XUW0DKU
'HU5DXVFKJLIWSODQHW
'HU7RGZDUQRFKHWOLFKH6WXQGHQHQWIHUQW/DQJLRQ%UDNKDWWH=HLWGLH(UHL...
13 downloads
212 Views
319KB 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
.XUW0DKU
'HU5DXVFKJLIWSODQHW
'HU7RGZDUQRFKHWOLFKH6WXQGHQHQWIHUQW/DQJLRQ%UDNKDWWH=HLWGLH(UHLJQLVVHGHUYHUJDQJHQHQ 7DJHQRFKHLQPDO]XEHUGHQNHQ(UWULHEODQJVDPDXIGLHULHVLJHJHOEOLFKVFKLPPHUQGH6FKHLEHGHV 3ODQHWHQ]X'HU6RJGHU6FKZHUNUDIWPXWHLKQLQ]ZLVFKHQELVDXIPHKUHUH.LORPHWHUSUR6WXQGH EHVFKOHXQLJWKDEHQDEHULP9HUJOHLFK]XGHQ(LQ]HOKHLWHQGLHHUDXIGHU2EHUIOlFKHGHUIUHPGHQ :HOWZDKUQDKPZDUVHLQH%HZHJXQJXQPHUNOLFK (V]LVFKWHOHLVHDXVGHQ(LQODYHQWLOHQVHLQHV5DXPDQ]XJV(UKDWWHJHQJHQG$WHPOXIWXQGGLH 7HPSHUDWXUZDUHUWUlJOLFKREZRKOGLH6RQQHPLWYROOHU.UDIWYRQKLQWHQDXILKQVFKLHQ(UKDWWH YHUVXFKWGHQ+HOPVHQGHU]XDNWLYLHUHQDEHUQDWUOLFKZDUHQVLHQLFKWVRGXPPJHZHVHQLKPHLQ EUDXFKEDUHV)XQNJHUlW]XEHUODVVHQ'HU6FKXW]DQ]XJZDUYRQXQEHNDQQWHUHLQIDFKHU.RQVWUXNWLRQ (UEHVDNHLQ6FKLUPIHOGDJJUHJDW(UZUGHGLHJOKHQGH8PDUPXQJGXUFKGLH$WPRVSKlUHGHV IUHPGHQ3ODQHWHQQLFKWEHUOHEHQVRQGHUQVLFKPLWVDPWVHLQHP,QVDVVHQLQHLQHOHXFKWHQGH 6WHUQVFKQXSSHYHUZDQGHOQ1LHPDQGEHNDPVLH]XVHKHQVHOEVWZHQQHVGRUWXQWHQ/HEHQJDEGDV PLWXQWHUGLH$XJHQ]XP+LPPHOHUKRE'HU(LQWULWWHUIROJWHDXIGHU7DJVHLWH /DQJLRQ%UDNV*HODVVHQKHLWZDULKPVHOEVWXQHUNOlUOLFK(UKDWWHVLFKRIWYRU]XVWHOOHQYHUVXFKWZLHHV VHLQZUGHZHQQHUGHP7RGJHJHQEHUVWDQG,OOXVLRQHQKDWWHHUGDEHLNHLQHJHKDEW(UZDUHLQ HQWVFKORVVHQHUXQGWDWNUlIWLJHU0DQQPXWLJVRJDUZHQQPDQGHQHQJODXEHQZROOWHGLHVLFKYRQ %HUXIVZHJHQHLQ8UWHLOEHULKQ]XELOGHQKDWWHQ$EHUHUOLHEWHGDV/HEHQ(UOLHEWHHVVRVHKUGDHU VLFKLQHLQNUHLVFKHQGHV]DSSHOQGHV1HUYHQEQGHOYHUZDQGHOQZUGHVREDOGHUVSUWHZLHGLHHUVWHQ /XIWIHW]HQGHUREHUVWHQ$WPRVSKlUHVFKLFKWHQQDFKLKP]XJUHLIHQEHJDQQHQ1XUGLH*HZLKHLWGD ELVGDKLQQRFKHLQSDDU6WXQGHQYHUJHKHQZUGHQHUIOOWHLKQPLWHLQHUJHZLVVHQ5XKH (UKDWWH)HKOHUJHPDFKWGHQHQHUVHLQHMHW]LJH/DJHYHUGDQNWH(UKDWWHGDV*HIKOVHLQH (QWVFKHLGXQJHQEHHLQIOXVVHQODVVHQDQVWDWWVLFKDOOHLQDQ/RJLNXQG(UIDKUXQJ]XKDOWHQ'DV*HIKO ZDUGDVGHV+DVVHVJHZHVHQJHJHQEHU0HQVFKHQGLHDQGHUHQ0HQVFKHQQXUXPGHV*HZLQQHV ZHJHQ6FKDGHQ]XIJWHQVLHLQ8QKHLO9HU]ZHLIOXQJXQG:DKQVLQQVWU]WHQ$XI6ROYDLJKZDUHU HLQHU9HUWHLOHURUJDQLVDWLRQIU0HWDWKHQDXIGLH6SXUJHNRPPHQ'LH|UWOLFKHQ%HK|UGHQZDUHQ EHUHLWVDP,QYHVWLJLHUHQ(VZDURIIHQEDUGDGLH0HWDWKHQ9HUWHLOHULKPGXUFKGLH/DSSHQJHKHQ ZUGHQZHQQHUQLFKWVRIRUW]XVFKOXJ(UKDWWH/RXLVD4XDQWRUXQG+XPEHUW*UDI/DWRQVRIRUW EHQDFKULFKWLJWDEHUGHU+DXQGGLH8QJHGXOGEHZRJHQLKQQLFKWDXILKUH$QNXQIW]XZDUWHQ VRQGHUQLP$OOHLQJDQJJHJHQGLH0HWDWKHQ+lQGOHUYRU]XJHKHQ(UZXWHMHW]WGDGDV8QWHUQHKPHQ QXUGDQQ$XVVLFKWDXI(UIROJJHKDEWKlWWHZHQQDOOHVJHQDXQDFKVHLQHU9RUVWHOOXQJDEJHODXIHQXQG LKPNHLQXQHUZDUWHWHV+LQGHUQLVLQGLH4XHUHJHNRPPHQZlUH$EHUGDV+LQGHUQLVPDWHULDOLVLHUWH ZLHHVGLHVLPPHUWXWHVLVWPHKUDQ0XUSK\V*HVHW]DOVGHU0HQVFKZDKUKDEHQZLOO XQGHUKDWWH NHLQHQ5FNKDOWNHLQH/LQLHDXIGLHHUVLFK]XUFN]LHKHQNRQQWH$QVWDWWGLH0HWDWKHQ+lQGOHU IHVW]XQHKPHQZXUGHHULKU*HIDQJHQHU,KUH)OXFKWYRUEHUHLWXQJHQZDUHQDEJHVFKORVVHQ6LHYHUOLHHQ 6ROYDLJKEHL1DFKWXQG1HEHOXQGQDKPHQ/DQJLRQ%UDNPLW 'DVZDULQ:LUNOLFKNHLWVHLQ]ZHLWHU)HKOHUJHZHVHQ(UKlWWHGLHVHQQLFKWEHJDQJHQZHQQLKPGHU HUVWHQLFKWXQWHUODXIHQZlUH)DLGHU.XQ]DI]XXQWHUVFKlW]HQGDVNOHLQHVFKHHOlXJLJHZHQGLJH :LHVHOGDVGLH2SHUDWLRQGHU0HWDWKHQ+lQGOHUDXI6ROYDLJKOHLWHWH.XQ]DIZDUHLQHQ0HWHUVHFK]LJ JURVHLQ$OWHUXQEHNDQQWXQGXQEHVWLPPEDUXQGZHU]XPHUVWHQ0DOPLWLKP]XWXQKDWWHGHU JHZDQQGHQ(LQGUXFNHUKlWWHHLQHQJHZ|KQOLFKHQ+DOVDEVFKQHLGHUYRUVLFKHLQHGHUXQPLWWHOEDU MHQVHLWVGHV*HVHW]HVOHEHQGHQ*HVWDOWHQZLHVLHGLHJURHQ6WlGWH]LYLOLVLHUWHU:HOWHQ]X7DXVHQGHQ KHUYRUEULQJHQ(LQHQVFKODXHQ0DQQRKQH,QWHOOLJHQ]HLQHQVNUXSHOORVHQ0DQQPLW]XYLHO$QJVWXP ZLUNOLFKVFKZHUZLHJHQGH9HUEUHFKHQ]XEHJHKHQ/DQJLRQ%UDNKDWWHVLFK]XVHLQHP)XQGEHJOFN ZQVFKW(VVDKVRDXVDOVKlWWHGLH2UJDQLVDWLRQGHU0HWDWKHQ6FKPXJJOHUHLQHQ/HLWHUGHV 8QWHUQHKPHQVDXI6ROYDLJKJHZlKOWGHUNHLQHUQVW]XQHKPHQGHU*HJQHUZDU :LHKDWWHLKQGLH(UNHQQWQLVHUVFKWWHUWGD)DLGHU.XQ]DIVHLQbXHUHVQXUDOV7DUQXQJEHQXW]WH XQGLQ:LUNOLFKNHLWHLQ0DQQYRQWHXIOLVFKHU*HQLDOLWlWZDU9RQDOOHP$QIDQJDQKDWWHHUJHZXW GDLKPGLH|UWOLFKHQ%HK|UGHQQLFKWHUQVWKDIWJHIlKUOLFKZHUGHQNRQQWHQK|FKVWHQVLQVRIHUQDOVVLH ,QIRUPDWLRQHQEHVDHQGLHMHPDQGGHU(UIDKUXQJLQGHU%HNlPSIXQJGHV8QWHUJUXQGKDQGHOVPLW NRQWUROOLHUWHQ6XEVWDQ]HQKDWWH]XVHLQHP9RUWHLOYHUZHQGHQNRQQWH.XQ]DIZXWHGDPDQDXI
LQWHUVWHOODUHU(EHQHKLQWHULKPKHUZDU(UVHW]WHVHLQH$JHQWHQGRUWHLQZRVLHHUIDKUHQZUGHQ ZDQQGLH6ROYDLJK%HK|UGHQ,QIRUPDWLRQHQDQDXVZlUWLJH$JHQWXUHQDEJDEHQ'HU0DQQGHUVLFK /DQJLRQ%UDNQDQQWHXQGVLFKLQDXIIlOOLJHU:HLVHIUGHQ|UWOLFKHQ6FKZDU]KDQGHOLQ0HWDWKHQ LQWHUHVVLHUWHZDULKPQLFKWODQJHHQWJDQJHQ$OV%UDN]XVFKOXJVWDQGGLH)DOOHEHUHLW'DVZDUVHLQ HUVWHU)HKOHUHUKlWWH)DLGHU.XQ]DIGDV:LHVHOQLFKWXQWHUVFKlW]HQGUIHQ:lKUHQGHUDXIGLHJHOEH 6FKHLEHGHVIUHPGHQ3ODQHWHQ]XWULHENDPLKPLQGHQ6LQQGDVVGDV9HUWHLOHU]HQWUXPDXI6ROYDLJK HUVWYRUNXU]HPHLQJHULFKWHWZRUGHQZDU.XQ]DIKDWWHGRUWZDKUVFKHLQOLFKQLFKWGHUVWlQGLJH/HLWHU VHLQVROOHQVRQGHUQGHU0DQQGHUGLH'LQJHLQ6FKZXQJEUDFKWH(VZDUGXUFKDXVP|JOLFKGDHU]X GHQHLJHQWOLFKHQ'UDKW]LHKHUQLQGHU*HVDPWRUJDQLVDWLRQGHU0HWDWKHQ+lQGOHUJHK|UWH'HU *HGDQNHGDHUZRP|JOLFKGLHJDQ]H%DQGHQLFKWQXUHLQH|UWOLFKH9HUWHLOHUJUXSSHKlWWH]HUVFKODJHQ N|QQHQZHQQHUPLWPHKU8PVLFKW]X:HUNJHJDQJHQZlUHOLHLKPGLH1LHGHUODJHDXI6ROYDLJK QRFKXQHUWUlJOLFKHUHUVFKHLQHQ (UKDWWHDOVHUPLWGHQ0HWDWKHQ6FKPXJJOHUQDQHLQDQGHUJHULHUWHLQHQ6FKRFNWUHIIHUHUKDOWHQ$OVHU ZLHGHU]XVLFKNDPEHIDQGHUVLFKDQ%RUGHLQHVXQEHNDQQWHQ5DXPVFKLIIV1DFKYLHU6WXQGHQZDUHQ VLHJHNRPPHQKDWWHQLKQLQGLHVH0RQWXUJHVWHFNWXQGLKQ]XU6FKOHXVHKLQDXVEHI|UGHUW1LHPDQG KDWWHHLQ:RUW]XLKPJHVSURFKHQ$OVVLFKGDV5DXPVFKLIIYRQLKPHQWIHUQWHVDKHUGDHVVLFKXP HLQNXJHOI|UPLJHV)DKU]HXJYRQ]ZHLKXQGHUW0HWHUQ'XUFKPHVVHUPLWVFKZDFKDXVJHSUlJWHP 7ULHEZHUNVZXOVWKDQGHOWHHLQHGHUPRGHUQVWHQ.RQVWUXNWLRQHQGLH/LQHDUJHVFKZLQGLJNHLWHQELV]X HLQHPhEHUOLFKWIDNWRUYRQ0LOOLRQHQHUUHLFKWHQ'HU+LPPHOPRFKWHZLVVHQZLHYLHO7DXVHQGHYRQ /LFKWMDKUHQHUYRQ6ROYDLJKHQWIHUQWZDUXQGLQZHOFKHU5LFKWXQJ 'DV8QJHZ|KQOLFKHVHLQHU$EIHUWLJXQJZDULKPHUVWVSlWHU]X%HZXWVHLQJHNRPPHQ:DUXPKDWWHQ VLHLKQQLFKWHLQIDFKHUVFKRVVHQXQGEHU%RUGJHZRUIHQ":DUXPKDWWHQVLHVLFKGLH0KHJHPDFKW LKU6FKLIILQXQPLWWHOEDUH1lKHHLQHV3ODQHWHQ]XPDQ|YULHUHQXQGIDVWELVDXI1XOODE]XEUHPVHQ EHYRUVLHVLFKVHLQHUHQWOHGLJWHQ"6DGLVPXV"*HZDQQ)DLGHU.XQ]DI%HIULHGLJXQJDXVGHU9RUVWHOOXQJ ZLHHUKLOIORVJHEUDWHQZXUGHXQGYHUJOKWH"(UZXWHQLFKWYLHOEHU.XQ]DIDXHUGDHULKQDXI PRQXPHQWDOH:HLVHXQWHUVFKlW]WKDWWH.XQ]DIGHU6DGLVW"'DV%LOGZDULUJHQGZLHVFKLHIXQGZHQLJ EHU]HXJHQG 1HXJLHULJPXVWHUWHHUGLH6FKHLEHGHVIUHPGHQ3ODQHWHQGLHIDVWVHLQJHVDPWHV%OLFNIHOGDXVIOOWH 'LHJHOEOLFKEUDXQH)DUEHGHXWHWHDXIHLQH$UPXWDQ9HJHWDWLRQKLQ(UVDKQLUJHQGZRDXVJHSUlJWH )OXOlXIHRGHU:DVVHUIOlFKHQQXUODQJJHVWUHFNWH%HUJ]JHGLHDXVGLHVHU+|KHOHGLJOLFKDQLKUHQ 6FKDWWHQHUNHQQEDUZDUHQXQGZHLWHEUDXQH)OlFKHQGLH+RFKHEHQHQ]XVHLQVFKLHQHQ (UKDWWHLP/DXIGHUYHUJDQJHQHQ6WXQGHQIHVWJHVWHOOWGDGHU3ODQHWVLFKXQWHULKPKLQZHJQDFK UHFKWVGUHKWH-HW]WWDXFKWHDPOLQNHQ5DQGGHU6FKHLEHHLQQHXHV2EHUIOlFKHQGHWDLODXIGDVVLFKLQ GUDVWLVFKHU:HLVHYRQGHQRIIHQEDUVWHSSHQRGHUZVWHQKDIWHQ:HLWHQXQPLWWHOEDUXQWHULKP XQWHUVFKLHG'DV'HWDLOKDWWHGLH)RUPHLQHUULHVLJHQ%LUQHGHUHQVFKODQNHU+DOVQDFK1RUGRVWHQLQ GLH:VWHQHLKLQHLQUDJWH'HU+DXSWN|USHUGHU%LUQHOHXFKWHWHLPWLHIHQ*UQWURSLVFKHU9HJHWDWLRQ LQGLHKLHUXQGGRUWGHUGXQNOH)OHFNHLQHV6HHVGHUVFKODQJHQI|UPLJJHZXQGHQH9HUODXIHLQHV PlFKWLJHQ6WURPVJHWXSIWZDU=XP+DOVKLQZXUGHGDV*UQKHOOHUQDKPHLQHJHOEOLFKH)lUEXQJDQ XQGYHUVFKPRO]VFKOLHOLFKRKQHGHILQLHUEDUH*UHQ]HPLWGHUJHOEEUDXQHQ0RQRWRQLHGHU8PJHEXQJ $EHUGDVZDUQLFKWDOOHV,QPLWWHQGHUWLHIJUQHQ)OlFKHHQWGHFNWH/DQJLRQ%UDNZlKUHQGGHU3ODQHW XQWHULKPIRUWIXKU]XURWLHUHQHLQH/LFKWXQJGLHYRQXQ]lKOLJHQZLQ]LJHQJHRUGQHWHQ6WUXNWXUHQ EHGHFNWZDU(LQH6WDGW'LH(QWGHFNXQJHUIOOWHLKQPLWSO|W]OLFKHUXQNRQWUROOLHUEDUHU(UUHJXQJ$XV LUJHQGHLQHP*UXQGGHUVLFKGHPORJLVFKHQ%HJULIIVYHUP|JHQGHV9HUVWDQGHVHQW]RJPDFKWHHVHLQHQ 8QWHUVFKLHGREHUDXIHLQHXQEHOHEWHgGZHOW]XWULHERGHUDXIHLQHQYRQLQWHOOLJHQWHQ:HVHQ EHZRKQWHQ3ODQHWHQ(VHUVFKLHQPLWHLQHPPDOXQYRUVWHOOEDUGDHUKLHUGHQ7RGILQGHQVROOWHZR GHQNHQGH.UHDWXUHQZRP|JOLFK0HQVFKHQK|FKVWHQVVLHEHQRGHUDFKWKXQGHUW.LORPHWHUYRQLKP HQWIHUQWZDUHQ $EHUGLH/RJLNJHZDQQGDVYHUORUHQH7HUUDLQUDVFK]XUFN'LH([LVWHQ]HLQHU6WDGWDXIGHU 2EHUIOlFKHGLHVHV3ODQHWHQKDWWHNHLQHQ(LQIOXDXIVHLQ6FKLFNVDO'LH:HVHQGRUWXQWHQZXWHQ QLFKWVYRQ/DQJLRQ%UDNGHULQTXDOYROOODQJVDPHQ)OXJDXIGLHW|GOLFKH%HUKUXQJPLWGHU $WPRVSKlUHLKUHU:HOW]XVWUHEWH8QGVHOEVWZHQQLKQHQVHLQH1RWODJHEHNDQQWJHZHVHQZlUHKlWWHQ VLHZRKONDXPHWZDVGDJHJHQXQWHUQRPPHQ(UZlUHLKQHQHQWZHGHUJOHLFKJOWLJRGHUHVIHKOWHQ LKQHQGLH0LWWHOLKP]XKHOIHQ(LQHHLQ]LJH6WDGWLQWURSLVFKHP7LHIODQGXPJHEHQYRQ +XQGHUWWDXVHQGHQYRQ4XDGUDWNLORPHWHUQ|GHU6WHSSHGDVVDKQLFKWZLHGLH1LHGHUODVVXQJHLQHU VWHUQIDKUHQGHQ=LYLOLVDWLRQDXV /DQJLRQ%UDNVFKULHXQZLOONUOLFKDXIDOVHUGHQHUVWHQ5XFNYHUVSUWH(LQYHULUUWHU/XIWIHW]HQKDWWH
QDFKLKPJHJULIIHQ%UDNZXUGHLQODQJVDPURWLHUHQGH%HZHJXQJYHUVHW]W'LH6WHUQHJOLWWHQYRU VHLQHQ$XJHQYRUEHLGHUXQHUWUlJOLFKJUHOOH*OXWEDOOGHUIUHPGHQ6RQQHGDQQZLHGHUGLHJHOEH (LQ|GHGHV3ODQHWHQ(LQ]ZHLWHU5XFNIROJWHGHPHUVWHQELQQHQHLQHU6HNXQGHXQGGLHVHUZDUYRQ OlQJHUHU'DXHU%UDNIKOWHVLFKLP,QQHUQVHLQHV$Q]XJV]XVDPPHQJHVWDXFKW9HUZLUUWXQGHUVWDXQW VWHOOWHHUIHVWGDGLH5RWDWLRQVEHZHJXQJDOOPlKOLFKDXIK|UWH'DVNRQQWHXQP|JOLFKGLH:LUNXQJGHU $WPRVSKlUHVHLQ'HU$QGUXFNQDKPYRQ$XJHQEOLFN]X$XJHQEOLFN]X/DQJLRQ%UDNK|UWHGDV%OXW LQGHQ2KUHQUDXVFKHQ6HLQ%OLFNYHUVFKOHLHUWHVLFK'LH*HGDQNHQZXUGHQWUlJHXQGNODPPHUWHQ VLFKYHU]ZHLIHOWDQHLQHP(LQGUXFNIHVWGHULKPVRHEHQLQGHQ6LQQJHNRPPHQZDULFKZHUGH JHEUHPVW (UJOLWWMHW]WPLWGHQ)HQYRUDXVDXIGLHZHLWHJHOEOLFKEUDXQH)OlFKH]X(LQ'UXFNODVWHWHDXILKP GHULKPGHQ.RSI]ZLVFKHQGLH6FKXOWHUQ]XSUHVVHQGURKWH(UEHZHJWHVLFKJHUDGOLQLJGDVZLUEHOQGH 'UHKHQKDWWHDXIJHK|UW(UYHUVWDQGGDHLQHXQEHNDQQWH.UDIWLKQDEEUHPVWHXQGGDHU ZDKUVFKHLQOLFKQLFKWLQGHU$WPRVSKlUHYHUJOKHQZUGH$EHUZDVQW]WHLKPGDVZHQQVWDWWGHVVHQ GHU$QGUXFNLKQXPEUDFKWH" 'DVZDUVHLQOHW]WHU*HGDQNHEHYRUGLH'XQNHOKHLWGHU2KQPDFKWLKQHLQKOOWH $OVHUZLHGHU]XVLFKNDPEHIDQGHUVLFKQXUQRFKZHQLJH.LORPHWHUEHUHLQHUJHU|OOHUIOOWHQXQG YRQGHQWLHIHLQJHVFKQLWWHQHQ/lXIHQDXVJHWURFNQHWHU%lFKH]HUIXUFKWHQ+RFKHEHQH'HU+RUL]RQW ZXUGHDOOVHLWVYRQ|GHQXQZLUWOLFKHQ%HUJNHWWHQEHJUHQ]W1XULQQRUGZHVWOLFKHU5LFKWXQJJLQJ /DQJLRQ%UDNV%OLFNQRFKEHUGLH%HUJ]LQQHQKLQZHJDXIHLQHZHQLJHUXQIUXFKWEDUH(EHQHKLQDXV GLHGHXWOLFKH6SXUHQODQGZLUWVFKDIWOLFKHU1XW]XQJDXIZLHV(UVDKHLQH$QVDPPOXQJYRQ+WWHQGLH DXVGLHVHU(QWIHUQXQJOlFKHUOLFKZLQ]LJZLUNWHQXQGZHLWLP+LQWHUJUXQGHLQHQJHUDGOLQLJHQGXQNOHQ 6WULFKDOVJlEHHVGRUWHLQH.DQWHDQGHUGLH:HOW]X(QGHJLQJ (UVSUWHDQQlKHUQGQRUPDOH6FKZHUNUDIW(UWULHEDXIQ|UGOLFKHP.XUVEHUGLHWURFNHQH+RFKHEHQH GDKLQXQGYHUORUGDEHLODQJVDPDQ+|KH6HLQH6LQNJHVFKZLQGLJNHLWEHWUXJQLFKWPHKUDOVGLHHLQHV )DOOVFKLUPVSULQJHUV6HLQ5DXPDQ]XJGHPHUVRZHQLJ]XJHWUDXWKDWWHHQWSXSSWHVLFKDOVHLQ ]XYHUOlVVLJHVVWHXHUEDUHV7UDQVSRUWPLWWHOXQGGLH)UDJHZDUXPHLQGHUDUWVDGLVWLVFKHV6SLHOPLWLKP JHWULHEHQZXUGHVWHOOWHVLFKDXIHLQPDOQLFKWPHKU'HP*HJQHUODJQLFKWVDQ/DQJLRQ%UDNV7RG(U VROOWHXQVFKlGOLFKJHPDFKWZHUGHQMDDEHUDXIHLQH$UWXQG:HLVHGLHGHP:LGHUVDFKHU]XVlW]OLFKHQ 1XW]HQEUDFKWH'LHVH:HOWZDUVHLQ=LHOXQGLUJHQGZRGRUWXQWHQZDUWHWHMHPDQGDXILKQXPLKQLQ (PSIDQJ]XQHKPHQ 6HLQ=LHOPXWHHVVHLQVLFK]XGHU6WDGWGXUFK]XVFKODJHQGLHHUYRUGHP(LQWULWWLQGLH$WPRVSKlUH JHVHKHQKDWWH:HQQEHUKDXSWLUJHQGZRDXIGLHVHU:HOWGDQQIDQGHUGRUWZDVHUEUDXFKWHXPVLFK PLWGHU$XHQZHOWLQ9HUELQGXQJ]XVHW]HQ(UPRFKWHQRFKVRYLHOH7DXVHQGHYRQ/LFKWMDKUHQYRQ 6ROYDLJKHQWIHUQWVHLQGLH$XVVLFKWZDUJXWGDHUVLFKWURW]GHPQRFKLPPHULQGHPYRQGHU *$9g.NRQWUROOLHUWHQ$EVFKQLWWGHU0LOFKVWUDHEHIDQG'DPLWZDUVRJXWZLHVLFKHUGDGLHVH:HOW DXIGHQ1DYLJDWLRQVNDUWHQGHUVWHUQIDKUHQGHQ9|ONHUYHU]HLFKQHWZDUXQGHLQHQ1DPHQKDWWH0HKU QRFKHVPXWHLQGHU6WDGWHLQHQ+\SHUVHQGHUJHEHQPLWGHPHUXP+LOIHIXQNHQNRQQWH (UVDKGDV(PSIDQJVNRPPDQGR(VEHVWDQGDXVVLHEHQ3XQNWHQGLHEHUGLHEHEDXWH(EHQHMHQVHLWV GHU%HUJNHWWHKHUDQJHHLOWNDPHQ$QLKUHUJHUDGOLQLJHQ%HZHJXQJHUNDQQWHHUGDVLHJHQDXZXWHQ DQZHOFKHP2UWVLHLKQDXI]XOHVHQKDWWHQ6HLQH9RUZlUWVEHZHJXQJKDWWHVLFKLQGHQYHUJDQJHQHQ 0LQXWHQVWlQGLJYHUULQJHUW6HLQH)OXJEDKQJOLFKGHUHLQHUYHU]|JHUWHQ3DUDEHO(UKDWWHMHW]WGDV ]HUNOIWHWH%HUJODQGXQPLWWHOEDUYRUXQGXQWHUVLFK,QGHQQlFKVWHQ$XJHQEOLFNHQZUGHHUEHU HLQHQJH]DFNWHQ.DPPKLQZHJJOHLWHQXQGMHQVHLWVLQGLH7LHIHVLQNHQGHP(PSIDQJVNRPLWHH XQPLWWHOEDULQGLH$UPH (VEHVWDQGDXV+RPLQLGHQZLHHUDXVJHULQJHUHU(QWIHUQXQJMHW]WHUNDQQWHODQJKDDULJHEXQW JHNOHLGHWHQ:HVHQGLHDXIJHK|UQWHQ.UHDWXUHQULWWHQ%HLGHQGHQ5HLWHUQXQGGHQ5HLWWLHUHQZDU GLHPlFKWLJHDXIJHZ|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|FKVWHQVDFKW0HWHUREHUKDOEGHVJH]DFNWHQ)HOVUDQGV'LHVLHEHQ5HLWHUZDUWHWHQDXIGHUDQGHUHQ 6HLWH6LFKHUOLFKJDEHV3lVVHXQG'XUFKJlQJHLQGLHVHP%HUJZLUUZDUUDEHUHVZUGHJHUDXPH=HLW
YHUJHKHQELVVLHGHQGLHVVHLWLJHQ)XGHU%HUJNHWWHHUUHLFKWHQ (UORFNHUWHGLH9HUVFKOVVHVHLQHV$Q]XJV(VPXWHDOOHVVFKQHOOJHKHQGHQQGLH/DQJKDDULJHQVDKHQ LKQVRJXWZLHHUVLHVDK:HQQVLHYRU]HLWLJHLQH$KQXQJYRQVHLQHP9RUKDEHQEHNDPHQZUGHQVLH DXILKQVFKLHHQ,QVHLQHQ2KUHQZDUHLQODXWHV.QDFNHQXQG6XPPHQXQGHLQHQ$XJHQEOLFNODQJ KDWWHHUGDV*HIKOHVVWQGHLKPHLQH]ZHLWH2KQPDFKWEHYRU'LHDXIJHEOlKWHQ%UXVWN|UEHGHU 5HLWHU'HU/XIWGUXFNZDUHUElUPOLFKJHULQJHLQHKDOEH$WPRVSKlUHPHKUQLFKW(VZUGHLKP VFKZHUIDOOHQVLFKXQWHUGLHVHQ%HGLQJXQJHQPLWGHUQ|WLJHQ*HVFKZLQGLJNHLW]XEHZHJHQ(LQH EDQJH6HNXQGHODQJGDFKWHHUGDUDQVHLQ9RUKDEHQDXI]XJHEHQ$EHUHVZDU]XVSlW'LH5HLWHU KDWWHQHUNDQQWGDHULKQHQHLQ6FKQLSSFKHQVFKODJHQZROOWH(LQGURKHQGHU5XIJHOOWH]X%UDN KHUDXI(LQHQ$XJHQEOLFNVSlWHUK|UWHHUHLQHQVFKDUIHQ.QDOO (UNODSSWHGHQ+HOPQDFKKLQWHQ8QWHUGHP(LQIOXGHV6FKZHUNUDIWJHQHUDWRUVEHZHJWHVLFKGLH 0RQWXUZLHHLQOHEHQGHV:HVHQXQGVWUlXEWHVLFKLKQIUHL]XODVVHQ(UVWUHLIWHVLFKGDVVFKZHUH 0DWHULDOYRQGHQ6FKXOWHUQXQGVWUDPSHOWHPLWGHQ%HLQHQXPVLFKDXVGHU8PNODPPHUXQJ]X EHIUHLHQ(UVWU]WH'HU5DXPDQ]XJWULHEEHULKPGDYRQ/DQJLRQ%UDNZDQGWHGHQ%OLFNLQGLH 7LHIHXQGVDKGDVEUHLWHUDXKH)HOVEDQGDXIVLFK]XNRPPHQ(USUDOOWHKDUWDXIIHGHUWHLQGHQ%HLQHQ ZDUIVLFKYRUQEHUXQGUROOWHEHUGLH6FKXOWHU 'DQQODJHUGDKDOEEHZXWORVPLWZLOGSXPSHQGHQ/XQJHQGLHNDXPJHQXJ/XIWLQGHQ JHVFKXQGHQHQ.|USHUSUHVVHQNRQQWHQ 6FKOLHOLFKVWHPPWHHUVLFKLQGLH+|KH'LH6FKXOWHUVFKPHU]WHDEHUGDVZDUQXUHLQH3UHOOXQJGLHHU LQHLQSDDU6WXQGHQQLFKWPHKUVSUHQZUGH6FKOLPPHUZDUGHUQLHGULJH/XIWGUXFN-HGHUDVFKH %HZHJXQJYHUXUVDFKWHLKPHLQ6FKZLQGHOJHIKO(UVDKGHQVWHLOHQ+DQJKLQDEGHVVHQREHUHV(QGH GDV)HOVEDQGELOGHWHXQGVFKDXGHUWH(LQ6FKZLQGHODQIDOODXIGLHVHP7HUUDLQXQGVHLQH/DXIEDKQ ZDU]X(QGH6HOWVDPHUZHLVHVSUWHHUNDXP$WHPQRW'LH/XQJHQKDWWHQDXIJHK|UW]XSXPSHQ(UOLWW NHLQHQ6DXHUVWRIIPDQJHOQXUGHUJHULQJH'UXFNPDFKWHLKP]XVFKDIIHQ'DVNRQQWHQXUEHGHXWHQ GDGLH/XIWZHVHQWOLFKVDXHUVWRIIUHLFKHUZDUDOVDXIGHU(UGH (UKRUFKWH'LH:VWHLQQHUKDOEGHV5LQJHVYRQ%HUJHQZDUDXVJHVWRUEHQ+RFKGUREHQLPGXQNOHQ %ODXGHV+LPPHOV]RJHLQZHLWVFKZLQJLJHU9RJHOWUlJHVHLQH%DKQ/DQJLRQ%UDNPXVWHUWHGHQ6WDQG GHU6RQQH1DFKVHLQHU6FKlW]XQJZUGHHVLQDQGHUWKDOEELV]ZHL6WXQGHQGXQNHOZHUGHQ%LVGDKLQ HUUHLFKWHHUDPEHVWHQZHJVDPHUHV*HOlQGHRGHUHUZUGHVLFKGDUDXIHLQULFKWHQPVVHQGLH1DFKWLQ GLHVHQ]HUNOIWHWHQ*HILOGHQ]XYHUEULQJHQ$XVZHLWHU)HUQHJODXEWHHUPHQVFKOLFKH6WLPPHQ]X K|UHQ5XIH'DVPXWHQGLHODQJKDDULJHQ5HLWHUVHLQGLHJHNRPPHQZDUHQXPLKQLQ(PSIDQJ]X QHKPHQ'LH*HUlXVFKHNDPHQYRQUHFKWVKHU%UDNHUNDQQWHGDHUGHQVWHLOHQ+DQJKLQWHUVLFK KDEHQPXWHEHYRUGLH9HUIROJHUDXIGLHVHU6HLWHGHV%HUJHVDQNDPHQ6LFKHUOLFKZDUHQVLHQLFKWDOOH KLQWHULKPKHU(LQHQRGHU]ZHL3RVWHQZUGHQVLHDXIGHUDQGHUHQ6HLWH]XUFNJHODVVHQKDEHQZHLO VLHGDPLWUHFKQHQPXWHQGDHUZDUWHWHELVVLHGLH9HUIROJXQJDXIQDKPHQXQGGDQQHLQIDFKEHU GHQ.DPPKLQZHJNOHWWHUWHXPEHUGLHEHEDXWH(EHQH]XHQWNRPPHQ 'HU+DQJZDUEHVFKZHUOLFK0HKUHUH0DOHYHUORUHUGHQ+DOWXQGUXWVFKWHLQHLQHU/DZLQHDXV6WDXE XQG*HU|OOHLQSDDU0HWHUZHLW]X7DO1RFKHLQSDDUVROFKHU([SHGLWLRQHQXQGHUZUGHGHQ %HZRKQHUQGLHVHV3ODQHWHQQDFNWJHJHQEHUWUHWHQPVVHQ6HLQH.OHLGXQJZDUIUVROFKH6WUDSD]HQ QLFKWJHPDFKW $P)XGHV+DQJHVJHULHWHUDXIHLQHZHLWHNDKOH)HOVIOlFKH1DFK6GHQKLQQHLJWHVLHVLFKGHP 1LYHDXGHU|GHQ+RFKHEHQH]X'RUWXQWHQLUJHQGZRZUGHQLQ.U]HVHLQH9HUIROJHUDXIWDXFKHQ(U ZDQGWHVLFKQDFKUHFKWV'RUWJDEHV*UXSSHQYRQEHUPDQQVKRKHQ)HOVNO|W]HQGLHLKP'HFNXQJ ERWHQ8QGYRQUHFKWVK|UWHHUDXFKMHW]WGHXWOLFKHUDOV]XYRUGLH/DXWHPHQVFKOLFKHU6WLPPHQ (UGUDQJ]ZLVFKHQGLH)HOVHQHLQ6LHELOGHWHQHLQHVFKPDOH*DVVHPLWKRKHQ:lQGHQGLHGDV 6RQQHQOLFKWDEVFKLUPWHQ/DQJLRQ%UDNJDEGHQ$XJHQ=HLWVLFKDQGDV+DOEGXQNHO]XJHZ|KQHQ XQGK|UWHGLH6WLPPHQODXWHUZHUGHQ(VPXWHKLHUJDQ]LQGHU1lKHHLQHQ3DJHEHQGXUFKGHQ VHLQH9HUIROJHUYRQGHUDQGHUHQ6HLWHKHUEHUNDPHQ'HU8PULHLQHVNKQHQ3ODQHVHQWVWDQGLQ VHLQHP*HKLUQ 'DV]LVFKHQGH)DXFKHQOLHLKQPLWWHQLQGHU%HZHJXQJHUVWDUUHQ(VNDPDXVGHPVFKDWWHQKDIWHQ 'XQNHO]ZLVFKHQ]ZHLPlFKWLJHQ)HOVEO|FNHQ=ZHL$XJHQVRJURZLH+DQGWHOOHUJOKWHQLKQE|VH DQ'DV)DXFKHQYHUVWXPPWH(LQODQJJHVWUHFNWHUYLHUEHLQLJHU8PULZDUIVLFK/DQJLRQ%UDN HQWJHJHQ(UVFKQHOOWHVLFK]XU6HLWHDEHUGLH%HVWLHVWHXHUWHLKUHQ)OXJPLWGHPODQJHQ6FKZDQ]XQG WUDILKQGHQQRFKJHJHQGLH6FKXOWHU'HUEUHQQHQGH6FKPHU]PDFKWH%UDNIDVWZDKQVLQQLJ0LW 7UlQHQLQGHQ$XJHQNDXPVHKHQGVFKOXJHUXPVLFK'HU$QJUHLIHUZDUHLQH(FKVHHLQ JHVFKXSSWHVJHVFKZlQ]WHV8QJHKHXHUYRQPHKUDOVGUHL0HWHUQ/lQJHPLWHLQHP.|USHUGHUQXUDXV
0XVNHOQXQG6HKQHQEHVWDQG(LQHPLW.UDOOHQEHZHKUWH7DW]HVFKUDPPWHLKPEHUGLH%UXVWXQGUL LKPGDV+HPGLQ)HW]HQ$EHUMHW]WKDWWHHUHLQHQ$UPXPGHQ+DOVGHU%HVWLHJHVFKOXQJHQXQGZDUI VLFKLKUPLWYROOHU:XFKWHQWJHJHQVRGDVLHJHJHQGHQ)HOVJHGUlQJWZXUGH'HUPLWHLQHPKRUQLJHQ .DPPYHUVHKHQH6FKZDQ]YRUGHPHUDPPHLVWHQ5HVSHNWKDWWHZXUGHGDGXUFKLQVHLQHQ %HZHJXQJHQJHKLQGHUW 'HU.DPSIZDUODXWORVXQGXQHUELWWOLFK'LFKWYRUVLFKKDWWH%UDNGLHWFNLVFKJOKHQGHQ$XJHQXQG GDVULHVLJH0DXOPLW]ZHLVFKDUIJH]DFNWHQ.QRFKHQSODWWHQDQVWHOOHYRQ=lKQHQ:HU GD]ZLVFKHQJHULHWGHUKlWWHVLFKHEHQVRJXWHLQHP5HLZROIDQYHUWUDXHQN|QQHQ'HUVWLQNHQGHKHLH $WHPGHV8QJHKHXHUVIXKU%UDNLQV*HVLFKWZlKUHQGHUVLFKEHPKWHGLH(FKVHLPPHUIHVWHUJHJHQ GHQ)HOVNORW]LP+LQWHUJUXQG]XGUFNHQ'LHOLQNH+DQGVHW]WHHUXQWHUGHQ.LHIHUGHU(FKVHLPPHU EHGDFKWPLWGHQ.QRFKHQSODWWHQQLFKWLQ%HUKUXQJ]XNRPPHQXQGEHJDQQ]XVFKLHEHQ'LH.UDIW GHV7LHUHVHUODKPWH(VNRQQWHVLFKNDXPQRFKEHZHJHQ6HLQHZLUNVDPVWHQ:DIIHQGHU6FKZDQ] XQGGLHNUDOOHQEHZHKUWHQ7DW]HQZDUHQXQVFKlGOLFKJHPDFKW/DQJLRQ%UDNSUHWHGLHJHVDPWH 0XVNHONUDIWGHUXQYHUOHW]WHQ6FKXOWHULQGHQOLQNHQ$UP'HU6FKlGHONLSSWHQDFKKLQWHQ'DV ]HUEUHFKHQGH*HQLFNJDEHLQWURFNHQHV3UDVVHOQYRQVLFK'HUODQJJHVWUHFNWH.|USHU]XFNWHQRFKHLQ SDDUPDOXQGZXUGHVFKODII/DQJLRQ%UDNORFNHUWHGHQ*ULII'LH(FKVHVDQNKDOWORV]X%RGHQ %UDNVSUWHZLHGLH.QLHXQWHULKPQDFKJDEHQ'LH$QVWUHQJXQJZDU]XYLHOIULKQJHZHVHQ .HXFKHQGOLHHUVLFKIDOOHQOHKQWHVLFKJHJHQGHQNKOHQ)HOVXQGZDUWHWHGDVHLQH.|USHUNUlIWH ZLHGHU]XUFNNHKUWHQ (UK|UWHHLQH6WLPPHQLFKWPHKUDOVHLQ'XW]HQG0HWHUHQWIHUQW Ä:HQQGDVHLQ7HQGULOZDUYRUGHPGLH)OH[HQVFKHXWHQGDQQILQGHQZLUZRP|JOLFKQXUQRFKVHLQH .QRFKHQ³ $OVGDV6FKDUUHQGHU+XIHHLQH0LQXWHVSlWHULQGHU)HUQHYHUNODQJKDWWHVLFK/DQJLRQ%UDNQRFK LPPHUQLFKWYRQGHP6FKRFNHUKROWHLQH6WLPPHJHK|UW]XKDEHQGLHHLQHGHUDOWHQWHUUDQLVFKHQ 6SUDFKHQVSUDFK0LWHLQHPPHUNZUGLJHQ$N]HQWJHZLDEHUGXUFKDXVYHUVWlQGOLFK(UGXUFKVXFKWH VHLQ*HGlFKWQLVQDFK,QIRUPDWLRQHQEH]JOLFKHLQHVLQGHU)UK]HLWEHVLHGHOWHQXQGLQ]ZLVFKHQKDOE YHUJHVVHQHQ.RORQLDOSODQHWHQDXIGHPGLH+RFKODQGEHZRKQHU]XWRQQHQEUVWLJHQ5LHVHQPXWLHUW ZDUHQIDQGMHGRFKQLFKWV=XU%HDQWZRUWXQJGHU)UDJHDXIZHOFKH:HOWLKQGLH0DFKHQVFKDIWHQGHV *HJQHUVYHUVFKODJHQKDWWHQEHGXUIWHHUZHLWHUHU'DWHQ 'LH(FKVHGLHHUJHW|WHWKDWWHZXUGH7HQGULOJHQDQQW'LHJHK|UQWHQ5HLWWLHUHKLHHQ)OH[HQ)OH[HQ VFKHXWHQYRUGHU$XVGQVWXQJGHV7HQGULOV'LHVHU8PVWDQGOLHVLFKEHLVHLQHP9RUKDEHQYHUZHUWHQ (UVDKDQVLFKKLQDE'LH.ODXHQGHV8QJHKHXHUVKDWWHQLKPGUHLEOXWLJH6FKUDPPHQEHUGLH%UXVW JHULVVHQ'LH:XQGHQEHJDQQHQ]XYHUNUXVWHQ'LH$WPRVSKlUHGHV:VWHQJHOlQGHVZDUDQWLVHSWLVFK (UKDWWHQLFKWV]XEHIUFKWHQ'DV+HPGIUHLOLFKZDUXQEUDXFKEDUJHZRUGHQ(UULVLFKGLH EOXWJHWUlQNWHQ)HW]HQYRP/HLEXQGZROOWHVLHDFKWORVEHLVHLWHZHUIHQGDNDPLKPHLQHDQGHUH,GHH (UJLQJGHQ:HJ]XUFNGHQHUJHNRPPHQZDUELVDQGHQ$QIDQJGHU)HOVHQDOOHH'LH6RQQHVWDQG WLHIEHUGHQ%HUJHQXQGEHUJRGLH+RFKHEHQHPLWHLQHPHLJHQWPOLFKHQRUDQJHIDUEHQHQ6FKHLQ %UDNVDKGLH*HVWDOWHQYRQIQI9HUIROJHUQXQWHQDP5DQGGHU)HOVSODWWH6LHKDWWHQDQJHKDOWHQXQG VFKLHQHQ]XEHUDWHQ1DFKHLQHU0LQXWHWULHEHQVLHLKU5HLWWLHUHGHQVDQIWJHQHLJWHQ+DQJKHUDXI /DQJLRQZDUIGDV+HPG]ZLVFKHQ]ZHL)HOVEO|FNHQ]X%RGHQ (UNOHWWHUWHEHUGHQ.|USHUGHUWRWHQ(FKVHKLQZHJXQGNDPZHQLJH6FKULWWHZHLWHUDQHLQHQWLHIHQ (LQVFKQLWWGHU]ZHL0HWHUEUHLWXQGGUHL0HWHUWLHIGXUFKGDV)HOVPDVVLYIKUWH$XIGHP%RGHQ KDWWHQVLFK*HU|OOXQG*HVWHLQVVWDXEDQJHVDPPHOW,P6WDXEVDKHU+XIDEGUFNH+LHUZDUHQGLH 9HUIROJHUDXILKUHQ)OH[HQYRUEHLJHNRPPHQ 'HU2UWZDUGHQNEDUXQJHHLJQHWIUVHLQHQ3ODQ,QVSlWHVWHQVYLHU]LJ0LQXWHQZUGHHVKLHUVRGXQNHO VHLQZLHDXIGHU6RKOHHLQHVXQEHOHXFKWHWHQ%HUJZHUNV(UZDUDOOHLQDXI,QVWLQNWXQG*HK|UDQJHZLH VHQXQGGHUHLQ]LJH9RUWHLOODJGDULQGDHVDXFKGHP*HJQHUQLFKWEHVVHUHUJLQJ(USDFNWHGLH (FKVHDP6FKZDQ]XQG]HUUWHVLHPLWYLHO0KHELVDQGHQ5DQGGHV(LQVFKQLWWV(UOHUQWHDOOPlKOLFK PLWGHPJHULQJHQ/XIWGUXFN]XUHFKW]XNRPPHQ(LQHUQHQQHQVZHUWHQ$QVWUHQJXQJGXUIWHHUVLFK K|FKVWHQVIUGLH'DXHUHLQHU0LQXWHXQWHU]LHKHQGDQQZDUHV=HLW]XP$XVUXKHQ (UNHKUWH]XUFN]XP(LQJDQJGHU)HOVHQDOOHH$XVNQDSSIQI]HKQ0HWHUQ(QWIHUQXQJK|UWHHUHLQ NUlIWLJHV6FKQDXEHQXQGGHQ]RUQLJHQ$XVUXIHLQHV0HQVFKHQ(UEHZHJWHVLFKYRUVLFKWLJHUXQG HUVSlKWHGXUFKHLQH/FNH]ZLVFKHQ]ZHL)HOVNO|W]HQHLQHQ)OH[PLWHLQHP5HLWHU'DV7LHUZDU XQUXKLJ'HU5HLWHUKLHOWHLQHQ]HUOXPSWHQ*HJHQVWDQGLQGHU+DQGGHQHUQHXJLHULJPXVWHUWH /DQJLRQ%UDNVEOXWLJHV+HPG (UVDKDXIXQGVFKULHÄ,KUEUDXFKWQLFKWPHKU]XVXFKHQ'DV7HQGULOKDWLKQHUZLVFKW³
+XIWULWWHQlKHUWHQVLFKDXVPHKUHUHQ5LFKWXQJHQ%LQQHQ]ZHL0LQXWHQWDXFKWHQGLHEULJHQYLHU 9HUIROJHULQ%UDNVEHHQJWHP%OLFNIHOGDXI6LHXQWHUVXFKWHQGDV+HPG(LQHUYRQLKQHQEOLFNWH]XU 6RQQHDXIGLHEHUHLWV]XU+lOIWHKLQWHUGHQ%HUJHQYHUVFKZXQGHQZDU Ä+DWNHLQHQ=ZHFNKHXWHQRFKQDFKLKP]XVXFKHQ³EUXPPWHHUPLPXWLJÄ'DV7HQGULOLVWVHOEVWLP VDWWHQ=XVWDQGJHIlKUOLFK:LUNRPPHQPRUJHQKLHUKHU]XUFN³ Ä0XUXQGDZLUGQLFKWVHKU]XIULHGHQVHLQ³EHPHUNWHHLQDQGHUHU Ä'XNPPHUHGLFKQLFKWXP0XUXQGD³PDKQWHLKQGHUHUVWH6SUHFKHUÄ(VLVWPHLQH6DFKHPLWLKP ]XUHGHQ0LWXQWHUZHUGHQXQVVROFKHJHVFKLFNWGLHVLFKPLWLKUHP/RVQLFKW]XIULHGHQJHEHQZROOHQ 'DVZHL0XUXQGDVRJXWZLHMHGHUYRQXQV³ (UVWRSIWHGLHEOXWLJHQhEHUUHVWHGHV+HPGHVXQWHUVHLQHQ6DWWHOXQGZDQGWHVHLQ5HLWWLHUGHQVDQIWHQ $EKDQJKLQDE'UXQWHQDXIGHU(EHQHNURFKGHU6FKDWWHQGHU1DFKWEHUHLWVKHUDQ)U/DQJLRQ%UDN ZDUHVDQGHU=HLWVHLQHQ3RVWHQ]XEH]LHKHQ %LQQHQHLQHUKDOEHQ6WXQGHZXUGHHVY|OOLJILQVWHUHLQ=HLFKHQGDHUVLFKLQGHU1lKHGHVbTXDWRUV EHIDQG*OHLFK]HLWLJHUKLHOWHUHLQHQ(LQGUXFNZLHHVVHLQZUGHLQGLHVHU)HOVHQ|GHHLQH1DFKW]X YHUEULQJHQ0LWGHP8QWHUJDQJGHU6RQQHVFKZDQGGLH:lUPH1RFKVFKQHOOHUDOVGDV/LFKWYHUJLQJ GLHWKHUPLVFKH(QHUJLHGLHGLH)HOVHQWDJVEHULQVLFKDXIJHVSHLFKHUWKDWWHQ/DQJLRQ%UDNEHJDQQ]X IU|VWHOQXQGQDFKNXU]HU=HLWZDULKPVRNDOWGDHUPLWGHQ$UPHQXPVLFKVFKODJHQPXWHXP QLFKWYRU.lOWH]XHUVWDUUHQ 6FKOLHOLFKK|UWHHUGDV*HUlXVFKGHU+XIHGDVVLFKYRQOLQNVKHUQlKHUWH'LHIQI0lQQHUVSUDFKHQ QLFKWPLWHLQDQGHU'HU0LHUIROJKDWWHVLHPUULVFKJHPDFKW/DQJLRQ%UDNVDKHLQHQ6FKDWWHQXQWHU VLFKYRUEHLWURWWHQ'HU)OH[KREPHKUPDOVGHQ.RSIXQGVFKQDXEWHlQJVWOLFK'HU5HLWHUNORSIWHLKP DXIGLH.UXSSHXQGEUXPPWHÄ1XUZHLWHUPHLQ%HVWHU,FKZHLGDHVKLHUKHUXP7HQGULOHJLEW³ 'HU]ZHLWH6FKDWWHQIROJWHLQIQI0HWHUQ$EVWDQGGDQQGHUGULWWH'LH7LHUHYHUKLHOWHQVLFKDOOHLQ JOHLFKHU:HLVHVLHZXUGHQXQUXKLJVFKQDXEWHQXQGVWUlXEWHQVLFKJHJHQGHQ=JHO'LH0lQQHU VSUDFKHQKDOEODXWDXIVLHHLQXQGEHZHJWHQVLH]XP:HLWHUJHKHQ'DVJDE/DQJLRQ%UDN=XYHUVLFKW 6HLQ3ODQNRQQWHQXUQRFKGDQQIHKOJHKHQZHQQGLH'XQNHOKHLWLKPHLQHQ6WUHLFKVSLHOWH 'HUYLHUWHXQGGHUOHW]WH5HLWHUZDUHQPHKUDOVIQI]HKQ0HWHUKLQWHUGHQHUVWHQGUHL]XUFNJHIDOOHQ XQGULWWHQGLFKWKLQWHUHLQDQGHU$EHUGDVVW|UWH%UDNQLFKW$OVGHUYLHUWH)OH[VLFKXQWHULKP YRUEHLEHZHJWHJULIIHUGLHWRWH(FKVHEHLP6FKZDQ]XQGVFKOHXGHUWHVLHKLQDE'HU.DGDYHUVFKOXJ GHP)OH[DXIV+LQWHUWHLO'DV7LHUJDEHLQHQVFKULOOHQ7URPSHWHQWRQYRQVLFKXQGVFKRLQGLH 'XQNHOKHLWGDYRQ'HUIQIWH)OH[KDWWHGLH$XVGQVWXQJGHVWRWHQ7HQGULOVXQPLWWHOEDUYRUGHQ 1VWHUQ'HU,QVWLQNWJHERWLKPQDFKKLQWHQDXV]XZHLFKHQ(UVWLHJWURPSHWHQGLQGLH+|KH'HU +RKOZHJZDU]XHQJIUHLQH:HQGXQJ/DQJLRQ%UDNK|UWH+XIHEHU)HOVNUDW]HQXQGGHQ]RUQLJHQ HUVFKUHFNWHQ$XIVFKUHLGHV5HLWHUV(LQ.|USHUVFKOXJVFKZHU]X%RGHQ ,PQlFKVWHQ$XJHQEOLFNZDU%UDNXQWHQ,P)LQVWHUQJULIIHUQDFKGHQ=JHOQGHVLQ3DQLNJHUDWHQHQ )OH[EHNDPVLH]XIDVVHQ]RJGDV7LHU]XVLFKKHUDQXQGVSUDFKPLWVDQIWHQ:RUWHQDXIHVHLQ(U IKUWHHVUFNZlUWVYRQGHPWRWHQ7HQGULOIRUW8QWHUZHJVKREHUGHQ.|USHUGHVEHZXWORVHQ5HLWHUV DXIXQG]HUUWHLKQKLQWHUVLFKKHU(LQ'XW]HQG0HWHUZHLWHUEHJDQQGHU)OH[VLFK]XEHUXKLJHQ%UDN OLHGLH=JHOIDKUHQXQGNPPHUWHVLFKXPGHQ5HJORVHQ(UKDWWHZLUNOLFKQXUGDV%HZXWVHLQ YHUORUHQ$QVHLQHU6FKOlIHJDEHVHLQHQIHXFKWHQ)OHFNZDKUVFKHLQOLFKKDWWHHUVLFKEHLP6WXU]GHQ 6FKlGHODQJHVFKODJHQ%UDNHQWNOHLGHWHLKQPLWIOLQNHQ*ULIIHQ(UHUEHXWHWHHLQHQlUPHOORVHQ.DIWDQ XQGHLQHELVNQDSSDXIGLH.QLHUHLFKHQGH+RVHEHLGHDXVHUVWDXQOLFKIHLQHP6WRII(UVWUHLIWHGDV HLJHQH%HLQNOHLGDEZDUIHVDFKWORVEHLVHLWHXQGVFKOSIWHLQGLH.OHLGHUGHV(LQJHERUHQHQ'HU .DIWDQZDULKPXPGLH%UXVWKHUXPYLHO]XZHLWDEHUGDUDQOLHVLFKLP$XJHQEOLFNQLFKWVlQGHUQ(U EHVWLHJGHQ)OH[XQGWULHELKQYRUZlUWV'DV7LHUZROOWHVFKHXHQDOVVLHLQGLH1lKHGHV7HQGULO .DGDYHUVNDPHQ$EHU/DQJLRQ%UDNWULHELKPHQWVFKORVVHQGLH+DFNHQVHLQHU6WLHIHOLQGLH)ODQNHQ 0LWHLQHPHUVFKUHFNWHQ6DW]IORJGHU)OH[EHUGLH7LHUOHLFKHKLQZHJ'DQQNODSSHUWHQVHLQH+XIH KLQWHUGHQDQGHUHQ5HLWHUQKHUGHQ+RKOZHJHQWODQJ /DQJLRQ%UDNXQWHUVXFKWHGLH7DVFKHQGHVHUEHXWHWHQ*HZDQGV,QHLQHUIDQGHUHLQHDOWPRGLVFKH 3URMHNWLOHYHUVFKLHHQGH3LVWROH(UKlWWHVLHJHUQHDXVSURELHUWXP]XHUIDKUHQREHUVLFKLP HQWVFKHLGHQGHQ$XJHQEOLFNDXIGLH:DIIHYHUODVVHQN|QQH$EHULP$XJHQEOLFNZDUHVZLFKWLJHU QLHPDQGHV$XIPHUNVDPNHLWXQQ|WLJ]XHUUHJHQ (LQ6FKDWWHQWDXFKWHYRULKPDXI Ä'DV7HQGULOKDWGLU]XVFKDIIHQJHPDFKWZLH/DUPXN"³IUDJWHHLQHVS|WWLVFKH6WLPPHPLW IUHPGDUWLJHP$N]HQW /DQJLRQ%UDNJDEHLQPUULVFKEUXPPHQGHV*HUlXVFKYRQVLFK'HQ)UDJHUVFKLHQ V]XEHIULHGLJHQ
(UKDWWHZHLWHUQLFKWVPHKU]XVDJHQ 1DFKIQI]HKQ0LQXWHQZXUGHGHU+RKOZHJDOOPlKOLFKEUHLWHU6LHQlKHUWHQVLFKGHPQ|UGOLFKHQ 5DQGGHV%HUJJHOlQGHV9RULKQHQODJGLHZHLWHEHEDXWH(EHQHGLH/DQJLRQ%UDNYRUVHLQHU/DQGXQJ JHVHKHQKDWWH:HLWLQGHU)HUQHIXQNHOWHQHLQSDDUWUEH/LFKWHU'DVZDUGDV'RUI'HU%RGHQGHV +RKOZHJVVHQNWHVLFKDEZlUWV'LH/LFKWHUYHUVFKZDQGHQ%UDNK|UWHGDVOHLVH:LVSHUQ KRFKJHZDFKVHQHU3IODQ]HQPLWGHQHQGLHJDQ]H(EHQHEHGHFNW]XVHLQVFKLHQ (U]RJGLH3LVWROHDXVGHU7DVFKHXQGKLHEVHLQHP)OH[GHQ.ROEHQEHUGHQ6FKlGHO'DV7LHUJDE HLQHQVFKULOOHQ$QJVWVFKUHLYRQVLFKXQGYHUILHOLQHLQHQZLOGHQ*DORSS(UK|UWHMHPDQGODFKHQ Ä'HU-XQJHKDWQRFKYLHO]XOHUQHQ³ 'HU)OH[VFKRPLWLKPGDYRQJHQDXZLHHUHVEHDEVLFKWLJWKDWWH+RKH6WDXGHQVFKOXJHQLKPLQV *HVLFKW(UEUDFKWHGDV7LHUDOOPlKOLFKZLHGHUXQWHU.RQWUROOHXQGGLULJLHUWHHVQDFKOLQNVLQ 5LFKWXQJGHVQ|UGOLFKHQ$EIDOOVGHU%HUJNHWWH:LHHUHUZDUWHWKDWWHEOLHEGLH3IODQ]XQJDOVEDOG KLQWHULKP]XUFN(UEHZHJWHVLFKEHUWHLOVIHOVLJHQWHLOVVDQGLJHQ%RGHQ(UZDUGHQ+lVFKHUQ HQWNRPPHQ%LVVLH9HUGDFKW]XVFK|SIHQEHJDQQHQZDUHUYLHO]XZHLWYRQLKQHQHQWIHUQWDOVGDVLH QRFKKlWWHQKRIIHQN|QQHQLKQZlKUHQGGHU1DFKWZLHGHUHLQ]XIDQJHQ6LHZUGHQELV]XP0RUJHQ ZDUWHQPVVHQHUVWGDQQNRQQWHQVLHVHLQH6SXUHQVHKHQ'LHDOOHUGLQJVZDUHQXQIHKOEDU(UKDWWH HLQHXQPLYHUVWlQGOLFKH%UHVFKHGXUFKGLH3IODQ]XQJJHULWWHQXQGGHU6DQGZUGHGLH+XIDEGUFNH GHV)OH[QRFKHLQSDDU7DJHODQJKDOWHQ (UEUDXFKWH5XKH(UEUDXFKWHZHQLJVWHQVHLQH6WXQGH6FKODIXQGGLH*HOHJHQKHLWVHLQH*HGDQNHQLQ 2UGQXQJ]XEULQJHQ=XU/LQNHQVWLHJHQGUlXHQGPlFKWLJH)HOVHQDXI(UIDQGHLQH1LVFKHLQGHUHU GHQ)OH[YHUVWHFNHQNRQQWH$P(LQJDQJGHU1LVFKHEHWWHWHHUVLFKVHOEVW]X%RGHQ'LH3LVWROHKLHOW HUVFKXEHUHLWLQGHU+DQG 1DFKHLQHU6WXQGHHUZDFKWHHUZLHHVGLHLQQHUH8KUJHERW(UIKOWHVLFKDXVJHUXKWXQGJHNUl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lFKVHGHU3IODQ]XQJHQYHUGHFNWZXUGHQ 8QGGRFKGHU3ODQZDU]XHLQIDFK(UQDKPDXINHLQHGHU|UWOLFKHQ*HJHEHQKHLWHQ5FNVLFKWJDQ] HLQIDFKGHVZHJHQZHLOVLHXQEHNDQQWZDUHQ/DQJLRQ%UDNKDWWHHLQH$KQXQJGD6FKLFNVDOHZLHGDV VHLQHDXIGLHVHU:HOWQLFKWV$XHUJHZ|KQOLFKHVZDUHQ(UZDUQLFKWGHUHUVWHGHQPDQDXIGLHVH :HLVHKLHUDEJHVHW]WKDWWHGD]XZDUGDV9HUKDOWHQGHUVLHEHQ5HLWHUYLHO]XURXWLQHPlLJJHZHVHQ )DLGHU.XQ]DIZDUIGHV|IWHUHQXQOLHEVDPH*HJQHUEHUGLHVHP3ODQHWHQDEDXVZHOFKHP*UXQG DXFKLPPHUXQGKLHUZXWHPDQPLWVHLQHQ2SIHUQXP]XJHKHQ:DKUVFKHLQOLFKKDWWHQYLHOHVFKRQ YHUVXFKWDXVGHP+RFKODQG]XIOLHKHQXQGGLH6WDGW]XHUUHLFKHQ'DVEHGHXWHWHGDGHU(LQVFKQLWW GHQ/DQJLRQ%UDNDOVVFKZDU]HQ6WULFKJHVHKHQKDWWHVFKDUIEHZDFKWVHLQZUGH *XWDOVR(UEUDXFKWH]XHUVWHLQSDDU,QIRUPDWLRQHQ'DV'RUIODJDXIGHP:HJ(UZUGHVLFKGRUW XPVHKHQ(VZlUHQW]OLFK]XZLVVHQZLHODQJHGLH1DFKWKLHU]XODQGHGDXHUWH(UPXVWHUWHGHQ +LPPHO'LH6WHUQHVWDQGHQWURW]GHUGQQHQNODUHQ/XIW]LHPOLFKGQQJHVlW'LHVH:HOWEHIDQGVLFK ZHVHQWOLFKZHLWHUYRPJDODNWLVFKHQ=HQWUXPHQWIHUQWDOV6ROYDLJKZRP|JOLFKDP5DQGHLQHVGHU 6SLUDODUPH'LH6WHUQDUPXWGHVQlFKWOLFKHQ)LUPDPHQWVHUOHLFKWHUWHGLH2ULHQWLHUXQJ%UDNVXFKWHVLFK HLQH5HLKHYRQ)L[SXQNWHQ]XP7HLODP+LPPHO]XP7HLODXIGHU2EHUIOlFKH'DQQZHFNWHHUGHQ )OH[VWLHJDXIXQGULWWODQJVDPLQQ|UGOLFKHU5LFKWXQJGDYRQ 6FKRQQDFKZHQLJHQ0LQXWHQNDPHUDQGHQ5DQGHLQHU3IODQ]XQJ'LHEHU]ZHL0HWHUKRKHQ 6WDXGHQPLWODQJHQODQ]HWWI|UPLJHQ%OlWWHUQVWDQGHQVRGLFKWGDHUVLFKQLFKW]ZLVFKHQLKQHQ KLQGXUFKDUEHLWHQNRQQWHRKQHHLQHXQEHUVHKEDUH6SXU]XKLQWHUODVVHQ,PEULJHQVWHOOWHHUEHL
