³1HLQ LFK WUlXPWH QLFKW GHU )UHPGH PLW GHP )OJHOKHOP ZDU DEVROXWH :LUNOLFKNHLW ,FK EOLFNWH LQ HLQ ...
6 downloads
346 Views
313KB 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
³1HLQ LFK WUlXPWH QLFKW GHU )UHPGH PLW GHP )OJHOKHOP ZDU DEVROXWH :LUNOLFKNHLW ,FK EOLFNWH LQ HLQ DUURJDQW ZLUNHQGHV 3IHUGHJHVLFKW GDV QDFK &ORZQPDQLHU JHVFKPLQNW ZDU 'LH $XJHQ LQ GHP *HVLFKW VFKLOOHUWHQ JROGHQ HEHQVRZLHGLHDXIIlOOLJH.RPELQDWLRQ6LQG6LH*HOO\" IUDJWHGHU8QEHNDQQWH :DOW\ .ODFNWRQV 3ODQHW HUOHEW HLQH ,QYDVLRQ JDQ] EHVRQGHUHU $UW HLQH ,QYDVLRQ HUOHEQLVKXQJULJHU 7RXULVWHQ DXV HLQHP DQGHUHQ 8QLYHUVXP 'LH 6FKZlUPH GHU OlVWLJHQ %HVXFKHU VLQG DOOJHJHQZlUWLJ XQG QLHPDQG ZHL ZLH PDQ VLFK GHU )UHPGHQHUZHKUHQVROO1XUHLQHDXVGHUHQ9HU]ZHLIOXQJJHERUHQH,GHHELHWHWHLQH OHW]WH&KDQFH (LQ5RPDQDXVGHP-DKUKXQGHUW 'LHV LVW GDV HOIWH Y|OOLJ LQ VLFK DEJHVFKORVVHQH $EHQWHXHU PLW :DOW\ .ODFNWRQ GHP0DQQPLWGHPGHVWUXNLYHQ8QWHUEHZXWVHLQ'LHYRUDQJHJDQJHQHQ.ODFNWRQ 5RPDQHHUVFKLHQHQDOV%lQGHXQGLQ GHU5HLKHGHU3(55<5+2'$17DVFKHQEFKHU (51679/&(.
',(',0(16,2167285,67(1 9(5/$*$57+8502(:,**0%+5$67$77
'LHVHU 0RUJHQ VROOWH JDQ] PLU JHK|UHQ =XP HUVWHQPDO VHLW LFK LQ :DOW\ .ODFNWRQV'LHQVWHJHWUHWHQZDUZROOWHLFKPDOULFKWLJDXVVFKODIHQ 'LH 9RUDXVVHW]XQJHQ GDIU VFKLHQHQ DXFK UHFKW JQVWLJ GHQQ :DOW\ ZDU DOV )UHLIDKUHUIUVW 7KRU 3HGR PLW VHLQHU *HIlKUWLQ $QQHP\ 7UDSKXQWHU LQ GHU 6&+/(8'(5%2**( JHVFKlIWOLFK XQWHUZHJV ,FK NRQQWH DOVR VFKDOWHQ XQG ZDOWHQZLHLFKZROOWHXQGZHQQPDQZXWHGDLFKWDJHLQWDJDXVPLWGHPHUVWHQ 4XDNHQGHU)U|VFKHDXVGHQ)HGHUQPXWHNRQQWHPDQPHLQHQ:XQVFKYHUVWHKHQ PLFKZHQLJVWHQVHLQPDOJDQ]0RUSKHXV $UPHQ]XEHUODVVHQ 6FKRQVHLW7DJHQKDWWHLFKGDYRQJHWUlXPWZLHHVVHLQPXWHVLFKELVODQJHQDFK 6RQQHQDXIJDQJ DXI GHU 0DWUDW]H DXV HFKWHP 5RKDDU ]X UlNHOQ GHQ .RSI LQV .LVVHQ]XYHUJUDEHQGDVPLWIODXPLJHQ0DXVHUIHGHUQGHU9RODQVJHIOOWZDUXQG VLFK GLH EDXVFKLJH 'HFNH HEHQIDOOV JHIOOW PLW 0DXVHUIHGHUQ GLHVHU SODQHWHQHLJHQHQ6WUDXHQY|JHOEHUGLH2KUHQ]X]LHKHQ0DQQR0DQQ*HUU\ ,FKKDWWH]XOHW]WDQQLFKWVDQGHUHVPHKUJHGDFKWXQGLFKKDWWH=HLWJHQXJJHKDEW PHLQ 9RUKDEHQ VRUJIlOWLJ ]X SODQHQ YRUDXVVFKDXHQG XQG XPVLFKWLJ DOOHV ELV LQV NOHLQVWH'HWDLOYRU]XEHUHLWHQXQGDOOH(YHQWXDOLWlWHQPLWHLQ]XEH]LHKHQ 6FKRQ DP 9RUDEHQG JOHLFK QDFKGHP :DOW\ XQG $QQHP\ PLW GHU 6&+/(8'(5%2**( DEJHKREHQ KDWWHQ ZDU LFK DQ GLH $XVIKUXQJ PHLQHV 3ODQHV JHVFKULWWHQ (V JLQJ YRU DOOHP GDUXP PLFK YRU GHQ IUKPRUJHQGOLFKHQ 3IOLFKWHQ ]X GUFNHQ GLH GD ZDUHQ 6FKDIH DXI GLH :HLGH ]X WUHLEHQ
*DXFKRURERWHU]XDNWLYLHUHQXQGIUGLH$UEHLWPLWGHQ3IHUGHQ]XSURJUDPPLHUHQ 6FKDIH ]X VFKHUHQ XQG .lQJXUXKV ]X PHONHQ GLH )U|VFKH ]X IWWHUQ XQG VLH LP =DXP]XKDOWHQ6WUHLWJHVSUlFKHPLWGHQEHVVHUZLVVHQGHQ(LQJHERUHQHQ]XIKUHQ XQGYLHOOHLFKWDXFKPDOIU%LOO\WKH.LGGHQIHKOSURJUDPPLHUWHQ*DXFKRURERWHU HLQ 3IHUG DE]XJHEHQ 'LHV DOOHV ZROOWH LFK PLU HUVSDUHQ XQG GDUXP KDWWH LFK GLH *DXFKRURERWHU GLH 6FKDIVFKXUPDVFKLQH GLH DXWRPDWLVFKHQ )XWWHUNULSSHQ XQG GLH .lQJXUXK0HONPDVFKLQHYRUSURJUDPPLHUW'HQ.ODFNWRQHUQGLHXQVDXIGHU)DUP ]XU+DQGJLQJHQKDWWHLFKIUGLHVHQ7DJIUHLJHJHEHQXQGLKQHQEHIRKOHQVLFKLQ +HUPDQQVYLOOH]XDPVLHUHQ 8QG LFK KDWWH GLH 7LHUH DXV :DOW\V 3ULYDW]RR ]XPHLVW YHULUUWH HOWHUQORVH XQG DXVJHVWRHQH)ULVFKOLQJHGLH:DOW\V0LWOHLGHUUHJWKDWWHQDXVUHLFKHQGYHUVRUJW GLH$ODUPDQODJHXQGGLHYLHOHQ7LHUTXlOHU)DOOHQUXQGXPGLH)DUPDXVJHVFKDOWHW GDPLWGDV*HELPPHOGHU:DUQJO|FNFKHQXQGGLH6FKUHLHYRQ8QJOFNVHOLJHQGLH DQGHUQIDOOV LQ GLH KHLPWFNLVFKHQ )DOOHQ KlWWHQ WDSSHQ N|QQHQ PHLQH PRUJHQGOLFKH5XKHQLFKWVW|UWHQ)UGHQVHOWHQHQ)DOOGDVLFKGRFKMHPDQGDXI XQVHUH)DUPYHULUUHQVROOWHVFKDOWHWHLFKGLH6LFKHUKHLWVDQODJHDXI6DQIWH5JHVR GD HLQ KDUPORVHU :DQGHUHU YRQ HLQHU HLQVFKPHLFKHOQGHQ /DXWVSUHFKHUVWLPPH IROJHQGHUPDHQ JHZDUQW ZHUGHQ ZUGH ³/LHEHU %HVXFKHU ZHQQ GX QRFK HLQHQ 6FKULWW ZHLWHUJHKVW GDQQ EHNRPPVW GX GLH +XFNH YROOJHKDXHQ (LQH OHHUH 'URKXQJJHZLGHQQGLH7LHUTXlOHU)DOOHQZDUHQMDGHVDNWLYLHUWGLHDEHUDXI GLHOHLFKW]XEHHLQGUXFNHQGHQ.ODFNWRQHULKUH:LUNXQJQLFKWYHUIHKOHQZUGH (LQ DQGHUHV 3UREOHP O|VWH VLFK YRQ VHOEVW 2WWR GHU 2WWRPDQH PLW GHP HUVWDXQOLFKHQ7ZLO]VFKPROOWHZLHGHUHLQPDOZHLO$QQHP\HVLKPXQWHUVDJWKDWWH DXIGHU6&+/(8'(5%2**(PLW]XIOLHJHQ'DVEHUVHQVLEOH3HO]ZHVHQPLWGHP PUULVFKHQ0RSVJHVLFKWKDWWHVLFKLQHLQHQ0RQROLWKHQJHWZLO]WXQGNDPGDKHUDOV 6W|UHQIULHG IU PLFK QLFKW PHKU LQ )UDJH %OLHE OHGLJOLFK %LOO\ WKH .LG GHU DEHU DOOHLQ DXI ZHLWHU )OXU ZDU XQG PLU QLFKWV DQKDEHQ NRQQWH ZHLO ]XP 6WUHLWHQ EHNDQQWOLFKLPPHU]ZHLJHK|UWHQ :LHJHVDJWLFKKDWWHDOOHVJHQDXEHGDFKWXQGDOOH6W|UIDNWRUHQDXVJHVFKDOWHWGLH PHLQHQ6FK|QKHLWVVFKODIEHHLQWUlFKWLJHQNRQQWHQ 'RFK JUDX LVW DOOH 7KHRULH ZLH VFKRQ MHQHU 6WDWLVWLNHU GHV -DKUKXQGHUWV HUNHQQHQPXWHGHUDXVJHUHFKQHWKDWWHGDGLH6WlGWHGHU(UGHEDOGLP3IHUGHPLVW HUVWLFNHQ ZUGHQ ZHQQ GLH =DKO GHU 3IHUGHIXKUZHUNH ZHLWHUKLQ LQ VR EHlQJVWLJHQGHP 0D DQVWLHJ %HL DOOHU ZHLVHU 8PVLFKW KDWWH LFK HLQHQ 8QVLFKHUKHLWVIDNWRUQLFKWLQPHLQH3ODQXQJPLWHLQEH]RJHQQlPOLFKPLFKVHOEVW (VEHJDQQVFKRQDP$EHQGDOVLFK]X%HWWJLQJXQGGDVVSlWHUDOVVRQVWYHUVWHKW VLFKGHQQLFKZROOWHGLH9RUIUHXGHLQYROOHQ=JHQJHQLHHQXQGJHQHKPLJWHPLU GDKHU DXFK DOV 6FKOXPPHUWUXQN HLQHQ .UXJ 1HNWDU 8QG DOV LFK PLFK GDQQ XQWHU GLH9RODQVGHFNHNXVFKHOWHXPILQJPLFKDXFKVRJOHLFKZRKOLJH0GLJNHLW ³:DVIUHLQKHUUOLFKHV*HIKO*HUU\VDJWHLFKPLU³HLQPDOQLFKWPLWGHU$QJVW YRUGHP$XIVWHKHQHLQVFKODIHQ]XPVVHQ(LQIDFKKHUUOLFK
8QG LFK ZDUWHWH DXI GHQ 6FKODI DEHU HU ZROOWH PLFK HLQIDFK QLFKW EHUPDQQHQ 8QGVRODJLFKGLHKDOEH1DFKWZDFKYRU(UUHJXQJXQG:RQQHEHUGLH$XVVLFKW GHQ NRPPHQGHQ 7DJ GXUFKVFKODIHQ XQG HLQPDO ULFKWLJ DXVVSDQQHQ XQG IDXOHQ]HQ ]XN|QQHQ'LHVHU*HGDQNHKLHOWPLFKELV]XP0RUJHQJUDXHQZDFKXQGULPLFK LPPHU ZLHGHU DXV GHP 6FKOXPPHU ZHQQ LFK PDO YRU (UVFK|SIXQJ HLQQLFNWH VR GD LFK PLU JHQLHHULVFK HLQUHGHQ NRQQWH ³:DV IU HLQ ZXQGHUEDUHV *HIKO *HUU\VRODQJH]XVFKODIHQZLHGXQXUZLOOVW .DXPMHGRFKZDUHVLUJHQGZDQQHQGOLFKVRZHLWGDHVVFKLHQDOVN|QQWHLFKGLH )UFKWHPHLQHUPKHYROOHQ$UUDQJHPHQWVJHQLHHQEHJDQQHQPLFKGLH$OSWUlXPH ]XSODJHQ ,FKWUlXPWHGDYRQGDPHLQ*HZLVVHQYRUPLFKKLQWUDWXQGGLH)UDJHVWHOOWH+DVW GXDQDOOHVJHGDFKW*HUU\"+DVWGXZLUNOLFKDQDOOHVJHGDFKWXPGLHVHQ0RUJHQ XQEHVFKZHUWJHQLHHQ]XN|QQHQ"0HLQHHUVWH$QWZRUWNDPVSRQWDQ-DZRKO$EHU GLHVH HLQH )UDJH O|VWH HLQH ZDKUH .HWWHQUHDNWLRQ YRQ )UDJHQ DXV +DWWH LFK GLH 6FKDIVFKXUPDVFKLQH ULFKWLJ SURJUDPPLHUW XQG QLFKW HWZD VR GD GLH 6FKDIH JHUXSIWDQVWDWWJHVFKRUHQZXUGHQ":LHVWDQGHVPLWGHU0HONPDVFKLQH",QPHLQHP $OSWUDXP VDK LFK GLH .lQJXUXKV OHLGHQ XQG K|UWH VLH TXDOYROO VFKUHLHQ ZHLO VLH QLFKW VFKRQHQG JHQXJ JHPRONHQ ZXUGHQ 8QG GLH DXWRPDWLVFKHQ )XWWHUNULSSHQ VSHQGHWHQ QLFKW JHQXJ )XWWHU VR GD VlPWOLFKH 7LHUH YRU +XQJHU ]X VFKUHLHQ EHJDQQHQ'DV4XDNHQXQG:LHKHUQXQG%O|NHQGUDQJJDQ]GHXWOLFKDQPHLQ2KU :HQQVFKRQGLHVZDUPHLQ0RUJHQXQGLFKKDWWHGLHIHVWH$EVLFKWLKQPLUGXUFK QLFKWV XQG QLHPDQGHQ YHUGHUEHQ ]X ODVVHQ ,FK KDWWH HLQ UHLQHV *HZLVVHQ XQG NRQQWH LP *HLVW DOOH 3XQNWH GHU &KHFN/LVWH DEKDNHQ *DXFKRURERWHU ULFKWLJ SURJUDPPLHUW" $EKDNHQ 6FKDIVFKXUPDVFKLQH IHLQMXVWLHUW" $EKDNHQ GDV %O|NHQ GHU 6FKDIH ZDU $XVGUXFN LKUHU /HEHQVIUHXGH VLH IUHXWHQ VLFK GDUEHU GD VLH VR VDQIWYRQLKUHU:ROOHEHIUHLWZRUGHQZDUHQ ,FKZROOWHPLFKQLFKWYRQPHLQHPlQJVWOLFKHQXQGDQ+\SHUVHQVLELOLWlWOHLGHQGHQ 8QWHUEHZXWVHLQ QDUUHQ ODVVHQ GHQQ ZDV LFK K|UWH ZDU GLH JDQ] QDWUOLFKH *HUlXVFKNXOLVVH HLQHU JXWJHIKUWHQ )DUP .HLQ *UXQG ]XU 3DQLN :RKODQ *HUU\ XQGJXWJHUXKW/DGLFKGXUFKQLFKWVDXVGHU5XKHEULQJHQGLHVLVWGHLQ0RUJHQ 8QG ZHQQ GLH )DUP DEEUHQQW ZHQQ GLH .ODFNWRQHU HLQH 5HEHOOLRQ DQ]HWWHOQ XQG DPRNODXIHQ GLH 3IHUGH LQ HLQH 6WDPSHGH DXVEUHFKHQ XQG GLH .lQJXUXKV DOOHV QLHGHUUHQQHQ VHOEVW ZHQQ GHU JDQ]H 3ODQHW ELUVW GDUI GLFK GDV QLFKW HUVFKWWHUQ GHQQHVLVWQXUHLQ7UDXP8QGVFKRQJDUQLFKWGDUIGLFK%LOO\VVWHLQHUZHLFKHQGHV )OHKHQ VW|UHQ PLW GHP HU GHQ ]X HLQHP 0RQROLWKHQ JHWZLO]WHQ 2WWR GD]X ]X EULQJHQYHUVXFKWZLHGHUHLQDQGHUHV$XVVHKHQDQ]XQHKPHQ 'DV KDOI 8QG ZHQQ LFK GLH WDWVlFKOLFKHQ RGHU VFKHLQEDUHQ *HVFKHKQLVVH DXFK QLFKW LJQRULHUHQ NRQQWH XQG VLH ZHLWHUKLQ DNXVWLVFK ZDKUQDKP VR SUDOOWHQ VLH ]XPLQGHVWDQPLUDE ³2WWRMHW]WVHLNHLQ)URVFK:HUGHOLHEHU]XHLQHP3IHUG %LOO\V-DPPHUQOLHPLFKNDOW
(LQ +RUQLVVHQVFKZDUP IHJWH EHU GHQ +RI JHQDX XQWHU PHLQHP )HQVWHU YRUEHL 'DVZWHQGH6XUUHQIDVWHLQ+HXOWRQVFKRQNODQJPLUZLHHLQHOLHEOLFKH0HORGLH LP 2KU (V PDFKWH PLU DXFK QLFKWV DXV DOV GHU +RUQLVVHQVFKZDUP ]XUFNNHKUWH XQG PLW HLQHP EUXPPHQGHQ *HUlXVFK ]XP 6WLOOVWDQG NDP JHUDGHZHJV XQWHU PHLQHP)HQVWHUZRDXFK%LOO\GHQ2WWR0RQROLWKHQZHLFK]XNULHJHQYHUVXFKWH ³,VW:DOW\GD"IUDJWHHLQHPLUXQEHNDQQWH6WLPPH ³1HLQ DQWZRUWHWH %LOO\ ZRUDXIKLQ VLFK GHU +RUQLVVHQVFKZDUP ZLHGHU ZWHQG HQWIHUQWH *OHLFKGDUDXIIORJHLQ-HWKHUDQEUHPVWHXQWHUPHLQHP)HQVWHUDE ³:RLVW:DOW\"IUDJWHGLH6WLPPHYRQYRUKLQ ³:HJDQWZRUWHWH%LOO\HLQVLOELJ 'HU-HWVWDUWHWHZLHGHU'LHVPDOHQWIHUQWHHUVLFKMHGRFKQLFKWVRQGHUQQDKP.XUV DXIGHQ(LQJDQJGHV+HUUVFKDIWVKDXVHVXQGIORJHLQ,FKK|UWHLKQGXUFKGLH*lQJH EUDXVHQPDOODQJVDPHUGDQQZLHGHUVFKQHOOHUXQGODXWHUXQGJHOHJHQWOLFKDXFK VWRSSHQ ZLH XP LUJHQGZHOFKH 5lXPH ]X LQVSL]LHUHQ 0LU ZDU NODU ZRUDXI DOOHV ]XVWHXHUWHVRGDLFKJHZDSSQHWZDUDOVPHLQH6FKODI]LPPHUWUDXIIORJXQGGHU -HWYRUPHLQHP%HWWODQGHWH ³:DOW\" IUDJWH GLH VFKRQ EHNDQQWH 6WLPPH XQG LFK DQWZRUWHWH PLW XQHUVFKWWHUOLFKHU5XKHXQGRKQHHLQ$XJH]XULVNLHUHQ ³1HLQ ³'DVJLEWHVQLFKW ³'RFK 'HU-HWIORJZLHGHUDEXQGDXIGHQ+RIKLQDXVXQGODQGHWHHUQHXWXQWHUPHLQHP )HQVWHU ,FK GDFKWH QRFK :LH HLQIDOOVORV YRQ PHLQHP 8QWHUEHZXWVHLQ GHP RIIHQEDUGLH,GHHQDXVJHJDQJHQZDUHQ ³:DVLVWGDVIOHLQ%HWOLHE"VFKLPSIWHGLHEHUHLWVVDWWVDPEHNDQQWH6WLPPH ³'DVLVWHLQ6WHLQEHOHKUWH%LOO\GHQ%HVXFKHU³8QGQLFKWHLQPDOHLQULFKWLJHU VRQGHUQHLQ2WWRGHUVLFKLQHLQHQ6WHLQJHWZLO]WKDW:HQQ6LHVFKRQPDOGDVLQG N|QQWHQ6LHPLUKHOIHQLKQXP]XVWLPPHQ ³,FK N|QQWH LKQ EOVWHQ PHLQWH GHU %HVXFKHU XQZLUVFK ³'RFK ZDV VROO V (V JHKWXPV*HVFKlIW ³,FK ELQ GHU 9RUPDQQ GHU 5DQFK VDJWH %LOO\ JURVSUHFKHULVFK ³:HQQ HV XP 3IHUGHJHKWVLQG6LHEHLPLUULFKWLJ:ROOHQ6LHHLQ5RGHRRUJDQLVLHUHQ"2GHUHLQH )XFKVMDJG" 1DFK ,KUHU .OHLGXQJ ]X VFKOLHHQ N|QQWHQ 6LH -lJHU VHLQ 9HUWUDXHQ 6LH VLFK PLU QXU DQ LFK ELQ )DFKPDQQ ZDV 3IHUGH DQEHODQJW :RUXP JHKW HV DOVR" ³8PGHQ9HLWODJHUNOlUWHGHU%HVXFKHU ³.DQQ PDQ GHQ UHLWHQ" HUNXQGLJWH VLFK %LOO\ KRIIQXQJVYROO ³:HQQ QLFKW ZHQGHQ6LHVLFKEHVVHUDQ*HUU\6LHEUDXFKHQLKQQXU]XUXIHQ6LHVWHKHQXQWHU VHLQHP)HQVWHU ³$FKVR"]HLJWHVLFKGHU8QEHNDQQWHHUVWDXQW
1XQ LVW HV MD PHLVWHQV VR GD HLQHQ HLQ $OSWUDXP VWHWV GDQQ HQWOlW ZHQQ HU HLQHP +|KHSXQNW ]XVWUHEW XQG DQ 6FKUHFNHQ NHLQH ZHLWHUH 6WHLJHUXQJ PHKU ]X ELHWHQKDW,FKGDFKWHPLUGDUXPGDVLFKQXQDOOHVLQ1LFKWVDXIO|VHQZUGHVR GDLFKPLFKHQWVSDQQWDXIGLHDQGHUH6HLWHKHUXPGUHKHQN|QQWH $EHUGDQQNDPHVJDQ]GLFN ³*HOO\*HOO\NUHLVFKWHHVGXUFK0DUNXQG%HLQJHKHQG 'DVZDUGDV(QGHPHLQHU0RUJHQUXKH ,FK ZDU VFKZHLJHEDGHW 6FKQHOOWH ZLH YRP 3IHUG JHWUHWHQ KRFK VSUDQJ DXV GHQ 9RODQVIHGHUQ XQG WRUNHOWH ]XP RIIHQHQ )HQVWHU ,FK ZDU QRFK LPPHU JDQ] VFKODIWUXQNHQZLHZRKOLFKRIIHQEDUGLHJDQ]H=HLWEHUZDFKJHOHJHQKDEHQPXWH 'HQQ DOV LFK LQ GHQ +RI KLQXQWHUEOLFNWH HUNDQQWH LFK GD GLH YRUDQJHJDQJHQHQ (UHLJQLVVHNHLQ7UDXPJHZHVHQVHLQNRQQWHQ 'RUWQDKHGHU3IHUGHNRSSHOVWDQGGHUWUXW]LJH0RQROLWKLQGHQVLFK2WWRJHWZLO]W KDWWHXQGGDQHEHQ%LOO\GHUVFKODNVLJH*DXFKRURERW,KPJHJHQEHUHUEOLFNWHLFK HLQH PHQVFKOLFKH *HVWDOW DEHU LFK PXWH HUVW HLQ SDDUPDO ]ZLQNHUQ XP (LQ]HOKHLWHQDQLKUHUNHQQHQ]XN|QQHQ ³+HZDVVROOGLHVHU.UDFKPLWWHQLQGHU1DFKWULHILFKHUERVWKLQXQWHUQXUXP HWZDV]XVDJHQ ³1DFKW" ZXQGHUWH VLFK GHU %HVXFKHU ZDQGWH GHQ .RSI LQ 5LFKWXQJ GHU KRFKVWHKHQGHQ6RQQHXQGYRQGRUWZLHGHU]XPLUKHUDXI'DQQNRQVWDWLHUWHHUYROO hEHU]HXJXQJ³(VLVW7DJ 1XQ KDWWH LFK GHQ 6FKODI VRZHLW IRUWJH]ZLQNHUW GD LFK GHQ 0DQQ HLQJHKHQGHU EHWUDFKWHQNRQQWH (U ZDU JUR XQG VFKODQN XQG WUXJ HLQH HQJDQOLHJHQGH JROGHQ JOlQ]HQGH .RPELQDWLRQ PLW HLQHP (PEOHP DXI GHP 5FNHQ GDV HLQHQ JHIOJHOWHQ +HOP ]HLJWH8QGVROFKHLQHQ+HOPKDWWHHUDXFKDXIGHP.RSIVRGDHUPLFKDQGHQ *|WWHUERWHQ 0HUNXU HULQQHUWH (U KLHOW LQ MHGHU +DQG HLQHQ UHFKW DXIIlOOLJHQ *HJHQVWDQGLQGHU5HFKWHQHLQHEHUGLPHQVLRQLHUWH=DKQEUVWHXQGLQGHU/LQNHQ HLQH $UW .RFKO|IIHO GHQ HU VLFK ZLH HLQ 0LNURSKRQ YRU GHQ 0XQG KLHOW 'DEHL KDWWHHUGLH)HYRUHLQDQGHUJHVWHOOWXQGEDODQFLHUWHDXIHLQHU$UW6NDWHERDUGRKQH 5ROOHQ $OV HU MHW]W GLH %HLQH EHZHJWH XQG VLFK EUHLWEHLQLJ XQWHU PHLQHP )HQVWHU DXIEDXWH GD HUNDQQWH LFK GD HV VLFK XP ]ZHL NXU]H VNLDUWLJ YRUQH DXIJHERJHQH %UHWWHU KDQGHOWH (U VFKZHEWH GDPLW HLQH +DQGEUHLW EHU GHP %RGHQ 8QG GDYRQ JLQJ HLQ EHVWlQGLJHV 6XUUHQ DXV GDV VLFK DQK|UWH DOV ZDUWH GHU HLQJHIDQJHQH +RUQLVVHQVFKZDUPQXUGDUDXIHQGOLFKZLHGHUZWHQGDEVFKZLUUHQ]XN|QQHQ ,FK EOLFNWH LQ HLQ DUURJDQW ZLUNHQGHV 3IHUGHJHVLFKW GDV QDFK &ORZQPDQLHU JHVFKPLQNW ZDU GLH $XJHQ GDULQ VFKLOOHUWHQ VR JROGHQ ZLH GLH UHFKW DXIIlOOLJH .RPELQDWLRQ ³6LQG6LH*HOO\"IUDJWHGHU8QEHNDQQWHPLWGHPHLJHQZLOOLJHQ=XQJHQVFKODJ ³1HLQ DEHU GDV LVW MHW]W DXFK VFKRQ HJDO HUZLGHUWH LFK PLW GHP =RUQ GHV
*HUHFKWHQ GHQ PDQ XP VHLQHQ ZRKOYHUGLHQWHQ 6FKODI JHEUDFKW KDWWH ³8QG ZHU VLQG6LH"8QGZDVZROOHQ6LHKLHU":RKHUN|UQHQ6LH" ³/ROHELO /DOKXODO VFKLFNW PLFK DQWZRUWHWH HU KRFKQlVLJ XQG VR DOV VDJH GLHV DOOHV ³-DXQG"IUDJWHLFKLQGLHHQWVWDQGHQH3DXVH ³6LH PVVHQ %HVFKHLG ZLVVHQ HUNOlUWH HU ³+DW :DOW\ QLFKWV JHVDJW" :R LVW :DOW\" ³$XVJHIORJHQDQWZRUWHWHLFK³8QGGDVZHUGHQ6LHDXFKJOHLFKIOLHJHQ ³'DV LVW JHJHQ GLH $EPDFKXQJ ULHI GHU 8QEHNDQQWH HUERVW ³'DV ZHLGH LFK PHOGHQ ,FK ELQ /ROOHP /DOORO .HLQ -lJHO ZLOO NHLQ /RGHR KDEH QLFKWV PLW 3IHOGHQ]XVFKDIIHQZLHGHO/RERWVDJW:DVLVWGDVIOHLQ%HWOLHE"$OOHVYHOOFNW ,FKSRFKHDXIGHQ9HLWODJ8QGZDVVSOHFKHQ6LHIOHLQHQ'LDOHNW" ³6LH KDEHQ HLQHQ )URVFK YHUVFKOXFNW PHLQ /LHEHU NOlUWH LFK LKQ DXI LFK KDWWH PLFK VRZHLW JHIDQJHQ GD PLFK GLH 6LWXDWLRQ ]X DPVLHUHQ EHJDQQ ³(V ZlUH EHVVHU6LHNlPHQHUVWZLHGHUZHQQ6LHRUGHQWOLFK]XVSUHFKHQJHOHUQWKDEHQ 'DVVWLPPWHLKQQDFKGHQNOLFK ³)ORVFK" 6SOHFKHQ" ZLHGHUKROWH HU XQVLFKHU XQG VFKLHQ GDQDFK PLW VHLQHU $XVVSUDFKHVHOEVWQLFKW]XIULHGHQ³*XWLFKNRPPHZLHGHO ³'DQQDXI:LHGHOVHKHQNRQQWHLFKPLUQLFKW]XVDJHQYHUNQHLIHQ (UZDUIPLUHLQHQJUROOHQGHQ%OLFN]XXQGVWHOOWHGLH%HLQHYRUHLQDQGHUVRGDGLH EHLGHQ .XU]VNLHU HLQ 6NDWHERDUG RKQH 5ROOHQ ELOGHWHQ 'DQQ EFNWH HU VLFK XP LUJHQGHLQH(LQVWHOOXQJGDUDQYRU]XQHKPHQ 'DV ZDU GDV =HLFKHQ IU %LOO\ HLQ DXVJHODVVHQHV ³
ZUGLJHQ8QGHUKDWWHHLQHQZLUNOLFKVWDUNHQ$EJDQJJHKDEW ³%LVW GX LQ 2UGQXQJ %LOO\" ULHI LFK ]X GHP *DXFKRURERWHU KLQXQWHU GHU QRFK LPPHU ]LHPOLFK EHOHPPHUW DXI GHP %RGHQ VD -HW]W HUKRE HU VLFK DXI VHLQH 2 I|UPLJ GXUFKJHERJHQHQ 7HQWDNHOEHLQH XQG QlKHUWH VLFK GHP +HUUVFKDIWVKDXV ZLH LQ7UDQFH(KUHQZRUWHUKDWWHJDQ]YHUNOlUWH6HKOLQVHQ ³:DV LVW GDV" IUDJWH HU ³(V LVW JHIOJHOW KDW HLQ JROGHQHV 9OLHV XQG GDV 7HPSHUDPHQWYRQKXQGHUW9ROOEOXWKHQJVWHQ ³(LQ 8QUXKHVWLIWHU GHU PHLQHQ ZRKOYHUGLHQWHQ 6FKODI JHVW|UW KDW VDJWH LFK LQEUQVWLJ ³,UUWXP ULHI %LOO\ WULXPSKLHUHQG XQG IJWH YHUNOlUW KLQ]X ³(V LVW 3HJDVXV ,FK KDEH 3HJDVXV JHULWWHQ (U NDP JHUDGH DP 2WWR0RQROLWKHQ YRUEHL XQG WUDW YHUlFKWOLFKGDJHJHQ³/DKPH(QWHVDJWHHU$EHU2WWREOLHEKDUWZLH)HOV (UVW MHW]W ZXUGH PLU EHZXW GD LFK LPPHU QRFK GDV 1DFKWKHPG WUXJ HLQH $QJHZRKQKHLWGLHLFKYRQ:DOW\.ODFNWRQEHUQRPPHQKDWWH'DLFKVLFKHUZDU GD /ROOHP /DOORO VHLQH 'URKXQJ ZDKUPDFKHQ XQG ZLHGHUNRPPHQ ZUGH ZROOWH LFKPLFKUDVFKDQNOHLGHQXPLKPHLQHQJHEKUHQGHQ(PSIDQJELHWHQ]XN|QQHQ ,FK IUDJWH PLFK QLFKW ZDV HU HLJHQWOLFK YRQ XQV ZROOWH XQG ZLH HU QDFK .3ODQHW JHNRPPHQ ZDU VRZHLW ZDU LFK QRFK QLFKW $EHU LUJHQGZR LP KLQWHUVWHQ :LQNHO PHLQHV *HKLUQV EUDXWH VLFK GHU 9HUGDFKW ]XVDPPHQ GD :DOW\ QLFKW JDQ] XQVFKXOGLJ DQ GLHVHU 6LWXDWLRQ ZDU $EHU ZLH JHVDJW LFK KDWWH QRFK ]X ZHQLJ 'XUFKEOLFN XP LUJHQGZHOFKH 6FKOVVH ]LHKHQ XQG GLH =XVDPPHQKlQJH DXFK QXU DQQlKHUQGEHJUHLIHQ]XN|QQHQ 'D DXFK /ROOHP /DOORO QLFKW JHUDGH DOOWlJOLFK JHNOHLGHW ZDU ZlKOWH LFK PHLQ )UHLIDKUHUNRVWPGDVPLUGLHQ|WLJH:UGHYHUOHLKHQVROOWH,PPHUKLQVWDQGLFKLP 5DQJHLQHV(GHOPDQQVXQGHVZDUPHLQJXWHV5HFKWPLFKLP6WLOGHUWHUUDQLVFKHQ 5HQDLVVDQFH]XNOHLGHQ$OVRKROWHLFKGDVVFKRFNIDUEHQHHQJDQOLHJHQGH%HLQNOHLG KHUYRU GD]X HLQH UVFKHQYHU]LHUWH %OXVH GHQ EUHLWHQ *UWHO PLW GHP .DYDOLHUVGHJHQ 6WXOSHQVWLHIHO XQG HLQ NHFNHV %DUHWW =XOHW]W KlQJWH LFK PLU GLH SHO]YHUEUlPWH=LPDUUDXP6HLWLFKLQ:DOW\V'LHQVWHJHWUHWHQZDUKDWWHLFKPLFK QLFKWPHKUVRKHUDXVJHSXW]WZHLOIUPHLQH$UEHLWDXIGHU)DUPHLQ'ULOOLFKDQ]XJ SDVVHQGHU ZDU (GHOPDQQ *HUDOG 6KDUS GHU ]X VHLQ LFK VFKRQ ZlKUHQG PHLQHU $XVELOGXQJDXIGHUPDUVLDQLVFKHQ5DXPDNDGHPLHJHWUlXPWKDWWHZDUXQWHU:DOW\V .RPPDQGR ]X HLQHP EHVVHUHQ 0lGFKHQ IU DOOHV GHJUDGLHUW ZRUGHQ 8P GHU :DKUKHLWGLH(KUH]XJHEHQPXJHVDJWZHUGHQGDLFKPLFKGDUEHUHLJHQWOLFK QLH EHNODJWH 0LU JHILHO GDV /HEHQ DXI .3ODQHW XQG DXI :DOW\V )DUP VR ZLH HV ZDU$EHUQXQZDUHVDQGHU=HLWGDLFKGHQ)UHLIDKUHULQPLUKHUYRUNHKUWH ,FKEHZXQGHUWHPLFKJHUDGHLP6SLHJHOXQG]XSIWHGLH=LPDUUD]XUHFKWDOVYRP +RIKHUODXWHV*HVFKUHLHUNODQJ,FKEOLFNWHNXU]DXVGHP)HQVWHUXQGVDK6XQJR :DOW\V HLQJHERUHQHQ .DPPHUGLHQHU ]XVDPPHQ PLW HLQHP 'XW]HQG ZHLWHUHU )DUPDUEHLWHUDXVGHP+HUPDQQVYRONJHVWLNXOLHUHQGXQGSDODYHUQGKHUDQNRPPHQ
2KQHODQJH8PVFKZHLIHYHUOLHLFKPHLQ=LPPHUXQGEHJDEPLFKDXHU+DXVXP PLUGHQ%HULFKWGHUDXIJHUHJWHQ.ODFNWRQHUDQ]XK|UHQ :DOW\ KDWWH HV VFKRQ LPPHU PLIDOOHQ GD GLH (LQJHERUHQHQ YRQ .3ODQHW QDFK LKPEHQDQQWZXUGHQ6RKDWWHHUHVPLWHLQHU5HLKHYRQDQGHUHQ1DPHQYHUVXFKW GLHVLFKMHGRFKDOOHQLFKWUHFKWGXUFKVHW]HQNRQQWHQGLHDEHUZDKOZHLVHJHEUDXFKW ZXUGHQ =XHUVW ZROOWH HU HLQHQ 1DPHQ IU VLH YRP WHUUDQLVFKHQ 2UDQJ8WDQ DEOHLWHQ GD VLH YRQ GHU 6WDWXU LKUHQ SODWWQDVLJHQ *HVLFKWHUQ XQG GHP .|USHUIHOO HLQH VWDUNH bKQOLFKNHLW PLW GLHVHQ 0HQVFKHQDIIHQ KDWWHQ GRFK GDQQ WDW HU GLHVH ,GHH DOV GLVNULPLQLHUHQG DE 0HLQ 9RUVFKODJ .LQJ .RQJ NRQQWH LKP DXFK QLFKW JHIDOOHQ 6FKOLHOLFK EUJHUWH HV VLFK HLQ GLH .ODFNWRQHU DOV +HUPDQQVYRON ]X EH]HLFKQHQ ZDV VLFK GDYRQ DEOHLWHWH GD VLH DOOHV ZDV VLH EHHLQGUXFNWH DOV ³+HUPDQQEH]HLFKQHWHQ:LUQDQQWHQVLHDEHUDXFK%URYDVZHLOVLHDOOHVZDVVLH EHJHLVWHUWH RGHU ZDV VLH EHVWlWLJHQ ZROOWHQ PLW ³%URYDEURYD NRPPHQWLHUWHQ .HQQHU YRQ :DOW\ .ODFNWRQV 3HUVRQ ZLVVHQ GD HV LKP XQP|JOLFK LVW GDV :RUW ³%UDYR ULFKWLJ ]X JHEUDXFKHQ XQG HU VWDWW GHVVHQ ³%URYD VDJW 'LHVHQ /DSVXV OLQJXDH KDEHQ ZLHGHUXP GLH .ODFNWRQHU EHJHLVWHUW DXIJHQRPPHQ RKQH GDPLW :DOW\MHGRFKYHUVSRWWHQ]XZROOHQ *HQXJGHU(UNOlUXQJHQ $OV LFK DXV GHP +DXV WUDW VWUPWHQ 6XQJR GHU DOV HLQ]LJHU HLQ DOWWHUUDQLVFKHV .RVWP WUXJ XQG GDV 'XW]HQG )DUPDUEHLWHU DXI PLFK ]X 6LH UHGHWHQ DOOH JOHLFK]HLWLJDXIPLFKHLQVRGDLFKHLJHQWOLFKQXU³+HUPDQQXQG³%URYDEURYD YHUVWDQG ,UJHQGZLH JHODQJ HV PLU GDQQ LKUHQ 5HGHVFKZDOO ]X VWRSSHQ XQG GDV :RUW ]X HUJUHLIHQ ³$OOHVVFK|QGHU5HLKHQDFKVDJWHLFKPLWEHVFKZLFKWLJHQGHUKREHQHQ+lQGHQ ³:LH NRPPW HV HLJHQWOLFK GD LKU VFKRQ ]XUFN VHLG REZRKO LFK HXFK GHQ 7DJ IUHLJHJHEHQ KDEH" 8QG HV JHQJW ZHQQ PLU HLQHU YRQ HXFK DQWZRUWHW $OVR 6XQJR" 'HU .ODFNWRQHU VFKRE VLFK GHQ EUHLWNUHPSLJHQ )HGHUKXW LQV *HQLFN XQG VWW]WH VHLQH EHUODQJHQ $UPH LQ GLH +IWHQ GDQQ EOlKWH HU VHLQHQ PlFKWLJHQ %UXVWNRUE DXIGDLFKPHLQWHHUZUGHGLH.Q|SIHVSUHQJHQ ³,Q+HUPDQQVYLOOHYLHO.UDFKVDJWHHUXQGQLFNWHEHNUlIWLJHQGVRGDLKPGHU )HGHUKXW LQV *HVLFKW UXWVFKWH (U VFKRE LKQ VLFK ZLHGHU ]XUFN XQG IXKU IRUW ³.RPPHQYLHOH)UHPGKHUPDQQJDQ]JOLW]HUQGXQGDXI%UHWWKHUPDQQIDKUHQGXQG PDFKHQ ODXWHV *HVFKUHL MDZRKO (GHOKHUPDQQ *HUU\ 6DJHQ :DOW\ KDW JHVDJW +HUPDQQVYLOOH VROO XPJHEDXW ZHUGHQ $OWH 3OlQH XQJOWLJ +DEHQ QHXH 3OlQH +RKHV+HUPDQQVKDXVWDJW$OOHVLQGGD+HUPDQQHLQVELV+HUPDQQKXQGHUW8QG GDQQ QRFK PHKU .UDFK $OO GLH )UHPGKHUPDQQ PLVFKHQ VLFK HLQ VSUHFKHQ NRPLVFKGURKHQPLW%UVWHQKHUPDQQXQGVDJHQEOVWHQ GD]X ³(LQHQ0RPHQW6XQJRXQWHUEUDFKLFKVHLQ.DXGHUZHOVFK³:LOOVWGXVDJHQGD LQ+HUPDQQVYLOOH)UHPGHDXIJHWDXFKWVLQGGLHJROGHQH.RPELQDWLRQHQWUDJHQDXI
UROOHQORVHQ %UHWWHUQ GDKLQIOLW]HQ XQG PLW EUVWHQDUWLJHQ *HUlWHQ EHZDIIQHW VLQG" 8QGWUDJHQVLH)OJHOKHOPHXQGKDEHQVLHDOOHGHQJOHLFKHQ6SUDFKIHKOHU" ³%URYDEURYDEHVWlWLJWH6XQJR³6DJHQMHGHU%ORYDEORYD XQG+HOPDQQVYLOOH XQGEOVWHQ +DEHQ*HVLFKWHUZLH3IHUG ³8QGZLHYLHOHVLQGHV" ³*URH +HUPDQQV]DKO EHKDXSWHWH 6XQJR XQG ZLHV ]ZHLPDO GLH )LQJHU EHLGHU +lQGH YRU ³8QG VLH YHUVXFKHQ LQ HXUHU +DXSWVWDGW EDXOLFKH 9HUlQGHUXQJHQ YRU]XQHKPHQ"IUDJWHLFKXQJOlXELJ³-DMDVDJHQEORYDEORYDGDVPXZHJXQG ZDV DQGHUHV PX KHU DQWZRUWHWH 6XQJR ³+RKHV +HUPDQQVKDXV KDW SURWHVWLHUW DEHU)UHPGKHUPDQQEHKDXSWHQ:DOW\ZLOOHVVR-HGHUGHUQLFKWJODXEHQZLOOPX IKOHQ:LUGHLQIDFKJHEOVWHW6RZLH+HUPDQQHLQVXQG+HUPDQQGUHL ,FKHULQQHUWHPLFKGDUDQZLHHV%LOO\HUJDQJHQZDUDOVLKQ/ROOHP/DOORORGHU ZLH ]XP 7HXIHO HU LPPHU DXFK ZLUNOLFK KLH ³JHEUVWHW KDWWH XQG NRQQWH PLU YRUVWHOOHQGDGLH.ODFNWRQHUGDUEHUHUERVWZDUHQ ³:R]X JLEW HV GDV +HUPDQQVUHFKW ZHQQ )UHPGKHUPDQQ NRPPHQ XQG XQV EOVWHQZLHVLHZROOHQUHJWHVLFK6XQJRDXI ³'DV LVW DOOHUGLQJV EHGHQNOLFK VWLPPWH LFK ]X :DOW\ KDWWH GHP +HUPDQQVYRON 6HOEVWEHVWLPPXQJ ]XJHVLFKHUW XQG GD]X JHUDWHQ GD GLH .ODFNWRQHU HLQH GHPRNUDWLVFKH 5HJLHUXQJ ELOGHQ VROOWHQ 'DV +RKH +HUPDQQVKDXV ZDU GDV 3DUODPHQW XQG GLH KXQGHUW 9RONVYHUWUHWHU QDQQWHQ VLFK +HUPDQQ ELV +HUPDQQ :DOW\ KDWWH YHUVXFKW LKQHQ GLH 6SLHOUHJHOQ GHU 'HPRNUDWLH EHL]XEULQJHQ RKQHGDPLWMHGRFKYLHO(UIROJ]XKDEHQ'DVODJYRUDOOHPGDUDQGDHUYRQ3ROLWLN ZRP|JOLFK QRFK ZHQLJHU $KQXQJ KDWWH DOV VHLQH 6FKW]OLQJH ,FK KDWWH PDO HLQHU +HUPDQQVVLW]XQJEHLJHZRKQWXQGPLFKZLHLQHLQHP,UUHQKDXVJHIKOW,QQHUKDOE HLQHU6WXQGHZDUGHU3RVWHQGHV(UVWHQ+HUPDQQYLHUPDOQHXEHVHW]WZRUGHQELV DP(QGHNHLQHUPHKUZXWHZHUVLFKGHQQQXQ+HUPDQQQHQQHQGXUIWH'DQDFK ZDU GHU JHVDPWH +HUPDQQVUDW DXIJHO|VW XQG QHX JHZlKOW ZRUGHQ ,FK KDWWH GDV (QGHGHU1HXZDKOHQMHGRFKQLFKWPHKUDEJHZDUWHWXQGZDUJHIOFKWHW9RQ6XQJR ZXWHLFKGDHUVFKRQPDO+HUPDQQXQG+HUPDQQJHZHVHQZDU ³+DW :DOW\ HLQHQ 9HOWODJ JHPDFKW XQG EHVWLPPW GD PDQ XQV EOVWHQ GDUI" IUDJWH6XQJR³,FKPXHVZLVVHQ,FKHUVHW]HGHQJHEOVWHWHQ+HUPDQQHLQV ³6XQJRHVKHLW9HUWUDJXQGEUVWHQEHULFKWLJWHLFKLKQ ³%UVWHQ WXW VR ZHK ZLH EOVWHQ HUZLGHUWH 6XQJR ³+DW :DOW\ RGHU KDW HU QLFKW" ³,FK ZHL HV QLFKW JHVWDQG LFK ³$EHU NDQQVW GX GLU YRUVWHOOHQ GD :DOW\ LUJHQGHLQH9HUHLQEDUXQJEHUHXUH.|SIHKLQZHJWUHIIHQZUGH" ³1HLQ VDJWH 6XQJR EHU]HXJW XQG GLH DQGHUHQ VFKWWHOWHQ EHLSIOLFKWHQG GLH .|SIH ³,FK DXFK QLFKW VDJWH LFK ³(V PX HLQ ,UUWXP YRUOLHJHQ RGHU DEHU HV VWHFNW LUJHQGHLQH *HPHLQKHLW GDKLQWHU 6FKDGH GD :DOW\ QLFKW GD LVW XQG GLH 6DFKH DXINOlUHQNDQQ:DUXPPXWHHUDXFKDXVJHUHFKQHWMHW]WDXI*HVFKlIWVUHLVHJHKHQ
XPHXUHQlKLFKPHLQHHXUH.XQVWZHUNH]XYHUNDXIHQ %HLQDKHKlWWHLFK³.LWVFKRGHU³5DPVFKJHVDJWNRQQWHHVPLUDEHUJHUDGHQRFK YHUNQHLIHQ 'LH .ODFNWRQHU KlWWHQ PLU GDV VHKU EHOJHQRPPHQ GHQQ VLH KLHOWHQ VLFKIUEHJQDGHWH.QVWOHU'DVKDWWHLKQHQ:DOW\HLQJHUHGHW=ZDUVLQGVLHUHFKW JHVFKLFNWH .XQVWKDQGZHUNHU GRFK N|QQHQ VLH LKUH *HVFKLFNOLFKNHLW QLFKW GHUDUW XPVHW]HQ GD DQVHKQOLFKH 3URGXNWH KHUDXVNRPPHQ GLH VLFK DXFK YHUNDXIHQ ODVVHQ =XPLQGHVW NRQQWH LFK PLU QLFKW YRUVWHOOHQ GD HV LQ GLHVHP RGHU HLQHP DQGHUHQ 8QLYHUVXP MHPDQGHQ JDE GHU VLH NDXIHQ ZUGH VR ZHQLJ *HVFKPDFN NRQQWHNHLQKDOEZHJVLQWHOOLJHQWHV:HVHQKDEHQ $XVJHQRPPHQ :DOW\ QDWUOLFK HU IDQG DOOHV VFK|Q ZDV GLH :HUNVWlWWHQ VHLQHU 6FKW]OLQJH YHUOLH 6LH GDQNWHQ HV LKP GDPLW GD VLH PLW QRFK PHKU (LIHU DQV :HUNJLQJHQXQGLKUH.LWVFKSURGXNWLRQEHVWlQGLJHUK|KWHQ 'RFKJHQXJGDYRQ ³6XQJRGHQNHHLQPDOVFKDUIQDFKXQGYHUVXFKHGLFK]XHULQQHUQREGLH)UHPGHQ LUJHQGZHOFKHbXHUXQJHQJHWDQKDEHQGLHDXILKUH+HUNXQIWVFKOLHHQODVVHQRGHU GDUDXIZLHVLHDXIGLHVHQ3ODQHWHQJHODQJWVLQGVDJWHLFKHLQGULQJOLFK 6XQJROHJWHGHQ.RSIVFKLHIVRGDLKPGHU+XWQDFKGLHVHU6HLWHUXWVFKWHXQG ]RJVHLQOHGULJHV$IIHQJHVLFKWLQ)DOWHQ3O|W]OLFKHUKHOOWHHVVLFKXQGHUULHIDXV ³0LW%UHWWHUKHUPDQQ ³0LWLKUHQ6NDWHERDUGVN|QQHQVLHXQP|JOLFKGHQ:HOWUDXPEHUEUFNWKDEHQ HUZLGHUWH LFK ³6LH PVVHQ PLW 5DXPVFKLIIHQ lKQOLFK :DOW\V 6&+/(8'(5 %2**(JHNRPPHQVHLQ ³(FKW"ZXQGHUWHVLFK6XQJR$EHUGDQQVFKWWHOWHHUGHQ.RSI³1LFKWVGD.HLQ 5DXPVFKLII 1XU JURHU 6FKZDU]KHUPDQQ 5LHVHQJUR 6XQJR VWUHFNWH VHLQH ODQJHQ $UPH XQG EHVFKULHE GDPLW ELV ]XU *UHQ]H VHLQHU 5HLFKZHLWH HLQHQ +DOEERJHQXQGIJWHKLQ]X³*XWHLQHKDOEH+HUPDQQVOlQJHJUR 'LH DQGHUHQ .ODFNWRQHU EHVWlWLJWHQ GLHV XQG DXI HLQPDO UHGHWHQ DOOH GXUFKHLQDGHU ,FK KDWWH ]ZDU LPPHU QRFK QLFKW KHUDXVEHNRPPHQ ZLHYLHO HLQH +HUPDQQVOlQJHZDUWLSSWHDEHUDXIHLQHQKDOEHQ.LORPHWHUXQGZDUEHU]HXJWGD 6XQJR PDORV EHUWULHE $EHU GHQQRFK LUJHQG HWZDV :DKUHV ZUGH VFKRQ GUDQ VHLQ ZHQQ HU VR EHHLQGUXFNW YRQ HLQHP 6FKZDU]KHUPDQQ VSUDFK (V NRQQWH VLFK GXUFKDXV XP HLQ 5DXPVFKLII KDQGHOQ DXFK ZHQQ 6XQJR GDV YHUQHLQWH ,FK KDWWH LKP MD ]XP 9HUJOHLFK GLH 6&+/(8'(5%2**( DQJHERWHQ XQG GLH VDK DOOHP DQGHUHQDOVHLQHP5DXPVFKLIIlKQOLFK:DOW\V)UHLIDKUHUVFKLIIZDUQlPOLFKDXVJXW HLQHP'XW]HQG:UDFNVYHUVFKLHGHQVWHU+HUNXQIW]XVDPPHQJHVW|SSHOW ³:RVWHKWGLHVHU6FKZDU]KHUPDQQ"ZROOWHLFKZLVVHQ 'LH.ODFNWRQHUZLHVHQDOOHLQGLH5LFKWXQJLQGHU+HUPDQQVYLOOHODJXQGLQGLH PHLQNDX]LJHU%HVXFKHUYHUVFKZXQGHQZDU ³=HKQ+HUPDQQVOlQJHQYRQKLHUHUNOlUWH6XQJR ³'DV PX LFK PLU DQVHKHQ EHVFKOR LFK ³'X ZLUVW PLFK IKUHQ 6XQJR ,FK HUVSlKWH EHU GLH .|SIH GHU .ODFNWRQHU KLQZHJ %LOO\ WKH .LG GHU VLFK
SURYR]LHUHQG YRU GHP 2WWR0RQROLWKHQ DXIJHEDXW KDWWH XQG ULHI LKP ]X ³6DWWOH GUHL3IHUGH%LOO\:LUUHLWHQDXV ³,FK KDEH 3HJDVXV JHULWWHQ HULQQHUWH HU PLFK PLW VWUHQJHP 7DGHO ³*ODXEVW GX LFKN|QQWHGDQDFKQRFKHLQPDOHLQHGLHVHU6FKLQGPlKUHQEHVWHLJHQ" (V JHODQJ PLU GDQQ GRFK LKQ ]XP 6DWWHOQ GHU 3IHUGH XQG ]XP 0LWNRPPHQ ]X EHUUHGHQDEHUHUVWHOOWHHLQH%HGLQJXQJ ³=XHUVW PXW GX IROJHQGHV 5lWVHO O|VHQ *HUU\ YHUODQJWH HU ³(V LVW JUR XQG NORELJXQJHVFKOLIIHQXQGUDXKGXPPXQGKlOLFKZDVLVWGDV" ³2WWRGHUVLFKLQHLQHQ0RQROLWKHQJHWZLO]WKDWVDJWHLFKVSRQWDQ ³)DOVFK EHKDXSWHWH %LOO\ ³(V LVW HLQ 2WWRPDQH GHU VLFK QLFKW LQ HLQ WHPSHUDPHQWYROOHVJHIOJHOWHV3IHUGWZLO]HQNDQQ 2EZRKOLFKGLHULFKWLJH$QWZRUWQLFKWJHIXQGHQKDWWHNDP%LOO\GDQQGRFKPLW $EHULFKZXUGHGHQ9HUGDFKWQLFKWORVGDGHP*DXFKRURERWHUGDV%UVWHQQLFKW JXWEHNRPPHQZDU %LOO\EHVFKZHUWHVLFKZlKUHQGGHVJDQ]HQ5LWWHVEHUGHQODKPHQ*DXOPLWGHPHU VLFK DESODJHQ PXWH 6XQJR ZLHGHUXP VFKLOGHUWH PLU GHQ VRJHQDQQWHQ 6FKZDU]KHUPDQQLQVHLQHUXPVWlQGOLFKHQXQGQLFKWVVDJHQGHQ6SUDFKHVRGDLFK PLUDP(QGHJDUQLFKWVPHKUGDUXQWHUYRUVWHOOHQNRQQWH $OV ZLU DXI KDOEHP :HJ QDFK +HUPDQQVYLOOH ZDUHQ XQG GLH VWUDXFKEHVWDQGHQH .XSSH HLQHV IODFKHQ +JHOV EHUTXHUWHQ VWLH 6XQJR SO|W]OLFK HLQHQ JXWWXUDOHQ 6FKUHLDXVXQGULHIQDFKYRUQH ³'DULHIHUDXIJHUHJW³6FKZDU]KHUPDQQ ,FK ]JHOWH PHLQ 3IHUG XP GLH (UVFKHLQXQJ LQ 5XKH EHWUDFKWHQ ]X N|QQHQ :LU ZDUHQ QRFK HWZD GUHLKXQGHUW 0HWHU HQWIHUQW XQG DXV GLHVHU 'LVWDQ] ZLUNWH GDV *HELOGH EHUKDXSW QLFKW VFKZDU] QLFKW HLQPDO GXQNHO ,FK ZDU GHQQRFK EHHLQGUXFNW (VKDQGHOWHVLFKXPHLQHWZDGUHLLJ0HWHUKRKHVXQGKDOEVREUHLWHV*HELOGHYRQ QLHUHQ RGHU ERKQHQDUWLJHU )RUP GDV GDXHUQG LQ ODQJVDPHU %HZHJXQJ ZDU RKQH VLFK MHGRFK GUDPDWLVFK ]X YHUlQGHUQ (V KDWWH 7LHIH XQG .|USHU ZDU DOVR QLFKW IODFKXQGVFKLHQDXVUHLQHU(QHUJLH]XEHVWHKHQ=XPLQGHVWHUVFKLHQHVPLUQLFKW PDWHULHOO(VVFKZHEWHHWZDVEHUGHP%RGHQGHUULQJVXPYHUEUDQQWZDUDOVKlWWH GHU%OLW]DQGLHVHU6WHOOHHLQJHVFKODJHQ+LHUZXFKVNHLQ*UDVPHKU (V VFKLHQ DOV VHL GLHVHV 'LQJ WUDQVSDUHQW DEHU PDQ NRQQWH GHQQRFK QLFKW KLQGXUFKVHKHQQLFKWHLQPDOKLQHLQ(VIOLPPHUWHXQGIOXRUHV]LHUWHHVZDEHUWHLQ HLQHPJOHLFKPlLJHQ5K\WKPXV,FKDVVR]LLHUWHGDVVRIRUWPLW$WPHQ +DQGHOWH HV VLFK XP HLQH XQEHNDQQWH /HEHQVIRUP GLH QDFK .ODFNWRQV 3ODQHW YHUVFKODJHQZRUGHQZDU"2GHUXPHLQRUJDQLVFKHV5DXPVFKLII" $OOPlKOLFK KDWWH HV VHLQH )RUP YHUlQGHUW VDK QLFKW PHKU ZLH HLQH %RKQH DXV VRQGHUQZLHHLQDV\PPHWULVFKHV(L
³:DVLVW6FKZDU]KHUPDQQ"IUDJWH6XQJREDQJHXQGEOLFNWHPLFKDXVXQQDWUOLFK JURHQ$XJHQHUZDUWXQJVYROODQ ³(V NDQQ DOOHV P|JOLFKH VHLQ QXU VFKZDU] LVW HV QLFKW DQWZRUWHWH LFK ³5HLWHQ ZLUQlKHUXPHVJHQDXHUEHWUDFKWHQ]XN|QQHQ 6XQJREHNDPHVSO|W]OLFKPLWGHU$QJVW]XWXQ ³9RQQlKHULVWHVVFKZDU]VDJWHHUPLWNOlJOLFKHU6WLPPH³6RVFKZDU]ZLHGDV %|VH'HUVFKZDU]H6FKUHFNHQVKHUPDQQIULWDOOHVZDV]XQDKHNRPPW ³:RKHUZLOOVWGXGDVZLVVHQ"IUDJWHLFKZlKUHQGLFKPHLQ3IHUGDQWULHEXQGLQ OHLFKWHQ7UDEYHUIDOOHQOLH³+DVWGXEHREDFKWHWZLHGDV'LQJMHPDQGYHUVFKOXFNW KDW" ³,FKZHLHVVDJWH6XQJREHU]HXJWDEHUHUIROJWHPLUZHQQDXFK]|JHUQGXQG LQ HLQHP $EVWDQG YRQ GUHL 3IHUGHOlQJHQ ,FK NRQQWH HV LKP QLFKW EHOQHKPHQ GHQQ HU ZDU WURW] DOOHP HLQ 3ULPLWLYHU GHU VHLQH YHUHUEWH $QJVW YRU DOOHP 1HXHQ QLFKWYRQKHXWHDXIPRUJHQDEVWUHLIHQNRQQWH:lUH:DOW\KLHUJHZHVHQXQGKlWWH HU VHLQHP 'LHQHU EHIRKOHQ DXI GDV *HELOGH ORV]XSUHVFKHQ XQG HV PLW EORHQ +lQGHQ]XEHNlPSIHQ6XQJRKlWWHHVJHWDQGHQQ:DOW\YHUWUDXWHHUEOLQG$EHU LFKZDUNHLQHVROFKH$XWRULWlWIULKQ ³:DVPHLQVWGX%LOO\"IUDJWHLFKGHQ*DXFKRURERWHUGHUVFKZHLJHQGDQPHLQHU 6HLWHULWW³:DVN|QQWHGDVVHLQ"(VLVWGUHLLJ0HWHUKRFKYHUlQGHUWVHLQH)RUP VRGDHVPDOZLHHLQH%RKQHGDQQZLHGHUZLHHLQ(LDXVVLHKWXQGHVYHUGXQNHOW VLFKMHQlKHUPDQNRPPW ³,FKELQHVGHUGLH5lWVHODXIJLEWZLHVPLFKGHU*DXFKRURERWHU]XUHFKW³$EHU LFKZLOOQLFKWVRVHLQ'XNDQQVWQXUGHQ6FKZDU]KHUPDQQJHPHLQWKDEHQGHPZLU XQVQlKHUQ5LFKWLJ" ,FKVHXI]WH ³'X KDVW JHZRQQHQ %LOO\ VDJWH LFK HUJHEHQ LFK KlWWH PLU GHQNHQ N|QQHQ GD YRQ%LOO\NHLQHJHVFKHLWH$QWZRUW]XHUZDUWHQZDU³'DQQKDEHLFKHLQHQ5LWWDXI 3HJDVXVJXWVDJWH%LOO\ ,QHLQHPKDWWH6XQJR]XPLQGHVWUHFKW-HQlKHUZLUGHU(UVFKHLQXQJNDPHQGHVWR PHKUYHUGXQNHOWHVLHVLFK$OVZLUQXUQRFKKXQGHUW0HWHUHQWIHUQWZDUHQKDWWHVLH LKUH)OXRUHV]HQ]YHUORUHQZLUNWHPDWWXQG*UDXLQ*UDX,FKKlWWHMHW]WJHUQHHLQ 2UWXQJVJHUlW GDEHL JHKDEW XQG lUJHUWH PLFK LQQHUOLFK EHU GLHVH 8QWHUODVVXQJVVQGH$EHULFKPXJHVWHKHQGDLFKJDUQLFKWGDUDQJHGDFKWKDWWH LUJHQGHLQH $XVUVWXQJ PLW]XQHKPHQ ZHLO LFK 6XQJRV $XVVDJH QLFKW EHVRQGHUV HUQVW QDKP (LQ 6FKZDU]KHUPDQQ NRQQWH MD DOOHV P|JOLFKH VHLQ HLQVFKOLHOLFK HLQHU)DWD0RUJDQD ,FK IUDJWH PLFK DXFK MHW]W RE HV QLFKW WDWVlFKOLFK HLQH VROFKH ZDU 'LH (UVFKHLQXQJZLUNWHLPPHUXQZLUNOLFKHUMHQlKHUZLULKUNDPHQVDKLPPHUPHKU ZLHHLQWUEHV/RFKLP+LPPHODXVHLQHVFKZDU]H:RONHLQ%RGHQQlKHHLQH]XU 6FKZlU]HYHUGLFKWHWH1HEHOVFKZDGH $EHU HV NRQQWH DXFK HLQ XQEHNDQQWHV 5DXPVFKLII VHLQ GLHVH 0|JOLFKNHLW GXUIWH
