLH+lOIWHVHLQHV*HVLFKWVXQGGHUEDXVFKLJH6FKQDX]HU ZXFKVVLFKHOI|UPLJ]XEHLGHQ6HLWHQGHU0XQGZLQNHO 'HU0DQQKLH.RQVWDQWLQ+HUHRV,QGHU$WKHQHU8QWHUZHOW ZDUHUHEHQVREHNDQQWZLHEHLGHU3ROL]HL+HUHRVNDXIWHXQG YHUNDXIWHIDVWDOOHV(UZDUHLQ+HKOHU$EHUHLQHUYRQGHUEUX WDOHQ6RUWH:HQQHUHVIUQ|WLJKLHOWQDKPHUGLH.DQRQHLQGLH +DQGXQGUlXPWHDXI)QI0RUGHKDWWHHUEHUHLWVDXIGHP *HZLVVHQ'RFKGDVVW|UWHLKQQLFKWZHLWHU
,P$XJHQEOLFNWHOHIRQLHUWHHUPLWHLQHP.XQGHQGHULKPDOWH SK|QL]LVFKH*ROGPQ]HQEHVRUJHQZROOWH ª1HLQGHQ3UHLV]DKOHLFKQLH©]LVFKWH+HUHRV ª'DQQWXWHVPLUOHLG,QGHU7UNHLKDEHLFKSKDQWDVWLVFKH $EQHKPHU'LHUHLHQVLFKXPPHLQH:DUH$XHUGHPP|FKWH LFKDXFKHLQPDOGDVJURH*HOGPDFKHQ,FKWUDJHVFKOLHOLFKHLQ 5LVLNRGDVQLFKWYRQVFKOHFKWHQ(OWHUQLVW© +HUHRVEHUOHJWH'HU+XQGHVRKQZROOWHGDV*HOGQLFKWLQ 'UDFKPHQDXVJH]DKOWKDEHQVRQGHUQLQ'ROODUV )QIWDXVHQGYHUODQJWHHU 1DWUOLFKZDUHQGLH0Q]HQGDV'UHLIDFKHZHUWDEHUGDV VSLHOWHQXUIU+HUHRVHLQH5ROOHXQGKDWWHGHQ.HUODPDQGHUHQ (QGHGHU/HLWXQJQLFKW]XLQWHUHVVLHUHQ ª:LHLVWHV+HUHRV]DKOVWGXGHQ3UHLV"© 'HU+HKOHUHQWVFKLHGVLFKMHW]WVHKUVFKQHOOª*XWGX+DOV DEVFKQHLGHULFK]DKOH© ª1DZXQGHUEDU:RWUHIIHQZLUXQV"© ª%HLPLU© -HW]WODFKWHGHU9HUNlXIHUª,VWQLFKWGULQ+HUHRV© ª'DQQPDFKHLQHQDQGHUHQ9RUVFKODJ© ª7UHIISXQNWDXIGHP0HHU)ROJHQGH.RRUGLQDWHQJHEHLFKGLU GXUFK:LHLFKZHLELVWGXHLQUHFKWJXWHU6HHPDQQ© +HUHRVHUNOlUWHVLFKEHUUDVFKHQGVFKQHOOHLQYHUVWDQGHQ'DV KlWWHGHQDQGHUHQHLJHQWOLFKVWXW]LJPDFKHQVROOHQGRFKGHU PHUNWHQLFKWV(UJDEGLH3RVLWLRQDQZRGDV7UHIIHQVWDWWILQGHQ VROOWHXQGOHJWHDXFKHLQH8KU]HLWIHVWª+HXWHQDFKPLWWDJXP GUHL8KU© +HUHRVZLHGHUKROWHQRFKHLQPDOGLH:RUWHXQGKlQJWHGDQQ HLQª'LHVHU6FKZHLQHKXQGZLUGVLFKZXQGHUQ©IOVWHUWHHU(U GUFNWHGLH7UGHU=HOOHDXI6HLQ*HVLFKWZDUVFKZHLEHGHFNW ,P,QQHUQGHV+lXVFKHQVZDUHVYHUGDPPWVWLFNLJJHZHVHQ 0LWHLQHP7DVFKHQWXFKZLVFKWHVLFK+HUHRVGHQ6FKZHLYRQ GHU6WLUQ 6HLQ&DGLOODFSDUNWHHLQSDDU0HWHUZHLWHUDP6WUDHQUDQG,P :DJHQVDHQ]ZHL0lQQHU+HUHRV /HLEZlFKWHU
7\SHQGLHNOHLQHQ.LQGHUQDQJVWPDFKHQNRQQWHQ(KHPDOLJH 5LQJHUGLHDXFKKHXWHQRFKYRU.UDIWNDXPODXIHQNRQQWHQ6LH WUXJHQEHLGHKHOOH-HDQV$Q]JHGHUHQ1lKWHYRQGHQ)OHLVFK PDVVHQIDVWDXIJHULVVHQZXUGHQ 'HU.HUODP6WHXHUKLH.RQRV6HLQEUHLWIOlFKLJHV*HVLFKW KDWWHGLH6SXUHQ]DKOUHLFKHU6FKOlJHUHLHQQLFKWYHUGDXW'LH UHFKWH$XJHQEUDXHIHKOWHY|OOLJ1DFKHLQHP0HVVHUVWLFKZXFKV GRUWHLQIDFKQLFKWVPHKU $XIGHP%HLIDKUHUVLW]KRFNWH/LUL'HU0DQQVWDPPWHDXVGHU 7UNHLXQGKDWWHZLHVHLQ.XPSDQGDV*HPWHLQHV)OHLVFKHU KXQGHV/LULZDUJODW]N|SILJ'LH$XJHQYHUVFKZDQGHQIDVW Y|OOLJKLQWHU)HWWSROVWHUQXQGGLH1DVHZDUNDXP]XVHKHQ $OV/LULVHLQHQ%RDQNRPPHQVDKYHUOLHHUGHQ:DJHQXQG |IIQHWH+HUHRVGLHKLQWHUH7U 6FKZHUOLHVLFKGHU+HKOHULQGHQ)RQGIDOOHQ .RQRVGUHKWHGHQ.RSIª:LHLVWHVJHODXIHQ%R"© ª)DKUORV© .RQRVQLFNWH(UZDUWHWHELV/LULGHQ&DGG\JHHQWHUWKDWWH XQGJDEGDQQ*DV'LHEHLGHQ*RULOODVZXWHQGDVLHLKUHQ%R MHW]WQLFKWDQVSUHFKHQGXUIWHQ6FKZHLJHQGKRFNWH+HUHRVLP )RQGXQGKLQJVHLQHQ*HGDQNHQQDFK 8QGGLHZDUHQQLFKWJHUDGHHUIUHXOLFK'HU.XQGHZROOWHLKQ EHUV2KUKDXHQGLHVHUGUHFNLJH/HYDQWLQHUZLH+HUHRVLKQ LPPHUEH]HLFKQHWH$EHUGLHVPDOKDWWHHUVLFKJHWlXVFKW(U ZUGHVLFKQRFKZXQGHUQ +HUHRVKDWWHVHLQHQ/DGHQLQGHU,QQHQVWDGWYRQ$WKHQ1DFK DXHQKLQJDEHUVLFKDOV$QWLTXLWlWHQKlQGOHU(UYHUNDXIWHQXU VROFKH'LQJHGLHYRQGHQ]XVWlQGLJHQ%HK|UGHQDXFK]XP 9HUNDXIIUHLJHJHEHQZDUHQ'DVJHVFKDKQLFKWPLWDOOHQ6DFKHQ GHQQ6FKlW]HGLHDXIGHP*UXQGGHV0HHUHVODJHQGXUIWHQQLFKW PHKUDXVJHIKUWXQGYHUNDXIWZHUGHQ'HU6FKDGHQGHUGXUFK XQVHUL|VH*HVFKlIWHPDFKHUHQWVWDQGHQZDUJLQJZHLWLQGLH 0LOOLRQHQ0DQKDWWH5DXEEDXEHWULHEHQPLWGHQ=HXJHQGHU 9HUJDQJHQKHLW-HW]WJULIIGLH3ROL]HLKDUWGXUFKZHQQVLHHLQHQ GLHVHU([SRUWHXUHHUZLVFKWH+RKH*HIlQJQLVVWUDIHQZDUHQDQ
GHU7DJHVRUGQXQJ'DVKLHOW+HUHRVMHGRFKQLFKWGDYRQDEHV LPPHUZLHGHU]XYHUVXFKHQ 6HLQH.XQGHQVDHQLQGHUJDQ]HQ:HOWYHUVWUHXWXQG]DKOWHQ KRKH3UHLVH =ZHLQRUPDOH$QJHVWHOOWHVRUJWHQLP/DGHQGDIUGDGDV *HVFKlIWDXFKOLHIZHQQ+HUHRVHLQPDOQLFKWGDZDU9RQ GHQVFKPXW]LJHQ*HVFKlIWHQLKUHV%U|WFKHQJHEHUVDKQWHQ GLHELHGHUHQ/HXWHQLFKWV +HUHRVOLHVLFKDXIGHQ+RIKLQWHUVHLQHQ/DGHQIDKUHQ'RUW UROOWHGHU&DGG\LQHLQH*DUDJH ª.RPPWPLWLQGLH:RKQXQJ©EHIDKOGHU+HKOHUVHLQHQEHLGHQ /HLEZlFKWHUQ +LQWHUHLQDQGHUVFKULWWHQGLHGUHL0lQQHUGLHYHUZLQNHOWH 7UHSSHKRFK,QVHLQHP$UEHLWV]LPPHUQDKP+HUHRVKLQWHUGHP 6FKUHLEWLVFK3ODW] 'LH*RULOODVEOLHEHQVWHKHQ 'HU+HKOHUHUNOlUWHVHLQHQ0lQQHUQPLWHLQSDDU:RUWHQ GLH/DJH 6\QFKURQQLFNWHQVLH'DQQIUDJWH.RQRV ª8QGZLHKDEHQ6LH VLFKHQWVFKLHGHQ"© +HUHRVEOLFNWHGLH0lQQHUODXHUQGDQª:LUZHUGHQHLQ ([HPSHOGXUFKIKUHQ©HUZLGHUWHHUª*HKWORVXQG|OWHXUH .DQRQHQ'HQ+XQGHVRKQVFKLHHQZLU]XVDPPHQ© :HQQGDV6SULFKZRUW!(LQJXWHV*HZLVVHQLVWHLQVDQIWHV 5XKHNLVVHQ ]XWULIIWGDQQPXWHQ-DQH6XNRXQGLFKZLUNOLFK HLQJXWHV*HZLVVHQKDEHQ :LUVFKOLHIHQZLHGLH7RWHQ ,FKZDFKWHJHJHQDFKW8KUDPDQGHUHQ0RUJHQ]LHPOLFK VFKODIWUXQNHQDXIXQGKDWWH0KHDXVGHP%HWW]XVWHLJHQ$XFK GLH7RLOHWWHGDXHUWHOlQJHUDOVJHZ|KQOLFKXQGVRZDUHVQLFKW YHUZXQGHUOLFKGDLFKDOVOHW]WHUDP)UKVWFNVWLVFKHLQWUDI 'LH%HPHUNXQJHQZDUHQGHPHQWVSUHFKHQG ,QGLHVHPLQWHUQDWLRQDOHQ+RWHOJDEHVGDVLQWHUQDWLRQDOH(LQ
KHLWVIUKVWFN'HU7RDVWZDU]lKZLH/HGHU6XNRDPHLQH 6FKHLEHQJOHLFKPLW(UEHVWHOOWHVRJDUQRFKQDFKZDVVHOEVWGHQ 2EHUYHUZXQGHUWH -DQHKLHOWVLFKDQ2UDQJHQVDIWLFKOLHPLUDOV([WUDSRUWLRQ ]ZHL(LHUEUDWHQ .LULDNLVKDWWHXQVYHUVSURFKHQJHJHQQHXQ8KUHLQ]XWUHIIHQ (UZROOWHQRFKHLQLJH%HVRUJXQJHQPDFKHQ=XP%HLVSLHO1HR SUHQDQ]JHNDXIHQ3UHOXIWIODVFKHQ8QWHUZDVVHUODPSHQXQG HLQLJHVPHKU'DV*HOGGDIUKDWWHLFKLKPDPJHVWULJHQ$EHQG JHJHEHQ ,FKHUKLHOWPHLQH(LHU)DVWKDWWHLFKHVHUZDUWHW6LHZDUHQQLFKW QXUYHUVDO]HQVRQGHUQDXFKYHUSIHIIHUW0LW7RGHVYHUDFKWXQJ VFKODQJLFKGHQ)UDKLQXQWHUXQGVSOWHDQVFKOLHHQGPLW .DIIHHXQG6DIWQDFK ,FKZROOWHPLUJHUDGHHLQH9HUGDXXQJV]LJDUHWWHJ|QQHQDOVZLU %HVXFKHUKLHOWHQ (LQ2IIL]LHUGHUJULHFKLVFKHQ3ROL]HLGXUFKPDPLWIRUVFKHQ 6FKULWWHQGHQHOHJDQWHLQJHULFKWHWHQ)UKVWFNVUDXPZREHLHU YRQPLWUDXLVFKHQ%OLFNHQGHU$QJHVWHOOWHQEHJOHLWHWZXUGH(U EOLHEQHEHQXQVHUHP7LVFKVWHKHQ 9RU-DQHGHXWHWHHUHLQHNQDSSH9HUEHXJXQJDQ(UKDWWHGLH 0W]HXQWHUGHQ$UPJHNOHPPW6HLQODFNVFKZDU]HVQDFK KLQWHQJHNlPPWHV+DDUJOlQ]WH =XYLHO3RPDGHGDFKWHLFK ª6LHJHVWDWWHQGDLFKPLFKYRUVWHOOH0HLQ1DPHLVW/HXWQDQW 3DPSHULV© ,FKEHUQDKPGLH*HVSUlFKVIKUXQJª%LWWHVHW]HQ6LHVLFK +HUU/HXWQDQW© ª'DQNH©'HU3ROL]LVWQDKP3ODW] ,FKDKQWH]ZDUQLFKWV6FKOLPPHVDEHUGLH$QZHVHQKHLWGHU KHLPLVFKHQ3ROL]HLEHKDJWHPLUQLFKW6XSHULQWHQGHQW3RZHOO KDWWHVHLQH%H]LHKXQJHQVSLHOHQODVVHQXQGXQVHUHQ%HVXFKRIIL ]LHOODQJHNQGLJW7URW]GHPEOLHEEHLGHQ*ULHFKHQHLQ5HVWYRQ 0LWUDXHQ,FKKDWWHLKQDXFKDXIGHU3ROL]HLSUlIHNWXUVFKRQ JHVSUW
ª+DEHQ6LH(UIROJJHKDEW"©IUDJWHGHU/HXWQDQW ª-D© 'HU3ROL]LVWYHU]RJGDV*HVLFKW(UKDWWHZRKOHLQHDXVIKUOL FKHUH$QWZRUWHUZDUWHW,QVHLQHQGXQNOHQ$XJHQOHXFKWHWHGHU 8QZLOOHQª'DQQGDUILFK6LHYLHOOHLFKWXPHLQHQ%HULFKWELWWHQ 6LHZLVVHQMDGDV%HDPWHQWXPYHUODQJWHV$XHUGHPPXDOOHV VHLQH5LFKWLJNHLWKDEHQ© ,FKOlFKHOWHLKQHQWZDIIQHQGDQª$EHUVLFKHUHUKDOWHQ6LH,KUHQ %HULFKW1XUQLFKWKHXWH:LVVHQ6LH,KU/DQGLVWVRUHL]YROOXQG GDV:HWWHUVRSUlFKWLJGDPHLQH)UHXQGHXQGLFKHVXQVHUODXEW KDEHQQRFKHLQLJH7DJH8UODXE]XPDFKHQ'HQ%HULFKWVFKUHLEH LFKPRUJHQRGHUEHUPRUJHQ© 'HUJXWH/HXWQDQWZDU]XIULHGHQJHVWHOOWª6LHEOHLEHQLQGLH VHP+RWHOZRKQHQ"© ª1DWUOLFK© (KHLFKMHGRFKZHLWHUUHGHQNRQQWHPLVFKWHVLFK-DQH&ROOLQV HLQ6LHHQWZLFNHOWHHLQHQ&KDUPHGHPGHU3ROL]LVWQLFKWZLGHU VWHKHQNRQQWH 6DFKWOHJWH-DQHLKUH)LQJHUDXIVHLQHQ8QWHUDUPª6HKHQ6LH +HUU/HXWQDQWZLUP|FKWHQGDV:HWWHUJHQLHHQXQGPLWGHP %RRWKLQDXVIDKUHQ,VWGDVYHUERWHQ"© 'HU/HXWQDQWZXUGHURWª1DWUOLFKQLFKW© ª6LHN|QQHQXQVMDEHJOHLWHQ©VFKOXJ-DQHYRUXQGVFKHQNWH GHP0DQQHLQHQ%OLFNGHULKPGHQ.UDJHQHQJZHUGHQOLH ª(VWXWPLUOHLGDEHULFKKDEHKHXWH'LHQVW© ª6FKDGH©-DQHV6WLPPHNODQJVHKUEHGDXHUQG /HXWQDQW3DPSHULVVWDQGDXI]RJVLFKGHQ8QLIRUPURFN JODWWGHXWHWHDEHUPDOVHLQH9HUEHXJXQJDQXQGVDJWH ª'DQQ EOHLEWPLUQLFKWVDQGHUHVEULJDOV,KQHQYLHO9HUJQJHQ]X ZQVFKHQ© ª'DQNH©VDJWHQZLUZLHDXVHLQHP0XQG 'HU3ROL]LVWYHUVFKZDQGZLHHUJHNRPPHQZDU=DFNLJXQG VFKQHLGLJ'DV3HUVRQDODWPHWHDXI :LUDEHUODFKWHQ ª'HQKDVWGXDEHUDXIODXIHQODVVHQ©VDJWH6XNRª*UDWXOLHUH©
ª(LQHPHLQHUOHLFKWHVWHQhEXQJHQ©HUZLGHUWH-DQH ,FKGUFNWHLKUHLQHQ.XDXIGLH:DQJHª2ND\%ORQGLHGDQQ ZROOHQZLUPDO!8UODXE PDFKHQ© ª1HQQPLFKQLFKW%ORQGLH,FKELQNHLQH&RPLF)LJXU©]LVFKWH -DQH ,FKPXWHODFKHQ6LHPHLQWHHVQLFKWE|VH .LULDNLVZDUSQNWOLFK(UVDLQGHU+DOOHLQHLQHP.RUEVHVVHO XQGEOlWWHUWHLQGHU=HLWXQJ $OVHUXQVVDKEHU]RJVHLQ*HVLFKWHLQ/lFKHOQ(UOHJWHGLH =HLWXQJ]XU6HLWHXQGVWDQGDXI ª,FKKRIIHLKUKDEWHLQHUXKLJH1DFKWYHUEUDFKW©VDJWHHUVDK -DQHDQXQGPHLQWH ª'XELVWQLFKWZLHGHU]XHUNHQQHQ6FKDGH GDLFKNHLQHGUHLLJ-DKUHMQJHUELQ'DQQKlWWHVWGXGLFKYRU VHKHQPVVHQ-RKQ6LQFODLU© ª(QGOLFKMHPDQGGHUPLFK]XVFKlW]HQZHL©VDJWH-DQH .LULDNLVKDWWHQLFKWEHUWULHEHQ-DQH&ROOLQVVDKKLQUHLHQG DXV6LHWUXJHQJHKHOOH5|KUHQMHDQVHLQNQDOOURWHV76KLUWXQG GDUEHUHLQHNQDSSH-DFNH'DV+DDUKDWWHVLHKRFKJHVWHFNW GDEHLDEHU]ZHL.RUNHQ]LHKHUORFNHQYRUGHQ2KUHQKHUDEKlQJHQ ODVVHQ6FKPLQNHEUDXFKWHVLHQLFKW6LHVDKDXFKRKQHGDV NRVPHWLVFKH=HXJPHKUDOVUHL]HQGDXV ª+DVWGXDOOHVEHVRUJW"©HUNXQGLJWHLFKPLFKEHLGHP *ULHFKHQ ª-D:LUN|QQHQVWDUWHQ© ª:RUDXIZDUWHQZLUGDQQQRFK"©6XNRULHEVLFKWDWHQGXUVWLJ GLHEUHLWHQ+lQGH .LULDNLVOlFKHOWHª'DV:HWWHUVLHKWJXWDXV:LUZHUGHQ ZRKONDXP6FKZLHULJNHLWHQEHNRPPHQ:HQLJVWHQVQLFKWYRQ GLHVHU6HLWH© ª8QGGHU6FKZDU]H7RG"©IUDJWHLFK .LULDNLVKREQXUGLH6FKXOWHUQ 6RIRUWZDUGLH6WLPPXQJIXWVFK,FKKDWWHGHQ1DPHQGHV (U]IHLQGHVHUZlKQWXQGLFKQDKPDXFK-DQHV%OLFNZDKUPLW GHPVLHPLFKEHWUDFKWHWH'LH3ULYDWGHWHNWLYLQKDWWHLKUHQ !$XVIOXJLQV-HQVHLWV QRFKOlQJVWQLFKWYHUJHVVHQ
%HUXKLJHQGOHJWHLFKHLQHQ$UPXPLKUH6FKXOWHUª.HLQH $QJVWHVJHKWVFKRQDOOHVJXW© 0LWHLQHP7D[LOLHHQZLUXQV]XP+DIHQIDKUHQ.LULDNLVKDWWH GLHEHLGHQ7DXFKHUDXVUVWXQJHQEHUHLWVLQV%RRWVFKDIIHQODVVHQ (VZDUGHU.DKQPLWGHP-DQHVFKRQHLQPDODOV*HIDQJHQH]XU ,QVHO'HORVJHIDKUHQZDU 'DV%RRWJHK|UWHMHW]W.LULDNLVGD$]DULQVHLQ6RKQQLFKW PHKUOHEWH ,FKVDKPLUGHQ.DKQDQ6RZHLWLFKIHVWVWHOOHQNRQQWHZDUHU JXWLQ6FKX $QGHU0ROHVWDQGHQHLQLJH%XUVFKHQXQGEHREDFKWHWHQXQV QHLGHUIOOW9RUDOOHQ'LQJHQDQ-DQHNOHEWHQLKUH%OLFNH6LFKHU KlWWHMHGHUYRQLKQHQJHUQPLWLKUHLQH%RRWVIDKUWJHPDFKW .LULDNLVKDWWHMHPDQGJHIXQGHQGHUZlKUHQGXQVHUHU$E ZHVHQKHLWDXIGDV%RRWDFKWJDE,FKHQWORKQWHGHQ0DQQPLWHLQ SDDU0Q]HQ(UYHUEHXJWHVLFKPHKUHUH0DOH ª:HUEHUQLPPWGDV6WHXHU"©IUDJWHGHU*ULHFKH 6XNRPHOGHWHVLFKª'DVLVWPHLQ6SH]LDOJHELHW©PHLQWHHU JULQVHQG :LUZDUHQHLQYHUVWDQGHQ 'DDXIJHWDQNWZDUVWDQGHLQHU$EIDKUWQLFKWVPHKULP:HJH 'RFK.LULDNLVYHU]|JHUWHGDV$XVODXIHQ(UVFKOHSSWHQRFKHLQH .LVWHKHUDQXQGVWHOOWHVLHQHEHQGHP6WHXHUKDXVDE $XI-DQHV)UDJHZHOFKHQ,QKDOWGLH.LVWHEDUJVFKWWHOWHHU QXUGHQ.RSIXQGPHLQWHJHKHLPQLVYROO ª=XJHJHEHQHU=HLW ZHUGHLFKGHQ'HFNHO|IIQHQ© :LUPXWHQXQVGDPLW]XIULHGHQJHEHQ 'LHEHLGHQVWDUNHQ'LHVHO0RWRUHQEUXPPWHQVDWWDOV6XNRVLH DQOLH*HVFKLFNWPDQ|YULHUWHHUGDV%RRWDXVGHPNOHLQHQ NQVWOLFKDQJHOHJWHQ+DIHQ(LQHZHLH+HFNZHOOHKLQWHUXQV KHU]LHKHQGUDXVFKWHQZLUGDQQDXIGLHRIIHQHNULVWDOONODUH6HH KLQDXV
+HUHRV %RRWODJLP
1LFKW.OHLGXQJVVWFNHNDPHQ]XP9RUVFKHLQVRQGHUQ:DIIHQ 9LHU0DVFKLQHQSLVWROHQ=ZHLGDYRQGHU0DUNH8=,GLHDQGHUHQ EHLGHQYRP7\S%HUHWWD6FKOLHOLFKKDWWHGHU&KHINODUH $QZHLVXQJHQJHJHEHQ $XFK+HUHRVEHWUDWGHQ6DORQ(UWUXJQRFKLPPHUVHLQH 6RQQHQEULOOHXQG]ZLVFKHQGHQ/LSSHQTXDOPWHHLQ=LJDULOOR =XIULHGHQQLFNHQGEOLFNWHHUDXIVHLQHEHLGHQ0lQQHU ª,FKVHKHVFKRQLKUIDWGHQQHXHQ-REULFKWLJDXI©OREWHHUGLH *RULOODV ª8QGZLHPDFKHQZLUHV"©ZROOWH/LULZLVVHQ ª$XIDOOH)lOOHEHUQHKPHQZLUHUVWGLH0Q]HQ:HQQGLH .LVWHEHLXQVDQ%RUGLVWVFKLHWGLHDQGHUHQ]XVDPPHQ© 'LH.HUOHQLFNWHQ,KQHQEHGHXWHWHHLQ0HQVFKHQOHEHQQLFKWV 6LHZDUHQDEJHVWXPSIWXQGVFKOLPPHUQRFKDOV7LHUH .RQRVSDFNWHYRUVLFKWLJHLQLJH+DQGJUDQDWHQDXV*ULQVHQG ZRJHUGLH+|OOHQHLHULQGHQ+lQGHQª'DPLWEODVHQZLUGHQ .DKQELV]X$OODK©PHLQWHHU ª/DLKQDXVGHP6SLHO©UHJWHVLFK/LULDXI ª-DMDVFKRQJXW© +HUHRVZDUIGLH=LJDULOORNLSSHLQHLQHQ0HVVLQJDVFKHUª5HGHW QLFKWODQJHKHUXPZLUVWDUWHQ,FKZLOODP$EHQGZLHGHU]XUFN VHLQ'LH.XQGHQZDUWHQEHUHLWVDXIGLH:DUH© (UGUHKWHVLFKXPXQGYHUOLHGHQHOHJDQWHLQJHULFKWHWHQ6DORQ :HQLJVSlWHUEUXPPWHQGLHVFKZHUHQ0RWRUHQDXI 'LH6RQQHHULQQHUWHPLFKDQHLQHULHVLJHJOKHQGH2UDQJH,KUH 6WUDKOHQWUDIHQGDV%RRWVFKUlJYRQGHU6HLWHXQGIOLPPHUWHQ EHUGDV'HFN =XP*OFNZHKWHHLQHIULVFKH%ULVH6LHVWULFKEHUXQVHUH HUKLW]WHQ*HVLFKWHUXQGGUFNWHPHLQ+HPGHQJJHJHQGHQ .|USHU -DQH&ROOLQVKDWWHLKUH+DDUSUDFKWJHO|VW:LHHLQH)DKQHIODW WHUWHGLHEORQGH0lKQHLP)DKUWZLQG$XFKKDWWHVLHLKUH-DFNH DXVJH]RJHQ1XUPLW76KLUWXQG+RVHEHNOHLGHWVRQQWHVLHVLFK
DXIGHP'HFNXQGWUDQNHLVJHNKOWHQ2UDQJHQVDIWDXVGHP %RUGNKOVFKUDQN ,FKJLQJ]XLKUOHKQWHPLFKDQGLH5HOLQJª6RN|QQWHGLUGDV /HEHQVFKRQJHIDOOHQZLH"© -DQHKREGHQ.RSI6LHOlFKHOWHPLFKDQXQGIDWHQDFKPHLQHU +DQGª8QGREPLUGDV/HEHQVRJHIDOOHQN|QQWH'XJODXEVWJDU QLFKWZLHZRKOLFKPLFKSO|W]OLFKZLHGHUIKOH'LH9HUJDQJHQ KHLW©VLHVFKWWHOWHGHQ.RSIªKDEHLFKZLHGHUYHUJHVVHQ,FK VHKQHPLFKDXFKQLFKWPHKUQDFKGHP-HQVHLWV]XUFN-RKQ,FK ZHLDXFKQLFKW© 1HEHQ-DQHJLQJLFKLQGLH.QLHVWUHLFKHOWHLKU*HVLFKWDOVVLH PLUGHQ.RSI]XZDQGWH ª.PLFK©IOVWHUWHVLHª%LWWHLFKP|FKWHVSUHQGDLFK OHEHXQGLFKP|FKWHGLFKVSUHQ© 'HQ*HIDOOHQWDWLFKLKUJHUQ :DUPVSUWHLFK-DQHV/LSSHQDXIPHLQHP0XQG,FK VFKPHFNWHGHQOHLFKWVDO]LJHQ*HVFKPDFNGDUDXIIKOWHLKUHQ ZHLFKHQDQVFKPLHJVDPHQ.|USHUXQGYHUIOXFKWHLQQHUOLFKGHQ 8PVWDQGGDZLUXQVDXIHLQHP6FKLIIEHIDQGHQXQGQLFKWEHL PLU]X+DXVH (LQYHUOHJHQHV5lXVSHUQWULHEXQVDXVHLQDQGHU .LULDNLVVWDQGYRUXQV ª(QWVFKXOGLJWGDLFKVW|UHGRFKLFKZUGHYRUVFKODJHQ -RKQGDGXGLH7DXFKHUDXVUVWXQJHQEHUSUIVW1LFKWPHKU ODQJHXQGZLUKDEHQXQVHU=LHOHUUHLFKW© ,FKVWDQGDXIª2ND\GLH3IOLFKWUXIW'LHQVWLVWHEHQ'LHQVW© ªXQG:KLVN\LVW:KLVN\©YROOHQGHWH-DQH&ROOLQV$XFKIU VLHZDUGHU=DXEHUGHV$XJHQEOLFNVYHUIORJHQ:LUPXWHQEHLGH LQGLH=XNXQIWVHKHQXQGGLHNRQQWHYHUGDPPWKDUWZHUGHQ GHVVHQZDUHQZLUXQVVLFKHU 'LHEHLGHQ7DXFKHUDXVUVWXQJHQODJHQDP+HFNGHV%RRWHV .LULDNLVKDWWHJHOEH1HRSUHQDQ]JHJHNDXIW'LH3UHOXIW IODVFKHQZDUHQYRQKHOOEODXHU)DUEH'HU*ULHFKHKDWWHDXFK EUHLWH7DXFKHUPHVVHUEHVRUJWVRZLHOLFKWVWDUNH/DPSHQ1HW]H XQG6HLOH