QlKHUHP+LQVHKHQIHVWGDGLH%OlWWHUDXIGHU8QWHUVHLWHKlOLFKH6WDFKHOQWUXJHQ'DVHUNOlUWHGDV %UHQQHQLQVHLQHP*HVLFKW(UKDWWHVLFKEHLVHLQHUEHUVWU]WHQ)OXFKWZDKUVFKHLQOLFKHLQSDDU 'XW]HQG6FKUDPPHQJHULVVHQ 'LH)UDJHZDUZR]XGLHVH3IODQ]HQJXWVHLQPRFKWHQ(UEUDFKHLQHVGHU%OlWWHUYRUVLFKWLJDE(VZDU WURFNHQXQGEUDFKVFKRQEHLVDQIWHP'UXFNLQGHU0LWWHDXVHLQDQGHU,P,QWHUHVVHGHUXQEHNDQQWHQ 3IODQ]HUKRIIWH%UDNGDHOHNWULVFKH(QWODGXQJHQLQGHU$WPRVSKlUHHLQH6HOWHQKHLWZDUHQ(VZDU OHLFKWVLFKDXV]XPDOHQZDVDXVHLQHUVROFKHQ3IODQ]XQJZHUGHQZUGHZHQQVLHDXFKQXUYRQHLQHP HLQ]LJHQ)XQNHQEHUKUWZXUGH 'DV%ODWWKDWWHNHLQHUOHL*HUXFK%UDNELHLQ6WFNGDYRQDEVFKREHVHLQSDDUPDODXIGHU=XQJHKLQ XQGKHUXQGVSLHHVZLHGHUDXV(UHQWGHFNWHHLQHQYDJHQHLJHQDUWLJHQ*HVFKPDFN$EHUHLQSDDU 0LQXWHQVSlWHUZXUGHGLH=XQJHQVSLW]HJHIKOORV'HU(IIHNWKLHOWNXU]H=HLWDQXQGYHUVFKZDQGRKQH 1DFKIROJHHUVFKHLQXQJ %UDNULWWZHVWZlUWVDQGHU3IODQ]XQJHQWODQJELVHUHLQH6WHOOHHUUHLFKWHDQGHUHLQH]HKQ0HWHUEUHLWH 6FKQHLVHJHUDGHZHJVQDFK1RUGHQIKUWH(U]|JHUWH'LHJHUDGH6WUDHZDUJHIlKUOLFK)DOOVLKP MHPDQGHQWJHJHQNDPZDUHVXQP|JOLFKXQEHPHUNWDXV]XZHLFKHQ'LH6FKQHLVHIKUWH ZDKUVFKHLQOLFKLQ5LFKWXQJGHV'RUIHV:LHJURZDUGLH:DKUVFKHLQOLFKNHLWGDLQGHU1DFKW MHPDQGKLHUXQWHUZHJVZDU" (UVDK]XGHQ6WHUQHQDXIRULHQWLHUWHVLFKDQVHLQHQ)L[SXQNWHQXQGVFKlW]WHGDZlKUHQGGHU YHUJDQJHQHQ6WXQGHHLQH:DQGHUXQJYRQQLFKWPHKUDOV]HKQ*UDGHUIROJWZDU(LQH8PGUHKXQJ GLHVHV3ODQHWHQGDXHUWH6WXQGHQ:HQQHUVLFKZLHHUYHUPXWHWHLQGHU1lKHGHVbTXDWRUVEHIDQG GDQQQDKPGLH1DFKWJHQDXGLH+lOIWHGDYRQLQ$QVSUXFK(VEOLHEHQLKPQRFKYLHU]HKQ6WXQGHQELV ]XP$QEUXFKGHU0RUJHQGlPPHUXQJ*HQXJ=HLWIUHLQHQHQWVFKORVVHQHQ0DQQ (UEUDFKWHGHQ)OH[LQ*DQJ(LQSDDU6FKOlJHDXIGHQ1DFNHQYHUDQODWHQGDV7LHULQHLQHQ KROSHUQGHQ7UDE]XIDOOHQ(LQHKDOEH6WXQGHVSlWHU|IIQHWHVLFKGDV%OLFNIHOG+DOEUHFKWVYRUDXV JORPPHQGLH/LFKWHUGHV'RUIHV 'LH6]HQHZDUHLJHQDUWLJ,P+LQWHUJUXQGDQGHU/lQJVVHLWHGHVKDOENUHLVI|UPLJHQ5DXPVEUDQQWH HLQKHOORGHUQGHV)HXHU(VGLHQWHDOV:lUPHHEHQVRZLHDOV/LFKWTXHOOH'LH)HXHUVWHOOHZDUHLQH VFKVVHOI|UPLJH9HUWLHIXQJLP%RGHQEHUGHUHLQHWRUERJHQDUWLJHgIIQXQJYRQHLQHP0HWHU+|KH GLH:DQGGXUFKEUDFK'DV)HXHUHUZlUPWHXQGEHOHXFKWHWHVRPLWEHLGH+lOIWHQGHV+DXVHVGDVYRQ NUHLVI|UPLJHP4XHUVFKQLWWZDU'LH:lQGHGHV*HElXGHVEHVWDQGHQDXVUHJHOPlLJJHIRUPWHQ YLHUHFNLJHQ6WHLQSODWWHQGLH]ZHLHLQKDOE0HWHUKRFKDXIUDJWHQ'DUEHUHUKREVLFKGDVNHJHOI|UPLJH 'DFK'LH.HJHOVSLW]HZDUDEJHVFKQLWWHQXPGHP5DXFKGHV)HXHUVIUHLHQ$E]XJ]XJHZlKUHQ'LH 6WHLQSODWWHQVFKO|VVHQQLFKWHWZDEQGLJDQHLQDQGHUVRQGHUQZDUHQVRDXIJHVWHOOWGD]ZLVFKHQ ]ZHLHQMHZHLOVHLQ6FKOLW]YRQ]HKQ=HQWLPHWHUQ%UHLWHEOLHE$QHLQHPGLHVHU6FKOLW]HVWDQG/DQJLRQ %UDNXQGYHUIROJWHPLW$XJHQGHQHQNHLQH%HZHJXQJXQG2KUHQGHQHQNHLQ/DXWHQWJLQJZDVVLFK YRULKPDEVSLHOWH Ä'DVLVWGDVHUVWH0DOGDZLU7UHORIIGLH:DKUKHLWVDJHQ³NQXUUWHGHUEUHLWVFKXOWULJH5LHVHGHULQ GHU0LWWHGHV+DOENUHLVHVVDÄXQGDXVJHUHFKQHWGLHVPDOZLUGHUXQV6FKZLHULJNHLWHQPDFKHQ³ 6LHEHQ0lQQHUVDHQDXINORELJHQK|O]HUQHQ6HVVHOQULQJVXPGDV)HXHU'HU5LHVHZDUGLH PDUNDQWHVWH*HVWDOWXQWHULKQHQ%UDNVFKlW]HVHLQH+|KHDXIEHU]ZHL0HWHU'HUPlFKWLJH6FKlGHO ZDUNDKOJHVFKRUHQ(UWUXJHLQHQORFNHUIDOOHQGHQ8PKDQJGHPPDQDQVDKGDHUEOLFKHUZHLVHXP GLH+IWHJHJUWHWZDU'DV*HVLFKWGHV0DQQHVNRQQWH%UDNQLFKWVHKHQGHU0DQQZDQGWHLKPGHQ 5FNHQ]X 'LHEULJHQVHFKVXQWHUVFKLHGHQVLFKLQ$XIPDFKXQJXQG(UVFKHLQXQJZHQLJYRQGHQ+lVFKHUQ GHQHQHUDPYHUJDQJHQHQ$EHQGHQWIORKHQZDU'LH*HVLFKWHUGLHHU]XVHKHQEHNDPZDUHQKDJHU XQGVFKDUIJHVFKQLWWHQ6LHDOOHWUXJHQGDV+DDUODQJELVDXIGLH6FKXOWHUQKHUDEIDOOHQGXQGLKUH .OHLGXQJZDUELVDXIGLH)DUEHQHLQKHLWOLFKlUPHOORVHU.DIWDQXQG.QLHKRVH Ä:DUXPKDOWHQZLUHVQLFKWZLHLPPHU"³IUDJWHHLQHUYRQLKQHQÄ:LUEHUODVVHQ7UHORIIGHQ$Q]XJ 'D]X]HLJHQZLULKPGDVEOXWLJH+HPG'DVZLUGLKQEHU]HXJHQ³ 'HU5LHVHJDEHLQlUJHUOLFKHV/DFKHQYRQVLFK Ä(VLVWGHUGULWWH0DQQGHQZLULQXQXQWHUEURFKHQHU5HLKHQIROJHYHUOLHUHQ8QVHUH5HJHOVDJW QLHPDOVPHKUDOV]ZHLKLQWHUHLQDQGHU8QGGDV+HPG"7UHORIIJLEWVLFKQLFKW]XIULHGHQVRODQJHHU QLFKWGLH/HLFKH]XVHKHQEHNRPPW(UKHW]WXQVLQGLH)HOVHQKLQHLQXQGZHUZHLZLHYLHOH 7HQGULOHQRFKGRUWGULQQHQVWHFNHQ³ 'HU0DQQGHUOLQNVQHEHQGHP5LHVHQVDZDQGWHGLHVHPGHQ.RSI]X/DQJLRQ%UDNHUEOLFNWHHLQ 3URILOGDVYRQHLQHUKRKHQ6WLUQXQGHLQHUZHLWKHUYRUVSULQJHQGHQ1DVHJHSUlJWZXUGH%UDNHUNDQQWH
HLQHQVHLQHU9HUIROJHUGHQ0DQQGHUVHLQ]HUULVVHQHV+HPGDQVLFKJHQRPPHQKDWWH Ä(VJLEWQXUHLQH0|JOLFKNHLW0XUXQGD³VDJWHHUÄ:LUPVVHQGHQ0DQQHLQIDQJHQ:LUPVVHQLKQ 7UHORIIYRUIKUHQXQGHV]XODVVHQGDXQVGLH4XRWHHUK|KWZLUG$OOHVDQGHUHLVW]XJHIlKUOLFK³ 0XUXQGDVHQNWH]XVWLPPHQGGHQNDKOHQ6FKlGHO Ä'XVSULFKVWPHLQH*HGDQNHQDXV.DVHQJL$EHU7UHORIINRPPWPRUJHQ(UKROWHLQH/DGXQJ 0DWHWXPEHDEXQGZLUGZLVVHQZROOHQZRZLUGHQQHXHQ*HIDQJHQHQHLQJHVHW]WKDEHQ:LUKDEHQ QLFKWYLHO=HLWGHQ0DQQHLQ]XIDQJHQ:LUZLVVHQGDHUVWDUNXQGVFKODXLVW'DVPDFKWGLH6DFKH QRFKVFKZHUHU³ Ä,FKELQEHU]HXJWGDHUZLHGLHlQGHUQQDFK%HOHQGDKLQZLUGHQWNRPPHQZROOHQ³VDJWH.DVHQJL Ä:LUKDEHQGLH7UHSSHDEJHULHJHOW:HQQHUVLFKGRUWVHKHQOlWZLUGHUIHVWJHQRPPHQ³ Ä8QGZHQQHUVLFKLQHLQHDQGHUH5LFKWXQJZHQGHW"³IUDJWHHLQHUGHUlQGHUQ Ä(ULVWQLFKWGXPP(UNDQQVHKHQGDHVDXIGHU+RFKHEHQHQLFKWV]XHVVHQXQGQLFKWV]XWULQNHQ JLEW(UPXHQWZHGHUHLQHVXQVHUHU'|UIHUDXIVXFKHQRGHUQDFK%HOHQGDHQWNRPPHQ,QEHLGHQ )lOOHQIDVVHQZLULKQ³ Ä2EDEHUUHFKW]HLWLJYRU7UHORIIV$QNXQIW"³ .DVHQJL]XFNWHPLWGHQ6FKXOWHUQÄ1RWIDOOVPVVHQZLU7UHORIIGLH:DKUKHLWVDJHQ'HU0DQQKDW 6SXUHQKLQWHUODVVHQPLWGHQHQZLUGLH:DKUKHLWXQVHUHU$XVVDJHEHZHLVHQN|QQHQ³ /DQJLRQ%UDNV*HGDQNHQEHJDQQHQ]XZDQGHUQ(VZDUZLHHUHUZDUWHWKDWWHGHU$EVWLHJ]XU 7LHIHEHQHZDUYHUVSHUUW(UKDWWHVHLQHQ)OH[DXHUKDOEGHV'RUIHVDQJHEXQGHQ(UNRQQWHVLFK XQEHPHUNW]XUFN]LHKHQXQGGHQ5HVWGHU1DFKWEHQW]HQXPVLFKHLQ9HUVWHFN]XVXFKHQ(VZUGH QLFKWXQP|JOLFKVHLQVLFKLQGLHVHP'RUIRGHUHLQHPGHUlQGHUQYRQGHQHQ.DVHQJLJHVSURFKHQ KDWWH3URYLDQWXQG:DVVHU]XYHUVFKDIIHQ $EHUZDVHUUHLFKWHHUGDPLW"(UZlUHIUDOOH=HLWHLQ*HMDJWHU (UZXWHQLFKWZHOFKHV6FKLFNVDOLKQEHLGHQ+RFKODQGEHZRKQHUQHUZDUWHWH0XUXQGDKDWWHLKQHLQHQ *HIDQJHQHQJHQDQQW'DVYHUVSUDFKZHQLJ*XWHV$QGHUHUVHLWVERWVLFKLKPKLHUGLH*HOHJHQKHLWHLQH 6SXUZLHGHUDXI]XQHKPHQGLHHUYRU:RFKHQYHUORUHQKDWWH'HU1DPH7UHORIIZDULKPQLFKW XQEHNDQQW 0LWEHKXWVDPHQ6FKULWWHQXPUXQGHWHHUGDV+DXV'LH7U|IIQHWHVLFKJHUlXVFKORV(UEHIDQGVLFKLQ HLQHUGXQNOHQ.DPPHUDXVGHU]ZHLZHLWHUH7UHQLQGLHEHLGHQ+DXVKlOIWHQIKUWHQ=XU5HFKWHQ K|UWHHU6WLPPHQJHPXUPHO(U]RJGLH3LVWROHDXVGHU7DVFKHXQGSDFNWHVLHDP/DXI'DQQVWLHHU GLH7UDXIXQGWUDWHLQ 'DV*HPXUPHOHUVWDUEDXJHQEOLFNOLFK6LHEHQ$XJHQSDDUHWHLOVHUVFKUHFNWWHLOVQHXJLHULJULFKWHWHQ VLFKDXILKQ(UVWUHFNWHGLH+DQGPLWGHU3LVWROHDXVXPLKQHQ]X]HLJHQGDHUNHLQH)HLQGVHOLJNHLW EHDEVLFKWLJWH'DQQWUDWHUDXI0XUXQGD]X Ä,FKELQGHU0DQQGHQGXVXFKVW³VDJWHHUÄ'XEUDXFKVWXPPHLQHWZLOOHQNHLQH6FKZLHULJNHLWHQ]X EHIUFKWHQ³ 0XUXQGDVWDQGDXIODQJVDPXQGJHPlFKOLFKPLWGHU*HODVVHQKHLWVHLQHU%HZHJXQJHQDQGHXWHQGGD HUVLFKZHGHUEHGURKWQRFKEHUUDVFKWIKOWH(UQDKP/DQJLRQ%UDNGLH3LVWROHDXVGHU+DQG'LH EXVFKLJHQ%UDXHQXQWHUGHUEUHLWHQYRUJHZ|OEWHQ6WLUQ]RJHQVLFKLQGLH+|KH Ä:DUXPNRPPVWGXYRQVHOEVW"³IUDJWHHU Ä(VJDENHLQH0|JOLFKNHLWHXFK]XHQWNRPPHQ³DQWZRUWHWH%UDNÄ$XHUGHPK|UWHLFKHXHU *HVSUlFK:HQQHVIUPLFKNHLQH5HWWXQJJLEWGDQQKDWHVZHQLJ6LQQHXFKGXUFK+DUWQlFNLJNHLWLQ *HIDKU]XEULQJHQ³ Ä*HIDKU6FKZLHULJNHLWHQ³JUROOWHHVDXV0XUXQGDVJHZDOWLJHU%UXVWÄ'XKlOWVWXQVDQVFKHLQHQGIU 6FKZlFKOLQJH:HUVROOWHXQVJHIlKUOLFKZHUGHQ"³ Ä7UHORII³ Ä'XNHQQVWLKQ"³ Ä,FKKDEHYRQLKPJHK|UW:HQQHVVLFKKLHUXPGHQMHQLJHQKDQGHOWGHQLFKPHLQHGDQQLVWHUZRKO LQGHU/DJHHXFK]X]XVHW]HQ,KUEUDXFKWPLUQLFKWVYRU]XVSLHOHQ,FKKDEHZLHLFKVDJWHHXHU *HVSUlFKPLWDQJHK|UW,FKYHUKDOWHPLFKHQWJHJHQNRPPHQG,FKHUZDUWHGDLKUGDVDQHUNHQQW³ (LQNOHLQHUGUDKWLJHU0DQQDP(QGHGHU6WXKOUHLKHVSUDQJDXI Ä'XELVWHLQ*HIDQJHQHU³ULHIHU]RUQLJÄ'HU6HQDWGHU%XUDQJLPDFKWNHLQHQ+DQGHOPLWHLQHP *HIDQJHQHQ³ (UKDWWHVFKDUIHVWHFKHQGH$XJHQXQGHLQHQXQVWHWHQ%OLFN'DVZDUHLQ0DQQGHPPDQQLFKWWUDXHQ GXUIWHHQWVFKLHG%UDN(UZROOWHDQWZRUWHQDEHU.DVHQJLGHUVLFKEHLGHQ:RUWHQGHV6FKDUIlXJLJHQ ODQJVDPDXVVHLQHP6HVVHOJHVFKREHQKDWWHNDPLKP]XYRU
Ä9DUHQQHGXKlOWVWGHQ0XQG³(UZDQGWHVLFKDQ%UDNÄ'XELVW VGHUGDV7HQGULOHUZUJWKDW"³ Ä,FKKDEHHVQLFKWHUZUJW,FKKDEHLKPGDV*HQLFNJHEURFKHQ³ .DVHQJLWUDWDXILKQ]XXQGVWUHFNWHLKPGLH+DQGHQWJHJHQ%UDNVFKOXJHLQ Ä'LHVHU0DQQLVWPHLQ)UHXQG³VDJWH.DVHQJLPLW1DFKGUXFN6HLQH:RUWHZDUHQDQGLHVHFKV %XUDQJLJHULFKWHWDEHUHUOLH%UDNNHLQH6HNXQGHODQJDXVGHQ$XJHQÄ(UKDWGDV7HQGULOPLWEORHQ +lQGHQJHW|WHW(ULVWXQVHQWNRPPHQRKQHHLQHQGHUXQVHUHQHUQVWKDIW]XYHUOHW]HQ(UKDWVLFKXQV DXVHLJHQHP$QWULHEDXVJHOLHIHUWREZRKOHUEHZDIIQHWZDUXQGHLQ5HLWWLHUEHVD:HULKPEHOZLOO GHUEHNRPPWHVPLWPLU]XWXQ³ /DQJLRQ%UDNPXVWHUWH9DUHQQHDXVGHQ$XJHQZLQNHOQ'HUNOHLQH0DQQKDWWHVLFKZLHGHULQVHLQHP 6HVVHOQLHGHUJHODVVHQ*HJHQ.DVHQJLYHUPRFKWHHUQLFKWVDXV]XULFKWHQ$EHUVHLQ*HVLFKW]HLJWH bUJHUXQG+DXQGLQGHQUXKHORVHQ$XJHQJORPPHVWFNLVFK9DUHQQHZUGHHVEHLGLHVHU$EIXKU QLFKWEHZHQGHQODVVHQ Ä,FKDFKWHGHLQH(QWVFKHLGXQJ.DVHQJL³GU|KQWH0XUXQGDV6WLPPHÄDEHUZLUPVVHQXQVLQGLHVHP $XJHQEOLFNDOOHU6HQWLPHQWDOLWlWHQWKDOWHQ:HQQ7UHORIINRPPWPXGHLQ)UHXQGVLFKLP4XDUWLHU GHU$UEHLWHUEHILQGHQ³ Ä'DVLVWVHOEVWYHUVWlQGOLFK³DQWZRUWHWH.DVHQJLÄ'XLUUVWGLFKZHQQGXPHLQVWLFKKDQGOHDXV 6HQWLPHQWDOLWlW:HQQGXPLUHUODXEVWZHUGHLFKVSlWHU]XGLUGDUEHUVSUHFKHQ³ Ä6HLWZDQQIUDJWHLQIUHLHU%XUDQJLXP(UODXEQLV"³JUROOWH0XUXQGDXQZLUVFK Ä:DVVROOLFKLP4XDUWLHUGHU$UEHLWHU"³YHUODQJWH/DQJLRQ%UDN]XZLVVHQÄ:DVVLQG$UEHLWHU":DV KDEHQVLH]XWXQ"³ 8QWHUGLFKWHQ%UDXHQKHUYRUEHGDFKWH0XUXQGDLKQPLWHLQHPDEZlJHQGHQPLWUDXLVFKHQ%OLFN Ä$UEHLWHUVLQGGLHMHQLJHQGLHVLFKLKUHQ/HEHQVXQWHUKDOWLQGHQ0DWHFXPEH3IODQ]XQJHQYHUGLHQHQ 6LHSIODQ]HQKWHQXQGHUQWHQ(VJLEWLQXQVHUHP/DQGNHLQHK|KHUH3IOLFKWDOVVLFKXPGDV:RKO GHU3IODQ]XQJHQ]XNPPHUQ³ Ä,FKVHKH³JULQVWH%UDNVS|WWLVFKÄ'DUXPYHUWUDXWLKUVLHHXUHQ*HIDQJHQHQDQGLHVLFKXPGLHVHQ 3RVWHQQLFKWEHZRUEHQKDEHQ³ Ä'HLQ6SRWWLVWELWWHUPHLQ)UHXQG³VDJWH.DVHQJLÄ$EHUGXWlXVFKVWGLFKZHQQGXPHLQVWGDZLU QXU*HIDQJHQHLQGHQ3IODQ]XQJHQEHVFKlIWLJHQ:LUKDEHQLKUHUOlQJVWQLFKWJHQXJ%HLZHLWHPGLH 0HKU]DKOGHU$UEHLWHUVLQG0lQQHUXQG)UDXHQDXVXQVHUHP9RON³ 'DVNODQJDXIULFKWLJDEHU%UDNZDUQXUQRFKKDOEEHLGHU6DFKH.DVHQJLKDWWH%HVRQGHUHVPLWLKP YRU(UZROOWH]X0XUXQGDGDYRQVSUHFKHQDEHUQLFKWLQGLHVHU5XQGH(VJDEXQWHUGHQUHVWOLFKHQ IQIHQVROFKHGHQHQHUQLFKWWUDXWH/DQJLRQ%UDNZDUEHUHLWHLQNDONXOLHUWHV5LVLNRHLQ]XJHKHQ Ä,KUEDXW0DWHFXPEHQLFKWIUHXUHHLJHQHQ=ZHFNHDQ"³IUDJWHHU Ä:LUEHQXW]HQHVDOV7DXVFKZDUH³EHVWlWLJWH0XUXQGD Ä8QGHXHU=ZLVFKHQKlQGOHULVW7UHORII"³ (LQVWXPPHV1LFNHQDQWZRUWHWHLKP Ä1HKPWHXFKLQDFKW³VDJWHHUÄ,FKZHLEHU7UHORIIQXUZDVLFKJHK|UWKDEH:HQQDXFKQXUHLQ =HKQWHOGDYRQZDKULVWGDQQEHWUJWHXFKGHU0DQQEHLMHGHU*HOHJHQKHLWGLHVLFKLKPELHWHW³ 'LH%OLFNHGLH.DVHQJLXQG0XUXQGDHLQDQGHU]XZDUIHQHQWJLQJHQLKPQLFKW$EHUHVZXUGHNHLQ ZHLWHUHV:RUWEHUGDV7KHPDYHUORUHQ $XIGHP:HJ]XP$UEHLWHUTXDUWLHUHUIXKU/DQJLRQ%UDNGDGLH%XUDQJLDXHUGHQ)OH[HQDXFKQRFK DQGHUHHLQZHQLJPRGHUQHUH7UDQVSRUWPLWWHOEHVDHQ0DQEHI|UGHUWHLKQLQHLQHPKRFKEHLQLJHQ JDVJHWULHEHQHQ5DGIDKU]HXJGDVXPGLH0LWWHGHV-DKUKXQGHUWVZHQQLKQQLFKWDOOHVWlXVFKWHDOV *HOlQGHZDJHQNDWHJRULVLHUWZRUGHQZlUH'LH5lGHUPDFKWHQMHGH8QHEHQKHLWGHV%RGHQVPLW'LH )HGHUXQJZDUZHQQEHUKDXSWYRUKDQGHQPLVHUDEHO:DVGHQ.RPIRUWDQEHODQJWHVRZDUGLH5HLVH DXIGHP5FNHQHLQHV)OH[ZHQQDXFKODQJVDPHUGLHVHU$UWGHU)RUWEHZHJXQJHLQGHXWLJ YRU]X]LHKHQ %UDNKDWWHGLHEXQWH.OHLGXQJGLHHUGHPMXQJHQ.ULHJHUQDPHQV/DUPXNDEJHQRPPHQKDWWHDEOHJHQ PVVHQXQGZDUPLWHLQHU$UEHLWHUXQLIRUPDXVJHVWDWWHWZRUGHQJUDXHU.DIWDQJUDXH.QLHKRVHQ$Q %RUGGHV*HOlQGHZDJHQVVDHUDXIGHUYRUGHUHQ%DQNQHEHQ.DVHQJLGHUGDV)DKU]HXJVWHXHUWH$XI GHU%DQNKLQWHULKPKRFNWHQ]ZHL%XUDQJL.ULHJHUPLWVFKXEHUHLWHQ3LVWROHQ Ä:RKHUKDEWLKUGLHVH)DKU]HXJH"³IUDJWHHU.DVHQJL Ä)DKU]HXJH"³NDPGDV(FKRÄ(VJLEWLPJDQ]HQ+RFKODQGQXUGLHVHQHLQHQ:DJHQ:LUEH]DKOHQ GDIUPLWGHU0DWHFXPEH(UQWHHLQHUJDQ]HQ6DLVRQ8QGGHQQlFKVWHQGUIHQZLUHUVWYHUODQJHQ ZHQQGLHVHUKLHU]XVDPPHQEULFKWXQGQLFKWPHKUUHSDULHUWZHUGHQNDQQ³ Ä'DVVLQG7UHORIIV9RUVFKULIWHQ"³
Ä1HLQQLFKWVHLQH7UHORIILVWHUVWVHLWHLQSDDU0RQDWHQLP/DQG9RULKPZDUHVHLQDQGHUHUXQG QDFKLKPZLUGHVZLHGHUXPHLQDQGHUHUVHLQ'LH5HJHOQZHUGHQGUXQWHQLQ%HOHQGDJHPDFKW³ Ä'HPWURSLVFKHQ7LHIODQG"³ .DVHQJLVDKLKQEHUUDVFKWDQ'HUPDWWH6FKLPPHUGHU.RQWUROOHXFKWHQDXIGHP$UPDWXUHQEUHWWOLH VHLQHKDUWHQ=JHDXVGHU'XQNHOKHLWKHUYRUWUHWHQ Ä'XNHQQVWHV"³(VZDUGHXWOLFKHV0LWUDXHQLQVHLQHU6WLPPH Ä,FKNHQQHHVQLFKW³DQWZRUWHWH%UDNÄ$EHULFKQHKPHEHLDOOHU%HVFKHLGHQKHLWDQGDLFKHXFKLP =XVDPPHQUHLPHQYRQ'LQJHQHLQLJHVYRUDXVKDEH,FKVDKGHQJUQHQ)OHFNDOVLFKDXIGLHVH:HOW ]XWULHE:LHQHQQWLKUHXUHQ3ODQHWHQ"³ Ä.DUVLV³ %UDNV*HKLUQZXUGHDNWLY.DUVLV"1LHJHK|UW(UHULQQHUWHVLFKDQHLQH6LHGOHUZHOWYRQGHULQGHQ $QIDQJVMDKUHQGHV6RODUHQ,PSHULXPVYRUPHKUDOV-DKUHQGLH5HGHJHZHVHQZDU.DU]LVVD .RQQWHHVVHLQGDGXUFK$EVFKOHLIXQJ.DUVLVGDUDXVJHZRUGHQZDU" Ä(XUH9RUIDKUHQZDUHQWHUUDQLVFKH6LHGOHU³VDJWHHUQDFKJHUDXPHP1DFKGHQNHQÄ(ULQQHUWLKUHXFK GDUDQQRFK"³ Ä:LUKDEHQHVQLFKWYHUJHVVHQ³ Ä:DUXPEHVLW]WLKUNHLQHWHUUDQLVFKH7HFKQRORJLH":DUXPUHLWHWLKUDXIJHK|UQWHQ)OH[HQXQGEHVLW]W QXUHLQHLQ]LJHVDOWPRGLVFKHV0RWRUIDKU]HXJ"³ .DVHQJLOLHEWHHVQLFKWDXIGLHVH:HLVHDXVJHIUDJW]XZHUGHQ'DVK|UWHPDQVHLQHU6WLPPHDQ Ä9LHOH-DKUHVLQGVHLWGHU%HVLHGOXQJYHUJDQJHQ'LH=HLWHQZDUHQKDUW:LUVLQGZDVZLUVLQGXQG KDEHQNHLQH.ODJHQ³ 'DVP|FKWHLFKZRKOEH]ZHLIHOQGDFKWH/DQJLRQ%UDNDEHUHUOLHGDV7KHPDYRQGDDQLQ5XKH Ä6LQGDOOH$UEHLWHULQGHPVHOEHQ4XDUWLHUXQWHUJHEUDFKW"³HUNXQGLJWHHUVLFK Ä'DV/DQGLVWJUR(VJLEWYLHOH$UEHLWHUTXDUWLHUH³Ä6RPHLQHLFKHVQLFKW:RKQHQGLH*HIDQJHQHQ PLWGHQ$UEHLWHUQGHU%XUDQJL]XVDPPHQ"³ Ä,QGHPVHOEHQ.RPSOH[MD$EHUQLFKWLPVHOEHQ*HElXGH³ /DQJLRQ%UDNZDUQLFKWVLFKHUZLHZHLWHUPLWVHLQHQ)UDJHQJHKHQGXUIWH'LH%XUDQJLZDUHQ7UHORII IUGLH*HIDQJHQHQYHUDQWZRUWOLFK$EHUVLHKDWWHQHVIHUWLJJHEUDFKWLKPHLQLJH]XXQWHUVFKODJHQ(V JDE]ZHL6RUWHQYRQ*HIDQJHQHQGLHYRQGHQHQ7UHORIIZXWHXQGGLHDQGHUHQGLHDQJHEOLFKEHLGHU /DQGXQJDXI.DUVLVGHQ7RGJHIXQGHQKDWWHQ'LHEHLGHQNRQQWHQVFKOHFKWLQGHUVHOEHQ8QWHUNXQIW XQWHUJHEUDFKWVHLQGDV5LVLNRZlUH]XJURJHZHVHQ$EHU%UDNJHWUDXWHVLFKQLFKWGDQDFK]XIUDJHQ (UZXWHQLFKWIUZLHYHUOlOLFK.DVHQJLGLHEHLGHQ:lFKWHUKLHOWGLHKLQWHULKPVDHQ Ä,FKKDEHYRUGLFKEHLGHQ%XUDQJLHLQ]XTXDUWLHUHQ³VDJWH.DVHQJLLQGLHVHP$XJHQEOLFN Ä,FKQHKPHDQGDVWXVWGXDXV)UHXQGVFKDIW³HUZLGHUWH%UDNÄ,FKELWWHGLFKGDYRQDE]XVHKHQ,FK P|FKWHEHLGHQ*HIDQJHQHQVHLQ³ :LHGHUXPEHGDFKWH.DVHQJLLKQPLWHLQHPPLWUDXLVFKHQ%OLFN Ä,FKYHUPXWHGXKDVWGHLQH*UQGHGDIU³ Ä-D³EHNDQQWH%UDNÄ:LUVROOWHQXQVEHL*HOHJHQKHLWGDUEHUXQWHUKDOWHQ1XUHLQHVPXWGXMHW]W VFKRQZLVVHQ,FKKDEHQLFKWGLH$EVLFKWGHQ5HVWPHLQHV/HEHQVDOV3ODQWDJHQDUEHLWHUDXIGHP +RFKODQGYRQ.DUVLV]XYHUEULQJHQ³ Ä'DVLVWJHQXJ³VDJWH.DVHQJLVFKURIIÄ6SULFKMHW]WQLFKWPHKU³ .XU]H=HLWVSlWHUWDXFKWHQGLH/DWHUQHQDQGHU3HULSKHULHGHV$UEHLWHUODJHUVYRULKQHQDXI (UVWDQGLQHLQHPNDKOHQZHLJHWQFKWHQ*DQJGHUYRQHLQHUEHUGLPHQVLRQLHUWHQ/HXFKWU|KUH HUKHOOWZXUGH%UDNEOLQ]HOWHLQGDVJUHOOH/LFKW=XU5HFKWHQXQG/LQNHQZDUHQHLQSDDUSULPLWLYH 7UHQ$FKW0HWHUZHLWHUHQGHWHGHU.RUULGRUYRUHLQHU7UGLHLQV,QQHUHGHU%DUDFNHIKUWH 'UDXHQNQDWWHUWH.DVHQJLV*HOlQGHZDJHQGDYRQ %UDN|IIQHWHHLQH7UDXIGHUOLQNHQ6HLWH$EJHVWDQGHQH/XIWVFKOXJLKPHQWJHJHQ$XVGHU)LQVWHUQLV NDPHLQlUJHUOLFKHV%UXPPHQ(UVFKORGLH7UZLHGHUXQGYHUVXFKWHGLHQlFKVWH'LH/XIWZDU EHVVHUXQGQLHPDQGEHVFKZHUWHVLFK(UWDVWHWHDQGHU:DQGHQWODQJXQGIDQGHLQHQ/LFKWVFKDOWHU (LQH5|KUHXQWHUGHU'HFNHHUZDFKWH]XP/HEHQ'HU5DXPKDWWHHLQHQ*UXQGULYRQYLHUPDOIQI 0HWHUQXQGZDUQLFKWEHVVHUHLQJHULFKWHWDOVHLQH*HIlQJQLV]HOOH(LQH/LHJHPLW0HWDOOJHVWHOOHLQ 7LVFKHLQ6WXKO(LQSDDU+DNHQLQGHQ:lQGHQ(LQ:DVFKEHFNHQLP+LQWHUJUXQGXQGGDQHEHQHLQH 7RLOHWWHQVFKVVHO %UDNWUDWHLQXQGSUIWHGDV3ROVWHUGHU/LHJH(VZDUXQHEHQXQGNOXPSLJVFKPXW]LJXQGYRQGHP *HVWDQNDEJHVWDQGHQHQ6FKZHLHVGXUFKWUlQNW$EHUHLQ0DQQLQVHLQHU/DJHZDUQLFKWZlKOHULVFK (UHULQQHUWHVLFKQLFKWPHKUZDQQHUGDVOHW]WH0DOJHVFKODIHQKDWWH'LH6WXQGHQGHU%HZXWORVLJNHLW
DQ%RUGGHV5DXPVFKLIIVXQGZlKUHQGGHV6WXU]HVDXI.DUVLV]lKOWHQQLFKWDOV5XKHSDXVH Ä:DVKDVWGXKLHUYHUORUHQ"³VDJWHHLQH6WLPPHKLQWHULKP /DQJLRQ%UDNZDQGWHVLFKJHPlFKOLFKXP8QWHUGHURIIHQHQ7UVWDQGHLQVWLHUQDFNLJHU0HQVFKLP JUDXHQ*HZDQGGHU$UEHLWHU(UKDWWHHLQHQLHGULJH6WLUQGLHYRQERUVWLJHP+DDUZXFKVJHNU|QW ZXUGH6HLQH1DVHVDKVRDXVDOVKlWWHVLHGLH:XFKWYRQPDQFKHQ)DXVWVFKODJJHEUHPVWXQGEHU GLHUHFKWH:DQJHOLHIHLQHWLHIH1DUEH+LQWHUGHP6WLHUQDFNLJHQVWDQGHQ]ZHLZHLWHUH0lQQHU GUDXHQLP*DQJ Ä'DVLVWHLQHGlPOLFKH)UDJH³VDJWH%UDNOHLGHQVFKDIWVORVÄ,FKELQHLQ$UEHLWHUZLHLKU0DQKDW PLFKHEHQHLQJHOLHIHUW,FKVXFKHHLQHQ3ODW]]XP6FKODIHQ³ Ä1LFKWKLHU³NQXUUWHGHU6WLHUQDFNLJHÄ'ULQQHQLQGHU+DOOH³Ä:DUXP"'LHVHU5DXPZLUGYRQ QLHPDQGEHQW]W³ 'HU6WLHUQDFNLJHVFKUXPSIWHXPHLQHKDOEH+DQGVSDQQHDOVHUVLFKNDPSIHVOVWHUQGXFNWH/DQJLRQ %UDNZXWHPLWZHPHUHVKLHU]XWXQKDWWH'DVZDUGDV(LQZHLVXQJVNRPLWHH'LHGUHL0lQQHU KDWWHQLKPGHQQ|WLJHQ5HVSHNWYRUGHU+LHUDUFKLHGHU*HIDQJHQHQEDUDFNHEHL]XEULQJHQ Ä'XVWHOOVWKLHUNHLQH)UDJHQ³VDJWHGHU6WLHUQDFNLJHÄ/RV UDXVXQGLQGLH+DOOH³ /DQJLRQ%UDNJLQJ]ZHL6FKULWWHDXILKQ]X Ä'XVWHKVWPLULP:HJ³ Ä1XUNHLQH$QJVWPHLQ-XQJH³(LQKlPLVFKHV*ULQVHQÄ,FKPDFKHGLU3ODW]³ (UVFKRYRUZlUWV'LHPlFKWLJH)DXVWVWDFKDXI%UDNV6FKOlIH]XPLWHLQHU:XFKWGLHVHOEVWHLQHQ 2FKVHQXPJHZRUIHQKlWWH/DQJLRQ%UDNWlQ]HOWH]XU6HLWH(UGUHKWHVLFKLQGHQ6FKODJKLQHLQ EHNDPGHQDXVJHVWUHFNWHQ$UPKLQWHUGHP+DQGJHOHQN]XIDVVHQXQGULLKQ]XVLFKKHUDQ'HU 6WLHUQDFNLJHZXUGHYRQVHLQHPHLJHQHQ6FKZXQJKHUXPJHZLUEHOW%UDNVFKREVLFKXQWHULKQVWUDIIWH GDV.UHX]XQGZLUEHOWHLKQEHUGLH6FKXOWHUGDYRQ(VJDEHLQHQGRQQHUQGHQ.UDFKXQGGDQQHLQHQ JHOOHQGHQ6FKPHU]HQVVFKUHLDOVGHUYHUEOIIWH$QJUHLIHUPLWYROOHU:XFKWDXIGHU/LHJHODQGHWHXQG GDVDOWH0HWDOOJHVWHOOXQWHULKP]XVDPPHQEUDFK /DQJLRQ%UDNVDKYRQDOOGHPQLFKWV(UVFKRDXIGLH7U]X)UGLH]ZHL0lQQHUGUDXHQLP*DQJ NDPVHLQ$QJULIIY|OOLJEHUUDVFKHQG6LHKDWWHQQLFKWGDPLWJHUHFKQHWGDGHU6WLHUQDFNHQ 6FKZLHULJNHLWHQPLWLKPKDEHQZUGH%UDNSDFNWHGHQYRUGHUHQDQGHU+DOV|IIQXQJGHV.DIWDQVXQG ULLKQ]XVLFKKHUDQ'HU0DQQZDUVFKPlFKWLJJHEDXWXQGYRU6FKUHFNKDOEVWDUU%UDNVFKOXJLKP GLH+DQGLQV*HVLFKWGDQQVWLHHULKQYRQVLFKGDHUDQGLH:DQGSUDOOWHXQGVFKODIIGDUDQ KHUDEUXWVFKWH,Q]ZLVFKHQKDWWHVLFKGDVOHW]WH0LWJOLHGGHV7ULRVYRQGHUhEHUUDVFKXQJHLQLJHUPDHQ HUKROWXQGJLQJ]XU2IIHQVLYHEHU'HU0DQQZDUYRQPLWWOHUHU*U|HZLH/DQJLRQ%UDNDEHU XQJHKHXHUVWlPPLJJHEDXWPXVNXO|VXQGXQJHKHXHUZHQGLJ%UDNULGDV.QLHLQGLH+|KH'HU 6WlPPLJHJDEHLQZWHQGHV*UXQ]HQYRQVLFKXQGIXKUHLQHQ6FKULWW]XUFN$EHUVRIRUWZDUHU ZLHGHUGDXQGVHLQH)lXVWHZLUEHOWHQZLH'DPSIKlPPHU%UDNVWHFNWHHLQH5HLKHYRQ6FKOlJHQHLQ PLWYROOHU$EVLFKWXPLKQJODXEHQ]XPDFKHQGDHUOHLFKWHV6SLHOKDEH'HU6WlPPLJHZXUGH XQYRUVLFKWLJ8PGHUWURPPHOQGHQ6FKOlJHZLOOHQYHUQDFKOlVVLJWHHUVHLQH'HFNXQJ%UDNV)DXVWWUDI LKQPLWYROOHU:XFKWDXIGHU:DQJH'HU6FKODJZLUEHOWHGHQ*HWURIIHQHQVHLWZlUWV%UDNV+DQGNDQWH WUDILKQLP1DFNHQ(UJDEHLQlFK]HQGHV*HUlXVFKYRQVLFKVWU]WHYRUQEHU]X%RGHQXQGUKUWH VLFKQLFKWPHKU %UDNIXKUKHUXP6HLQ]ZHLWHU*HJQHUEHJDQQVRHEHQVLFKZLHGHUDXI]XULFKWHQ%UDNSDFNWHLKQDP .UDJHQXQGULLKQLQGLH+|KH Ä(LQHIDOVFKH%HZHJXQJXQGLFKGUHK GLUGHQ+DOVXP³IXKUHULKQDQ 'HU0DQQVDKlQJVWOLFK]XLKPDXI Ä:HUELVWGX"³ZROOWH/DQJLRQ%UDNZLVVHQ Ä.ULSXW6FKHNHOV$GMXWDQW³ZLPPHUWHGHU6FKPlFKWLJH Ä6FKHNHOGDVLVWGHU6WLHUQDFNHQGRUWGULQQHQ"³(LQKDVWLJHV1LFNHQÄ8QGGHU0XVNHOSURW]KLHU"³ Ä%DVLOORDXFKHLQ$GMXWDQW³ %UDNVFKOHSSWH.ULSXWPLWVLFKLQGLH.DPPHU6FKHNHOODJ]ZLVFKHQGHQ7UPPHUQGHVPHWDOOHQHQ %HWWJHVWHOOVHLQJHNOHPPWKDWWHGLH$XJHQJHVFKORVVHQXQGVW|KQWH(LQHGQQH6WUHEHZDULKPLQGHQ /HLEJHGUXQJHQ%UDNXQWHUVXFKWHGLH:XQGHREHUIOlFKOLFKXQGKLHOWVLHIUQLFKWVFKZHUZLHJHQG $EHUDOVHUGLH6WUHEHKHUYRU]RJZXUGHGHU6WLHUQDFNLJHRKQPlFKWLJ Ä:RLVWVHLQH8QWHUNXQIW"³IUDJWH%UDN .ULSXWZLHVDXIHLQHGHU6HLWHQWUHQ(VZDUGLHGLH%UDN]XHUVWXQWHUVXFKWKDWWH'LH.DPPHUZDU JHUlXPLJHUDOVGLHDQGHUHXQGEHVVHUHLQJHULFKWHW'HPHQWVHW]OLFKHQ0LHIKDOI%UDNGDGXUFKDEGD HUGDV)HQVWHU|IIQHWH(UEHIDKO.ULSXWGHQ]ZHLWHQ$GMXWDQWHQKHUHLQ]XEULQJHQ%DVLOORNDPVRHEHQ
ZLHGHU]XVLFK(UNDPWRUNHOQGDXIGLH%HLQHXQGEHGDFKWH/DQJLRQ%UDNPLWHLQHPWFNLVFKHQ%OLFN 6HLQHUHFKWH:DQJHZDUDXIJHULVVHQ Ä6FKHNHOLVWYRUEHUJHKHQGDXHU%HWULHE³VDJWH%UDNÄ9RUOlXILJEHUQHKPHLFKVHLQHQ3RVWHQ :ROOWLKU$GMXWDQWHQEOHLEHQ"³ .ULSXWQLFNWHHLIULJ%DVLOORJDEHLQNQXUUHQGHV*HUlXVFKYRQVLFKGDV%UDNDOV%HMDKXQJ LQWHUSUHWLHUWH(VPDFKWHQLFKWYLHO8QWHUVFKLHG$XIGLHVHQ0DQQZUGHHURKQHKLQHLQ$XJHKDEHQ PVVHQ Ä:LHYLHO*HIDQJHQHJLEWHVLQGLHVHU%DUDFNH"³ Ä(LQKXQGHUWVHFK]LJ³DQWZRUWHWH.ULSXW 'HU*HJQHUZDUIOHLLJ*HIDQJHQHLQGLHVHP/DJHUXQGGHU+LPPHOPRFKWHZLVVHQZLHYLHOHLQ DQGHUHQ'DV*HVFKlIWPXWHVLFKORKQHQZHOFKHU$UWHVDXFKLPPHUVHLQPRFKWH Ä:DQQEHJLQQWGLH$UEHLW"³IUDJWH%UDN Ä(VJLEWHLQ)UKVWFNEHL6RQQHQDXIJDQJ³9RUOlXILJZDU.ULSXWGHUHLQ]LJHGHULKP DQWZRUWHWHÄ'DQQWHLOWGHU/DJHUOHLWHUGLHHLQ]HOQHQ*UXSSHQHLQXQGOlWVLH DEPDUVFKLHUHQ³ Ä*XW³QLFNWH%UDNÄ,KUEHLGHZHFNWPLFKHLQH6WXQGHYRU6RQQHQDXIJDQJ,FKKDEHHLQH0HQJH )UDJHQ,Q]ZLVFKHQNPPHUWHXFKXP6FKHNHOXQGVHKW]XGDHU%HKDQGOXQJHUKlOWZHQQHUVLH EUDXFKW³ (UVDKVLFKXPXQGHQWGHFNWHHLQHQ.QWWHOGHUDPXQWHUHQ(QGHHLQHNOHLQH0HWDOONXJHOWUXJXQGDQ HLQHU/HGHUVFKODXIHYRQHLQHP+DNHQKLQJ(UQDKPLKQKHUDEXQGOLHLKQGXUFKGLH/XIWVDXVHQ(U ODJJXWLQGHU+DQG'DV+RO]ZDUHODVWLVFKXQGJHVFKPHLGLJ(UJLQJZDKUVFKHLQOLFKQLFKWIHKOLQGHU $QQDKPHGDGHU.QWWHO6FKHNHOV6WDQGHVV\PEROGDUVWHOOWHGHQ0DUVFKDOOVWDEGHV2EHUVWHQGHU *HIDQJHQHQ,QGHPHULKQDQVLFKQDKPEHJLQJHUVHOEVWHLQHV\PEROLVFKH+DQGOXQJ Ä'HUQlFKVWHGHUVLFKPLWPLUDQOHJHQZLOOVROOVLFKYRUKHUHLQHQ%HJUlEQLVSODW]DXVVXFKHQ³VDJWHHU GVWHU /DQJLRQ%UDNEHWUDFKWHWHVLFKLQGHP6SLHJHOGHUEHU6FKHNHOV:DVFKEHFNHQKLQJ(UVDKGLHZHQLJ DXVGUXFNVYROOHQ*HVLFKWV]JHHLQHV0DQQHVYRQGXUFKVFKQLWWOLFKHU*U|HXQGGXUFKVFKQLWWOLFKHP $OWHU'LH$XUDGHU'XUFKVFKQLWWOLFKNHLWGLH/DQJLRQ%UDNXPJDEZDUHLQHVHLQHUZLUNXQJVYROOVWHQ 7DUQXQJHQ1LHPDQGYHUPXWHWHKLQWHUHLQHUVROFKEHODQJORVHQ(UVFKHLQXQJGHQ/HLWHUGHU2SHUDWLYH 7XJODQGHUVFKODJNUlIWLJVWHQ(LQVDW]JUXSSHGHVWHUUDQLVFKHQ1DFKULFKWHQGLHQVWHV62162)7+( /($*8(2))5((7(55(675,$1662/()7 (UZDQGWHVLFKDEXQGVWUHFNWHVLFKDXI6FKHNHOVYHUVFKZLW]WHU/LHJHDXVQDFKGHPHUGDV/LFKW DEJHVFKDOWHWXQGGHQ7LVFKYRUGLH7UJHUFNWKDWWHZHQLJHUDOV+LQGHUQLVDOVYLHOPHKUXP *HUlXVFKH]XHU]HXJHQZHQQMHPDQGKLHUHLQ]XGULQJHQYHUVXFKWH$XIHLQHPPHKUVW|FNLJHQ*HVWHOO GDV6FKHNHOV+DEVHOLJNHLWHQHQWKLHOWKDWWHHUHLQSDDUWURFNHQH%URWIODGHQXQGHLQHQHUElUPOLFKHQ $XIVWULFKPLWWUDQLJHP)LVFKJHVFKPDFNJHIXQGHQ'LH0DKO]HLWKlWWHQLUJHQGZRHLQHQ*ROGHQHQ /|IIHOJHZRQQHQDEHUVLHVlWWLJWHLKQ(UWUDQN:DVVHUGDVHUDXVGHP+DKQEHUGHP:DVFKEHFNHQ ]DSIWHDXVGHUKRKOHQ+DQGXQGIUDJWHVLFKZLHYLHOWDXVHQG%D]LOOHQHUGDPLW=XWULWW]XVHLQHPYRQ WHUUDQLVFKHU0HGL]LQYHUZHLFKOLFKWHQ.|USHUYHUVFKDIIWH 8QGMHW]WODJHULQGHU'XQNHOKHLWPGHXQG]HUVFKODJHQXQGNRQQWHGHQQRFKQLFKWHLQVFKODIHQ 6HLQH*HGDQNHQZDQGHUWHQ]XUFN]XGHP7DJDQGHPGLHVDOOHVEHJRQQHQKDWWH 'LHYHUVFKLHGHQHQ'LV]LSOLQHQGHU+HLONXQVWEHGLHQHQVLFKJHZLVVHU:LUNVWRIIHXP.UDQNKHLWHQ]X EHNlPSIHQRGHU]XYHUKWHQXPEHVWLPPWHELRJHQHWLVFKHRGHUDXFKNRVPHWLVFKH:LUNXQJHQ]X HU]LHOHQXQGXPSK\VLRORJLVFKHRGHUSV\FKRSK\VLVFKH'HIHNWH]XEHVHLWLJHQRGHU]XUFN]XELOGHQ 0HWDWKHQJHK|UWH]XUOHW]WHQ.DWHJRULH(VZDUHLQHZLUNXQJVYROOH'URJHGLHVHLWZHQLJHQ -DKU]HKQWHQ]XU%HNlPSIXQJSV\FKRSK\VLVFKHU$QRPDOLHQHLQJHVHW]WZXUGH0HWDWKHQZDUHLQ 7ULXPSKGHUWKHRUHWLVFKHQ3V\FKRSK\VLN'LH7KHRUHWLNHUKDWWHQYRUDXVJHVDJWZLHHLQ0HGLNDPHQW EHVFKDIIHQVHLQPVVHZHQQHVJHJHQEHUHLQHUEHVWLPPWHQ.ODVVHSV\FKLVFKHU6FKlGHQZLUNVDP VHLQVROOWH'LH6\QWKHWLNHUZDUHQDQV:HUNJHJDQJHQXQGKDWWHQGLHWKHRUHWLVFKH'URJHDXVLKUHQ %HVWDQGWHLOHQ]XVDPPHQJHVHW]W8QGVLHKHGDGHUYRUDXVEHUHFKQHWH(UIROJWUDWHLQ6HLWGHPZXUGH 0HWDWKHQYRQDOOHQJDODNWLVFKHQ=LYLOLVDWLRQHQHU]HXJWXQGHLQJHVHW]W'LH+HUVWHOOXQJZDU]X 3UR]HQWV\QWKHWLVFK1LHPDQGZXWHRE0HWDWKHQLUJHQGZRLQGHU1DWXUYRUNDP :LHYLHOH:LUNVWRIIHGHUPRGHUQHQ+HLONXQVWKDWWHDXFK0HWDWKHQXQHUZQVFKWH1HEHQZLUNXQJHQ GLHEHLXQVDFKJHPlHU9HUZHQGXQJHQWVWHKHQNRQQWHQ0HWDWKHQPLWDQGHUHQ'URJHQLQJHZLVVHQ 3URSRUWLRQHQJHPLVFKWZDUHLQNUDIWYROOHV+DOOX]LQRJHQ8QGZLHLP)DOODQGHUHU:LUNVWRIIHVDKGHU JDODNWLVFKH'URJHQ6FKZDU]PDUNWDXFKLQ0HWDWKHQHLQH0|JOLFKNHLWYLHO*HOG]XYHUGLHQHQ1DFK
GHU9HUWUHLEXQJGHU/DUHQXQGGHQ/RRZHU:LUUHQLP6HNWRU7HUUDKDWWHQGLH*HVHW]JHEHUGHU *$9g.0HWDWKHQDXIGLH/LVWHGHUNRQWUROOLHUWHQ6XEVWDQ]HQJHVHW]W'HUIUHLH0HWDWKHQ+DQGHO ZXUGHGDPLWDXWRPDWLVFKJHVHW]ZLGULJ 'DVKDWWHGLH6FKZDU]KlQGOHUIUHLOLFKZHQLJJHNPPHUW'LH*$9g.ZDUHLQH2UJDQLVDWLRQLP 3UR]HGHU)RUPXQJ6LHJHULHWKLHUXQGGDQRFKLPPHUPLW|UWOLFKHQ=XVWlQGLJNHLWHQLQ.RQIOLNWXQG KDWWHDOOH+lQGHYROO]XWXQVLFKEHLGHQ]DKOORVHQ9|ONHUQGHUEHNDQQWHQ*DOD[LVGHQ5HVSHNW]X YHUVFKDIIHQGHVVHQVLHEHGXUIWHZHQQVLHLKUHQXW]EULQJHQGH:LUNXQJ]XJXQVWHQDOOHUJDODNWLVFKHQ =LYLOLVDWLRQHQYROOHQWIDOWHQZROOWH'LH%HNlPSIXQJGHV'URJHQ6FKZDU]PDUNWVVWDQGIUGLH *$9g.VHOEVW]LHPOLFKZHLWXQWHQDXIGHU/LVWHGHU3ULRULWlWHQ $OVREHDXIWUDJWHVLHSULYDWH1DFKULFKWHQGLHQVWHVLFKXPGDV3UREOHP]XNPPHUQXQWHUDQGHUHQGDV 8QWHUQHKPHQ62/()7'DVHUVWH$QOLHJHQHLQHVMHGHQ0HWDWKHQ6FKZDU]PDUNWMlJHUVZDU+LQZHLVH DXIGLHJDODNWRJUDSKLVFKH/DJHGHU6\QWKHVHQDQODJH]XHUKDOWHQLQGHUGLH6FKZDU]KlQGOHUGLH JHIlKUOLFKH6XEVWDQ]SURGX]LHUWHQ/DQJLRQ%UDNGHPGHU$XIWUDJEHUJHEHQZXUGHKDWWHQLFKWYLHO 6FKZLHULJNHLWHQHUZDUWHW6\QWKHVHDQODJHQVLQGNRPSOL]LHUWHXQGWHXUH*HELOGHGLH=DKOGHU +HUVWHOOHULVWEHJUHQ]WXQG$QODJHQ]XU6\QWKHVHYRQ0HWDWKHQXQWHUODJHQGHUVHOEHQ.RQWUROOHZLH GLH'URJHVHOEVW %UDNZDUXQDQJHQHKPEHUUDVFKWDOVZRFKHQODQJH1DFKIRUVFKXQJHQQLFKWHLQPDOGLH$QGHXWXQJ HLQHU6SXUHUEUDFKWHQ(LQH=HLWODQJZDUHUKLQWHUHLQHU]ZLHOLFKWLJHQ*HVWDOWQDPHQV7UHORIIKHU(U EHNDPGHQ0DQQMHGRFKQLH]XIDVVHQXQGDOVHUDXV]XYHUOlVVLJHU4XHOOHHUIXKUGDHU]ZDUPLW 6\QWKHVHDQODJHQDEHUQXUPLWVROFKHQIUDQRUJDQLVFKH3URGXNWHKDQGHOHYHUORUHUMHGHV,QWHUHVVHDQ 7UHORII,UJHQGMHPDQGDQGHUVZUGHVLFKXPLKQNPPHUQPVVHQGDHURIIHQVLFKWOLFKHLQH *HZRKQKHLWGDUDXVPDFKWHZHLWMHQVHLWVGHU*UHQ]HQGHV*HVHW]HV]XZDQGHOQXQGLQVHLQHU 6NUXSHOORVLJNHLWRKQH=ZHLIHOHLQH%HGURKXQJGHUgIIHQWOLFKNHLWGDUVWHOOWHDEHULP=XVDPPHQKDQJ PLWGHP0HWDWKHQ6FKZDU]KDQGHOZDUHURKQH%HODQJ6RJODXEWH/DQJLRQ%UDNGDPDOVMHW]WLQ GLHVHP$XJHQEOLFNZXWHHUQLFKWPHKUVRJHQDXZDVHUYRQGHU6DFKHKDOWHQVROOWH 'HP9HUWHLOHU]HQWUXPDXI6ROYDLJKZDUHUGXUFK=XIDOODXIGLH6SXUJHNRPPHQ'DV6ROYDLJK 'LOHPPDKDWWHHUVHLWGHPVRRIWYRUVHLQHPJHLVWLJHQ$XJH5HYXHSDVVLHUHQODVVHQGDHVVHLQHP *HGlFKWQLVXQDXVO|VFKOLFKHLQJHSUlJWZDU8QGMHW]WEHIDQGHUVLFKDXIGLHVHUXU]HLWOLFKHQ:HOW QDPHQV.DUVLVDXIGHUHLQH+RFKODQGXQGHLQH7LHIODQG]LYLOLVDWLRQWHUUDQLVFKHU6LHGOHUDEN|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Ä,FKKHLH1DUXZD³VDJWHHUÄ'XKDVW6FKHNHOJDQ]VFK|Q]XJHVHW]W:LUPXWHQLKQPLWWHQLQGHU 1DFKWDEWUDQVSRUWLHUHQ)UGLHQlFKVWHQ0RQDWHLVWHUQXU]XOHLFKWHU$UEHLW]XJHEUDXFKHQ,FKKRIIH GXZHLWZDVGXGLUGDDXIGHQ+DOVJHODGHQKDVW³ (VZDUQLFKWJDQ]NODUZRYRQHUVSUDFK6FKHNHOV9HUODQJHQQDFK5DFKHRGHUGHP$PWGHV2EHUVWHQ GHU*HIDQJHQHQGDVDXWRPDWLVFK6FKHNHOVhEHUZLQGHU]XJHIDOOHQZDU6HLQH6WLPPHNODQJDOVVHLHU PLWGHQ(UHLJQLVVHQGHUYHUJDQJHQHQ1DFKW]XIULHGHQ Ä,FKZHLQLFKWV1DUXZD³DQWZRUWHWH%UDNÄ$XHUGDLFKPLFKYRQQLHPDQGKHUXPVWRHQODVVH EHVRQGHUVQLFKWYRQ0lQQHUQZLH6FKHNHO,FKKDEHJHWDQZDVLFKWXQPXWHXQGDOOHV:HLWHUHZLUG VLFKYRQVHOEVWHUJHEHQ³ 'HU/DJHUIKUHUPXVWHUWHLKQHLQGULQJOLFK6FKOLHOLFKHUVFKLHQHLQ/lFKHOQDXIVHLQHP*HVLFKW Ä'XVLHKVWQLFKWDXVZLHHLQ.lPSIHUDEHUGXPXWHLQKDUWHU%XUVFKHVHLQ,FKKDEHYRQ.DVHQJL EHUGLFKJHK|UW'DV$PWGHV2EHUVWHQGHU*HIDQJHQHQLVWNHLQRIIL]LHOOHV'LH*HIDQJHQHQKDEHQHV VHOEVWHLQJHULFKWHW'XPXWGHLQHQ:HJDXVHLJHQHU.UDIWILQGHQDEHUZHQQGLH6FKZLHULJNHLWHQ]X JURZHUGHQNRPP ]XPLU.DVHQJLQHQQWGLFKVHLQHQ)UHXQG,FKZHUGHGDVQLFKWYHUJHVVHQ³ 'LH2UJDQLVDWLRQGHU1DFKWEHVDZlKUHQGGHV7DJHVNHLQH*OWLJNHLW'LH$UEHLWVJUXSSHQLP'XUFK