LFKQLHJDQ]DXHUDFKWODVVHQ6FKOLHOLFKPXWHQ/ROOHP/DOOROXQGGLHDQGHUHQ 3IHUGHJHVLFKWHU GLH +HUPDQQVYLOOH KHLPJHVXFKW KDWWHQ PLW LUJHQGHLQHP 9HKLNHO QDFK.3ODQHWJHNRPPHQVHLQ :LUZDUHQQXQELVDXIGUHLLJ0HWHUDQGLH(UVFKHLQXQJKHUDQJHNRPPHQXQGVLH SUlVHQWLHUWHVLFKVFKZDU]ZLHGLH1DFKWHLQJDQ]W\SLVFKHU6FKZDU]KHUPDQQIU HLQHQ .ODFNWRQHU 0LU ZXUGH QXQ DXFK HLQ ZHQLJ PXOPLJ ]XPXWH GHQQ PLFK EHVFKOLFK DQJHVLFKWV GLHVHV GXQNOHQ 1LFKWV ]X GHP GLH DXV GHU )HUQH IOXRUHV]LHUHQGH (UVFKHLQXQJ JHZRUGHQ ZDU GDV XQEHVWLPPWH *HIKO HV N|QQWH PLFKYHUVFKOLQJHQ,FKJODXEWHHUQVWKDIWHLQH$UWJHLVWLJHQ6RJ]XYHUVSUHQGHU JOHLFK]HLWLJDEVWRHQGZLUNWHXQGVHOWVDPHbQJVWHLQPLUZHFNWH ³1LFKWPHKUZHLWHUMDPPHUWH6XQJR 'LHVHQ *HIDOOHQ WDW LFK LKP JHUQH LFK NRQQWH LKQ MHW]W PHKU YHUVWHKHQ GHQQ MH +DWWHQ GLH 3IHUGHJHVLFKWHU GXUFK HLQH $UW 3DQLNVWUDKOXQJ GDIU JHVRUJW GD )UHPGHPLWlQJVWOLFKHP*HPWLKUHP5DXPVFKLIIQLFKW]XQDKHNDPHQ" 'LHVHU PHLQ *HGDQNH ZDU QRFK NHLQH 6HNXQGH DOW DOV SO|W]OLFK HLQ UDVFK DQVFKZHOOHQGHV *UROOHQ HUNODQJ GDV LPPHU ODXWHU ZXUGH XQG ]X HLQHP RKUHQEHWlXEHQGHQ *HW|VH DQVFKZROO *OHLFK]HLWLJ EHJDQQ VLFK GDV QDFKWVFKZDU]H *HELOGH HUXSWLRQVDUWLJ ]X YHUIRUPHQ HV ]XFNWH ZLH XQWHU KHIWLJHQ LQQHUHQ ([SORVLRQHQ 8QVHUH3IHUGHEHJDQQHQ]XVFKHXHQ6XQJRZXUGHLQKRKHP%RJHQDEJHZRUIHQ XQG VHLQ (QWVHW]HQVVFKUHL JLQJ LQ HLQHP .UDFKHQ XQG 3ROWHUQ XQWHU GDV DXV GHP JHIUFKWHWHQ 6FKZDU]KHUPDQQ NDP ,FK NRQQWH PLFK HWZDV OlQJHU KDOWHQ PXWH YRU PHLQHP ERFNHQGHQ 7LHU DEHU VFKOLHOLFK DXFK NDSLWXOLHUHQ XQG PLFK LQV 6WHSSHQJUDV ZHUIHQ ODVVHQ %LOO\ HUZLHV VLFK DOV 6SRUWVPDQQ XQG JLQJ PLW HLQHP DXVJHODVVHQHQ ³
6FKZlU]H VSXFNWH ZHLWHUH %URFNHQ GHV JOHLFKHQ .DOLEHUV DEHU XQWHUVFKLHGOLFKHU )RUPHQ DXV 6LH ZXUGHQ ZLH YRQ XQVLFKWEDUHQ +lQGHQ OLQNV XQG UHFKWV GHV 6FKZDU]IHOGHV DXI GHQ 6RFNHOQ EHUHLQDQGHUJHVFKLFKWHW XQG GDV UDVFKHU DOV LFK PLWGHQ%OLFNHQIROJHQNRQQWH 1DFKGHPHV]XPOHW]WHQPDO³3ORSJHPDFKWKDWWHZDUGDVJXWGUHLLJ0HWHUKRKH 6FKZDU]IHOGYRQHLQHPUHLFKYHU]LHUWHQ6WHLQSRUWDOXPUDKPW ³(LQ 7RU ULHI LFK LQ SO|W]OLFKHU (UNHQQWQLV DXV XQG VFKQLSSWH PLW GHP )LQJHU ³-HW]W LVW NODU ZLH GLH 3IHUGHJHVLFKWHU DXI XQVHUH :HOW JHODQJW VLQG 'HU 6FKZDU]KHUPDQQ LVW QLFKWV DQGHUHV DOV HLQ 7UDQVPLWWHUIHOG XP GDV GLH )UHPGHQ QDFKWUlJOLFKGHQ7RUERJHQHUULFKWHWKDEHQ ,FK]ZHLIHOWHQLFKWDQGHU5LFKWLJNHLWGLHVHU9HUPXWXQJDEHULUJHQGHWZDVDQGHU lXHUHQ)RUPGHUYHUPXWOLFKHQ7UDQVPLWWHUVWDWLRQNDPPLUGRFKVHOWVDPYRU1LFKW QXU ZHLO GDV 3RUWDO DXV QDFNWHP MHGRFK EHKDXHQHP 6WHLQ EHVWDQG XQG PDQ QLUJHQGZR LUJHQGZHOFKH %HGLHQXQJVLQVWUXPHQWH VHKHQ NRQQWH VRQGHUQ ZHLO PLU GHU 7RUERJHQ LUJHQGZLH DUFKDLVFK YRUNDP 'DV 3RUWDO HULQQHUWH PLFK DQ GHQ =XJDQJHLQHVDQWLNHQ7HPSHOVPHKUQRFKDEHUDQGLHLQIDQWLONLWVFKLJH(LQIDVVXQJ HLQHU*URWWHQEDKQZLHHVVLHDXIGHQ-DKUPDUNWHQYHUJDQJHQHU7DJHJHJHEHQKDWWH XQGZLHPDQVLHJHOHJHQWOLFKLPPHUQRFKIDQG 'LHVHU (LQGUXFN YHUVWlUNWH VLFK QRFK PHKU DOV LFK GDV VHOWVDP JHIRUPWH 3RUWDO EHVVHU EHUEOLFNWH XQG IHVWVWHOOWH GD HV GHQ 6FKlGHO LUJHQGHLQHV )DEHOZHVHQV GDUVWHOOWHGHVVHQ0DXODXIJHULVVHQZDUXQGGDV7RUELOGHWH ³2K RK %URYDEURYD K|UWH LFK 6XQJR KLQWHU PLU YHU]FNW DXVUXIHQ ³:DV IU HLQ%HJOFNXQJVKHUPDQQ(VLVW:DOW\.ODFN.ODFN%URYDEURYD ,FK VWDUUWH DXI GDV 7UDQVPLWWHUIHOG LQ GHU (UZDUWXQJ GRUW :DOW\ .ODFNWRQ DXIWDXFKHQ]XVHKHQ:LHXQJODXEOLFKXQGXQZDKUVFKHLQOLFKGDVDXFKNOLQJHQPDJ ZXWHLFK:DOW\GRFKDQ%RUGGHU6&+/(8'(5%2**(IUXQP|JOLFKKLHOWLFK HV QLFKW 'HQQ 6XQJRV 9HU]FNXQJ OLH HLJHQWOLFK JDU NHLQHQ DQGHUHQ 6FKOX ]X DOV GD :DOW\ DXI ZXQGHUVDPH :HLVH GXUFK GLHVHQ *URWWHQEDKQ7UDQVPLWWHU DXI VHLQHQ3ODQHWHQ]XUFNJHODQJWH 'RFKGDVZDUHLQ,UUWXP:DVZLUNOLFKGDKLQWHUVWHFNWHHUNDQQWHLFKHUVWDOVLFK GLHSDDU6FKULWWHELV]X6XQJR]XUFNWUDWXQGPLUGDPLWHLQHQEHVVHUHQhEHUEOLFN YHUVFKDIIHQ NRQQWH 'DV 3RUWDO VHOEVW GDV LFK IU GLH 1DFKELOGXQJ LUJHQGHLQHV )DEHOZHVHQVJHKDOWHQKDWWHVWHOOWH:DOW\GDU'LHULHVLJH1DVHGLHZHLWEHUGHQ DXIJHULVVHQHQ 0XQG KLQDXVUHLFKWH ZDU HLQGHXWLJ VHLQHP FKDUDNWHULVWLVFKHQ 5LHFKRUJDQQDFKHPSIXQGHQ ³2%HJOFNXQJVKHUPDQQ%URYDEURYDVDJWH6XQJRLPPHUZLHGHU'HU$QEOLFN VHLQHV LQ 6WHLQ YHUHZLJWHQ +HUUQ XQG 0HLVWHUV QDKP LKP GLH $QJVW YRU GHP 8QEHNDQQWHQ XQG VHOEVW GHU 6FKZDU]KHUPDQQ YHUORU QXQ VHLQH 6FKUHFNHQ ZR :DOW\LKQGRFKLQVHLQHP0XQGYHUVFKOXFNWKDWWH ,FK ZDU QLFKW VR EHJOFNW ZLH 6XQJR GHQQ DXI GLHVH :HLVH PLW :DOW\V $QWOLW] NRQIURQWLHUW ]X ZHUGHQ HUVFKLHQ PLU DOV QLFKW XQHUKHEOLFKHV ,QGL] GDIU GD HU
GRFKHWZDVPLWGHP9RONGHU3IHUGHJHVLFKWHU]XVFKDIIHQKDWWH$EHUZDV" ,FKNRQQWHPLUQLFKWYRUVWHOOHQGDHULKQHQIUHLZLOOLJHUODXEWHDXI.3ODQHWHLQH 7UDQVPLWWHUVWDWLRQ]XEDXHQGDPLWVLHQDFK%HOLHEHQNRPPHQXQGJHKHQNRQQWHQ :DOW\ZDUQlPOLFKVHKUGDUDXIEHGDFKWGDGLHVH:HOWXQGVHLQH%HZRKQHUVLFK LKUH 8UVSUQJOLFKNHLW EHZDKUWHQ XQG KLHOW GDUXP DOOH VFKlGOLFKHQ =LYLOLVDWLRQVHLQIOVVH YRQ GHQ .ODFNWRQHUQ IHUQ 6HOEVW IU GLH )UHLKlQGOHU GHUHQ 2UJDQLVDWLRQHUDQJHK|UWHJDEHVVWUHQJH$XIODJHQIUGHQ%HVXFKYRQ.3ODQHW (VZDUQXUGHQNEDUGD/ROOHP/DOOROXQGGHVVHQ$XIWUDJJHEHU/ROHELO/DOKXODO :DOW\EHUV2KUJHKDXHQKDWWHQ$EHULQGLHVHP)DOOKlWWHLFKLUJHQGHWZDVGDYRQ PLWEHNRPPHQPVVHQ %HYRULFKPHLQHhEHUOHJXQJHQZHLWHUIKUHQNRQQWHNDPHV]X]ZHL(UHLJQLVVHQ GLHIDVWJOHLFK]HLWLJDEOLHIHQ %LOO\ NDP KRFK ]X 5R ]XUFN HU KDWWH QLFKW QXU VHLQ ZLOGJHZRUGHQHV 3IHUG EH]ZXQJHQVRQGHUQIKUWHDXFKGLHDQGHUHQEHLGHQDXVJHULVVHQHQ5HLWWLHUHDQGHQ =JHOQPLWVLFK*HUDGHDOVHUXQVHUUHLFKWHHUNODQJLQPHLQHP5FNHQHLQ³3ORS XQG%LOO\ULHIHUIUHXWHLQHQ1DPHQ ³3HJDVXV 8QG GDV ZDU GDV ]ZHLWH (UHLJQLV GHP LFK VRIRUW PHLQH XQJHWHLOWH $XIPHUNVDPNHLW ]XZDQGWH 'HU *URWWHQEDKQ7UDQVPLWWHU KDWWH HLQH JROGHQ JHNOHLGHWH *HVWDOW PLW )OJHOKHOP XQG 3IHUGHJHVLFKW DXI VNDWHERDUGlKQOLFKHQ -HW %UHWWHUQ DXVJHVSXFNW 6LH QDKP DXFK VRIRUW )DKUW DXI XQG NDP LQ HOHJDQWHQ 6FKZQJHQKHUDQJHVXUIW ,FKKDWWHPLFKQRFKQLFKWJHIDWDOVHLQHJDQ]H6HULHVWDNNDWRDUWLJHU3ORSVIROJWH XQG GDV 7UDQVPLWWHUIHOG HLQH JDQ]H $UPHH EHKHOPWHU JROGHQ JHNOHLGHWHU XQG MHW EUHWWEHVWFNWHU 3IHUGHJHVLFKWHU HQWOLH 6LH HUZLHVHQ VLFK DOV ZDKUH 0HLVWHUVXUIHU XQGYROOIKUWHQYRUPHLQHQVWDXQHQGHQ$XJHQHLQDXIK|FKVWHP1LYHDXVWHKHQGHV %DOOHWWEHYRUVLHVLFKIRUPLHUWHQXQGHLQHQ+DOENUHLVXPGHQ7UDQVPLWWHUELOGHWHQ (V ZDUHQ JXW VHFK]LJ 0DQQ KRFK XQG LKUH .|SIH ZDUHQ DOOH LQ XQVHUH 5LFKWXQJ JHGUHKWLQGLHGHUHLQ]HOQH6XUIHURIIHQEDULKU$QIKUHUJHIDKUHQNDP$EHUZDV VDJHLFK(UVFKZHEWHI|UPOLFKZLHHLQEHUQDWUOLFKHV:HVHQKHUDQXQGEUHPVWH PLWVXUUHQGHQ-HW%UHWWHUQYRUPLUDE (U EOLFNWH PLFK DXV VHLQHP WLHIWUDXULJHQ 3IHUGHJHVLFKW JROGHQ DQ XQG DQ GHU FORZQKDIWHQ6FKPLQNHJODXEWHLFKHLQHQDOWHQ%HNDQQWHQZLHGHU]XHUNHQQHQ 6HLQH JURWHVNH (UVFKHLQXQJ YHUV|KQWH PLFK HLQ ZHQLJ PHLQ bUJHU YHUUDXFKWH XQG PHLQ 0XWWHUZLW] VWHOOWH VLFK ZLHGHU HLQ RGHU ZHQQ PDQ VR ZLOO PHLQ *DOJHQKXPRU ³6LQG6LH/ROOHP/DOORO"YHUJHZLVVHUWHLFKPLFK8QGHLJHQWOLFKZROOWHLFKQRFK HWZDVbW]HQGHVKLQ]XIJHQXQGLKQGDUDQHULQQHUQGDLFKPLUDXVJHEHWHQKDWWHHU VROOH HUVW ZLHGHUNRPPHQ ZHQQ HU ,QWHUNRVPR ULFKWLJ EHKHUUVFKWH $EHU GDV HUEULJWHVLFKDOVHUPLU]XYRUNDPXQGVDJWH ³-D LFK ELQ 5RUUHP 5DUURU GHU %HDXIWUDJWH YRQ 5RUHELU 5DUKXUDU ,VW :DUW\
.UDFNWRQ]XUFN" ,FK NRQQWH QLFKW DQGHUV LFK PXWH VFKDOOHQG ODFKHQ XQG YHUVWXPPWH HUVW DOV /ROOHP /DOORO RGHU 5RUUHP 5DUURU GURKHQG VHLQH %UVWHQZDIIH KRE (V ZDU EULJHQVGDVOHW]WHPDOGDLFKKHU]KDIWODFKHQNRQQWH0LUVFKZDQGQlPOLFKEDOG GHU6LQQGDQDFKDOVLFKDOOPlKOLFKHUIXKUZDVGLH3IHUGHJHVLFKWHUYRUKDWWHQXQG GD VLH GLH WHFKQLVFKHQ 0LWWHO KDWWHQ LKUHQ :LOOHQ JHJHQ DOOH :LGHUVWlQGH GXUFK]XVHW]HQ 8QG GDV VFKOLPPVWH ZDU GD VLH MXULVWLVFK JHVHKHQ LP 5HFKW ZDUHQ (V JDE QlPOLFKHLQHQ9HUWUDJ$EHULFKZLOOQLFKWYRUJUHLIHQ ³3HJDVXVLVW]XUFNVDJWH%LOO\YHUNOlUW6HLQH6HKOLQVHQZDUHQDXIGHQ6SUHFKHU GHU3IHUGHN|SIHJHULFKWHWGHQLFKELVLFKVHLQHQULFKWLJHQ1DPHQHUIXKU/ROOHP 5RUUHPQDQQWH³3HJDVXVZLHGHUKROWHHUXQGKREGDQQGLH6HKOLQVHQLQ5LFKWXQJ GHU LP +DOENUHLV VWHKHQGHQ XQG HUZDUWXQJVYROO ]X XQV KHUEHUVWDUUHQGHQ 6XUIHU 'DEHLPHLQWHHUHKUIUFKWLJ³8QGMHGH0HQJH+LSSRJU\SKHQ (UYHUZHQGHWHGLHVHQ$XVGUXFNGHULQHLQHUGHUWRWHQWHUUDQLVFKHQ6SUDFKHQHLQ JHIOJHOWHV :HVHQ PLW 3IHUGHN|USHU XQG *UHLIHQNRSI EH]HLFKQHWH YHUPXWOLFK GHVZHJHQZHLOHVYRQ3HJDVXVNHLQH0HKU]DKOJDE ³0LW GLU EHVFKlIWLJH LFK PLFK QRFK %LUU\ VDJWH /ROOHP5RUUHP ³'X VFKHLQVW PLU HLQ UHFKW EUDXFKEDUHU 5RERW ]X VHLQ $EHU ]XHUVW GDV *HVFKlIW 8QG GDPLW NRPPHLFK]X,KQHQ*HUU\ ³,FK ZHL QLFKW ZDV HV ]ZLVFKHQ XQV ]X EHVSUHFKHQ JHEHQ VROOWH HUNOlUWH LFK ³6LH VLQG HLQIDFK DXI XQVHU /DQG HLQJHGUXQJHQ XQG PLVFKHQ VLFK LQ GLH $QJHOHJHQKHLWHQ GHU (LQJHERUHQHQ 'DV LVW HLQH JUREH 9HUOHW]XQJ GHV 9|ONHUUHFKWV1HEHQEHLHUZlKQWKDEHQ6LHDXFK+DXVIULHGHQVEUXFKEHJDQJHQDOV VLHXQVHUH)DUPEHL1DFKWXQG1HEHOEHUILHOHQXQGVLFKDXIIKUWHQZLHGHU+HUU GHV+DXVHV'DEHLIDQGHQ6LHHVQLFKWHLQPDOGHU0KHZHUWHLQH(UNOlUXQJIU,KU 9HUKDOWHQ DE]XJHEHQ :HU 6LH DXFK LPPHUVLQGZDVLPPHU6LHDXFKZROOHQXQG ZRKHU6LHDXFKNRPPHQ6LHKDEHQVLFK]XYLHOKHUDXVJHQRPPHQPHLQ+HUU8QG ZHQQ 6LH QLFKW VRIRUW PLW LKUHP JHVDPWHQ 6XUI%DOOHWW ZLHGHU GXUFK LKUHQ *URWWHQEDKQ7UDQVPLWWHUYHUVFKZLQGHQGDQQZHUGHQZLU6LHHLQIDFKGDYRQMDJHQ /ROOHP5RUUHP KDWWH PLU JHGXOGLJ ]XJHK|UW XQG PLFK ]X (QGH VSUHFKHQ ODVVHQ -HW]WVDJWHHU ³,FKEUDXFKWHPLFKPLW,KQHQJDUQLFKWDE]XJHEHQ*HUU\DEHULFKKRIIHIU6LH GD 6LH VLFK NRRSHUDWLY ]HLJHQ :HQQ QLFKW lQGHUW GDV DXFK QLFKWV HV LVW LKU HLJHQHU 6FKDGHQ ,FK ZHUGH PHLQHQ $XIWUDJ VR RGHU VR ]X (QGH IKUHQ GHU GD KHLWDUFKLWHNWRQLVFKHXQGWRSRJUDSKLVFKH8PEDXWHQYRU]XQHKPHQ ³+|UH LFK ULFKWLJ" IUDJWH LFK XQJOlXELJ ³6LH ZROOHQ GLH /DQGVFKDIW YHUlQGHUQ XQGDQGHU)DUP8PEDXWHQYRUQHKPHQ" ³,FK ZHUGH LKU *HVLFKW QHX SUlJHQ VDJWH /ROOHP5RUUHP ³6LH ZHUGHQ ,KUH 8PJHEXQJGDQDFKQLFKWZLHGHUHUNHQQHQ ³8QGPLWZHOFKHP5HFKWZROOHQ6LHGDVWXQ"HUNXQGLJWHLFKPLFK1DFKVHLQHQ
WHFKQLVFKHQ 0|JOLFKNHLWHQ GLHVHV 9RUKDEHQ DXFK ]X YHUZLUNOLFKHQ IUDJWH LFK QLFKWHUVWGLHVHVSUDFKLFKLKPRKQHZHLWHUHV]X ³'DUXP NPPHUH LFK PLFK QLFKW DQWZRUWHWH HU ³'LH 5HFKWVIUDJHQ N|QQHQ 6LH PLW5RUHELU5DUKXUDUHU|UWHUQ,FKIKUHQXUPHLQHQ$XIWUDJDXV:HUGHQ6LHPLW PLU]XVDPPHQDUEHLWHQ*HUU\" ³1XUEHUPHLQH/HLFKHULHILFK ³'DVLVW9HUWUDJVEUXFKKLHOWHUPLUYRU ³9RQZHOFKHP9HUWUDJUHGHQ6LHGHQQHLJHQWOLFK"IUDJWHLFK ³9RQ GHP 9HUWUDJ GHQ :DUW\ .UDFNWRQ PLW 5RUHELU 5DUKXUDU JHPDFKW KDW DQWZRUWHWH/ROOHP5RUUHP ³'DYRQZHLLFKQLFKWVVDJWHLFKZDKUKHLWVJHWUHX³8QGLFKJODXEHDXFKQLFKW GD :DOW\ HLQH 9HUHLQEDUXQJ JHWURIIHQ KDW LQ GHU HU HUODXEW DXI .3ODQHW LUJHQGZHOFKH9HUlQGHUXQJHQYRU]XQHKPHQ'DVPVVHQ6LHPLUHUVWEHZHLVHQ ³)UDJHQ6LH2WWR ³:DV2WWRGHU7ZLO]HULVWLQIRUPLHUW" ³7ZLU]HU RGHU QLFKW LUJHQGHLQ 2WWR LVW =HXJH GHU $EPDFKXQJ /ROOHP5RUUHP ZXUGH PHUNOLFK XQJHKDOWHQ XQG DXFK XQWHU VHLQHQ /HXWHQ PDFKWH VLFK 8QJHGXOG EHPHUNEDU(UPDFKWHPLWVHLQHU%UVWHQZDIIHHLQHHQHUJLVFKH%HZHJXQJ³*HQXJ (VH[LVWLHUWHLQ9HUWUDJ'DPLWEDVWD-HW]WJHKHLFKDQGLH$UEHLW(UZDUIPLUDXV VHLQHQ JROGHQ VFKLPPHUQGHQ $XJHQ QRFK HLQHQ VWUHQJHQ %OLFN ]X XQG PHLQWH ³*HUU\ 6LH WlWHQ JXW GDUDQ VLFK GD QLFKW HLQ]XPLVFKHQ 8QG ZDV GLH JHZLVVH 6SUDFKVW|UXQJEHWULIIWGLHZHUGHQZLUELV]XU6WXQGH;EHKREHQKDEHQ'DVGDUI ,KUHJHULQJVWH6RUJHVHLQ 8QG GDPLW PDFKWH HU NHKUW XQG VXUIWH ]X VHLQHQ LP +DOENUHLV VWHKHQGHQ /HXWHQ ]XUFN ³%LOO\UHL]WHVGLFKGHQQQLFKWGHQ3HJDVXV]XUHLWHQ"VDJWHLFKJLIWLJ $EHU %LOO\ VD VWHLI XQG VWDUU ZLH K\SQRWLVLHUW LP 6DWWHO 2IIHQEDU LUULWLHUWH LKQ GHU$QEOLFNVRYLHOHUJHIOJHOWHU:HVHQ+LSSRJU\SKHQZLHHUVLHQDQQWHGDHU QLFKW ZXWH ZHOFKHP HU GHQ 9RU]XJ JHEHQ VROOWH 0LU WDW GHU IHKOSURJUDPPLHUWH *DXFKRURERWHUIDVWOHLGGHQQ]XPHUVWHQPDOKDWWHHUGLH4XDOGHU:DKO(UPXWH I|UPOLFKKLJKVHLQXQGZDUGDUXPKDQGOXQJVXQIlKLJ ,FKK|UWH/ROOHP5RUUHPLUJHQGZHOFKH%HIHKOHLQHLQHUIUHPGHQ6SUDFKHJHEHQ 8QG ZlKUHQG LFK QRFK EHUOHJWH ZLH LFK LKP XQG VHLQHP $UEHLWVNRPPDQGR (LQKDOWJHELHWHQNRQQWHPDFKWHHV³3ORS$EHUZDVIUHLQ3ORSGDVZDU(VZDU ZLH EHL HLQHP (UGEHEHQ XQG LFK VWDQG PLWWHQ LP (SL]HQWUXP 8QG ZlKUHQG GLH (FKRVQRFKEHUGLH6WHSSHUROOWHQXQGGHU%RGHQXQWHUGHQ1DFKEHEHQHU]LWWHUWH VWLHGDV0DXOGHV*URWWHQEDKQ7UDQVPLWWHUVPLWUOSVHUDUWLJHQ3ORSVHLQHQZDKUHQ %DQGZXUPDXVGHUVFKLHUNHLQ(QGHQHKPHQZROOWH (V KDQGHOWH VLFK XP YHUVFKLHGHQDUWLJH *HUlWH GLH DOOH YRQ -HW%UHWWHUQ JHWUDJHQ ZXUGHQ XQG ZLH GLH *OLHGHU HLQHU .HWWH DQHLQDQGHUJHUHLKW ZDUHQ $OV GHU 7UDQVPLWWHU]XPOHW]WHQPDO3ORSPDFKWHKDWWHGLH0DVFKLQHQVFKODQJHEHUHLWVHLQH
/lQJHYRQ0HWHUQHUUHLFKW ³2K DFK XQG ZHK NDP HV lQJVWOLFK EHU 6XQJRV /LSSHQ XQG HU VXFKWH 6FKXW] KLQWHUVHLQHP3IHUG³:DVEHVFKHUWXQV.ODFN.ODFN"³:DOW\KDWGDPLWQLFKWV]X WXQGDIUYHUEUJHLFKPLFKVDJWHLFK³:LUZHUGHQGHQ3IHUGHJHVLFKWHUQVFKRQ ]HLJHQGDVLHVHLQHQ1DPHQQLFKWXQJHVWUDIWLQGHQ6FKPXW]]LHKHQN|QQHQ $OOHUGLQJV KDWWH LFK QRFK NHLQH 9RUVWHOOXQJ GDYRQ ZLH GDV ]X EHZHUNVWHOOLJHQ ZlUH ,FK NRQQWH LP 0RPHQW QXU DEZDUWHQ XQG ]XVHKHQ ZLH GLH 3IHUGHJHVLFKWHU GLH 0DVFKLQHQODGXQJ LQ (PSIDQJ QDKPHQ (LQLJH NOHWWHUWHQ DXI GHQ %DQGZXUP KLQDXI XQG QDKPHQ ]ZLVFKHQ GHQ IUHPGDUWLJHQ .RQVWUXNWLRQHQ 3ODW] GHUHQ 6LQQ XQG =ZHFN LFK QLFKW LP HQWIHUQWHVWHQ HUDKQHQ NRQQWH 'DEHL KLHOWHQ VLH LKUH NRFKO|IIHODUWLJHQ +DQGJHUlWH VR DOV ZROOWHQ VLH VLH EHIUDJHQ 0LU HUVFKLHQ HV VR DOVPDFKWHQVLH,QYHQWXUXQGEHUSUIWHQREGLH$XVUVWXQJDXFKNRPSOHWWZDU (V GDXHUWH QLFKW ODQJH GDQQ NOHWWHUWHQ VLH ZLHGHU KLQXQWHU XQG GHU %DQGZXUP DXI XQ]l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|W]OLFKYRQLKPDEJHIDOOHQ XQG HU WULHE VHLQ 3IHUG PLW HLQHP GXUFK 0DUN XQG %HLQ JHKHQGHQ ³
ZHLWHUWUHLEHQ ZROOWHQ (V ZUGH VR ZHLWHUJHKHQ ELV GHU =XJ GLH )DUP HUUHLFKW KDWWH ³%LUU\LVWHLQH$WWUDNWLRQVDJWHGDHLQHEHNDQQWH6WLPPHQHEHQPLU,FKKDWWHJDU QLFKW EHPHUNW GD /ROOHP5RUUHP KHUDQJHNRPPHQ ZDU XQG PLW PLU DXI JOHLFKHU +|KH GDKLQJOLWW (U KDWWH GHQ .|USHU HWZDV QDFK YRUQH JHQHLJW GLH %HLQH YRUHLQDQGHUJHVWHOOW VR GD GLH EHLGHQ 6NLHUHLQH/LQLHELOGHWHQXQGZLHHLQ%UHWW DXVVDKHQ XQG GLH $UPH LQ GLH +IWHQ JHVWHPPW (V ZDU HLQH IU PLFK SURYR]LHUHQGH+DOWXQJXQGLFKJHULHWGDUEHUVRLQ:XWGDLFKLKPDPOLHEVWHQ LQ VHLQ PHODQFKROLVFKEHUKHEOLFKHV 3IHUGHJHVLFKW JHVFKODJHQ KlWWH $EHU HU ZDU ]X VHLQHP *OFN DXHU PHLQHU 5HLFKZHLWH(UIXKUIRUW³:LUZHUGHQ%LUU\XQWHU 9HUWUDJQHKPHQ$EHU6LHVW|UHQQXU (UKROWHSO|W]OLFKPLWVHLQHU%UVWHQZDIIHDXVXQGVWUHLIWHGDPLWGHQ+DOVPHLQHV 3IHUGHV 'DV 7LHU EUDFK ZLHKHUQG ]XU 6HLWH DXV EUHPVWH PLWWHQ LP *DORSS DE LQGHPHVGLH9RUGHUKXIHLQGHQ%RGHQVWHPPWHXQGJLQJPLWGHU+LQWHUKDQGLQGLH +|KH (V EHGDUI ZRKO NHLQHU EHVRQGHUHQ (UNOlUXQJ GD LFK PLFK NXU] GDUDXI LP 6WHSSHQJUDVZLHGHUIDQG $OV LFK ZLHGHU DXI GLH %HLQH NDP ZDUHQ GLH 6XUIHU XQG LKU *HUlWH]XJ PHLQHQ %OLFNHQ HQWVFKZXQGHQ XQG GDV -HW*HUlXVFK YHUORU VLFK LQ GHU )HUQH $XFK YRQ 6XQJR ZDU ZHLW XQG EUHLW QLFKWV ]X VHKHQ :DKUVFKHLQOLFK KDWWH HU YRQ PHLQHP 0LJHVFKLFNJDUQLFKWVEHPHUNW ,FKPXWHPLFKGDPLWDEILQGHQGHQ5HVWGHV:HJHV]XUFN]XU)DUPSHUSHGHV ]XUFN]XOHJHQ ,FKHUUHLFKWHPHLQ=LHOQDFK(LQEUXFKGHU1DFKW 'LH )DUP ODJ Y|OOLJ LP 'XQNHOQ NHLQ HLQ]LJHV )HQVWHU ZDU HUKHOOW HV JDE EHUKDXSW NHLQH /LFKWTXHOOH ,Q GHU /XIW ODJ HLQ 6XUUHQ ZLH YRQ XQ]lKOLJHQ ,QVHNWHQVFKZlUPHQ DEHU LFK ZXWH GD HV YRQ GHQ -HW%UHWWHUQ GHU 6XUIHU VWDPPWH $QGHUH *HUlXVFKH ZDUHQ QLFKW ]X K|UHQ 'LH 6FKDIH EO|NWHQ QLFKW GLH 3IHUGH ZLHKHUWHQ QLFKW GLH )U|VFKH TXDNWHQ QLFKW XQG HV ZDU QLFKW HLQPDO GDV WURPPHODUWLJH *HUlXVFK KRSSHOQGHU .lQJXUXKV ]X K|UHQ 1XU GDV VFKHLQEDUH ,QVHNWHQVFKZLUUHQGXUFKGUDQJGLH6WLOOHGHU1DFKWGDVVWHWV]XP+HXOHQHLQHV-HWV DQVFKZROOZHQQVLFKHLQHUGHU6XUIHUPLUQlKHUWH=XVHKHQEHNDPLFKNHLQHQYRQ LKQHQXQGGDVPDFKWHGLHJDQ]H6DFKHIUPLFKQRFKXQKHLPOLFKHU ,FK YHUPXWHWH GD /ROOHP5RUUHP LUJHQGHLQHV VHLQHU *HUlWH GD]X YHUZHQGHWH XP HLQHQ 'RP DXV 6FKZlU]H EHU GHP (LQVDW]JHELHW ]X ELOGHQ GDPLW 8QEHIXJWH NHLQHQ (LQEOLFN LQ GLH *HVFKHKQLVVH KlWWHQ XQG GD VHLQH HLJHQHQ /HXWH 1DFKWVLFKW9RUULFKWXQJHQWUXJHQ $EHU LFK ZDU YLHO ]X PGH XP GLH YHUPXWOLFKHQ 6FKUHFNHQ XP PLFK LQ YROOHP $XVPD]XHUIDVVHQ,FKYHUVXFKWHPLU]ZDUDXV]XPDOHQZDVGLH6XUIHUXPPLFK PLWLKUHQ*HUlWHQDOOHVDQVWHOOHQPRFKWHQDEHULFKNDPGDPLWQLFKWZHLW,FKZDU YRQ GHP DQVWUHQJHQGHQ 0DUVFK ZLH JHUlGHUW JLQJ I|UPOLFK DP =DKQIOHLVFK ZLH PDQVRWUHIIHQGVDJW
³+RSSOD (LQH PHWDOOHQH +DQG IDWH PLFK DP $UP XQG IKUWH PLFK LQ HLQH DQGHUH 5LFKWXQJ ³%LOO\"IUDJWHLFKZHLOLFKPHLQHQ2KUHQQLFKWUHFKWWUDXWH ³6WLPPW *HUU\ VDJWH GLH 6WLPPH YRQ YRUKLQ XQG MHW]W HUNDQQWH LFK VLH JDQ] GHXWOLFK DOV GLH GHV IHKOSURJUDPPLHUWHQ *DXFKRURERWV ³,FK ZHUGH GLFK ]XP +HUUVFKDIWVKDXVIKUHQXQGGLFKLQV%HWWEULQJHQ ³,FKNDQQEHVWLPPWNHLQ$XJH]XEHNRPPHQVDJWHLFKPGHZlKUHQGLFKPLFK YRQ%LOO\GXUFKGLH)LQVWHUQLVIKUHQOLH,FKNRQQWHWDWVlFKOLFKQLFKWHLQPDOGLH 8PULVVHVHLQHV.|USHUVVHKHQ³:RLFKGRFKZHLGD/ROOHP5RUUHPXQGVHLQH /HXWHGLH)DUPXPNUHPSHOQ ³'XNDQQVWEHUXKLJWVHLQYHUVLFKHUWHPLU%LOO\³GLH)DUPZLUGQLFKWYHUlQGHUW 6LHEOHLEWZLHVLHLVW ³:LUNOLFK" ³(KUHQZRUW ³$EHUZLUPVVHQHWZDVXQWHUQHKPHQ ³=XHUVWPXWGXGLFKDXVVFKODIHQ*HUU\ %LOO\ HUVFKLHQ PLU LUJHQGZLH YHUlQGHUW REZRKO LFK QLFKW KlWWH VDJHQ N|QQHQ ZDUXP$EHUVHLQH)UVRUJOLFKNHLWOLHLFKPLUJHUQHJHIDOOHQ ³$FKWXQJ6WXIHVDJWHHU'DQQ³1DFKOLQNV8QG³$FKWXQJ7UHSSH(UVWLHJ VLHPLWPLUKLQDXIPLFKGDEHLLPPHUDP$UPKDOWHQG³/HW]WH6WXIH1DFKDFKW 6FKULWWHQK|UWHLFKGDV*HUlXVFKHLQHUVLFK|IIQHQGHQ7UGDV4XLHWVFKHQPHLQHU 6FKODI]LPPHUWU ³/HJGLFKKLQ*HUU\ 0LWGLHVHQ:RUWHQGUFNWHHUPLFKDXIV%HWW ³,FKNDQQQLFKWVFKODIHQEHJHKUWHLFKDXI ³'RFKGXNDQQVWHVEHKDXSWHWH%LOO\6HLQH6WLPPHNODQJMHW]WHQHUJLVFKHUDOV VSUHFKHHU]XHLQHPXQDUWLJHQ.LQG 3O|W]OLFKNDPPLUHLQIXUFKWEDUHU*HGDQNH ³+DVWGXHWZDGLH6HLWHQJHZHFKVHOW%LOO\WKH.LG"ULHILFK ³,FKELQNHLQ.LQGZLHVHUPLFKVWUHQJ]XUHFKW³,FKELQ%LOO\ (UQDQQWHLUJHQGHLQHQ1DPHQGHQLFKQLFKWJHQDXYHUVWDQGGHUDEHUDXI³PDQQ HQGHWH (U NODQJ ZLH ³1HFN+HUPDQQ RGHU ³1HNWDUPDQQ 'DUXP VDJWH LFK DXI JXW*OFN ³,Q GLHVHP )DOO N|QQWHVW GX PLU HLQHQ .UXJ 1HNWDU EULQJHQ ,FK N|QQWH LKQ JHEUDXFKHQ ,FK ZLOO PLFK EHUDXVFKHQ XP PHLQH *HGDQNHQ ]X EHUXKLJHQ XQG VFKODIHQ]XN|QQHQ ³'X EUDXFKVW NHLQHQ 1HNWDU *HUU\ 'X ZLUVW DXFK VR VFKODIHQ VDJWH %LOO\ EHU]HXJW ³8QG ZHQQ GX ZLHGHU DXIZDFKVW LVW DOOHV YRUEHL XQG HV ZLUG GLU HUVFKHLQHQZLHHLQE|VHU7UDXPGHPGXHQWURQQHQELVW (WZDVGDVVLFKDXIGHU+DXWDQIKOWHZLHHLQH%UVWHDXV(QJHOVKDDUHQVWULFKPLU
EHUV *HVLFKW 'DPLW ZXUGHQ JOHLFKVDP DOOH PHLQH bQJVWH 6RUJHQ XQG %HIUFKWXQJHQKLQZHJJHEUVWHWLFKIKOWHPLFKOHLFKWXQGZLHYRQHLQHUVFKZHUHQ /DVWEHIUHLW (LQHZRKOLJH0GLJNHLWEHUPDQQWHPLFKXQGLFKVFKOLHIHLQ ,FKHUZDFKWHLQGHP%HZXWVHLQGDGLHVPHLQ0RUJHQZDU(VZDUPLUHJDOZLH ODQJHLFKJHVFKODIHQKDWWHXQGZLHVSlWHVZDU (VJDEQLHPDQGHQGHUPLFKKHUXPNRPPDQGLHUHQXQGPLU9RUKDOWXQJHQPDFKHQ NRQQWH XQG HV ZDU QLHPDQG GD DXI GHQ LFK DXISDVVHQ PXWH XP LKQ YRU GHQ )ROJHQVHLQHUHLJHQHQ8QJHVFKLFNOLFKNHLW]XEHZDKUHQ'HQQ$QQHP\XQG:DOW\ ZDUHQPLWGHU6&+/(8'(5%2**(DXI*HVFKlIWVUHLVHJHJDQJHQGLH/DGHUlXPH GLHVHV XQP|JOLFKHQ )UDJPHQWUDXPVFKLIIV PLW GHP YRQ GHQ .ODFNWRQHUQ SURGX]LHUWHQ.LWVFKYROOJHVWRSIW 'LHVH HLQPDOLJH *HOHJHQKHLW HLQPDO ULFKWLJ DXV]XVSDQQHQ ZROOWH LFK PLU QLFKW HQWJHKHQODVVHQ8QGVRKDWWHLFKGLHQ|WLJHQ9RUEHUHLWXQJHQJHWURIIHQXPPLFK YRUPHLQHQDOOWlJOLFKHQ3IOLFKWHQDOV0lGFKHQIUDOOHVGLHPLWGHPHUVWHQ4XDNHQ GHU )U|VFKH EHJDQQHQ XQG HUVW DXIK|UWHQ ZHQQ :DOW\V 6FKQDUFKW|QH GXUFKV )DUPKDXV KDOOWHQ ]X GUFNHQ 'LH *DXFKRURERWHU ZDUHQ IU GLH $UEHLW PLW GHQ 3IHUGHQ YRUSURJUDPPLHUW GLH )XWWHUNULSSHQ GLH 6FKDIVFKXUPDVFKLQH XQG GLH 0HONPDVFKLQH KDWWH LFK QRFK YRU GHP =XEHWWJHKHQ DXI 9ROODXWRPDWLN JHVWHOOW NXU]XP LFK KDWWH DQ DOOHV JHGDFKW GDPLW QLFKWV XQG QLHPDQG PHLQH 0RUJHQUXKH VW|UHQ NRQQWH $EHU VHOEVW ZHQQ HV ]X LUJHQGZHOFKHQ XQYRUKHUVHKEDUHQ =ZLVFKHQIlOOHQNDPZROOWHLFKPLFKGDYRQQLFKWXQWHUNULHJHQODVVHQXQGVFKRQ JDUQLFKWDXVGHQ9RODQVIHGHUQPHLQHV%HWWHV ,FKZDUJOFNOLFKXQG]XIULHGHQXQGJHQRGLHKHLOLJH5XKH 'DVKLHVRUXKLJZDUHVJDUQLFKWGHQQYRP+RIHUNODQJHQVXUUHQGH*HUlXVFKH GXUFK GDV JHVFKORVVHQH )HQVWHU DOV VHLHQ DOOH ,QVHNWHQ YRQ .3ODQHW DXVJHVFKZlUPWXPVLFKDXIXQVHUHU)DUPHLQ6WHOOGLFKHLQ]XJHEHQ 8QG GD ZDU QRFK HWZDV 'LH VFKZDFKH (ULQQHUXQJ DQ $OSWUlXPH GLH PLFK KHLPJHVXFKW KDWWHQ XQG LQ GHQHQ %LOO\ WKH .LG DOV 5HLWHU GHV 3HJDVXV HLQ %DOOHWW YRQ -HW6XUIHUQ DQIKUWH GDV XQVHUH )DUP DOV %KQH IU LKUH 'DUELHWXQJHQ EHQXW]WH 8QG REZRKO GLH 6KRZ YRQ KRKHP NQVWOHULVFKHQ :HUW JHZHVHQ ZDU HULQQHUWHLFKPLFKYDJHGDUDQGDVLHPLFKLQ$QJVWXQG6FKUHFNHQYHUVHW]WKDWWH 'DV KLQJ LUJHQGZLH PLW .RFKO|IIHOQ XQG EHUGLPHQVLRQDOHQ =DKQEUVWHQ ]XVDPPHQ(LQYHUUFNWHU7UDXP1LFKWPHKUGDUDQGHQNHQ ,FKUlNHOWHXQGVWUHFNWHPLFKXQGVWLHJHJHQ0HWDOO2KQHGLH$XJHQ]X|IIQHQ OLH LFK PHLQH +DQG EHU GDV PHWDOOHQH 'LQJ ZDQGHUQ XQG HUWDVWHWH GLH 7HQWDNHODUPHGHQ.|USHUXQGGHQ.RSIHLQHV*DXFKRURERWHUV ³%LOO\"IUDJWHLFKPLWQRFKLPPHUJHVFKORVVHQHQ$XJHQ³+DVWGXGLHJDQ]H=HLW ZlKUHQGLFKJHVFKODIHQKDEHKLHU:DFKHJHKDOWHQ" ³1HLQ DQWZRUWHWH PLU GLH 6WLPPH GHV IHKOSURJUDPPLHUWHQ *DXFKRURERWV ³LFK KDWWH 6LQQYROOHUHV ]X WXQ ,FK ELQ QXU JHNRPPHQ XP GLFK DXI GDV YRU]XEHUHLWHQ
ZDVGLFKHUZDUWHW$QGHUQIDOOVZlUHHVHLQ]XJURHU6FKRFN ³0LFKNDQQQLFKWVHUVFKWWHUQVDJWHLFKXQGUlNHOWHPLFKZLHGHU ³$XFKQLFKWGDGXKXQGHUW6WXQGHQGXUFKJHVFKODIHQKDVW"IUDJWH%LOO\ ³,FKJODXEHHVGLUHLQIDFKQLFKW ³8QGGRFKLVWHVZDKU,FKKDEHGLFKLQGHQ6FKODIJHEUVWHWXQGGLFKDXFKZLHGHU ZDFKJHEUVWHW %UVWHQ +DWWHQ VROFKH QLFKW HLQH 5ROOH LQ GHP IDVW YHUJHVVHQHQ $OSWUDXP JHVSLHOW"$EHULFKQDKPHVOHLFKWXQGGDFKWHQLFKWGDUDQPLFKLQ3DQLNYHUVHW]HQ ]XODVVHQ ³$FK ZLUNOLFK" VDJWH LFK ³8QG ZDV KDW VLFK LQ GHQ KXQGHUW 6WXQGHQ DXI GHU )DUPVRJHWDQ" ³(LQLJHV DQWZRUWHWH %LOO\ ³'LH +LSSRV KDEHQ :DOW\ODQG IHUWLJJHVWHOOW (V VLQG QXUQRFKHLQLJH)HLQDUEHLWHQYRU]XQHKPHQ ³$KD:DOW\ODQG ³*DQ] ULFKWLJ 'X ZLUVW GLH 8PJHEXQJ GHU)DUPQLFKWZLHGHUHUNHQQHQ8QGLFK ELQJHNRPPHQXPGLFKDXIGHQXQHUZDUWHWHQ$QEOLFNYRU]XEHUHLWHQ ³,FKZHLGXZLOOVWPLFKYRUHLQHP6FKRFNEHZDKUHQ$EHUKDWWHVWGXQLFKWDXFK HLQHQ+LQWHUJHGDQNHQ" ³'DVVFKRQJDE%LOO\]XUFN³:LHKDVWGXGDVHUUDWHQ" ³,FK NHQQH GLFK GRFK %LOO\ VDJWH LFK ³$EHU LFK PX GLFK HQWWlXVFKHQ KHXWH ODVVHLFKPLFKQLFKWYRQGLUUHLWHQ ³8QVLQQ :LH NRPPVW GX DXI GLH 6FKQDSVLGHH GD LFK DXI GLU UHLWHQ ZROOWH" IUDJWH%LOO\HUERVW³0HLQ$QOLHJHQLVWJDQ]DQGHUHU1DWXU,FKP|FKWHGLFKGDUXP ELWWHQ PLW /RUUHP 5DOORU XQG PLW GHQ +LSSRV LP DOOJHPHLQHQ ]XVDPPHQ]XDUEHLWHQ ³+DEHLFKGLHVHQVHOWVDPHQ1DPHQQLFKWVFKRQJHK|UW"IUDJWHLFK ³*HZL DEHU HV LVW P|JOLFK GD GX GXUFK GDV %UVWHQ HLQLJH *HGlFKWQLVOFNHQ KDVWDQWZRUWHWH%LOO\8QGPLWVWUHQJHU6WLPPHIJWHHUKLQ]X³,FKKRIIHGXELVW JHOlXWHUW XQG PDFKVW NHLQH )D[HQ PHKU *HUU\ 'DV ZlUH EULJHQV HLQ 9HUWUDJVEUXFKXQGN|QQWHGLFKWHXHU]XVWHKHQNRPPHQ/RUHELU/DUKXODUYHUVWHKW GDQlPOLFKNHLQHQ6SD9HUVSULFKPLUNHLQHQ8QIXJPHKU]XPDFKHQ*HUU\ 6FKRQZLHGHUVRHLQXQJHZ|KQOLFKHU1DPHGHUPLULUJHQGZLHEHNDQQWYRUNDP ³%LQLFKQLFKWJDQ]UXKLJXQGIULHGOLFK"VDJWHLFK ³'DV N|QQWH VLFK lQGHUQ PHLQWH %LOO\ ³$EHU LFK KRIIH GD GX HQGOLFK ]XU 9HUQXQIWJHNRPPHQELVW+LHUJHKWHVXPVJURH*HVFKlIWXQGGLH/HXWHYRQGHU 7'7ZROOHQHVVLFKYHUVWlQGOLFKHUZHLVHQLFKWYHUPDVVHOQODVVHQ8QGLFKVDJHGLU MHW]W XQG KLHU JDQ] KDUW GD DXFK LFK PLFK QLFKW GXUFK LUJHQGZHOFKH 4XHUHOHQ GHLQHUVHLWV XP PHLQHQ -RE EULQJHQ ODVVHQ ZHUGH ,FK VWHKH GD JDQ] DXI GHU 6HLWH YRQ7'7,FKKRIIHZLUYHUVWHKHQXQV ³1HLQ GDV WXQ ZLU RIIHQEDU QLFKW DEHU HV LVW DXFK HJDO VDJWH LFK RKQH EHU %LOO\V VHOWVDPH (UNOlUXQJHQ QDFK]XGHQNHQ ³0LU LVW DOOHV UHFKW ZHQQ LFK QXU
PHLQH5XKHKDEH ³1XQHLQZHQLJZLUVWDXFKGXEHLWUDJHQPVVHQVDJWH%LOO\³9RUDOOHPP|FKWH LFK GLFK HLQPDO GXUFK :DOW\ODQG IKUHQ GLU GLH YHUVFKLHGHQHQ 6WDWLRQHQ ]HLJHQ XQG GLFK HLQ ZHQLJ PLW GHP %HWULHE YHUWUDXW PDFKHQ 9LHOOHLFKW NDQQVW GX DXFK HLQLJH,GHHQIUZHLWHUH$WWUDNWLRQHQEHLVWHXHUQ ³*ODXEVWGXZLUNOLFK%LOO\" ³,FK ELQ VRJDU VLFKHU (U VFKOXJ XQYHUPLWWHOW GLH 9RODQVGHFNH ]XUFN XQG ULHI ³$XIDXI*HUU\$XVGHQ)HGHUQ ³0XGDVVHLQ"PDXOWHLFK ³8QEHGLQJW.RPPVFKRQGX6FKODIPW]H(VLVWEHUHLWV0LWWDJGXUFKXQGHLQHQ KDOEHQ7DJEUDXFKHQZLUEHVWLPPWXP:DOW\ODQG]XEHVLFKWLJHQ ,FKVHXI]WH ³.DQQVWGXKHXWHDEHUKDUWQlFNLJVHLQ%LOO\ ³,FK ZHUGH VFKOLHOLFK QLFKW IUV 1LFKWVWXQ EH]DKOW HUNOlUWH HU ³8QG IU GLFK N|QQWHDXFKHLQLJHVEHLGHU*HZLQQDXVVFKWWXQJDEIDOOHQZHQQGXULFKWLJVSXUVW ³0LU ZUGH HLQH 0W]H YROO 6FKODI JHQJHQ VDJWH LFK XQG JlKQWH $EHU %LOO\ ]XSIWH PLFK DP bUPHO GHV 1DFKWKHPGV ELV LFK PLFK VFKOLHOLFK DXIULFKWHWH XQG EOLQ]HOWH ³+DOWHEHVVHUQRFKGLH$XJHQJHVFKORVVHQULHWPLU%LOO\³*LEPLUGLH+DQGLFK IKUHGLFKDQV)HQVWHU8QGZHQQLFKHVGLUVDJHNDQQVWGXGLH$XJHQ|IIQHQ ,FKUHLFKWHLKPGLH+DQGXQGVFKZDQJGLH%HLQHDXVGHP%HWW'DQQVWDQGLFKDXI XQGOLHPLFKYRQGHPH[]HQWULVFKHQ*DXFKRURERWGXUFKV=LPPHUIKUHQ ³'XZLUVW$XJHQPDFKHQUHGHWHHUGDEHLDXIPLFKHLQ³:LUKDEHQHWZDVJDQ] *URHV JHVFKDIIHQ HWZDV (LQPDOLJHV (LQ 3DUDGLHV LQ GHP GLH +LSSRV LKUH YHUORUHQH /HEHQVIUHXGH ZLHGHUILQGHQ ZHUGHQ (V LVW HLQ 7UDXP LQ 5RVD XQG .ULVWDOOZHLHLQ0lUFKHQODQGHLQ2UWGHU6HKQVFKWHHLQ6FKODUDIIHQODQGLQGHU GDV +LSSR+HU] DOOHV ILQGHW ZDV HV EHJHKUW NXU]XP :DOW\ODQG +DOW MHW]W ,FK EOLHE]XVSlWVWHKHQXQGNQDOOWHPLWGHU1DVHJHJHQGLH)HQVWHUVFKHLEHDXVHFKWHP *ODV GDV DXV GHU *ODVEOlVHUHL YRQ +HUPDQQVYLOOH VWDPPWH ³8QG MHW]W IOVWHUWH %LOO\YHUKHLXQJVYROO³$XJHQDXI ,FKWDWHVXQGVFKULHYRU(QWVHW]HQDXI ³6DJGDLFKGDVDOOHVQXUWUlXPH%LOO\EDWLFKPLW]LWWULJHU6WLPPHQDFKGHP LFKGHQHUVWHQ6FKUHFNHQEHUZXQGHQKDWWH³6FKODJHPLFKRGHUUHLWHPLFKGDPLW LFKHQGOLFKDXIZDFKH ³:LHNlPHLFKGD]XVDJWH%LOO\PLWVDQIWHUHLQVFKPHLFKHOQGHU6WLPPH(UZDU GHUSHUVRQLIL]LHUWH9HUIKUHU³(VLVWNHLQ7UDXP'LHVLVWDOOHV:LUNOLFKNHLW ³'DQQPXLFKGHQ9HUVWDQGYHUORUHQKDEHQVDJWHLFKYROOhEHU]HXJXQJ³'HQQ GDVGDUIHVHLQIDFKQLFKWJHEHQ(VNDQQQLFKWZDKUVHLQ %LOO\ KDWWH QLFKW EHUWULHEHQ DOV HU VDJWH GD KLHU HWZDV *URHV JHVFKDIIHQ ZRUGHQ ZDU :DV LFK VDK ZDU JUR ULHVHQJURXQGHVHUVWUHFNWHVLFKQDFKDOOHQ 6HLWHQ GLH LFK HLQEOLFNHQ NRQQWH ELV ]XP +RUL]RQW XQG JHZL ZDU HV DXI VHLQH
:HLVH DXFK HLQPDOLJ HLQ 7UDXP LQ 5RVDXQG .ULVWDOOZHL GHU GD]X DQJHWDQ VHLQ PRFKWHHLQ+LSSR+HU]K|KHUVFKODJHQ]XODVVHQQXUIUPLFKZDUHVHLQHLQ]LJHU $OSWUDXPXQGPLUZXUGHYRPEORHQ$QEOLFNEHO ,FKZDUHQWVHW]WHUVFKWWHUWXQGVFKRFNLHUWEHUGDVZDVLFKVDKHVPDFKWHPLFK JDQ] NRQIXV 6HOEVWPRUGJHGDQNHQ VFKOLFKHQ VLFK LQ PHLQHQ *HLVW LFK ZlUH DP OLHEVWHQ $PRN JHODXIHQ QXU XP PLFK LUJHQGZLH DE]XUHDJLHUHQ PLU ZDU ]XP +HXOHQ]XPXWH =XP*OFNHUOLWWLFKNHLQHQ.ROODSVDEHUHVGDXHUWHGDQDFKODQJHELVLFKZLHGHU LFKVHOEVWZXUGH %LOO\VDJWHYHUVWlQGQLVYROO ³,FKZHUGHGLFKDQNOHLGHQXQGGLFKGDQQGXUFK:DOW\ODQGIKUHQ*HUU\ ³-D%LOO\VWLPPWHLFK]X³VHKHQZLUXQV:DOW\ODQGDQ ,FKZDUZLHHUVFKODJHQ,FKIKOWHPLFKZLHHLQ=RPELH %LOO\ EHVWDQG GDUDXI GD LFK PHLQ )UHLIDKUHUNRVWP DQ]RJ ,FK KDWWH NHLQHQ (LQZDQG 'DQQ IKUWH HU PLFK LQ GHQ 6FKXSSHQ LQ GHP GHU *OHLWHU XQG GHU 6FKZHEHUXQWHUJHEUDFKWZDUHQXQGGHUDXFKDOV:HUNVWlWWHGLHQWHZRJHOHJHQWOLFK DXFK 5HSDUDWXUHQ DQ GHQ %HLERRWHQ GHU 6&+/(8'(5%2**( YRUJHQRPPHQ ZXUGHQ ³$PEHVWHQLVWHVZLUYHUVFKDIIHQXQVHUVWHLQPDOHLQHQhEHUEOLFNDXVGHU/XIW VFKOXJ%LOO\YRU,FKVWLPPWH]XLFKKDWWHNHLQHHLJHQH0HLQXQJ $OV ZLU EHU GHQ +RI JLQJHQ EHJHJQHWH XQV HLQ *DXFKRURERWHU GHU DXI VHLQHP PHWDOOHQHQ5FNHQHLQH$XIVFKULIWWUXJ,FKODVZDVGRUWVWDQG *DXFKRURERWHU QXU 3IXQG VFKZHU IU GDV VFKRQHQGH =XUHLWHQ YRQ ZLOGHQ 3IHUGHQNRQVWUXLHUW 8QV OLHI DXFK HLQ .ODFNWRQHU EHU GHQ :HJ GHU HLQH $UW 76KLUW WUXJ GDV DXI %UXVWXQG5FNHQEHVFKULIWHWZDU'LH$XIVFKULIWODXWHWH (LQJHERUHQHU YRQ .3ODQHW HLQ %URYD RGHU .ODFNWRQHU XQG $QJHK|ULJHU GHV +HUPDQQVYRONVHLQ,QWHOOLJHQ]ZHVHQSULPLWLYDEHUJHOHKULJ 8QG GDUEHU SUDQJWH GHU (LJHQQDPH LQ GLFNHQ %DONHQOHWWHUQ 6XQJR (WZDV NOHLQHUVWDQGGDUXQWHU.DPPHUGLHQHUYRQ:DOW\.ODFNWRQ 6XQJR ZDUI PLU IOHKHQGH %OLFNH ]X DEHU HU NRQQWH PHLQ +HU] QLFKW UKUHQ ,FK ZDURKQH:LOOHQXQG*HIKO 0LUVWDFKDXFKHLQ6FKLOGLQV$XJHGDVQHEHQGHP2WWR0RQROLWKHQDXIJHSIODQ]W ZDU 'DUDXI VWDQG JUR XQG GHXWOLFK 2WWR GHU 2WWRPDQH HLQ 7ZLO]HU 8QG LQ .ODPPHU 'HU]HLW LQ HLQHQ 0RQROLWKHQ JHWZLO]W 'DV .OHLQJHVFKULHEHQH GDUXQWHU NRQQWHLFKLP9RUEHLJHKHQQLFKWOHVHQ (UVW GDQDFK ZXUGH PLU EHZXW GD DXFK %LOO\ DXI %UXVW XQG 5FNHQ EHVFKULIWHW ZDU,FKODVODXW ³%LOO\1HFNDUPDQQ)UHPGHQIKUHUXQG$QLPDWHXU7'7)UDJHQ6LHPLFK8QG
