&/$5.'$5/721
'HU:HOWUDXP7UDPS 3ODQHWHQURPDQ
(UEULFKWGLH*HVHW]HDEHUHUKLOIWGHQ6FKLIIEUFKLJHQ...
8 downloads
303 Views
177KB 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
&/$5.'$5/721
'HU:HOWUDXP7UDPS 3ODQHWHQURPDQ
(UEULFKWGLH*HVHW]HDEHUHUKLOIWGHQ6FKLIIEUFKLJHQDXIGHPOHEHQGHQ 3ODQHWHQ (LQHQHXH0HQVFKKHLWVHSRFKHLVWDQJHEURFKHQ6HLWGHPLPYRUOHW]WHQ 5RPDQJHVFKLOGHUWHQ*HVFKHKHQVLQG-DKUHYHUJDQJHQPDQVFKUHLEW DOVRMHW]WDXIGHU(UGHGDV-DKU9LHOKDWVLFKLQGHU=ZLVFKHQ]HLW HUHLJQHW 'LH'UXXI*HIDKUEHVWHKWQLFKWPHKUGDGLHhEHUODSSXQJV]RQHGHUEHLGHQ 8QLYHUVHQOl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lWHUGLH5HLVH]XGHQ 6WHUQHQOlQJVW]XU5HDOLWlWJHZRUGHQ6RDXFKIUGHQ:(/75$80 75$03 'LH+DXSWSHUVRQHQGHV5RPDQV &DSWDLQ6DPXHO*UD\ERXQG6HLQ5DXPVFKLIIKDW7HGG\ElUHQJHODGHQ 5H[.QDWWHUEXOO(UVWHU2IIL]LHUGHU/,=$5' 2EHUVW/XGZLJ5DPPEJJO(UZLOOGHP:HOWUDXPWUDPSHLQH NRVPRQDXWLVFKH8PVFKXOXQJDQJHGHLKHQODVVHQ 7RUHUR.HLQH3HUVRQVRQGHUQHLQYRUODXWHU3DSDJHL +HQU\6PLWK(LQ)XQNHUGHU.XPPHUJHZ|KQWLVW 3HUU\5KRGDQ'HU6RODUH$GPLQLVWUDWRUPXVLFKHLQLJHVDQGHQ.RSI ZHUIHQODVVHQ *XFN\(LQJROGHQHV+HU]XQWHUHLQHUUDXKHQ6FKDOHEOHLEWGHP0DXVELEHU QLFKWODQJHYHUERUJHQ
$P5DQGGHVULHVLJHQ5DXPKDIHQVYRQ7HUUDQLDUHLKWHQVLFK]DKOORVHIODFKH *HElXGHNRPSOH[HDQHLQDQGHULQGHQHQ)LUPHQXQG+DQGHOVJHVHOOVFKDIWHQ LKU+DXSWTXDUWLHUDXIJHVFKODJHQKDWWHQ+LHULQHLQHPGHU6FKZHUSXQNWHGHV LQWHUVWHOODUHQ:DUHQDXVWDXVFKHVVDHQVLHGLUHNWDQGHU4XHOOH (WZDV9RP5DQGGHV)HOGHVDEJHUFNWXQGHLQZHQLJLQGHQ+LQWHUJUXQG JHUDWHQVWDQGHLQNOHLQHVDEHUPDVVLYHV6WHLQJHElXGH(VVDKDXVZLHHLQH %DUDFNHZDUDEHUNHLQH$QGHU)URQWVHLWHKLQJHLQ6FKLOG:HQQPDQQDKH JHQXJKHUDQJLQJNRQQWHPDQGLH%HVFKULIWXQJOHVHQ 67$575$03 &2 /7'5DXPIDKUWV*HVHOOVFKDIW%HVLW]HU5LFKDUG)OH[QHU.DSLWlQD' *LQJPDQDEHUDQGLHVHP7DJHJHQDXDP0lU]GHV-DKUHVQRFK QlKHUKHUDQVRYHUQDKPPDQDXFKGLHSROWHUQGH6WLPPHGLHLQDOOHQ 7RQDUWHQIOXFKWH(LQQLFKW(LQJHZHLKWHUZlUHVLFKHUOLFKYRU6FKUHFNEOD JHZRUGHQXQGKlWWHVRIRUWDXIGHP$EVDW]NHKUWJHPDFKWDEHUGLHMXQJH 'DPHGLHHEHQDXVGHP7D[LJHVWLHJHQZDUXQGVLFKQXQPLWIHVWHQ 6FKULWWHQGHP*HElXGHQlKHUWHVFKLHQGHQ%HWULHE]XNHQQHQ 6LHWUXJHLQOHLFKWHV6RPPHUNOHLGHLQHQEUHLWHQ+XWHLQHQLHGOLFKH +DQGWDVFKHXQGGLH]XU=HLWPRGHUQHQ6DQGDOHWWHQ,KU*HVLFKWZlUHVDQIW ]XQHQQHQJHZHVHQZHQQLQLKUHQ$XJHQQLFKWHLQXQWHUQHKPXQJVOXVWLJHV XQGDXFK]XJOHLFKZDUQHQGHV)XQNHOQJHVWDQGHQKlWWH 0LW/XGPLOOD*UD\ERXQGJHERUHQH0F%DLQZDUQlPOLFKQLFKW]XVSDHQ 'DVZXWHLKUDQJHWUDXWHU(KHPDQQDPEHVWHQ 'LHVHU(KHPDQQQlPOLFKZDUHVDXFKGHUKLQWHUGHU0DXHUGHU6WDUWUDPS VRZVWH'URKXQJHQDXVVWLHXQGQLFKWVYRQGHP1DKHQVHLQHU*DWWLQ DKQWH &DSWDLQ6DPXHO*UD\ERXQGZDUDXVGHP6HVVHOKRFKJHVFKRVVHQDOVKlWWH HUVLFKDXI5HLQlJHOJHVHW]W 'DVPXWGXPLUQRFKHLQPDOVDJHQ'DQQJODXEHLFKHVGLUYLHOOHLFKW ,QVWLWXWIUNRVPRQDXWLVFKH8PVFKXOXQJ:DVLVWGHQQGDVQXUZLHGHUIU HLQ8QVLQQ":DVZROOHQGLHYRQPLU"'LHVH'XPPN|SIH'HU+HQNHUVROOVLH KROHQ 6HLQ*HJHQEHUZDUGLH5XKHVHOEVW(UVDLQVHLQHP6HVVHOKLQWHUHLQHP 7LVFKGHUPLW6LFKHUKHLWQRFKDXVGHPYRULJHQ-DKUWDXVHQGVWDPPWHZHLW ]XUFNJHOHKQWXQGGLH)HDXIGLH+RO]SODWWHJHOHJW 0HLQOLHEHU6DPP\$XIUHJXQJVFKDGHWGHP%OXWGUXFNVDJWHHU ZRKOZROOHQG*HKKLQXQGGXZLUVWHUIDKUHQZDVVLHYRQGLUZROOHQ,FK NDQQHVGLUDXFKQLFKWVDJHQ .RVPRQDXWLVFKH8PVFKXOXQJ6DPXHO*UD\ERXQGNRQQWHVLFKQLFKW EHUXKLJHQ$OVREHVDQPLUQRFKHWZDVXP]XVFKXOHQJlEH'LHVH1DUUHQ =XP7HXIHOPLWLKQHQ ,PPHUPLWGHU5XKHZDUQWHVHLQ*HJHQEHUQLHPDQGDQGHUHUDOVGHU&KHI GHU)LUPDVHOEVW.DSLWlQD'5LFKDUG)OH[QHU0DQVROOQLHPDOVEHUHLOW KDQGHOQ6FKOLHOLFKXQWHUVWHKWGDV,QVWLWXWGHUVRODUHQ$GPLQLVWUDWLRQ:LU PVVHQGDVEHUFNVLFKWLJHQ
%HUFNVLFKWLJHQSDK:LUVLQGHLQHSULYDWH+DQGHOVJHVHOOVFKDIWPLWVHFKV HLJHQHQ)UDFKW5DXPHUQ:DVJLEWHVGDXP]XVFKXOHQ"6ROOHQZLUYLHOOHLFKW NQIWLJLP$XIWUDJGHU5HJLHUXQJKDQGHOQ"'DVKlWWHXQVQRFKJHUDGH JHIHKOW'LHZUGHQVLFKZXQGHUQZDVZLUVRPDQFKPDOLQXQVHUHQ /DGHOXNHQYHUVWHFNWKDEHQ 6HLYRUVLFKWLJIOVWHUWH)OH[QHUHUVFKURFNHQXQGVDKVLFKXPDOVZROOHHU HLQHQXQVLFKWEDUHQ/DXVFKHUHQWGHFNHQ1LFKWVRODXW'XEUOOVWGDPDQ HVELV7HUUDQLDK|UHQNDQQ 9RQPLUDXVVROOHQVLHHVELV$UNRQK|UHQWREWH&DSWDLQ*UD\ERXQG XQEHKHUUVFKWXQGVWULFKVLFKGXUFKGHQYHUILO]WHQ5RWEDUWGHUVHLQ*HVLFKW QLFKWJHUDGHYHUVFK|QHUWH6HLQH.QROOHQQDVHYLEULHUWHXQGZXUGH]XP *UDGPHVVHUVHLQHU(UUHJXQJ'LHVRQVWVFKODIIKHUDEKlQJHQGHQ +DPVWHUEDFNHQZLUNWHQSO|W]OLFKVWUDIIXQGDQJHVSDQQW(LQVLFKHUHV $Q]HLFKHQGDIUGDGLH:XWLKUHV%HVLW]HUVDXIGHP+|KHSXQNWDQJHODQJW ZDU:HUKHXW]XWDJHQLFKWVFKPXJJHOWLVWVHOEHUVFKXOG)OH[QHUZDUEOD JHZRUGHQ'XELVWMHW]WVRIRUWUXKLJ6DPP\:LOOVWGXXQVDOOHLQ*HIDKU EULQJHQ":LUKDEHQ]ZDUQLFKWGHQEHVWHQDEHULPPHUKLQHLQHQ1DPHQ]X YHUOLHUHQ'XELVWPHLQ7HLOKDEHUZHQLJVWHQVZDVGLH$NWLHQDQJHKWGLHLP %HVLW]GHLQHVKRFKYHUHKUWHQ6FKZLHJHUSDSDVVLQG$OVRVFKlGLJVWGXDXFK LKQXQGGLFKZHQQGXGHQ0XQG]XZHLWDXIUHLW *UD\ERXQGVFKQDSSWHQDFK/XIWZROOWHHWZDVHQWJHJQHQDOVHUKLQWHUVLFK 6FKULWWHDXIGHP*DQJYHUQDKP(UVFKOXFNWHHUVFKURFNHQGUHKWHVLFKXP XQGVWDUUWHZLHJHEDQQWDXIGLHDOWPRGLVFKH7UNOLQNHGLHVLFK]XEHZHJHQ EHJDQQ $XFK)OH[QHUZDUHUVFKURFNHQ(LQ%HVXFKHU"+RIIHQWOLFKKDWWHGHUQLFKWHLQ :RUW]XYLHOJHK|UW $EHUGDQQDWPHWH)OH[QHUHUOHLFKWHUWDXIDOVHU/XGPLOOD*UD\ERXQGV ]LHUOLFKH)LJXUHUNDQQWH6LHWUDWLQV=LPPHUVFKORGLH7UKLQWHUVLFKXQG VWHPPWHGLH+lQGHLQGLH+IWHQ:DVJLEW VKLHU]XEUOOHQ"ZROOWHVLH ZLVVHQXQGVDKLKUHQ*DWWHQKHUDXVIRUGHUQGDQ/RV5DXVPLWGHU 6SUDFKH 6DPXHO*UD\ERXQGZDU]ZHLXQGIQI]LJ-DKUHDOW/XGPLOODRIIHQVLFKWOLFKHUVW ]ZDQ]LJ=ZDUKDWWHVLHGLHELRORJLVFKH-XQJHUKDOWXQJVHLWGHU+RFK]HLW DXIJHJHEHQDEHUGHU8QWHUVFKLHG]ZLVFKHQGHQEHLGHQ3DUWQHUQPXWH MHGHP%HWUDFKWHUVFKRQUHLQRSWLVFKDXIIDOOHQ9RUQLFKWVLQGHU:HOWKDWWH GHUDOWH.DSLWlQ5HVSHNWRGHUJDU$QJVW.HLQH*HIDKUNRQQWHLKQ DEVFKUHFNHQVHLQHQ:LOOHQGXUFK]XVHW]HQ(UKlWWHGHP7HXIHOSHUV|QOLFK HLQ]HOQGLH+DDUHDXVJHULVVHQZHQQPDQHVYRQLKPYHUODQJWKlWWHXQG ZHQQHUJHZXWKlWWHZRHUGHQ7HXIHOILQGHQNRQQWH$EHUYRUVHLQHU NOHLQHQ)UDXNDSLWXOLHUWHHUEHGLQJXQJVORV $EHU6FKlW]FKHQIO|WHWHHUOLHEHYROOXQG]HLJWHDXIHLQHQ6HVVHO:LOOVWGX QLFKWHUVW3ODW]QHKPHQ":LUKDOWHQJHUDGHHLQHGHUURXWLQHPlLJHQ %HVSUHFKXQJHQDE
:LHRIWKDEHLFKGLUVFKRQJHVDJWGDGXPLFKQLFKWDQOJHQVROOVW HQWJHJQHWHVLHVFKDUIXQGVWLHVHLQH+DQG]XUFN,FKNDQQPLFKVFKRQ DOOHLQVHW]HQODQXU6LHYHUVDQNLQGHP6HVVHO6HLWZDQQJHK|UHQPHLQ 9DWHUXQG6FKPXJJHO]XGHQ5RXWLQHEHVSUHFKXQJHQ" :LUVROOWHQVFKDOOGLFKWH:lQGHHLQEDXHQPXUPHOWH*UD\ERXQGHUVFKWWHUW XQG]RJVLFKHLQHQ6WXKOKHUDQ$OVHUVLFKGDUDXIQLHGHUOLHXQGGHP VFKZDFKHQ+RO]VHLQ*HZLFKWDQYHUWUDXWHJDE)OH[QHUKHLPOLFKHLQ 6WRJHEHWYRQVLFK(UEDQJWHXPVHLQH0|EHO*UD\ERXQGZDUQlPOLFK XQWHUVHW]WXQGNUlIWLJJHEDXWXQGEHVDHLQHQIDlKQOLFKHQ6FKPHUEDXFK $EHUGHU6WXKOKLHOW :HUVFKPXJJHOW"ZROOWH/XGPLOODZLVVHQ,KUH$XJHQVSUKWHQ*UD\ERXQG GXFNWHVLFKXQZLOONUOLFK :LUVSUDFKHQQXUDOOJHPHLQGDUEHUPDFKWH)OH[QHUGHQ9HUVXFKGLH 6LWXDWLRQ]XUHWWHQ:DVYLHOZLFKWLJHULVWPHLQH/LHEH,KU*DWWHKDWHLQH 9RUODGXQJHUKDOWHQ 9RU*HULFKW"/XGPLOODZDU]XWLHIVWHUVFKURFNHQ 1HLQ]XP,QVWLWXWIU.RVPRQDXWLVFKH8PVFKXOXQJ'DV6FKULIWVWFNZXUGH KHXWHIUKJHEUDFKW:LH6LHVLFKHUOLFKZLVVHQVROOWH,KU0DQQKHXWHPLWGHU /,=$5']XP7XJODQ6\VWHPVWDUWHQ -DLFKZHL.LQGHUVSLHO]HXJXQG7HGG\ElUHQIUGLHNOHLQHQ7XJODQHU+DW HUPLUHU]lKOW 'DVVWLPPWDXFKOLHEH)UDX*UD\ERXQG*DQ]EHVRQGHUV7HGG\ElUHQ'LH ZHUGHQGRUWKRFKJHVFKlW]WXQGJXWEH]DKOW)OH[QHUOlFKHOWHXQYHUELQGOLFK 7HGG\ElUHQYRQ7HUUDJHK|UHQ]XGHQEHOLHEWHVWHQ([SRUWDUWLNHOQ /XGPLOODV*HVLFKWVDXVGUXFNQDFK]XVFKOLHHQVWDQGVLHGLHVHU%HKDXSWXQJ lXHUVWVNHSWLVFKJHJHQEHU1LFKWGDVLHHWZDVJHJHQ7HGG\ElUHQ JHKDEWKlWWHDEHUVLHIUDJWHVLFKVLFKHUOLFKZDUXPPDQGLHVHQLHGOLFKHQ 6WRIIWLHUHQLFKWJOHLFKDXI7XJODQVHOEVWKHUVWHOOWH 8QGGDNDPGDQQGLHVH9RUODGXQJ"YHUJHZLVVHUWHVLHVLFK6LHVDK6DPXHO *UD\ERXQGDQGHULKUHQ%OLFNUHLFKOLFKXQVLFKHU]XUFNJDE :DVZROOHQGLHYRQGLU"+DVWGXHWZDVDQJHVWHOOW" )UHLQHQ$XJHQEOLFNYHUORUHUGLH%HKHUUVFKXQJ :LHVROOLFKZLVVHQZDVGLH2FKVHQYRQPLUZROOHQ"EUOOWHHUZXUGHDEHU VRIRUWZLHGHU]DKPXQGUXKLJ9HU]HLK/LHEOLQJ,FKPHLQHLFKZHLHV QLFKW,FKNDQQHVPLUDXFKQLFKWYRUVWHOOHQ 8PVFKXOXQJ"GHKQWHVLHQDFKGHQNOLFK,QGHLQHP$OWHUZROOHQGLHGLFK GRFKZRKOQLFKWPHKUXPVFKXOHQZDV" *UD\ERXQGZDU]XVDPPHQJH]XFNW$QVSLHOXQJHQDXIVHLQ$OWHUNRQQWHHU QLFKWOHLGHQEHVRQGHUVGDQQQLFKWZHQQVHLQHHLJHQH)UDXVLHPDFKWH1XU PKVDPEHKHUUVFKWHHUVLFK 'DV$OWHUGR]LHUWHHUVWUHQJVSLHOWGDEHLNHLQH5ROOH0DQLVWLPPHUVRDOW RGHUMXQJZLHPDQVLFKIKOW 'DUDQZHUGHLFKGLFKEHLQlFKVWHU*HOHJHQKHLWHULQQHUQYHUVSUDFK /XGPLOODXQGOlFKHOWH'DQQZXUGHVLHZLHGHUHUQVW-DZHQQGXHVQLFKW
ZHLWGDQQJHKGRFKKLQ]XGLHVHP,QVWLWXW9LHOOHLFKWHUIlKUVWGXHVGDQQ :DQQVROOVWGXNRPPHQ" +HXWHQDFKPLWWDJ*OHLFK/XGPLOODPDFKWHHVVLFKLP6HVVHOEHTXHP ,FKZHUGHKLHULQ0LVWHU)OH[QHUV%URDXIGLFKZDUWHQ 2KVHKUDQJHQHKPVlXVHOWH)OH[QHUPLWHLQHPKlPLVFKHQ6HLWHQEOLFNDXI VHLQHQ.RPSDJQRQXQGHUVWHQ.DSLWlQ:LUZHUGHQXQVEHVWLPPWQLFKW ODQJZHLOHQ 'DYRQELQLFKEHU]HXJWNQXUUWH*UD\ERXQGXQGEHWUDFKWHWHGHQ&KHIGHU )LUPDDEZlJHQG)OH[QHUZDUJHQDXVRDOWZLHHUVDKDEHUVHLQHUVFKODQNHQ )LJXUZHJHQZHVHQWOLFKMQJHUDXV(UZDUXQYHUKHLUDWHWVWDQGDEHULQGHP 5XIHLQHV'RQ-XDQ,QGHQ%DUVYRQ7HUUDQLDNDQQWHPDQLKQDOV JXW]DKOHQGHQ*DVWXQG]XYRUNRPPHQGHQ.DYDOLHU1LFKWVHKUEHUXKLJHQGIU *UD\ERXQGGHUVLFK/XGPLOODVZHJHQMHGRFKNHLQH6RUJHQPDFKWH(U lUJHUWHVLFKQXUGDUEHUGDVHLQH)UDXZLHGHUGLHHUVWHVHLQPXWHGLH HYHQWXHOOH1HXLJNHLWHQHUIDKUHQVROOWH'DEHLJLQJVLHGDVGRFKJDUQLFKWVDQ ,FKZHUGHPLFKDOVRDXIGLH6RFNHQPDFKHQ8PVFKXOXQJ'LHVLQGY|OOLJ YHUUFNWJHZRUGHQ:RP|JOLFKZROOHQVLHPLFK]XU0DULQH DENRPPDQGLHUHQ (UHQWODVWHWHGHQVWUDSD]LHUWHQ6WXKOXQGVFKULWW]XU7U %HKHUUVFKHGLFKXQGPDFKNHLQH'XPPKHLWHQHUPDKQWHLKQVHLQH)UDX 'HQNHLPPHUGDUDQGDHV/HXWHJLEWGLHPlFKWLJHUXQGVWlUNHUVLQGDOV GX 3DKPDFKWH*UD\ERXQGXQGNQDOOWHGLH7UKLQWHUVLFK]X(LQPDODXIGHP *DQJXQGGDQQLP)UHLHQWDWHUVHLQHQ*HIKOHQNHLQHQ=ZDQJPHKUDQ(U VSUDFKPLWVLFKVHOEVWXQGVFKDOWVLFKHLQHQ1DUUHQGHU9RUODGXQJEHUKDXSW )ROJH]XOHLVWHQ$OVHUKXQGHUW0HWHUYRQGHP%URHQWIHUQWZDUZXUGH VHLQH6WLPPHVRJDUZLHGHUODXW+LHUNRQQWHLKQQLHPDQGK|UHQ1XUHU VHOEVW8QGGDVWDWLKPJXW 'LHVH+RKON|SIH9RQGHU7KHRULHP|JHQVLHHLQLJHVYHUVWHKHQDEHUZDV KDWGDVPLWGHU3UD[LV]XWXQ"1LFKWVhEHUKDXSWQLFKWV3DUDJUDSKHQUHLWHU %HDPWH3DK 0LWJHZLFKWLJHQ6FKULWWHQHLOWHHU]XGHP3DUNSODW]DP5DQGGHV)HOGHVZR VHLQ0LHWZDJHQVWDQG(UVFKORLKQDXIEHVHLWLJWHGLH6WDUWVSHUUHXQGZDUI VLFKLQGLHlFK]HQGHQ3ROVWHU%HYRUHUMHGRFKDQIXKUVDKHUKLQEHU]XGHQ +DQJDUV 'RUWVWDQGHQGUHL6FKLIIHGHU6WDUWUDPS(VZDUHQDOOHVDOWH)UDFKWHU .XJHOUDXPHUPLWDFKW]LJ0HWHU'XUFKPHVVHU+\SHUVSUXQJ3ULQ]LS,KU ,QQHUHVEHVWDQGQXUDXV/DGHUlXPHQHQJHQ.DELQHQXQGGHP$QWULHE 3ODW]IU/X[XVEOLHEQLFKW/HGLJOLFKGLH/,=$5'XQWHUVFKLHGVLFKLQHLQLJHQ 6lFKHOFKHQYRQGHQDQGHUHQ6FKLIIHQDEHUGDVJLQJVFKOLHOLFKDXHU &DSWDLQ*UD\ERXQGXQGVHLQHUDFKW]HKQN|SILJHQ%HVDW]XQJQLHPDQGHWZDV DQ 8PVFKXOHQNQXUUWHHUZWHQGXQGHLQZHQLJEHVRUJW'HQHQZHUGHLFK DEHUKHOIHQ
'DQQUDVWHGHU:DJHQPLWHLQHP6DW]GDYRQXQGQDKPGHQ&DSWDLQ *UD\ERXQGPLWQDFK7HUUDQLD (LQULHVLJHV+RFKKDXVDP6WDGWUDQG7DXVHQG%URV5XQGKHUXP *UQIOlFKHQXQG%lQNH'DQHEHQGDV,QVWLWXWPLWVHLQHQ/DERUVXQG 9HUVXFKVVWDWLRQHQ(LQZHLWHUHU.RPSOH[HLQJH]lXQWXQGPLW:DFKWSRVWHQ 'DV,QVWLWXWIU.RVPRQDXWLVFKH8PVFKXOXQJ &KHI,QVSHNWHXU2EHUVW/XGZLJ5DPPEJJOVDKLQWHUVHLQHPPlFKWLJHQ 6FKUHLEWLVFKXQGZKOWHLQGHP6WR3DSLHUHGLHPDQLKPJHEUDFKWKDWWH 6HLQ6HNUHWlUKDOILKPGDEHL (LQLJHQHXH$QWUlJHGHV3RVLWURQHQJHKLUQVKHXWHXQGJHVWHUQ HLQJHODXIHQ'LH%HZHUEHUZHUGHQVLFKKHXWHXQGLQGHQQlFKVWHQ7DJHQ YRUVWHOOHQ6LU,FKKDEHDOOHV1RWZHQGLJHYHUDQODW 6FKRQJXW3LHUUH6LQGDXFK(LQJH]RJHQHGDEHL" 8QWHU(LQJH]RJHQHYHUVWDQGPDQVROFKH$QJHK|ULJHGHU5DXPIORWWHXQG +DQGHOVIORWWHGLHVLFKQLFKWIUHLZLOOLJ]XU8PVFKXOXQJJHPHOGHWKDWWHQ VRQGHUQYRQGHP3RVLWURQHQJHKLUQDXI*UXQGGHUYRUOLHJHQGHQ'DWHQDOV EHIlKLJWHLQJHVWXIWZRUGHQZDUHQ -D6LU(LQHU(LQJHZLVVHU&DSWDLQ6DPXHO*UD\ERXQG'HU6HNUHWlU EOlWWHUWHKDVWLJGXUFKGLH)RUPXODUHXQG]RJGDQQHLQHVKHUYRUGDVHUGHP 2EHUVWUHLFKWH+LHUVLQGGLH8QWHUODJHQ 2EHUVW5DPPEJJOVWXGLHUWHGLH3DSLHUH6HLQH6WLUQYRUKHUJODWWXQG VRUJORVEHJDQQVLFK]XXPZ|ONHQ)DOWHQHQWVWDQGHQGDUDXIXQGOLHHQ QLFKWV*XWHVDKQHQ0LWVWHLJHQGHU1HUYRVLWlWEOlWWHUWHHUGLH8QWHUODJHQ GXUFKXQGVDKGDQQVFKOLHOLFKUDWORVDXI 'DV*HKLUQPXVLFKJHLUUWKDEHQVWHOOWHHUGDQQIHVW6LFKHUHLQH 9HUZHFKVOXQJ 8QP|JOLFK6LU6LHZLVVHQJHQDXVRJXWZLHLFKGDHLQH9HUZHFKVOXQJ Y|OOLJDXVJHVFKORVVHQLVW 'DVLVWHVMDHEHQQLFNWH2EHUVW5DPPEJJOHUVFKWWHUW$EHUGLHVHU HUVDKDXIGLH3DSLHUH&DSWDLQ*UD\ERXQGLVWGRFKQLHPDOVJHHLJQHW HLQVGHUQHXHQ6FKLIIH]XIKUHQ,FKELQVRJDUEHU]HXJWHUZLUGKLHUQLFKW HUVFKHLQHQ6RHLQ&KDUDNWHUZLHGHU 'DV6XPPHQGHU/DXWVSUHFKHUDQODJHXQWHUEUDFKLKQ 'HU6HNUHWlUHLOWHGLHQVWHLIULJKHUEHLXQGVFKDOWHWHHLQ %UR2EHUVW5DPPEJJOPHOGHWHHUVLFK (LQ&DSWDLQ*UD\ERXQGLVWGD(UKDWHLQH9RUODGXQJ 6FKLFNHQ6LHLKQKHUHLQPLVFKWHVLFKGHU2EHUVWHLQXQGVDQNGDQQLQ VHLQHQ6HVVHO]XUFN,VWGHQQGDV]XIDVVHQ"(ULVWGHU9RUODGXQJJHIROJW 9LHOOHLFKWLUUHQ6LHVLFK6LUXQGGHU0DQQLVWGRFKEUDXFKEDUHUDOV6LH DQQHKPHQ'LH8QWHUODJHQVLQGQLFKWLPPHUVHKUDXVIKUOLFK 9LHOOHLFKWUlXPWHGHU2EHUVWHLQ:LUZHUGHQMDVHKHQ8QGGDQQVDKHQ VLH'LH7UZXUGHDXIJHULVVHQXQG&DSWDLQ6DPXHO*UD\ERXQGVWUPWHLQ GDV%UR(UVDK]XHUVWGHQ6HNUHWlU3LHUUHDQGDQQ2EHUVW5DPPEJJO
6HLQHURWHQ+DDUHVWDQGHQZLUUXQGXQJHSIOHJWYRP.RSIDE$XFKGHUURWH 9ROOEDUWKlWWHGHU3IOHJHEHGXUIW'LH+lQJHEDFNHQZDEEHOWHQXQGYHUULHWHQ K|FKVWH(UUHJXQJ :HUKDWPLUGLHVHQEO|GVLQQLJHQ:LVFKJHVFKLFNW"EUOOWHHUPLW 6WHQWRUVWLPPHXQGNQDOOWHGLH9RUODGXQJDXI5DPPEJJOV7LVFK,FKKDEH HWZDVDQGHUHV]XWXQDOVPLFKPLWHXFK%URNUDWHQDE]XJHEHQ 'HU2EHUVWOLHIEOXWURWDQ(UVFKQDSSWH]ZHLPDOYHUJHEOLFKQDFK/XIW3LHUUH ZDU]XUFNJHZLFKHQXQGVWDUUWH*UD\ERXQGZLHHLQ:XQGHUWLHUDQ(UKDWWH QRFKQLHHUOHEWGDMHPDQGVHLQHQ&KHIVREHKDQGHOWH :DVZDVHUODXEHQ6LHVLFK"*UD\ERXQGEHWUDFKWHWHLQWHUHVVLHUWGDV URWH*HVLFKWVHLQHV*HJHQEHUVDOVKDQGOHHVVLFKXPHLQ ZLVVHQVFKDIWOLFKHV3KlQRPHQ'DQQVFKWWHOWHHUGHQ.RSIXQGVDKVLFK QDFKHLQHP6WXKOXP$OVHUNHLQHQHQWGHFNHQNRQQWHEOLHEHUQRWJHGUXQJHQ VWHKHQ$EHUHUEHXJWHVLFKYRUXQGVWW]WHGLH+lQGHDXI5DPPEJJOV 6FKUHLEWLVFKGHPGDV]XVlW]OLFKH*HZLFKWQLFKWVDXVPDFKWH *UD\ERXQGLVWPHLQ1DPH&DSWDLQ6DPXHO*UD\ERXQG.RPPDQGDQWGHV )UDFKWHUV/,=$5'YRQGHU6WDUWUDPS8QGZHUVLQG6LH" 2EHUVW5DPPEJJOHUKROWHVLFKDOOPlKOLFK'DVXQGZHUVLQG6LH"NODQJ DOOHUGLQJVGHUDUWYHUlFKWOLFKXQGKHUDEODVVHQGGDHUIDVWH[SORGLHUWZlUH 'DV5RWVHLQHV*HVLFKWHVYHUZDQGHOWHVLFKODQJVDPLQ9LROHWW 2EHUVW/XGZLJ5DPPEJJO&KHIGHU$EWHLOXQJIU1HX]XJlQJH *UD\ERXQGEHXJWHVLFKQRFKZHLWHUYRUXQGVWDUUWHVHLQHP*HJHQEHU IDVVXQJVORVLQV*HVLFKW 5DPPEJJO"PDFKWHHUXQGEHJDQQGDQQKHPPXQJVORV]XODFKHQ%HL DOOHQ6DWXUQULQJHQ:DVIUHLQ1DPH +HUU:DVHUODXEHQ6LHVLFK" $FK"PDFKWH*UD\ERXQGXQJOlXELJ+DW,KQHQGDVQRFKQLHPDQG JHVDJW"8QG,KQHQVHOEVWLVWGDVDXFKQRFKQLFKWDXIJHIDOOHQ"'DQQZXUGH HV=HLWGD,KQHQMHPDQGVDJWZLHNRPLVFK +HUU*UD\ERXQGQLFNWH-DVDJWHHUJHODVVHQ'DVELQLFK,FKZUGH DXFKMHGHPGLH.QRFKHQEUHFKHQGHUGDV*HJHQWHLOEHKDXSWHW(UKROWHWLHI /XIW:UGHQ6LHHQGOLFKGLH)UHXQGOLFKNHLWEHVLW]HQPLUPLW]XWHLOHQZDUXP 6LHPLFKKHUEHVWHOOWKDEHQ" 'HU2EHUVWVDQNLQGLH3ROVWHUVHLQHV6HVVHOV]XUFN0LWIDKULJHQ)LQJHUQ EOlWWHUWHHUGXUFKGLH3DSLHUH 6LHVLQG&DSWDLQ6DPXHO*UD\ERXQG" ,FKKDEHPLFKGRFKVFKRQYRUJHVWHOOW6LHVLQGDEHUVFKZHUYRQ%HJULII 6LHKDEHQKLHUQXUPHLQH)UDJHQ]XEHDQWZRUWHQQLFKWPHKU$OVRVLQG6LH HVRGHUQLFKW" *UD\ERXQGVHXI]WHXQGVHW]WHHLQH0LHQHDXIDOVZROOHHUHLQHPNOHLQHQ .LQGGDVJURH(LQPDOHLQVEHLEULQJHQ-DLFKELQHV'HU2EHUVWVDK ZLHGHUDXIGLH3DSLHUH 9HUKHLUDWHWPLW/XGPLOODJHERUHQH0F%DLQ
/HLGHUEUXPPWH*UD\ERXQG0LWLQKDEHUGHU6WDUWUDPSXQG.RPPDQGDQW GHV)UDFKWHUV/,=$5'DFKW]HKQ0DQQ%HVDW]XQJ2EHUVW5DPPEJJOOLH HLQGHXWLJHUNHQQHQGDHUQLFKWPHKUXQWHUEURFKHQ]XZHUGHQZQVFKWH $XFKQLFKWGXUFK%HVWl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lQDXIHLQHPVWDDWOLFKHQ)UDFKWUDXPVFKLIIGHU *HQHUDO&RVPLF&RPSDQ\1DFK]ZHL-DKUHQVFKLHGHQ6LHDXVXQGWUDWHQLQ GLH6WDUWUDPSHLQQDFKGHP6LHGLHHLQ]LJH7RFKWHUGHVHUVDKDXIGLH 3DSLHUH(SKUDLP0F%DLQKHLUDWHWHQGHUGLH$NWLHQPDMRULWlWGHU *HVHOOVFKDIWEHVD6RZXUGHQ6LH7HLOKDEHU $EHUQXUJDQ]VWLOOHUYHUVLFKHUWH*UD\ERXQGWUHXKHU]LJXPDQVFKOLHHQG ZWHQG]XEUOOHQ:DVJHKHQ6LHEHUKDXSWPHLQH3ULYDWDQJHOHJHQKHLWHQ DQ6LH6FKQIIOHU".PPHUQ6LHVLFKXP,KUHQHLJHQHQ'UHFN'DYRQJLEW HVEHVWLPPWJHQXJKLHU 2EHUVW5DPPEJJONDPDXVGHP6HVVHOKRFK6HLQ*HVLFKWZDUZLHGHU NQDOOURW 6LHVLQGUXKLJVFKULHHUHPS|UW:HQQQLFKWODVVHLFK6LHKLQDXVZHUIHQ ,FKJHKHIUHLZLOOLJJDE*UD\ERXQG]XUFNXQGZDQGWHVLFK]XP*HKHQ :DVWXHLFKKLHUEHUKDXSW" 6LHEOHLEHQEUOOWH5DPPEJJOYHU]ZHLIHOW(UZXWH]ZDUZLHVLQQORV VHLQH$XIJDEHZDUDEHUHUKDWWHVHLQH9RUVFKULIWHQGLHHUHLQKDOWHQPXWH 6LHKHLUDWHWHQDOVR,KUH)UDX =LHPOLFKORJLVFKJDE*UD\ERXQGQDFKGHQNOLFK]X,FKVFKl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
.|QQHQ6LHDEHUDXFKQLFKWEHZHLVHQWULXPSKLHUWH*UD\ERXQG +PPDFKWHGHU2EHUVWXQGEOlWWHUWHZHLWHULQGHQ3DSLHUHQ'DQQQDKPHU HLQHEODXH.DUWHGLHGD]ZLVFKHQODJ(UODVVLHGXUFKUXQ]HOWHGLH6WLUQXQG VFKWWHOWHGHQ.RSI+LHUOLHJWHLQH%HXUWHLOXQJGHV3RVLWURQHQJHKLUQVYRU GHPZLU,KUH8QWHUODJHQ]XU%HUHFKQXQJJDEHQ'DUDXVJHKWHLQZDQGIUHL KHUYRUGD6LHHLQIlKLJHU5DXPSLORWPLW(UIDKUXQJVLQG:HLWHUVWHOOWGDV *HKLUQIHVWGD6LH]XU8PVFKXOXQJKHUDQJH]RJHQZHUGHQVROOHQXQG JHHLJQHWVLQGHLQVGHUQHXHQ6FKLIIH]XIKUHQ *UD\ERXQGKRUFKWHDXI(UWUDWZLHGHUQlKHUXQGVWW]WHVLFKDXIGLH 6FKUHLEWLVFKSODWWH8P3ODW]]XKDEHQVFKREHUHLQLJH3DSLHUH]XU6HLWH (WOLFKHILHOHQ]X%RGHQXQGZXUGHQYRQ3LHUUHHLIULJHLQJHVDPPHOWXQG ZLHGHUDXIGHQ7LVFKJHOHJW 1HXH6FKLIIH":DVPHLQHQ6LHGDPLW" 2EHUVW5DPPEJJOKROWHWLHI/XIW6HLQH6WXQGHZDUJHNRPPHQ'LHVHV YHUNRPPHQH,QGLYLGXXPZUGH$XJHQPDFKHQ (VKDQGHOWVLFKXPGHQOLQHDUHQhEHUOLFKWDQWULHEYHUNQGHWHHUPLWGHU 0LHQHHLQHV3URSKHWHQ(UZXUGHLQGHQYHUJDQJHQHQ-DKU]HKQWHQ HQWZLFNHOW=XU=HLWEHILQGHWVLFK3HUU\5KRGDQDXIHLQHPHUVWHQJU|HUHQ (USUREXQJVIOXJYRQGHPHUQRFKQLFKW]XUFNNHKUWH 'HUZLUGDXFKQLH]XUFNNRPPHQOLH*UD\ERXQGVHLQH%HIUFKWXQJODXW ZHUGHQ:LHNDQQVLFK5KRGDQDXFKPLWVRHLQHPQHXPRGLVFKHQ=HXJ DEJHEHQVWDWWEHLGHUDOWHQVLFKHUHQ0HWKRGHGHV+\SHUVSUXQJHV]X EOHLEHQ" .PPHUQ6LHVLFKQLFKWXPGHQ+HUUQ$GPLQLVWUDWRUULHWGHU2EHUVW -HGHQIDOOVZHUGHQVHKUEDOGZHLWHUH6FKLIIHPLW/LQHDUDQWULHELQGLH)ORWWH HLQJHUHLKWZHUGHQ'D]XZHUGHQIlKLJH.RPPDQGDQWHQEHQ|WLJW,QXQVHUHP ,QVWLWXWZHUGHQGLH$QZlUWHUXPJHVFKXOW'DUXPVLQG6LHKLHU 8PJHVFKXOW",FK"*UD\ERXQGZDUHKUOLFKHUVWDXQW$XVJHUHFKQHWPLFK KDEWLKUGDDXVJHVXFKW",KUVHLGY|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|QQHQQLFKWHLQIDFK DEVDJHQRKQHHLQH3UIXQJDEJHOHJW]XKDEHQ:HQQ6LHGLH9RUSUIXQJ QLFKWEHVWHKHQYHUODQJWQLHPDQGYRQ,KQHQGD6LHXPJHVFKXOWZHUGHQ 3UIXQJ"IUDJWHGHUDOWH&DSWDLQPLWUDXLVFK:DVIUHLQH3UIXQJ"
