(51679/&(.
'HU1DNNXQGGLH.DW]H
3HUU\5KRGDQ3ODQHWHQURPDQ 3ULQWHGLQ)UDQFH
*OHQ$OOD...
42 downloads
450 Views
348KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
(51679/&(.
'HU1DNNXQGGLH.DW]H
3HUU\5KRGDQ3ODQHWHQURPDQ 3ULQWHGLQ)UDQFH
*OHQ$OODFKLHZDUHLQ-XQJHPLW3KDQWDVLHPLW]XYLHO3KDQWDVLHZLHVHLQ 9DWHUPHLQWH'HQQHUIDQGGD*OHQVLFKPLWGUHL]HKQ-DKUHQVFKRQPHKU GHP(UQVWGHV/HEHQVVWHOOHQVROOWHVWDWWWUlXPHQGGXUFKGLH7DJH]X ZDQGHOQ$EHUGLH0XWWHUZDUGHU0HLQXQJGDLKU-XQJHVHLQH.LQGKHLW VRODQJHDXVNRVWHQVROOWHZLHHUVLHVLFK]XEHZDKUHQYHUPRFKWH ,FKLQVHLQHP$OWHUKDEHVFKRQSIOHJWH*OHQVHQLRUGDUDXIKLQVHLQH %HOHKUXQJHQ]XEHJLQQHQXQGGDQQLUJHQGZHOFKH0DQQHVWDWHQDQ]XIKUHQ GLHHUDOV-XJHQGOLFKHUYROOEUDFKWKDEHQZROOWH0HLVWHQVOLHIHVGDUDXI KLQDXVZDVHUPLWGHQ0lGFKHQDQJHEOLFKDOOHVDQJHVWHOOWKDWWH WDWVlFKOLFK ZDUHUMHGRFKQRFKMXQJIUlXOLFKLQGLH(KHHLQJHWUHWHQ :DVPDQLQ6HNXQGHQGHU.LQGKHLWYHUVlXPWNDQQPDQLQGHU(ZLJNHLWGHV $OWHUVQLFKWPHKUQDFKKROHQHUZLGHUWHGLH0XWWHUGDUDXI8QGGDVQDKP *OHQVHQLRUGHQ:LQGDXVGHQ6HJHOQGHQQDXFKHUKDWWHVHLQHXQHUIOOWHQ 7UlXPHGHQHQHUJHOHJHQWOLFKQDFKKLQJ *OHQVHQLRUNRQQWHDXIYLHOH9HUVlXPQLVVH]XUFNEOLFNHQ (UKDWWHVFKRQPLW]Z|OI-DKUHQGHQHOWHUOLFKHQ%HWULHEEHUQHKPHQPVVHQ XQGZDKUVFKHLQOLFKQHLGHWHHUHVVHLQHP6RKQGDGHUVLFKQLFKWVRZLHHU PLWTXHQJHOQGHQXQGH[]HQWULVFKHQ.XQGHQKHUXPlUJHUQPXWH(VZDU QlPOLFKHLQYHUGDPPWKDUWHU-REDXIHLQHU+LQWHUZlOGOHUZHOWZLHGLHVHUGLH IHUQDEGHU+DXSWURXWHQGHU +DQGHOVVFKLIIHODJHLQHQ1RYLWlWHQODGHQ]XIKUHQ(UKDWWHOHGLJOLFKHLQ /DJHUYROOHU/DGHQKWHUGLHPHLVWHQGDYRQQRFK(UEJXWVHLQHV9DWHUV (ULVWHLQ+DQVJXFNLQGLH/XIWXQGHLQHV7DJHVZLUGHUDXIGLH1DVH IDOOHQEHKDUUWH9DWHU$OODFKLH(UKLHOWVHLQHQ6WDPPKDOWHUVRJDUIUOHLFKW YHUUFNW'HQQ*OHQMXQLRUVDKVWHWVLUJHQGZHOFKH'LQJHZRQLFKWVZDUXQG HUK|UWHLQGHU6WLOOH*HUlXVFKH (UVWYRU]ZHL7DJHQZDU.OHLQ*OHQLQV+DXVJHVWUPWXQGKDWWHEHKDXSWHW GDVLFKLP*DUWHQHLQIUHPGDUWLJHV:HVHQDXIKDOWHGDVLKQXP+LOIH JHEHWHQKDEH'HU%HQJHOKDWWHHVVRJDU]LHPOLFKJHQDXEHVFKULHEHQDOV KXQGHJURXQGURWEHSHO]WXQGKDWWHVWXUEHKDXSWHWGDHVVLFKXPHLQHQ LQWHOOLJHQWHQ)UHPGHQKDQGHOHGHUYHUOHW]WVHL6FKOLHOLFKKDWWHHUGHQDOWHQ *OHQVRZHLWJHEUDFKWGDHUVLFKEHZDIIQHWHXQGLKPLQGHQ*DUWHQIROJWH $EHUGDZDUQLFKWV1DWUOLFKQLFKW *OHQDEHUKDWWHJHSOlUUWXQGDXIHLQHQ3XQNWJHZLHVHQXQGJHVFKULHQ
'D'D6LHKVWGXLKQGHQQQLFKW3D"(UKDW$QJVWYRUGLU-HW]WIOLHKWHU 8QGGHU-XQJHKDWWHVRJDUPLWGHUDXVJHVWUHFNWHQ+DQGGHQ)OXFKWZHJGHV ILNWLYHQ:HVHQVEHVFKULHEHQ ,QGHU7DW3KDQWDVLHKDWWHGHU%HQJHO PDQVROOWHLKPGLHVH)ODXVHQPLW 3UJHODXVWUHLEHQ$EHUGDVWDW*OHQVHQLRUQLFKWGHQQHUZDULP*UXQGH VHLQHV+HU]HQVVDQIWPWLJ8QGZHQQHWZDVVWlUNHUDXVJHSUlJWZDUDOV VHLQH6DQIWPXWGDQQZDUHVVHLQH7UlJKHLWXQG%HTXHPOLFKNHLW9LHOOHLFKW EHVWUDIWHHUVHLQHQ6RKQQXUGHVZHJHQOHGLJOLFKPLW+DXVDUUHVWELVDXI :LGHUUXI ZHLOGLHVHUJHZDJWKDWWHVHLQH5XKH]XVW|UHQ 6HLWGHPVD*OHQMXQLRUDP)HQVWHUVHLQHV=LPPHUVXQGVWDUUWHLQGHQ *DUWHQKLQXQWHU6HLQHU0XWWHU JHVWDQGHUIU|VWHOQGDXILKUHERKUHQGHQ)UDJHQZRQDFKHU$XVVFKDXKDOWH )UHM[WNRPPWEHVWLPPW]XUFN :HULVW)UHM[W"IUDJWHVLHDKQXQJVORV 'HUYHUOHW]WH$OLHQDXIGHQLFK3DDXIPHUNVDPJHPDFKWKDEH$EHU YLHOOHLFKWKHLWHUVHOEVWQLFKWVRXQGLVWQXUHLQ%RWHRGHU'LHQHUYRQ)UHM[W 6RJHQDXKDEHLFKGDVQLFKWPHKUHUIDKUHQZHLO3DLKQYHUMDJWKDW8QG GDUXPLVWHU]RUQLJ8QGHUZLUG]XUFNNRPPHQXPVLFKIUGLHYHUZHLJHUWH +LOIH]XUHYDQFKLHUHQ )lQJVWGXVFKRQZLHGHUGDPLWDQ*OHQ"PDKQWHGLH0XWWHU'DZDUQLFKWV 'HLQ9DWHUKlWWHGLHVHQ)UHPGHQJHVHKHQZHQQHULP*DUWHQJHZHVHQ ZlUH (UZDUMDQLFKWJDQ]LP*DUWHQVRQGHUQQXUPLWHLQHP7HLOYRQVLFK YHUVXFKWH*OHQ]XHUNOlUHQ,FKKDEHLKQQLFKWPLWGHQ$XJHQJHVHKHQQXU VHLQH+LOIHUXIHJHK|UW6HLQ.|USHUZDUGUEHQMHQVHLWVGHU%OLFNJUHQ]H$XI XQVHUHU6HLWHKlWWHHUQLFKWEHUOHEWZHLOVHLQ6FKXW]VFKLOGGHIHNWLVW(UKDW PLUQXUHLQ*HGDQNHQELOGYRQVLFKJHVFKLFNW(UVDKPLWOHLGHUUHJHQGDXV 8QGMHW]WLVWHUPLUVLFKHUE|VH +|UHQGOLFKDXIPLWGLHVHPEOKHQGHQ8QVLQQILHOLKPGLH0XWWHULQV:RUW ,QGLHVHP0RPHQWZQVFKWHVLHVLFKVHOEVWGDHUHQGOLFK]XP0DQQ ZXUGHGDPLWGLHVH*HVFKLFKWHQEHUVHOWVDPH)DEHOJHVWDOWHQXQG *HUlXVFKHDXVDQGHUHQ6SKlUHQDXIK|UWHQ'DVJLQJVFKRQVHLW*OHQV IUKHVWHU.LQGKHLWVRXQGHLJHQWOLFKZDUVLHQLFKWEHUUDVFKWMLHQQLKUZDUHV DOVNOHLQHV0lGFKHQlKQOLFKHUJDQJHQ6LHZDULQGLHVHP$OWHUVRJDUGHU hEHU]HXJXQJJHZHVHQGDVLHLQDQGHUH'LPHQVLRQHQEOLFNHQXQGEHU /LFKWMDKUHKLQZHJGLH*HGDQNHQDQGHUHUQLFKWPHQVFKOLFKHU:HVHQK|UHQ NRQQWH =XP*OFNKDWWHQGLHVH3KDQWDVLHQDXIJHK|UWDOVVLH ]XU)UDXZXUGHXQGVLHZQVFKWH*OHQGDHUGLHVH3KDVHHEHQIDOOVEDOG EHUVWDQGHQKDWWH1XULKUHP0DQQJHJHQEHUVSUDFKVLHLKUH*HGDQNHQ QLFKWDXV $EHULFKKDEH$QJVW0DVFKULH*OHQXQGEHJDQQ]XZHLQHQ,FKZROOWH GHP)UHPGHQKHOIHQ$EHUDOV3DDXIWDXFKWHJODXEWH)UHM[WGDLFKLKQ YHUUDWHQKlWWH(UZLUG]XUFNNRPPHQXQGVLFKUlFKHQ
0XWWHU$OODFKLHGUFNWHLKUHQ-XQJHQDQGHQ%XVHQXQGIOVWHUWHLKP EHUXKLJHQGH:RUWH]X ,VWVFKRQJXW,FKELQMDEHLGLU.HLQH$QJVWPHLQ-XQJH0DLVWGDXQGZLUG GLFKEHVFKW]HQ (UKDWWHVLFKDQVLHJHNODPPHUWXQGOLHVLHQLFKWORV6RVFKOLHIHU VFKOLHOLFKHLQDEHUVHOEVWLP6FKODINODPPHUWHHUVLFKQRFKLPPHUDQVLH $UPHU-XQJH 6HLQH6WLUQZDUVFKZHLQDXQGVHLQ.|USHU]LWWHUWHXQWHUGHQVFKZHUHQ $OSWUlXPHQGLHLKQSODJWHQ 'LH0XWWHUZDJWHQLFKWLKQDOOHLQ]XODVVHQ6LHVWDQGQXUGDXQGVWUHLFKHOWH LKQXQGIOVWHUWHEHUXKLJHQG=ZLVFKHQGXUFKEOLFNWHVLHGXUFKGLH)HQVWHULQ XQHUJUQGOLFKH)HUQHQXQGGDFKWHGDEHLDQLKUHHLJHQHQ 0lGFKHQSKDQWDVLHQ )UVLHZDUHVQLHVRVFKOLPPJHZHVHQ VLHKDWWHLKUH7UlXPHVWHWVDOV DQJHQHKPHPSIXQGHQXQGGDV%HGUIQLVYHUVSUWLQVLHDXI]XJHKHQPLW LKUHP*HLVWGXUFKDQGHUH'LPHQVLRQHQ]XUHLVHQXQGDOOGLH)UHPGHQ NHQQHQ]XOHUQHQGHUHQ*HGDQNHQDXIVLHHLQVWU|PWHQ ,UJHQGZDQQVWHOOWHVLHEHUUDVFKWIHVWGDVLFKGHU$EHQGEHUGLH6WDGW JHVHQNWKDWWH'LH6RQQHVWDQGEHUHLWVGLFKWEHUGHQ+JHOQDP+RUL]RQW .OHLQH6FKlIFKHQZRONHQZDUHQDXIJH]RJHQ6HOWVDPIXQNHOQGH 6FKlIFKHQZRONHQ6LHJOLW]HUWHQZLH(LVNULVWDOOH 8QGDXIHLQPDO]RJHQVLFKGLH6FKlIFKHQZRONHQ]XHLQHUHLQ]LJHQ ]XVDPPHQXQGVFK|VVHQJHUDGHZHJVDXIVLHXQG*OHQ]X'LHYHUGLFKWHWH JHEDOOWH:RONHDXV(LVNULVWDOOHQSUDOOWHJHJHQGLH)HQVWHUVFKHLEHYRQ*OHQV =LPPHUOLHGLHVHH[SORVLRQVDUWLJEHUVWHQXQGIOOWHGHQ5DXPPLWLKUHU .lOWH 'LH7HPSHUDWXUVDQNLQQHUKDOEYRQ6HNXQGHQEUXFKWHLOHQXP*UDG &HOVLXV 0XWWHU$OODFKLHZXUGHVFKRFNDUWLJWLHIJHIURUHQXQGVWDUEDOVVLHQDFKGHP 6FKZXQGGHVHLVLJHQ+DXFKHVZLHGHUDXIWDXWH 'HUNOHLQH*OHQDEHUYHUILHOLQHLQHQNRPDlKQOLFKHQ6FKODIDXVGHPHUQXU VHOWHQSKDQWDVLHUHQGDXIZDFKWH (UIDQGQXUQRFKHLQPDOLQVYROOH%HZXWVHLQ]XUFN 'DVZDUQDFKGHPPDQLKQLQV.UDQNHQKDXVHLQJHOLHIHUWKDWWH6HLQ9DWHU ZDUJHUDGH]X%HVXFKDOV*OHQGLH$XJHQDXIVFKOXJXQGVDJWH .HLQH.LQGHUWUlXPHPHKU3D,FKZHUGHGLFKQLHPHKUZLHGHUPLWVROFKHP 8QVLQQQHUYHQ ,QGLHVHP0RPHQWGDFKWHVHLQ9DWHUQRFKGDHUZHQLJVWHQVVHLQHQ6RKQ DOV0DQQ]XUFNEHNRPPHQZUGHZHQQHUVFKRQGLH)UDXYHUORUHQKDWWH $EHUGHUNOHLQH*OHQHUZDFKWHQLFKWPHKUDXVGHP.RPD
(VZDUHLQHUGLHVHUWULVWHQ-XQLWDJH'LH6WLPPXQJZDUDXIGHP1XOOSXQNW DQJHODQJWXQGQLFKWVSDVVLHUWHZDVVLHKlWWHKHEHQN|QQHQ 6RZDUHVDXFKVFKRQGHQJDQ]HQ0DLKLQGXUFKJHZHVHQ HLQ7DJHUHLJQLV XQGWURVWORVHUDOVGHUDQGHUHXQGHVVFKLHQNHLQH0HGL]LQJHJHQGLHVHQGDV *HPW]HUIUHVVHQGHQ0RORFK7ULVWHVVH]XJHEHQ6FKRQGHU$SULOZDUNHLQ JXWHU0RQDWJHZHVHQ$XFKGHQ0lU]PXWH PDQHLJHQWOLFKPLWHLQHP7UDXHUIORUXPUDQGHQ8QGHLJHQWOLFKZDUHV EHUKDXSWNHLQJXWHV-DKUGLHVHV1*=(VVFKLHQDOVVHL0HLVWHU 8GLYDUVHLW0RQDWHQMHGHQ7DJPLWGHPOLQNHQ)XDXIJHVWDQGHQ 8QGGDVDOOHVZHJHQ.DWHU&DOLJXOD &DOLJXODUHGHWQLFKWPHKUPLWPLU(UHU]lKOWPLUQLFKWVPHKUEHUVHLQH IUKHUHQ/HEHQ(VLVWDOVKlWWHHUGLH(ULQQHUXQJGDUDQYHUORUHQ:DVIU HLQ(OHQG'DVZDUZDV0HLVWHU8GLYDU]XGLHVHP7KHPD]XVDJHQKDWWH PHKUZDUYRQLKPQLFKW]XHUIDKUHQ )UKHUDOVDXI3KDGGRQ%HVXFKHUQRFKJHUQHJHVHKHQZDUHQGD KHUUVFKWHQ/HEHQVOXVWXQG)U|KOLFKNHLW'DPDOVKDWWH8GLYDUDXFKQRFK 5HLVHQ]XDQGHUHQ3ODQHWHQGHU*URHQ0DJHOODQVFKHQ:RONH XQWHUQRPPHQXQGGDQDFKYLHO]XHU]lKOHQJHZXW'RFKVHLW8GLYDUVOHW]WHU 5HLVH]XP)ORKPDUNWYRQ9HQWHUUR]X%HJLQQGLHVHVYHUIOL[WHQ-DKUHV KDWWHVLFKGDVVFKODJDUWLJJHlQGHUW 8GLYDUOXGNHLQH*lVWHPHKUHLQXQGZLHVDOOH%HVXFKHUGLHVHLQHQ5DW VXFKWHQRGHUDQVHLQHP:LVVHQVVFKDW]SDUWL]LSLHUHQZROOWHQVFKURIIDE ZDV LQGHQOHW]WHQIQI0RQDWHQJXW]ZHL'XW]HQGPDOSDVVLHUWZDU8QGVHLW VHLQHU5FNNHKUYRPYHQWHUULVFKHQ)ORKPDUNWKDWWH8GLYDUDXFKNHLQH HLQ]LJH5HLVHPHKUXQWHUQRPPHQ'DVODJGDUDQGDVLFK&DOLJXODV =XVWDQGVHLWGLHVHP$XVIOXJ]XP6FKOHFKWHQYHUl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
]XHUZHUEHQVHLHQZLHMHQH3URSKH]HLXQJHQHLQHUWHUUDQLVFKHQ :DKUVDJHULQGLH0DNNLDOV3UlVHQWPLWJHEUDFKWKDWWHGHQHQMHGRFKGHU 0DNHOHLQHUP|JOLFKHQ)lOVFKXQJDQKDIWHWH 9LHOOHLFKWZDUHQ8GLYDUXQG&DOLJXODLQ9HQWHUURHLQHUVSlWHQ5DFKHGHV 3XOWDIHUV]XP2SIHUJHIDOOHQ*RGHKDUGKlWWHGLHVEH]JOLFKJHUQHHLQH :DKUVFKHLQOLFKNHLWVEHUHFKQXQJDQJHVWHOOWDEHURKQH8GLYDUV=XVWLPPXQJ JHWUDXWHHUVLFKVROFKHVQLFKW8QGPLW8GLYDUZDUHLQIDFKQLFKW]XUHGHQ *RGHKDUGKDWWH-RXUQDOGLHQVWLQGLHVHU:RFKHXQGHUEHGDXHUWHGDGLH :RFKHEDOGXPZDU'HQQ-RXUQDOGLHQVWEHGHXWHWHGDHUGLH2EHUDXIVLFKW EHUVHLQHHOI5RERWHUNROOHJHQXQGGDUXPMHGH0HQJH]XWXQKDWWHZDVLKP $EZHFKVOXQJYHUVFKDIIWHVRGDHUGHPKHUUVFKHQGHQ7UEVLQQZHQLJVWHQV ]HLWZHLOLJHQWIOLHKHQNRQQWH =XVlW]OLFK]XVHLQHQVRQVWLJHQ3IOLFKWHQDOV0DMRUGRPXVPXWHHUQRFKGLH DOOWlJOLFKDQIDOOHQGHQ$UEHLWHQEHUQHKPHQXQGGDIUVRUJHQGDDOOHVZLH DP6FKQUFKHQOLHI8QGHVOLHIDEHUDOOHVLQVRHLQHUEHGUFNHQGHQ .DWHUVWLPPXQJGDPDQVLFKDPOLHEVWHQZHLGHU'HXEHOVHOEVW LUJHQGZRKLQJHELVVHQKlWWH 'LHVH)RUPXOLHUXQJKDWWH*RGHKDUGYRQVHLQHP0HLVWHUEHUQRPPHQGHU IUKHUZHQQHUZDKUKDIWYHUlUJHUWZDURGHU9HUlUJHUXQJQXUYRUWlXVFKWH ZHLO1DNNHQHEHQQLFKWVRHPRWLRQHOOVLQGXPVLFKJHKHQODVVHQ]XN|QQHQ ]XVDJHQSIOHJWH :HLGHU'HXEHOLFKN|QQWHPLFKVRQVWZRKLQEHLHQ :REHL'HXEHOGLHPXQGDUWOLFKH%H]HLFKQXQJIUHLQHQWHUUDQLVFKHQ'lPRQ ZDU *RGHKDUGEHJDQQXP0LWWHUQDFKWVHLQ7DJZHUNLQGHPHUVLFK6FKODJ1XOO 8KUEHL8GLYDULQGHVVHQ6FKDW]NDPPHUPLWGHP$UFKLYDXVXUDOWHQ WHUUDQLVFKHQ*HVFKLFKWVGRNXPHQWHQXQGGHQ%DWWHULHQYRQ'DWHQVSHLFKHUQ XQG/HVHJHUlWHQHLQIDQG 0HLVWHUHLQQHXHU7DJLVWDQJHEURFKHQNQGLJWH*RGHKDUGVHLQ.RPPHQ DXI+\SHUIUHTXHQ]DQ'DUILFKGLFKVW|UHQXPGLFKXPGHQ6SUXFKGHV 7DJHV]XELWWHQXQGPLWGLUGHQ7DJHVDEODXI]XEHVSUHFKHQ" ,QIUKHUHQ=HLWHQKlWWH8GLYDULKQGDIUGDHUVRPDXOIDXOZDUXQGIXQNWH DQVWDWW]XVSUHFKHQRUGHQWOLFKJHUJWXQG*RGHKDUGKDWWHGLHVDXFK SURYR]LHUHQZROOHQ$EHUGHU0HLVWHUZDUVRDSDWKLVFKGDHUEHUKDXSW QLFKWUHDJLHUWH *RGHKDUGEDKQWHVLFKGXUFKGLH7UPHDXVWHFKQLVFKHP*HUlWGHQ:HJLQ GHQKLQWHUVWHQ:LQNHOGHV$UFKLYVPLWGHUJHPWOLFKHQ/HVHHFNH'RUWVWDQG HLQDQWLNHVWHUUDQLVFKHV6RIDPLWHLQHP$UEHLWVWLVFKLQGHVVHQ$UEHLWVSODWWH HLQ6\QWURQWHUPLQDOHLQJHEDXWZDUXQGHLQHU/DPSHGLHHLQHQ VFKXPPHULJHQ/LFKWNUHLVYHUEUHLWHWH %HLP$QEOLFNGHVOHHUHQ6RIDVGDFKWH*RGHKDUGZHKPWLJGDUDQGDKLHU VRQVWLPPHU&DOLJXODJHWKURQWKDWWHXQGHVQXUDXVHUZlKOWHQ*lVWHQ HUODXEWHGLHVHQ3ODW]PLWLKP]XWHLOHQ .RUV*XGGHZDUHLQHUGLHVHU ZHQLJHQ$XVHUZlKOWHQJHZHVHQ-HW]WZDUGDV6LW]P|EHOYHUODVVHQYRQ &DOLJXODVHOEVWIHKOWHMHGH6SXU*RGHKDUG
KDWWHGHQWHUUDQLVFKHQ.DWHUVFKRQVHLW7DJHQQLFKWJHVHKHQ =XHUVWJODXEWHGHU5RERWHUGDDXFK8GLYDUDEZHVHQGVHL$EHUGDQQVDK HUGHVVHQOHHUHV([RVNHOHWWPLWGHPLQGLHPHFKDQLVFKH.ULHFKVRKOH HLQJHEDXWHQ$QWLJUDYDFKWORVLQGHU(FNHOLHJHQXQGZXWHGDGHU0HLVWHU QLFKWZHLWVHLQNRQQWH'HQQRKQHWHFKQLVFKH6WW]HZDU8GLYDUZLHMHGHU 1DNNY|OOLJKLOIORV (UNRQQWHRKQHVHLQHWHFKQLVFKHQ+LOIVPLWWHOLQGHU:HOWGHU0HQVFKHQ ZHGHUVHKHQK|UHQQRFKVSUHFKHQ DOOHVZDVHUEHVDZDUHQVHLQH' 6LQQH *RGHKDUGIDQGGHQ0HLVWHUY|OOLJQDFNWVRZLHHUGDV/LFKWVHLQHU +HLPDWZHOW1DQVDUHUEOLFNWKDWWHKLQWHUGHP6RID6HLQHV([RVNHOHWWV HQWNOHLGHWVDK8GLYDUZLHHLQHEHUGLPHQVLRQDOHWHUUDQLVFKH1DFNWVFKQHFNH YRQPHKUDOVHLQHLQKDOE0HWHUQ/lQJHDXV1XUGLHVHFKV3DDU 3VHXGRSRGLHQPLWGHQHQ8GLYDUZLHHLQ.DWHUGHUVHLQH.UDOOHQVFKlUIHQ ZROOWHEHUGLH5FNZDQGGHV6RIDVNUDW]WHVW|UWHQGLHVHQ(LQGUXFNHLQ ZHQLJ 0DQKDWWH8GLYDULQGHQOHW]WHQ0RQDWHQLPPHU|IWHULQGLHVHP=XVWDQGGHU 1DFNWKHLWDQJHWURIIHQVRDOVZROOHHUVLFKVHOEVWJHLHOQLQGHPHUDXIVHLQH '+LOIHQYHU]LFKWHWH 0HLVWHUGDUILFKGLFKVW|UHQ"V\PEROLVLHUWH*RGHKDUGDXIMHQHU +\SHUIUHTXHQ]DXIGHU1DNNHQHPSILQJHQXQGVHQGHWHQVRGDLKQ8GLYDU YHUVWHKHQNRQQWH0HLVWHUGHUQHXH7DJLVWDQJHEURFKHQXQGLFKELQKLHU XPLKQPLWGLU]XSODQHQ.|QQHQZLUGDV:HUNEHJLQQHQ":DVIUHLQ0RWWR JLEVWGXDXV":HOFKH%DXHUQUHJHOKDWIUKHXWH*OWLJNHLW" $FKUXWVFKPLUGRFKGHQ%XFNHOUXQWHUHUZLGHUWH8GLYDUDXIGLHJOHLFKH :HLVHXQG*RGHKDUGZXWHGDGLHVEORHLQHWHUUDQLVFKH3KUDVHXQG QLFKWZ|UWOLFKJHPHLQWZDU/DWPLFKLQ)ULHGHQPLWEO|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|QOLFKNHLWKHUUVFKWJOHLFKWGHP3RODUVWHUQ HUVWHKWXQEHZHJOLFKDQ VHLQHP2UWXQGDOOH6WHUQHXPNUHLVHQLKQ0DQNDQQVDJHQGDZLU XQVHUHQ3RODUVWHUQYHUORUHQKDEHQ)ROJHQGH%DXHUQUHJHOKDW*OWLJNHLW
5HJQHW VDP$QWRQLXVWDJZLUG V:HWWHUZLHHVPDJ8QVHUHU6WLPPXQJ HQWVSUHFKHQGVROOWHPDQHVUHJQHQODVVHQ (VZDUHLQHPRQRWRQH/LWDQHLXQGVLHYHUKDOOWHZLUNXQJVORVLQGHQ .RUULGRUHQXQG+DOOHQGHUGUHL.XSSHOQYRQ.OHLQ7HUUD*RGHKDUG EH]ZHLIHOWHGDLKPEHUKDXSWMHPDQG]XJHK|UWKDWWH(UKlWWHVLFK QDWUOLFKDXFKPLWWHOV+\SHULPSXOVHQEHPHUNEDUPDFKHQN|QQHQGHQHQVLFK NHLQHUGHUDQGHUHQHOI5RERWVKlWWHHQW]LHKHQN|QQHQGRFKGDVZDUJHJHQ GLH+DXVRUGQXQJ 'HQQHLQ3XQNWGLHVHUYRQ8GLYDUHUODVVHQHQ*HERWHEHVDJWH 6HLVR PHQVFKOLFKZLHP|JOLFKXQGGD]XJHK|UWH HVQDFK0|JOLFKNHLW]XVSUHFKHQVLFKDOVRDNXVWLVFK]XlXHUQXQGQLFKW IUPHQVFKOLFKH2KUHQXQK|UEDUH,PSXOVHGXUFKGHQ+\SHUUDXP]XMDJHQ $XVJHQRPPHQYRQGLHVHU5HJHOZDUHLQ]LJXQGDOOHLQ&DOLJXODZHLOHUQLFKW DQGHUVNRQQWHDOVVLFK8GLYDUXQGDXVVFKOLHOLFKGHP0HLVWHUDXI K|KHUGLPHQVLRQDOHU(EHQHPLW]XWHLOHQ $EHUGDVZDUQLFKWUHOHYDQWGHQQQDFK8GLYDUVHLJHQHU$XVVDJHZDU &DOLJXODVHLWGHP%HVXFKGHV-DKUPDUNWVYRQ9HQWHUURYHUVWXPPW :DVIUHLQ-DPPHUVSUDFK*RGHKDUGGHP0HLVWHUQDFK 1DFKGLHVHP0RUJHQUXIEHJDQQ*RGHKDUGVHLQHQ5XQGJDQJXQGVFKOHSSWH VLFKDXIVHLQHQPHKUJHOHQNLJHQ5|KUHQEHLQHQWUlJHYRQ.RQWUROOSXQNW]X .RQWUROOSXQNW 6HLW&DOLJXODYRUEHUHLQHP-DKUQDFK3KDGGRQJHNRPPHQZDUXQGDQ 8GLYDUV6HLWHKLHUOHEWHKDWWHVLFKLQGHU'UHL.XSSHO5HVLGHQ]HLQLJHV YHUlQGHUW1LFKWQXUGDQLFKWJDQ]NODUZDUZHUKLHUZLUNOLFKGHU+HUUZDU GHU1DNNRGHUGHUWHUUDQLVFKH.DWHUVRZDULQGHQGUHLhEHUOHEHQVNXSSHOQ GHUDWPRVSKlUHQORVHQ:HOWDOOHVQRFKPHKUWHUUDQLVLHUWZRUGHQ (VJDEQXQHLQ7HUUDULXPHLQHQK\GURSRQLVFKHQ*DUWHQLQGHPWDXVHQG YHUVFKLHGHQH3IODQ]HQJHGLHKHQYRQGHU2UFKLGHHELV]XU'LVWHOYRP /|ZHQ]DKQELV]XP2OHDQGHU(LQHOLHEOLFKHNOHLQHWHUUDQLVFKH|NRVSKlUH PLWHLQHP%LRWRSLQGHPVLFKVRJDUHLQLJHQLHGULJH,QVHNWHQDUWHQHQWZLFNHOW KDWWHQ VHKU]X&DOLJXODV)UHXGHGHQQHUMDJWH]XJHUQH0FNHQ$EHUGDV ZDUHLQPDO (VZDUHLQPDOPXUPHOWH*RGHKDUGYROOHU:HKPXW(VZDUVFKRQODQJH KHUGD0HLVWHU8GLYDUPLW GLHVHQYHUKHLXQJVYROOHQ:RUWHQHLQH*HVFKLFKWHHLQJHOHLWHWKDWWH *RGHKDUGZDUMDQXUHLQ5RERWHUDEHUVHLQHNQVWOLFKH,QWHOOLJHQ]ZLHV QHEHQGHQPLWHLQHPUDIILQLHUWHQ$OJRULWKPXVDXVJHVWDWWHWHQ/HUQNUHLVHQ QRFKHLQSDDUZHLWHUH%HVRQGHUKHLWHQDXIGLHHVLKPHUODXEWHQ*HIKOH ZHQQVFKRQQLFKWHFKW]XHPSILQGHQVR]XPLQGHVWQDFK]XYROO]LHKHQ8QG GLHVHUODXEWHHVLKP%HGDXHUQGDUEHU]XHPSILQGHQGD8GLYDUNHLQH *HVFKLFKWHQPHKUHU]lKOWH'HU0HLVWHUZDUQlPOLFKHLQJXWHU *HVFKLFKWHQHU]lKOHU *RGHKDUGVHXI]WHZlKUHQGHUGLH7HPSHUDWXUXQG/XIWIHXFKWLJNHLWLP 7HUUDULXPEHUSUIWHXQG]XGHP6FKOXNDPHV]XPLQGHVWKLHUHLQZHQLJ
UHJQHQ]XODVVHQ(UVFKDOWHWHGLH%HULHVHOXQJVDQODJHHLQXQGZHFKVHOWHLQ GLHQlFKVWH$EWHLOXQJEHU (LJHQWOLFKKDQGHOWHHVVLFKGDEHLXP]ZHL$EWHLOXQJHQPLWJHWUHQQWHQ =XJlQJHQIU0LQLPXQGXVXQGGDV3ODQHWDULXPDEHUVLHZXUGHQEHLGHYRQ HLQXQGGHUVHOEHQ/DVHUHLQKHLWJHVWHXHUW,P3ODQHWDULXPNRQQWHPDQGDV 6ROV\VWHPPLWDOOHQ3ODQHWHQXQGGHUHQ.RQVWHOODWLRQHQDXVDOOHQ=HLWHQGLH 0LOFKVWUDHRGHU$XVVFKQLWWHGDYRQXQGGLH*DOD[LHQGHU/RNDOHQ*UXSSH GHUJHVDPWHQ0lFKWLJNHLWVEDOOXQJGHU6XSHULQWHOOLJHQ](6QDWXUJHWUHX HQWVWHKHQODVVHQ :LHRIWKDWWHVLFK0HLVWHU8GLYDUIUKHUPLW&DOLJXODKLHU]XUFNJH]RJHQXP GXUFKVROFKHUDUWVLPXOLHUWH5HLVHQGXUFK=HLWXQG5DXPGHV.DWHUV (ULQQHUXQJDQVHLQHIUKHUHQ/HEHQDOV*UHUU.RQIX]LXV'D9LQFLRGHU 5DWEHU7RVWDQ]XZHFNHQ *RGHKDUGEHU]HXJWHVLFKQXUGXUFKHLQHQREHUIOlFKOLFKHQ%OLFNGDYRQGD GDV3ODQHWDULXPOHHUZDUXQGZDQGWHVLFKGHP]ZHLWHQ(LQJDQJ]X 0LQLPXQGXVZDULQHLQHUQRFKNOHLQHUHQ.DELQHDOVGDVHWZDVJUR]JLJHU JHVWDOWHWH3ODQHWDULXPXQWHUJH EUDFKWLQGHUOHGLJOLFKIUGUHL]HKQ3HUVRQHQXQGHLQHQWHUUDQLVFKHQ +DXVNDWHU3ODW]ZDU(VJDEHLQXQVFKHLQEDUHV.RPPDQGRSXOWEHUGDV PDQHLQHQ+RORSURMHNWRUVWHXHUQNRQQWH'LHVHUNRQQWHHLQHQDWXUJHWUHXH 6LPXODWLRQYRP7HUUDQLDGHV-DKUHVHUVFKDIIHQ0DQNRQQWHZLHPLW HLQHP*OHLWHUGXUFKGLH+lXVHUVFKOXFKWHQIOLHJHQNRQQWHGHQ$EVWLHJLQV +4+DQVHVLPXOLHUHQRGHUDXFKGHQ5DXPKDIHQEHVLFKWLJHQXQGYLHOHV DQGHUHPHKU 0LQLPXQGXVZDUVHLW0RQDWHQQLFKWPHKURIIL]LHOOEHQW]WZRUGHQ=ZDUKDWWH VLFKJHOHJHQWOLFKPDOHLQHUGHU5RERWHUKLQHLQEHJHEHQXQGGLH+RORJUDILH GHUWHUUDQLVFKHQ+DXSWVWDGWDNWLYLHUWXP0HLVWHU8GLYDURGHUJDU&DOLJXOD DQ]XORFNHQ$EHUGDGLHVH$QLPDWLRQVYHUVXFKHQLFKWVJHIUXFKWHWKDWWHQ IKUWH0LQLPXQGXVVHLWGHPHLQ0DXHUEOPFKHQGDVHLQZLH8GLYDUHV DXVJHGUFNWKlWWH *RGHKDUGZDUIQXUHLQHQIOFKWLJHQ%OLFNLQGLHVH$EWHLOXQJXQGZROOWHVFKRQ ZHLWHUJHKHQDOVHUGDVSURYR]LHUHQGH4XLHNHQHLQHUPHFKDQLVFKHQ0DXV YHUQDKP(UKLHOWDQXQGYHUIROJWHPLWVHLQHP3HLOHUGLHIQIGLPHQVLRQDOH 6SXUGLHGHU.|GHUOHJWH(LQH+RIIQXQJNHLPWHLQ*RGHKDUGDXI$EHU GDQQVDXVWHGLHJUDXHSHO]LJH$WWUDSSH]ZLVFKHQVHLQHQ5|KUHQEHLQHQ KLQGXUFKXQGZLHVHOWH]XP$XVJDQJGHV3ODQHWDULXPVXQGYHUVFKZDQG TXLHFNHQGLQHLQHPGHU.RUULGRUH:LHODQJH*RGHKDUGDXFKZDUWHWH &DOLJXODNDPQLFKWKLQWHUKHUJHZHW]W (VLVWMDPPHUVFKDGHGD&DOLJXODDXFKVHLQHQ-DJGWULHEYHUORUHQKDW PXUPHOWH*RGHKDUGEHGDXHUQG:RKLQHUVLFKQXUYHUNURFKHQKDEHQPDJ" (VJDELQGHU.XSSHO5HVLGHQ]WDXVHQGXQGPHKU9HUVWHFNHLQGLHVLFK &DOLJXOD]XUFN]LHKHQNRQQWHXQGEHUDOOZDUHQ6FKOXSIO|FKHULQVWDOOLHUW ZRUGHQVRGD
GHU.DWHUVHLQHHLJHQHQ:HJHJHKHQNRQQWH$EHUZLHHVVFKLHQZDUHQDOOH )OXFKW|IIQXQJHQDQGHQHQ*RGHKDUGYRUEHLNDPVHLWHLQHU(ZLJNHLWQLFKW PHKUEHQW]WZRUGHQ8QGDXIGLHPHFKDQLVFKHQ0lXVHUHDJLHUWH&DOLJXOD VFKRQODQJHQLFKWPHKU 8GLYDUKDWWHGLHVHKlOLFKHQNOHLQHQ3VHXGR5RERWVEHUGLH.RVPLVFKH +DQVHYRQHLQHPWHUUDQLVFKHQ7LHUSV\FKRORJHQEH]RJHQGHUEHKDXSWHW KDWWHVLHZUGHQPGHDSDWKLVFKHVH[XQGIUHXQOXVWLJHWHUUDQLVFKH +DXVNDW]HQZLHGHUPXQWHUPDFKHQ$XI&DOLJXODYHUIHKOWHQVLHMHGRFKLKUH :LUNXQJWRWDO :LHZDUGHPDUPHQ.DWHUQXU]XKHOIHQ" *RGHKDUGVHW]WHVHLQH5XQGHGXUFKGLHYHUVFKOXQJHQHQ.RUULGRUHIRUW(U JHODQJWHGXUFKGHQ6FKDFKWQDFKREHQLQGHQ.OHLQKDQJDULQGHPGLH '(/3+,0HLVWHU8GLYDUVHLJHQZLOOLJHV.OHLQUDXPVFKLIIVFKRQVHLW0RQDWHQ XQEHQXW]WVWDQG+LHUKDWWHVLFKQLFKWVYHUlQGHUWXQGLQGHUNQVWOLFK DEJHODJHUWHQ6WDXEVFKLFKWIDQGHQVLFKQDWUOLFKDXFKNHLQH$EGUFNHYRQ .DW]HQSIRWHQ *RGHKDUGVHXI]WHZLHGHUHLQPDOXQGNHKUWHLQGLH.XSSHO5HVLGHQ] ]XUFN(UFKHFNWHJHUDGHREHUVLFKQXQ8GLYDUV$UFKLYDQQHKPHQRGHU VLFKOLHEHUGHU3IOHJHGHV7HUUDULXPVZLGPHQVROOHDOVLKQHLQ$ODUPLPSXOV HUUHLFKWH (UKlWWHGLH$XVZHUWXQJGHV$ODUPVQDWUOLFKPLWWHOVVHLQHUHLQJHEDXWHQ +\SHUJHUlWHYRUQHKPHQN|QQHQ$EHUGDVZlUHQLFKWPHQVFKOLFKJHZHVHQ 6RVFKQHOOLKQVHLQHPHKUJHOHQNLJHQ5|KUHQEHLQHWUXJHQHLOWHHULQGLH .RPPDQGR]HQWUDOH :DVIUHLQVWUDKOHQGHU0RUJHQ .HLQ:|ONFKHQWUEWHGHQD]XUEODXHQ+LPPHOYRQ*XQQDYDU'LHVHU3ODQHW ZDUVFKRQHLQVFK|QHV6WFN/DQG2EZRKOPDQ*XQQDYDUGHQ%HLQDPHQ (UGHYRQ*UR0DJHOODQJHJHEHQKDWWHNRQQWHVLFK9OLQG.HQVKRQQLFKW YRUVWHOOHQGDGLHHFKWH(UGHVLFKPLWGLHVHU:HOWPHVVHQNRQQWH :DVVROO VVDJWHHUVLFKXQGOLHGHQ.DXWDEDNLQKRKHP%RJHQGXUFKGLH /XIWVHJHOQ7HUUDZDUHEHQGLH:LHJHGHU0HQVFKKHLWXQGDXI*XQQDYDU KDWWHQ7HUUDQHUHUVWYLHOVSlWHUJHVLHGHOW )ULKQMHGHQIDOOVZDUVHLQH+HLPDWGDVVFK|QVWH)OHFNFKHQ(UGHGDVPDQ VLFKYRUVWHOOHQNRQQWH8QGGDV/DQG7DPQXOLQLP6GHQGHV.RQWLQHQWV /DSKURDLJZDUGLH3HUOHGHU6FK|SIXQJ (VZDUVHLQ/DQG+LHUZDUHU.|QLJ %HWWHODUP]ZDUDEHUXQXPVFKUlQNWHU+HUUVFKHU1XUGLH=LUSKHQYHUVXFKWHQ LKPGLHVH+HUUVFKDIWVWUHLWLJ]XPDFKHQ,P6RPPHUNDPHQVLHLQ
0LOOLDUGHQVFKZlUPHQDXVGHQ%ODGQRFK6PSIHQGHV1RUGHQVILHOHQEHU VHLQH)HOGHUKHUXQGYHUVHXFKWHQVHLQ9LHK %LVKHUKDWWHHUQRFKNHLQH0|JOLFKNHLWJHKDEWVLFKGLHVHUKDQGJURHQ EODXHQ6HJOHUPLWGHQJURHQ6FKHUHQ]XHUZHKUHQ$EHUHUKDWWHGHQ :LQWHUEHUHWZDVGD]XYHUGLHQWXQGVLFKHLQHQ*LIWERPEHU]XJHOHJW 8QGKHXWHZDUIUGHQ*OHLWHUGLH)HXHUWDXIH $QGLHVHPVWUDKOHQGHQ6SlWIUKOLQJVPRUJHQZROOWHHUQDFK1RUGHQIOLHJHQ XQGGLH%ODGQRFK6PSIHPLWHLQHP7HSSLFKDXV,QVHNWHQJLIWEHOHJHQ 0DOVHKHQREHVGLHVHQ6RPPHUZLHGHUHLQH,QYDVLRQYRQ=LUSKHQJLEW VDJWHHULQGLHNODUH/XIWKLQHLQ (UDWPHWHQRFKHLQPDONUlIWLJGXUFKGDQQVFKULWWHU HQWVFKORVVHQDXIGLH:HOOEOHFKVFKHXQH]XGLHHU]XHLQHP+DQJDUIUGHQ *LIWERPEHUXPIXQNWLRQLHUWKDWWH 'DJHVFKDKHV $XVGHPJHUDGHQRFKVRVWUDKOHQGHQ+LPPHOEHULKPVHQNWHVLFK XUSO|W]OLFKHLQODQJHU=XJYRQ6FKlIFKHQZRONHQXQGVFKRPLWXQJODXEOLFKHU 5DVDQ]DXIGHQ+DQJDU]X$XIGHP:HJ]XLKUHP=LHOZXUGHGHU%RGHQ YRQGHQ6FKlIFKHQZRONHQZLHYRQHLQHPULHVLJHQ3IOXJI|UPOLFKGXUFKIXUFKW (LQIURVWLJHU:LQGKDXFKWUDI9OLQG.HQVKRQDOVGLH6FKlIFKHQZRONHQDXV IXQNHOQGHQ(LVNULVWDOOHQEHUGHQ+DQJDUKLQZHJIXKUHQXQGZLHGHULQGHQ +LPPHOVWLHJHQ 9RQGHP+DQJDUDXV:HOOEOHFKXQGGHPGDULQXQWHUJHEUDFKWHQ*OHLWHUIHKOWH GDQDFKMHGH6SXU 8QJOl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lFKVWHQ3RVWHQGHU0LQWNDSSHQDQXQG PHOGHWHGHQ'LHEVWDKOVHLQHVIXQNHOQDJHOQHXHQ*OHLWHUV 'HQ%XUVFKHQVFKQDSSHQZLUXQV9OLQGYHUVLFKHUWH3UHJRQ7UDXJKGHU 3RVWHQNRPPDQGDQW$EHUHVZDUHLQOHHUHV9HUVSUHFKHQ ,QGHQ6SlWQDFKULFKWHQK|UWH9OLQGGD:LOGKWHULQGHQ%ODGQRFK6PSIHQ HLQHQGHIRUPLHUWHQ0HWDOONOXPSHQJHIXQGHQKDWWHQGHUHLQPDOHLQ )OXJJHIlKUWJHZHVHQVHLQPXWH 6LH]HLJWHQVRJDUHLQ%LOGGDYRQDEHU9OLQG.HQVKRQGDFKWHVLFKQLFKWV GDEHL (UZDULQ*HGDQNHQ]XVHKUPLWGHP9HUOXVWVHLQHV*OHLWHUVXQGGHUGDUDXV UHVXOWLHUHQGHQ([LVWHQ]EHGURKXQJEHVFKlIWLJW
(VZUGHQZLHGHUKDUWH=HLWHQZHUGHQ
$OV*RGHKDUGGLH=HQWUDOHHUUHLFKWHKDWWHVLFK+HULEHUWYRUGHP6\QWURQ EUHLWJHPDFKWXQGGDVLP6LQQHGHV:RUWHVGHQQ+HULEHUWZDUHLQ.DVWHQ PLW5lGHUQHLQHLQKDOE0HWHUEUHLW]ZHLHLQKDOEKRFKXQGHLQHQ0HWHUWLHI 8GLYDUYHUJOLFKLKQLPPHUPLWHLQHPDQWLNHQWHUUDQLVFKHQ6DIHDXI5lGHUQ +HULEHUWPDFKWHGHQ+DXSWUHFKQHUJHUDGHPLWVHLQHUEOHFKHUQHQ6WLPPHDQ 6\QWURQ6\QWURQLP.RPPDQGRVWDQGZHULVWGHU6FK|QVWHLP.XSSHO /DQG"VFKHSSHUWH+HULEHUW(UKDWWHDQVHLQHU9RUGHUVHLWHHLQHNUHLVUXQGH gIIQXQJDXIJHWDQLQGHUXQWHUHLQHPGLVKDUPRQLVFKHQ3IHLINRQ]HUWHLQ EXQWHV/LFKWHUVSLHODEOLHI 1RFKEHYRUGHU6\QWURQGHP8GLYDUGHQ1DPHQ6DORPRJHJHEHQKDWWH DQWZRUWHQNRQQWHZDU*RGHKDUG]XU6WHOOHGHVDNWLYLHUWHGHQ(QWHUWDLQHU 0RGXVXQGNRSSHOWHGHQ6\QWURQPLWGHP2UWXQJVV\VWHP'DEHLUJWHHU +HULEHUWPLWHLQHPDOWWHUUDQLVFKHQ6SULFKZRUW 6FK|QKHLWXQG9HUVWDQGVLQGVHOWHQYHUZDQGW'XHLWOHU3RSDQ]ELVWGD]X QRFKGHU+lOLFKVWHQHLQHU 8QG+HULEHUWNRQWHUWHVFKODJIHUWLJPLW&KULVWLDQ0RUJHQVWHUQV:RUWHQ 6FK|QLVWHLJHQWOLFKDOOHVZDVPDQPLW/LHEHEHWUDFKWHW *RGHKDUGKlWWHVLFKDPOLHEVWHQPLW7RUKHLWXQG6WRO]ZDFKVHQDXIHLQHP +RO]UHYDQFKLHUWDEHUGDQQKlWWH+HULEHUWYHUPXWOLFK)ULHGULFK5FNHUWV :RUWH:DKUHVXQG*XWHVZLUGVLFKYHUV|KQHQZHQQVLFKEHLGHYHUPlKOHQ LP6FK|QHQDOV5HWRXUNXWVFKHJHEUDXFKWXQGGDV5HGHGXHOOKl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|QHU5RERWHU]XVHLQELVHUHVVHOEVWZLUNOLFKJODXEWH1XU 8GLYDUKlWWHLKQYRQGLHVHU)HKOSURJUDPPLHUXQJKHLOHQN|QQHQ'RFKGHU 0HLVWHUZDUQLFKWEHUHLW+DQGDQ+HULEHUW]XOHJHQ(UWDWWDJDXVXQGWDJHLQ QLFKWVDQGHUHVDOVVHLQXQG&DOLJXODV6FKLFNVDO]XEHMDPPHUQ )UKHUZDUHQ8GLYDUVHLQH]Z|OI5RERWHUJXWJHQXJJHZHVHQ6HLWHUMHGRFK LQ&DOLJXODHLQHQ)UHXQGDXV)OHLVFKXQG%OXWJHIXQGHQKDWWHGDUHLFKWHQ LKPGLH0DVFKLQHQQLFKWPHKUDOV*HVHOOVFKDIWHU8QGGDUXPOLWWGHU0HLVWHU VROFKH6HHOHQTXDOHQVHLW&DOLJXODYRQLUJHQGHLQHPJHKHLPQLVYROOHQ9LUXV LQIL]LHUWZRUGHQZDUXQGGDKLQVLHFKWH8QGQLFKWVNRQQWH8GLYDUGLH)UHXGH
DP/HEHQ]XUFNJHEHQ6FKRQJDUQLFKWHLQPLWHLQHP1DU]LNRPSOH[ EHODVWHWHU+HULEHUW 'XQHLGHVWPLUGRFKQXUPHLQH6FK|QKHLWVDJWH+HULEHUWKHUDXVIRUGHUQG XPGLH'LVNXVVLRQZLHGHUDQ]XKHL]HQ =XP*OFNKHXOWHLQGLHVHP0RPHQWMHGRFKGLH$ODUPVLUHKHDXIXQGGHU ZLHGHUPLWGHP2UWXQJVV\VWHPJHNRSSHOWH6\QWURQPHOGHWH 5DXPVFKLIILP$QIOXJ(VKlOWJHUDGHZHJV.XUVDXI3KDGGRQ6HLQH *HVFKZLQGLJNHLWEHWUlJW.LORPHWHULQGHU6HNXQGH'LH(QWIHUQXQJ EHWUlJWQXUQRFKGUHL/LFKWPLQXWHQ5DXPVFKLIIPLWXQYHUPLQGHUWHU *HVFKZLQGLJNHLWDXI.ROOLVLRQVNXUVPLW3KDGGRQ (LQ5DXPVFKLIIIURKORFNWH+HULEHUW'DVEHGHXWHW%HVXFKHU9LHOOHLFKW KDQGHOWHVVLFKXPHLQHQYRQ8GLYDUV)UHXQGHQ:RP|JOLFKJDUXP.RUV *XGGH(UN|QQWHHLQ0LWWHOILQGHQXPGLH/HEHQVJHLVWHUXQVHUHV0HLVWHUV ]XZHFNHQ :HQQGXHLWOHU1DUUZHQLJHUGHLQHQ1DU]LNRPSOH[KHJHQXQGVWDWWGHVVHQ GHLQHQ9HUVWDQGJHEUDXFKHQZUGHVWZLHVLKQ*RGHKDUG]XUHFKWVR PWHVWGXHUNHQQHQGDPLWGLHVHP6FKLIILUJHQGHWZDVQLFKWVWLPPW(V IOLHJWPLWGHUVHOEHQ*HVFKZLQGLJNHLWZHLWHUPLWGHUHVDXVGHP+\SHUUDXP DXIJHWDXFKWLVW2IIHQEDUIXQNWLRQLHUHQGLH%UHPVV\VWHPHQLFKW2GHUGLH %HVDW]XQJLVWQLFKWHLQVDW]IlKLJ ,QGHU7DWEHVWlWLJWH+HULEHUW:LUPVVHQHWZDVXQWHUQHKPHQ 0DOVHKHQVDJWH*RGHKDUGZlKUHQGHUEHUHLWVPLWGHQ%HUHFKQXQJHQ EHVFKlIWLJWZDU=XP*OFNKDQGHOWHHVVLFKXPHLQHQ'LVNXVUDXPHUYRQQXU IQI]HKQ0HWHUQ'XUFKPHVVHU'LHJHULQJH0DVVHXQGGLH7DWVDFKHGD GDV.OHLQUDXPVFKLIIQLFKWEHVFKOHXQLJWHVRQGHUQLPIUHLHQ)DOOIORJ EHJQVWLJWHQHLQH5HWWXQJVDNWLRQ$EHUQRFKZDUHV]XZHLWHQWIHUQWXPHV PLWHLQHP7UDNWRUVWUDKOHLQ]XIDQJHQ *RGHKDUGVSUDFKGDV(UJHEQLVVHLQHUZHLWHUHQ%HUHFKQXQJHQODXWDXV :LUPVVHQZDUWHQELVGHU'LVNXVDXIHLQH0LOOLRQ.LORPHWHUKHUDQLVW'DQQ HUVWN|QQHQZLULKQPLWGHP7UDNWRUVWUDKOHLQIDQJHQVHLQH*HVFKZLQGLJNHLW GURVVHOQXQGLKQLQGHQ2UELWYRQ3KDGGRQOHQNHQ(UPDFKWHHLQHNXU]H 3DXVHGDQQVDJWHHU 6DORPREHUQLPPGXHVGHQ'LVNXVLQHLQHQ VLFKHUHQ2UELW]XEULQJHQ :LUGJHPDFKWEHVWlWLJWHGHU+DXSWUHFKQHU :lKUHQG*RGHKDUGLQGHU+ROR*UDILNEHREDFKWHWHZLHVLFKGHU 'LVNXVUDXPHUUDVHQGVFKQHOOGHUNULWLVFKHQ0LOOLRQHQ.LORPHWHU*UHQ]H QlKHUWHXQGGHQ&RXQWGRZQVWXPPPLW]lKOWHYHUVXFKWHHUSHU+\SHUIXQN 8GLYDUDXIGHU1DNNHQZHOOH]XHUUHLFKHQ$EHUREZRKOGHU0HLVWHULKQK|UHQ PXWHUHDJLHUWHHUDXIVHLQH$QUXIHQLFKW HVVFKLHQQLFKWV]XJHEHQZDV LKQLQV/HEHQ]XUFNUXIHQNRQQWHQLFKWVDXHU&DOLJXOD ,Q]ZLVFKHQKDWWHGHU'LVNXVGHQNULWLVFKHQ3XQNWHUUHLFKWXQGGHU 7UDNWRUVWUDKOWUDWLQ$NWLRQ6RIRUWVHQNWHVLFKGLH)OXJJHVFKZLQGNHLWGHXWOLFK XQGZDUDOVGDV6FKLIILQGHQ2UELWHLQVFKZHQNWHDXIHLQLJHWDXVHQG 6WXQGHQNLORPHWHUJHGURVVHOWZRUGHQ