VFKQLWWVHFK]LJ3HUVRQHQVWDUNZXUGHQZDKOORVDXV%HZRKQHUQYHUVFKLHGHQHU6FKODIEDUDFNHQ]XVDP PHQJHVWHOOW'DV/DJHU]lKOWHQDFK%UDNV6FKlW]XQJHWZDQHXQKXQGHUW,QVDVVHQ'LH*HIDQJHQHQ ZDUHQDOVREHLZHLWHPLQGHU0LQGHU]DKO(UVHOEVWZXUGHHLQHU*UXSSH]XJHWHLOWGLHDXV DFKWXQGYLHU]LJ%XUDQJLXQGIQI]HKQ*HIDQJHQHQEHVWDQG(LQHUYRQLKQHQZDU.ULSXW'LHlQGHUQ KDWWHQLKUHQQHXHQ2EHUVWHQZlKUHQGGHVDQVSUXFKVORVHQ)UKVWFNVLQGHU6SHLVHKDOOH]XPHUVWHQ 0DO]XVHKHQEHNRPPHQ,KUH%OLFNHZDUHQ]XUFNKDOWHQGXQG]XP7HLOVFKHX6LHZXWHQQRFK QLFKWZDVVLHYRQLKP]XKDOWHQKDWWHQ6LHZXWHQQLFKWZLHYLHO/R\DOLWlWVLHLKPEH]HXJHQVROOWHQ 6FKOLHOLFKNRQQWH6FKHNHOVFKRQDPQlFKVWHQ7DJZLHGHU]XUFNNHKUHQ 'LH'LV]LSOLQLQQHUKDOEGHU$UEHLWHUJUXSSHZDUHUVWDXQOLFKORFNHU%UDNHUIXKUHUVWQDFKGHPVLHGDV /DJHUOlQJVWYHUODVVHQKDWWHQGDHLQlOWHUHU%XUDQJLQDPHQV7XSLLKU$QIKUHUZDU6LHWUXJHQ *HUlWHPLWGHQHQGHU%RGHQULQJVXPGLH0DWDFXPEH3IODQ]HQDXIJHKlXIHOWZXUGH'LHVI|UGHUWH ZLH%UDNJHOHUQWKDWWHGLH/XIW]XIXKU]XGHQ:XU]HOQXQGOLHGLH6WDXGHQHLQHJU|HUH+|KH HUUHLFKHQ7XSLV*UXSSHEHDUEHLWHWHHLQHQHLQKXQGHUW0HWHUEUHLWHQ6WUHLIHQHLQHU3IODQ]XQJGLHYLHOH 4XDGUDWNLORPHWHUEHGHFNWH'LH6RQQHEUDQQWHKHLXQGGHUJHULQJH/XIWGUXFNPDFKWH%UDN]XQlFKVW ]XVFKDIIHQ$OOPlKOLFKJHZ|KQWHHUVLFKMHGRFKGDUDQ(UHPSIDQGGDQNEDUGD7XSLNHLQH$QVWDOWHQ XQWHUQDKPLKQDQ]XWUHLEHQ'HU$OWHZXWHGDHUHUVWJHVWHUQDQJHNRPPHQZDUXQGGD)UHPGHPLW GHQDWPRVSKlULVFKHQ%HGLQJXQJHQGHV+RFKODQGV6FKZLHULJNHLWHQKDWWHQ 'LH$UEHLWZDUVWXSLGH'LH+lXIOHUZDUHQHOHNWULVFKXQGZXUGHQYRQ%DWWHULHQEHWULHEHQ,KUHHLQ]LJH )XQNWLRQZDUGHQ(UGERGHQDXI]XUHLHQ'DV+l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lQQHUXQG)UDXHQ GLHPLWSULPLWLYHQ*HUlWHQGDV(UGUHLFKORFNHUWHQGDPLWGLH:XU]HOQGHU3IODQ]HQPHKU/XIW EHNlPHQ:LHODQJHZDUHVKHUGDPDQDXIGHU(UGHHLQVROFKHV%LOGKDWWHVHKHQN|QQHQ"%UDN ZXWHHVQLFKW(UIUDJWHVLFKQDFKGHP6LQQGHV*DQ]HQ'LH%XUDQJLEDXWHQ0DWHFXPEHQLFKWIU LKUHHLJHQHQ=ZHFNHDQVLHKDWWHQ$EQHKPHU'LHVHOHEWHQLP7LHIODQGLQHLQHURIIHQEDU]LYLOLVLHUWHQ 6WDGW:DUXPEDXWHQGLH9HUEUDXFKHUGLHRIIHQVLFKWOLFK]XPRGHUQHU7HFKQRORJLH=XJULIIKDWWHQGLH 0DWHFXPEH6WDXGHQQLFKWLQHLJHQHU5HJLHXQGQDFKGHQ0HWKRGHQGHU]HLWJHQ|VVLVFKHQ$JUDUWHFKQLN DQ":DUXPZDUHQKLHUMDKUDXVMDKUHLQ7DXVHQGHYRQ0HQVFKHQGDPLWEHVFKlIWLJW(UGUHLFK]X ORFNHUQ6WDXGHQDXVGHP%RGHQ]X]LHKHQ%OlWWHUDE]XVWUHLIHQXQG.QROOHQLQGHQ%RGHQ]XVWHFNHQ ZRGLHJDQ]H$UEHLWZHVHQWOLFKHIIL]LHQWHUYRQ$JUDU5RERWHUQKlWWHJHWDQZHUGHQN|QQHQ" ,UJHQGZRODJHLQH$QWZRUWDXIGLHVH)UDJHQ8QGZHQQHUVLHIDQGZUGHHUGDV*HKHLPQLV.DUVLV ]XP7HLOHQWVFKOHLHUWKDEHQ 'DV*HVSUlFKPLW.ULSXWXQG%DVLOORKHXWHPRUJHQYRUGHP)UKVWFNKDWWHLKQQLFKWYLHOVFKODXHUJH PDFKWDOVHURKQHKLQZDU(UKDWWHEHUGHQ$OOWDJVDEODXIHUIDKUHQ$UEHLWV]HLWHQ3DXVHQ0DKO]HLWHQ XQGGHUJOHLFKHQ:LHLQGHUYHUJDQJHQHQ1DFKWZDUHVLQGHU+DXSWVDFKH.ULSXWJHZHVHQGHU)UDJHQ EHDQWZRUWHWKDWWHhEHUGHQ+LQWHUJUXQGGHU6LWXDWLRQZXWH.ULSXWQLFKWVXQGZHQQ%DVLOORHLQH $KQXQJGDYRQKDWWHEHKLHOWHUVLHIUVLFK%DVLOORZDUPLWGHU:HQGXQJGLHGLH(UHLJQLVVH JHQRPPHQKDWWHQRIIHQEDUXQ]XIULHGHQ'XUFKVHLQ9HUKDOWHQJDEHU]XYHUVWHKHQGDHU/DQJLRQ %UDNDOV2EHUVWHPGHU*HIDQJHQHQNHLQHJURHhEHUOHEHQVFKDQFH]XJHVWDQG(UZDUWHWHDXIHWZDV XQGZHQQGDVHUZDUWHWH(UHLJQLVHLQWUDWZUGHHU]XVFKODJHQ%UDNKDWWHDXIGHU+XW]XVHLQ$EHU ZHQQHUVHLQHQHLJHQHQ$GMXWDQWHQEHLHLQHP9HUUDWHUWDSSWHGDQQZUGHLKPQLHPDQGYHUEHOQ ZHQQHUKDUW]XJULII6RKDUWGD%DVLOORREHUZROOWHRGHUQLFKWDOOHVYRQVLFKJDEZDVHUEHUGLH PHUNZUGLJHQ8PVWlQGHDXIGHP+RFKODQGYRQ.DUVLVZXWH 1DFKGUHL6WXQGHQXQXQWHUEURFKHQHU$UEHLWJHODQJWHGHU7UXSSDQHLQH6FKQHLVHHLQHMHQHU]HKQ 0HWHUEUHLWHQ6WUDHQGLHGLH3IODQ]XQJLQUHJHOPlLJHQ$EVWlQGHQGXUFK]RJHQ7XSLRUGQHWHHLQH 5XKHSDXVHDQ'LH0lQQHUXQG)UDXHQODJHUWHQVLFKZDKOORVLQGHQGQQHQ6FKDWWHQGHU6WDXGHQ 0LQXWHQVSlWHUUXPSHOWHLQHLQHUGLFKWHQ6WDXEZRONHHLQYRQ]ZHL)OH[HQJH]RJHQHUYLHUUlGULJHU .DUUHQKHUDQ'HU/HQNHUGHV*HIlKUWVYHUWHLOWH%HFKHUPLW:DVVHUXQGNOHLQH6WFNH%URWIODGHQDQ GLH$UEHLWHU/DQJLRQ%UDNZDUEHHLQGUXFNWYRQGHUXPIDVVHQGHQXQGQLFKWVDXHUDFKWODVVHQGHQ 2UJDQLVDWLRQ'HU.DUUHQZDUXQPLWWHOEDUQDFK%HJLQQGHU5XKHSDXVHKLHUHLQJHWURIIHQ1DFKGHP 8PIDQJGHU9RUUlWHGLHVLFKDXIGHU3ULWVFKHVWDSHOWHQKDWWHHUPLQGHVWHQVQRFKIQIZHLWHUH
$UEHLWVJUXSSHQ]XYHUVRUJHQ'DV*HIlKUWUXPSHOWHGDYRQQDFKGHPGLH%HFKHUZLHGHUHLQJHVDPPHOW ZRUGHQZDUHQLQ5LFKWXQJGHUQlFKVWHQ*UXSSHGLHHEHQIDOOVLKUH3DXVHJHUDGHGDQQEHJRQQHQ KDEHQZUGHZHQQHVGRUWDQNDP$FNHUEDXPLWSULPLWLYHQ*HUlWHQXQGHLQH2UJDQLVDWLRQEHLGHU +XQGHUWHYRQ5lGFKHQIHKOHUIUHLLQHLQDQGHUJULIIHQ:HUPRFKWHVLFKGDV]XVDPPHQUHLPHQ" 7XSLPXWHVHLQH9HUZXQGHUXQJEHPHUNWKDEHQ(UNDPDXILKQ]XXQGVDJWHÄ'LH%XUDQJLODVVHQ LKUH$UEHLWHUQLFKWKXQJHUQRGHUGUVWHQ2EVLH*HIDQJHQHVLQGRGHUXQVHUHHLJHQHQ/HXWHGDVPDFKW NHLQHQ8QWHUVFKLHG³ Ä6SULFK]XPLU7XSL³IRUGHUWH%UDNLKQDXIÄ$XHU0DWHFXPEHZLUGLP+RFKODQGQLFKWVDQJHEDXW LVWGDVQLFKWZDKU"³ Ä(VLVWZDKU³ Ä$EHULKUYHUEUDXFKWGLH0DWHFXPEH%OlWWHUQLFKWVHOEVW,KUOLHIHUWVLHDQGLH/HXWHLQ%HOHQGDXQG EHNRPPWGDIUZDVLKU]XQ/HEHQEUDXFKW,VWDXFKGDVULFKWLJ"³ Ä(VLVWULFKWLJ³ Ä:DUXPLVWGDVVR7XSL"'LH%XUDQJLVLQGHLQWDSIHUHVNOXJHV9RON:DUXPODVVHQVLHVLFKYRQGHQ %HOHQGLEHKHUUVFKHQ":DUXPODVVHQVLHVLFK]XP'LHQHUGHU0HQVFKHQGHJUDGLHUHQGLHLP7LHIODQG ZRKQHQ"³ 7XSLDQWZRUWHWHQLFKWVRIRUW(UGDFKWHQDFKVHXI]WHXQGVDJWHVFKOLHOLFKÄ'DVLVWHLQHODQJH *HVFKLFKWHYLHU]HKQKXQGHUW-DKUHODQJ%HL*HOHJHQKHLWZLUVWGXVLHHUIDKUHQMHW]WKDEHQZLUQLFKW JHQXJ=HLWGD]X1XUVRYLHOVROOVWGXZLVVHQ$OVXQVHUH9RUIDKUHQGLHVHQ3ODQHWHQEHVLHGHOWHQHUJDE VLFKGLH(LQWHLOXQJLQ%HOHQGLXQG%XUDQJLYRQVHOEVWGHQQGDVWURSLVFKH7LHIODQGERWQLFKWJHQXJ 5DXPGDVJDQ]H9RON]XHUQlKUHQ-DKUKXQGHUWHODQJZDUHQZLUPLWGLHVHU(LQWHLOXQJJOFNOLFKXQG ]XIULHGHQ(UVWLQMQJVWHU=HLW³ (UXQWHUEUDFKVLFKSO|W]OLFKXQGVSlKWHPLWKDOE]XVDPPHQJHNQLIIHQHQ$XJHQLQGHQ6RQQHQJODVW KLQDXV Ä8QHUZDUWHWHU%HVXFK³PXUPHOWHHUXQGLQVHLQHU6WLPPHVFKZDQJGHXWOLFKHLQ8QWHUWRQGHU %HVRUJQLV /DQJLRQ%UDNZDQGWHVLFKXPXQGJHZDKUWHHLQHQJOLW]HUQGHQ3XQNWGHUVLFKYRUHLQHUGQQHQ6WDXE IDKQHKHUDXV:HVWHQGHP5DVWSODW]QlKHUWH /DQJLRQ%UDNKDWWHGHQ0DQQQLHLP/HEHQ]X*HVLFKWEHNRPPHQDEHUHUNDQQWHLKQDXIJUXQGGHU %LOGHUGLHHUJHVHKHQXQGDQKDQGGHU%HVFKUHLEXQJHQGLHHUHUKDOWHQKDWWHKRFKJHZDFKVHQGUU PLWHLQHUPlFKWLJHQ+DNHQQDVHZHLHV+DDUXQGURWH$XJHQGHU6RKQHLQHV$UNRQLGHQ9DWHUVXQG HLQHUbUD0XWWHU6ROLPDQ7UHORII 7UHORIIKDWWHVHLQHQ*OHLWHUHLQQHXHV0RGHOOXQZHLWGHUUDVWHQGHQ$UEHLWVJUXSSH]X%RGHQJHVHW]W 6HOEVWEHZXWHQ6FKULWWHVWUDWHUDXI7XSL]X(UNDQQWHVLFKKLHURIIHQEDUDXVXQGZXWHGDGHU$OWH GLH*UXSSHDQIKUWH Ä:HOFKHVLVWGHU0DQQGHUVLFK/DQJLRQ%UDNQHQQW"³IUDJWHHULQQlVHOQGHP,QWHUNRVPR (UZDUDXIZHQGLJVWXW]HUKDIWJHNOHLGHW(UWUXJHLQHHQJJHVFKQLWWHQH+RVHGLHGLH+DJHUNHLWVHLQHU *HVWDOWQRFKXQWHUVWULFKXQGDXVHLQHPPHWDOOLVFKVFKLPPHUQGHQ0DWHULDOJHIHUWLJWZDUGDVLQDOOHQ )DUEHQGHV6SHNWUXPVJOLW]HUWH'LH)HVWDNHQLQZHLFKHQ6WLHIHOQDXVNRVWEDUHPURWHP/HGHU'HQ 2EHUN|USHUEHGHFNWHHLQHPLW*ROGVWLFNHUHLHQYHU]LHUWH%OXVHXQGXPGLH6FKXOWHUQWUXJHUHLQ NXU]HVHEHQIDOOVURWHV&DSHGDVXPGHQ+DOVGXUFKHLQHSURW]LJHJROGHQH6SDQJH]XVDPPHQJHKDOWHQ ZXUGH$XIGHPIDVWKDDUORVHQ6FKlGHOVDHLQUXQGHV.lSSFKHQDXVGHPVHOEHQJOLW]HUQGHQ0DWHULDO ZLHGDV%HLQNOHLG 7XSLVDKVLFKXP Ä,FKEHNRPPHVWlQGLJQHXH/HXWH³DQWZRUWHWHHUHEHQIDOOVDXI,QWHUNRVPRÄ,FKNHQQHQLFKWDOOHLKUH 1DPHQ³ 'DVYHUVWDQG%UDNZDUHLQH:DUQXQJ(VEOLHELKPVHOEVWEHUODVVHQREHUVLFK]XHUNHQQHQJHEHQ ZROOWH7XSLVFKLHQLKPGDYRQDE]XUDWHQ7UHORIIV%OLFNJOLWWEHUGLH*UXSSHGHU5DVWHQGRQXQGEOLHE DQLKPKlQJHQ(UZDUHLQH=HLWODQJYRQ/DQJLRQ%UDNYHUIROJWZRUGHQ6LFKHUOLFKZDULKPGDVQLFKW YHUERUJHQJHEOLHEHQJHZLKDWWHHUVLFKHLQH%HVFKUHLEXQJVHLQHV9HUIROJHUVEHVRUJW %UDNVWDQGDXI Ä,FKELQHV³VDJWHHUÄ:DVZLOOVWGX"³ (LQKlPLVFKHV/lFKHOQHUVFKLHQDXIGHPVFKPDOHQVFKDUIJHVFKQLWWHQHQ*HVLFKW$XVGHQ $XJHQZLQNHOQVDK%UDNYLHU0lQQHUDXVGHP*OHLWHUVWHLJHQ,KUH*HVLFKWHUZDUHQDXVGUXFNVORVLKUH .OHLGXQJ]ZHFNPlLJXQGRKQHEHUIOVVLJHQ=LHUUDW6FKOlJHUGDFKWH%UDN Ä6LQGZLUXQVQLFKWVFKRQLUJHQGZRHLQPDOEHJHJQHW"³HUNXQGLJWHVLFK7UHORII
/DQJLRQ%UDNVFKWWHOWHGHQ.RSIÄ1HLQ'HVVHQELQLFKVLFKHU³ Ä5LFKWLJ'XZDUVWKLQWHUPLUKHU'XZWHVWHVZHQQZLU]XVDPPHQJHWURIIHQZlUHQ:DUXPKDVWGX DXIJHJHEHQ"³ Ä'XZDUVWQLFKWGHUGHQLFKVXFKWH³ Ä.RPPPLW³7UHORIIKREGLH+DQGXQGNUPPWHGHQ=HLJHILQJHUÄ,FKKDEHGLUHWZDV]XVDJHQZDV GLHVH/HXWHQLFKW]XK|UHQEUDXFKHQ³ %UDN]|JHUWH(UJDEVLFKNHLQHQ,OOXVLRQHQGDUEHUKLQZDVLKQHUZDUWHWH$EHUZHOFKHQ8QWHUVFKLHG PDFKWHHVREHUGHU$XIIRUGHUXQJIROJWHRGHUVLFKZHLJHUWH"6ROLPDQ7UHORIIKDWWHVLFKDEJHZDQGW XQGJLQJDXIGHQ*OHLWHU]X/DQJLRQ%UDNVFKULWWKLQWHULKPKHU6lPWOLFKHYLHU/XNHQGHV)DKU]HXJV VWDQGHQRIIHQ7UHORIIOHKQWHVLFKJHJHQGLH.DURVVHULH Ä,FKKDEHPLFKKLHUDOV+lQGOHUQLHGHUJHODVVHQ³VDJWHHURKQH%UDNGDEHLDQ]XVHKHQÄXQGJHEHPLU 0KHDXIHKUOLFKH$UWXQG:HLVHPHLQ/HEHQ]XIULVWHQ(VHUIOOWPLFKPLW6FKPHU]ZHQQLFKK|UH GDMHPDQGGHQ/HXWHQPLWGHQHQLFK+DQGHOWUHLEHHU]lKOWKDWPDQGUIHPLUQLFKWWUDXHQ³ $OVRGRFK9DUHQQHGDFKWH%UDNZlKUHQGHUQlKHUDXIGDV)DKU]HXJ]XWUDW(UZDUIHLQHQUDVFKHQ %OLFNLQV,QQHUH'HU*OHLWHUZDUOHHU Ä7UHORIIGXXQGLFKZLUEUDXFKHQHLQDQGHUQLFKWVYRU]XPDFKHQ³VDJWHHUÄ'XELVWVRHKUOLFKZLH GLH1DFKWGHV3RODUVRPPHUVODQJLVW'LH6SXUGLHGXLQGHU*DOD[LVKLQWHUODVVHQKDVWVWLQNWQDFK +DOVDEVFKQHLGHUHL%HWUXJ9HUUDW5lXEHUHL'LHEVWDKOZDVHLQHPDXFKLPPHULQGHQ6LQQNRPPW GXKDVW VJHWDQ8QGVLHVLQGKLQWHUGLUKHU'XPDJVWGLFKKLHUYHUVWHNNHQDEHUVLHZHUGHQGLFK ILQGHQ7UHORII'LH%XUDQJLKDEHQPLFKIUHXQGOLFKEHKDQGHOWDOVRKDEHLFKLKQHQJHVDJWZDVYRQGLU ]XKDOWHQLVW'DVLVWDOOHV³ (UVWDQGYRUHLQHPGHURIIHQHQ/XNH(UVDKGDV.DUWHQELOGDXIGHUNOHLQHQ%LOGIOlFKHGHV $GUHUHFKQHUV(VZDUYROOHU/LQLHQGLH6WUDHQGDUVWHOOWHQXQGVLFKXQWHUDOOHQGHQNEDUHQ:LQNHOQ VFKQLWWHQ2EHUKDOEGHV%LOGVFKLUPVOHXFKWHWHHLQHURWH'LJLWDODQ]HLJH$& Ä'XKDVWNHLQ5HFKWVRYRQPLU]XVSUHFKHQ³(VZDUHWZDVLQVHLQHU6WLPPHGDV/DQJLRQ%UDN DXIKRUFKHQOLH(UVDK7UHORIIV%OLFNDXIHWZDVJHULFKWHWGDVVLFKKLQWHULKPEHIDQG'HU,QVWLQNW VLJQDOLVLHUWH*HIDKUDEHUVHLQH5HDNWLRQNDP]XVSlW 7UHORIIV6FKOlJHUZXWHQZRVLHLKQ]XWUHIIHQKDWWHQ'HUP|UGHULVFKH6FKODJLQGLH1LHUHQHUIOOWH LKQPLWEUHQQHQGHP6FKPHU]XQGODKPWHLKQELV]XUOHW]WHQ0XVNHOIDVHUKLQDE(UZROOWHVLFKIDOOHQ ODVVHQDEHU]ZHL3DDUNUlIWLJHU)lXVWHSDFNWHQLKQEHLGHQ6FKXOWHUQULVVHQLKQLQGLH+|KHXQG ZLUEHOWHQLKQKHUXP(VZDUNHLQ.DPSIHVZDUJQDGHQORVH6FKOlFKWHUHL'LH$UPHZDUHQLKPDXI GHQ5FNHQJHZLQNHOWXQGHLQHUGHUYLHUKDWWHVHLQH.QLHXPVFKOXQJHQ(UVSDQQWHGLH0XVNHOQVR JXWHUNRQQWHDEHUMHGHU6FKODJWULHELKPHLQZHLWHUHV4XDQWXP.UDIWDXVGHP.|USHU :LHDXVZHLWHU)HUQHK|UWHHU6ROLPDQ7UHORIIVDJHQÄ'DVUHLFKW³'LH$UPHZDUHQSO|W]OLFKIUHL ,QVWLQNWLYULHUVLHQDFKYRUQH'XUFKHLQHQ9RUKDQJYRQ7UlQHQGLHLKPGHUZLOGH6FKPHU]LQGLH $XJHQJHWULHEHQKDWWHVDKHU]ZHLZDQNHQGH*HVWDOWHQXQGZROOWHVLFKDXIVLHVWU]HQ:DQNHQG"(U VHOEVWZDUHVGHUZDQNWH'LHNUDIWORVHQ%HLQHWUXJHQLKQQLFKWPHKU(UVWU]WHYRUQEHUXQGILHOPLW GHP*HVLFKWLQGHQ6WDXE(UK|UWHGDV7ULHEZHUNGHV*OHLWHUVDXIKHXOHQ'DQQVHQNWHVLFKHLQH ZRKOWlWLJH2KQPDFKWEHUVHLQ%HZXWVHLQ (UHUZDFKWHYRQHLQHPHLJHQDUWLJHQ*HVFKDXNHOGDVYRQODXWHP.QDUUHQEHJOHLWHWZXUGH$OVHUGLH $XJHQ|IIQHWHVWDFKLKPGDVJUHOOH6RQQHQOLFKWZLHHLQJOKHQGHU1DJHOGXUFKGHQ6FKlGHO(UVFKOR GLH/LGHUVRIRUWDEHUHUKDWWHGHQQRFKIUGHQ%UXFKWHLOHLQHU6HNXQGHGDV*HVLFKWJHVHKHQGDVVLFK PLWEHVRUJWHU0LHQHEHULKQEHXJWH Ä7XSLZDVLVWORV"³lFK]WHHU Ä6LHKDEHQGLFKEHO]XVDPPHQJHVFKODJHQ³DQWZRUWHWHGHU$OWHÄ:LUEULQJHQGLFK]XP/DJHU ]XUFN³ 'DV*HVFKDXNHOGDV.QDUUHQHUODJDXIGHP:DJHQGHUGLH$UEHLWHUPLW3URYLDQWXQG:DVVHU YHUVRUJWH Ä:DUXPKDEWLKUHVJHVFKHKHQODVVHQ":DUXPKDEWLKUPLUQLFKWJHKROIHQ"³ Ä*HKROIHQ"*HJHQ7UHORIIXQGVHLQH%HOHQGL"³6HLQ7RQIDOOEUDFKWH]XP$XVGUXFNGDHUHLQVROFKHV $QVLQQHQIUJDQ]XQGJDUDEZHJLJKLHOWÄ:LUEULQJHQGLFKZLHGHUDXIGLH%HLQHPDFK GLUGHVZHJHQ NHLQH6RUJHQ³ /DQJLRQ%UDNPDFKWH%HVWDQGVDXIQDKPH(UEDOOWHGLH+lQGH]X)lXVWHQEHZHJWH$UPHXQG%HLQH YHU]RJGDV*HVLFKWXQGKROWHPHKUPDOVWLHI/XIW(VJDENHLQH6WHOOHVHLQHV.|USHUVGLHQLFKW VFKPHU]WHDEHUHUVFKLHQRKQHHUQVWKDIWH9HUOHW]XQJHQGDYRQJHNRPPHQ]XVHLQ(UVWHPPWHVLFK YRUVLFKWLJLQGLH+|KH'HU6FKPHU]ZDUQDKH]XXQHUWUlJOLFK(UELGLH=lKQH]XVDPPHQXQGJDEHLQ
]RUQLJHV.QXUUHQYRQVLFK Ä,KUVHLGHUElUPOLFKH)HLJOLQJH³VDJWHHU]X7XSLÄ'LH%HOHQGLP|JHQHXUH+HUUHQVHLQDEHUVLHVLQG JOHLFK]HLWLJDXFKYRQHXFKDEKlQJLJ:HQQLKUXQWHUHLQDQGHUHLQLJZlUWHLQHQ3ODQKlWWHWXQGQDFK GLHVHP3ODQKDQGHOWHWGDQQN|QQWHVLFK7UHORIIQLFKWVRDXIVSLHOHQ³ 7XSLVFKWWHOWHGHQ.RSIÄ$XVGLUVSULFKWGLH%LWWHUNHLWGHV*H]FKWLJWHQ³VDJWHHUPLWVDQIWHU 6WLPPHÄ,FKVDJHGLUGLH'LQJHVLQGVRZLHVLHVLQGXQGZHQQVLHXQVDXFKPDQFKPDOQLFKW JHIDOOHQVRN|QQHQZLUGRFKQLFKWVDQLKQHQlQGHUQ³ %UDNJDEDXI'LH5HVLJQDWLRQGHU%XUDQJLZDUZLHHLQ%DOOHQ:DWWHGHPHUPLWGHQ)DXVWVFKOlJHQ GHUPRUDOLVFKHQ(QWUVWXQJEHL]XNRPPHQYHUVXFKWH(UHUUHLFKWHQLFKWV'LH%XUDQJLKDWWHQVLFKPLW GHU(UNHQQWQLVDEJHIXQGHQGDVLHLKU/RVQLFKWEHHLQIOXVVHQNRQQWHQ $OVVLHGDV/DJHUHUUHLFKWHQZDULKPVREHOGDHUVLFKDPOLHEVWHQEHUJHEHQKlWWH'DVZDUHQ QLFKWGLH6\PSWRPHHLQHVYHUOHW]WHQ0DJHQV(UPXWHVLFKHWZDVDQGHUHV]XJH]RJHQKDEHQ7XSL EHJOHLWHWHLKQLQVHLQ4XDUWLHUXQGVHW]WHVLFKDXIGHQ6WXKOQDFKGHP%UDNVLFKDXIGHU/LHJH DXVJHVWUHFNWKDWWH Ä(VJHKWGLUQLFKWJXWZLH"³IUDJWHHUQDFKGHQNOLFK Ä0LULVWVSHLEHO³NQXUUWH%UDN Ä6FKWWOHGHQ.RSI³IRUGHUWH7XSLLKQDXIÄ+HIWLJKLQXQGKHU³ %UDNJHKRUFKWHHLQZHQLJYHUZXQGHUW(UEUDFKWHQLFKWPHKUDOVHLQ.RSIVFKWWHOQ]XZHJHGDQQ EHJDQQGLH:HOWVLFKXPLKQ]XGUHKHQ(UJODXEWHHUPVVHYRQGHU/LHJHUXWVFKHQXQGNODPPHUWH VLFKYHU]ZHLIHOWDP5DQGGHV0HWDOOJHVWHOOVIHVW(WZDHLQH0LQXWHYHUJLQJELVGDV6FKZLQGHOJHIKO ZLHGHUQDFKOLH Ä'XZHLWHWZDV³lFK]WHHUÄ:DVLVWPLWPLUORV"³ Ä,FKKDEHVFKRQHLQPDOHLQHQVROFKHQ)DOOHUOHEW$XFKHLQ*HIDQJHQHUZLHGX'DPDOVZDUQLFKW7UH ORIIGHU=ZLVFKHQKlQGOHUVRQGHUQMHPDQGDQGHUV$EHUDXFKHUUHLVWHPLWYLHU/HLEZlFKWHUQXQG GLHVHU*HIDQJHQHPXVLFKLUJHQGZLHXQEHOLHEWEHLLKPJHPDFKWKDEHQ6LHYHUSUJHOWHQLKQZLHGLFK KHXWH'DQDFKZXUGHLKPEHO(UILQJDQ]XKDOOX]LQLHUHQXQGYHUORUHLQSDDU7DJHODQJGHQ 9HUVWDQG$OVHUZLHGHUQRUPDOZXUGHZDUHUVRVFKZDFKGDZLULKQQLFKWPHKUDOV$UEHLWHU HLQVHW]HQNRQQWHQ%HLVHLQHPQlFKVWHQ%HVXFKQDKPLKQGHU=ZLVFKHQKlQGOHUPLWXQGVHLWGHPKDEH LFKQLFKWVPHKUYRQLKPJHK|UW³ /DQJLRQ%UDNVWXW]WH(VZDULKPDOVZUGHGLH:HOWULQJVXPDOOPlKOLFKGXQNOHU'LH/DPSHLQGHU 'HFNHEUDQQWH(UVDK]XLKUDXI6LHVFKLPPHUWHJUQ (UZDU=HLWVHLQHV/HEHQVRKQH'URJHQDXVJHNRPPHQDEJHVHKHQYRQGHQHQGLHHUDXV PHGL]LQLVFKHQ*UQGHQKDWWHDQZHQGHQPVVHQ(UNDQQWHGLHFKDUDNWHULVWLVFKHQ:LUNXQJHQGHU JlQJLJHQ5DXVFKJLIWHQXUDXV%HVFKUHLEXQJHQ6HOHNWLYH)LOWHUZLUNXQJGHVRSWLVFKHQ1HUYHQV\VWHPV ZDUHLQHGDYRQ'LH6HKQHUYHQEOHQGHWHQGLHKRFKXQGQLHGHUIUHTXHQWHQ%HVWDQGWHLOHGHVVLFKWEDUHQ 6SHNWUXPVDXVXQGOLHHQQXUQRFKGLHJUQH.RPSRQHQWHGXUFK (LQHP0HQVFKHQLP0HWDWKHQ5DXVFKHUVFKLHQGLH:HOWJUQ7UHORIIKDWWHLKP0HWDWKHQLQML]LHUW (UVWHPPWHVLFKLQGLH+|KH'HU6FKZLQGHOEHUILHOLKQYRQQHXHP7XSLWDQ]WHDXIVHLQHP6WXKOYRU LKPDXIXQGDE Ä+|UPLUJXW]X7XSL³VWLHHUKHUYRUÄ,FKZHLZDVKLHUYRUJHKW'XPXWGLFKJHQDXQDFKPHLQHQ $QZHLVXQJHQULFKWHQRGHULFKZHUGHQLFKWPHKUIUGLFKDUEHLWHQN|QQHQ³ 7XSLQLFNWHHLIULJÄ6SULFK³IRUGHUWHHULKQDXI Ä6SULQJ³(LQH3HLWVFKHNQDOOWH/DQJLRQ%UDNXPGLH)XNQ|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|UWH6WLPPHQZLHGXUFKHLQHODQJH GQQH0HWDOOU|KUH(WZDVZXUGHLKPLQGHQ0XQGJHVFKREHQGQQELHJVDP Ä'DVLVWGDV=HXJGDVGDV+HU]VFKQHOOHUVFKODJHQOlW³VDJWHHLQH6WLPPHYRQLUJHQGZRKHU Ä7ULQN³ 7ULQN6SULQJ6SULQJ7ULQN(UEHJDQQ]XVDXJHQ%LWWHUH)OVVLJNHLWVFKRLKPLQGHQ0XQGELWWHU XQGKHL(UVFKOXFNWH'HU0DJHQZROOWHVLFKLKPXPNHKUHQ(UZUJWH(LQKDUWHU6FKODJWUDILKQLQV
*HVLFKW Ä'ULQQHQEHKDOWHQ1LFKWDXVVSXFNHQ³ 7ULQN1LFKWDXVVSXFNHQ6SULQJ:LHODQJHQRFK"(UK|UWHHLQSRFKHQGHV5DXVFKHQGDVLPPHUODXWHU ZXUGHGDV5DXVFKHQVHLQHV%OXWHVGDV3RFKHQVHLQHV+HU]HQV,PPHUVFKQHOOHULPPHUODXWHU'DV ZDUJXWVRZHQQHVQXUODQJHJHQXJDXVKDOWHQNRQQWH:DUXPZDUHVJXW"(UKDWWHHVJHZXWDEHUHV ZDULKPHQWIDOOHQ (UVSUWHQLFKWVPHKUQLFKWHLQPDOPHKUGLH6FKOlJHJHJHQGLH6FKXOWHUQRGHUGHQ%LGHU3HLWVFKH (UVSUDQJXQGWUDQNXQGVSXFNWHQLFKWDXV(UZDUHLQH0DVFKLQHGLHIXQNWLRQLHUWHRKQH]XZLVVHQ ZDVVLHWDW:HQQHUQXUODQJHJHQXJDXVKDOWHQNRQQWH 8QGSO|W]OLFKZDUQLFKWVPHKU'DVJUQH8QLYHUVXPGLHVFKZHEHQGHQ)UDW]HQGLHEOHFKHUQHQ6WLP PHQGDV5|KUFKHQLP0XQGVLHDOOHZDUHQYHUVFKZXQGHQ(UJOLWWGXUFKHQGORVH)LQVWHUQLVHLQ VFKZDU]HV8QLYHUVXPGDVYRQSRFKHQGHP5DXVFKHQHUIOOWZDU (VEUDQQWH(VZDUKHL(UVWDQGLQ)ODPPHQ(UVFKULHDXI Ä'DVLVWJHQXJODWHVJXWVHLQ³VDJWHMHPDQG 'HU6FKPHU]OLHYRUOlXILJQRFKQLFKWQDFK(UDQDO\VLHUWHLKQLQ*HGDQNHQ6RIKOWHVLFK PHQVFKOLFKH+DXWDQZHQQVLHPLWHLVNDOWHP:DVVHUEHKDQGHOWXQGGDQQPLWKDUWHQ%UVWHQ JHVWULHJHOWZXUGH(LQHYRU]JOLFKH0HWKRGHGHQ%OXWNUHLVODXIDQ]XUHJHQ'DVZDUGDV:LFKWLJH'DV %OXWPXWHVRUDVFKZLHP|JOLFK]LUNXOLHUHQGDPLWGDV*LIWDXIGHPVFKQHOOVWHQ:HJDXVJHVFKLHGHQ ZHUGHQNRQQWH (U|IIQHWHGLH$XJHQ'DVJUHOOH/LFKWGHU'HFNHQODPSHWUDILKQZLHHLQ+DPPHUVFKODJ Ä6FKDOWHWGLH5|KUHDXV³VDJWHGLHVHOEH6WLPPHZLH]XYRUÄ(UNDQQVRYLHO+HOOLJNHLWQRFKQLFKW YHUWUDJHQ³ 'DV/LFKWZXUGHVDQIWHU(VNDPDXVGHP+LQWHUJUXQG'XUFKGDVRIIHQH)HQVWHUHULQQHUWHHUVLFK(V ZDURUDQJHIDUEHQ'LH6RQQHVFKLFNWHVLFKDQXQWHU]XJHKHQ'DV+HU]SRFKWHLKPELV]XP+DOV3XOV HLQKXQGHUWXQGVHFK]LJVFKlW]WHHU Ä,VWGLH:HOWQRFKJUQ"³IUDJWHGLH6WLPPHWHLOQDKPVYROO /DQJLRQ%UDNVFKWWHOWHGHQ.RSI(UIKOWHVLFKPGHXQG]HUVFKODJHQYLHO]XNUDIWORVXPQRFK]X VSUHFKHQ Ä'DVLVWJXW-HW]WKDEHQZLUQXUQRFKGDV3UREOHPGLFKDP(LQVFKODIHQ]XKLQGHUQ³ (LQVFKODIHQ,FKGDUIQLFKWHLQVFKODIHQGDFKWH/DQJLRQ%UDN'LH:HOWLVWQLFKWPHKUJUQ(UZDU EHQRPPHQ'DV8QLYHUVXPEHJDQQQRFKLPPHU]XVFKDXNHOQZHQQHUVLFKUDVFKEHZHJWHDEHUGLH hEHONHLWZDUYHUVFKZXQGHQ(UKDWWHGDV6FKOLPPVWHEHUVWDQGHQ Ä:LHVSlWLVWHV"³IUDJWHHU Ä(LQH6WXQGHELV6RQQHQXQWHUJDQJ8QVHUH*UXSSHLVWEHUHLWV]XUFNJHNHKUW6LHVLW]HQLQGHU 6SHLVHKDOOHEHLP(VVHQ³ %UDNULFKWHWHVLFKODQJVDPDXI7XSLVDQHEHQLKPDP5DQGGHU/LHJH,QGHU1lKHGHU7UVWDQGHQ GUHL$UEHLWHU%XUDQJLPLWDXIJHEOlKWHQ%UXVWN|UEHQ%UDNHULQQHUWHVLFKDQHLQHNQDOOHQGH3HLWVFKH XQG6FKOlJHGLHHUJHJHQGLH6FKXOWHUQHUKDOWHQKDWWH'LHGUHL0lQQHUHUZLGHUWHQVHLQPDWWHV *ULQVHQ Ä/DPLFKQLFKWLP6WLFK7XSL³VDJWHHUÄ-HW]WQRFKQLFKW8QGVDJHGHLQHQ/HXWHQGDVLH]X QLHPDQGYRQGHPVSUHFKHQVROOHQZDVVLHKLHUJHVHKHQKDEHQ1LFKWELVPRUJHQIUK³ Ä'DVVDJHGXLKQHQVHOEHU³OlFKHOWH7XSLÄ6LHKDEHQJHQXJ5HVSHNWYRUGLU'XKDVWGLFKPDUWHUQ ODVVHQZLHHLQ+HOG³ +HOG"(UKDWWH$QJVWXPVHLQ/HEHQGDVZDUDOOHV(UJDEGHQGUHL%XUDQJLGHQHQWVSUHFKHQGHQ $XIWUDJ'HQ*UXQGQDQQWHHUQLFKW6LHZUGHQLKQPRUJHQIUKHUIDKUHQYHUVSUDFKHULKQHQ$OVVLH JLQJHQZDUHUVLFKHUGDNHLQHPYRQLKQHQHLQXQYRUVLFKWLJHV:RUWEHUGLH/LSSHQNRPPHQZUGH (UZDQGWHVLFKDQ7XSLÄ,FKEUDXFKHHLQH:DIIH³VDJWHHUÄ(LQ0HVVHURGHUHLQHQ.QWWHO³ Ä*HIDQJHQHGUIHQQLFKWEHZDIIQHWZHUGHQ³KLHOW7XSLLKPHQWJHJHQ Ä4XDWVFK,FKELQNHLQH*HIDKUIUHXFK,FKP|FKWHPHLQ/HEHQYHUWHLGLJHQGDVLVWDOOHV³ Ä:HUVROOWHGLUQDFKGHP/HEHQWUDFKWHQ"³ Ä:R]XPHLQVWGXKDW7UHORIIPLUGDV*LIWYHUDEUHLFKW"³ Ä:HLLFKHV"6HLQ9RUJlQJHUWDWHVPLWHLQHPDQGHUHQ*HIDQJHQHQXQGHLQH:RFKHVSlWHU WUDQVSRUWLHUWHQVLHLKQDE,FKKDEHNHLQH$KQXQJZHOFKH=LHOH7UHORIIYHUIROJW³ Ä,FKJHKHPLWGLUHLQH:HWWHHLQ³VDJWH%UDNÄ7UHORIIKDWPLFKYROOHU0HWDWKHQJHSXPSWGDLFK VHLQHP0DQQNHLQHQ:LGHUVWDQGOHLVWHQN|QQWH,FKELQLKPLP:HJ2IIHQXPEULQJHQGDUIHUPLFK QLFKWGD]XVLQG$UEHLWHU]XZHUWYROO,KUZUGHWHVQLFKWYHUVWHKHQ$EHUKHLPOLFKNDQQHUPLFK
EHVHLWLJHQODVVHQ³ 7XSLZLHJWHPLPXWLJGHQ.RSI Ä+|UWVLFKDOOHV]LHPOLFKSKDQWDVWLVFKDQ³EUXPPWHHUÄ6HLQ0DQQ:HULVW7UHORIIV0DQQ"³ Ä%DVLOOR³VDJWH%UDNÄ,FKUHFKQHPLWVHLQHP%HVXFKVREDOGHVLP/DJHUUXKLJJHZRUGHQLVW³ 'XUFKGLH'XQNHOKHLWGHU.DPPHUGUDQJ7XSLVNODJHQGHU6HXI]HU Ä,FKELQHLQDOWHU0DQQ(LQHP0|UGHUJHJHQEHUELQLFKKLOIORV%LVWGXVLFKHUGXZLUVWVFKQHOO JHQXJUHDJLHUHQ"³ 9RQGHU7UKHUDQWZRUWHWH/DQJLRQ%UDNÄ*DQ]VLFKHU-HW]WVSULFKQLFKWPHKU³ (USDFNWHGHQ.QWWHOIHVWHU,PPDWWHQ6WHUQHQOLFKWGDVGXUFKV)HQVWHUKHUHLQILHOZDU7XSLHLQ VFKDWWHQKDIWHU8PULDXIGHPJUDXHQ5HFKWHFNGHU/LHJH%DVLOORKDWWHNHLQHQ*UXQGDQ]XQHKPHQ GDHVQLFKW%UDNZDUGHUGRUWODJ'UDXHQLQGHUJURHQ6FKODIKDOOHZDUHVUXKLJJHZRUGHQ:HQQ QXU%DVLOORQLFKW]XODQJHDXIVLFKZDUWHQOLH'LH5RNXUGLH:LUNVWRIIHGHV0HWDWKHQGXUFK GUDVWLVFKEHVFKOHXQLJWHQ.UHLVODXI]XEHVHLWLJHQZDUHUIROJUHLFKJHZHVHQDEHUVLHHUIOOWHLKQ JOHLFK]HLWLJPLWHLQHU6FKODSSKHLWGHUHUNDXPPHKUZLGHUVWHKHQNRQQWH(UGXUIWHHVQLFKWZDJHQGLH $XJHQ]XPHKUDOVHLQHP%OLQ]HOQ]XVFKOLHHQVRQVWZlUHHUHLQJHVFKODIHQDXIGHU6WHOOHXQGLP 6WHKHQ (LQOHLVHV.UDW]HQDXIGHUDQGHUHQ6HLWHGHU7UOLHLKQDXIKRUFKHQ(UK|UWHHLQH+DQGEHUGLH 7UIOOXQJVWUHLFKHQ'LH.OLQNHNQDUUWHNDXPK|UEDUDOVVLHQLHGHUJHGUFNWZXUGH'LH7UVFKZDQJ ODQJVDPEHLVHLWHJHUlXVFKORVHLQVFKZDU]HU6FKDWWHQ(LQJHGXFNWHUVWlPPLJHU8PULHUVFKLHQ %UDNVFKZDQJGHQ.QWWHO'HU(LQGULQJOLQJK|UWHGDV5DVFKHOQVHLQHU$UEHLWHUPRQWXUXQGIXKU KHUXP0LWHLQHPWURFNHQHQNQDOOHQGHQ*HUlXVFKWUDIGHUVFKZHUH+RO]VWRFNVHLQ=LHO%DVLOORJDE HLQKDOEEODXWHVbFK]HQYRQVLFKXQGJLQJ]X%RGHQ%UDNVFKORYRUVLFKWLJGLH7UGDQQVFKDOWHWHHU GDV/LFKWDQ %DVLOORZDUEHZXWORV'HU6FKODJKDWWHLKQDXIGHQ6FKlGHOJHWURIIHQ7XSLZDUDXIJHVSUXQJHQ Ä'XKDVWLKQHUVFKODJHQ³VDJWHHU %UDNKDWWHGHQ%HZXWORVHQLQ]ZLVFKHQXQWHUVXFKW Ä1HLQ(UZLUGLQHLQSDDU0LQXWHQ]XVLFKNRPPHQ6HLQ6FKlGHOLVWDXV(LVHQJHPDFKW³ (UGXUFKVXFKWH%DVLOORV7DVFKHQXQGI|UGHUWHHLQNOHLQHV,QVWUXPHQW]XWDJHGDVHLQHU,QMHNWLRQVVSULW]H JOLFK'LH1DGHOVWDNLQHLQHU3ODVWLNVFKHLGHGLHRIIHQEDUYHUKLQGHUQVROOWHGDGHU7UlJHUGHV ,QVWUXPHQWVVLFKDXV9HUVHKHQVHOEVWVWDFK%UDNKLHOWGLH6SULW]HJHJHQGDV/LFKW'HU=\OLQGHU HQWKLHOWHLQHNOHLQH0HQJHHLQHU|OLJHQJHOEEUDXQHQ)OVVLJNHLW Ä*DQ]JHZ|KQOLFKHVV\QWKHWLVFKHV&XUDUH³PXUPHOWHHUÄ:DVPHLQVWGXKlWWHHUGDPLWYRU"³ 7XSLVFKWWHOWHVLFK%UDNKRE%DVLOORDXIXQGVFKOHSSWHLKQ]XU/LHJH'DQQ]RJHUGLH1DGHODXVGHU 6FKHLGHXQGZDUWHWH$OV%DVLOORVLFKQDFKIQI0LQXWHQLPPHUQRFKQLFKWJHUKUWKDWWHVWLHHULKQ XQVDQIWDQ Ä0DFKGLH$XJHQDXI%XUVFKH:LUZLVVHQGDGXEHL%HZXWVHLQELVW³ %DVLOORUHDJLHUWHQLFKW%UDNVHW]WHLKPGLH1DGHOVSLW]HDXIGHQ$UPXQGGUFNWHHLQZHQLJ%DVLOORUL HQWVHW]WGLH$XJHQDXIÄ1LFKW³NHXFKWHHU 6HLQ%OLFNZDUWUEH(UPRFKWHHLQHQ6FKlGHODXV(LVHQKDEHQDEHUHLQH*HKLUQHUVFKWWHUXQJKDWWHHU GRFKGDYRQJHWUDJHQ Ä$OVRVFK|QIDQJDQ]XUHGHQ³VDJWH%UDNÄ:LHNRPPWHLQ*HIDQJHQHUGD]XIU6ROLPDQ7UHORII]X DUEHLWHQ"³ %DVLOORVWLHUWHLKQPLWJHVSLHOWHU9HUVWlQGQLVORVLJNHLWDQÄ,FKZHLQLFKWHLQPDOZRYRQGXUHGHVW³ 'HU'UXFNDXIGLH1DGHOYHUVWlUNWHVLFK'LH6SLW]HGUDQJGHQ%UXFKWHLOHLQHV0LOOLPHWHUVLQGLH+DXW HLQ/DQJLRQ%UDNKLHOWGDV,QVWUXPHQWLQGHUKRKOHQ+DQGYHUERUJHQVRGD%DVLOORQLFKWVHKHQ NRQQWHREHUGHQ.ROEHQEHWlWLJWHRGHUQLFKW Ä'XNDPVWKLHUKHUXPPLFKXP]XEULQJHQ³VDJWH%UDNÄ:HQQGXPHLQVWHVPDFKWPLUHWZDVDXV GHQ6SLHHLQIDFKXP]XGUHKHQGDQQWlXVFKVWGXGLFK 'DUDQGD7XSLKLHULVWHUNHQQVWGXGDDXFKHUQLFKWYLHOIUGLFKEULJKDW³ Ä(VZDUHLQ)HKOHUGLFKKLHUKHU]XVFKLFNHQ³VWLH%DVLOORKDVWLJKHUYRUÄ6RVDJWH7UHORIIZHQLJVWHQV 'XZUGHVWKLHU6FKDGHQDQULFKWHQGLH%XUDQJLDXIVWDFKHOQXQGVRZHLWHU'XPXWHVWEHVHLWLJW ZHUGHQ'HVZHJHQVSULW]WHHLQHUVHLQHU/HXWHGLU0HWDWKHQRKQHGDGLH=XVFKDXHUHVPHUNWHQ,FK HUKLHOWGHQ$XIWUDJGLFKDXVGHP:HJ]XVFKDIIHQZHQQGXGHV1DFKWVLP0HWDWKHQ5DXVFKODJVW³ Ä(U]lKOHPLUQLFKW'LQJHGLHLFKVFKRQZHL³ZDUQWH%UDNÄ:LHNRPPWHVGD7UHORIIDXVJHUHFKQHW GLFKDQVSULFKW":LHRIWKDVWGXLKPLQGHU9HUJDQJHQKHLWVFKRQ*HIDOOHQHUZLHVHQ"³ (VEHGXUIWHHLQHVZHLWHUHQ5XFNVPLWGHU1DGHOXP%DVLOOR]XP6SUHFKHQ]XYHUDQODVVHQ
Ä,FKELQQLFKWZLUNOLFKHLQ*HIDQJHQHU³HUNOlUWHHUÄ'LH2UJDQLVDWLRQKDWPLFK]XHLQHPEHVWLPPWHQ =ZHFNKLHUKHUJHVFKLFNW,FKVROODXIGLH6FKZDU]KlQGOHUDXISDVVHQ³ Ä6FKZDU]KlQGOHUGLH0DWHFXPEHDXIHLJHQH)DXVWYRQGHQ%XUDQJLNDXIHQ"³ Ä-D³ Ä:LHYLHOHYRQHXFKJLEWHVKLHU"³ Ä,QMHGHP$UEHLWVODJHUHLQHQ³ Ä:LHYLHOH6FKZDU]KlQGOHUKDEWLKUVFKRQJHIDW"³ Ä(LQKDOEHV'XW]HQG$EHUGHUJHULVVHQVWHXQWHULKQHQJHKWXQVMHGHVPDOYRQQHXHPGXUFKGLH /DSSHQ³ Ä+DWHUHLQHQ1DPHQ"³ Ä(UQHQQWVLFK3DVWRU³ /DQJLRQ%UDNZDUI7XSLHLQHQIUDJHQGHQ%OLFN]X'HU$OWH]XFNWHPLWGHQ6FKXOWHUQ'DVKLHHU ZROOWHLP$XJHQEOLFNQLFKWGDUEHUVSUHFKHQ Ä'LH2UJDQLVDWLRQ³QDKP%UDNGHQ)DGHQZLHGHUDXIÄ:DVIUHLQH2UJDQLVDWLRQLVWHV":HUOHLWHW VLH"³ $OV%DVLOORPLWGHU$QWZRUW]|JHUWHGUDQJLKPGLH1DGHOHLQHQ=HQWLPHWHUZHLWLQGHQ$UP(UVFKULH HQWVHW]WDXI$EHU%UDNDFKWHWHGDUDXIGDVLFKGHU.ROEHQGHU6SULW]HQLFKWEHZHJWH Ä'LH2UJDQLVDWLRQHU]HXJWGHQ6WRIIXQGYHUWHLOWLKQDQGLH=ZLVFKHQKlQGOHU³VSUXGHOWH%DVLOOR KHUYRUÄ,FKZDUQXUHLQHLQIDFKHU0LWDUEHLWHUHLQ7HFKQLNHUGHUXQWHUVWHQ5DQJVWXIH,FKNHQQHGLH /HXWHDQGHU6SLW]HQLFKW:HLWHUDOVELV7UHORIIELQLFKQLHJHNRPPHQ³ Ä6WRII³ZLHGHUKROWH%UDNÄ0HWDWKHQ"³ %DVLOORQLFNWHHLIULJ/DQJLRQ%UDNHULQQHUWHVLFKGHU*HGDQNHQGLHLKPLQGHUYHUJDQJHQHQ1DFKW NXU]YRUGHP(LQVFKODIHQJHNRPPHQZDUHQÄ,KUJHZLQQWHVDXVGHQ%OlWWHUQGHV0DWHFXPEH"³ (LQDEHUPDOLJHV1LFNHQ0LWHLQHPXQWHUGUFNWHQ6HXI]HUQDKP%UDN]XU.HQQWQLVGDHUVLFK ZRFKHQODQJDXIGHUIDOVFKHQ6SXUEHZHJWKDWWH Ä'LH*HIDQJHQHQ:RKHUNRPPHQVLH":DUXPVFKLFNWGLH2UJDQLVDWLRQVLHKLHUKHU"³ %DVLOOREHGXUIWHNHLQHUZHLWHUHQ(UPXQWHUXQJPHKU Ä'LH*HIDQJHQHQVLQG/HXWHGLHVLFKXQEHOLHEWJHPDFKWKDEHQ0LWJOLHGHUGHU2UJDQLVDWLRQ =ZLVFKHQKlQGOHU9HUWHLOHU$JHQWHQDOOHVP|JOLFKH6LHZHUGHQKLHUKHUJHVFKLFNWGDPLWVLHGHQ %XUDQJLEHLP$QEDXXQGGHU(UQWHKHOIHQ'LH2UJDQLVDWLRQZLOOVRYLHO*HOGZLHP|JOLFKYHUGLHQHQ VRODQJHLKUQRFK=HLWEOHLEW'LH*$9g.LVWKLQWHULKUKHU(VZLUGEDOGNHLQHQIUHLHQ0HWDWKHQ +DQGHOPHKUJHEHQ³ Ä,VW.DUVLVGLHHLQ]LJH:HOWDXIGHU0DWHFXPEHDQJHEDXWZLUG"³ Ä6RZHLWLFKZHLMD³ /DQJLRQ%UDN]|JHUWHHLQHQ$XJHQEOLFN'DQQIUDJWHHUÄ%HVDJWGLUGHU1DPH)DLGHU.XQ]DIHWZDV"³ %DVLOOREOLQ]HOWHÄ1HLQ³DQWZRUWHWHHU %UDN]RJGLH1DGHODXVGHP$UPKHUYRUXQGVWDQGDXI%DVLOORDWPHWHDXI6FKZHLWURSIHQVWDQGHQ LKPDXIGHU6WLUQ Ä'XZHLWEHVVHUDOVLFK³VDJWH%UDN]X7XSLÄZDVYRQGLHVHP0DQQ]XKDOWHQLVW$PEHVWHQEULQJW LKULKQLUJHQGZRXQWHUZRHUNHLQHQ6FKDGHQDQULFKWHQNDQQ:HQQ7UHORIIZLHGHUDXIWDXFKWPXHU LKPQDWUOLFKYRUJHIKUWZHUGHQXQGLFKQHKPHDQGD%DVLOOREHDEVLFKWLJWGLHVH*HOHJHQKHLW]X QXW]HQXPVLFKDXVGHU.OHPPH]XEHIUHLHQ'LHVHQ3ODQZLUGHUMHGRFKDXIJHEHQZHQQZLULKP JODXEZUGLJYHUVLFKHUQGD7UHORIILQHLQHPVROFKHQ)DOOMHGHVHLQ]HOQH:RUWVHLQHVKHXWLJHQ *HVWlQGQLVVHV]XK|UHQEHNRPPHQZUGH,FKJODXEHQLFKWGDGLH2UJDQLVDWLRQJURH6\PSDWKLHIU HLQHQ0DQQKHJWGHULP$XJHQEOLFNGHU*HIDKUDOOHVDXVSODXGHUWZDVHUZHL³ %DVLOORVFKRLKPHLQHQJLIWLJHQ%OLFN]X7XSLHLOWHGDYRQXPVHLQHGUHL+HOIHUKHUEHL]XKROHQ'HU *HIDQJHQHZXUGHDEJHIKUW$OV%UDNXQG7XSLZLHGHUDOOHLQZDUHQVDJWH%UDN Ä'XZHLWZDVKLHUJHVSLHOWZLUG.DVHQJLXQG0XUXQGDPVVHQGDYRQHUIDKUHQ*LELKQHQ %HVFKHLG³ 9LHOHVZDULKPMHW]WNODU'DV7LHIODQGZDUGHU:RKQVLW]GHU%HOHQGLXQGGLH%HOHQGLGXOGHWHQRGHU ZDUHQJDUPLWLKULGHQWLVFKGLH2UJDQLVDWLRQGHU0HWDWKHQ+lQGOHU0DWHFXPEHGHURUJDQLVFKH *UXQGVWRIIZXUGHDXIGHP+RFKODQGYRQGHQ%XUDQJLDQJHEDXW'LH%XUDQJLHUKLHOWHQGDIUYRQGHQ
%HOHQGLZDVVLH]XP/HEHQEUDXFKWHQXQGNHLQHQ'HXWPHKUDXIGDLKUH$UEHLWVOXVWQLFKWQDFKODVVH XQGGLH0DWHFXPEH3URGXNWLRQNHLQH(LQEXHHUOHLGH'DV$EKlQJLJNHLWVYHUKlOWQLV]ZLVFKHQ+RFK XQG7LHIODQGEHZRKQHUQZDUJHZLVFKRQXUDOWZLH.DVHQJLJHVDJWKDWWH(VZDUYRUGHU2UJDQLVDWLRQ OHGLJOLFKYHUIHLQHUWZRUGHQXPHLQ+|FKVWPDDQ$XVEHXWH]XHU]LHOHQ,QWHUHVVDQWZDUGDGLH %XUDQJLVLFKRIIHQEDUIUK]HLWLJEHPKWKDWWHQGDV3ULQ]LSGHUHEHQQRFKKLQUHLFKHQGHQ9HUVRUJXQJ ]XLKUHQ*XQVWHQ]XORFNHUQ9RQPDQFKHQGHU*HIDQJHQHQGLHGLH2UJDQLVDWLRQLKQHQVFKLFNWH EHKDXSWHWHQVLHVLHVHLHQEHLGHU/DQGXQJXPV/HEHQJHNRPPHQ)UWRWH$UEHLWHUNRQQWHGLH 2UJDQLVDWLRQGLH0DWHFXPEH4XRWHQLFKWHUK|KHQ'LHDQJHEOLFK8PJHNRPPHQHQZXUGHQ LQ]ZLVFKHQLQHLQHP6RQGHUODJHUYHUVWHFNWXQGDUEHLWHWHQ]XPXQPLWWHOEDUHQ1XW]HQGHU%XUDQJLGLH GLH]XVlW]OLFKH$XVEHXWHDQ6FKZDU]KlQGOHUYHUVFKDFKHUWHQ /DQJLRQ%UDNHULQQHUWHVLFKGHV*HZDQGVGDVHU/DUPXNDEJHQRPPHQKDWWHXQGGDUDQZLHZHLFK XQGDQJHQHKPGHU6WRIIJHZHVHQZDU6ROFKH.OHLGHUWUlJWQLFKWZHUQXUYRP$OOHUQRWZHQGLJVWHQ OHEW'LH%XUDQJLZLUWVFKDIWHWHQDXI9RUUDWXQGDXI4XDOLWlW'LH3IODQ]XQJHQGLHYRQGHQÄWRWHQ³ *HIDQJHQHQEHDUEHLWHWZXUGHQODJHQYHUPXWOLFKLQ*HJHQGHQGLH7UHORIIXQGVHLQHVJOHLFKHQQLH]X VHKHQEHNDPHQ$EHUDXFKYRQGHU(UQWHGHUUHJXOlUHQ3ODQWDJHQILHOZDKUVFKHLQOLFKHWOLFKHVXQWHU GHQ7LVFKXQGIDQGLUJHQGZLHGHQ:HJDXIGHQ6FKZDU]HQ0DUNW 'DVZDUVFKODX8QGQDFKDOOHPZDV%UDNVRHEHQYRQ%DVLOORHLIDKUHQKDWWHJHIlKUOLFK'LH 2UJDQLVDWLRQVFKLFNWHQLFKWQXULQ8QJQDGH*HIDOOHQH]XP$UEHLWHQLQV+RFKODQGVLHVFKOHXVWHDXFK KLQXQGZLHGHUHLQHQ6SLRQHLQ6LHZDUGHQ6FKZDU]KlQGOHUQDXIGHU6SXU,QMHGHP$UEHLWVODJHUJDE HVHLQHQ$JHQWHQ:LHYLHOHGHUDQJHEOLFKWRWHQ*HIDQJHQHQPRFKWHQHEHQIDOOV6SLRQHVHLQ"(VZDU QLFKWXQGHQNEDUGDGLH2UJDQLVDWLRQYRQGHU([LVWHQ]JHKHLPHU$UEHLWVODJHUXQGYHUERUJHQHU 3IODQ]HQEHUHLWVZXWH8QGZHQQQLFKWZDUHVQXUHLQH)UDJHGHU=HLWZDQQVLHGDYRQHUIXKU:LH ZUGHVLHGDUDXIUHDJLHUHQ":LHZUGHHVGHQ%XUDQJLHUJHKHQZHQQGLH2UJDQLVDWLRQVLH]XU 5HFKHQVFKDIW]RJ" 'DHVHLQHQRUJDQLVFKHQ*UXQGVWRIIJDEDXVGHP0HWDWKHQJHZRQQHQZHUGHQNRQQWHZUGHLQGHQ ]LYLOLVLHUWHQ*HJHQGHQGHU0LOFKVWUDHhEHUUDVFKXQJXQG%HVWU]XQJDXVO|VHQ'LH.RQWUROOHGHV 0HWDWKHQ+DQGHOVZXUGHGDGXUFKXPVRVFKZLHULJHU%DVLOORKDWWHDXVJHVDJWGLH2UJDQLVDWLRQUHFKQH QLFKWPLWHLQHPODQJHQ$XIHQWKDOWDXI.DUVLV'LH*$9g.VHLLKUDXIGHU6SXUXQGHVN|QQHMHGHU]HLW JHVFKHKHQGDGDV8QWHUQHKPHQLP+DQGXPGUHKHQDXIJHO|VWZHUGH'DVPRFKWHPDQ%DVLOOR ZHLVJHPDFKWKDEHQ/DQJLRQ%UDNJODXEWHGDYRQNHLQ:RUW'DV*HVFKlIWPLW0HWDWKHQZDU]X SURILWDEHO(LQ7HXIHOZLH)DLGHU.XQ]DIZUGHDXIVROFKHQ5HLFKWXPQLHYHU]LFKWHQVRODQJHHVVHOEVW QXUHLQHJHULQJH&KDQFHJDEGLHJHIlKUOLFKH6XEVWDQ]DXIGHQ0DUNW]XEULQJHQ'DGLH2UJDQLVDWLRQ VLFKQLFKWIULPPHUDXI.DUVLVHLQ]XQLVWHQJHGDFKWHZDUJODXEKDIW(LQ7HLOGHU.XQVWGHQ+lVFKHUQ ]XHQWJHKHQEHVWHKWGDULQGHQ6WDQGRUW]XUJHHLJQHWHQ=HLW]XZHFKVHOQ(VZDUHLQXQHUZDUWHWHU XQGIUGLH9|ONHUGHU*DOD[LVXQJOFNVHOLJHU=XIDOOJHZHVHQGDHLQ.UDXWDXVGHP0HWDWKHQ HU]HXJWZHUGHQNRQQWHLQGHU1DWXUYRUNDP:LHGLH2UJDQLVDWLRQGLHJHKHLPQLVYROOH3IODQ]H 0DWHFXPEHJHIXQGHQKDWWHREKLHUDXI.DUVLVRGHUDQGHUVZRVSLHOWHNHLQH5ROOH:LFKWLJZDUDOOHLQ GDVLHVLFKDXIGLH0DWHFXPEH.XOWLYDWLRQYHUVWDQGXQGGLH6WDXGHEHUDOOLP8QLYHUVXPDQEDXHQ NRQQWHZRGLHHQWVSUHFKHQGHQ9HUKlOWQLVVHYRUKHUUVFKWHQ$XILUJHQGHLQHUYHUERUJHQHQ:HOWGHU 0LOFKVWUDHZXFKVLQGLHVHP$XJHQEOLFNHLQH0DWHFXPEH3IODQ]XQJKHUDQGLHDXVGHP6DPHQGHU 6WDXGHQYRQ.DUVLVJH]RJHQZRUGHQZDU'RUWKLQZUGHGLH2UJDQLVDWLRQLKUHQ6WDQGRUWYHUOHJHQ ZHQQLKUGHU%RGHQKLHU]XKHLZXUGH /DQJLRQ%UDNVDKVLFKXP,QGHU)HUQHHUORVFKHQGLH/LFKWHUGHV/DJHUVHLQHVQDFKGHPlQGHUQ1XU GLH/DPSHQGLHOlQJVGHU3HULSKHULHDXIKRKHQ0DVWHQVWDQGHQOHXFKWHWHQGLH1DFKWKLQGXUFK(UZDU PGH1RFKKDWWHHUNHLQH*HOHJHQKHLWEHNRPPHQHLQ$XJH]X]XWXQ(UZUGHVLFKYRQ.DVHQJLGLH (UODXEQLVKROHQHLQHQJDQ]HQ.DUVLV7DJODQJ]XVFKODIHQ(UEUDXFKWHGLH(UKROXQJ'LHOHW]WHQ7DJH ZDUHQDQVWUHQJHQGJHZHVHQ $OVHUGDV.QDWWHUQGHV0RWRUVLQGHU)HUQHK|UWHVWDQGHUDXI=ZHL/LFKWHUHUVFKLHQHQGLFKWEHUGHU VWDXELJHQ6WUDH/DQJLRQ%UDNZLQNWHPLWEHLGHQ$UPHQ'DV)DKU]HXJKLHOWTXLHWVFKHQGDQ Ä'XKDVWUHFKWGLH/DJHLVWJHIlKUOLFK³VDJWH.DVHQJLÄ$EHUZDVVROOHQZLUGDJHJHQXQWHUQHKPHQ"³ (VZDUHLQHHLJHQDUWLJH5XQGHGLHLP6FKHLQGHUJHGlPSIWHQ/LFKWHUGHV*HOlQGHZDJHQVPLWWHQDXI GHUVWDXELJHQ6WUDHKRFNWH7XSLXQG1DUXZDGHU/DJHUOHLWHUVDHQ]ZHL6FKULWWHZHLWLP +LQWHUJUXQG.DVHQJLXQG/DQJLRQ%UDNNDXHUWHQGRUWZRGLH/DPSHQ]ZHLEHUODSSHQGH/LFKWNUHLVH LQGHQ6WDXE]HLFKQHWHQ%UDNKDWWHPLWGHU+DQGHLQH)OlFKHJHHEQHWGDPLWHU'LDJUDPPHXQG .DUWHQ]HLFKQHQNRQQWHZHQQHUVLHEUDXFKWH Ä$PEHVWHQIlQJVWGXGDPLWDQPLU]XHUNOlUHQZDVHXHUJURHU3ODQLVW³VDJWHHUÄ,KUKDEWRIIHQEDU
