-RKQ6LQFODLU'LH'UDFKHQVDDW
*HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL...
152 downloads
427 Views
641KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
-RKQ6LQFODLU'LH'UDFKHQVDDW
*HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUODJ%HUJLVFK*ODGEDFK 5HGDNWLRQ5DLQHU'HOIVXQG3HWHU7KDQQLVFK 7LWHOELOG9LFHQWH%DOOHVWDU1RUPD%DUFHORQD (LQEDQGJHVWDOWXQJ$UWV *UDIL[3HWHU+HOOHU$XJVEXUJ *HVDPWKHUVWHOOXQJ(EQHU8OP
/LHEH/HVHULQOLHEHU/HVHU
+HXWHKDOWHQ6LHHLQHQZHLWHUHQ%DQGGHU:(/7%,/' 6DPPOHU(GLWLRQ-2+16,1&/$,5LQGHQ+lQGHQ:HQQ LFKGLHYRUKHUJHKHQGHQ%lQGH5HYXHSDVVLHUHQODVVHELQ LFKVHOEVWYRQGHU)OOHGHU7KHPHQNUHLVHEHHLQGUXFNWGLH LQGLHVHQ%lQGHQEHUHLWVDEJHKDQGHOWZXUGHQREZRKOKLHU GRFKQXUGLHZLFKWLJVWHQ5RPDQHGHU6HULHYHU|IIHQWOLFKW ZXUGHQ+lWWHLFK]XGHP=HLWSXQNWDOVLFKGLHVH5RPDQH VFKULHEEHUHLWVJHDKQWZHOFKHQ:HJGLH6HULHQRFKYRUVLFK KDWKlWWHLFKPLFKGDPDOVZDKUVFKHLQOLFKVHOEVWHU VFKURFNHQ$EHUMHW]WGDGLH6HULHEDOGLQV-DKUJHKWELQ LFKVFKRQHLQZHQLJVWRO]GDUDXI$XWRUGHUHUIROJUHLFKVWHQ +RUURU6HULHGHU:HOWPLWHLQHU$XIODJHYRQPHKUDOV 0LOOLRQHQ([HPSODUHQ]XVHLQ ,QGHP=ZHLWHLOHUª'LHJUDXVDPHQ5LWWHU©XQGª'LH 'UDFKHQVDDW©VFKLOGHUHLFKGHQ.DPSIGHVNOHLQHQDWODQ WLVFKHQ0DJLHUV0\[LQJHJHQ$VPRGLQD0\[LQLVWLQLKUHU *HZDOWGRFKHVJHOLQJWLKPGXUFKGHQ.HOFKGHV)HXHUV GHULQ-RKQ6LQFODLUV:RKQXQJVWHKWGLHVHPHLQHQ+LOIHUXI ]X]XVHQGHQ-RKQ6XNRXQGGHVVHQ)UHXQGLQ6KDRIDKUHQ QDFK6FKRWWODQGZRDXIHLQHU%XUJJUDXVDPHXQWRWH5LWWHU LKU8QZHVHQWUHLEHQXQGHLQP|UGHULVFKHU'UDFKH]X QHXHP/HEHQHUZHFNWZHUGHQVROO,QGLHVHU%XUJZLUG 0\[LQYRQ$VPRGLQDJHIDQJHQJHKDOWHQ0LW+LOIH0\[LQV JHOLQJWHV-RKQGLHJUDXVDPHQ=RPELH5LWWHU]XEHVLHJHQ XQG6XNRXQG6KDRYRUGHP7RGDXIGHP6FKHLWHUKDXIHQ]X EHZDKUHQ0\[LQLVWZLHGHUIUHLDEHUXPZHOFKHLQHQ 3UHLV'HQQ$VPRGLQDKDWLKQVHLQHUPDJLVFKHQ.UlIWH EHUDXEW'DPLWPXHUHUVWHLQPDOIHUWLJZHUGHQ(U]LHKW VLFK]XUFNXQGIUOlQJHUH=HLWZLVVHQ-RKQXQGVHLQH )UHXQGHQLFKWZRHUVLFKYHUNURFKHQKDW ,PGULWWHQ5RPDQª'HU:UIHOGHV8QKHLOV©VHW]W$VPRGLQD LKUH%HPKXQJHQIRUWGLH0RUGOLJDDXI]XEDXHQ$VPRGLQD ZHLYRQLKUHP9DWHU$VPRGLVZLHVLHGLH1DPHQGHU
'lPRQHQHUIDKUHQNDQQGLH0LWJOLHGHUGHU0RUGOLJDZHU GHQVROOWHQXPHLQHVFKODJNUlIWLJHXQEHVLHJEDUH0DQQ VFKDIW]XVFKDIIHQGLHGDV3UREOHP-RKQ6LQFODLUO|VW(VLVW GHU:UIHOGHV8QKHLOV-RKQ6LQFODLUKDWLKQGDPDOVXQWHU GHP%URFNHQGHPK|FKVWHQ%HUJGHV+DU]HVJHVHKHQ(U KDWWHDXIGHP%XFKGHUJUDXVDPHQ7UlXPHJHOHJHQDXVGHV VHQOHW]WHQ6HLWHQGHUVLOEHUQH%XPHUDQJHQWVWDQGHQZDUPLW GHPVFKOLHOLFKGHU6FKZDU]H7RGEHVLHJWZHUGHQNRQQWH :HQQGHU:UIHOGHV8QKHLOVDNWLYLHUWZLUGELOGHQVLFKLQ LKP6FKOLHUHQXQGVFKOLHOLFK%LOGHUGLHGHP%HVLW]HU]HL JHQZDVHUZLVVHQP|FKWH$VPRGLQDKROWLKQDXVGHP +DU]XQGVLHKWLQLKPGHQHUVWHQ'lPRQGHU'U7RGV 0RUGOLJDDQJHK|UHQVROO(VLVW7RNDWDGHU6DPXUDLGHV 6DWDQVGHULQ-DSDQLQHLQHP9XONDQJHIDQJHQLVWXQGDXI VHLQH%HIUHLXQJZDUWHW 'DPLWLVWHLQ$QIDQJJHPDFKW'LH0RUGOLJDLVWHLQ%QGQLV GHUIXUFKWEDUVWHQ'lPRQHQGHUHQREHUVWHV=LHOHVLVW-RKQ 6LQFODLUXQGVHLQH)UHXQGH]XYHUQLFKWHQ1RFKDKQHQGLHVH QLFKWZHOFKH6FKUHFNHQ'U7RGXQGVHLQH9DVDOOHQEHUVLH EULQJHQZHUGHQVRQVWKlWWHQVLHVLFKHUGHQ0XWYHUORUHQZHL WHUKLQJHJHQGLH0lFKWHGHU'XQNHOKHLW]XNlPSIHQXPGLH 0HQVFKKHLWYRUHLQHPVFKUHFNOLFKHQ(QGH]XEHZDKUHQ /LHEH6LQFODLU)UHXQGHOHKQHQ6LHVLFKLQ,KUHP6HVVHO ]XUFNXQGYHUIROJHQ6LHGLH$QIlQJHGHVXQEDUPKHU]LJHQ .DPSIHVYRQ-RKQ6LQFODLUXQGVHLQHQ)UHXQGHQJHJHQGLH VFKOLPPVWH%HGURKXQJVHLWGHU9HUQLFKWXQJGHV6FKZDU]HQ 7RGV -DVRQ'DUN
',(*5$86$0(15,77(5 ª:LUIPLUGDV*HZHKUUEHU©ULHI%HQ'Z\HUPLWKDUWHU 6WLPPHª:LUYHUWHLGLJHQXQVELV]XPOHW]WHQ%OXWVWURSIHQ© 6HLQ%UXGHUZDUILKPHLQHQPLELOOLJHQGHQ%OLFN]Xª+|U PLWGHLQHQYHUGDPPWHQ5HGHQDXI:LUVLQGKLHUQLFKWLP .ULHJ]XP+HQNHU© ª)UPLFKLVWDEHU.ULHJ©%HQEHNUlIWLJWHVHLQH$QWZRUW GXUFKHLQKHIWLJHV1LFNHQª/RVJLEGLH.QDUUHKHU© 7RPKREGLH6FKXOWHUQQDKPGDV*HZHKUXQGZDUIHV VHLQHP%UXGHU]X *HVFKLFNWILQJ%HQGLH:DIIHDXI'DQQ|IIQHWHHUGDV )HQVWHU.KOH/XIWVWU|PWHLQGHQ5DXP'HU:LQGILHOYRQ 1RUGZHVWHQKHULQGDV7DOXQGEUDFKWHGHQ)UKQHEHOPLW (UWULHELKQLQODQJHQ6FKZDGHQYRUVLFKKHUJOHLFKPlLJ HLQW|QLJVRGDGLH6FKOHLHUHLQHJUDXH'HFNHEHUGHP VDIWLJHQ*UDVELOGHWHQ 1XUVFKHPHQKDIWZDUGLH+HUGH]XVHKHQ%HVVHU]X K|UHQ'LH6FKDIHEO|NWHQDXIJHUHJWGLHEHLGHQ+XQGH EHOOWHQ6LHKDWWHQ0KHGLHDQGHUHQ7LHUHXQWHU.RQWUROOH ]XKDOWHQ +DUWSUHWH%HQ'Z\HUGLH/LSSHQ]XVDPPHQ(UZDUHLQ NQRUULJHU0DQQKDWWHGLH6HFK]LJEHUHLWVEHUVFKULWWHQDEHU HUIKOWHVLFKZLH'UHLLJ(LQ/HEHQLQGHU1DWXUKDWWHLKQ JHVWlKOW (UODXVFKWH 1RFKZDUHVVWLOODEHUEDOGZUGHQVLHZLHGHUNRPPHQ XQGEHUGDVNOHLQH6FKlIHUKDXVKHUIDOOHQ%HQVSUWHHVGLH 7LHUHVSUWHQHVQXUVHLQ%UXGHU7RPZDUHLQ:HLFKOLQJ GHVHUWLHUWYRQGHU$UPHHEHLVHLQHP%UXGHUKDWWHHUVLFK YHUVWHFNW 7RPUlXVSHUWHVLFKª6ROOHQZLUQLFKWOLHEHUIOLHKHQ"© IUDJWHHUPLW]LWWHUQGHU6WLPPH ª1HLQ© ª$EHUHVKDWGRFKNHLQHQ6LQQ2 )ODKHUW\KDEHQVLHDXFK QLHGHUJHPDFKW© ª,FKELQDEHUQLFKW2 )ODKHUW\©
ª:DVZLOOVWGXGHQQPLWGHP*HZHKUJHJHQGLH5LWWHU DXVULFKWHQ"*DUQLFKWV%HQ/RVNRPP© ª+DOWGHLQ0DXO)HLJOLQJ© ª/LHEHUIHLJHDOVWRW© %HQZLVFKWHVLFKEHUGLH6WLUQª'DVVLHKWGLUlKQOLFK $EHUQLFKWPLWPLU,FKHUJHEHPLFKQLFKWNDPSIORVGDUDXI NDQQVWGXGLFKYHUODVVHQ© 7RPVFKZLHJ(UVDJWHOLHEHUQLFKWVPHKU6FKOLHOLFKYHU GDQNWHHUVHLQHP%UXGHUYLHO+lWWHHULKQQLFKWDXIJHQRP PHQVRVlHHUMHW]WLQLUJHQGHLQHP0LOLWlUJHIlQJQLV %HQ'Z\HUVWDUUWHLQGHQ1HEHOGRFKGLH%XUJZDUQLFKW ]XVHKHQ'LHJUDXHQ6FKOHLHUKOOWHQVLHHLQQLFKWHLQPDO 8PULVVHNRQQWHHUZDKUQHKPHQ (LQ6FKDWWHQKXVFKWHKHUDQ:LHHLQ*HLVWWDXFKWHHUDXV GHP1HEHODXI:HLFKH3IRWHQNODWVFKWHQDXIGLH(UGHGDQQ VSUDQJHLQHUGHU+XQGHDQGHU+DXVZDQGKRFKNQXUUWH 6HLQH$XJHQOHXFKWHWHQJHOE ª9HUGDPPWKDXDE©]LVFKWH%HQ(UGUHKWHGDV*HZHKU XPXQGVFKOXJPLWGHP.ROEHQQDFKGHP7LHU 'HU+XQG]RJGHQ6FKZDQ]HLQXQGYHUVFKZDQGMDXOHQG 7RPQDKPMHW]WHEHQIDOOVHLQ*HZHKU(UVWHOOWHVLFKDQGDV ]ZHLWH)HQVWHU %HQ'Z\HUJULQVWHYHUlFKWOLFKª+RIIHQWOLFKNDQQVWGXPLW GHU.QDUUHQRFKXPJHKHQ© 7RPKREQXUGLH6FKXOWHUQ 6LHZDUWHWHQZHLWHU(VZDUYLHU8KUPRUJHQV'LH=HLW ]ZLVFKHQ7DJXQG7UDXP'LH6WXQGHGHUJUDXVDPHQ5LWWHU 'DQQNDPHQVLHXQGPDFKWHQDOOHVQLHGHUhEHUIDOODUWLJH $QJULIIHEUDQGHWHQJHJHQHLQVDPVWHKHQGH)DUPHQXQG *HK|IWHGLH5LWWHUNDQQWHQNHLQH*QDGH (VZDUGLHGULWWH1DFKWGLHVLFKGLHEHLGHQ%UGHUXPGLH 2KUHQVFKOXJHQ,QGHQHUVWHQEHLGHQ1lFKWHQKDWWHQVLH ]ZDUGHQ/lUPJHK|UWGDV5DVVHOQGHU.HWWHQGDV 4XLHWVFKHQGHU5VWXQJHQDEHUVLHZDUHQQLFKWDQJHJULIIHQ ZRUGHQ1XUHLQSDDU6FKDIHKDWWHQVLHYHUORUHQ'XUFK
6FKZHUWXQG/DQ]HQKLHEHJHW|WHW:UGHGHU.HOFKDXFKLQ GLHVHU1DFKWDQLKQHQYRUEHUJHKHQ" %HQ'Z\HU]XPLQGHVWJODXEWHHVQLFKW(LQPDOPXWHQ GLH5LWWHULKUH9HUVSUHFKXQJHQHUQVWQHKPHQDEHU'Z\HU KDWWHNHLQH/XVWYRQVHLQHP/DQG]XZHLFKHQ'DVJHK|UWH LKPXQGHVVROOWHLKPDXFKZHLWHUKLQJHK|UHQ 3O|W]OLFKMDXOWHHLQHUGHU+XQGH +HOOXQGNODJHQGYLEULHUWHGHU7RQGXUFKGLH1DFKWXQG MDJWHGHQ0lQQHUQHLQH*lQVHKDXWEHUGHQ5FNHQ ,PVHOEHQ0RPHQWK|UWHQVLHGHQ+XIVFKODJ ª6LHNRPPHQ©IOVWHUWH%HQ 6HLQ%UXGHUQLFNWHª1RFKLVW=HLW©HUZLGHUWHHUª:LU N|QQHQIOLHKHQ%HQ© ª1HLQ© 'LH$QWZRUWNODQJHQGJOWLJXQG7RPJDEVHLQHQ3ODQ DXI +XIHWURPPHOWHQEHUGHQ%RGHQ3O|W]OLFKVFKLHQGLH (UGH]XYLEULHUHQ'LH6FKZLQJXQJHQVHW]WHQVLFKIRUWXQG %HQKDWWHGDV*HIKOVHLQ+DXVZUGHZDFNHOQ (USDFNWHGDV*HZHKUIHVWHU:HLWKDWWHHUVHLQH$XJHQ DXIJHULVVHQ'LH/LSSHQELOGHWHQHLQHQ6WULFKLQVHLQHP IDOWHQUHLFKHQ*HVLFKW6ROOWHQVLHQXUNRPPHQ(UZUGHHV LKQHQ]HLJHQ ª%LVWGXEHUHLW"©IUDJWHHUVHLQHQ%UXGHU ª-D©'LH$QWZRUWNODQJVFKZDFKXQG%HQKDWWHGDIUQXU HLQYHUlFKWOLFKHV/lFKHOQEULJ ,QGDV'RQQHUQGHU3IHUGHKXIHPLVFKWHVLFKHLQDQGHUHV *HUlXVFK/DXWHGLHHQWVWDQGHQZHQQ:DIIHQJHJHQ 5VWXQJHQGU|KQWHQ ª0DFKGLFKEHUHLW©VDJWH%HQ (UVHOEVWKREVHLQ*HZHKUDQGUFNWHGHQ.ROEHQJHJHQ GLH6FKXOWHUNQLIIHLQ$XJH]XXQGYLVLHUWHEHU.LPPHXQG .RUQ(UKLHOWLUJHQGZRKLQ6REDOGGHUHUVWH5LWWHUDXI WDXFKWHZUGHHUVLFKGDV=LHOVFKRQVXFKHQ :LHYHUUFNWEO|NWHQGLH6FKDIH6LHVWREHQDXVHLQDQGHU
'LH7LHUHZDUHQZDKQVLQQLJLQLKUHU$QJVW6LHGUlQJWHQDXI GDV+DXV]X(LQHJHEDOOWH0DVVHDXVEO|NHQGHQXQGVFKUHL HQGHQ7LHUHQGLHZLHHLQH%UDQGXQJVZHOOHNDPHQXQGYRQ GHU3DQLNVRJHVFKWWHOWZXUGHQGDVLHDOOHVYHUJDHQ 'HU,QVWLQNWOLHVLHLP6WLFK 6LHNODWVFKWHQJHJHQGLH+DXVZDQG'LHHUVWHQZXUGHQ KRFKJHZRUIHQILHOHQZLHGHUDXIGHQ%RGHQXQGJHULHWHQ OLHJHQGXQWHUGLH+XIHGHUQDFKIROJHQGHQ6FKDIH 7RGHVVFKUHLHHUW|QWHQ)DVWPHQVFKOLFKNODQJHQVLHXQG VHOEVWGHPKDUWHQ%HQ'Z\HUOLHIHLQH*lQVHKDXWEHUGHQ 5FNHQ,QVHLQHQ$XJHQJOLW]HUWHHVIHXFKWDOVHUVDKZLH VHLQH7LHUHDQGHQHQVHLQ+HU]KLQJGDKLQVWDUEHQ $XFKGLH+XQGHZDUHQYHUUFNW 6LHELVVHQXPVLFKZROOWHQVLFKGHQ:HJIUHLNlPSIHQ GRFKGLH0DXHUZDU]XGLFKW :LHGHUEUDQGHWHHLQH:HOOHJHJHQGLH+DXVZDQGGRFK %HQKDWWHGDIUNHLQHQ%OLFNPHKU 'LHHUVWH*HVWDOWWDXFKWHDXI 'HU5LWWHUNDP +RFKDXIJHULFKWHWVDHUDXIVHLQHP5R(UKDWWHVHLQ 6FKZHUWJH]RJHQXQGVFKZDQJHVLPZLOGHQ.DPSI'LH 5VWXQJJOlQ]WHIHXFKW3IHUGXQG5HLWHUZXUGHQYRP 1HEHOXPZDOOWGDV9LVLHUGHV+HOPVZDUKHUXQWHUJHNODSSW DEHU%HQZXWHGDVLFKXQWHUGHP.RSIVFKXW] 7RWHQVFKlGHOEHIDQGHQ 'LHJUDXVDPHQ5LWWHUZDUHQZLHGHUXQWHUZHJV'DV /HLEUHJLPHQWGHV6DWDQVNDPXQGJULIIDQ 'HUHUVWH5LWWHUIKUWHHLQHQJHZDOWLJHQ6WUHLFK6HLQ 6FKZHUWEOLW]WHIUHLQHQ0RPHQWDXIXQGLPQlFKVWHQ $XJHQEOLFNKDWWHHU%DVWDUGGHQJU|WHQ+XQGJHW|WHW 'DVZDU]XYLHOIU%HQ'Z\HU ª1HLQQQ©EUOOWHHUVHLQHQ=RUQXQGVHLQHQ6FKPHU]KLQ DXVª,FKZHUGHGLFKSDFNHQ© 6HLQUHFKWHU=HLJHILQJHUODJOlQJVWDP$E]XJ/DQJVDP ]RJHULKQQDFKKLQWHQGUFNWHDE
9RUGHP/DXIEOLW]WHHVDXI'HQ5FNVWRGHU:DIIHILQJ %HQPLWGHU6FKXOWHUDE(UVDKZLHGLH.XJHOGHQ5LWWHULQ GLH.|USHUPLWWHWUDIMHGRFKDQGHU5VWXQJDESUDOOWHXQG DOV4XHUVFKOlJHULQGHQGXQNOHQ1DFKWKLPPHOMDJWH $XIKDOWHQNRQQWHGDV*HVFKRGHQ5LWWHUQLFKW ª9HUGDPPWVFKLHGRFK©EUOOWH%HQVHLQHP%UXGHU]X GRFK7RPVWDQGGDZLHJHOlKPW'HUXQKHLPOLFKH$QEOLFN UDXEWHLKPGHQ$WHP :HLWHUH5LWWHUO|VWHQVLFKDXVGHP0RUJHQQHEHO+RFK VWLHJHQLKUH*lXOH6LHULWWHQGLH6FKDIHNXU]HUKDQGQLHGHU XQGWULHEHQGLH3IHUGHDXIGDV+DXV]X 3O|W]OLFKZDUGHUHUVWHGD %HQVFKR ,PPHUZLHGHU]RJHUGHQ6WHFKHUGXUFK'DV*HZHKU VFKLHQLQVHLQHU+DQG]XH[SORGLHUHQGRFKGLH.XJHOQULFK WHWHQNHLQHQ6FKDGHQDQ ª'X+XQG©VFKULHHUGHP5LWWHUHQWJHJHQ 'HUSDULHUWHVHLQ7LHU+RFKVWLHJHVDXIGLH+LQWHUKDQG 'DQQIROJWHGHU6WUHLFKPLWGHP6FKZHUW ,QVWLQNWLYVSUDQJ%HQ]XUFN'DV6FKZHUWIXKUGLFKWDQ VHLQHP.RSIYRUEHLWUDIMHGRFKGHQ:DIIHQODXIXQGSUHOOWH LKPGDV*HZHKUDXVGHU+DQG 9RUGHP+DXVEOLHEHVOLHJHQ ,PVHOEHQ$XJHQEOLFNIORJGLH7UDXI(LQDQGHUHU5LWWHU KDWWHVLHNXU]HUKDQGHLQJHWUHWHQ (UVWDPSIWHLQGDV+DXV $XFKHUKLHOWHLQ6FKZHUWLQGHU+DQG6HLQH5VWXQJ JOlQ]WHPDWW,P6FKHLQGHU/DWHUQHVDKHQGLHEHLGHQ%UGHU GLHOHHUHQ$XJHQK|KOHQKLQWHUGHP6LFKWYLVLHU (LQJUDXHQKDIWHU$QEOLFN 7RP'Z\HUVFKULH(UOLHGDV*HZHKUIDOOHQVDQNDXIGLH .QLHXQGKREGLH+lQGH 'HU5LWWHUJLQJYRU8QJHOHQNZHLOLKQGLH5VWXQJ EHKLQGHUWHDEHU]LHOVWUHELJ %HQVDKZDVHUYRUKDWWHJULIILQVHLQHU9HU]ZHLIOXQJQDFK
HLQHP6WXKOXQGVFKOHXGHUWHLKQJHJHQGHQ5LWWHU 'HU6WXKOWUDI]ZDUHU]HUEUDFKDEHUDXFK'LH$WWDFNH KDWWHVRZLHVRNHLQHQ6LQQJHKDEW 'HUXQKHLPOLFKH5LWWHUOLHVLFKNHLQHQ$XJHQEOLFNYRQ VHLQHPHLQJHVFKODJHQHQ:HJDEEULQJHQ 7RPKRFNWHQRFKLPPHUDP%RGHQ)OHKHQGKDWWHHUGLH $UPHHUKREHQXQGGLH+lQGHGDEHLLQHLQDQGHUYHUGUHKW(U VFKDXWHDXIGLH5VWXQJVDKGHQ$UPPLWGHP6FKZHUWXQG ZXWHGDHUNHLQH&KDQFHPHKUKDWWH 'HU5LWWHUVFKOXJ]X %HQ'Z\HUZDQGWHVLFKDE(UNRQQWHQLFKWPLWDQVHKHQ ZDVGHU8QKHLPOLFKHWDW 'DV)HQVWHU]HUEUDFK =ZHL5LWWHUNOHWWHUWHQLQGHQ5DXPZl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lOIWHGHU7UHSSHVFKDIIWHHU'DQQHUHLOWHDXFKLKQGDV 6FKLFNVDO
'HU5LWWHUGHUYRUGHU+LQWHUWUJHODXHUWKDWWHZDULKP JHIROJW(UVWDQGDP)XHGHU7UHSSHXQGKDWWHGHQUHFKWHQ $UPKDOEHUKREHQ'LHbUPHOJOLHGHUVHLQHV.HWWHQKHPGHV NOLUUWHQOHLVHJHJHQHLQDQGHUXQGGLHVHV*HUlXVFKZXUGH DXFKYRQGHPIOFKWHQGHQ%HQ'Z\HUYHUQRPPHQ (UGUHKWHVLFKXP ,PVHOEHQ0RPHQWVFKOHXGHUWHGHU5LWWHUVHLQH/DQ]H 'LHVFKZHUH:DIIHERKUWHVLFKLQGLH%UXVWGHV0DQQHV VFKOHXGHUWHLKQ]XUFNELVJHJHQGLH:DQGZRHUODQJVDP ]X%RGHQUXWVFKWHXQGOLHJHQEOLHE -HW]WJDEHVIUGLHJUDXVDPHQ5LWWHUNHLQ+LQGHUQLVPHKU (LQHUYRQLKQHQKLHOWEHUHLWVHLQH)DFNHOLQGHU+DQG(UULWW XPGDVNOHLQH6FKlIHUKDXVKHUXPGLH+XIHGHV*DXOVWURP PHOWHQHLQGXPSIHV6WDNNDWRDXIGHQ%RGHQ 'DQQVFKOHXGHUWHGHU5LWWHUGLH)DFNHO 6LHEHVFKULHEHLQHQKRKHQ%RJHQNQDOOWHDXIGDV'DFK UROOWHGLH6FKUlJHZLHGHUHLQ6WFNKLQXQWHUXQGZXUGHYRQ GHUVFKPDOHQ5LQQHDXIJHKDOWHQ 'DV+RO]ILQJ)HXHU 'LH5LWWHUEOLHVHQ]XP$XIEUXFK (LQVFKDXULJHV7URPSHWHQVLJQDOKDOOWHDXI(VZDUGLH 7RWHQPHORGLHGHUJUDXVDPHQ5LWWHU6LH]HLJWHLPPHUDQ ZHQQGLH+RUGHGHV6DWDQVHLQHQ6LHJHUUXQJHQKDWWH 'LH8QKHLPOLFKHQVDPPHOWHQVLFK ,KU$QIKUHUHLQHKRFKJHZDFKVHQH*HVWDOWPLWKHOOHP %UXVWSDQ]HUVWLHVHLQH/DQ]HLQGLH/XIW 'DV=HLFKHQ 'LH7URPSHWHYHUVWXPPWH(LQOHW]WHV(FKRVFKZDQJQRFK EHUGDV7DOGDQQYHUVWXPPWHHV 6HNXQGHQVSlWHUYHUVFKZDQGGHUJUDXVDPH6SXNHEHQVR VFKQHOOZLHHUEHUGLH)DUPKHUHLQJHEURFKHQZDU =XUFNEOLHEHLQ&KDRVXQG]ZHL7RWH 'LHJUDXVDPHQ5LWWHUKDWWHQZLHGHUHLQPDO]XJHVFKODJHQ
'HU3RUWLHUOlFKHOWHDOVHUGLH)UDXVDK ª1D0UV3HWHUVRQZLHGHUHLQPDOIOHLLJ"© ª8QGZLH0DQQ©'LH)UDXEOLHEVWHKHQXQGOHKQWHVLFK DQGLH3RUWLHUORJH 'HU$XISDVVHUZXWHZDVHULKUXQGVLFKVFKXOGLJZDU 0LWHLQHPUDVFKHQ%OLFNKDWWHHUVLFKGDYRQEHU]HXJWGD QLHPDQGLQGHU+DOOHZDUGHU]XVHKHQNRQQWHGDQQEFNWH HUVLFKXQGKROWHHLQH)ODVFKHKHUYRU=ZHL*OlVHUKDWWHHU HEHQIDOOV0LWJHEWHQ*ULIIHQNLSSWHHUVLHIDVWUDQGYROO ª&KHHULR0UV3HWHUVRQ© ª&KHHULR© 'LHEHLGHQWUDQNHQ8QG0UV6DUDK3HWHUVRQJRGHQ :KLVN\HEHQVR]DFNLJLQGLH.HKOHZLHGHU0DQQ6LH JULQVWHQVLFKZLH]ZHL9HUVFKZ|UHU]X ª'LH)ODVFKHLVWEDOGOHHU©VDJWHGHU3RUWLHU ª'DQQKROHLFKGLHQlFKVWH© ª*XW©(UNQLIIHLQ$XJH]Xª6ROOHQZLUXQVQRFKHLQHQ JDQ]NOHLQHQJ|QQHQ"© ª1HLQXP+LPPHOVZLOOHQ,FKPXPLWPHLQHU$UEHLW IHUWLJZHUGHQ,VWGHU2EHULQVSHNWRUVFKRQZHJ"© ª-D0U6LQFODLULVWKHXWHLQVHLQ%URJHIDKUHQ© ª'HUPXMDHLQHQ-REKDEHQ©PHLQWHGLH)UDX ª:LHVR"© ª,FKKDEHNHLQHQ=ZHLWVFKOVVHOYRQGHU:RKQXQJ%HL DOOHQ3XW]VWHOOHQGLHLFKDQJHQRPPHQKDEHNRPPHLFKVR LQGLH:RKQXQJKLQHLQ1XUEHL0U6LQFODLUQLFKW© ª'DVYHUVWHKHLFKQLFKW©'HU3RUWLHUVFKWWHOWHGHQ.RSI ª9HUWUDXW,KQHQ0U6LQFODLUGHQQQLFKW"© ª'DVLVWHVQLFKW:LVVHQ6LHLFKKDEHPDOPLWLKPGDUEHU JHVSURFKHQ'DVDJWH0U6LQFODLUHVZlUHIUPHLQH 6LFKHUKHLWEHVVHUZHQQLFKQLFKWLQGLH:RKQXQJNlPH© ª:DUXPQLFKW"© 'LH6WDXEVDXJHUSLORWLQKREGLHUXQGOLFKHQ6FKXOWHUQ ª.HLQH$KQXQJ© 'HU3RUWLHUZLHJWHGHQ.RSIª-DHULVWVFKRQPDQFKPDO
VHOWVDPGLHVHU-RKQ6LQFODLU$EHUVRQVWLVWHUHLQ.HUOPLW GHPPDQ3IHUGHVWHKOHQNDQQ(UPXQXUHLQHQXQKHLPOLFK JHIlKUOLFKHQ-REKDEHQZLHLFKK|UWH© %HVXFKHUEHWUDWHQGLH+DOOH'LH)UDXVDKVLHXQGYHUDE VFKLHGHWHVLFK6LHJLQJ]XP/LIW 9RPbXHUHQKHUERWVLHGDV%LOGHLQHU3XW]IUDXSDUH[FHO OHQFH=LHPOLFKJHZLFKWLJGDEHLUHVROXW3DXVEDFNHQXQG HLQHQHUJLVFKHV$XIWUHWHQ'LHVH)UDXJHK|UWH]XU*LOGHGHU 0HQVFKHQGHQHQGLH$UEHLWQRFK6SDPDFKWH 6LHKROWHVLFKGHQ/LIWQDFKXQWHQVWLHJHLQXQGIXKUKRFK ]XPHLQHU:RKQXQJ 'HQ6FKOVVHOKROWHVLHVLFKLPPHUEHL6XNRDE 'RUWNOLQJHOWHVLHDXFKMHW]W1LFKWGHU&KLQHVH|IIQHWH VRQGHUQ6KDRVHLQH)UHXQGLQ 6LHNDQQWHDEHU0UV3HWHUVRQª$K6LHVLQGHV©VDJWHVLH XQGOlFKHOWH ª-DLFKEUDXFKHGHQ6FKOVVHO© ª(LQHQ$XJHQEOLFN©6KDRYHUVFKZDQGXQGKROWHLKQ 'LH3XW]IUDXEHGDQNWHVLFKQDKPGHQ6FKOVVHOHQWJHJHQ XQGJLQJHLQH7UZHLWHU 6LHVFKORDXIXQGEHWUDWGLH:RKQXQJ :LHLPPHUIUDJWHVLHDXFKKHXWHZDUXPLKU0U6LQFODLU GHQ6FKOVVHOQLFKWJDE6LHNRQQWHQLFKWVDQGHU:RKQXQJ IHVWVWHOOHQXQGDXFKGLH(LQULFKWXQJZDUQLFKWEHVRQGHUV ZHUWYROO :LHLPPHUIDQGGLH$XIZDUWHIUDXGLH3XW]XWHQVLOLHQLQ HLQHP(LQEDXVFKUDQNLQGHU'LHOH 6LH|IIQHWHGHQ6FKUDQNVDK(LPHU%HVHQ3XW]ODSSHQXQG 6FKUXEEHU*HQJHQG5HLQLJXQJVPLWWHOZDUHQHEHQIDOOV QRFKYRUKDQGHQ:HQQHWZDVIHKOWHVFKULHEVLHHVDXIXQG GHU:RKQXQJVLQKDEHUEHVRUJWHGDQQGLH6DFKHQ 0UV3HWHUVRQPDFKWHVLFKDQGLH$UEHLW=XHUVWQDKPVLH VLFKGLH'LHOHYRU+LHUUHLQLJWHVLHKlQJWHGLH*DUGHUREH RUGHQWOLFKEHUGLH%JHOXQGZLVFKWH6WDXEDXIGHU .RPPRGH'DQQJLQJVLHLQGHQ/LYLQJURRP
+LHUEHJDQQGDVJURH6DXEHUPDFKHQ'D0UV3HWHUVRQ HLQHRUGHQWOLFKH3HUVRQZDUEHUJLQJVLHQLFKWV6LHUROOWH GLH7HSSLFKHDXISXW]WH6WDXEVDXJWH *HUDGHZROOWHVLHVLFKDQGLH)HQVWHUEHJHEHQDOVVLHGHQ OHLVHQ5XIK|UWH ,UULWLHUWEOLHEGLH3XW]IUDXVWHKHQ +DWWHVLHVLFKJHWlXVFKW" 1HLQGDZDUHUZLHGHUGHUOHLVH5XI$EHUZRKHUNDPHU" +LHUZDUGRFKNHLQHULQGHU:RKQXQJZHQLJVWHQVKDWWHVLH QLHPDQGHQJHVHKHQ :HUDEHUKDWWHJHVFKULHQ" /HLFKWYRUQEHUJHEHXJWEOLHEGLH)UDXVWHKHQ6LHZDUWHWH GDUDXIGDVLFKGHU6FKUHLZLHGHUKROWH 8QGVLHKDWWH*OFN :LHGHUK|UWHVLHGHQ5XI (VZDUDEHUNHLQ+LOIHVFKUHL-HPDQGULHIHLQHQ1DPHQ 6LQFODLU 'HQ1DPHQGHV:RKQXQJVLQKDEHUV$XI=HKHQVSLW]HQ EHZHJWHVLFKGLHNRUSXOHQWH$XIZDUWHIUDXYRUDQ6LHKDWWH GLH$XJHQ]X6FKOLW]HQ]XVDPPHQJHNQLIIHQXQGKLHOWHLQHQ %HVHQIHVWXPNODPPHUW ª=HLJGLFKZHQQGXQLFKWIHLJHELVW/RVLFKZLOOVHKHQ ZRGXVWHFNVW© 1LFKWV'HU5XIZLHGHUKROWHVLFKQLFKW0UV3HWHUVRQ JODXEWHPLWWOHUZHLOHDQHLQH7lXVFKXQJ6LHZXWHMDGD GHU:RKQXQJVLQKDEHUHLQHQVHOWVDPHQ%HUXIKDWWH0DQFKH VSUDFKHQVRJDUGDYRQGDHU*HLVWHUMDJHQZUGHDEHUGDV ZDUQDWUOLFK4XDWVFK'RFKZHQQVLHHVUHFKWEHGDFKWHXQG GLH6WLPPHPLWKLQ]X]lKOWHGLHGDJHUXIHQKDWWHZDUHV GRFKHLQZHQLJNRPLVFK 2EHVZLUNOLFK*HLVWHUJDE" 8QGGDQQQRFKLQGHU:RKQXQJLQGHUVLHSXW]WH" 0UV3HWHUVRQEOLHEVWHKHQ'LH)UDXKREGHQ%HVHQDQXQG KLHOWLKQMHW]WZDDJUHFKW6LHZDUEHUHLWVRIRUW]X]XVFKODJHQ ZHQQVLFKLUJHQGHWZDV9HUGlFKWLJHV]HLJWH
'DZLHGHUGLH6WLPPH 6LQFODLU (LQYHUZHKHQGHU5XIHLQ+LOIHVFKUHLPHKUHLQ+DXFK $EHU0UV3HWHUVRQKDWWHVLFKGLH5LFKWXQJJHPHUNW'HU 5XIZDUYRQYRUQOLQNVJHNRPPHQZRGHUDOWHVFKPDOH 6FKUDQNVWDQG(UZDUQLFKWDEJHVFKORVVHQDEHUGHU 6FKOVVHOVWHFNWHLP6FKOR%LVKHUKDWWH0UV3HWHUVRQHVQLH JHZDJWHLQHQ6FKUDQN]X|IIQHQ6LHKDWWHQLFKWHLQPDO GDUDQJHGDFKWGRFKMHW]WZROOWHVLHVlPWOLFKH9RUVlW]HEHU %RUGZHUIHQGHQQGLH3HUVRQGLHGRUWXP+LOIHJHUXIHQ KDWWHEHIDQGVLFKVLFKHUOLFKLQ1RW 2EPDQVLHHLQJHVSHUUWKDWWH" 'DIUNDPDQVLFKQXU-RKQ6LQFODLULQ)UDJH'DVWUDXWH VLHGHP0DQQHLJHQWOLFKQLFKW]X(UZDULKUVRV\PSD WKLVFKHLQULFKWLJHU*HQWOHPDQ $EHUGLH6WLPPHOLHVLFKQXQPDOQLFKWZHJOHXJQHQ :LHGHUULHIVLH 'LHVPDOVWDQGGLHUXQGOLFKH%RGHQNRVPHWLNHULQVFKRQ GLFKWYRUGHP6FKUDQN,KUH%OLFNHJOLWWHQEHUGDV+RO](V ZDUNHLQHVGLHVHUPRGHUQHQ0|EHOVWFNHVRQGHUQHLQlOWH UHV0RGHOOYLHOOHLFKW-DKUHDOW =ZHLVFKPDOH7UHQKDWWHGHU6FKUDQN'LHUHFKWHOLHVLFK DXIVFKOLHHQGDQQZDUGLHOLQNHVLFKHUOLFKQXUGXUFKHLQHQ 5LHJHOYHUVSHUUW 0UV3HWHUVRQZHFKVHOWHGHQ%HVHQLQGLHDQGHUH+DQG XQGJULIIQDFKGHP6FKOVVHO7LHIDWPHWHVLHGXUFK,KU %XVHQZRJWHDXIXQGQLHGHU6LHHUZDUWHWHHLQHQ0DQQRGHU HLQH)UDXLQGHP6FKUDQN]XVHKHQXQG]RJPLWHLQHP5XFN GLH7UDXI 1LFKWV 'HU6FKUDQNZDUOHHU2GHUIDVWOHHU5HJDOHGUHLDQGHU =DKOWHLOWHQGLHUHFKWH+lOIWHDXI=ZHLYRQLKQHQZDUHQ OHHU'RFKLPREHUHQVWDQGHWZDV ª0HLQ*RWW©IOVWHUWHGLH)UDXXQGZDQNWHHLQHQ6FKULWW ]XUFNª'DVLVWGRFKQLFKWZDKU©
6LHVFKORGLH$XJHQ|IIQHWHVLHZLHGHUXQGVFKDXWHQRFK HLQPDOKLQ'DV%LOGEOLHE 9RULKUVWDQGHLQ.HOFK (LQSKDQWDVWLVFKHV6WFN(UKDWWHGLH)RUPHLQHU6FKDOH XQGEHVWDQGDXVSXUHP*ROG -DHVZDUHLQHFKWJROGHQHU.HOFKGHQ0U6LQFODLULQGHP 6FKUDQNDXIEHZDKUWH'RFKQLFKWQXUGDV*ROGIDV]LQLHUWH VLHVRQGHUQDXFKGLH(GHOVWHLQHGLHGHQlXHUHQ5DQGDOV HLQHQUXQGJH]RJHQHQ6WUHLIHQEHGHFNWHQ'LH6WHLQHIXQNHO WHQXQGJOHLWHQVREDOG/LFKWDXIVLHILHO6LHHQWIDOWHWHQLKU NDOWHV)HXHUVRGD0UV3HWHUVRQQXUQRFKVWDXQHQNRQQWH 'LH5DXPSIOHJHULQZDUHLQHHLQIDFKH)UDXDEHUVLHDKQWH GDYRULKUHWZDVXQJHKHXHU:HUWYROOHVVWDQGXQGVLHZXQ GHUWHVLFKGDVRHWZDVLQHLQHPHLQIDFKHQ6FKUDQNDXIEH ZDKUWZXUGH :RKHUVROOWHVLHDXFKZLVVHQGDVLHGHQ.HOFKGHV)HXHUV EHWUDFKWHWHHLQHQ*HJHQVWDQG:HLHU0DJLHGHUHLQH $EZHKUZDIIHJHJHQ'lPRQHQXQGILQVWHUH0lFKWHELOGHWH 'DYRQKDWWHGLHJXWH)UDXNHLQHQEODVVHQ6FKLPPHU6LH ZROOWHDXFKGHQ6FKUDQNKDVWLJZLHGHUVFKOLHHQDOVVLH DEHUPDOVGLH6WLPPHYHUQDKP -RKQ6LQFODLU 0UV3HWHUVRQ]XFNWH]XVDPPHQ 'LH6WLPPHZDUGRFKDXVGHP6FKUDQNJHNRPPHQ1XQ WlXVFKWHPDQVLHQLFKWPHKUGHQQVLHVWDQGJHQDXGDYRU %LVKHUKDWWHVLHQXUGLHUHFKWH+lOIWHDXIJH]RJHQMHW]WYHU VXFKWHVLHHVEHLGHUOLQNHQ 'LH5DXPSIOHJHULQOHJWHGHQ+HEHOXPXQG|IIQHWHGLH 7U /HHU $XHUGHPJDEHVLQGLHVHU6FKUDQNKlOIWHQXUHLQ5HJDO 'RUWHQWGHFNWHVLHHLQHNOHLQH6FKDWXOOHZLHVLH)UDXHQ EHQXW]WHQXPGDULQLKUHQ6FKPXFNDXI]XEHZDKUHQ 9RQ1HXJLHUGHJHWULHEHQQDKPVLHGLH6FKDWXOOHDQVLFK XQGNODSSWHGHQ'HFNHOKRFK
,QURWHP6DPWODJHLQVLOEHUQHU1DJHO 0UV3HWHUVRQVFKWWHOWHGHQ.RSI6LHNRQQWHQLFKWYHU VWHKHQGDMHPDQGHLQHQVLOEHUQHQ1DJHODXIEHZDKUWH $EHUHVZDUDXFKHJDO6LHKDWWHGDVQLFKW]XLQWHUHVVLHUHQ 0UV3HWHUVRQZXQGHUWHVLFKQXUZRKHUGLH6WLPPHDXIJH NOXQJHQZDUGHQQVLHNRQQWHPDQQLFKWZHJGLVNXWLHUHQ :DVVLHJHK|UWKDWWHGDVKDWWHVLHJHK|UW +LOIH-RKQ6LQFODLU 'LH)UDX]XFNWHKHUXP:LHGHUGLHVH6WLPPH8QGGLUHNW DQLKUHP2KU(VKDWWHVLFKDQJHK|UWDOVZlUHGHU5XIDXV GHP.HOFKJHNOXQJHQ $EHUJDEHVGDV" -HW]WEHUZDQG0UV3HWHUVRQVLFKVHOEVW6LHWDWGDVZDV VLHVRQVWQLHJHWDQKlWWHVWUHFNWHEHLGH$UPHDXVXQG XPIDWHGHQZHUWYROOHQ.HOFK ,KUH+lQGH]LWWHUWHQDOVVLHLKQDXVGHP5HJDOKREXQG DXIHLQHP7LVFKDEVWHOOWH 1XQNRQQWHVLHLQGHQ.HOFKKLQHLQVFKDXHQ ,KUH$XJHQZXUGHQJURGLH8QWHUOLSSHEHJDQQ]X ]LWWHUQXQGGHU6FKZHLWUDWDXVDOOHQ3RUHQ 'HU.HOFKZDUQLFKWOHHU 1HEHOEHZHJWHVLFKDXIVHLQHP%RGHQGHUGXUFKHLQDQGHU TXLUOWHXQGDQGHQ,QQHQVHLWHQKRFKNURFKRKQHDOOHUGLQJV EHUGHQ5DQGGHV*HIlHV]XTXHOOHQ $EHUQLFKWQXUGHU1HEHOEHZHJWHVLFKDXIGHP%RGHQGHV .HOFKV'LH)UDXVDKDXFKHWZDVDQGHUHV (LQHQ0DQQ .OHLQXQGZLQ]LJ (UZDUDQ+lQGHQXQG)HQDQJHNHWWHWKDWWHHLQHJUQ OLFKH+DXWIDUEHXQGVFKLHQXQJHKHXUH$QJVW]XKDEHQ GHQQHUZDUIVLFKYHU]ZHLIHOWKLQXQGKHU 0UV3HWHUVRQZXWHYLHOHVDEHUHLQVZDULKUXQEHNDQQW 6LHKDWWH0\[LQGHQ0DJLHUJHVHKHQ
ª0DQK|UWJDUQLFKWV©VDJWH6KDR ª:LH"© ª0DQK|UWQLFKWV© ª,VWGRFKHJDO©6XNRZDUEHVFKlIWLJW,KQNPPHUWHHV QLFKWZDVVHLQH)UHXQGLQVDJWH(UKDWWHHLQHQHXH 0RWRUUDG]HLWVFKULIWYRUVLFKOLHJHQXQGVWXGLHUWHGLH 0DVFKLQHQ 'DJDEHVSUlFKWLJH)HXHUVWKOH +RQGDV6X]XNLV.DZDVDNLVGLH-DSDQHUEDXWHQSKDQ WDVWLVFKH0RGHOOH'RFK6XNRZDUGD]LHPOLFKNRQVHUYDWLY (UVFKZRUDXIVHLQH+DUOH\'DYLGVRQ6LHZDU]ZDUQLFKWGLH VFKQHOOVWHGRFK6XNRKDWWHVLFKUHJHOUHFKWLQGLH0DVFKLQH YHUOLHEW0LWLKU]XVDPPHQKDWWHHUVFKRQVRPDQFKHQ 6WXUPEHUVWDQGHQ ª0DQK|UWLPPHUQRFKQLFKWV©PHLQWH6KDR,KUHJODWWH 6WLUQKDWWHVLHLQ)DOWHQJHOHJW 6XNROLHGLH=HLWVFKULIWVLQNHQª:HUNHLQH6RUJHQKDW GHUPDFKWVLFKZHOFKH©HUZLGHUWHHUª9LHOOHLFKWSXW]WVLH DXFKQXU6WDXEXQGVDXJWVSlWHU©(UJULQVWHª'XNDQQVW MDKLQJHKHQXQGLKUHWZDVKHOIHQZHQQHVGLU]XODQJ ZHLOLJLVW© ª'DYRQKDEHLFKQLFKWVJHVDJW© 6KDRGUHKWHVLFKXPGLHHLJHQH$FKVHXQGOLHVLFKDXI 6XNRV6FKRIDOOHQ'DEHLNODIIWHGHU$XVVFKQLWWGHUZHLWJH VFKQLWWHQHQ%OXVHDXIXQGJHZDKUWH6XNRHLQHQWLHIHQ (LQEOLFN 6HLQH)UHXQGLQ6KDRKDWWHHVQLFKWQ|WLJHLQHQ%+]XWUD JHQVLHKDWWHVWUDIIH%UVWHXQGHLQHQJHVFKPHLGLJHQ 0DQQHTXLQN|USHU:HQQVLHEHUGLH6WUDHJLQJNOHEWHQ ]DKOUHLFKH0lQQHUEOLFNHDQLKUHU)LJXU 6XNRZDUIGLH=HLWXQJDXIGHQ7LVFKª,FKJODXEHGXELVW KHXWHZLHGHUHLQZHQLJXQUXKLJ©PHLQWHHUOlFKHOQG 6KDRV%OLFNZXUGHYHUVFKOHLHUWª6HKUXQUXKLJVRJDU© 6XNRV+lQGHVWULFKHQEHULKUH6FKXOWHUQª:DVNDQQPDQ GHQQGDJHJHQPDFKHQ"©
6KDRUHFNWHVLFKXQGERJLKUHQ.|USHUQDFKKLQWHQª5DWH PDO©IOVWHUWHVLH 'HU&KLQHVHEUDXFKWHGDV5lWVHOQLFKW]XO|VHQGHQQLQ GLHVHP$XJHQEOLFNNOLQJHOWHHV6WXUP (LQPDO]ZHLPDO 6KDRVSUDQJYRQ6XNRV6FKRª+LPPHOZHULVWGDV GHQQ"©IUDJWHVLHYHUVW|UW ª:HUGHQZLUJOHLFKKDEHQ©HUZLGHUWH6XNRVWDQGDXIXQG JLQJ]XU7U 0UV3HWHUVRQILHOLKPI|UPOLFKHQWJHJHQ6LHZDU NDONZHLLP*HVLFKWXQGSUHWHLKUH+DQGDXIGHQZRJHQ GHQ%XVHQª0U6XNR©NHXFKWHVLHª0U6XNRNRPPHQ6LH VFKQHOO© ª:DVLVWGHQQORV"© ª(LQ0DQQ© ª:R",QGHU:RKQXQJ"© ª-DQHLQ© ª:DVGHQQQXQ"©6XNRZDUI6KDRHLQHQYHU]ZHLIHOWHQ %OLFN]X$XFKGLH&KLQHVLQKDWWHLQ]ZLVFKHQGLH'LHOH EHWUHWHQ ª,FKLFKKDEH+LOIHUXIHJHK|UW©HUNOlUWHGLH)UDXª'D KDWHLQHUQDFK-RKQ6LQFODLUJHUXIHQ© ª:RJHQDXLQGHU:RKQXQJ"© ª,P.HOFK© 6XNRPDFKWHHLQXQJOlXELJHV*HVLFKWª6LQG6LHVLFKGD VLFKHU0UV3HWHUVRQ"© ª-DDEVROXW©'LH5DXPSIOHJHULQHU]lKOWHJHQDXZDVVLH HUOHEWKDWWH 6XNRXQG6KDRQLFNWHQVLFK]Xª'DPVVHQZLUZRKOPDO KLQJHKHQ©VDJWHGHU&KLQHVH ª$EHURKQHPLFK©PLVFKWHVLFK0UV3HWHUVRQHLQª,FK KDEHGLH1DVHYROO© ª.ODU©6XNROlFKHOWHª6LHN|QQHQKLHUEOHLEHQ©(UVFKRE VLFKDQ6KDRYRUEHLª.RPP© 9RUVLFKWLJEHWUDWGHU&KLQHVHGDVQHEHQDQOLHJHQGH
$SDUWPHQW(UVFKDXWHVLFKVXFKHQGXPGRFKHUNRQQWH QLFKWV$XIUHJHQGHVHQWGHFNHQ(VVDKDXVZLHLPPHUQXU GDKHXWHGLH3XW]XWHQVLOLHQKHUXPVWDQGHQXQGGDGXUFKVR HWZDVZLH8QRUGQXQJVFKDIIWHQ 6XNRJLQJDXIGHQ6FKUDQN]X(UZXWHGDGRUWGHU .HOFKGHV)HXHUVDXIEHZDKUWZXUGH8QGYRQGLHVHP.HOFK KDWWHGLH)UDXJHVSURFKHQ 6XNRWUDWELVGLFKWDQGHQ6FKUDQNXQGVDKDXFKVRIRUWGHQ .HOFK (UHQWGHFNWHNHLQH9HUlQGHUXQJ 6XNRQDKPLKQLQGLH+DQG0UV3HWHUVRQKDWWHYRQ 9HUlQGHUXQJHQJHVSURFKHQGRFKGHU&KLQHVHVDKNHLQH 'HU.HOFK]HLJWHVLFKY|OOLJQRUPDO +DWWH0UV3HWHUVRQJHVSRQQHQ" 'DUDQZLHGHUXPJODXEWHGHU&KLQHVHQLFKW6LHZDU EHVWLPPWYRQLKUHQ(LQGUFNHQJHVFKRFNWJHZHVHQ6LH PXWHHWZDV$XHUJHZ|KQOLFKHVJHVHKHQKDEHQZDVVRQVW KlWWHVLHVRDXVGHU)DVVXQJEULQJHQN|QQHQ" 'LH'LDPDQWHQIXQNHOWHQXQGJOHLWHQ(VZDUHQXQJH KHXHUZHUWYROOH6WFNH6XNRKDWWHLPPHUGDYRUJHZDUQW GHQ.HOFKQXUVRLQGHU:RKQXQJDXI]XEHZDKUHQZDU MHGRFKGDPLWDXIWDXEH2KUHQJHVWRHQ (UEHWUDFKWHWHLKQVLFKQRFKHLQPDOJDQ]JHQDX 'DVDK6XNRGHQ1HEHO ,Q6SLUDOHQZDQGVLFKGHUJUDXZHLH'DPSIEHUGHQ %RGHQGHVJHKHLPQLVYROOHQ.HOFKV 6XNRZDUHUVWDXQW 6RHWZDVKDWWHHUQRFKQLHJHVHKHQ6LFKHUHUNDQQWHGHQ .HOFKZXWHDXFKZRKHUHUVWDPPWHKDWWHLKQVFKRQGHV |IWHUHQLQGHU+DQGJHKDEWDEHULKPZDUQLFKWNODUZRKHU GHU1HEHONDP ,UJHQGHWZDVVSLHOWHVLFKGRUWDE(LQHJHKHLPQLVYROOH 0DJLHGLHHLQ%LQGHJOLHG]ZLVFKHQ]ZHL:HOWHQGDUVWHOOWH GHQQSO|W]OLFKVDK6XNRHLQ*HVLFKW 0\[LQV*HVLFKW
(VVFKlOWHVLFKDXVGHQ1HEHOZRONHQXQGGHU&KLQHVH HUNDQQWHGLH4XDOGLHGLH*HVLFKWV]JH]XHLQHU*ULPDVVH YHU]HUUWHQ ª0\[LQ©ULHIGHU&KLQHVH 'HU0DJLHUK|UWHQLFKW6WDWWGHVVHQEHJDQQHU]X VSUHFKHQ6WHUHRW\SZLHGHUKROWHHUHLQH)RUPHOª-RKQ 6LQFODLU]X+LOIH%LWWHNRPPHQ]X+LOIH© :LHGHUULHI6XNRGHQ1DPHQGHV0DJLHUV .HLQH5HDNWLRQ ª:RELVWGX"©'HU&KLQHVHYHUVXFKWHHVMHW]WDXIWHOH SDWKLVFKH:HLVH 0\[LQK|UWHQLFKW 6XNREHXJWHVLFKYRUELVVHLQ*HVLFKWGLFKWEHUGHP .HOFKVFKZHEWHª:RELVWGX0\[LQ"6DJHWZDVGDPLWZLU GLUKHOIHQN|QQHQ© (LQGULQJOLFKVSUDFKGHU&KLQHVHGHQ0DJLHUDQ (UKREDXFKGLH+DQGXQGWDXFKWHVHLQHQ)LQJHULQGHQ .HOFKGRFKEHUKUHQNRQQWHHU0\[LQQLFKW'HU)LQJHUYHU VFKZDQGLP1HEHOXQGVWLHGXUFKGDV*HVLFKWGHV0DJLHUV (VZDUQXUHLQH(UVFKHLQXQJ ª+|UVWGXPLFK0\[LQ"5HGHELWWH© ª'LH5LWWHUGLHJUDXVDPHQ5LWWHUGHUXUDOWH)OXFK© 3O|W]OLFKYHUQDKPGHU&KLQHVH%UXFKVWFNHHLQHUJH VWDPPHOWHQ(UNOlUXQJª9RUVLFKWVLHNRPPHQVLHVLQG VFKRQGD$VPRGLQDKDWVLHHUZHFNW6LHVROOHQGDV *UDXHQEULQJHQ© ª:DVVLQGGDVIU5LWWHU"©KDNWH6XNRQDFK ª6FKOLPPH*HVWDOWHQ5XIXV© 3O|W]OLFKZXUGHGHU1HEHOGLFKWHUGDV*HVLFKWGHV 0DJLHUVYHUVFKZDQGPHKUXQGPHKU 6FKOLHOLFKZDUHVEHUKDXSWQLFKWPHKU]XVHKHQ 6XNRVFKDXWHQXULQGHQEURGHOQGHQVLFKEHZHJHQGHQ 1HEHO$EHUDXFKHUYHUVFKZDQG$OVEUHLWH:DQGNURFKHU DQGHQ5lQGHUQGHV.HOFKVKRFKXQGO|VWHVLFKDXI 1LFKWVZDUPHKU]XVHKHQ
,Q*HGDQNHQYHUVXQNHQVWHOOWHGHU&KLQHVHGHQ.HOFK ZLHGHU]XUFNLQGHQ6FKUDQN :DVHUHUOHEWKDWWHZDUlXHUVWVHOWVDPXQGMHW]WJDOWHV HLQHQ0DQQ]XLQIRUPLHUHQ -RKQ6LQFODLU ,FKKRFNWHXPGLHVH0RUJHQVWXQGHLQPHLQHP%URXQG EHVFKlIWLJWHPLFKPLWDOWHQ)lOOHQ%HVRQGHUVPLW'U7RG 6HLWGLHVHU.HUOZLHGHUDNWLYJHZRUGHQZDUKDWWHLFKNHLQH UXKLJH0LQXWHPHKU 'U7RGZDU]XHLQHUSHUPDQHQWHQ*HIDKUJHZRUGHQXQG LFKZDUVLFKHUGDHUZLHGHULUJHQGHLQH7HXIHOHLDXVEUWHWH GLHPHLQH)UHXQGHXQGLFKGDQQDXV]XEJHOQKDWWHQ ,FKZDUHLJHQWOLFKIURKPDOHLQRGHU]ZHL7DJHLP%UR YHUEULQJHQ]XN|QQHQ'DVNRPPW]ZDUVHOWHQYRUDEHU $XVQDKPHQEHVWlWLJHQGLH5HJHO 1DWUOLFKVWDQGGHU.DIIHHEHUHLWGHQ*OHQGD3HUNLQVPLU JHNRFKWKDWWH ,FKWUDQNEHUHLWVGLH]ZHLWH7DVVHXQGHUVFKPHFNWHPLU ZLHLPPHUDXVJH]HLFKQHW *OHQGDKDWWHDXFKHLQLJHV]XWXQ6LHKRFNWHLP 9RU]LPPHUXQGKlPPHUWHDXILKUHU6FKUHLEPDVFKLQH KHUXP 'DQQVXPPWHGDV7HOHIRQ 'DGHU$QUXIQLFKWEHUGDV6HNUHWDULDWOLHIPXWHPLFK MHPDQG]XVSUHFKHQZQVFKHQGHUGLHGLUHNWH'XUFKZDKO NDQQWH'DIUNDPHQHLJHQWOLFKQXUPHLQH)UHXQGHLQ)UDJH ,FKKREDE (VZDU6XNR ª(QWVFKXOGLJHGDLFKGHLQHKHLOLJH6FKUHLEWLVFKUXKH VW|UH©VDJWHHUªDEHUHVZlUHEHVVHUZHQQGXPDOLQGHLQH :RKQXQJNlPVW© ª%UHQQWHV"© ª1HLQHVJHKWXPGHLQH3XW]IUDX©
ª'XKDVWLKUGRFKQLFKWVDQJHWDQ:VWOLQJ"©IUDJWHLFK JULQVHQG ª,FKQLFKWDEHUGHU.HOFKGHV)HXHUV© ,FKZDUDODUPLHUW0LWGHP.HOFKGHV)HXHUVKDWWHHVHLQH EHVRQGHUH%HZDQGWQLV,FKKDWWHLKQDXVHLQHU.LUFKHJHKROW XPGDPLWLQ)UDQNUHLFKGLH7HXIHOVP|QFKHEHNlPSIHQ]X N|QQHQ 'DQDFKKDWWHLFKGHQ.HOFKLQHLQHQ6FKUDQNJHVWHOOW)U PLFKZDUHUHLQ$QGHQNHQGRFKMHW]WZDUHWZDVPLWLKP JHVFKHKHQ ª/RVHU]lKOH©IRUGHUWHLFK6XNRDXI 0HLQ3DUWQHUOLHVLFKQLFKWODQJHELWWHQ,FKHUIXKUZDV VLFKLQPHLQHU:RKQXQJ]XJHWUDJHQKDWWH8QG6LHN|QQHQ HVPLUJODXEHQLFKZDUYHUGDPPWEHUUDVFKW ª:DVKDWVLHJHVHKHQ"©KDNWHLFKQRFKHLQPDOQDFK ª0\[LQGHQ0DJLHU© 0LWGHUIODFKHQ+DQGVFKOXJLFKDXIGHQ6FKUHLEWLVFK ª9HUGDPPWZLHLVWGDVSDVVLHUW"© ª.HLQH$KQXQJ© ª+P©,FKGDFKWHQDFK0\[LQZDUYHUVFKZXQGHQ(U KDWWHPLULP.DPSIJHJHQGHQ6FKZDU]HQ7RGJHKROIHQ$OV 4XLWWXQJGDIUZDUHUYRQ$VPRGLQDV7RGHVHQJHOQHQWIKUW ZRUGHQ,FKKDWWHYHUJHEOLFKYHUVXFKWLKQ]XEHIUHLHQ%HL GLHVHU$NWLRQKDWWHLFKIDVWPHLQ/HEHQYHUORUHQ'DPRQD .LQJUHWWHWHPLFKVFKOLHOLFK 8QGMHW]WPHOGHWHVLFK0\[LQ :RKHU"$XVHLQHUDQGHUHQ:HOW"$XV$VPRGLQDV5HLFK" $XIMHGHQ)DOOZDUHUQLFKWWRW'DV]XZLVVHQWDWPLUJXW ,FKVSUDFK6XNRGDUDXIDQª'XKDVWNHLQHQ$QKDOWVSXQNW RGHU"© ª1HLQGHQNRQQWHHUPLUQLFKWJHEHQ© ,FKNDXWHDXIGHU8QWHUOLSSHª+DVWGXYLHOOHLFKWGLH 8PJHEXQJJHVHKHQLQGHUHUVLFKEHILQGHW"© ª$XFKQLFKW©6XNRUlXVSHUWHVLFKª(UKDWQXUGLH5LWWHU HUZlKQWXQGHLQHQ1DPHQ5XIXV©
,FKVFKZLHJ0HLQH*HGDQNHQEHUVFKOXJHQVLFK ª2ND\©VDJWHLFKª+DOWHGXGLH6WHOOXQJLFKELQVRUDVFK ZLHP|JOLFKEHLGLU© 6XNROHJWHDXI (LQH6HNXQGHVSlWHUPHOGHWHVLFK*OHQGD3HUNLQVGXUFK GLH6SUHFKDQODJHª6LU3RZHOOHUZDUWHW6LH-RKQ© ª$XVJHUHFKQHWMHW]W"© ª-DHVVFKHLQWGULQJHQG]XVHLQ'DVNRQQWHLFKVHLQHU 6WLPPHHQWQHKPHQ© ª*XWLFKNRPPH© *OHQGDOlFKHOWHDOVLFKGXUFKGDV9RU]LPPHUVFKULWW6LH ZDUIUKOLQJVKDIWJHNOHLGHWWUXJHLQHZHLH%OXVHPLW 9$XVVFKQLWWXQGHLQHQKHOOURWHQPRGLVFKHQ:LFNHOURFN 'DVVFKZDU]H+DDUKDWWHVLH]XHLQHPODQJHQ=RSIJHIORFK WHQGHULKUELV]XP5FNHQUHLFKWH ª6FKLFNVFKLFN©VDJWHLFKQXU ª6FKPHLFKOHU© /HLGHUKDWWHLFKNHLQH=HLWPLWPHLQHU6HNUHWlULQHLQ ZHQLJ]XIURW]HOQGHQQ6LU-DPHV3RZHOOZDUWHWHQLFKWJHUQ :LHLPPHUKDWWHHU6RUJHQIDOWHQLP*HVLFKW(LJHQWOLFK NDQQWHLFKLKQJDUQLFKWDQGHUV ª6HW]HQ6LHVLFK©VDJWHHUQDFKPHLQHP0RUJHQJUX ,FKQDKP3ODW] ª6LQG6LHZHLWHUJHNRPPHQ"© ª,QZHOFKHU6DFKH6LU"© ª'U7RG©$XFKLKPEHUHLWHWHGLHVHU0DQQ.RSI VFKPHU]HQGHQQGLHVHU9HUEUHFKHUVWHOOWHZLUNOLFKHLQH*H IDKUGDU ª1HLQ©HUZLGHUWHLFKZDKUKHLWVJHPlª$XFKLQGHQ DOWHQ$NWHQKDEHLFKNHLQHQ+LQZHLVDXI$NWLYLWlWHQVHLQHU VHLWVJHIXQGHQ© ª'DVLVWVFKOHFKWGDQQPVVHQZLUZDUWHQELVHUZLHGHU ]XVFKOlJW© ,FKQLFNWHª+DEHQ6LHYRQLKPHWZDVJHK|UW6LU"© ª1HLQDEHULFKKDEHHLQHQDQGHUHQ)DOO©
,FKZDUJHVSDQQWª8QGZHOFKHQ"© 3RZHOOEOlWWHUWHHLQH$NWHDXIª(VVLQG%HULFKWHDXV 6FKRWWODQGHLQJHWURIIHQGLHVRXQJODXEOLFKNOLQJHQGDVLH VFKRQIDVWZLHGHUZDKUVHLQN|QQHQ(VJHKWXP5LWWHU9RQ HLQHP=HXJHQZXUGHEHULFKWHWHGDHLQH+RUGHPRUGHQGHU 5LWWHUEHUHLQVDPJHOHJHQH)DUPHQXQG*HK|IWHKHUJHIDO OHQLVW'LHVH*HVWDOWHQKDEHQGRUWVFKUHFNOLFKJHZWHW© 6FKRQEHLPHUVWHQ6DW]KDWWHHVEHLPLUJHNOLQJHOWª+HLW GHU$QIKUHUYLHOOHLFKW5XIXV"© ª.HLQH$KQXQJ:LVVHQ6LHPHKU"© ,FKEHULFKWHWHPHLQHP&KHIYRQ6XNRV$QUXI$XFK6LU 3RZHOOVDKVRIRUW3DUDOOHOHQ (UQDKPHLQHQ6FKOXFNYRQVHLQHP0DJHQZDVVHUª'LH 5LWWHUVROOHQODXW=HXJHQDXVVDJH]LHPOLFKVFKOLPPDXVVH KHQHVKHLWXQWHULKUHQ5VWXQJHQVWHFNHQ6NHOHWWH© ª(LQH(UNOlUXQJJLEWHVQLFKW"©IUDJWHLFK ª1HLQGLHVROOHQ6LHILQGHQ© ,FKVWDQGDXIXQGQLFNWHª'DQQZROOHQZLUPDOZLHGHU© VDJWHLFKª*HJHQ5LWWHUKDEHLFKODQJHQLFKWPHKUJHNlPSIW :LNLQJHURGHU*HUPDQHQZHUGHQHVZDKUVFKHLQOLFKQLFKW VHLQ©0LWGLHVHP6DW]VSLHOWHLFKDXIHLQHQ)DOOLQ 'HXWVFKODQGDQGHUQRFKJDUQLFKWODQJH]XUFNODJ 6LU3RZHOOKREGLH6FKXOWHUQ(UPHLQWHDEHUª9LHOOHLFKW ILQGHQ6LHHLQH6SXUYRQ$VPRGLQD"© ª6LHPHLQHQZHJHQ0\[LQ"© ª-D© ª+RIIHQWOLFK'HQQGLHVHIHLQH'DPHVWHKWPLUVFKRQELV 8QWHUNDQWH2EHUOLSSH© ª'DQQSDFNHQ6LHVLHGRFK© ª.ODU©HUZLGHUWHLFKJULQVHQGª0LWGHUOLQNHQ+DQG VRJDU8QGPLWGHUUHFKWHQGUHKHLFK'U7RGGHQ+DOVXP© 3RZHOOGURKWHPLWGHP=HLJHILQJHUª0DQVROOQLHYHUVSUH FKHQZDVPDQQLFKWKDOWHQNDQQ©
6LHULWWHQGXUFKGLH1DFKW 6LHEHQK|OOLVFKH*HVWDOWHQGLHOlQJVWLQLKUHQ*UlEHUQ KlWWHQYHUPRGHUWVHLQPVVHQ'RFKHLQXQVHOLJHU)OXFK KDWWHVLH]XP/HEHQHUZHFNWXQGGHU6DWDQVHOEVWKLHOW VFKW]HQGVHLQH+DQGEHUVLH 6LHEHQ5LWWHU 6LHEHQPDOGHU7RG 6LHNDQQWHQNHLQH*QDGHVLHNDQQWHQNHLQ(UEDUPHQ)U VLH]lKOWHQXUGLH9HUQLFKWXQJ:HQQVLHJHJHQ0LWWHUQDFKW DXVLKUHQ*UlEHUQVWLHJHQXQGVLFKDXIGLH3IHUGHVFKZDQ JHQGDQQZDUGDV*UDXHQXQWHUZHJV6LHNDPHQZLHHLQ 6SXNXQGYHUVFKZDQGHQHEHQVRVFKQHOO ,KUH=LHOH*UDXHQ3DQLN(QWVHW]HQ:LHYRUIDVW -DKUHQDOVVLHVLFKGHP7HXIHOYHUVFKZRUHQXQGJHJHQGHQ .|QLJXQGVHLQH9HUWUDXWHQJHNlPSIWKDWWHQ 'LH+XIHLKUHU+RUURU*lXOHWURPPHOWHQDXIGHQKDUWHQ %RGHQ0DQFKPDOVWLHHQVLHJHJHQKHUXPOLHJHQGH6WHLQH XQGGDQQVWREHQGLH)XQNHQ 5XIXVULWWDQGHU6SLW]H'HQ+HOPNU|QWHHLQVFKZDU]HU )HGHUEXVFKGHUYRP5HLWZLQGZLHHLQH6LFKHOQDFKKLQWHQ JHERJHQZXUGH5XIXVKDWWHGDV9LVLHUVHLQHV+HOPVKRFK JHNODSSW$XVOHHUHQ$XJHQK|KOHQVWDUUWHHULQGLH 'XQNHOKHLWGHU.QRFKHQVFKlGHOEHZHJWHVLFKZLHHLQH EOHLFKH*XPPLPDVVH 5XIXVZROOWHW|WHQ'LHDOWHQ=HLWHQVROOWHQZLHGHUDXIHU VWHKHQDOVHUPLWVHLQHU+RUGHGXUFKGLH/DQGHULWWXQG GDEHL$QJVWXQG(QWVHW]HQYHUEUHLWHWH ,QSDQLVFKHU)XUFKWIOFKWHWHQGLH0HQVFKHQZHQQHUXQG VHLQH5LWWHUXQWHUZHJVZDUHQ'RFKQXUZHQLJHNDPHQ GDYRQ'LHPHLVWHQEHUOHEWHQHLQHQ$QJULIIQLFKW -HW]WZDUHQVLHZLHGHUXQWHUZHJV8QGDXFKLQGLHVHU 1DFKWVROOWHQ0HQVFKHQVWHUEHQ 5XIXVZROOWHHVVR 8QGGHU6DWDQXQWHUVWW]WHLKQ 6LHULWWHQGXUFKHLQ+RFKWDO.HLQ/LFKWVFKLPPHUWHLQGHU
GVWHUHQ1DFKW0RQGXQG6WHUQHZDUHQQLFKW]XVHKHQ'LH /XIWZDUNKOXQGNODU8QWHUGHQ]DKOUHLFKHQ+XIHQ YLEULHUWHGLH(UGH6WDXEZDOOWHKRFKXQGKOOWHGLH .DYDONDGHGHV6FKUHFNHQVHLQ /lQJVWZDULKUH6WDPPEXUJKLQWHULKQHQYHUVFKZXQGHQ ,QXQYHUPLQGHUWHP7HPSRMDJWHQVLHZHLWHU.HLQ3IHUG ]HLJWH(UVFK|SIXQJGLH*lXOHOLHIHQZLH8KUZHUNH ,KUH5HLWHUZDUHQVFKZHUEHZDIIQHW-HGHU5LWWHUWUXJHLQ 6FKZHUWLQGHU6FKHLGH(VJDEDXFKZHOFKHGLH$UPEUVWH DXIGHP5FNHQWUXJHQ'LH3IHLOHVWHFNWHQLQ.|FKHUQ $QGHUHKLHOWHQLKUH/DQ]HQIHVWXPNODPPHUW0LWGLHVHQ :DIIHQNRQQWHQVLHXPJHKHQVLHZDUHQ0HLVWHULKUHV)DFKV -HW]WVWLHJGDV*HOlQGHDQ6LHKDWWHQGDV7DOIDVWGXUFK ULWWHQXQGMDJWHQGHQQlFKVWHQ+JHOKLQDXI5HFKWVYRQ LKQHQODJHLQGXQNOHUODQJHU6WUHLIHQ(VZDUHLQGLFKWHU :DOGGHUHLQHQ%HUJNDPPEHGHFNWHXQGGDKLQWHUEHIDQG VLFKLKU=LHO 'HU$QIKUHUVFKZHQNWHQDFK2VWHQ)HVWKLHOWHUGLH =JHOGHV3IHUGHVLQGHQNQRFKLJHQ+lQGHQ(WZDVZLGHU ZLOOLJVFKWWHOWHGHU*DXOGHQ.RSIZXUGHDEHUGDQQ JH]ZXQJHQGLH5LFKWXQJHLQ]XKDOWHQ $XFKGLHDQGHUHQ3IHUGHIROJWHQ+LQWHU5XIXVULWWHQVHFKV JUDXVDPH5LWWHU6LHQlKHUWHQVLFKGHP:DOG6FKQHOOKDWWHQ VLHEHLLKUHP7HPSRGHQ:DOGGXUFKTXHUW 'LH3IHUGHKXIHWURPPHOWHQEHUGHQ%HUJNDPPZRVLFK QDFKZHQLJHQ
'LH)DKU]HXJHVFKQXUUWHQEHUGHQJODWWHQ$VSKDOW 6FKHLQZHUIHUZDUIHQLKUKHOOHV/LFKWLQGLH1DFKW6LHULVVHQ GLH%XVFKZHUNHLP0LWWHOVWUHLIHQDXVGHU'XQNHOKHLWXQG OLHHQGLH%OlWWHUDXIEOLW]HQZLH'LDPDQWHQ 'HU0RWRUZD\YHUEDQG'XQGHHPLW*ODVJRZXQGHVZDU HLQHUHODWLYVWDUNEHIDKUHQH6WUDHDXFKLQGHU1DFKW 'HVKDOEKDWWHHVGLHVH6WUDHGHQ5LWWHUQVRDQJHWDQ 6LHWULHEHQLKUH3IHUGHEHUGHQ+DQJXQGULWWHQDXIGLUHN WHU/LQLHGLH6WHLQEUFNHDQGLHVLFKEHUGHQ0RWRUZD\ VSDQQWH 'LH%UFNHYHUEDQGHLQHVFKPDOH6WUDH6LHVFKOlQJHOWH VLFKGXUFKGDV*HOlQGHXQGHQGHWHLPQlFKVWHQ2UW 1DFKWVZDUGLH6WUDHWRW+LQXQGZLHGHUHLQHLQVDPHU 5DGIDKUHUPHKUQLFKW )UKHUZDUGLH%UFNH7HLOHLQHUZLFKWLJHQ9HUELQGXQJV VWUHFNHGXUFKGLH+LJKODQGV9RQ.DXIOHXWHQZXUGHVLHPLW LKUHQ:DJHQVWDUNEHIDKUHQ1XQJDEHVVFKQHOOHUH9HU ELQGXQJHQ ,P6FKULWWJLQJHQGLH3IHUGHEHUGHQ:HJ6FKRQEDOG HUUHLFKWHQVLHGLH%UFNHPLWGHU6WHLQPDXHU $EHUPDOVKRE5XIXVGLH+DQG $XJHQEOLFNOLFKSDULHUWHQGLH5LWWHULKUH*lXOH:LHHLQH :DQGEOLHEHQVLHVWHKHQ (LQKHLVHUHU%HIHKO $EVLW]HQ 'LH5LWWHUVWLHJHQYRQLKUHQ*lXOHQ(LQHUWULHEGLH3IHUGH HLQSDDU
1LHPDQGVDKGLH5LWWHUNHLQ)DKUHUNDPDXIGHQ *HGDQNHQHLQHQ%OLFNQDFKREHQ]XZHUIHQ'LH:DJHQ UDVWHQXQWHUGHU%UFNHKLQZHJ$XWRUHLIHQVDQJHQDXIGHP JODWWHQ$VSKDOWLKUPRQRWRQHV/LHG 'LH5LWWHUODJHQDXIGHU/DXHU 9RQGHU)DKUEDKQDXVZDUHQVLHNDXP]XVHKHQ+LQXQG ZLHGHUJOlQ]WHHLQ9LVLHUDXIGHP0DXHUUDQGRGHUEOLQNWH HLQH:DIIH1LHPDQGDKQWHZHOFKHLQHW|GOLFKH*HIDKUDXI GHUDOWHQ%UFNHODXHUWH 5XIXVKREGHQUHFKWHQ$UP 9RQIHUQQlKHUWHVLFKHLQH.RORQQHYRQGUHL:DJHQ6LH IXKUHQDXIGHUUHFKWHQ6HLWHEHUKROWHQDOVR'DQDFKIROJWH HLQ/DVWZDJHQXQGKLQWHULKPEOLQNWHHEHQIDOOVHLQ 6FKHLQZHUIHUSDDU (LQGXPSIHV/DFKHQGUDQJDXVGHP0DXOGHV$QIKUHUV 'LH6]HQHDXIGHU$XWREDKQNDPLKPVHKUJHOHJHQ:HQQ VHLQH9DVDOOHQMHW]WHLQJULIIHQJDEHVGDV&KDRV 'HU$UPILHOQDFKXQWHQ 1RFKLPVHOEHQ$WHP]XJIORJHQGLHHUVWHQ3IHLOH (VZXUGHGLH1DFKWGHUVLQJHQGHQ5HLIHQ:LHGHUHLQPDO IKUWHXQVHLQ)DOOQDFK6FKRWWODQG 'HUHLQ]LJH$XJHQ]HXJHZDUHLQ6FKlIHUJHKLOIH(UZRKQ WHLQHLQHPZLQ]LJHQ2UWQDPHQV*XOELQHXQGKDWWHGLH *HVFKLFKWHHLQHP)UHXQGHU]lKOW'LHVHUKDWWHVLFKDQGLH 3ROL]HLJHZDQGW6RKDWWHGHU)DOOVHLQH.UHLVHJH]RJHQ 1DWUOLFKIDQGPDQGLH/HLFKHQGHUhEHUIDOOHQHQXQGGDQQ EHJDQQGLHJURH5RWDWLRQ 3ROL]LVWHQVXFKWHQGLH8PJHEXQJDEHVJDEHLQH*UR IDKQGXQJQDFKHLQHP8QEHNDQQWHQ'HP6FKlIHUJHKLOIHQ GDJHJHQJODXEWHQLHPDQG%HLGHU*U|HGHV9HUEUHFKHQV HUIXKU6FRWODQG
GDPLW6XNRXQGLFKXQVHLQVFKDOWHWHQ /HLFKWJLQJHQZLUGHQ)DOOQLFKWDQ:LUZXWHQEHLGHGD XQVNHLQ6SD]LHUJDQJHUZDUWHWHGHPHQWVSUHFKHQGKDWWHQ ZLUXQVHLQJHGHFNW 0HLQ(LQVDW]NRIIHUZDUJXWEHVWFNWDXFKGLHQHXH:DIIH GHUPDJLVFKH%XPHUDQJODJGDULQ,FKZDUJHVSDQQWZDQQ LFKLKQZLHGHU]XP(LQVDW]EULQJHQNRQQWH :LUZDUHQQLFKWDOOHLQ 6KDRVDKLQWHQLP:DJHQ :HJHQLKUKDWWHHVbUJHUJHJHEHQ6LHZROOWHQLFKWDOOHLQ EOHLEHQVRQGHUQPLWIDKUHQ6XNRKDWWHDXIVLHHLQJHUHGHW GRFKGDPLWNHLQH(UIROJHHU]LHOW 6KDRKRFNWHLP)RQG ª,FKZHUGHHXFKQLFKWEHKLQGHUQ©KDWWHVLHYHUVSURFKHQ XQGGLH:RUWHNODQJHQPLUQRFKLP2KU 1XUZLGHUZLOOLJKDWWHLFKPHLQH(LQZLOOLJXQJJHJHEHQ DEHUZHQQ6KDRVLFKZLUNOLFKUDXVKLHOWGDQQVW|UWHVLH EHVWLPPWQLFKW /lQJVWZDUHVGXQNHO 6XNRVFKDXWHDXIVHLQH8KU'LH=HLJHUOHXFKWHWHQJUQLQ GHU'XQNHOKHLWª,QGLHVHU1DFKWZLUGHVZRKOQLFKWVPHKU ZHUGHQ©PHLQWHHU ,FKKREGLH6FKXOWHUQª:DUXPDXFK":LUKDEHQMD=HLW 0RUJHQN|QQHQZLUXQVLQDOOHU5XKHXPVHKHQ© ª-DDXIGHQ%XUJEHVXFKIUHXHLFKPLFK©PHLQWH6XNR ,FKIXKUDXIGLHUHFKWH6HLWHXQGEHUKROWH]ZHL /DVWZDJHQ1DFKPHLQHU6FKlW]XQJPXWHQZLUGLH 6FKQHOOVWUDHEDOGYHUODVVHQXPGLHVHQNRPLVFKHQ2UW QDPHQV*XOELQH]XHUUHLFKHQ 'HU0RWRUZD\ZDUDXFKXPGLHVH=HLW]LHPOLFKEHIDKUHQ (UIKUWHGXUFKHLQHODQGVFKDIWOLFKUHL]YROOH*HJHQGGRFK LQGHU'XQNHOKHLWVDKHQZLUQLFKWVGDYRQ 'LH+JHOUHFKWVXQGOLQNVGHU)DKUEDKQZDUHQGXQNHOLQ GLH+|KHZDFKVHQGH6FKDWWHQGLHLUJHQGZRPLWGHP 6FKZDU]JDXGHV+LPPHOVYHUVFKPRO]HQ
,FK]QGHWHPLUHLQH=LJDUHWWHDQ 6XNRIUDJWHª:ROOWHVWGXQLFKWDXIK|UHQ]XUDXFKHQ"© ª-DDEHUQLFKWDEUXSW,PPHUODQJVDPXQGGHU5HLKH QDFK©0LWGHP$Q]QGHUVWHFNWHLFKVLHLQ%UDQG6FKRQ EDOGGXUFK]RJGHU5DXFKGDV,QQHUHGHV%HQWOH\ (LQHODQJJH]RJHQH.XUYH ,FKVHQNWHGLH*HVFKZLQGLJNHLWXQGJLQJGLH.XUYHDQ 'LH5HLIHQVDQJHQ ,FKEHUKROWHHLQHQ/LHIHUZDJHQGHVVHQ)DKUHUHLQHQ VFKUl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|KHPLWGHP /DVWZDJHQDOVDQHLQHPGHUYRUXQVIDKUHQGHQ3NZGDV %UHPVOLFKWDXIOHXFKWHWH$QVLFKHLQHQRUPDOH6DFKHGRFK VFKRQVFKOHXGHUWHGHU:DJHQQDFKOLQNV 'HU)DKUHUDXIGLHVHU6HLWHNRQQWHQLFKWPHKUVFKQHOO JHQXJEUHPVHQ)URQWDONUDFKWHHULQGLH6HLWHGHV)DKU ]HXJV$XFKGHUGULWWH:DJHQEHNDPQRFKHWZDVDE 'HVVHQ)DKUHU]RJVHLQHQ)RUGQDFKUHFKWVNDPGHP