,FKEHUSUIWHGLH9HQWLOH'HU'UXFNVWLPPWHEHUDOO,FK PDFKWHVRHWZDVQLFKW]XPHUVWHQPDOXQGNDQQWHPLFKDXV 0HLQ%OLFNJOLWWEHUGLH5HOLQJKLQZHJXQGVWUHLIWHGDVJUQ EODXZRJHQGH0HHUPLWVHLQHUODQJHQ'QXQJ'DV6RQQHQOLFKW ]DXEHUWHEOLW]HQGH5HIOH[HDXIGLH:DVVHUREHUIOlFKHXQGGLH IDUELJHQ6HJHOGHU%RRWHZLUNWHQZLHEXQWH7XSIHU ª%DOGZHUGHQZLUNDXPQRFK%RRWHVHKHQN|QQHQ©VDJWH .LULDNLV/DXWORVZDUHUKLQWHUPLFKJHWUHWHQ'DV*HUlXVFKGHU VLFKGUHKHQGHQ+HFNVFKUDXEHKDWWHVHLQH6FKULWWHEHUW|QW ,FKZDQGWHGHQ.RSIª:LHVR"© ª:RZLUKLQIDKUHQJLEWHVYLHOH.OLSSHQXQG6WUXGHO:HUGDV 0HHUQLFKWJHQDXNHQQWPHLGHWGLHVH6WHOOH© ª'DQQZLUGHVIU6XNRJHIlKUOLFK(ULVW]ZDUHLQJXWHU 6WHXHUPDQQDEHU© .LULDNLVZLQNWHDEª.HLQH6RUJH,FKZHUGHEDOGGDV6WHXHU EHUQHKPHQ,FKVWHKHQLFKW]XPHUVWHQPDODXI'HFNVSODQNHQ© 'LHVHUDOWH0DQQYHUZXQGHUWHPLFKLPPHUZLHGHU,FKKDWWH JHJODXEWLKQ]XNHQQHQGRFKMHOlQJHULFKPLWLKP]XVDPPHQ ZDUXPVRPHKU*HKHLPQLVVHHQWGHFNWHLFKDQLKP$XHUGHP LQWHUHVVLHUWHHVPLFKEUHQQHQGZDVHULQGHU.LVWHYHUEDUJ,FK ZROOWHMHGRFKPHLQH1HXJLHUGHQLFKW]XRIIHQ]HLJHQXQGKLHOW GHVKDOEPHLQHQ0XQG .LULDNLVKDWWHVLFKXPJH]RJHQ(UWUXJQLFKWPHKUGHQODQJHQ PDQWHOlKQOLFKHQ8PKDQJVRQGHUQHLQHDXVJHVWHOOWH+RVHHLQ NDULHUWHV+HPGXQGGDUEHUHLQHGXQNOH/HGHUMDFNH'DVODQJH JUDXH+DDUIODWWHUWHLP:LQG ª6RYLHOPLUEHNDQQWLVWOLHJW0\[LQLQHLQHPJROGHQHQ6DUJ YHUERUJHQ©EHULFKWHWH.LULDNLVª8QGLKUPWDXISDVVHQGHQQ HUZLUGEHZDFKW© ª9RQZHP"© ª'DVZHLLFKQLFKW(VNDQQHLQ0RQVWHUVHLQHLQH6HHVFKODQJH RGHUDXFKHLQ5RFKHQ0|JOLFKZlUHHLQPDJLVFKHV.UDIWIHOG DEHUGDVPWLKUKHUDXVILQGHQ© ,FKGHXWHWHDXIGLH0HVVHUª6ROOHQZLUXQVGDPLWYHUWHLGLJHQ"© ª1HLQLFKKDEHHWZDV%HVVHUHV:DUWH©
.LULDNLVJLQJHLQLJH6FKULWWH]XU6HLWHXQGKREGLH3ODQHYRQ VHLQHUJHKHLPQLVYROOHQ.LVWHDE(UZLQNWHPLUQlKHU]XNRP PHQXQGLFKWDWHV .LULDNLV|IIQHWHGHQ'HFNHO ,FKVFKDXWHGHP*ULHFKHQEHUGLH6FKXOWHUNRQQWHMHGRFK QLFKWVHUNHQQHQDXHUHLQHU]LHPOLFKIDUEORVHQYHUZDVFKHQHQ 'HFNH9RUVLFKWLJKRE.LULDNLVGLH'HFNHDXVGHU.LVWHGDQQ GUHKWHHUVLFKXP (UOHJWHGLH'HFNHDXIGLH3ODQNHQXQG]XSIWHVLHDXVHLQDQGHU (WZDVEOHQGHWHPLFK(VZDUNHLQZHLHU/LFKWVWUDKOVRQGHUQ HLQ%OLW]GHULQDOOHQ)DUEHQVFKLOOHUWHXQGPLFKGLH$XJHQ VFKOLHHQOLH 6SDOWEUHLW|IIQHWHLFKVLHZLHGHU $XI.LULDNLVUHFKWHP+DQGWHOOHUODJHLQ6WHLQ)DVWVRJURZLH VHLQH+DQGRYDOJHIRUPWXQGJODWW ª'LHVHU6WHLQ©VREHULFKWHWHGHU*ULHFKHªVWDPPWDXV$WODQWLV (UVROOHLQPDO0\[LQJHK|UWKDEHQXQGHUZLUGIUHXFKGHU 6FKOVVHO]XP6DUJGHV0DJLHUVVHLQ1LPPLKQPLWLQGLH7LHIH -RKQ6LQFODLUXQGJLEJXWDXILKQDFKW(UZLUGGLUKHOIHQGLH 6FKZLHULJNHLWHQ]XEHUZLQGHQGHQQVHLQH0DJLHLVWVHKU VWDUN©.LULDNLVVWUHFNWHGHQ$UPDXVXQGUHLFKWHPLUGHQ6WHLQ ª1LPPLKQ© ,FKIDWHLKQDQ(UZDUVHOWVDPZDUPXQGVFKLHQPLWPHLQHU +DQG]XYHUVFKPHO]HQ,FKIKOWHHLQ.ULEEHOQXQWHUGHU+DXW DEHUHVZDUNHLQXQDQJHQHKPHV*HIKO -DQH&ROOLQVKDWWHXQVEHREDFKWHWXQGWUDW]XXQV ,FKEOLFNWHLKUIUDJHQGLQV*HVLFKW -DQHQLFNWHª,FKKDEHDOOHVJHK|UW©VDJWHVLHª,FKKRIIHGD GHU6WHLQGLUKLOIW© .LULDNLVOlFKHOWH]XYHUVLFKWOLFK ª'XEUDXFKVWNHLQH$QJVW]XKDEHQ'LHVHU6WHLQLVWXQVHUH 7UXPSINDUWH:HQQ0\[LQLKQVLHKWZLUGHUXQVJHKRUFKHQ GHQQHUP|FKWHLKQZLHGHUKDEHQ© ª:LOOVWGXLKPGHQ6WHLQQLFKWJHEHQ"©IUDJWHLFK ª1XUXQWHUEHVWLPPWHQ9RUDXVVHW]XQJHQ©
,FKNRQQWHPLUGHQNHQZDVGLHVHUDOWH)XFKVSODQWH8QG ZLHGHUHLQPDOZDULFKIURKHLQHQ0DQQZLH.LULDNLV]XP )UHXQG]XKDEHQ 'HU*ULHFKHVFKOXJPLUDXIGLH6FKXOWHUXQGEHZHJWHVLFKLQ 5LFKWXQJ6WHXHUKDXV -DQH&ROOLQVPDFKWHVLFK6RUJHQª+RIIHQWOLFKSDVVLHUWGLU QLFKWV©VDJWHVLH ,FKZLQNWHDEª:LUGVFKRQVFKLHIJHKHQ©*HODVVHQVFKOSIWH LFKDXVPHLQHU.OHLGXQJ'LHQHXH%DGHKRVHKDWWHLFKEHUHLWV EHUJHVWUHLIW'DQQWDXFKWHDXFK6XNRDXI(UJULQVWHPLFKDQ ª6WDUNVLHKVWGXDXV6RDOV0XVNHOSURW]© ª2KYLHOHQ'DQN©,FKKREGHQ1HRSUHQDQ]XJKRFKXQGYHU VXFKWHPLFKKLQHLQ]XZLQGHQ'DVZDUJDUQLFKWVRHLQIDFK'HU .XQVWVWRIIZROOWHQLFKWUXWVFKHQ6XNRXQG-DQHKDOIHQPLU VFKOLHOLFK$OVLFKGDQQGLH+DXEHEHU]RJVDKLFKZLUNOLFKDXV ZLHHLQ)URVFKPDQQ .LULDNLVKDWWHGHQ.XUVHWZDVJHlQGHUW:LUIXKUHQQXQLQ 5LFKWXQJ2VWHQ6HLQH9RUDXVVDJHEHZDKUKHLWHWHVLFK'LH 6HJHOERRWHZXUGHQWDWVlFKOLFKZHQLJHU1XULQGHU)HUQHVDKLFK HLQH,QVHOIlKUHYRUEHLJOHLWHQ 0DQFKPDOUDJWHQUHJHOUHFKWH)HOVHQDXVGHP0HHU'DQQ ZLHGHUVDKLFK,QVHOQGLHMHGRFKHEHQVRUDVFKYHUVFKZDQGHQ ZLHVLHDXIWDXFKWHQ .LULDNLVKDWWHDQ*HVFKZLQGLJNHLW]XJHOHJW'LH%XJZHOOH VFKZDSSWHKRFK6LOEHUQH7URSIHQZLVFKWHQEHU%RUGXQG EHVSULW]WHQXQVHUH*HVLFKWHU 6XNRTXlOWHVLFKLQGHQ1HRSUHQDQ]XJ'LHVPDONRQQWHLFK ODFKHQ,FKKDOILKPDEHUGDEHL'DQQVFKQDOOWHLFKLKPGLH EHLGHQ3UHOXIWIODVFKHQDXIGHQ5FNHQ6XNREOLHVGXUFKGDV 0XQGVWFNXQGQLFNWH]XIULHGHQ ª0HLQHWZHJHQNDQQHVORVJHKHQ©VDJWHHU ,FKKREGLH6FKXOWHUXQGZDUIPLUGLH/XIWIODVFKHQEHU-DQH SUIWHJHQDXQDFKREGLH)ODVFKHQPLWGHPOHEHQVZLFKWLJHQ 6DXHUVWRIIDXFKIHVWVDHQ 9RP6WHXHUKDXVKHUZLQNWHXQV.LULDNLV:HQQLFKGDV=HLFKHQ
ULFKWLJYHUVWDQGGDQQKDWWHHUGLH6WHOOHEDOGHUUHLFKW 7DWVlFKOLFKHUGURVVHOWHGLH*HVFKZLQGLJNHLW)XKUGDQQHLQHQ JURHQ%RJHQVWHOOWHGHQ0RWRUDEXQGOLHGDV%RRWDXVODXIHQ (UWUDWDXIXQV]Xª+LHUXQJHIlKUPXHVVHLQ©VDJWHHUXQG GHXWHWHDQGHU%DFNERUGVHLWHEHUGLH5HOLQJ ,FKQLFNWHª2ND\GDQQZROOHQZLUPDO© 1RFKHLQPDOEHUSUIWHQ6XNRXQGLFKJHJHQVHLWLJXQVHUH $XVUVWXQJHQ/DPSHQ6HLOH0HVVHUHVZDUDOOHVYRUKDQGHQ (LJHQWOLFKNRQQWHQLFKWVVFKLHIJHKHQ 'DV:DVVHUZDUDQGLHVHU6WHOOHNULVWDOONODU:HQQLFKKLQHLQ EOLFNWHNRQQWHLFKGLFKWXQWHUGHU2EHUIOlFKHHLQHQJUDXHQ 6FKLPPHUVHKHQ$OVLFK.LULDNLVGDUDXIDQVSUDFKHUZLGHUWHHU ª(VVLQG5LIIH=LHPOLFKJHIlKUOLFKHVRJDU'LHN|QQHQHLQHP %RRWVFKRQGHQ%DXFKDXIVFKOLW]HQ© ª+DXSWVDFKHXQVQLFKW©PHLQWH6XNR ª9HUJLGHQ6WHLQQLFKW©HULQQHUWHPLFK.LULDNLV ª7HXIHOGXKDVWUHFKW'HQKlWWHLFKWDWVlFKOLFKYHUJHVVHQ© VDJWHLFK 'HU*ULHFKHUHLFKWHPLUGHQ6WHLQ 0LW]ZHLGUHL6lW]HQHUNOlUWHLFK6XNRGLH%HGHXWXQJGHV 6WHLQV'DQQVHW]WHQZLUXQVHUH%ULOOHQDXIVWHFNWHQGLH0XQG VWFNH]ZLVFKHQGLH/LSSHQXQGNOHWWHUWHQDXIGLH5HOLQJ -DQH&ROOLQVJDEPLUXQG6XNRHLQHQ6FKODJDXIGLH6FKXOWHU 'DQDFKOLHHQZLUXQVJOHLFK]HLWLJYRUQEHUIDOOHQXQGLPQlFK VWHQ0RPHQWVFKOXJHQGLH:HOOHQGHUbJlLVEHUXQV]XVDPPHQ ,FKVSUWHGDVZDUPH:DVVHUGDVPLFKHLQEHWWHWHXQGZLHGHU GHU2EHUIOlFKHHQWJHJHQWUDJHQZROOWH'RFKPLWNUlIWLJHQ %HLQVW|HQJOLWWLFKWLHIHU 6XNRVFKZDPPHLQSDDU$UPOlQJHQQHEHQPLU(UJDEPLUPLW GHU+DQGHLQ=HLFKHQGDDOOHVRND\VHL 'DV:DVVHUXPXQVKHUXPVFKLOOHUWHJUQEODX1RFKVDKHQZLU GLHKHOOH2EHUIOlFKHDXIGHUVLFKGDV6RQQHQOLFKWEUDFKGRFK VFKRQEDOGZXUGHHVGXQNOHUXPXQV
'LH)DUEHQYHUZLVFKWHQ]HUOLHIHQ]XHLQHP*UQGDVVHOWVDP XQGXUFKVLFKWLJZDU6XNRZDUMHW]WQlKHUDQPLFKKHUDQJH VFKZRPPHQ(UKDWWHVHLQH8QWHUZDVVHUODPSHHLQJHVFKDOWHW (UVFKUHFNWKXVFKWHQHLQLJH)LVFKHGDYRQ(VJDEDEHUDXFK ZHOFKHGLHVLFKLQXQVHUHU1lKHDXIKLHOWHQXQGLQGDV/LFKW VWDUUWHQ,FKKlWWHVLHPLWGHU+DQGJUHLIHQN|QQHQVRQDKH ZDUHQVLHPLU :LUJOLWWHQYRUEHL 8QVHUH%HZHJXQJHQZDUHQKDUPRQLVFKHUJHZRUGHQ:LUKDW WHQXQVGHU8PJHEXQJEHVVHUDQJHSDW/HLFKWWDXFKWHQZLUGHP 0HHUHVJUXQGHQWJHJHQ,FKIKOWHPLFKIUHLXQGHPSIDQGGLHVH 8QWHUZDVVHUZHOWDOVIDV]LQLHUHQGHV(UOHEQLV :LUVFKZDPPHQDQEL]DUUHQ.RUDOOHQElQNHQYRUEHL([RWLVFK DXVVHKHQGH%OXPHQZLHJWHQLKUH.HOFKHLP:DVVHU'LH3IODQ]HQ VFKLHQHQDQGHU.RUDOOHQEDQN]XNOHEHQ)LVFKHNDXPJU|HU DOVHLQ)LQJHUQDJHOZLVFKWHQZLHVLOEHUQH7URSIHQYRUXQVHUHQ 7DXFKHUPDVNHQYRUEHLXQGIROJWHQGHQTXLUOHQGHQ/XIWSHUOHQ GHU2EHUIOlFKHHQWJHJHQ 'LHVHVFKZHLJHQGH8QWHUZDVVHUZHOWPLWLKUHUVFKLOOHUQGHQ )DUEHQSUDFKWGHU.RUDOOHQZDUIDV]LQLHUHQG -HWLHIHUZLUNDPHQXPVRGVWHUHUZXUGHHVXPXQV'DV 6RQQHQOLFKWUHLFKWHOlQJVWQLFKWPHKUDXVXPELVKLHUKHUYRU]X GULQJHQ.LULDNLVKDWWHPLUHUNOlUWGDHVDXIGHP0HHUHVJUXQG *HELUJHJHEHQVROOWHUHJHOUHFKWH6FKOXFKWHQ7lOHUXQG%HUJH 'DV*HVWHLQVROOWHYRQ]DKOUHLFKHQ+|KOHQGXUFKVHW]WVHLQXQG LQHLQHUGLHVHU+|KOHQZUGHQZLU0\[LQGHQVFKODIHQGHQ 0DJLHUILQGHQ :HQQZLU*OFNKDWWHQ (VZXUGHNlOWHUMHWLHIHUZLUWDXFKWHQ6XNRV8QWHUZDVVHU ODPSHKDWWHHVVFKZHUGLHJUQH'VWHUKHLW]XGXUFKOHXFKWHQ GHQQ3ODQNWRQXQG$OJHQYHUVFKOHFKWHUWHQGLH6LFKW 3O|W]OLFKKRE6XNRVHLQHOLQNH+DQG 6RIRUWVWRSSWHLFKPHLQH6FKZLPPEHZHJXQJHQ 0HLQFKLQHVLVFKHU3DUWQHUGHXWHWHDXIGLH8PULVVHHLQHU .RUDOOHQZDQGGLHYRUXQVDXVGHP:DVVHUKRFKZXFKV$XFKLFK
VFKDOWHWHPHLQH/DPSHHLQXQGEHKXWVDPVFKZDPPHQZLU QlKHU 'LH:DQGZDUYRQ]DKOUHLFKHQ6SDOWHQXQG+|KOHQGXUFKVHW]W $OJHQKDWWHQHLQHGLFNH6FKLFKWDXIGDV*HVWHLQJHOHJW /HXFKWHWHQZLULQGLH5LVVHKLQHLQVRJORW]WHQXQV)LVFKHHQW JHJHQGLHDEHUGDQQEOLW]VFKQHOONHKUWPDFKHQXQGLQGLH 'HFNXQJGHUVFKW]HQGHQ+|KOHQGXQNHOKHLWYHUVFKZDQGHQ 6XNR]HLJWHPLWGHU+DQGGHP0HHUHVJUXQGHQWJHJHQ+LQWHU GHU0DVNHVDKHQVHLQH$XJHQVHOWVDPJURDXV ,FKQLFNWH]XVWLPPHQG 1HEHQHLQDQGHUVFKZDPPHQZLUGHP*UXQGHQWJHJHQ'DEHL OHXFKWHWHQZLUPLWXQVHUHQ/DPSHQGLH)HOVZDQGDELPPHUDXI GHU6XFKHQDFKHLQHPJURHQ+|KOHQHLQJDQJ *URH+RIIQXQJVHW]WHLFKDXIGHQ6WHLQ.LULDNLVKDWWHJH PHLQWHUZUGHXQVXQWHU8PVWlQGHQGHQ:HJZHLVHQGHQQ ZHQQHUVLFKHUZlUPWHZDUXQVHU=LHOQLFKWPHKUZHLWHQWIHUQW 'HU6WHLQEHIDQGVLFKLQHLQHP1HW]'DVZLHGHUXPKLQJDQ PHLQHP*UWHOUHFKWVQHEHQGHP7DXFKHUPHVVHU 8QGGDQQHUUHLFKWHQZLUGHQ0HHUHVJUXQG*OHLFK]HLWLJ VSUWHQZLUGLH7LHIHQVWU|PXQJGLHXQVQDFK:HVWHQDEWUHLEHQ ZROOWH:LUVFKZDPPHQGDJHJHQJHULHWHQLQGLH1lKHHLQHV 8QWHUZDVVHUVWUXGHOVXQGVDKHQGHQIHLQHQ6DQGGHUYRP%RGHQ KRFKJHZLUEHOWZXUGHXQGHLQHUHJHOUHFKWH:RONHELOGHWH :LUKDWWHQEHVFKORVVHQGLFKW]XVDPPHQ]XEOHLEHQ(VZDUYLHO ]XJHIlKUOLFKDOOHLQ]XVFKZLPPHQ 'LFKWEHUGHP*UXQGJOLWWHQZLUGDKLQ/LQNVQHEHQXQV WUPWHVLFKGLH)HOVZDQGKRFK'DVSRU|VH*HVWHLQZLUNWHZLH HLQ6FKZDPPLQGHVVHQ3RUHQ$OJHQNOHLQH)LVFKHXQGDQGHUH ZLQ]LJH/HEHZHVHQLKU'DVHLQIULVWHWHQ 'UHLLJ0LQXWHQKLHOWHQZLUXQVEHUHLWVXQWHU:DVVHUDXI-HGHU YRQXQVKDWWHIU]ZHL6WXQGHQ/XIW,QGHQYHUEOHLEHQGHQ DQGHUWKDOE6WXQGHQPXWHQZLUGLH+|KOHILQGHQXQGGHQ 0DJLHUDQGLH2EHUIOlFKHVFKDIIHQ.HLQOHLFKWHV8QWHUIDQJHQ ,PPHUZLHGHUVXFKWHQXQVHUH%OLFNHGLH)HOVZDQGDE0DOWUDW VLHHWZDV]XUFNGDQQVWDFKVLHZLHGHUYRU
'LH0LQXWHQYHUUDQQHQ6SDOWHQXQG5LVVHVDKHQZLUJHQXJ 0DQFKHZDUHQVREUHLWGDHLQ7DXFKHUZHQQHUVLFKTXHUOHJWH KLQHLQVFKZLPPHQNRQQWH'RFK.LULDNLVKDWWHYRQHLQHP +|KOHQHLQJDQJJHVSURFKHQ8QGGHQKDWWHZLUQRFKQLFKWHQW GHFNW%LV6XNRSO|W]OLFKDXIJHUHJWPLWGHUOLQNHQ+DQGHLQ =HLFKHQPDFKWH0HLQ3DUWQHUVFKZDPPHLQH.|USHUOlQJHYRU DXV0LWHLQHU$UPEHZHJXQJZDULFKEHLLKPXQGVDKZDV6XNR HQWGHFNWKDWWH (VZDUGHU(LQJDQJ]XHLQHU+|KOH %RJHQI|UPLJWDWHUVLFKYRUXQVDXI$QEHLGHQ6HLWHQELOGHWH GDV:DVVHU:LUEHOGLHLQGLH+|KOHKLQHLQVWU|PWHQXQG]DKO UHLFKHNOHLQH)LVFKHPLWVLFK]RJHQ :DUHQZLUDP=LHO" 6XNRGHXWHWHDXIGHQ(LQJDQJ ,FKQLFNWH /DQJVDPJOLWWHQZLULQGLH+|KOHKLQHLQ8QVHUH.|USHUODJHQ ZLH]ZHL3IHLOHLP:DVVHUPLWDXVJHVWUHFNWHQ$UPHQ:LU EHZHJWHQQXUGLH)HOLHHQXQVYRQGHU6WU|PXQJLQGLH +|KOHKLQHLQ]LHKHQ 'LH8PJHEXQJZDUUDEHQVFKZDU],QGLHVH7LHIHGUDQJQLHHLQ 6RQQHQVWUDKOKLHUZDUHZLJH1DFKW (WZDVILHOXQVDXI.HLQ)LVFKVFKZDPPYRUXQVHUHQKHOOHQ 6FKHLQZHUIHUODQ]HQGDYRQ(VJDEKLHUNHLQH 6SUWHQGLH)LVFKHYLHOOHLFKWGLH$XUDGHV%|VHQGHV8QKHLP OLFKHQGLHLQGLHVHU+|KOHJHJHQZlUWLJZDU" 'DVNRQQWHGXUFKDXVVHLQ,FKHUOHEWHQLFKW]XPHUVWHQPDOGD VLFK7LHUHYRQHLQHP3ODW]IHUQKLHOWHQ6LHEHVLW]HQHLQEHVVHUHV :DUQV\VWHPDOVZLU0HQVFKHQ $EHUDXFKLFKVSUWHGDYRQGLHVHU+|KOHHWZDV%HGURKOLFKHV DXVJLQJ(VZDUQLFKWQXUGLH6WLOOHGLHXQVXPJDEQHLQLFK KDWWHGDV*HIKOLQHLQH)DOOH]XVFKZLPPHQ ,FKHQWIHUQWHPLFKHWZDVYRQ6XNRVFKZDPPQDFKUHFKWVZHJ XQGJHULHWLQGLH1lKHGHU+|KOHQZDQG 0LWGHU/DPSHOHXFKWHWHLFKVLHDE 5DXKXQGULVVLJZDUGDV*HVWHLQ'DV6HHZDVVHUKDWWH6SDOWHQ
XQG5LW]HDXVJHZDVFKHQ'RFKEHLJHQDXHUHP+LQVHKHQHQW JLQJHQPLUQLFKWGLHVHOWVDPHQ=HLFKHQGLHHLQHXQEHNDQQWH +DQGLQGDV*HVWHLQJHPHLHOWKDWWH 6HOWVDPHUZHLVHZDUHQGLH6\PEROHQRFKJXWVLFKWEDU'DV :DVVHUKDWWHLKQHQQLFKWYLHOJHWDQ )UPLFKZDUHQGLHVH6FKULIW]HLFKHQGHUXQWUJOLFKH%HZHLV GDLFKPLFKDXIGHUULFKWLJHQ)lKUWHEHIDQG 6XNRKDWWHPLFKEHREDFKWHWXQGDEJHZDUWHW$OVLFKLKP]X ZLQNWHVFKZDPPHUDXIPLFK]X0LWGHUOLQNHQ+DQGGHXWHWH LFKDXIGLH6FKULIW]HLFKHQXQGKREGDEHLLQHLQHUYHUVWlQGQLV ORVHQ*HVWHGLH6FKXOWHU 6XNRVDKVLFKGLH6\PEROHDQ6LHPXWHQHLQHUXUDOWHQ.XOWXU HQWVWDPPHQ(LQHHQWIHUQWHbKQOLFKNHLWPLWGHU6FKULIWGHUDOWHQ bJ\SWHUZDUYRUKDQGHQ 'RFKDXFK6XNRZXWHQLFKWZHLWHU,FKEUDXFKWHQXUVHLQHQ YHUVWlQGQLVORVHQ%OLFNKLQWHUGHU7DXFKHUEULOOH]XVHKHQXP HUNHQQHQ]XN|QQHQZRUDQLFKZDU ,QUHJHOPlLJHQ$EVWlQGHQSHUOWHQ0HLQH/XIWEOlVFKHQGHU +|KOHQGHFNHHQWJHJHQTXLUOWHQGRUWDXVHLQDQGHUXQG]HU SODW]WHQ 0LWGHP$UPGHXWHWH6XNRQDFKYRUQ 6HLWHDQ6HLWHVFKZDPPHQZLUWLHIHULQGLH8QWHUZDVVHUK|KOH KLQHLQ'DQQZXUGHVLHHQJHU%DOGNRQQWHQZLUQLFKWPHKU QHEHQHLQDQGHUVFKZLPPHQ,FKJOLWWYRUXQGEHUQDKPGLH )KUXQJ :LUEHIDQGHQXQVLQHLQHPHQJHQ)HOVVFKODXFK,FKGXUIWHJDU QLFKWGDUDQGHQNHQZLHJHIlKUOLFKGLHVHU$XVIOXJZDU:LU EUDXFKWHQXQVQXUDQGHQUDXKHQ:lQGHQGHQ/XIWVFKODXFK DXI]XUHLHQGDQQZDUHVDXV:LUZUGHQHOHQGLJHUVWLFNHQ $XIHLQPDOJLQJHVQLFKWPHKUZHLWHU'HU6WUDKOPHLQHU8QWHU ZDVVHUODPSHWUDIDXIHLQHTXHUVWHKHQGH:DQG +DWWHQZLUXQVJHLUUW":DUGLHVGHUIDOVFKH:HJGHQZLUHLQ JHVFKODJHQKDWWHQ" 'DEHUKUWH6XNRPHLQH6FKXOWHU,FKGUHKWHGHQ.RSIXQGVDK GHQ)LQJHUPHLQHV3DUWQHUVGHULQGLH+|KOHZLHV
,FKVFKDXWHQDFKREHQKREJOHLFK]HLWLJGLH/DPSHDQ'LH EHLGHQ/LFKWVWUDKOHQYHUHLQLJWHQVLFKHUKHOOWHQGLHWUEH%UKH VRZHLWGDZLUGHQ6FKDFKWHUNHQQHQNRQQWHQGHUVHQNUHFKW LQGLH+|KHVWLHJ 'DVDOVRZDUXQVHUZHLWHUHU:HJ 6XNRQLFNWHXQGVFKZDPPYRUDQ(UEHZHJWHQXUGLH%HLQH XQGJOLWWVRGHQ6FKDFKWKRFK 8QZLOONUOLFKDWPHWHLFKVFKQHOOHUVSUWHGLH1HUYRVLWlWGLH VLFKPHLQHUEHPlFKWLJWKDWWH:LUEHIDQGHQXQVGLFKWYRUGHP =LHO:UGHQZLUGHQVFKODIHQGHQ0DJLHUILQGHQ" =HKQ6HNXQGHQVSlWHUHUZDUWHWHXQVHLQHhEHUUDVFKXQJPLW GHUZLUQLHJHUHFKQHWKlWWHQ 6XNRV.RSIGXUFKEUDFKGLH:DVVHUREHUIOlFKH (LQHQ+HU]VFKODJVSlWHUNRQQWHDXFKLFKRKQH6DXHUVWRIIJHUlW DWPHQ,FKGUHKWHGDV9HQWLODEQDKPGDV0XQGVWFNKHUDXV WUDW:DVVHUXQGVDJWHVWDXQHQG ª'DVLVWHLQ'LQJ© 6XNRKREGHQ$UPXQGOLHGHQ/DPSHQVWUDKONUHLVHQ 'HU6FKHLQJOLWWEHUWURSIQDVVH:lQGHHUIDWHGLH'HFNH GLHVHV/XIWORFKVXQGEOLHEVFKOLHOLFKDQHLQHPYRUVSULQJHQGHQ )HOVKlQJHQDXIGHPGDV=LHOXQVHUHUDEHQWHXHUOLFKHQ 6FKZLPPUHLVHVWDQG 'HUJROGHQH6DUJ ª*HVFKDIIW©IOVWHUWHLFK6XNR]XXQGVFKZDPPORV'UHL 6FKZLPPVW|HQXUEUDFKWHQPLFKDQGHQ6DUJKHUDQ,FKHUNOHW WHUWHGHQ)HOVHQVWUHFNWHGHQ$UPDXVXQGKDOI6XNRKRFK 'HU%OLW]ZDUEUHLWJHQXJGDZLUVRJDUXPGHQ6DUJKHUXP JHKHQNRQQWHQ 'DV*ROGKDWWHLP/DXIHGHU=HLWJHOLWWHQXQG3DWLQDDQJHVHW]W 8QGGRFKZDU]XHUNHQQHQZLHXQJHKHXHUZHUWYROOGLHVHU6DUJ ZDU,FKVSUWHGDVLFKGHU6WHLQDQPHLQHP.|USHUHUZlUPW KDWWHHWZDVSXOVLHUWHGXUFKPHLQH$GHUQ'LH0DJLHZXUGH VWlUNHU 6XNR]RJVHLQ0HVVHUXQGNUDW]WHPLWGHU.OLQJHHWZDVYRQGHU
