(7$+RIIPDQQ
'DVVWHLQHUQH+HU] (UVWGUXFN
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGH...
313 downloads
677 Views
318KB 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
(7$+RIIPDQQ
'DVVWHLQHUQH+HU] (UVWGUXFN
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ-XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQGLQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ
-HGHP5HLVHQGHQGHUEHLJXWHU7DJHV]HLWVLFKGHP6WlGWFKHQ * YRQGHUVGOLFKHQ6HLWHELVDXIHLQHKDOEH6WXQGH:HJHV JHQlKHUWIlOOWGHU/DQGVWUDHUHFKWVHLQVWDWWOLFKHV/DQGKDXVLQ GLH$XJHQZHOFKHVPLWVHLQHQZXQGHUOLFKHQEXQWHQ=LQQHQDXV ILQVWHUP*HEVFKEOLFNHQGHPSRUVWHLJW'LHVHV*HEVFK XPNUlQ]WHGHQZHLWOlXILJHQ*DUWHQGHUVLFKLQZHLWHU6WUHFNH WDODEZlUWVKLQ]LHKW.RPPVWGXHLQPDOYLHOJHOLHEWHU/HVHUGHV :HJHVVRVFKHXHZHGHUGHQNOHLQHQ$XIHQWKDOWGHLQHU5HLVH QRFKGDVNOHLQH7ULQNJHOGGDVGXHWZDGHP*lUWQHUJHEHQ GUIWHVWVRQGHUQVWHLJHIHLQDXVGHP:DJHQXQGODGLU+DXV XQG*DUWHQDXIVFKOLHHQYRUJHEHQGGXKlWWHVWGHQYHUVWRUEHQHQ (LJHQWPHUGHVDQPXWLJHQ/DQGVLW]HVGHQ+RIUDW5HXWOLQJHU LQ *UHFKWJXWJHNDQQW,P*UXQGHJHQRPPHQNDQQVWGXGLHV DOVGDQQPLWJXWHP)XJWXQZHQQHVGLUJHIDOOHQVROOWHDOOHVZDV LFKGLU]XHU]lKOHQHEHQLP%HJULIIVWHKHELVDQV(QGH GXUFK]XOHVHQGHQQLFKKRIIHGHU+RIUDW5HXWOLQJHUVROOGLU DOVGDQQPLWDOOVHLQHPVRQGHUEDUHQ7XQXQG7UHLEHQVRYRU $XJHQVWHKHQDOVREGXLKQZLUNOLFKVHOEVWJHNDQQWKlWWHVW 6FKRQYRQDXHQILQGHVWGXGDV/DQGKDXVDXIDOWHUWPOLFKH JURWHVNH:HLVHPLWEXQWHQJHPDOWHQ=LHUDWHQYHUVFKPFNWGX NODJVWPLW5HFKWEHUGLH*HVFKPDFNORVLJNHLWGLHVHU]XP7HLO ZLGHUVLQQLJHQ:DQGJHPlOGHDEHUEHLQlKHUHU%HWUDFKWXQJZHKW GLFKHLQEHVRQGHUHUZXQGHUEDUHU*HLVWDXVGLHVHQEHPDOWHQ 6WHLQHQDQXQGPLWHLQHPOHLVHQ6FKDXHUGHUGLFKEHUOlXIW WULWWVWGXLQGLHZHLWH9RUKDOOH$XIGHQLQ)HOGHUDEJHWHLOWHQPLW ZHLHP*LSVPDUPRUEHNOHLGHWHQ:lQGHQHUEOLFNHVWGXPLW JUHOOHQ)DUEHQJHPDOWH$UDEHVNHQGLHLQGHQZXQGHUOLFKVWHQ 9HUVFKOLQJXQJHQ0HQVFKHQ XQG7LHUJHVWDOWHQ%OXPHQ)UFKWH *HVWHLQHGDUVWHOOHQXQGGHUHQ%HGHXWXQJGXRKQHZHLWHUH 9HUGHXWOLFKXQJ]XDKQHQJODXEVW,P6DDOGHUGHQXQWHUQ6WRFN LQGHU%UHLWHHLQQLPPWXQGELVEHUGHQ]ZHLWHQ6WRFN KLQDXIVWHLJWVFKHLQWLQYHUJROGHWHU%LOGHUHLDOOHVGDVSODVWLVFK DXVJHIKUWZDVHUVWGXUFK*HPlOGHDQJHGHXWHWZXUGH'XZLUVW LPHUVWHQ$XJHQEOLFNYRPYHUGRUEHQHQ*HVFKPDFNGHV=HLWDOWHUV /XGZLJGHV9LHU]HKQWHQUHGHQGXZLUVWZHLGOLFKVFKPlOHQEHU GDV%DURFNHhEHUODGHQH*UHOOH*HVFKPDFNORVHGLHVHV6WLOV DEHUELVWGXQXUZDVZHQLJHVPHLQHV6LQQHVIHKOWHVGLUQLFKWDQ UHJHU)DQWDVLHZHOFKHVLFKDOOHPDOEHLGLUPHLQJWLJHU/HVHU YRUDXVVHW]HVRZLUVWGXEDOGDOOHQLQGHU7DWJHJUQGHWHQ7DGHO YHUJHVVHQ(VZLUGGLUVR]XPXWHZHUGHQDOVVHLGLHUHJHOORVH :LOONUQXUGDVNHFNH6SLHOGHV0HLVWHUVPLW*HVWDOWXQJHQEHU
GLHHUXQXPVFKUlQNW]XKHUUVFKHQZXWHGDQQDEHUDOVYHUNHWWH VLFKDOOHV]XUELWWHUVWHQ,URQLHGHVLUGLVFKHQ7UHLEHQVGLHQXUGHP WLHIHQDEHUDQHLQHU7RGHVZXQGHNUlQNHOQGHQ*HPWHLJHQ,FK UDWHGLUJHOLHEWHU/HVHUGLHNOHLQHQ=LPPHUGHV]ZHLWHQ6WRFNV GLHZLHHLQH*DOHULHGHQ6DDOXPJHEHQXQGDXV GHUHQ)HQVWHUQ PDQKLQDEVFKDXWLQGHQ6DDO]XGXUFKZDQGHUQ+LHUVLQGGLH 9HU]LHUXQJHQVHKUHLQIDFKDEHUKLQXQGZLHGHUVW|HVWGXDXI WHXWVFKHDUDELVFKHXQGWUNLVFKH,QVFKULIWHQGLHVLFKZXQGHUOLFK JHQXJDXVQHKPHQ'XHLOVWMHW]WQDFKGHP*DUWHQHU LVWQDFK DOWIUDQ]|VLVFKHU$UWPLWODQJHQEUHLWHQYRQKRKHQ7D[XVZlQGHQ XPVFKORVVHQHQ*lQJHQPLWJHUlXPLJHQ>%RVNHWWV@DQJHOHJWXQG PLW6WDWXHQPLW)RQWlQHQJHVFKPFNW,FKZHLQLFKWREGX JHOLHEWHU/HVHUQLFKWDXFKGHQHUQVWHQIHLHUOLFKHQ(LQGUXFNGHQ VROFKHLQDOWIUDQ]|VLVFKHU*DUWHQPDFKWPLWPLUIKOVWXQGREGX VROFKHLQ*DUWHQNXQVWZHUNQLFKWGHUDOEHUQHQ .OHLQLJNHLWVNUlPHUHLYRU]LHKVWGLHLQXQVHUQVRJHQDQQWHQ HQJOLVFKHQ*lUWHQPLW%UFNFKHQXQG)OOHLQXQG7HPSHOFKHQ XQG*U|WWFKHQJHWULHEHQZLUG$P(QGHGHV*DUWHQVWULWWVWGXLQ HLQHQILQVWHUQ+DLQYRQ7UDXHUZHLGHQ+lQJHELUNHQXQG :H\PRXWKVNLHIHUQ'HU*lUWQHUVDJWGLUGDGLHV:lOGFKHQZLH PDQHVYRQGHU+|KHGHV+DXVHVKLQDEVFKDXHQGGHXWOLFK ZDKUQHKPHQNDQQGLH)RUPHLQHV+HU]HQVKDW0LWWHQGDULQLVW HLQ3DYLOORQYRQGXQNOHPVFKOHVLVFKHQ0DUPRULQGHU)RUPHLQHV +HU]HQVHUEDXW'XWULWWVKLQHLQGHU%RGHQLVWPLWZHLHQ 0DUPRUSODWWHQDXVJHOHJWLQGHU0LWWHHUEOLFNVWGXHLQ+HU]LQ JHZ|KQOLFKHU*U|H(VLVWHLQGXQNHOURWHULQGHQZHLHQ0DUPRU HLQJHIXJWHU6WHLQ'XEFNVWGLFKKHUDEXQGHQWGHFNHVWGLHLQ GHQ6WHLQHLQJHJUDEHQHQ:RUWH(VUXKW ,QGLHVHP3DYLOORQEHL GLHVHPGXQNHOURWHQVWHLQHUQHQ+HU]HQGDVGDPDOVMHQH,QVFKULIW QRFKQLFKWWUXJVWDQGHQDP7DJH0DULl*HEXUWGDVKHLWDP DFKWHQ6HSWHPEHUGHV-DKUHVR HLQJURHUVWDWWOLFKHUDOWHU +HUUXQGHLQHDOWH'DPHEHLGHVHKUUHLFKXQGVFK|QQDFKGHU 0RGHGHUVHFK]LJHU-DKUHJHNOHLGHWª$EHU©VSUDFKGLHDOWH 'DPHªDEHUZLHNDP,KQHQOLHEHU+RIUDWGHQQZLHGHUGLH EL]DUUHLFKP|FKWHOLHEHUVDJHQGLHVFKDXHUYROOH,GHHLQGLHVHP 3DYLOORQGDV*UDEPDO,KUHV+HU]HQVGDVXQWHUGHPURWHQ6WHLQ UXKHQVROOEDXHQ]XODVVHQ"©ª/DVVHQ6LHXQV©HUZLGHUWHGHU DOWH+HUUªODVVHQ6LHXQVOLHEH*HKHLPH5lWLQYRQGLHVHQ 'LQJHQVFKZHLJHQ 1HQQHQ6LHHVGDVNUDQNKDIWH6SLHOHLQHV ZXQGHQ*HPWVQHQQHQ6LHHVZLH6LHZROOHQDEHUHUIDKUHQ6LH GDZHQQPLFKPLWWHQXQWHUGHPUHLFKHQ*XWGDVGDVKlPLVFKH
*OFNZLHHLQ6SLHO]HXJGHPHLQIlOWLJHQ.LQGHGDVGDUEHUGLH 7RGHVZXQGHQYHUJLWPLU]XZDUIGHUELWWHUVWH8QPXWHUJUHLIW ZHQQDOOHVHUIDKUQH/HLGYRQQHXHPDXIPLFK]XWULWWGDLFK GDQQKLHULQGLHVHQ0DXHUQ7URVWXQG%HUXKLJXQJILQGH0HLQH %OXWVWURSIHQKDEHQGHQ6WHLQVRURWJHIlUEWDEHUHULVWHLVNDOW EDOGOLHJWHUDXIPHLQHP+HU]HQXQGNKOWGLHYHUGHUEOLFKH*OXW ZHOFKHGDULQORGHUWH©'LHDOWH'DPHVDKPLWHLQHP%OLFNGHU WLHIVWHQ:HKPXWKHUDE]XPVWHLQHUQHQ+HU]HQXQGLQGHPVLH VLFKHWZDVKHUDEEFNWHILHOHQHLQSDDUJURHSHUOHQJOlQ]HQGH 7UlQHQDXIGHQURWHQ6WHLQ'DIDWHGHUDOWH+HUUVFKQHOOKHUEHU XQGHUJULIILKUH+DQG6HLQH$XJHQHUEOLW]WHQLPMXJHQGOLFKHQ )HXHUZLHHLQIHUQHVPLW%OWHQXQG%OXPHQUHLFKJHVFKPFNWHV KHUUOLFKHV/DQGLPVFKLPPHUQGHQ$EHQGURWODJHLQHOlQJVW YHUJDQJHQH=HLWYROO/LHEHXQG6HOLJNHLWLQVHLQHQJOKHQGHQ %OLFNHQª-XOLH-XOLHXQGDXFK6LH NRQQWHQGLHVHVDUPH+HU]VR DXIGHQ7RGYHUZXQGHQ© 6RULHIGHUDOWH+HUUPLWYRQGHU VFKPHU]OLFKVWHQ:HKPXWKDOEHUVWLFNWHU6WLPPHª1LFKWPLFK© HUZLGHUWHGLHDOWH'DPHVHKUZHLFKXQG]lUWOLFKªQLFKWPLFK NODJHQ6LHDQ0D[LPLOLDQ :DUHVGHQQQLFKW,KUVWDUUHU XQYHUV|KQOLFKHU6LQQ,KUWUlXPHULVFKHU*ODXEHDQ$KQXQJHQDQ VHOWVDPH8QKHLOYHUNQGHQGH9LVLRQHQGHU6LHIRUWWULHEYRQPLU XQGGHUPLFK]XOHW]WEHVWLPPHQPXWHGHPVDQIWHUHQ EHXJVDPHUHQ0DQQGHUPLW,KQHQ]XJOHLFKVLFKXPPLFKEHZDUE