5DQGVWUHLIHQ]XQDKHGLH5HLIHQYHUORUHQGLHIHVWH $VSKDOWXQWHUODJHGHU:DJHQGUHKWHVLFKXQGNUDFKWHJHJHQ HLQHQ%UFNHQSIHLOHU $OOGLHVJHVFKDKLQQHUKDOEYRQ]ZHL6HNXQGHQ(LQH =HLWVSDQQHLQGHUDXFKLFKUHDJLHUHQPXWH 6WRWWHUEUHPVH 1HEHQGHP%HQWOH\IDXFKWHHV 'HU/NZZXUGHODQJVDPHU(UZDUYRUKLQVRZLHVRVFKRQ ]XVFKQHOOJHIDKUHQGDVSO|W]OLFKH%UHPVHQEHNDPLKPJDU QLFKW'DV5LHVHQIDKU]HXJVFKZDQNWHHVGURKWHDXVGHU 6SXU]XJHUDWHQ ª:HJ-RKQ©]LVFKWH6XNR ,FKQDJHOWHGDV*DVSHGDO 'HU%HQWOH\VSUDQJI|UPOLFKQDFKYRUQ'XUFKGLHVHV 0DQ|YHUNDPHQZLUGHU8QIDOOVWHOOH]XQDK5LHVHQJUR ZXUGHQGLH:DJHQ%OLHEPLUQRFK=HLW" ª)HVWKDOWHQ©ULHILFK :XFKWLJWUDWLFKGLH%UHPVH'HU%HQWOH\UXWVFKWH$XIGHU UHFKWHQ)DKUEDKQVHLWHUDGLHUWHQVHLQH5HLIHQEHUGHQ $VSKDOWKLQWHUOLHHQHLQHGXQNOH6SXUGDQQVDKLFKGD LFKHVQLFKWVFKDIIWHXQG]RJGHQVFKZHUHQ:DJHQQDFK UHFKWV +LQHLQLQV*HOlQGH (LQH%|VFKXQJZXFKVYRUGHU%UFNHKRFK=XP*OFN QLFKWVRVWHLOGDGHU:DJHQ]XNLSSHQGURKWH=XGHPIXKU LFKGLHVFKLHIH(EHQHVFKUlJDQ 1XUJXWGDZLUDQJHVFKQDOOWZDUHQQXU6KDRZXUGHLP )RQGYRQHLQHU6HLWH]XUDQGHUHQJHZLUEHOWGRFKNHLQ/DXW GHU.ODJHGUDQJEHULKUH/LSSHQ (LVHUQKLHOWLFKGDV/HQNUDGIHVW,FKPXWHPLFKNRQ]HQ WULHUHQGXUIWHMHW]WQLFKWQDFKJHEHQ]RJGDV6WHXHUQDFK OLQNV'HU%HQWOH\QDKPGLH.XUYHXQGNDP]XP6WHKHQDOV LFKGLH%UHPVHWUDW (UVWDQGMHW]WVFKUlJDP+DQJXQGPLWGHU6FKQDX]H]XU 6WUDHKLQ'XUFKGLHVHV0DQ|YHUKDWWHQZLUXQVQLFKWPLW
GHQDQGHUHQ0HQVFKHQEHVFKlIWLJHQN|QQHQGLHHEHQIDOOV LQGHQJUDXHQKDIWHQ8QIDOOYHUZLFNHOWZRUGHQZDUHQ -HW]WVDKHQZLUGLH)ODPPHQ 6LHVFKOXJHQDXVGHP)DKU]HXJGDVJHJHQGHQ%UFNHQ SIHLOHUJHUDVWZDUXQGWDQ]WHQZLHJLHULJHKHOOH)LQJHUDXI GHU0RWRUKDXEH-HGHQ$XJHQEOLFNNRQQWHGDV)DKU]HXJLQ GLH/XIWIOLHJHQ'HQ)DKUHUVDKLFKQLUJHQGZRYLHOOHLFKW VWHFNWHHUQRFKLQGHPEUHQQHQGHQ$XWR ª'HQKROLFKPLU©EUOOWHLFK6XNR]XXQG|IIQHWHVFKRQ GLH7U,QGHU+DQGKLHOWLFKEHUHLWVGHQ)HXHUO|VFKHUGHQ LFKPLWHLQHP*ULIIDXVGHU+DOWHUXQJJHKROWKDWWH ,FKVSUDQJDXVGHP:DJHQ *HGXFNWKHW]WHLFKDXIGDVEUHQQHQGH)DKU]HXJ]X6FKRQ DXIKDOEHP:HJEHPHUNWHLFKGHQ+LW]HULQJGHUPLUHQW JHJHQVFKOXJ:DUGDEHUKDXSWQRFKHWZDV]XUHWWHQ" $XVGHQ$XJHQZLQNHOQVDKLFKGHQ/DVWZDJHQ(UZDU QLFKWXPJHNLSSWVWDQGDEHUTXHUDXIGHU6WUDH6HLQ)DKUHU UDQQWHVFKUHLHQGXPKHUELVHUSO|W]OLFKGLH$UPHKRFKUL XQG]X%RGHQVWU]WHDOVKlWWHLKPMHPDQGHLQHQKDUWHQ 6WRYHUVHW]W 9HUNUPPWEOLHEHUOLHJHQ(WZDVUDJWHDXVVHLQHU%UXVW ,FKNRQQWHQLFKWVHKHQZDVHVZDUGHQQLFKK|UWHGLH 6FKUHLHDXVGHPEUHQQHQGHQ:DJHQXQGPXWHPLFKXP GHQ)DKUHUNPPHUQ (WZDVZLVFKWHDQPHLQHP.RSIYRUEHL,FKZXWHQLFKW ZDVHVZDUVSUWHQXUGHQ/XIW]XJVRKDXWQDKKDWWHGHU *HJHQVWDQGPHLQH6FKOlIHSDVVLHUW ,FKULGHQ/|VFKHUKRFKGUFNWHGHQ.QRSIXQGVFKRQ VSUKWHGHUKHOOH6FKDXPLQGLH)ODPPHQ,FKJLQJKLQXQG KHUEHZHJWHPLFKGDEHL]LHPOLFKVFKQHOOXQGEHGHFNWHGLH JHVDPWH0RWRUKDXEHGLHVLFKYHUNDQWHWKDWWHXQG]XP7HLO KRFKJHNODSSWZDU'HU6FKDXPGUDQJDXFKLQGHQ 0RWRUUDXPHUEHVFKPLHUWHGLH)URQWVFKHLEHXQGHUHUVWLFN WHGLH)ODPPHQ1XUQRFK4XDOPVWLHJGHU%UFNHHQWJHJHQ 'DQQZDULFKDQGHU7U
$XFKVLHKDWWHVLFKYHUNOHPPW,FKULXQG]HUUWH 9HUJHEHQV +LQWHUGHU6FKHLEHVDKLFKGDVDQJVWEOHLFKH*HVLFKWHLQHU )DKUHULQ$XJHQXQG0XQGKDWWHVLHZHLWDXIJHULVVHQGLH +lQGHKDOEHUKREHQGLH)LQJHUJHVSUHL]W ,FKQLFNWHLKUEHUXKLJHQG]XGDEHLZXWHLFKQLFKWREVLH HVEHUKDXSWJHVHKHQKDWWH 0LWGHP)HXHUO|VFKHUKlPPHUWHLFKGLH6FKHLEHHLQ,Q GHPSODW]HQGHQ*HUlXVFKJODXEWHLFKGHQSHLWVFKHQGHQ .ODQJHLQHU%HUHWWD]XK|UHQDEHUGDVNRQQWHDXFKHLQH 7lXVFKXQJVHLQ ª.OHWWHUQ6LHGXUFKV)HQVWHU©EUOOWHLFKGLH)UDXDQ 6LHK|UWHPLFKQLFKW 9HUGDPPWDXFK ,KU6FKUHLHQPDFKWHPLFKZDKQVLQQLJ'HQ)HXHUO|VFKHU OLHLFKIDOOHQXQGVFKOXJNUDIWYROOPLWGHUUHFKWHQ+DQG]X 6lPWOLFKHIQI)LQJHUODQGHWHQDXILKUHU:DQJHXQG KLQWHUOLHHQGRUWLKUHURWHQ$EGUFNH'LH5DGLNDOPHWKRGH KDOIGDV6FKUHLHQYHUVWXPPWH ,FKSDFNWHVLHDQGHU6FKXOWHU ª5DXVDXVGHP:DJHQ© -HW]WHQGOLFKYHUVWDQGVLH (WZDVXQEHKROIHQYHUVXFKWHVLHLKUHQ.|USHUGXUFKGLH gIIQXQJ]XVFKLHEHQ (VZDUQLFKWOHLFKW 'DVDKLFKGDGLH7UYRQLQQHQYHUULHJHOWZDU,QLKUHU $QJVWXQG3DQLNKDWWHGLH)UDXZRKOQLFKWPHKUGDUDQ JHGDFKWVLH]X|IIQHQ ,FK]RJGHQ6WLIWKRFKGUFNWHGLH)UDXZLHGHU]XUFN XQG|IIQHWHGLH7U 'LH)DKUHULQILHOPLUHQWJHJHQ6LHZROOWHVRIRUWDXIGLH 6WUDHUHQQHQGRFKLFKKLHOWVLHIHVW ª1LFKWGDKLQ/DXIHQ6LHGLH%|VFKXQJKRFK© 6LHJHKRUFKWH :LHGHUK|UWHLFKHLQHQ6FKX
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lKUOLFKHQ3IHLOHGXUFKERKUW ,FKIHXHUWH]XUFN 'LFKWXQWHUGHP5DQGGHU%UVWXQJVDXVWHGLH.XJHOLQ GHQ6WHLQ(LQ]ZHLWHV*HVFKRWUDIGHQ%UXVWSDQ]HUHLQHV 5LWWHUVRKQHGHP8QJHKHXHU]XVFKDGHQ ª:LUVFKDIIHQHVQLFKW©ULHILFK6XNR]Xª'DVLVWQXU 0XQLWLRQVYHUVFKZHQGXQJ© ª2ND\© ,FKZDUIHLQHQ%OLFNEHUGLH6FKXOWHU6XNRKRFNWHQRFK LPPHUKLQWHUGHP%HQWOH\6RHEHQVLUUWHHLQ3IHLOKDDUVFKDUI EHUGDV'DFK9RQPHLQHP6WDQGRUWNRQQWHLFKEHUGLH 6WUDHVFKDXHQ (VZDUHQLQ]ZLVFKHQLPPHUPHKU)DKU]HXJHDQGLH 8QIDOOVWHOOHJHODQJW'LH)DKUHUKDWWHQJHEUHPVWXQGZDUHQ DXVJHVWLHJHQ$XIGHU*HJHQVHLWHIXKUHQGLH$XWRVODQJ VDPHU +RIIHQWOLFKOLHINHLQHUGHU/HXWHDXIGLH%UFNH]XGHQQ GHU3IHLOKDJHOK|UWHQLFKWDXI$OVVLFKGLFKWQHEHQPLUPLW HLQHPGXPSIHQ/DXWHLQ3IHLOLQGHQ%RGHQERKUWHGD PHUNWHLFKGDHVDXFKIUPLFK=HLWZXUGH
,FKULVNLHUWHHVXQGMDJWHJHGXFNWDXI6XNR]X)DVWIXKU PLUGDEHLHLQ3IHLOGXUFKGLH%HLQH0LWHLQHPJHZDOWLJHQ 6DW]EUDFKWHLFKPLFKLQ6LFKHUKHLW ª'DVZDUNQDSS©NHXFKWHLFKª:RLVW6KDR"© ª,P:DJHQ© ,FKQLFNWHXQGVFKLHOWHEHUGHQ.RWIOJHOKLQZHJ 'LH+DDUHVWDQGHQPLU]X%HUJHDOVLFKGLH)UDXVDKGLH LFKDXVGHPEUHQQHQGHQ)DKU]HXJJHKROWKDWWH6LHVWDQG SO|W]OLFKDXIXQGUDQQWHZHJ ª%OHLEHQ6LHKLHU©EUOOWHLFKª5XQWHU© (UVFKUHFNWXQGLUULWLHUWEOLHEVLHVWHKHQVFKDXWHVLFKXP XQGEOLFNWHJHQDXDXIGHQKHUDQIOLHJHQGHQ3IHLO (UGUDQJLKUGLFKWXQWHUGHQ+DOVLQGLH.HKOH 'LH)UDXEUDFK]XVDPPHQ ,FKEDOOWHLQRKQPlFKWLJHU:XWGLH+lQGH0HLQH=lKQH NQLUVFKWHQDXIHLQDQGHU0LWXQVHUHQ3LVWROHQNRQQWHQZLU JHJHQGLH3DQ]HUGHU9HUGDPPWHQQLFKWVDXVULFKWHQ ª'DVSDFNHQZLUQLFKW©VDJWH6XNR ª2GRFK© (UVFKDXWHPLFKDQª+DVWGXHLQH,GHH"© ª-D© ª6DJVFKRQ© ª:HQQPDQVLHYRQGLHVHU6WHOOHQLFKWNULHJHQNDQQGDQQ PXPDQHEHQDQVLHKHUDQ(VVLHKWJDQ]VRDXVDOVZROO WHQVLHQRFKQLFKWDXIJHEHQVRQGHUQGDV6SLHOFKHQIRUW IKUHQ© ª'DVLVWVFKZHU©VDJWH6XNR ª,FKZHL© 'HQ6FKOVVHO]XP.RIIHUUDXPKLHOWLFKEHUHLWVLQGHU +DQGVFKORDXIXQGNODSSWHGLH+DXEHKRFK 'LH,QQHQEHOHXFKWXQJWUDIGDVGXQNOH/HGHUPHLQHV (LQVDW]NRIIHUV :lKUHQG6XNRZHLWHUKLQGLH%UFNHLP$XJHEHKLHOW IUDJWHHUª:HOFKH:DIIHQZLOOVWGXQHKPHQ"© ª'HQ%XPHUDQJ©
6XNRSILIIGXUFKGLH=lKQHª'DVLVWHLQHJXWH,GHH 9LHOOHLFKWNDQQVWGXGLH%XUVFKHQVRJDUYRQKLHUDXVVFKDI IHQ"© ª0DOVHKHQ© 9RUPLUODJGHU(LQVDW]NRIIHUPLWVHLQHPIU'lPRQHQ XQGDQGHUHILQVWHUH:HVHQEULVDQWHQ,QKDOW:HQQHLQ 8QEHIXJWHUYHUVXFKWHGHQ.RIIHU]X|IIQHQVWU|PWHDXV ]ZHLYHUVWHFNWDQJHEUDFKWHQ'VHQHLQ%HWlXEXQJVJDVGDV PLW:HLKUDXFKYHUPLVFKWZDUXP'lPRQHQDE]XVFKUHFNHQ 0HLQH)UHXQGHXQGLFKNRQQWHQGHQ.RIIHURKQH 6FKZLHULJNHLWHQ|IIQHQ:LUNDQQWHQGHQ7ULFN =XP*OFNYHUKLHOWHQVLFKGLH1HXJLHULJHQUXKLJ$XFK GLH9HUOHW]WHQLQGHQ]XVDPPHQJHIDKUHQHQ:DJHQVW|KQWHQ QLFKW%LVGLH3ROL]HLHLQWUDIZUGHHVVLFKHUOLFKQRFKHWZDV GDXHUQGHQQZHUVROOWHVLHEHQDFKULFKWLJHQ" 9RUPLUODJGHUJH|IIQHWH.RIIHU:LHDXFKGLHDQGHUHQ ZLFKWLJHQ:DIIHQVRKDWWHLFKHLQHQ3ODW]IUGHQ%XPHUDQJ DXIGHPURWHQ6DPWJHIXQGHQ ,FKQDKPLKQLQGLH+DQG8QZLOONUOLFKGDFKWHLFKGDEHL DQGHQ6FKZDU]HQ7RGGHUGXUFKGLHVHQ%XPHUDQJVHLQ (QGHJHIXQGHQKDWWH ,FKZDUGHU(UEHGHU6RKQGHV/LFKWVXQGLFKPXWHPLFK GHU$XIJDEHZUGLJHUZHLVHQ 6XNRGUFNWHGHQ'HFNHO]X ª'DQQJLEPLUPDO)HXHUVFKXW]©VDJWHLFK 'HU&KLQHVHQLFNWH(UKREGHQ$UPXQG]LHOWHDXIGLH %UFNHZRQRFKLPPHUGLH5LWWHUVWDQGHQXQGZHLWHUKLQ LKUH3IHLOHJHJHQ)DKU]HXJHXQG0HQVFKHQVFKRVVHQ 6XNROHKQWHDPKLQWHUHQ.RWIOJHOXQGIHXHUWH(VZDU ]ZDU0XQLWLRQVYHUVFKZHQGXQJDEHULFKVDKNHLQHDQGHUH 0|JOLFKNHLW:lKUHQG6XNRVFKRVSUDQJLFKDXIGHQ .RIIHUUDXPYRQGRUWDXIV$XWRGDFKXQGKROWHPLWGHP UHFKWHQ$UPZHLWDXV 'HU$UPIXKUQDFKKLQWHQVFKQHOOWHYRUXQGGDQQOLHLFK GHQ%XPHUDQJORV
'LH:DIIH]LVFKWHGXUFKGLH/XIW:LHYRQVHOEVWMDJWHVLH DXILKU=LHO]X6LHGUHKWHVLFKHLQSDDUPDOXPGLHHLJHQH $FKVH,FKVDKHLQHQVLOEHUQHQ6WUHLIXQGKlWWHGLH:DIIHDP OLHEVWHQZHLWHUEHREDFKWHWGRFKLFKPXWHLQ'HFNXQJ GHQQDXIGHP$XWRGDFKVWDQGLFKZLHDXIHLQHP3Ul VHQWLHUWHOOHU ,FKVSUDQJ]X%RGHQ 6XNR]XFNWH]XUFN ,PVHOEHQ$XJHQEOLFNWUDIGLH:DIIH (LQHUGHU5LWWHUHUKDWWHVLFK]XZHLWYRUJHEHXJWEHNDP GLHJDQ]H.UDIWGHVPDJLVFKHQ%XPHUDQJV]XVSUHQ'LH :DIIHULLKPGHQ6FKlGHOYRP5XPSI $XIHLQPDOVDKHVDXVDOVZUGHGHU.RSIPLWGHP+HOP LQGHU/XIWVWHKHQEOHLEHQGDQQNLSSWHHUODQJVDPQDFKYRUQ XQGILHOLQGLH7LHIH(UNQDOOWHDXIHLQ$XWRGDFKZRHVHLQHQ EOHFKHUQHQ/DXWJDE 'LH5LWWHUZDUHQVFKRFNLHUW 6RIRUWVWHOOWHQVLHGDV6FKLHHQHLQ$XFKGHU7RUVRYHU VFKZDQGMHW]W(UILHOQDFKKLQWHQ ,FKQLFNWH6XNR]XVDKZLHGLH:DIIHEHUGHQ5LWWHUQ NUHLVWHHLQH.XUYHGUHKWHXQG]XUFNVFKZDQJ ,FKULGHQ$UPKRFKXQGVSUHL]WHGLH)LQJHU 3IHLIHQGIORJGHU%XPHUDQJ]XUFN*HQDXLQPHLQH +DQGDOVZlUHVLHHLQ0DJQHWXQGGHU%XPHUDQJDXV(LVHQ ª'DVZDUJXW©ULHIPLU6XNR]X ,FKKDWWHHLQH,GHHª%OHLEGXKLHU©VDJWHLFK]XPHLQHP 3DUWQHUªLFKZHUGHPLUPDOGLH5LWWHUDXVGHU1lKH DQVFKDXHQ© ª0DFKNHLQHQ)HKOHU-RKQ© ª8QVLQQGDVSDFNHLFKVFKRQ© %HYRU6XNRZHLWHUSURWHVWLHUHQNRQQWHKDWWHLFKGLH 'HFNXQJGHV:DJHQVYHUODVVHQ
1HEHQGHU%UFNHIKUWHGHU+DQJKRFK'DVZHLFKH*UDV GlPSIWHPHLQH6FKULWWH,FKKDWWHGDV*HIKODXIHLQHP 7HSSLFK]XODXIHQ6RUDVFKZLHP|JOLFKOLHILFKEHUGLH VFKLHIH(EHQHXQGQlKHUWHPLFKGHU%UFNH 'RUWREHQEHIDQGHQVLFKGLH5LWWHUDXIGHP5FN]XJ'LH 9HUQLFKWXQJHLQHV$UWJHQRVVHQVFKLHQVLHVFKZHUJHWURIIHQ ]XKDEHQ 'HQ%XPHUDQJKDWWHLFKHLQJHVWHFNW(UNOHPPWHLP +RVHQEXQG'LH:DIIHKlWWHPLFK]XVHKUEHKLQGHUWGDLFK PDQFKPDOEHLGH+lQGHEUDXFKWHXPPLFKDE]XVWW]HQ 1LHPDQGDFKWHWHDXIPLFK 'LH5LWWHUKDWWHQPLWLKUHP5FN]XJJHQXJ]XWXQ 3IHUGHKXIHWURPPHOWHQEHUGHQ%RGHQ,FKK|UWHHLQHQ KHLVHUHQ%HIHKOXQGEHHLOWHPLFKQRFKPHKU .HXFKHQGVWDQGLFKDXIGHUVFKPDOHQ6WUDH'LH5LWWHU HQWIHUQWHQVLFKLQHQWJHJHQJHVHW]WHU5LFKWXQJ-HW]WDEHU VDKHQVLHPLFKXQGHLQHUSDULHUWHVHLQ3IHUG (VPXWHGHU$QIKUHUVHLQGHQQHUVWDFKGHXWOLFKYRQ GHQDQGHUHQDE 6HLQH5VWXQJZDUSHFKVFKZDU]XQGDXIVHLQHP+HOP ZLSSWHHLQHVFKZDU]H)HGHU 'URKHQGVWLHHUVHLQHUHFKWH)DXVWKRFKXQGPDFKWH VHLQHP3IHUGNUlIWLJ'DPSI %XFKVWlEOLFKDXVGHP6WDQGVSUDQJGHU*DXOORV (UZDUVFKQHOOK|OOLVFKVFKQHOOVRJDU%OLW]VFKQHOO VFKUXPSIWHGLH'LVWDQ]]ZLVFKHQPLUXQGGHP5LWWHU ]XVDPPHQ,FKNDPQLFKWPHKUGD]XPHLQHQ%XPHUDQJ]X ]LHKHQGHQQIUPLFKZDUHVZLFKWLJQLFKWXQWHUGLH+XIH GHV*DXOV]XJHUDWHQ 0LUEOLHEHLQH0|JOLFKNHLW $XVGHP6WDQGZDUILFKPLFKQDFKKLQWHQXQGJOHLFK ]HLWLJ]XU6HLWH $P:HJUDQGSUDOOWHLFK]X%RGHQVDKGDGHU5LWWHU VHLQH/DQ]HKRFKJHULVVHQKDWWHXPVLHPLULQGLH%UXVW]X VWRHQ1XQNDPPLUGHU$EKDQJ]XJXWH
,FKUROOWHKLQXQWHUJHQDXLQGHP$XJHQEOLFNDOVGHU 8QKHLPOLFKHGLH/DQ]HQDFKXQWHQUDPPWH 6LHKlPPHUWHLQGHQZHLFKHQ%RGHQZlKUHQGLFKPLFK EHUVFKODJHQG]XUFNILHO ,QVWLQNWLYVSUHL]WHLFK$UPHXQG%HLQHZROOWHPHLQHQ)DOO DXIKDOWHQ9HUJHEOLFK,FKUROOWHELV]XP(QGHZlKUHQGGLH 5LWWHUREHQDQGHU6WUDHDQKLHOWHQ (LQHUKDWWHHLQHQ3IHLODXIVHLQH$UPEUXVWJHOHJW 'DVVDKLFKQLFKWVRQGHUQ6XNR 'HU&KLQHVHZDUQWHPLFKª9RUVLFKW-RKQ©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lOWLJDXV JHZRJHQ 6XNROLHIDXIPLFK]X$XFK6KDRZDUDXVGHP:DJHQ JHVWLHJHQ,QGHU)HUQH]XFNWHQGLH%ODXOLFKWHUGHUKHUDQ UDVHQGHQ3ROL]HLZDJHQ6LUHQHQZDUHQOHLVH]XK|UHQ 0LQXWHQVSlWHUZDUGDV'XUFKHLQDQGHUSHUIHNW-HW]WZROO WHQDXFKGLH1HXJLHULJHQQlKHUDQGLH8QIDOOVWHOOHKHUDQ XQGGLH3ROL]HLKDWWH0KHVLHIHUQ]XKDOWHQ ,FKVSUDFKPLWGHP/HLWHUGHV(LQVDW]NRPPDQGRV (UZXUGHIUHXQGOLFKDOVHUPHLQHQ6RQGHUDXVZHLVVDK ª,FKNDQQDEHUQRFKQLFKWVXQWHUQHKPHQ6LU©VDJWHHUª6LH VHKHQMDVHOEVWZDVKLHUORVLVW© ,FKQLFNWHª)RUGHUQ6LH9HUVWlUNXQJDQ©
ª'DVLVWEHUHLWVJHVFKHKHQ0U6LQFODLU© ª:LHVLHKWHVPLWGHQ9HUOHW]WHQDXV"©IUDJWHLFK ª%LVKHUKDEHLFKQRFKNHLQHQJHQDXHQhEHUEOLFNDEHUHV KDW]ZHL7RWHJHJHEHQGLHQLFKWDQGHQ8QIDOOIROJHQJHVWRU EHQVLQG© ª'DUEHUUHGHQZLUQRFK©VDJWHLFK 'HU(LQVDW]OHLWHUHUKLH6KDQQ\JLQJ6HLQH/HXWHKDWWHQ HVZLUNOLFKQLFKWOHLFKW-HGHUZROOWHVHKHQZDVJHVFKHKHQ ZDU8QG]DKOUHLFKH=HXJHQKDWWHQDXFKXQVHUHQ.DPSIPLW GHQ5LWWHUQEHREDFKWHW0DQFKVFKHXHU%OLFNZXUGHXQV ]XJHZRUIHQ 6KDR]RJIU|VWHOQGGLH6FKXOWHUQKRFK ,FKOlFKHOWHVLHDQª,FKKDWWHGLUDEJHUDWHQ©VDJWHLFK 6XNROHJWHVHLQHQ$UPXPLKUH6FKXOWHUQXQGIOVWHUWHLKU HLQSDDUDXIPXQWHUQGH:RUWH]X ,FKXQWHUVXFKWHGHQ%HQWOH\1XUGHU/DFNKDWWHHWZDV DEEHNRPPHQ$QGHQ6HLWHQXQGDXFKDXIGHP'DFK]HLJ WHQODQJH6WUHLIHQZRGLH3IHLOHJHWURIIHQKDWWHQ ,FKJDE6XNR]XYHUVWHKHQGDLFKPLUGHQ5LWWHUDQVHKHQ ZROOWHGHQLFKJHW|WHWKDWWH/DQJVDPVWLHJLFKGHQ+DQJ KRFK'HUNRSIORVH.|USHUKDWWHVLFKEHUHLWVDXIJHO|VW(LQH OHHUH5VWXQJODJDXIGHU6WUDH(VNODQJKRKODOVLFKPLW GHPJHNUPPWHQ)LQJHUGDJHJHQNORSIWH,FKKREGLH 5VWXQJKRFK$XVGHQgIIQXQJHQULHVHOWH$VFKH ,FKZDUIHLQHQ%OLFNEHUGLH6WHLQPDXHUXQGVDKGHQ .RSIDXIGHU6WUDHOLHJHQ9LHOPHKUQXUGHQ+HOP(LQ 3ROL]LVWVWDQGGDQHEHQXQGZROOWHLKQDXIKHEHQ ª/DVVHQ6LHGDV©ULHILFKYRQREHQ 'HU0DQQ]XFNWH]XVDPPHQVFKDXWH]XU%UFNHKRFK XQGQLFNWH ,FKVWLHJZLHGHUKLQXQWHU (VZDUVRZLHLFKHVEHUHLWVYRUDXVJHVHKHQKDWWH$XFK GHU.RSIKDWWHVLFKDXIJHO|VW6WDXEULHVHOWHDXVGHP+HOP DOVLFKLKQKRFKKRE ª9HUVWHKHQ6LHGDV"©IUDJWHPLFKGHU%HDPWH
,FKKREGLH6FKXOWHUQª.DXP©,FKKDWWHNHLQH/XVWGHQ 0DQQEHU6FKZDU]HXQG:HLH0DJLHDXI]XNOlUHQ &DSWDLQ6KDQQ\KDWWHZLUNOLFKPRELOJHPDFKW0LWKHX OHQGHQ6LUHQHQIHJWHQGLH(LQVDW]ZDJHQGHU)HXHUZHKUXQG GHV.DWDVWURSKHQVFKXW]HVKHUDQ 'LH)DKUEDKQPXWHYRQGHQ]HUVW|UWHQ:DJHQJHUlXPW ZHUGHQXQGPDQPXWHVLFKDXFKXPGLH9HUOHW]WHQNP PHUQ &DSWDLQ6KDQQ\IDQGZLHGHU=HLWIUPLFK(UIUDJWH ª6LQG6LHQXU]XIlOOLJYRUEHLJHNRPPHQRGHUKDWWHQ6LH HLQHQ*UXQGGHU6LHLQGLHVH*HJHQGIKUWH"© ª/HW]WHUHVVWLPPW© ª'DUILFKZLVVHQZRUXPHVJHKW"© ª6LHVFKZHLJHQ"© ª6HOEVWYHUVWlQGOLFK© ª'LH5LWWHUPDFKHQXQV6RUJHQ© ª6LHPHLQHQGLHhEHUIlOOH"© ª*HQDX'DGLH%HULFKWHVWLPPHQKDEHQZLUVHOEVW HUOHEW8QGQLFKWQXUZLU$XFKGLHDQGHUHQ=HXJHQKDEHQ GLH0RQVWHUJHVHKHQ(VLVWDOVRNHLQH/HJHQGH© ª2EZRKOLFKGDUDQNDXPJODXEHQNDQQ©PHLQWHGHU &DSWDLQ ª(VIlOOWDXFKVFKZHU©JDELFKLKPUHFKWª:LVVHQ6LHYLHO OHLFKWEHUGHQ)DOO%HVFKHLG"© ª1LFKWJHQDX'LH=HXJHQDXVVDJHGHV6FKlIHUJHKLOIHQLVW DXFKEHUPHLQHQ6FKUHLEWLVFKJHODXIHQDEHULFKKLHOWGDV IU6SLQQHUHLZHQQLFKHKUOLFKVHLQVROO© ª/HLGHUKDEHQ6LHXQUHFKW© ª:DVZROOHQ6LHWXQ"© ª6RYLHOLFKZHLKDXVHQGLH5LWWHUDXIHLQHUDOWHQ%XUJ,KU ZROOHQZLUHLQHQ%HVXFKDEVWDWWHQ© ª:HQQLFK,KQHQGDEHKLOIOLFKVHLQNDQQ© ª1HLQQHLQ©VDJWHLFKVFKQHOOZHLOGHU9RUVFKODJ]LHP OLFKKDOEKHU]LJNODQJª$XHUGHPKDEHQ6LHMHW]WDQGHUH $XIJDEHQ]XHUOHGLJHQ:LUNRPPHQVFKRQ]XUHFKW©
ª'DVZQVFKHLFK,KQHQYRQJDQ]HP+HU]HQ©VDJWHGHU &DSWDLQ (LQH9LHUWHOVWXQGHVSlWHUVDHQZLUZLHGHULQXQVHUHP %HQWOH\(VZDUJDUQLFKWVRHLQIDFKGHQ:DJHQDXIGLH 6WUDH]XOHQNHQ,FKIXKUQXULP6FKULWWHPSRVFKDIIWHHV VFKOLHOLFKXQGDWPHWHHUVWDXIDOVZLUGLH%UFNHSDVVLHUW KDWWHQ 'LHHUVWH%HJHJQXQJPLWGHQJUDXVDPHQ5LWWHUQODJKLQWHU XQV:LUKDWWHQVLHEHUVWDQGHQ'RFKXQVHUH*HJQHUZDUHQ JHZDUQW,FKNRQQWHPLUYRUVWHOOHQGDHLQ]ZHLWHV =XVDPPHQWUHIIHQZHVHQWOLFKKlUWHUDXVIDOOHQZUGH 'URKHQGODJGLH%XUJUXLQHDXIGHPNDKOHQ%HUJUFNHQ'LH DOWHQ*HPlXHUZDUHQ]XP7HLOHLQJHIDOOHQVLHKDWWHQGHQ $QJULIIHQGHU*HJQHUQLFKWZLGHUVWDQGHQXQGGRFKJDEHV QRFKJHQJHQG9HUVWHFNHLQGHU%XUJLQGHQHQVLFKGLH 5LWWHUDXIKDOWHQXQGYHUEHUJHQNRQQWHQ9RUDOOHQ'LQJHQ WDJVEHUZHQQGLH6RQQHDP+LPPHOVWDQGPXWHQVLH LQHLQHUWRWHQlKQOLFKHQ6WDUUHLQLKUHQ*UIWHQOLHJHQ XQGZDUWHQ(UVWZHQQGLH'XQNHOKHLWKHUHLQEUDFKGDQQ HUZDFKWHQVLH :LHGHUMDJWHQVLHGXUFKGLH1DFKW'LHVPDOQLFKWVR VLHJHVVLFKHUZLH]XYRU 6LHKDWWHQHLQHQ0LWVWUHLWHUYHUORUHQ 5XIXVKDWWHVLFKXQGVHLQH*HWUHXHQELVKHUIUXQEHVLHJ EDUJHKDOWHQGDVZDUQXQYRUEHL(LQ0HQVFKZDUJHNRP PHQHLQ0HQVFKPLWHLQHUJHIlKUOLFKHQ:DIIHXQGGLHVH :DIIHYRQHLQHP0HQVFKHQJHVFKOHXGHUWKDWWHHLQHQGHU LKUHQEHVLHJW (VPXWHHLQEHVRQGHUHU0DQQVHLQZHLOHUGLHVJHVFKDIIW KDWWH'RFKZHUNDPGDIULQ)UDJH" 5XIXVZXWHLP0RPHQWNHLQH$QWZRUW(UZROOWHDEHU PLWVHLQHQ*HWUHXHQGDUEHUUHGHQ 6LHWULHEHQGLH3IHUGHDQ%DOGVFKRQZUGHHVKHOOVHLQ
XQGZHQQGHUHUVWH6RQQHQVWUDKODXIGLH(UGHWXSIWHZROO WHQVLHLQLKUHQ*UIWHQOLHJHQ 'HU:HJZXUGHVWHLOHU'LH+XIHGHU*l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|QWHQRFKGDV.OLUUHQGHU+XIH 'LH5LWWHUKLHOWHQDXIGHP%XUJKRILKUH3IHUGHDQXQG ELOGHWHQHLQHQ.UHLV 5XIXVULWWLQGHQ0LWWHOSXQNWVFKDXWHVLFKXPXQGVWLH XQWHUVHLQHP+HOPHLQJUDXVDPHV/DFKHQDXVª:LUKDEHQ HVLKQHQZLHGHUHLQPDOJH]HLJW©VDJWHHUª=ZHLYRQLKQHQ VLQGJHVWRUEHQDEHUDXFKZLUKDEHQHLQHQ)UHXQGYHUORUHQ (LQ0DQQNDPGHUHLQHP|UGHULVFKH:DIIHEHVLW]WXQGGHV KDOEJLEWHVIUXQVQXUHLQ=LHO7RGGLHVHP0DQQ© ª7RG7RG7RG©GUDQJHVDOVGXPSIHV(FKRXQWHUGHQ IQI+HOPHQKHUYRU ª,QGHUIROJHQGHQ1DFKWZHUGHQZLU]XVFKODJHQGDQQ PVVHQGLHVHU0DQQXQGVHLQ%HJOHLWHUVWHUEHQ© 'LHIQI5LWWHUQLFNWHQ5XIXVDEHUGUHKWHVHLQ3IHUGXP GLH+DQG(UULWWELV]XHLQHP7RUERJHQKLQWHUGHPHLQ:HJ EHJDQQGHULQGLH7LHIHIKUWHZRGLH9HUOLHVHXQG .HOOHUJHZ|OEHGHU%XUJODJHQ
'RUWZDULKU5HLFK'DVWDQGHQGLH6lUJHLQGHQHQVLH WDJVEHUODJHQXQGDXIGLH'XQNHOKHLWZDUWHWHQ'RUWKLHO WHQVLHDXFKLKUHPDJLVFKH7DIHOUXQGHDEZHQQVLHPLWGHQ 0lFKWHQGHU+|OOH.RQWDNWDXIQDKPHQ 8QGGRUWEHIDQGVLFKLKU*HIDQJHQHUGHULKQHQYRQHLQHU PlFKWLJHQ'lPRQHQIUVWLQDOV'LHQHUEHUJHEHQZRUGHQ ZDU 'HU*HIDQJHQHZDUNHLQJHULQJHUHUDOV0\[LQGHU0DJLHU $VPRGLQDKDWWHLKQQLFKWJHW|WHWVRQGHUQJHGHPWLJW8QG GDVZDUIU0\[LQGHQ0DJLHUIDVWQRFKVFKOLPPHUDOVGHU 7RG(UGHUVLFKDXIGLH6HLWH-RKQ6LQFODLUVJHVFKODJHQ KDWWHPXWHIU$VPRGLQD)URQGLHQVWHOHLVWHQXQGXQWHU VWW]WHVRPLWLKU:HUN 'DUDQYHU]ZHLIHOWHGHUNOHLQH0DJLHUPLWGHUJUQOLFK VFKLOOHUQGHQ+DXWIDVW (ULUUWHGXUFKGLH*HZ|OEHGHU%XUJRKQHVLFKMHEHIUHLHQ ]XN|QQHQGHQQHLQVWDUNHU=DXEHUKLHOWLKQLP,QQHUQGHV %HUJHVIHVW9HUJHEOLFKKDWWHHUYHUVXFKWVLFK]XEHIUHLHQELV HUHLQVHKHQPXWHGDDOOHVNHLQHQ=ZHFNKDWWH 0\[LQZDUXQGEOLHEHLQ*HIDQJHQHU 1DFKGHP-RKQ6LQFODLUYHUVXFKWKDWWHLKQDXV$VPRGLQDV 5HLFKXQGGDPLWDXVGHQ.ODXHQGHU7RGHVHQJHO]XEHIUHL HQGLVSRQLHUWHGLH7HXIHOVWRFKWHUVRIRUWXP0\[LQLQGHQ 'LPHQVLRQHQGHV6FKUHFNHQV]XODVVHQZDUVFKOHFKWP|J OLFKGHQQVHLQH$QZHVHQKHLWELOGHWHHLQHQVWlQGLJHQ 8QUXKHKHUGGHQVLFK$VPRGLQDQLFKWJHIDOOHQODVVHQ NRQQWHZHLODXFKVLHGDEHLZDUQHXH3OlQH]XHUDUEHLWHQ 6LHKDWWHJURH'LQJHYRUXQG0\[LQVW|UWHGDEHL (VZDULKULQ]ZLVFKHQVRJDUJHOXQJHQ'U7RG]XHU ZHFNHQXQGLKQDXI-RKQ6LQFODLUDQ]XVHW]HQ(UZUGHGHQ *HLVWHUMlJHUVFKDIIHQ 0LWJURHP9HUJQJHQKDWWH$VPRGLQD0\[LQGDYRQ EHULFKWHWEHYRUVLHLKQLQGLH9HUEDQQXQJVFKLFNWH
'HU0DJLHUKDWWHVLHVRJDUGDUXPJHEHWHQLKQ]XW|WHQ DEHUGDYRQZROOWH$VPRGLQDQLFKWVZLVVHQ0\[LQVROOWH OHLGHQHUVROOWHVHKHQZLHVLHLKUH0DFKWIHVWLJWHXQGZLH KLOIORVHULQ:LUNOLFKNHLWGRFKZDU'HVKDOEKDWWHVLHLKQGHQ 5LWWHUQEHUODVVHQVRGD0\[LQEHLQLHGULJHQ'lPRQHQ GHQ/DNDLVSLHOHQPXWH (LQHVFKOLPPHXQGJUDXVDPH6WUDIH 'HUNOHLQH0DJLHUKDWWHDOOHVYHUVXFKWXPGLH5LWWHU]X EHVLHJHQ(UNDPQLFKWJHJHQVLHDQ'XUFK$VPRGLQDV 0DJLHZDUHQVHLQH.UlIWHVWDUNUHGX]LHUWZRUGHQ (UKDWWHDOOH7ULFNVDQJHZHQGHWHVPLWHLQHP*HJHQ ]DXEHUYHUVXFKWGRFKGHUSUDOOWHDE8QG+LOIHNRQQWHHU QLFKWHUZDUWHQ6HLQH6FKZDU]HQ9DPSLUHSUDNWLVFKGLH +DXVVWUHLWPDFKWZDUHQDXIJHULHEHQZRUGHQ 0\[LQZDUQXUQRFKHLQ6FKDWWHQVHLQHUVHOEVW 'DV%XUJJHIlQJQLVNRQQWHHUQLFKWYHUODVVHQ0DQFKPDO NHWWHWHQGLH5LWWHULKQVRJDUDQXQGTXlOWHQLKQXPLKQ DXFKQRFK]XYHUK|KQHQXQGYHUVSRWWHQ'DVZDUHQIUGHQ NOHLQHQ0DJLHUGDQQGLHVFKOLPPVWHQXQGELWWHUVWHQ 6WXQGHQ ,QGLHVHU1DFKWNRQQWHHUVLFKIUHLEHZHJHQ6WXQGHQODQJ ZDQGHUWHHUGXUFKGLH*HZ|OEH(UVFKDXWHLQGLH1LVFKHQ KLQHLQLQGHQHQGLHJURHQ6WHLQVlUJHVWDQGHQ+LHUYHU EUDFKWHQGLH5LWWHULKUH7DJHGHQQGLH6RQQHQVWUDKOHQ ZDUHQIUVLHW|GOLFK $OVVLHMHW]W]XUFNNHKUWHQKDWWHVLFK0\[LQLQHLQH GXQNOH1LVFKHYHU]RJHQ'HU6FKHLQGHU3HFKIDFNHOQ UHLFKWHQLFKWELV]XGLHVHP3ODW]'HU0DJLHUVSUWHGLH 6SLQQZHEHQEHUVHLQ*HVLFKWJOHLWHQXQGHUK|UWHZLHGLH 5LWWHUVHLQ9HUVWHFNSDVVLHUWHQ (VZDUHQQXUQRFKVHFKV (LQHUIHKOWHDOVR :RVWHFNWHHU" 0\[LQYHUKLHOWVLFKUXKLJ(UKRIIWHGDVLFKGLH5LWWHU GDUEHUXQWHUKDOWHQZUGHQXQGHUWlXVFKWHVLFKQLFKW
6LHVSUDFKHQYRQLKUHPQlFKWOLFKHQ$XVIOXJ0\[LQK|UWH HWZDVYRQHLQHP0DQQGHUHLQHEHVRQGHUH:DIIHEHVDPLW GHUHUHLQHQ5LWWHUJHW|WHWKDWWH 'DVNRQQWHQXU-RKQ6LQFODLUVHLQ )UHXGHGXUFKVWU|PWHGHQNOHLQHQ0DJLHU6ROOWHVHLQH OHW]WH9HU]ZHLIOXQJVWDW(UIROJJHKDEWKDEHQ" 1DFKGHPVlPWOLFKH%HIUHLXQJVYHUVXFKHPLJOFNWZDUHQ KDWWH0\[LQ]XPOHW]WHQ0LWWHOJHJULIIHQ=XUWHOHSDWKLVFKHQ %RWVFKDIWVEHUPLWWOXQJ$OOH)lKLJNHLWHQKDWWH$VPRGLQD LKPQLFKWQHKPHQN|QQHQ$OVGLH5LWWHUVFKOLHIHQXQG GHUHQ0DJLHHLQZHQLJDEJHIODFKWZDUKDWWHHV0\[LQYHU VXFKW 7URW]GHU)HVVHOQZDUHVLKPJHOXQJHQGXUFKUHLQH *HGDQNHQPDJLHHLQ%LOGVHLQHV=XVWDQGVXQGVHLQHV *HIlQJQLVVHVEHU+XQGHUWHYRQ0HLOHQKLQZHJDQHLQHQ DQGHUHQ2UW]XSURML]LHUHQ8QGLQ6LQFODLUV:RKQXQJJDE HVPDJLVFKH*HJHQVWlQGHGLHGLHVHV%LOGDXIQHKPHQNRQQ WHQ0\[LQKDWWHELVKHUQLFKWJHZXWREVHLQ9HUVXFKJHOXQ JHQZDUGHU9RUJDQJKDWWHLKQVRVHKUHUVFK|SIWGDHULQ HLQHQWLHIHQ6FKODIJHIDOOHQZDUGHUIDVWHLQHU%HZXW ORVLJNHLWJOLFK $EHUGLH5LWWHUVSUDFKHQEHUHLQHQ)HLQG 'DQQZDU-RKQ6LQFODLUGD )U0\[LQZDUHVNODUGDHUQLFKWPHKU]XUFNNRQQWH (UPXWHPLWGHP6LQFODLU7HDP6HLWHDQ6HLWHNlPSIHQ REZRKOHUGDPDOVLKU*HJQHUJHZHVHQZDU'RFKGLH(U HLJQLVVHKDWWHQGLHDOWH)HLQGVFKDIWEHUUROOW $XV)HLQGHQZDUHQ9HUEQGHWHJHZRUGHQ 'LH5LWWHUVWLHJHQYRQLKUHQ3IHUGHQ'LH*lXOHEOLHEHQ GDEHLVRODQJHUXKLJVWHKHQELVGLH)HGHU8QKHLPOLFKHQ GHQ%RGHQEHUKUWKDWWHQ'DQQWURWWHWHQVLHJHPlFKOLFK GDYRQ6LHYHUVFKZDQGHQLQHLQHPDQGHUHQ*HZ|OEHQDFK GHPVLHHLQHQ7RUERJHQSDVVLHUWKDWWHQ 'LH5LWWHUEOLHEHQ]XUFN 8QG0\[LQ
5XIXVZXWHJHQDXZRVLFKGHU0DJLHUDXIKLHOW0LW EDUVFKHU6WLPPHKROWHHULKQ]XVLFK 0\[LQJLQJKLQ$XIVHLQHP*HVLFKWODJVRJDUHLQ/lFKHOQ (UVDKHLJHQWOLFKDXVZLHLPPHUWUXJVHLQHQODQJHQGXQNOHQ 0DQWHOXQGGLH+lQGHKDWWHHULQGHQ7DVFKHQYHUJUDEHQ 9RU5XIXVEOLHEHUVWHKHQ 'HU5DXEULWWHUNODSSWHVHLQ9LVLHUKRFK %OHLFKVFKLPPHUWHGHU7RWHQVFKlGHOGLHOHHUHQ$XJHQ K|KOHQJORW]WHQGHQNOHLQHQ0DJLHUDQ ª'XZHLWHWZDV©VDJWH5XIXVªGDVVSUHLFKJHQDX© ª:DVVROOWHLFKZLVVHQ"© ª:HULVWGLHVHU0DQQ"© ª,FKZHLQLFKWYRQZHPGXVSULFKVW©HUZLGHUWH0\[LQ JHODVVHQ 5XIXV]RJVHLQ6FKZHUW'LH6SLW]H]LWWHUWHGLFKWYRU 0\[LQV.LQQ1RUPDOHUZHLVHKlWWHGHU0DJLHUGDUEHU JHODFKW0LWHLQHP6FKZHUWKLHEZDUHUIUKHUQLFKWXP]X EULQJHQJHZHVHQDEHUQXQVDKGLH6DFKHDQGHUVDXV(UZDU VHLQHUPHLVWHQ.UlIWHEHUDXEWZRUGHQXQGIKOWHVLFKKLOIORV XQGXQWHUOHJHQ ª6ROOLFKGLUGHQ.RSIDEVFKODJHQ"©GURKWH5XIXV ª,FKZHLQLFKWV©0\[LQEOLHEVWDQGKDIW ª'LHVHU0DQQKDWHLQHQYRQXQVJHW|WHW:LHVROOWHHUVLFK DXIXQVHUH6SXUJHVHW]WKDEHQZHQQQLFKWGXUFKGLFK"© ª,FKZDULPPHUKLHU© ª'DVZLVVHQZLU© ª:DUXPYHUGlFKWLJVWGXPLFKGDQQ"© ª:HLOLFKGLUQLFKWWUDXH©5XIXV]RJVHLQ6FKZHUWZLHGHU ]XUFNª$EHUZHQQLFKPHUNHGDGXXQVKLQWHUJDQJHQ KDVWZLUVWGXJHN|SIWGX:LFKW© 0\[LQ]XFNWHXQWHUGLHVHU%HOHLGLJXQJ]XVDPPHQ 1LHPDQGKlWWHHVIUKHUJHZDJWLKQDXFKQXUVFKLHIDQ]X VHKHQXQGMHW]WVFKOHXGHUWHPDQLKPGLHKDUWHQ:RUWHLQV *HVLFKWRKQHGDHUHWZDVGDJHJHQXQWHUQHKPHQNRQQWH :LHWLHIZDUHUJHVXQNHQ
'LHEULJHQ5LWWHUZXUGHQXQUXKLJ(LQ=HLFKHQGDGHU 0RUJHQGlPPHUWH $XFK5XIXVPHUNWHGLHV(UGUHKWHVLFKXPXQGEHIDKOGHQ DQGHUHQVLFK]XUFN]X]LHKHQ 'LH5LWWHUYHUVFKZDQGHQZLH6FKHPHQLQGHU'XQNHOKHLW 1XUGLH5VWXQJHQNODSSHUWHQXQGUDVVHOWHQ 5XIXVJLQJDOVOHW]WHU 6HLQH1LVFKHZDUHWZDVEUHLWHUDOVGLHGHUDQGHUHQ(U EHVDDXFKGHQJU|WHQ6DUJ 'LHVH1LVFKHQZDUHQGHQ5LWWHUQ]XP6FKLFNVDOJHZRU GHQGHQQYRU+XQGHUWHQYRQ-DKUHQKDWWHPDQVLHEHL OHEHQGLJHP/HLEHLQGLH6lUJHJHOHJWXQGGRUWHLQJHPDXHUW (LQHVFKOLPPHJUDXVDPH6WUDIH$EHUQRFKVFKOLPPHU VROOWHGLH5DFKHGHU5LWWHUZHUGHQ %HJRQQHQKDWWHQVLHEHUHLWVGDPLW 0\[LQK|UWHQRFKGDV.QLUVFKHQDOVGLH6DUJGHFNHOEHU GLH8QWHUWHLOHGHU6DUNRSKDJHVFKOHLIWHQGDVZDUHQGLHOHW] WHQ*HUlXVFKHGDQQZXUGHHVVWLOO 8QGDP+LPPHOIDQGGHUHUVWH6RQQHQVWUDKOVHLQHQ:HJ DXIGLH(UGH :LUHUUHLFKWHQ*XOELQHDPIUKHQ0RUJHQXQGPLWYLHO *OFN(VJUHQ]WHIDVWDQHLQ:XQGHUGDZLUGHQNOHLQHQ 2UWEHUKDXSWJHIXQGHQKDWWHQVRYHUVWHFNWODJHU (VZDUHLQW\SLVFKHV*HELUJVGRUI'DEHLEHIDQGHQVLFKGLH +lXVHUQLFKWLP7DOVRQGHUQVLHNOHEWHQDQHLQHP%HUJKDQJ 'HU$XVGUXFN!+lXVHUZDUVWDUNEHUWULHEHQGLHVH%DXWHQ NRQQWHPDQK|FKVWHQVDOV+WWHQEH]HLFKQHQ (LQVFKPDOHU:HJIKUWHQDFK*XOELQHKRFKGHUHLJHQWOLFK QRFKVFKPDOHUZDUDOVGHU%HQWOH\,FKZXQGHUWHPLFK ODXIHQGGDLFKQRFKQLFKWLP6WUDHQJUDEHQJHODQGHWZDU 8QWHUZHJVKDWWHQZLULPPHUQDFKGHU%XUJ$XVVFKDX JHKDOWHQVLHMHGRFKQLFKWJHVHKHQ'LH0DXHUQVFKLHQHQ VLFKYRUXQVYHUNURFKHQ]XKDEHQ
ª+LHUP|FKWHLFKQLFKWZRKQHQ©PXUPHOWH6XNRª'DVLVWMD HEHQVRVFKOLPPZLHLQPDQFKHQWLEHWDQLVFKHQ%HUJNO|VWHUQ© ,FKJDELKPUHFKW :LUHUUHLFKWHQGHQ2UWVHLQJDQJ +ROSULJHV3IODVWHUGD]ZLVFKHQ6FKODJO|FKHULQGHQHQ QRFKGLH5HVWHYRPOHW]WHQ5HJHQVFKLPPHUWHQ6FKLHIHDXV 6WHLQJHEDXWH+lXVHUPLWHEHQIDOOVVWHLQHUQHQ'lFKHUQ(LQH NXUYLJH6WUDH+LHUXQGGDHLQYHUURVWHWHV)DKUUDGQXU ]ZHL$XWRV]ZHLDOWH.UlPHUOlGHQVWUXSSLJH+XQGHDEHU ZHQLJ0HQVFKHQ (VJDENHLQH*HKVWHLJH'LH6WUDHZXUGHQXUYRQGHQ +lXVHUQEHJUHQ]W:DUIPDQHLQHQ%OLFNQDFKOLQNVVRVDK PDQGHQ%HUJKDQJGHUVLFKZHLWHUGHP*LSIHOHQWJHJHQ VFKREXQGGHVVHQJUQH0DWWHVFKRQEDOGYRQNDKOHP *HVWHLQDEJHO|VWZXUGH ,FKVDKDXFKGLHKHOOHQ)OHFNHDP+DQJ'DVZDUHQ6FKDIH GLHGRUWLKUVSlUOLFKHVKDUWHV*UDVIDQGHQ ª:RZLOOVWGXSDUNHQ"©IUDJWH6XNR ª,QGHU&LW\© 6XNRJULQVWHZLHLFKª'DQQJLEDFKWGDGXGLH&LW\DXFK ILQGHVW© ,FKEUHPVWHª:LUVLQGVFKRQGD© ,FKVWRSSWHGRUWZRGLH+lXVHUDPGLFKWHVWHQQHEHQHLQ DQGHUVWDQGHQ ª7ROOH$WPRVSKlUH©PHLQWH6XNRXQGVFKDXWH6KDRDQ ª:DVVDJVWGXGHQQGD]X"© ª/RQGRQLVWPLUOLHEHU© ª'XZROOWHVWXQEHGLQJWPLW© ª6FKRQJXW© :LUVWLHJHQDXV8QGVFKRQNDPHQVLHDXVLKUHQ+WWHQ 'RUIEHZRKQHU1HXJLHULJH'LH%OLFNHPLWGHQHQPDQXQV EHGDFKWHZDUHQHKHUDEOHKQHQGXQGIHLQGVHOLJ ª:LOONRPPHQVLQGZLUQLFKWJHUDGH©PHLQWH6XNRXQG OHJWHHLQHQ$UPXP6KDRV6FKXOWHUQ'DV*LUOGUFNWHVLFK VFKXW]VXFKHQGDQLKQ
(VZDUZDKUKDIWLJNHLQDQJHQHKPHU$XIHQWKDOWVRUW 0HLQHQ8UODXEZROOWHLFKKLHUQLFKWYHUEULQJHQ 6RUJIlOWLJVFKORLFKGHQ:DJHQDE'HU%HQWOH\ZXUGH HEHQVRIHLQGVHOLJDQJHVWDUUWZLHZLU9LHOOHLFKWKDWWHQGLH %HZRKQHUHWZDVJHJHQ$XWRV 0|JOLFKZDUDOOHV ,PPHUPHKU0HQVFKHQNDPHQ]XVDPPHQ6LHWUDWHQDXV GHQ+lXVHUQXQGVFKPDOHQ*DVVHQ]ZLVFKHQGHQ%DXWHQ XQGQLHPDQGVSUDFKHLQ:RUW6LHVWDUUWHQQXUILQVWHU ,FKOlFKHOWHXQGKREGLH+DQG ª0HLQ1DPHLVW-RKQ6LQFODLU©VWHOOWHLFKPLFKYRUXQG VDJWHGDQQGLH1DPHQYRQ6XNRXQG6KDRª:LUVLQGLQ IULHGOLFKHU$EVLFKWLQHXHU'RUIJHNRPPHQ:HLOZLUHXFK KHOIHQZROOHQ+DEWLKUYHUVWDQGHQ"© 6FKZHLJHQ ,FKYHUVXFKWHHVDXIHLQHDQGHUH$UWª:LUZROOHQHXFK JHJHQGLH5LWWHUKHOIHQGLHHXHU/DQGWHUURULVLHUHQ'HVKDOE VLQGZLUJHNRPPHQ© 'LHVPDOEHZLUNWHQGLH:RUWHHWZDV$OOHUGLQJVQLFKWV 3RVLWLYHVIUXQVVRQGHUQGDV*HJHQWHLO 0DQPDFKWHJHJHQXQV)URQW 'LH0HQVFKHQQDKPHQHLQHGURKHQGH+DOWXQJHLQ+lQGH ZXUGHQJHEDOOW)lXVWHJHVFKWWHOW ª'DKDVWGXZRKOZDV)DOVFKHVJHVDJW©IOVWHUWH6XNR ª'DV*HIKOKDEHLFKDXFK©JDELFKHEHQVROHLVH]XUFN 'LH0HQVFKHQUFNWHQQRFKQlKHU]XVDPPHQ,FKZDUWHWH I|UPOLFKGDUDXIGDMHPDQGHLQ0HVVHURGHUHLQH 6FKXZDIIH]FNWHGRFKGDVJHVFKDK]XP*OFNQLFKW (LQDQGHUHV(UHLJQLVWUDWHLQ $XVHLQHPGHUJU|WHQ+lXVHUNDPHLQ0DQQ(UVWLH KDUWGLH7UDXI]XGHUYLHU7UHSSHQVWXIHQKRFKIKUWHQ XQGEOLHEDXIGHUREHUVWHQVWHKHQ (UVFKDXWHEHUGLH.|SIHGHU0lQQHUKLQZHJXQGXQVLQV *HVLFKW:LUKLHOWHQGHP%OLFNVWDQG 'HU0DQQZDUHWZDYLHU]LJ-DKUHDOWKDWWHSHFKVFKZDU]HV
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|W]OLFKZXWHLFKDXFKZDVPLFKXQWHUDQGHUHP VWXW]LJJHPDFKWKDWWH ,QGLHVHP2UWJDEHVNHLQH.LQGHU 6HOWVDP 6ROFKHLQHQ2UWKDWWHLFKQRFKQLHJHVHKHQhEHUKDXSW JHILHOPLUGLH$WPRVSKlUHQLFKW,FKVDKNHLQH.LUFKWXUP VSLW]HXQGDXFKNHLQH.DSHOOH 8QGGDVLPNDWKROLVFKHQ6FKRWWODQG:RZDUHQZLUKLHU JHODQGHW",FKZDUI6XNRHLQHQUDVFKHQ%OLFN]X0LWWOHUZHLOH NDQQWHLFKPHLQHQ3DUWQHUODQJHJHQXJXPVHLQHQ*HVLFKWV DXVGUXFNGHXWHQ]XN|QQHQ'HU&KLQHVHIKOWHVLFKHEHQ IDOOVQLFKWZRKO(UVDJWHMHGRFKQLFKWVDXFKLFKVFKZLHJ GHQQLFKZROOWHHUVWHLQPDODEZDUWHQ =ZHL6FKULWWHYRUXQVEOLHEGHU0DQQVWHKHQ=X6KDRKLQ YHUEHXJWHHUVLFKOHLFKWGDQQVFKDXWHHUPLFKDQ ª,KUH1DPHQKDEHLFKYHUQRPPHQ©VDJWHHUª8QGLFK KDEHDXFKJHK|UWDXVZHOFKHP*UXQGH6LH]XXQVJH NRPPHQVLQG'DPLWKHLHLFK6LHZLOONRPPHQ© ª'DQNH©HUZLGHUWHLFKªGDVLVWVHKUQHWWYRQ,KQHQ6LQG
6LHKLHUGHU%UJHUPHLVWHU0LVWHU"©+LQWHUGDV0LVWHU VHW]WHLFKQRFKHLQ)UDJH]HLFKHQ 'HU0DQQOlFKHOWHª,FKELQVRHWZDVbKQOLFKHVZLHGHU %UJHUPHLVWHU0U6LQFODLU0HLQ1DPHLVW.LQJ&XWOHU© ª.LQJ"© ª-D6RQHQQWPDQPLFK© ,FKOlFKHOWHª1XQZDUXPQLFKW'D6LHMDGHQ*UXQG XQVHUHV.RPPHQVLQ]ZLVFKHQNHQQHQP|FKWHLFKJHUQYRQ ,KQHQZLVVHQZLH6LHGD]XVWHKHQ© ª,FKEHZXQGHUH,KUHQ0XW© ª:LUNOLFK"© (UQLFNWHª6LFKHUOLFK(VYHULUUHQVLFKVHOWHQ)UHPGHLQ XQVHUHQ2UW© ,FKKREGLHUHFKWH+DQGXQGZLHVLQGLH5XQGHª1XQ HLJHQWOLFKKDWWHQZLUJDUQLFKWYRUXQVKLHULQ*XOELQHDXI ]XKDOWHQ:LUVLQGDXIGHU6XFKHQDFKGHU%XUJ8QVJHKWHV XPGLHVH5LWWHUGLHVFKRQJHQXJ6FKDGHQDQJHULFKWHWKDEHQ XQGGDK|UWHQZLUGDMHPDQGDXV*XOELQHXQVKHOIHQ N|QQWH© ª:HU"©IUDJWHHU ª(LQ6FKlIHU(UVROOGLH5LWWHUJHVHKHQKDEHQXQGYLHO OHLFKWPHKUEHUVLHZLVVHQ© .LQJ&XWOHUQLFNWHª'DVLVWP|JOLFK©HUZLGHUWHHUª$EHU LFKJODXEHQLFKWDQGLH([LVWHQ]GLHVHUUHLWHQGHQ0RUG JHVHOOHQ.HLQHUYRQXQVJODXEWGDUDQZLUKDEHQVLH QlPOLFKQRFKQLFKW]X*HVLFKWEHNRPPHQXQGGLHDOWH %XUJLVWOlQJVWYHUIDOOHQ'DVN|QQHQ6LHPLUJODXEHQ 0U6LQFODLU© ª:DVZUGHQ6LHVDJHQZHQQLFK,KQHQHUNOlUWHGDZLU GLH5LWWHUJHVHKHQKDEHQ"© (UVFKZLHJHLQH:HLOHª,FKZlUH]XPLQGHVWVNHSWLVFK© ª'DVEUDXFKHQ6LHQLFKW]XVHLQ,FKNDQQ,KQHQYHU VLFKHUQGDZLUGLH5LWWHUPLWXQVHUHQHLJHQHQ$XJHQ JHVHKHQKDEHQ6LHEHUILHOHQHLQH:DJHQNRORQQHDXI GHP0RWRUZD\©
ª+DEHQ6LHVLFKGDVQLFKWHLQJHELOGHW"© ª1HLQ©0HLQH$QWZRUWNODQJVFKDUI ª*XWZLH6LHPHLQHQ:DVKDEHQ6LHMHW]WYRU":LHJHVDJW 6LHXQG,KUH)UHXQGHVLQGZLOONRPPHQ© ª'DIUGDQNHLFK,KQHQ$OOHUGLQJVP|FKWHLFKEHLPHL QHP9RUVDW]EOHLEHQXQGPLWGHP6FKlIHUVSUHFKHQ.|QQHQ 6LHYLHOOHLFKWHLQ*HVSUlFKYHUPLWWHOQ"© ª'DVJHKWVFKOHFKW©(UGUHKWHVLFKKDOEXQGGHXWHWHGHQ %HUJKDQJKRFK'DEHLKREHUGHQ$UPXQGVWUHFNWHGHQ =HLJHILQJHUDXVª6HKHQ6LHGRUWREHQGLHNOHLQH+WWH"'RUW OHEWHU© ª'DVKHLWLFKPWHKRFKVWHLJHQ"© ª(VZLUG,KQHQQLFKWVDQGHUHVEULJEOHLEHQ0U6LQFODLU© ,FKVFKDXWH6XNRDQª:LHLVWHV"%OHLEWLKUKLHU"© 6KDRVDJWHMD'DPLWZDU6XNRHEHQIDOOVHLQYHUVWDQGHQ .LQJ&XWOHUKDWWHQRFKHLQH)UDJHª:DUXPLQWHUHVVLHUHQ 6LHVLFKHLJHQWOLFKIUGLH5LWWHU"© ,FKZHLKHXWHQRFKQLFKWZDUXPLFKGLH:DKUKHLWYHU VFKZLHJXQGQLFKWVYRQPHLQHP-REVDJWHVRQGHUQPLUHLQH $XVUHGHHLQIDOOHQOLHª5HLQH1HXJLHUGH0U&XWOHU© ª'LHRIWJHIlKUOLFKVHLQNDQQ© ª'DVNOLQJWQDFKHLQHU:DUQXQJ© ª1XUQDFKHLQHP5DW0U6LQFODLU© ª'DQNH©,FKKDWWHGDV*HIKOGD.LQJ&XWOHUQRFK HWZDVVDJHQZROOWHGRFKHUXQWHUOLHHV(UQLFNWHPLUQRFK HLQPDO]XXQGJLQJZLHGHU]XVHLQHP+DXV]XUFN $XFKGLH0HQVFKHQYHUVWUHXWHQVLFKDOOPlKOLFK=ZDU ZXUGHQXQVKLQXQGZLHGHUQRFK%OLFNH]XJHZRUIHQPHKU DEHUQLFKW ª(LQVHOWVDPHU2UW©PHLQWH6XNR 8QG6KDRVDJWHª'DNDQQPDQULFKWLJ$QJVWEHNRPPHQ© ª.RPLVFKLVWHVVFKRQ©JDELFKEHLGHQUHFKWª0LUVFKHLQW HVDOVKlWWHQGLH/HXWHKLHUHLQ*HKHLPQLVGDVVLHDXI NHLQHQ)DOOSUHLVJHEHQP|FKWHQ© ª'XGHQNVWDQGLH5LWWHU"©YHUPXWHWH6KDR
,FKVFKDXWHVLHDQ6KDRWUXJHLQHURWH&RUGKRVHPRGLVFK HQJDQGHQ:DGHQJHVFKQLWWHQXQGHLQHGLHVHUGUHLYLHUWHO ODQJHQ6WULFNMDFNHQ'DV+DDUILHOLKUODQJDXIGHQ5FNHQ ª1LFKWQXUDQGLH5LWWHU6KDR9LHOOHLFKWLVWHVQRFKHWZDV DQGHUHV© ª:LHNRPPVWGXGDUDXI"©IUDJWH6XNR ª1XUVR© 'HU&KLQHVHODFKWHª'XELVWJXW'DVQLPPWGLUNHLQHUDE 'DPWHPDQVFKRQ%HZHLVHKDEHQ© ª:HUKLQGHUWXQVGDUDQVLH]XVXFKHQ",VWGLUHLJHQWOLFK DXIJHIDOOHQGDHVLQ*XOELQHNHLQHHLQ]LJH.LUFKHJLEW"'D VWLPPWHWZDVQLFKWGDVVDJLFKGLU8QGDXFKGLH.LQGHU IHKOHQ1XU(UZDFKVHQH© 6XNRKREGLH6FKXOWHUQª(LQH(UNOlUXQJKDEHLFKQLFKW -RKQ$EHUGXKDVWHLQHQVFK|QHQ:HJYRUGLU© ª*HUQODVVHLFKHXFKQLFKWDOOHLQ© ª:LUZHUGHQXQVVFKRQ]XKHOIHQZLVVHQ© ª:RZROOWLKUZDUWHQ"©IUDJWHLFK 6XNRGHXWHWHEHUGLH6FKXOWHUª'LHVHVJUDXH+DXVVLHKW PLUQDFKHLQHU.QHLSHDXV:HQQZLUGDQLFKWVLQGILQGHVW GXXQVLP'RUI:LUVHKHQXQVPDOXP© ,FKQLFNWH'DQQYHUDEVFKLHGHWHLFKPLFKYRQGHQEHLGHQ 6XNRXQG6KDREOLFNWHQPLUQDFKELVLFK]ZLVFKHQ]ZHL +lXVHUQYHUVFKZXQGHQZDU $EHUDXFKDQGHUH$XJHQSDDUHEHREDFKWHWHQPLFK8QG NHLQHUYRQXQVVDKGDPDQFKH*HVLFKWHU]XKDYHU]HUUWHQ )UDW]HQJHZRUGHQZDUHQ +LQWHUGHQ+lXVHUQJLQJHVVWHLOEHUJDXI(LQSDDUNPPHU OLFKH*lUWHQZDUHQDQJHOHJWZRUGHQGRFKLQGLHVHPUDXKHQ %HUJNOLPDZXFKVNDXPHWZDV 1RFKVFKULWWLFKEHUJUQH0DWWHQQXUKLQXQGZLHGHU OXJWHQ6WHLQHDXVGHP%RGHQ(LQNOHLQHV:DVVHUULQQVDOIOR PLUHQWJHJHQXQGOLHIEHUPHLQH6FKXKH
,FKWUDJHLPPHUIHVWHV6FKXKZHUNXQGGDVNDPPLUMHW]W ]XJXWH2KQHJURH6FKZLHULJNHLWHQNRQQWHLFKGHQ%HUJ KLQDXIVWHLJHQ:HQQHVHLQPDO]XUXWVFKLJZXUGHVWW]WH LFKPLFKDQGHQ6WHLQHQDE 'DV'RUIEOLHEKLQWHUPLU]XUFN0DQFKPDOZDUILFK HLQHQ%OLFNQDFKXQWHQVDKGHQ%HQWOH\DXIGHU6WUDH VWHKHQGRFKYRQ6XNRXQG6KDRZDUQLFKWV]XVHKHQ :DKUVFKHLQOLFKVDHQVLHVFKRQLQGHU*DVWVWXEH ,FKVWLHJZHLWHU 'LHHUVWHQ6FKDIHJHULHWHQLQPHLQH1lKH6LHEO|NWHQPLFK DQDQGHUHZHLGHWHQDQGHPNDUJHQ*UDVXQGOLHHQVLFK QLFKWVW|UHQ%HLQDKHZWHQGUXSIWHQVLHHVDXVGHP%RGHQ =ZHL+XQGHPLWIOHFNLJHP)HOOXPNUHLVWHQLQJURHP $EVWDQGGLH+HUGH'LH+XQGHJHULHWHQDXFKLQPHLQH1lKH XQGNDPHQVRGLFKWKHUDQGDLFKVWHKHQEOLHE 'HUHLQH|IIQHWHVHLQ0DXO 'LH=lKQHVDKHQQLFKWJHUDGHYHUWUDXHQHUZHFNHQGDXV ,FKOlFKHOWHGLH7LHUFKHQDQ6LHVFKQIIHOWHQPHLQ*HUXFK VFKLHQVLHQLFKW]XZDUQHQGHQQVLH]RJHQVLFKIULHGOLFK ZLHGHU]XUFN ,FKDWPHWHDXI%LV]XU+WWHKDWWHLFKHVQLFKWPHKUZHLW +LQXQGZLHGHUZDUILFKHLQHQ%OLFNLQGLH5XQGH 9RQGHU%XUJZDUQLFKWV]XVHKHQ6LHPXWHZRKOKLQWHU GHP%HUJOLHJHQGHQLFKDXJHQEOLFNOLFKHUNORPP$OV(QW VFKlGLJXQJERWVLFKPHLQHQ$XJHQHLQHSUlFKWLJH /DQGVFKDIW%HUJH+JHOZHLWH7lOHU$XHU*XOELQHVDK LFKNHLQDQGHUHV'RUI'DIUHUNDQQWHLFKLQGHU)HUQHGHQ :DOGDOVGXQNOHQ6WUHLIHQ (LQH*HJHQG]XP$XVVSDQQHQ:LUNOLFKHWZDVIU ,QGLYLGXDOLVWHQ:HQQQXUQLFKWPHLQGXPPHV*HIKO JHZHVHQZlUH 1RFKHLQSDDU6FKULWWHGDQQKDWWHLFKGLH+WWHHUUHLFKW 6LHZDUZLUNOLFKSULPLWLY*HEDXWDXV%UHWWHUQXQG %DXPVWlPPHQPLWHLQHPZLQGVFKLHIHQ+RO]GDFKYHU VHKHQGDVHLQJDQ]HV6WFNYRUVSUDQJXQGbKQOLFKNHLWHQ
PLWGHQ$OPKWWHQGHU$OSHQDXIZLHV9RQGHP6FKlIHUVDK LFKNHLQH1DVHQVSLW]H ,FKVFKULWWHLQPDOXPGLH+WWHKHUXP$QGHU:HVWVHLWH ZRGHU5HJHQYROOKLQWUDI]HLJWHGDV+RO]JURH 1lVVHIOHFNHQ+LQWHUGHU+WWHZDU+RO]DP%HUJJHVWDSHOW %LVDXIGDV%O|NHQGHU6FKDIHK|UWHLFKNHLQ*HUlXVFK 0HLQ%OLFNILHO]XUFNLQGDV+RFKWDO 'RUWXQWHQODJ*XOELQH ,FKVDKGLHMHW]WNOHLQZLUNHQGHQ+lXVHUGLH6WUDH HLQLJH0HQVFKHQXQG 9HUGDPPWGDVWLPPWHGRFKZDVQLFKW,UJHQGHWZDVZDU DQGHUVDOVYRUKLQ ,FKVFKDXWHJHQDXHUKLQHUIDWHPLWPHLQHP%OLFNMHGHV 'HWDLOXQGGDZXWHLFK%HVFKHLGZDVDQGHUVZDU ,FKVDKPHLQHQ:DJHQQLFKWPHKU (UZDUZHJYHUVFKZXQGHQ 'DVJDEHVGRFKQLFKW6ROOWHQ6XNRXQG6KDRHWZDHLQHQ NOHLQHQ$XVIOXJXQWHUQRPPHQKDEHQ" 'LH/|VXQJGHV5lWVHOVIDQGLFKKLHUREHQQLFKWXQGLFK NDPDXFKQLFKWPHKUGD]XPLUZHLWHUH*HGDQNHQGDUEHU ]XPDFKHQGHQQSO|W]OLFKK|UWHLFKKLQWHUPLUHLQHNUDW]LJH 6WLPPH ª5KUGLFKQLFKWZHQQGLUGHLQ/HEHQOLHELVW© 'LH6WLPPHNODQJVRHQWVFKORVVHQGDLFKHUVWHLQPDO JHKRUFKWH6WRFNVWHLIEOLHELFKVWHKHQGHQQLFKZDUPLU Y|OOLJVLFKHUGDGHU.HUOLQPHLQHP5FNHQLUJHQG HLQHJHIlKUOLFKH:DIIHLQGHU+DQGKLHOW(LQSDDU 6HNXQGHQYHUJLQJHQ:HLWHUEO|NWHQGLH6FKDIHPLUNDPHQ GLH/DXWHZLH+RKQJHOlFKWHUYRUZHLOLFKDKQXQJVORVLQGLH )DOOHJHWDSSWZDU 'DQQYHUQDKPLFKKLQWHUPLUHLQHQNQLUVFKHQGHQ6FKULWW ª-HW]WNDQQVWGXGLFKXPGUHKHQ© $XFKGLHVPDOJHKRUFKWHLFK/DQJVDPVFKUDXEWHLFKPLFK
QDFKUHFKWVELVLFKPHLQHP*HJQHUJHJHQEHUVWDQG (LQ*HJQHUZDUHUGHQQHUKLHOWHLQH6HQVHLQGHU+DQG 'LHVFKDUIH6FKQHLGHIXQNHOWHLPIDKOHQ6RQQHQOLFKWXQG GLH6SLW]H]LWWHUWHVRGLFKWYRUPHLQHU.HKOHGDLFKXQZLOO NUOLFK]XUFN]XFNWH 'HU6FKlIHUNLFKHUWH ,FKYHUVXFKWHHVPLWHLQHP/lFKHOQXQGVDJWHª+H EHJUHQ6LH,KUH*lVWHLPPHUVR"© ª1XUGLH)UHPGHQXQGGLHGLHQLFKWZLOONRPPHQVLQG© ª,FKELQDEHUH[WUDHLQHQZHLWHQ:HJJHIDKUHQXP6LH]X VHKHQ©HUNOlUWHLFK ª:RKHUNRPPVWGX0DQQ"© ª$XV/RQGRQ© (UEHUOHJWHª-DGDVLVWZHLW8QGZDVZLOOVWGXYRQPLU"© 'DHUPLFKGX]WHZlKOWHLFKHEHQIDOOVGLHVH$QUHGHª,FK P|FKWHPLWGLUVSUHFKHQ'XELVWGRFKGHU6FKlIHUKLHU"© ª-D8QGZRUEHUZLOOVWGXUHGHQ"© ª1LPPHUVWPDOGLH6HQVHZHJ,FKELQZLUNOLFKLQIULHG OLFKHU$EVLFKWJHNRPPHQ© (UZDUQRFKLPPHUPLWUDXLVFKXQGVHLQH%OLFNHQLFKW JHUDGHRIIHQ$EHUHUVHQNWHGLH:DIIH]|JHUQG]ZDUGRFK LPPHUKLQ ,FKDWPHWHDXI'DQDFKVDJWHLFKPHLQHQ1DPHQ ª8QGLFKELQ5RFFR©VWHOOWHHUVLFKYRU ª.HLQVFKRWWLVFKHU1DPH© ª1HLQ©0HKUVDJWHHUQLFKWGD]X 8ULJVDKHUVFKRQDXV0LWVHLQHPGLFKWHQVFKZDU]HQ %DUWJHVWUSSXQGGHPJURHQ6FKODSSKXWDXIGHP.RSI(U WUXJGHUEH.OHLGXQJXQGVHLQH+lQGHZDUHQIDVWGRSSHOW VRJURZLHGLHPHLQHQ ª6ROOHQZLUQLFKWLQV+DXVJHKHQ"©IUDJWHLFK (UKREGLH6FKXOWHUQGUHKWHVLFKGDQQVWHOOWHGLH6HQVH ZHJXQGZDQGWHPLUGHQ5FNHQ]X(LQ=HLFKHQVHLQHV 9HUWUDXHQV 'HQ.RSIPXWHQZLUEHLGHHLQ]LHKHQDOVZLUGLH+WWH
EHWUDWHQ,P,QQHUQZDUHVGVWHUGXUFKGLHNOHLQHQ 6FKHLEHQILHOQXUZHQLJ/LFKW,FKVDKHLQSDDU5HJDOHDQGHU :DQGHLQHQURKJH]LPPHUWHQ7LVFKHLQH+RO]EDQNHLQHQ DOWHQ2IHQ=XP+DQJKLQZXUGHGLH+WWHQLHGULJHU'RUW HUNDQQWHLFKGLH8PULVVHHLQHU7U6LHPXWHLQGHQ%HUJ KLQHLQIKUHQ 'HU6FKlIHUVHW]WHVLFKDXIGLH%DQN,FKQDKPQHEHQLKP 3ODW]XQGERWHLQH=LJDUHWWHDQ(UVFKWWHOWHGHQ.RSI *HODVVHQQDKPHUVHLQH3IHLIHDXVGHU7DVFKHXQGIOOWHGHQ .RSIPLW7DEDNª'LHUDXFKHLFKOLHEHU© ,FKJDELKP)HXHU ª'XKDVWJXWH$XJHQ-RKQ©VDJWHHUª,FKPHUNHGDV VRIRUW8QGLFKNDQQPLUDXFKGHQNHQZHVKDOEGXJHNRP PHQELVW(VJHKWXPGLH5LWWHUQLFKWZDKU"© ª*HQDX© ª*ODXEVWGXGLH*HVFKLFKWH"© ª1DWUOLFK© (UVFKDXWHPLFKEHUUDVFKWDQ ,FKOlFKHOWHEUHLWª:lUHLFKVRQVWYRQ/RQGRQKHUJHNRP PHQ"$XHUGHPKDEHLFKGLH5LWWHUVHOEVWJHVHKHQ©,FK EHULFKWHWHZDVXQVZLGHUIDKUHQZDU 'HU6FKlIHUK|UWH]XXQGQLFNWHKLQXQGZLHGHU ,UJHQGZLHKDWWHLFK]XGHP0DQQ9HUWUDXHQJHIDWHUZDU DQGHUVDOVGLH'RUIEHZRKQHUGDVVDJWHLFKLKPDXFK 5RFFRODFKWHª0LWGHQHQGDXQWHQNRPPHLFKQLFKWNODU© ª'DUIPDQGHQ*UXQGHUIDKUHQ"© -HW]WEOLFNWHHUPLFKHUQVWDQª'XKlWWHVWGHLQH)UHXQGH QLFKWDOOHLQODVVHQVROOHQ© ª:DUXPQLFKW"© ª:HLOVLHNHLQH)UHPGHQZROOHQ© ª'DVPXDEHUHLQHQ*UXQGKDEHQ© ª+DWHVDXFK:HUQLFKWIU%DUUDEDVLVWGHULVWJHJHQLKQ XQGJHJHQVLH© ª:HULVW%DUUDEDV"© ª'HU'UDFKH©
-HW]WZXWHLFKEHUKDXSWQLFKWVPHKU,FKZROOWHHWZDV EHUGLH5LWWHUHUIDKUHQXQGHUUHGHWHSO|W]OLFKYRQ %DUUDEDV:LHSDWHGDV]XVDPPHQ" 'DQDFKIUDJWHLFKLKQDXFKZREHLHUGLH6FKXOWHUKREXQG PLWVHLQHU(UNOlUXQJEHJDQQ ª$OVGLH=HLWGHU.UHX]]JHEHJDQQVDPPHOWHPDQDXFK LQ6FKRWWODQGGLHEHVWHQ5LWWHUXPGDV+HLOLJH*UDE]XYHU WHLGLJHQ9LHOHIROJWHQGHP5XIQXUZHQLJHZHLJHUWHQVLFK =XGHQOHW]WHUHQJHK|UWHQGLH5LWWHUXP5XIXVLKUHQ $QIKUHU6LHKDWWHQVFKRQLPPHUHLQDXVVFKZHLIHQGHV /HEHQJHIKUWEHUKDXSWQLFKWQDFKGHP(KUHQNRGH[GHU 5LWWHU6LHUDXEWHQPRUGHWHQXQGEUDQGVFKDW]WHQ6FKRQ EDOGZDUHQVLHYHUVFKULHQ'LH0HQVFKHQLP/DQGKDWWHQ $QJVWYRULKQHQXQGDOVGLHPHLVWHQ5LWWHU]XGHQ .UHX]]JHQDXIEUDFKHQZDUNDXPMHPDQGGDGHUGLH =XUFNJHEOLHEHQHQJHJHQGHQ7HUURUGHU5LWWHUYHUWHLGLJWH (VZXUGHHLQHVFKOLPPH=HLWGLH5LWWHUXP5XIXVWULHEHQHV lUJHUXQGlUJHU6LHOlVWHUWHQ*RWWXQGYHUEQGHWHQVLFKPLW GHP7HXIHO,QLKUHU%XUJIDQGHQVFKOLPPH'LQJHVWDWW0DQ VSUDFKQXUKLQWHUYRUJHKDOWHQHU+DQGGDYRQGHQQ=HXJHQ JDEHVNDXP9LHOHVWDUEHQHLQHQVFKUHFNOLFKHQ7RG6LH VWHOOWHQ.UHX]HYHUNHKUWKHUXPDXIXQG]QGHWHQVLHDQ :HQQGDV)DQDOGHV6DWDQVOHXFKWHWHGDQQZXWHQGLH 0HQVFKHQ%HVFKHLGGDGLH5LWWHUZLHGHULKUHVFKOLPPHQ )HVWHIHLHUWHQ© ª:LHJLQJHVZHLWHU"©IUDJWHLFK ª*HGXOGPHLQ)UHXQG*HGXOG©HUZLGHUWHGHU6FKlIHU ª:LHLFKVFKRQVDJWHGLH5LWWHUXP5XIXVWHUURULVLHUWHQGDV /DQGXQGEHWHWHQGHQ7HXIHODQ,FKZLOO(LQ]HOKHLWHQYHU VFKZHLJHQQXUVRYLHOP|FKWHLFKVDJHQ$OVGLHDQGHUHQ 5LWWHUYRP.UHX]]XJ]XUFNNHKUWHQIDQGHQVLHHLQ&KDRV YRU1LHGHUJHEUDQQWH'|UIHUYHUZVWHWH)HOGHJHW|WHWH 0HQVFKHQ7URW]GHPIHLHUWHQVLHHLQHQ'DQNJRWWHVGLHQVW XQGGDQDFKEUDFKHQVLH]XHLQHU6WUDIH[SHGLWLRQDXI$OVVLH GLH%XUJHUUHLFKWHQZDUHQGLH5LWWHUVRJXWZLHNDPSI