3DWLQDDE5HLQHV*ROGOHXFKWHWHXQVHQWJHJHQ:LUVDKHQDXFK GLHIUDW]HQKDIWHQ*HVLFKWHUGLHGHQ'HFNHOGHV6DUJV]LHUWHQ *UlOLFKH0RQVWHUJHVWDOWHQERWHQVLFKXQVHUHQ%OLFNHQ +|OOHQZHVHQGLHQLFKWYRQGLHVHU:HOWVWDPPWHQXQGGHQ VFKODIHQGHQ0DJLHULQVHLQHPSUXQNYROOHQ6DUJEDQQHQVROOWHQ ª2ND\©VDJWH6XNRªGDQQZROOHQZLUPDOGHQ'HFNHO|IIQHQ +RIIHQWOLFKVFKDIIHQZLUHV© (UZROOWHVLFKVFKRQDQGLH$UEHLWPDFKHQGRFKLFKKLHOWLKQ PLWHLQHU+DQGEHZHJXQJ]XUFN ª:DVLVW"©IUDJWH6XNR ª(WZDVVWLPPWKLHUQLFKW©JDELFK]XUFNXQGEOLFNWHPLFK YRUVLFKWLJXPª'HQNDQ.LULDNLV:RUWHXQGGDUDQGDGHU6DUJ EHZDFKWZLUG© ª9RUVLFKW-RKQ©JHOOWH6XNRV:DUQVFKUHL ,FKZDUIPLFK]XU6HLWHYHUORUGDV*OHLFKJHZLFKWXQGILHOLQ GDV:DVVHU 9LHOOHLFKWZDUHVPHLQH5HWWXQJGHQQGXUFKGLHVHVFKQHOOH %HZHJXQJYHUIHKOWHPLFKGHU.RSIGHV0RQVWHUV 8QGGRFKKDWWHLFKGDV*HIKOPHLQ+HU]ZUGHVWHKHQ EOHLEHQ:DVGRUWVRSO|W]OLFKXQGXQHUZDUWHWDXVGHU7LHIH DXIWDXFKWHZDUQLFKWVDQGHUHVDOVHLQH6HHVFKODQJH(LQHVGLHVHU OHJHQGlUHQ8QJHKHXHUGLHHVHLJHQWOLFKQLFKWPHKUJLEW :LUZDUHQYRP*HJHQWHLOEHU]HXJWZRUGHQXQGLQGHQ QlFKVWHQ6HNXQGHQEHJDQQHLQ.DPSIDXI/HEHQXQG7RG .RQVWDQWLQ+HUHRVVWDQGDXIGHU%UFNHKLHOWGDV*ODVJHJHQGLH $XJHQJHSUHWXQGVXFKWHGLH6HHDE6HLWHLQLJHQ0LQXWHQ EHZHJWHHUVLFKQLFKWVWDUUWHVWXPPDXIHLQH6WHOOHLP0HHU 'DQQOLHHUGDV*ODVVLQNHQXQG]LVFKWHHLQHQJHPHLQHQ)OXFK GXUFKGLH=lKQH ª:DVLVWORV"©IUDJWHLKQ.RQRV ª'RUWZRZLUXQVWUHIIHQZROOHQOLHJWHLQH
ª+DEHQ6LHHUNHQQHQN|QQHQZHUVLFKDXI'HFNEHILQGHW"© ª1HLQ]XP+HQNHU© ª'LHZHUGHQVFKRQZLHGHUYHUVFKZLQGHQ© ª1LFKWVZHUGHQVLH©HUZLGHUWH+HUHRVNQLUVFKHQGª'LHKDEHQ ZDVYRU2GHUNDQQVWGXPLUHLQHQ7RXULVWHQQHQQHQGHUVHLQHQ .DKQGRUWKLQVWHXHUW",FKQLFKW1HLQZHUGRUWDQNHUWKDWHLQHQ EHVRQGHUHQ*UXQGGDVNDQQVWGXPLUJODXEHQ© ª3ROL]HL"© +HUHRVVFKWWHOWHGHQ.RSIª.DXP'LH.HUOHKDOWHQVLFK]ZDU LPPHUIUVHKUVFKODXDEHUJHWDUQWKDEHQVLHVLFKQRFKQLH© ª,VWGHQQYRQGHPDQGHUHQ6FKLIIVFKRQHWZDV]XVHKHQ"© ZROOWH.RQRVZLVVHQ ª%LVMHW]WQRFKQLFKW$EHUGHU.XQGHPWHEDOGDXIWDXFKHQ© ª:LUN|QQHQLKPHLQ=HLFKHQJHEHQGDZLUXQVHLQHQ DQGHUHQ7UHIISXQNWDXVJHVXFKWKDEHQ©VFKOXJ.RQRVYRU +HUHRVVFKWWHOWHGHQ.RSIª'DQQZLUGGHU.HUOPLWUDXLVFK XQGGHQNWZLUN|QQWHQLKQLQHLQH)DOOHORFNHQ© ª$OVRPDFKHQZLUGDV*HVFKlIWYRU=HXJHQ© ª-D©+HUHRVJULQVWHXQGZDQGWHGHQ.RSIª$EHUGDQDFKZLUG HVNHLQH=HXJHQPHKUJHEHQ© ª:LUVROOHQGLHDQGHUHQDXFKXPOHJHQ"© ª*HQDXhEHUQLPPGXGDV5XGHUXQGIDKUPDOQlKHUUDQ,FK PXXQEHGLQJWZLVVHQZLHYLHOH3HUVRQHQVLFKDXIGHP.DKQ EHILQGHQ© ª$\HD\H6LU© 0LWKDOEHU.UDIWOLHIGLH6($$552:LKUHP=LHO]X'HU VFKDUIH%XJGXUFKVFKQLWWGDV:DVVHUZLHHLQ0HVVHUGLH%XWWHU $P+HFNNQDWWHUWHGLHJULHFKLVFKH)DKQHLP:LQG 'LH0LQXWHQYHUJLQJHQ,PPHUZLHGHUSUHWH+HUHRVGDV*ODV JHJHQGLH$XJHQ $XFK.RQRVZDUQHXJLHULJª.|QQHQ6LHVFKRQHWZDVHUNHQ QHQ&KHI"© ª%DOG©+HUHRVUlXVSHUWHVLFKª:LUZROOHQGLH7\SHQGRUW GUEHQQLFKWDXIXQVDXIPHUNVDPPDFKHQ1LPPPDOHWZDV 'DPSIZHJ©
ª2ND\&KHI© 3O|W]OLFKSILII+HUHRVGXUFKGLH=lKQH'DQQIOVWHUWHHU ª0HQVFKGDVLVWHLQ'LQJ© ª:DVLVWORV"© ª$XIGHP.DKQLVWHLQH3XSSH%ORQGVDJHQKDIWJHZDFKVHQ *HQDXPHLQH.UDJHQZHLWH© 8QGDXFKPHLQHZROOWH.RQRVVDJHQGRFKHUYHUNQLIIVLFKGLH %HPHUNXQJGHQQZDVGHU&KHIIUVLFKDXVJHVXFKWKDWWHGDV ZDUIUGLHDQGHUHQWDEX ª,VWGLH.OHLQHDOOHLQ"©IUDJWH.RQRV ª1HLQRGHU"1HLQGRFKQLFKW-HW]WVHKHLFKLKQ0XHLQ ]LHPOLFKDOWHU.QDFNHUVHLQGHUDXIGHP'HFNUXPWXUQW© .RQRVNLFKHUWHª$OWXQGMXQJZLHVLQQLJ© ª+DOWV0DXO©+HUHRVEOLFNWHQRFKLPPHUGXUFKGDV*ODV ª0LVWMHW]WKDEHQVLHXQVJHVHKHQ'HU$OWHKDWGLH.OHLQHVRHEHQ DXIXQVHUHQ.DKQDXIPHUNVDPJHPDFKW© ª8QG"/HJHQZLUVLHVRIRUWXP"© ª7MDLFKZHLQLFKWVRUHFKW©+HUHRV]|JHUWHQRFK $OOHUGLQJVQLFKWDXV0HQVFKHQIUHXQGOLFKNHLWVRQGHUQDXVHLQHP DQGHUHQ*UXQG9RQ2VWHQKHUVDKHUHLQ%RRWDXIGHQ7UHIISXQNW ]XODXIHQ'HU.DKQZDU]ZDUQRFKNOHLQIXKUMHGRFKPLWKRKHU *HVFKZLQGLJNHLWXQGZXUGHUDVFKJU|HU ª:LUPVVHQHVYHUVFKLHEHQ©VDJWH+HUHRVª8QVHU)UHXQG NRPPW/RV.RQRVODXIXQWHU'HFNXQGVDJ/LUL%HVFKHLG8QG GDQQQHKPWGLH.DQRQHQ%HVSURFKHQKDEHQZLUMDDOOHV© ª*HKWLQ2UGQXQJ&KHI©.RQRVULHEVLFKGLH+lQGHª(QGOLFK ZLUGHVZLHGHUVSDQQHQG© -DQH&ROOLQVVDDXIGHP'HFNXQGUDXFKWH'HU:LQGZHKWHLKU GHQ4XDOPYRQGHQ/LSSHQXQG]HUIDVHUWHLKQ+LQXQGZLHGHU GUHKWHGLH'HWHNWLYLQGHQ.RSIXQGVDK]XGHU6WHOOHKLQDQGHU -RKQXQG6XNRJHWDXFKWZDUHQ -DQHPDFKWHVLFKJURH6RUJHQXPLKUHEHLGHQ)UHXQGH8QG GLHWHLOWHVLHGHP*ULHFKHQDXFKPLW
ª:HQQMHPDQGHVVFKDIIWGDQQVLQGHVGLHEHLGHQ©HUZLGHUWH .LULDNLV]XYHUVLFKWOLFK -DQHQLFNWHª-DZHQQLFKDQ-RKQ6LQFODLUGHQNH©6LHVFKW WHOWHGHQ.RSIª:HLWGXHLJHQWOLFKGD-RKQEHUHLWVOHEHQGLJ EHJUDEHQZDU"© ª1HLQ© 'LH'HWHNWLYLQHU]lKOWH.LULDNLVYRQGHP$EHQWHXHUDQGHP DXFKVLHQLFKWXQEHWHLOLJWJHZHVHQZDUª(VZDUJUDXVDP© IOVWHUWHVLHªZHQQLFKGDUDQ]XUFNGHQNH©,KUH6WLUQOHJWH VLFKLQ)DOWHQª'DQQLVWPLUQRFKHWZDVXQNODU©VDJWHVLH ª6FKWWHGHLQ+HU]UXKLJDXV©VSUDFK.LULDNLV ª:LHGXGDVVDJVW©-DQH&ROOLQV]RJGLH%HLQHDQXQGVFKODQJ EHLGH+lQGHXPLKUH.QLHª$OVLFKGLHVHQ7ULSLQV-HQVHLWV PDFKWH©EHJDQQVLHªGDKDWWHLFKDXIGHUDQGHUHQ6HLWHSO|W]OLFK 9LVLRQHQ,FKKDEHGLUEHUHLWVGDYRQHU]lKOW,FKVDKGLHVHV VFKZDU]H7D[LGDQQGLH0KOHXQGLPPHUZLHGHUVSLHOWH-RKQ 6LQFODLUGLH+DXSWUROOH,FKIUDJHPLFKGLHJDQ]H=HLWEHUKDEH LFKWDWVlFKOLFKHLQHQ%OLFNLQGLH=XNXQIWJHWDQ"© .LULDNLVVFKDXWH-DQHHUQVWDQ ª6DJPLUGLH:DKUKHLW+DOWHQLFKWGDPLWKLQWHUGHP%HUJ©EDW GLH'HWHNWLYLQ 'HU*ULHFKHQLFNWHª-D-DQHGXKDVWHLQHQ%OLFNLQGLH=XNXQIW JHZRUIHQ© -DQHO|VWHLKUHUHFKWH+DQGYRP.QLHXQGSUHWHVLHJHJHQGLH YROOHQ/LSSHQª0HLQ*RWWGDQQPX-RKQJHZDUQWZHUGHQ(U GDUIGRFKQLFKWLQVHLQ9HUGHUEHQODXIHQ© .LULDNLVOlFKHOWHZLVVHQGª:LOOVWGXGLH=XNXQIWlQGHUQPHLQ .LQG"'DVNDQQQLHPDQG© ª$EHUPDQPXGRFKZDVWXQ© ª'XGDUIVWQLFKWYHUJHVVHQ-RKQ6LQFODLUKDWHLQHQ-REGHULKQ DXVIOOW(UZLUGQRFKRIWLQOHEHQVJHIlKUOLFKH6LWXDWLRQHQJH UDWHQDEHUHUZLUGVLFKLPPHUZLHGHUEHIUHLHQ© ª%LVHVHLQPDOVFKLHIJHKW©VDJWH-DQHOHLVH .LULDNLVKREGLH6FKXOWHUQ(UIUDJWH ª6DJHKUOLFKOLHEVWGX -RKQ6LQFODLUVRVHKU"©
ª,FKLFKJODXEHMD©-DQHNRQQWHQLFKWYHUPHLGHQGDVLHURW ZXUGHª8QG-RKQKDWDXFKHWZDVIUPLFKEULJ(UKDWHVPLU QLHVRGHXWOLFKXQGGLUHNWJHVDJWDEHULFKVSUHVRHWZDV$OV )UDXKDEHLFKGDIUHLQH$QWHQQH© 'HU%OLFNGHV*ULHFKHQZDQGHUWHEHUGLHJUDXJUQH6HH GHUHQODQJH'QXQJGDV%RRWKLQXQGKHUZLHJWHª(VZLUG VFKZHUIUHXFKVHLQHLQH(KH]XIKUHQ-RKQKDWHLQHQJHIlKU OLFKHQ-REXQGGXHEHQIDOOV(LQH+HLUDWLVWIUHXFKEHLGHHLQ JURHV5LVLNR*ODXEHHLQHPDOWHQOHEHQVHUIDKUHQHQ0DQQ -DQH&ROOLQV© ª,FKGDQNHGLU©HUZLGHUWHGLH'HWHNWLYLQ $EUXSWZHFKVHOWH.LULDNLVGDV7KHPDª6FKlW]HZLUEH NRPPHQ%HVXFK©VDJWHHU ª:R"© .LULDNLVGHXWHWHQDFK6GHQª'RUWKLQWHQGLH
PHLQH%HLQHGUFNWHPLWDOOHU0DFKW]XXQGLFKKDWWHGDV *HIKOPHLQH.QRFKHQZUGHQEUHFKHQ 'LHP|UGHULVFKH6HHVFKODQJHKLHOWPLFKJHSDFNW :HLWKLHOWLFKGLH$XJHQDXIVDKLKUHQEDXPVWDPPGLFNHQ/HLE LP:DVVHUKLQXQGKHUZLVFKHQVFKOXJYHU]ZHLIHOWPLWGHQ $UPHQXPPLFKXQGZXUGHLQGLH7LHIHJHULVVHQ 1RFKJHODQJHVPLUGLH3DQLNLQ*UHQ]HQ]XKDOWHQVLHVRJDU ]XXQWHUGUFNHQ ,FK]RJPHLQ0HVVHU:LHGHUVDKLFKGHQ/HLEYRUPLUDXI WDXFKHQXQGVWLHGLHEUHLWHEHLGVHLWLJJHVFKOLIIHQH.OLQJH ZXFKWLJLQGDV)OHLVFKGHV0RQVWHUV'DQQ]RJLFKGDV0HVVHU QDFKXQWHQEUDFKWHGHU%HVWLHVRHLQHQWLHIHQ6FKQLWWEHL 7LQWLJHVVFKZDU]HV6HNUHWXPIORPLFKLQGHUQlFKVWHQ 6HNXQGHKOOWHPLFKHLQZLHHLQH:RONH :LHGHUVWDFKLFK]XWUDIDEHUQLFKWGDLFKQLFKWVVHKHQNRQQWH 0LUZXUGHGLH/XIWNQDSS 'HU'UXFNXPPHLQH%HLQHKDWWHVLFKXPNHLQHQ'HXWYHU ULQJHUW7URW]GHU:XQGHGLHLFKGHU6FKODQJH]XJHIJWKDWWH OHEWHVLHZHLWHU ,FKEHNDPHVPLWGHU$QJVW]XWXQ ,Q*HGDQNHQVFKULHLFKXP+LOIH6XNR0HLQ*RWWZDUXP NDPHUQLFKW":LOGVWDFKLFKXPPLFK'LH/XQJHQGURKWHQPLU ]XSODW]HQ'HU+XVWHQUHL]ZXUGHEHUPlFKWLJ:HQQLFKPLFK LQGHQQlFKVWHQ6HNXQGHQQLFKWEHIUHLHQNRQQWHGDQQZDULFK YHUORUHQ 'DEOLW]WHHWZDVGLFKWYRUPHLQHP*HVLFKW,QVWLQNWLYJULIILFK PLWGHUIUHLHQ+DQGGDQDFK (VZDUGDV0XQGVWFN 'LH5HWWXQJ" 6RIRUWSUHWHLFKHV]ZLVFKHQPHLQH=lKQHZUJWHXQGVDXJWH GLH/XIWLQGLH/XQJHQ,FKVFKDIIWHHVVRJDUGHQ+XVWHQUHL]]X XQWHUGUFNHQ,QGHU6WXQGHGHU*HIDKULVWGHU0HQVFKZLUNOLFK ]XHQRUPHQ/HLVWXQJHQIlKLJ 'DZDQGVLFKGHUYHUGDPPWH6FKODQJHQN|USHUXPPHLQHQ /HLE,FKKDWWHGDV*HIKOLQGHU0LWWHGXUFK]XEUHFKHQ
+DVWLJKDFNWHLFKPLWGHP0HVVHUQDFKGHP)OHLVFKGHU%HVWLH EUDFKWHLKUZHLWHUH:XQGHQEHL :LOGSHLWVFKWHGHU.RSIGHU6FKODQJHGDV:DVVHU,FKZXUGH KLQXQGKHUJHZRUIHQZXWHPDQFKPDOQLFKWZRREHQXQG XQWHQZDU8QGLFKNRQQWHPLFKQLFKWDXVGHUJQDGHQORVHQ 8PNODPPHUXQJO|VHQ 0HLQH+lQGHIXKUHQQDFKXQWHQIKOWHQWURW]GHU:DVVHUNlOWH HWZDV:DUPHV 'HUPDJLVFKH6WHLQ ,FKULLKQDXVGHP1HW]-HW]WPXWHHVVLFK]HLJHQREHUPLU LQGHU6WXQGHGHU1RWKDOI +DUWSUHWHLFKLKQJHJHQGLHVFKXSSLJH6FKODQJHQKDXW8QG ZDVLFKNDXPIUP|JOLFKJHKDOWHQKDWWHJHVFKDK'HU'UXFN GLHVHV0RQVWHUN|USHUVO|VWHVLFK 'HUPDJLVFKH6WHLQEUDQQWHVLFKI|UPOLFKGXUFKGHQ.|USHUGHU %HVWLHKLQGXUFK]HUVW|UWHLKQPLWGHQ.UlIWHQGHV/LFKWV ,FKULGLH+DQGPLWGHP6WHLQ]XUFNXQGNRQQWHPLFK ZLHGHUIUHLEHZHJHQ 0LW]ZHL%HLQVW|HQHUUHLFKWHLFKGLH2EHUIOlFKHUROOWHPLFK DXIGDV)HOVSODWHDXULPLUGDV0XQGVWFN]ZLVFKHQGHQ/LSSHQ KHUYRUXQGEOLHENHXFKHQGOLHJHQ ,FKKREGHQ.RSI 'DV:DVVHUEURGHOWHXQGNRFKWH'LH6HHVFKODQJHODJLQGHQ OHW]WHQ=XFNXQJHQ'LH.UDIWGHVPDJLVFKHQ6WHLQVKDWWHVLHLQ ]ZHL+lOIWHQJHWHLOW%HLGH.|USHUWHLOH]XFNWHQDOVREVLHXQWHU 6WURPVWQGHQTXROOHQDQGLH2EHUIOlFKHXQGVDQNHQZLHGHULQ GLH7LHIH 6HNXQGHQODQJVDKLFKGHQKlOLFKHQ5DFKHQHLQZHLWDXIJHULV VHQHV0DXOPLWODQJHQQDGHOVSLW]HQ=lKQHQ'DPLWKlWWHPLU GLHVHV%LHVWGHQ.RSIDEEHLHQN|QQHQ 'DQQZDUGLH6FKODQJHYHUVFKZXQGHQ/HEORVVDQNHQGLH .|USHUKlOIWHQGHP*UXQGHQWJHJHQ ,FKEOLFNWHPLFKXP6LHGHQGKHLILHOPLU6XNRHLQ+LPPHO LKQKDWWHLFKLQGHU$XIUHJXQJGHV.DPSIHVYHUJHVVHQ$EHUZR VWHFNWHPHLQ)UHXQG",FKVDKLKQQLUJHQGV
'RFK'D6HLQ.|USHUVFKZHEWHGLFKWXQWHUGHU:DVVHUREHU IOlFKH/HEORVWULHEHUGDKLQ ª6XNR©0HLQ6FKUHLJHOOWHGXUFKGLH+|KOHREZRKOLFKZXWH GDHVVLQQORVZDU]XUXIHQ,FKPXWHKDQGHOQ+HFKWHWHLP QlFKVWHQ$XJHQEOLFNYRQGHPVFKW]HQGHQ)HOVHQLQV:DVVHU KLQHLQXQGEHNDPGHQ&KLQHVHQ]XSDFNHQ ,FKOHJWHLKQDXIGHQ5FNHQKREGHQ.RSIDQGDPLWVLFKVHLQ 0XQGEHUGHU:DVVHUREHUIOlFKHEHIDQG'DQQVFKOHSSWHLFK PHLQHQ)UHXQGDXIV7URFNHQH $WPHWHHUQRFK" ,FKEHXJWHPLFKEHU6XNR0HLQHEUHQQHQGH/DPSHKDWWHLFK DP*UWHOIHVWJHKDNW,P/LFKWVFKHLQVDKLFKVHLQHEODXHQ/LSSHQ XQGGDVNDONLJH*HVLFKW :LHGHUKDWWHLFK$QJVW*OHLFK]HLWLJEHJDQQLFKPLWYHU]ZHL IHOWHQ:LHGHUEHOHEXQJVYHUVXFKHQEHZHJWH6XNRV$UPHDXIXQG QLHGHUXQGSXPSWHLKP:DVVHUDXVGHQ/XQJHQ ,P6FKZDOOVSLH6XNRHVDXV 'DQQEHJDQQHU]XKXVWHQXQG]XNHXFKHQVHLQH/LGHUIODW WHUWHQHU|IIQHWHGLH$XJHQVDKPLFKDQXQGJULQVWH ,FKOlFKHOWHHEHQIDOOVª9RQGHQ7RWHQZLHGHU]XUFN"© ª-DGDQNGHLQHU+LOIH©6XNRVWLHGLH:RUWHDEJHKDFNWKHUYRU ZXUGHLPPHUGXUFK+XVWHQDQIlOOHXQWHUEURFKHQ ª:DVLVWHLJHQWOLFKSDVVLHUW"©IUDJWHLFK ª1LFKWYLHO©HUZLGHUWH6XNRª,FKVDKGDVYHUGDPPWH%LHVWDXV GHP:DVVHUVFKLHHQVFKULHGLUQRFKHLQH:DUQXQJ]XGLHGXMD DXFKEHIROJWKDVW'DQQDEHUWUDIPLFKGHU+DPPHU.ODWVFKXQG GDQQJLQJEHLPLUGDV/LFKWDXV,FKKDEHJDUQLFKWPHKU JHPHUNWGDLFKLQGLH%UKHJHIDOOHQELQ© ,FKJULQVWHª'DQQKDEHQZLUXQVMDJHJHQVHLWLJGDV/HEHQ JHUHWWHW© ª6RXQJHIlKU© ,FKGHXWHWHDXIGDV:DVVHUª/LHJWGHLQH/DPSHHWZDMHW]WGD XQWHQ"© ª:DKUVFKHLQOLFK© ª:HLWGX6XNRLFKNDQQLPPHUQRFKQLFKWEHJUHLIHQZRGDV
YHUGDPPWH%LHVWKHUJHNRPPHQLVW:LUKlWWHQGLH6FKODQJHGRFK VHKHQPVVHQ]XP7HXIHO© ª'LHKDWDXIGHP*UXQGJHODXHUW©PHLQWHPHLQFKLQHVLVFKHU 3DUWQHUª'HU.|USHUZDUPLW6DQGXQG6FKOLFNEHGHFNWXQG GDQQVDJGXPLUZLHGXVROFKHLQ%LHVWILQGHQXQGHUNHQQHQ ZLOOVW© ª6WLPPWDXFKZLHGHU©JDELFK]X ª+RIIHQWOLFKPVVHQZLUQLFKWPLWQRFKPHKUhEHUUDVFKXQJHQ UHFKQHQ©VDJWH6XNRXQGVDKVLFKVXFKHQGXP $XFKLFKOLHPHLQH%OLFNHGXUFKGLH+|KOHVFKZHLIHQVDKGLH .XSSHOGHFNHDXVUDXKHPULVVLJHP*HVWHLQGRFKHLQH*HIDKUIU XQVNRQQWHLFKQLFKWHQWGHFNHQ ª9LHOOHLFKWKDEHQZLU*OFN©VDJWHLFKXQGZDQGWHPLFKGHP JROGHQHQ6DUJ]X *HKHLPQLVYROOVFKLPPHUWHGDV0HWDOO:HOFKXQJHKHXUHV 5lWVHOPXWHGLHVHU6DUJYHUEHUJHQ"=HKQWDXVHQG-DKUHDOWVROOWH 0\[LQGHU0DJLHUVHLQ 6WLPPWHHV" 6XNRQLFNWHPLU]Xª.RPP©VDJWHHUªODXQVGHQ6DUJ|II QHQ©6HLQH6WLPPHNODQJUDXKYRU(UUHJXQJXQGGDVVROOWHEHL 6XNRVFKRQZDVKHLHQZRHUVRQVW]LHPOLFKEHKHUUVFKWZDU /DQJVDPVFKULWWHQZLUXPGHQ6DUJKHUXPEOLFNWHQLKQJHQDX DQ(UKDWWHGLH)RUPHLQHV6DUNRSKDUJVZDU]LHPOLFKKRFKXQG GHU'HFNHOVFKORJXWPLWGHP8QWHUWHLODE 6XNRVFKWWHOWHGHQ.RSIª'HQNULHJHQZLUJHPHLQVDPQLH KRFK©NRPPHQWLHUWHHU 'LH%HIUFKWXQJKDWWHLFKDXFK$EHULFKEHVDQRFKGHQPDJL VFKHQ6WHLQ8QGGHUVROOWHPLUDXFKGLHVPDOKHOIHQ ,FKKDWWHLKQZLHGHULQGDV1HW]JHVWHFNWXQGQDKPLKQMHW]W KHUYRU6HLQH:lUPHKDWWHHUEHLEHKDOWHQ ª9HUVXFKHV©VDJWH6XNR %HKXWVDPOHJWHLFKGHQ6WHLQDXIGHQ6DUJGHFNHO,FKZXWH QLFKWZLHLFKHVVRQVWDQVWHOOHQVROOWH =XHUVWJHVFKDKQLFKWV5XKLJEOLHEGHU6WHLQOLHJHQ'RFK GDQQ6HNXQGHQVSlWHUYHUlQGHUWHHUVLFK6HLQH9LHOIDUELJ
NHLWZLFK(UZXUGHVWUDKOHQGZHLEHJDQQ]XOHXFKWHQXQG ZXUGHGXUFKVLFKWLJ (LQJOHLHQGHU.ULVWDOOODJSO|W]OLFKDXIGHP6DUJGHFNHO'DV /LFKWIOOWHGDV*HZ|OEHDXVOLHXQVHUH*HVLFKWHUNDONLJXQG EOHLFKHUVFKHLQHQ 'RFKGDV/LFKWEOHQGHWHQLFKW6WDWWGHVVHQVDPPHOWHHVVLFK ELOGHWHHLQHQ%RJHQGHUVLFKZLHHLQ6FKOHLHUDXIGHQ'HFNHOGHV 6DUJHVOHJWH 8QGGDQQJHVFKDKGDV8QZDKUVFKHLQOLFKH 'HU6DUJGHFNHOJOLWWLQGLH+|KHO|VWHVLFKYRQVHLQHP 8QWHUWHLOXQGVFKZHEWH (LQ]LVFKHQGHV*HUlXVFKGUDQJDXVGHQ6SDOWHQ]ZLVFKHQ 'HFNHOXQG8QWHUWHLODOVKlWWHMHPDQG/XIWDXVJHVWRHQ 6XNRXQGLFKZDUHQXQZLOONUOLFK]XUFNJHZLFKHQ*HVSDQQW EHREDFKWHWHQZLUGLHQlFKVWHQ9RUJlQJH 'HU6DUJGHFNHOJOLWWK|KHUGHU'HFNHHQWJHJHQHUVWUDKOWHGRUW LQHLQHPKHOOHQ/LFKWXQGO|VWHVLFKDXI 9RQHLQHU6HNXQGH]XUDQGHUHQZDUHUYHUVFKZXQGHQ 8QJODXEOLFK 6WDXQHQGEHREDFKWHWHQZLUGLHVHQ9RUJDQJ:HOFKHXQEH NDQQWHJUHQ]HQORVH0DJLHWUDWKLHULQ$NWLRQ"(LQ=DXEHU GHUGLH-DKUWDXVHQGHEHUGDXHUWXQGGRFKYRQVHLQHU :LUNXQJQLFKWVYHUORUHQKDWWH6XNRXQGLFK0HQVFKHQDXV HLQHUDQGHUHQPRGHUQHUHQ=HLWNRQQWHQQXUQRFK]XVHKHQ XQGVWDXQHQ )DVWV\QFKURQVHQNWHQZLUXQVHU%OLFNHXPLQGHQ6DUJKLQ HLQVFKDXHQ]XN|QQHQ:LUIKOWHQXQVZLH6WDWLVWHQGLHLUJHQG ZDQQPDOLKUHQ$XIWULWWKDWWHQ ,FKKLHOWGHQ$WHPDQ6FKORPHLQH+lQGH]X)lXVWHQXQG VSUWHGLH1lJHOGLHLQGLH+DXWGUDQJHQ (VZDUVRZLH.LULDNLVHVYRUDXVJHVDJWKDWWH ,P6DUJODJ0\[LQGHU0DJLHU ,FKVWDQGDP)XHQGHVRGDLFKGDV*HVLFKWGHV0DJLHUV VHKHQNRQQWH(VZDUVFKPDOXQGKRKOZDQJLJYRQHLQHUJUQHQ XQJHVXQGHQ)DUEH7LHILQGHQ+|KOHQODJHQ$XJHQGLHZLH
ZHLH*ODVPXUPHOQDXVVDKHQ+HOOZHLXQGNDOW6HLQ.RSIOLHI VHOWVDPVSLW]]XGLH2KUHQZDUHQQRUPDOJURQXUGLH*HVWDOW NDPPLUNOHLQYRU 'HU0DJLHUZDUYRQ]ZHUJHQKDIWHP:XFKV'LH)HODJHQ NQDSSKLQWHUGHU0LWWHGHV6DUJHV0\[LQWUXJHLQGXQNHOJUQHV *HZDQGGDVGLHODQJH=HLWEHUVWDQGHQKDWWHRKQH6FKDGHQ]X QHKPHQ'LH$UPHKDWWHHUDXIGHU%UXVWJHNUHX]W,FKVDKODQJH )LQJHUGLHPLFKDQ6SLQQHQEHLQHHULQQHUWHQ $XIGHP.RSIWUXJ0\[LQHLQH$UW.DSSHGLHVHLQ+DDUYHU GHFNWH'LH.DSSHZDUDXVVFKZDU]HP6WRIIXQGPLW*ROGIlGHQ GXUFKZHEW'LHVDOVRZDUHLQHUGHUPlFKWLJVWHQ0lQQHUYRQ $WODQWLV 6XNRVXQGPHLQ%OLFNWUDIHQVLFK'HU&KLQHVHKREGLH 6FKXOWHUQ$XIVHLQHP*HVLFKWVWDQGHLQ)UDJH]HLFKHQ$XFKHU ZXWHQLFKWZLHHUVLFK]XYHUKDOWHQKDWWH :LUPXWHQDEZDUWHQXQGGDUDXIKRIIHQGD0\[LQHWZDV XQWHUQDKP1RFKVDKHVVRDXVDOVVFKOLHIHHU,FKZDUMHGRFK VLFKHUGDHUVLFKEDOGHUKHEHQZUGH 'HU0DJLHUHQWWlXVFKWHXQVQLFKW 6HLQH$XJHQEHZHJWHQVLFKGLH3XSLOOHQUROOWHQZLH]ZHL .UHLVHOEOLFNWHQPLFKDQ(LQVW|KQHQGHU/DXWGUDQJDXVGHP OLSSHQORVHQ0XQGGDQDFKHLQODQJJHVWUHFNWHU6HXI]HU 6XNRXQGLFKKLHOWHQGHQ$WHPDQ 'DQQEHJDQQ0\[LQ]XVSUHFKHQ8QGHUUHGHWHLQXQVHUHU 6SUDFKH:LHGHUHLQ3KlQRPHQGDVLFKQLFKWEHJULII ª$WODQWLVLVWYHUJDQJHQ6FKZHUODVWHWHDXIPLUGHU)OXFKGHV 6FKZDU]HQ7RGHV'RFKGLH5FNNHKUDXVGHQ'LPHQVLRQHQGHV ODQJHQ6FKODIVLVWQLFKWDXI]XKDOWHQ,KUKDEWPLFKLQGLH:HOWGHU /HEHQGHQJHKROW1HKPWPHLQHQ'DQN© (UKDWWHGDVOHW]WH:RUWNDXPDXVJHVSURFKHQDOVHUVHLQH +lQGHDXIGHQ6DUJUDQGOHJWHXQGVLFKDXIVWW]WH)DVWVFKZHUH ORVVRVFKLHQHVPLUMHGHQIDOOVJOLWWHUK|KHUNOHWWHUWHDXVGHP 6DUJXQGEOLHE]ZLVFKHQ6XNRXQGPLUVWHKHQ *HGDQNHQYHUORUHQVFKDXWHHUDXIGDV:DVVHUª,KUKDEWGLH 6FKODQJHEHVLHJW©PXUPHOWHHUªDEHUGLH6FKODFKWLVWQRFKQLFKW