QLFKWYRUHXFKELVLQDOOH(ZLJNHLWYRQGHQ%HOHQGLDXVEHXWHQ]XODVVHQ³ .DVHQJLPXVWHUWHLKQPLWXQGXUFKGULQJOLFKHP%OLFN Ä:HUVDJWGLUGDZLUHLQHQJURHQ3ODQKDEHQ"³ Ä,KUVHLGHLQVWRO]HV9RON1LHPDQGOlWVLFKGLH%HKDQGOXQJJHIDOOHQGLHHXFKYRQGHQ%HOHQGL]XWHLO ZLUGZHQLJVWHQVQLFKWDXI'DXHU³ Ä:LUKDEHQQLFKWVPLWGHQ%HOHQGL6LHVLQGHLQWDXVHQG-DKUHODQJJXW]XXQVJHZHVHQ8QVHU6WUHLWLVW PLWGHQHQGLHGXGLH2UJDQLVDWLRQQHQQVW'LH%HOHQGLKDEHQVLHEHLVLFKDXIJHQRPPHQXQGHV ]XJHODVVHQGDVLHGLH.RQWUROOHEHUQDKPHQ³ Ä$OVRJXWHXHU3ODQULFKWHWVLFKJHJHQGLH2UJDQLVDWLRQ:LHODXWHWHU"³ Ä'XVSUDFKVWYRQGHQ6SLRQHQGLHGLH2UJDQLVDWLRQLQXQVHUH/DJHUVFKOHXVW³VDJWH.DVHQJLÄ:LH NDQQLFKZLVVHQGDGXVHOEVWQLFKWHLQHUYRQLKQHQELVW":DUXPVROOWHLFKDXVJHUHFKQHWGLUXQVHUHQ 3ODQYHUUDWHQZHQQZLUHLQHQKlWWHQ"³ /DQJLRQ%UDNQLFNWHÄ*XWGDQQZLOOLFKLKQGLUHUOlXWHUQ³ .DVHQJLV$XJHQZHLWHWHQVLFKXQZLOONUOLFK$EHUVFKRQLPQlFKVWHQ$XJHQEOLFNKDWWHHUVLFKZLHGHU LQGHU*HZDOW Ä'DVP|FKWHLFKK|UHQ³VDJWHHUVS|WWLVFK Ä,KUKDEWHXFKPLW6FKZDU]KlQGOHUQHLQJHODVVHQ,KUKDEW3ODQWDJHQYRQGHQHQGLH2UJDQLVDWLRQ QLFKWVZHLXQGDXIGHQUHJXOlUHQ3IODQ]XQJHQDUEHLWHWLKULQWHQVLYHUXQGEDXWPHKU0DWHFXPEHDQ DOVGLH2UJDQLVDWLRQVLFKDXVUHFKQHW'LH6FKZDU]KlQGOHUEHVFKDIIHQHXFK'LQJHGLHHXFKGLH 2UJDQLVDWLRQQLFKWOLHIHUW,KUOHJWHLQHQ9RUUDWDQXQGHLQHV7DJHVZLUG0XUXQGD7UHORIIHUNOlUHQHU N|QQHVLFK]XP7HXIHOVFKHUHQZHQQHUQLFKWEHUHLWVHLYRQMHW]WDQGDV'RSSHOWHIUGLH0DWHFXPEH /LHIHUXQJHQ]XEH]DKOHQ,KUZLWGDGLH2UJDQLVDWLRQDXIGLH0DWHFXPEH(UQWHDQJHZLHVHQLVWXQG HXUH9RUUlWHVLQGJURJHQXJVRGDLKUHLQHQ0RQDWYLHOOHLFKWVRJDUHLQ-DKURKQH7UHORIIV/LHIH UXQJHQDXVNRPPHQN|QQW'LH2UJDQLVDWLRQKDWNHLQHQVRODQJHQ$WHPGHQNWLKU6LHZLUG QDFKJHEHQODQJHEHYRUHXHUH9RUUlWH]X(QGHJHKHQ³ .DVHQJLKDWWHLKPDXIPHUNVDPXQGPLWGHXWOLFKHQ=HLFKHQGHU%HVWU]XQJ]XJHK|UW-HW]WVHQNWHHU GHQ%OLFN1DFKHLQHU:HLOHVDJWHHU Ä'XELVWHLQNOXJHU0HQVFK,FKP|FKWHGLFKQLFKW]XP)HLQGKDEHQ³ Ä'DVLVWQLFKWQ|WLJ³HUNOlUWH%UDNPLW1DFKGUXFNÄ,FKELHWHPLFKDOV)UHXQGDQ$EHUGXHUNHQQVW MHW]WZRLKUHXFKYHUUHFKQHWKDEW'LH2UJDQLVDWLRQZHLYRQGHQ6FKZDU]KlQGOHUQ:HQQDXV 9HUVHKHQHLQHULKUHU6SLRQHXQWHUGLHDQJHEOLFKWRWHQ*HIDQJHQHQJHUDWHQLVWZHLVLHDXFKYRQGHQ JHKHLPHQ/DJHUQXQGGHQYHUVWHFNWHQ3IODQ]XQJHQ6LHZLUGVLFKQLFKWHUSUHVVHQODVVHQ³ .DVHQJLVGXQNOH$XJHQJORPPHQKLOIORV Ä,FKZHLHV$EHUZDVVROOHQZLUGDJHJHQWXQ"³ Ä+DEWLKUVFKRQHLQPDOGDUDQJHGDFKWLQV7LHIODQGYRU]XGULQJHQXQGGLH2UJDQLVDWLRQHLQIDFK]XYHU QLFKWHQ"³ .DVHQJLV*HVLFKWZXUGH]XHLQHUVWHLQHUQHQ0DVNH/DQJLRQ%UDNVSUWHLQWXLWLYGDHUHWZDV )DOVFKHVJHVDJWKDWWH(UKDWWHDQHLQ7DEXJHUKUW'HU%XUDQJLVFKZLHJODQJH=HLW6FKOLHOLFKVDJWH HUPLWJHSUHWHU6WLPPH Ä,FKKDOWHGLU]XJXWHGDGXHLQ)UHPGHUELVWXQGGLH*HVFKLFKWHXQVHUHV9RONHVQLFKWNHQQVW6RQVW ZWHVWGXGDGXGHQ7RGHLQOlGVWLQGHPGXEHUGLHXQDXVO|VFKOLFKH6FKPDFKVSULFKVWPLWGHUGDV 6FKLFNVDOGLH%XUDQJLJHVFKODJHQKDW³ 'LH/DJHZDUXQEHIULHGLJHQG'XUFKVHLQHXQEHGDFKWH)UDJHKDWWHHUVLFK.DVHQJL]ZDUQLFKW]XP )HLQGJHPDFKWDEHULKQGRFKLQHLQHGHUDUWPLPXWLJH6WLPPXQJYHUVHW]WGDHUDXINDXPHLQH VHLQHU)UDJHQPHKUDQWZRUWHWH9RUDOOHQ'LQJHQKDWWHHUQLFKWVDJHQZROOHQZDQQHUGHQ%HVXFKGHV QlFKVWHQ6FKZDU]KlQGOHUVHUZDUWHWH ,PPHUKLQZDUHV/DQJLRQ%UDNJHOXQJHQPHKU%HZHJXQJVIUHLKHLWIUVLFKVHOEVW]XHUZLUNHQ(U EUDXFKWHQLFKWPHKULQGHQ3IODQ]XQJHQ]XDUEHLWHQVRQGHUQNRQQWHVLFKIUHLLP*HOlQGHEHZHJHQ 0DQVWHOOWHLKPHLQHQ)OH[]XU9HUIJXQJXQGJHVWDWWHWHLKPDOV:DIIHHLQHQNUlIWLJHQ.QWWHO]X WUDJHQ$OV*HJHQOHLVWXQJKDWWHHU]ZHL9HUSIOLFKWXQJHQHLQ]XJHKHQHUZUGHVLFKMHGHVPDOGDQQLP /DJHUHLQILQGHQZHQQ7UHORIIV%HVXFKHUZDUWHWZXUGHXQGHUZUGHVLFKRKQH:LGHUVWDQG ]XUFNZHLVHQODVVHQVREDOGHUVLFKHLQHP*HELHWQlKHUWHGDVGLH%XUDQJLIUJHVSHUUWHUNOlUWKDWWHQ %DVLOOREHIDQGVLFKLQ6LFKHUKHLW(UJDOWDOVVFKZHUNUDQNXQGZXUGHLQHLQHPGHU%XUDQJL'|UIHU JHKHJWXQGJHSIOHJW7UHORIIZUGHLKQQXU]XVHKHQEHNRPPHQZHQQHUDXVGUFNOLFKGDQDFK YHUODQJWHXQGGDQQZDUGDIU]XVRUJHQGD%DVLOORQLFKWVDXVSODXGHUQNRQQWH /DQJLRQ%UDNVFKOLHIELVZHLWLQGHQQlFKVWHQ0RUJHQKLQHLQ1DUXZDGHU/DJHUOHLWHUKDWWHDOOH
QRWZHQGLJHQ$QRUGQXQJHQHUWHLOW%UDNEHNDPWURW]GHUVSlWHQ6WXQGHQRFKHWZDV]XHVVHQXQGGD]X HLQ3URYLDQWSDNHWGDVHUPLWDXIGHQ:HJQHKPHQNRQQWH6HLQ)OH[VWDQGEHUHLWHLQNUlIWLJHVMXQJHV 7LHUPLWJURHQNOXJHQ$XJHQ'HU.QWWHOGHQ7XSLLKQVLFKKDWWHDXVVXFKHQODVVHQKLQJLQHLQHU /HGHUVFKODXIH]XU/LQNHQGHV6DWWHOVLQEHTXHPHU5HLFKZHLWH %UDNV3ODQOLHVLFKPLWZHQLJHQ:RUWHQXPUHLHQ(UVWDNLQHLQHU6DFNJDVVH(LQ)RUWVFKULWWOLH VLFKQXUGDQQHU]LHOHQZHQQHVLKPJHODQJPLWZHQLJVWHQVHLQHPGHU6FKZDU]KlQGOHU.RQWDNW DXI]XQHKPHQ'LH/|VXQJVHLQHV3UREOHPVODJGUXQWHQLP7LHIODQG:HQQHUGLHVHU:HOWMHPDOV ZLHGHU$GLHXVDJHQZROOWHGDQQQXUYRPWURSLVFKHQ5HLFKGHU%HOHQGLDXV :HUPLW6FKZDU]KlQGOHUQ]XVDPPHQWUHIIHQZROOWHGHUPXWHZLVVHQZRXQGZDQQVLHVLFK HLQ]XVWHOOHQSIOHJWHQ%HLGH$XVNQIWHKDWWH.DVHQJLLKPYHUZHLJHUWXQGDXFK1DUXZDXQG7XSL ZDUHQLQGLHVHU+LQVLFKWZHQLJJHVSUlFKLJJHZHVHQREZRKOVLHHLQHJHZLVVH6\PSDWKLHIU%UDN]X HPSILQGHQVFKLHQHQ.DVHQJLV:HLJHUXQJKDWWHRKQH=ZHLIHOPLWGHUJHKHLPQLVYROOHQ6FKPDFK]X WXQGHP7DEXGDVDXIGHP9RONGHU%XUDQJLODVWHWH'LH6FKZDU]KlQGOHUZXWHQGDYRQ.DVHQJL ZROOWHQLFKWGD%UDNYRQLKQHQ$XINOlUXQJHUKLHOW ,PPHUKLQZXWH%UDNLQ]ZLVFKHQHLQZHQLJPHKUEHUGLHJURPDVWlEOLFKH 2EHUIOlFKHQEHVFKDIIHQKHLWGHU:HOW.DUVLVVRGDHUVLFKHLQ%LOGGDYRQPDFKHQNRQQWHZLH VFKZLHULJVHLQ9RUKDEHQZDU'LH2EHUIOlFKHGHV3ODQHWHQEHVWDQG]XPHKUDOV3UR]HQWDXV :DVVHU'LH/DQGPDVVHZXUGHLQGHU+DXSWVDFKHYRQHLQHPHLQ]LJHQ5LHVHQNRQWLQHQWJHELOGHWGHULQ GHU)RUPHLQHV5HFKWHFNVHLQHQ7HLOGHU1RUGKDOENXJHOEHGHFNWHXQGPLWGHPVGOLFKHQ5DQGJHJHQ GHQbTXDWRUVWLH1XUGDVZHVWOLFKH'ULWWHOGHV.RQWLQHQWVZDUEHVLHGHOW'DV/DQGGHU%HOHQGLODJLQ GHU1lKHGHU:HVWNVWHXQGXPIDWHHLQH)OlFKHYRQQLFKWPHKUDOV4XDGUDWNLORPHWHUQ WURSLVFKHU:LOGQLVGLHYRQGHQ6LHGOHUQ]XP7HLODXIJHORFNHUWZRUGHQZDU'LHZHLWDXVJU|HUH +RFKHEHQHZXUGHYRQGHQ%XUDQJLEHZRKQW'LHPLWWOHUH0HHUHVK|KHGHV+RFKODQGVEHWUXJ 0HWHU'LH|VWOLFKHQ]ZHL'ULWWHOGHV.RQWLQHQWVZDUHQHEHQIDOOV+RFKODQGMHGRFKVWLHJGRUWGDV 1LYHDXVWHWLJDQXQGNORPP]XVROFKHQ+|KHQGDDXFKGLHWRQQHQEUVWLJHQ%XUDQJLGRUWQLFKWPHKU ]XOHEHQYHUPRFKWHQ2VWXQG6GRVWNVWHERWHQPLWHLQHPVFKURIIHQ6WHLODEIDOOYRQQDKH]X 0HWHUQDQJHEOLFKYRP0HHUDXVHLQHQDWHPEHUDXEHQGHQ$QEOLFN/DQJLRQ%UDNZDUJHUQHEHUHLWGDV ]XJODXEHQDEHUHUZDUJHJHQZlUWLJDQGHQ6FK|QKHLWHQGHU1DWXUZHQLJLQWHUHVVLHUW $XIGHQHUVWHQ%OLFNHUVFKLHQHVORJLVFKGDGLH%XUDQJLLKUHJHKHLPHQ3IODQ]XQJHQXQGGLH YHUVWHFNWHQ$UEHLWHUODJHUP|JOLFKVWZHLWQDFK2VWHQKLQDQJHOHJWKDEHQZUGHQZRGDV*HOlQGH LPPHUXQZLUWOLFKHUGLH%HY|ONHUXQJLPPHUGQQHUZXUGH%HLQlKHUHU%HWUDFKWXQJZXUGHQMHGRFK GUHL*UQGHHUNHQQEDUGLHJHJHQHLQHVROFKH$QRUGQXQJVSUDFKHQ'HUHUVWHZDUKDOEWULYLDO'LH 2UJDQLVDWLRQPWHDXIGHQVHOEHQ*HGDQNHQNRPPHQXQGZWHGDPLWVRIRUWZRVLFKLKUGLHEHVWH $XVVLFKWERWGLH6FKZDU]KlQGOHU]XIDVVHQ=ZHLWHQVJDOWHVIROJHQGHV]XEHGHQNHQ'LH 6FKZDU]KlQGOHUNDPHQDXVGHP7LHIODQGLP:HVWHQ'LHJHKHLPHQ3ODQWDJHQDP5DQGGHV EHVLHGHOWHQ+RFKODQGVLP2VWHQDQ]XOHJHQKlWWHEHGHXWHWGDGLH+lQGOHUJURH'LVWDQ]HQ ]XUFNOHJHQPXWHQXP]XGHUEHJHKUWHQ:DUH]XJHODQJHQ'DV5LVLNRGHU(QWGHFNXQJZDUMHGRFK SURSRUWLRQDOGHU/lQJHGHV]XUFNJHOHJWHQ:HJHV8QGGULWWHQVZDUHQGDQRFKGLH*HIDQJHQHQGLH GLH%XUDQJLGHU2UJDQLVDWLRQJHJHQEHUDOVYHUVWRUEHQDXVJHJHEHQKDWWHQ6LHZDUHQGDV/HEHQLP +RFKODQGQLFKWJHZ|KQW0DQZUGHVLHQLFKWDXI3IODQ]XQJHQHLQVHW]HQGLHZHLWLP2VWHQGHV EHZRKQWHQ*HOlQGHVODJHQZRGLH'XUFKVFKQLWWVK|KH0HWHUPHKUEHWUXJDOVLP:HVWHQ /DQJLRQ%UDNYHUPXWHWHGDV*HELHWQDFKGHPHUVXFKWHLQXQPLWWHOEDUHU1lKHGHV$EVWLHJVGHULQV WURSLVFKH7LHIODQGKLQDEIKUWH:HQQHUQDFK:HVWHQEOLFNWHVDKHULP*ODQ]GHU0LWWDJVVRQQH ]HUNOIWHWH%HUJNHWWHQGHUHQ*LSIHOZRKOELVEHU0HWHUDXIUDJWHQ=ZLVFKHQGHQ%HUJHQ PRFKWHHVVFKZHU]XJlQJOLFKH7lOHUJHEHQLQGHQHQGLH%XUDQJLLKUHJHKHLPHQ3ODQWDJHQDQJHOHJW KDWWHQ(UZUGHVLFKGRUWXPVHKHQ.DVHQJLKDWWHLKPRKQHHV]XDKQHQGLH0|JOLFKNHLWJHJHEHQ]X HUNHQQHQZDQQHUDXIGHPULFKWLJHQ:HJZDU (UULWWYRP/DJHUDXVQDFK6GHQGDYRQLQ5LFKWXQJDXIGDVgGODQGDQGHVVHQ5DQGHUYRUGUHL 7DJHQJHODQGHWZDU6REDOGHUDEHUGLH3IODQ]XQJHQKLQWHUVLFKKDWWHZDQGWHHUVLFKZHVWZlUWV(U PXVWHUWHPLW8QEHKDJHQGDV3URYLDQWSDNHWGDVHUKLQWHUVLFKDXIGHQ6DWWHOJHVFKQDOOWKDWWH(VVDK QLFKWVRDXVDOVN|QQHHVGHQ+XQJHUHLQHV0DQQHVPHKUDOVHLQHQ7DJODQJVWLOOHQ'DVZDUQXUGLH +lOIWHGHV3UREOHPV(UEUDXFKWH:DVVHUXQGGHU)OH[)XWWHU(UZUGH]XVHKHQPVVHQREHULQGHQ %HUJHQDP:HVWUDQGGHU+RFKHEHQH0LWWHOXQG:HJHIDQGVLFKXQGVHLQ5HLWWLHU]XXQWHUKDOWHQ (UHUUHLFKWHGHQ)XGHU%HUJNHWWHQDFKYLHUVWQGLJHP5LWW'LH)HOVZlQGHUDJWHQVFKURIIXQGNDKO YRULKPDXI(VJDE'XW]HQGHYRQ(LQVFKQLWWHQGLHZHLWHUQDFK:HVWHQIKUWHQPDQFKHLQ YHUERUJHQH7lOHUXQGDQGHUHLQ6DFNJDVVHQ(UKDWWHQLFKW=HLWVLHDOOHHLQ]HOQDE]XVXFKHQ(U
EUDXFKWH]XVlW]OLFKH+LQZHLVH :HQQVHLQH9HUPXWXQJULFKWLJZDUGDQQVWDQGHUVHLWZHQLJVWHQVHLQHUKDOEHQ6WXQGHXQWHU%HREDFK WXQJ'LH%XUDQJLZUGHQHVQLFKWYHUVlXPWKDEHQ:DFKWSRVWHQDQGLH3HULSKHULHGHV*HOlQGHV]X VWHOOHQDXIGHPVLHLKUH*HKHLPQLVVHYHUEDUJHQ(UVXFKWHVLFKHLQHQNKOHQ3ODW]LP6FKDWWHQHLQHV KlXVHUJURHQ)HOVEORFNVEDQGGHQ)OH[DQXQGKRFNWHVLFKDXIGHQ%RGHQJDQ]QDFKGHU$UWHLQHV 0DQQHVGHUQDFKDQVWUHQJHQGHP5LWWHLQHOlQJHUH5XKHSDXVHYHUGLHQW]XKDEHQPHLQW $XVGHP6FKDWWHQKHUYRUDQGHU.DQWHGHV)HOVEORFNVHQWODQJJOLWWVHLQ%OLFNEHUGLH]HUULVVHQHQ ]HUNOIWHWHQ6FKUXQGHGHU%HUJNHWWH(UKDWWHHLQHQ1DFKWHLO'LH6RQQHVWDQGLP6GZHVWHQGDVKHLW MHQVHLWVGHUHUGLHHUEHREDFKWHQZROOWH'DGXUFKZXUGHVHLQH$XIJDEHHUKHEOLFKHUVFKZHUW(VYHUJLQJ HLQH6WXQGHRKQHGDHUDXFKQXUGHQJHULQJVWHQ+LQZHLVDXIGLH$QZHVHQKHLWYRQ:DFKWSRVWHQ HUKDOWHQKlWWH 'RFKSO|W]OLFKNDP/HEHQLQGLH6]HQH(LQ*HUlXVFKGUDQJDXVGHP*HZLUUGHU)HOVHQ%UDNEHXJWH VLFKKLQWHUVHLQHU'HFNXQJKHUYRUXQGVDKYRQ6GHQKHUHLQHQ5HLWHUKHUDQNRPPHQ(UWUXJHLQH MHQHUDOWPRGLVFKHQFKHPLVFKHQ:DIIHQZLH%UDNVLH]XPHUVWHQ0DOEHLGHQVLHEHQ%XUDQJLGLHLKQ QDFKVHLQHU/DQGXQJKDWWHQDEIDQJHQVROOHQJHVHKHQKDWWH(UZXWHJHQDXZRKLQHUZROOWH(UKLHOW VLFKJHUDGHZHJVDXIGHQ)HOVNORW]]XKLQWHUGHP%UDNYHUVWHFNWODJ /DQJLRQ%UDNWUDWLQV)UHLH'HU5HLWHUHLQKRFKJHZDFKVHQHUGXQNHOKlXWLJHU%XUDQJLKLHOWYRULKP DQ Ä%LVWGXGHU0DQQGHQVLH%UDNQHQQHQ"³IUDJWHHUXQGVSLHOWHGDEHLZLHXQDEVLFKWOLFKPLWVHLQHU 3LVWROH Ä'HUELQLFK³EHVWlWLJWH/DQJLRQ%UDN Ä'XEHILQGHVWGLFKDQGHU*UHQ]HHLQHV6SHUUJHELHWV³VDJWHGHU%XUDQJLÄ.HKUXPXQGUHLWHGRUWKLQ ]XUFNZRKHUGXJHNRPPHQELVW1DFKHLQHU6WXQGHNDQQVWGXGLUHLQHQQHXHQ3IDGVXFKHQ³ %UDNQLFNWH Ä'DVLVWZDVLFKYHUVSURFKHQKDEH³(LQ.ODSVDXIGLH.UXSSHEUDFKWHGHQ)OH[DXIGLH%HLQHÄ,KU ZHUGHWHXFKEHUPLFKQLFKW]XEHVFKZHUHQKDEHQ³ (UVDDXIXQGULWWJHPlFKOLFKGDYRQ 6LHKDWWHQQRFKHLQH0HQJH]XOHUQHQGDFKWHHUDPVLHUW$QGHUWKDOE6WXQGHQODQJKDWWHQVLHLKQYRU $XJHQJHKDEW(UKDWWHVLFKQLFKWDXVGHP6FKDWWHQGHV)HOVEORFNVJHUKUW(UZDUDOVHUGLH:DUQXQJ HUKLHOWQRFKJHQDXVRZHLWYRQGHU*UHQ]HGHV6SHUUJHELHWVHQWIHUQWZLHHLQH6WXQGH]XYRUDOVHUVLFK LQGHUHUIULVFKHQGHQ.KOHGHV6FKDWWHQVQLHGHUOLH:DUXPZDUGLH:DUQXQJVRVSlWJHNRPPHQ" 1LFKWGHU2UWVW|UWHVLHDQGHPHUVLFKEHIDQGVRQGHUQGLH=HLWGLHHUVLFKGD]XDXVJHVXFKWKDWWH 6RODQJHHULP6FKDWWHQGHV)HOVHQVODJNRQQWHHUQLFKWVZHLWHUGDUEHUHUIDKUHQZRVLFKGLH YHUVWHFNWHQ3IODQ]XQJHQGHU%XUDQJLXQGGHU7UHIISXQNWPLWGHQ6FKZDU]KlQGOHUQEHIDQG$EHUZHQQ VLHLKQQRFKOlQJHUGRUWKlWWHQOLHJHQODVVHQGDQQZlUHHU$XJHQ]HXJHHLQHV(UHLJQLVVHVJHZRUGHQ DXVGHPHUGLHJHZQVFKWHQ,QIRUPDWLRQHQKlWWHDEOHLWHQN|QQHQ9LHOOHLFKWKlWWHHUGHQ*OHLWHUHLQHV 6FKZDU]KlQGOHUV]XVHKHQEHNRPPHQGHUVLFK]XPYHUDEUHGHWHQ6WHOOGLFKHLQEHJDEYLHOOHLFKWHWZDV DQGHUHV,UJHQGHWZDVZDULP*DQJXQG/DQJLRQ%UDNZDUQLFKWGHU$QVLFKWGDHUHVVLFKHQWJHKHQ ODVVHQVROOWH(UEHKLHOWVHLQJHPlFKOLFKHV7HPSREHLXQGJHODQJWHQDFKHLQHU6WXQGHDQGHQ5DQG HLQHU)OlFKHGLHPLW]DKOUHLFKHQ)HOVEURFNHQEHVWUHXWZDU(UZDUVLFKHUGDHUVLFKOlQJVWDXHUKDOE GHU6LFKWZHLWHGHU:DFKWSRVWHQEHIDQGWURW]GHPVXFKWHHUVLFKVHLQ9HUVWHFNPLW6RUJIDOWDXV 1DFKGHPHUGHQ)OH[XQWHUJHEUDFKWKDWWHNOHWWHUWHHU]XHLQHUKRFKDXIUDJHQGHQ)HOVVSLW]HKLQDXIXQG KLHOWYRQGRUWDXV8PVFKDX'HU7DJQlKHUWHVLFKDOOPlKOLFKVHLQHP(QGH,Q]ZHLHLQKDOE6WXQGHQ ZUGHGLHRUDQJHIDUEHQH6RQQHQVFKHLEHKLQWHUGHQ%HUJHQYHUVFKZLQGHQ 6HLQH*HGXOGZXUGHDXINHLQHKDUWH3UREHJHVWHOOW1DFKNQDSSHLQHU6WXQGHHQWVWDQGDP QRUG|VWOLFKHQ+RUL]RQWHLQNOHLQHUGXQNOHU3XQNWGHUVLFKUDVFKYHUJU|HUWHXQGVFKOLHOLFKDOVHLQH PlFKWLJH6WDXEIDKQHHQWSXSSWH'HU6WDXEZXUGHDXIJHZLUEHOWYRQLQVJHVDPWVHFKV)OH[*HVSDQQHQ GLHKRFKUlGULJH.DVWHQZDJHQKLQWHUVLFKKHU]RJHQ'LH.DUDZDQHKLHOWDXIGLH%HUJHLP:HVWHQ]X 'LH'HXWXQJGHV9RUJDQJVZDUQLFKWVFKZLHULJ'LH%XUDQJLNDPHQ]XP6WHOOGLFKHLQPLWGHQ 6FKZDU]KlQGOHUQ,QGHQ.DVWHQZDJHQVROOWHQGLH7DXVFKJWHUDEWUDQVSRUWLHUWZHUGHQ /DQJLRQ%UDNJUDWXOLHUWHVLFK]XVHLQHPXQHUZDUWHWHQ*OFN(UKlWWH7DJHXQG:RFKHQGDPLW YHUEULQJHQN|QQHQQDFKGHQ6FKZDU]KlQGOHUQ]XIRUVFKHQ6WDWWGHVVHQVSLHOWHLKPGHU=XIDOOGLH Q|WLJHQ,QIRUPDWLRQHQJOHLFKDPHUVWHQ7DJLQGLH+DQG$XIPHUNVDPXQGJHVSDQQWYHUIROJWHHUGHQ :HJGHU:DJHQNDUDZDQHXQGPHUNWHVLFKDQKDQGYRQ5HIHUHQ]SXQNWHQGHQ2UWDQGHPVLH]ZLVFKHQ GHQ)HOVZlQGHQGHUZHVWOLFKHQ%HUJHYHUVFKZDQG(UZDUWHWHHLQHZHLWHUHKDOEH6WXQGHDXIVHLQHP $XVJXFNSRVWHQGDQQVWLHJHU]XVHLQHP)OH[KLQDEXQGYHU]HKUWHHLQHQ7HLOGHV3URYLDQWVGHQHU
PLWJHEUDFKWKDWWH'LH%XUDQJLKDWWHQVLFKQRFKYRU6RQQHQXQWHUJDQJDP2UWGHV6WHOOGLFKHLQV HLQJHIXQGHQZHLOLKUHQNORELJHQ)DKU]HXJHQGDV0DQ|YULHUHQLQGHU)LQVWHUQLVVFKZHUILHOEHVRQGHUV LPXQEHUVLFKWOLFKHQ*HOlQGHGHU%HUJZLOGQLV'LH6FKZDU]KlQGOHUGDJHJHQZUGHQHUVWHLQWUHIIHQ ZHQQGLH1DFKWVFKRQHLQSDDU6WXQGHQDOWZDU)UPRGHUQH*OHLWHUZDUGLH'XQNHOKHLWNHLQ +LQGHUQLV $OVGHU5DQGGHUDXIJHEOlKWHQ6RQQHQVFKHLEHGLH%HUJHEHUKUWHPDFKWH/DQJLRQ%UDNVLFKDXIGHQ :HJ(UVFKlW]WHGDLKPQRFKJXWHGUHL.LORPHWHUEOLHEHQEHYRUGLH:DFKWSRVWHQDP5DQGGHU %HUJHGLH6WDXEIDKQHHUNHQQHQNRQQWHQGLHGHUJHPlFKOLFKGDKLQWURWWHQGH)OH[DXIZLUEHOWH%LV GDKLQZDUHVOlQJVWGXQNHO'LH'lPPHUXQJZDULQGLHVHQ%UHLWHQYRQNXU]HU'DXHU$OVGLH1DFKW VLFKDXIGHP|GHQ/DQGQLHGHUJHODVVHQKDWWHWULHE%UDNVHLQHP5HLWWLHUGLH)HUVHQLQGLH)ODQNHQXQG VSRUQWHHV]XHLQHPVFKZHUIlOOLJHQ*DORSSDQ (UIDQGGHQ2UWDQGHPGLH.DUDZDQHYHUVFKZXQGHQZDURKQH6FKZLHULJNHLW(LQEUHLWHUDEHU YLHOIDFKJHZXQGHQHU)HOVSIDGIKUWHGRUWGXUFKGLH%HUJZDQG'HU6FKLPPHUGHU6WHUQHHU]HXJWH JHQXJ+HOOLJNHLWVRGD%UDNGLH6SXUHQGHU:DJHQHUNHQQHQNRQQWH(UEHZHJWHVLFKGLFKWDQGHU )HOVZDQG]XU/LQNHQHQWODQJZRGHU%RGHQHLQLJHUPDHQHEHQZDUXQGGDV/LFKWGHU6WHUQHQLFKW KLQUHLFKWH(UULWWODQJVDPXQGKLHOWDOOHSDDU6FKULWWHDQXP]XODXVFKHQ'LH)HOVZLOGQLVZDUVWLOOELV DXIGLHNODJHQGHQ/DXWHGHV:LQGHVGHUGXUFKGLH3D|IIQXQJVWULFK$EHU/DQJLRQ%UDNZROOWHQLFKW JODXEHQGDGLH%XUDQJLVRXQYRUVLFKWLJVHLHQNHLQHQ:DFKWSRVWHQKLHUKHU]XVWHOOHQ (UXPUXQGHWHHLQH%LHJXQJ6HLQ%OLFNILHODXIHLQHQ)HOVYRUVSUXQJGHULQ]Z|OI0HWHUQ+|KHDXVGHU OLQNHQ3DZDQGKHUYRUUDJWH*HJHQGDV6WHUQHQOLFKW]HLFKQHWHVLFKGHU8PULHLQHVWRQQHQEUVWLJHQ %XUDQJLDE(UWUXJHLQH3LVWROH(UVFKLHQGLH+XIWULWWHGHV)OH[JHK|UW]XKDEHQGHQQVHLQ%OLFNZDU SDDEZlUWVJHZDQGW%UDNKLHOWDXJHQEOLFNOLFKDQ 9RUVLFKWLJVRGDNHLQ*HUlXVFKHQWVWDQGVWLHJHUDXVGHP6DWWHO(UVFKQDOOWHGHQ3URYLDQWEHXWHODE XQGOHJWHLKQ]X%RGHQ'DQQ]RJHUGHQ.QWWHODXVGHU6FKODXIHXQG]RJLKQGHP7LHUPLW ZXFKWLJHP6FKODJEHUGHQ5FNHQ'HU)OH[JDEHLQlQJVWOLFKHV6FKQDXIHQYRQVLFKXQGVWUPWHLP *DORSSGDYRQGHQ3DKLQDQ Ä+DOW:HUGD"³VFKULHGHU3RVWHQREHQDXIGHP)HOVYRUVSUXQJ 'LH6WLPPHYHUVFKUHFNWHGDV7LHUQRFKPHKU(VZLFK]XU6HLWHKLQDXVXQGEHIDQGVLFKMHW]WLQGHU 0LWWHGHU3D|IIQXQJZRGHU:DFKWSRVWHQHVHLQLJHUPDHQGHXWOLFKVHKHQNRQQWH(UPXWH HUNHQQHQGDGHU6DWWHOUHLWHUORVZDU/DQJLRQ%UDNVFKREVLFKEHKXWVDPDQGHU)HOVZDQGHQWODQJ $OVHUXQWHUKDOEGHV9RUVSUXQJVDQNDPEOLFNWHGHU3RVWHQQRFKLPPHUGHPGDKLQVWUPHQGHQ7LHU QDFK(UEHUOHJWHRKQH=ZHLIHOREHUEHUGHQ9RUIDOO0HOGXQJHUVWDWWHQVROOWHRGHUQLFKW6HLQH (QWVFKHLGXQJILHORIIHQEDUQHJDWLYDXV%UDNK|UWHLKQYRUVLFKKLQPXUPHOQXQGGDQQNDPHQDXVGHU +|KH*HUlXVFKHGLHGDUDXIKLQGHXWHWHQGDHVGHU0DQQHVVLFKDXIVHLQHPOXIWLJHQ$XVJXFN EHTXHPPDFKWH%UDNVFKOLFKZHLWHU(UJHODQJWHELVDQGLHQlFKVWH%LHJXQJGHV3DVVHVRKQHEHPHUNW ]XZHUGHQXQGVDKSO|W]OLFK/LFKWHUYRUVLFK 'HU)HOVSIDGPQGHWHLQHLQHQ7DONHVVHOGHUULQJVXPYRQVWHLODXIVWUHEHQGHQ)HOVZlQGHQ HLQJHVFKORVVHQZXUGH'LH/LFKWHUZDUHQSULPLWLYH/DPSHQGLHGLH%XUDQJL]X'XW]HQGHQLQGHU 1lKHGHU7DOPLWWHDXIJHVWHOOWKDWWHQ'RUWZDUHQDXFKGLHVHFKV.DVWHQZDJHQDXIJHIDKUHQ/lQJVVHLWV GHU)DKU]HXJHHUKREVLFKHLQ*HELOGHGDVDXIGHQHUVWHQ%OLFNZLHHLQHODQJJH]RJHQHQLHGULJH0DXHU ZLUNWH%UDNHUNDQQWHEDOGGDHVVLFKXPDXIJHVFKWWHWH0DWHFXPEH%OlWWHUKDQGHOWHGLHPLW3ODQHQ EHU]RJHQZDUHQGDPLWGHU:LQGVLHQLFKWGDYRQWUXJ'LH%XUDQJLODJHUWHQLQPLWWHQGHUHUOHXFKWHWHQ )OlFKH9RQGHQ6FKZDU]KlQGOHUQIHKOWHYRUOlXILJQRFKMHGH6SXU 'DV7DOYRQHOOLSWLVFKHP*UXQGULXQGNQDSSHLQHQ.LORPHWHULQGHU/lQJHERWPLWVHLQHPSSLJHQ *UDVWHSSLFKGHUKLHUXQGGDPLW%XVFKLQVHOQEHVWDQGHQZDUHLQHQEHHLQGUXFNHQGHQ.RQWUDVW]XU |GHQXQIUXFKWEDUHQ8PZHOWGHU%HUJZLOGQLV'LH8UVDFKHGHUUHLFKHQ9HJHWDWLRQZDUHLQNOHLQHU :DVVHUODXIGHUVLFKDXIJHZXQGHQHP.XUVGXUFKGDV7DO]RJ(UZXUGHJHVSHLVWYRQ]DKOUHLFKHQ 5LQQVDOHQGLH]XU/LQNHQYRQGHUVWHLOHQ)HOVZDQGKHUDEWURSIWHQXQGDQLKUHP)XHLQHQNOHLQHQ :HLKHUELOGHWHQGHUVLFKLQGDV%DFKEHWWHQWOHHUWH/DQJLRQV)OH[KDWWHVLFKGLHJQVWLJH*HOHJHQKHLW QLFKWHQWJHKHQODVVHQ(UKDWWHVHLQHQ'XUVWDP:HLKHUJHVWLOOWXQGODEWHVLFKQXQDQGHPVDIWLJHQ *UDVGDVLQGHU1lKHGHV:DVVHUODXIVEHVRQGHUVSSLJZXFKV*OFNOLFKHUZHLVHODJGLH6]HQHVRZHLW YRQGHQIODFNHUQGHQ/DPSHQHQWIHUQWGDGLH%XUDQJLGDV7LHUQLFKWEHPHUNWKDWWHQ %UDNIKUWHGDV7LHULQHLQHQ6SDOWDXIGHUUFNZlUWLJHQ6HLWHGHV:HLKHUVXQGEDQGHVGRUWIHVW'HU )OH[OLHVLFKGDVUXKLJJHIDOOHQGDGDV*UDVDXIGHP%RGHQGHUNOHLQHQ)HOVQLVFKHHEHQVRVDIWLJ ZXFKV%UDNVFKOLFKDQGHUOLQNHQ7DOZDQGHQWODQJELVHUGHQ5DQGGHUEHOHXFKWHWHQ)OlFKHHUUHLFKWH 'LH%XUDQJLVFKLHQHQVLFKVLFKHU]XIKOHQ6LHYHUOLHHQVLFKDXIGHQ:DFKWSRVWHQGHULP3DVWDQG
6LHXQWHUKLHOWHQVLFKODXWXQGZDUHQLQ(UZDUWXQJGHU7DXVFKJWHUGLHVLHYRQGHQ6FKZDU]KlQGOHUQ ]XHUKDOWHQKRIIWHQEHVWHU6WLPPXQJ(VZDUHQLKUHUDFKW]HKQ.DVHQJLZDUGHU$QIKUHUGHU*UXSSH 0XUXQGDZDUQLUJHQGZR]XVHKHQ'DV2EHUKDXSWGHU%XUDQJLKLHOWVLFKGHU%HJHJQXQJPLWGHQ 6FKZDU]KlQGOHUQIHUQ (LQKRKOHV%UDXVHQGUDQJDXVGHPQlFKWOLFKHQ+LPPHO'LH%XUDQJLVSUDQJHQDXI0LWODXWHQ5XIHQ HLOWHQVLHDQLKUHQ:DJHQYRUEHLDQGHPNOHLQHQ%DFKHQWODQJELV]XHLQHU6WHOOHDQGHUGHU%DFKODXI HLQHZHLWHIDVWJHVFKORVVHQH6FKOHLIHELOGHWH$XIGLHVH:HLVHHQWVWDQGHLQHNUHLVI|UPLJH+DOELQVHO YRQPHKUDOVHLQKXQGHUW0HWHUQ'XUFKPHVVHUGLHQXUGXUFKHLQHVFKPDOH/DQGEUFNHLP6GHQPLW GHP5HVWGHV7DOERGHQVYHUEXQGHQZDU'HU8PULGHU+DOELQVHOZDUGXUFK]DKOUHLFKH/DPSHQ PDUNLHUW (LQVFKODQNHU6FKDWWHQVHQNWHVLFKDXVGHU+|KHKHUDEQRFKHLQHUHLQGULWWHU'LH*OHLWHUGHU+lQGOHU ODQGHWHQDXIGHU+DOELQVHO'LH%XUDQJLVFKZlUPWHQXPGLH)DKU]HXJHLKUHU*lVWHKHUXPXQG EHJUWHQGLH$XVVWHLJHQGHQPLWIUHXQGOLFKHQ=XUXIHQ/DQJLRQ%UDNQlKHUWHVLFKGHU6]HQHYRQ 2VWHQKHUVRZHLWHVGLH9RUVLFKW]XOLH(UEHIDQGVLFKMHW]WLP/LFKWNUHLVGHU/DPSHQDEHUGLH $XIUHJXQJDXIGHU+DOELQVHOZDU VRJURGDHUHLQH(QWGHFNXQJNDXP]XEHIUFKWHQEUDXFKWH$XHUGHPERWLKPGDV*UDVGDVKLHU NQLHKRFKZXFKV]XU1RWHLQLJH'HFNXQJ (UVXFKWHQDFK.DVHQJLXQGIDQGLKQLQ%HJOHLWXQJHLQHVNOHLQHQVWlPPLJJHZDFKVHQHQ0DQQHVPLW NDKOJHVFKRUHQHP6FKlGHO.DVHQJLJHVWLNXOLHUWHLQ5LFKWXQJGHUDXIJHVFKWWHWHQ0DWHFXPEH%OlWWHU 'HU.DKON|SILJHPXVWHUWHGHQPLW3ODQHQEHGHFNWHQ6WDSHODXVGHU)HUQHQLFNWH]XVWLPPHQGXQG HUWHLOWHVHLQHQ%HJOHLWHUQHLQHQ%HIHKO'DUDXIKLQVWREHQGLH%XUDQJLGDYRQXPGHQ0DWHFXPEH 9RUUDWKHUDQ]XVFKOHSSHQZlKUHQGGLH+lQGOHUGLH/XNHGHU/DVWDEWHLOHLKUHU)DKU]HXJH|IIQHWHQXQG GLH7DXVFKJWHUDXV]XODGHQEHJDQQHQ )U/DQJLRQ%UDNZDUGHUHQWVFKHLGHQGH$XJHQEOLFNJHNRPPHQ(UPXWHMHW]WKDQGHOQ 'HUNOHLQH%DFKZDUNHLQHUQVW]XQHKPHQGHV+LQGHUQLV/DQJLRQ%UDN]RJVLFKDP JHJHQEHUOLHJHQGHQ8IHUDQ/DQGXQGUREEWHGXUFKGDVKRKH*UDVDXIGDV)DKU]HXJ]XDXVGHPHU GHQ.DKON|SILJHQKDWWHDXVVWHLJHQVHKHQ'HU*OHLWHUZDUDQQlKHUQG]HKQ0HWHUODQJ(UKDWWHHLQH NOHLQH3LORWXQG)DKUJDVWNDELQHPLWYLHU6LW]HQXQGEHVWDQGLPEULJHQDXVEHUGDFKWHU/DGHIOlFKH 'LH+lQGOHUZDUHQDP+HFNGHV)DKU]HXJVPLWGHP(QWODGHQGHU7DXVFKJWHUEHVFKlIWLJWhEHUGLH VFKPDOH/DQGEUFNHQlKHUWHQVLFKGLH%XUDQJLPLWJURHQ.|UEHQYROOHU0DWHFXPEH%OlWWHU'DV/XN GHU.DELQHVWDQGRIIHQ%UDNZDUWHWHHLQHQJHHLJQHWHQ$XJHQEOLFNDEGDQQVFKOSIWHHULQV,QQHUHGHV )DKU]HXJV :DVHUYRUKDWWHZDUPLWEORHQ+lQGHQVFKZHU]XEHZHUNVWHOOLJHQ(UEUDXFKWHHLQH9LHUWHOVWXQGH XPHLQHQ7HLOGHU3ODVWLNYHUNOHLGXQJYRQGHU9RUGHUVHLWHGHU.RQWUROONRQVROH]XHQWIHUQHQ'DV $XVODGHQGHU7DXVFKJWHUZDULQ]ZLVFKHQEHHQGHW'DV)DKU]HXJVFKDXNHOWHKHIWLJDOVGLH%XUDQJLDQ %RUGNOHWWHUWHQXPLKUH.|UEHLP/DVWDEWHLO]XHQWODGHQ%UDNWDVWHWHGLH0RGXOQGHV.RQWUROOV\VWHPV DE]RJDXIV*HUDWHZRKOHLQHVGDYRQKHUDXVXQGVFKREHVXPJHNHKUWZLHGHUDQVHLQHQ3ODW]]XUFN 'DV:LHGHUDQEULQJHQGHU3ODVWLNSODWWHJLQJLKPIOLQNHUYRQGHU+DQGDEHUDOVHUVLFKGXUFKGDV RIIHQH/XNLQV*UDVKLQDEJOHLWHQOLHZDUHQGHQQRFKLQ]ZLVFKHQIQIXQG]ZDQ]LJ0LQXWHQ YHUVWULFKHQ Ä=ZHL)DKU]HXJHVLQGYROO³ULHIMHPDQGDXVGHP+LQWHUJUXQG Ä6ROOHQDEIOLHJHQ³NDPGLH$QWZRUW 'DPLWKDWWH/DQJLRQ%UDNJHUHFKQHW'LH6FKZDU]KlQGOHURSHULHUWHQQDFKHLQHPJHQDXXPULVVHQHQ )DKUSODQ6LHKDWWHQQLFKWEHOLHELJYLHO=HLW$P5DQGGHV7LHIODQGVSDWURXLOOLHUWHQGLH$XISDVVHUGHU 2UJDQLVDWLRQ(VPXWH=HLWVSDQQHQJHEHQLQGHQHQGLH*HIDKUGHU(QWGHFNXQJJHULQJHUZDUDOV]X DQGHUHQ=HLWHQ'LH+lQGOHUZXWHQQDFKZHOFKHP6FKHPDGLH3DWURXLOOHQNUHX]WHQXQG XQWHUQDKPHQLKUHQ9RUVWRMHZHLOVGDQQZHQQGLH+lVFKHUDPZHLWHVWHQHQWIHUQWZDUHQ(VJDENHLQ :DUWHQ'HUULFKWLJH$XJHQEOLFNGXUIWHQLFKWYHUVlXPWZHUGHQ %UDNKDWWHGHQ=HLWSXQNWVHLQHV5FN]XJVXQJQVWLJJHZlKOW'LHOHW]WHQ%XUDQJLHQWOXGHQLKUH.|UEH LQGHQ*OHLWHU.DVHQJLXQGGHU.DKON|SILJHVWDQGHQLQGHU1lKHGHV/DGHVFKRWWV$QGHQ]ZHL DQGHUHQ)DKU]HXJHQVFKO|VVHQVLFKGLH/XNH7ULHEZHUNHEHJDQQHQ]XVXPPHQ'LHVFKODQNHQ.|USHU GHU*OHLWHUVFKZHEWHQLQGLH+|KHQDKPHQ)DKUWDXIXQGYHUVFKZDQGHQLQGHU'XQNHOKHLW %UDNNURFKODQJVDPLQ5LFKWXQJGHV%XJV6FKULWWHNDPHQXPGHQ*OHLWHUKHUXP%UDNKLHOWGHQ.RSI JHEHXJW(UURFK/HGHUXQGGHQHLJHQDUWLJGXUFKGULQJHQGHQ'XQVWV\QWKHWLVFKHQ6WRIIV Ä+HGXGD:DVKDVWGXGD]XVXFKHQ"³ %UDNKDWWHVLFKDXIGLH.QLHDXIJHULFKWHWXQGIXKUPLWGHUUHFKWHQ+DQGWDVWHQGGXUFKGDV*UDV
Ä,FKELQQLFKWVLFKHURELFKQLFKWHLQHVYRQGHQ'LQJHQKDEHIDOOHQODVVHQ³EUXPPWHHU Ä(LQHQ9HUVWlUNHUPHLQVWGX"³'LH6WLPPHNODQJlUJHUOLFK Ä-D³ Ä6LHKEHVVHU]XGDGXLKQILQGHVW'XZHLWZLHGLH%XUDQJLVLQG6LHZROOHQDXIGHQ+HOOHUJHQDX KDEHQZDVLKQHQ]XVWHKWVRQVWZHUGHQVLHVW|UULVFK³ Ä-DMD,FKELQMDDXFKQLFKWVLFKHU³PXUPHOWH%UDN 'LH6FKULWWHHQWIHUQWHQVLFK(UDWPHWHDXI'DVKlWWHJHIlKUOLFKZHUGHQN|QQHQ(UK|UWHZLHGDV +HFNVFKRWWVLFKVFKOR Ä:LUVLQGHLQJXWHV6WFNZHLWHU3DVWRU³VDJWH.DVHQJLÄ1RFKHLQSDDU:RFKHQXQGZLUN|QQHQPLW GHU$XVIKUXQJXQVHUHV3ODQHVEHJLQQHQ³ 'HU1DPHHOHNWULVLHUWH%UDN3DVWRU'HUJHULVVHQVWHDOOHU6FKZDU]KlQGOHUQDFKGHP%DVLOORKDWWH $XVVFKDXKDOWHQVROOHQ'HU.DKON|SILJH'DV*OFNPHLQWHHVKHXWHJXWPLWLKP Ä0DFKWHXFKVFKQHOOVWHQVDXIGHQ:HJ³HUKLHOW.DVHQJL]XU$QWZRUWÄ:LUGUIHQMHW]WQLFKWVPHKU DXIV6SLHOVHW]HQ'LH2UJDQLVDWLRQLVWPLWUDXLVFKXQGXQJHGXOGLJ'LH=HLWHQZRLKUEHTXHPELV ]XP0RUJHQKLHUZDUWHQNRQQWHWVLQGYRUEHL,KUPWGLH7DXVFKJWHUQRFKLQGLHVHU1DFKWLQ 6LFKHUKHLWEULQJHQ³ Ä,FKZHL³VDJWH.DVHQJLÄ:LUEUHFKHQVRIRUWDXI³ 6HLQH/HXWHKDWWHQLQ]ZLVFKHQEHJRQQHQGLH/DPSHQHLQ]XVDPPHOQ(VZXUGHGXQNHOLP7DO'HU .DKON|SILJHNOHWWHUWHLQGHQ*OHLWHU(LQNOHLQHV/LFKWIODPPWHLQGHU.DELQHDXI%UDNVDKHLQHQ ]ZHLWHQ0DQQGHUEHUHLWVLP6HVVHOGHV.RSLORWHQVD.DVHQJLZDUEHUHLWVLQGHU'XQNHOKHLW YHUVFKZXQGHQ'DV/XNVFKORVLFKPLWOHLVHP=LVFKHQ'HU.DKON|SILJHKDQWLHUWHDQGHU 6FKDOWNRQVROH,UJHQGZRLP,QQHUQGHV)DKU]HXJVUXPRUWHHVHLQZHQLJ'HU.DKON|SILJHXQGVHLQ 3DVVDJLHUJHVWLNXOLHUWHQ(VUXPRUWHHLQ]ZHLWHV0DODEHUGDV7ULHEZHUNGHV*OHLWHUVVSUDQJQLFKWDQ 'DV/XN|IIQHWHVLFKZLHGHU3DVWRUNDPKHUDXVJHNOHWWHUW(UVWHPPWHGLH$UPHLQGLH+IWHQXQG PXVWHUWHVHLQ)DKU]HXJNRSIVFKWWHOQG'DVZDUGHU$XJHQEOLFNDXIGHQ/DQJLRQ%UDNJHZDUWHWKDWWH (VZDUILQVWHUELVDXIGDVNOHLQH/LFKWGDVLQGHU.DELQHEUDQQWH'LHEHLGHQ0lQQHUXQWHUKLHOWHQ VLFK%UDNVFKOLFKVLFKXQEHPHUNWDQ(UIDWHGHQ.QWWHODQEHLGHQ(QGHQXQGVHQNWHLKQ3DVWRUEHU GHQ.RSI(U]RJGHQ.QWWHODQVRGDVLFKGDV+RO]GHP.DKON|SILJHQJHJHQGLH.HKOHSUHWH Ä.HLQHQ/DXW³EHIDKOHUÄ,FKZLOOZHLWHUQLFKWVDOVPLWGLUUHGHQ³ 'HU0DQQLQGHU.DELQHZDUHQWVHW]WDXIJHVSUXQJHQ3DVWRUPDFKWHHLQHXQZLOOLJH*HVWHGDUDXIKLQ VHW]WHHUVLFKZLHGHU Ä:HUELVWGX"³NUlFK]WH3DVWRU Ä(LQHUGHUHVKDWZHQQ0HQVFKHQXPGHU3URILWJLHUDQGHUHUZLOOHQOHLGHQPVVHQ³DQWZRUWHWH%UDN Ä'XXQGGHLQH*HQRVVHQLKUYHUVFKDFKHUW0HWDWKHQXPHXUH%HXWHO]XIOOHQRKQH5FNVLFKWDXI GHQ6FKDGHQGHQLKUDQULFKWHW$EHULKUVHLGQXUGLH1HEHQILJXUHQLQGLHVHP6SLHO,FKELQKLQWHUGHU 2UJDQLVDWLRQKHU'XZLUVWPLUKHOIHQVLHXQVFKlGOLFK]XPDFKHQXQGJHKVWGDIUVWUDIIUHLDXV³ Ä'XELVWYHUUFNW³VWLH3DVWRUKHUYRUÄ(LQHLQ]HOQHU0DQQJHJHQGLH2UJDQLVDWLRQ"³ Ä,FKELQQLFKWVRHLQ]HOQZLHGXGHQNVW³ Ä:DVZLOOVWGXYRQPLU"³ Ä9HUVFKLHGHQHV(LQH:DIIH,QIRUPDWLRQHQHLQHQ)OXJLQGLH6WDGWXQGZLHGHU]XUFNVROFKH 'LQJH³ Ä,QIRUPDWLRQHQ:DVIU,QIRUPDWLRQHQ"³ 'HU,QVWLQNWVLJQDOLVLHUWH*HIDKU3DVWRUUHDJLHUWHQLFKWVRZLHHUHVYRQLKPHUZDUWHWKDWWH'HU0DQQ VSLHOWHDXI=HLW:RUDXIZDUWHWHHU" Ä(U]lKOPLUYRQGHP7DEXEHUGDVGLH%XUDQJLQLFKWVSUHFKHQZROOHQ³IRUGHUWH%UDNÄ:DVKDWHV GDPLWDXI³ 'HU6FKODJNDPY|OOLJXQHUZDUWHW(UWUDI%UDNDXIGHQ+LQWHUNRSIXQGODKPWHLKQDXJHQEOLFNOLFK(U JLQJ]X%RGHQ'HU.QWWHOILHOLKPDXVGHU+DQG$XVGHU)URVFKSHUVSHNWLYHVDKHUHLQH0HQJH)H YLHOPHKUDOVGDHLJHQWOLFKKlWWHQVHLQGUIHQ (UK|UWH3DVWRUVDJHQÄ'DVZDU5HWWXQJLPJHHLJQHWHQ$XJHQEOLFN,FKZDUQLFKWVLFKHURELKUHXFK QRFKLQGHU1lKHEHIDQGHW³ 'DQQVHQNWHHVVLFKZLHHLQGU|KQHQGHV5DXVFKHQEHU/DQJLRQ%UDNV%HZXWVHLQXQGGLH)LQVWHUQLV GHU2KQPDFKWXPILQJLKQ
'LHEHLGHQ%HVXFKHUVW|UWHQVLFKQLFKWDQGHUVFKlELJHQ)DVVDGHGHVVFKPDOEUVWLJHQ*HElXGHVGDV VLFK]ZLVFKHQ]ZHLDUFKLWHNWRQLVFKH5LHVHQDXVGHU)UK]HLWGHU6WDGWTXHWVFKWH'LHEUHLWH)DKUEDKQ GHU,WVXELVKL5RZVWUHFNWHVLFKOHHUXQG|GHGXUFKGHQDOWHQ6WDGWNHUQYRQ7HUUDQLD&LW\'LH*HElXGH ZDUHQ]XPJU|WHQ7HLOYHUODVVHQ,PPRELOLHQPDNOHUKDWWHQ/HXFKW]HLFKHQDQJHEUDFKWGLHELOOLJH 0LHWHXQGELOOLJHQ.DXIYHUVSUDFKHQ$EHUGLH+DXSWVWDGWGHU/LJD)UHLHU7HUUDQHUKDWWHGLHIUKHUH %HY|ONHUXQJVGLFKWHQRFKOlQJVWQLFKWZLHGHUHUUHLFKWXQGHVZUGHQQRFKHLQSDDU-DKUHYHUJHKHQ ELVGHU3UHLVGUXFNGHUPRGHUQHQ$XHQEH]LUNHZLHGHU.XQGHQLQGLHDOWH6WDGWPLWWHEUDFKWH 'HU*OHLWHULQGHPGLHEHLGHQ%HVXFKHUJHNRPPHQZDUHQHQWIHUQWHVLFKVHOEVWWlWLJ6HLQH)DKUJlVWH HLQH)UDXXQGHLQ0DQQVWLHJHQGLHSDDU6WXIHQ]XP(LQJDQJGHVVFKPDOEUVWLJHQ*HElXGHVKLQDXI PLDFKWHWHQGLHgIIQXQJHQGHUEHLGHQ$QWLJUDYVFKlFKWHLP)OXUGHV(UGJHVFKRVVHVGDVLHZXWHQ GDVLHQLFKWIXQNWLRQLHUWHQXQGNORPPHQEHUGLHDOWHUVVFKZDFKH7UHSSHLQV]ZHLWH2EHUJHVFKR KLQDXI,KUHlXHUH(UVFKHLQXQJNRQWUDVWLHUWHDXIPHUNZUGLJH:HLVHPLWGHUEDXIlOOLJHQ8PJHEXQJ 'LH)UDXPLWWHOJURXQGPLWODQJHPEORQGHP+DDUZDUHLQH6FK|QKHLWGLHRKQHhEHUWUHLEXQJDOV KLQUHLHQGEH]HLFKQHWZHUGHQGXUIWH6LHPRFKWHIQIXQGGUHLLJ-DKUHDOWVHLQ6LHZDUVRUJIlOWLJXQG HLQZHQLJNRQVHUYDWLYJHNOHLGHWXQGEHZHJWHVLFKLQGHUVWDXELJHQgGHGHV7UHSSHQIOXUVPLWHLQHU %HKHQGLJNHLWDOVVHLVLHKLHU]X+DXVH ,KU%HJOHLWHUHWZDLPVHOEHQ$OWHUZDUHLQKRFKJHZDFKVHQHUDWKOHWLVFKJHEDXWHU0HQVFKGHU XQJHDFKWHWVHLQHUEUHLWHQ6FKXOWHUQHLQH$XUDGHU9RUQHKPKHLWDXVVWUDKOWH(UZDUQDFKGHUJlQJLJHQ 0RGHJHNOHLGHWXQGGHUWDGHOORVH6LW]VHLQHV$Q]XJVYHUULHWGDHUYRQPRGHUQHU.RQIHNWLRQVWHFKQLN QLFKWVKLHOWXQGVLFKVWDWWGHVVHQGHUDOWKHUJHEUDFKWHQ6FKQHLGHUNXQVWEHGLHQWHGHUHQ-QJHULQ YHUHLQ]HOWHQ([HPSODUHQVHOEVWLP-DKUKXQGHUWQRFKH[LVWLHUWHQ'LH)DUEHVHLQHU.OHLGXQJZDUHLQ JHGLHJHQHV*UDX8PHLQHQ$N]HQW]XVHW]HQWUXJHUDP.UDJHQDXIVFKODJHLQHZHLQURWH*ODQGD 2UFKLGHH $XIGHP7UHSSHQDEVDW]GHV2EHUJHVFKRVVHVJHODQJWHQGLHEHLGHQ%HVXFKHUDQHLQHPDVVLYH7UDXV U|WOLFKVFKLPPHUQGHP6WDKOGLHRIIHQEDUHUVWYRUNXU]HPKLHUDQJHEUDFKWZRUGHQZDU$QGHU:DQG QHEHQGHU7UKLQJHLQ6FKLOGDXIGHP]XOHVHQVWDQG62/()7EHU0LWDUEHLWHULQ 1LHGHUODVVXQJHQDQDOOHQ%UHQQSXQNWHQGHU0LOFKVWUDH'LH7U|IIQHWHVLFKVHOEVWWlWLJXQGIKUWHLQ HLQHQDOWPRGLVFKHLQJHULFKWHWHQ(PSIDQJVUDXPGHUGXUFKHLQH7KHNHLQ]ZHL+lOIWHQJHWUHQQWZDU 6WDXEEHGHFNWHGHQ%RGHQXQGLQGHU6WDXEVFKLFKWZDUHQ)XVSXUHQ]XVHKHQGLH]XHLQHU7UOLQNHU +DQGIKUWHQ$XFKGLHVH7U|IIQHWHVLFKDXWRPDWLVFKXQG]XP9RUVFKHLQNDPHLQH*HVWDOWGLHPLW GHU8PJHEXQJGHVEDXIlOOLJHQ+DXVHVLQZHLWDXVEHU]HXJHQGHUHU+DUPRQLHVWDQGDOVGLHEHLGHQ %HVXFKHU 'DV0lQQOHLQZDUNDXPPHKUDOVDQGHUWKDOE0HWHUJURXQGLQHLQHQYHUEOLFKHQHQ2YHUDOOJHNOHLGHW 'DV*HVLFKWZLUNWHYHUKXW]HOWXQG]HUNQLWWHUW$XIGHPNUDXVKDDULJHQ6FKlGHOWKURQWHHLQH.DSSHZLH VLHLQ7HUUDV0RGHXQG%HNOHLGXQJVJHVFKlIWHQJHZLVHLW]ZHLKXQGHUW-DKUHQQLFKWPHKUJHKDQGHOW ZRUGHQZDU ,QGHQZDVVHUKHOOHQ$XJHQGHV*QRPHQHUVFKLHQHLQ$XVGUXFNGHUhEHUUDVFKXQJDOVHUVHLQHEHLGHQ %HVXFKHUHUNDQQWH$OVEDOGDEHUHQWVWDQGHLQH)DOWHGHU8QJHKDOWHQKHLWEHUGHU:XU]HOGHUGHXWOLFK DXVJHSUlJWHQ1DVH Ä8PGHU+RFKDFKWXQJZLOOHQGLHLFKIU6LHHPSILQGH³VDJWHGDV0lQQOHLQWDGHOQGÄZlUHHVPLU OLHEZHQQ6LHHLQHQWULIWLJHQ*UXQGKlWWHQGHU,KUH$QZHVHQKHLWHUNOlUW³ Ä:LUEUDXFKHQ+LOIH6KOLIIHU³VDJWHGHU9RUQHKPHÄ8QG]ZDUVFKQHOO³ Ä6LHN|QQHQVLFKQLFKWVHOEVWKHOIHQ*UDI/DWRQ"³ Ä'LHVPDOQLFKW(VIHKOWXQVDQ%H]LHKXQJHQ³ Ä6LHPVVHQXQVGHQ*HIDOOHQWXQHLQSDDU3XSSHQWDQ]HQ]XODVVHQ³OlFKHOWHGLHEORQGH6FK|QKHLW 6KOLIIHUVDKVLHDQXQGHUZLGHUWHGDV/lFKHOQ Ä$KMDGLHXQZLGHUVWHKOLFKH/RXLVD4XDQWRU$EHUZHOFKXQJHZRKQWH:RUWH,FKPX":DUXPVROO LFKPVVHQ"³ Ä:HLOHV/DQJLRQ%UDNVRQVWDQGHQ.UDJHQJHKW³VDJWH/RXLVD +LQWHUGHU7U]XGHUGLH)XVSXUHQIKUWHQODJ&URPZHOO6KOLIIHUV+DXSWTXDUWLHUGDV.RPPDQGR ]HQWUXPMHQHVHLJHQDUWLJHQ1DFKULFKWHQGLHQVWHVGHUVLFK62162)7+(/($*8(2))5(( 7(55(675,$16QDQQWH'HUJURH5DXPZDUPLWJHGLHJHQHP]ZHFNGLHQOLFKHP0RELOLDU DXVJHVWDWWHWXQGHQWKLHOWJHQXJNRPPXQLNDWLRQVWHFKQLVFKH(LQULFKWXQJHQXPHLQPLWWOHUHV 6WDEVTXDUWLHUGHU)ORWWHGHU/LJD]XEHVWFNHQ &URPZHOO6KOLIIHU2EHUKDXSWGHU2UJDQLVDWLRQEHZLUWHWHVHLQH*lVWHPLW*HWUlQNHQ:lKUHQGHVVHQ