LFK IUDJWH LKQ ³.RPPW GHLQ =XQDPH YRQ QHFNHQ RGHU ZXUGH 1HNWDU IDOVFK JHVFKULHEHQ" ³7X QLFKW VR DOV KlWWHVW GX GLHVHQ 1DPHQ QRFK QLH JHK|UW GHU GHU ,QEHJULII IU 5HLVHXQG7RXULVPXVVFKOHFKWKLQLVWVDJWH%LOO\WDGHOQG³,FKIKUHGLH7UDGLWLRQ GHU '\QDVWLH IRUW XQG KDEH VLH PLW +LOIH YRQ 7'7 XP HLQH 'LPHQVLRQ HUZHLWHUW hEULJHQVZLUVWDXFKGXHLQ(UNHQQXQJV6KLUWEHNRPPHQ ³8QGZDVZLUGGDUDXIVWHKHQ"IUDJWHLFKK|IOLFK ³'HLQ 1DPH *HUDOG *HUU\ 6KDUS GD GX (GHOPDQQ GHU )UHLKlQGOHU 2UJDQLVDWLRQELVWXQG:DOW\VUHFKWH+DQGVHLQXQG$QQHP\V$GRSWLYVRKQXQGVR ZHLWHUHUNOlUWH%LOO\ :LUEHVWLHJHQGHQ6FKZHEHUXQG%LOO\EHUQDKPGDV6WHXHU,FKZDUGD]XQLFKW LQGHU/DJHLFKZDUKDQGOXQJVXQIlKLJ %HLP 6WDUW ILHO PLU DXI GD DOOH *HElXGH 7UDQVSDUHQWH RGHU (UNHQQXQJVWDIHOQ WUXJHQVROFKHZDUHQDXFKEHLGHQ3IHUGHNRSSHOQDXIGHU6FKDIZHLGHXQGEHLGHQ )U|VFKHQXQG.lQJXUXKVXQGQDWUOLFKLQ:DOW\VNOHLQHP3ULYDW]RR]XVHKHQ 6R VWDQG HWZD DXI GHP +DXSWJHElXGH ]X OHVHQ +HUUVFKDIWVKDXV XQG GDUXQWHU MHGH0HQJH.OHLQJHGUXFNWHVLFKQDKPPLUYRUHVQDFKGHU/DQGXQJ]XOHVHQ,FK ODVDXFKQRFK3IHUG+HLPDWSODQHW7HUUDRGHU5LHVHQIURVFKVSH]LHOOH=FKWXQJ 8QG EHUDOO VWDQGHQ 7DIHOQ PLW $XIVFKULIWHQ ZLH $OOH 7LHUH VWHKHQ XQWHU 1DWXUVFKXW]1LFKWMDJHQ1LFKWIWWHUQ7LHUHEUDXFKHQ/LHEH 1DGDVZDUZHQLJVWHQVHWZDV %LV DXI GLH +LQZHLVWDIHOQ ZDU GLH )DUP VHOEVW XQYHUlQGHUW JHEOLHEHQ VR ZLH HV %LOO\ YHUVSURFKHQ KDWWH 1XU GDV 8PODQG ZDU QLFKW ZLHGHU]XHUNHQQHQ 5LQJV XP GLH)DUPWUPWHQVLFKEL]DUUH*HELUJHDXV5RVDXQG.ULVWDOOZHLXQGZDUHQWLHILQV /DQGJHVWDIIHOW:DVLFKDXVGHP)HQVWHUPHLQHV6FKODI]LPPHUVJHVHKHQKDWWHZDU KDUPORVLP9HUJOHLFK]XGHPZDVLFKDXVGHU9RJHOSHUVSHNWLYH]XVHKHQEHNDP (VVFKLHQDOVZlUHGLH/DQGVFKDIWXQWHUURVDIDUEHQJHVSUHQNHOWHQ6FKQHHPDVVHQ EHJUDEHQRGHUQRFKEHVVHUDOVZlUHVLHPLWHLQHUGLFNHQ=XFNHUVFKLFKWEHUJ|VVHQ ZRUGHQ 8QG DXV GLHVHU =XFNHUPDVVH ZDUHQ *HELOGH GHU YHUVFKLHGHQVWHQ )RUP JHELOGHW ZRUGHQ 7UPFKHQ XQG 7UPH +JHO XQG %HUJH JDQ]H *HELUJH HQ PLQLDWXUH 0LW %OPFKHQ *UlVHUQ 6WUlXFKHUQ XQG %lXPFKHQ XQG %lXPHQ DXV =XFNHU]ZLVFKHQGHQHQ%lFKHDXV0LOFKXQG+RQLJIO|VVHQGLHVLFK]X7HLFKHQ YHUHLQLJWHQXQGVLFKDOV0LOFK+RQLJIlOOHEHU=XFNHUNOLSSHQHUJRVVHQ ,FK KDWWH HLQHQ HNHOKDIW VOLFKHQ *HVFKPDFN DXI GHU =XQJH XQG LFK QDKP PLU YRULKQPLWHLQLJHQ/LWHUQ1HNWDUKLQZHJ]XVSOHQZHQQZLUZLHGHUODQGHWHQ,FK PXWHPLFKPLWJHJRUHQHU.lQJXUXKPLOFKEHVDXIHQ =ZLVFKHQ GLHVHU =XFNHUODQGVFKDIW IOLW]WHQ JROGHQ JHNOHLGHWH *HVWDOWHQ PLW )OJHOKHOPHQJHVFKlIWLJKLQXQGKHU ³(V LVW XQJODXEOLFK ZDV QXU VHFK]LJ +LSSRV LQ QXU YLHU 7DJHQ DXI GLH %HLQH JHVWHOOW KDEHQ VDJWH %LOO\ VFKZlUPHULVFK ³'DV LVW QLFKW DOOHLQ DXI LKUH HLQ]LJDUWLJH 7HFKQLN ]XUFN]XIKUHQ GD]X JHK|UW DXFK HLQ EHVRQGHUHV
2UJDQLVDWLRQVWDOHQW 8QG HLQ VROFKHV PX PDQ GHQ /HXWHQ YRQ 7'7 ZLUNOLFK EHVFKHLQLJHQ8QJODXEOLFKZDVVLHLQGLHVHUNXU]HQ=HLWYROOEUDFKWKDEHQ ³(LQIDFKWROOVDJWHLFKDSDWKLVFK,FKZDUQRFKQLFKWZLHGHUVRZHLWGDLFKPLU (PRWLRQHQKlWWHOHLVWHQN|QQHQ %LOO\HUNOlUWHPLUZHOFKH5RXWHHUQHKPHQZROOWH ³:LUIOLHJHQDXIGHP.XUVGHQGLH%XVVHDXIGHU$QUHLVHLQV:DOW\ODQGQHKPHQ ZHUGHQ ]XP :DOW\7RU XQG GDQQ ZHLWHU QDFK +HUPDQQVYLOOH 'RUW PDFKHQ ZLU HLQHQNOHLQHQ5XQGIOXJXQGNHKUHQEHUGDV:DOW\7RUDXIGHU]ZHLWHQ7UDVVH]XU )DUP]XUFN(LQYHUVWDQGHQ*HUU\" ³,FKEUHQQHGDUDXI 8QWHU XQV HUVWUHFNWH VLFK HLQ ]ZHLKXQGHUW 0HWHU EUHLWHV URVD JHVSUHQNHOWHV =XFNHUEDQG GDKLQ 'LHV ZDU GLH 7UDVVH DXI GHU GLH 7'7%XVVH ]ZLVFKHQ +HUPDQQVYLOOH:DOW\7RUXQG:DOW\ODQGSHQGHOQZUGHQHUNOlUWH%LOO\ ³,P $XJHQEOLFN ZLUNW DOOHV QRFK VWDWLVFK NDKO XQG OHHU IXKU %LOO\ IRUW ³$EHU VFKRQZlKUHQGGHUQlFKVWHQ$XVEDXSKDVHVROOGLHJDQ]H6WUHFNHYLWDOLVLHUWZHUGHQ 7'7 ZLOO GDIU VRUJHQ GD VLFK OLQNV XQG UHFKWV GHU %XVOLQLH .ODFNWRQHU QLHGHUODVVHQ XQG IU HLQLJH $WWUDNWLRQHQ VRUJHQ :LU YHUODQJHQ QLFKWV YRQ LKQHQ ZDV VLH EHUIRUGHUQ ZUGH 6LH VROOHQ HLQIDFK LKU /HEHQ ZHLWHUIKUHQ VR GD GLH YRUEHLIDKUHQGHQ +LSSRV HLQ ELFKHQ )RONORUH ]X VHKHQ EHNRPPHQ XQG HLQHQ (LQGUXFNYRP$OOWDJVOHEHQGHU(LQJHERUHQHQHUKDOWHQXQGVHKHQZLHSULPLWLYVLH IUKHU JHOHEW KDEHQ XQG ZLH VLFK LKU 'DVHLQ XQWHU :DOW\V (LQIOX JHlQGHUW KDW 7'7 ZLOO GLH 9HUJQJXQJVUHLVH PLW HLQHP %LOGXQJVXUODXE NRSSHOQ 'DUXP ODXWHW HLQ 0RWWR DXFK (LQH 5HLVH QDFK :DOW\ODQG LVW HLQ 7ULS LQ GHQ $OOWDJ HLQHV JOFNOLFKHQ0HQVFKHQXQGVHLQHU8QWHUWDQHQ'HU6ORJDQVWDPPWYRQPLU/RUUHP KDWPLUGDIUHLQH6RQGHUSUlPLHYHUVSURFKHQ:LHILQGHVWGXGDV*HUU\" ³0HLQHQ*OFNZXQVFK :LU EHUIORJHQ GDV :DOW\7RU MHQHQ *URWWHQEDKQ7UDQVPLWWHU GXUFK GHQ GLH EHKHOPWHQ 3IHUGHN|SIH QDFK .3ODQHW JHNRPPHQ ZDUHQ GLH %LOO\ QHXHUGLQJV +LSSRV QDQQWH ZDV RIIHQEDU HLQH .XU]IRUP YRQ +LSSRJU\SKHQ ZDU ,FK ZDU YRQ PLUVHOEVWEHUUDVFKWGDLFKJHLVWLJQRFKVRUHJHZDUXPGLHVH=XVDPPHQKlQJH HUNHQQHQ ]X N|QQHQ $XV GHU /XIW VDK HV VR DXV DOV UDJH :DOW\V .RSI DXV GHP ]XFNHUEHUJRVVHQHQ 6WHSSHQERGHQ XQG VHLQ ZHLW JH|IIQHWHU 0XQG LQ GHP GDV 7UDQVPLWWHUIHOG XQWHUJHEUDFKW ZDU VFKLHQ LQ HLQHP ODXWORVHQ 6FKUHL XQVDJEDUHU 4XDOHUVWDUUW,FKPXWHDEVFKDOWHQXPQLFKWYRP0LWOHLGEHUPDQQW]XZHUGHQ 9RP:DOW\7RUIKUWHGDV=XFNHUEDQGLQJHUDGHU/LQLHQDFK+HUPDQQVYLOOH'LH +DXSWVWDGW YRQ .3ODQHW PLW GHP 6LW] GHU .ODFNWRQHU 5HJLHUXQJ GHP +RKHQ +HUPDQQVKDXVGHP:RKQYLHUWHODXVVFKPXFNHQ)DFKZHUNEDXWHQGLH:DOW\QDFK DOWWHUUDQLVFKHQ 9RUODJHQ YRQ GHQ %URYDV HUEDXHQ OLH GHP *HVFKlIWVEH]LUN PLW GHQ %DVDUHQ XQG GHQ +lQGOHUVWUDHQ XQG MHQHP 7HLO LQ GHP GLH :HUNVWlWWHQ GHU .XQVWKDQGZHUNHUXQWHUJHEUDFKWZDUHQGLHVHV6FKPXFNNlVWFKHQPLWVHLQHQ (LQZRKQHUQZDUYRQZDKUHQ=XFNHUEHUJHQHLQJHNHVVHOW'HUVOLFKH*HVFKPDFN
DXI PHLQHU =XQJH ZXUGH LPPHU XQHUWUlJOLFKHU ,FK EUDXFKWH JHJRUHQHQ 1HNWDU DEHUGULQJHQG %LOO\ HUNOlUWH PLU DXI ZHOFKHU 5RXWH GHU 7'7%XV GXUFK +HUPDQQVYLOOH IDKUHQ VROOWH ZR HV +DOWHVWHOOHQ JDE DQ GHQHQ GLH +LSSRV DXVVWHLJHQ XQG QDFK HLQHP %XPPHOZLHGHU]XVWHLJHQNRQQWHQZRVLH.LRVNHILQGHQXQG6RXYHUQLUVHUVWHKHQ NRQQWHQ ³$EHUGDVDOOHVLVWQLFKWVRZLFKWLJZLHGLH7DWVDFKHGDGHUZLEHJLHULJH+LSSR MHGHU]HLWXQGEHUDOODP/HEHQGHVHLQIDFKHQ+HUPDQQWHLOQHKPHQNDQQHUNOlUWH %LOO\³1DWUOLFKZDUHQZLUDXFKGDUDXIEHGDFKWGLH,QWLPVSKlUHGHU.ODFNWRQHU]X ZDKUHQ XQG VLH YRU EHUPlLJHU %HOlVWLJXQJ ]X VFKW]HQ 'LH *HIDKU GD DOO]X QHXJLHULJH+LSSRVGLH.ODFNWRQHUPLW]XYLHOHQ)UDJHQEHOlVWLJHQN|QQWHQZXUGH GDGXUFKJHEDQQWGDZLUDOOHVHWLNHWWLHUWKDEHQVRGDNDXP)UDJHQRIIHQEOHLEHQ $XHUGHP JLEW HV MHGH 0HQJH ,QIRUPDWLRQVPDWHULDO 7'7 KDW DQ DOOHV JHGDFKW 7'7PDFKW VP|JOLFK6WDPPWEULJHQVDXFKYRQPLU 1DFK GHP 5XQGIOXJ EHU +HUPDQQVYLOOH GDV ZLH DXVJHVWRUEHQ XQWHU XQV ODJ XQG ZRQXUJHOHJHQWOLFKHLQHLQ]HOQHUSIHUGHJHVLFKWLJHU6XUIHUVHLQH6FKZQJHPDFKWH NHKUWHQZLUHQWODQJGHV=XFNHUEDQGV]XU)DUP]XUFNGLHGDV+HU]YRQ:DOW\ODQG ELOGHWHZLH%LOO\DXVGUFNOLFKEHWRQWH(UYHUJDDXFKQLFKWPLU]XHUNOlUHQZDV :DOW\ODQG HLJHQWOLFK GDUVWHOOHQ VROOWH ³'HU +LSSR NDQQ KLHU 9HUJQJHQ JOHLFKHUPDHQ ZLH %LOGXQJ NRQVXPLHUHQ 'D HU QLFKW GLH 0|JOLFKNHLW KDW DOOH *HELHWH YRQ .3ODQHW ]X EHUHLVHQ ZXUGH YHUVXFKW YLHOH (UVFKHLQXQJVIRUPHQ GHV /HEHQV )ORUD XQG )DXQD DQ HLQHP 2UW ]X YHUHLQHQ 1DFK GHP 0RWWR :HQQ GX QLFKWGLH:HOWEHUHLVHQNDQQVWNRPPWVLH]XGLU6WDPPWDXFKYRQPLU:DOW\ODQG ELHWHWDEHUDXFKQRFKPHKUQlPOLFK1RVWDOJLHXQG*HVFKLFKWH(VZLUGQLFKWQXU DQVFKDXOLFKJH]HLJWZLH:DOW\QDFK.3ODQHWNDPXQGGDV+HUPDQQVYRONIUVLFK HUREHUWH XQG ZDV HU DXV /DQG XQG /HXWHQ PDFKWH VRQGHUQ HV ZHUGHQ DXFK P|JOLFKH $XVEOLFNH DXIJH]HLJW $OOHV QDWUOLFK LQ XQWHUKDOWHQGHU )RUP OHEHQGLJ XQGOLYH(ULQQHUHPLFKGDLFKGLUGHLQ(WLNHWWJHEHZHQQZLU]XUFNVLQG ³,FK ZHUGH GLFK GDUDQ HULQQHUQ %LOO\ YHUVSUDFK LFK ³+DVW GX GHQQ EHUKDXSW NHLQH)UDJHQ"ZXQGHUWHVLFK%LOO\DXIHLQPDO ³'RFK DEHU LFK IUFKWH GD LFK GHQ $QWZRUWHQ QRFK QLFKW JHZDFKVHQ ELQ JHVWDQGLFK ³9HUVWHKH HV LVW GRFK HWZDV ]XYLHO DXI HLQPDO IU GLFK VDJWH %LOO\ HLQVLFKWLJ ³$PEHVWHQGXOHEVWGLFKLQ:DOW\ODQGHUVWHLQPDOHLQ1XUHLQHVQRFK]XGHLQHU ,QIRUPDWLRQ'HU+LSSRGHUQDFK:DOW\ODQGNRPPWLVWNHLQ)UHPGHU(UKDWVHLQH /HNWLRQ LQ WHUUDQLVFKHU *HVFKLFKWH KLQWHU VLFK XQG NHQQW DOOH ZLFKWLJHQ 6WDWLRQHQ YRQ :DOW\V /HEHQ :DOW\ VHOEVW KDW GLHVHQ /HEHQVODXI JHVFKULHEHQ XQG MHGHU +LSSRGHUEHL7'7JHEXFKWKDWNHQQWLKQDXVZHQGLJ8QGQRFKHWZDV'HU7'7 +HOP HUODXEW HV GHP 7RXULVWHQ VLFK PLW GHQ (LQKHLPLVFKHQ GD]X ]lKOH LFK DXFK GLFKXQGPLFKLQ,QWHUNRVPR]XXQWHUKDOWHQ
,FK EHNDP HLQHQ 6FKUHLNUDPSI GHU GXUFK GLHVHV NOHLQH :|UWFKHQ ³7RXULVW DXVJHO|VWZXUGH=XP*OFNODQGHWH%LOO\GHQ6FKZHEHUJHUDGHDXIGHP)DUPKRI VRGDLFKDXVGHU.DQ]HOVSULQJHQXQGPLFKLQ6XQJRV$UPHIOFKWHQNRQQWH,FK ZHLQWH PLFK DQ VHLQHU EUHLWHQ %UXVW DXV GLH GLH $XIVFKULIW WUXJ 6XQJR .DPPHUGLHQHUYRQ:DOW\.ODFNWRQ ³6XQJREULQJHPLU1HNWDUYHUODQJWHLFK³,FKPXPHLQHQ.XPPHUHUWUlQNHQ ³%UDXFKVWGXHLQHQ3DUWQHU" 8QG VR NDP HV GD 6XQJR XQG LFK GDV +DXSWJHElXGH DXIVXFKWHQ XQG XQV PLW ]ZHL .UJHQ JHJRUHQHU .lQJXUXKPLOFK DQ GHQ KRO]JH]LPPHUWHQ 7LVFK GHU :RKQVWXEHVHW]WHQ ,FK IKOWH PLFK HUVW HWZDV ZRKOHU QDFKGHP LFK GHQ HUVWHQ .UXJ JHOHHUW KDWWH 'DQDFK HUZDFKWHQ PHLQH /HEHQVJHLVWHU ZLHGHU ,FK ZDU QLFKW PHKU WRW NHLQ =RPELHPHKU 0HLQ:LGHUVWDQGVJHLVWZDUJHZHFNWXQGDXIHLQPDOVDKLFKHVJDQ]NODUYRUPLU ZDV]XWXQZDU ³6XQJR GDV ODVVHQ ZLU XQV QLFKW ELHWHQ IDWH LFK GDV (UJHEQLV PHLQHV LQQHUHQ 0RQRORJV ]XVDPPHQ ³:LU KDEHQ HV ]ZDU PLW HLQHP EHUPlFKWLJHQ *HJQHU ]X WXQGRFKKDOWHQZLUDOOH7UPSIHLQGHU+DQG2KQHXQVLVW:DOW\ODQGQLFKWVZHUW :LU N|QQHQ GLHVHV 3URMHNW DOOHLQ GXUFK SDVVLYHQ :LGHUVWDQG VDERWLHUHQ GDUEHU KLQDXVDEHUDXFKQRFKDNWLYZHUGHQ:LUZHUGHQNlPSIHQ ³(VOHEHGHU.DPSIVDJWH6XQJR :LUSURVWHWHQHLQDQGHU]X 3O|W]OLFKHUW|QWHVFKDOOHQGHU$SSODXVYRQGHU7U$OVLFKPLFKXPGUHKWHVDKLFK %LOO\PLWHLQHU6FKDU+LSSRVGRUWVWHKHQ ³$XVJH]HLFKQHW ULHI %LOO\ DQHUNHQQHQG ³'LHVH 1XPPHU QHKPHQ ZLU LQV 3URJUDPPDXI'LH7RXULVWHQZHUGHQEHJHLVWHUWVHLQ(UNDP]XPLUXQGKLHOWPLU HLQ76KLUWKLQDXIGHPPHLQ1DPHSUDQJWHXQGHLQLJH'DWHQ]XU3HUVRQVWDQGHQ 'D]XVDJWHHU³'HLQ(WLNHWW ,FK OLH PLU ZLGHUVWDQGVORV KLQHLQKHOIHQ HLQ GHXWOLFKHV =HLFKHQ GDIU GD LFK QRFKQLFKWJHQXJ1HNWDULQWXVKDWWH$EHUGHPOLHVLFKDEKHOIHQ 1DFKGHP6XQJRXQGLFKZLHGHUDOOHLQZDUHQVDJWHLFKJUROOHQG ³'DVEHGHXWHW.ULHJELVDXIV0HVVHU 6XQJRXQGLFKOHJWHQXQVDXIGLH/DXHU 'DV KHLW ZLU VHW]WHQ XQV HLJHQWOLFK DXI GLH %DQN QHEHQ GHP (LQJDQJ GHV )DUPKDXVHVMHGHUHLQHQ.UXJ1HNWDUQHEHQVLFKXQGEHREDFKWHWHQGDV7UHLEHQGHU +LSSRVGLHZLH.UOlXIHUDXILKUHQ-HW%UHWWHUQEHUGDV)DUPJHOlQGHVFKZLUUWHQ :LUZDUWHWHQDXIHLQJHHLJQHWHV2SIHU8QVZDUMHGHU+LSSRUHFKWXQGZLUKDWWHQ YHUHLQEDUW XQV GHQ QlFKVWEHVWHQ ]X VFKQDSSHQ XQG LKQ GDV *UXVHOQ ]X OHKUHQ ,QQHUKDOE ZHQLJHU 0LQXWHQ ZDUHQ JXW HLQ KDOEHV 'XW]HQG 3IHUGHJHVLFKWHU DQ XQV YRUEHLJHVXUIW GRFK ZDUHQ VLH VR VFKQHOO XQWHUZHJV GD ZLU QLFKW HLQPDO =HLW IDQGHQGHQ0XQG]X|IIQHQEHYRUVLHZLHGHUYRUEHLJHUDXVFKWZDUHQ
³:DV WXW %LOO\ GHQQ GD" IUDJWH 6XQJR PLW VFKRQ HWZDV YRP 1HNWDU VFKZHUHU =XQJH³:DVZLOOHUPLWGHQ*DXFKRURERWHUQEHLGHQ)U|VFKHQ" ,FK ]XFNWH GLH 6FKXOWHUQ %LOO\ KDWWH VHLQH $UWJHQRVVHQ XP VLFK YHUVDPPHOW XQG PLW GHP 5LHVHQIURVFK/RFNKRUQ HLQH 6FKDU )U|VFKH KHUDQJHUXIHQ 6LH KRFNWHQ JHGXOGLJ GD XQG VWDUUWHQ HUZDUWXQJVYROO DXI GLH *DXFKRURERWHU GHQQ QRUPDOHUZHLVH IROJWH GHP 4XDNHQ GHV /RFNKRUQV GLH )WWHUXQJ %LOO\ DEHU KDWWH DQGHUHVPLWLKQHQLP6LQQ,FKK|UWHZLHHU]XVHLQHQ$UWJHQRVVHQVDJWH ³,FK KDEH HXFK GHUPDHQ XPSURJUDPPLHUW GD LKU QXQ 'RPSWHXUIlKLJNHLWHQ KDEW (XUH $XIJDEH LVW HV GLH 5LHVHQIU|VFKH ]X GUHVVLHUHQ XQG LKQHQ HLQLJH .XQVWVWFNFKHQ EHL]XEULQJHQ 6FKOLHOLFK VROO GHQ 7'77RXULVWHQ HWZDV IU LKU *HOGJHERWHQZHUGHQ ,FK ZXUGH YRQ HLQHP +LSSR DEJHOHQNW GHU PLW KHXOHQGHP -HW%UHWW YRU XQV DEEUHPVWH (U GHXWHWH PLW VHLQHP .RFKO|IIHO GHU ZLH LFK LQ]ZLVFKHQ KHUDXVJHIXQGHQ KDWWH HLQH $UW .RPPDQGRJHUlW ZDU GDV YLHOVHLWLJ HLQJHVHW]W ZHUGHQNRQQWH]XHUVWDXIPLFKXQGGDQQDXI6XQJR'D]XVDJWHHUVWUHQJ ³'X *HUDOG *HUU\ 6KDUS UHFKWH +DQG YRQ :DOW\ XQG GX 6XQJR :DOW\V .DPPHUGLHQHUKDEWLKUGHQQQLFKWV]XWXQ",KUN|QQWHWHXFKQW]OLFKPDFKHQXQG HWZDHLQLJH.XQVWVWFNHPLWGHQ.lQJXUXKVHLQVWXGLHUHQ ³'LH.lQJXUXKVN|QQHQQXUER[HQVDJWHLFK]ZLVFKHQ]ZHL6FKOXFNHQ ³%R[HQ" ZLHGHUKROWH GHU +LSSR LQGHP HU GHQ .RFKO|IIHO YRU GHQ 0XQG KLHOW ³,VW EHUHLWV JHVSHLFKHUW 0DFKW HXFK JOHLFK GDUDQ GLHVH 1XPPHU PLW GHQ 7LHUHQ HLQ]XVWXGLHUHQ ³,FKKDEHHLQHEHVVHUH,GHHZLHPDQGLH7'77RXULVWHQHUIUHXHQN|QQWHVDJWH LFKXQGQDKPZLHGHUHLQHQ6FKOXFN6XQJRNLFKHUWHERVKDIW ³:DVIUHLQH,GHH"IUDJWHGHU+LSSR ³'DV OlW VLFK QXU VFKZHU LQ :RUWH IDVVHQ VDJWH LFK ³$EHU ZHQQ GX HLQYHUVWDQGHQ ELVW XQG GLFK DOV 'HPRQVWUDWLRQVREMHNW ]XU 9HUIJXQJ VWHOOVW NDQQ LFKVLHGLUYRUIKUHQ 6XQJRNLFKHUWHZLHGHU ³,FK KRIIH GX VWLHKOVW PLU QLFKW PHLQH NRVWEDUH =HLW VDJWH GHU +LSSR ³:HQQ GHLQ9RUVFKODJ]XJHEUDXFKHQLVWEHNRPPVWGXHLQH6RQGHUSUlPLHZHQQQLFKW ³ZLUVWGXPLFKEOVWHQYROOHQGHWHLFKGHQ6DW] ³(VKHLWEUVWHQEHULFKWLJWHPLFK GHU+LSSR³'XVROOWHVWLQ]ZLVFKHQEHPHUNW KDEHQ GD ZLU GHQ )HKOHU LQ GHU 3URJUDPPLHUXQJ XQVHUHU 7UDQVODWRUKHOPH EHKREHQKDEHQ ,FK ZLQNWH DE ZHLO LFK LKP QLFKW HUNOlUHQ ZROOWH GD PHLQ 9HUVSUHFKHU QLFKW EHDEVLFKWLJW ZDU VRQGHUQ YRQ ]X DXVJLHELJHP 1HNWDUJHQX KHUUKUWH (QWVSUHFKHQGVFKZHUILHOHVPLUDXFKPLFKYRQGHU%DQN]XHUKHEHQ$EHUHLQPDO DXI GHQ %HLQHQ KLHOW LFK PLFK JDQ] JXW XQG IDQG GHQ JHUDGHVWHQ :HJ ]X GHQ 6WlOOHQ'HU+LSSRIROJWHPLUDXIVXUUHQGHP-HW%UHWWXQG6XQJRVWDSIWHKLQWHUXQV GUHLQ'DEHLJDEHUJOXFNVHQGH*HUlXVFKHYRQVLFKGLH GDKHUUKUWHQGDHUGDV
/DFKHQ]XXQWHUGUFNHQYHUVXFKWH 'HU +LSSR VDK VLFK LPPHU ZLHGHU QDFK LKP XP PLWUDXLVFK ZLH PLU VFKLHQ lXHUWH VLFK MHGRFK QLFKW ,FK EHWUDW GHQ 6WDOO LQ GHP GLH .lQJXUXKV JHPRONHQ ZXUGHQXQGGHXWHWHDXIHLQHQLFKWVVDJHQGDXVVHKHQGH.RQVWUXNWLRQ (V KDQGHOWH VLFK XP HLQH .XJHO YRQ HLQHP 0HWHU 'XUFKPHVVHU GLH DXI YLHU 7HOHVNRSEHLQHQ VWDQG XQG DXV GHU HLQ KDOEHV 'XW]HQG ELHJVDPHU 5RERWHUDUPH UDJWHQ ³'LHVHU 9LHOVHLWLJNHLWVKHUPDQQ ZlUH HLQH %HUHLFKHUXQJ GHV 3URJUDPPV IU GLH 7'77RXULVWHQ HUNOlUWH LFK ³(U VSLHOW DOOH 6WFNH XQG N|QQWH YLHO ]XU DOOJHPHLQHQ%HOXVWLJXQJEHLWUDJHQ ³%HOXVWLJXQJLVWLPPHUJXWVDJWHGHU+LSSRXQGEOLFNWHVLFKLUULWLHUWQDFK6XQJR XPGHUVLFKKLQWHUXQVHUHQ5FNHQLQV)lXVWFKHQODFKWH³:LHIXQNWLRQLHUWGLHVHV *HUlW" ³,FK ZHUGH HV GLU ]HLJHQ YHUVSUDFK LFK ³.RPP KHU 'X PXW GLFK KLHUKLQ VWHOOHQ ,FK SRVWLHUWH GHQ +LSSR DQ GHU 9RUGHUVHLWH GHU .lQJXUXK0HONPDVFKLQH GDQQ VFKDOWHWH LFK VLH HLQ (U OLH YRU 6FKUHFN VHLQH %UVWHQZDIIH XQG GDV /|IIHOJHUlW IDOOHQ DOV HU XQYHUPLWWHOW YRQ HLQHP 5RERWDUP DP +DOV JHSDFNW XQG JOHLFK]HLWLJ YRQGHQDQGHUHQDP5FNHQXQGDQGHQ6HLWHQPDVVLHUWZXUGH6HLQ0XQGPLWGHP 3IHUGHJHEL VFKQDSSWH DXI XQG ]X RKQH HLQ *HUlXVFK YRQ VLFK ]X JHEHQ 1XQ ZXUGHQ GLH +RKODUPH PLW GHQ 6DXJYRUULFKWXQJHQ DXVJHIDKUHQ XQG WDVWHWHQ GHQ +LSSRDXIGHU6XFKHQDFKGHQ0LOFK(XWHUQDE+LHXQGGDVRJHQVLHVLFKIHVWXQG GLH0LOFKSXPSHWUDWLQ$NWLRQ 6XQJRNRQQWHQLFKWOlQJHUDQVLFKKDOWHQXQGZlO]WHVLFKYRU9HUJQJHQDXIGHP %RGHQ'HU+LSSRKDWWHVHLQHHUVWHhEHUUDVFKXQJEHUZXQGHQXQGLFKUHJLVWULHUWH HVPLWHLQLJHU%HIUHPGXQJVWLPPWHLQ6XQJRV*HOlFKWHUHLQ6HLQ/DFKHQNODQJ ]ZDUZLHGDV:LHKHUQHLQHVDQ$VWKPDOHLGHQGHQ*DXOVDEHUHVZDUXQYHUNHQQEDU $XVGUXFNVHLQHUJUHQ]HQORVHQ+HLWHUNHLW 6XQJRYHUVWXPPWHXQGEOLFNWH]LHPOLFKGRRIDXVGHP(WLNHWW6KLUW,FKZDUQLFKW PLQGHUEHWURIIHQXQGVFKDOWHWHGLH0HONPDVFKLQHNXU]HUKDQGDXV 'HU +LSSR ZLHKHUWH DXFK QRFK HLQH JDQ]H :HLOH QDFKGHP GLH 5RERWDUPH XQG 6DXJQlSIH YRQ LKP DEJHODVVHQ KDWWHQ $OV VLFK HQGOLFK VHLQ /DFKNUDPSI JHOHJW KDWWHXQGVHLQ3IHUGHJHVLFKWZLHGHUVHLQHQWUDXULJHQ$XVGUXFN]XUFNEHNDPVDJWH HUIHLHUOLFK ³*HUDOG*HUU\ 6KDUS:DOW\V5HFKWHGDIULVWGLUHLQH6RQGHUSUlPLHJHZL:DV IUHLQJHQLDOHU(LQIDOO ³'XNDQQVWPLFK*HUU\QHQQHQVDJWHLFK ³8QGLFKELQ-HOOR(UOHJWHGLH$UPHXPPLFKXQGGUFNWHPLFKNXU]DQVLFK 'DQQ IXKU HU IRUW ³0HLQ 9RON KDW GDV /DFKHQ VFKRQ YRU YLHOHQ -DKUKXQGHUWHQ YHUOHUQWHVJLEWVFKRQODQJHQLFKWVPHKUZDVXQVHUIUHXHQNDQQ'XKDVWXQVGDV /DFKHQZLHGHU]XUFNJHEUDFKW*HUU\'DIUZLUVWGXUHLFKOLFKEHORKQW
(U GUFNWH PLFK QRFK HLQPDO KHU]KDIW DQ VLFK EHYRU HU DXI VHLQHP -HW%UHWW DEUDXVFKWH ³'LH,GHHZDUZRKOGRFKQLFKWVRJXW*HUU\PHLQWH6XQJR]DJKDIW ,FKQDKPHLQHQNUlIWLJHQ6FKOXFNDXVGHPIDVWOHHUHQ.UXJ ³:LU ODVVHQ XQV HEHQ HWZDV 1HXHV HLQIDOOHQ VDJWH LFK YROO JULPPLJHU (QWVFKORVVHQKHLW³6RUDVFKJHEHLFKQLFKWDXI :HQLJVSlWHUNDPHQ]ZHL+LSSRVPLWHLQHP6FKLOGGDVVLHEHUGHP(LQJDQJGHV 6WDOOHVEHIHVWLJWHQ'DUDXIVWDQGIROJHQGHV:RUWPRQVWUXP +LSSR]XPODFKHQEULQJHQKHUPDQQ (V ZDU ]XP 9HU]ZHLIHOQ XQG ]ZDU LQ HLQHP 0D GD 6XQJR XQG LFK XQVHUHQ .XPPHU LQ JHJRUHQHP 1HNWDU HUVlXIHQ PXWHQ XP QLFKW 'HSUHVVLRQHQ ]X EHNRPPHQGLHXQVEHVWLPPWLQGHQ)UHLWRGJHWULHEHQKlWWHQ :LU YHUVXFKWHQ DOOHV P|JOLFKH XP GLH +LSSRV IRUW]XHNHOQ DEHU DOOHV ZDV ZLU DQIDWHQ ZXUGH LQ XQVHUHQ +lQGHQ ]X *ROG RGHU ]XP KLSSRJU\SKLVFKHQ *HJHQVWFN XQVHUHV *ROGHV 0HLQ 3UlPLHQNRQWR EHL 7'7 KDWWH OHW]WOLFK HLQHQ DVWURQRPLVFKHQ 6WDQG HUUHLFKW ZLH PLU /RUUHP 5DOORU ]ZLVFKHQGXUFK HLQPDO YHUWUDXOLFK PLWWHLOWH $OV LFK GDUDXIKLQ HLQHQ :XWDQIDOO EHNDP XQG LKP DQ GHQ .RSIZDUIGDLFKDXIVHLQH6RQGHUSUlPLHQSIHLIHPHLQWHHUGD]XKRIIQXQJVYROO ³(LQQHXHU*HLVWHVEOLW]"3IHLIHQ":lUHGDVHLQH1XPPHUIUGLH7RXULVWHQ" 6XQJR XQG LFK WDWHQ XQVHU %HVWHV XP GLH +LSSRV LQ $QJVW XQG 6FKUHFNHQ ]X YHUVHW]HQ $EHU ZLU HUUHLFKWHQ QXU GDV *HJHQWHLO ZLU PDFKWHQ VLH ]X EHUJOFNOLFKHQ 7'7$QJHVWHOOWHQ 8QG QDFK MHGHU $WWUDNWLRQ GLH ZLU LKQHQ XQJHZROOW OLHIHUWHQ VDJWHQ VLH DQHUNHQQHQG ³'DV ZLUG GLH 7'77RXULVWHQ DEHU IUHXHQ (VQW]WHQLFKWVGDLFKHLQHQ+LSSRQDPHQV/DULIIGD]XEUDFKWHVLFKLQHLQHP %R[NDPSIPLWHLQHP.lQJXUXK]XYHUVXFKHQ,FKVSUKWHLKQ]XGLHVHP=ZHFNPLW HLQHP'XIWVSUD\HLQDXIGHQGLH.lQJXUXKVIORJHQXQGGHUGD]XEHQXW]WZXUGHVLH ]XU 0HONPDVFKLQH ]X ORFNHQ 1DWUOLFK YHUJD LFK DXFK QLFKW /DULII HLQLJH *UXQGEHJULIIHGHV)DXVWNDPSIVEHL]XEULQJHQVRZHLWLFKLP1HNWDUVFKZLSVGD]XLQ GHU/DJHZDU(UKlWWHJHJHQGDV.lQJXUXKGHQQRFKNHLQH&KDQFHJHKDEWKlWWHHU VLFKQLFKWXQIDLUHUZHLVHVHLQHU%UVWHEHGLHQW8QGQDFKGHPHUGDV7LHUJHEUVWHW KDWWH IUD HV LKP DXV GHU +DQG PHKU QRFK HV WUXJ LKQ DXI GHQ %R[KlQGHQ EHUDOOKLQVSD]LHUHQZRKLQHUZROOWH 0LWWOHUZHLOH XQG ZlKUHQG 6XQJR XQG LFK XQVHUH QlFKVWH 7HXIHOHL DXVKHFNWHQ ZDUHQ GLH *DXFKRURERWHU GDPLW EHVFKlIWLJW GLH 5LHVHQIU|VFKH ]X GUHVVLHUHQ 6LH ZROOWHQ VLH EHU +LQGHUQLVVH XQG GXUFK 5LQJH VSULQJHQ ODVVHQ YHUVXFKWHQ LKQHQ 3XU]HOElXPHEHL]XEULQJHQXQGGHUJOHLFKHQPHKU'HU(UIROJKLHOWVLFK]XP*OFN LQEHVFKHLGHQHP5DKPHQVRGDLFKKRIIHQGXUIWHGDZHQLJVWHQVGLH)U|VFKHDXV GHP3URJUDPPJHVWULFKHQZXUGHQ 6R EHREDFKWHWH LFK ZLH HLQ *DXFKRURERWHU VLFK ]ZHL 0HWHU YRU HLQHP )URVFK KLQVWHOOWHXQGHLQHQJURHQ5HLIHQLQGLH+|KHKLHOW$XIGHUJHJHQEHUOLHJHQGHQ
6HLWH VWDQG HLQ DQGHUHU *DXFKRURERWHU PLW HLQHP )UHQDSI UDQGYROO PLW )URVFKIXWWHU 'HU )URVFK VSUDQJ WDWVlFKOLFK LQ HLQHP 5LHVHQVDW] GXUFK GHQ 5LQJ ODQGHWHMHGRFKDXIGHP5RERWHUULLKQ]X%RGHQXQGEHTXHPWHVLFKHUVWZLHGHU YRQLKPDE]XODVVHQQDFKGHPHUGHQ1DSIJHOHHUWKDWWH 6HOEVW %LOO\ WKH .LG GHU VLFK QHXHUGLQJV 1HFNDUPDQQ QHQQHQ OLH VDK HLQ GD DXV GLHVHP 'UHVVXUDNW QLFKWV ZXUGH XQG KLHOW VHLQH *DXFKRURERWHU GD]X DQ PLW GHQ5LHVHQKSIHUQHLQ)URVFKNRQ]HUWHLQ]XVWXGLHUHQ'DVOLHIGDQQEHVVHU 8QVHU 6XQJRV XQG PHLQHU QlFKVWHU &RXS EHVWDQG GDULQ HLQHQ +LSSR QDPHQV /LUUHO GHU 6FKDIVFKXUPDVFKLQH DXV]XOLHIHUQ 'HU 'XPPNRSI JLQJ XQV DXFK DKQXQJVORV LQ GLH )DOOH XQG PXWH HLQH UHFKW VFKPHU]YROOH 3UR]HGXU EHU VLFK HUJHKHQODVVHQ$EHUDQVWDWWGDQDFKYRQ*UDXHQJHVFKWWHOWGDYRQ]XODXIHQUDQQWH HU VFKQXUVWUDFNV ]X /RUUHP 5DOORU 0LW GHP (UIROJ GD VLFK PHLQ 3UlPLHQNRQWR QHXHUOLFKHUK|KWHXQGGLH6FKDIVFKXUPDVFKLQHIROJHQGHUPDHQHWLNHWWLHUWZXUGH +LSSRJHVXQGPDVVDJHXQGZDONKHUPDQQ :LUVHW]WHQLQGHU)ROJHDOOHHUUHLFKEDUHQ:DIIHQHLQKROWHQVlPWOLFKH*HUlWHDXV GHP 6FKXSSHQ LQ GHP MHQH (UILQGXQJHQ YHUVFKLPPHOWHQ GLH VHOEVW :DOW\ ]X NXULRV XQG QXW]ORV HUVFKLHQHQ :LU ZDUHQ VRJDU VNUXSHOORV JHQXJ DXFK GLH 7LHUTXlOHUIDOOHQ LQ GLH 6FKODFKW ]X ZHUIHQ GRFK RKQH HLQ HLQ]LJHV 0DO GLH JHZQVFKWH:LUNXQJ]XHU]LHOHQ :LUHUUHLFKWHQGDPLWOHGLJOLFKGD:DOW\ODQGXPHWOLFKH$WWUDNWLRQHQEHUHLFKHUW ZXUGHGLHGLH7'77RXULVWHQEHOXVWLJHQXQGHUIUHXHQVROOWHQ0LUNDPDOOPlKOLFK GHU9HUGDFKWGDHVVLFKEHLGHQ+LSSRVXPHLQ9RONYRQ0DVRFKLVWHQKDQGHOWH DEHU GDQQ VDJWH LFK PLU GD GLHV ZRKO DXI DOOH 7RXULVWHQ DXV DOOHQ =HLWHQ XQG 5lXPHQ]XWUDI'LH.XQGHQYRQ7'7ELOGHWHQGDNHLQH$XVQDKPH ³6XQJR LFK ZHL PLU NHLQHQ 5DW PHKU VDJWH LFK VFKOLHOLFK QLHGHUJHVFKODJHQ ³,FK IUFKWH ZLU KDEHQ XQVHU JDQ]HV 3XOYHU YHUVFKRVVHQ 2GHU KDVW GX QRFK HLQH ,GHHZLHZLUGHQ+LSSRVYRQGHU7'7GLH7RXUYHUPDVVHOQN|QQWHQ" ³=LHKHQZLUXQV]XU%HUDWXQJ]XUFNVFKOXJHUYRU *HVDJWJHWDQ:LUVXFKWHQGLH:RKQVWXEHDXIXPXQVHUH*HKLUQ]HOOHQEHLHLQHU 1HNWDU2UJLH ]X EHOHEHQ .DXPVDHQZLUDP+RO]WLVFKXQGSURVWHWHQXQV]XGD HUW|QWHYRP(LQJDQJVFKDOOHQGHU$SSODXV ³'DFDSR'DFDSRVFKDOOWHHV8QG³%URYDEURYD 'RUWVWDQGHQVHFKVQHLQGUHL+LSSRVXQGZDUHQYRU%HJHLVWHUXQJEHUXQVHUH YHUPHLQWOLFKH /LYHVKRZ JDQ] DXV GHP +lXVFKHQ 6XQJR ZROOWH VLFK LQ VHLQHP JHUHFKWHQ=RUQDXIVLHVWU]HQGRFKGDLFKLKQYRUGHP*HEUVWHWZHUGHQEHZDKUHQ ZROOWHKLHOWLFKLKQ]XUFN ³+HLKU/DQJZHLOHUULHILFKGHQ*DIIHUQ]X³$QVWDWWVRGlPOLFKKHUXP]XVWHKHQ NRPPWOLHEHUKHUXQGKHEWHLQHQPLWXQV ³'UIHQZLUZLUNOLFK"IUDJWHQVLHEHUUDVFKW 6XQJRZROOWHDXIEHJHKUHQDEHULFKGUFNWHLKQDXIGHQ6LW]]XUFNXQGEOLQ]HOWH
LKPYHUVFKZ|UHULVFK]X ³$EHUJHZLGRFKULHILFK³,KUKDEWJHQXJJHUDFNHUW,KUVHLGXQVHUH*lVWH,KU N|QQW1HNWDUWULQNHQELVHUHXFKEHLGHQ3IHUGHRKUHQUDXVULQQW 'LH OHW]WHQ :RUWH EHWRQWH LFK EHVRQGHUV IU 6XQJR XQG HU YHUVWDQG :lKUHQG VLFKGLH+LSSRV]XXQVDQGHQ7LVFKVHW]WHQEHUVRYLHO*DVWIUHXQGVFKDIWIDVW]X 7UlQHQJHUKUWJLQJ6XQJRLQGHQ.HOOHUXPHLQLJH.UJHPLW1HNWDU]XKROHQ ³1HNWDU VDJWH HLQHU GHU +LSSRV XQG OLH GDV :RUW I|UPOLFK DXI GHU =XQJH ]HUJHKHQ³GDVK|UWVLFKEHUDXVYLHOYHUVSUHFKHQGDQ 6XQJRNDPPLWIQIYROOHQ.UJHQ]XUFNXQGZLUSURVWHWHQHLQDQGHU]X ³+HUUOLFK ³6FKPHFNWDXVJH]HLFKQHW ³(LQZDKUHU*|WWHUWUXQN ³,KUPWGLH.UJHDXIHLQHQ=XJOHHUHQQXUVRN|QQWLKUGHQ1HNWDUZLUNOLFK JHQLHHQIRUGHUWHLFKGLH+LSSRVDXIXQGVLHZDUHQQDLYJHQXJPHLQHQ5DW]X EHIROJHQ 6XQJR GHU PLW JXWHP %HLVSLHO YRUDQJHKHQ ZROOWH ZXUGH YRQ PLU DOOHUGLQJVJHEUHPVW ³:DUXPJ|QQVWGXPLUDXIHLQPDOGHQ1HNWDUQLFKW"IUDJWHHUHPS|UW³6LQGGLU GLH+LSSRVDOV6DXINXPSDQHOLHEHU" ³6LH QLFKW VR VFKZHU YRQ %HJULII IOVWHUWH LFK LKP ]X ³0HLQ 3ODQ LVW HV DOOH +LSSRV EHWUXQNHQ ]X PDFKHQ XQG GD]X ]X EULQJHQ GD VLH LP 1HNWDUUDXVFK LKU HLJHQHV3URMHNWVDERWLHUHQ 'DHUVWYHUVWDQG6XQJRXQGHUERWVLFKVRYLHO1HNWDU]XEULQJHQZLHGLH+LSSRV LQ VLFK VFKWWHQ NRQQWHQ (U WDW VRJDU QRFK HLQ EULJHV XQG ULHI ZHLWHUH +LSSRV KHUEHLXPVLHDQGHU2UJLHWHLOKDEHQ]XODVVHQ%DOGGDUDXIZDUGLH:RKQVWXEHGHV )DUPKDXVHVEXPVYROOXQGGHU1HNWDUIORLQ6W|PHQ (V KHUUVFKWH HLQH DXVJHODVVHQH 6WLPPXQJ GLH YRQ 6XQJR XQG PLU RUGHQWOLFK DQJHKHL]W ZXUGH :LU HUIDQGHQ LPPHU QHXH 7ULQNVSUFKH XP GLH +LSSRV ]XP /HHUHQ LKUHU .UJH ]X DQLPLHUHQ XQG VLH ZDUHQ HQWZHGHU ]X K|IOLFK RGHU DKQXQJVORV JHQXJ XP VLFK QLFKW ³1HLQ VDJHQ ]X WUDXHQ -HGHQIDOOV ZDUHQ VLH ]X GlPOLFKXP]XEHPHUNHQGD6XQJRXQGLFKQLFKWPLWKLHOWHQXQGQXUVRWDWHQDOV VFKWWHWHQZLU1HNWDUOLWHUZHLVHLQXQVKLQHLQ 'LH :LUNXQJ GHU JHJRUHQHQ .lQJXUXKPLOFK DXI GLH +LSSRV ZDU YHUEOIIHQG =ZDU EOLHEHQ LKUH 3IHUGHJHVLFKWHU ZHLWHUKLQ HUQVW VHOEVW ZHQQ VLH GLH :LW]H QDFKSODSSHUWHQ GLH LFK ]XP %HVWHQ JDE XQG GLH *ULPDVVHQ GLH VLH VFKQLWWHQ EOLHEHQ VWHWV HLQ $XVGUXFN JUHQ]HQORVHU 0HODQFKROLH 'HU 6DW] HLQHV EHWUXQNHQHQ +LSSRVVFKLHQV\PSWRPDWLVFKIUGDVJDQ]H9RON³:LUKDEHQGDV/DFKHQYHUOHUQW 8QV NDQQ QLFKWV PHKU HUIUHXHQ 'D]X EHGXUIWH HV RIIHQEDU VFKRQ VFKZHUHU *HVFKW]HHWZDHLQHU0HONPDVFKLQH :LH JHVDJW GLH +LSSRV EOLHEHQ WURFNHQ XQG KXPRUORV VHOEVW LQ YROOWUXQNHQHP =XVWDQG$EHUGDIUJLQJHLQHGUDVWLVFKHlXHUOLFKH9HUlQGHUXQJPLWLKQHQYRU,FK KDEHVFKRQHUZlKQWGDVLHLKUH*HVLFKWHUFORZQKDIWJHVFKPLQNWXQGGLH$XJHQLQ
YHUVFKLHGHQHQ )DUEHQ JHW|QW KDWWHQ 8QG QXQ EHJDQQ VLFK XQWHU GHU :LUNXQJ GHV 1HNWDUVVRZRKOLKUH6FKPLQNHZLHDXFKGLH7|QXQJLKUHU$XJHQ]XYHUlQGHUQ $OV LFK ]XP HUVWHQPDO VDK ZLH VLFK LP *HVLFKW HLQHV WUXQNHQHQ +LSSRV HLQH ZDKUH )DUEHQ XQG )RUPH[SORVLRQ HUHLJQHWH HUVFKUDN LFK ]XWLHIVW $EHU DOV LFK HUNDQQWH GD GLHV QXU HLQH KDUPORVH %HJOHLWHUVFKHLQXQJ GHU 7UXQNHQKHLW ZDU EHUXKLJWHLFKPLFKZLHGHU8QGLFKJHZ|KQWHPLFKGDUDQKLHOWPLFKEHLP7ULQNHQ ]XUFNXQGVWHXHUWHJHUDGHZHJVDXIPHLQ=LHOORV %HL MHGHU VLFK ELHWHQGHQ *HOHJHQKHLW SIODQ]WH LFK DOOH P|JOLFKHQ XQVLQQLJHQ *HGDQNHQ LQ GLH *HKLUQH PHLQHU 2SIHU 6R HWZD UHGHWH LFK LKQHQ HLQ GD :DOW\ODQG XP HLQH ZHLWHUH $WWUDNWLRQ UHLFKHU ZlUH ZHQQ DOOH 6FKLOGHU XQG (WLNHWWHQXQWHUHLQDQGHUYHUWDXVFKWZUGHQ,FKVWHOOWHGDVDOV7'77RXULVWHQ4XL] KLQXQGGLH+LSSRVVWLPPWHQEHJHLVWHUW]X 'LH +LSSRV ZDUHQ IU MHGHQ 8QVLQQ ]X KDEHQ VR HUVFKLHQ HV PLU ]XPLQGHVW IU HLQH:HLOH,FKGDFKWH*HUU\MHW]WKDVWGXJHZRQQHQ,QLKUHP5DXVFKZHUGHQGLH +LSSRV JDQ] :DOW\ODQG XPNUHPSHOQ ELV NHLQHU PHKU ZHL ZR KLQWHQ XQG YRUQH LVWXQGGDVJDQ]H3URMHNWLP&KDRVYHUVLQNW $EHU GDQQ VD DXI HLQPDO /RUUHP 5DOORU QHEHQ PLU DP 7LVFK XQG PDFKWH DOOH PHLQH+RIIQXQJHQ]XQLFKWH ³*HUU\ VDJWH HU WRGHUQVW ³]X PHLQHP %HGDXHUQ PX LFK GLU PLWWHLOHQ GD ZLU QLFKWDOOHGHLQH,GHHQYHUZLUNOLFKHQN|QQHQ ³7ULQN]XHUVWHLQHQ.UXJ1HNWDU/ROOHP5RUUHPVDJWHLFKPLWVFKZHUHU=XQJH ³GDQQVLHKVWGXDOOHVJDQ]DQGHUV (U OHHUWH GHQ .UXJ DXI HLQHQ =XJ 'RFK NDXP GD VHLQH &ORZQPDVNH LQ HLQHU )DUERUJLHH[SORGLHUHQZROOWHXQGVHLQHJROGHQHQ$XJHQYLROHWWH7XSIHQEHNDPHQ GD ]FNWH GLHVHV 6FKOLW]RKU VHLQH %UVWH XQG IXKU VLFK GDPLW NXU] EHU GLH 6WLUQ 6RIRUWZDUHUZLHGHUVWRFNQFKWHUQ ³'X EHNRPPVW QDWUOLFK GLH EHUHLWV ]XJHVDJWHQ 6RQGHUSUlPLHQ *HUU\ YHUVLFKHUWH HU WUDXULJ ³DXFK ZHQQ GLH ,GHHQ QLFKW YHUZLUNOLFKW ZHUGHQ $EHU GDV PLWGHP(WLNHWWHQYHUWDXVFKHQGDVVFKODJHGLUDXVGHP.RSI ³+DKD,FKODFKWHKlPLVFK³'DVZLUVWGXQLFKWPHKUYHUKLQGHUQN|QQHQ'HLQH /HXWH VLQG VR VWRFNEHVRIIHQ GD VLH QLFKW PHKU ZLVVHQ ZDV VLH WXQ 6LH VLQG PLW %HJHLVWHUXQJGDEHL ³0LWQLFKWHQILHOHUPLUVDQIWLQV:RUW³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
IDQGLFKPHLQH/DJHQXUQRFKWULVWHU ,FKIORKLQV)UHLHDXIGHQ+RIKLQDXVXQGOHKQWHPLFKDQGLH+LQZHLVWDIHOPLWGHU $XIVFKULIW2WWRGHU2WWRPDQHHLQ7ZLO]HU'HU]HLWLQHLQHQ0RQROLWKHQJHWZLO]W $EHULFKKDWWHQLFKWODQJHPHLQH5XKHGHQQ/RUUHP5DOORUIROJWHPLUDOVZROOH HUVHLQHQ7ULXPSKELV]XU1HLJHDXVNRVWHQ ³'X KDVW VRYLHO IU 7'7 JHWDQ *HUU\ VDJWH HU LQ VROFK IHLHUOLFKHP (UQVW GD VHLQH 6WLPPH LQ PHLQHQ 2KUHQ QXU VR YRU +RKQ WULHIWH ³GD LFK GLU JHUQH HLQHQ *HIDOOHQWXQZUGH+DVWGXLUJHQGHLQHQ:XQVFK" ,FKGHXWHWHDXIGHQ0RQROLWKHQXQGK|UWHPLFKVDJHQ ³,FKZQVFKWHGD2WWRZLHGHUHUVHOEVWZlUH ³1LFKWVOHLFKWHUDOVGDV 6HLQH %UVWH EHVWULFK NXU] GLH 2EHUIOlFKH GHV YHUZLWWHUWHQ 8UJHVWHLQV XQG DXJHQEOLFNOLFKVWDQGDQ6WHOOHGHV0RQROLWKHQ2WWRLQVHLQHUZLUNOLFKHQ*HVWDOWYRU PLU ³:HU KDW GLH )UHFKKHLW EHJDQQ GDV NOHLQH VFKQHHZHLH 3HO]ZHVHQ PLW ]RUQLJ JHU|WHWHP0RSVJHVLFKW$EHUGDKDWWHLFKHVVFKRQLQPHLQH$UPHJHVFKORVVHQXQG GUFNWHHVLQQLJDQPLFK ³2WWR2WWRULHILFKEHUJOFNOLFKXQGGHQ7UlQHQQDKH³'XELVWGHUHLQ]LJHGHU MHW]WQRFKKHOIHQNDQQ ³*HUU\ ZDV LVW LQ GLFK JHIDKUHQ VFKLPSIWH 2WWR XQG EHIUHLWH VLFK DXV PHLQHQ $UPHQ(UVFKQXSSHUWHQDVHUPSIHQGDQPLUXQGNRQVWDWLHUWH³'XVWLQNVWMDQDFK 1HNWDU%LVWGXEHWUXQNHQ" ³0DQKDWPLFKZLHGHUQFKWHUQJHEUVWHWVDJWHLFK 2WWREOLFNWHDQPLUYRUEHLVWXW]WHDOVHUGHQDXIVHLQHP-HW%UHWWGDYRQJOHLWHQGHQ +LSSR VDK XQG EOLFNWH VLFK XP ,FK GDFKWH GD HU EHLP $QEOLFN GHU GLH )DUP XPJHEHQGHQ =XFNHUJHELUJH LKQ 2KQPDFKW IDOOHQ ZUGH DEHU HU ]HLJWH VLFK QLFKW PDOVRQGHUOLFKEHUUDVFKW ³6LHK DQ PHLQWH HU ³'HPQDFK KDW GLH 7UDQV 'LUQHQVLRQV 7RXUV GDV 3URMHNW :DOW\ODQG EHUHLWV YHUZLUNOLFKW 8QJODXEOLFK ,FK KDEH ELV ]XOHW]W JHKRIIW GD :DOW\ VHLQH 8QWHUVFKULIW XQWHU GHQ 9HUWUDJ YHUZHLJHUW $EHU RIIHQEDU LVW HU DXI /RUHELU/DUKXODUGRFKKHUHLQJHIDOOHQ ³:DV UHGHVW GX GD" ULHI LFK XQG VSUWH ZLH HV PLU GLH 1DFNHQKDDUH DXIVWHOOWH ³:LOOVW GX GDPLW VDJHQ GD HV ZDKU LVW GD .ODFN.ODFN GLHVHP JDQ]HQ 8QIXJ ]XJHVWLPPWKDW" ³(VPXZRKOVRVHLQVDJWH2WWRWUDXULJ³,FKYHUVXFKWHMDLKPGDVDXV]XUHGHQ $EHU:DOW\EHVWDQGGDUDXIGHQXQJOFNOLFKHQ+RUVHUQZLHHUGLH)UHPGHQQDQQWH KHOIHQ ]X ZROOHQ (U YHUVXFKWH PLFK IU GDV 3URMHNW ]X HUZlUPHQ DEHU LFK ZHLJHUWHPLFKGDPLW]XPDFKHQZHLOLFKZHLWEOLFNHQGJHQXJELQXPGLHP|JOLFKHQ )ROJHQYRUDXV]XVHKHQ:LUKDWWHQHLQH0HLQXQJVYHUVFKLHGHQKHLWXQGGD:DOW\]X VWXUZDUDXIPLFK]XK|UHQKDEHLFKPLFK]XHLQHP0RQROLWKHQJHWZLO]W ³'DUXP DOVR XQG QLFKW ZHLO HU GLFK QLFKW DXI GHU 6&+/(8'(5%2**(
PLWJHQRPPHQKDWVDJWHLFK ³8QVLQQ'DVZlUHGRFKNHLQ*UXQGJHZHVHQ2WWREOLFNWHVLFKXPXQGVHXI]WH ³-HW]WKDEHQZLUGHQ6FKODPDVVHO ³'DEHL VLQG GLH HUVWHQ 7RXULVWHQ QRFK QLFKW PDO HLQJHWURIIHQ VDJWH LFK ³'X NDQQVW GLU DXVPDOHQ ZDV VLFK KLHU WXQ ZLUG ZHQQ GLH HUVWH %XVODGXQJ VFKDXOXVWLJHU+LSSRVHLQWULIIWVRZHUGHQGLH3IHUGHJHVLFKWHUMHW]WJHQDQQW ³7RXULVWHQ ZDV IU HLQ :RUW 2WWR VFKDXGHUWH (U VHXI]WH ³$EHU .ODFN.ODFN KDWHVQLFKWDQGHUVJHZROOW ³,FKNDQQHVLPPHUQRFKQLFKWJODXEHQVDJWHHUYHUVWlQGQLVORV³GD:DOW\IU GDVVHLQH=XVWLPPXQJJDE:LHNDPHVGD]X"'XELVWDXHU:DOW\GHUHLQ]LJHGHU YRQGLHVHP3URMHNWZXWH ³9LHOZHLLFKDXFKQLFKWVDJWH2WWR³1XUGDVZDV:DOW\PLUYHUULHW(UVXFKWH PLFK LQ GHU 1DFKW YRU VHLQHU $EUHLVH DXI XQG ZROOWH PLU GLH 9HUDQWZRUWXQJ DXIKDOVHQ$EHULFKKDEHPLFKJHZHLJHUWXQG ³-DMDLFKZHLGXEOLHEVWKDUWZLH6WHLQXQWHUEUDFKLFKLKQXQJHGXOGLJ³$EHU HU]lKOHPLUDOOHVGHU5HLKHQDFK ³9LHOJLEWHVGDQLFKW]XHU]lKOHQVDJWH2WWRXQGEOLFNWHHLQHP+LSSRQDFKGHU DQ XQV YRUEHL VHLQH .U OLHI ³(OHJDQW HOHJDQW PHLQWH HU PLW .HQQHUEOLFN (U UlXVSHUWHVLFK³$OVRHVZDUGLH1DFKWYRU:DOW\V$EUHLVHDOVHUPLFKDXIVXFKWH XQG ]X HLQHP NOHLQHQ 6SD]LHUJDQJ HLQOXG 'DEHL HU]lKOWH HU PLU HLQH PLWOHLGHUUHJHQGH *HVFKLFKWH EHU HLQ 9RON GDV DOOHV HUUHLFKW KDWWH DEHU GDUEHU QLFKWJOFNOLFKVHLQNRQQWH(UPHLQWHGDPLWGLH+RUVHURGHU+LSSRV1DFKVHLQHU $XVVDJHEHVDHQVLHGHQK|FKVWHQHUUHLFKEDUHQ6WDQGGHU7HFKQLNXQGNDQQWHQDOOH *HKHLPQLVVH GHU 6FK|SIXQJ 6LH KDWWHQ GHQ K|FKVWHQ *LSIHO HUNORPPHQ XQG NRQQWHQQLFKWPHKUK|KHUKLQDXV(VJDEQLFKWVPHKUZDVVLHWXQNRQQWHQZRUEHU VLH VLFK IUHXHQ NRQQWHQ 6LH VWDJQLHUWHQ ]ZDQJVOlXILJ ZXUGHQ DSDWKLVFK XQG OHWKDUJLVFKYHUORUHQGLH/XVWDQDOOHP6RZHLWVRJXW,FKKDEHJHQXJ7ZLO]XP PLUGLH7ULVWHVVHHLQHVVROFKHQ'DVHLQVYRUVWHOOHQ]XN|QQHQ ³,FKDXFKVDJWHLFK³$EHUZLHEHNDP:DOW\.RQWDNWPLWGHQ+LSSRV" ³'DVLVWHLQHUGHU3XQNWHEHUGLHLFKNHLQH.ODUKHLWEHVLW]HVDJWH2WWR³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³'DVLVWHLQJDQ]QHXHU$VSHNWGHUGHQ(UOHEQLVKXQJHUGHU+LSSRVHUNOlUWVDJWH LFK³$EHUZDUXPPVVHQVLHLKQDXIGLHVH:HLVHVWLOOHQZROOHQ":DUXPEDXHQVLH DXVJHUHFKQHWGLHVHV:DOW\ODQG"