GHQ9RU]XJ]XJHEHQ$FK0D[LPLOLDQ6LHPXWHQHVMDZRKO IKOHQZLHLQQLJ6LHJHOLHEWZXUGHQDEHU,KUHHZLJH6HOEVWTXDO SHLQLJWHVLHPLFKQLFKWELV]XU7RGHVHUPDWWXQJ"©'HUDOWH+HUU XQWHUEUDFKGLH'DPHLQGHPHULKUH+DQGIDKUHQOLHª2 6LH KDEHQUHFKW)UDX*HKHLPH5lWLQLFKPXDOOHLQVWHKHQNHLQ PHQVFKOLFKHV+HU]GDUIVLFKPLUDQVFKPLHJHQDOOHVZDV )UHXQGVFKDIWZDV/LHEHYHUPDJSUDOOWZLUNXQJVORVDEYRQ GLHVHPVWHLQHUQHQ+HU]HQ© ª:LHELWWHU©ILHOGLH'DPHGHP DOWHQ+HUUQLQGLH5HGHª:LHELWWHUZLHXQJHUHFKWJHJHQVLFK VHOEVWXQGDQGHUHVLQG6LH0D[LPLOLDQ :HUNHQQW6LHGHQQ QLFKWDOVGHQIUHLJHELJVWHQ:RKOWlWHUGHU%HGUIWLJHQDOVGHQ XQZDQGHOEDUVWHQ9HUIHFKWHUGHV5HFKWVGHU%LOOLJNHLWDEHU ZHOFKHVE|VH*HVFKLFNZDUIMHQHVHQWVHW]OLFKH0LWUDXHQLQ,KUH 6HHOHGDVLQHLQHP:RUWLQHLQHP%OLFNMDLQLUJHQGHLQHPYRQ MHGHU:LOONUXQDEKlQJLJHQ(UHLJQLV9HUGHUEHQXQG8QKHLO DKQHW"© ª+HJHLFKGHQQQLFKWDOOHV©VSUDFKGHUDOWH+HUUPLW ZHLFKHUHU6WLPPHXQG7UlQHQLQGHQ$XJHQªKHJHLFKGHQQQLFKW DOOHVZDVVLFKPLUQlKHUWPLWGHUYROOVWHQ/LHEH"$EHUGLHVH
/LHEH]HUUHLWPLUGDV+HU]VWDWWHV]XQlKUHQ +D©IXKUHUPLW HUK|KWHU6WLPPHIRUWªGHPXQHUIRUVFKOLFKHQ*HLVWGHU:HOWHQ JHILHOHVPLFKPLWHLQHU*DEHDXV]XVWDWWHQGLHPLFKGHP7RGH HQWUHLHQGPLFKKXQGHUWPDOW|WHW *OHLFKGHP(ZLJHQ-XGHQ VHKHLFKGDVXQVLFKWEDUH.DLQV]HLFKHQDXIGHU6WLUQHGHV JOHLVQHULVFKHQ0HXWHUV ,FKHUNHQQHGLHJHKHLPHQ:DUQXQJHQ GLHRIWZLHVSLHOHQGH5lWVHOGHUJHKHLPQLVYROOH.|QLJGHU:HOW GHQZLU=XIDOOQHQQHQXQVLQGHQ:HJZLUIW(LQHKROGH-XQJIUDX VFKDXWXQVPLWKHOOHQNODUHQ,VLVDXJHQDQDEHUZHULKUH5lWVHO QLFKWO|VWGHQHUJUHLIWVLHPLWNUlIWLJHQ/|ZHQWDW]HQXQG VFKOHXGHUWLKQLQGHQ$EJUXQG© ª1RFKLPPHU©VSUDFKGLHDOWH 'DPHªQRFKLPPHUGLHVHYHUGHUEOLFKHQ7UlXPH:REOLHEGHU VFK|QHDUWLJH.QDEH,KUHVMQJHUQ%UXGHUV6RKQGHQ6LHYRU HLQLJHQ-DKUHQVROLHEUHLFKDXIJHQRPPHQLQGHPVRYLHO/LHEH XQG7URVWIU6LHDXI]XNHLPHQVFKLHQ"© ª'HQ©HUZLGHUWHGHU DOWH+HUUPLWUDXKHU6WLPPHªGHQKDEHLFKYHUVWRHQHVZDUHLQ %|VHZLFKWHLQH6FKODQJHGLHLFKPLU]XP9HUGHUEHQLP%XVHQ QlKUWH© ª(LQ%|VHZLFKW GHU.QDEHYRQVHFKV-DKUHQ"©IUDJWH GLH'DPHJDQ]EHVWU]Wª6LHZLVVHQ©IXKUGHUDOWH+HUUIRUW ªGLH*HVFKLFKWHPHLQHVMQJHUQ%UXGHUV6LHZLVVHQGDHUPLFK PHKUPDOVDXIEELVFKH:HLVHWlXVFKWHGDDOOHVEUGHUOLFKH *HIKOLQVHLQHU%UXVWHUW|WHQGLKPMHGH:RKOWDWGLHLFKLKP HU]HLJWH]XU:DIIHJHJHQPLFKGLHQWH$QLKPDQVHLQHP UDVWORVHQ6WUHEHQODJHVQLFKWGDQLFKWPHLQH(KUHPHLQH EUJHUOLFKH([LVWHQ]YHUORUHQJLQJ6LHZLVVHQZLHHUYRU PHKUHUHQ-DKUHQLQGDVWLHIVWH(OHQGYHUVXQNHQ]XPLUNDPZLH HUPLUbQGHUXQJVHLQHUYHUZRUUHQHQ/HEHQVZHLVH ZLHGHUHUZDFKWH/LHEHKHXFKHOWHZLHLFKLKQKHJWHXQGSIOHJWH ZLHHUGDQQVHLQHQ$XIHQWKDOWLQPHLQHP+DXVHQXW]WHXP JHZLVVH'RNXPHQWH GRFKJHQXJGDYRQ6HLQ.QDEHJHILHOPLU XQGGLHVHQEHKLHOWLFKEHLPLUDOVGHU6FKlQGOLFKH QDFKGHP VHLQH5lQNHGLHPLFKLQHLQHQPHLQH(KUHYHUQLFKWHQGHQ .ULPLQDOSUR]HYHUZLFNHOQVROOWHQHQWGHFNWZRUGHQIOLHKHQ PXWH(LQZDUQHQGHU:LQNGHV6FKLFNVDOVEHIUHLHWHPLFKYRQ GHP%|VHZLFKW© ª8QGGLHVHU:LQNGHV6FKLFNVDOVZDUJHZL HLQHU,KUHU E|VHQ7UlXPH©6RVSUDFKGLHDOWH'DPHGRFKGHU DOWH+HUUIXKUIRUWª+|UHQ6LHXUWHLOHQ6LH-XOLH 6LHZLVVHQ GDPHLQHV%UXGHUV7HXIHOHLPLUGHQKlUWHVWHQ6WRJDEGHQLFK HUOLWWHQ HVVHLGHQQGD GRFKVWLOOGDYRQ0DJHVVHLQGDLFK GHU6HHOHQNUDQNKHLWGLHPLFKEHIDOOHQGHQ*HGDQNHQ ]XVFKUHLEHQPXPLULQGLHVHP:lOGFKHQHLQH*UDEVWlWWHIU
PHLQ+HU]EHUHLWHQ]XODVVHQ*HQXJHVJHVFKDK 'DV :lOGFKHQZDULQ+HU]IRUPDQJHSIODQ]WGHU3DYLOORQHUEDXWGLH $UEHLWHUEHVFKlIWLJWHQVLFKPLW GHU0DUPRUWlIHOXQJGHV )XERGHQV,FKWUHWHKLQDQXPQDFKGHP:HUN]XVHKHQ'D EHPHUNHLFKGDLQHLQLJHU(QWIHUQXQJGHU.QDEHVRZLHLFK 0D[JHKHLHQHWZDVKLQ XQGKHUNXJHOWXQWHUDOOHUOHLWROOHQ %RFNVVSUQJHQXQGODXWHP*HOlFKWHU(LQHILQVWHUH$KQXQJJHKW GXUFKPHLQH6HHOH ,FKJHKHORVDXIGHQ.QDEHQXQGHUVWDUUH DOVLFKVHKHGDHVGHUURWHKHU]I|UPLJDXVJHDUEHLWHWH6WHLQLVW GHU]XP(LQOHJHQLQGHP3DYLOORQEHUHLWODJGHQHUPLW0KH KHUDXVJHNXJHOWKDWXQGPLWGHPHUQXQVSLHOW¾%XEHGXVSLHOVW PLWPHLQHP+HU]HQZLHGHLQ9DWHU½ 0LWGLHVHQ:RUWHQVWLH LFKLKQYROO$EVFKHXYRQPLUDOVHUVLFKZHLQHQGPLUQDKWH 0HLQ9HUZDOWHUHUKLHOWGLHQ|WLJHQ%HIHKOHLKQIRUW]XVFKDIIHQLFK KDEHGHQ.QDEHQQLFKWZLHGHUJHVHKHQ© ª(QWVHW]OLFKHU 0DQQ© ULHIGLHDOWH'DPHGLHDEHUGHUDOWH+HUUVLFKK|IOLFKYHUEHXJHQG XQGPLWGHQ:RUWHQª'HV6FKLFNVDOVJURH*UXQGVWULFKHIJHQ VLFKQLFKWGHPIHLQHQ1RQSDUHLOGHU'DPHQ©XQWHUGHP$UP IDWHXQGDXVGHP3DYLOORQKLQDXVIKUWHGXUFKGDV:lOGFKHQLQ GHQ*DUWHQ 'HUDOWH+HUUZDUGHU+RIUDW5HXWOLQJHUGLHDOWH 'DPHDEHUGLH*HKHLPH5lWLQ)RHUG 'HU*DUWHQERWGDV DOOHUPHUNZUGLJVWH6FKDXVSLHOGDUZDVPDQQXUVHKHQNRQQWH (LQHJURH*HVHOOVFKDIWDOWHU+HUUHQ*HKHLPH5lWH+RIUlWHX D QHEVW LKUHQ)DPLOLHQDXVGHQEHQDFKEDUWHQ6WlGWFKHQKDWWHVLFK YHUVDPPHOW$OOHVHOEVWGLHMXQJHQ/HXWHXQG0lGFKHQZDUHQ JDQ]VWUHQJQDFKGHU0RGHGHV-DKUHVJHNOHLGHWPLWJURHQ 3HUFNHQJHVWHLIWHQ.OHLGHUQKRKHQ)ULVXUHQ5HLIU|FNHQXVZ ZHOFKHVGHQQXPVRPHKUHLQHQZXQGHUOLFKHQ(LQGUXFNPDFKWH DOVGLH$QODJHQGHV*DUWHQVJDQ]]XMHQHP.RVWPSDWHQ-HGHU JODXEWHVLFKZLHGXUFKHLQHQ=DXEHUVFKODJLQHLQHOlQJVW YHUIORVVHQH=HLW]XUFNYHUVHW]W'HU0DVNHUDGHODJHLQH ZXQGHUOLFKH,GHH5HXWOLQJHUV]XP*UXQGH(USIOHJWHDOOHGUHL -DKUHDP7DJH0DULl*HEXUWDXIVHLQHP/DQGVLW]GDV)HVWGHU DOWHQ=HLW ]XIHLHUQZR]XHUDOOHVDXVGHP6WlGWFKHQZDVQXU NRPPHQZROOWHHLQOXGMHGRFKZDUHVXQHUOlOLFKH%HGLQJXQJ GDMHGHU*DVWVLFKLQGDV.RVWPGHV-DKUHVZHUIHQ PXWH-XQJHQ/HXWHQGHQHQHVOlVWLJJHZHVHQVHLQZUGH GHUJOHLFKHQ.OHLGHUKHUEHL]XVFKDIIHQKDOIGHU+RIUDWDXVPLW VHLQHUHLJHQHQUHLFKHQ*DUGHUREH 2IIHQEDUZROOWHGHU+RIUDW GLHVH=HLWKLQGXUFKGDV)HVWGDXHUWH]ZHLELVGUHL7DJH LQ 5FNHULQQHUXQJHQGHUDOWHQ-XJHQG]HLWUHFKWVFKZHOJHQ