'DV5DXPVFKLIILVWRUGQXQJVJHPlLP2UELWJHSDUNWDEHUGLH0DQQVFKDIW DQWZRUWHWQLFKWDXIGLH$XIIRUGHUXQJ]XU,GHQWLILNDWLRQPHOGHWHGHU6\QWURQ XQGHUNXQGLJWHVLFK 6ROOLFKGDV6FKLIIGRUWEHODVVHQRGHU]XU 3ODQHWHQREHUIOlFKHKHUXQWHUEULQJHQ"'DVP|FKWHLFKQLFKWVHOEVW HQWVFKHLGHQ6DORPRDQWZRUWHWH*RGHKDUGXQGVLJQDOLVLHUWHDXIGHU 1DNNHQIUHTXHQ] 'ULQJHQG,FKEUDXFKHLQHLQHUZLFKWLJHQ (QWVFKHLGXQJGHQ5DWYRQ0HLVWHU8GLYDU:LUKDEHQLP2UELWHLQHQ 0HWHU'LVNXVUDXPHUXQEHNDQQWHU%DXDUWXQG+HUNXQIWHLQJHIDQJHQ$XI )XQNVSUFKHEHNRPPHQZLUNHLQH$QWZRUW,FKP|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|YULHUXQIlKLJ]XVHLQZDQGWH*RGHKDUGHLQ 8QGZHUZHLZLHHVXPGLH0DQQVFKDIWVWHKWZHQQQLHPDQGDQWZRUWHW :DUXPKDOWHQZLUHVQLFKWPLW0ROWNH 8PJURH(UIROJH]XHUUHLFKHQPX HWZDVJHZDJWZHUGHQ :HQQGXGLFKRKQHKLQQLFKWDQPHLQH%HIHKOHKlOWVWZDUXPEHOlVWLJVWGX PLFKGDQQ"VFKLPSIWH0HLVWHU8GLYDU HVNODQJMHGRFKQLFKW]RUQLJVRQGHUQ HKHUWHLOQDKPVORV/DPLFKLQ5XKHXQGKDOWHHVZLHGXZLOOVW :LHGXPHLQVW0HLVWHU 2KQHODQJH]XEHUOHJHQHQWVFKLHGVLFK*RGHKDUG]XHLQHP.RPSURPL %RQLIDWLXV6HUYDWLXVIXQNHOWHHU,KUEHLGHNRPPWPLWPLULQGHQ2UELW:LU ZROOHQGDVXQEHNDQQWH5DXPVFKLIIXQWHUVXFKHQ 'DV%HLERRWGHU'(/3+,ZDUPLWHLQHU/lQJHYRQDFKW0HWHUQQLFKW EHVRQGHUVJUR'DHVMHGRFKQXUPLWHLQHP$QWLJUDY$QWULHEDXVJHUVWHW ZDUXQGNHLQHUOHLEHUIOVVLJH=XVDW]HLQULFKWXQJHQZLHHWZDHLQHPDQXHOOH 6WHXHUXQJEHVDERWHVQRWIDOOVJHQJHQG5DXPIU]ZDQ]LJ3HUVRQHQ )U$EUDKDP6HUYDWLXVXQG*RGHKDUGZlUHDOOHPDOJHQJHQG3ODW] JHZHVHQ'DVLHDEHUQLFKWZXWHQZLHVWDUNGLH%HVDW]XQJGHVNOHLQHQ 'LVNXVUDXPHUVZDUXQGREPDQVLHQLFKWDQ%RUGGHU)lKUHHYDNXLHUHQ PXWHEHIDKO*RGHKDUGGDVLHVLFKDOOHUQLFKWIUGHQ(LQVDW]QRWZHQGLJHQ 0RGXOHHQWOHGLJWHQ *RGHKDUGVHOEVWEHVWDQGGDQDFKQXUQRFKDXVHLQHPKRKOHQ5|KUHQZUIHO PLWHLQHU.DQWHQOlQJHYRQVHFK]LJ=HQWLPHWHUQXQGGHQVHFKVPLW :HUN]HXJHQEHVWFNWHQ+DQGOXQJVDUPHQ GLHVHNRQQWHHUZlKUHQGGHV
)OXJHVHQWVSUHFKHQGDEZLQNHLQVRGDVLHLP+RKOUDXPVHLQHV :UIHONRUSXV3ODW]KDWWHQ $EUDKDPZDUQXUQRFKHLQDFKW]LJ=HQWLPHWHUKRKHU=\OLQGHUPLWHLQHP 'XUFKPHVVHUYRQYLHU]LJ=HQWLPHWHUQDXVGHPREHQHLQ PHQVFKHQIDXVWJURHU.RSIDXIHLQHP7HOHVNRSKDOVUDJWH GLH :HUN]HXJDUPHZDUHQHEHQIDOOVHLQ]LHKEDU'LH([WUHPLWl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lQGHUQ]RJ XQGGHQ'LVNXVTXDVLLQ]ZHL+lOIWHQWHLOWHXQNHQQWOLFKJHZRUGHQ'LH $XHQKOOHVDKDXIHLQHU/lQJHYRQYLHU]HKQ0HWHUQDXVDOVZlUHVLHPLW HLQHUPHWDOO]HUVHW]HQGHQ6lXUHEHJRVVHQZRUGHQ'LHEHLGHQ%XFKVWDEHQ GHUOHW]WHQ6LOEHGHV6FKLIIQDPHQVZDUHQHLQ*XQGHLQ$ 'DUDXVHUJDEVLFKHLQGUHLVLOELJHU1DPHPLW]ZHL)UDJH]HLFKHQ 48$""*$ 6FKRQGLHHUVWHREHUIOlFKOLFKH2UWXQJ]HLJWHGDGDVIODFKH.OHLQUDXPVFKLII HLQHVWDUNH'6WUDKOXQJLPQLHGHUIUHTXHQWHQ%HUHLFKHPLWWLHUWH'LH 6WUDKOXQJZDUXQEHNDQQWHU1DWXU1LFKWQXUGDGLH*HUlWHGHUGUHL5RERWHU QLFKWLQGHU/DJHZDUHQVLH]XDQDO\VLHUHQYHUXUVDFKWHVLHQRFKVR XQEHUHFKHQEDUH6W|UHIIHNWHGDDQHLQH'XUFKOHXFKWXQJGHV6FKLIIHVQLFKW ]XGHQNHQZDU 'LHVH6WUDKOXQJPDFKWPLFKJDQ]NRQIXVIXQNWH$EUDKDPZlKUHQGHU KLQWHU*RGHKDUGDXVGHP%HLERRWVWLHJ 0LUJHKWHVQLFKWYLHOEHVVHUHUZLGHUWH*RGHKDUGDXI+\SHUZHOOH$EHUGD KLOIWPLUGHU6SUXFKYRQ&KULVWLDQ0RUJHQVWHUQ /HEHQLVWGLH6XFKHGHV 1LFKWVQDFKGHP(WZDV :LHLVWGDV]XYHUVWHKHQ"ZROOWH$EUDKDPZLVVHQ+DWPLFKGLHVH' 6WUDKOXQJVFKRQVRYHUZLUUWGDLFKQLFKWEHJUHLIH"0LUIDOOHQGD]XQXU2ODI *XOEUDQVVRQV:RUWHHLQ (LQ*RWWLVWGHU0HQVFKZHQQHUWUlXPWHLQ%HWWOHU ZHQQHUQDFKGHQNW (VOLHJWDQGHU6WUDKOXQJEHVWlWLJWH*RGHKDUG(UYHUVWDQGGHQ6LQQ VHLQHVHLJHQHQ=LWDWVQLFKWPHKUXQGPXWHVLFKVHKUNRQ]HQWULHUHQXP QLFKW]XYHUJHVVHQ ZDUXPVLHHLJHQWOLFKLQGHQ2UELWJHNRPPHQZDUHQ(UYHUNQGHWH 'HQNHQ ZLUQLFKWKDQGHOQZLU
,QGHPHUGDV5HWWXQJV3DNKLQWHUVLFKQDFK]RJVFKZHEWH*RGHKDUG]XU 0DQQVFKOHXVHGHV'LVNXV6LHZDUZLHQLFKWDQGHUV]XHUZDUWHQ YHUVFKORVVHQ :LUPVVHQJHZDOWVDPHLQGULQJHQIXQNWH*RGHKDUG$EHUPLWDOOHU JHERWHQHQ9RUVLFKW9LHOOHLFKWOHEWGLH%HVDW]XQJQRFK%DXHQZLUHLQ 6FKXW]VFKLUP,JOXGDPLWEHLP|IIQHQGHV6FKRWWVGLH/XIWQLFKWLQV9DNXXP HQWZHLFKHQNDQQ 'DVLVWJXWVWLPPWH$EUDKDP]X-DXQGJXW LVWJXW'HQQZLHVFKRQHLQ 6SULFKZRUWVDJW :HUQLFKWV*XWHVWXWWXWVFKRQ%|VHVJHQXJ ,FKNRPELQLHUHGDHVGLFKHUZLVFKWKDW$EUDKDPVDJWH*RGHKDUGXQG PDFKWHVLFKDOOHLQDQGLH$UEHLW(UHQWQDKPGHP5HWWXQJV3DNGHQ KDQGOLFKHQ6FKXW]VFKLUPSURMHNWRUXQGEUDFKWHLKQVHLWOLFKGHV6FKRWWVDQGHU 6FKLIIVKOOHDQ'DQQ]RJHU$EUDKDP]XVLFKEDXWHHLQHQNXSSHLI|UPLJHQ 6FKXW]VFKLUPPLWYLHU0HWHUQ'XUFKPHVVHUDXIXQGSXPSWHLQGLHVHQ 6DXHUVWRII 'DQDFKHUVWPDFKWHHUVLFKGDUDQGDV6FKRWW]XNQDFNHQ'DVILHOLKP ZHLWHUQLFKWVFKZHUGHQQHUKDWWHDXIGLHVH:HLVHVFKRQ|IWHUGHQ(LQVWLHJ GHU'(/3+,IU8GLYDU|IIQHQPVVHQZHQQGLHVHUNOHPPWH 0LQXWHQVSlWHUVFKZDQJGDV6FKRWWPLWHLQHPNDXPK|UEDUHQ=LVFKHQDXI HLQGHXWLJHV=HLFKHQGDIUGDDQ%RUGQRUPDOHU/XIWGUXFNKHUUVFKWH *RGHKDUGIXKUGLH:HUN]HXJHHLQXQGKDQJHOWHVLFKDQVHLQHQ +DQGOXQJVDUPHQGXUFKGLH/XIWVFKOHXVH$EUDKDPWDWHVLKPJOHLFK$OV *RGHKDUGGHQGDKLQWHUOLHJHQGHQ5DXPHUUHLFKWHEOLHEHULQJHVSLHOWHP (UVWDXQHQVWHKHQXQGULHIDXV $FKGXJUQH1HXQH:DVLVWKLHUSDVVLHUW" (VJUQWDXFKVRJUQZHQQ6SDQLHQV*lUWHQEOKHQVDQJ$EUDKDP KLQWHULKPHLQHXUDOWH/LWXUJLH GLHQLFKWHLQPDO0HLVWHU8GLYDUVRULFKWLJHLQ]XRUGQHQYHUPRFKWH *RGHKDUGEHPHUNWHZLH$EUDKDPVHLQHQ7HOHVNRSKDOVVRZHLWDXVIXKUZLH HUNRQQWHXQGDQ*RGHKDUGYRUEHLEOLFNWH(UVDKYRUVLFKHLQ XQEHUVFKDXEDUHV&KDRVDXVYHUIRUPWHQXQGGXUFKEURFKHQHQ =ZLVFKHQZlQGHQ GHU%RGHQZDUJHZHOOWXQGZDUIDQPDQFKHQ6WHOOHQ %ODVHQ/LQNVYRQLKQHQEHIDQGVLFKHLQDXVJH]DFNWHV/RFK *RGHKDUGVWLHVLFKPLWGHQ+DQGOXQJVDUPHQYRQGHU:DQGDEXQG VFKZHEWHLQGHU6FKZHUHORVLJNHLWGDUDXI]X$OVHUGLHgIIQXQJHUUHLFKWH NRQQWHHUGXUFKHLQH]ZHLWHGXUFKEURFKHQH:DQGJHUDGHZHJVLQGLH 6WHXHU]HQWUDOHEOLFNHQ(UVDKZLHHLQUHJORVHU.|USHUDQGHUgIIQXQJ YRUEHLVFKZHEWHJHJHQHLQH:DQGVFKOXJXQGYRQGLHVHULQGLH HQWJHJHQJHVHW]WH5LFKWXQJJHWULHEHQZXUGH (LQ0HQVFK(LQ7HUUDQHU(LQ0DQQULHIHUXQGVWLHVLFKNUlIWLJLQ 5LFKWXQJ=HQWUDOHDE'DEHLKDWWHHUGHV*XWHQMHGRFK]XYLHOJHWDQ
(UIORJZLHHLQ*HVFKRTXHUGXUFKGLH.RPPDQGR]HQWUDOHXQGSUDOOWHJHJHQ GLHJHJHQEHUOLHJHQGH:DQG(UVWKLHUIDQGHUPLWVHLQHQ*UHLIZHUN]HXJHQ +DOWXQGNDP]XP6WLOOVWDQG :DVLVWGHQQGDV"ULHIHU'LH:DQGDQGHUHUVLFKIHVWNODPPHUWHEHVWDQG DXVHLQHPUDXKHQVFKODFNHDUWLJHQ0DWHULDOXQGWHLOWHGLH=HQWUDOHYRP %RGHQELV]XU'HFNHLQ]ZHL+lOIWHQ(UNORSIWHGDJHJHQXQGYHUQDKPHLQ GXPSIHVQLFKWDQ0HWDOOHULQQHUQGHV*HUlXVFK ,FKJHKHMHGH:HWWHHLQGDGLHVH:DQGGHQJDQ]HQ'LVNXVDQGHU6WHOOH GXUFKWHLOWDQGHPZLUGLH6FKUDPPHDXIGHU$XHQKOOHJHVHKHQKDEHQ JDEVLFK*RGHKDUGGLH$QWZRUWVHOEVW$OVKDEHHLQ5LHVHPLWVHLQHP%HLO GDV6FKLIIJHWURIIHQ 1DFKGHPZLUGDVHUXLHUWKDEHQN|QQWHQZLUGDQLFKWZLHGHUKHLPNHKUHQ" PHLQWH$EUDKDP0LUJHIlOOWHVKLHUQLFKW'LHVHVFKZHEHQGH/HLFKHPDFKW PLFKJDQ]QHUY|V /HLFKH"ZLHGHUKROWH*RGHKDUGXQGUXFNWHKHUXP(UVDKGHQUHJORVHQ .|USHUKLQWHUVLFKGXUFKGLH.RPPDQGR]HQWUDOHWUHLEHQXQGGDVZHFNWHLQ LKPHLQH5HLKHYRQ$VVR]LDWLRQHQ6RWUlJHXQGVFKZHUIlOOLJVHLQ 'HQNYHUP|JHQGXUFKLUJHQGZHOFKHlXHUHQ(LQIOVVHDXFKJHZRUGHQZDU IDQGHUGRFKGLHULFKWLJH$QWZRUW 'HVZHJHQVLQGZLUKLHU$EUDKDPULHIHULQSO|W]OLFKHU(UNHQQWQLVDXV:LU PVVHQGLHVHQ0DQQEHUJHQ9LHOOHLFKWOHEWHUQRFK *RGHKDUGVWLHVLFKVDQIWYRQGHUVFKODFNHDUWLJHQ:DQGDEVFKZHEWH]X GHUUHJORVWUHLEHQGHQ*HVWDOWKLQXQGNRQQWHVLHJHUDGHDEIDQJHQEHYRUVLH ZLHGHUXPJHJHQGLH:DQGSUDOOWH 'HU0DQQZLUNWHMXJHQGOLFK6HLQ*HVLFKWKDWWHHLQHVRQQHQJHW|QWHJODWWH +DXWQXUGLHXQWHUH+lOIWHZDUYRQ%DUWVWRSSHOQEHUVlW$XIGHU6WLUQKDWWH HUHLQHEOXWYHUNUXVWHWH6FKUIZXQGH'DVODQJHEORQGH+DDUVWDQGLKPZLUU YRP.RSI(UWUXJHLQHJUDXH.RPELQDWLRQGLHDQGHQ$UPJHOHQNHQXQGDQ GHQ.QLHQ]HUULVVHQZDUVRDOVVHLHUODQJHEHUHLQHUDXKH2EHUIOlFKH JHUREEW*RGHKDUGEOLFNWHXQZLOONUOLFK]XGHUVHOWDPHQ6FKODFNHZDQGGDQQ EHVDKHUVLFKZLHGHUGHQ0DQQGLHVPDOXQWHU]RJHULKQDEHUHLQHU JHQDXHUHQhEHUSUIXQJ 6HLQ0XQGZDUJHVFKORVVHQDEHUDXVVHLQHQ1DVHQO|FKHUQNDPHLQZDUPHU /XIWVWURPXQGGLH.RPELQDWLRQEHUVHLQHP+HU]HQKREXQGVHQNWHVLFK NDXPPHUNOLFK 'DVLVWNHLQH/HLFKHULHI*RGHKDUGWULXPSKLHUHQG 'LHVHU0HQVFKOHEW :LUQHKPHQLKQPLW:lKUHQGLFKLKQ]XXQVHUHP%HLERRWEULQJH GXUFKVXFKVWGXGDV6FKLII QDFKDQGHUHQ%HVDW]XQJVPLWJOLHGHUQ)DOOVGXMHPDQGHQILQGHVWVWXIHLKQ QLFKWYRUVFKQHOODOV/HLFKHHLQ (VLVWGRFKVR -HGHUPDQQYHUWUDXHQLVW7RUKHLWDEHUQLHPDQGHPYHUWUDXHQ LVW1DUUKHLWVDJWH$EUDKDPLQEHOHLGLJWHP7RQ
*RGHKDUGKDWWH]ZDUNHLQ9HUWUDXHQLQ$EUDKDPXQGDPOLHEVWHQKlWWHHU GDV'LVNXVVFKLIIVHOEVWQDFKZHLWHUHQhEHUOHEHQGHQGXUFKVXFKW$EHU DQGHUHUVHLWVZROOWHHULKPDXFKQLFKWGLHVHQ0DQQDQYHUWUDXHQZHLO $EUDKDPYHUZLUUWZLHHUGXUFKGLHVHXQKHLPOLFKH'6WUDKOXQJZDULKQ QRFKZRP|JOLFKGHP9DNXXPDXVJHVHW]WKlWWH*RGHKDUGGDJHJHQKDWWH YRUHLQHQ(QHUJLHWXQQHOYRP'LVNXV]XP%HLERRW]XVFKODJHQXQGGHQ 9HUXQJOFNWHQGXUFK]XVFKOHXVHQ :HQQGDVJHVFKDIIWZDUZROOWHHUXPNHKUHQXQG$EUDKDPEHLGHU 'XUFKVXFKXQJGHV'LVNXVUDXPHUVQDFKZHLWHUHQ%HVDW]XQJVPLWJOLHGHUQ EHKLOIOLFKVHLQ (UKlWWHVLFKGLHVH0KHVSDUHQN|QQHQ 'HU%HZXWORVHZDUGDVHLQ]LJH/HEHZHVHQDQ%RUG 9LHU]HKQ7DJHQDFKGHP3UHJRQ7UDXJKGLH'LHEVWDKODQ]HLJHYRQ9OLQG HUKDOWHQKDWWHQDKPHUGHQ$QUXIHLQHV9LHK]FKWHUVDXVGHP2VWHQ HQWJHJHQ +H0LQWNDSSHKDE QHQ)DOOYRQ0DVVHQVFKODFKWXQJ]XPHOGHQVDJWH HLQHUDXKH6WLPPH,FKP|FKWHGHQ.HUONULHJHQ8QGGDQQGDVVHOEHPLW LKPPDFKHQZDVHUPHLQHP9LHKDQJHWDQKDW :HULVWGHQQHLJHQWOLFKGUDQ"6DJPLU]XHUVWGHLQHQ1DPHQ &RXQFK4XLUNHWW &RXQFKKDWWHLPEHUJLJHQ2VWHQYRQ/DSKURDLJHLQH PXVWHUJOWLJJHIKUWH)DUPPLW]ZHLWDXVHQG5LQGHUQGHUHQ8UDKQHQQRFK DXIGHUJXWHQDOWH(UGHJHJUDVWKDWWHQ&RXQFKZDUDOOHVDQGHUHDOVHLQ XPJlQJOLFKHU=HLWJHQRVVHXQGEHIDQGVLFKGDXHUQGLP&OLQFKPLWHLQHU EHQDFKEDUWHQ*XUUDG6LSSH'LHVHEHWULHEHLQH/HGHUIlUEHUHLXQGOLH &RXQFKV0HLQXQJQDFKGLH$EZlVVHUQLFKWDXVUHLFKHQGJHNOlUWLQV *UXQGZDVVHUYHUVLFNHUQ 8QGZDVLVWJHQDXSDVVLHUW&RXQFK" -HPDQGKDWDQGLHKXQGHUW6WFNPHLQHV9LHKVPDVVDNULHUW8QGLFKZHL DXFKZHU VZDU'DVEULQJHQQXUGLH*XUUDGVIHUWLJ,FKZHUG GDVVHOEVW UHJHOQ:ROOWHDEHUYRUKHU%HVFKHLGJHEHQ 6DFKWH&RXQFKYHUVXFKWH3UHJRQGHQDXIJHEUDFKWHQ)DUPHU]X EHVlQIWLJHQ'XZLUVWEHUKDXSWQLFKWVXQWHUQHKPHQXQGGLH6DFKHXQV EHUODVVHQ(U]lKOHPLUGHQ7DWKHUJDQJ :LHGHQQ"UHJWHVLFK&RXQFKDXI,FKZDUQLFKWGDEHL,FKVHKHQXUZDV VLHPLWPHLQHQDUPHQ.UHDWXUHQJHPDFKWKDEHQ:DVYRQLKQHQ EULJJHEOLHEHQLVWVLHKWQLFKWPHKUQDFK5LQGHUQDXV 8QWHUQLPPQLFKWVZDVGLUVSlWHUOHLGWXQN|QQWH&RXQFKPDKQWH3UHJRQ ,FKNRPPHVRIRUW
3UHJRQ7UDXJK]RJVLFKVHXI]HQGVHLQHSIHIIHUPLQ]IDUEHQH8QLIRUPDQ EHZDIIQHWHVLFKXQGVHW]WH]XOHW]WGLHJOHLFKIDUEHQH.RSIEHGHFNXQJDXIGLH GHQ2UGQXQJVKWHUQYRQ/DSKURDLJGHQ1DPHQ0LQWNDSSHQHLQJHEUDFKW KDWWH %HYRUHUGHQ6WW]SXQNWYHUODVVHQXQGLQVHLQHQ*OHLWHUVWHLJHQNRQQWH HUUHLFKWHLKQHLQZHLWHUHU$QUXI'LHVPDOZDUGHU6LSSHQIKUHUGHU*XUUDGV GLHGLH/HGHUIlUEHUHLEHWULHEHQDP*HUlW $OOHVNDSXWWVDJWH0HQHJHQ6SUHU'LH$UEHLWYRQYLHU*HQHUDWLRQHQ ]HUVW|UW'DVJHVDPWH)DEULNVDUHDOZXUGHJHNODXW$OOHVLVWZHJPLW0DQQ XQG5RERW YHUVFKZXQGHQ,FKODPLUGDVQLFKWELHWHQ'LHVPDOLVWGHUJLIWLJH+RUQRFKVH GUDQ (KH3UHJRQQRFKHWZDVHUZLGHUQNRQQWHKDWWHGHU*XUUDGDXFKVFKRQ ZLHGHUHLQJHKlQJW(VZDUNODUGDPLW+RUQRFKVHQXU&RXQFK4XLUNHWW JHPHLQWVHLQNRQQWH 'D3UHJRQDQGLHVHP7DJDOOHLQ'LHQVWWDWIRUGHUWHHU0HUOLQ%XUKDYHQXQG %LOORU0DQDVKDOV9HUVWlUNXQJDQ'DQQVFKDOWHWHHUGHQ6WW]SXQNWDXI $XWRPDWLNXQGIORJVRVFKQHOOHUNRQQWHPLWGHP*OHLWHULQV|VWOLFKH %HUJODQG(LQH6WXQGHVSlWHUHUUHLFKWHHUGDV=LHOJHELHW $XVGHU/XIWVDKHUGDMHPDQGTXHUGXUFKGLH:HLGHHLQHWLHIH+XQGHUWH YRQ0HWHUQODQJH)XUFKHJH]RJHQKDWWHXQGOLQNVXQGUHFKWVGHU:lOOHPLW GHP$XVKXEODJHQGLH.DGDYHUYRQ5LQGHUQ 3UHJRQODQGHWHEHLHLQHU$QVDPPOXQJYRQ3HUVRQHQXQG5RERWHUQ$OVHU GLH.DGDYHUDXVGHU1lKHVDKGUHKWHHVLKPGHQ0DJHQXP'HQ7LHUHQ ZDULP6LQQHGHV:RUWHVGDV,QQHUVWHQDFKDXHQJHNHKUWZRUGHQ 'DVGDVNDQQNHLQ0HQVFKIHUWLJJHEUDFKWKDEHQVWDPPHOWH3UHJRQ 0HLQH5HGHVWLPPWH&RXQFK]XGHUVLFKPLWIQIVHLQHU/HXWHXQGGUHLLJ $UEHLWVURERWHUQDOV.DPSIWUXSSHXPJHEHQKDWWH'LHYHUGDPPWHQ*XUUDGV ZDUHQ V 1HLQQHLQHQWJHJQHWH3UHJRQ,FKPHLQHGDVVLHKWQLFKWQDFKHLQHU KHUN|PPOLFKHQ6FKODFKWXQJDXV,FKKDEHVRHWZDVbKQOLFKHVQXUHLQPDOLQ PHLQHP/HEHQJHVHKHQ'DVZDUEHLHLQHP7UDQVPLWWHUXQIDOO 'DVZDUHV3UHJRQKDWWHVLFKHLQHP|JOLFKH$QWZRUWIUGLH8UVDFKHGLHVHV EHLVSLHOORVHQ9RUIDOOVVHOEVWJHJHEHQ(VVDKJDQ]GDQDFKDXVDOVVHLHQGLH KXQGHUW5LQGHUGXUFKHLQHQ7UDQVPLWWHUJHMDJWXQGDP(PSIlQ JHUDQDWRPLVFKXQGDWRPDUIDOVFK]XVDPPHQJHVHW]WZRUGHQPLWGHP ,QQHUVWHQQDFKDXHQ 'DVWHFNWPHKUGDKLQWHUA&RXQFKVDJWH3UHJRQEHU]HXJW'DV EHUVWHLJWPHLQH.RPSHWHQ]HQ,FKPXGLH%HK|UGHQLQGHU+DXSWVWDGW YHUVWlQGLJHQ ,QGLHVHP0RPHQWODQGHWHGHU3DWURXLOOHQJOHLWHUPLW0HUOLQ%XUKDYHQXQG %LOORU0lQDVK'HUMXQJH0HUOLQEHUJDEVLFKEHLP$QEOLFNGHU7LHUNDGDYHU XQG%LOORUKlWWHHVLKPDPOLHEVWHQJOHLFKJHWDQ$EHUHUVFKOXFNWHGDV +RFKJHNRPPHQHWDSIHUKLQXQWHUXQGEHULFKWHWH
$XIGHP)OXJKLHUKHUKDEHQZLUHLQVHOWVDPHV*HElXGHJHVHKHQGDVQRFK YRUZHQLJHQ7DJHQQLFKWDQGLHVHU6WHOOHJHVWDQGHQKDW(VHULQQHUWHLQ ZHQLJDQGLH/HGHUIlUEHUHLGHU6SUHU6LSSH$EHUDEJHVHKHQGDYRQGDGDV 'LQJKXQGHUW.LORPHWHUYRQVHLQHP6WDQGRUWHQWIHUQWVWHKWVLHKWHVDXFK LUJHQGZLHYHUlQGHUWI|UPOLFKXPJHNUHPSHOWDXV 3UHJRQHULQQHUWHVLFKZLHGHUGHV$QUXIVYRQ0HQHJHQA6SUHU'LH(LQVLFKW GDLKPGLH6DFKHEHUGHQ.RSI]XZDFKVHQGURKWHYHUVWlUNWHVLFKQXU QRFKPHKU(U]|JHUWHQLFKWOlQJHUVHLQH$EVLFKW]XYHUZLUNOLFKHQXQGVHW]WH VLFKEHU)XQNPLWVHLQHP+DXSWTXDUWLHULQ9HUELQGXQJ(LQ*UQVFKQDEHO PLW1DPHQ*OHQ&DOGHUYHUVSUDFKVLFKGHU$QJHOHJHQKHLWSHUV|QOLFK DQ]XQHKPHQ .DXPKDWWH3UHJRQGDV*HVSUlFKEHHQGHWDOV%LOORU0lQDVKGHQ$QIOXJ ]ZHLHU/DVWHQVFKZHEHUPHOGHWH'DVNRQQWHQQXUGLH*XUUGDVGHU6SUHU 6LSSHVHLQ'HU%HZHLVZXUGHDXFKJOHLFKJHOLHIHUWDOVYRQGHQDQIOLHJHQGHQ /DVWHQVFKZHEHUQRKQH9RUZDUQXQJGDV)HXHUDXIGLH5LQGHUGLHGDV JUDXVDPH0DVVDNHUEHUOHEWKDWWHQHU|IIQHWZXUGH (UVWDOV3UHJRQEHU)XQNGURKWHEHLGH6FKZHEHULQGLH/XIW]XMDJHQ VWHOOWHQGLH6SUHU*XUUDGVGDV)HXHUHLQXQGHUNOlUWHQVLFKGDUDXIKLQVRJDU EHUHLWVLFKYRQ3UHJRQ]XP6WDQGRUWGHV2EMHNWVIKUHQ]XODVVHQGDV %LOORUXQG0HUOLQJHVLFKWHWKDWWHQXQGGDVHLQHIHUQHbKQOLFKNHLWPLWLKUHU /HGHUIlUEHUHLKDWWH 3UHJRQIORJPLWVHLQHP*OHLWHUYRUDQGLHEHLGHQ/DVWHQVFKZHEHUIROJWHQLKP LQGDVYRQ%LOORUEH]HLFKQHWH*HELHW3UHJRQNDQQWHGLH$QODJHGHU /HGHUIlUEHUHLDEHUDOVHUQXQGDYRUVWDQGGDNRQQWHHUNDXPPHKUHLQH bKQOLFKNHLWHUNHQQHQ(VVDKDXVDOVKlWWHMHPDQGGLH)DEULNLQLKUH (LQ]HOWHLOH]HUOHJWXQGGLHVHGDQQZLHGHUY|OOLJIDOVFK]XVDPPHQJHVHW]W 9LHOHGHU7HLOHZDUHQDEHUDXFKJHVFKPRO]HQXQGELV]XU8QNHQQWOLFKNHLW GHIRUPLHUW :DUXPXPDOOHVLQGHU:HOWKDWGHUYHUGDPPWH+RUQRFKVHGDVQXUJHWDQ" IUDJWH0HQHJHQ6SUHUYHUVWlQGQLVORVXQGEHWUDWPLWHLQHPKDOEHQ'XW]HQG YRQVFKZHUEHZDIIQHWHQ6LSSHQDQJHK|ULJHQGDV2EMHNWGDVRIIHQEDUHLQPDO VHLQH)DEULNJHZHVHQZDU 3UHJRQZDUWHWHGUDXHQXPLP)DOOGHV)DOOHVIU2UGQXQJVRUJHQ]X N|QQHQ8QGZlKUHQGHULP*OHLWHUVDXQGHLQLJH0HVVXQJHQDQVWHOOWHXP GLH:DUWH]HLW]XEHUEUFNHQVWHOOWHHUIHVWGDGLH+\SHUWDVWHULP QLHGHUIUHTXHQWHQ%HUHLFKKHIWLJDXVVFKOXJHQ'LHVWDUNH'6WUDKOXQJNDP YRQGHUGHIRUPLHUWHQ)DEULNDQODJH 'DUDXIKLQYHUVXFKWHHU0HQHJHQXQGVHLQH6LSSHQDQJHK|ULJHQGLHLQGDV 2EMHNWHLQJHGUXQJHQZDUHQEHU)XQN]XZDUQHQ$EHUHUEHNDPYRQLKQHQ NHLQH$QWZRUW8QGVLHNDPHQDXFKQLFKWZLHGHUKHUDXV$XFKQDFK6WXQGHQ QLFKW 6LHEOLHEHQIUYLHOH7DJHYHUVFKROOHQ(UVWHLQH:RFKHVSlWHUGDPDQ HQGOLFKLKUH,GHQWLWlWHUXLHUWKDWWHZXUGHEHNDQQWGDVLHDXIGHUDQGHUHQ 6HLWHGHV3ODQHWHQDXIJHJULIIHQZRUGHQZDUHQDOVVLHRULHQWLHUXQJVORVXQG
ZLHEOLQGEHUGLH/DQGHIOlFKHGHV5DXPKDIHQVYRQ9HQWHUURJHLUUWZDUHQ 'LH*XUUDGVOLWWHQDQSDUWLHOOHU$PQHVLHXQGNRQQWHQNHLQHUOHL$XVVDJH GDUEHUPDFKHQZHUVLHZDUHQRGHUZLHVLH]XP5DXPKDIHQJHNRPPHQ ZDUHQ =XGLHVHP=HLWSXQNWZDUHQEHUGHQJDQ]HQ3ODQHWHQYHUVWUHXWEHUHLWV LQVJHVDPW]ZDQ]LJYHUVFKLHGHQHlKQOLFKHU3KlQRPHQHUHJLVWULHUWZRUGHQ $EHUQRFKGDFKWHQLHPDQGDQHLQHSODQHWDUH.DWDVWURSKH (UK|UWHGDV*HUlXVFKYRQVFKZHUHQVWDPSIHQGHQ0DVFKLQHQ 'LHVH0DVFKLQHQEUDFKWHQHLQHJURH7URPPHO]XP5RWLHUHQ'LH7URPPHO ZDUKDOEPLW:DVVHUJHIOOWXQGGDULQODJHQJURH/DSSHQ/DSSHQVRJUR ZLH7HSSLFKHDOOHVDPWPLW:DVVHUYROOJHVRJHQ(UK|UWHHVXQDQJHQHKP ODXWSODWVFKHQZHQQGLH/DSSHQPLWGHP:DVVHUJHVWU]WZXUGHQXQGJHJHQ GLH7URPPHOZDQGVFKZDSSWHQ8QGHUKDWWHGDV*HIKOGDGLHQDVVHQ )HW]HQMHGHVPDOVHLQ*HVLFKWWUDIHQ (UVDKGHQ5RWDWLRQVYRUJDQJI|UPOLFKYRUVLFKXQGGDQQZDUHUPLWWHQGULQ XQGZXUGHPLWGHQURWLHUHQGHQ/DSSHQPLWJHVFKZHPPWXQGJHVFKOHXGHUW(U EHUVFKOXJVLFKXQGLKPZXUGHGDYRQJDQ]VFKZLQGHOLJ $OOPlKOLFKNDPHQGLH0DVFKLQHQDXI7RXUHQXQGGUHKWHQGLH7URPPHOPLW GHP:DVVHUGHQ/DSSHQXQGLKPLPPHUVFKQHOOHU'DVHKHPDOVGXPSIH *HUlXVFKYHUZDQGHOWHVLFKLQHLQVFKULOOHV6LQJHQ8QGGDQQH[SORGLHUWHGHU JDQ]H$SSDUDWXQGPLWLKPGDVJDQ]H 8QLYHUVXPXQGYRUVHLQHPLQQHUHQ$XJHEDUVWHQGLH6WHUQH 'DQDFKWULHEHUPLWZHOOHQDUWLJHQ%HZHJXQJHQLQHLQHP0HHUDXV6WLOOHXQG 6FKZlU]H (UHPSIDQGGLH/DXWORVLJNHLWDOVEHUDXVDQJHQHKPDOV%DOVDPIUVHLQHQ LQQHUHQ$XIUXKU 'RFKGLH6WLOOHZlKUWHQLFKWODQJH 3O|W]OLFKZXUGHVLHYRQHLQHPKHLVHUHQ)DXFKHQGXUFKEURFKHQ'DV )DXFKHQZLHGHUKROWHVLFKXQGEHNDPHLQHQLPPHUEHGURKOLFKHUHQ8QWHUWRQ (UElXPWHVLFKDXIYHUVFKHXFKWHPLWHLQHP$XIVFKUHLGLH6FKZlU]HGHV 1LFKWVXQGULGLH$XJHQDXI ,PHUVWHQ0RPHQWEOHQGHWHLKQGDV/LFKWDEHUGDQQVDKHUHLQHQ YHUVFKZRPPHQHQ6FKHPHQYRUVLFKLQGHU/XIW'HU6FKHPHQEHNDP .RQWXUHQXQGZXUGH]XHLQHPURVWURWJHVSUHQNHOWHQKDDULJHQ.|USHUGHU ZLHLQ=HLWOXSHGXUFKGLH/XIWIORJJHUDGHZHJVDXILKQ]X(UVDKJDQ]QDKH YRUVLFKHLQHQPlFKWLJHQUXQGHQ6FKlGHOPLWJUQJOKHQGHQ$XJHQXQG HLQHPP|UGHULVFKHQ5DXEWLHUJHEL (LQ8QJHKHXHUGDVQDFK%OXWOHFK]WGDFKWHHULQZLOGHU3DQLN (UKDWWHGHQ0XQGLPPHUQRFK]XHLQHP6FKUHLJH|IIQHWDOVHUHLQH JHZDOWLJH3UDQNHDXIVLFK]XNRPPHQVDK(UVSUWHGHQ6FKODJDOVGLH
3UDQNHVHLQ*HVLFKWWUDI,UJHQGHWZDV0HVVHUVFKDUIHVVFKQLWWVLFKHLQHQ :HJTXHUEHUVHLQ*HVLFKW :LOGVFKOXJHUXPVLFKWUDIGHQIHWWHQKDDULJHQ5DXEWLHUN|USHUXQG VFKOHXGHUWHLKQZXFKWLJYRQVLFK'DV8QWLHUYHUVFKZDQGDXVVHLQHP %OLFNIHOGXQGHQWIHUQWHVLFKXQWHUVHOWVDPHQ/DXWHQ (UVDZLHEHQRPPHQGDXQGVSUWHZLHHVLKPQDEHUGLH:DQJHOLHI(U JULIIVLFKDXIGLH:XQGHXQG]XFNWHVRIRUWZLHGHU]XUFNDOVLKQHLQ EUHQQHQGHU6FKPHU]GXUFKIXKU(VWURSIWHURWYRQVHLQHU:DQJHDXIHLQ VFKQHHZHLHV/DNHQ -HW]WHUVWVWHOOWHHUIHVWGDHUPLWHQWEO|WHP2EHUN|USHUQXUELV]XGHQ /HQGHQ]XJHGHFNWDXIHLQHP%HWWVD$QGHU'HFNHVSHQGHWHHLQ /HXFKWTXDGUDWHLQVFKDWWHQORVHV/LFKW(QWODQJGHUVRQVWNDKOHQ:lQGHVDK HUHLQLJHHLQIDFKHXQGDQWLTXLHUWZLUNHQGH0|EHODXV+RO]GLHHUQLFKW HLQRUGQHQNRQQWH'DVHLQ]LJH]HLWJHPlH6WFNLQGLHVHP5DXPZDUHLQ 9LVLSKRQQHEHQGHURIIHQVWHKHQGHQ7UGXUFKGLHRIIHQEDUGDV6FKHXVDO GDVLKQDWWDFNLHUWKDWWHJHIOFKWHWZDU :RZDUHU":DVZDUPLWLKPSDVVLHUW" 8QGYRUDOOHP :HUZDUHU" *XWHQ0RUJHQIUHPGHU0DQQVDJWHHLQHPHFKDQLVFKH6WLPPHKRQLJV YRQGHU7U'RUWZDUHLQNDVWHQDUWLJHV'LQJDXIJHWDXFKWGDVVLFKDXI 6SHLFKHQUlGHUQIRUWEHZHJWH(VVSUDFKGXUFKHLQHQ6FKOLW]GHUDPREHUHQ $EVFKOXGHV.DVWHQVVD OLQNVXQGUHFKWVGDYRQEHIDQGHQVLFK]ZHL IKOHUDUWLJH$XVZFKVHPLWURWHU2SWLN'LHVHPHFKDQLVFKHQ6WLHODXJHQ ZDUHQDXILKQJHULFKWHWZlKUHQGGDVWRQQHQVFKZHUH'LQJ]XVHLQHP/DJHU UROOWH ,FKELQGHUVFK|QH+HULEHUWXQGIUGHLQ:RKOHUJHKHQ]XVWlQGLJVWHOOWHVLFK GHUKlOLFKHUROOHQGH6FKUDQNYRU+HXWHLVW6RQQWDJGHUIQI]HKQWHLP-XQL GHV-DKUHVHOIKXQGHUWHLQXQGVLHE]LJ1HXHU*DODNWLVFKHU=HLWUHFKQXQJ'X KHLWQLFKW]XIlOOLJ9LWXV.ODUDRGHU%HUQKDUG" 1LFKWGDLFKZWH(UVFKWWHOWHGHQ.RSIKLHOWDEHUVRIRUWZLHGHULQQH ZHLOHVLQVHLQHP*HKLUQVFKZDSSWHZLHLQHLQHPKDOEJHIOOWHQ(LPHU0LU JHKW HVQLFKWVRJXW:lKUHQGHUQRFKGDUEHUJUEHOWHZDUXPHUVRVLFKHUZDU GDHUZHGHU9LWXVQRFK.ODUDRGHU%HUQKDUGKLHGDILHOLKPVHLQ1DPH XQYHUPLWWHOWHLQ7ULXPSKLHUHQGULHIHU $EHULFKZHLGDLFK7RP7KRPDV KHLH 6FKDGHGDQQKDVWGXKHXWHQLFKW1DPHQVWDJNDPHVDXVGHP'LVNVFKOLW] GHV.DVWHQVEHGDXHUQG JOHLFKGDUDXIIXKUGHU5RERWHUJHVFKlIWVPlLJIRUW $OV6SUXFKGHV7DJHVJHOWHQGLH:RUWHGHVDOWWHUUDQLVFKHQ:LHQHU 3ROL]LVWHQ)UDQ]0HUNDW] 0DQQHVNUDIWLVWQLFKWGLHGLHDOOHVVFKDIIW )ROJHQGH%DXHUQUHJHOKDW*OWLJNHLW 1DFK6DQNW9HLWZDQGHOWVLFKGLH=HLW (VNDQQDOVRQXUEHVVHUZHUGHQ
+RIIHQWOLFKVDJWH7RPGHUPHLQWHQRFKLPPHULQHLQHPDEVWUXVHQ $OSWUDXPJHIDQJHQ]XVHLQ,Q*HGDQNHQIJWHHUKLQ]X +RIIHQWOLFKZDFKH LFKEDOGDXI *DQ]NODUHVNRQQWHVLFKQXUXPHLQHQ$OSWUDXPKDQGHOQ'HQQGDYRQ DEJHVHKHQGDHV5RERWHUZLHGLHVHNXULRVH.RQVWUXNWLRQLQGHU :LUNOLFKNHLWQLFKWJDEOLHIGDV*HVFKHKHQVRDEVXUGDEZLHHVQXULQ 7UlXPHQJHVFKDK ,QGHU5HDOLWlWKlWWHVLFKGLHVHV'LQJGDVVLFKVFK|QHU+HULEHUWQDQQWHXQG DQJHEOLFKIUVHLQ:RKOHUJHKHQYHUDQWZRUWOLFKZDUIUVRUJOLFKXPVHLQHYRQ HLQHP8QJHKHXHUVWDPPHQGHQ*HVLFKWVVFKUDPPHQJHNPPHUWDQVWDWWVLH HLQIDFK]XLJQRULHUHQ8QGZDVVROOWHQGLHGXPPHQ6SUFKHEHU 1DPHQVWDJH$EHULPZLUNOLFKHQ/HEHQJDEHVLQHLQHUVRQVWVREHKDJOLFKHQ 8PJHEXQJDXFKNHLQHPHQVFKHQIUHVVHQGHQ%HVWLHQ 'XELVWMDYHUOHW]WULHIGHU.DVWHQURERWHU+HULEHUWSO|W]OLFKDOVKlWWHHU VHLQHhEHUOHJXQJHQJHK|UW/DVHKHQ 'HU5RERWHUGHUVLFK+HULEHUWQDQQWHIXKUOLQNVXQGUHFKWVMHHLQHQ *OLHGHUWHQWDNHODXVXQGKRE7RPV*HVLFKW DQ7RPVFKORLQ(UZDUWXQJGHV6FKPHU]HVGHQHUIDVWKHUEHLVHKQWHLQ GHU+RIIQXQJGDGXUFKDXI]XZDFKHQGLH$XJHQXQGELGLH=lKQH ]XVDPPHQ$EHUZLGHU(UZDUWHQEHZLHV+HULEHUWVHKUYLHO )LQJHUVSLW]HQJHIKODOVHUPLWGHQ7HQWDNHOHQGHQGLH:XQGHQEHWDVWHWH 'DEHLNRQVWDQWLHUWHHU 'DVVLQG.UDW]VSXUHQ,FKNHQQHQXUHLQHQGHUGDIUYHUDQWZRUWOLFKVHLQ N|QQWH&DOLJXOD$EHUGDVLVWXQP|JOLFK8QGHQNEDUGD&DOLJXODQDFK 0RQDWHQGHU$SDWKLHDXIHLQPDOGHUDUWLJHV7HPSHUDPHQWHQWZLFNHOQVROOWH XQGYROODXVVLFKKHUDXVJHKW(VVHLGHQQGXKDVWGLFKPLW&DOLJXOD DQJHOHJW :HULVW&DOLJXOD"IUDJWH7RP(WZDHLQPDQQVJURHV5DXEWLHUPLW.UDOOHQ ZLH6NDOSHOOHHLQHP.|USHUZLHHLQ)DXQGHLQHPPHORQHQJURHQ 6FKlGHO"(LQHVROFKH%HVWLHKDWPLFKDQJHIDOOHQ 1HLQQHLQVDJWH+HULEHUWDEZHLVHQGZlKUHQGHUDXI7RPVOLQNH *HVLFKWVKlOIWHHLQHNKOHQGH+HLOVDOEHDXIWUXJXQGGLH:XQGHQGDQQPLW HLQHU6FKLFKW%LRPROSODVWYHUVFKOR'LHVH%HVFKUHLEXQJLVWY|OOLJIDOVFK &DOLJXODLVWHLQIULHGOLFKHUDQVFKPLHJVDPHUXQG]XWUDXOLFKHUEHUDXV LQWHOOLJHQWHUWHUUDQLVFKHU+DXVNDWHU'XPXWLKPHWZDV6FKOLPPHV]XJHIJW KDEHQZHQQHUGLFKVR]XJHULFKWHWKDWRGHUGDV%|VHLQGLUWUDJHQ7RP PHUNHGLUIUGLH=XNXQIWGHQ6SUXFK 4XlOHQLHHLQ7LHU]XP6FKHU]GHQQ HVIKOWZLHGXGHQ6FKPHU] 7RPZDUQDFKGHQNOLFKJHZRUGHQ(UZXWHYRQVLFKLPPHUQRFKQLFKWVDOV GHQ9RUQDPHQXQGVRVHKUHUVLFKDXFKDQVWUHQJWHIDQGHULQVHLQHP *HGlFKWQLVNHLQHQ+LQZHLVEHUVHLQH9HUJDQJHQKHLWRGHUDXIGLH *HVFKHKQLVVHGLHYRUVHLQHPVFKHLQEDUHQ(UZDFKHQODJHQ
,FKSKDQWDVLHUHEORVDJWHVLFK7RPODXWYRU7DWVlFKOLFKOLHJHLFK]X +DXVHXQGVFKODIHPHLQHQ5DXVFKDXV(VNDQQQLFKWDQGHUVVHLQ*DQ] NODU,FK KDEHHLQHQ:KLVN\EHUGHQ'XUVWJHNLSSWXQGIKOHPLFKN|USHUOLFKHLQIDFK HOHQGELQDEHUYLHO]XEHWUXQNHQXPDXIZDFKHQ]XN|QQHQ,UJHQGZDQQ ZHUGHLFKPLWHLQHPIXUFKWEDUHQ.DWHUDXIZDFKHQ'DVLVWHV0HLQH XQWHUEHZXWH$QJVWPLWHLQHP%UXPPVFKlGHODXI]XZDFKHQOlWPLULQ PHLQHP$OSWUDXPPHLQHQEHYRUVWHKHQGHQ.DWHUDOVUHLHQGH%HVWLHQDPHQV &DOLJXODHUVFKHLQHQ6RXQGQLFKWDQGHUVLVWHV+HULEHUW 7RPZDUVLFKHUPLWGLHVHU(UNHQQWQLVGDV7UDXPVFKHPDGXUFKEURFKHQ]X KDEHQ(UHUZDUWHWHGDVLFKGHUVFK|QH+HULEHUWXQGGLHJDQ]H XQZLUNOLFKH8PJHEXQJLQ1LFKWVDXIO|VHQXQGHUVLFKLQVHLQHUYHUWUDXWHQ :HOWZLHGHUILQGHQZUGH $EHUZLHVDKVHLQHYHUWUDXWH:HOWDXV" 'HU%OHFKNDVWHQDXI6SHLFKHQUlGHUQPLWGHQ6WLHODXJHQXQGGHQ HLQIKOVDPHQ7HQWDNHOQWDWLKPMHGHQIDOOVQLFKWGHQ*HIDOOHQVLFKLQ1LFKWV DXI]XO|VHQ6WDWWGHVVHQVDJWHHUPLWOHLGLJ %HOJHGLFKQLFKWVHOEVW7RP:RDXFKLPPHUGXEHKHLPDWHWELVW-HW]W EHILQGHVWGXGLFKDXI3KDGGRQGHP]ZHLWHQ3ODQHWHQGHU6RQQH0DUFRULQ GHU*URHQ0DJHOODQVFKHQ:RONH'LHVKLHULVWGLH5HVLGHQ]GHV1DNNHQ 8GLYDU'XELVWPLWHLQHP'LVNXVUDXPHUGHVVHQ1DPHQZLUQXUPLWGHU HUVWHQXQGGHUGULWWHQ6LOEHDOV48$*$UHNRQVWUXLHUHQNRQQWHQLQYROOHU )DKUWLP0DUFRU6\VWHPDXIJHWDXFKWXQGZlUHVWDXI3KDGGRQ]HUVFKHOOW KlWWHQZLUGHLQ6FKLIIQLFKWPLWHLQHP7UDNWRUVWUDKOHLQJHIDQJHQXQG 7RPILHOHVDXIHLQPDOZLH6FKXSSHQYRQGHQ$XJHQ:lKUHQGGHU5RERW DXILKQHLQUHGHWHIKUWHQYHUVFKLHGHQHYRQLKPJHQDQQWH%HJULIIH]X $VVR]LDWLRQHQ'LHVHZLHGHUXPZHFNWHQ7HLOHVHLQHU(ULQQHUXQJ $OV+HULEHUWVDJWH :RDXFKLPPHUGXEHKHLPDWHWELVWGDILHO7RP1RUWRQ MDZRKO7RP1RUWRQGDV ZDUVHLQYROOHU1DPHGDILHOLKPHLQGDHUYRQGHP3ODQHWHQ*XQQDYDU VWDPPWHGHUGULWWHQ:HOWGHU6RQQH-HLVNDLQGHU1RUWKVLGHGHU*URHQ 0DJHOODQVFKHQ:RONH /DXWVDJWHHU ,FKKHLH7RP1RUWRQXQGELQYRQ*XQQDYDUPLWGHU48$.,*$QDFK 3KDGGRQDXIJHEURFKHQXPGHQ1DNNHQ8GLYDUXP+LOIH]XELWWHQ(U NODWVFKWHLQGLH+lQGH'DVLVWHV+HULEHUW,FKWUlXPHYHUPXWOLFKGRFK QLFKW8QGZHQQGXGLH:DKUKHLWVDJVWGDQQKDEHLFKPHLQ=LHOHUUHLFKW (VIUHXWPLFKGDGXGLFKGDUDXIEHVRQQHQKDVWGLH5HDOLWlWHQ]X DN]HSWLHUHQVDJWH+HULEHUW'HQQZLHVFKRQHLQDOWWHUUDQLVFKHV6SULFKZRUW VDJW 'HUHUVWH*HGDQNHLVWQLFKWLPPHUGHUEHVWH$EHULFKIUFKWHGXKDVW GHQ)OXJKLHUKHUXPVRQVWJHPDFKW0HLVWHU8GLYDUHPSIlQJWNHLQH%HVXFKHU XQGEHUQLPPWNHLQH$XIWUlJH8PZDVIUHLQH+LOIHOHLVWXQJZROOWHVWGX 0HLVWHU8GLYDUHLJHQWOLFKELWWHQ" 7RPGDFKWHVWLUQUXQ]HOQGQDFKDEHUVHLQH$QVWUHQJXQJHQZDUHQYHUJHEOLFK
