3HUU\5KRGDQ7DVFKHQEXFK
'DV6\QGLNDWGHU0lFKWLJHQ ,6%1 $XIODJH
3URORJ 6HOWVD...
50 downloads
544 Views
355KB 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
3HUU\5KRGDQ7DVFKHQEXFK
'DV6\QGLNDWGHU0lFKWLJHQ ,6%1 $XIODJH
3URORJ 6HOWVDPHUZHLVHEHJDQQGLH6FKZlFKH]XQlFKVWLQVHL QHQ%HLQHQREZRKOLKQGHU(QHUJLHVWUDKOGRFKLQGLH %UXVWJHWURIIHQKDWWH :HOFKHU(QHUJLHVWUDKO" :HOFKH:DIIH" -DGHULHUVFKURFNHQGLH$XJHQDXI6HLQ%OLFNZDQ GHUWHXQVWHWXPKHU+LPPHO:DVZDUQXUPLWLKP"(U VWDQGLQPLWWHQGHV0DQQVFKDIWVUDXPHVHLQJHVFKORVVHQ YRQROLYJUDXHQ:lQGHQDQGHQHQVLFKGLH)RUPOLHJHQ GHU.DPHUDGHQEHIDQGHQLKUH6SLQGHXQGGLH:DIIHQ VFKUlQNH8QGHUHPSIDQGGDV*HIKOKLOIORVHQ7HUURUV ZLHHLQHQWLHIHQOlKPHQGHQ6FKRFN 9RU6HNXQGHQQRFKKDWWHHUKLQWHUGHQhEHUUHVWHQGHV ]HUWUPPHUWHQ*HElXGHVJHNDXHUWXPVLFKYRUGHP )HXHUGHUDXWDUNHQ,PSXOVNDQRQH]XVFKW]HQGLHZLH HLQHPRQVWU|VH*RWWHVDQEHWHULQLQLKUHP([RVNHOHWW DXI]ZHL9RJHOEHLQHQGXUFKGLH7UPPHUODQGVFKDIW YRQ9HVWDVWDNVWHXQGGHUHQ.DQRQHVLFKZLHHLQH DQJULIIVOXVWLJH.REUDYRQOLQNVQDFKUHFKWVZLHJWH 1RFKKDWWHVLHLKQQLFKWHQWGHFNWDEHUGLH6\QWURQLN GLHVLHVWHXHUWHNRQQWHYHUPXWOLFKGLHJHULQJH 6WUHXVWUDKOXQJGHVDNWLYHQ6(5816RUWHQ $QGHUVZDUHQGLHHUVFKUHFNHQGKRKH9HUOXVWHVHLQHV 7HDPVQLFKW]XHUNOlUHQ9RQGHQXUVSUQJOLFKDFKW 0LWJOLHGHUQVHLQHV.DPSIWUXSSVZDUHQQXUQRFK 3ULHVWO\XQG1DQFDUEULJ6LHKDWWHQVLFKOLQNVXQG UHFKWVYRQLKPKLQWHU]HUERUVWHQHQ6WW]SIHLOHUQHLQJH JUDEHQXQGIHXHUWHQLQNXU]HQ$EVWlQGHQLQ5LFKWXQJ
GHV)HLQGHV 8QGYRQHLQHP$XJHQEOLFN]XPDQGHUHQIDQGHUVLFK LQGHQGVWHUHQ.DWDNRPEHQGHV0DQQVFKDIWVTXDUWLHUV ZLHGHU $XIVHLQHU6WLUQEHJDQQHLQH9HQH]XSXOVLHUHQ(VILHO LKPXQJHKHXHUVFKZHUNODU]XGHQNHQ(UZXWHQXU GDHUKLHUUDXVPXWH8QG]ZDUGULQJHQG 'RFKHUNRQQWHQLFKWODXIHQ6HLQH%HLQHJHKRUFKWHQ LKPQLFKWPHKUOlQJHU/DQJVDPJLQJHULQGLH.QLH(U VWW]WHGHQ.|USHUDXIGLH+lQGHIKOWHGHQJHULIIHO WHQ.XQVWVWRIIEHODJXQGURFKGLHVHQ*HUXFKQDFKDQWL VHSWLVFKHQ5HLQLJXQJVPLWWHOQGLHLQDOOHQ7UXSSHQ XQWHUNQIWHQ]XU$QZHQGXQJJHODQJWHQ(UVFKOR NXU]GLH$XJHQXQGNlPSIWHJHJHQGLHDXVVHLQHP 0DJHQDXIVWHLJHQGHhEHONHLWDQ'DQQULHUVLHZLH GHUDXI (UVW|KQWHHUVWLFNWDOVHUVDKGDHUVLFKVFKRQZLHGHU DQHLQHPDQGHUHQ2UWDXIKLHOW 'HU5DXPZLUNWHKHOOXQGIUHXQGOLFKHUIOOWYRQHLQHU WUJHULVFKHQ+HLWHUNHLW$EHUHVZDUGRFKPLWWHQLQGHU 1DFKW2GHUHWZDQLFKW"-DGHZDU]XWLHIVWYHUZLUUW 6HLQ(ULQQHUXQJVYHUP|JHQVFKLHQQLFKWPHKUOlQJHU ]XIXQNWLRQLHUHQ(VZDUDOVZROOWHHVLKPHLQHQ 6WUHLFKQDFKGHPDQGHUHQ]XVSLHOHQ (VLVW1DFKWJDQ]VLFKHU ,UJHQGHLQ5HVWYRQ=HLWJHIKOWLHILQVHLQHP,QQHUQ EHVWDQGKDUWQlFNLJGDUDXIGDHV1DFKW]XVHLQKDWWH $EHUHVZDUKHOOGLH9RUKlQJHYRUGHPJURHQ)HQVWHU LQGHU6GZDQGZDUHQ]XUFNJH]RJHQ'UDXHQEUDQQ WHGLH6RQQHDXIGLH:VWH*REL,P=LPPHUZDUHV KHLXQGVWLFNLJXQGVWLOO-HQVHLWVGHU3DQRUDPD VFKHLEHNRQQWHHUGLH6N\OLQHYRQ7HUUDQLDHUNHQQHQ 7HUUDQLD" 2KJUXQGJWLJHU+LPPHO -DGHNHXFKWH VHLQH.LHIHUPXVNXODWXUYHUNUDPSIWH VLFK6FKZHLOLHILKPEHUGHQ5FNHQ(LQHQLUUZLW
]LJHQ0RPHQWODQJNRQ]HQWULHUWHHUVLFKGDUDXIGLH %DKQGHU7URSIHQDXIVHLQHU+DXW]XYHUIROJHQ :DVJLQJKLHUYRU" (VLVWHLQ7UDXP1XUHLQ7UDXP (UQHXWEHZHJWHVLFKHWZDVLPlXHUVWHQ:LQNHOVHLQHV *HVLFKWVNUHLVHV6FKDUIH.ODXHQVFKDUUWHQEHUGHQ %RGHQEHODJHLQWLHIHVJUROOHQGHV.HXFKHQGUDQJDQ VHLQ2KU (LQH.DW]H'HP6FKDWWHQQDFK]XXUWHLOHQPXWHVLH ULHVLJVHLQ /DXIODXIRGHUGLH.DW]HZLUGGLFKIUHVVHQ )XUFKWVFKZDSSWHLQLKPKRFK 9RQDOOHQ6FKHXOLFKNHLWHQGHU/RNDOHQ*UXSSHVLQG .DW]HQ $EHUQHLQ'DZDUNHLQH.DW]HGDZDU-DGHV 9HUZLUUXQJZDUNRPSOHWW:RKHUNDPGLH)UDXDXIHLQ PDO"7URW]GHPVLHZDUGDVWDQGQHEHQGHP)HQVWHU XQGOlFKHOWH(WZDVEOHQGHWHLKQ(LQYHULUUWHU 6RQQHQUHIOH[VFKLHQVLFKDP/DXIGHUVFKLPPHUQGHQ :DIIHLQLKUHU+DQG]XEUHFKHQHVZDUDEHUQXUGHU DXIJHVHW]WH=LHOVFDQQHUGHVVHQURWHU3XQNWLKPLQGLH $XJHQVWDFK (UEOLQ]HOWHKHIWLJ'DVZDUGRFKDEVXUG:LHVRHLQH )UDX"+DWWHHUVLHYLHOOHLFKWHLQJHODGHQ"(UNRQQWHVLFK QLFKWHULQQHUQXQGHUNRQQWHVLFKDXFKNHLQHQ5HLP GDUDXIPDFKHQZHVKDOEVLHDXILKQJHVFKRVVHQKDWWH 2GHUGRFK" 6HLQ6FKlGHOGU|KQWHZlKUHQGHUDXIGHQURWHQ)OHFN DXIVHLQHU%UXVWEOLFNWHGRUWKLQZRGHU6WUDKOLQVHL QHQ.|USHUHLQJHGUXQJHQZDUXPVHLQ]HUVW|UHULVFKHV :HUNLP,QQHUQ]XYROOHQGHQ8QGPLWHLQHPPDOIKO WHHUGHQ6FKPHU] HUEUDQQWHXQGZKOWHXQG]HUUWHLQ LKPNHKUWHGDV,QQHUVWHQDFKDXHQ (UKXVWHWH(VNODQJKRKOXQGVHKUODXWXQGZHFNWHHLQ UROOHQGHV(FKRGDVLKQDXVGHQ(FNHQDQVSUDQJ (QWVHW]WEHPHUNWHHUZLHLKP%OXWDXVGHP0XQG
TXROOXQGEHUVHLQH+lQGHOLHIGLHVHLQHQ.|USHU VWW]WHQ(UZROOWHVFKUHLHQDEHUHUEUDFKWHNHLQHQ /DXWKHUYRU 0LWHLQHP*HIKOJUHQ]HQORVHU3DQLNZLHHUHVELV MHW]WQXUEHLGHQ$OSWUlXPHQVHLQHU.LQGKHLWYHUVSUW KDWWHVDKHUZLHGLH)UDXDXILKQ]XNDPXQGPLWOHLFKW JHVSUHL]WHQ%HLQHQYRULKPVWHKHQEOLHE6LHKREPLW HLQHPXQGHILQLHUEDUHQ$XVGUXFNDXIGHP*HVLFKWGHQ /DXIGHU:DIIHXQG]LHOWHDXILKQZREHLVLHHLQHVGHU JUQHQ.DW]HQDXJHQ]XVDPPHQNQLII (UZLPPHUWHYRU$QJVWXQGZUJWHZlKUHQGVLFKXP LKQGDV=LPPHUHUQHXWYHUGXQNHOWH1XUVLHEOLHEGHXW OLFKVLFKWEDUVRDOVVWlQGHVLHLP)RNXVHLQHUVWDUNHQ /LFKWTXHOOH:LHGHUJODXEWH-DGHHLQHQLUUZLW]LJHQ 0RPHQWODQJGDGLHVQXUHLQ7UDXPZDUXQGHUMHGHQ $XJHQEOLFNHUZDFKHQZUGH %OLQGOLQJVNURFKHUYRQLKUZHJ6HLQHEOXWEHVFKPLHU WHQ+lQGHKLQWHUOLHHQ$EGUFNHZLHYRQ.DW]HQ SIRWHQDXIGHPKHOOHQ%RGHQEHODJ ,KUWULXPSKLHUHQGHV0DXQ]HQXQG6FKUHLHQSHLQLJWH VHLQH2KUHQ-DGHZDQGXQGNUPPWHVLFKK|UWH 'HWRQDWLRQHQZLH+DPPHUVFKOlJHGXUFKGDV=LPPHU KDOOHQXQGVSUWHZLHLQHWZDVLQGHQ5FNHQWUDI(U NLSSWHXPODJDXIGHU6HLWH 'HU5DXPXPLKQZDUHLQHLQ]LJHVJURHVGXQNOHV /RFKOHHUELVDXIHLQHVFKDWWHQKDIWH*HVWDOWPLWULHVL JHQOHXFKWHQGHQ$XJHQ6FKDUIH.UDOOHQIXKUHQEHU VHLQHQ.|USHUUROOWHQLKQDXIGHQ5FNHQ,QVHLQHP ,QQHUQVFKLHQHWZDV]X]HUUHLHQ 8QGPLWHLQHPPDOKREVLFKGLH'XQNHOKHLWZLHHLQ VFKZHUHU9RUKDQJYRQVHLQHQ$XJHQ(UEUDXFKWHQXU 6HNXQGHQEUXFKWHLOHXP]XHUNHQQHQGDHUVLFKLQ GHU:LUNOLFKNHLWGHV/)7$XHQSRVWHQVDXI9HVWD EHIDQG (UVWDQGEUHLWEHLQLJLQPLWWHQGHV0DQQVFKDIWVUDXPHV 3ULHVWO\XQG1DQFDUODJHQQXUYLHU6FKULWWHYRQLKP
HQWIHUQWGLFKWYRUGHP6FKRWWGXUFKGDVVLH]XHQW NRPPHQYHUVXFKWKDWWHQ$EHUHUKDWWHLKQHQNHLQH &KDQFHJHODVVHQQLFKWGLHJHULQJVWH GDV$EVWUDKOIHOG GHV7KHUPRVWUDKOHUVLQVHLQHU+DQGOHXFKWHWHQRFK VFKZDFK ª1HLQ©ZLPPHUWH-DGHDOVLKPEHZXWZXUGHZDVHU JHWDQKDWWHª(VLVWQXUHLQ7UDXP(VLVWQLFKWZDKU 1(,1© $OVGLH6WDWLRQVV\QWURQLNLKUHQ$ODUPGXUFKGLH $NXVWLNIHOGHUJHOOWHDXVJHO|VWGXUFKGLH:l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lXVFKHGHVQLH]XU5XKHNRPPHQGHQ 0RORFKV7HUUDQLD&LW\KHUDXI6FKPDOH6WUHLIHQYRQ /LFKWXQG6FKDWWHQHUVWUHFNWHQVLFKEHUGHQKRFKIOR ULJHQ%RGHQEHODJ'HUVFKZDFKH:LQGNDXPPHKUDOV HLQ/XIW]XJEDXVFKWHGLHOHLFKWHQ9RUKlQJH 0LWHLQHUKHIWLJHQ%HZHJXQJZDUIHUGDV/DNHQYRQ VHLQHP.|USHUVFKZDQJGLH)HDXVGHP%HWWJLQJ LQGLHIXQNWLRQHOODXVJHVWDWWHWH+\JLHQH]HOOHXQGOLH
IUIQI0LQXWHQHLQHQNOHLQHQ:LUEHOVWXUPXQWHU VFKLHGOLFKHU5HLQLJXQJVYRUJlQJHEHUVLFKHUJHKHQ :lKUHQGHUVLFKGLH=lKQHSXW]WHEHVDKHUVLFKLP 6SLHJHO (UKDWWHHLQVFKPDOHVVHKUDULVWRNUDWLVFKHV*HVLFKW GDV(UJHEQLVHLQHUODQJHQ6HULHYRQDUUDQJLHUWHQ(KHQ LQQHUKDOEGHU)DPLOLHGHU'UDJRVGLH1DVHEHVD HLQHQJHUDGHQ5FNHQXQGHQGHWHEHUHLQHPDXV GUXFNVVWDUNHQ0XQGGHUDUURJDQWXQGHLQZHQLJJUDX VDPZLUNWH'LH%DFNHQNQRFKHQVSDQQWHQGLHJHEUlXQ WH+DXW6HLQH$XJHQKDWWHQGLH)DUEHYRQEUQLHUWHP 6WDKO'LHGXQNHOEORQGHQ+DDUHZXUGHQDQGHQ 6FKOlIHQVFKRQHLQELFKHQJUDX(UZDUHWZDVJU|HU DOVHLQVDFKW]LJ6HLQ.|USHUZDUKDJHUVHKQLJXQG PXVNXO|V 1DFKGHU5DVXUVFKOSIWHHULQHLQHQNXU]HQlUPHOOR VHQ0RUJHQPDQWHOXQGVFKULWWDXIEORHQ)HQGXUFK GDV6FKODI]LPPHULQGDVJURH:RKQ]LPPHUPLWGHQ EUHLWHQ)HQVWHUQ(UZDUEHIULHGLJWGDHUVLFKWURW] GHUHWZDVKHIWLJHQ3DUW\GLHVLFKELVZHLWQDFK 0LWWHUQDFKWKLQJH]RJHQKDWWH]XPLQGHVWIUGHQ $XJHQEOLFNZLHGHULQDXVJH]HLFKQHWHU9HUIDVVXQJ IKOWH (UWUDQNHLQHQJHZDOWLJHQ6FKOXFN2UDQJHQVDIWDXVGHU OHLFKWEHVFKODJHQHQ.DUDIIHGLHLKPVHLQDXIPHUNVD PHU6HUYRQRFKLQGHU1DFKWEHUHLWJHVWHOOWKDWWHGDQQ ]QGHWHHUVLFKGLHHUVWH=LJDUHWWHDQ$XFKZHQQ 5DXFKHQ]XU=HLWZLHGHUHLQPDOªRXW©ZDU 'UDJR ZROOWHQLFKWGDYRQODVVHQ ª,FKIUFKWH©PXUPHOWHHUPLPXWLJZlKUHQGVHLQ %OLFNGXUFKGHQ5DXPZDQGHUWHªHVZLUGHLQKDUWHU 7DJZHUGHQ©'DQQODXWHU ª6\QWURQ0XVLNFODQW KRQLVFKH0XVLNIUHLQ%ODVRUFKHVWHU© 'HU5DXPIOOWHVLFKPLWNODQJYROOHQ7|QHQ 'UDJRVHW]WHVLFKLQHLQHQ6HVVHOYRUGHPEUHLWHQ )HQVWHUOHKQWHVLFK]XUFNEHZHJWHGHQ5FNHQXP
GLHEHTXHPVWH/DJH]XILQGHQGDQQKREHUGLH)HUVHQ DQELVVLHDXIGHP5DQGGHUPDVVLYHQ*ODVVLWSODWWH ODJHQDXIGHUVLFKGDV+DXSWWHUPLQDOVHLQHV6\QWURQV EHIDQG0LWHLQHPYHUEDOHQ%HIHKODNWLYLHUWHHUVHLQ 9LGHRSKRQ ª(LQH9HUELQGXQJPLW©VDJWHHUXQGJDEGLH 1XPPHUEHNDQQW (LQLJH6HNXQGHQYHUVWULFKHQHKHVLFKGHU7HLOQHKPHU PHOGHWHª-D"©(VZDUHLQHNKOHEHUEHVFKlIWLJW NOLQJHQGH)UDXHQVWLPPH+LQWHUGHP*HVLFKWNRQQWH 'UDJRGLH+HNWLNHLQHV5HGDNWLRQVEURVHUDKQHQ 'DQQVSUDFKVLHDOVVLH'UDJRHUNDQQWHHWZDVZHQLJHU JHVFKlIWVPlLJª'X© ª'HUQlPOLFKH©EHVWlWLJWH'UDJR ª(LQHUVHLWVELQLFK]ZDUHQWVSUHFKHQGHQW]FNW GDUEHU©VDJWH5L\ªGDPLFKHLQHUGHUJHIUDJWHVWHQ -XQJJHVHOOHQ7HUUDPDV© ª.HLQH.RPSOLPHQWHDXIQFKWHUQHQ0DJHQELWWH© ZHKUWH'UDJREHVFKHLGHQDE ªEHLGHU7lWLJNHLWVW|UWPLWGHULFKPKVDPJHQXJ GLHZHQLJHQ*DOD[]XVDPPHQUDIIHXPQlFKWHQVDXI 3DUWLHVJHKHQ]XN|QQHQDQGHUHUVHLWVIUDJHLFKPLFK QDWXUOLFKZDVGLFKGD]XEHZRJHQKDEHQN|QQWHPLFK XPGLHVH=HLWDQ]XUXIHQ:DVLVW":HVKDOEDQWZRU WHVWGXQLFKW"*HKW VGLUQLFKWJXW"© 6LHVSUDFKPLWHLQHUNODUHQWLHIHQOHLFKWDUURJDQWNOLQ JHQGHQ6WLPPHGLH5FNVFKOVVHDXIHLQHHQWVSUH FKHQGH[NOXVLYH(U]LHKXQJ]LHKHQOLH'UDJRKDWWH HLQH6FKZlFKHIUGHUDUWLJH)UDXHQVWLPPHQXQGHU IDQGVLHEHUDXVHUUHJHQG ª'RFKGRFK0LUJHKW VDXVJH]HLFKQHW,FKZDUQXU HLQZHQLJEHUUDVFKWGDUEHUZLHGLHVHUHQW]FNHQGH 0XQGVRYLHOH:RUWHLQHLQHPHLQ]LJHQODQJHQ6DW] XQWHU]XEULQJHQYHUVWHKWQRFKGD]XDPIUKHQ 0RUJHQ© 5L\5RPQ\ZDU]ZHLXQGIQI]LJ-DKUHDOWHWZDHLQV
IQIXQGVHFK]LJJURVFKZDU]KDDULJXQGEODXlXJLJ 'D]XNDPHLQYROOHU0XQGXQGVLHZDUDXFKDQGHQ ULFKWLJHQ6WHOOHQEHUDXVZRKOSURSRUWLRQLHUWXQG DOOHVZDUHFKW.HLQWHXUHU&KLUXUJKDEHMHEHLGHU )RUPJHVWDOWXQJQDFKJHKROIHQKDWWHVLH'UDJRLQGHU YHUJDQJHQHQ1DFKWYHUVLFKHUWH6LHZDUHLQHGHU 6WDUDQVDJHULQQHQYRQ7231(:67(55$ ,KUH.OHLGHUVDKHQQLFKWQXUDXVDOVZlUHQVLH DXVVFKOLHOLFKEHL(PMLOLRRGHU7DQDWRJHQHVJHIHUWLJW VLHZDUHQHVDXFK8QGEHLGHP6FKPXFNGHQVLHWUXJ KDQGHOWHHVVLFKXPNHLQHQUDIILQLHUWHQ0RGHVFKPXFN VRQGHUQXPDXVJHVXFKWH6WFNHYRQGHU(GHOVWHLQ PHLOH7HUUDQLDV,QVRIHUQZDULKUH%HPHUNXQJEHUGLH ZHQLJHQ*DOD[GLHVLHYHUGLHQWHGLH8QWHUWUHLEXQJ GHVGUHL]HKQWHQ-DKUKXQGHUWV1HXHU*DODNWLVFKHU =HLWUHFKQXQJ-HW]WELOGHWHVLFKHLQHNOHLQH)DOWHEHU LKUHU1DVHQZXU]HO ª,FKELQQLFKWVLFKHUREGDVHEHQHLQ.RPSOLPHQWRGHU HWZDVZHQLJHU1HWWHVZDU6ROOWHLFKHVMHKHUDXVILQ GHQ©GURKWHVLHVFKHU]HQGªN|QQWHHVJHIlKUOLFKIU GLFKZHUGHQ© ª*HIDKU©VDJWH'UDJRXQGODFKWHDPVLHUWDXIªPDFKW YLHOHVLP/HEHQQXUQRFKUHL]YROOHU© ª:DUHVGDVZDVGXPLUVDJHQZROOWHVW"© ª1LFKWJDQ]=ZHL'LQJHQRFK (LQPDOZROOWHLFK PLFKHUNXQGLJHQREGXGLH%OXPHQEHNRPPHQKDVW© (LQHUVWDXQWHU$XVUXIª'LHZDUHQYRQGLU"+lWWHLFK PLUDXFKGHQNHQN|QQHQ©6LHPXVWHUWHLKQHLQH:HLOH LQWHQVLYGDQQYHU]RJVLFKLKU*HVLFKW]XHLQHP /lFKHOQª+HU]OLFKHQ'DQNGDIU8QG]ZHLWHQV"© ª:ROOHQZLUGLHOHW]WH1DFKWKHXWHZLHGHUKROHQ"© 6FKZHLJHQ'DQQ ª,FKKDEHGHQJHVWULJHQ$EHQGVHKU JHQRVVHQ7URW]GHP(LQDQGHUPDOYLHOOHLFKW© ª(LQDQGHUHV0DOJLEW VP|JOLFKHUZHLVHQLFKW©(U OHJWH(QWWlXVFKXQJLQVHLQH6WLPPH ª/LHJWJDQ]EHLGLU9LMX'LHVDOV7URVW©
ª'DUILFKGLFKKHXWHZHQLJVWHQV]XP(VVHQHLQODGHQ"© ª,FKIUFKWHDXFKGDIUUHLFKWPHLQH=HLWQLFKW© ª+PKP©'UDJRJDEVLFKQRFKQLFKWJHVFKODJHQ ª%HGDXHUOLFK:LUN|QQWHQWROO]X$EHQGHVVHQ GDQDFKLQPHLQHP$SDUWPHQWHLQSDDU5XQGHQVSLHOHQ XQGGDQQ]XHLQSDDUDQGHUHQ6SLHOFKHQEHUJHKHQGLH LFKNHQQH© ª'XVFKHLQVWMDHLQ]LHPOLFKHU:VWOLQJ]XVHLQ© PHLQWHVLHPLWHLQHPZDUQHQGHQ8QWHUWRQLQGHU 6WLPPHª:RIUKlOWVWGXPLFK"© ª)UGDVEH]DXEHUQGVWH:HVHQXQWHUGHU6RQQH©VDJWH HUPLWHLQHPHQWZDIIQHQGHQ/lFKHOQª:DVVDJVWGX]X PHLQHP9RUVFKODJ"© 6LHVHXI]WHEHUWULHEHQJHTXlOWª'XELVWZLUNOLFKKDUW QlFNLJ$OVRJXW$EHUHUVWPRUJHQDEHQG+ROPLFK JHJHQDFKW8KUDEPHLQH$GUHVVHKDVWGXMD© (KHHUVLFKYRQVHLQHU9HUEOIIXQJHUKROHQNRQQWH XQWHUEUDFKVLHGLH9HUELQGXQJ 'UDJRZDUIGHQ=LJDUHWWHQUHVWLQGHQ$VFKHUVWDUUWH DXIGHQGXQNOHQ%LOGVFKLUPXQGEHUOHJWHVHNXQGHQ ODQJZLHJURVHLQH&KDQFHQZLUNOLFKZDUHQ9RQ HLQLJHQ$KQXQJHQJHSODJWPXUPHOWHHU ª1LFKW EHUPlLJJUR6SRUWVIUHXQGZLOOPLUVFKHLQHQ :DUWHQZLU VHLQIDFKDE© (UNORSIWHGLH7DVFKHQVHLQHV0RUJHQPDQWHOVQDFK HLQHUQHXHQ=LJDUHWWHDEIDQGNHLQHXQGJLQJ]XUFN LQV6FKODI]LPPHU'RUWODJQRFKHLQH3DFNXQJNDXP DQJHEURFKHQ(U]QGHWHVLFKHLQHDXIGHP:HJ ]XUFNLQGHQ:RKQUDXPDQXQGEHUOHJWHZHLWHU 0LWWHQLQVHLQHhEHUOHJXQJHQPHOGHWHVLFKVHLQ 6\QWURQ ª$XI7HUPLQDO]ZHLNRPPWJHUDGHHLQH1DFKULFKWIU GLFK(LQ0LVWHU3LQSRLQW© 'UDJRUXQ]HOWHGLH6WLUQ GLH:DKUVFKHLQOLFKNHLW VFKZDQGUDSLGHPLWGHUUHL]HQGHQ5DPQ\HLQZHLWHUHV 0DODXVJHKHQ]XN|QQHQ
(LQH6HNXQGHVSlWHUHUKHOOWHVLFKGHU0RQLWRU ª.HULP"'X"© 3LQSRLQWKREGLHOLQNH%UDXHª:HUVRQVW©W|QWHHV NKO]XUFNª+DWWHVWGXHWZD3HUU\5KRGDQSHUV|Q OLFKHUZDUWHW"© ª.DXPREZRKOHVHLQIDV]LQLHUHQGHU*HGDQNHZlUH :DUXPGLHIUKH6W|UXQJ"© ª6FKRQJHIUKVWFNW"© 'UDJRYHUQHLQWH ª*XW'LH'DFKWHUUDVVHGHV'UXPPRQG7RZHU *HQJHQGUHLLJ0LQXWHQ"© ª%LQVFKRQXQWHUZHJV©EHHLOWHVLFK'UDJR]XYHUVL FKHUQ (UVDKDOOHVHLQH%HIUFKWXQJHQEHZDKUKHLWHW:HQQ 3LQSRLQWDQULHIGDQQEHGHXWHWHGLHVGD62/()7 HLQHQEUDXFKWH8QGGDQQZDUHVIUJHZ|KQOLFKDXV PLWGHPVHQ/HEHQ=XPLQGHVWIUHLQH=HLWODQJ 62/()7 HLQH$ENU]XQJIUª6RQVRIWKH/HDJXHRI IUHH7HUUHVWULDQV©'DVSULYDWH8QWHUQHKPHQEOLFNWH DXIHLQHMDKUKXQGHUWHODQJH7UDGLWLRQ]XUFN'HU JHQDXH=HLWSXQNWGHU*UQGXQJZDUQLFKWPHKUH[DNW ]XEHVWLPPHQ$EHUYRQVLFKUHGHQPDFKWHQVLHHWZD XPGDV-DKUDOWHU=HLWUHFKQXQJ'DPDOVZDUGLH /)7GLH/LJD)UHLHU7HUUDQHUDOVRGLHQHXH1DWLRQGHU VRODUHQ0HQVFKKHLWJHUDGHHLQ-DKUDOWJHZHVHQXQG VLHKDWWHNDXP=HLWJHKDEWLKUH9HUKlOWQLVVH]XRUG QHQ]XPDOVLHLQGHUNXU]HQ3HULRGHLKUHV%HVWHKHQV HLQH6FKZLHULJNHLWQDFKGHUDQGHUHQ]XPHLVWHUQKDWWH ,KUH(UNOlUXQJVLFKQLFKWDOV1DFKIROJHULQGHVHKHPD OLJHQ6RODUHQ,PSHULXPV]XYHUVWHKHQVFKLHQVLH VFKXW]XQGPDFKWORV]XPDFKHQ'RFKGDVZDUHLQ 7UXJVFKOXZLHVLFKEDOGKHUDXVVWHOOHQVROOWH'DV HKHPDOLJH6RODUH,PSHULXPNRQQWH*HIDKUHQXQG :LGULJNHLWHQGLHVLFKVHLQHQ*UHQ]HQQlKHUWHQLQGHU 3XIIHU]RQH]DKOUHLFKHU.RORQLHQXQGPLW+LOIHZHLW YRUJHVFKREHQHU6WW]SXQNWHDEZHQGHQ
'LH/)7KDWWHGLHVH0|JOLFKNHLWHQQLFKWDEHUZDV IUKHUPLOLWlULVFKH3UlVHQ]EHZHUNVWHOOLJWHZXUGHQXQ GXUFKJHVFKLFNWH'LSORPDWLHHUUHLFKW$ODUPLHUWHGDV ,PSHULXPLP)DOOHHLQHU*HIDKUGHQGHP *HIDKUHQKHUGDPQlFKVWHQJHOHJHQHQ6WW]SXQNWXQG QDKPGLHGRUWVWDWLRQLHUWHQPLOLWlULVFKHQ0LWWHOLQYROO HP8PIDQJLQ$QVSUXFKXPGLH*HIDKUDE]XZHQGHQ VREHPKWHVLFKGLH/)7XPHLQH/|VXQJGXUFK 3UlYHQWLRQXP%HLOHJXQJPLWIULHGOLFKHQ0LWWHOQ QRFKHKHHLQVLFKDE]HLFKQHQGHU.RQIOLNWHVNDOLHUHQ NRQQWH8PGLHVGXUFKIKUHQ]XN|QQHQPXWHVLH UHFKW]HLWLJ,QIRUPDWLRQHQEHUHLQHLP(QWVWHKHQ EHILQGOLFKH*HIDKUHUODQJHQ 'D]XEHGLHQWHVLHVLFKHLQHVZHLWYHU]ZHLJWHQ 1DFKULFKWHQQHW]HVGDVDOOHUGLQJVQLFKWYRQVWDDWOLFKHU 6HLWHDXVJHOHQNWZDUVRQGHUQDXV+XQGHUWHQYRQHLQ DQGHUXQDEKlQJLJHU$JHQWXUHQ'HWHNWHLHQXQG 'DWHQ,QIRUPDWLRQVGLHQVWHQEHVWDQGGLHDOOHLKUH HLJHQH9RUJHKHQVZHLVHKDWWHQ62/()7ZDUQXUHLQH XQWHUGHQYLHOHQPLWXQWHUPDQFKPDOUHFKWNXULRVHQ 2UJDQLVDWLRQHQDEHUXQEHVWULWWHQGLHHIIHNWLYVWH6LH ZDULP-DKUH1*=IUGLHEUHLWH0DVVH]ZDU QRFKLPPHUDQRQ\PDEHULQ]ZLVFKHQOlQJVW %HVWDQGWHLOGHURSHUDWLYHQ/HJLVODWLYHGHU/)7ZHQQ DXFKHLQHWZDVH[NOXVLYHU 62/()7V7lWLJNHLWHUVWUHFNWHVLFKEHUGLHJDQ]H /RNDOH*UXSSHZHQQPDQNHLQH]XHQJHQ0DVWlEH DQOHJWH,P-DKUHDOWHU=HLWUHFKQXQJZDUHQHWZD 0LWDUEHLWHULQ1LHGHUODVVXQJHQDQDOOHQ %UHQQSXQNWHQGHU0LOFKVWUDHLQLKUHQ'LHQVWHQ1DFK HWZDVPHKUDOV]Z|OI-DKUKXQGHUWHQZDUHQHVLQVJH VDPW0lQQHUXQG)UDXHQLQUXQG 2SHUDWLYHQ=HOOHQ 'HU+DXSWVLW]YRQ62/()7EHIDQGVLFKQRFKLPPHULQ GHU,WVXELVKL5RZLPDOWHQ6WDGWNHUQYRQ 7HUUDQLD&LW\$OOHUGLQJVKDWWHGHUOHLFKWKHUXQ
WHUJHNRPPHQH]HQWUDOH6WDGWWHLOOlQJVWPRGHUQVWHU :LHGHUEHOHEXQJZHLFKHQPVVHQ MHW]WSXOVLHUWH XPGLH,WVXELVKL5RZKHUXPGDV0HGLHQYLHUWHOGHU 0HJDVWDGWLQGHUHKHPDOLJHQ*RELZVWH$Q&URPZHOO 6KOLIIHUHULQQHUWHQXUQRFKHLQHSROLHUWH7HUNRQLWSODWWH YRQ]ZHLPDO]ZHL0HWHUQLP)R\HUGHV7RZHUVYRQ 62/()7,1&LQ]ZLVFKHQHLQK\SHUPRGHUQHV *HElXGHPLWYLHO*ODVXQGJHUDVWHUWHQ)OlFKHQEHU HLQHP6NHOHWWDXV7HUNRQLWVWDKO 8QGVWHWVKDWWHDQGHU6SLW]HYRQ62/()7QXUHLQHLQ ]HOQHU0DQQJHVWDQGHQ .HULP3LQSRLQWKLHGHUDNWXHOOH/HLWHUGHU=HQWUDOH (LQ0DQQLQ'UDJRV$OWHU+HUUEHUGHVVHQ6FKLFNVDO IUHLQHQEHVWLPPWHQ=HLWUDXP]XPLQGHVWXQGHLQ DOWHU6WXGLHQIUHXQG6LHZDUHQVLFKYRUHWZDIQI -DKUHQZLHGHUEHJHJQHW]XIlOOLJZLH9LMXDQQDKP(V IROJWHQHLQODQJHV+lQGHVFKWWHOQXQG6FKXOWHU NORSIHQ(LQODGXQJHQ]XP*UDSSDXQGIURKHV :LHGHUVHKHQVJHSODXGHUH8QG]ZLVFKHQDOOGHQ *UDSSDVXQG(VSUHVVRVERWLKP.HULPDQEHL 62/()7PLW]XDUEHLWHQ 'UDJRILQDQ]LHOOXQDEKlQJLJXPQLFKW]XVDJHQYHU P|JHQGYHUWUDWLQ7HUUDQLDLQHLQHUOX[XUL|VHQ %URIOXFKWLQ7+(&2/21,(6GLH,QWHUHVVHQVHLQHU HLJHQHQ)LUPD'UDJR(QWHUSULVHVGHUHQ+DXSWVLW] HLQH%ULHINDVWHQDGUHVVHDXIGHU)UHLZHOW$UJKLURZDU 8PGLH:DKUKHLW]XVDJHQ (UOLHGLHVH,QWHUHVVHQ YHUWUHWHQYRQHLQHPNOHLQHQDXVJHVXFKWHQ6WDELQWHJ UHU0LWDUEHLWHU%URNHU*HOGPDUNWDQDO\WLNHUXQG 6\QWURQVSH]LDOLVWHQ:DVLKP*HOHJHQKHLWERWGLH 5ROOHGHVDWWUDNWLYHQNXOWLYLHUWHQ6QREV]XVSLHOHQ 6HLQ5HLFKWXPZDUGXUFKHLQH5HLKHlXHUVWZDJKDOVL JHU6SHNXODWLRQHQDQGHQVWHOODUHQ%|UVHQVRZLHGXUFK DXVJHGHKQWH,PPRELOLHQJHVFKlIWHEHJUQGHW 7DWVlFKOLFKDEHUEHZHJWHVLFK9LMX'UDJR]X%HJLQQ VHLQHU/DXIEDKQXQGDXFKQRFKODQJH=HLWGDQDFK
LQHLQHU*UDX]RQH1DFKGHQ%XFKVWDEHQGHV*HVHW]HV PXWHHUDOV.ULPLQHOOHUHLQJHVWXIWZHUGHQLQGHQ $XJHQVHLQHU]DKOUHLFKHQ)UHXQGHDXVGHP*HOGDGHO YHUVWDQGHUHVOHGLJOLFKPLWWUDXPZDQGOHULVFKHU 6LFKHUKHLWDXIMHQHPVFKPDOHQ*UDW]XEDODQFLHUHQ GHUGHQ+DVDUGHXUYRPILQDQ]LHOOHQ*HQLHWUHQQWH 'HPHQWVSUHFKHQGZDUHULQLKUHQ.UHLVHQDQJHVHKHQ 'UDJRNDQQWHVR]LHPOLFKDOOH/RNDOH7HUUDQLDVNDQQ WHYLHOH0lQQHUXQG)UDXHQXQGEHUZLHJHQGGLH ULFKWLJHQ 7URW]GHPODQJZHLOWHHUVLFKDXIHLQHQLFKWQlKHU]X EHJUQGHQGH$UWXQG:HLVH:HVKDOEHU.HULPV $QJHERWDN]HSWLHUWH(UVWVSlWHUQDFKHLQHUJUQGOL FKHQ$XVELOGXQJGLHLKQPHKUDOVHLQPDODQGHQ5DQG GHVSK\VLVFKHQ=XVDPPHQEUXFKVEUDFKWHIDQGHUKHU DXVGDVHLQ6WXGLHQIUHXQGHLQHGHWDLOOLHUWH 6LFKHUKHLWVEHUSUIXQJYRQLKPKDWWHPDFKHQODVVHQ XQGVHLQH9HUJDQJHQKHLWYRQHLQLJHQVHKUGXQNOHQ )OHFNHQJHUHLQLJWKDWWHDEHUGDPDFKWHHVLKPEHUHLWV QLFKWVPHKUDXVGHQQDXVGHPDQIlQJOLFKREHUIOlFKOL FKHQ,QWHUHVVHDP$XIVSUHQYRQZLUNOLFKHQ .ULPLQHOOHQZDUHLQH3DVVLRQJHZRUGHQ(LQH3DVVLRQ EHLGHULKPVHLQHYLHOHQHKHPDOLJHQ.RQWDNWH]XU 8QWHUZHOWPLWXQWHUVHKUQW]OLFKZDUHQ .HULP3LQSRLQWKDWWH]LHPOLFKYLHO(LQIOXHUUHLFKWH ELVLQV%URGHU(UVWHQ7HUUDQHULQXQGKDWWH 9HUJQJHQDQVRJHQDQQWHQNRQVSLUDWLYHQ7UHIIVZLHHU HVQDQQWH'DVKLHGDHUVHLQH0LWDUEHLWHUQLFKWLQ GLH%URUlXPHGHU,WVXELVKL5RZHLQOXG'UDJRZDU QXUHLQPDOGDJHZHVHQVRQGHUQVLFKPLWLKQHQLQGHU $QRQ\PLWlW|IIHQWOLFKHU3OlW]HWUDI'LHPHLVWHQ .RQWDNWHPLWLKPIDQGHQEHUZLHJHQGDQ]LYLOLVLHUWHQ 2UWHQVWDWWLQ%DUVRGHU5HVWDXUDQWV 2GHUGHP'UXPPRQG7RZHU .DSLWHO
'LH'DFKWHUUDVVHGHV'UXPPRQGKDWWHUHJHQ=XODXI +LHUWXPPHOWHQVLFKYRUZLHJHQGMXQJH0HQVFKHQ QLFKWQXU7HUUDQHUXQGDQGHUH+XPDQRLGHVRQGHUQ DXFK([WUDWHUUHVWULHUDXVGHP0HGLHQEHUHLFKGHQQ GDV'UXPPRQGEHKHUEHUJWHHLQH5HLKHYRQ 2UJDQLVDWLRQHQGLHVLFKKDXSWVlFKOLFKPLWGHU +HUVWHOOXQJXQG9HUEUHLWXQJYRQ7ULYLGHR6HULHQ EHVFKlIWLJWHQ 'UDJRXQG3LQSRLQWVDHQLQGUHLKXQGHUW0HWHUQ+|KH DQGHU%UVWXQJXQGEHWUDFKWHQGDV3DQRUDPDGHU 6WDGWYRUXQGXQWHULKQHQ'HU+|KHQZLQGZXUGHYRQ JHVFKLFNWSOD]LHUWHQ:LQGEUHFKHUQDEJHOHLWHW 'DV)UKVWFNODJKLQWHULKQHQ(LQ)UKVWFNZLHHV 'UDJROLHEWH(VKDWWHDXVVHKUVWDUNHP.DIIHH)UHQFK 7RDVWPLW%XWWHUXQG$KRUQ6LUXSYRP5HJLVVRZLH 5KUHLEHVWDQGHQ:lKUHQGVLHIUKVWFNWHQGUHKWH VLFKLKUH8QWHUKDOWXQJEHUZLHJHQGXP%HODQJORVHV HLQ7RGIHOGVFKLUPWHVLHJHJHQ=XK|UHUDE6FKOLHOLFK VFKRE3LQSRLQWGLH7DVVH]XUFNXQGVDK'UDJRDQ ª+\EURGLHP9LMX(UNOlUHPLUZDVGXYRQGHP=HXJ ZHLW© 9RUHLQSDDU0RQDWHQZDUHUDXI0LPDVDQOlOLFK HLQHV6\PSRVLXPVEHUDOWHXQGQHXH6XFKWJLIWHDXFK QlKHUEHUGLHVHVQHXH5DXVFKJLIWLQIRUPLHUWZRUGHQ %LVGDKLQKDWWH'UDJRVRYLHORGHUVRZHQLJZLHMHGHU PDQQEHUGLHVHPRGHUQH'URJHJHZXWGLHLPGUHL ]HKQWHQ-DKUKXQGHUW1*=LQGHQ5HLKHQGHU 'URJHQVFKWLJHQXQGEHLGHU6FKLFNLPLFNL6RFLHW\ ]XPQHXHQ5HQQHU]XDYDQFLHUHQVFKLHQREZRKOVLH YHUGDPPWWHXHUZDU'DV*UDPPYHUVFKQLWWHQHV +\EURGLHPNRVWHWHGHQ.RQVXPHQWHQUXQGHGUHLKXQ GHUW*DOD[(LQHQ$XJHQEOLFNODQJKLQJ'UDJRGHU )UDJHQDFKRE3LQSRLQWVLFKQXUYHUJHZLVVHUQZROOWH GDHUVHLQH6FKXOXQJVNXUVHDXFKZDKUJHQRPPHQ KDWWHYHUZDUIGHQ*HGDQNHQDEHU'LH6HHOHHLQHV .UlPHUVKDWWHHUEHL.HULPHLJHQWOLFKQLHHQWGHFNW
(UVFKORGLH$XJHQELVHUVLFKDOOH)DNWHQZLHGHUYHU LQQHUOLFKWKDWWHª'LHFKHPLVFKH)RUPHOYRQ+\EUR GLHPODXWHW©:LHHLQEUDYHU6FKOHUYRUGHP 3UIXQJVDXGLWRULXPVFKQXUUWHHUGLH)RUPHOUHLKHKHU XQWHUªXQGQRFKHLQHUZHLWHUHQ.RPSRQHQWHGLH LFKDEHUQDFKVHKHQPWHGRFKLFKZHLGDHVVLFK XPHLQNULVWDOOLQHVJHUXFKORVHVXQGJHVFKPDFNVQHX WUDOHV3XOYHUYRQZHLHU)DUEHKDQGHOW0DQNDQQHV EHUGLH1DVHQVFKOHLPKlXWHDXIQHKPHQRGHULQJHO| VWHU)RUPLQV%OXWLQML]LHUHQ/|VOLFKLVWHVLQ:DVVHU RGHU$ONRKRO$FKMDPDQZLUGGDYRQVFKWLJHUDOV YRQGHPEOLFKHP=HXJVGDVQRUPDOHUZHLVHYRQ /HSVRNRPPWZLHHWZD5RVHEXGRGHU6WDUZ\QG© 3LQSRLQWQLFNWHª6RZHLWKDVWGXGHLQH+DXVDXIJDEHQ JHPDFKW9LMX©VDJWHHUODQJVDP (UKLHOWLQQHXQGEHWUDFKWHWHLQWHUHVVLHUW HLQH*UXSSHMXQJHU3ORSKRVHULQQHQHLQSDDU7LVFKH HQWIHUQWGHQHQPDQQLFKWQXUDQLKUHP*HKDEH DQPHUNWHGDVLH6FKDXVSLHOHULQQHQZDUHQ6FKOLH OLFKZDQGWHHUVLFKHUQHXWDQ'UDJR ª$OVRJXW©VDJWHHUªVRYLHO]XUQRUPDOHQ/HVDUW-HW]W ]XGHPZDVPDQHXFKDXI0LPDVQLFKWHU]lKOWKDW :DVPDQ+\EURGLHPRGHU+\EQHQQWLVWHLQH lXHUVWNRPSOH[H9HUELQGXQJGLHPLWGHP 1HUYHQV\VWHPGHU6FKWLJHQHLQHQHXHRUJDQLVFKH 9HUELQGXQJELOGHW'LH6SH]LDOLVWHQVLQGVLFKQRFK QLFKWJDQ]HLQLJQHKPHQDEHUDQGDGLHVH 9HUELQGXQJGHQHLJHQWOLFKHQ7ULSYHUXUVDFKW'HU HU]LHOWH(IIHNWLVWHLQH9HU]HUUXQJGHUUHDOHQ8PZHOW GXUFKPDVVLYH6W|UXQJHQGHV:DKUQHKPXQJVYHUP| JHQVZLHEHLGHQDQGHUHQVRJHQDQQWHQKDUWHQ'URJHQ DXVGHP]ZDQ]LJVWHQXQGHLQXQG]ZDQ]LJVWHQ -DKUKXQGHUW© ª:LHEHLVSLHOVZHLVH/6'0HVNDOLQ$WRPLFXQG +HURLQ©ZDUI'UDJRHLQ ª5LFKWLJ1LFKW]XYHUJHVVHQGLH'HVLJQHUGURJHQGHU
QHXHUHQ=HLW$EHUGHUHQ:LUNXQJHQDXIGHQ 2UJDQLVPXVVLQGUHODWLYKDUPORVZHLOPLWWOHUZHLOH UHYHUVLEHOLP9HUJOHLFK]XGHPZDV+\EURGLHP EHZLUNW© 3LQSRLQWOLHVLFKHLQHQ0RPHQWYRQHLQHPODXWHQ +HLWHUNHLWVDXVEUXFKGHUMXQJHQ7ULYLGHR$NWULFHQ DEOHQNHQ'DQQEOLFNWHHUZLHGHU]X'UDJRIUDJWH ª:RZDULFKVWHKHQJHEOLHEHQ"©XQGZHFKVHOWH XQYHUPLWWHOWGDV7KHPDª,VWGLUHLJHQWOLFKEHNDQQW GDHVLQGHQ5HLKHQGHV/)75DXPNRUSVVHLWJHUDX PHU=HLWHLQHQEHWUlFKWOLFKHQ'URJHQPLEUDXFKJLEW"© 'UDJRQLFNWHª'DYRQKDEHLFKJHK|UW© :DV3LQSRLQWLKPGDPLWWHLOWHZDUDQVLFKNHLQQHXHV 3UREOHP6HLW-DKUWDXVHQGHQZDUHQDXIGHU(UGHGLH YHUVFKLHGHQVWHQ5DXVFKJLIWHLP*HEUDXFK6RXQWHU VFKLHGOLFKGLH:LUNXQJVZHLVHGLHVHU*LIWHDXFKZDU GHU+DQGHOIROJWHVWHWVGHQVHOEHQ*HVHW]PlLJNHLWHQ 'DUDQlQGHUWHVLFKDXFK PLW%HJLQQGHU 5DXPIDKUWQLFKWVDOV3HUU\5KRGDQPLWGHU67$5 '867]XUHUVWHQEHPDQQWHQ0RQGODQGHH[SHGLWLRQ DXIEUDFKXQGVFKRQJDUQLFKWQDFKGHPGLH 0HQVFKKHLWLQGHU0LOFKVWUDH)XJHIDWKDWWH OHGLJ OLFKGLH=DKOGHU]XU9HUIJXQJVWHKHQGHQ*LIWHHUK|K WHVLFKGXUFKGDVgIIQHQLQWHUJDODNWLVFKHU0lUNWH8QG ]XDOOHQ=HLWHQIDQGHQGLH+lQGOHULKUH2SIHUDXFK RGHUJHUDGHXQWHUGHQ$QJHK|ULJHQGHV0LOLWlUV .HULP3LQSRLQWIXKUIRUW ª(LQHVLVWPHUNZUGLJ :lKUHQGDXIGHQ:HOWHQGHVXQPLWWHOEDUHQVRODUHQ (LQIOXEHUHLFKHV+\EGURGLHPQXUVFKZHU]XEHVFKDI IHQXQGGDEHLDXFKQRFKUHFKWWHXHULVWEHNRPPWPDQ HVVHLWHLQLJHU=HLWLP1RJLDV6HNWRURKQH 6FKZLHULJNHLWHQLQMHGHUEHOLHELJHQ0HQJHXQGLQ $QEHWUDFKWVHLQHVQRUPDOHQ0DUNWSUHLVHVQDKH]X JHVFKHQNW1RFKPHUNZUGLJHU 'DV=HXJZLUGQLFKW HWZDYHUVWHFNWJHKDQGHOW$XI$GDPDU9HVWDRGHU &DOYLQV:HOWNDQQPDQ+\EURGLHPRIIHQSUDNWLVFKDQ
MHGHU6WUDHQHFNHLQMHGHU%DUDXIMHGHP0DUNWXQG VRJDUXQPLWWHOEDUYRUGHQ7RUHQGHU$XHQSRVWHQNDX IHQ'LH)ROJHLVWHLQHLPPHQVH$XVIDOOUDWHXQWHUGHQ $QJHK|ULJHQGHVWHUUDQLVFKHQ.RUSV© 3LQSRLQWV*HVLFKWVDXVGUXFNZHFKVHOWH'UDJRNDQQWH LKQODQJHJHQXJXP]XZLVVHQGDHUQXQHLQH)UDJH HUZDUWHWH 3IOLFKWVFKXOGLJVWIUDJWHHUGHVKDOE ª(WZD7RGHVIlOOH"© 3LQSRLQWQLFNWH6HLQ*HVLFKWVDXVGUXFNYHUGVWHUWH VLFK ª'DV*LIWJUHLIWGDV*HKLUQDQ"©PXWPDWH'UDJRZHL WHU $EHUPDOVQLFNWH3LQSRLQWª+\EURGLHPODJHUWVLFKKDW PDQHVHUVWHLQPDOHLQJHQRPPHQLP]HQWUDOHQ 1HUYHQV\VWHPDEHUVHW]WJHZLVVHUPDHQGLH*UXQG EHVWDQGWHLOHEHVWLPPWHU=HOOHQXQGIKUWLQQHUKDOE NXU]HU=HLW]XUWRWDOHQ=HUVW|UXQJGHU3HUV|QOLFKNHLW GHU6FKWLJHQ(V]HUIHW]WLKQHQGDV*HKLUQXQGGDVVR JUQGOLFKGDSUDNWLVFKNHLQH&KDQFHDXI+HLOXQJ EHVWHKW$EHUGDPLWQLFKWJHQXJ+\EPDFKWDXFKQRFK SV\FKRWLVFK'LH%HWURIIHQHQZHUGHQYRQ:DKQLGHHQ XQG+DOOX]LQDWLRQHQKHLPJHVXFKWGLHGDULQJLSIHOQ GDVLH$PRNODXIHQEHUHLQDQGHUKHUIDOOHQXQGVLFK JHJHQVHLWLJDEVFKODFKWHQ,QGHQ$XHQVWDWLRQHQYRQ 9HVWD]lKOWHPDQLQQHUKDOEYRQVHFK]LJ7DJHQYLH UXQGYLHU]LJ7RGHVIlOOH%LVGLH8QWHUVXFKXQJDEJH VFKORVVHQLVWUHFKQHWPDQPLWYLHOHQZHLWHUHQ7RWHQ© :lKUHQG3LQSRLQWUHGHWHKDWWHVLFKHLQHWLHIH)DOWH EHUVHLQHU1DVHQZXU]HOJHELOGHW'DVZDUVHOWHQ JHQXJZLH'UDJRZXWH ª'HU'URJHQPLEUDXFKDXI9HVWDKDWHLQHQNULWLVFKHQ 3XQNWHUUHLFKW$OOHUHOHYDQWHQ*UHPLHQYRQ/)7XQG +4+DQVHEHIDVVHQVLFKLQ]ZLVFKHQPLWGHP3UREOHP hEHUGDV%URGHU(UVWHQ7HUUDQHULQHUKLHOWLFKGLH GDEHLJHVDPPHOWHQ,QIRUPDWLRQHQ(VKDWPHKUHUH $JHQWHQGDV/HEHQJHNRVWHWDEHUZLUKDEHQGLH6SXU
JHIXQGHQ:LUZLVVHQGDV=HXJVNRPPWYRQ 7K\PRRQHLQHU5DQGZHOWLP