JHZRQQHQ'HU6FKZDU]H7RGZLUGQLFKWDXIJHEHQ:LUPVVHQ ZHJKLHU© 2EZRKOPLU]DKOUHLFKH)UDJHQQDFKVHLQHU+HUNXQIWDXIGHU =XQJHODJHQHUNXQGLJWHLFKPLFKQDFKHLQHP]ZHLWHQ $XVJDQJ ª1HLQGHQJLEWHVQLFKW©(UVDKXQVDQª,FKNHQQHHXFKQLFKW KDEHHXFKDXFKQRFKQLHLP7UDXPJHVHKHQ:HUVHLGLKU":RKHU NRPPWLKU"© ª,FKZHUGHGLUGLH)UDJHQVSlWHUEHDQWZRUWHQ©HUZLGHUWHLFK ª6LHKXQVHLQIDFKDOVGHLQH5HWWHUDQ© ª8QGZDVYHUODQJWLKUGDIU"© ª:LUZROOHQGDV'lPRQHQDXJH]HUVW|UHQ1XUGXNDQQVWXQV GDEHLKHOIHQ"© -HW]WZDUHVKHUDXVXQGLFKZDUWHWHYROOHU6SDQQXQJZLH 0\[LQUHDJLHUHQZUGH (UOLHVLFK=HLWPLWVHLQHU$QWZRUWXQGZLFKDXVLQGHPHU VDJWH ª,FKP|FKWHHXUH1DPHQZLVVHQ© 6XNRVDJWHVLHLKP ª,KUJHK|UW]XGHQ.lPSIHUQGHV/LFKWVZLHLFKVHKH (LJHQWOLFKVHLGLKUPHLQH)HLQGH,FKPWHHXFKEHNlPSIHQ DEHULKUKDEWPLFKHUZHFNWXQGGHVKDOEZLOOLFKPLFKQLFKW XQGDQNEDU]HLJHQ-DLFKIKUHHXFK]XGHP'lPRQHQDXJHDEHU HVZLUGHLQVFKZHUHUXQGGRUQHQUHLFKHU:HJ© ª'DPLWKDEHQZLUJHUHFKQHW©VDJWHLFKOHLVH ª:HQQGDV'lPRQHQDXJHQLFKWPHKUH[LVWLHUWLVWGHP 6FKZDU]HQ7RGHLQHVWDUNH:DIIHJHQRPPHQZRUGHQ(UZLUG VFKZlFKHUXQGLFKZHUGHPlFKWLJHU©3O|W]OLFK]HLJWHVHLQ *HVLFKWHLQKLQWHUJUQGLJHV/lFKHOQª:HQQLFKGLHDOWH.UDIW ZLHGHUHUODQJWKDEHQZHUGHWLKUHXFKHQWVFKHLGHQPVVHQ (QWZHGHUVWHKWLKUDXIPHLQHU6HLWHRGHULKUNlPSIWJHJHQPLFK 1RFKKDEWLKUHLQH)ULVW© ,FKKWHWHPLFKLKPXQVHUH$QVLFKWHQXQG0HLQXQJHQPLW]X WHLOHQ)UPLFKVWDQGIHVWGDLFKQLFKWDXIVHLQHU6HLWHNlPSIHQ ZUGH(UZDUHLQ*HVFK|SIGHU)LQVWHUQLVGDVXQVQXUGHVKDOE KDOIGDPLWZLUVHLQHP)HLQGGHP6FKZDU]HQ7RGHLQVDXV
ZLVFKHQNRQQWHQ1DFKGHP0RWWR :HQQ]ZHLVLFKVWUHLWHQ IUHXWVLFKGHUGULWWH -DLFKZROOWH0\[LQXQGGHQ6FKZDU]HQ7RGJHJHQHLQDQGHU DXVVSLHOHQ6LHZUGHQVLFKELVDXIV0HVVHUEHNlPSIHQXQGVLFK JHJHQVHLWLJVFKZlFKHQ 'DQQKDWWHLFKYLHOOHLFKWHLQH&KDQFHPHLQHQPlFKWLJHQ(U] IHLQG]XEHVLHJHQ $EHUGDVZDUQRFK7KHRULH 'HU6DUJGHFNHOXQGGHUPDJLVFKH6WHLQKDWWHQVLFKDXIJHO|VW 1LFKWVZDUPHKUYRQLKQHQ]XVHKHQGDIUMHGRFKGURKWHHLQH DQGHUH*HIDKU ,FKVSUWHI|UPOLFKGLH$XUDGHV%|VHQGLHVLFKLQGLHVHP XQWHULUGLVFKHQ*HZ|OEHEUHLWPDFKWH0HLQVHFKVWHU6LQQNQ GLJWH*HIDKUDQ6FKOXJGHU6FKZDU]H7RGEHUHLWV]X" $XFK6XNRKDWWHHWZDVJHPHUNW,FKVDKHVDQVHLQHP%OLFN ª.DQQVWGXLQV:DVVHU"©IUDJWHLFK0\[LQ ª2E:DVVHU)HXHURGHU/XIWPLULVWHVHJDO©DQWZRUWHWHHU ª,FKELQXQEHVLHJEDUQDFKGHPGHUPDJLVFKH%DQQJHEURFKHQ ZRUGHQLVW© ª:LUNOLFK"©GU|KQWHGDHLQH6WLPPHDXI ,FK]XFNWH]XVDPPHQ'LH6WLPPHK|UWHLFKQLFKW]XPHUVWHQ PDO'HUMHQLJHGHUGRUWVSUDFKZDUGHU6FKZDU]H7RG ª0\[LQGX:XUP©K|KQWHHUª$XFKGHLQH%HIUHLXQJZLUG GLUQLFKWVQW]HQ,FKZHUGHGLFKYHUQLFKWHQDEHUGLHVPDOIU LPPHU© hEHUXQVEHJDQQHV]XNQLUVFKHQ.OHLQH6WHLQHILHOHQYRQGHU 'HFNHXQGLFKVDKHLQHQVFKZDU]HQKlOLFKHQ7RWHQVFKlGHOLQ GHU/XIWVFKZHEHQ 'LHVHV%LOGZlKUWHQXU%UXFKWHLOHYRQ6HNXQGHQGHQQLP QlFKVWHQ$XJHQEOLFNNUDFKWHGLH'HFNHGHU+|KOH]XVDPPHQ 8QGGDQQZDULPZDKUVWHQ6LQQHGHV:RUWHVGHU7HXIHOORV
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
ª.DQQVWGX© .RQVWDQWLQ+HUHRVGUHKWHVLFKNXU]XPXQGNQLIIVHLQHQEHLGHQ 0lQQHUQHLQ$XJH]X/LULXQG.RQRVKDWWHQVLFKVRDXIJHVWHOOW GDVLH$]PLUVHKHQNRQQWHQ'LH0DVFKLQHQSLVWROHQODJHQJULII EHUHLW 'HU*ULHFKHNOHWWHUWHEHUGLH5HOLQJXQGVSUDQJDXIGHQ.DKQ GHV7UNHQ 0LWUDXLVFKZXUGHHUYRQ$]PLUJHPXVWHUW ª:DVLVWORV"©IUDJWH+HUHRV $]PLUGHXWHWHQDFK:HVWHQª'DOLHJWHLQ%RRW,VWGDVHLQHU YRQGHLQHQ7ULFNV"© ª1HLQ]XP7HXIHO© ª,FKNDQQDEHUNHLQH=HXJHQJHEUDXFKHQ2GHUKDVWGXPLUGLH 3ROL]HLDXIGHQ+DOVJHKHW]W"© +HUHRVODFKWHª'LH3ROL]HL"6DJPDOELVWGXQRFKQRUPDO",FK ELQIURKZHQQLFKNHLQHQ6FKQIIOHUVHKH© ª:HPJHK|UWGHU.DKQGDQQ"© ª:HLLFKQLFKW© ª%HLPQlFKVWHQ*HVFKlIWPDFKHQZLUHVDQGHUV©VDJWHGHU 7UNH 'DVZLUGHVIUGLFKQLFKWPHKUJHEHQGDFKWH+HUHRVVFKDGHQ IURKVDJWHDEHUQLFKWV $]PLUJDEVHLQHP6WHXHUPDQQHLQ=HLFKHQª2ND\EULQJGLH .LVWHKHU© 'HUDOWH0DQQWUDEWHDQ(UNHXFKWHXQWHUGHU/DVWXQGVWHOOWH GLH.LVWHDXIDWPHQGDE ªgIIQHVLH©IRUGHUWH+HUHRV $]PLUJDEGHP*HKLOIHQHLQHQ:LQN'HU6HHPDQQ]RJHLQ 0HVVHUKHUYRUXQGNQDFNWHGHQ'HFNHO +HUHRVHQWGHFNWHNHLQH*ROGPQ]HQVRQGHUQURVWEUDXQHV gOSDSLHUª:RVLQGGLH0Q]HQ"© ª6HLGRFKQLFKWVRQHUY|V©$]PLUEFNWHVLFKXQGUlXPWHGDV 3DSLHU]XU6HLWH :HQLJH6HNXQGHQVSlWHUVDK+HUHRVGLH0Q]HQ6HLQ%OLFN ZXUGHIUHLQHQ0RPHQWVWDUU1HUY|VKXVFKWHGLH=XQJHQVSLW]H
EHUVHLQH/LSSHQ:DVGRUWLQGHU.LVWHODJZDUHLQ9HUP|JHQ 8QGGDVIUQXUIQIWDXVHQG'ROODU1HLQIUHLQSDDU.XJHOQ YHUEHVVHUWHVLFKGHU*ULHFKHUDVFK (UEFNWHVLFKXQGQDKPHLQH0Q]HLQGLH+DQG*HVFKLFNW OLHHUVLH]ZLVFKHQGHQ)LQJHUQZDQGHUQ ª'LHVLQGHFKW©VDJWH$]PLU ª0DQZLUGVLFKMDZRKOQRFKEHU]HXJHQGUIHQ© ª0HLQHWZHJHQ© +HUHRVQDKPHLQH]ZHLWH0Q]HXQGDXFKHLQHGULWWH6LH ZDUHQQRFKQLFKWEHUDUEHLWHWZRUGHQVRQGHUQVDKHQVWXPSI XQGXQVFKHLQEDUDXV0LQGHVWHQV]ZHLWDXVHQGIQIKXQGHUW-DKUH KDWWHQVLHDXIGHP0HHUHVJUXQGJHOHJHQ'LH=HLWKLQWHUOLH 6SXUHQ ª2ND\$]PLUGLH0Q]HQVLQGHFKW© ª6DJLFKGRFK©$]PLUWLSSWH+HUHRVJHJHQGLH%UXVWª:RLVW GDV*HOG"© 'HU*ULHFKHJULIILQGLH,QQHQWDVFKHVHLQHV%OD]HUVXQGKROWH GDV*HOGKHUYRU ª)QIWDXVHQG'ROODU©VDJWHHUªVFKRQDEJH]lKOW© $]PLUV$XJHQKDWWHVLFKPLWHLQHPJLHULJHQ*ODQ]EHU]RJHQ (UJUDEVFKWHQDFKGHQ6FKHLQHQ]lKOWHVLHWURW]GHPQRFKGXUFK DFKWHWHGDEHLQLFKWDXIVHLQH8PJHEXQJ +HUHRVWUDWHWZDV]XU6HLWHGDPLWHUDXVGHP6FKXIHOGNDP (UZROOWHQLFKWLQ*HIDKUODXIHQYRQHLQHP4XHUVFKOlJHUJH WURIIHQ]XZHUGHQ ª$OOHVNODU"©IUDJWHHU ª,FK]lKOHQRFK©HUZLGHUWHGHU7UNHRKQHDXI]XEOLFNHQ +HUHRVJULQVWH(UZDUIHLQHQ%OLFNDXIGHQ6WHXHUPDQQDEHU DXFKGHUDOWH.QDEHVDKQLFKWDXIVRQGHUQVFKDXWHQXUGLH 6FKHLQHDQ (LQHJQVWLJHUH*HOHJHQKHLWJDEHVQLFKW 'HU*ULHFKHKREGHQ$UP 'DV=HLFKHQ 3O|W]OLFKZDUHQDQGHU5HOLQJGHU6($$552:.RQRVXQG/LUL ]XVHKHQ6LHKDWWHQGLH0DVFKLQHQSLVWROHQLP$QVFKODJVHQNWHQ
GLH:DIIHQXQG]LHOWHQDXIGHQ7UNHQXQGVHLQHQ.XPSDQ $]PLUVFKLHQHLQHQVHFKVWHQ6LQQIU*HIDKU]XEHVLW]HQ8U SO|W]OLFKKREHUGHQ.RSIHUEOLFNWHGLHEHLGHQ0lQQHUXQG VFKDOWHWHLP%UXFKWHLOHLQHU6HNXQGH ª'X+XQG©EUOOWHHUOLHGDV'ROODUSDNHWIDOOHQXQGJULII QDFKVHLQHU3LVWROH (UEUDFKWHVLHQLFKWHLQPDOKDOEDXVGHP*UWHO 'LH0DVFKLQHQSLVWROHQVSLHQ)HXHUKlPPHUWHQLKUHW|GOLFKH 0HORGLHXQGOLHHQ$]PLUNHLQH&KDQFH 'LH*HVFKRVVHZDUIHQLKQTXHUEHUGDV'HFN'DQQVFKZHQN WHQGLHHLVNDOWHQ.LOOHULKUH:DIIHQXPHLQH,GHHQDFKUHFKWV 'HUDOWH0DQQVWDUEPLWKRFKJHULVVHQHQ$UPHQXQGHLQHP %OLFNLQGHQ$XJHQGHU9HUVWlQGQLVORVLJNHLW]HLJWH6WHLINLSSWH HU]XU6HLWHXQGEOLHEWRWDXIGHQ3ODQNHQOLHJHQ 'LH(FKRVGHU6FKVVHYHUVWXPPWHQ ª(UOHGLJW©ULHI.RQRVª=XIULHGHQ&KHI"© ª8QGZLH© +HUHRVJLQJ]XGHP'ROODUSlFNFKHQKLQXQGKREHVDXI(U JOlWWHWHGLH6FKHLQHXQGYHUVWDXWHVLHLQVHLQHU,QQHQWDVFKH)U GLH7RWHQKDWWHHUNHLQHQ%OLFN .RQRVXQG/LULNOHWWHUWHQEHU%RUG6LHEHHLOWHQVLFKDXIGDV 'HFNGHVDOWHQ.DKQV]XJHODQJHQ*HPHLQVDPVWHPPWHQVLHGLH .LVWHKRFKXQGZXFKWHWHQVLHGDQQDXIGLH6($$552: .RQVWDQWLQ+HUHRVLQWHUHVVLHUWHGLH$UEHLWVHLQHU0lQQHUQLFKW ,KPPDFKWHGDVDQGHUH6FKLII6RUJHQGDVJDUQLFKWZHLWHQWIHUQW DXIGHP0HHUGPSHOWH 2EGLH)UDXXQGGHU$OWHGRUWDQ%RUGGDV9HUEUHFKHQEHRE DFKWHWKDWWHQ" 6LHIXKUHQQLFKWZHJDEHU+HUHRVJODXEWH]XHUNHQQHQGDVLH VLFKDQGHU6WHXHUERUGVHLWHDXIKLHOWHQXQG]XGHQEHLGHQ.lKQHQ KHUEHUVFKDXWHQ ª6ROOHQZLUGHQ3RWWKLHUYHUVHQNHQ"©IUDJWH.RQRV +HUHRVGUHKWHVLFKXPª-D$EHUVSlWHU(UVWPVVHQZLUQRFK HWZDVDQGHUHVHUOHGLJHQ© ª6LHPHLQHQGLH3XSSHPLWGHP$OWHQ"©.RQRVODFKWHª'LH
.OHLQHZLUGVLFKZXQGHUQ,FKDQ,KUHU6WHOOHZUGHVLHPLW QHKPHQ&KHI© +HUHRVEOLFNWHVHLQHQ0DQQDQª'LH,GHHLVWJDUQLFKWPDO VFKOHFKW©VDJWHHUª6ROFKHLQ6FKPXFNVWFNKDWPLUQRFKLQ PHLQHU6DPPOXQJJHIHKOW/RVZLUGDPSIHQDE© 'HU*ULHFKHEHHLOWHVLFK*HZDQGWNOHWWHUWHHUDQ%RUGGHU 6($$552:(UKDWWHHVSO|W]OLFKVHKUHLOLJ6FKOLHOLFKKDWWH PDQQLFKWDOOH7DJHVROFKHLQHQ*ROGILVFKDQGLH$QJHO'LH EHLGHQ7RWHQEHGDFKWHGHUEUXWDOH*DQJVWHUPLWNHLQHP%OLFN PHKU6LHKDWWHHUVFKRQOlQJVWYHUJHVVHQ -HW]W]lKOWHQXUQRFKGLHEORQGH)UDX -DQH&ROOLQV +lQGHXPNODPPHUWHQGLH5HOLQJVRKDUWGDGLH .Q|FKHOZHLKHUYRUWUDWHQ6FKDUIVRJVLHGHQ$WHPHLQ ª,FKJODXELFKVSLQQH©PXUPHOWHVLHª'DVGDVGDUIGRFK QLFKWZDKUVHLQ© ª:DVLVWGHQQ"©IUDJWH.LULDNLV(UWUDWQHEHQ-DQHNQLIIOHLFKW GLH$XJHQ]XVDPPHQXQGVWDUUWHEHUGLH6HH ª'RUWGUEHQOLHJHQGRFKGLHEHLGHQ6FKLIIHQHEHQHLQDQGHU $XIGHPJU|HUHQ.DKQODXIHQ]ZHL7\SHQPLW0DVFKLQHQ SLVWROHQKHUXP© ª+DVWGXGLFKDXFKQLFKWJHWlXVFKW"© ª1HLQLFKKDEHHVJHQDXJHVHKHQ©-DQHZLVFKWHVLFKDXIJHUHJW EHUGLH6WLUQª:XWHGRFKGDGDHWZDVIDXOZDU:HUWULIIW VLFKVFKRQPLWWHQDXI6HH'DNDQQGRFKHLQ%OLQGHUGUDQ IKOHQ© *HVSDQQWEHREDFKWHWHQ-DQH&ROOLQVXQG.LULDNLVGDVZHLWHUH *HVFKHKHQ6LHVDKHQZLHYRPJU|HUHQ6FKLIIHLQHUGHU0lQQHU DXIGDV'HFNGHVNOHLQHUHQVSUDQJ:DVGHU0DQQGDQQJHQDX WDWNRQQWHQ-DQHXQG.LULDNLVQLFKWHUNHQQHQ (LQH0LQXWHVSlWHUJODXEWHQ-DQHXQGGHU*ULHFKHGLH)DVVXQJ ]XYHUOLHUHQ6LHVDKHQZLH]ZHL0lQQHUDXIGHPNOHLQHUHQ%RRW XQWHUGHQ.XJHOHLQVFKOlJHQEHUGDV'HFNWDXPHOWHQXQGGDQQ ]XVDPPHQEUDFKHQ
ª0RUG©IOVWHUWH-DQHHUVWLFNWª'DVZDUHLVNDOWHU0RUG© 1HEHQLKUVWLH.LULDNLVSIHLIHQGGHQ$WHPDXV6FKZHLSHUOWH SO|W]OLFKDXIVHLQHU6WLUQª8QP|JOLFK©NHXFKWHHUª'LHVHYHU GDPPWHQ%HVWLHQ© 'LHEORQGH'HWHNWLYLQZDUEOHLFKJHZRUGHQ1HUY|VELVLH VLFKDXIGLH8QWHUOLSSH6LHVDKGDGLH0lQQHUZLHGHUDQ%RUG GHVJU|HUHQ6FKLIIHVNOHWWHUWHQXQGHLQH.LVWHKRFKWUXJHQ ª:DVPDFKHQZLUMHW]W"©IUDJWH.LULDNLVª*ODXEPLUGLH ZHUGHQEHPHUNWKDEHQGDLKU9HUEUHFKHQQLFKWRKQH=HXJHQ JHEOLHEHQLVW© -DQH&ROOLQVQLFNWHª:HQQQXU-RKQKLHUZlUH©VW|KQWHVLH ª)OFKWHQN|QQHQZLUDXFKQLFKW©VDJWH.LULDNLVª:LUPVVHQ DXI-RKQXQG6XNRZDUWHQ© ª9LHOOHLFKWGDPSIHQVLHGRFKDE©KRIIWH-DQH ª.DXP© 6LHEHKLHOWHQZHLWHUKLQGLH
QLFKWVPLW*DQJVWHUQ]XWXQJHKDEW-DQH&ROOLQVDEHUGLH3ULYDW GHWHNWLYLQNDQQWHGLH8QWHUZHOW 0LWVFKlXPHQGHU%XJZHOOHUDXVFKWHGLHVFKZHUH
:HJ:HJYRQKLHUEHYRUPLFKGLHKHUDEVWU]HQGHQ)HOV WUPPHUEHJUXEHQ (WZDVWUDIPLFKDP%HLQ1XUGDV0XQGVWFNKLQGHUWHPLFK ODXWDXI]XVFKUHLHQ 'DQQHUUHLFKWHLFKGHQVFKPDOHQ+|KOHQJDQJLQGHPZLUQXU KLQWHUHLQDQGHUVFKZLPPHQNRQQWHQ ,FKULVNLHUWHHVXQGVDKPLFKQDFK6XNRXP 0HLQ)UHXQGIROJWHPLU$XFKLKPZDUQLFKWVSDVVLHUW 0LW0\[LQLP$UPJOLWWLFKGHQVFKPDOHQ6SDOWHQWODQJ,FK JHODQJWHLQGLH+|KOHGXUFKVFKZDPPVLHXQGHUUHLFKWHDOVHUVWHU GDVRIIHQH:DVVHU (LQHQ+HU]VFKODJVSlWHUZDU6XNRGD $QGHU6FKXOWHUZLHVVHLQ1HRSUHQDQ]XJHLQHQ5LDXI'RUW KDWWHHLQ5LIIGHQ$Q]XJDXIJHIHW]WXQGHLQHEOXWHQGH:XQGH KLQWHUODVVHQ 'RFK6XNRZDUYHUGDPPWKDUWLP1HKPHQ(UPXWHZRKO PHLQHQEHVRUJWHQ%OLFNEHPHUNWKDEHQXQGZLQNWHDE +DOEVRVFKOLPPEHGHXWHWHGLH*HVWH 0\[LQZDQGVLFKDXVPHLQHP*ULII$XIGHP0HHUHVJUXQG EOLHEGHU0DJLHUVWHKHQ 'DV:DVVHUNRQQWHLKPQLFKWVDQKDEHQ6HLQHJUQVFKLP PHUQGH*HVWDOWZRJWHLQGHU8QWHUZDVVHUGQXQJZLHHLQ 6FKLOIURKULP:LQGKLQXQGKHU )UPLFKZDUGLHVHU0\[LQHLQ3KlQRPHQ$WPHWHHU",FKKDWWH HVQLFKWIHVWVWHOOHQN|QQHQ/HEWHHUEHUKDXSWQRFK"2GHUZDU HUHLQ8QWRWHU" ,FKNRQQWHPLUNHLQHJURHQ*HGDQNHQGDUEHUPDFKHQGHQQ 0\[LQKREGLH+DQGXQGGHXWHWHQDFKREHQ *OHLFK]HLWLJYHUGXQNHOWHVLFKGDV:DVVHUEHUXQV +DVWLJOHJWHLFKGHQ.RSILQGHQ1DFNHQXQGVDKGHQ*UXQG (LQULHVLJHU7HXIHOVURFKHQEHZHJWHVLFKDXIXQV]X8QGDXI GLHVHP0RQVWHUWLHUKRFNWHGHU6FKZDU]H7RG
-DQH&ROOLQVZXWHJXWZLHPDQVLFKLQVROFKHQ6LWXDWLRQHQ]X YHUKDOWHQKDWWH6LHWUDW]XUFNXQGKREGLH$UPH +HUHRVJULQVWH(UVDJWHHWZDVLQVHLQHU/DQGHVVSUDFKHZDV -DQHQLFKWYHUVWDQG6HLQHEHLGHQ*RULOODVJLQJHQEOLW]VFKQHOOLQ 6WHOOXQJ'LH0QGXQJHQGHU:DIIHQSHQGHOWHQVLFKDXI-DQH XQG.LULDNLVHLQ 'HU*DQJVWHUERWUDWYRUJLQJGDQQDXI-DQH]XXQGEOLHE GLFKWYRULKUVWHKHQ=ZHL)LQJHUOHJWHHUXQWHULKU.LQQXQGKRE GHQ.RSIOHLFKWDQ -DQH&ROOLQVKlWWHGHP.HUODPOLHEVWHQLQV*HVLFKWJHVSXFNW DEHUVLHEHKHUUVFKWHVLFK:HQQGHU7\SGXUFKGUHKWHGDQQZDU LKU/HEHQNHLQHQ6KLOOLQJPHKUZHUW +HUHRVVSUDFK-DQHDQ ª:DVZROOHQ6LH"©IUDJWHGLH'HWHNWLYLQDXIHQJOLVFK -HW]WUHGHWH+HUHRVDXFK-DQHV6SUDFKHª'XJHIlOOVWPLU6H© VDJWHHUª6HKUVRJDU6RHWZDVZLHGXIHKOWPLUQRFKLQPHLQHU 6DPPOXQJ,FKKDEHEHVFKORVVHQGLFKPLW]XQHKPHQ© ª'D]XJHK|UHQLPPHU]ZHL© ª=LFNLJELVWGXDXFKQRFKZLH"© ª9HUVFKZLQGHQ6LH:DV6LHKLHUPDFKHQLVW)UHLKHLWV EHUDXEXQJ*HKHQ6LHYRQ%RUG© 'HU*ULHFKHDWPHWHWLHIHLQª,FKJODXEHLFKPXGLFK]lKPHQ GX%LHVW©]LVFKWHHUXQGKREGLHUHFKWH+DQG(UZROOWHVLHLQ -DQHV+DDUNUDOOHQGRFKEOLW]VFKQHOOVWLHGLH'HWHNWLYLQGLH JHVWUHFNWHQ)LQJHUYRU 6LHWUDIKDUW +HUHRVNUPPWHVLFK,PQlFKVWHQ$XJHQEOLFNVSUDQJMHGRFK /LULYRU(UKDWWHGHQ)LQJHUVFKRQDP$E]XJ6FKUHFNHQVVWDUU VWDUUWH-DQHLQGLH0QGXQJXQGLQGDV*HVLFKWGHV0DQQHV6LH ZXWHSO|W]OLFKGDGHU.HUOVFKLHHQZUGH 'RFKGDJULII+HUHRVHLQ ª1LFKWYHUGDPPW©EUOOWHHU(UVSUDFKGLH:RUWHDXIHQJOLVFK XQGJULHFKLVFK /LULVHQNWHGLH03L(UVWRWWHUWHLUJHQGHWZDV]HLJWHDXI-DQH XQGGDQQDXIVHLQH.DQRQH
%DUVFKZLQNWH+HUHRVDE/LULYHU]RJVLFKZLHGHUQDFKKLQWHQ $XVVLFKHUHU(QWIHUQXQJKLHOWHUGLH'HWHNWLYLQLQ6FKDFK .RQVWDQWLQ+HUHRVZLVFKWHVLFKEHUGDV*HVLFKW'DQQ]RJ HUHLQH3LVWROHDXVGHP+RVHQEXQG/DQJVDPVHQNWHVLFKVHLQ UHFKWHU$UPXQGGLH0QGXQJ]HLJWHDXI-DQH ª,FKN|QQWHGLFKW|WHQ0lGFKHQ©VDJWH+HUHRVª'DLFKHV QLFKWWXHKDVWGXQXUHLQ]LJXQGDOOHLQGHLQHU6FK|QKHLW]XYHU GDQNHQ(LQH)UDXZLHGLFKVROOWHPDQQLFKWW|WHQVRQGHUQ© ª:DVLQ,KUHP)DOODXIGDVJOHLFKHKHUDXVNlPH©XQWHUEUDFK -DQH&ROOLQVZWHQG +HUHRVNLFKHUWH'DQQVWHFNWHHUGLH:DIIHZHJª0XWKDVWGX 6HGDVPXPDQGLUODVVHQ,FKP|FKWHPLFKJHUQPLWGLU XQWHUKDOWHQ.RPPZLUVHW]HQXQV© -DQHKREGLH6FKXOWHUQ+HUHRVIDWHQDFKLKUHP$UP6LH VFKULWWHQDXIGDV+HFN]XXQGOLHHQVLFKGRUWDXIHLQHU%DQN QLHGHU.RQVWDQWLQ+HUHRVUFNWHHQJDQ-DQHKHUDQVRGDHU HLQHGLUHNWH.|USHUEHUKUXQJVSUWH 'LH'HWHNWLYLQHNHOWHVLFKYRUGHP.HUO$XHUGHPURFKGHU 0DQQQLFKWJHUDGHDQJHQHKP$EHUVHOEVWHLQH'XVFKHKlWWHEHL LKPQLFKWYLHOJHQXW]W0DQFKH.HUOHVLQGHEHQYRQ*UXQGDXI VFKPXW]LJ +HUHRVOHJWHVHLQHOLQNH+DQGDXI-DQHVUHFKWHV.QLH'HU *ULHFKHKDWWH:XUVWILQJHU'LH'HWHNWLYLQVDKGLH]DKOUHLFKHQ NOHLQHQGXQNOHQ+lUFKHQGDUDXI(VZXQGHUWHVLHGDGHU.HUO NHLQH5LQJHWUXJ,QVHLQH$XJHQKDWWHVLHELVKHUQRFKQLFKWVHKHQ N|QQHQ'LHVHODJHQYHUVWHFNWKLQWHUGHQ*OlVHUQHLQHU 6RQQHQEULOOH ª6LQG6LHDOOHLQDQ%RUG"©IUDJWHHUSO|W]OLFK ª'DVVHKHQ6LHGRFK©HUZLGHUWH-DQHVSU|GH ª9HUNDXIHQ6LHPLFKQLFKWIUGXPP©]LVFKWHGHU*ULHFKH ª,FKKDEH$XJHQLP.RSI:HPJHK|UHQGLH6DFKHQGLHKLHUDXI 'HFNOLHJHQ"© 'LH'HWHNWLYLQHUVFKUDN+LPPHOGDUDQKDWWHVLHQLFKWPHKU JHGDFKW-RKQXQG6XNRV.OHLGXQJODJZRKOJHIDOWHWDXIGHP 'HFNGHV%RRWHV-DQHKDWWHVLHQRFKZHJVFKDIIHQZROOHQHVDEHU