XQIlKLJ%HUDXVFKWYRP:HLQNRQQWHQVLHNHLQ6FKZHUW PHKUKDOWHQ'LH$QJUHLIHUKDWWHQOHLFKWHV6SLHO:LGHUVWDQG ZXUGHVRIRUWJHEURFKHQXQGGDQQHUKLHOWHQGLH5LWWHULKUH 6WUDIHQ6LHZXUGHQEHLOHEHQGLJHP/HLEHLQ6DUNRSKDJH JHOHJWGLHVHVWHOOWHPDQLQ1LVFKHQXQGPDXHUWHVLH]X(V VROOVFKUHFNOLFKJHZHVHQVHLQGHQQGLH5LWWHUKDEHQELV]XP OHW]WHQ$WHP]XJJHVFKULHQXQGJHIOXFKW*QDGHNDQQWHPDQ QLFKW'LH0RUGEUHQQHUVWDUEHQXQGGLH-DKUKXQGHUWH YHUJLQJHQ%LVGDQQHLQ(UHLJQLVHLQWUDWGDVDOOHVZLHGHU UFNJlQJLJPDFKWH© 'HU6FKlIHUKDWWHVLFKVRDXIGLH(U]lKOXQJNRQ]HQWULHUW GDVHLQH3IHLIHDXVJHJDQJHQZDU(U]QGHWHVLHZLHGHUDQ 'DQDFKEHULFKWHWHHUZHLWHU ª'LH5LWWHUODJHQDOVRLQLKUHQ6DUNRSKDJHQ'LH%XUJ ZXUGH]HUVW|UWXQGGDQQZDUHLQHV1DFKWVDOOHVDQGHUV ,FKKDEHHVJHVHKHQXQGIUPLFKZDUHVZLHHLQ :HOWXQWHUJDQJ,UJHQGZLHNODIIWHSO|W]OLFKDP+LPPHO HLQ5LHWZDVILHODXIGLH(UGHXQGODQGHWHQDKHGHP2UW *XOELQH:DVHVZDUGDUEHUNRQQWHPDQQXU9HU PXWXQJHQDQVWHOOHQDXIMHGHQ)DOOVLQGGLH(LQZRKQHU GHV2UWHVPLWGHP)UHPGHQLQ%HUKUXQJJHNRPPHQVLH YHUlQGHUWHQVLFK© ª:LH"©ZROOWHLFKZLVVHQ ª'DVZHLLFKQLFKWDEHUVLHYHUlQGHUWHQVLFK6LHZXUGHQ DQGHUVVSUDFKHQYRPJURHQ'UDFKHQGHUEDOGHUVFKHLQHQ ZUGH(LQHV7DJHVULVVHQVLHGLH.LUFKHDE6LHEUDQQWHQVLH ELVDXIGLH*UXQGPDXHUQQLHGHU,FKEHREDFKWHWHGLHVYRQ GLHVHU+WWHDXV1RFKKHXWHVHKHLFKGLH5DXFKZRONHEHU GHP'RUIVFKZHEHQ'DPLWDEHUQLFKWJHQXJ1DFKGHPVLH GLH.LUFKHGHP(UGERGHQJOHLFKJHPDFKWKDWWHQ]RJHQ VlPWOLFKH'RUIEHZRKQHUKRFK]XU%XUJGHU5LWWHU6LHZDUHQ PLW+DFNHQXQG6FKDXIHOQEHZDIIQHW,FKDKQWHZDVVLHYRU KDWWHQ'LH/HXWHKlPPHUWHQGLH1LVFKHQDXILQGHQHQGLH JUDXVDPHQ5LWWHU]XUOHW]WHQ5XKHJHEHWWHWODJHQ6LHKDEHQ GLHVH7HXIHOEHIUHLW©
'DVZDUHLQ6FKRFN'HQPXWHLFKHUVWYHUGDXHQ8QG ZLUZROOWHQGLH5LWWHUMDJHQ3O|W]OLFKZXUGHPLUEHZXWLQ ZHOFKHU*HIDKU6XNRXQG6KDRVFKZHEWHQ$XFKGDV 9HUVFKZLQGHQGHV%HQWOH\VDKLFKLQHLQHPJDQ]DQGHUHQ /LFKW :DVEUDXWHVLFKGDEHUXQVHUHQ.|SIHQ]XVDPPHQ" 5RFFRVFKDXWHPLFKHUQVWDQª$KQVWGXHWZDV"© ª-DVRHLQLJHV© ª'XNDQQVWGLFKQLFKWJHJHQHLQJDQ]HV'RUIVWHOOHQXQG JOHLFK]HLWLJQRFKGLH5LWWHUW|WHQ'DVJHKWEHUGHLQH .UlIWHJODXEHPLU:LUVWHKHQDOOHLQQLHPDQGNDQQXQG ZLUGXQVKHOIHQ© ,FKNDXWHDXIGHU/LSSH0HLQ3ODQZDUSO|W]OLFKQXOOXQG QLFKWLJJHZRUGHQ,FKNRQQWHMHW]WQLFKWPHKU]XU%XUJ KRFKJHKHQXQGPLFKGHQ5LWWHUQ]XP.DPSIVWHOOHQ6XNR XQG6KDRZDUHQZLFKWLJHU,FKPXWHVLHDXVGHP'RUI KROHQ 'DVVDJWHLFKDXFK5RFFR (U]RJHLQ]ZHLIHOQGHV*HVLFKWª:HQQHVQXUQRFKQLFKW ]XVSlWLVW©VDJWHHU ª:LHVR"*ODXEVWGXGDGLH0HQVFKHQPHLQHQ)UHXQGHQ HWZDVDQJHWDQKDEHQ"© ª%HVWLPPW6LHVLQGQLFKWPHKUQRUPDO0LFKDN]HSWLHUHQ VLHQRFK6LHKDEHQPLFKDXVJHVWRHQXQGLFKZHUGHPLFK KWHQLQGDV'RUI]XUFN]XNHKUHQ:HQQGLH5LWWHUXQWHU ZHJVVLQGPXLFKPLFKYHUVWHFNHQVRQVWKlWWHQVLHPLFK OlQJVWXPJHEUDFKW© 'DZDUHWZDV:DKUHVGUDQ :DVDOVRWXQ" ª1HLQLFKPXDQPHLQH)UHXQGHGHQNHQ©VDJWHLFK 5RFFRQLFNWHª6RKlWWHLFKDXFKJHKDQGHOW'LH5LWWHU VFKODIHQWDJVEHUGLH6RQQHLVWW|GOLFKIUVLH,QGHU1DFKW NDQQVWGXVLHVWHOOHQ© ª'DVKHLWLFKKDEH=HLW© ª-DGLHKDVWGX©
ª'DQQN|QQWHLFKYHUVXFKHQPHLQH)UHXQGHDXV*XOELQH KHUDXV]XKROHQ©EHUOHJWHLFKODXW ª+RIIHQWOLFKVFKDIIVWGXHV'LH(LQZRKQHUUHDJLHUHQYHU GDPPWVFKQHOOZHQQPDQLKQHQDQGHQ.UDJHQZLOO© 'DKDWWH5RFFRUHFKW'HVKDOEZROOWHLFKNHLQH6HNXQGH OlQJHULQGHU+WWHEOHLEHQ,FKVWDQGDXIXQGZDQGWHPLFK ]XU7U'LHVPDOSDWHLFKQLFKWDXIXQGVWLHPLUSURPSW GHQ.RSI'HU6FKlIHUIROJWHQDFKGUDXHQ =ZHL6FKULWWHYRUGHU7UEOLHELFKVWHKHQ0HLQH$XJHQ ZXUGHQJURDOVLFKVDKZHUYRP'RUIKHUGHQ+DQJKRFK NDP 'DVZDUHQPLQGHVWHQVGUHLLJ0HQVFKHQ6LHJLQJHQLQ HLQHUODQJHQ.HWWHXQGKDWWHQEHUHLWVGLH+lOIWHGHV:HJHV ]XUFNJHOHJW-HGHUYRQLKQHQWUXJHLQH:DIIH -HW]WVDKHQVLHXQV :LOGVFKZDQJHQVLHLKUH)lXVWH'URKXQJHQZXUGHQ DXVJHVWRHQ'LH0HQVFKHQZROOWHQPLUDQGHQ.UDJHQXQG GDPLWSODW]WHDXFKPHLQ3ODQ 5RFFRGHU6FKlIHUVSUDFKGDVDXVZDVLFKGDFKWHª-HW]W EOHLEWXQVQXUQRFKGLH)OXFKW'LHhEHUPDFKWLVW]XVWDUN© 'HPZDUQLFKWVPHKUKLQ]X]XIJHQ 6XNROHJWHVHLQH+DQGDXIGLH7UNOLQNH ª9HUVFKORVVHQ©VDJWHHU 6KDRWUDWHLQHQ6FKULWW]XUFNXQGVFKDXWHDQGHU +DXVZDQGKRFKª2EGDVEHUKDXSWHLQ*DVWKDXVLVW"© 'HU&KLQHVHKREGLH6FKXOWHUQª(VVLHKWZHQLJVWHQVVR DXV© ª'LHEHREDFKWHQXQVLPPHUQRFK©PHLQWH6KDRª6LHVLH MDJHQPLUULFKWLJ$QJVWHLQ© ª6HOWVDPVLQGGLH0HQVFKHQKLHUVFKRQ©JDE6XNR]X ª0DQFKPDONRPPWPDQVLFKLQ6FKRWWODQGYRUZLHDP(QGH GHU:HOW©'HU&KLQHVHZXWHZRYRQHUVSUDFK6FKRQRIW JHQXJKDWWHHULQGLHVHP/DQG$EHQWHXHUHUOHEW
ª:RJHKHQZLUKLQ"©IUDJWH6KDRª:DUWHQP|FKWHLFKKLHU QLFKW0DQVWHKWVRXQWHU.RQWUROOH© 'DVZDUDXFK6XNRV0HLQXQJ%HYRUVLHVLFKHQWVFKORVVHQ GDV'RUIHLQZHQLJQlKHU]XHUNXQGHQJLQJ6XNR]XP %HQWOH\VFKORGHQ.RIIHUUDXPDXIXQGEHZDIIQHWHVLFK (UQDKPGLH'lPRQHQSHLWVFKHXQGDXFKGHQVLOEHUQHQ 'ROFKDQVLFK'LH%HUHWWDKDWWHHUVRZLHVR(LQH(UVDW]ZDIIH JDEHU6KDRDXFKGLH*QRVWLVFKH*HPPHKlQJWH6XNRLKU XP 6KDRVFKDXWHLKPHUQVWLQV*HVLFKWª'XUHFKQHVWPLW *HIDKU"© 6XNRQLFNWH(UZDUIGLH+DXEHZLHGHU]XQDKP6KDRDQ GHU+DQGXQGJLQJPLWLKUZHLWHU 6LHVFKULWWHQHLQ6WFNGLH+DXSWVWUDHKLQDEGLHVLFKLP OHW]WHQ'ULWWHOGHV'RUIVVHQNWHXQGLQHLQ7DOIKUWH(VVDK URPDQWLVFKDXVGHQQGLH6WUDHOLHIEHUHLQHDOWH+RO] EUFNHZHLWHU8QWHUGHU%UFNHVFKlXPWHHLQ%DFK*XU JHOQGIORGDV:DVVHUEHUGLH6WHLQH 6XNRZDUIDXFKHLQHQ%OLFN]XU+WWHKRFK(UHUNDQQWH PLFKDOVNOHLQHQ)OHFN ª'DJHKW-RKQ©VDJWHHU ª+RIIHQWOLFKKDWHU(UIROJ© 6XNROlFKHOWH6KDR]Xª'HUEHVWLPPW© +DQGLQ+DQGVFKULWWHQVLHZHLWHU(LQPDOKXVFKWHDXV HLQHP6HLWHQZHJHLQH.DW]H'LFKWYRUGHQ6FKXKVRKOHQGHU EHLGHQIXKUVLHHQWODQJ6KDRHUVFKUDN 6XNROlFKHOWHQXU(UJLQJPLW6KDRQDFKUHFKWVJHQDXLQ GHQ:HJKLQHLQDXVGHPGLH.DW]HJHNRPPHQZDU ª:DVZLOOVWGXGHQQKLHU"©IUDJWH6KDR ª0DOVHKHQ© 'HU:HJZDUXPGLH+lOIWHVFKPDOHUDOVGLH+DXSWVWUDH (UZDUQLFKWJHSIODVWHUWPDQKDWWHGHQ/HKPNXU]HUKDQG IHVWJHIDKUHQ'LFKWDQGLFKWVWDQGHQ]XEHLGHQ6HLWHQGLH ZLQGVFKLHIHQ+lXVHU'LH%UHWWHU]HLJWHQHLQHJUDXH)DUEH 8QWHUVFKLHGOLFKKRKH)HQVWHUPLWVFKPXW]LJHQ6FKHLEHQ
KLQJHQVFKUlJLQGHQ+DXVZlQGHQ(EHQVRDOWZDUHQGLH 7UHQ)DUEHVFKLHQIUGLH%HZRKQHUHLQ)UHPGZRUW]X VHLQ 0DQFKPDOVDKHQVLH*HVLFKWHUKLQWHUGHQ6FKHLEHQ1XU )UDXHQNHLQH.LQGHURGHU0lQQHU 6LHZXUGHQEHREDFKWHW 3O|W]OLFKEOLHE6XNRVWHKHQ ª:DVLVW"©IOVWHUWH6KDR ª'DLVWGRFKHLQ$XWRDEJHIDKUHQ(VK|UWHVLFKDQZLH XQVHU%HQWOH\© ª8QVLQQZHUVROOWHVFKRQ,QWHUHVVHDQGHP:DJHQ]HLJHQ" 'DVZDUEHVWLPPWHLQDQGHUHV)DKU]HXJ© ª*LEWHVGDVKLHUEHUKDXSW"© ª,QZHOFKHP-DKUKXQGHUWOHEHQZLUGHQQ"© 6XNRUXQ]HOWHGLH6WLUQª'DVIUDJHLFKPLFKEDOGDXFK :HQQLFKGDVKLHUVHKHJODXEHLFKIDVWLP0LWWHODOWHU]X OHEHQ©(UIDWH6KDRZLHGHUDQGHU+DQGª.RPPZHLWHU© 'LH*DVVHEHVFKULHEHLQH.XUYH,QGHUHQ6FKHLWHOSXQNW VDHLQ+XQGPLWIOHFNLJHP)HOO(U|IIQHWHVHLQH6FKQDX]H DOVHUGLHEHLGHQ6SD]LHUJlQJHUVDK'LH=lKQHZDUHQQLFKW XQJHIlKUOLFK 6KDRVFKWWHOWHVLFK +LQWHUGHU.XUYHVDKHQVLHGDQQGDVLHLQHLQHU 6DFNJDVVHJHODQGHWZDUHQ'LH*DVVHPQGHWHLQHLQHQ ]LHPOLFKJURHQ+RIGHUYRQPHKUHUHQVFKHXQHQDUWLJHQ %DXWHQEHJUHQ]WZXUGH 6XNRXQG6KDREOLHEHQVWHKHQª'DVKlWWHLFKYRUKHU ZLVVHQVROOHQ©PXUPHOWHGHU&KLQHVHXQGGUHKWHVLFKXP 'HU+XQGPLWGHPIOHFNLJHQ)HOOWURWWHWHDXIVLH]X$XV HLQHP+DXVHLQJDQJO|VWHVLFKHLQ=ZLOOLQJVEUXGHUYRQLKP JHVHOOWHVLFK]XGHPHUVWHQ7LHUXQGQDKPHEHQIDOOV.XUV DXI6XNRXQG6KDR ª2EGLHXQVYRUEHLODVVHQ"©IUDJWH6KDROHLVH ª(VNlPHDXIHLQHQ9HUVXFKDQ©6XNRKDWWHNDXPDXVJH VSURFKHQDOVHUKLQWHUVLFKHLQ*HUlXVFKK|UWH
6RIRUWGUHKWHHUVLFKXPXQG]RJ6KDRPLW 0HKUHUH7UHQZDUHQJH|IIQHWZRUGHQ$XVGHQVFKHX QHQlKQOLFKHQ*HElXGHQWUDWHQ0lQQHU .LQJ&XWOHUDQGHU6SLW]H 'LHVPDOWUXJHUHLQH:DIIH (VZDUHLQ*HZHKU8QGGLH0QGXQJ]HLJWHXQPLYHU VWlQGOLFKDXI6KDRXQGLKUHQ)UHXQG $EHUQLFKWQXUHUZDUEHZDIIQHWDXFKGLHDQGHUHQIQI 0lQQHUWUXJHQ*HZHKUH=XP7HLODUFKDLVFKH)OLQWHQGRFK 6XNRZDUVLFKHUGDGLH6FKLHSUJHOQRFKIXQNWLRQLHUWHQ ª'DVNDQQMDKHLWHUZHUGHQ©VDJWHHUQXU ª(LQH)DOOH©NRPPHQWLHUWH6KDRXQG]XFNWH]XVDPPHQ ZHLOHLQ+XQGVRGLFKWDQLKUHP%HLQYRUEHLVWULFKGDHUVLH PLWGHP6FKZDQ]EHUKUWH (LQHQ6FKULWWYRUGHQEHLGHQVHW]WHVLFKGHU.|WHUKLQ VWDUUWHGLH0HQVFKHQDQXQGEOHFNWHVHLQ*HEL'DV]ZHLWH 7LHUPDFKWHHVLKPQDFK (VZDUHLQHEHNOHPPHQGH6]HQH.HLQHUGHU0lQQHUVDJWH HLQ:RUW1XULKUH:DIIHQUHGHWHQHLQHVWXPPHKDUWH 6SUDFKH 6XNRHUJULIIGDV:RUW(UZDQGWHVLFKDQ.LQJ&XWOHU ª%HKDQGHOQ6LH,KUH*lVWHLPPHUVR"© ª6LHKDWWHQ=HLWJHQXJXPZHJ]XIDKUHQ©HUZLGHUWHGHU ª:LUPVVHQDXIXQVHUHQ)UHXQGZDUWHQ© ª'HUZLUGQLFKWPHKUNRPPHQ© ª:DVKDEHQ6LHYRU"© ª0DQZLUG,KUHQ)UHXQGXQGDXFKGLHVHQ6FKlIHUMDJHQ XQGXQVLKUH.|SIHEULQJHQ:HUGLH5XKHGHVJURHQ %DUUDEDVVW|UWPXVWHUEHQ© ª:HULVWGLHVHU%DUUDEDV"© .LQJ&XWOHUOlFKHOWHIDOVFKª.HLQH6RUJHLKUZHUGHWLKQ VFKRQNHQQHQOHUQHQ© ª6LHZUGHQXQVZLUNOLFKW|WHQ"©IUDJWH6XNR $OV$QWZRUWKREHQGLH0lQQHULKUH:DIIHQ 6XNRQLFNWH(VZlUH:DKQVLQQJHZHVHQGLH%HUHWWD]X
]LHKHQXQGVLFKJHJHQGLH/HXWH]XVWHOOHQ9LHOOHLFKWHUJDE VLFKVSlWHUHLQH&KDQFH6XNRXQG6KDRKlWWHQHEHQQLFKWVR YHUWUDXHQVVHOLJVHLQVROOHQ ª0DQZHLGDZLUKLHUVLQG©YHUVXFKWH6XNRHVHLQ OHW]WHV0DO ª+LHUKDW6LHQLHPDQGJHVHKHQ©HUKLHOWHU]XU$QWZRUW ª,KU:DJHQLVWDXFKYHUVFKZXQGHQ© $OVRKDEHLFKPLFKGRFKQLFKWJHWlXVFKWGDFKWH6XNR ª8QGMHW]WKDEHQZLUJHQXJJHUHGHW&KLQHVH'XXQG GHLQH)UHXQGLQZHUGHW]X%DUUDEDVJHKHQ(UIUHXWVLFK EHVWLPPWGDUDXIHXUH%HNDQQWVFKDIW]XPDFKHQ ,FKVFKDXWHPLFKXP (VJDEQXUHLQHQ)OXFKWZHJ'HQ%HUJKLQDXI'LHDQGHUHQ :HJHZXUGHQXQVYRQGHQ/HXWHQDEJHVFKQLWWHQ ,FKIUDJWHGHQ6FKlIHUª1DFKREHQ"© (UKDWWHVHLQH6HQVHJHKROWXQGQLFNWHª-DHVJLEWNHLQH DQGHUH0|JOLFKNHLW© ª:ROLHJWGHQQGLH%XUJ"© ª'HQNVWGXLPPHUQRFKGDUDQ"© ª6LFKHU© ª'XZLUVWVLHYRQGHU%HUJVSLW]HDXVVHKHQN|QQHQ© 'LH9HUIROJHUZDUHQLQ]ZLVFKHQQlKHUJHNRPPHQ 'HXWOLFKK|UWHQZLULKUH6WLPPHQ8QGHVZDUHQEHLOHLEH NHLQH6FKPHLFKHOHLHQGLHVLHXQVDQGLH.|SIHZDUIHQ ª'LHZHUGHQXQVW|WHQZHQQVLHXQVLQGLH+lQGH NULHJHQ©VDJWHGHU6FKlIHU 'HU0HLQXQJZDULFKDXFK 6HOEVWGLHWUlJHQ6FKDIHZXUGHQYRQGHP*HVFKUHLDXIJH VFKUHFNW%O|NHQGYHUOLHHQVLHLKUH:HLGHSOlW]H 'LH+XQGHVSUWHQHEHQIDOOVGLH*HIDKU6LHZDUHQLKUHP +HUUQWUHXH'LHQHUXQGPHUNWHQGXUFKLKUHQ,QVWLQNWGD HWZDVQLFKWVWLPPWH6LHOLHHQGLH+HUGHLP6WLFKXQG VWU]WHQDXIGLH'RUIEHZRKQHU]X
2EZRKOGLH7LHUHQLFKWJHUDGHNOHLQZDUHQKDWWHQVLH JHJHQGLH0HXWHNHLQH&KDQFH $OVGHUHUVWHKRFKVSUDQJEHNDPHUHLQHQ+LHEPLWGHP .QSSHOYROODXIGLH6FKQDX]H:LQVHOQGILHOHU]X%RGHQ 'HQ0HVVHUVWLFKEHUOHEWHHUQLFKW 'HU]ZHLWH+XQGZXUGHWRWJHSUJHOW'LHVHVFKUHFNOLFKHQ 7DWHQKHL]WHQGLH6WLPPXQJGHU0lQQHUQRFKPHKUDQ6LH EHVFKOHXQLJWHQLKUH6FKULWWH(LQLJHZDUHQ]XEHUHLIULJ 6LHUXWVFKWHQZLHGHU]XUFNDOVVLHVLFKDQGLH9HUIROJXQJ PDFKWHQ 5RFFRKDWWHGHQ7RGVHLQHU7LHUHPLWDQVHKHQPVVHQ 7UlQHQJOLW]HUWHQLQVHLQHQ$XJHQ6HLQH+lQGHKDWWHQVLFK XPGHQ6HQVHQJULIIYHUNUDPSIWKDUWWUDWHQGLH.Q|FKHO KHUYRU:HQQHUMHW]WHLQHQGHU0lQQHUYRUVLFKJHKDEW KlWWHGDQQKlWWHHUVLFKHUOLFKHWZDV8QEHUOHJWHVJHWDQ ª'LH'UDFKHQVDDWJHKWDXI©IOVWHUWHHUª'LHVH%HVWLHQ VLQGNHLQH0HQVFKHQPHKU© 'DQQEUOOWHGHUHUVWH6FKX ,FKK|UWHGLH.XJHOSIHLIHQ6LHKLHEXQWHUGHQ5DQGGHV YRUVSULQJHQGHQ'DFKVXQGULGRUWHLQH6FKLQGHOORV'LH ILHO]X%RGHQXQG]HUEUDFK -HW]WZXUGHHVDOOHUK|FKVWH=HLW ª:HJKLHU©]LVFKWHLFK5RFFR]XSDFNWHVHLQHQ$UPXQG ]RJLKQKDUWKHUXP (UQLFNWH*HVFKPHLGLJEHZHJWHHUVLFKDQPLUYRUEHLXQG SDVVLHUWHGLH+WWHXPDQGHUHQ+LQWHUVHLWH]XJHODQJHQ ZRGDV*HOlQGHVWHLODQVWLHJ ,FKGDFKWHDQ6XNRXQG6KDR6LHZDUHQXQWHQLP'RUI JHEOLHEHQXQGLFKIUDJWHPLFKREVLHHVJHVFKDIIWKDWWHQ :DUHQVLHGHQ+lVFKHUQHQWNRPPHQ" ,FKNRQQWHLKQHQMHW]WQLFKWKHOIHQ 5RFFRGHU6FKlIHUZDUKLHULQGHU*HJHQGDXIJHZDFKVHQ XQGHUNDQQWHVLFKDXFKHQWVSUHFKHQGJXWDXV9RUDOOHQ 'LQJHQNRQQWHHUVLFKDP%HUJEHZHJHQ:DVLFKPLW]ZHL 6FKULWWHQPDFKWHVFKDIIWHHUOHLFKWPLWHLQHP
(VZDUNHLQQRUPDOHV*HKHQIUXQVVRQGHUQPHKUHLQ 6WHLJHQ+DOWIDQGHQZLULPPHUDQGHQDXVGHU(UGHUDJHQ GHQ6WHLQHQ0DQFKPDOMHGRFKZDUHQVLHUXWVFKLJXQGQLFKW QXUHLQPDOPXWHLFKDXI+lQGHXQG)HQLHGHUXPPLFK DE]XVWW]HQ =XVlW]OLFKVDXQVQRFKGLH$QJVWLP1DFNHQGDHLQH .XJHOGHQQRFKWUHIIHQN|QQWHGHQQGLH9HUIROJHUKDWWHQHV QLFKWDXIJHJHEHQDXIXQV]XVFKLHHQ +LQXQGZLHGHUGRQQHUWHHLQ*HZHKUDXIGRFKGLH.HUOH KDWWHQNHLQ=LHOZDVVHUJHWUXQNHQGLH.XJHOQODJHQYLHO]X ZHLW ,FKVWUHQJWHPLFKXQJHKHXHUDQ'LH'LVWDQ]]ZLVFKHQXQV XQGGHQ9HUIROJHUQZXUGHJU|HU%LV]XP*LSIHOZDUHV QLFKWPHKUZHLW9LHOOHLFKWQRFK
(LQVFKQHOOHU5XQGEOLFN -DYRUPLUDXIGHUQlFKVWHQ%HUJNXSSHODJGLH%XUJ(V ZDUHQQXUQRFK)UDJPHQWHEULJLFKHUNDQQWHHLQHQ7HLO GHU0DXHUQXQGHLQ6WFN7XUP =ZLVFKHQGHQEHLGHQ%HUJHQEHIDQGVLFKHLQHZHLWH6HQNH GLHLFKGXUFKTXHUHQPXWH ,FKKDWWHNHLQHDQGHUH:DKO'HQ*HGDQNHQHLQHQZHLWHQ %RJHQ]XVFKODJHQXQGPLFKGHP'RUI]XQlKHUQKDWWHLFK VFKQHOOYHUZRUIHQ'DQQZUGHLFKGHQ/HXWHQEHVWLPPWLQ GLH$UPHODXIHQXQGYLHOOHLFKWVDKDOOHVDQGHUVDXVZHQQ LFKGLH5LWWHUYHUQLFKWHWKDWWH ,FKZDUIGHP7RWHQHLQHQOHW]WHQ%OLFN]XXQGPDFKWH PLFKDXIGHQ:HJ (WZDVZDUDQGHUVDOVVRQVW 'DVVSUWHDXFK0\[LQGHU0DJLHU (VZDU7DJXQGHLJHQWOLFKPXWHQGLH5LWWHULQLKUHQ 6lUJHQOLHJHQXQG!VFKODIHQ 6LHUXKWHQ]ZDUDEHUVLHUHJHQHULHUWHQVLFKQLFKW6LHEOLH EHQXQUXKLJ0\[LQK|UWHGDGLH'HFNHOEHZHJWZXUGHQ XQGGLHGDEHLHQWVWHKHQGHQ*HUlXVFKHZLGHUWHQLKQDQ (UNRQQWHHVQLFKWPHKUK|UHQ=XODQJHVFKRQYHJHWLHUWH 0\[LQGDKLQ'LHVH*HUlXVFKHHULQQHUWHQLKQLPPHUGDUDQ GDHUHLQ*HIDQJHQHUZDUREZRKOVHLQH*HJQHULKQQLH GLUHNWDQJULIIHQ6LHQDKPHQLKQNDXP]XU.HQQWQLV'LHVH +LOIORVLJNHLWEUDFKWH0\[LQDQGHQ5DQGGHV:DKQVLQQV $EHUDXFKGLH/XIWIKOWHVLFKDQGHUVDQVLHVFKPHFNWH QLFKWVRZLHVRQVW 0\[LQKDWWH1HUYHQGLHZLHHPSILQGOLFKH$QWHQQHQ UHDJLHUWHQGHVKDOEEHPHUNWHHUVRIRUWGDHWZDVQLFKW VWLPPWH 0DJLHVWU|PWHLQGLHXQWHULUGLVFKHQYRQ3HFKIDFNHOVFKHLQ HUIOOWHQ*HZ|OEHGHUYHUIDOOHQHQ%XUJ6LHEUHLWHWHVLFK EOLW]VFKQHOODXV
(LQHJHIlKUOLFKH0DJLHGLHDXFK0\[LQV)HLQGZDU $VPRGLQD (UVSUWHSO|W]OLFKLKUH1lKHLKUH$OOJHJHQZDUW 6LHPXWHGDVHLQVLHEUDFKWHGLH0DJLHPLW 0\[LQJLQJHLQSDDU6FKULWWHYRUXQGVFKDXWHVLFKXP(U EHIDQGVLFKMHW]WGRUWZRGLH1LVFKHQLQGLH*HZ|OEHZDQG JHKDXHQZDUHQXQGHUNRQQWHGLH6lUJHVHKHQ 6FKDXULJH6]HQHQERWHQVLFKVHLQHQ%OLFNHQ 'DNURFKDXVHLQHP6DUJ]ZLVFKHQ2EHUXQG8QWHUWHLO HLQHZHLJUQH.QRFKHQKDQGXQGEHZHJWHNQDFNHQGGLH *HOHQNHZREHLVLHDOWH6SLQQZHEHQYRP6DUJIHJWH $XVHLQHPDQGHUHQ6DUJGUDQJHLQVFKDXULJHVbFK]HQXQG 6W|KQHQDOVZUGHMHPDQGLQGHQDOOHUOHW]WHQ=JHQOLHJHQ %HLHLQHPZHLWHUHQ6DUNRSKDJEHZHJWHVLFKQXUGHU 'HFNHO(UVFKHXHUWHEHUGHQ5DQGXQGNOHLQH6WHLQH O|VWHQVLFK:LH5HJHQWURSIHQILHOHQVLH]X%RGHQ 'LH5LWWHUZDUHQXQUXKLJDXFKVLHVSUWHQGDKHXWH HWZDVDQGHUVZDUDOVVRQVW 'DQQNQLVWHUWHGLH/XIW6LHEHJDQQ]XWDQ]HQXQG]X IOLUUHQ0\[LQNDQQWHGDV=HLFKHQHUZROOWHZHJGRFKHLQH VWDUNH.UDIWEDQQWHLKQDXIGHU6WHOOH $VPRGLQDHUVFKLHQ 6LHPDWHULDOLVLHUWHVLFKDXVGLHVHPNQLVWHUQGHQ/XIWZLUEHO QDKPIHVWH)RUPHQDQXQGZXUGHYRQHLQHUHLVNDOWHQ 6FK|QKHLWJHSUlJW'DVODQJHIHXHUURWH+DDUILHOZHLWELVDXI GLH6FKXOWHUQ$XVLKUHU6WLUQZXFKVHQ]ZHL+|UQHUGLH $XJHQEOLFNWHQNDOWXQGJQDGHQORV.HLQ)lOWFKHQ]LHUWHGDV *HVLFKWGLHJODWWH+DXWHULQQHUWHDQ0DUPRU6LHWUXJHLQ ODQJHV*HZDQGGDVDXIGHU9RUGHUVHLWHHLQ$EELOGLKUHV 9DWHUV]HLJWH 'HU7HXIHO (UZDUVR]XVHKHQZLHHUVFKRQVHLW-DKUKXQGHUWHQGDU JHVWHOOWZXUGH (LQGUHLHFNLJHV=LHJHQNRSIJHVLFKWPLWDEVWRHQGHQ +|UQHUQDXIGHU6WLUQXQGHLQHPEOHFNHQGHQ*ULQVHQ
$VPRGLQDOlFKHOWHWHXIOLVFKEHYRUVLH0\[LQDQVSUDFK ª'XKDVWHVDOVRJHVFKDIIW"© ª:DVKDEHLFKJHVFKDIIW"© ª'D-RKQ6LQFODLULQGHU1lKHLVW© ª,FKKDEHGDPLWQLFKWV]XWXQ© $VPRGLQDQLFNWHª2GRFKGXNOHLQHUJUQHU:LQ]OLQJ 'XKDVWHWZDVGDPLW]XWXQ+DVWGXLKPQLFKWHLQHQ +LQZHLVJHJHEHQ"+DVWGXQLFKWGHLQH*HGDQNHQDOV%LOG SURML]LHUHQN|QQHQ"© ª9LHOOHLFKW©0\[LQJDEHV]XZHLOHUZXWHGDHVNHLQHQ =ZHFNKDWWH]XOJHQ ª0HLQVWGXGLUGDPLWHLQHQ*HIDOOHQJHWDQ]XKDEHQ"© ª%HVWLPPW© ª6LQFODLUZLUGNRPPHQ©VDJWH$VPRGLQDª(UZLUGGLHVH %XUJEHWUHWHQDEHULFKZHLQLFKWREHUVLHMHPDOVZLHGHU YHUODVVHQNDQQ'DIUVRUJHQPHLQH)UHXQGH© ª'DQQKDVWGXGLH5LWWHU]XUFNJHUXIHQ"© ª$XFK$EHU]XVDPPHQPLW%DUUDEDVGHP'UDFKHQ© ª:HULVWGDV"© $VPRGLQDOLHVLFK]XHLQHU(UNOlUXQJYHUOHLWHQª9RU XQHQGOLFKHU=HLWDOVHVQRFKNDXP0HQVFKHQDXIGLHVHU (UGHJDEGDJDEHVQLFKWQXUGLH*HLVWHUXQG'lPRQHQGLH DXIGHP(UGEDOOHLQHQJQDGHQORVHQ.DPSIDXVIRFKWHQVRQ GHUQDXFKGLH'UDFKHQEUXW6LHKHUUVFKWHLQGLHVHP/DQG PHKUHUH-DKUKXQGHUWHXQGVWDUEQXUODQJVDPDXV$EHUHLQ .HLPLVWJHEOLHEHQXQGGLHVHQ.HLPKDEHLFKYRUNXU]HU =HLWDXIGLH(UGHJHVFKDIIW'LH6DDWZLUGQRFKKHXWHDXIJH KHQXQG]XVDPPHQPLWGHQ5LWWHUQVHLQH0DFKWDXVZHLWHQ GDPLWHVVRZLUGZLHYRUODQJHU=HLW'LH0HQVFKHQLQGHU 1lKHKDEHQGHQ.HLPEHUHLWVJHVSUW6LHVWHOOWHQVLFKDXI VHLQH6HLWHGHQQ%DUUDEDVZLUGNRPPHQ© 0\[LQJODXEWHGHU7HXIHOVWRFKWHU'HQQHUKDWWHLQVHLQHP ODQJHQ/HEHQ]DKOUHLFKH)OFKHXQG3URSKH]HLXQJHQLQ (UIOOXQJJHKHQVHKHQ ,P5HLFKGHU'lPRQHQZDUHVlKQOLFKZLHDXIGHU(UGH
$XFKGRUWJDEHV/lQGHU5HLFKHXQGJHZDOWLJH*HELHWH -HGHV/DQGKDWWHVHLQHHLJHQH*HVFKLFKWHVHLQHQHLJHQHQ +HUUVFKHU0DQIKUWH.ULHJPDQURWWHWHVLFKDXVXQGYHU IOXFKWHGHQDQGHUHQ:HQQGLH=HLWGDQQUHLIZDUJLQJHQGLH )OFKHLQ(UIOOXQJ :LHKLHU ª:RKDW%DUUDEDVVRODQJHJHOHEW"©ZROOWH0\[LQZLVVHQ ª,P1LUJHQGZR]ZLVFKHQGHQ=HLWHQ©HUZLGHUWHVLH ª'RFKQXQLVWHUHUVFKLHQHQ© ª+LHUDXIGHU%XUJ"© ª1HLQXQWHQLP'RUI'LH0HQVFKHQSIOHJHQLKQ6LH ZLVVHQJHQDXZDVVLHLKPVFKXOGLJVLQG© ª$EHUZDVKDWGDVPLWGHQ5LWWHUQ]XWXQ"©ZROOWH0\[LQ ZLVVHQ ª(LJHQWOLFKJDUQLFKWV1XUZLOOLFKGD%DUUDEDVPLWGHQ 5LWWHUQJHPHLQVDPH6DFKHPDFKW=XVDPPHQELOGHQVLHHLQH JHZDOWLJH0DFKWGLHQLHPDQGEUHFKHQNDQQ$XFK-RKQ 6LQFODLUQLFKW© ª8QGZDVJHVFKLHKWPLWPLU"©IUDJWH0\[LQ ª'XEOHLEVWKLHUELV%DUUDEDVNRPPW© ª8QGZHQQHUKLHULVW"© -HW]WODFKWH$VPRGLQDª'DQQZLUGHUGLFKW|WHQ0\[LQ 'XZLUVWHLQIUDOOHPDODXVGHU*HVFKLFKWHYHUVFKZXQGHQ VHLQ'LFKKDWHVHLQIDFKQLFKWJHJHEHQ© 0\[LQVFKDXWHGLH+|OOHQIUVWLQDQ(UNRQ]HQWULHUWHVLFK VDPPHOWHVHLQH.UlIWHGRFKVHLQ3RWHQWLDODQ0DJLHZDU HUVFK|SIW $VPRGLQDODFKWH6LHPHUNWHQDWUOLFKZLH0\[LQVLFK EHPKWHGRFKHUZDU]XU(UIROJORVLJNHLWYHUGDPPW(VZDU QLFKWPHKUGHU0DJLHUZLH]XGHQ=HLWHQGHV6FKZDU]HQ 7RGV 'DVZXWH$VPRGLQD*HUQKlWWHVLH0\[LQGDPDOVDXI LKUH6HLWHJH]RJHQGRFKGHUNOHLQHJUQH:LFKWKDWWHVLFK DQGHUVHQWVFKLHGHQ 8QGGDIUPXWHHUOHLGHQELV]XP7RG
3O|W]OLFKZXUGHQGLH$XJHQGHU7HXIHOVWRFKWHUIHXHUURW 6LHZDQGWHHLQHQVWDUNHQ*HJHQ]DXEHUDQ $XVLKUHQ$XJHQO|VWHQVLFKGLHURWHQ)OHFNHURWLHUWHQXQG ZXUGHQJURZLH:DJHQUlGHU %HLGHZLUEHOWHQDXI0\[LQ]X 'HU0DJLHUNDPQLFKWZHJ1RFKLPPHUEDQQWHLKQGHU =DXEHUDXIGHU6WHOOH 'DQQZXUGHHUHUIDW 'LHIHXULJHQ:DJHQUlGHUVHQNWHQVLFKEHUVHLQHQ.|USHU ZXUGHQ]X6SLUDOHQXQGVFKOHXGHUWHQ0\[LQYRQHLQHU6HLWH ]XUDQGHUHQ (UHUOLWWVFKOLPPH4XDOHQ6HLQ*HVLFKWYHU]HUUWHVLFKGLH $XJHQWUDWHQQRFKZHLWHUDXVGHQ+|KOHQGLH.QLHJDEHQ QDFKXQGGHU0DJLHUEUDFK]XVDPPHQ 9RU$VPRGLQDEOLHEHUOLHJHQ 1RFKLPPHUXPWDQ]WHQGLH6SLUDOHQVHLQHQ.|USHU 9HUlFKWOLFKVFKDXWHGLH7HXIHOVWRFKWHUDXILKQKHUDE$XI HLQHQJHLVWLJHQ%HIHKOKLQO|VWHVLFKGLH6SLUDOH6LHYHU VFKZDQGLQLKUHQ$XJHQ ª1XQ"©IUDJWHVLH 0\[LQJDENHLQH$QWZRUW(UZDUIDVWDP(QGH $VPRGLQDDEHUZDQGWHVLFKGHQ6lUJHQ]X9RUMHGHP EOLHEVLHHLQHQ0RPHQWVWHKHQXQGVFKDXWHLKQDQ6LH VSUDFKGDEHLHLQHILQVWHUH%HVFKZ|UXQJXQGGLHJUDXVDPHQ 5LWWHUHUZDFKWHQDXVLKUHPXQUXKLJHQ6FKODI 6LHHUKREHQVLFKREZRKOHV7DJZDU'LHVFKZHUHQ 6DUNRSKDJGHFNHOZXUGHQKRFKJHKLHYWXQG]XU6HLWH JHVWHOOW'DQQNOHWWHUWHQGLH*HVWDOWHQDXVGHQVWHLQHUQHQ 6lUJHQ =XOHW]WYHUOLH5XIXVVHLQH5XKHVWlWWH 'DVMHGRFKVDK$VPRGLQDQLFKWPHKU6LHKDWWHGDV *HZ|OEHEHUHLWVYHUODVVHQVWDQGLP%XUJKRIXQGEOLFNWH KRFK]XP+LPPHO (UKDWWHVLFKYHUlQGHUW 'XQNOHXQKHLPOLFKDQ]XVHKHQGH:RONHQWULHEHQKHUDQ
EDOOWHQVLFK]XVDPPHQXQGOHJWHQHLQHJHIlKUOLFKH )LQVWHUQLVEHUGLH(UGH 'LH0lFKWHGHU+|OOHIRUPLHUWHQLKUH+LOIVWUXSSHQ ,QGHQ*HZ|OEHQGHUDOWHQ%XUJHUZDFKWHGDVJHVSHQVWL VFKH/HEHQXQGXQWHQLP'RUIZXUGH%DUUDEDVGHU'UDFKH ZLHGHUJHERUHQ 6FKRQEDOGHUIXKUHQ6XNRXQG6KDRZRKLQVLH]XJHKHQ KDWWHQ(LQHUGHU0lQQHUWUDW]XU6HLWH|IIQHWHGLHUHFKWH +lOIWHGHVJURHQ6FKHXQHQWRUV ª'DKLQHLQ©EHIDKO&XWOHU $OV6XNRVLFKQLFKWUHJWHEHJDQQHQGLH+XQGHGURKHQG ]XNQXUUHQ6LHHUKREHQVLFK|IIQHWHQLKUH0lXOHUQRFK ZHLWHUXQGVWUHFNWHQGLHURWHQ=XQJHQKHUYRU 9RUGHQ+XQGHQKDWWH6XNRNHLQH$QJVWVRQGHUQYRUGHQ *HZHKUNXJHOQ'LH.HUOHVDKHQJDQ]VRDXVDOVZUGHQVLH VFKLHHQ 'RFK%DUUDEDVZDUGLHXQEHNDQQWH*U|H :HUZDUHU":DVZDUHU"(LQ'lPRQHLQ8QWLHUHLQ*HLVW" +DWWHQ6XNRXQG6KDREHUKDXSWQRFKHLQH&KDQFHZHQQ VLHHUVWHLQPDOLQGHU6FKHXQHVWHFNWHQ" 'DUDQGDFKWHGHU&KLQHVHXQGHUVXFKWHILHEHUKDIWQDFK HLQHP$XVZHJ ª=XPOHW]WHQ0DO©EHIDKO&XWOHUªJHKWMHW]W© 6XNRKROWHWLHI/XIW'DQQKREHUGHQUHFKWHQ$UPXQG OHJWHLKQ6KDRXPGLH6FKXOWHUª*XW©VDJWHHUªZLU ZHLFKHQGHU*HZDOW©0LWGLHVHQ:RUWHQVHW]WHHUVLFKLQ %HZHJXQJ (UPHUNWHZLH6KDR]LWWHUWH,QLKPEUDQQWHQLFKWQXUGLH 6RUJHXPVHLQH)UHXQGLQVRQGHUQDXFK:XWXQG=RUQZDOO WHQKRFK1LH]XYRUKDWWHHUVLFKVROHLFKWJHJHQVHLQHQ :LOOHQHWZDVEHIHKOHQODVVHQ 'LH+XQGHZLFKHQ]XU6HLWH6LHJLQJHQMHGRFKPLWXQG NQXUUWHQGURKHQG6XNRKDWWHVHLQH%OLFNHEHUDOO-HW]WZR
HUXQG6KDRVLFKLQ%HZHJXQJJHVHW]WKDWWHQZDUGLH $XIPHUNVDPNHLWGHU0lQQHUQLFKWPHKUVRVWDUN 6LHIKOWHQVLFKVLFKHUXQGPDQFKHYRQLKQHQKDWWHQVRJDU LKUH:DIIHQJHVHQNW $XFK.LQJ&XWOHU 1LHUHFKQHWHHUPLWLUJHQGHLQHP:LGHUVWDQGVHLQHU *HIDQJHQHQ 'LHVH&KDQFHZROOWHGHU&KLQHVHXQEHGLQJWDXVQXW]HQ XQGHUKRIIWHGDDXFK6KDRPLWVSLHOWH =ZLVFKHQLKPXQG&XWOHUEHIDQGVLFKQRFKHLQHUGHU +XQGH'HUDQGHUH.|WHUODXHUWHQHEHQ6KDR'HQHUVWHQ PXWH6XNR]XU6HLWHVFKDIIHQ (UNRQ]HQWULHUWHVLFK bXHUOLFKEOLHEHUJHODVVHQMDHUPDFKWHVRJDUHLQHQOHLFKW KLOIORVHQXQGQLHGHUJHVFKODJHQHQ(LQGUXFNGDZDULKP QLFKWVYRQGHU6SDQQXQJDQ]XVHKHQ $EHU6XNRKDWWHLQVHLQHUODQJHQ$XVELOGXQJJHOHUQW EOLW]VFKQHOO]XUHDJLHUHQ 'DULQZDUHUHLQDEVROXWHV$V 8QGGDVZXWHQGLH0lQQHUQLFKW ,Q]ZLVFKHQZDUHQVLHVRQDKHDQGLH6FKHXQHKHUDQJH NRPPHQGD6XNRKLQHLQVFKDXHQNRQQWH 9LHOVDKHUQLFKW =ZLHOLFKW'VWHUQLVDEHUDXFK*HIDKU6LHVSUWH6XNR XQGEHUVHLQHQ5FNHQUDQQHVZLHPLWHLVNDOWHQ)LQJHUQ JH]RJHQ:HQQHUHUVWHLQPDOLQGHU6FKHXQHVWHFNWHZDU HVYRUEHL 'HVKDOEPXWHHUYRUKHUUHDJLHUHQ 1RFKHLQHQ6FKULWW 6XNRGUFNWHVHLQHQ(OOERJHQJHJHQ6KDR(LQ=HLFKHQ GDVVLHNDQQWH 1XQZXWHVLH%HVFKHLG 8QG6XNRKDQGHOWH 6HLQOLQNHV%HLQVFKQHOOWHYRU6RVFKQHOOGDNDXP MHPDQGGLH%HZHJXQJZDKUQHKPHQNRQQWH8QGDXFKGHU
%OXWKXQGQLFKW(UEHNDPGHQ7ULWWYRQGHU6HLWHMDXOWHDXI ZXUGHKRFKJHVFKOHXGHUWXQGIORJJHJHQ.LQJ&XWOHUGHQ $QIKUHUGHU0lQQHU 'HUZDUHEHQIDOOVY|OOLJEHUUDVFKW(UGDFKWHJDUQLFKW GDUDQDE]XGUFNHQDXHUGHPZXUGHHUYRQGHP+XQG EHKLQGHUW'HU.|WHUSUDOOWHJHJHQLKQXQGHLQH6HNXQGH VSlWHUNDP6XNR ª/DXIZHJ©EUOOWHHU6KDR]XGDQQUlXPWHHUPLWHLQHP 5XQGVFKODJGHQQlFKVWHQ*HJQHUYRQGHQ)HQVWU]WH VLFKDXI.LQJ&XWOHU 'RFKGDZDUQRFKGHU]ZHLWH%OXWKXQG:LHHLQ3IHLOIORJ VHLQJHVWUHFNWHU.|USHUGXUFKGLH/XIW 6XNRNRQQWHQLFKWVFKQHOOJHQXJZHJGHU+XQGSUDOOWH LKPLQGHQ5FNHQ 'HU&KLQHVHK|UWHGLH6FKUHLHGHU0HQVFKHQDEHUDXFK GDVGURKHQGH.QXUUHQGHV.|WHUV :HQQHUMHW]WQLFKWUHDJLHUWHZUGHLKPGDV7LHUGLH =lKQHLQGHQ+DOVVFKODJHQ 6XNRNUHLVHOWHKHUXP 'XUFKGLHVH%HZHJXQJZXUGHGHU+XQGYRQVHLQHP 5FNHQJHVFKOHXGHUWXQGSUDOOWH]X%RGHQDEHUVRIRUWZDU HUZLHGHUDQJULIIVEHUHLW'DWUDILKQ6XNRV7ULWW $XIMDXOHQGIORJGHU.|WHUGDYRQEOLHEDXIGHP%RGHQ OLHJHQZLQVHOWHXQGYHUVWXPPWHVFKOLHOLFK 'HQ+LHEVDK6XNRQLFKW(WZDVH[SORGLHUWHSO|W]OLFKLQ VHLQHP1DFNHQHUVDK6WHUQHXQGJLQJLQGLH.QLH 'HU6FKPHU]WREWHGXUFKVHLQHQ.RSI6FKZHUVWW]WH 6XNRVLFKDXI'HU%RGHQZXUGHSO|W]OLFK]XHLQHP :HOOHQPHHUHUVFKZDQNWHKLQXQGKHU 'RFKGLH.UDIWXQGGHU:LOOHGHV&KLQHVHQZDUHQXQJH KHXHU(UVFKWWHOWHGLH/lKPXQJDEXQGDOVVLFKGLH+RUGH DXILKQVWU]WHH[SORGLHUWHHUI|UPOLFK 0LWHLQHPKHLVHUHQ.DPSIVFKUHLDXIGHQ/LSSHQVFKQHOOWH HUKRFKXQGOLHVHLQH)lXVWHIOLHJHQ(UVFKOXJGDEHLQDFK EHLGHQ6HLWHQXQGWUDIDXFK
0lQQHUZXUGHQZHJJHVFKOHXGHUWZLH3XSSHQ6LHILHOHQ ]X%RGHQEUOOWHQXQGVFKULHQ 6XNRNlPSIWHZHLWHU (UVDKGHQHUVWHQ+XQG 6HLQH+DQGNDQWHVLFKHOWHQDFKXQWHQ 'DV7LHUEOLHEOLHJHQ (VZDUQXUJXWGDQLHPDQGGDUDQGDFKWH]XVFKLHHQ 6LHZROOWHQ6XNRZDKUVFKHLQOLFKOHEHQGKDEHQGHQQHLQHU .XJHOKlWWHHUQLFKWDXVZHLFKHQN|QQHQ'LHOHW]WH$NWLRQ KDWWHLKPDOOHUGLQJVHLQZHQLJ/XIWYHUVFKDIIW 6XNRVFKDXWHVLFKQDFK6KDRXP :RVWHFNWHVLH" 'LH&KLQHVLQZDUQLUJHQGZR]XVHKHQ+DWWHVLHHVWDW VlFKOLFKJHVFKDIIWGHU0HXWH]XHQWNRPPHQ" 6XNRNRQQWHVLFKNHLQHZHLWHUHQ*HGDQNHQPHKUGDUEHU PDFKHQGHQQGLH]ZHLWH$QJULIIVZHOOHUROOWHDXILKQ]X 'LHVPDONDPHQVLHYRQDOOHQ6HLWHQXQG6XNRGDFKWHGDU EHUQDFKREHUVHLQH:DIIH]LHKHQVROOWH(UOLHHVDEHU EOHLEHQHLQH6FKLHHUHLKlWWHNHLQHPJHKROIHQ 6KDRZDUMHGHQIDOOVYHUVFKZXQGHQ8QGGDV]lKOWH 'HU&KLQHVHZDUIVLFKVHLQHQ*HJQHUQHQWJHJHQ(UVHW]WH VHLQH.DUDWHNHQQWQLVVHHLQXQGYHUVFKDIIWHVLFK/XIW'LH 0lQQHUSXU]HOWHQGXUFKHLQDQGHU=ZHLEOLHEHQQHEHQGHQ +XQGHQOLHJHQXQGVFKQDSSWHQQDFK/XIW 'DQQDEHUVFKOHXGHUWH.LQJ&XWOHUVHLQH:DIIH6XNR NRQQWHQLFKWPHKUDXVZHLFKHQ'HUVFKZHUH*HZHKUNROEHQ WUDILKQLQGHQ5FNHQVWLHLKQQDFKYRUQXQGDOV6XNRIU ZHQLJH+HU]VFKOlJHGHFNXQJVORVZDUVFKOXJMHPDQGPLW GHP*HZHKUODXI]X (UWUDIGHQ&KLQHVHQDQGHU6WLUQ 3O|W]OLFKJLQJIU6XNRGLH:HOWXQWHU (UZROOWHVLFKQRFKDXIUDIIHQGRFKGHU+LHEKDWWHLKQ SDUDO\VLHUW6XNREUDFK]XVDPPHQ0LWGHP*HVLFKW]XHUVW ILHOHULQGHQ6WDXE .HXFKHQGELOGHWHQGLH0lQQHUHLQHQ.UHLV=ZHLYRQ
LKQHQKRFNWHQQRFKLPPHUDP%RGHQXQGIOXFKWHQZLOG $OOHKDWWHQVLFKGLH$XIJDEHOHLFKWHUYRUJHVWHOOW .LQJ&XWOHUVWLH6XNRPLWGHP*HZHKUODXIDQ 'HU&KLQHVHUKUWHVLFKQLFKW ª,VWHUWRW"©IUDJWHMHPDQG ª1HLQQXUEHZXWORV© ª'DQQZLUGHU%DUUDEDVQRFKVHKHQN|QQHQ© &XWOHUQLFNWHª8QGZLHHULKQVHKHQZLUG/RVSDFNWLKQ XQGGDQQLQGLH6FKHXQHPLWLKP© 9LHU0lQQHUEHNDPHQ6XNRQLFKWKRFK6LHVFKOHLIWHQLKQ DQGHQ.DGDYHUQGHU+XQGHYRUEHLLQGLH6FKHXQHKLQHLQ $OVVLH]XUFNNHKUWHQQLFNWH.LQJ&XWOHULKQHQ]Xª,KU ZLWZDVLKU]XWXQKDEW"©IUDJWHHU (LQVWLHUQDFNLJHU0DQQDQWZRUWHWHª-DZLUZHUGHQXQV GLH&KLQHVLQKROHQ© 6KDRKDWWHJHVHKHQZLH6XNRGHQHUVWHQ$QJULII]XUFN VFKOXJXQGVLHKDWWHDXFKVHLQH:RUWHYHUQRPPHQ 6ROOWHVLHZLUNOLFKIOLHKHQ" 6LH]|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
'LH6FKUHLHGHU.lPSIHQGHQZXUGHQOHLVHUEOLHEHQ ]XUFN'LH&KLQHVLQUDQQWHGXUFKGLH.XUYHXQGHQW]RJ VLFKGHU6LFKWLKUHU+lVFKHU $EHUZRVROOWHVLHKLQ" 6LHOLHIODQJVDPHUVXFKWHQDFKHLQHP9HUVWHFN1RFKZDU GLH*DVVHOHHUQRFKKDWWHQVLFKNHLQHZHLWHUHQ9HUIROJHUIRU PLHUWGRFKODQJHNRQQWHHVQLFKWGDXHUQELVPDQDXFKGLH UHVWOLFKHQ(LQZRKQHUPRELOLVLHUWKDWWH 'DQQKDWWHVLH*OFN $XIGHUOLQNHQ6HLWHZXUGHGLH7UHLQHVVFKPDOHQ+DXVHV DXIJH]RJHQXQGHLQMXQJHV0lGFKHQHUVFKLHQ ª0LVV©ULHIVLH 6KDRGUHKWHGHQ.RSI 'DVIUHPGH*LUOZLQNWHPLWGHP=HLJHILQJHUª.RPPHQ 6LH5DVFKEHHLOHQ6LHVLFK© 6KDRGDFKWHQLFKWODQJHQDFKVRQGHUQQDKPGLH&KDQFH ZDKU:HQQHVHLQH)DOOHZDUKDWWHVLH3HFKJHKDEW:DV NRQQWHVLHVFKRQYHUOLHUHQ" 6LHGUFNWHVLFKDQGHP0lGFKHQYRUEHLXQGKXVFKWHLQV +DXV ,KUH+HOIHULQZDUIGLH7UVRIRUW]XXQGYHUULHJHOWHVLH 6KDROHKQWHVLFKDQGLH:DQGª'DQNH©NHXFKWHVLH ª9LHOHQ'DQN© 'DV*LUOZLQNWHDEª%HGDQNHQN|QQHQ6LHVLFKVSlWHU .RPPHQ6LHHUVWHLQPDOPLW© 'LH5lXPHLQGHP+DXVZDUHQQLFKWQXUNOHLQVRQGHUQ VFKRQZLQ]LJ6KDREHWUDWHLQHQ:RKQUDXPLQGHPHLQDOWHU 2IHQVWDQGGUHLJHSROVWHUWH6WKOHHLQ7LVFKXQGHLQ 6FKUDQN'XUFKGDVVFKPDOH)HQVWHUVFKDXWHVLHDXIHLQHQ NOHLQHQ*DUWHQ 6LHQDKP3ODW] ,KUH+HOIHULQVHW]WHVLFKJHJHQEHU ª,FKKHLHEULJHQV6KDR©VDJWHGLH&KLQHVLQ ª,FKELQ'LDQD5HGIRUG'XNDQQVWPLFK'LDQDQHQQHQ© ª2ND\©
'LDQDVDK]ZDUQLFKWDXVZLHHLQ0DQQHTXLQGRFKGXUFK LKUURWHVORFNLJHV+DDUZLUNWHVLHLUJHQGZLHIULVFK=XGHP ZXFKVHQ]DKOUHLFKH6RPPHUVSURVVHQDXILKUHP*HVLFKW6LH WUXJ-HDQVHLQZROOHQHV+HPGXQGHLQH:HVWHGDUEHU ª:RKQVWGXDOOHLQKLHU"©IUDJWH6KDR ª1HLQ© ,Q6KDRV$XJHQEOLW]WHHV 'LDQD5HGIRUGODFKWHª.HLQH$QJVW1XUPHLQH0XWWHULVW QRFKLP+DXV8QGGLHOLHJWLP%HWW(VJHKWLKUQLFKWJXW =XGHPLVWVLHVFKZHUK|ULJ© 6KDRDWPHWHDXI ª0|FKWHVWGXHWZDVWULQNHQ"© 6KDRQLFNWHª9LHOOHLFKWHLQHQ6FKOXFN:DVVHU© ª2ND\KROHLFKGLU©'LDQD5HGIRUGHUKREVLFKXQGYHU VFKZDQG 'LH&KLQHVLQZDUWHWH6LHVWDQGDXIXQGJLQJ]XP)HQVWHU 'HU*DUWHQZDUJU|HUDOVGDV+DXVXQGZXUGHYRQHLQHP /DWWHQ]DXQEHJUHQ]W'DKLQWHUVDKVLHHLQ)HOG 9RQLKUHQ9HUIROJHUQHQWGHFNWHVLHNHLQHQ+HPG]LSIHO 6KDRDWPHWHDXI 'LDQD5HGIRUGNDP]XUFN6LHKDWWHQLFKWQXU:DVVHU JHKROWVRQGHUQDXFK7HH6KDRHQWVFKLHGVLFKIUGDVEH OHEHQGH*HWUlQN $XFK'LDQDWUDQN 'DQQVWHOOWH6KDRGLH)UDJHGLHLKUEHUHLWVVHLWGHP(LQWULWW DXIGHP+HU]HQEUDQQWHª:DUXPKDVWGXGDVIUPLFK JHWDQ"© 'DVURWKDDULJH*LUOVWHOOWHVHLQH7HHWDVVHZHJXQGVFKDXWH GLH&KLQHVLQHUQVWDQª,FKZLOOHVGLUVDJHQ2EZRKOLFKKLHU DXIJHZDFKVHQELQKDELFKPLFKYRQGHQ'RUIEHZRKQHUQ GLVWDQ]LHUW8QGGDVQLFKWQXUVR$XFKVLHKDEHQPLFK DXVJHVWRHQLFKELQVHLW-DKUHQ/XIWIUVLHZHLOLFK PLFKPLWHLQHPMXQJHQ0DQQHLQJHODVVHQKDEH© ª,VWGDVGHQQVRVFKOLPP"© 'LDQDODFKWHELWWHUª+LHUVFKRQGHQQGHUMXQJH0DQQ
JHK|UWHDXFKQLFKW]XU*HPHLQVFKDIW(VLVW5RFFRGHU 6FKlIHU© -HW]WZXUGH6KDRHLQLJHVNODU6LHHU]lKOWHGHP0lGFKHQ GDVLHEHUKDXSWQXUZHJHQ5RFFRKHUJHNRPPHQZDUHQ ZHLOHUHLQH$XVVDJHDOV=HXJHDEJHEHQVROOWH ª'HVKDOEKDEWLKUGDV'RUIJHJHQHXFK©PXUPHOWH'LDQD ª,FKKlWWHHVPLUGHQNHQN|QQHQ© ª:DUXPVLQGGLH0HQVFKHQVRNRPLVFK"©IUDJWH6KDR ª'DVKlQJWPLW%DUUDEDV]XVDPPHQ© ª:HULVWGDV"© 'LDQDKREGLH6FKXOWHUQª,FKZHLHVQLFKWLFKKDEHLKQ QLH]X*HVLFKWEHNRPPHQ© ª$EHUGXKDVWGRFKYRQLKPJHK|UW© ª'DVMD© ª:DVVSULFKWPDQGDQQYRQLKP"© ª6FKOLPPH'LQJH6RYLHOLFKZHLVROOGLHDOWH 'UDFKHQOHJHQGH:DKUKHLWZHUGHQ© ª:DVLVWGDVQXQVFKRQZLHGHU"© ª'XZHLWYLHOOHLFKWGD6FKRWWODQGXQG,UODQGGLH /lQGHUVLQGGLHGLHPHLVWHQ6DJHQXQG/HJHQGHQEHVLW]HQ 9LHOH0HQVFKHQJODXEHQGDUDQVLHVLQGEHU]HXJWGDYRQ GDEHUVLQQOLFKH.UlIWHLQLKU/HEHQHLQJUHLIHQ6RLVWHV DXFKPLWGHU'UDFKHQ6DJD9RUXQHQGOLFKODQJHU=HLWVROOHQ KLHULQGLHVHP*HELHWULHVLJH'UDFKHQJHKDXVWKDEHQ6LH KDEHQ.lPSIHJHIKUWXQGVLFKJHJHQLKUH)HLQGHYLHOH -DKUKXQGHUWHODQJEHKDXSWHW'RFKLUJHQGZDQQVLQGVLH DXVJHVWRUEHQ%LVDXIHLQHQGHUVROO]XUFNNRPPHQ© ª(ULVW]XUFNJHNRPPHQ©VDJWH6KDR 'LDQDQLFNWHª-D9RUNXU]HPIDQGHLQ(UHLJQLVVWDWWGDV LFKDXVGHU)HUQHPLWDQJHVHKHQKDEH,FKEHIDQGPLFK GDPDOVEHL5RFFRDXIGHU+WWHhEHUGHP'RUIKLQJSO|W] OLFKHLQHJOKHQGH*ORFNH1XUIU6HNXQGHQZLUK|UWHQHLQ JHOOHQGHV3IHLIHQGDQDFKHUW|QWHHLQ'RQQHUVFKODJGDQQ ZDUHVZLHGHUUXKLJ+LQWHUKHUZDUHQGLH0HQVFKHQYHU lQGHUW6LHVSUDFKHQQXUQRFKYRQ%DUUDEDV©
ª8QGZDVLVWPLWGHQ5LWWHUQ"©ZROOWH6KDRZLVVHQ ª'DVLVWZLHGHUXPHLQHDQGHUH*HVFKLFKWH,QZHOFKHP =XVDPPHQKDQJGDV$XIWDXFKHQGHU5LWWHUPLWGHU*HEXUW GHV'UDFKHQVWHKWLVWPLUQLFKWEHNDQQW(VPXMHGRFKHLQH 9HUELQGXQJJHEHQGHQQGLH5LWWHUVLQG]XPJOHLFKHQ =HLWSXQNWHUVFKLHQHQ© ª9LHOOHLFKWEHNRPPHQZLUGDVQRFKKHUDXV© ª'DQQZLOOVWGXQLFKWIOLHKHQ"©'LDQDZDUHUVWDXQW ª1HLQLFKEOHLEHKLHU$XHUGHPZHLLFKQLFKWZDVPLW PHLQHP)UHXQGLVW(ULVWZDKUVFKHLQOLFKJHIDQJHQJHQRP PHQZRUGHQXQGLFKPXLKQEHIUHLHQ© ª:HQQ%DUUDEDVLKQLQVHLQHU*HZDOWKDWGDQQLVWGDV ]ZHFNORV©VDJWH'LDQD ª6ROHLFKWJHEHLFKQLFKWDXI©6KDRILHOQRFKHWZDVHLQ ª:DUXPVLHKWPDQKLHUNHLQH.LQGHU"© 'LDQD5HGIRUGVHQNWHGHQ.RSIXQGVWDUUWHDXIGLH 7LVFKSODWWHª'DVLVWHLQHVHKUE|VH*HVFKLFKWH©HUZLGHUWH VLHOHLVH ª(U]lKOHVLHWURW]GHP©EDW6KDR ª'LH.LQGHUVLQGYHUVWHFNWZRUGHQ©EHULFKWHWHGDV URWKDDULJH*LUOª'HQQGLH*HVFKLFKWHEHVDJWGDGHU 'UDFKHVLFKVHLQH.UDIWDXVGHQ6HHOHQGHU.LQGHUKROW© 6KDRZXUGHEODª:LUNOLFK"© ª-D© ª$EHUGDVLVWMDJUDXHQKDIW© ª:LUN|QQHQQXUKRIIHQGDGLH.LQGHUZHLWHUKLQLQGHQ 9HUVWHFNHQEOHLEHQXQGQLFKWHLQPDOGDVLQGVLHVLFKHU© ª8QGGXELVWGLUKXQGHUWSUR]HQWLJVLFKHUGDGHU'UDFKH H[LVWLHUW"©KDNWH6KDRQRFKHLQPDOQDFK 'LDQDQLFNWH ª$EHUZDVNDQQPDQWXQ"©6KDREUHLWHWHGLH$UPHDXV ª1LFKWV© ª'DUDQJODXEHLFKQLFKW© 'LDQDKREGHQ%OLFN6KDRVDKGDVLHJUQEODXH$XJHQ KDWWHª'XOHEVWLQGHU6WDGWXQGGXNRPPVWQLFKWDXV
GLHVHU*HJHQG+LHUOlXIWGLH=HLWDQGHUVDOVLQ/RQGRQ RGHU*ODVJRZ© ª-DGDVVWLPPW©3O|W]OLFKKRUFKWH6KDRDXI6LHKDWWHQ 6WLPPHQYHUQRPPHQ 0lQQHUVWLPPHQ 'LH9HUIROJHUNDPHQ 'LDQD5HGIRUGVWDQGDXIª6FKQHOOGXPXWGLFKYHU VWHFNHQ6LHZHUGHQGLH+lXVHUGXUFKVXFKHQ© ª8QGZR"© ª,P.HOOHU© ª$EHUGD© 'LDQDIDWH6KDRDP$UPª5HGHQLFKWNRPPPLW©6LH ]RJGLH&KLQHVLQDXVGHP=LPPHULQGLHZLQ]LJH'LHOH ZDQGWHVLFKQDFKOLQNVXQGVWDQGVFKRQYRUGHU.HOOHUWU 6LHTXLHWVFKWHHUElUPOLFKDOV'LDQDVLHDXI]RJ /LFKWJDEHVQLFKWGDIUVWDQGDXIHLQHPNOHLQHQ5HJDO HLQHGLFNH.HU]H'LDQDEHVD6WUHLFKK|O]HUXQG]QGHWH GHQ'RFKWDQ 'LH)ODPPHIODFNHUWHHLQZHQLJIDQGGDQQ1DKUXQJXQG EUDQQWHUXKLJ 6KDRXQG'LDQDVWLHJHQHLQHDOWH+RO]WUHSSHKLQXQWHU 'LH6WXIHQERJHQVLFKGXUFKXQGNQDUUWHQHUElUPOLFK'DV *HOlQGHUKLQJQXUQRFKORVHLQGHU+DOWHUXQJ 6SlWHUPXWH6KDRGHQ.RSIHLQ]LHKHQVRQLHGULJZDUGLH 'HFNHJHEDXW'LH&KLQHVLQZXUGH]XHLQHP9HUVFKODJ JHIKUW(VZDUQLFKWPHKUDOVHLQKIWKRKHV/RFKLQGHU :DQGXQG6KDRPXWHGRUWKLQHLQNULHFKHQ ª'DEOHLEVWGX©VDJWH'LDQD 'LH&KLQHVLQQLFNWH$XIHLQPDOKDWWHVLH$QJVW,KU+HU] NORSIWHREHQLP+DOV ª+LHUILQGHQVLHGLFKQLFKW©IOVWHUWHGDVURWKDDULJH*LUO ª,FKVWHOOHHLQH.RPPRGHYRU© 6LHJDE6KDRGLH.HU]HXQGOLHDXFKGLH6WUHLFKK|O]HU ]XUFN'DQQVFKREVLHGLH.RPPRGHYRUGLHgIIQXQJ 6KDREOLHVGLH.HU]HDXV
6WRFNILQVWHUZXUGHHVXPVLHKHUXP ª9LHO*OFN©ULHI'LDQD5HGIRUGQRFKEHYRUVLHQDFK REHQYHUVFKZDQG 6KDRK|UWHLKUH6FKULWWHDXIGHU7UHSSH,PQlFKVWHQ $XJHQEOLFNKlPPHUWHQVFKRQVFKZHUH)lXVWHJHJHQGLH (LQJDQJVWUGHV+DXVHV 'XPSIGU|KQWHQVLHELVLQGHQ.HOOHU 6KDRKDWWHVLFKWLHILQGHQ9HUVFKODJYHUNURFKHQ6LHVD DXIGHPNDOWHQ%RGHQ0LWLKUHP5FNHQOHKQWHVLHDPUDX KHQ6WHLQ6LHKRIIWHQXUGDGLH0lQQHUVLHZLUNOLFKQLFKW IDQGHQGHQQGDQQZDUDOOHVDXV 2EHQ|IIQHWH'LDQDGLH7U 'LH0lQQHUGUDQJHQLQV+DXV 6KDRYHUQDKPVFKZHUH6FKULWWHXQGVLHHUNDQQWHDXFKGLH 6WLPPHYRQ&XWOHU ª:RLVWGDV:HLE"©EUOOWHHU 'LH$QWZRUWNRQQWH6KDRQLFKWK|UHQVLHYHUQDKPGDIU MHGRFKHLQHQODXWHQ6FKUHL ª/JQLFKW© 6KDREDOOWHLQLKUHP*HIlQJQLVGLH+lQGH6LHDKQWHZDV GRUWREHQYRUVLFKJLQJ 'LH.HUOHYHUVXFKWHQPLW*HZDOWGHQ$XIHQWKDOWVRUWGHU )UHPGHQDXV'LDQDKHUDXV]XSUHVVHQ :HQQ'LDQD5HGIRUGMHW]WHWZDVYHUULHWNRQQWHLKU6KDR GDVQLFKWHLQPDOEHOQHKPHQ 6LHVDJWHQLFKWV 'DIUSROWHUWHQVFKZHUH6FKULWWHGXUFKGDV+DXVXQGGLH 0lQQHUNDPHQDXFKLQGHQ.HOOHU ª9HUGDPPWZRLVWGHQQ/LFKW"© ª(VJLEWNHLQV©DQWZRUWHWH'LDQD ª+ROHLQH.HU]H© 6KDRV+HU]VFKOXJVFKQHOOHU2EZRKOPDQVLHEHVWLPPW QLFKWK|UHQNRQQWHKLHOWVLHGHQ$WHPDQ 'LH0lQQHUVXFKWHQGHQ.HOOHUDE6FKULWWIU6FKULWW QlKHUWHQVLHVLFKGHP9HUVWHFNGHV0lGFKHQV'LH&KLQHVLQ
]LWWHUWHYRU$QJVW(LQHUGHU.HUOHNDPGLFKWDQLKU9HUVWHFN KHUDQXQGWUDWVRJDUQRFKJHJHQGLH.RPPRGH 'DV*HUlXVFKOLH6KDR]XVDPPHQ]XFNHQ :HQQGHU0DQQMHW]WGLH.RPPRGHZHJ]RJ (UWDWHVQLFKW (VZXUGHQ]ZDUDQGHUH7UHQDXIJHULVVHQGRFKDXIGHQ *HGDQNHQGLH.RPPRGH]XU6HLWH]XUFNHQNDPQLH PDQG ª6RGX:LOGNDW]H©K|UWH6KDR&XWOHUV6WLPPHª'LFK QHKPHQZLUHUVWPDOPLW© ª1HLQ1HLQ©NUHLVFKWH'LDQDª,FKPXEHLPHLQHU 0XWWHUEOHLEHQ6LHLVWNUDQN© ª8QVLQQGLH$OWHZLUGMDPDOHLQSDDU7DJHRKQHGLFK ]XUHFKWNRPPHQRKQHJOHLFK]XVWHUEHQ© ª,KU%HVWLHQLKUYHUGDPPWHQ+XQGH© 'LH0lQQHUODFKWHQQXU 6KDRK|UWHLKUH6FKULWWHDXIGHU.HOOHUWUHSSH:HQLJVSlWHU ZXUGHGLH7ULQV6FKORJHUDPPWGDQQZDUHVVWLOO 'LH&KLQHVLQZHLQWHYRU(UOHLFKWHUXQJ6LHKDWWHPDQQLFKW HQWGHFNWDEHUZDVJHVFKDKPLW'LDQD" ,FKOLHIGXUFKGLH6HQNH,Q:HVWHUQILOPHQKDWWHLFKJH VHKHQGD,QGLDQHUHLQHQ/DXIEHKHUUVFKWHQGHUPHKU HLQHP7UDEJOLFK'DVYHUVXFKWHLFKDXFK (LQH:HLOHVFKDIIWHLFKHVGDQQDEHUPXWHLFKZLHGHU Y|OOLJQRUPDOJHKHQ 2IWGUHKWHLFKPLFKXP 0HLQH9HUIROJHUKDWWHQOlQJVWGHQ%HUJJLSIHOHUUHLFKWZR GHUWRWH5RFFRODJ$EHUVLHGDFKWHQQLFKWGDUDQZHLWHUKLQ KLQWHUPLUKHU]XODXIHQ 6LHEOLHEHQ]XUFN ,FKDWPHWHDXIXQGJLQJIUHLQH:HLOHLP6FKULWWHPSR ZHLWHU0HLQ=LHOKDWWHLFKNODUXQGGHXWOLFKYRU$XJHQ 'LH%XUJ
'URKHQGKREHQVLFKGLHYHUIDOOHQHQ*HPlXHUYRQGHU %HUJVSLW]HDE6FKRQDXVGLHVHU(QWIHUQXQJVDKGLH%XUJ LUJHQGZLHXQKHLPOLFKDXV*HQDXGHUULFKWLJH8QWHUVFKOXSI IUGLHXQWRWHQ5LWWHU 0DQFKPDOKDWWHLFKGDV*HIKOPHLQHP=LHONDXPQlKHU ]XNRPPHQ:DVYRQGHU%HUJVSLW]HQDKDXVJHVHKHQKDWWH HUZLHVVLFKDOVYHUIOL[WODQJH:HJVWUHFNH *HUDGHLQGHQ%HUJHQN|QQHQ(QWIHUQXQJHQWlXVFKHQ ,FKlQGHUWHPHLQ7HPSRXQGOLHIZLHGHUVFKQHOOHU,QGHU 6HQNHZXFKVVDIWLJHUHV*UDVDOVDQGHQ%HUJKlQJHQ'LFKW XQWHUKDOEGHU%XUJYHUVFKZDQGGLHSSLJHUH9HJHWDWLRQ ZLHGHU ,FKVDKHLQHQVFKPDOHQ3IDGGHUVLFKLQ6FKODQJHQOLQLHQ KRFK]XU%XUJVFKOlQJHOWH 'DVZDUZRKOGHUEHVWH$XIVWLHJ 6RIRUWlQGHUWHLFKGLH5LFKWXQJXQGOLHIDXIGLUHNWHP :HJHGHP3IDGHQWJHJHQ'HUOHW]WH%HUJUFNHQODJMHW]W OLQNVYRQPLU9RQGHQ9HUIROJHUQZDUQLFKWVPHKU]XVHKHQ $XVQDKPVORVKDWWHQVLHVLFK]XUFNJH]RJHQ'DEHLKRIIWH LFKVWDUNGDVLHGLH/HLFKHGHV6FKlIHUVPLWJHQRPPHQ KDWWHQ (LQHJURH)UDJHEOLHERIIHQ:DUXPKDWWHQGLH0HQVFKHQ GLH9HUIROJXQJDEJHEURFKHQ"+DWWHQVLH$QJVWGLH%XUJ]X EHWUHWHQZDVYHUVWlQGOLFKZDURGHUJODXEWHQVLHGDUDQ GDLFKVRZLHVRNHLQH&KDQFHJHJHQGLH5LWWHUKDWWH" ,FKQDKPHKHUGDVOHW]WHUHDQ 8QGZLHPRFKWHHV6XNRXQG6KDRZRKOHUJHKHQ"+DWWHQ VLHHVWURW]DOOHU:LGULJNHLWHQJHVFKDIIWDXVGHP2UW]X NRPPHQ" 7UEH*HGDQNHQIUZDKUGRFKLFKGXUIWHPLFKGXUFKVLH QLFKWYRQPHLQHPHLJHQWOLFKHQ=LHODEEULQJHQODVVHQ 9RQGHQ%HUJHQILHOGHU:LQGLQGLH6HQNH(UWUDIPLFK ZKOWHPHLQ+DDUGXUFKXQGLFKVWHOOWHIHVWGDHVPHUN OLFKNKOHUJHZRUGHQZDU (LQUHJHOUHFKWHU7HPSHUDWXUVWXU]KDWWHVWDWWJHIXQGHQ
,FKEOLHEVWHKHQXQGVFKDXWHPLFKXP'DEHLIORJPHLQ %OLFNDXFK]XP+LPPHOKRFKXQG]XPHUVWHQPDOVDKLFK GLHGXQNOHQGURKHQGHQ:RONHQGLHVLFKGRUWREHQDP )LUPDPHQW]XVDPPHQJHEDOOWKDWWHQXQGGLUHNWEHUGHU %XUJVFKZHEWHQ 6HOWVDP 1RUPDOHUZHLVHKlWWHGHU:LQGGLH:RONHQZHLWHUWUHLEHQ PVVHQDEHUGDVZDUQLFKWGHU)DOO6LHEOLHEHQEHUGHU %XUJVWHKHQYHUGLFKWHWHQVLFKXQGEUDFKWHQGLH'XQNHO KHLWPLW 'lPPHUXQJPLWWHQDP7DJ 'DVWLPPWHHWZDVQLFKW+lWWHHLQ*HZLWWHULQGHU/XIW JHOHJHQVRJlEHHVIUGLHVHV3KlQRPHQHLQHQDWUOLFKH (UNOlUXQJ6RDOOHUGLQJVJODXEWHLFKQLFKWDQHLQ1DWXU HUHLJQLV'LHVH:RONHQEDQNKDWWHHLQHQPDJLVFKHQ8U VSUXQJ ,FKHUUHLFKWHGHQ:HJ -HW]WNRQQWHLFKLQGLUHNWHU/LQLHDXIGLH%XUJVFKDXHQGLH ZLHGDVVFKDXULJH6WDQGIRWRDXVHLQHP+RUURUILOPDXVVDK 'LH:RONHQWREWHQVLFKGRUWREHQEHUGHU]HUIDOOHQHQ %XUJDXV6LHZRJWHQKLQXQGKHUHLQVFKDUIHU:LQGVRUJWH IULPPHUQHXHXQKHLPOLFKH)LJXUHQXQGIXKUUDXVFKHQGLQ GLH6HQNHZRHUPLWXQVLFKWEDUHQ+lQGHQDQPHLQHU .OHLGXQJ]HUUWH 8PGLH%XUJ]XHUUHLFKHQPXWHLFKPLFKJHJHQGHQ :LQGDQVWHPPHQ(UELLQGLH$XJHQVFKRQEDOGVFKZDP PHQVLHLQ7UlQHQ6WDXEZXUGHKRFKJHZLUEHOWDXFK *UDVVRGHQUROOWHQEHUGHQ:HJXQGGLHNDUJHQ=ZHLJHGHU %VFKHEHXJWHQVLFKYRUGHU*HZDOWGHU1DWXU $OOHUGLQJVZDUGHU:LQGQLHVRVWDUNDOVGDLFKKlWWHDXI JHEHQPVVHQ,FKNDP]LHPOLFKJXWYRUDQQXUNRVWHWHMHGHU 6FKULWWZHVHQWOLFKPHKU.UDIWDOVQRUPDO 0LUEOLHEHQDXFKQLFKWGLH+XIHLQGUFNHLP%RGHQYHU ERUJHQ+LHUDOVRULWWHQGLHXQKHLPOLFKHQ5LWWHULPPHUKHU ZHQQVLHYRQLKUHQ5DXE]JHQ]XUFNNHKUWHQ
=ZLVFKHQGHQGXQNOHQ:RONHQOHXFKWHWHKLQXQGZLHGHU HLQVFKZHIHOJHOEHU6FKHLQDOVZUGHHLQ*HZLWWHUGLFKW EHYRUVWHKHQ:DKUVFKHLQOLFKZDUHVDXFKEDOGVRZHLWXQG GLHHUVWHQ%OLW]HZUGHQGHP%RGHQHQWJHJHQIDKUHQZLHGLH 3IHLOH]RUQLJHU*|WWHU ,FKVFKULWWXQEHLUUWZHLWHUXQGGLH%XUJUFNWHQlKHUXQG QlKHU6FKRQEDOGHUNDQQWHLFK(LQ]HOKHLWHQ,FKVDKGLH /|FKHULQGHU%XUJPDXHUGLHYRQ.DQRQHQNXJHOQKHUUKU WHQ'LH6WHLQHZDUHQ]XP7HLOEHUHLQDQGHUJHIDOOHQXQG ELOGHWHQIUMHGHQ$QN|PPOLQJJURH+LQGHUQLVVH(LQLJH 7HLOHGHU%XUJPDXHUZDUHQDOOHUGLQJVQRFKKHLOJHEOLHEHQ VLHKDWWHQGHU1DWXUXQGDXFKGHQ$QJULIIHQIUHPGHU+HHUH JHWURW]W 1RFKHLQHKDOEH6WXQGH)XPDUVFKGDQQNRQQWHLFKGLH %XUJEHWUHWHQ +LHUREHQSILIIGHU:LQGQRFKVWlUNHU'LH:RONHQWREWHQ VRGLFKWEHUPHLQHQ.RSIKLQZHJGDLFKGDV*HIKOKDWWH QDFKLKQHQJUHLIHQ]XN|QQHQ $OVODQJH6SLUDOHQZXUGHQVLHYRP:LQGLQGHQ,QQHQKRI GHU%XUJJHGUHKW6WDXEIORJKRFK ,FKNOHWWHUWHEHUHLQHNOHLQH0DXHUKLQZHJ'LH6WHLQH KDWWHQOlQJVWLKUHXUVSUQJOLFKH6WlUNHYHUORUHQ0LWGHU +DQGNRQQWHLFKGLHREHUVWHQDXVGHP9HUEXQGEUHFKHQ 0RRVXQG5DQNHQKDWWHQVLFKLQGHQ1DKWVWHOOHQIHVW JHVHW]W.ULHFKWLHUHNUDEEHOWHQHUVFKUHFNWGDYRQDOVVLH PHLQHQ)XEHUVLFKVDKHQ ,FKEHWUDWGHQ%XUJKRI /DQJVDPVFKZHLIWHPHLQ%OLFNLQGLH5XQGH 1LFKWQXUGHU7XUPZDUHLQJHVWU]WVRQGHUQDXFKGDV JURH+DXSWJHElXGH'LH7UPPHUKDWWHQVLFKDXIGHP+RI YHUWHLOW1XUQRFKGLH)UDJPHQWHHLQHV5HVWIOJHOVVWDQGHQ 6LHVDKHQDXVZLHGLHVNXUULOHQ*HELOGHHLQHU,QGXVWULH ODQGVFKDIW ,FKVXFKWHGLH5LWWHU :HQQGDVLKUH%XUJZDUGDQQPXWHQVLHVLFKKLHULUJHQG