EHULFKWHWH+XPEHUW*UDI/DWRQEHUGHQ6WDQGGHU1DFKIRUVFKXQJHQQDFKGHP9HUEOHLEGHVGULWWHQ 0LWJOLHGVGHU2SHUDWLYH7XJODQ/DQJLRQ%UDN Ä(UPXDXI6ROYDLJKLQHLQH)DOOHJHUDWHQVHLQ'HU+LPPHOPDJZLVVHQZDUXPHUDXIHLJHQH)DXVW KDQGHOWHDQVWDWWDXIXQVHUH$QNXQIW]XZDUWHQ(UPXHLQHQ*UXQGGDIUJHKDEWKDEHQ9LHOOHLFKW ZDUGLH%DQGHGUDXIXQGGUDQLKPGXUFKGLH/DSSHQ]XJHKHQ³ Ä:DVVDJHQGLH|UWOLFKHQ%HK|UGHQ"³HUNXQGLJWHVLFK&URPZHOO6KOLIIHU Ä'LH|UWOLFKHQ%HK|UGHQ³VDJWH/RXLVDÄVLQGVHKUKLOIVEHUHLWDEHULQWHOOHNWXHOOXQEHGDUIW6LH EHVLW]HQZHGHUGLH(UIDKUXQJQRFKGLH3KDQWDVLHHLQHQVROFKHQ)DOO]XKDQGKDEHQ6LHZLVVHQGD /DQJLRQ%UDNHLQHUJHKHLPQLVYROOHQ2UJDQLVDWLRQDXIGHU6SXUZDU=XVlW]OLFKH,QIRUPDWLRQHQ EHVFKDIIWHQZLUXQVDXIHLJHQH)DXVW'LH2UJDQLVDWLRQZDUHLQ9HUWHLOHUULQJIULOOHJDOHV0HWDWKHQ 6LHNDQQQXUZHQLJH0RQDWHH[LVWLHUWKDEHQEHYRULKU/DQJLRQDXIGLH6SXUNDP6LHKLHOW/DQJLRQ RIIHQEDUIUJHIlKUOLFKJHQXJXPVHLQHWZHJHQGDV9RUKDEHQDXI6ROYDLJKDXI]XJHEHQ'LH0HWDWKHQ +lQGOHUQDKPHQEHL1DFKWXQG1HEHO5HLDXVDOOHUGLQJVQLFKWRKQH/DQJLRQPLW]XQHKPHQ³ &URPZHOO6KOLSSHUZLHJWHGHQ.RSI Ä'DVLVWVHKUEHGDXHUOLFK$EHULFKVHKHQLFKWZRLFK,KQHQKHOIHQNDQQ³ Ä6ROYDLJKKDWQXU]ZHL5DXPKlIHQ³QDKP+XPEHUW*UDI/DWRQGHQ)DGHQZLHGHUDXIÄ:LUKDEHQ DOOHLQ)UDJHNRPPHQGHQ$XVZlUWVIOJHEHUSUIW6LHVLQGLQ2UGQXQJELVDXIHLQHQ³ 6KOLIIHUVDKEHUUDVFKWDXI Ä(LQ5DXPVFKLIIWHUUDQLVFKHU%DXDUWPRGHUQ]ZHLKXQGHUW0HWHU'XUFKPHVVHU(LJHQQDKPH(/(8 7+(5$'HU)OXJSODQGHUEHLGHU+DIHQEHK|UGHHLQJHUHLFKWZXUGHQDQQWH2O\PSDOV)DKUW]LHO$EHU ]ZHL7DJHVSlWHUWDXFKWHGLH(/(87+(5$DXI3DQV\PPRQDXIDOVRJHQDXLQGHUHQWJHJHQJHVHW]WHQ 5LFKWXQJ'LH+DIHQYHUZDOWXQJGRUWEHKDXSWHWGD3DQV\PPRQYRQ$QIDQJDQGDV)OXJ]LHOGHV 6FKLIIHVJHZHVHQVHL3DQV\PPRQXQG6ROYDLJKVSUHFKHQQLFKWPLWHLQDQGHUXQGZLUVLW]HQLQGHU 0LWWHXQGZLVVHQQLFKWZDVYRQGHU6DFKH]XKDOWHQLVW³ &URPZHOO6KOLIIHUVDKQDFKGHQNOLFKYRUVLFKKLQÄ:HQQ2O\PSZLUNOLFKGDVXUVSUQJOLFKH)DKUW]LHO GHU(/(87+(5$ZDUGDQQOLHHVLFKHUNOlUHQZDUXPGHU.DSLWlQYRQVHLQHP)OXJSODQDEZLFK hEHU2O\PSKDWVLFKQlPOLFKHLQH)ORWWHGHU2UELWHUDQJHVLHGHOW³ Ä2UELWHU"³HFKRWH*UDI/DWRQYHUVWlQGQLVORV Ä(LQHQHXH%HGURKXQJGLHXQPLWWHOEDUQDFKGHU6HULHGHU:HOWUDXPEHEHQDXVGHP1LFKWV PDWHULDOLVLHUWH³HUNOlUWH6KOLIIHUÄ:LUKDEHQZHQLJVWHQVLP$XJHQEOLFNQRFKQLFKWVGDPLW]XWXQ :LHJHVDJWGLHVH(QWZLFNOXQJZUGHHUNOlUHQZDUXPGLH(/(87+(5$2O\PSQLFKWDQIORJ³ Ä$EHUQLFKWZDUXPVLHLQJHQDXHQWJHJHQJHVHW]WHU5LFKWXQJDXIWDXFKWH³KLHOW/RXLVDLKPHQWJHJHQ Ä'DVLVWJHQDXULFKWLJ,FKQHKPHDQ,KU%HVXFKKDWGDPLW]XWXQ³ Ä:LUEUDXFKHQ(LQVLFKWLQGHQ+DXSWVSHLFKHUGHV%RUGUHFKQHUVGHU(/(87+(5$³VDJWH/DWRQ &URPZHOO6KOLIIHUOHKQWHVLFKLQVHLQHP6HVVHOEHTXHP]XUFN'DV0|EHOVWFNZDUKDQGHOVEOLFKHU 'LPHQVLRQGHUNOHLQH0DQQYHUVFKZDQGIDVWGDULQ Ä6LHNHQQHQGLH3UR]HGXU³OlFKHOWHHUVIILVDQWÄ5LFKWHQ6LHHLQ*HVXFKDQGHQ6FKLIIVHLJQHUXQG ZHQQGLHVHU,KQHQZRKOZROOHQGJHVLQQWLVWZLUGHU,KQHQGLHHQWVSUHFKHQGH(UODXEQLVHUWHLOHQ³0LW HLQHUHQHUJLVFKHQ%HZHJXQJEHXJWHHUVLFKVRIRUWZLHGHUQDFKYRUQHQDKPHLQHQ6FKOXFNDXVVHLQHP *ODVXQGVDJWHÄ$EHUVRKDWWHQ6LHHVVLFKQDWUOLFKQLFKWYRUJHVWHOOW:REHILQGHWVLFKGLH (/(87+(5$]XU=HLW"³ Ä1RFKDXI3DQV\PPRQ³DQWZRUWHWH/DWRQ Ä(VN|QQWHGDIUJHVRUJWZHUGHQGDVLH6FKDGHQHUOHLGHW$XIJHKHLPQLVYROOH:HLVH'XUFKHLQH ([SORVLRQDQ%RUGPLWYRUKHULJHU:DUQXQJXQGVRZHLWHU'HU:RUWODXWGHU:DUQXQJN|QQWHVR DEJHIDWZHUGHQGDHUDXIHLQH*UXSSHLQWHUVWHOODUHU5HYROXWLRQlUHZHLVW'DPLWHUJlEHVLFKHLQ *UXQGIUGLH*$9g.LQGLH8QWHUVXFKXQJHLQ]XJUHLIHQ³ 6HLQH6WLPPHYHUORUVLFK0LWHLQHU%HKHQGLJNHLWRKQHJOHLFKHQKDWWHHUGLH8PULVVHGHVVHOEHQ3ODQHV HQWZLFNHOWGHQ/RXLVD4XDQWRUXQG*UDI/DWRQLKPXUVSUQJOLFKKDWWHQYRUVFKODJHQZROOHQ Ä-DHVOlWVLFKPDFKHQ³'LHZDVVHUEODXHQ$XJHQOHXFKWHWHQYRU%HJHLVWHUXQJÄ:LUPVVHQVFKQHOO KDQGHOQ6RQVWEULFKWGLH(/(87+(5$ZRP|JOLFKYRQ3DQV\PPRQDXIXQGZLUPVVHQVLHHUVW ZLHGHUILQGHQ³ Ä(LOHLVWDXVHLQHPDQGHUHQ*UXQGQRFKYLHOGULQJHQGHUJHERWHQ³VDJWH/RXLVD4XDQWRUHUQVWÄ:LH VFKRQ]XYRUEHPHUNW/DQJLRQ%UDNEHILQGHWVLFKLQ/HEHQVJHIDKU³ 'LH2KQPDFKWNRQQWHQXUHLQSDDU0LQXWHQJHGDXHUWKDEHQ/DQJLRQ%UDNVFKOXJGLH$XJHQDXIXQG IDQGGLH6]HQHIDVWXQYHUlQGHUW'LH)HGLHHU]XYRUEHPHUNWKDWWHJHK|UWHQHLQHU+DQGYROO %XUDQJL'HU0DQQ]XGHPHU3DVWRUKDWWHVSUHFKHQK|UHQZDU.DVHQJL=ZHLEODNHQGH/DPSHQ
ZDUHQDXIJHVWHOOWZRUGHQ%UDNEHJHJQHWH.DVHQJLVGVWHUHP%OLFNÄ,FKKDEHGLFKPHLQHQ)UHXQG JHQDQQW³%UDNXQWHUEUDFKLKQPLWHLQHUUDVFKHQ+DQGEHZHJXQJÄ6FKZHLJEHYRUGX8QVLQQUHGHVW ,FKELQQRFKLPPHUGHLQ)UHXQGDXFKZHQQGXHVQLFKWVHKHQZLOOVW $EHULFKKDEHQLFKWPLWGLUVRQGHUQPLWGLHVHP0DQQGRUW]XUHGHQ³ (UULFKWHWHVLFK]XVLW]HQGHU6WHOOXQJDXIXQGGHXWHWHDXI3DVWRU'HU.DKON|SILJHVWDQGDP5DQGGHV /LFKWNUHLVHVXQGKDWWHGLH$UPHEHUGHU%UXVWYHUVFKUlQNWÄ:DVKlWWHVWGX]XVDJHQGDVLFKPLU DQK|UHQPWH"³IUDJWHHUDEIlOOLJ Ä'XNHQQVWPHLQH)RUGHUXQJ³VDJWH%UDNNDOWÄ,FKZLOOK|UHQZLHGXGLFKGD]XlXHUVW³ 3DVWRUV$XJHQIXQNHOWHQ(UKDWWHHLQYROOHVSDXVElFNLJHV*HVLFKWXQGHLQHQDXVJHSUlJWHQ0XQGPLW YROOHQJHVFKZXQJHQHQ/LSSHQGHUDQGHXWHWHGDHUGHUHSLNXUHLVFKHQ:HOWDQVFKDXXQJQLFKWDEKROG ZDU6HLQ6FKlGHOZDUQLFKWY|OOLJNDKO(VJDEYLHOPHKUHLQHQGQQHQDQJHJUDXWHQ+DDUNUDQ]GHU VLFKULQJVXPGLH%DVLVGHU6FKlGHOSODWWH]RJXQGQXUGLH6WLUQIUHLOLH Ä,FKKDEHNHLQHQ*UXQGPLFKGD]X]XlXHUQ³VDJWH3DVWRUÄ'LH%XUDQJLZHUGHQGLFKDXIHLQHQ KRKHQ)HOVHQKLQDXIVFKDIIHQXQGYRQGRUWKHUDEVWU]HQ'DPLWLVWGLH6DFKHHUOHGLJW³ Ä'LH6DFKHXQGGDPLWDXFKGX,FKVDJWHGLUVFKRQGDLFKQLFKWDOOHLQHELQ³3DVWRUPXVWHUWHLKQ YHUlFKWOLFKÄ'XPDFKVWJURH:RUWHNOHLQHU0DQQ,FKVWQGHQLFKWKLHUZHQQLFKQLFKWIUK]HLWLJ JHOHUQWKlWWHGDV:LFKWLJHYRP8QZLFKWLJHQ]XWUHQQHQ'XELVWVREHUDXVXQZLFKWLJGDLFKPLFK IUDJHZDUXPLFKPLUEHUKDXSWGLH=HLWQHKPHPLWGLU]XUHGHQ³ Ä:HLOGXQLFKWV%HVVHUHV]XWXQKDVW³ILHOLKP%UDNLQV:RUWÄ'XPXWZDUWHQELVVLFKGLHQlFKVWH *HOHJHQKHLWELHWHWQDFK%HOHQGD]XUFN]XNHKUHQ:HQQGXMHW]WDXIEUlFKHVWOLHIVWGXGHQ3DWURXLOOHQ GHU2UJDQLVDWLRQJHUDGHZHJVLQGLH+lQGH³Ä:DV"³ /DQJLRQ%UDNVWDQGDXI(UEHZHJWHVLFKYRUVLFKWLJRKQH+DVWGLH%XUDQJLKDWWHQLKUHDOWPRGLVFKHQ 3LVWROHQLQGHU+DQGXQGHVODJLKPQLFKWGDUDQVLH]XIDOVFKHQ6FKOVVHQ]XYHUOHLWHQ(UWUDWDXI 3DVWRU]X'HU.DKON|SILJHVWDUUWHLKQXQVLFKHUHQ%OLFNVDQ%UDNXPHLQHQKDOEHQ.RSIJU|HUOHJWH LKPGLH+lQGHDXIGLH6FKXOWHUQ Ä9RQDOOHQ.UHDWXUHQVLQG0HQVFKHQZLHGXGLHYHUDEVFKHXXQJVZUGLJVWHQ³VDJWHHUPLWVFKZHUHU 6WLPPHÄ6LHYHUGLHQHQLKUHQ/HEHQVXQWHUKDOWLQGHPVLHDQGHUHQ0HQVFKHQ.UDQNKHLW1RWXQG 9HUZLUUXQJYHUNDXIHQ,FKZHLGXKDVWGLH0|JOLFKNHLWPLFKEHVHLWLJHQ]XODVVHQ'LHVHU1DUU .DVHQJLKlOWGLFKIUHLQHQJURHQ0DQQGHUVHLQHP9RONKHOIHQNDQQ,FKZHLDEHUDXFKGDGXLQ :LUNOLFKNHLWQXUHLQNOHLQHU+lQGOHUELVWGHULQVWlQGLJHU)XUFKWYRUGHU2UJDQVLVDWLRQOHEWXQGVHOEVW LQVHLQHQ7UlXPHQQRFKYRU$QJVW]LWWHUW'XKDVWGHQ%XUDQJLYRUJHPDFKWGDGXLKQHQDXVGHU1RW KHOIHQNDQQVW,Q:LUNOLFKNHLWGHQNVWGXQXUDQGHLQHQHLJHQHQ*HZLQQ'XZLUVWVLHKLQWHUJHKHQZLH GXDQGHUHKLQWHUJDQJHQKDVW,FKELQKLHUXPGDV]XYHUKWHQ8QGXPGHPXQJHVHW]OLFKHQ+DQGHO PLW0HWDWKHQHLQIUDOOHPDO(LQKDOW]XJHELHWHQ:HQQGXPLFKDXVGHP:HJVFKDIIHQOlWGDQQ YHUVSUHFKHLFKGLUGDGXPHLQHQ7RGXPK|FKVWHQVHLQH:RFKHEHUOHEVW,FKVWHKHYRUGLULP $XIWUDJGHU*$9g.³ 3DVWRUKDWWHGLH$UPHVLQNHQODVVHQ6HLQ%OLFNZDQGHUWHKLOIORV]ZLVFKHQ%UDNXQG.DVHQJLKLQXQG KHU Ä'LHVHU0DQQKDWGHQ9HUVWDQGYHUORUHQ³lFK]WHHUÄ$PEHVWHQLVWHV³ Ä$PEHVWHQLVWHVZHQQGXGLUDQK|UVWZDVHU]XVDJHQKDW³ILHOLKP.DVHQJLLQV:RUW 3DVWRUV6FKXOWHUQVDQNHQKHUDEÄ-D³KDXFKWHHUÄYLHOOHLFKWLVWHVZLUNOLFKGDVEHVWH³ Ä(XHU3ODQWDXJWDXVPHKUHUHQ*UQGHQQLFKWV³VDJWH/DQJLRQ%UDN'HUVFKZHUVWZLHJHQGHLVWGD HXFKGLH2UJDQLVDWLRQQLFKWJHQXJ=HLWODVVHQZLUG,KUJODXEWLQHLQSDDU:RFKHQVRZHLW]XVHLQDEHU ZHQQQLFKWDOOH=HLFKHQWUJHQZLUGGLH2UJDQLVDWLRQELQQHQ]HKQ7DJHQ]XVFKODJHQXQGGDQQ.DUVLV IULPPHUGHQ5FNHQNHKUHQ³ 6LHKRFNWHQLQHQJHP.UHLVDXIGHP%RGHQ3DVWRUV%HJOHLWHUXQGGLH%XUDQJLVWDQGHQDEVHLWV Ä:LHVFKRQHLQPDO]XYRU³VDJWH.DVHQJLÄIUDJHLFKGLFKZRKHUGXYRQXQVHUHP3ODQZLVVHQZLOOVW"³ Ä,FKKDEHGLUHXUHQ$QWHLOEHUHLWVHUOlXWHUW³DQWZRUWHWH%UDNÄ6HLWKHXWHZHLLFKZHOFKH5ROOH 3DVWRUXQGVHLQH/HXWHGDEHLVSLHOHQVROOHQ'LH%XUDQJLYHUZHLJHUQGHU2UJDQLVDWLRQGLH/LHIHUXQJ ZHLWHUHU0DWHFXPEH%OlWWHU'LH2UJDQLVDWLRQJHKWGDUDXI]XU2IIHQVLYHEHU:lKUHQGGLH%XUDQJL GLH6WUHLWNUlIWHGHU2UJDQLVDWLRQLP+RFKODQGELQGHQVROO3DVWRUGLH'LQJHXQWHQLQ%HOHQGDXQWHU .RQWUROOHEHNRPPHQ'HU(UIROJGHV3ODQHVKlQJWGDYRQDEGDGLH%XUDQJLXQG3DVWRUV*UXSSH VWlQGLJPLWHLQDQGHULQ9HUELQGXQJVWHKHQ'DKHUKDEWLKUKHXWHQDFKWYRQ3DVWRULP$XVWDXVFKIU HLQH/DGXQJ0DWHFXPEHHLQH5HLKHYRQ6HQGHXQG(PSIDQJVJHUlWHQHUKDOWHQ,FKZHLGDYRQ,FK KDEHDQJHEOLFKHLQHQGHU9HUVWlUNHUEHLP$XVODGHQYHUORUHQ³ 3DVWRUV%HJOHLWHUEHZHJWHVLFKXQUXKLJÄ'DVLVWQLFKWZDKU³EHJHKUWHGHU.DKON|SILJHDXIÄ'RFKHV
LVWZDKU³VDJWH.DVHQJLÄ(VKDWNHLQHQ=ZHFNHVDE]XVWUHLWHQ³ Ä:HQQGXZLVVHQZLOOVWZDVGXYRQGHLQHP3DUWQHU]XKDOWHQKDVW³IXKU%UDNIRUW]X.DVHQJL JHZDQGWÄGDQQVDJPLUZLHYLHO)XQNJHUlWHGXYRQLKPIUGHLQH/DGXQJ0DWHFXPEHHUKLHOWHVW³ Ä'DVVSLHOWKLHUNHLQH5ROOH³SURWHVWLHUWH3DVWRUVRIRUWÄ(VVLQGJHQXJ*HUlWHGDVLVWDOOHVZRUDXI ZLU]XDFKWHQKDEHQ³ .DVHQJLV%OLFNJLQJ]ZLVFKHQ%UDNXQG3DVWRUKLQXQGKHU(UZXWHZDVHUYRQGHU$QJHOHJHQKHLW ]XKDOWHQKDWWH3DVWRUV3URWHVWZDU]XUDVFKXQG]XODXWVWDUNJHZHVHQ Ä6HOEVWZHQQGLH2UJDQLVDWLRQHXFKJHQJHQG=HLWOLHH³VDJWH%UDNÄKlWWHWLKUQRFKLPPHUQLFKWV JHZRQQHQ'LH2UJDQLVDWLRQNDQQYHUPXWOLFKGUHL9LHUWHOLKUHU6WUHLWNUlIWHLQV+RFKODQGVFKLFNHQXQG EHKlOWLQ%HOHQGDQRFKLPPHUJHQXJEULJXPPLW3DVWRUXQGVHLQHQ/HXWHQLP+DQGXPGUHKHQIHUWLJ ]XZHUGHQ,VWGDVQLFKWVR3DVWRU"³ 'HU.DKON|SILJHKROWHWLHI/XIWÄ'DV9HUKlOWQLVZlUHXQJQVWLJJHZHVHQ³JDEHU]XÄDEHUQLFKW XQP|JOLFK³ Ä'XZHLWVRJXWZLHLFKGDLKUQXUGDQQHLQH&KDQFHKDEW%HOHQGDLQGLH+DQG]XEHNRPPHQ ZHQQ0XUXQGDGD]XEHUUHGHWZHUGHQNDQQHLQH6FKDUVHLQHU.lPSIHULQGLH6WDGW]XVFKLFNHQ³ .DVHQJLVSUDQJDXI6HLQH$XJHQORGHUWHQ Ä1RFKHLQ:RUW³VFKULHHU]RUQHQWEUDQQW %UDNHUKREVLFK'LH%XUDQJLNDPHQKHUEHL'LH/DJHZDUNULWLVFK Ä6HW]GLFKZLHGHUKLQXQGEHQLPPGLFKQLFKWZLHHLQ%DUEDU³VDJWH%UDNVWUHQJÄ,FKNHQQHGHQ)OXFK GHUDQJHEOLFKDXIHXFKODVWHW,FKKDEHODQJHJHQXJ=HLWJHKDEWPLUGDUEHUGHQ.RSI]X]HUEUHFKHQ *ODXEHPLUHVLVWNHLQ)OXFKVRQGHUQHLQHJDQ]QDWUOLFKH5HDNWLRQGHVPHQVFKOLFKHQ.|USHUV(LQH 5HDNWLRQGLHYHUPLHGHQZHUGHQNDQQZHQQPDQHQWVSUHFKHQGH9RUVLFKWVPDQDKPHQDQZHQGHW,KU VHLGQLFKWIULPPHUGD]XYHUGDPPWDXIGHP+RFKODQG]XOHEHQ%HOHQGDVWHKWHXFKRIIHQZHQQLKU PHLQHP5DWIROJW³ .DVHQJLV/LSSHQEHEWHQÄ2IIHQ³PXUPHOWHHU Ä$OVLKUGLH%HOHQGL]XPHUVWHQ0DODQJULIIWVHLGLKUZLHGLH1DUUHQGHQ$EVWLHJKLQDEJHVWUPW³IXKU /DQJLRQ%UDNIRUWÄ:DVLKUQLFKWZXWHWZDUGDGHU/XIWGUXFNGRUWXQWHQZHVHQWOLFKK|KHULVWDOV KLHU,KUDWPHWHWZLHLKUHVJHZRKQWZDUWZRP|JOLFKQRFKHLQZHQLJVFKQHOOHUZHLOLKULP /DXIVFKULWWJHJHQGHQ)HLQGDQJLQJWXQGSXPSWHW]HKQPDOPHKU6DXHUVWRIILQHXUH/XQJHQDOVHXHU .|USHUEUDXFKWH'HU0HGRWHFKQLNHUQHQQWGDV+\SHUYHQWLODWLRQ,KUZXUGHWSO|W]OLFKNUDQN(LQLJHQ YRQHXFKHUJLQJHVDOVZlUHQVLHEHWUXQNHQEHLDQGHUHQGURKWHGDV+HU]DXV]XVHW]HQ$OVLKUDQGHU *UHQ]HYRQ%HOHQGDDQNDPWGDZDUWLKUQXUQRFKHLQPDURGHU+DXIHQXQGGHU*HJQHUNRQQWHHXUH .ULHJHUPLWGHPNOHLQHQ)LQJHUXPVWRHQ6RZDUHVRGHUQLFKW":DKUVFKHLQOLFKKDEWLKUGHQ 9HUVXFKZLHGHUKROWXQGMHGHVPDOHUJLQJHVHXFKDXIGLHVHOEH:HLVH6RHQWVWDQGGLH/HJHQGHYRQGHU 6FKPDFKPLWGHUGDV6FKLFNVDOGDV9RONGHU%XUDQJLJHVFKODJHQKDWWH³(UYHU]RJGDV*HVLFKWXQG ODFKWHlUJHUOLFKDXIÄ(LQH6FKDUHLQIlOWLJHU1DUUHQGDVVHLGLKU³ .DVHQJLVWDUUWHLKQDQDOVKlWWHHUHLQHQ*HLVWYRUVLFK6HLQHQ%HJOHLWHUQVWDQGHQGLH0QGHURIIHQ /DQJLRQ%UDNZXWHGDHUJHZRQQHQKDWWH'HU6FKOHLHUGHV*HKHLPQLVVHVZDU]HUULVVHQGDV OHJHQGlUH7DEXHQWODUYW'LH%XUDQJLKDWWHQDXVGHP0XQGHLQHV)UHPGHQJHK|UWZDVVLHVHOEVWQLFKW DXV]XVSUHFKHQZDJWHQ(LQ7DEXDEHUGDVMHGHUNHQQWXQGEHUGDVMHGHUVLFKlXHUQNDQQLVWNHLQ 7DEXPHKU /DQJLRQ%UDNVHW]WHVLFKQLHGHU.DVHQJLIROJWHVHLQHP%HLVSLHOPHFKDQLVFKZLHHLQ$XWRPDW Ä1DFKGHPZLUGDVKLQWHUXQVKDEHQ³VDJWH%UDNÄN|QQHQZLUXQVGDUDXINRQ]HQWULHUHQHLQHQEUDXFK EDUHQ3ODQ]XHQWZHUIHQ³ 3DVWRUV*HVLFKWZLUNWHXQQDWUOLFKVWDUULP:LGHUVFKHLQGHUNOHLQHQ.RQWUROODPSHQDXIGHP$UPDWX UHQEUHWW'HU0DQQZDUQLFKWPLWVLFK]XIULHGHQ9RUHUVWEHUOHJWH/DQJLRQ%UDNZUGHHUHLQUHFKW XQ]XYHUOlVVLJHU9HUEQGHWHUVHLQGHUVLFKHUOLFKDXFKGLH0|JOLFKNHLWHLQHV9HUUDWVLQ(UZlJXQJ]RJ ZHQQQXUGDV5LVLNRQLFKW]XJURZDU3DVWRUXQGVHLQ%HJOHLWHUVDHQYRU%UDNDXIGHUYRUGHUHQ 6LW]EDQNGHU)DKUHUNDELQH 'LH%HUDWXQJKDWWHPHKUDOVHLQHKDOEH1DFKWLQ$QVSUXFKJHQRPPHQ'LH%XUDQJLZDUHQVFKOLHOLFK DEJH]RJHQQDFKGHP%UDNLKQHQJHVDJWKDWWHZRVHLQ)OH[XQGVHLQ3URYLDQWEHXWHO]XILQGHQZDUHQ 'HU*OHLWHUKDWWHGDV+RFKODQGYRU]ZDQ]LJ0LQXWHQKLQWHUVLFKJHODVVHQ%UDNHUNDQQWHZDUXPGLH %XUDQJLGHQ$EVWLHJQDFK%HOHQGDKLQDEÄGLH7UHSSH³QDQQWHQ'DV*HOlQGHVHQNWHVLFK WHUUDVVHQDUWLJZLHGDVNOHLQH%LOGGHV5HOLHIRUWHUVDXVZLHV-HGH7HUUDVVHQVWXIHKDWWHHLQH+|KHYRQ PHKUHUHQKXQGHUW0HWHUQ(VZDUHLQ7HUUDLQGDVHVGHQ%XUDQJLQLFKWOHLFKWPDFKHQZUGH XQEHPHUNWELV]XU*UHQ]HGHV7LHIODQGVYRU]XVWRHQ'LH7HUUDVVHQZXUGHQZHLWHUMHQlKHUVLH
%HOHQGDNDPHQ'LHXQWHUVWHPDEHUGUHLLJ.LORPHWHUYRQGHUHLQHQ)HOVZDQGLP1RUGRVWHQELV ]XUDQGHUHQLP6GZHVWHQ 'HU'UXFNDXVJOHLFKZDUVWHWLJXQGPDFKWH%UDNQLFKWYLHO]XVFKDIIHQ(UVSUWHHLQZHQLJ0GLJNHLW GDVZDUDOOHV$EHUHUPHUNWHGD3DVWRULPPHUXQUXKLJHUZXUGHMHZHLWHUVLHYRUGUDQJHQ6LH QlKHUWHQVLFKGHU=RQHDXIGLHGLH3DWURXLOOHQGHU2UJDQLVDWLRQLKUH$XIPHUNVDPNHLWNRQ]HQWULHUWHQ Ä:HQGHQGLH3DWURXLOOHQHLQHEHVWLPPWH6XFKWHFKQLNDQRGHUIOLHJHQVLHDXIV*HUDWHZRKOGXUFKGLH *HJHQG"³IUDJWH%UDN Ä6LHYHUZHQGHQHLQH.RPELQDWLRQYRQEHLGHP³DQWZRUWHWH3DVWRURKQHGHQ%OLFNYRP2UWHUVFKLUP ]XQHKPHQÄ'LH0HKU]DKOGHU3DWURXLOOHQEHZHJHQVLFKQDFKHLQHPEHVWLPPWHQ0XVWHUGDVMHGH 6WXQGHZHFKVHOW$EHUGD]ZLVFKHQZHUGHQLPPHUZLHGHUZDKOORV6XFKIDKU]HXJHORVJHVFKLFNW³ Ä,KUNHQQWZHQLJVWHQVGLHVWQGOLFKHQ0XVWHU"³ Ä1XUGLHGLHIUXQVLQWHUHVVDQWVLQG8PGLHVH=HLWKDWVLFKQRFKNHLQHUYRQXQVKLHUKHUJHZDJW³ Ä'LHXPVLFKWLJVWHQ3ODQHUVHLGLKURIIHQEDUQLFKW³VDJWH%UDNPLWOHLVHP6SRWWÄ6RQVWKlWWHWLKUHXFK JHJHQ(YHQWXDOLWlWHQJHVLFKHUW(VNDQQLPPHUHLQPDOYRUNRPPHQGDHLQ)DKU]HXJYHUVDJW³ Ä(VJlEHNHLQHQHQQHQVZHUWH*HIDKU³NQXUUWH3DVWRUÄZHQQGXXQVQLFKWLQGLH4XHUHJHNRPPHQZl UHVW³ Ä7MD³PDFKWH%UDNÄGDVLVWQXQPDOGHU/DXIGHU:HOW³ Ä9RUVLFKW³]LVFKWH3DVWRU (LQJHOEHU/HXFKWIOHFNZDUDPUHFKWHQREHUHQ5DQGGHV2UWHUELOGHVDXIJHWDXFKW(UEHZHJWHVLFK ]XQlFKVWPLWGHUVHOEHQ*HVFKZLQGLJNHLWZLHGDVXPJHEHQGH*HOlQGHZDVEHGHXWHWHGDHURKQH )DKUWDQ2UWXQG6WHOOHVFKZHEWH1DFKHWOLFKHQ6HNXQGHQMHGRFKEHJDQQHU]XEHVFKOHXQLJHQXQG QlKHUWHVLFKGHP=HQWUXPGHU%LOGIOlFKH*OHLFK]HLWLJVSUDFKGHU5DGLRNRPLQ3DVWRUV*OHLWHUDQ Ä6WDDWVSROL]HL3DWURXLOOHYLHU]HKQ*HEHQ6LHVLFK]XHUNHQQHQ³ 3DVWRUJULIIQDFKGHP0LNURSKRQ6HLQH+DQG]LWWHUWH Ä3ULYDWIDKU]HXJ(LJQHU3XOVDWWL³ Ä6LHEHILQGHQVLFKLQHLQHP6SHUUJHELHW:DVKDEHQ6LHKLHUYHUORUHQ"³ Ä,FKKDEHPLFKYHULUUW³ Ä/DQGHQ6LHVRIRUW³$QGHU6WLPPHGHV6SUHFKHUVZDUQLFKW]XHUNHQQHQREHU3DVWRUV$XVIOXFKW *ODXEHQVFKHQNWHRGHUQLFKWÄ:DUWHQ6LHXQVHUH$QNXQIWDE³ 3DVWRUVFKDOWHWHGHQ5DGLRNRPDXVXQGPDFKWH$QVWDOWHQGHQ*OHLWHU]X%RGHQ]XEULQJHQ Ä:DUXPYHUVXFKVWGXQLFKW]XHQWNRPPHQ"³IUDJWH%UDN Ä%LVLFKGLHQlFKVWH7HUUDVVHKLQWHUPLUKlWWHZlUHPLUGLHJDQ]H6WDDWVSROL]HLDXIGHQ)HUVHQ³lFK]WH 3DVWRUÄ'LH.HUOHVLQGVFKOLHOLFKQLFKWDXIGHQ.RSIJHIDOOHQ³ Ä:DVZlUHGHU8QWHUVFKLHG"0HKUDOVGLFKIHVWQHKPHQN|QQHQVLHQLFKW³ 3DVWRUDQWZRUWHWHQLFKW(UZDUPLWGHU/DQGXQJGHV*OHLWHUVEHVFKlIWLJW%UDNPXVWHUWHGDV2UWHUELOG 'DV)DKU]HXJGHU3DWURXLOOHQlKHUWHVLFKPLWEHGHXWHQGHU*HVFKZLQGLJNHLW'LH/HXWHQDKPHQLKUH $XIJDEHHUQVW(UPXVWHUWHGDV*HOlQGH'HU%RGHQGHU7HUUDVVHZDUYROOHU8QHEHQKHLWHQ5|WOLFK JHIlUEWH)OlFKHQDXIGHP%LOGVFKLUPGHXWHWHQGLFKWH9HJHWDWLRQDQ(UKDWWHHLQH,GHH(LQ3ODQ HQWVWDQGLQVHLQHP*HKLUQ:HQQHULKQGXUFKIKUHQNRQQWHVFKOXJHU]ZHL)OLHJHQPLWHLQHU.ODSSH Ä:LHYLHO/HXWHLQHLQHU3DWURXLOOH"³IUDJWHHUKDVWLJ Ä=ZHL³VDJWH3DVWRUV%HJOHLWHU Ä*LEPLUHLQH:DIIH³ 3DVWRUIXKUKHUXP Ä'XELVWYHUUFNW:DVKDVWGXYRU"³ Ä.HLQH=HLW]XUHGHQ(LQH:DIIHORV³ 3DVWRUJULIILQHLQ)DFKXQWHUGHP$UPDWXUHQEUHWWXQGEUDFKWHHLQHQNXU]OlXILJHQ6FKRFNHU]XP9RU VFKHLQ=|JHUQGUHLFKWHHULKQ%UDN Ä0DFKNHLQHQ8QVLQQ³ZDUQWHHUÄ:HQQVLHVLFKXQVHUH/DGXQJDQVHKHQVWHFNHQZLUELV]XP+DOV LP'UHFN'XEUDXFKVWGLH/DJHQLFKWQRFK]XYHUVFKOLPPHUQ³ Ä0DFKGDVOLQNH/XNDXI³EHIDKO%UDN 3DVWRUJHKRUFKWH%UDN]ZlQJWHVLFKDQVHLQHP6LW]YRUEHLXQGOLHVLFKGXUFKGLHgIIQXQJ KLQDXVIDOOHQ(UUROOWHHLQSDDU6FKULWWHZHLWELVLQGLH'HFNXQJHLQHV*HEVFKV(UEHU]HXJWHVLFK YRQGHU6FKXEHUHLWVFKDIWGHU:DIIHGDQQZDUWHWHHU ,P1DFKWKLPPHOIODPPWHHVDXI=ZHL6FKHLQZHUIHUIDWHQQDFK3DVWRUV*OHLWHUNHLQH6HNXQGH]X IUKGHQQ3DVWRUKDWWHHEHQGDV/XNHUVWZLHGHUJHVFKORVVHQ'DV3DWURXLOOHQIDKU]HXJQlKHUWHVLFKPLW
OHLVHP6XPPHQ(WZD]HKQ0HWHUYRQGHP*OHLWHUGHV6FKZDU]KlQGOHUVHQWIHUQWJLQJHV]X%RGHQ(V NQDFNVWHXQGSUDVVHOWHLP8QWHUKRO]DOVGLHVFKZHUHQ.XIHQ+DOWIDQGHQ%UDNKDVWHWHLP6FKXW] HLQHU5HLKHYRQ%VFKHQDXIGDV)DKU]HXJ]X(UZDUQXUQRFKHLQSDDU0HWHUHQWIHUQWDOVVLFKGDV /XNDXIGHU6HLWHGHV.RSLORWHQ|IIQHWH Ä+DOWGHQ)LQJHUDXIGHP$ODUPNQRSI³K|UWHHUMHPDQGVDJHQÄ6REDOGGXGLHJHULQJVWH 8QUHJHOPlLJNHLWEHPHUNVWGUFNVWGX]X.HLQ5LVLNRK|UVWGX"³ 8QYHUVWlQGOLFKHV*HPXUPHODQWZRUWHWH'HU0DQQVSUDQJKHUDEXQGJLQJDQGHU/LFKWEDKQGHU 6FKHLQZHUIHUHQWODQJDXI3DVWRUV*OHLWHU]X/DQJLRQ%UDNNURFKYRUVLFKWLJDXVGHU'HFNXQJKHUYRU (UKWHWHVLFKLQV+HOOH]XEOLFNHQ'HU8PVWDQGGDVHLQH$XJHQDQGLH'XQNHOKHLWJHZ|KQWZDUHQ VWHOOWHHLQHQXQVFKlW]EDUHQ9RUWHLOGDU'HU0DQQLP,QQHUQGHV)DKU]HXJVNRQ]HQWULHUWHVHLQH $XIPHUNVDPNHLWDXIGLH6]HQHGLHHULP6FKHLQZHUIHUOLFKWYRUVLFKVDK(UZDUJHEOHQGHWXQGNRQQWH QLFKWVHKHQZDVVHLWZlUWVYRQLKPYRUJLQJ 6HLQ%HJOHLWHUKDWWHLQ]ZLVFKHQGDV)DKU]HXJGHV6FKZDU]KlQGOHUVHUUHLFKW Ä.RPPW UDXVLKU]ZHL³K|UWHPDQLKQUXIHQÄ'LH+lQGHKEVFKEHUGHP.RSI³ %UDNNDXHUWHXQWHUKDOEGHVRIIHQHQ/XNV(UVDKGHQ8PULGHV0DQQHVKLQWHUGHP6WHXHU$OVHUVLFK DXIULFKWHWHYHUXUVDFKWHHUHLQOHLVHV5DVFKHOQ'HU%OLFNGHV0DQQHVZDQGWHVLFKPLWUDXLVFK VHLWZlUWV(UVDKQLFKWV$XHUKDOEGHV/LFKWNHJHOVZDUGLH:HOWIULKQYRQXQGXUFKGULQJOLFKHU 6FKZlU]H Ä/RVVFKQHOOHU³KDOOWHHVYRQ3DVWRUV*OHLWHUKHU 'HU0DQQLP,QQHUQGHV3DWURXLOOHQIDKU]HXJVKDWWHGLH+DQGDXIGHPREHUHQ5DQGGHU .RQWUROONRQVROHOLHJHQ'RUWEHIDQGVLFKGHU$ODUPNQRSIDXIGHPHUGHQ)LQJHUKDOWHQVROOWH'HU PHQVFKOLFKH.|USHUUHDJLHUWHDXIHLQHQ6FKRFNWUHIIHUQLFKWVHOWHQPLWHLQHP9HUNUDPSIHQGHU 0XVNHOQ(VZDUGHQNEDUGDGHU0DQQGHQ.QRSIQRFKEHWlWLJWHREZRKOHUVFKRQEHZXWORVZDU Ä+H³VDJWH/DQJLRQ%UDNKDOEODXW 'HU0DQQIXKUKHUXP'LH+DQGJOLWWYRQGHU.RQVROHKHUDE'HU6FKRFNHUVXPPWHKHOOXQG GXUFKGULQJHQGDEHUQXUHLQH=HKQWHOVHNXQGHODQJ'HU0DQQJDEHLQHQVW|KQHQGHQ/DXWYRQVLFKXQG VDFNWHLQVLFK]XVDPPHQ%UDNNOHWWHUWHLQGLH.DELQHXQGVFKREGHQ%HZXWORVHQDXVGHP6LW]GHV 3LORWHQ(USUIWHGLH.RQWUROOHQGHV)DKU]HXJVXQGVDKGDVLHLKPNHLQH6FKZLHULJNHLWHQEHUHLWHQ ZUGHQ(UQDKPHLQH5HLKHYRQ6FKDOWXQJHQYRUVRGDHUQXUQRFKHLQHQ+DXSWVFKDOWHU]XGUFNHQ EUDXFKWHXPGDV7ULHEZHUN]XDNWLYLHUHQ'DQQIXKUHUGDV/XNDXIGHU%DFNERUGVHLWHLQGLH+|KH VWUHFNWHGHQ.RSIKLQDXVXQGVFKULH Ä9RUVLFKW+LQWHUGLU³ 'UEHQZDUHQ3DVWRUXQGVHLQ%HJOHLWHULQ]ZLVFKHQDXVJHVWLHJHQ'HU6WDDWVSROL]LVWKLHOWVLHPLW HLQHP%ODVWHULQ6FKDFK$XI%UDNV:DUQVFKUHLKLQIXKUHUKHUXP,PVHOEHQ$XJHQEOLFNVWDUWHWH %UDN'HU*OHLWHUVFKRLQGLH+|KHXQGDXIGHQ3ROL]LVWHQ]XHVVDKVRDXVDOVZROOHHULKP]X+LOIH NRPPHQ %UDNEHXJWHVLFKLQ5LFKWXQJGHVRIIHQHQ/XNV'HU3ROL]LVWNDPLKPHQWJHJHQJHODXIHQ$OVHULP 9LHUHFNGHU/XN|IIQXQJHUVFKLHQGUFNWH%UDNDE'HU0DQQEUDFK]XVDPPHQDOVKDEHLKQGHU%OLW] JHIlOOW %UDNVHW]WHGDV)DKU]HXJ]X%RGHQXQGNOHWWHUWHKLQDXV(UKDWWHHLQHQGHUEHLGHQ6FKHLQZHUIHU DEJHVFKDOWHWXQGGHQDQGHUHQDXIHLQ=HKQWHOGHU/HLVWXQJJHWULPPW3DVWRUXQGVHLQ%HJOHLWHUGLH +lQGHLPPHUQRFKHUKREHQVWDQGHQYRULKUHP*OHLWHUXQGEOLQ]HOWHQYHUGXW]WLQV+DOEGXQNHO Ä5KUWHXFK³VDJWH%UDNVS|WWLVFK'DQQVFKULWWHUXPGDVHUEHXWHWH)DKU]HXJKHUXPLQVSL]LHUWHKLHU XQGGDHLQH(LQ]HOKHLWGHU.DURVVHULHXQGNDPVFKOLHOLFKDXIGHUlQGHUQ6HLWHZLHGHU]XP9RUVFKHLQ Ä:LHYLHOPHLQWLKUNDQQPDQIUHLQVROFKHV'LQJYHUODQJHQ"³ %HOHQGDHQWSXSSWHVLFKDOVHLQHUHODWLYPRGHUQH6WDGWPLWEUHLWHQIXQNJHVWHXHUWHQ6WUDHQHLQHU H[RWLVFKHQ$UFKLWHNWXUXQGYLHOHQDXVJHGHKQWHQ*UQIOlFKHQDXIGHQHQGLH9HJHWDWLRQGHVWURSLVFKHQ 7LHIODQGVZXFKHUWH'LH%HOHQGLZDUHQKHOOKlXWLJHUDOVLKUH9HWWHUQYRP+RFKODQGXQGDXFK VFKPlFKWLJHUJHEDXW(VODJDXIGHU+DQGGDVLFKDQGHU%HVLHGOXQJYRQ.DUVLV]ZHLYHUVFKLHGHQH 9RONVJUXSSHQEHWHLOLJWKDWWHQ'LH%HOHQGLZDUHQHEHQVRZLHGLH%XUDQJLQRPLQHOOVHOEVWlQGLJ$OV VLFKMHGRFKYRU-DKUHQGLH2UJDQLVDWLRQKLHUHLQQLVWHWHGDVFKXIVLHPLW,QWULJHQXQG%HVWH FKXQJVJHOGHUQGLH(LQULFKWXQJGHU6WDDWVSROL]HL'LH6WDDWVSROL]HLZXUGHVRHUNOlUWH3DVWRUQDKH]X DXVVFKOLHOLFKDXV0LWJOLHGHUQGHU2UJDQLVDWLRQJHELOGHWXQGGDGLHRIIL]LHOOH5HJLHUXQJNHLQHQ (QWVFKOX]XWUHIIHQZDJWHRKQHVLFK]XYRUGHV(LQYHUVWlQGQLVVHVGHU3ROL]HLYHUVLFKHUW]XKDEHQODJ GLHZDKUH0DFKWLPWURSLVFKHQ7LHIODQGLQGHQ+lQGHQGHU)KUHUGHU2UJDQLVDWLRQ 3DVWRUKDWWH/DQJLRQ%UDNLQHLQHPGHUYLHOHQ4XDUWLHUHXQWHUJHEUDFKWGLHLKP]XU9HUIJXQJ
VWDQGHQ(VJLQJ%UDNGDUXPVLFKXQDEKlQJLJXQGXQEHREDFKWHWEHZHJHQ]XN|QQHQGHQQHLQLJHYRQ GHQ'LQJHQGLHHURKQHODQJHV=|JHUQ]XHUOHGLJHQKDWWHVWDQGHQLQGLUHNWHP:LGHUVSUXFK]XVHLQHU %HKDXSWXQJKLQWHULKPVWHKHHLQHPlFKWLJH2UJDQLVDWLRQGLHEHUDOOH(UHLJQLVVHDXI.DUVLV LQIRUPLHUWZDUXQGQXUDXIVHLQHQ:LQNZDUWHWH(UKDWWH3DVWRUJHJHQEHUDXIGLHVH:HLVH DXIWUXPSIHQPVVHQXPGHQ6FKZDU]KlQGOHUEHLGHU6WDQJH]XKDOWHQ,Q:LUNOLFKNHLWZDUVHLQH YRUGULQJOLFKVWH$XIJDEHGLH62/()7EHUKDXSWHUVWHLQPDOEHUVHLQHQ9HUEOHLELQ.HQQWQLV]X VHW]HQ 'LHEHLGHQ*HIDQJHQHQZDUHQQDFKHLQJHKHQGHU%HKDQGOXQJPLWHLQHUJHGlFKWQLVO|VFKHQGHQ'URJH ZLHGHUIUHLJHODVVHQZRUGHQ)UGHQ*OHLWHUKDWWH%UDNYRQ3DVWRUGHQ|UWOLFKHQ*HJHQZHUWYRQ 6RODUHUKDOWHQK|FKVWHQVHLQ9LHUWHOGHVVHQZDVGDV)DKU]HXJZLUNOLFKZHUWZDU$EHUGHU*OHLWHU ZDUKHLH:DUH'HUQHXH%HVLW]HUZUGHHLQHHUKHEOLFKH6XPPHDXIZHQGHQPVVHQXPGDV )DKU]HXJVRKHU]XULFKWHQGDHVGLH6WDDWVSROL]HLQLFKWPHKUDOVGDVLKUHHUNDQQWH'HUQLHGULJH3UHLV ZDUYHUVWlQGOLFKXQGKLQ]XNDPGDV3DVWRUVLFKHLQHQ7HLOGHV3URILWVYHUPXWOLFKVHOEHUXQWHUGHQ 1DJHOJHULVVHQKDWWH %UDNV8QWHUNXQIWEHIDQGVLFKLQHLQHPNOHLQHQ+DXVGDVLQPLWWHQHLQHVDXVJHGHKQWHQ*DUWHQVODJ(U KDWWHGDUDXIEHVWDQGHQGDPDQLKPHLQ)XQNJHUlWDXVKlQGLJWHGDVHVLKPHUP|JOLFKWHVLFKPLW .DVHQJLLQ9HUELQGXQJ]XVHW]HQ'DUEHUKLQDXVZDUGDV+DXVPLWGHQEOLFKHQ,QVWUXPHQWHQGHU PRGHUQHQ:RKQWHFKQLNDXVJHVWDWWHW6RYHUIJWHHV]XP%HLVSLHOEHUHLQHQ5HFKQHUDQVFKOXPLW %LOGJHUlWEHUGHQ%UDNVLFK=XJULII]XYHUVFKLHGHQHQ|IIHQWOLFKHQ,QIRUPDWLRQVGLHQVWHQYHUVFKDIIHQ NRQQWH(UYHUEUDFKWHGLHHUVWHQ6WXQGHQVHLQHV$XIHQWKDOWVLQGHU6WDGWGDPLWVRYLHOZLHP|JOLFK EHU%HOHQGD]XHUIDKUHQ(UOHUQWHGDGDVWURSLVFKH7LHIODQGLQVJHVDPW(LQZRKQHUEHVD YRQGHQHQPHKUDOV3UR]HQWLQGHU6WDGWOHEWHQ'HPJHJHQEHUJDEHVQDFK.DVHQJLV6FKlW]XQJ HWZD%XUDQJL'LH6WDGWZDUPLWHLQHP.RRUGLQDWHQQHW]EHU]RJHQGDVMHGHQ3XQNWLQQHU KDOEGHV:HLFKELOGVPLWHLQHU6HFKVWHOOLJHQ+H[DGH]LPDONRRUGLQDWHEH]HLFKQHWH1DFKGLHVHQ .RRUGLQDWHQULFKWHWHVLFKGHU$XWRSLORWGHV*OHLWHUVGHU%UDNPLWVDPWGHP+DXV]XU9HUIJXQJ JHVWHOOWZRUGHQZDU(UHUNXQGLJWHVLFKQDFKGHU/DJHGHV+DXSWTXDUWLHUVGHU6WDDWVSROL]HLXQGQDFK .RPPXQLNDWLRQVGLHQVWHQGLHEHU+\SHUVHQGHUYHUIJWHQ'LHHQWVSUHFKHQGHQ.RRUGLQDWHQOLHHU VLFKEHUHLQHQ'UXFNHUDXVJHEHQ'DQQPDFKWHHUVLFKDXIGHQ:HJ 'LH*$/$&7(/EHIDQGVLFKLQGHU1lKHGHV5DXPKDIHQVXQGEUVWHWHVLFKLQHLQHUJUR DXIJHPDFKWHQ$Q]HLJHGLH%HVLW]HULQGHVVWlUNVWHQ+\SHUVHQGHUVLP8PNUHLVYRQPHKUHUHQKXQGHUW /LFKWMDKUHQ]XVHLQ 'LH3UHLVHZXUGHQDOV]LYLOJHVFKLOGHUWZDVYHUPXWOLFKGHQEOLFKHQ6DW]YRQ6RODUSUR0LQXWH $QVFKOX]HLWEHGHXWHWH'HU5DXPKDIHQ%HOHQGDHUVWUHFNWHVLFKZHVWOLFKGHV*$/$&7(/*HOlQGHV PLWVHLQHQWXUPKRKHQ$QWHQQHQ(VZDUHLQ+DIHQPLWWOHUHU*U|HZLHPDQHVDXIHLQHU:HOWZLH GLHVHUQLFKWDQGHUVHUZDUWHWKlWWH$EHUHVOLHVLFKGHXWOLFKHUNHQQHQGD$QODJHQDP6GUDQGGHU /DQGHIOlFKHHUVWYRUNXU]HU=HLWHUULFKWHWZRUGHQZDUHQ(VJDEGRUWHLQ6WFNDEJHVSHUUWHQ*HOlQGHV PLWHLQHP)OlFKHQLQKDOWYRQUXQG]HKQ4XDGUDWNLORPHWHUQ/DQJLRQ%UDN]ZHLIHOWHQLFKWGDGLH QHXHQ$QODJHQHEHQVRZLHGLHJHVSHUUWH)OlFKHGHU2UJDQLVDWLRQYRUEHKDOWHQZDUHQ:lKUHQGHUVLFK GHQ*HElXGHQGHU*$/$&7(/QlKHUWHVHW]WHDXVGHPZRONLJHQ+LPPHOKHUDEHLQNXJHOI|UPLJHV 5DXPVFKLII]XU/DQGXQJLQQHUKDOEGHVDEJHVSHUUWHQ*HOlQGHVDQ'DV)DKU]HXJZDUWHUUDQLVFKHU +HUNXQIWXQGEHVDGLHEOLFKH.XJHOIRUPPLWHLQHP'XUFKPHVVHUYRQ0HWHUQ(LQHKHPDOLJHU 6FKZHUHU.UHX]HURGHUHLQ6FKLIIGDVQDFKHQWVSUHFKHQGHQ3OlQHQJHEDXWZRUGHQZDU%UDNSILII KDOEODXWGXUFKGLH=lKQH'HU0HWDWKHQ+DQGHOPXWHHLQ+HLGHQJHOGHLQEULQJHQZHQQVLFKGLH 2UJDQLVDWLRQVROFKH)DKU]HXJHOHLVWHQNRQQWH (USDUNWHVHLQHQ*OHLWHULQHLQHUREHULUGLVFKHQ*DUDJHEHJDEVLFKLQV+DXSWJHElXGHXQGWUXJDQ HLQHP,QIRUPDWLRQVVFKDOWHUVHLQ$QOLHJHQYRU'HU5RERWEHUHFKQHWHLKP6RODUIUHLQ GUHLPLQWLJHV*HVSUlFKXQGZLHVLKQLQHLQHJHUlXPLJH6SUHFK]HOOH%UDNVDKVLFKGDULQXP'LH=HOOH ZDUDXIGLHEOLFKH:HLVHPLW(QHUJLHULQJ0LNURSKRQHLQHP:lKOJHUlWXQGYHUVFKLHGHQHQ 0HJHUlWHQDXVJHVWDWWHW'LH.RQWUROOPHFKDQLVPHQEHIDQGHQVLFKLQHLQHPVFKUDQNlKQOLFKHQ 0HWDOOEHKlOWQLV$QGHQ:lQGHQZDUHQZRUWUHLFKH+LQZHLVHDQJHEUDFKWGLHGHQ.XQGHQEHOHKUWHQ ZLHHUGLH0DVFKLQHULH]XEHGLHQHQKDWWH1LFKWGDHVOHLFKWJHZHVHQZlUHHLQHQ)HKOHU]XPDFKHQ 6lPWOLFKHNULWLVFKHQ)XQNWLRQHQZDUHQDXWRPDWLVLHUW'HU.XQGHKDWWHZHLWHUQLFKWV]XWXQDOVGHQ JHZQVFKWHQ$QVFKOX]XZlKOHQXQG]XVSUHFKHQVREDOGHUGDV$QWZRUW]HLFKHQHUKLHOW(LQH %LOGEHUWUDJXQJZDUQLFKWYRUJHVHKHQ /DQJLRQ%UDNOLHVLFKYRUGHP6FKDOWWLVFKQLHGHUXQG]RJGDVIUHLVFKZHEHQGH0LNURSKRQ]XVLFK KHUDQ$XIGHQ6NDOHQGHU0HLQVWUXPHQWHVFKOXJHQHLQSDDU/LFKW]HLJHUDXVDOVGDV$JJUHJDW
/HLVWXQJDXI]XQHKPHQEHJDQQ9RUVLFKWLJWLSSWH%UDNGLHHUVWHQGUHL=HLFKHQGHV$QVFKOXNRGHVLQ GLH7DVWDWXUXQGDOVEHLPGULWWHQ7DVWHQGUXFNGLH=HLJHUVLFKDEHUPDOVEHZHJWHQGDZXWHHUGDHU HLQHQ=XK|UHUKDWWH 2KQH=|JHUQVFKREHUGDV0LNURSKRQLQVHLQH$XVJDQJVVWHOOXQJ]XUFN'LH/HLVWXQJV]XIXKU]XP $JJUHJDWZXUGHGDGXUFKDXWRPDWLVFKXQWHUEURFKHQ(UEUDXFKWHHLQH0LQXWHXPGLH7UGHV 0HWDOOVFKUDQNV]X|IIQHQ6HLQH.HQQWQLVGHU+\SHUIXQNWHFKQLNZDUXPIDVVHQG(UZXWHJHQDX ZHOFKH*HUlWHLQGLHVHQ.DVWHQJHK|UWHQXQGZHOFKHQLFKW(UIDQGGLH=ZHLJOHLWXQJRKQH0KH6LH ZDUQDFKWUlJOLFKDQJHEUDFKWHUVWYRUNXU]HU=HLWZLHHVVFKLHQXQGIKUWHYHUPXWOLFK]XHLQHP $XI]HLFKQXQJVJHUlWDXIGHPGLHLQGLHVHU.DELQHJHIKUWHQ*HVSUlFKHZLHGHUDEJHVSLHOWZHUGHQ NRQQWHQ /DQJLRQ%UDNNHKUWH]XP,QIRUPDWLRQVVFKDOWHU]XUFN'HQ6FKUDQNKDWWHHURIIHQVWHKHQODVVHQ Ä'DV*HVSUlFKNDPQLFKW]XVWDQGH³VDJWHHUÄ,FKELWWHXP5FNHUVWDWWXQJGHU*HEKU³ Ä6LHZDUHQHOI6HNXQGHQODQJDQJHVFKDOWHW³ZLGHUVSUDFKGHU5RERWPLWGXUFKDXVPHQVFKOLFK NOLQJHQGHU6WLPPHÄ8QVHU0LQGHVWVDW]ODXWHWDXIGUHL0LQXWHQ$QVFKDOW]HLW³ Ä$QVFKOX]HLW³SURWHVWLHUWH%UDNÄ,FKNDPQLFKWHLQPDOGD]XPHLQHQ5XINRGH]X(QGH]XZlKOHQ ,FKEHVWHKHDXI5FNHUVWDWWXQJ³ Ä,FKELWWHXPHLQHQ$XJHQEOLFN*HGXOG³VDJWHGHU5RERW 6HNXQGHQVSlWHUPHOGHWHHUVLFKZLHGHU]X:RUW Ä'HUGLHQVWKDEHQGH,QJHQLHXULVWJHUQHEHUHLW,KUH.ODJH]XK|UHQ³HUNOlUWHHUÄ%LWWHEHPKHQ6LH VLFKLQGHQ*DQJGRUW]XU5HFKWHQHUVWH7UOLQNV³ /DQJLRQ%UDNIROJWHGHU$XIIRUGHUXQJ%HYRUHUGHQ.RUULGRUEHWUDWVDKHUVLFKXP'LH+DOOHZDU OHHU(VJDEDXI.DUVLVRIIHQEDUQLFKWYLHO/HXWHGLHGULQJHQG+\SHUNRPJHVSUlFKH]XIKUHQ EUDXFKWHQ'LH7UKLQWHUGHUGHUGLHQVWKDEHQGH,QJHQLHXUUHVLGLHUWH|IIQHWHVLFKVHOEVWWlWLJ%UDNWUDW HLQ,QGHPNOHLQHQ5DXPEHIDQGHQVLFK]ZHL0lQQHU(LQHUYRQLKQHQVWDQGVHLWZlUWVGHU7UXQG KDWWHVLFKELVYRUNXU]HPRIIHQEDUPLWGHP,QJHQLHXUXQWHUKDOWHQGHUKLQWHUVHLQHP6FKUHLEWLVFKVD 'HU,QJHQLHXUZDU6FKHNHOGHUHKHPDOLJH2EHUVWHGHU*HIDQJHQHQ 'LHhEHUUDVFKXQJZDUEHLGHUVHLWLJ'LHVZDUNHLQH)DOOHHUNDQQWH/DQJLRQ%UDNEOLW]VFKQHOO6FKHNHO KDWWHLKQQLFKWHUZDUWHW'HU6WLHUQDFNLJHVFKREVLFKODQJVDPDXVVHLQHP6HVVHOLQGLH+|KH(LQ KlOLFKHV*ULQVHQHUVFKLHQDXIVHLQHPEUHLWHQ*HVLFKW Ä6LHKPDODQZHQKDEHQZLUGHQQGD"³VDJWHHU 'HU]ZHLWH0DQQVDKYHUGXW]WGUHLQ%UDNSDFNWHLKQDP$UPXQGULLKQ]XVLFKKHUDQ6FKHNHO PLGHXWHWHGHQ9RUJDQJ Ä+DOWLKQIHVW³VFKULHHUÄ/DLKQQLFKWORV³ %UDNJULIIGHP9HUGXW]WHQXQWHUGLH$FKVHOQ(UVWHPPWHLKQLQGLH+|KHXQGVFKOHXGHUWHLKQEHU GHQ6FKUHLEWLVFKLQ6FKHNHOV5LFKWXQJ6FKHNHOJDEHLQHQJUXQ]HQGHQ/DXWYRQVLFKXQGZXUGH XQZLGHUVWHKOLFK]XUFNLQVHLQHQ6HVVHOJHSUHW0LW]ZHLUDVFKHQ6FKULWWHQZDU%UDNGXUFKGLH7U KLQDXV'LH+DOOHZDUQRFKLPPHUOHHU$EHUZHUVDJWHLKPGDGHU$XVJDQJQLFKWDXWRPDWLVFK YHUULHJHOWZRUGHQZDU"(UEHVDNHLQH:DIIH:HQQVHLQ9HUGDFKW]XWUDIGDQQZDUHUKLOIORV JHIDQJHQ +LQWHULKPSROWHUWHHV6FKHNHOVWLHHLQHQZWHQGHQ)OXFKDXVXQGNDPGXUFKGLH7U|IIQXQJ JHVFKRVVHQ(UZDUEOLQGYRU=RUQ%UDNVFKREGDV%HLQQDFKYRUQH6FKHNHOYHUORUGHQ+DOWXQG VWU]WH]X%RGHQ%HYRUHUVLFKZLHGHUDXIULFKWHQNRQQWHVDLKP%UDNLP1DFNHQ'LH+DQGIDQG GHQNOHLQHQ6WUDKOHUGHQGHU,QJHQLHXULP*UWHOWUXJ%UDNVWDQGDXIXQGWUDW]XUFN Ä$XIGLH%HLQH³KHUUVFKWHHU6FKHNHODQ 'LH$XJHQGHV6WLHUQDFNLJHQIXQNHOWHQWFNLVFK%UDNVSlKWHGXUFKGLHRIIHQH7U6FKHNHOV%HJOHLWHU ODJUHJORVDP%RGHQ(UKDWWHGHQ5FNHQIUHLZHQLJVWHQVYRUHUVW Ä=XP$XVJDQJ³EHIDKOHU6FKHNHO 9RUGHP*ODVVLW3RUWDOEOLHE6FKHNHOVWHKHQ ÄgIIQH³ (LQPUULVFKHV.RSIVFKWWHOQÄ*HKWQLFKW,FKKDEHGLH7UKHUPHWLVFKYHUULHJHOW³.DXP XQWHUGUFNWHU7ULXPSKVFKZDQJLQGHUJHKlVVLJHQ6WLPPHÄ(VEOHLEWGLUQLFKWVDQGHUHVEULJDOVKLHU ]XZDUWHQELV³