GDQQY|OOLJYHUVFKZLW]W-HW]WPXWHVLHVLFKHLQHYHUGDPPWJXWH $XVUHGHHLQIDOOHQODVVHQ ª,FKZDUWH©VDJWH+HUHRV ª'LH.OHLGXQJJHK|UWPHLQHP)UHXQG© ª'HP$OWHQ"© ª-D© +HUHRVJULQVWHJHPHLQª:HQQLFKLKPHLQH.XJHOLQGDV%HLQ MDJHEOHLEVWGXGDQQLPPHUQRFKEHLGHLQHU%HKDXSWXQJ"© -DQH&ROOLQVVFKZLHJ ª$QWZRUWH2GHULFKODVVHGHQ$OWHQYRUGHLQHQ$XJHQ]X VDPPHQVFKLHHQ© 'LHEORQGH'HWHNWLYLQKDWWHGLH%UXWDOLWlWGLHVHV0DQQHV]XU *HQJHNHQQHQJHOHUQW6LHJODXEWHLKPDXIV:RUWGDHUVHLQH 'URKXQJZDKUPDFKHQZUGH8P.LULDNLV/HEHQ]XUHWWHQ VDJWHVLHVFKOLHOLFKGLH:DKUKHLW ª(VVLQGQRFK]ZHL)UHXQGHYRQPLUXQWHU:DVVHU© ª1DELWWHZDUXPQLFKWJOHLFKVR"8QGZDQQZHUGHQVLHDXI WDXFKHQ"© ª'DVZHLLFKQLFKW© ª'XZHLWMDOJHQ© ª$EHULFKZHLHVZLUNOLFKQLFKW©EHWHXHUWH-DQHª6LHPVVHQ PLUJODXEHQ© +HUHRVVFKQLSSWHPLWGHQ)LQJHUQª:DQQVLQGGLHEHLGHQ JHWDXFKW"©IUDJWHHU ª9RUHLQHU6WXQGHYLHOOHLFKW,FKKDEHQLFKWDXIGLH8KUJH VHKHQ© ª:LHODQJHUHLFKWGHU6DXHUVWRIILQGHQ)ODVFKHQ"© +HUHRVZDUVFKODX:HQQ-DQHLKPGHQJHQDXHQ,QKDOWGHU )ODVFKHQDQJDEGDQQNRQQWHHUVLFKDXVUHFKQHQZDQQGLH EHLGHQ0lQQHUVSlWHVWHQVZLHGHUDXIWDXFKHQZUGHQ$EHU VLFKKLHUPLWHLQHU/JHKHUDXVUHGHQ]XZROOHQKDWWHNHLQHQ6LQQ 'HU*ULHFKHQHEHQLKUZDUNHLQ$QIlQJHU6LFKHUZXWHHUGD 7DXFKHUZHQQVLHOlQJHUXQWHU:DVVHUEOHLEHQIUPLQGHVWHQV ]ZHL6WXQGHQ/XIWKDWWHQ 8QGGDVVDJWH-DQHDXFK
+HUHRVQLFNWHª'DQQKDEHQZLUDOVRQRFKVHFK]LJ0LQXWHQ =HLW© ª:DVZROOHQ6LHPLWPHLQHQ)UHXQGHQPDFKHQ"©IUDJWH-DQH ª$ENQDOOHQQDWUOLFK:DVGHQNVWGXGHQQ6H"1XUGLFK QHKPHLFKPLW'XJHIlOOVWPLU© -DQHV+HU]PDFKWHHLQHQQDKH]XVFKPHU]KDIWHQ6SUXQJ,KU ZXUGHSO|W]OLFKVFKZLQGOLJ-RKQXQG6XNRZUGHQDKQXQJVORV DXIWDXFKHQDQ%RUGNOHWWHUQXQGGDQQ +HUHRVHUULHW-DQHV*HGDQNHQª-D©VDJWHHUªVLHKWQLFKWJXW IUGLFKXQGGHLQH)UHXQGHDXV8QGGHU$OWHGDGHUPDFKWVLFK MHW]WVFKRQYRU$QJVWLQGLH+RVH© -DQH&ROOLQVZDUIHLQHQ%OLFNDXI.LULDNLV'LHEHLGHQ0lQQHU KDWWHQLKQELVDQGLH:DQGGHVNOHLQHQ6WHXHUKDXVHVGLULJLHUW 'RUWVWDQGHUMHW]WPLWHUKREHQHQ+lQGHQ ª,FKEUDXFKHQXUPLWGHP)LQJHU]X]HLJHQXQGHULVWKLQ© IOVWHUWH+HUHRVª(VLVWJXWZHQQPDQ0DFKWKDW© ª6LHNRPPHQVLFKZRKOVHKUVFKODXYRUZLH"©K|KQWH-DQHª,Q :LUNOLFKNHLWVLQG6LHQXUHLQNOHLQHUPLHVHU*DQJVWHUGHUJHUQH HLQJURHU%RVHLQZLOO© ª)UGLHVH%HPHUNXQJZUGHLFKHLQHQ0DQQWRWVFKODJHQ© ]LVFKWH.RQVWDQWLQ+HUHRVª'LFKDEHUNULHJHLFKDQGHUV'DPLW ZLUHVJOHLFKQXUQRFKPLW]ZHL*HJQHUQ]XWXQKDEHQZLUGGHU $OWHHUVFKRVVHQ© ª1HLQ©VFKULH-DQHª%LWWHQLFKW© ª+DOWV0DXO© ª:DVKDWHU,KQHQGHQQJHWDQ"© +HUHRVJLQJQLFKWDXI-DQHV%HPHUNXQJHLQ6WDWWGHVVHQVFKULH HU ª.RQRV© (LQHUGHU%HZDIIQHWHQGUHKWHGHQ.RSIXQGWUDEWHKHUDQ'HU .HUOKDWWHVFKZDU]HV+DDUVWHFKHQGH$XJHQXQG]RJ-DQHEHUHLWV PLWVHLQHQ%OLFNHQDXV 'LH'HWHNWLYLQIU|VWHOWH +HUHRVVSUDFKPLWGHP0DQQLQVHLQHU/DQGHVVSUDFKH+LQ XQGZLHGHUGHXWHWHHUDXIGDV:DVVHU-DQHNRQQWHVLFKGHQNHQ ZRUEHUGLHEHLGHQUHGHWHQ
,FKPXHWZDVWXQKlPPHUWHHVLQ-DQHV.RSI,FKPXVLH ZDUQHQRGHUUHWWHQ$XFK.LULDNLVGDUIQLFKWHUVFKRVVHQZHUGHQ (UKDWDPDOOHUZHQLJVWHQPLWGHU6DFKH]XWXQ +HUHRVKDWWHVHLQHP0DQQDOOHVHUNOlUW.RQRVQLFNWHZLHHLQ $XWRPDW(LQGQQHV*ULQVHQXPVSLHOWHVHLQH/LSSHQ -DHUZUGHW|WHQGHVVHQZDUVLFK-DQH&ROOLQVVLFKHU 6LHHUKLHOWDXFKJOHLFKGLH%HVWlWLJXQJGHQQ+HUHRVVDJWH ª'HU $OWHZLUGMHW]WHUVFKRVVHQ8QGGDQQZDUWHQZLUDXIGLHDQGHUHQ EHLGHQ©'HU*ULHFKHODFKWHXQGVDK.RQRVQDFKGHUGUHL 6FKULWWHYRQ.LULDNLVHQWIHUQWVWHKHQJHEOLHEHQZDUXQGMHW]WGLH 0DVFKLQHQSLVWROHKRE .LULDNLVDKQWHZDVLKQHUZDUWHWH-DQHVDKGHQ6FKUHFNHQDXI VHLQHP*HVLFKWGLH$QJVW 6LHZDUIHLQHQ%OLFNQDFKUHFKWV+HUHRVEHDFKWHWHVLHQLFKWHU NRQ]HQWULHUWHVLFKLQGLHVHQ$XJHQEOLFNHQYROODXIGLHEHLGHQ 0lQQHU6HLQ%OD]HUZDULQGHU0LWWHDXVHLQDQGHUJHNODIIW-DQH VDKGLH3LVWROHLQ+HUHRV *UWHO ,KUH&KDQFH ,KU$UPVFKQHOOWHQDFKUHFKWV%OLW]VFKQHOOXPNODPPHUWHQGLH )LQJHUGHQ*ULIIGHU:DIIH-DQHULGLH3LVWROHKHUYRUXQGQRFK HKH+HUHRVUHDJLHUHQNRQQWHSUHWHVLHLKPGLH0QGXQJJHJHQ GLH6FKOlIH 'HU*ULHFKHVDZLHHUVWDUUW ª3IHLIGHLQH*RULOODV]XUFN©VFKULH-DQHª2GHUEHL*RWWHV JLEWHLQ8QJOFN© (VZDUHLQVFKDXULJHV%LOGZLHGHU6FKZDU]H7RGDXIGHP 7HXIHOVURFKHQKRFNWH(UVFKZHEWHVDGURKHQGDXIGLHVHP ULHVLJHQ8QWLHUXQGVFKZDQJHLQHIHXULJH/DQ]H :DVZLUKLHUXQWHQHUOHEWHQZDUGHU+RUURUVFKOHFKWKLQ :HLWKDWWHGHU7HXIHOVURFKHQVHLQH)ORVVHQDXVJHEUHLWHW6LH HULQQHUWHQPLFKDQGLH)OJHOHLQHU)OHGHUPDXV/DXWORVJOLWWHU WLHIHUXQGVWHXHUWHXQVDQ 6HNXQGHQEOLHEHQXQVQRFK
,FKVDK6XNR(UYHUVXFKWHLQ'HFNXQJ]XVFKZLPPHQ,FK VHOEVWJOLWWDXFK]XU6HLWHZHJZROOWHGHQ0DJLHUPLW]LHKHQ GRFKHUEOLHEVWHKHQXQGKREEHLGH$UPH 'DVFKOHXGHUWHGHU6FKZDU]H7RGGLH/DQ]H 'HUIHXULJH6FKZHLIZLVFKWHGXUFKGDV:DVVHUIHJWHDXI0\[LQ ]XXQGKlWWHGHVVHQ%UXVWGXUFKERKUWZHQQ -DZHQQQLFKWHLQXQJHKHXUHU*HJHQ]DXEHUJHZLUNWKlWWH 0\[LQVWUHFNWHVHLQH+DQGDXVXQG]XPHUVWHQPDO]HLJWHHU XQVVHLQH0DFKW .XU]EHYRUGLHIHXULJH/DQ]HLKU=LHOHUUHLFKWH]HUSODW]WHVLH PLWWHQLP)OXJ6LH]HUVSUDQJLQ]DKOUHLFKH6WFNHGLHZLH JOKHQGH3HUOHQGXUFKGDV:DVVHU]LVFKWHQXQGVLFKDXIO|VWHQ :LH6XNRGXFNWHLFKPLFK(WZDHLQHQ
6XNRVFKWWHOWHGHQ.RSI+DOEVRVFKOLPPVROOWHGDVZRKO KHLHQ'RFKLFKWUDXWHGHP%UDWHQQLFKW,FKVDKPLUGLH:XQGH JHQDXHUDQ'DVVFKDUIH*HVWHLQKDWWHHLQHWLHIH)XUFKHLQ6XNRV 2EHUDUPJH]RJHQ=XP*OFNZDUNHLQ.QRFKHQYHUOHW]W,FK EHVFKOREHLP$XIWDXFKHQGLFKWEHLLKP]XEOHLEHQ 'DQQK|UWHLFKZLHGHUGLH*HGDQNHQLQPHLQHP*HKLUQ ª,FKZHUGHPLFKMHW]WYHUDEVFKLHGHQ:HQQLKUPLFKEUDXFKW ELQLFK]XU6WHOOH'HQNWLQWHQVLYDQPLFK8QGGDV9HUVSUHFKHQ ZHUGHLFKHLQKDOWHQ© ,FKZROOWHDXI0\[LQ]XVFKZLPPHQKLHOWMHGRFKEHUUDVFKW LQQH'LH*HVWDOWGHV0DJLHUVZXUGHSO|W]OLFKGXUFKVFKHLQHQG QDKPGDQQGLH)DUEHGHU7LHIVHHDQXQGO|VWHVLFKDXIZLHGHU 1HEHOLQGHQ6RQQHQVWUDKOHQ :LUZDUHQDOOHLQ+LOIORVZHQQGHU6FKZDU]H7RGDQJULII(U EUDXFKWHXQVQXUGLH$WHPJHUlWHDXVGHP0XQG]X]LHKHQXQG ZLUZDUHQYHUORUHQ+LHUXQWHQKLHOWXQVQLFKWVPHKU8QVHUH $XIJDEHKDWWHQZLUHUIOOW0\[LQZDU]XP/HEHQHUZHFNW ZRUGHQ-HW]WNRQQWHQZLUXQVDQGHUHQ'LQJHQZLGPHQ /DQJVDPVWLHJHQZLUGHU2EHUIOlFKHHQWJHJHQ'DEHLKLHOWLFK LPPHU$XVVFKDXQDFKDQGHUHQ*HIDKUHQGRFK]XVHKHQZDU QLFKWV 'DV:DVVHUZXUGHKHOOHU6XNRVFKZDPPEHUPLU0LWNUlI WLJHQ%HLQVW|HQVWLHHUVLFKYRUZlUWV ,FKZDUIURKDXVGLHVHUVFKZHLJHQGHQ:HOW]XJHODQJHQ6LH KDWWH]ZDUHWZDV)DV]LQLHUHQGHVDQVLFKDEHUGLH%HGURKXQJ HPSIDQGLFKDOVVWlUNHU $OOHUGLQJVDKQWHQZLUQLFKWZDVXQVDQ%RUGGHV6FKLIIHV HUZDUWHWH8QGVRVFKZDPPHQZLUEHLGHDKQXQJVORVLQGLH )DOOH .RQVWDQWLQ+HUHRVHUVWDUUWH(UVSUWHGHQNDOWHQ'UXFNGHU 0QGXQJDQVHLQHU6FKOlIHXQGHUZXWHGDGLHVH)UDXQHEHQ LKPQLFKWEOXIIWH =XKDUW]XHQWVFKORVVHQKDWWHLKUH6WLPPHJHNOXQJHQ
ª:HQQGHLQ.XPSDQVFKLHWELVWGXHEHQIDOOVWRW©IOVWHUWH -DQH&ROOLQVUDXK +HUHRVZDULQGHU*RVVHJURJHZRUGHQ(UKDWWHVLFKKRFK JHDUEHLWHW1LFKW]XPHUVWHQPDOEHIDQGHUVLFKLQVROFKHLQHU 6LWXDWLRQ(UUHDJLHUWHHQWVSUHFKHQGSURILKDIW +HUHRVEHIDKO.RQRVGLH:DIIHZHJ]XZHUIHQ ª'HUDQGHUHVROOVHLQH%OHLVFKOHXGHUDXFKIDOOHQODVVHQ© ]LVFKWHGLH'HWHNWLYLQ +HUHRVJDEGHQHQWVSUHFKHQGHQ%HIHKO=ZHL0DVFKLQHQ SLVWROHQSROWHUWHQDXIGLH3ODQNHQ ª8QGMHW]W"©IUDJWH+HUHRVª:LHVROOHVZHLWHUJHKHQ"'XKDVW NHLQH&KDQFH6H*ODXEPLU© ª$EZDUWHQ©2KQHGHQ'UXFNGHU0QGXQJ]XYHUULQJHUQ ULHIVLH.LULDNLV]X ª6DPPOHGLH0DVFKLQHQSLVWROHQDXI1LPP HLQHXQGKDOWHGDPLWGLH%XUVFKHQLQ6FKDFK© .LULDNLVJHKRUFKWH6HLQH+lQGH]LWWHUWHQDOVHUGLH03LKRFK KRE(UJLQJHLQLJH6FKULWWH]XU6HLWHVRGDHU.RQRVXQG/LULLP 6FKXIHOGKDWWH -DQHDWPHWHHUVWHLQPDODXI'HU*ULHFKHKDWWHUHFKWJHKDEW6LH ZXWHWDWVlFKOLFKQRFKQLFKWZLHHVZHLWHUJHKHQVROOWH $EHUGDKDWWH.LULDNLVHLQH,GHHª/DGLH+XQGHV|KQHLQV 0HHUVSULQJHQ©VFKULHHU -DQHOlFKHOWH'HU*HGDQNHZDUJXWEDUJDEHUDXFK*HIDKUHQLQ VLFK'LH.HUOHNRQQWHQGDV6FKLIIOHLFKWXPVFKZLPPHQXQG GDQQDQGHU6WHXHUERUGVHLWHGLHJU|HUH
ª:ROOHQ6LHHVGDUDXIDQNRPPHQODVVHQ"©IUDJWH-DQH&ROOLQV 'DVFKZLHJGHU*ULHFKH 2KQHGLH/HLEZlFKWHUDXVGHQ$XJHQ]XODVVHQIUDJWH.LULDNLV ª:LHVROOHVZHLWHUJHKHQ"© ª:LUZDUWHQELV-RKQXQG6XNRNRPPHQ© ª'DVKDOWHWLKUQLFKWDXV©PHLQWH+HUHRV ª,FKELQVFKRQPLWJDQ]DQGHUHQ%XUVFKHQIHUWLJJHZRUGHQ© NRQWHUWH-DQH&ROOLQV ª:RKO QH6XSHUIUDX"© ª1HLQDEHU3ULYDWGHWHNWLYLQ© -HW]WZDU+HUHRVEHUUDVFKW+DUWSUHWHHUGLH/LSSHQ]XVDP PHQ=ZHL6HNXQGHQVSlWHUYHUVHW]WH-DQH&ROOLQVLKPGHQQlFK VWHQ6FKRFNª0HLQ)UHXQG-RKQYRQGHPZLULPPHUJHVSURFKHQ KDEHQLVWEULJHQV3ROL]LVW8QGZLUEHILQGHQXQVPLWGHP (LQYHUVWlQGQLV,KUHU3ROL]HLLQGLHVHQ*HZlVVHUQ,VWGDVQLFKW SUlFKWLJ"5DWHQ6LHPDOZLH,KUH&KDQFHQMHW]WQRFKVWHKHQ© ª,FKGUHKHGLUGHQ+DOVXPGX.U|WH© ª.HLQHOHHUHQ9HUVSUHFKXQJHQELWWH© +HUHRVNRFKWHYRU:XW'DVZDULKPGHXWOLFKDQ]XPHUNHQ 6HLQH*HVLFKWVPXVNHOQ]XFNWHQ6WHLIODJHQGLH)LQJHUDXIVHLQHQ .QLHQ'LHIHLQHQ+lUFKHQGDUDXI]LWWHUWHQ (UZUGHQLFKWVRHLQIDFKDXIJHEHQGHVVHQZDUVLFK-DQH &ROOLQVVLFKHU 'LH0LQXWHQYHUUDQQHQ$XFK.RQRVXQG/LULZDJWHQVLFK QLFKW]XEHZHJHQ:HQQLKUH%OLFNHKlWWHQW|WHQN|QQHQZlUH -DQHVFKRQOlQJVWJHVWRUEHQ 'LH'HWHNWLYLQVSUWHGDLKUGLH+DQGPLWGHU:DIIHVFKZHU ZXUGH:LHODQJHNRQQWHVLHQHUYOLFKXQGDXFKN|USHUOLFKQRFK GXUFKKDOWHQ" $XFK.LULDNLVZDUQLFKWGHUJHERUHQH.LOOHU]lKPHU=XVlW]OLFK NDPVHLQ$OWHUKLQ]X:DKUVFKHLQOLFKKDWWHHUQRFKQLHLQVHLQHP /HEHQHLQH0DVFKLQHQSLVWROHLQGHQ+lQGHQJHKDOWHQ$EHUPLW VROFKHLQHU:DIIHNRQQWHDXFKHLQ.LQGVFKLHHQ'LHVH%OHL VFKOHXGHUQKDWWHQHLQHYHUKHHUHQGH:LUNXQJ 8QGGLH6SDQQXQJZXFKV
6FKZHLKDWWHVLFKDXI+HUHRV *HVLFKWJHVDPPHOW'LH7URSIHQ VDPPHOWHQVLFKXQGOLHIHQDOVNOHLQH5LQQVDOHEHUGLHJUR SRULJH+DXWGHV*ULHFKHQ 1LHPDQGVSUDFKHLQ:RUW'DV5HLEHQGHU%RRWVN|USHUDQHLQ DQGHUXQGGDV.ODWVFKHQGHU:HOOHQJHJHQGLH%RUGZDQGZDUHQ GLHHLQ]LJHQ]XK|UHQGHQ*HUlXVFKH'LH'QXQJEHZHJWHGLH %RRWHOHLFKW-DQH&ROOLQVZDUIURKEHUGLH:LQGVWLOOHGHQQVRQVW KlWWHQGLH:HOOHQGDVNOHLQHUH%RRW]XVHKUJHVFKDXNHOWXQGGHP =XIDOO7UXQG7RUJH|IIQHW ,QQHUOLFKEHWHWH-DQHGD-RKQXQG6XNRHQGOLFKDXIWDXFKHQ ZUGHQ6LHVFKZDPPHQLUJHQGZRDXIGHP0HHUHVJUXQGXQG DKQWHQYRQQLFKWV'UHLJHIlKUOLFKH.LOOHULQ6FKDFK]XKDOWHQVR HWZDVKDWWH-DQH&ROOLQVQLFKWHLQPDOLQ/RQGRQHUOHEW ,PPHUVFKZHUHUZXUGHGLH+DQG'LH0QGXQJUXWVFKWH HWZDVQDFKXQWHQRKQHGD-DQHHWZDVGDJHJHQXQWHUQHKPHQ NRQQWH +HUHRVPHUNWHHVXQGOlFKHOWHGQQ ª5HFKQHQ6LHVLFKQXUQLFKWVDXV©]LVFKWHGLH'HWHNWLYLQ +HLEUDQQWHGLH6RQQHYRP+LPPHO6LHJRLKUHVHQJHQGHQ 6WUDKOHQDXIGLH%RRWHXQGOLHGLH/XIWEHUGHQ'HFNVYRU+LW]H IOLPPHUQ -DQHV$XJHQEHJDQQHQ]XEUHQQHQ6LHWUDXWHVLFKNDXPPLW GHQ:LPSHUQ]X]XFNHQDXV$QJVWDEJHOHQNW]XZHUGHQ 0RWRUHQJHEUXPPOLHDOOH$QZHVHQGHQDXIKRUFKHQ8QZLOO NUOLFK]XFNWHQGLH%OLFNHGHU0HQVFKHQ]XP+LPPHO'LUHNW DXVGHU6RQQHVFKLHQVLFKHLQHNOHLQH6SRUWPDVFKLQH]XO|VHQ 'DV/LFKWZDUI5HIOH[HDXIGLHJOlQ]HQGHQ7UDJIOlFKHQ $XFK.LULDNLVKDWWH]XP+LPPHOJHVHKHQ)UGHQ%UXFKWHLO HLQHU6HNXQGHZDUHUDEJHOHQNW (LVNDOWQXW]WHQ.RQRVXQG/LULLKUH&KDQFHXQGEOLW]VFKQHOO VSUDQJHQVLHLQYHUVFKLHGHQH5LFKWXQJHQ/LULKHFKWHWHDXIGLH 0DVFKLQHQSLVWROH]XXQGDOV-DQHV:DUQVFKUHL.LULDNLV2KUHQ HUUHLFKWHKDWWHGHU.LOOHUGLH03LEHUHLWVXPIDW 'DVJHVFKDKJHQDXLQGHP$XJHQEOLFNDOVZLUDXIWDXFKWHQ
'DQQEHUVWU]WHQVLFKGLH(UHLJQLVVH$OOHVJLQJVRVFKQHOOGD HVNDXP]XUHJLVWULHUHQZDU /LULULGLH0DVFKLQHQSLVWROHDQVLFKUROOWHVLFKPLWGHU:DIIH LP$QVFKODJDXIGHP'HFNKHUXP]LHOWHXQGULFKWHWHGLH 0QGXQJDXI.LULDNLV -DQH&ROOLQVHUVFKR+HUHRVQLFKW6RHWZDVEUDFKWHVLHHLQIDFK QLFKWIHUWLJ6LHVSUDQJDEHUDXIXQGOHJWHDXIGHQDP%RGHQ OLHJHQGHQ/LULDQ $XFK.LULDNLVVFKR,QHLQHULQVWLQNWLYHQ%HZHJXQJNUDOOWHHU GHQ)LQJHUXPGHQ6WHFKHU]RJLKQGXUFKXQGGLH0DVFKLQHQ SLVWROHVSLHLKUHK|OOLVFKH/DGXQJ 'RFK.LULDNLVKDWWH]XKRFKJHKDOWHQhEHU/LULZLVFKWHGDV %OHLKLQZHJXQGVlJWHLQGLH%RUGZDQGGHU6($$552:ZRHV /|FKHUUL -HW]WVFKRDXFK-DQH&ROOLQV(LQHJUHOOZHLH)ODPPHSODW]WH YRUGHU0QGXQJDXI-DQHKDWWHDXI/LULJH]LHOWGDPLWHU .LULDNLVQLFKWXPOHJHQNRQQWH 8QG-DQHNRQQWHVFKLHHQ /LUL]XFNWHXQWHUGHQEHLGHQ(LQVFKOlJHQGHU*HVFKRVVH ]XVDPPHQ%UOOHQGZlO]WHHUVLFKDXIGLH6HLWH'LH03LOLHHU IDOOHQ6WDWWGHVVHQSUHWHHUEHLGH+lQGHDXIGLH(LQVFKXO|FKHU 'LH'HWHNWLYLQKDWWHQXU$XJHQIUGLHEHLGHQJHIl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
'DV0HVVHUIOLUUWHGXUFKGLH/XIWWUDIPLWW|GOLFKHU3Ul]LVLRQ VHLQ=LHO .LULDNLVHUKLHOWHLQHQP|UGHULVFKHQ6WR(VKRELKQDXIGLH =HKHQVSLW]HQ(UOLHGLH0DVFKLQHQSLVWROHIDOOHQXQGNQLFNWH QDFKYRUQ.LULDNLVZROOWHVLFKQRFKDEVWW]HQGRFKVHLQH+lQGH JDEHQQDFK)ODFKILHOHUDXIGHQ%DXFKXQGEOLHEOLHJHQ$XVVHL QHP5FNHQUDJWHGHU.QDXIGHV0HVVHUV .RQRVDEHUKHW]WHEHUGDV'HFN(UUDQQWHDXIGLH 0DVFKLQHQSLVWROH]XGLHDXIGHP%RGHQODJ ,Q]ZLVFKHQNlPSIWH-DQH&ROOLQVYHU]ZHLIHOWJHJHQGHQ *ULHFKHQ+HUHRVKDWWHVHLQH6RQQHQEULOOHYHUORUHQ=HUEURFKHQ ODJVLHQHEHQGHQEHLGHQ*HJQHUQ.HLQHUJDEDXI-HGHUZROOWH JHZLQQHQ'HP0DQQZDUHVJHOXQJHQ-DQHV+DQGJHOHQN]X SDFNHQ9HU]ZHLIHOWYHUVXFKWHHUHVDXIGLH6HLWH]XGUHKHQXP -DQHVR]X]ZLQJHQGLH3LVWROHORV]XODVVHQ -DQH&ROOLQVVWHPPWHVLFKJHJHQGHQ*ULII'LFKWYRUVLFKVDK VLHGDV*HVLFKWGHV*ULHFKHQXQG]XPHUVWHQPDOEOLFNWHVLHLQ VHLQH$XJHQ6LHYHUPHLQWHLQNRKOUDEHQVFKZDU]H6FKlFKWH]X VHKHQ'RFKMHW]WIOLPPHUWHGHU+DGDULQXQGGHUSXUH:LOOH ]XP7|WHQ 6XNRXQGLFKGXUFKVWLHHQZLH]ZHL7RUSHGRVGLH:DVVHUREHU IOlFKH,PVHOEHQ0RPHQWK|UWHLFKGLH6FKVVHVDKGDV]ZHLWH 6FKLIIXQGUHLPWHPLUHLQLJHV]XVDPPHQ +DUWULLFKGDV0XQGVWFN]ZLVFKHQGHQ/LSSHQKHUYRU,FK EUOOWH6XNRHLQH:DUQXQJ]XGLHMHGRFKLP'RQQHUGHU6FKVVH XQWHUJLQJ :LUZDUHQ]XP*OFNQLFKWZHLWYRQGHU%RUGZDQGXQVHUHV 6FKLIIHVDXIJHWDXFKW,FKOHJWHPLFKDXIGHQ%DXFKXQGNUDXOWH DXIGLH/HLWHUDP+HFNGHV%RRWHV]X 1DFK6XNRVDKLFKPLFKQLFKWXP0HLQFKLQHVLVFKHU3DUWQHU ZUGHDXFKRKQHPHLQH+LOIH]XUHFKWNRPPHQGHVVHQZDULFK PLUVLFKHU,FKZDU]ZDUQLHHLQ6FKZLPP$VJHZHVHQGRFK LPPHUQRFKEHVVHUDOVGHU'XUFKVFKQLWW0HLQ.|USHUGXUFK SIOJWHGDV:DVVHUGHUbJlLV'LH6FKZLPPIORVVHQDQGHQ )HQPDFKWHQHVPLUOHLFKW
6FKRQWDXFKWHGLH/HLWHUYRUPLUDXI(LQHQ.UDXOVWRQRFK GDQQNRQQWHLFKQDFKHLQHU6SURVVHIDVVHQ 'DVDKLFKGHQ.HUOEHUPLUDQ'HFN(UKLHOWHLQH03LLQGHU +DQGHQWGHFNWHPLFKLPVHOEHQ0RPHQWXQGEHJDQQ]XIHXHUQ 1RFKQLHLP/HEHQZDULFKVRUDVFKZLHGHUXQWHUJHWDXFKW,FK VFKRI|UPOLFKLQGLH7LHIHZlKUHQGKDDUVFKDUIQHEHQPLUGLH %OHLJDUEHLQGDV:DVVHUNODWVFKWH ,FKVDKZLHGLH3URMHNWLOHGXUFKV:DVVHU]LVFKWHQ+DVWLJ]RJ LFKGLH%HLQHDQXPQLFKWGRFKQRFKJHWURIIHQ]XZHUGHQGUHKWH HLQHQ6DOWRVFKZDPPXQWHU:DVVHUDQGHU%RUGZDQGHQWODQJ XQGULVNLHUWHHVGDQQNXU]DXI]XWDXFKHQ 9RQGHP*DQJVWHUVDKLFKQLFKWGLH6SXU (UIHXHUWHDEHUZLHGHU6WHXHUERUGZDUHQGLH6FKVVHDXIJH NOXQJHQ:DKUVFKHLQOLFKKDWWHGHU.HUO6XNRHQWGHFNW ,FKEHIDQGPLFKDQGHU%DFNERUGVHLWHVDKKRFKYRUPLUGHQ %XJGHU
+LQWHUGHQ$XIEDXWHQGHU%UFNHGXFNWHLFKPLFK'DQQ SHLOWHLFKYRUVLFKWLJDXIXQVHU%RRW :DVLFKVDKEHVFKOHXQLJWHPHLQHQ+HU]VFKODJ -DQH&ROOLQVNlPSIWHPLWHLQHP.HUOGHUPLQGHVWHQVGRSSHOW VRVFKZHUZDUZLHVLH'HU7\SGHUPLFKPLW%OHLEHKDUNWKDWWH OLHIPLWVFKXEHUHLWHU03LYRQ%RUGZDQG]X%RUGZDQGXQG VXFKWHVHLQH*HJQHU:DKUVFKHLQOLFKVFKOXJLKP6XNRGDXHUQG HLQ6FKQLSSFKHQ$XIGLH,GHHGDLFKDXIGHU