ZRYHUVWHFNHQ2EHUKDOEGHU(UGHJDEHVNHLQ9HUVWHFNIU VLH'DVKDWWHLFKPLWHLQHP%OLFNHUNDQQW $EHULQMHGHU%XUJRGHUMHGHP6FKORJDEHV9HUOLHVH XQG)ROWHUNDPPHUQ2IWZDUHQGLHVHXQWHUVFKLHGOLFKHQ 5lXPHZHLWYHU]ZHLJWXQGLQHLQDQGHUYHUVFKDFKWHOWGLH %DXPHLVWHUGDPDOVKDWWHQJHQDXJHZXWZDUXPVLHGDV WDWHQ :DUXPVROOWHHVEHLGLHVHU%XUJDQGHUVVHLQ" ,FKJODXEWHIHVWGDUDQGDLFKGLHXQKHLPOLFKHQ5LWWHULQ GHQ*HZ|OEHQILQGHQZUGH 1XUZREHIDQGVLFKGHU(LQVWLHJ" ,FKJLQJHLQSDDU6FKULWWHZHLWHU0HLQH6FKXKVRKOHQ WUDWHQGDVKRKH8QNUDXWQLHGHU(LQ7RUERJHQILHOPLUDXI GHUGLH6WUPHGHU-DKUKXQGHUWHEHUVWDQGHQKDWWH 8QGLFKVDKGLH6SXUHQ +XIVSXUHQ 6LHIKUWHQGLUHNWDXIGHQ7RUERJHQ]X-HW]WZXWHLFK DXFKZHOFKHQ:HJGLH5LWWHULPPHUJHQRPPHQKDWWHQ ,FKGXUFKVFKULWWGHQ7RUERJHQhEHUPHLQHQ5FNHQOLHI HLQOHLFKWHV3ULFNHOQIUPLFKHLQ=HLFKHQGDGLH*HIDKU VHKUQDKXQGGLH(QWVFKHLGXQJQLFKWPHKUZHLWZDU ,FKORFNHUWHPHLQHQ%XPHUDQJGLHHLQ]LJH:DIIHGLHPLU JHJHQGLH5LWWHUKHOIHQNRQQWHXQGGDV.UHX]QDWUOLFK 'LH6LOEHUNXJHOQSUDOOWHQDQGHQ3DQ]HUQDEGDPLWZDU QLFKWVDXV]XULFKWHQ 'DQQVWDQGLFKYRUHLQHP:HJ (UIKUWHLQGLH7LHIHGHV%HUJHVKLQHLQ1LFKWVHKUVWHLO VRQGHUQVRGDPDQLKQEHTXHPJHKHQNRQQWH 'RUWXQWHQODXHUWHGLH'XQNHOKHLW /DQJVDPJLQJLFKYRU,PPHUZLHGHUGUHKWHLFKGHQ.RSI XQGZDUIHLQHQ%OLFN]XUFNGHQQLFKUHFKQHWHPLWHLQHP KLQWHUOLVWLJHQ$QJULII 'DWDWVLFKQLFKWV /HHUEOLHEGHU%XUJKRIKLQWHUPLU]XUFN =XP.DPSIZUGHHVXQWHQHUVWNRPPHQ
'LH'XQNHOKHLWQDKPPLFKDXI,FKWUXJZLHLPPHUPHLQH NOHLQH7DVFKHQODPSHEHLPLUGLHLFKMHW]WHLQVFKDOWHWH 8UDOWHGLFNH0DXHUQXPJDEHQPLFK6LHZDUHQIUHLQH (ZLJNHLWJHEDXW'HU:HJIKUWHZHLWHULQGLH7LHIHJLQJ MHGRFKEHULQHLQH/LQNVNXUYHGLHLFKGXUFKVFKUHLWHQ PXWH .DXPKDWWHLFKGHQ6FKHLWHOSXQNWHUUHLFKWDOVLFKHLQHQ U|WOLFKHQ:LGHUVFKHLQVDK ,QGHQ*HZ|OEHQIODFNHUWH/LFKW 3HFKIDFNHOQGDFKWHLFK ,FKVSDUWHGLH%DWWHULHPHLQHU/DPSHXQGVFKDOWHWHVLHYRU HUVWDXV'DVURWH/LFKWZLHVPLUGHQ:HJ 8QWHUPHLQHQ6FKULWWHQNQLUVFKWHQ6WHLQHZXUGHQYRQ GHQ6RKOHQ]HUWUHWHQ'DV+HXOHQGHV:LQGHVKDWWHDEJH QRPPHQ+LHUXQWHQZDUNDXPPHKUDOVHLQ6lXVHOQ]XYHU QHKPHQ ,FKZXUGHQRFKYRUVLFKWLJHUODXVFKWHDXIMHGHV*HUlXVFK DEHUQRFKKLHOWHQVLFKGLH5LWWHU]XUFN ,GHDOZlUHIUPLFKJHZHVHQZHQQLFKVLHLQLKUHQ 6DUNRSKDJHQYRUJHIXQGHQKlWWHGRFKGDUDQZROOWHLFK QLFKWVRUHFKWJODXEHQ6RYLHO*OFNNDQQHLQ0HQVFKJDU QLFKWKDEHQ :LHGHUEHZHJWHLFKPLFKHLQSDDU
1XQZXUGHLFKQRFKYRUVLFKWLJHU:REHIDQGVLFKGLH QlFKVWH7RGHVIDOOH" ,FKWUDXWHPLFKQLFKWPHKULQGHU0LWWHGHV*DQJV]X EOHLEHQVRQGHUQJLQJMHW]WGLFKWDQGHU0DXHUZHLWHU'D]X KDWWHLFKPLUGLHUHFKWH6HLWHDXVJHVXFKWKLHUZDUGHU :LGHUVFKHLQGHU)DFNHOQHLQZHQLJKHOOHU 'LH)DFNHOQVHOEVWVDKLFKMHGRFKQLFKW6LHPXWHQVLFK LUJHQGZRLPKLQWHUHQ7HLOGHV*HZ|OEHVEHILQGHQ (VKHUUVFKWHHLQHQDKH]XXQKHLOYROOH6WLOOHKLHUXQWHQ(LQH 6WLOOHYRUGHUPDQVLFKIUFKWHQNRQQWH1XUPHLQHLJHQHU $WHPZDU]XK|UHQXQGGDVYRUVLFKWLJH6HW]HQGHU6FKULWWH 'DV*HIlOOHGHV*DQJVKDWWHVLFKJHOHJW*HUDGHJLQJHV QXQZHLWHU8QGGDVDKLFKGLHHUVWH)DFNHO6LHVWHFNWHLQ HLQHUNOHLQHQ1LVFKHVRGDHLQLJHVLKUHU/HXFKWNUDIWYRQ GHQ0DXHUQDXIJHIDQJHQZXUGHXQGQXUGHU:LGHUVFKHLQ EHUGHQ%RGHQ]XFNWH hEHUHLQHQ%RGHQGHUSO|W]OLFKQDFKJDE (LQH)DOOJUXEH ,FKZDUIPLFK]XUFN *HUDGHQRFKUHFKW]HLWLJGHQQGLFKWYRUPLUNLSSWHGHU %RGHQQDFKXQWHQZHJ $P5DQGHGHU)DOOJUXEHEOLHELFKVWHKHQVHQNWHGHQ%OLFN XQGVFKDXWHQDFKXQWHQ +LPPHOZDUGDVWLHI,FKNRQQWHEHUKDXSWNHLQ(QGH HUNHQQHQ1RFKLPQDFKKLQHLQUDQQPLUHLQH*lQVHKDXW EHUGHQ5FNHQXQGPHLQ+HU]NORSIWHGRSSHOWVRVFKQHOO ZLHQRUPDO 'LH]ZHLWH7RGHVIDOOHODJKLQWHUPLU1XUNDPLFKKLHU QLFKWVRUDVFKYRUEHLZLHEHLGHUHUVWHQ 'LH)DOOJUXEHZDUYHUGDPPWJUR 6LHUHLFKWHIDVWYRQHLQHU*DQJZDQG]XUDQGHUHQVRGD ]ZLVFKHQGHQ0DXHUQXQGGHU)DOOWUMHZHLOV]ZHLlXHUVW VFKPDOH6WHJHEOLHEHQGLHEHUGLH)DOOJUXEHIKUWHQ'LH 6WHJHZDUHQNDXPEUHLWHUDOVHLQ6FKXKDEHUPLUEOLHENHLQH DQGHUH0|JOLFKNHLW
,FKPXWHHVULVNLHUHQ 0LWGHP5FNHQ]XHUVWGUFNWHLFKPLFKDQGLH:DQG 'DQQVHW]WHLFKEHKXWVDPGHQUHFKWHQ)XYRUSUIWHGLH 6WDQGIHVWLJNHLWGHVVFKPDOHQ*HKVWUHLIHQVXQGZDU HLQLJHUPDHQ]XIULHGHQ (UZUGHPHLQ*HZLFKWKDOWHQ=ZDUEU|FNHOWHQHLQLJH .UXPHQ(UGHXQGDXFKHLQSDDU6WHLQHDEDEHUGHU5HVW KLHOW,FKVFKLFNWHHLQ6WRJHEHW]XP+LPPHOGDLFKGLH 6WUHFNHVFKDIIWH /DQJVDP]RJLFKGDVOLQNH%HLQQDFK $XVUXKHQ 'HQUHFKWHQ)XYRUGDVOLQNH%HLQQDFK]LHKHQDOOGDV JHVFKDKLQ=HLWOXSH1XUNHLQHKDVWLJH%HZHJXQJQLFKWV EHUVWU]HQHVZUGHPHLQHQ7RGEHGHXWHQ $PJDQ]HQ.|USHUEUDFKPLUGHU6FKZHLDXV,FKVSUWH LKQLQGHQ$FKVHOK|KOHQDXIGHP5FNHQLP1DFNHQXQG DXIPHLQHP*HVLFKWODJHUDOVGLFNH6FKLFKW 0HLQ+HU]NORSIWHODXWJHJHQGLH%UXVW =ROOIU=ROOEHZHJWHLFKPLFKZHLWHU'LH/LSSHQKDWWHLFK ]XVDPPHQJHSUHWGLH=lKQHELVVHQDXIHLQDQGHU'LH .RQ]HQWUDWLRQIRUGHUWHIDVW8QPHQVFKOLFKHV 'DQQODJGLH+lOIWHGHU6WUHFNHKLQWHUPLU ,FKKREODQJVDPGHQ$UPXQGZLVFKWHPLUGHQ6FKZHL YRQGHU6WLUQXQGDXFKDXVGHQ$XJHQYRUGHQHQHVEHUHLWV JHIOLPPHUWKDWWH'DV)OLPPHUQK|UWHMHW]WDXILFKNRQQWH NODUVHKHQ 8QGZDVLFKVDKMDJWHPLUHLQHQ$QJVWVFKDXHUEHUGHQ 5FNHQ $XVGHU1LVFKHGLHGHUPLWGHU)DFNHOJHJHQEHUODJWUDW HLQH*HVWDOW (LQ5LWWHU (UKDWWHVHLQ9LVLHUKRFKJHNODSSWXQGLFKNRQQWHVHLQHQ 7RWHQVFKlGHOLQQHUKDOEGHV+HOPVHUNHQQHQ(UZXUGHYRP )DFNHOVFKHLQJHWURIIHQXQGHUKLHOWGDGXUFKHLQEOXWLJHV $XVVHKHQ
'HU5LWWHUJULQVWHPLFKK|KQLVFKDQZREHLVLFKGLH 0XQGSDUWLHGHV6FKlGHOVYHU]RJ 'HU8QKHLPOLFKHJLQJQRFKHLQHQ6FKULWWYRUELVHUGLFKW DP5DQGGHU*UXEHVWDQG 'DQQJULIIHUKLQWHUVLFKKROWHHLQHQ%RJHQYRQGHU 6FKXOWHUXQG]RJQRFKPLWGHUJOHLFKHQ%HZHJXQJHLQHQ 3IHLODXVGHP.|FKHU /DQJVDPXQGQDKH]XJHQOLFKOHJWHHUGHQ3IHLODQ ,FKYHUVSUWH7RGHVDQJVW 'HU5LWWHUNRQQWHPLFKKLHUDEVFKLHHQXQGLFKZDU Y|OOLJZHKUORV(LQHVFKQHOOH%HZHJXQJQXUXQGLFKILHOLQ GLH7LHIHGHU*UXEH(VEOLHEPLUDXFKNHLQH=HLWPHKU GLH%HUHWWDKHUYRU]XKROHQGHQQGHU3IHLOZUGHLPPHU VFKQHOOHUVHLQ 'HU5LWWHUKREVHLQHJHIlKUOLFKH:DIIHYLVLHUWHQRFKHLQ PDOXQGVSDQQWHGHQ%RJHQ ,QGHUQlFKVWHQ6HNXQGHZUGHPLFKGHU3IHLOJHJHQGLH :DQGQDJHOQ 6XNRHUZDFKWHPLWVFKOLPPHQ6FKPHU]HQDP+LQWHUNRSI 6HLQJDQ]HU6FKlGHOVFKLHQ]HUVSULQJHQ]XZROOHQ6W|KQHQG GUHKWHHUVLFKDXIGLH6HLWHXQG|IIQHWHGLH$XJHQ =XHUVWVDKHUJDUQLFKWVZHLOGDV'lPPHUOLFKWYRU KHUUVFKWH6HLQH3XSLOOHQPXWHQVLFKHUVWDQGLH8PJHEXQJ XQGGLH/LFKWYHUKlOWQLVVHJHZ|KQHQ $EHUVHLQH*HGDQNHQDUEHLWHWHQZLHGHUNODU(UGDFKWHDQ GHQ.DPSIXQGGDUDQGDPDQLKQVFKOLHOLFKQLHGHUJH VFKODJHQKDWWH 1XULKQQLFKW6KDR" :DUVLHHQWNRPPHQ" 6XNRKlWWHJHUQLKUHQ1DPHQJHUXIHQGRFKHUULVLFK ]XVDPPHQ (UDKQWHGDPDQLKQLQGLH6FKHXQHJHOHJWKDWWHGRUWKLQ ZRHUKDWWHKLQJHKHQVROOHQ
'LH:DIIHQKDWWHPDQLKPJHODVVHQDOOHUGLQJVZDUHUDQ EHLGHQ+lQGHQJHIHVVHOW0DQKDWWHVLHLKPEHUHLQDQGHU JHEXQGHQXQGGDVKLQGHUWHLKQVHKULQVHLQHU%HZHJXQJV IUHLKHLW 0LWWOHUZHLOHKDWWHQVLFK6XNRV$XJHQDQGLH /LFKWYHUKlOWQLVVHJHZ|KQW6RYLHOHUHUNHQQHQNRQQWHKDWWH PDQLKQWDWVlFKOLFKLQGLH6FKHXQHYHUIUDFKWHW 6LHZDU]LHPOLFKJURKDWWHNHLQH)HQVWHUDEHUGXUFK 5LW]HQLQGHQ:lQGHQXQGHLQH.ODSSHGLFKWXQWHUGHP 'DFKILHOJHQJHQG/LFKWXPVLFKRULHQWLHUHQ]XN|QQHQ 6XNRSURELHUWHHUVWHLQPDOREHUGLH)HVVHOQORVZXUGH 'DVZDUVRJXWZLHXQP|JOLFK'LH.HUOHKDWWHQGQQH lXHUVWUHLIHVWH/HGHUVFKQUHJHQRPPHQGDNRQQWH6XNR QRFKVR]HUUHQHVKDOIQLFKWV 'LH)HKDWWHPDQLKPQLFKWJHEXQGHQ(UEHVDDXFK QRFKVHLQH:DIIHQHLQJURHU9RUWHLO*DQ]VRVFKOHFKWJLQJ HVLKPQXQGRFKQLFKWPHLQWHHU (WZDVZDULKPEHUHLWVEHLVHLQHP(UZDFKHQDXIJHIDOOHQ 'HU*HUXFK (UZDUDQGHUVDOVGUDXHQ,UJHQGZLHEHLHQGXQGVFKDUI GDEHLDXFKlW]HQGXQGOHLFKWQDFK6FKZHIHOULHFKHQG ,QGL]LHQGLHDXIHLQH$QZHVHQKHLWILQVWHUHU0lFKWHKLQ ZLHVHQ*HUDGHGHU*HUXFKZDUHVGHU6XNRZDUQWHXQG VHLQHDXIJHNRPPHQH+HLWHUNHLWXQG(XSKRULHVWRSSWH 6XNRZXUGHYRUVLFKWLJ (UODJDXIGHPKDUWHQ%RGHQXQGVDKHUVWHLQPDO]XGD HUZLHGHUDXIGLH%HLQHNDP'HU&KLQHVHEHKHUUVFKWHVHLQHQ .|USHU:DVDQGHUHQVFKZHUILHOPDFKWHLKPQLFKWVDXV)U LKQZDUHVOHLFKWPLWJHIHVVHOWHQ+lQGHQDXI]XVWHKHQ 'DQQVWDQGHU :LHGHUEHJDQQHVLQVHLQHP.RSI]XKlPPHUQ6XNRKROWH HLQSDDUPDOWLHI/XIWXPGDV6FKZLQGHOJHIKO]XXQWHU GUFNHQGDVLKQSO|W]OLFKJHSDFNWKLHOW (VJLQJEHVVHU 9RQLUJHQGZHOFKHQ$XISDVVHUQRGHU%HZDFKHUQVDKGHU
&KLQHVHQLFKWV(UZDUZRKODOOHLQLQGHU6FKHXQH 2GHU" 6XNRJLQJYRU6HLQH.QLH]LWWHUWHQQRFKGRFKGDVPDFKWH LKPQLFKWV%HLMHGHP6FKULWWJLQJHVLKPEHVVHU 'DQQEOLHEHUDEUXSWVWHKHQ (VJLQJSO|W]OLFKQLFKWPHKUZHLWHU,QPLWWHQGHU6FKHXQH EHIDQGVLFKHLQH*UXEH :DUVLHOHHU" 6XNRZROOWHHVZLVVHQ(UVHQNWHGHQ.RSIXQGVFKDXWH KLQHLQ'DV'lPPHUOLFKWZDUGRFK]XVFKZDFK(VEHUHLWHWH GHP&KLQHVHQJURH0KHHWZDV]XHUNHQQHQ (UQDKPQXU8PULVVHZDKU 'LHVHMHGRFKZDUHQNRPSDNWXQGJHZDOWLJ(LQULHVLJHU XQI|UPLJHU6FKDWWHQXQJHKHXHULQVHLQHQ$XVPDHQXQG VLFKHUOLFKQDKPHUGLHJHVDPWH*U|HGHU*UXEHHLQ 'RUWODJHWZDV 6XNRV+HU]VFKOXJVFKQHOOHU6HLQH*HGDQNHQZLUEHOWHQ 'LH0lQQHULP'RUIKDWWHQLPPHUQXUYRQ%DUUDEDVJHVSUR FKHQ'HU6FKDWWHQLQGHU*UXEHPXWH%DUUDEDVVHLQ (VJDENHLQHDQGHUH0|JOLFKNHLW *HUQKlWWH6XNRMHW]WPHKU/LFKWJHKDEWXPVLFK%DUUDEDV JHQDXHUDQ]XVHKHQGHQQHLQHHUNDQQWH*HIDKULVWQXUHLQH KDOEH*HIDKU 'D6XNRMHGRFKVHLQH+lQGHQLFKWEHZHJHQNRQQWHNDP HUDXFKQLFKWDQVHLQ)HXHU]HXJ (UVWDUUWHVRODQJHELVLKPGLH$XJHQWUlQWHQ0HKUXQG EHVVHUNRQQWHHUMHGRFKQLFKWVHUNHQQHQ $EHUGHU*HUXFK 'HU*HVWDQNQDFK6FKZHIHOXQG9HUEUDQQWHPZDUVWlUNHU JHZRUGHQXQGYRULKPLQGHU*UXEHPXWHVLFKGLH4XHOOH EHILQGHQ 3O|W]OLFKYHUQDKP6XNRGDV6FKQDXEHQ (UVFKUHFNW]XFNWHHU]XUFN 'DV*HUlXVFKZDUDXVGHU*UXEHJHGUXQJHQ8QGQLFKW QXUGDVDXIHLQPDOEHZHJWHVLFKGHU6FKDWWHQ
'LHNRPSDNWH0DVVHGUHKWHVLFK (VNQLUVFKWHIDXFKWHXQGlFK]WH'LHVFKDXHUOLFKHQ *HUlXVFKHMDJWHQGHP&KLQHVHQ(LVNUPHOEHUGHQ 5FNHQ(UNDPVLFKYRUZLHEHLGHU*HEXUWHLQHVXQYRU VWHOOEDUE|VHQ0RQVWHUV 8QGVRZDUHVDXFK 'LH%HVWlWLJXQJHUKLHOWGHU&KLQHVHHLQHQ$WHP]XJVSlWHU 3O|W]OLFKIODPPWH/LFKWLQGHU6FKHXQHDXI'DVJHVFKDKVR VFKQHOOGD6XNRJHEOHQGHWGLH$XJHQVFKOR 9RQYLHU6HLWHQVFKRVVHQGLHZHLQJHOEHQ6WUDKOHQHLQHP HLQ]LJHQ=LHO]X 'HU*UXEH 8QGGRUWODJGDV0RQVWHU 6XNRHUVFKUDNDOVHUHVMHW]WNODUXQGGHXWOLFKYRUVLFK OLHJHQVDK %DUUDEDVZDUZLUNOLFKHLQP|UGHULVFKHV8QJHKHXHU6HLQ JHZDOWLJHUVFKXSSLJHU.|USHUIOOWHGLH*UXEHDXV(UKDWWH HLQHQODQJHQPLW]DKOUHLFKHQ=DFNHQYHUVHKHQHQ6FKZDQ] GHU6FKlGHOlKQHOWHGHPHLQHV.URNRGLOVQXUZDUHU ZHVHQWOLFKJU|HU'LH$UPHXQG)HZDUHQLP9HUJOHLFK ]XU.|USHUJU|H]LHPOLFKNOHLQGDIUMHGRFKKDWWHGDV 0RQVWHUSHFKVFKZDU]HMHW]WDOOHUGLQJV]XVDPPHQJHIDOWHWH )OJHOGLHHQJDXIGHP5FNHQODJHQ 'DVDOVRZDU%DUUDEDVGHUOHW]WH'UDFKH (LQVFKDXULJHV(WZDVHLQ7LHU]XP)UFKWHQ8QGGLH 0HQVFKHQLQ*XOELQHYHUHKUWHQHV 1RFKZDU%DUUDEDVYHUKlOWQLVPlLJUXKLJDEHUHVZUGH QLFKWPHKUODQJHGDXHUQELVHUHUZDFKWHGLH*UXEHYHUOLH XQG6XNRHQWGHFNWH .HLQH&KDQFHIUGHQ&KLQHVHQ 6XNRZDUNHLQ0HQVFKGHUVLFKVROHLFKWIUFKWHWHGRFK GLHVHU'UDFKHEHUHLWHWHLKP8QEHKDJHQ=XGHPZDU6XNR JHIHVVHOWGDPLWVDQNHQGLH&KDQFHQQRFKWLHIHU :HQQHUEHUOHEHQZROOWHGDQQJDEHVIULKQQXUHLQV )OXFKW
'LHYLHU6FKHLQZHUIHUJDEHQVRYLHO+HOOLJNHLWGDGDV ,QQHUHGHU6FKHXQHY|OOLJDXVJHOHXFKWHWZXUGH'LH:lQGH GHV*HElXGHVVDKHQYHUGDPPWVWDELODXV'LHNRQQWH6XNR QLHPDOVHLQUHLHQ $EHUZLHVWDQGHVPLWGHU7U" 'HU&KLQHVHKLHOWVLFKQLFKWPHKUOlQJHUDP5DQGGHU *UXEHDXIHUPDFKWHNHKUWXQGVFKULWWDXIGLH7U]X 6LHEHVWDQGDXV]ZHLJURHQ+lOIWHQ'LFNH%RKOHQJDEHQ LKUHLQHJHQJHQGH6WDQGIHVWLJNHLWXQGOLHHQ6XNRV )OXFKWFKDQFHQDXIHLQ0LQLPXPVLQNHQ 'DNDPHUQLFKWUDXV 8QGGXUFKGLH/XNHDP'DFK" 'HU&KLQHVHGUHKWHVLFKVFKDXWHKRFKXQGVWHOOWHIHVWGD HVXQP|JOLFKIULKQZDUGLHVHQ)OXFKWZHJ]XZlKOHQ'LH (QWIHUQXQJZDU]XJUR(UNRQQWHGLH/XNHQLFKWHUUHLFKHQ XQGHLQH/HLWHUJDEHVLQGHU6FKHXQHQLFKW 'DV0RQVWHUZXUGHXQUXKLJHU (VZlO]WHVLFKLQGHU*UXEHKLQXQGKHU(LQHUVWHV )DXFKHQGUDQJDXVVHLQHP0DXO )U6XNRK|UWHHVVLFKDQZLHGDV=LVFKHQDXVPHKUHUHQ 6FKZHLEUHQQHUQ (UZDUIHLQHQ%OLFNLQGLH*UXEHXQGVWHOOWHIHVWGDGDV 0RQVWHUVHLQ0DXOZHLWDXIJHULVVHQKDWWH 'HU'UDFKHSUlVHQWLHUWHJHIlKUOLFKH+DXHUGLHPLWHLQHP %LHLQHQ0HQVFKHQ]ZHLWHLOHQNRQQWHQ 6XNRZROOWHDXVGHU6FKHXQH 8QGHUVDKQXUQRFKHLQH&KDQFH(UPXWHYHUVXFKHQ GLH7UDXI]XVWRHQ(UZROOWHVLFKLPPHUZLHGHUGDJHJHQ ZHUIHQELVVLHRIIHQZDU 1XUZDVODXHUWHGRUWGUDXHQ" $XIVHLQH)OXFKWZDUWHWHQGLH(LQZRKQHUYRQ*XOELQH VLFKHUOLFK:HQQHUDXVGHU6FKHXQHNDPZUGHQVLHVRIRUW ]XSDFNHQXQGGDV6SLHOEHJDQQYRQYRUQ 3O|W]OLFKVWXW]WH6XNR (UKDWWHYRUGHU7U6WLPPHQJHK|UW
5DXKH0lQQHUVWLPPHQDEHUDXFKGLHHLQHU)UDX/HW]WHUH NODQJVHKUYHU]ZHLIHOW 'HU&KLQHVHWUDWHLQHQ6FKULWW]XUFN(UK|UWHZLHYRQ DXHQPHKUHUH5LHJHO]XUFNJHVFKREHQZXUGHQGDQQ]RJ MHPDQGGLH7UDXI +DWWH6XNRIUHLQHQ0RPHQWJHJODXEWHLQH&KDQFH]X KDEHQVRVDKHUVLFKMHW]WJHWlXVFKW )QI0lQQHUPLW*HZHKUHQEHZDIIQHWKDWWHQHLQHQ +DOENUHLVYRUGHU7UJHELOGHW'LH0QGXQJHQGHU:DIIHQ ZLHVHQDXIGHQ&KLQHVHQ 6XNRVDKDXFKGDV0lGFKHQ (VZDUK|FKVWHQV]ZDQ]LJ-DKUHDOWKDWWHNUDXVHVURWHV +DDU]DKOUHLFKH6RPPHUVSURVVHQLP*HVLFKWXQGHLQH JHVFKZROOHQHOLQNH:DQJH'RUW]HLFKQHWHQVLFKGHXWOLFKGLH $EGUFNHHLQHU+DQGDXIGHU+DXWDE'DV*LUOPXWH JHVFKODJHQZRUGHQVHLQ:DKUVFKHLQOLFKYRQ.LQJ&XWOHU GHQQHUKLHOWVLHIHVWLP*ULII(UKDWWHLKUHQUHFKWHQ$UP QDFKKLQWHQJHERJHQXQGJOHLFK]HLWLJKRFKJHGUFNW'DV *LUONRQQWHVLFKXQP|JOLFKEHIUHLHQ 6XNRVDK7UlQHQLQGHQ$XJHQJOLW]HUQXQGHLQHXQJH KHXUH:XWVFKRLQLKPKRFK &XWOHUVFKLHQ]XPHUNHQZDVLQGHP&KLQHVHQYRUJLQJ(U VDJWHGURKHQGª+DOWHGLFK]XUFN%DVWDUGVRQVWELVWGXWRW XQGGLH3XSSHKLHUHEHQIDOOV© 6XNRQLFNWH &XWOHUVFKDXWHVLFKXP'DQQQLFNWHHUO|VWHGHQ*ULIIXQG JDEGHP*LUOHLQHQ6WR (UZDUVRKDUWGDGLH.OHLQHDQ6XNRYRUEHLWDXPHOWHXQG VLFKNDXPDXIGHQ%HLQHQKDOWHQNRQQWH,QQHUKDOEGHU 6FKHXQHEOLHEVLHVWHKHQ &XWOHUJULQVWH6XNRDQª%DUUDEDVZLUGVLFKPLWHXFK EHVFKlIWLJHQ(UZLUGVHLQH2SIHUEHNRPPHQGLFKXQGGDV 0lGFKHQ© ª+DVWGXHVGLUDXFKJHQDXEHUOHJW"©IUDJWHGHU&KLQHVH ª8QGZLH©
ª'DQQODZHQLJVWHQVGDV0lGFKHQIUHL© ª1HLQ©'LH$QWZRUWNODQJHQGJOWLJª'DV:HLEJHK|UW QLFKW]XXQV6LHLVWHLQHDQGHUHXQGKDWXQVYHUUDWHQ'DIU HUKlOWVLHLKUHYHUGLHQWH6WUDIH© ª$EHUVLHLVWHLQ0HQVFK©ULHI6XNR ª,QWHUHVVLHUWXQVQLFKW9HUVFKZLQGHMHW]W©IDXFKWH.LQJ &XWOHUXQGKREVHLQ*HZHKU 6XNRQLFNWH(UKDWWHNHLQHDQGHUH:DKODOVGHP%HIHKO GHV0DQQHV]XIROJHQ'LHVPDOZUGHHUDEGUFNHQXQG VHLQH.XPSDQHHEHQIDOOV 'HU&KLQHVHJLQJ]XUFN(UK|UWHGDV:HLQHQGHV 0lGFKHQV'DQQUDPPWH.LQJ&XWOHUGLH7U]X6XNR K|UWHZLHGLH5LHJHOYRUJHOHJWZXUGHQ (UJLQJ]XGHP*LUO ª:LHKHLHQ6LH"©IUDJWHHU 'LDQDVDJWHLKUHQ1DPHQª8QG6LHPVVHQGHU)UHXQG YRQ6KDRVHLQ©IROJHUWHVLH ª-D.HQQHQ6LH6KDR"© 6LHQLFNWH0LWKDVWLJHQ:RUWHQHU]lKOWHVLHZLHVLH6KDR YRULKUHQ9HUIROJHUQYHUVWHFNWKDWWH 'DQQILHO6XNRHLQGDHUHWZDVYHUJHVVHQKDWWH(UKLHOW GHP*LUOVHLQHJHIHVVHOWHQ+lQGHKLQª/|VHQ6LHGLH .QRWHQVFKQHOO© 'LDQDPDFKWHVLFKDQGLH$UEHLW6LHZDUVHKUDXIJHUHJW EUDFKVLFK]ZHL)LQJHUQlJHODEXQGJHULHWLQV6FKZLW]HQ ª1XUPLWGHU5XKH©VDJWH6XNRªZLUVFKDIIHQHVVFKRQ© (UNRQQWHDQGHU6FKXOWHUGHV*LUOVYRUEHLVFKDXHQXQGVDK GHQ'UDFKHQLQVHLQHU*UXEHOLHJHQ 1RFKNURFKHUQLFKWKHUYRUDEHUHUHUZDFKWHLPPHUPHKU DXVVHLQHUWRWHQlKQOLFKHQ6WDUUH(UEHZHJWHVHLQHQHQRU PHQ6FKZDQ]VFKOXJGDPLWXPVLFKSHLWVFKWHLKQKRFK XQG6XNRVDKZLHGDVJHIlKUOLFKH(QGHEHUGHQ5DQGGHU *UXEHIXKU -HW]WZXUGHHVZLUNOLFK=HLW6XNRJDEGHP'UDFKHQQXU ZHQLJH0LQXWHQGDQQZUGHHUHUZDFKHQ
'LDQD5HGIRUGDUEHLWHWHZLHEHVHVVHQ6LH]RJXQG]HUUWH ULXQG]XSIWH 6XNRKDOILKUGDEHL $XFKHUVFKHXHUWHZLHZDKQVLQQLJDQGHQ)HVVHOQDWPHWH DXIDOVGLHHUVWHQ)DVHUQ]HUULVVHQXQG]X%RGHQILHOHQ 1RFKHLQ5XFN 'HU'UDFKHVWLHHLQJUROOHQGHV%UOOHQDXV 'DV*LUOVFKULH ª0DFKHQ6LHZHLWHU©IXKU6XNRVLHDQ 'LDQDJHULHWLQ3DQLN6LHKDWWHVFKUHFNOLFKH$QJVWZDV 6XNRYHUVWHKHQNRQQWHGHQQDXFKHUIKOWHVLFKQLFKWJH UDGHZRKOLQVHLQHU+DXW$EHUVLHGXUIWHQLQGLHVHQ $XJHQEOLFNHQQLFKWGLH1HUYHQYHUOLHUHQ 'DQQKDWWHQVLHHVJHVFKDIIW'LHOHW]WH)HVVHOILHO6XNR VSUWHZLHGDV%OXWLQVHLQH*HOHQNHVFKR'DVNULEEHOQGH *HIKOGDEHLZXUGH]XP6FKPHU]'HU&KLQHVHEHZHJWHGLH +lQGHNQDFNWHPLWGHQ)LQJHUQ ª2ND\©VDJWHHUXQGJULQVWHª(VNDQQORVJHKHQ© ª:ROOHQ6LHJHJHQGHQ'UDFKHQNlPSIHQ"©IUDJWH'LDQD 5HGIRUGHUVFKUHFNW ª:HQQPLUQLFKWVDQGHUHVEULJEOHLEWMD©HUZLGHUWH6XNR ª$EHUHUZLUG6LHHUZLUGXQV© ª1RFKOHEHQZLU©6XNROHJWHHLQHQ$UPXPGLH6FKXOWHU GHV*LUOVXQG]RJ'LDQDPLWVLFK 6LHEHZHJWHQVLFKZHJYRQGHUJHIlKUOLFKHQ*UXEHLQGHU GHU'UDFKHLPPHUXQUXKLJHUZXUGH-HW]WKREHUVHLQHQ 6FKlGHO|IIQHWHGDV0DXOHLQHJHVSDOWHQH=XQJH]XFNWH KHUYRUEHJOHLWHWYRQHLQHPIDXFKHQGHQ)HXHUVWUDKO 6XNRVDK]XGDHUIUGDV0lGFKHQHLQ9HUVWHFNIDQG 5DXVNRQQWHQVLHQLFKWVLHPXWHQVLFKLQQHUKDOEGHU 6FKHXQHYHUNULHFKHQ6XNRZDUQXUIURKGD6KDRQLFKWV JHVFKHKHQZDU'LHVH'LDQD5HGIRUGKDWWHZLUNOLFKZDV JHOHLVWHWLQGHPVLH6KDRYHUVWHFNWH *HGXFNWOLHIHQVLHZHLWHU'DGLHYLHU6FKHLQZHUIHUVWUDKOHQ DXIGLH*UXEHJHULFKWHWZDUHQJHULHWHQGLHEHLGHQ
)OFKWOLQJHDXVGHPXQPLWWHOEDUHQ%HUHLFKGHU+HOOLJNHLW (LQLJH(FNHQGHU6FKHXQHODJHQLP'lPPHU'RUWZXUGHQ VLHQLFKWVRUDVFKHQWGHFNW 6XNRXQG'LDQDWDXFKWHQLQHLQHQ+DOEVFKDWWHQXQG EOLHEHQVWHKHQ'HU&KLQHVH]RJGLH%HUHWWD 'LDQDVFKDXWHDXVJURHQ$XJHQDXIGLH:DIIHª:ROOHQ 6LHGDPLWZLUNOLFKVFKLHHQ",FKPHLQHPLWHLQHU.XJHOKDW PDQNHLQH&KDQFHJHJHQGDV0RQVWHU© ª$EZDUWHQ© 6XNRZROOWHQRFKHWZDVKLQ]XIJHQGRFKHLQXULJHV )DXFKHQULLKPGDV:RUWYRQGHQ/LSSHQ 'HU'UDFKHKDWWHVHLQH.UDIW]XUFNJHIXQGHQ %DUUDEDVHUKREVLFK =XYROOHU*U|HULFKWHWHHUVLFKDXI'LHVJHVFKDKODQJVDP EHLQDKH]HLWOXSHQKDIWXQGGHU'UDFKHZXUGHJU|HUXQG JU|HU'DV0lGFKHQEHJDQQ]X]LWWHUQ(VIDWHQDFK6XNRV +DQG'HU&KLQHVHVSUWHGHQ*ULIINDXP6HLQ$XJHQPHUN ZDUDXIGHQ'UDFKHQJHULFKWHWGHULPPHUZHLWHUZXFKV XQGLQVHLQHUYROOHQ*U|HELVIDVWDQGLH'HFNHUHLFKWH 'D]XNDPQRFKGHU\DUGODQJH6FKZDQ]GHUPLWHLQHU LPPHQVHQ.UDIWDXVJHVWDWWHWZDU 'HU'UDFKHEUOOWHDXI /DQJVDPGUHKWHHUVLFKKHUXP :HLW|IIQHWHHUGDEHLVHLQ0DXOXQGGLHEHLGHQ0HQVFKHQ NRQQWHQIUHLQHQZLQ]LJHQ$XJHQEOLFNJHQDXLQVHLQHQ 5DFKHQVHKHQ 6LHVFKDXWHQLQHLQHQJLHULJHQ6FKOXQG +DWWHGHU'UDFKHVLHHQWGHFNW" 6XNRXPNODPPHUWHGLH%HUHWWDVRIHVWGDVHLQH.Q|FKHO ZHLKHUYRUWUDWHQ1RFKWDWVLFKQLFKWV ª9HUKDOWHQ6LHVLFKVWLOO©IOVWHUWHHUGHP0lGFKHQLQV 2KUª6FKUHLHQ6LHXP+LPPHOVZLOOHQQLFKW5HLHQ6LHVLFK ]XVDPPHQ1RFKKDWHUXQVQLFKWJHVHKHQ© 'LDQDQLFNWHQXU6SUHFKHQNRQQWHVLHQLFKW'LH$QJVW KDWWHLKUH.HKOH]XJHVFKQUW
%DUUDEDVVWLHJDXVGHU*UXEH:XFKWLJXQGVFKZHUIlOOLJ ZLHHLQ1DVKRUQDXVGHU6WHSSH$IULNDV (UGUHKWHVHLQHQ6FKlGHOGHUIDVWGLH'HFNHEHUKUWH 6XNRVFKOXFNWH%DUUDEDVVFKDXWHLPPHUPHKULQLKUH 5LFKWXQJ 'DKDWWHHUGLHEHLGHQHQWGHFNW 3O|W]OLFKGUDQJHLQJUDXVDPHV)DXFKHQDXVVHLQHP0DXO XQGLPQlFKVWHQ0RPHQWIXKUHLQH)HXHUZHOOHDXIGLHEHL GHQKLOIORVHQ0HQVFKHQ]X $XFKLFKKDWWH$QJVW 7RGHVDQJVW 'HU3IHLOODJEHUHLWVDXIGHU6HKQHDEHUGHU5LWWHUOLHLKQ QRFKQLFKWORV:ROOWHHUGDV6FKDXVSLHOJHQLHHQ":ROOWHHU PLFKOHLGHQVHKHQ" 'RFKGDQQJHVFKDKHWZDVZRPLWLFKQLHLP/HEHQ JHUHFKQHWKDWWH'HU5LWWHUVWDQGGLFKWYRUHLQHU1LVFKH8QG DXVGHU1LVFKHNURFKHWZDLQ.Q|FKHOK|KHHLQHNOHLQH JUQOLFKVFKLPPHUQGH+DQG 6LHSDFNWH]X %OLW]VFKQHOOXPVSDQQWHVLHGDVXQWHUH%HLQGHV5LWWHUV *HQDXLQGHP$XJHQEOLFNDOVHUGLH6HKQHORVOLH (LQKHIWLJHU5XFN 'HU3IHLOIORJORV 'RFKGXUFKGLHVHQ5XFNYHUULGHUXQKHLPOLFKH5LWWHUGHQ 6FKX6HLQW|GOLFKHU3IHLOWUDIQLFKWLQPHLQH%UXVWVRQGHUQ IXKUJHJHQGLH'HFNHGHV*HZ|OEHV ,FKZDUJHUHWWHW 9RUHUVW 'HU5LWWHUODJDP%RGHQ 6HLQH5VWXQJNOLUUWH6FKZHUIlOOLJZlO]WHHUVLFKDXIGLH 6HLWHXQGYHUVXFKWHZLHGHUDXIGLH%HLQH]XJHODQJHQ'DHU GLH5VWXQJWUXJEHKLQGHUWHVLHLKQEHLVHLQHP9RUKDEHQ 8QGLFKHUKLHOWHLQH*DOJHQIULVW
:HUPLFKJHUHWWHWKDWWHZXWHLFKQLFKW,P$XJHQEOLFN ZDUPLUGDVDXFKY|OOLJHJDOLFKZROOWHQXUVRVFKQHOOZLH P|JOLFKYRQGLHVHPVFKPDOHQ6LPVUXQWHU 0LUILHOHVXQJHKHXHUVFKZHUPLFK]XEHKHUUVFKHQ 9RUVLFKWLJEHZHJWHLFKPLFKZHLWHU 1XUNHLQHQKDVWLJHQ6FKULWW/DQJVDPEHKXWVDPREZRKO GLH=HLWGUlQJWH 1HEHQPLUEU|FNHOWHHVYRP5DQGGHU*UXEH.OHLQHUH (UGNUXPHQILHOHQLQGLH7LHIH $EHULFKNDPYRUDQ 'HU5LWWHUKDWWHVLFKDXIJHVHW]W(UNRQQWHDXFKLP6LW]HQ VFKLHHQXQGQDKPVHLQHQ%RJHQLQGLHUHFKWH+DQG 0LWGHUOLQNHQKROWHHUHLQHQ3IHLODXVGHP.|FKHU 9HUGDPPWLFKKDWWHHVQRFKQLFKWJHVFKDIIW(WZDQRFK HLQH%HLQOlQJH 'HU5LWWHUOHJWHGHQ3IHLODXI ,QGLHVHP0RPHQWHQWVFKORLFKPLFK]XHLQHU 9HU]ZHLIOXQJVWDW,FKVHW]WHDOOHVDXIHLQH.DUWHKROWH/XIW XQGVWLHPLFKDE(LQ]ZHL+HU]VFKOlJHODQJVFKZHEWHLFK EHUGHUP|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
'HU6FKXKDOOWHLQGHP*HZ|OEHZLGHUXQGGLHVLOEHUQH .XJHOIXKUGXUFKGDVRIIHQH9LVLHULQGHQ6FKlGHOGHV 0RQVWHUV 'DVJHZHLKWH6LOEHUKDWWHHLQHIUDSSLHUHQGH:LUNXQJ'HU 5LWWHUNLSSWHQDFKKLQWHQ6HLQH5VWXQJVFKHSSHUWHXQGHU VHOEVWO|VWHVLFKDXI (UZXUGH]X6WDXE ,FKDWPHWHDXI (UVWMHW]WNRQQWHLFKPLFKQDFKPHLQHP5HWWHUXPVFKDXHQ (VZDU0\[LQGHU0DJLHU (UKRFNWHLQGHU1LVFKHXQGOlFKHOWHPLFKDQª6RKDVWGX GLUXQVHU:LHGHUVHKHQEHVWLPPWQLFKWYRUJHVWHOOW©VDJWHHU ,FKVFKWWHOWHGHQ.RSIª%HVWLPPWQLFKW$EHUZLH NRPPVWGXKLHUKHU"© ª6SlWHU©VDJWHHUª'LHVHU5LWWHULVWQLFKWGHUHLQ]LJH JHZHVHQ© ª,FKZHL© ª*HK-RKQ6LQFODLU5lXPHPLWGHU%UXWDXI7XPLUGHQ *HIDOOHQ© ª:LOOVWGXQLFKWPLW"© ª1HLQLFKNDQQQLFKW,FKELQ]XVFKZDFK$VPRGLQDKDW PLFKJHEDQQW,FKNDQQPLFKNDXPUKUHQ'HUPDJLVFKH %DQQLVWVWlUNHUDOVLFK© 0\[LQWDWPLUOHLG:HOFKHLQPlFKWLJHU'lPRQZDUHU JHZHVHQ-HW]WKRFNWHHUKLHULQGHU1LVFKH6HHOLVFKXQG N|USHUOLFKY|OOLJIHUWLJDP(QGH ª:LOOVWGXZLUNOLFKQLFKW"©IUDJWHLFK ª1HLQJHKDOOHLQ,FKELQQXUQRFKHLQ6FKDWWHQPHLQHU VHOEVW© ª7URW]GHPKDVWGXPLUGDV/HEHQJHUHWWHW© ª0HKUNRQQWHLFKDXFKQLFKWWXQ© 6LFKHUKDWWHHUUHFKW(VZDUEHVVHUZHQQLFKMHW]WJLQJ 'HQQQRFKH[LVWLHUWHQGLHDQGHUHQ5LWWHU9RUDOOHQ'LQJHQ 5XIXVGHU$QIKUHUHUZDUGHUJHIlKUOLFKVWHYRQLKQHQ ,FKOLH0\[LQ]XUFN
=ZHL*HJQHUKDWWHLFKZHQLJHU (LQHUZDUGXUFKPHLQHQ%XPHUDQJDXIGHU%UFNHJHVWRU EHQGHUDQGHUHMHW]W :LHYLHOHZDUHQHVQRFK" ,FK]lKOWHLQ*HGDQNHQXQGNDPDXIIQI (LQHYHUGDPPWJURHhEHUPDFKWGLHLFKYLHOOHLFKWJDU QLFKWVFKDIIHQNRQQWH (VJDEDEHUDXFKNHLQHQ5FN]XJGHQQQRFKHLQPDO NRQQWHLFKGLHYHUGDPPWHQ)DOOHQQLFKWEHUZLQGHQ /DQJVDPJLQJLFKZHLWHU 0HLQH6LQQHZDUHQJHVFKlUIW-HGHQ0RPHQWUHFKQHWHLFK PLWHLQHPKLQWHUKlOWLJHQ$QJULII 8QGGDQQVDKLFKVLH 1LFKWGLH5LWWHUVRQGHUQGLH6DUNRSKDJH'DVGVWHUHURWH /LFKWOLHVLHDXVVHKHQZLHLQ%OXWJHWDXFKW,FKEHIDQGPLFK LQPLWWHQHLQHVJURHV*HZ|OEHVYRQGHPVWHUQI|UPLJ VLHEHQ1LVFKHQDE]ZHLJWHQLQGHQHQGLH6lUJHVWDQGHQ +LHUVFKOLHIHQGLH5LWWHUDP7DJ 'RFKKHXWHQLFKW +HXWHKDWWHQVLHDXIPLFKJHZDUWHW=XHUVWK|UWHLFKGDV .QDUUHQGHU5VWXQJHQGDQQO|VWHQVLFKIQIXQKHLPOLFKH *HVWDOWHQDXVGHQKLQWHUHQ6FKDWWHQGHU1LVFKHQXQGEH ZHJWHQVLFKDXIPLFK]X ,FKZDUGHU0LWWHOSXQNWXQGGLHIQI5LWWHUNUHLVWHQPLFK ODQJVDPHLQ ,FKNRQQWHPLUQLFKWHLQPDOHLQHQ9RUZXUIPDFKHQGHQQ LFKZDUIUHLZLOOLJLQGLH)DOOHJHJDQJHQ'LH)UDJHZDUQXU RELFKGLHVHQ7DJEHUOHEHQZUGH
',('5$&+(16$$7 6KDRKDWWH$QJVW 'DVVWRFNGXQNOH9HUOLHVLQGHPVLHKRFNWHEHUHLWHWHLKU HLQHVFKOLPPH%HNOHPPXQJ'LH/XIWZDUOlQJVWYHU EUDXFKWGDV&KLQD*LUODWPHWHVFKZHUXQGKDVWLJ (LQVZDUNODU 6LHPXWHKLHUUDXV 8QGGDVVRVFKQHOOZLHP|JOLFK $EHUYRUGHU/XNHVWDQGHLQHVFKZHUH.RPPRGH'LDQD KDWWHVLHGDYRUJHVFKREHQ 6KDRGDFKWHDQ6XNRGHUHLQHP'UDFKHQYRUJHZRUIHQ ZHUGHQVROOWHXQGVLHGDFKWHDXFKDQ'LDQDGLHYRQGHQ 9HUIROJHUQJHVFKODJHQXQGYHUVFKOHSSWZRUGHQZDU :RKLQGDVZXWH6KDRQLFKW 6LHZROOWHQXUHLQVUDXVDXVGLHVHP9HUVFKODJ 'LH/HXFKW]LIIHUQLKUHU8KU]HLJWHQDQGDEHUHLWVHLQH KDOEH6WXQGHVHLWGHP9HUVFKZLQGHQGHU9HUIROJHUYHUJDQ JHQZDU 6KDRNRQQWHHVDOVRULVNLHUHQGHQ.HOOHU]XYHUODVVHQ 6LHNURFKYRU0LWGHP.QLHVWLHVLHJHJHQGHQ7HOOHUDXI GHPGLH.HU]HXQGGLH6WUHLFKK|O]HUODJHQ6LHPXWHDXI GLHVHHLQIDFKH$UWOHXFKWHQGHQQHOHNWULVFKHV/LFKWJDEHVLQ GLHVHP+DXVQLFKW 6KDRVDXVJHVWUHFNWHQ+lQGHVSUWHQ:LGHUVWDQG 'RUWVWDQGGLH.RPPRGH 6KDRVDXJWHQRFKHLQPDOGLHYHUEUDXFKWH/XIWHLQXQG VWHPPWHVLFKJHJHQGLH.RPPRGH 1LFKWV 'HUHLQ]LJH(UIROJZDUGDVLHQDFKKLQWHQZHJUXWVFKWH 6KDRELVLFKDXIGLH/LSSHQ'DVZUGHHLQKDUWHV6WFN $UEHLWZHUGHQGLH.RPPRGHZHJ]XUFNHQ 'LDQDKDWWHHVGDOHLFKWHUJHKDEW6LHEUDXFKWHGLH .RPPRGHQLFKWLQGLHVHUKRFNHQGHQ6WHOOXQJJHJHQGLHgII QXQJ]XVFKLHEHQ 'LH&KLQHVLQOLHVLFKHWZDVDQGHUHVHLQIDOOHQ6LHGUHKWH VLFKDXIGHP%RGHQKRFNHQGLQGHPHQJHQ9HUOLHVKHUXP
VRGDVLHPLWGHP5FNHQJHJHQGLH.RPPRGHVWLH'DQQ VWHPPWHVLHLKUH%ORFNDEVlW]HHLQXQGGUFNWHVRIHVWVLH EHUKDXSWNRQQWH 6KDRlFK]WHXQGVW|KQWH6LHVHW]WHDOOLKUH.UDIWHLQXP GLH.RPPRGHZHJ]XVFKLHEHQ 8QGVLHVFKDIIWHHV 'DV.QLUVFKHQDXIGHP%RGHQ]HLJWHLKUDQGDGLH%H PKXQJHQYRQ(UIROJJHNU|QWZDUHQ 'LH.RPPRGHEHZHJWHVLFK6WFNIU6WFNUXWVFKWHGDV 0|EHO]XUFN6FKRQGUDQJGXUFKHLQHQ6SDOWEHVVHUH/XIW LQGHQ9HUVFKODJ(VZDU]ZDUPLHILJHU.HOOHUJHVWDQNDEHU IU6KDRZDUHUZLHGHUUHLQVWH6DXHUVWRII 6LHOHJWHHLQH3DXVHHLQ (UVWHLQPDO]X$WHPNRPPHQ7LHIKROWHVLH/XIW 0HKUPDOVKLQWHUHLQDQGHU 'DQQVWDUWHWHVLHHLQHQQHXHQ9HUVXFK:LHGHUUXWVFKWHGLH .RPPRGHHLQNOHLQHV6WFN]XUFN'LHVPDOVRJDUVRZHLW GDVLFK6KDRGXUFKGHQJU|HUJHZRUGHQHQ6SDOW]Zl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lKHUH8PJHEXQJZXUGHHUKHOOW 'HU6FKHLQWDQ]WHEHUGLHGLFNHQ:lQGHZHQQ6KDRGLH
.HU]HEHZHJWHHUSURGX]LHUWHHLQ6SLHOYRQWDQ]HQGHQ 6FKDWWHQGLHLPPHUQHXHVNXUULOH)LJXUHQVFKXIHQ ,P.HOOHUZDUHVWRWHQVWLOO1XU6KDRV6FKULWWHGXUFK EUDFKHQGLH5XKH'DV0lGFKHQZXWHGD'LDQDQLFKW DOOHLQLQGHP+DXVJHOHEWKDWWHVRQGHUQPLWLKUHUDOWHQXQG NUDQNHQ0XWWHU]XVDPPHQZLHVLHVHOEVWHU]lKOWH'LH 0XWWHUZDUEHWWOlJHULJXQGKDWWHYRQGHQ9RUJlQJHQNDXP HWZDVPLWJHNULHJW]XPDOVLHQRFKDQ6FKZHUK|ULJNHLWOLWW 6KDRHUUHLFKWHGLH7UHSSHXQGVWLHJVLHODQJVDPKRFK :LHGHUNQDUUWHQXQGlFK]WHQGLH6WXIHQ%HLMHGHP6FKULWW ERJHQVLHVLFKGXUFK6KDRYHU]RJGDV*HVLFKW6LHKDWWHGDV *HIKOGLHVHV*HUlXVFKPVVHPHLOHQZHLW]XK|UHQVHLQ $OV6KDRGLHGLFNH%RKOHQWUVDKDWPHWHVLHDXI'LH +lOIWHGHV:HJVODJKLQWHULKU-HW]WKRIIWHVLHQXUQRFKGD GLH7UQLFKWYHUVFKORVVHQZDU 6LHSURELHUWHGLH.OLQNH/HLFKWILHOVLHQDFKXQWHQ6KDR GUFNWHXQGGLH7UZDURIIHQ 6LHWUDWLQGHQ)OXUXQGEOLHVGLH.HU]HDXVGLHVLHQHEHQ GLH7UVWHOOWH 'HU)OXUZDUNOHLQZLHDOOHVLQGLHVHP+DXVLQGHPHV DXFKNHLQHJHUDGH:DQGJDE6FKLHIXQGEXFNHOLJKDWWHPDQ GDPDOVJHEDXWDEHUGDV+lXVFKHQNUDFKWHQLFKW]XVDPPHQ (VKDWWHGLH=HLWHQEHUGDXHUWLP*HJHQVDW]]XPDQFK DQGHUHQPRGHUQHQ%DXWHQ ª'LDQD'DUOLQJELVWGXGD"© 6KDR]XFNWH]XVDPPHQ ª'LDQDELWWHJLE$QWZRUW©'DV5XIHQGHU0XWWHUZXUGH GUlQJHQGHU 6KDREOLHEVWRFNVWHLIVWHKHQXQGEHUOHJWH6ROOWHVLHVLFK PHOGHQ"(LJHQWOLFKJHK|UWHHVVLFKVRGHQQGLH)UDXZXWH GDVLFKMHPDQGLP+DXVEHIDQG $QGHUHUVHLWVZDUHVDXFKJHIlKUOLFKGHQQOHLFKWNRQQWH GLHDOWH'DPHHWZDVYHUUDWHQ %HYRUVLFK6KDR]XHWZDVHQWVFKORVVHQKDWWHZXUGHLKUGLH (QWVFKHLGXQJDEJHQRPPHQ
(LQH7UVFKZDQJDXI ,P5DKPHQVWDQG0UV5HGIRUG 6RNUDQNZLH'LDQDJHVDJWKDWWHVFKLHQVLHQLFKW]XVHLQ ,PPHUKLQNRQQWHVLHGHQ*ULIIGHVODQJHQ.FKHQPHVVHUV QRFKJXWIHVWKDOWHQ 6HNXQGHQODQJVWDUUWHQVLFKGLHEHLGHQ)UDXHQDQ 0UV5HGIRUGZDUHLQHNOHLQHPDJHUH)UDXPLWHLQHPIDO WLJHQ*HVLFKWXQGGQQHQURWEORQGHQ+DDUHQ6LHWUXJHLQHQ ]HUVFKOLVVHQHQ0RUJHQPDQWHOGHUELV]XGHQ.Q|FKHOQ UHLFKWH,KUH)HVWHFNWHQLQDOWPRGLVFKHQ3DQWRIIHOQ /DQJVDPWUDWVLHQlKHU 6KDRVFKDXWHGDV0HVVHUDQ(VKDWWHHLQHODQJHOHLFKW JHERJHQH.OLQJHXQGGHU&KLQHVLQZXUGHDQJVWXQGEDQJH :HQQGLH)UDXGXUFKGUHKWHJDEHVHLQH.DWDVWURSKH ª*XWHQ7DJ0UV5HGIRUG©VDJWH6KDRXQGEHPKWHVLFK XPHLQKHU]OLFKHV/lFKHOQGDVLKUYHUVWlQGOLFKHUZHLVHVHKU VFKZHUILHO 'LH)UDXHUZLGHUWHLKUHQ*UXQLFKWª:HUVLQG6LH"© ª(LQH%HNDQQWH,KUHU7RFKWHU© ª'LDQDLVWQLFKWGD©VDJWH0UV5HGIRUG ª,FKZDUWHKLHUDXIVLH© 'LH)UDXVFKWWHOWHGHQ.RSIXQGWUDWQRFKHLQHQ6FKULWW QlKHUª6LHOJHQ6LHVLQGHLQH(LQEUHFKHULQHLQH'LHELQ -D6LHVLQGHLQIDFKLQPHLQ+DXVHLQJHGUXQJHQ:LHVHKHQ 6LHEHUKDXSWDXV6LHSDVVHQQLFKW]XXQV:DVKDEHQ6LH PLWPHLQHU7RFKWHUJHPDFKW"©NUHLVFKWHVLHSO|W]OLFKORV ª,KUKDEWZRKOJHGDFKWLFKZUGHQLFKWVPHUNHQZLH"$EHU GLHDOWH5HGIRUGLVWQLFKWVRVHQLOZLHLKUVLHKLQVWHOOW© 6KDRKREEHVFKZLFKWLJHQGGLHUHFKWH+DQGª6REHUXKLJHQ 6LHVLFKGRFK0UV5HGIRUG,FKELQZLUNOLFKPLW,KUHU 7RFKWHUEHIUHXQGHW© ª1HLQ© 'LH)UDXZDUZLHYRQ6LQQHQ6LHVFKWWHOWHGHQ.RSIXQG XQHUZDUWHWVWDFKVLH]X 'DV0HVVHUKlWWHQLFKWJHWURIIHQGDIUZDUGLH)UDX]X
ZHLWYRQ6KDRHQWIHUQWVLHEHZLHVDEHUPLWLKUHU$WWDFNH GDHVLKUGXUFKDXVHUQVWZDU 6KDRVSUDQJ]XUFN :LHGHUKREGLHDOWH)UDXGHQ$UP -HW]WPXWHGLH&KLQHVLQKDQGHOQ6LHVSUDQJYRUXQGHKH 0UV5HGIRUG]XVWRHQNRQQWHKDWWHVLHGDVUHFKWH+DQG JHOHQNGHU)UDXXPSDFNWKLHOWHVIHVWXQGGUHKWHHVQDFK DXHQ ª+|UHQ6LHDXI©NUHLVFKWHGLH)UDXª6LHEUHFKHQPLUGHQ $UP© ª/DVVHQ6LHGDV0HVVHUIDOOHQ© 'LH.OLQJHUXWVFKWH0UV5HGIRUGDXVGHQ)LQJHUQXQG EOLHEDXIGHP%RGHQOLHJHQ6KDRVWLHVLHZHJEHYRUVLH 'LDQDV0XWWHUORVOLH 0UV5HGIRUGULHEVLFKGDV+DQGJHOHQN'HU*ULII VFKPHU]WHQRFKQDFK 6KDRWDWGLH)UDXHLQZHQLJOHLGWURW]GHV$QJULIIVPLW GHP0HVVHUª'DVKlWWHQLFKW]XVHLQEUDXFKHQ©VDJWHVLH 0UV5HGIRUGVFKDXWHGHU&KLQHVLQLQV*HVLFKW,KUH VFKPDOHQ$XJHQYHUHQJWHQVLFKQRFKPHKUª,KUZROOWXQV DOOHZDV©]LVFKWHVLHª$OOHDXVGLHVHPJRWWYHUIOXFKWHQ2UW 6HLWPHLQ0DQQWRWLVWPDFKWLKUHLQH+HW]MDJGDXIXQV© 'LH)UDXZDUIHLQLJHVGXUFKHLQDQGHUZDV6KDRNODUVWHOOHQ ZROOWHª9LHOOHLFKWLVW,KQHQDXIJHIDOOHQGDLFKJDUQLFKW DXVGHP2UWELQ©VDJWHVLH ª7URW]GHP6LHVWHFNHQPLWGHQHQXQWHUHLQHU'HFNH© 6KDRGLHQRFKQLFKWVRODQJHLP/DQGZDUKDWWH0KH GHQ'LDOHNW]XYHUVWHKHQ6LHOlFKHOWHª%LWWHJODXEHQ6LH PLULFKELQZLUNOLFKPLW,KUHU7RFKWHUEHNDQQW6LHKDWPLU JHKROIHQXQGYLHOOHLFKWGDV/HEHQJHUHWWHW© ª'LDQDLVWIRUW8QGQLFKWIUHLZLOOLJ6LHKDOWHQPLFKKLHU DOOHIUVHQLOXQGYHUNDONWGRFKGDVELQLFKQLFKW,FKZHL JHQDXZDVYRUJHKW© 6KDRQLFNWHª6LHKDEHQUHFKW0DQKDW,KUH7RFKWHUHQW IKUWZHLOPDQPLFKKDEHQZROOWH$EHU'LDQDKDWPLFKLP
.HOOHUYHUVWHFNW'DKHUNRPPHLFK1LFKWZDV6LHGHQNHQ 0UV5HGIRUG(LQH(LQEUHFKHULQELQLFKQLFKW© ª:DUXPZROOWHPDQ6LHGHQQW|WHQ"©IUDJWHGLH)UDX ª2EPDQPLFKW|WHQZROOWHZHLLFKQLFKW,FKELQLKQHQ HQWNRPPHQDEHUPHLQ)UHXQGXQGLFKVROOWHQ]X%DUUDEDV© 0UV5HGIRUGHUVFKUDNª'DVLVWHEHQVRVFKOLPPDOVZlUHQ VLHWRW©3O|W]OLFKZXUGHQLKUH$XJHQJURª0HLQ*RWW 'LDQD9LHOOHLFKWLVWVLH]X%DUUDEDVJHEUDFKWZRUGHQ $QJHGURKWKDEHQVLHHVLPPHU© ª:DVZLOO%DUUDEDVPLWGHQ0HQVFKHQ"©IUDJWH6KDR ª,KU/HEHQ© ª7|WHWHUVLH"© ª-DXQGQHLQ(UW|WHWQLFKWVRZLHPDQHVQRUPDOHUZHLVH NHQQWHUVDXJWLKQHQGDV/HEHQDXVXQGDXVGHQ0HQVFKHQ ZHUGHQ0XPLHQ$POLHEVWHQKDWHUMXQJH0HQVFKHQVHKU MXQJHVRJDU© ª9LHOOHLFKW.LQGHU"©KDXFKW6KDRHQWVHW]W 0UV5HGIRUGQLFNWH 6FKDUIVRJGLH&KLQHVLQGLH/XIWHLQ'HVKDOEDOVRZDUHQ NHLQH.LQGHULQGLHVHP2UW]XVHKHQ6LHVSUDFKGLH)UDX GDUDXIDQ ª-D)UHPGH6LHKDEHQJXWEHREDFKWHW0DQKDWGLH.LQGHU ]XVDPPHQJHKROWXQGHLQJHVSHUUW:HQQ%DUUDEDVHUZDFKW LVWZLUGHUVLFKVWlUNHQZROOHQ© ª$XV.LQGHUQZHUGHQ*UHLVH©IOVWHUWH6KDRª2*RWWGDV LVWXQJODXEOLFK.DQQPDQGHQQQLFKWVGDJHJHQWXQ"*LEW HVKLHUNHLQHQGHUVLFKJHJHQVRHWZDV8QPHQVFKOLFKHV DXIOHKQW"© ª:HU"© ª'LH0lQQHUGHV2UWHV]XP%HLVSLHO© 0UV5HGIRUGZLQNWHDEª6LHVWHKHQGRFKDOOHXQWHUGHP %DQQ© ª8QGZDUXPQLFKWDXFK6LH"© ª:HLOLFKPLFKLQGHU.LUFKHEHIDQGDOVHVSDVVLHUWH© HUZLGHUWHGLH)UDX
ª$OVZDVSDVVLHUWH"© ª1DDOVGDV%|VH]XXQVNDP(VZDUHLQHVFKOLPPH 1DFKW'HU*HLVWGHU0HQVFKHQZXUGHYHUQHEHOW6LHGDFK WHQQXUQRFKDQ%DUUDEDVXQGVHLQH*HEXUW© ª6LHKDEHQGRFKKLHULP2UWNHLQH.LUFKH©PHLQWH6KDR PLWUDXLVFKJHZRUGHQ ª-HW]WQLFKWPHKU1DFKGHP%DUUDEDVHUVFKLHQHQZDU KDEHQGLH0lQQHUGDV*RWWHVKDXV]HUVW|UW(VZDULKUHHUVWH +DQGOXQJJHZHVHQ6RLVWHV)UHPGH© ª,FKZHUGH,KUH7RFKWHUVXFKHQ©HUNOlUWH6KDRHQWVFKORV VHQª8QGPHLQHQ)UHXQGILQGHLFKDXFK© ª0DQZLUG,KQHQNHLQH0|JOLFKNHLWODVVHQ©JDEGLH)UDX ]XUFN,KUH6WLPPHNODQJGHSULPLHUWª%DUUDEDV *HEXUW VWHKWGLFKWEHYRU'LH0HQVFKHQVLQGYHUUFNW,FKPXIURK VHLQGDVLHPLFKQRFKQLFKWJHW|WHWKDEHQ©'LH)UDX VFKDXWH6KDRDQª%OHLEHQ6LHEHLPLU+LHUVLQG6LHVLFKHU 0HLQHU7RFKWHUXQGVLFKVHOEVWN|QQHQ6LHGUDXHQVRZLHVR QLFKWKHOIHQ© 'LH&KLQHVLQOlFKHOWHJULPPLJ6LHKDWWHLQGHU=HLW JHOHUQWLQGHUVLHPLW6XNR]XVDPPHQOHEWHª(VKDWNHLQHQ =ZHFNZHQQPDQGLH+lQGHLQGHQ6FKROHJW0DQPX HWZDVWXQXQGDXFKHLQLJHVULVNLHUHQ,FKZHUGHNlPSIHQ 0UV5HGIRUG© ª$EHU6LHVWHKHQDOOHLQ© ª:ROOHQ6LH,KUH7RFKWHUGHQQDXIJHEHQ"© 0UV5HGIRUGKREGLH6FKXOWHUQª0HLQOLHEHV.LQGLFKELQ ]XDOWJHZRUGHQ© ª$EHULFKQLFKW,FK© 6KDRKDWWHGHQ6DW]IRUWIKUHQZROOHQGRFKGUDXHQWUDW HLQ(UHLJQLVHLQGDVVLHDP6SUHFKHQKLQGHUWH (LQEHUVWHQGHVGRQQHUQGHV*HUlXVFKHUW|QWHEHJOHLWHW YRQHLQHPVFKUHFNOLFKHQ)DXFKHQ ª'HU'UDFKH©VFKULH0UV5HGIRUGXQGZDUIVLFKDXI GLH.QLH 6KDRDEHUUDQQWH]XU7UXQGULVLHDXI
6LHVDK0HQVFKHQEHUGLH6WUDHKDVWHQ0LWYHUNOlUWHP %OLFNXQGHXSKRULVFKYHU]HUUWHQ*HVLFKWHUQ 8QGVLHVDKQRFKPHKU 'RUWZRGLH6FKHXQHODJORGHUWHHLQ)HXHUXQGVWLHGHU ULHVLJH.RSIHLQHVJLJDQWLVFKHQ'UDFKHQLQGHQ+LPPHO 'LH)HXHUORKHDXVGHP0DXOGHV'UDFKHQUDVWHDXI6XNR XQG'LDQD5HGIRUG]X6LHVSUWHQEHUHLWVGLH+LW]HXQG ZlUHQXQZHLJHUOLFKYHUEUDQQWKlWWH6XNRQLFKWVRVFKQHOO UHDJLHUW(UXPIDWHGDVURWKDDULJH*LUOJDEVLFKJHQJHQG 6FKZXQJXQGKHFKWHWHPLWLKU]XVDPPHQQDFKOLQNVZHJ 'DV0lGFKHQVFKULH+DUWSUDOOWHQVLH]X%RGHQGRFKGDU DXINRQQWH6XNRNHLQH5FNVLFKWQHKPHQHVJLQJMHW]WXP LKU/HEHQ 'LH/RKHVFKOXJEHUVLHKLQZHJWUDIGLH+RO]ZDQGGHV 6FKXSSHQVXQGIUDVLFKGRUWLQGDV0DWHULDO 6RIRUW]QJHOWHQNOHLQH)ODPPHQKRFK'DV+RO]EUDQQWH ZLH=XQGHU,PQlFKVWHQ$XJHQEOLFNVFKRVVHQGLH)ODPPHQ ]XP*HElONKLQ =LWWHUQGODJGDV*LUODXIGHUVFKPXW]LJHQ(UGH6XNRUL VLHKRFK ª:HJKLHU©VFKULHHU 'LDQDK|UWHQLFKW 'DVWLH6XNRVLHHLQIDFKYRQVLFK 'HU'UDFKHGUHKWHVLFKEUOOHQG :LHGHUVFKRHLQ)HXHUVFKZDOODXVVHLQHP0DXO'LHVPDO ]XU'HFNHKRFKGLHVRIRUWLQ)ODPPHQVWDQG(VNQLVWHUWH VSUKWHXQGNQDFNWH%DOGZUGHGDVJHVDPWH*HElONLQ )ODPPHQVWHKHQ 6XNRXQGGDV0lGFKHQPXWHQVRUDVFKZLHP|JOLFKKLHU ZHJ $XFKGHU'UDFKHNRQQWHQLFKWPHKUOlQJHULQVHLQHU *HEXUWVVWlWWHEOHLEHQGHQQGDV)HXHUZUGHDXFKLKQYHU QLFKWHQZHQQHVVLFKHLQPDOYROOHQWZLFNHOWKDWWH
%DUUDEDVZDUIVHLQHQPlFKWLJHQ6FKlGHOKRFK'LHVPDO |IIQHWHHUQXUVHLQ0DXOVWLHNHLQH)HXHUORKHDXVGDIU VFKOXJMHGRFKVHLQPlFKWLJHU6FKZDQ]HLQHQZHLWHQ%RJHQ NUDFKWHJHJHQGLH:DQGGHU6FKHXQHXQGOLHVLHHU]LWWHUQ (LQZHLWHUHU6FKODJ 'LHVPDOKLHOWGLH6FKHXQHQZDQGGHU.UDIWGHV'UDFKHQ QLFKWPHKUVWDQG6LHEUDFK $QHLQDQGHUJHQDJHOWH/DWWHQZXUGHQZLH6WUHLFKK|O]HU DXVLKUHP9HUEXQGJHULVVHQ6LHZLUEHOWHQQDFKGUDXHQ EHUVFKOXJHQVLFKXQGEOLHEHQOLHJHQ ,KQHQIROJWHGHU'UDFKH 2EZRKOGLHgIIQXQJOlQJVWQLFKWJURJHQXJIULKQZDU ZDUIHUVHLQHQPlFKWLJHQGLFNJHVFKXSSWHQJUQHQ.|USHU YRUXQGUDPPWHGLH6HLWHGLHVHU6FKHXQHI|UPOLFKHQW]ZHL :LQGIHJWHLQGDVEUHQQHQGH*HElXGHIDFKWHGLH )ODPPHQQRFKVWlUNHUDQXQGVFKOXJVLHKLQXQGKHUZLH JHZDOWLJH]XJUHLIHQGH+lQGH 'UDXHQEUOOWH%DUUDEDVQRFKHLQPDOVFKUHFNOLFKDXI(U IHLHUWHVHLQH*HEXUWVFKULHVHLQHQ7ULXPSKKLQDXVXQG VWDPSIWHZHLWHU 'HU'UDFKHXQGVHLQZHLWHUHU:HUGHJDQJLQWHUHVVLHUWHQ 6XNRLP$XJHQEOLFNQLFKW (UPXWH]XVHKHQGDHUPLWGHP0lGFKHQDXVGHU 6FKHXQHNDPGHQQGLH)ODPPHQKDWWHQVLHHLQJHNUHLVW8QG VLHIDQGHQLPPHUPHKU1DKUXQJ 'LDQDKDWWHGLH$UPHDQJHZLQNHOWGLH+lQGHKDOEHU KREHQGDEHL]X)lXVWHQJHEDOOWXQGLQGLHVHU+DOWXQJ VWDUUWHVLHHQWVHW]WDXIGLHORGHUQGH)ODPPHQZDQG 6XNRVFKDXWHVLFKXP :RKLQVROOWHQVLHIOLHKHQ" 1DFKOLQNV"1HLQGDORGHUWHXQGEUDQQWHHV5HFKWVJLQJ HVDXFKQLFKWGRUWYHUVSHUUWHLKQHQHLQHORGHUQGH:DQGGHQ ZHLWHUHQ:HJ8QGGDV'DFKEUDQQWHEHUHLWVZLH3DSLHU (VEOLHELKQHQQXUHLQH&KDQFH *HUDGHDXVODXIHQ
6LHPXWHQGHQJOHLFKHQ:HJQHKPHQZLHDXFK%DUUDEDV GHU'UDFKH 6XNRIDWH'LDQDDP$UPª.RPP©ULHIHU 6LHVFKWWHOWHGHQ.RSI'DV*LUOKDWWHHLQHXQJHKHXUH $QJVWYRUGHP)HXHU 6XNRNRQQWHGDUDXINHLQH5FNVLFKWQHKPHQ(UUL'LDQD 5HGIRUGHLQIDFKPLWVLFK6LHVWROSHUWHKLQWHULKPKHU6XNR OLHIVRUDVFKHVJLQJ'DEHLVFKDXWHHUQLFKWQXUQDFKOLQNV RGHUUHFKWVVRQGHUQDXFKQDFKREHQ]XU'HFNHGHQQGRUW NQLVWHUWHXQGVSUKWHHVYHUGlFKWLJ (LQJHZDOWLJHU%DONHQZDUEHUHLWVYRP)HXHUVRDQJHVHQJW ZRUGHQGDHUVLFKGXUFKERJ(UVDKDXVZLHHLQJOKHQGHU YLHUHFNLJHU6WDKOVWDEYRQGHP)XQNHQDEVSUKWHQZLHEHL HLQHU:XQGHUNHU]H 'HULQGDVEUHQQHQGH*HElXGHIDKUHQGH:LQGWULHEHLQHQ GLFKWHQ5DXFKVFKOHLHUJHJHQGLHEHLGHQ)OFKWOLQJH 6HNXQGHQODQJZDULKQHQGLH6LFKWYHUVSHUUW'HU5DXFK GUDQJLQLKUH/XQJHQXQGWULHELKQHQGLH7UlQHQLQGLH $XJHQ 6LHNHXFKWHQXQGKXVWHWHQ6XNRZLVFKWHVLFKEHUGLH $XJHQ8PVLHKHUXPWRVWHQXQGSUDVVHOWHQGLH)ODPPHQ :LHODQJHJLHULJH)LQJHUOHFNWHQVLHYRUZROOWHQQDFKGHQ 0HQVFKHQJUHLIHQVLHLQGHQ7RG]HUUHQGRFKGLHEHLGHQ NlPSIWHQYHU]ZHLIHOW 'DQQNUDFKWHGHU%DONHQYRQGHU'HFNH 6XNRXQG'LDQDZDUHQEHUHLWVHLQ6WFNYRQGHPXQPLW WHOEDUHQ*HIDKUHQRUWHQWIHUQWDEHUGHU%DONHQILHOQLFKW DOOHLQ(UEUDFKWHHLQHQ*OXWUHJHQPLWVLFKGHUVLFKEHUGLH )OFKWOLQJHHUJR 6XNRVSUWHGLHJOKHQGHQ7HLOHDXIGHU+DXW$XFKVHLQH .OHLGXQJZXUGHLQ0LWOHLGHQVFKDIWJH]RJHQ6LHEHJDQQ]X VFKZHOHQ 'LDQD5HGIRUGVFKULHZLHDP6SLH(LQJOKHQGHV +RO]VWFNKDWWHVLFKLP6WRIILKUHU:HVWHIHVWJHVHW]WIDQG QHXH1DKUXQJXQGZUGHGDV*LUOLQ%UDQGVHW]HQ
6XNRVDKHVJHUDGHQRFKUHFKW]HLWLJ0LWGHUIODFKHQ+DQG VFKOXJHUJHJHQGLHDXI]XFNHQGHQ)OlPPFKHQVSUWHVHOEVW GHQ6FKPHU]DEHUHULJQRULHUWHLKQ ª:HLWHU©NHXFKWHHUDOVGLH)ODPPHQHUVWLFNWZDUHQ 'LDQD5HGIRUGWDXPHOWHKLQWHULKPKHU6LHZHLQWHXQG VFKULHLQHLQHPNHXFKWHKXVWHWH,KUH*HVLFKWHUZDUHQYRP 5DXFKVFKZDU]QXUGLH$XJHQIXQNHOWHQZLH3HUOHQ )DVWKDWWHQVLHGDVJHZDOWLJH/RFKLQGHU:DQGHUUHLFKW XQGZLHGHUNDPHLQ:LQGVWRIXKULQGLHEUHQQHQGH 6FKHXQHXQGIDFKWHGLH)ODPPHQHUQHXWDQ 6LHVSUKWHQXQGORGHUWHQKRFK:LHGHUNUDFKWHHVDQGHU 'HFNH(LQ7UPPHUUHJHQO|VWHVLFK 6XNRVDKLKQDXVGHQWUlQHQGHQ$XJHQZLQNHOQ(UULGDV 0l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lW]OLFKZDUHV GXUFKGLH)HXHUVEUXQVWVRVWDUNLQ0LWOHLGHQVFKDIWJH]RJHQ ZRUGHQGDHVHLQIDFK]XVDPPHQEUHFKHQPXWH 8QGHVEUDFK]XVDPPHQ $OVW|GOLFKHU5HJHQVHJHOWHQGLH7HLOHQDFKXQWHQILHOHQ LQGLH*UXEHZRVLHQRFKHLQPDOQDFKORGHUWHQXQGYHU JOKWHQ 'DVDOOHVVDKHQ6XNRXQG'LDQDQLFKWPHKU(UZDUZLH GHU7HXIHOJHUDQQWUDXVDXVGHU6FKHXQHXQGZHJDXVGHU
YHUGDPPWHQ8PJHEXQJGHV%UDQGKHUGHV 'LFNHUVFKZDU]HU4XDOPNURFKGXUFKGLHHQJH6WUDH GXUFKGLH6XNRXQG'LDQDJHIORKHQZDUHQ 6FKHPHQKDIWVDKHQGLHEHLGHQ)OFKWOLQJHDXFKDQGHUH *HVWDOWHQ(VZDUHQGLH0lQQHUDXVGHP'RUIGLHLKQHQDQV /HGHUJHZROOWKDWWHQ6LHEUOOWHQQXUª%DUUDEDV©XQGDOOH OLHIHQ]XHLQHU6WHOOHKLQ 6XNREOLHEVWHKHQEFNWHVLFKVHLWOLFKGDPLW'LDQDYRQ VHLQHU6FKXOWHUUXWVFKHQNRQQWH =LWWHUQGEOLHEVLHVWHKHQ ª.DQQVWGXQRFK"©IUDJWH6XNR 6LHQLFNWH ª:RKLQMHW]W"© ª=XPLUQDFK+DXVH'RUWLVWGHLQH)UHXQGLQ6KDRKRIIH LFKZHQLJVWHQV©6LHKXVWHWHVFKZHU ª,VWGDVQRFKZHLW"© ª1HLQQHLQ©'LDQDVWULFKLKUHDQJHVHQJWHQ+DDUH]XUFN ª1XUQRFKHLQSDDU
'HVVHQZDUHQVLFKDOOHVLFKHU 6XNRHUIDWHVRIRUWGLH6LWXDWLRQ1RFKVWDQGHQGLH 0HQVFKHQXQWHUGHP%DQQGHV'UDFKHQIOXJHVXQGGLH=HLW PXWHQGLHEHLGHQ)OFKWOLQJHQXW]HQ ª:RLVWGHLQ+DXV"©IUDJWHGHU&KLQHVH 'LDQD5HGIRUGKDWWHVLFKZLHGHUJHIDQJHQ:RUWORV]RJVLH 6XNRZHLWHU-HW]WKDWWHVLHHVHLOLJGHQQDXFKVLHZXWHGD GLH)OXFKWFKDQFHQLFKWPHKUODQJHEHVWDQG:HQQVLFKGHU 5DXFKHUVWHLQPDOYHU]RJHQKDWWHXQGGLH6LFKWIUHLZDU ZUGHQGLH(LQZRKQHUQDFKLKQHQVXFKHQ:DKUVFKHLQOLFK ]XHUVWLQGHUDEJHEUDQQWHQ6FKHXQHXPGLH/HLFKHQ]X ILQGHQ :HQQVLH'LDQDXQG6XNRGRUWQLFKWIDQGHQGDQQJLQJGLH 6XFKHUHLZHLWHU $OVLKQHQHLQH*UXSSH0HQVFKHQHQWJHJHQNDPYHUVWHFN WHQVLHVLFKEOLW]VFKQHOOLQHLQHP+DXVHLQJDQJ'LH0lQQHU VDKHQLQPLWWHQGHU5DXFKVFKZDGHQDXVZLH*HVWDOWHQYRQ HLQHPDQGHUHQ6WHUQ6LHWUXJHQVFKZHUHPLW:DVVHUJH IOOWH*HIlHXPGLHUHVWOLFKHQ)ODPPHQ]XO|VFKHQGDPLW VLHQLFKWDXIGLH1DFKEDUJHElXGHEHUJULIIHQ 'LH0lQQHUUDQQWHQYRUEHL 6RIRUWYHUOLHHQ'LDQDXQG6XNRLKUH'HFNXQJ9RQ GLHVHP3ODW]DXVZDUHQHVQXUQRFKZHQLJH
$OVVLHLKUH7RFKWHUVDKILHOVLHLKUZHLQHQGLQGLH$UPH 'LDQDGUFNWHLKUH0XWWHUVRIRUWZHJXP3ODW]IUGLH DQGHUHQ]XVFKDIIHQ 6XNRXQGVHLQH)UHXQGLQZDUIHQVLFKI|UPOLFKLQGDV VFKW]HQGH+DXV 'LDQDVFKOXJGLH7U]X ª*HUHWWHW©NHXFKWHGDVURWKDDULJH*LUO 6XNRVFKWWHOWHGHQ.RSIª,FKJODXEHQLFKW'HU.DPSI IlQJWMHW]WHUVWDQ© $XFKIUPLFKEHJDQQGHUP|UGHULVFKH.DPSIXPVhEHUOH EHQ )QI5LWWHUKDWWHQPLFKHLQJHNUHLVW8QWHULKQHQ5XIXVLKU $QIKUHU'HU5LWWHULQGHUVFKZDU]HQ5VWXQJ ,FKZDULQLKUH)DOOHJHODXIHQ %HZXW 'HQQPLUZDUNODUGDLFKVLHVWHOOHQPXWHEHYRUVLH ZHLWHUHV8QKHLODQULFKWHWHQ 'LHIQI5LWWHUKDWWHQLKUH9LVLHUHKRFKJHNODSSWXQGLFK VDKGLHJHOEOLFKEOHLFKHQ7RWHQVFKlGHOXQWHUGHQ+HOPHQ6LH EHZHJWHQVLFKZHQQGLH5LWWHUVSUDFKHQVRGDHVPDQFK PDOVFKLHQDOVZlUHQVLHDXV*XPPL 'RFKGDVZDUQLFKWGHU)DOO'LHVH6FKlGHOEHVWDQGHQDXV .QRFKHQGLHOlQJVWKlWWHQ]X6WDXEZHUGHQPVVHQLQDOO GHQ-DKUKXQGHUWHQZHQQQLFKW$VPRGLQDPLWLKUHP)OXFK GDIUJHVRUJWKlWWHGDGLHJUDXVDPHQ5LWWHUZLHGHU]X HLQHPXQWRWHQ/HEHQHUZDFKWHQ 8QGVLHKDWWHDXFK0\[LQDXVGHULKULJHQ:HOWHQWIKUW XQGLQGLHVH%XUJREHQDXIGHQ%HUJJHVFKDIIW 7URW]GHPKDWWHHV0\[LQJHVFKDIIWPLUGDV/HEHQ]X UHWWHQ:lUHHUQLFKWJHZHVHQGDQQKlWWHPLFKGHU5LWWHU JHW|WHW ,FKKLHOWGLH%HUHWWDLQGHUUHFKWHQ+DQG)QI 6LOEHUNXJHOQVWHFNWHQLP0DJD]LQ