7HFKQLVFKHV:LVVHQFKDUDNWHUOLFKH(LJQXQJ$OOJHPHLQELOGXQJXQGZDVHV VRQVWQRFKJLEW $KDFKDUDNWHUOLFKH(LJQXQJ"*UD\ERXQGDWPHWHDXI'DQQELQLFKMD VFKRQVRJXWZLHGXUFKJHIDOOHQ$XI:LHGHUVHKHQ +DOWEUOOWHGHU2EHUVWHUQHXW:DUWHQ6LHGRFK6LHPVVHQQRFKHLQHQ 7HVW &DSWDLQ*UD\ERXQG]|JHUWH/DQJVDPGUHKWHHUVLFKXPXQGEHWUDFKWHWHGHQ 2EHUVWDEZlJHQG'DQQQLFNWHHUXQGPHLQWH -D6LHKDEHQUHFKW(LQHQ7HVW.|QQHQ6LHKDEHQ6HLQH6WLPPH YHUlQGHUWHVLFKSO|W]OLFK(UWUDWHLQHQ6FKULWWYRUXQGEUOOWHPLWVHLQHU JDQ]HQ/DXWVWlUNH6LHVLQGGDVJU|WH5LQGYLHKGDVDXIGLHVHP OlFKHUOLFKHQ3ODQHWHQKHUXPOlXIW6LHVLQGHLQ2FKVH6LHVLQGHLQHLQ MD6LHVLQGHLQ5DPPEJJO ,FKKHLH5DPPEJJONHXFKWHGHU2EHUVWY|OOLJYHUZLUUW6HLQ6HNUHWlU VWDQGY|OOLJYHUVFKFKWHUWLQGHU(FNHXQGKLHOWGDV*DQ]HDQVFKHLQHQGIU GHQ%HJLQQGHV:HOWXQWHUJDQJHV,FKZHUGH6LHZHJHQ%HOHLGLJXQJ IHVWQHKPHQODVVHQ'DVLVWMDGLH+|KH 7HVWQLFKWEHVWDQGHQ"HUNXQGLJWHVLFK*UD\ERXQGK|IOLFKXQGZLHGHULQ QRUPDOHU/DXWVWlUNH2GHUVLQGQRFKZHLWHUH3UREHQJHIlOOLJ",FKZLOOQXQ HLQPDOQLFKWDXIVRHLQHQQHXPRGLVFKHQ6FKOHLFKHUVRQGHUQEOHLEHEHL PHLQHP6SUXQJVFKLII+DEHQ6LHGDVEHJULIIHQ6LH,PLWDWLRQYRQHLQHP 2IIL]LHU"6FKOHLFKHU$QZHUEHU 9RQGLHVHU6HNXQGHDQKLHHQGLH6FKLIIHPLWGHPQHXHQ/LQHDUDQWULHE 6FKOHLFKHU(VZDUGLH*HEXUWVVWXQGHHLQHVQHXHQ%HJULIIHVDEHUZHGHU *UD\ERXQGQRFK5DPPEJJODKQWHQHV 'HU2EHUVWQDKPHLQHQGLFNHQURWHQ6WLIWYRP6FKUHLEWLVFKXQG]RJGDPLW TXHUEHUGLHEODXH.DUWHGHV3RVLWURQHQJHKLUQVHLQHQ6WULFK 8QJHHLJQHWNHXFKWHHUDWHPORV9|OOLJXQJHHLJQHW6RZRKOFKDUDNWHUOLFK ZLHDXFKELOGXQJVPlLJ9HUVFKZLQGHQ6LH0DQQ,FKZLOO6LHQLHPHKULQ PHLQHP/HEHQVHKHQ8QGZHQQPLUDXFKQXUGDVJHULQJVWH]X2KUHQ NRPPW*HVHW]HVEHUWUHWXQJXQGVRGDQQN|QQHQ6LH,KUEODXHV:XQGHU HUOHEHQ1HKPHQ6LHVLFKLQDFKW:LUVLQGQRFKQLFKWIHUWLJPLWHLQDQGHU 'DVLVWJODWWH1|WLJXQJPXUPHOWH*UD\ERXQGLQQHUOLFKHUOHLFKWHUW6LH N|QQHQYRQ*OFNUHGHQZHQQLFKPLFKQLFKWEHU6LHEHVFKZHUH(UJLQJ ]XU7UXQG|IIQHWHVLH/HEHQ6LHZRKO2EHUVW6FKZDPPIOJHO (UNQDOOWHGLH7UKLQWHUVLFK]X5DPPEJJOK|UWHHUQRFKHLQPDOGLHVWDUN DEJHGlPSIWH6WLPPHGHV2EHUVW )RUVFKJLQJ&DSWDLQ*UD\ERXQGDQGHU6HNUHWlULQYRUEHLRKQHVLFKXPVLH ]XNPPHUQ(UNQDOOWHDXFKGLH]ZHLWH7U]XXQGZDUDXIGHP*DQJ 6FKQHOOIDQGHUGHQ$XVJDQJGHQ3DUNSODW]XQGGDPLWVHLQHQ:DJHQ 8PVFKXOXQJ'LHXQGLKQXPVFKXOHQ'DVKlWWHGHQHQVRJHSDW,KQZLHGHU LQGLH=ZDQJVMDFNHHLQHUHKUHQYROOHQ3IOLFKWHUIOOXQJZLHVLHHVQDQQWHQ VWHFNHQ]XZROOHQ
0LWYHUERWVZLGULJEHUK|KWHU*HVFKZLQGLJNHLWUDVWHHU]XP%URGHU 6WDUWUDPS]XUFNVWHOOWHGHQ:DJHQDEXQGEHJDEVLFKZLHJHQGHQ6FKULWWHV ]XVHLQHP)UHXQGXQG.RPSDJQRQ 'DELVWGXMDZLHGHUVWHOOWH/XGPLOODHUOHLFKWHUWIHVW:LUEHIUFKWHWHQ VFKRQPDQKlWWHGLFKJOHLFKGRUWEHKDOWHQ 'LHVH+DPPHO*UD\ERXQGOLHVLFKDXIGHQ6WXKOVLQNHQ8PVFKXOXQJ $OOHUGLQJVVDJWH5LFKDUG)OH[QHUPLWVDQIWHU6WLPPHLVWYRQHLQHU 8PVFKXOXQJEHLGLUQLFKWV]XEHPHUNHQ+DEHQVLHHVZLUNOLFKYHUVXFKW" :DVVROOGDVEHUKDXSW" 6LHZROOWHQPLFKGD]X]ZLQJHQHLQHQ6FKOHLFKHU]XEHUQHKPHQ,P 6WDDWVGLHQVW9|OOLJEHUJHVFKQDSSW 6FKOHLFKHU" -DGLHVHVQHXPRGLVFKH=HXJVZHQQGXPLFKIUDJVW/LQHDUHU$QWULHEZHQQ LFKUHFKWYHUVWDQG $KDQLFNWH)OH[QHU'DYRQKDWWHHUVFKRQJHK|UW'DPLWVROOHQVLHXQVLQ 5XKHODVVHQ(VJHKWQLFKWVEHUGLH7UDQVLWLRQV7HFKQLN 0HLQH0HLQXQJVWLPPWH*UD\ERXQGLKP]X(UVWDQGZLHGHUDXIJLQJ]X VHLQHU)UDXXQGOHJWHLKUGLHUHFKWH+DQGDXIGLH6FKXOWHU,FKKDEHPLFK VFKRQXPHLQH6WXQGHYHUVSlWHW,QZHQLJHQ7DJHQELQLFK]XUFN/HEH ZRKOPHLQ6FKDW]'XZHLWMD7HGG\ElUHQQDFK7XJODQ'LHNOHLQHQ 7XJODQHUZDUWHQVFKRQGDUDXI /XGPLOODVDK)OH[QHUYHU]ZHLIHOWDQ +DWHUZLUNOLFK.LQGHUVSLHO]HXJDQ%RUG"IUDJWHVLHXQGPDQVDKLKUDQ GDVLHYLHOHKHU+|OOHQERPEHQDXIGHU/,=$5'YHUPXWHWH ,FKJDUDQWLHUHGDIUYHUVLFKHUWH)OH[QHUWUHXKHU]LJ:HQQGDV6FKLII NRQWUROOLHUWZUGHPWHGLH:DUHMDPLWGHQ3DSLHUHQEHUHLQVWLPPHQ'DV VHKHQ6LHGRFKZRKOHLQ9HUHKUWHVWH .PPHUHGLFKQLFKWXPPHLQH*HVFKlIWH6FKDW]*UD\ERXQGZXUGH DOOPl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lKOLJ DQ%RUGVHLQ'HU8UODXEZDUELV]XP:HFNHQJHZHVHQDEHUGDVODJVFKRQ HWOLFKH6WXQGHQ]XUFN (LQ2IIL]LHUGHU+DIHQYHUZDOWXQJNDP*UD\ERXQGHQWJHJHQDOVHUDXVGHP 7D[LNOHWWHUWH(U]HLJWH]XU/,=$5'KLQEHU,KU6FKLII&DSWDLQ" 0DQQ'RSQHUGDVZHLWGXGRFKRGHU" ,P'LHQVW&DSWDLQNHQQHLFKQLHPDQG
*UD\ERXQGVSUWHZLHGLHDOWH:XWJHJHQ%URNUDWLHXQG9HUZDOWXQJHUQHXW LQLKPKRFKVWLHJDEHUHUQDKPVLFK]XVDPPHQ'LHVHU'RSQHUZDU]X ZLFKWLJXPYHUlUJHUW]XZHUGHQ $FKMDLFKYHUJD*HVWDWWHQPHLQ1DPHLVW*UD\ERXQG&DSWDLQ6DPXHO *UD\ERXQGYRQGHU6WDUWUDPS8QGZHUVLQG6LHPHLQ+HUU"'RSQHU VFKOXFNWHHWZDV,FKELQ/HXWQDQW'RSQHU=ROODEIHUWLJXQJ:DVKDEHQ6LH JHODGHQ&DSWDLQ*UD\ERXQG" 7HGG\ElUHQ'HU/HXWQDQWVFKOXFNWHHUQHXW(UVWDUUWH]XHUVW*UD\ERXQG GDQQGLH/,=$5'DQ:RUWORVVWUHFNWHHUVHLQH+lQGHDXV3DSLHUHlFK]WH HU(UVWXGLHUWHGLH)UDFKWSDSLHUH6WQGOLFKODQGHWHQXQGVWDUWHWHQDXIGHP 5DXPKDIHQYRQ7HUUDQLDGLH+DQGHOVVFKLIIHXQG(LQKHLWHQGHU)ORWWH'LH .RQWUROOHQKDWWHQQDFKJHODVVHQGHQQ6FKPXJJHOHLORKQWHVLFKNDXPXQG ZXUGHDXHUGHPVWUHQJEHVWUDIW0HLVWIKUWHQDXFKGLHSULYDWHQ +DQGHOVILUPHQQXUVWDDWOLFKH$XIWUlJHDXV'LH9HUZDOWXQJVRUJWHQXUGDIU GDMHGHVHLQ]HOQH6FKLIIRUGQXQJVJHPlDEJHIHUWLJWZXUGHXQGDXFKGDV ZDUPHLVWQXU)RUPVDFKH $OVR7HGG\ElUHQVFKWWHOWH'RSQHUVHLQHQ.RSI:RPLWKHXW]XWDJH *HVFKlIWHJHPDFKWZHUGHQ" 6HKHQ6LHVLFKGLHQLHGOLFKHQ7LHUFKHQHLQPDODQZXUGHHUYRQ*UD\ERXQG DXIJHIRUGHUWDOVHUGLH3DSLHUHPLWGHU8QWHUVFKULIWGHV/HXWQDQWVYHUVHKHQ ZLHGHU]XUFNHUKLHOW9LHOOHLFKWNDQQLFK,KQHQHLQVJHEHQ)U,KUHOLHEHQ .LQGHUFKHQ ,FKKDEHNHLQH.LQGHULFKELQXQYHUKHLUDWHW 'DVZlUHNHLQ*UXQGEHJDQQ*UD\ERXQGEHVDQQVLFKGDQQDEHUHLQHV %HVVHUHQ.DQQLFKGLH6WDUWHUODXEQLVHUKDOWHQ" +DEHQ6LHVFKRQ*UD\ERXQGEUXPPWH/HXWQDQW'RSQHUXQGHQWIHUQWHVLFK HLOLJVW6HOEVWGHUDXIPHUNVDPVWH%HREDFKWHUKlWWHQLFKWDXIGHQ*HGDQNHQ NRPPHQN|QQHQGDHUXQG*UD\ERXQGJXWH)UHXQGHZDUHQGLHVFKRQ PDQFKHQ9XUJX]]LQGHQ%DUVYRQ7HUUDQLD]XVDPPHQJHWUXQNHQKDWWHQ 'LH'LHQVWYRUVFKULIWHQYHUERWHQ)UHXQGVFKDIWHQLP'LHQVW *UD\ERXQGNQXUUWHHWZDVGDVVLFKZLHPDQVROOWHDOOH%URNUDWHQHLQIDFK DXIKlQJHQDQK|UWHXQGPDFKWHGDHULQV6FKLIINDP(LQHHLQJHKHQGH )UDFKWNRQWUROOHZlUHLKPDXVYHUVFKLHGHQHQ*UQGHQVHKUXQJHOHJHQ JHNRPPHQ(UVWHLQPDOJHVWDUWHWZDUGLH*HIDKUYRUEHU ,QGHURIIHQHQ/XNHGHUDFKW]LJ0HWHUKRKHQ.XJHOVWDQGHLQ0DQQ(UZDU VRNOHLQGDPDQLKQQLFKWHUNHQQHQNRQQWHDEHU*UD\ERXQGZXWHZHUHV ZDU(UVWLHJLQGHQ*HUVWDXI]XJXQGOLHVLFKQDFKREHQIDKUHQ'DQQWUDW HUDXIGLH3ODQNHGLHKLQEHU]XU/XNHIKUWH +DOOR5H[VDJWHHUXQGKREOlVVLJJUHQGGLH+DQGDQGLH0W]H6WHKVW ZRKOVFKRQZLHDXIKHLHQ.RKOHQZLH" :LUVROOWHQYRUHLQHU6WXQGHVWDUWHQ6DP:DVLVWGHQQ GD]ZLVFKHQJHNRPPHQ" 6SlWHU-HW]WQLFKWVZLHDE6WDUWHUODXEQLVYRUKDQGHQ
'HU0DQQWUXJGLH8QLIRUPHLQHV/HXWQDQWV6HLQ*HVLFKWZDUGXUFKHLQLJH 3RFNHQQDUEHQHQWVWHOOWXQGPDFKWHNHLQHQVHKUYHUWUDXHQHUZHFNHQGHQ (LQGUXFN'LHEUHLWJHVFKODJHQH%R[HUQDVH]HXJWHYRQPDQFKHPKDUWHQ )DXVWNDPSIVHLQHV%HVLW]HUV,QGHQ$XJHQDOOHUGLQJVOHXFKWHWHVRHWZDVZLH *XWPWLJNHLWGLHDEVROXWQLFKW]XVHLQHPVRQVWLJHQbXHUHQXQG]XVHLQHP %HQHKPHQSDVVHQZROOWHQ 5H[.QDWWHUEXOOZDU(UVWHU2IIL]LHUGHU/,=$5'XQGHQJVWHU9HUWUDXWHU *UD\ERXQGV$OOHVVWDUWNODU6DP 'DQQQLFKWVZLHDE*UD\ERXQGWUDWLQGLH6FKOHXVHXQGVRUJWHGDIUGD GLH5DPSHVHOEVWlQGLJDEIXKU=XVDPPHQPLW5H[HLOWHHULQGLH .RPPDQGR]HQWUDOHGHV+DQGHOVIUDFKWHUVXQGVFKORGLH/XNH$XWRPDWLVFK WUDWGLH9HQWLODWLRQVDQODJHLQ7lWLJNHLWDOVEHIlQGHVLFKGLH/,=$5'EHUHLWV LPIUHLHQ5DXP 'LH%LOGVFKLUPHEHJDQQHQ]XDUEHLWHQ6LH]HLJWHQGDV5DXPIHOGXQGGLH YLHOHQ6FKLIIH,QGHU)HUQHZDU7HUUDQLD]XVHKHQ'LHEHUGHP 3RVLWURQHQJHKLUQUXKHQGH(QHUJLHJORFNHIOLPPHUWHOHLFKWLP6FKHLQGHUWLHI VWHKHQGHQ6RQQH $OOH0DQQDXI6WDUWSRVLWLRQHQNDPHLQH0HOGXQJDXVGHP,QWHUNRP 6WDUWLQ]HKQ6HNXQGHQJDE*UD\ERXQG]XUFN 1DFKGHUHUVWHQ7UDQVLWLRQIORJHQVLHPLW8QWHUOLFKWJHVFKZLQGLJNHLWZHLWHU -HW]WHUVWNRQQWHGHUQHXH.XUVEHUSUIWXQGHUUHFKQHWZHUGHQ 'HQQ*UD\ERXQGKDWWHDOOHVDQGHUHYRUDOVDXVJHUHFKQHWQDFK7XJODQ]X IOLHJHQ6HLQ=LHOODJLQ/LFKWMDKUHQ(QWIHUQXQJXQGKLH*ODWUD,,,HLQH YRQGHQ*DODNWLVFKHQ+lQGOHUQEHVHW]WH:HOW)UJHZLVVH*WHUGLHYRQ GHU(UGHVWDPPWHQ]DKOWHQGLH%lUWLJHQKEVFKH3UHLVH$OOHUGLQJVGXUIWHQ GLHLUGLVFKHQ%HK|UGHQQLFKWVYRQGLHVHP+DQGHOHUIDKUHQ8QGVFKRQJDU QLFKWGXUIWHQVLHHUIDKUHQGDGLH/,=$5'HLQHQ3ODQHWHQGHU6SULQJHU DQIORJ 'LH&RPSXWHUEHJDQQHQ]XDUEHLWHQ'DV1DYLJDWLRQV3RVLWURQHQJHKLUQ VFKOXFNWHGLH'DWHQXQGHUUHFKQHWHGLHQlFKVWH7UDQVLWLRQ $OVVLHZLHGHUDOOHLQLQGHU=HQWUDOHZDUHQVDJWH5H[.QDWWHUEXOO 'DZDUGRFKQRFKHWZDVZRYRQGXPLUEHULFKWHQZROOWHVW'HLQH 9HUVSlWXQJ *UD\ERXQGQLFNWHHUKREVLFKDEHUDXVVHLQHP6HVVHOXQG|IIQHWHGLH7U]X VHLQHU.DELQHGLHHQWJHJHQDOOHQ*HZRKQKHLWHQGLUHNWQHEHQGHU=HQWUDOH ODJ (LHLPHLQOLHEHV7LHUFKHQZLOOVWGXZRKONRPPHQ" 5H[VHXI]WH'DV7KHDWHUPLWGHPYHUUFNWHQ3DSDJHLNDQQWHHUVFKRQ *UD\ERXQGVFKLHQGLHVHQ3DSDJHLPHKUDOVVHLQHHLJHQH)UDX]XOLHEHQ(U QDKPLKQDXIDOOHQ)OJHQPLWXQGEHWUDFKWHWHLKQDOVHLQH$UW7DOLVPDQ(U EUlFKWHLKP*OFNEHKDXSWHWHHUDEHUQLHPDQGQDKPLKPGHQ8QVLQQDE 3RVVLHUOLFKZDUGLHVHU3DSDJHLPLWGHP1DPHQ7RUHURVFKRQ(UUHGHWH UHFKWIOHLLJPDQFKPDOVDJWHHUVRJDU'LQJHGLHJHQDXSDWHQ1DWUOLFK
ZDUGDVUHLQHU=XIDOOZLHMHGHPYHUQQIWLJHQ0HQVFKHQNODUVHLQPXWH *UD\ERXQGDEHUEHKDXSWHWHGDQQVWHWVGHU3DSDJHLEHVLW]HPHKU9HUVWDQG DOVGLHPHLVWHQVHLQHU/HXWHDXIGHU/,=$5' *XWHQ7DJ2SDNUlFK]WHHVLQGHU1HEHQNDELQH'DQQIODWWHUWHQ)OJHO XQG7RUHUROLHVLFKDXI*UD\ERXQGV6FKXOWHUQLHGHU$XHU7RUHURKlWWHLKQ QLHPDQG2SDQHQQHQGUIHQ *UD\ERXQGVHW]WHVLFKZLHGHU6LHEHVWHOOWHQPLFK]XP,QVWLWXWIU NRVPLVFKH8PVFKXOXQJRGHUZLHGHU%O|GVLQQKHLW,FKVROOWH.RPPDQGDQW HLQHV/LQHDU$QWULHE6FKLIIHVZHUGHQ,KU3RVLWURQHQJHKLUQKDWWHGDVLQ HLQHP$QIDOOYRQJHLVWLJHU8PQDFKWXQJIHVWJHVWHOOW'DQQDEHUSUIWHPLFK GLHVHU2EHUVW5DPPVNQXEEHOXQGIDQGPLFKXQWDXJOLFK'DVLVWHLJHQWOLFK DOOHV 5DPPVNQXEEHO".RPLVFKHU1DPH 'HLQHULVWDXFKQLFKWEHVVHUNQXUUWH*UD\ERXQGXQGNUDXOWHVHLQHP 3DSDJHLGHQ.RSI-HGHQIDOOVKDEHLFKGHQHQJDQ]VFK|QPHLQH0HLQXQJ JHVDJW/LQHDUDQWULHE'lPOLFKH6FKOHLFKHUHL'DLVWPLUGLH7UDQVLWLRQVFKRQ OLHEHUDXFKZHQQPDQVLHDOVEHUKROWEH]HLFKQHW*HJHQGLH/,=$5' NRPPWGLHJDQ]H6RODUH)ORWWHQLFKWDQ +PPDFKWH5H[.QDWWHUEXOO,FKZUGHHVQLFKWGDUDXIDQNRPPHQODVVHQ 8QGVLHKDEHQGLFKHLQIDFKJHKHQODVVHQ" (VJDEHLQHNOHLQH0HLQXQJVYHUVFKLHGHQKHLWDEHUNDXPGHU5HGHZHUW'HU 2EHUVWHUZLHVVLFKDOVVHKUYHUVWlQGQLVYROOXQGOLHPLFKDOV.DQGLGDWHQ IDOOHQ'DPLWZDULFKYHUDEVFKLHGHW 9HUGlFKWLJVDJWHGHU(UVWH2IIL]LHU6HKUYHUGlFKWLJ 4XDWVFKZLGHUVSUDFK*UD\ERXQG'DV3RVLWURQHQJHKLUQKDWWHVLFKHEHQ JHLUUW.DQQGRFKYRUNRPPHQ 'XKDVWHLQHQ.QDOO7RUHURVDJWHHVPLWVHLQHUNUlFK]HQGHQDEHUGXUFKDXV YHUVWlQGOLFKHQ6WLPPHLQUHLQVWHP(QJOLVFK8QGZHUZROOWHDEVWUHLWHQGD HVSDWH" +DOWGHQ6FKQDEHOGXPPHV9LHKULHI5H[HPS|UWGHUGHQ3DSDJHLQLFKW OHLGHQNRQQWH'DQQZDQGWHHUVLFKDQ*UD\ERXQG'XZLUVWVHKHQ6DPGLH PHOGHQVLFKQRFKHLQPDO6RVFKQHOOJHEHQGLHQLFKWDXI'LHEUDXFKHQ 9HUVXFKVNDQLQFKHQ )UGLHQHXHQ6FKLIIH"*UD\ERXQGYHUVDQNLQ1DFKGHQNHQ'DVN|QQWH VHKUJXWVWLPPHQ .ODUGDQHKPHQVLHGLH/HXWHGLHLKQHQQLFKWSDVVHQVWHFNHQVLHLQGLH QHXHQ.lVWHQXQGVFKLHHQVLH]XGHQ6WHUQHQ.HKUHQVLHQLFKW]XUFNLVW HVQXUXPGLH6FKLIIHVFKDGH.ODU" 1LFKWJDQ]VFKWWHOWH*UD\ERXQGGHQ.RSI*ODXEVWGXGDVVLH5KRGDQ ORVZHUGHQZROOHQ" %O|GVLQQ:LHNRPPVWGXGHQQGDUDXI" :HLO5KRGDQPLWVRHLQHPQHXHQ6FKLIIXQWHUZHJVLVWXPHV]XHUSUREHQ :HQQGHUVHLQHQ.RSIKLQKlOWPXGLH&KRVHVFKRQLQ2UGQXQJVHLQ2GHU JODXEVWGXYLHOOHLFKW
1HLQGDVlQGHUWGLH6DFKHQDWUOLFK'DQQVXFKWHQVLHDOVRGRFKVFKRQ DQVWlQGLJH0HQVFKHQ8PVRHUVWDXQOLFKHUGDVLHJHUDGHDXIGLFKNDPHQ *UD\ERXQGNDPDXVGHP6HVVHOKRFK7RUHURDXIVHLQHQ6FKXOWHUQ VFKZDQNWHXQGKlWWHIDVWGHQ+DOWYHUORUHQ :DVZLOOVWGXGDPLWVDJHQDOWHU*DXQHU"%LQLFKYLHOOHLFKWNHLQDQVWlQGLJHU 0HQVFKGXYHUNUDFKWHU)ORWWHQNRPPDQGHXU" 9HUEUHFKHU0|UGHU5DWWHQIlQJHU/LHEOLQJVFKULH7RUHURXQGZROOWHVLFK QLFKWPHKUEHUXKLJHQ*UD\ERXQGJDELKPHLQHQ.ODSVDXIGHQ5FNHQ'D ZDUHUVWLOO ,FKPHLQHGRFKDQVWlQGLJLP6LQQHGLHVHU%IIHOYRQGHU8PVFKXOXQJ NOlUWH5H[VHLQHQ%RDXI'XKDVWHLQHYHUEOIIHQGH$UWDOOHVIDOVFK]X YHUVWHKHQ +DWWHGHU2EHUVWDXFKODFKWH*UD\ERXQG0DQQGHPKDEHLFKHVDEHU JHJHEHQ+PYLHOOHLFKWKDWWHGDV3RVLWURQHQJHKLUQGRFKUHFKWXQGLFKELQ HLQIlKLJHUJHQLDOHU.RPPDQGDQW6RHLQ*HKLUQNDQQVLFKEHUKDXSWQLFKW LUUHQ 1RFKHEHQKDVWGXGDV*HJHQWHLOEHKDXSWHWIOVWHUWH5H[YRUVLFKWLJ 0DQGDUIMDVFKOLHOLFKVHLQH0HLQXQJlQGHUQJDEGHU$OWH]XUFN 'DV1DYLJDWLRQVJHKLUQVSXFNWHHLQH.DUWHDXV5H[QDKPVLHXQGZDUIHLQHQ %OLFNGDUDXI 6SUXQJOlXIWJDEHUEHNDQQW$EZHLFKXQJYRPDQJHJHEHQHQ.XUV EHWUlFKWOLFK:HQQGDVGLH%UGHUEHPHUNHQ :lUH=XIDOO*UD\ERXQGEHUSUIWHGLH.DUWHXQGYHUJOLFKVLHPLWGHQ 6SUXQJDQJDEHQGHU)UDFKWEULHIH*DQ]KEVFKH'LIIHUHQ]$EHUZLUN|QQHQ LPPHUQRFKVDJHQXQVHUDOWHU.DVWHQKlWWHVLFKVHOEVWlQGLJJHPDFKW 9LHOOHLFKWJODXEHQVLHXQVGDV .DXPVFKUlQNWH5H[GLH+RIIQXQJHQ*UD\ERXQGVHLQ1RFK]HKQ 6HNXQGHQ $OVVLHDXVGHP+\SHUUDXPNDPHQXQGLP(LQVWHLQ.RQWLQXXP UHPDWHULDOLVLHUWHQKDWWHQVLHGUHLWDXVHQG/LFKWMDKUH]XUFNJHOHJW'DV 6\VWHP7XJODQODJIDVWLQGHUHQWJHJHQJHVHW]WHQ5LFKWXQJ 1lFKVWHU6SUXQJGUHLLJ0LQXWHQJDE5H[EHNDQQW'HU(UVWH2IIL]LHU IXQJLHUWHJOHLFK]HLWLJDOV1DYLJDWRUGDGLH/,=$5'HLJHQWOLFKPLWHLQHU 0DQQVFKDIWYRQDFKW]HKQ3HUVRQHQXQWHUEHVHW]WZDU:LUKDEHQQRFKHLQ ZHQLJ=HLW :R]X"ZXQGHUWHVLFKGHUDOWH5RWEDUW 5H[VFKZLHJGHQQHEHQ|IIQHWHVLFKGLH7U]XU=HQWUDOHXQGHLQ0DQQLQ =LYLOWUDWHLQ,QGHU+DQGWUXJHUHLQHQ1RWL]EORFN :DVLVWGHQQORV6PLWK"GRQQHUWH*UD\ERXQGXQJHKDOWHQ6LHVROOHQGRFK LQ,KUHU)XQNEXGHEOHLEHQXQGXQVQXUGDQQVW|UHQZHQQHVHLQHQ*UXQG ]XP6W|UHQJLEW :HOOHQGRPSWHXUNUlFK]WH7RUHURWUHIIHQG +HQU\6PLWKZDUYRQVFKPlFKWLJHU6WDWXUXQGZLUNWHlXHUVWVFKFKWHUQ(U VFKLHQEHUKDXSWQLFKWLQGLHVH8PJHEXQJ]XSDVVHQ$EHUGDVZDUHLQ
IDOVFKHU(LQGUXFN-HGHUDQ%RUGGHU/,=$5'KDWWHHLQHQGXQNOHQ)OHFNLQ GHU9HUJDQJHQKHLWVRDXFK6PLWKGHVVHQZLUNOLFKHQ1DPHQQLHPDQG NDQQWH$EHUHUZDUHLQDXVJH]HLFKQHWHU)XQNHUXQG5DGLRWHFKQLNHUGDV DOOHLQ]lKOWHEHL&DSWDLQ*UD\ERXQG 5HGQLFKWLPPHUGD]ZLVFKHQIXKUGHU$OWHVHLQHQ3DSDJHLDQ$OVRZDV JLEWHV6PLWK" )XQNVLJQDOHHUZLGHUWHGHU)XQNHUODNRQLVFKhEHUOLFKWVFKQHOODEHUQLFKW +\SHUIXQN4XHOOHHWZDIQI/LFKWVWXQGHQ(QWIHUQXQJ *UD\ERXQGNDPDXVGHP6HVVHOKRFK 0HQVFKXQGGDVVDJHQ6LHPLUHUVWMHW]W":HQQGDVHLQ hEHUZDFKXQJVVFKLIIGHU)ORWWHLVW (VLVWHLQ.UHX]HU6LU.XUVDXIXQV 'HU(UVWH2IIL]LHUVWU]WH]XU7UDQVLWLRQVNRQWUROOH1RFKDFKWXQG]ZDQ]LJ 0LQXWHQELV]XPQlFKVWHQSURJUDPPJHPlHQ6SUXQJ9LHO]XYLHO=HLW .XUVDXIXQV"NHXFKWH*UD\ERXQGHUVFKURFNHQ:DVZLOOHU" +DWHUQLFKWJHVDJWHU|IIQHWH6PLWKPLWZHQLJ+RIIQXQJ$EHUZDVZLUGHU VFKRQYRQXQVZROOHQ".XUVHUNOlUXQJ/DGXQJ 0LVWNHUOVDJWH7RUHURDEHUQLHPDQGNRQQWHZLVVHQZHQHUGDPLWPHLQWH (LQXQNRQWUROOLHUWHU+\SHUVSUXQJEDUJHLQH0HQJH*HIDKUHQ0DQNRQQWH VLFKYHULUUHQXQGQLFKWPHKU]XUFNILQGHQ=ZDUZXUGHQDOOH6SUXQJGDWHQ JHVSHLFKHUWXQGHLQLJHVOLHVLFKUHNRQVWUXLHUHQDEHULPPHUKLQEOLHEHLQ 5LVLNRGDVDXFK&DSWDLQ*UD\ERXQGQLFKWVHKUEHJHLVWHUWDXIVLFKQDKP /LHEHUDOOHUGLQJVDOVHLQH.RQWUROOH *HEHQ6LHNHLQH$QWZRUW6PLWK%OHLEHQ6LHVWXUDXI(PSIDQJXQGPHOGHQ 6LHVLFKQLFKW*HEHQ6LHPLU%HVFKHLGZHQQHULQGLH1lKHNRPPW'DQQ PVVHQZLUHEHQYHUVFKZLQGHQ:LUKDEHQQRFKIQIXQG]ZDQ]LJ0LQXWHQELV ]XPHUUHFKQHWHQ6SUXQJ 6PLWKYHUVFKZDQG5H[KDQWLHUWHDQGHQ.RQWUROOHQ :LUN|QQHQMHGHU]HLWVSULQJHQ6DP $EZDUWHQ5H[:HQQZLUHVWXQJHKWGLHJDQ]H5HFKQHUHLYRQYRUQORV IDOOVZLU*OFNKDEHQXQGXQVQLFKWYHULUUHQ/DDOVRGHQDOWHQ9RUJDQJ ODXIHQ)DOOVGHU.UHX]HUQLFKWUHFKW]HLWLJNRPPWVSULQJHQZLUVRZLHVR .RPPWHUIUKHU%OLQGVSUXQJLUJHQGZRKLQ:LUILQGHQXQVVFKRQ]XUHFKW +RIIHLFK 'XPPNRSINUlFK]WH7RUHUR*UD\ERXQGVWLHHLQHQOl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|QQHQZLUVLHQRFK]HKQ0LQXWHQKLQKDOWHQGDVZUGHJHQJHQ *UD\ERXQGQLFNWH$OVRJXW6PLWK6WHOOHQ6LHGLH9HUELQGXQJKHU,QGLH =HQWUDOH,FKUHGHVHOEVWPLWGHQ6FKQIIOHUQ =ZDQ]LJ0LQXWHQVSlWHUHUVFKLHQDXIGHP%LOGVFKLUPGDVKDUWH*HVLFKWHLQHV 2IIL]LHUVGHU6RODUHQ5DXPIORWWH6HLQH6WLUQ]HLJWH=RUQHVIDOWHQ :DVIlOOW,KQHQHLQQLFKW]XDQWZRUWHQgIIQHQ6LHGLH6FKOHXVHQ]XU ,QVSHNWLRQ =XHUVWYHUVXFKWHHV*UD\ERXQGLP*XWHQ 8QVHUH)XQNDQODJH6LUVLHLVWGHIHNW0DQFKPDOIXQNWLRQLHUWVLHHLQIDFK QLFKW-HW]WJHUDGHWXWVLHHV $PPHQPlUFKHQNDPHV]XUFN'LH$XVUHGHNHQQHQZLU,GHQWLIL]LHUHQ 6LHVLFK 6FKLII/,=$5'YRQGHU6WDUWUDPS.RPPDQGDQW&DSWDLQ6DPXHO *UD\ERXQG/DGXQJQDFK7XJODQ *UD\ERXQG"VW|KQWHGHU2IIL]LHUXQJOlXELJ(WZDGHU*UD\ERXQGPLWGHP 3DSDJHL"(UEHJDQQSO|W]OLFKZHQLJHUIUHXOLFK]XJULQVHQ'DKDEHQZLU DEHU*OFNJHKDEW,FKZHWWHXQVHU%HVXFKDQ%RUGZLUG,KQHQQLFKW JHIDOOHQ :LUIUHXHQXQVVRJDUORJ*UD\ERXQGGHULQGLHVHP$XJHQEOLFNVHLQHQ DQUFKLJHQ5XIYHUIOXFKWH $KGDVLVWDOVRGHU3DSDJHL"IUDJWHGHU2IIL]LHU(UKDWWH7RUHURDXI *UD\ERXQGV6FKXOWHUHUEOLFNW,VWHUZLUNOLFKVRNOXJZLHPDQVLFKHU]lKOW" 2FKVHVDJWH7RUHRODXWXQGGHXWOLFKXQGGLHVPDOZDUHVVHKUNODUZHQHU PHLQWH 'HU2IIL]LHUZDU]XVDPPHQJH]XFNW 6LQG6LH%DXFKUHGQHU"ZROOWHHUYRQ*UD\ERXQGZLVVHQ 'HU$OWHVDKDXIGLH8KU1RFKIQI0LQXWHQ 1XUVHOWHQJDEHUEHVFKHLGHQ]X'LHVPDOQLFKW +PODVVHQZLUGLH6FKHU]HgIIQHQ6LHGLH/XNH0HLQ.RPPDQGRLVW EHUHLWVDXVJHVFKOHXVW,FKNRPPHVSlWHUQDFK6PLWKULHIYRQQHEHQDQ6LH VLQGVFKRQXQWHUZHJV6HFKV0DQQ6LU 5H[PDFKWHHLQEHVRUJWHV*HVLFKW6HLQHUHFKWH+DQGODJDXIGHP+HEHO GHUHLQHQXQNRQWUROOLHUWHQ+\SHUVSUXQJDXVO|VHQZUGHZHQQPDQLKQ
YRU]RJ*UD\ERXQGQLFNWHLKP]XJDEDEHUQRFKQLFKWGDV=HLFKHQ2KQH $EVFKLHGZROOWHHUQXQGRFKQLFKWVRHLQIDFKYHUVFKZLQGHQ +|UHQ6LH/HXWQDQW,FKZLOO,KUH/HXWHQLFKWJHIlKUGHQGDUXPGDUILFKVLH QLFKWQlKHUKHUDQNRPPHQODVVHQ6XFKHQ6LHXQVQLFKW6LHPDFKHQVLFK VWUDIEDU.DSLHUW" 2FKVHZLHGHUKROWH7RUHURPLW1DFKGUXFN*UD\ERXQGQLFNWH5H[]X'HU +HEHOZXUGHYRUJH]RJHQ9RUGHQ$XJHQGHVWREHQGHQ .UHX]HUNRPPDQGDQWHQGHUQLFKW/HXWQDQWVRQGHUQ0DMRUZDUYHUVFKZDQG GLH/,=$5' 'DV3ULVHQNRPPDQGRVWRSSWHMlKVHLQHQ)OXJ 'DQQNHKUWHHVXQYHUULFKWHWHU'LQJHDQ%RUGGHV.UHX]HUV]XUFNIUGHQ MHGH9HUIROJXQJ]XVSl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l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|KQOLFKGLFKWH*HZLPPHOGHU6WHUQHYHUULHWQXU]XGHXWOLFKGD PDQVLFKQDKHGHV=HQWUXPVGHU0LOFKVWUDHDXIKLHOW'LH(UGHDEHUODJ PHKUDP5DQGLQGHQVWHUQlUPHUHQ=RQHQ=XLKQHQPXWHPDQ ]XUFNILQGHQXPEHUKDXSWHLQH&KDQFH]XKDEHQ(LQHUVWHU1RWUXIZDU EHUHLWVEHU+\SHUIXQNDEJHJDQJHQDEHUHUKDOIQLFKWYLHOZHQQPDQGLH HLJHQH3RVLWLRQQLFKWDQJHEHQNRQQWH(LQ=LHOVWHUQLVWDQJHSHLOW6LUVDJWH 2EHUVW-HIH&ODXGULQ:LUIOLHJHQPLWHLQHU0LOOLRQ/*DXILKQ]X9RQVHLQHU