'DVZHLLFKQLFKWVDJWHHU]HUNQLUVFKW$EHUYLHOOHLFKWIlOOWHVPLULP 9HUODXIHLQHV*HVSUlFKVPLW8GLYDUZLHGHUHLQ +HULEHUWVHXI]WH ,FKZHUGHVHKHQZDVVLFKPDFKHQOlW$EHULFKNDQQQLFKWYHUVSUHFKHQ GD0HLVWHU8GLYDUGLFKDQK|UHQZLUG'HQQLP$XJHQEOLFNKlOWHUVLFKDQ GDV:RUWYRQ+HEEHO :HUQDFKGHQ6WHUQHQUHLVHQZLOOGHUVHKHVLFKQLFKW QDFK*HVHOOVFKDIWXP$EHUYLHOOHLFKWNDQQLFKLKP6DQGV:HLVKHLW VFKPDFNKDIWPDFKHQGDGHU(LQVDPHQXUGHU6FKDWWHQHLQHV0HQVFKHQ LVW ,FKGDFKWH8GLYDUVHLHLQ1DNNVDJWH7RPLUULWLHUW 'DVLVWULFKWLJ0HLVWHU8GLYDULVWHLQ1DNNDEHUHULVW PHQVFKOLFKHUDOVGLHPHLVWHQ0HQVFKHQ EHOHKUWHLKQGHU5RERW(UJULIIPLW HLQHP7HQWDNHOLQHLQHgIIQXQJDQGHU6FKPDOVHLWHVHLQHV.DVWHQN|USHUV XQGEUDFKWHHLQH.RPELQDWLRQPLWJHOEHQXQGURWHQ.DURV]XP9RUVFKHLQ GLHHLQHP+DUOHNLQVNRVWPQLFKWXQlKQOLFKZDU(UZDUI7RPGDV .OHLGXQJVVWFNPLWGHQ:RUWHQ]X =LHKGDVDQ,FKZHUGHGLFK]X8GLYDUV 6FKDW]NDPPHUIKUHQ 7RP1RUWRQQDKPGLHJUHOOIDUEHQH.RPELQDWLRQQDVHUPSIHQGDQVLFKGDQQ VFKOXJHUGLH'HFNH]XU6HLWHXQGVFKZDQJGLH%HLQHDXVGHP%HWW$OVHU VDKGDGHU5RERWHUVHLQH6WLHODXJHQDXILKQULFKWHWHVDJWHHU ]XUHFKWZHLVHQG .DQQVWGXQLFKWZHQLJVWHQVGLVNUHWZHJVHKHQZlKUHQGLFKPLFKDQNOHLGH" 1HLQGDVNDQQLFKQLFKWGHQQLFKLQWHUHVVLHUHPLFKIUPHQVFKOLFKH $QDWRPLHVDJWH+HULEHUW1DFKHLQHUNXU]HQ3DXVHLQGHUHU7RP XQYHUVFKlPWWD[LHUWHIUDJWHHUDQ]JOLFK %LVWGXJDQ]VLFKHUGDGXHLQ 0DQQELVW" +HULEHUWIKUWHLKQGXUFKHLQ/DE\ULQWKYRQJHVFKZXQJHQHQ.RUULGRUHQLQ HLQHQJURHQKRKHQ5DXPPLWVHFKVHFNLJHP*UXQGUL-HGHGHU:lQGH KDWWHHLQH/lQJHYRQHWZD0HWHUQ 'DVLVW0HLVWHU8GLYDUV6FKDW]NDPPHUVDJWHGHU5RERWHUDOVVLH HLQWUDWHQ(UEHVLW]WGDVJU|WH$UFKLYEHUDOWWHUUDQLVFKH*HVFKLFKWHXQG GLHZHUWYROOVWH'RNXPHQWHQVDPPOXQJYRQ*UR0DJHOODQ 'HUVHFKVHFNLJH5DXPZDUELVLQGHQKLQWHUVWHQ:LQNHOXQGEHUPHKUHUH (WDJHQDXVWUDQVSDUHQWHQ=ZLVFKHQGHFNHQPLWWHFKQLVFKHP*HUlW YROOJHVWRSIW'DEHLKDQGHOWHHVVLFKMHGRFK]XPHLVWXPDOOHVDQGHUHDOV +LJK7HFKVRQGHUQXPDOWHUWPOLFKH6\QWURQHXQGDQWLNH'DWHQOHVHJHUlWH YHUVFKLHGHQVWHU+HUNXQIWGLH7RPV0HLQXQJQDFKQXUQRFK6FKURWWZHUW KDEHQNRQQWHQ7RP IKOWHVLFKEHHQJWJHUDGH]XHUGUFNWYRQGHU0DVVHGHU*HUlWHXQGGXFNWH VLFKDXV$QJVWGDYRUGDLKPZHOFKHDXIGHQ.RSIIDOOHQN|QQWHQ 'HU5RERWHUUROOWHYRULKPGXUFKHLQHQVFKPDOHQYHUZLQNHOWHQ]ZLVFKHQGHQ *HUlWHWUPHQIUHLJHKDOWHQHQ*DQJGHUJHUDGHVREUHLWZDUGDHUVLFKOLQNV XQGUHFKWVQLFKWDQVWLH7RPIROJWHLKP]|JHUQG
,VW6FKDW]NDPPHUQLFKWOHLFKWEHUWULHEHQ"PHLQWH7RP,FKNRPPHPLU HKHUZLHLP/DJHUUDXPHLQHV$OWZDUHQKlQGOHUVYRU 'LH*HUlWHVLQGDOOHIXQNWLRQVWDXJOLFKXQGZHUGHQYRQ0HLVWHU8GLYDU SHUV|QOLFKJHZDUWHWHUZLGHUWH+HULEHUW(UEHQ|WLJWVLHXPGLH'DWHQWUlJHU GHUYHUVFKLHGHQHQ(SRFKHQOHVHQ]XN|QQHQ :lUHHVQLFKWVLQQYROOHUGLH'DWHQ]XNRSLHUHQXQGLQHLQ]HLWJHPlHV )RUPDW]XEHUWUDJHQ"VDJWH7RP'DQQN|QQWHVLFK8GLYDUYRQGHQ *LJDWRQQHQ*HUXPSHOEHIUHLHQ /DVROFKH:RUWHMDQLFKWGHQ0HLVWHUK|UHQGXMXQJHU%DQDXVHZLHV +HULEHUWLKQ]XUHFKW(VJHKWQLFKWQXUGDUXP*HVFKLFKWVGDWHQHLQIDFK]X OHVHQVRQGHUQHVNRPPWYRUDOOHPGDUDXIDQGLH9HUJDQJHQKHLWI|UPOLFK HLQ]XDWPHQXQGVLH]XHUOHEHQ'LHVHVXQPLWWHOEDUH*HIKOVLFKLQGLH MHZHLOLJH(SRFKH]XYHUVHW]HQHUUHLFKW0HLVWHU8GLYDUGXUFKGHQ(LQVDW]GHU ]HLWJHPlHQ2ULJLQDOJHUlWH 7RPIUDJWHVLFKZDVXPDOOHVLQGHU:HOWLKQQDFK3KDGGRQJHWULHEHQ KDWWH:DVNRQQWHHUYRQHLQHP1DNNHQVFKRQZROOHQGHUVLFKPLWVROFKHQ 5RERWHUQZLHGHPVFK|QHQ+HULEHUWXPJDEXQGVLFKGDUDXIYHUVWHLIWH *HVFKLFKWVGDWHQQXUPLWMHQHQDOWHQ*HUlWHQ]XOHVHQPLWGHQHQVLH DQJHIHUWLJWZXUGHQ +DQGHOWHHVVLFKXPHLQ$OWPHWDOO*HVFKlIW"2GHUKDWWHLKPGHU6LQQQDFK 6LQQVSUFKHQXQG%DXHUQUHJHOQ JHVWDQGHQ"+DWWHHUEHL8GLYDU3RHVLHIUVHLQH/LHEVWHHLQNDXIHQZROOHQ" 0HKUZDUYRQGHP1DNNHQZRKOGRFKQLFKW]XHUZDUWHQ 7RPEOLHEUXFNDUWLJVWHKHQ(UZXWHQLFKWHLQPDOREHUHLQH)UDXXQG )DPLOLHKDWWHZLHDOWHUZDUXQGZHOFKHQ%HUXIHUDXVEWH(UVDKNHLQH %LOGHUYRQVHLQHU+HLPDWZHOWLKPZDUOHGLJOLFKGHU1DPHGHV3ODQHWHQ HLQJHIDOOHQ *XQQDYDU8QGGDHUQDFK3KDGGRQJHNRPPHQZDUXP 8GLYDUXP+LOIH]XELWWHQLQZHOFKHU$QJHOHJHQKHLWGDVEOLHELKPWURW] DQJHVWUHQJWHQ1DFKGHQNHQVHLQ5lWVHO :DVLVWPLWPLUJHVFKHKHQGDVGLHVHVHOWVDPH$UWHLQHUSDUWLHOOHQ$PQHVLH YHUXUVDFKWH"IUDJWHHUVLFKYHU]ZHLIHOW(UK|UWHLQVLFKKLQHLQDEHUGLH $QWZRUWZDU6FKZHLJHQ,UJHQGZRLQVHLQHP8QWHUEHZXWVHLQPXWHGRFK VHLQH(ULQQHUXQJEHJUDEHQVHLQYHUGDPPWQRFKPDO +HULEHUWIDWHLKQPLWHLQHP7HQWDNHODP$UPXQG]RJLKQPLWVLFKZHLWHU :DVWU|GHOVWGX"HUPDKQWHLKQGHU5RERW0HLQH)UHXQGHKDEHQPLU JHIXQNWGD8GLYDUVLFKDQVFKLFNWLQVHLQ([RVNHOHWW]XVWHLJHQ'DV JHVFKLHKWVHOWHQJHQXJ9LHOOHLFKWOlWHUKHXWHYLHOOHLFKWVRJDUPLWVLFK UHGHQ ,FKZWHJDUQLFKWZDVLFKLKPVDJHQVROOWHVDJWH7RPEHNPPHUW1DFK HWZDGUHLLJ0HWHUQNDPHQVLH]XHLQHUIUHLHQ)OlFKH8PHLQHQKDOEZHJV DXIJHUlXPWHQ([SHULPHQWLHUWLVFKVWDQGHQGUHL5RERWHUYRQGHQHQMHGHUHLQH DQGHUHXQJHZ|KQOLFKH)RUPKDWWH
'DVVLQG$EUDKDP:HUQHUXQG:LJEHUWVWHOOWH+HULEHUWVLHYRU$EUDKDP JHK|UWH]XGHU5HWWXQJVPDQQVFKDIWGLHGLFKYRQ%RUGGHLQHU6SDFH-HW KROWH $EUDKDPKDWWHHLQHQNQDSSHLQHQ0HWHUKRKHQ=\OLQGHUN|USHUGHUYRQ HLQHPIDXVWJURHQ.XJHONRSIPLW7HOHVNRSKDOVJHNU|QWZXUGH'LH PHFKDQLVFKHQEODXHQ .QRSIDXJHQXQGGHU/DXWVSUHFKHUPXQGZDUHQZLHLQHLQHPPHQVFKOLFKHQ *HVLFKWDQJHRUGQHW HLQ]ZHLWHVVROFKHV*HVLFKWKDWWHHULQGHU0LWWH VHLQHV=\OLQGHUN|USHUV(UKDWWH]ZHLNXU]HGLFNH6lXOHQEHLQHXQG $UPVWXPPHOGLHLQMH]Z|OI*UHLIZHUN]HXJHQHQGHWHQ :HUQHUZLHGHUXPVDKZLHHLQ]ZHL0HWHUODQJHUXQGHLQ0HWHUKRKHU 0LQLDWXU6KLIWPLWVXUUHQGHQ5DXSHQNHWWHQDXVXQG:LJEHUWZLHHLQ HLQHLQKDOE0HWHUKRKHV-R-RGDVDXI$QWLJUDYIHOGHUQVFKZHEWH9RQ PHLQHU%HUJXQJK|UHLFK]XPHUVWHQPDOVDJWH7RP-HW]WHUVWZRGLH 6SUDFKHGDUDXINDPZXUGHLKPEHZXWGDHUQRFKNHLQH,QIRUPDWLRQHQ EHUHLQH5HWWXQJVDNWLRQHUKDOWHQKDWWH(EHQVRQHXZDULKPGDHVVLFK EHLGHU48$5,*$XPHLQH6SDFH-HWKDQGHOWH$EHUZHQLJVWHQVNRQQWHHU VLFKXQWHUGHP%HJULII6SDFH-HWHLQHQ'LVNXVUDXPHUYRQJHULQJHU*U|H YRUVWHOOHQ(VZDUVFKRQHLQVHOWVDPHU*HGlFKWQLVVFKZXQGDQGHPHUOLWW ,FKZlUHHXFKVHKUYHUEXQGHQZHQQLKUPLU(LQ]HOKHLWHQGDUEHUHU]lKOHQ N|QQWHW9LHOOHLFKWKLOIWGDVPHLQHP*HGlFKWQLVDXIGLH6SUQJH 1LFKWMHW]WOHKQWH+HULEHUWDE'XZLUVWDOOHVHUIDKUHQZHQQZLU0HLVWHU 8GLYDU%HULFKWHUVWDWWHQIDOOVHUXQVEHUKDXSWDQK|UHQZLOO :DVPHLQWLKUZROOHQZLUGHP0HLVWHUXQVHUH$XIZDUWXQJPDFKHQ" HUNXQGLJWHVLFK:HUQHUXQGUROOWHDXIJHUHJWYRUXQG]XUFN :LJEHUWURWLHUWHQHUY|VDQGHU6WHOOHVDJWHDEHUQLFKWV )ULVFKJHZDJWLVWKDOEJHZRQQHQHQWVFKLHG+HULEHUWHQGOLFKXQGVHW]WH VLFKLQ%HZHJXQJ.RPP7RP(VLVWZLFKWLJGDGHU0HLVWHUGLFKJOHLFK NHQQHQOHUQW9LHOOHLFKWELVWGXLKPDXI$QKLHEV\PSDWKLVFK:LHKlOLFKGX DXFKELVW0HQVFKHQIDV]LQLHUHQ8GLYDUXQG7HUUDQHUKDEHQVRZLHVREHLLKP HLQHQ6WHLQLP%UHWW +HULEHUWV$QVSLHOXQJDXIVHLQH+lOLFKNHLWYHUDQODWH 7RPEHLQlFKVWHU*HOHJHQKHLWVHLQ6SLHJHOELOGLQGHPEOLQGHQ%LOGVFKLUP HLQHVXUDOHQ0RQLWRUV]XEHWUDFKWHQDQGHPVLHYRUEHLNDPHQ (UEHNDPYRQVLFKOHLGHUQLFKWYLHO]XVHKHQZHLOGDV%LRPROSODVWIDVWVHLQH JDQ]HOLQNH*HVLFKWVKlOIWHEHGHFNWH$EHUZDVHUVDKEHIDQGHUIUJDUQLFKW XQDQVHKQOLFK ODQJHVZLUUHVEORQGHV+DDUGDVHLQNDQWLJHV VRQQHQJHEUlXQWHV*HVLFKWXPUDKPWH'DV*HVLFKWZLHZRKOHVLKPIUHPG ZDUPDFKWHHLQHQMXJHQGOLFKHQ(LQGUXFN HUNRQQWHNDXPlOWHUDOV-DKUH VHLQ'LH6FKUIZXQGHDQGHU6WLUQZDUYHUNUXVWHWXQGYRQ+HULEHUWQLFKW EHKDQGHOWZRUGHQVRGDVLHQLFKWYRQGHU%HVWLH&DOLJXODVWDPPHQNRQQWH (UZDUJURVHLQ.|USHULQGHPHUVLFKLQ]ZLVFKHQUHFKWZRKOIKOWHZLUNWH LQGHU+DUOHNLQVNRPELQDWLRQMHGRFKXQI|UPLJ
0LW+HULEHUWDQGHU6SLW]HGXUFKTXHUWHQVLHGHQVHFKVHFNLJHQ$UFKLYUDXP XQGJHODQJWHQLQHLQHIUHLH(FNH+LHUVWDQGHLQ7LVFKPLWHLQHP7HUPLQDO XQGHLQHPVFKlELJHQDQWLNHQ6LW]P|EHOGDVMHGRFKHLQHQJHPWOLFKHQ (LQGUXFNPDFKWH(LQHQLFKWPLQGHUDOWH6WHKODPSHYHUEUHLWHWHHLQHQPLOGHQ /LFKWNUHLV'DVJHSROVWHUWH6LW]P|EHOZDUXQEHVHW]W $EHUYRUGHP7LVFKPLWGHP7HUPLQDOVFKZHEWHHLQ%ODX1DNNLQYROOHU 5VWXQJGHULKQHQGHQ5FNHQ]XNHKUWH %LV0LWWH0DLZDUHQLQVJHVDPW3DWLHQWHQLQV5HKDELOLWDWLRQV]HQWUXPYRQ 9HQWHUURHLQJHOLHIHUWZRUGHQGLHHLQHlKQOLFKH.UDQNHQJHVFKLFKWHZLHGHU GUHL]HKQMlKULJH*OHQ$OODFKLHDXIZLHVHQ'D]XJHK|UWHQXQWHUDQGHUHPDXFK GLHDFKW0LWJOLHGHU GHUJXUUDGVFKHQ6SUHU6LSSHIQIWHUUDQLVFKH)DOOHQVWHOOHUYRP 1RUGNRQWLQHQW$XFKHQWRVKDQXQGVHFKV%OXHVYRQ%XQQDKDEKDLQHLQHU LVODQGJURHQ,QVHOLP6GPHHU7DPGKXGLHHVDXIHLQHP)LVFKHUERRW HUZLVFKWKDWWHXQGGLHVLFKGDQDFKEHLHLQHP)UXFKWEDUNHLWVIHVWLQPLWWHQ HLQHU)RONORUHJUXSSHZLHGHUJHIXQGHQKDWWHQ 6LHDOOHOLWWHQDQSDUWLHOOHU$PQHVLHJHVW|UWHP*OHLFKJHZLFKWVXQG 2ULHQWLHUXQJVVLQQXQGKDWWHQPLW6SUDFKVFKZLHULJNHLWHQ]XNlPSIHQ$EHU *OHQ$OODFKLHZDUGHUHLQ]LJHXQWHULKQHQGHULP.RPDODJ :DUXPDXVJHUHFKQHWPHLQ*OHQ"IUDJWHVHLQ9DWHUMHGHVPDOZHQQHU]X %HVXFKNDPXQGVLFKQDFKGHP%HILQGHQVHLQHV6RKQHVHUNXQGLJWH XQG GDVZDUEHLQDKHWlJOLFK,VWHVGLH6WUDIHGDIUGDHUPLUYHUVSURFKHQKDW VHLQH3KDQWDVLHQLFKWPHKUVSLHOHQ]XODVVHQ"(UKDWGRFKQLFKWV%|VHV JHWDQ:DUXPZXUGHHUVRKDUWEHVWUDIW" 'XGDUIVWGLFKQLFKWLQHLQHQUHOLJL|VHQ:DKQKLQHLQVWHLJHUQ$OODFKLH NRQQWHLKP'U6WUDWK&RQRQQXUHUZLGHUQ:DVGHLQHP6RKQXQGGHQ DQGHUHQDXFKZLGHUIDKUHQLVWVLHZXUGHQYRQNHLQHP*RWWHVXUWHLOJHWURIIHQ $EHUDOOHDQGHUHQVLQGZHQLJVWHQVEHL%HZXWVHLQVDJWH*OHQVHQLRU :DUXPJHUDGHPHLQ*OHQQLFKW" 0HLQHU0HLQXQJQDFKLVWGHLQ6RKQEHVVHUDOVGLHDQGHUHQGUDQYHUVXFKWH GHU&KHIDU]WLKQ]XWU|VWHQ 0HKUZXWHHUGDUDXIQLFKW]XVDJHQ(UZDUPLWVHLQHU.XQVWDP(QGH(U ZXWHQLFKWPHKUZHOFKH7HVWVHUPLWGHQ3DWLHQWHQQRFKDQVWHOOHQNRQQWH XPKLQWHUGLH8UVDFKHLKUHV/HLGHQV]XNRPPHQXQGHLQH HUIROJYHUVSUHFKHQGH7KHUDSLH]XILQGHQ (UZXWHDXV=HXJHQEHULFKWHQQXUGDLQGHQPHLVWHQ)lOOHQLP XQPLWWHOEDUHQ%HUHLFKGHU3DWLHQWHQNXU]YRUGHP.ROODSVHLQH$QVDPPOXQJ YRQYHUHLVWHQ6FKlIFKHQ Z|ONHQJHVLFKWHWZRUGHQZDUZHVZHJHQVLFKGHU%HJULII=LUURSDWKLH HLQJHEUJHUWKDWWH
8QGDQDOOHQ3DWLHQWHQZDUHLQHXQJHZ|KQOLFKH'(PLVVLRQIHVWJHVWHOOW ZRUGHQ'LHVHZDUEHLDOOHQLQ]ZLVFKHQDEJHNOXQJHQQXUEHLPNOHLQHQ $OODFKLHQLFKW8QGGDUXPZDUHUIU6WUDWK&RQRQGHULQWHUHVVDQWHVWH3DWLHQW YRQDOOHQ'HU&KHIDU]WJODXEWHGDGHU-XQJHGHUGHUHUVWH EHNDQQWJHZRUGHQH)DOOYRQ=LUURSDWKLHZDUGHU6FKOVVHO]XGLHVHP *HKHLPQLVZDU 0HVVXQJHQPLWHPSILQGOLFKHQ+\SHUWDVWHUQKDWWHQQlPOLFKHUJHEHQGDGLH YRQLKPDXVJHKHQGHQ',PSXOVHLQEHLGH5LFKWXQJHQIO|VVHQ*OHQ $OODFKLHVWUDKOWHVROFKHQLFKWQXUDXVVRQGHUQHPSILQJ]XJHZLVVHQ=HLWHQ DXFKZHOFKH 'LHVH6HQGHXQG(PSIDQJVLPSXOVH]XDQDO\VLHUHQXQGDXV]XZHUWHQZDU ELVKHUIUHLOLFKQRFKQLFKWJHOXQJHQ6WUDWKZDUHVQLFKWHLQPDOJHOXQJHQ QDFK]XZHLVHQREGLHDQGHUHQ3DWLHQWHQPLW*OHQ$OODFKLHDXIGLPHQVLR QDOHU(EHQHLQ9HUELQGXQJVWDQGHQ$XFKLKU9HUKDOWHQZDUQLFKW DXIHLQDQGHUDEJHVWLPPW(VJDENHLQ6\VWHPGDULQ :HQQ0HQHJHQ6SUHUVLFKDQLP:HJHVWHKHQGHQ:lQGHQGHQ.RSIEOXWLJ VFKOXJXQGGDQQZLHGHUXQVLFKWEDUHQ+LQGHUQLVVHQDXVZLFKRGHUZHQQGHU %OXH*XHOLWWVHOWVDPH/DXWIROJHQYRQVLFKJDEGLHZLHHLQH/LWXUJLHLQHLQHU IUHPGHQ6SUDFKHNODQJHQGDQQZDUEHL*OHQ$OODFKLHQLHHLQHHUK|KWH ,PSXOVIUHTXHQ]QDFK]XZHLVHQ ,QVROFKHQ)lOOHQNDPHVLPQlKHUHQ8PNUHLVDXFKQLHPDOV]X LUJHQGZHOFKHQXQHUNOlUOLFKHQ3KlQRPHQHQ'HQQRFKZDU6WUDWK&RQRQ VLFKHUGD*OHQ$OODFKLHGHU6FKOVVHO]XDOOHPZDU9LHOOHLFKWGHU7UlJHU HLQHVVHOWVDPHQ9LUXVXQGGHU9HUXUVDFKHUGLHVHUXQHUNOlUOLFKHQ.UDQNKHLW 'DV0HGLXPGHU0LWWOHURGHU.DWDO\VD WRULUJHQGHLQHUXQEHNDQQWHQ.UDIWGLHDXVHLQHUDQGHUHQ'LPHQVLRQQDFK *XQQDYDUEHUJULII 6WUDWK&RQRQKDWWHLQGLH.UDQNHQJHVFKLFKWHGHV-XQJHQVRJDUGLH 6FKLOGHUXQJHQVHLQHV9DWHUVEHU*OHQVVHOWVDPHV9HUKDOWHQVHLWIUKHVWHU .LQGKHLWDXIJHQRPPHQ 'DHUEHKDXSWHWKDWWHODXWORVH6WLPPHQ]XK|UHQ XQGXQVLFKWEDUH:HVHQDXVDQGHUHQ'LPHQVLRQHQ]XVHKHQ 'LHVKlWWHHLJHQWOLFKLQV6FKHPDJHSDW$XVJHKHQGYRQGHQ' (PLVVLRQHQKlWWHPDQGDUDXIVFKOLHHQN|QQHQGDDXFKGLHDQGHUHQ 3DWLHQWHQ+LQGHUQLVVHVDKHQGLHLKQHQLQHLQHUK|KHUHQ'LPHQVLRQLP:HJH VWDQGHQ:lQGHLQGHU5HDOLWlWGHU'LPHQVLRQMHGRFKQLFKWVRGDVLH GDJHJHQUDQQWHQ8QGGLHVHOWVDPHQ/DXWHNRQQWHQGLH6SUDFKHYRQ:HVHQ GLHVHUK|KHUHQ'LPHQVLRQVHLQ $EHUGDVZDUDOOHVXQDXVJHJRUHQH7KHRULHVRGDHV6WUDWK&RQRQQLFKW ZDJWHGDPLWDQGLHgIIHQWOLFKNHLW]XJHKHQ(UEUDXFKWHHWZDV+DQGIHVWHV XPVHLQH9HUPXWXQJHQXQWHUPDXHUQ]XN|QQHQ 6WUDWK&RQRQKDWWHJHUDGHHLQH6LW]XQJPLWGHP*XUUDG0HQHJHQ6SUHUDOV VHLQ3DJHUDQVFKOXJ'HU$U]WWDVWHWHHLQXQGHUIXKUGD*OHQ$OODFKLH JHUDGHHLQHUXQJHZ|KQOLFKVWDUNHQ3OXV3KDVH]XVWUHEWH'DVEHGHXWHWH GDHU]XHLQHP'6HQGHUJHZRUGHQZDU
(VZDU 8KU2UWV]HLW (LQHPHUVWHQ,PSXOVIROJHQGZROOWHGHU$U]WGLH7KHUDSLHVRIRUWDEEUHFKHQ XPQDFKGHP-XQJHQ]XVHKHQ$EHUGDQQNDPJOHLFKGDUDXIZLHGHUGLH (QWZDUQXQJXQGHUZDQGWHVLFKHUQHXWVHLQHP3UREDQGHQ]X hEHUGLH5XQGUXIDQODJHZXUGHJHPHOGHW %HVXFKIU'U6WUDWK&RQRQ(LQ&RPPDQGHU*OHQ&DOGHUYRQGHQ 0LQWNDSSHQZQVFKW'U6WUDWK&RQRQ]XVSUHFKHQ 'HU$U]WHULQQHUWHVLFKGDHUPLWHLQHP0DQQGLHVHV1DPHQVHLQH 9HUDEUHGXQJKDWWHXQGEDWLKQ]XVLFK *OHQ&DOGHUWUDWLQV9HUVXFKV]LPPHUDOV0HQHJHQ6SUHUJHUDGHJHJHQHLQH :DQGVWLHXQGYHU]ZHLIHOWYHUVXFKWHVLHPLWGHQ+lQGHQZLHHLQHQ 9RUKDQJ]XWHLOHQ'DEHLJDEHUNHKOLJH/DXWHYRQVLFK 6WUDWKJDEGHP%HVXFKHUGXUFKHLQ=HLFKHQ]XYHUVWHKHQGDHUVLFKVWLOO YHUKDOWHQVROOHXQGHUNXQGLJWHVLFKLQ5LFKWXQJGHV*XUUDGV :RELVWGXJHUDGH0HQHJHQ" 0DQFKPDOEHNDPHULQVROFKHQ)lOOHQVRJDU$QWZRUW$EHUGLHVPDONQXUUWH GHU*XUUDGQXU 6WUDWKJLQJ]XLKPXQGIKUWHLKQZlKUHQGHU$XIPHUNVDPNHLWKHLVFKHQGLQ *OHQ&DOGHUV5LFKWXQJEOLFNWHDQGHU+DQG]XGHPXQVLFKWEDUHQ 6FKXW]VFKLUPDXIGHUJHJHQEHUOLHJHQGHQ6HLWH0HQHJHQEHZHJWHVLFK EHUDXVYRUVLFKWLJ(UZLFK]ZHLPDOXQVLFKWEDUHQ+LQGHUQLVVHQDXVXQG YHUVXFKWHHLQH(UKHEXQJ]XEHVWHLJHQZRNHLQHZDU(QGOLFKHUUHLFKWHQVLH LP7ULSSHOVFKULWWGLH(QHUJLHZDQG 0HQHJHQEOLHEGDYRUVWHKHQXQGEHVFKULHEPLWGHQ+lQGHQNUHLVHQGH %HZHJXQJHQ'DEHLVDJWHHU 6FK|Q:LHZXQGHUEDU-DGDVLVWVFKRQZDV :DVVLHKVWGX0HQHJHQ"IUDJWHGHU7KHUDSHXW 8QGGHU*XUUDGDQWZRUWHWH 0LFK:LHLQHLQHP6SLHJHO*URXQGPlFKWLJXQGDOOJHZDOWLJ .DQQVWGXPLUGLH8PJHEXQJEHVFKUHLEHQLQGHUGXGLFKEHILQGHVW 0HQHJHQ" 6FK|Q8QHQGOLFK2EHQXQGXQWHQLVWJOHLFK'RUWLVWKLHU+LHULVWEHUDOO $OOHVLVWGDXQGGRUW0GH 2ND\ZLUOHJHQHLQH3DXVHHLQ0HQHJHQVDJWH6WUDWKXQGOLHGHQ *XUUDGYRQHLQHP0HGR5RERWHUDEIKUHQ 6WUDWKZDQGWHVLFKVHLQHP%HVXFKHU]XVFKWWHOWHLKPGLH+DQGXQGVDJWH VWDWWHLQHU%HJUXQJ ,FKZHLQLFKWZDUXPLFKDXIGLH,GHHPLWGHP6FKXW]VFKLUPQLFKWVFKRQ IUKHUJHNRPPHQELQ2EZRKOHUIUGDVPHQVFKOLFKH$XJHXQVLFKWEDULVW VWHOOWHUIUGLH=LUURSDWKHQHLQGHXWOLFKVLFKWEDUHV+LQGHUQLVGDU(VLVWGHU %HZHLVGDVLHLQGLHIQIWH'LPHQVLRQEOLFNHQN|QQHQ ,QWHUHVVDQWVDJWH*OHQ!&DOGHU$QVROFKHQ'HWDLOVELQLFKEHUDXV LQWHUHVVLHUW:LHLFKVFKRQEHLPHLQHP$QUXIJHVDJWKDEHXQWHUVXFKHLFKGLH )lOOHGHU+\SHUSKlQRPHQH9RUQHKPOLFKGLH0DWHULHYHUIRUPXQJHQ'D
GDEHLDEHUDXFK/HEHZHVHQ]X6FKDGHQNDPHQPXLFKGLH6DFKHDXFK YRQGLHVHU6HLWHEHOHXFKWHQ/HLGHUELQLFKPHGL]LQLVFKQLFKWDXVJHELOGHWXQG GLHVEH]JOLFKDXIGHLQH+LOIHDQJHZLHVHQ ,FKVWHOOHJHUQHDOOHPHLQH8QWHUODJHQ]XU9HUIJXQJVDJWH6WUDWK&RQRQ ]XYRUNRPPHQG1XUIUFKWHLFKGDGXGDUDXVNHLQHQHXHQ(UNHQQWLVVH JHZLQQHQZLUVW,FKVWHKHQRFK]LHPOLFKGXPPGD ,FKN|QQWHPLUYRUVWHOOHQGDHLQH=XVDPPHQDUEHLWIUEHLGH6HLWHQ IUXFKWEDUZlUHVDJWH*OHQ&DOGHU(VNRPPWVHOWHQHWZDVGDEHLKHUDXV ZHQQHLQH+DQGQLFKWZHLZDVGLHDQGHUHWXW&DOGHUEHUUHLFKWH6WUDWK HLQHQ'DWHQWUlJHUPLWGHQ:RUWHQ 'DUDXIVLQGDOOHPHLQH8QWHUODJHQEHU GLHELVKHULJHQ+\SHUSKlQRPHQHJHVSHLFKHUW(VEHILQGHWVLFKVRJDUVFKRQ GHU%HULFKWEHUGHQMQJVWHQ9RUIDOOGDUDXIGHUVLFKDXIPHLQHP:HJ KLHUKHUHUHLJQHWKDW :DVLVWSDVVLHUW" ,PVGOLFKHQ$XFKHQWRVKDQZXUGHHLQH%HUJNHWWHZLHYRQHLQHP5LHVHQEHLO DXIHLQHU/lQJHYRQIQI.LORPHWHUQI|UPOLFKLQ]ZHL+lOIWHQJHWHLOW)DVW]XU JOHLFKHQ=HLWNDPYRQHLQHP6DWHOOLWHQGLH0HOGXQJGD]HKQWDX VHQG.LORPHWHUHQWIHUQWHLQ$WROOLP(QWVWHKHQEHJULIIHQVHL%HLGH(UHLJQLVVH KDEHQVHOEVWYHUVWlQGOLFKXQWHUVWDUNHQ+\SHUEHEHQVWDWWJHIXQGHQ 'DVJHK|UWIDVWVFKRQ]XP$OOWDJYRQ*XQQDYDUVDJWH6WUDWK&RQRQ HUJHEHQ:HQQGXPLWPLUNRPPVWNDQQVWGXPHLQH$UEHLWVXQWHUODJHQ JOHLFKPLWQHKPHQhEHUPHLQHSHUV|QOLFKHQ1RWL]HQXQG7KHRULHQVROOWHVWGX DEHUJUR]JLJKLQZHJVHKHQ 'DVJLOWDXFKLQPHLQHP)DOO 1DFKGHP*OHQ&DOGHUVLFKYHUDEVFKLHGHWKDWWHJLQJ6WUDWK&RQRUGHVVHQ $XI]HLFKQXQJHQGXUFK'DEHLEHJDQQHUZLHHVVRVHLQH*HZRKQKHLWZDU YRQKLQWHQGDVKHLWPLWGHQDNWXHOOVWHQ(UHLJQLVVHQ 8QGVFKRQGLHHUVWH(LQWUDJXQJHOHNWULVLHUWHLKQ 'RUWVWDQG $XFKHQWRVKDQ8P 8KU9HQWHUUR=HLWVFKOXJHQXQEHNDQQWH +\SHUNUlIWHLQGDV7RPLQWRXO0DVVLYHLQXQGVSDOWHWHQHVDXIHLQH/lQJHYRQ IQI.LORPHWHUQ 8KU9HQWHUUR=HLW 8QWHUVWDUNHQ+\SHUEHEHQ WDXFKWHLP&O\QHOLVK0HHUHLQ$WROODXI (VZDUGLH=HLWDQJDEHGLH6WUDWK&RQRQLQV$XJHVWDFKXQGDXIZKOWH 8P 8KUZDUDQVHLQHP3DWLHQWHQ*OHQ$OODFKLHXQJHZ|KQOLFKVWDUNH '(PLVVLRQDQJHPHVVHQZRUGHQ 6WUDWK&RQRQYHUOLHVHLQHQ$UEHLWVSODW]XQGVWUPWHLQ*OHQ$OODFKLHV =LPPHUXPVLFKYRQGHQ0HJHUlWHQDQGLHGHUMXJHQGOLFKH3DWLHQW DQJHVFKORVVHQZDUGLHH[DNWH=HLWDQJDEHGHU3OXV3KDVHJHEHQ]XODVVHQ 'HU-XQJHODJUHJORVLP%HWWGLH*HUlWHZLHVHQNHLQHUOHL*HKLUQVWU|PHDXI *OHQZDVLVWQXUORVPLWGLU"IUDJWH6WUDWK&RQRQLQGHP%HZXWVHLQNHLQH $QWZRUW]XHUKDOWHQ$EHUGLHVPDO|IIQHWHGHU-XQJHGLH$XJHQXQGVDJWH .HLQH.LQGHUWUlXPHPHKU'RF,FKZHUGHQLHPHKUZLHGHUMHPDQGHQPLW VROFKHP8QVLQQQHUYHQ
'DQDFKYHUILHOHUZLHGHULQV.RPD 6WUDWK&RQRQIU|VWHOWH2EZRKOHUHLJHQWOLFKNHLQH%HVWlWLJXQJPHKU EHQ|WLJWHODVHUQRFKGLH:HUWHGHU$XI]HLFKQXQJYRQ*OHQV3OXV3KDVHDE (VKDWWHYLHUKHIWLJH3KDVHQVSUQJHJHJHEHQ'HQHUVWHQXP XQG GUHLZHLWHUHLQ$EVWlQGHQYRQMHZHLOV+XQGHUWVWHOVHNXQGHQ 8PH[DNWGLHVH=HLWZDUHLQ%HUJPDVVLYJHVSDOWHQZRUGHQXQGHLQ$WROO HQWVWDQGHQ8QGZHOFKH]ZHLZHLWHUH+\SHUSKlQRPHQHKDWWHQQRFK VWDWWJHIXQGHQ" 6WUDWK&RQRQVWDUUWHGHQ-XQJHQYROOHU$QJVWDQXQGPDFKWHGDHUDXV GHP=LPPHUNDP(UPXWHVLFKDXJHQEOLFNOLFKPLW*OHQ&DOGHULQ 9HUELQGXQJVHW]HQ,KQDQUXIHQXQGEHUVHLQH(QWGHFNXQJLQIRUPLHUHQ EHVVHUQRFKLKQSHUV|QOLFKDXIVXFKHQ 6WUDWKIXKULP$QWLJUDYOLIW]XP'DFKGHV5HKDELOLWDWLRQV]HQWUXPVKLQDXIZR VHLQ*OHLWHUJHSDUNWZDU:LHYRQ)XULHQJHKHW]WVWDUWHWHHUGXUFKXQGVFKR PLW+|FKVWEHVFKOHXQLJXQJGDYRQ(UZROOWHVRUDVFKZLHP|JOLFKHLQH 'LVWDQ]]ZLVFKHQVLFKXQGVHLQHPXQKHLPOLFKHQ3DWLHQWHQEULQJHQ *OHQ$OODFKLHGHU$XVO|VHUGHUVFKUHFNOLFKHQ+\SHUSKlQRPHQH :LHZDUGDVP|JOLFK" %DOGGDUDXIVDK6WUDWK&RQRQGDV+RFKKDXVGHVSODQHWDUHQ 6LFKHUKHLWVGLHQVWHVYRUVLFKDXIUDJHQ6HLQ=LHOZDU]XP*UHLIHQQDKHDEHU HUHUUHLFKWHHVQLH1RFKEHYRUGHU$XWRSLORWGLH/DQGXQJHLQOHLWHWHKOOWHLKQ HLQHNDOWH:RONHHLQXQGEUDFKWHVHLQHQ.|USHU]XP*HIULHUHQ$OVGHU *OHLWHUDXIGHP'DFKGHV+RFKKDXVHVODQGHWHZDU6WUDWK&RQRQV.|USHU ZLHGHUDXIJHWDXWDEHUQLFKWPHKUOHEHQVIlKLJ +HULEHUWEOLHELQDQJHPHVVHQHU(QWIHUQXQJYRQGHP1DNNHQVWHKHQXQGGLH DQGHUHQHLQVFKOLHOLFK7RPWDWHQHVLKPJOHLFK 0HLVWHU8GLYDUGHLQ'LHQHU+HULEHUWXQG%HJOHLWHUELWWHQXPGHLQH $XIPHUNVDPNHLWPDFKWHVLFK+HULEHUWIOVWHUQGEHPHUNEDU'UIHQZLU VW|UHQ":LUKDEHQHLQHQ6FKLIIEUFKLJHQEHLXQV(VLVWHLQ0HQVFKHLQ 7HUUDQHUGHULQV0DUFRU6\VWHPJHNRPPHQLVWWXPGLFKXPGHLQHQ%HLVWDQG ]XELWWHQ(UZlUHPLWVHLQHU6SDFH-HW48$5,*$DXI3KDGGRQ]HUVFKHOOW ZHQQZLULKQQLFKWPLWGHP7UDNWRUVWUDKOLP2UELWHLQJHIDQJHQKlWWHQ(U KHLW7RP1RUWRQXQGVWDPPWYRQGHP3ODQHWHQ*XQQDYDU ,FKZLOOLKQQLFKWVHKHQVDJWH8GLYDUPLWOHLVHUNDXPK|UEDUHU6WLPPHXQG RKQHVLFKLKQHQ]X]XZHQGHQ*HEWLKP6SHLV XQG7UDQNXQGHLQZHLVHV :RUWPLWDXIGHQ:HJDEHUVFKLFNWLKQZLHGHUIRUW (UKDWHLQXQJHZ|KQOLFKHV6FKLFNVDOHUOLWWHQIXKU+HULEHUWXQDXIGULQJOLFK DEHUXQEHLUUEDUIRUW6HLQ6FKLIIZDUPDQ|YULHUXQIlKLJ,UJHQGHLQH XQEHNDQQWH0DFKWKDWHVEHGUlQJWXQG]XHLQHP'6WUDKOHUJHPDFKW'LH ,QVWUXPHQWHZDUHQGXUFKXQEHNDQQWH.UlIWH]HUVW|UWLP,QQHUQKDWHVZLH
DXIHLQHP6FKODFKWIHOGDXVJHVHKHQ(WZDVZLHHLQHULHVLJH.OLQJHDXVHLQHP VFKODFNHQDUWLJHQ0DWHULDOKDWGHQ'LVNXVLQ]ZHL+lOIWHQJHVFKQLWWHQ $EUDKDPJHK|UWH]XU5HWWXQJVPDQQVFKDIW,FKKDEHLKQPLWJHEUDFKW(U N|QQWHGLU 7RPKDWWHGHP5RERWHUDXIPHUNVDP]XJHK|UWZHLOHUDXIGLHVH:HLVH]XP HUVWHQPDOHUIXKUZDVWDWVlFKOLFKSDVVLHUWZDU$EHUQLFKWVYRQGHPZDVHU ]XK|UHQEHNDPZHFNWHLUJHQGHLQH(ULQQHUXQJ .XVFKULHI8GLYDU HUH[SORGLHUWHI|UPOLFK/DQJ VDPGUHKWHHUVLFKDXIVHLQHP$QWLJUDYIHOGXPXQGVDKLQLKUH5LFKWXQJ $EHUGLHURWH2SWLNVHLQHUPHWDOOHQHQ6LFKW6SUHFKPDVNHVFKLHQGXUFKVLH KLQGXUFK]XEOLFNHQ'HQNGDUDQ+HULEHUW 6FKZHLJHQLVWGHU*RWWGHU *OFNOLFKHQ 6FKLOOHULFKZHLHUZLGHUWHGHU5RERWHU$EHUDXI7HUUDVDJWPDQDXFK 'DV*OFNWULWWJHUQLQHLQ+DXVHLQZRJXWH/DXQHLVW *OFNKHLWVHLQH*UHQ]HQNHQQHQXQGVLHOLHEHQKLHOW8GLYDUGDJHJHQ $QVWDWWGLFKDQ5ROODQG]XNODPPHUQVROOWHVWGXHVEHVVHUPLW/LFKWHQEHUJV :RUWHQKDOWHQ0HLVWHU8GLYDU 0DQLVWYHUORUHQZHQQPDQ]XYLHO=HLW EHNRPPWDQVLFK]XGHQNHQ 'XQHQQVWPLFK0HLVWHUMD"UHJWHVLFK8GLYDUDXI'DUDXIPXLFKGLU DOOHUGLQJVEHLQKDUWVDJHQ (VVLQGNHLQHZDKUHQ0HLVWHUGLHDOOHVXQGDOOH PHLVWHUQZROOHQ8QGGDVLVWPHLQOHW]WHV:RUW9HUVFKZLQGHW 7RPZDUIURKGDGDPLWGDV5HGHGXHOOEHHQGHWVFKLHQEHLGHPMHGHUGHQ DQGHUHQPLWZHLVHQ6SUFKHQEHUWUXPSIHQZROOWH$EHU+HULEHUWGDFKWH RIIHQEDUQLFKWGDUDQVLFKGHQ:HLVXQJHQVHLQHV0HLVWHUV]XIJHQGHQQHU QDKPQRFKHLQHQOHW]WHQ$QODXI *XWLFKJHKRUFKHZHLOLFKPXVDJWHGHU5RERWVFKHLQEDUJHKRUVDP $EHUHLQHVVROOWHVWGXQRFKZLVVHQ0HLVWHU8GLYDU'XGHQNVWGD&DOLJXOD DSDWKLVFKYRUVLFKKLQVLHFKWZHLOHLQXQEHNDQQWHV9LUXVLKPGLH)UHXGHDP /HEHQJHQRPPHQKDW$EHULFKVDJHGLUGDHUDOVHU7RP1RUWRQV :LWWHUXQJDXIJHQRPPHQKDWLKQDQILHOXQGLKPGDV*HVLFKW]HUNUDW]WH 7RPV%LRSODVWYHUEDQGLVWGHU%HZHLV 'HU1DNN]XFNWH]XVDPPHQGDVKHLWVHLQHQ.|USHUPLWGHP([RVNHOHWW GXUFKIXKUHLQ5XFN :DVVDJVWGXGDYRQ&DOLJXOD"ULHIHUHUUHJW'DV JODXEHLFKQLFKW(VLVWHLQH/JH-DZRKOGXOJVWXPPLFKDXVGHU 5HVHUYH]XORFNHQ$EHUODVVHGLUYRQ.RQIX]LXVVDJHQ 'HUK|KHUH0HQVFK LVWNHLQ:HUN]HXJIUGLH=ZHFNHDQGHUHU +HULEHUWVDJWGLH:DKUKHLWYHUVXFKWH7RP]XYHUPLWWHOQ'HLQ8QJHKHXHU YRQHLQHP+DXVNDWHUKDWPLFK 7RPYHUVWXPPWH'HQQLP+LQWHUJUXQGVDKHULP'XQNHOQ]ZHL$XJHQ DXIOHXFKWHQ'DQQWDXFKWHGRUWHLQYROXPLQ|VHU6FKDWWHQDXINDPDXIYLHU %HLQHQXQGVDPWZHLFKHQ3IRWHQUDXEWLHUJOHLFKDXVGHP'XQNHOQJHVFKOLFKHQ XQGVSUDQJDXIGDVDOWH6LW]P|EHO
&DOLJXODZDU]ZDUQLFKWJDQ]VRJURZLHLQ7RPV9RUVWHOOXQJDEHUHUZDUVR IHWWZLHHLQ0DVWWLHU(UVWUHFNWHVLFKDXIGHU6LW]EDQNXQGZHW]WHPLW DXIJHULFKWHWHP+LQWHUJHVWHOOXQGJHVWUHFNWHP6FKZDQ]VWXPPHOVHLQH .UDOOHQDQGHP6WRII'DEHLVDKHU7RPDXVVHLQHQOHXFKWHQGHQ$XJHQ GLUHNWDQ VHLQ%OLFNZDUP|UGHULVFK 'DVHKWGLH%HVWLHKDWHVDXIPLFKDEJHVHKHQVFKULH7RPLQSDQLVFKHU $QJVW,KUPWPLFKYRULKUVFKW]HQ (UKDWWHNHLQH(UIDKUXQJPLWWHUUDQLVFKHQ+DXVNDW]HQDEHUHUNDQQWHGDV -DJGYHUKDOWHQYRQ5DXENDW]HQ HVZDUEHUDOOLP8QLYHUVXPJOHLFK &DOLJXODIDXFKWHGURKHQG0|JOLFKHUZHLVHKDWWHGDV7LHUVHOEVW$QJVWDEHU VHOEVWZHQQGHPVRZDUVFKLHQHV]XGHP(QWVFKOXJHNRPPHQ]XVHLQ GD$QJULIIGLHEHVWH9HUWHLGLJXQJZDU +HOIWPLUULHI7RP6FKDIIWGDV8QWLHUIRUW +HULEHUWPDFKWH$QVWDOWHQ7RP]X+LOIH]XNRPPHQ$EHU8GLYDUZLQNWHPLW VHLQHPREHUVWHQYRQVHFKV$UPSDDUHQDE9HUPXWOLFKJDEHUGHP5RERW DXFKHLQHQIU0HQVFKHQXQK|UEDUHQ%HIHKOGHQQ+HULEHUWV5lGHUVWDQGHQ XUSO|W]OLFKVWLOOXQGVHLQH7HQWDNHOGLHVFKRQLQ 5LFKWXQJ&DOLJXODDXVJHIDKUHQZDUHQKLQJHQQXQZLHGHUVFKODIIYRQVHLQHU 6HLWH 8QGGDQQVSUDQJ&DOLJXOD 7RPVFKULHXQGKREDOVGHUVFKZHUH.|USHUGHV.DWHUVDXILKQ]XVHJHOWH DEZHKUHQGGLH$UPHYRUV*HVLFKW$EHU&DOLJXODHUUHLFKWHLKQJDUQLFKW 6FKQHOOHUDOVGDV$XJHIROJHQNRQQWHZDUSO|W]OLFK8GLYDU]XU6WHOOHXQGILQJ GHQ.DW]HQN|USHUPLWVHLQHQNXU]HQLQPHWDOOHQHQ+OVHQVWHFNHQGHQ bUPFKHQDXVGHU/XIW &DOLJXODIDXFKWHELXQGNUDW]WHVFKOXJZLOGXQG]RUQLJXPVLFKXQG YHUVXFKWHYHU]ZHLIHOWVLFKDXVGHP1DNNHQJULII]XZLQGHQ 1DQDPHLQ$OWHUYHUVXFKWHLKP8GLYDU]X]XUHGHQXQGJDEGDEHL JOXFNVHQGH/DXWHYRQVLFK'XELVWMDDXIHLQPDOZLHGHUYROOHU 7HPSHUDPHQW:HUKlWWHGDVJHGDFKW:HOFKH3HUVRQKDVWGXVRHEHQ KHUYRUJHNHKUW"'HQ.lPSIHUXQG'UDXIJlQJHU5DWEHU7RVWDQ"2GHUGHQ :LOGHQ*UHUUGHUGHQ%OLW]JH]lKPWKDWDEHUGLH8UJHZDOWHQQDFKZLHYRU IUFKWHW"2GHUJDUGHQE|VHQ+DQJXDUG6HUDSKRQDPX$OED[DGDGHU.DW]HQ ZLHGLFKJHIUHVVHQKDW":DUHVHLQH8UJHZDOWGLHGLFKUHQLWHQWJHPDFKW KDW" &DOLJXODJHODQJHVHQGOLFKVLFKDXV8GLYDUV*ULII]XEHIUHLHQXQGGHU1DNN OLHLKQXQWHUODXWHP6\QWKHVL]HUODFKHQDE]LHKHQ'DQQZDQGWHHUVLFK7RP ]X 'XKDVWZDVDQGLU7HUUDQHUGDVDXI&DOLJXODZLUNWZLHHLQURWHV7XFK ZHQQGXYHUVWHKVWZDVLFKPHLQHVDJWH8GLYDU,FKP|FKWHKHUDXVILQGHQ ZDVGDVLVW 3O|W]OLFKYHUVWHLIWHVLFKGHU1DNNXQGGLHGUHL5RERWHUPLWLKP7RPKDWWH NHLQH$KQXQJZDVGDYRQ]XKDOWHQZDU$EHUHUDKQWHGDLUJHQGHWZDV
%HGHXWXQJVYROOHVEHYRUVWDQG$OVHUGDQQLP+LQWHUJUXQGQRFKQHXQZHLWHUH 5RERWHUHLQHUVHOWVDPHUJHIRUPWDOVGHUDQGHUH VLFKODXWORVQlKHUQVDKGDKLHOWDXFKHUGHQ$WHPDQXQGHUZDUWHWH JHVSDQQWGDV.RPPHQGH (VGDXHUWHQLFKWODQJHGDEHJDQQ8GLYDUPLWHQWUFNWHU6WLPPH]X VSUHFKHQ ,FKVWDPPHDXVGHPIHUQHQ2VWHQXQGOHEH]XHLQHU=HLWLQHLQHU|VWOLFKHQ +RFKNXOWXUDOVGDV$EHQGODQGJHUDGHLP)UKOLFKWVHLQHU(QWZLFNOXQJVWHKW 'LH*ULHFKHQEHUHLWHQGHQ$EZHKUNDPSIJHJHQGLH3HUVHUYRUXQGGLH 5|PHUEHJLQQHQPLWGHP$XIEDXLKUHU5HSXEOLN ,FKELQGHUNRQVHUYDWLYHMXQJH*HLVWGHV1RUGHQVGHUDOVGHU HQWJHJHQJHVHW]WH3ROGHVDOWHKUZUGLJHQ3KLORVRSKHQDXVGHP6GHQ JHOWHQNDQQ:HGHULFKQRFKGHUDQGHUHDKQHQGDXQVHUH/HKUHQHLQVW $XVJDQJVSXQNWJURHU5HOLJLRQHQVHLQZHUGHQ ,FKELQGUHLXQGGUHLLJ-DKUHDOWDOVLFKPLFK]X6WXGLXPV]ZHFNHQLQGHU 3URYLQ]/R\DQJDXIKDOWH'LHVH*HOHJHQKHLWQHKPHLFKZDKUGDVNDLVHUOLFKH $UFKLYLQGHU6WDGW7VFKRXDXI]XVXFKHQZRPHLQJHLVWLJHU$QWLSRGHWURW] VHLQHVKRKHQ$OWHUVYRQGUHLXQGDFKW]LJ-DKUHQQRFKLPPHUDOV$UFKLYDUWlWLJ LVW (VNRPPWGDEHL]XHLQHUHUVWHQXQGHLQ]LJHQ%HJHJQXQJ]ZLVFKHQXQVHUHQ ]ZHLVRHQWJHJHQJHVHW]WHQ*HLVWHUQ'HUDOWH*HOHKUWHXQGLFKKDEHQODQJH SKLORVRSKLVFKH*HVSUlFKHDEHUZLUN|QQHQJHGDQNOLFKQLFKW]XHLQDQGHU ILQGHQGHQQGLH*HJHQVlW]HGLHXQVWUHQQHQVLQGQLFKW]XEHUEUFNHQ:LU VHKHQMHGHUGLH:HOWYRQHLQHUDQGHUHQ3HUVSHNWLYHDXV :lKUHQGHUDOOHV+HLOLQHLQHPUDGLNDOHQ%UXFKPLWGHU9HUJDQJHQKHLWXQGLQ GHU$ENHKUYRQGHU=LYLOLVDWLRQVLHKWVWW]HLFKPLFKDXIGLHJURH7UDGLWLRQ XQVHUHV9RONHVXQGIDVVHGLHhEHUOLHIHUXQJ]XHLQHUV\VWHPDWLVFKHQ 3IOLFKWHQXQG7XJHQGOHKUH]XVDPPHQ IUPLFKVLQG)DPLOLHXQG6WDDWHZLJ JOWLJH:HUWH ,FK]LHKHDXVXQVHUHU*HJHQVlW]OLFKNHLWGHQHLQ]LJHQP|JOLFKHQ6FKOX 8PVLFK5DWVFKOlJHJHEHQ]XN|QQHQPXPDQLQGHQ*UXQGVlW]HQ EHUHLQVWLPPHQ :LUEHLGHNRPPHQQLFKW]XVDPPHQ2EZRKOZLUEHLGHGLH/HKUHYRP7DR GLH/HKUHYRP:HOWVLQQXQGVHLQHU+DUPRQLHDQHUNHQQHQGRFK ,FKKDE VILHOGHU5RERWHU:LJEHUWGHP1DNNHQLQV:RUW0HLVWHUGXELVW GHUFKLQHVLVFKH3KLORVRSK.RQIX]LXVGHU-DKUHYRUGHUDOWWHUUDQLVFKHQ 6WDQGDUG]HLWUHFKQXQJ/DRWVHWULIIW ([DNWEHVWlWLJWH8GLYDU8QGLFKZHLYRQ&DOLJXODGHULQHLQHPVHLQHU XQ]lKOLJHQ/HEHQ.RQIX]LXVZDUGDGLHVH%HJHJQXQJZDVPDQFKH *HVFKLFKWVIRUVFKHULPPHUDQJH]ZHLIHOWKDEHQWDWVlFKOLFKVWDWWJHIXQGHQKDW (VZDULP-DKUHYRUGHU=HLWUHFKQXQJLQGHU6WDGW7VFKRX $OOH]Z|OI5RERWHUVDJWHQMXELOLHUHQGLP&KRU