³'X NHQQVW .ODFN.ODFN VDJWH 2WWR DOV VHL GDPLW DOOHV JHVDJW XQG GDV ZDU HV DXFK³$OVHULQMHQHU1DFKW]XPLUNDPGDZDUGDVJHVDPWH3URMHNWLQGHU3ODQXQJ EHUHLWVDEJHVFKORVVHQ:DOW\VWHOOWHPLFKVR]XVDJHQYRUGLHYROOHQGHWHQ7DWVDFKHQ (UOLHQLFKWPLWVLFKUHGHQXQGHUNRQQWHHVNDXPQRFK ³:LHPHLQVWGXGDV"HUNXQGLJWHLFKPLFK ³(UKDWWHHLQHQXQYHUNHQQEDUHQ=XQJHQVFKODJ1HNWDUVDJWH2WWR³(UPXELV REHQKLQYROOJHZHVHQVHLQ(UODOOWHQXUQRFK)UPLFKZDUHVNODUGDHUGLHVHV YHUUFNWH 3URMHNW LP 1HNWDUUDXVFK HUVRQQHQ KDWWH :DKUVFKHLQOLFK KDW HU DOOHV ZLHGHUYHUJHVVHQDOVHUZLHGHUQFKWHUQZDU ³'DVVWLPPWHUKDWHVYRUGHU$EUHLVHPLWNHLQHPHLQ]LJHQ:RUWPHKUHUZlKQW VDJWH LFK 0LU ZXUGH QXQ LPPHUKLQ NODU ZDUXP/RUUHP5DOORUEHLVHLQHPHUVWHQ $XIWULWWNHLQ³UDXVVSUHFKHQNRQQWH:HLOGLH+LSSRVLKUH)OJHOKHOP7UDQVODWRUHQ PLW GHP 9RNDEXODU HLQHV ODOOHQGHQ XQG LP 1HNWDUUDXVFK EHILQGOLFKHQ :DOW\ .ODFNWRQ VSHLVWHQ ,FK VDJWH GDV 2WWR XQG IJWH KLQ]X ³:HQQ :DOW\ VLFK QLFKW PHKU DQ VHLQH $EPDFKXQJ HULQQHUW ZLUG HV EHL GHQ 5FNNHKU IU LKQ HLQ E|VHV (UZDFKHQJHEHQ ³'DV LVW DQ]XQHKPHQ VDJWH 2WWR ³$EHU HV JHVFKLHKW LKP UHFKW :DUXP KDW HU QLFKWDXIPLFKJHK|UW ³+lWWHVWGXLKPQLFKWPLWGHLQHP7ZLO]9HUQXQIWEHLEULQJHQN|QQHQ2WWR"VDJWH LFK ³3DK'DV3HO]ZHVHQ]HLJWHPLUGLHNDOWH6FKXOWHU,FKZDUWHWHGDUDXIGD2WWR QRFKHLQH(UNOlUXQJKLQ]XIJHQZUGHDEHUHVIROJWHNHLQH ³'XELVWHEHQVRVWXUZLH:DOW\VDJWHLFKYRUZXUIVYROO³$EHULFKHUZDUWHGRFK YRQGLUGDGXGLFKUHXLJ]HLJVWXQG:DOW\GHLQHQ7ZLO]QXQPHKUQLFKWYHUVDJVW 'X ZHLW VR JXW ZLH LFK GD VHLQ .DW]HQMDPPHU JUR VHLQ ZLUG ZHQQ HU ]XUFNNRPPWXQGVLHKWZDVHULP1HNWDUUDXVFKDQJHULFKWHWKDW 2WWRVFKZLHJ ³6LHKPDOUHGHWHLFKDXILKQHLQ³ZLUZLVVHQGRFKEHLGHGD:DOW\QXUHWZDV *XWHV WXQ ZROOWH DOV HU IU GLH +LSSRV GDV 7RU QDFK .3ODQHW |IIQHWH 'LHVHU /RUHELU /DUKXODU DEHU KDW VHLQH *XWPWLJNHLW DXVJHQW]W XQG LKP GLHVHV 3URMHNW DXIJHVFKZDW]W:DKUVFKHLQOLFKLVWGHU9HUWUDJQLFKWDQ]XIHFKWHQGDV5HFKWLVWDXI 6HLWHQGHU7'7$EHUGXN|QQWHVWGHLQHQ7ZLO]GDUHLQVHW]HQGLH+LSSRVGRUWKLQ]X VFKLFNHQZRGHU3IHIIHUZlFKVW ³:HOFKHQ7ZLO]"IUDJWH2WWRWUDXULJ ,FK |IIQHWH GHQ 0XQG RKQH HLQHQ /DXW KHUYRU]XEULQJHQ (LQ +LSSR NDP DXI VHLQHP -HW%UHWW KHUDQJHIOLW]W XQG EUHPVWH YRU 2WWR DE ,FK HUNDQQWH DQ VHLQHU &ORZQPDVNH -HOOR GHQ (UILQGHU GHV +LSSR]XPODFKHQEULQJHQKHUPDQQ (U EHUUHLFKWH2WWRHLQ76KLUWPLWGHQ:RUWHQ³'HLQ(WLNHWW7ZLO]HU'DUDXIVWDQG 2WWR GHU 2WWRPDQH HLQ 7ZLO]HU LQ VHLQHU ZDKUHQ *HVWDOW 'DUXQWHU ZDU GHU =XVDW] ]X OHVHQ *HEUVWHW 'D ZXWH LFK %HVFKHLG 'DV %UVWHQ KDWWH 2WWR XP VHLQHQ7ZLO]JHEUDFKW
³,FK JHEH WURW]GHP QLFKW DXI VDJWH LFK YROO =RUQ ³8QG ZHQQ LFK GDV +HUPDQQVYRON]XU5HEHOOLRQDXIUXIHQPX:DOW\ODQGPX]HUVW|UWZHUGHQ:HQQ Q|WLJWUDJHQZLUGLHVHNLWVFKLJH/DQGVFKDIWDXV=XFNHUJXPLWGHQEORHQ+lQGHQ DE:LUIUFKWHQXQVQLFKWYRUGHU%UVWH:LUODVVHQXQVQLFKWHLQVFKFKWHUQ:LU VFKHUHQ XQV QLFKW XP GHQ 9HUWUDJ GHQ :DOW\ LP 1HNWDUUDXVFK DXIJHVHW]W KDW :LU ,FKYHUVWXPPWHLQPHLQHU%UDQGUHGHDOV/RUUHP5DOORUKHUDQJHVXUIWNDP ³(VZLUG=HLWIUHLQHOHW]WH*HQHUDOSUREHHUNOlUWHHUJHVFKlIWVPlLJ³0RUJHQ LVW 3UHPLHUH GD NRPPW GHU HUVWH 7'7%XV PLW 7RXULVWHQ /RUHELU /DUKXODU K|FKVWSHUV|QOLFKZLUGGLH)UHPGHQIKUXQJEHUQHKPHQ(UVDKPLFKDXVVHLQHQ JROGHQHQ $XJHQ YROO 0HODQFKROLH DQ ³8QG ZLU ZROOHQ GRFK QLFKW GD HV LUJHQGHLQH3DQQHJLEWQLFKWZDKU*HUU\" ,FK KlWWH PLFK DP OLHEVWHQ DXI LKQ JHVWU]W DEHU GHU $QEOLFN VHLQHU %UVWH KLHOW PLFK LP OHW]WHQ 0RPHQW ]XUFN 0LU EOLHE NHLQH DQGHUH :DKO DOV PLFK LQ GDV 6SHNWDNHO]XIJHQ $EHU ZLH KLH HV VR VFK|Q LQ GHU 7KHDWHUVSUDFKH" (LQH YHUSDW]WH *HQHUDOSUREH EHGHXWHWHLQHJHOXQJHQH3UHPLHUHRGHUXPJHNHKUW (V EOHLEW QDFK]XWUDJHQ GD GLH *HQHUDOSUREH ZLH DP 6FKQUFKHQ YHUOLHI $P $EHQGYRUGHU3UHPLHUHOLHLFKPLFKIUHLZLOOLJYRQ%LOO\LQGHQ6FKODIEUVWHQXP IUGHQQlFKVWHQ7DJILW]XVHLQ 8QG GDQQ ZDU HV HQGOLFK VRZHLW 6FKODJ ]Z|OI 8KU 3ODQHWHQ]HLW VROOWH /RUHELU /DUKXODU PLW GHP 'LPHQVLRQV%XV GXUFK GDV :DOW\7RU NRPPHQ .XUV DXI :DOW\ODQGPLWGHU)DUPQHKPHQKLHUHLQH6FKOHLIHPDFKHQXQGGDQQDXIGHUVHOEHQ 7UDVVH QDFK +HUPDQQVYLOOH IDKUHQ /RUUHP 5DOORU YHUDQVFKODJWH GLH 'DXHU GHU HUVWHQ5XQGIDKUWPLWYLHUXQG]ZDQ]LJ6WXQGHQDEHUOlQJHUH$XIHQWKDOWHIU+LSSR 7RXULVWHQ ZDUHQ EHUHLWV JHSODQW GLH +RWHOV XQG %XQJDORZV ULQJV XP :DOW\ODQG XQG+HUPDQQVYLOOHVWDQGHQEHUHLWVXQGZDUHQLQGLHURVDIDUEHQH=XFNHUODQGVFKDIW LQWHJULHUW ,FKZROOWHQLFKWGDUDQGHQNHQ 2WWR XQG LFK VDHQ DXI GHU %DQN YRU GHP +HUUVFKDIWVKDXV XQG ]lKOWHQ GLH 0LQXWHQ=ZDQ]LJ0LQXWHQQDFK]Z|OI8KUZXUGHGHU%XVDXIGHU)DUPHUZDUWHW %LOO\ WKH .LG DOLDV 1HFNDUPDQQ ZDU HQWVSUHFKHQG DXIJHUHJW ,FK KDWWH GHQ 9HUGDFKWGDHUDXI/DPSHQILHEHUJHEUVWHWZDU(UHLOWHJHVFKlIWLJWKLQXQGKHU EHUSUIWH RE GLH DXI )URVFKElQGLJHU XPJHEUVWHWHQ *DXFKRURERWHU DXI GHP 3RVWHQ ZDUHQ OLH DQGHUH *DXFKRURERWHU 3UREHUHLWHQ XQG YHUDQVWDOWHWH VRJDU HLQ 6FKDWWHQER[HQPLWHLQHP.lQJXUXK %LOO\ ZDU VR HPVLJ XQG TXLUOLJ ZLH LFK LKQ QRFK QLH JHVHKHQ KDWWH VHLW LFK DXI :DOW\V )DUP ZDU (U KDWWH VLFK DEHU DXFK ]X HLQHP /HXWHVFKLQGHU XQG ZDKUHQ
6NODYHQWUHLEHUHQWZLFNHOW(UNRPPDQGLHUWHQLFKWQXUPLWGHQ.ODFNWRQHUQXQGGHQ DQGHUHQ*DXFKRURERWHUQKHUXPVRQGHUQVSLHOWHVLFKDXFKJHJHQEHU2WWRXQGPLU DXI1XUGLH7LHUHEHKDQGHOWHHUKDOEZHJVKXPDQ ³+H 2WWR *HUU\ ULHI HU XQV MHGHVPDO ]X ZHQQ HU DXI VHLQHP -HW%UHWW YRUEHLJOLWW³6LW]WQLFKWVRIDXOKHUXP:HQQGLH7RXULVWHQNRPPHQEUDXFKHQZLU $NWLRQ 'LH +LSSRV ZROOHQ IU LKU JXWHV *HOG VFKOLHOLFK HWZDV JHERWHQ EHNRPPHQ:RLVW6XQJR"+DWHUJHQJHQG1HNWDUNDOWJHVWHOOW" 8QGZHJZDUHUZLHGHU ³:DUHQ GDV QRFK =HLWHQ DOV %LOO\ QLFKWV DQGHUHV DOV 5HLWHQ LP .RSI KDWWH VHXI]WH2WWR ³(V ZDUHQ DXFK QRFK =HLWHQ DOV GX GHLQHQ 7ZLO] KDWWHVW VFKLFNWH LFK PHLQHQ 6WRVHXI]HUKLQWHUKHU ,FK K|UWH HV LQ GHP 6FKXSSHQ UXPRUHQ EHU GHVVHQ 7RU GDV 6FKLOG PLW GHU $XIVFKULIW +LSSR]XPODFKHQEULQJHQKHUPDQQ SUDQJWH *OHLFK GDUDXI HUW|QWH HLQ DVWKPDWLVFKHV:LHKHUQ %LOO\HUVFKLHQZLHGHUXQGULHIXQV]X ³1RFKIQI0LQXWHQ (UVXUIWHDQXQVYRUEHLRKQHHLQH$QWZRUWDE]XZDUWHQXQGKLHOWEHLGHQEHLGHQ *DXFKRURERWHUQ DQ GLH YHU]ZHLIHOW YHUVXFKWHQ GLH ]ZHL 'XW]HQG )U|VFKH PLW GHQHQVLHGDV)URVFKNRQ]HUWHLQVWXGLHUWKDWWHQEHLVDPPHQ]XKDOWHQ%LOO\JDELKQHQ HLQLJHJHVWUHQJH$QZHLVXQJHQGDQQIXKUHUZHLWHU]XPQlFKVWHQ.RQWUROOSXQNW 9RQ GHQ VHFK]LJ 7'7/HXWHQ GLH :DOW\ODQG HUVFKDIIHQ KDWWHQ ZDU QLFKWV ]X VHKHQ 'LH PHLVWHQ YRQ LKQHQ KDWWHQ LKUH 3RVLWLRQHQ LQ GHQ *HELOGHQ DXV URVDIDUEHQHP =XFNHUJX EH]RJHQ /RUUHP 5DOORU XQG HLQ KDOEHV 'XW]HQG YRQ LKQHQ ZDUHQ ]XP (PSIDQJ LKUHV &KHIV /RUHELU /DUKXODU GHU PLW GHP HUVWHQ 7RXULVWHQEXVNDP]XP:DOW\7RUJHMHWWHW 6XQJRHUVFKLHQLQGHU7U(UZLUNWHDXIJHUHJWXQGJDEHLQH5HLKHXQDUWLNXOLHUWHU /DXWH YRQ VLFK EHYRU HU HLQ YHUQQIWLJHV :RUW EHU VHLQH ZXOVWLJHQ /LSSHQ EUDFKWH ³(GHOKHUPDQQ*HUU\HLQHLQ$QUXIVWRWWHUWHHU ³$XV+HUPDQQVYLOOH"IUDJWHLFKDKQXQJVORV ³1LFKWVGD6XQJRVFKOXFNWH³9RQYRQGHU6&+/(8'(5%2**( ³0LFK WULIIW GHU 6FKODJ HQWIXKU HV PLU ³'X PHLQVW :DOW\ NRPPW PLW VHLQHP 6FKLII]XUFN"+DVWGXLKQDXIGDVKLHUYRUEHUHLWHW" 6XQJRVFKWWHOWHYHKHPHQWGHQ.RSI ³1LFKWJHWUDXW.ODFN.ODFNZLOOGLFKVSUHFKHQ ,FKVWUHFNWHDEZHKUHQGGLH+lQGHYRQPLUDEHUGDVWDQG2WWRDXIXQGHUERWVLFK PLW:DOW\GDV)XQNJHVSUlFK]XIKUHQ +LQWHUXQVVDXVWHHLQ-HWYRUEHLXQG%LOO\ULHIDXIJHUHJW ³1RFKGUHL0LQXWHQELV]XPJURHQ$XJHQEOLFN$OOH0DQQDXIGLH3RVWHQ $EJHVHKHQ GDYRQ GD LFK JDU QLFKW JHQDX ZXWH ZHOFKH $XIJDEH PLU DXHU
PHLQHU 5ROOH DOV 1HNWDUJHQLHHU QRFK ]XNDP NPPHUWH LFK PLFK LQ GLHVHP $XJHQEOLFNQLFKWGDUXP6ROOWHPLU/RUUHP5DOORUUXKLJPHLQH3UlPLHQNU]HQ ,FKIROJWH6XQJRXQG2WWRLQ:DOW\V$UEHLWV]LPPHULQGHPHLQXUDOWHU+\SHUNRP VWDQG GHU QRFK DXV GHU =HLW VWDPPWH DOV :DOW\ 8626SH]LDOLVW JHZHVHQ ZDU -DZRKO GDV ZDU HU WDWVlFKOLFK JHZHVHQ EHYRU HU GHU JHIUFKWHWH 3LUDW 7KRU 3HGR XQGVFKOLHOLFK)UHLIDKUHUIUVWZXUGH'DVHUIXKUPDQVRJDULQHLQHU$EWHLOXQJYRQ :DOW\ODQGLQGHUGHUJHQHLJWH7'77RXULVWGLHZLFKWLJVWHQ6WDWLRQHQLP/HEHQGHV ³JOFNOLFKHQ 0HQVFKHQ :DOW\ .ODFNWRQ LQ HLQHU KRORJUDSKLVFKHQ 6KRZ PLWHUOHEHQNRQQWH 2WWRVDEHUHLWVDP)XQNJHUlWXQGVDJWH ³:HQQGXGLFKEHHLOVW:DOW\NRPPVWGXQRFK]XP(PSIDQJGHLQHU6FKW]OLQJH ]XUHFKW ³:HOFKHU6FKW]OLQJH"HUNODQJ:DOW\V6WLPPHDXVGHP/DXWVSUHFKHU³+DWHWZD PHLQ=RR=XZDFKVEHNRPPHQ" ³,FK ZUGH HV HKHU HLQ 3DQRSWLNXP QHQQHQ VDJWH 2WWR JLIWLJ ³'X NDQQVW HLJHQWOLFK ]XIULHGHQ VHLQ (V LVW DOOHV VR JHNRPPHQ ZLH GX HV YHUWUDJOLFK IHVWJHKDOWHQ KDVW :DOW\ODQG VWHKW XQG HUOHEW JHUDGH VHLQH 3UHPLHUH )U HLQ SDDU .ODFNWDOHUVRN|QQHQGLHXQJOFNOLFKHQ+RUVHUGHQ3XOVVFKODJGHV/HEHQVIKOHQ *DQ] JHQDX VR ZLH GX HV DUUDQJLHUW KDVW %HHLOH GLFK GDPLW GX QLFKW ]X VSlW NRPPVW ³,FKODQGHLQZHQLJHQ0LQXWHQHUNODQJ:DOW\V6WLPPH³$EHUVDJ2WWRLVWGLU QLFKW JXW" 0LU LVW JDU QLFKW ]XP 6FKHU]HQ ]XPXWH ,FK KDEH GDV 6FKLII YROOHU /DGHQKWHUXQG$QQHP\LVWPLUGDYRQJHODXIHQ ³'DQQ WU|VWH GLFK GDPLW GD ZHQLJVWHQV GDV 3URMHNW :DOW\ODQG JHNODSSW KDW VDJWH2WWRELVVLJ ³2WWRZDVVROOGDV"2WWR(VNODQJZLHHLQ(QWVHW]HQVVFKUHL³:DVLVWGDV",P HUVWHQ 0RPHQW NRQQWH LFK PLU QLFKW GHQNHQ ZDV :DOW\ PLW GLHVHU )UDJH PHLQWH DEHUGDQQZDUPLUNODUGDHUEHLP/DQGHDQIOXJ:DOW\ODQG]XVHKHQEHNDP³:R VLQG ZLU" ,VW GDV EHUKDXSW .3ODQHW" 0DOLN 0DOLN +DVW GX DXFK ZLUNOLFK .XUV DXIXQVHUH)DUPJHQRPPHQ" ³%URYDEURYD )UVW 7KRU 3HGR HUW|QWH DXV GHP +LQWHUJUXQG GLH JXWWXUDOH 6WLPPH HLQHV .ODFNWRQHUV 0DOLN ZDU 6WHXHUPDQQ DQ %RUG GHU 6&+/(8'(5%2**( ³'RUW LVW GLH )DUP 8QWHU XQV 0LWWHQ LQ JURHP :HLKHUPDQQ ³2GX6FKUHFNMDPPHUWH:DOW\³:DVKDWGDV]XEHGHXWHQ":DVLVWJHVFKHKHQ" :HUKDWGLHVH8PZHOWYHUVFKPXW]XQJDXIGHP*HZLVVHQGLHVH9HUJHZDOWLJXQJGHU 1DWXU" ³(U VFKHLQW ZLUNOLFK QLFKWV PHKU YRQ VHLQHU $EPDFKXQJ PLW GHQ +LSSRV YRQ 7UDQV'LPHQVLRQV7RXUV]XZLVVHQVDJWHLFK³:LHWUDJLVFK 2WWRQLFNWH ³:LHLFKHVVDJWHGHU1HNWDULVWDQDOOHPVFKXOG
³:RVROOHQZLUODQGHQ"HUNODQJZLHGHU:DOW\V-DPPHUQ³(VLVWMDNHLQ)OHFNFKHQ PHKUIUGLH6&+/(8'(5%2**(IUHL 9RQ GUDXHQ HUNODQJ /lUP GHU YHUPXWOLFK GDV (LQWUHIIHQ GHV 7'7%XVVHV DQNQGLJWH ³1LFKWVZLHUXQWHULQGLHZHLH3UDFKWULHILFKLQV0LNURSKRQXQGHLOWHDXVGHP =LPPHU XQG DXI GHQ +RI KLQDXV XP QXU MD QLFKWV YRQ GHP ]X HUZDUWHQGHQ 6FKDXVSLHO]XYHUVlXPHQ ,FKZDUSO|W]OLFKZLHGHUEHVWHU/DXQHXQGYROOHU6FKDGHQIUHXGHGHQQNHLQQRFK VRGLDEROLVFKHU5HJLVVHXUKlWWHHLQH.DWDVWURSKHEHVVHUDUUDQJLHUHQN|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lWHQ DEHU HUVW LQ GHU6XPPHVHLQHU7DWHQHUNHQQHQ8QGZDVHUWDWWDWHUQLHEHZXWHUZXUGHYRQ VHLQHP 8QWHUEHZXWVHLQ JHOHQNW GDV PDQFKH DOV GHVWUXNWLY EH]HLFKQHWHQ ZHLO HV :DOW\ GD]X YHUOHLWHWH VWHWV LQV )HWWQlSIFKHQ ]X WUHWHQ XQG DOV (OHIDQW LP 3RU]HOODQODGHQ]XDJLHUHQ ,FK HPSIDQG XQVlJOLFKH (UOHLFKWHUXQJ DOV GHU 6FKDWWHQ GHU EL]DUUHQ 6&+/(8'(5%2**(DXIV)DUPJHOlQGHDXI:DOW\ODQGXQGGHQ'LPHQVLRQV%XV ILHOGHUJHUDGHDXIVHLQHQ-HW%UHWWHUQDQJHVFKZHEWNDP1XQZDUPLUXPXQVHUH =XNXQIWQLFKWPHKUEDQJH ,FK ZDU EHU]HXJW GD :DOO\ PLW GHP JDQ]HQ 7'73DFN VSLHOHQG DOOHLQ IHUWLJ ZHUGHQZUGH8QGVRUKUWHLFKYRUHUVWNHLQHQ)LQJHUVRQGHUQVRQQWHPLFKLQGHU 5ROOH GHV XQEHWHLOLJWHQ =XVFKDXHUV VRZHLW GDV LQ GHP VLFK DXVEUHLWHQGHQ &KDRV P|JOLFKZDU 8QG HLQ &KDRV GDV LVW ZRKO MHGHP NODU ZDU XQWHU GLHVHQ 9RUDXVVHW]XQJHQ XQDXVEOHLEOLFK ,FK]LHKHPLFKQXQLQGLH5ROOHGHV%HREDFKWHUVXQG(U]lKOHUV]XUFNXQGJHEH GLH%KQHIUHLIUGLH+DXSWDNWHXUHGHU7UDJ|GLH 'HU 'LPHQVLRQV%XV VDK HLJHQWOLFK PHKU ZLH HLQH *URWWHQEDKQJDUQLWXU DXV QXU GDGHU%XJQLFKWYRQHLQHP'UDFKHQNRSIJHELOGHWZXUGHVRQGHUQ:DOW\.ODFNWRQ LQ /HEHQVJU|H GDUVWHOOWH 8QG ZlKUHQG GLHVHU VHOWVDPH =XJ PLW VHLQHQ ]ZDQ]LJ :DJJRQV DXI -HW%UHWWHUQ EHU GLH VLFK HWZD 7RXULVWHQ YHUWHLOWHQ DXV
ZHVWOLFKHU5LFKWXQJYRP:DOW\7RUNRPPHQGDXIV)DUPJHOlQGHJOLWWLQGDV+HU] YRQ :DOW\ODQG HLQIXKU VHQNWH VLFK DXV GHP +LPPHO HLQ ZHLWHUHV QLFKW PLQGHU NXULRVHV*HIlKUWDXIGLH)DUPKHUDEGLH6&+/(8'(5%2**(.HLQHVQRUPDOHQ 0HQVFKHQ $XJH KDW MH HLQ XQP|JOLFKHUHV 5DXPVFKLII JHVFKDXW DOV GLHVHV GDV HLQHP +DXIHQ 6FKURWW JOLFK 'LH 6&+/(8'(5%2**( ZDU HLQ IOLHJHQGHU 5DXPVFKLIIVIULHGKRI ,Q GHU =XJPDVFKLQH GHV 'LPHQVLRQV%XVVHV VWDQG QHEHQ GHP )DKUHU NHLQ JHULQJHUHUDOVGHU7'7&KHI/RUHELU/DUKXODU(UWUXJZLHDOOH+LSSRVHLQHJROGHQH .RPELQDWLRQ HLQHQ 7UDQVODWRU)OJHOKHOP XQG ZDU PLW GHP NRFKO|IIHODUWLJHQ .RPPDQGRLQVWUXPHQW XQG GHU %UVWHQZDIIH EHVWFNW ZLH DOOH DQGHUHQ +LSSRV DXFK 6HLQH &ORZQPDVNH ZDU LQ :HL XQG 5RVD JHKDOWHQ LQ GHQ )DUEHQ YRQ :DOW\ODQG6HLQHWLHIWUDXULJEOLFNHQGHQ$XJHQZDUHQURVDJHW|QW (U ZDU GLH =XIULHGHQKHLW LQ 3HUVRQ DOV HU ]X GHQ 3DVVDJLHUHQ VSUDFK :DV HU ]X LKQHQVDJWHOLHGDUDXIVFKOLHHQGDELVKHUDOOHVQDFK3ODQYHUODXIHQZDU ³/LHEH 7UDQV'LPHQVLRQV7RXUV)DPLOLH MDZRKO ZLU YRQ 7'7 EHWUDFKWHQ DOOH GLH EHL XQV JHEXFKW KDEHQ DOV XQVHUHU )DPLOLH ]XJHK|ULJ GHQQ ZLU IKUHQ HXFK QLFKWQXULQHLQHIUHPGH'LPHQVLRQ]HLJHQHXFKGHUHQH[RWLVFKHV/HEHQXQGODVVHQ HXFKXQPLWWHOEDUGDUDQWHLOKDEHQZLUELHWHQGDUEHUKLQDXVDXFKQRFKSHUV|QOLFKH XQGLQGLYLGXHOOH%HWUHXXQJ:LUWXQDOOHVXPHXFKJOFNOLFK]XPDFKHQ*OFN ZDV LVW GDV" /LHEH 7'7)DPLOLH XQWHU GLHVHQ ZHLWJHGHKQWHQ %HJULII IlOOW GDV HLQIDFKH/HEHQGHVSULPLWLYHQ.ODFNWRQHUVDXVGHP+HUPDQQVYRONZLHZLUHVDXI XQVHUHP ELVKHULJHQ 7ULS NHQQHQJHOHUQW KDEHQ :LU KDEHQ OLQNV XQG UHFKWV GHU 5RXWH JHVHKHQ ZDV GHQ %URYD JOFNOLFK PDFKW VLFK PLW +LQJDEH HLQIDFKHP +DQGZHUN]XZLGPHQ]XVFKQLW]HQXQG]XIRUPHQGLH*ODVEOlVHUHLGDVKlQGLVFKH 9HUQlKHQ YRQ 7XFK ]X .OHLGXQJVVWFNHQ GDV 1DFKDKPHQ YRQ /DXWHQ GLH /DXWJHEXQJEHUKDXSW /RUHELU/DUKXODUPDFKWHHLQHNXU]H3DXVHDOVHLQ6FKDWWHQDXILKQILHO(UEOLFNWH PHODQFKROLVFKHQ %OLFNV LQ GLH +|KH ZR GLH DXVJHIUDQVWHQ 8PULVVH GHV 6&+/(8'(5%2**( LPPHU JU|HU ZXUGHQ 'LH $QQlKHUXQJ HLQHV 2EMHNWV DXV GHU/XIWLUULWLHUWHLKQRIIHQEDUGHQQGDVJHK|UWHQLFKW]XGHQ3URJUDPPSXQNWHQ ³:HPDEHUKDWGDV+HUPDQQVYRONGLHVHV*OFN]XYHUGDQNHQ"1XUHLQHP0DQQ HLQHP0HQVFKHQXQGVHLQHUWLHIJUQGLJHQ/HEHQVSKLORVRSKLH,FKQHQQHQXUHLQHQ 1DPHQ:DOW\.ODFNWRQ 'LH7RXULVWHQDSSODXGLHUWHQ/RUHELU/DUKXODUEOLFNWHZLHGHULQGHQ+LPPHOZR GDV VFKHXOLFK DQ]XVHKHQGH 2EMHNW VFKRQ ]XP *UHLIHQ QDKH VFKLHQ XQG DXI GHQ %XV]XIDOOHQGURKWH'HU7'7%RVXFKWHPLWGHQ%OLFNHQVHLQHQ*HVFKlIWVIKUHU /RUUHP5DOORUGRFKGHUVXUIWHLUJHQGZRLQGHU*HJHQGKHUXP 1DFKGHPGHUIUHQHWLVFKH$SSODXVYHUNOXQJHQZDUIXKU/RUHELU/DUKXODUIRUW ³,Q GHU QlFKVWHQ $EWHLOXQJ OHUQHQ ZLU QXQ GDV +DXSWZHUN GLHVHV HLQPDOLJHQ JOFNOLFKHQ0HQVFKHQNHQQHQ+LHULVWGHU0LWWHOSXQNWGHU:HOWGHU1DEHOYRQ.
3ODQHW HLQH 2DVH GHV *OFNV XQG )ULHGHQV LQ GLHVHP 8QLYHUVXP :DOW\ODQG ,FK YHUWUDXH HXFK QXQ GHU NXQGLJHQ )KUXQJ HLQHV (LQKHLPLVFKHQ DQ HLQHU YRU /HEHQVIUHXGH EHUTXHOOHQGHQ 6FK|SIXQJ .ODFNWRQV GHP FKDUPDQWHQ XQG IUHXQGOLFKHQ%LOO\1HFNDUPDQQ :LHGHU HUNODQJ VFKDOOHQGHU $SSODXV (U JDOW %LOO\ WKH .LG GHU ZLH GHU JH|OWH %OLW] KHUDQJHMHWWHW NDP YRU GHP 'LPHQVLRQV%XV DEEUHPVWH XQG VLFK PLW HLQHP 'LHQHUGHQ7'77RXULVWHQYRUVWHOOWH ³'LH QlFKVWHQ ]ZHL 6WXQGHQ VWHKHQ XQWHU %LOO\V %HWUHXXQJ ]X HXUHU IUHLHQ 9HUIJXQJYHUNQGHWH/RUHELU/DUKXODUXQGPDFKWHGDHUDXVGHU*URWWHQEDKQ *DUQLWXUNDPGHQQGLHVZDUGHU$XJHQEOLFNGDGLH6&+/(8'(5%2**(JHQDX YRU GHU *DOLRQVILJXU GHV 7'7%XVVHV QLHGHUNUDFKWH XQG VLFK WLHI LQ GLH ZHLNULVWDOOHQH 7UDVVH ERKUWH 'HU %XV VHOEVW HUEHEWH QLFKW HLQPDO GHQQ GLH -HW %UHWWHUJOLFKHQGLH(UVFKWWHUXQJHQDXV ³:DV KDW GDV ]X EHGHXWHQ" KHUUVFKWH GHU HUVFKURFNHQH 7'7%R %LOO\ DQ ³:DUXP KDW PLFK QLHPDQG EHU GLHVHQ 3URJUDPPSXQNW LQIRUPLHUW" :HU LVW EHUKDXSW DXI GLH 6FKQDSVLGHH JHNRPPHQ GHQ 7RXULVWHQ GLHVHQ KlOLFKHQ 0HWDOONOXPSHQYRUGLH1DVHIDOOHQ]XODVVHQ" ³:DOW\ .ODFNWRQ DQWZRUWHWH %LOO\ HLQJHVFKFKWHUW $EHU PHKU DOV GLH 6WDQGSDXNH GHV 7'7&KHIV VHW]WH LKP ZRKO :DOW\V XQHUZDUWHWH 5FNNHKU ]X ³'LHVHV'LQJLVWVHLQ5DXPVFKLII'LH/DQGXQJ]XGLHVHP=HLWSXQNWXQGDQGLHVHP 2UWZDUQLFKWHLQJHSODQW ³'DQQ PVVHQ ZLU HEHQ LPSURYLVLHUHQ VDJWH /DUKXODU XQG YHUNQGHWH GHQ 7RXULVWHQ ³/LHEH 7'7)DPLOLH XP HXHU *OFNVJHIKO ]X HUK|KHQ KDW VLFK GHU +HUU GLHVHU :HOW K|FKVWSHUV|QOLFK HLQJHVWHOOW +LHU LVW HU GHU JURDUWLJH :DOW\ .ODFNWRQ 8QGZLHDXIHLQYHUDEUHGHWHV=HLFKHQWDXFKWHLQGHUDXVJH]DFNWHQ+DXSWVFKOHXVH GHU6&+/(8'(5%2**(:DOW\DXI ³6FKQHOO HLQ 7XVFK UDXQWH /DUKXODU %LOO\ ]X ³ZR EOHLEW GDV %HJUXQJVNRQ]HUW" $EHU GDUDXV ZXUGH QLFKWV 'LH EHLGHQ *DXFKRURERWHU GLH GLH ]ZHL 'XW]HQG 5LHVHQIU|VFKH ]X HLQHP )URVFKNRQ]HUW YHUDQODVVHQ ZROOWHQ VDKHQ VLFK DXHUVWDQGH GLH 7LHUH ]X ]lKPHQ $OV GLH 5LHVHQIU|VFKH QlPOLFK :DOW\ DXV GHU 6&+/(8'(5%2**(NOHWWHUQVDKHQYHUJDHQVLHDOOHVZDVGLH'RPSWHXUHLKQHQ EHLJHEUDFKW KDWWHQ XQG KSIWHQ PLW ODXWHP *HTXDNH GHQ +JHO KLQDE $XFK MHQH *DXFKRURERWHU GLH PLW HLQHU DQGHUHQ *UXSSH YRQ 5LHVHQIU|VFKHQ HLQH =LUNXVQXPPHU HLQVWXGLHUW KDWWHQ VDKHQ VLFK PLW )UHQDSI 6SUXQJUHLIHQ XQG 3LHGHVWDO DOOHLQJHODVVHQ $OOHV ZDV JUR XQG JUQ ZDU XQG VSUXQJNUlIWLJH )URVFKVFKHQNHO EHVD KDWWH QLFKWV (LOLJHUHV ]X WXQ DOV ]X :DOW\V %HJUXQJ ]X KSIHQ $XFK DQGHUH +SIHU QlPOLFK GLH .lQJXUXKV YRQ GHQHQ PDQ VLFK JHJHQ HQWVSUHFKHQGHV %UVWHQ XQG IU HLQ SDDU .ODFNWDOHU KHUXPWUDJHQ ODVVHQ NRQQWH EHWHLOLJWHQ VLFK DQ GLHVHU %HJUXQJVDNWLRQ GLH JHUDGH]X ]X HLQHU 6WDPSHGH
DXVDUWHWH (LQLJH *DXFKRURERWHU XQG .ODFNWRQHU GLH VLFK GHQ 7LHUHQ HQWJHJHQVWHOOWHQ ZXUGHQ HLQIDFK QLHGHUJHWUDPSHOW XQG EHNDPHQ VFKPHU]KDIW GLH 6SUXQJNUDIW YRQ )URVFK XQG .lQJXUXKEHLQHQ ]X VSUHQ $EHU DXFK :DOW\ VHOEVW JHULHW LQ DUJH %HGUlQJQLV DOV GLH JHPLVFKWH +HUGH LKQ HUUHLFKWH XQG GLH 7LHUH LQ GHP%HVWUHEHQLKPLKUH=XQHLJXQJ]X]HLJHQPLWHLQDQGHUZHWWHLIHUWHQ ³9LHOOHLFKW N|QQHQ ZLU NXU]IULVWLJ HLQH 6SHLVHQNDUWH PLW )URVFKUDJRXW XQG .lQJXUXKJXODVFK HUVWHOOHQ VDJWH %LOO\ JHVFKlIWVPlLJ $EHU GLHVH ,GHH EUDFKWH LKPNHLQHQURWHQ.ODFNWDOHUHLQ ³/RVOHQNHGLH7RXULVWHQDE]LVFKWHLKP/DUKXODU]X³,FKZHUGHPLULQ]ZLVFKHQ :DOW\YRUNQ|SIHQXQGLKQIUDJHQZDVHUVLFKEHLGLHVHU1XPPHUGHQQHLJHQWOLFK JHGDFKWKDW 'RFKEUDXFKWH%LOO\GLH7RXULVWHQJDUQLFKW]XEHUXKLJHQGHQQVLHVDKHQ:DOW\V HUVWHQ$XIWULWWGXUFKDXVSRVLWLYXQG]ROOWHQLKPEHJHLVWHUW%HLIDOO =X VDJHQ GD :DOW\ .ODFNWRQ GHQ HUVWHQ 6FKRFN EHUZXQGHQ KDWWH QDFKGHP HU GXUFK GLH /LHEHVEH]HLJXQJHQ VHLQHU 7LHUH HUNDQQWH GD HV LKQHQ ZHQLJVWHQV JXWJLQJ JLQJH GHQQ GRFK ]X ZHLW (KHU ZlUH VFKRQ ULFKWLJHU GD HU XQWHU 'DXHUVFKRFN VWDQG XQG ]ZDU YRQ GHP $XJHQEOLFN DQ GD HU :DOW\ODQG ]XP HUVWHQPDODXVGHU9RJHOSHUVSHNWLYHJHVHKHQKDWWH$EHULUJHQGZLHJHODQJHVLKP VHLQH LQQHUHQ $XIUXKU HLQ]XGlPPHQ XQG MH OlQJHU HU GHQ $QEOLFN GHU NULVWDOOZHLHQ XQG URVDJHVSUHQNHOWHQ /DQGVFKDIW HUWUDJHQ PXWH GHVWR DEJHVWXPSIWHU ZXUGH HU 9HUPXWOLFK OHLWHWH HU VHLQH (PRWLRQHQ DQ VHLQ SDUDRULHQWLHUWHV8QWHUEHZXWVHLQZHLWHU (U ZHKUWH VHLQH )U|VFKH XQG .lQJXUXKV DE VR JXW HV JLQJ XQG DUEHLWHWH VLFK GXUFKGHUHQLQIUHXGLJHU(NVWDVH]XFNHQGH/HLEHULQ5LFKWXQJGHVJROGJHNOHLGHWHQ 0DQQHVPLWGHPFORZQKDIWJHVFKPLQNWHQ3IHUGHJHVLFKWYRU ³:HUHUGUHLVWHWVLFKPHLQH)DUPDOV0OOKDOGH]XPLEUDXFKHQVFKOHXGHUWHHU GHP LQ WUDXULJHU (UZDUWXQJ GDVWHKHQGHQ 3IHUGHJHVLFKW HQWJHJHQ ³:HU LVW GDIU YHUDQWZRUWOLFK" 6LH HWZD 6LH &ORZQ" :DV VROO GLHVH 0DVNHUDGH" :ROOHQ 6LH PHLQHDUPHQ7LHUHGDV)UFKWHQOHKUHQ" ³0lLJHGLFK:DOW\]LVFKWH/RUHELU/DUKXODU³6RQVWVHKHLFKPLFKJH]ZXQJHQ GLFK]XU5lVRQ]XEULQJHQ'HQNHDQXQVHUH$EPDFKXQJ ³6LHNHQQHQPLFK"ZXQGHUWHVLFK.ODFNWRQ³:HUVLQG6LH" ³/RUHELU /DUKXODU VDJWH GHU 7'7&KHI ZUGHYROO ³8QG WX QXU QLFKW VR DOV VlKHVW GX PLFK ]XP HUVWHQPDO (UVSDU GLU GLHVH 1XPPHU GLH ]LHKW EHL GHQ 7RXULVWHQQLFKW ³6LH GX]HQ PLFK PHLQ +HUU" :DOW\ UHJWH VLFK VR DXI GD VHLQ $GDPVDSIHO .DSULROHQ VFKOXJ ³:DV QHKPHQ 6LH VLFK KHUDXV" ,FK KDEH QRFK QLH YRQ ,KQHQ JHK|UW -HW]WKDWWHHU/RUHELU/DUKXODUHUUHLFKWXQGDOVVLHVLFKJHJHQEHUVWDQGHQZXUGH GHXWOLFK GD VLH VLFK LP $XVVHKHQ VHKU lKQOLFK ZDUHQ 1LFKW QXU LQ GHU 6WDWXU EHLGH ZDUHQ VLH JUR XQG VFKODQN DOOHUGLQJV ZLUNWH :DOW\ VFKODNVLJHU XQG LQ
VHLQHQ%HZHJXQJHQXQEHKHUUVFKWHUVRQGHUQVLHZDUHQHLQDQGHUIDVWZLHDXVGHP *HVLFKW JHVFKQLWWHQ :DOW\V ]HUNQLWWHUWHV *HVLFKW GUFNWH ]ZDU QLFKW GLH 0HODQFKROLH HLQHV +LSSRV DXV GDIU EHVD /RUHELU /DUKXODU NHLQH VR EHHLQGUXFNHQGH1DVH8QGQDWUOLFKPXWHPDQVLFKEHLHLQHP9HUJOHLFKDXFKGLH &ORZQPDVNH ZHJGHQNHQ DEHU VRQVW (V GUlQJWH VLFK HLQHP EHL GLHVHU *HJHQEHUVWHOOXQJLUJHQGZLHGHU9HUGDFKWDXIGDGLH+LSSRV:DOW\lKQOLFKVHLQ ZROOWHQXQGVLFKGDUXPVHLQHP$XVVHKHQDQJOLFKHQ ³-HW]WVSLHOHGLFKQLFKWVRDXI:DOW\VDJWH/RUHELU/DUKXODUPLWOHLVHU'URKXQJ LQ GHU 6WLPPH ³'LH 7RXULVWHQ ZHUGHQ VFKRQ KHOOK|ULJ :DV VROOHQ VLH VLFK GHQNHQ ³7RXULVWHQ"ULHI:DOW\DXIJHEUDFKW³+|UHLFK7RXULVWHQ" ³*DQ]UHFKWVDJWH/RUHELU/DUKXODU³8QGGXKDVWGLFKYHUWUDJOLFKYHUSIOLFKWHW GLFK LKUHU QDFK EHVWHP :LVVHQ XQG *HZLVVHQ DQ]XQHKPHQ 6FKOX MHW]W PLW GHP 7KHDWHU:HQQGXQLFKWVSXUVWPXLFKGLFKEUVWHQ ³6LHGURKHQPLU":DOW\ZDUQXQY|OOLJDXVGHP+lXVFKHQ³'DVZLUGMDLPPHU VFK|QHU ,FK KDEH NHLQH $KQXQJ ZDV KLHU JHVSLHOW ZLUG DEHU LFK NRPPH QRFK GDKLQWHU8QGZDVLPPHU6LHDXFKWUHLEHQLFKZHUGHHVPLUQLFKWELHWHQODVVHQ :DOW\ZDUVRHUUHJWGDHUEHLP6SUHFKHQPLW$UPHQXQG%HLQHQJHVWLNXOLHUWH ³'X ZLOOVW DXVVWHLJHQ" VDJWH /RUHELU /DUKXODU PLW JHIlKUOLFKHP 8QWHUWRQ ³'DV LVWQLFKWGULQ:DOW\ 0LWGLHVHQ:RUWHQ]FNWHHUVHLQH%UVWHXQGEHVWULFK:DOW\NUHX]ZHLVH ³:DVIXFKWHOQ6LHPLUGDXHUQGPLWGLHVHP'LQJYRUP*HVLFKWKHUXPUHJWHVLFK :DOW\DXIXQGVFKOXJQDFKGHU%UVWH ³1DQX"ZXQGHUWHVLFK/DUKXODU³)UKHUKDWHVGRFKIXQNWLRQLHUW ³/DVVHQ 6LH GDV YHUODQJWH :DOW\ DOV /DUKXODU LKQ ZLHGHU EUVWHWH RKQH GDPLW MHGRFK HLQH :LUNXQJ ]X HU]LHOHQ :DOW\ VFKOXJ QDFK GHU %UVWH YHUIHKOWH VLH MHGRFKXQGWUDIGHQ+LSSRLQV*HVLFKWVRGDHLQH2KUIHLJHGDUDXVZXUGHGLHHVLQ VLFKKDWWH ³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|VFKH KSIWHQ TXDNHQG KLQWHU LKQHQ GUHLQ GLH .lQJXUXKV VFKOXJHQ YHUJQJW LKUH )lXVWH ]XVDPPHQ XQG GLH 7'77RXULVWHQ VDKHQ GHP *HVFKHKHQ HLQLJHUPDHQEHIUHPGHW]X
³$SSODXV $SSODXV ULHI %LOO\ JHLVWHVJHJHQZlUWLJ ³0HLQH +HUUVFKDIWHQ OLHEH 7'7)DPLOLH EHORKQW .ODFN.ODFNV JHNRQQW GDUJHEUDFKWHV %HJUXQJV]HUHPRQLHOOPLWJHEKUHPGHP%HLIDOO 8QG GLH +LSSRV NODWVFKWHQ LQ GLH +lQGH ]XHUVW ]DJKDIW DEHU GDQQ LPPHU VWUPLVFKHU ELV GDV 0HQVFKHQNQlXHO PLW :DOW\ XQG /DUKXODU GHQ )DUPKRI HUUHLFKWHXQGYRUPLUXQG2WWR]XP6WLOOVWDQGNDP :DOW\ EHIUHLWH VLFK DOV HUVWHU XQG ZROOWH GHP +LSSR EHLP $XIVWHKHQ EHKLOIOLFK VHLQ'RFKHUODQJWHVRXQJOFNOLFK]XGDVHLQH)DXVW/DUKXODUV.LQQVSLW]HWUDI ³*RQJVDJWHLFK³'LHHUVWH5XQGHJHKWDQGLFK:DOW\hEULJHQVZLOONRPPHQ ]X+DXVHLQ:DOW\ODQG ³'DV ZDU HLQ (LQVWDQG ZLH GLH 7RXULVWHQ LKQ VHKHQ ZROOWHQ VDJWH 2WWR EHLSIOLFKWHQG ³,FK 8QJOFNOLFKHU MDPPHUWH :DOW\ (U ZDU VR NRQIXV GD HU QLFKW ZXWH ZRKLQ HU VLFK ZHQGHQ VROOWH XQG ]ZLVFKHQ XQV XQG GHP JURJJ\ DP %RGHQ OLHJHQGHQ/DUKXODUKLQXQGKHULUUWH³,KUZLWGDLFKPHLQH3UREOHPHQLFKWDXI GLHVH :HLVH EHUHLQLJH ,FK ELQ NHLQ *HZDOWWlWHU,FKZROOWHPLWGLHVHP0HQVFKHQ QXU UHGHQ XQG LKP NODUPDFKHQ GD :DOW\ VHXI]WH ³:DV VROO QXQ PLW LKP JHVFKHKHQ",VWHUWRW" ³,FK ZHL ZLH ZLU LKQ ZLHGHUEHOHEHQ N|QQHQ VDJWH LFK ULHI ]ZHL .ODFNWRQHU KHUEHL XQG WUXJ LKQHQ DXI LKQ PLW GHP +LSSRJHVXQGPDVVDJHXQGZDONKHUPDQQ ]X EHKDQGHOQ $OV VLH GHQ %HZXWORVHQ DXIKREHQ XQG PLW LKP LQ GHP 6WDOO PLW GHU HQWVSUHFKHQGHQ$XIVFKULIWYHUVFKZDQGHQPHLQWH:DOW\HQWVHW]W³$EHUGRUWVWHKW GLH6FKDUIVFKXUPDVFKLQH ³1LFKW PHKU VLH ZXUGH XPIXQNWLRQLHUW HUZLGHUWH LFK ³:LU KDEHQ ZlKUHQG GHLQHU $EZHVHQKHLW VFKOLHOLFK QLFKW JHVFKODIHQ XQG DXFK XQVHUHQ %HLWUDJ JHOHLVWHW XP :DOW\ODQG XP HLQLJH $WWUDNWLRQHQ ]X EHUHLFKHUQ 'X ZLUVW VHKHQ LQ ZHQLJHQ 0LQXWHQ LVW /RUHELU /DUKXODU ZLHGHU JHVXQG XQG PXQWHU :HQQ HU HLQ EULJHVIUVHLQH(UEDXXQJWXQZLOONDQQHUVLFKYRQGHU.lQJXUXK0HONPDVFKLQH ]XP/DFKHQEULQJHQODVVHQ:DOW\WDXPHOWHXQGJULIIVLFKDQGHQ.RSI³6HLGLKU GHQQ DOOH EHUJHVFKQDSSW VDJWH HU VW|KQHQG ³2GHU ELQ LFK HV" :DV JHKW KLHU HLJHQWOLFKYRU".DQQPLUGDVHLQHUHUNOlUHQ"2WWRVDJGRFKGDGDVQXUHLQEOHU 6FKHU]LVWGHQLKUPLUJHVSLHOWKDEW,FKZHUGHQLFKWQDFKWUDJHQGVHLQXQGHVHXFK QLFKWEHOQHKPHQ1XUVDJHPLUHLQHUGDGDVDOOHVQLFKWZDKULVW'DDOOGLHVH XQP|JOLFKHQ /HXWH QLFKW ZLUNOLFK VLQG 'D GLHVH $OSWUDXPODQGVFKDIW HLJHQWOLFK JDUQLFKWH[LVWLHUW2WWR*HUU\6HLGQLFKWVRJUDXVDP]XPLU ³:LU ZDVFKHQ XQVHUH +lQGH LQ 8QVFKXOG VDJWH 2WWR XQG LFK ZLH DXV HLQHP 0XQG2WWRIJWHKLQ]X³'XKDVWGLUGDVVHOEVWHLQJHEURFNW ³:DVYHUVXFKWLKUPLUGDHLQ]XUHGHQULHI:DOW\YHU]ZHLIHOW³,FKZDUGRFKJDU QLFKWKLHU,FKZDUPLWGHU6&+/(8'(5%2**(DXI*HVFKlIWVUHLVH'DVZLWLKU GRFK
³$EHU YRU GHLQHU $EUHLVH KDVW GX LP 1HNWDUUDXVFK QRFK UDVFK HLQ JXWHV :HUN JHWDQVDJWH2WWRVS|WWLVFK³'XKDVWGDIUJHVRUJWGDGLHIUHXGORVHQ+RUVHURGHU +LSSRV LKU :DOW\ODQG EHNRPPHQ XQG IU HLQ SDDU .ODFNWDOHU ZLHGHU JOFNOLFK ZHUGHQN|QQHQ ³:DKQVLQQ,UUVLQQULHI:DOW\XQGKLHOWVLFKGHQ.RSI3O|W]OLFKHUVWDUUWHHUXQG EOLFNWH GHQ +JHO KLQDXI EHU GHQ VLFK DXV 5LFKWXQJ GHV 7'7%XVVHV GLH 7RXULVWHQODZLQH DXI XQV ]XZlO]WH 6LH ZXUGH YRQ %LOO\ DQJHIKUW GHU GUDXIORVSODSSHUWHZLHHLQJHOHUQWHU)UHPGHQIKUHU ³VWDQG:DOW\V)DUPXUVSUQJOLFKDXIGHP:HJD3ODQHWHQ5XVWRQHU'RFK HLQH 5HLKH YRQ 6FKLFNVDOVVFKOlJHQ ]ZDQJ LKQ GLH )DUP DXI]XJHEHQ XQG LQ GHQ 8QWHUJUXQG]XJHKHQ(UIDQGDXI.3ODQHWZRHUIUKHUVFKRQVHJHQVUHLFKJHZLUNW KDWWHHLQHQHXH+HLPDWXQGEDXWHVHLQHJHOLHEWH)DUP6WHLQIU6WHLQXQG%DONHQ IU %DONHQ JHWUHX QDFK +LHU LVW DOOHV ZLH DXI 5XVWRQHU VHOEVW GLH 7LHUJHKHJH ZXUGHQ QDFK GHP DOWHQ 9RUELOG HUULFKWHW XQG PDQ LVW YHUVXFKW ]X VDJHQ GD DXI GHQ:HLGHQGDVVDIWLJH*UDV+DOPIU+DOPGHQ5XVWRQHU:HLGHQQDFKHLIHUW ³:DVLVWGHQQQXUPLW%LOO\ORV"ULHI:DOW\HQWJHLVWHUW³:DUXPNPPHUWHUVLFK QLFKWXPGLH3IHUGH"0DFKWHUHWZDZLHGHUHLQPDOHLQH,GHQWLWlWVNULVHGXUFK" ³(U KlOW VLFK IU GLH ,QNDUQDWLRQ HLQHV EHUKPWHQ )UHPGHQIKUHUV HUNOlUWH LFK ³(UKlOWJURH6WFNHYRQVLFK9RQLKPVWDPPW]XP%HLVSLHOGHU6ORJDQ(LQH 5HLVH QDFK :DOW\ODQG LVW HLQ 7ULS LQ GHQ $OOWDJ HLQHV JOFNOLFKHQ 0HQVFKHQ XQG VHLQHU8QWHUWDQHQ'HUKDWEHLGHQ+LSSRVWROOHLQJHVFKODJHQ'XVROOWHVW%LOO\GD]X EHJOFNZQVFKHQ ³:LHKDEHLFKPLUGDVYHUGLHQWEHVFKZHUWHVLFK:DOW\EHUVHLQ8QJOFN ³%LV MHW]W KDVW GX GLU QRFK NHLQHQ HLQ]LJHQ.ODFNWDOHUYHUGLHQWVDJWH%LOO\GHU PLWGHU*UXSSHYRQ7RXULVWHQLQ]ZLVFKHQDXI+|UZHLWHKHUDQJHNRPPHQZDU³(V ZLUG =HLW GD GX IU GHLQ *HOG DXFK HWZDV WXVW :LH ZlUH HV PLW HLQHU $XWRJUDPPVWXQGH" 2GHU HLQHU )UDJHVWXQGH" (V JLEW ZRKO QLHPDQGHQ DXV XQVHUHU JURHQ 7'7)DPLOLH GHU QLFKW JHUQ HLQ SDDU 6FKZDQNH DXV GHLQHP /HEHQ K|UHQ ZROOWH ³-D%LWWH%URYDEURYDULHIHQGLH 7RXULVWHQ³/DK|UHQ.ODFN.ODFN:DOW\ HLQSDDU-XJHQGVWUHLFKH1XUHLQHNOHLQH$WODQ6WRU\ :DOW\VWDQGGDXQGVWDUUWHGLH+LSSRVDQDOVVHLHQVLH*HVSHQVWHU(U]ZLQNHUWH ZLVFKWHVLFKEHUGLH$XJHQ]XSIWHVLFKDQGHU1DVHXQGDQGHQ2KUHQXQGDOVHU GLH 3IHUGHJHVLFKWHU DXI GLHVH :HLVH QLFKW YHUVFKHXFKHQ NRQQWH RKUIHLJWH HU VLFK VHOEVW ³:DOW\ZlUPWVLFKDXIYHUULHW%LOO\GHQ7RXULVWHQ'DQQZDQGWHHUVLFKZLHGHU :DOW\]X³2ND\.ODFN.ODFNZLUK|UHQ ³%LOO\ZDUXPWXVWGXPLUGDVDQVDJWH:DOW\PLWZHLQHUOLFKHU6WLPPH³:HUGH ELWWHELWWHZLHGHUGXVHOEVW'XELVW%LOO\WKH.LGHLQ*DXFKRURERWHU.RPPUHLWH PLFK,FKVWHKH]XGHLQHU9HUIJXQJ
:DOW\JLQJDXIDOOHYLHUHQLHGHUXQGNORSIWHVLFKDXIIRUGHUQGDXIGHQ5FNHQ ³$FK MD HKH LFK HV YHUJHVVH VDJWH %LOO\ DQ GLH 7RXULVWHQ JHZDQGW ³:HU PDO VHLQHQIDKUEDUHQ8QWHUVDW]DEVFKQDOOHQXQGYRQPLUXPGLH)DUPJHULWWHQZHUGHQ P|FKWH VROO VLFK EHLP 6WDQG PLW GHP (WLNHWW +LSSRYHUJQJXQJVXQGILWUHLWHQ HLQILQGHQ(LQ$XVULWWNRVWHWSUR3HUVRQEOR]HKQ.ODFNWDOHU 8QWHU GHQ +LSSRV HQWVWDQG HLQ *HPXUPHO XQG YHUHLQ]HOWH $XVVSUFKH ZLH ³HUJ|W]OLFKXQG³ZRKOIHLQZXUGHQODXW %LOO\ ZDQGWH VLFK :DOW\ ]X GHU ODQJVDP ZLH LQ 7UDQFH ZLHGHU DXI GLH %HLQH NDP ³6HL QLFKW VR JHQXVFKWLJ :DOW\ HUPDKQWH LKQ %LOO\ ³'HQNH QLFKW LPPHU DQ GLFK VRQGHUQ DXFK PDO DQ GLH DQGHUHQ 'LH /HXWH EUHQQHQ VFKOLHOLFK GDUDXI GLU )UDJHQ]XVWHOOHQXQGGHLQH/HEHQVJHVFKLFKWHDXVGHLQHPHLJHQHQ0XQG]XK|UHQ (V LVW MD QLFKW XPVRQVW )U MHGHQ JHVSURFKHQHQ 6DW] DOV $QWZRUW DXI HLQH )UDJH EHNRPPVW GX HLQHQ JDQ]HQ .ODFNWDOHU 8QG ]X GHQ 7RXULVWHQ JHZDQGW VDJWH %LOO\³'DVLVWHLQZDKUHU2NNDVLRQVSUHLV 'LH +LSSRV SIOLFKWHWHQ LKP YRUEHKDOWORV EHL XQG VHW]WHQ GD]X DQ :DOW\ PLW HUKREHQHQ .RFKO|IIHOQ ]X EHVWUPHQ $EHU GD KDWWH LFK 0LWOHLG XQG VWHOOWH PLFK YRU:DOW\GHPGDV(QWVHW]HQLQV*HVLFKWJHVFKULHEHQVWDQG ³/DGRFK.ODFN.ODFNHUVWHLQPDOYHUVFKQDXIHQEDWLFKPLWHUKREHQHU6WLPPH ³%HJQJW HXFK YRUHUVW PLW GHP .ODFNWRGURP GRUW EHNRPPW LKU DXFK DOOH HXUH )UDJHQ EHDQWZRUWHW :DOW\ ZLUG HXFK VSlWHU ]XU 9HUIJXQJ VWHKHQ 1LFKW ZDKU %LOO\" 'HU *DXFKRURERWHU VWLPPWH ZLGHUZLOOLJ ]X XQG EDW GLH 7RXULVWHQ ]XU QlFKVWHQ $EWHLOXQJ GHP =RR ZR VLH VLFK YRQ ³.ODFN.ODFNV 7LHUOLHEH XQG VHLQHP EUGHUOLFKHQ9HUKlOWQLV]XUHLQIDFKHQ.UHDWXUEHU]HXJHQNRQQWHQ ³'DQNH *HUU\ IOVWHUWH :DOW\ DXIDWPHQG XQG OHKQWH GHQ .RSI DQ PHLQH 6FKXOWHU ³$EHU YHUUDWH PLU QXQ ZHQLJVWHQV LQ 6WLFKZRUWHQ ZDV HLQ .ODFNWDOHU RGHUHLQ.ODFNWRGURPGDUVWHOOW ³'DVPWHVWGXHLJHQWOLFKZLVVHQVDJWHLFK³$EHULFKZLOOQLFKWVRVHLQ8QG LFKHUNOlUWHLKP³.ODFNWDOHULVWGLH:lKUXQJIU:DOW\ODQG,FKKDEHLQ]ZLVFKHQ DQ GLH IQIWDXVHQG .ODFNWDOHU DXI PHLQHP 3UlPLHQNRQWR /HLGHU KDEH LFK NHLQH $KQXQJ ZLHYLHO GLHVH 6XPPH ZHUW LVW ZHLO LFK GHQ 8PUHFKQXQJVNXUV QLFKW NHQQH ,P .ODFNWRGURP ZLUG LQ HLQHU KRORJUDSKLVFKHQ 6KRZ GHLQ /HEHQVODXI JH]HLJW EHJLQQHQG PLW GHLQHP (LQWULWW LQ GLH 862 GHLQHP :LUNHQ DOV HZLJHU .RUSRUDOELV]XMHQHP=HLWSXQNWGDGX.3ODQHWLQ%HVLW]QDKPVW/HLGHUIHKOWGLH =HLWGDQDFKDEHUGDVOlWVLFKHUJlQ]HQ'DV.ODFNWRGURPLVWIDVWHLQ7HPSHOGHU GHLQHU 3HUVRQ JHZHLKW LVW 0DQ NDQQ GRUW GHLQHQ :HUGHJDQJ LQ JHUDIIWHU )RUP PLWHUOHEHQ RGHU VLFK DXFK DXVJLHELJ DQ HLQ]HOQHQ (SLVRGHQ GHLQHV /HEHQV GHOHNWLHUHQMHQDFKGHPZDVHLQHPGLH6DFKHZHUWLVW³$XIK|UHQ$XIK|UHQ IOHKWH :DOW\ ³'DV DOOHV LVW MD VFKOLPPHU DOV HV DXI GHQ HUVWHQ %OLFN DXVJHVHKHQ KDW