GDXHUWHELVKHXWHDQ 'LH/)7PXWHVLFKIRUWZlKUHQGPLWGXUFKQLFKWV EHJUQGHWHQ*HELHWVDQVSUFKHQGHU7RSVLGHUDXIDUNR QLGLVFKHXQGWHUUDQLVFKH.RORQLDOZHOWHQKHUXPVFKOD JHQ=XDOOHPhEHUIOXVDKVLHVLFKGXUFKGLHhEHU JULIIHGHU$NRQHQDXI$XHQSRVWHQLP%HUHLFKGHU DUNRQLGLVFKHQ(LQIOXVSKlUHJH]ZXQJHQPLOLWlULVFKH 3UlVHQ]]X]HLJHQXPHLQ$XIIODFNHUQQHXHU .ULVHQKHUGH]XYHUKLQGHUQ 2IIL]LHOOJDOWGHUNDOWH.ULHJ]ZLVFKHQ6SKLQ[XQG $UNRQ]ZDUDOVEHLJHOHJWDEHUKLQWHUGHQ.XOLVVHQ KHUUVFKWHQRFKLPPHUHLQHJHVSDQQWH$WPRVSKlUH *RWWOREJDEHVQLFKWPHKUVHKUYLHOH*HELHWHZRVLFK DUNRQLGLVFKHXQGDNRQLVFKH,QWHUHVVHQEHUKUWHQ$EHU HLQSDDUH[LVWLHUWHQVFKRQQRFK'HU1RJLDV6HNWRU ZDUHLQHVGDYRQ8QGQXUGLH$QZHVHQKHLWHLQHVVWDU NHQ9HUEDQGHVGHU/)7KDWWHELVKHUYHUKLQGHUWGD HLQHQHXH.ULVHDXVEUDFK ª,FKYHUVWHKH©VDJWH'UDJRª:HLPDQZHUGDKLQ WHUVWHFNW"© ª)DOVFKH)UDJH(VPXKHLHQ :DVVWHFNWGDKLQWHU© ª$DKMD"© ª(LQHXQVQLFKWJDQ]XQEHNDQQWH,QVWLWXWLRQ GDV 6\QGLNDWGHU0lFKWLJHQ© 'DV6\QGLNDWGHU0lFKWLJHQ 'UDJRZDUGHU%HJULIIJHOlXILJ'DEHLKDQGHOWHHVVLFK XPHLQH$UWREHUVWHQ*HULFKWVKRIGHVRUJDQLVLHUWHQ 9HUEUHFKHQV(LQHV=XVDPPHQVFKOXVVHVGHUVRJHQDQQ WHQ(KUHQZHUWHQ)DPLOLHQGLHMHHLQHQ6LW]LP 6\QGLNDWKDWWHQXQGLQQHUKDOEGLHVHV=LUNHOVHLQH 3HUV|QOLFKNHLWLKUHV9HUWUDXHQVDOVª$GYRFDWXV 'LDEROL©DQGLH6SLW]HVWHOOWHQ=ZDUH[LVWLHUWHQGLH DQWLNHQ%HJULIIHZLH&RVD1RVWUDRGHU0DILDQLFKW PHKUDEHUGLH1DFKIDKUHQGLHVHU2UJDQLVDWLRQHQ ZDUHQDXFKLP-DKUKXQGHUW1*=EHLLKUHQEOXWLJHQ *HVFKlIWHQJHQDXVRHLIULJ]XJDQJHXQGEHGLHQWHQVLFK
NDXPZHVHQWOLFKVXEWLOHUHU0LWWHOEHLGHU'XUFK IKUXQJLKUHU8QWHUQHKPXQJHQDOVHV]X%HJLQQGHV -DKUKXQGHUWDOWWHUUDQLVFKHU=HLWUHFKQXQJEOLFK ZDU ª,VWEHNDQQWEHUZHOFKH.DQlOHGDV+\EURGLHPQDFK 9HVWDUHVSHNWLYH$GDPDUXQG&DOYLQV:HOWJHODQJW"© ª:LUKDEHQLQ]ZLVFKHQHLQLJHVEHUHLQHQ.XULHULQ (UIDKUXQJJHEUDFKW©VDJWH3LQSRLQWªGHUIDVWUHJHO PlLJ]ZLVFKHQ6ROXQG$UJKLURKLQXQGKHUUHLVW© ª,FKYHUVWHKH©VDJWH'UDJRHUQHXW-HW]WZXWHHU ZHVKDOE.HULPLKPGLHVHQ-REJHJHEHQKDWWHXQGQLFKW HLQHPDQGHUHQ0LW$JHQWHQGHU62/()7ª:RWUHIIH LFKGLHVHQ.XULHU":LHNRPPHLFKDQLKQKHUDQ"© 3LQSRLQWUXQ]HOWHGLH6WLUQª1LFKWLKQVLH© 9LMXV$XJHQ]XFNWHQHLQELFKHQª(LQH)UDX"© 3LQSRLQWVDKLKQHUVWDXQWDQª,UJHQGZHOFKH3UREOHPH GDPLW"© ª1DWUOLFKQLFKW© (LQH3DXVHIROJWHGDQQVDJWH'UDJR ª'DLVWQRFK HWZDV :HQQ+\EURGLHPDXI9HVWDXQGGHQDQGHUHQ .ULVHQJHELHWHQIDVWYHUVFKHQNWZLUGYHU]LFKWHWGDV 6\QGLNDWDXIHLQHQJHZDOWLJHQ3URILW:DUXPWXWHV GDV"2IIHQJHVDJWLFKKDEHQRFKQLHGDYRQJHK|UWGD PDQVLFKLQGLHVHQ.UHLVHQIUHLZLOOLJPLWZHQLJEHJ QJWZHQQPDQIUHLQH6DFKHKXQGHUWPDOVRYLHO EHNRPPHQNDQQ© 3LQSRLQWOlFKHOWHQLFKWVVDJHQGª9HU]LFKWHQ"1HLQ PXQLFKWVHLQ© ª:LH"2KLFKYHUVWHKH©VDJWH'UDJRª(VJLEW MHPDQGHQGHUGLH'LIIHUHQ]DXVJOHLFKWLVWHVQLFKWVR" -HPDQGGHPGLH6DFKHVRYLHOZHUWLVWXP7HUUDDXV GHP1RJLDV6HNWRU]XYHUWUHLEHQ"© ª'DVN|QQWH]XWUHIIHQGVHLQ©(UKREGLH+DQGDOVHLQ 5RERWNHOOQHUYRUEHLNDPª1RFK.DIIHH"© ª:LH"-DQDWUOLFK© 6LHQLSSWHQHLQ:HLOFKHQVFKZHLJHQGDP.DIIHH'DQQ
IXKU3LQSRLQWIRUW ª8QVHU3UREOHPLVWGDZLULP *UXQGHJDUQLFKWZLVVHQZHURGHUZDVKLQWHUGHU 6DFKHVWHFNW(VNDQQVLFKVRZRKOXPHLQHKLW]N|SILJH $UNRQLGHQRSSRVLWLRQKDQGHOQDOVDXFKXPHLQH 9HUVFKZ|UXQJGHUDNRQLVFKHQ*HJHQUHJLHUXQJRGHU DXFKXPHWZDVJDQ]DQGHUHV© ª'DQQODXWHWPHLQ$XIWUDJKHUDXV]XILQGHQZHUGLH *HOGJHEHUVLQG"© ª=XP7HLO:LUYHUPXWHQGDDXI$UJKLURHLQ 6WDWWKDOWHUGHV6\QGLNDWVVLW]W'LHVHPGDV+DQGZHUN ]XOHJHQXQGLKQQRWIDOOV]XW|WHQLFKEHWRQH QRWIDOOV PX9RUUDQJKDEHQ:HQQGXGDEHLDXFKQRFKKHU DXVILQGHVWZHUGDV6\QGLNDWGHU0lFKWLJHQIUVHLQH HLJHQHQ=LHOHEHQXW]WDXFKJXW© .HULP3LQSRLQWGUHKWHGLHOHHUH.DIIHHWDVVH]ZLVFKHQ VHLQHQ)LQJHUQKLQXQGKHU(UVFKLHQLQXQIUHXQGOLFKH *HGDQNHQYHUVXQNHQ]XVHLQ'DQQKREHUGHQ.RSI 6HLQ%OLFNYHUULHWWLHIH%HVRUJQLVDOVHUOHLVHVDJWH ª9LHUXQGYLHU]LJ7RGHVIlOOHLQQHUKDOEYRQQXUVHFK]LJ 7DJHQ9LMX'HQNLPPHUGDUDQ 'DV/HEHQGLHVHU 0lQQHUXQG)UDXHQZDUHLQH$UW$Q]DKOXQJDXIGHLQHQ $XIWUDJ'HU6WURPDQ+\EURGLHPLQGLH.ULVHQJHELHWH PXHQGOLFKYHUVLHJHQ© .DSLWHO 3RQWLFKRV,,/X[RU6\VWHP$QIDQJ-XQL1*= :HLXQGNODUZDUGLH6RQQHDXVGHUOHLFKWEHZHJWHQ 6HHDXIJHWDXFKW-HW]WVWDQGVLHIDVWLP=HQLW'LH $WPRVSKlUHDP6WUDQGZDUKHLWHUXQGJHO|VW/DFKHQ HUW|QWHIU|KOLFKHV*HSODXGHU DXV$NXVWLNIHOGHUQ NDPHQGLHVFKPHLFKHOQGHQ.OlQJHHLQKHLPLVFKHU 7RQNQVWOHUXQGZREHQLKUHIDUELJHQ6FKOHLHUEHUGLH (VSODQDGH 9LMX'UDJRUlNHOWHVLFKHQWVSDQQWDXIHLQHUULHVLJHQ JHSROVWHUWHQ$QWLJUDY/LHJHGLH(LJHQWXPGHV +RWHONRPSOH[HVZDUGHUVLFKKLQWHULKPHUKREXQGLQ
GHPHUVHLWJHQDXGUHL7DJHQHLQHVGHUXQYHUJOHLFKOL FKHQ$SDUWPHQWVEHZRKQWH(UKDWWHGLH$XJHQKLQWHU GHQ*OlVHUQHLQHU6RQQHQEULOOHYHUERUJHQQLSSWHKLQ XQGZLHGHUYRQVHLQHPHLVJHNKOWHQ'ULQNXQGYHU IROJWHGLH6XUIHUDXILKUHQ0RQREUHWWHUQGLHEHUGLH PDODFKLWIDUEHQHQ:HOOHQJLVFKWHWHQ (LQ6FKDWWHQYHUGXQNHOWHGLH6RQQH :DVVHUWURSIHQ ILHOHQDXIVHLQHEUDXQJHEUDQQWH%UXVW(U|IIQHWHGLH $XJHQVFKREGLHYHUVSLHJHOWHQ6RQQHQJOlVHUDXIGLH 6WLUQXQGVFKWWHOWHVLFKEHUWULHEHQSUXVWHQG 'DQQIUDJWHHU ª1DZLHZlU V"© (UKREGLH+DQGJULIIQDFKLKU6HLQHNUlIWLJHQ)LQJHU XPVSDQQWHQIUHLQHQ0RPHQWLKUOLQNHV.QLH GLH 6HKQHQXQWHUGHU+DXWYHUKlUWHWHQVLFKDXJHQEOLFNOLFK 6LHPXWHXQJHZ|KQOLFKVWDUNH%HLQPXVNHOQEHVLW]HQ ZDVPDQLKUDEHUQLFKWVRRKQHZHLWHUHVDQPHUNWH 'LHMXQJH)UDX]RJGLH7DXFKHUEULOOHYRP.RSIª9LHO ]XZDUP$POLHEVWHQP|FKWHLFKLQHLQHP(LVPHHU VFKZLPPHQ©VDJWHVLHPLWNODUHU6WLPPH ª:LHZlU VPLW(LVVXUIHQLQGHU1RUGUHJLRQ"©IUDJWHHU VFKOlIULJXQGEOLQ]HOWH]XGHUMXQJHQ)UDXKLQDXI 6LHZDUHLQH6FK|QKHLW6FKODQNWURW]GHPDQJHQDX GHQULFKWLJHQ6WHOOHQNUlIWLJSURSRUWLRQLHUWXQGEUDXQ JHEUDQQWNHLQ:XQGHUQDFK]ZHL:RFKHQ$XIHQWKDOW DQGHQ2SKLUVWUlQGHQ3RQWLFKRV,,3RQWLFKRV,,GDV -XZHOGHU*DOD[LV,KU+DDULQGHU0LWWHJHVFKHLWHOW XQGLPWURFNHQHQ=XVWDQGLQZHLFKHU:HOOHELV]XP 1DFNHQNQRWHQYHUODXIHQGZXQGHUEDUHV+DDUJROG JHOEZLHUHLIHV.RUQXQGIDVWYRQGHUJOHLFKHQ)DUEH ZLHGLHGHV6WUDQGHVWURIIYRU1lVVH'LH]ZHL 6WUHLIHQ6WRIILKUHV%DGHDQ]XJVEHGHFNWHQJHUDGHVR YLHOH4XDGUDW]HQWLPHWHU+DXWGDHVDXIUHL]HQGHU ZLUNWHDOVZHQQVLHQDFNWJHZHVHQZlUH 6LHJULIIVLFKHLQ+DQGWXFKYRQGHU/LHJHXQGUXEEHOWH LKU+DDUWURFNHQª.HLQHVFKOHFKWH,GHH©DQWZRUWHWH
VLH'DEHLNODQJLKUH6WLPPHHKHUK|IOLFKDOVWDWVlFK OLFKLQWHUHVVLHUW =XU6HLWHUFNHQGPDFKWHHULKU3ODW]ª%LVGDKLQ KLHU(LQHNOHLQH(UIULVFKXQJ© 'DV+DQGWXFKIORJDFKWORVLQGHQ6DQGª:DVLVWGDV"© IRUVFKWHVLHQDKPGDV*ODVDXVVHLQHQ)LQJHUQXQG VHW]WHVLFKQHEHQLKQ ª)UXFKWVDIWXQGHLQELFKHQZDVDQGHUHV© ª+PPPLWDQGRULDQLVFKHP*UDSSDVHKUJXW©,KU 0XQGZDUXQJHVFKPLQNWXQGlXHUVWEHJHKUHQVZHUW 6LHVDKLKQDQPLWWLHIEODXHQ$XJHQGLHPLWXQWHUVHKU DEZHLVHQGEOLFNHQXQGHLQHQ0DQQIDOOVGLHVHUHVYHU GLHQWHOHLFKWDXIVHLQHQ3ODW]YHUZHLVHQNRQQWHQZLH HU]XVHLQHP/HLGZHVHQVFKRQIHVWVWHOOHQPXWH-HW]W DOOHUGLQJVOlFKHOWHVLH LKUH=lKQHZDUHQVHKUZHLLQ LKUHPEUDXQHQ*HVLFKW ª'XELVWVHKUDXIPHUNVDP©VWHOOWHVLHIHVW :HQQGXZWHVWZLHDXIPHUNVDPLFKZLUNOLFKELQ GDFKWHHUXQGYHUEDUJVHLQH$XJHQZLHGHUKLQWHUGHU 6RQQHQEULOOH 6RVFK|QGDV/HEHQDXIGLHVHU:HOWLP0RPHQWDXFK VFKLHQHUZDUQLFKWDXI3RQWLFKRV,,XP]XVXUIHQRGHU VLFKEUDXQEUHQQHQ]XODVVHQ(UZDUHLQ.|GHUZHLWHU QLFKWV$OOHUGLQJVHLQVHKUVRUJIlOWLJDXVJHZlKOWHU .|GHUDXVHUVHKHQGD]XGLHVH)UDXLQGLH)DOOH]X ORFNHQ6HLQZDKUHV=LHOZDUQDWUOLFKGDV6\QGLNDW VLHVHOEVWVSLHOWHGDEHLHLQHHWZDVXQWHUJHRUGQHWH 5ROOHZDUHLJHQWOLFKQXU0LWWHO]XP=ZHFN 'DV6\QGLNDWGHU0lFKWLJHQ (VWUXJYLHOH1DPHQ8QGHVKDWWHDXIYLHOHQ3ODQHWHQ GHU/RNDOHQ*UXSSHVHLQH9HUWUHWHU6WDWWKDOWHUZLHVLH JHQDQQWZXUGHQ6LHZDUHQGLH%LQGHJOLHGHU]ZLVFKHQ GHPDQVlVVLJHQ:LUWVFKDIWVOHEHQXQGGHP9HUEUHFKHQ 'HUgIIHQWOLFKNHLWJHJHQEHUWUDWHQVLHLQGHU0DVNH YRQ5HFKWVDQZlOWHQYRQ3ROLWLNHUQRGHU*HVFKlIWV OHXWHQDXI2IWJHQXJDXFKDOV5LFKWHURGHUKRKH
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|JOLFKHUZHLVH VHKUHUVFKZHUHQNRQQWH (QRUPHUVFKZHUHQ =ZHL7DJHKDWWHHVJHGDXHUWLKUH$XIPHUNVDPNHLWDXI LKQ]XOHQNHQ,Q]ZLVFKHQZDUHQVLHVLFKQlKHUJHNRP PHQZHQQDXFKQLFKWLQGHP0DHZLHHVIUVHLQ 9RUKDEHQZQVFKHQVZHUWJHZHVHQZlUHDEHUIDVW 8QGQRFKLPPHUKDWWHHUNHLQHQLKUHUVLFKHUYRUKDQGH QHQ%HZDFKHUEHPHUNWZDVGHUHQ3URIHVVLRQDOLWlWQXU XQWHUVWULFK6LHHU]lKOWHLKPQLFKWYLHOYRQVLFKOHGLJ OLFKGDVLH&\ULO+RSH4XLOOLDQKLHZDVHUDEHU QHEHQHLQSDDUDQGHUHQ(LQ]HOKHLWHQDXVLKUHP/HEHQ EHUHLWVZXWHDEHUGDVZXWHVLHZLHGHUXPQLFKW ª(LVVXUIHQ©NDPVLHDXIVHLQHQ9RUVFKODJ]XUFN ª+PPZDUXPQLFKW"'XKDVWYLHO=HLW"©'DVZDUQXU K|IOLFKH.RQYHUVDWLRQ ª,FKKDEHQLFKWYLHO]XWXQ©EHVWlWLJWHHUEHUWULHEHQ IRUVFK ª6RJXWP|FKWHLFKHVDXFKPDOKDEHQ©VDJWHVLH KDOEODXWXQGJHGDQNHQYHUORUHQXQGEOLFNWHGHQ6WUDQG KLQXQWHUDXIV0HHU (LQHUGHUJURHQ6HHY|JHOIOLW]WHDQPXWLJXQGPKH
ORVEHUGLH:HOOHQXQGVFKUDXEWHVLFKGDQQPLWDWHP EHUDXEHQGHU*HVFKZLQGLJNHLWLQGHQ:LQGKRFK'LH $XJHQGHUMXQJHQ)UDXIROJWHQLKPKLQWHUGHQGXQNOHQ *OlVHUQLKUHU6RQQHQEULOOHEHLQDKHVHKQVFKWLJ 'DQQZDQGWHVLHLKUH$XIPHUNVDPNHLWHUQHXWLKP]X ª/DPLFKUDWHQ 'XVFKHLQVWLQ*HOG]XVFKZLPPHQ LVWHVQLFKWVR"© ª)DOVFK©HUZLGHUWHHU6HLQ*HVLFKW]HLJWHHLQHQ $QIOXJYRQ8Q]XIULHGHQKHLWª,Q:LUNOLFKNHLWELQLFK QXUVRHLQH$UWEHVVHUHU%XWOHUIUHLQH*UXSSHYRQ )LQDQ]PDNOHUQIUGLHLFKGLH%RWHQJlQJHPDFKH© 6LHUXQ]HOWHGLH6WLUQª'XPDFKVWHLQHQ6FKHU]" /DXIEXUVFKHQNRPPHQQLFKWPDOLQGLH1lKHGLHVHU :HOW© ª1XQMD©VFKUlQNWHHUZLGHUZLOOLJHLQªLFKELQGHU 9HUZDQGWHHLQHV9HUZDQGWHQGHV&KHIVGHUVHLQHHLJH QHQ$QVLFKWHQEHU9HWWHUQZLUWVFKDIWKDW'HU&ODQ KlOW]XVDPPHQYHUVWHKVWGX"$OOHUGLQJVYHUIJHLFK LQQHUKDOEGHU)DPLOLHQLFKWEHUGLHQ|WLJH5HSXWDWLRQ GHVKDOEZHUGHLFKPHLVWQXUDOV3LORWIUGLH 5HQQMDFKWHQHLQJHVHW]WGLH©'UDJRKLHOWSO|W]OLFK LQQHª(QWVFKXOGLJHELWWH(VLVWXQYHU]HLKOLFKYRQPLU GLFKDXIVRHLQH$UWXQG:HLVH]XODQJZHLOHQ© 6LHPDFKWHHLQHDEZHKUHQGH+DQGEHZHJXQJ,KUH 0LHQHZLUNWHXQEHWHLOLJWDOVVLHVDJWH ª'XEUDXFKVW GLFKQLFKW]XHQWVFKXOGLJHQ©'DQQ ª'XELVWDOVR 3LORW"(LQHUGLHVHUKDUWHQ'UDXIJlQJHUGLHLQGHQ%DUV GHU5DXPKlIHQKHUXPKlQJHQXQG0lGFKHQPLW %HULFKWHQYRQLKUHQVDJHQKDIWHQ5HQQHQLQLKUH%HWWHQ ORFNHQ"© (LQHQGORVODQJHVEUDXQHV%HLQUXWVFKWHODQJVDPQDKHU XQGVFKREVLFKZLHXQEHDEVLFKWLJWHQJDQGDVVHLQH 'UDJRZXUGHHVZDUPVHKUZDUP8QGGLHVH:lUPH KDWWHQLFKWVPLW3RQWLFKRV 6RQQH]XWXQ ª1XQMDHLJHQWOLFKELQLFKQLFKWVDQGHUHVDOVHLQEHV VHUHU0HFKDQLNHU©EHNDQQWHHUDEVFKZlFKHQGXQG
OHJWHHLQH6SXU=HUNQLUVFKXQJLQVHLQH6WLPPH ª+DXSWVlFKOLFKVWDXEHLFKGLH,QVWUXPHQWHDE+LQXQG ZLHGHUGDUILFKDXFKPDODQGLH6WHXHUXQJXPHLQSDDU /HXWHGXUFKGLH*DOD[LV]XNDUUHQ© 'DV6FKZHLJHQGDXHUWHODQJH6FKOLHOLFKEHPHUNWH VLH ª$XIUHJHQGHV/HEHQVWHOOHLFKPLUYRU© ª:LHPDQ VQLPPW©(UVFKQLSVWHPLWGHQ)LQJHUQ QDFKGHP6HUYRGHUDXIPHUNVDPGUHL6FKULWWHHQWIHUQW DXIVHLQHP$QWLJUDYSROVWHUKLQWHULKQHQVFKZHEWHXQG EHVWHOOWHQRFK]ZHLDQGRULDQLVFKH*UDSSDV'LHVPDO RKQH)UXFKWVDIWª$XIUHJHQGLVWHVQXUDQ3OlW]HQZLH GLHVHQXQGLQ*HVHOOVFKDIWZLHGHUGHLQHQ 8QJOFNOLFKHUZHLVHGDXHUQDEHU9HUJQJHQGLHVHU$UW PHLVWQLHVHKUODQJH© ª1HLQ"©6LHUFNWHHLQZHQLJYRQLKPDEZLHHU EHGDXHUQG]X.HQQWQLVQDKP ª1HLQ/HLGHUPXLFKPHLQH)HULHQLQ.U]HDEEUH FKHQXQG]XUFNNHKUHQ© ª'DVWXWPLUOHLG©VDJWHVLHXQGVFKQLWWHLQH*ULPDVVH LQLKUHQ'ULQN'DQQGUHKWHVLHVLFK]XPLKPKHUXP XQGVHW]WHVLFKDXIª=XUFNNHKUHQZRKLQ"© ª(UGH6RO© ª:LHVFKDGH©VDJWHVLH ª(VKDWDXFKVHLQHJXWHQ6HLWHQ©EHNDQQWHHUª,FK PXGHPQlFKVWHLQHOlQJHUH5HLVHDQWUHWHQ1DFK *KRODHLQH5HQQMDFKWYRQGRUWQDFK7HUUDEHU IKUHQ© 6LHODFKWHDPVLHUWXQGVFKODQJGLH$UPHXPGLH.QLH ª1RFKPHKU)HULHQIUGHQ9HUZDQGWHQHLQHV 9HUZDQGWHQ"© ª.DXPHVLVWPLW$UEHLWYHUEXQGHQ$EHUHVYHUVFKDIIW PLUGLH*HOHJHQKHLWPLFKYRUKHUHLQSDDU7DJHLQ 7HUUDQLD&LW\KHUXP]XWUHLEHQ© ª:DQQUHLVWGXDE9LMX"©(VZDUGDVHUVWH0DOGDVLH LKQEHLP9RUQDPHQQDQQWH ª0RUJHQQDFKPLWWDJ©
ª6FKDGH©VDJWHVLHKDOEODXW ª-D©EHVWlWLJWHHUªDEHUGHU%RUXIW$XHUGHPNDQQ LFKGDGXUFKZLHGHUHLQSDDU*DOD[YHUGLHQHQ© 6LHVFKZLHJHLQH:HLOHGDQQVDJWHVLH ª,QYLHURGHU IQI7DJHQZHUGHLFKHEHQIDOOVLQ7HUUDQLD&LW\VHLQ© 6LHVDJWHHVJDQ]QHEHQEHL 2KQHVLHDQ]XVHKHQPHLQWHHU ª:HQQGXHLQH6WXQGH IUHLKDVWRGHUVR© ª(VJLEWYHUPXWOLFKYLHOH9LMX'UDJRVLP9LGHRSKRQ 5HJLVWHU© ª6XFKHQDFKHLQHPPLWHLQHU$GUHVVHLQGHQ'HQHE $SDUWPHQWV© ª:HUGHQ'RPHVWLNHQVRJXWEH]DKOW"©,KUH%UDXHQ Z|OEWHQVLFK ª%ORHLQHEHVVHUH0DQVDUGH©ZLHJHOWHHUHQWVFKXOGL JHQGDEªDXI6SHVHQ© ª,FKZHUGHDQUXIHQ)OLHJVWGXZLUNOLFKQDFK*KROD"© ,Q'UDJRV*HVLFKW]XFNWHNHLQ0XVNHOª-DZLUNOLFK© ª$OOHLQ"© ª9HUPXWOLFK,QXQJHIlKU]HKQ7DJHQ©DQWZRUWHWHHU XQGEHVFKORVLHHLQZHQLJDXVGHU5HVHUYH]XORFNHQ ª$OOHUGLQJVZHUGHLFKYRUKHUHLQHQ$EVWHFKHUQDFK $UJKLURPDFKHQOLHJWVRZLHVRDXIGHU6WUHFNH© 6LHVDKEHUUDVFKWDXVª:DUXP$UJKLUR"© ª,FKDPVLHUHPLFKGDLPPHUVRJXW'DVNHQQVWGX GRFKRGHU")UHLXQGXQJHEXQGHQDXI.RVWHQGHU )LUPD© 6LHODFKWH$XV+|IOLFKNHLW(VODJNHLQH+HU]OLFKNHLW GDULQ ª'XZDUVWVFKRQPDOGRUW"©IUDJWHVLHPLWHLQHP JHODQJZHLOWHQ8QWHUWRQ ª$XI$UJKLUR"-DMD(LQZXQGHUYROOHU3ODQHW:HQQ LFKQLFKWJHEUDXFKWZHUGHNPPHUHLFKPLFKGRUWHLQ ZHQLJXPGLH)DUPPHLQHV2EHUERVVHV© ª'XIKUVWZLUNOLFKHLQDXIUHJHQGHV/HEHQ©VDJWHVLH LKUH$XJHQOHXFKWHWHQSO|W]OLFKLQWHUHVVLHUWDXI
ª8QGGX"©(UYHUVXFKWHQLFKW]XQHXJLHULJ]XHUVFKHL QHQ ª+P©VDJWHVLHª%HLZHLWHPQLFKWVRLQWHUHVVDQW 0HLVWHQVQXU'XUFKVFKQLWW©6LHJLQJQLFKWZHLWHUGDU DXIHLQXQGYHUJUXEGHQ%RGHQGHVOHHUHQ*ODVHVLP RSKLUIDUEHQHQ6DQGQHEHQGHU/LHJH (UERKUWHZHLWHU ª1XQVDJVFKRQ:LHZDUGHLQH 5HLVH"© ª:LHELWWH"© ª6LFKHUKDWGLFKHLQ/X[XVOLQHUGHU.UHLW6WDU/LQLH KLHUKHUJHEUDFKW© ª6LFKHU©VDJWHVLHªYRQ2UEDQD*LEVWGXPLUELWWH HLQH=LJDUHWWH"© 'UDJRWDWJHEKUHQGEHHLQGUXFNWª/HSVRGLH )UHLKDQGHOVZHOWGHU6RQQH)LULQJ"© ª(EHQGLHVH©VDJWHVLH ,KU9HUKDOWHQHUPXQWHUWHQLFKWJHUDGH]XZHLWHUHQ )UDJHQXQGVROLHHV'UDJRGDEHLEHZHQGHQIUGHQ $XJHQEOLFN]XPLQGHVW:lKUHQGVLHGHQ5DXFKGHV =LJDUHWWHQ'HULYDWVLQKDOLHUWHEHWUDFKWHWHHULKU *HVLFKWLKUHDWWUDNWLYH1DVHLKUHQEUHLWHQ0XQGGLH EODXHQ$XJHQ ª8PDXI7HUUDQLD]XUFN]XNRPPHQ©VDJWHHUGDQQ ª,QPHLQHP$SDUWPHQWZlUH3ODW]IUGLFKZHQQGX QLFKWPHKUDOV]ZHLRGHUGUHL6FKUDQNNRIIHUKDVW© 6LHQDKPGLH6RQQHQJOlVHUDEXQGVWDUUWHLKQPLW HLQHPQHXJLHULJHQDEVFKlW]HQGHQ%OLFNDQª7XWPLU OHLG©VDJWHVLHGDQQZDVVLHIUVHLQHQ*HVFKPDFNHLQ ELFKHQ]XKlXILJVDJWHDEHUGLHVPDOVDKHVDXVDOVRE VLHHVDXFKPHLQWH ª'DVKHLWXQYHUVFKOVVHOWGDGXQLFKWZLOOVW"© ª,FKNDQQQLFKW©EHGDXHUWHVLHª,FKKDEH]XWXQ9LHOH /HXWHEHVXFKHQXQGVR(VZlUHVFK|QJHZHVHQ© ª1DGDQQYLHOOHLFKWHLQDQGHUHV0DO©VDJWH'UDJR ª:LHZlUHHVKHXWHDEHQGPLWHLQHP'LQQHU"© ,KUH+IWHODJHUQHXWDQVHLQHP2EHUVFKHQNHODOVVLH
]XVDJWH9LMX'UDJREHVWHOOWHQHXH*UDSSDVXPLKU 9HUVSUHFKHQ]XIHLHUQ(VVFKLHQDOVREVLHWDWVlFKOLFK QXULQGHQ)HULHQVHLHQXQGNHLQH3UREOHPHKlWWHQ 'UDJRNOHLGHWHVLFKDQGLHVHP$EHQGHWZDVVRUJIlOWL JHUDOVJHZ|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lQ]WH YRQ+RZDOJRQLXPIOLWWHU 6LHVDHQDQHLQHP7LVFKDXIHLQHU(PSRUHPLW%OLFN DXIGLH+RWHOEDU&\ULOHU]lKOWH%HODQJORVHVDXVLKUHP /HEHQ]XPLQGHVWYHUVXFKWHVLHLKPJODXEHQ]X PDFKHQGDHVLKU/HEHQZDUZLQNWHKLQXQGZLH GHUIOFKWLJQRFKIOFKWLJHUHQ)HULHQEHNDQQWVFKDIWHQ ]XXQGNRQQWHGRFK'UDJRQLFKWHLQH6HNXQGHODQJ WlXVFKHQ(UQLFNWH]XLKUHQ3ODXGHUHLHQXQGYHUVXFK WHGUHLHUOHL VLFKDXVLKUHQbXHUXQJHQHLQEHVVHUHV %LOGLKUHU3HUV|QOLFKNHLW]XPDFKHQGLH*lVWHDE]X VFKlW]HQXQGJOHLFK]HLWLJQDFKGHQEHNDQQWHQ $Q]HLFKHQ$XVVFKDX]XKDOWHQGLH*HIDKUHQVLJQDOL VLHUWHQ 1LFKWHLQH6HNXQGHJDEHUVLFKGHU,OOXVLRQKLQVHLQ /HEHQZlUHXQJHIlKUGHW6HLWHUGLHVHQ$XIWUDJEHU QRPPHQKDWWHYHUVXFKWHHUQXUGDV$XVPDGHU *HIDKUHQDE]XVFKlW]HQGLHLKQHUZDUWHWHQ 'UDJREOLFNWHEHU&\ULOVJHEUlXQWH6FKXOWHUKLQZHJ
KLQXQWHU]XU%DU6FKOLHOLFKZXUGHHUIQGLJ $P DQGHUHQ(QGHGHU+RWHOEDUVDHLQEUHLWVFKXOWULJHU 0DQQJDQ]LQGQQHVWHXUHV/HGHUJHNOHLGHWGDV XQWHUGHU%HOHXFKWXQJRSDOLVLHUHQGVFKLPPHUWH(U ZLUNWHDPVLHUWXQGVHOEVWVLFKHUDOVJlEHHVNDXPHLQ 3UREOHPPLWGHPHUQLFKWIHUWLJZUGH:LHHUVR GDVDHULQQHUWHHUDQHLQH2SKLGLDGLHVLFKDXI KHLHP*UDQLWVRQQWH(UKLHOWHLQ*ODVLQGHU+DQG GDVVLFKYHUJOHLFKVZHLVH]LHUOLFKLQVHLQHQNUlIWLJHQ )LQJHUQDXVPDFKWHWUDQNDEHUNDXPXQGJDEVLFKGHQ $QVFKHLQJHODQJZHLOWHQ'HVLQWHUHVVHV 7URW]GHPZDUHUQXUGDPLWEHVFKlIWLJW&\ULOXQG 'UDJRQLFKWDXVGHQ$XJHQ]XODVVHQ6RJDUDXVGHU (QWIHUQXQJNRQQWHPDQDXVVHLQHP9HUKDOWHQXQGVHL QHP*HVLFKWHUNHQQHQGDYRQLKP6FKZLHULJNHLWHQ ]XHUZDUWHQZDUHQ'UDJRKHJWHKLQVLFKWOLFKVHLQHU 3HUVRQNHLQHUOHL=ZHLIHO :LHQHEHQEHLVDJWHHU]X&\ULO ª2UEDQDKDWPLUHLQ PDOHLQSDDUXQYHUJHOLFKH7DJHEHVFKHUW,FKZRKQWH LP 6WHUQHQSDODLV 'LH$QWLJUDY/LIWHVLQGULHVLJZLH GLHYRQ6FKODFKWVFKLIIHQGHU/)7© &\ULOKDWWHJXWJHJHVVHQXQGZHGHUGHQN|VWOLFKHQ EODXHQ3RQWLFKRV:HLQQRFKGHQYRU]JOLFKHQ DQGRULDQLVFKHQ*UDSSDDXVJHVFKODJHQ$EHUQLFKWV YRQDOOHGHPKDWWHLKUGLH=XQJHJHO|VW ª,FKNHQQHGDV 6WHUQHQSDODLV QLFKW,FKKDEH2UEDQD OHGLJOLFKDOV=ZLVFKHQVWRSSEHQXW]W©EHGDXHUWHVLH© 'UDJREHPHUNWH ª'XVFKHLQVWHEHQIDOOVKHUXP]XNRP PHQ© ª-D©(VZDUQLFKWVRHLQIDFKZLHVLHHVVLFKYHUPXW OLFKYRUJHVWHOOWKDWWHQHWW]XVHLQXP'UDJREHL/DXQH ]XKDOWHQXQGLKPJOHLFK]HLWLJ]XVDJHQHUVROOHVLFK JHIlOOLJVWXPVHLQHHLJHQHQYHUGDPPWHQ$QJHOHJHQ KHLWHQNPPHUQª(VWXWPLUOHLG9LMX,FKELQQLFKWVR JXWGUDXI9LHOOHLFKWHLQDQGHUHV0DO© (UOHJWHVHLQH+DQGEHULKUH)LQJHUª1DWUOLFK©
VDJWHHUYHUVWlQGQLVYROOª,FKVROOWHZLUNOLFKQLFKWVR QHXJLHULJVHLQ© $XFKVLHKDWWHGLH6FKODQJHJHVHKHQXQGYHUVXFKWH GDV]XYHUEHUJHQLQGHPVLHVWDQGKDIWLQHLQHDQGHUH 5LFKWXQJEOLFNWHª+lWWHVWGXHWZDVGDJHJHQDXI]XEUH FKHQ9LMX",FKELQHLQZHQLJPGH© (VZDUOlQJVW]XVSlW 'HU0DQQKDWWHGLH(PSRUHPLW]ZHLPlFKWLJHQ 6FKULWWHQJHQRPPHQVWDQGQHEHQLKUGHU'ULQNLQVHL QHP*ODVVFKZDSSWHQLFKWHLQPDO(UVFKHQNWHLKUHLQ /lFKHOQGDVWDGHOORVHVWUDKOHQGZHLH=lKQHHQWKOOWH ª&\ULO©VDJWHHULQHLQHP7RQIDOODOVREHUVLHDQGLH VHP$EHQG]XPHUVWHQPDOVlKHª.LQGFKHQ%LQLFK IURKGLFK]XVHKHQ©(UZDUNHLQVHKUEHU]HXJHQGHU 6FKDXVSLHOHU8QGVHLQH)UHXGHZLUNWHDXIJHVHW]W 'UDJRZDUK|IOLFKDXIJHVWDQGHQXQGVLHGHXWHWHDXI LKQª=DQRGDVLVW9UMX'UDJR9UMX=DQRPHLQ PHLQ%UXGHU© 'UDJREHZXQGHUWHLKUHVFKQHOOH5HDNWLRQ IUHLQHDXV GHPbUPHOJHVFKWWHOWH(UNOlUXQJZDUGDVZLUNOLFK QLFKWVFKOHFKW =DQRVDK'UDJRDQDOVREGLHVHULKPGHQV\QWURQL VFKHQ,PSXOVJHEHU]XVHLQHU5HQQMDFKWJHNODXWKlWWH 'DQQGUHKWHHULKPVHLQHQ5FNHQ]X(UNODQJXQJH GXOGLJDOVHUVDJWH ª,FKKDEHPLWGLU]XVSUHFKHQ .OHLQHV© ,KUH0LHQH]HLJWHlQJVWOLFKH8QHQWVFKORVVHQKHLWMD IDVW)XUFKWGLH'UDJRHLQZHQLJ]XGLFNDXIJHWUDJHQ YRUNDP(VJHK|UWHJDUDQWLHUW]XP6SLHO7URW]GHP EHVFKORHUHLQ]XJUHLIHQLQGHPHULKUHQ%UXGHU IUHXQGOLFKOlFKHOQGPLWGHP=HLJHILQJHUDQVWLH ª1HLQ©VDJWHHUª1LFKWMHW]W'LH'DPHJHK|UW]X PLU© =DQR4XLOOLDQVFKQHOOWHKHUXPXQGVDKYRQHLQHU 6HNXQGH]XUDQGHUHQXPHLQYLHOIDFKHVXQIUHXQGOLFKHU DXV(UPXVWHUWH'UDJRPLWNDOWHQ$XJHQUHJLVWULHUWH
GHVVHQ$EHQGDQ]XJGLHZXFKWLJHQ5LQJHDQVHLQHQ )LQJHUQXQGHLQZLQ]LJHV=XFNHQVHLQHVOLQNHQ 0XQGZLQNHOVYHUULHWZDVHUGDFKWH(UKlWWH]ZDU NHLQH(UNOlUXQJHQQ|WLJJHKDEWGHQQPDQVDKLKPDQ GDHUHLQ$VLQDOOHQEHNDQQWHQWHUUDQLVFKHQXQGYHU PXWOLFKDXFKLQHLQSDDUDXHULUGLVFKHQ.DPSIVSRUW DUWHQZDUJDEDEHU'UDJRWURW]GHPHLQH ª+|U]X/DFNDIIH6LHVLHLVWPHLQH6FKZHVWHU© VDJWHHUPLWHLQHUXQPHUNOLFKHQ3DXVHª]LHKDOVR /HLQH©(UJULIIVLFKYRP1DFKEDUWLVFKHLQHQ6WXKO XQGVHW]WHVLFK'DQQZLQNWHHUHLQHP5RERWNHOOQHU ª+H(LQSDDU'ULQNVDQGLHVHQ7LVFK©6HLQH 0DQLHUHQOLHHQHEHQIDOOV]XZQVFKHQEULJ 'UDJRVHW]WHVLFKHEHQIDOOVZLHGHU DXHULKQ QLHGHU]XVFKLHHQRGHULKPGHQ.RSIHLQ]XVFKODJHQ VDKHULP$XJHQEOLFNNHLQHDQGHUH$OWHUQDWLYH $OOHUGLQJVZlUHGDVPLW6LFKHUKHLWGHUVFKQHOOVWH:HJ JHZHVHQDPQlFKVWHQ7DJQLFKWQDFK7HUUDIOLHJHQ]X N|QQHQ 3RQWLFKRV,,ZDU]ZDUHLQH)HULHQZHOWPLWHQWVSUH FKHQGORFNHUHQ6LWWHQXQG*HEUlXFKHQDEHUGLHORNDOH 2UGQXQJVPDFKWZDUEHNDQQWIULKUH(IIHNWLYLWlWXQG 6NUXSHOORVLJNHLWZHQQHVGDUXPJLQJ*HZDOWYHU EUHFKHQ]XDKQGHQ*DQ]DEJHVHKHQGDYRQGDHU NHLQH:DIIHGDEHLKDWWH ]XPLQGHVWNHLQH6FKXZDIIH 6R]QGHWHHUVLFKHLQHQQHXHQ=LJDUHWWHQ(UVDW] DEVROXWXQJHIlKUOLFKIUGLH*HVXQGKHLWDQOHJWHGLH +lQGH]XVDPPHQXQGGUHKWHDQVHLQHP6LHJHOULQJ 'DEHLEHWUDFKWHWHHUGLH6FKODQJHGXUFKGHQ5DXFK KLQGXUFK=XPHUVWHQ0DONRQQWHHUVLFK=DQR4XLOOLDQ JHQDXHUDQVHKHQ(UKDWWHHLQHQGXUFKWUDLQLHUWHQ .|USHU6HLQKDUWHV*HVLFKWPLWGHPROLYIDUEHQHQ7HLQW EHVDVFKDUIJHVFKQLWWHQH:DQJHQ'DV+DDUZDUVWUDII QDFKKLQWHQJHNlPPWVFKZDU]ZHLJHVWUlKQWXQGLP 1DFNHQ]XHLQHPQHFNLVFKHQ=|SIFKHQJHEXQGHQ $EJHVHKHQYRQVHLQHQIHKOHQGHQ0DQLHUHQZDUHU
XQYRUHLQJHQRPPHQEHWUDFKWHWQLFKWXQDWWUDNWLY8QG KDWWHVRJDUQLFKWVYRQVHLQHU6FKZHVWHU'HU%OLFNVHL QHUJHOEHQ$XJHQZDUKLQWHUKlOWLJXQGJOHLFK]HLWLJ ZDFKXQGDXIPHUNVDPDEHUWURW]GHPQLFKWDXIPHUN VDPJHQXJXP]XEHPHUNHQGDHUYRQ'UDJRV 0LNURNDPHUDLP6LHJHOULQJDXIJHQRPPHQZXUGH 'UDJRKREVLFKGLH%HOHLGLJXQJHQIUVSlWHUDXIXQG VDJWH]X&\ULO ª0|FKWHVWGXJHKHQ"©%HYRUVLHDQW ZRUWHQNRQQWHZDQGWHVLFK=DQRHUQHXWLKP]Xª,FK GDFKWHLFKKlWWHGLU]XYHUVWHKHQJHJHEHQGXVROOVW DEKDXHQ)UHXQGFKHQ©VDJWHHULUJHQGZLHLUULWLHUW ª*HKYHUVFKZLQGHHLQIDFK© ª%LWWH9LMX©VDJWH&\ULOª(VLVWPLUVHKUSHLQOLFK© ª1HLQ©VDJWH'UDJRJHODVVHQª$XFKZHQQHUGHLQ %UXGHULVWLFKPDJLKQQLFKW*LEWHVLUJHQGHLQHQYHU QQIWLJHQ*UXQGZHVKDOELFKZHLWHUK|IOLFK]XLKP VHLQVROO"© :DKUVFKHLQOLFKVDKVLHZLHGLH6LWXDWLRQ]XHVNDOLHUHQ GURKWH'HVKDOEOHJWHVLHVFKQHOOLKUHP%UXGHUGLH +DQGDXIGHQ$UPª=DQR©EDWVLHª%LWWHNDQQLFK VSlWHUPLWGLUVSUHFKHQ"© 'DVLHVRIOHKHQWOLFKPLWHLQHP(NHOSDNHWZLH=DQR UHGHWHHUIOOWH'UDJRPLW=RUQ 'HU5RERWNHOOQHUZDUJHNRPPHQLQVHLQHP 6FKOHSSWDXGDVVXPPHQGH%IIHWXQGSURML]LHUWHGLH *HWUlQNHNDUWHLQHLQHP+ROR ª9XUJX]]RKQHDOOHV©VDJWH4XLOOLDQª8QGGX .OHLQHV"©IUDJWHHU&\ULO 6LHVFKWWHOWHDEOHKQHQGGHQ.RSIª1LFKWV© )UHLQHQ$XJHQEOLFNKHUUVFKWHJHVSDQQWHV 6FKZHLJHQELVGHU6HUYRGHQ9XUJX]]VHUYLHUWKDWWH ª%LWWH=DQR©VDJWHVLHGDQQQRFKHLQPDOGLHVPDO GUlQJHQGHU8QGGDQQIU'UDJRY|OOLJEHUUDVFKHQG YHU]HUUWHVLFKLKU*HVLFKWYRU6FKPHU] (LQHQ$XJHQEOLFNZDU9LMXYHUZLUUWELVHUVDKZDV JHVFKHKHQZDU =DQR4XLOOLDQKDWWHGLH5HFKWHVHLQHU
6FKZHVWHU]ZLVFKHQVHLQH)LQJHUJHQRPPHQXQG SUHWHGLHLKUHQZLHLQHLQHPK\GUDXOLVFKHQ6FKUDXE VWRFN]XVDPPHQ(UVDKGDEHL'UDJRDQXQGEOHFNWH VHLQHWDGHOORVHQ=lKQHZlKUHQGHURIIHQVLFKWOLFKGHQ 'UXFNQRFKYHUVWlUNWH &\ULOVWLHHLQHQZLQ]LJHQ.ODJHODXWDXV 'UDJRODQJWHEHUGHQ7LVFKOHJWHVHLQHOLQNH+DQG ZLHLQHLQHUIUHXQGVFKDIWOLFKHQ*HVWHDXI4XLOOLDQV IUHLHQ$UPH[DNWDQGHU6WHOOHZRGHVVHQ+DQGJHOHQN DXVGHQbUPHOGHU-DFNHUDJWH$XVGHPZLQ]LJHQ =\OLQGHUGHQHU]ZLVFKHQGHQ)LQJHUQYHUERUJHQKLHOW VFKRHLQHHWZDHLQH+DQGEUHLWODQJHIDGHQGQQH EODXH/DQ]H'LH/XIWEHJDQQOHLVH]XNQLVWHUQ /HLFKWHU2]RQJHUXFKPDFKWHVLFKEHPHUNEDU ª+|U]XGXPLHVHV$UVFKORFK©VDJWH'UDJRJHODVVHQ ª:HQQGXQLFKWVRIRUWGLH'DPHORVOlWGDUIVWGXGLU DXI0LPDVHLQHQHXH+DQGDQQlKHQODVVHQ.DSLHUW"© 4XLOOLDQEOLQ]HOWHQLFKWHLQPDO6HLQHhEHUUDVFKXQJ ]HLJWHHUOHGLJOLFKGXUFKHLQNOHLQHVEHUUDVFKWHV 5XFNHQVHLQHU$XJHQEUDXHQ$EHUHUOLH&\ULOV+DQG ORV(LQHQ0RPHQWVWDUUWHHUDXIGHQJOKHQGHQ)DGHQ GHUQRFKLPPHUGLFKWEHUVHLQHP+DQGJHOHQNVXPP WHXQGYLEULHUWHZLHHLQE|VDUWLJHV,QVHNWGDQQVDKHU 'UDJRDQOlFKHOWHYHUNQLIIHQXQGQLFNWH 'HU)DGHQ]RJVLFKLQGHQ=\OLQGHU]XUFN 4XLOOLDQVWDQGDXI HUZDUHLQ]XJHIlKUOLFKHU0DQQ XPVLFKODXWVWDUN]XlXHUQ:DVHUVDJWHVDJWHHULP OlVVLJHQ3ODXGHUWRQ ª2ND\9LMX%R\'LHVKLHULVWQLFKWGHUULFKWLJH2UW $EHUVHLYHUVLFKHUWGXK|UVWEDOGZLHGHUHLQPDOYRQ PLU© (UGUHKWHVLFKXPXQGJLQJ.DXPMHPDQGGHUDQGHUHQ *lVWHKDWWH1RWL]YRQGHP9RUIDOOJHQRPPHQ(LQ 3URIL7URW]GHUVFKOHFKWHQ0DQLHUHQ 'UDJRVDJWH ª5HL]HQGHQ%UGHUKDVWGX© &\ULOHUJULIIVHLQH+DQGª'DQNH9LMX©VDJWHVLH
KDOEODXWª,FKELQVRIURKGDGXHVQLFKWJHWDQKDVW© ª:HQQHUPLFKGD]XJH]ZXQJHQKlWWHKlWWHLFK V JHWDQNHLQH)UDJH©(UOlFKHOWHVLHDQª'XELVWMD QRFKJDQ]DXVGHU)DVVXQJ8QGVRZDVLVWGHLQ %UXGHU"© 6LHEOLFNWHLQV/HHUHZlKUHQGHULKUH+DQGKLHOW'DQQ VDJWHVLH ª=DQRMDQHLQHLJHQWOLFKLVWHUQLFKW PHLQOHLEOLFKHU%UXGHU© ª$FKMD"©'UDJREOLFNWHLQWHUHVVLHUW ª1HLQ'LH)DPLOLHKDWLKQEHLHLQHP$XIHQWKDOWDXI 1LHXZ9,,DGRSWLHUW© 1LHXZ9,,HLQH$XHQZHOWLP6\VWHPGHU6RQQH 1LHXZ3ULPHDP5DQGHGHU:HVWVLGHGHU0LOFKVWUDH 8QGJOHLFKHUPDHQHLQ6\QRQ\PIU6FKUHFNHQXQG ,VRODWLRQ'UDJRZXWHHLQLJHVEHUMHQHª'XQNOHQ -DKUKXQGHUWH©LQGHQHQVLFKGDV6WHUQHQUHLFKGHU 0HQVFKKHLWLQHLQHPGHVRODWHQ=XVWDQGEHIDQGYRQ GHQ&DQWDUREHKHUUVFKWXQGXQWHUGUFNWhEHUDOOZLP PHOWHHVQXUVRYRQJHNORQWHQ6SH]LHVYRQV\QWUR QLVFKPHFKDQLVFKHQ6|OGQHUQ-HQHQZLOOIlKULJHQ :HUN]HXJHQGLHXQWHUGHU+HUUVFKDIW0RQRV -DJGDXI GLH0HQVFKKHLWPDFKWHQ 'DV(QGHYRQ0RQRV 7\UDQQHLLP-DKUH 1*= EHGHXWHWHIDNWLVFKDXFKGDV(QGHGHU&DQWDURZDV DEHUQLFKWKLHGDVLHYRQKHXWHDXIPRUJHQDXVGHU 0LOFKVWUDHYHUVFKZDQGHQ6FKRQJDUQLFKWDXVGHP 1LHXZ3ULPH4XDGUDQWHQLQGHPZLOOIlKULJH 5DQGY|ONHUGLHGLH&DQWDUREHLLKUHQ(UREHUXQJVIHOG ]JHQXQWHUVWW]WHQEHUKDXSWQLFKWGDUDQGDFKWHQ LKUHXQUHFKWPlLJHUZRUEHQHQ0DFKWVWHOOXQJHQDXI]X JHEHQ ª'XNRPPVWDXVGHP6\VWHP1LHXZ3ULPH"© ª-D©VDJWHVLHHLQVLOELJXQGPDFKWHGHQ$QVFKHLQDOV VSUlFKHVLHQXUXQJHUQGDUEHU'RFKGDQQHQWVFKLHG VLHVLFKQRFKHWZDVKLQ]X]XIJHQª(VLVWHLQH]LHP OLFKODQJH*HVFKLFKWHGLHHWZDVXQJODXEKDIWNOLQJW
9LHOOHLFKWZHUGHLFKVLHGLUHU]lKOHQ9LHOOHLFKWDXFK QLFKW9RUDOOHPDEHUQLFKWMHW]W© 'UDJRDKQWHGLH%HWURIIHQKHLWKLQWHUGLHVHQVDFKOLFKHQ :RUWHQ ª-HGHQIDOOV©PHLQWHHUªYHUVWHKHLFKMHW]WZHVKDOEHU HLQGHUDUWXQJHKREHOWHV%HQHKPHQDQGHQ7DJOHJW© (LQPHUNZUGLJHV/lFKHOQHUVFKLHQDXILKUHP*HVLFKW VLHIXKUIRUW ª'DHUlOWHULVWDOVLFKZXUGHLKPGLH 5ROOHGHV%HVFKW]HUVDXIHUOHJW(UQLPPWVLHZ|UWOLFK IDVW]XZ|UWOLFK(UYHUIROJWPLFKDXI6FKULWWXQG7ULWW 8QG©&\ULOYHUVWXPPWH ª8QGZDV"©ERKUWHHUXQG]HLFKQHWHPLWGHP )LQJHUQDJHOLPDJLQlUH/LQLHQDXILKUH+DQGIOlFKH 6LH]|JHUWHHLQHQ$XJHQEOLFN'DQQVDJWHVLH ª6HLWHU ZHLGDZLUQLFKWEOXWVYHUZDQGWVLQGVWHOOWHUPLU QDFK© 'UDJRUXQ]HOWHGLH6WLUQª'XPHLQVWGRFKQLFKWGDHU GLULQPHKUDOVQXUEUGHUOLFKHU/LHEH]XJHWDQLVW"© 6LHQLFNWH ª'XZLUVWLKQGLUYRP/HLEH]XKDOWHQZLVVHQQHKPH LFKPDODQ©VDJWHHU ª:ROOHQZLUQLFKWYRQZDVDQGHUHPVSUHFKHQ"©ZHFK VHOWHVLHGDV7KHPD ª$EHUMDQLFKWVOLHEHUDOVGDV:LUKDEHQQRFKHLQH 0HQJH=HLWELV]XPHLQHU$EUHLVHPRUJHQIUK© ª6REDOG"©,KUH(QWWlXVFKXQJZLUNWHHFKW ª1RFKHLQSDDU'ULQNVXP]XYHUJHVVHQ"© $EHUDXFKGDVNODSSWHQLFKW 2EZRKOVLHVLFKEHQDKPDOVZlUH'UDJRGHU 0LWWHOSXQNWLKUHU:HOWZDULUJHQGZLHNHLQ/HEHQ GDULQ:LHHVVFKLHQKDWWH=DQR4XLOOLDQV$XIWULWWLKUH 6WLPPXQJJUQGOLFKVWYHUPDVVHOW8QGVREUDFKHQVLH QDFKHLQHUKDOEHQ6WXQGHDXI &\ULOUHGHWHZHQLJXQGVFKLHQWLHILQ*HGDQNHQYHU VXQNHQZlKUHQGHUVLHELV]XU7ULKUHU6XLWHEHJOHLWH WH(UVFKORDXIXQGZDUWHWH6LHNWHLKQDXIGLH
:DQJH(VZDUQLFKWJHUDGHXPZHUIHQGQDFKDOOGHP ZDVVLHLKPGXUFKLKU9HUKDOWHQLQGHQOHW]WHQYLHUXQG ]ZDQ]LJ6WXQGHQYHUVSURFKHQKDWWH 'UDJRVDJWH ª(VZDUHQZXQGHUYROOH7DJH&\ULO,FK ZHUGHGLFKVLFKHUOLFKYHUPLVVHQ©'DQQPDFKWHHUDXI GHP$EVDW]NHKUW (UVDKVLHYRUVHLQHU$EUHLVHQLFKWZLHGHU$XFKQLFKW LKUHQ%UXGHU 2GHUXPZHQDXFKLPPHUHVVLFKEHLLKPKDQGHOQ PRFKWH .DSLWHO 7HUUDQLD&LW\(UGH-XQL1*= hEHU7HUUDQLDKHUUVFKWHHLQHNODUH1DFKW 6FKRQDOVGLH&$7$1$LQGLH(UGDWPRVSKlUHHLQ WDXFKWHVDK'UDJRGLH0HJDORSROHDXIGHQ .DELQHQVFKLUPHQ'LH6WDGWVFKPLHJWHVLFKLQLKUHQ *UQJUWHOZLHHLQ6WHUQHQNROOLHULQHLQHPLW6DPW DXVJHVFKODJHQH6FKDWXOOH 'LH6\QWURQLNVHW]WHGDV'UHLKXQGHUW0HWHU6FKLII ZHLFKZLHHLQH)HGHUDXIGLHZHLWJHVSDQQWH /DQGHIOlFKHQLHGHU H[DNWDXIGHP]XJHZLHVHQHQ3ODW] GHU5XQZD\GRFNWHGHU5DXPHUDQ .XU]QDFKGHPGLH7ULHEZHUNHYHUVWXPPWZDUHQJLQJ 'UDJRYRQ%RUG6HLQ*HSlFNEHVWDQGOHGLJOLFKDXV HLQHUJURHQ5HLVHWDVFKH(UZlKOWHHLQHQGHUVFKQHO OHQXQWHULUGLVFKHQ=XEULQJHUXQGWDXFKWHNXU]H=HLW VSlWHU]XVDPPHQPLWGHQEULJHQ3DVVDJLHUHQGHU &$7$1$LQGHU+DXSWKDOOHGHV9HUNHKUVUDXPKDIHQV 7HUUDQLDVDXVGHP6FKDFKWZLHGHUDXI 'LHULHVLJHKDOENXJHOI|UPLJH+DOOHGHV]HQWUDOHQ %HUHLFKVGHV5DXPKDIHQVEHKHUEHUJWHHLQ 7RKXZDERKXYRQ5HLVHQGHQXQG%HVXFKHUQXQ]lKOLJHU 3ODQHWHQ6WDWLVWLVFKHQ(UKHEXQJHQ]XIROJHKLHOWHQ VLFKVWlQGLJHWZD]HKQWDXVHQG5HLVHQGHKLHUDXI hEHUZLHJHQG0HQVFKHQWHUUDQLVFKHU$EVWDPPXQJ