$EHUDXFKPHLQH*HJQHUZDUHQEHZDIIQHW 6LHWUXJHQ/DQ]HQ6FKZHUWHU3IHLOHXQG%RJHQLQLKUHQ HLVHUQHQ)lXVWHQGLHVLHEHUGLHNQ|FKHUQHQ7RWHQKlQGH JHVWUHLIWKDWWHQ ,FK]lKOWH :LHYLHOH*HJQHUNRQQWHLFKPLWQHKPHQ":HQQLFKUDVFK IHXHUWHYLHOOHLFKW]ZHLPHKUMHGRFKQLFKW%OLHEHQLPPHU QRFKGUHLEULJGLHPLFKHUOHGLJWHQ 1HLQNDXPHLQH&KDQFH hEHUPHLQHQ5FNHQOLHIHLQH*lQVHKDXW,FKPRFKWHHV QLFKWZHQQVLFKMHPDQGKLQWHUPLUEHIDQGDEHUHVZDUQLFKW ]XlQGHUQ 'LH6WLOOHVWDQG]ZLVFKHQXQVZLHHLQH:DQG1LHPDQG VDJWHHWZDV 6FKOLHOLFKIUDJWH5XIXVPLWHLQHUKRKONOLQJHQGHQ *UDEHVVWLPPHª:HUELVWGX"© ,FKOlFKHOWHPRNDQWREZRKOHVPLUYHUGDPPWVFKZHUILHO ª'DVZLUGGLU$VPRGLQDVLFKHUOLFKEHVVHUVDJHQN|QQHQ© ª,FKZLOOHVYRQGLUZLVVHQ© ª-RKQ6LQFODLUKHLHLFK© ª'HU*HLVWHUMlJHU©KDOOWHHVPLUHQWJHJHQ ª*HQDX© ª'XZHLWGDGXNHLQH&KDQFHJHJHQXQVKDVW'XKlW WHVWQLFKWKHUNRPPHQVROOHQGHQQZLUVLQGVWlUNHUREZRKO GX]ZHLYRQXQVJHW|WHWKDVWDEHUGDIUZHUGHQZLUXQV UlFKHQ'HLQ7RGZLUGODQJHGDXHUQ'XZLUVWGDV*HIKO HUOHEHQGDVZLUJHKDEWKDEHQDOVZLULQGLH6lUJHVWHLJHQ PXWHQ© ,FKDWPHWHVFKDUIGXUFKGHQKDOERIIHQHQ0XQG'LH:RUWH NODQJHQLQPHLQHP6FKlGHOQDFKXQGLFKZXWHJHQDXGD HVNHLQHOHHUHQ9HUVSUHFKXQJHQZDUHQ 6LHZROOWHQGDLFKLQHLQHQ6WHLQVDUJNOHWWHUWH (LQHJUDXHQKDIWH9RUVWHOOXQJ %OLHEPLUHLQH&KDQFH" 1HLQLFKPXWHWXQZDVVLHYHUODQJWHQ6LHZUGHQGLH
VFKZHUH6WHLQSODWWHDXIGDV8QWHUWHLOKHEHQGDV.QLUVFKHQ XQG6FKDEHQGDV+RKQJHOlFKWHUGHU'lPRQHQEHUHLWV MHW]WNRQQWHLFKHVPLUJXWYRUVWHOOHQ 5XIXVODFKWHKRKOª'DVZLUGZRKOGHLQ(QGHVHLQ©YHU VSUDFKHUPLUª$EHUGXKDVWHLQH&KDQFH'XNDQQVWQRFK NlPSIHQ$OOHUGLQJVPXWGXJHJHQXQVDOOHDQWUHWHQ© ª'DUDXIYHU]LFKWHLFK© ª'DQQVWHLJVWGXLQGHQ6DUNRSKDJ"© ª-D© 6LHVFKLHQHQEHUUDVFKW]XVHLQGDLFKPLFKZHKUORV HUJHEHQZROOWH5XIXVVHW]WHDXFKJOHLFK]XHLQHU(UNOlUXQJ DQª*ODXEHQXUQLFKWGDGXVRHLQIDFKDXVGHP6DUJ VWHLJHQNDQQVW©VDJWHHUPLUª'DVLVWQLFKWGULQ'XELVW QLFKWLQGHU/DJHGLH6WHLQSODWWHZHJ]XVFKLHEHQ6LHLVW]X VFKZHUVLHZLGHUVWHKWGHLQHQ.UlIWHQ0DFKGLUGDNHLQH IDOVFKH+RIIQXQJHQ© ,FKQLFNWH'DQQIUDJWHLFKª:DVKDEWLKUHLJHQWOLFKYRU"© ª5DFKH©HUZLGHUWH5XIXVª1XUGLH5DFKH:DVYRUODQJHU =HLWEHJRQQHQKDWWHXQGGDQQXQWHUEURFKHQZXUGHZLUG QXQIRUWJHIKUW:LUUlFKHQXQV© ª$QZHP"© ª$QDOOHQGLHQLFKWIUXQVVLQG'DVVLQGXQVHUH)HLQGH© ª$EHUGLH0HQVFKHQVLQGXQVFKXOGLJ©ZDUILFKHLQª6LH KDEHQHXFKQLFKWVJHWDQ© ª6LHQLFKWDEHULKUH9RUIDKUHQ© ª'DIUNDQQPDQVLHQLFKWYHUDQWZRUWOLFKPDFKHQ© ª,FKMD©HUZLGHUWH5XIXVIHVWHQWVFKORVVHQ 7LHIDWPHWHLFKGXUFK'DZDUQLFKWV]XPDFKHQ'LH5LWWHU OLHHQQLFKWPLWVLFKUHGHQ 5XIXVGUHKWHVLFKHWZDV]XU6HLWHXQGGHXWHWHDXIHLQHQ EHVRQGHUVJURHQ6DUNRSKDJª'HULVWIUGLFK-RKQ 6LQFODLU©HUNOlUWHHUª'DKLQHLQZLUVWGXVWHLJHQ(VLVW PHLQH5XKHVWlWWHGLHLFKGLU]XU9HUIJXQJVWHOOHQZHUGH %LQLFKQLFKWJUR]JLJ"© ª,FKGDQNHGLU©HUZLGHUWHLFKVDUNDVWLVFK
ª'XKDVWZRKONHLQH$QJVWYRUGHP7RG"© ª(VJHKW© 'LHDQGHUHQ5LWWHUZXUGHQXQUXKLJ6LHZROOWHQGDLFK HQGOLFKLQGHQ6DUJVWLHJ 8QG5XIXV]|JHUWHDXFKNHLQH6HNXQGHOlQJHU(UGHXWHWH PLWGHUDXVJHVWUHFNWHQ+DQGDXIGHQSUlFKWLJVWHQGHU 6DUNRSKDJHª+LQHLQPLWGLU© ,FKVFKULWWDXIPHLQH7RGHVVWlWWH]XXQGVFKDXWHVLHPLU JHQDXHUDQ 'HU6DUJVDKZLUNOLFKVRDXVDOVZlUHHUIUHLQH(ZLJNHLW JHEDXWZRUGHQ'DV*HVWHLQZDUGLFNXQGVFKZHU(LQ0DQQ NRQQWHGHQ'HFNHONDXPDQKHEHQ$EHUGLH5LWWHUPLWGHU .UDIWGHU+|OOHVLHVFKDIIWHQHVDXVGHQ6lUJHQ]XNOHWWHUQ ZDQQLPPHUVLHZROOWHQ 'DV2EHUWHLOZDU]XUFNJHVFKREHQZRUGHQ%LV]XU+lOIWH ODJGHU6DUJIUHL ,FKJLQJGUHL6FKULWWHYRUXQGVFKDXWHKLQHLQ .DOWHU6WHLQERGHQ'DVIODFNHUQGH/LFKWGHU)DFNHOQILHO GXUFKGLHgIIQXQJXQGPDOWHHLQHQEOXWURWHQ7HSSLFKDXI GHQ*UXQGGHV6DUNRSKDJV 'LH/XIWLQGHU1LVFKHZDUQRFKVFKOHFKWHUDOVLQGHPEUL JHQ*HZ|OEH6LHURFKQDFK0RGHU7RGXQG9HUZHVXQJ ,FKVFKOXFNWH 6RDOVRVDKPHLQHOHW]WH5XKHVWlWWHDXV ,FKKDWWHVLHPLUZLUNOLFKDQGHUVYRUJHVWHOOW8QGQLHPDQG ZDUGDGHUPLUKHOIHQNRQQWH0\[LQZUGHHVQLFKWHLQ ]ZHLWHVPDOJHOLQJHQPLUEHL]XVWHKHQ 'LHVPDOPXWHLFKPLFKDXIPLFKVHOEVWYHUODVVHQ ,FKVFKWWHOWHPLFK 5XIXVPHUNWHHVXQGODFKWH $XFKGLHDQGHUHQ5LWWHUZDUHQPLUJHIROJW6LHGUlQJWHQ VLFKYRUGHP(LQJDQJGHU1LVFKH'LH:DIIHQKLHOWHQVLH QDFKZLHYRULQLKUHQ+lQGHQ /DQ]HQ6FKZHUWHU$UPEUVWH 8QGLFKNDPQLFKWDQPHLQH%HUHWWDKHUDQ:HQQLFKQXU
HLQHYHUGlFKWLJH%HZHJXQJPDFKWHZUGHQPLFKGLH 6FKZHUWHU/DQ]HQXQG3IHLOHGXUFKERKUHQ 5XIXVVWDQGGLUHNWKLQWHUPLU,FKQDKPGHQ0RGHUJHUXFK ZDKUGHUYRQLKPDXVJLQJXQGPLUZXUGHIDVWEHO ª,QGHQ6DUJPLWGLU©JUROOWHHU ,FKQLFNWH (VZDUHLQIDFKLQGLHVHQ6WHLQVDUNRSKDJ]XVWHLJHQ,FK EUDXFKWHQXUPHLQUHFKWHV%HLQ]XKHEHQEHUGHQ5DQG]X NOHWWHUQXQG 1RFKHLQPDOZDUILFKHLQHQ%OLFNQDFKOLQNV 'LH7RWHQVFKlGHOXQWHUGHQKRFKJHVWHOOWHQ9LVLHUHQJULQ VWHQPLFKK|KQLVFKDQ $OOHZDUWHWHQDXIPHLQH$NWLRQ 8QGGLHHUIROJWH $OOHUGLQJVDQGHUVDOVHVVLFKPHLQH*HJQHUKDWWHQWUlX PHQODVVHQ 'LDQD5HGIRUGEHWUDWVRIRUWGDVNOHLQH:RKQ]LPPHUXQG ]RJGRUWGLH9RUKlQJHYRUGLH)HQVWHU-HW]WZXUGHHVQRFK GXQNOHU 6KDR0UV5HGIRUGXQG6XNRZDUHQLKUJHIROJW$XVHLQHU 6FKXEODGHKROWH'LDQDHLQH=LJDUHWWHQVFKDFKWHO6LHERW *OLPPVWHQJHODQGRFK6KDRXQG6XNRVFKWWHOWHQGLH .|SIH 'LDQD]QGHWHVLFKHLQ6WlEFKHQDQ,KUH+lQGH]LWWHUWHQ GDEHL6LHEOLHVGDV=QGKRO]DXVXQGZDUIHVLQHLQHQ $VFKHQEHFKHU+DVWLJVDXJWHVLHGHQ5DXFKHLQ 6XNRKDWWH3ODW]JHQRPPHQª:LUPVVHQGDPLWUHFKQHQ GDGLH+lVFKHU]XUFNNHKUHQ©HUNOlUWHHUªXQGGHVKDOE PVVHQZLUXQVDXFKHWZDVHLQIDOOHQODVVHQ© 'LHDQGHUHQQLFNWHQ ª9RUVFKOlJH"©IUDJWHGHU&KLQHVH 'LHKDWWHQLHPDQG ª*LEWHVKLHU9HUVWHFNH"©
ª1XUGHQ.HOOHU©DQWZRUWHWH6KDRªDEHUHULVWQLFKW VLFKHU© 'HU0HLQXQJZDU6XNRHEHQIDOOV(UNQHWHWHQDFKGHQNOLFK VHLQ.LQQª'DLVWQRFKHWZDVZDVPLU6RUJHEHUHLWHW©PXU PHOWHHUª%DUUDEDVZLUGQDWUOLFK]XUFNNRPPHQXQGZLH LFKK|UWHEUDXFKWHUGLH/HEHQVNUDIWMXQJHU0HQVFKHQ,FK P|FKWHKLHUQLFKWDXVVSUHFKHQZDVGDVEHGHXWHWDEHUGLH .LQGHUVLQGLQJURHU*HIDKU:LUPVVHQVLHILQGHQ©(U ZDQGWHVLFKDQ'LDQDª'XNHQQVWGLFKKLHUJXWDXV+DVWGX HLQH,GHHZRGLH.LQGHUYHUVWHFNWVHLQN|QQWHQ"© ª1HLQ© 0UV5HGIRUGPLVFKWHVLFKHLQªhEHUOHJHELWWHJHQDX 'LDQD(VPXHLQHQ5DXPJHEHQZRPDQGLH.LQGHU JHIDQJHQKlOW© ª'DJLEWHVYLHOH0XWWHU:LUNOLFK© 6KDRKDWWHHLQH,GHHª:LHVWHKWHVPLW.LQJ&XWOHU"© 6XNRSILIIGXUFKGLH=lKQHª'DLVWHWZDV:DKUHVGUDQ +DWHUHLQJURHV+DXV"© 'LDQDQLFNWHª6LFKHU'DVJU|WHVRJDU(VVWHKWLQGHU 2UWVPLWWHXQGHVKDWHLQHQJURHQ.HOOHU© ª'RUWN|QQWHQGLH.LQGHUVHLQ©PHLQWH0UV5HGIRUG 6XNRHQWVFKORVLFKVFKQHOOª'DKROHLFKVLHUDXV© (QWVHW]WVDK6KDRLKQDQGRFKGHU&KLQHVHOlFKHOWHQXU ª,FKZHLZHOFKHLQ5LVLNRLFKGDPLWHLQJHKHDEHUPLU EOHLEWNHLQHDQGHUH:DKO:LUN|QQHQVLHQLFKWLKUHP 6FKLFNVDOEHUODVVHQ© 'DVVDK6KDRHLQXQGDXFKGLHDQGHUHQQLFNWHQ ª%HVFKUHLEPLUGDV+DXV©IRUGHUWH6XNR'LDQD5HGIRUG DXI 6LHWDWHVXQGVLHHUNOlUWHLKPDXFKGHQ:HJGHQHU QHKPHQPXWH ª*LEWHV6FKOHLFKSIDGH"© ª-D©'LDQDVWDQGDXIXQGKROWH3DSLHUXQG%OHLVWLIW6LH VHW]WHVLFK]X6XNRXQGIHUWLJWHHLQH=HLFKQXQJDQ'XUFK =ZLVFKHQIUDJHQGHV&KLQHVHQZXUGHVLHQRFKYHUEHVVHUW
6FKOLHOLFKZDUHQDOOH]XIULHGHQ 6XNRSUlJWHVLFKGHQ3ODQQRFKHLQPDOJHQDXHLQXQG VWHFNWHLKQGDQQZHJ 6KDRGUHKWHVLFKLP.UHLVª'XUFKGLH7UNDQQVWGXQLFKW JHKHQ©VDJWHVLH 'HU&KLQHVHJULQVWHXQGGHXWHWHDXIGDV)HQVWHUª'DV ZLUGPHLQ:HJVHLQ© ª+RIIHQWOLFKVLHKWGLFKNHLQHU©PXUPHOWH6KDRªXQG KRIIHQWOLFKNDQQVWGXGLH.LQGHUEHIUHLHQ© 6XNRZLQNWHDE(UZDURSWLPLVWLVFKª:LUGVFKRQVFKLHI JHKHQ©EHKDXSWHWHHU 'LDQD5HGIRUGKDWWHGLH9RUKlQJHLQ]ZLVFKHQ]XU6HLWH JH]RJHQ6KDRJLQJQRFKHLQPDODXILKUHQ/HEHQVJHIlKUWHQ ]XXQGXPDUPWHLKQ.XU]GUFNWH6XNRGDV*LUODQVLFK 'DQQIDWHHUQDFKGHP5LHJHOGUHKWHLKQKHUXPXQG |IIQHWHGDV)HQVWHU .KOHUH/XIWVWU|PWHLQV=LPPHU 6XNREHXJWHVLFKYRUVFKDXWHQDFKEHLGHQ6HLWHQIDQGGLH /XIWUHLQXQGVWLHJQDFKGUDXHQ'LDQD5HGIRUGVFKORGDV )HQVWHUVRIRUWDOV6XNRLP*DUWHQJHODQGHWZDU *HGXFNWEOLHEHUVWHKHQ 5HFKWVXQGOLQNVODJHQHEHQIDOOV*lUWHQ0DQFKHYHUZLO GHUWHLQLJHJHSIOHJW 9RULKPEHIDQGVLFKGHU=DXQ=ZLVFKHQ+DXVPDXHUXQG GHU*UXQGVWFNVJUHQ]HZXFKHUWHGDV*UDV 5DVFKOLHI6XNRORV 6HLQH6FKULWWHZDUHQNDXP]XK|UHQ8QDQJHIRFKWHQ HUUHLFKWHHUGHQ=DXQNOHWWHUWHKLQEHUXQGVWLHDXIHLQHQ VFKPDOHQ:HJGHUSDUDOOHO]XGHQ*lUWHQYHUOLHI-HQVHLWV GHV:HJVILHOGDV*HOlQGHVWHLODE:HLWHUXQWHQVWDQGHQ ZLHGHU+lXVHU$OOHUGLQJVVDKHQVLHPHKUZLH6FKXSSHQDXV PLWLKUHQO|FKULJHQ'lFKHUQ 6XNROLHIEHUGHQXQHEHQHQ:HJELVHUHLQHNOHLQH6WUDH HUUHLFKWHGLHLKQZHQQHUUHFKWVKRFKJLQJ]XU+DXSWVWUDH EUDFKWH'RUWODJ]ZDU.LQJ&XWOHUV+DXVDEHUGHQQRUPD
OHQ:HJZROOWHGHU&KLQHVHQLFKWQHKPHQ 9RQGLHVHU6WHOOHDXVKDWWHHUDXFKHLQHQIUHLHQ%OLFNELV KRFK]XU%XUJ hEHUGHP]HUVW|UWHQ*HPlXHUODJHQGLFNH:RONHQ6LH KDWWHQVLFK]XUHJHOUHFKWHQ%HUJHQ]XVDPPHQJHEDOOWXQG KLQJHQVRWLHIGDVLHGLH5XLQHQIDVWEHUKUWHQ (VJHILHOGHP&KLQHVHQEHUKDXSWQLFKWDOVHUGLHVVDK GHQQVHLQHU0HLQXQJQDFKNRQQWHQGLH:RONHQNHLQHQ QDWUOLFKHQ8UVSUXQJKDEHQ6LHZDUHQVLFKHUOLFKGXUFK 6FKZDU]H0DJLHHU]HXJWZRUGHQXQGGHU&KLQHVHZXWH JHQDXZHUGRUWREHQXPVHLQ/HEHQNlPSIWH$POLHEVWHQ KlWWHHUVLFKDXIGLH%XUJWHOHSRUWLHUWGRFKGDVZDUOHLGHU QLFKWP|JOLFK (UGUFNWHQXUEHLGH'DXPHQ 'DQQVFKOLFKHUZHLWHU 6XNREHZHJWHVLFKODXWORVHUKLHOWVLFKGDEHLLPPHUGLFKW DQGHQ+DXVZlQGHQEOLHEKLQXQGZLHGHUVWHKHQXPGLH 8PJHEXQJDE]XVXFKHQXQGJLQJGDQQZHLWHU %HYRUGHU&KLQHVHGLH+DXSWVWUDHHUUHLFKWHJOLWWHULQ HLQHVFKPDOH*DVVH(UZXQGHUWHVLFKGDHUNHLQH 0HQVFKHQVDKGRFKQDFKGHQ*UQGHQ]XIRUVFKHQZDU MHW]WQLFKWGHUULFKWLJH=HLWSXQNW 6XNRKROWHGHQ3ODQDXVGHU7DVFKHXQGYHUJOLFK %LVMHW]WVWLPPWHDOOHV 8QGZHLWHUOLHIHU'DQQPXWHHULQ'HFNXQJJHKHQGHQQ ]ZHL)XJlQJHUNUHX]WHQVHLQHQ.XUV6LHJLQJHQYRUEHL XQGZDUIHQNHLQHQ%OLFNDXIGHQDOWHQ.LVWHQVWDSHOKLQWHU GHP6XNRKRFNWH 'LH6FKULWWHYHUNODQJHQ 6XNRULFKWHWHVLFKZLHGHUDXI/HLFKWILJVHW]WHHUVHLQHQ :HJIRUW'LHEHLGHQ0lQQHUKDWWHQ*HZHKUHEHULKUHQ 6FKXOWHUQKlQJHQVLHKlWWHQVLFKHUOLFKVRIRUWJHVFKRVVHQ 'HU&KLQHVHVFKWWHOWHGHQ.RSI:LHNRQQWHMHPDQGQXU VRYHUEOHQGHWVHLQ" 'LHYHUGDPPWH'UDFKHQVDDWVFKLHQYROODXI]XJHKHQ
$QGHUQlFKVWHQ(FNHEOLHE6XNRVWHKHQ(LQ%OLFNQDFK OLQNVGLH+DXSWVWUDH 8QGHUVDKGDV+DXV.LQJ&XWOHUV(VVWDQGHWZDV]XUFN JHVHW]WZDUEUDXQJUQDQJHVWULFKHQXQGPLW]ZHL 6WRFNZHUNHQYHUVHKHQ'DV'DFKOLHIVSLW]]X:LH)LQJHU VWDFKHQGLHEHLGHQ6FKRUQVWHLQHGDUDXVKHUYRU 3RVWHQRGHU:lFKWHUVDK6XNRNHLQH'DVPXWHQLFKW KHLHQGDPDQGDV+DXVLP6WLFKJHODVVHQKDWWH 6LFKHUOLFKZXUGHHVEHREDFKWHW 'HUVFKZLHULJVWH7HLOEHJDQQ'HU&KLQHVHPXWHXQJH VHKHQDQGDV+DXVKHUDQNRPPHQ (UVFKOXJHLQHQZHLWHQ%RJHQZLHHV'LDQD5HGIRUGDXFK DXIGHU=HLFKQXQJJHPDOWKDWWH6XNRKRIIWHDQGLH 5FNVHLWH]XJHODQJHQGHQQGRUWOLHIHLQ+DQJUHODWLYVWHLO KRFKVRGDPDQRKQHJU|HUH6FKZLHULJNHLWHQDXIGDV 'DFKJHODQJHQNRQQWH $XVJHVWRUEHQODJGHU2UWGD 'DVZXQGHUWHGHQ&KLQHVHQ(UKDWWHGDPLWJHUHFKQHW ]DKOUHLFKH0HQVFKHQDQ]XWUHIIHQGRFK*XOELQHZLUNWHQDFK GHP/|VFKHQGHV)HXHUVZLHWRW 1RFKLPPHUKLQJHLQOHLFKWHU%UDQGJHUXFKLQGHU/XIW(U HULQQHUWH6XNRDQGDVZDVJHVFKHKHQZDU $XFKEHUOHJWHHUZRGHU'UDFKHVWHFNHQPRFKWH:DUHU YLHOOHLFKWLQHLQMHQVHLWLJHV5HLFKJHIORJHQRGHUKLHOWHUVLFK QRFKLUJHQGZRLP/DQGHYHUVWHFNW" hEHUHLQHIHXFKWH:LHVHJHODQJWH6XNRDQGHQMHQVHLWVGHV +DXVHVJHOHJHQHQ+DQJ(LQHKDOEH6WXQGHZDUVHLWVHLQHP )RUWJDQJYHUJDQJHQHLQHNXU]H=HLWVSDQQHZLHHUIDQG (LQGXQNHOJHEHL]WHU=DXQKLHOWLKQQLFKWDXI6XNRVWLHJ KLQEHUXQGOLHIGXUFKHLQHQ*DUWHQGHUDQGHPVFKUlJYHU ODXIHQHQ+DQJDQJHOHJWZRUGHQZDU 'DQQHUUHLFKWHHUGDV+DXVGHV%UJHUPHLVWHUV 6FKRQMHW]WVDKHUGDHVNHLQH6FKZLHULJNHLWHQEHUHLWHQ ZUGHDXIGDV'DFK]XNOHWWHUQ6HLQ5DQGEHUKUWH]ZDU QLFKWGHQ+JHOGRFKGHU=ZLVFKHQUDXPZDUOHLFKW]X
EHUZLQGHQ6XNRNRQQWHGXUFKHLQHQ6SUXQJGLH5LQQH HUUHLFKHQXQGHUVDKGDVVFKUlJH)HQVWHUDXIGHP'DFK 'HQ0DQQDOOHUGLQJVHQWGHFNWHHUHWZDV]XVSlW (UKDWWHDQGHU:HVWVHLWHGHV+DXVHVQHEHQHLQHP +RO]VWDSHOJHODXHUW$OVVLFK6XNRLQGHU+|KHGHV6WDSHOV EHIDQGVSUDQJGHU0DQQYRUXQGULVHLQDOWHUWPOLFKHV *HZHKUKRFK 'HU&KLQHVHUHDJLHUWHUHIOH[KDIW6HLQH+DQGNDQWHVLFKHOWH LQGLH+|KHWUDIGDV*HZHKUXQGVFKPHWWHUWHHVGHP %HZDFKHUDXVGHQ)lXVWHQRKQHGDVLFKHLQ6FKXO|VWH 'LHVPDOZXUGHGHU$XISDVVHUEHUUDVFKW$XVJURHQ $XJHQVWDUUWHHU6XNRDQ 'HU&KLQHVHVFKOXJ]XGRFKGHU0DQQYHUGDXWHGHQ 6FKODJ(VZDUHLQULFKWLJHU1DWXUEXUVFKHXQGVFKWWHOWHQXU GHQNDQWLJHQ6FKlGHOZREHLHUGHQ0XQG]XHLQHP :DUQVFKUHLDXIUL 6XNRKHFKWHWHYRU'HU.HUOGXUIWHQLFKWVFKUHLHQ %OLW]VFKQHOOSUHWH6XNRGHP*HJQHUVHLQH+DQGDXIGLH /LSSHQXQGGHU:DUQVFKUHLHUVWLFNWHVFKRQLP$QVDW] 6XNRULGHQ0DQQKHUXP (LQJHPHLQHU7ULWWYHUIHKOWHLKQGDIUOHJWHGHU&KLQHVH VHLQHQ*HJQHUPLWHLQHP-XGRJULIIIODFK 'DQQIROJWHGHU]ZHLWH6FKODJ 6XNRKDWWHGLH+DQGNDQWHOHLFKWJHNUPPW(UZXWH JHQDXZRHUKLQ]XVFKODJHQKDWWHXPGHQ0DQQQXUDXHU *HIHFKW]XVHW]HQXQGQLFKW]XW|WHQ 6HLQ*HJQHUHUVFKODIIWHXQGEOLHEEHZXWORVOLHJHQ 6XNRDWPHWHDXI 5DVFKVFKDXWHHUVLFKXP 1LHPDQGKDWWHHWZDVEHPHUNW6XNRZDU]XIULHGHQQDKP GDV*HZHKUDXIXQGKlPPHUWHHVPLWHLQHPZXFKWLJHQ6WR LQGHQ%RGHQ-HW]WZDUGHU/DXIYHUVWRSIW'DQQQDKP6XNR GLH.XJHOQKHUDXVXQGZDUIVLHZHLWIRUW (UOLHIHLQSDDU6FKULWWH]XU6HLWHZDUIHLQHQ%OLFNQDFK REHQVDKGLH'DFKULQQHXPNODPPHUWHVLH]RJVLFKKRFK
'LH5LQQHERJVLFKGXUFK6LHEHVWDQGDXV+RO]XQGZDU QXUGXUFK0HWDOOULQJHYHUVWlUNWZRUGHQ=XP*OFNYHU NUDIWHWHVLHGDV*HZLFKWGHV&KLQHVHQ 6XNRNOHWWHUWHDXIV'DFKXQGOHJWHVLFKIODFKKLQ 1DFKGHPHUVHLQ*HZLFKWJXWYHUWHLOWKDWWHZDUWHWHHUHUVW HLQPDODE(UODXVFKWHGRFKQLHPDQGKDWWHLKQEHPHUNW 9RUVLFKWLJUREEWHGHU&KLQHVHYRU'LH6FKLQGHOQZDUHQ QLFKWVHKUIHVW/RFNHUHHUWDVWHWH6XNRPLWGHQ+lQGHQXQG VFKREVLFKGDUDQYRUEHL ,PPHUQlKHUNDPHUGHPVFKUlJHQ)HQVWHUXQGKDWWHHV ZHQLJH0LQXWHQVSlWHUHUUHLFKW 6XNRYHUVXFKWHKLQGXUFK]XVFKDXHQGRFKMDKUHDOWHU'UHFN KDWWHGLH6FKHLEHQYHUNOHEW0HLQ)UHXQGVFKlW]WHGLH0DH DEXQGZLHJWH]ZHLIHOQGGHQ.RSI(VZUGHVFKZHUVHLQ VLFKGXUFKGLH/XNH]XVWHPPHQDEHUHVJDENHLQHDQGHUH 0|JOLFKNHLW 6XNRKREGHQ$UPZLQNHOWHLKQDQQDKPQRFKHLQPDO 0DXQGKlPPHUWHGHQUHFKWHQ(OOERJHQQDFKXQWHQ 'DV*ODV]HUSODW]WHPLWHLQHPVDWWHQ/DXW(VJDENHLQ JURHV6SOLWWHUQGLH6FKHLEHEUDFKVRDXVGHP5DKPHQ ,UJHQGHWZDVGlPSIWHGHQ$XISUDOOGHU6FKHUEHQ6XNR VWHFNWHVHLQHQ.RSIGXUFKGLHgIIQXQJ 8QWHULKPZDUHVGXQNHO 0XIILJH/XIWGUDQJLQVHLQH1DVH6WDXEUHL]WH]XP 1LHVHQ 'HUW\SLVFKH*HUXFKHLQHV6SHLFKHUVGDFKWH6XNR (UULVNLHUWHHV1DFKGHPHUVFKRQGHQ.RSIGXUFKGDV )HQVWHUJHVWUHFNWKDWWHGUHKWHHUVLFKVRGDGLHUHFKWH 6FKXOWHUIROJHQNRQQWH 'DQQKDQJHOWH6XNRVLFKZHLWHU'LHOLQNH6FKXOWHUEHNDP HUQLFKWRKQH6FKZLHULJNHLWHQGXUFKGLHgIIQXQJHUPXWH VLFKVWUHFNHQXQGGHKQHQXQGDOVHUHVVFKOLHOLFKJHVFKDIIW KDWWHZDUHULQ6FKZHLJHEDGHW =XU+lOIWHKLQJ6XNRDXIGHP6SHLFKHU]XUDQGHUHQ +lOIWHEHIDQGHUVLFKQRFKGUDXHQ
6XNRYHUVXFKWHVLFKQRFKHLQPDO]XGUHKHQUXFNWHKLQ XQGKHUXQGVWUDPSHOWHPLWGHQ%HLQHQ (UVFKDIIWHHV 3O|W]OLFKILHOHUQDFKYRUQ'DHUVHLQH$UPHDXVJHVWUHFNW KDWWHJHODQJHVOHLFKWVLFKDE]XVWW]HQ(UYHUZDQGHOWHGLH /DQGXQJLQHLQH5ROOHYRUZlUWVXQGVWDQGDXIGHQ)HQ =XP*OFNKDWWHHUQLFKWLQGLH6FKHUEHQGHV]HUVW|UWHQ )HQVWHUVJHIDW'DV]HUVSOLWWHUWH=HXJODJDXIHLQHPDOWHQ 7HSSLFK $XFKGHU&KLQHVHWUXJVWHWVHLQH%OHLVWLIWODPSHEHLVLFK 'LHKROWHHUKHUYRUXQGVFKDOWHWHVLHHLQ ,QGHPGQQHQKHOOHQ)LQJHUWDQ]WHQXQ]lKOLJH6WDXE SDUWLNHO6LHIOLUUWHQXQGIOLPPHUWHQODJHQDXIGHQDOWHQ ]HUEURFKHQHQ0|EHOVWFNHQELOGHWHQLKUH6FKLFKWDXIYHUUR VWHWHQ(LPHUQXQG*HIlHQ 6XNROHXFKWHWH]X%RGHQ .HLQH6SXUHQ 'HPQDFKZDUODQJHNHLQHUDXIGHP6SHLFKHUJHZHVHQ 'HU&KLQHVHHUODXEWHVLFKHLQOHLFKWHV/lFKHOQ%LVKHUKDWWH DOOHVJXWJHNODSSWYRQGHPNOHLQHQ=ZLVFKHQIDOOGUDXHQ HLQPDODEJHVHKHQ $OVHUDXIGLH7U]XVFKULWWKLQWHUOLHHQVHLQH6FKXKH $EGUFNHLP6WDXE 9RUGHU7UEOLHEHUVWHKHQOHJWHVHLQH+DQGDXIGLH .OLQNHXQGGUFNWHVLHQDFKXQWHQ /DQJVDP]RJHUGLHQLFKWYHUVFKORVVHQH7UDXI6LH TXLHWVFKWHHUElUPOLFKLQGHQ$QJHOQXQG6XNRYHU]RJGDV *HVLFKW'DQQULHUPLWHLQHP5XFNGLH7UDXI 'XUFKGLHVHQ7ULFNEHUZDQGHUGDV4XLHWVFKHQ 6XNRVFKOLFKYRU 'HUHUVWH6FKULWWEUDFKWHLKQDXIHLQNOHLQHV3RGHVWDQGDV VLFKGLH7UHSSHQDFKXQWHQDQVFKOR 6XNRKDWWHHUZDUWHW+RO]VWXIHQYRU]XILQGHQXQGHU ZXUGHQLFKWHQWWlXVFKW ,P7UHSSHQKDXVURFKHVQDFKIULVFKHU)DUEH&XWOHUPXWH
VLHHUVWYRUNXU]HPDQJHVWULFKHQKDEHQ$OV6XNRGDV *HOlQGHUXPVSDQQWHZDUGHU+DQGODXIQRFKOHLFKWNOHEULJ (UEHWUDWGLHREHUVWH6WXIHZREHLHUVHLQ*HZLFKWEDODQ FLHUWH'DEHLEHZHJWHHUVLFKDXIGLH:DQG]X=XVHLQHP (UVWDXQHQNQDUUWHQGLH6WXIHQQLFKWDOVHUGLH7UHSSHKLQ XQWHUJLQJ6LHERJHQVLFK]ZDUXQWHUVHLQHP*HZLFKWGXUFK YHUXUVDFKWHQMHGRFKNHLQHYHUUlWHULVFKHQ*HUlXVFKH ,P+DXVZDUHVVWLOO 1LFKWHLQIUHPGHU/DXWRGHUHLQH6WLPPHGUDQJHQDQ 6XNRV2KUHQ)UVHLQHQ*HVFKPDFNZDUHVHLQIDFK]X UXKLJ'HQQLUJHQGZRPXWHQGLH0lQQHURGHUGLH.LQGHU GRFKVWHFNHQ 'XUFKVFKPDOH)OXUIHQVWHUGUDQJQXUZHQLJ/LFKWLQGDV *HElXGH'LH)HQVWHUODJHQLQ+|KHGHU7UHSSHQDEVlW]H ,KUH6FKHLEHQZDUHQVRVFKPXW]LJZLHGLHDXIGHP'DFK 'LHHUVWH(WDJH 6XNREOLHEVWHKHQXQGODXVFKWH -HW]WK|UWHHUGDVJHGlPSIWH*HPXUPHOGDVZHLWXQWHU LKPHQWVWDQGHQZDU (LQVHOWVDPHU6LQJVDQJ0RQRWRQXQGODQJVDP 6XNRV*HVLFKWV]JHZXUGHQKDUW(UORFNHUWHGLH%HUHWWDLQ VHLQHP+ROVWHUXQGVWHFNWHGLH'lPRQHQSHLWVFKHVRLQGHQ *UWHOGDHUVLHRKQH6FKZLHULJNHLWHQ]LHKHQNRQQWH (UZXWHGDHUGLFKWYRUGHU/|VXQJVWDQG'DV+DXV PXWHVHLQ*HKHLPQLVSUHLVJHEHQ 'HU&KLQHVHJLQJZHLWHU 6WXIHXP6WXIHQlKHUWHHUVLFKGHP=HQWUXPGHV 6LQJVDQJV6XNRHUUHLFKWHGDV(UGJHVFKR+LHUZDUHQGLH 5lXPOLFKNHLWHQJUR]JLJHUJHKDOWHQ(LQH7UVWDQGRIIHQ ,P5DXPGDKLQWHUEUDQQWH/LFKW'LH+HOOLJNHLW]HLFKQHWH HLQHQKHOOHQ%DONHQDXIGHQ6WHLQERGHQ /DXHUWHGRUWMHPDQG" 6XNRZROOWHHVJHQDXZLVVHQ(UPRFKWHHVQlPOLFKQLFKW ZHQQHUHLQHXQEHNDQQWH*HIDKULQVHLQHP5FNHQZXWH $XI=HKHQVSLW]HQVFKOLFKHU]XU7UGUFNWHVLHDXIXQG
VWUHFNWHVHLQHQ.RSILQGDV=LPPHUZlKUHQGVHLQHUHFKWH +DQGDXIGHP*ULIIGHU%HUHWWDODJ 'DV=LPPHUZDUOHHU 1HLQGRFKQLFKW 6XNRNRQQWHQXUHLQHQ7HLOGHVDOWHQ6RIDVVHKHQ$EHUGDV UHLFKWHLKP (UHUNDQQWHGLHEHLGHQ)HGLHUHJORVEHUGHQ5DQG UHLFKWHQ(QWZHGHUVFKOLHIGRUWMHPDQGRGHUDEHU 'HU&KLQHVHZROOWHHVJHQDXZLVVHQ =ZHL6FKULWWHEUDFKWHQLKQLQGLHULFKWLJH6LFKWZHLWH$XI GHP6RIDODJWDWVlFKOLFKHLQH*HVWDOW (LQ0DQQ 8QGHUZDUWRW 6XNRZXWHQLFKWGDHU5RFFRGHQ6FKlIHUYRUVLFKKDWWH (UUHJLVWULHUWHQXUGHQ.RSIVFKXXQGSUHWHKDUWGLH /LSSHQ]XVDPPHQ 'DQQGUHKWHHUVLFKXPXQGYHUOLHGHQ5DXP 1LFKWVKDWWHVLFKYHUl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
'LH*HVWDOWHQKDWWHQPHQVFKOLFKH.|USHUDEHULKUH.|SIH EHVWDQGHQDXV'UDFKHQVFKlGHOQ6LHERWHQHLQHQJUDXHQ KDIWHQ$QEOLFNXQG6XNRVFKOXFNWHKDUW (LQ*HGDQNH]XFNWHGXUFKVHLQHQ.RSI'LHVKLHUDQGHU :DQGZDUHQ*HPlOGH'RFKYLHOOHLFKWJDEHVGLHVH *HVFK|SIHDXFKLQ:LUNOLFKNHLW(UKRIIWHGDHUVLFKLUUWH DEHUDXVVFKOLHHQPRFKWHHUVHLQH$QQDKPHQLFKW 'LH7UHSSHPDFKWHHLQHQ%RJHQ8QGVLHZXUGHEUHLWHU 6XNRVDKGDGHU.HOOHUDXVJHEDXWZRUGHQZDU(LQH:DQG KDWWHPDQY|OOLJZHJJHQRPPHQGDIUVWDQGGRUWHLQH UXQGH6lXOHGLHGLH'HFNHVWW]WH6LHEHIDQGVLFK]LHPOLFK QDKHDP(QGHGHU7UHSSHVRGD6XNRGDKLQWHU'HFNXQJ ILQGHQXQGJOHLFK]HLWLJLQGHQ.HOOHUUDXPKLQHLQEOLFNHQ NRQQWH :DVHUVDKZDUIDV]LQLHUHQGXQGDEVFKUHFNHQG]XJOHLFK $XFKGHQ.HOOHUUDXPKDWWHPDQDXVJHEDXW(UQDKPGLH YLHUELVIQIIDFKH*U|HHLQHVQRUPDOHQ5DXPHVHLQXQGLQ GHVVHQ0LWWHVWDQGHLQVWHLQHUQHV%DVVLQ (VZDUPLWHLQHU)OVVLJNHLWJHIOOW6LHVFKZDSSWHELV GLFKWXQWHUGHQ5DQG6XNRNRQQWHQLFKWJHQDXVHKHQ ZHOFKH)DUEHVLHKDWWHGDGLH/LFKWYHUKlOWQLVVH]XVFKOHFKW ZDUHQ(UJODXEWHDEHUJUQHXQGURWH6FKLPPHU]XVHKHQ 5RW" 9LHOOHLFKW%OXW" 'HU&KLQHVHSUHWHGLH/LSSHQ]XVDPPHQXQGVFKOXFNWH 6HLQH%OLFNHJOLWWHQZHLWHU 'LH.LQGHUVDKHUQLFKW'DIUMHGRFKGLH0lQQHUDXV *XOELQH6LHKDWWHQVLFKXPGDV%DVVLQYHUVDPPHOWXQG VWDUUWHQDXIGLH2EHUIOlFKH :DUXP" .HLQHUGHU0lQQHUKDWWH$XJHQIUVHLQHQlKHUH 8PJHEXQJGHVKDOEZDJWH6XNRHVQRFKHLQHQ6FKULWWYRU ]XJHKHQXPHLQHQEHVVHUHQ%OLFNZLQNHO]XKDEHQ =ZDUEHZHJWHVLFKGLH2EHUIOlFKHKLQXQGKHUGRFKSO|W] OLFKEHJDQQVLHDXFK]XEURGHOQXQGTXLUOHQ
(WZDVZKOWHYRQXQWHQKHUDXIGUDQJGHU2EHUIOlFKH HQWJHJHQVFKlXPWHXQGHU]HXJWHGLFNH%ODVHQGLHPLW ODXWHQ*HUlXVFKHQ]HUSODW]WHQ :DVVSLHOWHVLFKGRUWLP%DVVLQDE" 6XNRZDUZLUNOLFKJHVSDQQWXQGVHLQH*HGXOGZXUGHDXI NHLQHODQJH3UREHJHVWHOOW (WZDVWDXFKWHDXI (LQ0HQVFK (UNDPDXVGHQ7LHIHQGHV%DVVLQV=XHUVWZDUHQQXUGLH +lQGH]XVHKHQZLHVLHDXVGHP:DVVHUUDJWHQHVIROJWHQ GLH$UPHGHU.RSI 1HLQGDVZDUNHLQ.RSI 6XNRKDWWH0KHVLFK]XEHKHUUVFKHQ 'LHVHU0HQVFKGHUGRUWDXVGHP%DVVLQDXIWDXFKWHKDWWH QLFKWGHQ.RSIHLQHVQRUPDOHQ0DQQHVVRQGHUQGHQ 6FKl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lPPHUWHGXUFKGDVRIIHQH9LVLHU]HUVW|UWHGHQ
7RWHQVFKlGHOHLQHVZHLWHUHQ5LWWHUV'DV0RQVWHUVWLHHLQHQ JUDXHQKDIWHQ6FKUHLDXVGHUVLFKPLWGHP(FKRGHV 6FKXVVHVPLVFKWHXQGEUDFK]XVDPPHQ 'LH$UPEUXVWILHO]X%RGHQ ,FKIHXHUWHVRIRUWHLQHQ]ZHLWHQ6FKXDE 'LHVPDOWUDILFKHLQHQ5LWWHUGHUHLQH/DQ]HZXUIEHUHLW KLHOW'HQ$UPKDWWHHUKDOEHUKREHQ]XP:XUINDPHU DOOHUGLQJVQLFKWPHKU'DVVLOEHUQH*HVFKRMDJWHGXUFKVHLQ RIIHQHV9LVLHUXQG]HUVW|UWHGHQGULWWHQ5LWWHU 1RFKGUHL*HJQHU $OOHUGLQJVNRQQWHLFKNHLQHQZHLWHUHQPHKUHUOHGLJHQ GHQQGLHEHLGHQOHW]WHQUHDJLHUWHQGLHVPDOVFKQHOO6LH KXVFKWHQ]XU6HLWH 'DVVDK]ZDUXQI|UPLJDXVXQGYLHOOHLFKWKlWWHLFKDXFK QRFKHLQHQYRQLKQHQHUZLVFKWGRFK5XIXVKDWWHVLFKHEHQ IDOOVYRQVHLQHUhEHUUDVFKXQJHUKROW(UZDUIVLFKNXU]HU KDQGQDFKKLQWHQ 'LH5VWXQJZDUVFKZHUXQGGLHVH:XFKWEHNDPLFK]X VSUHQ,FKZXUGHJHJHQGLH:DQGJHGUFNWVFKUDPPWH GDEHLPLWGHPOLQNHQ%HLQDPl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|USHUIORJKDOEKRFKXQGJHVWUHFNWGXUFKGLH/XIW $XFKGLH$UPHKDWWHLFKQDFKYRUQJHUHFNWXQGPHLQH +lQGHVFKOXJHQJHJHQGLHQLFKWJHSDQ]HUWHQ%HLQHHLQHV 5LWWHUV(UZDULP%HJULIIJHZHVHQVHLQ6FKZHUWQDFKXQWHQ UDVHQ]XODVVHQ 'HU$XISUDOOYHUKLQGHUWHHV 'HU5LWWHUNLSSWH]XUFNGDV6FKZHUWGUHKWHHLQSDDU )LJXUHQLQGHU/XIWGDVZDUDXFKDOOHV (VVFKHSSHUWHDOVGLHXQKHLPOLFKH*HVWDOWLQLKUHU 5VWXQJDXIVFKOXJ ª7|WHWLKQ©KDOOWH5XIXV 6WLPPHGXPSIXQGJUROOHQG GXUFKGDV*HZ|OEHª%ULQJWLKQXP© 'HU%HIHKOZDUNODU5XIXVKDWWHJHVHKHQGDHUPLFKDXI VHLQH$UWXQG:HLVHQLFKWDXVVFKDOWHQNRQQWH -HW]WYHUVXFKWHHUHVLP.DPSI8QGGDZDUHQVLHPLU HLJHQWOLFKEHUOHJHQ ,FKEHVDMHGRFKGLHPRGHUQHUHQ:DIIHQ8QWHUDQGHUHP GLH%HUHWWDPLWLKUHQ6LOEHUNXJHOQDEHULP$XJHQEOLFNQW] WHPLUGLH:DIIHQLFKWV,FKPXWH]XVHKHQGDLFKQLFKW
YRQGHQW|GOLFKHQ3IHLOHQPHLQHU*HJQHUJHWURIIHQ ZXUGH :LHGHUVLUUWHHLQ3IHLOKHUDQ ,FKZDUIPLFK]X%RGHQXQGGDV'LQJIHJWHKDDUVFKDUI EHUPHLQHQ5FNHQ6RIRUWUROOWHLFKPLFKKHUXPNDPDXI GHQ5FNHQ]XOLHJHQXQGKREGLH%HUHWWD ,FKNRQQWHQLFKWPHKUVFKLHHQ 5XIXVUHDJLHUWHZLHHLQDOWHU3URIL(UULHLQHQGHU 6DUJGHFNHOKRFKDOVZlUHQVLHDXV3DSSHXQGVFKOHXGHUWH LKQDXIPLFK]X:HQQHUWUDIEOLHEYRQPLUQLFKWVPHKU EULJ ,FKYHU]LFKWHWHDXIHLQHQ6FKXXQGVFKQHOOWHPLFKDXV PHLQHUOLHJHQGHQ3RVLWLRQKRFK (VZDUHLQ]LUNXVUHLIHU6SUXQJTXHUGXUFKGDVKDOEH *HZ|OEHXQGGRFKQLFKWZHLWJHQXJ 'LH3ODWWHVWUHLIWHPLFK ,FKVSUWHHLQHQKDUWHQ6FKODJLP5FNHQXQGZXUGHQDFK YRUQJHGURVFKHQ)UHLQHQ0RPHQWEOLHEPLUGLH/XIWZHJ ,FKULGHQ0XQGDXIXQGUDQJYHU]ZHLIHOWQDFK$WHP 1HEHQPLUZDUGLH3ODWWH]X%RGHQJHNQDOOW6LH]HLJWH MHW]WGLFNH6SUQJH 'DVQXUDP5DQGH$XVUXKHQNRQQWHLFKPLFKQLFKW,FK ZlO]WHPLFKVRIRUW]XU6HLWHXQGVDKPLFKHLQHP5LWWHU JHJHQEHUGHUVHLQH/DQ]H]XP6WRHUKREHQKDWWH(U VWDQGGLUHNWYRUPLUXQGZHQQLFKQLFKWVFKQHOOHUZDUKDWWH LFKYHUORUHQ 'HQNHQ]LHOHQVFKLHHQZDUHLQV :LHGHUKDOOWHGHU6FKXGXUFKGDV*HZ|OEH'DVVLOEHUQH *HVFKRMDJWHGXUFKGDV9LVLHUGHV5LWWHUVXQGULGRUWGHQ 7RWHQVFKlGHODXVHLQDQGHU 'HU8QKHLPOLFKHNLSSWH]XUFN6HLQKDXWORVHU6FKlGHO ZXUGHGXUFKGDV6LOEHU]HUVW|UW$VFKHULHVHOWHDXVGHP +HOP 1RFK]ZHL*HJQHU 5XIXVXQGVHLQ*HKLOIH
.RQQWHLFKDXFKVLHYHUQLFKWHQ" ,FKVSUDQJDXIGLH)HXQGWDXFKWHVRIRUWQDFKOLQNVZHJ XPGLH:DQGDOV5FNHQGHFNXQJ]XKDEHQ 'LHVPDOJULIIPLFKNHLQHUDQ'LHEHLGHQ*HJQHUZDUWHWHQ DE8QGVLHZDUHQVFKODXHUJHZRUGHQ6LHKDWWHQLKUH9LVLHUH YRUGLH*HVLFKWHUJHNODSSWVRGDVLHNHLQ=LHOPHKUIU HLQH6LOEHUNXJHOERWHQ=ZDUNRQQWHLFKQRFK$UPHXQG %HLQHWUHIIHQGRFKLFKEH]ZHLIHOWHRELFKGDPLWGLHJOHLFKH :LUNXQJHU]LHOHQZUGH =XGHP]RJHQVLHVLFK]XUFN 9RQGHP*HZ|OEH]ZHLJWHQHLQLJH*lQJHDE:RKLQVLH IKUWHQZDUPLUXQEHNDQQWZDKUVFKHLQOLFKZHLWHULQGLH 7LHIHGHU%XUJRGHUDEHUQDFKGUDXHQ 5XIXVZDUQXUPLWVHLQHP6FKZHUWEHZDIIQHWZlKUHQG GHUDQGHUH5LWWHU]XP6FKZHUWQRFKHLQH/DQ]HWUXJ 3O|W]OLFKZDUHQGLH5LWWHUQLFKWPHKU]XVHKHQ 'DVLHJHIORKHQZDUHQGDUDQZROOWHLFKQLFKWJODXEHQ6R OHLFKWJDEHQVLHQLFKWDXIXQGYRUDOOHQ'LQJHQQLFKW5XIXV GHU5LWWHULQGHUVFKZDU]HQ5VWXQJ :DKUVFKHLQOLFKZROOWHQVLHPLFKDXIXQEHNDQQWHV7HUUDLQ ORFNHQXPVFKQHOOXQGKLQWHUUFNV]XVFKODJHQ]XN|QQHQ (VZXUGHQRFKJHIlKUOLFKHU $XIGHPQRUPDOHQ:HJNRQQWHLFKQLFKW]XUFNGHUZDU GXUFKGDV*LWWHUYHUVSHUUW$XFKDQGHU)DOOJUXEHZROOWHLFK QLFKWXQEHGLQJWQRFKHLQPDOYRUEHL $EHULFKGDFKWHDQ0\[LQ,FKPXWHVHKHQZLHHVGHP ª.OHLQHQ©JLQJ6FKOLHOLFKKDWWHHUPLUGDV/HEHQJHUHWWHW $QGHQ1LVFKHQPLWGHQ6DUNRSKDJHQYRUEHLVFKOLFKLFK ZLHGHU]XUFN,FKNRQQWHEHUHLWVGLH)DOOJUXEHVHKHQDOV VLFK0\[LQ]HLJWH(UEHIDQGVLFKQRFKGRUWZRLFKLKQ JHWURIIHQKDWWH 'HU0DJLHUKRFNWHDXIGHP%RGHQ $XVJURHQ$XJHQVFKDXWHHUPLUHQWJHJHQ0HLQ.|USHU ZDUIHLQHQODQJHQ6FKDWWHQDXIGHQ%RGHQXQGGLH)DFNHOQ EUDQQWHQ]XFNHQGZHLWHUVRGDLKUJHLVWHUKDIWHU6FKHLQ
EHUGLH:lQGHVWULFKXQGVLHPLWHLQHPVFKDXULJHQ (LJHQOHEHQHUIOOWH ª'XKDVWHVJHVFKDIIW"©IUDJWH0\[LQIOVWHUQG ,FKEOLHEYRULKPVWHKHQXQGQLFNWHª)DVWKlWWHLFKHV JHVFKDIIW©HUZLGHUWHLFK ª:LHVR"© ª=ZHLVLQGHQWNRPPHQ5XIXVXQGQRFKHLQ5LWWHU© 0\[LQODFKWHª'LHKDEHQEHVWLPPWQLFKWGLH)OXFKWHU JULIIHQ6LHZDUWHQDXIGLFK© ª'DVJODXEHLFKDXFK©,FKUlXVSHUWHPLFKª.HQQVWGX GLFKKLHUXQWHQDXV"© ª1HLQ© ª$EHUPDQKDWGLFKKLHUJHIDQJHQJHKDOWHQ© ª'DVVFKRQ1XUNRQQWHLFKPLFKQLFKWIUHLEHZHJHQ1XU LQHLQHPEHVWLPPWHQ8PNUHLV$VPRGLQDKDWVFKRQGDIU JHVRUJWGDHVPLUVFKOHFKWJHKW© ª:HOFKH)lKLJNHLWHQEHVLW]WGXQRFK"©IUDJWHLFKLKQ (UKREGLHPDJHUHQ6FKXOWHUQª'DVZHLLFKVHOEVWQLFKW 9LHOOHLFKWJDUNHLQHPHKU© ª$EHUGDVLVWGRFKQLFKWP|JOLFK0DQNDQQGRFK QLFKW© ª$VPRGLQDKDWGLH0DFKW8QGVLHKDWGDPLWJHSUDKOW 0DFKGLFKDXIHWZDVJHIDW-RKQ6LQFODLU'XZHLWGD GLHVHU'U7RGZLHGHUDXIHUVWDQGHQLVW"© ª-D© ª$VPRGLQDLVWPLWLKPHLQHJUDXVDPH$OOLDQ]HLQJH JDQJHQ'U7RGEHUHLWHWHWZDVVHKU6FKOLPPHVYRU(UZLOO HQGOLFKHLQHQJHZDOWLJHQ3ODQLQGLH7DWXPVHW]HQ© ª:HOFKHQ3ODQ"© ª'LH*UQGXQJGHU0RUGOLJD© ,FKKREEHUUDVFKWGLH$XJHQEUDXHQª:DVLVWGDVGHQQ"© ª0HKUKDWPLU$VPRGLQDQLFKWJHVDJW6LHPHLQWHQXU QRFKGDJHUDGHGXXQGDOOHDQGHUHQVLFKQRFKZXQGHUQ ZUGHQ'LH0RUGOLJDPXXQJHKHXHUVFKOLPPVHLQ6LH VHW]WVLFKDXV9HUEUHFKHUQXQG'lPRQHQ]XVDPPHQ,FK
JODXEHNDXPGDGHLQH&KDQFHJU|HULVWDOVGHUHLQHV 6FKQHHEDOOVLQGHU+|OOH© ,FKKREGLH6FKXOWHUQª'DVZHUGHQZLUVHKHQ©'DQQ ZHFKVHOWHLFKGDV7KHPDª'XNHQQVWGLFKDOVRQLFKWKLHU DXV"© ª1HLQ© ª'DQQVXFKHLFKVLHDOOHLQ© ª/lWGXPLFK]XUFN"©IUDJWH0\[LQ6HLQH6WLPPH ]LWWHUWHHWZDV ,FKOlFKHOWHª-DXQGQHLQ,FKZHUGH]XUFNNRPPHQXQG GLFKKROHQ'DVELQLFKGLUVFKXOGLJ© ª:HQQLFKGDQQQRFKOHEH© ª:HUVROOWHGLFKW|WHQ"© ª$VPRGLQD© ª6LHKDWGLFKELVKHUDP/HEHQJHODVVHQ© ª$EHULFKELQ%DOODVWIUVLH7XWPLUOHLG6LHKDWPLFK KLHUKHUJHVFKDIIWXPPLUPHLQH0DFKWORVLJNHLW]XGHPRQ VWULHUHQ8QGLFKNRQQWHQLFKWVGDJHJHQWXQ© :lKUHQG0\[LQVSUDFKVFKDXWHLFKPLFKLPPHUZLHGHU XPGRFKYRQPHLQHQ*HJQHUQZDUNHLQH6SXU]XVHKHQ6LH VFKLHQHQVLFKLQ/XIWDXIJHO|VW]XKDEHQ 'DKDWWHLFKHLQH,GHH ª$VPRGLQDKDWGLFKPLWHLQHP%DQQEHOHJW"©HUNXQGLJWH LFKPLFKQRFKHLQPDO ª-D© ª9LHOOHLFKWNDQQLFKLKQEUHFKHQ© 0\[LQVFKDXWHPLFKDXVJURHQ$XJHQDQ,FKVDKGLH +RIIQXQJGDULQIXQNHOQª:LHZLOOVWGXGDVVFKDIIHQ"© ª0LWGHP.UHX]© 'HU0DJLHUVFKZLHJ ,FKDEHUJULIIXQWHUPHLQH.OHLGXQJ:lKUHQGGHV.DPSIV PLWGHQ5LWWHUQKDWWHLFKNHLQH*HOHJHQKHLWJHKDEWGDV .UHX]KHUYRU]X]LHKHQ-HW]WVWUHLIWHLFKPLUGLH.HWWHEHU GHQ.RSI ,FKJLQJLQGLH.QLH
'DV.UHX]KLHOWLFKLQPHLQHUUHFKWHQ+DQG'HXWOLFK ZDUHQGLHYLHU=HLFKHQGHU(U]HQJHO]XVHKHQ 0IU0LFKDHO5IU5DSKDHO*IU*DEULHO8IU8ULHO 0LUKDWWHQVLHVFKRQGHV|IWHUHQJHKROIHQ:UGHQVLHDXFK MHW]WVWDUNJHQXJVHLQGHQPDJLVFKHQ%DQQGHU$VPRGLQD ]XEUHFKHQ" ,FKKRIIWHHV /DQJVDPIKUWHLFKPHLQH+DQGXQGGDPLWGDV.UHX] LQGLH1lKHGHVDXIGHP%RGHQKRFNHQGHQ0DJLHUV 8QZLOONUOLFKZLFK0\[LQHWZDV]XUFN(UZDUHLQPDOHLQ 'lPRQJHZHVHQVRJDUHLQVHKUVWDUNHUXQGHUKDWWHPLFK EHNlPSIW9RUGHP.UHX]KDWWHHUQRFKLPPHUHLQHQJHZLV VHQ5HVSHNWZDVLFKGXUFKDXVYHUVWDQG ,FKOlFKHOWHª.HLQH$QJVWHVNODSSWVFKRQ©:lKUHQG LFKGLH:RUWHVSUDFKIKOWHLFKDXIPHLQHU+DXWZLHVLFK GDV.UHX]HUZlUPWH,FKQlKHUWHPLFKGHPXQVLFKWEDUHQ PDJLVFKHQ5LQJ :HUZUGHVWlUNHUVHLQ" ,FKNRQQWHQLFKWYHUPHLGHQGDPHLQH+lQGHDQILQJHQ ]X]LWWHUQ :HLWKDWWH0\[LQGLH$XJHQDXIJHULVVHQ$XFKHU]LWWHUWH 6HLQH+DOWXQJKDWWHVLFKYHUNUDPSIWHUZDU]XUFNJH ZLFKHQGUFNWHVHLQHQ5FNHQJHJHQGLH0DXHUXQGVWW] WHVLFKPLWEHLGHQ+lQGHQDP%RGHQDE $VPRGLQDPXWHLKQZLUNOLFKPLWHLQHPPlFKWLJHQ%DQQ EHOHJWKDEHQZHQQHUVROFKHLQH$QJVWKDWWH 'DJHVFKDKHV 3O|W]OLFKH[SORGLHUWHGDV.UHX]LQPHLQHU+DQG]XHLQHU JOHLHQGHQ/LFKWNDVNDGH(LQHXQJHKHXHUVWDUNH(QHUJLH UDVWHDXIGHQNOHLQHQ0DJLHU]XXQGKOOWHLKQHLQZLHHLQH *ORFNH +DUWKLHOWLFKPHLQHQZHUWYROOHQ7DOLVPDQXPNODPPHUW 0\[LQVFKULH(UPXWHVWDUNH6FKPHU]HQKDEHQ'LHEHLGHQ JHJHQVlW]OLFKHQ.UlIWHWREWHQVLFKLQXQGXPVHLQHQ.|USHU DXV(U]XFNWHKLQXQGKHU)UHLQHQZLQ]LJHQ$XJHQEOLFN
ZXUGHVHLQH*HVWDOWGXUFKVLFKWLJVRGDLFK$QJVWKDWWHLKQ LQHLQHDQGHUH'LPHQVLRQ]XYHUOLHUHQ6HLQ*HVLFKWZDUYRQ SDQLVFKHP6FKUHFNHQYHU]HUUWDOVVHLQ.|USHUZLHGHUPDWH ULDOLVLHUWH ,FKVSUWHZLHGDV.UHX]DUEHLWHWH.DXPNRQQWHLFKHV IHVWKDOWHQHV]XFNWHKLQXQGKHU8QXQWHUEURFKHQVWUDKOWHQ GLHJOHLHQGHQ/LFKWILQJHUYRQGHQYLHU(FNHQDE 8QG (LQ6FKUHL+RFKVSLW]XQGJHOOHQG 'DQQVDFNWH0\[LQ]XVDPPHQXQGNLSSWHVFKZHUDXIGLH 6HLWHZRHUOLHJHQEOLHE 'DV/LFKWHUORVFK 1XUQRFKHLQOHLFKWHV1DFKOHXFKWHQZDUYRUKDQGHQGDQQ YHUVFKZDQGHVHEHQIDOOV ,FKDWPHWHWLHIGXUFK 0\[LQODJDP%RGHQXQGZLPPHUWH9RUVLFKWLJEHUKUWH LFKVHLQH6FKXOWHU ª(VLVWYRUEHL©VDJWHLFK 'HU0DJLHUGUHKWHVLFKODQJVDPKHUXP 6HLQ*HVLFKW]HLJWHQLFKWPHKUGLHJUQOLFKH)DUEH(VZDU DVFKJUDXJHZRUGHQ'HU0XQGVWDQGKDOERIIHQ'HU$WHP JLQJSIHLIHQGlKQHOWHIDVWHLQHP5|FKHOQ ,FKUHLFKWHLKPGLHOLQNH+DQGª.DQQVWGXDXIVWHKHQ"© ª9HUYHUVXFKHQ©(UNRQQWHNDXPQRFKVSUHFKHQVRVHKU KDWWHQLKQGLH(UHLJQLVVHPLWJHQRPPHQ(USDFNWHPHLQH +DQGXQGLFK]RJLKQODQJVDPKRFK 0\[LQPXWHYRQPLUJHVWW]WZHUGHQVRZDFNOLJZDUHU DXIGHQ%HLQHQ ª9RUPHLQHQ$XJHQGUHKWVLFKDOOHV©NHXFKWHHU ª'DVJHKWYRUEHL©HUZLGHUWHLFK]XYHUVLFKWOLFK 0\[LQOlFKHOWHQXU(UVFKDXWHDXIPHLQ.UHX] ,FKDKQWHZDVLQVHLQHP.RSIYRUJLQJXQGIUDJWHª:LOOVW GXHVDQIDVVHQ"© ª(LJHQWOLFKMD© ª+LHU©
,FKUHLFKWHHVLKP(VZDUGLHEHUKPWH1DJHOSUREHXQG 0\[LQ]|JHUWHQRFK ª1LPPHV©IRUGHUWHLFKLKQDXI (UJDEVLFKHLQHQLQQHUOLFKHQ5XFNNUPPWHGLH)LQJHU XQGQDKPPLUGDV.UHX]DXVGHU+DQG (VJHVFKDKQLFKWV 0\[LQNRQQWHGDV.UHX]LQGHU+DQGEHKDOWHQRKQHGD HVUHDJLHUWH(UQHLQZLUKDWWHQHVJHVFKDIIW ª,FKLFKELQNHLQ'lPRQPHKU©IOVWHUWHHUª.HLQ 6FKZDU]EOWHU(VLVWYRUEHL© ª-DHVLVWYRUEHL©EHVWlWLJWHLFK ª$EHUZLHVR"©0\[LQVFKWWHOWHGHQ.RSI(UZDUY|OOLJ GXUFKHLQDQGHUª'DQQKDEHLFKDOOPHLQH.UlIWHYHUORUHQ"© ª6LHKWVRDXV© ª'HPQDFKELQLFKMHW]WKLOIORV"© ª6RKLOIORVZLHLFK© ª1HLQ-RKQ6LQFODLU'XKDVWGHLQ.UHX]GD]XGHLQHQ %XPHUDQJDEHUIUPLFKLVW6FKOX,FKELQHLQ9HUUlWHUELQ YRJHOIUHL-HGHU'lPRQZLUGPLFKOHLFKWW|WHQN|QQHQ6LH VHW]HQPLFKDXIGLH6FKZDU]H/LVWHQLFKWVNDQQPLFK UHWWHQ© $XVVHLQHU6LFKWEHWUDFKWHWKDWWHHUUHFKW$EHUZDVVROOWH LFKLKPVDJHQ"(UZUGHPLUQLFKWVJODXEHQ %HLQDKHKDVWLJJDEHUPLUPHLQ.UHX]]XUFNXQGVHQNWH GHQ.RSIª9LHOOHLFKWKDEHLFKHLQHQ)HKOHUJHPDFKWDOVLFK PLFKDXIGHLQH6HLWHVWHOOWH-RKQ6LQFODLU9LHOOHLFKW1XQHV LVWQLFKWPHKUUFNJlQJLJ]XPDFKHQ,FKPXGDPLWH[L VWLHUHQ$EHULFKJODXEHGDPLFK$VPRGLQDVFKOLPP EHVWUDIHQZLUG© ª'DVZDUWHQZLUHLQPDODE=XHUVWPXLFKPLFKXPGLH YHUGDPPWHQ5LWWHUNPPHUQ© ª6ROOLFKGLUKHOIHQ"©IUDJWHHU ª1HLQEOHLEOLHEHUKLHU© ª'XKlOWVWPLFKIUVFKZDFK"© ª.HLQHVZHJVGLHDQGHUHQVLQG]XVWDUN©
ª6RNDQQPDQHVDXFKVHKHQ©'HUNOHLQH0DQQODFKWH ELWWHU(UVFKLHQXQJHKHXHUGHSULPLHUW]XVHLQ$XFKGLH +DXWVFKLPPHUWHQLFKWPHKUVRVWDUNJUQOLFKZLHIUKHU 6LHZDUJUDXHUJHZRUGHQXQGDXFKEODVVHU:LHEHLHLQHP 0HQVFKHQGHPPDQHLQHQJURHQ6FKUHFNHQHLQJHMDJW KDWWH ª9LHOOHLFKWEHNRPPVWGXGHLQH.UlIWHLUJHQGZDQQHLQPDO ZLHGHU©YHUVXFKWHLFKLKQDXI]XULFKWHQ,FKKDWWHHLQIDFK GDV*HIKOHWZDVVDJHQ]XPVVHQ ª'DUDQJODXEHLFKQLFKW©HUZLGHUWH0\[LQ ,FKKREGLH6FKXOWHUQ ,PVHOEHQ$XJHQEOLFNK|UWHQZLUGDV.QLUVFKHQEHUXQV 6RIRUWZDUILFKHLQHQ%OLFNKRFK]XU'HFNHXQGVDKGLH EUHLWHQ5LVVH ª:HJKLHU©EUOOWHLFK0\[LQ]XXQGSDFNWHLKQDQGHQ 6FKXOWHUQ-HW]WPXWHQZLUUHQQHQZHQQXQVXQVHU/HEHQ OLHEZDU 6XNRZDUJHVFKRFNW 'LH*HVWDOWGRUWLP%RWWLFKVFKLHQHLQHP$OSWUDXPHQW VSUXQJHQ]XVHLQ (LQ0HQVFKPLWHLQHP'UDFKHQVFKlGHO 'LH)OVVLJNHLWUHLFKWHGHP'UDFKHQPHQVFKHQELV]XU +IWH(UKREEHLGH$UPHXQGGUHKWHVLFKLP.UHLV'DEHL |IIQHWHHUVHLQ0DXOXQGEHVFKZ|UHQGH:RUWHGUDQJHQGDU DXVKHUYRU ª%UGHU©ULHIHUPLWODXWHU6WLPPHª'LH=HLWGHV'UDFKHQ KDWEHJRQQHQ%DUUDEDVLVWHUZDFKW(UKDWJHUXIHQXQGZLU ZHUGHQLKPIROJHQ:DVYRU8U]HLWHQEHJRQQHQKDWPVVHQ XQGZHUGHQZLUIRUWVHW]HQ:LUGLH'LHQHUGHV'UDFKHQ© *HPXUPHOGUDQJEHUGLH/LSSHQGHU$QZHVHQGHQ6LH DOOHVWLPPWHQGHP'UDFKHQPHQVFKHQ]X'HQQHUZDU %DUUDEDV JURHU'LHQHUXQGLKPKDWWHQVLH]XJHKRUFKHQ %OLQG
6XNRVDKGLHVDOOHVXQGEHNDPMHGH(LQ]HOKHLWPLW(UZDU ]ZDUJHVFKRFNWMHGRFKQLFKWVRVWDUNDOVGDVHLQH *HGDQNHQHLQJHIURUHQZlUHQ (UEHUOHJWH (UVWHQV:RZDUHQGLH.LQGHU"8QGZDVJHVFKDKPLW LKQHQZHQQ%DUUDEDVNDP":UGHQDOOGLH9HUVDPPHOWHQ GHP'LHQHUGHV'UDFKHQWUHXIROJHQ" -DHVVDKJDQ]VRDXV $EHU6XNRZROOWHLKPHLQHQ6WULFKGXUFKGLH5HFKQXQJ PDFKHQ(U]RJVHLQH%HUHWWDGLHHU]XYRUZHJJHVWHFNW KDWWH1RFKQLHKDWWHHUJHUQJHW|WHWDEHUHUVDKLQGLHVHP )DOOHLQIDFKNHLQHDQGHUH0|JOLFKNHLW:HQQHU.LQJ&XWOHU GHQ'UDFKHQPHQVFKHQDXVVFKDOWHQNRQQWHZDUYLHOJH ZRQQHQ /DQJVDPKREHUGHQUHFKWHQ$UPXQGOHJWHLKQPLWGHU ,QQHQVHLWHQDKDQGLH6lXOHVRGDHUGLH.KOHGHV*H VWHLQVVSUHQNRQQWH6XNRYLVLHUWHJHQDX 'RFKHUNDPQLFKW]XP6FKX 1RFKQLFKW %HZHJXQJJHULHWLQGLH0lQQHU+LOIUHLFKVWUHFNWHQVLHLKUH $UPHDXVXP&XWOHUDXVGHP%DVVLQ]X]LHKHQ(UVROOWH VLFKQLFKWDQVWUHQJHQHUZXUGHQRFKJHEUDXFKW =DKOUHLFKH.|USHUGHFNWHQLKQXQG6XNRPXWHVHLQHQ 3ODQYHUVFKLHEHQ 'HU&KLQHVHZDUMHGRFKGDYRQEHU]HXJWGDVLFKEDOG HLQHJQVWLJHUH*HOHJHQKHLWHUJHEHQZUGH .LQJ&XWOHUGHU'UDFKHQPHQVFKZXUGHDXVGHP%DVVLQ JHKREHQ (UVFKDXWHGDEHL]XU6HLWHXQGDXFKEHUGLH.|SIHGHU DQGHUHQKLQZHJ)DVWKlWWHHU6XNRHQWGHFNWGRFKGHU &KLQHVHNRQQWHVLFKJHUDGHQRFK]XUFN]LHKHQ (UZDUJHVSDQQWZLHHVZHLWHUJLQJ:UGHQGLH*H EOHQGHWHQLQGLHVHP.HOOHUEOHLEHQRGHUZUGHQVLHGDV +DXVYHUODVVHQXQG]XGHQ.LQGHUQJHKHQ"7UDWGLH]ZHLWH $QQDKPHHLQZROOWH6XNRGHU0HXWHIROJHQ
6HLQHQ3ODQGHQ'UDFKHQPHQVFKHQ]XW|WHQKDWWHHUMHW]W DXIJHJHEHQ6XNRGDFKWHLQHUVWHU/LQLHDQGLH.LQGHU &XWOHUEHZHJWHVHLQHQ6FKlGHOKLQXQGKHU(UVWDQGMHW]W DXIGHP%RGHQNODSSWHVHLQHEHLGHQ.LHIHUDXIXQGDXV GHP5DFKHQGUDQJHLQGXPSIHV%UOOHQ (UVFKUHFNWZLFKHQGLH0lQQHU]XUFN .LQJ&XWOHUDEHUODFKWHª.HLQH$QJVW)UHXQGHHVZDU QXUHLQ%HZHLVPHLQHU7DWNUDIWXQGPHLQHU3HUVRQ,FKELQ KDOE'UDFKHXQGKDOE0HQVFK,KUZLWZDVGDV]XEH GHXWHQKDW"© 1LFNHQ 'DQQHLQH6WLPPHDXVGHP+LQWHUJUXQGª'XZLUVW %DUUDEDV (UVWHU'LHQHUVHLQ© ª'DVVWLPPW©HUZLGHUWH&XWOHUª$EHUQLFKWQXULFKZHUGH VHLQ'LHQHUVHLQ$XFKLKU,KUKDEWJHVHKHQGDLFKLQ VHLQHPDOWHQ%OXWJHEDGHWKDEH'LH6FKZDU]H0DJLHXQG PLWLKU$VPRGLQDJDEPLUGLH.UDIWVR]XVHLQZLHMHW]W 'DUDQVROOWLKUGHQNHQZHQQDXFKLKU]XGHQ'LHQHUVGHV JURHQ'UDFKHQZHUGHW8P0LWWHUQDFKWLVWGLH 'UDFKHQWDXIHGDQQZLUGDXFKHXFKGLH(KUHZLGHUIDKUHQ VR]XVHLQZLHLFKHVVFKRQELQ:LUVLQGGLHZUGLJHQ 1DFKIROJHUGHVXUDOWHQ'UDFKHQFODQVXQG%DUUDEDVZLUG XQVHU+HUU© 'LH0lQQHUNODWVFKWHQXQGEUDFKHQLQ+RFKUXIHDXV6LH ZDUHQQLFKWPHKU]XKDOWHQ'LHVHV'RUIVROOWHWDWVlFKOLFK GHU6WW]SXQNWHLQHVJHZDOWLJHQ'lPRQVZHUGHQ &XWOHUKREEHLGH$UPH(UZROOWHZHLWHUUHGHQXQGGLH 6WLPPHQYHUVWXPPWHQ ª'RFKZDVZlUHQZLURKQHXQVHUHZDKUH+HUULQ2KQH GLHMHQLJHGLHDXFKGLH5LWWHULQV/HEHQJHUXIHQKDWGDPLW VLHGHQ:HJIUGHQ'UDFKHQYRUEHUHLWHQN|QQHQ:HPDOVR KDEHQZLUQRFK]XGDQNHQ)UHXQGH"© ª$VPRGLQD©HUVFKROOHVLP&KRU 6XNRQLFNWH'DVLHKLQWHUDOOHPVWHFNWHODJNODUDXIGHU +DQG&XWOHUKlWWHGLHVQLFKWHLQPDO]XVDJHQEUDXFKHQ6LH
ZDUGLHJURH'UDKW]LHKHULQLP+LQWHUJUXQGXQGZHOFKH 3OlQHGLH7HXIHOVWRFKWHUDXVJHEUWHWKDWWHGDVZXWHQLH PDQG 6XNREHREDFKWHWHZHLWHU 'LH+lOIWHGHU0lQQHUZXUGHGD]XDXVHUVHKHQGDV 'UDFKHQEOXWDXVGHP%DVVLQ]XVFK|SIHQ 'LHDQGHUHQZROOWHQGHQ.HOOHUYHUODVVHQ $XFKIU6XNRZXUGHHV=HLWVLFK]XUFN]X]LHKHQ'RFK GD]XVROOWHHVYRUOlXILJQLFKWNRPPHQGHQQSO|W]OLFKK|UWH HUHLQHKDHUIOOWH6WLPPHLQVHLQHP5FNHQ ª+DEHLFKGLFKHQGOLFKGX%DVWDUG© 'HU&KLQHVHIOLUUWHKHUXP 9RULKPVWDQG$VPRGLQD (UKDWWHVLHQLFKWNRPPHQJHK|UW/DXWORVZLHHLQ6FKDWWHQ ZDUVLHLQGHQ.HOOHUJHWUHWHQXQGKDWWH6XNRGLHVHK|OOLVFKH hEHUUDVFKXQJEHUHLWHW 'HU&KLQHVHHUVWDUUWH $VPRGLQDNUlXVHOWHGLH/LSSHQ]XHLQHPNDOWHQ/lFKHOQ DOVVLHVDJWHª'XKDVWHLQH:DIIHEHLGLU&KLQHVHGDVZHL LFK$EHUVLHQW]WGLUQLFKWV$OVRYHUVXFKHVLHJDUQLFKWHUVW ]X]LHKHQ'XKDVWNHLQH&KDQFH© ª'DVZHLLFK©HUZLGHUWH6XNR $VPRGLQDKDWWHVRODXWJHVSURFKHQGDLKUH:RUWHDXFK YRQGHQDQGHUHQJHK|UWZRUGHQZDUHQ6LHYHUVWXPPWHQ XQGGUHKWHQVLFKDOOHLQHLQH5LFKWXQJZREHLGHU 'UDFKHQPHQVFK]ZHL6FKULWWHYRUWUDW ª'HUYHUGDPPWH&KLQHVH©JUROOWHHU|IIQHWHVHLQ0DXO XQG]HLJWHVSLW]H=lKQH ª-D©ODFKWH$VPRGLQDª'DVLVW6XNR(LQJDQ]JHIlKU OLFKHU0DQQ)DVWVRJHIlKUOLFKZLH6LQFODLU$OOHUGLQJVKDWHU NHLQ.UHX]©:lKUHQG$VPRGLQDGLHOHW]WHQ:RUWHVSUDFK WUDWVLHDXI6XNR]X 0HLQ)UHXQGZROOWHQRFK]XU:DIIHJUHLIHQGRFK
$VPRGLQD|IIQHWHHLQPDOLKUHNDOWHQ(LVDXJHQXQG6XNR HUVWDUUWHPLWWHQLQGHU%HZHJXQJ(LQJUQHUPDJLVFKHU 6WUDKOKDWWHLKQJHWURIIHQ6XNRNRQQWHVLFKQLFKWPHKU UKUHQ (UEHNDPMHGRFKDOOHVPLWZDVXPLKQKHUXPJHVFKDK ª,FKEULQJHLKQXP©U|KUWH&XWOHUª,FKZHUGHLKQW|WHQ© (UUDQQWHVFKRQGLH6WXIHQKRFK $VPRGLQDVWUHFNWHQXUGLH+DQGDXVª1HLQ© 'HU'UDFKHQPHQVFKJHKRUFKWHDXIV:RUWXQGEOLHE VWHKHQ ª'XGDUIVWLKQW|WHQ©HUNOlUWH$VPRGLQDª$EHUQLFKWKLHU XQGQLFKWMHW]W,FKKDEHHWZDVDQGHUHVPLWLKPYRU© ª:LOOVWGXLKQPLWQHKPHQ"© ª-D© -HW]WODFKWH.LQJ&XWOHUª-DGLH,GHHLVWDXVJH]HLFKQHW:LU QHKPHQLKQPLW]XU2SIHUVWlWWHXQGGRUWHPSIlQJWHUGLH 'UDFKHQWDXIH:LHZLU© $VPRGLQDODFKWHNDOWª(LQJXWHV6FKLFNVDOIUZDKU$EHU ZLHKDWHUHVJHVFKDIIW]XEHUOHEHQ"© ª.HLQH$KQXQJ©NQLUVFKWH&XWOHU $VPRGLQDWUDWYRUELVVLHGLFKWYRUGHP&KLQHVHQVWDQG ,KU$UPIXKUKRFKGLH+DQGJOLWWXQWHU6XNRV-DFNH6LH IDQGGLH%HUHWWDXQGZDUIVLHZWHQGZHJ 'DQQVWULFKVLHHLQPDOPLWLKUHQODQJHQ)LQJHUQGXUFK 6XNRV*HVLFKW$XJHQEOLFNOLFKK|UWHGLH6WDUUHDXI 6XNRNRQQWHVLFKZLHGHUEHZHJHQ (UZLVFKWHVLFKEHUGLH$XJHQDOVZlUHHUQDFKHLQHP ODQJHQ6FKODIHUZDFKW ª+DVWGXDOOHVJHK|UW"©IUDJWH$VPRGLQD ª-D© ª'DVLVWJXW'XXQGGHLQ)UHXQG6LQFODLUN|QQWGLH 'UDFKHQVDDWQLFKWPHKUVWRSSHQ'DV9HUPlFKWQLVLVWUHLI %DUUDEDVLVWHUVFKLHQHQXQGZLUGLQPHLQHP1DPHQKHUU VFKHQ© 'LH:RUWHWUDIHQ6XNRKDUW(UKDWWHDXFKGHQ1DPHQ
6LQFODLUYHUQRPPHQXQGHUNXQGLJWHVLFKQDFKLKP $VPRGLQDVWLHHLQKRKOHV/DFKHQDXVGDVGHP&KLQHVHQ HLQHQ6FKDXHUEHUGHQ5FNHQMDJWHª-RKQ6LQFODLUVWHKW DOOHLQJHJHQIQI5LWWHU(UZLUGVLFKHUOLFKVFKRQWRWVHLQ,FK NRQQWHOHLGHUQLFKWDXIGHU%XUJEOHLEHQZHLOLFKKLHUJH EUDXFKWZHUGH©6LHPDFKWHHLQHZWHQGH+DQGEHZHJXQJ XQGIXQNHOWH&XWOHUDQª/RVSDFNWLKQ© %HYRU6XNRVLFKYHUVDKVWU]WHGLH+RUGHYRU 'HU&KLQHVHZHKUWHVLFK'HP'UDFKHQPHQVFKHQMDJWHHU HLQH)DXVWJHJHQGHQ6FKlGHOGRFKGHUVWHFNWHGHQ6FKODJ ZHJDOVZlUHHUQLFKWV (UZDUIVLFKJHJHQ6XNR 8QGPLWLKPNDPHQGUHLDQGHUH 'HU&KLQHVHZXUGHXQWHUGHQ/HLEHUQEHJUDEHQ%HYRU HUVLFK]XHLQHU*HJHQDNWLRQDXIUDIIHQNRQQWHZDUHQGLH DQGHUHQVFKRQEHULKP 6LHVFKOXJHQLKQQLFKWEHZXWORV$VPRGLQDVRUJWHPLW LKUHP%DQQVWUDKOGDIUGDHUVLFKQLFKWPHKUUKUHQNRQQWH 'DQQVFKDIIWHQLKQGLHDQGHUHQZHJ(LQHP8QJHZLVVHQ 6FKLFNVDOHQWJHJHQ )U0\[LQXQGPLFKZXUGHHVPHKUDOVNULWLVFK%HUHLWV QDFKGUHL6FKULWWHQILHOHQGLHHUVWHQ%URFNHQ 8QGGDVZDUHQ)HOVVWFNH *U|HUDOV0lQQHUN|SIHZXUGHQVLHDXVGHP9HUEXQG KHUDXVJHULVVHQ6LHNODWVFKWHQ]X%RGHQZLH.DQRQHQ NXJHOQ*HZDOWLJH:RONHQZDOOWHQDXIGHU6WDXE]RJWUlJH GXUFKGDV*HZ|OEHUROOWHXQVHQWJHJHQVHW]WHVLFKDXIGLH 6FKOHLPKlXWHIHVWXQGUHL]WH]XP+XVWHQ ª:RJHKW VKLHUUDXV"©VFKULHLFK0\[LQ]X ª.HLQH$KQXQJ© 9HUGDPPWGDVNRQQWHKHLWHUZHUGHQ=XP*OFNOLHVLFK GLHQlFKVWH/DGXQJ=HLW,FKKDWWHHLQSDDU6HNXQGHQ0XH PLFKLQGHP*HZ|OEHXP]XVFKDXHQ