'DEHL NDQQWH HU HUVW HLQHQ %UXFKWHLO GHU :DKUKHLW 6HLQ SDUDRULHQWLHUWHV 8QWHUEHZXWVHLQ IUHLOLFK PXWH LQ YROOHP 8PIDQJ EHU GDV 7'73URMHNW LQIRUPLHUW VHLQ ZDU HV LKP GRFK RIIHQEDU VHOEVW HQWVSUXQJHQ $EHU LQ :DOW\V %HZXWVHLQ GUDQJ QXU GDV ZDV ZLU LKP LQ NOHLQHQ 'RVHQ XQG VR VFKRQHQG ZLH LUJHQGP|JOLFK]XNRPPHQOLHHQ )UXPIDVVHQGH(UNOlUXQJHQRGHUHLQH/DJHEHVSUHFKXQJEOLHENHLQH=HLWVRODQJH VLFKGLH0LWJOLHGHUGHU7'7)DPLOLHDXIGHP)DUPJHOlQGHWXPPHOWHQ 'HU 7UDJ|GLH ]ZHLWHU 7HLO EHJDQQ GDPLW GD %LOO\ VHLQH )KUXQJ GXUFK GLH YHUVFKLHGHQHQ $EWHLOXQJHQ GHU )DUP EHHQGHWH XQG GLH 7RXULVWHQ PLW +LQZHLVHQ GDUDXIZLHVLHLKUH.ODFNWDOHUORVZHUGHQNRQQWHQVLFKVHOEVWEHUOLH8QGGDPLW ZXUGHGLH6DFKHY|OOLJXQNRQWUROOLHUEDU ³:RKLQ PDQ DXFK JHKW EHUDOO VWROSHUW PDQ EHU +LQZHLVWDIHOQ XQG 6FKLOGHU NODJWH :DOW\ ³,FK ZHUGH VLH DOOH QLHGHUUHLHQ XQG DEPRQWLHUHQ XQG ]HUVWUDKOHQ 6RDJJUHVVLYKDWWHLFKLKQQRFKQLHJHVHKHQ³)HKOWQXUQRFK(UYHUVWXPPWHDOV VHLQ%OLFNDXIPHLQ76KLUWPLWPHLQHP1DPHQV]XJXQGGHQ'DWHQ]XU3HUVRQILHO (UEHWUDFKWHWH2WWRV(WLNHWWPLWGHPVHOEHQ%OLFNXQGVDJWH³8QGLKUODWHXFKGDV VRRKQHZHLWHUHVJHIDOOHQ" ³%HVVHUQDFKJHEHQDOVVLFKEUVWHQODVVHQVDJWHLFK %LOO\VDXVWHDXIVHLQHP-HW%UHWWYRUEHLXQGULHIXQV]X ³,FKZHUGHGLH7RXULVWHQMHW]WHLQZHQLJYHUJQJXQJVXQGILWUHLWHQ ³,FKPX%LOO\VFKOHXQLJVWXPSURJUDPPLHUHQQDKPVLFK:DOW\YRU ³'DV KDW NHLQHQ =ZHFN VDJWH 2WWR ³'LH +LSSRV ZUGHQ LKQ ZLHGHU ]XUHFKWEUVWHQ :LHGHU QlKHUWH VLFK HLQ 6XUIHU DEHU GLHVPDO KDQGHOWH HV VLFK QLFKW XP %LOO\ VRQGHUQ XP HLQHQ +LSSR ,FK HUNDQQWH /RUUHP 5DOORU HUVW DOV HU YRU XQV ]XP 6WHKHQNDP ³7DJ:DOW\VDJWHHU]XU%HJUXQJ³(VZXUGHDXFK=HLWGDGXGLFKEOLFNHQ OlW ,FK KDEH GLFK VHLW 7DJHQ JHVXFKW XP LQ HLQLJHQ 3XQNWHQ GHLQHQ 5DW HLQ]XKROHQ 'D GX XQDXIILQGEDU ZDUVW PXWH LFK LPSURYLVLHUHQ 'DV PDFKW GLU KRIIHQWOLFKQLFKWVDXV :DOW\ K|UWH LKP PLW RIIHQHP 0XQG ]X EHXJWH VLFK GDQQ ]X PLU XQG HUNXQGLJWH VLFK³:HULVWGDV" ³'DUILFKYRUVWHOOHQVDJWHLFKODXWXQGYHUQHKPOLFK³'DVLVW/RUUHP5DOORUGHU VLFKDXFKVFKRQ/ROOHP/DOOROXQG5RUUHP5DUURUJHQDQQWKDW*HVFKlIWVIKUHUGHU 7UDQV'LPHQVLRQV7RXUVXQG(UEDXHUYRQ:DOW\ODQG ³:DV VROO GDV" ZXQGHUWH VLFK 5DOORU ³:DOW\ XQG LFK KDEHQ GDV 3URMHNW JHPHLQVDP+H:DOW\ZDVEHNRPPVWGXIUHLQHQNRPLVFKHQ%OLFN" 2WWR XQG LFK HUNDQQWHQ GLH %ULVDQ] GHU 6LWXDWLRQ QRFK UHFKW]HLWLJ XQG KLHOWHQ :DOW\IHVWEHYRUHUVLFKDXIGHQ+LSSRVWU]HQNRQQWH
³1XU UXKLJ %OXW UHGHWH 2WWR :DOW\ ]X ³'X ZLUVW GLFK GRFK QLFKW VRZHLW JHKHQODVVHQ XQG HLQ /HEHZHVHQ EHZXW ]XVDPPHQ]XVFKODJHQ :DUWH GRFK ELV GHLQ8QWHUEHZXWVHLQGDVIUGLFKWXW ³(V LVW QLFKWV ZHLWHU VDJWH LFK ]X 5DOORU ³:DOW\ ZROOWH GLU QXU VHLQ %HJUXQJV]HUHPRQLHOOGDUEULQJHQ ³,FK ELQ JHVFKPHLFKHOW VDJWH GHU +LSSR PLW /HLFKHQELWWHUPLHQH ³,FK ZROOWH :DOW\HLJHQWOLFKQXUVHLQ(WLNHWWEULQJHQ 8QG HU EHUJDE PLU HLQ 76KLUW DXI GHP XQWHU :DOW\V 1DPHQV]XJ GHU =XVDW] VWDQG+HUUVFKHUYRQ.3ODQHW6FKLUPKHUUGHV+HUPDQQVYRONV*OFNVEULQJHUXQG (KUHQPLWJOLHGGHU7'7)DPLOLH :DOW\VWU]WHVLFKGDUDXILKPIHKOWHQXUQRFKGHU6FKDXPYRUGHP0XQG ³6HKHQ6LHZDVLFKGDPLWPDFKHVFKULHHU/RUUHP5DOORU]XXQG]HUIHW]WHGDV 76KLUW LQ ]ZHL 7HLOH YHUEL VLFK PLW GHQ =lKQHQ LQ GHU HLQHQ +lOIWH XQG ]HUUWH GDUDQELVGHU6WRIIUL'DQQVWRSIWHHUVLFKGHQ0XQGPLWGHUDQGHUHQ+lOIWHYROO XQG]HUUWHZLHGHUXPVRODQJHGDUDQELVGDV0DWHULDOQDFKJDE'DVZLHGHUKROWHHU VRODQJHELVYRQGHP76KLUWQXUQRFKODXWHUNOHLQH)HW]HQEULJZDUHQ'LHZDUI HU/RUUHP5DOORUYRUV-HW%UHWWXQGVFKULH ³'DVPDFKHLFKPLW,KUHP(WLNHWW =ZHL7RXULVWHQZDUHQLQWHUHVVLHUWQlKHUJHNRPPHQXP=HXJHQGLHVHV6FKDXVSLHOV ]XZHUGHQ ³:LHQHQQWVLFKGLHVHV=HUHPRQLHOO:DOW\"IUDJWHGHUHLQH ³:UGHVWGXHVZLHGHUKROHQ:DOW\"IUDJWHGHUDQGHUH(UKREVHLQHQ.RFKO|IIHO XQGIJWHKLQ]X³,FKP|FKWHHVIUPHLQHGDKHLPJHEOLHEHQHQ0HGLWDWLRQV)UHXQGH DXI]HLFKQHQ ³)U]ZDQ]LJ.ODFNWDOHUJLEW VHLQH:LHGHUKROXQJYHUNQGHWH/RUUHP5DOORULQ FOHYHUHU (UIDVVXQJ GHU VLFK ELHWHQGHQ &KDQFH ³+DUUH DXV :DOW\ LFK KROH JOHLFK 1DFKVFKXE :lKUHQGGHU7'7*HVFKlIWVIKUHUGDYRQVXUIWHXPZHLWHUH76KLUWV]XKROHQGLH :DOW\]HUUHLHQNRQQWHVWDQG:DOW\GDZLHHLQEHJRVVHQHU3XGHO(UPHUNWHHVLQ GLHVHP $XJHQEOLFN QLFKW HLQPDO GD %LOO\ PLW ODXWHP ³+KRWW DXI HLQHP VFKZLW]HQGHQ XQG NHXFKHQGHQ +LSSR DQ XQV YRUEHUULWW %HL %LOO\V 6WDQGSODW] VWDQGHQ QRFK HLQ KDOEHV 'XW]HQG 7RXULVWHQ GLH VLFK DOV 3IHUGFKHQ YHUVXFKHQ ZROOWHQ 3O|W]OLFKHUVWDUUWH:DOW\XQGEHNDPHLQHQVWLHUHQ%OLFN,FKEHIUFKWHWHVFKRQGDV 6FKOLPPVWH XQG WDWVlFKOLFK VWU]WH HU XQYHUPLWWHOW PLW HLQHP DQLPDOLVFKHQ $XIVFKUHLGDYRQ,QVWLQNWLYVWHOOWHLFKPLFKVFKW]HQGYRUGLHEHLGHQ+LSSRVDEHU HUVWUPWHLQHLQHDQGHUH5LFKWXQJGDYRQ,FKEOLFNWHLKPQDFKXQGVWHOOWHIHVWGD HVLKQ]XU5LHVHQIURVFKKHUGH]RJ 'RUW ZDU DOOHUKDQG ORV 'LH 7RXULVWHQ VWHOOWHQ VLFK DQ XP PLW GHQ )U|VFKHQ HLQIDFKH .XQVWVWFNH DXI]XIKUHQ 'DV JLQJ VR YRU VLFK (LQ +LSSR VWHOOWH VLFK XQJHIlKU]HKQ6FKULWWJHJHQEHUHLQHV5LHVHQIURVFKHVDXI
'D]ZLVFKHQ QDKP HLQ *DXFKRURERWHU $XIVWHOOXQJ GHU HLQHQ 5HLIHQ KRFKKRE 'DUDQ lQGHUWH VLFK QLFKWV ELV HLQ DQGHUHU *DXFKRURERWHU GHP 7RXULVWHQ HLQHQ )UHQDSIPLWGHP/LHEOLQJVIXWWHUGHU5LHVHQIU|VFKHLQGLH+DQGGUFNWH,QGLHVHP 0RPHQWVFKQHOOWHVLFKGDV7LHUPLWVHLQHQ6SUXQJEHLQHQDEJOLWWLQZHLWHP%RJHQ GXUFKGLH/XIWXQGGXUFKGHQ5HLIXQGODQGHWHDXIGHP+LSSR,QGHU5HJHOEOLHE GHU 5LHVHQIURVFK VRODQJH DXI VHLQHP 2SIHU KRFNHQ ELV HU GHQ )XWWHUQDSI JHOHHUW KDWWH 8QG GD]X UHIHULHUWH HLQ *DXFKRURERWHU GD ]XU (UODQJXQJ HLQHV DXVJHZRJHQHQ *OFNVJHIKOV DXFK GLHVH (UIDKUXQJ Q|WLJ ZDU QlPOLFK GLH /LHEH HLQHV7LHUHV]XHUULQJHQ)UOlSSLVFKH]HKQ.ODFNWDOHUNRQQWHPDQGLHVH6SURVVH DXIGHU/HLWHU]XK|FKVWHP*OFNHUNOLPPHQ :DOW\IXKUZLHHLQ:LUEHOZLQGGUHLQJHUDGHDOVHLQZHLWHUHV0LWJOLHGGHU7'7 )DPLOLH GHQ )UHQDSI YRQ HLQHP *DXFKRURERWHU HQWJHJHQQHKPHQ ZROOWH :DOW\ UDQQWH VLH EHLGH EHU GHQ +DXIHQ XQG GLHVH EHLGHQ ULVVHQ ZHLWHUH 7RXULVWHQ XQG *DXFKRURERWHU PLW VLFK ELV DOOH GLH VLFK KLHU YHUVDPPHOW KDWWHQ GHP 'RPLQRSULQ]LSJHKRUFKHQGDP%RGHQODJHQhEHULKQHQDOOHQDEHUHQWOHHUWHVLFK GHU ,QKDOW GHV GXUFK GLH /XIW VHJHOQGHQ )UHQDSIHV ZDV GD]X IKUWH GD GLH LQ :DUWHSRVLWLRQ NDXHUQGHQ 5LHVHQIU|VFKH LKUH 6SUXQJEHLQH DNWLYLHUWHQ XQG VLFK LQ GDV*HPHQJHVWU]WHQ ³,FKJODXEHMHW]WZHLLFKZDV7LHUOLHEHLVWVDJWHHLQHUGHU7RXULVWHQDOVLKP HLQH)URVFK]XQJHGLH)XWWHUVSXUHQYRQGHU&ORZQPDVNHOHFNWH :DOW\DEHUZDUVFKRQZHLWHUJHVWUPW6HLQQlFKVWHV=LHOZDUGLH.RSSHOZRGHU QDFK*OFNVWUHEHQGH+LSSRGDV=XWUDXHQGHU.lQJXUXKVHUULQJHQNRQQWH8QGGDV HQWZHGHUXPLKUH%R[HUTXDOLWlWHQ]XVSUHQRGHUVLFKYRQLKQHQKHUXPWUDJHQ]X ODVVHQ $XFK KLHU VWDQGHQ GLH 7RXULVWHQ 6FKODQJH DEHU QXU VR ODQJH ELV :DOW\ GD]ZLVFKHQIXKU XQG VLH GXUFKHLQDQGHUZLUEHOWH 6HLQH PLW VLFK EHUVFKODJHQGHU 6WLPPH YRUJHWUDJHQH $QNODJH GD VLFK DOOH %HWHLOLJWHQ GHU 7LHUTXlOHUHL XQG VWUl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
GHU LKQ VR UDVHQG PDFKWH GD HU DOOHV EHU GHQ +DXIHQ UDQQWH ZDV LKP LQ GLH 4XHUHNDP 'D]X JHK|UWHQ EULJHQV DXFK ]ZHL 6XUIHU GLH PLW HOHJDQWHQ 6FKZQJHQ VHLQHQ :HJ NUHX]WHQ 'HU =XIDOO ZROOWH HV GD HV VLFK GDEHL XP /RUUHP 5DOORU XQG /RUHELU /DUKXODU KDQGHOWH YRQ GHQHQ OHW]WHUHU JHUDGH HUVW GXUFK GLH 6FKDIVFKXUPDVFKLQHILWJHPDFKWZRUGHQZDU /RUUHP5DOORUGUHKWHQDFKGHP=XVDPPHQSUDOOPLW:DOW\HLQH3LURXHWWHXQGHU KlWWHVLFKYHUPXWOLFKQRFKHQGORVVRZHLWHUJHGUHKWZlUHHUQLFKWJHJHQHLQHQ=DXQ JHZLUEHOWGHULKQJOFNOLFKHUZHLVHVWRSSWH /RUHELU /DUKXODU YHUORU HEHQIDOOV GLH .RQWUROOH EHU VHLQ -HW%UHWW XQG SUDOOWH JHJHQGHQ0DVWPLWGHP+LQZHLVVFKLOG2WWRGHU2WWRPDQHHLQ7ZLO]HU'HU]HLW LQ HLQHQ 0RQROLWKHQ JHWZLO]W 8QWHU GLHVHP EOLHE HU EHVLQQXQJVORV OLHJHQ ,FK HUEDUPWHPLFKVHLQHUXQGEDW]ZHLGHV:HJHVNRPPHQGH.ODFNWRQHULKQPLWGHP +LSSR]XPODFKHQEULQJHQKHUPDQQ ZLHGHU DXI]XP|EHOQ 6LH JHKRUFKWHQ QXU ZLGHUVWUHEHQG GHQQ YLHO OLHEHU Kl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lKUHQG HU HLQHP ]LHPOLFK ODKPHQ +LSSR GLH 6SRUHQ JDE EHNDPHLQHQ5FNIDOO(UOLHYRQVHLQHP2SIHUDEXQGVXFKWH:DOW\DXIXPLKQ ]XELWWHQDXFKHLQPDOIULKQHLQVROFKHV5RGHR]XYHUDQVWDOWHQ 0HKUEUDXFKWHHUQLFKW:DOW\GHVDNWLYLHUWHLKQNXU]HUKDQG$EHUGDZDU/RUUHP 5DOORU ]XU 6WHOOH XQG EUVWHWH %LOO\ VR GD HU ZLHGHU VHLQH 1HFNDUPDQQ,GHQWLWlW ]XUFNEHNDP $OV :DOW\ GDV VDK EHNDP HU HLQHQ :XWDQIDOO XQG HU KHUUVFKWH 5DOORU PLW VLFK EHUVFKODJHQGHU6WLPPHDQ ³:HQQ6LHQLFKWVRIRUWPLWGLHVHPJDQ]HQ3DFNYHUVFKZLQGHQSDVVLHUWQRFKHLQ 8QJOFN 5DOORUKRE]XHLQHU(QWJHJQXQJDQGRFKGDVFKDOWHWHVLFKGHU]XUHFKWJHEUVWHWH %LOO\JHLVWHVJHJHQZlUWLJHLQ(UKREVHLQHQ.RFKO|IIHODQGLH6SUHFKPHPEUDQHVR GDGLHEHUGDV)DUPJHOlQGHYHUVWUHXWHQ7RXULVWHQLKQLQLKUHQ(PSIlQJHUQK|UHQ NRQQWHQXQGYHUNQGHWH ³/LHEH 7'7)DPLOLH HV ZLUG =HLW GD LKU HXUH $XIPHUNVDPNHLW QXQPHKU GHQ ZHLWHUHQ$WWUDNWLRQHQYRQ:DOW\ODQG]XZHQGHW$XILQV.ODFNWRGURP 'LH 7RXULVWHQ NDPHQ GLHVHU $XIIRUGHUXQJ QXU DOOPlKOLFK QDFK XQG QLFKW RKQH :DOW\ VHKQVFKWLJH %OLFNH ]X]XZHUIHQ (LQHU PLW JLIWJUQHU &ORZQPDVNH XQG
JHOEJHW|QWHQ$XJHQVDJWH]X:DOW\ ³0HLQ1DPHLVW)DIIHOXQGLFKYHUHKUHGLFK:DOW\,FKNRPPHZLHGHUXQGGHQNH VRJDU GDUDQ PLFK VRODQJH LQ :DOW\ODQG QLHGHU]XODVVHQ ELV LFK HLQ JOFNOLFKHU +LSSRJHZRUGHQELQ0HLQ%HVWUHEHQLVWHVGLULQDOOHPQDFK]XHLIHUQ:DOW\ 'DEHLPDFKWHUHLQ*HVLFKWZLHGDVSHUVRQLIL]LHUWH8QJOFNXQGHUEHKLHOWGLHVHQ $XVGUXFNEHLDOVHUGHQDQGHUHQIROJWHGLHYRQ%LOO\XQG/RUUHP5DOORUDQJHIKUW ZXUGHQ :DOW\VDKLKQHQHQWJHLVWHUWQDFK ³'DV 6FKOLPPH GDUDQ LVW GD HV GLH 7RXULVWHQ QLFKW E|VH PHLQHQ VDJWH 2WWR ³,KQHQNDQQPDQJDUNHLQHQ9RUZXUIPDFKHQ0DQPWHGDVhEHODQGHU:XU]HO SDFNHQ ,QGLHVHP0RPHQWNDP/RUHELU/DUKXODUDXV5LFKWXQJGHU6WlOOHLQGHQHQXQWHU DQGHUHPGLH0HONPDVFKLQHXQWHUJHEUDFKWZDU(UKDWWHHLQHQYHUNOlUWHQ%OLFNXQG XPVHLQHQ0XQGODJHLQKHLWHUHU=XJ ³'LH %HKDQGOXQJ PLW HLQHP +HUPDQQ LVW EHVVHU DOV EUVWHQ VDJWH HU DQHUNHQQHQG 'DQQ VFKLHQ HU VLFK MHGRFK VHLQHU 6WHOOXQJ EHZXW ]X ZHUGHQ XQG VWULFK VLFK PLW GHP %UVWHQJHUlW HLQPDO EHU GLH 6WLUQ 6RIRUW YHUVFKZDQG GHU $QIOXJ YRQ +HLWHUNHLW DXV VHLQHP *HVLFKW XQG ZXUGH YRQ GHP $XVGUXFN JUHQ]HQORVHU 7UDXULJNHLW HUVHW]W 6HLQH 6WLPPH NODQJ VWUHQJ XQG JHVFKlIWVPlLJ DOVHUIRUWIXKU ³,KU KDEW HLQLJH UHFKW JXWH ,GHHQ YHUZLUNOLFKW DEHU LKU PW QRFK HWZDV PHKU 2UGQXQJ LQ GDV 3URJUDPPVFKHPD EULQJHQ ,FK HUZDUWH GD GLHV ELV ]XP QlFKVWHQPDO JHUHJHOW LVW :HQQ LFK PRUJHQ PLW GHP QlFKVWHQ 7RXULVWHQVFKXE NRPPHGDUIHVNHLQH3DQQHQPHKUJHEHQ ³(VZLUGEHUKDXSWNHLQ1lFKVWHVPDOJHEHQULHI.ODFNWRQDXHUVLFK2WWRXQG LFKPXWHQLKQIHVWKDOWHQGDPLWHUVLFKQLFKWDXIGHQ7'7%RVWU]HQNRQQWH ³'XNDQQVWQLFKWPHKUDXVVWHLJHQHUNOlUWH/RUHELU/DUKXODU³(VJLEW0LWWHOXQG :HJH GLFK ]XU 9HUWUDJVHUIOOXQJ ]X ]ZLQJHQ ,Q GHLQHP XQG LP ,QWHUHVVH HLQHU UHLEXQJVORVHQ*HVFKlIWVDEZLFNOXQJZlUHHVPLUDEHUOLHEHUVLHQLFKWDQZHQGHQ]X PVVHQ+DOWHGLFKDQGLH$EPDFKXQJGDQQZLUGHVGHLQ6FKDGHQQLFKWVHLQ%LV PRUJHQGDQQ 8QGHUUDXVFKWHDXIVHLQHP-HW%UHWWGDYRQ 2WWRXQGLFKKDWWHQJDQ]VFK|QGDPLW]XWXQ:DOW\VRZHLW]XEHUXKLJHQGDHU XQV ]X HLQHU /DJHEHVSUHFKXQJ LQV )DUPKDXV IROJWH 'D LFK 6XQJR DOV %HREDFKWHU QDFK +HUPDQQVYLOOH JHVFKLFNW KDWWH PXWH LFK VHOEVW IU GLH %HVFKDIIXQJ GHV 1HNWDUVVRUJHQ:DOW\EHVWDQGMHGRFKDXIXQJHJRUHQHU.lQJXUXKPLOFKZREHL2WWR XQGLFKLKPUFNKDOWVORVEHLSIOLFKWHWHQ $OVZLUGDQQ]XVDPPHQDP7LVFKVDHQZDJWHLFKHQGOLFKHLQ)UDJH]XVWHOOHQ GLHPLUVFKRQGLHJDQ]H=HLWDXIGHU=XQJHEUDQQWH ³:RLVWHLJHQWOLFK$QQHP\YHUEOLHEHQ" :DOW\ VFKRQ ]XYRU HLQ NPPHUOLFKHV +lXIFKHQ (OHQG VDFNWH EHL GLHVHU )UDJH
QRFK PHKU LQ VLFK ]XVDPPHQ XQG VDK DXV DOV YHUHLQLJH HU DOOHV /HLG GLHVHV 8QLYHUVXPVLQVLFK ³$FK $QQHP\ VDJWH HU NOlJOLFK ³6LH KDW PLFK YHUODVVHQ 'LHVPDO YHUPXWOLFK IULPPHU :DOW\ EHGDFKWH PLFK PLW HLQHP %OLFN GHU PLFK ]X 7UlQHQ UKUWH ,FK VFKQLHIWH YHUVWRKOHQUlXVSHUWHPLFKXQGVDJWH ³6RVFKOLPPZLUGHVVFKRQQLFKWVHLQ:DOW\(U]lKOHXQVZDVYRUJHIDOOHQLVW'DV ZLUGGLFK]XPLQGHVWHUOHLFKWHUQ ³(VLVWHLJHQWOLFKQLFKWVYRUJHIDOOHQVDJWHHUYRUVLFKKLQEUWHQG³=XPLQGHVW QLFKWVZDV$QODJHQXJJHZHVHQZlUHXP]XPHQGJOWLJHQ%UXFK]ZLVFKHQXQV ]XIKUHQ(UVSUDFKVWRFNHQGXQGPDFKWHQDFKMHGHP6DW]HLQH3DXVHELVHUVHLQH +HPPXQJHQ DOOPlKOLFK EHUZDQG XQG LQ 6FKZXQJ NDP ³$EHU DXFK HLQ VWHWHU 7URSIHQK|KOWGHQ6WHLQ8QGEHLXQVZDUHVDXFKQXUHLQVROFKHU7URSIHQGHUGDV )D]XPhEHUODXIHQEUDFKWH(LQHVNDP]XPDQGHUHQXQGVDPPHOWHVLFKXQGGDQQ EUDFK DOOHV DXI HLQPDO EHU PLFK KHUHLQ $XV GHP NOHLQHQ ,QIXVLRQVWLHUFKHQ 6WUHLWKDIWLJNHLWZDUGDV8QJHKHXHU8QYHUV|KQOLFKNHLWJHZRUGHQ 1DFKGLHVHU(LQOHLWXQJKROWHHU$WHPXQGIXKUIRUW ³6WHLQ GHV $QVWRHV ZDU YRQ $QIDQJ DQ GLH /DGXQJ GHU 6&+/(8'(5%2**( ,KUZLWEHLGHZLH$QQHP\PLULQGHQ2KUHQJHOHJHQKDWGDLFKGLH)lKLJNHLWHQ GHU%URYDVIDOVFKHLQVHW]HXQGLKU7DOHQWIUGLHIDOVFKHQ'LQJHPLEUDXFKH0HLQ 0LHUIROJVFKHLQWLKUUHFKW]XJHEHQDEHULFKNDQQIUPLFKEHDQVSUXFKHQQXUGDV %HVWHIUGDV+HUPDQQVYRONJHZROOW]XKDEHQ,FKZROOWHGHQ%URYDV*HOHJHQKHLW JHEHQ VLFK IUHL ]X HQWIDOWHQ 6LH VROOWHQ QLFKW GD]X JH]ZXQJHQ ZHUGHQ LUJHQGZHOFKH JHIlOOLJH 3URGXNWH ]X HU]HXJHQ QXU ZHLO VLH DXI GHP JDODNWLVFKHQ 0DUNWJHIUDJWVLQG,FKGDFKWHGDV.XQVWKDQGZHUNGHU%URYDVN|QQWHDOOHLQGXUFK VHLQH 8UVSUQJOLFKNHLW XQG (LJHQVWlQGLJNHLW EHVWHKHQ 'LHVH 0HLQXQJVYHUVFKLHGHQKHLWEHVWDQGVFKRQODQJH]ZLVFKHQPLUXQG$QQHP\ ,FKHULQQHUWHPLFKQXU]XJXWGHUYLHOHQ'LVNXVVLRQHQEHU:HUWXQG8QZHUWGHV .ODFNWRQHU .XQVWKDQGZHUNV $QQHP\ NULWLVLHUWH HWZD GD GLH *ODVEOlVHU 7ULQNJOlVHUVFKXIHQGLHVRJHIRUPWZDUHQGDNHLQ0HQVFKGDUDXVWULQNHQNRQQWH RKQH VLFK GDEHL GHQ +DOV ]X YHUUHQNHQ :DOW\ GDJHJHQ OLH NHLQHUOHL YHUQQIWLJH $UJXPHQWH JHOWHQ VRQGHUQ EHKDUUWH DXI GHU VFK|SIHULVFKHQ )UHLKHLW GHU %URYDV 8QGHUZDUEHU]HXJWGDVLFKIUVROFKHXQGlKQOLFKH3URGXNWHHLQ0DUNWILQGHQ ZUGH(UYHUWUDXWHGDDXIGDV*HVFKLFNGHU)UHLKlQGOHUYRQGHQHQPDQVDJWHGD VLHVHOEVWGHQKDDUORVHQ$UDV5DVLHUDSSDUDWHYHUNDXIHQNRQQWHQ$EHUGDVZDUHLQ :LW]GHQ:DOW\]XZ|UWOLFKJHQRPPHQKDWWH ,FK HULQQHUWH PLFK DXFK QRFK GDUDQ ZDV $QQHP\ YRU GHP 6WDUW GHU 6&+/(8'(5%2**( EHU GDV /DGHJXW JHVDJW KDWWH DOV :DOW\ EHKDXSWHWH GD VLHPLWOHHUHQ/DGHUlXPHQQDFK.3ODQHW]XUFNNRPPHQZUGHQ6LHVDJWH³'DV ZHUGHQ ZLU QXU ZHQQ ZLU DXI GHP )OXJ EHL HLQHP 0OOSODQHWHQ YRUEHLNRPPHQ ZR ZLU GHQ JDQ]HQ .UHPSHO DEZHUIHQ N|QQHQ 'DPLW KDWWH VLH :DOW\ ]XWLHIVW
JHNUlQNW XQG VLH VWDUWHWHQ LQ ]LHPOLFK IURVWLJHU $WPRVSKlUH ]X GLHVHU *HVFKlIWVUHLVHGLH]X%RVF\NV6WHUQJLQJGHUHQ]ZHLWHU3ODQHW2O\PSGLH:HOW GHU.RVPLVFKHQ)UHLKlQGOHUZDU,P2UELWYRQ2O\PSVROOWHGLH/DGXQJYRQ5RL 'DQWRQV)ODJJVFKLII)5$1&,6'5$.(EHUQRPPHQZHUGHQ ³1XQIXKU:DOW\PLWHLQHP6HXI]HUIRUW³GHUODQJHQ5HGHNXU]HU6LQQLVWGD $QQHP\ UHFKW EHKDOWHQ KDW 1DFK GHP 5HQGH]YRXV PLW GHU )5$1&,6 '5$.( NDP 5RL DQ %RUG XQG LQVSL]LHUWH GLH :DUHQ (U WDW HV QDVHUPSIHQG XQG VSDUWH GDEHL QLFKW PLW ELVVLJHQ %HPHUNXQJHQ -HGHV VHLQHU :RUWH ZDU HLQ 'ROFKVWLFK LQ PHLQ+HU](UOlVWHUWHEHUGLH7RWHQPDVNHQPLWGHQEHUGLPHQVLRQLHUWHQ1DVHQ RKQH DXI PHLQ $UJXPHQW ]X K|UHQ GD GLH %URYDV HEHQ GLHVHP 2UJDQ JU|WH 9HUHKUXQJ ]ROOHQ ZHLO HV EHL LKQHQ QLFKW VRQGHUOLFK DXVJHSUlJW LVW (U KLHOW PLU HLQIDFKYRUGDVLFKNHLQ0HQVFKXPGHQ1DVHQQHLGGHU%URYDVVFKHUH-DZRKOHU VDJWH1DVHQQHLG$EHUYLHOVFKOLPPHUQRFKREV]|QJHUDGH]XlXHUWHHUVLFKEHU GLH KXQGHUWWDXVHQG 7URSHQKHOPH GLH GLH %URYDV PLW VR YLHO )OHL XQG +LQJDEH JHIHUWLJW KDEHQ XQG HU PHLQWH GD]X GD VLH XQYHUNlXIOLFK VHLHQ ZHLO 1DFKWW|SIH OlQJVWVFKRQDXHU0RGHVLQG-DZRKOGLHVHV:RUWKDWHUJHEUDXFKW1DFKWW|SIH 8QG$QQHP\KDWLQGLHVHOEH.HUEHJHVFKODJHQ6LHNRVWHWHLKUHQ7ULXPSKYROODXV 8QG QDFKGHP IHVWVWDQG GD 5RL QLFKWV YRQ PHLQHU /DGXQJ EHUQHKPHQ ZROOWH YHUOLHVLHGLH6&+/(8'(5%2**(XQGHUNOlUWHHUVWZLHGHU]XUFNNRPPHQ]X ZROOHQ ZHQQ LFK PHLQH /DGHQKWHU GDV KDW VLH Z|UWOLFK JHVDJW ELV DXI GDV OHW]WH 6WFN YHUNDXIW KlWWH 6LH IORJ PLW 5RL XQG OLH PLFK PLW PHLQHP 8QJOFN DOOHLQ (U EOLFNWH KRFK XQG VDK XQV EHNPPHUW DQ 'LH 7UDXULJNHLW LQ VHLQHQ $XJHQPDFKWHGLHbKQOLFKNHLWPLWHLQHP+LSSRQRFKGHXWOLFKHU8QGZLHXPHLQHQ GUDPDWLVFKHQ6FKOXSXQNW]XVHW]HQVDJWHHU³'DVLVWGDV(QGH ³$EHU:DOW\UHGHWHLFKLKP]X³'DVLVWGRFKNHLQ*UXQGGHQ.RSIKlQJHQ]X ODVVHQ'XNHQQVW$QQHP\VLHLVWHEHQVHKULPSXOVLY,KU=RUQZLUGEDOGYHUUDXFKW VHLQGDQQNRPPWVLHQDFK.3ODQHW]XUFN ³0HLQVWGX"IUDJWH:DOW\KRIIQXQJVORV³,FKNDQQHVQLFKWJODXEHQ,FKELQHLQ 9HUVDJHU$QQHP\ZDUODQJHJHGXOGLJDEHULUJHQGZDQQPXWHVLHJHQXJYRQPLU EHNRPPHQ,FKKDEHVLHLQMHGHU%H]LHKXQJHQWWlXVFKW1XQKDEHLFKDXFKPHLQH OHW]WH&KDQFHYHUWDQ,FK1LFKWVQXW]LJHU,FK8QJOFNOLFKHU ³1D QD PDFKWH LFK ZHLOPLUGD]XQLFKWV%HVVHUHVHLQILHO³,FKELQVLFKHUGD $QQHP\EHUHLWV*HZLVVHQVELVVHKDWXQGVLFKEHUOHJWZLHVLHVLFKPLWGLUZLHGHU YHUV|KQHQ N|QQWH ,P *UXQGH ZLOO VLH GLFK GRFK JDU QLFKW DQGHUV DOV GX ELVW 9LHOOHLFKW KDW VLH 5RL EHUHLWV YHUDQODW PLW GHU )5$1&,6 '5$.( .XUV DXI . 3ODQHW]XQHKPHQ ³+RIIHQWOLFKQLFKWZDUI2WWRHLQXQGYHUGUHKWHGLH$XJHQ ³:DV VDJVW GX GD 2WWR" IUDJWH :DOW\ YHUVWlQGQLVORV ³:UGHVW GX PLU GLHVHV *OFNQLFKWJ|QQHQ" ³*HUDGH ZHLO LFK GLU QLFKWV %|VHV ZQVFKH KRIIH LFK GD $QQHP\ QLFKW VR SO|W]OLFK ]XUFNNRPPW HUZLGHUWH 2WWR ³6WHOO GLU YRU VLH ZUGH LQ GLHVHP
$XJHQEOLFNDXIWDXFKHQXQG:DOW\ODQGHUEOLFNHQXQGHUIDKUHQZLHHVGD]XNDP 2WWROLHGHQ5HVWXQDXVJHVSURFKHQ$EHULFKKDWWHJHQJHQG3KDQWDVLHXPPLU GLH6]HQHUHDOLVWLVFKYRU]XVWHOOHQZHQQ$QQHP\LQGLHVH$OSWUDXPODQGVFKDIWWUDW VLFKLKUHUVWHU6FKUHFNOHJWHXQGVLFKLQ6FKDGHQIUHXGHYHUZDQGHOWHVLHVLFKODQJH XQG JHQOLFK XPEOLFNWH XP VLFK GDQQ DQ :DOW\ ]X ZHQGHQ XQG LKP LKU VS|WWLVFKHV ³%URYDEURYD .ODFN.ODFN DQ GHQ .RSI ]X ZHUIHQ 'DV ZlUH GHU 7RGHVVWRIULKQ ³:LH HQWVHW]OLFK 'DV ZlUH IXUFKWEDU :DOW\ YHUVDJWH GLH 6WLPPH (U KDWWH QLFKW HLQPDO PHKU GLH .UDIW VLFK EHU GLHVH GVWHUHQ $XVVLFKWHQ DXI]XUHJHQ (U VFKUXPSIWHYRUPHLQHQ$XJHQJHUDGH]X]XHLQHP.OXPSHQ8QJOFN]XVDPPHQ ³*DU VR EDOG ZLUG $QQHP\ LKUHQ 6FKPROOZLQNHO DXFK ZLHGHU QLFKW YHUODVVHQ OHQNWH LFK HLQ XQG ZDUI 2WWR HLQHQ YRUZXUIVYROOHQ %OLFN ]X ³8QV EOHLEW QRFK UHLFKOLFK=HLWXPGLH$QJHOHJHQKHLW]XEHUHLQLJHQ'XGDUIVWQXUQLFKWGLH)OLQWH LQV.RUQZHUIHQ:DOW\'XGDUIVWQLFKWUHVLJQLHUHQ.lPSIH ³.lPSIHQ" ZLHGHUKROWH HU DOV K|UH HU GLHVHV:RUW]XPHUVWHQPDO³:LHGHQQ" *HJHQZHQ":DVVROOLFKWXQ"(VLVWDOOHVVRYHUIDKUHQXQGKRIIQXQJVORV ³9HUIDKUHQ MD DEHU QLFKW KRIIQXQJVORV ZLGHUVSUDFK LFK ³(V JLEW XQ]lKOLJH 0|JOLFKNHLWHQ GHQ +LSSRV YRQ 7UDQV 'LPHQVLRQV 7RXUV XQG LKUHQ .XQGHQ GHQ $XIHQWKDOWDXI.3ODQHW]XYHUJlOOHQ%HLGHLQHPHUVWHQ$XIWULWWQDFKGHU/DQGXQJ KDVWGXJH]HLJWZLHPDQHVPDFKHQPX'XKDVWGLH7'7/HXWHXQGGLH7RXULVWHQ JDQ]VFK|QGXUFKHLQDQGHUJHZLUEHOW,FKZLHJWHGHQ.RSIXQGVFKWWHOWHGLH+DQG DOV KlWWH LFK VLH PLU YHUEUDQQW 2WWR WDW HV PLU JOHLFK ³'X EUDXFKVW QXU GRUW IRUW]XIDKUHQZRGXDXIJHK|UWKDVWGDQQNDQQGHU(UIROJQLFKWDXVEOHLEHQ$XIGLH 'DXHUKlOWGDVNHLQ+LSSRDXV'XVFKDIIVWHV:DOW\NHLQH)UDJHGD:DOW\ODQG IU VLH ]XU +|OOH ZLUG 'LH 7'77RXULVWHQ ZHUGHQ QRFK IURK VHLQ ZHQQ VLH LKU QDFNWHV/HEHQUHWWHQN|QQHQ ³'DV NOLQJW JDU QLFKW VFKPHLFKHOKDIW IU PLFK VDJWH :DOW\ PLW YHUORUHQ ZLUNHQGHP/lFKHOQ³$EHULFKZHLGDGXHVQXUJXWPHLQVW*HUU\ ³'X VWHKVW MD QLFKW DOOHLQ ZLU VLQG VFKOLHOLFK DXFK QRFK GD VDJWH 2WWR ³8QG VHOEVW ZHQQ LFK YRUEHUJHKHQG PHLQHQ 7ZLO] HLQJHEW KDEH ZHUGH LFK PHLQHQ 2WWRPDQHQVWHOOHQ$XIPLFKNDQQVWGX]lKOHQ:DOW\ ³'DQNH2WWRVDJWH:DOW\JHUKUW³$EHULFKIUFKWHLKUHUZDUWHWYRQPLUPHKU DOVLFKJHEHQNDQQ,QPHLQHPHUVWHQ*UROOKDEHLFKHLQIDFKGHQ.RSIYHUORUHQXQG PLFK JHKHQ ODVVHQ $EHU QXQ GD LFK LQ PLFK JHJDQJHQ ELQ VHKH LFK JDU NHLQH 9HUDQODVVXQJJHJHQGDV6FKLFNVDODQ]XNlPSIHQ:R]XDXFK"8QGIUZHQ" ³=XP %HLVSLHO IU $QQHP\ VDJWH LFK ³:LOOVW GX GLFK LKU JHJHQEHU QLFKW UHKDELOLWLHUHQ" ³:LHGHQQ"IUDJWH:DOW\³:LHLKUVHOEVWVDJWKDEHLFKPLUGLHVH6XSSHVHOEVW HLQJHEURFNWZHQQLFKDXFKQLFKWZHLWZLHXQGPXVLHZLHPDQVRVDJWVHOEVW DXVO|IIHOQ ,FK ZHUGH HV WXQ XQG ]ZDU DXI GLH HLQ]LJH $UW XQG :HLVH GLH PLU ]XVWHKWQlPOLFKDOV%HUXQG'XOGHU$QQHP\ZLUGHVPLURKQHKLQQLHYHU]HLKHQ
ZDV LFK DQJHVWHOOW KDEH HJDO RE LFK HV ZLHGHUJXWPDFKH RGHU QLFKW :HQQ HV VWLPPWGDLFKLP1HNWDUUDXVFKHLQHQ9HUWUDJPLWGHQ+LSSRVDEJHVFKORVVHQKDEH GDQQVWHKHLFKGD]X ³$EHUGDVZDUVWQLFKWGXEHKDXSWHWH2WWR³'DGXNHLQH(ULQQHUXQJKDVWVWHKWHV ZRKO IHVW GD VLFK GHLQ 8QWHUEHZXWVHLQ VHOEVWlQGLJ PDFKWH ,FK ZLOO QLFKW YRQ 8Q]XUHFKQXQJVIlKLJNHLWVSUHFKHQDEHUGXEUDXFKVWGLFKQLFKWVFKXOGEHZXWGDUDQ ]XKDOWHQZDVGHLQ8QWHUEHZXWVHLQLP1HNWDUUDXVFKPLWGLUDQJHVWHOOWKDW ³'RFK LFK IKOH PLFK DXFK IU PHLQ 8QWHUEHZXWVHLQ YHUDQWZRUWOLFK EHKDUUWH :DOW\³(VZLUGVLFKVFKRQHWZDVJHGDFKWKDEHQDOVHVGHQ9HUWUDJPLWGHU7UDQV 'LPHQVLRQV 7RXUV PDFKWH 8QG LVW HV QLFKW HLQH JXWH 7DW GHQ XQJOFNOLFKHQ +LSSRV HLQ ZHQLJ 6RQQHQOLFKW LQ LKU WULVWHV 'DVHLQ ]X EULQJHQ" -D GDV PX PHLQ 8QWHUEHZXWVHLQ JHZROOW KDEHQ ]XWLHIVW XQJOFNOLFKHQ :HVHQ HWZDV )UHXGH ]X EHVFKHUHQ,FKGDUIPLFKGHPQLFKWHQWJHJHQVWHOOHQ ³:DVUHGHVWGXGDIU8QVLQQUHJWHVLFK2WWRDXI³6HOEVWRKQH7ZLO]HUNHQQH LFKGDDOOHVQXUHLQ*HVFKlIWVWULFNGHU7'7LVW8QGGXIlOOVWGDUDXIKHUHLQ$EHU ZDKUVFKHLQOLFKZLOOVWGXGLFKQXUDQGHLQHP8QJOFNZHLGHQ$QDQGHUHGHQNVWGX GDEHL QLFKW :HLW GX ZDV LFK JODXEH" 1LFKW GHLQ 8QWHUEHZXWVHLQ LVW HQWDUWHW VRQGHUQGXVHOEVWELVWYHUURKW ³'DVPHLQVWGXQLFKWLP(UQVW2WWRVDJWH:DOW\HUVFKURFNHQ ³'RFKGDVPHLQWHUDQWZRUWHWHLFKDQ2WWRV6WDWWZHLOLFKSO|W]OLFKHLQH&KDQFH ZLWWHUWH:DOW\DXVVHLQHU/HWKDUJLH]XUHLHQ³:HQQHVGLUVFKRQHJDOLVWZDVDXV GHLQHP /HEHQVZHUN ZLUG ZHQQ HV GLFK QLFKW NPPHUW GD GHLQH JHQLDOHQ (UILQGXQJHQ GLH GHQ 7LHUHQ QW]HQ VROOWHQ HQWIUHPGHW XQG PLEUDXFKW ZHUGHQ GDQQ PWHVW GX ZHQLJVWHQV DQ GLH 7LHUH VHOEVW GHQNHQ :HU VROO GLH .lQJXUXKV PHONHQRKQHLKQHQ6FKPHU]]X]XIJHQZHQQGLH0HONPDVFKLQHGDIUYHUZHQGHW ZLUG GLH +LSSRV ]XP /DFKHQ ]X EULQJHQ" 8QG ZLH VROOHQ GLH 6FKDIH JHVFKRUHQ ZHUGHQ ZHQQ GLH GDIU YRUJHVHKHQH 0DVFKLQH GLH +LSSRV PDVVLHUW" 8QG GDQQ ZHUVROOGLH7LHUTXlOHUYRQGHU)DUPIHUQKDOWHQZHQQGLH)DOOHQGHQ+LSSRV]XP =HLWYHUWUHLEGLHQHQ"+DVWGXDXFKGDUDQHLQPDOJHGDFKW" ³'XZLOOVWGLFKEHUPLFKOXVWLJPDFKHQVDJWH:DOW\ODKP ³*ODXEVWGXGDV"KDNWH2WWRVRIRUWQDFK³1XQGDQQKlOWVWGXHVDXFKIUHLQHQ KDUPORVHQ6FKHU]ZHQQHLQKXQGHUWXQGIQI]LJ3IXQGVFKZHUH+LSSRVGHLQH3IHUGH ]XVFKDQGHUHLWHQ8QGZHLWOXVWLJHUDOVGLH7DWVDFKHGDGLH.lQJXUXKVYRU4XDO VFKUHLHQ ZHUGHQ ZHLO VLH QLFKW JHPRONHQ ZHUGHQ LVW HV ZRKO DXFK GD VLH PLW +LSSRVLQGHQ%R[ULQJVWHLJHQPVVHQ ³ RGHU GLH 7RXULVWHQ ]X LKUHP (UJ|W]HQ EHU GHQ )DUPKRI VSD]LHUHQWUDJHQ VFKOR LFK DQ ³(V LVW DXFK ZLUNOLFK YLHO VSDLJHU ZHQQ GLH *DXFKRURERWHU GLH 5LHVHQIU|VFKHPLW3HLWVFKHXQG)ODPPHQUHLIHQWUDNWLHUHQDOVGLH3IHUGHVFKRQHQG ]X]XUHLWHQ 8QG GLH 7LHUH GHLQHV =RRV KDEHQ HV JHZL UHFKW JHUQH DXVJLHELJ EHJDIIWXQGDXIJHVFKHXFKW]XZHUGHQ ³ZLHHVGHPVHHOLVFKHQ*OHLFKJHZLFKWDOOHU7LHUHI|UGHUOLFKVHLQPXZHQQVLH
GHQIUHPGDUWLJHQDEHUQLFKWVGHVWRWURW]HUKHEHQGHQ$QEOLFNYRQ:DOW\ODQGXPVLFK KDEHQVHW]WH2WWRGLH$QNODJHIRUW³$EHUZHQQGLUDQGHLQHQ7LHUHQQLFKWVPHKU OLHJW N|QQHQ ZLU DXFK YRQ GHQ 3UREOHPHQ VSUHFKHQ GLH VLFK IU GLH .ODFNWRQHU HUJHEHQ %LVKHU JHODQJ HV GLU VLH YRU =LYLOLVDWLRQVVFKlGHQ ]X EHZDKUHQ ZHLO GX XQHUZQVFKWH(LQIOVVHYRQLKQHQIHUQKLHOWVW$EHUQXQ 2WWR VSUDFK GLH OHW]WHQ :RUWH PLW HUKREHQHU 6WLPPH XQG OLH HLQH EHGHXWXQJVYROOH3DXVHIROJHQ'DEHL]ZLQNHUWHHUPLU]XGHQQXQVZDUNODUGD ZLUGLHULFKWLJH0DVFKHJHIXQGHQKDWWHQXP:DOW\V.lPSIHUKHU]]XUHDNWLYLHUHQ (U VD OlQJVW QLFKW PHKU ]XVDPPHQJHNDXHUW LQ VHLQHP 6HVVHO VRQGHUQ ZXFKV EHL MHGHP:RUWXPHLQHQ=HQWLPHWHU 'RFKJHUDGHDOV2WWRIRUWIDKUHQZROOWH:DOW\ZHLWHUDXI]XSXWVFKHQSODW]WH%LOO\ LQXQVHUH5XQGH ³+DOOR)UHXQGHULHIHUXQGNDPDQGHQ7LVFK³/DWPLFKVHLQLQHXUHP%XQGH GHUYLHUWH (U JULII VLFK HLQHQ %HFKHU PLW XQJHJRUHQHU .lQJXUXKPLOFK XQG SURVWHWH XQV ]X :DOW\VWLHPLWLKPDQXQGXPDUPWHLKQZLHHLQHQKHLPJHNHKUWHQ6RKQZRKOLQ GHU0HLQXQJGDDXV%LOO\1HFNDUPDQQZLHGHU³WKH.LGJHZRUGHQZDU'RFKGD WlXVFKWHHUVLFKJHZDOWLJ 'HQQGDHUNODQJYRQGHU7UVFKDOOHQGHU$SSODXV'RUWGUlQJWHQVLFKGLH+LSSRV XQGUHFNWHQGLH+lOVHXPHLQHQ%OLFNDXIXQVHUH5XQGHHUKlVFKHQ]XN|QQHQXQG VLHNODWVFKWHQVLFKGLH+lQGHZXQG ³'DV ZDU V VDJWH %LOO\ VWHOOWH VHLQHQ %HFKHU DE XQG PDFKWH QDFKGHP HU HUZDFKHQGH 0RUGOXVW LQ :DOW\V %OLFN GLDJQRVWL]LHUWH GD HU VFKOHXQLJVW DXV GHU JXWHQ6WXEHNDP 2WWR XQG LFK PXWHQ :DOW\ JHZDOWVDP ]XUFNKDOWHQ GHQQ VRQVW KlWWH HU GHQ *DXFKRURERWHUYHUPXWOLFKDXJHQEOLFNOLFKGHPRQWLHUW ,FK K|UWH %LOO\ QRFK ZLH HU GLH 7'77RXULVWHQ HULQQHUWH GD VLH SUR 1DVH IQI .ODFNWDOHU IU GLH 7ULQNV]HQH ]X EHUDSSHQ KlWWHQ 'DQQ PHOGHWH VLFK /RUHELU /DUKXODUV6WLPPHGHUGLH7RXULVWHQ]XP$XIEUXFKJHPDKQWH ³'X ZLUVW GLFK GRFK QLFKW XQWHUNULHJHQ ODVVHQ QXU ZHLO %LOO\ ZLHGHU HLQPDO GLH 6HLWHQJHZHFKVHOWKDW:DOW\"VDJWH2WWR]DJKDIW ³,P *HJHQWHLO YHUNQGHWH :DOW\ (U XPDUPWH XQV EHLGH ³,FK ELQ HXFK MD VR GDQNEDU GD LKU PLFK ZDFKJHUWWHOW KDEW 1XQ LVW GDV /HEHQ IU PLFK ZLHGHU OHEHQVZHUW (U VSlKWH GXUFK GLH 7U LQ GHQ OHHUHQ )OXU KLQDXV ³,VW GLHVHV 3DFN DXFKZLUNOLFKZHJ" ³-D GLH 7RXULVWHQ IDKUHQ PLW LKUHP %XV ZLHGHU DE VDJWH LFK PLW HLQHP %OLFN GXUFKV)HQVWHU ³'DQQODWXQVGDUEHUUHGHQZDV]XWXQLVWIDOOVVLHZLHGHUNRPPHQ ,FK KLHOW HV QLFKW IU UDWVDP :DOW\ ]X YHUUDWHQ GD GHU 7'7%XV QDFK +HUPDQQVYLOOH ZHLWHUIXKU ,Q VHLQHU DXJHQEOLFNOLFKHQ 9HUIDVVXQJ ZDU HV EHVVHU ZHQQHUVLHQLFKWGRUWKLQYHUIROJWHGHQQGLH/HLGWUDJHQGHQZlUHQGDQQJDQ]JHZL
DXFK GLH .ODFNWRQHU JHZHVHQ :R]X KDWWH LFK VFKOLHOLFK 6XQJR DOV %HREDFKWHU QDFK+HUPDQQVYLOOHJHVFKLFNW"(UZUGHXQVHLQHQ/DJHEHULFKWJHEHQDXIGHPZLU XQVHUH*HJHQPDQDKPHQDXIEDXHQNRQQWHQ :HQQ PDQ GLH URVDJHVSUHQNHOWH $OSWUDXPODQGVFKDIW YRQ :DOW\ODQG JHIOLVVHQWOLFK EHUVDKKlWWHPDQPHLQHQN|QQHQDXI:DOW\V)DUPVHLDOOHVZLHGHUEHLPDOWHQ ,FKZXUGHVFKRQLQDOOHU+HUUJRWWVIUKHGXUFKGDV4XDNHQGHU)U|VFKHXQGGXUFK $UEHLWVJHUlXVFKH JHZHFNW GLH HLQGHXWLJ YRQ :DOW\V PRUJHQGOLFKHQ $NWLYLWlWHQ KHUUKUWHQ(UO|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lOOLJH 6FKDIHLP+LSSRJHVXQGPDVVDJHXQGZDON+HUPDQQYRQLKUHU:ROOH]XEHIUHLHQXQG GLH.lQJXUXKVYRP+LSSR]XPODFKHQEULQJHQKHUPDQQPHONHQ]XODVVHQ 6SlWHU WDXFKWH GDQQ /RUUHP 5DOORU DXI GHU DXVVDK DOV KlWWH HU VLFK QRFK QLFKW ZDFKJHEUVWHW XQG GLVNXWLHUWH PLW :DOW\ EHU GLH $UEHLWVEHGLQJXQJHQ YRQ 7'7 (UQDQQWH:DOW\HLQHQ6NODYHQKHUPDQQGHUGLH7'7$QJHVWHOOWHQ]X7lWLJNHLWHQ KHUDQ]RJ GLH QLFKW LQ LKUHQ $XIJDEHQEHUHLFK ILHOHQ 5DOORU EHULHI VLFK LPPHU ZLHGHUDXIGHQ9HUWUDJELV:DOW\LKQVRZHLWKDWWHGDHULKPGLHVHQYRUOHJWH 'DQDFKKDWWH:DOW\ZLHGHUHLQ7LHI(UNDP]XPLUXQGNODJWH ³*HUU\ HV LVW IXUFKWEDU ,FK JODXEWH ELV ]XOHW]W GDUDQ GD LFK PHLQH +lQGH LQ 8QVFKXOG ZDVFKHQ N|QQWH 'HQ 9HUWUDJ KLHOW LFK IU HLQ )lOVFKXQJ ZR LFK PLFK GRFK EHUKDXSW QLFKW GDUDQ HQWVLQQHQ NDQQ LUJHQG HWZDV PLW GLHVHQ +LSSRV ]X VFKDIIHQ JHKDEW ]X KDEHQ 'RFK GLHVHU /RUUHP 5DOORU ]HUVW|UWH PHLQH OHW]WH +RIIQXQJDOVHUPLUGHQ9HUWUDJYRUOHJWH(UWUlJWQLFKWQXUPHLQH8QWHUVFKULIWGLH DQ]XIHFKWHQ ZlUH VRQGHUQ DXFK PHLQH )LQJHUDEGUFNH XQG PHLQ *HKLUQZHOOHQPXVWHU 'DV HUVFKWWHUW PLFK 'HQQ EHZHLVW HV QLFKW GD VLFK PHLQ 8QWHUEHZXWVHLQ GXUFK ]X YLHOHQ 1HNWDUJHQX HQGJOWLJ DEJHVSDOWHQ KDW" ,FK ELQ ]XHLQHU'RSSHOSHUV|QOLFKNHLWJHZRUGHQHLQ,FKZHLQLFKWPHKUZDVGDVDQGHUH WXW,VWGDVQLFKWHQWVHW]OLFK" ³6RKHLZLUGGDVQLFKWJHJHVVHQWU|VWHWHLFKLKQ³+DXSWVDFKHGXZHLWZDVGX MHW]W]XWXQKDVW (VJHODQJPLUDOOPlKOLFK:DOW\ZLHGHUDXI]XULFKWHQDEHUHVEHGXUIWHDXFKQRFK 2WWRV=XVSUXFKXPLKQ]XQHXHQ$NWLYLWlWHQ]XWUHLEHQ ³'LH+LSSRVZROOHQ$NWLRQDOVRELHWHQZLUVLHLKQHQVDJWH2WWR:LUKDWWHQWDJV