,QHLQHU6HLWHQDOOHHEHJHJQHWHQVLFK(UQVWXQG:LOOLEDOG%HLGH VDKHQVLFKHLQH:HLOHVFKZHLJHQGDQXQGEUDFKHQGDQQLQHLQ KHOOHV*HOlFKWHUDXVª'XNRPPVWPLUYRU©ULHI:LOOLEDOGªZLH GHULP,UUJDUWHQGHU/LHEHKHUXPWDXPHOQGH.DYDOLHU©ª8QGPLFK GQNW©HUZLGHUWH(UQVWªLFKKlWWHGLFKVFKRQLQGHUDVLDWLVFKHQ %DQLVHHUEOLFNW© ª$EHULQGHU7DW©IXKU:LOOLEDOGIRUWªGHV DOWHQ+RIUDWV(LQIDOOLVWVREHOQLFKW(UZLOOQXQHLQPDOVLFK VHOEVWP\VWLIL]LHUHQHUZLOOHLQH=HLWKHUYRU]DXEHUQLQGHUHU ZDKUKDIWOHEWHXQHUDFKWHWHUQRFKMHW]WHLQPXQWHUHUVWDUNHU *UHLVPLWXQYHUZVWOLFKHU/HEHQVNUDIWXQGKHUUOLFKHU)ULVFKKHLW GHV*HLVWHVDQ(UUHJEDUNHLWXQGIDQWDVLHUHLFKHU/DXQHHV PDQFKHPYRUGHU=HLWDEJHVWXPSIWHQ-QJOLQJH]XYRUWXW(UGDUI QLFKWGDIUVRUJHQGDMHPDQGLQ:RUWXQG*HElUGHDXVGHP .RVWPIDOOHGHQQ GDIUVWHFNWMHGHUHEHQLQGHQ.OHLGHUQGLH LKPGDVJDQ]XQP|JOLFKPDFKHQ6LHKQXUZLHMQJIHUOLFKXQG ]XQIHUOLFKXQVHUHMXQJHQ'DPHQLQLKUHQ5HLIU|FNHQ HLQKHUWULSSHOQZLHVLHVLFKGHV)lFKHUV]XEHGLHQHQZLVVHQ :DKUKDIWLJPLFKVHOEVWHUJUHLIWXQWHU GHU3HUFNHGLHLFKDXI PHLQHQ7LWXVJHVWOSWHLQJDQ]EHVRQGHUHU*HLVWDOWHUWPOLFKHU &RXUWRLVLHGDLFKHEHQGDVDOOHUOLHEVWH.LQGGHV*HK5DWHV )RHUGMQJVWH7RFKWHUGLHKROGH-XOLHHUEOLFNHVRZHLLFKJDU QLFKWZDVPLFKDEKlOWPLFKLKULQGHPWLJHU6WHOOXQJ]XQDKHQ XQGPLFKDOVR]XDSSOL]LHUHQXQGH[SOL]LHUHQ¾$OOHUVFK|QVWH-XOLD ZHQQZLUGPLUGRFKGLHOlQJVWJHZQVFKWH5XKHGXUFKGHLQH *HJHQOLHEHJHZlKUWZHUGHQ(VLVWMDXQP|JOLFKGDGHQ7HPSHO GLHVHU6FK|QKHLWHLQVWHLQHUQHU$EJRWWEHZRKQHQN|QQH'HQ 0DUPRUEH]ZLQJWGHU5HJHQXQGGHU'LDPDQWZLUGGXUFK VFKOHFKWHV%OXWHUZHLFKHWGHLQ+HU]ZLOODEHUHLQHP$PERVVH JOHLFKHQZHOFKHVVLFKQXUGXUFK6FKOlJHYHUKlUWHWMHPHKUQXQ PHLQ+HU]HNORSIHWMHXQHPSILQGOLFKHUZLUVWGX/DPLFKGRFK GDV=LHOGHLQHV%OLFNVVHLQVFKDXHGRFKZLHPHLQ+HU]NRFKWXQG PHLQH6HHOHQDFKGHU(UTXLFNXQJOHFK]HWZHOFKHDXVGHLQHU $QPXWTXLOOW$FK ZLOOVWGXPLFKGXUFK6FKZHLJHQEHWUEHQ XQHPSILQGOLFKH6HHOH"'LHWRWHQ)HOVHQDQWZRUWHQMDGHQ )UDJHQGHQGXUFKHLQ(FKRXQGGXZLOOVWPLFK7URVWORVHQNHLQHU $QWZRUWZUGLJHQ" 2 $OOHUVFK|QVWH½© ª,FKELWWHGLFK© XQWHUEUDFKKLHU(UQVWGHQ)UHXQGGHUPLWGHPZXQGHUOLFKVWHQ *HElUGHQVSLHOGDVDOOHVJHVSURFKHQªLFKELWWHGLFKKDOWHLQGX ELVWQXQHLQPDOZLHGHU LQGHLQHUWROOHQ/DXQHXQGPHUNVWQLFKW ZLH-XOLHHUVWVLFKXQVIUHXQGOLFKQlKHUQGPLWHLQHP0DOJDQ] VFKHXDXVERJ2KQHGLFK]XYHUVWHKHQJODXEWVLHJHZLVRZLH
DOOHLQJOHLFKHP)DOOVFKRQXQJVORVYRQGLUEHVS|WWHOW]XVHLQXQG VREHZlKUVWGXGHLQHQ5XIDOVHLQJHIOHLVFKWHQLURQLVFKHQ6DWDQ XQG]LHKVWPLFKQHXHQ$QN|PPOLQJLQV8QJOFNGHQQVFKRQ VSUHFKHQDOOHPLW]ZHLGHXWLJHP6HLWHQEOLFNXQGELWWHUVHP /lFKHOQ¾(VLVW:LOOLEDOGV)UHXQG½© ª/DHVJXWVHLQ©VSUDFK :LOOLEDOGªLFKZHLHVMDGDYLHOH/HXWH]XPDOMXQJH KRIIQXQJVYROOH0lGFKHQYRQVHFKV]HKQVLHE]HKQ-DKUHQPLU VRUJOLFKDXVZHLFKHQDEHULFKNHQQHGDV=LHOZRKLQDOOH:HJH IKUHQXQGZHLDXFKGDVLHGRUWPLUEHJHJQHQGRGHUYLHOPHKU PLFKZLHLPHLJQHQ+DXVHDQJHVLHGHOWWUHIIHQGUHFKWPLWYROOHP IUHXQGOLFKHQ*HPWPLUGLH+DQGUHLFKHQZHUGHQ© ª'X PHLQVW©VSUDFK(UQVWªHLQH9HUV|KQXQJZLHLPHZJHQ/HEHQ ZHQQGHU'UDQJGHV,UGLVFKHQDEJHVFKWWHOW© ª2 LFKELWWH GLFK©XQWHUEUDFKLKQ:LOOLEDOGªODXQVGRFKJHVFKHXWVHLQXQG QLFKWDOWHOlQJVWEHVSURFKHQH'LQJHDXIVQHXHXQGJHUDGH]XU XQJQVWLJVWHQ6WXQGHDXIUKUHQ8QJQVWLJIUGHUOHL*HVSUlFKH QHQQHLFKQlPOLFKGHVKDOEHEHQGLHVH6WXQGHQZHLOZLUJDU QLFKWV%HVVHUHVWXQN|QQHQDOVXQVGHPVHOWVDPHQ(LQGUXFNDOOHV GHV :XQGHUOLFKHQZRPLWXQV5HXWOLQJHUV/DXQHZLHLQHLQHQ 5DKPHQHLQJHIDWKDWKLQJHEHQ6LHKVWGXZRKOMHQHQ%DXP GHVVHQXQJHKHXUHZHLH%OWHQGHU:LQGKLQ XQGKHUVFKWWHOW" &DFWXVJUDQGLIORUXVNDQQHVQLFKWVHLQGHQQGHUEOKWQXU PLWWHUQDFKWVXQGLFKVSUHDXFKQLFKWGDV$URPDZHOFKHVVLFK ELVKLHUKHUYHUEUHLWHQPWH:HLGHU+LPPHOZHOFKHQ :XQGHUEDXPGHU+RIUDWZLHGHULQVHLQ7XVFXOXPYHUSIODQ]WKDW© 'LH)UHXQGHJLQJHQDXIGHQ:XQGHUEDXPORVXQGZXQGHUWHQ VLFKLQGHU7DWQLFKWZHQLJDOVVLHHLQHQGLFNHQGXQNOHQ +ROXQGHUEXVFKWUDIHQGHVVHQ%OWHQQLFKWVDQGHUVZDUHQDOV KLQHLQJHKlQJWHZHLJHSXGHUWH3HUFNHQGLHPLWLKUHQ GDUDQJHKlQJWHQ+DDUEHXWHOQXQG=|SIFKHQHLQNXULRVHV 6SLHO]HXJGHVODXQLJWHQ6GZLQGVDXI XQGQLHGHUVFKDXNHOWHQ /DXWHV/DFKHQYHUNQGHWHZDVKLQWHUGHQ%VFKHQYHUERUJHQ (LQHJDQ]H*HVHOOVFKDIWDOWHUJHPWOLFKHUOHEHQVNUlIWLJHU+HUUHQ KDWWHVLFKDXIHLQHPEUHLWHQYRQEXQWHP%XVFKZHUNXPJHEHQHQ 5DVHQSODW]YHUVDPPHOW'LH5|FNHDXVJH]RJHQGLHOlVWLJHQ 3HUFNHQLQGHQ+ROXQGHUJHKlQJWVFKOXJHQVLH%DOORQ$EHU QLHPDQGEHUWUDIGHQ+RIUDW5HXWOLQJHUGHUGHQ%DOORQELV]X HLQHUXQJODXEOLFKHQ+|KHXQGVRJHVFKLFNW]XWUHLEHQZXWHGD HUMHGHVPDOGHP*HJHQVSLHOHUVFKODJJHUHFKWQLHGHUILHO,QGHP $XJHQEOLFNOLHVLFKHLQH DEVFKHXOLFKH0XVLNYRQNOHLQHQ3IHLIHQ XQGGXPSIHQ7URPPHOQK|UHQ'LH+HUUHQHQGHWHQVFKQHOOLKU
6SLHOXQGJULIIHQQDFKLKUHQ5|FNHQXQG3HUFNHQª:DVLVWGHQQ GDVQXQZLHGHU"©VSUDFK(UQVWª,FKZHWWH©HUZLGHUWH:LOOLEDOG ªGHUWUNLVFKH*HVDQGWH]LHKWHLQ© ª'HUWUNLVFKH*HVDQGWH"© IUXJ(UQVWJDQ]HUVWDXQWª6RQHQQHLFK©IXKU:LOOLEDOGIRUW ªGHQ%DURQYRQ([WHUGHUVLFKLQ *DXIKlOWXQGGHQGXQRFKYLHO ]XZHQLJJHVHKHQKDVWXPLQLKPQLFKWHLQVGHUZXQGHUOLFKVWHQ 2ULJLQDOH]XHUNHQQHQGLHHVJHEHQPDJ(ULVWHKHPDOV *HVDQGWHUXQVHUHV+RIHVLQ.RQVWDQWLQRSHOJHZHVHQXQGQRFK LPPHUVRQQWHUVLFKLQGHP5HIOH[GLHVHUZDKUVFKHLQOLFK JHQXUHLFKVWHQ)UKOLQJV]HLWVHLQHV/HEHQV6HLQH%HVFKUHLEXQJ GHV3DODVWHVGHQHULQ3HUDEHZRKQWHHULQQHUWDQ GLH GLDPDQWQHQ)HHQ3DOlVWHLQ7DXVHQGXQGHLQHU1DFKWXQGVHLQH /HEHQVZHLVHDQGHQZHLVHQ.|QLJ6DORPRGHPHUDXFKGDULQ JOHLFKHQZLOOGDHUVLFKZLUNOLFKGHU+HUUVFKDIWEHUXQEHNDQQWH 1DWXUNUlIWHUKPW,QGHU7DWKDWGLHVHU%DURQ([WHUVHLQHU OJQHULVFKHQ3UDKOHUHLVHLQHU&KDUODWDQHULHXQHUDFKWHWGRFK HWZDV0\VWLVFKHVGDVPLFKZHQLJVWHQVLQGUROOLJHP$EVWLFKPLW VHLQHUlXHUQHWZDVVNXUULOHQ(UVFKHLQXQJRIWZLUNOLFK P\VWLIL]LHUW'DYRQLFKPHLQHYRQVHLQHPZLUNOLFKP\VWLVFKHQ 7UHLEHQJHKHLPHU:LVVHQVFKDIWHQUKUWDXFKVHLQHHQJH 9HUELQGXQJPLW5HXWOLQJHUQKHUGHUGLHVHP:HVHQJDQ]HUJHEHQ LVWPLW/HLEXQG6HHOH %HLGHVLQGZXQGHUOLFKH7UlXPHUDEHU MHGHUDXIVHLQH:HLVHEULJHQVDEHUHQWVFKLHGHQH0HVPHULDQHU© 8QWHUGLHVHP*HVSUlFKZDUHQGLH)UHXQGHELVDQGHV*DUWHQV JURHV*DWWHUWRUJHODQJWGXUFKZHOFKHVVRHEHQGHUWUNLVFKH *HVDQGWHHLQ]RJ(LQNOHLQHUUXQGOLFKHU0DQQPLWHLQHPVFK|QHQ WUNLVFKHQ3HO]XQGKRKHPDXVIDUELJWHQ6KDZOVDXIJHZLFNHOWHP 7XUEDQDQJHWDQ$XV*HZRKQKHLWKDWWHHUVLFKDEHUQLFKWYRQGHU HQJDQVFKOLHHQGHQ=RSISHUFNHPLWNOHLQHQ/|FNFKHQDXV %HGUIQLVQLFKWYRQGHQILO]QHQ3RGDJULVWHQVWLHIHOQWUHQQHQ N|QQHQZRGXUFKIUHLOLFKGDVWUNLVFKH.RVWPVFKZHUYHUOHW]W ZXUGH6HLQH%HJOHLWHUGLHGDVDEVFKHXOLFKHPXVLNDOLVFKH *HUlXVFKPDFKWHQXQGLQGHQHQ:LOOLEDOGWURW]GHU9HUPXPPXQJ ([WHUV.RFKXQGDQGHUHV+DXVJHVLQGHHUNDQQWHZDUHQ]X 0RKUHQDQJHUXWXQGWUXJHQVSLW]HJHPDOWH3DSLHUPW]HQGHQ 6DQEHQLWRVQLFKWXQlKQOLFKZHOFKHVGUROOLJJHQXJDXVVDK'HQ WUNLVFKHQ*HVDQGWHQIKUWHDP$UPHLQDOWHU2IIL]LHUQDFK VHLQHU7UDFKWYRQLUJHQGHLQHP6FKODFKWIHOGHGHV6LHEHQMlKULJHQ .ULHJHVHUZDFKWXQGHUVWDQGHQ(VZDUGHU*HQHUDO5L[HQGRUI .RPPDQGDQWYRQ *GHUGHP+RIUDW]X*HIDOOHQVDPWVHLQHQ 2IIL]LHUHQVLFKLQGDVDOWH .RVWPJHZRUIHQKDWWHª6DODPD