8QWHUGHUZHLWJHVSDQQWHQOLFKWHQ.XSSHOKHUUVFKWHHLQ EDE\ORQLVFKHV6WLPPHQJHZLUU 0XVLNDXV$NXVWLN IHOGHUQYHUPLVFKWHVLFKPLWGHQ'XUFKVDJHQLQ ,QWHUNRVPRXQGHLQHU9LHO]DKODQGHUHUJDODNWLVFKHU 9HUNHKUVVSUDFKHQ7HUUDQLDZDULQMHGHU+LQVLFKWHLQH NRVPRSROLWLVFKH6WDGWLQGHUHVNHLQHNXOWXUHOOHQ 6FKUDQNHQJDE&DIHWHULDVXQG6RXYHQLUOlGHQ%LVWURV XQGH[NOXVLYH5HVWDXUDQWVVlXPWHQGLH+DOOHOXGHQ]X NXU]HP9HUZHLOHQHLQ GLH6FKDOWHUGHUYHUVFKLHGHQHQ 5DXPIDKUWJHVHOOVFKDIWHQERWHQ3DVVDJHQ]XDOOHQ 3OlW]HQGHU/RNDOHQ*UXSSH 'UDJREOLHENXU]DXIGHUHWZDVEHUK|KWHQ(EHQHVWH KHQ$XWRPDWLVFKJOLWWVHLQ%OLFNEHUGLHLKQXPJH EHQGH0HQJH(VJDEHLJHQWOLFKNHLQHQ*UXQGGDIU DEHULQGHQ-DKUHQLQGHQHQHUIU62/()7DUEHLWHWH ZDUHVLKP]XU*HZRKQKHLWJHZRUGHQLQ0HQVFKHQ DQVDPPOXQJHQHLQ]HOQH*HVLFKWHU]XEHWUDFKWHQ0DQ ZXWHMDQLHZRKHUGLH.XJHORGHUGLH([SORVLYQDGHO HLQHV$WWHQWlWHUVNRPPHQNRQQWH'RFKGLH/HXWHKLHU ZDUHQQXUGDUDXIDXV5HLVHQGH]XEHJUHQRGHU]X YHUDEVFKLHGHQ 0LWHLQHP$FKVHO]XFNHQVHW]WHHUVLFKZLHGHULQ %HZHJXQJ(UGXUFKVFKULWWGLHZHLWJHVSDQQWH .XSSHOKDOOHXQGOHQNWHVHLQH6FKULWWH]LHOEHZXW]X GHQUROOHQGHQ7UHSSHQGLHKLQXQWHU]XU(EHQHGHU 5DSLGEDKQHQIKUWHQ3O|W]OLFKVSUWHHUZLHVLFK VHLQH5FNHQPXVNHOQYHUKlUWHWHQ(UYHUODQJVDPWH VHLQH6FKULWWHXQGEOLFNWHVXFKHQGXPKHUZLHMHPDQG GHUHLQHQ)UHXQGRGHU%HNDQQWHQHUZDUWHWHYRQGHP HUDEJHKROWZHUGHQZROOWH 'DV*HIKOZXUGHVRIRUW5HDOLWlW =XVHLQHU5HFKWHQHUEOLFNWHHUHLQHQ)HUURQHQGHUGDV 2EMHNWLYVHLQHV$36.RPHLQZHQLJ]XKDVWLJDXI HLQHQULHVLJHQ%HZRKQHUYRQ2UULVULFKWHWHGHUVHLQH YLHOIDUELJHQ)OXJKlXWHGHNRUDWLYXPVLFKGUDSLHUHQG HVVLFKWOLFKJHQR0LWWHOSXQNWGHVDOOJHPHLQHQ
,QWHUHVVHV]XVHLQ'HU)HUURQHPDFKWHDOOH$QVWUHQ JXQJHQGHQ(LQGUXFNHLQHVELOGZWLJHQ7RXULVWHQ]X HUZHFNHQDEHU'UDJRZDUVLFKVLFKHUGDHUGDV HLJHQWOLFKH2EMHNWGHUV\QWURQLVFKHQ$XI]HLFKQXQJ JHZHVHQZDU 'D]XKlWWHHVQLFKWPDOGHV]ZHLWHQ0DQQHVEHGXUIW GHUQHEHQGHP%HZRKQHUYRQ)HUUROVWDQGXQG'UDJR XQYHUZDQGWDQVWDUUWH(UZDUKRFKJHZDFKVHQEUDXQ JHEUDQQWPLWVFKDUIHQ/LQLHQLPKDJHUHQ*HVLFKW 6FKZDU]H$XJHQIL[LHUWHQ9LMXPLWXQYHUKOOWHU 'URKXQJ)UHLQHQ$XJHQEOLFNVFKLHQGLH6]HQHZLH LQHLQHU6WDQGELOG6HTXHQ]HUVWDUUW'DQQVFKREVLFK HLQH*UXSSHOlUPHQGHUMXQJHU/HXWH]ZLVFKHQ'UDJR XQGGLHEHLGHQ0lQQHUXQGDOVGLH6LFKWZLHGHUIUHL ZDUZDUYRQLKQHQQLFKWVPHKU]XVHKHQ 'UDJRIXUFKWHGLH6WLUQZlKUHQGHUVLFKXPZDQGWH XQGYRQGHU5ROOWUHSSHQDFKXQWHQWUDJHQOLHKLQHLQ LQGHQOLFKWHUIOOWHQ9HUNHKUVNUHLVHOGHU5RKUEDKQHQ (URULHQWLHUWHVLFKNXU]DQGHQKRORJUDSKLVFKHQ 3LNWRJUDPPHQXQG=HLWDQ]HLJHQ'DQQEHWUDWHUGHQ VFKODQNHQVLOEHUQVFKLPPHUQGHQ=XJXQGVHW]WHVLFK LQV$EWHLO :lKUHQGHUDXIGLH$EIDKUWZDUWHWHEHVFKlIWLJWHLKQ GLH)UDJHZHVKDOEMHPDQGVRJURHQ:HUWDXIHLQH GLJLWDOH$XI]HLFKQXQJYRQLKPOHJWH,KPZDUNODUGD =DQR4XLOOLDQNHLQ0DQQZDUGHQPDQHLQIDFKVRPLW HLQHP/DVHUPHVVHUDEVFKWWHOQNRQQWH$EHUVREDOG VFKRQHLQH5HDNWLRQ"'DVZUGHEHGHXWHQGDGLH 6FKODQJHVLFKHQWZHGHUDQ%RUGGHU&$7$1$YHUERU JHQKDWWHZDVVHKUXQZDKUVFKHLQOLFKZDUHUKDWWHLQ GHU3DVVDJLHUOLVWHNHLQHQ+LQZHLVDXI4XLOOLDQVJHIXQ GHQRGHUDEHUPLWHLQHPDQGHUHQ5DXPVFKLIIVFKRQ YRUGHU&$7$1$DQJHNRPPHQVHLQPXWH 'RFK]ZHL+DQGODQJHU"1RFKXQZDKUVFKHLQOLFKHU 'LHVHU4XLOOLDQKDWWHHLJHQWOLFKGHQ(LQGUXFNJHPDFKW DOVZlUHHULQGHU/DJHVHLQH+lQGHOVHOEVWDXV]XWUD
JHQ:DVKDWWHHUQRFKDXI3RQWLFKRV,,JHVDJW ª'LHV LVWQLFKWGHUULFKWLJH2UWDEHUGXK|UVWYRQPLU© 'UDJRZDUVLFKQDKH]XVLFKHUGDGHU5DXPKDIHQ GHILQLWLYQLFKWGHUULFKWLJH2UWZDU $EHUZHUVRQVWNRQQWH,QWHUHVVHDQVHLQHU3HUVRQ KDEHQ"'LH/HXWHGLHKLQWHU&\ULODQGHQ'UlKWHQ ]RJHQ"2GHUODJHUJDQ]IDOVFKPLWVHLQHQ 9HUPXWXQJHQXQGMHPDQGDXVVHLQHU9HUJDQJHQKHLW ZROOWHHLQHQRFKLPPHURIIHQH5HFKQXQJDXIGLHVH :HLVHEHJOHLFKHQ":HQQMDGDQQJHQJWHQHLQSDDU :RUWHPLW.HULPXQGGDV3UREOHPZUGHQLFKWPHKU YRUKDQGHQVHLQ'HU=XJUXFNWHDQEHVFKOHXQLJWHXQG WDXFKWHPLWHLQHP)DXFKHQYHUGUlQJWHU/XIWHLQLQGLH ;HQRQEOlXHGHU5|KUH =HKQ0LQXWHQVSlWHUVWLHJ'UDJRHLQH6WDWLRQYRUVHL QHPHLJHQWOLFKHQ=LHODXV KHOOHUOHXFKWHWH5ROOWUHSSHQ EUDFKWHQLKQQDFKREHQ$XIGHUDQGHUHQ6WUDHQVHLWH EHJDQQGHUNOHLQH3DUNGHUGLH:RKQWUPHGHU'HQHE $SDUWPHQWVXPVFKOR (UEHUTXHUWHGLH6WUDHVFKZHQNWHLQGHQVFKPDOHQ .LHVZHJHLQGHUVLFKLP/LFKWGHV0RQGHVZHL VFKLPPHUQGZLHHLQYHUZXQVFKHQHU%DFKODXIGXUFK GDVJHSIOHJWH*UQZDQGXQGJHQRGLHSO|W]OLFKH 6WLOOH GLH0HQVFKHQVWU|PHZDUHQYHUVLFNHUW1XUKLQ XQGZLHGHUEHJHJQHWHHUDQGHUHQHLQVDPHQ*HVWDOWHQ )HLQHU1HEHOKLQJ]ZLVFKHQDOWHQ(XNDO\SWXVElXPHQ XQGULHVLJHQ3ODWDQHQ'HU/lUPGHU0HWURSROHNODQJ KLHUHLJHQWPOLFKJHGlPSIW 'UDJRVDKDXIGLH8KU=ZHL8KUQDFKWV (UJLQJEHUGHQ9RUSODW]DXIGLHEUHLWHQ*ODVWUHQ]X GLHEHLVHLQHP1lKHUNRPPHQ]LVFKHQGDXVHLQDQGHU IXKUHQ(UZDUEHUUDVFKWGDQLHPDQGYHUVXFKWKDWWH LP3DUNEHULKQKHU]XIDOOHQ(LQHEHVVHUH*HOHJHQKHLW ZLHGLHVHZUGHHULKQHQVRVFKQHOOQLFKWZLHGHUELH WHQ ,QGHU/REE\ZDUHVUXKLJ GLH*HVFKlIWHZDUHQ]ZDU
RIIHQGRFKQLHPDQGZDUGDULQ]XVHKHQ'HU 3RUWLHUURERWLQVHLQHU1LVFKHUKUWHVLFKQLFKW(LQHU GHUIQIQDFKREHQIKUHQGHQ6FKlFKWHGHU $QWLJUDYDQODJHQDKPLKQDXI HUYHUOLHLKQ]ZHLXQG VLHE]LJ6WRFNZHUNHK|KHU6HLQH6FKULWWHZDUHQDXI GHP.XQVWIDVHUEHODJGHUKLHUGHQYLHUHFNLJHQ 9RUSODW]XP7UHSSHQKDXVXQG$QWLJUDYVFKlFKWH EHGHFNWHXQK|UEDU 6HNXQGHQVSlWHUZDUHUYRUGHU7UVHLQHV$SDUWPHQWV DQJHODQJW(UOHJWHLQ6FKXOWHUK|KHGLHOLQNH+DQG IOlFKHDXIGHQ7UDQVSRQGHUNRQWDNWXQGZDUWHWHGDUDXI GDGLH.XQVWVWRIISODWWH]XU6HLWHJOLWWXQGLKQHLQOXG HLQ]XWUHWHQ 6LHPXWHQYRQREHQJHNRPPHQVHLQ0LWHLQHP *OHLWHUEHUGLH/DQGHSODWWIRUP8QGGDQQGLHUHVWOL FKHQSDDU(WDJHQGLH7UHSSHKHUXQWHU'HUHLQHVLFKHU WHGHQ)OXFKWZHJZHLWHUREHQGHUDQGHUHQlKHUWHVLFK 'UDJR'DV*HUlXVFKLP7UHSSHQKDXVZDUIDVWXQK|U EDU HLQ*HUlXVFKGDVHQWVWHKWZHQQVLFK6WRIIDQ 6WRIIUHLEW 7URW]GHPJHQJWHHVIU9LMX'UDJR 6HLQ.|USHUUHDJLHUWHLQGHU=HLWVSDQQHHLQHV :LPSHUQVFKODJHV'LH7DVFKHJOLWWYRQVHLQHU6FKXOWHU XQGJOHLFK]HLWLJZDUIHUVLFKZDDJHUHFKW]XU6HLWH,P 6SUXQJVFKORVVHQVLFKVHLQH$UPHELOGHWHQHLQHQ .UHLVGHPVHLQ.|USHULQHLQHP9RUZlUWVVDOWRIROJWH +LQWHULKPZDUHVGHP$QJUHLIHUQLFKWPHKUJHOXQJHQ VHLQHQUDVFKHQNUlIWLJHQ6FKODJDE]XVWRSSHQ(UKDWWH GDV*OHLFKJHZLFKWYHUORUHQILHOQDFKYRUQJHJHQGLH :DQG (LQ(QWODGXQJVJHZLWWHUWDXFKWHIU6HNXQGHQEUXFK WHLOHGHQ9RUSODW]LQJUHOOHV/LFKWDOVGHU1HXUR6WDE LQGHU+DQGGHV8QEHNDQQWHQQLFKWGDV2SIHUVRQGHUQ GLHPHWDOOHQH(LQIDVVXQJGHV7UNRQWDNWHVWUDIXQGGLH ]XFNHQGH(QHUJLHHQWODGXQJ]ZLVFKHQ:DQGXQG .|USHUKLQXQGKHUVSUDQJZLHHLQH]XVWRHQGH9LSHU
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lXVFKK|UWH -HPDQGKDWWHGLH7U]XU'DFKWHUUDVVH JH|IIQHW 6HNXQGHQVSlWHUHUUHLFKWHHUVHOEVWGLHEUHLWH7UGLH LQV)UHLHKLQDXVIKUWH6LHZDURIIHQ(UZDUWHWHVHNXQ GHQODQJGDQQJOLWWHUYRUVLFKWLJGXUFKGLHgIIQXQJ 9RULKPODJGDV)ODFKGDFKXQWHUEURFKHQQXUYRQGHU /DQGHSODWWIRUPGHQQLHGULJXPIULHGHWHQ/LFKW VFKlFKWHQVRZLHGHQ.DPLQHQGHU*HRWKHUPLNPLW GHUGHU:RONHQNUDW]HUNOLPDWLVLHUWZXUGH'LH $QWLNROOLVLRQVODPSHQDQLKUHQ0DVWHQVSHQGHWHQPDW WHV/LFKWDXHUGHPZDUGLH3ODWWIRUPEHIHXHUXQJLQ %HWULHE'DV'DFKZDUOHHUVRZHLW'UDJRVHKHQNRQQ WHERWDEHUJHQJHQGGXQNOH(FNHQIUMHPDQGHQGHU VLFKYHUEHUJHQZROOWH9RQVHLQHP6WDQGSXQNWDXV NRQQWHHUVHKHQGDVLFKQLHPDQGLP*OHLWHUDXIKLHOW GLH,QQHQEHOHXFKWXQJZDUDQ2IIHQEDUVWDQGGLH .DELQHHLQHQ6SDOWRIIHQ :RZDUGHU]ZHLWH0DQQ" 'UDJRKXVFKWHVFKQHOOXQGJHVFKLFNWEHUGLHIUHLH )OlFKHXQGWDXFKWHLP6FKDWWHQXQWHUKDOEGHUPDQQV KRKHQ7HUNRQLWVWW]HQGHU/DQGHSODWWIRUPXQWHUMHGHQ $XJHQEOLFNGDUDXIZDUWHQGGDYRQLUJHQGZRKHUHLQH (QHUJLHHQWODGXQJDXILKQ]X]XFNWH'RFKQLFKWVGHU
JOHLFKHQJHVFKDK 'LH1DFKWZDUNKO HLQNUlIWLJHU:LQGVWULFKEHUGLH 'DFKIOlFKHXQGHU]HXJWHVXUUHQGH*HUlXVFKHDQ(FNHQ XQG9RUVSUQJHQ'DQQPLVFKWHVLFKLQGLHVHQ7RQHLQ DQGHUHUUDVFKHOQGHU/DXW(VNDPYRQOLQNVQDKHGHU %UVWXQJKLQWHUGHUHVVHQNUHFKWGUHLKXQGHUW0HWHULQ GLH7LHIHJLQJ'UDJRIXKUKHUXPDEHUHVZDUHQ OHGLJOLFKHLQSDDUZLUEHOQGH%OlWWHUGLHYRQGHQDXI VWHLJHQGHQ7KHUPLNZLQGHQQDFKREHQJHWUDJHQZRU GHQZDUHQXQG 'LHVPDOEHUVDKHUGHQQRFKGXQNOHUHQ6FKDWWHQXQWHU GHQDQGHUHQ6FKDWWHQXQGEHUK|UWHDXFKGDV *HUlXVFK -HPDQGWUDWEOLW]VFKQHOOKLQWHUHLQHUGHU 3ODWWIRUPVlXOHQKHUYRUUL'UDJRVOLQNHQ$UPQDFK KLQWHQXQGREHQXQGVFKOXJLKPJOHLFK]HLWLJZXFKWLJ PLWHLQHUHLVHQKDUWHQ+DQGNDQWHJHJHQGLH +DOVVFKODJDGHU'LHVHU+LHEKlWWHHLQHPZHQLJHUYRU EHUHLWHWHQ0DQQVLFKHUGLH+DOVZLUEHOJHEURFKHQ 'RFK'UDJRVDQWUDLQLHUWH5HIOH[HXQGVHLQJHGDQNHQ VFKQHOOHV5HDJLHUHQYHUHLWHOWHQGLHVHV9RUKDEHQ(U ]RJGLHUHFKWH6FKXOWHUKRFKWUDWQDFKKLQWHQDXVXQG UHJLVWULHUWHEHIULHGLJWGHQXQWHUGUFNWHQ6FKUHLLQVHL QHP5FNHQ'RFKXQPLWWHOEDUGDUDXIGURVFKLKPGHU $QJUHLIHUHLQH)DXVW]ZLVFKHQGLH6FKXOWHUEOlWWHU'HU 6FKODJZDUHLQHUYRQGHQHQGLHPLWGHQ.Q|FKHOQWUHI IHQGLHDOOH.UDIWEHUWUDJHQGLHGHUDQGHUHDXI]X EULQJHQYHUPDJXQGGLHHLQHPGDV5FNJUDWEUHFKHQ N|QQHQ 'UDJRWDXPHOWHVWHFNWHHLQHQ]ZHLWHQ+LHEHLQGHU LKQYRQGHQ)HQUL(UNUDFKWHPLWGHP*HVLFKW YRUDQDXIGHQ%RGHQXQGVFKUDPPWHVLFKGLH1DVHDQ GHU'DFKEUVWXQJEOXWLJ:lKUHQGHUYHUVXFKWHVHLQH *OLHGHUXQWHUGHQ.|USHU]X]LHKHQVFKWWHOWHHUGHQ .RSIXPVHLQH*HGDQNHQ]XRUGQHQ6HLQ9HUVXFK VLFKDXIVHLQH.DPSINQVWH]XEHVLQQHQZXUGHYRQ
HLQHP7ULWWLQGHQ0DJHQ]XQLFKWHJHPDFKW:LHHLQH :RJHVFKOXJGLHhEHONHLWEHULKQ]XVDPPHQ6WDXE XQG'UHFNNQLUVFKWHQXQWHUGHQ6RKOHQGHV$QJUHLIHUV DOVHUVLFK]XHLQHPHUQHXWHQ7ULWWQlKHUWH 'UDJRUROOWHVLFK]XU6HLWHXQGULFKWHWHVLFKKDOEDXI ,P+RFNHQVFKRHUHLQHQ9RUZlUWVWULWWDXIGLH*HVWDOW DEGHU6SDQQWUDIDEHUQXUGLH$XHQVHLWHGHV 8QWHUVFKHQNHOV'UDJRVHOEVWPXWHHLQHQ7ULWWLQGHQ 6RODUSOH[XVHLQVWHFNHQGHULKPGLH/XIWQDKP .HXFKHQGNUPPWHHUVLFK]XVDPPHQZUJWHVWUHFN WHGLH+lQGHDXVXQGJUXEGLHJHVSUHL]WHQ)LQJHUZLH 'ROFKHLQGLH:HLFKWHLOHGHV*HJQHUVGHUQRFKLPPHU EHULKPVWDQGXQGMHW]WODXWDXIVW|KQWH (LQH+DQGZLVFKWHGXUFKGLH/XIWXQGWUDILKQDQGHU UHFKWHQ*HVLFKWVKl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ª'XKDVW PHLQHQ3DUWQHUXPJHEUDFKWGX+XQGHVRKQ'DVZDU JDUQLFKWQHWWYRQGLU©(UVWLHGLH:RUWHPLWHLQHUWLH IHQVFKOHSSHQGHQ6WLPPHLQNXU]HQDEJHKDFNWHQ 6W|HQKHUYRUª-HW]WZHUGHLFKGLFKJHQDXVRIHUWLJ PDFKHQZLHGXHVPLWLKPJHWDQKDVW©(UJULIILQVHL QHQ6WLHIHOVFKDIWXQG]RJHLQHNXU]HVWDUNJHVFKZHLI WH.OLQJHKHUYRU ª$EHUQXUZHQQGXZHQLJHUEO|GELVWDOVGXDXV VLHKVWZDVLFKVWDUNEH]ZHLIOH©HUZLGHUWH'UDJR
(U]ZDQJVLFKGLHSDDU6HNXQGHQZlKUHQGGHQHQHU VSUDFK]XU(QWVSDQQXQJ(UKDWWHQLFKWHUZDUWHWVHL QHQ*HJQHUVROHLFKWUHL]HQ]XN|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hEHUUDVFKXQJXQG7RGHVDQJVWDOVHUHUNHQQHQ PXWHGDGLHDQGHQ)HQVWHUQSHUPDQHQWYRUKDQGH QHQ5FNKDOWHYRUULFKWXQJHQIUGHQ'DFKEHUHLFK DXHU.UDIWJHVHW]WZDUHQ VLHZXUGHQQXUEHL :DUWXQJVDUEHLWHQDNWLYLHUW (VGDXHUWHJHUDXPH=HLWHKHHUDXVGHU7LHIHHLQ *HUlXVFKK|UWHGDVVWDUNDQEUHFKHQGHbVWHHULQQHUWH 'UDJRNORSIWHYRUVLFKWLJ6WDXEXQG'UHFNYRQVHLQHU .OHLGXQJ6HLQ.|USHUEHVWDQG]XU=HLWQXUDXV 6FKPHU]HQGLHJOKHQGH3IHLOHJHJHQVHLQH1HUYHQ VFKLFNWHQ1DFK]ZHLGUHL0LQXWHQKDWWHHUVLFKVR ZHLWHUKROWGDHUVHLQHQlFKVWHQ6FKULWWHEHUGHQNHQ NRQQWH(UJLQJQDFKXQWHQ 'HU)HUURQHODJQRFKYRUVHLQHU7U GLHEODXH +DXWIDUEHKDWWHVLFKYHUlQGHUWZDUIDKOXQGEOD JHZRUGHQ'HU0DQQZDUWRW 'UDJRWDVWHWHVHLQH7DVFKHQDEXQGZDUVLFKLPNODUHQ
GDUEHUGDHUQLFKWVILQGHQZUGH'LH.OHLGXQJGLH HUWUXJEHVDNHLQHUOHL+HUVWHOOXQJVPHUNPDOH VLH NRQQWHEHUDOODQJHIHUWLJWVHLQ+LHUDXI$UNRQRGHU DXI2O\PS'HU7RWHWUXJDXFKVRQVWQLFKWV 3HUV|QOLFKHVEHLVLFK (UOLHLKQOLHJHQXQGJLQJLQVHLQ$SDUWPHQW9RQGRUW ULHIHU.HULPDXIGHVVHQ*HKHLPIUHTXHQ]DQ(LQSDDU 6HNXQGHQYHUVWULFKHQGDQQHUVFKLHQVHLQ*HVLFKWDXI GHP6FKLUP7URW]GHUIRUWJHVFKULWWHQHQ1DFKWVWXQGHQ PHOGHWHHUVLFKPLWHLQHPXQYHUELQGOLFKHQª-D"© ª.DQQLFKVSUHFKHQ.HULP"© 3LQSRLQWVDJWHZLHGHU ª-D©'DQQ ª:DVLVWJHVFKH KHQ"© ª'DJLEWHVHLQ3UREOHP,FKZXUGHHUZDUWHW© ª%HNDQQWH"©'UDJREHJHJQHWHGHPSUIHQGHQ%OLFN YRQ.HULPV$XJHQ ª.HLQH%HNDQQWHQ©'UDJR]XFNWHPLWGHQ$FKVHOQ XQGYHU]RJVFKPHU]OLFKGDV*HVLFKW'DQQEHULFKWHWH HULQGUUHQ:RUWHQZDVYRUJHIDOOHQZDU$EVFKOLHV VHQGIUDJWHHU ª:DVVROOLFKXQWHUQHKPHQ"© 3LQSRLQWEHQ|WLJWHQXU6HNXQGHQXP]XEHUOHJHQ 'DQQVDJWHHU ª*LEPLUIQI]HKQ0LQXWHQ5XIGDQQ GLH3ROL]HLXQGPHOGHGHQhEHUIDOO2IIHQVLFKWOLFK KDEHQ(LQEUHFKHUYHUVXFKWGLUHLQHVGHLQHUZHUWYROOHQ %LOGHU]XVWHKOHQ'LHVDOV+LQZHLVGDUDXIZLHGXGLFK GHQ2UGQXQJVKWHUQJHJHQEHUYHUKDOWHQVROOVW© (UWUHQQWHGLH9HUELQGXQJ hEHU7HUUDQLD&LW\]RJHLQZXQGHUVFK|QHU0RUJHQ KHUDXI'UDJRVWDQGDXIGHU/RJJLDVHLQHV$SDUWPHQWV XQGIKOWHZHGHU(UVFK|SIXQJQRFK0GLJNHLW6WDWW GHVVHQZDUHUYRQHLQHUXQEHVWLPPWHQ1HUYRVLWlW HUIOOWGLHVLFKLUJHQGZDQQHQWODGHQZUGH 9RP0LOLWlUUDXPKDIHQVWLHJHLQNXJHOI|UPLJHU5LHVH DXI HLQ0HWHUGXUFKPHVVHQGHU*LJDQWGHU 3$3(50221.ODVVH1DFKGHPHUGLH'lPPHUXQJV
JUHQ]HSDVVLHUWKDWWHZDUHUGHXWOLFKXQGNODULP IUKHQ/LFKWGHU6RQQH]XVHKHQ'UDJREOLFNWHGHP 5DXPULHVHQQDFKELVHULP%ODEODXGHV)LUPDPHQWV YHUVFKZXQGHQZDUDQGHPGLH6WHUQHJHUDGHQRFK VLFKWEDUZDUHQ )U|VWHOQGVRJHUGLHIULVFKH0RUJHQOXIWWLHILQVHLQH /XQJHQXQGEOLFNWHKLQXQWHULQGHQ3DUNGHU]XGLHVHU IUKHQ6WXQGHYHUODVVHQXQGVWLOOGDODJ/HLFKWHU1HEHO WULHEGXUFKGLH%DXPNURQHQ -HPDQGUlXVSHUWHVLFKLQGHU7LHIHGHV:RKQUDXPHV 'UDJRZDQGWHVLFKXP 6DP/DLUG]XVWlQGLJHU/HLWHUGHU6HNWLRQ*HZDOWYHU EUHFKHQIUGLHVHQ7HLO7HUUDQLDVQlKHUWHVLFKLKP ª8QVHUH8QWHUVXFKXQJHQVLQGVRZHLWDEJHVFKORVVHQ© VDJWHHULQVHLQHUDEJHKDFNWHQ6SUHFKZHLVHXQGXQWHU GUFNWHQXUPLW0KHHLQ*lKQHQ 6LHZDUHQHLQHKDOEH6WXQGHQDFK'UDJRV*HVSUl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lKLJHQ3URWRNROODQWHQGUHLDQGHU =DKOGLHGXUFKGLH5lXPHVFKZHEWHQXQGDOOHVDXI ]HLFKQHWHQDQGDV1HW]ZHUNGHUJURHQ=HQWUDOV\Q WURQLNGHV3ROL]HLSUlVLGLXPVYRQ7HUUDQLD&LW\XQG YRQGRUW]X1$7+$1ZHLWHUJHOHLWHW
ª8QG]XZHOFKHP(UJHEQLVLVWPDQJHNRPPHQ"©IUDJ WH'UDJR ª6HNXQGHELWWH© /DLUGZXUGHYRP*HULFKWVPHGL]LQHUGHULKQ]XU6HLWH QDKPLQHLQHNXU]H'LVNXVVLRQYHUZLFNHOWGHUHQ :RUWODXW'UDJRYHUERUJHQEOLHE6FKOLHOLFKZDQGWHHU VLFKZLHGHUDQLKQ ª'DV0RWLYGUIWHNODUVHLQ©EHDQWZRUWHWHHUVHLQH )UDJHª9HUVXFKWHU(LQEUXFK©'LH0LHQHGHV(LQVDW] OHLWHUVEOLHEXQEHZHJW:DVLPPHUHUVLFKGDFKWHIDOOV HUVLFKHWZDVGDFKWHHUVSUDFKHVQLFKWDXV6WDWWGHV VHQVDJWHHU ª3HFKIUGLHEHLGHQGDGXDXVJHUHFK QHW]XGHP=HLWSXQNW]XUFNJHNHKUWELVWDOVVLHHLQ]X EUHFKHQYHUVXFKWHQ© (UJLQJ]XU7UZDQGWHVLFKXPXQGVDK'UDJRDQ 6HLQH6FKXOWHUQVFKLHQHQJHEHXJWYRQGHU/DVWWlJOL FKHUQHUYHQDXIUHLEHQGHU5RXWLQH HUNRQQWH'UDJR QLFKWHLQH6HNXQGHWlXVFKHQ ª+DVWGXGHLQHU$XVVDJHQRFKHWZDVKLQ]X]XIJHQ"© IUDJWHHUXQGVHLQHPLWUDXLVFKHQ3ROL]LVWHQDXJHQ IL[LHUWHQLKQ 'UDJRYHUQHLQWH/DLUGKREGLH6FKXOWHUQDOVZUGHHU IU|VWHOQ(LQ$XVGUXFNYRQ)DWDOLVPXVHUVFKLHQDXI VHLQHP*HVLFKW(UQLFNWHVHLQHQ/HXWHQ]XXQG 0LQXWHQVSlWHUZDU'UDJRZLHGHUDOOHLQ 8QVFKOVVLJZDQGHUWHHUGXUFKGLH5lXPH'HQ *HGDQNHQDQ6FKODIYHUZDUIHU PLWWOHUZHLOHZDUHV NXU]QDFKIQI8KUPRUJHQV.XU]HQWVFKORVVHQ]RJHU VHLQHQ6SRUWGUHEHUXQGEHZHJWHVLFKQXUZHQLJVSl WHUPLWZHLWDXVJUHLIHQGHQ6FKULWWHQLQYROOHP/DXI EHUGLH:HJHGHV3DUNVUXQGXPGLH'HQHE $SDUWPHQWV6HLQH)HPDFKWHQNDXP*HUlXVFKH ZHQQVLHDXIGHP%RGHQDXIWUDIHQ 'UHLKXQGHUW0HWHUK|KHUODJHQGLHREHUVWHQ 6WRFNZHUNHEHUHLWVLP6RQQHQOLFKW KLHUXQWHQWULHE QRFK'XQVW]ZLVFKHQGHQ%lXPHQ'LH(LQGUFNH
ZLVFKWHQLP=ZLHOLFKWGHVIUKHQ0RUJHQLQVFKQHOOHU )ROJHDQLKPYRUEHU(UOLHIGXUFKGLHJHSIOHJWH $QODJHPLWLKUHQ5DVHQIOlFKHQXQG%OXPHQLQVHOQXQG NRQ]HQWULHUWHVHLQHQ%OLFNDXIGHQJURHQ =HQWUDOYLDGXNWPLWGHQ)XJlQJHUElQGHUQDP(QGH GHV3DUNV GRUWZDUVHLQ8PNHKUSXQNW(LQPDOGHQ 3DUNLQVHLQHQlXHUVWHQ3HULPHWHUQXPODXIHQXQG ZLHGHU]XUFN]XP$XVJDQJVSXQNWGDVEHGHXWHWH HWZDVHFKV.LORPHWHU (UOLHIVRVFKQHOOHUNRQQWH :lKUHQGHUVHLQHQ$WHPUK\WKPXVLQ(LQNODQJPLWGHU *HVFKZLQGLJNHLWEUDFKWHEHVFKlIWLJWHQVLFKVHLQH *HGDQNHQPLWGHQEHLGHQ.LOOHUQ,PPHUZLHGHUKDWWH HULQGHQEHLGHQOHW]WHQ6WXQGHQGLH*HVFKHKQLVVHDQD O\VLHUW VHLQHhEHUOHJXQJHQKDWWHQQRFK]XNHLQHP EHIULHGLJHQGHQ(UJHEQLVJHIKUWZRKODEHU]XHLQLJHQ 6FKOXIROJHUXQJHQ (UPXWHVHLQH*HVFKZLQGLJNHLWHWZDVYHUULQJHUQDOV HUHLQH*UXSSHMXQJHU/HXWHEHUKROWHGLHJOHLFKLKP GDV*HIKOJHQRVVHQVLFKLQGHUIULVFKHQ0RUJHQOXIW ]XEHZHJHQZREHLVLHDEHUPHKU:HUWDXIGDV-RJJHQ ]XOHJHQVFKLHQHQDOVDXIGLH+HUDXVIRUGHUXQJGLHGDV HFKWH/DXIHQDQGHQ2UJDQLVPXVVWHOOW'DQQZDUHU ZLHGHUDOOHLQPLWVLFKXQGVHLQHQ*HGDQNHQ 'DV6\QGLNDWZDUHLQH2UJDQLVDWLRQJURXQGVFKODJ NUlIWLJJHQXJGLHVHOEVWLQGLHVHPYHUPHLQWOLFK XQZLFKWLJHQ5DQGJHELHWDJLHUHQXQGIXQNWLRQLHUHQ NRQQWH(VZDUHQNDXPDFKWXQGYLHU]LJ6WXQGHQVHLW VHLQHU$EUHLVHYRQ3RQWLFKRVYHUVWULFKHQDEHUVFKRQ ZDUPDQLKPDXIGHQ)HUVHQ2IIHQVLFKWOLFKEHVDGDV 6\QGLNDWHLQZLUNVDPHV1DFKULFKWHQQHW]9HUPXWOLFK LQ)RUPYRQ=DQR4XLOOLDQEH]LHKXQJVZHLVHGHVMHQL JHQGHUVLFKKLQWHUGLHVHQ1DPHQYHUEDUJ9LHOHV VSUDFKGDIUGDPDQ&\ULOQXUDEVFKLUPHQZROOWH ZHLOPDQGHU$QVLFKWZDUGDMHGHUGHULKUH1lKH VXFKWHHLQHSRWHQWLHOOH*HIDKUGHU(QWGHFNXQJLKUHU
ZDKUHQ7lWLJNHLWEHGHXWHQNRQQWH8QG'UDJRZDULKU GRFKUHFKWQDKHJHNRPPHQ $EHUNDQQWHPDQDXFKVHLQHZDKUH,GHQWLWl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lWWH(UUHFKQHWHQLHGDPLWGD$XIWUlJHGLH HUIU62/()7HUOHGLJWHHLQIDFKDQJHQHKPRGHUJDU XQJHIlKUOLFKVHLHQ 6FKZHLEHUVWU|PWJHODQJWHHUYRUGHP(LQJDQJDQ GDVPDVRFKLVWLVFKH9HUJQJHQGLH]ZHLXQGVLHE]LJ 6WRFNZHUNHELV]XVHLQHU:RKQXQJEHUGLH7UHSSHQ KRFK]XODXIHQVFKHQNWHHUVLFKGLHVPDO'DIUZDUHQ GLH(UHLJQLVVHGHUYHUJDQJHQHQ6WXQGHQGDQQGRFKHLQ ELFKHQ]XVWUDSD]L|VJHZHVHQ6FKZLW]HQGXQGGDPS IHQGOLHHUVLFKLP$QWLJUDYVFKDFKWQDFKREHQWUDJHQ $XIGHP9RUSODW]ZDUQLFKWVPHKUYRQGHQ6SXUHQGHU QlFKWOLFKHQ(UHLJQLVVH]XHUNHQQHQ 'UDJRV+DQGDEGUXFN|IIQHWHGLH7U $OVHUHLQWUDWZLFKHUXQZLOONUOLFK]XU6HLWHDXV 'DQQJULQVWHHUXQGNDPVLFKHLQELFKHQDOEHUQYRU 6WHLIEHLQLJKXPSHOWHHUPLWVFKPHU]HQGHQ:DGHQLQV %DGXP]XGXVFKHQXQGVLFKYRPPHFKDQLVFKHQ 0DVVHXUGLHYHUNUDPSIWH%HLQPXVNXODWXUGXUFKNQHWHQ ]XODVVHQ (LQH6WXQGHVSlWHUPDFKWHHUVLFKDXIGHQ:HJ]X7+(
&2/21,(6XQGVFKDXWHLQGHU%URIOXFKWYRQ'UDJR (QWHUSULVHVYRUEHLLQGHQHQ$OH[DOV*HQHUDO PDQDJHULQGLH)lGHQIULKQ]RJ ª9LMX'X"©6LHWDWEHUUDVFKW GDVWDWVLHEULJHQV LPPHUZHQQHUDXIWDXFKWH1XUXPPDOQDFKGHP 5HFKWHQ]XVHKHQZLHHUVLFKDXV]XGUFNHQSIOHJWH $OH[YHUVWDQGHVYRU]JOLFKLKPGLH,OOXVLRQ]XODVVHQ GDRKQHLKQQLFKWVIXQNWLRQLHUHQZUGH6LHZDUQRFK QLFKWIQI]LJDXVQHKPHQGKEVFKXQGYRQXQVFKlW] EDUHU7FKWLJNHLW(LJHQVFKDIWHQGLH'UDJREHUDOOH 0DHQDQLKUVFKlW]WHQHEHQLKUHQXQEHVWUHLWEDUHQ N|USHUOLFKHQ9RU]JHQ ª-DMD©VDJWHHUªGHUOLHEH&KHISHUV|QOLFK© (UUlNHOWHVLFKLPEHTXHPHQ%HVXFKHUVHVVHOYRULKUHP ZHLXQGJROGHQODFNLHUWHQ$UEHLWVWLVFKXQGVLH EHVSUDFKHQXQJHIlKUHLQHKDOEH6WXQGHODQJGLHDNWX HOOHQ7UDQVDNWLRQHQYRQ'UDJR(QWHUSULVHV'DVKHLW $OH[PLWYROOHP1DPHQ$OH[DQGUD0F*RYHUQUHGH WHZlKUHQGHUQXU]XK|UWH,KUHSKlQRPHQDOHQ )lKLJNHLWHQLQJHVFKlIWOLFKHQ'LQJHQPDFKWHQLKP ]XPZLHGHUKROWHQ0DOHNODUGDHVIU'UDJR (QWHUSULVHVZHVHQWOLFKJHZLQQEULQJHQGHUZDUZHQQHU VLFKQLFKWDOO]XKlXILJHLQPLVFKWH $OVVLHPLWLKUHQ$XVIKUXQJHQEHUGLHZLFKWLJVWHQ JHVFKlIWOLFKHQ'LQJHIHUWLJZDUHUNXQGLJWHHUVLFKRE VLHGLHXQJOHLFKZLFKWLJHUH$QJHOHJHQKHLWVHLQHU5HLVH QDFK$UJKLURJHUHJHOWKDEHGLHHULKUQRFKYRQ%RUG GHU&$7$1$]XHUOHGLJHQDXIJHWUDJHQKDWWH $OH[VDJWH ª7DZQ© (LQYHUNOHLQHUWHV+RORELOGLKUHU6HNUHWlULQQDKPGLFKW EHUGHU3ODWWH*HVWDOWDQ ª$OH["© ª%ULQJVWGXPLUELWWHGLH8QWHUODJHQEHUXQVHUH ,PPRELOLH3RUW:HOOVDXI$UJKLUR"6HLVROLHE© ª1DWUOLFK©VDJWHGLHNOHLQH7DZQXQGGLH OHEHQVJURHNDPJOHLFKGDUDXIDXVGHU)OXFKWYHUJOD
VWHU$UEHLWVUlXPHLPKLQWHUHQ%HUHLFKLQGHQHQGDV IDKOH/HXFKWHQXQ]lKOLJHU0RQLWRUHJHJHQGDV 7DJHVOLFKWDQNlPSIWHQDFKYRUQ$OH[ NRVWEDU JHVW\OWH6HNUHWlULQOHKQWHVLFKGHNRUDWLYXQGODQJEHL QLJEHUGHQ6FKUHLEWLVFKXQGOHJWHHLQHGQQH0DSSH YRUVLHKLQ'DEHLNRQQWHVLHLKUH$XJHQQLFKWYRQ 'UDJRZHQGHQ (UVWDUUWHHEHQVRLQWHUHVVLHUW]XUFNELVLKQ$OH[ VWUHQJHV5lXVSHUQZLHGHUDXIGHQ%RGHQGHU5HDOLWlW ]XUFNEUDFKWH6LHVFKLFNWH7DZQ]XUFN]X$UEHLW GDQQZDUIVLHLKPGLH0DSSH]X ª9HUXQVLFKHUHELWWHQLFKWGDV3HUVRQDOPHLQ/LHEHU© VDJWHVLHVSLW] 'UDJRZDUILKUHLQH.XKDQG]XZDVVLHQRFKPHKULQ 5DJH]XEULQJHQVFKLHQ7HXIHODXFKVDJWHHUVLFK $OH[VFKLHQLQLKQYHUNQDOOW )DOOVGDVVRZDUGDFKWH$OH[DEHUDQGHUV VLHEOLW]WH LKQQXUNKODQ$XIGLH0DSSHGHXWHQGVDJWHVLH ª:HQQGXVFKRQGRUWELVWNDQQVWGXJOHLFKHLQELFKHQ ZDVIUGLH)LUPDWXQ© 6FKFKWHUQIUDJWHHU ª$OOHVLQ2UGQXQJPLWXQVHUHU 'UDJR,PPRELOLHQ3RUW:HOOV"© ª:DVIUDJVWGXPLFK"©HUHLIHUWHVLHVLFKª)LQGHVKHU DXV)R['DURRPHUZDUWHWGLFKLQ3RUW:HOOV© ª6WHKWGHU*OHLWHUEHUHLW"© ª,FKKDEHSHU+\SHUIXQNVSUXFKYHUDQODWGDHUYRQ 'UDJR:HOOVQDFK$WKHQHH]XP5DXPKDIHQJHEUDFKW ZLUG'LH)RUPDOLWlWHQVLQGEHUHLWVDEJHZLFNHOW VREDOGGXGRUWHLQWULIIVWNDQQVWGXVWDUWHQ© 6LHVFKZLHJHLQHQ$XJHQEOLFN'DQQVDJWHVLH ª0XW GXGDVPDFKHQ"© ,KUH)UDJHEHUKUWHHLQHVFKRQODQJDQGDXHUQGHXQG QLHZLUNOLFKEHLJHOHJWH.RQWURYHUVH]ZLVFKHQLKQHQ $OH[DQGUDZDUGLHHLQ]LJHGLHHLQH$KQXQJGDYRQ KDWWHZDVHUWDWVlFKOLFKPDFKWHZHQQHULPPHUZLH GHUIUOlQJHUH=HLWYHUUHLVWHDQJHEOLFKXPGLH
,PPRELOLHQ]XEHVLFKWLJHQGLHPDQ'UDJR(QWHUSULVHV ]XP.DXIDQERWRGHUYRQLKQHQZHLWHUYHUlXHUWZXU GHQ:LHJHVDJWHLQH$KQXQJDEHUDXFKQLFKWPHKU ª9RQPVVHQLVWNHLQH5HGH,FKZLOO© ª:LOOVWGXPLUQLFKWHQGOLFKYHUUDWHQIUZHQRGHUZDV GXDUEHLWHVW"9LHOOHLFKWNDQQLFKHVGDQQYHUVWHKHQ© ª'DJLEWHVQLFKWV]XYHUVWHKHQ©VDJWHHUJUREHUDOV EHDEVLFKWLJW (UNRQQWHLKUNHLQHQUHLQHQ:HLQHLQVFKHQNHQREZRKO VLHHWZDVYHUPXWHWH$EHU9HUPXWHQLVWHLQH6DFKH :LVVHQHLQHDQGHUH6RZDUVLHZHQLJVWHQVQLHLQ *HIDKUIUGLHVHV:LVVHQLQ6FKZLHULJNHLWHQ]XJHUD WHQ 6LHVFKQDSSWH ª,FKKDEHHVVFKRQRIWJHVDJW :DUXP NPPHUVWGXGLFKQLFKWHLQELFKHQPHKUXPV *HVFKlIWDQVWDWWGHLQ9HUJQJHQEHLP$XVJHEHQ]X ILQGHQ"© ª:LOOVWGXGDLFKGLH)LUPDGXUFKHLQDQGHUEULQJH" :LOOVWGXGDVZLUNOLFK"© 6LHVFKZLHJ ª1DVLHKVWGX$OVRWXQLFKWDOVREGLUZLUNOLFKZDV GDUDQOLHJWPLFKVWlQGLJXPGLFK]XKDEHQ© ª,FKKDEH]ZHL3DVVDJHQDXIGHU76&+$72YRUJH EXFKWIU)UHLWDJZLHGXHVJHZROOWKDVW=ZHLQHEHQ HLQDQGHUOLHJHQGH.DELQHQLFKYHUPXWHPDOHVLVW HLQH)UDX© ª-D©EHNDQQWHHURKQH*HZLVVHQVELVVHª$EHUVLHLVW OHGLJOLFK0LWWHO]XP=ZHFN6LHVROOPLFKQXULQGLH +|KOHGHV/|ZHQIKUHQ© ª'XZLUVWLQLKUHP%HWWODQGHQ© ª8PJHNHKUW©PHLQWHHUOHLFKWKLQªXPJHNHKUW6W|UW HVGLFK"© 6LHVFKQDXIWHK|KQLVFKª3DK0HLQHWZHJHQEUDXFKVW GXGHLQHDQLPDOLVFKHQ7ULHEHQLFKWHLQ]XVFKUlQNHQ $EHULFKNDQQGLUVFKRQMHW]WSURSKH]HLHQGDGLFK HLQHV7DJHVHLQHVGLHVHUYLHOHQ:HLEHULQV8QJOFN
VWU]HQZLUG© 'DVNRQQWH'UDJRQLFKWEHVWUHLWHQ8QGVRVFKZLHJHU 'DHVQLFKWVPHKU]XEHVSUHFKHQJDEYHUOLHHUQDFK IQI]HKQ0LQXWHQGDV%URXQGEHZHJWHVLFK]LHOORV GXUFKGLH6WDGW (UDLQHLQHPNOHLQHQ%LVWUR]X0LWWDJXQGODQJZHLO WHVLFKZHLWHU 'LH=HLWZROOWHQLFKWYHUJHKHQ 'HUVHKQOLFKVWHUZDUWHWH$QUXINDP]ZHL7DJHVSlWHU (VZDU0RUJHQ'UDJRKDWWHVLFKEHLVHLQHPREOLJDWR ULVFKHQ/DXIGXUFKGHQ'HQHE3DUNY|OOLJYHUDXVJDEW (UVWDQGQRFKXQWHUGHU'XVFKHDOVVHLQ9LGHRSKRQ OlXWHWH(UOLHGDV:DVVHUODXIHQZLFNHOWHVLFKHLQ %DGHWXFKXPGLH/HQGHQXQGHLOWHWURSIQD]XP 7HUPLQDO ª-D"© 6HLQH6WLPPHDNWLYLHUWHGHQ6LFKWPRGXV ª+DOOR9LMX©(VZDUXQYHUNHQQEDULKUH6WLPPH,KU *HVLFKWVDKLKPYRQGHPNOHLQHQ0RQLWRUHQWJHJHQ /lFKHOQGHQWEO|WHVLHLKUHPDNHOORVZHLHQ=lKQH ,KUH6WLPPHZDUNODUXQGKHOOª6W|UHLFKHWZD"© (UYHUVLFKHUWHLKUKDVWLJGDGLHVQLFKWGHU)DOOVHL 'DV%OXWUDXVFKWHLQVHLQHQ$GHUQ(VNRQQWHDEHUDXFK GHU1DFKKDOOGHU'XVFKHVHLQ(UIUDJWHVLHREVLH JHUDGHDQJHNRPPHQVHL ª1HLQJHVWHUQQDFKW©DQWZRUWHWH&\ULOXQGVDJWHLKP ZRVLHDEJHVWLHJHQZDU'UDJRNDQQWHGDV+RWHOHLQH GHUH[NOXVLYHQ$GUHVVHQLQ7HUUDQLD1DWUOLFK ª(VIUHXWPLFKGDGX:RUWJHKDOWHQKDVW©VDJWHHU ª+DWWHLFKHVGLUQLFKWYHUVSURFKHQ"© ª1DWUOLFK:LHJHKWHVGHLQHP%UXGHU"© 6LHEOLFNWHHLQH6HNXQGHYHUVWlQGQLVORVª0HLQHP %UX"$FKMD=DQRPHLQHP$GRSWLYEUXGHU,FKZHL HVQLFKW,FKKDEHLKP]XYHUVWHKHQJHJHEHQGDLFK LKQQLFKWPHKUVHKHQZLOO,FKELQRKQHLKQDEJHUHLVW©
ª:ROOHQZLU]XVDPPHQ/XQFKHVVHQ"©IUDJWH'UDJR 6LHODFKWHª,FKZUGHJHUQHDEHULFKKDEHKHXWHQRFK HLQLJHVYRU'RFKZDVKlOWVWGXGDYRQZHQQGXPLFK ]XP'LQQHUHLQOlGVW"© ª'DVOlWVLFKDUUDQJLHUHQ© ª6FK|Q:DQQVROOLFKIHUWLJVHLQ"© ª8PDFKW"© ª,FKIUHXHPLFK© &\ULO+RSH4XLOOLDQXQWHUEUDFKGLH9HUELQGXQJ,KU %LOGZXUGH]XHLQHPYHUWLNDOHQ6WULFKGHUVLFKHUVWLP 3URMHNWLRQV]HQWUXP]XVDPPHQ]RJXQGGDQQDXIO|VWH 'UDJREOLFNWHQRFKHLQH:HLOHDXIGLHOHHUH6FKHLEHLQ GHUVLFKVHLQ*HVLFKWVSLHJHOWH(UZXWHJDQ]JHQDX ZLHHVQDFKGLHVHU(LQODGXQJZHLWHUJHKHQZUGH WURW]GHPIDQGHUGHQ*HGDQNHQGDUDQHUUHJHQG'DQQ JLQJHUZLHGHUXQWHUGLH'XVFKHSIHLIHQGDOVKlWWHHU QLHGDYRQJHK|UWGD3IHLIHQXQWHUGHU'XVFKHQXU 8QJOFNEULQJW .DSLWHO 6LHHUZDUWHWHLKQEHUHLWVXQGZDUVFK|QHUDOVHUVLHLQ (ULQQHUXQJKDWWH,KUNXU]HV.OHLGDXVVFKLPPHUQGHP 6LOEHUJHZHEHEUDFKWHLKUHQVFKODQNHQ.|USHUXQGGLH ODQJHQ%HLQHVHKUYRUWHLOKDIW]XU*HOWXQJ 'UDJRIKUWHVLHLQV7HUUDQLH3URYHQFLDOLQGHU .KRRORL5RDGZRVLHHLQH.OHLQLJNHLWDHQXQG:HLQ YRQ3RQWLFKRVWUDQNHQGHPVLHVHLQHP(LQGUXFNQDFK HLQELFKHQ]XUDVFK]XVSUDFK-HGHQIDOOVEHJDQQVLH QDFKNXU]HU=HLW]XNLFKHUQXQGDOEHUQ]XWXQ 6FKOLHOLFKVWHOOWHVLHGHQ3RNDODXIGHQ.RSIXQGYHU IROJWHDQJHVSDQQWZLHGLHOHW]WHQ7URSIHQGHVEODXHQ :HLQHVHLQHQ5LQJDXIGHP7LVFKELOGHWHQ ª8QGZDVPDFKHQZLUMHW]W"©6LHVDKLKQDXVLKUHQ ZHLWDXVHLQDQGHUVWHKHQGHQEODXHQ$XJHQDQ ª8QGMHW]W©VDJWHHUHQWVFKORVVHQªYHUODVVHQZLUDXI VFKQHOOHP)XGLHVHV/RNDO0DQEHJLQQWVFKRQEHU