]XYRUHLQH0HQJHEUDXFKEDUHU,GHHQHQWZLFNHOWGLHZLUKHXWHLQGLH7DWXPVHW]HQ ZROOWHQ9RQ5DOORUZXWHQZLUGDXP3XQNW]Z|OI8KU3ODQHWHQ]HLWGHUQlFKVWH 7'7%XV HUZDUWHW ZXUGH 'HU $UFKLWHNW YRQ :DOW\ODQG XQG *HVFKlIWVIKUHU YRQ 7'7 ZDU MHGRFK YRQ QDJHQGHU 8QJHZLKHLW HUIOOW ZDV GLH =DKO GHU ]X HUZDUWHQGHQ7RXULVWHQEHWUDI2IIHQEDUNRQQWHHUGLH:LUNXQJYRQ:DOW\ODQGDXI VHLQH$UWJHQRVVHQQLFKWULFKWLJDEVFKlW]HQXQGUHFKQHWHVRJDUGDPLWGDVLFKGDV JDQ]H8QWHUQHKPHQDOV)ORSKHUDXVVWHOOHQN|QQWH :LU YHUOLHHQ XQV MHGRFK QLFKW GDUDXI XQG WUDIHQ ZHLWHU XQVHUH 9RUEHUHLWXQJHQ GLHZLU/RUUHP5DOORUVRVFKPDFNKDIWPDFKWHQGDHUXQVHLQH6RQGHUSUlPLHXP GLH DQGHUH YHUSDWH :DOW\V 3UlPLHQNRQWR VFKQHOOWH LP 1X DXI .ODFNWDOHU KLQDXI ³3VW ,FK ZDU JHUDGH GDEHL HQWODQJ GHU %XV7UDVVH DXV =XFNHUJX HLQLJH 7LHUTXlOHU )DOOHQ DXV]XOHJHQ DOV PLFK GLHVHV *HUlXVFK DXIVFKUHFNWH $OV LFK GHU 4XHOOH QDFKJLQJ HQWGHFNWH LFK 6XQJR GHU VLFK KLQWHU HLQHP 6WDODJPLWHQ YHUVWHFNWH GHU HLQ+LQZHLVVFKLOGWUXJGDVGLH$XIVFKULIWKDWWH:LOONRPPHQLQ:DOW\ODQG ³6XQJRULHILFKHUVWDXQWDXV³:DUXPVFKOHLFKVWGXKLHUKHUXP" ³3VW PDFKWH HU ZLHGHU XQG ORFNWH PLFK PLW JHNUPPWHP )LQJHU KLQWHU GHQ URVDIDUEHQVFKLPPHUQGHQ6WDODJPLWHQ³,FKNRPPHDXV+HUPDQQVYLOOH ³'DV ZLOO LFK DXFK DQQHKPHQ VDJWH LFK ³,FK ZDUWH VFKRQ GLH JDQ]H =HLW VHKQVFKWLJ DXI GHLQHQ /DJHEHULFKW $EHU HV ZlUH EHVVHU ZHQQ GX LKQ LQ :DOW\V *HJHQZDUWJLEVW:XWHVWGXGDHUJHVWHUQJHODQGHWLVW" ³%URYDEURYD VDJWH 6XQJR EHVWlWLJHQG ³(U ZDU LQ +HUPDQQVYLOOH XQG KDW GHU 6LW]XQJLP+RKHQ+HUPDQQVKDXVEHLJHZRKQW ³'XVSLQQVWVDJWHLFKEHU]HXJW³:DOW\KDWGDV)DUPJHOlQGHNHLQHLQ]LJHV0DO YHUODVVHQ,FKZHLGDVGHQQLFKELQLKPQLFKWYRQGHU3HOOHJHUFNW,FKZDUVHLW VHLQHU5FNNHKUMHGH0LQXWHPLWLKP]XVDPPHQ(UNDQQQLFKWLQ+HUPDQQVYLOOH JHZHVHQVHLQ ³8QGOHW]WH1DFKW"IUDJWH6XQJR ,FKULHIPLUGHQYHUJDQJHQHQ$EHQGLQ(ULQQHUXQJZRZLU:DOW\2WWRXQGLFK ELV0LWWHUQDFKW]XVDPPHQJHVWHFNWXQG3OlQHJHVFKPLHGHWKDWWHQ'DEHLKDWWHQZLU QXU XQJHJRUHQHQ 1HNWDU JHWUXQNHQ GHU DXI :DOW\ LQ NHLQHU :HLVH EHZXWVHLQVHUZHLWHUQGRGHUSHUV|QOLFKNHLWVVSDOWHQGZLUNWH1DFKGHU%HVSUHFKXQJ ZDUHQZLUDOOH]XP8PIDOOHQPGHJHZHVHQXQGKDWWHQXQV]X%HWWEHJHEHQ ³'X PXW GLFK LUUHQ 6XQJR VDJWH LFK EHU]HXJW ³:DOW\ NDQQ QLFKW LQ +HUPDQQVYLOOHJHZHVHQVHLQ ³$XI(KUHHUZDUGDEHKDXSWHWH6XQJR³(UKDWLP+RKHQ+HUPDQQVKDXV:RUW JHIKUW XQG JURH 5HGH DQ GDV +HUPDQQVYRON JHKDOWHQ 8QG HU ZDU QHNWDUUDXVFKLJ ³8QG ZRUDQ ZLOOVW GX GDV JHPHUNW KDEHQ" IUDJWH LFK DKQXQJVYROO XQG
JOHLFK]HLWLJEDQJHQGGDPHLQH9HUPXWXQJQLFKW]XWUHIIHQP|JH ³:DOW\KDWJHOLVSHOWDEHUZLHVDJWH6XQJR³(UKDWXQVJORHV+HOPDQQVYRON JHQDQQWXQGEORYDEORYD JHUXIHQ(UKDW]X+LSSRV+ROVHO JHVDJWXQGYHUODQJW GDZLUDOOHVWXQXPVLHJOFNOLFK]XPDFKHQ'DVZDUHLQHVFK|QH5HGH6XQJR KDWJHZHLQW]XVDPPHQPLWVRPDQFKDQGHUHP+HUPDQQYRQHLQVELVKXQGHUW$EHU 6XQJR LVW QLFKW PHKU +HUPDQQ :DOW\ VHOEVW KDW GLHVH )KUXQJVSRVLWLRQ HLQJHQRPPHQ ³'DVNDQQLFKQLFKWJODXEHQVDJWHLFKHQWVHW]W³:HQQHVVWLPPWZDVGXVDJVW GDQQ VWHKW HV XP :DOW\ VHKU VFKOLPP 'DQQ ZlUH GLH .OXIW ]ZLVFKHQ VHLQHP %HZXWVHLQ XQG VHLQHP 8QWHUEHZXWVHLQ VFKLHU XQEHUEUFNEDU GLH 3HUV|QOLFKNHLWVVSDOWXQJHQGJOWLJ'DVGDUIQLFKWVHLQ 0LFK IU|VWHOWH EHL GHP *HGDQNHQ GD VLFK :DOW\V8QWHUEHZXWVHLQ DXFK VFKRQ RKQH 1HNWDUZLUNXQJ VHOEVWlQGLJ PDFKWH XQG VHLQ ,FK SKDVHQZHLVH Y|OOLJ XQWHUGUFNWH ,FK ZROOWH GLHVH hEHUOHJXQJ QLFKW ZHLWHUVSLQQHQ GHQQ GLH ORJLVFKH .RQVHTXHQ]ZlUHGDVHLQKLSSRIUHXQGOLFKHV8QWHUEHZXWVHLQHQGJOWLJEHUGLH :DOW\3HUV|QOLFKNHLWWULXPSKLHUWH ³%LVWGXVLFKHUGDHVVLFKXP:DOW\XPGHQHFKWHQ.ODFN.ODFNJHKDQGHOW KDW6XQJR"IUDJWHLFK ³%URYDEURYDYHUVLFKHUWH6XQJRXQGQLFNWHEHNUlIWLJHQGPLWGHP.RSI³(VZDU .ODFN.ODFNDEHUQHNWDUUDXVFKLJXQGPLW=XQJHQVFKODJ6RKLOIUHLFKXQGJXWNDQQ QXU HU VHLQ 6DJWH +HOIW GHQ +ROVHLQ 0DFKW VLH JOFNOLFK DXI GD DXFK LKO JOFNOLFKZHOGHW 8QGHUYHUODQJWHGDZLUDOOHVYHUJHVVHQN|QQHQZDVHUXQVDXHUKDOEYRP+RKHQ +HUPDQQVKDXV VDJW XQG EHILHKOW 1XO KLHO ELQ LFK +HOPDQQ VDJWH HU XQG QXO KLHO JLOW PHLQ :ROW 6R VSUDFK HU ]X XQV XQG DOOH QHXQXQG]ZDQ]LJ DQGHUHQ +HUPDQQVXQGZLUGDV9RONVFKZRUHQLKP7UHXH ³$FKGXPHLQH*WHHQWIXKUHVPLU:DOW\VHQWDUWHWHV8QWHUEHZXWVHLQVFKLHQ GD HLQH KDQGIHVWH ,QWULJH JHJHQ :DOW\ JHVSRQQHQ ]X KDEHQ LPPHU QDWUOLFK YRUDXVJHVHW]WHVKDWWHVLFKVR]XJHWUDJHQZLH6XQJRHVVFKLOGHUWH ,FK URFK YRUVLFKWVKDOEHU DQ VHLQHP $WHP NRQQWH DEHU NHLQHQ 1HNWDUGXQVW IHVWVWHOOHQ ³6XQJR QLFKW QHNWDUUDXVFKLJ VDJWH :DOW\V .DPPHUGLHQHU EHOHLGLJW ³:DOW\ KDW PLFKYHUWUDXOLFKJHVSURFKHQZLUNOLFKXQGZDKUKDIWLJ ³'XPHLQVWHUKDWVLFKQDFKGHUQlFKWOLFKHQ6LW]XQJLP+RKHQ+HUPDQQVKDXVDQ GLFKDOOHLQJHZDQGW"HUNXQGLJWHLFKPLFK 6XQJREOLFNWHVLFKYRUVLFKWLJQDFKHLQHP/DXVFKHUXPXQGDOVHUQLHPDQGHQLQ +|UZHLWHHQWGHFNWHUDXQWHHU ³:DOW\ YHUODQJWH 9HUVSUHFKHQ YRQ PLU GD LFK VWLOOVFKZHLJH EHU XQVHU *HVSUlFK8QGVFKRQJDULKPVHOEVWJHJHQEHU-HW]WLVW6XQJRYHUZLUUWXQGNRPPW GDUXP]X*HUU\XP5DW
,FK NORSIWH LKP DXI GLH 6FKXOWHU XQG YHUVLFKHUWH LKP GD HU ULFKWLJ JHKDQGHOW KDWWH $UPHU 6XQJR HU ZDU Y|OOLJ EHUIRUGHUW (U YHUVWDQG QLFKW GD HU :DOW\ QLFKWV GDYRQ YHUUDWHQ GXUIWH ZDV HU PLW LKP VHOEVW EHVSURFKHQ KDWWH (LQH YHUUFNWH 6LWXDWLRQ VHOEVW IU PLFK GHU LFK GLH /DJH ]X GXUFKVFKDXHQ JODXEWH $EHU 6XQJR HUIDWH GLH =XVDPPHQKlQJH GRFK UHFKW JXW 'DV EHZLHV HU DOV HU DQ GHP6WDODJPLWHQYRUEHLDXIGHQ)DUPKRIVSlKWHZRJHUDGH:DOW\DXIWDXFKWHXQG VDJWH ³'DLVW.ODFN.ODFNDEHULFKGDUILKPQLFKWUHLQHQ1HNWDUHLQVFKHQNHQ5LFKWLJ" ³6WLPPWEHVWlWLJWHLFK³(VLVWEHVVHUZHQQGXGLFKDQGDV9HUVSUHFKHQKlOWVW GDVGX:DOW\OHW]WH1DFKWLQ+HUPDQQVYLOOHJHJHEHQKDVW-HW]WLVW7DJXQGZLUVLQG DXIGHU)DUPGDUXPPXWGXGLFKYRQ:DOW\IHUQKDOWHQ ³%URYDEURYDULHI6XQJRDXVXQGVHLQGXQNOHV$IIHQJHVLFKWHUKHOOWHVLFK³,FK VSUHFKH ]X 1DFKWXQG+HUPDQQVYLOOH:DOW\ 8QG VFKZHLJH ]X 7DJXQG)DUP :DOW\ ³6R LVW HV VWLPPWH LFK ]X HUOHLFKWHUW GD ZLU GDV 3UREOHP DXI VR HLQH OHLFKWYHUVWlQGOLFKH)RUPHOJHEUDFKWKDWWHQ³:HQQGXGLFKGDUDQKlOWVWGDQQNDQQ HVNHLQH.RPSOLNDWLRQHQJHEHQ$OOHVDQGHUHEHUODVVHQXUPLU'XPXWPLFKQXU EHU DOOHV LQIRUPLHUHQ ZDV GX PLW GHP 1DFKWXQG+HUPDQQVYLOOH:DOW\ YHUHLQEDUVW ³$EHU VLFKHU $XI (KUH %URYDEURYD 6XQJR EHOHFNWH ]ZHL )LQJHU VHLQHU 5HFKWHQXQGGUFNWHVLHVLFKDXIGLH1DVH ³-HW]W LVW HV EHVVHU ZHQQ GX QDFK +HUPDQQVYLOOH ]XUFNNHKUVW VDJWH LFK ³0LU ZLUG VFKRQ HLQH $XVUHGH IU GHLQ )HUQEOHLEHQ HLQIDOOHQ GLH LFK GHP 7DJXQG )DUP:DOW\ HU]lKOHQ NDQQ :HQQ GHU DQGHUH :DOW\ VLFK GDV QlFKVWHPDO EHL GLU PHOGHWPDFKHPLWLKPHLQHQVWlQGLJHQ7UHIISXQNWDXV9HUUDWHLKPDEHUQLFKWGD GXPLFKHLQJHZHLKWKDVW ³'LUDXFKQLFKW"IUDJWH6XQJRXQVLFKHU,FKVFKLFNWHLKQVFKQHOOIRUWEHYRUDXFK LFKGLHhEHUVLFKWYHUORU)UPLFKZDUHVNHLQH)UDJHGDLFK:DOW\QLFKWEHUGLH QlFKWOLFKHQ 0DFKHQVFKDIWHQ VHLQHV SDUDRULHQWLHUWHQ RGHU VROOWH LFK VDJHQ SDUDSHUYHUWLHUWHQ"8QWHUEHZXWVHLQVDXINOlUHQGXUIWH'LHVHV:LVVHQKlWWHHLQHQ JHEURFKHQHQ0DQQDXVLKPJHPDFKW$QGHUHUVHLWVNRQQWHLFKGLH6DFKHDEHUDXFK QLFKWDXIVLFKEHUXKHQODVVHQLFKPXWHHWZDVXQWHUQHKPHQ$EHUZDV" 1XU QLFKWV EHUVWU]HQ *HUU\ VDJWH LFK PLU =XHUVW HLQPDO ZROOWH LFK PLFK PLW 2WWR EHUDWHQ DOOH ,QIRUPDWLRQHQ EHU GHQ 18+:DOW\ VDPPHOQ ZLH LFK GDV :RUWJHELOGH 1DFKWXQG+HUPDQQVYLOOH:DOW\ DENU]WH XP GDUDXV HWZDLJH 6FKOVVHEHUGLH$EVLFKWHQYRQ:DOW\V8QWHUEHZXWVHLQ]LHKHQ]XN|QQHQ 9LHOOHLFKW VWHFNWH KLQWHU GHP *DQ]HQ GRFK HLQ YHUQQIWLJHU 6LQQ 'DV ZDU GLH ZLQ]LJH+RIIQXQJDQGLHLFKPLFKNODPPHUWH ³:R KDVW GX GLH JDQ]H =HLW EHU JHVWHFNW" HPSILQJ PLFK :DOW\ DOV LFK ]XP )DUPKDXV ]XUFNNDP GDV PLW +HUUVFKDIWVKDXV HWLNHWWLHUW ZDU (U ZLUNWH Y|OOLJ HUVFK|SIW XQG VWUHFNWH DXI GHU %DQN DOOH YLHUH YRQ VLFK ZlKUHQG HU YRQ +LSSR
6XUIHUQ ZLH YRQ OlVWLJHQ 0FNHQ XPVFKZlUPW ZXUGH ³,FK PXWH DOOHV DOOHLQ PDFKHQ 8QG 2WWR KDW PLFK DXFK LP 6WLFK JHODVVHQ 'DV KHLW GLHVHU /RUUHP 5DOORUKDWLKQPLUDEVSHQVWLJJHPDFKW(UGHXWHWHDXIGDV+LQZHLVVFKLOGGDVDXI HLQHQ LQ HLQHQ 0RQROLWKHQ JHWZLO]WHQ 7ZLO]HU DXIPHUNVDP PDFKWH -HW]W ZDU HV ZLHGHUDNWXHOOGHQQGDQHEHQHUKREVLFKHLQUHFKWLPSRVDQWHU0RQROLWK³'D]XKDW GLHVHU +LSSR LKQ JHEUVWHW XQG 2WWR NDQQ VLFK QLFKW DXV HLJHQHU .UDIW LQ VHLQH ZDKUH*HVWDOWWZLO]HQ 'DVZDUQDWUOLFKHLQ5FNVFKODJIUPLFKGHQQQXQPXWHLFKRKQH2WWRV+LOIH DXVNRPPHQ ³:HQQHVIUPLFKQLFKWVPHKU]XWXQJLEWGDQQNDQQLFKGHP.ODFNWRGURPHLQHQ %HVXFKDEVWDWWHQVDJWHLFK³.RPPVWGXPLW" ³8P NHLQHQ 3UHLV ULHI :DOW\ HQWVHW]W ³,FK ELQ QLFKW GDUDQ LQWHUHVVLHUW ]X HUIDKUHQZLHPHLQ8QWHUEHZXWVHLQPLFKFKDUDNWHULVLHUW6HLXP9LHUWHOYRU]Z|OI ]XUFN'DQQUHLWHQZLUDXV 8P ]XP .ODFNWRGURP ]X NRPPHQ PXWH PDQ HLQH =XFNHUWUHSSH KLQWHU GHU 3IHUGHNRSSHOKLQDXIVWHLJHQHLQHQ0LOFKEDFKEHUTXHUHQGXUFKHLQHQERWDQLVFKHQ *DUWHQJHKHQGHUHLQHQ]XFNHUJHIRUPWHQ4XHUVFKQLWWGXUFKGLH)ORUDYRQ.3ODQHW ERWXQGEUDXFKWHLPEULJHQQXUGHQ+LQZHLVVFKLOGHUQ]XIROJHQEHUGLHPDQEHL MHGHP ]ZHLWHQ 6FKULWW VWROSHUWH -D XQG PDQ VWROSHUWH DXFK EHU MHGH 0HQJH 3IHUGHlSIHOGHQQ:DOW\V7LHUHGXUIWHQVLFKEHUDOOIUHLEHZHJHQ :HQQ :DOW\ PLW LUJHQGHLQHP $UUDQJHPHQW GHU +LSSRV ]XIULHGHQ VHLQ NRQQWH GDQQPLWGLHVHPXQGGHQ+LQZHLVWDIHOQGLHYHUNQGHWHQ$OOH7LHUHVWHKHQXQWHU 1DWXUVFKXW]1LFKWMDJHQ1LFKWIWWHUQ7LHUHEUDXFKHQ/LHEH $P (LQJDQJ GHV .ODFNWRGURPV VWDQG HLQ 7'7+LSSR GHVVHQ &ORZQPDVNH PLU EHNDQQWYRUNDP(UZHW]WHDXIVHLQHP-HW%UHWWXQUXKLJKLQXQGKHUDOVN|QQHHU HVQLFKWPHKUHUZDUWHQGLHHUVWHQ7RXULVWHQLQGLH*HKHLPQLVVHGHV/HEHQVHLQHV JOFNOLFKHQ 0HQVFKHQ HLQ]XZHLKHQ (U KDWWH HLQH $UW %DXFKODGHQ PLW HLQHU 7DVWDWXUXPJHKlQJW$OVHUPLFKVDK]HLJWHHUPLUVHLQ3IHUGHJHVLFKWXQGEHJUWH PLFKLQGHPHUGLH'DWHQYRQPHLQHP6KLUWDEODV ³*XWHQ7DJ*HUDOG*HUU\ 6KDUS:DOW\V5HFKWH(ULQQHUVWGXGLFKDQPLFK",FK ELQ-HOORGHUGHQ+LSSR]XPODFKHQEULQJHQKHUPDQQHLQJHZHLKWKDW6HLWGHPELQLFK JHUDGH]XVFKWLJQDFK/DFKHQXQGRSIHUHMHGHQ.ODFNWDOHUGHQLFKHUEULJHQNDQQ .RPPVWGX]XU,QVSHNWLRQ*HUDOG*HUU\ 6KDUS" ³*HUU\ JHQJW XQWHUEUDFK LFK VHLQHQ 5HGHVFKZDOO ³1HLQ LFK NRPPH DOV %HVXFKHULQV.ODFNWRGURP:DVNRVWHWGDV" ³.RPPW GDUDXI DQ *HUU\ VDJWH -HOOR ³,FK ZUGH GLU HLQHQ ')6.. HPSIHKOHQ HLQHQ 'DXHU)XOO6HUYLFH.ODFN.ODFN IU IQIKXQGHUW .ODFNWDOHU 'XQW]WLKQVLFKHUOLFKDXV ³*HPDFKW VWLPPWH LFK ]X ³'X NDQQVW GHQ %HWUDJ YRQ PHLQHP 3UlPLHQNRQWR DEEXFKHQ-HOOR 'HU +LSSR EHWlWLJWH PLW IOLQNHQ )LQJHUQ GLH 7DVWDWXU VHLQHV %DXFKODGHQV
ZRUDXIKLQ DXV HLQHP 6FKOLW] HLQ JROGIDUEHQHU 6WLFNHU PLW :DOW\V .RQWHUIUHL DXVJHVSXFNWZXUGH-HOORKHIWHWHLKQPLUEHUGHP*YRQ*HUU\DQV6KLUW ³1XQVWHKWGLUGDV.ODFNWRGURPRIIHQZDQQLPPHUGXZLOOVWVDJWHHUWLSSWHHLQH 7DVWH VHLQHV %DXFKODGHQV ZRUDXIKLQ VLFK YRU PLU HLQH 7U LQ GHU =XFNHUZDQG DXIWDW XQG PDFKWH HLQH HLQODGHQGH *HVWH $OV LFK GXUFK GLH 7U KLQGXUFKWUDW ZXUGH LFK DXJHQEOLFNOLFK YRQ HLQHP OHXFKWHQGHQ 1HEHO HLQJHKOOW XQG KDWWH GDV XQEHVWLPPWH *HIKO LQ 0LOFK HUWULQNHQ ]X PVVHQ $EHU LUJHQG HWZDV EHVWULFK PHLQHQ*HLVWXQGEHVlQIWLJWHLKQVRGDGLHDXINRPPHQGH3DQLNLP.HLPHUVWLFNW ZXUGH ,FKIKOWHPLFKHPSRUJHKREHQXQGPHLQWH]XVFKZHEHQYRQLUJHQGZRKHUVFKOLFK VLFK HLQH XQGHILQLHUEDUH 6SKlUHQPXVLN LQ PHLQHQ *HLVW XQG YHUXUVDFKWH PLU :RKOEHKDJHQ'LH0XVLNRGHUGDVZDVLFKIU0XVLNKLHOWYHUODJHUWHVLFKDXIHLQH :HLVHGDGDYRQPHLQHVlPWOLFKHQ6LQQHDQJHVSURFKHQZXUGHQ,FKYHUVSUWHDXI GHU +DXW HLQ DQJHQHKPHV .ULEEHOQ HLQ EHW|UHQGHU *HUXFK VWLHJ PLU LQ GLH 1DVH XQG YRU PHLQHQ $XJHQ ELOGHWHQ VLFK )RUPHQ XQG =HLFKHQ GHUHQ 6LQQ LFK EDOG HUNDQQWH %HLGLHVHQ6\PEROHQKDQGHOWHHVVLFKQLFKWXP6FKULIW]HLFKHQGLH]XOHVHQZDUHQ VRQGHUQLKUH%HGHXWXQJZXUGHHLQHPYRQVHOEVWRIIHQNXQGLJ'LH6\PEROHOLHIHQ ZLHHLQ)LOPYRUPHLQHPJHLVWLJHQ$XJHDEXQGLFKHUIDWHDXJHQEOLFNOLFKLKUHQ 6LQQ 'DVHUVWHEHGHXWHWH]XJHJHEHQHUPDHQXQ]XOlQJOLFKLQGLHPHQVFKOLFKH6SUDFKH XPJHVHW]W:DOW\V*HEXUW'DVIROJHQGH:DOW\V+HUNXQIW8QGZHLWHU :DOW\V(LQWULWWLQGLH862 :DOW\VHUVWHV862$EHQWHXHU :DOW\JHJHQ&RQGRV9DVDF :DOW\XQG$WODQ :DOW\DOV$WODQV/HEHQVUHWWHU (VZXUGHEDOGNODUGDHVVLFKXP.DSLWHODXV:DOW\.ODFNWRQV/HEHQKDQGHOWH GLH PDQ ZLH HLQ ,QKDOWVYHU]HLFKQLV YRUJHVHW]W EHNDP XQG DXV GHQHQ PDQ ZlKOHQ NRQQWH ,FK NDP DXFK VFKQHOO GDKLQWHU GD LFK PHLQHQ :LOOHQ GD]X JHEUDXFKHQ NRQQWHGLH.DSLWHOEHUVFKULIWHQZHQQLFKPDOVRVDJHQGDUIDXFKUFNZlUWVXQG VFKQHOOHURGHUODQJVDPHUDEODXIHQ]XODVVHQ8QGZHQQLFKHLQEHVWLPPWHV6\PERO LQWHQVLYGDFKWHEHNDPLFKGDVGD]XJHK|ULJH0DWHULDOYRUJHVHW]W 8QG ZLHGHU ZDU HV QLFKW VR GD LFK HLQH $EIROJH YRQ %LOGHUQ ]X VHKHQ XQG GD]XJHK|ULJH /DXWH ]X K|UHQ EHNDP VRQGHUQ DOOH PHLQH 6LQQH ZXUGHQ DQJHVSURFKHQ ,FK ZDU LQ GLH 6]HQH LQWHJULHUW JODXEWH VLH VHOEVW ]X HUOHEHQ GLHV MHGRFK QLFKW XQPLWWHOEDU VRQGHUQ DXV HLQHU JHZLVVHQ 'LVWDQ] bKQOLFK HLQHP 7UDXPLQGHPPDQVLFKVHOEVWVLHKW8QGDXFKGHU(LQGUXFNGHQPDQQDFKGLHVHP (UOHEQLV KDWWH ZDU lKQOLFK GHP HLQHV 7UDXPHV 0DQ KDWWH HLQHQ *HVDPWHLQGUXFN GHV*HVFKHKHQVHULQQHUWHVLFKDQJHZLVVHRIWQHEHQVlFKOLFKH'HWDLOVRKQHMHGRFK
DOOH(LQ]HOKHLWHQEHKDOWHQ]XKDEHQ ,FKELQIDVWYHUVXFKWHVHLQH³$VVR]LDWLRQVNHWWHLQ%LOGXQG(PRWLRQ]XQHQQHQ $EHUDXFKGDVWULIIWGLH6DFKHQLFKWH[DNW 'DV6\PEROIU³:DOW\V+HUNXQIWKLQWHUOLHHWZDIROJHQGH(LQGUFNHLQPLU *HERUHQ LP -DKU WHUUDQLVFKHU =HLWUHFKQXQJ DXI 7HUUD 9DWHU 1RUGDPHULNDQHU ,QGLDQHU YRP 6WDPP GHU 6LRX[ gOPLOOLRQlU YHUDUPW 6WDPPHVQDPH :HLHU 5DEH WHUUDQLVLHUWHU 1DPH /RQJQRVH .ODFNWRQ 0XWWHU (XURSlHULQ ,WDOLHQHULQ YRP 6WDPP GHU 1HDSROLWDQHU PLWWHOORV 1DPH %HWWLQD %HWW\ %HLGH ]XVDPPHQ (KHSDDU XQG :DOW\V (OWHUQ 6LH ERWHQ LKUHP 6RKQ HLQ OLHEHYROOHV =XKDXVH HLQH XQEHVFKZHUWH .LQGKHLW DXI HLQHU )DUP LP 6WDDW 7H[DV :DOW\EHNDPHLQH$XVELOGXQJ]XP7HFKQLNHUVFKDIIWHMHGRFKQLHHLQHQ$EVFKOX ZHLO HU VHLQH 3UIHU VFKDIIWH 'HU 9DWHU I|UGHUWH VHLQH PLOLWlULVFKH $XVELOGXQJ GDPLW 6RKQ :DOW\ DOV OHW]WHU WHUUDQLVFKHU +DOELQGLDQHU GHQ .DPSI JHJHQ GLH :HLHQZHLWHUIKUHQN|QQH(LQWULWWLQGLH8627DUQQDPH:HLHU5DEH.ODFN .ODFN(ZLJHU.RUSRUDO6FKUHFNHQGHU862 ,FK VWLHJ DXV ZHLO LFK JHQXJ HUIDKUHQ KDWWH 8QG HV ZDU HLQ LQWHQVLYHV (UOHEQLV JHZHVHQDQGHPPLFKQXUJHZLVVH.OHLQLJNHLWHQVW|UWHQ(WZDGLHGD:DOW\DOV %DE\XQGDOV+DOEZFKVLJHUVFKRQVRGDUJHVWHOOWZXUGHZLHHUKHXWHDXVVDKXQG GDLKP9DWHUXQG0XWWHUZLHDXVGHP*HVLFKWJHVFKQLWWHQZDUHQ ,FKIKUWHPLUGDQDFKQRFKHLQLJH.DSLWHODXV:DOW\V862/DXIEDKQ]X*HPW GLHVFKRQXPHLQLJHVUHDOLVWLVFKHUZLUNWHQZRKOGHVKDOEZHLO:DOW\HLQHIULVFKHUH (ULQQHUXQJ GDUDQ KDWWH XQG GDV .ODFNWRGURP PLW PHKU ,QIRUPDWLRQHQ VSHLVHQ NRQQWH ,FK HUOHEWH ZLH :DOW\ QDFK 4XLQWR&HQWHU NDP XQG EHL VHLQHP (UVFKHLQHQ DOOH .RUULGRUH OHHUIHJWH ZHLO LKP GHU 6FKUHFNHQVUXI YRUDXVHLOWH ³.ODFN.ODFN NRPPW ,FKHUOHEWHVHLQHQOHJHQGlUJHZRUGHQHQ(LQVDW]DXIGHU'VFKXQJHOZHOW+RWKRXVH ZRHLQ6DXULHULKQYHUVFKOXFNWXQGLKQDPDQGHUHQ(QGHZLHGHUDOVXQYHUGDXOLFK HQWODVVHQ KDWWH ZRUDXIKLQ HU VLFK PLW GHP 6WUDKOHU HLQHQ :HJ DXV GHP 6DXULHUIODGHQ IUHLVFKR XQG GDPLW HLQHQ %|VHZLFKW WUDI GHU /RUGDGPLUDO $WODQ JHUDGHQDFKGHP/HEHQWUDFKWHWH (VJDEPHKUHUHVROFKHU%HLVSLHOHLP.ODFNWRGURP]XHUOHEHQGLHLQGHU6XPPH :DOW\V5XIDOVXQIHKOEDUHQ,QVWLQNWKDQGOHUXQWHUPDXHUWHQ :DOW\DOV6LHJHUEHUGHQ6WHUQHQORWRVHLQHSDUDVLWlUH3IODQ]HGLHLKUH:XU]HOQ LQ GLH .|USHU YRQ ,QWHOOLJHQ]ZHVHQ WULHE XQG VLH EHKHUUVFKWH XQG DOV 5HWWHU YRQ 3HUU\5KRGDQV)UDX0RU\ :DOW\DXIGHP0HGR6FKLII63+,',$ZRHUDXIVHLQHXQQDFKDKPOLFKH:HLVH ]XHUVW IDVW GLH JHVDPWH %HVDW]XQJ DXVVFKDOWHWH GDPLW VHLQ SDUDRULHQWLHUWHV 8QWHUEHZXWVHLQ EHVVHU ]XU *HOWXQJ NRPPHQ XQG VR HLQH $Q]DKO YRQ XQUHWWEDU JHOWHQGHQ3DWLHQWHQKHLOHQNRQQWH :DOW\ DOV 7LHUVFKW]HU LP .DPSI JHJHQ PHQVFKOLFKH )OHLVFKIUHVVHU GLH VHLQHQ
5LHVHQIU|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lKOLJH(UILQGXQJHQPDFKWHXP GLHVLFKGLHJDODNWLVFKHQ0lFKWHVWULWWHQZDVEHLQDKH]XHLQHPLQWHUVWHOODUHQ.ULHJ JHIKUW KlWWH 'LHVHQ .ULHJ YHUKLQGHUWH :DOW\ MHGRFK DXI VHLQH HLQPDOLJH XQQDFKDKPOLFKH :HLVH QlPOLFK GDGXUFK GD HU VHLQ SDUDRULHQWLHUWHV 8QWHUEHZXWVHLQ QXU ]ZDU ERPEDVWLVFK DQ]XVHKHQGHV DEHU LP (QGHIIHNW Y|OOLJ XQQW]HV *HUlW HUILQGHQ OLH RGHU ]XPLQGHVW VROFKHV GDV NHLQH .ULHJH HQWVFKHLGHQNRQQWHXQGXPGHVVHQWZHJHQVLFK.ULHJHDXFKQLFKWORKQWHQ(LQHVGHU 1HEHQSURGXNWH VHLQHV XQYHUJOHLFKOLFKHQ *HQLHV ZDU GHU +LSSR]XPODFKHQEULQJHQKHUPDQQ GHU MHGHP 7RXULVWHQ QXU ZlUPVWHQV HPSIRKOHQ ZHUGHQ NRQQWH ZHLO PDQ VFKRQ QDFK GHU HUVWHQ %HKDQGOXQJ HWZDV YRQ MHQHP *OFNVJHIKO HPSILQJ GDV HLQHU IU VLFK JHSDFKWHW ]X KDEHQ VFKLHQ GHU HWZDV GDYRQDEHUJHUQHDQMHGHQXQJOFNOLFKHQ+LSSRDEJHEHQZROOWH :DOW\ .ODFNWRQ +HUUVFKHU YRQ .3ODQHW 6FKLUPKHUU GHV +HUPDQQVYRONHV *OFNVEULQJHUXQG(KUHQPLWJOLHGGHU7'7)DPLOLH 'DUDXIKLQVWLHJPLUGLH*DOOHKRFK :HQQ GLHVH 6FKOHLFKZHUEXQJ QLFKW GHU EHVWH %HZHLV GDIU ZDU GD HV GHU 7'7 QXUXPV*HVFKlIWJLQJXQG/RUHELU/DUKXODUXQG.RQVRUWHQQLFKWVDQGHUHVLP6LQQ KDWWHQ DOV LKUHQ XQJOFNOLFKHQ 0LWKLSSRV GLH .ODFNWDOHU DXV GHP /|IIHOJHUlW ]X ]LHKHQ ZR VLH VLH JHVSHLFKHUW KDWWHQ 8QG :DOW\V 8QWHUEHZXWVHLQ PDFKWH GDEHL PLW (QWZHGHU ZDU HV RUGHQWOLFK JHEUVWHW ZRUGHQ RGHU HV ZDU WDWVlFKOLFK KRIIQXQJVORVHQWDUWHW ,FKKRIIWHGDGLHHUVWH0|JOLFKNHLW]XWUDIGHQQLQGLHVHP)DOOZDUQRFKHWZDV ]XPDFKHQ :DOW\V:LUNHQDXI.3ODQHWZXUGHEUHLWHU5DXPJHZLGPHW'LHVH(SLVRGHZDULQ XQ]lKOLJH 8QWHUNDSLWHO HLQJHWHLOW XQG PDFKWH JXW GLH +lOIWH GHV JHVDPWHQ .ODFNWRGURP3URJUDPPV DXV 8QG GDV REZRKO GLH OHW]WHQ -DKUH VHLW :DOW\ HQGJOWLJ DXI GLHVH :HOW JH]RJHQ ZDU JDU QLFKW EHUFNVLFKWLJW ZDUHQ 6HLQ /HEHQVODXIHQGHWHLP.ODFNWRGURPLP-DKUHDOVRYRUIDVW]ZDQ]LJ-DKUHQ :DV GDQDFK SDVVLHUWH EHU :DOW\V XQHKUHQKDIWH (QWODVVXQJ DXV GHU 862 VHLQ /HEHQ LP 8QWHUJUXQG XQG VHLQH KHLPOLFKH 5FNNHKU QDFK .3ODQHW VHLQ XQJHZROOWHV :LUNHQ DOV JHIUFKWHWHU 3LUDW 7KRU 3HGR ELV 5RL 'DQWRQ LKQ VFKOLHOLFKKLHUIDQGXQGLQGLH2UJDQLVDWLRQGHU.RVPLVFKHQ)UHLKlQGOHUDXIQDKP EHU GLHVHQ LQWHUHVVDQWHQ XQG WXUEXOHQWHQ /HEHQVDEVFKQLWW JDE GDV .ODFNWRGURP NHLQHUOHL$XVNXQIW
'D PLU GDV VFKRQ YRUKHU EHNDQQW ZDU KDWWH LFK /RUUHP 5DOORU GDUDXI DQJHVSURFKHQ DEHU NHLQH NODUH $QWZRUW HUKDOWHQ (U KDWWH OHGLJOLFK HUNOlUW GD GLHVH/FNHVSlWHUJHIOOWZHUGHQZUGHZHQQVLFK:DOW\ODQGDOVGLH*ROGJUXEH HUZLHV DOV GLH PDQ HV NRQ]LSLHUW KDWWH ,FK IU PHLQHQ 7HLO KRIIWH QDWUOLFK VRZLHVRGDHVNHLQH)RUWVHW]XQJJDE$EHUGDVVWHKWDXIHLQHPDQGHUHQ%ODWW 'HU 6FKOX GHU ³/LYH6KRZ DXV GHP /HEHQ HLQHV JOFNOLFKHQ 0HQVFKHQ ZDU DEHUDXFKDXVHLQHPDQGHUHQ*UXQGXQEHIULHGLJHQGQlPOLFKZHLOGDV(QGHRIIHQ EOLHE PHKU QRFK HV JDE JDU NHLQ (QGH GDV *HVFKHKHQ ZLUNWH ZLH YRU GHP +|KHSXQNWDEJHVFKQLWWHQ 9LHOOHLFKWLVWPLUGDUXPGLHVHV6FKOXNDSLWHOVRJXWLP*HGlFKWQLVZHLOLFKPLFK EHU GHQ DEUXSWHQ 6FKQLWW VR lUJHUWH (V PDJ DEHU DXFK VHLQ GD LFK QXU HLQH VR JXWH(ULQQHUXQJGDUDQKDEHZHLOLFKHV]XOHW]WVDKRGHUDEHUGLHVHV(UOHEQLVZDU EHVRQGHUV LQWHQVLY :LH DXFK LPPHU REZRKO LFK PLU HWOLFKH .DSLWHO EHU :DOW\V :LUNHQ DXI .3ODQHW ]X *HPWH IKUWH ELQ LFK QXQ LQ GHU /DJH GLHVHV HLQH HLQLJHUPDHQDXVIKUOLFKQDFK]XHU]lKOHQ (LQH+RFKHEHQHDP5DQGGHU6WHSSHYRQ.3ODQHW $WODQKDWWHVLFKPLWDOOHQDXIGLHVHU:HOWVWDWLRQLHUWHQ8626SH]LDOLVWHQ]XHLQHU 7UDXHUIHLHU HLQJHIXQGHQ $XFK $QQHP\ 7UDSKXQWHU GDPDOV QRFK LP 5DQJ HLQHV 862/HXWQDQWVXQG:DOW\.ODFNWRQVHLQHV=HLFKHQVHZLJHU.RUSRUDOKDWWHQVLFK KLHUKHU EHJHEHQ 'D]X NDP GHU *DXFKRURERWHU %LOO\ WKH .LG GHU VLFK GDPDOV JHUDGH IU HLQHQ EHJQDGHWHQ 6lQJHU KLHOW XQG VLFK DQERW HLQ 5HTXLHP IU GLH JHIDOOHQHQ+HOGHQGHQHQGLH7UDXHUIHLHUJDOW]XVLQJHQ (LJHQWOLFKKlWWHHVVLFKJHQDXVRJXWXPHLQH6LHJHVIHLHUKDQGHOQN|QQHQGHQQHV ZDU GDQN :DOW\ .ODFNWRQ JHOXQJHQ HLQH JURH *HIDKU YRQ .3ODQHW XQG GHU JDQ]HQ0LOFKVWUDHDE]XZHQGHQ :LHVFKRQLQYHUVFKLHGHQHQDQGHUHQ.DSLWHOQHUZlKQWXQGGHXWOLFKHUGDUJHVWHOOW KDWWHQ VLFK DXI GLHVHU :HOW GLH 9HUWUHWHU YHUVFKLHGHQHU JDODNWLVFKHU 9|ONHU XQG 0DFKWEO|FNH HLQJHIXQGHQ XP VLFK JHJHQVHLWLJ 3URIHVVRU )XQJLV XQG :DOW\ .ODFNWRQV (UILQGXQJHQ DE]XMDJHQ XQG VLH IU NULHJHULVFKH =ZHFNH ]X PLEUDXFKHQ'D]XJHK|UWHQDXFKGLH$QWLVGLHXQWHULKUHP+RKHQ%DDORO$UPXQ 7HWHLQHQJHKHLPHQ6WW]SXQNWHUULFKWHWHQ'HQ$QWLVZDUHVJHOXQJHQJHJHQEHU GHQDQGHUHQ9RUWHLOH]XHUULQJHQXQGGLH0DFKWDXI.3ODQHWDQVLFK]XUHLHQ 'RFKEHYRUVLHVLH]XU8QWHUGUFNXQJDOOHUDQGHUHQ/HEHZHVHQHLQVHW]HQXQGLKUH +HUUVFKDIW DQWUHWHQ NRQQWHQ VRUJWHQ +HFWRU )XQJL XQG :DOW\ .ODFNWRQ GXUFK +LQWHUOHJXQJHLQHU%RPEHGDIUGDLKU6WW]SXQNWH[SORGLHUWH :DOW\ .ODFNWRQ KlWWH VLFK GDIU HLQHQ 2UGHQ XQG HLQH %HI|UGHUXQJ YHUGLHQW 'RFKGDHUQLFKWQXUHLQJOFNOLFKHUVRQGHUQDXFKVFKRQLPPHUHLQEHVFKHLGHQHU 0HQVFK ZDU DNWLYLHUWH HU VHLQ SDUDRULHQWLHUWHV 8QWHUEHZXWVHLQ GDPLW HV LKQ EHL $WODQXQEHOLHEWPDFKH(VVRUJWHGDIUGDGHU/RUGDGPLUDOGHU862HLQ*HWUlQN ]XVLFKQDKPGDV6SUDFKVW|UXQJHQYHUXUVDFKWH 6R NDP HV GD VLFK $WODQ ZlKUHQG GHU 7UDXHUIHLHUOLFKNHLW HLQH 5HLKH YRQ
9HUVSUHFKHUQ OHLVWHWH DOV GHUHQ 8UKHEHU HU QDWUOLFK :DOW\ .ODFNWRQ HUNDQQWH RKQHMHGRFKGLH8UVDFKHDXIVHLQHJUHQ]HQORVH%HVFKHLGHQKHLW]XUFN]XIKUHQ 1DFKGHP VLFK :DOW\ PLW %LOO\ WKH .LG LQIROJH HLQHV =XVDPPHQVWRHV DXI GHP VWDXELJHQ%RGHQJHZlO]WKDWWHZHOFKHV8QJHVFKLFNGHU+LSSRXQG:DOW\)DQDOV )UHXQGVFKDIWVULWXDOVHKHQNRQQWHYHUVXFKWH$WODQGLH2UGQXQJZLHGHUKHU]XVWHOOHQ =XGLHVHP=ZHFNZROOWHHUGLH8626SH]LDOLVWHQVWUDPPVWHKHQODVVHQ ³+DEW QHXQ ULHI HU DOVR $QQHP\ HUPDKQWH LKQ GLVNUHW GD HV ³DFKW KHLH ZRUDXIKLQ$WODQDXI³VLHEHQWLSSWH,QGHU)ROJHZROOWHHUGLH:DIIHQSUlVHQWLHUHQ ODVVHQ YHUWDXVFKWH GHQ JHEUlXFKOLFKHQ $XVGUXFN MHGRFK PLW HLQHU 5HLKH DQGHUHU lKQOLFKNOLQJHQGHUYRQ³SUlSDULHUHQELV³SURYR]LHUHQXQGHQGHWHVFKOLHOLFKEHL ³3LQJXLQXQG³3LQJ3RQJ1DPHQGLHGHP+LSSRYHUPXWOLFKQLFKWVVDJWHQGRFK GDUDXINDPHVQLFKWDQ $WODQV 9HUVSUHFKHU ZXUGHQ LPPHU XQYHUVWlQGOLFKHU XQG VHLQ =RUQ VWLHJ LP JOHLFKHQ0DXQGZHQGHWHVLFKYHUVWlUNWGHPLQV$XJHJHIDWHQ6QGHQERFN]X :DOW\.ODFNWRQ 'LH6LWXDWLRQHVNDOLHUWHHQGJOWLJDOV$WODQ:DOW\GLH'HJUDGLHUXQJDQGURKWHXQG VWDWW GHVVHQ YRQ ³GHIORULHUHQ GHPRQWLHUHQ GHK\GULHUHQ GHOHNWLHUHQ GHSRUWLHUHQ GHVHUWLHUHQXQGOHW]WOLFKVRJDUYRQ³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lKOHQ RGHU GDV .ODFNWRGURP PLW GLHVHU *HVFKLFKWH ]X VSHLFKHUQ ,UJHQG HWZDV VWLPPWH GD QLFKW ,FKZDUVRLQ*HGDQNHQYHUVXQNHQGDLFKQLFKWJOHLFKYHUVWDQGZDV-HOOR]XPLU VDJWH DOV LFK DQ LKP YRUEHLJLQJ $EHU DOOPlKOLFK GUDQJHQ PLU VHLQH :RUWH LQV %HZXWVHLQXQGLFKQDKPGLH%HLQHLQGLH+DQGXQGUDQQWHVRVFKQHOOLFKNRQQWH -HOORKDWWHPLUQlPOLFKYHUUDWHQGDLQHLQHUKDOEHQ6WXQGHGHU7'7%XVPLWGHQ 7RXULVWHQHLQWUHIIHQZUGH $OV LFK DXI GLH )DUP NDP VD :DOW\ VFKRQ KRFK ]X 5R XQG ZDU YRQ HLQHP 'XW]HQGEHULWWHQHU*DXFKRURERWHUXPULQJW ³,FKKlWWHNHLQH6HNXQGHOlQJHUJHZDUWHWVFKDOWPLFK:DOW\ ,FKVFKZDQJPLFKDXIGDVEHUHLWVWHKHQGH3IHUGXQGZLUULWWHQORV ,FK QHQQH PLFK *DIIHO ZHLO HV VR 6LWWH JHZRUGHQ LVW VLFK 1DPHQ ]X]XOHJHQ ,FK KDEH HLQHQ *HLVW XQG HLQHQ .|USHU DEHU ELV YRU NXU]HP KDWWH LFK EHLGHV QLFKW
JHEUDXFKW :LH DOOH PHLQH DQGHUHQ $UWJHQRVVHQ DXFK 0DQ NDQQ VDJHQ GD ZLU GDKLQYHJHWLHUWHQELV:DOW\.ODFNWRQ]XXQVNDP.ODFN.ODFNKDWXQVHUVWJH]HLJW ZDV /HEHQ LVW (U KDW XQV YRU $XJHQ JHKDOWHQ ZHOFK HUElUPOLFKHV 'DVHLQ ZLU HLJHQWOLFKIKUWHQ :LU KDWWHQ NHLQH $KQXQJ GDYRQ GHQQ ZLU EHVDHQ NHLQH 9HUJOHLFKVP|JOLFKNHLWHQ :LU ZDUHQ LQ HLQHP HQJHQ .RQWLQXXP HLQJHVFKORVVHQ 9RQGHQ:HLWHQGHV8QLYHUVXPVXQGGHU9LHO]DKOGHU8QLYHUVHQKDWWHQZLUNHLQH $KQXQJ ,Q XQVHUHQ HQJ JHVWHFNWHQ *UHQ]HQ KDWWHQ ZLU DOOHV HUUHLFKW ZDV HV ]X HUUHLFKHQJDE8QGDOVZLUDQGHU*UHQ]HXQVHUHU:HOWDQJHODQJWZDUHQXQGQLFKW ZHLWHUYRUGULQJHQNRQQWHQNHKUWHQZLUXQVQDFKLQQHQ:LUHUIRUVFKWHQXQVVHOEVW ELV ]X XQVHUHP LQQHUVWHQ .HUQ XQG DOV ZLU DXFK GLHVH *HKHLPQLVVH HQWUlWVHOW KDWWHQEOLHEXQVHLJHQWOLFKQLFKWVPHKU]XWXQ(VIKUWHNHLQ:HJPHKUYRUZlUWV XQGGDPLWWDWHQZLUGHQHUVWHQ6FKULWW]XUFN :LUGHJHQHULHUWHQ 'DV VHKHQ ZLU DEHU HUVW VHLW .ODFN.ODFNV $XIWDXFKHQ VR GHQQ HU ZDU HLQ %H]XJVSXQNW IU XQV GHQ ZLU IUKHU YHUPLWHQ 9RQ LKP HUIXKUHQ ZLU HUVW ZLH YLHOIlOWLJGDV/HEHQLVWZLHZHLWGHU5DXPXQGZLHH[]HQWULVFKGLH=HLW'DVDOOHV ZDUXQVQHXVRZLH:DOW\VHOEVW (V KHLW GD ZLU HLQVW GHQ K|FKVWHQ *LSIHO GHU (UNHQQWQLV HUUHLFKW KDWWHQ GRFK :DOW\KLHOWXQVYRU$XJHQZLHHQJXQVHU+RUL]RQWJHZHVHQZDU:LUQDKPHQXQV HLQ%HLVSLHODQLKPXQGHLIHUWHQLKPQDFK:LUJHEUDXFKWHQZLHGHUXQVHUH.|USHU XQG XQVHUH 6LQQH :LU OHUQWHQ VHLQH 6SUDFKH XQG VRJHQ VHLQ :LVVHQ EHU GDV 8QLYHUVXPXQGGHVVHQ/HEHQVYLHOIDOWLQXQVDXI :DOW\ZDUIUXQVHLQ*RWW(UUlXPWHGXUFKVHLQ(UVFKHLQHQJUQGOLFKPLWXQVHUHU LFKEH]RJHQHQ 7UDGLWLRQ DXI XQG ]HUVW|UWH GDV 'RJPD GD MHGHU VHLQ HLJHQHV 8QLYHUVXP VHL 6HLQH 6LWWHQ XQG *HEUlXFKH ZXUGHQ DXFK GLH XQVHUHQ ³%ORYD EORYDZLHZLUGDPDOVVDJWHQ:LUJDEHQXQV1DPHQ/RUHELU/DUKXODUZXUGH]X XQVHUHP2EHUKDXSWGHQQHUHUIDWHGLH&KDQFHGLHVLFKXQVXQVHUHP9RONERW DOVHUVWHU,FKHULQQHUHPLFKQRFKJXWVHLQHUHUVWHQ:RUWHGLHHULQGHU/6SUDFKH DQXQVULFKWHWH ³:LO PVVHQ XQV DXI .ODFN.ODFNV 6WXIH EHJHEHQ XP YRQ GROW QHXH +|KHQ ]X HONOLPPHQ:DOW\LVWDXVHLQHODQGHOHQ'LPHQVLRQ]XXQVJHNRPPHQDOVRPVVHQ ZLOXQVVHLQHO0|JOLFKNHLWHQEHGLHQHQXPXQVHO.RQWLQXXPYHOODVVHQ]XN|QQHQ :DOW\LVWXQVHO9ROELOG :LUHLIHUWHQ.ODFN.ODFNVRQDFKGDZLULKPDXFKlXHUOLFKlKQOLFKZXUGHQ 'LH 7UDQV 'LPHQVLRQV 7RXUV ZXUGH JHJUQGHW GHUHQ 6WDWXWHQ JOHLFK]HLWLJ ]X XQVHUHP*HVHW]ZXUGHQ'LH*HVHOOVFKDIWHUGHU7'7SUlJWHQXQVHUH*HVHOOVFKDIW :LU GLH ZLU XQV ELV MHW]W QXU GHQ PHGLDOHQ 'LQJHQ JHZLGPHW KDWWHQ QXU IU XQV VHOEVWOHEWHQMHGHUHLQHLJHQHV8QLYHUVXPIUVLFKWUDWHQPLWHLQDQGHULQ:HWWVWUHLW 'HU %HJULII *OFN ZXUGH IU XQV ]XP =DXEHUZRUW XQG ZLU VWUHEWHQ QXU QRFK GDQDFKZHLOZLUXQVHUH/DJHDOV8QJOFNHUNDQQWHQVHLW:DOW\XQVHLQHQ6SLHJHO
YRU$XJHQJHKDOWHQKDWWH:LUEHJDQQHQDOVRGHP*OFNQDFK]XMDJHQRKQHHVMH HUKDVFKHQ]XN|QQHQ$EHUGDVVSRUQWHXQVQRFKPHKUDQXQGXQVHUH-DJGZXUGH LPPHUZLOGHU ³'DV *OFN LVW HLQ 9RJHO VDJWH .ODFN.ODFN XQG HU ULHW XQV QLH DXI]XK|UHQ LKP QDFK]XMDJHQ ZLHZRKO HV XQV QLH JHOLQJHQ ZUGH LKQ HLQ]XIDQJHQ 'DV ZDU GHU0RWRUGHUXQVYRQQXQDQDQWULHEXQGXQV]XLPPHUQHXHQ(UNHQQWQLVVHQWULHE :LU HUIRUVFKWHQ GDV ZLUNOLFK 8QEHNDQQWH 8QVHUH *HVHOOVFKDIWVVWUXNWXU ZXUGH LPPHU GLIIL]LOHU HV YHUJLQJ NHLQ 0RPHQW RKQH QHXH (UUXQJHQVFKDIWHQ DXI VR]LRORJLVFKHP NXOWXUHOOHP ZLUWVFKDIWOLFKHP RGHU ZLVVHQVFKDIWOLFKHP *HELHW :DOW\ JDE GD]X GHQ $QVWR XQG KDW GDPLW HLQH /DZLQH DXVJHO|VW (U KDW GHQ )XQNHQ GHV 1HXHQ HQW]QGHW XQG GDPLW HLQH )ODPPH LQ XQV HQWIDFKW GLH XQV I|UPOLFK YHU]HKUWH 'HQQ QXQ HUNDQQWHQ ZLU HUVW ZLUNOLFK ZDV HLJHQWOLFK LQ XQV VWHFNWH $EHUJHQXJGHU*HPHLQSOlW]H =LHOGHU7'7ZDUHVGHQDSDWKLVFKHQXQJOFNOLFKHQ+RUVHURGHU+LSSRXQVZDU MHGH GLHVHU %H]HLFKQXQJHQ UHFKW GHQQ ELV GDKLQ ZDUHQ ZLU QDPHQORV JHZHVHQ GD]X ]X YHUDQODVVHQ GHQ :HJ LQV .ODFNWRQ8QLYHUVXP ]X QHKPHQ GDPLW HU GRUW ZDKUHV /HEHQVJOFN HUIDKUH $EHU QLFKW DOOH +LSSRV KLHHQ GLHV JXW GLH PHLVWHQ ZDUHQ VFKRQ ]X LFKEH]RJHQ XP HWZDV DQGHUHV DOV VLFK VHOEVW ]X DN]HSWLHUHQ 6LH EHVFKXOGLJWHQ /RUHELU /DUKXODU GHU *OHLFKPDFKHUHL XQWHUVFKREHQ LKP GLH ,QGLYLGXDOLWlW XQWHUJUDEHQ ]X ZROOHQ 6LH JLQJHQ LQ 2SSRVLWLRQ XQG WUDWHQ VR XQJHZROOWLQGHQDOOJHPHLQHQ:HWWVWUHLWPLWHLQ $OV GLH 7'7 HQGOLFK VRZHLW ZDU GLH %DUULHUH LQV .ODFNWRQ8QLYHUVXP EHUZLQGHQ ]X N|QQHQ ZDU GHU .ODFNWDOHU GHU LP 6RJH GHV VLFK HQWZLFNHOQGHQ /HLVWXQJVSULQ]LSVHLQJHIKUWZXUGHEHUHLWVHLQHKDUWH:lKUXQJ8QGDOVGLHHUVWHQ 7'7$QJHVWHOOWHQ GXUFK GDV :DOW\7RU JLQJHQ GDV GDPDOV QRFK HLQ SRUWDOORVHU 6FKZDU]KHUPDQQ JHZHVHQ ZDU XP :DOW\ODQG ]X HUEDXHQ ZXUGH GDV $QVHKHQ HLQHV+LSSRVDQVHLQHP.ODFNWDOHU.RQWRJHPHVVHQ ,FKNDQQPLFKDOVUHFKWZRKOKDEHQGEH]HLFKQHQGHQQLFKJHK|UH]XGHQ+LSSRV GHUHUVWHQ6WXQGHXQGELQHLQHUGHUHUVWHQ:DOW\)DQV,FKKDEHYLHOH0HGLWDWLRQV )UHXQGHDQJHZRUEHQDEHULP9HUJOHLFK]XPLUVLQGVLHDUPH6FKOXFNHU1DFKGHU HUVWHQ :lKUXQJVUHIRUP EHL GHU MHGHP +LSSR .ODFNWDOHU ]XJHVSURFKHQ ZXUGHQKDWVLFKLKUHILQDQ]LHOOH/DJHVRZHLWJHEHVVHUWGDVLHVLFKMHGHU]HLWHLQHQ 7ULS QDFK :DOW\ODQG OHLVWHQ N|QQWHQ 0DQFKH ]|JHUQ DEHU QRFK 1XQ GLH 7'7 :HUEXQJ ZLUG DXFK VLH QRFK ZHLFKNULHJHQ :LH JHVDJW LFK ELQ ZRKOKDEHQG XQG KDEHIUGHQ5HVWPHLQHV/HEHQVDXVJHVRUJW,FKN|QQWHHVPLUOHLVWHQIULPPHU LQ:DOW\ODQG]XOHEHQXQGKDEHGDVDXFKYRU :DOW\ODQGLVWIUPLFKGLH(UIOOXQJGDV3DUDGLHVGHU+LPPHO*LEWHVGDQRFK HLQH 6WHLJHUXQJ GLH LFK QLFKW NHQQH" :HQQ HV VLH JLEW GDQQ VHL VLH GLH ULFKWLJH %H]HLFKQXQJIU:DOW\ODQG ,FKZDUVFKRQEHLPHUVWHQ7RXULVWHQ7UDQVSRUWGDEHLXQGZDUYRQGLHVHP7ULSZLH
EHUDXVFKW ,FK PX DEHU ]XJHEHQ GD LFK GXUFK GDV JHEDOOWH (UOHEQLV3DNHW HLQ ZHQLJ EHUIRUGHUW ZDU XQG JHUQH IU HLQH 9HUVFKQDXISDXVH LQ PHLQ +LSSR .RQWLQXXP]XUFNNHKUWH$EHUDOVGDQQGHUQlFKVWH7'7%XVVWDUWHWHNRQQWHLFK HVNDXPHUZDUWHQZLHGHUQDFK:DOW\ODQG]XNRPPHQ,FKZDUVFKWLJJHZRUGHQ 8QG JHQDX VR HUJLQJ HV DOOHQ DQGHUHQ 7RXULVWHQ 'XUFK XQVHUH 0XQGSURSDJDQGD QHXJLHULJJHZRUGHQIDQGHQVLFKKDXIHQZHLVHQHXH,QWHUHVVHQWHQ2EZRKO7'7GLH .DSD]LWlW YHUIQIIDFKW KDWWH NRQQWHQ QXU GUHL 3UR]HQW GHU $QPHOGXQJHQ HUOHGLJW ZHUGHQ :LU ZDUHQ IQIKXQGHUW 7RXULVWHQ LQ HLQHP 'RSSHOGHFNHU%XV YRQ GHQHQ GLH PHLVWHQ NHLQH UHFKWH 9RUVWHOOXQJ GDYRQ KDWWHQ ZDV VLH HUZDUWHWH $EHU VHOEVW IU XQVDOWH+DVHQGLHZLUGHQ7ULSVFKRQ]XP]ZHLWHQPDOPDFKWHQJDEHVJOHLFKEHL GHU $QNXQIW HLQLJH hEHUUDVFKXQJHQ =XP *OFN KDWWHQ ZLU LQ %LOO\ 1HFNDUPDQQ HLQHQNXQGLJHQ)KUHUVRGDZLUIUDOOHVHLQH(UNOlUXQJEHNDPHQZDVXPXQV XQGPLWXQVSDVVLHUWH .DXP YHUOLH GHU %XV GDV :DOW\7RU LQ 5LFKWXQJ .3ODQHW DOV HU DXFK VFKRQ JHVWRSSW ZXUGH $XI GHU KHOOHQ %XVWUDVVH GHUHQ URVDIDUEHQH 6SUHQNHOXQJ HLQH EHUXKLJHQGH:LUNXQJDXIGHQ+LSSRKDWXQGOlQJVWEUDFKOLHJHQGH*HKLUQUHJLRQHQ UHL]WWUPWHVLFKHLQH$QKlXIXQJYRQ)HOVEURFNHQGLHYRQ%LOO\1HFNDUPDQQDOV %HJUXQJVKHUPDQQEH]HLFKQHWZXUGH ³:LH QHWW YRQ LKP lXHUWH VLFK PHLQ 0HGLWDWLRQVSDUWQHU .LIIHO GHU QHEHQ PLU VD,FKNRQQWHLKPQXU]XVWLPPHQ /RUHELU /DUKXODU GHU GHQ %XV VWHXHUWH ZDU DEHU ZHQLJHU DQJHWDQ GHQQ HU KDWWH HLQLJH 0KH GLH *DUQLWXU XP GHQ %HJUXQJVKHUPDQQ KHUXP]XOHQNHQ .DXP KDWWH HU GDV +LQGHUQLV XPIDKUHQ WUPWH VLFK HLQ QRFK JU|HUHU %HUJ DXV )HOVEURFNHQYRUXQVDXI'HU%XVNDP]XP6WLOOVWDQG :lKUHQG/RUHELU/DUKXODUGDUEHULQIDVWHNVWDWLVFKH(UUHJXQJJHULHWIUZHOFKH *HIKOVDXIZDOOXQJLFKLKQEHQHLGHWHIRUGHUWH%LOO\XQVDXIGHQ%XV]XYHUODVVHQ XQGGLHVHV]ZHLWH0RQXPHQWDE]XWUDJHQ6HLQH%HJUQGXQJ ³.ODFN.ODFN ZlUH ]XWLHIVW EHOHLGLJW ZUGHQ ZLU DXFK GLHVHQ ]ZHLWHQ %HJUXQJVKHUPDQQ LJQRULHUHQ (U HUZDUWHW YRQ GHP JOFNVXFKHQGHQ +LSSR GD HU VHLQHP :HUN GDV HU LP 6FKZHL VHLQHV $QJHVLFKWV HUULFKWHW KDW GLH Q|WLJH $XIPHUNVDPNHLW VFKHQNW ,KU N|QQW GLH 6WHLQH DOV 6RXYHQLUV PLWQHKPHQ 9RU GHU +HLPUHLVH HUIROJW GDQQ GLH $EZlJH :LU YHUUHFKQHQ QDFK *HZLFKW 3UR 3IXQG PDFKWGDVHLQHQ.ODFNWDOHU 'LH +LSSRV VWUPWHQ GHQ %HJUXQJVKHUPDQQ XQG UDXIWHQ VLFK I|UPOLFK XP GLH )HOVEURFNHQ 'DEHL VHW]WHQ VLH LKUH %UVWHQ VR XQJHVWP HLQ GD GLH PHLVWHQ )HOVHQ I|UPOLFK ]HUEU|VHOWHQ .LIIHO XQG LFK EHNDPHQ MHGHU QXU HLQHQ HWZD IDXVWJURHQ %URFNHQ DE DEHU HLQLJH 7RXULVWHQ NDPHQ PLW WRQQHQVFKZHUHQ )HOVHQ ]XUFN GLH GLH 7UDQVSRUWNDSD]LWlW LKUHU %UVWHQ IDVW EHUVFKULWW $OV GHU %HJUXQJVKHUPDQQ ELV DXI GHQ OHW]WHQ )HOVVSOLWWHU ZHJJHUlXPW ZDU XQG ZLU XQVHUH)DKUWIRUWVHW]WHQlFK]WHGHU%XVJDQ]VFK|QXQWHUGHU%HODVWXQJ