1lKHDXVJODXEHLFKZHUGHQZLUQHXH3RVLWLRQVPHVVXQJHQYRUQHKPHQ N|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lQGLJZHFKVHOQGHQ.RQVWHOODWLRQHQHUNHQQHQXQGVLFKRULHQWLHUHQ -HGHQHXH6DFKHPXHUSUREWZHUGHQVRDXFKGLHVHVDJWH5KRGDQ:LU ZDUHQQXQPDOGLH9HUVXFKVNDQLQFKHQ:LUZLVVHQDEHUDXFKZHOFKH 9HUEHVVHUXQJHQYRUJHQRPPHQZHUGHQPVVHQ6R]XP%HLVSLHOGLH.DOXS .RPSHQVDWRUHQ :LHELWWH"VDJWHHLQ.RORYRQ0DQQGHUHWZDVDEVHLWVLQHLQHP6HVVHO ODJ(UZDUZRKOHLQVQHXQ]LJJURKDWWHHLQHQPDWWVFKLPPHUQGHQ*ODW]NRSI XQGVFKZDPPLJH+lQJHEDFNHQ0DQVDKLKPZLUNOLFKQLFKWDQGDHUGHU IlKLJVWHLUGLVFKH+\SHUSK\VLNHUZDU:DVKDEHQ6LHDQPHLQHP .RPSHQVDWRUDXV]XVHW]HQ6LU" 0HLQOLHEHU.DOXSLFKKDEHQLFKWVDXV]XVHW]HQDEHU6LHZHUGHQGRFKZRKO ]XJHEHQPVVHQGDHLQLJH9HUEHVVHUXQJHQDQJHEUDFKWZlUHQ'LH +DQGKDEXQJVFKHLQWPLUQRFK]XNRPSOL]LHUW,FKVDJHQLFKWVJHJHQGLH :LUNXQJLKUHU.RQYHUWHUDEHUZLUZlUHQYHUORUHQZHQQVLHYHUVDJWHQ-HGH 5HSDUDWXUNDQQQXULQJHODQGHWHP=XVWDQGDXVJHIKUWZHUGHQ 3URIHVVRU'U$UQR.DOXSVDQNEHUXKLJWZLHGHULQGLH3ROVWHUGHV6HVVHOV ]XUFN $FKGDV":HQQ6LHZHLWHUNHLQH%HVFKZHUGHQKDEHQ ,P$XJHQEOLFNQLFKWPXUPHOWH5KRGDQXQGVDKZLHGHUDXIGHQ%LOGVFKLUP %XOO\VWUHFNWHGLH%HLQH(UJ|QQWH.DOXSGLHNOHLQH$EIXKUZHQQHUHVVLFK DXFKQLFKWDQPHUNHQOLH'D]XZDU.DOXSYLHO]XZHUWYROO$EHUVHLQH ]\QLVFKHXQGDUURJDQWH$UWZDU%XOO\]XZLGHUZHLOHUEHLHLQHP5HGHGXHOO PHLVWGHQNU]HUHQ]RJ$OVRKLHOWHUOLHEHUJOHLFKGHQ0XQG (WZDVLP+LQWHUJUXQGXQWHUKLHOWHQVLFKGHU0DWKHPDWLNHU&DUO5LHEVDPXQG GHU$U]W'U*RUO1NRODWH'DVLHOHLVHVSUDFKHQEOLHEHVIUGLHDQGHUHQHLQ *HKHLPQLVZRUEHUVLHVLFKJHUDGHXQWHUKLHOWHQ 6LHVROOWHQHVDXFKQLHHUIDKUHQ'XUFKGDV6FKLIIJLQJHLQKDUWHU6WR ZLHGHUKROWHVLFKQRFK]ZHLPDOPLWJOHLFKHU6WlUNHXQGHEEWHVFKOLHOLFKDE *OHLFK]HLWLJJHOOWHGHU$ODUPDXVDOOHQ/DXWVSUHFKHUQ 'LH6WLPPHGHVOHLWHQGHQ,QJHQLHXU2IIL]LHUVVDJWHDXIJHUHJW
$FKWXQJ([SORVLRQLQ6HNWRU%1$XVPDQRFKXQEHNDQQW$OOH 0DVFKLQHQUlXPHGXUFK6FKRWWHDXWRPDWLVFKDEJHULHJHOW9DNXXPHLQEUXFK 5KRGDQZDUDXIJHVSUXQJHQ(UVDK.DOXSDQ ,KU6HNWRU3URIHVVRU'LH.RQYHUWHU 0DQVROOGHQ7HXIHOQLHDQGLH:DQGPDOHQQLFNWH.DOXSUXKLJHKHHUVLFK HUKRE'DQQHUVFKHLQWHUQlPOLFK(UQHXWJHOOWHGHU$ODUPDXI 9DNXXPHLQEUXFKEHVWlWLJWYHUNQGHWHGHU/DXWVSUHFKHU-HGHUEOHLEWZR HULVW5DXPDQ]JHDQOHJHQ:HLWHUH'XUFKVDJHQIROJHQ )UHLQH6HNXQGH]|JHUWH5KRGDQDEHUGDQQHUNDQQWHHUGDOHW]WOLFKGLH JDQ]H/DVWGHU9HUDQWZRUWXQJDXIVHLQHQ6FKXOWHUQUXKWHDXFKZHQQMHW]W 6OLGH1DFURGHU&KHILQJHQLHXUGLH$ODUPDQZHLVXQJHQGXUFKJDE5KRGDQV 3ODW]ZDULQGHU=HQWUDOHEHL.RPPDQGDQW2EHUVW&ODXGULQ 6LHEOHLEHQKLHUVDJWHHU]XGHQDQGHUHQXQGHLOWH]XU7U 'HLQ5DXPDQ]XJ3HUU\9DNXXPHLQEUXFK 'DVZDU%XOO\GHUDXIJHVSUXQJHQZDU(UUDVWH]XPHLQJHEDXWHQ :DQGVFKUDQNLQGHPGLHOHLFKWHQ1RWDQ]JHKLQJHQ6LHJHQJWHQYROODXI HLQHQ0HQVFKHQOlQJHUH=HLWYRUGHQ(LQIOVVHQGHVOXIWOHHUHQ5DXPHV]X VFKW]HQ .HLQH=HLWPHKUJDE5KRGDQ]XUFNXQGVFKRQZDUHUGUDXHQDXIGHP *DQJ(VZDUQLFKWZHLWELV]XU=HQWUDOHDEHUWURW]GHV9HUERWHVEHJHJQHWH HU]DKOUHLFKHQ$QJHK|ULJHQGHU0DQQVFKDIWGLHLQLKUH8QWHUNQIWHHLOWHQ XPGLH1RWDQ]JHDQ]XOHJHQ5KRGDQNPPHUWHVLFKQLFKWXPVLH,KPEOLHE HLQIDFKNHLQH=HLWGD]X$XHUGHPZDUHVYLHOOHLFKWGDV9HUQQIWLJVWHZDV VLHWXQNRQQWHQ 2EHUVW-HIH&ODXGULQHULQQHUWHLQVHLQHPbXHUHQHLQZHQLJDQGLH hEHUVFKZHUHQYRQ7RSWKRUV6LSSH(UZDUHLQVVHFK]LJJURIDVWHEHQVR EUHLWPLWEUDXQHU/HGHUKDXWXQGU|WOLFKHQ+DDUHQ$OVVRJHQDQQWHU 8PZHOWDQJHSDWHUZDUHU*UDYRVJHZRKQWXQGEHZHJWHVLFKGDKHUWURW] VHLQHUVFKHLQEDUHQ8QEHKROIHQKHLWPLWHLQHU*HVFKLFNOLFKNHLWGLH5KRGDQ LPPHUZLHGHU%HZXQGHUXQJDEUDQJ :LHLVWGLH/DJH2EHUVW" 6FKOHFKW6LU$XVGHP0DVFKLQHQWHLONRPPWNHLQH0HOGXQJ,FKEHIUFKWH GDV6FKOLPPVWH6LU 5KRGDQZDUHVDOVOHJHVLFKLKPHLQHHLVLJH+DQGDXIV+HU](VZDUNHLQH $QJVWYRUHLQHUP|JOLFKHQ*HIDKUNHLQH)XUFKWYRUGHPHLJHQHQ6FKLFNVDO 'DVKlWWHLKQQLFKWHUVFKUHFNW$EHUHUEDQJWHSO|W]OLFKXPGDV/HEHQVHLQHU /HXWH/HXWHGLHHUYLHOOHLFKWQLFKWHLQPDOGHP1DPHQQDFKNDQQWHGLHVLFK DEHUIUHLZLOOLJ]XGLHVHPJHIDKUYROOHQ8QWHUQHKPHQJHPHOGHWKDWWHQ 6LFKWYHUELQGXQJ,QWHUNRP" $EJHULVVHQ6LU.HLQH9HUELQGXQJPHKU'DVVDKVFKOLPPDXV *HVFKZLQGLJNHLW" 8QWHU/LFKWDEJHVXQNHQ6LU$QWULHEQXUQRFKHLQIDFK'LH'HWRQDWLRQPX YRQGHQ.DOXS.RQYHUWHUQDXVJHJDQJHQVHLQ
.DOXSGDVZXWH5KRGDQZDUNHLQ9RUZXUI]XPDFKHQ.|QQHQ6LHQRFK PDQ|YULHUHQ" /HLGHUQLFKW6LU'DV6FKLIIJHKRUFKWGHP6WHXHUQLFKWPHKU 5KRGDQQLFNWH$OVRHLQ:UDFNDQWULHEVORVVWHXHUORV(UOHGLJW 2EHUVW&ODXGULQVFKWWHOWHGHQ.RSI .XU]YRUGHP8QJOFNQDKPLFK0HVVXQJHQYRU6LU,QGUHL/LFKWVWXQGHQ (QWIHUQXQJVWHKWHLQHJHOEH6RQQH7\SZLH6RO6LHKDWZDKUVFKHLQOLFK 3ODQHWHQ:LUIOLHJHQIDVWJHQDXGDUDXI]X 8QG"6ROOHQZLUYLHOOHLFKWPLWGLHVHP:UDFNHLQH/DQGXQJYHUVXFKHQ" 0LWGHQ6SDFH-HWV6LU6lPWOLFKH5HWWXQJVERRWHZHUGHQMDQLFKW]HUVW|UW ZRUGHQVHLQ 5KRGDQHUNDQQWHGD&ODXGULQVHLQH1HUYHQEHKDOWHQKDWWHPHKUMHGHQIDOOV DOVHUVHOEVW8QGJHUDGHLQGLHVHQ$XJHQEOLFNHQZDUGLHUXKLJHhEHUOHJXQJ ZLFKWLJHUDOVDOOHVDQGHUH 6LHKDEHQUHFKW2EHUVW6WHOOHQ6LHIHVWZLHYLHO%RRWHXQV]XU9HUIJXQJ VWHKHQ,FKNPPHUHPLFKXPGLH/HXWH (KHGHU.RPPDQGDQWDQWZRUWHQNRQQWHZDU5KRGDQZLHGHUDXVGHU =HQWUDOHYHUVFKZXQGHQ(UHLOWHGXUFKGHQ.RUULGRUXQGVSUDQJLQGHQ $QWLJUDY/LIWGHULKQQlKHU]XP.XJHO]HQWUXPGHV6FKLIIHVEUDFKWH$XVGHQ /DXWVSUHFKHUQVRZHLWVLHQRFKIXQNWLRQLHUWHQNDPHQGLH$QZHLVXQJHQ &DSWDLQ6OLGH1DFURV'HU&KHILQJHQLHXUVRUJWHLQHUVWHU/LQLHGDIUGDGLH hEHUOHEHQGHQGHU.DWDVWURSKHQLFKWLQ*HIDKUJHULHWHQ'DQQHUVWEHIDKOHU GHQ5HWWXQJVWUXSSVVLFK]XGHU8QJOFNVVWHOOHYRU]XDUEHLWHQXQG+LOIH]X EULQJHQ$XVGHQ$QZHLVXQJHQHQWQDKP5KRGDQGDVXQJHIlKUH$XVPDGHU 'HWRQDWLRQ'HUJHVDPWH0DVFKLQHQUDXPPXWH]HUVW|UWZRUGHQVHLQ1XU ZHQLJH7HLOHZDUHQYHUVFKRQWJHEOLHEHQ'LH(QHUJLHHU]HXJXQJIXQNWLRQLHUWH QRFKHEHQVRGLH/XIWHUQHXHUXQJ 8QNODUZDUQXUQRFKZLHVRHLQ9DNXXPHLQEUXFKHUIROJWZDU'HU 0DVFKLQHQVHNWRUYHUOLHIULQJI|UPLJXPGDV6FKLIIV]HQWUXP 6LFKQDFK1DFURV$QZHLVXQJHQULFKWHQGGUDQJ5KRGDQZHLWHUYRUELVHU YRQHLQHP2IIL]LHUDXIJHKDOWHQZXUGH(VZDU/HXWQDQW0DKDXW6LNKUD )KUHUGHV(LQVDW]NRPPDQGRVIU6RQGHUDXIJDEHQ'HUNOHLQH]lKLJH 1HSDOHVHPLWGHQGXQNOHQ+DDUHQZDUIUVHLQ'UDXIJlQJHUWXPEHNDQQW(U OHLWHWHGLH5HWWXQJVDNWLRQ +LHUN|QQHQ6LHQLFKWZHLWHU6LU'DVHUNDQQWH5KRGDQDXFK'LH:XFKW GHU([SORVLRQHQKDWWHXQJHDKQWH=HUVW|UXQJHQDQJHULFKWHW7UHQZDUHQDXV LKUHQ)OOXQJHQJHULVVHQZRUGHQXQGEHUDOOODJHQGLH7UPPHUVWFNH XPKHU'LH/HHUHGHV:HOWUDXPVZlUHDXFKELVKLHUKHUJHGUXQJHQZHQQGLH OXIWGLFKWHQ6FKRWWHQQLFKWJHKDOWHQKlWWHQ6LHZDUHQMHW]WGDVHLQ]LJHZDV ]ZLVFKHQLKQHQXQGGHP7RGVWDQG:LHLVWGLH/DJH/HXWQDQW" 0HLQH/HXWHVLQGGDEHLVLH]XNOlUHQ(LQNOHLQHU7UXSSLVWGXUFKGLH 1RWVFKOHXVHLQGLH0DVFKLQHQ]HQWUDOHHLQJHGUXQJHQ,FKHUZDUWHMHGHQ $XJHQEOLFNGLH0HOGXQJ
(UKLHOWGDVNOHLQH)XQNJHUlWKRFKPLWGHPGLH9HUELQGXQJ]XGHP7UXSS KHUJHVWHOOWZHUGHQVROOWH ,VWQXUGDV=HQWUXPEHWURIIHQZRUGHQ" /HLGHUQLFKW6LU'LH([SORVLRQKDWVLFKHLQHQ$XVZHJJHVXFKW'LH VFKZlFKVWH6WHOOHZDUHQGLH/DJHUUlXPHXQGGLH+DQJDUV'HU'UXFNKDWGLH :lQGHDXIJHULVVHQXQGQHXH([SORVLRQHQLQGHQ5HWWXQJVERRWHQXQG :DIIHQDUVHQDOHQYHUXUVDFKW'DQQGHU:XOVWDQWULHE(UGHWRQLHUWHDQGHU VFKZDFKHQ3HULSKHULHXQGULHLQ/HFN$XIGLHVHU6HLWHLVWQLFKWVKHLO JHEOLHEHQ,FKIUFKWHGHU9DNXXPHLQEUXFKKDWGLHPHLVWHQ2SIHUJHNRVWHW ZHQLJHUGLH([SORVLRQVHOEVW 5KRGDQJDENHLQH$QWZRUW1RFKZDUGLH=DKOGHU7RGHVRSIHUQLFKWEHNDQQW DEHUVLHPXWHPHKUDOVKXQGHUWEHWUDJHQ9LHOOHLFKWVRJDU]ZHLKXQGHUW'DV 6FKLIIVHOEVWHLQ:UDFN*DEHVQRFKHLQHQ$XVZHJDXVGLHVHUIDVW KRIIQXQJVORVHQ/DJH" 'HU)XQNHPSIlQJHUVXPPWH/HXWQDQW6LNKUDVFKDOWHWHHLQ6LNKUDKLHU :DVLVW" 6HUJHDQW5DGLHU6LU.HLQHhEHUOHEHQGHQ$OOHWRW:HQQGHU(LQEUXFKQLFKW VRSO|W]OLFKJHNRPPHQZlUHKlWWHQHLQLJHYLHOOHLFKWLKUH1RWDQ]JHDQOHJHQ N|QQHQ6RDEHUJLQJHV]XVFKQHOO6LU 6LNKUDVDK5KRGDQVWXPPDQ'DQQVDJWHHULQGDV0LNURSKRQ (VLVWJXW5DGLHU.RPPHQ6LH]XUFNZHQQ6LHDOOHVGXUFKVXFKWKDEHQ $EGLFKWHQ9LHOOHLFKWJLEWHVGRFKQRFK.DELQHQLQGHQHQ/XIWJHEOLHEHQLVW *HKHQ6LHVRUJIlOWLJYRU 6LHN|QQHQVLFKDXIXQVYHUODVVHQ6LU 6LNKUDVFKDOWHWHDE6HLQ%OLFNUXKWHLPPHUQRFKDXI5KRGDQ 0HKUN|QQHQZLULP$XJHQEOLFNQLFKWWXQ6LU 5KRGDQQLFNWHLKP]X(UVSUWHHLQHHQWVHW]OLFKH/HHUHLP*HKLUQ7UXJHU GLH6FKXOGDQGLHVHU.DWDVWURSKH"2GHUZDUHVQDWUOLFKGDGLH(USUREXQJ QHXHU(UILQGXQJHQ2SIHUYHUODQJWH"+lWWHHUGDV2SIHUYLHOOHLFKWYHUPHLGHQ N|QQHQ" (UGUHKWHVLFKXPXQGJLQJGHQ:HJ]XUFNGHQHUJHNRPPHQZDU)DVW ZlUHHUGDEHLEHU*XFN\GHQ0DXVELEHUJHVWROSHUWGHUGLUHNWYRUVHLQHQ )HQPDWHULDOLVLHUWH$OV7HOHSRUWHUJDEHVIU*XFN\QLFKWV(LQIDFKHUHVDOV YRQHLQHP2UW]XPDQGHUHQ]XVSULQJHQ'LHVPDOVFKLHQHU5KRGDQ WHOHSDWKLVFKDQJHSHLOWXQGJHIXQGHQ]XKDEHQ 'XKlWWHVWGLH.DWDVWURSKHDXFKQLFKWYHUKLQGHUQN|QQHQVDJWHGHU 0DXVELEHUPLWVHLQHUKHOOHQ6WLPPH0DFKGLUNHLQH6HOEVWYRUZUIH 1LHPDQGLVWIUGLH([SORVLRQYHUDQWZRUWOLFK]XPDFKHQ1LHPDQG$XFK .DOXSQLFKW ,FKJHEHDXFKQLHPDQGHPGLH6FKXOGDEHUPDQPDFKWVLFKVHLQH *HGDQNHQJDE5KRGDQ]XUFNXQGJLQJZHLWHU*XFN\ZDWVFKHOWHKLQWHU LKPKHU:HLWGXZLHYLHO0HQVFKHQJHVWRUEHQVLQG"
,FKZHLHVQLFKW$EHULFKZHLGDQXUHLQHHLQ]LJH6SDFH-HWKHLO JHEOLHEHQLVW$OOHDQGHUHQ%RRWHZXUGHQYHUQLFKWHW6LHVWDQGHQJHQDXLQ GHU)OXFKWULFKWXQJGHUVLFKDXVGHKQHQGHQ([SORVLRQVJDVH 'LH6SDFH-HWVZDUHQYHUEHVVHUWH*D]HOOHQ$XINOlUHUXQGKDWWHQGLH)RUP HLQHV'LVNXV0LWHWZDVEHUGUHLLJ0HWHUQ'XUFKPHVVHUERWHQVLHQLFKWYLHO 3ODW]DEHULP1RWIDOOPXWHQHEHQDOOH5lXPHYROOEHVHW]WZHUGHQ :LUPVVHQDOOHhEHUOHEHQGHQ]XVDPPHQUXIHQ*XFN\'LHJURH0HVVH LVWKHLOJHEOLHEHQ.DQQVWGXGDVRUJDQLVLHUHQ" 'XNDQQVWGLFKDXIPLFKYHUODVVHQQLFNWH*XFN\(UZDUVWRO]GDUDXIHLQH ZLFKWLJH$XIJDEHHUKDOWHQ]XKDEHQ(UOlFKHOWHXQGYHUVFKZDQG 5KRGDQPDFKWHGDHULQGLH.RPPDQGR]HQWUDOHNDP'HU*HGDQNHHLQHQ 1RWUXIPLW+\SHUIXQNDXV]XVHQGHQNDPLKPHUVWMHW]W/HLGHUHLQLJH0LQXWHQ ]XVSlW=ZDQ]LJ0HWHUYRUGHU7U]XU)XQN]HQWUDOHKREVLFKGHU%RGHQ XQWHUVHLQHQ)HQDQXQGHUWDXPHOWH0LWGHQ+l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lWJHNRPPHQ 5KRGDQVDXIIODFNHUQGH+RIIQXQJHUORVFKMlK 6LHKDEHQHVDOVRQLFKWPHKUJHVFKDIIW" 5LHEVDPVFKWWHOWHWUDXULJGHQ.RSI 5KRGDQVDKDXIGLH)XQNJHUlWH5HLFKHQGLH(QHUJLHQGHU%DWWHULHQQLFKW DXV" 1XUIUQRUPDOHQ)XQNYHUNHKU6LU8QGGDVKDWMDZRKOKLHUQLFKWYLHO =ZHFN 5KRGDQEHUOHJWH:DUXPVROOWHHVNHLQHQ=ZHFNKDEHQ"8QVHUH hEHUZDFKXQJVNUHX]HUSDWURXLOOLHUHQDXFKLQGLHVHP6HNWRUGHU*DOD[LV 9LHOOHLFKWKlOWVLFKJHUDGHHLQHULQGHU1lKHDXI$OVRVHQGHQ6LH 5KRGDQZXWHGDHUVLFKDXI5LHEVDPYHUODVVHQNRQQWHDXHUGHPJDEHV ZLFKWLJHUH$XIJDEHQGLHVHLQHUKDUUWHQ(UPXWHGHQOHW]WHQ9HUVXFKGDV /HEHQGHUYHUEOLHEHQHQ0DQQVFKDIW]XUHWWHQXQWHUQHKPHQ $OVHUGLH=HQWUDOHEHWUDWWDXFKWHDXFK*XFN\ZLHGHUDXI%XOO\VWDQGVFKRQ QHEHQ2EHUVW&ODXGULQXQGVSUDFKPLWLKP$OVHU5KRGDQVDKXQWHUEUDFKHU GDV*HVSUlFKXQGHLOWHDXILKQ]X :DVLVW3HUU\"%HVWHKW+RIIQXQJ"
5KRGDQQLFNWHODQJVDP+RIIQXQJEHVWHKWLPPHUVRODQJHPDQOHEWXQG GHQNHQNDQQ(UZDQGWHVLFKDQ*XFN\1XQ(UIROJJHKDEW" 6LHYHUVDPPHOQVLFKLQGHU0HVVHZLHDQJHRUGQHW%LVMHW]WVLQGHV IQI]LJ )QI]LJ" 5KRGDQZXUGHEOD)QI]LJ0lQQHUYRQGUHLKXQGHUW" 'HU0DXVELEHUJDENHLQH$QWZRUW(UVDKULFKWLJWUDXULJDXVXQGKDWWHVHLQH JHZRKQWH)U|KOLFKNHLWYHUORUHQ (VVLQGVLFKHUPHKUZDUI&ODXGULQHLQ,FKZHUGH1DFURYHUDQODVVHQHLQH HQWVSUHFKHQGH$QRUGQXQJGXUFK]XJHEHQ9LHOHGHU/HXWHVLQGYRP6FKUHFN ZLHJHOlKPWXQGPVVHQHUVW]XU%HVLQQXQJJHEUDFKWZHUGHQ 6DJHQ6LHGHQ/HXWHQVLHVROOWHQVLFKGLUHNWQDFK+DQJDU%EHJHEHQ:LU ZHUGHQPLWGHU6SDFH-HWVWDUWHQ,QHLQHUKDOEHQ6WXQGH &ODXGULQJDEGHQ%HIHKOZHLWHU(LQH0LQXWHVSlWHUZXUGHHVEHUDOOHQRFK IXQNWLRQLHUHQGHQ/DXWVSUHFKHUEHNDQQWJHJHEHQ 'LH0HVVHVXFKWH5KRGDQVHOEVWDXI*XFN\EUDFKWHLKQ 'LH0lQQHU2IIL]LHUH0DQQVFKDIWHQXQG:LVVHQVFKDIWOHUPDFKWHQHLQHQ YHUVW|UWHQ(LQGUXFN6LHZDUHQGLHhEHUOHEHQGHQHLQHU.DWDVWURSKHZLHVLH GLHODQJHQ:HJHGHU5DXPIDKUWVlXPWHQZLHPDQVLHDEHUPHLVWQLFKW EHUOHEWH6LHKDWWHQEHUOHEWDEHUGHU:HJLQGLH6LFKHUKHLWZDUQRFKZHLW 'LH6FKRWWHZXUGHQEHVFKlGLJWVDJWH5KRGDQ/DQJVDPDEHUVLFKHUZLUG VLFKXQVHUH$WHPOXIWYHUIOFKWLJHQGHQQGLH%DWWHULHQKDEHQ]XZHQLJ (QHUJLH(VEOHLEWDOVRNHLQHDQGHUH0|JOLFKNHLWDOVGLH)$17$6<VR VFKQHOOZLHP|JOLFK]XYHUODVVHQ:LUKDEHQQXUHLQH6SDFH-HW]XU 9HUIJXQJ:LUVWDUWHQLQIQIXQG]ZDQ]LJ0LQXWHQ-HGHUEHJLEWVLFKQDFK +DQJDU%5DXPDQ]JHVLQGDQ]XOHJHQ'LH1RWDQ]JHZRKOJHPHUNW :DIIHQXQG/HEHQVPLWWHOEHILQGHQVLFKDQ%RUGGHU-HWLQDXVUHLFKHQGHU 0HQJH$OVREHHLOHQ6LHVLFKXQGYHUVlXPHQ6LHNHLQH=HLW 'DQQOHJWHQ5KRGDQXQG*XFN\VHOEVWLKUH$Q]JHDQXQGYHUVFKORVVHQGLH WUDQVSDUHQWHQ3ODVWLNKHOPH'LH/XIW]XIXKUOLHIVRIRUWDQ :LUVHKHQXQVGLH0DVFKLQHQUlXPHDQ9LHOOHLFKWILQGHQZLUQRFK MHPDQGHQ (VZDUIU*XFN\OHLFKW5KRGDQPLWDXIHLQHQ7HOHSRUWHUVSUXQJ]XQHKPHQ .|USHUOLFKHU.RQWDNWJHQJWH'HU0DXVELEHUQDKP5KRGDQV+DQGXQG VSUDQJ )QI0LQXWHQYRUGHP6WDUWKDWWHQVLFKDFKW]LJ0lQQHULQ+DQJDU% YHUVDPPHOW6LHZDUHQGLHHLQ]LJHQhEHUOHEHQGHQGHU.DWDVWURSKH+LQ]X NDPHQOHGLJOLFKQRFK5KRGDQXQG*XFN\ 'LH6SDFH-HWKDWWHQRUPDOHLQH%HVDW]XQJYRQQXUYLHU0DQQ,QGHQ 0DVFKLQHQUlXPHQ/DJHUNDPPHUQXVZOLHHQVLFKDEHUHLQH0HQJHPHKU /HXWHXQWHUEULQJHQ (VZDUHLQ*OFNGDGHU7HLOGHV6FKLIIHVLQGHP+DQJDU%ODJ XQEHVFKlGLJWJHEOLHEHQZDU2KQHGLH6SDFH-HWZlUHQ5KRGDQXQGVHLQH UHVWOLFKHQ/HXWHYHUORUHQJHZHVHQ
'LH8QWHUEULQJXQJYHUOLHIRKQHJU|HUH6FKZLHULJNHLW$OV3LORWIXQJLHUWH DXFKKLHU2EHUVW&ODXGULQ(UOLHVLFKVRIRUWLP.RQWUROOVHVVHOQLHGHUXQG ZDUWHWHDXI5KRGDQV6WDUWEHIHKO'LHJURH/XNHGHV+DQJDUVVFKZDQJDXI 'LH/XIWVWU|PWHDXVXQGGDV9DNXXPGUDQJHLQ $OV5KRGDQGHP2EHUVW]XQLFNWHIDQGHLQHZHLWHUH([SORVLRQLP,QQHUQGHU )$17$6<VWDWW'LH(UVFKWWHUXQJZDUVRJHZDOWLJGDGLH-HWVFKZDQNWH 'DQQJOLWWGDV5DXPIDKU]HXJDXIGHQEUHLWHQ6FKLHQHQDXVGHU6FKOHXVH XQGVFKRKLQHLQLQGDV*HZLPPHOGHU6WHUQHYRQGHQHQNHLQHLQ]LJHU HLQHQ$QKDOWVSXQNWERW 1XUGLHQDKHJHOEH6RQQHVFKLHQHLQHQJHZLVVHQ2SWLPLVPXV]X UHFKWIHUWLJHQ'DEHLZDUGLH=HLWYLHO]XNXU]JHZHVHQXPJHQDXHUH %HREDFKWXQJHQEHULKUH1DWXUDQ]XVWHOOHQ$XFKGLH7KHRULHVLHEHVlH 3ODQHWHQVWDQGQXUDXIVFKZDFKHQ)HQ 3URIHVVRU$UQR.DOXSYHUKLHOWVLFKVFKZHLJVDPXQG]XUFNKDOWHQG+LQWHU VHLQHU6WLUQDUEHLWHWHHV0DQVDKLKPGHXWOLFKDQGDHUVLFKYHUJHEOLFKGHQ .RSIGDUEHU]HUEUDFKZLHHV]XGHU.DWDVWURSKHKDWWHNRPPHQN|QQHQ 5KRGDQIKOWH0LWOHLGPLWLKPDEHUHUVFKZLHJXQGJDELKPNHLQ:RUWGHV 7URVWHV'HU:LVVHQVFKDIWOHUPXWHYRUHUVWDOOHLQPLWVHLQHP3UREOHPIHUWLJ ZHUGHQ 'LHZLFKWLJVWHQ/HXWHXQGDOOHDQ%RUGEHILQGOLFKHQ0XWDQWHQJHK|UWHQ]X GHQhEHUOHEHQGHQ'DIUDOOHLQPXWH5KRGDQGHP6FKLFNVDOGDQNEDUVHLQ XQGHUZDUHVDXFK $OV&ODXGULQHLQH.XUVlQGHUXQJYRUQDKPJHKRUFKWHGLH-HWQXU]|JHUQG GHP6WHXHU'HU2EHUVWZDUI5KRGDQHLQHQVFKQHOOHQ%OLFN]X5KRGDQ VDJWH6SUHFKHQ6LHRIIHQ2EHUVW:DVLVWPLWGHU6SDFH-HW"&ODXGULQ ]XFNWHGLH$FKVHOQ,FKZHLHVQLFKW(VVLHKWDEHUVRDXVDOVVHLVLHQLFKW VRXQEHVFKlGLJWZLHZLUDQQDKPHQ'LH6WHXHUXQJ(U]|JHUWHXQGJULII PLWJHEWHQ+lQGHQLQGLH.RQWUROOHQ6HLQH)LQJHUEHUKUWHQ.Q|SIHXQG 6FKDOWHU=HLJHUDXI6NDOHQVFKOXJHQDXV6LHYLEULHUWHQRGHUILHOHQLQLKUH $XVJDQJVVWHOOXQJHQ]XUFN&ODXGULQVDKDXI(VLVWHLQLJHVQLFKWLQ 2UGQXQJ(LQHQ+\SHUVSUXQJGUIHQZLUQLFKWZDJHQ6LU 8QWHUOLFKWJHVFKZLQGLJNHLWGDVLVWDOOHV$EHUYLHOOHLFKWVLQGWHUUDQLVFKH 6FKLIIHLQGHU1lKH 9LHOOHLFKWJDE5KRGDQQDFKGHQNOLFK]XUFN6LHEHIDQGHQVLFKLQHLQHP XQEHNDQQWHQ7HLOGHU0LOFKVWUDH'LH(UGHNRQQWH]ZDQ]LJWDXVHQG /LFKWMDKUHHQWIHUQWVHLQZHQQGHU.XUVDQ]HLJHUGHU)$17$6<JHVWLPPW KDWWH:LUN|QQHQXQVQLFKWGDUDXIYHUODVVHQ:LHLVWHVPLWHLQHP1RW )XQNVSUXFK" 'LH)XQN]HQWUDOHODJGLUHNWQHEHQDQ'DV3HUVRQDOZDUEHUHLWVDQGHU$UEHLW (LQQRFKMXQJHU/HXWQDQWKDWWH5KRGDQV)UDJHGXUFKGLHJH|IIQHWH7U YHUQRPPHQ(UVWUHFNWHGHQ.RSILQGLH.RPPDQGR]HQWUDOH +\SHUIXQNJHUlWDUEHLWHWQLFKW6LU1RUPDOIXQNP|JOLFK 5KRGDQELVLFKDXIGLH=lKQH*LQJGHQQQXQDXIHLQPDODOOHVVFKLHI".HLQ +\SHUIXQN(VVFKLHQVRJXWZLHDXVJHVFKORVVHQGDHLQ6FKLII]XIlOOLJVR
QDKHZDUGDHVGLHQXUOLFKWVFKQHOOHQ)XQNZHOOHQQRFKLQGLHVHP -DKUKXQGHUWDXIILQJ 9HUVXFKHQ6LHHVWURW]GHPRUGQHWH5KRGDQDQ (VJHODQJ&ODXGULQGHQ.XUVVRZHLW]XlQGHUQGDGLH-HWJHQDXDXIGLH JHOEH6RQQH]XIORJ,QIQI6WXQGHQHWZDZUGHPDQQDKHJHQXJVHLQXP GDVHWZDLJH9RUKDQGHQVHLQYRQ3ODQHWHQPLW%HVWLPPWKHLWIHVWVWHOOHQ]X N|QQHQ 8QGZDVZUGHVHLQZHQQHVNHLQHVROFKHQ3ODQHWHQJDE" 5KRGDQZDJWHHVQLFKWGLHVH0|JOLFKNHLWZHLWHULQ%HWUDFKW]X]LHKHQ 9LHU3ODQHWHQ6LUPHOGHWH+XQWV.UHIHQEDFGHU(UVWH2IIL]LHU 'DQNH0DMRU$XVVLFKWHQ" 'HULQQHUH3ODQHWLVWJOXWIOVVLJ'LHEHLGHQlXHUHQ0HWKDQULHVHQ'HU ]ZHLWH3ODQHWVFKHLQWJQVWLJ]XVHLQ$WPRVSKlUHDWHPEDU.HLQH .RQWLQHQWHRGHU0HHUH(LQHHLQ]LJHYHJHWDWLRQVORVH/DQGPDVVH 5KRGDQZDQGWHVLFKDQ&ODXGULQ6WHXHUQ6LHGHQ]ZHLWHQ3ODQHWHQDQXQG YHUVXFKHQ6LHHLQH/DQGXQJ(VEOHLEWXQVNHLQHDQGHUH0|JOLFKNHLW ,QGHQYHUJDQJHQHQIQI6WXQGHQZDU5KRGDQ]XGLHVHUhEHU]HXJXQJ JHODQJW'LH6SDFH-HWZDUYLHO]XNOHLQIUGLH]ZHLXQGDFKW]LJ hEHUOHEHQGHQ'LH/HEHQVPLWWHOXQG:DVVHUYRUUlWHZUGHQ]ZDUIUOlQJHUH =HLWUHLFKHQDEHUGHU0HQVFKEHQ|WLJWHDXFK3ODW]XPVLFKGLH)H]X YHUWUHWHQ'DVOHW]WH$XIElXPHQGHU)$17$6<KDWWHHLQLJH6FKlGHQ YHUXUVDFKWGLHQRFKQLFKWJDQ]]XEHUVHKHQZDUHQ'LH6WHXHUHLQULFKWXQJ JHK|UWHGD]X (LQHhEHUUDVFKXQJDOOHUGLQJVKDWWHHVJHJHEHQ (VZDUGHPMXQJHQ/HXWQDQWGHU)XQN]HQWUDOHJHOXQJHQHLQHQNXU]HQ 1RWLPSXOVPLWGHP+\SHUIXQNJHUlWDE]XJHEHQ$OOHUGLQJVZDUGLH (QHUJLH]XIXKUEHUHLWVQDFKZHQLJHQ6HNXQGHQEORFNLHUWZRUGHQ'HU,PSXOV ZDUVHKUNXU]XQGVFKZDFKJHZHVHQ1XUGLHHPSILQGOLFKVWHQ(PSIlQJHU NRQQWHQLKQDXIIDQJHQZHQQEHUKDXSW8QGZHQQVLHLQGHU1lKHZDUHQ $EHUQLFKWDOOH6FKLIIHGHU)ORWWHEHVDHQGLHHPSILQGOLFKHQ 6SH]LDOHPSIlQJHU 'LH+RIIQXQJZDUDOVRHLQZHQLJJHVWLHJHQDEHUVLHEOLHELPPHUQRFKJHULQJ JHQXJ 'LHJHOEH6RQQHVWDQGUHFKWVZlKUHQGVLHVLFKGHP]ZHLWHQ3ODQHWHQ QlKHUWHQ$XIGHP%LOGVFKLUPNRQQWHQVLHQXQ(LQ]HOKHLWHQVHLQHU 2EHUIOlFKHHUNHQQHQ 6LHKWDEHUQLFKWVHKUDEZHFKVOXQJVUHLFKDXVPXUUWH%XOO\GHUVLFKYRQ GHP6FKRFN]XHUKROHQEHJDQQ.HLQ:DVVHUZLHHVVFKHLQW$OOHVJUDX .HLQH:lOGHUXQG:LHVHQ 'XYHUODQJVWYLHOHQWJHJQHWH5KRGDQ:LUN|QQHQIURKVHLQZHQQZLU EHUKDXSWODQGHQRKQH%UXFK]XPDFKHQ'HU$QWULHEGHU-HWLVW EHUKROXQJVUHLI9LHOOHLFKWILQGHQZLUGHQ)HKOHUGRUWXQWHQ:HQLJVWHQV ZHUGHQZLUZLHGHUIHVWHQ%RGHQXQWHUGHQ)HQKDEHQ
=ZHLPDOXPUXQGHWHQVLHGHQ3ODQHWHQLQJHULQJHU+|KHRKQHHWZDV %HPHUNHQVZHUWHVIHVW]XVWHOOHQ.HLQH/DQGPDUNHQNHLQH)RUPDWLRQHQ NHLQH*HELUJHNHLQH7lOHU1XUHLQHOHLFKWJHZHOOWHJUDXH)OlFKHRKQH *UHQ]HQXQG.HQQ]HLFKHQ .RPLVFKHU3ODQHWPXUPHOWH%XOO\PLWEHOHJWHU6WLPPH 'HU0HLQXQJZDU5KRGDQDXFKDEHUHUVFKZLHJ(UZROOWH&ODXGULQEHLGHP EHYRUVWHKHQGHQ/DQGHPDQ|YHUQLFKWDEOHQNHQ 'HU2EHUVWPRFKWH5KRGDQV*HGDQNHQJDQJDKQHQ (VLVWHLJHQWOLFKY|OOLJJOHLFKZRZLUGLH/DQGXQJYRUQHKPHQ(VJLEWNHLQHQ 8QWHUVFKLHGGDXQWHQ6ROOHQZLUHVYHUVXFKHQ" 5KRGDQQLFNWH9RUEHUHLWXQJHQ]XU/DQGXQJWUHIIHQEHIDKOHUGHP(UVWHQ 2IIL]LHU'HU3ODQHWVFKHLQWXQEHZRKQWDEHUYHUWHLOHQ6LH+DQGZDIIHQ -HGHU0DQQHUKlOWHLQHVFKZHUH(QHUJLHSLVWROH/HXWQDQW6LNKUDZLUGPLWGHQ /HXWHQVHLQHV6RQGHUNRPPDQGRVGLH2EHUIOlFKHGHUXQEHNDQQWHQ:HOW ]XHUVWEHWUHWHQ(UVWZHQQHUPHOGHWGDDOOHVNODULVWYHUODVVHQGLH DQGHUHQGDV6FKLII:LUZROOHQNHLQH]ZHLWH.DWDVWURSKHULVNLHUHQ 6LHPHLQHQ6LU" ,FKPHLQHDXFKPLWGHU-HWVWLPPWHWZDVQLFKW:LUULFKWHQXQVDXIGHP 3ODQHWHQZHLWJHQXJYRP6FKLIIHQWIHUQWHUVWHLQPDOHLQ'DQQN|QQHQGLH 7HFKQLNHUGHQ$QWULHEXQWHUVXFKHQ9LHOOHLFKWILQGHQVLHGHQ)HKOHU 2EZRKOGLH6WHXHUXQJ6FKZLHULJNHLWHQEHUHLWHWHJHODQJ2EHUVW&ODXGULQ HLQHJODWWHXQGVDQIWH/DQGXQJ (LJHQWOLFKHLQHYLHO]XVDQIWH/DQGXQJ 1LHPDQGVSUWHGHQ5XFNGHV$XIVHW]HQV(VZDUDOVKlWWHGHU%RGHQ JHIHGHUW'LH%LOGVFKLUPH]HLJWHQGLH2EHUIOlFKHLQMHGHU(LQ]HOKHLW6LHZDU JUDXRKQH9HJHWDWLRQZLHVLHVFKRQYRUKHUIHVWJHVWHOOWKDWWHQ2EHV QDFNWHU)HOVZDUOLHVLFKQLFKWHUNHQQHQ /HXWQDQW6LNKUDYHUOLHPLWIQIVHLQHU/HXWHGLH-HW6LHVWDQGHQGXUFK )XQNJHUlWHPLW5KRGDQXQGGHQDQGHUHQLQ9HUELQGXQJ 6LNKUDVWDPPWHDXV1HSDO2EZRKODOVWROONKQXQGWDSIHUEHNDQQWKDQGHOWH HUQLHPDOVXQEHVRQQHQVRQGHUQVWHWVZRKOEHUOHJWXQGYRUVLFKWLJ %HVRQGHUVDEHUGDQQZHQQHUQLFKWZXWHZHOFKH*HIDKUHQYRULKPODJHQ 8QGGDVZDUKHXWHGHU)DOO'LH$XHQOXNHVFKZDQJDXI'LH/XIWGHV 3ODQHWHQZDUIULVFKXQGNKO'LH6RQQHVWDQGKRFKDP+LPPHODEHUVLH ZLUNWHQLFKWVHKUVWDUN,KUH6WUDKOHQYHUPRFKWHQGLH2EHUIOlFKHGHV 3ODQHWHQNDXP]XHUZlUPHQ=XPLQGHVWUHIOHNWLHUWHGLH2EHUIOlFKHQLFKWYLHO :lUPH9LHOOHLFKWVDXJWHVLHDOOHVDXI" 6LNKUDVWLHJDOVHUVWHUGLHVFKPDOH0HWDOOHLWHUKLQDEXQGEHWUDWGHQ%RGHQ GHUQHXHQ:HOWGLHQRFKLQNHLQHU6WHUQHQNDUWHGHU7HUUDQHUYHU]HLFKQHW ZDU6LHKDWWHNHLQHQ1DPHQDEHUVLHZUGHEDOGHLQHQHUKDOWHQ 'HU%RGHQVFKLHQ6LNKUDZHLFKDEHULPPHUQRFKVFK|SIWHHUNHLQHQ 9HUGDFKW(UNRQQWHVLFKHUVWHKHQXQGVDKNHLQHQ*HJQHU'DVJHQJWHLKP IUVHUVWH(UJDEVHLQHQ/HXWHQHLQ=HLFKHQLKP]XIROJHQ