XQV]XWXVFKHOQ©8QGDOVHULKUYRUVFKOXJ(VSUHVVR XQG*UDSSDLQVHLQHU:RKQXQJ]XWULQNHQZDUVLH VRIRUWHLQYHUVWDQGHQ ª'DVZlUHJURDUWLJ9LMX©VDJWHVLHJDQ]HUQVWKDIW ª,FKELQVFKRQVRJHVSDQQWDXIGHLQ$SDUWPHQW%LVWGX VLFKHUGDGHLQH)UDXIHVWVFKOlIW"© ª6LFKHUELQLFKVLFKHU©VDJWH'UDJRPLWVFKZDFKHU 6WLPPHª,FKKDEHVLHPLWGHP3DUDO\VDWRULQ 7LHIVFKODIYHUVHW]W© (UKDWWHYRUVRUJOLFKGDV*OHLWHUWD[LZDUWHQODVVHQXQG VRGDXHUWHHVQLFKWODQJHELV]XLKUHU$QNXQIWLQ 'UDJRV$SDUWPHQWª-D©VDJWH&\ULODOVVLHZLHHLQ QHXJLHULJHV.LQGGXUFKGLH5lXPHOLHIXQGGDV/LFKW YRULKUKHUZDQGHUWHZLHHLQH6WHUQHQZRONH GLH 6\QWURQLNVFKDOWHWH6HNXQGHQEUXFKWHLOHYRULKUHP (LQWUHWHQLQHLQHQ5DXPGLH%HOHXFKWXQJKRFK8QG QRFKHLQPDO ª-D©GLHVPDOPLWDQHUNHQQHQGHP /lFKHOQª)UHLQHQ0HFKDQLNHULVWGDVZLUNOLFKHLQH VHKUQLHGOLFKH0DQVDUGH© 'DVIDQGDXFK'UDJR HLQH)QI=LPPHU0DQVDUGHIU JHKREHQH$QVSUFKH$QGHQ:lQGHQJURIRUPDWLJH KRORJUDSKLVFKH:LHGHUJDEHQH[RWLVFKHU/DQGVFKDIWHQ IUHPGHU:HOWHQHLQGUXFNVYROOXQGEL]DUU9RUGHQ :lQGHQQLHGULJH6LW]SROVWHU3XQNWVWUDKOHUVFKXIHQ YHUVFKLHGHQH+HOOLJNHLWV]RQHQ,QHLQHU$QEDXZDQG ZDUHLQHWHXUH7ULYLGHRDQODJHPLWLQWHJULHUWHP $XGLRHPSIlQJHULQVWDOOLHUW DXVGHQ$NXVWLNIHOGHUQ NODQJVHOEVWYHUVWlQGOLFKYRUSURJUDPPLHUWOHLVH 6DLWHQPXVLN(LQJURHUIODFKHU7LVFKVWDQGDXIYHU FKURPWHQ)HQYRUHLQHUJURHQ&RXFKLQGHUHQ GLFNHQ3ROVWHUQPDQYHUVLQNHQNRQQWH'LHYLHUWH :DQGEHVWDQGDXVHLQHUHLQ]LJHQMHW]WVFKZDU]SRODUL VLHUWHQ3ODWWHDXVVFKLPPHUQGHP*ODVVLWPLWHLQHU7U GLHKLQDXVDXIGLH/RJJLDYRQGHU%UHLWHGHV :RKQUDXPHVIKUWH (UQDKPLKUGDVZHLWIDOOHQGH*HVSLQVWGHV&DSHVYRQ
GHQ6FKXOWHUQª0DJVWGXHLQHHWZDVDQGHUH0XVLN ]XP.DIIHH"© 6LHODXVFKWHHLQHQ0RPHQWVFKWWHOWHGHQ.RSIXQG VHW]WHVLFKLQHLQHQ6HVVHOª(VLVWJXWVRZLHHVLVW© 'UDJRQDKPQHEHQLKU3ODW] IUHLQHQ$XJHQEOLFN VFKZLHJMHGH.RQYHUVDWLRQ'HU6HUYRVHUYLHUWH (VSUHVVRXQG*UDSSDLQVFKODQNHQ*OlVHUQ ªhEULJHQV©PHLQWHVLHSO|W]OLFKPLWYHUlQGHUWHU 6WLPPHªILQGHLFKGDVJDUQLFKWQHWWYRQGLU© ª:DVZlUHGDVZDVGXQLFKWQHWWILQGHVW"© 6LHVWDFKPLWHLQHPVFKODQNHQ=HLJHILQJHULQVHLQH 5LFKWXQJª'XKDVWPLFKDQJHVFKZLQGHOW©VDJWHVLH DQNODJHQGªLFKKDEHKHUDXVJHIXQGHQGDGXNHLQHV ZHJVDOVSLORWLHUHQGHU'RPHVWLNEHLHLQHU*UXSSH )LQDQ]PDNOHUDQJHVWHOOWELVW:DVVDJVWGXQXQ"© 'UDJRVWDUUWHDQJHOHJHQWOLFKLQVHLQ*ODV ª:LHKDVWGXGDYRQHUIDKUHQ"© ª'DVZDUUHODWLYHLQIDFK©DQWZRUWHWH&\ULOQLSSWHDQ LKUHP*UDSSDXQGVDKLKQVWUDKOHQGDQ ª&\ULO©VDJWH9LMXLQHLQHP7RQGHUVHKUHQGJOWLJ NODQJªK|UPDO]X© ª:RYRQLPPHUGXVSULFKVWHVZLUGZLH+LPPHOV JHOlXWLQPHLQHQ2KUHQNOLQJHQ©6LHNLFKHUWHDOEHUQ :LHHLQNOHLQHV0lGFKHQ ª0LW5HFKWP|FKWHLFKGDVEH]ZHLIHOQ$OVR :RKHU JODXEVWGX]XZLVVHQGDLFKQLFKWGHUELQIUGHQLFK PLFKDXVJHEH"8QGZHQQGXMHW]WGLH6WXPPHVSLHOHQ VROOWHVWOHJHLFKGLFKEHUV.QLHXQGYHUVRKOWHGLUGHLQ RKQHMHGHQ=ZHLIHOHQW]FNHQGHV+LQWHUWHLO,FK PHLQHHVHUQVW© ª+XL©6LHPDFKWHHLQHVFKXOGEHZXWH0LHQHª1D JXW$OVLFKLQ7HUUDQLDDQNDPOLHLFKEHUGHQ +RWHOV\QWURQQDFKGHLQHU9LGHRSKRQQXPPHUIRUVFKHQ (VZDUQXUHLQHLQ]LJHU9LMX'UDJRLP]HQWUDOHQ 5HJLVWHUYHU]HLFKQHW%HVLW]HUYRQ'UDJR(QWHUSULVHV *HVFKlIWVDGUHVVH 7+(&2/21,(63ULYDWDGUHVVH
'HQHE$SDUWPHQWV:DUXPGLHVHV8QWHUVWDWHPHQW 9LMX"© 'UDJRODFKWHHUKDWWHVLFKVFKQHOOJHIDW ª$XIGLH*HIDKUKLQPLYHUVWDQGHQ]XZHUGHQ©VDJWH HUªLFKKDEHPLW$EVLFKWHLQELFKHQXQWHUWULHEHQ &\ULO'HLQHWZHJHQPHLQHWZHJHQ,FKZROOWHDXI 3RQWLFKRV=ZHLHLQIDFKQLFKWLQGHLQHU*HJHQZDUWPLW 'LQJHQDQJHEHQGLHPLUHLJHQWOLFKQLFKWZLFKWLJVLQG ,FKELQWDWVlFKOLFKNHLQEHVVHUHU0HFKDQLNHUYRQ VFKQHOOHQ5DXPMDFKWHQVRQGHUQGHUHQ%HVLW]HU LFK ODVVHGLH,QVWUXPHQWHDEVWDXEHQ© 6LHVWDFKHUQHXWPLWGHP=HLJHILQJHUDXILKQHLQª8QG GLH)DUP"© ª*HK|UWQDWUOLFKPLU©HUZLGHUWHHUVFKXOGEHZXW ª%LVWGXQXQVHKUHQWWlXVFKWYRQPLU"© ª$FKZDV©6LHVWDQGDXIXQGZDQGHUWHGXUFKGHQ :RKQUDXP 1DWUOLFKELVWGXGDYRQQLFKWHQWWlXVFKWGDFKWH 'UDJR,P*HJHQWHLOHVZLUGGHLQHP9RUKDEHQQXU GLHQOLFKVHLQ8QGVLFKHUKDVWGXDXFKYRQPHLQHP ]ZHLIHOKDIWHQ5XIHUIDKUHQZDVPLFKLQGHLQHQ$XJHQ IUGDVZDVGXEHDEVLFKWLJVWQXUQRFKDWWUDNWLYHU PDFKW ª'XVFKHLQVWWDWVlFKOLFKZHLWKHUXP]XNRPPHQ©6LH GHXWHWHDXIGLH+RORJUDSKLHQDQGHQ:lQGHQª+DVWGX DOOHGLHVH3ODQHWHQVHOEVWLQ$XJHQVFKHLQJHQRPPHQ"© (UQLFNWHª'LHPHLVWHQVFKRQ5HLVHQELOGHWZLHGX VLFKHUZHLW© &\ULOVHW]WHVLFKZLHGHUQHEHQLKQXQGVDKLKQYRQGHU 6HLWHDQª$SURSRV5HLVHQ©VDJWHVLHXQYHUPLWWHOW ª'XELVWVHKUSO|W]OLFKDEJHUHLVW9LMX© ª$EJHUHLVW"9RQ3RQWLFKRV=ZHLPHLQVWGX"© 6LHQLFNWHKHIWLJ (U]XFNWHPLWGHQ$FKVHOQª'HLQ=DQRKDWGLFKDXV GHP.RQ]HSWJHEUDFKW'XZDUVWSO|W]OLFKQLFKWPHKU LQ6WLPPXQJ©
ª:DUGDVVRGHXWOLFK]XHUNHQQHQ"(VWXWPLUOHLG© ª'XIlQJVWVFKRQZLHGHUGDPLWDQGLFKIUDOOHVXQG QLFKWV]XHQWVFKXOGLJHQ©(UODFKWHª'XELVWGRFK QLFKWVFKXOGGDHUGLUQDFKVWHOOW© 6LHVFKDXGHUWHª(UPDFKWPLUDQJVW0DQFKPDO HUVFKUHFNWHUPLFK]X7RGH© 'UDJRV*HIKOHLKUJHJHQEHUZDUHQYRQVHKU JHPLVFKWHU$UW)UDXHQXQG9HUEUHFKHQZDUHQ]ZHL YHUVFKLHGHQH'LQJHVRZLHHUVHLQH3URIHVVLRQ DXIIDWH(VZDUVFKZHU]XJODXEHQGDHLQHVR]DUWH 6FK|QKHLWZLH&\ULODOV7RGHVEULQJHULQ9HUGHUEHQEHU XQ]lKOLJH/HEHQEULQJHQNRQQWH'RFK3LQSRLQWZDU GLHVHU0HLQXQJXQG'UDJRKDWWHQRFKQLH 9HUDQODVVXQJJHKDEWDQGHVVHQ8UWHLO]X]ZHLIHOQ ª-D©HUQLFNWHªLFKKDEHHVJODXEHLFKVFKRQPDO JHVDJW (UKDWHLQHQ+DQJ]XU%UXWDOLWlWGHLQ=DQR© ª8QGLFKKDEHHVJODXEHLFKDXFKVFKRQPDOJHVDJW (ULVWQLFKWPHLQ=DQR©VDJWHVLHPLWHLQHU+HIWLJNHLW GLHLKQHUVFKUHFNWHZHLOHVHKUOLFKNODQJ 3O|W]OLFKEHJDQQVLH]XZHLQHQ LKUH2EHUOLSSH]LWWHUWH XQG7UlQHQUDQQHQLKUEHUGLH:DQJHQ$OV 6FKDXVSLHOHULQKlWWHVLHGDPLWMHGHQ7ULYLGHR6WDU ORFNHUDQGLH:DQGJHVSLHOWXQGEHLP3XEOLNXPIUHQH WLVFKH2YDWLRQHQKHUYRUJHUXIHQ'UDJRZDUVLFKQXU QLFKWVLFKHUREHVDXFKJHVSLHOWZDU 'DHUPLWZHLQHQGHQ)UDXHQQLFKWVDQ]XIDQJHQZXWH QDKPHUVLHLQGLH$UPH (VEOLHEODQJH=HLWVWLOO GLH7UlQHQYHUVLHJWHQ'DQQ VDJWHVLH ª0DQNDQQVLFKVHLQH)DPLOLHQLFKWDXVVX FKHQPHLQVWGXQLFKWDXFK"©6LHKREGHQ.RSIXQG NWHLKQª:LUVROOWHQXQVHUH=HLWQLFKWGDPLWYHU VFKZHQGHQILQGHVWGXQLFKW"© 'UDJROlFKHOWHEHXJWHVLFK]XLKUKLQXQWHUXQGEHUKU WHPLWVHLQHQ/LSSHQLKUH:DQJHQ(UZXWHMHW]WZDU HUDP=XJª:RPLWGDQQ"© 6LHEHZHJWHVLFKLQVHLQHQ$UPHQXQGHUVSUWHLKUHQ
ZDUPHQ.|USHUª/DVVHQZLUGDV*HSOlQNHO©VDJWH VLHªXQGZLGPHQZLUXQVHWZDV9HUQQIWLJHP© :DVVLHGDUXQWHUYHUVWDQGVDK'UDJRDOV&\ULODXI VWDQGXQGPLWGHQ+lQGHQKLQWHULKUHP5FNHQQHVWHO WH GDV.OHLGIORZLHHLQVLOEHUQHU:DVVHUIDOOYRQ LKUHP.|USHU6LHVWDQGQDFNWYRULKPXQGOlFKHOWHLKQ DQ LQGHQ$XJHQZLQNHOQQLVWHWHQQRFK6SXUHQLKUHU 7UlQHQ'UDJREHPKWHVLFKNUDPSIKDIWXPHLQHSDV VHQGH%HPHUNXQJª,FKNHQQHKLHULQ7HUUDQLDHLQ 0lGFKHQGDVDXFKDXVQHKPHQGYHUQQIWLJLVW©6HKU JHLVWUHLFK &\ULOODFKWH6LHQDKPVHLQH+DQGXQGVDKLKQIUDJHQG DQª*HKHQZLUQDFKQHEHQDQ"© (UHUZLGHUWHLKU/lFKHOQª1DWUOLFK©VDJWHHUXQGGHU $QEOLFNLKUHU+DXWOLHVHLQH%HLQHVFKZDFKZHUGHQ ,P6FKODI]LPPHUKDOIVLHLKPDXVVHLQHQ.OHLGHUQ6LH ZDUZLUNOLFKGLHVFK|QVWH)UDXGLH'UDJRMHJHVHKHQ KDWWH]XPLQGHVWLQGHQOHW]WHQDFKWXQGYLHU]LJ 6WXQGHQ(UWUDW]XLKUXPIDWHLKUHVFKPDOHQ+IWHQ XQG]RJVLHDQVLFK ª'DUDXIKDEHLFKVHLW7DJHQJHZDUWHW©VDJWHHUXQG NWHVLHDXIGHQ+DOVXQWHULKUHQEORQGHQ+DDUHQ ª8QGLFKZDUWHGDUDXIVHLWLFKGLFKDXI3RQWLFKRV]XP HUVWHQ0DOJHVHKHQKDEH©JHVWDQGVLHPLWOHLVHUOHLFKW NHKOLJHU6WLPPH 6HOEVWZHQQVLHEHUKXQGHUW]ZDQ]LJPLWLPSODQWLHU WHQ%LOOLJ=lKQHQXQGXQUHLQHU+DXWJHZHVHQZlUH KlWWHHUJHWDQZDVHU]XWXQEHDEVLFKWLJWH$EHUZLHHV GLH)JXQJZROOWHZDUVLH&\ULOXQGHEHQVRKEVFK ZLHWDOHQWLHUWXQGYRUDOOHPJHULVVHQ &\ULOV.|USHUZDUGDV8QLYHUVXP 'LH:HOWVWDQGVWLOODOVVLHVLFKOLHEWHQ6LHEHIDQGHQ VLFKDXHUKDOEYRQ5DXPXQG=HLWKDWWHQQLFKWVPHKU ]XWXQPLW/JHQ.RPSORWWHQXQG,QWULJHQ(VZDU IDVW0LWWHUQDFKWDOVVLHVFKOLHOLFK]XU5XKHNDPHQ (LQH=HLWODQJVDJWHQZHGHU&\ULOQRFK'UDJRHLQ:RUW
(QGOLFKEUDFKVLHGDV6FKZHLJHQª'DVZDUHEHQHLQ VHKUPHUNZUGLJHV*HIKOVRDOVKlWWHQZLUXQVHUH 6HHOHQDXVJHWDXVFKW,FKKDEHVRHWZDVQRFKQLHHUOHEW ,FKELQQLFKWVLFKHURELFKHVPDJ© ª0LUJHKWHVJHQDXZLHGLU©VDJWH'UDJRª]XPLQGHVW IDVW© ª'XPDFKVWGLFKOXVWLJ©6LHEHXJWHVLFKEHULKQ LP 0RQGOLFKWVFKLPPHUWHLKUHVFKZHLEHGHFNWH+DXW ª.PLFK9LMX© (UNWHVLH 1DFKGHPZDVJHZHVHQZDUZDUHVQLFKWOHLFKW]X JODXEHQGDVLHNHLQ:RUWYRQGHPHUQVWPHLQWHZDV VLHLKPLQV2KUJHVWDPPHOWKDWWH'DVGXPPHZDUQXU HUZXWHGDVLHHLQHQ-REKDWWHJHQDXZLHHUXQGGD VLHLKQPLWDXVJHIHLOWHU)LQHVVHHUOHGLJWH7URW]GHP (LQH)UDXGLHHLQHVROFKH$Q]LHKXQJVNUDIWDXILKQ DXV]XEHQYHUPRFKWHZDUUHJHOUHFKWEHlQJVWLJHQG 'RFKHUKDWWHHLQH$XIJDEH]XHUIOOHQHLQHYHUGDPPW XQJHPWOLFKHVRJDU'DVGXUIWHHUQLHDXVGHQ$XJHQ YHUOLHUHQ 'UDJRKLHOWVLHHLQZHQLJYRQVLFKDEª,QGLUVFKOXP PHUQMDXQJHDKQWH7DOHQWH©EHPHUNWHHU 6LHOlFKHOWH LP0RQGOLFKWEOLW]WHQLKUH=lKQHª,FK KDEHQRFKHLQSDDUDQGHUH7DOHQWHYRQGHQHQGXQRFK JDUQLFKWVZHLW©VDJWHVLHXQGSUHWHLKUHQHUKLW]WHQ .|USHUDQLKQ ª:HUGHLFKGLHVH7DOHQWHDXFKQRFKNHQQHQOHUQHQ"© ª:HUZHL©DQWZRUWHWH&\ULOXQVFKXOGLJ 'UDJRVWUHFNWHVLFKLP%HWWDXVXQGVFKREVLFKHLQHV GHU.LVVHQXQWHUGHQ.RSIª:LHVWHKWHVMHW]WPLWGHL QHP9HUVSUHFKHQ"© ª0PPK"© ª'XKDVWPLUPDODXI3RQWLFKRVYHUVSURFKHQPLUGHLQH /HEHQVJHVFKLFKWH]XHU]lKOHQ©HULQQHUWHHUVLH ª$FKVR+DEHLFKGDV"©6LHPDFKWHHLQHJHULQJVFKlW ]LJH%HZHJXQJª6RHLQHLQWHUHVVDQWH*HVFKLFKWHLVW
GDVQXQDXFKZLHGHUQLFKW:LOOVWGXVLHZLUNOLFK K|UHQ"© ª1DWUOLFK'XZHLWHLQLJHVEHUPLFKZlKUHQGLFK QLFKWVEHUGLFKZHL,FKKDVVHHVEHQDFKWHLOLJW]X VHLQ© ª$OVRJXW$EHUZHQQGLUGLH*HVFKLFKWH]LHPOLFK XQJODXEZUGLJXQGXQGXUFKVLFKWLJYRUNRPPWNDQQ LFKQLFKWVGDIU0HKUZHLLFKQlPOLFKVHOEVWQLFKW ,FKZHLZHGHUZHULFKHLJHQWOLFKELQQRFKZHUPHLQH (OWHUQVLQG© ª'XELVW:DLVH"© ª-DXQGQHLQ9LHU-DKUHQDFKGHP(QGHYRQ0RQRV +HUUVFKDIWHUVFKLHQHLQHV7DJHVHLQHMXQJH)UDXLQ HLQHPGHU$XIIDQJODJHUGHU:LGGHUDXI1LHXZ9,,6LH ZDUVFKZDQJHU0DQVFKlW]WHVLHDXIHWZDGUHLLJ -DKUH'XUFKHLQHQWUDXPDWLVFKHQ6FKRFNKDWWHVLHGDV *HGlFKWQLVYHUORUHQ6LHPXWH(QWVHW]OLFKHVPLWJH PDFKWKDEHQ1LHXZ9,,ZDUPDOHLQHIULHGOLFKH $JUDUZHOWJHZHVHQELV]XGHP=HLWSXQNWMHGHQIDOOV DOVGLH&DQWDURLQGLHVHQ4XDGUDQWHQGHU*DOD[LVHLQ ILHOHQXQGMHGHQLQGLH8PHU]LHKXQJVODJHUVWHFNWHQ GHUQLFKWUHFKW]HLWLJIOLHKHQNRQQWH$XVHLQHPGLHVHU $UHDOHPXGLHMXQJH)UDXJHIORKHQVHLQXQGVLFK ODQJH=HLWLQGHU:LOGQLVYHUERUJHQJHKDOWHQKDEHQ 'LH/HXWHLP/DJHUEHPKWHQVLFK]ZDUVLHDXVLKUHU /HWKDUJLH]XUHLHQLKU*HGlFKWQLV]XVWLPXOLHUHQ $EHUDEJHVHKHQGDYRQGDVLHIULKUOHLEOLFKHV:RKO VRUJWHQNRQQWHQVLHQLFKWVIUVLHWXQ$XHUGHP NRQQWHLQGLHVHQ/DJHUQDXFKQLHPDQGGLH=HLWIUHLQH JH]LHOWH%HKDQGOXQJDXIEULQJHQ'LH0RQDWHYHUJLQ JHQXQGVFKOLHOLFKJHEDUVLHHLQH7RFKWHUPLFK© &\ULOVFKZLHJIUHLQHQ0RPHQWGDQQIXKUVLHIRUW ª,FKZDUQRFKNHLQHVHFKV0RQDWHDOWDOVPHLQH 0XWWHUYHUVFKZDQG'LH%HK|UGHQYHUIROJWHQLKUH 6SXUELV]XHLQHPJRWWYHUODVVHQHQ3ODQHWHQDQGHU 6RXWKVLGHGHU/RNDOHQ*UXSSH'DYHUORUVLFKGLH
6SXU'LH%HK|UGHQJODXEHQGDVLHLUJHQGZRXQWHU ZHJVXPJHNRPPHQLVWDEHULFK© ª$EHUGXJODXEVWQLFKWGDUDQ© ª1HLQ,FKJODXEHQLFKWGDUDQ1DWUOLFKYHUODVVHLFK PLFKGDEHLOHGLJOLFKDXIHLQ*HIKO© ª:RKHUKDVWGXDOOHGLHVH,QIRUPDWLRQHQ"© ª$OOHVZDVLFKEHUVLHZHLKDEHLFKYRQPHLQHQ 3IOHJHHOWHUQHUIDKUHQ,FKKDEHQLFKWGLHJHULQJVWH $KQXQJZLHVLHDXVJHVHKHQKDW:HQQVLHMHW]W]XU7U KHUHLQNlPHZUGHLFKVLHQLFKWPDOHUNHQQHQ© ª+RIIHQWOLFKKDVWGXUHFKW©VDJWH'UDJRª,FKZQ VFKHGLUGDGXVLHHLQHV7DJHVILQGHQZLUVW'HLQH 3IOHJHHOWHUQZHUZDUHQVLH"© &\ULOV6WLPPHZXUGHVDQIWª/HHQ\XQG5DNRU 4XLOOLDQKDEHQVLHJHKHLHQXQGVLHZDUHQHLQPDOLJH 0HQVFKHQ(UZDUDOV6RQGHUERWVFKDIWHU7HUUDVIU KXPDQLWlUH+LOIHGLHVHP*HELHWDXI1LHXZ9,,]XJH WHLOWVLHZDU+\GURORJLQXQGNPPHUWHVLFKXPGHQ $XIEDXGHU7ULQNZDVVHUYHUVRUJXQJ$OVLFKHWZDHLQ HLQKDOE-DKUHDOWZDUKDEHQVLHGLHJHVHW]OLFKYRUJH VFKULHEHQHQ6FKULWWHIUPHLQH$GRSWLRQHLQJHOHLWHW 6LHZROOWHQPLFKPLWQDFK7HUUDQHKPHQVRZLHVLHHV PLW=DQREHDEVLFKWLJWHQGHQVLHHLQKDOEHV-DKUYRU PLU]XVLFKJHQRPPHQKDWWHQ'DVWDWHQVLHGDQQDXFK VFKOLHOLFKDOVHVGLH9HUKlOWQLVVHDXI1LHXZ9,, HUODXEWHQ:LUJLQJHQ]XUFN]XU(UGHQDFK1RXYHDX 3DULV6LHKDEHQPLFKHU]RJHQPLUHLQHQ1DPHQJHJH EHQXQGPLUHLQ6WXGLXPDQGHU6RUERQQHHUP|JOLFKW (LQPDOKDWPHLQ'DGPLUJHVDJWVLHKlWWHQPLFKGHV KDOE&\ULO+RSHJHQDQQWZHLOGLHMXQJH)UDXPHLQH 0XWWHUDQJHEOLFKHLQ0HGDLOORQXPGHQ+DOVJHWUD JHQKDWWHLQGDVGDV0RQRJUDPP&+HLQJUDYLHUW JHZHVHQZDU© 6LHIXKUVLFKEHUGLH$XJHQª6FKHLH©VFKQLHIWHVLH ªGDVLVWVRQVWJDUQLFKWPHLQH$UW0HLVWZHUGHLFK LPPHUHUVWQDFKGHP(QGHGHU*HVFKLFKWHUKUVHOLJ
$EHUGDVPDFKWZDKUVFKHLQOLFKGHLQH1lKH© &\ULOGUlQJWHVLFKDQLKQ HUOHJWHGHQ$UPXPVLHXQG NWHVLHDXIGLH:DQJHª:HLQHQVFKDGHWEHVWLPPW QLFKW$EHUZHQQGXOLHEHUQLFKWPHKUGDYRQVSUHFKHQ P|FKWHVW© ª1HLQQHLQ(VPDFKWPLUQLFKWVPHKUDXV'DGXQG 0RPVLQGYRU]HKQ-DKUHQZLHGHULQGHQ$XHQGLHQVW JHJDQJHQ 'LSORPDWLVFKH0LVVLRQ&DOLEDQ'UDFRQLV 6LHNDPHQQLHDQ1LHPDQGZHLZDVJHVFKHKHQLVW 6LHKLQWHUOLHHQPLU©&\ULO]|JHUWHNXU]ªXQG =DQRHLQNOHLQHV9HUP|JHQ6HLWGHPUHLVHLFKLP 8QLYHUVXPKHUXP,PPHUDXIGHU6XFKH1LHGLH +RIIQXQJDXIJHEHQGHLQH6SXUYRQPHLQHU0XWWHU YRQ0RPXQG'DG]XILQGHQ© 'LHSHUIHNWH/HJHQGHIDQG'UDJR6RZDUVLHXQJH EXQGHQNRQQWHUHLVHQZRKLQVLHZROOWHNRQQWH/HXWH WUHIIHQ:HOWHQDXIVXFKHQRKQHGDMHPDQGMHZLUNOLFK 9HUGDFKWVFK|SIWH(UIUDJWHVLFKZLHYLHOYRQLKUHU *HVFKLFKWHZDKUXQGZLHYLHOGDYRQIUHLHUIXQGHQZDU $XIDOOH)lOOHZDUHVIDV]LQLHUHQGVLHOJHQ]XVHKHQ ª8QGHUSDWQRFKLPPHUDXIGLFKDXI"© ª:HU"© ª=DQR© ª$FKVRMDQDWUOLFK/HLGHUPDQFKPDOPHKUDOVPLU OLHELVW©6LHHUVFKDXGHUWHXQGGUlQJWHVLFKHQJHUDQ LKQ LKUH+DXWZDUQRFKLPPHUKHL (UNWHVLHª:DUXPKDVWGX$QJVWYRULKP"© ª.|QQHQZLULKQQLFKWYHUJHVVHQ"(ULVWGRFKQLFKW ZLFKWLJ© ª0LULVWHUVFKRQZLFKWLJ6FKOLHOLFKKDWHUPLU JHGURKW:HLHUGDGXKLHUELVW",VWHUGLUYRQ 3RQWLFKRVDXVJHIROJW"© ª,FKZHLHVQLFKW©,KU7RQIDOONODQJEHVWU]Wª:HQQ HUZHLGDLFKLQ7HUUDQLDELQGDQQZHLHUDXFKLQ ZHOFKHP+RWHOLFKZRKQH(VZlUHEHVWLPPWQLFKW VFKZLHULJPLU]XIROJHQ©
8QGKHUDXV]XILQGHQGDGXGLFKLP$XJHQEOLFNLQ PHLQHP%HWWEHILQGHVWGDFKWH'UDJR/DXWVWLPPWH HU]Xª'D]XJHK|UWQLFKWYLHO© ª,FKPDFKHPLU6RUJHQ9LMX0HLQVWGXGDHUKLQWHU XQVKHULVW"© ª'XPXWQLFKWEHVRUJWVHLQ©EHVFKZLFKWLJWHHUVLH ª,FK]HUUHLHGLHGLFNVWHQ'DWHQIROLHQPLWEORHQ +lQGHQ© ª'DQQLVW VMDJXW©PXUPHOWHVLHDQVHLQHP2KUXQG VFKREVLFKLQQHXHQWIODPPWHU/HLGHQVFKDIWDXILKQ )UHLQHJDQ]H:HLOHYHUJDHUMHQHQ%XUVFKHQPLW 1DPHQ=DQR4XLOOLDQYHUJDGDV6\QGLNDWGHU 0lFKWLJHQ'UDJRNRQQWHVLFKQLFKWKHOIHQHUZDUVHKU ]XIULHGHQPLWVLFK$XFK3LQSRLQWNRQQWHVWRO]DXILKQ VHLQ 6SlWHUVDJWHHU ª$XIGLH*HIDKUKLQPLYHUVWDQGHQ]X ZHUGHQ ,FKEUDXFKHHLQH=LJDUHWWH'XDXFK"© ª0PPMD©.LFKHUQGHQWIOHFKWHWHVLHLKUH*OLHGPDHQ YRQGHQVHLQHQ 'UDJRVWDQGDXIXQGJLQJKLQEHULQGHQ:RKQEHUHLFK (LQHQ0RPHQWEOLHEHUYRUGHU3DQRUDPDVFKHLEHVWH KHQGDQQEHIDKOHUGHU6\QWURQLNGLH7U]X|IIQHQ XQGWUDWDXIGLH/RJJLDKLQDXV(UEOLFNWHEHUGHQ +DORGHU6WDGWKLQDXILQGHQ1DFKWKLPPHO7HUUDQLDV 1XUZHQLJH6WHUQHZDUHQ]XVHKHQ QHEHQGHP NDONZHLVWUDKOHQGHP5XQGGHV9ROOPRQGHVYHUEOD WHQGLHIHUQHQ6RQQHQ,QZHQLJHQ7DJHQZUGHHUVLFK QRFKZHLWHUGUDXHQEHILQGHQMHQVHLWVGHVJDODNWL VFKHQ$VWHVGHQGLH0LOFKVWUDHELOGHWH (U]QGHWHVHLQH=LJDUHWWHDQXQGVWLHJZLHGHU]X&\ULO LQV%HWW ª:RUDQGHQNVWGX9LMX"© (UKDWWHHLQHJDQ]H:HLOHVFKZHLJHQGGDJHOHJHQXQG JHUDXFKWª'DLFKDP)UHLWDJQDFK$UJKLURUHLVH© VDJWHHUXQGOHJWH%HGDXHUQLQVHLQH6WLPPHªXQGLFK ELQQLFKWVRQGHUOLFKVFKDUIGDUDXI1LFKWMHW]W1LFKW
QDFKGHPZDV]ZLVFKHQXQVJHVFKHKHQLVW© ª9LMX9LMX©VDJWH&\ULOXQG]HLFKQHWHPLWGHU6SLW]H LKUHV=HLJHILQJHUV)LJXUHQDXIVHLQH%UXVWª:LOOVWGX HWZDGDPLWDQGHXWHQGDGXPLFKYHUPLW"© ª(LQH)UDXZLHGLFKWULIIWPDQVHOWHQ©EHNDQQWHHU XQGHVZDUZLHHUIDQGQLFKWHLQPDOJHORJHQ ª,FKJODXEHLFKIKOHPLFKJHVFKPHLFKHOW$EHUGX EUDXFKWHVWPLFKJDUQLFKW]XYHUPLVVHQ© ª2K"1HLQ"© ª1HLQ©6LHNUDEEHOWHVFKRQZLHGHUKDOEEHULKQ ª:DVKlOWVWGXGDYRQZHQQLFKGLFKEHJOHLWH"© (UWlWVFKHOWHLKUHQ3Rª'DVGDVZlUHLQGHU7DWIDQ WDVWLVFK©VDJWHHUXQGOHJWHHLQH6SXUHUVWDXQWHU )UHXGHLQVHLQH6WLPPHª'XXQGLFK:DVN|QQWHHV 6FK|QHUHVJHEHQ"© ª1LFKWZDKU"©SODSSHUWHVLHIU|KOLFKª0HLQVWGXHV EHVWQGHHLQH&KDQFHQRFKHLQH3DVVDJH]XEHNRP PHQ"© ª,FKJODXEH©VDJWH'UDJREHLOlXILJªGDVNDQQPDQ DUUDQJLHUHQ,FKIOLHJHPLWGHU76&+$72GHU 7HUUDQLVFKHQ7UDQVVWHOODUHQ/LQLH0DQZLUGVLFKHU QRFKHLQH.DELQHIUGLFKKDEHQ,FKZlUHHQW]FNW ZHQQGXPLWNlPVW© ª$EHULFKEHVWHKHGDUDXIGDLFKPHLQH3DVVDJHVHOEVW EH]DKOH© ª(LQH)UDXPLW*UXQGVlW]HQ:LHHUIUHXOLFKGRFKLQ GLHVHP)DOONDQQVWGXVLHJHWURVWEHU%RUGZHUIHQ %HWUDFKWHGLFKDOVPHLQHQ*DVWELWWH© 6LH]|JHUWHHLQHQ0RPHQWª$OVRJXW6DJWHVWGX )UHLWDJ"© ª'DVVDJWHLFK© ª:LUVWGXODQJHLQ3RUW:HOOVEOHLEHQ"©(VNODQJ XQYHUIlQJOLFK ª1LFKWOlQJHUDOVQ|WLJ©DQWZRUWHWHHU8QGDXFKGDV ZDUQLFKWJHORJHQª$XHUGHPKDOWHLFKPLFKPHKULQ 'UDJR:HOOVDXI,FKPXPLFKXPGHQ)RUWJDQJGHU
GRUWLJHQ3ODQHWHQIRUPLQJ$UEHLWNPPHUQ© ª(JDOZLHODQJHHVGDXHUWVRODQJHZLU]XVDPPHQ VLQG© 6LHVHXI]WH]XIULHGHQUROOWHVLFKYRQLKPKHUXQWHUXQG ]RJVLFKGDV/DNHQXQWHUV.LQQ ZDVVLHHUUHLFKHQ ZROOWHKDWWHVLHJDQ]HLQGHXWLJEHNRPPHQ 6FKRQLP+DOEVFKODIPXUPHOWHVLH ª'DVZLUGZXQ GHUVFK|QZHUGHQ9LMX© 'DYRQZDU'UDJRQXQJDUQLFKWEHU]HXJWDEHUGDV EHKLHOWHUIUVLFK .DSLWHO (UUHGHWHVLFKHLQHUZROOHVLFKQXUHLQSDDU0LQXWHQ DXVUXKHQ$EHUDOVHUGLH$XJHQDXIVFKOXJNURFK EHUHLWVGHUHUVWH6FKLPPHU7DJHVOLFKWLQV=LPPHU(U ODJDXIGHP5FNHQ&\ULOVEORQGH+DDUHUXKWHQDXI VHLQHU6FKXOWHU 'UDJRIUDJWHVLFKZLHVRGHU.|USHUHLQHU)UDXDP 0RUJHQLPPHUVRZDUPXQGYLHOVDQIWHUDOVDP$EHQG ]XYRUZLUNWHDEHUGLHVH)UDJHVWHOOWHHUVLFKQLFKW]XP HUVWHQ0DO$OVHUDXIGLH8KUVDKEHZHJWHHUVLFKXQG GDYRQZDFKWH&\ULODXI 6LHKREGHQ.RSIRKQHGLH$XJHQ]X|IIQHQª9LMX"© PXUPHOWHVLHVFKOlIULJª:DVLVWGHQQORV"© ª(VLVW=HLW:ROOWHVWGXQLFKWXQJHVHKHQLQGHLQ+RWHO NRPPHQ"© ,KUHEODXHQ$XJHQ|IIQHWHQVLFK6LHIXKUKRFK LKUH 6FKOlIULJNHLWZDUPLWHLQHPPDOYHUVFKZXQGHQ ª9LMX©VDJWHVLHODXWª(VLVWVFKRQ0RUJHQ© (UQLFNWHVFKPXQ]HOQG 6LHVFKOXJGLH'HFNH]XUFNXQGHLQSDDU$XJHQEOLFNH ODQJEHZXQGHUWHHULKUHQQDFNWHQ.|USHUZlKUHQGVLH LKUH.OHLGHU]XVDPPHQUDIIWHLP%DGYHUVFKZDQGXQG QDFKH[DNW]HKQ0LQXWHQZLHGHUGDUDXVDXIWDXFKWH 'UDJRLQ]ZLVFKHQHEHQIDOOVDQJHNOHLGHWEUDFKWH&\ULO ]XHLQHP7D[LJOHLWHU0LWHLQHPIOFKWLJHQ/lFKHOQLQ
VHLQH5LFKWXQJOLHVLHVLFKLQGHQ6LW]IDOOHQ GHU *OHLWHUHUKREVLFKDXIVHLQHP$QWLJUDYWULHEZHUNXQG IlGHOWHVLFKLQGHQ9HUNHKUVVWURPHLQGHU]ZDQ]LJ 0HWHUEHUGHU6WUDHGDKLQJOLWWJHOHLWHWXQGEHU ZDFKWYRP9HUNHKUVYHUEXQGGHU7HUUDQLD7UDIILF &RQWURO'LH,7&ZLHGHUXPXQWHUVWDQG1$7+$1 GHPJU|WHQXQGZLFKWLJVWHQ&RPSXWHULP 6RQQHQV\VWHP :LHGHU]XUFNLQVHLQHP$SDUWPHQWOLHHUVLFKYRQ VHLQHP+HLPV\QWURQPLWGHP62/()7+DXSWTXDUWLHU LQGHU,WVXELVKL5RZYHUELQGHQ ª'HU.RQWDNWLVWKHUJHVWHOOW©VDJWHHUDOV.HULP 3LQSRLQWLKPYRP6FKLUPHQWJHJHQEOLFNWH ª6RVR1DKHJHQXJ"©.HULPV+XPRUZDUPLWXQWHUVR VFKZDU]ZLHHLQ:XUPORFK ª1lKHUJHKW VNDXP© ª(VZLUGGLUKRIIHQWOLFKQLFKWGDV+HU]EUHFKHQZHQQ HVYRUEHULVW"© ª'DVLVWNDXP]XEHIUFKWHQ'DLVWQRFKHWZDV© ª-D"© ª(LQKPP%UXGHURGHUVRZDVbKQOLFKHVGHU DXI3RQWLFKRVHLQELFKHQ]XDXIIlOOLJLKUHQ %HVFKW]HUVSLHOWH,FKKDWWHHLQHNOHLQH $XVHLQDQGHUVHW]XQJPLWLKP6HLQ9RUQDPHLVW=DQR© 'UDJRVFKLFNWHGHQ,QKDOWGHV'DWHQNULVWDOOVEHUGHQ 7UDQVSRQGHUVHLQHV7HUPLQDOV]X.HULPV6WDWLRQ ªhEHUSUIHLKQPDO© ª.ODU©VDJWH3LQSRLQW(UKDWWHHLQHQ'UDKW]XDOOHQ WHUUDQLVFKHQ*HKHLPGLHQVWRUJDQLVDWLRQHQVRZLHHLQHU 5HLKHªEHIUHXQGHWHU©$EZHKUGLHQVWHDXHUVRODUHU 5HJLHUXQJHQª%UDXFKVWGXGRUWGUDXHQ+LOIH"© ª:HQQZHUGHLFKXP+LOIHVFKUHLHQ© ª1DJXW©VDJWH3LQSRLQWRKQH5HJXQJª(VLVWGHLQ +DOVGHQGXULVNLHUVW©(VZDUXQJHVFKULHEHQHV *HVHW]GD62/()7$JHQWHQGLHHWDEOLHUWHQ5HFKWV RUJDQHSODQHWDUHU%HK|UGHQQXULPDOOHUlXHUVWHQ
1RWIDOOLQ$QVSUXFKQDKPHQª$XIDOOH)lOOHZHUGHLFK YRQKLHU$QZHLVXQJJHEHQGDHXFKGHU=ROO$WKHQHHV LQ)ULHGHQOlW,FKPHOGHPLFKVREDOGLFKHWZDVEHU GLHVHQ=DQR4XLOOLDQKHUDXVJHIXQGHQKDEH© %LV]XP6WDUWGHU76&+$72KDWWH'UDJRYLHU7DJH]X EHUEUFNHQ (UWUDIVLFKKlXILJPLW&\ULOXQGYHUEUDFKWHGLHPHLVWH =HLWGDPLWVLFKDOVEHVRQGHUVFOHYHUHQ*HVFKlIWVPDQQ GDU]XVWHOOHQGHUNHLQH6NUXSHOKDWWHZHQQHVJDOW LUJHQGZRHLQOXNUDWLYHV*HVFKlIWGXUFK]X]LHKHQ'DV VFKLHQPLWGHU0HLQXQJGLHVLHYRQLKPKDWWHEH UHLQ]XVWLPPHQ(UEHVWl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lKUHQGZHLWHUXQWHQEHUHLWVGLH/LFKWHU DXIIODPPWHQ'DV)HXHUZHUNGHU;HQRQUHNODPHQ PDFKWHDXVGHQ6WUDHQVFKOXFKWHQEXQWH0lUFKHQ ODQGVFKDIWHQ +LQXQGZLHGHUKLHOWHULPIUKDEHQGOLFKH*HZKOGHU 3DVVDQWHQGDVGLH0DOO5RZ]XHLQHP7RKXZDERKX PDFKWHQDFK=DQR$XVVFKDXGHVVHQP|JOLFKH $QZHVHQKHLWDXIGHU(UGH&\ULOPHKU]XEHVFKlIWLJHQ VFKLHQDOVVLHLKPJHJHQEHUHLQJHVWDQG2EZRKO 'UDJRHLJHQWOLFKZROOWHGDHULKQHQQDFK7HUUDQLD IROJWHWDWVlFKOLFKKDWWHHUDXI3RQWLFKRV,,HLQLJHV
JHWDQXPGDVVLFKHU]XVWHOOHQZROOWHHUGRFKQLFKW GDHULKQHQZLHHLQ6FKDWWHQDQGHQ)HUVHQNOHEWH =DQRZDUQLUJHQGZRLQ6LFKW 'LHVH7DWVDFKHEHUXKLJWH'UDJRNHLQHVZHJV (LQH:HLOHYHUKLHOWHQVLHYRUGHP6KRSSLQJ*DOD[\ GHPJU|WHQ(LQNDXIV]HQWUXPV7HUUDQLDVZDKUVFKHLQ OLFKVRJDUGHU(UGH'LHKLPPHOUDJHQGHEURQ]HIDUEHQH *ODVVLWZDQGGHV*HElXGHJLJDQWHQGLHQWHLQGHQ 1DFKWVWXQGHQDOVJHZDOWLJH5HNODPHIOlFKHIU :HUEHKRORV'DKLQWHUYHUEDUJHQVLFKZLHHUZXWH DXILQVJHVDPW]HKQ(EHQHQPHKUDOV*HVFKlIWH XQGPLQGHVWHQV5HVWDXUDQWVGLHVR]LHPOLFKDOOHV IHLOERWHQZDVLQGHU0LOFKVWUDHJXWXQGWHXHUZDU RGHUDOVWHXHUXQGJXWDQJHVHKHQZXUGH 0DUNWDQDO\VHQVSUDFKHQYRQ]ZHL0LOOLRQHQ%HVXFKHU WlJOLFKGLHYRQGHQDOOJHJHQZlUWLJHQ6\QWURQVHUIDW ZXUGHQ'LHVH]ZHL0LOOLRQHQYHUKDOIHQGHUNRORVVD OHQ0DOO]XHLQHP7DJHVXPVDW]YRQELV]XIQI]LJ 0LOOLRQHQ*DOD[ ª3KDQWDVWLVFK©KDXFKWH&\ULOHQW]FNWXQGVDK'UDJR YROOHU(QWKXVLDVPXVDQ ª*LEGLFKNHLQHU+RIIQXQJKLQGDVZLUGQLFKWV©VDJWH HUQDFKHLQHP$XJHQEOLFNGHV(UVFKUHFNHQVPLW 1DFKGUXFNª,FKZHUGHGHQ7HXIHOWXQXQGPLWGLULQ GLHVHKPP.RQVXPK|OOHJHKHQ© ª'X6FKXIW©VDJWHVLHLP7RQJHVSLHOWHU(QWWlXVFKXQJ XQG8QPXWV6LHJDELKPHLQHQVDQIWHQ5LSSHQVWR XQGVFKHQNWHLKPHLQVWUDKOHQGHV/lFKHOQ 'UDJRVHXI]WHDEJUXQGWLHIXQGKREGLH6FKXOWHUQ(V ZDUHLQH6LWXDWLRQGLHHUQLFKW]XPHUVWHQ0DOHUOHEWH (UZUGHQLHEHJUHLIHQZHVKDOE)UDXHQDOOHLQVFKRQ EHLGHU9RUVWHOOXQJHLQH[NOXVLYHV.OHLGXQJVVWFN HUVWHKHQ]XN|QQHQYRQHLQHPXQZLGHUVWHKOLFKHQ 'UDQJJHWULHEHQVFKLHQHQGLHVXQYHU]JOLFKLQGLH7DW XPVHW]HQ]XZROOHQ(VPXWHZRKOVRZDVZLHHLQ 3DZORZVFKHU5HIOH[VHLQGHUGLHVHQ9RUJDQJDNWLYLHU
WH'DEHLVFKLHQHVNHLQH5ROOH]XVSLHOHQZLHDQVWUHQ JHQGGLHVHV6KRSSLQJZDU 'UDJRKDWWHQXUHLQPDO]XVDPPHQPLW$OH[GLH7RUWXU DXIVLFKJHQRPPHQXQGZDUPLWLKUGXUFKGLH(WDJHQ GHUJLJDQWLVFKHQ0DOOJH]RJHQ:lKUHQGVLH OHLFKWILJZLHHLQ5HKYRQ(WDJH]X(WDJHJHVSUXQ JHQZDUKDWWHLKQEHUHLWVQDFKHLQHU6WXQGHDOOHVDQJH QHUYW 'LH(ULQQHUXQJGDUDQZDUDOOHVDQGHUHDOVGD]XDQJH WDQVLFKQRFKHLQPDOGLHVHU7RUWXU]XXQWHU]LHKHQ -HGHQIDOOVQLFKWIUHLZLOOLJ(LQ%XPPHOGXUFKGLH &UHVW$UFDGHPLWDQVFKOLHHQGHP'LQQHULQ=HPDQV %DU *ULOOVFKLHQLKPYLHOJHHLJQHWHUIUGLHVHQ $EHQG 1DFKZHQLJHQ0LQXWHQERJHQVLHLQGLH]XGHU&UHVW $UFDGHIKUHQGHQ6WUDHHLQ ,QGHP*HElXGHZLPPHOWHHVYRQ/HEHQ'LHULHVLJH $UFDGHZDUKHOOHUOHXFKWHW%DUV6RXYHQLUOlGHQXQG .DIIHH6KRSV7DQ]ORNDOHH[NOXVLYH5HVWDXUDQWVXQG ZLQ]LJH*DUNFKHQHUVWUHFNWHQVLFKPHKUJHVFKRVVLJ EHU7ULEQHQXQG:DQGHOJlQJH*HVFKZXQJHQH 6SLUDOJlQJHIUGLHMHQLJHQGLHGDV*DQ]H]X)X HUNXQGHQZROOWHQIKUWHQKLQDXIELV]XPKXQGHUWIQI ]LJ0HWHUKRKHQ.XSSHOGDFK GD]ZLVFKHQVFKLPPHU WHQGLHWUDQVSDUHQWHQ6lXOHQGHU$QWLJUDYOLIWHIUGLH MHQLJHQ%HVXFKHUGLHHWZDVZHQLJHUJXW]X)X ZDUHQ ,QGHU&UHVW$UFDGHZDUHQQDKH]XDOOHDXI7HUUDGHQN EDUHQ9HUJQJXQJHQXQWHUHLQHP'DFKYHUHLQW =XPLQGHVWNRQQWHPDQVHKUVFKQHOOGLHVHQ(LQGUXFN JHZLQQHQ (VKHUUVFKWHHLQEDE\ORQLVFKHV6SUDFKHQJHZLUU QHEHQ 0HQVFKHQNRQQWHPDQ9HUWUHWHUDXVVRJXWZLHIDVW DOOHQVDXHUVWRIIDWPHQGHQ=LYLOLVDWLRQHQGHU/RNDOHQ *UXSSHLQLKUHQXQWHUVFKLHGOLFKHQ(UVFKHLQXQJVIRU PHQWUHIIHQ 'DVVFKULOOH=LUSHQYRQ%OXHVDXVGHU
(DVWVLGHGHU0LOFKVWUDHZDUHEHQVR]XYHUQHKPHQ ZLHGDV)DXFKHQYRQ.DUWDQLQDXV3LQZKHHORGHU +DQJD\(LQJLJDQWLVFKHU+DOXWHUEHZHJWHVLFK JHPlFKOLFK]ZLVFKHQHLQHU*UXSSHDXV&KHERSDUQHUQ XQG/LQJXLGHQ ]ZHL6ZRRQVEHQXW]WHQLKUH$QWLJUDYV ZRKOLQGHU)XUFKWYRQGHP5LHVHQYHUVHKHQWOLFK]HU WUDPSHOW]XZHUGHQ 'HU6WLPPHQOlUPPLVFKWHVLFKPLWGHP 'XUFKHLQDQGHUYHUVFKLHGHQDUWLJVWHU0XVLNDXV XQ]lKOLJHQ$XGLRIHOGHUQXQGGHP6LQJ6DQJ ]XFNHQGHU:HUEH+RORV(VURFKVFKDUIXQGVQDFK (VVHQDXVGHQVLHGHQGHQ.HVVHOQXQG3IDQQHQGHU PRELOHQ6SHLVHYHUNlXIHUGXIWHWHQDFK%OXPHQXQG .UlXWHUQXQG3DUIP &\ULOXQG'UDJREXPPHOWHQEHUGLHGUHL+DXSWHEHQHQ GHU&UHVW$UFDGHXQGYHUWLHIWHQVLFKLQGLH$XVODJHQ GHU6FKDXIHQVWHU:DVVHUIRQWlQHQELVLQGHQIQIWHQ 6WRFNKLQDXIUHLFKHQGXQGLQDOOHQ)DUEHQGHV 6SHNWUXPVVFKLPPHUQGUHLFKHUWHQGLH/XIWPLWZRKO WXHQGHU)HXFKWLJNHLWDQ 6FKOLHOLFKKDWWHVLHJHQXJ(LQGUFNHJHVDPPHOWª(V UHLFKWIUHLQH:HLOH©VDJWHVLHOHLVHXQGOlFKHOWH 'UDJRQDKPPLWGDQNEDUHP1LFNHQLKUHQ(OOERJHQ XQGVWHXHUWHGHPQlFKVWHQ=LHO]X =HPDQV%DUXQG*ULOOZDUHLQH2DVHGHU%HKDJOLFKNHLW QDFKGHUGUDXHQKHUUVFKHQGHQ+HNWLNXQWHUGHUZHLW JHVSDQQWHQ.XSSHO6LHJLQJHQEHUHLQHWHSSLFK EHOHJWH7UHSSHKLQXQWHULQGHQ5DXPXQGQDKPHQLQ ZHLFKHQPLW6LPOHGHUJHSROVWHUWHQ1LVFKHQDQHLQHP GHUQLHGULJHQ7LVFKHDXVPDUPRULHUWHP.XQVWVWRII 3ODW] ª+EVFK©VDJWH&\ULO6LHVWUDKOWHLKQDQXQGUXWVFKWH WLHIHULQGLH1LVFKHª%LVWGX|IWHUKLHU"© ª+LQXQGZLHGHU©EHNDQQWHHUZlKUHQGVLHEHUUDVFKW GLH$XJHQEUDXHQKREDOVHURKQHVLFKXP]XVHKHQ ]ZHL)LQJHUKREXQGDOV5HVXOWDWGLHVHU*HVWH]ZHLLQ
PRQRFKURPHQ)DUEHQVFKLPPHUQGH&RFNWDLOVYRQ GHPUDQGRUDQLVFKHQ2EHUVHUYLHUWEHNDPGHVVHQYLHU $UPH&\ULOQLFKWGDVJHULQJVWH(UVWDXQHQHQWORFNWHQ 2IIHQEDUVFKLHQHLQ%HZRKQHU5DQGRUVNHLQH 1HXLJNHLWIUVLH]XVHLQ ª0LUJHIlOOWHVKLHU©EHNDQQWHVLHXQGSURVWHWHLKPPLW HLQHPHUQHXWHQ/lFKHOQ]XGDLKPIDVWGHU$WHP ZHJEOLHE 'UDJREHIUFKWHWHDOOHUGLQJVGDHUVLFKHLQHUWRWDOHQ ,OOXVLRQKLQJDE HUPXWHVLFKLPPHUZLHGHUYRU $XJHQKDOWHQGDHUQXUHLQDXVJHOHJWHU.|GHUZDU XQGVLHLKQIULKUHVFKPXW]LJHQ=ZHFNHDXVQW]WH $EHUVHLQ9HUVWDQGVFKLHQLPPHUZHQLJHU(LQIOXDXI VHLQH*HIKOH]XQHKPHQ(LQEHXQUXKLJHQGHU 9RUJDQJZLHHUVLFKHLQJHVWDQGXQGYHUZLUUHQG ]XJOHLFK (UUlXVSHUWHVLFKXQGWUDQNVHLQHQ&RFNWDLOOHHU'LH JHGLHJHQH$WPRVSKlUHLP5DXPZXUGHYRQOHLVHP 6WLPPHQJHPXUPHOXQGJHOHJHQWOLFKHP%HVWHFN NODSSHUQXQWHUPDOW 6LHHQWVFKLHGHQVLFKIU6XULPL6WHDNVPLWJHEDFNHQHQ .DUWRIIHOQLQHLQHUURWVFKZDU]HQ3IHIIHUNUXVWHVRZLH HLQHP6DODWQDFK$UWGHV+DXVHV=XP1DFKWLVFKDHQ VLH$SIHONXFKHQXQGWUDQNHQGD]X(VSUHVVRPLWDQGR ULDQLVFKHQ*UDSSD 6FKOLHOLFKOHKQWHVLFK&\ULOPLWHLQHPDEJUXQGWLHIHQ 6HXI]HULQGLH3ROVWHU]XUFNª6FKOXPLWGHU 9|OOHUHL©VDJWHVLHPLWHLQHPJHTXlOWHQ$XVGUXFNLP *HVLFKWª+HXWHKDEHLFKVLFKHUZLHGHU3IXQGH]XJH QRPPHQ'XHQWVFKXOGLJVWPLFKVLFKHUIUHLQH :HLOH©IXKUVLHIRUWª$EHULFKPXPLUPDOGLH1DVH SXGHUQJHKHQ© +|IOLFKVWDQG'UDJRDXIXQGVDKLKUQDFK'DQQVSU WHHUVHLQHQUHEHOOLHUHQGHQ0DJHQ GLH3IHIIHUNUXVWH KDWWHVHLQHJDQ]H9HUGDXXQJVFKHPLHGXUFKHLQDQGHU JHEUDFKW(UGUlQJWHVLFK]XU7KHNHGXUFKXQGQDKP