'HU0HLVWHULVWXQWHUGLH/HEHQGHQ]XUFNJHNHKUW/DVVHWXQVGDV:XQGHU PLW*RHWKHV:RUWHQSUHLVHQ 9HUQXQIWIlQJWZLHGHUDQ]XVSUHFKHQXQG +RIIQXQJZLHGHUDQ]XEOKQ 7RPGHUGHP*DQ]HQ]LHPOLFKUDWORVJHJHQEHUVWDQGIUDJWHVLFKRE ZLUNOLFKGLH9HUQXQIWJHVSURFKHQKDWWHREQLFKWGHU8QVLQQ]XEOKHQ EHJDQQ(UNDP]XNHLQHP6FKOXGHQQ8GLYDUZDQGWHVLFKDQLKQXQG VDJWH ,FKP|FKWHPLUGHLQ6FKLIIDQVHKHQ7RP1RUWRQ $OV'LHQVWKDEHQGHUKDEHLFKPLUHUODXEWGHUYRQGLUHUKRIIWHQ(QWVFKHLGXQJ YRU]XJUHLIHQXQGGLH6SDFH-HWDXVGHP2UELWLQGHQ+DQJDU]XKROHQ PHOGHWH+HULEHUW 6DJHPLU7RP1RUWRQZDVZUGHLFKRKQHPHLQHURERWLVFKHQ)UHXQGH VHLQPHLQWH8GLYDUEHUJOFNOLFK :DVVROOHLQ0DQQRKQH*HGlFKWQLVGD]XVFKRQVDJHQDQWZRUWHWH7RP YHUGULHOLFK :LUZHUGHQGDV*HKHLPQLVGHLQHV*HGlFKWQLVYHUOXVWVO|VHQDQWZRUWHWH 8GLYDU]XYHUVLFKWOLFK&DOLJXODZLUGXQVGLH$QWZRUWJHEHQ 'LH48$(,*$HQWVSUDFKVRJDUQLFKW7RP1RUWRQV9RUVWHOOXQJHQHLQHU 6SDFH-HW9RQDXHQPDFKWHVLHQRFKHLQHQUHODWLYQRUPDOHQ(LQGUXFN DEHUDOVHUDQ%RUGNDPGDIDQGHUVLFKLPWRWDOHQ&KDRVZLHGHU'LH ,QVWUXPHQWHXQGDQGHUHQ(LQULFKWXQJHQZDUHQYHUIRUPWXQGZLH+HULEHUW VFKRQJHVDJWKDWWHWUHQQWHHLQHVFKODFNHDUWLJH:DQGGDV6FKLIILQ]ZHL +lOIWHQ .HQQVWGXGHQWHUUDQLVFKHQ%UDXFKGHV%OHLJLHHQV7RP"IUDJWH8GLYDU XQGJDEDOV7RPPLWHLQHP.RSIVFKWWHOQYHUQHLQWHVHOEVWGLH$QWZRUW=X 1HXMDKUEULQJHQGLH7HUUDQHU]XHUVW%OHLVWFNH]XP6FKPHO]HQXQGGDQQLQ NDOWHP:DVVHU]XUSO|W]OLFKHQ$ENKOXQJ$XVGHQUlWVHOKDIWHQ)RUPHQGHV DEJHNKOWHQ%OHLHVOHVHQVLHGDQQLKUH=XNXQIWPLWKRKHU7UHIIVLFKHUKHLW'DV ,QQHUHGHU48$5,*$VLHKWDXVDOVKlWWHMHPDQGGDPLWJHZLVVHUPDHQ%OHL JHJRVVHQ DOOHUGLQJVDXIIQIGLPHQVLRQDOHU%DVLV0DOVHKHQREZLUDXV GHQ'3ULQWVHWZDVKHUDXVOHVHQN|QQHQ ,FKNDQQGLUGDEHLOHLGHUQLFKWKHOIHQVDJWH7RPEHGDXHUQG,FKHULQQHUH PLFKLPPHUQRFKQLFKW 8GLYDUOLHYRQ+HULEHUWGXUFKGLHVFKODFNHDUWLJH7UHQQZDQGHLQ PDQQVJURHV/RFKEUHQQHQ$OVHUGXUFKGLHVHVLQGLHDQGHUH+lOIWHGHU 6WHXHU]HQWUDOHEOLFNWHVWLHHUHLQHQ/DXWGHUhEHUUDVFKXQJDXV 6LHKDQDXIGHUDQGHUHQ6HLWHVLQGGLH,QVWUXPHQWHY|OOLJXQYHUVHKUWVWHOOWH GHU1DNN]XIULHGHQIHVW9LHOOHLFKWZHUGHQZLUKLHUIQGLJ 1DFKGHPGLH5lQGHUDXVJHJOKWZDUHQ]ZlQJWHQVLFK8GLYDUXQG7RP 1RUWRQGXUFKGDV/RFKLQGHU6FKODFNH ZDQG+LQWHULKQHQDWRPLVLHUWH+HULEHUWGLH6FKODFNHZDQGDXIYROOHU/lQJH 'LHVHU7\SYRQ6SDFH-HWLVWPLUXQEHNDQQWZHLOVLHQLFKWWHUUDQLVFKHU %DXDUWLVWVWHOOWH8GLYDUIHVW$EHUYLHOOHLFKWKLOIWHVGLUZHLWHUZHQQGXGLFK XPVLHKVW7RP
7RPVFKULWWDXIHLQH.RQVROH]X0LWWUDXPZDQGOHULVFKHU6LFKHUKHLWJLQJHU ]XHLQHP7HUPLQDOYRQGHPHUZXWHGDHVHLQHQ=XJULIIDXIGDV/RJEXFK HUP|JOLFKWH$EHUHVOLHVLFKQLFKWDNWLYLHUHQGLH/HLWXQJZDUWRW 'DVZHUGHQZLUJOHLFKKDEHQYHUVLFKHUWH8GLYDUXQGJDE+HULEHUWGHQ %HIHKOGDV7HUPLQDOPLWVHLQHU(QHUJLH]XYHUVRUJHQXQGDOOHHUUHLFKEDUHQ 'DWHQLQVHLQHQ6\QWURQ]XEHUQHKPHQ 7RPEHREDFKWHWHGLH$NWLRQJHVSDQQW(VGDXHUWHQXUZHQLJH0LQXWHQGDQQ YHUNQGHWH+HULEHUW ,FKNDQQPLW)XJXQG5HFKWEHKDXSWHQGDPHLQHLQQHUH6FK|QKHLWZHLWHU DXIJHZHUWHWZXUGH'HU'DWHQWUDQVIHUKDWJHNODSSW6ROOLFKGHQ,QKDOWGHV /RJEXFKVZLHGHUJHEHQ" -DGRFKPDFKVFKRQGUlQJWH7RP(UNRQQWHHVJDUQLFKWHUZDUWHQVHLQH SHUV|QOLFKHQ$XI]HLFKQXQJHQ]XK|UHQVLHZDUHQLPPHUKLQHLQ7HLOVHLQHV MQJVWHQ/HEHQVDEVFKQLWWVDQGHQHUVLFKQLFKWPHKUHULQQHUWH +HULEHUWLJQRULHUWH7RPV$XIIRUGHUXQJVRQGHUQZDUWHWHDXI8GLYDUV=HLFKHQ EHYRUHUPLWGHU:LHGHUJDEHGHU$XI]HLFKQXQJEHJDQQ 7RP1RUWRQDQ%RUGGHU48$5,*$EHJDQQ+HULEHUWQDFK8GLYDUV $XIIRUGHUXQJLQGHPHUVHLQHUEOHFKHUQHQ6WLPPHHLQHQXQSHUV|QOLFKHQ PRQRWRQHQ.ODQJJDE(VLVW 8KU6WDQGDUG]HLWDP'RQQHUVWDJGHQ -XQL,FKKDEH]ZHL7DJHYHUORUHQ'LH9HU]|JHUXQJYRQ DFKWXQGYLHU]LJ6WXQGHQNDP]XVWDQGHZHLODP*OHLWHU0lQJHODXIWUDWHQXQG HLQHVFKZLHULJH5HSDUDWXUYRUJHQRPPHQZHUGHQPXWH9RUYLHUXQGGUHLLJ 0LQX WHQNRQQWHLFKGDQQYRQ0XLUKHDG*XQQDYDUDEKHEHQXQGEHILQGHPLFK HQGOLFKDQ%RUGGHU48$5,*$(VLVWIDVWHLQ:XQGHUGDGHU6WDUWGHU )lKUHJOFNWH,FKPXHLQHQJXWHQ6FKXW]SDWURQKDEHQGDGHU=LUURPLFK QLFKWYRP+LPPHOKROWH(VZDUMHGHQIDOOVNQDSS+RIIHQWOLFKKDWHV%HWKXQG *OHQQLFKWHUZLVFKW6LQJOH0DOWVWHKHLKQHQEHL $OV7RPGDV:RUW0XLUKHDGK|UWHVDKHUHLQDXIJHODVVHQHV )DEULNVJHOlQGHXQGHLQHQKDOEYHUIDOOHQHQ+DQJDUDXV:HOOEOHFKYRUVLFK DXVGHPHUXQG]ZHLDQGHUHHLQ0DQQPLW1DPHQ*OHQXQGHLQH)UDX QDPHQV%HWKHLQHQNODSSULJHQ*OHLWHUUROOWHQ(VJDELP+DQJDUDXFKQRFK HLQYHUDOWHWHV%RGHQIDKU]HXJ'DPLWVROOWHQVLFK%HWKXQG*OHQLQGLH6WDGW LQ6LFKHUKHLWEULQJHQ0LWGHP*OHLWHUKDWWHHU7RPGLHLP2UELWVWDWLRQLHUWH 48$5,*$HUUHLFKW0XLUKHDGKLHHLQGQQEHVLHGHOWHU/DQGVWULFKVGOLFK GHU+DXSWVWDGW%HWK)RUUHVGLH7RFKWHUGHVYHUVWRUEHQHQ*OHQ)RUUHVZDU HLQHJXWH)UHXQGLQ*OHQHLQ0LWVWUHLWHU LFKGDUIQLFKWODQJHLP2UELWEOHLEHQK|UWH7RP+HULEHUWPLWGHU :LHGHUJDEHGHV/RJEXFKVIRUWIDKUHQ:HQQGLH:RONHZLUNOLFK,QWHOOLJHQ] EHVLW]WZLUGVLHPLFKDXIVSUHQ,FKPX+LOIHKROHQ'LH''HWHNWLYH 8GLYDUXQG&DOLJXODVLQGXQVHUHOHW]WH+RIIQXQJ:DUXPGDXHUWGLH .XUVEHUHFKQXQJQXUVRODQJH",FKKDEHEHUHLWVKDOEH /LFKWJHVFKZLQGLJNHLWHUUHLFKW(VNDQQVLFKQXUQRFKXP6HNXQGHQKDQGHOQ
ELVGDV(LQWDXFKPDQ|YHUYHUGDPPW'DVJLEWHVGRFKJDUQLFKWGHU =LUURLVWYRUPLU 7RP1RUWRQKDWWHGLH$XJHQJHVFKORVVHQXQGDWPHWHNHXFKHQG(UVDKVLFK I|UPOLFKLQILHEHUQGHU+HNWLNDXIGLH,QVWUXPHQWHGHU48$5,*$HLQKlPPHUQ DOVN|QQWHHUGDPLWGHQDOWHUVVFKZDFKHQ$QWULHE]XHLQHU /HLVWXQJVVWHLJHUXQJEHZHJHQ8QGGDQQVDKHUYRUVLFK HLQHQ6FKZlUPYRQ6FKlIFKHQZRONHQLP9DNXXPGHV$OOVPDWHULDOLVLHUHQ 'LH48$5,*$WDXFKWHLQGHQ:RONHQSXONHLQXQGGDQQHUKLHOW7RPHLQHQ HOHNWULVLHUHQGHQ6FKODJXQG6FKZlU]HKOOWHVHLQHQ*HLVWHLQ +HULEHUWVDJWHQDFKHLQHUNXU]HQ3DXVHPLWVHLQHU6WDQGDUGVWLPPH 'DV ZDUDOOHV 6HKUUlWVHOKDIWVWHOOWH8GLYDUIHVWXQGZDQGWHGLHURWH2SWLNVHLQHU *HVLFKWVPDVNH7RP]X+HOIHQGLHVH$QJDEHQGHLQHP*HGlFKWQLVDXIGLH 6SUQJH" 7RPVFKWWHOWHEHGDXHUQGGHQ.RSI ,FKKDEHQXUHLQLJH%UXFKVWFNHPHLQHU(ULQQHUXQJZLH%OLW]OLFKWHU DXIOHXFKWHQJHVHKHQVDJWHHU$EHULFKVHKHQRFKLPPHUNHLQH =XVDPPHQKlQJH,FKZHLQLFKWVPLWHLQHULQWHOOLJHQWHQ:RONHDQ]XIDQJHQ 2IIHQEDUGURKWGDYRQLUJHQGHLQH*HIDKUXQGHVVFKHLQWGDGLH48$5,*$ GDYRQEHWURIIHQZXUGH$EHULFKHULQQHUHPLFKDQNHLQHZHLWHUHQ (LQ]HOKHLWHQXQGKDEHNHLQH$KQXQJZRKHULFKGHLQHQ1DPHQXQGGHQ GHLQHV.DWHUVKDEHXQGZLHLFKGD]XNRPPHHXFKDOV''HWHNWLYH]X EH]HLFKQHQ 'DIUHLQH(UNOlUXQJ]XILQGHQLVWQLFKWZHLWHUVFKZHUVWHOOWH8GLYDUIHVW 1LFKWRKQH6WRO]IJWHHUKLQ]X &DOLJXODXQGLFKKDEHQXQVGLHVHQ5XI YHUVFKDIIWZHLOZLUHLQRGHU]ZHLNULPLQDOLVWLVFKH)lOOHDXIIQIGLPHQVLRQDOHU %DVLVO|VWHQ0DQNHQQWXQVDXFKDXI*XQQDYDUXQWHUGLHVHU%H]HLFKQXQJ 2KQHIDOVFKH%HVFKHLGHQKHLWGDUILFKVDJHQGDZLUGRUWHLQLJH%HUKPWKHLW HUODQJWKDEHQ,FKZHUGHGLUHU]lKOHQZLHHVGD]XNDP'DVN|QQWH GXUFKDXVDXFKGHLQHU(ULQQHUXQJI|UGHUOLFKVHLQ,FKELQVLFKHUGDHVGD =XVDPPHQKlQJHJLEW (LQH*HVFKLFKWH"ULHI+HULEHUWDXIJHUHJW'XZLOOVWHLQH*HVFKLFKWH HU]lKOHQ0HLVWHU8GLYDU" 8QG:LJEHUWIURKORFNWH +|UWK|UW0HLVWHU8GLYDULVWZLHGHU]XXQV]XUFNJHNHKUW8QGHUIKUWVLFK JOHLFKPLWHLQHU(U]lKOXQJHLQ :DVZLUVWGXXQVHU]lKOHQ0HLVWHU8GLYDU"HUNXQGLJWHVLFK:HUQHU HUZDUWXQJVYROO(LQH)DEHO"(LQ0lUFKHQ"2GHUHLQHZDKUH*HVFKLFKWH" (VLVWHLQHZDKUH*HVFKLFKWH'LH*HVFKLFKWHYRP0RUGDQRGHUYLHOOHLFKW DXFKQXUGHUYRUEHUJHKHQGHQ(OLPLQLHUXQJYRQ&DOLJXODVYLHOHQ/HEHQ DQWZRUWHWH8GLYDU$EHULFKHU]lKOHVLHQLFKWHXFK6LHJHKWYRUDOOHP7RP 1RUWRQHWZDVDQ9LHOOHLFKWHULQQHUWHUVLFKGDQQZDUXPHU]XPLUXP+LOIH JHNRPPHQLVW$EHUZHQQLKUPXFNVPlXVFKHQVWLOOVHLGGDQQGUIWLKUDXFK ]XK|UHQ
7RPZDUWHWHJHGXOGLJDXIHLQH*HOHJHQKHLWVLFKHLQ]XVFKDOWHQGDQQ HUNXQGLJWHHUVLFK 'XKDVWYRUKLQYRQ=XVDPPHQKlQJHQJHVSURFKHQ8GLYDU.DQQVWGXGDV QlKHUHUNOlUHQ" ,FKKDEHHVHLJHQWOLFKQXUDOOJHPHLQJHPHLQWDQWZRUWHWH8GLYDU$EHU HLQHVLVWEHZLHVHQ$OV&DOLJXODGLFKDQILHOGDKDWHUDXIGLHHLJHQDUWLJH' 6WUDKOXQJUHDJLHUWGLHYRQGHLQHU6SDFH-HWDXVJHKWXQGGLHDXFKDXIGLFK EHUJHJDQJHQLVW6LHLVWXQVEHLGHQ&DOLJXODXQGPLUZRKOEHNDQQW2KQH GLUGHVVHQEHZXW]XVHLQVWUDKOVWGXGDV%|VHDXV7RP1RUWRQ 7RPEHNDPHLQH*lQVHKDXW$OV8GLYDUGLHVPHUNWHIJWHHUEHUXKLJHQG KLQ]X 'DPLWLVWDEHUQLFKWJHVDJWGDGXHLQ7UlJHUGLHVHUE|VHQ0DFKWVHLQ PXW ,Q7RPEOLHEGHQQRFKHLQPXOPLJHV*HIKO]XUFN *OHQ&DOGHUYHUVXFKWHYHUJHEOLFKVHLQH9RUJHVHW]WHQDXIGLH =XVDPPHQKlQJH]ZLVFKHQGHQYHUVFKLHGHQHQ9RUIlOOHQKLQ]XZHLVHQ6HOEVW GLH+RFKUHFKQXQJHQGHV6\QWURQVGLHDOOH3KlQRPHQHDOVUHODWLY JOHLFKDUWLJDXVZLHVHQZXUGHQYRQLKQHQLJQRULHUW 6LHEOLHEHQGDEHLGDHVVLFKXPXQDEKlQJLJH=ZLVFKHQIlOOHYRQUHJLRQDOHU %HGHXWXQJKDQGHOH)UVLHZDUGLH(QWZHQGXQJHLQHV*OHLWHUVHLQ)DOOYRQ 'LHEVWDKOXQGGLH'HIRUPLHUXQJHLQHU/HGHUIlUEHUHLEORHU9DQGDOLVPXVGLH PLWGHUJUDXVDPHQ6FKODFKWXQJHLQHUJDQ]HQ5LQGHUKHUGHQLFKWLQ =XVDPPHQKDQJVWDQG 'LH(QWVWHKXQJHLQHV$WROOVXQGGLH6SDOWXQJHLQHV*HELUJV]XJHVGXUFK +\SHUEHEHQUHLKWHQVLHGDJHJHQLQGLH.DWHJRULHGHU1DWXUSKlQRPHQHHLQ 'DEHLOLHHQVLHJUR]JLJXQWHUGHQ7LVFKIDOOHQGDEHLDOOHQELVKHU EHNDQQWJHZRUGHQHQ)lOOHQHLQHXQEHNDQQWH+\SHUVWUDKOXQJLP QLHGHUIUHTXHQWHQ%HUHLFKUHJLVWULHUWZXUGH 'LH.DGDYHUGHU5LQGHUZLHVHQHLQHVROFKHHEHQVRDXIZLHGLHYHUIRUPWHQ 0DWHULHPDVVHQWRWHU*HJHQVWlQGH6HOEVWDQGHQVLHEHQ*XUUDGVGLHDXI XQHUNOlUOLFKH:HLVHYRQGHUDQGHUHQ6HLWHGHV3ODQHWHQ]XP5DXPKDIHQ YRQ9HQWHUURWUDQVIHULHUWZRUGHQZDUHQKDWWHPDQHLQHOHLFKWH +\SHUHPLVVLRQDQJHPHVVHQ 'LH0|JOLFKNHLWGDGLHVH6WUDKOXQJIULKUH'HVRULHQWLHUXQJXQGLKUHQ *HGlFKWQLVYHUOXVWYHUDQWZRUWOLFKVHLQNRQQWHZHLJHUWHPDQVLFKLQ%HWUDFKW ]X]LHKHQ8QG*OHQ&DOGHUNRQQWHHVQLFKWEHZHLVHQ 6HOEVWGLH7DWVDFKHGDLQIDVWDOOHQ)lOOHQDP+LPPHO6FKlIFKHQZRONHQ YRQHLVLJHUNULVWDOOLQHU6WUXNXUVRJHQDQQWH=LUURVWUDWXVZRONHQJHVLFKWHW ZXUGHQZROOWHPDQLQNHLQHP=XVDPPHQKDQJVHKHQ$QGHUHhEHUHLQVWLP PXQJHQZXUGHQDOVDQGHQ+DDUHQKHUEHLJH]RJHQEH]HLFKQHW
(VEHGXUIWHHUVWGHU(UHLJQLVVHYRP0DLXPGLH%HK|UGHQ ZDFK]XUWWHOQ$EHUGDZDUHVEHUHLWV]XVSlW'HQQGDNDPHVEHLQDKH]XP :HOWXQWHUJDQJ $QGLHVHPOHW]WHQ0LWWZRFKLP0DLVSDQQWHVLFKEHUGHU0LOOLRQHQVWDGW 9HQWHUURHLQHGUFNHQGH'XQVWJORFNH'LH6FKZOHPDFKWHDOOHQ]X VFKDIIHQ6HOEVWGLH6\QWURQHVSLHOWHQJHOHJHQWOLFKYHUUFNW 8QGGDQQNDPHV]XP:HWWHUVWXU] (LQXQHUNOlUOLFKHU.lOWHHLQEUXFKOLHGLHLQGHU/XIWDQJHVDPPHOWH )HXFKWLJNHLWJHIULHUHQ'LH7HPSHUDWXUVDQNLQPDQFKHQ6WDGWWHLOHQELVDXI IQI*UDG&HOVLXVXQGEHUGHP5DXPKDIHQZXUGHQNQDSSYRUGHP NDWDVWURSKDOHQ(UHLJQLVJDUPLQXV*UDG&HOVLXVJHPHVVHQ8QGGDQQZDU GHU+LPPHOEHU9HQWHUURPLWHLQHU6FKLFKWIXQNHOQGHU=LUURVWUDWLEHGHFNWLQ GHUVLFKGDV/LFKWGHU6RQQH-HLVNDP\ULDGHQIDFKEUDFK )U6HNXQGHQVFKLHQGLH6WDGWXQGLKUH0LOOLRQHQ%HZRKQHUPLWVDPWGHU HLVLJHQ:RONHQVFKLFKWLQHLQHU0RPHQWDXIQDKPHHLQJHIURUHQ'RFKGLHVH HLJHQDUWLJH6WDUUHGDXHUWHQLFKWODQJH6LHO|VWHVLFKLQHLQHUXUJHZDOWLJHQ (UXSWLRQ 'LHHLVLJH:RONHQVFKLFKW]RJVLFKLQ6HNXQGHQEUXFKWHLOHQ]XPHKUHUHQ ,QVHOQ]XVDPPHQ'LHVH=LUURVWUDWXV,QVHOQVFKLHQHQHLQ(LJHQOHEHQ]X HQWZLFNHOQ6LHEDOOWHQVLFK]XVDPPHQXQGGHKQWHQVLFKDXVDOVZUGHQVLH DWPHQ 'LHVHU=XVWDQGZlKUWHMHGRFKQXU6HNXQGHQVRGDQXUZHQLJHGLHVHV 3KlQRPHQDXFKEHREDFKWHQNRQQWHQ'DIUVDKHQXPVRPHKU%HZRKQHU YRQ9HQWHUURZLHGLH(LVZRONHQJHELOGHSO|W]OLFKYRP+LPPHOVWU]WHQXQG EHUDOOLQGHU6WDGWZLH%OLW]HHLQVFKOXJHQ 'DQDFKIHKOWHQLQYLHOHQ6WUDHQJDQ]H*HElXGHNRP SOH[H$OOH6\QWURQVGHU6WDGWILHOHQDXVXQGKDWWHQGDQDFKQXUQRFK 6FKURWWZHUW6HOEVWMHQH5HFKQHUGLHQLFKWXQPLWWHOEDUJHWURIIHQZXUGHQ DEHUDQV1HW]DQJHVFKORVVHQZDUHQZXUGHQGXUFKIQIGLPHQVLRQDOH hEHUVFKODJVHQHUJLHQ]HUVW|UW 0HQVFKHQYHUORUHQUHLKHQZHLVHLKUHQ2ULHQWLHUXQJVVLQQ6LHYHUVFKZDQGHQ YRQHLQHP0RPHQW]XPDQGHUHQXQGZXUGHQVSlWHURIW7DXVHQGH.LORPHWHU HQWIHUQWDXIJHJULIIHQRKQH(ULQQHUXQJXQGPLWHLQHPJHVW|UWHQ6LQQIUGLH 5HDOLWl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lWHUYRQ7RP1RUWRQDOVHLQHLQ]LJHU
XQI|UPLJHU0HWDOONOXPSHQLP2UELWWUHLEHQGJHRUWHW$Q6WHOOHGHV 5DXPKDIHQVEOLHEHLQWLHIHU.UDWHU]XUFN *OHQ&DOGHUKDWWHXQEHVFKUHLEOLFKHV*OFN (UKDWWHEHVFKORVVHQDQGLHVHP7DJHIUKHU6FKOX]XPDFKHQXQGVLFKLQ VHLQ$SDUWPHQW]XUFN]X]LHKHQXP]X+DXVHLQ5XKHGLH$UEHLWVXQWHUODJHQ YRQ6WUDWK&RQRQVWXGLHUHQ]XN|QQHQ0LWGHU'LVNPDSSHXQWHUGHP$UP YHUOLHHUJHUDGHGDV+DXSWTXDUWLHUXQGKDWWH]X)XGLH6WUDHEHUTXHUW DOVHUHLQHQHLVLJHQ/XIWKDXFKLP5FNHQVSUWH (UGUHKWHVLFKXPXQGVDKDQ6WHOOHGHV+RFKKDXVHVGHV 6LFKHUKHLWVGLHQVWVQXUHLQHKXQGHUW0HWHUKRKH6FKODNNHZDQG$Q YHUVFKLHGHQHQ6WHOOHQVDKHU0HQVFKHQZLH)OLHJHQDQ9RUVSUQJHQGHU 6FKODFNHZDQGKlQJHQ0DQFKHYRQLKQHQPDFKWHQHLQHQ6FKULWWQDFKYRUQH VRDOVPHLQWHQVLHGLH/XIWN|QQHVLHWUDJHQXQGVWU]WHQKDOWORVLQGLH 7LHIH$QGHUHZLHGHUXPZDUIHQVLFKPLWDXVJHEUHLWHWHQ$UPHQYRQGHU 6FKODFNHZDQGKHUXQWHUXQGHLQLJHO|VWHQVLFKYRU*OHQ&DOGHULQ1LFKWV DXI (UVFKORGLH$XJHQXQGGDFKWHGDQDFKGLHVHP9HUQLFKWXQJVVFKODJGLH %HK|UGHQVHLQH:DUQXQJHQZRKOHUQVWQHKPHQXQGDXIVHLQH9RUVFKOlJH HLQJHKHQZUGHQ $EHUZLHJHVDJW]XGLHVHP=HLWSXQNWZDUHVEHUHLWV]XVSlWGHQQ *XQQDYDUKDWWHNHLQH9HUELQGXQJPHKU]XPEULJHQ8QLYHUVXP(VJDE NHLQHIXQNWLRQVWFKWLJHQ+\SHUIXQNJHUlWHPHKUXQGZLHVLFKVSlWHU KHUDXVVWHOOWHZDUHQVHOEVWGLH6DWHOOLWHQLP2UELW]X0HWDOONOXPSHQ JHVFKPRO]HQ 8QGRIIL]LHOOH[LVWLHUWHDXIJDQ]*XQQDYDUNHLQHLQ]LJHVEHUOLFKWVFKQHOOHV 5DXPVFKLIIPHKUPLWGHPPDQKlWWH+LOIHKHUEHLKROHQN|QQHQ 'LH9HUZDOWXQJGHV3ODQHWHQIXQNWLRQLHUWHQLFKWPHKUGDV .RPPXQLNDWLRQVV\VWHPZDU]XVDPPHQJHEURFKHQXQGGLHRKQHKLQQLFKW VHKUHQWVFKHLGXQJVIUHXGLJH5HJLHUXQJZDUKDQGOXQJVXQIlKLJ8QGQDFKGHU =HUVW|UXQJGHV+DXSWTXDUWLHUVGHU0LQWNDSSHQJDEHVNHLQHVFKODJNUlIWLJH |IIHQWOLFKH,QVWLWXWLRQPHKUGLHVLFKGHV3UREOHPVKlWWHDQQHKPHQN|QQHQ =XDOOHPhEHOEHVWDQGDXFKQLFKWGLH+RIIQXQJGDHV]XNHLQHQZHLWHUHQ +\SHUSKlQRPHQHQPHKUNRPPHQZUGH )U*OHQ&DOGHUVWHOOWHVLFKGLH6LWXDWLRQVRGDUDOVVHLGLHVGHU9RUDEHQG GHV:HOWXQWHUJDQJV8QGGDUXPEHVFKORHUVLFKGHV3UREOHPVLQHLJHQHU ,QLWLDWLYH DQ]XQHKPHQ(UNDQQWHMHPDQGHQGHULQGLHVHUDXVZHJORVHQ6LWXDWLRQ YLHOOHLFKW5DWZXWHXQGLKPKHOIHQNRQQWH 6LHNHKUWHQLQGLH6FKDW]NDPPHU]XUFNXQGYHUVDPPHOWHQVLFKLQGHU JHPWOLFKHQ/HVHHFNH
'LH]Z|OI5RERWHUXQGGHU1DNNJUXSSLHUWHQVLFKVWHKHQGRGHUVFKZHEHQG XPGHQ7LVFK7RP1RUWRQGXUIWHDXIGHP6LW]P|EHO3ODW]QHKPHQGDV 8GLYDUDOVWHUUDQLVFKHV6RIDEH]HLFKQHWH1HEHQEHLHUZlKQWHHUZHKPWLJ GDKLHULQEHVVHUHQ=HLWHQVRQVWLPPHU&DOLJXODWKURQWH DEHULP0RPHQW IHKOWHYRQGHPWROOZWLJJHZRUGHQHQ.DWHUMHGH6SXU $OV6WLOOHHLQNHKUWHEHJDQQ8GLYDU]XHU]lKOHQ (VZDUHLQPDOHLQ1DNNGHUOLWWXQWHU(LQVDPNHLWREZRKOHU]Z|OIURERWLVFKH 8QWHUKDOWHU]XU9HUIJXQJKDWWHGLHLKPDOOH:QVFKHDXVGHQ*HGDQNHQ KHUDXVOHVHQNRQQWHQ$EHUHLQHQ:XQVFKNRQQWHQVLHLKPQLFKWHUIOOHQ QlPOLFKLKPHLQHQNRQJHQLDOHQ3DUWQHU]XHUVHW]HQ HLQ:HVHQDXV)OHLVFK XQG%OXWPLWGHPHUVLFKEHU*RWWXQGGLH:HOWXQWHUKDOWHQNRQQWHZLHPDQ DXI7HUUDVDJW (VZDUDXFKVFKZHUHLQVROFKHV:HVHQIUGHQHLJHQEU|WOHULVFKHQ1DNNHQ ]XILQGHQ'HQQHUNDPQLFKWHLQPDOPLWVHLQHVJOHLFKHQDXV8QGZHQQHU XQWHUVHLQHQ'RULHQWLHUWHQ$UWJHQRVVHQNHLQHQ)UHXQGIDQGZLHVROOWHHU HLQHQXQWHU':HVHQJHZLQQHQ"'DLKPGXUFKGDV6WXGLXPGHU WHUUDQLVFKHQ*HVFKLFKWHGLH7HUUDQHUEHVRQGHUVDQV+HU]JHZDFKVHQ ZDUHQZlUHLKPHLQVROFKHUQDWUOLFKDPOLHEVWHQDOV3DUWQHUJHZHVHQ $EHUGHUVFKUXOOLJH1DNNPDFKWHVLFKQLFKWVYRU (LQ VROFKHU7HUUDQHUGHUHVPLWLKPDXVJHKDOWHQKlWWHKlWWHHUVWHUVFKDIIHQ ZHUGHQPVVHQ %HLP6WXGLXPVHLQHU8QWHUODJHQDXVGHQYHUVFKLHGHQVWHQ4XHOOHQVWLHGHU 1DNNDXIHLQZXQGHUVDPHVWHUUDQLVFKHV7LHUGHPPDQQHXQ6FKZlQ]HXQG HEHQVRYLHOH/HEHQQDFKVDJWHXQGGHU1DNNVHW]WHHVVLFKLQGHQ.RSIVLFK VROFKHLQ7LHU]XEHVFKDIIHQ :LHHVGHU=XIDOOZROOWHWUDWJHUDGH]XGLHVHU=HLWHLQDOWHU*HVFKlIWVSDUWQHU PLWHLQHU%LWWHDQLKQKHUDQXQGGHU1DNNZQVFKWHVLFKDOV*HJHQOHLVWXQJ HLQHWHUUDQLVFKH+DXVNDW]HPLWQHXQ/HEHQXQGQHXQ6FKZlQ]HQ 7DWVlFKOLFKZXUGHGHP1DNNHQHLQVROFKHV7LHUYRUJHVHW]WQlPOLFK &DOLJXODHLQ.DWHUPLWQXUHLQHP6WXPPHODQVWHOOHGHUYHUVSURFKHQHQQHXQ 6FKZlQ]H'HU1DNNZLWWHUWH%HWUXJDOVPDQEHKDXSWHWHGD&DOLJXOD VHLQHQ6FKZDQ]VFKRQQHXQPDOYHUORUHQKDWWHXQGLKPHLQVROFKHUNHLQ ]HKQWHV0DOPHKUQDFKZDFKVHQNRQQWH 'DUXPZROOWHGHU1DNNGLH3UREHDXIV([HPSHOPDFKHQQlPOLFKGHQ.DWHU ]HUVWUDKOHQXQGVHKHQREHUVLFKZHQLJVWHQVZLHGHUOHLGHUDXVJHURWWHWH 3K|QL[ZLHGHUDXVGHU$VFKHHUKHEHQZUGH 'RFK]XGLHVHUEDUEDULVFKHQ3UIXQJNDPHVQLFKWPHKU'HQQGDVSUDFK &DOLJXOD]XGHP1DNNHQDXIK|KHUHU(EHQHLQGHV1DNNHQXUHLJHQVWHU 'RPlQHDXIGHU(EHQHGHU'LPHQVLRQ 8QGGHU.DWHUYHUULHWLKPGD]ZDUYLHOHWHUUDQLVFKH0HQVFKHQDQGLH 6HHOHQZDQGHUXQJJODXEWHQDEHUNHLQHUYRQLKQHQZLUNOLFKZXWHGDVLH QDFKGHP7RGHWDWVlFKOLFKZLHGHUJHERUHQZXUGHQXQGPDQFKPDODXFKLQ GHQ.|USHUQLKUHU+DXVNDW]HQ
:DUXPGLHVH7DWVDFKHQLFKWEHNDQQWZXUGHLVWOHLFKW]XHUNOlUHQ$OV 0HQVFKHQHULQQHUQVLFKGLH7HUUDQHUQLFKWDQLKUHIUKHUHQ/HEHQ:HQQVLH DOV.DW]HQZLHGHUJHERUHQZXUGHQGDQQEHVLW]HQVLH]ZDUGLH (ULQQHUXQJDQLKUHIUKHUHQ/HEHQDEHUHVIHKOWLKQHQGLH*DEHGHV 6SUHFKHQVXPVLFKPLWWHLOHQ]XN|QQHQ 'LH0HQVFKHQLKUHUVHLWVHUNHQQHQ]ZDUGDLKUHIHOLGLVFKHQ+DXVWLHUHEHU GLH0DHQJHKHLPQLVYROOVLQGDEHUYRQGHU$UWLKUHVZLUNOLFKHQ *HKHLPQLVVHVKDEHQVLHQLFKWGLHJHULQJVWH$KQXQJ (VEHGXUIWHHUVWHLQHVDXHUJHZ|KQOLFKHQ.DWHUVZLH&DOLJXODGHUDQHLQHQ 1DNNHQPLW'6LQQHQJHULHWXPVLFKLKPDXIHLQHUK|KHUHQ(EHQHXQG DXFKDXIHLQHQLFKWDOOHQ.DW]HQP|JOLFKH$UWPLWWHLOHQ]XN|QQHQ&DOLJXODV YROOHU1DPHODXWHWLQ]ZLVFKHQ*UHUU.RQIX]LXV&DOLJXOD'D9LQFL&DJOLRVWUR 1RVWUDGDPXV%RQDSDUWH5DVSXWLQ)UDQ]7RVWDQ6FHQRSKHUQDFKVHLQHQ ]Z|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|JHUWHGLHVH5HLVHKLQDXV $QIDQJEHVFKOR8GLYDUDEHUGDQQGRFK*XQQD YDUHLQHQ%HVXFKDE]XVWDWWHQ6HOEVWZHQQGHU3XOWDIHU0DNNLJHORJHQKDWWH XQGLQ9HQWHUURNHLQHWHUUDQLVFKHQ*HVFKLFKWVXQWHUODJHQ]XKROHQZDUHQ NRQQWH8GLYDUK|FKVWHQVPLWOHHUHQ+lQGHQQDFK3KDGGRQ]XUFNNHKUHQ $EHUDOOHLQGLH$XVVLFKWZLHGHUHLQPDOXQWHUPHKURGHUPLQGHULQWHOOLJHQWH /HEHZHVHQ]XNRPPHQXQGQHXH(UIDKUXQJHQ]XVDPPHOQZDUVFKRQHLQH 5HLVHZHUW 8QG&DOLJXODZUGHVLFKJHZLDXFKIUHXHQVHLQHQLKPDQJHERUHQHQ %HZHJXQJVGUDQJDEUHDJLHUHQ]XN|QQHQ=ZDUKDWWHHUEHLGHP JHUXKVDPHQ/HEHQLQGHU'UHL.XSSHO5HVLGHQ]YRQ3KDGGRQHLQLJHV)HWW DQJHVHW]WXQGZDUQRFKWUlJHUDOV]XYRU$EHULQGHUIUHLHQ1DWXUHLQHV 6DXHUVWRIISODQHWHQZRHV.OHLQWLHUHXQG6FKlGOLQJHXQGYLHOOHLFKWVRJDU
HLQJHVFKOHSSWHRULJLQDOHWHUUDQLVFKH5DWWHQ]XMDJHQJDEZUGHHUJHZL DEVSHFNHQXQGVHLQHIUKHUH6SULW]LJNHLW]XUFNJHZLQQHQ &DOLJXODlXHUWHVLFK]XGLHVHP9RUVFKODJZHGHUSRVLWLYQRFK DEOHKQHQG$EHU8GLYDUVDJWH]XLKP :HQQGXGLH(QWVFKHLGXQJPLUEHUOlWGDQQIOLHJHQZLU(LQELFKHQ %HZHJXQJWXWGLUVLFKHUJXW6HOEVWZHQQHVVLFKKHUDXVVWHOOWGDQHEHQVR JURHQ*HLVWHUQZLH'D9LQFLXQG.RQIX]LXVDXFKQRFKHLQ(LQVWHLQ$UQR .DOXSRGHU:DULQJHULQGHLQHP.|USHUOHEHQGDUIVWGXGLUQLFKW]XJXWVHLQ DXI0lXVHMDJG]XJHKHQ'XKDVWHLQHQ.DW]HQN|USHUYHUJLGDVQLFKWXQG EUDXFKVWGLFKGHLQHUDQLPDOLVFKHQ,QVWLQNWHQLFKW]XVFKlPHQ *HVDJWJHWDQ 8GLYDUOLHGLH'(/3+,YRQVHLQHQ]Z|OI5RERWHUQJHQHUDOEHUKROHQXQG GDQQJLQJGLH5HLVHORV=ZDUZDUGDVDXVYHUVFKLHGHQVWHQ7\SHQ ]XVDPPHQJHEDXWHNOHLQH)UDJPHQWVFKLIIQLFKWVRNRPIRUWDEHOZLHHLQ 'UHL]DFN$EHU8GLYDUIDQGGDHVVLFKQLFKWORKQWHZHJHQHLQHU6WUHFNH YRQHLQSDDUKXQGHUW/LFKWMDKUHQEHLVHLQHQ$UWJHQRVVHQHLQ'UHL]DFNVFKLII DOV/HLKJDEHDQ]XIRU GHP'DVNDPIULKQVFKHXZLHHUZDUHLQHP.DQRVVDJDQJJOHLFK (UKDWWHGLHVYRUEHUHLQHP-DKUHLQPDOJHWDQDEHUDXFKQXUZHLOHVGDUXP JLQJLQHLQ%ODFN+ROHHLQ]XIOLHJHQZRIUGLH'(/3+,QLFKWJHHLJQHW JHZHVHQZlUH8QGHVKDWWHVLFKDXFKDQGHUZHLWLJJHORKQWGHQQGLHVHV 8QWHUQHKPHQKDWWHLKP&DOLJXODDOV)UHXQGYHUVFKDIIW $EHUZLHJHVDJWIUHLQHQRUPDOHhEHUOLFKWUHLVHZDUGLH'(/3+,DOOHPDOJXW 'DVZLFKWLJVWHZDUGDVLFK&DOLJXODDQ%RUGZRKOIKOWHXQGGDUDQ ]ZHLIHOWH8GLYDUQLFKW'HQQHUKDWWHYRQVHLQHQ5RERWHUQXPIDQJUHLFKH 8PEDXWHQYRUQHKPHQODVVHQVRGDEHUGLH+lOIWHGHV]XU9HUIJXQJ VWHKHQGHQ6FKLIIVYROXPHQVVHLQHP.DWHUEHUODVVHQEOLHE 8GLYDUGDJHJHQKDWWHNHLQHQEHVRQGHUHQ3ODW]EHGDUI=XU1RWNRQQWHHU DXFKLQGHU.RPPDQGR]HQWUDOHLQDXIUHFKWHP=XVWDQGJHVWW]WGXUFKVHLQ ([RVNHOHWWUXKHQ 2EZRKO8GLYDUJHEXPPHOWXQGDXV*UQGHQGHU9RUVLFKW]ZHL 2ULHQWLHUXQJVVWRSSVHLQJHVFKREHQKDWWHHUUHLFKWHGLH'(/3+,GDV-HLVND 6\VWHPWDJVGDUDXI,P2UELWYRQ*XQQDYDUDQJHNRPPHQZXUGHLKPJHJHQ HLQHJHULQJH*HEKUVRIRUWGLH/DQGHHUODXEQLVHUWHLOWVRGDGLH'(/3+, ZHQLJVSlWHUQHEHQYLHUDQGHUHQ5DXPVFKLIIHQDXIVHW]WH 'LH(LQUHLVHEHK|UGHQPDFKWHQZHJHQ&DOLJXODQLFKWYLHO$XIKHEHQVXQG OLHHQLKQPLW3DVVDJLHUVWDWXVHLQUHLVHQ$XIDQGHUHQ:HOWHQPLW K|KHUHQWZLFNHOWHU=LYLOLVDWLRQXQGGLFKWHUHU,QIUDVWUXNWXUNDPHVVFKRQYRU GD+DXVWLHUHXQWHUOlQJHUH4XDUDQWlQHJHVWHOOWZXUGHQZHLOPDQVLFKYRU GHP(LQVFKOHSSHQDQVWHFNHQGHU.UDQNKHLWHQIUFKWHWH $EHU*XQQDYDUZDUHLQHGQQEHVLHGHOWH3LRQLHUZHOW DXIGHUQXUGLH0LOOLRQHQVWDGW9HQWHUURYRQHLQLJHU%HGHXWXQJZDU:lKUHQG GDV/DQGKDXSWVlFKOLFKYRQJXUUDGVFKHQXQGWHUUDQLVFKHQ6LHGOHUQEHZRKQW XQGXUEDQLVLHUWZXUGHZDU9HQWHUURHLQ6FKPHO]WLHJHOGHUYHUVFKLHGHQVWHQ
VDXHUVWRIIDWPHQGHQ9|ONHUDOOHU*DOD[LHQGHU/RNDOHQ*UXSSH(LQ1DNNZLH 8GLYDUZDUDEHUDXFKLQGLHVHU9LHOY|ONHUVWDDWHLQ([RWHXQGPDQNDQQWH VHLQHVJOHLFKHQQXUYRP+|UHQVDJHQ (LQHUGHUWHUUDQLVFKHQ%HDPWHQGLHLKPGLH(LQUHLVHJHQHKPLJXQJJDEHQ WUDWGHQQDXFKSURPSWPLWHLQHU%LWWHDQLKQKHUDQ(UKLH*OHQ0RUDQJLH XQGHUNOlUWHGDGLH6FKZHVWHUVHLQHV6FKZDJHUVPLWGHP5HSRUWHU*OHQ 5RWKVYHUKHLUDWHWZDUGHU]XJHUQHHLQ)HDWXUHEHU1DNNHQPDFKHQZUGH XQGRE8GLYDUQLFKWEHUHLWZlUHVLFKHLQHP,QWHUYLHZ]XVWHOOHQ" 'DVPDFKHLFKGRFKJHUQHYHUVLFKHUWH8GLYDUXQGYHUHLQEDUWHIUGHQ QlFKVWHQ$EHQGHLQ7UHIIHQLP*HElXGHYRQ979GHUHLQ]LJHQ 7HOHNRPPXQLNDWLRQVJHVHOOVFKDIWYRQ*XQQDYDU$OV*HJHQOHLVWXQJ YHUVSUDFK*OHQ0RUDQJLHLKPHLQHQVDFKNXQGLJHQ)KUHUIUGHQ-DKUPDUNW ]XYHUPLWWHOQ $XIGLFKDOOHLQJHVWHOOWZlUVWGXYHUORUHQ8GLYDUYHUVLFKHUWHLKPGHU %HDPWH'LH+lQGOHUVLQGGDUDXIDXVGLFK]XEDUELHUHQ6LHZUGHQGLUGDV 5RWHDXVGHQ$XJHQQHKPHQ +DOWHUNOlUHHVPLUQLFKWHUZLGHUWH8GLYDUVFKQHOO'XPHLQVWPLWEDUELHUHQ QLFKWHLQHZLUNOLFKH5DVXU1DWUOLFKQLFKWGHQQGXZHLWGDLFKDOV1DNN NHLQHQ+DDUZXFKVKDEH'XNDQQVWGDVQXULPEHUWUDJHQHQ6LQQPHLQHQ QlPOLFKLP6LQQHYRQHLQVHLIHQZDVZLHGHUXPVRYLHOEHGHXWHWZLHEHUV2KU KDXHQXQGZRPLWEHUYRUWHLOHQRGHUEHWUJHQJHPHLQWLVW5LFKWLJ" 5LFKWLJEHVWlWLJWH*OHQ0RUDQJLHYHUEOIIW'XELVWDEHUHLQFOHYHUHU1DNN 8GLYDU 'HU)KUHUKLH3RLW'KXEKXQGZDUHLQZHLWVFKLFKWLJHU9HUZDQGWHUHLQ 9HWWHUXQEHVWLPPWHQ*UDGHVYRQ*OHQ0RUDQJLHXQGHUYHUULHWGDDXI *XQQDYDUDOOH7HUUDQHUDXILUJHQGHLQH:HLVHGXUFKIDPLOLlUH%DQGH YHUEXQGHQZDUHQ (UPDFKWH8GLYDUDPQl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|UOLFKWUlQWHQXQGDXFKDXVGHU1DVHOLHILKPGDV :DVVHU $OVIKOWHHUVLFKJHUXIHQWDXFKWHLQGLHVHP0RPHQW&DOLJXODDXIXQGVSUDQJ 8GLYDULQGLHDXIJHKDOWHQHQ$UPSDDUH
(LQH.DW]HULHI3RLWPLWQlVHOQGHU6WLPPHXQGZLFKVFKQLHIHQG]XUFN,FK ELQDOOHUJLVFKJHJHQ.DW]HQ6LHYHUXUVDFKHQPLU+HXVFKQXSIHQXQG $VWKPDDQIlOOHXQGPDFKHQGDLFKSHUPDQHQW5RW]XQG:DVVHUKHXOH,KUH *HJHQZDUWEULQJWPLFKXP6FKDIIGLH.DW]HIRUW8GLYDURGHULFKVWHUEH :HQQGXPLFKYRUGLH:DKOVWHOOVWGDQQPXLFKDXIGHLQH'LHQVWH YHU]LFKWHQVDJWH8GLYDUEHGDXHUQG &DOLJXODJHKWPLUEHUDOOHV:LUVLQGXQWUHQQEDUPLWHLQDQGHUYHUEXQGHQ /HEZRKO3RLW'KXEK $EHULFKEUDXFKHGHQ-REXPPHLQHKXQJULJHQ0lXOHU]XVWRSIHQ MDPPHUWH3RLW(UYHUVXFKWH8GLYDUGRFKQRFKXP]XVWLPPHQXQGDXIGLH %HJOHLWXQJ&DOLJXODV]XYHU]LFKWHQ$OVDOOHV%HWWHOQQLFKWVQW]WHHUNOlUWHHU VLFKEHUHLWIUGLH'DXHULKUHU=XVDPPHQDUEHLWVHLQH.DW]HQDOOHUJLHPLW 0HGLNDPHQWHQ]XEHKDQGHOQ 'XZLUVWPLFKXPEULQJHQVDJWHHU]X&DOLJXODXQGVDKLKQPLWOHLGKHLVFKHQG DXVYHUTXROOHQHQ$XJHQDQ$EHUGHU.DWHUJlKQWHQXUXQGVDKJHODQJZHLOW LQHLQHDQGHUH5LFKWXQJ :DVVWHKWDOVHUVWHVDQ"HUNXQGLJWHVLFK3RLWZlKUHQGHUVLFKXQDEOlVVLJ VFKQHX]WH$OV8GLYDULKPYRQGHP,QWHUYLHZPLW*OHQ0RUDQJLHHU]lKOWH YHUVSUDFKHULKQUHFKW]HLWLJDE]XKROHQXQGLKQ]XP6HQGHUYRQ979]X EULQJHQ 3QNWOLFKXP 8KU2UWV]HLWWUDI3RLWPLWHLQHP6FKZHEHUHLQGHVVHQ )DKUHUNDELQHYRP)DKUJDVWUDXPKHUPHWLVFKJHWUHQQWZDU$OV]XVlW]OLFKH 9RUVLFKWVPDQDKPHWUXJ3RLWDXFKQRFKHLQHQ6FKXW]DQ]XJ1DFKGHP 8GLYDUXQG&DOLJXODHLQJHVWLHJHQZDUHQIORJHULP=LFN]DFNNXUVLQ5LFKWXQJ 6WDGW]HQWUXPXQGVDQJGD]X:HOWUDXPOLHGHU&DOLJXODPLDXWHJHTXlOW %LVWGXEHWUXQNHQ3RLW'KXEK"HUNXQGLJWHVLFK8GLYDUEHVRUJW 1HLQQXUKLJKYRQGHQ$QWLDOOHUJLHGURJHQNDPGLH$QWZRUWODOOHQG$EHUHU VFKDIIWHHVGRFK8GLYDUXQG&DOLJXODVLFKHUDQV=LHO]XEULQJHQXQGVLHDXI GHP'DFKGHV6HQGHJHElXGHVDE]XVHW]HQ :lKUHQG3RLWDXIGHP3DUNSODW]]XUFNEOLHEXPGLH*HOHJHQKHLW]XQXW]HQ VLFKVHLQHVQLFKWYROOIXQNWLRQVIlKLJHQ6FKXW]DQ]XJHV]XHQWOHGLJHQXQG IULVFKH/XIW]X VFKQDSSHQZXUGHQ8GLYDUXQG&DOLJXODYRQHLQHP5RERWHU]XGHQ 6HQGHUlXPHQJHOHLWHW 6LHEUDXFKWHQQLFKWODQJH]XZDUWHQELVVLFK*OHQ0RUDQJLH8GLYDUVDQQDKP XQGLKQLQHLQHP9RUJHVSUlFKDXVKRUFKWHXQGIUGDV,QWHUYLHZLQVWUXLHUWH 'HU5HSRUWHUPHUNWHVHKUVFKQHOOGDHUHVKLHUPLWHLQHPVHKU XQJHZ|KQOLFKHQ1DNNHQPLWDEVWUDNWHU'HQNZHLVHXQGVHOWVDPHQ (LJHQKHLWHQ]XWXQKDWWHXQGVWLPPWHVLFKGDUDXIHLQ =X%HJLQQGHU/LYHVHQGXQJXQGQDFKHLQHPNXU]HQDOOJHPHLQHQ([NXUVEHU GLH1DNNHQVSUDFKHU8GLYDUDXFKVRIRUWDXIVHLQ)DLEOHGDVHUIU7HUUDQHU KDWWHXQGVHLQHEHVRQGHUH%H]LHKXQJ]XGHPWHUUDQLVFKHQ.DWHU&DOLJXOD DQ
(VNDPDEHUVHOEVWIUGHQFOHYHUHQ*OHQ0RUDQJLHEHUUDVFKHQGDOV8GLYDU EHKDXSWHWHGD7HUUDQHUJDQ]DOOJHPHLQLQLKUHQ.DW]HQZLHGHUJHERUHQ ZUGHQXQGGDLQ&DOLJXODPHKUHUH'XW]HQGJURHUWHUUDQLVFKHU 3HUV|QOLFKNHLWHQZHLWHUOHEWHQ $OVGHU5HSRUWHUMHGRFKGLH6DFKHLQV/lFKHUOLFKH]X]LHKHQYHUVXFKWHXQG YHUODQJWHGD&DOLJXODGLHHLQHRGHUDQGHUH3HUV|QOLFKNHLWGDUVWHOOHQVROOH ZXUGHHUYRQ8GLYDUGDUEHUDXIJHNOlUWGD&DOLJXODQXUPLWLKPRGHU 1DNNHQDOOJHPHLQDXI'(EHQHNRPPXQL]LHUHQN|QQH &DOLJXODERWVHLQHUVHLWVEHUKDXSWNHLQH$FWLRQ(UODJQXUIDXODXIGHP EHUHLWJHVWHOOWHQ.LVVHQEOLQ]HOWHWUlJHLQGLH$XIQDKPHRSWLNHQXQGOHFNWH VLFKJHOHJHQWOLFKJHODQJZHLOWVHLQH3IRWHQ $XIGLH)UDJH*OHQ0RUDQJLHVREPDQVLHEHLGHDOVHLQJHVSLHOWHV3DUDWHDP EH]HLFKQHQN|QQHDQWZRUWHWH8GLYDUPLWHLQHP]|JHUQGHQ-D'LHV YHUDQODWHGHQ5HSRUWHUGDV7KHPDZHLWHU]XEHKDQGHOQXQGQDFKDOOHQ 5HJHOQGHU.XQVWDXV]XVFKODFKWHQ8QGGD8GLYDUVLFK ]XHLQLJHQXQEHGDFKWHQbXHUXQJHQEHUGLH:HLVKHLWGHV.RQIX]LXVGDV *HQLHHLQHV'D9LQFLGLHSUlNRJQRVWLVFKHQ)lKLJNHLWHQHLQHV1RVWUDGDPXV XQGGHQ.DPSIJHLVWHLQHV5DWEHU7RVWDQGLH&DOLJXODDOOHLQVLFKYHUHLQLJWH KLQUHLHQOLHYHUVWDQGHV*OHQ0RUDQJLHGHQ1DNNHQXQGGHQ.DWHUDOV XQVFKODJEDUHV*HVSDQQKLQ]XVWHOOHQGDVIU5HFKWXQG2UGQXQJNlPSIWH 'D8GLYDUGHPQLFKWZLGHUVSUDFKXQGGDV)HXHUVRJDUQRFKVFKUWHLQGHP HUYRQ&DOLJXODV6RORNDPSIJHJHQGHQ3XOWDIHU0DNNLXQGVHLQH%DQGHXQG YRP$XIVSUHQGHU''DWHQWUlJHUDXI$PULQJKDUHU]lKOWHZDUHVQXUQRFK HLQNOHLQHU6FKULWWELVGHU5HSRUWHUVLHEHLGHGHQ1DNNHQXQGGHQ.DWHUDOV ''HWHNWLYHEH]HLFKQHWH 'DQNHVDJWH8GLYDUJHHKUW'DVLVWVFKPHLFKHOKDIWIUXQVEHLGH1LFKW ZDKU&DOLJXOD" 'HU.DWHUUHDJLHUWHQLFKW *OHQ0RUDQJLHVQlFKVWH)UDJHODXWHWH 'UIHQZLUMHW]WGHQ*UXQGIUGHLQH$QZHVHQKHLWDXIXQVHUHP3ODQHWHQ HUIDKUHQ8GLYDU"%LVWGXEHUXIOLFKKLHU",FKPHLQHKDWPDQGLFKXQG &DOLJXODJHUXIHQGDPLWLKUHLQ'9HUEUHFKHQDXIGHFNW"2GHUELVWGXQXU DOV3ULYDWPDQQQDFK9HQWHUURJHNRPPHQ" .HLQHVYRQEHLGHPDQWZRUWHWH8GLYDU,FKELQDXFK/HJHQGHQVDPPOHU XQGDQGHU(UIRUVFKXQJGHUWHUUDQLVFKHQ*HVFKLFKWHLQWHUHVVLHUW8QGLQ GLHVHU(LJHQVFKDIWELQLFKKLHU0DQKDWPLU]XJHWUDJHQGDHVDXIGHP 0DUNWYRQ9HQWHUURDOWWHUUDQLVFKH*HVFKLFKWVGRNXPHQWH]XHUVWHKHQJLEW 'DUDQZlUHLFKLQWHUHVVLHUW *OHQ0RUDQJLHERKUWHQRFKHWZDVZHLWHUXQGHUIXKUGD8GLYDUYRUDOOHPDQ YRONVWPOLFKHQ=HLWGRNXPHQWHQZLH%DXHUQNDOHQGHUQ6SUFKHVDPPOXQJHQ =LWDWHQVFKlW]HQXQGlKQOLFKHPLQWHUHVVLHUWZDU'LHVYHUKDOILKPGD]XQRFK HLQLJH%RQPRWVDQ]XEULQJHQEHYRUHU 8GLYDUXQG&DOLJXODYHUDEVFKLHGHWHXQGTXDVLDOV6FKOXZRUW]ZLQNHUQGLQ GLH.DPHUDVVDJWH