'HU6WUDKOHUHQWOXGVLFKPLWNQDOOHQGHP)DXFKHQ6FKHNHOVSUDQJXQZLOONUOLFKEHLVHLWH(LQ1HW]YRQ /LQLHQEUHLWHWHVLFKZLHHLQ6SLQQHQZHEEHUGLH*ODVVLWIOlFKHDXV'LHWUDQVSDUHQWH0DVVHEHJDQQ]X JOKHQXQGOHXFKWHQGHTXDOPHQGH%DKQHQIOVVLJHU6XEVWDQ]UDQQHQEHUGDV3RUWDOKHUDE,P +LQWHUJUXQGKHXOWHQ6LUHQHQ%UDNZXWHGDHUQLFKWPHKUYLHO=HLWKDWWH$OVGLHgIIQXQJJUR JHQXJZDUSDFNWHHU6FKHNHOGHUYRU6FKUHFNQLFKWPHKUDXVQRFKHLQZXWHXQGVFKRELKQKLQDXV LQV)UHLH'LHJOKHQGHQ5lQGHUGHV*ODVVLWVYHUVHQJWHQLKPGLH.OHLGXQJXQGGDV+DDU(U VFKULHYRU$QJVWXQG6FKPHU]DEHU%UDNWULHELKQXQHUELWWOLFKYRUVLFKKHUELVHUVHLQ)DKU]HXJ HUUHLFKWH Ä/DXI³KHUUVFKWHHUGHQ6WLHUQDFNLJHQDQ 6FKHNHOJHKRUFKWHRKQHVLFKQRFKHLQHLQ]LJHV0DOXP]XVHKHQ(UUDQQWHGDYRQVRVFKQHOOLKQGLH %HLQHWUXJHQDXIGDVTXDOPHQGH3RUWDO]X%LQQHQ6HNXQGHQKDWWH/DQJLRQ%UDNGHQ*OHLWHULQ*DQJ JHEUDFKW'DVVFKODQNHNOHLQH)DKU]HXJVFKRVWHLOLQGLH+|KHXQGZDUNXU]GDUDXILP 9HUNHKUVJHZLPPHODPZHVWOLFKHQ6WDGWUDQGYHUVFKZXQGHQ 'LH/DJHHUNDQQWH%UDNZDUDOOHVDQGHUHDOVURVLJ6FKHNHOZDUDXVGHP+RFKODQGHQWNRPPHQ'DV NRQQWHQXUEHGHXWHQGDHLQHUGHU0LWJOLHGHUGHV6HQDWVGHU%XUDQJLPLWGHQ0HWDWKHQ+lQGOHUQ JHPHLQVDPH6DFKHPDFKWHGHQQ6FKHNHOZDUDQJHEOLFKVLFKHUYHUZDKUWJHZHVHQ%UDNV:DKOILHODXI 9DUHQQHGHQNOHLQHQGUDKWLJHQ0DQQGHQHUQXUHLQHLQ]LJHV0DO]XVHKHQEHNRPPHQKDWWHXQGGHQ HUYHUGlFKWLJWHVHLWHUYRQ7UHORIIV6FKOlJHUQYHUSUJHOWZRUGHQZDUZHLOHUGLH%XUDQJLYRU7UHORII JHZDUQWKDWWH(UNRQQWHVLFKWlXVFKHQ(LQ9HUGDFKWDOOHLQEHVDJWHQLFKWV(VPRFKWHHLQDQGHUHU XQWHU0XUXQGDVVHFKV0LWKHUUVFKHUQVHLQGHUVHLQHQ9RUWHLODXIGHU6HLWHGHU'URJHQVFKPXJJOHUVDK $EHUHVZDUQLFKWGLH,GHQWLWlWGHV9HUUlWHUVGLHLKP6RUJHEHUHLWHWH(VPRFKWHLUJHQGMHPDQGVHLQ XQGGLH0|JOLFKNHLWEHVWDQGGDHUYRQ.DVHQJLV9RUKDEHQHUIDKUHQKDWWH'DQQDEHUZDUDOOHV YHUORUHQ:HQQGLH2UJDQLVDWLRQHUIXKUGD.DVHQJLPLWYLHUWDXVHQGVHLQHU]XYHUOlVVLJVWHQ.ULHJHU DXIGHP:HJQDFK%HOHQGDZDUGDQQZUGHHVLQ.U]H]XHLQHPJUDXVLJHQ0DVVDNHUNRPPHQIU GDVGLH6FKXOGQXUGHQWUHIIHQNRQQWHGHUGLHVHQ3ODQDXVJHKHFNWKDWWH/DQJLRQ%UDN 'LH2UJDQLVDWLRQZXWHGDHUVLFKLQ%HOHQGDDXIKLHOW'LH-DJGDXILKQEHJDQQVREDOGVLFK6FKHNHO YRQVHLQHPDQIlQJOLFKHQ6FKUHFNHUKROWKDWWH(VZUGHQLFKWODQJHGDXHUQELVPDQLP+DXSWTXDUWLHU GHU2UJDQLVDWLRQDXIGLH,GHHNDPHUN|QQHPLWHLQHPGHU6FKZDU]KlQGOHUJHPHLQVDPH6DFKH JHPDFKWKDEHQ(VJDEHLQUXQGHV'XW]HQGVROFKHU+lQGOHUDEHUGHUEHGHXWHQGVWHXQWHULKQHQZDU 3DVWRUXQGDXILKQZUGHGHUHUVWH9HUGDFKWIDOOHQ1RFKZlKUHQGGHU)DKUWZlKOWH%UDNHLQHQGHU 5XINRGHVGLH3DVWRULKPJHQDQQWKDWWH3DVWRUVHOEVWZDULP$XJHQEOLFNQLFKW]XHUUHLFKHQ%UDN NDQQWHGHQ0DQQQLFKWGHUGHQ$QUXIHQWJHJHQDKP(UYHU]LFKWHWHGDUDXIVHLQHQ1DPHQ]XQHQQHQ XQGKLQWHUOLHGLH/DJHVLHEUHQ]OLJGLH2UJDQLVDWLRQNHQQH]XPLQGHVWHLQHQ7HLOGHV3ODQHVXQG 3DVWRUVROOHELVDXIZHLWHUHVNHLQHQ9HUVXFKXQWHUQHKPHQYRQVLFKDXVPLWÄ.DVHQJLV)UHXQG³LQ 9HUELQGXQJ]XWUHWHQ'HVSV\FKRORJLVFKHQ(IIHNWVKDOEHUIKOWHHUVLFKYHUDQODWKLQ]X]XIJHQGD GLH*HIDKULQZHQLJHQ7DJHQYRUEHUVHLQZHUGHVREDOGQlPOLFKGLH9HUVWlUNXQJHQÄYRQDXHUKDOE³ HLQWUlIHQ%UDNNRQQWHQXUKRIIHQGD3DVWRUGLH1DFKULFKWUHFKW]HLWLJHUKLHOWXQGZXWHZLHHUVLFK LQHLQHUVROFKHQ/DJH]XYHUKDOWHQKDWWH 9RQMHW]WDQJDOWVHLQH6RUJHDXVVFKOLHOLFKGHUHLJHQHQ6LFKHUKHLW(UZDUEHU]HXJWGDGLH 2UJDQLVDWLRQYRQGHQ6FKZDU]KlQGOHUQXQGGHQJHKHLPHQ7lWLJNHLWHQGHU%XUDQJLZHLWDXVPHKU ZXWHDOVGLHVHDKQWHQ6LFKHUOLFKZDUHQLKU3DVWRUVVlPWOLFKH/LHJHQVFKDIWHQEHNDQQW'DV EHGHXWHWHGDHULQVHLQHU8QWHUNXQIWQLFKWPHKUVLFKHUZDU(UKDWWHK|FKVWHQV]ZHL6WXQGHQ=HLWDXV VHLQHU%OHLEH]XEHUJHQZDVLKPDPZLFKWLJVWHQZDUXQGVLFKHLQHQDQGHUHQ8QWHUVFKOXSI]XVXFKHQ (UZDUYRQGLHVHU6HNXQGHDQDXIVLFKVHOEVWJHVWHOOW'HQ.RQWDNWPLW3DVWRUPXWHHUYHUPHLGHQ VRODQJHHVP|JOLFKZDU (UQlKHUWHVLFKGHPNOHLQHQ+DXVPLW9RUVLFKWXQGIDQGDOOH6LFKHUKHLWVYRUNHKUXQJHQGLHHU KLQWHUODVVHQKDWWHXQYHUVHKUW'HU)HLQGZDULKPQRFKQLFKWDXIGHQ)HUVHQ(UUlXPWHDXVZDVHUIU Q|WLJKLHOWXQGOXGHVLQGHQ*OHLWHUYRUDOOHQ'LQJHQGHQ6HQGHUGHUVHLQHHLQ]LJH9HUELQGXQJPLW .DVHQJLGDUVWHOOWH(UZDU]XP$XIEUXFKEHUHLWQRFKEHYRUVHLWVHLQHP=XVDPPHQVWRPLW6FKHNHO HLQH6WXQGHYHUVWULFKHQZDU(UVSLHOWHHLQH=HLWODQJPLWGHP*HGDQNHQLUJHQGZRLQGHU1lKHLQ 'HFNXQJ]XJHKHQXQG]XEHREDFKWHQZLHODQJHGHU*HJQHUEUDXFKWHXPVHLQH6SXU]XILQGHQ 6FKOLHOLFKDEHUNDPLKPHLQHEHVVHUH,GHH(USUlSDULHUWHGHQ6WUDKOHUGHQHUYRQ6FKHNHOHUEHXWHW KDWWHXQGGHSRQLHUWHLKQDQHLQHU6WHOOHGLHGHU9HUIROJHUXQP|JOLFKXPJHKHQNRQQWHZHQQHUKLHU HLQGUDQJ'DQQPDFKWHHUVLFKDXIGHQ:HJ (UEUDXFKWH5XKHXPVHLQH/DJH]XEHUGHQNHQ'HUDOWH*OHLWHUQRFKYRUGHU,QYDVLRQGHU/DUHQ JHEDXWUXFNWHXQGVFKWWHOWHVLFKXQWHULKPZLHHLQVW|UULVFKHV3IHUGDEHUZHQLJVWHQVHQWKLHOWHUHLQH
%LOGVFKLUPNRQVROHPLWHLQHPGUDKWORVHQ$QVFKOXDQ|UWOLFKH5HFKQHUV\VWHPH'HU0DQQGHULKQ KDWWHDXIJHEHQPVVHQDOVHULKPGHQ/DXIGHV6FKRFNHUVJHJHQGLH6WLUQKLHOWZDUQLFKWVLFKHU JHZHVHQREGLHVHU+DQGHOLKPHLQHQ*HZLQQEULQJHQZUGHHLQPRGHUQHVDEHURIIHQEDUKHLHV )DKU]HXJJHJHQVHLQDOWHV9HKLNHOGDVHUPLWYLHO/LHEHDXVJHVWDWWHWKDWWH$EHUHVZDULKPNHLQH DQGHUH:DKOJHEOLHEHQ%UDNGHUVLFKLKPDXIHLQHPDEJHOHJHQHQYHUODVVHQHQ6FKURWWDEODGHSODW] QlKHUWHKDWWHYLHO0LWJHIKODEHUNHLQHUOHL1DFKJLHELJNHLWJH]HLJWXQGVFKOLHOLFKZDUGHU+DQGHO ]XVWDQGHJHNRPPHQ'LH2UJDQLVDWLRQZUGHJHOHJHQWOLFKGDYRQHUIDKUHQDEHUZHQQGDV*OFNGHP 7HUUDQHUJHQHLJWZDUNRQQWHQHLQSDDU7DJHGDUEHUYHUJHKHQ (VVWDQGDOOHVDXIGHP6SLHO'LH2UJDQLVDWLRQZXWHGDHUVLFKLQGHU6WDGWEHIDQG'LH 2UJDQLVDWLRQZXWHDXIJUXQGGHU9RUJlQJHDXI6ROYDLJKGDHUHLQPLWXQWHU]ZDUQDLYHUDEHULP JURHQXQGJDQ]HQHUQVW]XQHKPHQGHU*HJQHUZDU:HQQHVLP+RFKODQGZLUNOLFK9HUUlWHUJDEGDQQ ZXWHGLH2UJDQLVDWLRQDXFKGDYRQGD.DVHQJLVLFKPLWYLHUWDXVHQG.lPSIHUQGHU6WDGWQlKHUWH EHKXWVDPQLHPDOVPHKUDOVGUHL7HUUDVVHQVWXIHQDXIHLQPDOGDPLWVLFKGLH%XUDQJLDQGHQ 'UXFNXQWHUVFKLHGXQGGHQUHLFKHQ6DXHUVWRIIJHZ|KQWHQ $QGLHVHU6WHOOHEOLHEHQVHLQH*HGDQNHQKlQJHQ(UNRQQWHQLFKWVZHLWHUXQWHUQHKPHQVRODQJHHU QLFKWZXWHZLHHVXP.DVHQJLVWDQG(UVWHXHUWHGDVERFNHQGH)DKU]HXJLQGLFKWEHZDFKVHQHV *HOlQGHQ|UGOLFKGHV5DXPKDIHQVXQGQDKPGHQ6HQGHULQ%HWULHEQDFKGHPHUVLFKYHUJHZLVVHUW KDWWHGDHUYRQQLHPDQGEHREDFKWHWZXUGH .DVHQJLPHOGHWHVLFKVRIRUW Ä:LUVLQGDPHUVWHQ7DJIQI7HUUDVVHQZHLWYRUJHGUXQJHQ³HUNOlUWHHUVWRO]Ä8QVHUH/HXWH]HLJHQ NHLQH:LUNXQJ'HLQH7KHRULHLVWULFKWLJ(VJLEWNHLQHQ)OXFKGHUDXIXQVODVWHW³ Ä'DUXPJHKWHVQLFKWPHLQ)UHXQG³DQWZRUWHWH/DQJLRQ%UDNÄ:HUZHLGDYRQGDGXPLWYLHUWDX VHQG.ULHJHUQDXIJHEURFKHQELVW"³ Ä0XUXQGDXQGHLQSDDU9HUWUDXWHDXIGLHZLUXQVYHUODVVHQN|QQHQ³ Ä:LHYLHOH0LWJOLHGHUGHV6HQDWV"³ Ä=ZHL0XUXQGDXQGLFK³ /DQJLRQ%UDNZDUEHHLQGUXFNWDEHUGHU7RQIDOOLQGHPLKP.DVHQJL$XVNXQIWJDEPDFKWHLKQ VWXW]LJÄ+DEWLKU*UXQGGHP6HQDW]XPLWUDXHQ"³ Ä9DUHQQHHULQQHUVWGXGLFKDQ9DUHQQHGHQ.OHLQHQ'UDKWLJHQ"LVWVHLWNXU]HPYHUVFKZXQGHQ 8QGPLWLKPGHU*HIDQJHQH6FKHNHOGHPGXVREHOPLWVSLHOWHVW(UZDULQGHU1lKHGHVJHKHLPHQ *HIDQJHQHQODJHUVXQWHUJHEUDFKW:LUYHUPXWHQGD9DUHQQHVLFKLQ5LFKWXQJGHV7LHIODQGVDEJHVHW]W XQG6FKHNHOPLWVLFKJHQRPPHQKDW³ /DQJLRQ%UDNDQWZRUWHWHQLFKWVRIRUW(VWDWZRKO]XK|UHQGDVHLQH9HUEQGHWHQHEHQVRDXIGHU+XW ZDUHQZLHHUVHOEVW(UVFKLOGHUWH.DVHQJLGLH(UHLJQLVVHGHV7DJHVÄ,FKELQQLFKWVLFKHUZLHODQJH LFKPLFKDXVHLJHQHU.UDIWKDOWHQNDQQ³VDJWHHUÄ$EHUZLUGUIHQGLH+RIIQXQJQLFKWDXIJHEHQ 8QVHU9RUKDEHQPXJHOLQJHQ³ Ä'XKDVWXQVGHQ:HJJH]HLJW/DQJLRQ%UDN³DQWZRUWHWH.DVHQJLÄ:LUJHKHQLKQ]X(QGH³ ÄhEHUDQVWUHQJHGHLQH/HXWHQLFKW³ZDUQWH%UDNÄ*LELKQHQHLQHQ7DJ5DVWGDPLWLKUH/XQJHQVLFK GHQYHUlQGHUWHQ9HUKlOWQLVVHQDQSDVVHQ³ Ä:LUVLQGYRUVLFKWLJ$XIGHUDQGHUHQ6HLWHKDEHQZLUHVHLOLJ+HXWHZLUGJHUDVWHW0RUJHQ PDUVFKLHUHQZLUZHLWHUELVGLHHUVWHQ$XVZLUNXQJHQVLFK]HLJHQ'DQQOHJHQZLUDEHUPDOVHLQH3DXVH HLQ³ )U/DQJLRQ%UDNVWHOOWHVLFKGLH)UDJHZRHUGLHQlFKVWHQ7DJHYHUEULQJHQVROOH3DVWRUV9HUVWHFNH ZXUGHQYRQGHU2UJDQLVDWLRQEHVSLW]HOW(LQH6WDGWZLH%HOHQGDYHUIJWHQXUEHUHLQHEHJUHQ]WH $Q]DKOYRQ+RWHOVXQG5DVWVWlWWHQGLHRKQH=ZHLIHOHEHQIDOOVVRUJIlOWLJNRQWUROOLHUWZXUGHQ'HU SULYDWH0LHWPDUNWEHVFKUlQNWHVLFKDXIGUHLELVYLHU7UDQVDNWLRQHQSUR7DJXQGZDUOHLFKW]X EHUZDFKHQ'DV.OJVWHZDVHUWXQNRQQWHZDUVHLQ)DKU]HXJJOHLFK]HLWLJDOVVHLQ+HLP]X EHWUDFKWHQ(VERWZHQLJHUDOVHLQ0LQGHVWPDDQ.RPIRUWDEHUHVZDUYHUJOHLFKVZHLVHVLFKHU $XHUGHPZDUHVEHZHJOLFK(UPRFKWHGLH=HLWGLHHUDQ%RUGGHV*OHLWHUVYHUEUDFKWHHEHQVRJXW GD]XQXW]HQHLQSDDU]XVlW]OLFKH,QIRUPDWLRQHQ]XVDPPHOQ'DV0HWHUJURH5DXPVFKLIIGDVLP DEJHVSHUUWHQ7HLOGHV5DXPKDIHQVJHODQGHWZDULQWHUHVVLHUWHLKQ(UVWHXHUWHGDV)DKU]HXJLQZHLWHP %RJHQXPGDV/DQGHIHOGKHUXPXQGODQGHWHHVNXU]YRU6RQQHQXQWHUJDQJDXIHLQHUNOHLQHQ 'VFKXQJHOOLFKWXQJHWZDDFKWKXQGHUW0HWHUVGOLFKGHV6SHUUJHELHWV (UZlKOWHGHQ$QVFKOXHLQHV|UWOLFKHQ,QIRUPDWLRQVGLHQVWVXQGOLHVLFKGLHQHXHVWHQ1DFKULFKWHQ EHU%LOGVFKLUPYRUVSLHOHQ(LQH0HOGXQJHUUHJWHVHLQEHVRQGHUHV,QWHUHVVH.XU]YRUQHXQ]HKQ8KU ZDUHLQNOHLQHV:RKQKDXVLQGHU1lKHGHVQRUGZHVWOLFKHQ6WDGWUDQGVDXVXQHUNOlUOLFKHQ*UQGHQ
H[SORGLHUW0HQVFKHQZDUHQEHLGHU([SORVLRQQLFKW]X6FKDGHQJHNRPPHQ/DQJLRQ%UDNZXWHHV EHVVHU'LHDXIJHVWDXWH(QHUJLHGHVNOHLQHQ6WUDKOHUVKDWWHVLFKHQWODGHQDOVGLH+lVFKHUGHU 2UJDQLVDWLRQLQGDV+DXVHLQGUDQJHQ:HQLJVWHQVHLQHUGDYRQKDWWHGDEHLGHQ7RGJHIXQGHQ$EHUGLH 2UJDQLVDWLRQGXUIWHVLFKNHLQH%O|HJHEHQ:HQQVLH9HUOXVWHHUOLWWVFKZLHJVLHGDUEHU $OVHVGXQNHOZXUGHNOHWWHUWHHUDXVHLQHP)DKU]HXJXQGEDKQWHVLFKHLQHQ:HJGXUFKGDV*HVWUSS ELVDQGHQ6GUDQGGHVJHVSHUUWHQ*HOlQGHV:LHGVWHUH6FKDWWHQUDJWHQ*HElXGHYRULKPDXI GLHVHOEHQGLHHUDP0RUJHQYRQGHUDQGHUHQ6HLWHGHV5DXPKDIHQVDXVJHVHKHQKDWWHDOVHU]XU *$/$&7(/XQWHUZHJVZDU(LQIOLPPHUQGHV%DQG]RJVLFK]ZLVFKHQLKPXQGGHQ%DXZHUNHQTXHU GXUFKGLH/DQGVFKDIWHLQ(QHUJLH]DXQ(UZDUWUDQVSDUHQWDEHUQLFKWVGHVWRZHQLJHUW|GOLFK-HQVHLWV GHU*HElXGHHWZDHLQHQ.LORPHWHUZHLWHQWIHUQWZXFKWHWHGHUPlFKWLJH/HLEGHV5DXPVFKLIIVLQGLH +|KH'LHXQWHUH+lOIWHGHU.XJHOELV]XPbTXDWRUZXOVWZXUGHYRQNUlIWLJHQ+HOLRVWUDKOHUQ EHOHXFKWHW/DQJLRQ%UDNODVGHQ1DPHQGHV6FKLIIHV+$7+25 (LQH=HLWODQJEHREDFKWHWHHUGLH*HElXGH6LHZDUHQGXQNHOXQGYHUULHWHQNHLQHUOHL$Q]HLFKHQYRQ /HEHQ8QGGHQQRFKZLUNWHGHU2UWIU$NWLYLWlWLUJHQGZHOFKHU$UWJHUVWHW(LQPlFKWLJHV 6FKOHXVHQOXNLQGHU:DQGXQJGHV5DXPVFKLIIVVWDQGRIIHQ'LH6FKOHXVHZDUHUOHXFKWHW(LQ VFKLPPHUQGHU(QHUJLHVWHJPHKUDOV]HKQ0HWHUEUHLWIKUWH]XLKUKLQDXI:lUHGDV6FKLIIHQWODGHQ ZRUGHQGDQQKlWWHKLHUPHKU*HVFKlIWLJNHLWKHUUVFKHQPVVHQ$OVRZXUGH/DGXQJDXIJHQRPPHQ %UDNKDWWHGHQ*HGDQNHQNDXP]X(QGHJHGDFKWGDIODPPWHQKLQWHUGHQ)HQVWHUQGHU*H ElXGH/LFKWHUDXIXQGYRQ2VWHQKHUQlKHUWHVLFKGDV6XPPHQVFKZHUHU0RWRUHQ +DVWLJZLFKHUELVDQGHQ5DQGGHV'VFKXQJHOV]XUFN$XVGHP'XQNHOGHU1DFKWWDXFKWHQGUHLXP IDQJUHLFKH)DKU]HXJHDXIXQGQlKHUWHQVLFKGHP(QHUJLH]DXQ,PVFKLPPHUQGHQ%DQGGHV=DXQHV HQWVWDQGHLQHEUHLWHgIIQXQJDOVVLFKYRQHLQHPGHUEDUDFNHQlKQOLFKHQ%DXZHUNHKHUGUHL*HVWDOWHQ QlKHUWHQ'LH)DKU]HXJHJOLWWHQGXUFKGLH=DXQOFNHXQGKLHOWHQDQ6LHKDWWHQYHUNOHLGHWH /DGHIOlFKHQVRGD/DQJLRQ%UDNQLFKWVHKHQNRQQWHZDVVLHWUDQVSRUWLHUWHQ Ä:LHYLHO/DGXQJHQQRFK"³ULHIHLQHUGHUGUHL0lQQHUEHUGDV6XPPHQGHUOHHUODXIHQGHQ7ULHEZHUNH KLQZHJ Ä+LQWHUXQVNRPPW7UHORIIPLWGUHL:DJHQ³VFKROOGLH$QWZRUWDXVGHU)DKUHUNDELQHGHVYRUGHUVWHQ )DKU]HXJÄXQGGDQQPDFKHQZLUQRFKHLQH)XKUH³ Ä6FKZLHULJNHLWHQJHKDEW"³ Ä.HLQH6SXU'LH-XQJVSDVVHQDXIZLHGLH/XFKVH6LHVWHOOHQVLFKDQDOVJHK|UWHQGLH0LOOLRQHQ LKQHQ³ *HOlFKWHUNODQJDXI(LQHGHUGUHL*HVWDOWHQZLQNWH'LH7UDQVSRUWJOHLWHUUXFNWHQDQXQGKLHOWHQDXI GDV5DXPVFKLII]X%UDNEHREDFKWHWHVLHZLHVLHGLH(QHUJLHUDPSHKLQDXIJOLWWHQXQGLQGHUJURHQ 6FKOHXVHQNDPPHUYHUVFKZDQGHQ :DVHUJHK|UWKDWWHJDELKP]XGHQNHQ1RFK]ZHL)XKUHQ'LH)DKU]HXJHZDUHQJURDEHUWURW]GHP NRQQWHPDQVLFKQXUVFKZHUDXVPDOHQZRUDXVGLH/DGXQJEHVWHKHQVROOWHGLHDQJHEOLFK0LOOLRQHQ ZHUWZDU0HWDWKHQ"'LH'URJHZDUYRQKRKHPVSH]LILVFKHP:HUWDEHUGLH$XVEHXWHDXI.DUVLV VHOEVWZHQQVLHMDKUHODQJDNNXPXOLHUWZRUGHQZlUHNRQQWHXQP|JOLFKVRJURVHLQGDVLHQHXQRGHU PHKUGLHVHU7UDQVSRUWJOHLWHUIOOWH$XHUGHPVSLHOWHLQGLHVHP=XVDPPHQKDQJQRFKHLQHZHLWHUH hEHUOHJXQJHLQH5ROOH%UDNZXWHQLFKWDXIZHOFKH:HLVH0HWDWKHQDXV0DWHFXPEHJHZRQQHQ ZXUGHDEHUHUVWHOOWHVLFKGHQ3UR]HXQGGLHGD]XHUIRUGHUOLFKHQ$QODJHQDOVDXIZHQGLJYRU(VZDU QLFKWVHKUZDKUVFKHLQOLFKGDGLH2UJDQLVDWLRQHLQHGHUDUWXPIDQJUHLFKH,QVWDOODWLRQDXI.DUVLV YRUJHQRPPHQKDWWHZRVLHVLFKVFKZHUYHUEHUJHQOLH'LH$XIEHUHLWXQJVDQODJHPXWHVLFKLUJHQGZR DQGHUVEHILQGHQ'LH/DGXQJGHU7UDQVSRUWJOHLWHUEHVWDQGDXINHLQHQ)DOODXVUHLQHP0HWDWKHQ 'LH6DFKHOLHLKPNHLQH5XKH9LHOOHLFKWKlWWH3DVWRULKP$XINOlUXQJYHUVFKDIIHQN|QQHQDEHUIU GHQ$XJHQEOLFNZDUHVUDWVDPGHQ.RQWDNWPLWGHP6FKZDU]KlQGOHUDXIGDVXQYHUPHLGEDUH 0LQLPXP]XEHVFKUlQNHQ8QGVFKOLHOLFKJDEHVQRFKDQGHUH0HWKRGHQGDV5lWVHO]XO|VHQ(U NDQQWHGLH5LFKWXQJDXVGHUGLH*OHLWHUJHNRPPHQZDUHQ6LHZUGHQDXIGHPVHOEHQ.XUV ]XUFNNHKUHQ$XHUGHPZDUHLQH]ZHLWH)DKU]HXJNRORQQHXQWHUZHJV:HQQGDV=LHOQLFKWDOO]XZHLW HQWIHUQWZDUNRQQWHHUVLFKVFKULWWZHLVHKHUDQDUEHLWHQ +DVWLJNHKUWHHU]XGHU/LFKWXQJLP'VFKXQJHO]XUFN (LQHJUHOOHEODXZHLH/DPSHXQGGDV/LFKWGDVGXUFKGDVKRKH+DOOHQWRUILHOVSLHJHOWHQVLFKLQGHU |OLJHQ2EHUIOlFKHGHV.DQDOV(LQ*HUXFKYRQIDXOHQGHP+RO]XQGVFKPXW]LJHP:DVVHUHUIOOWHGLH ZDUPH1DFKWOXIW/DJHUKlXVHULQHQGORVHU)ROJH]RJHQVLFK]XEHLGHQ6HLWHQGHV.DQDOVHQWODQJ =ZLVFKHQ]ZHLHQYRQLKQHQKDWWH/DQJLRQ%UDNVHLQHQDOWPRGLVFKHQ*OHLWHUJHSDUNW6HLQ=LHOODJ JHJHQEHUDPDQGHUHQ8IHUDFKW]LJ0HWHUHQWIHUQW/DQJVDPXQGJHUlXVFKORVJOLWWHULQV:DVVHU$XI
GHP5FNHQOLHJHQGXQGQXUGLH%HLQHEHZHJHQGWULHEHUGXUFKGLHEHOULHFKHQGH)OVVLJNHLWGLFKW DP5DQGGHV/LFKWIHOGVHQWODQJGDVYRP5HIOH[GHV+DOOHQWRUVJHELOGHWZXUGHGRUWZDUGLH)LQVWHUQLV DPWLHIVWHQ(UKDWWH*OFNJHKDEW$XVVLFKHUHU(QWIHUQXQJKDWWHHUGHQYRP5DXPKDIHQ ]XUFNNHKUHQGHQ.RQYRLDQJHSHLOWXQGZDULKPHWOLFKH.LORPHWHUZHLWJHIROJW8PGLHVH=HLWZDU LKPVFKRQNODUGDVHLQ=LHOLQQHUKDOEGHV/DJHUJHOlQGHVDP6GRVWUDQGGHV+DIHQVOLHJHQPVVH 'HQHQWVFKHLGHQGHQ+LQZHLVHUKLHOWHUDOVHULQJHULQJHU+|KHEHUGHQODQJHQ5HLKHQGHU/DJHU KDOOHQNUHX]WHXQGHLQHQ]ZHLWHQ.RQYRLDXIWDXFKHQVDKGHUDXVHLQHUGHU+DOOHQKHUYRUNDPXQGVLFK LQ5LFKWXQJGHV/DQGHIHOGVEHZHJWH'DVPXWHQGLH)DKU]HXJHVHLQGLHYRQ7UHORIIJHIKUWZXUGHQ 'HUHUVWH.RQYRLEHIDQGVLFKQRFKLP,QQHUQGHU+DOOHXQGQDKP/DGXQJDXIGLHOHW]WH)XKUH 7ULHIHQGQDNURFK%UDNDXVGHP.DQDOhEHUGLH.DQWHGHU8IHUPDXHUKLQZHJEOLFNWHHUGXUFKGDV 7RULQHLQHQZHLWHQNDKOHQ5DXP'LHGUHL*OHLWHUZDUHQQLUJHQGZR]XVHKHQDEHULQGHU1lKHGHV 7RUVVWDQGHLQ:DFKWSRVWHQOlVVLJJHJHQGLH:DQGJHOHKQWXQGLQGHU$UPEHXJHHLQHQVFKZHUHQ DXWRPDWLVFKHQ%ODVWHU'DVPXWHHLQHUGHUÄ-XQJV³VHLQGLHGLH/DGXQJZLH/XFKVHEHZDFKWHQ%UDN KDQJHOWHVLFKHLQ6WFNGLH0DXHUHQWODQJELVHUVLFKZHLWJHQXJYRP7RUHQWIHUQWKDWWH'DQQ]RJHU VLFKYROOHQGVLQGLH+|KHXQGKXVFKWHEHUGLH6WUDHGLHDP.DQDOHQWODQJIKUWHELVLQGHQ6FKDWWHQ GHU+DOOHQZDQG8QZHLWGHV7RUHVIDQGHUHLQH1LVFKHGLHLKPDXVJH]HLFKQHWH'HFNXQJERW (VYHUJLQJHQHLQSDDU0LQXWHQ(UIUDJWHVLFKZRGLHGUHL*OHLWHUJHEOLHEHQZDUHQGLHGLHOHW]WH /DGXQJDXIQDKPHQ'HU8PULGHV*HElXGHVNRQQWHNDXPQHQQHQVZHUWJU|HUVHLQDOVGHU +DOOHQUDXPGHQHUYRP.DQDODXVJHVHKHQKDWWH*DEHVXQWHULUGLVFKH$QODJHQ" (UK|UWHGDV*HUlXVFKYRQ6FKULWWHQ-HPDQGZDKUVFKHLQOLFKGHU3RVWHQVDJWH Ä)HUWLJPLW$XIODGHQ"³ Ä-D:LUVLQGVWDUWEHUHLW³(LQKDOEODXWHU6HXI]HUDOVEHGUFNHGHQ0DQQHWZDVÄ'DVLVWDOVRGHU $EVFKLHG",UJHQGZLHKDE LFKPLFKKLHUZRKOJHIKOW:HUZHLZLH VDXI3RVWHQHLQVDXVVHKHQ ZLUG"³ Ä6HQWLPHQWDO"³'LH6WLPPHNODQJVS|WWLVFKÄ'XELVWGHU+$7+25]XJHZLHVHQ"³ Ä-D6REDOGLFKLQGHQ*OHLWHUVWHLJHKDEHLFKGHQ)XGDVOHW]WH0DODXIGLHVHQ%RGHQJHVHW]W³ Ä'XKlWWHVWGLFK]XHLQHUGHUEHLGHQDQGHUHQ*UXSSHQPHOGHQN|QQHQ³ Ä,FKKDEHGDUDQJHGDFKW$EHUZDVKLOIW VGHQ$EVFKLHGXPHLQSDDU7DJHKLQDXV]X]|JHUQIQIRGHU VHFKVZHQQ VKRFKNRPPW"³ Ä.|QQWHQPHKUVHLQ'LH1XPPHUHLQVVFKOlJWHUVW]XZHQQZLUGHQWHUUDQLVFKHQ6SLW]HOLQ *HZDKUVDPKDEHQ³ Ä:LHODQJHNDQQGDVVFKRQGDXHUQ"³]ZHLIHOWHGHU6HQWLPHQWDOHÄ$XHUGHPVLQGGLHDQGHUHQ-REV QLFKWXQJHIlKUOLFKXQGLFKELQOLHEHUOHEHQGLJDXI3RVWHQHLQVDOVWRWDXI.DUVLV³ Ä1LFKWXQJHIlKUOLFK"3DVWRUOHLVWHWXQVNHLQHQ:LGHUVWDQGXQGGLHDQGHUHQNOHLQHQ6FKLHEHUQRFKYLHO ZHQLJHU8QGGLH%XUDQJLKDEHQNHLQH$KQXQJGDZLULKUHJHKHLPHQ3ODQWDJHQXQGGDVYHUERUJHQH $UEHLWHUODJHUJHQDXNHQQHQ:LUNRPPHQEHUVLHEHYRUVLHZLVVHQZLHLKQHQJHVFKLHKW³ Ä5LFKWLJ$EHUGDQQYHUJHKHQLPPHUQRFK]ZHL7DJHELVGDV=HXJYRUYHUDUEHLWHWLVWXQGGLH%XUDQJL VLQGQLFKWDXIGHQ.RSIJHIDOOHQ6LHQHKPHQGLH6WDGWDXVHLQDQGHU³ Ä6LHNRPPHQQLFKWHLQPDOKDOEZHJVELVKLHUKHUDE³ILHOLKPGHU3RVWHQLQV:RUWÄ'XNHQQVWLKU 3UREOHP³ $XVGHP+LQWHUJUXQGGHU+DOOHHUW|QWHODXWHV*HUXPSHOGDVGLH8QWHUKDOWXQJGHUEHLGHQ0lQQHU EHUW|QWH'DV*HUlXVFKKLHOWHLQH=HLWODQJDQGDQQILQJHUWHQGLH/LFKWVWUDKOHQYRQ6FKHLQZHUIHUQ GXUFKGDVRIIHQH+DOOHQWRULQGLH1DFKWKHUDXV/DQJLRQ%UDNGUFNWHVLFKVRWLHIZLHP|JOLFKLQGLH 1LVFKH(UK|UWHGDV6XPPHQYRQ*OHLWHUPRWRUHQ6WLPPHQJHOOWHQ GXUFKGHQ/lUP/XNHQVFKO|VVHQVLFK]LVFKHQG1DFKZHQLJHQ0LQXWHQVHW]WHVLFKGHU.RQYRLLQ %HZHJXQJ(UZDQGWHVLFKDP8IHUGHV.DQDOVHQWODQJZHVWZlUWV%UDNZDULKPVRQDKHGDHUGLH 8PULVVHGHU0lQQHULQGHQVFKZDFKHUOHXFKWHWHQ)DKUHUNDELQHQVHKHQNRQQWH'DV7RUGHU+DOOH VFKORVLFKPLWODXWHP'U|KQHQ'DQQVHQNWHVLFK6WLOOHEHUGDVYHUODVVHQH*HOlQGHDP6GRVWUDQG GHV5DXPKDIHQV /DQJLRQ%UDNOLHHLQHKDOEH6WXQGHYHUVWUHLFKHQ(UVWGDQQZDUHUVLFKHUGDGDVDOWH/DJHUKDXVLQ GLHVHU1DFKWNHLQHQZHLWHUHQ%HVXFKHUKDOWHQZHUGH'HU0DQQGHUDQ+HLPZHKQDFK.DUVLVOLWW QRFKEHYRUHUGHQ3ODQHWHQYHUOLHKDWWHDQJHGHXWHWHUZHUGHELV]XP6WDUWGHV6FKLIIHVDQ%RUGGHU +$7+25EOHLEHQ'DVVHOEHWUDIZRP|JOLFKDXFKIUGLH*OHLWHU]XRGHUVLHZXUGHQDQHLQHQDQGHUHQ 2UWJHEUDFKWQDFKGHPVLHLKUH)XKUHDEJHODGHQKDWWHQ =XEHLGHQ6HLWHQGHV.DQDOVZDUHVVWLOOELVDXIHLQJHOHJHQWOLFKHV3OlWVFKHUQDQGHU|OLJHQ2EHUIOlFKH HLQ=HLFKHQGDVHOEVWLQGLHVHQILQVWHUHQ*HZlVVHUQ7LHUHLKU/HEHQIULVWHWHQ%UDNNDPDXVVHLQHP
9HUVWHFNKHUYRUXQGLQVSL]LHUWHGLHJURH+DOOHQWU:LHHUHUZDUWHWKDWWHZDULQLKUHLQHNOHLQHUH7U HQWKDOWHQGLHIU3HUVRQHQEHVWLPPWZDU0DQKDWWHVLHYHUULHJHOWDEHUGHU5LHJHOZLGHUVWDQG%UDNV )LQGLJNHLWQXUHLQSDDU0LQXWHQODQJ9RUVLFKWLJWUDWHULQGLHZHLWHOHHUH+DOOHGLHMHW]WILQVWHUZDU XQGYHUJHZLVVHUWHVLFKEHYRUHUGLH7ULQV6FKORJOHLWHQOLHGDHUVLHQRWIDOOVLQDOOHU(LOHZUGH ZLHGHU|IIQHQN|QQHQ 8QWHUGHU'HFNHOLHIHLQH5HLKHVFKPDOHU)HQVWHUHQWODQJGXUFKGLHJHGlPSIWHV/DPSHQOLFKWYRQ GUDXHQKHUHLQGUDQJ$OV%UDNV$XJHQVLFKDQGLHPDQJHOQGH+HOOLJNHLWJHZ|KQWKDWWHQIDQGHUVLFK OHLFKWLQGHU+DOOH]XUHFKW(UVFKULWWELV]XU5FNZDQGXQGHUNDQQWHGDHUVLFKLQGHQ$EPHVVXQJHQ GHV5DXPHVJHWlXVFKWKDWWHGHQQGLHUFNZlUWLJH:DQGZDULQ:LUNOLFKNHLWZLHGHUXPHLQ7RU GHUVHOEHQ$UWZLHDP(LQJDQJ$XFKKLHUJDEHVHLQHHLQJHODVVHQHNOHLQH7UIU3HUVRQHQGLHHUPLW +LOIHGHUVRHEHQJHZRQQHQHQ(UIDKUXQJPKHORV|IIQHWH(UWUDWKLQGXUFKXQGLPVHOEHQ$XJHQEOLFN XPJDELKQJOHLHQGH+HOOLJNHLW(UZLUEHOWHKHUXPGHQ6FKRFNHULQGHU+DQGDEHUGHU5DXPGHQHU EHWUHWHQKDWWHZDUOHHU(UVHOEVWKDWWHGXUFKVHLQ(LQWUHWHQGLH/DPSHQLQ7lWLJNHLWJHVHW]W(UVDK VLFKXP'LH:lQGHZDUHQIHQVWHUORV9RQGHU+HOOLJNHLWGLHKLHUKHUUVFKWHZDUGUDXHQQLFKWV]X EHPHUNHQ'HU5DXPZDUZHVHQWOLFKNOHLQHULP*UXQGULDOVGLHYRUGHUH+DOOHDEHUHEHQVRKRFK (LQHUGHU7UDQVSRUWJOHLWHUIDQGKLHUEHTXHP3ODW]$EHUZRZDUHQGLH]ZHLDQGHUHQJHEOLHEHQ" $QGHU6HLWHQZDQGEHIDQGVLFKHLQHNOHLQH6FKDOWWDIHO6LHZDUVRDQJHEUDFKWGDVLHYRQHLQHP DXIUHFKWVWHKHQGHQ0HQVFKHQOHLFKWHUUHLFKWZHUGHQNRQQWH(VJDEIQI6FKDOWHU(LQHUWUXJHLQHQ DEZlUWVHLQ]ZHLWHUHLQHQDXIZlUWV]HLJHQGHQ3IHLO'DVZDUHLQIDFK6DQIWXQGVWHLOJHQHLJWH/LQLHQ DXIGHPGULWWHQXQGYLHUWHQ.QRSIEHGHXWHWHQZDKUVFKHLQOLFKODQJVDPHXQGVFKQHOOH)DKUW'HUIQIWH 6FKDOWHUWUXJDOV%HVFKULIWXQJHLQPHQVFKOLFKHV$XJH:DVEHGHXWHWHGDV"9RUVLFKW"1RWKDOW")UGHQ $XJHQEOLFNZDUHVRKQH%HGHXWXQJ/DQJLRQ%UDNKDWWHGHQ=XJDQJ]XPXQWHULUGLVFKHQ9HUVWHFNGHU 0HWDWKHQ+lQGOHUHQWGHFNWDEHUHUZUGHGLHVHQ$XI]XJMHW]WQLFKWLQ%HZHJXQJVHW]HQXPGRUW XQWHQDXI.XQGVFKDIW]XJHKHQ)ULKQDOV(LQ]HOJlQJHUZDUHV]XULVNDQW(VZDUGDV5XPSHOQGLHVHU /DVWSODWWIRUPJHZHVHQGDVHUJHK|UWKDWWHEHYRUGLH*OHLWHUZLHGHU]XP9RUVFKHLQNDPHQ6LHIXKUHQ HLQHUQDFKGHPlQGHUQLQGLH7LHIHXQGNHKUWHQLQGHUVHOEHQ$QRUGQXQJZLHGHU]XUFN 'DV*HKHLPQLVGHUNRVWEDUHQ/DGXQJDXIGLHGLHÄ-XQJV³DXISDWHQZLHGLH/XFKVHZDUJHNOlUW'LH 9HUDUEHLWXQJYRQ0DWHFXPEH]X0HWDWKHQIDQGRIIHQEDULQPHKUHUHQ3KDVHQVWDWW'LHHUVWHGDYRQ ZDUGLH9RUYHUDUEHLWXQJYRQGHUHLQHUGHUEHLGHQ0lQQHUGUDXHQDP7RUJHVSURFKHQKDWWH6LH YHUZDQGHOWHGLHXQJHIJH0DVVHGHU0DWHFXPEH%OlWWHULQHLQHUDXPVSDUHQGHUH=ZLVFKHQVXEVWDQ] 'LHVH6XEVWDQ]ZXUGHDQGHQHLJHQWOLFKHQ9HUDUEHLWXQJVRUW3RVWHQHLQVJHEUDFKWXQGGRUWHQGJOWLJ ]X0HWDWKHQYHUZDQGHOW :LFKWLJHUDEHUZDUGDVHLQHGURKHQGHQ$KQXQJHQVLFKDOVULFKWLJHUZLHVHQKDWWHQ'LH2UJDQLVDWLRQ ZXWHEHUGLH7lWLJNHLWGHU6FKZDU]KlQGOHUXQGGLHJHKHLPHQ3ODQWDJHQGHU%XUDQJLLQDOOHQ (LQ]HOKHLWHQ%HVFKHLG$OOHVDQGHUH]XP%HLVSLHOGDV3DWURXLOOLHUHQGHUÄ7UHSSH³GLH-DJGDXI 3DVWRUZDUQXU9HUVWHFNVSLHOJHZHVHQ'LH2UJDQLVDWLRQKDWWHYRQDOOHP$QIDQJJHSODQWLP HQWVFKHLGHQGHQ$XJHQEOLFN]X]XVFKODJHQXQGVRZRKOGHQ6FKZDU]KlQGOHUQDOVDXFKGHQ%XUDQJL DE]XQHKPHQZDVVLHDQ0DWHFXPEHXQGVRQVWLJHQ5HLFKWPHUQDQJHVDPPHOWKDWWHQ 3DVWRUPXWHVRIRUWJHZDUQWZHUGHQ8QGGULQJHQGHUQRFKHUPXWH.DVHQJLGDUEHULQIRUPLHUHQ ZDVHUKLHUHUIDKUHQKDWWH'HUHLQ]LJH7URVWGHUVLFKLKQHQLQHLQHUYHUIDKUHQHQ/DJHZLHGLHVHUERW ZDUGDGLHÄ1XPPHUHLQV³ZHULPPHUGDVVHLQPRFKWHHUVW]X]XVFKODJHQJHGDFKWHZHQQVLFKGHU WHUUDQLVFKH6SLW]HOLQVLFKHUHP*HZDKUVDPEHIDQG /DQJLRQ%UDNKDWWHGLH$EVLFKWGDIU]XVRUJHQGDGLHVHU)DOOLQQDKHU=XNXQIWQLFKWHLQWUDW (VYHUJLQJHQHWOLFKH0LQXWHQEHYRU.DVHQJLVLFKPHOGHWH$OVHU/DQJLRQ%UDNV6WLPPHHUNDQQWH VHXI]WHHUÄ0DQQYRQ7HUUDGXJ|QQVWHLQHPPGHQ.ULHJHUNHLQH5XKH³ %UDNJULQVWHXQZLOONUOLFKDOVHUVLFKDXVPDOWHZLHVFKZHUHVGHP%XUDQJLJHIDOOHQVHLQPXWHQDFK GHP*HZDOWPDUVFKGHQ6FKODIYRQVLFK]XVFKWWHOQ Ä,FKZHFNHGLFKQLFKWOHLFKWIHUWLJ³VDJWHHU'DQQEHULFKWHWHHUZDVHULQGLHVHU1DFKWHUIDKUHQKDWWH (UVFKORÄ(LQ%RWHPXEHLGHUIUKHVWHQ0|JOLFKNHLWDQ0XUXQGDDEJHVFKLFNWZHUGHQEHVVHUQRFK ]ZHLGLHVLFKDXIJHWUHQQWHQ3IDGHQEHZHJHQ:LUGUIHQNHLQ5LVLNRPHKUHLQJHKHQ³ .DVHQJLDQWZRUWHWHQLFKWVRIRUW(UVFKLHQEHUHWZDVQDFK]XGHQNHQ%UDNK|UWHVHLQ$WPHQ 6FKOLHOLFKVDJWHHU Ä,FKP|FKWHQLFKWGHLQ)HLQGVHLQ0DQQYRQ7HUUD'HU+LPPHOKDWGLUGLHEHVRQGHUH*DEHGHU :HLVVDJXQJYHUOLHKHQ(ULQQHUVWGXGLFKZLHGX]XXQVGDYRQVSUDFKVWGDGLH2UJDQLVDWLRQ ZRP|JOLFKEHUXQVHUH9HUVWHFNH%HVFKHLGZWH"³ Ä-D³
Ä,FKKDEHODQJHGDUEHUQDFKJHGDFKWXQGPLW0XUXQGDGDUEHUJHVSURFKHQ*HPHLQVDPXQGRKQH HLQHPlQGHUQGDYRQPLW]XWHLOHQEHVFKORVVHQZLUGDVJHKHLPH*HIDQJHQHQODJHU]XYHUOHJHQXQGGLH YHUVWHFNWHQ9RUUlWHDQGHUVZRXQWHU]XEULQJHQ:HQQGLH2UJDQLVDWLRQNRPPWZLUGVLHQXUQRFKGLH DEJHHUQWHWHQ3ODQWDJHQYRUILQGHQ³ Ä'XELVWVHOEVWQLFKWDXIGHQ.RSIJHIDOOHQ³VDJWH%UDNDQHUNHQQHQGÄ(VWXWPLUOHLGGDLFKGLFK XPVRQVWJHZHFNWKDEH³ 'DV*HVSUlFKPLW3DVWRUZDJWHHUQLFKWYRPVHOEHQ2UWDXV]XIKUHQ(VZDUP|JOLFKGDGLH bWKHUZHJHEHUZDFKWZXUGHQ(UPXWHGHQ9RUWHLOGHU%HZHJOLFKNHLWDXVQW]HQ(UVWHXHUWHGHQ *OHLWHUDXVGHP*HOlQGHGHU/DJHUKlXVHUKLQDXVXQGZDQGWHVLFKVGZHVWZlUWV'RUWLP6FKXW]GHU PlFKWLJHQ)HOVZlQGHGLH]XP+RFKODQGGHU%XUDQJLDXIVWLHJHQODJGLHDOWHXUVSUQJOLFKH6LHGOXQJ GHU%HOHQGL6LHKDWWHVLFKVSlWHU]XP=HQWUXPGHV7LHIODQGVKLQDXVJHEUHLWHWXQGQDFK-DKUKXQGHUWHQ NXOWXUHOOHU6WDJQDWLRQXQG]LYLOLVDWRULVFKHQ5FNVFKULWWVKDWWHQGLHLQGHUQHXHQ6WDGWOHEHQGHQ %HOHQGLVFKOLHOLFKGHQ$QVFKOXDQGHQ+DXSWVWURPGHUJDODNWLVFKHQ(QWZLFNOXQJZLHGHUJHZRQQHQ $EHUGRUWLP6GZHVWHQGUlQJWHQVLFKQRFKLPPHUGLHDOWHQ+lXVHUDQHQJHQ6WUDHQEHZRKQW YRQ+DUWQlFNLJHQGLHDQGHQ*HZRKQKHLWHQXQG6LWWHQGHUDOWHQ6LHGOHUHSRFKHIHVWKLHOWHQ6LHZDUHQ OlQJVWEHIULHGHW,KU6WDGWWHLOGLHQWHDOV7RXULVWHQDWWUDNWLRQXQGHLQLJH8QWHUQHKPHQKDWWHQVRJDU +RWHOVXQG5HVWDXUDQWVGRUWHLQJHULFKWHWXPLKUHZLEHJLHULJHQ.XQGHQLQP|JOLFKVWHQJHQ.RQWDNW PLWGHQÄ8UHLQJHERUHQHQ³]XEULQJHQ =ZLVFKHQGHUQHXHQ6WDGWXQGGHUDOWHQ6LHGOXQJHUVWUHFNWHQVLFKPHKUHUH'XW]HQG4XDGUDWNLORPHWHU XQEHEDXWHQ*HOlQGHV'LH7UDGLWLRQDOLVWHQKDWWHQGDUDXIEHVWDQGHQGDVLFKGLHÄ$EWUQQLJHQ³QLFKW LQLKUHUXQPLWWHOEDUHQ1DFKEDUVFKDIWQLHGHUOLHHQ(LQHHLQ]LJH6WUDHIKUWHYRQGHU6LHGOXQJLQGLH 6WDGWTXHUGXUFKZXFKHUQGHQ'VFKXQJHOXQGEHUPDQQVKRKHQ*UDVZXFKV6LHZDUQLFKW IXQNJHVLFKHUW'LH$OWHQKLHOWHQQLFKWVYRQWHFKQLVFKHQ.XQVWVWFNHQ/DQJLRQ%UDNSDUNWHGHQ *OHLWHULP*UDVDEVHLWVGHU6WUDH'DQQULHIHU3DVWRUDQ'LHVPDOEHNDPHULKQVRIRUW]XVSUHFKHQ Ä'HLQH*HVFKlIWVVWXQGHQVLQGHPSIHKOHQVZHUW³VDJWH%UDNÄ,FKKlWWHQLFKWHUZDUWHWGLFKPLWWHQLQ GHU1DFKWVRVFKQHOO]XHUUHLFKHQ³ Ä:DVJLEW V"³NQXUUWH3DVWRUXQJHKDOWHQÄ0DFK VNXU]VROFKH*HVSUlFKHVLQGJHIlKUOLFK³ Ä,FKKDEHYRUNXU]HPHWZDVHUIDKUHQZDVIUGLFKYRQ%HGHXWXQJLVW³VDJWH%UDNÄ'XZLUVW³ Ä+DOW³ILHOLKP3DVWRULQV:RUWÄ,FKKDEHHEHQIDOOVHLQH0LWWHLOXQJIUGLFK:LUPVVHQHWZDV EHVSUHFKHQ1LFKWEHU5DGLRNRPGDVGDXHUW]XODQJH,QZHOFKHU*HJHQGKlOWVWGXGLFKDXI"³ %UDN]|JHUWHHLQHQ$XJHQEOLFN(UUHJLVWULHUWHQHUY|VH8QUXKHLQ3DVWRUV6WLPPH:DVZDUPLWGHP 0DQQORV" Ä6GZHVWOLFKGHU6WDGW³DQWZRUWHWHHU Ä$XVJH]HLFKQHW³VWLH3DVWRUKHUYRUÄ$P5DQGGHUDOWHQ6LHGOXQJKRFKDXIHLQHP+JHOLVWPDQ GDEHLHLQHQHXH5DVWVWlWWHHLQ]XULFKWHQ:LUWUHIIHQXQVGRUW,QHLQHU6WXQGH³ Ä,VWGLH*HJHQGVLFKHU"³HUNXQGLJWHVLFK%UDNPLWUDXLVFK Ä9RUDOOHQ'LQJHQPLWWHQLQGHU1DFKW9RQGHQ*HElXGHQVWHKHQHUVWGLH0DXHUQ1LHPDQGKlOWVLFK GRUWDXI³ %UDNVHW]WHGDV&KURQRPHWHUDXI0LQXWHQ/DXI]HLW Ä,FKZHUGHSQNWOLFK]XU6WHOOHVHLQ³VDJWHHU 'HU+JHOZDUQLFKWVFKZHU]XILQGHQ(UODJZLHHLQH$UW9RUEHUJXQZHLWGHU)HOVZDQGGLH]XP +RFKODQGDXIVWLHJ'LH=HLFKHQXPIDQJUHLFKHU%DXWlWLJNHLWZDUHQLP2UWHUELOGNODU]XVHKHQ'HU)X GHV+JHOVZDUYRQOLFKWHPWURSLVFKHP:DOGJHJUWHW:HLWHUREHQZDUPDQLP%HJULIIHLQHQ DXVJHGHKQWHQ3DUNDQ]XOHJHQ'DUEHUGLH.XSSHGHV+JHOVXPIDVVHQGHUVWUHFNWHVLFKWHLOZHLVH DXIJHULVVHQHV%DXJHOlQGHDXVGHPKLHUXQGGDGLH8PULVVHKDOEIHUWLJHU*HElXGHDXIUDJWHQ'HU +JHOKDWWHHLQH+|KHYRQQLFKWPHKUDOV0HWHUQ(UEHGHFNWHHLQHDQVHKQOLFKH)OlFKHXQGZDUVR V\PPHWULVFKDOVVHLHUYRQ0HQVFKHQKDQGKLHUDXIJHVFKWWHWZRUGHQ1LFKWVEHZHJWHVLFKVRZHLW %UDNV2UWHUUHLFKWHDXHUGHQ:LSIHOQGHU%lXPH (UIXKUDXIGLHGHU6WDGWDEJHZDQGWH6HLWHGHV+DQJHVXQGSDUNWHGHQ*OHLWHULQGHU1lKHGHVREHUHQ :DOGUDQGV(UYHUJHZLVVHUWHVLFKGDVHLQ6FKRFNHUHLQVDW]EHUHLWZDUGDQQPDFKWHHUVLFK]X)XDQ GHQ$XIVWLHJ(VEOLHEHQLKPQRFK]ZDQ]LJ0LQXWHQELV]XU9HUDEUHGXQJPLW3DVWRU(UKDWWH=HLW VLFKHLQHQJQVWLJHQ6WDQGRUW]XVXFKHQ(UGXUFKTXHUWHGHQ3DUNXQGVXFKWHVLFKHLQHQ:HJGXUFK GDVDOOHURUWVDXIJHZKOWH%DXJHOlQGHELVHUGDV+DXSWJHElXGHHUUHLFKWHGDVVLFKXQPLWWHOEDUDXIGHU .XSSHGHV+JHOVHUKRE (UWUDWGXUFKHLQWUORVHV3RUWDOXQGJHODQJWHDXIHLQH3ODWWHDXV.RQNULW*XGLHGHQJHVDPWHQ *UXQGULDXVIOOWH'LH6WHUQHVFKLHQHQKLHUXQWHQLP7LHI
ODQGQLFKWVRKHOOXQGVR]DKOUHLFKZLHGUREHQDXIGHU+RFKHEHQH'LHGLFKWHIHXFKWH/XIWGHU7URSHQ GlPSIWHLKUHQ*ODQ]$EHULKU/LFKWZXUGHYRQGHUKHOOJUDXHQ.RQNULW3ODWWHUHIOHNWLHUWVRGD%UDN VLFKLP,QQHUQGHV*HElXGHVRKQH0KH]XUHFKWIDQG(LQSDDU7UHQQZlQGHZDUHQEHUHLWVDXIJHVWHOOW ZRUGHQ(UVDKVLFKKLQWHULKQHQXPXQGYHUJHZLVVHUWHVLFKGDHUDOOHLQZDU 6HLQ%OLFNILHODXIHLQHQPDWWVFKLPPHUQGHQ*HJHQVWDQGDP%RGHQ(UEFNWHVLFKXQGKRELKQDXI(V ZDUHLQ6\QHUJ.DSD]LWURQHLQH+RFKOHLVWXQJVEDWWHULHZLHVLHLQ%ODVWHUQXQG,PSXOVVWUDKOHUQ YHUZHQGHWZXUGHQ-HPDQGKDWWHVLHKLHUZHJJHZRUIHQYHUPXWOLFKZHLOVLHQLFKWPHKUJHQJHQG /DGXQJEHVD 'LH0HWDOOKOOHGHV.DSD]LWURQVZDUQRFKZDUP (UVFKREGDV*HUlWLQGLH7DVFKHXQGJLQJODQJVDPZHLWHUDOVVHLQLFKWVJHVFKHKHQ'LHUHFKWH+DQG ODJDXIGHP.ROEHQGHV6FKRFNHUVZlKUHQGVHLQ%OLFNGLH)LQVWHUQLV]XGXUFKGULQJHQVXFKWHZRGLH :lQGHGHVKDOEIHUWLJHQ%DXZHUNVGLHKHOOH.RQNULW3ODWWHLQ6FKDWWHQWDXFKWHQ1LFKWVUKUWHVLFK NHLQ/DXWZDU]XK|UHQDXHUGHPOHLVHQ5DXVFKHQGHV:LQGHV $EHU/DQJLRQ%UDNZXWHGDMHGHUVHLQHU6FKULWWHEHREDFKWHWZXUGH(UZDULQHLQH)DOOHJHJDQJHQ 'LH)DOOHVROOWH]XNODSSHQZHQQVHLQH$XIPHUNVDPNHLWGXUFK3DVWRUV$QNXQIWDEJHOHQNWZXUGH$EHU ZHQQHU]XHUNHQQHQJDEGDHUGLH*HIDKUDKQWHZUGHGHU*HJQHUVLFKJH]ZXQJHQVHKHQIUKHU ]X]XVFKODJHQ (UNHKUWH]XGHP3RUWDO]XUFNGXUFKGDVHUKHUHLQJHNRPPHQ:DUXQGEOLHEGRUWHLQH:HLOHVWHKHQ JHJHQGLH0DXHUJHOHKQWZLHHLQHUGHUQLFKWV%HVVHUHV]XWXQKDWDOVLQGLH1DFKWKLQDXV]XVWDUUHQ 'LH6FKDWWHQNOHLQHUHU*HElXGHODJHQULQJVXPGLH+JHONXSSH]HUVWUHXW(UZUGHVRWXQDOVZROOHHU VLFKHLQHVQDFKGHPDQGHUHQDQVHKHQ:HQQHUGDVMHQLJHHUUHLFKWHGDVDPZHLWHVWHQKDQJDEZlUWVODJ PXWHHUVHLQHQ$XVEUXFKVYHUVXFKXQWHUQHKPHQ (UVFKOHQGHUWHDXIGDVQlFKVWOLHJHQGH%DXZHUN]X(VVROOWHHLQH8QWHUNXQIWZHUGHQHLQOX[XUL|VHV $SSDUWHPHQWYRQGHVVHQ)HQVWHUQDXVGHU%OLFNZHLWEHUGLH6WDGWXQGGDVXPOLHJHQGH/DQGJLQJ ,UJHQGHLQEHWXFKWHU7RXULVWZUGHVLFKDQGHU$XVVLFKWHUIUHXHQXQGQLFKWVYRQ/DQJLRQ%UDNZLVVHQ GHUVLFK0RQDWHYRULKPDPVHOEHQ2UWEHIXQGHQKDWWHXQGQLFKWVLFKHUZDUREHUGLHVH1DFKWOHEHQG EHUVWHKHQZUGH (UJLQJZHLWHU(UZROOWHVLFK=HLWODVVHQXQGGHQ9HUGDFKWGHVXQVLFKWEDUHQ*HJQHUVQLFKWGDGXUFK HUUHJHQGDHUVLFKJHUDGHZHJVDXIVHLQ=LHO]XEHZHJWH$EHUVHLQH5HFKQXQJJLQJQLFKWDXI9RQGHU DQGHUHQ6HLWHGHV+JHOVNDPVXPPHQGHV*OHLWHUJHUlXVFK3DVWRUQlKHUWHVLFK*HIDKUZDULP 9HU]XJ(UWDWDOVK|UHHUQLFKWVXQGVFKULWWVROHJHUZLHP|JOLFKDXIHLQH%DXVWHOOH]XGLHGUXQWHQ IDVWDQGHU*UHQ]HGHV3DUNVODJ'DV6XPPHQGHV0RWRUVZXUGHODXWHU:HULKPMHW]WQRFK]XWUDXWH GDHUGDV*HUlXVFKQLFKWK|UWHGHUPXWHLKQIUKDOEWDXEKDOWHQ(UEHJDQQ]XUHQQHQXQGZXWH GDHUGDPLWVHLQH7DUQXQJHQGJOWLJDXIJDE Ä(UUHLWDXV³JHOOWHHLQH6WLPPHGXUFKGLH1DFKW =ZHL/LFKWNHJHOIODPPWHQDXIXQGJULIIHQQDFKLKP(LQVFKZHUHU%ODVWHUNQDOOWHXQGIDXFKWHXQGHLQ DUPGLFNHU(QHUJLHVWUDKOIXKUZHQLJH0HWHUVHLWZlUWVLQGHQ%RGHQ5DXFKHQGHV(UGUHLFKZXUGHLQGLH +|KHJHVFKOHXGHUW%UDNZDUIVLFKYRUZlUWVHUUHLFKWHGHQ5DQGHLQHV*UDEHQVXQGOLHVLFK KLQHLQIDOOHQ*HGXFNWKDVWHWHHUHLQKDOEHV'XW]HQG0HWHUQDFKUHFKWV$OVHUZLHGHUDXVGHP*UDEHQ KHUYRUNDPKDWWHQLKQGLH6FKHLQZHUIHUIUVHUVWHYHUORUHQ(UEOLFNWH]XU.XSSHGHV+JHOVKLQDXI XQGVDKXQGHXWOLFKH*HVWDOWHQ6HLWZlUWVEHPHUNWHHUGLH6LOKRXHWWHGHV*OHLWHUVLQGHP3DVWRU JHNRPPHQZDU(UKDWWHGLH/LFKWHUDEJHEOHQGHWXPGLH6XFKHQGHQQLFKWLQLKUHU$UEHLW]XVW|UHQ %UDNKDWWHHLQHQELWWHUHQ*HVFKPDFNLP0XQG3DVWRUGHU9HUUlWHU (LQ/LFKWNHJHOVFKQHOOWHVLFKYRQGHU6HLWHKHUDXILKQ]X0LWHLQHPYHU]ZHLIHOWHQ6DW]HUUHLFKWHHU GHQ6FKXW]GHVNOHLQHQ*HElXGHVGDVVHLQ=LHOJHZHVHQZDU'LH+HOOLJNHLWJOLWWYRUEHLRKQHLKQ]X EHUKUHQ(UEHIDQGVLFKMHW]WDP5DQGGHV3DUNV9RQKLHUDXVKDWWHHUPHKU'HFNXQJ(UVFKQHOOWH VLFKYRQ%DXP]X%DXPKLQDELQ5LFKWXQJGHV:DOGHV9RQ=HLW]X=HLWKLHOWHUHLQSDDU6HNXQGHQ DQXP]XEHREDFKWHQZDVZHLWHUREHQDP+JHOYRUJLQJ'RUWZDUHQLQ]ZLVFKHQIQI6FKHLQZHUIHU LQ7lWLJNHLWXQGZHQLJVWHQVDFKW0DQQKDWWHQGDPLW]XWXQGDV%DXJHOlQGHDE]XVXFKHQZlKUHQGYLHU ZHLWHUHLQ5LFKWXQJGHV3DUNVYRUGUDQJHQ'HU*HJQHUZXWHQLFKWZRKLQVLFKGDV2SIHUJHZDQGW KDWWH 8QJHKLQGHUWHUUHLFKWH/DQJLRQ%UDNGHQ5DQGGHV:DOGHV%LVMHW]WKDWWHHULPPHUZLHGHUQDFK 3RVWHQ$XVVFKDXJHKDOWHQGLHZRP|JOLFKDOV]XVlW]OLFKH9RUVLFKWVPDQDKPHZHLWHUXQWHQDP+DQJ VWDWLRQLHUWZRUGHQZDUHQXQGGHQHQHUYRQGHQ+lVFKHUQLQGLH$UPHVHWULHEHQZHUGHQVROOWH-HW]W DEHUIKOWHHUVLFKVLFKHU6HLQ*OHLWHUVWDQGLQGHU1lKH%HYRUGLH9HUIROJHUGHQ3DUNDXFKQXU]XU +lOIWHGXUFKTXHUWKDWWHQZDUHUOlQJVWDXIXQGGDYRQ