PLOHN©VSUDFKGHU+RIUDWGHQ%DURQ([WHUXPDUPHQGGHUVRIRUW GHQ7XUEDQDEQDKPXQGLKQZLHGHUDXIGLH3HUFNHVWOSWH QDFKGHPHUVLFKGHQ6FKZHLYRQGHU6WLUQHPLWHLQHP RVWLQGLVFKHQ7XFKZHJJHWURFNQHW,QGHP$XJHQEOLFNEHZHJWH VLFKDXFKLQGHQ=ZHLJHQHLQHV6SlWNLUVFKHQEDXPVGHU JROGVWUDKOHQGH)OHFNGHQ(UQVWVFKRQODQJHEHWUDFKWHWKDWWH RKQHHQWUlWVHOQ]XN|QQHQZDVGDREHQVLW]H(VZDUEORGHU *HKHLPH.RPPHU]LHQUDW+DUVFKHULQHLQHPJROGVWRIIQHQ (KUHQNOHLGHHEHQVROFKHQ%HLQNOHLGHUQXQGVLOEHUVWRIIQHUPLW EODXHQ5RVHQERXNHWVEHVWUHXWHU:HVWHGHUQXQVLFKDXVGHQ %OlWWHUQGHV.LUVFKEDXPVHQWZLFNHOWHXQGIUVHLQ$OWHUEHKHQGH JHQXJDXIGHUDQJHOHKQWHQ/HLWHUKHUDEVWLHJXQGPLWJDQ]IHLQHU HWZDVTXlNHQGHU6WLPPHVLQJHQGRGHUYLHOPHKUNUHLVFKHQGª$K FKHYHGR R GLRFKHVHQWR©GHPWUNLVFKHQ*HVDQGWHQLQGLH $UPHHLOWH'HU.RPPHU]LHQUDWKDWWHVHLQH-XJHQG]HLWLQ,WDOLHQ ]XJHEUDFKWZDUHLQJURHU0XVLNXVXQGZROOWHQRFKLPPHU PLWWHOVWHLQHVODQJJHEWHQ)DOVHWWVVLQJHQZLH)DULQHOOLª,FK ZHL©VSUDFK:LOOLEDOGªGD+DUVFKHUVLFKGLH7DVFKHQPLW 6SlWNLUVFKHQYROOJHVWRSIWKDWGLHHULUJHQGHLQ0DGULJDOV ODPHQWLHUHQGGHQ'DPHQSUlVHQWLHUHQZLUG'DHUDEHUZLH )ULHGULFKGHU=ZHLWHGHQ6SDQLRORKQH'RVHLQGHU7DVFKH DXVJHVFKWWHWWUlJWZLUGHUPLWVHLQHU*DODQWHULHQXU ZLGHUZLOOLJHV$EOHKQHQXQGILQVWUH*HVLFKWHUHLQHUQWHQ© hEHUDOO ZDUQXQGHUWUNLVFKH*HVDQGWHVRZLHGHU+HOGGHV 6LHEHQMlKULJHQ.ULHJHVPLW)UHXGHXQG-XEHOHPSIDQJHQZRUGHQ /HW]WHUHUZXUGHYRQ-XOFKHQ)RHUGPLWNLQGOLFKHU'HPXWEHJUW WLHIEHXJWHVLHVLFKYRUGHPDOWHQ+HUUQXQGZROOWHLKPGLH+DQG NVVHQGDVSUDQJDEHUGHUWUNLVFKH*HVDQGWHZLOGGD]ZLVFKHQ ULHIª1DUUKHLWHQWROOHV=HXJ©XPDUPWH-XOFKHQPLW+HIWLJNHLW ZREHLHUGHP.RPPHU]LHQUDW+DUVFKHUVHKUKDUWDXIGLH)H WUDWGHUDEHUYRU6FKPHU]QXUHLQJDQ]NOHLQZHQLJPLDXWHXQG UDQQWHGDQQPLW-XOLHQGLHHUXQWHUGHQ$UPJHIDWGDYRQ 0DQVDKGDHUVHKUHLIULJPLWGHQ+lQGHQIRFKWGHQ7XUEDQ DXI XQGDEVWOSWHXVZª:DVKDWGHU$OWHPLWGHP0lGFKHQ YRU"©VSUDFK(UQVWª,QGHU7DW©HUZLGHUWH:LOOLEDOGªHVVFKHLQW :LFKWLJHVGHQQLVW([WHUJOHLFKGHV0lGFKHQV3DWHXQGJDQ] YHUQDUUWLQVLHVRSIOHJWHUGRFKQLFKWVRJOHLFKDXVGHU *HVHOOVFKDIWPLWLKUGDYRQ]XODXIHQ© ,QGHP$XJHQEOLFNEOLHE GHUWUNLVFKH*HVDQGWHVWHKHQVWUHFNWHGHQUHFKWHQ$UPZHLW YRQVLFKXQGULHIPLWVWDUNHU6WLPPHGDHVLPJDQ]HQ*DUWHQ ZLGHUKDOOWHª$SSRUWH© :LOOLEDOGEUDFKLQHLQODXWHV*HOlFKWHU
DXVª:DKUKDIWLJ©VSUDFKHUGDQQªHVLVWZHLWHUQLFKWVDOVGD ([WHU-XOLHQ]XPWDXVHQGVWHQPDOGLHPHUNZUGLJH*HVFKLFKWH YRP6HHKXQGHHU]lKOW©(UQVWZROOWHGLHVHPHUNZUGLJH *HVFKLFKWHGXUFKDXVZLVVHQª(UIDKUHGHQQ©VSUDFK:LOOLEDOG ªGD([WHUV3DODVWGLFKWDP%RVSRUXVODJVRGD6WXIHQYRQGHP IHLQVWHQNDUUDULVFKHQ0DUPRUKLQDEIKUWHQLQV0HHU(LQHV7DJHV VWHKW([WHUDXIGHU*DOHULHLQGLHWLHIVLQQLJVWHQ%HWUDFKWXQJHQ YHUVXQNHQDXVGHQHQLKQHLQGXUFKGULQJHQGHUJHOOHQGHU6FKUHL KLQDXVUHLW(UVFKDXWKLQDEXQGVLHKHHLQXQJHKHXUHU 6HHKXQG LVWDXVGHP0HHUKLQDXIJHWDXFKWXQGKDWHLQHPDUPHQWUNLVFKHQ :HLEHGLHDXIGHQ0DUPRUVWXIHQVDGHQ.QDEHQYRQGHP$UP KLQDEJHULVVHQPLWGHPHUHEHQDEIlKUWLQGLH0HHUHVZHOOHQ ([WHUHLOWKLQDEGDV:HLEIlOOWLKPWURVWORVZHLQHQGXQGKHXOHQG ]X)HQ([WHUEHVLQQWVLFKQLFKWODQJHHUWULWWGLFKWDQV0HHU DXIGLHOHW]WH6WXIHVWUHFNWGHQ$UPDXVXQGUXIWPLWVWDUNHU 6WLPPH¾$SSRUWH½ 6RJOHLFKVWHLJWGHU6HHKXQGDXVGHU7LHIH GHV0HHUVLPZHLWHQ0DXOHGHQ.QDEHQGHQHU]LHUOLFKXQG JHVFKLFNWZLHDXFKJDQ]XQYHUVHKUWGHP0DJLHUEHUUHLFKWXQG VRGDQQMHGHP'DQNDXVZHLFKHQGVLFKZLHGHUHQWIHUQWLQGDV 0HHUQLHGHUWDXFKW© ª'DVLVWVWDUN GDVLVWVWDUN©ULHI(UQVW ª6LHKVWGXZRKO©IXKU:LOOLEDOGIRUWªVLHKVWGXZRKOZLH([WHU MHW]W HLQHQNOHLQHQ5LQJYRP)LQJHU]LHKWXQGLKQ-XOLHQ]HLJW" .HLQH7XJHQGEOHLEWXQEHORKQW $XHUGHPGD([WHUGHP WUNLVFKHQ:HLEHGHQ.QDEHQJHUHWWHWKDWWHVREHVFKHQNWHHUVLH QRFKDOVHUYHUQDKPGDLKU0DQQHLQDUPHU/DVWWUlJHUNDXP GDVWlJOLFKH %URW]XYHUGLHQHQYHUPRFKWHPLWHLQLJHQ-XZHOHQ XQG*ROGVWFNHQIUHLOLFKQXUHLQH/XPSHUHLK|FKVWHQV]ZDQ]LJ ELVGUHLLJWDXVHQG7DOHUDQ:HUWGDUDXI]RJGDV:HLEHLQHQ NOHLQHQ6DSKLUYRP)LQJHUXQGGUDQJLKQ([WHUQDXIPLWGHU 9HUVLFKHUXQJHVVHLHLQWHXUHVHUHUEWHV)DPLOLHQVWFNGDVQXU GXUFK([WHUV7DWJHZRQQHQZHUGHQN|QQH([WHUQDKPGHQ5LQJ GHULKPYRQJHULQJHP:HUWHVFKLHQXQGHUVWDXQWHQLFKWZHQLJ DOVHUVSlWHUGXUFKHLQHNDXPVLFKWEDUHDUDELVFKH,QVFKULIWDQGHV 5LQJHV5HLIEHOHKUWZXUGH GDHUGHVJURHQ$OLV6LHJHOULQJDP )LQJHUWUDJHPLWGHPHUMHW]W]XZHLOHQ0DKRPHGV7DXEHQ KHUDQORFNWXQGPLWLKQHQNRQYHUVLHUW© ª'DVVLQGJDQ] HUVWDXQOLFKH'LQJH©ULHI(UQVWODFKHQGªGRFKODXQVVHKHQZDV GRUWLQGHPJHVFKORVVHQHQ.UHLVHYRUJHKWLQGHVVHQ0LWWHHLQ NOHLQ'LQJZLHHLQNDUWHVLDQLVFKHV7HXIHOFKHQDXI XQG QLHGHUJDXNHOWXQGTXLQNHOLHUW©
'LH)UHXQGHWUDWHQDXIHLQHQUXQGHQ5DVHQSODW]ULQJVXPKHU VDHQDOWHXQGMXQJH+HUUHQXQG'DPHQLQGHU0LWWHVSUDQJHLQ VHKUEXQWJHNOHLGHWHVNDXPYLHU)XKRKHV'lPFKHQPLWHLQHP HWZDV]XJURHQ$SIHON|SIFKHQXPKHUXQGVFKQDSSWHPLWGHQ )LQJHUFKHQXQGVDQJPLWHLQHPJDQ]NOHLQHQGQQHQ 6WLPPFKHQª$PHQH]YRVWURXSHDX[EHUJqUHV© ª6ROOWHVWGX ZRKOJODXEHQ©VSUDFK:LOOLEDOGªGDGLHVSXW]LJH)LJXUFKHQGLH VREHUDXVQDLYXQGVFKDUPDQWWXW-XOLHQVlOWHUH6FKZHVWHULVW" 'XPHUNVWGDVLHOHLGHU]XGHQ:HLEHUQJHK|UWGLHGLH1DWXU PLWUHFKWELWWUHU,URQLHP\VWLIL]LHUWLQGHPVLHWURW]DOOHV 6WUlXEHQV]XHZLJHU.LQGKHLWYHUGDPPWYHUP|JHLKUHU)LJXUXQG LKUHVJDQ]HQ:HVHQVLP$OWHUQRFKPLWMHQHUNLQGLVFKHQ1DLYLWlW NRNHWWLHUHQGVLFKXQGDQGHUQKHU]OLFK]XU/DVWZHUGHQPVVHQ ZREHLHVGHQQRIWDQJHK|ULJHU9HUK|KQXQJQLFKWPDQJHOW© %HLGHQ)UHXQGHQZXUGHGDV'lPFKHQPLWLKUHUIUDQ]|VLVFKHQ )DVHOHLUHFKWIDWDOVLHVFKOLFKHQGDKHUIRUWZLHVLHJHNRPPHQXQG VFKORVVHQVLFKOLHEHUDQGHQWUNLVFKHQ*HVDQGWHQDQGHUVLH IRUWIKUWHLQGHQ6DDOZRHEHQGDGLH6RQQHVFKRQQLHGHUVDQN DOOHV]XGHU0XVLNYRUEHUHLWHWZXUGHGLHPDQKHXWH]XJHEHQLP 6LQQHKDWWH'HUgVWHUOHLQLVFKH)OJHOZXUGHJH|IIQHWXQGMHGHV 3XOWIUGLH.QVWOHUDQVHLQHQ2UWJHVWHOOW'LH*HVHOOVFKDIW VDPPHOWHVLFKQDFKXQGQDFK(UIULVFKXQJHQZXUGHQ KHUXPJHUHLFKWLQDOWHPUHLFKHQ3RU]HOODQGDQQHUJULII5HXWOLQJHU HLQH*HLJHXQGIKUWHPLW*HVFKLFNOLFKNHLWXQG.UDIWHLQH6RQDWH YRQ&RUHOOLDXVZR]XLKQGHU*HQHUDO5L[HQGRUIDXIGHP)OJHO EHJOHLWHWHGDQQEHZlKUWHVLFKGHUJROGVWRIIQH+DUVFKHUDOV 0HLVWHUDXIGHU7KHRUEH+LHUDXIEHJDQQGLH*HKHLPH5lWLQ)RHUG HLQHJURHLWDOLHQLVFKH6]HQHYRQ$QIRVVLPLWVHOWHQHP$XVGUXFN 'LH6WLPPHZDUDOWWUHPXOLHUHQGXQGXQJOHLFKDEHUQRFKZXUGH DOOHVGLHVHVGXUFKGLHLKUHLJQH0HLVWHUVFKDIWGHV*HVDQJHV EHVLHJW,Q5HXWOLQJHUVYHUNOlUWHP%OLFNJOlQ]WHGDV(QW]FNHQ OlQJVWYHUJDQJHQHU-XJHQG'DV$GDJLRZDUJHHQGHW5L[HQGRUI EHJDQQGDV$OOHJURDOVSO|W]OLFKGLH7UGHV6DDOVDXIJHULVVHQ ZXUGHXQGHLQMXQJHUZRKOJHNOHLGHWHU0HQVFKYRQKEVFKHP $QVHKHQJDQ]HUKLW]WXQGDWHPORVKLQHLQXQG]X5L[HQGRUIV )HQVWU]WHª2 +HUU*HQHUDO 6LHKDEHQPLFKJHUHWWHW 6LH DOOHLQ HVLVWDOOHVJXWDOOHVJXW2 PHLQ*RWWZLHVROOLFK,KQHQ GHQQGDQNHQ©6RVFKULHGHUMXQJH0HQVFKZLHDXHUVLFKGHU *HQHUDOVFKLHQYHUOHJHQHUKREGHQMXQJHQ0HQVFKHQVDQIWDXI XQGIKUWHLKQPLWEHVFKZLFKWLJHQGHQ:RUWHQKHUDXVLQGHQ *DUWHQ'LH*HVHOOVFKDIWZDUYRQGHP$XIWULWWEHUUDVFKWZRUGHQ