DXIHLQHPGHUKRFKEHLQLJHQ+RFNHU3ODW] (LQ0DQQLQHLQHPVFKLOOHUQGHQ$Q]XJKLHOWVLFK]ZHL 3OlW]HQHEHQLKPDQGHU7KHNHDXIUHFKWLQGHPHUVLFK PLWHLQHU+DQGDQGLHXPODXIHQGHQ6WDQJHNODPPHUWH 0LWGHUDQGHUHQJHVWLNXOLHUWHHULQ'UDJRV5LFKWXQJ(U ULHILKP]X ª+HGX+H\DOWHV+DXV©(UVFKLHQPHKU DOVQXUHLQ*ODVEHUGHQ'XUVWJHWUXQNHQ]XKDEHQ 'UDJREOLFNWHEHUGLH6FKXOWHU]XUFN+LQWHULKPZDU QLHPDQG=XPLQGHVWQLHPDQGGHQGHU.HUOPHLQHQ NRQQWH (UGUHKWHVLFKZLHGHUXPJULQVWHXPGHQJXWHQ:LOOHQ ]XGHPRQVWULHUHQGHQPDQNOHLQHQ.LQGHUQXQG %HWUXQNHQHQJHJHQEHUDQGHQ7DJOHJWHXQGVDJWH IUHXQGOLFK ª*XWHQ$EHQG©(VNODQJXQHFKWZLHHV 1FKWHUQKHLWJHJHQEHUDONRKROLVLHUWHU)UHXQGOLFKNHLW LPPHUWXW (UVFKWWHOWHGLHDXVJHVWUHFNWH+DQGZREHLHVVHLQHP *HJHQEHUJHODQJQLFKWYRQGHU7KHNH]XIDOOHQ'DV *ODVYRULKPZDUOHHU ª(ULQQHUVWGXGLFKQLFKWDQPLFK"©VDJWHHUª$QGHQ JXWHQDOWHQ6RP6XIILWDXV5RRVDQGDDO"© (UZDUHLQJURHUKDUWZLUNHQGHU0DQQPLWUDXFK JUDXHQ$XJHQGLHHUVWDXIGHP]ZHLWHQ%OLFNDOV ,PSODQWDWHHUNHQQEDUZDUHQXQGHLQHPJODWWHQ *HVLFKW'UDJRKDWWHLKQQRFKQLHLQVHLQHP/HEHQ JHVHKHQ ª/HLGHUQHLQ©VDJWHHUª'DPXZRKOHLQ 'RSSHOJlQJHUYRQPLUKHUXPODXIHQ,FKKHLH9LMX 'UDJR© 6XIILWJORW]WHHLQELFKHQGXPPGRFKVHLQH$XJHQ ZLUNWHQ]LHPOLFKZDFK'DQQODFKWHHUNROOHUQG ª'HUJXWHDOWH9LMX'UDJRZLHHUOHLEWXQGOHEW,PPHU XQGEHUDOOHLQHQ6FKHU]DXIGHQ/LSSHQ©(UKLFNVWH XQGVFKZDQNWHHLQHQ0RPHQWODQJJHIlKUOLFK6HLQH $XJHQEUDXHQ]RJHQVLFKDQJHVWUHQJW]XVDPPHQGDQQ GHXWHWHHUPLWHLQHPGLFNHQ=HLJHILQJHUDXILKQª'X
DOWHU)XFKV7UDGH&LW\'LH%DULQ$OLHQ7RZQ©WURP SHWHWHHUODXWXQGWULXPSKLHUHQG ª2ND\©ORJ'UDJR'LHVHU6XIILWJDEVLFKVRZLHVR QLFKWPLWHLQHU$EOHKQXQJ]XIULHGHQVRYLHOZDUNODU ª'XKDVWUHFKW:DVPDFKVWGXVR"© ª/DXQVZDVWULQNHQ©GUlQJWH6XIILWXQGGUHKWHVLFK ]XU7KHNHXPª8QVHU:LHGHUVHKHQPXGRFKEHJRV VHQZHUGHQ)LQGHVWGXQLFKWDXFK"©0HKUHUH 7KHNHQQDFKEDUQUFNWHQEHJUHLIOLFKHUZHLVH]XU6HLWH 'UDJRVDJWH ª.DQQLFKPLWHLQHP1DWULXPHLQHP VDXUHQ:DVVHUDQIDQJHQ",FKKDEHHWZDV]XYLHOJHJHV VHQJODXEHLFK© 6XIILWZHGHOWHJ|QQHUKDIWPLWHLQHP$UPLQ5LFKWXQJ %DUPL[HUHEHQIDOOVHLQHP:HVHQYRQ5DQGRUGHUGDV :DVVHUEHUHLWVPLWVHLQHPYLHUWHQ$UPHLQVFKHQNWH XQGQXVFKHOWH ª$EHUQDWUOLFKOLHEHU)UHXQG© 'UDJRWUDQNVHLQ:DVVHUXQGZROOWHZLHGHU]XVHLQHP 3ODW] &\ULOZDUQRFKQLFKWZLHGHUDXIJHWDXFKW 6XIILWVWHOOWHVLFKLKPXQPHUNOLFKWRUNHOQGLQGHQ:HJ ZLHHLQ%HWUXQNHQHUGHUGLHVHQ=XVWDQGYHUWXVFKHQ ZROOWHª:DVPDFKVWGXVR"©IUDJWHHUOLHEHQVZUGLJ 2IIHQVLFKWOLFKZDUHUZLOGGDUDXIVLFKDQ]XELHGHUQ 'UDJR]XFNWHPLWGHQ$FKVHOQª'LHVHVXQGMHQHV© VDJWHHU]XUFNKDOWHQGª+DXSWVlFKOLFK,PPRELOLHQ© (UVDKNHLQHQ*UXQGHV]XYHUKHLPOLFKHQ 'HU0DQQPLW1DPHQ6XIILWVFKRELKPHLQHDONRKROL VLHUWH)DKQHLQV*HVLFKWDOVHUVLFKYHUWUDXOLFKKHU EHUEHXJWHHLQH=LJDUHWWHDXVGHU3DFNXQJVFKWWHOWH XQGVLHLKPKLQKLHOWª1LPPVWGXQRFKLPPHUGLH /HXWHDXVPHLQ/LHEHU"©VDJWHHURKQHGLH6WLPPH]X VHQNHQª9HUVFKHUEHOVWLKQHQZHUWORVH/DQGSDU]HOOHQ DXI|GHQ3ODQHWHQ]XEHUWHXHUWHQ3UHLVHQZLH"© 'UDJROHKQWHGLH=LJDUHWWHDEª'DVGUIWHGLFKQLFKW LQWHUHVVLHUHQ©VDJWHHUNKO ª7XWHVDXFKQLFKW9LMXDOWHV+DXV7XWHVDXFKQLFKW© 6RP6XIILWEOLQ]HOWHLKQYHUVFKZ|UHULVFKDQXQGKLHOW
HLQHQ)LQJHUDQGHQ0XQGª$OVRSVVVWDOWHU.QDEH© 'UDJRZDUYHUVXFKWLKP]XEHZHLVHQGDHUZHGHUDOW QRFKHLQ.QDEHZDUOLHHVGDQQDEHU'HU$XIZDQG ORKQWHQLFKW %HWUXQNHQHNRQQWHPDQPLWVFKODJNUlIWL JHQ%HZHLVHQQLFKWEHLNRPPHQ ª'HUJXWHDOWH'UDJRHLQ,PPRELOLHQPDNOHU©U|KUWH GHU%HWUXQNHQHXQGODFKWHDXVYROOHP+DOV(U]HUUWH HLQHSURW]LJH1RWHQNODPPHUDXV+RZDOJRQLXPDXVGHU %UXVWWDVFKHXQGZDUIHLQHQ=HKQ*DOD[6FKHLQDXIGLH 7KHNH'DQQVHQNWHHUYHUWUDXOLFKGLH6WLPPHWURW] GHPNRQQWHQLKQQRFKDOOHK|UHQª,FKNDQQPLFKQRFK JXWDQGLH=HLWHQHULQQHUQZRGXDXIGHQ)UDFKWK|IHQ *OHLWHUJHNODXWKDVW© ª6WRS©VDJWH'UDJRNXU]XQGEHGDXHUWHVLFKEHU KDXSWPLWLKPHLQJHODVVHQ]XKDEHQª'XUHGHVWHLQH 0HQJHGXPPHV=HXJ©(UVDK&\ULODPDQGHUHQ(QGH GHU%DUDXIWDXFKHQª(QWVFKXOGLJHPLFK,FKZHUGH HUZDUWHW© 6XIILWNODWVFKWHLKPDXIGHQ5FNHQª$KKJHEXQGHQ ZLH"©8QGHUVFKLHOWHLKQVFKUlJDQ 6HLQH$XJHQGDVEHPHUNWH'UDJRZDUHQEHUHFKQHQG XQGQLFKWVHKUIUHXQGOLFK ª0HLQVLHEWHU.RQWUDNW©VDJWHHUNQDSS (LQHMXQJH)UDXLQHLQHPHQJJHZLFNHOWHQJUDXEODXHQ 5RFNNDPDQGLH%DUXQG6XIILWEHOHJWHVLHVRIRUWPLW %HVFKODJª$XUH©W|QWHHUEHUHLIULJª6H$XUH 'DVKLHULVWGHUJXWH9LMX:LUKDEHQVRPDQFKH%DU XQVLFKHUJHPDFKW© $XUHXQG'UDJRVFKWWHOWHQVLFKGLH+lQGH 6LHEOLFNWHLKQIRUVFKHQGDQª+L9LMX,FKKHLH5HD© 6RP6XIILWVFKZDQNWHDXIZDFNOLJHQ%HLQHQUOSVHQG DXHU6LFKW,PPHUKLQ'UDJREHZHUWHWHHVDOV(UIROJ ª'HLQ)UHXQGLVWVFKRQ QH0DUNH©VDJWHGLHMXQJH )UDX ª:LOOVWGXHWZDVWULQNHQ"©IUDJWHHUª,PEULJHQLVWHU QLFKWPHLQ)UHXQG8QGGHLQHUVLFKHUOLFKDXFKQLFKW
RGHU"© ª(LQHQ]LEDOLDQLVFKHQ'DLTXLUL©DQWZRUWHWHVLH'DQQ ODFKWHVLHª1HLQ,FKNHQQHGHQ.HUOJDUQLFKW© 6LHODFKWHQEHLGH 'UDJRODFKWHQLFKWPHKUDOVHU]X&\ULODQGHQ7LVFK ]XUFNNHKUWH 6RP6XIILWZDUQLFKW]XVHKHQ6XIILW HLQ0DQQGHUJDUDQWLHUWQLFKWVREHWUXQNHQZDUZLHHU WDW8QGQRFKHWZDVZXWH'UDJREHULKQ (UWUXJHLQH :DIIHXQWHUGHU$FKVHO ]ZDUJXWYHUVWDXWDEHUIU HLQHQ)DFKPDQQ]XHUNHQQHQ (LQH6WXQGHVSlWHUEUDFKWHHU&\ULOLQV+RWHO6LHEDW LKQQLFKWGDUXPGHQ5HVWGHU1DFKWEHLLKU]XYHU EULQJHQXQGOHKQWHDXFKVHLQH(LQODGXQJDEPLWLQ VHLQ$SDUWPHQW]XNRPPHQ8QGVRYHUDEVFKLHGHWHQ VLHVLFKPLWHLQHPIOFKWLJHQ.X 9RUGHP+RWHOZDUWHWH'UDJRELVGLH5RERWDQODJHVHL QHQURWHQ*OHLWHUDXVGHUPHKUJHVFKRVVLJHQ7LHIJDUDJH DQGLH2EHUIOlFKHJHKLHYWKDWWH 'LH1DFKWZDUZDUPXQGHUIXKUPLWRIIHQHP9HUGHFN $XIGHU5FNIDKUW]XVHLQHP$SDUWPHQWEHUOHJWHHU GLHJDQ]H=HLWZDUXPLKPGHU9RUIDOOPLW6XIILWDXI HLQHPHUNZUGLJH:HLVHEHXQUXKLJWH (UZDUQRFK]XNHLQHP(UJHEQLVJHODQJWDOVHUYRQGHU 6WUDHDEXQGLQGLH(LQIDKUWGHU]XGHQ'HQHE $SDUWPHQWVJHK|UHQGHQ7LHIJDUDJHHLQERJ%R[HQXQG )DKUVWUHLIHQODJHQLPVSlUOLFKHQ/LFKWGHU1DFKW EHOHXFKWXQJ 'UDJREXJVLHUWHGHQ*OHLWHULQGLHLKP]XVWHKHQGH 3DUNEXFKW]RJGHQ,PSXOVJHEHUDEVWLHJDXVXQG VSlWHUNRQQWHHUVLFKDQQLFKWVHULQQHUQZDVLKQKlWWH ZDUQHQPVVHQHUDKQWHDP5DQGHVHLQHV *HVLFKWVIHOGHVGDV=XFNHQHLQHU%HZHJXQJ-HPDQG WUDWZLHHLQ6FKHPHQ]ZLVFKHQ]ZHLJHSDUNWHQ/X[XV *OHLWHUQKHUYRUXQGVWLHHLQHQ$UPKRFK'UDJROLH VLFKDXJHQEOLFNOLFKIDOOHQ7URW]GHPYHUVSUWHHUHLQHQ KHIWLJHQ6WRLP5FNHQGHUVHLQHQ)DOOQRFK
EHVFKOHXQLJWH(UK|UWHGDVb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|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lGHO]XU6HLWH 'UDJRUDQJPKVDPQDFK/XIWXQGVWDUUWHLQHLQYRU (UUHJXQJYHU]HUUWHV*HVLFKW(VZDU6XIILW'HUDQJHE OLFK%HWUXQNHQHZDUY|OOLJQFKWHUQ 'LH=HLWVFKLHQVWLOO]XVWHKHQ$XHU'UDJRVZUJHQ GHV/XIWKROHQXQG6XIILWVVWRZHLVHV$WPHQH[LVWLHUWHQ NHLQH*HUlXVFKH 6XIILWJULQVWHJDQ]SO|W]OLFKXQGZlKUHQGVLFK'UDJR
QRFKGDUEHUZXQGHUWH]LVFKWHHU ª:DVVDJVWGXQXQ GX+XUHQVRKQ"©(UEHWUDFKWHWHLKQPLWHLQHP $XVGUXFNNDOWHU+HUDEODVVXQJO|VWHVHLQH+DQGDXV 'UDJRV+DDUHQXQGVFKOXJLKPPLWGHPYRUJHZ|OE WHQ*HOHQNGHV0LWWHOILQJHUJHJHQGLH6FKOlIH (UZXUGHDXJHQEOLFNOLFKEHVLQQXQJVORV 6W|KQHQGNDP'UDJRZLHGHU]X%HZXWVHLQ,KQIU| VWHOWH%HQRPPHQVHW]WHHUVLFKDXI6WHFKHQGHU 6FKPHU]IXKUGXUFKVHLQHQ.RSIZLHHLQJOKHQGHU 'UDKW 'LH%HOHXFKWXQJVN|USHUGHU7LHIJDUDJHNUHLVWHQYRU VHLQHQ$XJHQ9RQ6XIILWZDUZHLWXQGEUHLWQLFKWV]X VHKHQ(UDWPHWHWLHIHLQXQGDXVELVVLFKVHLQ .UHLVODXIQRUPDOLVLHUWH'HU/LIWQDKPLKQDXIXQGQXU ZHQLJVSlWHUEHIDQGHUVLFKLQGHUYHUWUDXWHQ 8PJHEXQJVHLQHV$SDUWPHQWV (WZDVPKVDP]RJHUVLFKDXVXQGJLQJXQWHUGLH 'XVFKH :lKUHQGGDVKHLH:DVVHUEHUVHLQHQ.|USHUUDQQ GDFKWHHUEHU6XIILWQDFK'LHVHUNDOWJHVLFKWLJH %XUVFKHEHUHLWHWHLKP6RUJHQ(UZXWHGDHULKQ 'UDJRLQGLHVHP$XJHQEOLFNK|FKVWHU9HUZXQGEDUNHLW KlWWHXPEULQJHQN|QQHQ(UKDWWHHVQLFKWJHWDQ :DUXP" 2EHULQHLQHP=XVDPPHQKDQJPLW&\ULOXQGLKUHU 7lWLJNHLWDOV.XULHUVWDQG":HQQMDLQZHOFKHP"'LH $UWZLHHUNlPSIWHOLHHLJHQWOLFKQXUGDUDXI VFKOLHHQGDHULUJHQGZDQQPDOHLQHRIIL]LHOOH $XVELOGXQJJHQRVVHQKDEHQPXWH:HVKDOEHULKQ GDQQVRXQHUZDUWHWDQJHJULIIHQKDWWHVWDQGDXIHLQHP DQGHUHQ%ODWW ,QGHUOHW]WHQ1DFKWYRUGHU$EUHLVHQDFK$UJKLUR ZXUGH'UDJRYRQGHUVDQIWHQ6WLPPHVHLQHV6\QWURQV DXVGHP6FKODIJHZHFNWª'UDJR(LQ$QUXIOLHJWYRU© ª0PPK"©(UZlO]WHVLFKDXIGLHDQGHUH6HLWHXQG
EOLQ]HOWHPUULVFKDXIGLH8KU'LH/HXFKW]LIIHUQYHU VFKZDPPHQYRUVHLQHQ$XJHQ(UIL[LHUWHVLHVFKDUI HLQ8KUYLHUXQGYLHU]LJ(UKDWWHQLFKWPHKUDOVGUHLLJ 0LQXWHQLQ0RUSKHXV $UPHQ]XJHEUDFKW(LQH )UHFKKHLWLKQMHW]W]XZHFNHQª:HUGHQQ"© ª(VLVW.HULP3LQSRLQW'UDJR(UEHVWHKWGDUDXIGLFK ]XVSUHFKHQ© ª6DJLKPLFKELQQLFKWGD© ª'DVNDQQLFKQLFKWZLHGXZHLW0HLQH3URJUDP PLHUXQJHUODXEWPLUQLFKW]XOJHQ© ª0LVW©NQXUUWH'UDJRPLW,QEUXQVWLQ]ZLVFKHQKHOO ZDFKJHZRUGHQª(ULQQHUHPLFKGDLFKGLFKEHL *HOHJHQKHLWXPSURJUDPPLHUH© 'DHUJU|WHQ:HUWDXIVHLQH,QWLPVSKlUHOHJWHJDEHV LQVHLQHP6FKODIUDXPNHLQH9HUPLWWOXQJ(LQH 9HUZQVFKXQJPXUPHOQGVWLHJHUDXVGHP%HWW]RJ VLFKGHQ0RUJHQPDQWHOEHUJLQJKLQEHULQV $UEHLWV]LPPHUZDUIVLFKLQHLQHQ6HVVHOXQGJDEGHP 6\QWURQ$QZHLVXQJGHQ+RORSURMHNWRU]XDNWLYLHUHQ .HULP3LQSRLQWHUVFKLHQPLWWHQLP5DXP ª'X©NQXUUWH'UDJRJHUHL]Wª'XVFKOlIVWZRKOQLH ZDV"© ª.ODUGRFKZlKUHQGGHUQRUPDOHQ%UR]HLW© ª9HUGDPPWVFKOHFKWHU:LW]0DQQ©'UDJRJDEVLFK NHLQH0KHVHLQHQ8QPXW]XYHUEHUJHQ ª7XWPLUMDOHLGGDLFKGLFKJHZHFNWKDEH© ª*HVFKHQNW©(UZLQNWHDEª'DHVVHLW-DKUHQEOLFK LVWPLFKKDXSWVlFKOLFK]XUXQSDVVHQGVWHQ=HLW]X VW|UHQQHKPHLFKGLUGDVQLFKWDE0DQFKPDOIUDJHLFK PLFKREGXGLUQLFKWLPNODUHQGDUEHUELVWGDDXFK 0LWJOLHGHUGHLQHU2UJDQLVDWLRQKLQXQGZLHGHUHLQH +DQGYROO6FKODIEUDXFKHQ8QGDXHUGHP© 3LQSRLQWKREGLH+DQGXQGVWRSSWHVHLQHQ5HGHIOX ª'DIUGDGXDQJHEOLFKKXQGHPGH]XVHLQEHKDXS WHVWELOGHVWGXQRFKHUVWDXQOLFKODQJH6lW]H/DXQV ]XP*UXQGPHLQHV$QUXIVNRPPHQ©
=DQR4XLOOLDQKLHLQ:LUNOLFKNHLW=DQR5RF(UZDU GUHLXQGIQI]LJ-DKUHDOWXQGVWDPPWHYRQGHU(UGH DXVHLQHPNOHLQHQYHUVFKODIHQHQ1HVWDQGHU :HVWNVWHGHVDPHULNDQLVFKHQ.RQWLQHQWV hEHUVHLQH.LQGKHLWODJQLFKWVYRU'DHVEHUKDXSW 'DWHQEHULKQJDEKDWWHHUVHLQHP'LHQVWEHLHLQHU 5DXPODQGHHLQKHLWGHU/)7]XYHUGDQNHQZRHUVLFK VFKQHOOEHLYHUVFKLHGHQHQ(LQVlW]HQGXUFKZLOGH (QWVFKORVVHQKHLWXQGNDOWEOWLJH%UXWDOLWlWGHQ5XI HLQHVNRPSURPLORVHQHLVNDOWHQ.LOOHUW\SVHLQJHKDQ GHOWKDWWH 5RFZDUHLQ(LQ]HOJlQJHUGHUVLFKQLFKWHLQRUGQHQ NRQQWH6HLQ3V\FKRVR]LRJUDPPEHVFKHLQLJWHLKP QHEHQHLQHUEHDFKWOLFKHQ,QWHOOLJHQ]HLQHEHUGXUFK VFKQLWWOLFKDXVJHSUlJWH*HZDOWEHUHLWVFKDIWPDQJHOQGH PHQVFKOLFKH5FNVLFKWXQGHLQDXIEUDXVHQGHV 1DWXUHOO:DVVHLQH7HDPNDPHUDGHQ]XRIW]XVSUHQ EHNDPHQ(UZDUDOOHVLQDOOHPHLQVFKOHFKWHU &KDUDNWHU8QGVRWUHQQWHVLFKGDV5DXPODQGH.RUSV UHFKWVFKQHOOXQGRKQH%HGDXHUQZLHGHUYRQLKP ª8QGZLHSDWHULQV%LOG"©IUDJWH'UDJR ª(ULVWHLQHUGHUYLHOHQ/DXIEXUVFKHQGLHGDV6\QGLNDW GHU0lFKWLJHQDXIVHLQHU/RKQOLVWHKDW© 'UDJRSILIIWRQORV HLQLJH7HLOHGHV3X]]OHVEHJDQQHQ VLFKEHUHLWV]XVDPPHQ]XIJHQª:DVLVWPLWGHQEHL GHQGLHPLFKEHUIDOOHQKDEHQ"© 3LQSRLQWVYLUWXHOOHV$EELOGVFKWWHOWHGHQ.RSI ª%LVODQJVWHKHQGLH$QWZRUWHQQRFKDXV:DQQUHLVWGX DE"© ª0RUJHQQDFKPLWWDJ77/5DXPHU76&+$72© 3LQSRLQWKREGLH+DQGVHLQH$UWGHV$EVFKLHGVXQG VDJWH ª:LUK|UHQYRQHLQDQGHU© 'UDJRQLFNWHª$XIGLHHLQHRGHUDQGHUH:HLVHMD© 'DV+RORJUDPPHUORVFK 8QVFKOVVLJEOLHE'UDJRVHNXQGHQODQJLQPLWWHQGHV 5DXPHVVWHKHQHKHHUWLHIJlKQWH]XUFNLQV
6FKODI]LPPHUJLQJXQGZHQLJVSlWHUPLWKLQWHUGHP .RSIYHUVFKUlQNWHQ$UPHQLQGLH'XQNHOKHLWVWDUUWH ,Q*HGDQNHQOLHHUQRFKHLQPDOGDVHEHQ*HK|UWHDQ VLFKYRUEHU]LHKHQ 7ULYLGHRVWUHLIHQYHUVXFKHQZHQQVLFKGHUHQ,QKDOWXP 9HUEUHFKHUGUHKWLQGHQ$XJHQLKUHU.RQVXPHQWHQHLQ JHZLVVHV%LOGHQWVWHKHQ]XODVVHQ 6HKWKHUVRVLHKWHLQ *DQJVWHUDXV'LHPHLVWH=HLWMHGRFKZDUGLHVHV%LOG IDOVFK*HVHW]HVEUHFKHULPJURHQ6WLOPDFKWHQ]X DOOHQ=HLWHQEHUZLHJHQGGHQ(LQGUXFNHUIROJUHLFKHU *HVFKlIWVOHXWH$XFKKHXWHQRFKRGHUHUVWUHFKW6LH HULQQHUWHQDQ5HFKWVDQZlOWH%DQNLHUVbU]WH 3ROLWLNHU8QGWURW]GHPEUDXFKWHGDV9HUEUHFKHUWXP QDFKZLHYRUVHLQH/HLEZlFKWHU+DQGODQJHU6FKOlJHU XQG5HYROYHUPlQQHU'LHXQWHUJHRUGQHWHQ0LWJOLHGHU GHU6\QGLNDWHHEHQ6LHZDUHQHVGLHGLHZLUNOLFK XQDQJHQHKPHQ6DFKHQHUOHGLJWHQGLH/HXWHYRQGHQ 'DFKWHUDVVHQKXQGHUWVW|FNLJHU*HElXGHVWLHHQGLH TXlOWHQXQGIROWHUWHQGLHHUWUlQNWHQXQGHUVFKRVVHQ 6LHZDUHQHVGLHHLQHPGLH1DFKULFKWEHUEUDFKWHQ
3DVVDJLHUUDXPHU76&+$72GHU7HUUDQLVFKHQ 7UDQVVLHOODUHQ/LQLH $OV'UDJRDP1DFKPLWWDJ&\ULO]XUYHUHLQEDUWHQ=HLW YRUGHP(LQFKHFN&RXQWHULQGHU2XWHU6SDFH+DOO WUDIZDUVLHXPJHEHQYRQGUHL+DQGJHSlFNVWFNHQ HLQ*HSlFNURERWHUWUXJHLQHQULHVLJHQ.RIIHU 6LHNWHLKQREHUIOlFKOLFKXQGOHLFKWQHUY|VZDV DQJHVLFKWVGHU7DWVDFKHGDVLHYHUPXWOLFK5DXVFKJLIW LQGHU*U|HQRUGQXQJYRQPHKUHUHQ]HKQWDXVHQG *DOD[EHLVLFKKDEHQPXWHNHLQ:XQGHUZDU ,UJHQGZDQQLQGHUOHW]WHQ1DFKWKDWWHVLHGLH/LHIHUXQJ EHNRPPHQ'LHVHU7HLOGHU2SHUDWLRQZDUVLFKHUSUR IHVVLRQHOOXQGUHLEXQJVORVYHUODXIHQ $XILKU*HSlFNGHXWHQGVDJWHHU ª,FKKDWWHHLJHQWOLFK QLFKWYRUHLQ-DKUDXI$UJKLUR]XYHUEULQJHQ© 'UDJRVHOEVWKDWWHVLFKQXUPLWHLQHUJURHQ %RUGWDVFKHEHODVWHW$OOHVZDVHUVRQVWDQ.OHLGXQJ EHQ|WLJWHEHIDQGVLFKLQGHQ6FKUlQNHQYRQ'UDJR :HOOV 6LHJDELKPPLWHLQHPIOFKWLJHQ/lFKHOQHLQHQ.ODSV DXIGLH:DQJHª'XELVW]ZDUOLHE©VDJWHVLHªDEHUGX VFKHLQVWQLFKW]XZLVVHQGDPRGHUQH)UDXHQHLQ ELFKHQPHKUDQ/X[XVEUDXFKHQDXFKZHQQHVVLFK QXUXPHLQSDDUKEVFKH.OHLGFKHQKDQGHOW(VNDQQMD GXUFKDXVVHLQGDLFK]XP.DSLWlQVGLQQHUHLQJHODGHQ ZHUGH+LHU©6LHUHLFKWHLKPHLQHQ.RVPHWLNNRIIHU ª%HWlWLJHGLFKPDODOV.DYDOLHU© 6LHNDPHQDQVWDQGVORVGXUFKGLH.RQWUROOHQ 'HQ6WDUWYHUIROJWHQVLHYRP$XVVLFKWVGHFNDXVLQ EHTXHPHQ6HVVHOQ&RFNWDLOVVFKOUIHQGXQG.DQDSHHV NQDEEHUQG(LQHKRORJUDSKLVFKH3URMHNWLRQHUZHFNWH GHQ(LQGUXFNXQWHUHLQHUULHVLJHQ.XSSHO]XVLW]HQ GLHVSlWHUGHQLQWHUHVVLHUWHQ%HWUDFKWHUQHLQHQ $XVEOLFNDXIGHQ:HOWUDXPPLWVHLQHQNRVPLVFKHQ 1HEHOQXQGIHUQHQ*DOD[LHQELHWHQZUGH,P $XJHQEOLFNZDUQXU7HUUDQLDVZHLWOlXILJHU
=LYLOUDXPKDIHQ]XVHKHQ 9RQGHQ$QWLJUDYWULHEZHUNHQHPSRUJHKREHQVWDUWHWH GHU)QIKXQGHUW0HWHU5LHVHIDVWODXWORVXQGWULHEZLH HLQULHVLJHU%DOORQGXUFKGLH:RONHQ(UVWQDFKGHPGLH /XIWKOOHGHU(UGHGXUFKVWRHQZDUQDKPHU)DKUWDXI EHVFKOHXQLJWHXQGMDJWHPLWNQDSSHU8QWHUOLFKWIDKUW GXUFKGLH(NOLSWLNLQGHQWLHIHQ:HOWUDXPMHQVHLWVGHU 3OXWREDKQ,QGHQ0DVFKLQHQGHFNVEHJDQQHQGLH *UDYLWUDIZDQGOHU]XDUEHLWHQXQGGLH0HWDJUDY 7ULHEZHUNHZXUGHQDXI+|FKVWODVWJHIDKUHQ6LHYHU VWlUNWHQGDV6FKZHUNUDIW]HQWUXPGHQYLUWXHOOHQ* 3XQNWLQ)OXJULFKWXQJPHKUXQGPHKUELVGLH ,QVWUXPHQWHGDV(QWVWHKHQGHV0HWDJUDY9RUWH[VLJQD OLVLHUWHQ 'LH6RODUH.RRUGLQDWLRQVVWHOOHDXI1HSWXQUHJLVWULHUWH GLH6WUXNWXUHUVFKWWHUXQJDOVGLH76&+$72GXUFKGDV 3VHXGR%ODFN+ROHLQGHQ+\SHUUDXPVWU]WHHLQHP .XUVIROJHQGGHULQQHUKDOEDFKWXQGYLHU]LJ6WXQGHQ $UJKLUREHUKUHQZUGH 'DV6\VWHPGHU6RQQH$UJKRRZDUYRQ7HUUDUXQG IQIXQGGUHLLJWDXVHQG/LFKWMDKUHHQWIHUQW'LH 76&+$72GHUHQ0HWDJUDY7ULHEZHUNHHLQHQhEHU OLFKWIDNWRUYRQ]HKQ0LOOLRQHQHUODXEWHQNRQQWHGLHVH 6WUHFNHLP'LUHNWIOXJLQQHUKDOEYRQNQDSSQHXQ]HKQ 6WXQGHQDEVROYLHUHQ$XIGLHVHU5HLVHDOOHUGLQJV PDFKWHVLH]ZHL=ZLVFKHQVWRSSV:DVGLH)OXJ]HLWHQW VSUHFKHQGDQKRE 1DFKGHPGLH76&+$72GDV6ROV\VWHPYHUODVVHQ KDWWH]HLJWHVLFK&\ULOYRQLKUHUPXQWHUHQ6HLWH6LH WUXJHLQZHLHV.OHLGFKHQGDVVHKURIIHQKHU]LJDXVJH VFKQLWWHQZDUXQG]LHPOLFKYLHOYRQLKUHUVRQQHQJH EUlXQWHQ+DXWIUHLOHJWH,KUHKRKHQVHKUYROOHQ%UVWH EHVDHQGDVXQHLQJHVFKUlQNWH,QWHUHVVHDOOHUPlQQOL FKHQ3DVVDJLHUH(LQHZLQ]LJH7DVFKHKLQJLKUDQHLQHU *ROGNHWWHDP+DQGJHOHQN6LHOHKQWHVLFKKDOEEHU LKQRKQHVLFKGDUXP]XVFKHUHQZDVGLHEULJHQ
0LWUHLVHQGHQGDYRQKLHOWHQ ª(U]lKOPLUYRQ'UDJR:HOOV©EDWVLHªLFKELQVFKRQ VRJHVSDQQWGDUDXI© 'UDJRHU]lKOWHLKUYRQGHQ3ODQHWHQIRPXQJ3URMHNWHQ VHLQHU)LUPDGLHGLHZVWHQDUWLJH'HVHUW%DUULHULQ EHVLHGHOEDUHV/DQGYHUZDQGHOWHZHOFKHVGDQQYRQ VHLQHPUKULJHQ*HQHUDOPDQDJHU)R['DURRPSDU]HO OHQZHLVHDQEHWXFKWH,QWHUHVVHQWHQYHUNDXIWZXUGH ª:RZHUGHQZLUXQVHUH1DFK2K©6LHNLFKHUWHYHU VFKlPWXQGNQDEEHUWHDQLKUHU8QWHUOLSSHª,FKPHLQH QDWUOLFKZRZHUGHQZLUXQVHUH7DJHYHUEULQJHQ",Q GHLQHP-DJGKDXV"© ª0DOVHKHQ9LHOOHLFKWDXFKLQ3RUW:HOOV© 6LHSODXGHUWHIU|KOLFKEHU1LFKWLJNHLWHQXQG'UDJRV *HGDQNHQVFKZHLIWHQHLQZHQLJDE 9LHU7DJHODQJKDWWHHUVLFKPLWGHQ*HGDQNHQDQVHLQH 9RUJHKHQVZHLVHEHVFKlIWLJHQN|QQHQZDUDEHUELVDXI HLQHUHFKWYDJH9RUVWHOOXQJQRFK]XNHLQHQNRQNUHWHQ (UJHEQLVVHQJHODQJW'UHKXQG$QJHOSXQNWVHLQHU hEHUOHJXQJHQZDU&\ULO8QGGLHVHU=DQR5RF %HLGHP*HGDQNHQDQLKQNRQQWHHUHLQHJHZLVVH 8QUXKHQLFKWYHUOHXJQHQ7URW]DOOHPZDVHULQ]ZL VFKHQEHU&\ULOGDV6\QGLNDWGHU0lFKWLJHQXQG =DQR5RFZXWHDKQWHHUQXUYDJHZDVLKQP|JOL FKHUZHLVHHUZDUWHWH(UZXWHQDWUOLFKGD&\ULOYRQ GHP$XJHQEOLFNDQDQGHPGLH:DUHDQVLHEHUJHEHQ ZDUEHUZDFKWZXUGH9HUPXWOLFKYRQ=DQRGHUZLH HLQH.OHWWHDQLKUKlQJHQZUGH(UKDWWHVLFKDOOH 0KHJHJHEHQLKQDXIGHP5DXPKDIHQDXVILQGLJ]X PDFKHQDXFKZlKUHQGGHV(LQFKHFNHQVDQ%RUGGHU 76&+$72KDWWHHUHLIULJQDFKLKP$XVVFKDXJHKDOWHQ 2KQH(UIROJ 9LHOOHLFKWKDWWHHU$QZHLVXQJYRP6\QGLNDWGLHVHQ 7HLOGHU5HLVHDXIJDUNHLQHQ)DOO]XJHIlKUGHQRGHU YRQ&\ULOK|FKVWSHUV|QOLFK:XWHHUZLHHVXPGLH EHLGHQQRFKVWDQG"1XQMDPDQZUGHVHKHQ
9RUUDQJLJZDU]XQlFKVWHWZDVDQGHUHV (UPXWH LUJHQGZLHDQLKU*HSlFNKHUDQRKQHGDVLHRGHU MHPDQGDQGHUVLKPLQGLH4XHUHNDP ª'UDJR© ª(QWVFKXOGLJH©VDJWHHU]HUNQLUVFKWª,FKZDUHLQ NOHLQZHQLJXQDXIPHUNVDPIUFKWHLFK:DVKDVWGX JHVDJW"© 6LHVFKQLWWHLQH*ULPDVVHª2EGXDQGHU)KUXQJWHLO QHKPHQZLOOVW© ª:HOFKHU)KUXQJ"© ª:LUN|QQHQGLH=HQWUDOHEHVLFKWLJHQ,VWGDVQLFKW WROO© ª*HKGXQXU©ZHKUWH'UDJRDEXQGJDEVLFK]LHPOLFK GHVLQWHUHVVLHUW HLQHEHVVHUH*HOHJHQKHLWZUGHVLFKVR VFKQHOOQLFKWZLHGHUELHWHQª,FKNHQQHGLH=HQWUDOHQ YRQ5DXPVFKLIIHQLQXQGDXVZHQGLJ© 6LHVDKLKQIRUVFKHQGDQª%LVWGXVLFKHUGDGXQLFKW PLWZLOOVW"© ª=LHPOLFK,FKZHUGHPLFKHLQELFKHQLQPHLQHU .DELQHODQJOHJHQ:LUVHKHQXQVGDQQEHLP'LQQHU RND\"© 6LHYHUVFKZDQGLQHLQHU7UDXEHYRQHEHQIDOOVDQGHU )KUXQJLQWHUHVVLHUWHQ3DVVDJLHUHQ=HKQ6HNXQGHQ VSlWHUYHUOLHDXFK'UDJRGDV$XVVLFKWVGHFN 'HQ:HJGXUFKV6FKLIIERWIU'UDJRNHLQH 6FKZLHULJNHLWHQ(UNDPDP6RQQHQGHFNYRUEHLOLH VLFKYRQHLQHU5ROOWUHSSHHLQH(WDJHWLHIHUWUDJHQXQG NDPDQGHU7ULYLGHRWKHNYRUEHL6KRSVXQG%LVWURV IROJWHQ(UZLFKHLQHPNOHLQHQ-XQJHQDXVGHUNHX FKHQGXQGMDSVHQGHLQHPNOlIIHQGHQ+XQGQDFKUDQQWH XQGERJGDQQLQGHQ.RUULGRUHLQDXIGHPLKUH .DELQHQODJHQ6LHZDUHQLQGHQ.DELQHQ XQG DXI'HFNXQWHUJHEUDFKW&\ULOJHK|UWHGLH1XPPHU 'UDJRVDKGHQ.RUULGRUUDXIXQGUXQWHU1LHPDQG ZDU]XVHKHQ (LQODVHQVRUHQZDUHQVRIHUQHVVLFKQLFKWXP
SHUVRQHQNRQILJXULHUWHKRFKVHQVLEOH9HUVFKOXHLQ ULFKWXQJHQKDQGHOWHHLQIDFKH0HFKDQLVPHQ6LHVWHOO WHQIUMHPDQGHQGHUVLFKDXFKQXUHLQELFKHQPLW 6\QWURQVDXVNDQQWHNHLQ+LQGHUQLVGDU6FKRQJDU QLFKWIU'UDJR'HU3LNRV\QVHLQHV$UPEDQGPXOWL IXQNWLRQVJHUlWHVKDWWHEHUGDVGUDKWORVHPLWHLQHP 2SWRNRSSOHUYHUVHKHQH,QWHUIDFHELQQHQ6HNXQGHQGHQ HLQIDFKHQ$OJRULWKPXVGHV7UVFKORVVHVJHNQDFNW 'HU(LQODVHQVRU]HLJWH*UQ ,QGHU.DELQHKLQJ&\ULOV3DUIPXQGJDELKPGLH ,OOXVLRQLKUHUN|USHUOLFKHQ$QZHVHQKHLW*ULQVHQG VFKWWHOWHHUGHQ.RSI(UKROWHGHQJURHQ.RIIHUDXV GHP*HSlFNWHLOXQGEHJDQQLKQUDVFKXQGURXWLQLHUW]X GXUFKVXFKHQ1HJDWLY(UZXFKWHWHLKQ]XUFNXQG VFKORGLH.ODSSH'DV+DQGJHSlFN(EHQIDOOVRKQH (UJHEQLV%OLHEQXUGHU.RVPHWLNNRIIHUDXIGHU$EODJH LQGHU+\JLHQH]HOOH(UQDKPLKQDQVLFK6HLQH )LQJHUVSLW]HQJOLWWHQVXFKHQGGDUEHUIDQGHQGDV 6FKOR'HU'HFNHOVFKQDSSWHDXI'UDJRVDKVHLQ *HVLFKWLQGHUYHUVSLHJHOWHQ,QQHQVHLWH(UVFKQLWWVLFK HLQH*ULPDVVHXQGGXUFKZKOWHGHQ,QKDOWGHV.RIIHUV ZREHLHUVLFKIDVWVFKlELJYRUNDP&\ULOV,QWLPVSKlUH VR]XYHUOHW]HQ 'DQQVFKWWHOWHHUHUQHXWGHQ.RSI(VZDUVFKRQ HUVWDXQOLFKZDVHLQH)UDXVRDOOHVDQ6FKQLFNVFKQDFN PLWVLFKKHUXPVFKOHSSWH(UZXUGHODQJVDPQHUY|V DXFKKLHUZDUNHLQ+LQZHLVDXIGDV5DXVFKJLIW]XILQ GHQ6HLQH)LQJHUJOLWWHQEHUGLHJHZHOOWH +DUWVFKDXPSROVWHUXQJGHV%HKlOWHUV3UREHKDOEHUYHU VXFKWHHUVLHYRQGHQ6HLWHQZlQGHQ]XO|VHQ%LQJR 6LHZDUKHUDXVQHKPEDU5DVFKHQWVFKORVVHQNLSSWHHU GHQ,QKDOWGHU%R[DXIV%HWWXQGO|VWHGLH $XVVFKlXPXQJ$OVHUVLHXPGUHKWHSILIIHUOHLVH GXUFKGLH=lKQH 'LH:HOOXQJZDUKRKO,QMHGHPGHU +RKOUlXPHVWHFNWHHLQ5|KUFKHQYRQ]LUND]HKQ =HQWLPHWHUQ/lQJHXQGHLQHP=HQWLPHWHU
'XUFKPHVVHU (U|IIQHWHGHQ6WRSIYHUVFKOXXQGVFKWWHWHHLQZHQLJ YRP,QKDOWDXIVHLQHIODFKH+DQG'DVZHLH3XOYHU VDKKDUPORVDXV'DVZDUHVDXFKZHQQHVVLFKGDEHL XP3XGHUKDQGHOWH6ROOWHHVDEHUZLH3LQSRLQWJODXE WH+\EURGLHPVHLQPDFKWHHVMXQJH0lGFKHQ]X +XUHQXQGYHUZDQGHOWH0lQQHULQJHLVWLJHXQGN|U SHUOLFKH:UDFNV 6HLQH)LQJHUDUEHLWHWHQKDVWLJ(U]RJDOOH5|KUFKHQ DXVLKUHQJHSROVWHUWHQ9HUVWHFNHQXQGEUDFKWHVLHLQ VHLQHQ7DVFKHQXQWHU=XP6FKOXKDWWHHUUXQGGUHL KXQGHUW*UDPPGHVZHLHQ3XOYHUVEHLVLFK-HQDFK *UDGGHU6WUHFNXQJZUGHHVQDFKGHP9HUVFKQHLGHQ PHKUDOVKXQGHUWIQI]LJWDXVHQG*DOD[EULQJHQ 'UDJRIKOWHSO|W]OLFK6FKZHLDXIGHU6WLUQ(LQ %HWUDJLQVROFKHU+|KHZDUYHUORFNHQGXQGNRQQWHLQ HLQHPFKDUDNWHUOLFKZHQLJHUJHIHVWLJWHQ0DQQHLQSDDU DEZHJLJH*HGDQNHQHU]HXJHQ (UVHW]WHGLH$XVSROVWHUXQJZLHGHUHLQSURELHUWHRE VLHDXFKIHVWVDXQGHUNHLQH6SXUHQKLQWHUODVVHQ KDWWH'DQQNODXEWHHU&\ULOV8WHQVLOLHQYRP%HWWXQG YHUVWDXWHVLHZLHGHULP.|IIHUFKHQ (LQH0LQXWHVSlWHUEHIDQGHUVLFKLQVHLQHUHLJHQHQ .DELQHZRHUGLH$PSXOOHQLQHLQHPDXV7HUNRQLW JHIOHFKWKHUJHVWHOOWHQ.lVWFKHQGHSRQLHUWHGHVVHQ V\QWURQLVFKHV6FKORQXUDXIVHLQHQ'DXPHQDEGUXFN UHDJLHUWH(UVWHFNWHHVHLQIDFKLQGDV6HLWHQIDFKVHLQHU 5HLVHWDVFKH.HLQ9HUVWHFNGDVYRQEHVRQGHUHU ,QWHOOLJHQ]]HXJWHZLHHUVLFKVHOEVWHLQJHVWDQG'RFK DQGHUHUVHLWVKDWWHQLHPDQGHLQH$KQXQJGDHUHWZDV ]XYHUVWHFNHQKDWWH 'DQQJLQJHULQGDV%URGHV=DKOPHLVWHUVXQGOLH EHUHLQHQ+\SHUUDXPNDQDOHLQH9HUELQGXQJPLWGHP 3ODQHWHQ$UJKLURKHUVWHOOHQ7HLOQHKPHUDPDQGHUHQ (QGHZDUHLQJHZLVVHU)R['DURRPLQ3RUW:HOOV :lKUHQGGHU8PWDXVFKDNWLRQHUJULQVWHOHLFKWEHLGLH
VHP*HGDQNHQZDULKPHLQJHIDOOHQZLHHUGHQ 6WDWWKDOWHUGHV6\QGLNDWVDXVVHLQHU+|KOHORFNHQ NRQQWH &\ULONDPGDQQGRFKQRFK]XLKUHP.DSLWlQVGLQQHU DOOHUGLQJVQLFKWPLWGHP+HUUQEHUGLH76&+$72 SHUV|QOLFKVRQGHUQVLHQDKPHQLKU$EHQGHVVHQLQ HLQHP%RUGORNDOHLQGDVVLFK&DSWDLQ V/RXQJHQDQQ WH 'DQDFKVWHXHUWHQVLHGLH%DUDQ$OVVLFKLKUH $XIQDKPHIlKLJNHLWIU&RFNWDLOVHUVFK|SIWHZDUHV IDVW0LWWHUQDFKW%RUG]HLW&\ULOJlKQWHEHUWULHEHQ JHNQVWHOWª%LVWGXDXFKVRPGH"© ª0PPKZLHPGHPHLQVWGX"© 6LHOHJWHVHLQH+DQGDXILKUHUHFKWH%UXVWXQGVDKLKQ KHUDXVIRUGHUQGDQ (UJULQVWHª6RPGHDXFKZLHGHUQLFKW© ª:DVWXQZLUGDQQQRFKKLHU"© ª,VWGDVHLQH$XIIRUGHUXQJ"© ª1LPPHVZLHGXZLOOVW© (UVHW]WHVHLQKDOEJHOHHUWHV*ODVDXIGHQ7UHVHQ HUJULIILKUH+DQGXQGYHUOLHPLWLKUGDV/RNDO ,QLKUHU.DELQHILHOHQVLHEHUHLQDQGHUKHUZLH]ZHL )HLQGHGLHHLQHQ.DPSIDXI/HEHQXQG7RGDXVIRFK WHQ6LHOLHLKPQLFKWHLQPDO=HLWVLFKJDQ]DXV]X]LH KHQ(VZDUNHLQ%HLVFKODIZLHHUXQWHU]LYLOLVLHUWHQ 0HQVFKHQGHVGUHL]HKQWHQ-DKUKXQGHUWV1HXHU *DODNWLVFKHU=HLWUHFKQXQJEOLFKZDUVRQGHUQHLQDQL PDOLVFKHUDXIUHLQH7ULHEEHIULHGLJXQJDXVJHULFKWHWHU $NWYRQEHLQDKHVHOEVW]HUVW|UHULVFKHU+LQJDEH 'DQDFKODJHUHUVFK|SIWQHEHQLKUDXIGHP5FNHQ ZlKUHQGVLHVLFKVFKZHLQDDQLKQVFKPLHJWH6LH DWPHWHQRFKHLQH:HLOHNHXFKHQGHKHVLH]XU5XKH NDPXQGLQGHQ6FKODIJOLWW 'UDJRODJPLWKLQWHUGHP.RSIYHUVFKUlQNWHQ+lQGHQ XQGVWDUUWHDQGLH'HFNHGHULP+DOEGXQNHOOLHJHQGHQ .DELQH
6HLQH(LQVWHOOXQJ]X&\ULOZDUPHKUDOV]ZLHVSlOWLJ $XIGHUHLQHQ6HLWHZUGHVHLQ9RUKDEHQZHQQVFKRQ QLFKW]XLKUHP7RGVR]XPLQGHVW]XP9HUOXVWLKUHU )UHLKHLWIKUHQ(UVDKNHLQHDQGHUH0|JOLFKNHLW ZHQLJVWHQVQLFKW]XPMHW]LJHQ=HLWSXQNW(UNRQQWHLKU QDFKVHKHQGDVLHLKQRKQH*HZLVVHQVELVVHIUGLH =LHOHGHV6\QGLNDWVDXVQXW]WH(UZDUHLQ.|GHUXQG VLHKDWWHDQJHELVVHQ'DHUVLHVHLQHUVHLWVGD]X PLEUDXFKWHDQGDV6\QGLNDWKHUDQ]XNRPPHQUHODWL YLHUWHGDV*DQ]HZLHGHU$XIGHUDQGHUHQ6HLWHZDUHV GLHVH$EKlQJLJNHLWYRQLKUHUN|USHUOLFKHQ$WWUDN WLYLWlWPLWGHUHUQRFKQLFKWNODUNDP/HLGHUKDWWHGHU 9HUVWDQGNHLQHQ(LQIOXDXIGLHVHV*HIKO(UNRQQWH QXUKRIIHQGDHULPHQWVFKHLGHQGHQ0RPHQWGDV 5LFKWLJHWDW .DSLWHO $UJKLUR6\VWHP$UJKRR0LWWH-XQL1*= 'LH$QQlKHUXQJDQ$UJKLUREHWUDFKWHWH'UDJRPLW ZLGHUVWUHLWHQGHQ*HIKOHQ 'HU/LQLHQUDXPHUWUDWYLHU$VWURQRPLVFKH(LQKHLWHQ EHUGHP1RUGSROGHU6RQQH$UJKRRPLWGHUXQYHU PHLGOLFKHQ*UDYLWDWLRQV6FKRFNZHOOHDXVGHP +\SHUUDXPLQGLHGUHLGLPHQVLRQDOH%H]XJVZHOWGHV (LQVWHLQNRQWLQXXPVHLQXQGQlKHUWHVLFKVFKUlJ]XU (NOLSWLNGHP=LHOSODQHWHQ $UJKLURYLHUWHUYRQVLHEHQ3ODQHWHQGHV6\VWHPVODJ QXU/LFKWMDKUHYRP5DQGGHV1RJLDV6HNWRUVHQW IHUQW'LHHUGJURH:HOWEHVDJHPlLJWHNOLPDWLVFKH %HGLQJXQJHQ)QIXQG]ZDQ]LJ3UR]HQWGHUSODQHWDUL VFKHQ2EHUIOlFKHZXUGHQYRQ]ZHLJU|HUHQDP bTXDWRUJHOHJHQHQ%LQQHQPHHUHQEHGHFNW'HU5HVW GHU/DQGPDVVHWHLOWHVLFKDXILQ:VWHQDXIGHU6G VRZLH]HUNOIWHWH*HELUJV]JHXQGWURFNHQH +RFKHEHQHQDXIGHU1RUGVHLWH 'HU3ODQHWZDULP-DKUKXQGHUWDOWHU=HLWUHFKQXQJ
]XPHUVWHQ0DOYRQWHUUDQLVFKHQ/DQGVXFKHUQXQWHU GHU/HLWXQJHLQHVHKHPDOLJHQ.RPPDQGDQWHQHLQHV ([SORUHUVFKLIIHVQDPHQV$GDP$UJKRRDQJHIORJHQ ZRUGHQ'LH%HVLHGOXQJVHW]WH]ZHLKXQGHUW-DKUHVSl WHUHLQ ,Q]ZLVFKHQOHEWHQNQDSSIQIXQGGUHLLJ0LOOLRQHQ 0HQVFKHQDXIGHPJHVDPWHQ3ODQHWHQEHUZLHJHQG 1DFKIDKUHQYRQ7HUUDJHERUHQHQZHVKDOEVLFKDXI $UJKLURDXFKYLHOH%HJULIIHXQG%H]HLFKQXQJHQGHV DOWWHUUDQLVFKHQ6SUDFKJHEUDXFKVHUKDOWHQKDWWHQ 0RQRV +HUUVFKDIWKDWWH$UJKLURUHODWLYXQEHVFKDGHW EHUVWDQGHQ'HU3ODQHWEHVDQXUZHQLJH %RGHQVFKl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lUH $UJKLURJDOWDOOJHPHLQDOVRIIHQH+DQGHOVZHOWGLH VRZRKO]XGHQ$UNRQLGHQDOVDXFK]XGHQ$NRQHQ IUHXQGVFKDIWOLFKH%H]LHKXQJHQXQWHUKLHOW7DWVlFKOLFK DEHUZXUGH$UJKLURYRQGHU/LJD)UHLHU7HUUDQHUSUR WHJLHUW :DUHQGLH.RQIOLNWH]ZLVFKHQGHQ9|ONHUQHUVWHLQPDO HQGJOWLJEHLJHOHJWZUGHVLFKDXI$UJKLURGLHGLSOR PDWLVFKHQ0LVVLRQHQGHUEHWURIIHQHQ3DUWHLHQHWDEOLH UHQ'DQQZDUHQ/lQGHUHLHQJHIUDJW GLH,PPRELOLHQ SUHLVHZUGHQLQDVWURQRPLVFKH+|KHQVWHLJHQXQG HLQLJH5HLFKHQRFKUHLFKHUPDFKHQ9LMX'UDJRKDWWH
PLWGHU'UDJR,PPRELOLHQ3RUW:HOOVEHUHLWVHLQHQ)X LQGHU7UXQGNRQQWHVLFK]XGLHVHU7UDQVDNWLRQQXU EHJOFNZQVFKHQZLHHUIDQG6FKRQMHW]WEHJDQQGDV *HVFKlIW*HZLQQDE]XZHUIHQ 'LH76&+$72ODQGHWHQDKHGHP+DIHQJHElXGHYRQ $WKHQHHGHU+DXSWVWDGWGHV3ODQHWHQ'HU0RUJHQZDU NODUXQGVRQQLJXQGGLH/XIWKDWWHGHQIUHLQHQ 5DXPKDIHQW\SLVFKHQ*HUXFK1DFKSODQHWDUHU 2UWV]HLWZDUHV8KUPRUJHQVZLHGLH=HLWDQ]HLJH DP.RQWUROOWXUPMHGHPYHUVLFKHUWHDEHU'UDJRVLQQH UHV&KURQRPHWHUEHKDUUWHVW|UULVFKGDUDXIGDHVPLW WHQLQGHU1DFKWVHL$P+LPPHOZDUQRFKGHU $WPRVSKlUHQPRQG7DU[LLV]XVHKHQ GRUWREHQVR ZXWH'UDJREHIDQGVLFKHLQH1DFKVFKXEEDVLVGHU /)7IUGHQ1RJLDV6HNWRU9RQGRUWZUGHHUIDOOVHV Q|WLJVHLQVROOWHDXFK+LOIHEHNRPPHQ %HLP$XVVWLHJKDWWHHUEHVFKORVVHQVLFKYRQVHLQHU K|IOLFKHQDXIPHUNVDPHQ6HLWH]X]HLJHQXQGVLFKPLW &\ULOV+DQGJHSlFN]XEHODGHQ $WKHQHH5DXPKDIHQZDUHLQSO|W]OLFKHU$QVWXUP LQWHUJDODNWLVFKHU$N]HQWHXQGIUHPGHU,GLRPH'LH %HGLHQVWHWHQYRQ=ROOXQG(LQZDQGHUXQJ]HLJWHQNHLQ ,QWHUHVVHGLH3DVVDJLHUHGHU76&+$72DXI]XKDOWHQ 'LH.RQWUROOHGHU3HUVRQDOLHQHUIROJWHREHUIOlFKOLFK (LQZLQ]LJHV/lFKHOQQLVWHWHLQ'UDJRV$XJHQZLQNHOQ DOVHUEHPHUNWHGD&\ULOVLFKYHUKLHOWDOVVWQGHVLH UHLQ]XIlOOLJQHEHQLKP(UZXWHVLHZDUEHUHLWEHLP HUVWHQ$XINRPPHQHLQHV9HUGDFKWHVVR]XWXQDOV ZUGHVLHLKQQLFKWNHQQHQ $EHUVRIRUWQDFKGHPVLHGLH)RUPDOLWlWHQKLQWHUVLFK JHEUDFKWKDWWHQVFKLHQHVLKUXQJHKHXHUZLFKWLJLKQ PHUNHQ]XODVVHQGDHUIUVLHGHU0LWWHOSXQNWGHU *DOD[LVZDUXQGVLHQDKPLKPGHQNOHLQHQ .RVPHWLNNRIIHUZLHGHUDE $XIDWPHQGEXJVLHUWH'UDJRVLHQDFKGUDXHQXQGLQ 5LFKWXQJGHVSULYDWHQ7HLOVGHV5DXPKDIHQV1XUODQJ