'HU8PULGHV)DKU]HXJVWDXFKWHYRULKPDXI(LQJUHOOHV/LFKWPDWHULDOLVLHUWHDXVGHP1LFKWVXQG EOHQGHWHLKQ(UULGHQ$UPLQGLH+|KHXPGLH$XJHQ]XVFKW]HQ Ä$OVRGRFKULFKWLJYHUPXWHW³:RKDWWHHUGLHVHGXUFKGULQJHQGHKlPLVFKH6WLPPHVFKRQHLQPDOJH K|UW"Ä'HLQ:HJLVW]X(QGH/DQJLRQ%UDN'XZLUVWXQVNHLQH6FKZLHULJNHLWHQPHKUPDFKHQ³ (LQP|UGHULVFKHU6FKODJWUDILKQLQGHQ5FNHQZDUILKQQDFKYRUQHPLWGHP*HVLFKWYRUDQLQGHQ ZHLFKHQ:DOGERGHQ$EHUQRFKZlKUHQGLKPGDV%HZXWVHLQVFKZDQGVWHOOWHVLFKGLH(ULQQHUXQJ HLQ(UZXWHZHPGLH6WLPPHJHK|UWH)DLGHU.XQ]DI 'DV(UZDFKHQZDUVFKPHU]OLFK6HLQ9HUVWDQGIXQNWLRQLHUWHHLQZDQGIUHL(UHULQQHUWHVLFKDQDOOHV ELV]XUOHW]WHQ5HJXQJVHLQHV*HGlFKWQLVVHVLQGHP$XJHQEOLFNLQGHPHUGDV%HZXWVHLQYHUORUXQG HUZXWHGDHUHLQHYROOH'RVLV/lKPXQJVVFKRFNDEVRUELHUWKDWWH$EHUGLH0XVNHOQJHKRUFKWHQLKP QLFKWXQGGHU.|USHUSULFNHOWHXQGEUDQQWHDOVZlUHQ7DXVHQGHJOKHQGHU1DGHOQXQDEOlVVLJDQGHU $UEHLW'LHDXWRPDWLVFKH7lWLJNHLWGHU/XQJHXQGGHV+HU]HQVYHUXUVDFKWHQQDKH]XXQHUWUlJOLFKHQ 6FKPHU]XQGZHQQHUYHUVXFKWHGLH$XJHQ]X|IIQHQGDQQZROOWHLKPGHU6FKlGHO]HUVSULQJHQ (UNDQQWHGLH6\PSWRPH'DVZDUGHU.DWHUQDFKGHP6FKRFN,QMHGHUHLQLJHUPDHQ]LYLOLVLHUWHQ 8PJHEXQJKlWWHPDQGHQ5HJHQHUDWLRQVVFKPHU]GXUFKJHHLJQHWH'URJHQYHUPLQGHUW9RQ)DLGHU .XQ]DIGXUIWHPDQVROFKH0HQVFKHQIUHXQGOLFKNHLWQLFKWHUZDUWHQ /DQJLRQ%UDNHULQQHUWHVLFKGHU:RUWHGLH.XQ]DIJHVSURFKHQKDWWHÄ'HLQ:HJLVW]X(QGH³:DUHU HVZLUNOLFK":HQQMDGDQQZDUHVVHLQHHLJHQH6FKXOG$OVHUHUNDQQWHGDGLH+lVFKHUGHU 2UJDQLVDWLRQGHQ+JHOVFKRQODQJHYRU3DVWRUV$QNXQIWEHVHW]WKDWWHQGDKlWWHHUVLFKGHQNHQ PVVHQGDLKUH$XIPHUNVDPNHLWVLFKQLFKWQXUDXIGLH.XSSHEHVFKUlQNWH6LHKDWWHQVHLQH $QQl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lWH]XHUSUHVVHQ -DHVVDKVRDXVDOVVHLDOOHVYHUORUHQbUJHUXQG=RUQHUIOOWHQVHLQ%HZXWVHLQXQGEUDFKWHQGDV %OXWLQ:DOOXQJ'HUSULFNHOQGHEUHQQHQGH6FKPHU]ZXUGHLQWHQVLYHUDEHUJOHLFK]HLWLJHQWNUDPSIWHQ VLFKGLH1HUYHQ(U|IIQHWHGLH$XJHQ=XEHLGHQ6HLWHQVDKHUNDKOH:lQGHXQGEHUVLFKHLQH 'HFNHGLH]XU+lOIWHYRQHLQHU/XPLQHV]HQ]SODWWHHLQJHQRPPHQZXUGH(UVHOEVWUXKWHDXIHLQHU SULPLWLYHQ/LHJH'LH=HOOHZDUVRNOHLQGDPDQHLQ]ZHLWHV0|EHOVWFNGHUVHOEHQ$UWKLHUQLFKW KlWWHXQWHUEULQJHQN|QQHQ'HU$XVJDQJEHIDQGVLFKLQGHU6WLUQZDQGHLQH)XJHGLHGHQ8PULHLQHV ]ZHL0HWHUKRKHQ5HFKWHFNVEHVFKULHEEH]HLFKQHWHGLH/DJHGHU7U(LQ5LHJHOPHFKDQLVPXVZDU DXIGLHVHU6HLWHQLFKW]XVHKHQ'LH6HLWHQZlQGHZDUHQPLW]DKOUHLFKHQ(UK|KXQJHQDXVJHVWDWWHW NOHLQHQ.XSSHOQYRQIQIELV]HKQ=HQWLPHWHUQ'XUFKPHVVHUGLHVRDXVVDKHQDOVEHVWQGHQVLHDXV 0HWDOO'DKLQWHUZDUHQ,QVWUXPHQWHYHUERUJHQ%HREDFKWXQJVJHUlWH0LNURSKRQH0HLQVWUXPHQWH -HGHVHLQHU%HZHJXQJHQZXUGHDXIJH]HLFKQHWXQGLQGLHVHP$XJHQEOLFNZXWHPDQLUJHQGZR MHQVHLWVGHU=HOOHQZlQGHGDHU]XVLFKJHNRPPHQZDU 1HLQHUZDUQLFKWEHUHLWDXI]XJHEHQ(VZDUQRFK/HEHQLQLKP,P$XJHQEOLFNKDWWH)DLGHU.XQ]DI LKQIHVW$EHULUJHQGZDQQZUGHHULKQDQHLQHQDQGHUHQ2UWWUDQVSRUWLHUHQODVVHQPVVHQHVVHL GHQQHUZROOWHLKQKLHULQGHU=HOOHXPEULQJHQXQGGDQQPRFKWHVLFKHLQH*HOHJHQKHLWHUJHEHQGLH HUQW]HQNRQQWHXPVHLQH/DJH]XYHUEHVVHUQ.XQ]DIKDWWHLKQ]ZHLPDOKHUHLQJHOHJWGDPDOVDXI 6ROYDLJKXQGYRUNXU]HPEHLGHU9HUDEUHGXQJPLW3DVWRU:HOFKH,URQLHZHQQHUGDV]XP$QOD QlKPH%UDNDXIGLHVHOEH:HLVH]XXQWHUVFKlW]HQZLHGLHVHULKQDXI6ROYDLJKXQWHUVFKlW]WKDWWH /DQJLRQ%UDNZDUQLFKWEHUUDVFKWDOVVLFKGLH7UYRULKP|IIQHWH)DLGHU.XQ]DIEUDQQWHYRU 8QJHGXOGXQG1HXJLHUGH(UOLHGHQ*HIDQJHQHQKROHQVREDOGHUDXVGHU%HZXWORVLJNHLWHUZDFKWH =ZHL0lQQHUVWDQGHQYRUGHU7UMHHLQHU]XU5HFKWHQXQG]XU/LQNHQ'UDXHQODJHLQEUHLWHUKHOO HUOHXFKWHWHU*DQJ(LQHUGHU0lQQHUPDFKWHHLQHDXIIRUGHUQGH*HVWHPLWGHP6WUDKOHUGHQHU VFKXEHUHLWLQGHU+DQGWUXJ%HLGHWUXJHQGLH8QLIRUPGHU6WDDWVSROL]HL'LH$UWZLHVLHVLFK
EHZHJWHQGLHDXVGUXFNVORVHQ*HVLFKWHUGHUNDOWH%OLFNGDVDOOHVGHXWHWHGDUDXIKLQGDVLHLQ VROFKHQ'LQJHQ(UIDKUXQJEHVDHQ/DQJLRQ%UDNVWDQGEHKXWVDPDXI(VJDENHLQHQ0XVNHOLQ VHLQHP.|USHUGHUQLFKWVFKPHU]WH'LHEHLGHQ3ROL]LVWHQZLFKHQELV]XUJHJHQEHUOLHJHQGHQ:DQG GHV*DQJHV]XUFN(UVFKREVLFKGXUFKGLH7U|IIQXQJ6HLQ%OLFNJLQJQDFKOLQNV'RUWPQGHWHGHU .RUULGRULQHLQHZHLWH+DOOH$EHUGHUJHVFKZHQNWH/DXIGHV6WUDKOHUVZLHV%UDNQDFKUHFKWV(U WURWWHWHYRUGHQEHLGHQ3ROL]LVWHQKHUVFKHLQEDUQXUPLWVLFKVHOEVWXQGVHLQHP6FKPHU]EHVFKlIWLJW,Q :LUNOLFKNHLWPXVWHUWHHUMHGHQ4XDGUDWPHWHUGHU8PJHEXQJ 7UHQUHFKWVXQGOLQNVKLQWHUGHQHQ=HOOHQlKQOLFKZLHGLHVHLQHODJHQ'LH:lQGHPLWIXJHQORVHP ZHLHP*XEHU]RJHQLP:LGHUVFKHLQGHUJUHOOHQ/DPSHQVFKLPPHUQGXQGJOlQ]HQG$EHUGLH NOHLQHQQDFKJHGXQNHOWHQ)OHFNHHQWJLQJHQVHLQHU$XIPHUNVDPNHLWQLFKWKLQWHUGHQHQVLFK0HJHUlWH XQGZDKUVFKHLQOLFK :DIIHQYHUEDUJHQ(UYHUVXFKWHHLQ0XVWHU]XHUNHQQHQDEHUGDVHLQ]LJHZDVHUIHVWVWHOOHQNRQQWH ZDUGDGLHQLHGULJVWHQ)OHFNHHWZD=HQWLPHWHUEHUGHP%RGHQODJHQXQGVLFKNHLQ)OHFNK|KHU DOV]ZHL0HWHUEHIDQG 'HU.RUULGRUHQGHWHQDFKDFKW]LJ6FKULWWHQYRUHLQHUVWlKOHUQHQ7U6LH|IIQHWHVLFKVHOEVWWlWLJ 'DKLQWHUNDPHLQNXU]HU*DQJDEVFKQLWWPLWJUDXHQ:lQGHQXQGDEHUPDOVHLQHU6WDKOWU/DQJLRQ%UDN KDWWHGHQ9HUGDFKWGDZHUKLHUHLQWUDWRKQHVLFKJHQJHQGDXVJHZLHVHQ]XKDEHQDXIGHU6WHOOH SXOYHULVLHUWZHUGHQZUGH'LHEHLGHQ3ROL]LVWHQEOLHEHQLQGHU1lKHGHUHUVWHQ7UVWHKHQ%UDNVDK VLFKQDFKLKQHQXPXQGHUKLHOWHLQHQ:LQNZHLWHU]XJHKHQ'LH]ZHLWH7UIXKUDXI(UEOLFNWHLQHLQHQ ZHLWHQOX[XUL|VDXVJHVWDWWHWHQ5DXPGHVVHQVDQIWH%HOHXFKWXQJLKPQDFKGHU*UHOOHGHU /XPLQHV]HQ]VWUDKOHUZLH'lPPHUOLFKWYRUNDP,QGHU0LWWHGHV5DXPHVVWDQGHLQPlFKWLJHU 6FKUHLEWLVFKKLQWHUGHP)DLGHU.XQ]DILQHLQHP6HVVHOWKURQWHGHVVHQ$XVPDHVHLQHRKQHKLQNOHLQH *HVWDOWQRFKVFKPlFKWLJHUHUVFKHLQHQOLHHQ 'LHEULJHQ$QZHVHQGHQKDWWH/DQJLRQ%UDNQLFKWHUZDUWHW=XU5HFKWHQGHV6FKUHLEWLVFKHVVD 3DVWRU=XU/LQNHQKDWWHQVLFK7UHORIIXQGHLQGXQNHOKlXWLJHUVFKDUIJHVLFKWLJHU0DQQQLHGHUJHODVVHQ EHLGHVVHQ$QEOLFNVLFK%UDNV$XJHQYRU6WDXQHQZHLWHWHQ9DUHQQHHKHPDOLJHV0LWJOLHGGHV6HQDWV GHU%XUDQJL Ä'DKDEHQZLUGDVJDQ]H7ULEXQDOEHLVDPPHQ³JULQVWH%UDNQDFKGHPHUVLFKYRQGHUhEHUUDVFKXQJ HUKROWKDWWH )DLGHU.XQ]DIVFKDXNHOWHJHPlFKOLFKLQVHLQHP0RQVWHUVHVVHOXQGKDWWHHLQVIILVDQWHV/lFKHOQDXI GHP*HVLFKW Ä'XELVWHLQJHIlKUOLFKHU%XUVFKH/DQJLRQ%UDN³VDJWHHUÄ$OVZLUGLFKGDVHUVWH0DOVFKQDSSWHQ KlWWHQZLUGLUJOHLFKGHQ+DOVXPGUHKHQVROOHQDQVWDWWGLFKPLWJURHP$XIZDQGKLHUKHU]XEULQJHQ *OFNOLFKHUZHLVHOlWVLFKGDV9HUVlXPWHZLHGHUJXWPDFKHQ³(UUlNHOWHVLFKEHKDJOLFKÄ,FKKDEH JHK|UWGXYHUVXFKWHVWXQVEHLGHQ%XUDQJL6FKZLHULJNHLWHQ]XPDFKHQ³ ,Q]ZLVFKHQKDWWH/DQJLRQ%UDNVHLQH0XVWHUXQJGHV5DXPHVEHHQGHW$XHULKPXQGGHQYLHU 0lQQHUQYRULKPEHIDQGVLFKQLHPDQGKLHU)DLGHU.XQ]DIKDWWHDXIGHQ/X[XVYRQ/HLEZlFKWHUQ YHU]LFKWHW Ä'DYRQZHLLFKQLFKWV³VDJWH%UDNXP=HLW]XJHZLQQHQ 3DVWRU7UHORIIXQG9DUHQQHVFKLHQHQQLFKWEHZDIIQHW$EHUKLQWHUGHUUHLFKRUQDPHQWLHUWHQ 9RUGHUVHLWHGHVPlFKWLJHQ6FKUHLEWLVFKVPRFKWHQVLFKDOOH$UWHQDXWRPDWLVFKHU:DIIHQEHILQGHQGLH .XQ]DIPLWWHOV.QRSIGUXFNYRQVHLQHP6HVVHODXVDNWLYLHUWH7URW]GHPZDUGLH/DJHQLFKWJDQ] DXVVLFKWVORV(UPXWHVHLWZlUWVDQJUHLIHQXPDXVGHP)HXHUEHUHLFKGHUYHUERUJHQHQ:DIIHQ]X NRPPHQ=X)DLGHU.XQ]DIIKUWHNHLQGLUHNWHU:HJDEHUZHQQHUHLQHQGHUDQGHUHQ]XSDFNHQ EHNlPHXQGDOV6FKLOGEHQW]HQN|QQWH Ä8QVHU)UHXQG9DUHQQHLVW=HXJH³VDJWH.XQ]DIÄGDGXGLH%XUDQJLYRU7UHORIIJHZDUQWKDVW³ /DQJLRQ%UDNYHUODJHUWHGDV*HZLFKWDXIGHQUHFKWHQ)XXQG]RJGHQOLQNHQXQPHUNOLFKQDFK(U KDWWHVLFKIU3DVWRUHQWVFKORVVHQ(VZDUHLQIDFKHUVR3DVWRUVDDOOHLQH Ä,FKZDUQHMHGHUPDQQYRU7UHORII³DQWZRUWHWHHUÄ$XHUGHPZXWHLFKGDPDOVQLFKWGD7UHORIIIU GLFKDUEHLWHWH³ )DLGHU.XQ]DI]RJGLH%UDXHQVWHLOLQGLH+|KH'LHXQV\PPHWULVFKJHODJHUWHQ$XJHQJOLW]HUWHQ WFNLVFKXQGGDV*HVLFKWYHUZDQGHOWHVLFKLQHLQH*ULPDVVHGHV+RKQV Ä'XZXWHVWHVQLFKW"³(VNODQJIDVWZLHHLQ7ULXPSKVFKUHLÄ7UHORIIKDWGLFKZRFKHQODQJDQGHU1DVH KHUXPJHIKUWGDPLWZLUGLH2SHUDWLRQDXI6ROYDLJKHLQULFKWHQNRQQWHQ$XI6ROYDLJKZROOWHQZLUGLFK IDQ JHQ:LUEUDXFKWHQ=HLWXPGLHQ|WLJHQ9RUEHUHLWXQJHQ]XWUHIIHQ7UHORIIYHUVFKDIIWHVLHXQV8QGGX
ZXWHVWQLFKWGDHU]XU2UJDQLVDWLRQJHK|UWH"³ 6SRWWHLPPHU]XGXNOHLQHV6FKHXVDOGDFKWH%UDN,FKZXWHHVWDWVlFKOLFKQLFKW:lKUHQG.XQ]DI GHQ*HQXGLHLKPGLH'HPRQVWUDWLRQVHLQHUhEHUOHJHQKHLWYHUVFKDIIWHYROODXVNRVWHWHWDWHUHLQHQ ZHLWHUHQNOHLQHQ6FKULWWQDFKUHFKWVYRUQH1RFK]ZHLZHLWHUHXQGHUKDWWHHLQHQ3XQNWHUUHLFKWYRQ GHPDXVHUJHJHQ3DVWRUYRUJHKHQNRQQWH0HKU0DQ|YHUNRQQWHHUVLFKQLFKWOHLVWHQVRQVWPHUNWH .XQ]DIWURW]VHLQHUGQNHOKDIWHQ(XSKRULHGDHUVLFKOlQJVWQLFKWPHKUGRUWEHIDQGZRHU]X$QIDQJ JHVWDQGHQKDWWH Ä$OVRVFK|QGXELVWGXPP³EHUXKLJWHVLFKGHUNOHLQH0DQQLQGHP5LHVHQVHVVHO(UVFKWWHOWHGHQ .RSIÄ'DVKlWWHLFKQLFKWJHGDFKW:HUPLUVRYLHO6FKZLHULJNHLWHQPDFKWGHQKDOWHLFKIUVFKODX 1DWUOLFKKlWWHLFKPLUGHQNHQVROOHQ³(UYROOHQGHWHGHQ6DW]QLFKW6WDWWGHVVHQEHXJWHHUVLFK SO|W]OLFKQDFKYRUQHXQGIXKU%UDNDQÄ:HUVWHKWKLQWHUGLU":HUVLQGGLH/HXWHYRQGHQHQGX JHJHQEHU3DVWRUJHSUDKOWKDVWGDVLHEHUDOOHV%HVFKHLGZLVVHQZDVDXI.DUVLVYRUVLFKJHKW"³ /DQJLRQ%UDNOlFKHOWHLKQZRUWORVDQ Ä,FKKROHHVDXVGLUKHUDXV³GURKWH.XQ]DIÄ'HU6WDDWVSROL]HLVWHKHQDOOHHUIRUGHUOLFKHQ0LWWHO]XU 9HUIJXQJ1DFKGHU%HKDQGOXQJPLWGHU+\SQRVRQGHZLUVWGXIUHLOLFKQXUQRFKHLQ*HPVHVHLQ DEHUGDUDQNDQQLFKQLFKWVlQGHUQhEHUGHLQH+LQWHUPlQQHU]HUEUHFKHLFKPLUELVGDKLQQLFKWGHQ .RSI6LHZLVVHQEHUGLHKLHVLJHQ9RUJlQJHEHUKDXSWQLFKWV'XZROOWHVWVLHHUVWLQ.HQQWQLVVHW]HQ XQGEHLGHU*HOHJHQKHLWJHULHWHVWGXPLW6FKHNHO]XVDPPHQ³ 'DVZDUDXIGHQ%XVFKJHNORSIW/DQJLRQ%UDNIXKUIRUW]XOlFKHOQ)DLGHU.XQ]DIHUNDQQWHGDVHLQH 7DNWLNQLFKWYHUILQJXQGOHKQWHVLFKZLHGHU]XUFN Ä(LQZHLWHUHU%HZHLVGHLQHUPDQJHOQGHQ.OXJKHLWZDUGHU9HUVXFKGLH%XUDQJL]XHLQHP6WXUPDXI %HODQGD]XEHZHJHQ³%UDNK|UWHNDXPKLQ(UNRQ]HQWULHUWHVLFKDXIGHQ6SUXQJPLWGHPHU3DVWRU DQGLH.HKOHIDKUHQZROOWHÄ8QVHU)UHXQG3DVWRUKDWXQVGDYRQEHULFKWHW9LHUWDXVHQG%XUDQJLVROOWHQ GLH7UHSSHKHUDENRPPHQXQGGLH6WDGWEHUIDOOHQ9DUHQQHNDQQVWGXGDVEHVWlWLJHQ"³ 'HUNOHLQH'UDKWLJHVFKWWHOWHGHQ.RSI Ä1HLQ'DVPX]XHLQHU=HLWJHZHVHQVHLQDOVLFKPLFKVFKRQ]XUFNJH]RJHQKDWWHZHLOLFKPHUNWH GDPDQPLFKYHUGlFKWLJWH$EHUQDWUOLFKZlUHHLQVROFKHV8QWHUIDQJHQJlQ]OLFKXQVLQQLJ³ 'LH8QWHUKDOWXQJQDKPHLQH:HQGXQJGLH/DQJLRQ%UDNDXIKRUFKHQOLH.XQ]DINLFKHUWHJHKlVVLJ Ä1DWUOLFKQDWUOLFK³ZLHGHUKROWHHUÄ$EHUGDYRQZHLXQVHU)UHXQG%UDNQDWUOLFKQLFKWV3DVWRU HUNOlUHGXHVLKP³ 3DVWRUODFKWHEHKlELJ Ä'LH%XUDQJLZDJHQVLFKQLFKWLQV7LHIODQG(VODVWHWHLQ)OXFKDXILKQHQEHUGHQPDQQLFKWVSUHFKHQ GDUI(UYHUELHWHWLKQHQGDV+RFKODQG]XYHUODVVHQ³ Ä'XZLOOVWPLUGHLQH+LQWHUPlQQHUQLFKWIUHLZLOOLJQHQQHQ"³IUDJWH)DLGHU.XQ]DIPLWVFKDUIHU 6WLPPH /DQJLRQ%UDNZDUHLQHQ$XJHQEOLFNZLHEHQRPPHQ(UKDWWH3DVWRUIUHLQHQ9HUUlWHUJHKDOWHQ Ä1HLQ³]ZDQJHUVLFK]XDQWZRUWHQ Ä'XKDVW]ZHL6WXQGHQ%HGHQN]HLW³.XQ]DIV+DQGNQDOOWHDXIGLH$UPOHKQHVHLQHV6HVVHOV'LH 6WDKOWU|IIQHWHVLFKXQGGLHEHLGHQ3ROL]LVWHQWUDWHQHLQÄ)KUWLKQDE³ %UDNWURWWHWHPLWPHFKDQLVFKHQ6FKULWWHQGDYRQYRUVHLQHQ:lUWHUQKHU'XUFKGHQJUDXHQ*DQJ KLQDXVLQGHQZHLHQ.RUULGRU'DV/LFKWVFKPHU]WHLQGHQ$XJHQ'LH/DJHVDKPLWHLQHPPDOJDQ] DQGHUVDXV(UKDWWHHLQHQ9HUEQGHWHQLP+DXSWTXDUWLHUGHV*HJQHUV(VZDUXQNODUZHOFKH5ROOH 3DVWRUVSLHOWHDEHURIIHQEDUKDWWHHU.XQ]DIQLFKWYHUUDWHQGDGLH%XUDQJLXQWHU.DVHQJLV )KUXQJQXUQRFKZHQLJH7HUUDVVHQVWXIHQYRQGHU*UHQ]HGHV7LHIODQGVHQWIHUQWZDUHQ'HU XUVSUQJOLFKH3ODQEUDXFKWHQLFKWDXIJHJHEHQ]XZHUGHQ.DVHQJLZUGHLQ]ZHLVSlWHVWHQVGUHL 7DJHQHLQWUHIIHQ8QGZHQQ3DVWRULQGHU=ZLVFKHQ]HLW*HOHJHQKHLWIDQGLKPDXVGHU3DWVFKH]X KHOIHQGDQQZDUQRFKQLFKWVYHUORUHQ ,P9RUEHLJHKHQPXVWHUWH%UDNGLH:lQGHGHV*DQJHVYRQQHXHP(UOHUQWHGDEHLQLFKWV1HXHV9RU GHU7UVHLQHU=HOOHPXWHHUVWHKHQEOHLEHQPLWGHP*HVLFKW]XU:DQG+LQWHULKPEHWlWLJWHHLQHUGHU EHLGHQ3ROL]LVWHQHLQHQYHUERUJHQHQ0HFKDQLVPXV'HUDQGHUHGUFNWHLKPGLH0QGXQJVHLQHV 6WUDKOHUVLQV.UHX]XQGDOVGLH7UDXIJOLWWVWLHHULKQPLWHLQHP5XFNLQGLH=HOOH/DQJLRQ%UDN KLHOWGLH%HKDQGOXQJIUXQQ|WLJJUREXQGQDKPVLFKYRUGDV*HVLFKWGHV0DQQHVQLFKW]XYHUJHVVHQ ,QGHU=HOOHKDWWHVLFKLQ]ZLVFKHQMHPDQG]XVFKDIIHQJHPDFKW$XIHLQHPZLQ]LJHQ7LVFKFKHQGDV JHUDGHQRFKQHEHQGLH/LHJHSDWHVWDQGHLQ7DEOHWWPLW%URWNDOWHQ%UDWHQVWFNHQXQGHLQHP%HFKHU :DVVHU%URWXQG%UDWHQZDUHQV\QWKHWLVFKDEHU%UDNKDWWHVRODQJHQLFKWVPHKU]XHVVHQEHNRPPHQ GDHUVLFKGDUDQQLFKWVW|UWH(UYHU]HKUWHGLH0DKO]HLWELVDXIGHQOHW]WHQ%URFNHQXQGVSOWHPLW
GHP:DVVHUQDFK(UIKOWHVLFKJHVlWWLJWXQGVWUHFNWHVLFKDXIGHU/LHJHDXVXPVHLQH/DJH]X EHUGHQNHQ (UVSUWHHLQHQOHLVHQDEHUXQDQJHQHKPHQ'UXFNJHJHQGLH:LUEHOVlXOHDQGHUVHOEHQ6WHOOHDQGHU GHU3RVWHQLKPGLH0QGXQJGHV6WUDKOHUVLQV.UHX]JHGUFNWKDWWH2KQHVHLQH/DJH]XYHUlQGHUQ VFKREHUGLH+DQGXQWHUGHQ5FNHQXQGYHUVXFKWHGLH8UVDFKHGHV6FKPHU]HV]XHQWGHFNHQ$OVHU GHQNOHLQHQHLI|UPLJHQ*HJHQVWDQG]ZLVFKHQGHQ)LQJHUQVSUWHGHUVLFK]ZLVFKHQ*XUWXQG%XQG GHU+RVHJHNOHPPWKDWWHHUVWDUUWHHUHLQHKDOEH6HNXQGHODQJ'DQQZDFNHOWHHUPLWGHQ6FKXOWHUQ XQGEHZHJWHGLH+DQGKLQXQGKHUDOVPVVHHUVLFKNUDW]HQ'DVNOHLQH(LILHODXIGLH/LHJH(U GHFNWHHVPLWVHLQHP.|USHU]XXQGODJQRFKHWZD]HKQ0LQXWHQVWLOOEHYRUHUVLFKDXIGHQ%DXFK GUHKWH 6ROFKH'LQJHKDWWHHUJHEW(UZXWHGDMHGHVHLQHU%HZHJXQJHQEHREDFKWHWZXUGH%HLP 8PGUHKHQKDWWHHUGDVHLI|UPLJH*HELOGH]XIDVVHQEHNRPPHQ-HW]WKLHOWHUHVLQGHUKRKOHQ+DQG(U KDWWHEHLGH(OOERJHQDXIGLH/LHJHJHVWW]WXQGGHQ.RSIKDOEHUKREHQ(VNRQQWHQLHPDQGDXIIDOOHQ GDHUJHGDQNHQYHUORUHQVHLQHUHFKWH+DQGDQVWDUUWH (LQH'HWRQDWLRQVNDSVHO=ZHL*UDPPGHVZLUNVDPVWHQFKHPLVFKHQ6SUHQJVWRIIVGHQGLHPRGHUQH JDODNWLVFKH7HFKQRORJLHNDQQWH$XI7HUUDJHIHUWLJW(LQHZLQ]LJHZDUDPUXQGHQ(QGHGHV(LVLQ GLHGQQH+OOHDXV2UJDQRPHWDOOJHSUlJW$PVSLW]HQ(QGHEHIDQGVLFKHLQHZLQ]LJH8QHEHQKHLW %UDNVWULFKPLWGHU)LQJHUVSLW]HGDUEHU:HQQHUPLWGHP'DXPHQQDJHO]XGUFNWHZUGHGLH 8QHEHQKHLWYHUVFKZLQGHQXQGGDPLWWUDWGHU=QGHULQ7lWLJNHLW'UHL6HNXQGHQ1LFKWYLHO=HLWXP 'HFNXQJ]XVXFKHQ (VZDUPLJGDUEHUQDFK]XGHQNHQZLHHVGHU3ROL]LVWIHUWLJJHEUDFKWKDWWHGLH.DSVHOKLQWHUVHLQHQ *UWHO]XEHI|UGHUQ'HU0DQQPXWHGLH)LQJHUIHUWLJNHLWHLQHV0DJLHUVEHVLW]HQXQG%UDNWUXJLKP VHLQH*UREKHLWQLFKWPHKUQDFK'LH)UDJHZDUZDQQXQGEHLZHOFKHU*HOHJHQKHLWVROOWHHUGLH.DSVHO YHUZHQGHQ"3DVWRUZHPDQGHUVVROOWHHUGLHXQHUZDUWHWH*DEH]XYHUGDQNHQKDEHQ"KDWWHRKQH =ZHLIHOHLQHQEHVWLPPWHQ3ODQ%UDNV$XIJDEHZDUHVLKQ]XHUUDWHQ (VJDEQXU]ZHL0|JOLFKNHLWHQHQWZHGHUKLHULQGHU=HOOHRGHULUJHQGZRXQWHUZHJV]XP/DERUZR GLH+\SQRVRQGHVHLQHP%HZXWVHLQ,QIRUPDWLRQHQHQWORFNHQVROOWHGLHHU.XQ]DIQLFKWIUHLZLOOLJ JHEHQZROOWH'LHNXU]H=QGGDXHUJDELKP]XGHQNHQDXHUGHPGLHJHULQJH*U|HGHU.DSVHO)U :DFKWSRVWHQGLHLKQ DXIGHP*DQJ]XP/DERUEHJOHLWHWHQZDUHQGUHL6HNXQGHQPHKUDOVJHQXJXPDXIVHLQ9RUKDEHQ]X UHDJLHUHQXQGGLH6SUHQJNUDIWGHU.DSVHOUHLFKWHQLFKWDXVXPLQHLQHPUHODWLYRIIHQHQ*HOlQGHPHKU DOVREHUIOlFKOLFKHQ6FKDGHQDQ]XULFKWHQ$OVRZROOWH3DVWRUGDHUGLH'HWRQDWLRQKLHULQGHU=HOOH DXVO|VWH:DQQ"=ZLVFKHQMHW]WXQGGHP$XJHQEOLFNGDPDQLKQ]XU+\SQRVRQGLHUXQJKROWHJDEHV NHLQHQLUJHQGZLHDXVJH]HLFKQHWHQ=HLWSXQNW(UKDWWHDOVRGLH:DKOZDQQHUGLH.DSVHO]XU $QZHQGXQJEULQJHQZROOWH (UVWDQGDXIDOVVHLHUGHV1LFKWVWXQVPGHXQGXQWHUVXFKWHGDV*HVWHOOGHU/LHJHZLHHLQHUGHPYRU ODXWHU/DQJZHLOHQLFKWV%HVVHUHVHLQIlOOW'LH.DSVHOKDWWHHULQHLQHU7DVFKHYHUVFKZLQGHQODVVHQ 'DV*HVWHOOZDUVFKZHUDEHUQLFKWLQGHQ%RGHQHLQJHODVVHQ(UVWHPPWHGHQ5DKPHQLQGLH+|KH :HULKQEHREDFKWHWHZUGHVLFKIUDJHQZDVHUYRUKDWWH(UOHKQWHGHQ5DKPHQGHUMHW]WIDVW KRFKNDQWVWDQGPLWHLQHU(FNHDQGLH:DQGXQGNURFKGDUXQWHUDOVKlWWHHUHLQH(QWGHFNXQJJHPDFKW GLHLKQLQWHUHVVLHUWH 'HU%HREDFKWHUPXWHLQ]ZLVFKHQPLWUDXLVFKJHZRUGHQVHLQ1RFKHLQSDDU6HNXQGHQXQGHUZUGH $ODUPVFKODJHQ/DQJLRQ%UDNJLQJLQGLH+RFNH(U]RJGLH6SUHQJNDSVHODXVGHU7DVFKH2KQH KLQ]XVHKHQOHJWHHUGHQ'DXPHQQDJHODXIGLHNOHLQH8QHEHQKHLWDQGHU6SLW]HXQGGUFNWH]X8QWHU GHP*HVWHOOGHU/LHJHKLQGXUFKUROOWHHUGHQ6SUHQJN|USHULQ5LFKWXQJGHU7U 'HU'RQQHUGHU([SORVLRQZDUZLHGDV*HW|VHGHV:HOWXQWHUJDQJV 'HU/XIWGUXFNKDWWHGHQVFKZHUHQ5DKPHQXPJHZRUIHQVRGDHU/DQJLRQ%UDNXQWHUVLFKEHJUXE %UDNVWHPPWHVLFKLQGLH+|KH(UDWPHWHVWLFNLJHQ4XDOPXQGKHLH/XIW'LH+DDUHZDUHQLKP YHUVHQJWXQGGLH*HVLFKWVKDXWVSDQQWH(UKDWWH9HUEUHQQXQJHQHUOLWWHQ ,UJHQGZRLP+LQWHUJUXQGZLPPHUWHHLQ$ODUPJHUlW$XIDOOHQYLHUHQNURFK%UDNGXUFKGLHOHHUH7U |IIQXQJ'HU4XDOPZDUEHUDOO(UPXWHVLFKQDFKOLQNVZHQGHQLQ5LFKWXQJGHU+DOOH(LQUHJORVHU .|USHUODJLKPLP:HJ:DFKHQ"6LHKDWWHQ:DFKWSRVWHQYRUVHLQHU7UDXIJHVWHOOW"(UWDVWHWHGHQ *UWHOGHV%HZXWORVHQDEXQGIDQGGHQ%ODVWHU*HGXFNWKDVWHWHHUGDYRQ'XUFKGHQZDEHUQGHQ 'XQVWNDPLKPHLQH*HVWDOWHQWJHJHQ Ä:RLVWHU³ 'HU(QHUJLHVWUDKOVFKQLWWZLHHLQ%OLW]GXUFKGHQILQVWHUHQ4XDOP'LH*HVWDOWVFKULHDXIXQGWDXPHOWH
VHLWZlUWV/DQJLRQ%UDNUDQQWH'HU'XQVWUHLFKWHELVLQGLH+DOOH9RUVLFKVDKHUHLQ 3DQRUDPDIHQVWHU'LH/LFKWHUGHU6WDGWVFKLPPHUWHQLKPHQWJHJHQ1DFKWQRFKLPPHURGHUVFKRQ ZLHGHU"(UEHIDQGVLFKLQDFKWELV]HKQ6WRFNZHUNHQ+|KHQDFKGHU$QRUGQXQJGHU/LFKWHU]X VFKOLHHQ:LHKDWWH3DVWRUVLFKGDVYRUJHVWHOOW":LHNDPHUKLQDE"8QGZHQQHUXQWHQZDUZDV GDQQ"$XVGHP.RUULGRUDXVGHPGHU5DXFKTXROOGUDQJHQGLH*HUlXVFKHHLOHQGHU6FKULWWH6LH ZDUHQKLQWHULKPKHU=XUUHFKWHQ+DQG]Z|OI0HWHUHQWIHUQWHLQH5DPSH(UHLOWHGDUDXI]X'HU)X GHU5DPSHODJLP+DOEGXQNHOHUNRQQWHQLFKWHUNHQQHQREHVGRUWXQWHQ*HIDKUIULKQJDERGHU QLFKW(VEOLHELKPNHLQHDQGHUH:DKOHUPXWHKLQDE'LHJODWWH)OlFKHZXUGHLKPIDVW]XP 9HUKlQJQLV(UVWU]WHXQGUXWVFKWHGLHUHVWOLFKHQ0HWHUDXIGHP%DXFKKLQDE'UXQWHQEHIDQGHUVLFK LQHLQHUULHVLJHQPlLJHUOHXFKWHWHQ+DOOHGLHGHQJHVDPWHQ*UXQGULGHV*HElXGHVHLQ]XQHKPHQ VFKLHQ,UJHQGZRPXWHHVHLQHQ$XI]XJJHEHQ(UHLOWHDQGHU:DQGHQWODQJXQGIDQGGLH7UHLQHV $QWLJUDYOLIWV:DVZHQQVLHLQ]ZLVFKHQVlPWOLFKH$XI]JHODKPJHOHJWKDWWHQ"(UOLHGLH)LQJHUEHU GLH7DVWHQJOHLWHQXQGDWPHWHHUOHLFKWHUWDXIDOVVLH]XOHXFKWHQEHJDQQHQ$XJHQEOLFNHVSlWHUZDUGLH .DELQH]XU6WHOOH(UVSUDQJKLQHLQ'LH$EZlUWVEHZHJXQJZDUQLFKWZDKUQHKPEDU'HU/LFKW]HLJHU PDUNLHUWHGDVHUVWH2EHUJHVFKRDOVGLH.DELQHSO|W]OLFKDQKLHOWXQGGLH7UVLFK|IIQHWH =ZHL3ROL]LVWHQHUZDUWHWHQLKQ'LH(QHUJLHEQGHOLKUHU6WUDKOHUIDXFKWHQNQDOOHQGLQGLH $XI]XJNDELQH$EHU/DQJLRQ%UDNKDWWHVLFKQDFKYRUQHJHZRUIHQXQGZDUXQWHUGHQW|GOLFKHQ 6WUDKOHQKLQGXUFKJHWDXFKW(USDFNWHHLQHQGHUEHLGHQ8QLIRUPLHUWHQEHLGHQ.QLHQXQGULLKQYRQ GHQ%HLQHQ1RFKZl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lUWV'LH/DJHZDUDXVVLFKWVORV*HJHQIQI]HKQNRQQWHHUQLFKWVDXVULFKWHQ :DVZDUGDV"'HUYRUGHUVWH3ROL]LVWVWROSHUWHXQGILHO]X%RGHQ(LQ]ZHLWHUWDWHVLKPQDFK'LH )URQWJHULHWLQV:DQNHQ%UDNK|UWHGDVKHOOH6LQJHQYRQ6FKRFNZDIIHQDEHUHUEHJULIIQLFKWZRKHU HVNDPELVHUHUNDQQWHGDVHFKVGHUIQI]HKQ8QLIRUPLHUWHQJHJHQGLHDQGHUHQQHXQ)URQWPDFKWHQ 6LHKDWWHQGHQhEHUUDVFKXQJVHIIHNWDXILKUHU6HLWH%HYRUGLH$QJHJULIIHQHQZXWHQZLHLKQHQ JHVFKDKVWDQGHQLKUHUQXUQRFK]ZHLDXIGHQ%HLQHQ/DQJLRQ%UDNQRFKLPPHUIDVVXQJVORVIKOWH VLFKDP$UPHUJULIIHQ Ä1LFKWVZLH UDXVKLHU³ULHILKPMHPDQG]X %UDNVWDUUWHGHQ0DQQDQ(UKDWWHLKQQLH]XYRUJHVHKHQ:HUZDUHU"(LQHUYRQ3DVWRUV/HXWHQ" .HLQH=HLWODQJH)UDJHQ]XVWHOOHQ(UOLHVLFKYRQGHP)UHPGHQIKUHQ'LHUHVWOLFKHQIQI 0LWJOLHGHUGHV(LQVDW]WUXSSVDOV6WDDWVSROL]LVWHQYHUNOHLGHWNDPHQKLQWHULKQHQKHUXQGGHFNWHQLKQHQ GHQ5FNHQ'XUFKGDVKHOOHUOHXFKWHWH(LQJDQJVSRUWDOKLQDXVHLQHEUHLWH5DPSHKLQXQWHU$P XQWHUHQ(QGHGHU5DPSHVWDQGHLQ*OHLWHU(LQRIIHQHV/XNZLQNWH%UDNNDWDSXOWLHUWHKLQGXUFKXQG ODQGHWHDXIHLQHPZHLFKHQ3ROVWHU1RFKHKHHUVLFKDXIULFKWHQNRQQWHVWLHJGDV)DKU]HXJLQGLH+|KH XQGVFKRGDYRQ (UVHW]WHVLFK]XUHFKWÄ:DV]XP7HXIHO³ Ä(UKlWWHGLFKEHLQDKJHKROW³VDJWHHLQHVDQIWHVS|WWLVFKH6WLPPHKLQWHULKP'LH6WLPPHHLQHU)UDX %UDNIXKUKHUXP6HLQ%OLFNGXUFKGUDQJGDV+DOEGXQNHOLP+LQWHUJUXQGGHU.DELQHEOLHEDXIGHU ZHLFKHQJOlQ]HQGHQ)OOHJROGHQHQ+DDUHVKDIWHQ Ä/RXLVDGX"³ 9RQVHLWZlUWVKHUPHOGHWHVLFKHLQH]ZHLWH6WLPPH Ä%LWWHPLFKQLFKW]XYHUJHVVHQ+XPEHUW*UDI/DWRQ(VZDUK|FKVWH=HLWGDZLUGHU2SHUDWLYH 7XJODQZLHGHU]XU9ROO]lKOLJNHLWYHUKDOIHQ³ Ä'HU$UEHLWVVSHLFKHUGHV$XWRSLORWHQDQ%RUGGHU(/(87+(5$EDUJGLH/|VXQJGHV5lWVHOV³ HUNOlUWH/RXLVD4XDQWRUZlKUHQGGHU*OHLWHULP6WURPGHV9HUNHKUVGLHEUHLWH)DKUEDKQHQWODQJVWULFK
Ä'HU.DSLWlQNDQQGHQ=HQWUDOUHFKQHUPDQLSXOLHUHQXQGVLFKYRQLKPIDOVFKH)OXJSURWRNROOH DXVJHEHQODVVHQVRYLHOHHUZLOO$EHUGHU$XWRSLORWEHZDKUWGLH.RRUGLQDWHQGHU2UWHGLHGDV6FKLII WDWVlFKOLFKDQJHIORJHQKDW6RNDPHQZLUDXI.DUVLVHKHPDOV.DU]LVVDDOWH6LHGOHUZHOWHUVWLQGHQ -DKUHQGHU/DUHQ+HUUVFKDIWZLHGHUHQWGHFNW³ Ä$OVZLUKLHUDQNDPHQVWU]WHQZLUXQVNRSIEHULQV*HVFKlIW³IXKU+XPEHUWPLWGHU6FKLOGHUXQJ IRUWÄ'DGXKLHUYHUVFKROOHQZDUVWZXWHQZLUGD.DUVLVHWZDVPLWGHP0HWDWKHQ+DQGHO]XWXQ KDEHQPXWH:LUHUIXKUHQYRQGHU2UJDQLVDWLRQGLHHLQ0HWDWKHQ0RQRSRO]XKDEHQVFKLHQ$EHU ZRHV0RQRSROHJLEWGDVLQGGLHNOHLQHQ6FKZDU]KlQGOHUQLFKWIHUQ8QVHUH1DFKIRUVFKXQJHQ NRVWHWHQHLQ+HLGHQJHOGDEHUVLHZDUHQHVZHUW:LUVWLHHQDXI3DVWRUNXU]EHYRUHUYRQGHU 2UJDQLVDWLRQHLQYHUQRPPHQZXUGHZLHPDQVRVDJW³ 'DVZDUHVIXKUHV/DQJLRQ%UDNGXUFKGHQ6LQQ/RXLVDVXQG+XPEHUWV$XIWDXFKHQKDWWH3DVWRU EHU]HXJWGDKLQWHU%UDNWDWVlFKOLFKHLQH2UJDQLVDWLRQVWDQGGLHEHUGLH9RUJlQJHDXI.DUVLV LQIRUPLHUWZDU:HOFKH,URQLH Ä:DQQJULIIGLH2UJDQLVDWLRQ]X"³ZROOWHHUZLVVHQ Ä9RUJHVWHUQDP1DFKPLWWDJ³DQWZRUWHWHGHU*UDIÄ:LU³ Ä8QP|JOLFK³ILHOLKP%UDNLQV:RUWÄ9RUJHVWHUQZDULFKQRFKLP+RFKODQG³? /RXLVDODFKWHKDOEODXW Ä'XYHUJLWGD)DLGHU.XQ]DIGLFK]ZHL7DJHODQJDXVJHVFKDOWHWKDWWH³VDJWHVLH =ZHL7DJH'DVHUNOlUWHGHQ+XQJHUPLWGHPHUGHQV\QWKHWLVFKHQ3URYLDQWKLQXQWHUJHVFKOXQJHQ KDWWH Ä:LUHUIXKUHQHUVWVSlWHU³IXKU+XPEHUWIRUWÄGDGDV(LQJUHLIHQGHU2UJDQLVDWLRQGXUFKGHLQHQ =XVDPPHQVWRPLW6FKHNHODXVJHO|VWZRUGHQZDU'XZXUGHVW.XQ]DI]XJHIlKUOLFK(UIDWHMHGHQ GHUGLUHYHQWXHOOKlWWH+LOIHOHLVWHQN|QQHQ*OFNOLFKHUZHLVHKDWWHQZLUGLH(QWGHFNXQJYRUDXVJHDKQW XQG3DVWRUHQWVSUHFKHQGLQVWUXLHUW(UVSLHOWHGHQ(LQJHVFKFKWHUWHQJHOREWHWUHXH=XVDPPHQDUEHLW XQGEHUOLHGHU2UJDQLVDWLRQVHLQHQJHVDPWHQ9RUUDWDQ0HWDWKHQ5RKPDWHULDO(UZXWHYLHOEHU GLH9HUKlOWQLVVHDXIGHP+RFKODQGXQGGLH*HKHLPQLVVHGHU%XUDQJL'DKHUPDFKWH.XQ]DILKQ]X HLQHU$UW%HUDWHU³ Ä=ZHL7DJH³VDJWH%UDNÄ'DVKHLW.DVHQJLKDWGLH7UHSSHVFKRQIDVWKLQWHUVLFK³ Ä:LUKDEHQYRUNXU]HPYRQLKPJHK|UW³DQWZRUWHWH/RXLVDÄ(UVWHKWPLWVHLQHQ7UXSSHQDQGHU *UHQ]HYRQ%HOHQGD'HVZHJHQZDUHVZLFKWLJGDZLUGLFKVR.HLQH6SHUUHPLWGHUGLH*$9g. GHQ3ODQHWHQXPJDEZDUHQJHWURIIHQ'LH6WDDWVSROL]HLEHVWHKWDXV]ZHLHLQKDOEWDXVHQG0LWJOLHGHUQ GDNHQQWQLFKWMHGHUHLQHQMHGHQ:LUVWHFNWHQHLQSDDUYRQ3DVWRUV/HXWHQLQ8QLIRUPXQGEUDFKWHQVLH XQDXIIlOOLJLP+DXSWTXDUWLHUXQWHU(LQHFKWHU6WDDWVSROL]LVWZXUGHYRQ3DVWRUEHVWRFKHQ(UZDU GHUMHQLJHGHUGLUGLH.DSVHO]XVFKRE:LUNRQQWHQQXUKRIIHQGDGXDQGHQ'LPHQVLRQHQGHV 'HWRQDWRUVDEOHVHQN|QQWHVWZHOFKHVXQVHU3ODQZDU³ Ä+DEHLFKHXFKHQWWlXVFKW"³JULQVWH%UDN 'HU*OHLWHUVWUHEWHHLQHU$XVIDKUW]XXQGIROJWHHLQHU6WUDHGLHLQ]DKOUHLFKHQ:LQGXQJHQHLQHQ PlLJVWHLOHQ+DQJHPSRUIKUWH'HU)DKUHUKDWWHGLH6WHXHUXQJVHOEVWEHUQRPPHQGLH6WUDHZDU DOVRQLFKWIXQNJHVWHXHUW Ä$OV8QWHUVFKOXSIKDEHQZLUXQVHWZDV8QJHZ|KQOLFKHVHLQIDOOHQODVVHQ³VDJWH/RXLVDQRFKEHYRU %UDNGLHHQWVSUHFKHQGH)UDJHVWHOOHQNRQQWHÄ(VJLEWDXIGLHVHU:HOWQRFKHLQHLQ]LJHVGHULQVJHVDPW DFKW]LJ6LHGOHUVFKLIIHPLWGHQHQGLHXUVSUQJOLFKHQ.RORQLVWHQKLHUODQGHWHQ-DKUKXQGHUWHODQJZXUGH HVDOV'HQNPDONRQVHUYLHUWGDQQYHUORUPDQGDV,QWHUHVVH(VLVWHUVWDXQOLFKZLHJXWPDQLQGHU )UK]HLWGHUWHUUDQLVFKHQ5DXPIDKUW]XEDXHQYHUVWDQG$XFKRKQH:DUWXQJLVWGDV6FKLIIKHXWHIDVW QRFKVRJXWLQ6FKXZLHYRUHLQWDXVHQG-DKUHQ2KQH7ULHEZHUNHVHOEVWYHUVWlQGOLFK'LHZXUGHQ DXVJHEDXWXQG]X.UDIWZHUNHQXPJHDUEHLWHW³ 'HU.RORHLQHU0HWHUKRKHQ'UHLYLHUWHONXJHOPDWHULDOLVLHUWHDXVGHU1DFKW'DVDOWH6FKLIIZDU PLWVDPWVHLQHQ/DQGHVWW]HQLP/DXIGHU-DKUKXQGHUWHWLHILQGHQZHLFKHQ%RGHQHLQJHVXQNHQ(LQ PDWWHU/LFKWVFKLPPHUYHUULHWGLH3RVLWLRQGHU(LQIOXJVFKOHXVH$OVGHU*OHLWHUVLFKGXUFKGDVRIIHQH 6FKRWWVFKREVDK/DQJLRQ%UDNGLH*HVWDOWHQEHZDIIQHWHU0lQQHUGLHDPYRUGHUHQ5DQGGHU 6FKOHXVHNDXHUWHQ'LH9RUVLFKWZXUGHQLFKWYHUQDFKOlVVLJW (LQVFKPDOHU*DQJIKUWHYRP+DQJDU]XP.RPPDQGRVWDQG'LH%HOHXFKWXQJZDUEHUDOOLQ%HWULHE ,QGHU=HQWUDOHVWHOOWHQ]HKQ%LOGVFKLUPHGLH8PJHEXQJGHVDOWHQ6FKLIIHVXQWHUDOOHQP|JOLFKHQ %OLFNZLQNHOQGDU9RUGHU%DWWHULHGHU%LOGJHUlWHVDLQHLQHPEHTXHPHQ6HVVHOHLQ0DQQGHUGHQ (LQWUHWHQGHQGHQ5FNHQ]XZDQGWH/DQJLRQ%UDNHUNDQQWHLKQQRFKEHYRUHUVLFKXPGUHKWHDQGHU YRQHLQHPGQQHQ+DDUNUDQ]JHJUWHWHQ*ODW]H
(VZDU3DVWRU Ä,VWGDVNOXJ"³IUDJWH/DQJLRQ%UDN]ZHLIHOQGÄ'XKlWWHVWEHL.XQ]DIEOHLEHQVROOHQGDPLWZLUEHU GLH3OlQHGHU2UJDQLVDWLRQLQIRUPLHUWVLQG³ 3DVWRUVFKWWHOWHOlFKHOQGGHQ.RSIDEHUHVZDU/RXLVD4XDQWRUGLH%UDNV)UDJHEHDQWZRUWHWH Ä'HU9HUGDFKWZlUHXQZHLJHUOLFKDXILKQJHIDOOHQ.XQ]DIZHLJHQDXGDGXQLFKWRKQHIUHPGH +LOIHHQWNRPPHQNRQQWHVW'DHUVHLQHHLJHQHQ/HXWHIUXQEHGLQJW]XYHUOlVVLJKlOWNRPPWDOVGHLQ +HOIHUVKHOIHUQXU3DVWRULQ)UDJH(UPXWHVFKOHXQLJVW5HLDXVQHKPHQVRQVWKlWWH.XQ]DILKPGHQ *DUDXVJHPDFKW³ :lKUHQG%UDNGDUEHUQDFKGDFKWHILHOLKPQRFKHLQ]ZHLWHU*UXQGHLQZDUXP3DVWRUQLFKWLQ .XQ]DIV1lKHKDWWHEOHLEHQGUIHQ.XQ]DIZDUQLFKWJlQ]OLFKVLFKHUJHZHVHQREVLFKKLQWHU%UDN QLFKWZRP|JOLFKGRFKHLQH2UJDQLVDWLRQYHUEDUJGLHEHUGLH*HVFKHKQLVVHDXI.DUVLVZXWH%OLHE 3DVWRUDQ2UWXQG6WHOOHGDQQNDP.XQ]DIZRP|JOLFKJDUQLFKWHUVWDXIGLH,GHHLKQ]XYHUGlFKWLJHQ VRQGHUQULFKWHWHVHLQHQ9HUGDFKWVRIRUWJHJHQ%UDNV+LQWHUPlQQHU'LH*U|HGHU*HIDKUGLHLKP YRQLKQHQGURKWHZDUXQEHNDQQW:HQQHUVLFKHQWVFKORVHLQH=HOWHNXU]HUKDQGDE]XEUHFKHQXQG PLWGHU+$7+25YRQ.DUVLV]XIOLHKHQZDUDOOH0KHXPVRQVWJHZHVHQ0DQZUGHQLFKWHLQPDO HUIDKUHQZRVLFKGHUJHKHLPQLVYROOH3RVWHQHLQVEHIDQG 1HLQHVZDUJXWGD3DVWRUVLFK]XUFNJH]RJHQKDWWH3DVWRUZDUIU.XQ]DIHLQNOHLQHU)LVFK(U ZUGHLKQMDJHQELVHULKQJHIDQJHQKDWWHXQGVHLQH3OlQHLQGHU=ZLVFKHQ]HLWXPNHLQHQ'HXW lQGHUQ /DQJLRQ%UDNHUVWDWWHWHHLQHQNQDSSHQ%HULFKWEHUGLH'LQJHGLHHULQGHU1DFKWVHLQHU *HIDQJHQQDKPHLQ(UIDKUXQJJHEUDFKWKDWWH(VEHUUDVFKWHLKQQLFKWGD3DVWRUGLHVHOEHQ ,QIRUPDWLRQHQEHVD)DLGHU.XQ]DIKDWWHJHJODXEWVLFKLKPJHJHQEHUNHLQH=XUFNKDOWXQJPHKU DXIHUOHJHQ]XPVVHQVHLWGHU6FKZDU]KlQGOHUVLFKDXIVHLQH6HLWHJHVFKODJHQKDWWH1XULQZHOFKHU *HJHQGGHU*DOD[LVVLFK3RVWHQHLQVGHUYHUERUJHQH6WW]SXQNWGHU2UJDQLVDWLRQEHIDQGGDVKDWWH DXFK3DVWRUQLFKWLQ(UIDKUXQJEULQJHQN|QQHQ 'LH8QWHUKDOWXQJZDQGWHVLFKGHQ1RWZHQGLJNHLWHQGHV$XJHQEOLFNV]X.DVHQJLXQGVHLQH YLHUWDXVHQG.ULHJHUZDUWHWHQXQJHGXOGLJLQLKUHP9HUVWHFNDP:HVWUDQGGHV7LHIODQGV'HU XUVSUQJOLFKH3ODQKDWWHYRUJHVHKHQGD3DVWRUXQG%UDNZlKUHQGGLH%XUDQJLODQJVDPEHUÄGLH 7UHSSH³DEVWLHJHQ)DKU]HXJHXQG:DIIHQRUJDQLVLHUWHQPLWGHQHQGLH.ULHJHULQGHQ(LQVDW] JHVFKLFNWZHUGHQNRQQWHQ'DEHLZDU2UJDQLVLHUHQHLQHXSKHPLVWLVFKHU2EHUEHJULIIIU%RUJHQ 6WHKOHQ.DXIHQXQGZDVVRQVWIU0HWKRGHQHVQRFKJDEGHUEHQ|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hEHUIDOODP 7DJHGXUFK]XIKUHQYHUERWVLFKYRQVHOEVW'LH'XQNHOKHLWZUGHHUVWLQPHKUDOV]ZDQ]LJ6WXQGHQ ZLHGHUKHUHLQEUHFKHQ:HQQ3DVWRUV9HUWUDXWHLQGHU6WDGWHLQKHUJLQJHQXQGPLWYROOHQ+lQGHQ*HOG IU)DKU]HXJHXQG:DIIHQDXVJDEHQGDQQPXWHGLHVEHUNXU]RGHUODQJMHPDQGDXIIDOOHQ'LH 6WDDWVSROL]HLZUGHGDYRQ:LQGEHNRPPHQXQGPLWUDXLVFKZHUGHQ(VJDOWGDIU]XVRUJHQGLH $NWLRQVRDE]XZLFNHOQGD)DLGHU.XQ]DIQLFKWJHQXJ=HLWEOLHELKU=LHO]XHUNHQQHQ 'HU7DJEUDFKDQ3DVWRUHUKLHOWLQXQUHJHOPlLJHQ$EVWlQGHQ0HOGXQJHQYRQVHLQHQ$JHQWHQGLHGLH 6WDGWGXUFKVWUHLIWHQ$Q]HLFKHQGDGLH6WDDWVSROL]HLQHUY|V]XZHUGHQEHJDQQKlXIWHQVLFK 3DWURXLOOHQGXUFKVWUHLIWHQQLFKWQXUGLH:RKQVRQGHUQDXFK*HVFKlIWVYLHUWHO1DFKHLQLJHQYRQ 3DVWRUV0LWDUEHLWHUQGLHGHU2UJDQLVDWLRQEHNDQQWZDUHQZXUGHQDPHQWOLFKJHIDKQGHW'LH 1DFKULFKWHQGLHQVWHNQGHWHQ%HORKQXQJHQDQGLHDXIGLH(UJUHLIXQJHLQHUGHUJHQDQQWHQ3HUVRQHQ DXVJHVHW]WZDUHQRKQH]XHUZlKQHQZHOFKHQ9HUJHKHQVVLFKGLH*HVXFKWHQVFKXOGLJJHPDFKWKDWWHQ $XI/DQJLRQ%UDNV$QZHLVXQJZXUGHHLQ3RVWHQLQGHU1lKHGHVVGOLFKHQ5DXPKDIHQUDQGHV DXIJHVWHOOW6HLQH$XIJDEHZDUHVGLH+$7+25]XEHREDFKWHQ-HXQUXKLJHU)DLGHU.XQ]DIZXUGH GHVWRPHKUZXFKVGLH:DKUVFKHLQOLFKNHLWGDHUVLFKGLH6DFKHVFKOLHOLFKGRFKDQGHUVEHUOHJWHXQG .DUVLVNXU]HUKDQGGHQ5FNHQNHKUWH$EHULQGHU8PJHEXQJGHU+$7+25EOLHEHVUXKLJ1RFK KDWWH.XQ]DIRIIHQEDUQLFKWHUNDQQWGDHUVLFKLQHUQVWKDIWHU*HIDKUEHIDQG $P1DFKPLWWDJWUDIHQDOOPlKOLFKGLH0HOGXQJHQEHUDQJHNDXIWH:DIIHQXQG)DKU]HXJHHLQ'LH$N