9LHONRQQWHLFKQLFKWHUNHQQHQ'HU6WDXEQDKPPLUGLH 6LFKWDEHULFKKDWWHJHVHKHQZRKLQGLH5LWWHUYHUVFKZXQ GHQZDUHQ8QGDXVGLHVHU5LFKWXQJK|UWHQZLUHLQVFKULOOHV :LHKHUQ 3IHUGH 'LH5LWWHUKDWWHQLKUH3IHUGH]XUFNJHODVVHQ ª/RVGDKLQ©ULHILFKXQGUDQQWHVFKRQ,PVHOEHQ $XJHQEOLFNVDKLFKGLH6FKDWWHQ'LH7LHUHZDUHQGXUFKGDV 3ROWHUQDXIJHVFKUHFNWZRUGHQXQGY|OOLJQHUY|V6LHYHUOR UHQGHQhEHUEOLFNXQGUDVWHQDXIXQV]X:HQQZLUQLFKW DFKWJDEHQJHULHWHQZLUXQWHUGLH+XIH ,FKSDFNWH0\[LQGHUGLH*HIDKUQRFKJDUQLFKWULFKWLJ EHJULIIHQKDWWHXQGVFKOHXGHUWHLKQJHJHQGLH:DQG .HLQHQ$XJHQEOLFN]XIUK$Q0\[LQXQGPLUYRUEHL JDORSSLHUWHGHUHUVWH*DXO(UZLHKHUWHVFKULOOXQGKDWWH VHLQHQ.RSIZHLWLQGHQ1DFNHQJHZRUIHQ $QGHUH3IHUGHIROJWHQ$XFKVLHZDUHQLQ3DQLN$EHUHLQ 7LHUZROOWHLFKSDFNHQYLHOOHLFKWEUDFKWHHUXQVDXVGLHVHU +|OOH ,P:HVWHUQVLHKWGDVLPPHUVRHLQIDFKDXVZHQQVLFKGHU +HOGYRUZLUIWQDFKGHQ=JHOQJUHLIWXQGVLFKLQGHQ6DWWHO VFKZLQJW$EHULFKZDUNHLQJURHU+HOGXQGUHLWHQNRQQWH LFKDXFKQLFKWEHVRQGHUV=XGHPKDWWHLFKNHLQH$XV ELOGXQJDOV6WXQWPDQKLQWHUPLU 'HQQRFKPXWHLFKHVZDJHQ'LH3IHUGHNDQQWHQVLFKHU OLFKHLQHQ]ZHLWHQ$XVJDQJDXVGLHVHP*HZ|OEH 'DVOHW]WH7LHUHUVFKLHQ ,FKKROWHQRFKHLQPDOWLHI/XIWXQGGDQQVWLHLFKPLFKDE (VZDUHLQYHU]ZHLIHOWHU6SUXQJXQGPLUZDUGDV*OFN ZLUNOLFKKROGGDLFKGLH=JHO]XSDFNHQEHNDP 'HU*DXOZDULPYROOHQ*DORSS +DUWULLFKDQGHQ=JHOQ9RQGHU.UDIWGHV3IHUGHV ZXUGHLFKIDVWYRQGHQ%HLQHQJHULVVHQ,FKVFKZDQNWHIU HLQHQ0RPHQWIORJPLWGHP5FNHQJHJHQGLH0DXHUZR LFKPLFKZLHGHUIDQJHQNRQQWH
$XIGHU+LQWHUKDQGZDUIVLFKGDV7LHUKRFKZLHKHUWH VFKULOOGRFKPHLQHVWDUNH+DQG]ZDQJHVQDFKXQWHQ *HVDWWHOWZDUHQGLH3IHUGHQLFKW0DQKDWWHLKQHQQXUHLQH 'HFNHEHUGHQ5FNHQJHZRUIHQ ,FKVFKZDQJPLFKDXIGHQ5FNHQPXWHPLFKDQGHU 0lKQHIHVWNUDOOHQGDPLWLFKQLFKWUXWVFKWHXQGVD ,FKDWPHWHDXI ª/RV©VFKULHLFK0\[LQ]XXQGUHLFKWHLKPPHLQH+DQG (USDFNWH]X :LHLFKGHQNOHLQHQ0DJLHUDXIGHQ3IHUGHUFNHQ]HUUWH ZHLLFKQLFKWPHKU$XIMHGHQ)DOOKRFNWH0\[LQVFKOLHOLFK KLQWHUPLUXQGXPNODPPHUWHPHLQH7DLOOH ,FKJULIIQDFKGHQ=JHOQ]ZDQJGDV7LHUVWHKHQ]XEOHLEHQ XQGORFNHUWHGLH=JHOHLQZHQLJ -HW]WVSUHQJWHGHU*DXOYRU ,FKNLSSWHQDFKUHFKWVZLHGHUQDFKOLQNVDEHULFKKLHOW PLFK'DV3IHUGUDVWH]XUFNLQGDV*HZ|OEH :DUPHLQH5HFKQXQJQLFKWDXIJHJDQJHQ" 'RFKGDV3IHUGVSUHQJWHQLFKWQDFKUHFKWVZRGLH'HFNH HLQJHVWU]WZDUVRQGHUQLQGLHDQGHUH5LFKWXQJ ª+DOWGLFKQXUIHVWEUOOWHLFK0\[LQ]XXQG]RJVHOEVW GHQ.RSIHLQZHLOGLH'HFNHSO|W]OLFKQLHGULJHUZXUGH +LQWHUXQVNUDFKWHHV :LHGHUGRQQHUWHHLQ7HLOGHU'HFNHKHUDE'DVJURH *HZ|OEHZDQNWHXQGlFK]WH 6WDXETXROODXVGHQ5LW]HQXQG)XJHQGHU*DXOVFKHXWH ZLHGHU.ODUGDDXFKHU$QJVWKDWWHJHQDXZLHLFK +LQWHUPLUKRFNWHQRFKLPPHU0\[LQ'HUNOHLQH0DJLHU ]LWWHUWHDPJDQ]HQ/HLE,FKPHUNWHHVGDUDQZLHHUVLFKYHU ]ZHLIHOWIHVWNODPPHUWHXQGPLFKGDEHLVFKWWHOWHZHLOHU VLFKQLFKWPHKUEHKHUUVFKHQNRQQWH ª/DQXUQLFKWORV©EUOOWHLFKLKPEHUGLH6FKXOWHU]X ª1HLQ©VFKULHHUPLULQV2KU 'DV3IHUG (VKLHOWDXIHLQH/FNHLP0DXHUZHUN]XGLHPDQPLW
0KHXQG1RWHUNHQQHQNRQQWH6LHZDUHKHUHLQVFKPDOHU 'XUFKVFKOXSI =ZHL6HNXQGHQVSlWHUZDUGHU*DXOKLQGXUFK 'XQNHOKHLWXPJDEXQV ,FK]RJXQZLOONUOLFKGHQ.RSIHLQZHLOLFKQLFKWZXWH ZLHKRFKGLH'HFNHZDU%HXOHQZROOWHLFKPLUNHLQHKROHQ 'DV3IHUGZDUEHVFKODJHQ,PPHUZHQQGLH+XIHJHJHQ HLQHQ6WHLQSUDOOWHQVFKOHXGHUWHQ)XQNHQKRFK(UNHQQHQ NRQQWHLFKWURW]GHPQLFKWV:LUPXWHQXQVJDQ]DXIGHQ ,QVWLQNWGHV3IHUGHVYHUODVVHQ ,FKPHUNWHGDGHU:HJEHUJDXIIKUWH(UZXUGHDXFK HQJHU(LQPDOVFKUDPPWHLFKPLWGHPUHFKWHQ%HLQDQGHU 0DXHUHQWODQJ6HNXQGHQODQJKDWWHLFK$QJVWGDYRUHLQJH TXHWVFKW]XZHUGHQ=XP*OFNJLQJDOOHVJXW (LQJUDXHU6FKLPPHU :HLWHUYRUQ'DV7DJHVOLFKW6FKDIIWHQZLUHVWDWVlFKOLFK DXVGHP*HZ|OEH]XHQWNRPPHQ" ,FKEHWHWH]LWWHUWHDOVZLUZHLWHUULWWHQ'DQQGLHOHW]WHQ
,FKKlWWHPLFKYRP3IHUGZHUIHQN|QQHQJODXEWHMHGRFK QLFKWGDUDQGDDXFK0\[LQVRUDVFKUHDJLHUHQZUGHGHV KDOEULLFKDQGHQ=JHOQXQG]RJGDV3IHUGDXIGLH +LQWHUKDQG 'LH/DQ]HWUDIQLFKWPLFKVRQGHUQGDV7LHU0LWHLQHP GXPSIHQ$XIVFKODJERKUWHVLHVLFKLQGLHEUHLWH%UXVWXQG PLUWDWHVLQGHU6HHOHZHKXQVHUHQ/HEHQVUHWWHUVWHUEHQ]X VHKHQ 'DV7LHUEUDFK]XVDPPHQ ª5XQWHU©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|USHUQLFKW]XU6HLWH 'HUVLOEHUQH%XPHUDQJ]HUVFKQLWWVHLQHQ+HOPWUHQQWH GHQ.RSIYRP5XPSI (LQSDDU6FKULWWHZDQNWHGHU7RUVRQRFKZHLWHUGDQQ NQLFNWHHU]XVDPPHQILHOKLQXQGEOLHEOLHJHQ 'HQKDWWHLFKJHVFKDIIW -HW]WZDUQXUQRFKHLQ*HJQHUEULJ 5XIXVGHU5LWWHULQGHUVFKZDU]HQ5VWXQJ
,FKILQJGHQ%XPHUDQJZLHGHUDXIXQGEHKLHOWLKQLQGHU +DQG(LQ$OOKHLOPLWWHOZDUHUDXFKQLFKWPHLQ*HJQHU PXWHVFKRQIUHLVWHKHQZHQQLFKLKQWUHIIHQZROOWH 'RFKZRKDWWHVLFKGHU5LWWHUYHUVWHFNW" 0\[LQKDWWHVLFKHEHQIDOOVZLHGHUDXIJHULFKWHW ,FKGUHKWHGHQ.RSIXQGVFKDXWHGHQ0DJLHUDQª$OOHV RND\"© ª-D© ª'DQQVLHKGLFKPDOXPREGXGHQ+XQGHVRKQVLHKVW© 0\[LQQLFNWH /DQJVDPVFKULWWLFKYRU $OVLFKHWZDLQ+|KHGHVHUOHGLJWHQ5LWWHUVZDUWDXFKWH KLQWHUGHQ5HVWHQGHU0DXHUHLQH*HVWDOWDXI 'HU5LWWHU 'URKHQGVFKZDQJHUVHLQ6FKZHUWJLQJHLQHQ6FKULWWYRU ,FKZDUYHUGDPPWVLHJHVVLFKHUVFKULHª)DKU]XU+|OOH© XQGVFKOHXGHUWHPHLQHQHXHVLOEHUQH:DIIH 'DUDXIKDWWH5XIXVJHZDUWHW $OVGHU%XPHUDQJVFKRQXQWHUZHJVZDUJLQJHUVFKQHOO GHQ6FKULWWZLHGHU]XUFNXQGYHUVFKZDQGKLQWHUGHU 0DXHU 'DZXWHLFKGDGHU%XUVFKHPLFKUHLQJHOHJWKDWWH 'HU%XPHUDQJNODWVFKWHJHJHQGLH6WHLQHXQGHVJDE HLQHQKHOOHQVLQJHQGHQ7RQ 'DQQILHOHU]X%RGHQXQGEOLHEOLHJHQ 2YHUGDPPW 3O|W]OLFKZDU5XIXVZLHGHUGD,FKKDWWHQLFKWPHKUGLH =HLWGHQ%XPHUDQJDXI]XKHEHQXQGGDVZXWHHU(UEDXWH VLFK]ZLVFKHQ0DXHUXQGPLUDXIXQGODFKWHK|KQLVFK =ZDUWUXJLFKGDV.UHX]RIIHQYRUGHU%UXVWGRFKDXI GLHVH'LVWDQ]QW]WHHVPLUQLFKWV ,FKPXWHQDKHDQGHQ5LWWHUKHUDQGDQQNRQQWHLFKYLHO OHLFKWHWZDVPDFKHQ ª1LPPGRFKGDV6FKZHUW©VDJWH0\[LQ ,PHUVWHQ$XJHQEOLFNZXWHLFKQLFKWZDVHUPHLQWHELV
PLUHLQILHOGDLFKMDQHEHQGHPHUOHGLJWHQ5LWWHUVWDQGXQG HUQRFKHLQ6FKZHUWLQGHU+DQGJHKDOWHQKDWWH-HW]WODJGLH :DIIHQHEHQLKPZHLOVHLQH.QRFKHQKDQG]X6WDXEJHZRU GHQZDU ,FKEFNWHPLFKXQGKREGDV6FKZHUWDXI 5XIXVEOLHEVWHKHQXQGODFKWHª:LOOVWGXGDPLWJHJHQ PLFKDQWUHWHQ"©K|KQWHHU ª:DUXPQLFKW"© ª'DQQNRPPQXU,FKZHUGHGLUVFKRQ]HLJHQZHUVWlUNHU LVW© ,FKVSUDQJEHUGLHMHW]WOHHUH5VWXQJGHVHUOHGLJWHQ 5LWWHUVKLQZHJXQGQlKHUWHPLFKGHP8QWRWHQLQGHU VFKZDU]HQ5VWXQJ'DV6FKZHUWKLHOWLFKLQGHUUHFKWHQ +DQGXQGVFKRQMHW]WVSUWHLFKVHLQ*HZLFKW+LPPHOZDU GDVVFKZHU,FKJODXEWHODQJVDPPLU]XYLHOYRUJHQRPPHQ ]XKDEHQ (LJHQWOLFKZROOWHLFKNHLQHQODQJHQ.DPSILFKPXWHQXU LQGLH1lKHPHLQHV%XPHUDQJVJHODQJHQ'DVZDUYLHOOHLFKW GXUFKGLHVHQ7ULFNP|JOLFK 'HU5LWWHUKREVHLQHQUHFKWHQ$UP%HLLKPVDKDOOHVVR VSLHOHULVFKOHLFKWDXV 'DQQGURVFKHU]X 'LH.OLQJHIXKUQDFKXQWHQ,FKULPHLQHQ$UPKRFKXQG NUHX]WHVLHPLWPHLQHUHLJHQHQ %HLGHNOLUUWHQDXIHLQDQGHUDEHU5XIXVKDWWHVRYLHO:XFKW LQVHLQHQ6FKODJJHOHJWGDHUPLUGDV6FKZHUWIDVWDXVGHU +DQGJHVFKOHXGHUWKlWWH,FKNRQQWHHVNDXPJODXEHQ 8QGVRIRUWHUIROJWHGHUQlFKVWH6WUHLFK5XIXVVHW]WHLKQ VFKUlJDQXQGGLH.OLQJHKlWWHPLUGHQ$UPYRQGHU 6FKXOWHUDEJHWUHQQWGRFKLFKVSUDQJUDVFK]XUFNXQGGDV 6FKZHUWYHUIHKOWHPLFK 'DQQZDULFKDQGHU5HLKH0HLQ6WUHLFKVD'RFKGLH .OLQJHWUDIQXUGLH5VWXQJZRVLHQLFKWHLQPDOHLQHQ .UDW]HUKLQWHUOLHVRODVFKZDUGHU6FKODJJHIKUWZRUGHQ 'DIUNRQWHUWH5XIXV
(UEUDFKWHPLFKPLWHLQHPEOLW]VFKQHOOHQ+LHELQ %HGUlQJQLV,FKNRQQWHPHLQH:DIIHJHUDGHQRFKKRFK UHLHQXQGGHQ6FKODJSDULHUHQ 'DEHLPXWHLFK]XUFNVRQVWZlUHLFKWURW]GHU3DUDGH YRQGHUDQGHUHQ.OLQJHJHWURIIHQZRUGHQ (VVDKVFKOHFKWDXV,FKPXWHZDVWXQZHQQLFKQLFKW YHUOLHUHQZROOWH =XHUVWSDFNWHLFKPHLQH:DIIHPLWEHLGHQ+lQGHQ6R NRQQWHLFKVLHEHVVHUIKUHQ'HQQlFKVWHQ+LHESDULHUWHLFK VFKRQEHVVHU'DVPHUNWH5XIXVDXFK (UlQGHUWHVHLQH7DNWLNJULIIQLFKWPHKUVRVFKQHOODQ VRQGHUQZDUWHWHDE ª'DVQW]WGLUDXFKQLFKWV©VDJWHHUJUROOHQGª,FKZHUGH GLFK]HUVFKODJHQ© (LQH$QWZRUWJDELFKLKPQLFKWGHQQLFKEUDXFKWHPHLQH .UDIWQRFK'HU6FKZHLYHUPLVFKWPLWGHPJUDXHQ *HZ|OEHVWDXEODJZLHHLQH6FKLFKWDXIPHLQHU+DXW,FK ZLVFKWHPLUEHUGDV*HVLFKWZHLOPLUGLHVDO]LJHQ7URSIHQ VRQVWLQGLH$XJHQUDQQHQ :LHGHUJULII5XIXVDQ(LQSDDU6HNXQGHQKDWWHHUPLU JHJ|QQWMHW]WZUGHHU(UQVWPDFKHQ 8QGHUPDFKWH(UQVW 'LHVHU5LWWHUZDUHLQ.|QQHU,FKKDWWHGDV*HIKODOV ZUGHHUQXUPLWPLUVSLHOHQ(UIKUWHGDVVFKZHUH6FKZHUW VROHLFKWKlQGLJZLHDQGHUHHLQ)ORUHWW ,PPHUZLHGHUZLVFKWHGLH.OLQJHGXUFKGLH/XIWNDPYRQ GHUUHFKWHQGDQQYRQGHUOLQNHQ6HLWHXQGLFKNRQQWHNDXP HLQHQ6FKODJSDULHUHQ ,FKVDKDXFK0\[LQ(UEHREDFKWHWHDXVZHLWDXIJHULVVHQHQ $XJHQGHQ.DPSI ,FKPXWH]XUFN,PPHUZLHGHU:HQQLFKYRQGHU.OLQJH QLFKWJHWURIIHQZHUGHQZROOWHEOLHEPLUHLQIDFKNHLQHDQGH UH0|JOLFKNHLWDOVLQGLH'HIHQVLYH]XJHKHQ 'HU5LWWHUPLWGHP7RWHQVFKlGHOVFKOXJZLHHLQH0DVFKLQH XPVLFK+DUWEUXWDOSUl]LVH
0DQFKPDOULLFKGDV6FKZHUWKRFKGDQQVDQJHQGLH .OLQJHQJHJHQHLQDQGHU(VVSUKWHQ)XQNHQDXIXQG5XIXV WULHEPLFKLPPHUZHLWHULQGLH(QJH 0LWGHP5FNHQVWLHLFKJHJHQGLH0DXHU6LHZDUQLFKW KRFKHVVWDQGQXUGLH+lOIWHDEHULFKPXWHPLFKVWHOOHQ 5XIXVODFKWH (UVDKVHLQH&KDQFHPLFK]XYHUQLFKWHQ ,FKVFKDXWHQDFKOLQNVXQGUHFKWVVXFKWHHLQHQ$XVZHJ GRFKGDVZDUYHUGDPPWVFKZHU 5HFKWVYRQPLUZXUGHGLH0DXHUQLHGULJHU'RUWIHKOWHQ HLQLJH6WHLQHDEHUHVNRVWHWHLPPHUQRFK=HLWDXIGLH.URQH ]XNOHWWHUQ8QGGLHVHZHUWYROOHQ6HNXQGHQZUGH5XIXV VLFKHUOLFKDXVQXW]HQ $OVGHUQlFKVWH6FKODJDXIPLFK]XIXKUJOLWWLFK]XU6HLWH ZHJXQGGLH6FKZHUWVSLW]HUDVLHUWHEHUGLH0DXHUZRVLH DOV$QGHQNHQHLQHQKHOOHQ6WUHLIHQKLQWHUOLH 0HLQH*HJHQDWWDFNHEHVWDQGDXVGHP5FNZlUWVJDQJ,FK OLHISDUDOOHO]XU0DXHUHQWODQJXQGZDUVFKQHOOHUDOVGHU YHUGDPPWH5LWWHU 'LH0DXHUJLQJEHULQHLQHQ%RJHQ=XP7HLOZDUVLHHLQ JHEURFKHQGDQQUDJWHVLHZLHGHUDXVGHP%RGHQHPSRU (LQPDOVDKLFKHLQWUHSSHQI|UPLJHV6WHLQJHULSSHLQPLWWHQ GHU0DXHUXQGPLUNDPHLQH,GHH,FKNRQQWHGRUWKRFK VWHLJHQ 0LWGUHL6SUQJHQVWDQGLFKDXIGHU.URQH6RIRUWVFKDXWH LFKDXIGLHGHP%XUJKRIDEJHZDQGWH6HLWHXQGHUVFKUDN 8QWHUPLUILHOGHU+DQJ]LHPOLFKVWHLOLQGLH7LHIH :HQQLFKGDKLQXQWHUVSUDQJKDWWHLFKNDXP&KDQFHQ]X EHUOHEHQ 'DVZXWHDXFK5XIXVGHQQHUODFKWHJULPPLJDXIDOVHU PLUDXIGHPJOHLFKHQ:HJIROJWH (UKDWWHHLQHJU|HUH&KDQFHDOVLFKGHQQHUZDULP 8PJDQJPLWGHP6FKZHUWHLQ0HLVWHU,FKKLHOW]ZDUDXFK QRFKPHLQH:DIIHLQGHU+DQGGRFKDXIGHUVFKPDOHQ 0DXHUNURQHNRQQWHLFKJHJHQ5XIXVQLFKWYLHODXVULFKWHQ
hEHUXQVWREWHQQRFKLPPHUGLHGVWHUHQ:RONHQ %HLGHKDWWHQZLUGLH:DIIHQHUKREHQ ,FKKlWWHKLQXQWHUVSULQJHQN|QQHQXPZHJ]XODXIHQ 'DPLWMHGRFKZlUHNHLQHPJHKROIHQZRUGHQLFKPXWHGLH VHQHOHQGHQ5LWWHUHQGOLFKDXVVFKDOWHQ (UGUDQJDXIPLFKHLQ ,FKKDWWHGHQ*ULIIPHLQHV6FKZHUWHVPLWEHLGHQ+lQGHQ XPNODPPHUWPHLQ*HJQHUKLHOWHVPLWHLQHU+DQGXQGHV VDKVSLHOHULVFKDXV 'HU8QWRWHKDWWH.UDIW ª.RPPGRFK6LQFODLU©K|KQWHHUª.RPPQXU0LFK ZLUVWGXQLFKWHUOHGLJHQ©:lKUHQGHUGLH:RUWHVSUDFK VFKULWWHUDXIPLFK]XXQGIKUWHHLQHQEOLW]VFKQHOOHQ+LHE ,FKKDWWHIUHLQHQ0RPHQWQLFKWDXIJHSDWXQGPLFK]X VHKUDXIVHLQH:RUWHNRQ]HQWULHUW 'DVUlFKWHVLFKMHW]W 6HLQ6FKZHUWNUDFKWHXQJHKHXHUZXFKWLJJHJHQPHLQH .OLQJH'HU$UPZXUGHPLUQDFKOLQNVJHULVVHQ,FKKDWWH 0KHGDV*OHLFKJHZLFKW]XEHKDOWHQXQGQLFKWYRQGHU 0DXHU]XVWU]HQ 'HU5LWWHUODFKWHª'DVZDUHUVWGHU$QIDQJ©YHUVSUDFKHU PLUª*LEDFKWZLHHVZHLWHUJHKW© :LHGHUVFKOXJHU]X.UlIWLJXQGXQJHKHXHUVFKQHOO 'LHVPDOIXKUGLH.OLQJHYRQREHQQDFKXQWHQ6LHKlWWHPLFK JHVSDOWHQGRFKLFKVSUDQJEOLW]VFKQHOO]XUFNXQGGDV 6FKZHUWYHUIHKOWHPLFK 6RIRUWVHW]WH5XIXVQDFK (UVWDFK]X ,FKGUHKWHPLFK]XU6HLWH6HLQH.OLQJHZLVFKWHGLFKWDQ PHLQHU+IWHYRUEHLZlKUHQGLFKPLWPHLQHP6FKZHUWNRQ WHUWHMHGRFKQXUHLQHQVFKZDFKHQ7UHIIHUODQGHWHGHULKP QLFKWVDQKDEHQNRQQWH (VJLQJZHLWHU 'HU5LWWHUNDPODQJVDPLQ)RUP,FKZXUGHLPPHUPHKU LQGLH'HIHQVLYHJHGUlQJW(UOLHPLUDXFKNHLQH=HLWQDFK
PHLQHP.UHX]]XJUHLIHQ,FKPXWHPLFKYROOGDUDXINRQ ]HQWULHUHQVHLQH$WWDFNHQDE]XZHKUHQ 8QVHUH:DIIHQNOLUUWHQJHJHQHLQDQGHU'LHKHOOHQ*H UlXVFKHKDOOWHQEHUGHQ%XUJKRIELVKLQ]X0\[LQGHUPLW JHVSDQQWHP%OLFNGHQP|UGHULVFKHQ.DPSIDXI/HEHQXQG 7RGEHREDFKWHWH +LQXQGKHUZRJWHGLH6FKODFKW0DQFKPDONRQQWHLFK HWZDV%RGHQJXWPDFKHQGRFKLP(QGHIIHNWWULHEPLFK 5XIXVLPPHUZHLWHU]XUFN$XFKPXWHLFKDFKWJHEHQ QLFKWYRQGHU0DXHU]XIDOOHQGHQQGDVKlWWHPHLQ(QGH EHGHXWHW 'HU5LWWHUNlPSIWHZHLWHU(UODFKWHGDEHLXQGKLHEZLOG XPVLFK2EZRKOLFKGDV6FKZHUWPLWEHLGHQ+lQGHQKLHOW ILHOHVPLULPPHUVFKZHUHUHVREHQ]XKDOWHQXQGVHLQH 6FKOlJHDE]XZHKUHQ/DQJVDPHUODKPWHQPHLQH.UlIWH $QJVWVWLHJLQPLUKRFK 1RFKLPPHUVWDQGHQZLUDXIGHU0DXHUXQGNlPSIWHQ 'HU:LQGKHXOWHXPPHLQH2KUHQHUJULIIPLWWDXVHQG )LQJHUQLQPHLQH+DDUHXQG]HU]DXVWHVLH 'LHVHU.DPSIZDUVRULFKWLJQDFKGHP*HVFKPDFNGHV 5LWWHUV(UIKOWHVLFK]XUFNYHUVHW]WLQVHLQHUXKPYROOH 9HUJDQJHQKHLWLQGHUHUGLHJURHQ.lPSIHEHVWDQGHQ KDWWH (UKLHOWVHLQ6FKZHUWMHW]WHEHQIDOOVPLWEHLGHQ+lQGHQIHVW XQGKROWHDEHUPDOV]XHLQHPP|UGHULVFKHQ+LHEDXV(U OHJWHDOOVHLQH.UDIWKLQHLQXQGVHQVWHGLH.OLQJHVFKUlJDXI PLFK]X 0HLQ$WHPJLQJNHXFKHQG,FKKDWWH0KHPLFK]XNRQ ]HQWULHUHQXQGEUDFKWHVRHEHQPHLQ6FKZHUWKDOEKRFK EHYRUVHLQH:DIIHPLFKWUHIIHQNRQQWH 'HU6FKODJZDUMHGRFKVRKDUWJHIKUWZRUGHQGDHUPLU GLH.OLQJHDXVGHQ+lQGHQSUHOOWH'LH:DIIHZXUGHPLU EXFKVWlEOLFKDXVGHQ)LQJHUQJHULVVHQEHYRULFKQDFK JUHLIHQNRQQWHWUXGHOWHVLHQDFKUHFKWVZHJXQGUROOWHGHQ VWHLOHQ+DQJKLQXQWHU
-HW]WZDULFKZDIIHQORV 5XIXVODFKWHZLOGDXIª6RZROOWHLFKGDVKDEHQ6LQFODLU 6RXQGQLFKWDQGHUV©(UKLHOWVHLQ6FKZHUWVRGDGLH6SLW]H DXIPHLQH%UXVW]HLJWH ,FK]LWWHUWH0HLQH$QJVWZXUGHJU|HU 5XIXVJLQJYRULFKZLFK]XUFNXQGZDUWHWHDXIGHQDOOHV DXVO|VFKHQGHQ7RGHVVWR 6LHVFKOHSSWHQ6XNRDXVGHP.HOOHU 0HKUHUH0lQQHUKLHOWHQLKQJHSDFNW'DHUVLFKQLFKW UHJHQNRQQWHKDWWHQVLHLKQZLHHLQHNRVWEDUH7URSKlHKRFK EHULKUH.|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lQHQGHU 7HXIHOVWRFKWHU,KUH'UDFKHQVDDWZDUQXUHLQZLQ]LJHV 7HLOFKHQLQHLQHP0RVDLNGHV6FKUHFNHQV 6LHKDWWHEHUDOODXIGHU:HOWLKUH'LHQHUXQG*QVWOLQJH 9RUDOOHQ'LQJHQZDUHV'U7RGGHUGHQ$XIWUDJHUKDOWHQ KDWWHHLQHZHOWXPVSDQQHQGH2UJDQLVDWLRQ]XJUQGHQ GLH0RUGOLJD
1RFKZDUHVQLFKWVRZHLWGHQQGLH9RUEHUHLWXQJHQQDK PHQVHKUYLHO=HLWLQ$QVSUXFKGRFK$VPRGLQDJODXEWH GD'U7RGDOLDV6ROR0RUDVVRHVVFKDIIHQZUGH$OVHKH PDOLJHU0DILRVRKDWWHHUGLHEHVWHQ%H]LHKXQJHQHUNDQQWH VHKUYLHOH/HXWHGLHJHZLOOWZDUHQ%|VHV]XWXQ *HOGRGHU*ROGVSLHOWHGDEHLNHLQH5ROOH$VPRGLQDEHVD JHQXJGDYRQVLHZROOWHQXUGLH0DFKW .ODUGDHVQLFKWVRVFKQHOOJLQJ$OOHVEUDXFKWHVHLQH=HLW GHQQGLH*HEXUWGHU0RUGOLJDPXWHLPJHKHLPHQHUIROJHQ 1LHPDQGVROOWHHWZDVGDYRQPHUNHQYRUDOOHQ'LQJHQ QLFKWGLHJURHQ*HJQHUGLHGHP%|VHQGHQ.DPSIDQJH VDJWKDWWHQ 'RFKZHQQGLH0RUGOLJDHLQPDOVWDQGVDQNHQGLH &KDQFHQGLHVHU*HLVWHUMlJHUDXIHLQ0LQLPXP*HUDGH JHJHQGDV6LQFODLU7HDPZROOWH$VPRGLQDGLHVHWHXIOLVFKH 0DQQVFKDIWHLQVHW]HQXQGVLHZDUVLFKHUGDVLHHVDXFK VFKDIIWH 9RQDOOGLHVHQ*HGDQNHQDKQWH6XNRQLFKWVDOVVLHLKQDXV GHP.HOOHUWUXJHQ ,QGHPNOHLQHQ9RUIOXUVFKULWW.LQJ&XWOHUDQGHU 7HXIHOVWRFKWHUYRUEHLXQG|IIQHWHGLH+DXVWU (VZDUNKOHUJHZRUGHQ'LHIULVFKH/XIWVWU|PWHLQGHQ )OXUXQGVWULFKDXFKEHU6XNRVVFKZHLIHXFKWHV*HVLFKW 1RFKLPPHUNRQQWHVLFKGHU&KLQHVHQLFKWUKUHQ1DFK ZLHYRUODJHUZLH]X6WHLQHUVWDUUWDXIGHQKRFKJHUHFNWHQ +lQGHQVHLQHU7UlJHU(UZXWHQLFKWZRVLHLKQKLQEULQJHQ ZUGHQGRFKHUDKQWHGDHUHLQ2SIHUIUGHQ'UDFKHQ ZHUGHQVROOWH 'LH3UR]HVVLRQJLQJQLFKW]XUFNLQV'RUIVRQGHUQVFKULWW EHUHLQHQVFKPDOHQ3IDGSDUDOOHO]XP%HUJKDQJZHLWHU $P+LPPHOVWDQGHLQHIDKOH6RQQH9RQ:HVWHQKHUWULHEHQ :RONHQKHUDQ'XQNHOGURKHQGJHKHLPQLVYROO :LQGILHOLQGDV7DOXQG]HUUWHDQGHU.OHLGXQJGHU 0lQQHU 6FKZHLJHQGVFKULWWHQVLHZHLWHU6XNRV*HGDQNHQGUHKWHQ
VLFKXPGLH%HIUHLXQJ6RVHKUHUVLFKDXFKGHQ.RSI]HU EUDFKHLQH&KDQFHIDQGHUQLFKW (UGDFKWHDQGLH%HUHWWD'LH:DIIHKDWWHPDQLKPDEJH QRPPHQGRFKGLH'lPRQHQSHLWVFKHVWHFNWHQRFKLQVHLQHP *UWHO2EVLHLKPZRKOKDOI" (VZDUPLJVLFKMHW]WGDUEHU*HGDQNHQ]XPDFKHQ HUVWHLQPDOPXWHQVLHGHQ3ODW]GHU'UDFKHQWDXIHHUUHLFKW KDEHQ 'HU:HJEHVFKULHEMHW]WHLQHQ%RJHQXQGIKUWHEHUJDXI (UZDQGVLFKVFKODQJHQJOHLFKGHQ%HUJKRFKZDUPLW]DKO UHLFKHQ6WHLQHQEHGHFNWGLHDOV6WROSHUIDOOHQDXVGHPVWUXS SLJHQ*UDVKHUYRUUDJWHQ +LQXQGZLHGHUGUHKWH&XWOHUVHLQHQKlOLFKHQ6FKlGHO XQGVFKDXWH6XNRDQ 'HU&KLQHVHVDKMHGHVPDOGDVWULXPSKLHUHQGH/HXFKWHQ LQGHQ$XJHQGHV'UDFKHQPHQVFKHQXQGHUODVDXFKGHQ UHLQHQ0RUGZLOOHQGDULQ (LQ2SIHUIU%DUUDEDV 1LFKWVDQGHUHVVROOWH6XNRZHUGHQ 1DFKGHPVLHGLH6SLW]HHLQHVNOHLQHQ+JHOVHUUHLFKW KDWWHQGHULP6FKDWWHQ]ZHLHU%HUJHODJZDQGWHQVLHVLFK QDFKOLQNVHLQHP3ODWHDX]X 'RUWZDULKU=LHO 8QGGRUWZDUDOOHVYRUEHUHLWHW $XIGHP3ODWHDXVWDQGHLQlKQOLFKHV%DVVLQZLH6XNRHV EHUHLWVLQGHP.HOOHUJHVHKHQKDWWH 1RFKZDUHVOHHUGRFKGLH0lQQHUGLHLKQEHJOHLWHW KDWWHQO|VWHQVLFKYRQGHU*UXSSHXQGVFKULWWHQDXIGDV %DVVLQ]X6LHWUXJHQ*HIlHEHLVLFKGLHPLWGHP 'UDFKHQEOXWJHIOOWZDUHQ 'RFKQLFKWQXUGDV%DVVLQHUUHJWH6XNRV$XIPHUNVDPNHLW (VZDUDXFKGDV*HVWHOOGDVGDUEHUVWDQG 9LHULQGHQ%RGHQJHUDPPWH3IO|FNHKLHOWHQHLQH 3ODWWIRUPGLHGDV%DVVLQZLHHLQHQ+LPPHODEGHFNWH'LH 3ODWWIRUPEHVWDQGDXV+RO]VWlPPHQGLHDOOHUGLQJVVR
DQHLQDQGHUJHOHJWZDUHQGDLPPHUHLQKDQGEUHLWHU =ZLVFKHQUDXPEOLHE $XIGLHVH3ODWWIRUPZXUGH6XNRJHKLHYW 6WHLIXQGVWDUUODJHUGD(UNRQQWHQLFKWPDOGHQNOHLQHQ )LQJHUUKUHQ 0HKUHUH0lQQHUNOHWWHUWHQDXIGLH3ODWWIRUP6LH]RJHQ VLFKPLW.OLPP]JHQKRFKXQGKROWHQ6WULFNHDXVLKUHQ 7DVFKHQ 'DPLWIHVVHOWHQVLH6XNR 'HU&KLQHVHEHREDFKWHWHQXU(UVDKGLH.HUOHXPLKQKHU XPODXIHQXQGDXILKUHQ*HVLFKWHUQVWDQGGDV*ULQVHQZLH HLQJHIURUHQ 6XNRZXUGHYHUVFKQUWZLHHLQ5ROOEUDWHQ6LHEDQGHQ LKPGLH)HVVHOQXPGHQ/HLEXQGYHUNQRWHWHQVLHXQWHUKDOE GHU3ODWWIRUP 6XNRODJVWLOO 'DQQWUDW$VPRGLQDKHUDQEFNWHVLFKXQGVWULFKPLW LKUHQNDOWHQ7RWHQILQJHUQGXUFK6XNRV*HVLFKW $XJHQEOLFNOLFKK|UWHGLH6WDUUHDXI 6XNRNRQQWHVLFKZLHGHUEHZHJHQDEHUGLH)HVVHOQVDHQ VRVWUDPPGDHVNDXPHLQHQ8QWHUVFKLHG]XGHUYRUKHUL JHQ6WDUUHJDE ª1XQ"©IUDJWH$VPRGLQDª:LHVFKPHFNWGLUGDV"© ªhEHUKDXSWQLFKW©JDEGHU&KLQHVH]X $VPRGLQDODFKWHª'DVNDQQLFKPLUGHQNHQDEHUGXKDVW HVQLFKWDQGHUVJHZROOW'XKlWWHVWGLFKHEHQDXIGLHDQGHUH 6HLWHVFKODJHQVROOHQMHW]WLVWHV]XVSlW%DUUDEDVZLUGGLFK KROHQ© ª:RVLQGGLH.LQGHU"©IUDJWH6XNR ª2KGXZHLWJXW%HVFKHLG+DVWGX$QJVWXPVLH"© K|KQWHGLH7HXIHOVWRFKWHU ,Q6XNRVWLHJGLH:XWKRFK$VPRGLQDVSUDFKVRNDOWXQG JUDXVDPEHUGLHXQVFKXOGLJHQ*HVFK|SIHGDHUVLHDP OLHEVWHQJHNLOOWKlWWH'RFKGLHYHUGDPPWHQ)HVVHOQVDHQ HLQIDFK]XIHVW
ª6LHZHUGHQXP0LWWHUQDFKWKHUJHVFKDIIW©DQWZRUWHWHGLH 7HXIHOVWRFKWHUª1RFKEHILQGHQVLHVLFKLP'RUI© ª:LHYLHOHVLQGHV"© ª*HQDX]HKQ© ª/DVLHIUHLGXKDVWPLFKGRFK©EDWGHU&KLQHVHREZRKO HVLKPZLGHUVWUHEWH$VPRGLQDXPHLQHQ*HIDOOHQ]XELWWHQ ª1HLQ© ª:DVZLOOVWGXPLWLKQHQ"© ª'LH.LQGHUJHEHQGHP'UDFKHQGLH.UDIW©0LWGLHVHU $QWZRUWPXWHVLFK6XNR]XIULHGHQJHEHQGHQQGLH 7HXIHOVWRFKWHUVSUDQJYRQGHP3RGHVWKHUXQWHU 6XNREOLHEDOOHLQ]XUFN'HUNKOH:LQGIXKULKPEHU GDVVFKZHLQDVVH*HVLFKW(UK|UWHVHLQ+HU]VFKPHU]KDIW VFKODJHQ hEHUVLFKVDKHUHLQHQYHUKDQJHQHQ+LPPHO'LH6RQQH NDPQLFKWPHKUULFKWLJGXUFKHVNQGLJWHVLFKHLQ :HWWHUXPVFKZXQJDQ 'LH'LHQHUGHV'UDFKHQHUZDFKWHQ]XHLQHUILHEHUKDIWHQ $NWLYLWlW6LHIOOWHQGDV%DVVLQPLW'UDFKHQEOXWXQGEHUHL WHWHQDOOHVIUGLH7DXIHYRU .LQJ&XWOHUEHUZDFKWHGLH9RUJlQJH+LQXQGZLHGHU JDEHU.RPPDQGRV 6LHNODQJHQDXVVHLQHP'UDFKHQPDXOVHOWVDPGXPSIXQG YHU]HUUWZXUGHQDEHUYHUVWDQGHQ 6FKOLHOLFKZDUGDV%DVVLQ]XU+lOIWHJHIOOW .LQJ&XWOHUNOHWWHUWHDXIGDV*HUVWXQGEOLHEQHEHQ6XNR VWHKHQ(UJ|QQWHLKPNHLQHQ%OLFNVRQGHUQVFKDXWHQXU KLQXQWHUDXIVHLQH'LHQHU ª%LVMHW]WKDEHQZLUDOOHVJXWJHVFKDIIW©ULHIHUª%DUUDEDV ZLUG]XIULHGHQVHLQ$EHUHWZDVIHKOWQRFK'LH.LQGHU+ROW VLH© 3O|W]OLFKNUDPSIWHVLFK6XNRV0DJHQ]XVDPPHQ
,FKVFKWWHOWHGLH7RGHVDQJVWDE9HUGDPPWLFKKDWWHVFKRQ LQ]DKOUHLFKHQEUHQ]OLJHQ6LWXDWLRQHQJHVWHFNWXQGZDU LPPHUGDYRQJHNRPPHQ'DVZROOWHLFKDXFKKLHU 3O|W]OLFKNRQQWHLFKZLHGHUNODUGHQNHQDFKWHWHDXIGHQ 5LWWHUGHUVHLQ6FKZHUWYRUVWLH ,FK]XFNWH]XUFNGLH6SLW]HWUDIQLFKW 5XIXVODFKWH(UPDFKWHVLFKMHW]WHLQHQ6SDGDUDXVPLW PLU]XVSLHOHQ 0HLQH+DQGJOLWWKRFK]XP.UHX] ª'DVQW]WGLUQLFKWV©JUROOWHHUª,FKELQVFKQHOOHU© ª-RKQ6LQFODLU© 0\[LQV5XIKDOOWHEHUGHQ%XUJKRI'LH6WLPPHNLSSWH IDVWEHUVRVWUHQJWHHUVLFKDQ 5XIXVXQGLFKZDQGWHQGLH.|SIH$XFKGHU5LWWHUZDU GXUFKGLHVHQ6FKUHLHUVFKUHFNWZRUGHQ 'HUNOHLQH0DJLHUUDQQWHDXIGLH0DXHU]X6HLQHQUHFKWHQ $UPKLHOWHUKRFKHUKREHQXQG]ZLVFKHQVHLQHQ)LQJHUQ VDKLFKPHLQHQVLOEHUQHQ%XPHUDQJ ,FKEHJULII ª:LUILKQKHU©EUOOWHLFK 0\[LQUHDJLHUWHVRIRUW(UVFKOHXGHUWHGHQKDOEPRQG I|UPLJHQ*HJHQVWDQGDXIPLFK]XXQGEHYRUVLFK5XIXV JHGUHKWXQGEHUKDXSWEHJULIIHQKDWWHZDUHLJHQWOLFKORV ZDUGDKLHOWLFKGLH:DIIHVFKRQLQGHU+DQG 5XIXVIXKUKHUXP1LFKWVHKUVFKQHOOGHQQGLHVFKZHUH 5VWXQJEHKLQGHUWHLKQ (UZROOWHQRFKLQGHU'UHKXQJ]XVFKODJHQDOVLFKGHQ %XPHUDQJVFKOHXGHUWH 'LH'LVWDQ]ZDUJHULQJGHU5LWWHUNDXP]XYHUIHKOHQ 'LH:DIIHVDQJGXUFKGLH/XIW 8QGVLHWUDI 'HUVLOEHUQH%XPHUDQJVlJWHGHQ6FKlGHOGHVXQKHLPOL FKHQ5LWWHUVYRP5XPSI,FKK|UWHQRFKHLQHQHUVWLFNWNOLQ JHQGHQ6FKUHLGDQQUROOWHGHU.RSIQDFKOLQNVZHJXQGILHO GHQ+DQJKLQXQWHU
'HU.|USHUNLSSWHHEHQIDOOV$OOHUGLQJV]XUDQGHUHQ6HLWH 6FKZHUILHOHU]X%RGHQXQGEOLHEOLHJHQ +RFKVWUHFNWHLFKGHQ$UPXQGILQJGLH]XUFNNHKUHQGH :DIIHZLHGHUDXI 'DVZDUJHVFKDIIW 5XIXVGHUOHW]WHGHUJUDXVDPHQ5LWWHUH[LVWLHUWHQLFKW PHKU ,FKVSUDQJYRQGHU0DXHUXQGZlUHIDVWKLQJHIDOOHQVR VHKU]LWWHUWHQPLUGLH.QLH 0\[LQNDPPLUHQWJHJHQHLQYHUORUHQZLUNHQGHV/lFKHOQ ODJDXIVHLQHP*HVLFKW ,FKUHLFKWHLKPGLH+DQGª'DQNH©VDJWHLFKKHLVHUªRKQH GLFKKlWWHHVZLHGHUELWWHUDXVJHVHKHQ© (UZLQNWHDEª,FKZDUGXPPGDPLUGLH6DFKHPLWGHP %XPHUDQJQLFKWIUKHUHLQJHIDOOHQLVW© ,FKVWHFNWHGLH:DIIHZLHGHUZHJª$EHUJHUDGHQRFK UHFKW]HLWLJ8QGGDVLVWGLH+DXSWVDFKH© (UQLFNWH ,FKVFKDXWHPLFKXPEOLFNWHDXIGLH5VWXQJ%HLP)DOO ZDUHLQ+DQGVFKXKYRQGHQ)LQJHUQJHVWUHLIWZRUGHQ 6RHEHQO|VWHQVLFKGLHOHW]WHQ5HVWHGHU+DQGDXI'LH .QRFKHQILHOHQ]XVDPPHQVLHZXUGHQ]X6WDXEGHQGHU :LQGKRFKVFKOHXGHUWHXQGEHUGHQ%XUJSODW]YHUWHLOWH $XVGHU7UDXP ,FKKDWWHHVWDWVlFKOLFKJHVFKDIIW'LH5LWWHUH[LVWLHUWHQ QLFKWPHKU $EHUGLH*HIDKUZDUQLFKWJHEDQQW,FKKDWWHYRQ%DUUDEDV JHK|UWZXWHDEHUQLFKWZHOFKHV*UDXHQVLFKXQWHQLP 7DODEVSLHOWH'HU*HGDQNHGDUDQGDILQVWHUH0lFKWHLQ *XOELQHHLQH+|OOHHQWIHVVHOWHQPDFKWHPLFKKDOEZDKQ VLQQLJ ª:LUPVVHQKLHUZHJ©VDJWHLFK]X0\[LQª8QG]ZDUVR VFKQHOOZLHP|JOLFK© ª*ODXEVWGXHLJHQWOLFKGDGXQRFKHWZDVUHWWHQNDQQVW"© IUDJWHHU]XUFN
,FKVFKDXWHLKQDQª(LQVPHUNHGLUPDO©HUZLGHUWHLFK ª6RODQJHPDQQLFKWJHVWRUEHQLVWJLEWHVLPPHUQRFKHLQH +RIIQXQJDXI5HWWXQJ=XGHPLVW6XNRNHLQKHXULJHU+DVH (UZLUGVLFKVFKRQVHLQHU+DXW]XZHKUHQZLVVHQ© ª,FKKDEHGDPHLQH=ZHLIHO©PHLQWH0\[LQ 'LHKDWWHLFKMDDXFKGRFKLFKZDJWHQLFKWGLH:RUWHRIIHQ DXV]XVSUHFKHQ,FKZROOWHPLUQLFKWVHOEVWGHQ0XWQHKPHQ ª*HKHQZLU©VFKOXJLFKYRUªGHU:HJLVWYHUGDPPWODQJ© 'HUNOHLQH0DJLHUZLHV]XP+LPPHOª'D© ,FKIROJWHVHLQHPDXVJHVWUHFNWHQ=HLJHILQJHUVDKDEHU QLFKWVQXUGVWHUH:RONHQ ª6LHKJHQDXHUKLQ©IRUGHUWH0\[LQª=ZLVFKHQGHQ 5lQGHUQGHUEHLGHQGLFNHQ:RONHQEHUJH© -DMHW]WVDKLFKHVDXFK (VZDUHLQGXQNOHUHU3XQNWGHUDXVVDKZLHHLQ9RJHO MHGRFKVHKUVFKQHOOIORJXQGUDVFKJU|HUZXUGH 1HLQHLQ9RJHOZDUHVQLFKW$XFKNHLQ$GOHURGHU)DONH 0LUUDQQHLQNKOHU6FKDXHUEHUGHQ5FNHQXQGPHLQH /LSSHQELOGHWHQHLQHQKDUWHQ6WULFK 'LHVHV7LHULQGHU/XIWZDUHLQ'UDFKH -DHLQULHVLJHVXUZHOWKDIWHV7LHUPLW]ZHLJHZDOWLJHQ )OJHOQGLHHVDXVEUHLWHWHXQGVLFKYRQGHQ$XIZLQGHQ WUDJHQOLH ª%DUUDEDV©IOVWHUWH0\[LQ(UQDKPPLUSUDNWLVFKGDV :RUWDXVGHP0XQG 1RFKVFKLHQHUXQVQLFKWHQWGHFNW]XKDEHQ(UNUHLVWH|VW OLFKGHU%XUJ'RUWIORJHUVHLQHJHZDOWLJHQ%RJHQPDO K|KHUPDOWLHIHU ,FKKDWWHHLQXQJXWHV*HIKOXQGVFKDXWHPLFKVFKRQQDFK HLQHU'HFNXQJXP 'LH+lOIWHGHV%XUJKRIHVZDUHLQJHVDFNWGLH7UPPHU ODJHQLQGHQ*HZ|OEHQXQGDXFKGHU(LQJDQJZDUYHU VFKWWHW :RNRQQWHQZLUXQVYHUVWHFNHQ" 3O|W]OLFKlQGHUWHGHU'UDFKHVHLQH)OXJULFKWXQJ'DV
JHVFKDKGXUFKHLQHEOLW]VFKQHOOH'UHKXQJGDQQHLQ6FKODJ PLWGHP)OJHOSDDUXQGHLQHQ+HU]VFKODJVSlWHUMDJWHHU DXIVHLQQHXHV=LHO]X 'DVZDUGLH%XUJXQGGDPLWDXFKZLU 'LH1HUYRVLWlWGHUGUHL)UDXHQVWHLJHUWHVLFKYRQ0LQXWH]X 0LQXWH,PPHUKlXILJHUEOLFNWH6KDRDXIGLH8KU'LH=HLW YHUJLQJXQGYRQ6XNRNHLQH6SXU 'LDQD5HGIRUGVWDQGDP)HQVWHU,QIDVWUHJHOPlLJHQ ,QWHUYDOOHQVFKREVLHGHQ9RUKDQJHLQ6WFN]XU6HLWHXQG EOLFNWHQDFKGUDXHQ=XVHKHQZDUQLFKWV 1XUGHU*DUWHQODJYHUODVVHQKLQWHUGHP+DXV 0UV5HGIRUGKRFNWHDP7LVFKKDWWHGLH(OOERJHQDXIJH VWW]WXQGEHLGH+lQGHYRULKU*HVLFKWJHVFKODJHQ6LHZDU WLHIGHSULPLHUW1RFKLPPHUKDWWHVLHGHQ$QJULIIDXI6KDR QLFKWEHUZXQGHQ'LH&KLQHVLQKDWWHLKUHU7RFKWHUQLFKWV GDYRQJHVDJW'LDQDVROOWHQLFKWQRFKPHKUEHODVWHWZHUGHQ ª2EHUHVVFKDIIW"©IOVWHUWH'LDQD]XPZLHGHUKROWHQ 0DOH 6KDRQLFNWHª6LFKHUVROHLFKWLVW6XNRQLFKWXQWHU]X NULHJHQ© ª$EHUGLH=HLWLVWVFKRQOlQJVWXP© ª:LUKDEHQNHLQHQ7HUPLQIUGLH5FNNHKUDXVJHPDFKW© 6KDRZXWHGDVLHVLFKVHOEVWEHORJGRFKZDVVROOWHVLH VRQVWPDFKHQ"6LHNRQQWHHLQIDFKQLFKWGDVLW]HQXQG7UEVDO EODVHQ(VPXWHZHLWHUJHKHQLUJHQGZLH ª:HQQPDQQXUZWHZRGLH.LQGHUVWHFNHQ©EHUOHJWH VLHODXWª:LVVHQ6LHGHQQNHLQH/|VXQJ0UV5HGIRUG"© 'LH)UDXO|VWHLKUH+lQGHYRP*HVLFKWOHJWHVLHIODFKDXI GHQ7LVFKXQGEOLFNWH6KDRDQª1HLQLFKZHLQLFKWV© ªhEHUOHJHGRFK0XWWHU©'LDQDOHJWHGHU)UDXHLQH+DQG DXIGLH6FKXOWHUQª%LWWHGHQNQDFK'XOHEVWGRFKDPOlQJ VWHQKLHULP2UW:RN|QQHQGLH.LQGHUQRFKHLQJHVSHUUW VHLQZHQQQLFKWLQ.LQJ&XWOHUV+DXV"©
ª,FKZHLHVQLFKW© 'LDQDDWPHWHVHXI]HQGDXIXQGEOLFNWH6KDRYHU]ZHLIHOW DQ6LHZXWHDXFKQLFKWPHKUZHLWHU 'LH&KLQHVLQEHUOHJWH'DQQKDWWHVLHHLQH,GHHª*LEWHV KLHUGHQQNHLQH|IIHQWOLFKHQ*HElXGH"©HUNXQGLJWHVLHVLFK ª:LHPHLQVWGXGDV"© ª,FKGHQNHGDDQLUJHQGZHOFKH6lOHZRDXFK)HLHUQVWDWW ILQGHQ6R)HVWKDOOHQ© ª1HLQ©'LDQDVFKWWHOWHGHQ.RSIª,QGLHVHP'RUIJLEWHV QLFKWV]XIHLHUQZLUOLHJHQYLHO]XDEJHOHJHQ© 'DPHOGHWHVLFKLKUH0XWWHUª'RFKHVJLEWHWZDV© 6KDRXQG'LDQDEOLFNWHQVLHEHUUDVFKWDQª:R"©IUDJWHQ VLHZLHDXVHLQHP0XQGH ª'DVDOWH6SULW]HQKDXVDP5DQGHYRQ*XOELQH© 6HNXQGHQODQJVSUDFKQLHPDQGHLQ:RUW'DQQVFKOXJVLFK 'LDQDJHJHQGLH6WLUQª+LPPHOGDLFKGDUDQQLFKW JHGDFKWKDEH1DWUOLFKGXKDVWUHFKW'DV6SULW]HQKDXV© ª,VWHVZHLWYRQKLHU"©IUDJWHGLH&KLQHVLQVRIRUW ª:DVLVWLQ*XOELQHVFKRQZHLW":LUN|QQHQLQHLQSDDU 0LQXWHQGRUWVHLQ© ª/DXQVJHKHQ© 'LDQDZDUIHLQHQIUDJHQGHQ%OLFNDXILKUH0XWWHUGRFK 0UV5HGIRUGOlFKHOWHª*HKWLKUUXKLJ6FKOLHOLFKPWLKU GLH.LQGHUUHWWHQIDOOVVLHGRUWVLQG© ª'DQNH0DP©KDXFKWH'LDQD ª6ROOHQZLUDXFKDXVGHP)HQVWHUNOHWWHUQ"©IUDJWH6KDR ª:lUHYLHOOHLFKWEHVVHU©'LDQDJLQJYRUXQG]RJGHQ6WRII ]XU6HLWH,P=LPPHUZXUGHHVKHOOHU'DV*LUOZDUIHLQHQ %OLFNQDFKGUDXHQIDQGGLH/XIWUHLQXQGQLFNWH ª.RPP© 6KDR|IIQHWHGDV)HQVWHU5DVFKVWLHJHQGLHEHLGHQ 0lGFKHQQDFKGUDXHQYHUVDQNHQZLHDXFK6XNR]XYRULQ GHUOHKPLJHQ*DUWHQHUGHZDQGWHQVLFKMHGRFKQDFKOLQNV XQGQLFKWQDFKUHFKWVZLHGHU&KLQHVHHVJHWDQKDWWH 'LDQDJLQJYRU6LHEOLHEQLFKWDXIJOHLFKHU+|KHVRQGHUQ
OLHIVFKUlJGHQ+DQJKLQXQWHU6KDREOLHELKUGLFKWDXI GHQ)HUVHQ 6FKRQEHLGHU$QNXQIWKDWWHVLHGHQVFKPDOHQ%DFKJH VHKHQGHUDP2UWVHQGHXQWHUHLQHU%UFNHKHUVFKlXPWH $XIGLHVHQ%DFKOLHIHQVLHMHW]W]X 'LDQDPDFKWHHVJHVFKLFNW6LHKLHOWVLFKLPPHUGLFKWDP +DQJVRGDVLHYRQREHQQLFKWVROHLFKWJHVHKHQZHUGHQ NRQQWHQ(VZDUZHVHQWOLFKNlOWHUJHZRUGHQXQGGLH &KLQHVLQIURU$POLHEVWHQKlWWHVLHVLFK:LQWHUVDFKHQDQJH ]RJHQ :HQLJH0LQXWHQVSlWHUVSUDQJHQGLH0lGFKHQEHUGDV :DVVHU2EHUKDOEODJGLH%UFNH9RULKQHQVWDQGHQGUHL VFKXSSHQlKQOLFKH*HElXGH ª'DVPLWWOHUHLVWHV©ZLVSHUWH'LDQD ª2ND\© 5DVFKOLHIHQGLHEHLGHQDXIGHQ6FKXSSHQ]X6LHVWLHJHQ HLQSDDU
ª-D© ª6HLGLKUDOOHGRUWGULQQHQ"© ª-D© ª2ND\SDWJHQDXDXI:LUKROHQHXFKGDUDXV© 6FKZHLJHQ ª+DEWLKUJHK|UW"© :LHGHUZXUGHPLWª-D©JHDQWZRUWHW 'LDQDHUNOlUWHGDVLH]XPUFNZlUWLJHQ)HQVWHUJHKHQ ZROOWH'LH.LQGHUVDJWHQQLFKWV 6KDRZDUVFKRQXQWHUZHJV6LHZDUIDXFKHLQHQ%OLFN ]XUFNGRFKYRP'RUIKHUVFKLHQVLFKQLHPDQGIUVLH]X LQWHUHVVLHUHQ$OOHVODJUXKLJXQGIULHGOLFK 'LH)UDXHQDWPHWHQDXI $OVVLHGDV)HQVWHUHUUHLFKWKDWWHQHUOHEWHQVLHGLHHUVWH (QWWlXVFKXQJ (VODJZLUNOLFK]XKRFK ª'DVLVWDXFKPLWHLQHP6SUXQJQLFKW]XVFKDIIHQ© EHPHUNWH'LDQD5HGIRUG ª1HLQ©6KDRVFKDXWHVLFKXPª8QGHLQH/HLWHUJLEWHV KLHUDXFKQLFKW© ª:HQQLFKGLUKHOIH"© 6KDROlFKHOWHª'DVZROOWHLFKJHUDGHYRUVFKODJHQ©6LH EFNWHVLFKXQGKREHLQHQ6WHLQYRP%RGHQDXIª0LWGHP VFKODJHLFKGLH6FKHLEHHLQ$XHUGHPELQLFKYLHOJU|HUDOV GX'DVLVWYRQ9RUWHLO© 'LDQDJDENHLQH$QWZRUW6LHEDXWHHLQH!/HLWHUVRGD 6KDRDXILKUH+lQGHVWHLJHQNRQQWH'LDQDSUHWHVLFKPLW GHP5FNHQJHJHQGLH6FKXSSHQZDQGXQGGUFNWHLKUH $EVlW]HWLHILQGDV(UGUHLFK6RKDWWHVLHGHQEHVWP|JOLFKHQ +DOWLQGLHVHU3RVLWLRQ 6KDRVWLHJDXI'LDQDV+lQGH'DVPDFKWHVLHPLWGHP OLQNHQ)XPLWGHPUHFKWHQVWLHVLHVLFKDE (LQNUlIWLJHU5XFNXQG 6KDRHUUHLFKWHGDV)HQVWHU0LWGHUOLQNHQ+DQGNRQQWHVLH VLFKDQGHQXQWHUGHU6FKHLEHHQWODQJODXIHQGHQNOHLQHQ
9RUVSUXQJNODPPHUQ0LWGHUUHFKWHQ+DQGKROWHVLHDXV XQGVFKOHXGHUWHGHQ6WHLQJHJHQGLHVFKPXW]LJH6FKHLEH 6LH]HUEUDFKXQGVRIRUWYHUQDKPHQGLHEHLGHQ)UDXHQ KHOOH.LQGHUVWLPPHQ ª.DQQVWGXQRFK"©IUDJWH6KDR ª-D©'LH$QWZRUWNODQJJHSUHW 6KDRKDWWH*OFNJHKDEW'HU6WHLQKDWWHIDVWGLHJHVDPWH 6FKHLEH]HUVW|UW:HQLJVWHQVKLQJHQDQGHUXQWHUHQ 5DKPHQIKUXQJNHLQH*ODVUHVWHPHKUVRGD6KDRVLFKGRUW IHVWNODPPHUQNRQQWH 6LHQDKPDXFKGLHDQGHUH+DQG]X+LOIH ª-HW]WNDQQVWGXORVODVVHQ© 'LDQDIROJWHGHU$XIIRUGHUXQJ6LHGDFKWHMHGRFKQLFKW GDUDQ6KDRLP6WLFK]XODVVHQVRQGHUQKREEHLGH$UPH XQGVWW]WH6KDRV)HPLWLKUHQ+lQGHQDE (VZDUHLQHJXWH+LOIHIUGLHVFKZDU]KDDULJH&KLQHVLQ ª*HKWHV"©IUDJWH'LDQD,KUH6WLPPH]LWWHUWHGDEHL ª-D©6KDRSDFNWHQRFKIHVWHU]XXQGYHU]RJGDV*HVLFKW ZHLOHLQHNOHLQH6FKHUEHLQLKUHQUHFKWHQ+DQGEDOOHQ JHGUXQJHQZDU'DQQ]RJVLHVLFKPLWHLQHP.OLPP]XJ KRFKXQGVWW]WHVLFKGDEHLPLWGHQ)XVSLW]HQDQGHU +RO]ZDQGDE6LHIDQGNDXP+DOWZHLOGLH:DQGVHKUJODWW ZDUXQGHVZHQLJ5LW]HQRGHU)XJHQJDE6LHUXWVFKWHHLQ SDDUPDODEXQGSUHOOWHVLFKE|VHEHLGH.QLH 6FKOLHOLFKKDWWHVLHHVJHVFKDIIW6LHNRQQWHVLFKDXIGLH +lQGHVWW]HQXQGEHQ|WLJWHDXFKQLFKWPHKUGLH+LOIH GHV0lGFKHQV 6KDREHIDQGVLFKPLWLKUHP2EHUN|USHULQ+|KHGHV )HQVWHUVXQGEHXJWHVLFKQXQYRU 6LHVFKDXWHLQ.LQGHUJHVLFKWHUGLH]XLKUKRFKVWDUUWHQ ª*HKWZHJ©ULHIVLH]LVFKHQGª,FKPXVSULQJHQ© 'LH.LQGHUWUDWHQ]XU6HLWH 6KDRVFKZDQJHLQ%HLQEHUGLHVFKPDOH)HQVWHUEUVWXQJ 'DEHL]RJVLHGLH6FKXOWHUKRFKXQGGUFNWHPLWGHU 5XQGXQJQRFKHLQHVSLW]WH6FKHUEHDXVGHP5DKPHQ
6KDRVSUDQJ )UHLQHXQHQGOLFKODQJH6HNXQGHKDWWHVLH$QJVWVLFKGHQ .Q|FKHO]XYHUVWDXFKHQGRFKVLHNDPJXWDXI $OOHVJLQJJODWW 6KDRIHGHUWHLQGHQ.QLHQQDFKJLQJHLQHQZHLWHUHQ 6FKULWWYRUXQGVWDQG (VZDUGlPPULJ'LH&KLQHVLQVDKVLFKXPXQGEOLFNWHLQ EODVVH*HVLFKWHUPLWJURHQlQJVWOLFKHQ$XJHQ ª:HUELVWGX"©$QGHU6WLPPHHUNDQQWHVLHGHQ-XQJHQ GHUPLW'LDQD5HGIRUGJHVSURFKHQKDWWHª'XELVWGRFK QLFKW'LDQD5HGIRUG© 'LH&KLQHVLQOlFKHOWHª1HLQGDVELQLFKQLFKWDEHU'LDQD ZDUWHWGUDXHQ6LHLVWQLFKWVRJHOHQNLJZLHLFKGHVKDOEKDW VLHPLFKYRUJHVFKLFNW© 'HU-XQJHVDKVLHVFKUlJDQ(UKDWWHKHOOHV+DDUXQGHLQHQ SILIILJHQ*HVLFKWVDXVGUXFNª:LUJODXEHQGLUQLFKW© ª'DVNDQQLFKYHUVWHKHQ©6KDRIDWHQDFKGHP$UPGHV -XQJHQ(UZROOWHHUVW]XUFN]XFNHQEHUOHJWHHVVLFKGDQQ XQGOLHGLH%HUKUXQJJHVFKHKHQª:LHKHLWGX"©ZROOWH 6KDRZLVVHQ ª,FKELQ,DQ© ª2ND\,DQPHLQ1DPHLVW6KDRXQGLFKNRPPHDXV &KLQDOHEHDEHUMHW]WLQ/RQGRQ(VLVWNODUGDGX PLWUDXLVFKELVW6FKOLHOLFKKDVWGXMDGLH9HUDQWZRUWXQJ IUGLHEULJHQ.LQGHUZLHLFKVHKH7ULWWDQV)HQVWHUXQG UXI'LDQDV1DPHQ© 'HU-XQJHQLFNWHJLQJHLQSDDU6FKULWWHYRUXQGULHIQDFK 'LDQD 6LHDQWZRUWHWHª(VLVWDOOHVRND\,KUN|QQWHXFKDXI6KDR YHUODVVHQVLHLVWZLUNOLFKQXUJHNRPPHQXPHXFK]X KHOIHQ© ª'DQNH'LDQD© 6KDRKDWWHLQ]ZLVFKHQDXIGLHDQGHUHQ.LQGHUEHUXKLJHQG HLQJHVSURFKHQ-HW]WZDQGWHVLHVLFKZLHGHU,DQ]Xª:LU PVVHQEHUOHJHQZLHZLUKLHUKHUDXVNRPPHQ©VDJWHVLH
ª:DVPHLQVWGX"'XKDVWGLFKGRFKVLFKHUKLHUVFKRQXPJH VHKHQ© 'HU-XQJHQLFNWH ª+DEWLKUYLHOOHLFKWHLQH/HLWHUHQWGHFNWDXIGLHPDQNOHW WHUQN|QQWH"© ª1HLQ© (LQH+RIIQXQJ]HUEUDFK6KDRKDWWHGDUDXIVSHNXOLHUW GHQQVLHEHIDQGVLFKVFKOLHOLFKLQHLQHP6SULW]HQKDXVGRFK GLH(QWIKUHUPXWHQGDPLWJHUHFKQHWKDEHQGDGLH .LQGHUHLQHQ$XVEUXFKYHUVXFKHQZUGHQXQGKDWWHQYRU VRUJOLFKDOOH'LQJHHQWIHUQW ª*LEWHVHWZDVDQGHUHVDXIGDVPDQNOHWWHUQNDQQ"© 'DPHOGHWHVLFKHLQ0lGFKHQ(VKDWWHHEHQIDOOVEORQGHV +DDUGDVJODWWDXIGHP.RSIODJXQGDQGHQ6HLWHQYRQ]ZHL =|SIHQHLQJHUDKPWZXUGH ª(VJLEWGRFKGDQRFK)lVVHU© ª:R"©6KDRZDUZLHHOHNWULVLHUW ª'DKLQWHQDQGHU:DQG'LHKDEHLFKVHOEVWJHVHKHQ©'LH .OHLQHGHXWHWHPLWGHP$UPLQGLH'XQNHOKHLW 6KDRQDKPLKUH+DQGª)KUPLFKKLQ© *HPHLQVDPVFKULWWHQVLHYRU'LHDQGHUHQ.LQGHUIROJWHQ 6LHIOVWHUWHQPLWHLQDQGHU6KDRK|UWHDXVGHQ*HVSUlFKHQ GDVLHGDV*DQ]HPHKUDOVHLQ$EHQWHXHUDXIIDWHQhEHU GLHZDKUHQ6DFKYHUKDOWHKDWWHPDQVLHZDKUVFKHLQOLFKJDU QLFKWDXIJHNOlUW =XP*OFN 6KDRKDWWHDXFKQLFKWYRUDXIGHPHQWVSUHFKHQGH)UDJHQ NRUUHNWH$QWZRUWHQ]XJHEHQ 'DV0lGFKHQEOLHEVWHKHQª'DVLQGVLH© 6KDRVFKDXWHJHQDXHUKLQ,QGHU7DWZDUHQPHKUHUH)lVVHU QHEHQHLQDQGHUJHVWHOOWZRUGHQ:HQQPDQGLHXQWHUGDV )HQVWHUVFKDIIWHXQGEHUHLQDQGHUVWDSHOWHGDQQPXWHHV JHOLQJHQGXUFKGLH/XNH]XNOHWWHUQ 6KDRVSUDFKPLWGHQ.LQGHUQGDUEHU 'LHZDUHQVRIRUWHLQYHUVWDQGHQXQGZROOWHQVLFKDXFKGLH
$UEHLWPDFKHQ$OOHVWU]WHQORVGRFK6KDRJHERWLKQHQ (LQKDOWª,PPHUGHU5HLKHQDFK©VDJWHVLHª=XHUVWQHKPHQ ZLUGDV)DGDVDPQlFKVWHQVWHKW© (VZDU]XP*OFNOHHU6REHUHLWHWHHVNHLQH6FKZLHULJ NHLWHQHVXQWHUGDV)HQVWHU]XVFKDIIHQ 'DVQlFKVWH)DIROJWHGDQQHLQGULWWHVXQGHLQYLHUWHV DQVFKOLHHQG ª+DOW©VDJWH6KDRDOVVLHVDKGDGLH.LQGHUQRFKHLQ ZHLWHUHV)DKHUEHLVFKDIIHQZROOWHQª:LUZHUGHQVHKHQRE HVDXFKVRNODSSW© (VZXUGHVFKZLHULJGLH)lVVHUVRDXIHLQDQGHU]XVWHOOHQ GDQRFKHLQJHQJHQGJURHU5DQGEOLHEGDPLWPDQKLQ DXINOHWWHUQNRQQWH$XFKOHHUH%OHFKIlVVHUKDEHQLKU*H ZLFKWGDVPHUNWHQ6KDRXQGGLH.LQGHUVHKUGHXWOLFK 'DVGULWWH)DDXIGDV]ZHLWH]XVWHOOHQZDUVFKRQ 6FKZHUDUEHLW'LH$UPHGHU.LQGHUZDUHQ]XNXU]HV JHODQJ6KDRQXUPLW0KHGDV)DVRKLQ]XVWHOOHQGDHV QLFKWNLSSWH ª*HVFKDIIW©VW|KQWHVLHª:HUNOHWWHUW]XHUVW"© ª'LH0lGFKHQ©VDJWH,DQ 'LH&KLQHVLQOlFKHOWHXQGVWULFKGHP-XQJHQEHUGHQ .RSIª.OHLQHU.DYDOLHUZDV"© (LQ0lGFKHQPDFKWHGHQ$QIDQJ6KDRKDOILKUKRFK]X NOHWWHUQª8QGJLEDFKWGDPLWGXGLFKQLFKWDQGHQ 6FKHUEHQVFKQHLGHVWGLHQRFKVWHFNHQJHEOLHEHQVLQG© ª2ND\© 'LH&KLQHVLQJDEGHUGUDXHQZDUWHQGHQ'LDQD5HGIRUG %HVFKHLGGDGLH.LQGHUMHW]WNRPPHQZUGHQ 'DVHUVWH0lGFKHQKDWWHHVJHVFKDIIWXQGGDVGULWWH)D HUUHLFKW*HVSDQQWVFKDXWHQDOOHGUHLLKUQDFK-HW]WJULIIGLH .OHLQHQDFKGHP)HQVWHUPDFKWHHLQHKDVWLJH%HZHJXQJ XQGGLH)lVVHUJHULHWHQLQV:DQNHQ 6RIRUWSDFNWHQGLHDQGHUHQ]XXQGVWDELOLVLHUWHQGHQ ULVNDQWHQ$XIEDX ª9RUVLFKWLJ©ULHI6KDR
'DV.LQGVFKDIIWHHV(VVFKZDQJVLFKDXVGHP)HQVWHU XQG6KDRK|UWHZLH'LDQD5HGIRUGGHU.OHLQHQ0XW ]XVSUDFK ª,FKIDQJHGLFKDXI6SULQJ(OOHQ© 'DV*LUOOLHVLFKIDOOHQ :HQLJH6HNXQGHQVSlWHUW|QWH'LDQDV6WLPPHª$OOHV NODUJHJDQJHQ© 6KDRDWPHWHDXI 'DVQlFKVWH.LQGNDPDQGLH5HLKHGLHDQGHUHQIROJWHQ 6KDRZXQGHUWHVLFKZLHGLV]LSOLQLHUWVLFKGLH.LQGHUYHU KLHOWHQ.HLQHVWDQ]WHDXVGHU5HLKHNHLQHVPDFKWHLUJHQG ZHOFKHQ.UDFKDOOHVJLQJJODWWXQGUHLEXQJVORV $OVYRUOHW]WHUNOHWWHUWH,DQDXFKHUYHUVFKZDQGGXUFKGLH )HQVWHUOXNH 'DQDFKPDFKWHVLFK6KDRGDUDQGLHVHXQJDVWOLFKH6WlWWH ]XYHUODVVHQ%HLLKUHP*HZLFKWZDFNHOWHQGLHDXIHLQDQGHU JHVWHOOWHQ)lVVHUEHGURKOLFKGRFKGLH.RQVWUXNWLRQKLHOW 6KDRHUUHLFKWHGDV)HQVWHU 8QWHQVDKVLHGLH.LQGHUVWHKHQXQG]XLKUKRFKVFKDXHQ 6LHOlFKHOWH]XYHUVLFKWOLFKGRFKGLHVHV/lFKHOQYHUJLQJLKU DOVVLHGHQ%OLFNKREXQGEHUGDV/DQGVFKDXWH 'LH0lQQHUNDPHQ6LHJLQJHQTXHUGXUFKV*HOlQGHXQG HVZDUNODUZHOFKHV=LHOVLHKDWWHQ 'DV6SULW]HQKDXV ª:HJLQ'HFNXQJ©EUOOWHLFK0\[LQ]XDOVGHU'UDFKHXQV GLUHNWDQIORJ 'HUNOHLQH0DJLHUZDUIVLFK]X%RGHQLFKOLHIQRFKHLQ SDDU6FKULWWHXQGKHFKWHWHGDQQKLQWHUHLQH0DXHU :LUK|UWHQGDV5DXVFKHQGHUJHZDOWLJHQ)OJHO*URH 6WDXEZRONHQZLUEHOWHQDXIDOVGHU'UDFKHEHUGHQ %XUJKRIVHJHOWHXQGHLQVFKDXULJHV)DXFKHQDXVVWLH 'DQQZDU%DUUDEDVYRUEHL ,FKHUKREPLFKKDOEXQGNQLHWHQLHGHU
0\[LQVWDQGHEHQIDOOVDXIXQGVXFKWHVLFKHLQHEHVVHUH 'HFNXQJGHQQ%DUUDEDVIORJEHUHLWVHLQHQ]ZHLWHQ$QJULII (UUDXVFKWHKHUDQNDPDXVGHU'lPPHUXQJHLQP|UGHUL VFKHUXUZHOWKDIWHU6FKDWWHQ 0LUULHVHOWHGLH*lQVHKDXWEHUGHQ5FNHQDOVLFKLKQVR VDKWURW]GHP]RJLFKPHLQH:DIIH 0LWGHU%HUHWWDNDPLFKPLUHLJHQWOLFKOlFKHUOLFKYRUGLH .XJHOQZUGHQDQVHLQHP3DQ]HUDESUDOOHQ ,FKNDPJDUQLFKWHUVW]XP6FKX 3O|W]OLFK|IIQHWHGHU'UDFKHVHLQJHZDOWLJHV0DXOXQG VFKOHXGHUWHHLQH)HXHUORKHKHUYRU (LQHJOKHQGHJHZDOWLJH:DQGUDVWHDXIPLFK]X,FKIORJ KLQWHUPHLQH0DXHUXQGGRFKVSUWHLFKGLHVHQ2GHPGHU +|OOHDOVGLH)ODPPHQZDQGDQPLUXQGGHU0DXHUHQW ODQJVWULFK 2KGDVZDUNQDSSJHZHVHQ 'HU'UDFKHGUHKWHDE =XUFNOLHHUYHUEUDQQWH(UGH:RGLH)HXHUORKHGHQ %XUJKRIJHWURIIHQKDWWHVWDQGNHLQ*UDVKDOPPHKU 1XUDOOPlKOLFKHEEWHGLH+LW]HDE=XP*OFNZDUGDV 0DXHUVWFNEUHLWJHQXJVRGDPLUQLFKWVSDVVLHUWZDU $EHUODQJHZUGHLFKGHQ$QJULIIHQZRKOQLFKWVWDQGKDOWHQ N|QQHQLUJHQGZDQQKDWWHGHU'UDFKHKHUDXVJHIXQGHQZLH HUPLFKSDFNHQNRQQWH ,FKOXJWHXPGLH6WHLQHKHUXP %DUUDEDVEHIDQGVLFKKRFKEHUXQV(UGUHKWHHLQHQ.UHLV XQGILHOZLHHLQ6WHLQGHU(UGHHQWJHJHQ %HLQDKHVHQNUHFKWUDVWHHUGHP%XUJKRIHQWJHJHQ,FKUL GHQ.RSILQGHQ1DFNHQ %DUUDEDVERWVFKRQHLQHQVFKDXULJHQ$QEOLFN(UKDWWHGDV 0DXOZHLWJH|IIQHW,FKNRQQWHKLQHLQVFKDXHQLQHLQHQJLHUL JHQ6FKOXQGPLWP|UGHULVFKHQ=lKQHQXQGHLQHUJHVSDOWH QHQ=XQJH 'DIHXHUWHLFK ,FKMDJWH]ZHL.XJHOQDXVPHLQHU%HUHWWDGRFK%DUUDEDV
VFKLHQJHDKQW]XKDEHQGDGLH*HVFKRVVHVHLQ0DXOWUHIIHQ VROOWHQGHQQHUNODSSWHGLH.LHIHU]XVDPPHQ 'LH.XJHOQVFKUDPPWHQQXUEHUVHLQHGLFNHJHSDQ]HUWH +DXWVRQVWWDWHQVLHLKPQLFKWV 'HU'UDFKHGUHKWHDE(UVFKOHXGHUWHDXFKNHLQH)HXHUORKH PHKUDXIPLFK%HYRUHUGHQ%XUJKRIHUUHLFKWHGUHKWHHULQ HLQHUHOHJDQWHQ.XUYHDEXQGVFKRZLHGHULQGLH+|KH 'DEHLKDWWHHUVHLQHULHVLJHQ6FKZLQJHQDXVJHEUHLWHWXQG OLHVLFKYRQGHQ$XIZLQGHQWUDJHQ ,FKHUKREPLFKXQGIOOWHGDV0DJD]LQPLW(UVDW]NXJHOQ DXI,FKKDWWH]XHUVWDQGHQ%XPHUDQJJHGDFKWYLHOOHLFKW KlWWHLFKLKQVFKOHXGHUQVROOHQGRFKGDQQZDUPLUGLHVH :DIIH]XZHUWYROOJHZHVHQ,FKNDQQWHVLHQRFKQLFKWJXW JHQXJZXWHQLFKWKXQGHUWSUR]HQWLJEHUGLH.UlIWH %HVFKHLG$EHULUJHQGZDQQZUGHLFKGDV5lWVHODXFKQRFK O|VHQGHVVHQZDULFKPLUVLFKHU 'HU'UDFKHNHKUWHQLFKWPHKU]XUFN(UIORJDPJUDXHQ +LPPHOHLQH$FKWJLQJGDQQWLHIHUXQGVHJHOWHGDYRQ,FK PHUNWHPLUGLH5LFKWXQJ(UVWUHLIWHEHUGLH%HUJNXSSHZR 5RFFRVHLQ/HEHQYHUORUHQKDWWHXQGPLUZDUNODUZHOFKHV =LHOGHUJHIlKUOLFKH'UDFKHQXQDQIORJ *XOELQH :LUVWDQGHQKLHUDXIGHP%XUJKRIZlKUHQGVLFKXQWHQLP 'RUIVLFKHUOLFKGLH+|OOHDEVSLHOWH 'DVZXWHDXFK0\[LQª:DVVROOHQZLUWXQ"©IUDJWHHU XQGWUDWDXIPLFK]X ª.HLQH$KQXQJ©HUZLGHUWHLFKª:LUN|QQHQQLFKWYHU KLQGHUQGDGHU'UDFKHLQ*XOELQHHLQIlOOW© ª'DQQQLFKWVZLHKLQ© ,FKQLFNWHª5LFKWLJGDVLVWGLHHLQ]LJH$OWHUQDWLYH)UDJW VLFKQXUREZLUHVQRFKVFKDIIHQ,FKELQGHQYHUGDPPWHQ :HJHLQPDOJHJDQJHQXQGZHLZLHDQVWUHQJHQGGDVLVW© ª6HLWZDQQELVWGXVRGHSULPLHUW-RKQ6LQFODLU"©IUDJWH PLFKGHUNOHLQH0DJLHU ª6HLWLFKJHVHKHQKDEHZLHQDMDODVVHQZLUGDV©
ª6SULFKGLFKDXV©IRUGHUWH0\[LQ ª(VLVWZLHHLQ.DPSIPLWGHU+\GUD'DVFKOlJVWGX LUJHQGZRHLQHQ.RSIDEXQGVRIRUWZDFKVHQ]ZHLQHXH QDFK'LH5LWWHUKDEHQZLUEHVLHJWDEHUGHU'UDFKHYHUK|KQW XQVZHLOZLUVRZHKUORVVLQG© :LUZDUHQZlKUHQGGHV*HVSUlFKVQLFKWDXIGHP%XUJKRI VWHKHQJHEOLHEHQVRQGHUQZHLWHUJHJDQJHQELV]XMHQHU 0DXHUDXIGHUHQ.URQHLFKJHNlPSIWKDWWH ,FKVFKDXWHLQV7DO $OOHVJUDXLQJUDX1LFKWPHKUODQJHGDQQZUGHHV DQIDQJHQ]XUHJQHQ.HLQVFK|QHV0DLZHWWHUKLHUREHQLQ 6FKRWWODQG$EHUGLH1DWXUSDWHVLFKPHLQHU6WLPPXQJDQ 9LHOOHLFKWZDUHVDXFKXPJHNHKUW,FKZXWHHVQLFKWXQG KDWWHDXFKNHLQH/XVWGDUEHUQDFK]XGHQNHQ 'DIUPDFKWHLFKPLFKDQGHQ$EVWLHJ9LHOOHLFKWZXUGH PHLQVHHOLVFKHU$NNXXQWHUZHJVZLHGHUDXIJHODGHQ =XPLQGHVWEHVWDQGGLH+RIIQXQJ 6XNRIKOWHVLFKDOVZUGHHUDXIHLQHP*ULOOOLHJHQ'LH %RKOHQGUFNWHQKDUWLQVHLQ.UHX]XQGGXUFKGLHIHVWJH ]XUUWHQ6WULFNHZXUGHHUKDUWJHJHQGDV+RO]JHSUHW 'LHDQGHUHQ0lQQHUDXVGHP'RUIJ|QQWHQLKPNDXP HLQHQ%OLFN6LHZDUHQPLWGHU9RUEHUHLWXQJIUGLH 9DPSLUWDXIHEHVFKlIWLJW(VZDUVRZLHVRQXUQRFKGLH+lOIWH EULJJHEOLHEHQGLHDQGHUHQKDWWHQVLFKDXIJHPDFKWXPGLH .LQGHU]XKROHQ 'DYRUKDWWHGHU&KLQHVHDPPHLVWHQ$QJVW1LFKWVRVHKU XPVHLQHLJHQHV/HEHQHUZXWHGDHUPLWGHP7RGLPPHU DXIYHUWUDXWHP)XVWDQGXQGHLQHV7DJHVHWZDVVFKLHI JHKHQNRQQWHDEHUGLH.LQGHUPXWHQJHUHWWHWZHUGHQ 6XNRGDFKWHDXFKDQ6KDRXQGDQ'LDQD5HGIRUGGLHVLFK VRVHOEVWORVJHRSIHUWKDWWHXPDQGHUHQ]XKHOIHQ:LHPRFK WHHVGHQ0lGFKHQHUJHKHQ"+DWWHQ6LHHVJHVFKDIIW":DUHQ VLHGHP0REDXVGHP'RUIHQWNRPPHQ"