.LIIHOZDUHQWWlXVFKWGDHUQXUHLQVRNOHLQHV6RXYHQLUHUJDWWHUWKDWWHDEHULFK WU|VWHWH LKQ GDPLW GD HU VHLQH .ODFNWDOHU VFKRQ QRFK ORVZHUGHQ ZUGH :LU IXKUHQ YRUEHL DQ YHUHLQ]HOWHQ $QVLHGOXQJHQ ZR EUDYH .ODFNWRQHU DQ GHU $UEHLW ZDUHQ%LOO\HUNOlUWHXQVEHUGHQ/|IIHOZDVVLHWDWHQXQGGDLFKGDVDOOHVVFKRQ HLQPDOJHK|UWKDWWHNRQQWHLFK.LIIHOHLQSDDU,QVLGHU,QIRUPDWLRQHQJHEHQ ³,FK P|FKWH 6RXYHQLUV NDXIHQ YHUODQJWH HU DEHU LFK PXWH LKQ ELV :DOW\ODQG RGHU+HUPDQQVYLOOHYHUWU|VWHQ :LU ZDUHQ QRFK QLFKW ODQJH XQWHUZHJV DOV VLFK DXV 5LFKWXQJ :DOW\ODQG HLQH *UXSSH YRQ 5HLWHUQ QlKHUWH ³:DOW\ NRPPW K|FKVWSHUV|QOLFK ]X XQVHUHU %HJUXQJ YHUNQGHWH %LOO\ 6RIRUW JLQJ HLQ 5DXQHQ GXUFK GLH 7RXULVWHQVFKDU DOOH.|SIHUHFNWHQVLFK :DOW\ NDP DQ GHU 6SLW]H YRQ HLQHP 'XW]HQG *DXFKRURERWHUQ JHULWWHQ ZLH DXFK %LOO\HLQHUZDU$OVLFKDQ:DOW\V6HLWHVHLQHUHFKWH+DQG*HUDOG³*HUU\6KDUS HQWGHFNWHZLQNWHLFKLKPXQGULHI³,FKELQZLHGHUJHNRPPHQZLHYHUVSURFKHQ $EHU *HUU\ VFKLHQ PLFK QLFKW ]X HUNHQQHQ ZDV YHU]HLKOLFK LVW GHQQ XQWHU GHQ 7RXULVWHQ EUDFK VROFKHU -XEHO DXV DOOH ZLQNWHQ XQG DSSODXGLHUWHQ GD PHLQH %HJUXQJVJHVWHXQWHUJLQJ :DOW\XQGVHLQ*HIROJHULWWHQXPGHQIDKUHQGHQ%XVKHUXP'LH*DXFKRURERWHU VFKZDQJHQGDEHL]X6FKOLQJHQJHNQRWHWH6HLOHEHUGHQ.|SIHQGLHZLHXQV%LOO\ HLIULJ HUNOlUWH ³/DVVR KLHHQ XQG EOLFKHUZHLVH GD]X GLHQWHQ ZLOGH 3IHUGH HLQ]XIDQJHQ ³,FK IUFKWH lXHUWH VLFK %LOO\ VFKHLQEDU EHVRUJW ]X /RUHELU /DUKXODU DEHU ZLU K|UWHQHVEHUXQVHUH/|IIHOJHUlWHPLW³GD:DOW\HLQSULPLWLYHV5LWXDOYROO]LHKHQ ZLOO 'LH /DVVRV N|QQHQ QXU GD]X GLHQHQ DQ XQVHUHP %XV GHQ .DPSI JHJHQ GHQ 'UDFKHQ]XGHPRQVWULHUHQ ³-HW]WZLUGHVLQWHUHVVDQWUDXQWHLFK.LIIHO]X :lKUHQG .ODFNWRQ DXI VHLQHP 3IHUG XP GHQ %XV SUHVFKWH VWLH HU IXUFKWEDUH 9HUZQVFKXQJHQDXVXQGPDFKWHGURKHQGH*HElUGHQ%LOO\NOlUWHXQVGDUEHUDXI GDGLHVHDOOHVDPWGHP'UDFKHQJDOWHQ(VZDUHLQHHLQGUXFNVYROOH6FKDXXQGZLU VSHQGHWHQ$SSODXV $EHU GHU +|KHSXQNW NDP HUVW DOV GLH *DXFKRURERWHULKUH/DVVRVHLQVHW]WHQ6LH VFKODQJHQ VLFK XP GLH *DOLRQVILJXU GLH :DOW\ GDUVWHOOWH VSDQQWHQ VLFK ELV GLH 9HUNOHLGXQJ NQLUVFKHQG EDUVW XQG LQ %UFKH JLQJ :HLWHUH /DVVRVFKOLQJHQ KDWWHQ VLFK XP GLH %XVDXIEDXWHQ JHOHJW 'LH *DXFKRURERWHU VSDQQWHQ VLH XQG ]HUUWHQ VRODQJH GDUDQ ELV DXFK VLH QDFKJDEHQ ,KU IU|KOLFKHV WULXPSKLHUHQGHV ³
'LH*DXFKRURERWHUVWHOOWHQGLH$WWDFNHQJHJHQGHQ'UDFKHQHUVWHLQDOVYRQGHP %XV QXU QRFK GDV QDFNWH *HULSSH DXI GHQ -HW%UHWWHUQ EULJ ZDU :DOW\ DEHU ZHWWHUWH LPPHU QRFK XQG VWLH ZHLWHUKLQ 'URKXQJHQ JHJHQ GHQ OlQJVW EHVLHJWHQ 'UDFKHQDXV ³'HU :HJ QDFK :DOW\ODQG IKUW QXU EHU PHLQH /HLFKH ULHI HU 'D GLHVH 5HGHZHQGXQJVHOEVWPLUQHXZDUHUNXQGLJWHLFKPLFKEHL%LOO\ZDV:DOW\GDPLW DXVGUFNHQZROOH ³,FK JODXEH :DOW\ P|FKWH XQV UDWHQ ]XHUVW +HUPDQQVYLOOH DXI]XVXFKHQ VDJWH %LOO\ ³'LHVHQ JXWJHPHLQWHQ 5DWVFKODJ VROOWHQ ZLU EHIROJHQ %HLP HUVWHQ 7ULS YHUWU|GHOWHQ ZLU LQ :DOW\ODQG RKQHKLQ VR YLHO =HLW GD ZLU YRQ +HUPDQQVYLOOH SUDNWLVFKQLFKWVPHKU]XVHKHQEHNDPHQ ,FKNRQQWHGHPQXUEHLSIOLFKWHQXQGVWLPPWHHLQHQ6SUHFKFKRUDQLQGHQEDOGDOOH 7RXULVWHQ PLW HLQILHOHQ ³:LU ZROOHQ QDFK +HUPDQQVYLOOH :LU ZROOHQ QDFK +HUPDQQVYLOOH /RUHELU /DUKXODU EHXJWH VLFK XQVHUHP :LOOHQ 'HU %XV RGHU GDV ZDV YRQ LKP EULJJHEOLHEHQ ZDU ZHQGHWH XQG IXKU LQ GLH DQGHUH 5LFKWXQJ :DOW\ XQG VHLQH %HJOHLWHUEOLFNWHQXQVVRODQJHQDFKELVZLUDP:DOW\7RUYRUEHLJHIDKUHQZDUHQ 'DQQ HUVW VHW]WHQ VLH VLFK PLW ZLOGHP *HKHXO LQ %HZHJXQJ XQG QDKPHQ GLH 9HUIROJXQJZLHGHUDXI ³=XUFN =XUFN VFKULH XQV :DOW\ ]X ZlKUHQG HU QHEHQ GHP =XJ HLQKHUULWW 8QZHLW KLQWHU LKP ULWW *HUU\ ,FK ZLQNWH LKP ]X DEHU HU ZDU VR LQWHQVLY GDPLW EHVFKlIWLJW GDV *OFN DXI GHP 5FNHQ VHLQHV 3IHUGHV ]X JHQLHHQ GD HU PLFK QLFKWEHPHUNWH'DVHULQQHUWHPLFKGDUDQGDLFKPLUYRUJHQRPPHQKDWWHGLHVPDO %LOO\IUHLQ+LSSRYHUJQJXQJVXQGILWUHLWHQ]XPLHWHQ,FKPHOGHWHPLFKEHUGHQ /|IIHOEHLLKPDQGRFKHUUHDJLHUWHQLFKWGDUDXI ,FK VDK GD :DOW\ GLH 6SLW]H GHU %XVJDUQLWXU HUUHLFKW KDWWH ³6HKW GDV .XQVWVWFN ,VW HV QLFKW IQI ([WUD.ODFNWDOHU ZHUW" ULHI %LOO\ DOV :DOW\ YRP 5FNHQ VHLQHV 3IHUGHV ]X /RUHELU /DUKXODU DXI GLH =XJPDVFKLQH VSUDQJ 6LH JHVWLNXOLHUWHQ EHLGH PLW $UPHQ XQG %HLQHQ XQG YHUVLFKHUWHQ VLFK JHJHQVHLWJHU +RFKDFKWXQJLQGHPVLHVLFKGXUFKXQJHZ|KQOLFKH:RUWUK\WKPHQ]XEHUVWLPPHQ YHUVXFKWHQ %LOO\ QDQQWH HV ³GDV +RKHOLHG GHU *DVWIUHXQGVFKDIW LP 'XHWW XQG EH]HLFKQHWHHVDOV³7DQ]DOVGLHEHLGHQHLQDQGHUXPDUPWHQXQGPLWHLQDQGHUDXI GHPQDFNWHQ*HVWHOOGHU=XJPDVFKLQHEDODQFLHUWHQ,FKVSHLFKHUWHDOOHVLQPHLQHP /|IIHOXPGDV5LWXDOVSlWHUPLWPHLQHP)UHXQG.LIIHOQDFKYROO]LHKHQ]XN|QQHQ :DOW\EHKLHOWEHLGLHVHP7DQ]GLH2EHUKDQGXQGZlKUHQGVLFK%LOO\XP/RUHELU /DUKXODU NPPHUWH VWU]WH VLFK :DOW\ PLW XQQDFKDKPOLFKHP )HXHUHLIHU DXI GLH %HGLHQXQJVLQVWUXPHQWHGHV%XVVHV'DGXUFKZXUGHGLH)DKUWIUXQV]XP(UOHEQLV 'HQQ :DOW\ EHVFKOHXQLJWH GLH *DUQLWXU SO|W]OLFK QXU XP VLH GDQQ DEUXSW DE]XEUHPVHQ XQG UXFNDUWLJ XQG LQ 6FKODQJHQEHZHJXQJHQ IRUW]XEHZHJHQ :LU ZXUGHQGHUPDHQGXUFKJHVFKWWHOWGDZLUEDOGQLFKWPHKUZXWHQZRYRUQHXQG
KLQWHQ ZDU ,FK ZDU EHJHLVWHUW .LIIHO ZHQLJHU (U ZLUNWH DEZHLVHQG XQG Y|OOLJ LQ VLFKJHNHKUWHLQ8QLYHUVXPIUVLFK'DHUNDQQWHLFKGDHUHLQKRIIQXQJVORVHU 7UDGLWLRQDOLVWZDU )U PLFK DEHU GDXHUWH GLH )DKUW QDFK +HUPDQQVYLOOH YLHO ]X NXU] XQG LFK EHGDXHUWH HV GD XQV HLQ PlFKWLJHV =XFNHUKXW+RWHO LP :HJ VWDQG GDV XQVHUH )DKUWEUHPVWH ³$OOHVDXVVWHLJHQYHUNQGHWH%LOO\QDFKGHPHU/RUHELU/DUKXODUZDFKJHEUVWHW XQGLKPDXIGLH%HLQHJHKROIHQKDWWHXQGHUJDEXQVGHQ1DFKPLWWDJIUHLIUHLQHQ %XPPHOGXUFK+HUPDQQVYLOOH ³+DOWHWHLQ+DOWHWHLQULHI:DOW\XQGEDXWHVLFKYRUXQVDXI(UEHNDPVROFKHQ $SSODXV GD VHLQH IROJHQGH 5HGH XQWHUJLQJ $EHU VHLQH KHNWLVFKHQ *HVWHQ VSUDFKHQ IU VLFK XQG GLH 7RXULVWHQ GHXWHWHQ VLH DXFK ULFKWLJ XQG VWHOOWHQ VLFK RUGHQWOLFKLQ5HLKXQG*OLHGDXIXPVLFKPDOPLWLKPLP7DQ]LP.UHLVHGUHKHQ ]XGUIHQ:DOW\JDEVHLQ%HVWHVXQGZLUEHOWHHLQHQ7RXULVWHQQDFKGHPDQGHUHQ GXUFKGLH/XIW$EHUGHU$QGUDQJZDUVRJURGDHUHVDOOHLQQLFKWVFKDIIWHXQG GDKHU*HUU\XQGVHLQH*DXFKRV]XU8QWHUVWW]XQJULHI .LIIHO ]RJ PLFK DXV GHP *HGUlQJH XQG lXHUWH GHQ :XQVFK HQGOLFK 6RXYHQLUV HUVWHKHQ]XZROOHQ,FKOLHLKPVHLQHQ:LOOHQXQGPDFKWHPLFKPLWLKPDXIHLQHQ (LQNDXIVEXPPHO 1XQ ZDU .LIIHO LQ VHLQHP (OHPHQW XQG VHLQH .DXIZXW VWHFNWH PLFK DQ :HQQ HV QDFK LKP JHJDQJHQ ZlUH KlWWHQ ZLU DOOHV (UUHLFKEDUH ]XVDPPHQJHNDXIWMHGHV+DXVGDVLKPLQGLH$XJHQVWDFKNRPSOHWWH+lXVHU]HLOHQ XQG 6WUDHQ]JH JDQ]H 6WDGWYLHUWHO +HUPDQQVYLOOH HQ EORF PLWVDPW :DOW\ODQG XQG DOOHQ $QODJHQ GHU 7'7 GHQ JDQ]HQ 3ODQHWHQ .LIIHO KDWWH NHLQH %H]LHKXQJ ]XP.ODFNWDOHU,FKYHUVXFKWHLKPGHQ:HUWGHV*HOGHV]XHUNOlUHQ ³6LHKPDO.LIIHOVDJWHLFK³GXKDVW]HKQWDXVHQG.ODFNWDOHUDXIGHP.RQWRXQG NDQQVWQLFKWPHKUDXVJHEHQ ³:LOOLFKDXFKQLFKWVDJWHHU]XUPLUXQGZDQGWHVLFKDQGHQ%URYDKLQWHUGHP 0DUNWVWDQG ³,FK ]DKOH ]HKQWDXVHQG .ODFNWDOHU IU GLHVHV 8QLYHUVXP *LOW GDV *HVFKlIW" 'HU %URYD PDFKWH HLQ +LSSRJHVLFKW XQG GHXWHWH PLW VHLQHQ 3UDQNHQ DXI GLH DXVJHEUHLWHWHQ:DUHQ ³,FK KDEH NHLQHQ VROFKHQ +HUPDQQ VDJWH HU EHGDXHUQG ³,FK YHUNDXIH QXU 7URSHQKHOPH'DV6WFNIUGUHLLJ.ODFNWDOHU ³'DV LVW ZRKOIHLO VDJWH .LIIHO EHUUDVFKW ³'D EHNRPPH LFK IU PHLQ *HOG MD PHKU DOV QXU HLQHQ :LH YLHOH 7URSHQKHOPH JLEVW GX PLU IU ]HKQWDXVHQG .ODFNWDOHU" ³,FKZHLQLFKWVDJWHGHU%URYD ³$EHU .LIIHO ZDV ZLOOVW GX PLW GUHLKXQGHUWGUHLXQGGUHLLJ XQG HLQHP 'ULWWHO 7URSHQKHOPHQ"IUDJWHLFKLKQ ³6LQGGDVQLFKWJHQXJ"IUDJWH.LIIHOHUVWDXQW ³'RFKYHUPXWOLFKVFKRQVDJWHLFK³$EHUZDVZLOOVWGXGDPLWPDFKHQ"
³%HVLW]HQVDJWH.LIIHO³'UHLKXQGHUWGUHLXQGGUHLLJXQGHLQ'ULWWHO6WFNGDVLVW HLQH EHDFKWOLFKH =DKO (LQ VFK|QHU %HVLW] 'D PX LFK GRFK ]XJUHLIHQ ZHQQ LFK YRQZDVDQGHUHPXPGLHVHQ3UHLVQXUHLQ6WFNEHNRPPH ³:HQQ GX VR GHQNVW GDQQ PXW GX GLU DXFK EHUOHJHQ GD GX IU GUHLKXQGHUWGUHLXQGGUHLLJ LPPHUKLQ ]HKQWDXVHQG JLEVW QlPOLFK .ODFNWDOHU VDJWHLFK³8QGGDVLHKWGLH6DFKHVFKRQDQGHUVDXV ³'X KDVW UHFKW VWLPPWH PLU .LIIHO ]X ³(LQV JHJHQ HLQV ZlUH JHUHFKWHU (LQYHUVWDQGHQ+lQGOHU" 'HU SHUSOH[H %URYD JLQJ DXI GHQ +DQGHO HLQ EHNDP HLQHQ .ODFNWDOHU JXWJHVFKULHEHQ GHQ HU EHL GHU 7'7 HLQO|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lFKVWHPDO HLJHQH :HJH ]X JHKHQ.LIIHOZDULFKRKQHKLQORVGDHUQXUQRFKHLQHQ.ODFNWDOHUEHVDXQGVLFK GDUXPNHLQHQ]ZHLWHQ7ULSOHLVWHQNRQQWH$EHUHUZDUPLWVLFK]XIULHGHQGHQQHU EHVDQXQDQGLH]HKQWDXVHQG:HUWJHJHQVWlQGHXQGNRQQWHVLFKGDPLWLQXQVHUHP .RQWLQXXPLQVHLQ,FK8QLYHUVXPDENDSVHOQ :lKUHQGGHU+HLPUHLVHJLQJHVUHFKWPXQWHU]X,FKZDUQHLGLVFKDXIGLHDQGHUHQ ZHLO VLH VRYLHO ]X HU]lKOHQ KDWWHQ XQG LFK PLU GDV -HW%UHWW IU SUDNWLVFK QLFKWV KHLJHIDKUHQ KDWWH ,FK YHUVXFKWH QLFKW KLQ]XK|UHQ DOV VLH YRQ LKUHQ $EHQWHXHUQ PLW:DOW\XQGVHLQHU6FKDUHU]lKOWHQXQGQLFKWPGHZXUGHQ]XVFKLOGHUQZHOFKH $QVWUHQJXQJHQ :DOW\ XQWHUQRPPHQ KDWWH XP VLH ]X JOFNOLFKHQ +LSSRV ]X PDFKHQ $EHU MH QlKHU ZLU GHP :DOW\7RU NDPHQ XQG XQV NHLQH ZHLWHUHQ $WWUDNWLRQHQ PHKU JHERWHQ ZXUGHQ OHJWH VLFK LKU hEHUVFKZDQJ ZLHGHU 6LH ZXUGHQ QDFKGHQNOLFKLQVLFKJHNHKUWHUXQGPHODQFKROLVFKXQGQLFKWZHQLJHlXHUWHQGD VLH IURK ZDUHQ GLHVHV KHNWLVFKH 8QLYHUVXP IU HLQH :HLOH YHUODVVHQ XQG LQ GLH 5XKHLKUHVHLJHQHQ.RQWLQXXPV]XUFNNHKUHQ]XN|QQHQ 0LUHUJLQJHVlKQOLFK$XFKLFKZDUJHVFKDIIWXQGZROOWHPLFKLQPHLQH,FK:HOW ]XUFN]LHKHQ =XPLQGHVW VRODQJH ELV GHU QlFKVWH 7'7%XV QDFK :DOW\ODQG DEIXKU6FKRQQDFKGLHVHP]ZHLWHQ7ULSZDULFKIHVWHQWVFKORVVHQGDVQlFKVWHPDO IUOlQJHULQ.ODFNWRQV:HOW8UODXE]XPDFKHQ 8QG LFK KDEH PLU GLHVHQ :XQVFK HUIOOW XQG LKQ QLFKW EHUHXW ,FK ZRKQH VFKRQ VHLWHLQLJHQ7DJHQLP:DOW\WHOYRQ:DOW\ODQGXQGKDEHHLQHQKHUUOLFKHQ$XVEOLFN EHU GLH )DUP 0DQFKPDO JHQLHH LFK HV GHP EXQWHQ 7UHLEHQ XQWHU PLU HLQIDFK ]X]XVHKHQGDQQSDFNWHVPLFKXQGLFKVWU]HPLFKLQV9HUJQJHQ ,FKJODXEHLFKELQGHP*OFNVFKRQVHKUQDKH
:HQQ LFK GLHVHQ 9RJHO HLQJHIDQJHQ KDEH XQG LKQ LQ GHQ .lILJ PHLQHV +HU]HQV HLQVFKOLHHQ NDQQ ZHUGH LFK GXUFKV :DOW\7RU JHKHQ XQG IU HLQH :HLOH GDKHLPEOHLEHQXPYRQGLHVHP7UXEHO8UODXE]XQHKPHQXQGGDV*OFNLQYROOHQ =JHQJHQLHHQ]XN|QQHQ 0DQFKPDOKDEHLFKHWZDV+HLPZHK :LU VLQG DXVYHUNDXIW GLH /DGHUlXPH GHU 6&+/(8'(5%2**( VLQG ELV DXI GLH OHW]WH7RWHPPDVNHJHOHHUW'LH7'77RXULVWHQKDEHQXQVGHQ5DPVFKI|UPOLFKDXV GHQ +lQGHQ JHULVVHQ XQG LKQ WRQQHQZHLVH GXUFK GDV :DOW\7RU LQ LKUH :HOW JHVFKOHSSW :LH HV GRUW DXVVLHKW GDYRQ KDW PLU *DIIHO GHU HLQ 'DXHUJDVW LQ :DOW\ODQG LVW XQG JHOHJHQWOLFK HLQHQ PLW XQV KHEW HLQHQ NOHLQHQ (LQGUXFN YHUPLWWHOW0DQNDQQGHQ+LSSRVDOVRJDUQLFKWPDOE|VHVHLQZHQQVLHHLQZHQLJ /LFKWXQG)UHXGHLQLKUWULVWHV/HEHQEULQJHQZROOHQ(VPXVFKUHFNOLFKVHLQLQ HLQHU:HOW]XOHEHQLQGHUMHGHUVHLQHLJHQHV8QLYHUVXPLVW :LUVLQGQXQ.ODFNWDOHU0LOOLRQlUHDEHUZDVEULQJWHVXQV" 6R VHKU ZLU XQV DXFK EHPKW KDEHQ HV LVW XQV QLFKW JHOXQJHQ GHU 7'7 GDV *HVFKlIW]XYHUPDVVHOQXQGGLH+LSSRVIRUW]XHNHOQ :DOW\ LVW DP (QGH HU ElXPW VLFK QLFKW PHKU JHJHQ GDV 6FKLFNVDO DXI 8QG HU JUHLIWQLFKWPHKUYHUVWHFNW]XPJHJRUHQHQ1HNWDUVRQGHUQEHVlXIWVLFKYRUXQVHU DOOHU $XJHQ 'LH +LSSRV DSSODXGLHUHQ GD]X RKQH GLH 7UDJLN GHU 6LWXDWLRQ ]X EHJUHLIHQ :DOW\ KDW VHLW 7DJHQ VHLQ %HWW QLFKW PHKU EHQXW]W (U OLH GHQ HLQHQ 6FKXSSHQ UlXPHQXQG]LHKWVLFKGLHPHLVWH=HLWEHUGRUWKLQ]XUFN(UEDVWHOWLUJHQGHWZDV GDVHUNHQQWPDQDQGHQ$UEHLWVJHUlXVFKHQGLHLQV)UHLHGULQJHQ9LHOOHLFKWVHLQHQ *DOJHQ" ,FK KDEH YHUJHEOLFK YHUVXFKW LKQ YRP 7ULQNHQ DE]XKDOWHQ (U K|UWH QLFKW DXI PHLQH :DUQXQJ GD VHLQ RKQHKLQ HQWDUWHWHV 8QWHUEHZXWVHLQ DXI GLHVH :HLVH LUJHQGZDQQY|OOLJYRQLKP%HVLW]HUJUHLIHQZUGH(ULJQRULHUWHHVDOVLFKLKPLQV *HVLFKW VDJWH GD HU RKQHKLQ VFKRQ HLQH JHVSDOWHQH 3HUV|QOLFKNHLW KDEH XQG QlFKWOLFKHUZHLVHDOV18+:DOW\JHJHQVLFKVHOEVWNlPSIH ³'HU 1HNWDU LVW PHLQH OHW]WH &KDQFH EHKDXSWHWH HU (U WDW PLU OHLG GLHVHU ³JOFNOLFKH 0HQVFK GHU QXQ Y|OOLJ JHEURFKHQ ZDU $EHU HU KDWWH DXFK ]X YLHOH 6FKLFNVDOVVFKOl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
1DFKWXQG+HUPDQQVYLOOH:DOW\LQV.ODFNWRGURPNRPPHQ $Q GLHVHP $EHQG VXFKWH LFK VFKRQ IUK PHLQ =LPPHU DXI XQG VDK :DOW\ LQ VHLQHP 6WDOO YHUVFKZLQGHQ %DOG GDUDXI GUDQJHQ YRQ GRUW GLH JHZRKQWHQ $UEHLWVJHUlXVFKH]XPLU ,FKPXWHQLFKWODQJHZDUWHQELV6XQJRPLFKLQPHLQHP=LPPHUDXIVXFKWH ³%URYDEURYDUDXQWHHU³(VLVWVRZHLW1DFKWXQG+HUPDQQVYLOOH:DOW\ZDUWHW ³1DQX ZLH LVWGDVP|JOLFK"ZXQGHUWHLFKPLFKGDDXV:DOW\V%DVWHOVFKXSSHQ LPPHUQRFK$UEHLWVJHUlXVFKHGUDQJHQ³+DVWGX:DOW\GHQQJHVHKHQ" ³:LU VLQG ]XVDPPHQ YRQ +HUPDQQVYLOOH KHUEHUJHNRPPHQ EHKDXSWHWH 6XQJR (UODXVFKWHXQGIUDJWH³:DVLVWGDVIUHLQ+HUPDQQVNUDFK" ³'DVIUDJHLFKPLFKDXFKVDJWHLFK³1DGDQQZROOHQZLUPDO :LUYHULHHQGDV+DXVXQGEHJDEHQXQV]XP.ODFNWRGURP'HU+LSSRDP(LQJDQJ OLH PLFK SDVVLHUHQ DOV LFK PHLQHQ 'DXHU)XOO6HUYLFH.ODFN.ODFN YRUZLHV GHQ JROGHQHQ6WLFNHUPLW:DOW\V.RQWHUIHL6XQJRKDWWHHLQHQURWHQ6WLFNHUHUVWDQGHQ IUGHQHU]HKQ.DSLWHODXV:DOW\V/HEHQNRQVXPLHUHQGXUIWH 9RU XQV WDW VLFK GLH =XFNHUZDQG DXI $EHU GLHVPDO XPILQJ PLFK NHLQ PLOFKLJHU 1HEHOVRQGHUQLFKNDPLQHLQHQURVDIDUEHQHQ.RUULGRU1DFKHWZD]HKQ6FKULWWHQ WDWVLFKLQGHU6HLWHQZDQGHLQHgIIQXQJDXIXQGHLQH1DVHZXUGHKHUDXVJHVWUHFNW ³*HOO\KLHOKHO ,FK ]XFNWH HUVFKURFNHQ ]XVDPPHQ IDWH PLFK DEHU ZLHGHU DOV LFK KLQWHU GHU PRQVWU|VHQ1DVH:DOW\V]HUNQLWWHUWHV*HVLFKWHQWGHFNWH ³:DVLVWGHQQPLWGHLQHU$XVVSUDFKH"HUNXQGLJWHLFKPLFK ³1HNWDO VDJWH HU EHNPPHUW XQG PDFKWH HLQH *HVWH GHV %HGDXHUQV ³$EHO GDV QHKPHLFKDXIPLFK1HNWDOVWlONWPHLQHQ*HLVW,FKKDEHHLQ3OREOHP ³/DK|UHQVDJWHLFKXQGIROJWHLKPLQHLQHQ5DXPGHVVHQ:lQGHZLHN|QQWH HV DXFK DQGHUV VHLQ ZLH DXV =XFNHU JHJRVVHQ ZDUHQ ,FK EHNDP VFKRQ ZLHGHU GLHVHQVOLFKHQ*HVFKPDFNLP0XQG³:DUXPPXWHQZLUXQVDXVJHUHFKQHWKLHU WUHIIHQ"'HLQ6WDOOZlUHPLUOLHEHUJHZHVHQ ³6WDOO ULHI :DOW\ DXV XQG YHUVFKOXFNWH GDEHL IDVW VHLQHQ $GDPVDSIHO (U YHUVXFKWHDXFKPLWGHP)LQJHU]XVFKQLSSHQDEHUGDVPLODQJLKP³'ROWKHOOVFKW PHLQ8QWHOEHZXWVHLQ'DVLVWPHLQ3OREOHP ³:DV GX QLFKW VDJVW ULHI LFK DXV ³'DQQ LVW HV MD JHUDGH XPJHNHKUW DOV LFK GDFKWH :LOOVW GX EHKDXSWHQ GD GHLQ SDUDRULHQWLHUWHV 8QWHUEHZXWVHLQ QXU GLH 2EHUKDQGKDWZHQQGXQFKWHUQELVW" ³/LFKWLJ :DOW\ VWUDKOWH ³'DV LVW PHLQ 9HOKlQJQLV 6HKO NRPSOL]LHOWH $QJHOHJHQKHLW :HQQ LFK 1HNWDO WOLQNH ELQ LFK LFK VHOEVW KDEH MHGRFK (OLQQHOXQJVOFNHQ ,FKYHOJHVVH7OLQNHLFKQLFKWZDOWHWXQGVFKDOWHWPHLQ8QWHOEHZXWVHLQ ³'DV ZLUIW QDWUOLFK HLQ DQGHUHV /LFKW DXI GLH $QJHOHJHQKHLW VDJWH LFK ³,FK EHJLQQH NODU]XVHKHQ 'X KDVW GHQ 9HUWUDJ PLW GHQ +LSSRV JHPDFKW XP VLH ]X
JOFNOLFKHQ:HVHQ]XPDFKHQ:HQQGXMHGRFKQFKWHUQELVWVDERWLHUVWGXGLHVHV 3URMHNW ZHLO VLFK GHLQ 8QWHUEHZXWVHLQ QLFKW DQ GLHVH $EPDFKXQJ KlOW XQG GHQ +LSSRVQLFKWKHOIHQZLOO%LVMHW]WKDEHLFKJHJODXEWHVVHLXPJHNHKUW ³1LFKWVGD1LFKWVGDULHI6XQJRGD]ZLVFKHQ³:DOW\KDWHVPLUHUNOlUWGDUXP VWHKW GDV JHVDPWH +HUPDQQVYRON KLQWHU LKP 'HU 7DJXQG)DUP:DOW\ ZLUG YRP E|VHQ 8QWHUEHZXWVHLQ JHOHQNW GHU 1DFKWXQG+HUPDQQVYLOOH:DOW\ GDJHJHQ ]HLJWVHLQZDKUHV,FK ³'RQQHUZHWWHUVDJWHLFK³:LHNRQQWHLFKQXUVRYHUERKUWJHZHVHQVHLQ ³-D 'RQQHOZHWWHO VWLPPWH :DOW\ ]X ³'X PXW PLO KHOIHQ *HOO\ ³8QG ZLH" IUDJWHLFK ³*LE PLO GLH (OLQQHOXQJ DQ GLH YHOJDQJHQHQ ]ZDQ]LJ -DKOH ZLHGHO EDW HU WUHXKHU]LJ³,FKZHLQLFKWVGDOEHO'XKDVWPHKO:LVVHQEHOPLFKDOVLFKVHOEVW ,FKEODXFKHHVXPHVLP.ODFNWRGORP]XVSHLFKHOQ ³$EHUZDVLFKZHLVWDPPWDOOHVQXUDXV]ZHLWHU+DQGJDELFK]XEHGHQNHQ ³'DV LVW EHVVHO DOV QLFKWV VDJWH :DOW\ ³6XQJR XQG PHLQ 9HOELQGXQJVKHOPDQQ ZHLGHQGHLQH*HVFKLFKWHHOJlQ]HQ ³9HUELQGXQJVKHUPDQQ" ZLHGHUKROWH LFK XQG HULQQHUWH PLFK VFKZDFK GLHVHQ $XVGUXFNVFKRQPDOLP=XVDPPHQKDQJPLW$WODQXQGGHQ*HVFKHKQLVVHQYRQYRU QHXQ]HKQ-DKUHQDXI.3ODQHWJHK|UW]XKDEHQ³:DVLVWGDV" ³'DVELQLFKVDJWHHLQH6WLPPHDXVGHP1LFKWV³,FKELQVHLQJXWHV*HZLVVHQ ,FKEOLFNWHPLFKXPRKQHGHQ6SUHFKHU]XVHKHQ ³,FKELQXQVLFKWEDUVDJWHGHU9HUELQGXQJVKHUPDQQ ³7ROOVDJWHLFK ³'D LVW ZHLWHU QLFKWV GDEHL HUNOlUWH GHU 8QVLFKWEDUH ³6HLW LFK PLFK ]XUFNJH]RJHQKDEHXQGVFKRQOlQJHUH=HLWQLFKWPHKUJHEUVWHWZRUGHQELQKDEH LFK DOOPlKOLFK ZLHGHU PHLQHQ 7ZLO] ]XUFNEHNRPPHQ -HW]W ELQ LFK ZLHGHU YROO HLQVDW]IlKLJ XQG KDEH PLU YRUJHQRPPHQ :DOW\ ]X KHOIHQ %HJLQQHQ ZLU JOHLFK GDPLW,VWGDV.ODFNWRGURPDXI$XIQDKPHJHVFKDOWHW" ³-DMDVDJWH:DOW\XQGQLFNWHHLIULJ³$FKWXQJ)HOWLJ$XIQDKPH ³$PEHVWHQZLUIDKUHQGRUWIRUWZRLP.ODFNWRGURP:DOW\V/HEHQVJHVFKLFKWHVR DEUXSW DEJHEURFKHQ ZLUG VDJWH GHU 9HUELQGXQJVKHUPDQQ ³=XP EHVVHUHQ 9HUVWlQGQLVVLQGDXFKQRFKHLQLJH'HWDLOV]XU9RUJHVFKLFKWH]XHUZlKQHQGLHLP .ODFNWRGURPIHKOHQ6RLVWHVQLFKWXQZHVHQWOLFKGDGLH(UILQGXQJGLH3URIHVVRU )XQJLXQG.ODFNWRQGDPDOVDQGLH$QWLVZHLWHUJDEHQHLQ0XOWLGXSOLNDWRUZDU(LQ *HUlW DOVR GDV LQ GHU /DJH LVW YRQ MHGHP EHOLHELJHQ :HVHQ DXI GDV PDQ HV MXVWLHUW HLQHQ 'RSSHOJlQJHU KHU]XVWHOOHQ 8P GHP KRKHQ %DDORO $UPXQ7HW HLQH )XQNWLRQVJDUDQWLH ]X JHEHQ KDW VLFK GDPDOV :DOW\ .ODFNWRQ DOV 'HPRQVWUDWLRQVREMHNW ]XU 9HUIJXQJ JHVWHOOW ,QVJHVDPW ZXUGHQ YRQ LKP YLHU 'XSOLNDWH KHUJHVWHOOW YRQ GHQHQ VLFK MHGHV HLQ ZHQLJ YRP 2ULJLQDO XQWHUVFKLHG 'UHL GDYRQ ZXUGHQ ZLHGHU YHUQLFKWHW 'HU YLHUWH 'XSOR DEHU YHUVXFKWH ]X
EHUOHEHQ LQGHP HU VLFK DOV GHU ULFKWLJH .ODFNWRQ DXVJDE :ROOHQ ZLU LKQ GHU (LQIDFKKHLWKDOEHU.ODFNWRQ,9QHQQHQ8QGMHW]W]XU6WRU\ 'HU9HUELQGXQJVKHUPDQQPDFKWHHLQHNXU]H3DXVHEHYRUHUIRUWIXKU ³.ODFNWRQ ,9 ZDU VR XQJHVFKLFNW ZLH GDV 2ULJLQDO 'DUXP SDVVLHUWH LKP GDV 0LJHVFKLFN GD HU $WODQ HLQHQ 7UXQN YHUDEUHLFKWH GHU GHP /RUGDGPLUDO GHU 862 6SUDFKVW|UXQJHQ EHVFKHUWH $WODQV =RUQ ULFKWHWH VLFK QDWUOLFK VRIRUW JHJHQ .ODFNWRQ,9RKQHGDHUDXFKQXUDKQWHHLQHQ'XSORYRUVLFK]XKDEHQ,QGLHVHU 6LWXDWLRQ VFKDOWHWH LFK PLFK DOV XQVLFKWEDUHU 9HUELQGXQJVKHUPDQQ HLQ XQG ULHW .ODFNWRQ ,9 ]XU DXJHQEOLFNOLFKHQ )OXFKW 'DIU ERW VLFK HLQH 7UDQVSRUWPDVFKLQH DQGLH+HFWRU)XQJLIUVLFKJHEDXWKDWWH(UQDQQWHHVHLQHQ.lOWHKHUPDQQZHLO PDQGDULQLP7LHIVFKODIGLH-DKUHEHUGDXHUQNRQQWHRKQH]XDOWHUQZlKUHQGGHU HLQJHEDXWH $QWULHE GDIU VRUJWH GD GLHVHV VHOWVDPH VDUJlKQOLFKH *HIlKUW GXUFK GHQ/LQHDUUDXPDXIGLH5HLVHJLQJXQGGHQ)OXJHUVWEHHQGHWHDOVGLH,QVWUXPHQWH HLQHOHEHQVIUHXQGOLFKH:HOWRUWHWHQDXIGHUGHU(LQJHVFKORVVHQHHLQHQHXH+HLPDW ILQGHQNRQQWH,FKEUDFKWH.ODFNWRQ,9GD]XGHQ.lOWHKHUPDQQDXI]XVXFKHQXQG GDPLW ]X IOLHKHQ 0LW GHU (QWPDWHULDOLVDWLRQ GHV .lOWHKHUPDQQV VFKLHQ GHU )DOO HUOHGLJW :LU JODXEWHQ :DOW\ .ODFNWRQV 'XSOR ORVJHZRUGHQ ]X VHLQ $EHU GLH *HVFKLFKWHJHKWQRFKZHLWHU$OOHUGLQJVELQLFKGLHZHLWHUHQ(UHLJQLVVHEHWUHIIHQG JU|WHQWHLOV DXI 9HUPXWXQJHQ DQJHZLHVHQ (LQLJHV NRQQWH LFK MHGRFK DXV GHQ *HGDQNHQGHV'XSORVWZLO]HQ 'HU 9HUELQGXQJVKHUPDQQ GHU QDWUOLFK NHLQ DQGHUHU DOV GHU 2WWRPDQH 2WWR PLW GHPXQYHUJOHLFKOLFKHQ7ZLO]ZDUPDFKWHZLHGHUHLQH$WHPSDXVH,FKEHWUDFKWHWH :DOW\GHUVRDXIJHUHJWZDUGDHUNHLQHQ7RQKHUYRUEUDFKWH(UJHVWLNXOLHUWHPLW IDKULJHQ %HZHJXQJHQ VHLQ 0XQG VFKQDSSWH GDXHUQG DXI XQG ]X ZLH EHL HLQHP )LVFK DXI GHP 7URFNHQHQ (U GHU 'XSOR VDK GHP 2ULJLQDO WDWVlFKOLFK ]XP 9HUZHFKVHOQlKQOLFKZHQQHUDXFKGHU.lOWHWLHIVFKODIKDWWHHVP|JOLFKJHPDFKW HLQHHWZDVMQJHUH$XVJDEHZDU 'HU9HUELQGXQJVKHUPDQQIXKUIRUW ³%HYRU .ODFNWRQ ,9 LQ GHQ .lOWHKHUPDQQ VWLHJ PX HU GHQ 6SHQGHUKHUPDQQ DQJH]DSIW XQG HEHQIDOOV YRQ MHQHU )OVVLJNHLW JHWUXQNHQ KDEHQ GLH 6SUDFKVW|UXQJHQYHUXUVDFKW1XUVRLVWHV]XHUNOlUHQGDHUNHLQU DXVVSUHFKHQ NDQQ $K LFK WZLO]H DXV GHQ *HGDQNHQ GHV 'XSORV GD LFK GDPLW UHFKW KDEH :HLWHULP6WRII'HU.lOWHKHUPDQQJLQJDOVRDXIGLH5HLVHGLHYLHOH-DKUHGDXHUQ VROOWH $EHU DQVWDWW QDFK GHP /LQHDUIOXJ LQ GHQ (LQVWHLQUDXP ]XUFN]XNHKUHQ JHODQJWH GHU .lOWHKHUPDQQLQ GDV +LSSR.RQWLQXXP ZR .ODFNWRQ ,9 YRQ GLHVHQ XQJOFNOLFKHQ :HVHQ YRQ GHQHQ MHGHV HLQ 8QLYHUVXP IU VLFK ELOGHWH ZLH HLQ (UO|VHU DXIJHQRPPHQ ZXUGH 'HU 5HVW LVW EHNDQQW 'LH +LSSRV EDXWHQ QDFK GHP 3ULQ]LS GHV .lOWHKHUPDQQV LKUH 'LPHQVLRQV%XVVH PLW GHQHQ VLH QDFK .3ODQHW JHODQJHQ NRQQWHQ .ODFNWRQ ,9 UHGHWH LKQHQ HLQ GD VLH GRUW GDV *OFN XQG GLH YHUORUHQH /HEHQVIUHXGH ZLHGHUILQGHQ N|QQWHQ 'RFK KDWWH HU JDQ] DQGHUH VFKXUNLVFKH3OlQH(UZROOWHQDFK.3ODQHWXP:DOW\V6WHOOHHLQQHKPHQXQGVLFK
]XP +HUUVFKHU EHU GLHVH :HOW DXIVFKZLQJHQ ]X N|QQHQ (U IlGHOWH GDV UHFKW JHVFKLFNW HLQ XQG GDV *OFN ZDU DXI VHLQHU 6HLWH ZHLO :DOW\ JHUDGH ]X GLHVHP =HLWSXQNW PLW GHU 6&+/(8'(5%2**( DXI *HVFKlIWVUHLVH JLQJ 'LHVH &KDQFH QW]WH.ODFNWRQ,9XPYRQGHQ+LSSRVLQ]ZLVFKHQ:DOW\ODQGDXIEDXHQ]XODVVHQ (U VHOEVW JLQJ LQ +HUPDQQVYLOOH LQ GHQ 8QWHUJUXQG XP GLH 0DFKWEHUQDKPH YRU]XEHUHLWHQ(UKDWHVVRJDUELV]XP+HUPDQQJHEUDFKWDEHUMHW]WLVWGDV6SLHO DXV'XSOR :lKUHQG GHU OHW]WHQ :RUWH PDFKWH VLFK 2WWR DOOPlKOLFK VLFKWEDU $OV GHU 'XSOR LKQVDKEHNDPHUHLQHQ6FKUHLNUDPSIXQGZLFKWDXPHOQG]XUFN ³:HQQLFKQLFKWYRUEHUJHKHQGPHLQHQ7ZLO]YHUORUHQKlWWHKlWWHLFKGLFKOlQJVW VFKRQ GXUFKVFKDXW 'XSOR VDJWH 2WWR ]X GHP DQJVWVFKORWWHUQGHQ $EOHJHU YRQ :DOW\³$EHULFKJODXEHHVLVWQRFKQLFKW]XVSlW'XZLUVWGHQ+LSSRVHUNOlUHQ ZHUGXZLUNOLFKELVW8QGGXZLUVWGLFK:DOW\VWHOOHQXQGLKPDOOHVJHVWHKHQGDPLW HU QLFKW OlQJHU PHKU JODXEW VHLQ 8QWHUEHZXWVHLQ VHL HQWDUWHW XQG KDEH VLFK VHOEVWlQGLJJHPDFKW ³8P +HUPDQQV ZLOOHQ ULHI 6XQJR GHU YHUPXWOLFK QLFKW DOOHV YHUVWDQGHQ DEHU GRFK PLWEHNRPPHQ KDEHQ PXWH GD HU DXI HLQHQ 'RSSHOJlQJHU YRQ :DOW\ KHUHLQJHIDOOHQZDU³:DVIUHLQ8QJOFN ³$OOHV QLFKW ZDKO ULHI GHU 'XSOR ZlKUHQG HU VLFK ]XP $XVJDQJ EHJDE ³,FK JHEHQLFKWV]X,FKELQ:DOW\,KOVHLGGLH6FKZLQGOHO,FKZHLGH/ROHELO/DOKXODO XQG/ROOHP/DOOROZDOQHQ (UZLUEHOWHKHUXPXQGUDQQWHGDYRQ ³/DW LKQ ODXIHQ VDJWH 2WWR DOV 6XQJR XQG LFK GLH 9HUIROJXQJ DXIQHKPHQ ZROOWHQ ³(U NDQQ :DOW\ QLFKW PHKU VFKDGHQ GHQQ LFK WZLO]H 6HLQ VRQVW VR PUULVFKHV0RSVJHVLFKWYHU]RJVLFK]XHLQHPUHFKWVHOWVDPDQPXWHQGHQ*ULQVHQ ³,FKWZLO]HGD:DOW\GLH/|VXQJGHV3UREOHPVJHIXQGHQKDW ³'DQQKDWHUQLFKWDQVHLQHP*DOJHQJHEDVWHOW"IUDJWHLFKKRIIQXQJVYROO ³6HKHQZLUXQVGRFKHLQPDOVHLQHQQHXHVWHQ*HQLHVWUHLFKDQPHLQWH2WWR³,FK ZHLVHOEVWQRFKQLFKWZDVHVJHZRUGHQLVW'LHVHhEHUUDVFKXQJZLOOLFKPLUQLFKW QHKPHQ,FKZHLQXUGD:DOW\HVJHUDGHIHUWLJJHVWHOOWKDW hEHU :DOW\ODQG XQG GHU )DUP ODJ IULHGOLFKH 6WLOOH 'LH +LSSRV GLH LP :DOW\WHO 4XDUWLHU EH]RJHQ KDWWHQ VFKOLHIHQ OlQJVW GLH 7'7/HXWH KDWWHQ LKUH -HW%UHWWHU DEJHVFKQDOOWXQGVLFKHEHQIDOOV]XU5XKHEHJHEHQ'LH7LHUHPXFNVWHQVLFKQLFKW 1XUDXVGHP6WDOOGHQ:DOW\LQHLQH%DVWHOVWXEHXPIXQNWLRQLHUWKDWWHILHO/LFKW $EHUHVNDPHQNHLQH$UEHLWVJHUlXVFKHPHKUYRQGRUW 3O|W]OLFK HU]LWWHUWH GDV *HElXGH MHGRFK XQWHU HLQHP JHZDOWLJHQ %UXPPHQ GDV VLFK DQK|UWH DOV YHUVXFKWHQ XQ]lKOLJH +RUQLVVHQVFKZlUPH JOHLFK]HLWLJ DXV]XEUHFKHQ 'DV DSRNDO\SWLVFKH *HUlXVFK VFKZROO LPPHU PHKU DQ ELV HV ]X HLQHPRKUHQEHWlXEHQGHQ.UHLVFKHQZXUGH
6XQJRVWHFNWHVLFKGLH)DXVWLQGHQ0XQGXQGPDFKWHJURHlQJVWOLFKH$XJHQ(U EOLFNWHKLOIHVXFKHQG]ZLVFKHQ2WWRXQGPLUKLQXQGKHU'HU7ZLO]HUZDUGLH5XKH LQ3HUVRQ ³,FK ZHL QRFK LPPHU QLFKW ZHOFKH hEHUUDVFKXQJ :DOW\ IU XQV EHUHLW KDW VDJWH2WWRYHUVFKPLW]W³$EHULFKIUHXHPLFKGDUDXI ³:DVLPPHUHVLVWHVNDQQQLFKWJXWJHKHQVDJWHLFKEHU]HXJW 8QG LFK KDWWH UHFKW HV JLQJ DXFK QLFKW JXW :LHGHU HUEHEWH GHU 6WDOO XQWHU GHQ 9LEUDWLRQHQ LUJHQGZHOFKHU /lUPPDVFKLQHQ XQG GDQQ VWU]WH GDV *HElXGH PLW ODXWHP.UDFKLQVLFK]XVDPPHQXQGEHJUXEDOOHVXQWHUVLFK 2WWRHUJULII6XQJRXQGPLFKXQGWZLO]WHPLWXQV]XP2UWGHU.DWDVWURSKH.DXP ZDUHQ ZLU PDWHULDOLVLHUW DOV VLFK DXV GHQ 7UPPHUQ HWZDV PLW ZWHQGHP 6XUUHQ HLQHQ:HJEDKQWH 0LUVWRFNWHGHU$WHPDOVLFKDXVGHP+RO]ZHUNHLQHQEHUPDQQVJURHQ6FKlGHO DXI PLFK ]XNRPPHQ VDK 'DV ULHVLJH 3IHUGHJHVLFKWZDU]XHLQHUPHODQFKROLVFKHQ &ORZQPDVNH LQ 5RVD XQG :HL JHVFKPLQNW ,FK HUNDQQWH /RUHELU /DUKXODU DXI $QKLHE (V ZDU MHGRFK QLFKW GHU OHLEKDIWLJH 7'7%R VRQGHUQ QXU GLH ]X GHVVHQ .RSI DXVJHDUEHLWHWH =XJPDVFKLQH HLQHV 'LPHQVLRQV%XVVHV DXI -HW%UHWWHUQ 8QG DXI GHP )KUHUVWDQG WKURQWH NHLQ DQGHUHU DOV :DOW\ .ODFNWRQ (U KDWWH HLQHQ HWZDV JODVLJHQ %OLFN XQG 6FKODJVHLWH ZDV QXU YRQ EHUK|KWHP 1HNWDUJHQX NRPPHQ NRQQWHDEHUHUVWUDKOWHEHUVJDQ]H*HVLFKW$OVHUXQVHUEOLFNWHZLQNWHHUXQV]X XQGULHI ³:LH JHIlOOW HXFK PHLQ *HVFKHQN IU GLH +LSSRV" (V LVW HLQ ]LHPOLFK RULJLQDOJHWUHX QDFKJHEDXWHU KLFNV 'LPHQVLRQV%XV ]XVDPPHQJHEDXW DXV %HXWHVWFNHQKLFNV,QHLQLJHQ3XQNWHQPXWHLFKOHLGHULPSURYLVLHUHQKL (U EUDFKWH NHLQ ZHLWHUHV ³+LFNV PHKU ]XVWDQGH ZHLO HU YRUQEHU NLSSWH DXI GLH %HGLHQXQJVLQVWUXPHQWHILHOXQGGDUEHUHLQVFKOLHI $OV ZHQLJ VSlWHU HLQLJH +LSSRV LQ 1DFKWKHPG XQG =LSIHOPW]H ZHOFKH 1DFKWNOHLGXQJ VLH VLFK YRQ :DOW\ DEJHVFKDXW KDWWHQ KHUDQJHVXUIW NDPHQ VFKQDUFKWH :DOW\ EHUHLWV IULHGOLFK 2WWR KDWWH PLW VHLQHP 7ZLO] GHQ $QWULHE DEJHVFKDOWHWVRGDGLH5XKHZLHGHU]XUFNJHNHKUWZDU ³:DV KDW GLHVHU .UDFK ]X EHGHXWHQ" ULHI /RUUHP 5DOORU DXIJHEUDFKW GHU GLH 1DFKWKHPGHQVFKZDGURQ DQIKUWH $OV HU GDV *HIlKUW HUEOLFNWH EHNDPHQ VHLQH *ROGDXJHQJUQH3XQNWHZLHYRQ]XJURHP1HNWDUNRQVXP³8QGZDVLVWGDV" ³:DOW\V%HLWUDJ]XU)|UGHUXQJGHV7RXULVPXVHUZLGHUWH2WWR³'HU'LPHQVLRQV %XV HQWVSULFKW QLFKW JDQ] GHU 7'71RUP LFK ZHL DEHU HU IDW JXW XQG JHUQH ]ZHLKXQGHUW7RXULVWHQ(UNDQQPRUJHQVFKRQ]XP(LQVDW]NRPPHQ /RUUHP 5DOORU EOLHE VNHSWLVFK DEHU HU DQHUNDQQWH :DOW\V JXWHQ :LOOHQ ]XU =XVDPPHQDUEHLWXQGVDJWH ³(VIUHXWPLFKGD.ODFN.ODFNHQGOLFK]XU9HUQXQIWJHNRPPHQ]XVHLQVFKHLQW (VZXUGHDXFKVFKRQ=HLW'RFKEHUV*HVFKlIWUHGHQZLUPRUJHQ*XWH1DFKW
/RUUHP 5DOORU VXUIWH PLW VHLQHQ /HXWHQ GDYRQ XQG EDOG GDUDXI ZDUHQ VLH LQ GHU /DQGVFKDIWYRQ:DOW\ODQGYHUVFKZXQGHQGLHGHV1DFKWVLQPlUFKHQKDIWHP:HL HUVWUDKOWH ³%LVW GX VLFKHU GD :DOW\V :HUN IU XQV HLQ $QOD ]XU )UHXGH LVW" IUDJWH LFK 2WWR³,FKVHKHOHLGHUNHLQHQ*UXQGIUEHUWULHEHQHQ2SWLPLVPXVZHQQZLUHLQHQ QRFKJU|HUHQ$QVWXUPYRQ7RXULVWHQ]XHUZDUWHQKDEHQ ³:DUWHELVPRUJHQIUK*HUU\YHUWU|VWHWHPLFK2WWR³-HW]W]LHKHQZLUXQVHUVW HLQPDO]XUZRKOYHUGLHQWHQ1DFKWUXKH]XUFN ³0DFK HV GRFK QLFKW VR VSDQQHQG 2WWR VDJWH LFK ³.DQQVW GX PLU QLFKW ZHQLJVWHQVHLQHQ7LSJHEHQ" ³0HLQHWZHJHQJDE2WWRQDFK³,FKVDJHQXUVRYLHO(VLVWKRFKDQGHU=HLWGD PDQ HLQHQ 3HQGHOYHUNHKU HLQIKUW GHQQ ELVKHU IORULHUWH GHU 7RXULVPXV ]X HLQVHLWLJ :HQ ZXQGHUW HV GD LFK GDUDXIKLQ GLH JDQ]H 1DFKW NHLQ $XJH ]XEHNDP ,FK SHQGHOWH]ZLVFKHQPHLQHP%HWWXQGGHP)HQVWHUKLQXQGKHUXQGJUEHOWH(UVWDOV GLH 6RQQH KLQWHU :DOW\ODQG GLH HUVWHQ 6WUDKOHQ LQ GHQ +LPPHO VFKLFNWH XQG GLH )DUP DOOPlKOLFK ]X QHXHP /HEHQ HUZDFKWH JODXEWH LFK GLH ULFKWLJH %HWWVFKZHUH ]XKDEHQ 'RFK GD SDVVLHUWH HWZDV GDV PLFK RUGHQWOLFK ZDFKUWWHOWH $XV GHP +LPPHO VHQNWH VLFK HLQH 6SDFH-HW XQG ODQGHWH DXI GHP HLQ]LJHQ +JHO GHU QLFKW YRP =XFNHUJX:DOW\ODQGVEHU]RJHQZDU,FKHUNDQQWHDQGHU$XIVFKULIWGDHVVLFK XP HLQ %HLERRW GHU )5$1&,6 '5$.( KDQGHOWH 5RL 'DQWRQV )ODJJVFKLII $EHU HUVW DOV GHU )UHLIDKUHUN|QLJ LQ %HJOHLWXQJ YRQ $QQHP\ 7UDSKXQWHU VHLQHP HUWUXVLVFKHQ 'LHQHU 2UR 0DVXW XQG ]ZHL 'XW]HQG ZHLWHUHU DEHQWHXHUOLFK JHNOHLGHWHU *HVWDOWHQ YRQ %RUG JLQJ HUIDWH LFK GLH 6LWXDWLRQ LQ LKUHU JDQ]HQ 7UDJZHLWH $QQHP\:DOW\VJHVWUHQJHXQGNULWLVFKH/HEHQVJHIlKUWLQZDU]XUFNJHNHKUW ,FK NOHLGHWH PLFK DQ VR VFKQHOO LFK NRQQWH XQG YHUJD DXFK QLFKW PLU PHLQ (WLNHWW6KLUWEHU]XVWUHLIHQ$OVLFKDQ:DOW\V7UYRUEHLNDPVWDQGVLHRIIHQXQG 6XQJRGDULQ ³7XW PLU OHLG GD LFK GLFK DXIZHFNH :DOW\ VDJWH 6XQJR JHUDGH ³$EHU HV JLEW GLFNH/XIW ³+DE LFK HLQHQ %UXPPVFKlGHO K|UWH LFK :DOW\ JUXPPHOQ ³:DV LVW PLW PLU JHVFKHKHQ" ³+DOWH LKQ VRODQJH ZLH P|JOLFK KLQ UDXQWH LFK 6XQJR LP 9RUEHLODXIHQ ]X XQG KDVWHWHGLH7UHSSHKLQXQWHU $OV LFK LQV )UHLH VWU]WH NOHWWHUWH GLH *UXSSH XP 5RL XQG $QQHP\ JHUDGH XQWHU GHP=DXQGXUFKGHUGLH:HLGHYRP)DUPKRIDEJUHQ]WH(KH2UR0DVXWHVZDJWH VLFK ]X EFNHQ EOLFNWH HU VLFK YRUVLFKWLJ QDFK %LOO\ WKH .LG XP GHU VLFK VRQVW
NHLQH*HOHJHQKHLWHQWJHKHQOLHLKQ]X]XUHLWHQ ³.HLQH$QJVW2URULHILFKLKP]X³%LOO\KDWQHXHUGLQJVJDQ]DQGHUH,QWHUHVVHQ DOV KDUPORVH (UWUXVHU IU :LOGSIHUGH ]X KDOWHQ 2UR VFKLHQ PLU MHGRFK QLFKW ]X JODXEHQ GHQQ HU EOLHE ZDFKVDP DXFK DOV HU VHLQHQ 5FNHQ ZLHGHU VWUHFNWH ,FK ZDQGWHPLFK$QQHP\XQG5RLPLWGHPIU|KOLFKVWHQ/lFKHOQ]XGDVLFK]XVWDQGH EUDFKWH ³+DOOR DOOH PLWHLQDQGHU (LQHQ VFK|QHQ JXWHQ 0RUJHQ +DWWHW LKU HLQHQ DQJHQHKPHQ)OXJ",KUVHKWHLQZHQLJlKPLWJHQRPPHQDXV,QHLQHQ,RQHQVWXUP JHUDWHQHK"2GHUVHLGLKUPLWHLQHU8623DWURXLOOH]XVDPPHQJHVWRHQ" ³1HLQ QHLQ HV LVW DOOHV EHLP %HVWHQ VDJWH $QQHP\ PLW HLQHP /lFKHOQ KLQWHU GHPGDV(LVNOLUUWHXQGGLH)ODPPHGHU:XWORGHUWH³8QGEHLHXFKLVWDXFKDOOHVLQ 2UGQXQJ" ³$EHUMDJHZLGRFKHUZLGHUWHLFKXQGVSUWHZLHVLFKLQPHLQHU0DJHQJHJHQG OlKPHQGH %HNOHPPXQJ DXVEUHLWHWH ³.HLQH EHVRQGHUHQ 9RUNRPPQLVVH (V JLEW DEHUHLQH5HLKHJXWHU1DFKULFKWHQ]XYHUPHOGHQ ³'DQQOD]XHUVWGLHJXWHQ1DFKULFKWHQK|UHQ*HUU\YHUODQJWH$QQHP\PLWGHU 6WLPPHHLQHV9XONDQVGHUNQDSSYRUGHP$XVEUXFKVWHKW ³'D ZlUH DOV HUVWHV ]X QHQQHQ GD ZLU GLH JHVDPWH /DGXQJ GHU 6&+/(8'(5%2**(YHUNDXIWKDEHQVDJWHLFK³'DEHLKDEHQZLUHLQHQ8PVDW] YRQJXW]ZDQ]LJ0LOOLRQHQ.ODFNWDOHUQJHPDFKW'LH6&+/(8'(5%2**(VHOEVW EULQJW DOV 0XVHXP WlJOLFK DQ GLH GUHLWDXVHQG .ODFNWDOHU HLQ 'D]X NRPPHQ QRFK GLH (LQNQIWH DXV GHU 7LHUVFKDX GHP +LSSRJHVXQGXQGILWUHLWHQ GHV +LSSR]XPODFKHQEULQJHQKHUPDQQXQGGHUGUHL'XW]HQGDQGHUHQ$WWUDNWLRQHQhEHU GHQ'DXPHQJHSHLOWPDFKHQZLUDP7DJHHLQHQ8PVDW]YRQIQI]LJWDXVHQG ³'DV LVW HLQ JDQ] VFK|QHU %DW]HQ VDJWH $QQHP\ DQ 5RL JHZDQGW 8QG GLHVHU HQWJHJQHWH PLFK GXUFK VHLQH /RUJQHWWH EHWUDFKWHQG ³0HLQH +RFKDFKWXQJ YRU VR YLHO*HVFKlIWVWFKWLJNHLW ³8QGQXQGLHVFKOHFKWHQ1DFKULFKWHQYHUODQJWH$QQHP\ ³,FKELQQRFKQLFKWPLWGHU$XI]lKOXQJGHUJXWHQIHUWLJHUZLGHUWHLFKXQGEOLFNWH PLFK YHUVWRKOHQ QDFK 2WWR RGHU MHPDQG DQGHUV XP GHU PLU ]X +LOIH NRPPHQ N|QQWH ³'D ZlUH QRFK ]X HUZlKQHQ GD :DOW\V 8QWHUEHZXWVHLQ NHLQHVZHJV HQWDUWHW LVW ZLH ZLU ]XHUVW EHIUFKWHWHQ :DOW\ KDW VLFK JXW LQ GHU +DQG (U LVW DNWLYHU GHQQ MH XQG VHLQ 3DUDVLQQ DUEHLWHW DXI +RFKWRXUHQ (U KDW ]XP %HLVSLHO GLHVHQ'LPHQVLRQV%XVNRQVWUXLHUW ³3DUEOHXULHI5RL'DQWRQDXV³6HOEVWHLQ)UHLIDKUHUN|QLJN|QQWHVLFKQLFKW]X JXWVHLQLQGLHVHU.XWVFKH]XIDKUHQ ³$EHUGDVLVWOlQJVWQRFKQLFKWDOOHVIXKULFKPLWHLQHU6WLPPHIRUWGLHGHQ7RQ GHU %HJHLVWHUXQJ QLFKW PHKU ILQGHQ ZROOWH ³$OOH ,QGL]LHQ GLH HLQVW JHJHQ :DOW\ VSUDFKHQ ZXUGHQ HQWNUlIWHW (V KDW VLFK GHU HLQGHXWLJH %HZHLV JHIXQGHQ GD HU Y|OOLJXQVFKXOGLJLVW:DVDXFKSDVVLHUWHLKQWULIIWQLFKWGLHJHULQJVWH6FKXOG ³3DSSHUODSDSSILHOPLU$QQHP\LQV:RUW³:DVDXFKSDVVLHUW.ODFN.ODFNLVW QLH JDQ] XQVFKXOGLJ 8QG MHW]W (GHOPDQQ *HUDOG *HUU\ 6KDUS 5HFKWH YRQ