'DQQKHW]WHLFKJHGXFNWEHUGDV'HFNGHU
VFKZHUDWPHQGªGXKDVWPLFKJDQ]VFK|QZDUWHQODVVHQ,FKELQ GRFKNHLQ)LVFK]XP7HXIHO© -DQHVFKPLHJWHVLFKDQPLFK,FKVSUWHLKUH/LSSHQDXIPHL QHP0XQGª:DVKDWHVJHJHEHQ"©IOVWHUWHVLH ª6SlWHU©HUZLGHUWHLFK:lKUHQG6XNRGHQEHZXWORVHQ +HUHRVYHUVFKQUWHJLQJHQZLU]XXQVHUHP)UHXQG.LULDNLV $XFK-DQHVDKGDHVPLWLKP]X(QGHJLQJ(UZUGHGHQ 0HVVHUZXUIQLFKWEHUOHEHQ:LUGUHKWHQLKQDXIGLH6HLWH (UIDWHQDFKPHLQHU+DQGª%OHLEWEHLPLU©VDJWHHUªLFKZHL GDLFKVWHUEHQPXDEHULFKKDEHHXFKQRFKYLHO]XVDJHQ8QG ELWWHK|UWPLUJHQDX]X© ª0RPHQWQRFK©-DQH&ROOLQVHQWIHUQWHVLFKVDPPHOWHPHLQH .OHLGXQJDXIXQGIDOWHWHGLH-DFNH]XVDPPHQ )UDJHQGEOLFNWHLFKGLH'HWHNWLYLQDQ6LHKREGLH6FKXOWHUQ XQGGHSRQLHUWHGLH.OHLGXQJXQWHU.LULDNLV.RSI 'HUDOWH0DQQOlFKHOWHLKUGDQNEDU]X'DQQYHU]RJVLFKVHLQ *HVLFKWZLHGHUYRU6FKPHU]HQª'LHVHVYHUGDPPWH0HVVHU© IOVWHUWHHUª,FKLFKKDEHHVQLFKWPHKUJHVFKDIIW$EHULFK NRQQWHGRFKQLFKWHLQIDFKVFKLHHQ© ª1HLQGDVNRQQWHVWGXQLFKW©HUZLGHUWH-DQHª'XKDVWUHFKW JHKDQGHOW.LULDNLV© (UEDWXPHLQHQ6FKOXFN]XWULQNHQ,FKEHVRUJWHLKP 2UDQJHQVDIW9LHOOHLFKWZDUHVIDOVFKDEHUPHLQ*RWW.LULDNLV KDWWHVRZLHVRQLFKWPHKUODQJH]XOHEHQXQGZDUXPVROOWHLFK LKPQLFKWHLQHQOHW]WHQ:XQVFKHUIOOHQ" 6XNRKDWWHGLHEHLGHQWRWHQ0lQQHULQ]ZLVFKHQPLWHLQHU3ODQH EHGHFNW+HUHRVKDWWHHU+DQGVFKHOOHQDQJHOHJW'LHVWlKOHUQHQ 5LQJHWUXJGHU&KLQHVHLPPHUEHLVLFK ,FKVHW]WH.LULDNLVGDV*ODVDQGLHVSU|GHQ/LSSHQ'DQNEDU EOLFNWHHUPLFKDQXQGWUDQNPLWNOHLQHQODQJVDPHQ6FKOXFNHQ ª-D©IOVWHUWHHUªGDVWDWJXW8QGMHW]WK|UWJXW]X$XFKZHQQ LKUGDV'lPRQHQDXJHJHIXQGHQKDEWLVWGHU)DOOQRFKQLFKW EHHQGHW©
-DQHXQGLFKVDKHQXQVDQ ª,KUJODXEWPLUQLFKWZLH"©.LULDNLVKXVWHWH'DQQHU]lKOWHHU XQVVHLQH/HEHQVJHVFKLFKWHXQGLFKPXWH]XJHEHQGDPLFK VHOWHQHWZDVVRJHSDFNWKDWWHZLHGLHVH(U]lKOXQJ ª9RUEHUVLHE]LJ-DKUHQELQLFKDXI0\NRQRVJHERUHQ©EHULFK WHWHHUªXQGHVZDUHLQHKHUUOLFKHZXQGHUEDUH,QVHOGDPDOV 6FKRQVHLWIUKHVWHU-XJHQGKDEHLFKPLFKIU*HVFKLFKWH /HJHQGHQXQG6DJHQLQWHUHVVLHUW,FKODVZDVLFKLQGLH+lQGH EHNRPPHQNRQQWH1HXH%FKHUDOWH%FKHU$OOHLQJLQJLFKRIW VSD]LHUHQZDQGHUWHVWXQGHQODQJEHUGLH,QVHOXQGOHUQWHDOV LFKIQI]HKQ-DKUHDOWZDUHLQHQ(LQVLHGOHUNHQQHQ2EZRKOGHU 0DQQDOOHLQOHEHQZROOWHIUHXQGHWHLFKPLFKPLWLKPDQ(U EHVFKlIWLJWHVLFKPLWGHQJOHLFKHQ*HELHWHQZLHLFKQXUKDWWHHU QRFKHLQZHLWHUHV+REE\(UJODXEWHDQGLH0DJLH$PDFKWHQ7DJ IKUWHHUPLFKLQVHLQH+|KOH8QGGRUWNDPLFKDXVGHP 6WDXQHQQLFKWPHKUKHUDXV:DVLFKGDDQ%FKHUQVDKGDVZDU VFKRQVDJHQKDIW(VZDUHQDOWH6FKULIWHQUHJHOUHFKWH)ROLDQWHQ 'HU(LQVLHGOHUKDWWHVLHJHVDPPHOWXQGEHVRQGHUVVWDFKHQPLU GLH:HUNHEHUGHQYHUVXQNHQHQ.RQWLQHQW$WODQWLVLQV$XJH ,FKKDWWHHLQLJHEHU$WODQWLVJHOHVHQDEHUGDVZDUHQ 3XEOLNDWLRQHQQHXHUHU$UWJHZHVHQ'HU(LQVLHGOHUMHGRFKEHVD %FKHUGLHDXVGHPVSlWHQ0LWWHODOWHUVWDPPWHQ9RQ*ULHFKHQ RGHU7UNHQJHVFKULHEHQGLHVLFKPLWGHP7KHPDLKU/HEHQODQJ DXVHLQDQGHUJHVHW]WKDWWHQ:DVQLHPDQGGXUIWHPLUJHVWDWWHWH GHU(LQVLHGOHUHV,FKNRQQWHLQGHQDOWHQ%FKHUQOHVHQ8QGLFK WDWHVYHUJDGDEHLGLH=HLWODV7DJXQG1DFKWZXUGHJHIDQJHQ YRQGHU*HVFKLFKWHGHVYHUVXQNHQHQ.RQWLQHQWV© .LULDNLVOHJWHHLQH3DXVHHLQXQGEDWXPQRFKHLQHQ6FKOXFN 2UDQJHQVDIW,FKOLHLKQWULQNHQ 'DQQHU]lKOWHGHUDOWH*ULHFKHZHLWHUª$XVGLHVHQ%FKHUQ HUIXKULFK]XPHUVWHQPDOYRQGHU([LVWHQ]GHV6FKZDU]HQ7RGV 'DVZDUGLHVHU6XSHUGlPRQGHUGLH=HLWHQEHUGDXHUWHXQGGLH *HVFKLFNHGHU:HOWOHQNWH,FKK|UWHYRQGHP*UDXHQGDVHUYHU EUHLWHWKDWWHXQGGDHUDQ$WODQWLV 8QWHUJDQJNUlIWLJPLWJH ZLUNWKDWWH'HU(LQVLHGOHUOHKUWHPLFKGDV%|VH]XKDVVHQXQG
GDV*XWH]XOLHEHQ,FKK|UWHDXIVHLQH:RUWHGHQQHUKDWWHPLU LP/DXIHGHU=HLWDOOHVJHJHEHQ(UOHKUWHPLFKGLH7DWHQGHV *XWHQXQGIKUWHPLFKGDQQLQGLH*HKHLPQLVVHGHU:HLHQ 0DJLHHLQ,FKOHUQWHGHQ=DXEHUGHU$OFKLPLVWHQK|UWHHWZDV EHUGLH7RWHQEFKHUGHUDOWHQbJ\SWHUXQGEHVFKlIWLJWHPLFK PLWGHQ6FKULIWHQ.|QLJ6DORPRQV(VZDUIDV]LQLHUHQGIUHLQHQ MXQJHQ0HQVFKHQZLHPLFKGLHVHGRFKVRIUHPGH:HOWNHQQHQ ]XOHUQHQLKUH*HKHLPQLVVH]XHUJUQGHQXQGVLHDXV]XORWHQ 'HU(LQVLHGOHUEUDFKWHPLUDOOHVEHLYRUDOOHQ'LQJHQ/HEHQV ZHLVKHLW'DQQXUSO|W]OLFKVWDUEHU,FKVWDQGDOOHLQZDUJHUDGH VLHE]HKQ-DKUHJHZRUGHQ0HLQHOHLEOLFKHQ(OWHUQZDUHQDXFK JHVWRUEHQ,FKKDWWHQLHPDQGNDQQWHQLHPDQGXQGPXWHPLFK QXQVRGXUFKVFKODJHQ8QGGRFKEHVDLFKHWZDVZDVPHKUZHUW ZDUDOVDOOHV*HOGGLHVHU:HOW'DVZDUPHLQ:LVVHQ,FKYHUOLH 0\NRQRVQDKPGLH6FKULIWHQXQG%FKHUGHV(LQVLHGOHUVPLW XQGJLQJQDFK$WKHQ,FKKDWWHLQ]ZLVFKHQVRYLHO:LVVHQGDHV PLURKQH0KHJHODQJHLQH8QLYHUVLWlW]XEHVXFKHQ'RUWVWX GLHUWHLFK*HVFKLFKWH3KLORVRSKLHXQG3V\FKRORJLH:LUKDWWHQ HLQHQDOWHQ3URIHVVRUGHUVLFKEHUHLWVGDPDOVPLWGHPKHXWHVR XPVWULWWHQHQ*HELHWGHU3DUDSV\FKRORJLHEHVFKlIWLJWH,FKZXUGH VHLQJHOHKULJVWHU6FKOHUXQG]RJLKQVFKRQEDOGLQPHLQ 9HUWUDXHQ,FKHU]lKOWHLKPPHLQHELVKHULJH/HEHQVJHVFKLFKWH 'HU0DQQZDUEHJHLVWHUW:LUEHJDQQHQJHPHLQVDP]XIRUVFKHQ XQGYROO]RJHQGLHXUDOWHQ5LWXDOHXQG%HVFKZ|UXQJHQQDFK,FK HULQQHUHPLFKQRFKJHQDXZLHZLUPLW+LOIHHLQHVMXQJHQ 0HGLXPVGHQ*HLVWHLQHVOlQJVW9HUVWRUEHQHQEHVFKZRUHQ 'LHVHU9RUJDQJEUDFKWHHLQHQJURHQ(LQVFKQLWWLQPHLQ/HEHQ 'LH0DJLHOLHPLFKQLFKWPHKUORV,FKOHUQWHPDJLVFKH=HLFKHQ XQG)RUPHOQEHVFKlIWLJWHPLFKLQWHQVLYPLWGLHVHP*HELHWXQG UHLIWHEDOG]XHLQHP.|QQHUKHUDQ© .LULDNLVKXVWHWH6FKZHLVDPPHOWHVLFKDXIVHLQHU6WLUQ %HVRUJWVDKHQ-DQHXQGLFKXQVDQ'HU*ULHFKHEHPHUNWHGHQ %OLFN(LQVFKPDOHV/lFKHOQXPVSLHOWHVHLQH/LSSHQª.HLQH $QJVWLFKZLGHUVWHKHGHP7RGQRFK(UVWPXLFKPHLQH *HVFKLFKWHORVZHUGHQ©
,FKQLFNWHª-D.LULDNLVEHULFKWHZHLWHU© ª%HLMHGHU%HVFKZ|UXQJZDUDXFKGDV0HGLXP]XJHJHQ,FK EHNDP.RQWDNWPLWGHP*HLVWHUUHLFKNRQQWH9HUVWRUEHQHVSUH FKHQXQGKDWWHDEHUDXFK(LQEOLFNLQHLQHJUDXVDPHIXUFKWEDUH :HOW,QGLH:HOWGHU'lPRQHQXQGE|VHQ0lFKWH,FKVDKLQGDV 5HLFK]ZLVFKHQGHP'LHVVHLWVXQGGHP-HQVHLWVZRGDV*UDXHQ ZRKQWXQGVLFKDOOH6FKUHFNHQYHUHLQLJWKDWWHQ(VZDUVFKOLPP ZDVLFKGRUW]XVHKHQEHNDPXQGPDQFKPDOVWRFNWHPLUVRJDU GHU$WHP$EHULFKOHUQWHKLQ]XXQGHVJHODQJPLUGDV%|VH]X EHKHUUVFKHQ$OVLFKIQIXQG]ZDQ]LJ-DKUHDOWZDUVWDUEGHU 3URIHVVRU'DV0HGLXPXQGLFKVWDQGHQDOOHLQGD:LUKHLUDWHWHQ XQGZDUHQLQGHQHUVWHQ-DKUHQEHUJOFNOLFK$QGLH0DJLH GDFKWHQZLUQLFKWPHKUZLUKDWWHQDQGHUH'LQJHLP.RSI© .LULDNLVOlFKHOWHXQGZLUDOOHZXWHQZDVHUPLWGHQDQGHUHQ 'LQJHQPHLQWH6XNRKDWWHVLFKLQ]ZLVFKHQ]XXQVJHVHOOWXQG K|UWHHEHQIDOOVJHVSDQQW]X ª'DQQZXUGHXQVHUH7RFKWHUJHERUHQ:LUJDEHQLKUGHQ 1DPHQ(OHQD6LHZDUHLQZXQGHUVFK|QHV0lGFKHQPLWODQJHQ URWHQ+DDUHQXQGXQVHUJDQ]HU6WRO](OHQDZXFKVKHUDQ$OVVLH IQIZDUNDPXQVHU6RKQDXIGLH:HOW$]DULQLKUNHQQWLKQMD $EHULFKZLOOYRQ(OHQDHU]lKOHQ:LUVRUJWHQGDIUGDVLHJDQ] QRUPDODXIZXFKVGDGDV:RUW0DJLHIUVLHHLQ)UHPGZRUW EOLHE6LHZXWHQLFKWVYRQXQVHUHQ([SHULPHQWHQXQGZXUGH HUVWGDPLWNRQIURQWLHUWDOVVLHDFKW]HKQ-DKUHDOWZDU'DVFKOX JHQGLH0lFKWHGHU)LQVWHUQLVJUDXVDP]XUFN6LHYHU]LHKHQHV QLFKWGDZLUXQVJHJHQVLHJHVWHOOWKDWWHQ6LHQDKPHQJUDX VDPH5DFKH(LQHV1DFKWVWDXFKWHHLQ9DPSLULQLKUHP=LPPHU DXIXQGHQWIKUWH(OHQD,FKZXUGH]XVSlWZDFKXQGVDKLKQQXU QRFKDOVULHVLJH)OHGHUPDXVPLW(OHQDLQGHQ.UDOOHQGDYRQ IOLHJHQ(UKDWVLH]XP9DPSLUJHPDFKW6HLWGHU6WXQGHKDEH LFKQLHPHKUPLWPHLQHU7RFKWHUJHVSURFKHQLFKZHLMHGRFK GDVLHQRFKOHEW,FKKDEHVLHJHVHKHQ8QG]ZDUEHLHLQHU %HVFKZ|UXQJ:LUZROOWHQZLVVHQZDVPLWLKUJHVFKHKHQZDU QDKPHQPLWGHQ0lFKWHQGHU)LQVWHUQLV.RQWDNWDXIXQGVDKHQ SO|W]OLFKGDV'lPRQHQDXJH(VVFKZHEWHLP5DXPXQGZLU
NRQQWHQKLQHLQVFKDXHQZLHDXIHLQH/HLQZDQG,FKVDK(OHQD6LH OHEWHLQPLWWHQ]DKOUHLFKHU)UDXHQIKOWHVLFKJOFNOLFKXQGZDU ]XHLQHPDXVJHZDFKVHQHQZHLEOLFKHQ9DPSLUJHZRUGHQ6LH ZRKQWHLQHLQHUDOWHQ0KOH'RUWORFNWHVLHLKUH2SIHUKLQXP LKQHQGDV%OXWDXV]XVDXJHQ© ,FKK|UWH-DQH&ROOLQVKDVWLJDWPHQª'LH0KOH©IOVWHUWHVLH ªLFKKDEHVLHJHVHKHQ0HLQ*RWW© ª8QGGHVKDOEWXWPLUHLQHQ*HIDOOHQ)UHXQGH©VDJWHGHU *ULHFKHª)LQGHWGLH0KOHXQGILQGHW(OHQD,FKELWWHHXFK GDUXP%HIUHLWVLHYRQLKUHPXQVHOLJHQ)OXFK7|WHWVLHGDPLW DXFKVLHLKUHQ)ULHGHQKDW'DVPWLKUPLUYHUVSUHFKHQMD"© ª-D.LULDNLV©HUZLGHUWH-DQHXQGLFKZLHDXVHLQHP0XQG ª:LUYHUVSUHFKHQHVGLU© 'HUDOWH0DQQWDVWHWHQDFKXQVHUHQ+lQGHQ$OVHUVLHJH IXQGHQKDWWHGUFNWHHUVLHIHVW ª(VZDUVFKOLPP©IXKUHUOHLVHIRUWª0HLQH)UDXVWDUEVLH NRQQWHGHQ6FKRFNQLFKWEHUZLQGHQ0HLQ6RKQZDQGWHVLFK YRQPLUDE:DVPLWLKPJHVFKHKHQLVWKDEWLKUMDHUOHEW,FKDEHU ZXUGHVHOEVW]XP(LQVLHGOHUOHEWHPLWWHQLQ$WKHQIUPLFK DOOHLQXQGEHVFKlIWLJWHPLFKQXUPLWPHLQHQ6WXGLHQ,FKOHUQWH HV6DOEHQXQG3DVWHQKHU]XVWHOOHQGLHHLQHZXQGHUVDPH +HLOZLUNXQJKDWWHQ'XKDVWHVMDVHOEVWHUOHEW-DQH&ROOLQV© 'LH'HWHNWLYLQQLFNWH,FKVDKZLHLKUH:DQJHQPXVNHOQ]XFN WHQ6LHKDWWH.LULDNLVLQLKU+HU]JHVFKORVVHQXQGPXWHQXQ ]XVHKHQZLHVHLQ/HEHQVIDGHQLPPHUGQQHUZXUGH'HQ .UlIWHQGHU6FKZDU]HQ0DJLHKDWWHHUJHWURW]WGRFKHLQHP 0HVVHUVWLFKNRQQWHHUQLFKWVHQWJHJHQVHW]HQ ª:HLWGXZRGLH0KOHLVW"©IUDJWHLFK.LULDNLV ª1LFKWJHQDX©HUZLGHUWHHUª$EHUZHLWYRQKLHUDXIXQKHL OLJHP%RGHQ,FKJODXEHLQ6FKRWWODQGRGHU,UODQG$XIMHGHQ)DOO QLFKWLQ6GHXURSD8QGQRFKHLQH:DUQXQJZLOOLFKDXVVSUH FKHQ,KUKDEW0\[LQGHQ0DJLHUHUZHFNW*HEWVHKUJHQDXDFKW (ULVWQLFKWHXHU)UHXQG(UZLOOQXUGHQ6FKZDU]HQ7RGYHUQLFK WHQXPVLFKVHOEVWDQGLH6SLW]HVHW]HQ]XN|QQHQ,KUPW VFKODXVHLQXQGLKQHUVWHLQPDOIUHXUH=ZHFNHHLQVSDQQHQ
'DQQZLUGHUHXFKKHOIHQGDV'lPRQHQDXJH]XYHUQLFKWHQ ,FKVHOEVW© .LULDNLVVSUDFKQLFKWPHKUZHLWHU3O|W]OLFKULHUGLH$XJHQ DXI$XFKVHLQ0XQG|IIQHWHVLFK9RQHLQHU6HNXQGH]XUDQGH UHQZXUGHVHLQ*HVLFKWZlFKVHUQ ª'HU7RG©IOVWHUWHHUª,FKVHKHLKQVFKRQ(VLVWVRGXQNHO /LFKWLFKZLOO/LFKWVHKHQ1HLQQHLQ© .LULDNLVVW|KQWH)HVWKLHOWHUPHLQH+DQGXPNODPPHUW6HLQH 1lJHOJUXEHQVLFKLQPHLQ)OHLVFKª,FKNRPPH]XGLU)UDXLFK NRPPH© 'DVZDUHQVHLQHOHW]WHQ:RUWH1RFKHLQNHXFKHQGHUODQJ JH]RJHQHU$WHP]XJXQG.LULDNLVZDUWRW -DQHVFKOXFK]WH'LH7UlQHQOLHIHQEHULKUH:DQJHQ ,FKNRQQWHVLHVRJXWYHUVWHKHQ %HKXWVDPGUFNWH-DQHGHP7RWHQGLH$XJHQ]X(VZDUGHU OHW]WH'LHQVWGHQVLHLKPQRFKHUZHLVHQNRQQWH 6FKZDU]JUDXHU1HEHOZDOOWHLQGHU7RGHVVFKOXFKW'LH:RONHQ ZRJWHQKLQXQGKHU7LHILQGHU6FKOXFKWJOKWHHLQGXQNHOURWHV OHLFKWYLROHWWVFKLPPHUQGHV/LFKWDXIGDVODQJVDPGHU2EHU IOlFKHHQWJHJHQVWLHJXQGGHQ1HEHOPLWVHLQHUIDUELJHQ$XUD XPKOOWH .HLQ+LPPHOEHGHFNWHGLH:HOW(VJDENHLQH6RQQHNHLQHQ 0RQGXQGDXFKNHLQH6WHUQH 'LHVH:HOWZDUXQKHLOYROO6LHODJ]ZLVFKHQGHP'LHVVHLWVXQG GHP-HQVHLWVXQGZDUGHU9RUKRI]XU+|OOH:DVGDQDFKIROJWH JHK|UWHGHP6DWDQRGHU$VPRGLVRGHUGHP6FKHLWDQMHQDFK GHPZLHPDQGDVDEVROXW%|VHEH]HLFKQHWH 'LH=ZLVFKHQZHOWDEHUZXUGHYRQHLQHP7\UDQQHQEHKHUUVFKW 9RP6FKZDU]HQ7RG 'LHVKLHUZDUVHLQH:HOWXQGKLHUOLHHUNHLQHQ)UHPGOLQJHLQ GULQJHQZHQQHUQLFKWZROOWH 6HLQ5HLFKZDUULHVLJJUHQ]HQORV(VJDENHLQH+LPPHOV ULFKWXQJHQNHLQ1RUGHQ6GHQ2VWHQRGHU:HVWHQ
6HOEVWYHUVWlQGOLFKKDWWHGHU6FKZDU]H7RG+HOIHU+HHUVFKDUHQ YRQ'lPRQHQJDQ]H$UPHHQYRQ0RQVWHUQVWDQGHQLKP]XU 9HUIJXQJ6LHXQWHUVWW]WHQLKQLP.DPSIJHJHQVHLQH)HLQGH 'HQQDXFKLP5HLFKGHU'lPRQHQH[LVWLHUWH+D1HLGXQG 0LJXQVWJDEHVJUDXVDPH0DFKWNlPSIHGHQQMHGHUGHUZHQLJ 0DFKWEHVDZROOWHDXIVWHLJHQXQGGHQ3ODW]KLQWHU$VPRGLV HLQQHKPHQ6HLWXQHQGOLFKHQ-DKUHQVFKRQQDKPGHU6FKZDU]H 7RGGLHVHQ3ODW]HLQ%LVKHUKDWWHHUHVJHVFKDIIWVLFKJHJHQMHGHQ :LGHUVDFKHU]XEHKDXSWHQGRFKQXQZDUHWZDVHLQJHWUHWHQZDV LKPEHUKDXSWQLFKWEHKDJWH 0\[LQGHU0DJLHUDXV$WODQWLVZDUHUZDFKW 0\[LQV5HLFKLQGHU-HQVHLWVZHOWKDWWHGHU6FKZDU]H7RGNXU ]HUKDQGDQQHNWLHUW(UKDWWHHVHLQIDFKVHLQHP5HLFKDQJHJOLH GHUW1LHPDQGKDWWHHWZDVGDJHJHQGHQQZHUGLH0DFKWEHVD GHUZDUDXFKLP5HFKW1DWUOLFKKDWWHQDQGHUH'lPRQHQYHU VXFKWGHP6FKZDU]HQ7RGDQGHQ.UDJHQ]XJHKHQGRFKGHU 6XSHUGlPRQKDWWHVLFKMHZHLOVDOVGHU6WlUNHUHHUZLHVHQ$OOH $QJULIIHZDUHQYRQLKPDEJHVFKPHWWHUWZRUGHQXQGVHLQH *HJQHUKDWWHHUJUDXVDPEHVWUDIW6LHZDUHQTXDOYROOHLQJH JDQJHQHUKDWWHVLH%LOGHUVHKHQODVVHQGLHLKUHQXQKHLOYROOHQ /HEHQHLQ(QGHVHW]WHQ 0\[LQGHU0DJLHU ,PPHUZLHGHUGDFKWHGHU6FKZDU]H7RGDQGLHVHQVHLQHQ *HJQHU(UPXWHHUIDKUHQZDVHUSODQWHXPMHW]WVFKRQGLH *HJHQPDQDKPHQHLQOHLWHQ]XN|QQHQ +|KHUXQGK|KHUVWLHJGDVYLROHWWH/LFKW(VIHW]WHGHQ1HEHO DXVHLQDQGHUELOGHWH:LUEHOXQG6WU|PXQJHQGLHZLHGHUXPHLQ *HVLFKWIUHLJDEHQ 'XQNHOEUDXQH+DXWHLQZHLWRIIHQVWHKHQGHU0XQG]ZHL $XJHQDXVGHQHQ)HXHUORKHQVFKRVVHQXQGGLHVLFKODQJVDP]X HLQHP$XJHYHUHLQLJWHQ =XP'lPRQHQDXJH 0LWVHLQHQ6NHOHWWILQJHUQXPVSDQQWHGHU6FKZDU]H7RGGDV *HVLFKW(UULFKWHWHGHQ%OLFNDXVVHLQHQKHOOVFKLOOHUQGHQ$XJHQ K|KOHQDXIGDV'lPRQHQDXJH
=XHUVWZXUGHGLH3XSLOOHWUEHGDQQSO|W]OLFKZDQGHOWHVLH VLFK]XHLQHPJODVNODUHQ%LOG8QGGLHVHV%LOG]HLJWHHLQ6FKLII (LQ0RWRUERRW:LQ]LJNOHLQZDUHQGLH3HUVRQHQGLHGDV'HFN EHY|ONHUWHQ'RFKGHU6FKZDU]H7RGNRQQWHVHLQHQ(U]IHLQG -RKQ6LQFODLUGHXWOLFKHUNHQQHQ(UVWLHHLQWLHIHV.QXUUHQDXV VRVHKUEHUZlOWLJWHLKQGHU+D2EHULQVSHNWRU6LQFODLUZDU IULKQHLQURWHV7XFK2EZRKO6LQFODLUVFKRQLQVHLQHU:HOWKLHU JHIDQJHQJHZHVHQZDUKDWWHHUHVJHVFKDIIWGLHVHU+|OOH]X HQWULQQHQ ,PQlFKVWHQ$XJHQEOLFNMHGRFKlQGHUWHVLFKGDV%LOG'DV%RRW PLWGHQ0HQVFKHQYHUVFKZDQGGDIUVDKGHU6FKZDU]H7RGHLQH DQGHUH*HVWDOWGLHHUHEHQVRKDWHZLHGHQ*HLVWHUMlJHU (VZDU0\[LQ .OHLQYRQ6WDWXUHLQJHKOOWLQHLQHQODQJHQJLIWJUQHQ0DQWHO $XFKGLH+DXWVFKLPPHUWHJUQOLFKXQGGLHZHLHQ3XSLOOHQ VFKLHQHQGLUHNWLQGLH6HHOHGHV6FKZDU]HQ7RGHV]XEOLFNHQ 9RUDXVJHVHW]WHUKDWWHEHUKDXSWVRHWZDV 0\[LQKREGHQUHFKWHQ$UPXQGVSUHL]WHGLHVSLQQHQDUWLJHQ )LQJHUª6ROHLFKWPDFKHLFKHVGLUQLFKWPHKU©VDJWHHU6HLQH 6WLPPHGUDQJGXUFK=HLWXQG5DXP]XGHP6FKZDU]HQ7RG ª$OVGXPLFKEHVLHJWHVWKDEHLFKGLUHZLJH5DFKHJHVFKZRUHQ 7|WHQNRQQWHVWGXPLFKQLFKWXQGGXZXWHVWDXFKGDHLQHV 7DJHVGHU=HLWSXQNWNRPPHQZUGHDQGHPLFKZLHGHUHU ZDFKH1XQLFKELQGDXQGIRUGHUHGDV]XUFNZDVGXPLU JHQRPPHQKDVW=XHUVWEHNRPPHLFKPHLQ5HLFKZLHGHUXQG GDQQYHUODQJHLFKLQ$VPRGLV $QJHVLFKWYRQGLU*HQXJWXXQJ 'XZLUVWYRUPLUNULHFKHQVRZLHGHLQH)HLQGHYRUGLULP6WDXE OLHJHQ,FKDEHUZHUGHDXIGLFKWUHWHQ© ª+|UDXI0\[LQGXPDFKVWGLFKOlFKHUOLFK©ULHIGHU6FKZDU]H 7RGª1LFKWVGDYRQZLUGHLQWUHWHQGHQQLFKDOOHLQKDEHGLH 0DFKW,FKZHUGHGLFK]XP]ZHLWHQPDOEHVLHJHQDEHUGDQQIU LPPHU*ODXEPLUGX:XUP© 0\[LQODFKWHQXU8QGGDQQZDUVHLQH*HVWDOWYHUVFKZXQGHQ /DQJHQRFKNODQJGDV*HOlFKWHUQDFK
6XNRXQGLFKKDWWHQGLHWRWHQ*DQJVWHUDXIGLH