6LHPDUVFKLHUWHQHLQ6WFNZHLWHU6LNKUDKDWWHGDV*HIKODXIGHQ HUVWDUUWHQ:RJHQHLQHV0HHUHV]XJHKHQ6RVDKGLH/DQGVFKDIWDXV:HOOLJ ELV]XP+RUL]RQWRKQHEHVRQGHUVKHUYRUUDJHQGH(UKHEXQJHQ*OHLFKPlLJ NRQWXUORVXQGPRQRWRQ /XIWJXWJDEHUDQ&ODXGULQGXUFK.HLQ/HEHQELVMHW]W1LFKW]XZDUP 'HU%RGHQKP (UEFNWHVLFKXQGEHUKUWHGLH2EHUIOlFKHPLWGHU+DQG6LHIKOWHVLFKQLFKW NDOWDQHKHUHLQZHQLJODXZDUP6LHZDUKDUWDEHUDXINHLQHQ)DOOZDUHV )HOVHQ9LHOOHLFKWZLHHLQHGLFNH/HGHUKDXW+DXW" 2EHUIOlFKHQDUWXQEHNDQQWJDEHUGXUFK:HGHU(UGHQRFK)HOV9LHOOHLFKW VFKLFNHQ6LHHLQHQ6SH]LDOLVWHQ6LU 8QWHUVXFKHQ6LHZHLWHU/HXWQDQW $OV6LNKUDVLFKHLQPDOPHKUDXV=XIDOOXPGUHKWHXP]XGHU6SDFH-HW ]XUFN]XEOLFNHQVWXW]WHHU 6WDQGGDV5DXPIDKU]HXJLQHLQHU6HQNH"2GHUZDUHVLQ]ZLVFKHQLQGHQ %RGHQHLQJHVXQNHQ" (UIKOWHZLHDXFKVHLQH)HYHUVDQNHQ8QGGDVJDELP*HZLKHLW 'LH2EHUIOlFKHLVWQLFKWVWDELO6LUJDEHUGXUFK6LHJLEWQDFK'HU'LVNXV LVWEHUHLWVHLQJHVXQNHQ .RPPHQ6LHVRIRUW]XUFN6LNKUD%HHLOHQ6LHVLFK 6LNKUDEHJDQQ]XODXIHQ,KPZDUDOVJULIIHQWDXVHQGJLHULJH.ODXHQQDFK VHLQHQHLOHQGHQ)HQDEHUHVPXWHQXU(LQELOGXQJVHLQ'DQQDEHUDOVHU GLFKWYRUGHU-HWVWDQGHUNDQQWHHUVHLQHQ,UUWXP 'LH7HOHVNRSVWW]HQZDUHQY|OOLJLQGHPJUDXHQ%RGHQYHUVFKZXQGHQ (UOLHVHLQHIQI0lQQHUYRUEHLXQGKDVWHWHGLH/HLWHUKRFK .DXPVFKORVLFKKLQWHULKPGLH$XHQOXNHEHJDQQGHU$QWULHE]XKHXOHQ 2KQHVLFKGDUXP]XNPPHUQHLOWHHULQGLH=HQWUDOHXPSHUV|QOLFK%HULFKW ]XHUVWDWWHQ(UNRQQWHLQGHQ*lQJHQGLHYRQ0HQVFKHQYROOJHVWRSIWZDUHQ NHLQH%HZHJXQJGHU)OXJVFKHLEHZDKUQHKPHQ'HU$QWULHEKHXOWHLPPHU QRFK $OVHULQGLH=HQWUDOHNDPVDKHU5KRGDQQHEHQ2EHUVW&ODXGULQVWHKHQ'LH EHLGHQ0lQQHUVWDUUWHQZLHJHEDQQWDXIGHQ%LOGVFKLUPDXIGHPGLH HLQW|QLJH/DQGVFKDIWGHV3ODQHWHQXQYHUlQGHUW]XVHKHQZDU 'HU(UVWH2IIL]LHU0DMRU.UHIHQEDFWUDW6LNKUDHQWJHJHQ 6LHKDEHQXQV,KUH%HREDFKWXQJHQ]XVSlWPLWJHWHLOWIUFKWHLFKVDJWHHU HUQVW:LUVLQGDXIHLQHP6FKODPPSODQHWHQJHODQGHW6LNKUDVFKWWHOWHGHQ .RSI1HLQ6LUGDVLVWNHLQ6FKODPP'DVLVWHWZDVJDQ]DQGHUHV(WZDV JDQ]DQGHUHV(VWUlJWJXW9LHOOHLFKWLVWGLH-HW]XVFKZHU9LHOOHLFKWVLQNWVLH QXQQLFKWZHLWHU :LUN|QQHQVFKRQQLFKWPHKUVWDUWHQ'LH.UDIWGHV$QWULHEHVUHLFKWQLFKW DXV,UJHQGHWZDVKlOWXQVIHVW(VOlWXQVQLFKWPHKUORV 'DVYHUVWHKHLFKQLFKWPXUPHOWH6LNKUDYHUEOIIW,FKZDUQXUIQI0LQXWHQ GUDXHQ
6LNKUD6LHWUDJHQNHLQH6FKXOGPLVFKWHVLFK5KRGDQLQGDVKHLNOH *HVSUlFKHLQ1LHPDQGKDW6FKXOGDQXQVHUHP9HUKlQJQLV,FKIUFKWHZLU VWHKHQHLQHUJDQ]DXHUJHZ|KQOLFKHQ6LWXDWLRQJHJHQEHU(LQH)UDJH 6LNKUD7UlJWGLH2EHUIOlFKHHLQHQ0HQVFKHQ" %HVWLPPW6LU,FKKDEHELV]XUOHW]WHQ6HNXQGHQLFKWEHPHUNWGDLFK HLQVDQN(UVWDOVLFKOlQJHUDQHLQHP)OHFNVWHKHQEOLHEVSUWHLFKGDV 1DFKJHEHQGHV%RGHQV *HZ|KQOLFKHU6FKODPPLVWHVDOVRQLFKWVDJWH5KRGDQQDFKGHQNOLFKXQG ZDUIGDQQ&ODXGULQHLQHQVFKQHOOHQ%OLFN]X1DFK]ZHL6HNXQGHQ3DXVH EHIDKOHU*HEHQ6LHGHQ9HUVXFKQLFKWDXI2EHUVW,FKZHUGHLQ]ZLVFKHQ GDIUVRUJHQGDGLHIQI0lQQHU/HEHQVPLWWHOUDWLRQHQXQG:DVVHUYRUUlWH HUKDOWHQ:DIIHQZXUGHQMDVFKRQDXVJHJHEHQ:LUPVVHQGDPLWUHFKQHQ GDZLUOlQJHUH=HLWDXIGLHVHU:HOWOHEHQPVVHQ8QG]ZDUHYHQWXHOORKQH GLH9RUUlWHGHU6SDFH-HW 6LHQHKPHQGRFKQLFKWDQ6LUGDVLHYHUVLQNW" 5KRGDQQLFNWH'RFK2EHUVWGDVQHKPHLFKDQ9LHOOHLFKWJHKWHV ODQJVDPHUZHQQXQVHU*HZLFKWQLFKWPHKUGDLVWDEHUYHUVLQNHQZLUGVLH EHVWLPPWZHQQGLHHODVWLVFKH6FKLFKWGLFNJHQXJLVW:HUZHLZLHWLHIXQWHU XQVGLHIHVWH.UXVWHGHV3ODQHWHQOLHJW 'LHHUVWHQ:LVVHQVFKDIWOHUEHWUDWHQGLH2EHUIOlFKHGHUXQKHLPOLFKHQ:HOW DOVGLH-HWEHUHLWVVRZHLWHLQJHVXQNHQZDUGDGLHJUDXH0DVVHGLFKWXQWHU GHU6FKZHOOHGHU$XHQOXNHVWDQG2IIL]LHUHXQG0DQQVFKDIWHQIROJWHQ LKQHQ5KRGDQYHUOLHDOVOHW]WHUGLH)OXJVFKHLEH(UPXWHHLQHUHJHOUHFKWH 6WXIHHPSRUVWHLJHQXQGGLH]lKHJUDXH0DVVHEHJDQQEHUHLWVODQJVDPLQ GDV,QQHUHGHV6FKLIIHV]XIOLHHQ ,QGHU6SDFH-HWVHOEVWIORVVHQDOOHQRFKYRUKDQGHQHQ(QHUJLHQLQGDVHLQ]LJ QRFKDUEHLWHQGH)XQNJHUlWXQGVSHLVWHQGHQ6HQGHU(LQ1RWLPSXOVZXUGH DXVJHVWUDKOW1LHPDQGNRQQWHZLVVHQREHUGLHUlWVHOKDIWH6FKODPPDVVH GXUFKGULQJHQZUGHDEHUPDQPXWH]XPLQGHVWYHUVXFKHQ+LOIH KHUEHL]XKROHQ 6LHVWDQGHQLQHLQLJHU(QWIHUQXQJXQGVDKHQ]XZLHLKU6FKLIIYHUVDQN 'HU%RGHQXQWHULKUHQ)HQZDUQLFKWVLFKHUGDVZXWHQVLH$EHUHUWUXJ VLH1RFK $OVGHUNXSSHODUWLJH$XIEDXGHU6SDFH-HWY|OOLJYHUVFKZXQGHQZDU VFKDOWHWH5KRGDQGHQNOHLQHQ(PSIlQJHUHLQXQGVWHOOWHGLH:HOOHQOlQJHDXI GLHGHV1RWVHQGHUV(VZDUQLFKWV]XK|UHQ'LHJUDXH0DVVHYHUVFKOXFNWH GLH:HOOHQ1LHPDQGZUGHGHQ1RWUXIQRFKDXIIDQJHQN|QQHQZHQQHV QLFKWEHUHLWVJHVFKHKHQZDU 5KRGDQVFKDOWHWHDE(UEOLFNWHUDWORVDXIGLH6WHOOHDQGHUVHLQ6FKLII YHUVXQNHQZDU'DQQJDEHUVLFKHLQHQ5XFN :LUZHUGHQHLQ6WFNJHKHQ9LHOOHLFKWILQGHQZLUIHVWHQ%RGHQZRZLU XQVHU/DJHUDXIVFKODJHQN|QQHQ 6LHPDUVFKLHUWHQORV'LH6RQQHZDUWLHIHUJHVXQNHQXQGZDUIODQJH 6FKDWWHQGLHVLFKNDXPYRQGHPGXQNOHQ%RGHQDEKREHQ5KRGDQJLQJPLW
2EHUVW&ODXGULQYRUDQ(LQHQ$QJULIIEHIUFKWHWHQVLHQLFKW'LHVH:HOW VFKLHQLQGHU7DWY|OOLJXQEHZRKQW]XVHLQ.HLQH6SXUYRQ/HEHQ8QGGRFK HLQHDWHPEDUH$WPRVSKlUH *HUDGHEHUVLH]HUEUDFKVLFK5KRGDQDPPHLVWHQGHQ.RSI:LHNRQQWH GLHVHU3ODQHWHLQHVRJXWH$WPRVSKlUHEHVLW]HQRKQH/HEHQKHUYRUJHEUDFKW ]XKDEHQ"(VJDEQLFKWVZDVVLHHUQHXHUQN|QQWH -HPDQGDXVGHUDP6FKOXPDUVFKLHUHQGHQ*UXSSHVWLHHLQHQJHOOHQGHQ 6FKUHLDXV 5KRGDQEOLHEVWHKHQ(UEOLFNWHVLFKXP 8QGGDQQVDKHUHWZDVGDVQLHPDOV:LUNOLFKNHLWVHLQNRQQWHHLQHQ $OSWUDXPHLQH]X0DWHULHJHZRUGHQHQ:DKQYRUVWHOOXQJ $XVGHU'lPPHUXQJKHUDXVIROJWHQLKQHQHLQH*UXSSHPHQVFKHQlKQOLFK JHIRUPWHU:HVHQGLH]ZDU$UPHXQG%HLQHDEHUNHLQ*HVLFKWEHVDHQ6LH ZDUHQJUDXXQGVFKLHQHQDXVGHPHEHQVRJUDXHQ%RGHQKHUDXVJHZDFKVHQ ]XVHLQ$EHUVLHEHZHJWHQVLFKXQGNDPHQODQJVDPDXIVLH]X (VZDUHLQEOLQGHU+\SHUIOXJ$OVGLH/,=$5'UHPDWHULDOLVLHUWHXQGGLH6WHUQH VLFKWEDUZXUGHQKDWWHQGLH.RQVWHOODWLRQHQVLFKYHUVFKREHQ&DSWDLQ 6DPXHO*UD\ERXQGHUNDQQWHNHLQHHLQ]LJHYRQLKQHQXQGEHJDQQVRIRUW DXVJLHELJ]XIOXFKHQ 'LHVHUYHUGDPPWH6FKQIIOHU6HLQHWZHJHQKDEHQZLUVFKRQZLHGHUGHQ .XUVlQGHUQPVVHQ6LQGZLUGD]XDXIGHU:HOWHLQH=LFN]DFN/LQLHGXUFK GDV8QLYHUVXP]X]LHKHQ" /HXWQDQW5H[.QDWWHUEXOOZLQNWHEHUXKLJHQGDE 1XQUHJGLFKQXUQLFKWDXI6DP:LUZHUGHQJOHLFKZLVVHQZRZLUXQV EHILQGHQXQGGDQQUHFKQHQZLUHEHQGLHQHXHQ6SUXQJGDWHQDXV +DXSWVDFKHLVWVFKOLHOLFKGLH.HUOHKDEHQXQVQLFKWHUZLVFKW,FKKlWWHJHUQ GDVGXPPH*HVLFKWYRQGHP0DMRUJHVHKHQ *UD\ERXQGEHJDQQGU|KQHQG]XODFKHQ%HLGHU9RUVWHOOXQJGHP2IIL]LHUHLQ 6FKQLSSFKHQJHVFKODJHQ]XKDEHQYHUIOFKWLJWHVLFKVHLQbUJHUEHU =HLWYHUOXVWXQG8PZHJ 'LH8QLIRUPLHUWHQKDEHQHVQLFKWDQGHUVYHUGLHQWEHKDXSWHWHHU JURVSXULJ0HQVFKHQMlJHU'DV8QLYHUVXPJHK|UWDOOHQ-HGHUNDQQ KDQGHOQZRPLWXQGPLWZHPHUZLOO'DVQHQQHLFKZDKUH'HPRNUDWLH -DZRKO (VOHEHGLH'HPRNUDWLH-HGHUGDUIVWHUEHQNUlFK]WH7RUHUR IOJHOVFKODJHQG *UD\ERXQGZDUILKPHLQHQVFKQHOOHQ%OLFN]X 'DVKDWHUQRFKQLHJHVDJWNOlUWHHU5H[DXI9RQZHPKDWHUGDVQXU" 5H[VXFKWHQDFKHLQHUSDVVHQGHQ$QWZRUWDEHUHUNDPQLFKWPHKUGD]XVLH VHLQHP&DSWDLQPLW]XWHLOHQ$XVGHP)XQNUDXPNDPGHUVFKPlFKWLJH+HQU\ 6PLWKJHVWU]WXQGZHGHOWHDXIJHUHJWPLWEHLGHQ$UPHQ )XQN]HLFKHQ'HU+\SHUIXQN(PSIlQJHUVFKOXJDQ*UD\ERXQGZXUGHURW :DV"6FKRQZLHGHU"'DVLVWGRFKQLFKWJXWP|JOLFKGDZLUVFKRQ
ZLHGHUJHQDXYRUGHU6FKQDX]HHLQHV3DWURXLOOHQVFKLIIHVJHODQGHWVLQG8QG LFKGDFKWHLPPHUGDV8QLYHUVXPZlUHJURJHQXJ (VKDQGHOWHVLFKXPHLQHQNXU]HQ1RW,PSXOV6LU(UGDXHUWHQXUZHQLJH 6HNXQGHQXQGHVZDUUHLQHU=XIDOOGDLFKLKQDXIILQJ *UD\ERXQGEHWUDFKWHWHGHQVFKPDOHQXQGDOV]DUWIKOHQGEHNDQQWHQ+HQU\ 6PLWKQDFKGHQNOLFK 5LQGYLHKVDJWHHUGDQQDEVFKOLHHQGXQGJHZLVVHUPDHQDOV(UJHEQLV VHLQHU,QVSHNWLRQ.DQQVWGXGLH)LQJHUQLFKWYRQGHLQHQGlPOLFKHQ $SSDUDWHQODVVHQ"-HW]WVLQGZLUDXFKQRFKJH]ZXQJHQXQVXPIUHPGH $QJHOHJHQKHLWHQ]XNPPHUQ:RKHUNDPGHU,PSXOV" 6PLWKZDU]XVDPPHQJH]XFNW(UVWDQGQHEHQGHU7UZLHHLQ+lXIFKHQ 8QJOFN(UEHJULIIQLFKWJDQ]GLH*HGDQNHQJl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|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lILJXQGYHUVFKORGLHVHQVRUJIlOWLJ6HLQ=HLJHILQJHUGHXWHWHDXIGHQ DUJYHUVFKPXW]WHQ6DQGDXIGHP%RGHQGHV.lILJVHLQH*HVWHGLHDQ 'HXWOLFKNHLWQLFKWV]XZQVFKHQEULJOLH 'DQQVWDPSIWHHULQGHQ)XQNUDXP +HQU\6PLWK]XFNWH]XVDPPHQXQGZXUGHEODDOVGHU%R]XLKPNDP
1XQ"(UJHEQLV.OHLQHU" %LQJOHLFKVRZHLW6LU'LH3HLODQWHQQH]HLJWLQGLHIDOVFKH5LFKWXQJGDKHU GLH9HU]|JHUXQJ,FKPXGLH,QWHQVLWlWGHU,PSXOVHXPUHFKQHQXQG +DOWHPLFKQLFKWPLWGHLQHP)DFKJHVFKZlW]DXIGX:UPFKHQULHW *UD\ERXQGXQGYHUULHWHUWUlJOLFKH/DXQH6RQVWKlWWHHUVLFKHUOLFKQLFKW :UPFKHQJHVDJW:UPFKHQJDOWEHLLKPDOVHLQH$UW.RVHZRUW,FKZLOO GLH5LFKWXQJXQG(QWIHUQXQJZLVVHQ 6PLWKPDFKWHVLFKZLHGHUDQGLH$UEHLW9RQQHEHQDQULHI5H[.QDWWHUEXOO +H6DP,FKJODXEHLFKKDE V9HUIOXFKWGDKDEHQZLUYLHOOHLFKWHLQHQ6DW] JHPDFKW *UD\ERXQGNORSIWHVHLQHP)XQNHUDXIGLH6FKXOWHUXQGEHUVDKGDEHLGD HULKPIDVWGDV6FKOVVHOEHLQJHEURFKHQKlWWH'DQQJLQJHUKLQDXVLQGLH =HQWUDOH8QG":RVWHFNHQZLU" 6LHKGLUGDVDQ6DP:LUVLQGIDVW]ZDQ]LJWDXVHQG/LFKWMDKUHJHVSUXQJHQ GDGHUDOWH.DVWHQGDVDXVJHKDOWHQKDW *UD\ERXQGV6WLPPHXQWHUEUDFKLKQ6LHYHUULHW=RUQXQGYHUOHW]WHQ6WRO] :DVKDVWGXJHVDJW"$OWHU.DVWHQ"0HLQVWGXYLHOOHLFKWXQVHUHJXWH /,=$5'"1RFKHLQ:RUWXQGLFKVFKLFNHGLFKRKQH5DXPDQ]XJQDFK GUDXHQ5H[JULQVWH 9HU]HLKHVLVWPLUQXUVRKHUDXVJHUXWVFKW$OVRKLHUHWZDVWHKHQZLUMHW]W 6WHUQUHLFKHU6HNWRU$EHUGHU:HJQDFK*ODWUDLVWYRQKLHUDXV]XVFKDIIHQ $FKMDGLH*HVFKlIWH)DVWKlWWH*UD\ERXQGVLHYHUJHVVHQ$EHUGDZDUMD QRFKGHU+LOIHUXI'HQNRQQWHHUQLFKWLJQRULHUHQ(UQDKPHVPLWGHQYRQ GHQ0HQVFKHQJHPDFKWHQ*HVHW]HQQLFKWVRJHQDXXQGZDUHLQ+lQGOHUPLW NOHLQHQ1HEHQJHVFKlIWHQ$EHUZHQQHLQDQGHUHU0HQVFKLQ1RWZDUGDQQ KDOIHULKP'DVZDUVHLQHLJHQHV*HVHW](UKDWWHHVQRFKQLHLQVHLQHP /HEHQXPJDQJHQ8QGZHQQHVLKQVHLQOHW]WHV+HPGJHNRVWHWKlWWH :DUWHDEVDJWHHU]XVHLQHP(UVWHQ2IIL]LHU(UVWPVVHQZLUZLVVHQYRQ ZRGHU+LOIHUXINDP(UGUHKWHVLFKXP+HGXODQJZHLOLJHU.HUOYRQHLQHP )XQNHU%LVWGXQRFKLPPHUQLFKWVRZHLW":LUN|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lILJHUVFKURFNHQGHQ.RSIHLQ]RJ:DVVROOGDVKHLHQHWZD",FKZLOOGLH (QWIHUQXQJVRJHQDXZLVVHQGDZLUHLQH7UDQVLWLRQYRUQHKPHQN|QQHQ +DVWGXGDVNDSLHUWGX,PLWDWLRQYRQHLQHP)XQNHU"
6PLWKZHGHOWHDXIJHUHJWPLWHLQHP=HWWHO(UQXW]WHGLH3DXVHDXVXP VFKQHOO]XUXIHQ (QWIHUQXQJJHQDXEHVWLPPW6LU,FKVDJWHQXUHWZDZHLOHVHWZDVZHQLJHU DOVGUHL/LFKWMDKUHVLQG,FKKDEHGLH'DWHQKLHU (UUHLFKWH*UD\ERXQGGHQ=HWWHO'HU5RWEDUWQDKPLKQZDUIHLQHQ%OLFN GDUDXIVFKPXQ]HOWHXQGQLFNWH6PLWK]X 6RLVW VUHFKWPHLQ6|KQFKHQ'DVKDVWGXJXWJHPDFKW(UVDKLKQ]HKQ 6HNXQGHQODQJDQGDQQVFKULHHUZWHQG9HUVFKZLQGH 6PLWKKXVFKWHLQVHLQH)XQNEXGH]XUFN 5H[QDKPGHQ=HWWHODXV*UD\ERXQGV+DQGXQGVWXGLHUWHLKQ $OVR]ZHLNRPPDVLHEHQXQGDFKW]LJ/-'LH)XQNLPSXOVHPVVHQVWDUN JHZHVHQVHLQGDKHUILQJHQZLUVLHDXFKDXI :HQQHVHLQOXPSLJHU.UHX]HUGHU)ORWWHLVWYHUVFKZLQGHQZLUVRIRUWZLHGHU ,FKKDEHNHLQHQ*UXQGGHQHQ]XKHOIHQ 'DVPHLQWH*UD\ERXQGQDWUOLFKQLFKWHUQVW(UZUGHMHGHPKHOIHQVHOEVW VHLQHPlUJVWHQ)HLQGZHQQGHULQ1RWJHULHW%HLLKPVWLPPWHGDVDOWH 6SULFKZRUWQRFKGDHLQHUDXKH6FKDOHRIWHLQHQJXWHQ.HUQEHUJH:LU N|QQHQMDQDFKVHKHQVFKOXJ5H[YRU *UD\ERXQGEHWUDFKWHWHLKQYHUZXQGHUW 'DFKWHVWGXHWZDVDQGHUHV"HUNXQGLJWHHUVLFK8QGREZLUQDFKVHKHQ XQGZHQQDXV1HXJLHUGH (VGDXHUWHIDVW]ZDQ]LJ0LQXWHQELVGDV1DYLJDWLRQVJHKLUQGLHQRWZHQGLJHQ 'DWHQHUUHFKQHWKDWWH'DQQVHW]WH*UD\ERXQGGLH/,=$5'DXIGHQULFKWLJHQ .XUVXQGOLHGLH7UDQVLWLRQDQODXIHQ hEHU,QWHUNRPXQWHUULFKWHWHHUGLH0DQQVFKDIWEHUGLH/DJHXQGEHIDKOGD GLHJXWJHWDUQWHQ*HVFKW]HIUDOOH)lOOHEHVHW]WZHUGHQVROOWHQ(UKDWWH QLFKWGLH$EVLFKWVLFKEHUUXPSHOQ]XODVVHQ:HQQGLHVHU+LOIHUXIHLQH)DOOH ZDUGDQQVROOWHQVLFKGLH8UKHEHUQRFKEHUGLHHUVWDXQOLFKHQ)lKLJNHLWHQ GHUDOWHQ/,=$5'ZXQGHUQ7UDQVLWLRQ .DXPHUVFKLHQHQDXIGHP%LOGVFKLUPGLHQHXHQ6WHUQELOGHUXQGVHLWOLFKHLQH VHKUQDKHJHOEH6RQQHHUW|QWH6PLWKV6WLPPHDXVGHP)XQNUDXP :LHGHU1RWVLJQDOH6LU1RUPDOIXQN4XHOOH]ZDQ]LJ/LFKWPLQXWHQ *UD\ERXQGUXQ]HOWHGLH6WLUQ:LHHVVFKLHQKDWWHHUVLFKJHLUUW'LH 1RWVLJQDOHNDPHQDXVGHPJHOEHQ6RQQHQV\VWHPYLHOOHLFKWVRJDUYRQ HLQHP3ODQHWHQGLHVHV6\VWHPV1LFKWYRQHLQHP6FKLIIGDVKLOIORVLP5DXP WULHE9LHOOHLFKWKDQGHOWHHVVLFKJDUXP*HVWUDQGHWHGLHDXIJHQRPPHQ]X ZHUGHQZQVFKWHQ 'HU*HGDQNHVHLQ6FKLIIPLWIUHPGHQ0HQVFKHQYROO]XODGHQXQGDXIVHLQH *HVFKlIWHYHU]LFKWHQ]XPVVHQZDU*UD\ERXQGDOOHVDQGHUHDOV DQJHQHKP(UEHJDQQOHLVHLQVLFKKLQHLQ]XIOXFKHQ,QHUVWHU/LQLHYHUIOXFKWH HUVHLQHQ)XQNHUREZRKOGHUGRFKQLFKWVDOVVHLQH3IOLFKWJHWDQKDWWH'DQQ YHUIOXFKWHHUVLFKVHOEVWZHLOHUHLQVRZHLFKHV+HU]EHVD 'DVLW]HQZHOFKHIHVWEHPHUNWH5H[ODNRQLVFK*UD\ERXQGNDPHLQH,GHH 9LHOOHLFKWKDEHQQRFKDQGHUHGHQ+LOIHUXIJHK|UWXQGVLQGDXIGHP:HJ
KLHUKHU:DUWHQZLUQRFKHLQZHQLJ:lUHGRFKJURDUWLJZHQQZLUXQVGHQ bUJHUHUVSDUHQN|QQWHQ:HQQZLUDQWULHEVORVXPGDV6\VWHPNUHLVHQ HQWGHFNWXQVQLHPDQG1XQZDVPHLQVWGX" 5H[.QDWWHUEXOOHEHQIDOOVZHLWDXVEHVVHUDOVVHLQ5XIKDWWH%HGHQNHQ (VNDQQDEHUDXFKVHLQGDVLHVLFKLQJURHU*HIDKUEHILQGHQ-HGH 9HU]|JHUXQJN|QQWHLKU7RGVHLQ,FKZHLQLFKWUHFKWREZLUGDV YHUDQWZRUWHQN|QQHQ 3DK9HUDQWZRUWXQJ,FKWUDJHGLH9HUDQWZRUWXQJIUPHLQH/HXWHGLH *HVHOOVFKDIWPHLQ6FKLIIXQGXQVHUH/DGXQJ:HQQLFKGHQHQGDKHOIH GDQQJHVFKLHKWGDVQXUIUHLZLOOLJ+P (UYHUVDQNLQ1DFKGHQNHQ5H[QXW]WHGLH3DXVHGLH/,=$5'DXIULFKWLJHQ .XUV]XVHW]HQ6LHIORJHQMHW]WGLUHNWDXIGLHQDKH6RQQH]X'LH *HVFKZLQGLJNHLWEHWUXJQXUQRFK/LFKW,QHLQHU6HNXQGHHUUHLFKWHQVLH GLH6RQQHZHQQVLHQLFKWYRUKHUDXVZLFKHQ *UD\ERXQGKDWWHVLFKLQ]ZLVFKHQ]XHLQHP(QWVFKOXGXUFKJHUXQJHQ $QVHKHQN|QQHQZLUXQVGDQQGLH6DFKHMDZHQLJVWHQV:HQQVLHQLFKWV WDXJWYHUVFKZLQGHQZLUUHFKW]HLWLJ 5H[QLFNWH'DVZDUHLQ.RPSURPLPLWGHPVLFKHWZDVDQIDQJHQOLH :HQQ0HQVFKHQLQ1RWZDUHQZXWHGHUDOWH5RWEDUWVFKRQZDVHU]XWXQ KDWWH 1DFKHLQHUKDOEHQ6WXQGHKDWWHQVLHIHVWJHVWHOOWGDGLH6RQQHYLHU 3ODQHWHQEHVD'HULQQHUHNDPQLFKWLQ%HWUDFKWDEHUGLHGUHLDQGHUHQ NRQQWHQ6FKLIIEUFKLJHQGXUFKDXVDOV1RWLQVHOGLHQHQ6PLWK 'HU)XQNHUKlWWHYRU6FKUHFNIDVWVHLQH*HUlWHDXVGHU:DQGJHULVVHQVR KDVWLJVSUDQJHUDXIDOVLKQGLHEUOOHQGH6WLPPHVHLQHV.DSLWlQVHUUHLFKWH 6LU"VWRWWHUWHHU3HLOPHOGXQJ9RQZRNRPPHQGLH)XQN]HLFKHQ"6PLWK UDIIWHVLFKDXI6LUGLH=HLFKHQVLQGYHUVWXPPW$EHULFKNRQQWHHLQH JHQDXH3HLOXQJYRUQHKPHQ%LQJHUDGHGDEHLVLHDXV]XZHUWHQ +HUGDPLW 6PLWKYHUVFKZDQGLQVHLQHU.DELQHXQGNHKUWHPLWHLQHP=HWWHO]XUFN (VLVWHUVWGLH9RUUHFKXQJ6LUKRIIHQWOLFKZHUGHQ6LHNOXJGDUDXV 6WLPPWGLH5LFKWXQJ" 'LH5LFKWXQJVWHKWIHVWZDVDOOHUGLQJVGLH(QWIHUQXQJDQJHKW 'LHVSLHOWQXQNHLQH5ROOHPHKUNOlUWH*UD\ERXQGLKQDXI9HUVFKZLQGHQ 6LHZLHGHUXQGEOHLEHQ6LHDXI(PSIDQJ:HQQ6LHGHQNOHLQVWHQ0XFNVHU K|UHQVDJHQ6LHPLU%HVFKHLG.DSLHUW" ,Q2UGQXQJ6LUPXUPHOWH6PLWKXQGPDFKWHVLFKDQVHLQH$UEHLW,P *UXQGHJHQRPPHQHPSIDQGHUIU*UD\ERXQGJUHQ]HQORVH+RFKDFKWXQJ(U QDKPLKPDXFKGLH$QVFKQDX]HUHLQLFKWZHLWHUEHOGHQQHUZXUGHJXWGDIU EH]DKOW6HLWHUZHJHQHLQHVJHULQJIJLJHQ9HUJHKHQVGLHVWDDWOLFKH 5DXPIORWWHYHUODVVHQKDWWHNRQQWHHUIURKVHLQHLQHQ-REEHLGHU 6WDUWUDPSJHIXQGHQ]XKDEHQ'LHQDKPHVPLWGHU9HUJDQJHQKHLWLKUHU /HXWHQLFKWVRJHQDX0DQPXWHQXUHWZDVN|QQHQ *UD\ERXQGJDE5H[GHQ=HWWHOPLWGHQ=DKOHQ
'LH5LFKWXQJGUIWHNODUHUVLFKWOLFKVHLQKH" 'HU(UVWH2IIL]LHUYHUJOLFKGLH$QJDEHQPLWGHQ=LIIHUQDXIGHP%LOGVFKLUP GHV1DYLJDWLRQVJHKLUQV(UQLFNWH 'HU]ZHLWH3ODQHWNODUHU)DOO:HQQGLH)XQN]HLFKHQLUJHQGZRKHUNRPPHQ GDQQQXUYRP]ZHLWHQ3ODQHWHQ6HKHQZLUQDFK" 1DWUOLFKVHKHQZLUQDFK+DWWHQZLUGHQQHWZDVDQGHUHVYRU" 5H[JULQVWHXQGVFKWWHOWHGHQ.RSI (VHQWVWDQGHLQH*HVSUlFKVSDXVH,QGLH6WLOOHKLQHLQNUlFK]WH7RUHUR,FK ZLOOKLHUUDXV*UD\ERXQGGUHKWHVLFKQLFKWHLQPDOXP 6FKQDEHOKDOWHQ:LUVLQGEHVFKlIWLJW 'LH$QWZRUWHUIROJWHSURPSWXQGWUHIIHQG )DXOSHO]H+HXFKOHU*HVLQGHO*UD\ERXQGEHWUDFKWHWHVLQQHQGVHLQH NORELJHQ)lXVWH ,FKZHLLKU/LHEHQLKUP|FKWHWGLHVHPXQYHUVFKlPWHQ9RJHOMHW]WJHUQ GHQGUHFNLJHQ+DOVXPGUHKHQ,FKNDQQHXFKYHUVWHKHQLFKZUGHHVDP OLHEVWHQDXFKWXQ$EHUHUNDQQQLFKWVIUVHLQH'XPPKHLW6HLQH(OWHUQ OHEWHQLQGHU1lKHYRQ+LURVKLPDPWLKUZLVVHQ'DV0LVWYLHKZXUGHDXFK GRUWJHERUHQ(VKDQGHOWVLFKXPHLQHQPXWLHUWHQ3DSDJHL'DVKDWVHLQHQ 9HUVWDQGYHUZLUUW(UGQNWVLFKEHVVHUDOVGLHDQGHUHQ3DSDJHLHQ(UPHLQW HUZlUHHLQ0XWDQWGDEHLLVWHUQLFKWVDOVHLQGXPPHUJHVFKZlW]LJHU9RJHO 1LFKWZDKUMHW]WKDEW,KU*HGXOGPLWLKP6RZLHLFK 5H[OLHVLFKQLFKWLQVHLQHU$UEHLWVW|UHQ(UZDUHVJHZRKQWGD *UD\ERXQGPLWVLFKVHOEVWRGHUZLHLQGLHVHP)DOOPLWVHLQHQ+lQGHQ VSUDFK'DDXFK7RUHURHQGOLFKGHQ6FKQDEHOKLHOWXQGGHQ%HOHLGLJWHQ VSLHOWHZDUHUPLWVHLQHQ%HUHFKQXQJHQVFKQHOOIHUWLJ .ODUGHU]ZHLWH3ODQHW:LUZHUGHQLQZHQLJHQ0LQXWHQLQGLH$WPRVSKlUH YRUVWRHQ:HQQXQVHUH,QVWUXPHQWHQRFKIXQNWLRQLHUHQZUGHLFKVDJHQ VLHLVWLQ2UGQXQJXQGDWHPEDU ,Q*UD\ERXQGV$XJHQNDPHLQYHUGlFKWLJHV)XQNHOQ,VWGDV6\VWHP UHJLVWULHUW"5H[VFKWWHOWHGHQ.RSI1HLQLP.DWDORJLVWHVQLFKW YHU]HLFKQHW:DUXP" 9LHOOHLFKWKDEHQZLU*OFNXQGHQWGHFNHQZHUWYROOH(U]HRGHU 5RKPDWHULDOLHQ'DQQVLQGZLUZHQLJVWHQVQLFKWXPVRQVWKLHUKHUJHIORJHQ 5H[VDKZLHGHUDXIVHLQH,QVWUXPHQWH %LVKHUKDEHLFKNHLQHH[DNWHQ0HZHUWHHUKDOWHQ'LH2EHUIOlFKHLVWRSWLVFK JHQDXVRVFKZHU]XLGHQWLIL]LHUHQDOVZlUHVLHQLFKWYRUKDQGHQ.RQWLQHQWH ]HLFKQHQVLFKQLFKWDE.RQWXUORV6FKHLQWHLQHHLQ]LJH/DQGPDVVH]XVHLQ *XWIUHXWHVLFK*UD\ERXQG'DQQN|QQHQZLUZHQLJVWHQVQLFKWHUVDXIHQ ZHQQZLUHLQH%UXFKODQGXQJPDFKHQ :LHNRPPVWGXDXIGLHEO|GVLQQLJH,GHH" :DUQXU6SDJULQVWHGHU$OWHXQGEHWUDFKWHWHGHQ%LOGVFKLUPDXIGHPGHU 3ODQHWGHXWOLFKHUNHQQEDUZXUGH'DVVLHKWDEHUVHKUNRPLVFKDXVILQGHVW GXQLFKW":DVVDJHQGLH$QDO\VDWRUHQGD]X"