:DKUVFKHLQOLFKGHQQVRQVWKlWWHPDQGLHEHLGHQ)UDXHQ VLFKHUOLFKLP7ULXPSK]XJ]XGLHVHP3ODW]JHIKUWXPVLH DOV%HXWH]XSUlVHQWLHUHQ 8QWHUGHU3ODWWIRUPYHUQDKP6XNRGDVJHVFKlIWLJH+LQ XQG+HUODXIHQGHU'UDFKHQGLHQHU.LQJ&XWOHUZDUQLFKW GDEHLHUIKUWHGLH*UXSSHDQGLHGLH.LQGHUKROWH 6XNRKROWHWLHI/XIWVRZHLWGDVGLH6WULFNH]XOLHHQXQG VSDQQWHDQVFKOLHHQGGLH0XVNHOQ'XUFKGLHVHQ'UXFN ZROOWHHUYHUVXFKHQGLH)HVVHOQ]XORFNHUQ 2KQH(UIROJ 'LH.QRWHQZDUHQVRUDIILQLHUWJHNQSIWGDVLHQLFKWXP HLQHQ=ROOQDFKJDEHQJHVFKZHLJHGHQQDXISODW]WHQ :HLWEHULKPODJQRFKLPPHUHLQGVWHUHUJUDXHU +LPPHO'HU:LQGVSLHOWHPLWGHQ:RONHQXQGEUDFKWH LKQHQLPPHUQHXH7lQ]HEHL 'HU&KLQHVHGDFKWHDXFKDQ$VPRGLQDGLH7HXIHOVWRFKWHU 6LHZDUYHUVFKZXQGHQKDWWHVLFK]XUFNJH]RJHQXQG6XNR IUDJWHVLFKZRVLHZRKOVWHFNHQPRFKWH ,QLKUHP5HLFK":DUVLHZLHGHULQGLH'LPHQVLRQHQGHV 6FKUHFNHQV]XUFNJHNHKUWXQGZUGHVLHHUVW]XUFNNRP PHQZHQQGLH'UDFKHQWDXIHEHJDQQ"6XNRNRQQWHVLFKJXW YRUVWHOOHQGDVLFK$VPRGLQDVROFKHLQ(UHLJQLVQLFKWHQW JHKHQODVVHQZUGH :HQQ6XNRGLH$XJHQYHUGUHKWHVFKDXWHHUKRFK]XGHP %HUJUFNHQZRVHLQ)UHXQG-RKQ6LQFODLUKLQJHJDQJHQZDU 6RJDUGLH6FKlIHUKWWHDP+DQJVDKHUZHQQHUVHLQH $XJHQDQVWUHQJWH :LHPRFKWHHV-RKQJHKHQ" 6XNRVHOEVWKDWWHHVHUOHEWZLHJHIlKUOLFKGLHJUDXVDPHQ 5LWWHUZDUHQ)UHLQHQHLQ]HOQHQEHVWDQGNDXPGLH&KDQFH VLH]XEHVLHJHQDXFKQLFKWZHQQGHU0DQQ-RKQ6LQFODLU KLH 'DQQZXUGH6XNRV%OLFNDEJHOHQNW=ZLVFKHQGHQ:RONHQ VDKHUHLQHQGXQNOHUHQ3XQNWGHUUDVFKJU|HUZXUGHXQG VLFKVHKUVFKQHOODOVHLQJHZDOWLJHV7LHUKHUDXVNULVWDOOLVLHUWH
%DUUDEDVNHKUWH]XUFN 6FKRQEDOGK|UWH6XNRGDV5DXVFKHQGHUULHVLJHQVFKZDU] HQ)OJHOVRQDKHZDUGHU'UDFKHVFKRQ 'LH0lQQHUKDWWHQLKUH$UEHLWLP6WLFKJHODVVHQ6LH VFKDXWHQKRFKXQGHUZDUWHWHQGLH$QNXQIWLKUHV*|W]HQ %DUUDEDVNDP (UUDXVFKWHLQGDV7DOHLQHLPPHQVH(UVFKHLQXQJJUR ZLHHLQ)OXJ]HXJ 6HLQH)OJHONODSSWHQ]XVDPPHQHUODQGHWH 9RUGHU+RO]SODWWIRUPEOLHEHUKRFKDXIJHULFKWHWVWHKHQ 6XNRNRQQWHLKQJHQDXEHREDFKWHQXQGHUIKOWHVLFKQLFKW JHUDGHZRKOLQVHLQHU+DXW %DUUDEDVVDKXQJHKHXHUJHIlKUOLFKDXV(UNDP6XNRKRFK ZLHHLQ+DXVYRUXQGGHU&KLQHVHKRIIWHGDHUVHLQ0DXO QLFKWDXIUHLHQZUGHXP)HXHU]XVSHLHQ (KUIXUFKWVYROOEOLHEHQVHLQH'LHQHUYRULKPVWHKHQ 1LHPDQGVSUDFKDOOHVWDUUWHQGLHVH5LHVHQHFKVHDQ 'LH$XJHQGHV'UDFKHQIXQNHOWHQJHOEVHLQHPlFKWLJHQ .LHIHUZDUHQ]XVDPPHQJHNODSSWGLHGLFNHVFKXSSLJH +DXWVFKLPPHUWHJUQ:LHNRQQWHPDQVROFKHLQ8QWLHU EHVLHJHQ" 'DVIUDJWHVLFK6XNRQLFKW]XPHUVWHQPDO(LQH$QWZRUW KDWWHHUELVKHUQLFKWJHIXQGHQ 'HU'UDFKH|IIQHWHVHLQ0DXO 6XNRUHFKQHWHGDPLWLQHLQHU)HXHUZRONH]XYHUEUHQQHQ GRFKQXUKHLHU$WHPVWULFKEHULKQKLQZHJ(VZDUHLQ *UXDXVGHU+|OOHHUVWDQNQDFK6FKZHIHOXQG3HVWLOHQ] 'HU&KLQHVHKLHOWGLH/XIWDQ1RFKKDWWHHUHLQH *DOJHQIULVWGHQQGLH'UDFKHQWDXIHZUGHQLFKWYRU 0LWWHUQDFKWEHUGLH%KQHJHKHQ:LHYLHOH6WXQGHQGDV QRFKZDUHQZXWHGHU&KLQHVHQLFKW]XVDJHQHUNRQQWH QLFKWDXIVHLQH8KUVFKDXHQGDVOLHHQGLHVWUDIIHQ)HVVHOQ QLFKW]X
1RFKZDUHQGLH0lQQHUVRZHLWHQWIHUQWGDYLHOOHLFKWHLQH )OXFKWFKDQFHEHVWDQG6LHKDWWHQHVDXFKQLFKWHLOLJGHQQ ZLH6KDRVDKOLHIHQVLHQLFKWHLQPDOVFKQHOO $EHUGLH.LQGHUPXWHQZHJ 'LH&KLQHVLQVFKDXWHQRFKHLQPDOKLQXQGHQWGHFNWHDQ GHU6SLW]HGHU*UXSSHHLQ8QJHKHXHU (LQ0HQVFKPLWHLQHP'UDFKHQVFKlGHO 6KDRVFKOXFNWHKDUW $XFK'LDQDKDWWHHWZDVEHPHUNW,KUZDU6KDRV9HU lQGHUXQJQLFKWHQWJDQJHQ ª:DVLVW"©IUDJWHVLH ª6LHNRPPHQ©HUNOlUWH6KDR ª1HLQ©'LDQDSUHWHGLH+DQGYRUGHQ0XQG 6KDREHHLOWHVLFKMHW]WDXVGHP)HQVWHU]XNOHWWHUQ(VZDU JDUQLFKWVROHLFKW $OVVLHVLFKGDQQIDOOHQOLHZDU'LDQDGDXQGVWW]WHVLH DE ª:DVPDFKHQZLUMHW]W"©IUDJWHGDV*LUO ª=XHUVWHLQPDOKLQWHUGHQ6FKXSSHQ©VFKOXJ6KDRYRU 'LDQDQLFNWH 1DWUOLFKKDWWHQGLH.LQGHUEHJULIIHQGDHWZDVQLFKW VWLPPWH8QGVLHZDUHQYRQGHP9RUVFKODJZHJ]XODXIHQ QLFKWJHUDGHEHJHLVWHUW,DQPHLQWHª$EHUGLHNHQQHQZLU GRFKDOOH0HLQ9DWHULVWDXFKGDEHL© 'DVZDUGLH7UDJLN'LH.LQGHUNDQQWHQGLH0HQVFKHQ DXVGHP'RUI=XP7HLO]lKOWHQLKUH(OWHUQ]XGHQ 'UDFKHQGLHQHUQXQG6KDREUDFKWHHVQLFKWEHUV+HU]GHQ .LQGHUQNODU]XPDFKHQZDVGLH(UZDFKVHQHQZLUNOLFKYRQ LKQHQZROOWHQGDVLHYRQHLQHP%DQQEHIDOOHQZDUHQGHU VRJDUGDV7|WHQGHUHLJHQHQ)DPLOLHQPLWJOLHGHUQLFKW DXVVFKOR (LQJUDXVDPHU*HGDQNHDEHUHLQH7DWVDFKHGHU6KDR XQGGLHDQGHUHQLQV$XJHVHKHQPXWHQ ª:LWLKUNHLQ9HUVWHFN"©IUDJWHVLH ª+LHU"©
ª-DVFKQHOOZLUKDEHQQLFKWYLHO=HLW© 'LH.LQGHUVFKDXWHQVLFKDQXQGDXFK'LDQD5HGIRUG GDFKWHVFKDUIQDFK ª9LHOOHLFKWXQWHQDP%DFK©PHLQWHHLQNOHLQHV0lGFKHQ ª:LHVR"© ª'DJLEWHV+|KOHQ© 6KDREOLFNWH'LDQDDQª6WLPPWGDV"© ª6RYLHOLFKZHLMD,FKZDU]ZDUVHOEVWQRFKQLFKWGRUW DEHUGLH.LQGHUNHQQHQVLFKDXV© ª2ND\GDQQNRPPW©6KDRJDEGHU*UXSSHQRFKHLQLJH 9HUKDOWHQVUHJHOQXQGVLHOLHIHQORV .HLQHUYRQLKQHQVFKULWWDXIUHFKW 6LHJLQJHQJHGXFNWZHLWHUXQGEOLHEHQLP6FKDWWHQGHV %HUJKDQJV'DQQPXWHQVLHGLH5LFKWXQJlQGHUQGHQQ MHW]WJLQJHVEHUJDXI:LH6KDRJHK|UWKDWWHEHIDQGHQVLFK GLH+|KOHQXQWHUKDOEGHU%UFNHDOVRGLUHNWDP%DFK +RIIHQWOLFKZDUHQVLHJURJHQXJ 6KDREOLFNWHVLFK|IWHUXPGRFKGLH9HUIROJHUZDUHQQLFKW ]XVHKHQGDGHU6FKXSSHQ]ZLVFKHQLKQHQXQGGHU*UXSSH ODJ'LDQD5HGIRUGJLQJQHEHQLKUKHU,KU*HVLFKWZDUEOD GLH/LSSHQKDWWHVLHIHVW]XVDPPHQJHSUHW)UVLHPXWH HVQRFKXQEHJUHLIOLFKHUVHLQGD0HQVFKHQPLWGHQHQVLH MDKUHODQJ]XVDPPHQJHOHEWKDWWHVLFKVRYHUlQGHUQNRQQ WHQ(VZDUQLFKW]XIDVVHQ ª:RUDQGHQNVWGX"©IUDJWH6KDR ª$Q5RFFR© ª'HLQHQ)UHXQG"© 'LDQDQLFNWHª-D(ULVWYLHOOHLFKWVFKRQWRW© ª1HLQ'LDQDGXGDUIVWGLH+RIIQXQJQLFKWDXIJHEHQ (EHQVRJXWN|QQWHLFKGDVYRQ6XNREHKDXSWHQRGHUYRQ -RKQ6LQFODLU,FKYHUWUDXHLPPHUQRFKDXILKQ© ª$EHU5RFFRLVWNHLQ.lPSIHU(UKDWGRFKNHLQH(U IDKUXQJ(ULVWHLQ0HQVFKGHUVLFKDEJHVRQGHUWKDW© ª+DWHUJHKDW"©HUNXQGLJWHVLFKGLH&KLQHVLQ ª-D©DQWZRUWHWH'LDQD
ª+DLVWHLQHVFKOLPPH6DFKH© ª'XKDVWQLFKWKLHUJHOHEW©HUZLGHUWH'LDQDª8QGGX ZDUVWQLFKWGDEHLZLHVLHLKQIHUWLJPDFKWHQ2EGXHV JODXEVWRGHUQLFKWDEHUVLHKDEHQLKPGHV|IWHUHQGHQ7RG DQJHGURKW(UZDUHLQ$XHQVHLWHUHLQ)UHPGN|USHUHU SDWHQLFKWLQGLHVHVFKUHFNOLFKH*HPHLQVFKDIW© ª-DVRHWZDVJLEWHV©HUZLGHUWH6KDR 'LH.LQGHUEOLHEHQVWHKHQGHQQVLHKDWWHQLKU=LHO HUUHLFKW'LFKWYRULKQHQEHIDQGVLFKGLH%UFNH8PVLH]X HUUHLFKHQPXWHQVLHGXUFKGHQ%DFKZDWHQXQGGDQQ HLQHQNOHLQHQ+DQJKRFKNOHWWHUQ'RFKGLH%UFNHZDUQLFKW LKU=LHOVRQGHUQGLH+|KOHQ 6KDRVDKGUHL 'LH(LQJlQJHODJHQQLFKWIUHL6LHZDUHQPLW6WHLQHQDEJH GHFNWZRUGHQ 'LHHUVWHQ.LQGHUEHJDQQHQEHUHLWVGLH6WHLQHZHJ]X UlXPHQ 6KDRXQG'LDQDVFKDXWHQVLFKXP 6FKZDFKGUDQJHQ6WLPPHQDQLKUH2KUHQ'LH0lQQHU PXWHQMHW]WGHQ6FKXSSHQHUUHLFKWXQGJHVHKHQKDEHQGD GLH.LQGHUJHIORKHQZDUHQ6KDRNRQQWHVLFKYRUVWHOOHQZDV QXQLQLKQHQYRUJLQJ ª%HHLOWHXFK©ULHIVLHXQGSDFNWHVHOEVWPLWDQHEHQVRZLH 'LDQD5HGIRUG 6FKOLHOLFKZDUVRYLHOYRP(LQJDQJIUHLJHOHJWZRUGHQ GDGLHHUVWHQ.LQGHULQGLH+|KOHNOHWWHUQNRQQWHQ:LHGHU ZDUHQHVGLH0lGFKHQGLHYHUVFKZDQGHQ 3O|W]OLFKULHIHLQHUGHU-XQJHQª*XFNPDOGDREHQ© 6KDR'LDQDXQGHLQSDDU.LQGHUKREHQLKUH.|SIH 'HU-XQJHKDWWHLKQJHVHKHQ %DUUDEDV 3O|W]OLFKNORSIWH6KDRV+HU]VFKQHOOHU:HQQGHU'UDFKH VLHHQWGHFNWHZDUHVDXV 6LHKDWWH0KHLKUH1HUYHQXQWHU.RQWUROOH]XKDOWHQ ª6FKQHOOHU©ULHIVLHª6FKQHOOHU©
6KDRGUFNWHGLH.LQGHUI|UPOLFKLQGLH+|KOHKLQHLQ$OV YRUOHW]WHJLQJ'LDQD5HGIRUG%HYRUGLH&KLQHVLQIROJWH ZDUIVLHQRFKHLQHQ%OLFN]XUFN 6LHVDKGLH9HUIROJHUMHW]WGHXWOLFKHU6LHVWDQGHQ]XVDP PHQXQGVSUDFKHQ$XFKGDV8QJHKHXHUPLWGHP 'UDFKHQNRSIZDUGDEHL :DKUVFKHLQOLFKGLVNXWLHUWHQVLHEHUHLQHQ3ODQZRVLH GLH.LQGHUDPEHVWHQVXFKHQNRQQWHQ 6KDRVFKOSIWHLQGLHHQJH+|KOH'LH.LQGHUKRFNWHQ GLFKWDQHLQDQGHUJHGUlQJWDXIGHP%RGHQ.HLQHVYRQLKQHQ VSUDFK2E-XQJHRGHU0lGFKHQVLHZXWHQGDVLHVLFKLQ HLQHUJURHQ*HIDKUEHIDQGHQ 'LDQDXQG6KDREOLHEHQQLFKWUXKLJKRFNHQ6LHSDFNWHQ 6WHLQHXQGWUPWHQVLHZLHGHUDXIHLQDQGHUGDPLWGHU +|KOHQHLQJDQJYHUGHFNWZDU ª-HW]WN|QQHQZLUQXUQRFKEHWHQ©IOVWHUWH'LDQD 6KDRQLFNWH %LVDXIGDV$WPHQGHU)OFKWOLQJHZDUHVUXKLJ 0DQFKPDOULHVHOWH6KDRYRQGHUQLHGULJHQ'HFNHKHU'UHFN LQGHQ1DFNHQXQGUROOWHEHULKUHQ5FNHQ :UGHQGLH9HUIROJHUVLHKLHUILQGHQ"hEHUGLHVH)UDJH GDFKWHQQLFKWQXUGLH(UZDFKVHQHQQDFK8QGDXFKGHU 'UDFKHGXUIWHQLFKWDXHUDFKWJHODVVHQZHUGHQ9LHOOHLFKW KDWWHHUGLH)OFKWOLQJHJHVHKHQXQGNRQQWHVHLQHQ'LHQHUQ +LQZHLVHJHEHQ :HQQGDVHLQWUDIZDUHQVLHYHUORUHQ 6KDRXQG'LDQDODXVFKWHQGLH.LQGHUYHUKLHOWHQVLFKVWLOO 1LHPDQGZHLQWH 1RFKZDUHQNHLQH6WLPPHQLQGHU1lKH]XK|UHQ:RKO DEHUHLQIHUQHV5XIHQZHQQGLH0lQQHUVLFKYHUVWlQGLJWHQ 6KDRNRQQWHGXUFKGLH5LW]H]ZLVFKHQ]ZHLEHUHLQDQGHU JHWUPWHQ6WHLQHQVFKDXHQ$OOHUGLQJVZDUGHU%OLFNZLQNHO VRVFKOHFKWGDVLHQLFKWQDFKUHFKWVRGHUOLQNVVHKHQNRQQ WHVRQGHUQQXUJHUDGHDXV 0DQFKPDOVDKVLHHLQHQ9HUIROJHUGXUFKLKU%OLFNIHOG
KXVFKHQ'DQQVFKOXJLKU+HU]MHGHVPDOVFKQHOOHU 'DQQMHGRFKJHVFKDKHWZDVZDVDOOH&KDQFHQ]XQLFKWH PDFKWH(LQJHZDOWLJHV5DXVFKHQZDU]XYHUQHKPHQGDQQ YHUGXQNHOWHVLFKGHU(LQJDQJIUHLQHQ$XJHQEOLFNXQGDOOH K|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lPSIWHXPGLH9RUKHUUVFKDIWLP5HLFK GHV%|VHQ 0\[LQKDWWHGHQ.DPSIYHUORUHQXQGZDUYRP6FKZDU]HQ 7RGLQHLQHQMlKULJHQ6FKODIYHUVHW]WZRUGHQDXVGHP ZLULKQJHZHFNWKDWWHQ 0\[LQKDWWHGLHDOWH)HLQGVFKDIWQLFKWYHUJHVVHQ$XFK QDFKVHLQHU(UZHFNXQJEHNlPSIWHHUGHQ6FKZDU]HQ7RG ZHLWHUXQGXQVKDWWHHUVRPDQFKHQ7LSJHJHEHQREZRKOHU HLJHQWOLFKQLFKWDXIXQVHUHU6HLWHVWDQG$EHUGHQ6FKZDU]HQ 7RGYHUQLFKWHW]XVHKHQZDULKPZLFKWLJHU'LHVHU*HJQHU OHEWHQLFKWPHKUGDIUZDU$VPRGLQDHUVFKLHQHQXQG 0\[LQGHUJHGDFKWKDWWHLP5HLFKGHU0DJLHKHUUVFKHQ]X N|QQHQZDUGHU9HUOLHUHU
(UKDWWHHLQHQQRFKPlFKWLJHUHQ)HLQGEHNRPPHQ $VPRGLQDGLH7HXIHOVWRFKWHU 6LHZDUMHW]WGLHJURH+HUUVFKHULQLP5HLFKGHU)LQVWHUQLV 8QGVLHKDWWHVLFKPLWGHP.|QLJGHU6FKDWWHQGHP6SXN YHUEQGHW6RK|UWHQJDQ]H+HHUVFKDUHQYRQ'lPRQHQDXI VLH)UXQVVWHOOWHVLFKZLUNOLFKGLH)UDJHREZLUGLHVHQ .DPSIJHZLQQHQNRQQWHQZREHLLQOHW]WHU=HLWQRFKHLQ ZHLWHUHU*HJQHUDXIJHWDXFKWZDU 'U7RG /DQJVDPKDWWHLFKGDV*HIKOGDZLUUHJHOUHFKWHLQJH NUHLVWZXUGHQ8QGZLHVWDUN$VPRGLQDZDUGDVKDWWHVLH KLQOlQJOLFKEHZLHVHQLQGHPVLH0\[LQGHPWLJWHXQGLKQ DOOVHLQHUPDJLVFKHQ)lKLJNHLWHQEHUDXEWH 'LH%XUJEOLHEKLQWHUXQV]XUFN1RFKLPPHUVFKZDP PHQGLH0DXHUQLQGHQ:RONHQDEHUGLHVFKUHFNOLFKHQ 5LWWHUZDUHQQXUQRFKHLQHPDNDEUH(ULQQHUXQJ6LHZUGHQ NHLQ8QKHLOPHKUDQULFKWHQ(LQHQ7HLOVLHJKDWWHLFK JHVFKDIIW 'LHVHV:LVVHQJDEPLUZLHGHU$XIWULHE'LHGHSULPLHUHQ GHQ*HGDQNHQZXUGHQDXVPHLQHP6FKl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lPSIWHQZLUXQVGHP%HUJNDPPHQW JHJHQ,FKDWPHWHZLHHLQH'DPSIORNRPRWLYH 6FKQDXIHQGVWLHLFKGLH/XIWDXV2IWWUDWLFKJHJHQ6WHLQH
RGHUVWLHPLWGHU6FKXKVSLW]HJHJHQDXVGHP%RGHQZDFK VHQGH%XFNHO0DQFKPDOPXWHLFKDXFKVFKUlJZHLWHU JHKHQZHLOGHU+DQJ]XVWHLOZXUGH 'LHVHU$QVWLHJKDWWHVFKRQVHLQH7FNHQ 'LHOHW]WHQ
HWZDVHUNHQQHQ]XN|QQHQZDVEHLPLUIDVWHLQHQ+HU] VWLOOVWDQG]XU)ROJHKDWWH %HLGHQ0lQQHUQEHIDQGVLFKDXIHLQPDOHLQH)UDX,FK KDWWHQLFKWJHVHKHQZRKHUVLHJHNRPPHQZDUGRFKDQGHQ %HZHJXQJHQHUNDQQWHLFKVLHJHQDX (VZDU6KDR ª-HW]WKDEHQVLHXQV©ZLVSHUWH'LDQD5HGIRUG-HGHUK|UWH GLH$QJVWLQLKUHU6WLPPH 6KDRVDJWHQLFKWV,KU9HUVWDQGDUEHLWHWHYHUELVVHQ:LH NRQQWHQVLHVLFKMHW]WQRFKDXVGLHVHU/DJHEHIUHLHQ" 6LHGDFKWHDQGLH.LQGHUGLHDOOLKUH+RIIQXQJHQDXI6KDR XQG'LDQDJHVHW]WKDWWHXQGGLHQXQGHP'UDFKHQJHRSIHUW ZHUGHQVROOWHQ 9RUGHP9HUVWHFNHUW|QWHHLQIUFKWHUOLFKHV)DXFKHQ 'LHVHV*HUlXVFKXQWHUEUDFK6KDRV*HGDQNHQ 'HU'UDFKHPDFKWHDXIVLFKDXIPHUNVDP (LQHQ$WHP]XJVSlWHUIDXFKWHHLQH)ODPPHQZDQGDQGHP +|KOHQHLQJDQJYRUEHL6LHZDUQLFKWGLUHNWDXIGLH+|KOH JHULFKWHWDEHU6KDRVSUWHGLH+LW]HGLHGXUFKGLH5LW]HQ GUDQJ6LH]XFNWH]XUFN ª:LUPVVHQUDXV©IOVWHUWH'LDQD 'LH&KLQHVLQQLFNWH-DHVEOLHELKQHQNHLQHDQGHUH 0|JOLFKNHLW%DUUDEDVZDUVFKODXHUJHZHVHQDOVVLH 8QGHUKDWWHDXFKGLH9HUIROJHUDXIGDV9HUVWHFNDXIPHUN VDPJHPDFKW6KDRK|UWHLKUH6FKUHLHXQG6WLPPHQ%HLGH ZXUGHQODXWHUHLQ=HLFKHQZLHQDKHVLFKGLH9HUIROJHU EHUHLWVEHIDQGHQ ª5DXVGD©EUOOWHMHPDQG 'LDQD5HGIRUGQLFNWHGHU&KLQHVLQ]XXQG6KDRZXWH ZDVVLH]XDQWZRUWHQKDWWH ª:LUNRPPHQ©ULHIVLH (LQNOHLQHV0lGFKHQEHJDQQ]XZHLQHQª,FKZLOODEHU QLFKW©MDPPHUWHHVª%LWWHODWPLFK©
'LHGQQH6WLPPHVFKQLWW6KDRLQV+HU]GRFKVLHNRQQWH QLFKWVIUGLH.OHLQHWXQ 'LDQDGUHKWHVLFKXP6LHEOLFNWHLQEODVVHlQJVWOLFKH *HVLFKWHUXQGVWUHLFKHOWHGLH:DQJHGHV*LUOV 'DGHQ0lQQHUQHVZRKO]XODQJHGDXHUWHUlXPWHQVLH VHOEVWGLHHUVWHQ6WHLQHZHJ(VNQLUVFKWHXQGSROWHUWH 6FKRQEDOGODJGHU(LQJDQJIUHL 1XQVFKW]WHGLH.LQGHUQLFKWVPHKU 6KDRNURFKDOVHUVWHDXVGHU+|KOH 'LHEHZDIIQHWHQ0lQQHUKDWWHQHLQHQ+DOENUHLVJHELOGHW XQGLKUH*HZHKUHDXIGHQ+|KOHQHLQJDQJJHULFKWHW)U HLQHQXQHQGOLFKODQJHQ$XJHQEOLFNKDWWH6KDRGDV*HIKO GLH.HUOHZUGHQVFKLHHQGRFKGDQQDWPHWHVLHDXI +LQWHUGHQ0lQQHUKRFNWHGHU'UDFKH (LQHJUDXVDPHVWXPPH'URKXQJJHIlKUOLFKDQ]XVHKHQ XQGGHUSHUVRQLIL]LHUWH7RG 6KDRKDWWHSO|W]OLFK$QJVW6LHZROOWHHWZDVVDJHQGRFK VLHEUDFKWHNHLQHQ7RQKHUYRU 'HU'UDFKHQPHQVFKWUDWYRU 1XQHUNDQQWH6KDRLKQ (VZDU&XWOHUGHU0DQQGHUVLHLQ*XOELQHHPSIDQJHQ KDWWH (UWUXJNHLQH:DIIHDEHUVHLQKlOLFKHU6FKlGHOZDU 'URKXQJJHQXJ (LQHQ6FKULWWYRU6KDREOLHEHUVWHKHQ|IIQHWHVHLQ0DXO XQGGLH&KLQHVLQ]XFNWHXQZLOONUOLFK]XUFN &XWOHUJULII]X (USDFNWH6KDRXQGVFKWWHOWHVLHGXUFK ª%DUUDEDVHQWNRPPWQLHPDQG©NQLUVFKWHHUª'HQQHULVW GHU+HUULQGLHVHP/DQG8QGGLHGLHHVYHUVXFKHQZHUGHQ JUDXVDPEHVWUDIW© 1LHPDQGZLGHUVSUDFKLKP 8QGJHUDGHGDVZDUVRVFKOLPPDQGHU6DFKH'DVWDQGHQ GLH9lWHUGHUHQ.LQGHULKUH/HEHQVNUDIWGHP'UDFKHQ JHEHQVROOWHQGDPLWGLHVHUQRFKPlFKWLJHUZXUGH
(LQHXQP|JOLFKHXQGVFKUHFNOLFKH6LWXDWLRQEHUGLH6KDR JDUQLFKWQDFKGHQNHQGXUIWH &XWOHUOLHVLHORV ª5DXV©EUOOWHHUª.RPPWDOOHKHU© 'LDQD5HGIRUGYHUOLHGLH+|KOH'LH.LQGHUIROJWHQ'LH -XQJHQ]XHUVWGDQQGLH0lGFKHQ 6KDREHREDFKWHWHLKUH*HVLFKWHU9LHOHVDKHQLKUH9lWHU XQWHUGHQ0lQQHUQGRFKNHLQ(UEDUPHQRGHUNHLQ0LWOHLG IXQNHOWHLQGHQ$XJHQGHU0HQVFKHQ 6LHDOOHVWDQGHQXQWHUGHP'UDFKHQEDQQ 'LH.LQGHUPXWHQVLFKDXIVWHOOHQXQGZXUGHQYRQLKUHQ HLJHQHQ9lWHUQPLWGHQ:DIIHQEHGURKW(LQLJH.LQGHUYHU VXFKWHQHLQ*HVSUlFKDQ]XIDQJHQGRFKGLHEDUVFKHQ $QWZRUWHQOLHHQVLHYHUVWXPPHQ &XWOHUEHU]HXJWHVLFKGDYRQREZLUNOLFKDOOHGLH+|KOH YHUODVVHQKDWWHQ$OVHU]XUFNNHKUWHEHZHJWHHUQLFNHQG VHLQHQKlOLFKHQVFKXSSLJHQ'UDFKHQVFKlGHO (UZDU]XIULHGHQ ª*HKHQZLU©EHIDKOHUXQGSDFNWH6KDRKDUWDP$UP 6HLQH+DQGZDUZLHHLQH.ODPPHU'LH&KLQHVLQVSUWHGLH .lOWHGLHYRQGHP'UDFKHQPHQVFKHQDXVJLQJ 'DZXWHVLHGDVLHHLQHQ'lPRQYRUVLFKKDWWHXQGNHL QHQ0HQVFKHQPHKU(UOLH6KDRORVXQGVFKDXWHGHQ 'UDFKHQDQ %DUUDEDVZDU]XIULHGHQ(UEUHLWHWHVHLQH)OJHODXVXQG HUKREVLFKLQGLH/XIW $OVHUEHUGHU0HQVFKHQJUXSSHVFKZHEWH|IIQHWHHU VHLQHQ5DFKHQXQGIDXFKWH'LHVPDOTXROOHLQH)HXHUZRONH DXVVHLQHP0DXOGLHZLHEHLHLQHP)ODPPHQZHUIHULQGLH 'lPPHUXQJVFKOXJXQGYHUSXIIWH 'LH'LHQHUEHREDFKWHWHQPLWJOlQ]HQGHQ$XJHQGLHVHV 6FKDXVSLHOXQGDXFKGLH.LQGHUNRQQWHQLKUH%OLFNHQLFKW DEZHQGHQ)UVLHZDUHVHEHQIDOOVDXILUJHQGHLQH$UWXQG :HLVHIDV]LQLHUHQG %DUUDEDVIORJGDYRQ
$EHUGHU'UDFKHQPHQVFKEOLHE.LQJ&XWOHUIKOWHVLFK MHW]WIUDOOHYHUDQWZRUWOLFK(UZDUGHU)KUHUXQGHUJHQR GLH0DFKW 6HLQKlOLFKHU6FKlGHOIXKULQGLH5XQGH(UNRQQWHLKQ GUHKHQZLHHLQH(XOH ª1HKPWGLH.LQGHU©EHIDKOHU 'LH0lQQHUQLFNWHQVWXPPXQGJHKRUFKWHQVHLQHP %HIHKO%DOGKLHOWHQ9lWHULKUH6|KQHRGHU7|FKWHUDQGHU +DQG6KDRZXUGHHEHQIDOOVJHSDFNW8PVLHNPPHUWHVLFK .LQJ&XWOHUSHUV|QOLFK(UXPIDWHKDUWLKUH6FKXOWHUXQG GUFNWHLKUGLH)LQJHULQV)OHLVFKZREHLHUGLFKWDQLKUHP 2KU]LVFKWHª+DOWHGLFKUXKLJ&KLQHVLQVRQVWELVWGXMHW]W VFKRQWRW© (UVFKDXWHVLHDQXQG6KDRKLHOWVHLQHP%OLFNVWDQG6LH KDWWHHLQHQ3XQNWHUUHLFKWDQGHPVLHNlPSIHQZROOWH6KDR ZDUDQHLQH*UHQ]HJHVWRHQ:HQQVLHMHW]WQLFKWVXQWHU QDKPYHUORUVLHLKUH6HOEVWDFKWXQJ 1RFKEHVDVLHLKUH:DIIHQ (LQPDOGLH*QRVWLVFKH*HPPHGLHLKU6XNREHUJHEHQ KDWWHXQGGLH%HUHWWDPLWGHQ6LOEHUNXJHOQ6KDRKDWWHVLH DQLKUHP5FNHQLQGHQ+RVHQEXQGJHVFKREHQXQGNHLQHU LKUHU)HLQGHKDWWHGLH3LVWROHELVMHW]WHQWGHFNW 'LH&KLQHVLQKDWH*HZDOWDEHUZHQQHVNHLQHDQGHUH 0|JOLFKNHLWPHKUJDEGDQQPXWHVLHGDUDXI]XUFN JUHLIHQ6LHKDWWHDOOHVPLWGHQ.LQGHUQYHUVXFKWGLH DQGHUHQZDUHQVWlUNHUJHZHVHQ 6LHWUDW]XUFNª/DVVHQ6LHPLFKORV©]LVFKWHVLHZLHHLQH DXIJHUHJWH6FKODQJH 'HU'UDFKHQPHQVFKORFNHUWHWDWVlFKOLFKVHLQHQ*ULII6KDR HQWZDQGVLFKEOLW]VFKQHOOVHLQHU+DQGVSUDQJHLQHQ6FKULWW ]XUFNXQGEHYRU&XWOHUQDFKIDVVHQNRQQWHKDWWH6KDRLKUH 3LVWROHJH]RJHQ ª.HLQHQ6FKULWWZHLWHU©VFKULHVLH 'HU'UDFKHQPHQVFKHUVWDUUWH(UULVHLQ0DXOZHLWDXI ZLHHLQ8QJOlXELJHUGHUQLFKWEHJUHLIHQNRQQWH
ª'LH:DIIHLVWPLW6LOEHUNXJHOQJHODGHQ©HUNOlUWH6KDR ª6LHZHUGHQDXFKGLFKW|WHQ© ,KUH6WLPPHNODQJVFKDUIXQGSHLWVFKHQG $XFKGLHDQGHUHQKDWWHQVLHJHK|UWXQGVFKDXWHQQXUQRFK GLH&KLQHVLQDQ 6KDRZXWHGDVLHMHW]WXQJHKHXHUVWDUNVHLQPXWH6LH KDWWHVLFKHLQPDOGD]XHQWVFKORVVHQGLH:DIIH]X]LHKHQ MHW]WPXWHVLHGXUFKKDOWHQXPQLFKWXQJODXEZUGLJ]X ZHUGHQ &XWOHUODFKWHª*ODXEVWGXZLUNOLFKGDGXXQVGDPLW $QJVWHLQMDJHQNDQQVW"© ª-D© ª8QGZHQQLFKGLUGLH.QDUUHZHJQHKPH"© ª9HUVXFKHHV© 'HU'UDFKHQPHQVFK]|JHUWH6KDRV$QNQGLJXQJDXILKQ HLQH6LOEHUNXJHO]XIHXHUQKDWWHLKQGRFKQHUY|VJHPDFKW (UVFKLHQGLH.UDIWGHVJHZHLKWHQ0HWDOOV]XNHQQHQXQG KLHOWVLFKGHVKDOE]XUFN$EHUHUZDUQLFKWDOOHLQ 1RFKKDWWHHUVHLQH0lQQHU 8QGGLHVFKLFNWHHULQV6SLHO ª/RV©ULHIHULKQHQ]Xª3DFNWVLH*HKW]XLKUXQGQHKPW LKUGLH3LVWROHDE© 'LHVHQ%HIHKOKDWWH6KDRJHIUFKWHW,KUZDUNODUGDVLH JHJHQGLHhEHUPDFKWQLFKWVDXVULFKWHQNRQQWH'LH.HUOH ZDUHQ]ZDUDOOHEHZDIIQHWGRFKQDFKGHPGLH.LQGHUDXV GHU+|KOHJHNURFKHQZDUHQKDWWHQVLHLKUH6FKLHSUJHO JHVHQNWVRGDGLH0QGXQJHQ]X%RGHQ]HLJWHQ 6KDREHGURKWHGHQ$QIKUHU$XVGHQ$XJHQZLQNHOQ EHKLHOWVLHDXFKGLHDQGHUHQLP%OLFNIHOG ª/DWGLH.LQGHUODXIHQ©ULHIVLHODXWª:HQQQLFKW VFKLHHLFK© 'LH0lQQHU]|JHUWHQ6LHVWDUUWHQ6KDRQXUDQ%|VH JHPHLQKLQWHUOLVWLJ ª0DFKWVFKRQ©-HW]WNLSSWH6KDRV6WLPPHIDVWEHU6LH IKOWHVLFKGHU6LWXDWLRQQLFKWPHKUJHZDFKVHQXQGEHJDQQ
]X]LWWHUQ,KU+HU]VFKOXJKRFKREHQLP+DOV7URW]LKUHU :DIIHNDPVLHVLFKYHUGDPPWVFKZDFKYRU 'DDEHUJULII'LDQD5HGIRUGHLQ6LHZDUQLFKWVWHKHQJH EOLHEHQVRQGHUQKDWWHHLQHQ%RJHQJHVFKODJHQ'DGXUFK JHODQJWHVLHLQGHQ5FNHQGHU0lQQHUXQGPLWHLQHPEOLW] VFKQHOOHQ*ULIIZDQGVLHHLQHPGDV*HZHKUDXVGHU)DXVW 'HU0DQQZROOWHQDFK'LDQDVFKODJHQGRFKGDV*LUO GUFNWHLKPEOLW]VFKQHOOGHQ:DIIHQODXILQGHQ5FNHQ ª%OHLEQXUVWHKHQ©IOVWHUWHVLHUDXK 'HU0DQQJHKRUFKWH 'LDQDWUDWHLQHQ6FKULWW]XUFN6LHVFKDXWH]ZLVFKHQGHQ 'UDFKHQGLHQHUQKLQGXUFKXQGULHIª2ND\6KDRMHW]WVLQG ZLUDP'UFNHU'XNDQQVWZHLWHUPDFKHQ© 'HU&KLQHVLQILHOHLQ6WHLQYRP+HU]HQ 'HU'UDFKHQPHQVFKJDEQLFKWDXI(UVWHPPWHVHLQH$UPH LQGLH+IWHQXQGGUHKWHVLFKXPVRGDHU'LDQD5HGIRUG DQVFKDXHQNRQQWH$XVVHLQHP0DXOGUDQJHLQE|VHV /DFKHQ ª:LOOVWGXDXFKVWHUEHQ"©K|KQWHHUª9LHOOHLFKWZLHGHLQ VDXEHUHU)UHXQG5RFFR"© 'LDQD]XFNWH]XVDPPHQª:DVKDVWGXPLWLKPJHPDFKW"© IUDJWHVLHPLWHLQHU6WLPPHGLHVRNODQJDOVZUGHVLHJDU QLFKWPHKU]XLKUJHK|UHQ ª(UKDWGDVEHNRPPHQZDVHUYHUGLHQWH(LQH.XJHO© VFKULH&XWOHU]XUFN 'LDQDZXUGHEOD,KUH+lQGHNUDPSIWHQVLFKXPGLH :DIIH .LQJ&XWOHUODFKWH 'LDQD5HGIRUGJLQJ]XU6HLWH3O|W]OLFKKDWWHVLHNHLQHQ %OLFNPHKUIUGLH0lQQHUXQGGLH.LQGHU6LHVDKQXUQRFK GHQ'UDFKHQPHQVFK ª'XKDVWLKQJHW|WHW©NHXFKWHVLHª'XYHUGDPPWH%HVWLH GX+XQG© ª'LDQDQLFKW©ULHI6KDRVFKDUIVLHDKQWHZDVGDV*LUO YRUKDWWH'RFK'LDQD5HGIRUGZDUQLFKWPHKU]XVWRSSHQ
=RUQ7UDXHUXQG+DPLVFKWHQVLFK]XHLQHUJHZDOWLJHQ :RJHGLHVLHI|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lOLFKHQ6FKlGHOGLH )HXHUVEUXQVWVWRFNWHDXIKDOEHP:HJVRGD'LDQD5HGIRUG QLFKWLQ*HIDKUJHULHWYRQLKUYHUEUDQQW]XZHUGHQ 'LH/RKHGUDQJQLFKWPHKUDXVGHP0DXOGHV 'UDFKHQPHQVFKHQVRQGHUQHUVWLFNWH]ZLVFKHQGHQ.LHIHUQ &XWOHUVHOEVWVWLHHLQHQXQDUWLNXOLHUWHQ6FKUHLDXVZDUIGLH $UPHKRFKVFKWWHOWHZLOGVHLQHQ.RSIXQGILHOGDQQ]X %RGHQ (UVFKULHXQGZlO]WHVLFKHLQSDDUPDOXPGLHHLJHQH $FKVHZlKUHQGVHLQH)UHXQGHDXVZHLWDXIJHULVVHQHQ $XJHQGHP7RGHVNDPSI]XVDKHQ &XWOHUVWDUE 3O|W]OLFKYHUORUGHUKlOLFKH6FKlGHOVHLQHJUQH)DUEH 'LHKDUWH+DXWZXUGHZHLFKZLH*XPPL'LH6FKXSSHQ ILHOHQDEGLH$XJHQYHUVFKZDQGHQLQGHQ+|KOHQXQG GHUJHVDPWH.RSIVFKUXPSIWH]XVDPPHQ (VZDUHLQVFKUHFNOLFKHU$QEOLFN
'LH.LQGHUZHLQWHQ6LHGUFNWHQVLFKPLWLKUHQ *HVLFKWHUQJHJHQLKUH9lWHUXQGVFKOXFK]WHQ 'LDQDXQG6KDRKDWWHQGLH/LSSHQ]XVDPPHQJHSUHW'DV URWKDDULJH*LUOZDUJHUHWWHWZRUGHQ6KDRKDWWHGXUFKLKUHQ 6FKXGHQ'UDFKHQPHQVFKHQJHW|WHW 'RFKZLHJLQJHVZHLWHU" :LHZUGHQGLHDQGHUHQUHDJLHUHQ" 1RFKVWDQGHQVLHVWXPPGDXQGVWDUUWHQDXILKUHQ $QIKUHUGHVVHQ.RSILPPHUPHKUVFKUXPSIWHXQG]XP 6FKOXQLFKWJU|HUZDUDOVHLQH)DXVW (VEHGHXWHWHGDV(QGHGHV'UDFKHQPHQVFKHQ.LQJ &XWOHUVWDUE 6KDRDWPHWHDXI 8QG'LDQD5HGIRUG" 6LHEOLFNWHDXVJURHQ$XJHQDXIGDV(WZDVZDVHLQPDO .LQJ&XWOHUJHZHVHQZDU,KU0XQGVWDQGKDOERIIHQ VWRZHLVHJLQJGHU$WHPVLHNRQQWHQLFKWVEHJUHLIHQ ª'XKDVWHVJHVFKDIIW©VDJWH'LDQD,KU%OLFNZXUGHYRQ GHQ0lQQHUQJHIHVVHOWGLHHEHQIDOOVDXILKUHQWRWHQ $QIKUHUVFKDXWHQ1LFKWEHJUHLIHQXQGDXFKVRHWZDVZLH 9HU]ZHLIOXQJVWDQGHQLQLKUHQ*HVLFKWHUQ]XOHVHQ .LQJ&XWOHUZDUWRW 8QGVLHOHEWHQ 3O|W]OLFKJLQJHLQ5XFNGXUFKGLH9HUVDPPHOWHQ6LH KREHQLKUH.|SIHXQGVFKDXWHQGHP+LPPHOHQWJHJHQ $XFK6KDRXQG'LDQDEOLFNWHQLQGLHVH5LFKWXQJ =XVHKHQZDUQLFKWV 1RFKQLFKWV 'DQQDEHUWDXFKWHHUDXVGHQ:RONHQDXI%DUUDEDVGDV 8QJHKHXHUGHU*UDXVDPH $EHUHUZDUQLFKWDOOHLQ $XIVHLQHPPlFKWLJHQ6FKXSSHQN|USHUKRFNWHVLHGLH 7RFKWHUGHV7HXIHOVDXFK$VPRGLQDJHQDQQW 8QGEHJOHLWHWZXUGHVLHYRQ]ZHLLKUHU7RGHVHQJHOQGHQ XQKHLPOLFKHQ'lPRQLQQHQGLHJOHLFK]HLWLJLKUH/HLE
ZlFKWHULPHQZDUHQ6LHIORJHQQHEHQGHP'UDFKHQKHU,P 9HUJOHLFK]XVHLQHQ)OJHOQZLUNWHQLKUHNOHLQXQGZLQ]LJ %DUUDEDVUDXVFKWHKHUDQ 6HLQH)OJHONQDWWHUWHQDOVHUVLHEHZHJWHGDV*UDVDXI GHP%RGHQERJVLFKXQWHUGHP/XIW]XJ 'DQQODQGHWHHU 6KDRKLHOWLKUH:DIIHQRFKLQGHU+DQG$XFK'LDQD XPNODPPHUWHGDV*HZHKUGRFKVLHZXUGHEOLW]VFKQHOO EHUZlOWLJW %HYRU6KDRHLQH:DUQXQJUXIHQNRQQWHZDUHQGLH 7RGHVHQJHOLQGHQ5FNHQGHV*LUOVJHIORJHQ 6RIRUWJULIIHQVLH]X 'LDQDKDWWHNHLQH&KDQFHJHJHQGLHPLWGHQ.UlIWHQGHU +|OOHDXVJHVWDWWHWHQVFKZDU]HQ(QJHO +DUWH)LQJHUJUXEHQVLFKLQGLH6FKXOWHUGHV*LUOVXQG 'LDQDZXUGHKHUXPJHULVVHQ 6LHILHO]X%RGHQ (LQHQ+HU]VFKODJVSlWHUZDUHQGLH7RGHVHQJHOEHULKU ,KUHODQJHQURVWURWHQ+DDUHIODWWHUWHQZLH)DKQHQLP:LQG GLH)OJHOKDWWHQVLHHLQJHNODSSWXQGPLWLKUHQ)lXVWHQ GUFNWHQVLH'LDQDDP%RGHQQLHGHU 1RFKVFKZHEWHGHU'UDFKHLQGHU/XIW(UVFKLHQGRUWDQ HLQHPXQVLFKWEDUHQ)DGHQ]XKlQJHQKDWWHGLH)OJHODXV JHEUHLWHWXQGZDUWHWHGDUDXIGDGLH7HXIHOVWRFKWHUHLQHQ %HIHKOJDE 'HQJDEVLHDXFK'RFKHUJDOWQLFKWGHP'UDFKHQ VRQGHUQGHVVHQ'LHQHUQ ª3DFNWVLH©EUOOWH$VPRGLQDª$XIVLH1HKPWGLHVHV :HLEHQGOLFKIHVW© 'DPLWZDU6KDRJHPHLQW 1RFKLPPHUKLHOWVLHLKUH%HUHWWDLQGHUUHFKWHQ+DQG DEHUVLHWUDXWHVLFKQLFKW]XVFKLHHQ$XFKQLFKWDOVGLH 0lQQHUDXIVLH]XNDPHQ6WXPPDEHUGURKHQG :LHHLQHOHEHQGH:DQG 6KDRKREGLHUHFKWH+DQG'LH0QGXQJ]LHOWHMHW]WDXI
GHQ9DWHUGHVNOHLQHQ,DQ'HU=HLJHILQJHUODJDP6WHFKHU (LQHZLQ]LJH%HZHJXQJXQGGHU'UXFNSXQNWZDUEHU ZXQGHQ 'HU0DQQNDPQlKHU 8QEHLUUEDU(UKDWWHHLQHQ%HIHKOHUKDOWHQXQGGHPDOOHLQ JHKRUFKWHHU $XFKGLHDQGHUHQKLHOWHQVHLQ7HPSRPLW6KDRZXUGH LPPHUPHKULQGLH'HIHQVLYHJHGUlQJW6LHPXWH]XUFN 6ROOWHVLHVFKLHHQ" 3O|W]OLFKVDKVLHGLHELWWHQGHQ%OLFNHGHVNOHLQHQ,DQDXI VLFKJHULFKWHWXQGVLHGDFKWHGDUDQGDGLH0lQQHUYRULKU NHLQH'lPRQHQZDUHQVRQGHUQLUUHJHOHLWHWH0HQVFKHQ 'HU$UPPLWGHU:DIIHVDQNQDFKXQWHQ 'LHVH%HZHJXQJZLUNWHZLHHLQ6WDUWVFKX'LH 'UDFKHQGLHQHUUDQQWHQYRUVWU]WHQVLFKDXI6KDRXQG EHJUXEHQVLHXQWHULKUHQ.|USHUQ'LH&KLQHVLQZHKUWHVLFK QLFKW6RVWDFKHOWHVLHGLH0HXWHZHQLJVWHQVQLFKWQRFK ]XJU|HUHU$NWLYLWlWDQ 6LHYHUVXFKWHQXULKU*HVLFKW]XVFKW]HQ 'DVJHODQJLKUDXFKGRFKGHUEULJH7HLOGHV.RSIHVODJ IUHL$XVGHQ$XJHQZLQNHOQVDKVLHHWZDV'XQNOHVDXI VLFK]XUDVHQVSUWHHLQHQKDUWHQ$XIVFKODJDQGHUOLQNHQ 6WLUQGDQQHLQHQVWHFKHQGHQ6FKPHU]XQGGDQDFKQLFKWV PHKU 6KDRILHOLQGHQWLHIHQ6FKDFKWGHU%HZXWORVLJNHLW,KU KHOGHQKDIWHU.DPSIZDUYHUJHEHQVJHZHVHQ 0HLQH%HLQHVFKLHQHQYRQDOOHLQ]XODXIHQ,FKVSUWHVLHJDU QLFKWPHKU 8QGLFK]lKOWHDXFKQLFKWQDFKZLHRIWLFKXQWHUZHJVDXV UXWVFKWHKLQILHOPLFKZLHGHUKRFKUDSSHOWHXQGGDQQZHL WHUJLQJ 'LH+WWHKDWWHQ0\[LQXQGLFKSDVVLHUW'RUWODJHQQRFK LPPHUGLH+XQGHNDGDYHU'HQWRWHQ6FKlIHUKDWWHQZLU
QLFKWJHVHKHQ,FKUHFKQHWHGDPLWGDGLH9HUIROJHUGLH /HLFKHGHV0DQQHVPLWJHQRPPHQKDWWHQ (VZXUGHLPPHUGXQNOHU 2EZRKOZLUJDUQLFKWPHKUVRZHLWYRQ*XOELQHHQWIHUQW ZDUHQYHUVFKZDPPHQGLH+lXVHULP*UDXGHUVWlUNHU ZHUGHQGHQ'lPPHUXQJ'DDXFKGRUWNHLQ/LFKWEUDQQWH UHFKQHWHLFKGDPLWGDGLH(LQZRKQHUGHQ2UWYHUODVVHQ KDWWHQ 1XUZRKLQ" :LHGHUVFKZHLIWHPHLQ%OLFNLQGDVZHLWH7DOKLQXQWHU$XI GHP.DPPVWHKHQGKDWWHLFK6KDR]ZDUJHVHKHQGRFK GDQQZDUPLUGXUFKGLH*HOlQGHIRUPGHU%OLFNZLHGHU JHQRPPHQZRUGHQ :RPRFKWHVLHVWHFNHQ" ª.DQQVWGXGLUYRUVWHOOHQZRPDQVLHKLQJHVFKDIIWKDEHQ N|QQWH"©ZDQGWHLFKPLFKDQ0\[LQ ª1HLQ© ª'LH5LWWHUKDEHQDOVRQLFKWVJHVDJW© ª6LHVSUDFKHQNDXPYRQGHP'UDFKHQ© -DGDVKlWWHLFKPLUHLJHQWOLFKGHQNHQN|QQHQ'LH5LWWHU XQGGHU'UDFKHZDUHQ]ZHLYHUVFKLHGHQH3DDU6FKXKH REZRKO$VPRGLQDDQEHLGHQ)lOOHQEHWHLOLJWZDU ,FKKREGLH6FKXOWHUQª'DEOHLEWXQVZRKOQLFKWVDQGHUHV EULJ:LUPVVHQLQV'RUIXQGGRUWQDFKIUDJHQ© ª0DQZLUGXQVNHLQH$XVNXQIWJHEHQ© ,FKJULQVWHKDUWª'DVODPDOPHLQH6RUJHVHLQ© :LUEUDXFKWHQQLFKWELVLQV'RUI(WZDVDQGHUHVHUUHJWH XQVHUH$XIPHUNVDPNHLW )HXHU 8QWHQLP7DOXQG|VWOLFKGHV'RUIHVVDKHQZLUGHQ :LGHUVFKHLQGHU)ODPPHQ:LHHLQ:DUQVLJQDO]XFNWHQVLH EHUGHQJUDXHQ+LPPHOXQGWDXFKWHQGLHWLHIKlQJHQGHQ :RONHQLQHLQHQEOXWLJHQ6FKOHLHU ª'DVLQGVLHEHVWLPPW©VDJWH0\[LQ 'HU0HLQXQJZDULFKDXFK
'LH/HXWHDXV*XOELQHKDWWHQHLQ)HXHUDQJH]QGHW 9LHOOHLFKWHLQ2SIHUIHXHU,FKEUDXFKWHNHLQ+HOOVHKHU]X VHLQXP]XZLVVHQIUZHQ 0\[LQJLQJVFKRQYRU(UOLHIJHUDGHZHJVDXIGDV)HXHU ]XNPPHUWHVLFKQLFKWXPGLH*HOlQGHIRUPVRQGHUQKDWWH HVIXUFKWEDUHLOLJ(UZROOWHEHZHLVHQZLHVHKUHUDXIPHLQHU 6HLWHVWDQG 8PVREHVVHU ,FKOLHIHEHQIDOOVORV0HLQHQ:HJEDKQWHLFKPLUPLWWHQ GXUFKGLH+HUGHJUDVHQGHU6FKDIH5FNVLFKWZDUIHKODP 3ODW]H(VJLQJXP0HQVFKHQOHEHQ :HQLJVSlWHUMDJWHHLQVFKDXULJHV)DXFKHQEHUGHQ +LPPHO(VVFKZDQJQRFKDOV(FKRQDFKXQGLPVHOEHQ $XJHQEOLFNVWLHJGRUWZRGDV)HXHUOHXFKWHWHGHU'UDFKHLQ GHQ+LPPHO ,QGHU'lPPHUXQJXQGDQJHOHXFKWHWYRP:LGHUVFKHLQ GHU)ODPPHQVDKHUQRFKVFKDXULJHUDXV ,FKEOLHEVWHKHQXQGEOLFNWHJHQDXKLQ (LQVZDUPLUNODU ,QGHUQlFKVWHQKDOEHQ6WXQGHZUGHHV]ZLVFKHQLKP XQGPLU]XHLQHPP|UGHULVFKHQ'XHOONRPPHQ8QGLFK ZDUPLUQLFKWVLFKHUZHU6LHJHUEOHLEHQZUGH 6LHKDWWHQDOOHVYRUEHUHLWHW .OHLQH+RO]VWDSHOELOGHWHQHLQHQ.UHLVXPGDVUHFKWHFNLJH *HUVW =ZLVFKHQGHQ6WDSHOQEHIDQGVLFKVRYLHO=ZLVFKHQUDXP GDHLQ0HQVFKEHTXHPKLQGXUFKJHKHQNRQQWH (VURFKSHQHWUDQWQDFK%HQ]LQGHQQGLH6WDSHOZDUHQPLW GHP=HXJJHWUlQNWZRUGHQ 1HEHQMHGHP6WRVWDQGHLQ:lUWHU*HGXOGLJZDUWHWHQ GLH0lQQHUDXIGLH5FNNHKUGHUDQGHUHQ 1DFKZLHYRUODJ6XNRJHIHVVHOWDXIGHU3ODWWIRUP(UKDWWH DOOH9RUEHUHLWXQJHQPLWDQVHKHQPVVHQXQGLPPHUZLHGHU
YHUVXFKWVLFKYRQGHQ)HVVHOQ]XEHIUHLHQ (VKDWWHQLFKWJHNODSSWDEHUGXUFKGDVGDXHUQGH'UHKHQ XQGGDVNUlIWLJH(LQXQG$XVDWPHQKDWWHVLFKGHU&KLQHVH HLQZHQLJPHKU6SLHOUDXPYHUVFKDIIW 'LH6WULFNHVDHQQLFKWPHKUJDQ]VRIHVWVLHVFKQUWHQ LKPDXFKNDXPQRFKGLH/XIWDE 6XNRNRQQWHVRJDUVHLQHQ$UPEHZHJHQ (UKDWWHZLHGHU+RIIQXQJ 8QGELV0LWWHUQDFKWUDQQQRFKYLHO:DVVHUGLH7KHPVH KLQXQWHU 'RFKVHLQH+RIIQXQJHQZXUGHQEUXWDO]HUVW|UWDOVGLH DQGHUH*UXSSH]XUFNNHKUWH 'LH0lQQHUEUDFKWHQ]ZHL*HIDQJHQHPLWXQGHLQH *UXSSH.LQGHU(LQH*HIDQJHQHZXUGHJHWUDJHQXQGDXI GDV3RGHVWJHKREHQZR6XNRODJ 'LHDQGHUHEOLHEXQWHQ6LHVFKLPSIWH$QGHU6WLPPH HUNDQQWHGHU&KLQHVHGLHURWKDDULJH'LDQD5HGIRUG ª/DWPLFKIUHL©EUOOWHVLHª,KUVHLGGRFKYHUEOHQGHWLKU VHLG0|UGHU© (WZDVNODWVFKWHXQGGDV*LUOYHUVWXPPWH 6XNRELVLFKYRU:XWDXIGLH/LSSHQXQGHLQHNDOWH *lQVHKDXWUDQQEHUVHLQHQ5FNHQDOVHUVDKZHQGLH 0lQQHUDXIGDV3RGHVWOHJWHQ 6KDR 2EZRKO6XNRGDPLWJHUHFKQHWKDWWHWUDIHVLKQKDUW 6LHKDWWHQGDV*LUOHUZLVFKW 8QG6KDRVROOWHPLWLKUHP)UHXQG]XVDPPHQVWHUEHQ 2GHUZDUVLHVFKRQWRW"6ROHEORVZLHVLHLQGHQ$UPHQ GHU%HZDFKHUODJNDPHVLKPIDVWVRYRU'LH0lQQHUOHJWHQ GLH&KLQHVLQQHEHQLKUHQ)UHXQG 6XNRGUHKWHGHQ.RSIXQGVFKLHOWH]XLKUKLQ 1HLQ6KDRDWPHWH6LHZDUQLFKWWRW $XFKVLHZXUGHJHIHVVHOW'LH0lQQHUJLQJHQJHVFKLFNW]X :HUNH6LHEDQGHQGLH)HVVHOQMHGRFKYRU6KDRV.|USHU ]XVDPPHQXQGQLFKWZLHEHL6XNRDXIGHP5FNHQ
'RFKPDFKWHGDVHLQHQ8QWHUVFKLHG"-HW]WZRHVZLUNOLFK XPV*DQ]HJLQJ" .DXP,KUH&KDQFHQVDQNHQUDSLGH=XGHPZDUHQ6XNRV %HIUHLXQJVYHUVXFKHQRFKQLFKWVRZHLWJHVFKULWWHQGDHU GLH)HVVHOQKlWWHDEVWUHLIHQN|QQHQ1RFKLPPHUVDHQVLH ]XIHVW 'LH0lQQHUVSUDQJHQYRP3RGHVWXQGOLHHQLKUHEHLGHQ *HIDQJHQHQDOOHLQ]XUFN 6XNR]LVFKWHGHQ1DPHQVHLQHU)UHXQGLQ .HLQH5HDNWLRQ (UULHIHLQ]ZHLWHVXQGHLQGULWWHV0DOXQGKDWWH(UIROJ 6KDR|IIQHWHGLH$XJHQ ª,FKELQ V©VDJWH6XNR(UOlFKHOWHVRJDUZDVLKPLQVHLQHU 6LWXDWLRQYHUGDPPWVFKZHUILHO 6KDRYHU]RJGDV*HVLFKW6LHPXWHVWDUNH6FKPHU]HQ KDEHQXQGZHQQ6XNRJHQDXHUKLQVFKDXWHVDKHUGDV%OXW ]ZLVFKHQLKUHQODFNVFKZDU]HQ+DDUHQVFKLPPHUQ3O|W]OLFK IXQNHOWHQ7UlQHQLQLKUHQJURHQ$XJHQXQGVLHIUDJWH ª0VVHQZLUMHW]WVWHUEHQ"© ª1HLQ© ª'XZLOOVWPLFKQXUEHUXKLJHQ©HUZLGHUWHVLHª,FKVHKH NHLQH&KDQFHPHKU'DEHLKDEHLFKDOOHVJHWDQZDVLQ PHLQHQ.UlIWHQVWDQGDEHUGLHDQGHUHQZDUHQVWlUNHU(VWXW PLUOHLG© ª:DVLVWPLW-RKQ"©IUDJWHGHU&KLQHVH ª,FKZHLHVQLFKW*HVHKHQKDEHLFKLKQQLFKW9LHOOHLFKW LVWHUDXFK© ª0DOGHQ7HXIHOQLFKWDQGLH:DQG© ª'DQQVWHUEHQZLUZHQLJVWHQV]XVDPPHQ©IOVWHUWH6KDR ª:HQQHVVRZHLWVHLQVROOWHGDQQZROOWHLFKPLWGLU© 6LHVSUDFKQLFKWPHKUZHLWHUXQGDXFK6XNRVFKZLHJ GHQQGHUHUVWH+RO]VWRIODPPWHDXI(LQ]ZHLWHUIROJWHHLQ GULWWHUXQGZHQLJVSlWHUEUDQQWHQVlPWOLFKH+RO]KDXIHQ 6LHELOGHWHQHLQHQIHXULJHQ.UHLV 'LH]XFNHQGHQ)ODPPHQOHFNWHQPLWLKUHQJLHULJHQ
)LQJHUQLQGLHJUDXH'XQNHOKHLWIXKUHQDOV:LGHUVFKHLQ EHUGDV3RGHVWXQG6XNRDOVDXFK6KDRVSUWHQEHUHLWVGLH :lUPHGHV)HXHUV -HW]WZXWHGHU&KLQHVHZLHVLHVWHUEHQVROOWHQ 0DQZROOWH6KDRXQGLKQYHUEUHQQHQ (LQJUDXVDPHU7RGXQG6XNRVDKHV6KDRDQGDVLHHEHQ IDOOVVRGDFKWH 'LH&KLQHVH]HUUWHZLHHLQ:LOGHUDQVHLQHQ)HVVHOQ(U UXFNWHKLQXQGKHU:HQQHUVFKRQVWHUEHQVROOWHGDQQLP .DPSIXQGQLFKWDXIGLHVHHOHQGH$UWXQG:HLVH 'LH+LW]HQDKP]X6XNRNRQQWHVLFKGLHVQLFKWHUNOlUHQ GHQQHUVDKYRQVHLQHU3RVLWLRQDXVQLFKWGDGLH0lQQHU GLH+RO]VW|HPLWODQJHQ6WDQJHQQlKHUDQGDV3RGHVW KHUDQVFKREHQ'DV+RO]VROOWH)HXHUIDQJHQXQGHEHQVR EUHQQHQZLHGLHEHLGHQ*HIDQJHQHQ ,KUHYHUEUDQQWHQ.|USHUZUGHQ]XVDPPHQPLWGHP 3RGHVWQDFKXQWHQLQGDV%DVVLQPLW'UDFKHQEOXWIDOOHQ 'DVZDUDOVRGDV(QGH 8QGVFKRQKDWWHGHUHUVWH3IRVWHQ)HXHUJHIDQJHQ ,FKUDQQWH 'HUIODFNHUQGH)HXHUVFKHLQZLHVPLUGHQ:HJ0HLQ 0XQGVWDQGRIIHQ,FKOLHMHGH5FNVLFKWIDKUHQGHQQ=HLW PLFKDQ]XVFKOHLFKHQKDWWHLFKQLFKWPHKU ,FKNRQQWHHLQHPRIIHQHQ.DPSIQLFKWDXVZHLFKHQ 7URW]GHPYHUODQJVDPWHLFKPHLQH6FKULWWHDOVLFKLQGHU 1lKHGHV)HXHUVZDU%HYRULFKHLQJULIIPXWHLFKPLUHLQHQ hEHUEOLFNYHUVFKDIIHQ 6FKDWWHQKDIWVDKLFKGLH*HVWDOWHQGHU0lQQHU(WZDV DEVHLWVVWDQGHQNOHLQHUH0HQVFKHQ 'LH.LQGHU ,FK]RJPHLQH%HUHWWD1RFKHLQPDOSXPSWHLFKGLH /XQJHQYROO/XIWGDQQKROWHLFK]XP(QGVSXUWDXV ,FKNDPEHUVLHZLHHLQ:LUEHOVWXUP%HYRUMHPDQGHLQHQ
:DUQUXIDXVVWRHQNRQQWHKDWWHLFKGHQlXHUHQ5LQJGHU :lFKWHUGXUFKEURFKHQPLUPLW]ZHL3LVWROHQKLHEHQGLH Q|WLJH/XIWYHUVFKDIIWXQGVWDQGGLFKWYRUGHPEUHQQHQGHQ 3RGHVW -HPDQGNUHLVFKWHª6FKLHW6FKLHWGRFKYHUGDPPW© 'LH.HUOHPXWHQLKUH:DIIHQHUVWKROHQ6LHKDWWHQVLH ZHJJHVWHOOW(LQHUVSUDQJPLFKYRQGHU6HLWHDQ6HLQ*H VLFKWQXUHLQHYHU]HUUWH)UDW]HOHXFKWHWHURW(UVFKOXJPLW HLQHU6WDQJHDXVYROOHP/DXI]X ,FKWDXFKWHZHJXQGVFKOHXGHUWHLKQPLWHLQHP-XGRJULII EHUGLH6FKXOWHU (UILHO]X%RGHQXQGVRIRUWOHFNWHQGLHHUVWHQ)ODPPHQ QDFKLKP 'DQQK|UWHLFKHLQH6WLPPHª-RKQ© 'DVZDU6XNR 8QGHUODJDXIGHP3RGHVWGDVEHUHLWVDQPHKUHUHQ6WHOOHQ EUDQQWHXQGMHGHQ$XJHQEOLFNHLQVWU]HQNRQQWH ,FKPXWHKRFK]XLKP 'LH%HUHWWDQDKPLFK]ZLVFKHQGLH=lKQHXPEHLGH +lQGHIUHL]XKDEHQSDFNWHGLHXQWHUVWH6SURVVHXQG]RJ PLFKPLWHLQHP.OLPP]XJLQGLH+|KH 'DQQODJLFKREHQ 6XNRZDUJHIHVVHOWXQG6KDRHEHQIDOOV ª(UVWVLH©VFKULHGHU&KLQHVH ,FKQLFNWHEFNWHPLFKKROWHPHLQHQVLOEHUQHQ'ROFKKHU YRUXQGVlEHOWHDQGHQ6WULFNHQ (VNDPMHW]WDXI6HNXQGHQDQXQGDOVLFKLQ6KDRV+DXW VFKQLWWYHU]RJVLHNHLQH0LHQH6LHZXWHVHOEVWZRUXPHV JLQJ6LHVWDQGDXI 6RIRUWZDQGWHLFKPLFK6XNR]X :LHGHUULLFKPLWGHUVFKDUIHQ'ROFKNOLQJHGLHKHPPHQ GHQ6WULFNHHQW]ZHL (LQ6FKXNUDFKWHGRFKGHU:LQNHOZDUVFKOHFKWXQGGLH .XJHOSILIIEHUXQVKLQZHJ
ª%OHLEXQWHQ©EUOOWHLFK6KDR]X'DEHL]HUVFKQLWWLFKGLH OHW]WH)HVVHO *HVFKDIIW" 1HLQ7URW]GHV3UDVVHOQVGHU)ODPPHQK|UWHLFKGDV JHZDOWLJH5DXVFKHQGHU6FKZLQJHQ ª:HJKLHU©VFKULHLFK6KDR]XDOVLFKVDKGDGHU'UDFKH GDV3RGHVWDQIORJ $OV6KDRQLFKWUHDJLHUWHSDFNWH6XNRVLHXQGVSUDQJPLW LKUYRQGHU3ODWWIRUP *OHLFK]HLWLJPLWGHP'UDFKHQVDKLFKDXFKPHLQH (U]IHLQGLQ $VPRGLQDGLH7HXIHOVWRFKWHU 6LHKRFNWHDXIGHP5FNHQGHV8UZHOWWLHUVZLUNWHZLHHLQ 7ULXPSKDWRUXQGZXUGHEHJOHLWHWYRQ]ZHLLKUHU 7RGHVHQJHOGHUHQ*HIlKUOLFKNHLWLFKEHUHLWVDPHLJHQHQ /HEHQ]XVSUHQEHNRPPHQKDWWH 5DXFKVFKZDGHQXPKOOWHQPLFKYHUQHEHOWHQPLUGLH 6LFKWDEHULFKEOLHEVWHKHQ /LQNVKLHOWLFKGLH%HUHWWDUHFKWVGHQ%XPHUDQJ 'HU'UDFKHVHJHOWHQlKHUZXUGHJU|HUXQGJU|HU ZXFKVLQV*LJDQWLVFKH ,FKK|UWHGLH6FKUHLHVHLQHU'LHQHUYHUQDKPGDV3UDVVHOQ GHU)ODPPHQGRFKGDVDOOHVQDKPLFKQLFKWEHZXWZDKU 0LFKLQWHUHVVLHUWHDOOHLQGHU'UDFKH ª7|WHLKQ©NUHLVFKWHGLH6WLPPHGHU7HXIHOVWRFKWHU,P VHOEHQ0RPHQWVFKZDQJVLHVLFKZLHGHUYRP5FNHQGHV 7LHUHVXQGOLHGHQ'UDFKHQDOOHLQ (U|IIQHWHVHLQ0DXO *OHLFKZUGHGLH/RKHKHUYRUVWRHQXQGPLFKHLQKOOHQ ,FKZDUIGHQ$UP]XUFNVFKZDQJLKQZLHGHUYRUXQGDOV VLFKGHU6FKUHLYRQPHLQHQ/LSSHQO|VWHIORJGHU%XPHUDQJ DXIGHQJHIlKUOLFKHQ'UDFKHQ]X 'HUVLOEHUQH+DOEPRQGZLUEHOWHGXUFKGLH/XIWGUHKWH VLFKXQGWUDI *HQDXLQGHP$XJHQEOLFNDOVGHU'UDFKHGLHIHXULJH
%UXQVWDXVGHP0DXOVWLH0LWHLQHPZHLWHQ+HFKWVSUXQJ IORJLFKYRQGHP3RGHVWSUDOOWHDXI]ZHL0HQVFKHQXQG ZDUIVLHPLW]X%RGHQ 6RIRUWZDULFKZLHGHUDXIGHQ)HQ .HLQH6HNXQGH]XIUK %HLVHLQHU*U|HKDWWHGHU'UDFKHHLQLPPHQVHV*HZLFKW 'LHYRP)HXHUDQJHVHQJWHQ%DONHQKLHOWHQGHP'UXFNQLFKW VWDQG6LHNQLFNWHQZHJZLH6WUHLFKK|O]HU )HXHUXQG)XQNHQZLUEHOWHQKRFK(LQJOKHQGHU5HJHQ WUDIPHLQHQ1DFNHQ ,FKUDQQWHZHJ1HEHQPLUVDKLFKGLH6FKDWWHQGHUDQGH UHQ0lQQHU,FKK|UWH6XNRV6WLPPH(UVXFKWHGLH.LQGHU ]XVDPPHQXQGEUDFKWHVLHLQ6LFKHUKHLW ,FKZDQGWHPLFKQRFKHLQPDOXP %DUUDEDVYHUHQGHWH (UODJLQVHLQHPHLJHQHQ'UDFKHQEOXWVFKUXPSIWH]XVDP PHQXQGZXUGHJOHLFK]HLWLJYRQGHQ)ODPPHQHUIDWXQG ]HUVW|UW (UVFKULHHUEUOOWHHUU|KUWH 1LFKWVKDOILKP %DUUDEDVJLQJHLQ 6HLQH)OJHOVFKPRO]HQGDKLQ'LHVFKXSSLJHEUHQQHQGH +DXWVSULW]WHQDFKDOOHQ6HLWHQZHJ:LOGZDUIHUVHLQHQ .RSIKRFKGLH=XQJHIXKUKHUYRUZLHHLQ]XFNHQGHV %QGHO 1RFKHLQPDOElXPWHHUVLFKDXIGDQQILHOHU]XVDPPHQ 'LH)ODPPHQIUDHQGLH5HVWH ,FKVXFKWH$VPRGLQD 6LHZDUQLFKWGD$XFKLKUHEHLGHQ7RGHVHQJHOQLFKW,P OHW]WHQ0RPHQWKDWWHQVLHVLFK]XUFNJH]RJHQ 1XUGLH'UDFKHQGLHQHUVWDQGHQVWXPPDXIGHP)OHFN6LH KDWWHQGLH.|SIHJHVHQNW ,FKIDQGPHLQHQ%XPHUDQJXQEHVFKlGLJWHLQ6WFNHQW IHUQWQDKPLKQDXIXQGJLQJ]XPHLQHQ)UHXQGHQ 6LHVWDQGHQ]XVDPPHQ
6XNR6KDRXQGHLQURWKDDULJHV0lGFKHQXPGDV6KDR HLQHQ$UPJHOHJWKDWWH ª'DVZDU V©VDJWHLFKXQGQLFNWH 6XNRUHLFKWHPLUGLH+DQGª:HQQGXQLFKWJHNRPPHQ ZlUVW© ª9HUJLHV©,FKZROOWHQLFKWVK|UHQ,FKZROOWHEHUKDXSW QLFKWVPHKUYRQGLHVHP2UWVHKHQLFKZROOWHQXUZHJ :LUIXKUHQDXFK6WXQGHQVSlWHU 8QVHUHQ%HQWOH\IDQGHQZLULQHLQHUOHHUVWHKHQGHQ 6FKHXQH'LDQD5HGIRUGQDKPHQZLUPLW,KUH0XWWHUHEHQ IDOOV6LHZROOWHQ]X9HUZDQGWHQLQ*XOELQHNRQQWHNHLQH GHUEHLGHQOlQJHUOHEHQ9HUVWlQGOLFK 8QG0\[LQ"9RQLKPVDKHQZLUQLFKWV(UPXWHHUVWPLW VLFKXQGVHLQHP6FKLFNVDOLQVUHLQHNRPPHQ'DQQZUGHQ ZLUVLFKHUOLFKZLHGHUYRQLKPK|UHQ
'(5:h5)(/'(681+(,/6 0LWZWHQGHQ%HZHJXQJHQZDUIHQGLHEHLGHQ:DFKWSRVWHQ LKUH.DUWHQZHJVSUDQJHQYRQGHQKDUWHQ6WKOHQKRFKXQG VFKQDSSWHQLKUH*HZHKUH =ZHL$WHP]JHVSlWHUULVVHQVLHGLH7UDXIVSULW]WHQ QDFKGUDXHQXQGWDXFKWHQQDFKOLQNVXQGUHFKWVZHJVR ZLHPDQHVLKQHQHLQJHGULOOWKDWWH 'LHEHLGHQ6ROGDWHQKDWWHQGDV*UROOHQJHQDXJHK|UW (WZDVVWLPPWHQLFKWPLWGHP%HUJ 'RFKMHW]WZDUHVZLHGHUVWLOO 6HOWVDP 'LH0lQQHUVFKDXWHQVLFKDQXQGEHLGHKDWWHQGHQ JOHLFKHQ*HGDQNHQREZRKOVLHLKQQLFKWDXVVSUDFKHQ (WZDVJLQJKLHULP%URFNHQGHP+H[HQEHUJYRU6HLWGHP 8QJOFNGHU6HLOEDKQVWDWLRQKDWWHQVRJDUDEJHKlUWHWH *UHQ]HUHLQXQJXWHV*HIKOZHQQVLH]XP*LSIHOGHV %HUJHVVFKDXWHQ 'DV8QJOFNZDUELVKHUQLHJHNOlUWZRUGHQ'LHgIIHQW OLFKNHLWHUIXKUHEHQIDOOVQLFKWV9RQK|KHUHU6WHOOHZXUGH GHU0DQWHOGHV6FKZHLJHQVEHUGLHVHQ9RUIDOOJHGHFNW $XFKGLH6ROGDWHQZXWHQNHLQH(UNOlUXQJ6LHVDKHQQXU GLH]DKOUHLFKHQ5DEHQGLHDXIJHUHJWLKUH.UHLVHEHUGHU %HUJVSLW]H]RJHQ ª6ROOHQZLU0HOGXQJPDFKHQ"© ª:DUXP"© ª1DFKKHUKHLWHVZLHGHU© 'LH:RUWHZXUGHQGHPMXQJHQ0DQQEXFKVWlEOLFKYRQ GHQ/LSSHQJHULVVHQGHQQDEHUPDOVHUW|QWHGDV*UROOHQ 3O|W]OLFKEUDFKGLFKWXQWHUGHP*LSIHODP+DQJGLH(UGH DXIXQG*HVWHLQVPDVVHQVSULW]WHQIRQWlQHQDUWLJLQGLH +|KH (LQH6WDXEZRONHSXIIWHKRFK8QGDXV:RONHVFKlOWHVLFK IU6HNXQGHQHLQ*HVLFKW /DQJHVURWHV+DDUHLQHJODWWH+DXW]ZHL+|UQHUGLHDXV GHUKRFKDQJHVHW]WHQ6WLUQZXFKVHQ $VPRGLQDGLH7HXIHOVWRFKWHU
'LH6ROGDWHQVFKDXWHQVLFKDQ6LHYHUVXFKWHQ]XJULQVHQ GRFKLKUH*HVLFKWHUQDKPHQQXUHLQHQGPPOLFKHQ $XVGUXFNDQ$OVGLHEHLGHQZLHGHUKRFKEOLFNWHQZDUGDV *HVLFKWYHUVFKZXQGHQ ª+DVWGXKDVWGXDXFKGDVJHVHKHQZDVLFKJHVHKHQ KDEH)ULW]"© 'HUQLFNWH ª'DQQVWLPPWHV"© ª-D©JDE)ULW]IOVWHUQG]XU$QWZRUWª'DVZDUGDV *HVLFKWHLQHU7HXIHOLQ© ª8QGGDVZLUGXQVNHLQHUJODXEHQ© 'HU''5*UHQ]HUVFKWWHOWHGHQ.RSIª%HVWLPPWQLFKW XQGGHVKDOEVDJHQZLUQLFKWV© 6HLQ.DPHUDGQLFNWHQXU6LHGDFKWHQQRFKODQJHEHUGLH (UVFKHLQXQJQDFKGRFKHLQH(UNOlUXQJIDQGHQVLHQLFKW 'DEHLKDWWH$VPRGLQDQXUHWZDVKROHQZROOHQZDVVLFKLQ GLHVHP%HUJEHIDQG (VZDUHLQJHRPHWULVFKHU*HJHQVWDQG1LFKWV%HVRQGHUHV DQVLFK1XUHLQ:UIHO (UKDWWHHLVJUDXH+DDUHHLQNDQWLJHV*HVLFKWGDVDQ%HWRQ HULQQHUWHXQGJUDXVDPHNOHLQHVFKZDU]H$XJHQ(UVWU|P WH%UXWDOLWlW.UDIWXQG'XUFKVHW]XQJVYHUP|JHQDXV$OOH GLHVH(LJHQVFKDIWHQZDUHQVRJQVWLJYHUWHLOWGD $VPRGLQDVLFKIULKQHQWVFKLHGHQKDWWH 6LHKDWWHLKQYRQGHQ7RWHQ]XUFNJHUXIHQXPLKQIULKUH ILQVWHUHQ=ZHFNHHLQVSDQQHQ]XN|QQHQ 6HLQ1DPH6ROR0RUDVVR 6RKDWWHHUZHQLJVWHQVIUKHUJHKHLHQ'RFKVHLWVHLQHU PDJLVFKHQ(UZHFNXQJYRQGHQ7RWHQKLHHUDQGHUV(U KDWWHVLFKGHQ1DPHQ]XJHOHJWGHU$QJVW3DQLNXQG 6FKUHFNHQYHUEUHLWHWH 'U7RG -DGLHVHU9HUEUHFKHUOHEWHZLHGHU'LHVHUJUDXVDPH
7\UDQQGHUQDFKGHQ*HVHW]HQGHV6FKUHFNHQVH[LVWLHUWH XQGHLQ6SLQQHQQHW]GHU9HUEUHFKHQVEHUGLH:HOWOHJHQ ZROOWHGDPLWVLH]XHLQHP6DWHOOLWHQGHU+|OOHZXUGH 'RFKDOOHLQNRQQWHDXFKHUQLFKWVDXVULFKWHQ(UEUDXFKWH +HOIHU([LVWHQ]HQGLHHEHQVRNDOW]\QLVFKXQGPHQVFKHQ YHUDFKWHQGZDUHQZLHHUGDPLWVHLQH3OlQHXQGGLHGHU $VPRGLQDLQ(UIOOXQJJHKHQNRQQWHQ (UZROOWHGLH0RUGOLJDJUQGHQ 'DVZDUVHLQHUVWHV=LHO8QGEHLGHU7HXIHOVWRFKWHUIDQG HUYROOH8QWHUVWW]XQJ6LHKDWWHDOOHVYRUEHUHLWHWXQGGHQ :HJJHHEQHW 6HFKV/HXWHVROOWHQ'U7RG]XU6HLWHVWHKHQ6HFKV%RVVH VHFKV)KUHUGRFKHVZDUVFKZHUVLH]XILQGHQREZRKOVLH H[LVWLHUWHQ(LQLJHZDUHQVFKRQVHLWYLHOHQ-DKUHQWRWDEHUVR HWZDVKDWWH$VPRGLQDQRFKQLHJHVW|UW0LWGHU.UDIWGHV 7HXIHOVZDUVLHLQGHU/DJHVLFKEHUQRUPDOHSK\VLNDOLVFKH *HVHW]HKLQZHJ]XVHW]HQ6LHEHQ|WLJWHGD]XQXUGLHHQW VSUHFKHQGHQ+LOIVPLWWHO $XFK'U7RGZXWHGDHV6FKZLHULJNHLWHQJHEHQZUGH GHQQVHLQHQHXHUOLFKH([LVWHQ]ZDUEHNDQQW$OVEUXWDOHU VL]LOLDQLVFKHU0DILRVRKDWWHHUHLQHP+REE\JHIU|QW 'HU:LVVHQVFKDIW $OOHUGLQJVQLFKWGHURIIL]LHOOHQRGHUHUODXEWHQVRQGHUQHU KDWWHVLFKPLW([SHULPHQWHQEHVFKlIWLJWGLHDQHLQHQ PRGHUQHQ)UDQNHQVWHLQHULQQHUWHQ,P.HOOHUVHLQHU9LOOD KDWWHHUHLQ(LVJHIlQJQLVHLQULFKWHQODVVHQXQGGLH 0HQVFKHQGRUWHLQJHIURUHQXPVLHKLQWHUKHUZLHGHUDXI]X WDXHQ (VNODSSWHQRFKQLFKWGLH9HUVXFKHEHIDQGHQVLFKHUVWLP $QIDQJVVWDGLXPDOVLKQHLQ+HU]VFKODJWUDI 6ROR0RUDVVRVWDUE 'RFKGDPDOVVFKRQKDWWHLKQ$VPRGLQDLP%OLFNIHOG JHKDEW1DFKGHPGHU6SXNLKUGHQ*HLVWGHV'U7RGIUHLJH JHEHQKDWWHJDEHVQLFKWVPHKUZDVVLHKLQGHUQNRQQWH LKUHQ3ODQLQGLH7DWXP]XVHW]HQ