$OOH+lQGOHUVLQGKLHUPLWDXIJHUXIHQLKUH$UFKLYHQDFKDOWWHUUDQLVFKHQ *HVFKLFKWVGRNXPHQWHQ]XGXUFKIRUVWHQ8QGZHQQVLHIQGLJZHUGHQGDQQ NRPPWHVJDQ]JHZL]XHLQHPOXNUDWLYHQ+lQGHO 3RLW'KXJKGHUVLFKGLH6HQGXQJLP6FKZHEHUDQVDKVFKZRUGDHU*OHQ 0RUDQJLHGLHVH*HPHLQKHLWDQ8GLYDUKHLP]DKOHQZUGH'HU1DNNIKOWH VLFKMHGRFKNHLQHVZHJVYHUVFKDXNHOW (LQHEHVVHUH:HUEXQJIUPHLQH6DFKHN|QQWHHVJDUQLFKWJHEHQVDJWH HU]XIULHGHQDOVHULQGHQ)DKUJDVWUDXPGHV6FKZHEHUVVWLHJ-HW]WZHUGH LFKPLFKYHUPXWOLFKGHU$QJHERWHNDXPHUZHKUHQN|QQHQ 'DUDXINDQQVWGX*LIWQHKPHQ8GLYDUVFKLPSIWH3RLWGHUVHLQHQ 6FKXW]DQ]XJEHUJHVWUHLIWKDWWHGXUFKGLH*HJHQVSUHFKDQODJH'LH 0DVFKLQHQLQGHQ)lOVFKHU:HUNVWlWWHQZHUGHQI|UPOLFKKHLODXIHQXP 0DWHULDOIUGLFK]XSURGX]LHUHQ $EHU8GLYDUVFKLHQGDVJDUQLFKWJHK|UW]XKDEHQ )OLHJHQZLUVRIRUW]XP%DVDUWUXJHU3RLWDXI,FKNDQQHVJDUQLFKW HUZDUWHQGLHHUVWHQ.RQWDNWHDXI]XQHKPHQ 8GLYDUEOLHEDQGLHVHP$EHQGPHKUHUH6WXQGHQLP%DVDU8QGHUYHUEUDFKWH GRUWGHQJDQ]HQIROJHQGHQ7DJXQGGLHJDQ]H:RFKHMHGHQ7DJYRQIUKELV VSlW $P(QGHGHU:RFKHZDUHQ&DOLJXODXQGHUXQWUHQQEDUPLWGHP-DKUPDUNW YRQ9HQWHUURYHUEXQGHQ6LHZDUHQJHZLVVHUPDHQHLQHHLJHQH,QVWLWXWLRQ MHGHUNDQQWHVLH 'HU%DVDUZDUIU&DOLJXODHLQZDKUHV'RUDGR(VJDEIUHLQHQ.DWHU 7DXVHQGHXQEHNDQQWH2UWH]XHQWGHFNHQXQGHVZDUHLQXQHUVFK|SIOLFKHV -DJGUHYLHULQGHPHUVRJDU0lXVHXQG5DWWHQIDQJHQNRQQWH8QG8GLYDU IKOWHVLFKKLHUQLFKWQXUGHVZHJHQZRKOZHLO&DOLJXODKLHUI|UPOLFKDXIOHEWH 8GLYDUKDWWHVHOEVWMHGH0HQJH(UIROJVHUOHEQLVVH =ZDUKDWWH8GLYDUDQIDQJV/HKUJHOG]DKOHQPVVHQXQGZlUH3RLW'KXEK QLFKWJHZHVHQGDQQKlWWHVLFK8GLYDUY|OOLJDXVJHEOXWHW3RLWUDXIWHVLFK EHU8GLYDUV1DLYLWlWYHU]ZHLIHOWGLH+DDUH-HGHU*DXQHUGHULKPEHUGHQ :HJOLHIZDUVRIRUWVHLQ)UHXQGXQGZDVHULKPDXFKDQGUHKHQZROOWHHU NDXIWHHVIUMHGHQ3UHLV 8QGVHOEVWZHQQHUQRFKVRWLHIHLQJHWXQNWZXUGHZDUHUMHQHPGHULKQ HLQJHWXQNWKDWWHQLFKWJUDP 6FKRQDPHUVWHQ7DJKDWWHHUWURW]3RLWV:DUQXQJHQYRQHLQHP+DOXQNHQ PLW1DPHQ6WUDWK$\UHLQHQ'DWHQWUlJHUPLWDQJHEOLFKHQ:HLVVDJXQJHQGHU WHUUDQLVFKHQ0RQGV\QWURQLN1$7+$1HUZRUEHQ$EHUQDFKKHUVWHOOWH8GLYDU IHVWGDGHU'DWHQWUlJHUQXUHLQHQHLQ]LJHQ6DW]HQWKLHOW8QG]ZDU KDQGHOWHHVVLFKXPGDVEHUKPWH*|W]=LWDW :RNDQQLFK6WUDWK$\UILQGHQ"KDWWHVLFK8GLYDUEHL3RLWHUNXQGLJW 'HUDEHUODFKWHKlPLVFK 6WUDWKZLUGVLFKKWHQGLUQRFKHLQPDOEHUGHQ:HJ]XODXIHQ :LHVROOLFKGDQQVHLQHP:XQVFKQDFKNRPPHQN|QQHQ"KDWWH8GLYDU EHNPPHUWJHPHLQW
:LHJHVDJWZHQQ3RLWQLFKWHLQZDFKHV$XJHJHKDEWKlWWHGDQQZl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lKLJNHLWDXIGLHGLH-DKUPDUNWOHXWHI|UPOLFK DEIXKUHQ (UNRQQWH*HVFKLFKWHQHU]lKOHQZLHNHLQDQGHUHU 0lUFKHQ HLJHQWOLFKGHQQZDV8GLYDUEHUGLH6LWWHQXQG%UlXFKHGHU7HUUDQHUGHV 3Ul5DXP]HLWDOWHUVDQEOKHQGHP8QVLQQYRQVLFKJDEGDVNRQQWHJDQ] HLQIDFKQLFKWZDKUVHLQ$EHUZHQQHUVHLQH6FKZDQNHHU]lKOWHGDQQKDWWH HUVWHWVHLQHJURH=XK|UHUVFKDIWXQGDOOHZDUHQGHU0HLQXQJGDGHU 1DNNZHQQHUPDOVHLQHQ/HEHQVXQWHUKDOWPLW*HVFKLFKWHQHU]lKOHQ YHUGLHQHQPWHQLHZUGH+XQJHUOHLGHQPVVHQ :HQQ8GLYDUQLFKWJOHLFKLQDOOHU)UKHLP%DVDUDXIWDXFKWHGDIUDJWHHLQHU GHQDQGHUHQ +DVWGX8GLYDUXQG&DOLJXODJHVHKHQ"8QGGHU5XISIODQ]WH VLFKZLHHLQ/DXIIHXHUIRUWELVHU8GLYDUHUUHLFKWHXQGGLH$QWZRUWLQ HQWJHJHQJHVHW]WHU5LFKWXQJGLH5XQGHPDFKWH 8GLYDULVWGRUWXQGGRUW 3RLW'KXEKKDWWHGHQ1DNNHQPDOJHIUDJWZDUXPHUGHQQQLFKWDXVGHQ (UIDKUXQJHQPLWE|VHQ/HXWHQOHUQWHXQGLKQHQLPPHUZLHGHUDXIGHQ/HLP JLQJH'DUDXIKDWWH8GLYDUPLWHLQHPVHLQHUZHLVHQ6SUFKHJHDQWZRUWHW 6FKRQ)DXONQHUKDWHUNDQQWGDDXIGLHE|VHQ0HQVFKHQ9HUODLVWGHQQ VLHlQGHUQVLFKZHQLJVWHQVQLFKW $EHU)DXONQHUZHULPPHUGDVDXFKZDULUUWH'XUFK8GLYDUVGXOGVDPH 1HKPHUTXDOLWlWHQZXUGHQVHOEVWGLHILHVHVWHQ+DOVDEVFKQHLGHUIURPP8QG DOV3RLWLKPGDVDPVHFKVWHQ7DJXQWHUGLH1DVHULHEGDVDJWHGHU1DNN (VLVWVRZLH2VFDU:LOGHPHLQWH 0DQNDQQ0HQVFKHQQLFKWGXUFKHLQ *HVHW]YRUVFKUHLEHQJXW]XVHLQ 'DGlPPHUWH3RLW'KXEKGD8GLYDUVLFKYLHOOHLFKWDEVLFKWOLFKVFKU|SIHQ OLHXPGHQ*DQRYHQGLH6DFKH]XYHUPLHVHQXQGVLHVR]XP*XWHQ]X HU]LHKHQ:DVLKP]ZHLIHOORVJHOXQJHQZDU:HQQ8GLYDUJH]LHOWGDUDXI KLQJHDUEHLWHWKlWWHGLH*DQRYHQ]XU(KUOLFKNHLW]XHU]LHKHQGDQQZDUHUHLQ ZLUNOLFK:HLVHU 'HQ5XIHLQHV:XQGHUKHLOHUVKDWWHHUVLFKRKQHKLQEHUHLWVHLQJHKDQGHOW 8QGGDIUKDWWH3RLWVHOEVWJHVRUJWEH]LHKXQJVZHLVHVHLQH$OOHUJLHJHJHQ .DW]HQGLHQDFKGHPVHFKVWHQ7DJZLHZHJJHEODVHQZDU 3RLWKDWWHJHUDGHLQHLQHUVWLOOHQ(FNHGHV%DVDUVHLQNXU]HV1LFNHUFKHQ JHKDOWHQXQGVLFKGDEHLVHLQHV6FKXW]DQ]XJVHQWOHGLJWZHLOHUVLFKHUZDU GDVLFK&DOLJXODZHLWJHQXJYRQLKPHQWIHUQWKDWWH
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lUNWHQbUPFKHQWUDJHQG 8PGLHVH=HLWKDWWHQGLHHUVWHQ+lQGOHUEHUHLWVLKUH6WlQGHEHVHW]WGLH OHW]WHQ1DFKWVFKZlUPHUZDUHQQRFKQLFKW]XU5XKHJHNRPPHQXQGGLH URERWLVFKHQ6lXEHUXQJVNRPPDQGRVZDUHQQRFKXQWHUZHJV(VJDEDXFK 5HLQLJXQJVPlXVHGRFKGLHLJQRULHUWH&DOLJXODOlQJVWQDFKGHPHUVLFKDQ HLQHUVROFKHQIDVWHLQHQ=DKQDXVJHELVVHQKDWWH $P+DXSWHLQJDQJWUDI8GLYDU6WUDWK$\UGHULKPGDV*|W]=LWDWYHUNDXIW KDWWH,Q]ZLVFKHQKDWWH6WUDWKEHWHXHUWGDHUQLFKWDXIGHU(UIOOXQJVHLQHU VFKHU]KDIWHQ)RUGHUXQJEHVWHKHXQGGLHEHLGHQVWDQGHQQXQLQHLQHPUHFKW JXWHQ9HUKlOWQLV]XHLQDQGHU :LHJHKHQGLH*HVFKlIWH6WUDWK"HUNXQGLJWHVLFK8GLYDU 0LHVNODJWH6WUDWK$\U.HLQ6FKZHLQLQWHUHVVLHUWVLFKPHKUIU +RURVNRSHVHLQHQ%LRUK\WKPXVXQGVHLQH=XNXQIW 0XHVXQEHGLQJWHLQ6FKZHLQVHLQRGHUZUGHVWGXGLFKDXFKPLWHLQHP 1DNNHQEHJQJHQ"HUNXQGLJWHVLFK8GLYDUHUQVW $EHU6WUDWK$\UODFKWHGDUDXIQXUVFKDOOHQGXQGGHU*DJPDFKWHODQJHYRU 8GLYDUGLH5XQGHGXUFKGHQ%DVDU'LH6FKDXVWHOOHUIUDJWHQ8GLYDUQDFKGHQ %DXHUQUHJHOQIUGLHVHQ7DJZROOWHQGLH'HXWXQJGHU3URSKH]HLXQJHQGHV 1RVWUDGDPXVK|UHQXQGJXWH5DWVFKOlJHIUVLFKXQGLKUH%HNDQQWHQ $EHU8GLYDUZLUNWHDQGLHVHP7DJDEZHVHQG(UZDUQLFKWEHLGHU6DFKH VRQGHUQPLWGHQ*HGDQNHQDQGHUVZR +H8GLYDUZDVLVWGHQQKHXWHORVPLWGLU"HUNXQ GLJWHVLFK3RLW'KXEKGHULPPHUQRFKLQGHV1DNNHQ'LHQVWVWDQGREZRKO GHULKQOlQJVWQLFKWPHKUEHQ|WLJWH &DOLJXODLVWKHXWHVRXQUXKLJDQWZRUWHWH8GLYDUHLQVLOELJ ,FKZHUGHPLFKXPLKQNPPHUQYHUVSUDFK3RLW'XNRPPVWGRFKDOOHLQH ]XUHFKW8GLYDU" -DJHZL6LHKGXQXUQDFK&DOLJXOD(ULVWLQGHQ.DWDNRPEHQ 'XPHLQVWLQGHQDOWHQ.HOOHUJHZ|OEHQ 1HLQLQGHQDOWHQ.DWDNRPEHQXQWHUGHP.HOOHU
'LHJLEW VZLUNOLFK"ZXQGHUWHVLFK3RLW8QGZDVPDFKWHUGRUW" -DJHQ 3RLW'KXEKVWLHJDOVRLQGLH.HOOHUJHZ|OEHKLQDEXQGVXFKWHGRUWQDFKHLQHP =XJDQJ]X.DWDNRPEHQ,KPZDUHWZDVXQKHLPOLFKGDEHL]XPXWHGHQQHV JDEGVWHUH*HVFKLFKWHQEHUGLHHUVWHQ6LHGOHUJHQHUDWLRQHQXQWHUGHQHQ HVVHOWVDPHXQHUNOlUOLFKH7RGHVIlOOHJHJHEHQKDEHQVROOWH (VKLHGDGLHHUVWHQWHUUDQLVFKHQ6LHGOHU]X+XQGHUWHQ]X$PRNOlXIHUQ JHZRUGHQZDUHQXQGVLFKJHJHQVHLWLJ]HUIOHLVFKWKlWWHQ8QGHVKLHGD VLHYRQHLQHPXQKHLPOLFKHQ'lPRQEHVHVVHQJHZHVHQVHLHQ0DQKDWWH LKUHVWHUEOLFKHQhEHUUHVWHLQWLHIOLHJHQGHQ.DWDNRPEHQHLQJHPDXHUWXQG GLHVHYHUVLHJHOW 8QGEHUGLHVHQ.DWDNRPEHQVROOWH9HQWHUURDXIJHEDXWZRUGHQVHLQ EHVDJWHQGLHDOWHQ/HJHQGHQ'HVZHJHQQDQQWHPDQ9HQWHUURDXFKGLH 9HUIOXFKWHDEHUGHU)OXFKGLHVHU6WDGWNDPQLFKWYRQ'lPRQHQ(VZDULKU UDVHQGHU5K\WKPXVGHUGLH%HZRKQHUVWUHWHXQGDOOH/HEHQVHQHUJLHQDXV LKQHQVDXJWH'LH9HQWHUURQHUIHLHUWHQVLFKJHZLVVHUPDHQ]X7RGH QXU GHVZHJHQZDUGLH/HEHQVHUZDUWXQJKLHUVRQLHGULJ 0LWGLHVHQ*HGDQNHQYHUVXFKWHVLFK3RLW'KXEK]X EHUXKLJHQDOVHUGLHZHLWOlXILJHQ.HOOHUJHZ|OEHGXUFKVXFKWHXQGQDFK &DOLJXODULHI3O|W]OLFKK|UWHHUKLQWHUHLQHU0DXHUHLQNOlJOLFKHV0LDXHQ =XGLHVHP=HLWSXQNWHUUHLFKWH8GLYDUJHUDGHGHQ7UDNWPLWGHQ 7HSSLFKZHEHUQGHQ6SLW]HQNO|SSOHULQQHQXQGGHQ.XQVWJHZHUEOHUQGLH XQWHUGHP/DGHQWLVFKDEHUDXFK'URJHQXQG6FKPXJJHOXQG'LHEHVJXW YHUNDXIWHQ $XIVHLQHU5XQGHNDP8GLYDUWlJOLFKDXFKEHL)HWWHU&DLUQYRUEHLHLQHU PDJHUVFKWLJHQ)UDXPLWXQJODXEOLFKJHVFKLFNWHQ)LQJHUQEHLGHUHUHLQHQ .DW]HQNRUEEHVWHOOWKDWWH8GLYDULQIRUPLHUWHVLFKWlJOLFKQDFKGHQ )RUWVFKULWWHQLKUHU$UEHLWXQGEHU]HXJWHVLFKGDYRQGDGDV*HELQGH DOOPlKOLFK)RUPHQDQQDKP $OVHUDQGLHVHP0LWWZRFK]XLKUHP6WDQGNDPHUNOlUWHVLHVWUDKOHQG 'DV0HLVWHUZHUNLVWYROOHQGHW:LOOVWGXHVVHKHQ8GLYDU" $EHUGHU1DNNJDENHLQH$QWZRUW)HWWHUEHVDKLKQVLFKQlKHUXQGVWHOOWH IHVWGDVHLQZLUEHOORVHU.|USHUY|OOLJHUVFKODIIWZDUXQGQXUYRQVHLQHP ([RVNHOHWWJHKDOWHQZXUGH )HWWHU+LOIHK|UWHVLHHVOHLVHDXVVHLQHP6\QWKHVL]HUNRPPHQ8QG QDFKHLQHU3DXVH +LOI&DOLJXOD(UVWLUEW $FKGX6FKUHFNHQWIXKUHV)HWWHU6LHZDQGWHVLFKDQGLHXPVWHKHQGHQ +lQGOHUXQGWUXJLKQHQDXI3RLW'KXEK]XYHUVWlQGLJHQXQGHLQHQ$U]W]X KROHQ'DQQVFKREVLHGHQ1DNNHQDXIVHLQHP$QWLJUDYIHOGLQLKUHQNOHLQHQ /DGHQ :DVNDQQLFKIUGLFKWXQ8GLYDU"HUNXQGLJWHVLHVLFKEHVRUJW &DOLJXODLVWLQ*HIDKUVDJWHGHU1DNN,KPPXJHKROIHQZHUGHQVRQVW VWLUEWHU )HWWHUVDKVLFKKLOIORVXP
:RLVWGHU.DWHU":DVNDQQPDQIULKQWXQ" (UZDULQGHQ.DWDNRPEHQDXIGHU-DJGQDFKHLQHPXQEHNDQQWHQ7LHUGDV HLQH'6SXUJHOHJWKDWHU]lKOWH8GLYDU(UKDWGLHVHV8QWLHUJHVWHOOWDEHU GDVFKOXJHV]XUFN(LQ5LQJHQDXI/HEHQXQG7RG 'HU1DNNYHUVWXPPWHDXJHQEOLFNOLFK)HWWHUUWWHOWHLKQXQGVFKOXJLKQ DXIPXQWHUQGLQVPHWDOOHQH*HVLFKW$EHU8GLYDUUKUWHVLFKQLFKW :DVPDFKWPDQPLWHLQHP1DNNHQGHUGDV%HZXWVHLQYHUORUHQKDW" IUDJWH)HWWHUYHU]ZHLIHOWLQGLH5XQGH 1LHPDQGNRQQWHLKU5DWJHEHQVHOEVWGHUKHUEHLJHKROWH$U]WZXWHQLFKW %HVFKHLGXQG3RLW'KXEKZDUXQDXIILQGEDU GHQQ3RLWVWDQGLQGLHVHP0RPHQWYRUHLQHUPDVVLYHQ0DXHUGXUFKGLH VFKUHFNOLFKHU.DPSIOlUPGUDQJ(UK|UWH&DOLJXODVZWHQGHV)DXFKHQGDV LPPHUNOlJOLFKHUZXUGHXQGVFKOLHOLFK]XTXDOYROOHQ6FKUHLHQGHV 6FKPHU]HVDXVDUWHWH'D]ZLVFKHQZDUHQWLHIHJXWWXUDOH*UXQ]ODXWH]X K|UHQ]RUQLJHVJHUDGH]XKDHUIOOWHV*HEHOO 3RLWKDWWHDXFKVHOWVDPH9LVLRQHQ'LH0DXHUYRULKPYHU]HUUWHVLFK]HUIOR I|UPOLFKLQZHOOHQI|UPLJH%HZHJXQJHQ8QGHUEOLFNWHSO|W]OLFKLQHLQHQ XQZLUNOLFKHQ%HUHLFK(UVDKGHQ$XVVFKQLWWHLQHUVXPSILJZLUNHQGHQ)OlFKH GLHEUHLLJH2EHUIOlFKHZDUI%ODVHQXQGZXUGHLPPHUZLHGHUDXIJHZKOW 3RLWDKQWHGDLQQHUKDOEGLHVHU]lKIOVVLJHQ0DVVHGHU.DPSI&DOLJXODV JHJHQHLQXQEHNDQQWHV8QJHKHXHUVWDWWIDQG,QVHLQHU(LQELOGXQJVDK3RLW ZLH&DOLJXODYRQXQKHLPOLFKHQ.UlIWHQI|UPOLFK]HUULVVHQZXUGH 'DQQZDUGLHVFKUHFNOLFKH9LVLRQYRUEHLGHU.DPSIOlUPYHUVWXPPW 3RLWVDKZLHGHUGLH0DXHUYRUVLFKXQGHUZLVFKWHVLFKGDEHLZLHHUVLHPLW EORHQ+lQGHQDE]XWUDJHQYHU VXFKWH(UKDWWHZXQGH)LQJHUXQGEOXWLJH1lJHO$OVHUVLFKHUVFK|SIWJHJHQ GLH:DQGVWW]WHXQG]X%RGHQVDKHUEOLFNWHHU]XVHLQHQ)HQGHQ UHJORVHQ.|USHU&DOLJXODV (UKREGHQ.DWHUDXIXQGWUXJLKQQDFKREHQ'HU.DW]HQN|USHUIKOWHVLFK ZLHHLQOHHUHU6DFNDQXQGHUZDUVROHLFKWZLHHLQH)HGHU &DOLJXODUHDJLHUWHDXINHLQHQGHU$QUXIHXQGJDEDXFKVRQVWNHLQ /HEHQV]HLFKHQYRQVLFK0LW7UlQHQLQGHQ$XJHQWUXJ3RLW'KXEKGLH OHEORVH.DW]H]X)HWWHU&DLUQV6WDQGZR8GLYDULPPHUQRFKRKQH %HZXWVHLQVFKLHQ (VKHUUVFKWH6FKZHLJHQXQG7UDXHUXQWHUGHQ8PVWHKHQGHQ ,UJHQGZDQQUKUWHVLFK&DOLJXODDEHUVHLQ%OLFNZDUOHHU8QGGDQQEHZHJWH VLFKDXFK8GLYDUDEHUVHLQH%HZHJXQJHQZLUNWHQPHFKDQLVFKDOVZUGH GHU1DNNHQN|USHUOHGLJOLFKYRQVHLQHP([RVNHOHWWJHOHQNW 3RLWERW8GLYDUDQLKQ]XVHLQHP6FKLII]XJHOHLWHQ -DELWWHVDJWH8GLYDUOHGLJOLFK 0LWGHPOHEORVZLUNHQGHQ&DOLJXODLP$UPPDFKWHVLFK3RLW'KXEKPLWGHP 1DNNHQDXIGHQ:HJ]XP5DXPKDIHQ,KQHQIROJWHHLQHJURH0HQJHZLH HLQH7UDXHUSUR]HVVLRQ
'LH0HQJHXPVWDQGGLH'(/3+,QRFKODQJHQDFKGHPVLFK8GLYDUPLW VHLQHP.DWHUDQ%RUGHLQJHVFKORVVHQKDWWH 1DFKHQGORVVFKHLQHQGHU=HLWPHOGHWHVLFK8GLYDUEHUGHQ $XHQODXWVSUHFKHUGHV)UDJPHQWVFKLIIV ,FKGDQNHHXFKDOOHQIUHXUH$QWHLOQDKPHYHUNQGHWHGHU1DNN,FKKDEH QRFKQLHIUHXQGOLFKHUHXQGPLWIKOHQGHUH/HEHZHVHQDOVGLH*XQQDYDUHU NHQQHQJHOHUQW,KUKDEWPLUVHKUJHKROIHQ,FKELQHXFK]XHZLJHP'DQN YHUSIOLFKWHW)DOOVLKUHLQHV7DJHVGHQ5DWHLQHVDOWHQQlUULVFKHQ1DNNHQ EUDXFKWGDQQELQLFKIUHXFK GDGDVYHUVSUHFKHLFK&DOLJXODXQGLFKZHUGHQMHW]WKHLPIOLHJHQQDFK 3KDGGRQXQGGRUWXQVHUHJHLVWLJHQ:XQGHQOHFNHQ9LHOOHLFKWVHKHQZLUXQV LQEHVVHUHQ7DJHQZLHGHU $XI:LHGHUVHKHQPXUPHOWH3RLW'KXEK(UVWDQGQRFKODQJHDXIGHP 5DXPKDIHQXQGEOLFNWHLQGHQ+LPPHOYRQ*XQQDYDULQGHQGDV )UDJPHQWUDXPVFKLII'(/3+,HLQJHWDXFKWZDU 'LHVOLHJWQXQVFKRQEDOGHLQKDOEHV-DKU]XUFNXQG&DOLJXODV=XVWDQGKDW VLFKQLFKWYHUlQGHUWEHHQGHWH8GLYDUVHLKH(U]lKOXQJ ,FKKDEHQLFKWKHUDXVILQGHQN|QQHQZDVPLWPHLQHPNOHLQHQWLHULVFKHQ )UHXQGJHVFKHKHQLVWIXKUHUQDFKHLQHUNXU]HQ3DXVHIRUW,FKZHLQXU GDLUJHQGHWZDVLQGHQ.DWDNRPEHQYRQ9HQWHUURLKQEHVHVVHQJHPDFKW KDWXQGLKPGLH(ULQQHUXQJDQVHLQHIUKHUHQ/HEHQUDXEWH8QGLFK YHUPXWHGDHVGDVVHOEH'LQJRGHUHLQ'LQJYRQGHUVHOEHQ$UWZDUGDV DXFKGHLQH(ULQQHUXQJDXIGHP*HZLVVHQKDW7RP1RUWRQ'LHV XQKHLPOLFKH'LQJKDWDXIGHUVHOEHQ)UHTXHQ]JHVWUDKOWZLHGHLQ6FKLIIXQG GXVHOEVW 'DQNGHUYLHOHQ'HWDLOVDXVGHLQHU(U]lKOXQJKDEHLFKPHLQ*HGlFKWQLVLQ YROOHP8PIDQJZLHGHUJHZRQQHQVDJWH7RP1RUWRQ,FKZHLMHW]WDXFK GDPDQPLFK]XGLUJHVFKLFNWKDWXPGLFKXP+LOIHLP.DPSIJHJHQGLHVH XQKHLPOLFKH0DFKW]XELWWHQGLHZLUPDQJHOVHLQHVEHVVHUHQ%HJULIIV=LUUR QHQQHQ :LUZHUGHQVRUDVFKZLHP|JOLFKQDFK*XQQDYDUDXIEUHFKHQXQG&DOLJXOD PLWQHKPHQYHUVLFKHUWH8GLYDU,FKZHUGHYHUVXFKHQZLHGHUGLH 1$&+$'$0RGHUHLQHVGHUGUHLDQGHUHQDXHUKDOEGHU0LOFKVWUDH VWDWLRQLHUWHQ'UHL]DFNVFKLIIH]XEHNRPPHQ'DPLWPWHQZLUXQVJHJHQDOOH *HZDOWHQVSLHOHQGELV*XQQDYHUGXUFKVFKODJHQN|QQHQ 'HU'DWHQWUlJHUGHQPLU*OHQ&DOGHUPLWJHJHEHQKDWLVWMDOHLGHU]HUVW|UW VDJWH7RP$EHUZLOOVWGXGLUQLFKWZHQLJVWHQVPHLQHQ(UOHEQLVEHULFKW DQK|UHQ8GLYDU" 6SlWHUVDJWH8GLYDUXQGZLQNWHPLWVHLQHPREHUHQ$UPSDDUDE'X NDQQVWPLFKZlKUHQGGHV)OXJHVEHUDOOH(LQ]HOKHLWHQDXINOlUHQ7RP
7RP1RUWRQOHEWH.LORPHWHUVGOLFKYRQ9HQWHUURXQGEHNDPGLH *HVFKHKQLVVHGHV0DLQXUDP5DQGHPLW(UVHOEVWKDWWHQRFKNHLQHV GHU+\SHUSKlQRPHQHPLWHUOHEWYRQGHQHQEHUDOOGLH5HGHZDUXQGHUKLHOW GLH%HULFKWHGDUEHUIUPDORVEHUWULHEHQ 'DVLVWGRFKQXU3DQLNPDFKHUHLGHU0HGLHQSIOHJWHHU]X%HWK]XVDJHQ ZHQQVLHZLHGHUHLQPDODXIGLHVHXQKHLPOLFKH%HGURKXQJGLHVLFKEHUGHQ JDQ]HQ3ODQHWHQDXV]XZHLWHQGURKWH]XVSUHFKHQNDP(UZXWHZLH VHQVLEHO%HWKDXI6HQVDWLRQVPHOGXQJHQUHDJLHUWHXQGYHUVXFKWHVWHWVVLH]X EHVFKZLFKWLJHQ ,KUHEHUWULHEHQHbQJVWOLFKNHLWLKUHJHUDGH]XNUDQNKDIWH6FKZDU]VHKHUHL XQGLKUH9RUOLHEHIUDOOHV0HWDSK\VLVFKHZDUHQDXFKGHU*UXQGGDIUGD VLHVHLW$QIDQJGLHVHV-DKUHVLQ=ZLVWPLWHLQDQGHUOHEWHQ 'DPDOVKDWWHVLHDXV%HULFKWHQYRQ979HUIDKUHQGDLQ9HQWHUURHLQ1DNN PLWVHLQHP6FKRWLHUDXIJHWDXFKWZDUGHPPDQPDJLVFKH.UlIWHXQG EHUQDWUOLFKH)lKLJNHLWHQQDFKVDJWH $OV%HWKK|UWHGDVLFKGHU1DNNXQGVHLQH.DW]HYRUQHKPOLFKDXIGHP -DKUPDUNWJHOlQGHKHUXPWULHEHQ KDWWHVLHVLFKKHLPOLFKGHQ*OHLWHUJHQRPPHQXQGZDUQDFK9HQWHUUR JHIORJHQ $OV7RPDPQlFKVWHQ0RUJHQLQGHQ:HOOEOHFKKDQJDUNDPXPGHQ*OHLWHU DOV)lKUHIUHLQHQ)OXJLQGHQ2UELW]XEHQXW]HQGDVWDQGHUYRU YROOHQGHWHQ7DWVDFKHQ%HWKNDP]ZHL7DJHVSlWHU]XUFNXQGJHVWDQGLKP GHQ*UXQGZDUXPVLHVLFKGHQ*OHLWHUJHOLHKHQKDWWHXQGGDVLHGHQ $EVWHFKHUQDFK9HQWHUURXPVRQVWJHPDFKWKDWWHZHLOGHU1DNNPLWVHLQHU .DW]HEHUHLWVDEJHUHLVWZDU (VKDWWH6WUHLWJHJHEHQXQG7RPZDULP=RUQLQGHQ2UELWJHIORJHQXQG KDWWHDQVHLQHU48$5,*$KHUXPJHEDVWHOW'HU=RUQEHU%HWKVLUUDWLRQDOH +DQGOXQJVZHLVHVFKLHQLKPEHVRQGHUH)lKLJNHLWHQ]XYHUOHLKHQXQGELVKHU XQEHNDQQWHLQLKPVFKOXPPHUQGH.UlIWH]XPRELOLVLHUHQ'HQQHUVFKDIIWHHV ]XVHLQHPHLJHQHQ(UVWDXQHQGHQ0HWDJUDYGHU6SDFH-HW]XUHSDULHUHQ 'DVEHVWlWLJWHHLQHNXU]HhEHUOLFKWHWDSSHXQGGLH5FNNHKULQV-HLVND 6\VWHP 'DPLWKDWWHHUGHQHQWVFKHLGHQGHQ6FKULWWIUVHLQ8QWHUQHKPHQJHWDQ6HLQ 7UDXPZDUHVPLWGHUYRQVHLQHP9DWHUHUHUEWHQ48$5,*$HLQLQWHUVWHOODUHV 7UDQVSRUWXQWHUQHKPHQDXI]X]LHKHQXQGDXIGLHVHU%DVLVHLQHNOHLQH +DQGHOVIORWWHDXI]XEDXHQ $EHUGLH0RQDWHYHUJLQJHQRKQHGDVLFKVHLQH,GHHHLQHU9HUZLUNOLFKXQJ QlKHUWH'LH=HLFKHQVWDQGHQQlPOLFKQLFKWJXW$XI*XQQDYDUJUDVVLHUWHGLH +\VWHULHYRQHLQHU%HGURKXQJDXVGHP+\SHUUDXPXQGREZRKOGLH RIIL]LHOOHQ6WHOOHQDOOHVYHUVXFKWHQGLH3DQLNPDFKHUHLGHU0HGLHQ DE]XVFKZlFKHQZROOWHVLFKQLHPDQGDXIJU|HUH,QYHVWLWLRQHQHLQODVVHQ
8QGGDQQPDFKWH7RPGHQ)HKOHULQ$QZHVHQKHLWYRQ%HWKVHLQHQ 6FKXOIUHXQG*OHQ&DOGHULQGLHVHU6DFKHXP5DW]XIUDJHQ7RPKDWWH JHKRIIWGD*OHQLQGLHVHOEH .HUEHVFKODJHQZUGHZLHHUXQGDOOGLHNXUVLHUHQGHQ*HUFKWHEHU KDDUVWUlXEHQGH+\SHUSKlQRPHQH]HUSIOFNHQZUGH$EHU*OHQKDWWHPLW QRFKKDDUVWUlXEHQGHUHQ*HVFKLFKWHQDXI]XZDUWHQGLHDQJHEOLFKDXV)XUFKW YRUHLQHU3DQLNQLFKWDQGLHgIIHQWOLFKNHLWJHEUDFKWZRUGHQZDUHQ $EHULFKVDJHHXFKGLHVLVWQXUGLH6SLW]HHLQHV(LVEHUJVKDWWH*OHQ EHGHXWXQJVYROOSURSKH]HLWXQGGDVZDUQDWUOLFKJHQDXGDVZDV%HWKK|UHQ ZROOWHXPLKUH:DKQYRUVWHOOXQJHQ]XSIOHJHQ 7RPKDWWHVLFKGDUDXIKLQYRQ*OHQLP6WUHLWJHWUHQQWXQGHUKDWWHYRQLKP QLFKWVPHKUELV]XP-XQLJHK|UW $QGLHVHP7DJWDXFKWH*OHQPLWHLQHP6KLIWYROOHUVHOWVDPHU/HXWHLQ 0XLUKHDGDXI:lKUHQGGLHHLQHLQKDOE'XW]HQG]ZLHOLFKWLJH*HVWDOWHQEHLP 6KLIWEOLHEHQNDP*OHQDOOHLQ]X7RPXPPLWLKP]XYHUKDQGHOQ +DVWGXVFKRQJHK|UWZDV0LWWZRFKYRUHLQHU:RFKHLQ9HQWHUURSDVVLHUW LVW" ,FKK|UHNHLQH1DFKULFKWHQPHKUXQGJHEHVRZLHVRQLFKWVDXI 6HQVDWLRQVPHOGXQJHQ *OHQVFKLOGHUWHLKPGDUDXIKLQZDVVLFK]XJHWUDJHQKDWWHXQGVFKZRUGD DOOHVGHUYROOHQ:DKUKHLWHQWVSUDFK(UGHXWHWH]XP6KLIWXQGHUNOlUWH 'LHVH/HXWHVLQGDOOHV=HXJHQXQG%HWURIIHQHGLH$QJHK|ULJHXQGLKU+DE XQG*XWYHUORUHQKDEHQVLHN|QQHQGLUZDVHU]lKOHQ (UZLQNWH7RPPLWHLQHP'DWHQWUlJHUXQGIXKUIRUW ,FKKDEHKLHUGLH%HZHLVHIUHLQHJH]LHOWH%HGURKXQJDXVGHP+\SHUUDXP 7RP'XPXWPLWPLU]XVDPPHQDUEHLWHQVRQVWLVWXQVHUHVFK|QH:HOWGHP 8QWHUJDQJJHZHLKW:HQQZLUXQVQLFKWZHKUHQZLUGVLFKGHU=LUURVWUDWXV *XQQDYDUHLQYHUOHLEHQGHQJDQ]HQ3ODQHWHQLQGHQ+\SHUUDXPVDXJHQ 6LHKGLUGLH8QWHUODJHQDQ:LUEUDXFKHQGHLQH8QWHUVWW]XQJ :LHN|QQWHLFKKHOIHQ"HUNXQGLJWHVLFK7RP 'XEHVLW]WGDVHLQ]LJHEHUOLFKWIlKLJH5DXPVFKLIIYRQJDQ]*XQQDYDU:LU EUDXFKHQGLH48$5,*$XP+LOIHKHUEHL]XKROHQ .RPPPLWLQV+DXVVDJWH7RP$EHUODGHLQHQYHUORWWHUWHQ+DXIHQ ]XUFN ,QGHP0RPHQWDOVVLFK7RP1RUWRQXPGUHKHQZROOWHVSUWHHUHLQHQ HLVNDOWHQ/XIWKDXFK$XVGHQ$XJHQZLQNHOQVDKHUHLQ*HELOGHZLHDXVODXWHU JHIURUHQHQ6FKlIFKHQZRONHQGDVVLFKDXVGHP+LPPHOVHQNWHXQGGHQ 6KLIWPLWVDPWGHUDFKW]HKQN|SILJHQ%HVDW]XQJYHUVFKOXFNWH =XGHQ2SIHUQJHK|UWHQXQWHUDQGHUHPDXFKGHV1DNNHQ8GLYDUNXU]]HLWLJHU /HLEZlFKWHU3RLW'KXEKGLH.RUEIOHFKWHULQ)UHWWHU&DLUQGLHIU&DOLJXOD HLQHQVRNXQVWYROOHQ.DW]HQNRUEJHIHUWLJKDWWHGHU'DWHQIlOVFKHU6WUDWK$\U XQGQRFKHLQLJHDQGHUHDXVGHP%DVDUGLH*OHQ&DOGHUEHVFKZRUHQKDWWHQ GLH''HWHNWLYH8GLYDU &DOLJXODQDFK*XQQDYDU]XKROHQGDPLWVLHGHU
0DFKW=LUURGDV+DQGZHUNOHJWHQEHYRUVLHJDQ]*XQQDYDULQGHQ +\SHUUDXPYHUVFKOHSSHQNRQQWH 'LHVDOOHVXQGQRFKPHKUEHUGLHYLHOHQ2SIHUGHV=LUURVWUDWXVHUIXKU7RP DXV*OHQ*DOGHUV8QWHUODJHQ$EHUHLJHQWOLFKKlWWHHVGLHVHU%HZHLVHQLFKW PHKUEHGXUIWXP*OHQ&DOGHUV7KHRULHYRQHLQHUSODQHWHQXPVSDQQHQGHQ %HGURKXQJDXVGHP+\SHUUDXP]XJODXEHQ 7RPKDWWHKHXWHPLWHLJHQHQ$XJHQJHVHKHQZDVSDVVLHUHQNRQQWH :LUPHLQH/HXWHXQGLFKHU]lKOWH*OHQ&DOGHUXQGVFKOXFNWHLQ (ULQQHUXQJDQGHQ7RGVHLQHU*HIlKUWHQ1DFKHLQHUNXU]HQ3DXVHUlXVSHUWH HUVLFKXQGIXKUPLWOHLFKWEHOHJWHU6WLPPHIRUW 1DFKGHPLFKDXV6WUDWK&RQRQV8QWHUODJHQHUIDKUHQ KDEHGDDOOHP$QVFKHLQQDFKGHUMXQJH*OHQ$OODFKLHGHU7UlJHUGHU +\SHUPDFKWLVWRGHU]XPLQGHVWDOVHLQH$UW.DWDO\VDWRUIUGHQ=LUURGLHQW KDEHLFKHLQSDDU/HXWHXPPLFKJHVFKDUW'DQQKDEHQZLUPLWGHP6KLIWGDV 5HKDELWDWLRQV]HQWUXPJHVWUPW)UDJHPLFKQLFKWZDVLFKEHLHLQHU .RQIURQWDWLRQPLWGHP-XQJHQJHWDQKlWWH,KQ]XW|WHQ",KQDXIHLQHDQGHUH $UWXQG:HLVHDXV]XVFKDOWHQ",FKGDFKWHZRKOGDHVVLFKDXVGHU6LWXDWLRQ HUJHEHQKlWWHZDV]XWXQZlUH$EHUHVNDPRKQHKLQQLFKW]XHLQHU (QWVFKHLGXQJ*OHQ$OODFKLHZDUQLFKWPHKUXQWHUGHQ3DWLHQWHQ=LUURKDWLKQ YHUPXWOLFKLQ6LFKHUKHLWJHEUDFKW:LUKDEHQGLHJDQ]H*HJHQGDEJHVXFKW MHGRFKNHLQH6SXUYRQLKPJHIXQGHQ$EHURIIHQEDUKDWGHU=LUURXQVVHKU ZRKOEHREDFKWHWXQGXQVELVKLHUKHUYHUIROJW8QGGDQQJQDGHQORV ]XJHVFKODJHQ 'DVKLHHGDZLUKLHUQLFKWPHKULQ6LFKHUKHLWVLQGVDJWH7RPOHLVHXQG EOLFNWHVLFKQDFK%HWKXP6LHKDWWHVLFKLQHLQHP:LQNHOGHV:RKQ]LPPHUV ]XVDPPHQJHNDXHUW6LHZLUNWHZLHDEZHVHQG:DKUVFKHLQOLFKYHUVXFKWHVLH YHUJHEOLFKGLH(UHLJQLVVH]XYHUGDXHQ 'DVIUFKWHLFKDXFKVWLPPWH*OHQ]X'DUXPPXWGXVFKQHOOVWHQVLQGHQ 2UELWXQGPLWGHU48$5,*$LQV0DUFRU6\VWHPIOLHJHQ 'XKlOWVWZRKO:XQGHUGLQJHYRQGHP1DNNHQZDV"VDJWH7RP VDUNDVWLVFK 8GLYDULVWUHDOLVWLVFKJHVHKHQXQVHUHHLQ]LJH&KDQFHDQWZRUWHWH*OHQ (ULVWGHU)DFKPDQQIU'3KlQRPHQHXQGXQVDXHUGHP]X'DQN YHUSIOLFKWHW(UZLUGQLFKWWHXHUVHLQDXFKGDVLVWHLQ$VSHNWGHQHV]X EHGHQNHQJLEW 7RPZDUQLFKWVRDQJHWDQYRQGHU,GHHHLQHQQDNNLVFKHQ*XUXDOV %HNlPSIHUHLQHUJQDGHQORVHQ+\SHUPDFKW]XHQJDJLHUHQ:DVHUDXV*OHQV %HULFKWHQKHUDXVJHK|UWKDWWHZDUHQ8GLYDUVVWlUNVWH:DIIHQVHLQH 1DLYLWlWVHLQH*HGXOGXQGVHLQH*XWPWLJNHLW ZHQQHLQHULKPHLQHVYRQ ]ZHL'LQJHQNODXWHGDQQERWHULKPDXFKQRFKGDVDQGHUHDQ$EHU*OHQV $UJXPHQWGDGHU1DNNQLFKWYLHONRVWHQZUGHZDUVWLFKKDOWLJ %HLUHDOLVWLVFKHU%HWUDFKWXQJGHU6DFKODJHPXWH7RP]XJHEHQGDVLHYRQ DQGHUHU6HLWHQLFKWYLHO+LOIHHUZDUWHQNRQQWHQGHQQGLH%HZRKQHUYRQ
*XQQDYDUKDWWHQNHLQHQEHVRQGHUVJXWHQ5XILQGHU*URHQ0DJHOODQVFKHQ :RONH 'LH*XQQDYDUHUVWDQGHQEHLIDVWDOOHQDQGHUHQ:HOWHQWLHILQGHU.UHLGHXQG YHUVWDQGHQVLFKPHLVWHUOLFKGDUDXIVLFKYRUGHU5FN]DKOXQJGHU6FKXOGHQ ]XGUFNHQ'D]XNDPQRFKGLH7DWVDFKHGD*XQQDYDUHLQ7XPPHOSODW] DOOHQOLFKWVFKHXHQ*HVLQGHOVYRQ*UR0DJHOODQZDU :LHDXFKLPPHUDXIGLH+LOIVEHUHLWVFKDIWGHU9|ONHUYRQ*UR0DJHOODQ NRQQWHPDQQLFKWEDXHQ 'XKDVWUHFKWZLUKDEHQJDUNHLQHDQGHUH:DKOIJWHVLFK7RPLQV 8QYHUPHLGOLFKH,FKNDQQQXUKRIIHQGDGLHVHUDQJHEOLFKH''HWHNWLY NHLQH1LHWHLVW (UKDWGLH'DWHQVSOLWWHUGHU=HLWWDIHOQYRQ$PULQJKDUDXVGHP3DXUD%ODFN +ROHJHKROWZDQGWH*OHQHLQDOVVHLGDVGLHXOWLPDWH5HIHUHQ](VNRPPW QXUGDUDXIDQGDGX8GLYDUXQVHU3UREOHPULFKWLJGDUOHJVW7RP'XPXW LKQN|GHUQGDPLWHUJDQ]YHUVHVVHQGDUDXILVWGLHVHQ)DOO]XEHUQHKPHQ 8QGGXKDVWDXFKQRFKGHQ'DWHQWUlJHUPLWGHQJHVDPPHOWHQ8QWHUODJHQ 'LHVHVSUHFKHQIUVLFKXQGZHUGHQ8GLYDUEHU]HXJHQ 'XN|QQWHVWEHVWLPPWEHVVHUDUJXPHQWLHUHQDOVLFK*OHQVDJWH7RP :DUXPIOLHJVWGXQLFKWHLQIDFKPLW" 'DVLVWNHLQ7KHPDVDJWH*OHQHQWVFKLHGHQ'XNDQQVW%HWKPLWQHKPHQ XPVLHLQ6LFKHUKHLW]XEULQJHQ$EHUPHLQ3ODW]LVWLQ9HQWHUUR,FKIDKUHPLW GHLQHP:DJHQLQGLH6WDGWGHQQLFKKDEHELV]XHXUHU5FNNHKUQRFK HLQLJHV]XHUOHGLJHQ,FKELQVLFKHUGDGXPLW 8GLYDUDXFKDOOHLQ]XUHFKWNRPPVWXQGLFKKLHUYRQJU|HUHP1XW]HQELQ 7RPEOLFNWH]X%HWKKLQEHU6LHEHQDKPVLFKLKPJHJHQEHUVRDOVVHLHU IUGLH(OLPLQLHUXULJGHV6KLIWVXQGVHLQHU%HVDW]XQJYHUDQWZRUWOLFK(V ZUGHQLFKWNODSSHQZHQQVLH]XVDPPHQDXIGHU48$5,*$IOLHJHQZUGHQ VRZLHVLH]XHLQDQGHUVWDQGHQNRQQWHGDVHLQIDFKQLFKWJXWJHKHQ (VJDEDEHUHLQQRFKVWLFKKDOWLJHUHV$UJXPHQWZDUXPHU%HWKQLFKW PLWQHKPHQZROOWH9LHOOHLFKWKDWWH*OHQGDVQLFKWEHGDFKWRGHUHU YHUVFKZLHJHVHLQIDFKXPLKQ7RPQLFKWXQQ|WLJ]XlQJVWLJHQ $EHUDXVGHQOHW]WHQ9RUIlOOHQJLQJHLQGHXWLJKHUYRUGDGHU=LUURVLFKDXI DOOHVVWU]WHZDVHLQH'4XHOOHZDU2IIHQEDUKDWWHVLFKGLH+\SHUPDFKW GD]XHQWVFKORVVHQ*XQQDYDUGHQ/HEHQVQHUY]XQHKPHQXQGYRPEULJHQ 8QLYHUVXP]XLVROLHUHQXPGDV=HUVW|UXQJVZHUNLQDOOHU5XKH]X(QGH IKUHQ]XN|QQHQ 'DVEHGHXWHWHGDGLH48$5,*$NDXPGDGLHDXIIQIGLPHQVLRQDOHU %DVLVDUEHLWHQGHQ*HUlWHDQJHODXIHQZDUHQ]XHLQHPYHUORFNHQGHQ=LHOIU GHQ=LUURZHUGHQZUGH'DGHU=LUURDXVGHP+\SHUUDXPDJLHUWHZDUVHLQH 5HLFKZHLWHUHODWLYXQEHJUHQ]WXQGGHU2UELWQLFKW]XIHUQIULKQ'DYRQ ]HXJWHDXFKGLH=HUVW|UXQJDOOHU6DWHOOLWHQ ,FKYHUWUDXH%HWKEHVVHUGHLQHU2EKXWDQ*OHQVDJWH7RPXQGHUKREVLFK 0DFKHQZLUVFKQHOOVWHQVGHQ*OHLWHUVWDUWNODU8QGLKUEHLGHVHKW]XGDLKU QDFKPHLQHP6WDUWVFKOHXQLJVWYRQKLHUZHJNRPPW
$EHUVRHLQIDFKZLH7RPHVVLFKYRUVWHOOWHZDUHVQLFKW'HU*OHLWHUVWUHLNWH QlPOLFKXQGHVGDXHUWHYROOH]ZHL7DJHELV7RPGHQ)HKOHUEHKREHQKDWWH ,QGLHVHU=HLWKDWWHQVLHDOOH1RUPDOIXQNXQG%LOGNDQlOHDEJHK|UWDEHUDXI NHLQHU)UHTXHQ]ZXUGHEHUQHXH +\SHUSKlQRPHQHEHULFKWHW(VJDEOHGLJOLFKHQGORVH%HULFKWHEHUGLH %HKHEXQJGHU6FKlGHQ *OHQ/LYHWGHU&KHIPRGHUDWRUYRQ979EHKDXSWHWHVRJDUGDGLH/DJHLQ 9HQWHUURLQ]ZLVFKHQZLHGHUXQWHU.RQWUROOHVHL PDQ]HLJWHDEHUZRKOZHLVOLFK NHLQH%LOGHU(VZXUGHGHU%HY|ONHUXQJVRJDUYHUVFKZLHJHQGDDOOH +\SHUIXQNDQODJHQDXVJHIDOOHQZDUHQXQGPDQNHLQHQ.RQWDNW]XDQGHUHQ :HOWHQKDWWH 0DQKDWGLH6LWXDWLRQLP*ULIIZDVIUHLQ+RKQVFKLPSIWH*OHQ&DOGHU ]RUQLJ (QGOLFKZDUGHU*OHLWHUVWDUWNODUXQGVLHUROOWHQLKQ]XGULWWPLWYHUHLQWHQ .UlIWHQDXVGHP+DQJDU7RPYHUVXFKWH%HWK]XP$EVFKLHG]XNVVHQ DEHULKUHNKOHQ/LSSHQVFKUHFNWHQLKQDE(VNRQQWHJXWVHLQGDVLHELV ]XP7RGHXQYHUV|KQOLFKEOHLEHQZUGH :HOFKHQ*UXQGKDWVLHHLJHQWOLFKYHUGDPPWQRFKPDO"IUDJWHVLFK7RPLQ JHUHFKWHPbUJHU (UQDKPVHLQHQ3ODW]LQGHU.DQ]HOHLQXQGVFKDOWHWHGDV$QWLJUDYDJJUHJDW HLQ :LUVHKHQXQVLP5HKDELOLWDWLRQV]HQWUXPYRQ9HQWHUURULHILKP*OHQ &DOGHU]XP$EVFKLHG]XXQGVWUHFNWHLKPGHQQDFKREHQJHULFKWHWHQ 'DXPHQHQWJHJHQ %HWKKDWWHVLFKVFKPROOHQGDEJHZDQGW 9LHUXQG]ZDQ]LJ0LQXWHQVSlWHUZDU7RPLP2UELWXQGQDFKZHLWHUHQ]HKQ 0LQXWHQEHIDQGHUVLFKDQ%RUGGHU48$5,*$%HLP(LQOHQNHQLQGHQ2UELW PDFKWHHUPLWWHOVGHU6WDQGDUGRUWXQJHLQHVHOWVDPH(QWGHFNXQJ(LQLJH .LORPHWHUYRQLKPHQWIHUQWVFKZHEWHHLQULHVLJHUXQI|UPLJHU.OXPSHQ(UVW EHLJHQDXHUHU$XVZHUWXQJHUNDQQWHHUGDHVVLFKGDEHLXPGLHVLHEHQ 5DXPVFKLIIHKDQGHOWHGLHGHU=LUURYRP5DXPKDIHQYRQ9HQWHUUR JHKROWKDWWH6LHZDUHQ]XHLQHPHLQ]LJHQEL]DUUHQ*HELOGHYHUVFKPRO]HQ 7RPZDJWHHVQLFKWGHQ.OXPSHQDXVVLHEHQ5DXPVFKLIIHQDQ]XIXQNHQ HU NRQQWHVLFKDXFKJDUQLFKWYRUVWHOOHQGDGDULQQRFKLUJHQGHWZDVOHEWH8QG ZHQQHV/HEHQJDEGDQQZROOWHHUPLWGHPZDVDXVGHQ 5DXPVFKLIIEHVDW]XQJHQJHZRUGHQZDUJDUNHLQHQ.RQWDNWDXIQHKPHQ :lKUHQGGHV&KHN,QVVSUDFKHUHLQLJHREHUIOlFKOLFKH1RWL]HQLQV/RJEXFK (UWDWGLHVQXUDXVUHLQHU*HZRKQKHLWGHQQHLJHQWOLFKZDUHVLKPHJDORE VSlWHUMHPDQGVHLQH1RWL]HQDEK|UWHIDOOVLKPHWZDV]XVWLH (UKLHOWHVDXFKJDUQLFKWIUQ|WLJVHLQH(QWGHFNXQJIHVW]XKDOWHQGLHHU EHLP(LQOHQNHQLQGHQ2UELWDXVGHU)lKUHJHPDFKWKDWWH 7RPVFKDOWHWHGHQ$QWULHEHLQ1DFKGHPGLH7ULHEZHUNHGLHQ|WLJH %HWULHEVOHLVWXQJIUHLQHQ%HVFKOHXQLJXQJVIOXJVLJQDOLVLHUWHQIXKUHUGLH