'DVLVWHVMDJHUDGHNQXUUWH5H[XQVLFKHUXQGODVGLH:HUWHQDFKHLQDQGHU YRQGHU6NDODDE(LQHJDQ]H0HQJHYRQ6WRIIHQVLQGIHVW]XVWHOOHQDEHUHV LVWQLFKWHLQHLQ]LJHUDQRUJDQLVFKHUGDEHL(LQ3ODQHWNDQQGRFKQLFKW DXVVFKOLHOLFKDXVRUJDQLVFKHQ9HUELQGXQJHQEHVWHKHQ *UD\ERXQGVDKDXIXQGVWDUUWH5H[YHUEOIIWDQ :DVVDJVWGXGD"2UJDQLVFK"'LH2EHUIOlFKHGHVJDQ]HQ3ODQHWHQEHVWHKW DXVRUJDQLVFKHQ6WRIIHQ"(UVFKWWHOWHGHQ.RSI8QP|JOLFK ,FKZHLGDHVXQP|JOLFKLVWDEHUN|QQHQGLH,QVWUXPHQWHOJHQ".|QQHQ VLHVLFKWlXVFKHQ"6LQGZLUYLHOOHLFKWYHUUFNW" 2UJDQLVFKNRQQWH*UD\ERXQGVLFKQLFKWEHUXKLJHQ9LHOOHLFKWLVWHUVR GLFKWEHY|ONHUWGDGLHDQDO\WLVFKHQ2UWXQJVVWUDKOHQQLFKWGXUFKGULQJHQ VRQGHUQJOHLFKUHIOHNWLHUWZHUGHQ 5H[PDFKWHGLHYHUUFNWH7KHRULHVRJOHLFK]XQLFKWH 'LH:HUWHGLHDXIJH]HLFKQHWZXUGHQJHOWHQWHLOZHLVHELVLQHLQH7LHIHYRQ ]ZHLKXQGHUW0HWHUXQWHUGHU2EHUIOlFKH.DQQVWGXPLUYLHOOHLFKWHUNOlUHQ ZLHGDVP|JOLFK 6FKRQJXWZHKUWH*UD\ERXQGDEXQGVWDUUWHJHGDQNHQYHUORUHQDXIGHQ %LOGVFKLUP:DUMDDXFKQXUVRHLQH,GHHYRQPLU 'HU3ODQHWZDUJU|HUJHZRUGHQ6HLQH$OEHGRVFKLHQDXHURUGHQWOLFK JHULQJ'DV/LFKWGHU6RQQHZXUGHNDXPYRQGHU2EHUIOlFKHUHIOHNWLHUW $OOHVQXUJUDXXQGRKQH.RQWXUHQPXUPHOWH5H[6RHWZDVKDEHLFKDXFK QRFKQLFKWHUOHEW.HLQH*HELUJHXQG7lOHUNHLQH)OVVHRGHU:lOGHUQLFKW HLQPDO9HJHWDWLRQ8QGGRFKDOOHVRUJDQLVFK(LJHQWOLFKXQP|JOLFKILQGHLFK *UD\ERXQGHUKREVLFK6PLWKULHIHU.HLQH6LJQDOHPHKU" $OOHVUXKLJLP(PSIlQJHUNDPHV]XUFN*UD\ERXQGVHW]WHVLFKZLHGHU (ULVWHLQ7URWWHODEHUHUNDQQQLFKWVGDIUVWHOOWHHUVDFKOLFKIHVW:LH VROOHQZLUGLH/HXWHILQGHQ" 2ELKU)XQNJHUlWDXVJHIDOOHQLVW" :DKUVFKHLQOLFK=XHUVWVDQGWHQVLHHLQHQ+\SHULPSXOVDOVRPVVHQVLHHLQ PRGHUQHV6FKLIIKDEHQ'DQQNDPHQHLQIDFKH6LJQDOHGLHHEHQIDOOV YHUVLHJWHQ,FKUHFKQHDOVRGDLKUHJHVDPWH)XQNDQODJHDXVJHIDOOHQLVW :DUXP" 5H[JDENHLQH$QWZRUWZHLOHUNHLQHZXWH (UOLHGLH/,=$5'HLQH.UHLVEDKQXPGHQ]ZHLWHQ3ODQHWHQHLQVFKODJHQ XQGWLHIHULQGDV/XIWPHHUHLQVLQNHQ'LH:HUWHDXIGHQ6NDOHQGHV $QDO\VDWRUVYHUlQGHUWHQVLFKQLFKW$XIGHU2EHUIOlFKHGRUWXQWHQJDEHV NHLQHDQRUJDQLVFKH0DWHULH (LQHUVWHUOHLVHU9HUGDFKWUHJWHVLFKLQ*UD\ERXQGDEHUHUZDUVR XQJODXEOLFKGDHULKQJOHLFKZLHGHUYHUZDUI$EHUHUNRQQWHVLFKQLFKW GDJHJHQZHKUHQ,PPHUZLHGHUGUlQJWHVLFKLKPGLHHLQ]LJHORJLVFKH 6FKOXIROJHUXQJDXIGLHPDQDXVGHP(UJHEQLVGHU0HVVXQJHQ]LHKHQ NRQQWH3O|W]OLFKULVVHQLKQGLHKHLVHUHQ:RUWHVHLQHV3DSDJHLVDXVVHLQHP *UEHOQ
5HFKWKDVWGXURWHV6FKHXVDO*UD\ERXQGEHUJLQJVRJDUGLH%HOHLGLJXQJ (UVFKLHQVLHQLFKWJHK|UW]XKDEHQ$OOHLQGDV]HXJWHYRQGHUVHHOLVFKHQ *OHLFKJHZLFKWVVW|UXQJGHUHUXQWHUZRUIHQZDU .DQQVWGX*HGDQNHQOHVHQ"IDXFKWHHUOHGLJOLFK(UVDQNLQGHQ6HVVHO ]XUFNXQGVDK5H[YHU]ZHLIHOWDQ.DQQHVP|JOLFKVHLQGDGHU3ODQHW RUJDQLVFKLVW"GDHUOHEW"'HU(UVWH2IIL]LHUZDUHLQGXUFKDXVUHDOLVWLVFK GHQNHQGHU0HQVFKGHUQLFKWYLHOYRQEHUQDWUOLFKHQ'LQJHQKLHOW(UZXWH QDWUOLFKGDPDQLQGHQXQHQGOLFKHQ:HLWHQGHV8QLYHUVXPVDXIULFKWLJH :XQGHUVWRHQNRQQWHDXI(UVFKHLQXQJHQGLHPLWGHPQRUPDOHQ PHQVFKOLFKHQ:LVVHQQLFKW]XHUNOlUHQZDUHQ(UZXWHDXFKGDHV DXHULUGLVFKH/HEHQVIRUPHQJDEYRQGHQHQPDQVLFKIUKHUNHLQH 9RUVWHOOXQJKDWWHPDFKHQN|QQHQ$EHUDOOHGLHVH/HEHQVIRUPHQVRZDULKP HEHQIDOOVEHNDQQWEHVDHQHLQHJHZLVVH9HUZDQGWVFKDIW(VJDE PLQGHVWHQVLPPHUHLQH3DUDOOHOH (LQOHEHQGLJHU3ODQHW"5H[EHJDQQGU|KQHQG]XODFKHQ1HLQGDVKDWHV QRFKQLFKWJHJHEHQ:LHVROOHUGHQQHQWVWDQGHQVHLQ"6HLQ%OLFNILHO ]XIlOOLJDXIGHQ$QDO\VDWRU6HLQH6WLUQEHZ|ONWHVLFK+PVFKORHU VNHSWLVFKJHZRUGHQ 'LHJUDXHHLQW|QLJH2EHUIOlFKHZDUQXQGHXWOLFK]XHUNHQQHQ9RQREHQVDK VLHLQGHU7DWZLHHLQOHLFKWJHZHOOWHV0HHUDXVGDVSO|W]OLFKLQVHLQHQ %HZHJXQJHQHUVWDUUWZDU(VJDENHLQH6FKDXPNURQHQDEHUIODFKH+JHO XQGVDQIWH7lOHUGLHQXULQGHU9HUJU|HUXQJ]XHUNHQQHQZDUHQ *UD\ERXQGGHXWHWHQDFKXQWHQ8QGGDVVROOOHEHQ"EH]ZHLIHOWHHUVHLQH HLJHQH7KHRULH (EHQJDE5H[NXU]DQJHEXQGHQ]XUFN 'LH,QVWUXPHQWHEHVDJWHQGDVJODWWH*HJHQWHLO6PLWKHUVFKLHQLQGHU7U 2ELFK6LJQDOHDXVVFKLFNHQVROO"9LHOOHLFKWPHOGHQVLHVLFK 8QWHUVWHKGLFK*UD\ERXQGVFKUHFNWHDXVVHLQHU*UEHOHLKRFK'XZLOOVW XQVZRKOGLH%DQGHDXIGHQ+DOVKHW]HQZDV"1RFKZLVVHQZLUQLFKWZDV JHVSLHOWZLUG$XHUGHPKDEHQZLUMHW]WDQGHUH3UREOHPH:DUWHDOVR JHIlOOLJVWELVGX%HVFKHLGHUKlOWVW9HUVWDQGHQ" 9HUVWDQGHQ%RNDPHV]XUFN6PLWKZDUVRYHUEOIIWJHZHVHQGDHU QLFKW6LUVRQGHUQHLQIDFK%RJHVDJWKDWWH7RUHURV.RSIZDULQGHQ)HGHUQ YHUVFKZXQGHQ0DQNRQQWHLKQXQGHXWOLFKYRUVLFKKLQPXUPHOQK|UHQXQG HVNODQJZLH+LOIHGLH3ROL]HLNRPPWRGHUVRlKQOLFK2IIHQEDUKDWWHHU EHVFKORVVHQGLHQlFKVWHKDOEH6WXQGH]XYHUVFKODIHQ :HQQVLHJHODQGHWVLQGPWHQZLULKU6FKLIIILQGHQ'DV]XPLQGHVWEHVWHKW QLFKWDXVVFKOLHOLFKDXVRUJDQLVFKHU0DWHULHIDQG5H[HLQHQ$XVZHJ'HU $QDO\VDWRUZUGHVRIRUWUHDJLHUHQXQGHVDQ]HLJHQ 6WLPPWKDDUJHQDXJDE*UD\ERXQGLKPUHFKWLQQHUOLFKIURKHLQH $WHPSDXVH]XHUKDOWHQ2GHUYLHOPHKUHLQH*DOJHQIULVW6XFKHQZLU]XHUVW GDV6FKLIIXQGVHKHQHVXQVDQ 'DV3UREOHPGHVOHEHQGLJHQ3ODQHWHQZDUGDPLWYRUHUVWLQGHQ+LQWHUJUXQG JHUFNWZHQQDXFKGXUFKDXVQLFKWYHUJHVVHQ
6LHIORJHQLQJHULQJHU+|KHEHUGLH2EHUIOlFKHGDKLQ$XIGHU1DFKWVHLWH ZDUHVY|OOLJGXQNHOGHQQGDV/LFKWGHU6WHUQHZXUGHNDXP]XUFNJHZRUIHQ VRQGHUQ]XPJU|WHQ7HLOYHUVFKOXFNW'DQQDEHUVWLHJGLH6RQQHEHUGHQ +RUL]RQWXQGHVZXUGHZLHGHUKHOO9RQHLQHPJHVWUDQGHWHQ6FKLIIZDU QLFKWV]XVHKHQ 'HU3ODQHWZDUVRJURZLHGLH(UGHXQGKDWWHHWZDGLHJOHLFKHQ *UDYLWDWLRQVYHUKlOWQLVVH(VZUGHODQJHGDXHUQELVPDQGLHJHVDPWH 2EHUIOlFKHDEJHVXFKWKDWWH 5H[UXFNWHSO|W]OLFKDXVVHLQHUQDFKOlVVLJHQ+DOWXQJKRFKXQGGHXWHWHQDFK YRUQDXIGHQ%LOGVFKLUP'D:DVLVWGDV"*UD\ERXQGVFKLHQZLHDXV HLQHP7UDXP]XHUZDFKHQ:R" *HQDXLQ)OXJULFKWXQJ,FKKDEHGHQ$QWULHEJHGURVVHOWGDPLWZLU ODQJVDPHUZHUGHQ.|QQHQVLHGDVVHLQ" :HUGLH6FKLIIEUFKLJHQ"*UD\ERXQGKDWWHOlQJVWHUNDQQWZDV5H[ PHLQWH'RUWXQWHQLQGHUZHOOLJHQ(EHQHEHZHJWHQVLFKHLQLJH*HVWDOWHQ(V ZDUHQYLHOOHLFKWVLHEHQRGHUDFKW0HQVFKHQRKQH=ZHLIHO$EHULUJHQG HWZDVDQLKQHQVWLPPWHQLFKW5H[PDQ|YULHUWHGLH/,=$5'JHVFKLFNWJHQDX EHUGLH*UXSSHXQGVFKDOWHWHGLH$QWLJUDYIHOGHUHLQ%HZHJXQJVORV VFKZHEWHGDV6FKLIIQXQEHUGHQ0HQVFKHQZHQQHV0HQVFKHQZDUHQ 'DUDQQlPOLFKEHJDQQ*UD\ERXQGDOOPlKOLFK]X]ZHLIHOQ=XHUVWDXVHLQHP XQEHVWLPPWHQ*HIKOKHUDXVGDQQDXVUHLQORJLVFKHUhEHUOHJXQJ'LH *HVWDOWHQUHDJLHUWHQEHUKDXSWQLFKWDXIGDV(UVFKHLQHQGHV6FKLIIHV:HQQ VLHGDV1RWVLJQDODXVJHVDQGWKDWWHQZDUGDV]XPLQGHVWXQJHZ|KQOLFK*HK WLHIHU 'LH/,=$5'VDQNGHU*UXSSHHQWJHJHQ*UD\ERXQGOLHGLH)LJXUHQQLFKW DXVGHP$XJH6LHZDUHQVWHKHQJHEOLHEHQ 8QGGDQQVDK*UD\ERXQGGDVLHNHLQH*HVLFKWHUKDWWHQ /HXWQDQW6LNKUD'HU1HSDOHVHNDPLP/DXIVFKULWWKHUEHLJHUDQQW6LU" 5KRGDQGHXWHWHDXIGLH*HVWDOWHQGLHVLFKXQGHXWOLFKJHJHQGHQGlPPULJHQ +RUL]RQWDEKREHQ6LHZDUHQVWHKHQJHEOLHEHQ 1HKPHQ6LH,KUH/HXWHXQGVWHOOHQ6LHIHVWZHUGDVLVWRGHUVROOWHLFK YLHOOHLFKWEHVVHUVDJHQZDVGDVLVW" 6LHPHLQHQ" ,FKKDEHNHLQH$KQXQJ,FKIUDJHPLFKQXUZLHHVDXIHLQHUXQEHZRKQWHQ :HOWSO|W]OLFK0HQVFKHQJHEHQNDQQRGHUHWZDVGDVZLH0HQVFKHQ DXVVLHKW$OVRJHKHQ6LH8QGEHLPJHULQJVWHQ9HUGDFKWDXI $QJULIIVDEVLFKWHQVFKLHHQ6LH %XOO\GHUQHEHQ5KRGDQVWDQGZDUWHWHELV/HXWQDQW6LNKUDJHJDQJHQZDU GDQQVDJWHHU :DVVROOGDVEHGHXWHQ3HUU\"(VLVWQRFKQLHPDOVJHVFKHKHQGDGXGHQ .RQWDNWPLWIUHPGHQ,QWHOOLJHQ]HQYHUPHLGHVW9LHOOHLFKWN|QQHQVLHXQV KHOIHQ
5KRGDQVDKLQ5LFKWXQJGHUXQKHLPOLFKHQ*UXSSH(UVFKWWHOWHGHQ.RSI XQGGHXWHWHDXIGHQ%RGHQKLQDE +DVWGXGLUVFKRQ*HGDQNHQJHPDFKWZDVGDVVHLQN|QQWH%XOO\"*ODXEVW GXZLUNOLFKHVN|QQHVLFKXP*HVWHLQKDQGHOQ"2GHUXP6FKODPPXQG 0RUDVW",VWGLUGHQQQLFKWVDXIJHIDOOHQDOVXQVHUH6SDFH-HWYHUVDQN" :DVVROOWHPLUDXIJHIDOOHQVHLQ" 5KRGDQVFKWWHOWHYHUZXQGHUWGHQ.RSI(UVDK2EHUVW&ODXGULQIUDJHQGDQ GHUQHEHQ%XOO\VWDQGXQGYHUVWlQGQLVORV]XK|UWH ,KQHQLVWDXFKQLFKWVDXIJHIDOOHQ2EHUVW" 1HLQQLFKWGDLFKZWH 5KRGDQKROWHWLHI/XIW$OVGHU'LVNXVYHUVDQNXQGLFKDOVOHW]WHUDXVVWLHJ EHPHUNWHLFKXQWHUGHP/HLEGHV6FKLIIHVHLQHQ7ULFKWHU(U|IIQHWHVLFKZLH HLQ5LHVHQVFKOXQGXPGHQ'LVNXV]XYHUVFKOXFNHQ9HUVWHKHQ6LHPLFK ULFKWLJ2EHUVW'HU6FKODPPRGHUZLH6LHHVDXFKQHQQHQP|JHQZLFK ]XUFNQRFKHKHGDV*HZLFKWGHV6FKLIIHVLKQKLQDE]XGUFNHQYHUPRFKWH (UZLFKVHOEVWlQGLJ]XUFN 'HU2EHUVWVWDUUWH5KRGDQYHUVWlQGQLVORVDQ%XOO\ZDU]XVDPPHQJH]XFNW XQGWUDWXQUXKLJYRQHLQHP)XDXIGHQDQGHUHQ 'DVEUDFKWHPLFKDXIHLQHJDQ]LUUVLQQLJH$QQDKPHDEHULFKZROOWH QLHPDQGEHXQUXKLJHQ'HU0RUDVWVRZHLLFKMHW]WOHEW(UNDQQVRJDU GHQNHQXQGKDQGHOQ8QG]ZDUIROJHULFKWLJKDQGHOQ(UKDWGDV6FKLII YHUVFKOXFNWXPXQVMHGHU)OXFKWP|JOLFKNHLW]XEHUDXEHQ 3HUU\GDVLVWMD1HLQ %XOO\ZDUEODJHZRUGHQ'HU.UHLVGHU=XK|UHUKDWWHVLFKYHUJU|HUW 1LHPDQGDFKWHWHPHKUDXIGDV(LQVDW]NRPPDQGR6LNKUDV 'RFK%XOO\HVNDQQP|JOLFKVHLQ'LH6SH]LDOLVWHQZHUGHQXQVVSlWHUHLQH $QWZRUWJHEHQN|QQHQ,P$XJHQEOLFNPVVHQZLUXQVPLWGHU XQJHKHXHUOLFKHQ7DWVDFKHDEILQGHQGDZLUHLQHUIUHPGHQ,QWHOOLJHQ] EHJHJQHWVLQGGLHGXUFK=XVDPPHQVFKOXDOOHUDXIGLHVHU:HOW YRUKDQGHQHQ=HOOHQHQWVWDQGHQLVW(LQH$UW5LHVHQDP|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
5KRGDQULVHLQHHLJHQH:DIIHDXVGHP*UWHOXQGUDVWHLQ5LFKWXQJGHV (LQVDW]NRPPDQGRVGDYRQ(LQLJHEHKHU]WH0lQQHUIROJWHQLKP)ROJHQGHV ZDUJHVFKHKHQHUIXKU5KRGDQVSlWHUGXUFK6LNKUD 'LHVHFKV0lQQHUKDWWHQVLFKGHU*UXSSHGHU8QEHNDQQWHQJHQlKHUWGLH VWHKHQJHEOLHEHQZDUHQ'LH*HVWDOWHQKDWWHQPHQVFKOLFKH8PULVVHDEHU VRQVWQLFKWVPLWGHQ0HQVFKHQJHPHLQ6LHEHVWDQGHQDXVGHPJOHLFKHQ 0DWHULDODXVGHPDXFKGHUDPSKRUH(LQ]HOOHUEHVWDQGDOVKlWWHPDQVLH GDUDXVXQEHKROIHQJHIRUPW$XIHLQHQ$QUXIUHDJLHUWHQVLHQLFKW 'DQQKDWWH6LNKUDHLQH/DPSHHLQJHVFKDOWHWXQGGHQ6FKHLQDXIGLH UHJORVHQ8QEHNDQQWHQJHULFKWHW6RIRUWZDU/HEHQLQVLHJHNRPPHQ /DQJVDPDEHU]LHOVWUHELJKDWWHQVLHVLFKLQ%HZHJXQJJHVHW]WXQGZDUHQ DXIGLHVHFKV0lQQHUHLQJHGUXQJHQ $OVGHUHUVWHVHLQHPlFKWLJHQ$UPHXPHLQHQ.DGHWWHQJHOHJWKDWWHXQG EHJDQQLKQLQGHQQDFKJHEHQGHQ%RGHQKLQDE]X]HUUHQKDWWH6LNKUDGDV )HXHUHU|IIQHW5KRGDQVDKQRFKZLHGHUVFKUHLHQGH.DGHWWLPPHUWLHIHU VDQN(VZlUHVLQQORVJHZHVHQDXIGHQ(QWIKUHU]XVFKLHHQGDPDQ GDPLWDXFKGHVVHQ2SIHUJHIlKUGHWKlWWH -HW]WUHLFKWHGHP0DQQGHU%UHLELV]XU%UXVW'DVXQI|UPLJH8QJHKHXHU GDVLKQLPPHUQRFKPLWEHLGHQ$UPHQXPVFKOXQJHQKLHOWYHUHLQWHVLFK ZLHGHUPLWGHUJUDXHQ0DVVHDXVGHUHVHQWVWDQGHQZDU(VIOR]lKHPLW GLHVHU]XVDPPHQXQGQDKPGHQ(QWIKUWHQPLWVLFK ,QHLQHUHLQ]LJH6HNXQGHEHJULII5KRGDQXQGHUZXWH]XJOHLFKGDVLHDOOH YHUORUHQZDUHQZHQQNHLQ:XQGHUJHVFKDK 'DV3ODQHWHQPRQVWUXPEHVDQLFKWQXUHLQHJHZLVVH,QWHOOLJHQ]VRQGHUQ DXFKHLQHQHUVWDXQOLFKHQ1DFKDKPXQJVWULHE(VKDWWHGLH0HQVFKHQDOV ZLOONRPPHQH%HXWHHUNDQQWXQGELOGHWHVLHQDFK (VZDUY|OOLJVLQQORVGLHVH1DFKDKPXQJ]XYHUQLFKWHQ(VZUGHQLPPHU ZLHGHUQHXHHQWVWHKHQ7DXVHQGH0LOOLRQHQ:HQQHVVHLQPXWHVRJDU 0LOOLDUGHQ ,PPHUKLQGXUIWHGHU.DPSIQLFKWDXIJHJHEHQZHUGHQ(VGDXHUWHHLQH=HLW ELVGLH1DFKELOGXQJHQYRQGHP0RQVWUXPHUVHW]WZXUGHQ*XFN\ 'HU0DXVELEHUVSUDQJ]X5KRGDQ'RUW.OHLQHUVDJWH5KRGDQXQG]HLJWH DXIGHQYHU]ZHLIHOWXPVLFKVFKODJHQGHQ.DGHWW=LHKLKQUDXV7HOHNLQHVH 1LFKW]XQDKHKHUDQJHKHQ *XFN\YHUVWDQG(UNRQ]HQWULHUWHVLFKDXIVHLQH$XIJDEHXQGVFKLFNWHGLH .UDIWVWU|PHVHLQHVWHOHNLQHWLVFKHQ*HKLUQ]HQWUXPVDXV6LHHUJULIIHQGHQ 8QJOFNOLFKHQRKQHGDVLFKMHPDQGLQ*HIDKUEHJDEXQGEHJDQQHQLKQ ODQJVDPDXVGHPZLGHUVWUHEHQGHQ0RUDVW]X]LHKHQ 6LNKUDULHI5KRGDQGHP/HXWQDQW]X9HUQLFKWHQ6LHDOOH,PLWDWLRQHQ6LH ]HUVW|UHQGDGXUFKNHLQH,QGLYLGXHQ 'LHIQIYHUEOLHEHQHQ0lQQHUGHV.RPPDQGRVHU|IIQHWHQVRIRUWHLQ P|UGHULVFKHV)HXHU,KUHPRUDOLVFKHQ%HGHQNHQZDUHQQDFK5KRGDQV :RUWHQYHUVFKZXQGHQ
'LH(QHUJLHVWUDKOHQOLHHQGLHJUDXHQ*HVWDOWHQUHJHOUHFKW ]XVDPPHQVFKPHO]HQ'LHJOXWIOVVLJH0DVVHZXUGHYRP%RGHQYHUVFKOXFNW +HIWLJH:HOOHQEHZHJXQJHQJLQJHQYRQHLQHUVROFKHQ6WHOOHDXVZLHVLHHWZD HLQ6WHLQYHUXUVDFKWHGHULQV:DVVHUIlOOW1XUZDUHQGLHVH:HOOHQVHKU ODQJVDPUROOWHQQXU]lKXQGLP=HLWOXSHQWHPSRXQWHUGHQ)HQKLQZHJ )KOWHGDVXQJODXEOLFKH0RQVWUXP6FKPHU]HQ" 5KRGDQZXWHHVQLFKW(VZDULKPDXFKHJDO6LHKDWWHQVLFK]XZHKUHQ XQGLKU/HEHQ]XYHUWHLGLJHQ6LHZXUGHQYRQHLQHPPDWHULHOOEHUOHJHQHQ :HVHQDQJHJULIIHQ (VZDU*XFN\LQ]ZLVFKHQJHOXQJHQGHQ.DGHWWHQDXVVHLQHP*HIlQJQLV]X EHIUHLHQ'LHOHW]WHQ5HVWHGHUJUDXHQ%UHLPDVVHWURSIWHQ]X%RGHQ'DQQ VHW]WHGHU0DXVELEHUGHQ0DQQZLHGHUDE6HLQH.DPHUDGHQQDKPHQVLFK VHLQHUVRIRUWDQ:HLWHUEHIDKO5KRGDQ:LUGUIHQQLFKW]XODQJHDQ GHUVHOEHQ6WHOOHYHUZHLOHQ'DV0RQVWUXPGDUINHLQH=HLWHUKDOWHQQHXH ,PLWDWLRQHQ]XVFKDIIHQ,FKJODXEHHVEHQ|WLJWGD]XOlQJHUH=HLW6LH VHW]WHQVLFKLQ0DUVFK/HXWQDQW6LNKUDELOGHWHPLWVHLQHQ0lQQHUQGHQ $EVFKOX6LHVFKDXWHQVWlQGLJ]XUFNXPGDV$XIWDXFKHQHLQHUQHXHQ *HIDKUIUKJHQXJHQWGHFNHQ]XN|QQHQ'HUHUVWH6FKRFNZDUEHUZXQGHQ (VZXUGHVFKQHOOGXQNHO'LHVWDUNHQ/DPSHQ]HLJWHQLKQHQGHQ:HJ$EHU VLHKlWWHQDXFKJHQDXVRJXWRKQH%HOHXFKWXQJJHKHQN|QQHQ.HLQ +LQGHUQLVVWHOOWHVLFKLKQHQHQWJHJHQXQGGLH/DQGVFKDIWEOLHEXQYHUlQGHUW 5KRGDQVFKULWWDQGHU6SLW]HVHLQHU/HXWH1HEHQLKPJLQJHQ%XOO\XQG-HIH &ODXGULQ*XFN\KLHOWVLFKEHLGHQGUHLDQGHUHQ0XWDQWHQDXIXQGOLHVLFK YRQ,ZDQ*RUDWVFKLQWUDJHQ(UKDWWHHVVLFK]ZLVFKHQGHQEHLGHQ.|SIHQ GHV=QGHUVEHTXHPJHPDFKW-RKQ0DUVKDOOXQG7DPD
8QGVRODQJHZLULQ%HZHJXQJVLQGNDQQXQVQLFKWVJHVFKHKHQ"HUNXQGLJWH VLFK%XOO\PHUNOLFKHUOHLFKWHUW:LUN|QQHQGRFKQLFKWHZLJODXIHQ :LUPVVHQ%XOO\:LUKDEHQNHLQHDQGHUH:DKO 8QGZDQQVFKODIHQZLU" ,FKKDEHPLUGDVVFKRQEHUOHJWJDE5KRGDQ]X:LUN|QQHQLPPHUQXU IUIQIRGHU]HKQ0DQQHLQH6FKODISDXVHHLQOHJHQ'LHDQGHUHQPVVHQVLH GDQQWUDJHQ(LQ/DJHULPEOLFKHQ6LQQZLUGHVQLFKWJHEHQ'RFKZDUWHQ ZLUHUVWGHQ7DJDE9LHOOHLFKWHUJHEHQVLFKEHL/LFKWQHXH0|JOLFKNHLWHQ 8QGVLHPDUVFKLHUWHQZHLWHUEHUVLFKGLHIUHPGHQ6WHUQHXQWHUVLFKGLH HODVWLVFKH+DXWHLQHVKXQJULJHQ/HEHZHVHQV %LVGHU0RUJHQHQGOLFKGlPPHUWH8QGGDQQJHVFKDKGDVZDVVLHVFKRQ ODQJHEHIUFKWHWKDWWHQ 9RULKQHQVLFKVFKDUIJHJHQGLH0RUJHQVRQQHDE]HLFKQHQGWDXFKWHQGLH HUVWHQ1DFKELOGXQJHQDXI :lKUHQGGHUJDQ]HQ1DFKWZDUQLFKWVJHVFKHKHQ6LHKDWWHQDEZHFKVHOQG JHVFKODIHQXQGZDUHQYRQGHQDQGHUHQJHWUDJHQZRUGHQ:lKUHQGGHV 0DUVFKLHUHQVKDWWHQVLHJHJHVVHQ8QGQXQDOVHVKHOOZXUGHEHJDQQGDV 0RQVWUXPPLWVHLQHP$QJULII (VZDUHQPLQGHVWHQV]ZHLKXQGHUWPHQVFKHQlKQOLFKH$XVZFKVHGLH ODQJVDPDXIGLH*UXSSHGHU0HQVFKHQ]XNDPHQ6LHZDUHQJU|HUDOV JHVWHUQDEHQG$EHUVLHWUXJHQNHLQH:DIIHQ:LHHVVFKLHQNRQQWHGDV 3ODQHWHQ8QJHKHXHUNHLQHDQRUJDQLVFKH0DWHULHNRSLHUHQ 5HFKWVVLQGDXFKZHOFKHULHIMHPDQGDXVGHQKLQWHUHQ5HLKHQ6LHKDEHQ XQVHLQJHVFKORVVHQ 6LHNDPHQDXFKYRQOLQNVXQGKLQWHQ+XQGHUWH7DXVHQGH 5KRGDQVSUWHHLQHXQEHNDQQWH6FKZlFKHLQGHU.QLHJHJHQG,PHUVWHQ $XJHQEOLFNJODXEWHHUHVVHLHLQ=HLFKHQYRQhEHUPGXQJDEHUGDQQ HUNDQQWHHUPLWHUVFKUHFNHQGHU'HXWOLFKNHLWGDHV$QJVWZDU(U3HUU\ 5KRGDQKDWWH$QJVW(VZDUIULKQNHLQ7URVW]XZLVVHQGDDOOH$QJVW KDWWHQXQGHUNHLQH$XVQDKPHELOGHWH'LH/DJHZDURKQH+RIIQXQJIUVLH XQGHLQJUlOLFKHU7RGVWDQGLKQHQEHYRU6LHNRQQWHQLKQKLQDXV]|JHUQ JHZL$EHUZLHODQJHQRFK" %XOO\ZDUEODJHZRUGHQ6HLQHURWHQ+DDUVWRSSHOQVWDQGHQVHQNUHFKWYRP .RSIDEDEHUGLHVPDOJDEHVQLHPDQGGHUVLFKGDUEHUDPVLHUWKlWWH $XFK*XFN\QLFKWGHUPLWGHQ0XWDQWHQKHUEHLJHNRPPHQZDU :DVQXQ"IUDJWH*XFN\GHUZLHGHUDXIGHQ6FKXOWHUQGHVNUlIWLJHQ 'RSSHONRSI0XWDQWHQKRFNWH)HLHUDEHQG" 5KRGDQVSUWHGLH%OLFNHDOOHU0lQQHUDXIVLFKYHUHLQLJW(UVFKWWHOWHGHQ .RSI 1RFKQLFKW.OHLQHU:HQQZLUVFKRQ]XVWHUEHQKDEHQGDQQVROOHVQLFKW NDPSIORVJHVFKHKHQ(UVDKVLFKXPXQGEHJHJQHWHHQWVFKORVVHQGHQ IUDJHQGHQ%OLFNHQVHLQHU/HXWH:LUZHUGHQXQVHLQH*DVVHGXUFKVLH KLQGXUFKVFKLHHQ(KHVLHVLFKQHXIRUPLHUWKDEHQVLQGZLUZHLW2EHVKLOIW
ZHLLFKQLFKW$EHUYHUVXFKHQZHUGHQZLUHV6ROOHQZLUDXIJHEHQVRODQJH QRFKHLQ)XQNHYRQ/HEHQXQG+RIIQXQJLQXQVLVW" 6LHVFKWWHOWHQVWXPPLKUH.|SIHXQGHQWVLFKHUWHQGLH:DIIHQ5KRGDQKDWWH HVQLFKWDQGHUVHUZDUWHW1DFKGHQNOLFKEHWUDFKWHWHHU,ZDQ*RUDWVFKLQ'HU =QGHUZUGHGLHOHW]WH5HVHUYHVHLQ ,FKZHLQLFKWIXKUHUIRUWZDUXPGDV8QJHKHXHUXQVHUH.|USHU QDFKELOGHWXPXQVDQ]XJUHLIHQ9LHOOHLFKWLVWHVQRFKQLHPDOVHLQHUDQGHUHQ /HEHQVIRUPEHJHJQHWXQGJODXEWXQVQXUGXUFKXQVVHOEVWEHVLHJHQ]X N|QQHQ$XFKVFKHLQHQZLUHLQ]HOQ]XOHLFKWXQG]XNOHLQ]XVHLQXPQXQ XPYHUVFKOXFNW]XZHUGHQ'DVZlUHLPPHUKLQHLQH(UNOlUXQJ(UZDQGWH VLFKLQHLQHUSO|W]OLFKHQ(LQJHEXQJDQ*XFN\XQG-RKQ0DUVKDOO,KUVHLG 7HOHSDWKHQ.|QQWLKUNHLQH*HGDQNHQLPSXOVHHPSIDQJHQGLHYRQGHP 0RQVWUXPVWDPPHQ" 'LHEHLGHQ*HIUDJWHQYHUQHLQWHQ6FKDGHVDJWH5KRGDQ'DQQPVVHQ ZLUHEHQVRKDQGHOQZLHGHU6HOEVWHUKDOWXQJVWULHEHVXQVYRUVFKUHLEW /HXWQDQW6LNKUD6LHEHUQHKPHQGLH5FNHQVLFKHUXQJ0DMRU.UHIHQEDF 'LHOLQNH6HLWH6LH&ODXGULQNPPHUQVLFKXPGLH$EZHKUUHFKWV%XOO\XQG LFKZHUGHQGLH6SLW]HEHUQHKPHQZRZLUDXFKGXUFKEUHFKHQ(VJLEWPLU QlPOLFK]XGHQNHQGDVLFKGDV0RQVWUXP]XP$QJULIIHQWVFKOR,QGHU 5LFKWXQJGLHZLUELVMHW]WXQHQWZHJWEHLEHKLHOWHQPXHVHWZDVJHEHQGDV XQV6FKXW]ELHWHQN|QQWH:DUXPVROOWHGDV0RQVWUXPXQVZRKOVRSO|W]OLFK GDUDQKLQGHUQZROOHQGLH5LFKWXQJEHL]XEHKDOWHQ" 'DVOHXFKWHWHLKQHQDOOHQHLQ6LHPDUVFKLHUWHQZHLWHU'LH1DFKELOGXQJHQ KLQWHQNDPHQQLFKWQlKHUPLWKDOEHU*HVFKZLQGLJNHLWGLHVHLWOLFKHQDEHUPLW GRSSHOWHUGLHIURQWDODQJUHLIHQGHQ )HXHUEHIDKO5KRGDQNDOWEOWLJ6HLQH$QJVWZDUYHUIORJHQ'HUNDOWH6WDKO VHLQHU:DIIHHUK|KWHVHLQH=XYHUVLFKWZLHGHU6HLQHQ/HXWHQPXWHHV lKQOLFKHUJHKHQ6RJDU%XOO\V+DDUHKDWWHQVLFKZLHGHUJHOHJWXQGVHLQ *HVLFKW]HLJWHHLQNUlIWLJHVXQGZWHQGHV5RW $XV]ZDQ]LJ(QHUJLHZDIIHQVFKRVVHQGLHJUHOOHQ%OLW]HXQGIDQGHQXQVFKZHU LKUH=LHOH'LHPHQVFKHQlKQOLFKHQ0RQVWUHQEOLHEHQVRIRUWVWHKHQZHQQVLH JHWURIIHQZXUGHQ(VZDUDOVZUGHHLQH0DVFKLQHDEJHVWHOOW6LHEHJDQQHQ ]XJOKHQXQG]XVDPPHQ]XVFKPHO]HQ+DOWORVYHUVDQNHQVLHLQGHUJUDXHQ 2EHUIOlFKHQPDVVHXPVLFKPLWLKU]XYHUHLQLJHQ2EVLHQXQWRWH0DWHULH JHZRUGHQZDUHQOLHVLFKQLFKWIHVWVWHOOHQ (LQH*DVVHHQWVWDQG$OVVLHEUHLWJHQXJZDUVWUPWHQGLH7HUUDQHUGXUFK (UVWDOVDXFK/HXWQDQW6LNKUDGDVQXQIUHLH)HOGHUUHLFKWKDWWHXQGVLFK XPGUHKWHPDFKWHQGLH0RQVWUHQVLFKDQGLH9HUIROJXQJ :LUPVVHQHLQHQ9RUVSUXQJHUODQJHQWULHE5KRGDQDQ'DQQN|QQHQZLU HLQH3DXVHHLQOHJHQ$P7DJHGUIWHGDVXQJHIlKUOLFKVHLQ 'LH0RQVWUHQEOLHEHQ]XUFN1DFKHLQHU:HLOHYHUVDQNHQVLHLQGHU 2EHUIOlFKHXQGYHUVFKZDQGHQVSXUORV 6LHPDUVFKLHUWHQHLQH6WXQGHRKQHMHGHQ=ZLVFKHQIDOOGDQQEHIDKO5KRGDQ GLHYHUVSURFKHQH3DXVH'LHPHLVWHQ0lQQHUILHOHQHUVFK|SIWXP6LHZDUHQ
]XPGHJOHLFK]XHVVHQ6LHVFKORVVHQGLH$XJHQXQGYHUVXFKWHQ]X VFKODIHQ 2EZRKO5KRGDQQRFKNHLQH5XKHJHKDEWKDWWHJ|QQWHHUVLFKNHLQHQ6FKODI (UZXUGHGDV*HIKOQLFKWORVGDZHLWHUHhEHUUDVFKXQJHQEHYRUVWDQGHQ ZHQQVLFKGDV0RQVWUXPDXFKLQGHUYHUJDQJHQHQ6WXQGHSDVVLYYHUKDOWHQ KDWWH0LW%XOO\XQG2EHUVW&ODXGULQQDKPHUHLQH,QVSHNWLRQYRU /HEHQVPLWWHOZDUHQJHQJHQGYRUKDQGHQDXFK/DGXQJHQIUGLH (QHUJLHZDIIHQ$EHUOHW]WHUHZUGHQQDFKIQIRGHUVHFKV$QJULIIHQ HUVFK|SIWVHLQ'DQQEOLHEQXUQRFK,ZDQ*RUDWVFKLQ'HU'RSSHONRSI0XWDQW ZDULQGHU/DJHDXIJURH(QWIHUQXQJMHJOLFKH0DWHULHLQDWRPDUH(QHUJLH]X YHUZDQGHOQ'DQQVHW]WHDXFKHUVLFK8QWHUVLFKYHUVSUWHHUGDVOHLFKWH 9LEULHUHQGHVWUJHULVFKHQ%RGHQV(UVDQNQLFKWHLQDEHUHUKlWWHVLFKQLFKW JHZXQGHUWZHQQHVJHVFKHKHQZlUH%LV]XP+RUL]RQWZHOOWHVLFKGLH 3ODVPDPDVVHGHV8QJHKHXHUVGDVGHQ3ODQHWHQXPVSDQQWH :LUNOLFKGHQJDQ]HQ3ODQHWHQ"2GHUJDEHV6WHOOHQGLHHVQLFKWEHGHFNWH" 9LHOOHLFKWDOWH*HELUJVJLSIHO" 5KRGDQYHUZQVFKWHVHLQHEHUHLOWH/DQGXQJ6LHKlWWHQYRUKHUGHQ 3ODQHWHQJUQGOLFKHUIRUVFKHQVROOHQGDQQKlWWHHUZHQLJVWHQVHLQH$QWZRUW DXIGLHVH)UDJH 6HLQ%OLFNEOLHESO|W]OLFKDXIHLQHP3XQNWDP+RUL]RQWKlQJHQ (UJOLFKHLQHP%XFNHOIODFKXQGDXVODGHQG:HQQLKQGLH(QWIHUQXQJQLFKW WlXVFKWHEHVDGHU%XFNHOHLQHQ'XUFKPHVVHUYRQHLQLJHQKXQGHUW0HWHUQ 'DVZDUXQJHZ|KQOLFK%LVKHUKDWWHGDV0RQVWUXPQRFKNHLQH(UKHEXQJ JHIRUPW(LQH)DOOH" 5KRGDQYHUZDUIGHQ*HGDQNHQVRIRUWZLHGHU'D]XZDUGDV3ODQHWHQZHVHQ QLFKWLQWHOOLJHQWJHQXJ(VNDQQWHELVKHUQXUHLQH:DIIHJHJHQGLH 0HQVFKHQQDFKJHELOGHWH0HQVFKHQ:LHVROOWHHVGDDXIGHQ*HGDQNHQ NRPPHQHLQHIDOVFKH,QVHO]XIRUPHQXQGZHOFKHQ=ZHFNZUGHVLHDXFK KDEHQ" (LQJHOOHQGHU6FKUHLUL5KRGDQDXVVHLQHQ*HGDQNHQ(UVSUDQJDXI1HEHQ HLQHP/HXWQDQWHVZDUGHUVFKODNVLJH:DFKRIIL]LHU%UD]R$ONKHUTXROO ODQJVDPXQGZLHHLQH%ODVHHLQHPHQVFKOLFKH*HVWDOWDXVGHP%RGHQ $UPH+lQGHXQG%HLQHIRUPWHQVLFK1XUNHLQ*HVLFKW 0DMRU.UHIHQEDFUHDJLHUWHPLWXQJODXEOLFKHU6FKQHOOLJNHLW(UULVHLQH:DIIH DXVGHP*UWHOXQGVSUDQJ]ZLVFKHQ$ONKHUXQGGDVHQWVWHKHQGH0RQVWUXP 6HLQ(QHUJLHVWUDKOYHUQLFKWHWHHVHKHHVZLUNVDPZHUGHQNRQQWH 5KRGDQDWPHWHDXI(LQHGLUHNWH*HIDKUERWGDV3ODVPDZHVHQQLFKWDEHU VHLQHVWlQGLJHQ%HOlVWLJXQJHQZDUHQ*HIDKUJHQXJ$XIGLH'DXHUZUGHQ VLHLKUHUOLHJHQ $OVHLQ]ZHLWHV0RQVWUXPHQWVWDQGEHIDKO5KRGDQGHQ$XIEUXFK 'LH6RQQHZDULQ]ZLVFKHQK|KHUJHVWLHJHQXQGJDEEHVVHUHV/LFKW 5KRGDQEOLHEQDFKHLQVWQGLJHP0DUVFKVWHKHQXQGOLHVLFKYRQ&ODXGULQ HLQHQ)HOGVWHFKHUJHEHQ$XIPHUNVDPVWXGLHUWHHUGHQIODFKHQ%XFNHOGHU NHLQHIQI.LORPHWHUPHKUHQWIHUQWVHLQNRQQWH:DVLKPDOVHUVWHVDXIILHO