MHGHUKDWWHLQGHP-QJOLQJGHQ6FKUHLEHUGHV*HKHLPHQ5DWHV )RHUGHUNDQQWXQGVFKDXWHGLHVHQPLWQHXJLHULJHQ%OLFNHQDQ'HU QDKPDEHUHLQH3ULVHQDFKGHUDQGHUQXQGVSUDFKPLWVHLQHU)UDX IUDQ]|VLVFKELVHUHQGOLFKGDLKPGHUWUNLVFKH*HVDQGWHQlKHU DXIGHQ/HLEUFNWHUXQGKHUDXVHUNOlUWHª,FKZHL +RFK]XYHUHKUHQGHGXUFKDXVPLUQLFKW]XHUNOlUHQZHOFKHUE|VH *HLVWPHLQHQ0D[KLHUVRSO|W]OLFKPLWH[DOWLHUWHQ'DQNVDJXQJHQ KLQHLQJHVFKOHXGHUWKDWZHUGHDEHUVRJOHLFKGLH(KUHKDEHQ© 'DPLWVFKOSIWHHU]XU7UHKHUDXVXQG:LOOLEDOGIROJWHLKPDXI GHP)XH'DVGUHLEOlWWULJH.OHHEODWWGHU)RHUGVFKHQ)DPLOLH QlPOLFKGLHGUHL6FKZHVWHUQ1DQQHWWH&OHPHQWLQHXQG-XOLH lXHUWHQVLFKDXIJDQ]YHUVFKLHGHQH:HLVH1DQQHWWHOLHGHQ )lFKHUDXI XQGQLHGHUUDXVFKHQVSUDFKYRQ(WRXUGHULHXQGZROOWH HQGOLFKZLHGHUVLQJHQ$PHQH]YRVWURXSHDX[ZRUDXIDEHU QLHPDQGDFKWHWH-XOLHZDUDEVHLWVLQGHQ:LQNHOJHWUHWHQXQG GHU*HVHOOVFKDIWGHQ5FNHQ]XJHZHQGHWZDUHVDOVZROOHVLH QLFKWDOOHLQLKUJOKHQGHV*HVLFKW VRQGHUQDXFKHLQLJH7UlQHQ YHUEHUJHQGLHLKUZLHPDQVFKRQEHPHUNWLQGLH$XJHQ JHWUHWHQª)UHXGHXQG6FKPHU]YHUZXQGHQPLWJOHLFKHP:HKGLH %UXVWGHVDUPHQ0HQVFKHQDEHUIlUEWGHUGHPYHUOHW]HQGHQ 'RUQQDFKTXLOOHQGH%OXWVWURSIHQLFKWPLWK|KHUHP5RWGLH YHUEOHLFKHQGH5RVH"©6RVSUDFKPLWYLHOHP3DWKRVGLH MHDQSDXOLVLHUHQGH&OHPHQWLQHLQGHPVLHYHUVWRKOHQGLH+DQG HLQHVKEVFKHQMXQJHQEORQGHQ0HQVFKHQIDWHGHUJDU]XJHUQ VLFKDXVGHQ5RVHQEDQGHQZRPLWLKQ&OHPHQWLQHEHGURKOLFK XPVWULFNWXQGLQGHQHQHUHWZDV]XVSLW]H'RUQHQYHUVSUWKDWWH ORVJHZLFNHOW'HUOlFKHOWHDEHUHWZDVIDGHXQGVSUDFKQXUª2 MD %HVWH© 'DEHLVFKLHOWHHUQDFKHLQHPVHLWZlUWVVWHKHQGHQ*ODVH :HLQZHOFKHVHUJHUQDXI&OHPHQWLQHQVVHQWLPHQWDOHQ6SUXFK JHOHHUW'DVJLQJDEHUQLFKWGD&OHPHQWLQHVHLQHOLQNH+DQG IHVWKLHOWHUDEHUPLWGHU5HFKWHQVRHEHQGDV%HVLW]WXPHLQHV 6WFNV.XFKHQHUJULIIHQ,QGHP$XJHQEOLFNWUDW:LOOLEDOG]XU 6DDOWUKHUHLQXQGDOOHVVWU]WHDXILKQ]XPLWWDXVHQG)UDJHQ ZLHZDVZDUXPXQGZRKHU"(UZROOWHGXUFKDXVQLFKWVZLVVHQ ]RJDEHUHLQYHUVFKPLW]WHUHV*HVLFKWDOVMHPDOV0DQOLHQLFKWDE YRQLKPZHLOPDQGHXWOLFKEHPHUNWGDHULP*DUWHQVLFKPLW GHP*HKHLPHQ5DW)RHUG]XP*HQHUDO5L[HQGRUIXQG]XP 6FKUHLEHU0D[JHVHOOWXQGKHIWLJPLWJHVSURFKHQKDWWHª6ROOLFK GHQQ©ILQJHUHQGOLFKDQªVROOLFKGHQQLQGHU7DWGLHZLFKWLJVWH DOOHU%HJHEHQKHLWHQYRUGHU=HLWDXVSODXGHUQVRPXHVPLU YHUJ|QQWZHUGHQ]XY|UGHUVWDQ6LHPHLQHKRFK]XYHUHKUHQGHQ
'DPHQXQG+HUUHQHLQLJH)UDJHQ]XULFKWHQ© 0DQHUODXEWHGDV JHUQª,VW,KQHQ©IXKU:LOOLEDOGQXQSDWKHWLVFKIRUWªLVW,KQHQ QLFKWDOOHQGHU6FKUHLEHUGHV+HUUQ*HKHLPHQ5DW)RHUG0D[ JHKHLHQDOVHLQZRKOJHELOGHWHQYRQGHU1DWXUUHLFKOLFK DXVJHVWDWWHWHU-QJOLQJEHNDQQW"© ª-DMDMD© ULHIGHU&KRUGHU 'DPHQª,VW,KQHQ©IUXJ:LOOLEDOGZHLWHUªLVW,KQHQQLFKWVHLQ )OHLVHLQHZLVVHQVFKDIWOLFKH%LOGXQJVHLQH*HVFKLFNOLFKNHLWLP *HVFKlIWEHNDQQW"© ª-DMD©ULHIGHU&KRUGHU+HUUHQXQG ZLHGHUª-DMDMD©GHUYHUHLQLJWH&KRUGHU+HUUHQXQG'DPHQ DOV:LOOLEDOGQRFKIUXJRE0D[QLFKWZHLWHUDOVGHU DXIJHZHFNWHVWH.RSIYROOHU3RVVHQXQG6FKQXUUHQVRZLHHQGOLFK DOVVROFKJHVFKLFNWHU=HLFKQHUEHNDQQWVHLGD5L[HQGRUIGHUDOV 'LOHWWDQWLQGHU0DOHUHL8QJHZ|KQOLFKHVOHLVWHHVQLFKW YHUVFKPlKWKDEHVHOEVWLKP]ZHFNPlLJHQ8QWHUULFKW]X HUWHLOHQª(VEHJDEVLFK©HU]lKOWHQXQ:LOOLEDOGªGDYRUHLQLJHU =HLWHLQMXQJHV0HLVWHUOHLQYRQGHUHKUVDPHQ6FKQHLGHU]XQIW VHLQH+RFK]HLWIHLHUWH(VJLQJGDEHLKRFKKHU%lVVHVFKQXUUWHQ 7URPSHWHQVFKPHWWHUWHQGXUFKGLH*DVVH0LWUHFKWHU:HKPXW VDKGHV+HUUQ*HKHLPHQ5DWV%HGLHQWHU-RKDQQ]XGHQ HUOHXFKWHWHQ)HQVWHUQKHUDXIGDV+HU]ZROOWHLKPVSULQJHQZHQQ HUXQWHUGHQ7DQ]HQGHQ-HWWFKHQV7ULWWH]XYHUQHKPHQJODXEWH GLHZLHHUZXWHDXIGHU+RFK]HLWZDU$OVQXQDEHU-HWWFKHQ ZLUNOLFK]XP)HQVWHUKHUDXVJXFNWHGDNRQQWHHUHVQLFKWOlQJHU DXVKDOWHQHUOLHIQDFK+DXVHZDUIVLFKLQVHLQHQEHVWHQ6WDDW XQGJLQJNHFNKHUDXILQGHQ+RFK]HLWVDDO(UZXUGHZLUNOLFK ]XJHODVVHQIUHLOLFKXQWHUGHUVFKPHU]OLFKHQ%HGLQJXQJGDLP 7DQ]MHGHU6FKQHLGHUYRULKPGHQ9RU]XJKDEHQVROOWHZRGXUFK HUIUHLOLFKDXIGLH0lGFKHQDQJHZLHVHQZXUGHPLWGHQHQRELKUHU +lOLFKNHLWRGHUVRQVWLJHQ8QWXJHQGHQQLHPDQGWDQ]HQPRFKWH -HWWFKHQZDUDXIDOOH7lQ]HYHUVDJWDEHUVRZLHVLHGHQ*HOLHEWHQ VDKYHUJDVLHDOOHVZDVVLHYHUVSURFKHQXQGGHUEHKHU]WH -RKDQQVWLHGDVGQQOHLELJH6FKQHLGHUOHLQGDVLKP-HWWFKHQ DEWURW]HQZROOWH]X%RGHQGDHVEHUXQGEHUSXU]HOWH'LHV JDEGDV6LJQDO]XPDOOJHPHLQHQ$XIVWDQGH-RKDQQZHKUWHVLFK ZLHHLQ/|ZH5LSSHQVW|HXQG2KUIHLJHQQDFKDOOHQ6HLWHQ DXVWHLOHQGGRFKHUPXWHGHU0HQJHVHLQHU)HLQGHHUOLHJHQXQG ZXUGHDXIVFKPlKOLFKH:HLVHYRQ6FKQHLGHUJHVHOOHQGLH7UHSSH KHUDEJHZRUIHQ9ROO:XWXQG9HU]ZHLIOXQJZROOWHHUGLH)HQVWHU HLQZHUIHQHUVFKLPSIWHXQGIOXFKWHGDNDP0D[GHUQDFK+DXVH JLQJGHV:HJHVXQGEHIUHLWHGHQXQJOFNOLFKHQ-RKDQQDXVGHQ +lQGHQGHU6FKDUZDFKWGLHHEHQEHULKQKHU]XIDOOHQLP%HJULII
VWDQG1XQNODJWH-RKDQQVHLQ8QJOFNXQGZROOWHGXUFKDXVQLFKW DEVWHKHQYRQWXPXOWXDULVFKHU5DFKHGRFKJHODQJHVHQGOLFKGHP NOJHUQ0D[LKQ]XEHUXKLJHQZLHZRKOQXUXQWHUGHP 9HUVSUHFKHQGDHUVLFKVHLQHUDQQHKPHQXQGGLHLKP JHVFKHKHQH8QELOOVRUlFKHQZROOHGDHUJDQ]JHZL]XIULHGHQ VHLQZHUGH© :LOOLEDOGKLHOWSO|W]OLFKHLQ ª1XQ" QXQ"8QG ZHLWHU" (LQH6FKQHLGHUKRFK]HLW HLQ/LHEHVSDDU 3UJHO ZDV VROOGDVGDQQZHUGHQ"©6RULHIHVYRQDOOHQ6HLWHQª(UODXEHQ 6LH©IXKU:LOOLEDOGIRUWªHUODXEHQ6LH+RFK]XYHUHKUHQGH]X EHPHUNHQGDXPPLWGHPEHUKPWHQ:HEHU=HWWHO]XUHGHQ LQGLHVHU.RP|GLHYRQ-RKDQQXQG-HWWFKHQ'LQJHYRUNRPPHQ GLHQLPPHUPHKUJHIDOOHQZHUGHQ (VN|QQWHVRJDUZLGHUGHQ IHLQVWHQ$QVWDQGJHVQGLJWZHUGHQ© ª6LHZHUGHQ VVFKRQ HLQ]XULFKWHQZLVVHQOLHEHU+HUU:LOOLEDOG©VSUDFKGLHDOWH 6WLIWVUlWLQYRQ.UDLQLQGHPVLHLKQDXIGLH6FKXOWHUNORSIWHªLFK IUPHLQHQ7HLONDQQHLQHQ3XIIYHUWUDJHQ© ª'HU6FKUHLEHU 0D[©HU]lKOWH:LOOLEDOGZHLWHUªVHW]WHVLFKDQGHUQ7DJHVKLQ QDKPHLQJURHVVFK|QHV%ODWW9HOLQSDSLHU%OHLIHGHUXQG7XVFKH XQG]HLFKQHWHPLWGHUYROOHQGHWVWHQ:DKUKHLWHLQHQJURHQ VWDWWOLFKHQ=LHJHQERFNKLQ'LH3K\VLRJQRPLHGLHVHVZXQGHUEDUHQ 7LHUVJDEMHGHP3K\VLRJQRPHQUHLFKOLFKHQ6WRII]XP6WXGLXP,Q GHP%OLFNGHUJHLVWUHLFKHQ$XJHQODJHWZDVhEHUVFKZHQJOLFKHV ZLHZRKOXPGDV0DXOXQGXPGHQ%DUWKHUXPHLQLJH .RQYXOVLRQHQ]LWWHUQG]XVSLHOHQVFKLHQHQ'DV*DQ]H]HXJWHYRQ LQQHUHUXQDXVVSUHFKOLFKHU4XDO,QGHU7DWZDUDXFKGHUJXWH %RFNEHVFKlIWLJWDXIHLQHVHKUQDWUOLFKHZLHZRKOVFKPHU]OLFKH :HLVHJDQ]NOHLQHDOOHUOLHEVWHPLW6FKHUHXQG%JHOHLVHQ EHZDIIQHWH6FKQHLGHUOHLQ]XU:HOW]XEHI|UGHUQGLHLQGHQ ZXQGHUOLFKVWHQ*UXSSHQLKUH/HEHQVWlWLJNHLWEHZLHVHQ8QWHU GHP%LOGHVWDQGHLQ9HUVGHQLFKOHLGHUYHUJHVVHQGRFKLUULFK QLFKWVRKLHGLHHUVWH=HLOH¾(LZDVKDWGHU%RFN JHJHVVHQ½ ,FKNDQQEULJHQVYHUVLFKHUQGDGLHVHUZXQGHUEDUH%RFN© ª*HQXJ JHQXJ©ULHIHQGLH'DPHQªJHQXJYRQGHPJDUVWLJHQ 7LHU YRQ0D[YRQ0D[ZROOHQZLUK|UHQ© ª%HVDJWHU0D[© QDKP:LOOLEDOGGDV:RUWZLHGHUDXIªEHVDJWHU0D[JDEGDV ZRKODXVJHIKUWHXQGYROONRPPHQJHUDWHQH7DEOHDXGHP JHNUlQNWHQ-RKDQQGHUHVVRJHVFKLFNWDQGLH6FKQHLGHUKHUEHUJH DQ]XKHIWHQZXWHGDHLQHQJDQ]HQ7DJKLQGXUFKGDVPLJH 9RONQLFKWYRQGHP%LOGQLVZHJNDP'LH6WUDHQMXQJHQ VFKZHQNWHQMXEHOQGGLH0W]HQXQGWDQ]WHQMHGHP6FKQHLGHUOHLQ GDVVLFKVHKHQOLHKLQWHUKHUXQGVDQJHQXQGNUHLVFKWHQ
JHZDOWLJ¾(LZDVKDWGHU%RFNJHJHVVHQ½ ¾1LHPDQGDQGHUVKDW GDV%ODWWJH]HLFKQHWDOVGHV*HKHLPHQ5DWV0D[½VDJWHQGLH 0DOHU¾QLHPDQGKDWGLH:RUWHJHVFKULHEHQDOVGHV*HKHLPHQ 5DWV0D[½ULHIHQGLH6FKUHLEPHLVWHUDOVGLHHKUVDPH 6FKQHLGHU]XQIWGLHQ|WLJHQ(UNXQGLJXQJHQHLQ]RJ0D[ZXUGH YHUNODJWXQGVDKGDHUQLFKWZRKOOHXJQHQNRQQWHHLQHU HPSILQGOLFKHQ*HIlQJQLVVWUDIHHQWJHJHQ'DUDQQWHHUYROO 9HU]ZHLIOXQJ]XVHLQHP*|QQHUGHP*HQHUDO5L[HQGRUIEHLDOOHQ $GYRNDWHQZDUHUVFKRQJHZHVHQ'LHUXQ]HOWHQGLH6WLUQ VFKWWHOWHQGLH.|SIHXQGVSUDFKHQYRQKDUWQlFNLJHP$EOHXJQHQ XVZZDVGHPHKUOLFKHQ0D[QLFKWZRKOJHILHO'HU*HQHUDO VSUDFKGDJHJHQ¾'XKDVWHLQHQGXPPHQ6WUHLFKJHPDFKWOLHEHU 6RKQGLH$GYRNDWHQZHUGHQGLFKQLFKWUHWWHQDEHULFKXQGEOR GDUXPZHLOLQGHLQHP%LOGHGDVLFKEHUHLWVJHVHKHQNRUUHNWH =HLFKQXQJXQGYHUVWl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½© 'LH'DPHQILQJHQDQXQJHGXOGLJ]XPXUPHOQ XQGGHU*ROGVWRIIQHOLVSHOWHª$EHU0D[HQV3UR]H9HUHKUWHU"© ª¾,QGHVVHQQLPPPLU VQLFKWEHO½VSUDFKGHU*HQHUDO©VRIXKU :LOOLEDOGIRUW ª¾GLH,GHHGHV%LOGHVLVWQLFKWGLHGHLQLJHVRQGHUQ XUDOWGRFKGDVLVWHVHEHQZDVGLFKUHWWHW½0LWGLHVHQ:RUWHQ NUDPWHGHU*HQHUDOLQVHLQHPDOWHQ6FKUHLEVFKUDQNHKROWHHLQHQ 7DEDNVEHXWHOKHUYRUDXIGHPVLFK0D[HQV*HGDQNHVDXEHUXQG ]ZDUEHLQDKHJDQ]QDFK0D[HQV:HLVHDXVJHIKUWEHIDQG EHUOLHGHQVHOEHQVHLQHP/LHEOLQJ]XP*HEUDXFKXQGQXQZDU DOOHVJXW© ª:LHGDVZLHGDV"©ULHIDOOHVGXUFKHLQDQGHUDEHU GLH-XULVWHQGLHVLFKLQGHU*HVHOOVFKDIWEHIDQGHQODFKWHQODXW XQGGHU*HKHLPH5DW)RHUGGHUXQWHUGHVVHQDXFKKLQHLQJHWUHWHQ ZDUVSUDFKOlFKHOQGª(UOHXJQHWHGHQDQLPXPLQMXULDQGLGLH $EVLFKW]XEHOHLGLJHQXQGZXUGHIUHLJHVSURFKHQ© ª:LOOVRYLHO KHLHQ©ILHO:LOOLEDOGLKPLQGLH5HGHªDOVGD0D[VSUDFK¾,FK NDQQQLFKWOHXJQHQGDGDV%LOGYRQPHLQHU+DQGLVWDEVLFKWVORV
XQGRKQHLUJHQGGLHYRQPLUVRKRFKYHUHKUWH6FKQHLGHU]XQIW NUlQNHQ]XZROOHQNRSLHUWHLFKGDV%ODWWQDFKGHP2ULJLQDOGDV LFKKLHUPLWGLHVHP7DEDNVEHXWHOGHUGHP*HQHUDO5L[HQGRUI PHLQHP/HKUHULQGHU=HLFKHQNXQVWJHK|UWEHUUHLFKH(LQLJH 9DULDWLRQHQKDEHLFKPHLQHUVFKDIIHQGHQ)DQWDVLH]XGDQNHQ'DV %LOGLVWPLUDXVGHQ+lQGHQJHNRPPHQLFKKDEHHVZHGHU MHPDQGHQVRQVWJH]HLJWQRFKJDUHWZDDQJHKHIWHWhEHUGLHVHQ 8PVWDQGLQGHPDOOHLQGLH,QMXULHOLHJWHUZDUWHLFKGHQ 1DFKZHLV½ 'LHVHQ1DFKZHLVLVWGLHHKUVDPH6FKQHLGHU]XQIW VFKXOGLJJHEOLHEHQXQG0D[KHXWHIUHLJHVSURFKHQZRUGHQ'DKHU VHLQ'DQNVHLQHXQPlLJH)UHXGH© 0DQIDQGDOOJHPHLQGD GRFKGLHKDOEZDKQVLQQLJH$UWXQG:HLVHZLH0D[VHLQHQ'DQN JHlXHUWGXUFKGLHHU]lKOWHQ8PVWlQGHQLFKWJDQ]PRWLYLHUW ZHUGHQXUGLH*HKHLPH5lWLQ)RHUGVSUDFKPLWEHZHJWHU 6WLPPHª'HU-QJOLQJKDWHLQOHLFKWYHUZXQGEDUHV*HPWXQG HLQ]DUWHUHV(KUJHIKODOVMHHLQDQGHUHU.|USHUOLFKH6WUDIH HUGXOGHQ]XPVVHQKlWWHLKQHOHQGJHPDFKWLKQDXILPPHU YRQ *YHUWULHEHQ© ª9LHOOHLFKW©ILHO:LOOLEDOGHLQªOLHJWKLHU QRFKHWZDVJDQ]%HVRQGHUHVLP+LQWHUJUXQGH© ª6RLVWHV OLHEHU:LOOLEDOG©VSUDFK 5L[HQGRUIGHUKLQHLQJHWUHWHQZDUXQG GLH:RUWHGHU*HKHLPHQ5lWLQYHUQRPPHQKDWWHªVRLVWHVXQG ZLOOHV*RWWVRVROOVLFKEDOGDOOHVUHFKWKHOOXQGIU|KOLFK DXINOlUHQ©
&OHPHQWLQHIDQGGLHJDQ]H*HVFKLFKWHVHKUXQ]DUW1DQQHWWH GDFKWHJDUQLFKWVDEHU-XOLHZDUVHKUKHLWHUJHZRUGHQ-HW]W HUPXQWHUWH5HXWOLQJHUGLH*HVHOOVFKDIW]XP7DQ]H6RJOHLFK VSLHOWHQYLHU7KHRUELVWHQXQWHUVWW]WYRQHLQSDDU=LQNHQ 9LROLQHQXQG%lVVHQHLQHSDWKHWLVFKH6DUDEDQGH'LH$OWHQ WDQ]WHQGLH-XQJHQVFKDXWHQ]X'HU*ROGVWRIIQH]HLFKQHWHVLFK DXVGXUFK]LHUOLFKHXQGJHZDJWH6SUQJH'HU$EHQGJLQJJDQ] KHLWHUKLQVRDXFKGHUDQGHUH0RUJHQ:LHJHVWHUQVROOWHDXFK KHXWH.RQ]HUWXQG%DOOGHQIHVWOLFKHQ7DJEHVFKOLHHQ'HU *HQHUDO5L[HQGRUIVDVFKRQDP)OJHOGHU*ROGVWRIIQHKDWWHGLH 7KHRUEHLP$UPGLH*HKHLPH5lWLQ)RHUGGLH3DUWLHLQGHU+DQG 0DQZDUWHWHQXUDXIGLH5FNNHKUGHV+RIUDWV5HXWOLQJHU'D K|UWHPDQLP*DUWHQlQJVWOLFKUXIHQXQGVDKGLH%HGLHQWHQ KHUDXVUHQQHQ%DOGWUXJHQVLHGHQ+RIUDWPLWJHLVWHUEOHLFKHP HQWVWHOOWHP*HVLFKWKHUHLQGHU*lUWQHUKDWWHLKQXQZHLWGHV +HU]SDYLOORQVLQWLHIHU2KQPDFKWDXIGHU(UGHOLHJHQGJHIXQGHQ 0LWHLQHP6FKUHLGHV(QWVHW]HQVVSUDQJ5L[HQGRUIDXIYRP)OJHO
0DQHLOWHKHUEHLPLWVSLULWXRVHQ0LWWHOQPDQILQJDQGHP+RIUDW GHUDXIHLQHP.DQDSHHODJGLH6WLUQHPLW.|OQLVFKHP:DVVHU]X UHLEHQGHUWUNLVFKH*HVDQGWHVWLHDEHUDOOH]XUFNLQGHPHU XQDXIK|UOLFKULHIª=XUFN]XUFNLKUXQZLVVHQGHQ XQJHVFKLFNWHQ/HXWH LKUPDFKWPLUGHQNHUQJHVXQGHQPXQWHUQ +RIUDWQXUPDWWXQGHOHQG© 'DPLWVFKOHXGHUWHHUVHLQHQ7XUEDQ EHUDOOH.|SIHZHJLQGHQ*DUWHQKLQHLQGHQ3HO]KLQWHUKHU1XQ EHVFKULHEHUPLWGHUIODFKHQ+DQGVHOWVDPH.UHLVHXPGHQ+RIUDW GLHHQJHUXQGHQJHUZHUGHQG]XOHW]WEHLQDKH6FKOlIHXQG +HU]JUXEHEHUKUWHQ'DQQKDXFKWHHUGHQ+RIUDWDQGHU VRJOHLFKGLH$XJHQDXIVFKOXJXQGPLWPDWWHU6WLPPHVSUDFK ª([WHU'XKDVWQLFKWJXWJHWDQPLFK]XZHFNHQ 'LHGXQNOH 0DFKWKDWPLUGHQQDKHQ7RGYHUNQGHWXQGYLHOOHLFKWZDUHVPLU YHUJ|QQWLQGLHVHUWLHIHQ2KQPDFKWKLQHLQ]XVFKOXPPHUQLQGHQ 7RG© ª3RVVHQ7UlXPHU©ULHI([WHUªGHLQH=HLWLVWQRFKQLFKW JHNRPPHQ6FKDXGLFKQXUXP+HUU%UXGHUZRGXELVWXQGVHL IHLQPXQWHUZLHHVVLFKVFKLFNW© 'HU+RIUDWZXUGHQXQJHZDKU GDHUVLFKLP6DDOLQYROOHU*HVHOOVFKDIWEHIDQG(UHUKREVLFK UVWLJYRP.DQDSHHWUDWLQGLH0LWWHGHV6DDOVXQGVSUDFKPLW DQPXWLJHP/lFKHOQª,FKJDE,KQHQHLQE|VHV6FKDXVSLHO 9HUHKUWHDEHUDQPLUODJHVQLFKWGDGDVXQJHVFKLFNWH9RON PLFKJHUDGHLQGHQ6DDOWUXJ/DVVHQ6LHXQVEHUGDVVW|UHQGH ,QWHUPH]]RVFKQHOOKLQZHJJHKHQODVVHQ6LHXQVWDQ]HQ© 'LH 0XVLNEHJDQQVRIRUWDEHUDOVVLFKDOOHVLQGHUHUVWHQ0HQXHWW