/HLVWXQJKRFK*OHLFK]HLWLJDNWLYLHUWHHUGHQ$QWLJUDYXQGMHW]WHUVWZDJWHHU HVGHQ%RUGV\QWURQIUGLH)HLQEHUHFKQXQJHQKLQ]X]XVFKDOWHQ 'LH48$5,*$JHZDQQODQJVDPDQ*HVFKZLQGLJNHLW]XODQJVDPIU7RP(V HUVFKLHQLKPZLHHLQH(ZLJNHLWELVGLH6SDFH-HWKDOEH/LFKWJHVFKZLQGLJNHLW HUUHLFKWKDWWH8QGQRFKLPPHUKDWWHGHU6\QWURQGHQ.XUVLQV0DUFRU 6\VWHPQLFKWEHUHFKQHW 7RPIOXFKWHXQGHVZDULKPHJDOGDGDV/RJDOOHVDXIQDKP 3O|W]OLFKVDKHUYRUVLFKJHUDGHZHJVDXIVHLQHP.XUVHLQOHXFKWHQGHV *HELOGH'HUVWUDKOHQGIOLPPHUQGH)OHFNZXUGHUDVFKJU|HUXQGZDUEDOG DOVNULVWDOOLQH(LVZRONH]XHUNHQQHQ 'HU=LUUR 9HUGDPPWHVVWLPPWHDOVR'LH=LUURVWUDWXV:RONH ZDUWDWVlFKOLFKLQWHOOLJHQW'LH+\SHUPDFKWPXWHGLH'6LJQDOHGHU 48$(,*$HPSIDQJHQXQGULFKWLJDXVJHZHUWHWXQGVLFKDXJHQEOLFNOLFKDXI GHQ6SUXQJJHPDFKWKDEHQ'DVNRQQWHGHU=LUURGXUFKGLH$ENU]XQJEHU GHQ+\SHUUDXPSUDNWLVFKLQ1XOO]HLW 7RPSODSSHUWHLUJHQGZHOFKHQ8QVLQQYRUVLFKKLQ(UK|UWHVLFKUHGHQZXWH DEHUVHOEVWQLFKWZDVHUVDJWH9LHOOHLFKWULHIHUDXFK6LQJOH0DOWGHQ 6FKXW]SDWURQGHU*XQQDYDUHUDQ (UZXWHQLFKWPHKUZDVHUVDJHQXQGGHQNHQVROOWH (UKDWWHLQGLHVHP0RPHQWHLJHQWOLFKPLWGHP/HEHQDEJHVFKORVVHQ (LQOHW]WHUZHKPWLJHU*HGDQNHDQ%HWKQXQNRQQWHQVLHVLFKQLFKWPHKU DXVV|KQHQ *HUDGHLQGHP0RPHQWDOVGHU6\QWURQGDV(LQWDXFKHQLQGHQ+\SHUUDXP YHUNQGHWHHUUHLFKWHGLH:RONHGLH48$5,*$ 8QGGDQDFKVHQNWHVLFK6FKZlU]HEHU7RPV*HLVW (UHUZDFKWHHUVWDXI3KDGGRQLQ8GLYDUV'UHL.XSSHO5HVLGHQ]XQGEHNDP VHLQHYROOH(ULQQHUXQJDQGLHVH*HVFKHKQLVVHHUVWGXUFKGHV1DNNHQ (U]lKOXQJEHUVHLQH(UOHEQLVVHLP%DVDUYRQ9HQWHUUR]XUFN ,FKKDEHPLFKVFKRQLPPHUJHIUDJWZDVHV]XEHGHXWHQKDEHQPDJGD GHU9RUQDPH*OHQVRKlXILJDXI*XQQDYDUDQ]XWUHIIHQLVWVLQQLHUWH8GLYDU 'DEHLKHLWHXHU6FKXW]SDWURQQLFKWHLQPDOVRVRQGHUQ6LQJOH0DOW 'DVLVWDOOHVZDVGXGD]X]XVDJHQKDVW"ULHI7RP1RUWRQHQWJHLVWHUW:LU KDEHQHLQHQ%HUJYRQ)DNWHQXQGDQVWDWWGHLQHGHWHNWLYLVFKHQ)lKLJNHLWHQ HLQ]XVHW]HQ XQGVDFKEH]RJHQH6FKOVVHGDUDXV]X]LHKHQPDFKVWGXGLU*HGDQNHQ EHUGLH1DPHQVJHEXQJYRQXQV*XQQDYDUHUQ 7RPNRQQWHHVHLQIDFKQLFKWIDVVHQGDGHQ1DNNHQVROFKH 1HEHQVlFKOLFKNHLWHQEHVFKlIWLJWHQZlKUHQGGHU=LUURHLQHQJDQ]HQ 3ODQHWHQLQVHLQHP'*ULIIKLHOW
(VZDUMDQXUVRHLQH,GHHVDJWH8GLYDU,FKLQWHUHVVLHUHPLFKHEHQIU 9RONVEUlXFKHZHLOVLH]XPHLVW$QWZRUWHQDXIGLHZLFKWLJHQ)UDJHQJHEHQ DXIGLHHVDQNRPPW ,FKN|QQWHPLUQLFKWYRUVWHOOHQZDVGHU9RUQDPH*OHQPLWGHU%HGURKXQJ GHV=LUUR]XWXQKDEHQVROOWHHUUHJWHVLFK7RP :DKUVFKHLQOLFKJDUQLFKWV$EHULFKNDQQPHKUJOHLVLJGHQNHQGDVLVWXQV 1DNNHQVRJHJHEHQHUNOlUWH8GLYDU:HQQLFKPLUVROFKH*HGDQNHQ PDFKHLVWGDPLWQLFKWJHVDJWGDLFKGDUEHUXQVHU+DXSWSUREOHP YHUJHVVH+DEHLFKQLFKWGLHVHQ'UHL]DFNDXIJHWULHEHQZlKUHQGLFKGLU ]XJHK|UWKDEH"8QGVLQGZLUQLFKWEHUHLWVDXIGHP)OXJLQV-HLVND6\VWHP" 6LHEHIDQGHQVLFKLQGHUNDKOHQ.RPPDQGR]HQWUDOHGHU2338878GLYDU VFKZHEWHDXIGHP$QWLJUDYIHOGVHLQHUPHFKDQLVFKHQ.ULHFKVRKOHYRUHLQHU QDFNWHQ:DQG.HLQHVGHU,QVWUXPHQWHGDVHUPLWWHOVVHLQHU'6LQQH EHGLHQWHZDU]XVHKHQ (VZDUHQEHUKDXSWNHLQHWHFKQLVFKHQ(LQULFKWXQJHQVLFKWEDU8GLYDUKDWWH OHGLJOLFKIU7RPHLQHQ.RQWXUVHVVHODXVGHU9HUVHQNXQJJHKROWGDPLWHUHV EHTXHPKDWWH8QGQHEHQGHPIXJHQORVJHVFKORVVHQHQ(LQJDQJVWDQGGHU YRQ)HWWHU&DLUQJHIHUWLJWH.DW]HQNRUE'DULQODJ&DOLJXODXQGG|VWHYRUVLFK KLQ 'HU.DWHUVFKLHQVLFKLQ]ZLVFKHQDQ7RPV$XVVWUDKOXQJJHZ|KQW]XKDEHQ RGHUGLHVHZDUVFKZlFKHUJHZRUGHQ$EHUJDQ]WUDXWH7RPGHP)ULHGHQ QLFKWXQG VFKLHOWHLPPHUZLHGHUYHUVWRKOHQ]X&DOLJXODKLQEHUREQLFKWLUJHQGZHOFKH $Q]HLFKHQHLQHUEHJLQQHQGHQ7ROOZXWDQLKP]XHUNHQQHQZDUHQ ,VWVFKRQJXWVDJWH7RPYHUV|KQOLFKRKQH&DOLJXODDXVGHQ$XJHQ]X ODVVHQ(VZDUMDQLFKWE|VHJHPHLQW$EHULFKNDQQHEHQQLFKWPHKUJOHLVLJ GHQNHQZLHGXXQGELQLQ6RUJHXPPHLQH+HLPDW:LHLVWHVGLUGHQQ JHOXQJHQGLH233887VRVFKQHOO]XEHVFKDIIHQ" (VZDUI|UPOLFKZLH+H[HUHLJHZHVHQ.DXPGD7RPVHLQH(U]lKOXQJ EHHQGHWKDWWHZDU8GLYDUV$XIIRUGHUXQJDQLKQHUJDQJHQDQ%RUGGHV 'UHL]DFNV]XJHKHQ8QGWDWVlFKOLFKKDWWHGLH233887]XGLHVHP=HLWSXQNW VFKRQDXIGHP/DQGHIHOGYRUGHU.XSSHODQODJHJHVWDQGHQXQGGHU5RERWHU +HULEHUWKDWWHEHUHLWVHLQHHQHUJHWLVFKH*DQJZD\]XP(LQVWLHJJHOHLWHW +HULEHUWKDWWHVLHPLWGHQ:RUWHQYHUDEVFKLHGHW +HXWHLVW'LHQVWDJGHUVLHE]HKQWH-XQLHOIKXQGHUWHLQXQGVLHE]LJ1*= 1HKPWGLH:RUWHGHV.RQIX]LXVPLWDXIHXUHQJHIlKUOLFKHQ:HJ 'HUK|KHUH 0HQVFKLVWLPPHUXQGEHUDOOIUHLYRQ9RUOLHEHXQG9RUXUWHLO'DV5HFKW DOOHLQLVWHVDXIGHVVHQ6HLWHHUVWHKW:HQQLKUDXI*XQQDYDUVHLGDFKWHW DXIV:HWWHUGDPLWZLUZLVVHQZLHGHU:LQWHUZLUG'HQQZLHGLH%DXHUQUHJHO IUGHQKHXWLJHQ7DJVDJW :LHGLH-XQLKLW]HVLFKVWHOOWVRVLFKDXFKGHU 'H]HPEHUKlOW$FKMDXQGZHQQLKUMHPDQGHQPLW1DPHQ$GROI$OHQDRGHU 0DQXHOWUHIIWN|QQWLKULKPJUDWXOLHUHQ'HU%HWUHIIHQGHKDWKHXWH 1DPHQVWDJ
7RPQDKPHVJHODVVHQKLQ HUKDWWHVLFKDQVROFKH6SUFKHLQ]ZLVFKHQ JHZ|KQW :lKUHQGGXGHLQHQ(UOHEQLVEHULFKWDEJDEVWKDEHLFKPLFKPLWPHLQHQ $UWJHQRVVHQLQ9HUELQGXQJJHVHW]WXQGHLQHQYRQGHQYLHUDXHUKDOEGHU 0LOFKVWUDHVWDWLRQLHUWHQ'UHL]DFNHDQJHIRUGHUWHUNOlUWH8GLYDUDOVVHLGLHV GLHVHOEVWYHUVWlQGOLFKVWH6DFKHYRQGHU:HOW$EHUXPHLQ+DDUKlWWHPDQ PLUPHLQH%LWWHDEJHVFKODJHQ :LHGDV"IUDJWH7RP 'XKDVWYLHOOHLFKWVFKRQJHK|UWGD1DNNHQY|OOLJKXPRUORVVLQG DQWZRUWHWH8GLYDUXPVWlQGOLFKZLHHVVHLQH$UWZDU HLQ:XQGHUHLJHQWOLFK GDHUGLH%HDQWZRUWXQJHLQHUVRHLQIDFKHQ)UDJHQLFKWPLW$QJDEHQEHU VHLQH*HEXUWHLQOHLWHWH,FKKDEHQlPOLFK]XOHW]WDXIGHU1$&+$'$0DOV PDQVLHPLUIUGHQ(LQIOXJLQV3DXUD%ODFN+ROHOLHKHLQLJH8PEDXWHQ YRUJHQRPPHQGDPLWVLFK&DOLJXODDQ%RUGZRKOIKOW'DVWUlJWPDQPLUQXQ QDFK,FKPXWH&ODXVLPYHUVSUHFKHQLKPGLH233887ZLHGHULP 2ULJLQDO]XVWDQG]XUFN]XJHEHQ%LVGDKLQEOHLEWHUDXI3KDGGRQ 7RPHULQQHUWHVLFKQLFKWGDUDQGDGHU1DNNGHUVLHDQ%RUGGHV'UHL]DFNV HPSIDQJHQXQGVLFKYRQ8GLYDUKDWWHDEO|VHQODVVHQLUJHQGHWZDVJHVDJW KlWWH'LHhEHUJDEHGHU233887KDWWHLQY|OOLJHP6FKZHLJHQ VWDWWJHIXQGHQXQG7RPKDWWHVRZLHVRGDV*HIKOJHKDEWGDHUIUGHQ 1DNNHQ&ODXVLP/XIWJHZHVHQZDU $OVKlWWH8GLYDUVHLQH*HGDQNHQJHOHVHQHUNOlUWHHU 'DVXUHLJHQVWH,GLRPYRQXQV1DNNHQLVWGLHVRJHQDQQWH6WLOOVSUDFKH:LU XQWHUKDOWHQXQVXQWHUHLQDQGHUXQK|UEDUIU0HQVFKHQDXI IQIGLPHQVLRQDOHU(EHQH1XUZHQQHVXPHLQH9HUVWlQGLJXQJEHUJU|HUH (QWIHUQXQJHQJHKWPVVHQZLUXQVHLQHV+\SHUVHQGHUVDOV9HUVWlUNHU EHGLHQHQ (WZDVbKQOLFKHVKDEHLFKPLUEHUHLWVJHGDFKWVDJWH7RP(UZHFKVHOWH GDV7KHPD:DVKlOWVWGXQXQYRQGHQ9RUIlOOHQDXI*XQQDYDU8GLYDU" /HLGHUZDUHQGLH8QWHUODJHQGLHGLUGHLQ)UHXQG*OHQ&DOGHUPLWJHJHEHQ KDWEHLGHP$QJULIIDXIGLH48$5,*$]HUVW|UWZRUGHQVRGDLFKDXI 0XWPDXQ JHQDQJHZLHVHQELQDQWZRUWHWH8GLYDU,FKEOLFNHQRFKQLFKWJDQ]GXUFK $EHUGXKDVW9HUPXWXQJHQDQJHVWHOOW"IUDJWH7RP ,FKJUEHOHGLHJDQ]H=HLWEHUGHQ=ZHFNGLHVHU$NWLRQVDJWH8GLYDU,FK NDQQMHGRFKQRFKNHLQHQ6LQQKLQWHUGHQ$WWDFNHQJHJHQGLH2UJDQLVPHQ XQGGLH0DWHULHYRQ*XQQDYDUHUNHQQHQ:DVIUHLQ0RWLYVWHFNWGDKLQWHU" 'XJODXEVWGDKLQWHUDOOHPHLQH$EVLFKWVWHFNW" (VPXHLQ0RWLYJHEHQEHKDXSWHWHGHU1DNNEHU]HXJW,FKJODXEHQLFKW DQVLQQORVH=HUVW|UXQJVZXW'HQQZHQQHVGHU+\SHUPDFKWQXUXPGLH/XVW DP9DQGDOLVPXVJLQJHGDQQKlWWHVLHYLHOVFKOLPPHUJHZWHW,FKKDEHEOR QRFKQLFKWGDV6FKHPDJHIXQGHQQDFKGHPGHU=LUURYRUJHKW1XUHLQHV ZHLLFKJDQ]JHZL'HU=LUURLVWPLWMHQHP8QKROGLGHQWLVFKGHUDXFK &DOLJXODDXIGHP*HZLVVHQKDWXQGLKPGLH(ULQQHUXQJDQVHLQHYLHOHQ
/HEHQDXVVDXJWH&DOLJXODKDWWHGLFK7RPVRIRUWDOV7UlJHUGHUIUGLHVH 0DFKWWS\LVFKHQ'6WUDKOXQJHUNDQQWXQGGLFKGDUXPDQJHJULIIHQ'HU =LUURVFKHLQWLQ]ZLVFKHQYLHOPlFKWLJHUJHZRUGHQ]XVHLQDOVHUHVQRFK]X %HJLQQGLHVHV-DKUHVZDU+RIIHQWOLFKZLUGHUQLFKW]XPlFKWLJ 6RYHUVFKORVVHQ8GLYDUJHZHVHQZDUDOV7RPLKQNHQQHQJHOHUQWKDWWHVR UHGVHOLJZDUHUQXQ'DVODJZRKOGDUDQGDVHLQH/HEHQVJHLVWHUHUVW ZLHGHUPLWGHU+RIIQXQJJHZHFNWZXUGHQVHLQHP.DWHUKHOIHQ]XN|QQHQ +HULEHUWKDWWH7RPDQYHUWUDXW 'HU0HLVWHUNDQQ]XHLQHUULFKWLJHQ 3ODXGHUWDVFKHZHUGHQZHQQHUPDOLQ)DKUWNRPPW6RVHKUHUDXFKDXI WHUUDQLVFKH6SULFKZ|UWHUJLEWGDYRQGD5HGHQ6LOEHUXQG6FKZHLJHQ*ROG VHLKlOWHUMHGRFKQLFKWV 'XJODXEVWDOVRQLFKWGDHVGHP=LUURGDUXPJHKW GHQJDQ]HQ3ODQHWHQ]XYHUHLQQDKPHQXQGLKQLQGHQ+\SHUUDXP]X YHUVFKOHSSHQ8GLYDU"ZROOWH7RPZLVVHQ :HQQHUGDVZROOWHRGHUN|QQWHKlWWHHUHVOlQJVWJHWDQDQWZRUWHWHGHU 1DNN0DQNDQQPLW+\SHUNUlIWHQVHKUYLHOHUUHLFKHQXQGJURHQ(LQIOX DXIGLHYLHUWH'LPHQVLRQQHKPHQDEHUVLHYHUOHLKHQHLQHPQLFKW JUXQGVlW]OLFKDEVROXWH$OOPDFKW$XFKGHU=LUURKDWVHLQH*UHQ]HQ,FK ZHUGHVFKRQQRFKHUNHQQHQZRGLHVHOLHJHQXQGLFKZHUGHVLHHLQHQJHQ VRJXWLFKNDQQ 7RPKDWWHVLFKQRFKQLHEHUOHJWGDKLQWHUGHQVFKHLQEDUVLQQORVHQ $WWDFNHQJHJHQVHLQH+HLPDWZHOWHLQ0RWLYVWHFNHQN|QQWH$EHUYLHOOHLFKW KDWWH8GLYDUUHFKWXQGGHU=LUURKDWWHJDQ]HLQGHXWLJH$EVLFKWHQXQGJLQJ PHWKRGLVFKYRU$XIMHGHQ)DOOKDWWHHUJDQ]]LHOVWUHELJGHQ3ODQHWHQLQ ,VRODWLRQJHEUDFKWXQGZDUGDUDXIEHGDFKWNHLQHQ*XQQDYDUHUHQWIOLHKHQ]X ODVVHQ7RPKDWWHGLHV]XVSUHQEHNRPPHQ (VZlUHP|JOLFKGDGHU=LUUROHGLJOLFKHLQIDFKHQ,QVWLQNWHQJHKRUFKW PHLQWH7RPQDFKGHQNOLFK9LHOOHLFKWVWLOOWHUQXUVHLQHQ)UHWULHELQGHPHU 2UJDQLVPHQXQG0DWHULHZDKOORVYHUVFKOLQJWXQGDOOHV8QYHUGDXOLFKH QDFKGHPHUHVJHZLVVHUPDHQ]HUNDXWKDWZLHGHUDXVVSXFNW8QGMHPHKU 6XEVWDQ]HULQVLFKDXIQLPPWGHVWRPlFKWLJHUZLUGHU 'DVLVWHLQVHKUDQVFKDXOLFKHU9HUJOHLFK7RPVDJWH8GLYDUDQHUNHQQHQG :LHLFKHXFK0HQVFKHQXPGLHVH*DEHGHUXPVFKUHLEHQGHQXQGGRFKVR WUHIIHQGHQ$XVGUXFNVZHLVHEHQHLGH'XKDVWPLUGDPLWHLQHQEHGHXWVDPHQ +LQZHLVJHJHEHQ 'XJODXEVWHVN|QQWHZLUNOLFKVRVHLQGDGLHVH+\SHUPDFKWHLQIDFKHLQH $UW)UHRUJLHDXI*XQQDYDUDEKlOW"IUDJWH7RPVFKDXGHUQG 1LFKWJDQ]HUZLGHUWH8GLYDU'XKDVWGDPLWQLFKW GHQ1DJHODXIGHQ.RSIJHWURIIHQZHQQLFKHVVRIRUPXOLHUHQGDUIVRQGHUQ ELVWEHUGDV=LHOKLQDXVJHVFKRVVHQ$EHUWDWVlFKOLFKJUHLIWVLFKGHU=LUUR ZDKOORVLUJHQGZHOFKH'LQJHDXVGHUYLHUWHQ'LPHQVLRQXQWHUVXFKWVLHXQG VW|WVLHZLHGHUDEQDFKGHPHUVLHRIIHQEDUIUXQZHUWDOVXQJHQLHEDU ZLHGXHVIRUPXOLHUVWEHIXQGHQKDW'LHVN|QQWHDXFKGDUDXIKLQZHLVHQGD HUHWZDVJDQ]%HVWLPPWHVVXFKWHLQ'LQJRGHUHLQH6XEVWDQ]DEHUELVKHU
QRFKQLFKWJHIXQGHQKDW'DUDQZHUGHLFKDQNQSIHQ'DQNHIUGHQ7LS 7RP .HLQH8UVDFKHVDJWH7RP(VIUHXWPLFKZHQQLFKGLUKHOIHQNRQQWH :DQQZHUGHQZLU*XQQDYDUHUUHLFKHQ" ,FKOHLWHJHUDGHGDV/DQGHPDQ|YHUHLQDQWZRUWHWH8GLYDU:LUZHUGHQLQ ZHQLJHQ0LQXWHQLQ9HQWHUURODQGHQ :DV"ULHI7RP (UZDUJDUQLFKWVRVHKUGDUEHUHUVWDXQWGDHUZHGHUYRP)OXJQRFKYRP /DQGHPDQ|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lIWLJWHHUVLFKLQ*HGDQNHQPLWGHUQlFKVWHQ =XNXQIW(UGDFKWHDQ%HWKXQG*OHQXQGKRIIWHGDVLHXQEHVFKDGHWQDFK 9HQWHUURJHODQJWZDUHQ2E%HWKYHUV|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lWWHGHU.UDWHUVLHYHUVFKOXFNW 'HU'UHL]DFNLVWDXFKRUWXQJVWHFKQLVFKQLFKWPHKU]XHUIDVVHQVDJWH 8GLYDUEHUXKLJHQG'HU1DNNWUXJ&DOLJXOD]lUWOLFKZLHHLQH0XWWHULKU%DE\ LQGHQPHWDOOYHUVWlUNWHQbUPFKHQ
7RPPXWHSO|W]OLFKODFKHQ$OV8GLYDUVHLQHPHFKDQLVFKHQ6WLHODXJHQ ZRUWORVDXILKQULFKWHWHHUNOlUWH7RP :LUEHLGHJHEHQHLQ]XNRPLVFKHV3DDUDE,FKLQPHLQHP+DUOHNLQVNRVWP XQGGXPLWGHLQHP+DXVWLHU 'DVVROONRPLVFKVHLQ"ZXQGHUWHVLFK8GLYDU:HQQGXPHLQVW7RP:LH VFKDGHGDLFKYHUVFKLHGHQH$EDUWHQGHVPHQVFKOLFKHQ+XPRUVWURW] LQWHQVLYVWHQ6WXGLXPVQRFKLPPHUQLFKWYHUVWHKH 7RPZXUGHHUQVW ,VWGLH/XIWUHLQ"IUDJWHHU *HPHVVHQDQGHU/XIWYHUVFKPXW]XQJDXIDQGHUHQ0DJHOODQZHOWHQMD DQWZRUWHWH8GLYDU,FKNDQQGLFKEHUXKLJHQ7RPGLH$QWHLOHGHU 6FKDGVWRIIHVLQGLP5DXP9HQWHUURQLFKWJHVXQGKHLWVVFKlGOLFK ,FKPHLQWHDXFKHLQHDQGHUH%HGURKXQJVDJWH7RPXQJHKDOWHQ.DQQVW GXLUJHQGZHOFKH':HUWHHUPLWWHOQGLHDXIGLH1lKHRGHUDXI$NWLYLWlWHQ YRQ=LUURVFKOLHHQODVVHQ ,FKZHLVHKUZRKOZLHGXGDVJHPHLQWKDVW7RPHUZLGHUWH8GLYDU$EHU GLHVPDOKDEHLFKHLQHQ6FKHU]JHPDFKW8QGGXELVWPLUGDUDXI KHUHLQJHIDOOHQ:HQQLFKGDVPHLQHQ5RERWVHU]lKOHGDVZLUGVLH DPVLHUHQ :LUNOLFKVHKUOXVWLJ .HLQH*HIDKUYHUVLFKHUWH8GLYDU$EHUZLUPVVHQGHQQRFKYRUVLFKWLJ VHLQ8QGLFKZHUGHPHLQ'HIOHNWRUIHOGHLQVFKDOWHQXQGPLFKXQVLFKWEDU PDFKHQ(VLVWEHVVHUGDPHLQH$QZHVHQKHLWQLFKWSXEOLNZLUG :LHGXPHLQVWVDJWH7RP'DV'XPPHLVWQXUGDLFKGLFKGDQQDXFK QLFKWVHKHQNDQQ:LHVROOLFKGHQQZLVVHQREGXEHUKDXSWLQPHLQHU1lKH ELVW" ,FKZHUGHGLFKQLFKWDXVGHQ$XJHQYHUOLHUHQYHUVLFKHUWH8GLYDU:HQQHV Q|WLJLVWPDFKHLFKPLFKEHPHUNEDU:RVDJWHVWGXKDVWGXGLFKPLW*OHQ XQG%HWKYHUDEUHGHW" :LUKDEHQGDV5HKDELOLWDWLRQV]HQWUXPDOV7UHIISXQNWJHZlKOWDQWZRUWHWH 7RP*OHQZLUGGRUWIDOOVHUVHOEVW QLFKWGDLVWHLQH1DFKULFKWIUPLFKKLQWHUODVVHQ8QGQDWUOLFKDOOH 8QWHUODJHQEHUHLWVWHOOHQ 'DQQLVWGDV5HKDELOLWDWLRQV]HQWUXPXQVHUHUVWHV=LHOEHVFKOR8GLYDU :lKUHQGGHU1DNNEHUGHQ.UDWHUUDQGHPSRUVFKZHEWHZXUGHHU XQVLFKWEDU7RPVWLHJHLQH9HUZQVFKXQJPXUPHOQGGHQ+DQJKLQDXIXQG NOHWWHUWHEHUGLH$EVSHUUXQJGLHGLHDQJUHQ]HQGHQ6WUDHQJHJHQGHQ .UDWHUVLFKHUWH $XIGHU6WUDHZDUHQLQEHLGH5LFKWXQJHQQXUZHQLJH3DVVDQWHQXQWHUZHJV 'LH6WUDHJHK|UWHLKQHQGHQQHVJDENHLQHQ6WUDHQYHUNHKU %RGHQIDKU]HXJHZDUHQQLFKW]XVHKHQXQGGHU/XIWUDXPZDUHEHQIDOOV YHUZDLVW 'LH)XJlQJHUKDVWHWHQHLOLJXQGPLWJHVHQNWHQ.|SIHQGDKLQRKQH HLQDQGHU]XEHDFKWHQ2EZRKODOOHVUXKLJXQGJHRUGQHWZLUNWHHUZHFNWHQGLH
%UJHUGHQ(LQGUXFNDOVGXFNWHQVLHVLFKXQWHUHLQHU*HIDKUGLHEHULKUHQ .|SIHQVFKZHEWH9HUJOLFKHQPLWGHPSXOVLHUHQGHQ/HEHQGDVIUKHULQGHQ 6WUDHQYRQ9HQWHUURJHKHUUVFKWKDWWHZLUNWHGLH6WLPPXQJMHW]WZLHIQI 0LQXWHQYRUGHP:HOWXQWHUJDQJ 'LHVH$QJVWZDUZHLWHUQLFKWYHUZXQGHUOLFKGHQQHVZDUHUVWJXWYLHU]HKQ 7DJHKHUGDGLH.DWDVWURSKHEHU9HQHWHUURJHNRPPHQZDUXQGYLHOH 2SIHUJHIRUGHUWKDWWH8QGHVZDUQLFKWDXV]XVFKOLHHQGDHVZlKUHQG 7RPV$EZHVHQKHLW]XZHLWHUHQ+\SHUSKlQRPHQHQJHNRPPHQZDU 7URW]VHLQHVEXQWHQ.DUQHYDOVNRVWPVEOLHE7RPXQEHDFKWHWDOVHUVLFK XQWHUGLH)XJlQJHUPLVFKWHXQGGLH5LFKWXQJ]XP5HKDELOLWDWLRQV]HQWUXP HLQVFKOXJ $OVJHUDGHQLHPDQGLQ+|UZHLWHZDUVDJWH7RPJHUDGHVRODXWGD8GLYDU LKQK|UHQPXWHZHQQHUVLFKLQVHLQHU1lKHDXIKLHOW :LUKlWWHQYRUGHP9HUODVVHQGHU2338871DFKULFKWHQK|UHQVROOHQXP XQVEHUGHQQHXHVWHQ6WDQGGHU'LQJHDXI*XQQDYDU]XLQIRUPLHUHQ 'DVKDEHLFKRKQHKLQJHWDQVDJWHGHUXQVLFKWEDUH1DNNYRQOLQNVKLQWHU 7RP 8QGZDUXPKDVWGXPLFKQLFKWLQIRUPLHUW" :HLOQLFKWVYRQ%HODQJJHPHOGHWZXUGH 8QGZDVLVWIUGLFKQLFKWYRQ%HODQJ" 2IIHQEDULVWHVQDFKGHPJURHQ5XQGXPVFKODJGHU+\SHUPDFKWDP DFKWXQG]ZDQ]LJVWHQ0DL]XNHLQHQJU|HUHQ.DWDVWURSKHQPHKU JHNRPPHQDQWZRUWHWH8GLYDU (UZDUWHWHELVHLQHHQWJHJHQNRPPHQGH*UXSSHYRQGUHL0lQQHUQDQLKQHQ YRUEHLZDUGDQQIXKUHUIRUW 'LH5HJLHUXQJJLEW%HUXKLJXQJVSDUROHQDXV,FKK|UWHHLQHQ6SUHFKHU VDJHQGDGLH%HK|UGHQGLH6LWXDWLRQLP*ULIIKlWWHQXQGNHLQHZHLWHUHQ +\SHUSKlQRPHQHPHKU]XEHIUFKWHQVHLHQ(VZXUGHVRJDUEHKDXSWHW GDPDQEDOGZLHGHU=XJULIIDXIDOOH+\SHUIUHTXHQ]HQKDEHQZHUGHXQG GDQQZLHGHUDOOH*HUlWHDXIIQIGLPHQVLRQDOHU%DVLVDUEHLWHQZUGHQ$EHU LP$XJHQEOLFNLVW*XQQDYDUQDFKZLHYRULVROLHUW 8QGGLHVH,QIRUPDWLRQHQWXVWGXDOVEHODQJORVDE8GLYDUUHJWHVLFK7RP DXI (VLVWQLFKWV1HXHVQLFKWVZDVXQVZHLWHUKHOIHQN|QQWHUHFKWIHUWLJWHVLFK GHU1DNN (LQH)UDXGLH7RPJHUDGHEHUKROWHXQGGLHOHW]WHQ:RUWHHLQHU6WLPPHDXV GHP1LFKWVJHK|UWKDEHQPXWHIXKUHUVFKURFNHQKHUXP6LHZDUI7RP HLQHQPLWUDXLVFKHQ%OLFN]XXQGEHJDQQGDQQSO|W]OLFK]XODXIHQ :HQQLFKGLH3DVVDQWHQEHWUDFKWHVFKHLQHQGLH/HXWHNHLQVHKUJURHV 9HUWUDXHQLQGLH'XUFKKDOWHSDUROHQGHU5HJLHUXQJ]XKDEHQPHLQWH7RP 'LH$QJVWYRUGHP =LUURVFKZHEWZLHHLQ'DPRNOHVVFKZHUWEHULKQHQ:LUZHUGHQYRQ*OHQ VFKRQHUIDKUHQZDVZLUNOLFKOlXIW
6LHHUUHLFKWHQGHQDXVJHVWRUEHQZLUNHQGHQ3DUNLQGHPGDVZHLWOlXILJH *HElXGHGHV5HKDELOLWDWLRQV]HQWUXPVODJ7RPVWLHJGLHEUHLWH7UHSSHKRFK GLH]XHLQHP*ODVSRUWDOPLWHLQHUJOlVHUQHQ'UHKWUIKUWH $OV7RPLQGHQ)UHLUDXP]ZLVFKHQGHQJOlVHUQHQ)OJHOQWUDWOLHHQVLFK GLHVHQXUXPHLQH9LHUWHOGUHKXQJEHZHJHQXQGEORFNLHUWHQGDQQ7RPZDU ZLHLQHLQHP*ODVNlILJJHIDQJHQXQGDOOHV5WWHOQXQG+lPPHUQQW]WH QLFKWV GLH'UHKWUOLHVLFKQLFKWEHZHJHQ(UEOLFNWHGXUFKGDV*ODVLQHLQH JURHOHHUH(PSIDQJVKDOOH 6FK|QH%HVFKHUXQJIOXFKWH7RP (LQOHLVHV.QDFNHQZDU]XK|UHQGDQQHUNODQJHLQH5RERWVWLPPH 7XWPLUOHLGDEHUZLUPXWHQGHQ(LQJDQJDXI%HIHKOGHV6LFKHUKHLWVGLHQVWV YHUULHJHOQ(VJLEWNHLQHQ3DUWHLHQYHUNHKUPHKU$EVRIRUWLVWQXUQRFK EHIXJWHQ3HUVRQHQGHU=XWULWWJHVWDWWHW.DQQVWGXGLFKDXVZHLVHQ":HQQMD GDQQKDOWHGHLQH.HQQNDUWHGHXWOLFKKRFKGDPLWVLHJHSUIWZHUGHQNDQQ 0HLQ1DPHLVW7RP1RUWRQHUNOlUWH7RP,FKELQPLW*OHQ&DOGHUYRQGHQ 0LQWNDSSHQYHUDEUHGHW 'DUEHUELQLFKOHLGHUQLFKWLQIRUPLHUWXQGGDUIGLFKGHVKDOEQLFKWSDVVLHUHQ ODVVHQ 'DQQZLUGHV=HLWGDGXGLFKEHL*OHQ&DOGHULQIRUPLHUVWGXEO|GHU PHFKDQLVFKHU7UVWHKHUH[SORGLHUWH7RP$PEHVWHQGXYHUELQGHVWPLFK PLWLKPSHUV|QOLFK ,FKZHUGHYHUVXFKHQPLW*OHQ&DOGHULQ9HUELQGXQJ]XWUHWHQYHUVLFKHUWH GHU5RERWHUHLOIHUWLJ (VYHUJLQJNHLQH0LQXWHELV*OHQV6WLPPHDXVGHP/DXWVSUHFKHUNODQJ 'XELVWHVWDWVlFKOLFK7RPULHI*OHQHUIUHXWGHU7RPRIIHQEDUEHUHLQH HLQVHLWLJH%LOGYHUELQGXQJVHKHQNRQQWH+DVWGXHVDOVRGRFKJHVFKDIIW $EHUZDUXPELVWGXDOOHLQ":RLVW .HLQH1DPHQILHO7RPGHP)UHXQGLQV:RUW'LHDQJHIRUGHUWH3HUVRQ EHILQGHWVLFKLQPHLQHU%HJOHLWXQJ6LHZLOOMHGRFKLQNRJQLWREOHLEHQ'DUXP KDWVLHVLFKXQVLFKWEDUJHPDFKW:XQGHUHGLFKEHVVHUEHUQLFKWVXQG EHZHJHGLH7UXP]ZHL9LHUWHOGUHKXQJHQ :LUGVRIRUWJHPDFKWYHUVLFKHUWH*OHQ,FKNRPPHGLUHXFKDXIKDOEHP :HJHQWJHJHQ(VZlUH]XPKVDPHXFKRKQHPHLQH%HJOHLWXQJGXUFKGLH YHUVFKLHGHQHQ6SHUUHQ]XORWVHQ:LUKDEHQDXVGLHVHP*HElXGHHLQH UHJHOUHFKWH)HVWXQJJHPDFKW ,VW%HWKEHLGLU"ZROOWH7RPZLVVHQ 'DUEHUXQWHUKDOWHQZLUXQVEHVVHUYRQ$QJHVLFKW]X$QJHVLFKW -DRGHUQHLQ" 1HLQ%HWKLVWQLFKWPHKUGDNDP*OHQV$QWZRUW]|JHUQG6LHLVWEDOGQDFK XQVHUHU$QNXQIWDXVGHP5HKDELOLWDWLRQV]HQWUXPYHUVFKZXQGHQ :LHPHLQVWGXGDVVLHVHLYHUVFKZXQGHQ"IUDJWH7RP :ROOHQZLUXQVGDUEHUQLFKWGRFKOLHEHUVSlWHUXQWHUKDOWHQ" ,FKZLOO VZLVVHQ7RPZDUDXIHLQPDOLQJURHU6RUJHXP%HWK:DVLVW SDVVLHUW"
:LHLFKHVVDJHDQWZRUWHWH*OHQ,FKKDEHVLHQDFKXQVHUHU$QNXQIW LUJHQGZLHDXVGHQ$XJHQYHUORUHQ8QGGDQQZDUVLHDXIHLQPDOZHJ,FK KDEHGHQJHVDPWHQ.RPSOH[QDFKLKUDEVXFKHQODVVHQMHGRFKNHLQH6SXU YRQLKUJHIXQGHQ,FKDQGHLQHU6WHOOHZUGHPLUDEHUNHLQH6RUJHQPDFKHQ 'XZHLWMDZLHHLJHQVLQQLJ%HWKLVW *OHQ&DOGHUWUDI7RPXQGGHQXQVLFKWEDUHQ1DNNHQLQGHU(PSIDQJVKDOOH XQGEHJUWHLKQPLW+DQGVFKODJ 'DVPLW%HWKWXWPLUOHLG7RPVDJWH*OHQZlKUHQGHU7RPEHUHLQH 7UHSSHLQGHQ.HOOHUIKUWH+DVWGXNHLQH$KQXQJZRKLQVLHVLFKJHZDQGW KDEHQN|QQWH" /DVVHQZLUGDVHUVWHLQPDOVDJWH7RPGHUVLFKVRVHLQH*HGDQNHQEHU GLH:LUNVDPNHLWGHUYRQ*OHQJHWURIIHQHQ6LFKHUKHLWVPDQDKPHQPDFKWH ZHQQHV%HWKP|JOLFKJHZHVHQZDUHLQIDFKXQEHPHUNWDXVGHP 5HKDELOLWDWLRQV]HQWUXP]XVSD]LHUHQ$QGHUH0|JOLFKNHLWHQIULKU 9HUVFKZLQGHQZROOWHHUYRUHUVWHLQPDOJDUQLFKWLQ%HWUDFKW]LHKHQ(VZDU ZLFKWLJHUGD8GLYDUDOOH]XU9HUIJXQJVWHKHQGHQ,QIRUPDWLRQHQHUKLHOW GDPLWHUVLFKDQGLH$UEHLWPDFKHQNRQQWH,FKP|FKWH]XHUVWGDGX 8GLYDULQVWUXLHUVWXQGDOOHVHLQH)RUGHUXQJHQHUIOOVW .ODUYHUVLFKHUWH*OHQXQGEOLFNWHGDEHLQHUY|VEHUVHLQH6FKXOWHU,FKWXH DOOHVZDV8GLYDUYHUODQJW 6LHNDPHQGXUFKHLQHQODQJHQ.RUULGRUGHUDQGUHL6WHOOHQGXUFKEHZDIIQHWH 5RERWVXQG3DQ]HUVFKRWWHJHVLFKHUWZDULQHLQHXQEHVHW]WH6FKDOW]HQWUDOH +LHUKDEHLFKPHLQSURYLVRULVFKHV+DXSWTXDUWLHUHLQJHULFKWHWHUNOlUWH*OHQ XQGEUHLWHWHLQHLQHUDOOHVXPIDVVHQGHQ*HVWHGLH$UPHDXV,FKKDEHPLU HLQLJH9ROOPDFKWHQEHVFKDIIWGLHHVPLUHUODXEHQHLJHQLQLWLDWLY]XKDQGHOQ ,FKELQQLHPDQGHP5HFKHQVFKDIWVFKXOGLJ$EHUGDVLVWDXFKVFKRQDOOHV 0HLQH$EWHLOXQJLVWHLQ0DQQ%HWULHEXQG8GLYDULVWPHLQHHLQ]LJH +RIIQXQJ &DOLJXODXQGLFKZHUGHQXQVHU%HVWHVJHEHQVDJWHGDGLH 6\QWKHVL]HUVWLPPHGHV1DNNHQZlKUHQGHUVHOEVWVLFKWEDUZXUGH GHU.DWHU &DOLJXODUXKWHLPPHUQRFK DSDWKLVFKLQGHU%HXJHVHLQHUbUPFKHQ8GLYDUQLFNWH]XU%HJUXQJPLW VHLQHU6LFKW6SUHFKPDVNHLQ*OHQV5LFKWXQJXQGIJWHKLQ]X 7RPKDWPLU DOOHVEHULFKWHWZDVHUZHL'DUDXIZHUGHLFKPHLQH8QWHUVXFKXQJHQ DXIEDXHQ 'XKDVWPHLQYROOHV9HUWUDXHQ8GLYDUVDJWH*OHQXQGHUZLGHUWHGDV 1LFNHQ :LHVLHKWHVLP$XJHQEOLFNDXV*OHQ"HUNXQGLJWHVLFK7RP8GLYDUKDWGLH %HVlQIWLJXQJVSDUROHQGHU5HJLHUXQJJHK|UW:DVLVWGUDQ"
:LUKDEHQVHLWGHLQHP$EIOXJNHLQH%HULFKWHEHULUJHQGZHOFKH +\SHUSKlQRPHQHPHKUEHNRPPHQHUNOlUWH*OHQ0LWVRUJHQYROOHU0LHQH IJWHHUKLQ]X 'DVKHLWQLFKWGDHVQLFKWLQLUJHQGZHOFKHQ:LQNHOQYRQ *XQQDYDUGHQQRFKGD]XJHNRPPHQVHLQN|QQWH8QVVWHKHQMDNHLQH IXQNWLRQLHUHQGHQ+\SHUJHUlWHPHKU]XU9HUIJXQJPLWGHQHQZLUVLH DQPHVVHQN|QQHQ6RZHLWZLUGDVEHXUWHLOHQN|QQHQVFKHLQWVLFKGHU=LUUR ]XUFNJHKDOWHQ]XKDEHQ$EHULFKIUFKWHHVLVWGLH5XKHYRUGHP6WXUP ,FKKDEHGDVNRPLVFKH*HIKOGDVLFKHWZDV]XVDPPHQEUDXW,FKWUDXH GLHVHP)ULHGHQQLFKW ,FKKDEHVFKRQGDYRQJHK|UWGD7HUUDQHUPDQFKPDO$KQXQJHQKDEHQ GLHLKQHQGDV*HIKOYHUPLWWHOQHLQHQXQWUJOLFKHQ6SUVLQQ]XKDEHQ VDJWH8GLYDUZLVVHQG$EHUGDUDXIZROOHQZLUXQVMHW]WEHVVHUQLFKW YHUODVVHQ:DVZLUEUDXFKHQGDVVLQG)DNWHQ 1DQXVLQGGLUDXIHLQPDO%DXHUQUHJHOQQLFKWPHKUJXWJHQXJ8GLYDU" NRQQWHVLFK7RPQLFKWYHUNQHLIHQ]XVDJHQ $OOHV]XVHLQHU=HLW8GLYDUV6\QWKHVL]HUVWLPPHNODQJSLNLHUW(UZDQGWHGLH URWH2SWLNVHLQHU6SUHFK6LFKWPDVNHZLHGHU*OHQ&DOGHU]XXQGVDJWH /HLGHUKDWGHU=LUURDOOH'DWHQ]HUVW|UWGLHVLFKLQGHQ 6SHLFKHUQGHU48$5,*$EHIDQGHQVRGDLFKNHLQHQ(LQEOLFNQHKPHQ NRQQWH,FKKRIIHGDVOlWVLFKQDFKKROHQ :LHGHQQ"PHLQWH*OHQUHVLJQLHUHQG(VVLQG]ZDUVlPWOLFKH8QWHUODJHQ QRFKHUKDOWHQXQGLQGLHVHU=HQWUDOHJHVSHLFKHUWDEHULFKKDEHNHLQHQ =XJULIIGDUDXIZHLOGLH6\QWURQVVWUHLNHQ'XZLUVWOHLGHUPLWPHLQHP *HGlFKWQLVSURWRNROOYRUOLHEQHKPHQPVVHQ 'LH'DWHQDE]XUXIHQXQGLQGHQ%RUGUHFKQHUPHLQHV'UHL]DFNVFKLIIV]X EHUWUDJHQVROOWHZHLWHUNHLQH6FKZLHULJNHLWEHUHLWHQHUNOlUWH8GLYDU,FK GDUIGRFK" :DVLPPHUGXZLOOVWVDJWH*OHQ 8GLYDUVFKZHEWH]XHLQHPGHUXQEHVHW]WHQ7HUPLQDOV2KQH&DOLJXOD ORV]XODVVHQVWHOOWHHUPLWHLQHPVHLQHUXQWHUHQ*OLHGDUPHGHQ.RQWDNWPLW GHP(LQJDEHHOHPHQWKHU :lKUHQGGHU9RUEHUHLWXQJ]XP'DWHQWUDQVIHUN|QQHQZLUXQV]ZDQJORV XQWHUKDOWHQVDJWH8GLYDU,P0RPHQWELQLFKVRZLHVRPHKUDQGHLQHU SHUV|QOLFKHQ'DUVWHOOXQJGHU6LWXDWLRQLQWHUHVVLHUW*OHQ&DOGHU'LH (UIDKUXQJ]HLJWQlPOLFKGDEHLP0HLQXQJVDXVWDXVFK]ZLVFKHQ ,QWHOOLJHQ]ZHVHQVWHWVPHKUKHUDXVNRPPWDOVEHLGHQDXIZHQGLJVWHQ +RFKUHFKQXQJHQ'LHVH5HJHOKDWVLFKDXIGHP)OXJKLHUKHUZLHGHUHLQPDO EHVWlWLJW7RPKDWPLUZlKUHQGHLQHUORFNHUHQ3ODXGHUHLHLQHQ HQWVFKHLGHQGHQ+LQZHLVJHJHEHQGHUGLH$QWZRUWDXIGLH)UDJHQDFKGHP 0RWLYIUGDV7UHLEHQGHU+\SHUPDFKWVHLQN|QQWH 7DWVlFKOLFK"VWDXQWH*OHQ 8GLYDUHUZHLVWPLU]XYLHO(KUHVDJWH7RPXQGHU]lKOWHYRQVHLQHU VSHNXODWLYHQbXHUXQJGDGHU=LUURHWZDDXV+HLKXQJHU7HLOHGHV 3ODQHWHQYHUHLQQDKPHXQGVLHDOVXQJHQLHEDUZLHGHUDXVVSXFNH7RP
IJWHKLQ]X 'DVKDW8GLYDUDXIGLH,GHHJHEUDFKWGDGHU=LUURWDWVlFKOLFK DXIGHU6XFKHQDFKHWZDV%HVWLPPWHPVHLQN|QQWH(USLFNWVLFKYRP +\SHUUDXPDXVZDKOORV2EMHNWHDXVGHP.XFKHQ *XQQDYDUKHUDXVXQG ZLUIWVLHQDFKREHUIOlFKOLFKHU8QWHUVXFKXQJZLHGHUZHJGDVLHVLFKDOV XQEUDXFKEDUKHUDXVJHVWHOOWKDEHQ'DVN|QQWHHWZDVDXIVLFKKDEHQ PXUPHOWH*OHQ'HU=LUURDXIGHU6XFKHQDFKVHLQHU(UIOOXQJ :DUXPVRQDFKGHQNOLFK*OHQ&DOGHU"IUDJWH8GLYDU+DVWGXHLQHHLJHQH 7KHRULHHQWZLFNHOW"'DQQKHUDXVGDPLW 7RPKDWGLUGRFKYRQXQVHUHU7KHRULHHU]lKOWGDGHUMXQJH*OHQ$OODFKLH HLQ0HGLXPGHV=LUURVHLQN|QQWHVDJWH*OHQ 'DVKDWHUEHVWlWLJWH8GLYDU,FKNHQQHGLH,QGL]LHQGLHIUGLHVH 9HUPXWXQJVSUHFKHQ8QGLFKZHLDXFKGD*OHQMXQLRUDXVGHP 5HKDELOLWDWLRQV]HQWUXPYHUVFKZXQGHQLVWDOVGXLKQPLWGHLQHQ/HXWHQ VWHOOHQZROOWHVW(EHQVRELQLFKEHUGHQ$QVFKODJDXIGHQ6KLIWPLWGHU JHVDPWHQ%HVDW]XQJLQIRUPLHUW+DWPDQYRQGHQDFKW]HKQ3HUVRQHQMH ZLHGHUHWZDVJHK|UW" 1HLQXQGJHQDXGDUDXIZLOOLFKKLQDXVVDJWH*OHQ,FKKDEHUHFKHUFKLHUW XQGKHUDXVJHIXQGHQGDYRQGHQ+XQGHUWHQYRQ2SIHUQGHV=LUURQRFK LPPHUPHKUDOVGLH+lOIWHDOVYHUPLWJHOWHQ6HOEVWZHQQPDQGDYRQ DXVJHKWGDHLQ7HLOLQGLH:LOGQLVXQVHUHV3ODQHWHQYHUVHW]WXQGGDUXP QLFKWJHIXQGHQZXUGHEOHLEHQQRFKJHQJHQGEULJGHUHQ6FKLFNVDOLP GXQNHOQOLHJW,FKJODXEHGDUXPGDGHU=LUURGLHVH/HXWHYHUVNODYWKDWXP VLHIUVHLQH=ZHFNHHLQ]XVHW]HQ(QWZHGHUDOV6FRXWVLPYLHUGLPHQVLRQDOHQ 5DXPRGHUDOV9HUVWlUNHUIUVHLQH)lKLJNHLWHQRGHUZDVZHLLFKIU ZHOFKHQ=ZHFN-HGHQIDOOVLVWHVVRGDGLH+\SHUSKlQRPHQH DQIDQJVQXUVHOWHQXQGUHODWLYVFKZDFKZDUHQ6LHZXUGHQMHGRFKLPPHU KlXILJHUXQGKHIWLJHU'DVVSULFKWGDIUGDGHU=LUURSURSRUWLRQDOPLWGHU =DKOVHLQHU2SIHULPPHUPlFKWLJHUJHZRUGHQLVW8QGYLHOOHLFKWKDWHUDXIGHU 6XFKHQDFKGHPYRQLKPEHJHKUWHQ2EMHNWELVMHW]WQXULPWUEHQJHILVFKW $EHUGXUFKGHQ=XVWURPZHLWHUHU.DWDO\VDWRUHQLVWHUEHUHLWVVWDUNJHQXJXP VLFKIUGHQ(QWVFKHLGXQJVVFKODJ]XUVWHQ8QGGDYRUIUFKWHLFKPLFK 'DVPLWGHU9HUVWlUNXQJGXUFK6NODYHQPDJSULQ]LSLHOOULFKWLJVHLQDEHULQ HLQHP3XQNWPXLFKGLFKEHULFKWLJHQVDJWH8GLYDU'HU=LUURPX XUVSUQJOLFKDOVHUQDFK*XQQDYDUNDPYLHOPlFKWLJHUJHZHVHQVHLQDOV MHW]W(UZXUGHMHGRFK]X$QIDQJGLHVHV-DKUHVLP%DVDUYRQ9HQWHUURYRQ &DOLJXODDXIJHVSUWXQGLQHLQHQP|UGHULVFKHQ.DPSIYHUZLFNHOW'HU=LUUR LVWGDUDXV]ZDUDOV6LHJHUKHUYRUJHJDQJHQZDUDEHUVRJHVFKZlFKWGDHU HLQHODQJH(UKROXQJVSDXVHEUDXFKWHXPZLHGHUKDOEZHJV]X.UlIWHQ]X NRPPHQ9LHOOHLFKWKlWWHVLFKGHU=LUURQLHZLHGHUYRQGHQ%OHVVXUHQHUKROW GLHLKP&DOLJXOD]XIJWHZHQQHUQLFKWGHQSDUDSV\FKLVFKEHJDEWHQ*OHQ $OODFKLHDOV.DWDO\VDWRUJHIXQGHQKlWWH(VNDQQQXUVRJHZHVHQVHLQ 8GLYDUKDWWHVHLQHQ.DWHUZlKUHQGGHV6SUHFKHQVJHGDQNHQYHUVXQNHQ JHNUDXOW-HW]WULFKWHWHHUGLHURWH2SWLNVHLQHUPHFKDQLVFKHQ6WLHODXJHQDXI LKQXQGVDJWH