VDPZLFKGLH$QVSDQQXQJYRQLKP(UVWHOOWHVLFK &\ULOV*HVLFKWYRUZHQQGDV+\EURGLHPDQVWDWWLQ LKUHP.RVPHWLNNRIIHUXQWHUVHLQHP5HLVHJHSlFN JHIXQGHQZRUGHQZlUH8QGHUVWGLH*HVLFKWHUGHU 5DXPKDIHQEHK|UGH(UKlWWHVLFKHUHLQLJH=HLWXQGHLQ SDDUVHKUIUHFKH/JHQEHQ|WLJWXPGLHVH6LWXDWLRQ]X HUNOlUHQIDOOVHUMHZLHGHUGDV*HIlQJQLVYRQ$WKHQHH YHUODVVHQKlWWHN|QQHQXPLKUGLHVH(UNOlUXQJ]X JHEHQ 'HUJUHOOURWJHOEODFNLHUWH&DUJR*OHLWHUDXVGHP %HVWDQGYRQ'UDJRV'HSHQGDQFHVWDQGYRUGHP +DQJDUEHUHLW(LQ7HFKQLNHUZDUWHWHLP,QQHUQDXI LKUH$QNXQIW2KQHHLQ:RUWZXFKWHWHHULKU 5HLVHJHSlFNLQGHQ/DGHUDXP*HQDXVRYHUIXKUHUPLW GHP+DQGJHSlFNVDPW.RVPHWLNNRIIHUEHYRU&\ULO SURWHVWLHUHQNRQQWH'UDJRVDKZLHVLHGD]XDQVHW] WH GDQQYHUVFKZDQGHUZRUWORV (UKDOI&\ULOLQGDV&RFNSLW GDVDQXQGDENRSSHOEDUH 3LORWHQXQG3DVVDJLHUPRGXOGDVZLHGHU.RSIHLQHU 6FKLOGNU|WHDQGHU9RUGHUVHLWHGHV)UDFKWUDXPVDQJH IODQVFKWZDUERW3ODW]IU]ZHL3LORWHQSOXVYLHU 3DVVDJLHUH :lKUHQGVLHVLFKIUGLH$XVVWDWWXQJGHU.DELQHLQWHU HVVLHUWHXQGGLH%HTXHPOLFKNHLWGHVKRFKOHKQLJHQ .RSLORWHQVLW]HVDXVSURELHUWHNRQWUROOLHUWHHU +LOIVDJJUHJDWXQG1RWDXVUVWXQJLPKLQWHUHQ7HLOGLH IU)OJHEHUZHLWHZHQLJEHVLHGHOWH*HELHWHREOLJD WRULVFKZDUHQ9RQLKUXQJHVHKHQVFKOSIWHHUGXUFK GLHNOHLQH,ULVOXNH]ZLVFKHQGHP.XSSOXQJVULQJLQGHQ /DGHUDXP(U|IIQHWHRKQH9HU]XJVHLQHQ.RIIHU QDKPGLH0HWDOOVFKDFKWHODQVLFKXQGNHKUWHZLHGHU ]XUFN(UYHUVWHFNWHVLHLPGRSSHOWHQ%RGHQGHU JURHQ0HGR%R[LQGHP)R['DURRPDEXQGDQYHU ERWHQH6WLPXODQ]LHQIUHLQHEHVRQGHUV]DKOXQJVNUlI WLJH-DJGJHVHOOVFKDIWQDFK'UDJR:HOOVVFKPXJJHOWH 'DQQJLQJHUZLHGHULQGHQYRUGHUHQ%HUHLFKZR&\ULO
VFKRQHUZDUWXQJVIURKLP6LW]3ODW]JHQRPPHQKDWWH 6LHVFKLHQ]LHPOLFKDXIJHNUDW]WXQGZDUIU|KOLFKZLH HLQWLU\OLDQLVFKHU)DOWHU 'UDJRHUNOl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lOWQLV VHXQGEHUSUIWHGLH)XQNWLRQVEHUHLWVFKDIWGHU 6WDWXVGLVSOD\VDXIGHP,QVWUXPHQWHQSDQHHO(UOLH GHP%RUGV\QWURQHLQHH[DNWH3HLOXQJIUGLH6WUHFNH QDFK0\WKDOL&LW\GHU]ZHLWJU|WHQ6WDGWDXI$UJKLUR GXUFKIKUHQREZRKOHUYRUKDWWHKDXSWVlFKOLFKQDFK 6LFKW]XIOLHJHQYRUDOOHPGLHUHVWOLFKH6WUHFNHQDFK 3RUW:HOOV$EHU$WKHQHH)OXJEHUZDFKXQJOHJWH:HUW GDUDXI6FKOLHOLFKOLHHUVLFKGLH6WDUWHUODXEQLVJHEHQ XQGKREDE 'HU%RGHQEOLHE]XUFNXQGDOVGHU*OHLWHUEHUGHQ +DQJDUKLQZHJVWLHJVDK'UDJRLP6FKDWWHQGHV +DQJDUVHLQH*HVWDOWGLHHLQGULQJOLFKDXIHLQHQDQGH UHQ0DQQHLQUHGHWHXQGQDFKREHQJHVWLNXOLHUWH7URW] GHUVFKRQHUUHLFKWHQ+|KHKlWWHLKQ'UDJRDXFKRKQH GHQ1DFNHQ]RSIXQGGLHPXVNXO|VH)LJXUDOV=DQR 5RFLGHQWLIL]LHUW(UZUGHYHUPXWOLFKQLFKWVHKUODQJH EUDXFKHQXPKHUDXV]XILQGHQGDVLHVLFKDXIGHQ )OXJQDFK0\WKDOL&LW\EHIDQGHQ%OLHEGLH)UDJH ZHOFKH5HDNWLRQGDQQNDP
'HU*OHLWHUJHZDQQVWlQGLJDQ+|KHXQGNOLQNWHVLFK DXWRPDWLVFKEHL]ZHLKXQGHUW0HWHUEHU*UXQGLQGHQ 9HUNHKUVVWURPHLQGHU]XU3HULSKHULHGHU6WDGWKLQDXV IKUWH'RUWEHUJDEGLHV\QWURQLVFKH9HUNHKUVIKUXQJ VlPWOLFKH.RQWUROOHQDQGHQ%RUGFRPSXWHUGHV *OHLWHUV 6LHOLHHQGLH6WDGWKLQWHUVLFKXQGVWLHJHQDXI]ZHLW DXVHQG0HWHU'UDJRVFKDOWHWHGLH,PSXOVWULHEZHUNH DXIRSWLPDOH5HLVHJHVFKZLQGLJNHLW'DV+RORGHV %RUGFRPSXWHUVSUlVHQWLHUWHLKPHLQHYROOVWlQGLJHWHOH PHWULVFKH'DUVWHOOXQJGHV)OXJNRUULGRUV DOOH 3DUDPHWHUZDUHQLPJUQHQ%HUHLFK 0\WKDOL&LW\ZDUUXQGWDXVHQG.LORPHWHU/XIWOLQLHHQW IHUQWXQJHIlKU]ZHLHLQKDOE)OXJVWXQGHQPLWGHP &DUJR*OHLWHU3RUW:HOOVZUGHQRFKHLQPDOHLQH KDOEH6WXQGH)OXJEHQ|WLJHQ 1DFKHWZDVPHKUDOVGHU+lOIWHGHU)OXJVWUHFNHYHU IlUEWHVLFKGHU+LPPHOSXUSXUQGXUFK]RJHQPLW VFKZHIOLJJHOEHQ6WUHLIHQXQGJHZDOWLJH*HZLWWHU WUPHZXFKVHQYRULKQHQDXIGLHELVKRFKLQGLH 6WUDWRVSKlUHUHLFKWHQ'UDJRJLQJHLQ6WFNKLQXQWHU XPXQWHUGHQ:RONHQ]XEOHLEHQ'DGHU 0HKU]ZHFNJOHLWHUQLFKWEHUHLQHHQWVSUHFKHQGH 'UXFNKOOHYHUIJWHNRQQWHHUGDV*HZLWWHUQLFKW EHUIOLHJHQ 1LFKWODQJHGDQDFKWURPPHOWHQGLFNH5HJHQWURSIHQ DXIGLH*ODVVLWVFKHLEHGHU&RFNSLWYHUJODVXQJXQGIDV ULJH%OLW]HOLHHQ&\ULOLQLKUHP6LW]HUVFKDXHUQ(U OlFKHOWHLKUEHUXKLJHQG]XXPLKUGLH$QJVW]XQHK PHQ 'HU*HZLWWHUVWXUPGHUVLHHLQZHQLJGXUFKVFKWWHOWH GDXHUWHNHLQH]ZDQ]LJ0LQXWHQGDQQNDPGLH6RQQH $UJKRRZLHGHU]XP9RUVFKHLQ 'UDJROLHGHQ*OHLWHUHUQHXWVWHLJHQ9RUDXVZDUHQ VFKRQGLHHUVWHQ$XVOlXIHUGHV9RUJHELUJHV]XVHKHQ HLQHVWHLODXIUDJHQGH.OLSSHQIURQWYRP7\ERUJ)OX
GXUFKVFKQLWWHQGHUGHQIHUQHQ*OHWVFKHUQGHU7\ERUJ 0RXQWDLQVHQWVSUDQJXQGVLFKPlDQGHUQGVHLQHQ:HJ GXUFKGDVGHP+DXSWPDVVLYYRUJHODJHUWHEUHLWH %HFNHQEDKQWHLQGHP0\WKDOL&LW\ODJ 'UDJREHUIORJGLH6WDGW]HKQ0LQXWHQVSlWHU 9RQLKUOLHIGHU)OXJHUDGHZHJVQDFK3RUW:HOOV 3DUDOOHOGD]XYHUOLHIHLQHEUHLWH6WUDHGHU'UDJRLQ JURHU+|KHIROJWH 'LH6RQQHVWDQGLP=HQLW HVZXUGHKHLXQWHUGHQ JHZ|OEWHQ6FKHLEHQGHV&RFNSLWV'UDJRYHUlQGHUWH GLH3RODULVDWLRQXQG&\ULOVFKHQNWHLKPHLQGDQNEDUHV /lFKHOQDOVHVJOHLFKGDUDXINKOHUZXUGH'DQQ WDXFKWH3RUW:HOOVDXI 'LH6WDGWODJLQPLWWHQGHU%HUJHDXIHLQHUODQJJH VWUHFNWHQ+RFKHEHQHGLHVLFKQDFK1RUGHQKLQLQHLQH :VWHGLH'HVHUW%DUULHU|IIQHWH'XUFK 3ODQHWHQIRUPLQJZDUGLH8PJHEXQJGHU6WDGWXUEDU JHPDFKWZRUGHQ3RUW:HOOV]lKOWHUXQGIQI]LJWDX VHQG(LQZRKQHU'HUEHUZLHJHQGH7HLOGHU ,QIUDVWUXNWXUODJXQWHULUGLVFK ]XVHKHQZDUHQQXUGLH ORFNHUH%HEDXXQJGHU:RKQEH]LUNHPLWLKUHQYLHOHQ *UQIOlFKHQNOHLQHQ:DVVHUOlXIHQXQGDUWHVLVFKHQ %UXQQHQVRZLHGLH+RFKKlXVHUGHV*HVFKlIWV]HQ WUXPVGLHQXUYRQGHU1DGHOGHV.RQWUROOWXUPVDP 5DQGHGHVNOHLQHQ5DXPKDIHQVEHUUDJWZXUGHQ 'LH6WDGWKDWWHHLQHQ2EHUEUJHUPHLVWHU'LUHNWRU JHQDQQWXQGHLQSDDU6XEGLUHNWRUHQGLHVLFKXPGDV :RKOGHU(LQZRKQHUVRUJWHQ'UDJRKDWWHVFKRQHLQ PDOPLWLKP]XWXQJHKDEWDOVHVGDUXPJLQJGLH %URVGHU'UDJR,PPRELOLHQ3RUW:HOOV]XHWDEOLHUHQ XQGHLQSDDU5lXPHLQHLQHP*HVFKlIWVKRFKKDXVGHU ,QQHQVWDGWDQ]XPLHWHQLQXQPLWWHOEDUHU1DFKEDUVFKDIW GHV.HWW7RZHUGHV9HUZDOWXQJVVLW]HVGHU6WDGWXQG GHU5HVLGHQ]GHV'LUHNWRUV (UlQGHUWHGHQ.XUVXQGEHUIORJ3RUW:HOOV HVZXUGH =HLWPLWGHP]XEHJLQQHQZDVHUYRUKDWWH
ª/DQGHQZLUGHQQQLFKW"©&\ULOVDKLKQPLWOHLFKWHU 9HUZXQGHUXQJDQ (UVFKWWHOWHGHQ.RSI ª1RFKQLFKW©JDEHUIU|KOLFK]XUFNª,FKP|FKWHGLU HUVW'UDJR:HOOV]HLJHQ:HQQGXHLQPDODOOHQ =ZlQJHQXQGGHP7UXEHOKRFKWHFKQLVLHUWHU=LYLOLVD WLRQHQWIOLHKHQP|FKWHVWLVWGLHVGHUULFKWLJH3ODW]IU GLFK9LHOH.LORPHWHUYRPQlFKVWHQ/DGHQHQWIHUQW XQGQXU%HUJZ|OIH]XU*HVHOOVFKDIW© ª0LWGLUZUGHPLUGDVYHUPXWOLFKVRJDUJHIDOOHQ©6LH EHGDFKWHLKQPLWHLQHP%OLFNGHULKPVDJHQVROOWH ZLHHUQVWVLHHVPHLQWH8QGGDVVFKPHU]WHLUJHQGZLH 'UDJR:HOOVEHVWDQGDXVHLQHPIODFKHQQLHGULJHQ +DQJDUXQGGHPDXV%UXFKVWHLQHQXQGHLVHQKDUWHQ +RO]VWlPPHQHUEDXWHQ-DJGKDXV(LQLQDOWWHUUDQLVFKHU $UFKLWHNWXUEHZDQGHUWHU+LVWRULNHUKlWWHXQVFKZHU HUNDQQWGDHVQDFKGHP9RUELOGHLQHV6FKZHL]HU %HUJFKDOHWVHUULFKWHWZDU(VODJLQHLQHUJUQHQ2DVH DP$XVJDQJGHU+RFKHEHQH GLHYRQGHQ&DQRQVKHU DEVWU]HQGHQ*HELUJVElFKHVSHLVWHQHLQHSSLJH 9HJHWDWLRQDXV$UUDZHLGHQXQG&XPUXNSDOPHQ 'UDJRJLQJDXI]ZHLKXQGHUW0HWHUKLQXQWHUXQG XPNUHLVWHGDV$QZHVHQ9RQREHQVDKHVYHUODVVHQ DXV ZDKUVFKHLQOLFKZDUGHU9HUZDOWHUZLHGHUJHJDQ JHQQDFKGHPHUPLWVHLQHQ5RERWVGDV+DXVJHUHLQLJW XQGGLH9RUUlWHDXIJHIOOWKDWWH$OV'UDJRVLFKDXIGHU GHQ%HUJHQ]XJHZDQGWHQ6HLWHEHIDQGJULIIHULQGLH 7DVFKHXQGGUFNWHHLQHQ.RQWDNWDQGHP ,PSXOVJHEHUGHQHUXQWHUGHU6LW]VFKDOHJHIXQGHQ KDWWH 3O|W]OLFKVFKOLQJHUWHGHU*OHLWHUVDFNWHUXQGIQI]LJ 0HWHULQGLH7LHIHQXUXPHLQHQ$XJHQEOLFNVSlWHU ZLHGHULQGLH+|KH]XVFKQHOOHQ'UDJREHJDQQZLH YHU]ZHLIHOWDQGHQ.RQWUROOHQ]XDUEHLWHQ'DV*HIlKUW WDXPHOWHVHLWZlUWVXQGGLH/DQGVFKDIWZLUEHOWHYRU GHP&RFNSLWYRUEHL
$XIGHP,QVWUXPHQWHQSDQHHOEHJDQQHQ:DUQOHXFKWHQ DXI]XIODFNHUQ GHU)OXJFRPSXWHUVWLHHLQH5HLKHJUHO OHU:DUQW|QHDXV &\ULOVFKULHVFKULOODXIª9LMXWXZDV9HUGDPPWWX GRFKZDV© :HUMHGRFKHWZDVWDWZDUGLH1RWIDOODXWRPDWLN *HPlLKUHUYRUJHJHEHQHQ3DUDPHWHUVFKORVLH ]XQl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lUIWH)RUPHLQHU &UDVK1RWIDOOVLWXDWLRQIUIRUWJHVFKULWWHQH3LORWHQ JHODGHQ 'HU*OHLWHUPDFKWHPHKUbUJHUDOVHUHLJHQWOLFKVROOWH 6LHYHUORUHQVFKQHOODQ+|KHXQGWRUNHOWHQZLHHLQWUHO ODQLVFKHU6SRUHQSLO]'UDJRKRIIWHLQEUQVWLJGDHU GHQ*OHLWHUZLHGHUXQWHU.RQWUROOHEHNDPEHYRUHU ZLHHLQ6WHLQDXIGHQ%RGHQNODWVFKWH (LQHYHUIOXFKWOHLFKWVLQQLJH$NWLRQVFKRHVLKPGXUFK GHQ.RSIXQGEORXPGHQ)UDFKWFRQWDLQHU]XYHUOLH UHQ $EHUHVKDWWHMDEHU]HXJHQGDXV]XVHKHQ6FKOLHOLFK ZROOWHHUPLWGLHVHP0DQ|YHUGDV6\QGLNDWGD]X]ZLQ JHQDXVGHP6FKDWWHQKHUYRU]XWUHWHQKLQWHUGHPHV VLFKYHUEDUJ
9RQVHLQHP6LW]EHHQJWEHWlWLJWH'UDJRGLH6WHXHUXQJ XQGPDOWUlWLHUWHPLWGHQ)HQGLH3HGDOHGHU $QWLJUDYWULHEZHUNH(VVDKDOOHVlXHUVWHFKWXQGVHKU GUDPDWLVFKDXV6FKOLHOLFKK|UWHGHU*OHLWHUDXI]X WUXGHOQJHZDQQZLHGHUDQ+|KHXQGYHUKLHOWVLFKZLH JHZRKQWODPPIURPP &\ULOVDPLWEOHLFKHP*HVLFKWLQLKUHP6LW],KUHKHOO EODXHQ$XJHQZDUHQIDVWVFKZDU]YRU$QJVW ª2KEHLP+LPPHO9LMX:DVKDVWGXPLUDQJHWDQ"© 1DWUOLFKKDWWHVLHPLWEHNRPPHQZLHGHU )UDFKWFRQWDLQHUDEJHVSUHQJWZXUGHª:DVVROOLFKMHW]W EORPDFKHQ"© ,KUH1RWJLQJ'UDJRPHKU]X+HU]HQDOVHVHLJHQWOLFK VHLQVROOWHDEHUVRZHLWHUQDFKDXHQZLVVHQGXUIWH KDWWHVLHEORLKUH*DUGHUREHXQGHLQSDDUSHUV|QOLFKH 'LQJHYHUORUHQ =HUNQLUVFKWVDJWHHU ª(VWXWPLUYHUGDPPWOHLG&\ULO GDGXGLFKVRJHlQJVWLJWKDVW,FKGDFKWHGHU*OHLWHU ZlUHEHUKROWZRUGHQ0LWPLUDOV0HFKDQLNHUZlUH GDVQLFKWSDVVLHUW©$EHUGLHVHU9HUVXFKHLQHV6FKHU]HV NDPQLFKWEHLLKUDQ ª:DVZDVPDFK LFKMHW]WEOR"©ZLHGHUKROWHVLH PLWVFKZDFKHU6WLPPH ª:DVKDVWGXVFKRQYHUORUHQGDVQLFKW]XHUVHW]HQ ZlUH©VDJWHHUEHUXKLJHQGª,FKZHUGHGLUQDWUOLFK HLQHQHXH*DUGHUREHNDXIHQNHLQH)UDJH*OHLFKKHXWH DEHQGQRFK3RUW:HOOVKDWGDHLQSDDUVXSHUPRGHUQH (LQNDXIVSDVVDJHQ© 6LHVFKWWHOWHGHQ.RSIXQGZLUNWHJDQ]HOHQGYRU )XUFKW ª'DUXPJHKWHVQLFKW9LMX,FKKDWWH'DZDUHQHLQ SDDUXQHUVHW]OLFKH(ULQQHUXQJHQLQGHQ.RIIHUQ6LH JHK|UWHQPHLQHU0XWWHU%LWWH9LMX.|QQHQZLUQLFKW ODQGHQXQGGDQDFKVXFKHQ"© ª$EHUMD.|QQHQZLU© ª'DQNH9LMX'XELVWVHKUOLHE©
(UOlFKHOWHLKU]XXQGVWHXHUWHGHQ*OHLWHUZLHGHULQGLH 1lKHGHU6WHOOHZRGHU)UDFKWFRQWDLQHUDXIJHVFKODJHQ ZDU6LHODQGHWHQDQHLQHUHLQLJHUPDHQJODWWHQ6WHOOH 'LHPHKUDOVPDQQVKRKHQ)HOVQDGHOQJOKWHQLQGHU 0LWWDJVKLW]H6FKZLW]HQGXQGNHXFKHQGHUUHLFKWHQVLH GLH7UPPHUGHV&RQWDLQHUV9RQGHQ.RIIHUQZDUQXU HLQHUDXIILQGEDU'HU5HVWPXWHLQGLHWLHIHQ6SDOWHQ JHIDOOHQVHLQYRQGHQHQGLHVHVVWHLQLJH$UHDOGXUFK]R JHQZDU &\ULOZDUYRQGHU6XFKH]LHPOLFKVFKQHOOHUVFK|SIW +LQ]XNDPGDVLHHLQHSDQLVFKH$QJVWKDWWHGLH LPPHUGHXWOLFKHU]XWDJHWUDW'UDJRILHOHVVFKZHU DEHUHUPXWHLKUHQ=XVWDQGLJQRULHUHQ (VZDU1DFKPLWWDJDOVVLHVFKOLHOLFKGLHHUJHEQLVORVH 6XFKHDXIJDEHQXQG]XP*OHLWHU]XUFNNHKUWHQ%HLP 6WDUWVDJWHVLHEHGUFNW ª9LMX,FKIUFKWHPLFK© (UWDWEHUUDVFKWª:RYRU"© ª%LWWHKDOWHPLFKQLFKWIUNLQGLVFKDEHULFKJODXEH =DQRLVWKLQWHUXQVKHU© ª:DUXPVROOWHHU"'XELVWHLQIUHLHU0HQVFKXQG NDQQVWWXQXQGODVVHQZDVGLUEHOLHEW$XHUGHP©HU GHXWHWHGXUFKGLH&RFNSLWVFKHLEHQDXIGLH%HUJHXQG GLHPHQVFKHQOHHUH(EHQHªLVWHVNDXPZDKUVFKHLQ OLFKGDHUXQVKLHUDXIVSUW© ª(UZlUHGXUFKDXVLQGHU/DJHHV]XVFKDIIHQ© ª8QVLQQ©ZLGHUVSUDFK'UDJRLQGHU*HZLKHLWGD =DQR5RFYHUPXWOLFKVFKRQLQGHU6WDGWZDUª0DFK GLUQLFKWVRYLHOH*HGDQNHQ© ª7X LFKDEHU©,KUH2EHUOLSSH]LWWHUWHZLHEHLHLQHP YHUlQJVWLJWHQ.LQGª0VVHQZLUZLUNOLFKLQ3RUW :HOOVEHUQDFKWHQ".|QQWHQZLUQLFKWZRDQGHUVKLQ JHKHQZRZLUXQVVHLQHWZHJHQNHLQH*HGDQNHQ PDFKHQPVVHQ"© (UZXWHGDVLHDXIGDV-DJGKDXVDQVSLHOWH(VZDU HLQHJURH9HUVXFKXQJ HUJDELKUQLFKWQDFK ª7XWPLUOHLG&\ULO©
ª%LWWH9LMX© ª1HLQ©'UDJRJDEVLFKJHZROOWJUREXQGEHGDXHUWHHV JOHLFK]HLWLJDOVHULKUYHUVW|UWHVHUVFKUHFNWHV*HVLFKW VDKª,FKVHKHQLFKWHLQZDUXPZLUXQVZHJHQGHLQHV $GRSWLYEUXGHUVYHUVWHFNHQVROOWHQ$XI3RQWLFKRVKDEH LFKLKQJHVFKRQWZHLOLFKHLQIDFK]XZHQLJEHUHXHU 9HUKlOWQLV]XHLQDQGHUZXWH6ROOWHHUPLUKLHUEHU GHQ:HJODXIHQZLUGHUPLFKYRQHLQHUZHQLJHU IUHXQGOLFKHQ6HLWHNHQQHQOHUQHQ© 6LHZROOWHHWZDVHUZLGHUQDEHUHUJDELKUNHLQH *HOHJHQKHLW]XZHLWHUHQ'LVNXVVLRQHQª,FKKDEHLP 5R\DO)DOFRQ+RWHO]ZHL=LPPHUUHVHUYLHUHQODVVHQ XQGGDKLQZHUGHQZLUMHW]WIOLHJHQ© 'UDJRVWDUWHWHGHQ*OHLWHU ª*XW9LMX©VDJWHVLHPLWOHLVHUYHUORUHQHU6WLPPH ª:HQQGXHVVDJVW$EHUDEHUELWWHSDDXIPLFK DXIMD"© 'UDJRVFKOXFNWH HWZDV6FKOLPPHUHVKlWWHVLHQLFKW VDJHQN|QQHQ2EZRKOHUVLFKEHPKWHVLHQLFKW]X P|JHQILHOHVLKPLPPHUVFKZHUHU 'UDJRVHW]WH]ZDQ]LJ0LQXWHQVSlWHUGHQ*OHLWHUDXI GHPIUVHLQH)LUPDDQJHPLHWHWHQ/DQGHSODW]DP 5DQGHGHVNOHLQHQ5DXPKDIHQVQLHGHUXQGJDELKQLQ GLH2EKXWGHU:DUWXQJVURERWV6LHZUGHQHLQQHXHV /DGHPRGXODQEULQJHQXQGGLH6SUHQJERO]HQDXVZHFK VHOQ (LQ0LHW%RGHQVFKZHEHUZDUWHWHDP.RQWUROOJHElXGH DXIVLH HLQHZHLH'RSSHOVFKDOHPLWVFKZHOOHQGHQ 6LW]HQ(UKDOI&\ULOEHLP(LQVWHLJHQ6LHKDWWHVLFK ZLHGHUXQWHU.RQWUROOHXQGRIIHQVLFKWOLFKLKUHbQJVWH YHUGUlQJW0LWHLQHPVDWWHQ*HUlXVFKHUZDFKWHGDV $JJUHJDW(UPDQ|YULHUWHGHQ*OHLWHUDXVGHU 3DUNEXFKWKHUDXVXQGUHLKWHVLFKLQGHQ VFKQHOOIOLHHQGHQ9HUNHKUDXIGHU]ZHLVSXULJHQ $YHQLGDHHLQGLHYRP5DXPKDIHQLQV6WDGW]HQWUXP
IKUWH 1DFKGHPHU]ZHL.UHX]XQJHQSDVVLHUWKDWWHILHOLKP HLQRFNHUIDUEHQHU*OHLWHUDXIGHUREZRKOVLFKLPPHU ZLHGHUDQGHUH9HUNHKUVWHLOQHKPHUGD]ZLVFKHQVFKR EHQVWHWVHWZD]ZHLKXQGHUW0HWHUKLQWHULKQHQEOLHE =XZHLWHQWIHUQWDOVGDHUPHKUDOVGLH8PULVVH]ZHL HU0lQQHUHUNHQQHQNRQQWH 'UDJRUXQ]HOWHGLH6WLUQ&\ULOV$QJVWVFKLHQQLFKW XQEHJUQGHWQXUJDOWVLHZHQLJHU=DQR5RFVRQGHUQ PHKUGHP6\QGLNDWXQGGHPZDVHVPLWLKUPDFKHQ ZUGHVREDOGVLHLKU0LJHVFKLFNEHLFKWHQPXWH 'DEHLKDWWHVLHYHUPXWOLFKQLFKWGHQ=LSIHOHLQHU $KQXQJYRQGHUZLUNOLFKHQ8QEDUPKHU]LJNHLWGLHGDV 6\QGLNDW9HUVDJHUQJHJHQEHUDQGHQ7DJ]XOHJHQ SIOHJWH $OVVLHYRUGHP5R\DO)DOFRQ+RWHODQNDPHQZDUGHU RFNHUIDUEHQH*OHLWHUQLFKWPHKU]XVHKHQ ª:LOONRPPHQLQ3RUW:HOOV©VDJWHGHU3RUWLHUDP (LQJDQJGHV5R\DO)DOFRQ 6LHJLQJHQGXUFKGLH+DOOH]XP(PSIDQJ'HUMXQJH 0DQQKLQWHUGHP7UHVHQGHU5H]HSWLRQPXVWHUWHDQJH OHJHQWOLFK&\ULOV(UVFKHLQXQJ 'UDJRUlXVSHUWHVLFKª:HQQGXPLWGHLQHQhEHUOH JXQJHQIHUWLJELVWPHLQ/LHEHU©VDJWHHUNKOªGDQQ KlWWHQ0L4XLOOLDQXQG0LVWHU'UDJROHW]WHUHUELQ LFKJHUQLKUH=LPPHU'UDJR(QWHUSULVHVKDWGXUFK XQVHUHKLHVLJH1LHGHUODVVXQJ]ZHL$SDUWPHQWVLQGHL QHQIHXGDOHQ+DXVIUXQVUHVHUYLHUHQODVVHQ© ªbKQDWUOLFK+LHUELWWH© (VZDUVSlWHU1DFKPLWWDJXQGLQGHU/REE\ZDUHQ UHODWLYZHQLJH*lVWHGLHPHKURGHUZHQLJHUQHXJLHULJ KHUEHUVWDUUWHQ :lKUHQGVLHVLFKHLQWUXJHQHUNXQGLJWHVLFKGHU +RWHOPDQDJHUQDFKGHP*HSlFN ª.HLQ*HSlFNZLUNDXIHQDOOHVKLHULQGLHVHUVFK|QHQ 6WDGW©
ª9HUQQIWLJHU*HGDQNH0LVWHU'UDJR©(UZLQNWH HLQHPMXQJHQ%XUVFKHQª*MLHUR%ULQJGLH +HUUVFKDIWHQKLQDXI=LPPHUGUHLQXOOYLHUXQGGUHL QXOOIQI© ª'DQNH©ZHKUWH'UDJRDEª:LUILQGHQGHQ:HJ© ª6HKHQZLUXQVQDFKKHU"©HUNXQGLJWHVLFK&\ULODOV VLHYRULKUHQ$SDUWPHQWVDQJHNRPPHQZDUHQ ª,FKKRIIHGRFK,QHLQHUKDOEHQ6WXQGHLP +RWHOUHVWDXUDQW(LQYHUVWDQGHQ"© 'LHUHVHUYLHUWHQ=LPPHUZDUHQGXUFKHLQH7UYHU EXQGHQGLHYHUVFKORVVHQZDU$EHU'UDJRZXWHGD HUPLWGHPHLQIDFKHQ$OJRULWKPXVHLQHV7UVFKORVVHV VSLHOHQGIHUWLJZUGHIDOOVHUGDVEHDEVLFKWLJWH5DVFK LQVSL]LHUWHHUGDV=LPPHUXQGNRQWUROOLHUWHPLWGHP 3LNR6FDQQHU'HFNH:lQGHXQG)XERGHQQDFKYHU VWHFNWHQ2UWHUIHOGHUQ 1LFKWV 'UDJR]RJVLFKDXVKlQJWHGLH.OHLGHULQGHQSRVLWUR QLVFKHQ5HLQLJHUGHQHUQHEHQGHPPHFKDQLVFKHQ 0DVVHXUHQWGHFNWHXQGYHU]RJVLFKXQWHUGLH'XVFKH 'DVNOLPDWLVLHUWH+RWHOUHVWDXUDQWDQLPLHUWHVLH]XP (VVHQ&\ULOKDWWHLKU+DDU]XHLQHUNRPSOL]LHUWHQ +RFKIULVXUDXIJHVWHFNWXQGZLUNWHDEZHVHQG'UDJR EHPKWHVLFKXPHLQHORFNHUH8QWHUKDOWXQJ VLHVWR FKHUWHOXVWORVLP=ZLVFKHQJHULFKWKHUXPXQGODXVFKWH VHLQHQKDOEHUIXQGHQHQ-DJGJHVFKLFKWHQPLWPlLJHP ,QWHUHVVH:lKUHQGGHV+DXSWJDQJVHUZDFKWHQLKUH /HEHQVJHLVWHUZLHGHUXQGEHLP1DFKWLVFKPDFKWHVLH VLFKVFKRQZLHGHUXPLKUYHUORUHQHV*HSlFN6RUJHQ 8QGGDQQUFNWHVLHPLWLKUHP:XQVFKKHUDXVQRFK HLQPDOGRUWKLQIOLHJHQ]XZROOHQ ª,FKEH]ZHLIOH©VDJWHHUXQGPLPWHGHQ9HUVWlQGQLV YROOHQªGDZLUDXHUQXW]ORVHQ)UDJPHQWHQHWZDV ILQGHQZHUGHQ1XUKHXWHJHKWHVQLFKWPHKU,FKKDEH *HVFKlIWHLQGHU6WDGW© ª'DQQPRUJHQ"©6LHVDKEODDXVLKUHEODXHQ$XJHQ
ZDUHQWUEH ª0DOVHKHQ0|FKWHVWGXPLWNRPPHQ"'XN|QQWHVW GLUHLQSDDUQHXH.OHLGHUNDXIHQ$XI.RVWHQYRQ 'UDJR(QWHUSULVHVVHOEVWYHUVWlQGOLFKDEHUGDVKDEHLFK GLUMDVFKRQPDOJHVDJW© ª*HUQ© $XIGHU)DKUWLQGLH,QQHQVWDGWKDWWHHUZHGHUYHUIRO JHQGH*OHLWHUQRFK=DQR5RFHQWGHFNHQN|QQHQDEHU GDVPXWHQLFKWVKHLHQ'UDJRVHW]WH&\ULOEHLHLQHU (LQNDXIVSDVVDJHDE(UZDUVLFKVLFKHUGDVLHHLQ SDDUVHKUVHKUXQDQJHQHKPH0RPHQWHYRUVLFKKDWWH 1LHPDQGLQGLHVHPJQDGHQORVHQ*HZHUEHGXUIWH 5DXVFKJLIWLP:HUWYRQHLQKXQGHUWIQI]LJWDXVHQG *DOD[YHUOLHUHQXQGKRIIHQGDIUQLFKWEHQ]XPV VHQ 'LH'UDJR,PPRELOLHQ3RUW:HOOVKDWWHLKUHQ6LW]LQ HLQHP%URWXUPGHV6WDGW]HQWUXPV9LMXZDUIGLH *OHLWHUWULQV6FKORXQGJLQJRKQHMHGH+DVWXQWHU GHQ.URQHQGHUKRFKVWlPPLJHQ&XPUXNSDOPHQ]XU /REE\,P,QQHUQWUDWHULQHLQHQGHUYLHOHQ $QWLJUDYOLIWVXQGYHUOLHLKQYLHU]LJ6WRFNZHUNHK|KHU ZLHGHU'UDJR,PPRELOLHQKDWWHGLHJHVDPWH(WDJH LQQH)R['DURRPV3ULYDWEURZXUGHYRQ]ZHLQHXHQ 9RU]LPPHUGDPHQEHZDFKWGLHVLFKVLFKWOLFKEHHLQ GUXFNW]HLJWHQDOVVLHHUIXKUHQZHU)R[VSUHFKHQ ZROOWH 'DURRPZDUHLQEHZHJOLFKHU0DQQPLW]\QLVFKHP %OLFNXQGGHPSURIHVVLRQHOOHP*HKDEHGHVHUIROJUHL FKHQ,PPRELOLHQPDNOHUVLQHLQHPJXWJHVFKQLWWHQHQ OHLFKWHQ$Q]XJ(UWUXJHLQZHLHV+HPGDEHUNHLQH .UDZDWWH6HLQHSHUV|QOLFKH$VVLVWHQWLQZDUDQZH VHQG,PGLVNUHWDEJHWHLOWHQ(QGHGHVJURHQ5DXPV IKUWHQHOHJDQWHWHXUH$SSDUDWHV\QWURQLVFKH =ZLHJHVSUlFKH'LH/XIWZDUVRJXWNOLPDWLVLHUWGD VLHYRQGHUGUDXHQQLFKW]XXQWHUVFKHLGHQZDU $OH[DQGUD0F*RYHUQKDWWH)R[DXVJHZlKOWXQGDXI
GLHVHQYHUDQWZRUWXQJVYROOHQ3RVWHQIHUQYRQ7HUUD JHVHW]WZRHUVLFKXPGDV3ODQHWHQIRUPLQJ3URMHNW 'HVHUW%DUULHUNPPHUWHXQGGHQ9HUNDXIGHUXUEDU JHPDFKWHQ3DU]HOOHQYRUDQWULHE (UERW'UDJRHLQKHLPLVFKHQ&XPUXN:KLVN\DQGHQ GLHVHUWDSIHUVFKOXFNWHXQGVLHHU|UWHUWHQGLHPRPHQ WDQH/DJHLP1RJLDV6HNWRU'DQDFKHUOHGLJWHQVLHGLH ZHQLJHQJHVFKlIWOLFKHQ3UREOHPHGLH$OH['UDJR DQYHUWUDXWKDWWH PDQKlWWHVLHHEHQVRJXWEHU +\SHUUDXPNDQlOHHUOHGLJHQN|QQHQDEHUGLHJXWH $OH[DQGUDOHJWHJURHQ:HUWGDUDXIGDZHQLJVWHQV YRQ=HLW]X=HLWGHU&KHISHUV|QOLFKYRUEHL]XVFKDXHQ KDWWHZHQQHUVFKRQPDOLQGHU*HJHQGZDU 'UDJR]QGHWHVLFKHLQH=LJDUHWWHDQ'UDXHQVHQNWH VLFKGLH$EHQGGlPPHUXQJDXI3RUW:HOOVKHUDE ª'DQNHIUGLH=LPPHUUHVHUYLHUXQJ©VDJWHHUªXQG GHQKHIWLJHQ$XIIULVFKXQJVNXUVLQ6DFKHQ1RWIDOO VLWXDWLRQ© (UZDUQHXJLHULJª,FKKRIIHGXKDVWVLHJHEKUHQG EHHLQGUXFNHQN|QQHQZLH"© ,Q)R['DURRPV$XJHQZDU9LMXZHQLJHUGHU%HVLW]HU YRQ'UDJR(QWHUSULVHVVRQGHUQPHKUHLQ3OD\ER\GHU HVVLFKOHLVWHQNRQQWHVLFKPLWGHP5HLFKWXPHLQIHL QHV/HEHQ]XJHVWDOWHQGDVLQ)R[ 9RUVWHOOXQJHQ XQZHLJHUOLFKPLWVFK|QHQ)UDXHQYHUEXQGHQZDU9RQ VHLQHU9HUELQGXQJ]XU62/()7ZXWHHUQLFKWV ª$EHUMD,QLKUHQ$XJHQELQLFKMHW]WHLQ+HOG©6LH ODFKWHQEHLGHª,FKP|FKWHGLH$SDUWPHQWVLP5R\DO )DOFRQEHKDOWHQDEHUGDV-DJGKDXVIUHLQH:HLOH]X PHLQHUDOOHLQLJHQ9HUIJXQJKDEHQ© ª6HOEVWYHUVWlQGOLFK9LMX©VDJWHHUª(VLVWIUGHQ $XJHQEOLFNNHLQH-DJGJHVHOOVFKDIWDQJHPHOGHW,FK JHEHGHP9HUZDOWHU%HVFKHLGGDHUHXFKIUHLQSDDU 7DJHQLFKWKPPQLFKWVW|UW(UKDWGLH9RUUlWHHUVW YRU]ZHL7DJHQDXIJHIOOWDXFKGHQ1DKUXQJV ]XEHUHLWHU6RQVWQRFKZDV"©
$OV'UDJRLP+RWHODQNDPZXUGHHVVFKRQGXQNHO 7DU[LLVVWDQGKRFKDP+LPPHOGLHEHLGHQNOHLQHUHQ QDPHQXQGDWPRVSKlUHORVHQ0RQGHZDUHQHUVW]ZHL +DQGEUHLWEHUGHQ+RUL]RQWJHVWLHJHQ'LH%DUGHV 5R\DO)DOFRQZDUEHUIOOW'UDJRZDUIHLQHQ%OLFNLQ GHQLQGLUHNWEHOHXFKWHWHQ5DXPHKHHUYRUEHUJLQJ XQGGHQ$QWLJUDYOLIWLP+LQWHUJUXQGDQVWHXHUWH ,UUWHHUVLFKRGHUKDWWHHUWDWVlFKOLFKMHPDQGHQJHVH KHQGHULKQVWDUNDQHLQHQ3ROL]LVWHQHULQQHUWH" (UKDWWHVLFKQLFKWJHLUUW &\ULOVFKLHQQRFKQLFKW]XUFNJHNHKUW]XVHLQ]XPLQ GHVWUHDJLHUWHVLHQLFKWDXIVHLQ.ORSIHQ0LWHLQHP GQQHQ/lFKHOQDXIGHQ/LSSHQ|IIQHWH'UDJRGLH7U ]XVHLQHP$SDUWPHQWZREHLVHLQH/LQNHQDFKREHQ ODQJWHXQGQDFKGHPKDDUIHLQHQ'UDKWWDVWHWHGHQHU EHLVHLQHP:HJJHKHQJHVSDQQWKDWWH (UZDU]HUULVVHQ 6HLQ/lFKHOQZXUGHVWlUNHU'LH/XIWDXVGHP=LPPHU NDPLKPZDUPHQWJHJHQXQGPLWLKUHLQIUHPGHU *HUXFK(UPDFKWH]ZHL6FKULWWHLQGHQ5DXPKLQHLQ +LQWHULKPVFKDEWH6WRIIDQ6WRIIHWZDV+DUWHVERKUWH VLFKLQVHLQHQ5FNHQXQGHLQH6WLPPHVDJWH ª.HLQH %HZHJXQJ/DGLH+lQGHZRVLHVLQG© 'UDJRKREGLH+lQGHLQ6FKXOWHUK|KH 'DQQK|UWHHUZLHGLH$SDUWPHQWWUKLQWHULKP JHVFKORVVHQZXUGH(UVSUWHGLH$QZHVHQKHLWHLQHV ]ZHLWHQ0DQQHV ª6HW]HQ©VDJWHGLHJOHLFKH6WLPPH (UIROJWHGHPOHLFKWHQ'UXFNGHU0QGXQJJLQJWLHIHU LQV=LPPHU]XHLQHP6HVVHOGUHKWHVLFKXPXQGVHW] WHVLFK (VZDUHQ]ZHL0lQQHU,KUH$Q]JHZDUHQJXW JHVFKQLWWHQMHGRFKQLFKWPHKUJDQ]QHX6LHSDWHQ LKQHQDXIHLQHPHUNZUGLJEHWRQWH$UW:HQLJHUPHUN ZUGLJZDUGHUVFKZHUH6WUDKOHULQGHU+DQGGHVNOHL
QHUHQ0DQQHV ª/HJGLH+lQGHLQGHQ1DFNHQ©'LH0QGXQJGHV 6WUDKOHUVXQWHUVWULFKGLHVH)RUGHUXQJXQPLYHU VWlQGOLFK ª3ROL]HL"© ª7KDNOD6WDGWSROL]HL©VDJWHGHU0DQQPLWGHU:DIIH EDUVFKª0HUNWPDQGDVVRGHXWOLFK"© ª6DJHQZLUHLQIDFKPDOVR ,FKKDEHHLQHQ%OLFN GDIU©'UDJROlFKHOWHGLHEHLGHQVDQIWDQ 'HU0DQQGHUDQGHU5H]HSWLRQKHUXPJHOXQJHUWKDWWH WUDWYRQGHU6HLWHDQLKQKHUDQXQGKLHOWLKPHLQH 3ODNHWWHLQV*HVLFKWVIHOG'LHKRORJUDSKLVFKH6WUXNWXU ZLHVLKQDOV0LWJOLHGGHU|UWOLFKHQ3ROL]HLEHK|UGHDXV (UWUXJZLHVHLQ3DUWQHUHLQHQ$Q]XJPLWKDOEPLOLWlUL VFKHQ6FKQLWWNHLQH:DIIHPDFKWHDEHUGHQ(LQGUXFN DOVN|QQHHUMHGHQ$XJHQEOLFNHLQHKHUYRU]DXEHUQ -HW]WVDJWHHU ª0DNDQ© ª(UIUHXWHXUH%HNDQQWVFKDIW]XPDFKHQNDQQLFK ZRKOQLFKWVDJHQ© ª,VWDXFKQLFKWQ|WLJ© ,KUH$XJHQEOLFNWHXQEHWHLOLJW'LH0lQQHUZDUHQ ZHGHUE|VHQRFKEHVRQGHUVIUHXQGOLFK:DVVLHKLHU WDWHQZDU$UEHLWIUVLHQLFKWVVRQVW'HU*U|HUHJLQJ XP'UDJRKHUXPZlKUHQG7KDNODLKQLQ6FKDFKKLHOW 'LHEHLGHQZDUHQHLQJXWHV7HDP$XIHLQDQGHUHLQJH VSLHOWHUJlQ]WHQVLHVLFKJURDUWLJ+lQGHNORSIWHQ 'UDJRDEIDQGHQQDWUOLFKQLFKWV0DNDQWUDW]XU6HLWH XQGJHVHOOWHVLFKZLHGHU]XVHLQHP3DUWQHU ª9LMX'UDJR%UJHUGHU(UGH"©IUDJWHHU ª'DVLVWPHLQ1DPH©EHVWlWLJWH'UDJRª'DUIPDQ HUIDKUHQZDVLKUYRQPLUZROOW"© ª:LUQLFKWV© 7KDNODV$XJHQEOLHEHQVWXUDXI'UDJRJHULFKWHW ZlKUHQGVHLQ3DUWQHUGXUFKGDV=LPPHUWLJHUWH(U VFKLHQHWZDV]XVXFKHQ ª$FKQHLQ'D]XEUDXFKWLKUGLHVH.DQRQH"©
ª6WHFNVLHZHJ1DP©EHIDKO0DNDQDXVGHP%DG /XVWORVYHUVHQNWH7KDNODGHQ6WUDKOHUXQWHUGHU $FKVHO=X'UDJRVDJWHHU ª'XNDQQVWGLH$UPHZLH GHUKHUXQWHUQHKPHQ(LQHQ5DW $QGHLQHU6WHOOH ZUGHLFKNHLQH6FKZLHULJNHLWHQPDFKHQ© ª(UZDUWHWLKUGHQQZHOFKH"© 'DUDXIHUKLHOW'UDJRNHLQH$QWZRUW(UO|VWHGLH +lQGHYRP1DFNHQXQGEHZHJWHGLH6FKXOWHUQXPGLH YHUNUDPSIWHQ0XVNHOQ]XORFNHUQª:DVMHW]W"©HUNXQ GLJWHHUVLFK ª:LUZHUGHQHLQH)DKUWXQWHUQHKPHQ© ª:RKLQ"© ª'LH)UDJHQVWHOOHQZLU©PDFKWH7KDNODNODU ª1DWUOLFK8QGZR]X"© 7KDNODVFKWWHOWHWDGHOQGGHQ.RSI'RFKGDQQDQW ZRUWHWHHU ª'HU&KLHIP|FKWHHLQSDDU:RUWHPLWGLU ZHFKVHOQ© ª+DWHUZHQLJVWHQVJHVDJWZDUXP"© ª1HLQ.|QQHQZLUJHKHQ"© ª-HW]W"© 7KDNODQLFNWHXQJHKDOWHQ ª.DQQLFKPLFKZHLJHUQ"© ª.DXP©(LQNOHLQHVHUZDUWXQJVIURKHV)HXHUJORPP LQVHLQHQ$XJHQDXI 'UDJRWDWLKPQLFKWGHQ*HIDOOHQª:HQQ VGHQQXQEH GLQJWVHLQPX©VHXI]WHHUXQG]XFNWHPLWGHQ $FKVHOQ (UZDU]XPGHXPVLFKJHJHQGLHEHLGHQDXI]XOHK QHQ$XHUGHPZDUHQVLHGLH9HUN|USHUXQJYRQ0DFKW XQG*HVHW]LQ3RUW:HOOV6HLQH9RUJHVHW]WHQKDWWHLKP EHLGHU$XVELOGXQJVWHWVHLQJHVFKlUIWDOOHV]XXQWHU ODVVHQZDVVLHLQHLQH.RQIURQWDWLRQPLWGHQ|UWOLFKHQ %HK|UGHQEULQJHQZUGH,KU.DPSIULFKWHWHVLFKQLFKW JHJHQSODQHWDUH5HJLHUXQJHQVRQGHUQJHJHQ .ULPLQHOOH$WWHQWlWHUXQG([WUHPLVWHQXQG ,QVWLWXWLRQHQZLHGDV6\QGLNDW
ª*HKHQZLU©HQWVFKLHG7KDNOD(UEHWUDFKWHWH'UDJR VHNXQGHQODQJPLWGLVWDQ]LHUWHU(QWWlXVFKXQJXQGIJWH PDKQHQGKLQ]X ª.HLQH7ULFNV© .DSLWHO 'HUZHLODFNLHUWHVFKZHUH*OHLWHUGHVVHQ )URQWKDXEHXQG6HLWHQZDQGXQJHQPLWZXFKWLJHQ %XFKVWDEHQYHU]LHUWZDUHQGLHGDV:RUW3ROL]HLLQ ,QWHUNRVPRHUJDEHQEHZHJWHVLFKVFKQHOOEHUGLH EHOHEWHQKHOOHUOHXFKWHWHQ6WUDHQ'UDJROHKQWHLQ GHQ3ROVWHUQXQGYHUVXFKWHGLH)DKUWGXUFK3RUW:HOOV ]XJHQLHHQ 'HU*OHLWHUVWRSSWHYRUGHP.HWW7RZHU6LW]GHU 9HUZDOWXQJVRZLHGHU|UWOLFKHQ3ROL]HL'UDJRZXUGH EHUHLQH)OXFKWYRQ5ROOWUHSSHQ$QWLJUDYOLIWVXQG QFKWHUQHU.RUULGRUHLQV%URGHV3ROL]HLFKHIV JHIKUW 'HU0DQQKLQWHUGHU]HUVFKUDPPWHQ3ODWWHVFKLHQLQ QDFKGHQNOLFKH%HWUDFKWXQJHLQLJHU'DWHQIROLHQYHU VXQNHQ]XVHLQZDV'UDJR*HOHJHQKHLWJDELKQVLFK JHQDXDQ]XVHKHQ'HU&KLHIZDUHLQGHUENQRFKLJHU 0DQQSORSKRVLVFKHU$EVWDPPXQJLQNUHLGHZHLHQ -RGSKXUVXQGJOHLFKIDUEHQHU-DFNH6HLQVDPWKlXWLJHV *HVLFKWZDUYLHUHFNLJXQGZLHPLWIOFKWLJHU+DQG PRGHOOLHUW'DPLWHVMDNHLQH=ZHLIHODQVHLQHU :LFKWLJNHLWJDEVDJWH]ZLVFKHQDOOGHQ7HUPLQDOVHLQ JROGJHIDWHV6FKLOGDXIVHLQHP6FKUHLEWLVFK 3ROL]HLGLUHNWRU&ROP6XWKUD-HW]WKREHUGHQ%OLFN XQGEHWUDFKWHWH'UDJR'HUVLOEHUJUDXH3URWRNROOURER WHUGHUELVODQJXQWHUGHU'HFNHVFKZHEWHNDPKHUXQ WHUXQGSRVWLHUWHVLFKEHU6XWKUDVUHFKWHU6FKXOWHU ª*LEPLUGHLQH3DSLHUH©VDJWHHUPLWOHLVHUPLOGHU 6WLPPHXQGKDWWHGDEHLHLQHQ$XVGUXFNSHUPDQHQWHU 7UDXULJNHLWDXIGHP*HVLFKW 'UDJROLHVLFKGDYRQQLFKWWlXVFKHQ(UEHVFKORDXI GHU+XW]XVHLQ(UQDKPVHLQHQ,GHQW&KLSDXVGHU
%ULHIWDVFKHXQGUHLFKWHLKQLKP6XWKUDZDUIHLQHQNXU ]HQ%OLFNGDUDXIGDQQVFKREHULKQLQGHQ6FKOLW]HLQHV 6FDQQHUVXQGEHWUDFKWHWHGHQ0RQLWRUPLWHLQHU ,QEUXQVWDOVREHUHLQH6HQVDWLRQHUZDUWHWH 'UDJRUlXVSHUWHVLFK ª6HW]GLFKGRFKELWWH©0LWHLQHUIOFKWLJHQ*HVWH ZLHV6XWKUDDXIGHQ6WXKOYRUVHLQHP6FKUHLEWLVFK ª'LHJDQ]H3UR]HGXUGDXHUWOHLGHUHLQELFKHQ'XKDVW KRIIHQWOLFK9HUVWlQGQLVGDIU© 'UDJRZXWHZDVGDVKLH'LH6\QWURQLNZUGHLQ HLQHQJHVFKlIWLJHQ'LDORJPLWGHQ6\QWURQVDQGHUHU 3ROL]HLGLHQVWVWHOOHQGHUZLFKWLJVWHQ3ODQHWHQWUHWHQ QLFKW]XOHW]WPLWGHP=HQWUDODUFKLYDXI7HUUDXPGLH DXIGHP&KLSJHVSHLFKHUWHQ,QIRUPDWLRQHQLQ5HODWLRQ ]XLQWHUJDODNWLVFKHQ6WHFNEULHIHQ]XVHW]WHQ(LQHEOL FKH3UR]HGXU $EHUGLH$QZRUWZUGHODXWHQ ª1LFKWVEHNDQQW.HLQH UHOHYDQWHQ9RUVWUDIHQ©3LQSRLQWKDWWHIUGHUOHLhEHU SUIXQJHQ9RUVRUJHJHWURIIHQ 'UDJRVHW]WHVLFKOHJWHGLH+lQGHDXIGLHDEJHZHW]WHQ $UPOHKQHQXQGVWHOOWHIHVWGDGHU6WXKOlXHUVWXQEH TXHPZDU(LQDOWHU7ULFNLPPHUQRFKEHOLHEW +RIIHQWOLFKPXWHHUQLFKW]XODQJHGDUDXIVLW]HQ (VZDUODQJHVWLOO6FKOLHOLFKVSUDQJGHU&KLSPLWOHL VHP.OLFNHQDXVGHP6FDQQHU6XWKUDJDELKQZLGHU ZLOOLJ]XUFNOHKQWHVLFKLQVHLQHQZXFKWLJHQ6HVVHO XQGVHLQH%OLFNHJOLWWHQPXVWHUQGEHU'UDJRKLQ ª'XELVWWDWVlFKOLFKYRQ7HUUD©VDJWHHUHQGOLFKDOVRE GDVDOV(UNOlUXQJUHLFKWH ª5LFKWLJ'XZROOWHVWPLFKVHKHQ"© ª:LOOVWGXODQJHKLHUEOHLEHQ"© ª+lQJWGDYRQDE©DQWZRUWHWH'UDJR(UKDWWHNHLQH /XVWGDUDXIHLQ]XJHKHQª$EHUPLW6LFKHUKHLWVR ODQJHZLHLFKHVIUQ|WLJHUDFKWH© ª:DVPDFKVWGXKLHU"© ª*HVFKlIWH0LUJHK|UHQ'UDJR,PPRELOLHQXQGHLQ