ZDUGLHKHOOJUDXH)lUEXQJ'LH+DXWGHV3ODVPDZHVHQVZDUGXQNOHU'DV /LFKWGHU6RQQHZXUGHVWlUNHUUHIOHNWLHUWDOVYRQGHUEULJHQ2EHUIOlFKH $OOHLQGLHVHEHLGHQ%HREDFKWXQJHQEHVWlWLJWHQ5KRGDQV9HUPXWXQJGD GHU%XFNHODXVHLQHPDQGHUHQ0DWHULDOEHVWDQG :HLWHUVDJWHHUVFKOLHOLFKXQGGHXWHWHQDFKYRUQ(VN|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lUHXQVHU 0DUVFK]LHOEHNDQQW 6LHZHKUWHQQRFK]ZHLRGHUGUHLPDVVLYH$QJULIIHGHV8QJHKHXHUVDEXQG HUUHLFKWHQDPVSlWHQ1DFKPLWWDJGHQ)HOVHQ(UZDUGUHLKXQGHUW0HWHUODQJ XQGHWZDKXQGHUW0HWHUEUHLW1LFKWVHKUJURY|OOLJNDKOXQGRKQHMHGH6SXU YRQ9HJHWDWLRQDEHUIHVWHU)HOV)HVWHU%RGHQ 5KRGDQULFKWHWHVRIRUW:DFKWSRVWHQHLQGLHLQHLQHP5LQJGLH,QVHO XPJDEHQXQGGHQ6WUDQG]XEHZDFKHQKDWWHQ(VZDUGDPLW]XUHFKQHQ GDGLHPHQVFKOLFKHQ1DFKELOGXQJHQYHUVXFKHQZUGHQGLH,QVHO]X HUREHUQZHQQGDV3ODVPDZHVHQHUVWHLQPDOZXWHGDVLHGHQ0HQVFKHQ 6FKXW]ERW8QGHVOHUQWHVHKUVFKQHOOZLHGLH(UIDKUXQJEHZLHVHQKDWWH 'LH6RQQHVWDQGQRFKKRFKEHUGHP+RUL]RQWDOVGHUHUZDUWHWH$QJULII HUIROJWH 6FKRQODQJH]XYRUKDWWHQ5KRGDQXQGVHLQH/HXWHEHREDFKWHQN|QQHQZLH VLFKULQJVXPGLH)HOVHQLQVHOGLH1DFKELOGXQJHQDXVGHP3ODVPDHUKREHQ XQGIRUPLHUWHQ:DKUVFKHLQOLFKZDUHQVLHIUGDV0RQVWUXPGLHHLQ]LJH 0|JOLFKNHLWGLH,QVHO]XEHUIOXWHQ'LH2EHUIOlFKHVHOEVWVFKLHQLQ JHZLVVHP6LQQVWDUUXQGXQEHZHJOLFK]XVHLQ6LHNRQQWHK|FKVWHQVLKUH %HXWHLQVLFKDXIVDXJHQZHQQPDQLKU=HLWGD]XOLH $XIGHPDEJHIODFKWHQ*LSIHOVWDQG5KRGDQZLHDXIHLQHP)HOGKHUUQKJHO 9RQKLHUDXVKDWWHHUHLQHJXWHhEHUVLFKWQDFKDOOHQ6HLWHQ'HQ2IIL]LHUHQ KDWWHHU.DPSIJUXSSHQ]XJHWHLOWGLHVFKQHOOJHELOGHWZRUGHQZDUHQ*XFN\ EHKLHOWHUEHLVLFKZHLOHULKQDOV%HIHKOVEHUEULQJHUEHQ|WLJWH 'LHLPLWLHUWH$UPHHVHW]WHVLFKLQ%HZHJXQJ (WZDGUHL0HWHUYRQ5KRGDQHQWIHUQWVWDQG,ZDQ*RUDWVFKLQ 'HU5XVVHZDULP*UXQGHJHQRPPHQHLQH0LJHEXUW6HLQHU]ZHL.|SIH ZHJHQKDWWHHULQVHLQHUDOWHQ+HLPDWPDQFKHQ6SRWWHUWUDJHQPVVHQELV
GHU2YHUKHDGHLQYHUEUHFKHULVFKHV*HQLHLKQKROWH6SlWHUEHUQDKP 5KRGDQLKQLQGDV0XWDQWHQNRUSV ,QGHQ*HKLUQHQVHLQHUEHLGHQ.|SIHHU]HXJWH,ZDQGLHYHUKlQJQLVYROOHQ =QGLPSXOVH6LHEOLHEHQKDUPORVXQGRKQH:LUNXQJVRODQJHVLHVLFKQLFKW DQHLQHPEHOLHELJHQ%UHQQSXQNWYHUHLQLJWHQ'DQQDOOHUGLQJVHUIROJWH XQZHLJHUOLFKHLQHDWRPDUH([SORVLRQ5KRGDQQLFNWH,ZDQ]X'RUWGUEHQ GLH$QEDOOXQJ*RUDWVFKLQ9HUQLFKWHVLH 'HU0XWDQWQLFNWH(LQVGHU*HVLFKWHU]HLJWHHLQKHLWHUHV*ULQVHQZlKUHQG GDVDQGHUHHUQVWEOLHE'LHEHLGHQ.|SIHZDUHQVLFKQLFKWLPPHUHLQLJ$EHU EHGLQJXQJVORVJHKRUFKWHQVLHGHQ%HIHKOHQ5KRGDQV 'HUUHFKWH.RSIKDWWHGDV=LHODQYLVLHUWXQGODQJVDPGUHKWHVLFKMHW]WDXFK GHUOLQNH.RSILQGLHIHVWJHOHJWH5LFKWXQJ6RODQJHELVEHLGH$XJHQSDDUH GHQVHOEHQ3XQNWEHWUDFKWHWHQ 'LH$XVO|VXQJVLPSXOVHYHUHLQWHQVLFKLP=LHO 'LH0lQQHUKLHOWHQVLFKJHEOHQGHWGLH$UPHYRUGDV*HVLFKW(LQJUHOOHU )HXHUEDOOHQWVWDQGGUEHQEHLGHQPHQVFKOLFKHQ1DFKELOGXQJHQXQG YHUJU|HUWHVLFKUDVHQGVFKQHOO(UIUDGLH,PLWDWLRQHQDXIXQGOLHVLHDOV JOXWIOVVLJH0DVVHLQGHQ%RGHQ]XUFNWURSIHQ,QGHU+DXWGHV 3ODVPDZHVHQVHQWVWDQGHLQ/RFKDQJHIOOWPLWJOKHQGHU0DWHULH'HU .UDWHUUDQGEU|FNHOWHDEXQGGDV/RFKYHUJU|HUWHVLFK 'HUVFKZDU]H5DXFKSLO]NOHWWHUWHVFKQHOOLQGLH+|KHHLQJUDXVLJHV :DKU]HLFKHQIUGDV9RUKDQGHQVHLQPHQVFKOLFKHU,QWHOOLJHQ]HQ$EHUDXFK HLQ:DKU]HLFKHQGDIUGDGHU0HQVFKVLFKVHLQHU+DXW]XZHKUHQ YHUVWDQG'HU)HXHUEDOOHUORVFK'HU3LO]EOLHEXQGEUHLWHWHVLFKLQGHQ REHUHQ6FKLFKWHQGHU$WPRVSKlUHDXV $EHUGHULQGLH2EHUIOlFKHJHULVVHQH.UDWHUEOLHEDXFK=ZDUEHULFKWHWH *XFN\GHQ5KRGDQHLQZHQLJVSlWHU]XGHU([SORVLRQVVWHOOHVFKLFNWHGD GLHJOKHQGH0DVVHYHUVFKZXQGHQVHLDEHUHUEHVWlWLJWHDXFKGDVLFKGDV /RFKQLFKWZLHGHUDXIIOOWH *RUDWVFKLQYHUXUVDFKWHQRFKGUHLZHLWHUH([SORVLRQHQGDQQVWHOOWHGDV 3ODVPDZHVHQVHLQH$QJULIIHHLQ(VZDULPPHUKLQLQWHOOLJHQWJHQXJGLH 6LQQORVLJNHLWVHLQHV7XQVHLQ]XVHKHQ(VZUGHMHW]W=HLWEHQ|WLJHQHLQH QHXH7DNWLN]XHUVLQQHQ5KRGDQDWPHWHDXI$XFKGLH]ZHLWH6FKODFKWZDU JHZRQQHQ6RHUIUHXOLFKGLHVH7DWVDFKHDEHUDXFKZDUGLH6LWXDWLRQVHOEVW YHUEHVVHUWHVLFKGDGXUFKNHLQHVZHJV6LHVDHQLPPHUQRFKDXIHLQHP ZVWHQ3ODQHWHQIHVWXQGZDUHQLKUHV/HEHQVQLFKWVLFKHU'LH/HEHQVPLWWHO NRQQWHQQLFKWHUJlQ]WZHUGHQXQGGDV:DVVHUZDUNQDSS:HQQQLHPDQG LKU1RWVLJQDOHPSIDQJHQKDWWHZDULKU7RGJHZL 6RJHZLZLHQRFKQLH]XYRULQLKUHPODQJHQ'DVHLQ &DSWDLQ*UD\ERXQGEHQ|WLJWHQXUHLQLJHNXU]H%HREDFKWXQJHQXP]XGHP JOHLFKHQ(UJHEQLVZLH3HUU\5KRGDQ]XJHODQJHQXQGGDV*HKHLPQLVGHV 3ODQHWHQ]XOIWHQ
.HLQ:XQGHUVWHOOWH5H[IHVWGDGHU$QDO\VDWRUQXURUJDQLVFKH0DWHULH DQ]HLJW$OVRHLQH$P|EHPHLQVWGX" +DEHLFKQLFKWEHKDXSWHWZLGHUVSUDFK*UD\ERXQGHQHUJLVFK,FKELQNHLQ :LVVHQVFKDIWOHU-HGHQIDOOVELOGHWHQVLFKDXIGHP3ODQHWHQGDXQWHQNHLQH HLQ]HOQHQ/HEHZHVHQVRQGHUQHVHQWVWDQGHLQIDFKHLQ:HVHQGDVPLWGHU =HLWLPPHUJU|HUZXUGH)UDJHPLFKQXUQLFKWZDUXPGDVVRJHVFKDK1D LFKP|FKWHQLFKWLQGHU+DXWYRQGHQHQVWHFNHQGLHGDJHODQGHWVLQG 'HVKDOEZLUGDXFKLKU6HQGHUDXVJHIDOOHQVHLQVLHVLQGWRW +P *UD\ERXQGVFKLHQQLFKWVRYRP7RGGHU6FKLIIEUFKLJHQEHU]HXJW]XVHLQ (UVDKKLQDEDXIGLH6WHOOHDQGHUHUPLWGHQ(QHUJLHJHVFKW]HQGHU/,=$5' GLHPHQVFKOLFKHQ1DFKELOGXQJHQYHUJDVWKDWWH 'XPHLQVWPDQN|QQWHDXIGLHVHP%LHVWDXFKQXUHLQH0LQXWHEHUOHEHQ" ]ZHLIHOWH5H[ :HWWHQ"HUERWVLFK*UD\ERXQG:LUN|QQHQMDODQGHQXQGQDFKVHKHQ 'DQQZLVVHQZLUZHQLJVWHQVDXFKREXQVHUH6XFKHQDFKGHQhEHUOHEHQGHQ HLQHQ6LQQKDWRGHUQLFKW /DQGHQ"HUVFKUDN5H['XELVWZRKOYHUUFNWJHZRUGHQ" 7RWDOEHUJHVFKQDSSWEHVWlWLJWHDXFKGHU3DSDJHLEHU]HXJWDEHU QLHPDQGDFKWHWHDXILKQXQGVHLQZWHQGHV*HNUlFK]HPLWGHPHUVHLQHQ 3URWHVWXQWHUVWULFK :DUXPQLFKW"3ODVPDLVWOHLFKWHU]X]HUVW|UHQDOV0HWDOORGHUDQGHUH DQRUJDQLVFKH6WRIIH5H[VFKWWHOWHGHQ.RSI1HLQLFKNDQQGLUQLFKW ]XVWLPPHQ:DVKlWWHVWGXGHQQGDYRQZHQQGXVLQQORVLQGDV0RQVWUXP KLQHLQVFKLHW"'XNDQQVWHVMDGRFKQLFKWW|WHQZHLOHV]XJURLVW:LU VROOWHQOLHEHUYHUVXFKHQGLH6FKLIIEUFKLJHQ]XILQGHQ 'DVDOOHUGLQJVZDUHLQ$UJXPHQWGDVDXFK*UD\ERXQGDQHUNHQQHQPXWH 1XU]|JHUQGWUHQQWHHUVLFKYRQGHP$QEOLFNGHULPPHUQRFK IOXRUHV]LHUHQGHQ7ULFKWHUGLHYRQGHQ6FKLIIVJHVFKW]HQLQGLH2EHUIOlFKH GHVOHEHQGLJHQ3ODQHWHQJHULVVHQZRUGHQZDUHQ 0HLQHWZHJHQEUXPPWHHUXPGURKHQGKLQ]X]XIJHQ$EHUELOGHGLUQXU QLFKWHLQLFKKlWWHGHLQHU)RUGHUXQJQDFKJHJHEHQ'DVPLWGHP/DQGHQZDU QXUHLQ6SDYRQPLU,FKZROOWHQXUPDOVHKHQZLHGXGDUDXIUHDJLHUHQ ZUGHVW 1DFKGHP*UD\ERXQGPLWGLHVHQ:RUWHQIUGLH$XIUHFKWHUKDOWXQJVHLQHU $XWRULWlWJHVRUJWKDWWHEHUOLHHU5H[GLH6WHXHUXQJXQGZLGPHWHVLFKGHP %LOGVFKLUP /DQJVDPJOLWWGLH/,=$5'EHUGLHDEZHFKVOXQJVORVH/DQGVFKDIWGDKLQ HLQHPLPDJLQlUHQ%UHLWHQJUDGIROJHQG(VNRQQWH7DJHGDXHUQELVPDQGLH hEHUOHEHQGHQHQWGHFNWHZHQQEHUKDXSW6LHIORJHQQDFK:HVWHQXQG EHUKROWHQGLH6RQQHDEHUGDQQZXUGHHVGRFK1DFKW*UD\ERXQGVFKDOWHWH GLHJURHQ6FKHLQZHUIHUHLQGLHEUHLWHXQGJUHOOH/LFKWEQGHODXIGLH 2EHUIOlFKHKLQDEZDUIHQ'LH/,=$5'YHUULQJHUWHLKUH*HVFKZLQGLJNHLW:HQQ GLH*HVXFKWHQDXFKQXUKXQGHUW0HWHUDEVHLWVGHU/LFKWEDKQVWDQGHQ
ZXUGHQVLHQLFKWJHVHKHQDEHU*UD\ERXQGUHFKQHWHGDPLWGDVLH ]XPLQGHVW/HXFKWUDNHWHQEHLVLFKKDWWHQ2GHU(QHUJLHZDIIHQ6LHZUGHQ VLFKVFKRQEHPHUNEDUPDFKHQ 'LH1DFKWYHUOLHIHUHLJQLVORV6LHGDXHUWHDXFKQXUZHQLJH6WXQGHQZHLOVLH GLH6RQQHEHUUXQGHWHQ'DVJHVFKDKQRFKGUHLPDO ,FKJODXEHHVKDWQLFKWYLHO6LQQPHLQWH5H[.QDWWHUEXOOUHVLJQLHUWDOVGLH 6RQQH]XPYLHUWHQPDODXIJLQJ *UD\ERXQG]RJHLQHlUJHUOLFKH*ULPDVVH -HW]WJHEHLFKDXFKQLFKWPHKUDXINQXUUWHHUHLJHQVLQQLJ:LUKDEHQIDVW ]ZHL%RUGWDJHYHUORUHQ,FKZLOOGLHGXPPHQ.HUOHPLWHLJHQHQ$XJHQVHKHQ GLHDXIGLHVHP3ODQHWHQODQGHWHQRKQHVLFKYRUKHUGLH2EHUIOlFKH DQ]XVHKHQ,FKZLOOLKQHQVDJHQZLHGlPOLFKVLHVLQGXQGGDVLHLQ=XNXQIW OLHEHU]X+DXVHEOHLEHQVROOHQXPGLH5DXPIDKUWHUIDKUHQHQ/HXWHQZLHPLU ]XEHUODVVHQ6ROOHQVLHGRFK.KHKWHQ*UD\ERXQGNDPMHW]WHUVWULFKWLJ LQ5DJH'DIUJLEWGLH:HOWUHJLHUXQJ*HOGDXV6FKLFNHQ+RO]N|SIHPLW WHXUHQ5DXPVFKLIIHQLQGHU*HJHQGKHUXPXQGZXQGHUQVLFKGDQQGDVLH QLFKW]XUFNNRPPHQ3DKXQGPLFKZROOWHQVLHXPVFKXOHQ.|QQHQQLFKW HLQPDOPLWGHQDOWHQ6FKLIIHQXPJHKHQ1LFKWVN|QQHU(OHQGLJH 7DXJHQLFKWVH'XPPN|SIHJDE7RUHURLKPUHFKWZDKUVFKHLQOLFKGHVKDOE XPDXVGHP.lILJJHODVVHQ]XZHUGHQ $EHU*UD\ERXQGKDWWHNHLQH=HLWIULKQ:LUVXFKHQZHLWHUJDEHUEHNDQQW XQGVWDQGDXI,FKPDFKHHLQ1LFNHUFKHQ,Q]ZHL6WXQGHQNDQQVWGXPLFK DEO|VHQ 'HU(UVWH2IIL]LHUZDUJDQ]IURKIUHLQLJH=HLWDOOHLQEOHLEHQ]XN|QQHQ(U VHW]WHGDV6FKLIIDXIJOHLFKEOHLEHQGHQ.XUVXQGEHUQDKPGHQ %HREDFKWXQJVSRVWHQVHLQHV.DSLWlQV (UEHUVDKSURPSWGLHUHFKWVDP+RUL]RQWOLHJHQGH)HOVQDVHXQGGHQZHLW GDKLQWHUVWHKHQGHQ5DXFKSLO]ZHLOHUHEHQIDOOVYRUhEHUPGXQJHLQJHQLFNW ZDU$OVHU*UD\ERXQGDEO|VWHPHOGHWHHUPLWUXKLJHP*HZLVVHQ.HLQH EHVRQGHUHQ9RUNRPPQLVVH6LU *UD\ERXQGPXUPHOWHHWZDV8QYHUVWlQGOLFKHVLQVHLQHQ5RWEDUWXQGEHJDE VLFKDXIVHLQHQ3RVWHQ'DPLWHUVLFKQLFKWVRDOOHLQYRUNDPOLHHU7RUHUR DXVGHP.lILJ'HU3DSDJHLNUHLVFKWHYRU)UHXGHXQGPDFKWHHVVLFKDXIGHU 6FKXOWHUVHLQHV+HUUQEHTXHP =XVDPPHQEHWUDFKWHWHQVLHQXQGHQ%LOGVFKLUP 'HU)XQNHU6PLWKKDWWHHEHQIDOOVJHVFKODIHQ1DFKHLQHUKDVWLJHQ0DKO]HLW QDKPHUVHLQHQ3ODW]DQGHQ*HUlWHQZLHGHUHLQ(UVFKDOWHWHDXI(PSIDQJ XQGJLQJDOOHYHUIJEDUHQ:HOOHQOlQJHQGXUFKLPPHULQGHUVWLOOHQ+RIIQXQJ HLQ6LJQDODXI]XIDQJHQ,QHUVWHU/LQLHJLQJHVLKPGDUXPGHP&KHIVHLQH 8QHQWEHKUOLFKNHLWYRU$XJHQ]XIKUHQ 'DV6FKLFNVDOWDWLKPGHQ*HIDOOHQ
*UD\ERXQGVWLHUWHJHUDGHPLWPKVDPZLHGHUJH|IIQHWHQ$XJHQDXIGLH HLQW|QLJH2EHUIOlFKHKLQDEXQGVXFKWHQDFKVLFKEHZHJHQGHQ3XQNWHQDOV VHLQ)XQNHULQGLH=HQWUDOHVWU]WHXQGLKQDXVGHP+DOEVFKODIUL )XQN]HLFKHQ6LU.ODUWH[W6LHUXIHQXQV *UD\ERXQGVFKRVRKDVWLJLQGLH+|KHGD7RUHURGHQ+DOWYHUORUXQG]X %RGHQIODWWHUWH+LHUOLHIHUZWHQGDXIXQGDEGDEHLZVWH)OFKH DXVVWRHQG .ODUWH[W"VFKULH*UD\ERXQGYROOHU=ZHLIHOXQGGUlQJWHVLFKDQ6PLWKYRUEHL LQGLH)XQNEXGH0LWHLQHP)XVFKREHUGHQOlFKHUOLFKNOHLQHQ6FKHPHO EHLVHLWHDXIGHPGHUVFKPlFKWLJH6PLWK]XVLW]HQSIOHJWH:RLVWGDV 0LNURSKRQ" 6PLWKNDP]|JHUQGKHUEHL(UKDWWHVLFKVHLQHQ7ULXPSKDQGHUVYRUJHVWHOOW (LQYlWHUOLFKHV$XIGLH6FKXOWHU.ORSIHQGHV.DSLWlQVDQHUNHQQHQGH:RUWH /REIUVHLQH$XIPHUNVDPNHLWXQGZDVGLHVHU'LQJHPHKUVLQG :RGDV0LNURSKRQLVWZLOOLFKZLVVHQEUOOWH*UD\ERXQGVWDWWGHVVHQ:LH VROOLFKPLFKLQGLHVHP0DNNDURQLGXUFKHLQDQGHU]XUHFKWILQGHQ":DUGDV HLQH$QVSLHOXQJDXI0DUNRQL"6PLWKZXWHHVQLFKWHUKDWWHDXFKNHLQH=HLW GDUEHUQDFK]XGHQNHQ0LWKDVWLJHQ*ULIIHQVWHOOWHHUGLH=ZHLZHJ 9HUELQGXQJKHU $XVGHP/DXWVSUHFKHUGUDQJHQPLWJHULQJHU/DXWVWlUNH:RUWHLQ(QJOLVFK *UD\ERXQGPXWHPLWGHP2KUQDKHKHUDQJHKHQXPHWZDVYHUVWHKHQ]X N|QQHQ 'UHL*UDGSDVVLHUW%HQ|WLJHQ+LOIH'ULQJHQG0HOGHQ6LHVLFK1LFKW ODQGHQ/HEHQVJHIDKU :HLLFKVHOEVWLKU'XPPN|SIHEUOOWH*UD\ERXQGPLWYROOHU/DXWVWlUNHLQ GDVLQ]ZLVFKHQDXIJHIXQGHQH0LNURSKRQ*HEWHXUH3RVLWLRQEHNDQQW 'LH6WLPPHLP/DXWVSUHFKHUYHUVWXPPWHMlK,KU%HVLW]HUPXWHHLQH$UW 6FKRFNHUOLWWHQKDEHQ'DQQNDPVLHZLHGHUDEHUHVZDUHLQHDQGHUH 6WLPPH5XKLJXQGVLFKHUVDJWHVLH 3RVLWLRQXQEHNDQQW6HQGHQQXUPLW$UPEDQGJHUlW9HUVWHKHQ6LHJXW 'DVLVWGLH+DXSWVDFKHGU|KQWH*UD\ERXQG]XIULHGHQ4XDWVFKHQ6LH UXKLJZHLWHUZLUZHUGHQ6LHDQSHLOHQ(UVDJWH]X6PLWK/RVZHFNGHQ (UVWHQ2IIL]LHUDXI(UVROOZLHGHU%OLW]LQGLH=HQWUDOHNRPPHQ$OV6PLWK YHUVFKZXQGHQZDUQDKPHUVLFKZLHGHUGHQXQEHNDQQWHQ*HVSUlFKVSDUWQHU YRU6LQG6LHGHU.RPPDQGDQWGHVQRWJHODQGHWHQ6FKLIIHVRGHUVLQG6LH HWZDIUHLZLOOLJJHODQGHW"'DQQQlPOLFKKlWWHQ6LHHVYHUGLHQWGDPDQ6LH GRUWOLHHZR6LHMHW]WVLQG 'LH$QWZRUWNDPHUVWQDFKZHQLJHQ6HNXQGHQ 6LHVFKHLQHQHLQ6SDYRJHO]XVHLQ+DEHLFKUHFKW" )UHLQH6HNXQGHYHUVFKOXJHV*UD\ERXQGGLH6SUDFKH'DQQDEHUDOVHU VLHZLHGHUIDQGPDFKWHHUDXVVHLQHP+HU]HQNHLQH0|UGHUJUXEH 6LHHLQJHELOGHWHU$IIH6LH=XGXPPHLQ5DXPVFKLIIRKQH%UXFK]XODQGHQ XQGGDQQDXFKQRFKIUHFKZHUGHQ'DVKDEHLFKJHUQ(UQLFNWHGHPLQGLH =HQWUDOHVWUPHQGHQ5H[NXU]]X1DDXI6LHELQLFKJHVSDQQW
:LUDXFKDXI6LHNDPHVHLQZHQLJEHOXVWLJW]XUFN *UD\ERXQGVWDUUWHGDV0LNURSKRQDQGDQQEHJDQQHU]XJULQVHQ(UOLHEWH HVZHQQVHLQ*HVSUlFKVSDUWQHUQLFKWDXIGHQ0XQGJHIDOOHQZDU$EHUQXU LQ*UHQ]HQ6REDOGHUHLQHJHULQJIJLJHhEHUOHJHQKHLWGHVDQGHUHQDKQWH EHJDQQHU]XWREHQ 5HGHQ6LH9HUHKUWHVWHU5HGHQ6LHQXUGDPLWZLU6LHDQSHLOHQN|QQHQ (VJHQJWEULJHQVNDPHV]XUFNZHQQ6LHLQJURHU+|KHGHQ 3ODQHWHQXPNUHLVHQ6LHZHUGHQHLQLJHDWRPDUH5DXFKSLO]HHQWGHFNHQ6LH VWHKHQULQJVXPHLQH)HOVHQLQVHODXIGLHZLUXQVUHWWHQNRQQWHQ6LHLVWIUHL YRQ3ODVPD $FKGDVKDEHQ6LHDXFKVFKRQEHPHUNW"ZXQGHUWHVLFK*UD\ERXQG VS|WWLVFK,FKGDFKWH6LHKLHOWHQGDV*DQ]HLPPHUQRFKIUHLQH$UW 3XGGLQJ.OXJHV.LQG$QHUNHQQXQJ,KPILHOHLQZDVGHUDQGHUHJHVDJW KDWWH$WRPSLO]H"$OOHUKDQG+DEHQ6LH%RPEHQDXIGDVDUPH9LHK JHZRUIHQ" 6RHWZDVbKQOLFKHV5H[KDWWHPLWJHK|UW(UOLHGLH/,=$5'EHUHLWVK|KHU VWHLJHQXQGEHJDQQGLH6XFKH(VGDXHUWHQXU]ZHL0LQXWHQELVHUGLH $WRPSLO]HHQWGHFNWH(UQDKP.XUVGDUDXI ,FKQHKPHDQ6LHVLQG.RPPDQGDQWHLQHVhEHUZDFKXQJVNUHX]HUVIKUWH *UD\ERXQGGDV*HVSUlFKIRUW(UZROOWHDOOPlKOLFKZLVVHQPLWZHPHUHV]X WXQKDWWHXQGZHOFKH9RUVLFKWVPDQDKPHQHU]XHUJUHLIHQKDWWH:LHYLHOH /HXWHKDEHQ6LHEHLVLFK" (LQXQGDFKW]LJ:LUVLQGDQVSUXFKVORVXQGZHUGHQGDPLW]XIULHGHQVHLQ ZHQQ6LHXQVLQLKUHQ/DGHOXNHQRGHUDXIGHQ*lQJHQXQWHUEULQJHQ 1XUGDVQLFKWOHKQWH*UD\ERXQGHUVFKURFNHQDE1LFKWLQGHQ )UDFKWUlXPHQ 'LH6WLPPHYHUlQGHUWHVLFKQLFKW$FKXQGZDUXPQLFKW"*UD\ERXQG EUOOWH]XUFN,FKKDEH6LHHWZDVJHIUDJWXQGP|FKWHHLQH$QWZRUW:HU VLQG6LH":LHKHLW,KU6FKLII" :LUKDEHQNHLQ6FKLIIPHKU8QGZHULFKELQZHUGHQ6LHQRFKIUKJHQXJ HUIDKUHQ *UD\ERXQGYHUGDXWHGLH)UHFKKHLW,Q]ZLVFKHQZDUGLH/,=$5'GHU )HOVHQLQVHOHQWJHJHQJHVXQNHQXQGEOLHELQKXQGHUW0HWHU+|KHXQEHZHJOLFK VWHKHQ'LH0DWWVFKHLEHGHV%LOGVFKLUPVZDULQGHU)XQNEXGHJXW]XVHKHQ 7RUHURKDWWHVLFKDXIJHUDIIWXQGZDUDXIGDV'DFKVHLQHV.lILJVJHIORJHQ 'RUWKRFNWHHUVSUDFKORV0LWVHLQHQNOXJHQ$XJHQYHUIROJWHHUDOOHVZDVLQ GHU=HQWUDOHGHU/,=$5'JHVFKDKDOVYHUVWQGHHUHV9LHOOHLFKWZDUGDV VRJDUGHU)DOO -HW]WZlUHHVJXW6LHODQGHWHQVFKOXJGLH6WLPPHDXVGHP/DXWVSUHFKHU YRU(VLVWULFKWLJHU)HOVPDVVLYXQGKDOWEDU 5H[.QDWWHUEXOOGHXWHWHDXIGHQ%LOGVFKLUP 'LH,QVHOLVWYRQ3ODVPDXQJHKHXHUQXPJHEHQ6LHHQWVWHKHQDXVGHU 2EHUIOlFKHXQGPDUVFKLHUHQDXIGHQ)HOVHQ]X:HQQZLUXQVQLFKWEHHLOHQ VLQGGLH/HXWHYHUORUHQ
'HQHQZHUGHQZLUPDO]HLJHQZDVGLH/,=$5'NDQQJDE*UD\ERXQG ]XUFNXQGVDJWHLQV0LNURSKRQ-HW]WZlUHHLQ/DQGXQJ]XJHIlKUOLFK *HKHQ6LHLQ'HFNXQJ:LUZHUGHQGLH%LHVWHUXPEULQJHQ 6LHVLQGVHKUODQJVDPNDPHV]XUFN%LVVLHEHLXQVVLQGN|QQHQ6LH XQVOlQJVWDXIJHQRPPHQKDEHQ+DEHQ6LHYHUVWDQGHQ" 'DVVFKRQDEHULFKK|UHQLFKWEUOOWH*UD\ERXQGXQGNDPLQGLH=HQWUDOH 6HLQH$QRUGQXQJHQDQGLH*HVFKW]EHGLHQXQJHQZDUHQH[DNWXQGNXU] 'DQQQLFNWHHU5H[]X$OVRORV 'LH/,=$5'UDVWHLP6WXU]IOXJDXIGLH$UPHHGHU0RQVWUHQ]XXQGHU|IIQHWH HLQP|UGHULVFKHV)HXHU$XVDOOHQ*HVFKW]HQEOLW]WHQGLH(QHUJLHVWUDKOHQ ]XU2EHUIOlFKHKLQDEXQGIDQGHQLKU=LHO'LHJOXWIOVVLJHQ*HELOGH YHUVDQNHQLQGHP3ODVPDWHLJ 8PGLH)HOVHQLQVHO]RJVLFKHLQIHXULJHU5LQJ9RQEHLGHQ6HLWHQKHUEHJDQQ GHU]lKIOVVLJH%UHLLQGLHHQWVWDQGHQH/FNH]XIOLHHQ ,FKPHLQHHVZlUHJHQXJVDJWH5H[*UD\ERXQGEHWUDFKWHWHVHLQ =HUVW|UXQJVZHUNXQGQLFNWH 'DV0RQVWUXPEULQJHQZLU]ZDUGDPLWQLFKWXPDEHUGLHVHHLQJHELOGHWHQ 1DUUHQGRUWXQWHQZLVVHQZHQLJVWHQVPLWZHPVLHHV]XWXQKDEHQ6LH ZHUGHQLQ=XNXQIWK|IOLFKHU]XPLUVHLQ ,QGHU)XQNEXGHXQWHUKLHOWVLFK6PLWKPLWGHPXQEHNDQQWHQ *HVSUlFKVSDUWQHU(LQLJH:RUWIHW]HQZHKWHQLQGLH=HQWUDOHXQGHUUHLFKWHQ *UD\ERXQGV2KUHQ 6HLQURWHU%DUWEHJDQQ]X]LWWHUQ0LWHLQHP6FKQDXEHQGDVHLQHV1LOSIHUGHV ZUGLJJHZHVHQZlUHIXKU*UD\ERXQGDXVGHP6HVVHO=ZHL6lW]HEUDFKWHQ LKQ]X6PLWKGHQHUUFNVLFKWVORV]XU6HLWHVWLH(UIDQGGDV0LNURSKRQ VRIRUW 1XQKDOWHQ6LHGLH/XIWDQ6LHLPLWLHUWHUVWHOOYHUWUHWHQGHU+LOIVUDXPIDKUHU 6LHEUOOWHHUHPS|UW6LHZROOHQXQVJXWH5DWVFKOlJHJHEHQZR6LHVHOEVW LQGHU7LQWHVLW]HQ":lUHQ6LHQLFKWVRGXPPVlHQ6LHQlPOLFKQLFKWKLHU VRQGHUQZRDQGHUV,FKZUGHDPOLHEVWHQRKQH6LHYRQKLHUYHUVFKZLQGHQ =XP*OFNZHLLFKGD6LHGDVQLFKWLP(UQVWPHLQHQJDEGHU 8QEHNDQQWH]XUFN'LH6FKPlKXQJHQ*UD\ERXQGVVFKLHQHUQLFKW VRQGHUOLFKWUDJLVFK]XQHKPHQ8QGQXQODQGHQ6LHVFKRQ *UD\ERXQGVWDPSIWHZWHQGPLWGHP)XDXIQLFNWH.QDWWHUEXOOGLH *HQHKPLJXQJ]XXQGGR]LHUWHLQGDV0LNURSKRQ ,FKZLOO,KQHQPDOZDVVDJHQ6LH*UQVFKQDEHOXQGQHKPHQ6LHHVVLFK ]X+HU]HQ0LWGHPDOWHQ&DSWDLQ6DPXHO*UD\ERXQGVSULQJWPDQQLFKWVR XPZLH6LHHV]XWXQEHOLHEHQ*XWLFKQHKPH6LHDQ%RUGPHLQHV6FKLIIHV ZHLOHV0HQVFKHQSIOLFKWLVW$EHU6LHEOHLEHQLQGHQ,KQHQ]XJHZLHVHQHQ .DELQHQ:HQQLFKHLQHQ,KUHU/HXWHKHUXPVFKQIIHOQVHKHZHUIHLFKLKQLQ GHQ:HOWUDXP,VWGDVNODU" 9|OOLJNODUNDPHVDPVLHUW]XUFN+DEHQ6LHGHQQHWZDV]XYHUEHUJHQ" *UD\ERXQGVFKQDSSWHQDFK/XIWDEHUHUNDPQLFKWPHKUGD]XHLQH *HJHQUHGHYRP6WDSHO]XODVVHQ:lKUHQGVHLQ(UVWHU2IIL]LHUGLH/,=$5'
VDQIWDXIGHU)HOVHQLQVHOODQGHWHIOLPPHUWHLQGHUHQJHQ)XQNNDELQHGLH/XIW LQIHLQHQ:LUEHOQXQGDXVGHP1LFKWVKHUDXVPDWHULDOLVLHUWHGHU0DXVELEHU *XFN\ *HQDXYRU*UD\ERXQGV1DVHDXIGHPVFKPDOHQ7LVFK 'HU.DSLWlQOLHGLH/XIWZLHGHUDXVGHQ/XQJHQ(UVWDUUWHGDVHLQ0HWHU KRKH7LHUYHUEOIIWDQXQGEHJDQQDQHLQH+DOOX]LQDWLRQ]XJODXEHQ'DDEHU JHVFKDKHWZDVGDVLKQHLQHV%HVVHUHQEHOHKUWH *XFN\EHJDQQPLWVFKULOOHU6WLPPH]XVFKLPSIHQ 'XXQYHUVFKlPWHVURWKDDULJHV6FKHXVDOYRQHLQHP0HQVFKHQ'X 6HHOHQYHUNlXIHU:LHNDQQVWGXHVZDJHQVRPLWGHP&KHI]XUHGHQ"'X :DQ]H0FNH'XGX1LFKWV *XFN\V1DFNHQKDDUHVWDQGHQVWHLO]X%HUJH$XVVHLQHQ0DXVDXJHQGLH VRQVWVRVDQIWXQGWUHXKHU]LJEOLFNHQNRQQWHQVSUKWHQUHJHOUHFKWH =RUQHVEOLW]H *UD\ERXQGZDU]XUFNJHZLFKHQ6HLQ%DUW]LWWHUWHYRU(UUHJXQJ'DV ]HWHUQGH%LHVWGDDXIGHP)XQNWLVFKPXWH:LUNOLFKNHLWVHLQZHQQHUDXFK QLFKWEHJUHLIHQNRQQWHZLHHVGDKLQJHNRPPHQZDU8QGGDQQUHGHWHHV DXFKQRFK8QYHUVWlQGOLFK :HLWGXEHUKDXSWPLWZHPGXGLHJDQ]H=HLWJHVSURFKHQKDVWGX"0LW 3HUU\5KRGDQGHP$GPLQLVWUDWRUGHV6RODUHQ,PSHULXPV ,Q*UD\ERXQGEUDFKDOOHV]XVDPPHQ*HJHQZDUW=XNXQIW3OlQHHLQH JDQ]H:HOW(UZDUHUOHGLJW)HUWLJ)HUWLJ$XV (UJDENHLQH$QWZRUW$Q/HLEXQG6HHOHJHEURFKHQZDQNWHHU]XVHLQHP 6HVVHOLQGHU=HQWUDOHXQGVDQNLQGLH3ROVWHU 0LFKWULIIWGHU6FKODJMDPPHUWHHUYHU]ZHLIHOW0XGHQQGDVVHLQ",FK WUlXPHQXUMDJDQ]EHVWLPPWLFKWUlXPH'DVNDQQGRFKHLQIDFKQLFKW ZDKUVHLQ3HUU\5KRGDQ$XVJHUHFKQHW5KRGDQ -DDXVJHUHFKQHWEHVWlWLJWH*XFN\XQGVSUDQJYRP7LVFK*UDYLWlWLVFK ZDWVFKHOWHHULQGLH=HQWUDOHXQGEDXWHVLFKYRU*UD\ERXQGDXI,Q]ZLVFKHQ VFKDOWHWH5H[GHUVLFKQLFKWKDWWHVW|UHQODVVHQGHQ$QWULHEDEZDQGWHVLFK XPXQGEHWUDFKWHWHGHQ0DXVELEHUPLWVLFKWOLFKHU9HUZXQGHUXQJ'DKDVW GXHEHQ3HFKJHKDEW 'LHVHUYHUZQVFKWH6PLWKVFKRE*UD\ERXQGGLH6FKXOGDXIVHLQHQ)XQNHU :RLVWHUEHUKDXSW" 8QWHUGHP1DYLJDWLRQVXQG.DUWHQWLVFKZDUHLQYHUKDOWHQHV6W|KQHQ'DQQ IOVWHUWHMHPDQG 0LULVWQLFKWJDQ]ZRKO6LU'LH$XIUHJXQJ )HLJOLQJGRQQHUWH*UD\ERXQGXQGOLHGDV7KHPDIDOOHQ(UPXVWHUWH *XFN\HLQJHKHQG:LHELVWGXLQV6FKLIIJHODQJW" 7HOHSRUWDWLRQPHLQ%HVWHU+DVWGXQRFKQLHHWZDVYRQ*XFN\JHK|UW" 'HUELQLFK *UD\ERXQGJULIIVLFKLQGHQ%DUW0HLQ*RWW*XFN\'DQQELVWGXDOVRGDV 8QLNXPGDV %LWWHZDV"HUNXQGLJWHVLFK*XFN\VNHSWLVFK