SDWKHWLVFKZDQGWHXQG GUHKWHYHUVFKZDQGGHU+RIUDWPLW([WHU XQG5L[HQGRUIDXVGHP6DDO$OVVLHLQHLQHQWIHUQWHV=LPPHU JHNRPPHQZDUIVLFK5HXWOLQJHUHUVFK|SIWLQHLQHQ/HKQVHVVHO KLHOWEHLGH+lQGHYRUV*HVLFKWXQGVSUDFKPLWYRQ6FKPHU] JHSUHWHU6WLPPHª2KPHLQH)UHXQGHPHLQH)UHXQGH©([WHU XQG5L[HQGRUIYHUPXWHWHQPLW5HFKWGDLUJHQGHWZDV (QWVHW]OLFKHVGHQ+RIUDWHUIDWKDEHQPVVHXQGGDHUVLFK MHW]WGDUEHUHUNOlUHQZHUGHª6DJ VQXUKHUDXVDOWHU)UHXQG© VSUDFK5L[HQGRUIªVDJ VQXUKHUDXVGLULVW*RWWZHLDXIZHOFKH :HLVH6FKOLPPHVLP*DUWHQEHJHJQHW© ª$EHU©ILHO([WHUHLQ ªLFKEHJUHLIHJDUQLFKWZLHGHP+RIUDWKHXWHXQGEHUKDXSWLQ GLHVHQ7DJHQ6FKOLPPHVEHJHJQHQNRQQWHGDHEHQMHW]WVHLQ VLGHULVFKHV3ULQ]LSUHLQHUXQGKHUUOLFKHUVLFKJHVWDOWHWDOVMHPDOV© ª'RFKGRFK©ILQJGHU+RIUDWPLWGXPSIHU6WLPPHDQª([WHU HVLVWEDOGDXVPLWXQVGHUNHFNH*HLVWHUVHKHUNORSIWHQLFKW XQJHVWUDIWDQGLHGXQNOHQ3IRUWHQ,FKZLHGHUKROHHVGLUGDGLH JHKHLPQLVYROOH0DFKWPLFKKLQWHUGHQ6FKOHLHUVFKDXHQOLH GHU
QDKHYLHOOHLFKWJUlOLFKH7RGLVWPLUYHUNQGHW© ª6RHU]lKOH QXUZDVGLUJHVFKDK©ILHO5L[HQGRUILKPXQJHGXOGLJLQGLH5HGH ªLFKZHWWHGDDOOHVDXIHLQHZXQGHUOLFKH(LQELOGXQJKLQDXVOlXIW LKUYHUGHUEWHXFKEHLGHGDV/HEHQPLWHXHUQ )DQWDVWHUHLHQGX XQG([WHU©
ª6RYHUQHKPWHVGHQQ©IXKUGHU+RIUDWIRUWLQGHPHUDXIVWDQG YRQGHP/HKQVWXKOXQG]ZLVFKHQEHLGH)UHXQGHWUDWªVR YHUQHKPWHVGHQQZDVPLFKYRU(QWVHW]HQXQG*UDXVLQWLHIH 2KQPDFKWZDUI,KUKDWWHWHXFKVFKRQDOOHLQGHP6DDO YHUVDPPHOWDOVLFKVHOEVWZHLLFKQLFKWZRGXUFKDQJHWULHEHQ ZXUGHQRFKHLQVDPHLQHQ*DQJGXUFKGHQ*DUWHQ]XPDFKHQ 8QZLOONUOLFKOHQNWHQVLFKPHLQH6FKULWWHQDFKGHP:lOGFKHQ(V ZDUPLUDOVK|UHLFKHLQOHLVHVKRKOHV3RFKHQXQGHLQHOHLVH NODJHQGH6WLPPH 'LH7|QHVFKLHQHQDXVGHP3DYLOORQ]X NRPPHQ LFKWUHWHQlKHUGLH7UGHV3DYLOORQVVWHKWRIIHQ LFK HUEOLFNH PLFKVHOEVW PLFKVHOEVW DEHUVRZLHLFKZDUYRU GUHLLJ-DKUHQLQGHPVHOEHQ.OHLGHGDVLFKWUXJDQMHQHP YHUKlQJQLVYROOHQ7DJHDOVLFKLQWURVWORVHU9HU]ZHLIOXQJPHLQ HOHQGHV/HEHQHQGHQZROOWHDOV-XOLHZLHHLQ(QJHOGHV/LFKWVPLU HUVFKLHQLPEUlXWOLFKHQ6FKPXFN HVZDULKU+RFK]HLWVWDJ GLH *HVWDOW LFK LFKODJDXIGHP%RGHQYRUGHP+HU]HQXQGGDUDXI NORSIHQGGDHVKRKOZLGHUKDOOWHPXUPHOWHLFK¾1LH QLHNDQQVW GXGLFKHUZHLFKHQGXVWHLQHUQHV+HU]½ 5HJXQJVORVVWDUUWHLFK KLQZLHGHUHLVNDOWH7RGUDQQWHHVGXUFKPHLQH$GHUQ'DWUDW -XOLHEUlXWOLFKJHVFKPFNWLQYROOHU3UDFKWGHUEOKHQGVWHQ -XJHQGDXVGHQ*HEVFKHQKHUYRUXQGVWUHFNWHYROOVHQ 9HUODQJHQVGLH$UPHDXVQDFKGHU*HVWDOWQDFKPLU QDFKPLU GHP-QJOLQJH%HZXWORVVWU]WHLFK]X%RGHQ©'HU+RIUDWVDQN KDOERKQPlFKWLJLQGHQ/HKQVWXKO]XUFNDEHU5L[HQGRUIIDWH VHLQHEHLGHQ+lQGHUWWHOWHVLHXQGULHIPLWVWDUNHU6WLPPH ª'DVVDKVWGXGDVVDKVWGX%UXGHUZHLWHUQLFKWV" 9LNWRULDOD LFKVFKLHHQDXVGHLQHQMDSDQLVFKHQ.DQRQHQ PLWGHLQHP QDKHQ7RGHPLWGHU(UVFKHLQXQJLVWHVQLFKWVJDUQLFKWV,FK UWWOHGLFKDXIDXVGHLQHQE|VHQ7UlXPHQGDPLWGXJHQHVHQXQG QRFKODQJHOHEHQP|JHVWDXI(UGHQ© 'DPLWVSUDQJ5L[HQGRUI VFKQHOOHUDOVHVVHLQ$OWHU]X]XODVVHQVFKLHQ]XP=LPPHU KHUDXV'HU+RIUDWKDWWHZRKOZHQLJYRQ5L[HQGRUIV:RUWHQ YHUQRPPHQHUVDGDPLWJHVFKORVVHQHQ$XJHQ([WHUJLQJPLW JURHQ6FKULWWHQDXIXQGDEUXQ]HOWHPLPWLJGLH6WLUQXQG VSUDFKª,FKZHWWHGHU0HQVFKZLOOZLHGHUDOOHVDXIJHZ|KQOLFKH
0DQLHUHUNOlUHQDEHUGDVVROOLKPVFKZHUZHUGHQQLFKWZDKU +RIUlWFKHQ"ZLUYHUVWHKHQXQVDXI(UVFKHLQXQJHQ ,FKZROOWQXU LFKKlWWHPHLQHQ7XUEDQXQGPHLQHQ3HO]© 'LHVZQVFKHQG SILIIHUVHKUVWDUNDXIHLQHUNOHLQHQVLOEHUQHQ3IHLIHGLHHU EHVWlQGLJEHLVLFKWUXJXQGVRJOHLFKEUDFKWHDXFKHLQ0RKUDXV VHLQHP*HIROJHEHLGHV7XUEDQXQG3HO]%DOGGDUDXIWUDWGLH *HKHLPH5lWLQ)RHUGKLQHLQLKUIROJWHGHU*HKHLPH5DWPLW -XOLHQ'HU+RIUDWUDIIWHVLFKDXIXQGLQGHQ9HUVLFKHUXQJHQGD LKPZLHGHUJDQ]ZRKOJHZRUGHQZXUGHHUHVZLUNOLFK(UEDWGHV JDQ]HQ9RUIDOOV]XYHUJHVVHQXQGHEHQZROOWHQDOOHELVDXI([WHU GHUVLFKLQVHLQHUWUNLVFKHQ.OHLGXQJDXIV6RIDJHVWUHFNWXQG DXVHLQHUEHUPlLJODQJHQ3IHLIHGHUHQ.RSIDXI5lGHUJHVWHOOW DP%RGHQKLQXQGKHUVFKXUUWH7DEDNVFKPDXFKWHXQG.DIIHH WUDQNLQGHQ6DDO]XUFNNHKUHQDOVGLH7UDXIJLQJXQG 5L[HQGRUIKDVWLJKHUHLQWUDW$QGHU+DQGKLHOWHUHLQHQMXQJHQ 0HQVFKHQLQDOWWDWDULVFKHU.OHLGXQJ(VZDU0D[EHLGHVVHQ $QEOLFNGHU+RIUDWHUVWDUUWHª6LHKKLHUGHLQ,FKGHLQ7UDXPELOG© KXE5L[HQGRUIDQªHVLVWPHLQ:HUNGDPHLQWUHIIOLFKHU0D[ KLHUEOLHEXQGYRQGHLQHP.DPPHUGLHQHUDXVGHLQHU*DUGHUREH .OHLGHUHPSILQJXPJHK|ULJNRVWPLHUWHUVFKHLQHQ]XN|QQHQ(U ZDUHVGHULP3DYLOORQDQGHP+HU]HQNQLHWH -DDQGHLQHP VWHLQHUQHQ+HU]HQGXKDUWHUXQHPSILQGOLFKHU2KHLPNQLHWHGHU 1HIIHGHQGXXQEDUPKHU]LJYHUVWLHHVWHLQHUWUlXPHULVFKHQ (LQELOGXQJKDOEHU9HUJLQJVLFKGHU%UXGHUVFKZHUJHJHQGHQ %UXGHUVRKDWHUHVOlQJVWJHEWPLWGHP7RGHLPWLHIVWHQ(OHQG GDVWHKWGLHYDWHUORVH:DLVHGHLQ1HIIH 0D[ZLHGXJHKHLHQ GLU lKQOLFKDQ/HLEXQG6HHOHZLHGHU6RKQGHP9DWHU WDSIHU KLHOWVLFKGHU.QDEHGHU-QJOLQJDXIGHQ:HOOHQGHVEUDXVHQGHQ /HEHQVVWURPVHPSRU GD QLPPLKQDXI HUZHLFKHGHLQKDUWHV +HU] UHLFKHLKPGLHZRKOWlWLJH+DQGGDHUHLQH6WW]HKDEH ZHQQ ]XVHKUGHU6WXUPDXILKQHLQEULFKW© ,QGHPWLJHU JHEHXJWHU6WHOOXQJKHLH7UlQHQLQGHQ$XJHQKDWWHVLFKGHU -QJOLQJGHP+RIUDWJHQlKHUW'HUVWDQGGDJHLVWHUEOHLFKPLW EOLW]HQGHQ$XJHQGHQ.RSIVWRO]LQGLH+|KHJHZRUIHQVWXPP XQGVWDUUDEHUVRZLHGHU-QJOLQJVHLQH+DQGHUIDVVHQZROOWH ZLFKHULKQPLWEHLGHQ+lQGHQYRQVLFKDEZHKUHQG]ZHL6FKULWWH ]XUFNXQGULHIPLWIUFKWHUOLFKHU6WLPPHª9HUUXFKWHU ZLOOVWGX PLFKPRUGHQ" )RUW DXVPHLQHQ$XJHQMDGXVSLHOVWPLW PHLQHP+HU]HQPLWPLU 8QGDXFKGX5L[HQGRUIYHUVFKZRUHQ ]XPOlSSLVFKHQ3XSSHQVSLHOGDVLKUPLUDXIWLVFKW" IRUW IRUW DXVPHLQHQ$XJHQ GX GXGHUGX]XPHLQHP8QWHUJDQJH
JHERUHQ GX6RKQGHVVFKlQGOLFKVWHQ9HU© ª+DOWHLQ©EUDFK 0D[SO|W]OLFKORVLQGHP=RUQ XQG9HU]ZHLIOXQJJOKHQGH%OLW]H DXVVHLQHQ$XJHQVFKRVVHQªKDOWHLQXQQDWUOLFKHU2KHLP KHU]ORVHUXQQDWUOLFKHU%UXGHU6FKXOGDXI6FKXOG6FKDQGHXQG 6FKPDFKKDVWGXDXIPHLQHVDUPHQXQJOFNOLFKHQ9DWHUV+DXSW JHKlXIWGHUYHUGHUEOLFKHQ/HLFKWVLQQ DEHUQLH9HUEUHFKHQLQVLFK KHJHQNRQQWH ,FKZDKQVLQQLJHU7RUGDLFKJODXEWHMHPDOV GHLQVWHLQHUQHV+HU]UKUHQMHPDOVPLW/LHEHGLFKXPIDQJHQH PHLQHV9DWHUV9HUJHKHQVKQHQ]XN|QQHQ (OHQG YHUODVVHQ YRQDOOHU:HOWDEHUDQGHU%UXVWHLQHV6RKQHVKDXFKWHPHLQ 9DWHUVHLQPKVHOLJHV/HEHQDXV ¾0D[ VHLEUDY VKQHGHQ XQYHUV|KQOLFKHQ%UXGHU ZHUGHVHLQ6RKQ½GDVZDUGDVOHW]WH ZDVHUVSUDFK $EHUGXYHUZLUIVWPLFKVRZLHGXDOOHVYHUZLUIVW ZDVVLFKGLUQDKWPLW/LHEHXQG(UJHEXQJZlKUHQGGHU7HXIHO VHOEVWGLFKPLWWUJHULVFKHQ7UlXPHQXPJDXNHOW 1XQVRVWLUE GHQQHLQVDPXQGYHUODVVHQ 0|JHQKDEVFKWLJH'LHQHUDXI GHLQHQ7RGODXHUQXQGVLFKLQGLH%HXWHWHLOHQZHQQGXNDXPGLH OHEHQVPGHQ$XJHQJHVFKORVVHQ VWDWWGHU6HXI]HU VWDWWGHU WURVWORVHQ.ODJHQGHUHUGLHGLUPLWWUHXHU/LHEHELVLQGHQ7RG DQKlQJHQZROOWHQPDJVWGXVWHUEHQGGDV+RKQJHOlFKWHUGLH IUHFKHQ6FKHU]HGHU8QZUGLJHQK|UHQGLHGLFKSIOHJWHQZHLOGX VLHEH]DKOWHVWPLWVFKQ|GHP*ROGH 1LHPDOVQLHPDOVVLHKVWGX PLFKZLHGHU©