6RZDUHVGRFK&DOLJXOD",FKZHLGDHVVRZDU$OVLFK7RPV *HVFKLFKWHK|UWHGDJODXEWHLFK]XHUVWGDGXGHU$XVO|VHUIUGLHVH VFKUHFNOLFKHQ*HVFKHKQLVVHJHZHVHQVHLQN|QQWHVW,FKGDFKWHGDGXGDV %|VHHUVWJHZHFNWKDVW-HW]WZHLLFKGDHVDQGHUVZDU.DQQVWGXPLU QRFKHLQPDOYHU]HLKHQ&DOLJXOD"-HW]WHUVWLVWPLUNODUGDGXGXUFKGHLQ (LQJUHLIHQ6FKOLPPHUHVYHUKLQGHUWXQGGLH(UHLJQLVVHKLQDXVJH]|JHUWKDVW $EHUGHLQ KHOGHQKDIWHU(LQVDW]VROOQLFKWXPVRQVWJHZHVHQVHLQ:LUZHUGHQGHQ=LUUR VFKODJHQ'DVJHOREHLFKDXFKXPGHUYLHOHQDQGHUHQXQVFKXOGLJHQ2SIHU ZLOOHQ *OHQZDUI7RPHLQHQEH]HLFKQHQGHQ%OLFN]X8QG7RPYHUVWDQG*OHQKDWWH GLH,GHHDXIJHJULIIHQGD&DOLJXODGHQ=LUURWDWVlFKOLFKHUVWJHZHFNWKDEHQ N|QQWHXQGGDUDQ*HIDOOHQJHIXQGHQ $EHU7RPVFKWWHOWHYHUQHLQHQGGHQ.RSI(UJODXEWHHKHU8GLYDUV9HUVLRQ ZHLOLKPGLH9RUVWHOOXQJGDGHU.DWHUGHU$XVO|VHUIUGLH.DWDVWURSKHQ VHLQN|QQWHQLFKWJHILHO 7RPVHW]WHJHUDGH]XU9HUWHLGLJXQJYRQ&DOLJXODDQDOVSO|W]OLFKGLH $ODUPDQODJHDQVFKOXJ'LHDXIJHUHJWH6WLPPHHLQHV0DQQHVPHOGHWHEHU GLH5XQGUXIDQODJH +LHULVW&XWW\6DUN,FKUXIH*OHQ&DOGHU$XIGHU,VRODWLRQVVWDWLRQEDKQWVLFK HWZDV8QKHLPOLFKHVDQ*OHQ&DOGHUELWWHNRPPHQ0DFKVFKQHOO*OHQ *OHQVFKDOWHWHVHLQ$UPEDQGJHUlWHLQPHOGHWHVLFKXQGIUDJWH :DVLVW SDVVLHUW&XWW\" =ZHLGHU=LUURJHVFKlGLJWHQZHUGHQYRUPHLQHQ$XJHQWUDQVSDUHQW,KUH .|USHUEHJLQQHQ]XSXOVLHUHQXQGZHUGHQGDEHLLPPHUGXUFKVFKHLQHQGHU 2QHLQ6LQJOH0DOWVWHKPLUEHL-HW]WKDWHVDXFKPLFKHUZLVFKW,FKNDQQ GXUFKPHLQH+lQGHKLQGXUFKVHKHQ,FKJODXE LFKYHUOLHUHGHQ9HUVWDQG *OHQ 'LH6WLPPHHUVWDUELQHLQHP*HVFKUHL %LQVFKRQXQWHUZHJVYHUNQGHWH*OHQ&DOGHUXQGVHW]WHVLFKLQ %HZHJXQJ $OV7RPLKPIROJHQZROOWHK|UWHHUSO|W]OLFK&DOLJXODKLQWHUVLFKIDXFKHQ(U EOLFNWHVLFKXPXQGVDKJHUDGHQRFKZLHGHU.DWHUPLWHLQHPPlFKWLJHQ 6DW]GXUFKGLH/XIWVSUDQJXQGZLHYRQ)XULHQJHKHW]WGXUFK*OHQV%HLQH KLQGXUFKGDYRQUDQQWH &DOLJXODULHI8GLYDUPLWEHUVWHXHUWHU6\QWKHVL]HU VWLPPHLKPQDFK/DGDV7XGDVQLFKW'XELVWGLHVHU0DFKWQLFKW JHZDFKVHQ ,PQlFKVWHQ0RPHQWEHNDP7RPHLQHQ6FKODJLQGHQ5FNHQXQGZXUGH]XU 6HLWHJHVFKOHXGHUWDOVGHU1DNNGHQ$QWLJUDYVHLQHUPHFKDQLVFKHQ .ULHFKVRKOHEHVFKOHXQLJWHXQGPLW+|FKVWJHVFKZLQGLJNHLW&DOLJXODV 9HUIROJXQJDXIQDKP $OVVLFK7RPGHU,VROLHUVWDWLRQQlKHUWHVFKOXJLKPHLQNDOWHU+DXFK HQWJHJHQ8QG.lOWHGDVZDUGDV0DUNHQ]HLFKHQGHV=LUUR
(UVDK*OHQ]HKQ0HWHUYRUVLFKXPHLQH(FNHELHJHQ 9RQ8GLYDUXQG&DOLJXODZDUQLFKWVPHKU]XVHKHQ'HU1DNNXQGGHU.DWHU PXWHQGLH,VROLHUVWDWLRQOlQJVWHUUHLFKWKDEHQ 9HUGDPPWK|UWHHU*OHQIOXFKHQ 7RPERJXPGLH(FNHXQGVDKZDV*OHQ]XP)OXFKHQJHEUDFKWKDWWH.HLQH IQI0HWHUYRULKPZDUGHU.RUULGRUGXUFKHLQHEUHLWH.OXIWJHWUHQQW$EHUGDV ZDUQLFKWDOOHV ,UJHQGHWZDVKDWWHDXFKGLH6HLWHQZlQGHDWRPLVLHUWXQGVRHLQHQGUHL0HWHU EUHLWHQ$EJUXQGXPGHQ3DWLHQWHQWUDNWJH]RJHQ8QGQRFKHLQ3KlQRPHQ JDEHV]XEHVWDXQHQ'LH:lQGHMHQVHLWVGHUXQEHUZLQGOLFKHQ.OXIW EHJDQQHQVLFK]XYHUlQGHUQ6LHYHUORUHQLKUHIHVW.RQVLVWHQ]LKUH 2EHUIOlFKHEHJDQQZLHLQZHOOHQI|UPLJHP5K\WKPXV]XIOLHHQXQGVLH ZXUGHQDOOPlKOLFKWUDQVSDUHQW 7RPNRQQWHGXUFKLKUHPLOFKLJJHZRUGHQH6WUXNWXUVFKHPHQKDIWH*HVWDOWHQ HUNHQQHQ'LH6FKDWWHQJHLVWHUWHQPLWVHOWVDPHQWlQ]HULVFKHQ%HZHJXQJHQ EHUGLH:lQGH 8QVLVWGHU:HJDEJHVFKQLWWHQULHI*OHQZWHQGXQGEDOOWHGLH)lXVWH:LU NRPPHQQLFKWLQGLH ,VROLHUVWDWLRQKLQHLQXQGPVVHQKLOIORV]XVHKHQZDVPLWGHQ3DWLHQWHQ SDVVLHUW 'DVLVWGDV:HUNGHV=LUURVWHOOWH7RPIHVW,FKIUDJHPLFKZDVGLHVH $NWLRQVROO 'XUFKDXVP|JOLFKGD)UHXQG8GLYDULKQDQJHORFNWKDWVDJWH*OHQ'D VLHK *OHQGHXWHWHQDFKOLQNV7RPEHXJWHVLFKEHUGHQ$EJUXQGXPGHU 5LFKWXQJYRQ*OHQVDXVJHVWUHFNWHP$UPPLWGHQ$XJHQIROJHQ]XN|QQHQ (UVDKGRUW8GLYDUDXIVHLQHP$QWLJUDYIHOGVFKZHEHQ3O|W]OLFKQDKPGHU 1DNN)DKUWDXIXQGIORJDXIGLHWUDQVSDUHQWZHUGHQGH:DQGGHU,VROLHUVWDWLRQ ]X'LH:DQGVFKOXFNWHLKQXQGGDQDFKZDU8GLYDUQXUQRFKHLQ6FKDWWHQ XQWHUDQGHUHQ ,FKPXKLQEHUVDJWH7RPHQWVFKORVVHQXQGJLQJHLQSDDU6FKULWWH ]XUFNXPHLQHQ$QODXI]XQHKPHQXQGPLW6FKZXQJEHUGHQ$EJUXQG VSULQJHQ]XN|QQHQ /DGDV7RPYHUODQJWH*OHQXQGSDFNWHLKQDP$UP:DVGRUWGUEHQ DXFKLPPHUSDVVLHUWGXKDVWNHLQH&KDQFHHV]XYHUKLQGHUQ'XUHQQVWLQ GHLQ9HUGHUEHQ 7RPVFKWWHOWH*OHQV+DQGDEPDFKWHGUHLZHLWHUH6FKULWWHUFNZlUWV'DQQ VSULQWHWHHUORVXQGVWLHVLFKYRP5DQGGHV$EJUXQGVVFKZXQJYROODE,KP ZDUDOVVHJOHHUZLHLQ=HLWOXSHGXUFKGLH/XIW(UVDKZLHGLH7UHQQZDQG YRULKPDXIHLQPDOXQVLFKWEDUZXUGH8QGQXQNRQQWHHUGLHVFKDWWHQKDIWHQ *HVWDOWHQJDQ]GHXWOLFKVHKHQ 6LHZDUHQDOOHVDPW]XJHLVWHUKDIWHQ(UVFKHLQXQJHQJHZRUGHQ KDOEWUDQVSDUHQWXQGLQLKUHQ%HZHJXQJHQXQZLUNOLFK1RFKEHYRU7RPDXI
GHUDQGHUHQ6HLWHGHV$EJUXQGVDXIGHP%RGHQDXIVHW]WHVDKHUQDKHYRU VLFKHLQHQ*XUUDGDXVGHU6SUHU6LSSHYHUVFKZLQGHQ ,FKIROJHGLUK|UWHHU*OHQYRQGHUDQGHUHQ6HLWHUXIHQ$EHU7RPDFKWHWH QLFKWGDUDXI 'XUFKGHQ6FKZXQJGHV6SUXQJHVWDXPHOWHHUQDFKYRUQHXQGGXUFKGUDQJ GLHXQVLFKWEDUJHZRUGHQH7UHQQZDQG]XU.UDQNHQVWDWLRQ$OVHUGDQQNXU] KLQWHUVLFKEOLFNWHVDKHUQXUHLQHQHEHOLJH)OlFKH'LH7UHQQZDQGZDUDOVR EORQDFKHLQHU6HLWHKLQGXUFKVLFKWLJ,QQHUKDOEGLHVHUK\SHUGLPHQVLRQDOHQ 6SKlUHHUVFKLHQVLHMHGRFKDOV1HEHOJHELOGH8QGDXFKGLHDQGHUHQ:lQGH LQQHUKDOEGLHVHU6SKlUHERWHQVLFKGHPPHQVFKOLFKHQ$XJHDOVQHEOLJH 6FKOHLHUGDU (LQDQGHUHU3DWLHQWWDXFKWHGXUFKHLQH1HEHOZDQGYRULKPDXI(UEDKQWH VLFKYRUVLFKWLJHLQHQ:HJ]ZLVFKHQXQVLFKWEDUHQ+LQGHUQLVVHQ3O|W]OLFK VWRFNWHHUXQGVWUHFNWHGHQ$UPDXV6HLQH+DQGYHUVFKZDQGELV]XP *HOHQN'HU3DWLHQWOlFKHOWHDOVKlWWHHUHLQHZLFKWLJH(QWGHFNXQJJHPDFKW XQGVHW]WH]XPQlFKVWHQ6FKULWWDQ 6WHKHQEOHLEHQULHI7RP.HLQHQ6FKULWWZHLWHUVRQVW $EHU7RPV:DUQXQJEOLHEXQEHDFKWHW'HU3DWLHQWPDFKWHGHQ HQWVFKHLGHQGHQ6FKULWWXQGO|VWHVLFKLQ1LFKWVDXI(VZDUDOVKlWWHHUHLQHQ :HJDXVGHU'LPHQVLRQJHIXQGHQGHULKPGHQ=XWULWWLQHLQHK|KHUH 'LPHQVLRQJHVWDWWHWH 7RPEUDFKGXUFKHLQH1HEHOZDQGXQGNDPLQHLQHQDQGHUHQ5DXP3O|W]OLFK WDXFKWH8GLYDULP+LQWHUJUXQGDXI7RPULHIGHQ1DNNHQEHLP1DPHQXQG DOVVLFKGLHVHULQVHLQH5LFKWXQJZDQGWHIUDJWH7RP :DVKDWGDVDOOHV]XEHGHXWHQ" 'HU=LUURLVWQRFKQLFKWVRPlFKWLJZLHZLUJODXEWHQDQWZRUWHWH8GLYDU(U LVWJHNRPPHQXPVLFKPLWGHQYRQLKP*HVFKlGLJWHQ]XYHUVWlUNHQ(UKROW VLHHLQHQQDFKGHPDQGHUHQ]XVLFK :RKLQ" 'HU=LUURRSHULHUWYRQHLQHU5DXP]HLWIDOWHDXVDQWZRUWHWH8GLYDU'HU JDQ]H7UDNWLVWGXUFKVHW]WPLWHLQHP*HIOHFKWDXVIQIGLPHQVLRQDOHQ/LQLHQ &DOLJXODKDWVLHDXIJHVSUWXQGLVWGLHVHU)lKUWHJHIROJW(UKDWGHQ=LUURDOV VHLQHQYHUKDWHQ*HJQHUHUNDQQW+DVWGX&DOLJXODJHVHKHQ7RP" 1HLQ ,FKPXLKQILQGHQEHYRUHUVLFKLQHLQH5DXP]HLWIDOWHYHULUUW 1RFKZlKUHQGGHV6SUHFKHQVJOLWW8GLYDUGXUFKHLQH1HEHOZDQGXQGZDU YHUVFKZXQGHQ7RPGXUFKEUDFKGDV+LQGHUQLV6HNXQGHQVSlWHUDQ GHUVHOEHQ6WHOOHIDQGDEHUNHLQH6SXUPHKUYRQGHP1DNNHQ 7RPIDQGVLFKLQHLQHPOHHUHQ9HUELQGXQJVJDQJZLHGHUGHVVHQ(QGHLQ ]ZDQ]LJ0HWHU(QWIHUQXQJLQHLQHU1HEHOZRONHYHUVFKZDQG$EHULQGHU :RONHEHZHJWHVLFKLUJHQGHWZDV7RPVFKULWWGDUDXI]X 9RULKPWDXFKWHQ]ZHLKDOEWUDQVSDUHQWH*XUUDGVGXUFKGLHVHLWOLFKH 1HEHOZDQGXQGQlKHUWHQVLFKPLWZLHJHQGHP*DQJGHU1HEHOZRONH
7RPULHIVLHDQDEHUVLHDFKWHWHQQLFKWDXILKQ(UOLHILKQHQQDFKXQGKROWH VLHHLQ$OVHUPLWEHLGHQ+lQGHQQDFKLKUHQ6FKXOWHUQJUHLIHQZROOWHJOLWWHQ GLHVHGXUFKVLHKLQGXUFK 7RPEOLHEZLHDQJHZXU]HOWVWHKHQXQGVDK]XZLHGLHEHLGHQXQEHLUUWXQG RKQHLUJHQGZHOFKHQILNWLYHQ+LQGHUQLVVHQDXV]XZHLFKHQDXIGLH 1HEHOZRONH]XJLQJHQ6LHKDWWHQLKU=LHOIDVWHUUHLFKWGDVWUHFNWHVLFKLKQHQ DXVGHP1HEHOHLQH]DUWH.LQGHUKDQGHQWJHJHQ'LH*XUUDGVJULIIHQGDQDFK XQGLP$XJHQEOLFNGHU%HUKUXQJO|VWHQVLHVLFKLQ/XIWDXI 'LH.LQGHUKDQGGDJHJHQUDJWHLPPHUQRFKDXVGHP1HEHO 6LHZLQNWH7RP 7RPVFKOXFNWH(UJODXEWH]XZLVVHQZHPGLH.LQGHUKDQGJHK|UW$EHUHU PXWHVLFK*HZLKHLWYHUVFKDIIHQ'DUXPJDEHUVLFKHLQHQ5XFNXQGVFKULWW ZLHGHUHQWVFKORVVHQDXIGDVQHEHOLJH*HELOGH]XDXVGHUGLH]DUWH+DQG LKP]XZLQNWH .RPPNRPPEHVDJWHGLH*HVWH 8QG7RPIROJWHGHU$XIIRUGHUXQJ-HQlKHUHUNDPGHVWRGHXWOLFKHU NULVWDOOLVLHUWHVLFK GHU]XGHU+DQGJHK|UHQGH$UPXQGGHUEULJH.|USHU XQGGHU.RSIPLWGHPYHUVFKZRPPHQHQ*HVLFKWDXVGHP1HEHO$XVYLHU 0HWHUQ(QWIHUQXQJNRQQWH7RPGLH=JHGHV*HVLFKWVEHUHLWVGHXWOLFK HUNHQQHQ(VZDUHLQ-XQJHQJHVLFKW(LQ(QJHOVJHVLFKWPLWJURHQEODXHQ $XJHQXQGEORQGHP+DDUVFKRSI'LH$XJHQEOLFNWHQ7RPKHUDXVIRUGHUQGDQ 8QG7RPQDKPGLH+HUDXVIRUGHUXQJDQ 'DVNDQQVWGXKDEHQ=LUURVFKULHHUXQGZROOWHVLFKDXIGHQYRP=LUUR EHVHVVHQHQ*OHQ$OODFKLHVWU]HQ $EHUMHPDQGDQGHUVNDPLKP]XYRU 9RQOLQNVGXUFKVFKQLWWHLQGLFNOLFKHUODQJJHVWUHFNWHUXQGURVWURW JHVSUHQNHOWHU.|USHUGLH/XIW &DOLJXOD 7RPVDKQRFKZLHVLFKGHU%OLFNGHUEODXHQ-XQJHQDXJHQWUEWHDOV &DOLJXODDXIVHLQHU%UXVWODQGHWHXQGVLFKLQVHLQHU.HKOHYHUEHLHQZROOWH *OHQ$OODFKLH]XFNWHPLWNHLQHU:LPSHU(UOLHVLFKHLQIDFK]XUFNIDOOHQXQG O|VWHVLFKPLWVDPWGHP.DWHULQ1LFKWVDXI &DOLJXODULHI7RPHQWVHW]WXQGPDFKWHHLQHQ6DW]QDFKYRUQH 'RFKGDVWHOOWHVLFKHLQJHSDQ]HUWHU.|USHUGD]ZLVFKHQ7RPSUDOOWHJHJHQ LKQXQGZXUGH]X%RGHQJHVFKOHXGHUW)UHLQLJH$XJHQEOLFNHZDUHUJDQ] EHQRPPHQ$OVHUZLHGHUNODUVHKHQNRQQWHZDUGHUJDQ]H6SXNYRUEHL 'LH,VROLHUVWDWLRQZDUQLFKWPHKULQGLHVHVXQZLUNOLFKH/LFKWJHWDXFKWGLH PLOFKLJH$WPRVSKlUHZDUHLQHPYRQGHU1RWEHOHXFKWXQJYHUXUVDFKWHQ 'lPPHUOLFKWJHZLFKHQ7RPHUNDQQWHGDGLHJHUDGHQRFKQHEHOLJHQ :lQGHZLHGHULKUHXUVSUQJOLFKHIHVWH.RQVLVWHQ]]XUFNEHNRPPHQKDWWHQ $EHUVLHZDUHQQLFKWPHKUVRJODWWZLHIUKHUVRQGHUQDQXQ]lKOLJHQ6WHOOHQ ]HUEHXOWXQGGXUFKEURFKHQZLHXQWHUVWDUNHP'UXFNJHSODW]W 8QGEHULKPVFKZHEWH8GLYDU
:DUXPKDVWGXPLFKGDUDQJHKLQGHUW&DOLJXOD]XKHOIHQ"IUDJWH7RPGHQ 1DNNHQ 'XZlUVWGD]XQLFKWLQGHU/DJHJHZHVHQDQWZRUWHWH8GLYDUVRQGHUQ KlWWHVWGLFKVHOEVWQXULQ*HIDKUJHEUDFKW :RLVW&DOLJXOD"IUDJWH7RPXQGEOLFNWHVLFKVXFKHQGXP:DVLVWDXVLKP JHZRUGHQ" 'HU=LUURKDWLKQJHIDQJHQXQGPLWGHQDQGHUHQIRUWJHEUDFKWDQWZRUWHWH 8GLYDU :RKLQ" 'DVZHLLFKQRFKQLFKWJHVWDQG8GLYDU$EHUZLUZHUGHQHVKHUDXVILQGHQ XQGGHP=LUURGDV+DQGZHUNOHJHQ6LFKPLW&DOLJXODDQ]XOHJHQGDVZDU GHUJU|WH)HKOHUGHQGLH+\SHUPDFKWJHPDFKWKDW *OHQVWLH]XLKQHQ $OOH]ZHLXQGGUHLLJ3DWLHQWHQVLQGPLWVDPW&XWW\6DUNYHUVFKZXQGHQ VDJWHHUQLHGHUJHVFKODJHQ &DOLJXODJHK|UW]XGHQ2SIHUQNOlUWH7RPGHQ)UHXQGDXI8QGLFK IUFKWHGDDXFK 7RPYHUVWXPPWH :DVEHIUFKWHVWGX"IUDJWH*OHQ 'XVHOEVWKDVWJHVDJWGD%HWKVSXUORVDXVGHP5HKDELOLWDWLRQV]HQWUXP YHUVFKZXQGHQLVWVDJWH7RP 1DFKGHQOHW]WHQ*HVFKHKQLVVHQEHIUFKWHLFKGDVLHDXFKYRP=LUUR JHKROWZRUGHQLVW 8QVLQQPHLQWH*OHQDEHUHVNODQJQLFKWJDQ]EHU]HXJW'DVOLHJWGRFK VFKRQ7DJH]XUFN,FKVDJHGLU%HWKLVWHLQIDFKDEJHKDXHQ 2EZRKO7RPQLFKWHLQHU0HLQXQJPLW*OHQZDUl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lOWVWGDQQVROOWHVWGXLKQHUVW HUOHEHQZHQQHUVHLQHH[]HQWULVFKH3HUV|QOLFKNHLWJDQ]KHUYRUNHKUW HUZLGHUWH7RP,PEULJHQZDUVWGXHVGHULKQXQEHGLQJWHQJDJLHUHQ ZROOWH
8GLYDUVWDUWHWHGDV'UHL]DFNVFKLIINDXPGDVLHDQ%RUGZDUHQ ,FKKDOWHGHQ2UWXQJVVFKXW]DXIUHFKWHUNOlUWH8GLYDUZlKUHQGHUVHLQH 3RVLWLRQLQGHUNDKOHQ6WHXHU]HQWUDOHHLQQDKP'HU=LUURZHLMHW]W]ZDU GDHULQXQV*HJQHUKDWPLWGHQHQ]XUHFKQHQLVW(VLVWMHGRFKEHVVHU ZHQQHUEHUXQVHUH3RVLWLRQZHLWHUKLQLPXQNODUHQLVW'DVZLUGLKQ YHUXQVLFKHUQ8QGMHW]WHQWVFKXOGLJWPLFKLFKKDEH]XDUEHLWHQ 7RPGHUGHQ1DNNHQLQ]ZLVFKHQJXWJHQXJNDQQWHKlWWHVLFKLQV 8QYHUPHLGOLFKHJHIJWDEHU*OHQEHJHKUWHDXI 'DVLVWQLFKWIDLU8GLYDU8QVN|QQWHVWGXZHQLJVWHQVEHUXQVHUHMHZHLOLJH 3RVLWLRQXQGGHLQH5HFKHUFKHQLQIRUPLHUHQ 'DVPHLQHLFKDXFKVWLPPWH7RPVRIRUW]X ,Q2UGQXQJHVLVWZLUNOLFKQXUIDLUVDJWH8GLYDU$EHUDOV*HJHQOHLVWXQJ YHUODQJHLFKGLH$QWZRUWDXIHLQH)UDJHGLHPLFKGLHJDQ]H=HLWEHU EHVFKl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lUHQ,QGHUHLQHQZDUGLHVLFKYHUlQGHUQGH2EHUIOlFKH YRQ*XQQDYDU]XVHKHQEHUGLHGLH233887LQJURHU+|KHGDKLQIORJ6LH KDWWHQ9HQWHUUROlQJVWKLQWHUVLFKJHODVVHQXQGIORJHQLQVGOLFKHU5LFKWXQJ EHU0XLUKHDGKLQZHJGHP/DQGVWULFKLQGHPGDVYRQ7RPHUZRUEHQH DXIJHODVVHQH)DEULNVJHOlQGHVWDQG ,QGHUDQGHUHQZDUHLQ6\QWURQELOGGHU3ODQHWHQNXJHO]XVHKHQ'HU*OREXV PDFKWHHLQH'UHKXQJXP*UDGELVGLH3ODQHWHQKlOIWHPLWGHP.RQWLQHQW /DSKURDLJ]XVHKHQZDU,QHLQHP]ZHLWHQ)HQVWHUDXVVFKQLWWGHU +RORVSKlUHZXUGHHLQH9HUJU|HUXQJGHV.RQWLQHQWVHLQJHEOHQGHW,P *HELHW7DPQXOLQELOGHWHVLFKHLQHURWOHXFKWHQGH/LQLHGLHELV]XGHQLP 1RUGHQOLHJHQGHQ%ODGQRFK6PSIHQUHLFKWH(LQH]ZHLWHVROFKHURWH/LQLH ELOGHWHVLFKTXHUGXUFKGDV%HUJODQGGHV2VWHQV :DVKDWGDV]XEHGHXWHQ8GLYDU"HUNXQGLJWHVLFK7RP ,FKPDUNLHUHDOOH.RRUGLQDWHQDQGHQHQ+\SHUSKlQRPHQHVWDWWJHIXQGHQ KDEHQHUNOlUWHGHU1DNN'LHVHZXUGHQDXIGHP.RQWLQHQW/DSKURDLJ UHJLVWULHUW ,Q]ZLVFKHQZDUHQ]ZHLZHLWHUH)HQVWHUPLWGHP1RUGNRQWLQHQW $XFKHQWRVKDQXQGGHP6GPHHU7DPGKXHLQJHEOHQGHWZRUGHQ$XFKKLHU
]HLJWHQVLFK/LQLHQPDUNLHUXQJHQMHGRFKZDUHQVLHLQHLQHPKHOOHUHQ5RW JHKDOWHQ*OHLFK]HLWLJZDUHQGLHVH/LQLHQDXFKDXIGHQMHZHLOLJHQ .RRUGLQDWHQGHU3ODQHWHQNXJHO]XVHKHQ 8QGZDVVROOGDVEULQJHQ"ZROOWH7RPZLVVHQ :LUNHQQHQLPPHUQRFKQLFKWGDV0RWLYGHV=LUURDQWZRUWHWH8GLYDU,FK NDQQPLFKOHGLJOLFKDXI]ZHL9HUPXWXQJHQVWW]HQGLH+LQZHLVHDXIGLH 9RUJHKHQVZHLVHGHU+\SHUPDFKWJHEHQN|QQWHQ'LHHUVWHYHUGDQNHLFKGLU 7RPZRQDFKGHU=LUURDXIGHU6XFKHQDFKLUJHQGHWZDVLVW'HQ]ZHLWHQ +LQZHLVKDWPLU*OHQ &DOGHUJHJHEHQDOVHUPHLQWHGDGHU=LUURLPWUEHQJHILVFKWKDW,FKZLOO QXQXQWHUVXFKHQREVHLQH0HWKRGHQWDWVlFKOLFKGLHHLQHV)QI')LVFKHUV VLQGGHUVHLQH1HW]HDXVZLUIWXQGPLWGHP)DQJZLHGHUHLQKROW (LQ)QI')LVFKHU"'DVNOLQJWJXWVWHOOWH*OHQIHVW 7RPEHWUDFKWHWHGLH+RORVSKl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|QQWH"IUDJWH8GLYDU 7RPVDKVLFKGLH]ZDQ]LJ)HQVWHUHLQHVQDFKGHPDQGHUHQ]XHUVWHLQ]HOQDQ XQGYHUVXFKWHVLHGDQQPLWGHP1HW]ZHUNDXIGHP*OREXV]XYHUJOHLFKHQ XQGLQGLHVHVHLQ]XRUGQHQ$EHUHVZDUHLQHYHUJHEOLFKH0KHDXIGLHVH :HLVHLUJHQGHLQ6FKHPDHUNHQQHQ]XZROOHQ 'HQNWDQHLQHQ)LVFKHUGHU]XHUVWVHLQH1HW]HZDKORVDXVZLUIWGUDQJ 8GLYDUV6WLPPHLQ7RPV*HGDQNHQ1DWUOLFKIlQJWHU]XHUVWQXUNOHLQH )LVFKHGLHHUDFKWORVZLHGHULQV0HHUZLUIW$EHUDXIGLHVH:HLVHJUHQ]WHU GDV*HELHWHLQLQGHPHUIQGLJZHUGHQN|QQWH8QGLUJHQGZDQQZLUGHLQ )OHFNEULJEOHLEHQLQGHPHUVLFKGHQHUKRIIWHQ)DQJHUZDUWHQGDUI 7RPIROJWH8GLYDUV$QZHLVXQJHQ]XU$QDO\VH(UDUEHLWHWHVLFKYRQGHQ URWHQ/LQLHQ]XGHQMQJVWHQ3KlQRPHQHQGXUFKGLHPLWGRWWHUJHOEHQ/LQLHQ PDUNLHUWZDUHQ$EHUHUIDQGGLHVHQ)OHFNQLFKWGHUGLHP|JOLFKH )XQGVWHOOHPDUNLHUHQVROOWH ,FKJHEHHVDXIVDJWH7RPUHVLJQLHUHQG,FKN|QQWHPLUVWDWWHLQHV )OHFNHV VFKRQHKHUHLQHQ.QRWHQSXQNWDQGHPVLFKGLH/LQLHQWUHIIHQDOV )XQGVWHOOHYRUVWHOOHQ'DQQPWHHVVLFKGDEHLXP9HQWHUURKDQGHOQZR DP0DLGLHOHW]WHJURH.DWDVWURSKHVWDWWJHIXQGHQKDW
1HLQQHLQZLGHUVSUDFK*OHQ'LH.DWDVWURSKHYRQ9HQWHUURKDWWHPLW HLQHP)LVFK]XJQLFKWV]XWXQ(VZDUPHKUHLQ%HIUHLXQJVVFKODJHLQH 0DQDKPH]XU$EVLFKHUXQJJHJHQ)HLQGHYRQDXHQ'LHVHKDW DXVVFKOLHOLFKGHP=ZHFNJHGLHQW*XQQDYDUYRQGHUEULJHQ=LYLOLVDWLRQ]X LVROLHUHQXQGVR]XYHUKLQGHUQGDZLU+LOIHKHUEHLUXIHQN|QQHQ(EHQVRZLH GLH$WWDFNHDXIGHQ6KLIWPLWPHLQHQ/HXWHQGHQ=ZHFNKDWWH)HLQGH DXV]XVFKDOWHQ'DVKLHHDEHUGDGHU=LUURVFKRQ]XYRUIQGLJJHZRUGHQ LVWXQGVHLQ=LHOPDUNLHUWKDW 5LFKWLJEHVWlWLJWH8GLYDU 'D]XIlOOWPLUQXUGDV&O\QHOLVK$WROODOV=LHOSXQNWHLQPHLQWH*OHQ :LUEHILQGHQXQVEHUHLWVLP$QIOXJDXIGDV$WROOHUNOlUWHGHU1DNN 8GLYDUEUDFKWHGLH233887ELVDXI]ZDQ]LJ.LORPHWHUDQV=LHOKHUDQXQG KLHOWVLHGDQQLQGHU6FKZHEH'LHEHLGHQ+RORVSKlUHQKDWWHQVLFK]XHLQHU HLQ]LJHQ]XVDPPHQJH]RJHQGLHOHGLJOLFKHLQ%LOGGHU3ODQHWHQREHUIOlFKH ]HLJWH 8GLYDUVFKDOWHWHGLH9HUJU|HUXQJHLQ 'LH2UWXQJ]HLJWHQXQGDV&O\QHOLVK$WRUODOVHLQHQ)HOVULQJPLWHLQHP 'XUFKPHVVHUYRQIQI.LORPHWHUQ DXVGHVVHQ=HQWUXPHLQKXQGHUW0HWHUKRKHUXQGDQGHU%DVLVYLHUKXQGHUW 0HWHUPHVVHQGHU9XONDQNHJHOUDJWH=ZLVFKHQGHPVFKODFNHDUWLJHQ)HOVULQJ XQGGHP9XONDQEURGHOWHGDV0HHUXQWHUVXEPDULQHQ(UXSWLRQHQ $XVGHP.UDWHUGHV9XONDQVVWLHJHLQH5DXFKIDKQHGLHNLORPHWHUKRFKLQ GHQ+LPPHOUDJWH %LVWGXVLFKHUGDGDV$WROOGLHYRP=LUURJHVXFKWH6WHOOHLVW8GLYDU" IUDJWH7RP $OOH,QGL]LHQVSUHFKHQGDIUDQWZRUWHWH8GLYDU$EHULFKNDQQDXI IQIGLPHQVLRQDOHU)UHTXHQ]NHLQHGHUIUGHQ=LUURW\SLVFKHQ6LJQDOH HPSIDQJHQ'LH$XVVWUDKOXQJPXEHUDXVVFKZDFKVHLQZHQQQLFKWHLQPDO GLH,QVWUXPHQWHGHV'UHL]DFNVVLHDXVPDFKHQN|QQHQ,FKPWHPLWGHU 233887QlKHUKHUDQJHKHQZDVDOOHUGLQJVGLH*HIDKUHLQHU(QWGHFNXQJ YHUJU|HUW,FKNHQQHGLH0LWWHOGHV=LUURQLFKWXQGKDEHGDKHUNHLQH $KQXQJELVDXIZHOFKH'LVWDQ]GHU2UWXQJVVFKXW]GHU233887ZLUNW 'LHVHV5LVLNRPVVHQZLUHLQJHKHQIRUGHUWH*OHQVFKUlQNWHDEHUVRIRUW HLQ 'DVKHLWZHQQHVGLUQLFKW]XJURHUVFKHLQW8GLYDU ,FKELQK|FKVWHQVXPHXUH6LFKHUKHLWEHVRUJWVDJWHGHU1DNN(UPDFKWH HLQHNXU]H3DXVHGDQQIJWHHUKLQ]X ,FKZHLZLHZLUHVPDFKHQ'HU =LUURZLUGDPHKHVWHQPLWHLQHP$QJULIIDXVGHU/XIWUHFKQHQXQGGDKHUGHQ /XIWUDXPYHUVWlUNWEHUZDFKHQ:LUDEHUZHUGHQXQVGXUFKGDV0HHU QlKHUQ ,QGHU+RORVSKlUHZDU]XVHKHQZLHGHU'UHL]DFNPLWUDVHQGHU *HVFKZLQGLJNHLWDXIGLH:DVVHUREHUIOlFKHKLQXQWHUVWLH1XU6HNXQGHQ VSlWHUZDUGDV6FKLIIYRQJUQJUDXHQ:DVVHUPDVVHQXPVFKORVVHQ 8GLYDUZHFKVHOWHGHQ2UWXQJVPRGXVVRGDVLFKGDV$WROODOV GUHLGLPHQVLRQDOH*UDILNLQGHU+RORVSKlUHDE]HLFKQHWH
,VWGLHVH$UWGHU'DUVWHOOXQJIUHXFKDXVUHLFKHQG"HUNXQGLJWHVLFK8GLYDU 6LHJHQJWXQVHUHQ$QVSUFKHQDQWZRUWHWH7RPXQGEHREDFKWHWHZLHGDV VXESODQHWDUH)HOVPDVVLYLPPHUJU|HUXQGPlFKWLJHUZXUGH%DOGIOOWHHV GLHJHVDPWH+RORVSKlUHDXVXQG7RPVFKlW]WHGDVLHYRQGHP)HOVULQJ QXUQRFKZHQLJHUDOVHLQHQ.LORPHWHUHQWIHUQWZDUHQ3O|W]OLFKEHJDQQLP %LOG]HQWUXPHLQURWHV/LFKW]XEOLQNHQ :DVKDWGDV]XEHGHXWHQ"IUDJWH*OHQDXIJHUHJW 'DVLVWGHUHUKRIIWH,PSXOVDQWZRUWHWH8GLYDURKQHVLFKWEDUH5HJXQJ(V LVWGLHVHOEH)UHTXHQ]DXIGHUDOOH2SIHUXQG%HXWHVWFNHGHV=LUURJHVWUDKOW KDEHQ$EHU 8GLYDUYHUVWXPPWH,PVHOEHQ0RPHQWEHJDQQHLQH]ZHLWH,PSXOVTXHOOH]X EOLQNHQ6LHJUHQ]WHKDUWDQGHQHUVWHQ6HQGHUXQGPXWHXQPLWWHOEDU GDQHEHQOLHJHQ :DVKDWGDVQXQZLHGHU]XEHGHXWHQ"ZROOWH7RPZLVVHQ ,FKZHUGHHVVFDQQHQVDJWH8GLYDU 'DUDXIKLQZXUGHGLH*UDILNGLHGHQGHQ9XONDQXPJUHQ]HQGHQ)HOVULQJ GDUVWHOOWHGXUFKVFKHLQHQG'DV9XONDQPDVVLYZXUGHKHUDQJH]RRPWELVGLH 3URMHNWLRQGLH+RORVSKlUHDXVIOOWHZlKUHQGGLHEHLGHQ%OLQNOLFKWHULP %LOG]HQWUXPEOLHEHQVLFKMHGRFKPHUNOLFKDXVZHLWHWHQ'DQDFKZXUGHGHU )HOVYRP6FDQQHU6FKLFKWIU6FKLFKWGXUFKOHXFKWHWZDVLQGHU*UDILNGXUFK YHUVFKLHGHQH)DUEDEVWXIXQJHQGDUJHVWHOOWZXUGH 8QGGDQQ7RPKLHOWGHQ$WHPDQXQG*OHQVWLHHLQHQNHXFKHQGHQ/DXW DXVELOGHWHQVLFKLQGHP(LQHUOHLYRQ*UDXXQG2OLYJUQ/LQLHQ:LHYRQ IOLQNHU+DQGJH]HLFKQHWIXKUHQVLHNUHX]XQGTXHUEHUGDV%LOG]HQWUXPELV VLFKDOOPlKOLFKHLQHHUNHQQEDUH)RUPKHUDXVNULVWDOOLVLHUWH 'DVVFKHPDWLVFKGDUJHVWHOOWH2EMHNWEHVWDQGDXVHLQHPVHQNUHFKWHQ HLI|UPLJHQ*HELOGHYRQGHPVLHEHQGRSSHOWVRODQJH5|KUHQDEVWDQGHQ-H HLQHGDYRQIKUWHQDFKREHQXQGXQWHQGLHIQIUHVWOLFKHQ5|KUHQZDUHQ ZDDJUHFKWXQGLQUHJHOPlLJHQ$EVWlQGHQDQJHRUGQHW 'DVLVWHLQHVXESODQHWDUH)HVWXQJULHI*OHQDXV2GHUZRP|JOLFKHLQ 5DXPVFKLII-DGDVN|QQWHHVVHLQ'HU=LUURKDWQDFKGLHVHPYHUVFKROOHQHQ 5DXPVFKLIIJHVXFKW:DVPDJHVEHUJHQGDGHU=LUURVROFKHQ$XIZDQG EHWULHEXPHV]XILQGHQ" 7RPIDQG*OHQVDXVGHP6WHJUHLIJHWURIIHQH6FKOXIROJHUXQJJDUQLFKWPDO VRVHKUDQGHQ+DDUHQKHUEHLJH]RJHQ$EHULKPILHOHQJXWHLQKDOEHV 'XW]HQGZHLWHUH0|JOLFKNHLWHQHLQZDVGLHVHV2EMHNWGDUVWHOOHQNRQQWH )HVWVWDQGOHGLJOLFKGDHVIUGHQ=LUURVROFKHQ:HUWGDUVWHOOWHGDHU GDIUHLQHQJDQ]HQ3ODQHWHQPLWVHLQHQ%HZRKQHUQJHRSIHUWKlWWH 'DV2EMHNWLVWQLFKWVYRQDOOGHPVDJWH8GLYDU(VLVWHLQIHVW YHUVFKORVVHQHVXQGJXWJHVFKW]WHV6LFKHUKHLWVEHKlOWQLV(VLVWGLH]ZHLWH ,PSXOVTXHOOHGLHGLH/|VXQJGHV*HKHLPQLVVHVLQVLFKWUlJW 8PZDVIUHLQHQ,PSXOVKDQGHOWHVVLFK"IUDJWH*OHQ *UREJHVSURFKHQKDQGHOWHVVLFKXPGLH,PSXOVHHLQHV5DXP]HLWVFKORVVHV DQWZRUWHWH8GLYDU$EHUGLH6DFKHNRPSOL]LHUWVLFK]XVlW]OLFKGDGXUFKGD
GDV2EMHNWLQHLQHUYHUVFKDFKWHOWHQ5DXP]HLWYHUIDOWXQJHLQJHVFKORVVHQLVW 'DUDXVHUJLEWVLFKQHEHQHLQHUNRPSOL]LHUWHQ,PSXOVIROJHQRFKGDV3UREOHP EHUGHQ+\SHUUDXP=XJDQJLQGLHVHNQVWOLFKNRQVWUXLHUWH([LVWHQ]HEHQH ]XVXFKHQ ,FKZHLQLFKWRELFKGLUQRFKIROJHQNDQQ8GLYDUVDJWH7RP 'DUDXINRPPWHVDXFKJDUQLFKWDQHUZLGHUWHGHU 1DNN'XEUDXFKVWGLH/|VXQJVFKOLHOLFKQLFKW]XHUDUEHLWHQ(VJHQJW ZHQQGXZHLWGDHVGHV=LUURV3UREOHPLVWGHQ=XJDQJLQGLHVH 5DXP]HLWIDOWH]XILQGHQXQGVLFK]XKROHQZDVGDULQYHUERUJHQLVW'DHU GLHVDXVHLJHQHU.UDIWQLFKWVFKDIIWKDWHUVLFKGLHYRQLKPSUlSDULHUWHQ 6NODYHQ]XU8QWHUVWW]XQJJHKROW0LW+LOIHLKUHU*HLVWHVNDSD]LWlWKRIIWHU VLFKGXUFKGLHXQEHNDQQWH5DXP]HLWIDOWH6FKULWWIU6FKULWWYRU]XDUEHLWHQ (LQLJH6FKULWWHKDWHUEHUHLWVJHVFKDIIW8QGZHQQZLULKQQLFKWVWRSSHQZLUG HUIUKHURGHUVSlWHUVHLQ=LHOHUUHLFKHQ :LHN|QQHQZLULKQDXIKDOWHQ"IUDJWH*OHQ +DEHLFKJHVDJWZLU "ZXQGHUWHVLFK8GLYDU'DVLVWPHLQHU=HUVWUHXWKHLW ]X]XVFKUHLEHQHVZDUHLQ,UUWXP,KUN|QQWPLUQLFKWKHOIHQ,FKPXHV DOOHLQWXQ 'DVNDQQLFKQLFKW]XODVVHQZLGHUVSUDFK*OHQ'LHVLVWQLFKWGHLQ 3ULYDWNULHJ(VJHKWKLHUVFKOLHOLFKXPXQVHUH:HOWXQGXQVHUH=XNXQIW:LU ZROOHQEHLGLHVHP.DPSIXPXQVHU/HEHQDXFKHLQHQ%HLWUDJOHLVWHQ 1HLQQHLQVDJWH8GLYDU(VJHKWOlQJVWQLFKWPHKUXPHXUHQ3ODQHWHQXQG HXUH([LVWHQ](VJHKWXP&DOLJXOD :LUZROOHQWURW]GHPPLWNlPSIHQEHKDUUWH*OHQ(UZDQGWHVLFK7RP]X ,VWGDVQLFKWDXFKGHLQH0HLQXQJ7RP":DUXPXQWHUVWW]WGXPLFKGHQQ QLFKW" 7RPZLQNWHDE(UNDQQWH8GLYDUJXWJHQXJGDHUZXWHZLHVWXUGHU1DNN VHLQNRQQWH'DEHLKlWWHHUHLQVWLFKKDOWLJHV$UJXPHQWEHVHVVHQXP8GLYDU ]XELWWHQLKQPLW]XQHKPHQ7RPZDULPPHUPHKU]XGHUhEHU]HXJXQJ JHNRPPHQGD%HWKV9HUVFKZLQGHQDXVGHP5HKDELOLWDWLRQV]HQWUXPPLW GHP=LUURLP=XVDPPHQKDQJVWHKHQPXWH8GLYDUKlWWHJHZL9HUVWlQGQLV IU VHLQH6RUJHJHKDEWLKQDEHUZRKOWURW]GHPQLFKWDOV%HJOHLWHUDN]HSWLHUW ,Q7RPUHLIWHHLQH,GHHXQGHUHQWZLFNHOWHHLQHQ3ODQ'DUXPZROOWHHUGHV 1DNNHQ$XIPHUNVDPNHLWQLFKWDXIVLFKOHQNHQ 8GLYDUPXZLVVHQZDVDPEHVWHQLVWVDJWH7RPQXUXQGGDFKWHGDEHLDQ %HWK HUNRQQWHDQQLFKWVDQGHUHVPHKUGHQNHQ 'DVLVWHLQHVHKUYHUQQIWLJH(LQVWHOOXQJVDJWH8GLYDU,FKNDQQNHLQH %HJOHLWHUPLWQHKPHQ,FKKDEHQXUHLQH &KDQFHZHQQLFKDOOHLQJHKH'HQQ LFKPXDXIGHP:HJEHUHLQH5DXP]HLWIDOWH]X=LUURXQGVHLQHU 6FKDW]WUXKHYRUGULQJHQ'DEHLNDQQLFKIUDQGHUHQLFKWGHQ$XISDVVHU VSLHOHQ:LHGLHVHVSH]LHOOH5DXP]HLWIDOWHEHVFKDIIHQLVWZHLLFK,FKKDEH GHUHQ6WUXNWXULP5HKDELOLWDWLRQV]HQWUXPNHQQHQJHOHUQW
8QGGXNDQQVWHLQIDFKVRHLQH5DXP]HLWIDOWHHUVFKDIIHQXQGGXUFKGLHVHLQ GDV9HUVWHFNYRQ=LUURVSD]LHUHQ"IUDJWH*OHQ :RIUKDEHLFKGHQQPHLQH)QI'6LQQHVDJWH8GLYDU,PEULJHQ EUDXFKHLFKQXUHLQHQ=XJDQJ]XGHU5DXP]HLWIDOWHVFKDIIHQLQGHU=LUUR DJLHUW*HQXJGDPLW,KUPWPLFKHQWVFKXOGLJHQ,FKEUDXFKHMHW]W5XKH XPPLFKDXIPHLQH$XIJDEH]XNRQ]HQWULHUHQ 'DUDXIKLQHUVWDUUWH8GLYDU]XU%HZHJXQJVORVLJNHLW 7RPEHREDFKWHWHLKQDXIPHUNVDP:lKUHQGHUVLFKDXIGHQ1DNNHQ NRQ]HQWULHUWHZDUMHGH)DVHUVHLQHV.|USHUV]XP=HUUHLHQJHVSDQQW(U ZXWHGDHU]XPJHJHEHQHQ=HLWSXQNWZUGHEOLW]VFKQHOOKDQGHOQPVVHQ ZHQQHUVHLQHQ3ODQGXUFKIKUHQZROOWH *OHQVDJWHHWZDV]XLKPXQG7RPJDELUJHQGHLQH$QWZRUW(UEHREDFKWHWH 8GLYDUDXVGHQ$XJHQZLQNHOQ GHU1DNNVFKZHEWHLPPHUQRFKUHJORVEHU GHP%RGHQ 'XK|UVWPLUMDQLFKWHLQPDO]XEHVFKZHUWHVLFK*OHQ 'RFKDEHU 7RPYROOHQGHWHGHQ6DW]QLFKWPHKU(UVDKZLH8GLYDUSO|W]OLFKHLQH UXFNDUWLJH%HZHJXQJPDFKWHXQGGDQQXQYHUPLWWHOWYHUVFKZDQGDOVKlWWH HUVLFKLQ/XIWDXIJHO|VW 0LWHLQHP6DW]HUUHLFKWH7RPGLH6WHOOHDQGHU8GLYDUYHUVFKZXQGHQZDU(U KDWWHVLHVLFKJXWHLQJHSUlJW'HQQRFKPXWHHUVLHEHLPHUVWHQ$QODXI YHUIHKOWKDEHQGHQQHUVWLHLQV/HHUH(UVWDOVHUHLQHQ6FKULWWUFNZlUWVWDW GDQQDXIGHU)HUVHGLH5LFKWXQJOHLFKWlQGHUWHXQGZLHGHUQDFKYRUQHWUDW KDWWHHU(UIROJ 7RPK|UWHQRFK*OHQVHUVWDXQWHV+HGDQQZDUHUGXUFKGLH 6WUXNWXU|IIQXQJLP5DXP]HLWJHIJHLQHLQHDQGHUH'LPHQVLRQJHVFKOSIW =XHUVWZDU'XQNHOKHLWXPLKQ(UZXWHQLFKWREHULQGHU/HHUHVFKZHEWH RGHUIHVWHQ%RGHQXQWHUGHQ)HQKDWWH6HLQH+DXWVLQQHIXQNWLRQLHUWHQ HEHQVRZHQLJZLHVHLQH7DVWVLQQHXQGVHLQ2ULHQWLHUXQJVYHUP|JHQ (UZXWHQLFKWZDVREHQXQGXQWHQZDU$EHUHUJDEVHLQHQ%HLQHQGHQ %HIHKO]XP*HKHQXQGHUUXGHUWHPLWGHQ$UPHQ8QGGDVYHUPLWWHOWHLKP GHQ(LQGUXFNYRQ%HZHJXQJ $XIHLQPDOZLFKGDV'XQNHOHLQHPU|WOLFKHQVFKDWWHQORVHQ/LFKWXQGHU EHIDQGVLFKLQHLQHU.DPPHUGLH]ZDUIUHPGDUWLJDEHULP3ULQ]LSQLFKW DQGHUVDXVVDKZLHLUJHQGHLQH.DPPHUGHV6WDQGDUGXQLYHUVXPV 'LH:lQGH ZDUHQJHZ|OEWXQGLQGHQ:LQNHOQDEJHUXQGHW HVJDENHLQH(FNHQ9RQGHU 'HFNHKLQJHQVHOWVDPJHIRUPWH*HELOGHGLHZLHLQ0HWDOOJHJRVVHQH2UJDQH HLQHVIUHPGDUWLJHQEL]DUUHQ/HEHZHVHQVDXVVDKHQ'LHVHKHUYRUTXHOOHQGHQ *HELOGHYHUPLWWHOWHQ7RPGDV XQDQJHQHKPH*HIKOVLFKLQGHQ(LQJHZHLGHQHLQHV5LHVHQ]XEHILQGHQ 'LH.DPPHUVWDQGXQWHUOHLFKWHU9LEUDWLRQXQGYRQLUJHQGZRGUDQJHLQ GXPSIHV5XPRUHQ]XLKP $XVGHU.DPPHUIKUWHQ]ZHLJHZXQGHQH5|KUHQGHUHQ:lQGHHEHQIDOOV GLHVHRUJDQLVFKZLUNHQGHQ$XVZFKVHEHVDHQGD]XQRFK(LQVFKQUXQJHQ
XQG(UZHLWHUXQJHQLQXQUHJHOPlLJHQ$EVWlQGHQ1DFKGHPHUVLFKGDYRQ EHU]HXJWKDWWHGDLQNHLQHUGHU5|KUHQHLQH6SXUYRQ8GLYDU]XVHKHQ ZDUHQWVFKORHUVLFKIUGLHOLQNH 7RPHUUHLFKWHQDFKYLHU0HWHUQHLQH%LHJXQJDQGHUGLH5|KUHHLQH6FKOHLIH PDFKWH'DKLQWHUJDEHVHLQH$E]ZHLJXQJ'DGDQDFKGLHHLQH5|KUHQXU QRFKIQI0HWHUZHLWHUIKUWHXQGDQHLQHUOHXFKWHQGHQZLHXQWHU(QHUJLH VWHKHQGHQ:DQGHQGHWHZDQGWHVLFK7RPLQGLHDQGHUH5LFKWXQJ 'LH9LEUDWLRQHQZDUHQVWlUNHUJHZRUGHQXQGDXFKGDV5XPRUHQZDUQXQ GHXWOLFKHU]XK|UHQ$EHUHUNRQQWHLPPHUQRFKQLFKWKHUDXVILQGHQXPZDV IU*HUlXVFKHHVVLFKKDQGHOWH6LHVFKLHQHQHEHQVRZLHGLH9LEUDWLRQHQ YRQEHUDOO]XNRPPHQ$EHURIIHQEDUQlKHUWHHUVLFKLKUHU4XHOOHGHQQVLH YHUVWlUNWHQVLFKPLWMHGHPVHLQHU6FKULWWH :LHGHUPDFKWHGLHXQUHJHOPlLJH5|KUHPLWGHQ$XVZFKVHQXQGGHQ 9HUGLFNXQJHQXQG(LQVFKQUXQJHQHLQH6FKOHLIHXQGIKUWHGDQQQDFKREHQ 6LHHUZHLWHUWHVLFKQDFKYLHU0HWHUQWULFKWHUI|UPLJXQGPQGHWH]ZDQ]LJ 0HWHUZHLWHULQHLQQRFKJU|HUHVKHOOVWUDKOHQGHV*HZ|OEH'HU/LFKWVFKHLQ ZDUVRLQWHQVLYGDHUDOOH.RQWXUHQVFKOXFNWHXQGVRGLH*UHQ]HQ YHUVFKZLPPHQOLH$EHUVRJUHOOGDV/LFKWDXFKZLUNWHHVEOHQGHWHGDV PHQVFKOLFKH$XJHQLFKW 7RPELOGHWHVLFKHLQLUJHQGZREHULKPLQGHP /LFKWHUPHHU%HZHJXQJHQ]XEHPHUNHQDEHUGDVPRFKWHDXFKHLQHRSWLVFKH 7lXVFKXQJVHLQ1XQZDUHUMHGRFKJDQ]VLFKHUGDGDVXQGHILQLHUEDUH 5XPRUHQYRQGRUWREHQNDP (UULHIVLFKGLH)RUPGHVLQHLQH5DXP]HLWIDOWHJHEHWWHWHQXQGYRQ8GLYDU JHRUWHWHQ2EMHNWVLQ(ULQQHUXQJ (VKDQGHOWHVLFKGDEHLXPHLQHQ(LN|USHU PLWU|KUHQI|UPLJHQ$XVZFKVHQ:HQQHUVHLQH3RVLWLRQLQQHUKDOEGLHVHV 2EMHNWVEHVWLPPHQZROOWHVRZUGHHUVDJHQGDGHU7ULFKWHUEHULKPLQ GHQHLI|UPLJHQ+DXSWN|USHUPQGHWH 7RPPDFKWHVLFKYRUVLFKWLJDQGHQ$XIVWLHJEHUGLHVWHLOHVFKUlJH)OlFKH 'LH$XVZFKVHXQG9HUWLHIXQJHQHUOHLFKWHUWHQVHLQ8QWHUIDQJHQGHQQHU IDQGDQLKQHQJXWHQ+DOW(UEOLFNWHLPPHUZLHGHUKRFKXPVLFK]X YHUJHZLVVHUQGDYRQGRUWNHLQH*HIDKUGURKWH'DEHLYHUVWlUNWHVLFKGHU (LQGUXFNGDVLFKLUJHQGHWZDVLQGHPDOOHVYHUVFKOXFNHQGHQ/LFKWVWlQGLJ LQZLHJHQGHU%HZHJXQJEHIDQG$EHUDXFKQDFKGHPHU]HKQ0HWHUDQ+|KH JHZRQQHQKDWWHZDUHQLQGHP0HHUDXV/LFKWNHLQH(LQ]HOKHLWHQ]X HUNHQQHQ 1XUGDVEHVWlQGLJH+LQWHUJUXQGJHUlXVFKZDUODXWHUJHZRUGHQ(VNODQJQXQ QLFKWPHKUVRPRQRWRQVRQGHUQZDUPHORGLVFKHUJHZRUGHQZLHHLQDQXQG DEVFKZHOOHQGHV6XPPHQDXVYLHOHQQLFKWPHQVFKOLFKHQ.HKOHQ8QGGDV 9LEULHUHQGHUJHZ|OEWHQ7ULFKWHUZDQGSIODQ]WHVLFKKHIWLJHUGHQQMHGXUFK VHLQHQ.|USHUIRUW(VZDUDOVHUKDOWHHUHQHUJHWLVFKH6W|HYRQGHU 7ULFKWHUZDQGXQGHVIXKULKPMHGHVPDOZLHWDXVHQG1DGHOVWLFKHGXUFKGLH +DXW