1LFKWVJDE*UD\ERXQG]XUFN(UZDULQ]ZLVFKHQUXKLJHUJHZRUGHQXQG VXFKWHQDFKHLQHP$XVZHJIUVLFKXQGVHLQH)UDFKW'DQQZROOHQZLUPDO VHKHQZDVVLFKWXQOlW(UVWDQGDXI5H[GXNPPHUVWGLFKGDUXPGD HLQHUGHU5lXPHOHHUJHPDFKWZLUG'LH7HGG\ElUHQN|QQHQLQ/XNHVLHEHQ JHEUDFKWZHUGHQ,FKGHQNHPLW1RWEHWWHQDXV'HFNHQOlWVLFKVFKRQHLQ 4XDUWLHUHLQULFKWHQ8QGIU5KRGDQXQGVHLQH2IIL]LHUHKP(UYHUVDQN HUQHXWLQ1DFKGHQNHQ*XFN\JULQVWHYHUVWHKHQG(UZXWHEHUHLWVPLW ZHOFKHQ3UREOHPHQGHUDOWH5RWEDUW]XNlPSIHQKDWWH1DWUOLFKYHUJDGHU ZLHGHUGDHVVRHWZDVZLH7HOHSDWKHQJDE$EHUGDVZDUQXUJXWVR5H[ VWDPSIWHDXVGHU=HQWUDOH*UD\ERXQGEFNWHVLFKXQGVWUHLFKHOWHEHUGDV 1DFNHQIHOOGHV0DXVELEHUV $OVRGXELVWGHUWDSIHUHXQGNOXJH*XFN\"(VLVWPLUHLQH(KUHGLFK NHQQHQ]XOHUQHQ.RPPJHKHQZLU'HU&KHIZDUWHW 8QGPLWVHKUJHPLVFKWHQ*HIKOHQWUDWHULQGHQ*DQJKLQDXVGHU]XU /XIWVFKOHXVHIKUWH:HQQHUHLQHKDOEH6WXQGH=HLWJHZDQQNRQQWHHV NODSSHQ%LVGDKLQZUGH5H[HLQHQ3ODW]IUGLH6FKLIIEUFKLJHQJHVFKDIIHQ KDEHQ'LHUHVWOLFKHQ/DGHUlXPHZDUHQXQGEOLHEHQGDQQYHUVFKORVVHQ 1LHPDQGZUGH9HUGDFKWVFK|SIHQ (UOLHDOOH7UHQKLQWHUVLFKRIIHQGHQQGLH/XIWDXIGHP3ODQHWHQZDUMD JXW0LW*XFN\DQGHU+DQGVSD]LHUWHHUDQHLQLJHQ0LWJOLHGHUQVHLQHU 0DQQVFKDIWYRUEHLGLHLKPPLWKlQJHQGHQ8QWHUNLHIHUQIDVVXQJVORV QDFKVWDUUWHQ 'DHUVWEHPHUNWHHUGDGHU0DXVELEHUOlQJVWZLHGHUYHUVFKZXQGHQZDU XQGHUPLWKHUDEKlQJHQGHQ$UPHQZLHHLQ$IIHGXUFKGHQ*DQJVFKOHQGHUWH 'LH0lQQHUPXWHQGHQNHQGDHUEHUJHVFKQDSSWZDURGHUHLQHQQHXHQ 7DQ]NUHLHUWH2GHUEHLGHV 6LHZHUGHQGLHVHQXQYHUVFKlPWHQ.HUOGRFKVRIRUWIHVWQHKPHQODVVHQ 6LU"YHUJHZLVVHUWHVLFK2EHUVW&ODXGULQ0DMRU.UHIHQEDFXQG%XOO\GLH GDEHLVWDQGHQQLFNWHQ]XVWLPPHQG'HU7DWEHVWDQGGHU%HOHLGLJXQJGHV 6WDDWVREHUKDXSWHVVWHKWIHVW 5KRGDQOlFKHOWHXQGVFKWWHOWHGHQ.RSI$EHUPHLQOLHEHU&ODXGULQZHUZLUG VLFKGHQQVRHUHLIHUQ"'HUJXWH*UD\ERXQGKDWGRFKQLFKWJHZXWPLWZHP HUHV]XWXQKDWWH$XHUGHPKDWHUMDJDUQLFKWVRXQUHFKW:LUKlWWHQXQV GLHVHQ3ODQHWHQZLUNOLFKQlKHUDQVHKHQVROOHQHKHZLUODQGHWHQ:LUKDEHQ XQVLQGHU7DWQLFKWZLHHUIDKUHQH5DXPIDKUHUEHQRPPHQ &ODXGULQULFKWHWHVHLQHNORW]LJH)LJXUDXI :LH6LHPHLQHQ6LU(VZDUDXFKQXUHLQH%HPHUNXQJYRQPLU 6LHVDKHQ]XZLHGLH/,=$5'LQKXQGHUW0HWHU(QWIHUQXQJVDQIWXQGJHNRQQW DXIJHVHW]WZXUGH'DQQVFKZLHJHQGLHYHUDOWHWHQ7ULHEZHUNH'LHSO|W]OLFKH 5XKHQDFKGHPGRQQHUQGHQ6SHNWDNHOZLUNWHIDVWVFKPHU]KDIW $EHUHLQHQ'HQN]HWWHOKDWHUYHUGLHQWPXUPHOWH%XOO\0DQNDQQXQVQLFKW XQJHVWUDIWDOV'XPPN|SIHEH]HLFKQHQ
*XFN\LVWEHLLKPVDJWH5KRGDQ'HU'HQN]HWWHOLVWJHQXJ:LUZROOHQ GRFKQLFKWYHUJHVVHQGDZLURKQH&DSWDLQ*UD\ERXQGQRFKLQ]HKQ-DKUHQ KLHUIHVWVlHQ:LHHVVFKHLQWKDWQXUHUXQVHU1RWVLJQDODXIJHIDQJHQ:LU YHUGDQNHQLKPXQVHU/HEHQ %XOO\JDENHLQH$QWZRUW(UVDKGDV$UJXPHQWHLQ(LQ/HEHQVUHWWHUNRQQWH HVVLFKHUODXEHQ)UHFKKHLWHQYRQVLFK]XJHEHQ 'LH:DFKHQVWDQGHQQRFKXPGLH,QVHOYHUWHLOWDEHUELVKHUKDWWHQVLFKNHLQH QHXHQ0RQVWUHQJHELOGHW2EGDV3ODVPDZHVHQGHQ.DPSIDXIJHJHEHQ KDWWHRGHUREHVKRIIWHDXFKGDVDQGHUH6FKLIIZUGHVRGXPPVHLQDXI LKP]XODQGHQ"9LHOOHLFKWZUGHQVLHHVQLHPDOVHUIDKUHQ *XFN\PDWHULDOLVLHUWHQHEHQ5KRGDQ (VJLEWHLQLJH1HXLJNHLWHQIOVWHUWHHUJHKHLPQLVYROO'HUDOWH.DSLWlQLVW QLFKWVRJDQ]RKQH 'DFKWHLFKHVPLUGRFKJDE5KRGDQHEHQVROHLVH]XUFN6HLQH WHOHSDWKLVFKHQ)lKLJNHLWHQUHLFKWHQDXV*XFN\V*HGDQNHQ]XHPSIDQJHQ $OVGDKHU&DSWDLQ*UD\ERXQGREHQLQGHUDXIVFKZLQJHQGHQ/XNHGHU /,=$5'HUVFKLHQXQGDXI5KRGDQKHUDEEOLFNWHZDUGHU7UDPSIDKUHUEHUHLWV GXUFKVFKDXW (VZDUHLQ*OFNGDGLH0DQQVFKDIWLKUHQSROWHUQGHQ.DSLWlQMHW]WQLFKW VHKHQNRQQWH'HUKDWWHQlPOLFKDXVJHSROWHUW0LWHLQHU*HVFKLFNOLFKNHLWGLH PDQLKPQLFKW]XJHWUDXWKlWWHWXUQWHHUGLH/HLWHUKLQXQWHUKROWHWLHI/XIW XQGVFKULWWDXI5KRGDQ]X 0HLQ6FKLIIVWHKW,KQHQ]XU9HUIJXQJ6LUVlXVHOWHHUDOVHU5KRGDQ HUUHLFKWH(UQDKPGLH+DQGGHV$GPLQLVWUDWRUVXQGGUFNWHVLHNUlIWLJ 0HLQH/HXWHULFKWHQJHUDGHHLQLJH.DELQHQIU6LHKHU'DUILFKIUDJHQ ZDUXP6LHKLHUDXIGLHVHUZVWHQ:HOWODQGHWHQ":RKDEHQ6LH,KU6FKLII JHODVVHQ" ([SORGLHUWLP5DXP'UHL/LFKWMDKUHYRQKLHU:LUODQGHWHQPLWHLQHP 5HWWXQJVERRWGDVYHUVDQN'DQQIORKHQZLUXQGIDQGHQGLHVH)HOVHQLQVHO 'DVLVWHLJHQWOLFKDOOHV 2KPDFKWH*UD\ERXQGPLWDOOHQ$Q]HLFKHQGHU9HUOHJHQKHLW6LHODQGHWHQ DOVRQLFKWIUHLZLOOLJKLHU"'DQQQHKPHLFKDOOHV]XUFNZDVLFKYRUKLQ]X ,KQHQVDJWH 6FKRQJXWQLFNWH5KRGDQXQGOlFKHOWHLKP]X$EHUGDQQZXUGHVHLQH $XIPHUNVDPNHLWYRQHLQHPZVWHQ*HVFKLPSIHDEJHOHQNWGDVDXVGHU /XIWVFKOHXVHGHU/,=$5'GUDQJ'DQQIODWWHUWHHLQIDUEHQSUlFKWLJHV(WZDV GXUFKGLH/XIWXQGODQGHWHJHQDXDXI*UD\ERXQGV6FKXOWHU 7RUHURKDWWHHQGOLFKVHLQHQ+HUUQZLHGHUJHIXQGHQ $OWHU*DXQHU'lPOLFKHU'HSSIDXFKWHHU5KRGDQDQGHUVLFKLQWHUHVVLHUW YRUJHEHXJWKDWWH:DVVDJVWHQX" %XOO\UL0XQGXQG$XJHQDXI(QGOLFKEHNDPHU/XIW 'DVKDOWHLFKQLFKWDXVVW|KQWHHUJHVFKODJHQ(LQHQ9RJHOKDWHUDXFK QRFK
*UD\ERXQGVFKZDQNWH]ZLVFKHQ9HUOHJHQKHLWXQGbUJHU(UHQWVFKLHGVLFK IUHLQHQ.RPSURPL (LQNOXJHU9RJHOQXUPDQFKPDOHWZDVYRUODXW(UNHQQW6LHQDWUOLFKQLFKW 0LVWHU5KRGDQ (VZXUGHSO|W]OLFKVHKUVFKZHLJVDP 'HU*UXQGGD]XZDU*XFN\'HU0DXVELEHUKDWWHQRFKQLHLQVHLQHP/HEHQ HLQHQ3DSDJHLJHVHKHQ*DQ]EHVWLPPWQRFKNHLQHQGHUVSUHFKHQNRQQWH XQGGHQ$GPLQLVWUDWRUGHV6RODUHQ,PSHULXPVHLQHQ*DXQHUXQG'HSSHQ QDQQWH *XFN\V0XQGZDUOHLFKWJH|IIQHW'HU1DJH]DKQKLQJYHUHLQVDPWXQGZLH HVVFKLHQHLQZHQLJPHODQFKROLVFKKHUDXVXQGUHL]WHQLFKWHLQPDO%XOO\]XP /DFKHQ/HGLJOLFK7RUHURVFKLHQ*HIDOOHQGDUDQ]XILQGHQ(UIODWWHUWH DXIJHUHJWPLWGHQ)OJHOQXQGNUHLVFKWHODXWXQGVHKUGHXWOLFK+XUUDHLQ VWHLOHU=DKQ *XFN\NODSSWHGHQ0XQG]X(UEOLHELPPHUQRFKVWXPP'DV%LHVWKDWWHMD 9HUVWDQG8QGZDVIUHLQHQ 5KRGDQJHQRQDFKGHQEHUVWDQGHQHQ*HIDKUHQGDV6FKDXVSLHOGDVVLFK VHLQHQ$XJHQERW8QGQDWUOLFKVHLQHQ2KUHQ$XFKGLH2IIL]LHUHZDUHQ QlKHUJHWUHWHQ6LHKDWWHQQRFKQLHHUOHEWGDGHU0DXVELEHUHLQH$QWZRUW VFKXOGLJJHEOLHEHQZlUH%LVDXIMHW]W *UD\ERXQGZDUVHLQHP/LHEOLQJGDQNEDUIUGLH6KRZGLHHUGDUERW-HGH 0LQXWH=HLWJHZLQQEHGHXWHWHPHKU6LFKHUKHLWIULKQ,Q]ZLVFKHQZXUGHLQ GHU/,=$5'DXIJHUlXPW 'X.QDOONRSIVDJWH7RUHURXQGVDKDQ*XFN\YRUEHL6HLQHNOXJHQ 9RJHODXJHQUXKWHQEHKDUUOLFKDXI%XOO\VURWHP*HVLFKW(VZDURIIHQVLFKWOLFK GDHUGLHVPDOLKQJHPHLQWKDWWH$EHUDXFK%XOO\JDENHLQHQ.RPPHQWDU 6FKZHLJHQGXQGIDVVXQJVORVVFKOXFNWHHUGLH%HOHLGLJXQJ 2EHUVW&ODXGULQWUDWYRU6HLQHPlFKWLJH*HVWDOWYHUGHFNWHVRZRKO*XFN\ZLH %XOO\ 0DQQGRQQHUWHHU*UD\ERXQGZWHQGDQRKQHVLFKYRQ5KRGDQGDUDQ KLQGHUQ]XODVVHQ)KUHQ6LH,KUHQ=LUNXVZRDQGHUVDXIDEHUQLFKWKLHUEHL XQV6LHKDEHQZRKOGHQ9HUVWDQGYHUORUHQZDV" *UD\ERXQGEHWUDFKWHWHGHQ(SVDO*HERUHQHQPLWlXHUVWHU6NHSVLV &ODXGULQZDU]ZDUNOHLQHUDOVHUDEHUGDIUPHKUDOVGRSSHOWVREUHLW6HLQH 6WLPPHEHUWUDIDQ/DXWVWlUNHDOOHVZDV*UD\ERXQGMHYHUQRPPHQKDWWH XQGGLHULHVLJHQ)lXVWHVFKORVVHQMHGHQ=ZHLIHOGDUEHUDXVZR]XPDQVLH QRFKJHEUDXFKHQNRQQWH $EHU*UD\ERXQGZDUHLQ0HQVFKRKQH6NUXSHOXQGRKQH)XUFKW5KRGDQ UHVSHNWLHUWHHUGDVZDUVHOEVWYHUVWlQGOLFK$EHUGLHVHU.ORW]YRQHLQHP 0DQQ 6LHVROOWHPDQOLHEHUKLHUDXIGHU)HOVHQLQVHO]XUFNODVVHQEUOOWHHU]XUFN XQGEHPHUNWHPLW*HQXJWXXQJGD&ODXGULQHUEODWH2EYRU6FKUHFNRGHU :XWZDUQLFKWIHVW]XVWHOOHQ'DQQKDWGDV0RQVWUXPZHQLJVWHQVIUGLH QlFKVWHQGUHL:RFKHQHWZDV]XIUHVVHQ(UNPPHUWHVLFKQLFKWPHKUXP
GHQ2EHUVWGHQQLQ]ZLVFKHQKDWWHVLFK%XOO\YRQVHLQHUhEHUUDVFKXQJHUKROW XQGZDUQlKHUJHWUHWHQ0LWIRUVFKHQGHQ$XJHQEHWUDFKWHWHHUGHQ3DSDJHL DXI*UD\ERXQGV6FKXOWHU1DZDVZROOHQ6LHGHQQ"7RUHURLVW XQYHUNlXIOLFK (LQJDQ]JHZ|KQOLFKHU3DSDJHLPXUPHOWH%XOO\HQWWlXVFKW:DKUVFKHLQOLFK KDWWHHUHWZDVDQGHUHVHUZDUWHW,VWHUDEJHULFKWHW" (KH*UD\ERXQGGHQ+DQGHOHQGJOWLJDEVFKODJHQNRQQWHHUVFKLHQLQGHU (LQVWLHJOXNHGHU/,=$5'GHU(UVWH2IIL]LHU $OOHVEHUHLW]XUhEHUQDKPHGHU3DVVDJLHUHULHIHU 5KRGDQZROOWH*UD\ERXQGDXIVLFKDXIPHUNVDPPDFKHQXQGWLSSWHLKPPLW GHP=HLJHILQJHUJHJHQGHQ$UP7RUHURKDFNWHKLQWHUOLVWLJ]XDEHU5KRGDQ UHDJLHUWHXQZDKUVFKHLQOLFKVFKQHOO(UJULII]XXQGKLHOWHLQH6HNXQGHVSlWHU GHQ]DSSHOQGHQhEHOWlWHULQGHU+DQG 0|UGHUNUHLVFKWHGHUYHU]ZHLIHOWH3DSDJHLXQGYHUVXFKWHVLFK]XEHIUHLHQ +LOIH0|UGHUXQG9HUEUHFKHU:LUVLQGMDQXUNOHLQH6FKPXJJOHU 5KRGDQEHWUDFKWHWH7RUHURHUVWDXQWXQGVHW]WHLKQZLHGHUDXI*UD\ERXQGV 6FKXOWHU(UEOLQ]HOWHGHPDOWHQ.DSLWlQYHUWUDXOLFK]X (LQNOXJHV7LHUVRVDJWHQ6LHGRFK&DSWDLQ%HKDXSWHQ6LHGDVQRFK LPPHU" (ULVWHWZDVYRUODXW6LU6SULFKWDXFKQLFKWLPPHUGLH:DKUKHLW*UD\ERXQG ZDUVLFKWOLFKEHPKWGDV7KHPD]XZHFKVHOQ'DUILFK6LHELWWHQ,KUH/HXWH LQV6FKLII]XVFKLFNHQ"'LH4XDUWLHUHZHUGHQ,KQHQYRQPHLQHU0DQQVFKDIW ]XJHZLHVHQ(U]|JHUWH,FKZlUH,KQHQGDQNEDU6LUZHQQ6LHYHUDQODVVHQ ZUGHQGDMHGHUDXIVHLQHP3ODW]EOHLEW0HLQ6FKLIIZLVVHQ6LHLVWQLFKW GDVQHXHVWH 9HUVWHKHQLFNWH5KRGDQ6LHN|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|UWH6FKODJZRUWHQDFKVRQGHUQHUJHEUDXFKWH GLHVH:RUWHPLW9HUVWDQG6HLQH%HPHUNXQJHQSDWHQIDVWLPPHU:LUNOLFK IDVWLPPHU"'DVZDUHQ]ZHL)UDJHQQLFKWQXUHLQH8PGHQ3DSDJHLZUGH HUVLFKQRFKVSlWHUNPPHUQ'LHHLQH)UDJHNRQQWHKLQJHJHQQXU&DSWDLQ *UD\ERXQGEHDQWZRUWHQ $OVGLH0DQQVFKDIWXQWHUJHEUDFKWZDUXQGGLH:XW2EHUVW&ODXGULQVEHU GDVYHUGDPPWH'UHFNORFKDEJHNOXQJHQZDUQDKP5KRGDQ-RKQ0DUVKDOO EHLVHLWHXQGEHIDKOLKPGLH*HGDQNHQ*UD\ERXQGVLQDOOHU5XKH]X
VRQGLHUHQ%HVRQGHUVZHQQHUDQVHLQH)UDFKWGDFKWH'DQQEHJDEHUVLFK PLW*XFN\LQGLH.RPPDQGR]HQWUDOHGHU/,=$5' (VZDU*UD\ERXQG]ZDUQLFKWUHFKWDEHUZHQQHUDXFK7HLOKDEHUHLQHU SULYDWHQ+DQGHOVJHVHOOVFKDIWZDUEOLHE5KRGDQLPPHUQRFKGHU $GPLQLVWUDWRUGHVVHQ6RQGHUYROOPDFKWHQLKQJOHLFK]HLWLJ]XP9RUJHVHW]WHQ MHGHVWHUUDQLVFKHQ5DXPIDKUHUVPDFKWHQ:HQQ5KRGDQLQGHU=HQWUDOH]X ZHLOHQZQVFKWHJDEHVNHLQ9HWRGDJHJHQ8QGZDVGLHVHQ0DXVELEHU DQJLQJ*UD\ERXQGGDFKWHQLFKWZHLWHU'DV/XGHUZDU7HOHSRUWHU1XU QLFKWYHUJHVVHQVFKlUIWHHUVLFKHLQ 6WDUWHQEHIDKOHU5H['DQQZDQGWHHUVLFKDQ5KRGDQ(VLVWHQJEHL XQV1HKPHQ6LHPHLQHQ6HVVHOLFKNDQQVWHKHQ 5KRGDQQDKPGDV$QJHERWDQXQGVHW]WHVLFK'DQQVDJWHHUJOHLFKPWLJ :DVVFKPXJJHOQ6LHHLJHQWOLFK&DSWDLQ*UD\ERXQG" 5H[.QDWWHUEXOO]XFNWH]XVDPPHQ(UNDPODQJVDPQlKHU:LHHVVFKLHQ HUNDQQWHHU5KRGDQQLFKW2GHUZROOWHHULKQQLFKWNHQQHQ 6ROOLFKLKQDXVGHP6FKLIIZHUIHQ"HUNXQGLJWHHUVLFK*UD\ERXQGZLQNWH KHIWLJDE+DOWGHQ0XQGGX'XPPNRSI5KRGDQDXVGHP6FKLIIZHUIHQ GDLFKQLFKWODFKH(UVFKQDSSWHQDFK/XIW6DJWHQ6LHVFKPXJJHOQ0LVWHU 5KRGDQ":LHPHLQHQ6LHGDV" :DVKDEHQ6LHJHODGHQ" 5KRGDQJULQVWH*XFN\LVWDXFK7HOHSDWK 6SLHO]HXJ8QG7HGG\ElUHQ)UGLH.LQGHUFKHQDXI7XJODQ%LVZLUGDVLQG ZHUGHQVLHZRKOZDFNHOLJH*UHLVHJHZRUGHQVHLQZHQQGDVVRZHLWHUJHKW $FK7HGG\ElUHQ"GHKQWH5KRGDQXQGVDK*XFN\DQ'LH*HGDQNHQ ZXUGHQDXVJHWDXVFKW5KRGDQZXWHZDV*UD\ERXQGDXFKZXWH8QG ZDVKDEHQ6LHLQGHQ7HGG\El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lWHUHLQHQ]ZHLWHQ%HVXFKXQWHUEHVVHUHQ%HGLQJXQJHQDE8QG]X *UD\ERXQGJHZDQGWIXKUHUIRUW1XQ&DSWDLQ"+DEHQ6LHGHQQZLUNOLFK NHLQ9HUWUDXHQ]XPLU"6FKOLHOLFKVROOWHQZLU)UHXQGHVHLQ6LHKDEHQPLU GDV/HEHQJHUHWWHWGDIUKDEHQ6LHHLQHQ:XQVFKIUHL:HQQHVJHKWZHUGH LFK,KQHQGHQ:XQVFKHUIOOHQ *UD\ERXQGVWDUUWH5KRGDQXQJOlXELJDQ'DQQKHOOWHVLFKVHLQ*HVLFKWDXI 6LUZDVPHLQH)UDFKWDQJHKWEHVRQGHUVGLH7HGG\ElUHQ
'DVPHLQ/LHEHUJHK|UWQLFKW]XGHP:XQVFK6LHZUGHQLKQ YHUVFKZHQGHQ1HLQQLFKWZLH6LHGHQNHQ*ODXEHQ6LHGHQQLFKZUGH ,KQHQ,KU*HVFKlIWYHUGHUEHQ"-DZUGHQ6LH:DIIHQRGHU5DXVFKJLIW XQNRQWUROOLHUW]XIUHPGHQ9|ONHUQEULQJHQ$EHU6LHVFKPXJJHOQ 0HGLNDPHQWHZHLOGLHDXI*ODWUD,,,JXWEH]DKOWZHUGHQ'LH$UDVOLHIHUQ WHXHUHUXQGDXHUGHPZHUWORVHV=HXJ6LHWXQQXUHLQJXWHV:HUN *UD\ERXQG6LFKHU0HGLNDPHQWHVROOWHQRUGQXQJVJHPlYHU]ROOWZHUGHQ DEHULFKJHEH]XGLHHQWVSUHFKHQGHQ%HVWLPPXQJHQEHGUIHQGHU hEHUSUIXQJ1DQXZDVPDFKHQ6LHGHQQIUHLQ*HVLFKW" *UD\ERXQGVDKLQGHU7DWVRDXVDOVKDEHPDQLKPVRHEHQPLWJHWHLOWVHLQ 6FKLIIVHLEHVFKODJQDKPWZRUGHQ'LH]HUIDVHUWHQ+DDUHVHLQHVVRQVWVR SUlFKWLJHQ5RWEDUWHVKLQJHQWUDXULJKHUDEXQGDXFK7RUHUROLHGLH)OJHO VLQNHQDOVKDEHHUDOOHVYHUVWDQGHQ$OOHUGLQJVZDUDXFKEHLLKPGDQQGHU *UXQGGHU7UDXULJNHLWQLFKWUHFKWYHUVWlQGOLFK :DVKDEHQ6LHGHQQ"ZLHGHUKROWH5KRGDQVHLQH)UDJHZlKUHQG*XFN\ SO|W]OLFK]XJULQVHQEHJDQQ-HW]WN|QQHQ6LHGRFKDXIDWPHQ 'DVVFKRQJDE*UD\ERXQGLKPUHFKWXQGEOLHEWRGHUQVW$EHUJODXEHQ6LH GHQQYLHOOHLFKWGDV6FKPXJJHOQZUGHQRFK6SDPDFKHQZHQQHVQLFKW PHKUYHUERWHQZl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|UW]XKDEHQ :DV"KRUFKWHHUDXI:ROOHQ6LHGDPLWDQGHXWHQGD6LHVLFKYHULUUW KDEHQEHYRU,KU6FKLIIH[SORGLHUWH"(UVFKWWHOWHGHQ.RSI-DLVWGHQQGDV ]XIDVVHQ 6HLQH*HGDQNHQ]XGLHVHP7KHPDOLHHUXQDXVJHVSURFKHQDEHU*XFN\ VFKOLHIDXFKQLFKW (UZLUGZLHGHUXQYHUVFKlPWSLHSVWHHU5KRGDQ]X*UD\ERXQGZXUGH HWZDVURWXQGYHUOHJHQVFKZLHJDEHU5KRGDQQLFNWH $QIlQJHUZlUHQZLUPHLQHQ6LH"0HLQOLHEHU*UD\ERXQGZLUKDEHQGHQ QHXHQ/LQHDUDQWULHEHUSUREWXQG3HFKJHKDEW'DVNDQQSDVVLHUHQ:LU NDPHQDXHUGHPYRP.XUVDE'DQQJHVFKDKGLH.DWDVWURSKH*UD\ERXQG HULQQHUWHVLFK'HUQHXH/LQHDUDQWULHEVWLPPW0LFKZROOWHPDQDXFK
XPVFKXOHQXQG]XP.RPPDQGDQWHQHLQHVVROFKHQ6FKLIIHVPDFKHQ'HQHQ KDEHLFKDEHUZDVJHSILIIHQDXIGHP,QVWLWXW0LFKXQGXPVFKXOHQ +lWWHQLFKWVJHVFKDGHWPHLQWH*XFN\XQGEOLFNWHWUHXKHU]LJGUHLQ:HQQ LFKPLUGHQ*URELDQDOV*HQWOHPDQYRUVWHOOH 0lXVHGUHFNVFKLPSIWH7RUHURDXVVHLQHU/HWKDUJLHHUZDFKHQG .UHLVFKHQGIODWWHUWHHU]XVHLQHP.l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lUNHLQGHUYHUJDQJHQHQ 6WXQGHHUKHEOLFKQDFKJHODVVHQKDWWH:R]XJUDWXOLHUHQ6LHPLU",FKKDEHMD DEJHOHKQW 'DVVSLHOWNHLQH5ROOH&DSWDLQ,KUHFKDUDNWHUOLFKHXQGEHUXIOLFKH(LJQXQJ EOHLEWEHVWHKHQ %LOGXQJVPlLJZDULFKXQJHHLJQHW0U5KRGDQVDJWH*UD\ERXQGVFKQHOO (LQJHZLVVHU2EHUVW.DPPEJHOKDWGDVHLQZDQGIUHLIHVWJHVWHOOW+P ]XJHJHEHQZDUHLQKDUWHU.DPSIIUPLFKLKPPHLQQLHGULJHV %LOGXQJVQLYHDXNODU]XPDFKHQ +HLWHUQLFKW5DPPEJJO"YHUVXFKWH5KRGDQVLFK]XHQWVLQQHQ-DLFK JODXEH1DGDELQLFKDEHUDXIVHLQHQ%HULFKWJHVSDQQW *UD\ERXQGUlXVSHUWHVLFKYHUOHJHQ 6LHVDJWHQLFKKlWWHHLQHQ:XQVFKIUHL6LU"$OV5KRGDQQLFNWHIXKUHUIRUW $OVRJXWKLHULVWHU/HVHQ6LHQLHGHQ%HULFKWYRQ2EHUVW'DPP 5DPPEJJO:HQQHU,KQHQYRUJHOHJWZLUGVFKLHEHQ6LHLKQZLHGHUIRUW $EHUOHVHQ6LHLKQQLFKW 5KRGDQOlFKHOWHXQGNORSIWH*UD\ERXQGDXIGLH6FKXOWHU 'DVNDQQLFK,KQHQYHUVSUHFKHQ:HQQ6LHQLFKWJHZHVHQZlUHQZUGHLFK QLHPHKULQPHLQHP/HEHQHLQHQ%HULFKWJHOHVHQKDEHQ'DNDQQLFKJXWXQG JHUQDXIGLHVHQYHU]LFKWHQ *UD\ERXQGDWPHWHHUOHLFKWHUWDXI(VZDULKPLQ]ZLVFKHQNODUJHZRUGHQGD VHLQ9HUKDOWHQLP,QVWLWXWXQDQJHQHKPH)ROJHQKDEHQZUGH'LH6RUJHZDU HUMHW]WORV 'HU(UVWH2IIL]LHUVDJWHRKQHGHQ%OLFNYRP%LOGVFKLUP]XQHKPHQ 7UDQVLWLRQLQ]ZHL0LQXWHQ&DSWDLQ
(VLVWHLQZHLWHU6SUXQJ0U5KRGDQHUNOlUWH*UD\ERXQGHLIULJ(UEULQJW XQVDQHLQH6WHOOHYRQGHUDXVZLUXQVRULHQWLHUHQN|QQHQ0LW]ZHLZHLWHUHQ 6SUQJHQHUUHLFKHQZLUGDV6RQQHQV\VWHP 'LH7UDQVLWLRQYHUOLHIJODWWDEHUDOVVLFKGHU:HOWUDXPULQJVXPGLH/,=$5' PDWHULDOLVLHUWHHUZDUWHWH*UD\ERXQGHLQHhEHUUDVFKXQJ 1LFKWQXUGLH6WHUQHZXUGHQVLFKWEDUVRQGHUQDXFKGUHL.UHX]HUGHU WHUUDQLVFKHQhEHUZDFKXQJVIORWWH6LHVWDQGHQLQ3DWURXLOOHDOVKlWWHQVLH *UD\ERXQGV6FKLIIJHQDXDQGLHVHU6WHOOH]XUFNHUZDUWHW 'HUDOWH5RWEDUWULHEVLFKGLH$XJHQ 'DVLVWGRFKQLFKWP|JOLFK5H[VHKHLFK*HVSHQVWHU" ,FKVHKHGUHL.UHX]HU6DP(LQHUYRQLKQHQWUlJWGLH%H]HLFKQXQJGHV %XUVFKHQGHUXQVDXIKDOWHQZROOWH(UPXVLFK9HUVWlUNXQJKHUEHLJHKROW KDEHQ :RYRQVSUHFKHQ6LH"ZROOWH5KRGDQZLVVHQ *UD\ERXQGHUNOlUWHHVLKP(UVFKOR 'HU.HUONRQQWHQLHPDOVDXFKQXUDKQHQGDLFKXQWHU9HUZHQGXQJGHU DOWHQ6SUXQJGDWHQKLHUKHU]XUFNNHKUHQZUGH$EHUGDHUDXFKQRFKPLW ]ZHL.ROOHJHQKLHUZDUWHWXPPHLQH/DGXQJ]XNRQWUROOLHUHQLVWPHKUDOVQXU HLQEO|GVLQQLJHU=XIDOO 5KRGDQZROOWHHWZDVDQWZRUWHQDEHU6PLWKXQWHUEUDFKLKQ'HUNOHLQH VFKPlFKWLJH)XQNHUKDWWHHLQHHUVWDXQOLFKVFKULOOH6WLPPHZHQQHVLKP GDUXPJLQJVLFKEHPHUNEDU]XPDFKHQ $XIIRUGHUXQJ]XP6WRSSHQ6LHHU|IIQHQVRIRUWGDV)HXHUZHQQZLUZLHGHU ]XYHUVFKZLQGHQVXFKHQ 6DJWHUGDV"ZXQGHUWHVLFK*UD\ERXQGXQGVFKLHQ5KRGDQV*HJHQZDUW Y|OOLJYHUJHVVHQ]XKDEHQ5H[$EKDXHQ 5KRGDQNDPHQGOLFK]X:RUW1LFKWEHUHLOWKDQGHOQ*UD\ERXQG'LHVPDO LVWGHU.RPPDQGDQWJHZDUQW(UZUGH,KQHQIROJHQ%HLGLHVHUJHULQJHQ (QWIHUQXQJZLUGHVLKPOHLFKWIDOOHQGLH,QWHQVLWlW,KUHV6SUXQJHV]X EHUHFKQHQ6LHVLQGNDXPPDWHULDOLVLHUWGDLVWHUQHEHQ,KQHQXQGVFKLHW 6LHPLW,KUHP6FKLII]XVDPPHQ(UOlFKHOWHHLQZHQLJ0HLQH5DXPIORWWH ZXUGHJXWDXVJHELOGHW'LH.RPPDQGDQWHQGHU.UHX]HUVLQGKHUYRUUDJHQGH 5DXPSLORWHQ *UD\ERXQGOLHGLH6FKXOWHUQKlQJHQ 1LFKWVSULQJHQ5H[VDJWHHUUHVLJQLHUHQG:LUVROOHQXQVDOVR NRQWUROOLHUHQODVVHQ" 'DYRQKDEHLFKQLFKWVJHVDJW 5KRGDQVFKWWHOWHGHQ.RSI(VZlUHPLUOLHEPHLQH$QZHVHQKHLWDXI,KUHP 6FKLIIEOLHEHXQEHNDQQWDEHUZHQQHVVLFKQLFKWYHUPHLGHQOlW(U]XFNWH GLH$FKVHOQ9HUVXFKHQ6LHRKQH.RQWUROOHGXUFK]XNRPPHQ5HGHQ6LHPLW GHP.RPPDQGDQWHQXQG]HUVWUHXHQ6LHVHLQHQ9HUGDFKW*UD\ERXQG]RJ HLQH*ULPDVVH+DEHQ6LHHLQH$KQXQJZLHVFKZHUGDVLVWKLHOWHUPLW VHLQHU0HLQXQJQLFKWKLQWHUGHP%HUJ'LH%XUVFKHQNHQQHQPLFKQlPOLFK
(OHQGH6FKQIIOHUVFKLPSIWH7RUHURZWHQGEOLHEDEHUYRUVLFKWVKDOEHULP .lILJ6FKLHWVLH]XVDPPHQ 5KRGDQWUDWQlKHUDQGHQ3DSDJHLKHUDQEHWUDFKWHWHLKQHLQLJH6HNXQGHQ XQGVDJWHSO|W]OLFK :HQQGXQRFKHLQPDOLPXQSDVVHQGHQ$XJHQEOLFNGHQ0XQGDXIPDFKVW YHUSDVVHQZLUGLUHLQHQ+\SQREORFN9HUVWDQGHQ" 9RQGLHVHP0RPHQWDQZDU7RUHURZLHXPJHZDQGHOWXQGKLHOWGHQ 6FKQDEHO 6PLWKULHI :LUVROOHQGLH/XNH|IIQHQ(LQ0DMRU%HKQNHQPLWYLHU0DQQELOGHQGDV 3ULVHQNRPPDQGR:DVVROOLFKDQWZRUWHQ" 5KRGDQQLFNWHGHP$OWHQ]X6ROOHQDQ%RUGNRPPHQEHIDKO*UD\ERXQG PLWJHPLVFKWHQ*HIKOHQ,KPZDUGXUFKDXVQLFKWZRKOLQVHLQHU+DXW7URW] 5KRGDQ'LH6FKOHXVHZLUGJH|IIQHW 5KRGDQJDE*XFN\HLQHQ:LQN:LUYHUEHUJHQXQVLQGHU)XQNNDELQH 9HUVXFKHQ6LHPLWGHP0DMRUIHUWLJ]XZHUGHQ6LHKDEHQPLFKLP5FNHQ $EHUGHQNHQ6LHGDUDQLFKP|FKWHHVYHUPHLGHQGDPHLQ$XIHQWKDOW EHNDQQWZLUG,FKP|FKWHRKQH$XIVHKHQ]XU(UGH]XUFNNHKUHQ(VPX QLFKWVRIRUWEHNDQQWZHUGHQGDGHUHUVWH/LQHDUIOXJPLJOFNWH(U ]|JHUWH'DVKHLWHLJHQWOLFKPLJOFNWLVWHUQLFKW:LUKDEHQHLQH JURDUWLJH(QWGHFNXQJJHPDFKW :HQQ*UD\ERXQGDQQDKPHUZUGHHUIDKUHQZHOFKH(QWGHFNXQJ5KRGDQ JHPDFKWKDWWHVDKHUVLFKJHWlXVFKW=XVDPPHQPLW*XFN\YHUVFKZDQGGHU $GPLQLVWUDWRULQGHUHQJHQ)XQNNDELQH *UD\ERXQGOLHGLH6FKOHXVHQ|IIQHQ 5H[.QDWWHUEXOOJLQJXPGHQ0DMRU]XHPSIDQJHQXQGLQGLH=HQWUDOH]X IKUHQ6HLQ*HVLFKWZDUDXVGUXFNVORV6HLQH+lQGHDEHUKHUDEKlQJHQG XQG]X)lXVWHQJHEDOOWYHUULHWHQQXUDOO]XGHXWOLFKLQZHOFKHU *HPWVYHUIDVVXQJHUVLFKEHIDQG *UD\ERXQGZDUWHWH9LHONRQQWHLKPQLFKWSDVVLHUHQ,PlXHUVWHQ1RWIDOO ZUGHHUGHQ0DMRULQGLH)XQNNDELQHVFKLFNHQZRGHPJXWHQ0DQQ VLFKHUOLFKHLQHhEHUUDVFKXQJEHYRUVWDQG$EHUZHQQHVVLFKHEHQ YHUPHLGHQOLHZROOWHHUQDWUOLFK5KRGDQV:XQVFKQDFK*HKHLPKDOWXQJ UHVSHNWLHUHQ 'DV+HPGDEHUGDFKWHHUVLW]WQlKHUDOVGHU5RFN 7RUHURKDWWH5KRGDQYHUVFKZLQGHQVHKHQXQGQDKPZRKODQZLHGHUPLW VHLQHP+HUUQDOOHLQ]XVHLQ(UVWLHGLH7UGHV.lILJVDXIXQGIORJDXI *UD\ERXQGV6FKXOWHU $XIGHP*DQJHUW|QWHQ6FKULWWHGDQQWUDWHQHLQ0DMRUXQG]ZHL.DGHWWHQ HLQ'LHEHLGHQOHW]WHUHQWUXJHQ(QHUJLHSLVWROHQLP*UWHO 0DMRU%HKQNHQPDFKWH]ZHL6FKULWWHXQGEOLHEVWHKHQ)DVWXQJOlXELJUXKWH VHLQIRUVFKHQGHU%OLFNDXI*UD\ERXQGGDQQKXVFKWHHLQYHUlFKWOLFKHV *ULQVHQEHUVHLQHKDUWHQ=JH