VFKWWHOWHGHQ.RSIª.HLQH$KQXQJ(UKDWHVQLFKWIUQ|WLJ JHKDOWHQVLFKPLUYRU]XVWHOOHQ© ª.LSSLKPPDO:DVVHUEHUGHQ.RSI9LHOOHLFKWNRPPWHU GDQQVFKQHOOHU]XVLFK©VDJWHLFK ª2ND\©6XNREHVRUJWHHLQHQ(LPHUXQGVFK|SIWH:DVVHUDXV GHP0HHU'DQQJRHUGLH/DGXQJEHUGHQ6FKlGHOGHV *ULHFKHQ 'HU0|UGHUERNDPWDWVlFKOLFK]XVLFK6FKQDXIHQGXQG SUXVWHQGVSLHHUGDV:DVVHUDXVGDVLKPLQ0XQGXQG1DVH JHGUXQJHQZDU'DQDFK|IIQHWHHUYHUZLUUWGLH$XJHQ$OVHU XQVVDKZXWHHUVRIRUWZDVGLH*ORFNHJHVFKODJHQKDWWH)HVW SUHWHHUGLH/LSSHQ]XVDPPHQ 6XNR]RJLKQDP.UDJHQKRFKVFKOHLIWHLKQEHUGDVKDOEH 'HFNXQGZDUILKQDXIHLQHQ6WXKOª6RPHLQ)UHXQGMHW]W VSLHOHQLFKWGHQ+DOEWRWHQ'LH5ROOHQHKPHQZLUGLUQlPOLFK QLFKWDE© 'HU*ULHFKHZLVFKWHVLFKEHUGLH6WLUQª,FKLFKZHL EHU KDXSWQLFKWZDVLKUYRQPLUZROOW© ª'LH/HLFKHQUHGHQDEHUHLQHGHXWOLFKH6SUDFKH©HUZLGHUWHLFK 6W|KQHQGIDWHGHU*ULHFKHQDFKVHLQHU%HXOHª:DV6LHKLHU PDFKHQLVW)UHLKHLWVEHUDXEXQJ© ª,PPHUQRFKEHVVHUDOV0RUG©NRQWHUWH-DQHª,KUH/HXWH KDEHQGHQDOWHQ0DQQDXIGHP*HZLVVHQGHULKQHQQLFKWVJHWDQ KDW6HLHQ6LHIURKGDZLU]LYLOLVLHUWH0HQVFKHQVLQGVRQVW ZUGHQZLUPLWJOHLFKHU0Q]H]XUFN]DKOHQ© ª6LHKDEHQGRFKPHLQH0lQQHUHUVFKRVVHQ©VFKULHHUSO|W]OLFK ª*XWLFKKDEHGLHDQGHUHQXPJHOHJW/DVVHQZLUHVGDEHL,FK JHKHDXIPHLQ6FKLIIXQGYHUVFKZLQGH8QG6LHN|QQHQDXFK DEKDXHQ:LUZHUGHQXQVQLHPHKUEHJHJQHQ2ND\"© -DQHOlFKHOWHVIILVDQWª+DEHQ6LHHLJHQWOLFKYHUJHVVHQGD 0U6LQFODLU3ROL]LVWLVW",FKKDEHHV,KQHQGHXWOLFKJHQXJ]XYHU VWHKHQJHJHEHQ© ª1HLQLFKKDEHHVQLFKWYHUJHVVHQ1XU6LHVLQG(QJOlQGHU 0LVWHUXQGKDEHQKLHUQLFKWV]XVDJHQ© ª6LHKDEHQVLFKHLQHV9HUEUHFKHQVVFKXOGLJJHPDFKW©VDJWHLFK
ª2ELQ(QJODQG*ULHFKHQODQGRGHU,QGLHQ9HUEUHFKHQVLQG DQDOOHQ2UWHQGHU:HOWVFKOLPPXQGZHUGHQDXFKEHUDOO JHDKQGHW:LUDUEHLWHQPLWGHUJULHFKLVFKHQ3ROL]HL]XVDPPHQ 8QGZLUZHUGHQDOOHVWXQ6LHQLFKWODXIHQ]XODVVHQ© ª'DVNRPPWYLHOOHLFKWDXIGLH8PVWlQGHDQ©VDJWHGHU *ULHFKH ª8QGGLHZlUHQ"©IUDJWHLFK ª,FKELQNHLQDUPHU0DQQ0LVWHU1LFKWVRDUPZLHHLQ3ROL]LVW ,FKN|QQWH,KQHQYRQPHLQHP5HLFKWXPHWZDVDEJHEHQ© ª$OVR%HVWHFKXQJ© ª1HQQHQ6LHHVQLFKWVR,FKKDVVHGDV:RUW©'HU*ULHFKHYHU VXFKWHHLQ/lFKHOQª6DJHQZLULFKJHEH,KQHQHLQHNOHLQH$E ILQGXQJ(LQYHUVWDQGHQ"© ª:LHKHLHQ6LHHLJHQWOLFK"©IUDJWHLFK ª6SLHOWGDVHLQH5ROOH"© ª)U*HVFKlIWVSDUWQHUVFKRQ© 'HU0DQQYHUHQJWHGLH$XJHQª6LHVLQGYHUGDPPWUDIILQLHUW $EHUQXQJXWLFKVDJH,KQHQZLHLFKKHLH+HUHRV.RQVWDQWLQ +HUHRV=XIULHGHQ"© ª8QGZHVKDOEKDEHQ6LHGLHEHLGHQ0lQQHUDXIGHPDQGHUHQ 6FKLIINLOOHQODVVHQ"© ª6LHZROOWHQPLFKEHUV2KUKDXHQ© ,FKOlFKHOWHYHUlFKWOLFK+HUHRVNRQQWHPLUYLHOHU]lKOHQGHQQ WRWH=HXJHQUHGHWHQQLFKW ª6LHKDEHQGRFKHLQH.LVWHDQ%RUGVFKDIIHQODVVHQ©PLVFKWH VLFK-DQH&ROOLQVHLQª:DVEHILQGHWVLFKLQGHU.LVWH"© ª$OWH0Q]HQ© ,FKZXWH%HVFKHLG(VJLQJXPGHQ6FKPXJJHOYRQ$OWHU WPHUQ8QGGDEHLGLHVHP*HVFKlIWPLWYHUGDPPWKDUWHQ %DQGDJHQJHNlPSIWZXUGHGDVZXWHLFKQLFKWHUVWVHLWKHXWH $XHUGHPZDUGLH3ROL]HLKLQWHUGHQ%RVVHQXQG+HKOHUQKHU ZLHGHU7HXIHOKLQWHUGHU6HHOH:XUGHQGLH6FKPXJJOHUJHIDW VRHUZDUWHWHQVLHKRKH6WUDIHQ'DVZXWHDXFK+HUHRV'HVKDOE ZROOWHHUVLFKDXIHLQHPDQGHUHQ:HJHLQLJHQGHQQVRQVWZDUHU ELVDQVHLQ/HEHQVHQGHHUOHGLJW
ª:LHYLHODOVR"©IUDJWHHU ª*DUQLFKWV©HUZLGHUWHLFKª:LHEHUJHEHQ6LHGHU3ROL]HL 2GHUKDEHQ6LHVLFKHWZDHLQJHELOGHWGDLFKPLW0|UGHUQ *HVFKlIWHPDFKH0LVWHU"© +HUHRV *HVLFKWYHU]RJVLFKª'X+XQGGXYHUGDPPWHU© 6XNRKREGLH)DXVWª6ROOLFK"© ,FKZLQNWHDEª/DGLHVHQNOlIIHQGHQ.|WHU'HULVWVRZLHVR DP(QGH© +HUHRVZDQGVLFKDXIVHLQHP6WXKOKLQXQGKHU6XNRKDWWHLKQ PLWHLQHP7DXIHVWJHEXQGHQXQGVHLQH%HZHJXQJVIUHLKHLWVRHLQ JHVFKUlQNWª'DVZHUGHWLKUQRFKEHUHXHQGDLKUDXIPHLQHQ 9RUVFKODJQLFKWHLQJHJDQJHQVHLG(VNRPPWGLH=HLWGD© 6XNRZDUHVOHLG$XIGHQ3ODQNHQIDQGHUHLQHQDOWHQDXVJH EHXOWHQ+XW(UQDKPLKQDXIVHW]WHLKQ+HUHRVDXIGHQ.RSI XQG]RJLKQGDQQEHUEHLGH2KUHQGHV0DQQHV ª:HQQGXMHW]WQLFKWGHLQ0DXOKlOWVWGDQQPDFKHLFKHVZLH %XG6SHQFHULP.LQR(LQPDOPLWGHU)DXVWDXIGHLQHQGXPPHQ 6FKlGHOXQGGXVFKZHEVWGXUFKV$OOXQGVLHKVWODXWHU6WHUQH© +HUHRVKLHOWGHQ0XQG:DKUVFKHLQOLFKKDWWHHU%XG6SHQFHU DXIGHU/HLQZDQGVFKRQHLQPDOLQ$NWLRQJHVHKHQ ª8QGZDVPDFKHQZLUMHW]W"©IUDJWH-DQH ª:LUKDEHQGRFKHLQ)XQNJHUlWDQ%RUG'DPLWN|QQHQZLUGLH 3ROL]HLUXIHQ© ª+LPPHODQGDV'LQJKDEHLFKJDUQLFKWPHKUJHGDFKW© IOVWHUWH-DQHª:LUKlWWHQMD+LOIHKHUEHLKROHQN|QQHQ© ª6LFKHU$EHUJHQXW]WKlWWHHVQLFKWYLHO©HUZLGHUWHLFKª'LH =HLWZDU]XNXU].LULDNLVZlUHEHVWLPPWQLFKWPHKU]XUHWWHQ JHZHVHQ© ª'DVIUFKWHLFKDXFK©VDJWH-DQH&ROOLQV ,FKZDUVFKRQDXIGHP:HJ]XP5XGHUKDXVDOVSO|W]OLFKGLH /XIWDP%XJGHV6FKLIIHV]XIOLPPHUQEHJDQQ $EUXSWEOLHELFKVWHKHQ (LQJUQOLFKHV6FKLPPHUQODJEHUGHP'HFNZLHHLQHGLFNH :RONHGLHDXVIXQNHOQGHQ3DUWLNHOQEHVWDQG'DV)OLPPHUQ ZXUGHVWlUNHUXQGEOHQGHWH
+DVWLJKLHOWLFKGLH+DQGYRUPHLQH$XJHQ,FKK|UWH-DQH UXIHQ ª-RKQZDVLVWGDV"© (LQH$QWZRUWJDELFKLKUQLFKWGDVEHVRUJWHHLQDQGHUHU ª,FKKDEHHXFKGRFKJHVDJWGDLFKHXFKQLFKWLP6WLFKODVVH XQGZLHGHUNRPPH© 'HU0DQQGHUGLH:RUWHJHVSURFKHQKDWWHZDUGHU0DJLHU 0\[LQ ,FKQDKPGLH+DQGZLHGHUYRQPHLQHQ$XJHQ'DV)OLPPHUQ KDWWHDXIJHK|UW'DIUVDKLFKMHW]WHLQH*HVWDOWDXIGHP6FKLII VWHKHQ /DQJHUJUQHU0DQWHOJUQOLFKVFKLOOHUQGH+DXWNDOWHZHLH $XJHQGDVZDU0\[LQ -DQH&ROOLQVIDWHQDFKPHLQHP$UPª,VWHUGDV"©ZLVSHUWHVLH ª-D© 'HU+HKOHUEHJDQQ]XVFKUHLHQ(UKDWWHVLFKGHQ+XWZLHGHU QDFKREHQJHVFKREHQª'DVLVW7HXIHOVVSXNZDVGDDEJHKW© ]HWHUWHHUª:RNRPPWGLHVHU.HUOKHU"© 1LHPDQGJDELKP$QWZRUW0\[LQZDQGHUWHJHODVVHQEHUGDV 'HFN(VVFKLHQDOVREHUVLFKKLHU]X+DXVHIKOWH-HGHQVDKHU DQ=XHUVWPLFKGDQQ6XNRGHUVLFKHLQ*ULQVHQQLFKWYHUNQHL IHQNRQQWH=XP6FKOXIL[LHUWHQVHLQH$XJHQ-DQH&ROOLQV 9RUGHU'HWHNWLYLQEOLHEHUVWHKHQª$QLKUZLUGGHU6FKZDU]H 7RGEHVRQGHUHQ6SDKDEHQ©VDJWHHU ª'DVJODXEHLFKNDXP©HUZLGHUWH-DQHª(KHLFKPLFKPLWLKP HLQODVVHEHJHKHLFK6HOEVWPRUG© 0\[LQODFKWHQXUª:HULVWGDV"©IUDJWHHUXQGGHXWHWHDXI +HUHRV ,FKHUNOlUWHHVLKPª$EHUKDVWGXXQVGHQQQLFKWDXVGHLQHP 5HLFKEHREDFKWHW"© ª1HLQLFKKDEHHWZDVDQGHUHV]XWXQJHKDEW© 0\[LQJLQJDXI+HUHRV]X'HU+HKOHUVDKZLHGHU/DQG 9LHOOHLFKWZDUKLHUMHPDQGJHNRPPHQGHQHUIUVHLQH=ZHFNH DXVQXW]HQNRQQWHª+|U]X0DQQ©VDJWHHUªLFKZHLQLFKWZHU
GXELVWXQGZRKHUGXNRPPVWDEHULFKKDEHJHVHKHQGDGLH DQGHUHQKLHUGLFKPLW]LHPOLFKHP5HVSHNWEHKDQGHOQ:LU PDFKHQHLQ*HVFKlIW'XKLOIVWPLUKLHUDXVGHU.OHPPHXQGLFK ZHUGHGLFKIUVWOLFKEHORKQHQ© $EZDUWHQGXQGKRIIQXQJVYROOEOLFNWH+HUHRVGHQ0DJLHUDQ 0\[LQYHU]RJQLFKWHLQPDOGDV*HVLFKWDOVHUIUDJWH ª:HULVW GLHVHU6FKZlW]HU"© ª(LQ.LOOHUER©HUNOlUWHLFK ª:DVLVWGDV"© ,FKHUNOlUWHHVLKP 0\[LQOlFKHOWHª1LFKWVFKOHFKW©NRPPHQWLHUWHHUª'DV%|VH VFKHLQWDXIGHU(UGHQRFKQLFKWDXVJHURWWHW]XVHLQ:LHLFKVHKH ZHUGHLFK8QWHUVWW]XQJEHNRPPHQ'LH0HQVFKHQKDEHQVLFK QLFKWJHlQGHUW'DVLVWJXW6LHVLQGLPPHUQRFKDXI*HOGXQG 0DFKWDXV:ROOHQGHQ5HLFKWXPVFKHIIHOQ©0\[LQULHEVLFKGLH +lQGHGDQQZDQGWHHUVLFKDQGHQ+HKOHUª7XWPLUOHLGDEHULP $XJHQEOLFNNDQQLFKQLFKWVIUGLFKWXQPHLQ)UHXQG,FKVWHKH EHLGHQDQGHUHQLP:RUW© ª9HUJLHV© ª1HLQVLHKDEHQPLFKDXVGHP6FKODIGHU5DFKHEHIUHLW$OV *HJHQOHLVWXQJZHUGHLFKVLH]XP'lPRQHQDXJHIKUHQ,FK NRPPHMHGRFKZLHGHUDXIGLFK]XUFN© ª+RIIHQWOLFK©'HU+HKOHUKLHOWVHLQHJHIHVVHOWHQ+lQGHKRFK ª%HIUHLHPLFKGDYRQ©EDWHU 0\[LQ]|JHUWH ,FKJULIIHLQª1HLQODLKQ©VDJWHLFKVFKDUI 0\[LQEUHLWHWHEHLGH$UPHDXVª*XWLFKODVVHLKQLQ5XKH(UVW ZHUGHLFKPHLQ9HUVSUHFKHQHLQO|VHQ© ,FKZHFKVHOWHGDV7KHPDª:RILQGHQZLUGDV'lPRQHQDXJH"© IUDJWHLFKGHQ0DJLHU ª:LHVRZLU"© ª0HLQH)UHXQGHXQGLFK© ª1HLQ-RKQ6LQFODLU'XDOOHLQZLUVWPLFKEHJOHLWHQ'HLQH )UHXQGHN|QQHQKLHUZDUWHQ© ª$EHUZDUXP"©
0\[LQOlFKHOWHª'XELVWGHU)HLQGGHV6FKZDU]HQ7RGHV'X ZROOWHVWGDV$XJH]HUVW|UHQXQGQXUGXDOOHLQVROOVWGLHVH &KDQFHHUKDOWHQ,FKZHUGHGLFKPLWQHKPHQLQHLQ5HLFKGDV GHLQ$XJHQRFKQLHJHVHKHQKDW© ª'RFK©KLHOWLFKLKPHQWJHJHQª6FKRQHLQPDOKDWPLFKGHU 6FKZDU]H7RGLQVHLQH:HOWYHUVFKOHSSW© 0\[LQZDUEHUUDVFKWª8QGGXKDVWHVPLWHLJHQHU.UDIWJH VFKDIIWGLHVH:HOWZLHGHU]XYHUODVVHQ"© ,FKQLFNWHXQGVDKLQ0\[LQV$XJHQVRHWZDVZLH$FKWXQJDXI OHXFKWHQª1LHKlWWHLFKJHGDFKWGDLFKHLQPDOHLQHPQRUPDOHQ 0HQVFKHQVRHWZDVZLH5HVSHNW]ROOHQZUGH©VDJWHHU ª(VZDU*OFNVVDFKH©VSLHOWHLFKGHQ9RUIDOOKHUXQWHU ª:LHGHPDXFKVHL©PHLQWH0\[LQª:LUPVVHQXQVEHHLOHQ 1RFKDKQWGHU6FKZDU]H7RGQLFKWVYRQGHPZDVGXYRUKDVW $EHUHUNDQQHVVHKUVFKQHOOHUIDKUHQ© -DQHWUDWDXIPLFK]XXQGNODPPHUWHVLFKDQPLFKª*LEDXI GLFKDFKW-RKQ©IOVWHUWHVLHª,FKLFKKDEHJURH$QJVW© ,FKOlFKHOWHLKUEHUXKLJHQG]Xª:LUGVFKRQVFKLHIJHKHQ© *DQ]ZRKOZDUPLUQLFKWLQPHLQHU+DXW$EHULFKKDWWHPLFK QXQHLQPDOHQWVFKORVVHQXQGNRQQWHQLFKWPHKU]XUFN 'LH6RQQHZDULQ]ZLVFKHQZHLWHUJHZDQGHUW6LHEHZHJWHVLFK LQ5LFKWXQJ:HVWHQXQGEHGHFNWHGDV0HHUPLWLKUHP 6WUDKOHQWHSSLFK'LH6FKDXPNURQHQJOLW]HUWHQXQGEOLW]WHQ :HOOHQNODWVFKWHQJHJHQGHQ%RRWVUXPSI0|ZHQXPNUHLVWHQ GDV6FKLIILQJHULQJHU+|KH ª$EHUDXFKLKUVROOWQLFKWJDQ]VFKXW]ORV]XUFNEOHLEHQ©VDJWH 0\[LQª0HLQH0DJLHZLUGHXFKVFKW]HQ©(UKROWH.UHLGHXQWHU VHLQHP*HZDQGKHUYRUEFNWHVLFKXQGPDOWHHLQHQ.UHLVDXI GDV'HFN 'RUWZRGLH.UHLGHGLH3ODQNHQEHUKUWHEHJDQQHV]XOHXFK WHQ'DQQ]RJHU]ZHLGLDJRQDOH6WULFKHGXUFKGHQ.UHLV(UKDWWH MHW]WYLHU'UHLHFNHJHVFKDIIHQ,QMHGHV'UHLHFNVFKULHEHUHLQ :RUW:LUKDWWHQHVQRFKQLHJHOHVHQ$XHUGHPZDUHVHLQHVR NRPSOL]LHUWH$QHLQDQGHUUHLKXQJYRQ%XFKVWDEHQGDZLUGDV :RUWNDXPDXVVSUHFKHQNRQQWHQ
ª6ROOWHHXFKGHU6FKZDU]H7RGDQJUHLIHQVRVWHOOWHXFKLQHLQHV GHU'UHLHFNH©HUNOlUWH0\[LQª'LHVHU=DXEHULVWVRVWDUNGD GHU6FKZDU]H7RGLKQQLFKWGXUFKEUHFKHQNDQQ:HQLJVWHQV QLFKWLPHUVWHQ$QODXI(UPXVFKRQ=HLWKDEHQXPHLQH *HJHQEHVFKZ|UXQJYRU]XQHKPHQ'DVGDXHUWODQJH,QGHU =ZLVFKHQ]HLWMHGRFKZLUG-RKQ6LQFODLUGDV'lPRQHQDXJH]HU VW|UWXQGGDPLWGHP6FKZDU]HQ7RGHLQHVVHLQHUZLFKWLJVWHQ +LOIVPLWWHOJHUDXEWKDEHQ© ,FKVDK6XNRDQ ª'XVFKDIIVWHV-RKQ©VDJWHPHLQFKLQHVLVFKHU)UHXQGXQG 3DUWQHU $XFK-DQHQLFNWHPLU]X6LHKDWWHGLH/LSSHQIHVW]XVDPPHQ JHSUHW,FKVDKLKUDQGDVLHPLWGHQ7UlQHQNlPSIWH ª.RPPMHW]W-RKQ6LQFODLU©VDJWH0\[LQª'LH=HLWGUlQJW©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lOWH'DEHLKDWWH LFKGDV*HIKOYRQGHQ)HQKHUZUGHPHLQ%OXWHLQIULHUHQ 0KVDPGUHKWHLFKGHQ.RSIXQGEOLFNWH0\[LQDQ
,FKVDKVHLQKLQWHUJUQGLJHV/lFKHOQ'DQQVDJWHHU ª-HW]WELVW GXPLUDXVJHOLHIHUW-RKQ6LQFODLU© ,PQlFKVWHQ0RPHQWYHUVFKZDPPDOOHVYRUPHLQHQ$XJHQ -DQH6XNRGDV6FKLIIDOOHVJLQJXQWHULQHLQHPWRVHQGHQ :LUEHO,FKIKOWHHLQHQXQJHKHXUHQ'UXFNGHUPLFKKRFKKHEHQ XQGKHUDE]LHKHQZROOWH]XUVHOEHQ=HLW 'DQQZXWHLFKQLFKWVPHKU ª(ULVWZHJ©VDJWH-DQH&ROOLQV6LHIOVWHUWHGLH:RUWHVWDQG LPPHUQRFKXQWHUGHP(LQGUXFNGHVXQHUNOlUOLFKHQ*HVFKHKHQV /HHUODJGHU.UHLVYRULKU6XNRKDWWHVHLQHQ$UPXP-DQHV 6FKXOWHUJHOHJW'HU&KLQHVHJDELKUHWZDV+DOWª:DUXPVLQG ZLUQXUQLFKWPLWJHJDQJHQ"©IOVWHUWHVLH ª'DQQKlWWH-RKQNHLQH&KDQFHJHKDEW©HUZLGHUWH6XNR ª1HLQVRLVWHVVFKRQEHVVHU© ª*ODXEVWGXGDHUHVVFKDIIW"©IUDJWHVLH ª-D:HQQHVHLQHUVFKDIIWGDQQLVWHV-RKQ(ULQQHUHGLFK GDUDQZHOFKH1LHGHUODJHQHUGHQ0lFKWHQGHU)LQVWHUQLVVFKRQ EHLJHEUDFKWKDW%LVKHULVW-RKQ6LQFODLULPPHU6LHJHUJHEOLHEHQ© ª$EHUMHGH6HULHKDWHLQPDOHLQ(QGH© ª+DVWGXGDV9HUWUDXHQLQ-RKQYHUORUHQ"©HUNXQGLJWHVLFK 6XNR ª1HLQDEHULFKNHQQHNDXPMHPDQGDXIGHU:HOWGHUJHJHQVR PlFKWLJH*HJQHU]XNlPSIHQKDW'DVLVWHV© 6XNRZDUIHLQHQ%OLFNEHUGDV'HFN'DEHLVDKHUDXFK ]ZDQJVOlXILJGHQ+HKOHU+HUHRVDQ'HU*DQJVWHUKRFNWHDXI VHLQHP6WXKO(UZDUNUHLGHEOHLFKXQGEHJULIIQLFKWV 6XNRNRQQWHLKQJXWYHUVWHKHQ 0LWGHQJHIHVVHOWHQ+lQGHQZLVFKWHVLFK+HUHRVEHUGLH VFKZHLQDVVH6WLUQª=DXEHUVSXN©VDJWHHUª,FKKDEHGDV*H IKOLKUVWHKWPLWGHP6DWDQLP%XQGH© ª8PJHNHKUWLVWHV©PHLQWH6XNR ª9HUGDPPWZLHLVWGDVP|JOLFK":LHN|QQHQ]ZHL/HXWHVR PLUQLFKWVGLUQLFKWVYHUVFKZLQGHQ",FKEHJUHLIHQLFKWVPHKU©
ª,VWDXFKQLFKWQ|WLJ©HUZLGHUWH6XNR ª:HUZDUGHQQGLHVHUJUQKlXWLJH.HUO"©ZROOWHGHU+HKOHU ZLVVHQ ª(LQ0DJLHU© ª$XVGHP=LUNXV"© ª1HLQDXV$WODQWLV© -HW]WEOLHE+HUHRVYRU6WDXQHQGHU0XQGRIIHQVWHKHQª:ROOW LKUPLFKDXIGHQ$UPQHKPHQ"8QGZHULVWGHU6FKZDU]H7RG"© ª,FKZQVFKH,KQHQQLFKWGD6LHLKQNHQQHQOHUQHQ© ª:DVJHVFKLHKWGHQQMHW]WPLWPLU":ROOHQ6LHLPPHUQRFKGLH 3ROL]HLKROHQ"© ª6LFKHUDEHUHUVWZHQQ-RKQ6LQFODLUZLHGHU]XUFNLVW© ª,FKKRIIHGDHUYHUUHFNW©]LVFKWHGHU*DQJVWHU ª'DVKDEHQVLFKVFKRQDQGHUHYHUJHEOLFKJHZQVFKW©HQW JHJQHWHGHU&KLQHVH $XIHLQPDOZXUGH+HUHRV %OLFNODXHUQGª:LHZDUGDVGHQQ PLWHXUHPNRPLVFKHQ0DJLHU"©VDJWHHUª(UZROOWHGRFKPLWPLU HLQ*HVFKlIWPDFKHQZHQQLFKULFKWLJYHUVWDQGHQKDEH© ª=XGHP*HVFKlIWZLUGHVQLFKWNRPPHQ©HUZLGHUWH6XNR ª:HLOPDQ6LHYRUKHUHLQORFKW© +HUHRVODFKWHPHFNHUQGª'DELQLFKJDUQLFKWPDOVRVLFKHU,FK KDEHVHOEVWJHVHKHQZHOFKHLQH0DFKWGLHVHU0DJLHUEHVLW]W 1HLQGHQN|QQHQDXFKNHLQH*LWWHUDXIKDOWHQ© 'LH%HIUFKWXQJKDWWH6XNRHEHQIDOOVHUVSUDFKVLHDEHUQLFKW DXV ª(VZlUHIUHXFKZLUNOLFKEHVVHUZHQQLKUHXFKDXIPHLQH 6HLWHVFKODJHQZUGHW,FKELQGHUEHVVHUH3DUWQHU© ª+|UQLFKWDXIGHQ6FKZlW]HU©VDJWH-DQH&ROOLQVª'HUKDW GRFKQXU$QJVW© ª6HGXELVWGXPP%HLPLUIlKUVWGXZLUNOLFKEHVVHU,FK NDQQGLUDOOHVELHWHQ© ª:HQQGXMHW]WGHLQ0DXOQLFKWKlOWVWYHUGDPPWHU.LOOHU VSUVWGXPHLQH)DXVW©]LVFKWH6XNR 'DVFKZLHJ+HUHRV6HLQ/lFKHOQ]HLJWHDQGDHUVLFKDXIGHU 6LHJHUVWUDHVDK
'RFKGDV*ULQVHQJHIURUGHP+HKOHUXQGGDUDQZDUHQGLH QlFKVWHQ(UHLJQLVVHVFKXOG 8USO|W]OLFKYHUGXQNHOWHVLFKGHU+LPPHO$XVGHP1LFKWVHQW VWDQGHQGLFNHVFKZDU]H:RONHQWULHEHQYRUGLH6RQQHXQG DEVRUELHUWHQLKUH6WUDKOHQ(VZXUGHNDOW(LQVFKDUIHU:LQGSILII EHUGLH6HHSHLWVFKWHGDV:DVVHUXQGZDUIHV]X:HOOHQKRFK GLHKDUWJHJHQGLH%RUGZDQGNODWVFKWHQ 6XNRDKQWHGLH*HIDKU(UUHDJLHUWHDOVHUVWHUª9RUVLFKW©ULHIHU -DQH&ROOLQV]Xª'DVLVWHLQ$QJULIIGHV6FKZDU]HQ7RGHV© :LHUHFKW6XNRPLWVHLQHU%HKDXSWXQJKDWWHEHZLHVHQGLH QlFKVWHQ6HNXQGHQ$XVGHQWLHIGDKLQZLUEHOQGHQ:RONHQO|VWHQ VLFKULHVLJH8QJHWPHGLHPLWHQRUPHU*HVFKZLQGLJNHLWDXIGDV NOHLQH%RRW]XUDVWHQ ,Q%UXFKWHLOHQYRQ6HNXQGHQQDKPHQ-DQH6XNRXQGDXFKGHU +HKOHUGHQ$QEOLFNGHU+RUURUJHVWDOWHQLQVLFKDXI (VZDUHQSODWWJHVLFKWLJH0RQVWHU6LHVDHQDXIVNHOHWWLHUWHQ 3IHUGHQSUHVFKWHQDXVGHQ:RONHQKHUYRUXQGVFKZDQJHQIHX ULJH/DVVRV9LHUIQIGLHVHUVFKUHFNOLFKHQ+|OOHQERWHQ]lKOWHQ 6XNRXQG-DQH 'LH'HWHNWLYLQKLHOWVLFKDP%XJGHV%RRWHVDXI6LHKDWWHGLH ZHLWHVWH(QWIHUQXQJELV]XPVFKW]HQGHQ.UHLV]XUFN]XOHJHQ ª/DXI-DQH©EUOOWH6XNRª0HLQ*RWWODXI© 'LH5HLWHUJULIIHQDQ 6LHNDPHQYRQGHU%DFNERUGVHLWHZLUEHOWHQLKUHEUHQQHQGHQ /DVVRVGXUFKGLH/XIWXQGVFKOHXGHUWHQVLHGHP'HFNHQWJHJHQ -DQH&ROOLQVVSULQWHWHORV6LHUDQQWHEHUGDV'HFNDXIGHQ UHWWHQGHQPDJLVFKHQ.UHLV]X 'HU+HKOHUEHJDQQ]XVFKUHLHQ(UVDKGDV*UDXHQNRPPHQ XQGNRQQWHQLFKWVGDJHJHQWXQ0LWHLQHPZLOGHQYHU]ZHLIHOWHQ .UDIWDNWYHUVXFKWHHUDXI]XVSULQJHQUHFNWHGLHJHIHVVHOWHQ +lQGHJHJHQGHQ+LPPHOXQGEUOOWH ª,FKELQQLFKWHXHU)HLQG ,FKJHK|UH]X0\[LQYHUVWHKWLKU",FKELQQLFKWHXHU)HLQG© 'HU+HKOHUDKQWHQLFKWGDHUPLWGLHVHQ:RUWHQJHQDXGDV )DOVFKHVDJWH'HQQGLHVHUHLWHQGHQ6NHOHWWHJHK|UWHQ]XGHP 6FKZDU]HQ7RG0\[LQV7RGIHLQG
6XNREHIDQGVLFKLQHLQHU=ZLFNPKOH(UGHUGHPUHWWHQGHQ .UHLVDPQlFKVWHQVWDQGNRQQWHQXUHLQHU3HUVRQKHOIHQ 8QGIULKQZDUHV-DQH&ROOLQV $XHUGHPKDWWHVLFK+HUHRVVHOEVWLQGLH0LVHUHJHULWWHQ(U KDWWHGXUFKVHLQH:RUWHGDVHLJHQH7RGHVXUWHLOJHVSURFKHQ 'LHSODWWJHVLFKWLJHQ0RQVWHUZLUEHOWHQDXIGDV'HFN]X6LH KDWWHQGLH:RUWHGHV*DQJVWHUVJHQDXYHUQRPPHQlQGHUWHQ LKUHQ.XUVXQGKHW]WHQDXI+HUHRV]X hEHUGHXWOLFKVDKHUGLH6FKUHFNHQVJHVWDOWHQKHUDQMDJHQ'LHVH :HVHQPLWGHUYLROHWWHQ+DXWGHQHLI|UPLJHQ.|SIHQXQGGHQ )UDW]HQRKQH1DVHQXQG2KUHQ ª1HLQQQ©+HUHRVEUOOWHXQGULEHLGH+lQGHJHJHQVHLQ *HVLFKWXPVLFK]XVFKW]HQ 'DZDUHQGLH5HLWHUKHUDQ 'UHLIHXULJH/DVVRVNUHLVWHQGXUFKGLH/XIWIDQGHQPLWJQD GHQORVHU3Ul]LVLRQLKU=LHO 6XNRVSULQWHWHDXI-DQH]X6LHEHJHJQHWHQVLFKHWZDLQGHU 0LWWHGHV6FKLIIHV 'HU&KLQHVHULGLH'HWHNWLYLQNXU]HUKDQGKRFKZDUIVLHEHU VHLQH6FKXOWHUXQGMDJWH]XUFN*HQDXDXIGHQ.UHLV]X (LQHUGHU5HLWHUHQWGHFNWHVLH 0LWHLQHPIDXFKHQGHQ/DXWDXIGHQ/LSSHQNUHLVHOWHHUKHUXP VFKZDQJGDV/DVVRXQGOLHHVHLQHQ$WHP]XJVSlWHUIOLHJHQ 6XNRVDKGHPEUHQQHQGHQ.UHLVHOHQWJHJHQXQGUHDJLHUWHLP %UXFKWHLOHLQHU6HNXQGH (UGXFNWHVLFKGULIWHWHJOHLFK]HLWLJ]XU6HLWHXQGOLHGDV/DVVR EHUVLFKXQG-DQH&ROOLQVKLQZHJIOLHJHQ 6XNRVSUWHQRFKGHQW|GOLFKHQ*OXWKDXFKGDQQZDUGLH *HIDKUJHEDQQW 6RIRUWUDQQWHGHU&KLQHVHZHLWHU-DQHNUDOOWHVLFKDQVHLQHU .OHLGXQJIHVW'DQQHUUHLFKWH6XNRPLWHLQHPJHZDOWLJHQ6SUXQJ GHQUHWWHQGHQPDJLVFKHQ.UHLV (UXQG-DQHZDUHQLQ6LFKHUKHLW 'DFKGLH+RUURU5HLWHUKDWWHQLKU2SIHU .RQVWDQWLQ+HUHRV