SDDUDQGHUH)LUPHQ0HLQ*HQHUDOPDQDJHUIUGLHVH :HOWLVW)R['DURRP:LUKDQGHOQPLW*UXQGXQG %RGHQ0HLQH3ODQHWHQIRUPLQJ*PE+PDFKW KDXSWVlFKOLFKGLH'HVHUW%DUULHUEHZRKQEDU$EHUGDV LVWGLUMDDOOHVEHNDQQW/DXQVDOVR]XU6DFKHNRP PHQ© ª%LVWGXDOOHLQHJHNRPPHQ"© (VZDUVLQQORVVLFKKHUDXV]XUHGHQª0LWHLQHU %HNDQQWHQ&\ULO+RSH4XLOOLDQ,VWGDVJHVHW]ZLGULJ"© ª1DWUOLFKQLFKW©6XWKUDEOLFNWH'UDJRHLQHQ $XJHQEOLFNODQJlUJHUOLFKDQ'DQQVHQNWHQVLFKZLH GHUGLH:LPSHUQEHUGLHGXQNOHQ$XJHQ1RFKNODQJ VHLQH6WLPPHVDQIWDOVHUIRUWIXKU ª'DV3UREOHPLVW lKGDGXKHXWHPLWWDJHLQHQ)OXJXQIDOOYHUXUVDFKW KDVW© 'DVZDULQWHUHVVDQW:RKHUZXWH6XWKUDGDV"'UDJR KDWWHDXIGHQ6FDQQHUQQLHPDQGHQLPEHWUHIIHQGHQ *HELHWJHVHKHQ ª0HLQ%RUGFRPSXWHUGLHVHVYHUGDPPWH0LVWGLQJ VSLHOWHIUHLQHQ$XJHQEOLFNYHUUFNW©JHVWDQGHUPLW EHGDXHUQGHP7RQIDOOª'LH1RWIDOODXWRPDWLNZDUIGDV &DUJR0RGXODE0HKUZDUQLFKW© ª:DUXPGDQQGLH/DQGXQJ"© $XFKGDVZXWHHU:RKHU"'UDJRZDUVLFKVLFKHUGD VLHNHLQHUEHREDFKWHWKDWWH=XPLQGHVWQLFKWGLUHNW 'LH,QIRUPDWLRQVEHVFKDIIXQJVHLQHV*HJHQEHUVZDU QLFKWVFKOHFKW ª(LQ1RWIDOO©EHKDXSWHWHHUª:LUJLQJHQUXQWHUXP QDFKhEHUUHVWHQXQVHUHV*HSlFNV]XVXFKHQGDVLP /DGHUDXPZDU© ª8QGZRLVWGDGHU1RWIDOO"© ª0L4XLOOLDQKDWWHHLQSDDUZHUWYROOH(ULQQHUXQJV VWFNHLQLKUHP*HSlFN© ª0PPK(VKDWWHMHPDQG]X6FKDGHQNRPPHQN|Q QHQ©EHKDUUWHHU ª9HUGDPPWQRFKPDO©IXKULKQ'UDJRIURVWLJDQGHU
ODQJVDPGLH*HGXOGYHUORUª(VLVWPHLQ%HVLW] 1LHPDQGKDWVLFKGRUWRKQHPHLQH(UODXEQLVDXI]XKDO WHQ8QGZHQQGXQLFKWJODXEVWGDPLUGDV*HELHW JHK|UWGDQQVWHFNGHLQH1DVHJHIlOOLJVWPDOLQGLH 'DWHQGHV*UXQGEXFKDPWV© 6XWKUDVFKQDSSWHK|UEDUHLQ'LH7UDXULJNHLWDXIVHL QHP*HVLFKWZDUYHUVFKZXQGHQ(UVWDQGDXIVWW]WH GLH+lQGHDXIGLH6FKUHLEWLVFKSODWWHEHXJWHVLFKYRU XQGEHJDQQ]XEUOOHQ,QGLHVHP$XJHQEOLFNJLQJGLH 7UDXIXQGHLQJURHUVFKODQNHU0DQQLQHLQHUWHX UHQ$EHQGJDUGHUREHPLWHLQHPZHLHQ6FKDOXPGHQ +DOVVWDQGDXIGHU6FKZHOOH ª+DOOR&KLHI©VDJWHHUªLFKZDUJHUDGHDXIGHP:HJ ]XHLQHU9HUDQVWDOWXQJGDK|UWHLFKGLFKUHGHQ©(U OlFKHOWH6XWKUDIUHXQGOLFKDQGHUVHLQHQbUJHU VFKOXFNWHXQGª+DOOR%UJHUPHLVWHU©PXUPHOWH 'HU1HXDQN|PPOLQJJDE'UDJRGHUDXIJHVWDQGHQ ZDUGLH+DQGª.HWW©VDJWHHUª-HGLD.HWW,FKELQGHU 'LUHNWRUGLHVHU6WDGW'XNDQQVWDXFK 2EHUEUJHUPHLVWHUVDJHQ© ª9LMX'UDJR©DQWZRUWHWHGHU62/()7$JHQWª,FK IUHXHPLFKGLFK]XVHKHQ:LUNHQQHQXQVEULJHQV© .HWWVDKJXWDXVEUDXQJHEUDQQWJUDXH$XJHQXQWHU HLQHP6FKRSIVFKZDU]HU+DDUH'DV.LQQZDUNUlIWLJ XQGHFNLJ(V]HXJWHYRQGHU(QWVFKORVVHQKHLWGHV 6WDGWGLUHNWRUV1XUHLQEHVWLPPWHU=XJXPGHQ0XQG ]HUVW|UWHGHQ(LQGUXFNYRQ5HFKWVFKDIIHQKHLWGHQ PDQDQVRQVWHQYRQLKPEHNRPPHQNRQQWH$EHUGDV ZDUEHL0lQQHUQLQVHLQHU3RVLWLRQVREOLFK ª1DWUOLFK©VDJWHHUMHW]WKHU]OLFKª,FKHULQQHUHPLFK 'UDJR(QWHUSULVHV5LFKWLJ":DUHVQLFKWDQOlOLFK HLQLJHU*UXQGVWFNVEHUHLJQXQJHQGUDXHQLQGHU %DUULHU"© ª(VJLQJPHKUXPGDV$QPLHWHQHLQHU(WDJHLP %URKRFKKDXVIUGLH'UDJR,PPRELOLHQ©HUZLGHUWH 9LMXZlKUHQGHUEHPHUNWHZLH6XWKUDXQEHKDJOLFK
GUHLQEOLFNWHXQGVLFKZLHGHUVHW]WH*HVFKDKLKPJDQ] UHFKW ª$EHUMD©.HWWOHJWH'UDJRLQHLQHUIUHXQGOLFKHQ *HVWHGLH+DQGDXIGHQ$UPª,FKELQEHU]HXJW© VDJWHHULQ6XWKUDV5LFKWXQJªGD0LVWHU'UDJRLQ 2UGQXQJLVW:RHUGRFKIDVWVFKRQDOV(LQZRKQHU XQVHUHUVFK|QHQ6WDGWJHOWHQNDQQ(ULVWEHVWLPPW QLFKWLQ6FKZLHULJNHLWHQRGHU"© ª6LHKGLUGDVDQ©6XWKUDEHUUHLFKWH.HWWHLQH)ROLH 'HU6WDGWGLUHNWRUODVVLHXQGEHWUDFKWHWHGDQQ'UDJR PLWHLQHPOHLFKWHQ6WLUQUXQ]HOQª-HPDQGVFKHLQWGLFK QLFKWVRQGHUOLFK]XP|JHQ© ª,FKELQEHUUDVFKW©EHNDQQWH9LMXª:HUN|QQWHGDV ZRKOVHLQ"© .HWWZDQGWHVLFKDQVHLQHQ3ROL]HLFKHIXQGJDELKPGLH )ROLH]XUFNª/RV&KLHI(UKDWHLQ5HFKWGDUDXI© 0UULVFKVWDUUWH6XWKUDDXIGLH'DWHQIROLHª1DFK GHLQHP$EIOXJYRQ$WKHQHH©VDJWHHUªHUKLHOWHQGLH GRUWLJHQ%HK|UGHQHLQHQ7LSGDGXLQ5DXVFKJLIW VFKPXJJHOYHUZLFNHOWVHLVW0DQLQIRUPLHUWHXQVEHU GLHVHQ9HUGDFKWXQGEDWXP$PWVKLOIH© ª5DXVFKJLIW"8QVLQQ©VDJWH'UDJRGHUVLFKGXUFKDXV YRUVWHOOHQNRQQWHZHULKPGLHVH$QVFKXOGLJXQJHLQ JHEURFNWKDWWH :DKUVFKHLQOLFKZROOWHPDQLKPEHLGHUhEHUJDEHDXV GHP:HJKDEHQ VLHZUGHQVLFKZXQGHUQ2E&\ULO VFKRQYRQLKUHP0LJHVFKLFNEHULFKWHWKDWWH":HQQ MDGDQQEHZHJWHHUVLFKDEMHW]WDXIVHKUGQQHP(LV ª:LUZHUGHQVHKHQ©6XWKUD]XFNWHPLWGHQ$FKVHOQ XQGYHU]RJGDV*HVLFKW]XHLQHUXQGHILQLHUEDUHQ *ULPDVVH ª6WHKHLFKXQWHU$QNODJH"© ª1LFKWGRFKQLFKWGRFK&ROP©.HWWOlFKHOWHVHLQHQ &KLHIPLOGDQª2GHU"© ª1RFKQLFKWN|QQWHDEHUJHVFKHKHQ© ª8QGZRYRQKlQJWGDVDE"©
6XWKUDVDK'UDJRSUIHQGDQª9RQGHLQHU .RRSHUDWLRQ© ª'LHZLUGLP0RPHQWVHKUVWDUNEHUVWUDSD]LHUW© HUZLGHUWHHUQLFKWRKQH6FKlUIH (LQLJH$XJHQEOLFNHVSUDFKNHLQHU'DQQOHQNWH'UDJR HLQª1DJXW,FKP|FKWHQLFKWGHQ(LQGUXFNHUZHFNHQ PLWGHU3ROL]HLYRQ3RUW:HOOVQLFKW]XVDPPHQDUEHLWHQ ]XZROOHQ:DVNDQQLFKYRQPHLQHU6HLWHDXVWXQXP GLHVHQ9HUGDFKW]XHQWNUlIWHQ"*HQJWHVPHLQ +RWHO]LPPHU]XGXUFKVXFKHQ"2GHUGDVYRQ0L 4XLOOLDQ"2GHUYLHOOHLFKWGHQ*OHLWHUPLWGHPZLU DQNDPHQ"© /HW]WHUHVNRQQWHHUOHLFKWHQ+HU]HQVYRUVFKODJHQ GDV *HKHLPIDFKZDUQRFKEHLNHLQHU.RQWUROOHHQWGHFNW ZRUGHQZHQQJOHLFKQRFKQLHPDOVVREULVDQWHV 6FKPXJJHOJXWZLH5DXVFKJLIWGDULQWUDQVSRUWLHUWZRU GHQZDU ª,KUKDEWPHLQ(LQYHUVWlQGQLV©IXKUHUIRUWª,FKYHU ODQJHGD]XQLFKWPDOGHQGDIUXQDEGLQJEDUYRUJH VFKULHEHQHQ'XUFKVXFKXQJVEHIHKO%ULQJHQZLUHVKLQ WHUXQVLFKELQPGHXQGP|FKWHHLJHQWOLFKQXUQRFK LQV%HWW0RPHQW© 'UDJRVFKOXJVLFKPLWGHUIODFKHQ+DQGJHJHQGLH 6WLUQª$EHUMD©ULHIHUXQGNRQQWHHLQ*ULQVHQQLFKW XQWHUGUFNHQª,KUVHLGEHUHLWVGDEHL© 6XWKUDVVWDUUHV*HVLFKWVDJWHLKPGDHUUHFKWKDWWH 7KDNODLP+LQWHUJUXQGGHV%URVKVWHOWHOHLFKW .HWWVDKVHLQHQ3ROL]HLFKHIVFKDUIDQ6HLQIUHXQGOL FKHVJODWWHV/lFKHOQYHUKLHQLFKWV*XWHVª7ULIIWGDV ]X"© 6XWKUDZDQGVLFKVLFKWOLFKª:LUEUDXFKHQXQVQLFKWDQ GDVEOLFKH3URFHGHUH]XKDOWHQ'LUHNWRU©JUXQ]WHHU ª%HLHLQHPVRVFKZHUZLHJHQGHQ9HUGDFKWVLQGZLU DXWRULVLHUW© ª3DSSHUODSDSS©ZLVFKWH.HWW6XWKUDV(LQZDQGKLQ ZHJXQGZXUGH9LMXLPPHUV\PSDWKLVFKHUª,FKZQ
VFKHGD0LVWHU'UDJRQLFKWOlQJHUEHOlVWLJWZLUG© ª$EHUYHUGDPPWQRFKPDO'LH'XUFK©6XWKUDYHU VWXPPWHDOVHUHUNDQQWHLQZHOFKHU/DJHHUVLFK EHIDQG2KQH5FNHQGHFNXQJVR]XVDJHQ ª,FKVDJWHODHV©+LQWHU-HGLD.HWWVQHWWHU)DVVDGH HUKREVLFKXQEHXJVDPH$XWRULWlW'DQQVDJWHHU]X 'UDJRJHZDQGW ª0HLQ&KLHILVWPLWXQWHUHLQZHQLJ LPSXOVLYXQGVFKLHWJHUQHEHUGDV=LHOKLQDXV0DQ ZLUGGLFKQLFKWOlQJHUEHOlVWLJHQ©(UYHUVFKZDQGGHQ 'XIWHLQHVWHXUHQ5DVLHUZDVVHUV]XUFNODVVHQG 1DFKGHPHUGDV%URYHUODVVHQKDWWHEDW6XWKUD 'UDJRZLHGHU3ODW]]XQHKPHQ 6HXI]HQGOLHVLFK9LMXDXIGHQXQEHTXHPHQ6WXKOIDO OHQª,FKZHLQLFKWZDV© (LQHVGHU7HUPLQDOVDXI6XWKUDV7LVFKEHJDQQ]X]LU SHQª&KLHI©NDPHLQHGUlQJHQGH6WLPPHDXVGHP $NXVWLNIHOGªGLH© ª6HNXQGH©VDJWH6XWKUDVFKDUIXQGGHVDNWLYLHUWHGDV 6WLPP0RGXO 'LH6\QWURQLNVFKDOWHWHXQYHU]JOLFKLQGHQ 7H[WPRGXVXQGGHU&KLHIODVPLWJHUXQ]HOWHU6WLUQ ZDVLKPGHU7HLOQHKPHUDPDQGHUHQ(QGHPLWWHLOWH $EHUHVPXWHQLFKWV(UIUHXOLFKHVVHLQ6XWKUDV0LHQH YHUILQVWHUWHVLFK]XVHKHQGV6FKOLHOLFKVFKDOWHWHDE XQGZDQGWHVLFKDQ'UDJR(UVDKLKQODQJHIURVWLJDQ ª)UVHUVWHVLHKWHVDXVDOVKlWWHVWGXGLH:DKUKHLW JHVDJW© ª6DJ LFKGRFK0HLQH5HGH© ª$EHUWlXVFKHGLFKQLFKW,FKZHUGHGLUDXIGHQ)HUVHQ EOHLEHQ:HQQLFKGLUHLQHQ5DWJHEHQGDUIVRZUGH LFKDQGHLQHU6WHOOHNHLQHQ9HUVXFKPDFKHQ3RUW:HOOV LQQHUKDOEGHUQlFKVWHQ7DJH]XYHUODVVHQ© ª'DVKDWWHLFKDOOHUGLQJVYRU©YHUVHW]WH'UDJRª,FK PXKLQDXVDXIGLH%DUULHUXPEHLGHQ3ODQHWHQ IRUPLQJ7HDPVQDFKGHP5HFKWHQ]XVHKHQXQG ZHUGHGHVKDOEGLH1lFKWHLQPHLQHP-DJGKDXVYHU
EULQJHQ/HLGHUOLHJWGDVQXQPDODXHUKDOEGHU6WDGW© 6XWKUDIOXFKWHXQG7KDNODJHVWDWWHWHVLFKHLQOHLFKWHV *ULQVHQ'HU&KLHIVWDQGDXIJLQJKLQEHU]XGHUKROR JUDILVFKHQLQ*UDGQHW]HDXIJHJOLHGHUWHQ/DQGNDUWH XQGVWXGLHUWHGDV*HELHWGHU'HVHUW%DUULHU 1DFKHLQHU:HLOHVDJWHHU ª.RPPMDQLFKWDXIGHQ *HGDQNHQGXZlUVWVFKRQDXVDOOHPKHUDXV© (UGUHKWHVLFKPLWHLQHUKHIWLJHQ%HZHJXQJXPOHKQ WHVLFKJHJHQGLH.DUWHXQGIJWHZLOGKLQ]X ª:RUDXI ZDUWHVWGXQRFK"9HUVFKZLQGHHQGOLFK,FKP|FKWH GHLQ*HVLFKWQLFKWPHKUVHKHQ© 0LWHLQHP7D[LJOHLWHUNHKUWH'UDJR]XP+RWHO]XUFN 2EZRKOGLH)DKUWQLFKWODQJHGDXHUWHERWVLHDXVUHL FKHQG*HOHJHQKHLWGLH(UHLJQLVVH]XEHUGHQNHQ(U ZXUGHYRQLUJHQGMHPDQG0l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lIWLJWXQGUHJLVWULHUWHQLFKWVRIRUW GHQH[RWLVFKHQ'XIWGHQVHLQH1DVHZDKUQDKP$OVHU HVWDWZDUHUVFKRQLP=LPPHU
+LQWHULKPVFKDEWH6WRIIDQ6WRIIHWZDV+DUWHVERKUWH VLFKLQVHLQHQ5FNHQXQGHLQHOHLVH]LWWULJH6WLPPH VDJWH ª.HLQH%HZHJXQJ/DGHLQH+lQGHZRVLH VLQG© 'UDJRIROJWHJULQVHQGGHP%HIHKOª*LEDFKWGDVLH QLFKWYHUVHKHQWOLFKORVJHKW©VDJWHHU +LQWHULKPHUIROJWHHLQHUVWLFNWHU$XIVFKUHL/LFKW IODPPWHDXI8QGDOVHUVLFKXPGUHKWHVWU]WHVLFK &\ULOLQVHLQH$UPH/HLVHVFKOXFK]HQGNODPPHUWHVLH VLFKDQLKQ6HNXQGHQODQJEOLHEHQVLHVRVWHKHQGDQQ VFKREHUVLHHLQZHQLJ]XUFN VLHZDUWRWHQEOHLFK XQWHUDOOLKUHU%UlXQHGLH$XJHQDXIJHULVVHQKHNWL VFKHURWH)OHFNHQ]HLJWHQVLFKDXILKUHP*HVLFKW ª0HLQ*RWWLFK©VWDPPHOWHVLHª,FKELQIURK GDGXHVELVW©'LHª:DIIH©LQLKUHU+DQGILHODFKWORV ]X%RGHQHLQH+DDUEUVWHDXVLKUHU+DQGWDVFKH6LH EOLFNWHXQUXKLJXPKHU HVZDUQLFKW]XEHUVHKHQGD VLHNUDQNYRU$QJVWZDU (UNWHVLHDXIGLH1DVHXQGEXJVLHUWHVLH]XHLQHP 6HVVHO$XVGHU%DUKROWHHULKUHWZDV]XWULQNHQ ª:DVLVWJHVFKHKHQ"©IUDJWHHUZlKUHQGVHLQH$XJHQ GHQ5DXPLQVSL]LHUWHQ 6HLQ=LPPHUZDUGXUFKVXFKWZRUGHQYHUPXWOLFK &\ULOV=LPPHUHEHQVR&ROP6XWKUDKDWWHNHLQH=HLW YHUORUHQZLHHVVFKLHQ2GHUZDUHVMHPDQGDQGHUV" ª,FKZHLQLFKW©6LHYHUORUIDVWGDV*ODVDXVGHQ +lQGHQª,FKZDUHLQNDXIHQXQGKDEHPLFKZRKOHLQ ZHQLJYHU]HWWHOW$OVLFKLP+RWHODQNDPVDJWHPLUGHU 3RUWLHUGDGXZHJJHJDQJHQVHLVW'LH7UHQ]XGHL QHPXQGPHLQHP$SDUWPHQWVWDQGHQOHLFKWRIIHQ =XHUVWWUDXWHLFKPLFKQLFKWDEHUGDQQJLQJLFKGRFK KLQHLQ(VZDUDOOHVGXUFKVXFKWZRUGHQ9RQZHP 9LMX":DUXP"© :DUXPZRKOGDFKWHHUXQGKDWWHGDVGXPSIH *HIKODOV%DXHUQRSIHULQHLQHP6FKDFKVSLHO]XGLH QHQ
/DXWVDJWHHU ª,FKZHLHVQLFKWPHLQDUPHU/LHEOLQJ $EHUKLHUVFKHLQWPDQXQVQLFKW]XP|JHQ+|FKVWH =HLWGDZLUYHUVFKZLQGHQ© ª'XPHLQVW"© ª-DZLUIOLHJHQQDFK'UDJR:HOOVXQGEOHLEHQHLQH :HLOHGRUW© ª'XKDVW$QJVWGDHVKLHUbUJHUJHEHQN|QQWH"© ª:HQQ=DQRXQVILQGHWKlWWHLFKJHUQHLQELFKHQ IUHLH)OlFKH]XP6FKLHHQ© ª'XZLOOVWLKQHUVFKLHHQ"© ª'HU*HGDQNHLVWPLUJHNRPPHQ©JDEHU]X =XVHLQHUhEHUUDVFKXQJNWHVLHLKQKHIWLJXQGYHU ODQJHQGDXIGHQ0XQGª9RUVLFKW©VDJWHHUªZHQQGX QLFKWZLOOVWGDZLUGDV=LPPHULQ%UDQGVHW]HQ© 6LHNRQQWHVFKRQZLHGHUOlFKHOQª%HLGLUIKOHLFK PLFKVLFKHU9LMX© ª'DQQQLFKWVZLHZHJ©'DHUQLFKWV]XSDFNHQKDWWH JLQJHUPLW&\ULOKLQEHULQLKU=LPPHUZRVLHLKUH QHXJHNDXIWHQ6DFKHQ]XVDPPHQVXFKWHXQGLQHLQHU JURHQ7DVFKHXQWHUEUDFKWHGLHQRFKGDV3UHLVHWLNHWW WUXJ2EZRKOHUHVDXIGHQHUVWHQIOFKWLJHQ%OLFN QLFKWEHXUWHLOHQNRQQWH]ZHLIHOWHHUQLFKWGDUDQGD LKU$SDUWPHQWDXFKGXUFKVXFKWZRUGHQZDU 'UDJRJDEGLH6FKOVVHOEHLP1DFKWSRUWLHUDEXQGEDW GDUXPGLHEHLGHQ$SDUWPHQWVZlKUHQGLKUHUYRUEHU JHKHQGHQ$EZHVHQKHLWIUHL]XKDOWHQ 'HU*DUDJHQURERWKDWWHGHQ6FKZHEHUVFKRQYRUGHP (LQJDQJVEHUHLFKJHSDUNW'UDJRZDUI&\ULOV7DVFKH DXIGHQ5FNVLW]XQGKDOILKULQGLH3ROVWHU'DQQIXKU HUVFKQHOOXQGNRQ]HQWULHUWGXUFKGHQDEIODXHQGHQ 9HUNHKU]XP5DXPKDIHQ 6LHNDPHQXQEHKHOOLJWDQ'HU*OHLWHUVWDQGYRUGHP 5HSDUDWXUKDQJDU HLQQHXHV&DUJR0RGXOZDUDQJH IODQVFKW'UDJRJDEGHPGLHQVWWXHQGHQ'LVSDWFKHU]X YHUVWHKHQGDHUGDV.RQWRGHU'UDJR,PPRELOLHQ GDPLW]XEHODVWHQKDWWH )R['DURRPZUGHGDUEHU
VLFKHUZLHGHUVHLQHPDQLNUWHQ$XJHQEUDXHQUXQ]HOQ 6ROOWHHU 6LHVWDUWHWHQIQI0LQXWHQVSlWHU,QDXVUHLFKHQGHU +|KHJDEHUGHP%RUGV\QWURQGLH.RRUGLQDWHQYRQ 'UDJR:HOOVHLQXQGEHUOLHHVGHU$XWRPDWLNGHQ *OHLWHUDQV=LHO]XEULQJHQ *HJHQ0LWWHUQDFKWSODQHWDUHU=HLWNDPHQVLHDQ,P /LFKWGHUGUHL0RQGHSDUNWH'UDJRGHQ&DUJR*OHLWHU YRUGHP+DQJDUXQGKDOI&\ULODXVGHP3ODW]GHV .RSLORWHQ ª6\QWURQ/LFKW©VDJWHHUDOVVLHGLHZHQLJHQ6WXIHQ ]XP(LQJDQJKLQDXIJLQJHQ(UIKUWH&\ULONXU] GXUFKV+DXV$OOHVZDUVDXEHUDXIJHUlXPWGLH5lXPH ZDUHQNOLPDWLVLHUWGLH/HEHQVPLWWHOYRUUlWHDXIJHIOOW 0DQNRQQWHKLHUOHLFKWHLQSDDUDQJHQHKPH:RFKHQ ]XEULQJHQRKQHMHHLQHQ)XYRUGDV+DXVVHW]HQ]X PVVHQ $OVHULKUGLH6FKODI]LPPHU]HLJWHKDWWHHUGLH9LVLRQ HLQHUXQJHVW|UWHQ1DFKWPLWLKU 9RULKUHU7UEOLHEVLHVWHKHQ6LHVDKEOHLFKXQGPGH DXVDOVVLHVDJWHª(QWVFKXOGLJH/LHEOLQJ,FKELQY|O OLJIHUWLJ,FKPXGXVFKHQXQGGDQQLQV%HWW© ª.HLQ1DFKWHVVHQ"©'UDJRZDUVHOEVWLQNHLQHUEHVVH UHQ9HUIDVVXQJDEHUHUZXWHGDHUYHUPXWOLFKQLFKW JOHLFKHLQVFKODIHQNRQQWH ª1HLQ:LUVHKHQXQVPRUJHQ©6LHJDELKPHLQHQ.X XQGOLHLKQLP*DQJVWHKHQ .DSLWHO $PQlFKVWHQ7DJVFKOLHIHQVLHODQJHXQGIORJHQDP 1DFKPLWWDJKLQDXVLQGLH'HVHUW%DUULHUZRVLHGHQ 5HVWGHV7DJHVEHLGHQ3ODQHWHQIRUPLQJ7HDPV ]XEUDFKWHQ$PGDUDXIIROJHQGHQ7DJ]RJHQVLFKGLFK WH:RONHQEHUGHU'HVHUW%DUULHU]XVDPPHQ 6LHYHUEUDFKWHQPHKUDOVGUHL6WXQGHQEHLHLQHUPK VDPHQXQGIUXVWULHUHQGHQ6XFKHQDFKGHPYHUORUHQJH
JDQJHQHQ*HSlFNEHLGHU&\ULOYRQHLQHPIDVW PDQLVFK]XQHQQHQGHQ(LIHUEHVHVVHQGLH $XIVFKODJVWHOOH6WHLQIU6WHLQXPGUHKWHXQGMHGH 6SDOWHLQVSL]LHUWHGLHJURJHQXJZDUIUHLQHQ *HJHQVWDQGYRQGHU*U|HLKUHV.RVPHWLNNRIIHUV$OV VLH$QVWDOWHQPDFKWHWURW]HLQHVKHUDXI]LHKHQGHQ 6DQGVWXUPVZHLWHUVXFKHQ]XZROOHQZHLJHUWHVLFK 'UDJR(UPXWHJUREZHUGHQXPVLH]XP$EEUHFKHQ ]XEHU]HXJHQ 6FKZHLJHQGIORJHQVLH]XUFN]ZLVFKHQVLFKHLQHIUR VWLJH%DUULHUHGLHNHLQHUEHUZLQGHQZROOWH (UKDOI&\ULODXVGHP6LW]GHV.RSLORWHQXQGEXJVLHU WHGHQ*OHLWHUGDQQLQGDV1HEHQJHElXGH $OVHUVDJWH ª/DXQVGXVFKHQXP]LHKHQXQGGDQDFK HWZDVHVVHQ©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lXEXQJVPLWWHOJHIOOWZDUHQ6LH ZDUHEHQVRLQGHU/DJH([SORVLYQDGHOQ]X YHUVFKLHHQ'DV0DJD]LQLP*ULIIIDWHKXQGHUWGLH
VHU1DGHOQ'LH)OXJJHVFKZLQGLJNHLWGHU3URMHNWLOH ZDUUHJXOLHUEDUXQGVFKZDQNWH]ZLVFKHQIQIXQGYLHU ]LJELV]XIQIXQGVHFK]LJ0HWHUQSUR6HNXQGH'UDJR VWHFNWHGLH:DIIHLQGDVH[WUDJHIHUWLJWH+IWNRSSHO QHEVWHLQSDDU=XVDW]PDJD]LQHQXQGEHIHVWLJWHHVLQ GHQ+DOWHUXQJHQGHV*UWHOV $XIGHQ5LQJILQJHUGHUUHFKWHQ+DQGVFKREHUVLFK HLQHQEUHLWHQGLFNHQ5LQJPLW]LVHOLHUWHU2EHUIOlFKH (UJHK|UWH]XU6WDQGDUGDXVUVWXQJYRQ+DQVH 6SH]LDOLVWHQXQG/)7$JHQWHQ=XP6FKOXVFKOSIWH HULQHLQHOHLFKWH6SRUWMDFNHPLW6FKXOWHUXQG (OOERJHQYHUVWlUNXQJHQDXVGQQHPIDUELJHP/HGHU ,P:RKQ]LPPHUZDUWHWHHUGDQQDXI&\ULO6LHNDP NHLQHIQI0LQXWHQVSlWHUIULVFKXQGURVLJLQHLQH OHLFKWHQZHLHQ2YHUDOOJHKOOWXQGPDFKWHQRFK LPPHUNHLQH$QVWDOWHQHWZDV]XVDJHQ 'UDJROLHVLHLQ5XKHXQGSURJUDPPLHUWHGHQ 1DKUXQJVDXIEHUHLWHUPLWHLQHPNOHLQHQ0DKOQDFK$UW GHV+DXVHV6LHVDHQLPOX[XUL|VHLQJHULFKWHWHQ :RKQUDXPYRUGHU3DQRUDPDVFKHLEHGLHHLQHQZHLWHQ %OLFNLQGLH/DQGVFKDIWJHVWDWWHWH LQ5LFKWXQJ3RUW :HOOVVWLHHLQVWDUWHQGHV5DXPVFKLIIGXUFKGLH :RONHQGHFNHXQGDXIGHQ+RFKSODWHDXVURWWHWHQVLFK GLH%HUJZ|OIHIUGLHDEHQGOLFKH-DJG]XVDPPHQ,KU *HKHXOZDUVHLWHLQLJHU=HLW]XYHUQHKPHQ 1DFKGHP(VVHQEUDFKVLHHQGOLFKLKU6FKZHLJHQ ª6LFKHUKlOWVWGXPLFKIUNLQGLVFK9LMX©VDJWHVLH (UQLFNWHª,FKEUDXFKHHLQSDDU$QWZRUWHQ=XP %HLVSLHOZHVKDOEGXVRYHU]ZHLIHOWQDFKGHLQHP .RIIHUVXFKVW6LFKHUQLFKWZHJHQHLQSDDU$QGHQNHQ GLHGXGDULQDXIEHZDKUVW© ª9HUWUDXVWGXPLU"© ª1LFKWLQGHP0DHXPRKQH$QWZRUWDXV]XNRP PHQ© 6LHEHUOHJWHHLQHQ0RPHQW]XODQJHª,FKNDQQHVGLU QLFKWVDJHQ7XWPLUOHLG©
'UDJRVFKWWHOWHGHQ.RSIª1HLQHVWXWGLUQLFKWOHLG 'XYHUWUDXVWPLUQLFKW6DJVWGXPLUZDVLQGHP .RIIHUZDU"© ª,FKNDQQQLFKW9LMXZDKUKDIWLJQLFKW(VVLQG KlOLFKH'LQJH'LQJHGLHGXQLFKWZLVVHQXQGLQGLH GXQLFKWYHUZLFNHOWVHLQVROOWHVW© (UEHREDFKWHWHVLHDOVHUVDJWH ª,FKELQYLHOOHLFKW VFKRQGDULQYHUZLFNHOW'DQNGHLQHU+LOIH© 6LHVDKLKQHUVFKURFNHQDQ ª0DQKDWPLUEHUHLWVZHJHQGLHVHU/DQGXQJGRUW GUDXHQHLQH0HQJHSHLQOLFKHU)UDJHQJHVWHOOW+DVW GXGDVQLFKWJHZXW"©IUDJWHHUHLQGULQJOLFK ª1HLQ© 'UDJRVDKGDVLHORJª8QG]ZDUZlKUHQGGX .OHLGHUNDXIHQJHJDQJHQELVW:DUVWGXQXUHLQNDX IHQ"© ,KUH0LHQHZXUGHQRFKYHUVFKORVVHQHU ª%LWWHIUDJPLFKQLFKW© ª'DVYHUVWHKHLFKQLFKW:DVYHUKHLPOLFKVWGXPLU" +DVWGXHWZDVDQJHVWHOOW":LUVWYLHOOHLFKWGXJHVXFKW"© ª(VJLEW6FKOLPPHUHVDOVJHVXFKW]XZHUGHQ9LMX YLHO6FKOLPPHUHV©VLHYHUVWXPPWHPLWIODWWHUQGHQ /LGHUQ ª5HGGDUEHU©GUlQJWHHU ª'DVNDQQLFKQLFKW©6LHEOLHEVWDUUVLQQLJZDVVHLQHQ bUJHUQXUYHUJU|HUWH ª'DVLVWEO|GH©VDJWHHUª$XHUZHQQGXYRUMHPDQ GHPHLQHVROFKH$QJVWKDVWGDGXXPGHLQ/HEHQ IUFKWHQPXW'DQQPDFKWHV6LQQ© ª'XPDFKVWPLUDQJVW9LMX:HVKDOEUHLWHVWGXVRGDU DXIKHUXP"© ª9LHOOHLFKWODVVHLFKPLFKQLFKWJHUQ]XP1DUUHQKDOWHQ© ª:HLOGXJHUDGHGDYRQVSULFKVW©6LHUXQ]HOWHGLH 6WLUQª0LULVWJHUDGHGHU*HGDQNHJHNRPPHQGDGX GHQ*OHLWHUDEVLFKWOLFKLQGLHVH1RWIDOOVLWXDWLRQ JHEUDFKWKDEHQN|QQWHVW$EHUMDVRPXHVJHZHVHQ
VHLQ©bUJHUOLFKH9HUZXQGHUXQJZDULQLKUHU6WLPPH DOVVLHKLQ]XIJWH ª1XUGDQQHUJLEWDOOHVHLQHQ6LQQ© ª:HVKDOEVROOWHLFKVRHWZDVWXQ"© 6LHVDKLKQPLWHLQHPXQGHILQLHUEDUHQ%OLFNDQª-D ZHVKDOE"© ª9LHOOHLFKWZHLOHWZDVDQ%RUGZDUGDVHLJHQWOLFK QLFKWGRUWKLQJHK|UWH© 6LHIXKUKRFKª'XZHLWHV"© ª'DVKHUDXV]XILQGHQZDUHLJHQWOLFKQLFKWVFKZHU© ª$EHUZDUXPGDQQGLHVH6KRZ"© ª,FKPDJNHLQHQ'UHFN©HUZLGHUWHHUª1LFKWGLHVHQ 'UHFNMHGHQIDOOV2GHU/HXWHGLHYRQVHLQHP9HUNDXI SURILWLHUHQ© ,KUH/LSSHQZXUGHQYHUNQLIIHQª:HQQLFKHVQLFKWWXH WXWHVMHPDQGDQGHUV© 'DVHULQQHUWH'UDJRZLHGHUPLW1DFKGUXFNGDUDQZDV VLHZDUXQGZHVKDOEHUGLHVHQ$XIWUDJEHUQRPPHQ KDWWH6HLQH6WLPPHNODQJNKODOVHUVDJWH ª'LHV VWHOOWGLFKDXIHLQH6WXIHPLW.ULPLQHOOHQGHUEHOVWHQ 6RUWH© 6LH]XFNWHYRUGHU+lUWHLQVHLQHQ:RUWHQ]XVDPPHQ ª:LOOVWGXPLFKLQV*HIlQJQLVEULQJHQ",VWHVGDVZDV GXZLOOVW"© ª9HUGLHQWKlWWHVWGX VRGHU"1XU]XGHLQHP%HVWHQ YHUVWHKWVLFK(LQSDDU-lKUFKHQLQHLQHUXQZLUWOLFKHQ 6WUDINRORQLHYROOEULQJHQPDQFKPDO:XQGHU© 6LHEHXJWHVLFKYRUª$EHUZDVJHKWGLFKGDVDQ"©8QG GDQQZHLWHWHQVLFKLKUH$XJHQLQSO|W]OLFKHP 9HUVWHKHQª$EHUMDGXKDVWGDV*DQ]H]XGHLQHU $QJHOHJHQKHLWJHPDFKW'XKDVWPLFKEHORJHQUHLQJH OHJWKLQWHUJDQJHQ9HUPXWOLFKVFKRQDXI3RQWLFKRVDOV ZLUXQVEHJHJQHWHQ© ª,FKGHQNHHKHUGXELVWGLHMHQLJHGLHJHORJHQKDW,FK ZDUGRFKQXU0LWWHO]XP=ZHFN©VDJWHHUNDOW (UZDUVLFKJOHLFK]HLWLJEHZXWGDZRKOMHW]WHUGHU
/JQHUZDU$EHUGHU=ZHFNKHLOLJWHMDEHNDQQWOLFKGLH 0LWWHO:RKDWWHHUGDVQXUJHOHVHQ" 6LHVHQNWHGHQ%OLFNZRKOZLVVHQGGDHUDXI7HUUDQLD &LW\DQVSLHOWHª,FKNDQQGDVDOOHVHUNOlUHQ© ª0LUPXWGXQLFKWVHUNOlUHQ$EHUYLHOOHLFKW=DQR(U WXWPLUOHLG©(VZDUJHPHLQDEHUQRWZHQGLJ 6LH]XFNWH]XVDPPHQGDQQOLHIVLHURWDQLKUH$XJHQ EOLW]WHQ +LPPHOGDFKWH'UDJRLVWVLHVFK|Q6LHKlWWHLKQ DPOLHEVWHQJHRKUIHLJW ª(UZLUGQLFKWVDXIGHLQH*HIKOHJHEHQ:HQQGX GLFKQLFKWYRUVLHKVWZLUGHUGLFKXPEULQJHQ+HXWH PRUJHQRGHULUJHQGZDQQ© ª:HQQHUGDVWXWZLUVWGXQLHHUIDKUHQZRLFKGHLQ +\EYHUVWHFNWKDEH© (VZDUVWLOOLP5DXPHLQHJDQ]H:HLOH 6FKOLHOLFKVWDQG&\ULODXI LKU3DUIPZHFNWHVHOWVD PHUZHLVH'UDJRV9HUODQJHQQDFKLKUª(VLVWJDUQLFKW YHUVFKZXQGHQ"©+HNWLVFKHURWH)OHFNHQ]HLJWHQVLFK DXILKUHQ:DQJHQ QHXH+RIIQXQJNHLPWHLQLKUDXI OLHLKUHQ$WHPVFKQHOOHUJHKHQ ª1HLQ©VDJWHHUªXQGGXVROOWHVWPLUGDIUGDQNEDU VHLQ6RNDQQLFKGLUYLHOOHLFKWGHLQ/HEHQUHWWHQ© 6LHODFKWHVFKQHLGHQGª'X1DUU'XKDVWGLFKVRHEHQ VHOEVWXPJHEUDFKWPLWGHPZDVGXJHWDQKDVW© ª+|UDXIGLFKVRK\VWHULVFK]XEHQHKPHQ'XEHU VFKlW]WGHLQHQ%R© ª'X1DUU©ZLHGHUKROWHVLHPLWXQJHZ|KQOLFKHU 6FKlUIHXQG%LWWHUNHLWLQGHU6WLPPHª'XKDVWMDNHLQH $KQXQJ1LFKWGHQNOHLQVWHQ6FKLPPHU'XELVWMHW]W VFKRQHLQWRWHU0DQQ(VVHLGHQQ© ª-D"© ª:LUJHEHQGDV+\EURGLHP]XUFN© ª:HQQGXGDVJODXEVWELVWGXGPPHUDOVLFKJHGDFKW KDEH©YHUVHW]WHHULQlW]HQGHP7RQIDOOª1XUZHLOLFK ZHLZRHVLVWVLQGZLUQRFKDP/HEHQ$XHUGHP
ZDVZLUGGDQQPLWGHLQHP.XULHUORKQ"© ª'XNDQQVWPLFKQLFKWEHOHLGLJHQ9LMX(VJHKWPLU QLFKWXPV*HOGVRQGHUQXPGHLQXQGPHLQ/HEHQ© 6LHNDPDXILKQ]XOHKQWHVLFKDQLKQXQGLKUYHUIK UHULVFKHU0XQGPXUPHOWHQXUZHQLJH0LOOLPHWHUYRQ VHLQHQ/LSSHQHQWIHUQW ª:RLVWHV9LMX"© (UQHXWEHUNDPLKQGDV9HUODQJHQQDFKLKUDOVHULKUHQ IHVWHQ.|USHUVSUWH'DQQHULQQHUWHHUVLFKGDUDQGD HULKUQLFKWPHKUWUDXHQNRQQWH(UVFKREVLH]XUFN 6LHZLUNWHQLHGHUJHVFKODJHQª%HGHXWHLFKGLUGHQQJDU QLFKWV"© ªhEHUKDXSWQLFKWV©'UDJRV6WLPPHZDUHLVLJZLHHLQH .lOWHVFKODINDPPHU 6LHZDUWUDXULJª:RUDXIZDUWHQZLU"© ª'DUDXIGDGXMHW]WGHLQHQXQEHNDQQWHQ%RDQUXIVW XQGLKPVDJVWGDLFKPLWLKPUHGHQZLOO,FKDOOHLQ $QVRQVWHQNDQQHUGDV+\EURGLHPYHUJHVVHQ© ,KU.RSIIXKUKRFKª'XZLOOVWGDV*HVFKlIWDOOHLQH PDFKHQ":DUGDVGHU*UXQGZHVKDOEGXGLFKDQPLFK KHUDQJHPDFKWKDVW"© (U]XFNWHQLFKWVVDJHQGPLWGHQ6FKXOWHUQ ª6FKXIW©VFKULHVLHSO|W]OLFK6LHZDUHQWWlXVFKWXQG PXWORVª0DQZLUGXQVEHLGHXPEULQJHQ=XHUVWPLFK GDQQGLFK© ª4XDWVFKQLFKW5XIDQ©VDJWHHUEDUVFK 6LHVDKLKQODQJHPLWNDOWHQXQGIHLQGVHOLJHQ$XJHQ DQ'DQQIUDJWHVLH ª:R"© 'UDJRGHXWHWHDXIGLH7ULPKLQWHUHQ7HLOGHV :RKQ]LPPHUVZRVLFKHLQHOHLVWXQJVIlKLJH 9LGHRSKRQ$QODJHEHIDQGPLWGHUPDQEHUV\QWURQL VFKH9HUQHW]XQJHQUXQGXPGHQ3ODQHWHQ9HUELQGXQ JHQKHUVWHOOHQNRQQWH (VZDUVFKZLHULJHWZDVYRQGHP]XYHUVWHKHQZDVVLH VDJWHDEHUHUK|UWHGRFKGDVLHHLQ*HVSUlFKQDFK 3RUW:HOOVDXIULHI'DQQPXUPHOWHVLHOHLVHLQGDV
0LNURSKRQIHOG'UDJRPDFKWHVLFKQLFKWGLH0KH]X ODXVFKHQ(UZUGHEDOGZLVVHQPLWZHPVLHLQ .RQWDNWWUDW $OV&\ULO]XUFNNDPVDJWHVLHWRQORV ª'XVROOVWZDU WHQ0DQZLUGGLFKDEKROHQ© ª:HU&\ULO"©VDJWHHUGUlQJHQGª:HU":LOOVWGXPLU QLFKWHQGOLFKVDJHQZHUKLHUDQGHQ'UlKWHQ]LHKW"© 6LHVFKWWHOWHEORGHQ.RSIª'XILQGHVWHVVFKRQ QRFKIUKJHQXJKHUDXV©6LHVHW]WHVLFKLQHLQH(FNH GHUJURHQ&RXFKXQGYHUEDUJVLFKLQLKUHUHLJHQHQ YHU]ZHLIHOWHQ:HOW 'UDJRYHUOLHVLHQDFKHWZDIQI0LQXWHQXQGVXFKWH HLQHQ5DXPLP2EHUJHVFKRDXIGHQHUEHLVHLQHQ UDUHQ$XIHQWKDOWHQDXI$UJKLURDOV%URQXW]WH YRQ KLHUDXVNRQQWHHUDEK|UVLFKHUPLW7HUUDNRPPXQL]LH UHQPLW6WLIWHUPDQQRGHU2O\PS(UVHW]WHVLFKYRUGLH &RPSXWHUNRQVROHWDVWHWHGLH6HQVRUIHOGHUDXIª(LQ© XQGWLSSWHHLQHQJDQ]EHVWLPPWHQ5XINRGHhEHUGLH 6WDWXV]HLOHDPXQWHUHQ%LOGVFKLUPUDQGIOLUUWHQQDFK HLQDQGHUGLH%HVWlWLJXQJHQGHU5HODLVVWDWLRQHQ'DQQ HUVFKLHQHLQVHOWVDPHV6FKDFKEUHWWPXVWHUEODXDXIVLO EHUQHP*UXQGGDV6LJQXPGHU/)7'HSHQGDQFHDXI 7DU[LLV(LQNXU]HVKDUWHV3IHLIHQHUW|QWH(VZLHGHU KROWHVLFK 1DFKGHPGULWWHQ7RQVDJWH'UDJRPLWVRUJIlOWLJHU $UWLNXODWLRQ ª.RGH5RW3ULRULWlWVFKDOWXQJIU &.RGH5RW© (UPXWHIQI6HNXQGHQZDUWHQ'DQQ]HLJWHGHU %LOGVFKLUPGDV*HVLFKWHLQHVlOWHUHQ0DQQHVPLWGHQ ,QVLJQLHQHLQHV.RPPDQGR6HUJHDQWVGHU/)7DXIGHQ bUPHOQVHLQHU8QLIRUPGHULKQVWXPPDQVDK 'UDJREHUKUWHHLQHEHVWLPPWH6WHOOHDQVHLQHP 'UDFKHQULQJ(LQZLQ]LJHV+RORHQWVWDQGEHUVHLQHP +DQGUFNHQ(V]HLJWHHLQHQGUHLHFNLJHQ6FKLOGPLW GHQGUHL%XFKVWDEHQ/)7GDUXQWHUGDVVWLOLVLHUWH/RJR GHVVRODUHQ6\VWHPV(UKLHOWGLH+DQGLQGLH
$XIQDKPHRSWLN ª.RP6HUJHDQW/H[6KDUS©,QGHU6WLPPHGHVKDJH UHQ0DQQHVVFKZDQJhEHUUDVFKXQJª:DVNDQQLFKIU GLFKWXQ"© ª+LHUVSULFKW1XPPHU6WULFK&.RGHQDPH 'UDJRQ,FKEUDXFKHHWZDV+LOIH© ª+LOIHLQZHOFKHU*U|HQRUGQXQJ"© ª(LQ(LQVDW]WHDPLQYROOHU.DPSIDXVUVWXQJGUIWH ZRKOJHQJHQ© ª:RKLQ"© ª=XGHQ.RRUGLQDWHQGLHVHU6HQGHVWDWLRQ© ª.HLQ3UREOHP© ª/DVLHLQGHQ)HOVHQXPGLHVHV+DXV6WHOOXQJEH]LH KHQXQGLKUH.DQlOHRIIHQKDOWHQ:HQQLFKXP+LOIH VFKUHLHN|QQHQVLHLQ$NWLRQWUHWHQ© ª9HUVWDQGHQ1RFKZDV"© ª$EZDQQVWHKWGDV7HDP]XU9HUIJXQJ"© ª1RFKYRU'XQNHOKHLW© ª*XW©VDJWH'UDJRª(QGH© 'LH)XQNEUFNHEUDFK]XVDPPHQ(LQH0LQXWHVSlWHU VDHUZLHGHULP:RKQUDXPXQGZDUWHWHPLW&\ULODXI GDVZDVNRPPHQZUGH1DFKHLQHU:HLOHUlXVSHUWH HUVLFKª+|U]X©VDJWHHUª:HQQLFKZHJELQYHU VFKZLQGHVWGX'HU*OHLWHUVWHKWLP1HEHQJHElXGH %HLGHLQHQ7DOHQWHQZLUVWGXVLFKHUHLQHQ2UWILQGHQ ZRGXYRULKQHQVLFKHUELVWELVDOOHVYRUEHLLVW© 6LHEOLFNWHLKQODQJHVFKZHLJHQGXQGXQHQWVFKORVVHQ DQ'DQQHUORVFKGHU)XQNH+RIIQXQJLQLKUHQ$XJHQ XQGVLHVFKWWHOWHGHQ.RSIª6LHZUGHQPLFKILQGHQ 6LHILQGHQPLFKEHUDOO© ª8QVLQQ©VDJWHHUEDUVFK &\ULOSUHWHVLFKLQLKUH(FNHXQGLJQRULHUWHLKQ $FKVHO]XFNHQGZDQGWHHUVLFKDE(UKDWWHHV]XPLQ GHVWYHUVXFKW0HKUNRQQWHHUQLFKWWXQ 1DFKZHLWHUHQ]HKQ0LQXWHQK|UWHHUGUDXHQHLQHQ *OHLWHUDQNRPPHQ6LHZDUHQYHUGDPPWVFKQHOOXQG
OLHHQNHLQH=HLWYHUJHKHQ'UDJRJLQJPLW&\ULODQGLH 7UXQGVLHWUDWHQKLQDXVDXIGHQ$EVDW]GHUEUHLWHQ 7HUUDVVHQVWXIHQ&\ULODWPHWHHUVFKURFNHQHLQXQG 'UDJROlFKHOWHNDOWLQ=DQR5RFVROLYIDUEHQHV*HVLFKW (UZDUDOOHLQJHNRPPHQVWDQGVFKRQYRUGHU7U VWURW]HQGYRU.UDIWXQG6HOEVWVLFKHUKHLWXQGLQVHLQHQ JHOEHQ$XJHQJORPPHVKHLPWFNLVFK'HU*OHLWHUGHU ZHQLJH6FKULWWHKLQWHULKPDXIVHLQH3UDOOIHOGHUQODJ ZDUHLQHUYRQGHUWHXUHQVWURPOLQLHQI|UPLJHQ6RUWH GLHQDKH]X6FKDOOJHVFKZLQGLJNHLWHUUHLFKHQNRQQWH 8QGHUWUXJGHQ6FKULIW]XJGHV9HUNHKUVDPWHV ª,FKVROOHXFKEULQJHQ©VDJWH5RFPLWODXHUQGHU 6WLPPH ª)DOVFK©VDJWH'UDJRVDQIWª1XUPLFK6LHEOHLEW6R LVWGHU'HDO© =DQRV$XJHQERKUWHQHLQ/RFKGXUFK'UDJRV.RSI )UHLQHQ$XJHQEOLFNZXUGHHVVWLOO'DQQVDK5RFGLH %HUHLWVFKDIWLQ'UDJRV$XJHQXQGVFKWWHOWHJULQVHQG GHQ.RSI ª1HLQQHLQ9LMX%R\©VDJWHHUPLWIDVWKHLWHUHU *HODVVHQKHLWª'LHVLVWQLFKWGHU2UW'XPXWGLFK VFKRQQRFKHWZDVJHGXOGHQ© 'UDJRQLFNWHQDFKODVVLJª:DQQLPPHUGXZLOOVW 7URW]GHPVLHEOHLEW©VDJWHHUQRFKHLQPDOPLW 1DFKGUXFNª:LHDEJHPDFKW© ª1DJXW©JUXQ]WH=DQRGUHKWHVLFKXPXQGJLQJDXI GHQ*OHLWHU]X 'UDJRIROJWHLKPGLFKWDXIMHGH6HNXQGHLUJHQGHLQH 6FKZHLQHUHLHUZDUWHQG$OVVLHGHQ*OHLWHUIDVWHUUHLFKW KDWWHQK|UWHHUKLQWHUVLFK&\ULOV6WLPPHGLHLKP HWZDVQDFKULHI (UZDQGWHGHQ.RSIQDFKLKU(UKlWWHHVQLFKWWXQVRO OHQ5RFYHUORUNHLQH6HNXQGH'UDJRVSUWHGHQEUX WDOHQ6FKODJDXIGHQ+LQWHUNRSINDXP'RFKLPJOHL FKHQ$XJHQEOLFNZXUGHLQVHLQHP+LUQGXUFKHLQHQ 8UNQDOOGDV8QLYHUVXPQHXJHERUHQ
'HU6FKPHU]QDKPLKPGHQ$WHP(UVFKULHDXIDEHU HVQW]WHLKPQLFKWV$XVVHLQHP0XQGWURII%OXW(U KXVWHWH-HPDQG]RJLKQEHUHLQH7UHSSHXQGHUILHO ZLHGHULQ2KQPDFKW6HNXQGHQEHYRULKQGDV %HZXWVHLQYHUOLHK|UWHHUQRFKMHPDQGHQIOXFKHQ (VZDUQRFKLPPHU7DJDOVHUZLHGHU]XVLFKNDP(U YHUVXFKWHGHQ.RSI]XKHEHQ6HLQ+DOVVFKPHU]WH 6HLQH/LSSHQPXWHQDXIJHSODW]WVHLQGHQQHUVSUWH QXUHLQHGLFNHIRUPORVH0DVVH(UIKOWH]ZDUNHLQ )HVVHOIHOGNRQQWHVLFKDEHUWURW]GHPNDXPEHZHJHQ 'HU9HUVXFKGHQ.RSI]XKHEHQOLHLKQYRU6FKPHU] DXIVW|KQHQ (LQ6FKDWWHQEHXJWHVLFKEHULKQª6DFKWHVDFKWH© VDJWHHLQHUDVFKHOQGH6WLPPH HWZDV]LVFKWHDXI'HU *HUXFKHLQHV$VHSWLNXPVEUHLWHWHVLFKDXV)LQJHU EHIKOWHQ'UDJRV*HVLFKWVXQG0XQGVFKZHOOXQJHQ ª:HUKDWLKQVR]XJHULFKWHW"©IUDJWHGLH6WLPPH (UQHXWEHXJWHVLFKHLQ6FKDWWHQEHU'UDJR-HW]W NRQQWHHUHLQ*HVLFKWHUNHQQHQhEHUHLQJHIDOOHQHQ :DQJHQODJHQJODQ]ORVH$XJHQWLHILQLKUHQ+RKOHQGHU $UDZDUVHKUDOW 1LHPDQGJDEHLQH$QWZRUWGDUDXI ª,FKELQJHIDOOHQ©YHUVXFKWH'UDJRHLQHQ6FKHU]GHU NOlJOLFKPLODQJ 'LH&KHPLNDOLHGLHPDQLQVHLQHQ.UHLVODXIJHSXPSW KDWWHHQWIDOWHWHLKUH:LUNXQJ GLH6FKPHU]HQOLHHQ QDFKGDIUZXUGHLKPEHO(UVFKORGLH$XJHQ 'DQQYHUQDKPHUHLQVFKQHOOHVOHLVHV)OVWHUQXQG MHPDQGYHUOLHPLWUDVFKHQ6FKULWWHQGHQ5DXP ª'UDJR"©(LQHQHXH6WLPPH (UYHUVXFKWHVLFKDQVLH]XHULQQHUQ-DHUNDQQWHVLH 8QGGLH(UNHQQWQLVGDHUDP=LHOVHLQHU %HPKXQJHQDQJHODQJWZDUHUIOOWHLKQPLW *HQXJWXXQJXQGPLWbUJHUGDUEHUGDPDQLKPHLQ JURDUWLJHV7KHDWHUYRUJHVSLHOWKDWWH ª+DOOR'LUHNWRU©VDJWHHUODQJVDPXQG|IIQHWHGLH