6LHDOVRVLQGGHUOHJHQGlUH6DPXHO*UD\ERXQG",FKKDWWH6LHPLUHLJHQWOLFK DQGHUVYRUJHVWHOOWZHQQLFKHKUOLFKVHLQVROO 6LHVROOHQJDE*UD\ERXQGJHODVVHQ]XUFNXQGEHPKWHVLFKDOOHQ (UQVWHVUXKLJ]XEOHLEHQ8QG6LHDOVRVLQG%HKQNHQ" )UHLQH6HNXQGHZDUGHU.RPPDQGDQWGHV.UHX]HUVYHUEOIIWGDQQIlUEWH VLFKVHLQ*HVLFKWOHLFKWURVD 0DMRU%HKQNHQVWHOOWHHUPLWHLJHQDUWLJHU%HWRQXQJNODU)U6LHLPPHU QRFK0DMRU *XW0DMRU'DQQELQLFKDEHUIU6LHDXFK&DSWDLQNDSLHUW" 0DMRU%HKQNHQOLHIZHLWHUURWDQ'LHEHLGHQ.DGHWWHQ]XVHLQHU6HLWH PDFKWHQ]ZDUHQWVFKORVVHQH*HVLFKWHUDEHULP+LQWHUJUXQGLKUHU$XJHQ IXQNHOWHGDV9HUJQJHQ 0HQVFKEUOOWH0DMRU%HKQNHQXQEHKHUUVFKW *UD\ERXQGEOLHELPPHUQRFKUXKLJ(UGDFKWHDQ5KRGDQV%LWWH ,FKEHZXQGHUH,KUH%HREDFKWXQJVJDEH0DMRUOlFKHOWHHUIUHXQGOLFKDEHU PLWHLQHUGHUDUWLJHQ)UHXQGOLFKNHLWGDGHUVR$QJHVSURFKHQHIDVW]HUSODW]W ZlUH,FKELQHLQ0HQVFK'DUILFKK|IOLFKIUDJHQ]XZHOFKHU*DWWXQJGHU 6lXJHWLHUH6LHVLFK]lKOHQ" *XFN\GHUQHEHQDQPLW5KRGDQXQG6PLWKLQGHU.DELQHVDEHJDQQ IU|KOLFK]XJULQVHQ'HUDOWH+DXGHJHQEHJDQQLKPLPPHUPHKU]XJHIDOOHQ :HQQGDVVRZHLWHUJLQJNRQQWHGDVQRFKHLQHYHUJQJWH+HLPUHLVHZHUGHQ 1XQ"PDFKWH*UD\ERXQGDOVHUNHLQH$QWZRUWHUKLHOW $EHU%HKQNHQGDFKWHQLFKWGDUDQVLFKZHLWHUPLWGLHVHP5SHOYRQHLQHP .DSLWlQ]XXQWHUKDOWHQ(UJDEVHLQHQEHLGHQ%HJOHLWHUQHLQHQ:LQN 'LH/DJHKLHULVWLQPHLQHU+DQG*HKW]XGHQDQGHUHQXQGGXUFKVXFKWGDV 6FKLII'HU(UVWH2IIL]LHUZLUG6LHIKUHQ$OV5H[PLWGHQ.DGHWWHQ YHUVFKZXQGHQZDUZDQGWHHUVLFKZLHGHUDQ*UD\ERXQG8QGQXQ]XXQV EHLGHQ$OWHU6LHKDEHQYHUVXFKWPLFKYRUPHLQHQ/HXWHQOlFKHUOLFK]X PDFKHQ%HLQDKHZlUH,KQHQGDVJHOXQJHQ$EHUZHKH,KQHQZHQQZLUDXI ,KUHP6FKLIIDXFKQXUGLHJHULQJVWH.OHLQLJNHLWILQGHQ *UD\ERXQGOlFKHOWHVWLOOYRUVLFKKLQ 6XFKHQ6LH0DMRU6LHZHUGHQQLFKWVILQGHQK|FKVWHQV7HGG\ElUHQ6LQG GLHYHUERWHQ" $EZDUWHQNQXUUWHGHU0DMRUZWHQG:HQQZLUZROOHQILQGHQZLULPPHU HWZDV $FK"PDFKWH*UD\ERXQGLQWHUHVVLHUW:HQQ6LHZROOHQILQGHQ6LHLPPHU HWZDV"'DVLVWMDVHKUDXIVFKOXUHLFK6LHZROOHQGDPLWVDJHQGD6LH MHGHPHLQ9HUEUHFKHQDQKlQJHQN|QQHQGHVVHQ1DVH,KQHQQLFKWJHIlOOW" :DVZUGHZRKO,KU&KHI3HUU\5KRGDQGD]XVDJHQ" -HGHQIDOOVZUGHHUXQVGDQNEDUGDIUVHLQZHQQZLU/HXWHQZLH,KQHQGDV 3DWHQWDEQlKPHQ6LHPDFKHQQXUGLH/LQLHQXQVLFKHUWUHLEHQ XQGXUFKVLFKWLJH*HVFKlIWHXQGPDFKHQXQVGDV/HEHQVFKZHU ,Q*UD\ERXQGEHJDQQHV]XNRFKHQ$QVSLHOXQJHQDXIVHLQH4XDOLWlWHQDOV 5DXPNDSLWlQNRQQWHHUQLFKWYHUWUDJHQ'DOLHILKPGLH*DOOHEHU'DYHUJD
HUDOOH9RUVLFKW0LWDQGHUHQ:RUWHQ:HQQPDQLKQEHLVHLQHU%HUXIVHKUH SDFNWHZXUGHHUZLHGHU6DPXHO*UD\ERXQG 6LH+DQVZXUVWEUOOWHHUVRODXWGDGHU0DMRUXQZLOONUOLFKHLQHQ6FKULWW ]XUFNZLFKXQGPLWGHP5FNHQJHJHQGLH7U]XU)XQNNDELQHVWLH6LH OlFKHUOLFKHU*UQVFKQDEHO:HQQ6LHDXFKQXUQRFKHLQXQSDVVHQGHV:RUW IOVWHUQGDQQYHUJHVVHLFKPLFK+DEHQ6LHGDVEHJULIIHQ6LH6LH 0DMRU *UD\ERXQGZDUNHLQHVFKOLPPHUH%HVFKLPSIXQJHLQJHIDOOHQ8QGDXFK 7RUHURGHUPLWVWHLJHQGHP9HUJQJHQGHU'HEDWWHEHLZRKQWHZROOWHVHLQHQ +HUUQWDWNUlIWLJXQWHUVWW]HQ 0DMRU+DOXQNH0DMRUNUHLVFKWHHUIOJHOVFKODJHQG 0DMRU%HKQNHQZDUDQVLFKHLQRUGHQWOLFKHU2IIL]LHUGHU5DXPIORWWHXQGKDWWH VWHWVVHLQH3IOLFKWHUIOOW'LHVH%HJHJQXQJPLW&DSWDLQ*UD\ERXQGDEHU EHUIRUGHUWHLKQXQGVHLQH1HUYHQ'RFKHKHHUPLWGHU+DQGDQGHQ.ROEHQ VHLQHU'LHQVWSLVWROHJHODQJHQNRQQWH|IIQHWHVLFKGLH7UGHU=HQWUDOH'LH YLHU.DGHWWHQWUDWHQHLQ,QLKUHU0LWWHIKUWHQVLH5H[.QDWWHUEXOOPLWVLFKGHU LQGHU+DQGHLQHQ7HGG\ElUHQKLHOW'DV*HVLFKWGDVHUGD]X]RJEHVDJWH PHKUDOVDOOH:RUWH *UD\ERXQGVDKVHLQH)HOOHGDYRQVFKZLPPHQ +L%R\VPDFKWHHUVFKZDFKXQGZLQNWHGHQ.DGHWWHQ]X 6LUVDJWHHLQHUYRQLKQHQRKQHDXI*UD\ERXQGV9HUWUDXOLFKNHLW]X UHDJLHUHQ:LUKDEHQ6FKPXJJHOZDUHHQWGHFNW 0DMRU%HKQNHQVWUDKOWHKRFKHUIUHXW'DUIPDQPDOVHKHQ"(WZDGHUNOHLQH 7HGG\GRUW" 6LULP7HGG\6HKHQ6LHVHOEVW'HU.DGHWWQDKP5H[GHQ%lUHQDXVGHU +DQGXQGUHLFKWHLKQ0DMRU%HKQNHQ 'HUQDKPLKQKLHOWLKQHLQZHQLJXQJHVFKLFNWLQGLH+|KHXQGHQWGHFNWH GDQQDXIGHP5FNHQGHV6WRIIWLHUHVHLQ/RFK(UVFKDXWHKLQHLQXQGVDKGLH %HVFKHUXQJ ,QVHLQHQ$XJHQJOLW]HUWH7ULXPSKDOVHU*UD\ERXQGDQEOLFNWH 'DV9HUHKUWHVWHUGUIWH,KUH.DUULHUHEHHQGHQ,KU6FKLIILVWKLHUPLW EHVFKODJQDKPW(LQHUPHLQHU2IIL]LHUHZLUGHV]XU(UGHEULQJHQ6LH=LYLOLVW *UD\ERXQGZHUGHQGHQ5HVWGHV)OXJHVDXIPHLQHP.UHX]HU]XUFNOHJHQ :LUKDEHQGDHLQHQHWWHNOHLQH.DELQHPLWDXVJH]HLFKQHWHQ 6LFKHUKHLWVVFKO|VVHUQ'DULQN|QQHQ6LH +DOVDEVFKQHLGHUEHJDQQ7RUHUR]XWREHQDOVKDEHHUMHGHV:RUW YHUVWDQGHQ*HPHLQH0|UGHU,FKVDJ VGHLQHU)UDX 8QGGHU3DSDJHLIXKU0DMRU%HKQNHQXQJHUKUWIRUWZLUGDXVGHP6FKLII JHZRUIHQ*UD\ERXQGEDOOWHGLH)lXVWH'DVZHUGHQ6LHQLFKWWXQGURKWH HU6RQVWSDVVLHUWQlPOLFKZLUNOLFKHWZDV8QG]ZDUPLW,KQHQ :LHGHUHLQH'URKXQJ6LHKDEHQHVJHK|UW-HQQHUXQG.ORG'DIUJLEWHV ]ZHL0RQDWHH[WUD *UD\ERXQGVFKLHOWHYHU]ZHLIHOW]XU)XQNNDELQH6HLQHU0HLQXQJQDFKZXUGH HVQXQK|FKVWH=HLWGD5KRGDQHLQJULII:HQQGDVQLFKWEDOGJHVFKDK
ZUGHHUDOOHLQZHJHQ(KUDEVFKQHLGHUHLXQG%HOHLGLJXQJHLQHVDNWLYHQ 2IIL]LHUVGHU5DXPIORWWHIUGLHQlFKVWHQ]HKQ-DKUHIHVWLQ*LWWHUSHQVLRQ VLW]HQ :DVKHLW'URKXQJ"6WHKWYLHOOHLFKWLQ,KUHQ'LHQVWYRUVFKULIWHQGD 3DSDJHLHQLP9DNXXPIOLHJHQOHUQHQPVVHQ"1DDOVR6LH%|VHZLFKW 7RUHURJHKWPLWPLUXQGZHQQHVVHLQPXDXFKLQV*HIlQJQLV%DVWD 'HP0DMRUJLQJHQGOLFKGLH*HGXOGDXV(UIDXFKWHVHLQH.DGHWWHQDQ -HQQHU.ORG/HJWGHQ5RWEDUWLQ.HWWHQXQGEULQJWLKQ]XP.UHX]HU'DQQ VFKLFNW/HXWQDQW'UXPPRQGKHU(UZLUGGLH/,=$5'ZDVIUHLQ KHLPWFNLVFKHU1DPH]XU(UGHEULQJHQ =X*UD\ERXQGVXQJHKHXUHU(UOHLFKWHUXQJZXUGHLKPGLH9HUDQWZRUWXQJIU GHQQlFKVWHQ6FKULWWDEJHQRPPHQ 3HUU\5KRGDQNDPDXVGHU)XQNNDELQHWUDW]XU7UGLHKLQDXVDXIGHQ .RUULGRUIKUWHXQGVWHOOWHVLFKEUHLWEHLQLJGDYRU &DSWDLQ6DPXHO*UD\ERXQGEOHLEWKLHU0DMRU6LHEHILQGHQVLFKLP,UUWXP 0DMRU%HKQNHQIXKUKHUXPDOVKDEHLKQHLQH1DWWHUJHELVVHQ,P 'lPPHUOLFKWGHUXQJHQJHQGHQ%HOHXFKWXQJHUNDQQWHHU5KRGDQQLFKW VRIRUW+LQ]XNDPGDGLH8QLIRUPGHV$GPLQLVWUDWRUVGXUFKGLH1RWODQGXQJ XQGGHQ$XIHQWKDOWDXIGHP0RQVWHU3ODQHWHQQLFKWJHUDGHEHVVHUJHZRUGHQ ZDU*DQ]LP*HJHQWHLOVLHKlWWHVRZRKOGHU5HLQLJXQJZLHDXFKGHU 5HSDUDWXUEHGXUIW :HUVLQG6LHGHQQ"KHUUVFKWHHU5KRGDQZWHQGDQ6LHKDEHQVLFKZRKO QHEHQDQYHUVWHFNWJHKDOWHQZDV"'HU8QLIRUPQDFK]XVFKOLHHQVLQG6LH HLQGHVHUWLHUWHU2IIL]LHUGHU)ORWWHZDVKlWWHQ6LHDXFKVRQVWDXIGLHVHP 6FKPXJJOHUVFKLII]XVXFKHQ :lKUHQGGHU0DMRUWREWHPDFKWHHLQHUGHU.DGHWWHQ-HQQHUYHU]ZHLIHOWH +DQGEHZHJXQJHQ'LH$XJHQTXROOHQLKPGDEHLIDVWDXVGHP.RSIXQGVHLQ 0XQGIOVWHUWHXQK|UEDUH:RUWH$QVFKHLQHQGKDWWHHUGHP0DMRUHLQH ZLFKWLJH0LWWHLOXQJ]XPDFKHQDEHUHUZDJWHHVQLFKWGHVVHQ5HGHIOX]X XQWHUEUHFKHQ *UD\ERXQGKLQJHJHQERJVLFKYRU/DFKHQ(UEHNDPIDVWNHLQH/XIWPHKUVR VHKUDPVLHUWHLKQGLHYHUUFNWH6LWXDWLRQ'DZXUGHLQVHLQHU*HJHQZDUWGHU $GPLQLVWUDWRUGHV6RODUHQ,PSHULXPVYRQHLQHP0DMRUDEJHNDQ]HOWDOVVHL HUHLQGXPPHU6FKXOMXQJH8QGZDV*UD\ERXQGDPPHLVWHQLPSRQLHUWH 5KRGDQK|UWHQLFKWDXI]XOlFKHOQ $OV0DMRU%HKQNHQVFKZLHJVWDPPHOWH.DGHWW-HQQHUPLWHUVWHUEHQGHU.UDIW 6LUHLQ,UUWXP6LU'DVLVWGRFK 0DFKHQ6LHGHQ0XQGJHIlOOLJVWDXIZHQQ6LHPLWPLUUHGHQ ,FK -HQQHUYHUVWXPPWH,KPEOLHEGLH/XIWZHJ ,PPHUKLQZDU0DMRU%HKQNHQVWXW]LJJHZRUGHQ.DQQWHVHLQ.DGHWWGHQ 0DQQGHQHUGDDXI*UD\ERXQGV6FKLIIHUZLVFKWKDWWH"9LHOOHLFKWHLQJXWHU )DQJ
:HUVLQG6LH"KHUUVFKWHHU5KRGDQDQDEHUGDQQEOLHELKPMHGHVZHLWHUH :RUWLP0XQGVWHFNHQ6HLQ8QWHUNLHIHUVDQNKHUDEXQGVHLQH$XJHQ |IIQHWHQVLFKVRZHLWGD*UD\ERXQGEHIUFKWHWHVLHILHOHQKHUDXV *XFN\NDPDXVGHU)XQNNDELQH(UZDWVFKHOWHPLWKHUDXVJHGUFNWHU%UXVW XQGYHUVFKUlQNWHQ$UPHQTXHUGXUFKGLH=HQWUDOHXQGEDXWHVLFKLQGLHVHU HLQGUXFNVYROOHQ3RVHJHQDXYRU0DMRU%HKQNHQDXI 1XQ"SLHSVWHHU:ROOWHVWGXQRFKHWZDVVDJHQ" 'HU0DMRUVWLHUWH*XFN\ZLHHLQ*HVSHQVWDQ :HQQHUDXFK5KRGDQQLFKWHUNDQQWKDWWHGHQ0DXVELEHUKlWWHVRJDUHLQ %OLQGHUPLWGHP6WRFNDEWDVWHQN|QQHQRKQHVLFKLQVHLQHU3HUVRQ]XLUUHQ 'HU0DXVELEHUlFK]WHHU*XFN\ *XFN\VWUDKOWHXQGZDQGWHVLFKDQ5KRGDQ 6LHKVWGXMHW]WZHUYRQXQVEHLGHQEHUKPWHULVW",FKKDEHHVMDLPPHU JHVDJWGDGXQXUHLQ0HQVFKELVWYRQGHQHQHVPHKUDOVJHQXJJLEW,FK DEHUELQHLQ0DXVELEHUXQGYRQGHQHQJLEWHVLPJDQ]HQ8QLYHUVXPQXUHLQ SDDU+lQGHYROO 0DMRU%HKQNHQNODSSWHGHQ0XQGZLHGHU]X6HLQ*HVLFKWZDUQXQQLFKW PHKUURWVRQGHUQWRWHQEOD(UVWDQGDXFKQLFKWPHKUJDQ]VLFKHUXQG *UD\ERXQGGHU0DQQPLWGHPJROGHQHQ+HU]HQVFKRELKPKLOIVEHUHLWHLQHQ 6WXKOKLQ 6LH6LHVLQG3HUU\5KRGDQGHU$GPLQLVWUDWRU" (UVDQNDXIGHQ6WXKOXQGVFKORGLH$XJHQ(VIHKOWHVLFKHUOLFKQLFKWYLHO XQGHUZlUHRKQPlFKWLJJHZRUGHQ +|UHQ6LHJXW]X0DMRU%HKQNHQULLKQ5KRGDQDXVVHLQHP 'lPPHU]XVWDQG6LHKDEHQHLQLJHVJHVDJWXQGDXFKJHWDQZDV,KUH .RPSHWHQ]HQZHLWEHUVFKUHLWHW:LUZROOHQGDVYHUJHVVHQ8QWHUHLQHU %HGLQJXQJ 'HU0DMRU|IIQHWHGLH$XJHQZLHGHUVDK5KRGDQ]ZHL6HNXQGHQDQXQG VSUDQJDXIGLH)H6HLQ9HUVWDQGVFKLHQZLHGHUPLWGHU$UEHLW]X EHJLQQHQ6LU" 6LHYHUJHVVHQJHQDXVRGDVZDV6LHKLHUDXIGHU/,=$5'JHVHKHQXQG HUOHEWKDEHQ6LHXQG,KUHYLHU/HXWH+DEHLFKPLFKNODUDXVJHGUFNWXQG JHKWXQVHU+DQGHONODU" $EHUGLH6FKPXJJHOZDUH 'LHVHUHKUHQZHUWH.DSLWlQ5KRGDQ]HLJWHDXI*UD\ERXQGKDQGHOW JUXQGVlW]OLFKLQPHLQHP$XIWUDJ:ROOHQ6LHGLH*HVHW]OLFKNHLWPHLQHU +DQGOXQJHQDQ]ZHLIHOQ0DMRU" %HKQNHQVDFNWHHWZDV]XVDPPHQ1DWUOLFKQLFKW6LULFKPHLQWHGRFKQXU 6LHYHUJHVVHQDOVRXQVHUH%HJHJQXQJLVWGDVNODU"8QGLFKZLOOHLQLJH,KUHU %HPHUNXQJHQYHUJHVVHQ 5KRGDQVDKGLHYLHU.DGHWWHQDQ8QGZHQQ6LH:HUWGDUDXIOHJHQQRFK OlQJHUGHU)ORWWHDQ]XJHK|UHQGDQQHPSIHKOHLFK,KQHQGDVVHOEH 9HUJHVVHQ6LHGD&DSWDLQ*UD\ERXQGVFKPXJJHOWXQGYHUJHVVHQ6LHGD
6LHPLUDXIGHU/,=$5'EHJHJQHWHQ8QGQXQPHLQH+HUUHQZQVFKHLFK ,KQHQHLQHQJXWHQ)OXJ (UQLFNWH0DMRU%HKQNHQ]XXQGYHUOLHGLH=HQWUDOH*XFN\ZDWVFKHOWHZLH HLQWUHXHU+XQGKLQWHULKPKHUQLFKWRKQH*UD\ERXQGYHUWUDXOLFK ]X]XEOLQ]HOQ:LHJHVDJWGHUDOWH5RWEDUWJHILHOLKPDXVJH]HLFKQHW 0DMRU%HKQNHQVWDUUWH*UD\ERXQGDQ 6FKOLHOLFKHUZDUZHGHU6SLHOYHUGHUEHUQRFKIKOWHHUVLFKSHQVLRQVUHLI EHU]RJHLQIDVWVFKFKWHUQHV/lFKHOQVHLQ*HVLFKW(UEHZLHVGDHU DQSDVVXQJVIlKLJZDUXQGHLQHVFKZLHULJH6LWXDWLRQDXFKPLWGHP9HUVWDQG ]XPHLVWHUQZXWH (QWVFKXOGLJHQ6LHGHQ$XIHQWKDOW&DSWDLQ*UD\ERXQG:LUIKUHQLQGLHVHP 6HNWRUURXWLQHPlLJH.RQWUROOHQGXUFKXQVHUH3IOLFKWYHUVWHKHQ6LH,FK IUHXHPLFKGD,KUH/DGXQJLQ2UGQXQJLVW:QVFKHZHLWHUKLQJXWHQ)OXJ (NHONUHLVFKWH7RUHURVFKDGHQIURKXQGXQYHUV|KQOLFK 0DMRU%HKQNHQ]XFNWH]XVDPPHQEHKLHOWMHGRFK+DOWXQJ (LQNOXJHV9|JHOFKHQKDEHQ6LHGD&DSWDLQ/HEHQ6LHZRKO*UD\ERXQG QLFNWHLKPJQlGLJ]XXQG]HLJWHDXIGLH7U 'HQ:HJILQGHQ6LHMD0DMRU5H[JHOHLWHGLH+HUUHQ]XU6FKOHXVH6RUJH GDIUGDVLHGLH+HOPHYHUVFKOLHHQEHYRUVLHGDV6FKLIIYHUODVVHQ(V N|QQWHMDVHLQGDVLHDXFKGDVYHUJHVVHQ (UVFKPXQ]HOWH]XIULHGHQYRUVLFKKLQZlKUHQGGLH=HQWUDOHOHHUZXUGH 'DQQDOVGLH7UVLFKJHVFKORVVHQKDWWHOLHHUVLFKLQGHQ6HVVHOVLQNHQ ,P+LQWHUJUXQGUlXVSHUWHVLFKMHPDQG+HQU\6PLWKNDPDXVGHP)XQNUDXP (WZDVYHUOHJHQVWDQGHUGDQQGDXQGJULQVWHVHLQHQ&KHIDQ 'HQHQKDEHQ6LHHVDEHUJHJHEHQ%RIO|WHWHHU (UHUVFKUDNIDVW]X7RGHDOV*UD\ERXQGIUHXQGOLFKQLFNWHXQGLQQRUPDOHU /DXWVWlUNHPLWLKPVSUDFK -D6PLWKGDVKDEHQZLU6LHZDUHQPLUHLQHJURH+LOIH2KQH6LHZlUHQ ZLUQLHPDOV3HUU\5KRGDQEHJHJQHW 6PLWKZDQNWHLQGLH)XQNNDELQH]XUFNXPGHQKHXWLJHQ7DJLP.DOHQGHU URWDQ]XVWUHLFKHQ :LHHVVFKLHQZDU&DSWDLQ*UD\ERXQG]ZDUQLFKWGXUFKGDV,QVWLWXWIU .RVPRQDXWLVFKH8PVFKXOXQJXPJHVFKXOWZRUGHQDEHUHLQHJHZLVVH 9HUlQGHUXQJZDUGRFKPLWLKPYRUJHJDQJHQ(UZDUHLQ*HQWOHPDQ JHZRUGHQ=XPLQGHVWYRUEHUJHKHQG 7RUHURVFKWWHOWHPLELOOLJHQGGHQ.RSINUHLVFKWHHLQHPS|UWHV .LQGHUJDUWHQXQGIODWWHUWHLQGHQ.lILJ )ULKQPXWHHLQHJDQ]H:HOWLQ7UPPHUJHVWU]WVHLQ 5H[.QDWWHUEXOONHKUWH]XUFN'LH/,=$5'JLQJNXU]GDUDXILQ7UDQVLWLRQXQG HUUHLFKWHQRFKDPJOHLFKHQ%RUGWDJGDVKHLPDWOLFKH6RQQHQV\VWHP%HYRU GDV6FKLIIPLW/LFKWJHVFKZLQGLJNHLWVHQNUHFKWDXIGLH3ODQHWHQHEHQH KLQDEILHONDP5KRGDQPLW5HJLQDOG%XOOLQGLH=HQWUDOH*UD\ERXQGHUKRE VLFKK|IOLFKXQGERWGHP$GPLQLVWUDWRUVHLQHQ6HVVHODQ
+|UHQ6LH]X*UD\ERXQG0HLQH/HXWHZHUGHQELVPRUJHQDQ%RUGGHU /,=$5'EOHLEHQ'DQQZHUGHQVLHDEJHKROW6LHVHOEVWVFKZHLJHQVLFKEHU ,KU(UOHEQLVXQGEHUPHLQH*HJHQZDUWDXV6LHVLQGPLUQLHEHJHJQHW'DV JLOWELVGLHRIIL]LHOOH9HUVLRQEHUPHLQH5FNNHKU|IIHQWOLFKEHNDQQWJHJHEHQ ZXUGH(VZlUHQLFKWJXWZHQQMHGHUZWHZLHGHUHUVWH3UREHIOXJGHV QHXHQ$QWULHEHVYHUOLHI,FKGHQNHZLUYHUVWHKHQXQV 9ROONRPPHQ6LU $XVJH]HLFKQHW'DQQQRFKHWZDV6LHJHK|UHQ]XU6WDUWUDPS,FKZHUGH ,KUHU*HVHOOVFKDIWNQIWLJSULYDWH$XIWUlJHJHEHQGLH6LHMHGHU]HLWDEOHKQHQ N|QQHQZHQQ6LHZROOHQ,FKELQ,KQHQ]X'DQNYHUSIOLFKWHWDEHULFKZHL GD6LH*HOGJHVFKHQNHDEOHKQHQZUGHQ,FKHUODXEHPLUGDKHU,KQHQGHQ $XVIDOO,KUHV9HUGLHQVWHVGLHVHU5HLVH]XHUVHW]HQ:UGHQIQI]LJWDXVHQG 6RODU.UHGLWHDOV$EILQGXQJJHQJHQ" *UD\ERXQGVXFKWHQDFKHLQHP+DOW(UVWDUUWH5KRGDQDQ )QI]LJWDXVHQG"(UKROWHWLHI/XIW'DVKlWWHLFKEHL]HKQVROFKHQ )OJHQQLFKWYHUGLHQW6LU$XHUGHPZDUHVVHOEVWYHUVWlQGOLFKGDLFK,KUH 1RWVLJQDOHEHDFKWHWXQG +DWWHQ6LHHLQHQILQDQ]LHOOHQ9HUOXVWGXUFKGHQ$XIHQWKDOWRGHUQLFKW" XQWHUEUDFKLKQ5KRGDQ%XOO\VWDQGGDQHEHQXQGEOLQ]HOWH*UD\ERXQGOLVWLJ ]X'DEHLQLFNWHHUKHIWLJPLWGHP.RSI*UD\ERXQGQLFNWHDXFK1DDOVR VHXI]WH5KRGDQHUOHLFKWHUW,FKEHUZHLVHGDV*HOGDXIGDV.RQWRGHU 6WDUWUDPSQLFKWDQ,KUHSULYDWH$GUHVVHZHJHQGHV$XIVHKHQV ,VWPLUDXFKOLHEHUVRZDUI*UD\ERXQGHLQ6FKRQZHJHQPHLQHU /XGPLOOD :LHELWWH" bKPHLQH)UDX:LVVHQ6LH ,FKZHLEHNXQGHWH5KRGDQVHLQ0LWJHIKO6LHVLQGDOVRYHUKHLUDWHW" *UDWXOLHUH +PPDFKWH*UD\ERXQG6HLQ*HVLFKW]HLJWHHLQHQEHWURIIHQHQ$XVGUXFN 9HUVWHKHVDJWH%XOO\GHUVLFKELVKHUVFKZHLJVDPJHKDOWHQKDWWH%HL ,KUHP7\SPX,KUH*DWWLQHLQZDKUHU'UDJRQHUVHLQZHQQ6LH$QJVWYRULKU KDEHQ6LHVLQGMDQLFKWJHUDGHHLQ6FKZlFKOLQJ +PZLHGHUKROWH*UD\ERXQGYHUOHJHQ(LQHQZHLWHUHQ.RPPHQWDUJDEHU ]XGHPKHLNOHQ7KHPDQLFKW 9LHOOHLFKWZHJHQGHU$QZHVHQKHLWGHV(UVWHQ2IIL]LHUVGHUVLFKHUXQG JHNRQQWGDV5DXPVFKLIILQGLH$WPRVSKlUHGHU(UGHVWHXHUWH7HUUDQLD DQIORJXQGGDQQVDQIWDXIVHLQHP/LHJHSODW]DXIVHW]WH 'DV+HXOHQGHU7ULHEZHUNHYHUVWXPPWH'LH/,=$5'KDWWHLKUH5HLVH EHHQGHW,KUH)UDFKW7HGG\ElUHQIU7XJODQUXKWHXQEHUKUWLQGHQ /DGHOXNHQ%LVDXIHLQHQ6WRIIElUHQ'HQKDWWH*XFN\VLFKJHKROWDOV $QGHQNHQZLHHUEHKDXSWHWH 5KRGDQUHLFKWH*UD\ERXQGGLH+DQG /HEHQ6LHZRKO&DSWDLQ:LUVWHKHQLPPHULQ,KUHU6FKXOG6ROOWHQ6LH MHPDOVLQ6FKZLHULJNHLWHQJHUDWHQGHQNHQ6LHGDUDQGD6LHJXWH)UHXQGH
KDEHQPLFK0LVWHU%XOO*XFN\XQGQRFKQHXQXQGVLHE]LJGDQNEDUH 2IIL]LHUH:LVVHQVFKDIWOHUXQG0DQQVFKDIWHQGHU)ORWWH:LUZHUGHQLPPHU IU6LHGDVHLQ8QGJODXEHQ6LHPLU&DSWDLQ*UD\ERXQG6LHXQGLFKZLU ZHUGHQXQVZLHGHUVHKHQ'LH(UGHEUDXFKW0lQQHUZLH6LH-HW]WXQGLQDOOHU =XNXQIW *UD\ERXQGZDUVLFKWOLFKJHUKUW(UVFKQHX]WHVLFKYHUOHJHQXQGJDE 5KRGDQV+lQGHGUXFN]XUFN'DQQUHLFKWHHUDXFK%XOO\GLH+DQG ,QGLHVHP$XJHQEOLFNHUVFKLHQ*XFN\(UVFKULWWDXI*UD\ERXQG]XQDFKGHP HUGLH7UKLQWHUVLFK]XJH]RJHQKDWWH0LWHLQHP6DW]VSUDQJHUGHPDOWHQ 5RWEDUWDXIGLHEUHLWH6FKXOWHUXQGVFKODQJLKPGLH$UPHXPGHQ+DOV'DQQ JDEHVHLQVFKPDW]HQGHV*HUlXVFKGHU0DXVELEHUKDWWH*UD\ERXQGPLWWHQ DXIGLH1DVHJHNW ,FKVDJ V/XGPLOODNUHLVFKWH7RUHURHLIHUVFKWLJXQGVSUDFKGDPLWGLH JHIlKUOLFKVWH'URKXQJDXVGLHHUNDQQWH *XFN\KLHOWLKPGLH)DXVWXQWHUGHQ6FKQDEHO 'DQQOHUQVWGXZLUNOLFKIOLHJHQLP:HOWUDXP]LVFKHOWHHUHPS|UW$EHUHU PHLQWHHVQLFKWVRHUQVWGHQQVHLQ1DJH]DKQEOLW]WHYRU9HUJQJHQ(U UXWVFKWHEHU*UD\ERXQGV%DXFKDQVDW]]X%RGHQXQGQDKP5KRGDQVXQG %XOO\V+DQG%LVGHPQlFKVW6DPXHO 8QGYRUGHQ$XJHQ*UD\ERXQGVHQWPDWHULDOLVLHUWHQGLHEHLGHQ0lQQHUXQG GHU0DXVELEHU (UZDUZLHGHUDOOHLQPLW5H[.QDWWHUEXOOXQGGHP)XQNHU6PLWK 9HUVFKlPWULHEHUVLFKGLH$XJHQXQGEHPHUNWHSO|W]OLFKGLHXQEHKDJOLFK QHXJLHULJHQ%OLFNHGHUEHLGHQ(UJDEVLFKHLQHQ5XFNXQGZXUGHXP PLQGHVWHQV]HKQ=HQWLPHWHUJU|HU :DVKDOWHWLKU0DXODIIHQIHLO"EUOOWHHULQJHZRKQWHU/DXWVWlUNHXQGOLH VHLQH)DXVWGRQQHUQGDXIGHQ.DUWHQWLVFKVDXVHQGHUXQWHUGHUSO|W]OLFKHQ %HDQVSUXFKXQJIDVW]XVDPPHQEUDFK*LEWHVGHQQQLFKWVIUHXFK]XWXQ" :LUVWDUWHQPRUJHQ%HUHLWHWDOOHVYRU.XUVRIIL]LHOO7XJODQ,QRIIL]LHOOLKU ZLWVFKRQ0DQZDUWHWDXIGLH7HGG\ElUHQ8UODXEJLEWHVGLHVPDOQLFKW /RVDQGLH$UEHLWLKU)DXOSHO]H 5H[JULQVWHXQGQDKPVLFKGLH.DUWHQYRU 6PLWKOlFKHOWHVWLOOYHUJQJWXQGEHUSUIWHZDKOORVVHLQH*HUlWH'HU%R ZDUZLHGHUQRUPDOJHZRUGHQ(LQ*OFN(LQVDQIWHU*UD\ERXQGZlUHDXFK ZDKUKDIWLJ]XP)UFKWHQJHZHVHQ *UD\ERXQGYHUOLHGDV6FKLII$OVHLQ]LJHUYHUOLHHUHVZLHMHGHU %HREDFKWHUIHVWVWHOOHQNRQQWH0LWZLHJHQGHP*DQJVFKULWWHUKLQEHU]XU 6SHUUHZR/HXWQDQW'RSQHULKPLQWHUHVVLHUWHQWJHJHQEOLFNWH 1DQXVFKRQ]XUFN":HOFKH/DGXQJ"*UD\ERXQGUlXVSHUWHVLFK .LQGHUVSLHO]HXJXQG7HGG\ElUHQ9RQ7XJODQ)U7HUUD 6WRO]JLQJHUDQ'RSQHUYRUEHLGHULKPPLWRIIHQHP0XQGQDFKVWDUUWH: ZDV"*UD\ERXQGGUHKWHVLFKXP%ULQJHLFKPRUJHQZLHGHU]XUFN'DV =HXJWDXJWQLFKWV(UEOLHEVWHKHQ*ODXEVWGXPLUYLHOOHLFKWQLFKW":LOOVWGX NRQWUROOLHUHQ"
(UZDUWHWHNHLQH$QWZRUWDEVRQGHUQJLQJZHLWHU -DZRLVWGHQQGDV)UDXFKHQ"IO|WHWH7RUHURDXIVHLQHU6FKXOWHUXQG VWLHHLQHQJUHOOHQ3ILIIDXV:RLVWGHQQ" 0DXOKDOWHQEUOOWH*UD\ERXQGXQGZUGLJWHHLQLJH*DIIHUGLHXQWlWLJ KHUXPVWDQGHQNHLQHV%OLFNHV (UQDKPNHLQ7D[LVRQGHUQJLQJ]X)XTXHUEHUGDV9RUJHOlQGHGHV 5DXPKDIHQV6HLQH)HWUDWHQDXIIHVWHQ%RGHQJXWHQIHVWHQ%RGHQ$XI GHU(UGH'HU+LPPHOZDUEODXGLH6RQQHVFKLHQZDUPKHUDEXQG]ZDQJ *UD\ERXQGGLHYHUVFKOLVVHQH8QLIRUPMDFNH]X|IIQHQ8QGGDQQEHJDQQHU HLQDOWHV/LHG]XVXPPHQ7RUHURDXIVHLQHU6FKXOWHUSILIIJUHOOXQGIO|WHWH GDQQGLH0HORGLHPLW 6RPDUVFKLHUWH&DSWDLQ6DPXHO*UD\ERXQGDP5DQGGHVJU|WHQLUGLVFKHQ 5DXPKDIHQVHQWODQJPLWVLFKXQGGHU:HOW]XIULHGHQ (WZDVDEVHLWVDEHUVDJWHHLQ2IIL]LHUGHU:DFKDEWHLOXQJ]XVHLQHP 6HUJHDQWHQ $KGHUDOWH*UD\ERXQGLVWPDOZLHGHU]XUFNJHNHKUW%LQJHVSDQQWZDQQ GHPGLH/L]HQ]HQW]RJHQZLUG6RHLQHUZLHGHUJHK|UWQLFKWLQGHQ :HOWUDXP$OOHLQGLH,GHHPLWHLQHP3DSDJHLKHUXP]XUHQQHQ1DZHQQGHU PDO]XIlOOLJ5KRGDQEHJHJQHQVROOWHZLUGHUVHLQEODXHV:XQGHUHUOHEHQ 'HU&KHILVWQLFKWVRQDFKVLFKWLJZLHZLU 8QGGHU6HUJHDQWQLFNWHGLHQVWHLIULJ &DSWDLQ*UD\ERXQGDEHUVWLHLP7DNWGHVDOWHQ/LHGHVHLQHQNOHLQHQ6WHLQ PLWGHP)XYRUVLFKKHUXQGVWHOOWHVLFKYHUJQJWYRUGHU6WHLQVHLHLQ JHZLVVHU0DMRU%HKQNHQ2GHUDXFK2EHUVW5DPPEJJO2GHUVRQVWVRHLQ EHUIOVVLJHU0HQVFK (1'(