$OV7RPIUHLQHQ0RPHQWORVOLHYHUORUHUGHQ+DOWXQGNLSSWHKLQWHQEHU $EHUDQVWDWW]XIDOOHQZXUGHHUYRQHLQHUXQEHNDQQWHQ.UDIWHUIDWXQGLQGLH +|KH JHWUDJHQJHUDGHZHJVLQGDVDOOHVEHUVWUDKOHQGHXQGDOOHVVFKOXFNHQGH /LFKWKLQHLQ 8QGMHW]WGDHUVLFKLQQHUKDOEGHU/LFKWDXUDEHIDQGVDKHUGDGLH]XYRU PHKUHUDKQWHQDOVZDKUJHQRPPHQHQZHOOHQI|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|UEDU]X&DOLJXODLVWEHLXQV 'DV6XPPHQZDULQ]ZLVFKHQLPPHUODXWHUJHZRUGHQXQGPQGHWHLQHLQHQ XUJHZDOWLJHQHUO|VHQGHQ6FKUHL 8QGGDQQYHUNQGHWHHLQH6WLPPHLQ7RPV*HLVW 8QGZLHGHUKDEHQZLUHLQH6FKUDQNHGXUFKEURFKHQ1XUQRFK]ZHLGDQQLVW )UHM[WIUHL LVW)UHM[WIUHLHUNODQJGDVYLHOVWLPPLJH(FKRGHU'LHQHUGHV=LUURLQGDV DXFK7RPHLQVWLPPWH )UHM[WOLWW+|OOHQTXDOHQ 8QGGDVVHLWWDXVHQG-DKUHQRGHUPHKU9LHOOHLFKWZDUHQHVDXFKHLQH0LOOLRQ -DKUHHUZXWHHVQLFKWVRJHQDX6HLQ*HIDQJHQHQGDVHLQHUVFKLHQLKPZLH HLQH(ZLJNHLW :DVIUHLQWHXIOLVFKHU.HUNHU(UNRQQWHDWPHQXQGGHQNHQDEHUQLH VFKODIHQRGHUVLFKEHZHJHQ8QGHUNRQQWHQLFKWVWHUEHQ'DVZDUGLH KlUWHVWH6WUDIHEHUKDXSW OHEHQXQGLPPHUIRUWGHQNHQ]XPVVHQDEHU QLFKWVWXQ]XN|QQHQ (UVWHFNWHLQHLQHPHQJHQ%HKlOWQLVGDVJHQDXVHLQHU.|USHUIRUPHLQHP TXDOOLJHQ.RUSXVPLWDFKW7HQWDNHOQDOV([WUHPLWlWHQXQGHLQHP]XVlW]OLFKHQ PLWGHQ6LQQHQGHUDXFKGHU1DKUXQJVDXIQDKPHGLHQWHDQJHSDWZDUVR GDHUVLFKQLFKWHLQPDOKHUXPGUHKHQNRQQWH'DVDXVJHWIWHOWH
/HEHQVHUKDOWXQJVV\VWHPHUQlKUWHLKQKLHOWLKQILWXQGKHLOWHGLHNOHLQHQ .UDQNKHLWHQGLHLKQEHILHOHQ $EHUHVOLQGHUWHQLFKWDXFKVHLQH6HHOHQTXDOHQ :HQQHUGXUFKGDV%XOODXJHYRUVHLQHP6LQQHVWHQWDNHOEOLFNWHVDKHUVWHWV LPPHUQXUGLHVHPRQRWRQH*UHOOHYRUVLFK :DVZDUHQGDVIUJUDXVDPH+HQNHUJHZHVHQGLHLKQYHUXUWHLOWKDWWHQ :HOFKHV5HFKWKDWWHQVLHDQVWDWW/HEHQ]XQHKPHQXP]XHUO|VHQHZLJHV /HEHQ]XJHEHQXP]XEHVWUDIHQ"8QGGDEHLQDQQWHQVLHVLFKVRJDUQRFK VWUHQJDEHUJHUHFKWXQGPHQVFKOLFK 0HQVFKOLFKQDWUOLFKLQEHUWUDJHQHQ6LQQGHQQ)UHM[WNDQQWHGLHVHQ %HJULIIQLFKW'HQQHUZDUNHLQ0HQVFK(UVWDPPWHQLFKWHLQPDODXVHLQHP YRQ+XPDQRLGHQEHZRKQWHQNRVPLVFKHQ%HUHLFK(UZDUDXFK NHLQ6DXHUVWRIIDWPHU:DVHUDWPHWHZDUIUHLQHQ6DXHUVWRIIDWPHUSXUHV *LIW 8QGHUZDUQLFKWHLQPDOLPSKLORVRSKLVFKHQ6LQQHKXPDQ 6HLQH)HLQGHQDQQWHQLKQHLQ8QJHKHXHU $EHUZDVPDQDWPHWHZDUNHLQ0DVWDEIUHLQH%HZHUWXQJ:DV]lKOWH ZDUGLH'HQNZHLVH6HLQH)HLQGHEHVFKHLQLJWHQLKP(JRLVPXV%|VDUWLJNHLW XQG6NUXSHOORVLJNHLW$EHUGDVZDUQDFK)UHM[WV0HLQXQJXQZLFKWLJ(LQ VROFKHV3DXVFKDOXUWHLOZXUGHLKPQLFKWJHUHFKW(UZDUHLQYLHOVFKLFKWLJHU &KDUDNWHU (UZDU]ZDUHLQ'LNWDWRUJHZHVHQXQGKDWWHGDPLWGLHHLQ]LJP|JOLFKH$UW GHV+HUUVFKHQVSUDNWL]LHUW0DQNRQQWHQLFKW]X]ZHLWKHUUVFKHQQLFKWLP 7ULXPYLUDWUHJLHUHQXQGVFKRQJDUQLFKWLP+XQGHUWRGHU7DXVHQG(VJDE LPPHUVRYLHOH0HLQXQJHQXQG9RUVWHOOXQJHQGDUEHUZDVJXWXQGULFKWLJZDU ZLH*HKLUQHGLHVLHSURGX]LHUWHQ 1HLQQHLQ (VJDEQXUGLH$OOHLQKHUUVFKDIWDOVHLQ]LJHVLQQYROOH)RUPHLQHU5HJLHUXQJ 'D]XKDWWHHULPPHUJHVWDQGHQXQGVWDQGHULPPHUQRFK 'DVZDUPLWHLQ*UXQGZDUXPHUQLFKWVWHUEHQGXUIWH 0DQKDWWHLKQDXFKJUDXVDPJHQDQQWZHLOHU0LOOLRQHQYRQ7RGHVXUWHLOHQ EHUVHLQH*HJQHUJHIlOOWXQGYLHOHGDYRQDXFKVHOEVWYROOVWUHFNWKDWWH$EHU XPZLHYLHOZDUHLQNXU]HUVFKPHU]ORVHU7RGJQlGLJHUDOV]XHZLJHP/HEHQ YHUXUWHLOW]XVHLQRKQHHVDXFKDXVOHEHQ]XN|QQHQ $QIDQJVKDWWHHUVLFKGDPLWKHKROIHQGDHUVHLQIUKHUHV/HEHQDXVGHU (ULQQHUXQJQDFKYROO]RJ (UKDWWHVHLQHQ$XIVWLHJYRP5HEHOOHQ]XP9HUZDOWHUVHLQHU+HLPDWZHOW LQ]ZLVFKHQXQ]lKOLJH0DOHQDFKYROO ]RJHQ(UKDWWHVHLQHZHLWHUH.DUULHUH]XP*RXYHUQHXUHLQHV+XQGHUW 6RQQHQUHLFKVXQG]XP+HUUVFKHUEHUGLHJDQ]H*DOD[LV[PDOQDFKHUOHEW 8QGZLHHUHVJHQRVVHQKDWWHVLFKPLWGHQ0lFKWHQDQGHUHU*DOD[LHQ]X PHVVHQXQGGLHVHQLHGHU]XULQJHQ:DVIUHUEDXHQGH(ULQQHUXQJHQ 'RFKGLHVHVLPPHUZlKUHQGH:LHGHUHUOHEHQZDULKPLQ]ZLVFKHQ]XU4XDO JHZRUGHQ
6HLQH5LFKWHUKDWWHQJHVDJW 'XKDVWDOOH=HLWGHU(ZLJNHLWXPEHUGHLQH 6FKDQGWDWHQQDFK]XGHQNHQ(UVWZHQQGXGLUEHUGHLQH9HUEUHFKHQLP NODUHQELVWGDUIVWGXVKQHQ'DQQHUVWXQGQLFKWHKHUJHZlKUHQZLUGLUGLH *QDGHHLQHVUDVFKHQ7RGHV =XHUVWKDWWHHUVHLQH+HQNHUDXVJHODFKW8QVWHUEOLFKNHLWGDVZDUGRFK NHLQH6WUDIHKDWWHHUJHGDFKW,Q]ZLVFKHQZXWHHUHVEHVVHU'LHVH$UWGHU 8QVWHUEOLFKNHLWPLWGHUPDQLKQEHVWUDIWKDWWHZDUGLH+|OOH (UZDULQHLQHP5DXP]HLWJHIlQJQLVHLQJHVFKORVVHQ,UJHQGZRLP +\SHUUDXPDXIHLQHUILNWLYHQPHWHRULWHQJURHQ([LVWHQ]HEHQHGLHHLJHQV IULKQHUVFKDIIHQZRUGHQZDU2KQHGLH0|JOLFKNHLWVHLQHQ %HZHJXQJVGUDQJDE]XUHDJLHUHQRGHUVHLQHEULOODQWHQ,GHHQ]XYHUZLUNOLFKHQ 2KHUKlWWHQRFKYLHOHJURH3OlQHYHUZLUNOLFKHQZROOHQXPVHLQH0DFKW QRFKPHKUDXV]XZHLWHQ8PGDV8QLYHUVXP]XEHJOFNHQXQG]XEHIULHGHQ 'HQQQLFKWVDQGHUHVKDWWHHULP6LQQJHKDEW(UZROOWHGHQ)ULHGHQIU GLHVHVJDQ]H8QLYHUVXP6LFKHUGDV(UUHLFKHQGLHVHVXQLYHUVHOOHQ=LHOHV GLH*HVWDOWXQJGHV.RVPRVQDFKVHLQHQ9RUVWHOOXQJHQKDWWHVHLQHQ7ULEXW JHIRUGHUW.HLQ:HVHQZDUZLHGDVDQGHUHXQGGHQ0DVVHQJHILHOHVQLFKW GHP*HVHW]HLQHVHLQ]HOQHQ]XJHKRUFKHQ6LHXQWHUZDUIHQVLFKQLFKWHLQPDO GHQ*HERWHQLKUHV6FK|S IHUVZLHNRQQWHGDQQHLQ(PSRUN|PPOLQJZLH)UHM[WHUZDUWHQGDVLHVHLQ :RUWEHIROJWHQ (VZDU)UHM[WLPPHUGXUFKDXVNODUJHZHVHQGDHUIUGLH9HUZLUNOLFKXQJ VHLQHU3OlQHNlPSIHQPXWH(UKDWWHVLFKQLHGDUEHUEHVFKZHUWGHQQGHU .DPSIKDWWHLKP%HIULHGLJXQJEHUHLWHW0DQOHEWHHLQ]LJXQGDOOHLQIUGHQ .DPSIGDVZDUGLHXOWLPDWH:HLVKHLWGHU6LQQGHV/HEHQV $EHUGDVZROOWHQVHLQH)HLQGHQLFKWYHUVWHKHQ6LHDN]HSWLHUWHQGDVK|FKVWH XQGZDKUVWH*HVHW]GHV8QLYHUVXPVQLFKW9LHOOHLFKWQHLGHWHQVLHLKPDXFK QXUVHLQH0DFKWVHKUZDKUVFKHLQOLFKGDGLHVGHUZLUNOLFKH*UXQGIULKUHQ $XIVWDQGZDU$EHUGDV]lKOWHQLFKWPHKU )UHM[WOLWWXQGZDUWUDXULJGDHUVHLQHQ7UDXPYRQGHU$ONQDFKWQLFKWKDWWH YHUZLUNOLFKHQN|QQHQ(UKDWWHVHLQHQ=HQLWQRFKODQJHQLFKWHUUHLFKWDOVLKQ VHLQH*HJQHU]X)DOOEUDFKWHQ)UHM[WZXWHQRFKLPPHUQLFKWUHFKWZLHHV GD]XKDWWHNRPPHQN|QQHQ(U]HUPDUWHUWHVLFKVHLQ*HKLUQGDUEHUZLH GLHVHV5XGHOYRQ6FKZlFKOLQJHQLKQKDWWHEH]ZLQJHQN|QQHQ (UIDQGGLH$QWZRUWQLFKW(UZXWHQXUGDVHLQHHQJVWHQ)UHXQGHVHLQH LQWLPVWHQ9HUWUDXHQVOHXWHGDEHLLKUH.UlIWHLP6SLHOJHKDEWKDWWHQ$EHUVR ZDUHVLPPHU'LH)UHXQGHGHQHQGXGHQ5FNHQNHKUVWVLQGHVGLHGLFK KLQWHUUFNVHUGROFKHQ +lWWHQVLHHVQXUJHWDQLKQJHPHXFKHOW'DQQEUDXFKWHHUVLFKQLFKW -DKUWDXVHQGHRGHU-DKUPLOOLRQHQODQJPLWGHU)UDJH]XTXlOHQZDVHUIDOVFK JHPDFKWKDWWH :HQQGXEHUGHLQH)HKOHUQDFKGHQNVWGDQQEHILQGHVWGXGLFKDXIGHP EHVWHQ:HJGHU%HVVHUXQJKDWWHQVHLQH5LFKWHUJHXUWHLOW9LHOOHLFKWLVWGLU VFKRQEDOGGLH*QDGHGHV7RGHVEHVFKLHGHQ
:DVIUHLQ=\QLVPXV $EHUVHLQH+HQNHUKDWWHQLKQPLYHUVWDQGHQ(UVWDQGQRFKLPPHU]XVHLQHQ 7DWHQXQGZUGHLPPHU]XLKQHQVWHKHQ(UVXFKWHOHGLJOLFKQDFK)HKOHUQLQ VHLQHU0DFKWVWUXNWXUZROOWHKHUDXVILQGHQZDVHUIDOVFKJHPDFKWKDWWHGD HVEHUKDXSW]XVHLQHP6WXU]KDWWHNRPPHQN|QQHQ (LQHVZDUJHZL (UKDWWHGHQIDOVFKHQ/HXWHQYHUWUDXW8QGZDVHUEHLP QlFKVWHQ0DOEHVVHUPDFKHQZUGH (UZUGHNHLQHPQLFKWHLQPDOVHLQHP %OXWVEUXGHUGHQ5FNHQ]XNHKUHQ $EHUYHUPXWOLFKJDEHVNHLQQlFKVWHV0DOPHKU-HQHGLHHUIUVHLQH )UHXQGHJHKDOWHQKDWWHZDUHQEHVWLPPWDOOH]XP*HJQHUEHUJHODXIHQ EH]LHKXQJVZHLVHKDWWHQPLWGLHVHPVHLQHQ)UHM[WV6WXU]LQV]HQLHUW 1RFKZDKUVFKHLQOLFKHUZDUGDVLHDOOHVFKRQOlQJVWWRWZDUHQXQGHU )UHM[WLQ9HUJHVVHQKHLWJHUDWHQZDU 'LH=HLWVHLQHU*HIDQJHQVFKDIWHUVFKLHQLKPZLHHLQH(ZLJNHLW (UZDUDOOHLQ 8QGHUOLWW+|OOHQTXDOHQ $EHU)UHM[WEHUHXWHQLFKW (UIOHKWHQLFKWHLQPDOXPGHQ7RGZLHVHKUHULKQVLFKDXFKZQVFKWH(U ZDU]XVWRO]]XP.ULHFKHQ(UEOLHEVLFKVHOEVWWUHX(UZUGHQLHXP*QDGH ZLQVHOQ (UVHKQWHVLFKQDFKQLFKWVDQGHUHPDOVGHP(QGHVHLQHU4XDOHQ'LHVH (UO|VXQJPLWVHLQHU%HIUHLXQJJOHLFK]XVHW]HQGDUDQGDFKWHHUOlQJVWQLFKW PHKU (UJODXEWHGDHVIULKQNHLQH$OWHUQDWLYHDOVGHQ7RGJl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lQJHUZDUHQDOOHJHW|WHWZRUGHQ(UZDUGHUHUVWHGHUGHQ 'XUFKEUXFKJHVFKDIIWKDWWHXQGELV]X)UHM[WV*HIlQJQLVYRUJHGUXQJHQZDU 'LHDQGHUHQ.ORQHZDUHQMHGRFKQLFKWXPVRQVWJHVWRUEHQ-HGHUYRQLKQHQ KDWWHHLQHQZHUWYROOHQ%HLWUDJGD]XJHOHLVWHWGHQ:HJ]X)UHM[W]XILQGHQ 2KQHGHQ2SIHUJDQJVHLQHU9RUJlQJHUKlWWH=LUURVHLQ=LHOQLHHUUHLFKW =LUURGHU1DPHJHILHOLKPXQGGDUXPQDKPHULKQDQ
1XPPHUHLQVXQG]ZHLKDWWHQGLH3UR]HDNWHQJHIXQGHQXQGGLH$UWGHU %HVWUDIXQJHUPLWWHOW1XPPHUGUHLKDWWHGLHJDODNWLVFKHQ.RRUGLQDWHQGHV 6WUDISODQHWHQKHUDXVJHIXQGHQXQG1XPPHUYLHUXQGIQIZDUHQDXIGHP *DQJEHUGLH+\SHUEUFNHLQYHUVFKLHGHQHQ3DUDUHDOLWlWHQYHUVFKROOHQ (UVWLKP=LUURZDUHVYHUJ|QQW]XP6WUDISODQHWHQYRU]XVWRHQXQGGLH JHQDXH/DJHYRQ)UHM[WV*HIlQJQLV]XHUPLWWHOQ $EHUOHLFKWZDULKPGLHVHV8QWHUIDQJHQQLFKWJHPDFKWZRUGHQ $P=LHODQJHNRPPHQZDUHUYRQHLQHP8QWLHUPLW'6LQQHQHQWGHFNWXQG JHVWHOOWZRUGHQ =LUURKDWWHGLHVH%HVWLH]ZDUEHVLHJHQN|QQHQZDUGXUFKGLHVHQ.DPSI MHGRFKVRVHKUJHVFKZlFKWZRUGHQGDHUKDQGOXQJVXQIlKLJZDU(UVWDOVHU DXIHLQODWHQWSDUDSV\FKLVFKEHJDEWHV:HVHQGLHVHU:HOWVWLHKDWWHHU GLHVHVDOV7UlJHUVHLQHU.UlIWHDXVHUZlKOWXQGVLFKEHUGLHVHQ:LUWZLHGHU JHVWlUNW 6HOEVWGDQQKDWWHHUQRFKQLFKWVHLQ=LHODQSHLOHQN|QQHQGHQQGHVVHQ JHQDXH/DJHZDULKPXQEHNDQQWJHZHVHQ(UKDWWHHUVWHLQPDOGDUDQJHKHQ PVVHQEHUGLH+\SHUEUFNHGLHVHQJDQ]HQYHUGDPPWHQ3ODQHWHQ XP]XDFNHUQXPGHQYLHUGLPHQVLRQDOHQ%H]XJVSXQNWGHVIQIGLPHQVLRQDOHQ *HIlQJQLVVHVHLQ]XNUHLVHQ 8QGDOVHUGLHVFKZDFKHQ+\SHUVLJQDOHHQGOLFKDQJHSHLOWKDWWHPXWHHU VLFKQRFKGHUJHEDOOWHQ*HLVWHVNUDIWGHUYRQLKPEHHLQIOXWHQ 3ODQHWHQEHZRKQHUEHGLHQHQXPGLHDFKW6FKUDQNHQGLHGLH SDUDUHDOLVWLVFKH/HEHQV]HOOH]XVlW]OLFKVLFKHUWHQHLQHQDFKGHUDQGHUHQ]X GXUFKEUHFKHQ (QGOLFKJDEHVQXUQRFKGUHL6FKUDQNHQ =LUURNRQQWHEHUHLWV)UHM[WV,PSXOVHRUWHQXQGLKPGLH1DFKULFKWYRQVHLQHU EHYRUVWHKHQGHQ%HIUHLXQJVLJQDOLVLHUHQ(UOLHGHQJHVWU]WHQXQG ]XNQIWLJHQ+HUUVFKHUEHUGLHGUHL]HKQ*DOD[LHQZLVVHQGDHUDXFK KXQGHUW-DKUHQDFKVHLQHU9HUEDQQXQJQRFKQLFKWLQ9HUJHVVHQKHLWJHUDWHQ ZDUXQGYLHOH$QKlQJHULQDOOHQGUHL]HKQ*DOD[LHQEHVD )UHM[WKDWWHPHKU$QKlQJHUGHQQMHGHQQGDV*HIJHGHV,PSHULXPV EHJDQQXQWHUGHUKDOEKHU]LJHQ)KUXQJGHUUHJLHUHQGHQ0lFKWHDOOPlKOLFK ]X]HUEU|FNHOQ'HU5XIQDFKHLQHUVWDUNHQ+DQGZXUGHLPPHUODXWHU)UHM[WV HLQVWLJH*HIROJVOHXWHXQGGHUHQLQ)UHM[WV6LQQHU]RJHQH1DFKNRPPHQ QDKPHQGLHVHQ5XIDXIXQG EHVFKORVVHQGHQHLQVWLJHQ,PSHUDWRUZLHGHUDQGLH0DFKW]XEULQJHQ6LH JHZDQQHQLPPHUPHKUDQ(LQIOXIDQGHQEHLDOOHQ9|ONHUQLPPHUPHKU *HVLQQXQJVJHQRVVHQELVVLHHQGOLFKPlFKWLJJHQXJZDUHQGDV3URMHNW]X )UHM[WV%HIUHLXQJLQ$QJULIIQHKPHQ]XN|QQHQ 8QGGDZDUHU=LUURQXQ .XU]EHYRUDXFKGLHGULWWOHW]WH6FKUDQNHILHOWDXFKWHMHGRFKSO|W]OLFKDXI GLHVHUSDUDUHDOHQ(EHQHZLHGHUGLHVHV8QWLHUDXIGDV=LUURVFKRQHLQPDO VWDUN]XJHVHW]WKDWWH'RFKGLHVPDOZDUHVHLQHLQVHLWLJHU.DPSIGHQQ=LUUR
NRQQWHVLFKPLWGHU*HLVWHVNUDIWVHLQHUYLHOHQ6NODYHQYHUVWlUNHQXQGVHLQHQ *HJQHUPKHORVEHVLHJHQ (UW|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|WHVRNOHLQHUVFKDIIHQZRUGHQDQWZRUWHWH=LUUR (VJlEHVRQVW3UREOHPHPLWGHP7UDQVIHUXQGLFKN|QQWH)UHM[WEHLGHP 5FNWUDQVSRUWLQVHLQH+HLPDWNHLQHQ*HOHLWVFKXW]JHEHQ'LH+\SHUEUFNH LVWIUGLH%HI|UGHUXQJHLQHUJU|HUHQ0DVVHQLFKWJHHLJQHW 'DVOHXFKWHWPLUHLQVDJWHGHU1DNN,FKKDEHVFKRQYRQ$QIDQJDQ HUNDQQWGDGHLQH0|JOLFKNHLWHQEHJUHQ]WVLQG $EHUVLHUHLFKHQDOOHPDODXVGLFK]X]HUGUFNHQGX:XUP 'DVHEHQEH]ZHLIOHLFK,FKVHKHQXUVRVFKZlFKOLFKDXVZHLOPDQPHLQH :DIIHQQLFKWVLHKW :DVZLOOVWGXHLJHQWOLFKYRQPLU" ,FKYHUODQJHYRQGLU=LUURGLH)UHLODVVXQJYRQ&DOLJXODXQGGLHY|OOLJH :LHGHUKHUVWHOOXQJDOOHU6NODYHQVDJWH8GLYDUIHVW$OV*HJHQOHLVWXQJELHWH LFKGLUDQGLUEHL)UHM[WV%HIUHLXQJ]XKHOIHQXQGVLFKHUHHXFKIUHLHV*HOHLW ]X :DUXPVROOWHLFKPLUGHLQH'LHQVWHIUHWZDVVRWHXHUHUNDXIHQGDVLFK DXFKDXVHLJHQHU.UDIWHUUHLFKHQNDQQ"DUJXPHQWLHUWH=LUUR 'DVZLUVWGXQLFKWZHQQLFKGHLQHQ%HVWUHEXQJHQHQWJHJHQDUEHLWH HUZLGHUWHGHU1DNN'XNDQQVWPLUJODXEHQGDLFKGD]XLQGHU/DJHELQ 2GHUZLOOVWGXHLQH.RVWSUREHPHLQHU0DFKWKDEHQ" =LUURKROWHRKQHHUVWODQJH]XEHUOHJHQ]XP9HUQLFKWXQJVVFKODJJHJHQ GHQ1DNNHQDXV'RFKGLHVHUHQWZLVFKWHLKPJHVFKLFNWGXUFKHLQH 5DXP]HLWIDOWHDXIHLQHDQGHUH+\SHUHEHQH=LUURNRQQWHLKQDXFKEHLHLQHP KDOEHQ'XW]HQGZHLWHUHQ*HOHJHQKHLWHQQLFKW]XIDVVHQNULHJHQ'DPXWH HUDQHUNHQQHQGDGHU1DNNHLQZDKUHU0HLVWHUGHU3DUDUHDOLWlWHQZDU :HQQGXPHLQ$QJHERWDXVVFKOlJVWXQG&DOLJXOD RGHUHLQHPGLHVHUEHGDXHUQVZHUWHQ:HVHQDXFKQXUHLQ+DDUNUPPVW GDQQZHUGHLFKPHLQH)lKLJNHLWHQJHJHQ)UHM[WHLQVHW]HQGURKWH8GLYDU
*XWGXKDVWJHZRQQHQJLQJ=LUUR]XP6FKHLQDXIGHV1DNNHQ )RUGHUXQJHQHLQ,FKODVVHGLHVHJDQ]H%DQGHIUHLQDFKGHPGX)UHM[WDXV VHLQHP*HIlQJQLVJHKROWKDVW ,Q:LUNOLFKNHLWGDFKWH=LUURQLFKWLP7UDXPGDUDQVHLQ9HUVSUHFKHQ]X KDOWHQ(UKDWWHLQ]ZLVFKHQEHLVLFKEHVFKORVVHQDOOHVHLQH6NODYHQPLWVDPW GHU%HVWLH&DOLJXODXQGGHP1DNNHQ8GLYDULQ)UHM[WV=HOOH]XVWHFNHQ 'DVLHRKQH6FKXW]DQ]XJZDUHQZUGHQVLHLQGHUIUVLHJLIWLJHQ $WPRVSKlUHQLFKWODQJHOHEHQ6FKRQGHUHUVWH$WHP]XJZUGHLKUHQ7RG EHGHXWHQ =LUURIUHXWHVLFKVFKRQDXIGLHVHQ$QEOLFN(UZUGHLKQJHQLHHQ 'DUDXINDQQLFKPLFKQLFKWHLQODVVHQVDJWH8GLYDU'XZLUVWGLHVH EHGDXHUQVZHUWHQ:HVHQVRIRUWODXIHQODVVHQXQGNDQQVWGDIU&DOLJXODXQG PLFKDOV*HLVHOQEHKDOWHQ =LUURWDWDOVEHUOHJHHUVLFKGHQ9RUVFKODJ,Q:LUNOLFKNHLWDUEHLWHWHHUDXI =HLWJHZLQQ:l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lUHJHIOOWZDUYRUEHLXQGUHFNWHGDEHLVHLQHQ 6LQQHVWHQWDNHOGHQ6NODYHQHQWJHJHQ 1LFKWPHKUODQJHGDQQLVW)UHM[WGHU+HUUGHV8QLYHUVXPVIUHLGUDQJHQ VHLQH*HGDQNHQ]X7RP(VZDUHQNODUH*HGDQNHQEHIHKOHGHUHQ.UDIWPDQ VLFKQLFKWHQW]LHKHQNRQQWH:DV=LUURLKPDXFKEHIHKOHQZUGHHUZUGH JHKRUFKHQPVVHQO:HQQ)UHM[WHUVWLQ)UHLKHLWLVWZLUGHUHXFKIUVWOLFK EHORKQHQPHLQH%UDYHQ (UZLUGXQVDOOHW|WHQPXUPHOWH%HWKDQ7RPV6HLWH :RKHUKDVWGXGLHVHQ8QVLQQVDJWH7RPEDUVFK ,FKZHLHVYRQ&DOLJXODVDJWH%HWK,FKKDEHHLQHQJXWHQ'UDKW]XLKP XQGHUVFKW]WPLFKYRU=LUURVK\SQRVXJJHVWLYHU.UDIW9RQ&DOLJXODZHLLFK DXFKGD8GLYDUKLHULVW(UZLUGXQVEHIUHLHQ (UZLUGXQVXPXQVHUHQYHUGLHQWHQ/RKQEULQJHQVDJWH7RP
=LUURKDWWHYHUORFNHQGH%LOGHULQVHLQHQ*HLVWSURML]LHUW7RPVDKHLQH SDUDGLHVLVFKH/DQGVFKDIWLQGHUHUPLW3RLW'KXEK*OHQ$OODFKLHXQGGHQ DQGHUHQDQ%HWKV6HLWHOHEWH'LHVH%LOGHUZHFNWHQHLQHJURH 6HKQVXFKWLQLKP(UZROOWHGDGLHVH9LVLRQZDKUZUGH $EHU XPVLH]XYHUZLUNOLFKHQPXWHHUDOOHVJHEHQXPDQ)UHM[WV%HIUHLXQJ PLWKHOIHQ]XN|QQHQ'D]XJHK|UWHHVDEHUDXFK8GLYDUV9RUKDEHQ]X GXUFKNUHX]HQ7RPZROOWHVLFKQLFKWYRQGHP1DNNHQEHIUHLHQODVVHQ(U ZROOWHVLFKQLFKWXPGLH(KUHEULQJHQODVVHQYRQGHPPlFKWLJHQ)UHM[W EHORKQW]XZHUGHQ8PGLHVH&KDQFHGXUIWHLKQ8GLYDUQLFKWEULQJHQ 'LHOHW]WH6FKUDQNHNRQQWHMHGHQ0RPHQWIDOOHQ 7RPEHZHJWHVLFKXQUXKLJ(UVFKWWHOWH%HWKV+DQGDEPLWGHUVLHLKQKLHOW ,KUH%HUKUXQJEWHHLQHQQHJDWLYHQ(LQIOXDXILKQDXV(UPXWHVLFK GDYRQEHIUHLHQDOOHV1HJDWLYHYRQVLFKZHLVHQXPVLFKDXI=LUURV%HIHKOH NRQ]HQWULHUHQ]XN|QQHQ 8QGHUPXWH=LUURZDUQHQ 7RPZROOWHVLFKJHUDGHDEVWRHQXQG]X=LUURVFKZHEHQXPLKQ]XZDUQHQ 'RFKGDWDXFKWHSO|W]OLFKGHUPlFKWLJH6FKlGHO&DOLJXODVYRULKPDXI'LH $XJHQGHV.DWHUVVFKLHQHQLKQPLWLKUHQ%OLFNHQGXUFKERKUHQ]XZROOHQ &DOLJXODIOHWVFKWHGDV*HELXQGIDXFKWH 7RPYHUVWDQGGLH:DUQXQJ$EHUHUGDFKWHQLFKWGDUDQVLH]XEHIROJHQ'HU .DWHUNRQQWHLKPNHLQH$QJVWHLQMDJHQ(UVWDQGXQWHU)UHM[WV6FKXW](UZDU GHU'LHQHUGHV,PSHUDWRUV(LQ*HIROJVPDQQGHV+HUUHQGHV8QLYHUVXPV 7RPV8QUXKHKDWWHGLH$XIPHUNVDPNHLW=LUURVHUUHJW'HUNXJHOLJH.|USHULQ GHPWUDQVSDUHQWHQ6FKXW]DQ]XJNDPLQWHUHVVLHUWKHUDQJHVFKZHEW 'DELVWGXMDGX0LVWYLHKK|UWH7RP=LUURV*HGDQNHQ:DVKHFNVWGX GLHVPDOZLHGHUDXV":LOOVWGXQRFKHLQPDOPLWPLUNlPSIHQ" &DOLJXODKDWWHVLFKLQ%HWKV6FKRJHGXFNW'HU6FKZDQ]VWXPPHOSHQGHOWH ODQJVDPKLQXQGKHU'DV JHVXQGH2KUKDWWHHUJHVSLW]W'LHJURHQ$XJHQZDUHQDXIPHUNVDPDXI =LUURJHULFKWHW 'XKDVWNHLQH&KDQFH%DVWDUGYHUNQGHWH=LUUR'XXQGGHLQ0HLVWHULKU ZHUGHWGLH5DFKHPHLQHV,PSHUDWRUV]XVSUHQEHNRPPHQ'HQQLQGLHVHP $XJHQEOLFNVSUHQJHQZLUGLHOHW]WH6FKUDQNH*OHLFKLVWHVVRZHLW-HW]W :DVLQGHU)ROJHSDVVLHUWHEHNDP7RPQLFKWLQDOOHQ(LQ]HOKHLWHQPLWGHQQ HVOLHIDOOHVVFKQHOOHUDEDOVGDVPHQVFKOLFKH$XJHIROJHQNRQQWH =XHUVWHUORVFKGHUJUHOOH/LFKWVFKHLQ'LH/LFKWDXUDVWU]WHLQHLQHU EOLW]DUWLJHQ,PSORVLRQ]XVDPPHQDOVVHLVLHYRP9DNXXPDXIJHVRJHQ ZRUGHQ*OHLFK]HLWLJEDUVWGDVULHVLJHHLI|UPLJH2EMHNWEHU7RPV.RSI )UHM[WV*HIlQJQLV 'LHOHW]WH6FKUDQNHZDUJHIDOOHQ :lKUHQG7RPGLHVGDFKWHVDKHUZLHDXVGHUJHERUVWHQHQ+OOHHLQ ULHVLJHUTXDOOHQDUWLJHU.|USHUTXROO(UZDUPLQGHVWHQVVRJURZLH8GLYDUV 2338878QGDXVGLHVHUSXOVLHUHQGHQ.|USHUPDVVHHQWUROOWHQVLFK JHZDOWLJH7HQWDNHOLQVJVDPWQHXQDQGHU=DKO-HGHU7HQWDNHOVRGLFNGD
HVGUHLHU0lQQHUEHGXUIWKlWWHXPVLH]XXPIDVVHQ8QGMHGHU7HQWDNHO KDWWHGLHGUHLIDFKH/lQJHYRQ)UHM[WV.|USHU )UHM[WVWUHFNWHVLFK]XVHLQHUYROOHQ*U|H(UOLHVHLQH7HQWDNHOYRUGHU 7UDXEHDXV/HLEHUQSHQGHOQXPVFKODQJVLHXQGNRVWHVLH$OVHLQ7HQWDNHO 7RPVWUHLIWHGDGXUFKULHVHOWHLKQHLQXQVlJOLFKHV*OFNVJHIKO'DEHL HUNDQQWHHUDXFKGDGHU7HQWDNHOLQHLQHQWUDQVSDUHQWHQ6FKXW]ILOPJHKOOW ZDU &DOLJXODVWUlXEWHGLH+DDUHXQGIDXFKWH(UVHW]WH]XP6SUXQJDQDEHU%HWK KLHOWLKQIHVWXQGOLHGHQ.DWHUQLFKWORVVRVHKUHUVLFKDXFKVWUlXEWH 'HU$XJHQEOLFNGHU(UIOOXQJLVWJHNRPPHQGUDQ JHQZLHGHU=LUURV*HGDQNHQLQ7RPV*HLVW-HW]WEHNRPPWLKUHXUHQ/RKQ PHLQH%UDYHQ,PSHUDWRU)UHM[WHUZHLVWHXFKGLH(KUHVHLQHQ3ODW]LQGLHVHP 5DXP]HLWJHIlQJQLVHLQ]XQHKPHQ =LUURV*HGDQNHQZDUHQDXIHLQPDOZLHDEJHVFKQLWWHQ,Q7RPV*HLVWKDWWH VLFKJHUDGHZLHGHUGLH9LVLRQYRQHLQHUSDUDGLHVLVFKHQ/DQGVFKDIWELOGHQ ZROOHQDEHUVLHYHUSXIIWHVRIRUWZLHGHU6WDWWGHVVHQVDKHU8GLYDUYRUVLFK VFKZHEHQ )UHM[WXQG=LUURGDJHJHQZDUHQYHUVFKZXQGHQ )ROJWPLUULHIGHU1DNNPLWJHOOHQGODXWHU6\QWKHVL]HUVWLPPH,FKEULQJH HXFKVLFKHULQHXUH5HDOLWlW]XUFN :DVZDUSDVVLHUW" 7RPEOLFNWHVLFKJHKHW]WXPXQGNUHX]WH%HWKV%OLFN 6FKQHOOVFKQHOOULHIVLHLKP]X8GLYDUKDWHLQH5DXP]HLWIDOWHIUXQV JHVFKDIIHQGXUFKGLHZLUHQWIOLHKHQN|QQHQ 8QGZDVZLUGDXV)UHM[WXQG=LUUR"IUDJWH7RPLQSDQLVFKHU9HU]ZHLIOXQJ 8GLYDUZLUGVLHGDKLQVFKLFNHQZRKLQVLHJHK|UHQULHI%HWKJHKlVVLJ=XU +|OOH6LHVLQGDEJUXQGWLHIE|VHXQGKDEHQQLFKWVDQGHUHVDOVHZLJH 9HUGDPPQLVYHUGLHQW 1HLQVFKULH7RP:LHGHUHUZDFKWHGLH9LVLRQYRP3DUDGLHVLQVHLQHP *HLVWXQGZLHGHUXPZDUVLHQXUYRQNXU]HU'DXHU7RPZDUNODUGD=LUUR YHUVXFKWHVHLQHQ(LQIOXDXILKQXQGGLHDQGHUHQJHOWHQG]XPDFKHQGD DEHU8GLYDUGHPHLQHQ5LHJHOYRUVFKRE7RPZXUGHYRQGLHVHQEHLGHQ HQWJHJHQJHVHW]WZLUNHQGHQ.UlIWHQKLQXQGKHUJHULVVHQ (UVDKZLHVLFKGLH.|USHUGHU*XQQDYDUHUHLQHUQDFKGHPDQGHUHQDXVGHU 7UDXEHO|VWHQXQGDXI8GLYDU]XEHZHJWHQ7RPZROOWHVLFKLQGLHDQGHUH 5LFKWXQJ ZHQGHQ'RFKGDWDXFKWH&DOLJXODYRULKPDXIXQGYHUVSHUUWHPLWVHLQHP IHWWHQ.|USHUGHQ:HJ +DXDEVFKULH7RPXQGWUDWPLWGHP)XQDFKGHP.DWHUVWLHMHGRFKLQV /HHUH 7RPELWWH%HWKWDXFKWHQHEHQLKPDXIXQGNODPPHUWHVLFKYHU]ZHLIHOWDQ LKQ'XPXWGLFKJHJHQ=LUURV%HHLQIOXVVXQJZHKUHQ6LHKQXUGHQ DQGHUHQJHOLQJWGDVDXFK
:HLOVLHEOLQGVLQGIUGLHZDKUHQ:HUWHVDJWH7RP(U|IIQHWHVHLQHQ*HLVW XQGVXFKWHYHUJHEOLFKQDFKGHQYHUORFNHQGHQ%LOGHUQYRP3DUDGLHV 6WDWWGHVVHQVDKHUHLQHDQGHUH6]HQH )UHM[WVFKZHEWHLQHLQHU6SKlUHGHV1LFKWV8QGGHUPlFKWLJH.|USHUZXUGH ZLHHLQ*HVWLUQYRQVHLQHQ6DWHOOLWHQYRQ=LUURXPNUHLVW)UHLQHQ0RPHQW VFKLHQVLFKGDV1LFKWV]XEHOHEHQ'XUFKHLQHQ5LLQGHU6WUXNWXUGHU 5DXP]HLWIDOWHZDUHLQ$XVVFKQLWWGHU2EHUIOlFKHYRQ*XQQDYDU]XVHKHQ GDV&O\QHOLVK$WROOPLWVHLQHPDXVGHP0HHUUDJHQGHQ9XONDQNHJHOGHUYRQ NRFKHQGHP:DVVHUXPEURGHOWZXUGH $EHUGHU6WUXNWXUULYHUVFKZDQGVRIRUWZLHGHU8GLYDUKDWWHGLH 5DXP]HLWIDOWHVRIRUWZLHGHUJHVFKORVVHQ)UHM[WZDUHVQLFKWJHOXQJHQGXUFK GLHVHQ5LLQGLH)UHLKHLW]XVFKOSIHQ(UZDUIULPPHULQGHU5DXP]HLWIDOWH JHIDQJHQ 1HLQQLFKWIULPPHU 7RPHPSILQJHLQHQOHW]WHQ*HGDQNHQVWURPYRP,PSHUDWRUGHPHKHPDOLJHQ +HUUVFKHUEHUGUHL]HKQ*DOD[LHQGHUYRQ$OOPDFKWXQGGHU+HUUVFKDIWEHU GDVJHVDPWH8QLYHUVXPJHWUlXPWKDWWH $XVGLHVHQ*HGDQNHQHUIXKU7RPGD)UHM[WRKQHGDV /HEHQVHUKDOWXQJVV\VWHP]XP6WHUEHQYHUXUWHLOWZDU$EHU)UHM[WGDFKWH RKQH%LWWHUQLVDQGHQ7RG(UKDWWHKXQGHUW-DKUHVHLQHU=HLWGLHLKPZLH HLQH(ZLJNHLW HUVFKLHQHQZDUHQLQVHLQHP*HIlQJQLVJHGDUEW$OVHUHUNDQQWHGDHU RKQH&KDQFHZDUVHLQHIUKHUH3RVLWLRQZLHGHUHLQ]XQHKPHQGDIDQGHU VLFKPLWVHLQHP6FKLFNVDODEXQGVHKQWHGHQ7RGKHUEHL 7RPZDUGDQDFKJDQ]EHQRPPHQ6HLQ:LGHUVWDQGZDUJHEURFKHQXQGHU IUDJWHVLFKZLHHUMHDXI)UHM[WV6HLWHKDWWHVWHKHQN|QQHQ(UHULQQHUWHVLFK DQGLHOHW]WHQ6WXQGHQZLHDQHLQHQE|VHQ$OSWUDXP(UVFKWWHOWHGHQ.RSI ZLHXPGLHOHW]WHQ(ULQQHUXQJVIHW]HQDQGLHVH=HLW]XYHUVFKHXFKHQJULII QDFK%HWKV+DQGXQGGUFNWHVLH *HPHLQVDPWUDWHQVLHGXUFKGHQ$XVJDQJGHQ8GLYDULKQHQZLHVDXVGHU .DXP]HLWIDOWH 6LHIDQGHQVLFKPLWGHQDQGHUHQHKHPDOLJHQ6NODYHQGHV=LUURDQ%RUGYRQ 8GLYDUV'UHL]DFNVFKLIIZLHGHU ,QLKUHQ*HVLFKWHUQVWDQGHVJHVFKULHEHQZLHIURKVLHZDUHQDXVGHU*HZDOW =LUURVEHIUHLWZRUGHQ]XVHLQ8QGVLHZXWHQGDLKUH:HOWJHUHWWHWZDUXQG HV]XNHLQHQ+\SHUSKlQRPHQHQPHKUNRPPHQZUGH 'LHVKDWWHQVLHHLQHPVFKUXOOLJHQOLHEHQVZHUWHQ1DNNHQXQGGHVVHQ.DWHU ]XYHUGDQNHQ 8GLYDUXQG&DOLJXODEOLHEHQQRFKHLQSDDU7DJHDXI*XQQDYDUXQG YHUEUDFKWHQGLHPHLVWH=HLWEHULP%DVDU(VZDUEDOGZLHGHUDOOHVVRZLH EHLLKUHPHUVWHQ%HVXFK]X%HJLQQGLHVHV-DKUHV 7RP1RUWRQXQG*OHQ&DOGHUYHUWUDXWH8GLYDUDQGDHUQLFKWQXUDXVSXUHU 9HUJQJXQJVVXFKWDXI*XQQDYDUEOLHE(UZROOWHYRUDOOHPHLQLJH=HLWZDUWHQ XPGDUEHU]XZDFKHQREHVQLFKWYLHOOHLFKWGRFK]XQHXHQ
+\SHUSKl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lVHQW DEZHLVHQ$EHU*OHQ&DOGHUVDJWH 'XZROOWHVWGRFKLPPHUZLVVHQZDUXPDXI*XQQDYDUGHU1DPH*OHQVR KlXILJYRUNRPPWXQGZLUXQVHUHQ.RQWLQHQWHQXQG/l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|VHGDUEHUGD8GLYDUVRODQJHZHJJHEOLHEHQZDU (UEOLHEDXFKXQYHUV|KQOLFKDOVHUHUIXKUGDGLH233887NHLQHHLQ]LJH 6FKUDPPHDEEHNRPPHQKDWWHXQGHUEHUXKLJWHVLFKDXFKQLFKWDOV 8GLYDULKPGHQ*UXQGIUVHLQHODQJH$EZHVHQKHLWHU]lKOWH ,FKJODXEHGLUNHLQ:RUWVDJWH&ODXVLPDXIGHU1DNNHQZHOOH9RQGHLQHQ 5RERWVZHLLFKGDGXQLFKWVDOV/JHQJHVFKLFKWHQYHUEUHLWHVW8QGZDV GXGLUEHUGHLQHQUlXGLJHQWHUUDQLVFKHQ+DXVNDWHUDXVJHGDFKWKDVWGDVLVW ZRKOGHU*LSIHO 'XJODXEVWQLFKWGD&DOLJXODVFKRQVRYLHOH/HEHQJHOHEWKDW"IUDJWH 8GLYDUZlKUHQGHUVLFKGDUDQPDFKWHGHQ&RQWDLQHU]X|IIQHQXQGGHQ ,QKDOWDXV]XSDFNHQ ,QGHU7DWVRLVWHVVDJWH&ODXVLPVWUHQJ,FKKDEHPLUHUODXEWZlKUHQG GHLQHU$EZHVHQKHLWGHLQ$UFKLY]XVLFKWHQXQGKDEHGDEHLHLQH5HLKH HUVWDXQOLFKHU(QWGHNNXQJHQJHPDFKW:DVLFKJHIXQGHQKDEHRIIHQEDUW GDGXDOOHVEHUGLHDQJHEOLFKHQYLHOHQ/HEHQGHLQHV.DWHUV&DOLJXODQXU HUIXQGHQKDVW,QGHLQHP$UFKLYILQGHQVLFKLQDOOHQ(LQ]HOKHLWHQDOOHMHQH
$QJDEHQEHUGLH3HUV|QOLFKNHLWHQGLH&DOLJXODIUKHUHLQPDOJHZHVHQVHLQ VROO8QG]ZDUVLQG'HWDLOV]XP7HLOJHQDXVRIHVWJHKDOWHQXQGIRUPXOLHUW ZLHGXVLHYRQGLUJLEVW0DQFKPDOIOOVWGX/FNHQDXFKGXUFKGHLQH HLJHQHQ,QWHUSUHWDWLRQHQDXVXQGH[WUDSROLHUVWDOOHVQDWUOLFKDXIGHLQHQ .DWHU ,FKZHLGD&DOLJXODZDKUKDIWLJGHU7UlJHUXQ]lKOLJHUWHUUDQLVFKHU 3HUV|QOLFKNHLWHQLVWHUZLGHUWH8GLYDUZlKUHQGHUDXVGHP&RQWDLQHUODXWHU NOHLQH0LQLDWXUIOlVFKFKHQEHI|UGHUWH(VZDUHQ+XQGHUWHGDYRQXQGDOOH )OlVFKFKHQWUXJHQ(WLNHWWHQ8QGNHLQ(WLNHWWJOLFKGHPDQGHUHQ2KQHVHLQH 7lWLJNHLW]XXQWHUEUHFKHQIXKU8GLYDUIRUW $EHUVHOEVWZHQQHVQLFKWVR ZlUHZLHLFKEHKDXSWH:DUXPUHJVWGXGLFKGDUEHUVRDXI" :HLOGLHVHU8QVLQQPLWGHQYLHOHQ,QNDUQDWLRQHQ]HLJWGDGXJHLVWLJNUDQN ELVWDQWZRUWHWH&ODXVLP :HOFKHP1DNNPLWKHLOHP*HLVWZUGHHVVFKRQHLQIDOOHQVROFKH *HVFKLFKWHQ]XHUILQGHQ 1LFKWHLQPDOPLUVDJWH8GLYDUXQGEHWUDFKWHWHQDFKGHQNOLFKGDV(WLNHWW HLQHVGHU0LQLDWXUIOlVFKFKHQ(VLVWDOOHVZDKU&DOLJXODVYROOHU1DPHODXWHW ELVMHW]W *UHUU.RQIX]LXV&DOLJXOD'D9LQFL&DJOLRVWUR1RVWUDGDPXV %RQDSDUWH5DVSXWLQ)UDQ]7RVWDQ6FHQRSKHU:DUXPIUDJVWGX&DOLJXOD QLFKWVHOEVWZHQQGXPLUQLFKWJODXEVW" :HLOGLHVHV7LHULQ:LUNOLFKNHLWXQVHUH6SUDFKHJDUQLFKWEHKHUUVFKWXQG DXFKJDUNHLQH,QWHOOLJHQ]EHVLW]W 8GLYDUULFKWHWHVHLQH2SWLNDXIGDV6RIDZRHVVLFKGHU.DWHUJHPWOLFK JHPDFKWKDWWH :LU]ZHLZLVVHQHVEHVVHUQLFKWZDKU&DOLJXOD"VDJWHHUODXWXQGGHU .DWHUZLHJWHVHLQHQPlFKWLJHQ6FKlGHOXQG]ZLQNHUWHWUlJH$XIGHU 1DNNHQZHOOHVDJWH8GLYDUWULXPSKLHUHQG]X&ODXVLP +DVWGXHVJHVHKHQ ZLHPLFK&DOLJXODPLWVHLQHU.|USHUVSUDFKHEHVWlWLJWH" 8QVLQQULHI&ODXVLP]RUQLJ'DVZDUHQDQLPDOLVFKH5HIOH[HVRQVWQLFKWV :DUXPNRPPVWGXGHQQQLFKWHQGOLFK]XU%HVLQQXQJ8GLYDU(VLVWHLQHV 1DNNHQXQZUGLJGHQ&ORZQ]XVSLHOHQ8GLYDU+|UVWGXPLUEHUKDXSW]X" :DVWXVWGXGHQQGLHJDQ]H=HLWEHU" ,FKSDFNHGDV*HVFKHQNDXVGDVPLUGLH*XQQDYDUHUDXV'DQNIULKUH (UUHWWXQJJHJHEHQKDEHQHUNOlUWH8GLYDU(VKDQGHOWVLFKXP+XQGHUWH YHUVFKLHGHQHU:KLVN\0LQLDWXUHQXQGHVVLQGZLFKWLJH=HLW]HXJHQ'DOLHV VHOEVW (UKLHOWHLQHVGHU)OlVFKFKHQKRFK'DV(WLNHWWDXVYHUJLOEWHQ3DSLHU]HLJWH REHQLQHLQHP2YDOGDV%LOGDOWWHUUDQLVFKHU*HElXGHDQHLQHP)OXXIHUGDV $EELOGHLQHU'HVWLOOHULH'DUXQWHUVWDQG]XOHVHQ /$3+52$,* 6,1*/(,6/$<0$/7 6&27&+:+,6.<
$PXQWHUHQ5DQGZDULQZLQ]LJHQ/HWWHUQYHUPHUNW '(67,//('$1'%277/(',16&27/$1' ,FKKDEHPLUODQJHGHQ.RSIGDUEHU]HUEURFKHQZRKHUGLH*XQQDYDUHULKUH 1DPHQEH]LHKHQVDJWH8GLYDU-HW]WZHLLFKGDVLHXUDOWHWHUUDQLVFKH :KLVN\QDPHQEHUQRPPHQKDEHQ :HQQGXGLFKPLWVROFKHQXQVLQQLJHQ'LQJHQEHVFKlIWLJVWGDQQLVWGLUZRKO QLFKWPHKU]XKHOIHQVDJWH&ODXVLPXQGHQWIHUQWHVLFK:HQLJVSlWHU VWDUWHWHHUPLWGHU233887 8GLYDUZDUVRVHKULQGDV6WXGLXPGHU(WLNHWWHQGHU:KLVN\0LQLDWXUHQ YHUWLHIWGDHU&ODXVLPV$EJDQJQLFKWHLQPDOEHPHUNWH 'DV(QWGHFNXQJVILHEHUKDWWH8GLYDUJHSDFNW(UVWLHDXI:KLVN\1DPHQZLH *OHQOLYHW*OHQ/RJDQ*OHQ&DOGHU*OHQDOODFKLH)UHWWHUFDLUQ3RLW'KXEK %XQQDKDEKDLQ7DPGKXYLHOHGDYRQPLWGHP=XVDW]6LQJOH0DOW YHUVHKHQPLWZHOFKHP1DPHQGLH*XQQDYDUHULKUHQ6FKXW]SDWURQEHGDFKW KDWWHQXQGDOOHGLHVH1DPHQZHFNWHQ(ULQQHUXQJHQDQOLHEHQVZHUWH 0HQVFKHQXQGDQVFK|QH/DQGVFKDIWHQ(ULQQHUXQJHQDQ(UOHEQLVVHGLH 8GLYDUQLFKWZUGHPLVVHQZROOHQ 8QGIDOOVGLHVH(ULQQHUXQJHQLUJHQGZDQQHLQPDOYHUEODVVHQVROOWHQGDQQ ZUGHHUGLH:KLVN\0LQLDWXUHQDXVGHP&RQWDLQHUKHUYRUKROHQXPVLHVLFK GXUFKGDV6WXGLXPYRQVRZXQGHUYROOHQ1DPHQZLH$XFKHQWRVKDQ *OHQIRUUHV*OHQPRUDQJLH%ODGQRFK7DPQXOLQ0XLUKHDG&O\QHOLVK 7RPLQWRXOXQG6WUDWKFRQRQZLHGHULQV*HGlFKWQLV]XUXIHQXQGVLHLP*HLVW ZLHGHU]XHUOHEHQ &ODXVLPKDWGRFKNHLQH$KQXQJVDJWH8GLYDUODXW(ULVWHLQ,JQRUDQWZLH DOOHDQGHUHQ1DNNHQGXGDUIVWLKPGDVQLFKWEHOQHKPHQ&DOLJXOD:DV ZLVVHQ&ODXVLPXQGGLHDQGHUHQVFKRQYRQGHQZLFKWLJHQ'LQJHQGHV /HEHQV:LUEHLGHKDWWHQMHGHQIDOOVDXI*XQQDYDUVHKUYLHO6SDQLFKWZDKU &DOLJXOD"8QGQHEHQEHLKDEHQZLUDXFKZHUWYROOHHWK\PRORJLVFKH )RUVFKXQJVDUEHLWJHOHLVWHW$EHUGDVN|QQHQ1DNNHQZLH&ODXVLPQLFKW YHUVWHKHQ (UOLHVHLQHQ6\QWKHVL]HUHLQHQ6HXI]HUSURGX]LHUHQGDQQEHJDQQHUGDPLW GLHNOHLQHQ:KLVN\IOlVFKFKHQZLHGHULQGHQ&RQWDLQHU]XVFKLFKWHQ 8QGHUKLHOWMHGHGHU0LQLDWXUHQHLQH:HLOHHUJULIIHQKRFKVRODQJHZLHHU EUDXFKWHXPGLH$XIVFKULIWHQGHU(WLNHWWHQDXIPHUNVDPOHVHQ]XN|QQHQ 'DEHLEHUHLWHWHHUVLFKLP*HLVWEHUHLWVGDUDXIYRUVHLQH]Z|OI5RERWHU]X UXIHQXPLKQHQHLQHQHXH*HVFKLFKWH]XHU]lKOHQ (1'(