$XJHQ6HLQ%OLFNNOlUWHVLFKª2GHUVROOLFK2EHU EUJHUPHLVWHUVDJHQ"© (UODJKDOELQGHQ3ROVWHUQHLQHV/HGHUVHVVHOV(LQ NKOHU/XIW]XJVWDFKEHUVHLQVFKZHLQDVVHV*HVLFKW /DQJVDPXQGYRUVLFKWLJZDQGWHHUGHQ.RSI]XU6HLWH 6HLQ%OLFNILHODXIKRKHKDOEJH|IIQHWH*ODVVLWWUHQ GLHDXIHLQHEUHLWH7HUUDVVHIKUWHQ'UDXHQEHJDQQ GHU$EHQG'DQQVFKREVLFK-HGLD.HWWV*HVLFKWLQV %OLFNIHOG ª$KGXELVWZLHGHUGD'DVIUHXWPLFK:LHIKOVWGX GLFK'UDJR"© 'UDJREUXPPWHQXU ,QGHUJODWWHQ3ROLWLNHUVWLPPHODJGLHVPDONHLQH :lUPHDOVVLHIRUWIXKU ª=DQRZDUZRKOHLQZHQLJ]X JUREPLWGLU$EHULFKNRQQWHLKPGLH%LWWHQLFKW DEVFKODJHQ'XYHUVWHKVW© ª-DMD©VDJWH'UDJRª:RLVW&\ULO"© ª'XELVWXPGLHMXQJH'DPHEHVRUJW"© ª,FKP|FKWHQXUZLVVHQZRVLHLVW© ª6LHLVWHLQHQW]FNHQGHVNOHLQHV:HVHQXQGVLHOHEW QRFK5RFNPPHUWVLFKXPVLH$XVLUJHQGHLQHP *UXQGKDWHUHLQHWLHIH$EQHLJXQJJHJHQGLFK*DQ]LP *HJHQVDW]]XVHLQHQ*HIKOHQIUGHLQH&\ULO© 'UDJRVSUWHHLQHQ6WLFKLQGHU0DJHQJHJHQG ª(VLVWZRKOHKHUVHLQH&\ULO©VDJWHHUPLWUDXKHU 6WLPPHXQGKXVWHWH (LQHNOHLQH)ODPPH]XFNWHDXI=LJDUHWWHQUDXFKVWLHJ LKPLQGLH1DVH.HWWVWHFNWHLKPHLQH=LJDUHWWH]ZL VFKHQGLHDXIJHVSUXQJHQHQ/LSSHQ ª'LHOHW]WH=LJDUHWWHIUHLQHQ]XP7RGH9HUXUWHLOWHQ"© IUDJWHHU ª8QVLQQ'XZHLWJHQDXGDZLUGLFKQRFKEUDX FKHQ© 'DVQHKPHLFKGLUDEGDFKWH'UDJRDEHUQXUELVGX GDVEHNRPPHQKDVWKLQWHUGHPGXKHUELVW /DXWVDJWHHU ª:LHVSlWLVWHV"©
ª(VLVWVLHEHQ8KUDEHQGVHLQKEVFKHU$EHQGEUL JHQV$EHUGDVGUIWHIUGLFKQXUYRQXQWHUJHRUGQHWHU %HGHXWXQJVHLQ© 'UDJREHZHJWHVLFKVHW]WHVLFKDXIUHFKWKLQ9RUVHL QHQ%OLFNHQ|IIQHWHVLFKHLQH%URVXLWH(LQ5DXPLQ GHP6WHXHUKLQWHU]LHKXQJHQJHSODQWXQGSROLWLVFKH (QWVFKHLGXQJHQJHWURIIHQZXUGHQ(LQH:DQGZDUPLW .XQVWREMHNWHQEHGHFNWGLHYHUPXWOLFKHEHQVRHLQ]LJ DUWLJZLHZHUWYROOZDUHQ KRORJUDILVFKH*HPlOGH 3ODVWLNHQPHFKDQLVFKH6SLHOHUHLHQ:DKOORVLP5DXP YHUWHLOWPHKUHUH6LW]JUXSSHQLQ/HGHUQLHGULJH7LVFKH PLW*ODVXQG6WHLQSODWWHQ,Q9LWULQHQZXFKVHQH[RWL VFKH3IODQ]HQYRQ6SRWOLJKWVHIIHNWYROOEHOHXFKWHW 'LH6XLWHZDULQPHKUHUHQ(EHQHQDQJHOHJW+LQWHU HLQHPPlFKWLJHQ3IHLOHUDXV1DWXUVWHLQHQGHUHLQHQ .DPLQGDUVWHOOWHIKUWHHLQH7UHSSHDXIHLQH$UW *DOHULHKLQDXIYRQGHUGDV*OLPPHQPHKUHUHU +RORWDQNVXQG'LVSOD\VJHJHQGLHEULJH%HOHXFKWXQJ DQNlPSIWH ª'DUILFKDXIVWHKHQ"©IUDJWH'UDJR ª$EHUMD© 1DWUOLFKIKOWHVLFK.HWWVLFKHU PDQKDWWH'UDJR ZlKUHQGVHLQHU2KQPDFKWDOOHVDEJHQRPPHQZDV DXFKQXULPHQWIHUQWHVWHQQDFKHLQHU:DIIHDXVVDK DXFKGHQ$UPEDQG.RP(UWUXJQXUQRFKVHLQH5LQJH DQGHQ)LQJHUQ:HOFKH*HIDKUVROOWHDOVRQRFKYRQ LKPDXVJHKHQ" .HWWHUKREVLFK(UJLQJKLQDXVDXIGLH7HUUDVVHXQG ZLQNWH'UDJR]XVLFKKHUDQ (UVWDOV'UDJRDXIGHQ%HLQHQZDUVDKHUKLQWHUVLFK GHQ+DXULGHUPLWHLQHPZXFKWLJHQ6WUDKOHULQGHU $UPEHXJHMHGHVHLQHU%HZHJXQJHQYHUIROJWH9RUGHU EUHLWHQ)OJHOWUGLHDXVGHU%URVXLWHKLQDXVIKUWH VWDQGHQQRFK]ZHLEHZDIIQHWH/HLEZlFKWHU ª,VWGDVQLFKWHLQELFKHQYLHO$UPHHIUHLQHQHLQ]HO QHQ0DQQ"©VDJWHHU]X.HWWDOVHUDXILKQ]XWUDWGHQ
:lFKWHUGLFKWKLQWHUVLFKVSUHQG 'HU'LUHNWRU]XFNWHPLWGHQ$FKVHOQª5HLQH 9RUVLFKWVPDQDKPH1LFKWV3HUV|QOLFKHV© 'UDJRVWHOOWHVLFKQHEHQLKQ(UURFKGLVNUHWXQGWHXHU QDFKHLQHPH[NOXVLYHQ7RLOHWWHQZDVVHU-HQVHLWVGHU %DOXVWUDGHKDWWHPDQHLQHQVFKZLQGHOHUUHJHQGHQ%OLFN EHU3RUW:HOOV7LHIXQWHULKQHQZDUHQGLH6WUDHQ YROOHUZLQ]LJHUVLFKEHZHJHQGHU)DKU]HXJH GHU/lUP GUDQJQXUXQGHXWOLFKKHUDXI ª(LQHZRKOKDEHQGHJXWIXQNWLRQLHUHQGH6WDGWLVW HWZDV:XQGHUEDUHV©VDJWHHUª,FKELQVHKUVWRO]DQ LKUHU6SLW]H]XVWHKHQ6HKUVWRO]© ª,QGHU7DWHVLVWHLQHJURH9HUDQWZRUWXQJ©VDJWH 'UDJR]ZHLGHXWLJª1XUVFKDGHGDVLHYRQMHPDQGHQ PLWVRYLHONULPLQHOOHU(QHUJLHDXVJHEWZLUG(LQHP *DXQHU%HWUJHUXQG]LJIDFKHQ0|UGHU© .HWW]HLJWHVLFKQLFKWLPPLQGHVWHQEHWURIIHQ ª'XVDJVWHV$EHUGDVVFK|QVWH 1LHPDQGZHLHV XQGQLHPDQGZLUGHVMHHUIDKUHQ© ª'DVHLGLUPDOQLFKWVRVLFKHU©'UDJRVFKQLSSWHGHQ =LJDUHWWHQUHVWEHUGLH%UVWXQJ'LH*OXW]RJHLQH VSUKHQGH6SXUXQGEOLHEGDQQPLWWHQLQGHU/XIW KlQJHQ 1DWUOLFK'DV6WRFNZHUNZDUPLWHLQHUIXQNWLRQLHUHQ GHQ5FNKDOWHYRUULFKWXQJDXVJHVWDWWHW'LH,GHH.HWW HLQIDFKYRQGHU%DOXVWUDGHLQGLH7LHIH]XVWU]HQXP VRGDV3UREOHPGLHVHU6WDGWXQGGDVYLHOHUYLHOHU 0HQVFKHQDXIDQGHUHQ:HOWHQ]XO|VHQNRQQWHHU DEVFKUHLEHQ ª7VWVWV©-HGLD.HWWVDKLKQVHXI]HQGDQXQGVFKW WHOWHWDGHOQGGHQ.RSI HUKDWWHVHKUZRKOHUNDQQWZDV LQVHLQHP*HIDQJHQHQYRUJHJDQJHQZDUª'DVIXQNWLR QLHUWVRQLFKW'XHQWWlXVFKVWPLFKHLQELFKHQ© (UJLQJ]XUFNLQGHQ5DXP'HU:lFKWHUPDFKWHHLQH %HZHJXQJPLWGHU:DIIH 'UDJRIROJWHGHUVWXPPHQ $XIIRUGHUXQJXQGWURWWHWHKLQWHU.HWWKHU
'HUGHXWHWHPLWGHU+DQGDXIHLQHQ6HVVHOª.RPP VHW]GLFK©(UVHOEVWEOLHEVWHKHQ ª-HW]W]XP*HVFKlIW©VDJWHHU=XPHUVWHQ0DO EU|FNHOWHVHLQH3ROLWLNHUIDVVDGHXQGHU]HLJWHZHUHU ZLUNOLFKZDU HLQJLHULJHU5DXVFKJLIWKlQGOHU6HLQH 6WLPPHNODQJVFKQHLGHQG ª:RLVWGDV+\EURGLHP"© ª9HUVWHFNW© .HWWV$XJHQZXUGHQKDUW'UDJRVSUWHGLHDEJUXQGDU WLJH%|VDUWLJNHLWGLHLKPHQWJHJHQVFKOXJIDVWN|USHU OLFK ª,FKEHZXQGHUHGLFK'UDJR©VDJWHHUª*OHLFK]HLWLJ KDOWHLFKGLFKIUDXVJHVSURFKHQGXPP'XKlWWHVWGLU YLHOH8QDQQHKPOLFKNHLWHQHUVSDUHQN|QQHQRGHU EH]LHKXQJVZHLVHLKU© ª:DVKHLWGDV LKU© ª:DVZRKO© ª&\ULONDQQGLUQLFKWKHOIHQ6LHZHLQLFKWZRGDV +\ELVW© ª'DUXPJHKWHVQLFKW$EHUGXWXVWPLUOHLG© ª/HLG"©IUDJWH'UDJRVWLUQUXQ]HOQGª:LHVRGDV"© ª3DDXI©.HWWPDFKWHHLQH+DQGEHZHJXQJXQGHLQ +RORIHOGEDXWHVLFK]ZLVFKHQLKQHQDXI'UDJRV%OLFNH KLQJHQDQGHP.XEXVDOVHUVLFKHUKHOOWH:HOOHQOLQLHQ IOLPPHUWHQDXIGDQQZXUGHHLQ%LOGHUNHQQEDU 'UDJRHUEOLFNWHHLQHQ$XVVFKQLWWHLQHV=LPPHUV(V HQWKLHOWNHLQH0|EHODXHUHLQHP6WXKO'DUDXIVD HLQH)UDXGHQ.RSIJHEHXJWEORQGHODQJH+DDUHKLQ JHQLKULQGLH6WLUQVRGDLKU*HVLFKWQLFKW]XVHKHQ ZDU$OVHUHWZDVVDJHQZROOWHNDP=DQR5RFLQV%LOG (UWUDWQHEHQGLH)UDXXQGEOLFNWHIUDJHQGDXI.HWWGHU LKP]XQLFNWH =DQRSDFNWHGLH)UDXDQGHQ+DDUHQXQGKREGHQ.RSI ZRGXUFKGDV*HVLFKWHUNHQQEDUZXUGH (VZDU&\ULO,KU*HVLFKWZDUYHUVFKZROOHQXQGEOXWLJ 8QGVLHVDKLKQDQ1LFKWHWZD5RFRGHUGHQ'LUHNWRU VRQGHUQLKQ9HUZLUUWXQGXQJOlXELJPLWDXIJHULVVHQHQ
$XJHQ1LFKWYHUVWHKHQGZDUXPHUHV]XOLHGDPDQ LKUGDVDQWDW 8QGZlKUHQGHUQRFK]XVFKDXWHVFKOXJ5RFLKUPLW GHP+DQGUFNHQLQV*HVLFKW'DQQEDOOWHHUGLH+DQG VHW]WHLKUGLH)DXVWVHLWOLFKDQGHQ.RSIXQGVWHOOWHVLFK GDEHLYRUVLHVRGDPDQQLFKWHUNHQQHQNRQQWHZDV HUPLWLKUWDW $EHUPDQK|UWHVLHVFKUHLHQ ª,KU6FKZHLQH©IOVWHUWH'UDJRUDXKXQGVWDUUWHGHQ 'LUHNWRUDXVEOXWXQWHUODXIHQHQ$XJHQDQ ª$EHUDEHU©WDGHOWH.HWWXQGULHEVLFKVHLQJXWUDVLHU WHV.LQQ HUVDKULFKWLJJOFNOLFKDXVª6FKDXUXKLJ KLQ(VZLUGQLFKWODQJHGDXHUQ$EHUVLHZLUGGLFK MHGH6HNXQGHLKUHVNXU]HQ/HEHQVIUGDVKDVVHQZDV GXLKUDQWXVW© :LHGHUVFKULH&\ULODXI 'UDJRV9HUVWDQGDUEHLWHWHILHEHUKDIW'LH6DFKHVFKLHQ LKPDXVGHQ+lQGHQ]XJOHLWHQ*DQ]HJDOZLHYLHO 6FKOHFKWHV&\ULOVFKRQLQLKUHP/HEHQJHWDQKDWWHHU NRQQWHQLFKW]XODVVHQGD5RFVLHXPEUDFKWH (UQHXWHLQGXUFKGULQJHQGHU6FKUHL /DQJHNRQQWHHUGDVQLFKWHUWUDJHQ(UYHUVXFKWHGLH 6FKOlJHXQGLKUDQJVWYROOHV6W|KQHQQLFKW]XK|UHQ $EHUGDVZDU:XQVFKGHQNHQ'LH6FKPHU]HQ&\ULOV ZXUGHQLKPPHKUEHZXWDOVVHLQHHLJHQHQ'DVKDWWH HUEHLVHLQHP3ODQQLFKWHLQNDONXOLHUW(UKDWWH]ZDU JHOHUQWGDPDQVLFKGXUFKGHQ7RGHLQHV.DPHUDGHQ RGHU)UHXQGHVQLFKWLUUHPDFKHQODVVHQGXUIWH$EHUHU ZDUHLQ0HQVFK(UZDUQLFKWZLH5RFRGHU.HWW(U PXWHVLHGDUDQKLQGHUQ&\ULO]XHUPRUGHQ ª$XIK|UHQ©VWLHHUKHUYRU8QGGDQQQRFKHLQPDO ª$XIK|UHQ,FKVDJHHVHXFK© ª:R"© ª$XIPHLQHP%HVLW]'UDJR:HOOV© .HWWVHXI]WH]XIULHGHQXQGOHKQWHVLFK]XUFN(UZLQN WH5RFLP+ROR]X
ª.RPPKHUEHU©VDJWHHUXQGGHVDNWLYLHUWHGDV)HOG 'DQQZDQGWHHUVLFKZLHGHUDQ'UDJRª:RJHQDX"© 'UDJRVFKWWHOWHGHQ.RSIª6ROlXIWGDVQLFKW+lOWVW GXPLFKIUEO|G"1LHPDQGNRPPWGDUDQZHQQLFK QLFKWGDEHLELQ'LH6\QWURQLNDN]HSWLHUWQXUPLFK© .HWWZDUQLFKWVRQGHUOLFKEHJHLVWHUW6HLQH6WLUQIDOWH WHVLFKQDFKGHQNOLFKPDVVLHUWHHUVHLQ.LQQ'DQQJDE HUHLQH5HLKH%HIHKOHLQHLQHQ7LVFK.RP =DQR5RFNDPKHUHLQXQGZLVFKWHVLFKGLH+lQGHDQ HLQHP7XFKDEGDVHUGDQQDFKWORVIDOOHQOLH(U EHGDFKWH'UDJRPLWHLQHPODXHUQGHQ%OLFNJLQJ]XU %DUXQGPL[WHVLFKHWZDV 'HU7UVXPPHUJLQJXQGHLQ0DQQLQHLQHU 3LORWHQNRPELQlKHUWHVLFKª'LUHNWRU©VDJWHHUªGHU *OHLWHULVWVWDUWEHUHLW© ª*XWJXW©QLFNWH-HGLD.HWW 5RFV6WLPPHNDPDXV5LFKWXQJ%DUª:DVJHVFKLHKW PLWLKU"©IUDJWHHU ª6LHEOHLEWELVGXPLWGHP6WRII]XUFNNRPPVW'DQQ EHUODVVHLFKVLHGLU©(UOlFKHOWHZLHGHUVHLQJODWWHV 3ROLWLNHUOlFKHOQ 6LHNUHLVWHQNXU]H=HLWEHU'UDJR:HOOVEHYRUVLFK GHU3LORW]XU/DQGXQJHQWVFKOR'DV+DXVVWDQGRIIHQ XQGVDKYHUODVVHQDXV9RP7HDPGHU/)7ZDUQLFKWV ]XVHKHQZLHYHUDEUHGHW +RIIHQWOLFKLVWHVEHUKDXSWJHNRPPHQGDFKWH'UDJR VRQVW%HVVHUHUVSDQQGHQ*HGDQNHQQLFKW]X(QGH 'HU3LORWODQGHWHGHQ*OHLWHUDXIGHP9RUSODW]'HU +LPPHOKDWWHGDV]ZLHOLFKWLJH'XQNHOEUDXQGHU $UJKLUR'lPPHUXQJDQJHQRPPHQ'LH/XIWZXUGH NKO9HUHLQ]HOWZDUHQGLHHUVWHQ6WHUQHLQGLHVHP $EVFKQLWWGHU*DOD[LV]XVHKHQ 5RFWLSSWHPLWGHP6WUDKOHUDQ'UDJRV.HKOHª+|UJXW ]X9LMX%R\'XWXVWZDVLFKGLUVDJH:HQQQLFKW ZHUGHLFKGLFKXPEULQJHQXQG]ZDU]LHPOLFK VFKPHU]KDIW9HUVWDQGHQ"©
ª-D©VDJWH'UDJR:DVEOLHELKPDQGHUHVEULJ" ª:LUEHLGHVWHLJHQMHW]WDXV8QGGX]HLJVWPLUZRGX GDV+\EYHUVWHFNWKDVW.DSLHUW"© 6LHVWLHJHQDXV'HU3LORWEOLHELP*OHLWHU'HU+DXUL SRVWLHUWHVLFKYRUGHP(LQVWLHJ ª$OVR"©5RFZLUNWHHLQH6SXUXQJHGXOGLJ ª'RUW©'UDJRZLHVDXIGLH5HPLVHLQGHUGLH*OHLWHU XQG-DJGJHUlWHXQWHUJHEUDFKWZDUHQ ª*HKHQZLU©'HQIUHXQGOLFKHQ6WRLQGHQ5FNHQ ZHUWHWH9LMXDOV$XIIRUGHUXQJVLFKLQ0DUVFK]XVHW ]HQ 5RFEOLHEZLHHLQ6FKDWWHQKLQWHULKP(UZDUZLUNOLFK GHU%HVWHLQGHU$XVELOGXQJJHZHVHQ(UVWDQGQDKH JHQXJXPLKQPLWGHPHUVWHQ6FKX]XWUHIIHQDEHU QLFKWVRQDKHGDLKP'UDJRGLH:DIIHHQWZHQGHQ NRQQWH 'DVOHW]WH7DJHVOLFKWUHLFKWHHEHQQRFKDXVXPHWZDV ]XHUNHQQHQ 'HUVFKZDU]H8PULGHV6FKLHEHWRUVUDJWHYRULKQHQ DXI 'UDJROHJWHGLH+DQGDXIGLH6HQVRUSODWWH(LQH +lOIWHGHV7RUHVVFKREVLFKDXIJXWJH|OWHQ*OHLWODJHUQ QDKH]XODXWORVDXI $OVVLHHLQWUDWHQIODPPWHGDV/LFKWDXIXQGZDUIHLQH KHOOH%DKQQDFKGUDXHQELVGRUWKLQZRGHU*OHLWHU VWDQG'HU+DXULOPPHOWHJHJHQGLH5XPSIZDQGXQJ XQGUDXFKWHHLQH=LJDUHWWH GLH*OXWOHXFKWHWHUK\WK PLVFKDXI'DV*HVLFKWGHV3LORWHQ]HLJWHHLQHJHLVWHU KDIWH%OlXHGLHYRQGHQ,QVWUXPHQWHQVWDPPWH ª0DFKYRUDQ©NDP5RFGUlQJHQGH6WLPPHª6FKODJ NHLQH:XU]HOQ© ª,VWMDJXW©VDJWH'UDJRXQGOHLVHPXUPHOWHHU ª,FK EUDXFKH+LOIH© ª'XZLUVWDOOHLQH]XUHFKWNRPPHQ©JUXQ]WH5RFGHU 'UDJRV$QVXFKHQXP+LOIHSHUV|QOLFKQDKP 7URW]GHPYHUHQJWHQVLFKVHLQH$XJHQ(UVWH$Q]HLFKHQ HLQHVQRFKXQEHVWLPPWHQ$UJZRKQVPDFKWHQVLFKDXI
VHLQHP*HVLFKWEUHLW(UKREGHQ6WUDKOHUª/RVMHW]W© 'UDJRJLQJKLQEHU]XP&DUJR*OHLWHU'LH$QJVWIUD DQVHLQHU.RQ]HQWUDWLRQ:HQQGDV7HDPQLFKWUHFKW ]HLWLJHUVFKLHQZUGHHULQZHQLJHQ0LQXWHQVWHUEHQ VRYLHOZDUJHZL(UVXFKWHQDFKHLQH0|JOLFKNHLW ZLHHU5RFYRUKHUW|WHQNRQQWH (U|IIQHWHGLHGXUFKHLQH5FNKDOWHIHGHUJHVLFKHUWH .ODSSHPLWGHPVWLOLVLHUWHQbVNXODSVWDE GLH0HGR %R[PLWLKUHP6FKPXJJHOIDFKZDUDXFKYRQDXHQ ]XJlQJOLFK(LQH+DQGIDQGGDV+\EURGLHPPLWGHU DQGHUHQGXUFKZKOWHHUGHQ,QKDOWGHU0HGR%R[DEHU HUIDQGQLFKWVZRPLWHU5RFKlWWHXPEULQJHQN|QQHQ HVVHLGHQQHUHUGURVVHOWHLKQPLWGHQ0XOOELQGHQ$OV HUVLFKPLWGHU0HWDOOVFKDFKWHOKHUXPGUHKWHVDKHU SO|W]OLFKH0LWUDXHQLQ5RFV$XJHQDXIOHXFKWHQ ª6RHLQIDFK"©5RFVJHOEH$XJHQYHUHQJWHQVLFKª'DV ZDUGDVJDQ]H9HUVWHFN"© 'UDJR]XFNWHPLWGHQ$FKVHOQª'DV(LQIDFKHLVWRIW GDV6FKZLHULJVWH©VDJWHHUJOHLFKPWLJXQGVFKlW]WH VHLQH&KDQFHQDE =DQR5RFVWDQGLKPDPQlFKVWHQ,KQPXWHHUDOV HUVWHQDXVVFKDOWHQ$EHULQ]ZLVFKHQNRQQWHQGLHEHL GHQDQGHUHQQDFKLKUHQ:DIIHQJUHLIHQXQGLKQYRQ GUDXHQHUOHGLJHQ2EHUVLHEHLGHJOHLFK]HLWLJDXHU *HIHFKWVHW]HQNRQQWH"8QGYRUDOOHPZRPLW" 'LH=HLWYHUUDQQ9HU]ZHLIHOWVXFKWHHUQDFKHLQHP $XVZHJ6ROOWHHU=DQRGLHPHWDOOHQH6FKDFKWHOPLW GHP+\EURGLHPDQGHQ.RSIZHUIHQ"9RUVWHOOXQJHQ GHVVHQZDVPDQDOOHVPLWLKPDQVWHOOHQZUGHJHL VWHUWHQGXUFKVHLQ*HKLUQ0LWUDXKHU.HKOHVDJWHHU GUlQJHQG ª,FKN|QQWHMHW]WZLUNOLFK+LOIHEUDXFKHQ© ª:DKUKDIWLJGDVN|QQWHVWGX©VDJWH5RFPLWVHLQHU JHVFKPHLGLJHQ6WLPPHXQGPDFKWHZLHGHUHLQHQ 6FKULWWDXILKQ]Xª$EHUKLHUPWHVWGXVFKRQUHFKW ODXWVFKUHLHQZHQQGLFKHLQHUK|UHQVROO8QGKLHULVW QLFKW7HUUDQLD©
(LQHQ$XJHQEOLFNGDFKWH'UDJREHU=DQRV:RUWH QDFKGDQQVDJWHHU ª'LHEHLGHQYRUPHLQHP $SDUWPHQWZDUHQDOVRGRFKYRQGLUKDQGHOWHQLQGHL QHP$XIWUDJ"© 5RFOlFKHOWHZLHGHUEUHLWXQGVHOEVWJHIlOOLJ6HLQ PDNHOORVHV*HELEOLW]WHLP/LFKW(UJHQRVLFKWOLFK GLH6LWXDWLRQDOVHULKQDQJULQVWHª,FKGDFKWHVLHZU GHQVLFKJUQGOLFKHUXPGLFKNPPHUQ'LHVH 6WPSHUZHQQPDQQLFKWDOOHVVHOEVWHUOHGLJW1DMD 5DXVJHVFKPLVVHQHV*HOG© (UWUDWHLQHQ6FKULWW]XUFNª/RVZLUIVLHUEHU]X PLU©VDJWHHUXQGXQWHUVWULFKVHLQHQ:XQVFKQDFKKDO WLJPLWGHP6WUDKOHU(UOLHLKPQLFKWGHQ+DXFKHLQHU &KDQFH$XFKDOVHUVLFKEFNWHXQGGLH6FKDFKWHODXI KREEOLHEHQVHLQH$XJHQXQGGLH$EVWUDKOPQGXQJ GHV7KHUPRVWUDKOHUVXQYHUUFNEDUDXI'UDJRJHULFKWHW :REOHLEWLKUGHQQ/HXWH" 5RFZLQNWHGHQ+DXULKHUEHLEHUJDELKPGDV +\EURGLHPXQGVFKLFNWHLKQZLHGHU]XP*OHLWHU ]XUFNª9HUVWDXWHV©VDJWHHUªXQGZDUWHWDXIPLFK ,FKELQKLHUIDVWIHUWLJ© 'UDJREHNDPSO|W]OLFKHLQHQWURFNHQHQ+DOVDOVHU VLFKYRUVWHOOWHGDHUYHUPXWOLFKJOHLFKVWHUEHQZUGH 5RFZUGHVLFKGLHVH*HOHJHQKHLWQLFKWHQWJHKHQODV VHQ'LHVZDUGHUULFKWLJH2UW 6HLQH*HGDQNHQEHUVWU]WHQVLFK6ROOWHHUZLUNOLFK KLHUVWHUEHQ"1HLQHUZUGHMHGHQXUGHQNEDUH 0|JOLFKNHLWHUJUHLIHQGHP]XHQWJHKHQ$OOH.UlIWH PRELOLVLHUHQGNRQ]HQWULHUWHHUVLFKGDUDXIVLFKDXI 5RF]XVWU]HQXQGLKPGLH)LQJHULQGHQ+DOV]XNUDO OHQ(UZXWHDXFKVFKRQGLH6WHOOHZRHUDPVLFKHU VWHQGLH+DOVVFKODJDGHU]HUUHLHQZUGH (LQJOHLHQGHU6XFKVFKHLQZHUIHUWDVWHWHVLFKGXUFKGLH 'XQNHOKHLWIXKUZLHHLQULHVLJHU=HLJHILQJHUEHUGHQ 9RUSODW]NRQ]HQWULHUWHVLFKDXIGHQ*OHLWHUDP%RGHQ 'HU+DXULPDFKWHGHQ)HKOHUVHLQHQ7KHUPRVWUDKOHU
KRFK]XUHLHQXQG]XIHXHUQ DXFKGHU3LORWVFKRPLW VHLQHP+DQGVWUDKOHULQGLH'XQNHOKHLWMHQVHLWVGHV 6FKHLQZHUIHUV(LQPlFKWLJHUEOlXOLFKHU%OLW]IODPPWH DXIXQGVFKOXJLQGHQ*OHLWHU(LQHGRQQHUQGH ([SORVLRQ]HUULGDV*HIlKUWYHUEUDQQWH.HWWV0lQQHU PLWVDPWGHP+\EURGLHP]X$VFKHGLHGHU 'HWRQDWLRQVGUXFNLQDOOH:LQGH]HUVWUHXWH (LQHDWHPORVH6HNXQGHODQJYHUKDUUWH=DQR5RFEHZH JXQJVORV'DQQKDQGHOWHHUª'UHFNVNHUO©VFKULHHU 'HU7KHUPRVWUDKOHU]XFNWHLQVHLQHU+DQG(LQHQJ JHEQGHOWHUJOHLHQGKHOOHU6WUDKOO|VWHVLFKXQGIXKU DXI'UDJR]XGHUQRFKHLQH$XVZHLFKEHZHJXQJYHU VXFKWH*OKHQGXQGEUHQQHQGZLHIOVVLJHV0HWDOO ERKUWHVLFKGHU6WUDKOLQVHLQHUHFKWH6HLWHGXUFKGUDQJ PKHORVGDV)OHLVFKXQGVFKZlU]WHGLHJHJHQEHUOLH JHQGH:DQG 'LH*HZDOWGHV(LQVFKODJVOLHLKQKHUXPIOLHJHQVR GDVHLQH$UPHURWLHUWHQ6HLQHUHFKWH+DQGWUDIQRFK GLHRIIHQH.ODSSHDEHUGDVKLHOWLKQQLFKWDXI0LW LQHLQDQGHUYHUKDNWHQ)XJHOHQNHQILHOHUJHJHQGLH )ODQNHGHV*OHLWHUVUXWVFKWHODQJVDPDEXQGEOLHEYHU NUPPWDP%RGHQVLW]HQ 'LHVDOOHVGDXHUWHQXU6HNXQGHQEUXFKWHLOH'UDJRZDU QLFKWWRW(UZDUQLFKWHLQPDOEHZXWORV(U]RJGLH .QLHDQGHQ/HLEXQGSUHWHGLH+lQGHGDUXP'HU 7KHUPRVWUDKOHUKDWWHLKPHLQ6WFNDXVGHU6HLWHZHJ JHEUDQQW HVVWDQNZLGHUOLFKQDFKYHUVHQJWHP)OHLVFK XQGYHUNRKOWHU.OHLGXQJ 'HU6FKPHU]ZKOWHWLHILQ'UDJRV.|USHU(UVSUWH ZLHHUGLH:LUEHOVlXOHKLQDXINURFK0LWGHP5FNHQ OHKQWHHUDQGHP*OHLWHUXQGYHUIROJWHVFKPHU]JHSHL QLJWZLH5RFQlKHUNDP ª'LFKEULQJHLFKXP©NQXUUWHHUª'DVZLUVWGX EHQ©(U]LHOWHDXI'UDJRV.RSI 9LMXQDKPGLH+lQGHYRQGHQ.QLHQ/DQJVDPEHJDQQ HUVHLQH%HLQHDXV]XVWUHFNHQ'LH$QVWUHQJXQJXQG
GLH6FKPHU]HQOLHHQLKQDXIVW|KQHQ%HIHKOHGUDQJHQ YRQZHLWHPDQVHLQ2KU(UKREGLH+lQGHLQ %UXVWK|KHVHLQH)LQJHUODJHQDXIGHP6WRII5RFVWDQG EHULKPGHQ6WUDKOHUDXILKQJHULFKWHWGLH%HLQH HWZDVJHVSUHL]WGHQ$QIOXJHLQHVJUDXVDPHQ/lFKHOQV LP*HVLFKW 'UDJREHJDQQ]XPXUPHOQ 5RFEHXJWHVLFKGLFKW]XLKPKHUDE6HLQ6WLUQUXQ]HOQ YHUULHW1HXJLHUª0|FKWHVWGXEHLFK© 9LMXVUHFKWHU5LQJILQJHU]XFNWHOHLFKW(VJDEHLQ =LVFKHQXQGGDQQVWLHJHQ5DXFKZ|ONFKHQYRQ5RFV 6WLUQLQGHVVHQ0LWWHHLQ/RFKHUVFKLHQNOHLQXQG UXQG'LH5lQGHUEOXWHWHQQLFKWHLQPDOGLH*HIlHGHU (SLGHUPLVZXUGHQYRQGHPEOHLVWLIWGQQHQ6WUDKODXV 'UDJRV5LQJ0LNURVWUDKOHUYHUVFKZHLWZlKUHQGHU LP,QQHUQVHLQHV.RSIHVVHLQ]HUVW|UHULVFKHV:HUN YROOHQGHWHXQGGDV*HKLUQ]HUNRFKWH ,PJOHLFKHQ0RPHQWZXUGHGLH5HPLVHLQGHQVXFKHQ GHQ/LFKWVWUDKOHLQHV6FKHLQZHUIHUVJHWDXFKW,QGHU SO|W]OLFKHQ+HOOLJNHLWVDK'UDJRGDVHUVWDXQWH*HVLFKW VHLQHV)HLQGHV8QJOlXELJNHLWXQG(QWVHW]HQVWDQGHQ GDULQVRZLH:XW:XWGDUEHUGDHUYRQ9LMX%R\ EHUW|OSHOWZRUGHQZDU8QGLPVHOEHQ$XJHQEOLFN EUDFKHUEHU'UDJR]XVDPPHQXQGVWDUE 'UDJRZlO]WH5RFVVFKZHUHQ.|USHUYRQVLFKKHUXQWHU OLHVLFKVW|KQHQG]XUFNIDOOHQGHQ.RSIQDFK GUDXHQJHZDQGW(LQ*OHLWHUZXUGHLPlXHUHQ /LFKWNUHLVGHU6FKHLQZHUIHUVLFKWEDU0HKUHUH *HVWDOWHQVSUDQJHQKHUDXVXQGIDQGHQLKQ (LQHEHXJWHVLFKEHULKQ'HUHQHUJHWLVFKVWDELOLVLHUWH .ODUVLFKWKHOPVGHV6(5816IXKULQGHQ6FKXW]NUDJHQ ]XUFNGDVKDUWH*HVLFKWHLQHU)UDXXQEHVWLPPEDUHQ $OWHUVVDKDXILKQKHUDE ª-D"©VDJWHVLHDOVVHLQH%HPKXQJHQVDK]XVSUH FKHQ ª,FK.HQQZRUW'UDJRQ©IOVWHUWHHUª6FKLFNW
VRIRUWHLQSDDU/HXWH]XP.HWW7RZHU3RUW:HOOV'D LVWQRFKGDLVWHLQ0lGFKHQJHIDQJHQ6LFKHUWGLH 6\QWURQLNHQYRQYRQ.HWW© 'DQQXPILQJLKQHLQHIUHXQGOLFKH2KQPDFKW8QGPLW GHPOHW]WHQ5HVWVHLQHVVFKZLQGHQGHQ%HZXWVHLQV K|UWHHUGLH)UDXPXUPHOQ ª'LHVH=LYLOLVWHQ© .DSLWHO 7HUUDQLD&LW\(UGH(QGH-XQL1*= ([DNWIQI7DJHXQGYLHU6WXQGHQVSlWHUVD'UDJRLQ 7HUUDQLD&LW\LP%URGHU62/()7 3LQSRLQWVDLKPJHJHQEHUQXUGLHSROLHUWH3ODWWHVHL QHV$UEHLWVWLVFKHVWUHQQWHVLHEHLGH'XUFKGLHOHLFKW JHW|QWH6FKHLEHGHV3DQRUDPDIHQVWHUVKLQWHUVHLQHP 5FNHQZDUHQGLH*HElXGHIURQWHQGHU%URWUPHGHV 0HGLHQ]HQWUXPVXPGLH,WVXELVKL5RZ]XHUNHQQHQ ª,FKNRPPHJHUDGHYRQHLQHU+RORVLW]XQJPLWGHU (UVWHQ7HUUDQHULQ6LHKDWPLFKDQJHZLHVHQGHLQHU $NWHHLQ/REKLQ]X]XIJHQ©6HLQH$XJHQYHUULHWHQ %HOXVWLJXQJDOVHUHUJlQ]WH ª)DOOVLFKQRFK3ODW]GDU DXIILQGH© ª,FKODFKHVSlWHUGDUEHU©VDJWH'UDJR 3LQSRLQWOHKQWHVLFKLP6HVVHO]XUFNª:DVPDFKHQ GHLQH:XQGHQ"©HUNXQGLJWHHUVLFKWHLOQDKPVYROO HU ]HLJWHHLQXQJHZRKQWEHVRUJWHV6WLUQUXQ]HOQ ª6LHWXQQRFKHLQELFKHQZHKDEHUHVJHKW© (VZDUQLFKWJHORJHQ'LHbU]WHLP0HG=HQWUXPYRQ 3RUW:HOOVKDWWHQGLYHUVH)OHLVFKZXQGHQXQG 3UHOOXQJHQGLDJQRVWL]LHUWIHUQHUHLQSDDUDQJHNQDFNVWH 5LSSHQGLHVDOOHVQHEHQGHPIHKOHQGHQ6WFN7DLOOH VHOEVWYHUVWlQGOLFK$EHUPHKUDOVGUHL7DJH$XIHQWKDOW LQGHU|UWOLFKHQ.OLQLNZDUHQQLFKWYRQQ|WHQJHZHVHQ H[DNWGLH=HLWGLHGDV0HG=HQWUXPEHQ|WLJWHXPDXV VHLQHQ*HQHQHLQ6WFNQHXH+DXW]XNORQHQ'DV (FKWKDXW,PSODQWDWEHUGHU:XQGHYHUXUVDFKWH]ZDU KLQXQGZLHGHUQRFK,UULWDWLRQHQDEHUHVZDUZLUNOLFK
DXV]XKDOWHQ ª)HLQ©3LQSRLQWQLFNWHDOVKlWWHHUQLFKWVDQGHUHVYRQ 'UDJRHUZDUWHW'DQQIXKUHUIRUW ª1XQGHU +\EURGLHPVWURPLQGLH.ULVHQJHELHWHLVWMHGHQIDOOV WURFNHQJHOHJW'LH6SH]LDOLVWHQYRQ7DU[LLVKDEHQPLW EHNDQQWHU*UQGOLFKNHLW-HGLD.HWWV6\QWURQ6SHLFKHU 'DWHLIU'DWHLDXVHLQDQGHUJHQRPPHQ(UVWDXQOLFKHV LVWGDEHL]XWDJHJHWUHWHQ,Q]ZLVFKHQGUIWHQGLHZLFK WLJVWHQ'HSRWVXQG9HUWHLOHUKRFKJHQRPPHQVHLQ© 'UDJRQLFNWH ª:DUHWZDVGUDQDQXQVHUHU9HUPXWXQJHLQHU 9HUELQGXQJ.HWWV]XDNRQLVFKHQ.UHLVHQ"© 3LQSRLQWQLFNWHQLFKWRKQH7ULXPSKª(VLVWVFKRQHLQ *HJHQVFKODJLP*DQJH9LMX:LUKDEHQGLHEHWUHIIHQ GHQDNRQLVFKHQ6WDDWVEUJHUHQWWDUQWXQGYRUGLH:DKO JHVWHOOW(QWZHGHUYHUODVVHQVLHXQVHU+RKHLWVJHELHW RGHUVLHZHUGHQDOV7HLOQHKPHUHLQHV5HVR]LDOLVLH UXQJVSURJUDPPVDXIHLQHPHLQVDPHQ0RQGHLQSDDU VHKUZHUWYROOH(UIDKUXQJHQVDPPHOQ© ª:DVZLUGDXVGHP6\QGLNDWGHU0lFKWLJHQ.HULP" 1DFKGHPMHW]WGLH1DPHQGHU2UJDQLVDWLRQHQXQG )DPLOLHQEHNDQQWVLQGGLHGDV6\QGLNDWELOGHQZHU ZLUGGLH)KUXQJEHUQHKPHQ"© 3LQSRLQWKREGLH6FKXOWHUQª0DQZLUGVLFKZDKU VFKHLQOLFKHLQHQVXFKHQYRQGHPQRFKQLHPDQGHWZDV JHK|UWKDW$EHUZHULPPHUHVVHLQZLUGHUZLUGHLQL JH=HLWPLWGHU1HXRUJDQLVDWLRQ]XEULQJHQ$XI*UXQG GHUDXI$UJKLURHUKDOWHQHQ,QIRUPDWLRQHQXQG'DWHQ VLQGZLULQGHU/DJHLKUH.RPPDQGRVWUXNWXUHQIU ODQJH=HLWODKP]XOHJHQ©(UKREGLH+DQGDOV'UDJR HLQHQ(LQZDQGYRUEULQJHQZROOWHª1DWUOLFKELQLFK EHU]HXJWGDGLH8QWHUZHOWDXFKZHLWHUKLQH[LVWLHUHQ XQGIXQNWLRQLHUHQZLUG'DVRUJDQLVLHUWH9HUEUHFKHQ LVWZLHHLQH+\GUD6FKOlJWPDQHLQHQLKUHU.|SIHDE ZlFKVWHLQDQGHUHUQDFK,FKELQVLFKHUZlKUHQGZLU XQVKLHUQRFKEHUGLH=HUVFKODJXQJZHLWHU7HLOHGHV
6\QGLNDWVXQWHUKDOWHQKDWPDQYHUPXWOLFKVFKRQ hEHUJDQJVO|VXQJHQJHIXQGHQ© ª'HU/DXIGHU'LQJH©VWLPPWH'UDJR]XXQGUlXVSHU WHVLFKª&\ULO4XLOOLDQ:DVLVWPLWLKU"© ª6LHLVWLPDOOJHPHLQHQ7UXEHOHQWNRPPHQ© ª:LHVFKDGH©VDJWH'UDJRPLWIDOVFKHP%HGDXHUQ ª1LFKWZDKU"$EHUJLEGLFKNHLQHQIDOVFKHQ +RIIQXQJHQKLQ©HUZLGHUWH3LQSRLQWª6LHZXUGHLQ $WKHQHHDEJHIDQJHQ© %HVRUJQLVODJ'UDJREOHLVFKZHUDXIGHU%UXVWDOVHU IUDJWH ª,VWLVWLKUHWZDV]XJHVWRHQ"© ª1HLQ6LHLVWZRKODXI© ª:LHHUIUHXOLFK©EHNDQQWH9LMXXQGIJWHOHLVHKLQ]X ª,FKJODXEHLFKKlWWH6FKZLHULJNHLWHQJHKDEWVLH]X W|WHQIDOOVHVQ|WLJJHZHVHQZlUH,FKELQIURKGDU EHUGDHVQLFKW]XPbXHUVWHQNDP© ª'DVGDUIVWGXDXFK©YHUVHW]WH.HULP3LQSRLQW WURFNHQª6LHDUEHLWHWQlPOLFKIUGLH+DQVH$EWHLOXQJ ]XU.RQWUROOHYRQ'URJHQPLEUDXFK© 1DFKHLQHP0RPHQWGHV6FKZHLJHQVLQGHPPDQ HLQH6WHFNQDGHOKlWWHIDOOHQK|UHQIXKU'UDJRZWHQG DXI ª:DUXPKDVWGXPLUGDVQLFKWJHVDJW"© ª:HLOLFKHVVHOEVWQLFKWZXWH©VDJWH3LQSRLQWPLW KDUWHU6WLPPHª:HQLJVWHQVELVJHVWHUQQLFKW 9HUGDPPW©H[SORGLHUWHHUSO|W]OLFKXQGVFKOXJDXIJH EUDFKWPLWGHUIODFKHQ+DQGDXIGLH6FKUHLEWLVFKSODWWH ª1RFKQLHLQPHLQHU.DUULHUHZXUGHLFKVRLPXQNOD UHQJHODVVHQZLHLQGLHVHU6DFKH© (UQDKPVLFK]XVDPPHQXQGIXKUQDFKHLQHU:HLOH IRUW ª+RPHU*$GDPV 7RSOHXWHKDEHQVLHDQJHZRU EHQ,KUH%H]LHKXQJ]X5RFZDUVFKRQIDVWDP(QGH XQGVLHIDQGKHUDXVGDHUQHEHQVHLQHQDQGHUHQ *HVFKlIWHQDXFKDOV.XULHULP'URJHQJHVFKlIWWlWLJ ZDUXQGVLHRKQHLKU:LVVHQLQVHLQH0DFKHQVFKDIWHQ PLWHLQJHVSDQQWKDWWH(VZDUQLFKWVRQGHUOLFKVFKZLH ULJIUGLH6SH]LDOLVWHQGHU+DQVHVLHGDUDXIKLQXP]X
GUHKHQ'LH+DQVHZXWHMDDOOHVEHU5RF VLHKDWWH =XJDQJ]XGHQ/)7$NWHQ6LH]RJHQLKPQDFKXQG QDFKGHQ%RGHQXQWHUGHQ)HQZHJLQGHPVLH *HUFKWHEHLP6\QGLNDWYHUEUHLWHWHQHUVHLDOV.XULHU HQWWDUQWXQGZUGHYHUPXWOLFKEDOGDXIIOLHJHQ'DUDXI SDVVLHUWHZDVPDQHUKRIIWH 'DV6\QGLNDW]RJLKQ GDYRQDEXQGVHW]WHLKQDOV/DXIEXUVFKHQHLQ$EHU LQGHPHV&\ULODQVHLQH6WHOOHVHW]WHJLQJGLH 5HFKQXQJGHU+DQVHDXI6LHPDFKWHPHKUHUH5HLVHQ GLHXQWHUGHU.RQWUROOHGHU+DQVHQDWUOLFKHUIROJUHLFK YHUOLHIHQYHUVWHKWVLFK© 3LQSRLQWV6WLPPHZDUVDUNDVWLVFKJHZRUGHQ ª'LHVHU$XVIOXJQDFK$UJKLURKDWWHYRUDOOHPGHQ =ZHFNDQGLH'DWHLHQGHV6\QGLNDW6WDWWKDOWHUV]X NRPPHQXPGLH1DPHQGHU.XULHUHKHUDXV]XEHNRP PHQGLHYRQGRUWGDV+\EURGLHPLQGLH.ULVHQJHELHWH XP9HVWD&DOYLQV:HOWXQG$GDPDUEUDFKWHQ'DQQ ZXUGHVWGXYRQPLUDXIGLHJOHLFKH6DFKHDQJHVHW]W :RKHUVROOWHGLH+DQVHDXFKYRQGHU/)7ZLVVHQ" 2GHUYRQGHU62/()7"2GHUXPJHNHKUW"©.HULPV /lFKHOQZDULPPHU]\QLVFKHUJHZRUGHQª2IIHQEDU WUDXWHLQHUGHPDQGHUHQQLFKWPHKU'LH6FKZLHULJNHLW ZDUXQGLVWGDDXFKJHZLVVH.UHLVHLQGHQXQWH UHQ)KUXQJVHWDJHQGHU5HJLHUXQJYRP6\QGLNDW JHVFKPLHUWZHUGHQ© ª'XEHUWUHLEVWRGHUGRFKQLFKW"© 3LQSRLQWVEHUHGWHV6FKZHLJHQZDU$QWZRUWJHQXJ ª9HUGDPPW©JUROOWH'UDJRª,FKZDUPHKUDOVHLQPDO QDKHGDUDQVLH]XW|WHQQLFKWDXV]XGHQNHQ© ª0DFKGLFKQLFKWYHUUFNW©3LQSRLQWEOLHEJHGXOGLJ ª6LHZXWHZRUDXIVLHVLFKHLQJHODVVHQKDWWH:HQQGX HVLKUVFKZHUHUJHPDFKWKDVWGDQQQXUZHLOHVGHLQH 3IOLFKWZDU:LHGXZDUDXFKVLHKLQWHUGHP6\QGLNDW KHU,KUVHLGHXFKQXULQGLH4XHUHJHNRPPHQ© ª:HLVLHGLH:DKUKHLWEHUPLFK"© ª.ODU©3LQSRLQWKREGLH6FKXOWHUQª,FKKLHOWHVIU
GDVEHVWHQDFKGHPVLHXPGHLQH6LFKHUKHLWPHKU EHVRUJWVFKLHQDOVXPGLHHLJHQH© ª:RLVWVLH"© ª'UEHQLP+4+DQVH,FKKDEHPLFKODQJHPLWLKU XQWHUKDOWHQXQGVLH]XEHU]HXJHQYHUVXFKWGDHV VLFKIUVLHYHUPXWOLFKVHKUJXWDXV]DKOHQN|QQWH ZHQQVLHIUXQVDUEHLWHW© 'UDJREHXJWHVLFKYRUª:DV"© 3LQSRLQW]XFNWHPLWNHLQHU:LPSHU ª/HLGHUIKOWVLHVLFKGHU+DQVHYHUSIOLFKWHW6LHKDW VLFKEHUHLWHUNOlUWLQGHU,OOHJDOLWlW]XEOHLEHQXQGHQJH 9HUELQGXQJ]XP5HVWGHV6\QGLNDWV]XKDOWHQXPEHU GHVVHQ7XQXQG7UHLEHQ%HULFKWHUVWDWWHQ]XN|QQHQ 9LHOOHLFKWZLUGHLQHV7DJHVVRJDUGDV]XZlKOHQGH 2EHUKDXSWGHV6\QGLNDWVIUGHQ*HKHLPGLHQVWGHU (UGHDUEHLWHQZHUZHL"© (UOlFKHOWHZLHEHUHLQHQJHOXQJHQHQ6FKHU] 3LQSRLQWVWDQGDXIXQGOHKQWHVLFKEHUGHQ7LVFKDXI GHQHUVLFKPLWGHQ+DQGIOlFKHQVWW]WH ª'XKDVWHLQH:RFKH8UODXE9LMX:HQQGXZLOOVW DXFK]ZHL,UJHQGZHOFKH3OlQH"© ª1XQMD©VDJWH'UDJRXQGHUKREVLFKHEHQIDOOVª.DQQ LFKVLHVHKHQ"© 3LQSRLQWXQWHUGUFNWHHLQ*ULQVHQª6LHYHUOlWGLH (UGH6LHIOLHJWPRUJHQPLWWDJYRQ7HUUDQLDQDFK $EHUGDVLVWQXQZLUNOLFKQLFKWYRQ,QWHUHVVHIUGLFK© 5HJHQZRONHQ]RJHQDXIXQGEHGHFNWHQGLH6RQQHDOV 'UDJRGLH62/()7,1&LQGHU,WVXELVKL5RZ YHUOLHXQGVLFKDXIGHQ:HJ]XVHLQHP$SDUWPHQW PDFKWH ,Q7HUUDQLDUHJQHWHHV 'UDJREHREDFKWHWH&\ULOHLQLJH0LQXWHQLQGHU $EIOXJKDOOHHKHHU]XLKUJLQJ6LHVDLUJHQGZLHYHU ORUHQLQGHU0HQJHGHU3DVVDJLHUHYRUVLFKHLQH7DVVH .DIIHH6LHPDFKWHHLQHQGHSULPLHUWHQ(LQGUXFN:HQQ
VLHVLFKVRIKOWHZLHHUVLFKGDQQYHUVWDQGHUVLH (UVWDOVHUYRULKUVWDQGEOLFNWHVLHKRFK,KUH$XJHQ ZHLWHWHQVLFKYRUhEHUUDVFKXQJ ª9LMX©ULHIVLHXQGVWDQGDXI6LHOlFKHOWHLKQPLWHLQHU VRYRUVLFKWLJHQ6FKFKWHUQKHLWDQGDHVLKPIDVWGDV +HU]]HUULª(VWXWPLUVROHLG&\U©VDJWHHUª,FK JODXEHLFKKDEHGLUDOOHVYHUGRUEHQ© ª-D©VDJWHVLH'DQQYHUV|KQOLFKHU ª1HLQQLFKW DOOHV© 'UDJRKlWWHJHUQLKU*HVLFKWLQEHLGH+lQGHJHQRP PHQXQGVLHJHNW$EHUHLQXQEHUEUFNEDUHU $EJUXQGWUHQQWHVLHEHLGH6LHNRQQWHQVLFKQLFKWPHKU VLFKHUIKOHQLQGLHVHU:HOWGHU7lXVFKXQJHQXQG ,OOXVLRQHQ6LHZXWHQEHLGHZHUVLHZLUNOLFKZDUHQ XQGDXVGLHVHU(UNHQQWQLVKHUDXVNRQQWHQVLHLKUHQ HLJHQHQ*HIKOHQQLFKWPHKUWUDXHQ ª%LVWGXKHLODXVDOOHPKHUDXVJHNRPPHQ"©IUDJWHHU ª1LFKWVJHEURFKHQ"© ª$OOHVLQ2UGQXQJ8QGGX"©6LHVWULFKPLWHLQHU VFKQHOOHQ%HZHJXQJEHUGLHZHLHQ6WHOOHQLQVHLQHP *HVLFKWGLHGHU+HLOXQJVSUR]HEULJJHODVVHQKDWWH (UQLFNWHª(VLVWQLFKWV.DQQLFKLUJHQGHWZDVWXQ"© ª1HLQ©VDJWHVLH :LHGHUIKOWHHUGHQ6FKPHU]XQWHUKDOEGHU +HU]JHJHQG$EHUHUNRQQWHLKUQLFKWHLQPDOVDJHQ GDHVLKPHUQVWJHZHVHQZDUPLWGHPZDVHULKU JHVDJWKDWWHHUQVWPLWGHPZDVJHVFKHKHQZDUZHLO HVZLHHULQ]ZLVFKHQKHUDXVJHIXQGHQKDWWHQLFKW VWLPPWH6LHKDWWHQEHLGHQXULKUH5ROOHQJHVSLHOW ª,FKKDEHQLFKWHUZDUWHWGDZLUXQVQRFKHLQPDO VHKHQZHUGHQ©VDJWHVLH ª,FKELQQXUJHNRPPHQXP/HEHZRKO]XVDJHQ© 6LHOHJWHLKUH+DQGLQGLHVHLQH,KUH)LQJHUEHEWHQ XQPHUNOLFK:LHGLH6FKZLQJHQHLQHVNOHLQHQlQJVWOL FKHQ9RJHOVGHUVLFKYHUIORJHQKDWWH,KUH$XJHQ EOLFNWHQWUDXULJ
ª/HEHZRKO9LMX© 2KQHVLFKQRFKHLQPDOXP]XVHKHQJLQJ'UDJRDXVGHU .XSSHOKDOOHOLHIKLQDXVLQGHQVWU|PHQGHQ5HJHQGHU LKQLP1XELVDXIGLH+DXWGXUFKQlWHXQGLKQDOOHV QXUZLHGXUFKHLQHQ6FKOHLHUVHKHQOLH(UVWDOVHU ZXWHGDLKU5DXPVFKLIIJHVWDUWHWZDUJLQJHU]XU QlFKVWHQ6XEZD\6WDWLRQXQGYHUVFKZDQGLP%DXFK YRQ7HUUDQLD&LW\ (1'(