'HU-QJOLQJZROOWH]XU7UHKLQDXVVWU]HQGDVDQN-XOLHODXW VFKOXFK]HQGQLHGHUVFKQHOOVSUDQJ0D[]XUFNILQJVLHLQVHLQHQ $UPHQDXIXQGKHIWLJVLHDQVHLQH%UXVWGUFNHQGULHIHUPLW GHPKHU]]HUUHLHQGHQ7RQGHVWURVWORVHVWHQ-DPPHUVª2 -XOLH -XOLHDOOH+RIIQXQJLVWYHUORUHQ© 'HU+RIUDWKDWWHGDJHVWDQGHQ ]LWWHUQGDQDOOHQ*OLHGHUQVSUDFKORV NHLQ:RUWNRQQWHVLFK HQWZLQGHQGHQEHEHQGHQ/LSSHQGRFKDOVHU-XOLHQLQ0D[HQV $UPHQVDKVFKULHHUODXWDXIZLHHLQ:DKQVLQQLJHU(UJLQJ PLW VWDUNHPNUlIWLJHQ6FKULWWDXIVLHORVHUULVLHYRQ0D[HQV%UXVW KLQZHJKREVLHKRFKLQGLH+|KHXQGIUXJNDXPYHUQHKPEDU ª/LHEVWGXGLHVHQ0D[-XOLH"© ª:LHPHLQ/HEHQ©HUZLGHUWH -XOLHYROOWLHIHQ6FKPHU]HVªZLHPHLQ/HEHQ'HU'ROFKGHQ6LH LQVHLQ+HU]VWRHQWULIIWDXFKGDVPHLQH© 'DOLHVLHGHU +RIUDWODQJVDPKHUDEXQGVHW]WHVLHEHKXWVDPQLHGHULQHLQHQ /HKQVWXKO'DQQEOLHEHUVWHKHQGLHJHIDOWHWHQ+lQGHDQGLH6WLUQ JHGUFNW (VZDUWRWHQVWLOOULQJVXPKHU.HLQ/DXW NHLQH %HZHJXQJGHU$QZHVHQGHQ 'DQQVDQNGHU+RIUDWDXIEHLGH
.QLH/HEHQVU|WHLP*HVLFKWKHOOH7UlQHQLQGHQ$XJHQKREHU GDV+DXSWHPSRUEHLGH$UPHKRFKDXVJHVWUHFNW]XP+LPPHO VSUDFKHUOHLVHXQGIHLHUOLFKª(ZLJZDUWHQGHXQHUIRUVFKOLFKH 0DFKWGRUWREHQGDVZDUGHLQ:LOOH PHLQYHUZRUUHQHV/HEHQ QXUGHU.HLPGHULP6FKRGHU(UGHUXKHQGGHQIULVFKHQ%DXP HPSRUWUHLEWPLWKHUUOLFKHQ%OWHQXQG)UFKWHQ" 2 -XOLH-XOLH R LFKDUPHUYHUEOHQGHWHU7RU© 'HU+RIUDWYHUKOOWHVHLQ *HVLFKWPDQYHUQDKPVHLQ :HLQHQ 6RGDXHUWHHVHLQLJH 6HNXQGHQGDQQVSUDQJGHU+RIUDWSO|W]OLFKDXIVWU]WHDXI0D[ GHUZLHEHWlXEWGDVWDQGORVULLKQDQVHLQH%UXVWXQGVFKULH ZLHDXHUVLFKª'XOLHEVW-XOLHQGXELVWPHLQ6RKQ QHLQPHKU DOVGDVGXELVWLFKLFK VHOEVW DOOHVJHK|UWGLU GXELVWUHLFK VHKUUHLFK GXKDVWHLQ/DQGJXW +lXVHUEDUHV*HOG ODPLFK EHLGLUEOHLEHQGXVROOVWPLUGDV*QDGHQEURWJHEHQLQPHLQHQ DOWHQ7DJHQ QLFKWZDKUGXWXVWGDV" 'XOLHEVWPLFKMD QLFKW ZDKUGXPXWPLFKMD OLHEHQGXELVWMDLFKVHOEVW VFKHXHGLFK QLFKWYRUPHLQHPVWHLQHUQHQ+HU]HQGUFNHPLFKQXUIHVWDQ GHLQH%UXVWGHLQH/HEHQVSXOVHHUZHLFKHQHVMD 0D[ 0D[ PHLQ6RKQ PHLQ)UHXQGPHLQ:RKOWlWHU© 6RJLQJHVIRUW GDDOOHQYRUGLHVHQ$XVEUFKHQGHVEHUUHL]WHQ*HIKOVEDQJH ZXUGH5L[HQGRUIGHPEHVRQQHQHQ)UHXQGHJHODQJHVHQGOLFK GHQ+RIUDW]XEHVFKZLFKWLJHQGHUUXKLJHUJHZRUGHQQXQHUVW JDQ]HLQVDKZDVHUDQGHPKHUUOLFKHQ-QJOLQJHJHZRQQHQXQG PLWWLHIHU5KUXQJJHZDKUWHZLHDXFKGLH*HKHLPH5lWLQ)RHUG LQGHU9HUELQGXQJLKUHU-XOLHPLW5HXWOLQJHUV1HIIHQGDVQHXH $XINHLPHQHLQHUDOWHQYHUORUQHQ=HLWHUEOLFNWH*URHV :RKOJHIDOOHQlXHUWHGHU*HKHLPH5DWGHUYLHO7DEDNVFKQXSIWH XQGVLFKLQZRKOJHVWHOOWHPQDWLRQHOODXVJHVSURFKHQHP )UDQ]|VLVFKGDUEHUDXVOLH=XY|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ª2 GHU0HQVFKVLHKWHVRIWVSlW HLQZLHVHKUHUJHOLHEWZXUGHZLHYHUJHOLFKXQGXQGDQNEDUHU ZDUXQGZLHJURGDVYHUNDQQWH+HU]© %HLGH6FKZHVWHUQ
ZDUHQHWZDVPLPWLJEHUGLH+HLUDWGHUMQJHUQZLHZRKOYLHO VFK|QHUHQXQGUHL]HQGHUHQ6FKZHVWHUXQGYRU]JOLFKUPSIWH GLHVFKPlKVFKWLJH1DQQHWWHGDVNOHLQH6WOSQlVFKHQ5L[HQGRUI QDKPVLHDEHUDXIGHQ$UPXQGPHLQWHVLHN|QQWHZRKO HLQPDO HLQHQYLHOYRUQHKPHUHQ0DQQPLWHLQHPQRFKVFK|QHUHQ*XWH EHNRPPHQ'DZXUGHVLHYHUJQJWXQGVDQJZLHGHUª$PHQH] YRVWURXSHDX[EHUJqUHV©&OHPHQWLQHVSUDFKDEHUVHKUHUQVWXQG YRUQHKPª,QGHUKlXVOLFKHQ*OFNVHOLJNHLWVLQGGLHZLQGVWLOOHQ ]ZLVFKHQYLHUHQJHQ:lQGHQYRUJHWULHEQHQEHTXHPHQ)UHXGHQ QXUGHU]XIlOOLJVWH%HVWDQGWHLOLKU1HUYHQ XQG/HEHQVJHLVWVLQG GLHORGHUQGHQ1DSKWKDTXHOOHQGHU/LHEHGLHDXVGHQYHUZDQGWHQ +HU]HQLQHLQDQGHUVSULQJHQ© 'LH*HVHOOVFKDIWLP6DDOGLHVFKRQ .XQGHEHNRPPHQYRQGHQZXQGHUOLFKHQDEHUIU|KOLFKHQ (UHLJQLVVHQHUZDUWHWHPLW8QJHGXOGGDV%UDXWSDDUXPPLWGHQ JHK|ULJHQ*OFNZQVFKHQORVIDKUHQ]XN|QQHQ'HU*ROGVWRIIQH GHUDP)HQVWHUDOOHVDQJHK|UWXQGDQJHVFKDXWEHPHUNWHVFKODX ª1XQZHLLFKZDUXPGHU=LHJHQERFNGHPDUPHQ0D[VRZLFKWLJ ZDU+lWWHHUHLQPDOLP*HIlQJQLVJHVWHFNWVRZDUGXUFKDXVDQ NHLQH$XVV|KQXQJ]XGHQNHQ©$OOHVDSSODXGLHUWHGLHVHU0HLQXQJ ZR]X:LOOLEDOGGLH/RVXQJJDE6FKRQZROOWHPDQIRUWDXVGHP 1HEHQ]LPPHULQGHQ6DDODOVGHU WUNLVFKH*HVDQGWHGHUVR ODQJHDXIGHP6RIDJHEOLHEHQQLFKWVJHVSURFKHQVRQGHUQQXU GXUFK+LQ XQG+HUUXWVFKHQXQGGXUFKGLHVHOWVDPVWHQ*ULPDVVHQ VHLQH7HLOQDKPH]XHUNHQQHQJHJHEHQKDWWHZLHWROODXIVSUDQJ XQG]ZLVFKHQGLH%UDXWOHXWHIXKUª:DVZDV©ULHIHUªQXQJOHLFK KHLUDWHQJOHLFKKHLUDWHQ" 'HLQH*HVFKLFNOLFKNHLWGHLQHQ)OHLLQ (KUHQ0D[DEHUGXELVWHLQ.LHNLQGLH:HOWRKQH(UIDKUXQJ RKQH/HEHQVNOXJKHLWRKQH%LOGXQJ'XVHW]HVWGHLQH)H HLQZlUWVXQGELVWJURELQGHLQHQ5HGHQVDUWHQZLHLFKYRUKLQ YHUQRPPHQDOVGXGHLQHQ2KHLPGHQ+RIUDW5HXWOLQJHU'X QDQQWHVW)RUWLQGLH:HOWQDFK.RQVWDQWLQRSHO GDOHUQVWGX DOOHVZDVGXEUDXFKVWIUV/HEHQ GDQQNHKUHZLHGHUXQGKHLUDWH JHWURVWPHLQOLHEHVKROGHV.LQGGDVVFK|QH-XOFKHQ©$OOHZDUHQ JDQ]HUVWDXQWEHU([WHUVVHOWVDPHV%HJHKUHQ'HUQDKPDEHU GHQ+RIUDWDXIGLH6HLWHEHLGHVWHOOWHQVLFKJHJHQEHUOHJWHQ HLQDQGHUGLH+lQGHDXIGLH$FKVHOQXQGZHFKVHOWHQHLQLJH DUDELVFKH:RUWH'DUDXINDP5HXWOLQJHU]XUFNQDKP0D[HQV +DQGXQGVSUDFKVHKUPLOGXQGIUHXQGOLFKª0HLQOLHEHUJXWHU 6RKQPHLQWHXUHU0D[WXHPLUGHQ*HIDOOHQXQGUHLVHQDFK .RQVWDQWLQRSHOHVNDQQK|FKVWHQVVHFKV0RQDWHGDXHUQGDQQ
ULFKWHLFKKLHUGLH+RFK]HLWDXV© $OOHU3URWHVWDWLRQHQGHU%UDXW XQHUDFKWHWPXWH0D[IRUWQDFK.RQVWDQWLQRSHO
1XQN|QQWHLFKVHKUJHOLHEWHU/HVHUZRKOIJOLFKPHLQH (U]lKOXQJVFKOLHHQGHQQGXPDJVWHVGLUYRUVWHOOHQGD0D[ QDFKGHPHUDXV.RQVWDQWLQRSHOZRHUGLH0DUPRUVWXIHZRKLQ GHU6HHKXQG([WHUQGDV.LQGDSSRUWLHUWQHEVWYLHOHPDQGHUQ 0HUNZUGLJHQJHVFKDXWKDWWH]XUFNJHNHKUWZDUZLUNOLFK-XOLHQ KHLUDWHWHXQGYHUODQJVWZRKOQLFKWQRFK]XZLVVHQZLHGLH%UDXW JHSXW]WZDUXQGZLHYLHO.LQGHUGDV3DDUELVMHW]WHU]HXJWKDW +LQ]XVHW]HQZLOOLFKQXUQRFKGDDP7DJH0DULl*HEXUWGHV -DKUHV 0D[XQG-XOLHHLQDQGHUJHJHQEHULP3DYLOORQEHLGHP URWHQ+HU]HQNQLHWHQ+lXILJH7UlQHQILHOHQDXIGHQNDOWHQ6WHLQ GHQQXQWHULKPODJGDVDFKQXU]XRIWEOXWHQGH+HU]GHV ZRKOWlWLJHQ2KHLPV1LFKWXPGHV/RUG+RULRQV*UDEPDO QDFK]XDKPHQVRQGHUQZHLOHUGHVDUPHQ2QNHOVJDQ]H/HEHQV XQG/HLGHQVJHVFKLFKWHGDULQDQJHGHXWHWIDQGKDWWH0D[PLW HLJQHW+DQGGLH:RUWHLQGHQ6WHLQJHJUDEHQ (VUXKW