(UKLQJLQGHQIHXULJHQ/DVVRVZXUGHYRQVHLQHP6WXKO JHULVVHQXQGEHIDQGVLFKLPQlFKVWHQ$WHP]XJKRFKLQGHU /XIW0LW+|OOHQWHPSRMDJWHQGLH5HLWHUGHQGXQNOHQ:RONHQ HQWJHJHQZXUGHQLPPHUNOHLQHUXQGZDUHQYHUVFKZXQGHQ +HUHRV 6FKUHLJHOOWH-DQHXQG6XNRQRFKODQJHLQGHQ2KUHQ )ULKQJDEHVNHLQH5HWWXQJPHKU 'LH:RONHQYHUIOFKWLJWHQVLFK9HUVFKZDQGHQHEHQVRUDVFK ZLHVLHDXIJHWDXFKWZDUHQ6HNXQGHQVSlWHUODJGHU+LPPHO ZLHGHULQHLQHPVWUDKOHQGHQ%ODX1LFKWVPHKUZLHVDXIGHQ hEHUIDOOGHUJUDXVDPHQ5HLWHUDXVGHUDQGHUHQ'LPHQVLRQKLQ (VZDUDOVKlWWHHVVLHQLHJHJHEHQ 'RFK-DQHXQG6XNRZXWHQHVEHVVHU 'LH'HWHNWLYLQ]LWWHUWH:LHGHUHLQPDOZDUVLHQXUNQDSSPLW GHP/HEHQGDYRQJHNRPPHQ ª0HLQ*RWW©VDJWHVLHQXU 1LFKW]XPHUVWHQPDOPDFKWHLFKHLQHQ'LPHQVLRQVVSUXQJPLW 'LHVH5HLVHGXUFK=HLWXQG5DXPEHLGHULFKLPPHUGDV*HIKO KDWWH6HHOHXQG.|USHUZUGHQYRQHLQDQGHUJHWUHQQW ,QPHLQHP.RSIIKOWHLFKHLQ%UDXVHQXQGVHOWVDPHV3RFKHQ (WZDVSILIIXPPLFKKHUXP,FKZROOWHGLH$XJHQDXIUHLHQXP GDV'LQJ]XVHKHQDEHULFKVFKDIIWHHVQLFKW(WZDVVFKLHQZLH HLQ%OHLJXDXIPLU]XOLHJHQXQGPLFKHLQ]XZLFNHOQ +LOIORVZDULFK:LHHLQ%DE\:HQQPLFKMHW]WGHU6FKZDU]H 7RG]XIDVVHQEHNDPGDQQZDUHVDXV (LQVFKPHU]KDIWHU5XFNVFKLHQPHLQHQ.|USHUVSDOWHQ]X ZROOHQ$XIHLQPDONRQQWHLFKZLHGHUPHLQH$XJHQ|IIQHQ $UPHXQG%HLQHEHZHJHQNRQQWHVSUHFKHQODFKHQPLFKYHU WHLGLJHQ ,FKEOLFNWHPLFKXP (LQHDQGHUH:HOWWDWVLFKYRUPHLQHQ$XJHQDXI 'VWHUGURKHQGXQKHLPOLFK 1HEHOXPZDOOWHPLFK6FKZHUXQGJUDX,FKODJDXIHLQHP VFKZDU]HQ*HVWHLQVERGHQVSUWHGHQIHXFKWHQNOHEULJHQ1HEHO
DXIPHLQHU6WLUQXQGIUDJWHPLFKZRLFKKLHUJHODQGHWZDU %UXFKVWFNHHLQHU(U]lKOXQJVWUHLIWHQGXUFKPHLQ+LUQ,FK PXWHDQ-DQHV:RUWHGHQNHQDOVVLHYRQLKUHP$XVIOXJLQGLH -HQVHLWVZHOWVSUDFK6LHKDWWHHLQH%UFNHJHVHKHQGLHHLQHQ $EJUXQGEHUVSDQQWH(LQH6FKOXFKWLQGHUJUDXVFKZDU]H1HEHO ZDOOWHQXQGZRJWHQ 6ROOWHLFKDXIGHP*UXQGGLHVHU6FKOXFKWJHODQGHWVHLQ" ,FKZXQGHUWHPLFKGDUEHUGDLFKWURW]GLHVHVVLFKHUOLFK JLIWLJHQ1HEHOJDVHVIUHLDWPHQNRQQWH1RUPDOHUZHLVHGXUIWH LFKNHLQH/XIWEHNRPPHQDEHULP5HLFKGHU'lPRQHQZDUHQ GLH*HVHW]HPHLVWDXIGHQ.RSIJHVWHOOW+LHUOLHIDOOHVDQGHUV DOVEHLXQV 'RFKZRZDU0\[LQ" ,FKULFKWHWHPLFKDXIYHUVXFKWHGHQ0DJLHULUJHQGZR]XHQW GHFNHQGRFKDXITXHOOHQGH:RONHQKOOWHQPLFKHLQ9RQGHP 0DJLHUVDKLFKNHLQH6SXU +DWWHHUPLFKYHUODVVHQ":ROOWHHUGDLFKQXUDXIPLFKDOOHLQ JHVWHOOWGDV'lPRQHQDXJHIDQGXQG]HUVW|UWH"2GHUZROOWHHU PLFKGHP6FKZDU]HQ7RGLQGLH.UDOOHQODXIHQODVVHQ" ,FKPXWHPLWEHLGHQ0|JOLFKNHLWHQUHFKQHQXQGEHVFKOR GRSSHOWYRUVLFKWLJ]XVHLQ ,FKWDVWHWHPHLQHQ.|USHUDE)KOWHQDFKPHLQHU%HUHWWDXQG GHP.UHX] (VZDUQRFKDOOHVYRUKDQGHQ'DVJHZHLKWH0HWDOOGHV.UHX]HV KDWWHVLFKHUZlUPW)UPLFKHLQXQWUJOLFKHV=HLFKHQGDGDV %|VHLUJHQGZRLQGHU1lKHODXHUWH $XIGHP)OHFNVWHKHQEOHLEHQNRQQWHLFKQLFKW$OVRVHW]WHLFK PLFKLQ%HZHJXQJVFKULWWKLQHLQLQGLHYHUIOXFKWH1HEHOEUKH 1LFKWVZDU]XK|UHQ1LFKWHLQPDOPHLQH6FKULWWH'HU1HEHO VFKOXFNWHMHGHV*HUlXVFK'LH6WLOOHZDUVREHGUFNHQGGDPLFK HLQNRPLVFKHV*HIKOEHVFKOLFK,FKNRQQWHPHLQHQHLJHQHQ +HU]VFKODJK|UHQ .HLQ+LPPHOEHUPLU1XUGLHVHVZDOOHQGH*UDXVFKZDU] $XIZHOFKHLQHU:HOWZDULFKJHODQGHW"6WDQGLFKEHUHLWVDP 7RU]XP-HQVHLWV"
:HQQZHQLJVWHQVHLQH6RQQHJHVFKLHQHQKlWWHGLHGLH 1HEHOZDQGDXIUL $EHUQLFKWV 1XUGDVYHUGDPPWHZDOOHQGHJUDXVFKZDU]H(LQHUOHL 1DWUOLFKUHFKQHWHLFKPLWHLQHPEHUUDVFKHQGHQ$QJULII'D LUJHQGZHOFKH0RQVWHUSO|W]OLFKDXVGHU1HEHOEUKHDXIWDXFKWHQ XQGPLFKDWWDFNLHUWHQ ,FK]RJGLH%HUHWWD ,FKNDPPLUYRUZLHHLQ0DQQGHUDXVJHVFKLFNWZRUGHQZDU XPHLQH$UPHHDXI]XKDOWHQ 6LFKHUVFKRQHLQPDOKDWWHPLFKGHU6FKZDU]H7RGLQVHLQ5HLFK JHORFNW'DZDULFKDEHUHQWNRPPHQ(VJDELQGLHVHU:HOWWUDQV ]HQGHQWDOH7RUHGXUFKGLHPDQLQGLH:HOWGHV6LFKWEDUHQJH ODQJHQNRQQWH'DPDOVZDUGLHVHLQ%UXQQHQJHZHVHQGHU PLFKJHUHWWHWKDWWH $EHUKLHUVDKLFKQLFKWV 1XUGHQXQGXUFKGULQJOLFKHQ'DPSI 'HU%RGHQXQWHUPLUZDUULVVLJ2IWWDWHQVLFK6SDOWHQDXIYRQ XQWHUVFKLHGOLFKHU/lQJHXQG%UHLWH,FKPXWHDFKWJHEHQGD LFKQLFKWVWROSHUWHGHQQGLH8QHEHQKHLWHQZDUHQZLH)DOOHQ $XFKDXVGHQ6SDOWHQGUDQJHQ'DPSIXQG4XDOP+HLRIW XQGDWHPUDXEHQG :LHEHLHLQHP9XONDQ 6LFKHUGDVZDUHV,FKZDULQHLQHUYXONDQLVFKHQ*HJHQGJHODQ GHWZLHHVVLHDXIGHU(UGHHEHQIDOOVJDE'HU%RGHQDUEHLWHWH QRFKHUJlUWHXQGVLFKHUOLFKZUGHHVLUJHQGZDQQLQQlFKVWHU =HLWZLHGHUHLQHQ$XVEUXFKJHEHQ ,FKKRIIWHGDLFKGDQQVFKRQZHJZDU 0DQFKPDOKDWWHLFKGDV*HIKOGHU%RGHQXQWHUPLUZlUH ZHLFKHUJHZRUGHQ ,FKEFNWHPLFKXQGWDVWHWHLKQPLWGHQ)LQJHUQGHUIUHLHQ OLQNHQ+DQGDE 7DWVlFKOLFK'HU8QWHUJUXQGKDWWHOlQJVWQLFKWPHKUGLH+lUWH ZLHDP$QIDQJ ,FKWUDXWHPLFKJDUQLFKWPHKUZHLWHU
0HLQHhEHUOHJXQJHQIKUWHQGDKLQGDLFKPLFKLUJHQGZDQQ HLQHPQRFKQLFKWY|OOLJHUNDOWHWHQ/DYDIHOGQlKHUWH'LHVHUJUDX VFKZDU]HQ0DVVHGLHGDQQZLHHLQ6XPSIZLUNWHXQGPLFKHLQ VLQNHQOLH +DWWHLFKGLHIDOVFKH5LFKWXQJHLQJHVFKODJHQRGHUKDWWHPLFK 0\[LQJHQDUUW"-DDQGLH]ZHLWH0|JOLFKNHLWPXWHLFKDXFK GHQNHQGHQQWUDXHQNRQQWHPDQGHP0DJLHUQLFKW(UZDU VFKOLHOLFKHLQ'lPRQXQGYHUN|USHUWHGDV%|VH,P$XJHQEOLFN VWDQGHU]ZDUDXIPHLQHU6HLWHGRFKGLH%HGLQJXQJHQNRQQWHQ VLFKLP/DXIHGHU=HLWRKQHPHLQ:LVVHQJHlQGHUWKDEHQ :DVJHVFKDKZHQQVLFK0\[LQXQGGHU6FKZDU]H7RGJHHLQLJW KDWWHQ"'DQQVWDQGLFK]ZHLEHUPlFKWLJHQ*HJQHUQJHJHQEHU XQGKDWWHGLHJOHLFKH&KDQFHZLHHLQ6FKQHHEDOOLQGHU6RQQH ,FKZUGHQLFKWEHUOHEHQ 0HQVFKHQGLHVDJHQVLHKlWWHQNHLQH$QJVWKDEHLFKQRFKQLH EHJUHLIHQN|QQHQ,FKKDWWH$QJVW6RJDUVHKUJURH(VEHVWDQG GXUFKDXVGLH0|JOLFKNHLWGDLFKGLHVHV5HLFKQLFKWPHKUYHU ODVVHQNRQQWH 9RUVLFKWLJJLQJLFKZHLWHUQlKHUWHPLFK6FKULWWIU6FKULWWGHP XQEHNDQQWHQ=LHO(VZDUHLQHDQVWUHQJHQGH6DFKH'HU8QWHU JUXQGXPPLFKKHUXPEOXEEHUWHXQGZDUIGLFNH%ODVHQGLHPLW VFKPDW]HQGHQ*HUlXVFKHQ]HUSODW]WHQ 0HLQH$XJHQEHJDQQHQ]XWUlQHQZHLOLFKGDXHUQGLQGHQ 1HEHOVWDUUWHXQGXQEHGLQJWHWZDVVHKHQZROOWH ,FKVDKDXFKZDV (LQ/LFKW 9LROHWWVFKLPPHUWHHVGXUFKGDV*UDXGHV1HEHOV:DUGRUWZR GDV/LFKWDXIIODPPWHPHLQ=LHO" ,FKJLQJZHLWHU -HGHVPDOZHQQLFKHLQHQ)XKRFKKREVFKPDW]WHHVXQWHUPLU 'HU6XPSIZXUGHWLHIHUXQGDXFKJHIlKUOLFKHU 'DVYLROHWWH/LFKWZDUPHLQ=LHO+DWWH-DQHQLFKWDXFKGDYRQ JHVSURFKHQ",FKEHUOHJWHVFKDUIGRFKLFKZXWHHVQLFKWPHKU 1RFKLPPHUXPZDOOWHPLFKGLH1HEHOZDQGVFKZDQJKLQXQG KHUELOGHWH:LUEHOXQGURWLHUWH
'LFKWYRUPLU]LVFKWHHWZDVDXI,FKEOLHEVWHKHQ (LQKHLHUKHOOHU6WUDKOVSUDQJDXVGHP%RGHQELOGHWHHLQH )RQIlQHXQGNODWVFKWHDXIGDV*HVWHLQZRHU]LVFKHQG]ZLVFKHQ 6SDOWHQXQG5LW]HQYHUVFKZDQG /DQJVDPYHUOLHPLFKPHLQ0XW:HQQGDVVRZHLWHUJLQJ ZUGHLFKPHLQ=LHOQLHHUUHLFKHQ 'RFKGDQQHUKLHOWLFK+LOIH 0\[LQGHU0DJLHUZDUSO|W]OLFKGD (UNDPDXVGHP1LFKWVVWDQGYRUPLUOlFKHOWHKLQWHUJUQGLJ XQGUHLFKWHPLUGLH+DQG ,FKHUJULIIVLH:DVVROOWHLFKVRQVWPDFKHQ" 0\[LQOHJWHHLQHQ)LQJHUDXIVHLQH/LSSHQ,FKYHUVWDQGGLH *HVWHXQGVDJWHNHLQ:RUW (VZDUORJLVFKGDZLUXQVYRUVLFKWLJEHZHJHQPXWHQ 6FKOLHOLFKEHIDQGHQZLUXQVEHLGHDXIIHLQGOLFKHP7HUULWRULXP 0\[LQWUDWGLFKWDQPLFKKHUDQXQGZLVSHUWHGLHQlFKVWHQ :RUWHLQPHLQ2KU ª'RUWZRGXGDV/LFKWVLHKVWEHILQGHWVLFKGDV'lPRQHQDXJH *HKKLQXQG]HUVW|UHHV© ª$EHUZLH"©,FKGHXWHWH]X%RGHQª(VLVWJHIlKUOLFKEHUQLFKW HUNDOWHWH/DYD]XJHKHQ6LHZUGHPLFKYHUVFKOLQJHQ© 'DODFKWH0\[LQª6LHKPDOYRUGHLQH)H© ,FKVFKDXWHQDFKXQWHQXQGVWLHYRUhEHUUDVFKXQJHLQHQ KHLVHUHQ/DXWDXV (LQ6WHJIKUWHKDDUJHQDXDXIGDV'lPRQHQDXJH]X(U IOLPPHUWHDQGHQ6HLWHQYHUZLVFKWHPDQFKPDOEOLHEDEHU YRUKDQGHQ ª(VLVWGLHHLQ]LJH+LOIHGLHLFKGLUJHEHQNDQQ©VDJWH0\[LQ ª'DV$XJHPXWGXDOOHLQ]HUVW|UHQ© ª6DJPLUZLHLFKHVVFKDIIH© 6WDWWHLQHU$QWZRUWJULIIGHU0DJLHUXQWHUVHLQHQ8PKDQJ$OV VHLQH+DQGZLHGHUKHUYRUNDPKLHOWHUHLQHQNOHLQHQ6SLHJHO ]ZLVFKHQGHQ)LQJHUQ ª'DPLW"©IUDJWHLFKHUVWDXQW ª7lXVFKHGLFKQLFKWPHLQ)UHXQG,QGLHVHPNOHLQHQ6SLHJHOLVW
GLH.UDIWHLQHVYHUVXQNHQHQ.RQWLQHQWVYHUHLQLJW(ULVWXUDOW 9HUZDKUHLKQJXWXQGEHQXW]HLKQZHQQGXYRUGHP'lPRQHQ DXJHVWHKVW0HKU+LOIHNDQQLFKGLUQLFKWJHEHQ© ,FKQLFNWHZROOWH0\[LQDEHUQRFKHLQH)UDJHVWHOOHQª:DUXP PVVHQZLU)HLQGHVHLQ"© 'HUJUQKlXWLJH0DJLHUOlFKHOWHª:LOOVWGXGDLFKDXIGHLQHU 6HLWHNlPSIH"© ª-D© ª(VJHKWQLFKW2EZRKOLFKGLU5HVSHNW]ROOHQPX-RKQ 6LQFODLU$XFKLQPHLQHU+HLPDW$WODQWLVKDEHLFKQRFKQLH MHPDQGHQNHQQHQJHOHUQWGHUVRNRQVHTXHQWJHJHQVHLQH)HLQGH NlPSIW'HUVLFKDXFKGXUFK1LHGHUODJHQQLFKWHUVFKWWHUQOlW 'DVJOHLFKHJLOWEULJHQVDXFKIUGHLQH)UHXQGH6FKDGHGD ZLULQYHUVFKLHGHQHQ/DJHUQVWHKHQ© ª8QGGDUDQLVWQLFKWV]XlQGHUQ"© ª1HLQ-RKQ6LQFODLU© )HVWVDKLFKLKQDQ(UKREQRFKHLQPDOGLH+DQGWUDWHLQLJH 6FKULWWH]XUFNXQGZXUGHYRQGHU1HEHOZDQGYHUVFKOXFNW ,FKZDUZLHGHUDOOHLQ ,QGHUOLQNHQ+DQGIKOWHLFKGHQ6SLHJHOLQGHUUHFKWHQODJ PHLQH%HUHWWD =|JHUQGEHWUDWLFKGHQ6WHJ,FKKDWWH$QJVWGDHUEUHFKHQ ZUGHGRFK]XPHLQHUhEHUUDVFKXQJKLHOWHUVWDQG6FKULWW IU6FKULWWJLQJLFKZHLWHU'HU6WHJVFKZDQNWHHU]LWWHUWHXQWHU PHLQHQ6FKXKVRKOHQ ,FKJLQJZLHHLQ6HLOWlQ]HUVFKZHQNWHEHLGH$UPH]XU6HLWH DXVXPVRGLH%DODQFH]XKDOWHQ/LQNVXQGUHFKWVQHEHQPLU JXUJHOWHXQGVFKPDW]WHHV /DYDVXPSI(LQHQDQGHUHQ%HJULIIIDQGLFKQLFKWGDIU%ODVHQ EOXEEHUWHQDXI]HUSODW]WHQPLWVDWWHQ*HUlXVFKHQ.OHLQH 6SULW]HUWUDIHQPHLQH+RVHQEHLQH 6LHZDUHQVFKDUIZLH6lXUHbW]WHQVLFKGXUFKGUDQJHQMHGRFK ]XP*OFNQLFKWELVDQGLH+DXW
:LHHLQ)LOPODJPLUGHU6FKZHLDXIGHU6WLUQ'LHVHV%DODQFH KDOWHQ]HUUWHDQPHLQHQ1HUYHQ8QGGDEHLZDUHVJDUQLFKW VLFKHURELFKHVEHUKDXSWVFKDIIWH'DV/LFKWVFKLHQQLFKWQlKHU ]XUFNHQDEHUGHUYHUGDPPWH1HEHOYHUZLVFKWHXQGYHU]HUUWH GLH(QWIHUQXQJHQ -HZHLWHULFKJLQJXPVRVFKUHFNOLFKHUZXUGHQGLH*HUlXVFKH QHEHQPLU 6FKUHLHQ6W|KQHQXQGbFK]HQ ª+LOIH©UDXQWHHLQH6WLPPHª6RKLOIPLUGRFKDKKK© ,FKGUHKWHGHQ.RSI6DKHLQHQ0DQQ(UYHUVXFKWHDXVGHP /DYDVXPSI]XNULHFKHQGRFK]ZHLVFKXSSLJH+lQGHKLHOWHQLKQ IHVWXQG]RJHQLKQZLHGHUKLQHLQ 6RVDKGLH5DFKHGHV6FKZDU]HQ7RGHVDXV)UGLH0HQVFKHQ GLHKLHUJHIDQJHQJHKDOWHQZXUGHQJDEHVNHLQH&KDQFHPHKU 6LHZDUHQGHUHZLJHQ9HUGDPPQLVSUHLVJHJHEHQ /LFKWXQG6FKDWWHQZLHGLFKWODJHQVLHGRFKRIWQHEHQHLQDQGHU ,FKVDK]ZHLEOXWMXQJH0lGFKHQ6LHZXUGHQYRQ]RWWHOLJHQ 0RQVWHUQIHVWJHKDOWHQGHUHQ.ODXHQKlQGHEHUGLHQDFNWHQ .|USHUJOLWWHQ=XJHUQZlUHLFKGHQ0lGFKHQ]X+LOIHJHHLOW DEHULFKNRQQWHQLFKWLQGHQ6XPSIVSULQJHQ ,FKVDKGLH4XDODXILKUHQ*HVLFKWHUQ 'DVFKRLFK)HXHUWHDXIGLH0RQVWHUMDJWHEHLGH6LOEHU JHVFKRVVHLQLKUH6FKlGHO'LH0RQVWHUNLSSWHQ]XUFNYHU VDQNHQLP/DYDVXPSI 'LH0lGFKHQGLHLFKJHUHWWHWKDWWHODFKWHQQXU6FKDPORV VWHOOWHQVLHVLFK]XU6FKDXXQG]HLJWHQGDQQLKUHJHIlKUOLFKHQ 9DPSLUJHELVVH 9HUGDPPWLFKKDWWHPLFKUHLQOHJHQODVVHQ :HLWHUJLQJLFK +lQGHWDXFKWHQDXVGHP6XPSIDXIJULIIHQQDFKPLU'RFK EHYRULFK]XSDFNHQNRQQWH]XFNWHQVLHZLHGHU]XUFN0LFK VFKW]WHHLQHXQVLFKWEDUH%DUULHUHGLH0DJLHGHVJURHQ0\[LQ 1RFK]DKOUHLFKH6FKUHFNHQZXUGHQPLUYRUJHJDXNHOWGRFKLFK KLHOWGXUFKOLHPLFKYRQPHLQHPHLQPDOHLQJHVFKODJHQHQ:HJ QLFKWDEEULQJHQ
'DQQZXUGHGHU1HEHOOLFKWHU(UWUDW]XU6HLWHZLHYRP6WXUP JHSHLWVFKW )UHLODJGDVYLROHWWH/LFKWYRUPLU1RFK]HKQ6FKULWWHGDQQ KDWWHLFKHVJHVFKDIIW 0HLQ=LHOZDUHUUHLFKW ,FKKDWWHGDV'lPRQHQDXJHJHIXQGHQ :LUVWDUUWHQXQVDQ,FKVDKLQHLQ*HVLFKWGDVEHUGHP%RGHQ VFKZHEWH5LHVHQJURNDPPLUGLH3K\VLRJQRPLHYRU'XQNHO EUDXQH+DXWHLQ0XQGZLHHLQHJURH:XQGH]ZHL$XJHQ QLFKWHLQV )HVWKLHOWLFKGHQ6SLHJHOXPNODPPHUW:UGHHUPLUWDWVlFK OLFKKHOIHQ" 'DVYLROHWWH/LFKWXPVFKZHEWHGDVJURH*HVLFKWKOOWHHVHLQ LQVHLQHIDUELJH$XUD'DKLQWHUHUEOLFNWHLFKZLHGHUHLQHJUDXH 1HEHOZDQG ,P6XPSIQHEHQPLUKHXOWHQXQGMDXOWHQGLH9HUGDPPWHQGHV 'lPRQHQUHLFKV:HKNODJHQGH6WLPPHQWUDIHQPHLQH2KUHQ )OFKHXQG6FKUHLH 1LHPDQGVSUDFK (LQH*lQVHKDXWQDFKGHUDQGHUHQOLHIEHUPHLQHQ5FNHQ(V ZDUHLQVWXPPHV5LQJHQGDVGDV*HVLFKWXQGLFKXQVOLHIHUWHQ :HUZUGH]XHUVWDQJUHLIHQ" %HKXWVDPKRELFKGHQUHFKWHQ$UPZROOWHPLFKPLWNHLQHU]X KDVWLJHQ%HZHJXQJYHUGlFKWLJPDFKHQ 'RFKGDV*HVLFKWUHDJLHUWH)ODPPHQ]XQJHQOHFNWHQDXVGHQ $XJHQZLUEHOWHQDXIPLFK]X ,QVWLQNWLY]XFNWHLFK]XUFNGRFKGLHIHXULJHQ/DQ]HQWHLOWHQ VLFKGLFKWYRUPHLQHP*HVLFKWXQGXPNUHLVWHQPHLQHQ.RSI ,FKZDUHLQ*HIDQJHQHUGHV'lPRQHQDXJHV 'DQQVDKLFKGLH9HUZDQGOXQJ'LHEHLGHQ$XJHQVFKREHQVLFK DXIHLQDQGHU]XUFNWHQLPPHUQlKHUEHUKUWHQVLFKVFKRQDQ GHQ:LQNHOQXQGVFKPRO]HQ]XHLQHP$XJH]XVDPPHQ 'LH3XSLOOHQYHUlQGHUWHQVLFKZDUHQSO|W]OLFKQLFKWPHKUGD
XQGLFKVDKDXIHLQHKHOOJUDXH)OlFKHGLHMHGRFKUDVFKYHU VFKZDQGXQGVSLHJHOQGHP*ODQ]3ODW]PDFKWH ,FKVFKDXWHKLQHLQLQGDV$XJHVDKLKQPHLQHQ(U]IHLQG 'HU6FKZDU]H7RGEOLFNWHPLUDXVGHP'lPRQHQDXJHHQW JHJHQ(UJULQVWHWHXIOLVFKYHU]RJGDEHLGDV.QRFKHQJHVLFKW 0LFKSDFNWHHLQHXQJHKHXUH:XW +HIWLJULLFKGHQ$UPKRFKKLHOWGHP'lPRQHQDXJHGHQ 6SLHJHOHQWJHJHQ =XHUVWJHVFKDKQLFKWV 'DQQDEHUEHUVWU]WHQVLFKGLH(UHLJQLVVH 'DV*HVLFKWGHV6FKZDU]HQ7RGHV]HUIOR,FKHUNDQQWHQRFK GHQXQJHKHXUHQ+DGHUPLUHQWJHJHQVWUDKOWHGDQQZDUGDV %LOGYHUVFKZXQGHQ 8QGGDV'lPRQHQDXJH]HUEUDFK (V]HLJWH5LVVHZLHHLQ6SLQQHQQHW]9HUVFKZXQGHQZDUGLH JOKHQGH)ODPPHQ]XQJH 6WDUUXQGVWHLIVWDQGLFKGDXQGKLHOWGHQ6SLHJHOKRFK 'DQQK|UWHLFKHLQH6WLPPHLQPHLQHQ*HGDQNHQ ª/DXIDXIGDV$XJH]X© 0\[LQVSUDFK]XPLU ,FKZDUIDOOH%HGHQNHQIRUWIROJWHVHLQHP5DWXQGQlKHUWH PLFKPLWODQJHQ6FKULWWHQGHP$XJHSUHWHGHQ6SLHJHOPLWWHQ KLQHLQVSUWHGHQP|UGHULVFKHQ6RJGHUPLFKLQGDV$XJHKLQ HLQ]RJK|UWHHLQHQJHOOHQGHQ6FKUHLXQGGDQQQLFKWVPHKU =ZHLEODXHEHVRUJWH$XJHQEOLFNWHQPLFKDQ(LQHZDUPH +DQGVWULFKEHUPHLQH6WLUQ ,FKOlFKHOWHDOVLFKLQGDV*HVLFKWYRQ-DQH&ROOLQVVFKDXWH ª$OOHVNODU"©IUDJWHVLH ª-D© -DQHGHXWHWHDXIPHLQH+DQGª:DVKDVWGXGD"© ª(LQHQ6SLHJHO© ª8QG"© ª(U]lKOHLFKGLUVSlWHU©
,FKHUKREPLFKlFK]HQG6XNRUHLFKWHPLUGLH+DQG ª'XKDVWHVJHVFKDIIW"©IUDJWHHU ,FKQLFNWHª'DV'lPRQHQDXJHLVW]HUVW|UW0\[LQKDWVHLQ 9HUVSUHFKHQJHKDOWHQXQGPLUJHKROIHQ© ª'LH3ROL]HLZLUGJOHLFKKLHUVHLQ©NOlUWHPLFK6XNRDXI ª:LUPVVHQXQVQRFKHLQHJXWH$XVUHGHHLQIDOOHQODVVHQ©(U UlXVSHUWHVLFKª+HUHRVLVWQlPOLFKQLFKWPHKUGD© 0HLQFKLQHVLVFKHU)UHXQGHU]lKOWHPLUGLH*HVFKLFKWH ª'DQQVDJHQZLUHLQIDFKHUZlUHHUWUXQNHQ©VFKOXJLFK YRUª:DVWDWVlFKOLFKSDVVLHUWLVWQLPPWXQVVRZLHVRNHLQ 0HQVFKDE© ª'DVIUFKWHLFKDXFK© -DQHKDNWHVLFKEHLPLUXQWHUª,FKELQVRIURK-RKQGDGX ZLHGHUGDELVW-HW]WLVWDOOHVYRUEHL© ,FKGlPSIWHLKUHQ2SWLPLVPXVª1HLQ-DQHZLUKDEHQ.LULDNLV YHUVSURFKHQVHLQH7RFKWHU]XILQGHQ8QGGLHVHV9HUVSUHFKHQ ZHUGHQZLUHLQO|VHQ=XU5XKHNRPPHQZLUQLH©