:DOW\ IXKU VLH PLW VFKlUIHU ZHUGHQGHU 6WLPPH IRUW DOV VLH GLH 'DWHQ ]X PHLQHU 3HUVRQ YRP (WLNHWW6KLUW DEODV ³UHGHQ ZLU HLQPDO )UDNWXU PLWHLQDQGHU :LH NRPPHQ GLHVH NLWVFKLJHQ 0OOEHUJH LQ GLH /DQGVFKDIW" +DW :DOW\ =XFNHUURKU DQJHEDXWXQGPLWHLQHPVHOEVWHUIXQGHQHQ6SH]LDOGQJHUEHKDQGHOW":LUG.3ODQHW EDOG XQWHU =XFNHUEHUJHQ EHJUDEHQ VHLQ" 8QGZDVVROOGLHVHU6FKLOGHUZDOG"'LHQW HUGD]XGDPLWLKUHXFKLP1HNWDUUDXVFK]XUHFKWILQGHW" ³:LU KDEHQ NHLQHQ 7URSIHQ 1HNWDU DQJHUKUW YHUVLFKHUWH LFK WUHXKHU]LJ ³(V YHUKlOW VLFK DOOHV JDQ] DQGHUV (V LVW GDV :HUN GHU +LSSRV 6LH KDEHQ :DOW\ODQG HUVFKDIIHQGDPLWVLFKLKUHXQJOFNOLFKHQ$UWJHQRVVHQGDUDQHUIUHXHQN|QQHQ'LH +LSSRV VLQG XQVHUH EHVWHQ .XQGHQ VLH KDEHQ XQV DOOH /DGHQKWHU DEJHNDXIW 6LH NRPPHQLQ6FKDUHQLQULHVLJHQ%XVVHQXPDOV7RXULVWHQHLQZHQLJ(UKROXQJXQG (QWVSDQQXQJ LQ :DOW\ODQG ]X VXFKHQ 6LH NRPPHQ DXV HLQHU DQGHUHQ 'LPHQVLRQ GLHLKQHQ]XHQJJHZRUGHQLVWXQGLKQHQQLFKWVPHKU]XELHWHQKDW+LHUDEHUILQGHQ VLHDOOHVZDVLKU+HU]EHJHKUW+LSSRVVLQGEHUDXVJHQJVDPXQGN|QQHQVLFKDQ GHQ HLQIDFKVWHQ 'LQJHQ GHV $OOWDJV HUIUHXHQ :HU YRQ XQV 0HQVFKHQ NDQQ GDV QRFKYRQVLFKEHKDXSWHQ":LUVWUHEHQQDFKLPPHUPHKU1DFKPHKU6LQQHVJHQX QDFKPHKU0DFKWXQG5HLFKWXPVLQGVWHWVXQ]XIULHGHQXQGVWHOOHQLPPHUK|KHUH $QVSUFKHDQV/HEHQ ,FKYHUVWXPPWHZHLOLFKPHUNWHGDLFKGHQ)DGHQYHUORUHQKDWWH ³'DVZDUHLQHVFK|QH5HGH(GHOPDQQ*HUDOG6KDUSVDJWH5RL'DQWRQ ³6LUH"ZXQGHUWHVLFK2UR0DVXW³+DEW,KUGHQQHLQ:RUWGDYRQYHUVWDQGHQ" ³%URYDEURYD.ODFN.ODFNULHIGD$QQHP\PLWYRU6SRWWXQG+RKQWULHIHQGHU 6WXPPH,FKIROJWHLKUHP%OLFN]XP)DUPKDXVXQGHUEOLFNWH:DOW\GHUJHUDGHLQV )UHLH VWROSHUWH VLFK PLW GHQ %HLQHQ YHUKHGGHUWH XQG GHU /lQJH QDFK KLQILHO (U HUKREVLFKDEHUVRIRUWZLHGHUXQGVHW]WHVHLQHQ:HJIRUW$OOHUGLQJVWDWHUHVPLW VHOWVDPHQ 9HUUHQNXQJHQ DOV SODJH LKQ ,VFKLDV 7DWVDFKH DEHU ZDU GD HU VHLQHQ 'ULOOLFKDQ]XJYHUNHKUWKHUXPDQJH]RJHQKDWWHPLWGHQ%HLQHQLQGHQbUPHOQXQG XPJHNHKUW XQG ZlKUHQG GHV *HKHQV PLW GHQ 7FNHQ GHV 2EMHNWV NlPSIWH $Q VHLQHU6HLWHEHIDQGVLFK2WWRGHUVHLQHQ5HVSHNWYRU$QQHP\]HLJWHLQGHPHUVLFK NOHLQXQGZLQ]LJ]XPDFKHQYHUVXFKWH ³$QQHP\ 5RL ULHI:DOW\DXIJHUHJW³:HOFKXQHUZDUWHWHU%HVXFK(KUOLFKLFK KDEHQRFKQLFKWPLWGHLQHU5FNNHKUJHUHFKQHW$QQHP\,FKGDFKWHGXZlUVWPLU E|VH ³:DULFKDXFKVDJWH$QQHP\HLVLJ³$EHUGDVZDUQLFKWVLP9HUJOHLFKGD]XZLH E|VHLFKQRFKZHUGHQNDQQ:DVIUHLQHQ8QIXJKDVWGXVFKRQZLHGHUDQJHULFKWHW NDXPGDLFKGLFKIUHLQH:HLOHRKQH$XIVLFKWJHODVVHQKDEH":DVKDWGDVDOOHV ]XEHGHXWHQ"8QGHUVSDUHGLUGLHJXWHQ1DFKULFKWHQGLHKDEHLFKEHUHLWVYRQGHLQHU UHFKWHQ+DQG*HUDOG*HUU\ 6KDUSJHK|UW %LV ]X GLHVHP $XJHQEOLFN KDWWH LFK QLFKW JHZXW GD PDQ PHLQHQ 1DPHQ PLW VRYLHO$EVFKHXDXVVSUHFKHQNRQQWH ³2 MH VDJWH :DOW\ XQG EOLFNWH VLFK LQ GHU ]XFNHUEHUJRVVHQHQ *HJHQG XP DOV
VlKH HU VLH ]XP HUVWHQPDO ³,FK IUFKWH LFK KDEH LQ GHQ YHUJDQJHQHQ 7DJHQ HLQ ZHQLJGHQhEHUEOLFNYHUORUHQ,FKZDUQXQZLHVROOLFKVDJHQ ³,P 1HNWDUUDXVFK" KDOI $QQHP\ LKP DXV ³8QG MHW]W KDVW GX HLQHQ .DW]HQMDPPHUXQGHULQQHUVWGLFKQLFKWPHKUZDVGXDOOHVDQJHVWHOOWKDVW :DOW\VDK]X%RGHQXQGQLFNWHEHWUHWHQ ³$EHU :DOW\ NDPLKPGD2WWR]X+LOIH³6HLQLFKWVREHVFKHLGHQ+DOWHQLFKW OlQJHU PLW GHLQHP JHQLDOHQ 3ODQ KLQWHU GHP %HUJ 'X NDQQVW UXKLJ VWRO] VHLQ DXI GHLQHQ 'LPHQVLRQV%XV GHQ GX LQ VR NXU]HU =HLW IHUWLJJHVWHOOW KDVW (V LVW HLQH 0HLVWHUOHLVWXQJ ³(KUHZHP(KUHJHEKUWVDJWH$QQHP\VS|WWLVFK ³%URYDEURYD :DOW\]XFNWHEHLGLHVHQ:RUWHQZLHXQWHU3HLWVFKHQKLHEHQ]XVDPPHQ ³+DEH GLHVHV *HIlKUW ZLUNOLFK LFK JHEDXW" HUNXQGLJWH VLFK :DOW\ ]DJKDIW EHL 2WWR³.DQQVWGXPLUDXFKVDJHQZDVLFKGDPLWZLOO" ³$EHUQDWUOLFK:DOW\YHUVLFKHUWH2WWR³$PEHVWHQGXOlGVWXQVDOOH]XHLQHU )DKUWPLWGHP'LPHQVLRQV%XVHLQGDQQVSDUVWGXGLUODQJH(UNOlUXQJHQ ³-DZHQQGXPHLQVWVDJWH:DOW\XQVLFKHUXQGQlKHUWHVLFKGHU=XJPDVFKLQH(U EHVWLHJ VLH ]|JHUQG XQG EOLFNWH ]X GHU *UXSSH XP $QQHP\ YRQ GHU HLQH HLVLJH $EOHKQXQJDXVJLQJ $OVLFKDXVGHU)HUQHHLQ-HW*HUlXVFKK|UWHXQGHLQH*UXSSHYRQ6XUIHUQDXIXQV ]XNRPPHQVDKJDELFKPLUHLQHQ5XFN ³$OOHVHLQVWHLJHQPHLQH+HUUVFKDIWHQULHILFKXQGXQWHUVWULFKPHLQH:RUWHPLW HLQODGHQGHQ *HVWHQ ³'HU =XJ JHKW JOHLFK DE %LWWH QHKPHQ 6LH ,KUH 3OlW]H HLQ GDPLWNHLQH9HU]|JHUXQJHLQWULWW 5RL'DQWRQPDFKWHGHQ$QIDQJHUEOLQ]HOWHPLULP9RUEHLJHKHQ]X$OVLFKGDQQ $QQHP\ DP $UP QDKP OLH VLH VLFK YRQ PLU IKUHQ $OV LFK LKU DEHU EHLP (LQVWHLJHQ EHKLOIOLFK VHLQ ZROOWH VWLH VLH PLFK YRQ VLFK 1DFKHLQDQGHU IROJWHQ DXFKGLH)UHLIDKUHUXQGVXFKWHQVLFKLKUH3OlW]HLQGHQ:DJJRQV 'LH YLHU 6XUIHU PLW /RUUHP 5DOORU DQ GHU 6SLW]H WUDIHQ HLQ QDFKGHP DOOH GHQ 'LPHQVLRQV%XVEHVWLHJHQKDWWHQ ³:DV JHKW KLHU YRU" HUNXQGLJWH HU VLFK ³:HU VLQG GLHVH VHOWVDP JHNOHLGHWHQ /HXWH ³'DVVLQG7RXULVWHQHUNOlUWHLFKLKP³GLHGHUJURHQ.'7)DPLOLHDQJHK|UHQ GHU .ODFNWRQ 'LPHQVLRQV 7RXUV XQG HLQHQ 7ULS LQ GLH :HOW GHV XQJOFNOLFKHQ +LSSRVPDFKHQZROOHQ ³.'7" ZLHGHUKROWH /RUUHP 5DOORU ³,FK ZHL QLFKW RE /RUHELU /DUKXODU PLW HLQHPVROFKHQ.RQNXUUHQ]XQWHUQHKPHQHLQYHUVWDQGHQVHLQZLUG ³0DQN|QQWHHVDOV*HJHQWRXULVPXVEH]HLFKQHQHUZLGHUWHLFK³/DVVHQZLUXQV GRFKGDYRQEHUUDVFKHQZLH/RUHELU/DUKXODUGDUDXIUHDJLHUW 'HU .'7%XV IXKU DQ XQG KLQWHU XQV EOLHE HLQ UHFKW GPPOLFK GUHLQEOLFNHQGHU /RUUHP5DOORU]XUFN
$XI GHU )DKUW ]XP :DOW\7RU NOlUWH LFK $QQHP\ XQG 5RL EHU GLH +LQWHUJUQGH GHV*HVFKHKHQVDXI$Q$QQHP\V+DOWXQJlQGHUWHVLFKGDGXUFKQLFKWV ³8QG RE :DOW\ IU GHQ 6FKODPDVVHO VHOEVW YHUDQWZRUWOLFK LVW ULHI VLH QDFKGHP LFK LPPHU ZLHGHU GDUDXI KLQJHZLHVHQ KDWWH GD LKQ NHLQHUOHL6FKXOGWUlIHXQGHU IUGLH7DWHQVHLQHV'XSORVQLFKW]XU5HFKHQVFKDIW]X]LHKHQVHL³6FKOLHOLFKKDW HUVHOEVWGHQ'XSORYRUIDVW]ZDQ]LJ-DKUHQHUVFKDIIHQ'LHVH6FKXOGYHUMlKUWVLFK QLFKW 5RLUHDJLHUWHGDJDQ]DQGHUV ³.|VWOLFKPHLQWHHUJXWJHODXQW³6FKDGHGDZLUQLFKWVFKRQIUKHUHLQJHWURIIHQ VLQG,FKKlWWHJHUQHHLQSDDUQHWWH,GHHQ]XU%HOXVWLJXQJGHU+LSSRVEHLJHWUDJHQ $EHUHVYHUV|KQWPLFKHLQZHQLJGDLFKQXQDOV7RXULVWHLQHQ%OLFNLQLKUH:HOW WXQGDUI $QGLHVHU6WHOOHP|FKWHLFKHUZlKQHQGD5RLPLUJHJHQEHUXQWHUGHU:LUNXQJ YRQJHJRUHQHP1HNWDUEHKDXSWHWKDWWHHUVHLGHU6RKQYRQ3HUU\5KRGDQZRUDXI LFKJHNRQWHUWKDWWHGDLFKLQ$WODQPHLQHQOHLEOLFKHQ9DWHUVlKH,Q]ZLVFKHQKDWWH LFK HUIDKUHQ GD 5RL WDWVlFKOLFK 0LFKDHO 5HJLQDOG 5KRGDQ ZDU XQG VLFK XPEHQDQQW KDWWH XP DXV GHP 6FKDWWHQ VHLQHV 9DWHUV WUHWHQ XQG VHLQH HLJHQHQ :HJHJHKHQ]XN|QQHQ :DOW\V 'LPHQVLRQV%XV IXKU EHU GLH 7'77UDVVH 'LH HQWODQJ GHU 6WUHFNH DQJHVLHGHOWHQ .ODFNWRQHU VWDXQWHQ QLFKW VFKOHFKW DOV VLH HUNDQQWHQ GD GHU %XV QLFKWPLW+LSSRVEHVHW]WZDU 6XQJRIRUGHUWHVLHODXWVWDUNDXIVLFK]XXQV]XJHVHOOHQXQGPLWXQVHLQHQ7ULSLQ GHQ $OOWDJ GHV QDFK *OFN XQG )UHXGH VWUHEHQGHQ +LSSRV ]X XQWHUQHKPHQ 'LH .ODFNWRQHUOLHHQVLFKGDVQLFKW]ZHLPDOVDJHQ6LHYHUWDXVFKWHQQXU]XJHUQHGLH 5ROOHQ XP DXFK HLQPDO GHQ 9RU]XJ JHQLHHQ ]X N|QQHQ 7RXULVW ]X VHLQ DQVWDWW 7RXULVWHQDWWUDNWLRQHQDE]XJHEHQ 1RFK HKH ZLU GDV :DOW\7RU HUUHLFKWHQZDUXQVHU%XVKRIIQXQJVORVEHUEHOHJW 'LH .ODFNWRQHU ZDUHQ JHVFKLFKWHW ZLH GLH 6DUGLQHQ VLH VWDQGHQ DXI GHQ 7ULWWEUHWWHUQXQGVDHQDXIGHP*DOLRQVNRSIGHU=XJPDVFKLQH 6XQJRVWXGLHUWHPLWLKQHQHLQVHOEVWJHGLFKWHWHV/LHGHLQGDVVLHHQWVHW]OLFKIDOVFK JU|OWHQ$EHUPDQPHUNWHGDHVLKQHQYRP+HU]HQNDP ³:LUIDKUHQQDFKGHP+LSSRODQG9DOHULHXQGYDOHUDVFKDOOWHHV 9RU GHP :DOW\7RU EUHPVWH :DOW\ GLH =XJJDUQLWXU DEUXSW DE 'HQ *UXQG IU GLHVHV XQHUZDUWHWH 0DQ|YHU HUIXKUHQ ZLU JOHLFK GDUDXI DOV DXV GHP 7UDQV 'LPHQVLRQVIHOG HLQH .ODFNWRQ)LJXU DXIWDXFKWH GLH GHQ %XJ HLQHV 7'7%XVVHV ]LHUWH ,P .RPPDQGRVWDQG HUEOLFNWHQ ZLU /RUHELU /DUKXODU XQG %LOO\ WKH .LG 'HU YHUUFNWH *DXFKRURERWHU YHUNQGHWH JHUDGH GHQ 7RXULVWHQ GLH VLFK LQ =HKQHUUHLKHQ XQG EHU GUHL (WDJHQ GUlQJWHQ XQG QRFK HQJHU ]XVDPPHQJHSUHW
ZDUHQDOVZLULQXQVHUHP*HIlKUW ³ 8QG QXQ ZHUWH 7'7)DPLOLH IDKUHQ ZLU LQ GLH :HOW GHV JOFNOLFKHQ 0HQVFKHQ:DOW\.ODFNWRQHLQGHVJOFNOLFKVWHQ0HQVFKHQLQGLHVHP8QLYHUVXP EHUKDXSW:LUZHUGHQ %LOO\V5HGHVFKZDOONDPLQV6WRFNHQDOVHUXQVHUHQYROOEHVHW]WHQ%XVHQWGHFNWH ³1DQX ZDUXP NRPPW LKU ]X XQVHUHP (PSIDQJ LQ GLHVHP VHOWVDPHQ 9HKLNHO" ZXQGHUWH HU VLFK ³'LH 1XPPHU PLW GHQ UHLWHQGHQ *DXFKRURERWHUQ ZDU GRFK YLHO DWWUDNWLYHU ³,FK JODXEH GD OLHJW HLQ 0LYHUVWlQGQLV YRU ULHI 2WWR KLQEHU GHU VLFK PLW :DOW\ GHQ 3ODW] LP .RPPDQGRVWDQG WHLOWH ³:LU VLQG QLFKW JHNRPPHQ XP GHQ 7'77RXULVWHQHLQHQ:LOONRPPHQVJUX]XHQWELHWHQ:LUVLQGVHOEVW7RXULVWHQDXI GHP:HJLQV+LSSRODQGXQGZDUWHQQXUGDUDXIGDLKUGHQ:HJIUHLJHEW ³:LUIDKUHQQDFKGHP+LSSRODQGYDOHULHXQGYDOHUDVDQJHQGLH.ODFNWRQHULP &KRUPLWGHQ)UHLIDKUHUQ :DOW\ EUDFKWH VLH PLW HLQHU $UPEHZHJXQJ ]XP 9HUVWXPPHQ XQG HUNOlUWH LP SURIHVVLRQHOOHQ7RQGHV)UHPGHQIKUHUV ³,Q GLHVHU :DJHQJDUQLWXU VHKHQ ZLU HLQH $QVDPPOXQJ YRQ +LSSRV GHU 6SH]LHV 7RXULVW GLH W\SLVFKHQ 9HUWUHWHU MHQHU *DWWXQJ GLH DXI .3ODQHW EHUFKWLJW XQG JHIUFKWHWLVW:LUNHQQHQGLHVHQ7\S]XU*HQJH:HQQZLUGXUFKGDV:DOW\7RU JHIDKUHQ VLQG ZHUGHQ ZLU MHGRFK HLQHQ JDQ] DQGHUHQ +LSSRVFKODJ NHQQHQOHUQHQ -HQHQ $OOWDJV+LSSR GHU LQ VLFK JHNHKUW LVW LQ VHLQHU HLJHQHQ ,FK:HOW OHEW XQG VLFKHLQHLJHQHVSHUV|QOLFKHV8QLYHUVXPHUVFKDIIHQKDWLQGHPHUGLHDQJHVWUHEWH 5XKH XQG *HERUJHQKHLW ILQGHW 'LHVHU +LSSR7\S LVW HLQ JDQ] DXVJH]HLFKQHWHV 6FKDX XQG 6WXGLHQREMHNW GHP ZLU LQ GHU )ROJH XQVHU JDQ]HV ,QWHUHVVH ZLGPHQ ZROOHQ ³'DV JHKW QLFKW ULHI /RUHELU /DUKXODU DXIJHUHJW KHUEHU XQG IXFKWHOWH ZLOG PLW VHLQHU %UVWH GXUFK GLH /XIW ³'DV LVW 9HUWUDJVEUXFK 'DV LVW JHJHQ GLH $EPDFKXQJHQ,FKZHUGHHXFKDOOHEUVWHQ 'HU =XIDOO ZROOWH HV GD /RUHELU /DUKXODU JHUDGH PLW 5RL 'DQWRQ DXI JOHLFKHU +|KH ZDU DOV HU $QVWDOWHQ WUDI VHLQH 'URKXQJ ZDKU]XPDFKHQ XQG VHLQH %UVWH JHJHQXQVULFKWHWH ³(LQH )RUGHUXQJ 0RQVLHXU" IUDJWH 5RL LQ MHQHP K|ILVFKHQ 7RQ GHQ HU EHKHUUVFKWH ZLH NHLQ DQGHUHU 0LW GLHVHQ :RUWHQ ]RJ HU VHLQH 'HJHQ XQG NUHX]WH LKQ PLW /DUKXODUV %UVWH 'HU 7'7&KHIIXFKWHOWHPLWVHLQHU:DIIHVRXQJHVWP GD 5RL NHLQH 0KH KDWWH VHLQH 6FKOlJH ]X SDULHUHQ XQG LKP NXU] GDUDXI GLH %UVWHDXVGHU+DQG]XVFKODJHQ /HLGHU ZXUGH GDV 'XHOO GDGXUFK EHHQGHW GD GLH EHLGHQ *DUQLWXUHQ LQ HQWJHJHQJHVHW]WHU 5LFKWXQJ DQHLQDQGHU YRUEHLIXKUHQ XQG GLH .RQWUDKHQWHQ VLFK UDVFKYRQHLQDQGHUHQWIHUQWHQ ³,FK JHEH ,KQHQ MHGHU]HLW *HQXJWXXQJ ULHI 5RL GHP WREHQGHQ /DUKXODU QDFK NWHVHLQH'HJHQNOLQJHXQGVWHFNWHVLHLQGLH6FKHLGH]XUFN
%LOO\ HQWVDQQ VLFK ZLHGHU VHLQHU $XIJDEHDOV)UHPGHQIKUHUXQG$QLPDWHXUXQG IRUGHUWHVHLQH7RXULVWHQDXI ³$SSODXV $SSODXV 6RHEHQ KDEW LKU HLQH EHVRQGHUH $UW GHV %HJUXQJV]HUHPRQLHOOV PLWHUOHEW GDV VFKRQ DE GHU QlFKVWHQ .UHX]IDKUW GXUFK :DOW\ODQGHLQIHVWHU%HVWDQGWHLOGHV3URJUDPPVVHLQZLUG$SSODXV$SSODXV $EHUNDXPHLQHUGHU7RXULVWHQNDPGLHVHU$XIIRUGHUXQJQDFKXQGVWDWWGHVVRQVW EOLFKHQIUHQHWLVFKHQ%HLIDOOVHUKREVLFKHLQYLHOVWLPPLJHV*HPXUUH ³6LHKDQDXFKGLH+LSSRVVLQGQXU0HQVFKHQPHLQWHLFK]XIULHGHQ³(VJHIlOOW LKQHQ RIIHQEDU QLFKW GD )UHPGH DOV 7RXULVWHQ LQ LKUH ,QWLPVSKlUH HLQGULQJHQ ZROOHQ,FKJODXEHZLUVLQGDXIGHPULFKWLJHQ:HJ -HW]WWDXWHVRJDU$QQHP\VHLVLJH0LHQHDXIXQGVLHJHVWDWWHWHVLFKGLH$QGHXWXQJ HLQHV /lFKHOQV .DXP PHUNWH VLH MHGRFK GLH =XIULHGHQKHLW LQ PHLQHP *HVLFKW VWUDIIWHVLHVLFKXQGPHLQWHVS|WWLVFK ³(V ZDU VFKRQ HLQ JHQLDOHU (LQIDOO GHQ OlVWLJHQ +LSSRV HLQHQ *HJHQEHVXFK DE]XVWDWWHQ$EHUHVLVWHLQHDQGHUH6DFKHGDHVEHUKDXSWVRZHLWJHNRPPHQLVW ,FK VHXI]WH ZHLO GLHVH bXHUXQJ PLU ]HLJWH GD $QQHP\ YRUKDWWH JHJHQEHU :DOW\XQYHUV|KQOLFK]XEOHLEHQ :lKUHQGGHU7'7%XVLQ5LFKWXQJ:DOW\ODQGYHUVFKZDQGIXKUHQZLUGXUFKGDV :DOW\7RULQGLHZDEHUQGH6FKZlU]HGHV'LPHQVLRQVIHOGVHLQ8QGGLH.ODFNWRQHU VDQJHQGD]X ³:LUIDKUHQQDFKGHP+LSSRODQG9DOHULHXQGYDOHUD :LU VFKZHEWHQ VFKHLQEDU HQGORV GXUFK GDV 1LFKWV EHJOHLWHW YRQ GHP PRQRWRQHQ 6XUUHQGHU-HW%UHWWHUGLHGHQ%XVDQWULHEHQ0DQVDKHVGHQ.ODFNWRQHUQDQGD LKQHQ EHL GLHVHU 5HLVH HWZDV PXOPLJ ]XPXWH ZDU $EHU :DOW\ YHUVWDQG HV LPPHU ZLHGHU VLH GXUFK DXIPXQWHUQGH :RUWH DE]XOHQNHQ 'D]X NDP QRFK GLH XQEHNPPHUWH)U|KOLFKNHLWGHU)UHLIDKUHUGLHDQVWHFNHQGZLUNWHXQGGDIUVRUJWH GD GLH 6WLPPXQJ GHU .ODFNWRQHU QLH DXI GHQ 7LHISXQNW VDQN $EHU LFK PX JHVWHKHQ GD VHOEVW LFK PLFK LPPHU XQEHKDJOLFKHU ]X IKOHQ EHJDQQ MH OlQJHU XQVHU $XIHQWKDOW LQ GLHVHP =ZLVFKHQEHUHLFK GHU 'LPHQVLRQHQ ZlKUWH ,FK VWHOOWH PLU GLH EDQJH )UDJH RE :DOW\V QHNWDUVFKZHUHP 8QWHUEHZXWVHLQ EHL GHU .RQVWUXNWLRQ GHV 'LPHQVLRQVDQWULHEV QLFKW HWZD HLQ )HKOHU XQWHUODXIHQ ZDU XQG ZLUQXQELVDQV(QGHDOOHU7DJHKLHUIHVWVDHQ $EHUGDQQHUKHOOWHVLFKGDV1LFKWVGHU%XVGXUFKEUDFKGLHOHW]WH%DUULHUHXQGZLU IDQGHQXQVLQHLQHUSKDQWDVWLVFKHQ:HOWZLHGHU 'LH .ODFNWRQHU EUDFKHQ LQ -XEHOVFKUHLH DXV XQG NODWVFKWHQ EHJHLVWHUW LQ GLH +lQGH$XFKPLUILHOHLQ6WHLQYRP+HU]HQXQGLFKDWPHWHDXI ³+LHU VLQG ZLU QXQ LQ +LSSRODQG YHUNQGHWH :DOW\ ³:DKUVFKHLQOLFK LVW GLHV HLQHGHUOHW]WHQ2DVHQGHV)ULHGHQVXQGGHU5XKHZLHPDQVLHEHLNHLQHPDQGHUHQ VR KRFKHQWZLFNHOWHQ 9RON PHKU YRUILQGHW 'DV ]HXJW YRQ GHU PRUDOLVFKHQ XQG HWKLVFKHQ5HLIHGHU+LSSRV*OHLFK]HLWLJHUVFKHLQWPLUGLHVMHGRFKDXFKDOV*UXQG LKUHU 9HUHLQVDPXQJ XQG LKUHU 0HODQFKROLH GLH ELV KLQ ]XU 6HOEVWDXIJDEH XQG
/HEHQVXQOXVWJHIKUWKDW:LUVLQGQLFKWQXUDOV7RXULVWHQKHUJHNRPPHQVRQGHUQ DXFKDOV*OFNVEULQJHU8QGVRZROOHQZLUXQVLPPHUXQVHUH0LVVLRQYRU$XJHQ KDOWHQGLHKHLWGHQWUDXULJHQ+LSSRVGLH)UHXGHDP'DVHLQ]XUFN]XJHEHQ8P GLHVHU $XIJDEH MHGRFK JHZDFKVHQ ]X VHLQ PVVHQ ZLU GLH +LSSRV VWXGLHUHQ XQV PLW LKUHU 0HQWDOLWlW XQG PLW LKUHQ *HZRKQKHLWHQ YHUWUDXW PDFKHQ 'DUXP GUIHQ ZLU NHLQH *HOHJHQKHLW DXVODVVHQ XQV ,QIRUPDWLRQHQ EHU GLHVHV 9RON ]X YHUVFKDIIHQ=XIUDJHQXQG]XIRUVFKHQGDVVROOXQVHUREHUVWHV*HERWVHLQ 'LH:HOWGHU+LSSRVZDUVRWURVWORVZLHSKDQWDVWLVFK (V VFKLHQ NHLQH 6RQQH VWDWW GHVVHQ JDE HV XQ]lKOLJH NQVWOLFKH /LFKW XQG :lUPHTXHOOHQ $WRPVRQQHQ ZDKUVFKHLQOLFK GLH LQ YHUVFKLHGHQHQ +|KHQ LP /XIWUDXPYHUWHLOWZDUHQ'D]ZLVFKHQEHIDQGHQVLFKYHUVFKLHGHQJURH*HELOGHGLH DXV :DEHQ ]XVDPPHQJHVHW]W ZDUHQ 6LH ZDUHQ XQWHUHLQDQGHU PLW HLQHP VSLQQZHEHQDUWLJHQ1HW]YHUEXQGHQ -HGHV GHU :DEHQJHELOGH VR VWHOOWH VLFK VSlWHU KHUDXV EHKHUEHUJWH HLQHQ +LSSR GLHVZDUVHLQSHUV|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³+LSSRGURP ZLH ZLU GLHVH YROOURERWLVFKHQ $QODJHQ LQ $KQOHKQXQJDQGDV.ODFNWRGURPYRQ:DOW\ODQGQDQQWHQ 'DV+LSSRGURPXPVFKORGHQJHVDPWHQ3ODQHWHQGHQZLUZHJHQGHUHWZDVXQWHU O*UDYROLHJHQGHQ6FKZHUNUDIWDXIPDUVJURVFKl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|IIHOJHUlWH
KDWWHQ IUKHU QLFKW H[LVWLHUW 6LH ZDUHQ HUVW YRQ GHP 5RERWV\VWHP SURGX]LHUW ZRUGHQ DOV .ODFNWRQ ,9 :DOW\V 'XSOR QDFK KLHU YHUVFKODJHQ ZRUGHQ ZDU XQG HLQH /DZLQH LQV 5ROOHQ JHEUDFKW KDWWH GLH ]XU *UQGXQJ GHU 7UDQV 'LPHQVLRQV 7RXUVIKUWHXQGGHQ7RXULVWHQ%RRPDXVO|VWH 'DV 5HLVHEUR KDWWH VHLQHQ 6LW] LQ HLQHP ELHQHQVWRFNDUWLJHQ *HElXGH GDV VR JDQ]XQGJDUQLFKWQDFK+LSSRODQGSDVVHQZROOWH(VZDUHLQJXWIQIKXQGHUW0HWHU KRKHU .RPSOH[ PLW HLQHP %XVEDKQKRI :DUWH XQG $EIHUWLJXQJVUlXPHQ ,QIRUPDWLRQVVFKDOWHUQ %HUDWXQJVVWHOOHQ 6FKXOXQJV]HQWUHQ XQG YLHOHQ DQGHUHQ $EWHLOXQJHQQHEVW5HVWDXUDQWVXQGHLQHP+RWHONRPSOH[PLW,QWLPZDEHQLQGHQHQ GHU YRQ ZHLW KHU DQJHUHLVWH XQG JHGXOGLJ DXI VHLQH $EIHUWLJXQJ ZDUWHQGH +LSSR VLFKYRUEHUJHKHQGVHLQHLJHQHV8QLYHUVXPHLQULFKWHQNRQQWH 'LHVHUULHVLJHHEHQIDOOVZLHDXV=XFNHUJHJRVVHQZLUNHQGH.REHQZDUXQVHU=LHO $OVXQVHU%XVLQGHQ%DKQKRIHLQIXKUGUlQJWHQVLFKDXIGHQ6WHLJHQOLQNVXQG UHFKWV 0DVVHQ YRQ +LSSRV GLH DOOH QRFK XQJHVFKPLQNW XQG DXFK QRFK QLFKW PLW -HW%UHWWHUQ DXVJHUVWHW ZDUHQ 2KQH GLH &ORZQPDVNHQ ZLUNWHQ LKUH 3IHUGHJHVLFKWHU QRFK WUDXULJHU XQG XQJOFNOLFKHU 6LH WUXJHQ DEHU EHUHLWV GLH 7UDQVODWRU)OJHOKHOPHXQGGLHJROGHQHQ.RPELQDWLRQHQGLHVLHDOV0LWJOLHGHUGHU JURHQ7'7)DPLOLHDXVZLHVHQ $OV VLH HUNDQQWHQ ZHOFKHUDUW 3DVVDJLHUH GHU %XV EHI|UGHUWH ]HLJWHQ VLH VLFK HQWWlXVFKWXQGZLFKHQLQVWXPPHP(QWVHW]HQ]XUFN,KUH6WLPPXQJZXUGHDXFK QLFKWJHKREHQDOV:DOW\PLWYRUIUHXGLJHU(UUHJXQJEHEHQGHU6WLPPHYHUNQGHWH ³6HLGHQW]FNWOLHEH+LSSRVDXVGHU7'7)DPLOLH'HQQHQGOLFKLVWHVJHOXQJHQ HLQHQYRQODQJHU+DQGYRUEHUHLWHWHQ3ODQGXUFK]XIKUHQ(VLVWQLFKWPHKUQ|WLJ GD LKU HXFK GHU 0KH HLQHU 5HLVH QDFK :DOW\ODQG XQWHU]LHKW XP PLW GHQ JOFNOLFKHQ0HQVFKHQYRQ.3ODQHWLQ.RQWDNW]XNRPPHQ-HW]WNRPPHQZLU]X HXFK ,KU N|QQW LQ HXUHQ :DEHQ8QLYHUVHQ EOHLEHQ XQG GDUDXI ZDUWHQ ELV GDV *OFN EHL HXFK DQNORSIW ,VW GLHVH 7DWVDFKH QLFKW DOOHLQ VFKRQ $QOD ]XU )UHXGH" (PSILQGHWLKUQLFKWEHUHLWVGDVDXINRPPHQGH*OFNVJHIKO" 'LH $QWZRUW ZDU HLQH GHXWOLFKH 9HUQHLQXQJ :HQQ VLFK GLH +LSSRV GD]X DXFK QLFKWlXHUWHQVR]HLJWHLKU9HUKDOWHQHLQGUXFNVYROOGDVLHGLHVHU1HXHLQIKUXQJ DEOHKQHQG JHJHQEHUVWDQGHQ 'HQQ :DOW\ ZDU PLW VHLQHU 5HGH QRFK QLFKW DP (QGH DOV VLFK GLH 0HQJH DXFK VFKRQ DXIJHO|VW KDWWH 'LH %DKQVWHLJH ZDUHQ DXI HLQPDO ZLH OHHUJHIHJW (V OLH VLFK QLFKW HLQPDOHLQ7'7$QJHVWHOOWHUEOLFNHQDQ GHQZLUXQVKlWWHQZHQGHQN|QQHQ ³0DQJHOV HLQHV NXQGLJHQ )KUHUV VWHKW HV MHGHP 7RXULVWHQ IUHL ZLH HU VHLQHQ $XIHQWKDOW JHVWDOWHW HUNOlUWH 2WWR DQ :DOW\V 6WDWW GHU DXI HLQPDO VHKU QDFKGHQNOLFKXQGEHNPPHUWZLUNWH³(VZLUGDEHUHPSIRKOHQGDV7'7*HElXGH QLFKW ]X YHUODVVHQ XQG PHKUHUH *UXSSHQ ]X ELOGHQ GLH JHWUHQQW DXI (QWGHFNXQJVUHLVHJHKHQ 'LH .ODFNWRQHU XQG )UHLKlQGOHU ]HUVWUHXWHQ VLFK EHU GLH %DKQVWHLJH XQG HQWIHUQWHQVLFKLQYHUVFKLHGHQH5LFKWXQJHQ$QQHP\KDWWHVLFKEHL5RLXQWHUJHKDNW
XQG VFKOHQGHUWH DQ GHU 6HLWH GHV )UHLIDKUHUN|QLJV ]X :DOW\ GHU LP )DKUHUVLW] NDXHUWHXQGHLQHQQLHGHUJHVFKODJHQHQ(LQGUXFNPDFKWH ³:DVLVWGHQQPLWGLUORV.ODFN.ODFN"IUDJWHVLHVFKHLQKHLOLJ³'XKlWWHVWGRFK DOOHQ *UXQG ]X WULXPSKLHUHQ GHQQ GX KDVW GHQ +LSSRV HLQH KHLOVDPH /HNWLRQ HUWHLOW2GHULUUHLFKPLFK2WWR" ³'X KDVW Y|OOLJ UHFKW $QQHP\ VDJWH GDV 3HO]ZHVHQ ³'LH +LSSRV VLQG EHU XQVHU (UVFKHLQHQ ]XWLHIVW HQWVHW]W XQG ZUGHQ DOOHV WXQ XP XQV ZLHGHU ORV]XZHUGHQ$EHU:DOW\KDWDXIHLQPDO*HZLVVHQVELVVH ³(V LVW QLFKW UHFKW *OHLFKHV PLW *OHLFKHP ]X YHUJHOWHQ VDJWH :DOW\ VHOEVWDQNODJHQG ³,FK VFKlPH PLFK PHLQHU IU GLHVHQ EUXWDOHQ (LQEUXFK LQ GLH ,QWLPVSKlUHGHU+LSSRV ³7\SLVFK .ODFN.ODFN VDJWH $QQHP\ XQG ]RJ 5RL DP $UP PLW VLFK IRUW 6LH GUHKWHVLFKLP*HKHQQRFKHLQPDOXPXQGULHIEHUGLH6FKXOWHU³'XNDQQVWMDGLH +LSSRVXP9HU]HLKXQJELWWHQZHQQHVGLFKHUOHLFKWHUWXQGLKQHQYHUVSUHFKHQVLH QLFKWZLHGHU]XVW|UHQ ³'DVZHUGHLFKDXFKWXQULHI:DOW\HQWVFKORVVHQXQGVSUDQJDXIGLH%HLQH2WWR XQGLFKVFKORVVHQVLFKLKPDQ 'DV ,QQHUH GHV 7'7*HElXGHV GLH $QRUGQXQJ YRQ .RUULGRUHQ XQG 5lXPHQ PDFKWH HLQHQ YHUWUDXWHQ (LQGUXFN DXI XQV 'D DXFK GLH %H]HLFKQXQJHQ GHU YHUVFKLHGHQHQ $EWHLOXQJHQ LQ ,QWHUNRVPR DEJHIDW ZDUHQ XQG GLH 3\NWRJUDPPH GHU WHUUDQLVFKHQ 1RUP HQWVSUDFKHQ IDQGHQ ZLU XQV OHLFKW ]XUHFKW :LU IXKUHQ LP $QWLJUDYOLIW QDFK REHQ ]X GHQ 7RXULVWHQXQWHUNQIWHQ $OV ZLU LP ]ZDQ]LJVWHQ 6WRFNZHUN DXV GHP /LIW WUDWHQ NDPHQ XQV IQI .ODFNWRQHU HQWJHJHQ 6LH ZLUNWHQ HQWWlXVFKWXQGYHUULHWHQXQVDXFKVRJOHLFKGHQ*UXQGGDIU ³+LSSRV VLQG /DQJZHLOHU HUNOlUWHQ VLH ³9HUVWHKHQ NHLQHQ 6SD /DFKHQ QLFKW 7UlXPHQ-HGHUVWHFNWLQ6FKODIKHUPDQQXQGZLOOQLFKWVDOVVHLQH5XKH ³'DQQVW|UWGLHVH5XKHJHIlOOLJVWQLFKWKHUUVFKWH:DOW\VLHDQ³-HGHV:HVHQKDW HLQ$QUHFKWDXIHLQH3ULYDWVSKlUH ³+HUPDQQVZLOOHQ +HUPDQQVZLOOHQ ULHIHQ GLH .ODFNWRQHU YHUVW|UW ³:HOFKHU +HUPDQQYHUVWHKWGDVQRFK" 2WWR KDWWH XQVHUH )KUXQJ EHUQRPPHQ XQG HU VHW]WH VHLQHQ 7ZLO] HLQ HLQHQ +LSSR ]X VXFKHQ GHU QRFK DP HKHVWHQ DOV 5HSUlVHQWDQW VHLQHV 9RONHV JHOWHQ NRQQWH +LSSRV ZDUHQ ]ZDU DOOH JOHLFKJHVWHOOW DEHU 2WWR KDWWHQ HLQHQ JHZLVVHQ 7ZHOORU DXVILQGLJ JHPDFKW GHU MHQHU *UXSSH YRQ 7UDGLWLRQDOLVWHQ YRUVWDQG GLH JHJHQGLH'LPHQVLRQVUHLVHQRSSRQLHUWHQ2WWRKDWWHJHWZLO]WGD7ZHOORUGHQ7ULS QDFK :DOW\ODQG QXU PDFKHQ ZROOWH XP VLFK DQ 2UW XQG 6WHOOH YRQ GHVVHQ YHUGHUEOLFKHU:LUNXQJDXIGHQ+LSSREHU]HXJHQ]XN|QQHQ 'DVZDUXQVHU0DQQ 2WWRVWHXHUWH]LHOVWUHELJDXIHLQHGHU7UHQ]XXQG|IIQHWHVLHRKQHDQ]XNORSIHQ 'HU 5DXP GDKLQWHU ZDU LQ HLQ 'XW]HQG :DEHQ XQWHUWHLOW ,Q HLQHU GDYRQ ODJ HLQ +LSSR ]XVDPPHQJHUROOW (U ULVNLHUWH EHL XQVHUHP (LQWUHWHQ HLQ $XJH XQG VFKQLWW
HLQH*ULPDVVH ³'DUI LFK YRUVWHOOHQ VDJWH 2WWR ³'DV LVW 7ZHOORU ZHLEOLFKHV *HVFKOHFKW 2SSRVLWLRQVIKUHULQ XQG ZHQQ LFK VR VDJHQ GDUI $QWL.ODFNWRQHULQ ,FK WZLO]H GD 7ZHOORU XQV ]XUFN QDFK :DOW\ODQG ZQVFKW XQG GDV 7RU KLQWHU XQV DP OLHEVWHQVSUHQJHQP|FKWH ³(QWVFKXOGLJHQ 6LH JQlGLJH )UDX EHJDQQ :DOW\ PLW JHU|WHWHP *HVLFKW XQG EHGHFNWH VLFK PLW GHU +DQG GLH $XJHQ ZHLO GLH +LSSR LQ GHU :DEH XQEHNOHLGHW ZDU ³GD ZLU VR XQI|UPOLFK LQ ,KU 8QLYHUVXP HLQGULQJHQ XQG ,KUH 3ULYDWVSKlUH YHUOHW]HQ$EHULFKYHUVSUHFKH,KQHQGDVLFKHWZDVbKQOLFKHVQLFKWZLHGHUKROHQ ZLUG 'LH +LSSR UKUWH VLFK QLFKW VLH VWDUUWH XQV ZHLWHUKLQ DXV QXU HLQHP $XJH DQ :DOW\JLQJHLQHQ6FKULWWQlKHU ³.|QQHQ 6LH PLFK YHUVWHKHQ" IUDJWH HU QDFK YRUQH JHEHXJW ³%HKHUUVFKHQ 6LH PHLQH6SUDFKH":HQQMDGDQQDQWZRUWHQ6LHPLU,FKP|FKWHPLFKLQDOOHU)RUP XQG LP 1DPHQ YRQ XQV DOOHQ IU XQVHU XQJHEKUOLFKHV 9HUKDOWHQ HQWVFKXOGLJHQ 6LQG6LHJHQHLJWPHLQH(QWVFKXOGLJXQJDQ]XQHKPHQ" :DOW\ VHW]WH ]X HLQHP QHXHQ 6FKULWW DQ 'DEHL YHUORU HU MHGRFK DXV LUJHQGHLQHP XQHUILQGOLFKHQ *UXQG GLH %DODQFH YLHOOHLFKW KDWWH DXFK VHLQ SDUDRULHQWLHUWHV 8QWHUEHZXWVHLQIUHLQH*OHLFKJHZLFKWVVW|UXQJJHVRUJW XQGVWROSHUWH(UVWUHFNWH LQVWLQNWLYEHLGH$UPHDXVXPVLFKDQHLQHU:DEHQZDQG]XVWW]HQXQGHLQHQ6WXU] ]XYHUKLQGHUQ(UYHUIHKOWHMHGRFKVHLQ=LHOXQGILHODXIGLH+LSSR 7ZHOORU VWLH HLQHQ PDUNHUVFKWWHUQGHQ 6FKUHL DXV XQG YHUVXFKWH GXUFK 6WUDPSHOQ PLW $UPHQ XQG %HLQHQ :DOW\ DE]XZHKUHQ GHU VHLQHUVHLWV lKQOLFKH %HPKXQJHQXQWHUQDKPGDGXUFKMHGRFKQXUHUUHLFKWHGDHUPLWGHU+LSSRLQGHQ &OLQFK JLQJ 'D]X VWLH HU PLW ZHLQHUOLFKHU 6WLPPH (QWVFKXOGLJXQJHQ XQG 8QVFKXOGVEHWHXHUXQJHQDXV ³'LHVHQ5LQJNDPSIPWHQGLH+LSSRVVHKHQVDJWHLFKEHJHLVWHUW ³.HLQH%DQJHHVJLEW=HXJHQJHQXJVDJWH2WWR³'HQQLFKKDEHPHLQHQ7ZLO] JHEUDXFKW XQG GDIU JHVRUJW GD GDV .RPPXQLNDWLRQVQHW] GDV 6FKDXVSLHO LQ DOOH :DEHQ UXQG XP GHQ 3ODQHWHQ EHUWUlJW 8QG HV JLEW XQ]lKOLJH +LSSRV GLH VLFK lQJVWOLFKYRU$XJHQKDOWHQZLHOHLFKWLKQHQHLQlKQOLFKHV6FKLFNVDOEOKHQN|QQWH ZHQQPDQQLFKWHWZDVJHJHQGHQEHUKDQGQHKPHQGHQ7RXULVPXVXQWHUQLPPW 'LH:DEHLQGHUVLFK:DOW\PLWGHU+LSSREDOJWHVWU]WHPLWHLQHPODXWHQ.UDFK ]XVDPPHQ 7ZHOORU NDP IUHL XQG YHUVXFKWH LQ GLH QlFKVWH :DEH ]X HQWIOLHKHQ 'RFK :DOW\ EHNDP VLH LQ GHP %HPKHQ VLFK DXI]XULFKWHQ DQ HLQHP %HLQ ]X IDVVHQ$OVVLFK7ZHOORUYHU]ZHLIHOWDP5DKPHQGHUQlFKVWHQ:DEHIHVWNODPPHUWH EUDFKGLHVHUXQGVLHVWU]WH]XVDPPHQPLW:DOW\LQGLH1DFKEDUZDEH'XUFKGLH :XFKW GHV $XISUDOOV EUDFK DXFK GLHVH HLQ ZRUDXIKLQ GLH VFKRQ UHFKW ZDFNHOLJ JHZRUGHQH.RQVWUXNWLRQ]XVDPPHQVWU]WH ³*LEDXIK|UWHQZLUGLH+LSSRUXIHQ³'XNDQQVWPLFKQLFKWXPVWLPPHQ(JDO ZHOFKH %HVFKZLFKWLJXQJVULWXDOH GX DXFK YHUVXFKVW GX NDQQVW PLFK QLFKW IU GDV
3URMHNW :DOW\ODQG JHZLQQHQ 'X KDVW HKHU GDV *HJHQWHLO HUUHLFKW 'HLQH 'HPRQVWUDWLRQ KDW QXU GHXWOLFK JHPDFKW GD GLHVH $UW GHU *OFNVILQGXQJ QLFKWV IUXQVHU9RONLVW 'HU 7UPPHUKDXIHQ NDP LQ %HZHJXQJ DOV :DOW\ LP 5FNZlUWVJDQJ KHUDXVJHNURFKHQNDP(UKDVSHOWHQRFKLPPHU(QWVFKXOGLJXQJHQXQGGUFNWHVHLQ %HGDXHUQEHUGLHVH9HUNHWWXQJYRQXQJOFNVHOLJHQ0LJHVFKLFNHQDXV ³,FKELQXQWU|VWOLFKEHUGDVZDVLFKDQJHULFKWHWKDEHVDJWHHU]X2WWRXQGPLU DOVHU]ZLVFKHQXQVVWDQG:DOW\KDWWHJDUQLFKWPLWEHNRPPHQGDHUVRHEHQHLQHQ HQGJOWLJHQ 6LHJ HUUXQJHQ XQG PLW GLHVHP XQQDFKDKPOLFKHQ $XIWULWW GHU 7UDQV 'LPHQVLRQ7RXUVGHQ7RGHVVWRYHUVHW]WKDWWH ,FKNORSIWH:DOW\GHQ6WDXEYRP'ULOOLFKDQ]XJ'DQQQDKPHQ2WWRXQGLFKLKQLQ GLH0LWWHXQGNHKUWHQPLWLKPLQGLH%DKQKRIVKDOOH]XUFN 'RUWZDULQ]ZLVFKHQGHU'UHLGHFNHUGHU7'7HLQJHWURIIHQDEHUYRQGHQWDXVHQG 7RXULVWHQ ZDU QLFKWV PHKU ]X VHKHQ $XI GHQ 6WHLJHQ KDWWHQ VLFK *UXSSHQ YRQ JHODQJZHLOWHQ )UHLIDKUHUQ XQG .ODFNWRQHUQ JHELOGHW $OV VLH :DOW\ HUEOLFNWHQ VWU]WHQ VLH VLFK DXI LKQ XQG GUlQJWHQ LKQ ]XU +HLPUHLVH 8QWHU LKQHQ ZDU DXFK %LOO\ WKH .LG ³'DV YHU]HLKH LFK GLU QLH %R KLHOW HU :DOW\ YRU ³'XUFK GHLQH GXQNOHQ 0DFKHQVFKDIWHQ KDVW GX GLH 7'7 UXLQLHUW XQG PHLQH .DUULHUH DOV )UHPGHQIKUHU]HUVW|UW/RUHELU/DUKXODUKDWPLFKIULVWORVHQWODVVHQ,FKELQMHW]W ZLHGHUIUHLDEHULFKPXPLUQRFKJXWEHUOHJHQRELFKZLHGHUDOV*DXFKRURERWHU IUGLFKDUEHLWHQ %LOO\ VSUDFK QLFKW ZHLWHU 6HLQH 6HKOLQVHQ EHNDPHQ SO|W]OLFK HLQHQ VHOWVDPHQ $XVGUXFNGHQLFKQXU]XJXWNDQQWH$OVLFKPLFKLQGLH5LFKWXQJZDQGWHLQGLHHU VDKHQWGHFNWHLFKGRUW2UR0DVXW5RLVHUWUXVLVFKHQ/HLEZlFKWHUGHUVLFKJHUDGH EFNWH XP GLH /RUJQHWWH VHLQHV +HUUQ DXI]XKHEHQ 2UR ]XFNWH YRU (QWVHW]HQ ]XVDPPHQDOVHUHLQWULXPSKLHUHQGHV³
³/DWHXFKYRQGLHVHP,QGLYLGXXPQLFKWQRFKHLQPDOEHVFKZDW]HQ'LHVHU'XSOR VLHKW]ZDUZLH:DOW\DXVXQGLVWVRWROSDWVFKLJZLHGDV2ULJLQDODEHUHVJLEWHLQHQ JUDYLHUHQGHQ8QWHUVFKLHG]ZLVFKHQGHQEHLGHQ:lKUHQGVLFKEHLPHFKWHQ.ODFN .ODFNOHW]WOLFKDOOHV]XP*XWHQZHQGHWVWLIWHWGHU'XSORQXU&KDRVRKQHSRVLWLYH %HJOHLWHUVFKHLQXQJHQ ³,FK ELQ GHO OLFKWLJH .ODFN.ODFN EHKDXSWHWH GHU 'XSOR ³8QG LFK ZHOGH HV EHZHLVHQ,FKZHOGHIOGDV*OFNGHO+LSSRVVROJHQ%ORYDEORYD ³'XNDQQVWWXQXQGODVVHQZDVGXZLOOVWDEHUODVVHGLFKQLHZLHGHUDXI.3ODQHW EOLFNHQVDJWHLFK8QGDQGLHEHLGHQ+LSSRVJHZDQGWIJWHLFKKLQ]X³8QGLKU ODWEHVVHUGLH+lQGHYRP)UHPGHQYHUNHKU'HQQIUMHGHQ7RXULVWHQGHQLKUXQV VFKLFNWZHUGHQZLUXQVPLW]ZHLUHYDQFKLHUHQ)UDJWPDO7ZHOORUZDVVLHGDYRQ KlOW ³'DVEUDXFKHLFKJDUQLFKWVDJWH/RUHELU/DUKXODUPLW/HLFKHQELWWHUPLHQH³,FK KDEH LQ]ZLVFKHQ VHOEVW HUNDQQW GD ZLU +LSSRV GHQ $QIRUGHUXQJHQ HLQHV JOFNOLFKHQIUHXGYROOHQ/HEHQVZLHHVLKU0HQVFKHQIKUWQLFKWJHZDFKVHQVLQG ,FK VHKQH PLFK QXU QRFK QDFK 5XKH XQG 6WLOOH XQG GHU $EJHVFKLHGHQKHLW PHLQHU :DEH ³,FKEHQHLGHHXFK0HQVFKHQQLFKWXPGLHVHV*OFNVDJWHDXFK/RUUHP5DOORU ³(VLVWIUXQVEHVVHUZHQQZLUGHQ.RQWDNWPLWHXFKDEEUHFKHQ ³'DVOlWVLFKK|UHQVDJWHLFK]XIULHGHQ³9HUJHWDEHUQLFKWYRUKHU:DOW\ODQG ]XUlXPHQXQGDE]XEDXHQ(KHLKUGLHVH%HGLQJXQJQLFKWHUIOOWKDEWVHLGLKUYRU XQVQLFKWVLFKHU 7DJV GDUDXI ZDUHQ GLH OHW]WHQ 7RXULVWHQ DXV GHP :DOW\WHO DXVJH]RJHQ 8QG ]ZHL 7DJH VSlWHU ZDU GLH JDQ]H ZHLH 3UDFKW ]ZLVFKHQ GHU )DUP XQG +HUPDQQVYLOOH YHUVFKZXQGHQ 'LH +LSSRV KDWWHQ GLH =XFNHUJHELUJH ELV DXI GHQ OHW]WHQ .UPHO GXUFKLKUH'LPHQVLRQV7UDQVPLWWHUDEJHVRJHQ=XOHW]WYHUVFKZDQGGDV:DOW\7RU DXI XPJHNHKUWH :HLVH ZLH HV HQWVWDQGHQ ZDU 'HU 6FKZDU]KHUPDQQ VFKOXFNWH ]XHUVWGDV3RUWDOZRUDXIKLQHUVHOEVWGLIIXQGLHUWH'DQDFKHULQQHUWHRSWLVFKQLFKWV PHKUDQGLH+LSSR3ODJHGLH.3ODQHWKHLPJHVXFKWKDWWH :LUK|UWHQQLHPHKUZLHGHUYRQGHQ+LSSRVHEHQVRZHQLJZLHYRQ:DOW\V'XSOR 'HU OHW]WH 7RXULVW GHQ LFK VDK ZDU *DIIHO GHU VLFK YRUJHQRPPHQ KDWWH VHLQHQ /HEHQVDEHQG LQ :DOW\ODQG ]X YHUEULQJHQ (U ZDU PLU LUJHQGZLH V\PSDWKLVFK GDUXP VFKOXJ LFK LKP YRU EHL XQV ]X EOHLEHQ 'HQQ DXI HLQHQ ,UUHQ PHKU RGHU ZHQLJHUNDPHVDXFKQLFKWPHKUDQ $EHU HU ZROOWH GDYRQ QLFKWV PHKU ZLVVHQ (U EHGDQNWH VLFK UHFKW KHU]OLFK XQG PHLQWHPLWWRGHUQVWHU0LHQHGD+LSSRVQLFKWVRZLGHUVWDQGVIlKLJVHLHQXPPLW GHPJDQ]QRUPDOHQ:DKQVLQQGHU0HQVFKHQIHUWLJ]XZHUGHQ :DOW\ GHU GDV PLWK|UWH ZXUGH GDUDXIKLQ ZLHGHU DXVJHJOLFKHQHU XQG PDFKWH VLFK EDOG NHLQH 9RUZUIH PHKU GHQ +LSSRV GHQ :HJ ]X /HEHQVJOFN XQG IUHXGH YHUEDXW]XKDEHQ$EHULUJHQGZLHEHGDXHUWHDXFKHU*DIIHOV$EVFKLHGGHQQZLHHU LQHLQHP$QIOXJYRQJHZROOWHP+XPRUPHLQWHKlWWHGHU+LSSRJDQ]JXWLQXQVHU
3DQRSWLNXP JHSDW ³%URYDEURYD SIOLFKWHWH 6XQJR EHL $XI GHU )DUP ZDU EDOG ZLHGHU GHU 6WDWXV TXR HLQJHNHKUW 'LH )U|VFKH IDQGHQ ZLHGHU ]X LKUHP QRUPDOHQ /HEHQVUK\WKPXV ]XUFN XQG KROWHQ XQV EHLP HUVWHQ 6RQQHQVWUDKO PLW LKUHP 4XDNHQ DXV GHQ )HGHUQ $XFK %LOO\ EOLHE ³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³GLH 6HOEVWYHUZLUNOLFKXQJ GHU %URYDV VW|UHQGHQ (LQIOX DXI VLH ]X QHKPHQ 8QG HU NRQQWH GDUDXI YHUZHLVHQ GD GHU VRJHQDQQWH 5DPVFK GHQ GLH .ODFNWRQHU SURGX]LHUWHQ VFKRQ HLQPDO $EQHKPHU JHIXQGHQ XQG 0LOOLRQHQ HLQJHEUDFKW KDWWH :HQQ $QQHP\ GDJHJHQKLHOW GD VLFK GDV DOV /XIWJHVFKlIW HUZLHVHQKDWWHZHLOGHU.ODFNWDOHUHLQH]LHPOLFKREVNXUH:lKUXQJZDUGDNRQQWH :DOW\QXUOlFKHOQ :DVEHGHXWHWVFKQ|GHU0DPPRQVFKRQIUHLQHQZLUNOLFKJOFNOLFKHQ0HQVFKHQ )U LKQ H[LVWLHUWHQ JDQ] DQGHUH :HUWH 8QG GLH EHVD HU DOOH 8QG HWZDV GDYRQ EHNDPHQ DXFK MHQH DE GLH LQ VHLQHP (LQIOXEHUHLFK OHEWHQ $XFK LFK 8QG DXFK $QQHP\8QGVLHZXWHHV 8QGPLUYHUWUDXWHVLHHVJHOHJHQWOLFKDXFKDQGDVLHHVZXWH6LH]HLJWHHVQXU QLFKWDPDOOHUZHQLJVWHQJHJHQEHU:DOW\.ODFNWRQ (1'(