WLRQYHUOLHIJODWWXQGRKQH=ZLVFKHQIDOO9LHOWUXJGD]XEHLGDGLH.lXIHUEHUGHQ3UHLVQLFKW KDQGHOWHQVRQGHUQGLHJHZQVFKWH6XPPHRKQH=|JHUQDXV]DKOWHQ'DVEHVFKOHXQLJWHGHQ9RUJDQJ PXWHJOHLFK]HLWLJDEHUDXFKGDV0LWUDXHQGHU6WDDWVSROL]HLHUUHJHQZHQQVLHGHQ7UDQVDNWLRQHQDXI GLH6SXUNDP 'LHOHW]WHQ]ZHL6WXQGHQYRU6RQQHQXQWHUJDQJZDUHQYROOXQHUWUlJOLFKHU6SDQQXQJ/DQJLRQ%UDN KDWWHPLW.DVHQJLJHVSURFKHQGHUVLFKPLWVHLQHQ/HXWHQQRFKLPPHUYHUERUJHQKLHOWXQGVHOEVWQLFKW PHKUGHU*HGXOGLJVWHZDU%UDNYHUVSUDFKLKPGDGHU$QJULIILQQHUKDOEGHUQlFKVWHQVHFKV6WXQGHQ EHJLQQHQZHUGH $OVGLH'XQNHOKHLWKHUHLQEUDFKEHUHLWHWH3DVWRUVLFKDXIGHQ%HVXFKYRUGHQHU]XDEVROYLHUHQKDWWH XPGHP8QWHUQHKPHQ]XVlW]OLFKHQ5FNKDOW]XYHUVFKDIIHQ(VZDUDOOJHPHLQEHNDQQWGDGLH HLQJHERUHQHQ%HOHQGLXQG]XPDOGHU6WDDWVUDWGHUODXW9HUIDVVXQJGHUHLQ]LJH7UlJHUGHU 6WDDWVPDFKWZDU8Q]XIULHGHQKHLWEHUGLH(LQPLVFKXQJGHU6WDDWVSROL]HLLQLKUHQ$OOWDJHPSIDQGHQ -HGHUPDQQZXWHGDGHU3ROL]HLDSSDUDWVLFKDXVVFKOLHOLFKDXV/DQGHVIUHPGHQ]XVDPPHQVHW]WHXQG HVKDWWHVLFKKHUXPJHVSURFKHQGDGLH$XIJDEHGHU6WDDWVSROL]HLQLFKWZLUNOLFKGLH:DKUXQJGHU 2UGQXQJVRQGHUQGHU6FKXW]GHVLOOHJDOHQ'URJHQKDQGHOVZDU3DVWRUV$XIJDEHZDUHVHLQLKP EHNDQQWHV0LWJOLHGGHV6WDDWVUDWVDXI]XVXFKHQXQGLKP]XHUNOlUHQGD/DQJLRQ%UDNV8QWHUQHKPHQ ZHQQHVHUIROJUHLFKZDU]XU:LHGHUKHUVWHOOXQJYHUIDVVXQJVJHPlHU=XVWlQGHLP/DQGGHU%HOHQGL IKUHQZHUGH(VZXUGHGDPLWJHUHFKQHWGDGHU 6WDDWVUDWGD]XEHZHJWZHUGHQN|QQHGHQ$QJULIIDXIGLH6WDDWVSROL]HLZHQLJVWHQVPRUDOLVFK]X XQWHUVWW]HQ8PGLH0|JOLFKNHLWHLQHV9HUUDWVDXV]XVFKOLHHQGXUIWHMHGRFK3DVWRUVHLQH $QNQGLJXQJHUVWGDQQPDFKHQZHQQGDV8QWHUQHKPHQEHUHLWVEHJRQQHQKDWWH*HJHQ8KUWUDIGLH 0HOGXQJHLQGDDOOH)DKU]HXJHXQG:DIIHQDPZHVWOLFKHQ6WDGWUDQG]XVDPPHQJH]RJHQZRUGHQ VHLHQ'HU$XJHQEOLFNGHU(QWVFKHLGXQJZDUJHNRPPHQ 'LH/LFKWHUGHU6WDGW]RJHQXQWHUGHP*OHLWHUGDKLQ/DQJLRQ%UDNVFKHQNWHLKQHQNHLQH%HDFKWXQJ 6HLQ%OLFNIL[LHUWHGHQNOHLQHQ%LOGVFKLUPGHV2UWHUV(UKLHOW$XVVFKDXQDFK3DWURXLOOHQGHU 6WDDWVSROL]HL'HU*OHLWHUXQGVHLQ%HJOHLWIDKU]HXJEHZHJWHQVLFKEHUGHQ'lFKHUQGHU6WDGWLQHLQHU +|KHGLHIU3ULYDWIDKU]HXJHJHVSHUUWZDU:HQQGLH3ROL]HLGLHEHLGHQ)DKU]HXJHEHPHUNWHZUGH VLHYHUVXFKHQVLHDQ]XKDOWHQ +LQWHU%UDNGUlQJWHQVLFK]ZDQ]LJ%XUDQJLDXIGHU/DGHIOlFKHGHV*OHLWHUV'LH0HKU]DKOZDUPLW PRGHUQHQ:DIIHQDXVJHVWDWWHW'LH8QEHZDIIQHWHQZUGHQVLFKLP+DXSWTXDUWLHUGHU6WDDWVSROL]HL EHVFKDIIHQZDVVLHDQ$XVUVWXQJEUDXFKWHQ'DV%HJOHLWIDKU]HXJZXUGHYRQ1DUXZDGHP HKHPDOLJHQ/DJHUOHLWHUEHIHKOLJW$XFKHUIKUWH]ZDQ]LJ.ULHJHUPLWVLFK %UDNQDKPGDV0LNURSKRQGHV5DGLRNRPV]XU+DQGXQGWDVWHWHGLH)UHTXHQ]GLHHUPLW+XPEHUW YHUHLQEDUWKDWWH Ä:LHVLHKW VEHLHXFKDXV"³ZROOWHHUZLVVHQ Ä%LVMHW]WDOOHVUXKLJ³NDPGLH$QWZRUWÄ:LUKDEHQGLH)DKU]HXJHLP'VFKXQJHOYHUVWHFNWXQG EHKDOWHQGHQ(QHUJLH]DXQLP$XJH=ZHL*OHLWHUSDWURXLOOLHUHQDP=DXQHQWODQJDXIXQGDE'LH *HElXGHVLQGGXQNHO%HLGHU+$7+25UKUWVLFKQLFKWV³ %UDNEOLFNWHLQGDV*HZLUUGHU6WUDHQKLQDE,UJHQGZRGRUWXQWHQEHZHJWHVLFK.DVHQJLPLWDFKW]LJ 7UDQVSRUWHUQYHUVFKLHGHQHU*U|H'HU.RQYRLZDUVRZHLWZLHP|JOLFKDXVHLQDQGHUJH]RJHQXP NHLQHQ9HUGDFKW]XHUUHJHQ$EHUMHQlKHUHUGHP=LHONDPGHVWRGLFKWHUPXWHQGLH)DKU]HXJH DXIVFKOLHHQGHQQGHU$QJULIIDXIGDV+DXSWTXDUWLHUKDWWHQXUGDQQ$XVVLFKWDXI(UIROJZHQQHUPLW JHEDOOWHU0DFKWYRUJHWUDJHQZXUGH'LHOHW]WHQGUHL0LQXWHQZDUHQNULWLVFK(VNRQQWHGHQ 6WDDWVSROL]LVWHQQLFKWHQWJHKHQGDVLFKHLQH)ORWWHYRQ7UDQVSRUWJOHLWHUQLKUHP+DXSWTXDUWLHU QlKHUWH$OOHVKLQJGDYRQDEZLHUDVFKVLHDXIGLH%HGURKXQJUHDJLHUWH Ä=Z|OI0LQXWHQELV]XP=LHO³VDJWHGHU3LORW 9RUGHP*OHLWHUODJGLH,QQHQVWDGW'DV+DXSWTXDUWLHUGHU6WDDWVSROL]HLPLWYLHU]HKQ6WRFNZHUNHQ HLQHVGHUK|FKVWHQ*HElXGHYRQ%HOHQGDZDUWURW]GHU(QWIHUQXQJOHLFKW]XHUNHQQHQGLHJUQURW EODXH0DUNLHUXQJGHU/DQGHIOlFKHDXIGHP'DFKOHXFKWHWHZHLWKLQ'DV'DFKZDU%UDNV=LHO(U UHFKQHWHGDPLWGD)DLGHU.XQ]DIYHUVXFKHQZUGHDXIGLHVHP:HJ]XHQWNRPPHQVREDOGLKP NODUZXUGHGDVHLQH6WUHLWNUlIWHGHQYRQGHU6WUDHQHEHQHDXVYRUJHWUDJHQHQ$QJULIIQLFKWDXIKDOWHQ NRQQWHQ 'DV.QDFNHQGHV(PSIlQJHUVVFKUHFNWHLKQDXI.DVHQJLPHOGHWHVLFK(UVSUDFKKDVWLJYROOHU $XIUHJXQJ Ä=ZHL3DWURXLOOHQYHUVXFKHQXQVDQ]XKDOWHQ:LUPVVHQVLHXQVFKlGOLFKPDFKHQ³ %UDNV%OLFNJOLWWEHUGLH8KU1RFKQHXQ0LQXWHQELV]XP=LHO'DVNRQQWHYHUKlQJQLVYROOZHUGHQ
(UVDKKLQDEXQGJHZDKUWHZLH³LP*HZLPPHOGHU/DPSHQIDKOH%OLW]HDXI]XFNWHQ.DVHQJLXQGGLH EHLGHQ3DWURXLOOHQZDUHQDQHLQDQGHUJHUDWHQ Ä+|FKVWIDKUW³EHIDKOHUGHP3LORWHQ (LQ5XFNIXKUGXUFKGHQ*OHLWHU'DVEXQWH*HZLPPHOGHU/LFKWHUKXVFKWHMHW]WVFKQHOOHUXQWHULKP GDKLQ%UDNYHUJHZLVVHUWHVLFKGD1DUXZDZXWHZRUXPHVJLQJ)DLGHU.XQ]DIZUGHZLVVHQZLH HUGHQ=XVDPPHQVWRVHLQHU3DWURXLOOHQPLWHLQHP*HOHLW]XJXQEHNDQQWHU)DKU]HXJH]XGHXWHQKDWWH (UZDUJHZDUQW 'HU.RORGHV+DXSWTXDUWLHUVUDJWHPLWKHOOHUOHXFKWHWHQ)HQVWHUIURQWHQYRUGHP*OHLWHUDXI'HU3LORW ULFKWHWHGLH%XJUXQGXQJGHV)DKU]HXJVVFKUlJQDFKREHQXQGPDQ|YULHUWHHVGLFKWEHUGLH'DFKNDQWH KLQZHJ'HU7ULFNPDFKWHVLFKEH]DKOW'LHEHLGHQ3ROL]LVWHQGLHDP5DQGGHU/DQGHIOlFKH:DFKH VWDQGHQZXUGHQYRQGHQEHLGHQDXVGHU7LHIHDXIWDXFKHQGHQ)DKU]HXJHQY|OOLJEHUUDVFKW6LHOLHIHQ GDYRQDXIHLQHQIODFKHQ$XIEDX]X$EHUGHU*OHLWHUEHUKROWHVLHXQGJLQJTXHUYRUGHP$XIEDX]X %RGHQ%UDNKDWWHGDV/XNJH|IIQHWXQGVSUDQJKLQDXVEHYRUGDV)DKU]HXJQRFK]XU5XKHNDP6HLQ 6FKRFNHUIlOOWHGLH3ROL]LVWHQEHYRUVLHQRFKGDUDQGHQNHQNRQQWHQLKUH)XQNJHUlWH]XJHEUDXFKHQ 1DUXZDV*OHLWHUODQGHWHLQGHU1lKH)QI]HKQ0DQQEOLHEHQXQWHUGHU)KUXQJHLQHV.ULHJHUVGHP 1DUXZDYHUWUDXWHDXIGHP'DFK]XUFN,KUH$XIJDEHZDUHVGLH/DQGHIOlFKHJHJHQMHGHQ]X YHUWHLGLJHQGHUVLFKLKUQlKHUWHXQGVLFKQLFKWDOVHLQ9HUEQGHWHUDXVZHLVHQNRQQWH,Q]ZLVFKHQKDWWH /DQJLRQ%UDNLP$XIEDXGLH7UHQWGHFNWGXUFKGLHGLHEHLGHQ3ROL]LVWHQKDWWHQIOLHKHQZROOHQ9RQ GHU7UDXVIKUWHHLQH5ROOWUHSSH]XPREHUVWHQ6WRFNZHUNGHV*HElXGHVKLQDE'UXQWHQZDUHVVWLOO $XHUKDOEGHV+DXSWTXDUWLHUVDEHUGUDQJMHW]WYRQGHU6WUDHZVWHU/lUPKHUDXI0DQK|UWHGDV .QDOOHQXQG)DXFKHQVFKZHUHU%ODVWHU.DVHQJLKDWWHVLFKYRQGHQEHLGHQ3DWURXLOOHQQLFKWODQJH DXIKDOWHQODVVHQ'HU$QJULIIZDULQYROOHP*DQJ %UDNXQG1DUXZDVWUPWHQGLH7UHSSHKLQDEGHU5HVWGHU%XUDQJLKLQWHULKQHQKHU'DVYLHU]HKQWH 6WRFNZHUNZDUHLQ*HZLUUYRQ*lQJHQXQG5lXPHQ%UDNOLHGLH+lOIWHGDYRQDEVXFKHQGDQQZDU HUEHU]HXJWGDVLFKDXIGLHVHU(WDJHQLHPDQGDXIKLHOW'LH5lXPHZLUNWHQXQEHQXW]WXQGLQGHQ *lQJHQODJGHU6WDXEHLQHQ)LQJHUGLFN'LHQl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lKPHQGHQ6WUDKOHQGHU6FKRFNHU%ODVWHUNQDOOWHQ)OVVLJHV2UJDQRPHWDOOVSULW]WHYRQGHQ :lQGHQ4XDOPVWLHJDXIXQGEHJDQQGLH+DOOH]XIOOHQ/DQJLRQ%UDNVDKVHLQH&KDQFH(UKDWWH GHQ$QIKUHUGHU*UXSSHLGHQWLIL]LHUWHLQHQEUHLWVFKXOWULJHQElUEHLLJHQ.HUOPLWVLOEHUQHQ6WHUQHQ DP.UDJHQDXIVFKODJ'XUFKGHQ4XDOPKLQGXUFKDUEHLWHWHHUVLFKDXILKQ]X'HU%UHLWVFKXOWULJH YHUVXFKWHVHLQHQLQ8QRUGQXQJJHUDWHQHQ+DXIHQGXUFKZWHQGJHEUOOWH%HIHKOH]XVDPPHQ]XKDOWHQ %UDNNQLHWHQLHGHUXQGQDKPVRUJIlOWLJ=LHO(LQHVWLQNHQGH4XDOPZRONHWULHEDQLKPYRUEHUXQG QDKPLKPIUGHQ%UXFKWHLOHLQHU6HNXQGHGLH6LFKW,PQlFKVWHQ$XJHQEOLFNIKOWHHUHLQHQ P|UGHULVFKHQ6FKODJJHJHQGLH6FKXOWHU(UUROOWHKLQEHUGHU6FKRFNHUZXUGHLKPDXVGHU+DQG JHSUHOOW'HU%UHLWVFKXOWULJHKDWWHLKQJHVHKHQXQGVRIRUWDQJHJULIIHQ'HU6FKPHU]LQGHU6FKXOWHU EUHLWHWHVLFKOlKPHQGGXUFKGHQJDQ]HQ.|USHUDXV%UDNEHZHJWHVLFKODQJVDPZLHLQ7UDQFH(U HUKLHOWHLQHQ7ULWWJHJHQGHQ6FKlGHOXQGVWU]WHGHU/lQJHQDFK]X%RGHQ'XUFKGLH6FKOHLHU HLQVHW]HQGHU%HZXWORVLJNHLWKLQGXUFKVDKHUXQPLWWHOEDUYRUVLFKHLQHQ)XJULIIGD QDFKXQGULLKQ]XVLFKKHUDQ(LQZWHQGHU6FKUHLJHOOWHEHULKP(LQHVFKZHUH0DVVHVFKOXJ GU|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
YRUGHUVWHVWU]WHYRQHLQHP6FKRFNHUJHWURIIHQ'LHUHVWOLFKHQZDQGWHQVLFKXPXQGIORKHQ+DOVEHU .RSILQGHQ.RUULGRUKLQHLQ Ä+LQWHULKQHQKHU³JHOOWH%UDNV%HIHKO (UVHOEVWQDKPDOVHUVWHUGLH9HUIROJXQJDXI6RODQJHVLFKGLH3ROL]LVWHQLP*DQJEHIDQGHQZUGHQ GLHKLQWHUGHU:DQGYHUERUJHQHQ:DIIHQQLFKWLQ7lWLJNHLWJHVHW]WZHUGHQ'HQ)OLHKHQGHQGLFKWDXI GHQ)HUVHQ]XEOHLEHQZDUGLHHLQ]LJH0|JOLFKNHLWGLHW|GOLFKH*HIDKUGHV.RUULGRUV]X QHXWUDOLVLHUHQ 'LH%XUDQJLKDWWHQVHLQHQ%HIHKOVRIRUWEHIROJW6LHNDPHQPLWUDVFKHQ6FKULWWHQKLQWHULKPKHU9RU GHQIOFKWHQGHQ3ROL]LVWHQ|IIQHWHVLFKGLHHUVWH7U%UDNIHXHUWHDXIHLQHGHUEHLGHQ ]XUFNZHLFKHQGHQ0HWDOOSODWWHQ6LHEHJDQQ]XJOKHQXQGZ|OEWHVLFKDXI'HU gIIQXQJVPHFKDQLVPXVJHULHWLQV6WRFNHQ'LHYHU]RJHQH7UKlOIWHNRQQWHZHGHUYRUZlUWVQRFK UFNZlUWV'LH7UVWDQGKDOERIIHQXQGOLHVLFKQLFKWPHKUVFKOLHHQ 'DKLQWHUODJGHUJUDXH*DQJQXUHLQSDDU0HWHUODQJ'LH)OLHKHQGHQSUDOOWHQJHJHQGLH7UDP lQGHUQ(QGHDEHUGLHVFKZHUHQ0HWDOOVFKRWWHUKUWHQVLFKQLFKW'LH$KQXQJGURKHQGHU*HIDKU SULFNHOWH%UDNLP1DFNHQ+DWWHQGLHGULQQHQLQGHU=HQWUDOHVLFKHQWVFKORVVHQLKUHHLJHQHQ7UXSSHQ ]XVDPPHQPLWGHQ$QJUHLIHUQ]XRSIHUQ"(UZDQGWHVLFKQDFK1DUXZDXP Ä,FKEUDXFKHHLQHQVFKZHUHQ%ODVWHU³VFKULHHUÄ9ROOH'HFNXQJDOOH³ (LQVWlPPLJHU%XUDQJLPLWHLQHUDXWRPDWLVFKHQ:DIIHLQGHU$UPEHXJHHLOWHKHUEHL:RUWORVGHXWHWH %UDNDXIGLHREHUH7UNDQWH1DUXZDV/HXWHHEHQVRZLHGLH3ROL]LVWHQKDWWHQVLFK]X%RGHQJHZRUIHQ 'RQQHUQGZLHHLQH+DXELW]HEHJDQQGHU%ODVWHU]XIHXHUQ%LQQHQ6HNXQGHQZDUGHUREHUH5DQGGHU VFKZHUHQ7UJOXWIOVVLJ%DKQHQJHVFKPRO]HQHQ0HWDOOVUDQQHQKHUDEXQGHUVWDUUWHQ]LVFKHQGDXI GHP%RGHQ9ROOHU(QWVHW]HQUREEWHQGLH6WDDWVSROL]LVWHQUFNZlUWVDOVLKQHQGLHJOKHQGH+LW]H HQWJHJHQVFKOXJ 9RQGULQQHQSHLWVFKWHHLQ6WUDKOVFKX(UZDUVFKOHFKWJH]LHOWXQGWUDIGLH:DQGGHV*DQJHV'LH7U EUDFK]XVDPPHQVDQNKHUDEZLHHLQ9RUKDQJDXVURWJOKHQGHP0HWDOO 0LWHLQHPZHLWHQ6DW]VFKQHOOWHVLFK%UDNEHUGLH=RQHZDEHUQGHU+LW]HKLQZHJ(UUHFKQHWHGDPLW GDDXIGHUDQGHUHQ6HLWH9HUZLUUXQJKHUUVFKWHXQGGD1DUXZDPLWVHLQHQ%XUDQJLDXIGHP VFKQHOOVWHQ:HJKLQWHULKPKHUNDP$OVHUDXVGHP4XDOKHUYRUEDUVWVWDQGHUXQPLWWHOEDUYRU 6ROLPDQ7UHORIIGHUGLH$UPHLQGLH/XIWUHFNWHXQGGHQXQHUZDUWHWHQ$QJUHLIHUHQWVHW]WDQVWDUUWH Ä1LFKWVFKLHHQ³ZUJWHHUKHUYRU /DQJLRQ%UDNEHUIORJGLH/DJHPLWHLQHP%OLFN9RULKPVWDQG7UHORIIVHLWZlUWVKRFNWH9DUHQQH DVFKIDKOLP*HVLFKW8QPLWWHOEDUQHEHQGHU7UODJHLQXQLIRUPLHUWHU6WDDWVSROL]LVW(LQH9HUOHW]XQJ ZDUDQLKPQLFKW]XHUNHQQHQZDKUVFKHLQOLFKKDWWHHULQIROJHGHU+LW]HGDV%HZXWVHLQYHUORUHQ'HU PlFKWLJH6HVVHOKLQWHU)DLGHU.XQ]DIV6FKUHLEWLVFKZDUOHHU(UZLSSWHQRFKHLQSDDUPDOKLQXQGKHU GDQQZDUHUVWLOO 7UHORIIPXVWHUWHYROOHU$QJVWXQG(QWVHW]HQGLH%XUDQJLGLHMHW]WGXUFKGLHTXDOPHQGH7U|IIQXQJ NDPHQXQGGLHJHIDQJHQHQ6WDDWVSROL]LVWHQPLWVLFKIKUWHQ Ä:RLVW.XQ]DI"³IUDJWH%UDN 7UHORIIHUZDFKWHZLHDXVHLQHU7UDQFH(UOLHGLH$UPHVLQNHQ6HLQ%OLFNIHVWLJWHVLFK(UKDWWHGLH $XVZLUNXQJGHVHUVWHQ6FKRFNVEHUZXQGHQ Ä:RKHUVROOLFKHVZLVVHQ",FKKDEHLKQVFKRQVHLW6WXQGHQQLFKWPHKUJHVHKHQ³ %UDNVWLHLKPGLH0QGXQJGHV%ODVWHUVLQGHQ/HLE7UHORIIJDEHLQMDSVHQGHV*HUlXVFKYRQVLFK Ä'XOJVW³IXKU%UDNLKQDQÄ(UZDUYRUHLQSDDU$XJHQEOLFNHQQRFKKLHU6HW]GLFKGRUWLQVHLQHQ 6HVVHOXQGUKUGLFKQLFKW,FKHUNXQGLJHPLFKEHL9DUHQQHZDVDXV.XQ]DIJHZRUGHQLVW³ )QI%XUDQJLPXWHQGHQVFKZHUHQ6FKUHLEWLVFKEHLVHLWHUlXPHQXQG]ZDUVRGDHUPLWGHU LQWDUVLHUWHQ9RUGHUVHLWHKLQWHUGHU%UDNJHKHLPH:DIIHQYHUPXWHWHJHJHQGLH:DQG]XVWHKHQNDP %UDNWUDWHLQSDDU6FKULWWHDEVHLWVXQGDNWLYLHUWHGHQ0LQLNRPGHQHUDP+DQGJHOHQNWUXJ Ä+XPEHUWZLHVLHKW VDP5DXPKDIHQDXV"³ Ä$OOHVUXKLJ³ Ä.XQ]DILVWXQVLP+DXSWTXDUWLHUGXUFKGLH/DSSHQJHJDQJHQ+DOWHWGLH$XJHQRIIHQ,FKYHUVXFKH GDGHU(QHUJLH]DXQQHXWUDOLVLHUWZLUG:HQQGHU=DXQHUOLVFKWVWUPWLKUGLH+$7+25³ (UZDQGWHVLFKDQ9DUHQQH'HUDEWUQQLJH%XUDQJLKDWWHYLHO]XYLHO$QJVWXP]XOHXJQHQ(UJDE]X GD)DLGHU.XQ]DIVLFKYRUNXU]HPQRFKLQGLHVHP5DXPEHIXQGHQKDWWH$EHUZRKLQHU YHUVFKZXQGHQZDUGDVZXWHHUQLFKW]XVDJHQ(UZDUSO|W]OLFKQLFKWPHKUGDJHZHVHQ 1DUXZDKDWWHLQ]ZLVFKHQGUDXHQLQGHU+DOOH3RVWHQDXIJHVWHOOWXQGVHLQH/HXWHVRYHUWHLOWGDVLH GLHVHV*HVFKRVHOEVWJHJHQHLQHQEHUPlFKWLJHQ$QJUHLIHUYHUWHLGLJHQNRQQWHQ(LQ%XUDQJL
PHOGHWHGD.DPSIOlUPLQGHU7LHIH]XK|UHQVHL.DVHQJLV7UXSSHQKDWWHQDOVR]XPLQGHVWGDV (UGJHVFKREHUHLWVLQGHU+DQG /DQJLRQ%UDNVFKULWWDXI7UHORII]X'HUVHOEVWVLFKHUHIDVWEHUKHEOLFKH%OLFNGHUURWHQ$XJHQHUUHJWH VHLQHQ=RUQ Ä'LH1XPPHUHLQVKDWGLFKLP6WLFKJHODVVHQ³VDJWHHUÄ(VZLUGGLUDOVROHLFKWIDOOHQPLUHLQH%LWWH ]XHUIOOHQ³ Ä'LH2UJDQLVDWLRQOlWQLHPDQGLP6WLFK³'HU+RKQZDUXQEHUK|UEDUÄ:DVIUHLQH%LWWHLVWHV"³ Ä'HU(QHUJLH]DXQDP6GHQGHGHV5DXPKDIHQVPXQHXWUDOLVLHUWZHUGHQ³ 6ROLPDQ7UHORIIODFKWHKHOODXIÄ%LVWGXYHUUFNW"'LH+$7+25VWHFNWYROOHU6FKlW]HZLHVLHGLH :HOWQRFKQLFKWJHVHKHQKDW:DUXPVROOWHLFKVLHHXFKEHUODVVHQ"³ Ä:HLOZLUGLFKLQGHU*HZDOWKDEHQXQGGXQXUGDQQDP/HEHQEOHLEVWZHQQGXWXVWZDVZLU YHUODQJHQ³ 7UHORIIODFKWHQRFKLPPHU Ä7RWDOYHUUFNW³ Ä,VWGDVGHLQOHW]WHV:RUW"³ Ä-D³ /DQJLRQ%UDNZDQGWHVLFKXPXQGZLQNWH1DUXZD]X'HU%XUDQJLWUDWKHUDQÄ9LHUGHLQHU/HXWH VROOHQGLHVHQ0DQQDXIV'DFKKLQDXIVFKDIIHQ³VDJWH%UDN 1DUXZDDQWZRUWHWHLKPPLWHLQHPIUDJHQGHQ%OLFNÄ8QGGDQQ"³ Ä'DQQVROOHQVLHLKQKLQXQWHUDXIGLH6WUDHZHUIHQ³ 1DUXZDQLFNWH9LHU%XUDQJLNDPHQKHUEHL6LHWUDWHQDXI7UHORII]X'HU+DJHUHIXKULQGLH+|KH Ä,KUZROOWPLFKXPEULQJHQ"³VFKULHHUlQJVWOLFK Ä'XELVWIUXQVRKQH1XW]HQ³VDJWH%UDNÄ/LHHQZLUGLFKDP/HEHQGDQQPWHQZLU VHFKVXQGGUHLLJ6WXQGHQDP7DJDXIGLFKDXISDVVHQ:HQQGXWRWELVWKDEHQZLUHVHLQIDFKHU³ 'LH%XUDQJLJULIIHQ]X=ZHLQDKPHQLKQEHLGHQ%HLQHQGLHDQGHUHQ]ZHLSDFNWHQLKQXQWHUGHQ $UPHQ Ä1HLQ³VFKULH7UHORIIYROOHU9HU]HLIOXQJÄ1HLQ6LHVROOHQDXIK|UHQ,FKWXHZDVGXYHUODQJVW³ 'HU6HVVHOZXUGH]XP6FKUHLEWLVFKJHVFKREHQ0LWIODWWHUQGHQ+lQGHQQDKP6ROLPDQ7UHORIIGHQ 5DGLRNRP$QVFKOXLQ%HWULHE%UDNVDKLKPEHUGLH6FKXOWHUDOVHUPLWGHP/HLWHUGHU +DIHQNRQWUROOHVSUDFK:HQLJH0LQXWHQVSlWHUPHOGHWH+XPEHUW*UDI/DWRQGDGHU(QHUJLH]DXQ JHIDOOHQVHLXQGGHU6WXUPDXIGLH+$7+25EHJRQQHQKDEH 1DFKHLQVWQGLJHP.DPSIEUDFKGHU:LGHUVWDQGGHU6WDDWVSROL]HLLP,QQHUQGHV+DXSWTXDUWLHUV ]XVDPPHQ(VKDWWHVLFKXQWHUGHQ3ROL]LVWHQKHUXPJHVSURFKHQGDGLH1XPPHUHLQVJHIORKHQVHL $OV.DVHQJLGLH=HQWUDOHEHWUDWZDU/DQJLRQ%UDNGDEHLGLH:lQGHGHV5DXPHVQDFKGHP YHUERUJHQHQ$XVJDQJDE]XVXFKHQGXUFKGHQ)DLGHU.XQ]DIQDFKVHLQHU$QVLFKWHQWNRPPHQVHLQ PXWH'LHEHLGHQ0lQQHUHUVWDWWHWHQHLQDQGHU%HULFKWEHUGHQ9HUODXILKUHU8QWHUQHKPXQJHQ .DVHQJLZDUYROOHU%HJHLVWHUXQJ'HU6WDDWVUDWYRQ%HOHQGDKDWWHLQ]ZLVFKHQYHUNQGHQODVVHQGDHU GLH$NWLRQJHJHQGLH6WDDWVSROL]HLXQWHUVWW]WHXQGGDPLWGHUGLNWDWRULVFKHQ+HUUVFKDIWGHV 3ROL]HLDSSDUDWVQRFKLP/DXIGLHVHU1DFKWDXIJHUlXPWZHUGHQZUGH'LH%HOHQGLGUlQJWHQDXIGLH 6WUDHQXQGEHJUWHQGLH.ULHJHUGHU%XUDQJLZRLPPHUVLHDXIWDXFKWHQPLWVWUPLVFKHP-XEHO Ä:DVKDVWGXLQEH]XJDXI.XQ]DIYRU"³IUDJWH.DVHQJLÄ:lUHQLFKWVHLQHUVWHV=LHOGLH+$7+25 JHZHVHQ"$Q%RUGGHV6FKLIIHVEHILQGHWVLFKDOOHVZDVHUEHVLW]W(UZUGHGRFKJHZLYHUVXFKHQ PLW+LOIHGHU+$7+25]XHQWNRPPHQ³ Ä$XIGHUDQGHUHQ6HLWHNDQQHUVLFKDXVUHFKQHQGDZLUGHQ5DXPKDIHQXPVWHOOWKDEHQXQGQLFKW EHDEVLFKWLJHQLKQDQGDV6FKLIIKHUDQ]XODVVHQ(VLVWGXUFKDXVGHQNEDUGD.XQ]DIYHUVXFKWYRQGHU %LOGIOlFKH]XYHUVFKZLQGHQELV*UDVEHUGLH6DFKHJHZDFKVHQLVW³ Ä$EHUZRKLQ"³ Ä'LH6WDGWLVWJUR(VJLEW7DXVHQGHYRQ9HUVWHFNHQ³ Ä0HLQVWGXGD7UHORIIZHL³ (LQ6FKUHLJHOOWHGXUFKGHQ5DXP Ä$FKWXQJ7UHORIIHQWNRPPW³ %UDNIXKUKHUXP(UVDKQXUQRFK7UHORIIV2EHUN|USHU'HU5HVWZDUEHUHLWVGXUFKHLQ/RFKLP )XERGHQYHUVFKZXQGHQ7UHORIIIXKUZLHHLQ6WHLQLQGLH7LHIH(LQH)DOOWUIXKUHV%UDNGXUFKGHQ 6LQQ,FKKlWWHGLH:lQGHWDJHODQJDEVXFKHQN|QQHQRKQHHWZDV]XILQGHQ(UVWU]WHDXIGLHgIIQXQJ ]X6LHZDUHWZDVEHUHLQHQ0HWHULP'XUFKPHVVHUXQGIKUWH]ZHLHLQKDOE0HWHUVHQNUHFKWKLQDE,Q GHU6HLWHQZDQGGHV/RFKHVJDEHVHLQHVFKPDOHgIIQXQJ9RQ7UHORIIZDUQLFKWVPHKU]XVHKHQ
:RUWORVKRFNWH%UDNVLFKDXIGHQ%RGHQVFKZDQJGLH%HLQHEHUGHQ5DQGGHV/RFKHVXQGVSUDQJ KLQDE'LHgIIQXQJLQGHU6HLWHQZDQGELOGHWHGHQ%HJLQQHLQHVVFKPDOHQ*DQJHVGHUVLFK]ZLVFKHQ GHQ*HVFKRVVHQGDKLQ]RJ(UZDUQLFKWJlQ]OLFKXQEHOHXFKWHWDEHUIU%UDNVDQGLHJUHOOH+HOOLJNHLW GHU=HQWUDOHJHZ|KQWHQ$XJHQZDUHU]XQlFKVWVWRFNILQVWHU(UGUDQJHLQSDDU0HWHUZHLWLQGHQ*DQJ HLQXQGKRUFKWH+LQWHULKPWDWHVHLQHQ3OXPSVDOV.DVHQJLKHUDEJHVSUXQJHQNDP Ä/RVKLQWHUKHU³GUlQJWHHU %UDNKlWWHLKPHQWJHJHQKDOWHQN|QQHQGDGDVIDOOV7UHORIIVLFKKLHUXQWHQLUJHQGZRHLQH:DIIH EHVFKDIIWKDWWHJHIlKUOLFKVHLQN|QQH6WDWWGHVVHQKDVWHWHHUGHQ*DQJHQWODQJVWLHUHFKWVXQGOLQNV PLWGHQ6FKXOWHUQDQXQGVFKUIWHVLFKGLH+DXWDQGHQWDVWHQGHQ+lQGHQDXIELVGLH$XJHQVLFK QRWGUIWLJDQGDV+DOEGXQNHOJHZ|KQWKDWWHQ'HU*DQJPQGHWHQDFK]ZDQ]LJ0HWHUQLQHLQHQ NDKOHQYLHUHFNLJHQ5DXP,QGHUJHJHQEHUOLHJHQGHQ:DQGJlKQWHGLHgIIQXQJHLQHV$QWL JUDYVFKDFKWV'DVDOVRZDUGHUJHKHLPH$XVVFKOXSIGHQGLH)KUHUGHU2UJDQLVDWLRQIUGHQ)DOO DQJHOHJWKDWWHQGDVLH+DOVEHU.RSIDXVGHP+DXSWTXDUWLHUIOFKWHQPXWHQ 1HEHQGHUgIIQXQJVWDQG6ROLPDQ7UHORII%UDN]RJGLH:DIIHDEHU7UHORIIVDQGWHLKPHLQ K|KQLVFKHV/DFKHQHQWJHJHQ Ä*LEGLUNHLQH0KH0LFKEHNRPPVWGXQLFKWPHKU³ (UVSUDQJLQGHQ6FKDFKW6HLQ/DFKHQHUVWDUEDEUXSW(LQ6FKUHLJHOOWHDXIUDVFKLQGHU7LHIHYHUNOLQ JHQGVRJUDXVLJGDGHQEHLGHQ0lQQHUQGDV%OXWLQGHQ$GHUQJHIURU =|JHUQGWUDWHQVLHDXIGLH6FKDFKW|IIQXQJ]X/DQJLRQ%UDN]RJHLQHNOHLQH0Q]PDUNHDXVGHU 7DVFKHXQGZDUIVLHKLQHLQ'LH0DUNHVWU]WHZLHHLQ6WHLQ Ä.XQ]DIZROOWHQLFKWGDLKPMHPDQGIROJWH³VDJWH%UDNÄ$XFKQLFKW7UHORII(UKDWGDV *UDYLWDWLRQVIHOGDEJHVFKDOWHW³ Ä:LHNRPPHQZLUKLQXQWHU"³IUDJWH.DVHQJL Ä,FKJODXEHQLFKWGDZLUGRUWXQWHQHWZDVILQGHQZUGHQ³DQWZRUWHWH%UDNÄ$XHU7UHORIIV/HLFKH PHLQHLFK(VZLUGGRUWHLQH*DUDJHJHEHQLQGHU.XQ]DIHLQ)DKU]HXJVWHKHQKDWWH(ULVWOlQJVWDXI XQGGDYRQ³ Ä9LHOOHLFKWKDWHUHLQH6SXUKLQWHUODVVHQ"³ Ä:HQLJZDKUVFKHLQOLFK(UZDUNOXJJHQXJGHQ6FKDFKWXQEUDXFKEDU]XPDFKHQ³ (LQ*HGDQNHKDWWHVLFKLQVHLQHP%HZXWVHLQHLQJHQLVWHWXQGSRFKWHKDUWQlFNLJ)DLGHU.XQ]DIZDU QLFKW]XU+$7+25JHIORKHQ:RKLQVRQVWNRQQWHHUVLFKJHZDQGWKDEHQ"(UNHKUWHPLW.DVHQJL]XU =HQWUDOH]XUFN9RQREHQPXWHPDQLKQHQ+LOIHVWHOOXQJOHLVWHQZHLOGDV/RFK]XWLHIZDU'LH 1DFKULFKWYRQ6ROLPDQ7UHORIIV7RGO|VWHDOOJHPHLQH%HVWU]XQJDXV/RXLVD4XDQWRUZDULQ]ZLVFKHQ HLQJHWURIIHQ6LHKDWWHGLH1DFKKXWGHU$QJUHLIHUJHOHLWHWXQGGLH$XIJDEHJHKDEWGLH(LQJlQJHGHV *HElXGHVJHJHQ9RUVW|HGHU6WDDWVSROL]HLYRQDXHQ]XVLFKHUQ'LHVH9RUVLFKWZDUMHW]WEHUIOVVLJ 'LHhEHUUHVWHGHU6WDDWVSROL]HLKDWWHQVLFK]HUVWUHXWGLH6WUDHQZDUHQYROOYRQMXEHOQGHQ%HOHQGL /DQJLRQ%UDNEHVFKULHE.DVHQJLGLH/DJHGHV+DOOHQJHOlQGHVVGZHVWOLFKGHV5DXPKDIHQV(U PDUNLHUWHGLH+DOOHXQWHUGHUVLFKGLHJHKHLPH9HUDUEHLWXQJVDQODJHGHU2UJDQLVDWLRQEHIDQGXQGWUXJ GHP%XUDQJLDXIVLFKPLWIQI]LJ/HXWHQGRUWXP]XVHKHQ.DVHQJLEUDFKVRIRUWDXIXQGEHUOLHGHQ %HIHKOLP+DXSWTXDUWLHU1DUXZDGD%UDNHUNOlUWHHUZHUGHVLFKKLHUQLFKWPHKUODQJHDXIKDOWHQ Ä*ODXEVWGXGD.XQ]DIVLFKGRUWYHUVWHFNWKlOW"³IUDJWH/RXLVD %UDNVFKWWHOWHGHQ.RSIÄ.DXPZDKUVFKHLQOLFK(UZHLGD3DVWRUGLH$QODJHNHQQW$EHUZLU GUIHQNHLQH0|JOLFKNHLWDXHUDFKWODVVHQ³ Ä'XKDVWHLQH6SXU"³ Ä0|JOLFK,QHLQHUKDOEHQ6WXQGHZHLLFKPHKU³ %HYRUVLHDXIEUDFKHQNDP+XPEHUWV0HOGXQJYRP5DXPKDIHQGLH+$7+25ZDULQVHLQHU+DQG GLH%HVDW]XQJJHIDQJHQ $&'DVZDUHQGLHHUVWHQYLHU=HLFKHQGHV$GUHNRGHVGHQHUDXIGHU$Q]HLJHGHV $GUHUHFKQHUVLQ7UHORIIV*OHLWHUJHVHKHQKDWWHDQMHQHP7DJGUREHQLP+RFKODQGDOV7UHORIILKQ YRQVHLQHQ+DQGODQJHUQ ]XVDPPHQVFKODJHQOLH'LHJDQ]H=HLWEHUKDWWHGLHVH,QIRUPDWLRQLP+LQWHUJUXQGVHLQHV %HZXWVHLQVJHVWHFNW-HW]WNDPVLHZLHGHU]XP9RUVFKHLQ (UEOHQGHWHHLQ.DUWHQELOGGHU6WDGWDXIGDV%LOGJHUlWREHUKDOEGHU6FKDOWNRQVROH'HU*OHLWHUVWDQGLQ HLQHUGHUXQWHULUGLVFKHQ*DUDJHQGHV+DXSWTXDUWLHUVGHU6WDDWVSROL]HL$XVGHU)HUQHK|UWHPDQGHQ -XEHOGHU0HQJHGLHGLH6WUDHQIOOWHZLHGDV5DXVFKHQHLQHV:DVVHUIDOOV (LQ.RRUGLQDWHQQHW]EUHLWHWHVLFKEHUGLH.DUWH/DQJLRQ%UDNYHUVFKREGDV%LOGELVGDV4XDGUDWPLW
GHU%H]HLFKQXQJ$&DXIWDXFKWH(UYHUJU|HUWHHV Ä(VKlWWHVFKOLPPHUVHLQN|QQHQ³VHXI]WH/RXLVDÄ'RUWKDWHUQLFKWYLHO5DXPVLFK]XYHUVWHFNHQ $POLQNHQ5DQGYHUOlXIWGLH+DXSWYHUNHKUVDFKVHGRUWLVWHLQ3DUNXQGZDVLVWGDVIUHLQ 6\PERO"³ ,QPLWWHQGHV3DUNV]HLJWHGLH.DUWHHLQ=HLFKHQGDVZLHHLQHLQJHVWU]WHV+DXVDXVVDK Ä(LQH5XLQH³VDJWH%UDNÄ'DVLHPLWWHQLQHLQHP3DUNOLHJWKDQGHOWHVVLFKZDKUVFKHLQOLFKXPGLH hEHUUHVWHHLQHV*HElXGHVDXVGHU$QIDQJV]HLW³ (UPDUNLHUWHGHQNRPSOHWWHQ.RRUGLQDWHQVDW]$&8QWHUGLHVHU2UWVDQJDEHYHU]HLFKQHWHGDV5H JLVWHU+XVVDLQ6FKUHLQ Ä'DVVWLPPW³VDJWH/RXLVDÄ'LHXUVSUQJOLFKHQ.RORQLVWHQYRQ.DUVLVVDZDUHQ0RVOHPV³ Ä$OVRVHKHQZLUXQVDQZRPLWGHUDOWH+XVVDLQDXI]XZDUWHQKDW³VFKOXJ/DQJLRQ%UDNYRU ,QGHQ6WUDHQGHU,QQHQVWDGWKHUUVFKWH7UXEHO0HQVFKHQGUlQJWHQVLFKDXIGHQ)DKUEDKQHQ/DQJLRQ %UDNVFKDOWHWHDXI6HOEVWVWHXHUXQJXQGVWLHJDXIHLQH+|KHYRQIQI]HKQ0HWHUQhEHUGLH.|SIHGHU 0HQJHKLQZHJVFKRGDV)DKU]HXJGDYRQ,QGHQ$XHQEH]LUNHQZDUHVUXKLJHU$OVVLHGLH +DXSWYHUNHKUVDGHUHUUHLFKWHQGLHDP3DUNGHV6FKUHLQVYRQ+XVVDLQYRUEHLIKUWHNRQQWH%UDNGHQ *OHLWHUZLHGHUDXIQRUPDOH)DKUK|KHGUFNHQXQGGDV)DKU]HXJGHP$XWRSLORWHQEHUODVVHQ0LQXWHQ VSlWHUYHUOLHHQVLHGLH)DKUEDKQXQGJHODQJWHQEHUHLQHJHVFKZXQJHQH5DPSHLQGHQ3DUN :HQQ)DLGHU.XQ]DIKLHUHLQ9HUVWHFNKDWWHGDQQZDUHVP|JOLFKGDHVEHZDFKWZXUGH/DQJLRQ %UDNSDUNWHGHQ*OHLWHUPHKUDOVHLQKXQGHUW0HWHUYRP=LHOHQWIHUQW'HQ5HVWGHU6WUHFNHOHJWHQVLH ]X)X]XUFN 'LH5XLQHGHV6FKUHLQVHUKREVLFKDXIHLQHPIUHLHQ3ODW]:LHHLQGVWHUHV0DKQPDOUHFNWHVLHVLFKLQ GHQ1DFKWKLPPHO9RQGHQDFKW0LQDUHWWHQGLHGDV*HElXGHHLQVWXPJHEHQKDWWHQVWDQGQXUQRFK HLQHV=LHUOLFKXQGVFKODQNVWLHJHVELV]XHLQHU+|KHYRQIQI]LJ0HWHUQDXI%UDNPXVWHUWHHVPLW QDFKGHQNOLFKHP%OLFN(UKDWWHNHLQH=HLWQDFK]XVHKHQDEHUZHQQ)DLGHU.XQ]DIVLFKKLHUZLUNOLFK HLQHQ8QWHUVFKOXSIHLQJHULFKWHWKDWWHGDQQERWGDV0LQDUHWWGLHGHQNEDUEHVWH7DUQXQJIUGLH $QWHQQHHLQHVOHLVWXQJVVWDUNHQ+\SHUVHQGHUV /RXLVDKDWWHHLQHQ+DQGVFKHLQZHUIHU]XP9RUVFKHLQJHEUDFKWXQGEHOHXFKWHWHGLH)DVVDGHGHV 6FKUHLQV+LQWHUHLQHP+JHOKHUDEJHVWU]WHQ0DXHUZHUNVJlKQWHHLQHILQVWHUHWRUERJHQI|UPLJH gIIQXQJ6LHNOHWWHUWHQYRUVLFKWLJEHUGHQ+JHOKLQZHJXQGGUDQJHQGXUFKGHQ7RUERJHQLQV,QQHUH GHV+HLOLJWXPVHLQ9RQGHUXUVSUQJOLFKHQ(LQULFKWXQJZDUQLFKWVPHKUYRUKDQGHQ'HU%RGHQ EHVWDQGDXV)HOVSODWWHQGLH:lQGHKDWWHQVLFKGHV9HUSXW]HVOlQJVWHQWOHGLJW,P+LQWHUJUXQGODJHLQ URKEHKDXHQHU6WHLQTXDGHUDXIGHPIUKHUHLQH6WDWXHRGHUHLQUHOLJL|VHV6\PEROJHVWDQGHQKDEHQ PRFKWH1LUJHQGZRJDEHVHLQ$Q]HLFKHQGDIUGDGHU6FKUHLQYRQGHQ$QIKUHUQGHU2UJDQLVDWLRQ DOV9HUVWHFNEHQW]WZXUGH $OV/DQJLRQ%UDNXPGHQ4XDGHUKHUXPVFKULWWHQWGHFNWHHUGLH5DPSHGLHLQGLH7LHIHIKUWH/RXLVD OHXFKWHWHKLQDE1DFKIQI0HWHUQPQGHWHGLH5DPSHDXIHLQHQKRUL]RQWDOYHUODXIHQGHQ*DQJ6LH VFKULWWHQ KLQDE'HU*DQJUHLFKWHQDFKUHFKWVXQGQDFKOLQNVMHDFKW0HWHUZHLWXQGHQGHWHDXIEHLGHQ6HLWHQ YRUPDVVLYHQ6WHLQZlQGHQ%UDNZDQGWHVLFKQDFKOLQNV,QGHU:DQGZDUGXUFK)XJHQDQJHGHXWHW GHU8PULHLQHU7UDEJH]HLFKQHW(UEHWDVWHWHGDV*HVWHLQXPQDFKHLQHPYHUVWHFNWHQ gIIQXQJVPHFKDQLVPXV]XVXFKHQ$EHUGLH7UYHUKLHOWVLFKDEZHLVHQGVLHZROOWHLKU*HKHLPQLV QLFKWSUHLVJHEHQ/DQJLRQ%UDNWUDW]XUFNXQG]RJGHQ6WUDKOHU,QGLHVHP$XJHQEOLFNHUNODQJHLQH 6WLPPHÄ%HYRUGXGDVWXVW%UDNPXLFKGLFKZDUQHQ³ 'LH:RUWHKDOOWHQKRKOGXUFKGHQ*DQJXQGKLQDXILQGLH+DOOHGHV+HLOLJWXPV%UDNVHQNWHGLH :DIIH Ä,FKKDEHGLFKXQWHUVFKlW]W%UDN³)DLGHU.XQ]DIV6WLPPHGUDQJDXVPHKUHUHQ/DXWVSUHFKHUQ JOHLFK]HLWLJ6LHVFKLHQYRQEHUDOOKHU]XNRPPHQÄ1LHPDQGDXHUGLUKlWWHPHLQ9HUVWHFNLQGLHVHU 5XLQHJHVXFKW,FKELQGLUQDKH]XZHKUORVDXVJHOLHIHUW%HLPLULVWQXUPHLQ'LHQHUXQGZLUEHLGHVLQG LQGHU+DQGKDEXQJYRQ:DIIHQVRXQHUIDKUHQGDHVZHQLJ6LQQKlWWHZHQQZLUXQVPLWGLUDXIHLQ )HXHUJHIHFKWHLQOLHHQ³ Ä*LEDXI.XQ]DI³ULHI%UDNÄ'XKDVWNHLQH:DKOPHKU³ Ä'RFKHLQHKDEHLFKQRFK³DQWZRUWHWHGLHJHVSHQVWLVFKH6WLPPHÄ9RQGHQHQGLHZLVVHQGDPDQ DXV0DWHFXPEH%OlWWHUQ0HWDWKHQJHZLQQHQNDQQLVWQXUQRFKHLQHULQ)UHLKHLWLFK,FKKDEHHLQH $XI]HLFKQXQJDQJHIHUWLJW%UDNGLHLFKEHUPHLQHQ+\SHUVHQGHUDEVSLHOHQODVVHQNDQQ'DVKlWWHVW GXQLFKWJHGDFKWGDLFKKLHUEHUHLQVROFKHV*HUlWYHUIJHQLFKWZDKU"'LH$XI]HLFKQXQJ EHVFKUHLEWDOOHERWDQLVFKHQ&KDUDNWHULVWLNHQGHU0DWHFXPEH3IODQ]HXQGJLEWGLHJDODNWLVFKHQ
.RRUGLQDWHQGHVHLQ]LJHQ3ODQHWHQDXIGHPVLHQDWUOLFKYRUNRPPW.DUVLV:HQQGXGLH7U]X PHLQHP9HUVWHFNQLHGHUEUHQQVW%UDNODVVHLFKGLH$XI]HLFKQXQJDEODXIHQXQGLQZHQLJHQ0LQXWHQ ZLUGDOOH:HOWZLVVHQZLHPDQDXIELOOLJH:HLVH]XHLQHPWHXUHQ5DXVFKJLIWNRPPW/lWGXPLFK GDJHJHQLQ5XKHGDQQEOHLEWGDV*HKHLPQLVJHZDKUW 'LH(QWVFKHLGXQJ%UDNOLHJWEHLGLU³ 7DXVHQG*HGDQNHQOLHIHQ/DQJLRQ%UDNGXUFKV*HKLUQ.XQ]DIV(LQIDOOVUHLFKWXPZDUEHHLQGUXFNHQG :HQQGLH1DFKULFKWEHUGHQ=XVDPPHQKDQJ]ZLVFKHQ0DWHFXPEHXQG0HWDWKHQLQGLH:HOWKLQDXV JLQJGDQQZUGHQVLFK7DXVHQGHWYRQ0|FKWHJHUQ'URJHQKlQGOHUQDXIGLH5HLVHQDFK.DUVLV PDFKHQ.HLQH6SHUUHPLWGHUGLH*$9g.GHQ3ODQHWHQXPJDEZDUVRGLFKWGDQLFKWGDVHLQHRGHU DQGHUH5DXPVFKLIIGRFKKlWWHKLQGXUFKVFKOSIHQN|QQHQ.HLQ$XVURWWXQJVSURJUDPPZDUVR YROONRPPHQGDQLFKWHLQH+DQGYROO0DWHFXPEH3IODQ]HQGRFKDP/HEHQJHEOLHEHQZlUHQ8QGZDU HVHUVWHLQPDOJHOXQJHQHLQRGHU]ZHL3IODQ]HQRGHU0DWHFXPEH6DPHQYRQ.DUVLVQDFKGUDXHQ ]XVFKPXJJHOQGDQQZDUHVPLWGHUZLUNVDPHQ.RQWUROOHGHV0HWDWKHQ+DQGHOVHLQIUDOOHPDO YRUEHL $XIGHUDQGHUHQ6HLWH'XUIWH)DLGHU.XQ]DIXQJHVWUDIWHQWNRPPHQ":DVZUGHHUWXQZHQQPDQ LKPIUHLHQ$E]XJJHVWDWWHWH":HLWHUPLW0HWDWKHQKDQGHOQVHOEVWYHUVWlQGOLFK/HLFKWHUOLHVLFKNHLQ *HOGYHUGLHQHQ(UNDQQWHVLFKDXI.DUVLVDXV(VZUGHLKPHLQOHLFKWHVVHLQVLFK0DWHFXPEH6DPHQ ]XYHUVFKDIIHQPLWGHPHUDQGHUVZRHLQHQHXH3IODQ]XQJHLQULFKWHQNRQQWH8QGMHGHVPDOZHQQPDQ LKQ]XJUHLIHQVXFKWHZUGHHUGDUDXIKLQZHLVHQGDLUJHQGZRHLQ$EVSLHOJHUlWVWHKHGDVSHU )HUQVWHXHUXQJLQ%HWULHEJHQRPPHQZHUGHQNRQQWHXQGGLH1DFKULFKWEHUGDV*HKHLPQLVGHU 0DWHFXPEH3IODQ]HLQDOOH:HOWKLQDXVSRVDXQHQZUGH /DQJLRQ%UDNELGLH=lKQHDXIHLQDQGHUXQGJULIIGHQ.ROEHQGHV6WUDKOHUVIHVWHU Ä3DDXI.XQ]DI³ULHIHUÄ,FKNRPPH³ 'LHVWHLQHUQH7UKLHOWQLFKWODQJHVWDQG*OKHQGXQGUDXFKHQGEUDFKVLHLQVLFK]XVDPPHQ%UDNXQG /RXLVDVSUDQJHQEHUGLH7UPPHUKLQZHJXQGJHODQJWHQLQHLQHQ.RUULGRUGHUVLFKQDFKOLQNV NUPPWH$OV/RXLVDGHQ6FKHLQZHUIHUDXVVFKDOWHWHVDKHQVLHXQZHLWYRUVLFK/LFKWVFKLPPHUQ6LH HLOWHQGDUDXI]XXQGNDPHQDQHLQH6WHOOHDQGHUGHU.RUULGRUEHUJDQJVORVLQHLQHJHUlXPLJH .DPPHUPQGHWH6LHZDU]ZHFNPlLJDXVJHVWDWWHWXQGHQWKLHOWYLHOHUOHLWHFKQLVFKHV*HUlWGDUXQWHU HLQH.RQVROHIU+\SHUIXQNEHWULHEPLWHQWVSUHFKHQGHP(QHUJLHPLNURSKRQ,P+LQWHUJUXQGIKUWHQ ]ZHLZHLWHUH7UHQLQDQJUHQ]HQGH5lXPH )DLGHU.XQ]DIVWDQGQHEHQGHU.RQVROH6HLQ*HVLFKWVDXVGUXFNZDUHLQH0LVFKXQJYRQ%HGDXHUQXQG 7ULXPSK Ä'LH6WXUKHLWKDWJHVLHJW³VDJWHHUELWWHUÄ'LH6DFKHKlWWHDQGHUVDXVJHKHQN|QQHQ]XPHLQHP:RKO XQG]XGHPGHUJDODNWLVFKHQ9|ONHU³ %UDNKLHOWGHQ/DXIGHV6WUDKOHUVDXILKQJHULFKWHW Ä5XIGHLQHQ'LHQHU³VDJWHHUKDUWÄXQGGDQQZROOHQZLUXQVDXIGHQ:HJPDFKHQ³ .XQ]DIEHWlWLJWHHLQHQ6FKDOWHU:HLWLP+LQWHUJUXQGGHUXQWHULUGLVFKHQ$QODJHHUW|QWHHLQ6XPPHQ Ä'XKDVWNHLQHUOHL%HUHFKWLJXQJPLFKIHVW]XQHKPHQ³VDJWHHUÄ,FKELQHLQ%UJHUGHU5HSXEOLN %HOHQGD³ Ä'DVJHKWPLFKQLFKWVDQ³NQXUUWH/DQJLRQ%UDNÄ'DPLWVROOVLFKGLH*$9g.KHUXPVFKODJHQ³ Ä,FKGDFKWHPLU³VDJWH.XQ]DIPLWVFKLHIHP*ULQVHQÄGDGXGLFKGDGXUFKZRP|JOLFKQLFKW EHHLQGUXFNHQODVVHQZUGHVW³ (LQHGHUEHLGHQ7UHQ|IIQHWHQVLFKXQGHLQ0DQQWUDWHLQEHLGHVVHQ$QEOLFN%UDNXQZLOONUOLFKGLH $XJHQDXIUL Ä%DVLOOR'DVLVWGHLQ'LHQHU"³ )DLGHU.XQ]DIQLFNWH Ä-D9DUHQQHEUDFKWH6FKHNHOXQG%DVLOORYRP+RFKODQGPLW6LHZDUHQEHLGH6FKZlFKOLQJHXQG 1DUUHQDEHUGLHVHUKLHUKDWWHVHLQH$XIJDEHQRFKYLHOVFKOHFKWHUJHO|VWDOV6FKHNHO'DUXPPXWHHU EHLPLUGHQ'LHQHUPDFKHQ³ $XV%DVLOORV$XJHQJORPPHVGVWHU Ä*ODXEPLU³VDJWHHU]X%UDNJHZDQGWÄHUKDWPLFKPHLQHQ)HKOHULQZHQLJHQ7DJHQKXQGHUWPDO DEEHQODVVHQ(UEHKDQGHOWPLFKZLHGHQOHW]WHQ'UHFN:HQQLFKQLFKWVFKQHOOJHQXJDUEHLWH YHUVHW]WHUPLUHLQHQ6FKRFN:HQQLFKLKPGLH0DKO]HLWQLFKWJHQDXXPGLHYHUHLQEDUWH=HLWVHUYLHUH EUHQQWHUPLUHLQ/RFKLQGLH+DXW³%DVLOORV%OLFNZDQGHUWH]X)DLGHU.XQ]DIXQGGHU$XVGUXFN JHKlVVLJHQ7ULXPSKVHUVFKLHQDXIVHLQHP*HVLFKWÄ$EHULFKKDE VLKPKHLPJH]DKOW³ .XQ]DIIXKUDXI
Ä'XPLU"³ %DVLOORQLFNWH(UJULQVWHEUHLW Ä'DV%DQGGDVGXEHUGHQ+\SHUVHQGHUDEVSLHOHQZROOWHVW",FKO|VFKWHHV$XHU.UDW]HQXQG .QDFNHQKDWGLH*DOD[LVYRQGHLQHU6HQGXQJQLFKWV]XK|UHQ³ Ä'X+XQG³EUOOWH.XQ]DI 0LWHLQHPPlFKWLJHQ6DW]ZDUIHUVLFKDXI%DVLOORXQGNUDOOWHLKPGLH+lQGHXPGLH.HKOH%UDNIXKU GD]ZLVFKHQDEHUVRYHUELVVHQZDU)DLGHU.XQ]DILQVHLQHUVLQQORVHQ:XWGDHUYRQ%DVLOORHUVW DEOLHQDFKGHP%UDNLKPGHQ.ROEHQGHV6WUDKOHUVLQGHQ1DFNHQJHVFKODJHQKDWWH 'DV*HOlQGHZDUYHUWUDXW'DV5DXPVFKLIIVWDQGLQPLWWHQGHUYRQ%HUJHQXPULQJWHQ(LQ|GHDXIGLH /DQJLRQ%UDN]XJHWULHEHQZDUDOVHUDXI.DUVLVODQGHWH:LHODQJH=HLWXQGGRFKZLHZHQLJH7DJH ZDUGDVVFKRQKHU 0XUXQGDKDWWHHVVLFKQLFKWQHKPHQODVVHQGLH)UHPGHQ]XLKUHP6FKLII]XEHJOHLWHQ%HLLKPZDUHQ .DVHQJL7XSLXQG1DUXZD$XFK3DVWRUKDWWHVLFKHLQJHIXQGHQ3DVWRUZUGHHUVWDPGDUDXIIROJHQGHQ 7DJDEUHLVHQ(UKDWWHQRFKÄ*HVFKlIWOLFKHV³]XHUOHGLJHQ=ZDUZDULKPYRQ/DQJLRQ%UDNQDFK HLQHP*HVSUlFKPLW&URPZHOO6KOLIIHU]XJHVLFKHUWZRUGHQGDGLH*$9g.LKQGDQNVHLQHU 0LWKLOIHEHLGHU=HUWUPPHUXQJGHU2UJDQLVDWLRQQLFKWYHUIROJHQZHUGHDEHU3DVWRUPHLQWHVLFKHUVHL VLFKHUXQGHUZROOHVLFKGLH6DFKHOLHEHUDXVGHU)HUQHDQVHKHQ /DQJLRQ%UDNUHLFKWH0XUXQGDGLH+DQG Ä'LH6RUJHQGHLQHV9RONHVVLQGYRUEHUPHLQ)UHXQG³VDJWHHUÄ,QGHQQlFKVWHQ7DJHQWUHIIHQ 5DXPVFKLIIHYRQYLHOHQYHUVFKLHGHQHQ:HOWHQGHU*DOD[LVKLHUHLQ6LHQHKPHQGLHJHIDQJHQHQ 6WDDWVSROL]LVWHQDQ%RUGXQGNPPHUQVLFKXPGDV5DXPVFKLIIGHU2UJDQLVDWLRQGDVQRFKDXIGHP 5DXPKDIHQVWHKW6LHZHUGHQDOOHUGLQJVDXFKGLH*HIDQJHQHQGHU%XUDQJLIRUWQHKPHQXQGLKQHQGLH )UHLKHLWZLHGHUJHEHQ9RQMHW]WDQPWLKUHXUH$UEHLWDOOHLQHWXQ $EHUHVZLUGQLHZLHGHU]XGHUDOWHQ$EKlQJLJNHLW]ZLVFKHQ%XUDQJLXQG%HOHQGLNRPPHQ'LH EHLGHQ9|ONHUVLQGJOHLFKEHUHFKWLJW.HLQHPYRQLKQHQVWHKWHV]XGHPlQGHUQ9RUVFKULIWHQ]X PDFKHQ'LH%HOHQGLKDEHQGDVHLQJHVHKHQ6LHZLVVHQHXFK'DQNGDIUGDLKUGLH2UJDQLVDWLRQGHU 'URJHQKlQGOHU]HUVFKODJHQKDEW 9RQMHW]WDQZHUGHWLKUHXUHHLJHQHQ(UQWHQDQEDXHQ'LH0DWHFXPEH3IODQ]XQJHQZHUGHQYHUEUDQQW XQGDXVLKUHU$VFKHHQWVWHKWGHU'QJHUGHUZDFKVHQOlWZDVLKUIUHXUHQ/HEHQVXQWHUKDOWEUDXFKW (VZLUGHLQHVFKZLHULJHhEHUJDQJVSHULRGHJHEHQ'DUXPULFKWHWGLH*$9g.DXI.DUVLVHLQHVWlQGLJH 9HUWUHWXQJHLQDQGLHLKUHXFKZHQGHQN|QQWZHQQLKU+LOIHEUDXFKW $QGHUH0HQVFKHQZHUGHQVLFKDXIGLHVHUVFK|QHQ:HOWQLHGHUODVVHQZROOHQXQGLKU:LVVHQ PLWEULQJHQ:HQQLFKHLQVWKLHUKHU]XUFNNHKUHKRIIHLFKHLQHEOKHQGHZRKOKDEHQGHXQGWHFKQLVFK IRUWJHVFKULWWHQH:HOWYRU]XILQGHQ³ 'LH$XJHQGHU%XUDQJLOHXFKWHWHQ+lQGHZXUGHQJHVFKWWHOW+XPEHUWXQG/RXLVDKDWWHQGHQ (QHUJLHVWHJGHU]XU6FKOHXVHKLQDXIIKUWHVFKRQEHWUHWHQGDZDQGWHVLFK%UDNQRFKHLQPDOXP Ä:DVKDEWLKUPLW9DUHQQHJHPDFKW"³IUDJWHHU Ä:LUKDEHQLKQLQGLH)HOVHQ]XGHP7HQGULOJHVFKLFNW³DQWZRUWHWH.DVHQJLÄ:HQQHUVRWDSIHULVW ZLHGXZLUGHUHVPLWEORHQ+lQGHQHUZUJHQ:HQQQLFKW³HU]XFNWHPLWGHQ6FKXOWHUQÄVRLVW GHU*HUHFKWLJNHLW*HQJHJHWDQ³ (1'( $OV3(55<5+2'$17DVFKHQEXFK%DQGHUVFKHLQW 3HWHU7HUULG ([SHGLWLRQGHU7RGJHZHLKWHQ 6LHEUHFKHQDXI]XHLQHU5HLVHRKQH5FNNHKU(LQ6)5RPDQYRQ3(7(57(55,' Ä$OVDOOH%HVDW]XQJVPLWJOLHGHUGHU085*'23<$=$DXIGHP%RGHQGHV3ODQHWHQVWDQGHQPDFKWH 5HJLQDOG%XOOVLFKDXIGHQ:HJ]XPZUDFNHQ%HLERRWGHU,&$ *HQDXLQGLHVHP$XJHQEOLFNNDPHWZDVKHUDQJH]LVFKWVFKOXJPLWHLQHPKHOOHQ7RQDXIGLH+OOHGHU 6SDFH-HWXQGVFKZLUUWHGDYRQ6LHKDQ VWLH%XOO\KHUYRU:LUZHUGHQEHUHLWVHUZDUWHW Ä (LQH)XQNVRQGHLP$OOZHLVWGHQ:HJ]XMHQHQ0lQQHUQXQG)UDXHQGLH7HUUDGHQ5FNHQNHKUWHQ
DOVVLHQDFKGHU=HUVW|UXQJGHV3ODQHWHQ:DQGHUHUVNHLQHUHODWLYH8QVWHUEOLFKNHLWPHKUHUKDOWHQ NRQQWHQ-DKU]HKQWHGDQDFKJHKW5HJLQDOG%XOOJHPHLQVDPPLWHLQLJHQ1DFKNRPPHQGHU 7RGJHZHLKWHQGDUDQGDV6FKLFNVDOGHU9HUVFKZXQGHQHQ]XNOlUHQ'LH6SXUIKUWQDFK6KDNRRWHH HLQHU:HOWGHUW|GOLFKHQhEHUUDVFKXQJHQ (LQ5RPDQDXVGHP-DKU