6LHHUZHFNWH0RUDVVR]XP/HEHQ8QGLQLKPZRKQWH MHW]WGHUXQKHLOLJH*HLVWGHV'U7RG'HU0DILRVRZDU]X HLQHU'RSSHOH[LVWHQ]GHU7HXIHOVWRFKWHUJHUDWHQ 1XQZDUWHWH'U7RGDXI$VPRGLQDGHQQVLHZROOWHLKP HWZDVEULQJHQGDVHUXQEHGLQJWIUVHLQHQHXHQ3OlQH EHQ|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lKOW 'U7RGZDUWHWHEHUHLWVVHLWHLQLJHQ7DJHQLQGHQIHXFKWHQ .HOOHUQHLQHUYHUODVVHQHQXQGVWLOOJHOHJWHQ%LHUEUDXHUHL +LHUKDWWHHUVLFKLQHLQHP9HUOLHVQLHGHUJHODVVHQXQG PHGLWLHUWH(UGDFKWHEHUGLH=XNXQIWQDFK (UEUDXFKWHNHLQH1DKUXQJNHLQHIULVFKH/XIWXQGNHLQ :DVVHU(UZDUHLQ8QWRWHUGHUHLQIDFKH[LVWLHUWH (UKRFNWHLQHLQHPJURHQ*HZ|OEH]ZLVFKHQ]DKOUHLFKHQ +RO]IlVVHUQGLH]XP7HLO]HUVW|UWZDUHQ'HU=DKQGHU=HLW KDWWHDQLKQHQJHQDJWGLHHLVHUQHQ5HLIHQZDUHQGXUFK JHURVWHWXQGDEJHSODW]WGDV+RO]]HLJWHVLFKIHXFKWXQG EUFKLJ 6FKLPPHOZXFKVDXIGHQ3ODQNHQDOVHLQHZHLH6FKLFKW 'LH/XIWVFKPHFNWHIHXFKWXQGZXUGHYRQHLQHPZLGHU OLFKHQ)lXOQLVJHVWDQNEHUODJHUW (OHNWULVFKHV/LFKWJDEHVKLHUXQWHQQLFKWPHKU%HLGHU 6WLOOHJXQJZDUHQVlPWOLFKH/HLWXQJHQJHNDSSWZRUGHQ
'DPLW'U7RGHWZDVVHKHQNRQQWHKDWWHHUVLFKPLW .HU]HQHLQJHGHFNWVLHDXI)lVVHUJHVWHOOWXQGGLH'RFKWH DQJH]QGHW6RHUKHOOWHHLQIODFNHUQGHU6FKHLQGDV .HOOHUJHZ|OEH,PPHUZHQQ'U7RGDXIXQGDEVFKULWW JHLVWHUWHVHLQ6FKDWWHQEHUGLH:lQGHXQG]HLFKQHWHGRUW HLQEL]DUUHV0XVWHU (VZLUNWHZLHHLQH9RUDKQXQJGHQQEDOGZUGHVHLQ 6FKDWWHQEHUGHU:HOWOLHJHQXQGGLH0HQVFKHQVROOWHQYRU GHP%|VHQ]LWWHUQXQGLQGLH.QLHIDOOHQ 7DJHYHUJLQJHQ $XFKHLQ:HVHQZLH'U7RG]HLJWH8QJHGXOG(UZROOWHHV HQGOLFKZLVVHQGHQQGDV:DUWHQZDUQLFKWVIULKQ :DUWHQ (LQ*HUlXVFKVFKUHFNWHLKQDXVVHLQHQ*HGDQNHQ'DVZDU DQGHUVDOVGDV+XVFKHQGHU5DWWHQIHDXIGHPNDKOHQ %RGHQ(VNDPMHPDQG $VPRGLQD" 'U7RGQDKPHLQHJHVSDQQWH+DOWXQJDQ(UVFKULWWODXW ORVELV]XU7UXQGVWHOOWHVLFKDQGLH:DQGLQGHQWRWHQ :LQNHO6RZDUHULQVHLQHUGXQNOHQ.OHLGXQJNDXPDXV]X PDFKHQ(UWUXJHLQHVFKZDU]H+RVHHLQHHEHQVROFKH-DFNH XQGGXQNOH6FKXKH6HLQHNUlIWLJHQ)LQJHUVWDFKHQDXVGHQ 5|KUHQGHUbUPHOKHUYRU 6FKULWWH 6LHQlKHUWHQVLFKGHUDOWHQ%RKOHQWUGDQQZXUGHVLH DXIJHVWRHQXQGZLHGHUTXLHWVFKWHVLHHUElUPOLFKLQGHQ $QJHOQVRGDHLQSDDUGHUIHWWHQ5DWWHQHUVFKUHFNWXQWHU GLH7UPPHUGHU)lVVHUKXVFKWHQ ª,FKELQHV©K|UWH'U7RGHLQHLKPEHNDQQWH6WLPPHXQG HUZDUEHUXKLJW $VPRGLQDKDWWHLKU9HUVSUHFKHQJHKDOWHQ 6ROR0RUDVVRO|VWHVLFKYRQGHU:DQG(UWUDWGUHL6FKULWWH YRUGDPLWHUVHLQH+HUULQHPSIDQJHQNRQQWH 'LH7HXIHOVWRFKWHUEHUVFKULWWGLH6FKZHOOHGHU7U 6LHVDKDXVZLHLPPHU'DVODQJHURVWURWH+DDUILHOELVDXI
GLH6FKXOWHUQ,KU*HVLFKWZDUHLQH0DUPRUPDVNHXQGLQ GHQ$XJHQJDEHVNHLQH:lUPH *HNOHLGHWZDUVLHLQVFKZDU]HV/HGHUlKQOLFKZLHLKUH /HLEZlFKWHULQQHQGLH7RGHVHQJHOGLHGUDXHQYRUGHU7U :DFKHKLHOWHQXQGDFKWJDEHQGDQLHPDQGVLHEHUUDVFKWH $VPRGLQDVFKORGLH7U 'U7RGOlFKHOWHª'XELVWJHNRPPHQ©VDJWHHUHQGOLFK :lKUHQGHUVSUDFKVFKDXWHHUDXIGHQ:UIHOLQ$VPRGLQDV +lQGHQª8QGGXKDVWLKQJHIXQGHQ"© ª1DWUOLFK(ULVWLQGHP%HUJ]XUFNJHEOLHEHQ1LHPDQG PHKUKDWDQLKQJHGDFKW)U6LQFODLUZDUQXUGDV%XFKGHU JUDXVDPHQ7UlXPHZLFKWLJGDVXQWHUGHP:UIHOODJ© ª:DVPDFKWGLHVHU+XQGHVRKQ"© 1DFKGLHVHU)UDJHYHU]RJVHOEVW$VPRGLQDGDV*HVLFKW (LQ=HLFKHQGDIUGDLKUGLH$NWLYLWlWHQGHV*HLVWHUMlJHUV QLFKWSDWHQª(UKDWZLHGHUHLQLJH(UIROJHHUUXQJHQHV ZLUG=HLWGDZLULKQYHUQLFKWHQ9RUHLQLJHQ7DJHQLVW HVLKPLQ6FKRWWODQGJHOXQJHQGLHJUDXVDPHQ5LWWHU]X YHUQLFKWHQXQGGLH+HUUVFKDIWGHV'UDFKHQ]XVWRSSHQ :LUPVVHQLKPGLH0RUGOLJDHQWJHJHQVWHOOHQ© 'U7RGQLFNWH$VPRGLQDVSUDFKLKPDXVGHU6HHOH1LFKWV DQGHUHVKDWWHHULP6LQQ 'LH7HXIHOVWRFKWHUVFKULWWDQLKPYRUEHL,KU=LHOZDUHLQV GHUJURHQ)lVVHUGDVPLWWHQLP5DXPVWDQG 'RUWOHJWHVLHGHQ:UIHODE 'U7RGGHXWHWHDXIGHQ4XDGHUª:LUGHUXQVDOOHV ]HLJHQ"©IUDJWHHUIOVWHUQG ª,FKKRIIHHV6RYLHOLFKZHLLVWVHLQH0DJLHXQJHKHXHU VWDUNXQGQDFKZLHYRUXQJHEURFKHQ,FKKDEHLKQIU XQVHUH=ZHFNHSUlSDULHUWHUZLUGXQVZLHGLH.XJHO HLQHV+HOOVHKHUV]HLJHQZRGLH0LWJOLHGHUGHU0RUGOLJD ]XILQGHQVLQG© 6ROR0RUDVVRQLFNWH (UZDUEHJHLVWHUWYRQ$VPRGLQDXQGKLQJPLWVHLQHQ %OLFNHQJOlXELJDQLKUHQ/LSSHQ
$VPRGLQDEOLHEQHEHQGHP)DVWHKHQXQGOHJWHLKUHUHFK WH+DQGDXIGHQ:UIHO ª6WHOOGLFKPLUJHJHQEHU©VDJWHVLH 0RUDVVRJHKRUFKWH $VPRGLQDVFKDXWHLKQDQª'LHVHU:UIHO©IOVWHUWHVLH ªZLUGMHW]WVHLQ*HKHLPQLVSUHLVJHEHQXQGGHQRGHUGLH ]HLJHQGLH]XXQVVWRHQVROOHQ© 6LHKREQDFKGLHVHQ:RUWHQGLH+DQGEUHLWHWHGLH)LQJHU DXVXQGXPIDWHGHQ4XDGHU6LHNLSSWHLKQXQGVWHOOWHLKQ DXIHLQH.DQWH'DQQGUHKWHVLHLKQKHUXP 'HU:UIHOVDKY|OOLJQRUPDODXV(UVFKLHQDXVOHLFKW JHW|QWHP*ODV]XEHVWHKHQGHQQHUZDUGXUFKVLFKWLJ'RFK ZHQQPDQKLQGXUFKVFKDXWHVRYHUVFKZDPPHQGLH =ZLVFKHQUlXPH]XHLQHPPLOFKLJHQ(WZDV 'HU:UIHOGUHKWHVLFK 8QGHUZXFKV 0LWMHGHU8PGUHKXQJZXUGHHUJU|HU$XFKlQGHUWHVLFK GLH)DUEHGHV0DWHULDOVVLHZXUGHPLOFKLJHUXQGJLQJEHU LQHLQPDWWHV:HL 6FKQHOOHULPPHUVFKQHOOHUGUHKWHVLFKGHUJHKHLPQLVYROOH :UIHOVHLQH6HLWHQXQG.DQWHQYHUZLVFKWHQVLHZXUGHQ HLQVXQGELOGHWHQZlKUHQGLKUHU5RWDWLRQHLQHQ.UHLV 6FKZHLJHQGVWDUUWHQ$VPRGLQDXQG'U7RGDXIGHQ 4XDGHU :LHZUGHHUUHDJLHUHQ" 6ROR0RUDVVRKDWWHGLHVFKPDOHQ/LSSHQVRIHVW DXIHLQDQGHUJHSUHWGDVLHNDXP]XVHKHQZDUHQ,QQHUOLFK ILHEHUWHHUREZRKOHUDQVLFKQLFKWPLWPHQVFKOLFKHQ *HIKOHQDXVJHVWDWWHWZDU(UZROOWHHQGOLFKZLVVHQZRUDQ HUZDU 1RFKLPPHUGUHKWHVLFKGHU:UIHOGRFKZDUHUQLFKW ODQJVDPHUJHZRUGHQ"=HLJWHQVLFKQLFKWEHUHLWVGLHHUVWHQ .DQWHQXQG6HLWHQ" -DGHU:UIHOZXUGHZLHGHUGDVZDVHUZDU (LQQRUPDOHU4XDGHU
$XIDWPHQ-HW]WPXWHHVVLFK]HLJHQ 'HU:UIHONDP]XU5XKH1RFKHLQSDDU8PGUHKXQJHQ GDQQODJHUVWLOOHLQZHLHU4XDGHUGHUVHLQH 'XUFKVLFKWLJNHLWY|OOLJYHUORUHQKDWWH 2GHU" 1HLQGDZDUGRFKHWZDV $XIHLQHU6HLWH'U7RGVDKHVJHQDX(LQ*HVLFKW$XIGHU LKP]XJHZDQGWHQ6HLWHGHV4XDGHUVZDUHLQ*HVLFKW]X VHKHQ(LQHVFKUHFNOLFKH3K\VLRJQRPLH 'U7RGGUHKWHODQJVDPGHQ.RSIXQGVFKDXWH$VPRGLQD DQª'DGDLVWHWZDV© 'LH7HXIHOVWRFKWHUQLFNWHJHODVVHQª-DLFKKDEHHVJHZXW GDXQVGHU:UIHOQLFKWLP6WLFKOlW©6LHO|VWHVLFKYRQ LKUHP3ODW]XQGNDP]X6ROR0RUDVVRª,FKZHLVHOEVWQRFK QLFKWZHQGHU:UIHODXVJHVXFKWKDWXQGLFKELQJH VSDQQW© 6LHJLQJHWZDVLQGLH.QLHXPEHVVHUVHKHQ]XN|QQHQ %HLGH$VPRGLQDXQG6ROR0RUDVVRVDKHQHLQYHU]HUUWHV *HVLFKWPLWJUDXVFKZDU]HQ+DDUHQHLQJHIDOOHQHU+DXWXQG HQJHQ6FKOLW]DXJHQDXVGHQHQGDV%|VHI|UPOLFKDXIGHQ %HWUDFKWHU]XVSUDQJ© ª-D©VW|KQWH$VPRGLQDªGDVLVWHU© ª:HULVWHV"© ª7RNDWDGHU6DPXUDLGHV6DWDQV© 'U7RGYHUVWDQGQLFKWª:HULVWGDV"© ª7RNDWD'XNHQQVWLKQQLFKWGXNDQQVWLKQQLFKWNHQQHQ (ULVWVHLW+XQGHUWHQYRQ-DKUHQWRWDEHUQRFKKHXWHKDWHU VHLQH$QKlQJHUGLHVHLQ*UDEEHVXFKHQXQGLKQYHUHKUHQ ZLHHLQHQ*RWWREZRKOHUGHP7HXIHO]XU6HLWHJHVWDQGHQ KDWXQGYRQVHLQHQHLJHQHQ.DPSIJHQRVVHQJHW|WHWZXUGH $XFKLQ/RQGRQKDWHUVHLQH$QKlQJHU© ª(ULVWJHIlKUOLFKZLH"©IUDJWH'U7RG ª8QGZLH6HLQ6FKZHUWLVWGLHP|UGHULVFKVWH:DIIHGLH GXGLUYRUVWHOOHQNDQQVW'HU7HXIHOVHOEVWKDWVLHLP +|OOHQIHXHUJHVFKPLHGHWXQGVLHLKPSHUV|QOLFKEHUUHLFKW
'LHVHV6FKZHUWKDWHUNHLQHPDQGHUHQEHUODVVHQHUKDWHV PLWJHQRPPHQLQVHLQ*UDE© 6ROR0RUDVVRQLFNWHª$EHUOLHJWHUGHQQQLFKWQRFKEH JUDEHQLQMDSDQLVFKHU(UGH"© ª1DWUOLFK'RFKGDVLVWNHLQ+LQGHUQLV'HU:UIHOKDW XQVJH]HLJWGDGLH=HLWUHLILVWLKQ]XHUZHFNHQ(UZDUWHW QXUGDUDXIGDVIRUW]XVHW]HQZDVHUYRUODQJHU=HLWEH JRQQHQKDW© 'U7RGIUDJWHZHLWHUª,VWHUDOOHLQ"© (UKDWQRFKYLHU%HJOHLWHU0DQQDQQWHVLH]XVDPPHQ!'LH *UDXVDPHQ)QI©$VPRGLQDZDQGWHVLFKDQ'U7RGª-HW]W KDVWGXHLQ0LWJOLHGGHU0RUGOLJDEHNRPPHQ© ª(VIHKOHQDEHUQRFKZHOFKH© ª'DVZHLLFK'HU:UIHOZDUQLFKWLQGHU/DJHVLHXQV ]X]HLJHQZLUPVVHQQRFKZDUWHQGRFK7RNDWDZLUGGHLQ ZUGLJHU6WHOOYHUWUHWHUVHLQ© 6ROR0RUDVVRQLFNWH1RFKHLQPDOVFKDXWHHUDXIGHQ :UIHOª'D©ULHIHUª1RFKHLQ*HVLFKW© 5HFKWVQHEHQGHP6DPXUDL]HLJWHVLFKHLQHZHLWHUH $EELOGXQJ 1XUYHUVFKZRPPHQ]XVHKHQDEHUPDQNRQQWHHUDKQHQ ZHQGDV*HVLFKWGDUVWHOOWH -RKQ6LQFODLU ª'HU*HLVWHUMlJHU©NQLUVFKWH'U7RGXQGVHLQH6WLPPH ]LWWHUWHYRU+D $VPRGLQDODFKWHª-D©VDJWHVLHªGHU*HLVWHUMlJHU'HU :UIHOKDWEHLGH*HJQHUYHUHLQW-HW]WLVWHVNODUGDVLH LUJHQGZDQQDXIHLQDQGHUWUHIIHQ'HQQGDVPDJLVFKH%DQG ]ZLVFKHQLKQHQLVWEHUHLWVJHNQSIW1XUZHL6LQFODLUQRFK QLFKWVGDYRQXQGGDVLVWJXWGHQQHVJLEWXQV=HLWXQVHUH 9RUEHUHLWXQJHQZHLWHUKLQ]XWUHIIHQ© 'U7RGZDU]XIULHGHQ6HLQHHUVWH1LHGHUODJHLQ3DOHUPR KDWWHHUYHUJHVVHQ$XFKVHLQH([LVWHQ]DOV0DILDNDSRZDU OlQJVW9HUJDQJHQKHLWJHZRUGHQ 1XUQRFKGLH=XNXQIW]lKOWH
$EHUHVJHVFKDKQRFKHWZDV 3O|W]OLFKO|VWHQVLFKYRQGHU'HFNHULHVLJHURWHOHLFKWOLOD VFKLPPHUQGH7URSIHQ6LHNODWVFKWHQDXIGHQ:UIHO %OXW ª'DV=HLFKHQ©VFKULH$VPRGLQDZlKUHQGVLHDXIGHQ :UIHOVWDUUWHEHUGHVVHQ.DQWHQGDV%OXWDOVODQJH 5LQQVDOHKHUDEOLHIª(VOHEHGLH0RUGOLJDXQG7RGIU-RKQ 6LQFODLU© 6LQFODLU6LQFODLUKDOOWHQGLH:RUWHDOVVFKDXULJHV (FKRLQGHP*HZ|OEHQDFK 1LFKWQXUDXI|VWOLFKHU6HLWHZDUGLH([SORVLRQDP%URFNHQ UHJLVWULHUWZRUGHQVRQGHUQDXFKMHQVHLWVGHU*UHQ]HLP :HVWHQ $XFKEHLP%XQGHVJUHQ]VFKXW]IDQGPDQNHLQH(UNOlUXQJ 0DQ|YHUZDUHQNHLQHEHNDQQWVRGLFKWDQGHU*UHQ]H ZUGHQVRZLHVRNHLQHVWDWWILQGHQ (LQLJH9HUDQWZRUWOLFKHVSUDFKHQYRQHLQHULQWHUQHQ hEXQJDQGHUHVDKHQGLH([SORVLRQDOVHLQHQYHUXQJOFNWHQ 9HUVXFKWDQXQGDXV$JHQWHQNUHLVHQZDUQLFKWVEHNDQQW 7URW]GHPZXUGHGHU9RUIDOOJHPHOGHW'LHYHUVFKLHGHQHQ %HK|UGHQHUKLHOWHQGLHHQWVSUHFKHQGHQ)HUQVFKUHLEHQ :LHGDV%.$ 8QGKLHUVDHLQ0DQQQDPHQV.RPPLVVDU0DOOPDQQ,P =XJHHLQHV5XQGODXIVHUKLHOWDXFKHUHLQH.RSLHGHV )HUQVFKUHLEHQV (VJHK|UWH]X:LOO0DOOPDQQV-REGDHUVlPWOLFKH ,QIRUPDWLRQHQGLHPDQLKPDXIGHQ6FKUHLEWLVFKOHJWHDXFK OHVHQPXWH 0DOOPDQQVWXW]WHDOVHUEHUGDV:RUW%URFNHQVWROSHUWH 1XU]XGHXWOLFKHULQQHUWHHUVLFKDQGDV$EHQWHXHUGDVHU JHPHLQVDPPLW6LQFODLUXQG6XNRGRUWHUOHEWKDWWH +H[HQGHU%URFNHQGLH6HLOEDKQXQGGLH=HLWVSUXQJ UHLVH]XP)ULHGKRIDP(QGHGHU:HOWZR:LOO0DOOPDQQ
SO|W]OLFKVHLQHUYHUVWRUEHQHQ)UDXJHJHQEHUVWDQG 'HU.RPPLVVDUGDFKWHQDFK(UZXWHJHQDXGDOlQJVW QLFKWDOOHVJHNOlUWZDUZDVPLWGLHVHP%HUJLP+DU]]XVDP PHQKLQJXQGGLH([SORVLRQGHXWHWHDXIHLQZHLWHUHV 7UHLEHQILQVWHUHU0lFKWHKLQ6HLQHU0HLQXQJQDFKZRKOJH PHUNW$EHUGLHNRQQWHHURIIL]LHOOQLFKWYHUWUHWHQGHQQQLH PDQGKlWWHLKPJHJODXEW 0DOOPDQQVWDQGVR]LHPOLFKDOOHLQDXIZHLWHU)OXUPLWVHL QHQ$QVLFKWHQXQG0HLQXQJHQREZRKOHUVHLQH 9RUJHVHW]WHQLQGHQOHW]WHQ0RQDWHQKDWWHEHU]HXJHQN|Q QHQGDHV'LQJHJDEGLHQLFKWVRUHFKWLQGLHUHDOH:HOW SDWHQ'HVKDOEVDJWHPDQQLFKWVPHKUZHQQ:LOO 0DOOPDQQDXI6WDQGSXQNWHQEHKDUUWHGLHDQGHUHIU 8QVLQQKLHOWHQ :LOOODVGDV5XQGVFKUHLEHQHLQ]ZHLWHVXQGGDQQHLQ GULWWHV0DO'DEHLQLFNWHHU $P%URFNHQJLQJHWZDVYRU'HU.RPPLVVDUZDUIHVWHQW VFKORVVHQLQ/RQGRQDQ]XUXIHQ (UVFKDXWHDXIGLH8KU(VZDUQRFKIUKDP0RUJHQ0DQ VDJWH0DOOPDQQZRPDQ6LQFODLUILQGHQNRQQWHXQGGHU JXWH.RPPLVVDUZlKOWHGLH3ULYDWQXPPHU (VZXUGHDXFKDEJHKREHQ (LQHHWZDVYHUVFKODIHQHDEHUWURW]GHPOHLFKWVLQQOLFK NOLQJHQGH6WLPPHVDJWHQXUª+DOOR© ,FKKDWWHHLQHQ7DJIUHL$OWHQ8UODXEVDJWHPDQPLULFK PVVHLKQQHKPHQ 2ND\LFKQDKPLKQ 8QGGHQ$EHQG]XYRUYHUEUDFKWHLFKDOOHLQ]X]ZHLW 'LH]ZHLWH3HUVRQZDU-DQH&ROOLQV:LUKDWWHQXQVHLQLJH =HLWQLFKWPHKUJHVHKHQ-DQHZDUEHUUDVFKWJHZHVHQKDWWH DEHU]XJHVWLPPWPLWPLUDXV]XJHKHQ :LUJLQJHQHVVHQWUDQNHQHLQZHQLJYHUVFKZDQGHQGDQQ LQHLQHUNOHLQHQ%DUWDQ]WHQNDPHQXQVPDOZLHGHUVHKU
QDKHXQGODQGHWHQLQPHLQHU:RKQXQJZRZLUXQVQRFK QlKHUNDPHQ ,UJHQGZDQQVFKOLHIHQZLUHLQXQGDOVLFKDP0RUJHQ ]XHUVWPHLQUHFKWHVGDQQPHLQOLQNHV$XJH|IIQHWHIKOWH LFK-DQHV.RSIDXIPHLQHU%UXVW,KUHODQJHQ+DDUHNLW]HOWHQ PHLQH1DVHLFKPXWHQLHVHQ 'LHVHUWURPSHWHQKDIWH6WRZDUIU-DQH&ROOLQVGDV :HFNVLJQDO6LHKREGHQ.RSIDQVFKDXWHPLFKDXVVFKODI JHlGHUWHQ$XJHQDQXQGPHLQWHª)lOOWGHLQH%HJUXQJ LPPHUVRDXV"© ª1HLQQXUZHQQGHLQH+DDUPHLQH1DVHNLW]HOQ© 6LHUROOWHVLFK]XU6HLWHXQGZDUIGLHODQJHEORQGH)OXW ]XUFN'DEHLUXWVFKWHGLH%HWWGHFNHXQG-DQHPHUNWHGD VLHQLFKWVDQKDWWH ª+XFK©VDJWHVLHXQG]RJGLH'HFNHK|KHU ,FKJULQVWH ª*XFNQLFKWVRXQYHUVFKlPW©VDJWHVLH ª+DVWGXZDV]XYHUEHUJHQ"© -DQH]RJGLH$XJHQEUDXHQ]XVDPPHQXQGIXQNHOWHPLFK DQª=XP*OFNQLFKWPHLQOLHEHU-RKQ© ª1DELWWH© -DQHOHJWHVLFKDXIGHQ5FNHQXQGKREEHLGH$UPH ª+HUUOLFK©VDJWHVLHªVRLP%HWW]XOLHJHQXQG]XZLVVHQ GDPDQ8UODXEKDWXQGDQQLFKWV]XGHQNHQEUDXFKW'DV LVWVFKRQZDVZHUW© ª1DMD©VDJWHLFK 6LHZDUIPLUHLQHQVFKUlJHQ%OLFN]Xª'HQNVWGXVFKRQ ZLHGHUDQ*HLVWHUXQG'lPRQHQ"© ª.DXP© ª'DQQGHQNHOLHEHUDQPLFK©6LHUFNWHHLQSDDU=ROO QlKHUXQGLFKVSUWHLKUH+DXWDQGHUPHLQHQ -DQHZDUHLQHIDQWDVWLVFKH)UDXXQGVLHZXWHZLHPDQ PLFKKHUXPNULHJWH,FKKDWWHDXFKQLFKWVGDJHJHQHLQ]X ZHQGHQXQGVR]RJVLFKXQVHU$XIVWHKHQKLQ %LVVLFKGHUPRGHUQH4XlOJHLVWPHOGHWH
ª2QHLQ©VW|KQH-DQH&ROOLQVXQGZLVFKWHVLFKHLQH +DDUVWUlKQHDXVGHUVFKZHLIHXFKWHQ6WLUQ ,FKZROOWH]XP+|UHUJUHLIHQGRFK-DQHOHJWHPLULKUH +DQGDXIGHQ$UPª/DHVOlXWHQ© ª-DQHLFK© ª'XKDVWGRFK8UODXE© 'DUXPNPPHUWHVLFKGHU$SSDUDWQLFKW,FKKDWWH]ZHL GDYRQHLQHUVWDQGDP%HWW ª9LHOOHLFKWLVWHVZDV3ULYDWHV©YHUVXFKWHLFK-DQH]XEHU ]HXJHQ 6LHODFKWHª(LQH)UHXQGLQ"© ª8QVLQQ,FK© -DQHZlO]WHVLFKEHUPLFKVWUHFNWHLKUHQ$UPDXVXQG VFKQDSSWHVLFKGHQ+|UHU'DQQVDJWHVLHQXUª+DOOR© 8QGZLHVLHGDVVDJWHEHLQDKHJLIWLJ ,FKYHUGUHKWHGLH$XJHQXQGVDKZLHGLH'HWHNWLYLQ ODXVFKWH'DQQODFKWHVLHSO|W]OLFKª2ND\LFKJHELKQGLU :LOO© :LOO"'DPLWNRQQWHDQVLFKQXUGHUJXWH.RPPLVVDU 0DOOPDQQJHPHLQWVHLQ ,FKPHOGHWHPLFK ª6RJXWP|FKWHLFKHVDXFKPDOKDEHQ©VDJWHGHU .RPPLVVDUª8PGLHVH=HLWQRFKLP%HWWOLHJHQXQGGDEHL QLFKWDOOHLQ'DVLVWMDHLQ'LQJ2EHULQVSHNWRUEHLP
NRQ]HQWULHUHQDEHUDOV0DOOPDQQGHQ%URFNHQDQVSUDFK KRUFKWHLFKDXI 1DWUOLFKKDWWHLFKPHLQH(ULQQHUXQJHQDQGLHVHQ%HUJ 'HQQGRUWKDWWHLFKXQWHUHLQHP:UIHOGDV%XFKGHUJUDX VDPHQ7UlXPHJHIXQGHQKDWWHGDULQOHVHQN|QQHQZLHGHU 6FKZDU]H7RG]XYHUQLFKWHQZDUXQGKDWWHDXVGHQOHW]WHQ 6HLWHQGHV%XFKVPHLQHQHXH:DIIHHUKDOWHQ 'HQ%XPHUDQJ ª7MD:LOO©VDJWHLFKDOVGHUJXWH.RPPLVVDUJHHQGHW KDWWHª(LQH/|VXQJLVWPLUDXFKQLFKWEHNDQQW,FKZHL DXFKQLFKWZHVKDOEGLHVH([SORVLRQJHVFKHKHQLVW© ª+DVWGXNHLQHQ9HUGDFKW"© ª1HLQ9LHOOHLFKWGLH+H[HQ"© ª$EHUGLHKDVWGXGRFKJHVFKDIIW© ª6LFKHU'RFKZHUZHLXQWHU8PVWlQGHQVLQGHLQLJH EULJJHEOLHEHQ© ª0|JOLFK© ª,FKPDFKHGLUHLQHQ9RUVFKODJ:LOO%HKDOWHGXPDOGLH *HJHQGLP$XJHRGHUYLHOPHKUDFKWHDXIGLH1DFKULFKWHQ GLHHXFKDXIGHQ6FKUHLEWLVFKIODWWHUQ© ª'DVWXHLFK'XVHOEVWZLOOVWQLFKWUEHUIOLHJHQ"© ª1HLQ,FKVHKHNHLQHQ*UXQG© ª2ND\©VDJWHGHU.RPPLVVDUªGXELVWJHZDUQWGDVZDU IUPLFKGDVZLFKWLJVWH© :LUVSUDFKHQGDQQQRFKEHUHLQLJHSULYDWH'LQJH:LOO 0DOOPDQQKDWWHMDHLQHQVFKZHUHQ6FKLFNVDOVVFKODJKLQWHU VLFKQDFKGHPGLH0lFKWHGHU)LQVWHUQLVVHLQH)UDXHUVW XPJHEUDFKWXQGVLHGDQQDOV8QWRWHKDWWHQZLHGHUDXIHU VWHKHQODVVHQ :LOOKDWWHGDPDOVNHLQHQJHKDEWGHULKP]XU6HLWHVWDQG (UPXWHDOOHLQPLWVHLQHQ3UREOHPHQIHUWLJZHUGHQ'RFK QXQKDWWHHUVLFKJHIDQJHQQDFKGHPHVHLQH=HLWODQJDXVJH VHKHQKDWWHDOVZUGHHUDOOHVKLQVFKPHLHQ -DQH&ROOLQVZXWHGDVLHNHLQH5XKHPHKUKDEHQ ZUGHQRFKHLQ$XJH]XVFKOLHHQ6LHVWLHJDXVGHP%HWW
XQGOLHI5LFKWXQJ'XVFKHZlKUHQGLFKGLHOHW]WHQ:RUWHQ PLWGHP.RPPLVVDUVSUDFK $OVGLHHUVWHQ:DVVHUVWUDKOHQLQGDV%HFNHQUDXVFKWHQ OHJWHLFKDXIYHUVFKUlQNWHGLH$UPHKLQWHUGHP.RSIXQG EHJDQQQDFK]XGHQNHQ ,UJHQGHWZDVEDKQWHVLFKDQGDVVDJWHPLUPHLQ*HIKO 'DVWLPPWHZDVQLFKWHVEURGHOWHXQWHUGHU2EHUIOlFKH,FK DKQWHLQGLHVHQ0LQXWHQGDHWZDV6FKOLPPHVDXIXQV ]XNRPPHQZUGH ,FKKlWWHZHUZHLZDVGDUXPJHJHEHQ+HOOVHKHU]XVHLQ XQGLQGLH=XNXQIWVFKDXHQ]XN|QQHQ'RFKGLHVH*DEH ZDUPLUOHLGHUQLFKWPLWLQGLH:LHJHJHOHJWZRUGHQXQGVR EOLHEHVYRUHUVWEHLGHQJUEOHULVFKHQ*HGDQNHQ -DQH&ROOLQVHUVFKLHQLQGHURIIHQHQ7U,FKKDWWHJDUQLFKW EHPHUNWGDVLHVFKRQIHUWLJZDU6LHKDWWHVLFKHLQ +DQGWXFKXPGHQ.|USHUJHZLFNHOWXQGVFKDXWHPLFKDQ ZREHLVLHLKUODQJHV+DDUVFKWWHOWH ª'XNDQQVWGLFKGXVFKHQ© ª'DQNH©,FKVSUDQJDXVGHP%HWWZlKUHQG-DQHPLU QDFKVFKDXWHDOVLFKVRZLH*RWWPLFKHUVFKDIIHQKDWWH GXUFKGLH:RKQXQJOLHI 1DWUOLFKZDUGHU8UODXEGDKLQ:lKUHQGLFKPLFK GXVFKWHZlO]WHLFKVFKZHUH*HGDQNHQ,FKGDFKWHDQ 0\[LQGHQNOHLQHQ0DJLHU(UZDUDOOVHLQHU.UlIWHEHUDXEW ZRUGHQHLQ9HUGLHQVWGHQ$VPRGLQDDXIGLH+DEHQVHLWH LKUHV.RQWRVEXFKHQNRQQWH :R0\[LQMHW]WVWHFNWHGDVZXWHLFKQLFKW1DFKPHLQHP (LQVDW]JHJHQGHQ'UDFKHQXQGGLHJUDXVDPHQ5LWWHUZDUHU YHUVFKZXQGHQ (LQIDFKZHJ ,FKNRQQWHPLUYRUVWHOOHQGD0\[LQMHW]WDQVLFKVHOEVW ]ZHLIHOWH:DKUVFKHLQOLFKKDWWHHUVLFKLQLUJHQGHLQ 0DXVHORFKYHUNURFKHQXQGGDFKWHPLWVFKZHUHQ*HGDQNHQ DQVHLQH=XNXQIW (VZDUVFKRQVFKOLPP'DEHLVWHFNWHQZLUPLWWHQLQHLQHU
6DFNJDVVHWURW]XQVHUHU(UIROJHLQGHUOHW]WHQ=HLW6HLW 'U7RG]XUFNJHNHKUWZDUKDWWHLFKHLQXQJXWHV*HIKO GHQQGDEUDXWHVLFK6FKOLPPHV]XVDPPHQGDYRQZDULFK IDVWEHU]HXJW (UZUGHLUJHQGZRHLQHQWHXIOLVFKHQ3ODQDXVKHFNHQXP PLFK]XYHUQLFKWHQ $OVLFKPLFKDEWURFNQHWH]RJGHU'XIWYRQIULVFKJHNRFK WHP.DIIHHGXUFKGHQ5DXPXQGLFKVFKWWHOWHGLHWUEHQ *HGDQNHQDE 'HU+XQJHUPDFKWHVLFKEHPHUNEDU -DQH&ROOLQVKDWWHGHQ7LVFKEHUHLWVJHGHFNW+DVWLJ]RJLFK PLFKDQ 'UDXHQVFKLHQ]ZDUGLH0DLVRQQHGRFKHVWDXFKWHQDXFK GLFNH:RONHQDXIGLH5HJHQYHUVSUDFKHQ :DQQKDWWHQZLULQ(QJODQGVFKRQPDOVFK|QHV:HWWHU" $XFKGLH'HWHNWLYLQKDWWHVLFKXPJH]RJHQ9RQLKUKLQJHQ LPPHUHLQLJH.OHLGXQJVVWFNHEHLPLULP6FKUDQN-DQHWUXJ HLQHPRGHUQH.DURWWHQMHDQVLQYLROHWWHU)DUEHXQGHLQH JHVWUHLIWHORFNHUIDOOHQGH%OXVH6LHVDKVFKLFNGDULQDXV -DQH&ROOLQVJHK|UWH]XGHQ)UDXHQGHQHQDXFKGLH YHUUFNWHVWH0RGHVWDQG :LUGDFKWHQLQ5XKHIUKVWFNHQ]XN|QQHGRFKHVEOLHE EHLGHP9RUVDW]ZHLOHVVFKHOOWH -DQHVWLHHLQXQGHILQLHUEDUHV*HUlXVFKDXVLFKWXSIWHPLU GLH.RQILWUHYRQGHQ/LSSHQXQGVWDQGDXI ª'DVZLUG6XNRVHLQ©VDJWHLFK 'HU&KLQHVHZDUHVQLFKWVRQGHUQPHLQDOWHU)UHXQGXQG .DPSIJHIlKUWH%LOO&RQROO\ *ULQVHQGVWDQGHULP7UUDKPHQ ª'X"©IUDJWHLFK ª+DOOR8UODXEHU'DUIPDQHLQWUHWHQ"© ª6LFKHU©,FKJDEGLH7UIUHL -DQHOlFKHOWHEHUUDVFKWDOVVLH%LOOHUNDQQWH 'HU5HSRUWHUJULQVWHª6HLWZDQQELVWGXGHQQKLHU"© ª6HLWJHVWHUQQDFKW©HUZLGHUWHLFK
ª$KDVRLVWGDVDOVR©%LOOEFNWHVLFKXQGKDXFKWH-DQH HLQHQ.XDXIGLH:DQJH ª+DVWGXVFKRQJHIUKVWFNW"©IUDJWHLFKLKQ %LOOQLFNWHª$EHUHLQH7DVVH.DIIHHN|QQWHLFKYHUWUDJHQ© -DQHZDUEHUHLWVDXIGHP:HJLQGLH.FKHXQGKROWHHLQ *HGHFN,FKZDUJHVSDQQWZDVGHUJXWH%LOOYRQPLUZROOWH ZDUWHWHMHGRFKDEELVHUYRQDOOHLQPLWGHU6SUDFKHKHUDXV UFNWH ª(VJHKWXP0RUG©HUNOlUWHHUDOV(LQOHLWXQJ ,FKVFKDXWHLKQDQª:LHVR"© ª(LQ%HNDQQWHUYRQPLUULHIPLFKKHXWHPRUJHQDQ(ULVW *HULFKWVUHSRUWHUXQGZDUGDEHLDOVVLHHLQHPlQQOLFKH /HLFKHDXVGHU7KHPVHILVFKWHQ5LWXDOPRUG0DQNDQQDXFK VDJHQ+DUDNLUL(LQHYHUGDPPWVFKOLPPH6DFKH© ª'DQQZDUGHU7RWHHLQ-DSDQHU"© %LOOQLFNWH ª:DVKDEHLFKGDPLW]XWXQ"© ª,FKVDJWHMD5LWXDOPRUG'HU.ROOHJHVFKLHQVLFKDXV]X NHQQHQHUPXWHGDPLWJHUHFKQHWKDEHQGDPDQGLH /HLFKHILQGHWGHQQHUVDJWHPLUGDHUHLQHUJHIlKUOLFKHQ 9HUHLQLJXQJDXIGHU6SXUZlUH(LQHU6HNWH© ª:HLWGXGHQ1DPHQ"© ª6DPXUDLVGHV6DWDQV© ª'DVK|UWVLFKVFKRQJDQ]DQGHUVDQ©6HNWHQ*HKHLP EQGHIHUQ|VWOLFKH9HUHLQLJXQJHQKDEHQRIWYLHOYRQGHU 0\WKRORJLHLKUHV9RONHVDOV%DVLV8QGDXFKLQDQGHUHQ /lQGHUQLQ(XURSD]XP%HLVSLHOKDEHQVLHLKUHDOWHQ 7UDGLWLRQHQQLFKWYHUJHVVHQ6LHKlQJHQLPPHUQRFKDP %RGHQLKUHU+HLPDWVLQGPLWGHQ'LQJHQWLHIYHUZXU]HOW XQGYHUVXFKHQLKUH7UDGLWLRQ]XEHZDKUHQ /RQGRQLVWVRZLHVRHLQ6FKPHO]WLHJHOGHU1DWLRQHQZLH DXFK1HZ
VLHYRQGHQ(QJOlQGHUQNDXPDN]HSWLHUW6RZLHHVLQ /RQGRQHLQHSKLOLSSLQLVFKH(QNODYHJLEWVRH[LVWLHUWHLQH FKLQHVLVFKHHLQHDUDELVFKHHLQHWUNLVFKHRGHUZLHLQ GLHVHP)DOOHLQHMDSDQLVFKH ª:DVVDJVWGXGD]X-RKQ"©IUDJWHPLFKGHU5HSRUWHU ,FKNORSIWHHLQH=LJDUHWWHDXVGHU6FKDFKWHOXQGUHLFKWH%LOO HEHQIDOOVHLQ6WlEFKHQ'LHHUVWHQ=JHUDXFKWHQZLU VFKZHLJHQG ª(VNDQQQDWUOLFKHLQY|OOLJQRUPDOHU0RUGPLWHLQHP VWLQNQRUPDOHQ0RWLYVHLQ©VDJWHLFK ª0XDEHUQLFKW©PHLQWH%LOO ,FKQLFNWHª(EHQ'HVKDOEZHUGHQZLUXQVGLH6DFKH HLQPDOJHQDXHUDQVHKHQ© ª:DQQ"© ª1DMHW]W© -DQH&ROOLQVPLVFKWHVLFKHLQª$EHUGXKDVWGRFK8UODXE© ,FKKREGLH6FKXOWHUQ %LOO&RQROO\KDWWHEHUHLWVHLQHQ3ODQª$PEHVWHQLVWHV ZHQQZLUGHP5HSRUWHUHLQHQ%HVXFKDEVWDWWHQ$UW 0XUGRFNZLUGGLUGDVLFKHUPHKUVDJHQN|QQHQ© ª:HLHUGHQQ%HVFKHLG"© ª,FKKDEHHLQLJHVDQJHGHXWHW©HUZLGHUWH%LOO ª$KDVFKRQYRUJHGDFKWZLH"© ª*HQDX© ª'DQQZDUVWGXGLUDOVR]LHPOLFKVLFKHUPLUPHLQHQ8U ODXEVWDJ]XYHUGHUEHQ© ª-RKQGXELVWGRFK,GHDOLVW© ª'DVVDJHLFKPLUDXFKLPPHUZHQQLFKPHLQHQ*HKDOWV VWUHLIHQDP0RQDWVHQGHVHKH© %LOOJULQVWH ª.|QQHQZLU"©IUDJWH-DQH ª:LOOVWGXDXFKPLW"©IUDJHQ%LOOXQGLFKZLHDXVHLQHP 0XQGH ª:DUXPGHQQQLFKW"(UVWPDFKWLKUPLUGLH=XQJHODQJ XQGGDQQZROOWLKUPLFKKlQJHQODVVHQ©
%LOOYHUGUHKWHGLH$XJHQª0HLQHWZHJHQ6LHVHW]WLKUHQ 'LFNNRSIMDGRFKGXUFK© -DQHVWDQGDXIXQGUlXPWHGHQ7LVFKDE'DV*HVFKLUUYHU VFKZDQGLQGHU6SOPDVFKLQH ª:LUN|QQHQXQVLQPHLQHQ3RUVFKHTXHWVFKHQ©VFKOXJ GHU5HSRUWHUYRU ,FKZDUHLQYHUVWDQGHQXQGGLH'HWHNWLYLQQLFNWH]XVWLP PHQG,FKVWHFNWHPLUQRFKPHLQH:DIIHHLQZDV-DQHXQG %LOOPLWHLQHPVFKUlJHQ/lFKHOQTXLWWLHUWHQ 'DQQIXKUHQZLUQDFKXQWHQXQGZDUHQIQI0LQXWHQ VSlWHUEHUHLWVXQWHUZHJV (LQQHXHV$EHQWHXHUZDUWHWH $UW0XUGRFNZRKQWHLQ6RKR $OVRLQGHU6]HQHZLHPDQ]XVDJHQSIOHJW'HQQKLHUZDU HUDP%DOOHUOHEWHGDV9HUEUHFKHQRIWKDXWQDKPLWXQG NRQQWHGHVKDOEVRUHDOLVWLVFKEHULFKWHQ :LHPLU%LOOHU]lKOWHZDUHUHLQ+DQV'DPSILQDOOHQ *DVVHQHLQULFKWLJHU'UDXIJlQJHU ª:LHLFKIUKHU©VDJWHGHU5HSRUWHU ª%LVWGXGDVKHXWHQLFKWPHKU"© ª6HLGXHUVWPDOYHUKHLUDWHW©%LOOUHLKWHVLFKLQGHQ .UHLVYHUNHKUDP3LFFDGLOO\&LUFXVHLQIXKUDP5HJHQW 3DODFH+RWHOYRUEHLXQGOHQNWHGHQ3RUVFKHLQHLQHNOHLQH 1HEHQVWUDH +LHUVSUWHPDQVFKRQGHQHFKWHQ+DXFKGHV6WDGWWHLOV 6RKR'LH6WUDHQZDUHQVFKPDO(VJDE]DKOUHLFKH/RNDOH XQGDXFK6HFRQGKDQG6KRSV 1DWUOLFKIHKOWHQQLFKWGLH3RUQR%DUVXQG3HHS6KRZV GLHEHUHLWVPRUJHQVJH|IIQHWKDWWHQ6RPDQFKHULQGHU1lKH DUEHLWHQGH)DPLOLHQYDWHUYHUVWHVLFKPLWGHU3HHS6KRZ VHLQH)UKVWFNVSDXVH 'HU:DJHQILHODXIXQGQHLGLVFKH%OLFNHZXUGHQGHP VFKQLWWLJHQ)DKU]HXJKLQWHUKHUJHZRUIHQ
%LOOEHWlWLJWHGHQ%OLQNHUQDFKUHFKWV:LUIXKUHQLQHLQH QRFKHQJHUH6WUDHGLHLQHLQH6DFNJDVVHDXVOLHI$P(QGH EHIDQGVLFKHLQ3ODW]'RUWZXFKVHQHLQLJH%lXPHGDKLQWHU ODJHLQ6WUHLIHQ%UDFKODQG %LOOIXKUELVLQGHQ:HQGHKDPPHUGHU6DFNJDVVHXQG VWRSSWH:LUVWLHJHQDXV (VJDEQLFKWQXUGLH+lXVHUDQGHU6WUDHVRQGHUQDXFK GLH%DXWHQDXIGHQ+LQWHUK|IHQ0DQHUUHLFKWHVLHGXUFK (LQIDKUWHQRGHUVFKPDOH3IDGH +LHUKDWWHNHLQH%DXSROL]HLHWZDVJHQHKPLJWGLH/HXWH KDWWHQGLH$QEDXWHQVRKRFKJH]RJHQZLHHVLKQHQJHUDGH SDWH -DQH&ROOLQVKDWWHVLFKHLQHQOHLFKWHQ0DQWHOEHUJHVWUHLIW 'DVZDUDXFKJXWVRGHQQGLH:RONHQYHUGLFKWHWHQVLFK XQGYRQ:HVWHQKHUIXKUHLQXQDQJHQHKPHU:LQGLQGLH VFKPDOH6WUDH 7ROOHV0DLZHWWHU =DKOUHLFKH$XJHQSDDUHEHREDFKWHWHQXQVDQJHVSURFKHQ ZXUGHQZLUMHGRFKQLFKW ª:RKQWGHLQ%HNDQQWHUQDFKYRUQUDXVRGHUQDFKKLQWHQ"© IUDJWHLFK%LOO ª,QHLQHP$QEDX© ª$XFKGDVQRFK© %LOOJULQVWHª(UZROOWHHEHQLQGHU6]HQHEOHLEHQ© 'HU5HSRUWHUJLQJYRUXQGWDXFKWHLQHLQHVFKPDOH (LQIDKUW]ZLVFKHQ]ZHL+lXVHUQ 6LHIKUWHDXIGHQ+LQWHUKRI 0OOWRQQHQTXROOHQEHU'HU,QKDOWYHUEUHLWHWHHLQH ZLGHUOLFKHQ*HUXFK,FKVDKGLHDEJHEOlWWHUWHQ)DVVDGHQGHU +lXVHUGLHVFKPXW]LJHQ)HQVWHUGDVDXIJHULVVHQH3IODVWHU GHV+LQWHUKRIVXQGGLHQLHGULJHQ$QEDXWHQXQG6FKXSSHQ .LQGHUVSLHOWHQDXIGHP+RI6LHSILIIHQXQVDXVDOVZLU LKQGXUFKTXHUWHQ $UW0XUGRFNZRKQWHDXIGHUHQWJHJHQJHVHW]WHQ6HLWHGHV +RIVLQHLQHP%DFNVWHLQEDX(UZDUHLQVW|FNLJKRFKJH]RJHQ
ZRUGHQXQGQXULQ+|KHGHUHUVWHQ(WDJHEHIDQGHQVLFK :RKQXQJHQ6HFKVJUDXJHVWULFKHQH7UHQ]lKOWHLFKGLH DOOHVDPWGXUFKHLQHDQGHU9RUGHUIURQWYRUEHLODXIHQGHQ *DOHULHHUUHLFKWZHUGHQNRQQWHQ :LUNOLFKNHLQDQJHQHKPHU3ODW]]XP:RKQHQ0HLQH *HGDQNHQVWDQGHQDXIGHP*HVLFKWJHVFKULHEHQXQG%LOO JULQVWH ª:DVZLOOVWGX-RKQHUZROOWHHVQLFKWDQGHUV© ª-DGDVVHKHLFK© %LOOIKUWHXQVDXIHLQH7UHSSH]XGLHQLFKWYHUWUDXHQV HUZHFNHQGDXVVDK:LUZDUWHWHQELVHLQHGLFNH)UDXPLW LKUHP:lVFKHNRUEXQVYRQREHQNRPPHQGSDVVLHUWKDWWH 'DQQVWLHJHQZLUGLH6WXIHQKRFK $XIGHU*DOHULHEOLHEHQZLUVWHKHQ%LOOVFKDXWHVLFKXP XQG]lKOWHGLH7UHQDE ª'LHGULWWHLVWHV©VDJWHHU ª1DPHQVVFKLOGHUJLEWHVZRKONHLQH© 'HU5HSRUWHUVFKDXWH-DQH&ROOLQVDQª:RIUDXFK"+LHU ZHLMHGHUZRHUVHLQHQ1DFKEDUQILQGHWXQG%HVXFKLVW QLFKWJHUDGHZLOONRPPHQ© ,FKQLFNWHQXU %LOOKlPPHUWHJHJHQGLH7UZlKUHQGLFKQDFKXQWHQLQ GHQ+RIVFKDXWH (LQSDDU*HVWDOWHQKDWWHQVLFKGRUW]XVDPPHQJHURWWHW6LH VFKLHOWHQPLWUDXLVFKKRFK]XU*DOHULH,KUH%OLFNHVDJWHQ JHQXJ9RQ)UHPGHQKLHOWHQVLHQLFKWYLHO ª'HUDOWH*HLHUVFKHLQWQLFKWGD]XVHLQ©EHPHUNWH%LOO XQGNORSIWHDEHUPDOV -DQH&ROOLQVGDFKWHGDSUDNWLVFKHU 6LHJULIIDQ%LOOYRUEHLSDFNWHGLH7UNOLQNHXQGGUFNWH VLHQDFKXQWHQ 'LH7UZDURIIHQ ª%LWWHVHKU©VDJWH-DQHª7ULWWHLQJURHU0HLVWHU© $OV'DPHYRQ:HOWOLHVLHXQVGHQ9RUWULWW'DVZDUDXFK EHVVHUVRZLHGLHQlFKVWHQ6HNXQGHQ]HLJWHQ
'HUPXIILJH*HUXFKILHO%LOOXQGPLUVRIRUWDXI0HLQ )UHXQGZDUIPLUHLQHQVFKUlJHQ%OLFN]X$EHUGDZDUQRFK HWZDVDQGHUHVZDVVLFKXQWHUGHQ*HUXFKPLVFKWH(LQ DQGHUHU'XIW 6OLFK :LH%OXW ,FKVFKOXFNWHKDUW'LH:RKQXQJKDWWHNHLQH'LHOH:LU VWDQGHQRKQHhEHUJDQJLP5DXP 'LH(LQULFKWXQJHQWVSUDFKGHUHLQHU-XQJJHVHOOHQEXGH(V ZDUDXFKHEHQVRDXIJHUlXPW ,FKVDKHLQH]ZHLWH7U ª$UW©ULHI%LOO&RQROO\ª$UW0XUGRFNZRVLQG6LH]XP 7HXIHO© ,FK]RJGLH7UDXIVFKDXWHLQGDVQlFKVWH=LPPHUXQG VFKORGLH$XJHQ ª'XKDVWUHFKWJHKDEW%LOO(ULVWEHLP7HXIHO©VDJWHLFK OHLVHXQGOLHGHP5HSRUWHUGHQ9RUWULWW %LOOEOLHEQHEHQPLUVWHKHQVFKDXWHDQPHLQHU6FKXOWHU YRUEHLXQGVDJWHQXUª0HLQ*RWW© ,FKEHUZDQGPLFKXQGEHWUDWGDV=LPPHUª+DOWHGX-DQH ]XUFN©EDWLFKPHLQHQ)UHXQG %LOOGUHKWHVLFKXP.lVLJZDUHULP*HVLFKW.HLQ:XQGHU GHQQPLUZDUDXFKQLFKWQDFKMXELOLHUHQ]XPXWH'RFKHV JLQJNHLQ:HJGDUDQYRUEHLLFKPXWHPLUGHQ7RWHQ DQVFKDXHQ (UODJTXHUEHUGHP%HWW:DVVRIRUWLQV$XJHVWDFKZDU GDV=HLFKHQDXIVHLQHU6WLUQ (LQ; -HPDQGPXWHHVPLWHLQHPVFKDUIHQ*HJHQVWDQGLQGLH +DXWJHULW]WKDEHQ'LH6FKQLWWHZDUHQPLW%OXWJHIOOW$XV GLHVHP*UXQG]HLFKQHWHVLFKGDV;GHXWOLFKDE ,FKVFKDXWHPLFKXP,P=LPPHUKDWWHHLQ.DPSIVWDWWJH IXQGHQ$OOHVGHXWHWHGDUDXIKLQ'HU7LVFKZDUXPJHVWU]W
HEHQVRGLHYLHU6WKOH$UW0XUGRFNKDWWHGLHVH%XGHZRKO DOV6FKODIXQG$UEHLWVUDXPEHQXW]WGHQQLFKVDKHLQH 6FKUHLEPDVFKLQH6LHODJHEHQIDOOVDXIGHP%RGHQ-HPDQG PXWHVHLQHQ=RUQGDUDQDXVJHODVVHQKDEHQ(UKDWWHVLH QlPOLFKLQLKUH(LQ]HOWHLOH]HUOHJW ,FKK|UWH%LOOPLW-DQH&ROOLQVVSUHFKHQ=ZHL6FKULWWH EUDFKWHQPLFKDQGDV)HQVWHUPLWGHUVFKPXW]LJHQ6FKHLEH ,FKVFKDXWHLQGHQ+RI'LHVPDOMHGRFKDQGHU5FNVHLWH (LQH0DXHUVFKORGLHVHV*HYLHUWDE .HLQH6SXUYRQGHPRGHUGHQ0|UGHUQ7URW]GHPNRQQWH GHU5HSRUWHUQRFKQLFKWODQJHWRWVHLQGHQQVHLQH+DXWZDU QRFKZDUP :HUEUDFKWHVRHWZDVIHUWLJ":HOFKHP9HUEUHFKHQZDUHQ ZLUKLHUDXIGLH6SXUJHNRPPHQ" ,FKZLVFKWHPLUEHUGLH6WLUQ'LHNOHLQH:RKQXQJZDU GXUFKVXFKWZRUGHQYRULUJHQGZHOFKHQ$XI]HLFKQXQJHQ ZUGHQZLUVFKOLHOLFKQLFKWVILQGHQ 7URW]GHPZROOWHLFKQDFKVFKDXHQ 'DILHOPLUHLQHNOHLQH7UDXIGLHLFKELVKHUEHUVHKHQ KDWWH6LHEHIDQGVLFKQHEHQGHP%HWWKDWWHQLFKWGLH QRUPDOH*U|HVRQGHUQZDUVHKUVFKPDO :DVEHIDQGVLFKGDKLQWHU"(LQ%DGYLHOOHLFKW" ,FK]RJGLH7UDXI 'HU5DXPZDUGXQNHO,FKURFKVRIRUWGLH&KHPLNDOLHQ XQGLGHQWLIL]LHUWHLKQDOV'XQNHONDPPHU+LHUKDWWHGHU 5HSRUWHUVHLQHQ$XIQDKPHQVHOEVWHQWZLFNHOW ,FKWUDWEHUGLH6FKZHOOHXQGVDKGLHVFKDWWHQKDIWH %HZHJXQJ ,QGHQQlFKVWHQ6HNXQGHQUHDJLHUWHLFKZLHHLQ$XWRPDW ,FKZDUIPLFKQDFKKLQWHQILHOJOHLFK]HLWLJLQGLH.QLHXQG HWZDVSILIIEHUPLFKKLQZHJEHYRUHVLQGHQK|O]HUQHQ 7UUDKPHQKLHE (LQH.OLQJH (LQHVFKPDOHP|UGHULVFKH6FKZHUWNOLQJH/HLFKWJHERJHQ XQGDQHLQHP6lEHOHULQQHUQG
,FKODJDXIGHP%RGHQYROOIKUWHHLQH5ROOHUFNZlUWV XQGZlKUHQGLFKDXIGHQ)HQODQGHWHYHUOLHGHU7\SGLH 'XQNHONDPPHU 6HNXQGHQODQJZDULFKVWDUUYRU6WDXQHQXQG6FKUHFN 9RUPLUVWDQGHLQ([RWH$EHUZDVIUHLQHU,FKKDWWHLP .LQRPDO6DPXUDL)LOPHJHVHKHQXQGZLHHLQ6DPXUDLVDK GHU.HUOYRUPLUDXV(UWUXJHLQHGLFNHOHGHUQH5VWXQJGLH VHLQH%UXVWVFKW]WH9RUGHP*HVLFKWKDWWHHUHLQH0DVNH GLHDXVVDKZLHHLQNOHLQHU*LWWHUNlILJ6HLQH$UPHZDUHQ QLFKWJHVFKW]WDXFKQLFKWGLH+lQGHXQGLFKVDKGLH WURFNHQHZLH3DSLHUZLUNHQGH+DXW /HEWHGHU6DPXUDLEHUKDXSWQRFK" /lQJVWKDWWHHUGDV6FKZHUWZLHGHUDXVGHU7UIOOXQJ JH]RJHQ(UXPIDWHGHQ*ULIIPLWEHLGHQ+lQGHQVSUDQJ YRUXQGIKUWHHLQHQP|UGHULVFKHQ+LHE ,FKKHFKWHWH]XU6HLWH :LHGHUYHUIHKOWHPLFKGLHVFKPDOHUDVLHUPHVVHUVFKDUIH .OLQJH0LWGHU6FKXOWHUVWLHLFKJHJHQGHQ7LVFKXQG GUFNWHLKQZHLWHUZHJ 'HU6DPXUDLVSUDQJPLUQDFK 6RIRUWZDULFKDXIGHQ%HLQHQ 'LH6FKQHOOLJNHLWGHV.HUOVEHUUDVFKWHPLFKHUOLHPLU NHLQH=HLWGLHHLJHQH:DIIH]X]LHKHQDEHUHVJHODQJPLU GHQNOHLQHQ6FKUHLEPDVFKLQHQWLVFKKRFK]XUHLHQ $OVGLH.OLQJHZLHGHUQDFKXQWHQIXKUVFKOHXGHUWHLFK GHP6DPXUDLGHQ7LVFKHQWJHJHQ 'DVIOLHJHQGH0|EHOVWFNNUHX]WHGHQ6FKODJXQGLFKVDK PLW6FKUHFNHQGDGDV6DPXUDL6FKZHUWGHQ7LVFKLQ]ZHL +lOIWHQWHLOWH6LHILHOHQSROWHUQG]X%RGHQ 'LHVHV*HUlXVFKK|UWH%LOO&RQROO\(UVWUHFNWHVHLQHQ.RSI LQGDV=LPPHU ª:HJ©VFKULHLFKLKP]XGHQQGHU6DPXUDLKDWWHGHQ 5HSRUWHUHEHQIDOOVJHVHKHQXQGVSUDQJDXILKQ]X %LOO]RJZLUNOLFKLPOHW]WHQ$XJHQEOLFNGHQ.RSIHLQ'LH GXUFKGLH/XIWSIHLIHQGH.OLQJHZLVFKWHGLFKWDQVHLQHU
1DVHQVSLW]HYRUEHLXQGEHVFKULHEHLQHQ.UHLVGHQQGHU -DSDQHUKDWWHEHLGH$UPHEHLVHLQHP6FKODJKRFKHUKREHQ JHKDEW ,FKKDWWHHQGOLFK=HLWPHLQH%HUHWWD]X]LHKHQ(VZUGH PLUZRKOQLHJHOLQJHQLKQPLWGHQ)lXVWHQ]XEHUZLQGHQ GHVKDOEPXWHLFKPHLQH3LVWROHQHKPHQ 'HU6DPXUDLEHZHJWHVLFKVRUDVFKGDLFKQLFKWJUR ]LHOHQNRQQWH'RFKGLH.XJHOWUDI:XFKWLJKlPPHUWH GDV6LOEHUJHVFKRLQGLH%UXVWGHV.lPSIHUVDEHUGHU /HGHUVFKXW]ZDUVRGLFNGDHUGDV*HVFKRDXIILQJ 7URW]GHPZDUGHU6DPXUDLJHZDUQW0LWHLQHPJHZDOWL JHQ6SUXQJZXFKWHWHHUVLFKDXIPLFK]XLFKZROOWHQRFK IHXHUQGRFKPHLQH6LFKHUKHLWZDUZLFKWLJHU /HLGHUZDULFKQLFKWVFKQHOOJHQXJ1LFKWVHLQ6FKZHUWWUDI PLFKVRQGHUQHLQ)X(UUDPPWHPLUJHJHQGLH6FKXOWHU VFKWWHOWHPLFKGXUFKXQGVFKOHXGHUWHPLFK]XUFN 'HUQDFKIROJHQGH6FKODJKLHEQXUQHEHQGHP7RWHQLQGDV %HWW]HUVW|UWHHLQ.LVVHQVRGD)HGHUQDXIZ|ONWHQZLH 6FKQHHIORFNHQ ,FKK|UWH%LOO&RQROO\VFKUHLHQNPPHUWHPLFKQLFKW GDUXPVRQGHUQUROOWHPLFKYRP%HWWXQGOHJWHDQ :LHGHUIHXHUWHLFK 'HU6DPXUDLEHZHJWHVLFK]XVFKQHOO'LH.XJHOZLVFKWHDQ VHLQHP6FKlGHOYRUEHLGDQQZDUGHU8QKHLPOLFKHVFKRQDQ GHU7UXQGUDQQWHDXVGHP=LPPHU ,FKKDWWH$QJVWXP-DQHXQG%LOO'LHVHU7HXIHOZDUZLUN OLFKQLFKW]XVWRSSHQ,FKVSUDQJDXIVWROSHUWHEHUHLQH 7LVFKKlOIWHXQGZDUIPLFKDXVGHP5DXP =ZHL6FKVVHILHOHQ 'DQQVFKULH-DQH&ROOLQVVSLW]XQGJHOOHQG%LOO&RQROO\ IOXFKWHZLOGLFKVWU]WHGXUFKGLH7UVDK%LOODP%RGHQ OLHJHQXQG-DQHHQJJHJHQGLH:DQGJHSUHWVWHKHQ'LH 'HWHNWLYLQEOXWHWHDXVHLQHU:XQGHDP$UP 'HU6DPXUDLMHGRFKVWDQGYRULKUXQGULVHLQ6FKZHUW KRFKXP-DQHV/HEHQHLQ(QGH]XVHW]HQ
,FKVFKR9LHU.XJHOQVWHFNWHQQRFKLP0DJD]LQ,FK KlPPHUWHKHUDXVZDVKHUDXV]XKlPPHUQZDU'DEHL Il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lKUHQG7UlQHQGHU(UOHLFKWHUXQJEHU LKU*HVLFKWOLHIHQ $XFK%LOO&RQROO\VWHPPWHVLFKKRFK(UZROOWHHWZDV VDJHQGRFKLFKNDPLKP]XYRU ª.PPHUHGLFKXP-DQH©ULHILFKLKP]X2EZRKOLFK ZDIIHQORVZDUZROOWHLFKGLH9HUIROJXQJDXIQHKPHQ ,FKPXWHZLVVHQZRKLQGHU6DPXUDLYHUVFKZXQGHQZDU 0HLQHU$QVLFKWQDFKNRQQWHHUQLFKWDOOHLQVHLQHUPXWH LUJHQGZHOFKH+HOIHUKDEHQGLHLKP]XU6HLWHVWDQGHQ 'DV*HVFKUHLGHU/HXWHZLHVPLUGHQ:HJ$XFKVLHKDWWHQ GHQXQKHLPOLFKHQ.ULHJHUJHVHKHQ,FKKRIIWHQXUGDHU QLHPDQGHQYHUOHW]WHRGHUW|WHWH ,FKVSUDQJDXIGLH*DOHULH
'HU6DPXUDLVWDQGEHUHLWVXQWHQLP+RI6FKUHLHQGIOFK WHWHQGLH0HQVFKHQQDFKDOOHQ6HLWHQ 6LHKDWWHQDXFK*UXQGGHQGHU.HUOVWDQGDXIGHU6WHOOH GUHKWHVLFKGDEHLXQGKLHOWVHLQ6FKZHUWLQGHU+DQGGHV UHFKWHQDXVJHVWUHFNWHQ$UPV ,FKVFKOXFNWHKROWHWLHI/XIWXQGEUOOWHª+LHUELQLFK/D GLH0HQVFKHQLQ5XKH© (UK|UWHWDWVlFKOLFKDXIXQGVFKDXWHKRFK]XU*DOHULH 'DQQZDUIHUVLFKDXIGHP$EVDW]KHUXPXQGIOFKWHWH $OOHUGLQJVQLFKWDXIGLH(LQIDKUWVRQGHUQLQGLHHQWJHJHQ JHVHW]WH5LFKWXQJ :HQQLFKGLH7UHSSHKLQXQWHUUDQQWHYHUORULFK]XYLHO=HLW ,FKHQWVFKLHGPLFKDQGHUV(LQ6SUXQJEUDFKWHPLFKEHU GDV*HOlQGHUGHU*DOHULH,QGHU/XIWEUHLWHWHLFKGLH$UPH DXVODQGHWHJXWVSUWHWURW]GHPGHQ$XISUDOOELVLQGHQ OHW]WHQ*HKLUQZLQNHOZXUGHQDFKYRUQJHZRUIHQXQGEOLHE DXIGHQ)HQ 8PGLHlQJVWOLFKHQXQGHUVWDXQWHQ*HVLFKWHUGHU (LQZRKQHUNPPHUWHLFKPLFKQLFKW,FKVSULQWHWHDXIGLH 5FNVHLWHGHU+lXVHU]X+LHULUJHQGZRPXWHGHU 8QKHLPOLFKHYHUVFKZXQGHQVHLQ 'LH7UHQVWDQGHQRIIHQ(UNRQQWHGXUFKMHGHJHIORKHQ VHLQXQGYRUQDQGHU6WUDHZLHGHUDXIWDXFKHQ (VZDUZLHYHUKH[W 'DK|UWHLFKHLQHQ6FKUHL 5HFKWVYRQPLUZRGHUGXQNOH+DXVIOXUKLQWHUGHU 7U|IIQXQJZLHHLQH+|KOHZLUNWH 0LFKJUXVHOWHVFKRQHLQZHQLJZHQQLFKGDUDQGDFKWH GDLFKPLFKLQGHQGXQNOHQ)OXUVFKLHEHQPXWH'HU 6DPXUDLNRQQWHLP+LQWHUKDOWODXHUQXQGPLFKHLVNDOW XPEULQJHQ 'LH%HUHWWDKDWWHLFKZHJJHVWHFNW6LHQW]WHPLUQLFKWV PHKU ,FKKDWWHQXUQRFKPHLQ.UHX]DEHUDXFKEHLGLHVHP 7DOLVPDQZDUHVIUDJOLFKREHVPLUKLHUKDOI
'LHVHU6DPXUDLZDU-DSDQHU'HUVWDPPWHDXVHLQHUDQGH UHQ:HOWDXVHLQHPDQGHUHQ9RONIHUQ|VWOLFKH%LVKHUKDWWH LFKNDXP.RQWDNWGDPLWJHKDEW$EHULFKZXWHGDVLH UlWVHOKDIWXQGEUDQGJHIlKUOLFKZDU/HW]WHUHVKDWWHGHU 6DPXUDLPLUYRUZHQLJHQ6HNXQGHQQRFKEHZLHVHQ ,FKWDXFKWHLQGHQGXQNOHQ)OXU 1XUODQJVDPJHZ|KQWHQVLFKPHLQH$XJHQDQGDVKHUU VFKHQGH'lPPHUOLFKW :RVWHFNWHGLHVHU7HXIHO" ,FKULPHLQH$XJHQZHLWDXIGRFKPHKUDOV8PULVVH QDKPLFKQLFKWZDKU6FKHPHQKDIWLGHQWLIL]LHUWHLFKGDV *HOlQGHUHLQHU7UHSSH8QWHUPHLQHQ6RKOHQNQLUVFKWHHV 0HLQHP*HIKOQDFKPXWHPDQGDV*HUlXVFKPHLOHQZHLW K|UHQ 'DQQNODSSWHHLQH7U.XU]]XYRUVDKLFKHLQHQKHOOHUHQ 6WUHLIHQDOVGDV/LFKWLQGHQ)OXUILHO'DQDFKZXUGHHV ZLHGHUGXQNHO )UPLFKZDUGLHVHV*HUlXVFKGHU%HZHLVGDIUGDGHU 6DPXUDLGDV:HLWHJHVXFKWKDWWH ,FKUDQQWH'DEHLJHULHWLFK]ZDQJVOlXILJLQ*HIDKU LUJHQGZRJHJHQ]XODXIHQ 8QGVFKRQIXKULFKPLWGHPUHFKWHQ(OOHQERJHQEHUHLQH UDXKH:DQGNQLFNWHPLWGHU)XVSLW]HJHJHQHLQHQ(LPHU GHUODXWVFKHSSHUQGDQGHU:DQGHQWODQJVWUHLIWH,FKSUDOOWH VFKOLHOLFKJHJHQGLH+DXVWU 0HLQHUHFKWH+DQGILHOQDFKXQWHQIDQGGLH.OLQNHXQG LFKULGLH7UDXI 9RUPLUVDKLFKHLQHHQJH6WUDH 6LHZXUGHQRFKHQJHUGXUFKGLH]DKOUHLFKHQSDUNHQGHQ :DJHQ8QGHLQ:DJHQVWDUWHWHVRHEHQ /LQNVYRQPLU 'DV)DKU]HXJVFKHUWHDXVGHU3DUNOFNH(LQGXQNHOJU QHU.DVWHQZDJHQ'LH.DUUHVFKOHXGHUWHPLWGHP+HFNDOV GHU)DKUHUVLHDXIGLH6WUDHOHQNWH ,FKVWDUWHWHYRQGHU+DXVWUDXV
$OVLFKDXIGHU)DKUEDKQVWDQGZXUGHGHU.DVWHQZDJHQ EHUHLWVLQGLHQlFKVWH.XUYHJHULVVHQ1LFKWHLQPDOGDV 1XPPHUQVFKLOGNRQQWHLFKHUNHQQHQJHVFKZHLJHGHQQGHQ )DKUHU 'HU:DJHQYHUVFKZDQG ,FKVWDQGZLHEHVWHOOWXQGQLFKWDEJHKROWDXIGHP*HKVWHLJ XQGKlWWHPLFKYRU:XWLUJHQGZRKLQEHLHQN|QQHQ/HLGHU ZDULFKQLFKWVRJHOHQNLJ 6HNXQGHQODQJEHUOHJWHLFKRELFKHLQH)DKQGXQJHLQ OHLWHQVROOWH 'DLFKZHGHU$XWRPDUNHQRFK1XPPHUQVFKLOGNDQQWH KDWWHGDVNHLQHQ=ZHFN,FKKlWWHPLFKQXUOlFKHUOLFK JHPDFKWXQGGHQ.ROOHJHQXQQ|WLJH$UEHLW 6RJLQJLFKZLHGHU]XUFN 'HU)OXUZDUQLFKWPHKUVROHHU'LH/HXWHZDJWHQVLFKDXV LKUHQ:RKQXQJHQ(LQLJHQVWDQGGHU6FKUHFNHQQRFKLQGHQ *HVLFKWHUQJHVFKULHEHQ1HEHQHLQHP0DQQGHUQXUHLQ %HLQKDWWHEOLHELFKVWHKHQ 0HLQ$XVZHLVEUDFKWHLKQ]XP5HGHQª'DVZDUGHU *HK|UQWH©NHXFKWHHUXQGUROOWHPLWGHQ$XJHQª(KUOLFKHU ZDUZLHGHU7HXIHO0HLQ6RKQZROOWHLKQQRFKDXIKDOWHQ GRFKGHUKDWLKQHLQIDFKXPJHUDQQW©'HU$OWHEHNUHX]LJWH VLFKª1XUJXWGDHUQLFKW]XJHVFKODJHQKDW© 'HU0HLQXQJZDULFKDXFK 0LUILHOHQ-DQHXQG%LOOHLQGLHVLFKHUOLFKYROOHU6SDQQXQJ XQG8QJHGXOGZDUWHWHQ 6LHZDUHQEHUHLWVLQGHQ+RIJHJDQJHQ%LOOKDWWHLQ]ZL VFKHQGLH:XQGHGHU'HWHNWLYLQYHUEXQGHQ ,FKJLQJ]XULKU ª,VWHVVFKOLPP"©IUDJWHLFK 6LHVFKWWHOWHGHQ.RSIª1HLQHVWXWQXUZHK© ª-RKQ©VDJWHGHU5HSRUWHUXQGVFKOXFNWHª'LHVHU-DSDQHU GDVLVWGDVLVWHLQUHJHOUHFKWHU7HXIHO© ,FKJDEPHLQHP)UHXQGUHFKWª8QGZLH6HOEVW 6LOEHUNXJHOQVLQGJHJHQLKQPDFKWORV©
%LOO&RQROO\GHUVRQVWLPPHUHLQHQ6FKHU]DXIGHQ/LSSHQ KDWWHVFKDXWHPLFKHUQVWDQª-RKQZDVKDWGDVDOOHV]X EHGHXWHQ"© ª,FKZHLHVQLFKW© ª+DVWGXGHQQNHLQHQ9HUGDFKW"© ª1HLQ© ª'U7RG©VDJWH%LOO ª:LHNRPPVWGXGDUDXI"© ª'DVLVWGRFKVHLQH+DQGVFKULIW(UKDWWHODQJHJHQXJ=HLW HWZDVLQGLH:HJH]XOHLWHQ-HW]WKDWHUHVJHVFKDIIWXQGZLOO GLH)UFKWHHUQWHQ6RVHKHLFKHV© ,FKQLFNWHª'DKDVWGXYLHOOHLFKWUHFKW© ª1LFKWQXUYLHOOHLFKW-RKQ:LUKDEHQDOOH*OFNJHKDEW GDGLHVHU6DPXUDLGDV:HLWHVXFKWH'HUKlWWHXQVGRFKLQ 6WFNHJHKDXHQ© ª/DJXWVHLQ%LOO©VDJWHLFKª,FKZHUGHMHW]WGHU 0RUGNRPPLVVLRQ%HVFKHLGJHEHQGDQQVHKHQZLUZHLWHU© ª:LHZHLWHU"© ª:LUVXFKHQQRFKHLQPDOLQ0XUGRFNV:RKQXQJQDFK© ª8QGGDQDFK"© ª'LHVHU6DPXUDLLVW$VLDWH8QGZHULVWHEHQIDOOV$VLDWH"© ª6XNR©VDJWH%LOO ,FKWLSSWHLKPPLWGHP=HLJHILQJHUJHJHQGLH%UXVW ª$XVJH]HLFKQHWJURHU'HQNHU:LUZHUGHQDOVR6XNRHLQ VSDQQHQ9LHOOHLFKWZHLHUHWZDV© %LOOQLFNWHª*HQDX,FKEOHLEHHEHQIDOOVDP%DOO:HQQLFK GDUDQGHQNHGDGLHVHU7HXIHOLQ/RQGRQKHUXPOlXIWZLUG PLUJDQ]DQGHUV© 'DVDJWH-DQH&ROOLQVHWZDVZDVDXFKPLFKQDFKGHQNOLFK PDFKWHª:RKHUZLOOVWGXGHQQZLVVHQ%LOOGDQXUGLHVHU 6DPXUDLLQ/RQGRQKHUXPOlXIW"© :LUVFKDXWHQXQVDQ)DOOV-DQHUHFKWKDWWHVWDQGHQXQV YHUGDPPWVFKOLPPH=HLWHQEHYRU
:LUVWHOOWHQ$UW0XUGRFNV:RKQXQJLPZDKUVWHQ6LQQHDXI GHQ.RSI8QGZLUIDQGHQQLFKWV (QWZHGHUKDWWHGLHVHUWHXIOLVFKH6DPXUDLVFKRQDE JHUlXPWRGHUDEHUHVJDENHLQHUOHL$XI]HLFKQXQJHQ:DV $UWZXWHGDVKDWWHHULQVHLQHP.RSIEHZDKUWJHKDEW %LOO&RQROO\QDKPVLFKGDQQQRFKGHQ3DSLHUNRUEYRU ZlKUHQGLFKPLFKGDUEHUlUJHUWHGDPLUGHUGXQNHO JUQH.DVWHQZDJHQGXUFKGLH/DSSHQJHJDQJHQZDU 3O|W]OLFKULHIPHLQ)UHXQGª.RPPWPDOKHU© -DQHXQGLFKVDKHQ%LOOYRUGHPDXVJHOHHUWHQ3DSLHUNRUE KRFNHQXQGLQGHQ=HWWHOQXQGZHJJHZRUIHQHQ1RWL]HQ KHUXPZKOHQ,QGHUUHFKWHQ+DQGKLHOWHUHLQJHOEHV6WFN 3DSLHUGDVVFKZDU]EHGUXFNWZDU ,FKQDKPHV%LOODXVGHU+DQG .HQGR&OXE6RKRODVLFK ª1D"©IUDJWH%LOOª,VWGRFKZDVRGHU"© ,FKQLFNWHª.DQQVHLQ© -DQHIUDJWHª*ODXEVWGXGDZLUGRUWHLQH6SXUILQGHQ"© ª,PPHU©EHKDXSWHWHGHU5HSRUWHU ,FKZDU]ZDUQLFKWVRRSWLPLVWLVFKZLHPHLQ)UHXQGDEHU JDQ]YRQGHU+DQG]XZHLVHQZROOWHLFKHVDXFKQLFKW ª6WHKWGLH$GUHVVHGDUDXI"© ª1HLQGDKDEHLFKVFKRQQDFKJHVHKHQ© ,FKOLHGHQ=HWWHOZLHGHUIDOOHQ'LH$QVFKULIWKDWWHQZLU VFKQHOO:LUEUDXFKWHQQXULP7HOHIRQEXFKQDFK]XVFKDXHQ %LOOKDWWHGLHJOHLFKH,GHHJHKDEW(UEOlWWHUWHEHUHLWVGHQ GLFNHQ:lO]HUYRQ6RKRGXUFKª$OOHVNODU©ULHIHUQDFK HLQHU:HLOHª,FKZHLZRZLUGHQ&OXEILQGHQN|QQHQ© ª8QGZR"©IUDJWHLFK 'HU5HSRUWHUQDQQWHHLQH6WUDHGHUHQ1DPHQLFKQLFKW NDQQWH ª$EHULFKNHQQHVLH©VDJWH-DQHª'LHOLHJWJDQ]LQGHU 1lKHGHV$SROOR7KHDWHUV© ª2ND\© ª$XIGLH6FKXOHELQLFKJHVSDQQW©PHLQWH-DQH
,FKVFKDXWHVLHYRQGHU6HLWHKHUDQª'DVEUDXFKVWGX QLFKW]XVHLQPHLQ.LQG© ª8QGZDUXPQLFKW"© ª:HLOZLUGLFKJDUQLFKWPLWQHKPHQ© ª$KD©,Q-DQHV$XJHQIXQNHOWHHVª(UVWKDEHLFKGLU JHKROIHQXQGMHW]WNDQQLFKJHKHQ© ,FKGHXWHWHDXILKUH9HUOHW]XQJª5HLFKWGLUGDVHLQH $QGHQNHQGHQQQLFKW"© ª'DVLVWGRFKQXUHLQ.UDW]HU© ª-DDEHUHLQYHUGDPPWJHIlKUOLFKHU1HLQQHLQ0lGFKHQ 'XEOHLEVWKLHU©7URW]GLHVHUORFNHUIRUPXOLHUWHQ$QWZRUW ODJLQPHLQHU6WLPPHGHUJHZLVVH8QWHUWRQGHQ-DQH &ROOLQVNDQQWH6LHZXWHGDMHGHU:LGHUVSUXFKMHW]W ]ZHFNORVZDU ,KU*HVLFKWYHUHLVWHXQGVLHVFKDXWHZWHQG]X%RGHQ ª7URW]GHPPWHQZLUMHPDQGHQPLWQHKPHQ©PHLQWHGHU 5HSRUWHU ª6LFKHU6XNR© :LUEHQDFKULFKWLJWHQGLH0RUGNRPPLVVLRQZDUWHWHQLKU (LQWUHIIHQDEXQGLFKHUNOlUWHGHP/HLWHUHLQLJHV$XFK DEJHEUKWH%HDPWHHUVFKDXGHUWHQDOVVLHGLH/HLFKHVDKHQ 0DQFKH*HVLFKWHUZXUGHQEOHLFK 'HU:DJHQVWDQGQRFKGRUWZRZLULKQDEJHVWHOOWKDWWHQ %LOOIXKUPLFK]XPHLQHU:RKQXQJ-DQH&ROOLQVVWLHJYRUKHU EHOHLGLJWDXV,FKKDWWHQRFKYHUVXFKWLKU]XHUNOlUHQGDHV ZLUNOLFKEHVVHUIUVLHZDUZHQQVLHGLHVPDODXVGHU 6FKXOLQLHEOLHEDEHUVLHZROOWHHLQIDFKNHLQH9HUQXQIW DQQHKPHQ :WHQGUDXVFKWHVLHGDYRQ %LOOJULQVWHPLFKYRQGHU6HLWHDQª-DGLH)UDXHQ©VLQ QLHUWHHUª6LHVLQGGDVJU|WH5lWVHODXIXQVHUHUVFK|QHQ :HOW© ª'XPXWHVMDZLVVHQ© ª8QGZLH6FKOLHOLFKELQLFKODQJHJHQXJYHUKHLUDWHW© %HYRU%LOOVLFKZHLWHULQGLH3KLORVRSKLHEHUGLH)UDXYHU
WLHIHQNRQQWHKDWWHQZLUXQVHU=LHOHUUHLFKW*HPHLQVDP EUDFKWHXQVGHU/LIWQDFKREHQ ,FKNOLQJHOWHEHL6XNR 1LFKWHU|IIQHWHVRQGHUQ6KDRVHLQH)UHXQGLQ ª'UIHQZLUHLQWUHWHQVFK|QVWH%OXPH$VLHQV"©IUDJWH%LOO XQGYROOIKUWHHLQH9HUEHXJXQJ ª6HLWZDQQVRI|UPOLFK"© ª(UKDWVHLQ9HUKlOWQLV]XGHQ)UDXHQEHUGDFKW©HUNOlUWH LFKªXQGHUEWVLFKMHW]WLQ+|IOLFKNHLW© ª$FKVR© +LQWHU6KDRWDXFKWH6XNRV*HVLFKWDXI0HLQ3DUWQHU VWHFNWHQRFKLP7UDLQLQJVDQ]XJHUKDWWHVRHEHQVHLQHPRU JHQGOLFKHQ)LWQHEXQJHQKLQWHUVLFK ª+DWWHVWGXQLFKW8UODXE"©IUDJWHHUPLFK ª-D© ª$EHUZLHLFKGHLQHP*HVLFKWDQVHKHOLHJWZLHGHUZDVLQ GHU/XIW© ª(UNDQQHVHEHQQLFKWODVVHQ©PHLQWH%LOO :LUKDWWHQOlQJVWGHQ:RKQUDXPEHWUHWHQ6KDRVHUYLHUWH 2UDQJHQVDIWXQGLFKEUDFKWHPHLQ$QOLHJHQRKQH8P VFKZHLIH]XU6DFKH 6XNRK|UWHJHVSDQQW]Xª(LQMDSDQLVFKHU6DPXUDL©PXU PHOWHHUªJHJHQGHQ6LOEHUNXJHOQPDFKWORVVLQG'DVLVWHLQ 'LQJ© 'HU0HLQXQJZDULFKDXFKª.HQQVWGXGLFKLQGHUMDSDQL VFKHQ0\WKRORJLHDXV"© ª.DXP© ª$XFKYRQ.HQGRKDVWGXNHLQH$KQXQJ"© ª1HLQLFKN|QQWHHVOHUQHQ© ª'DQQVHKHQZLUXQVGLH6FKXOHHLQPDODQ© 6XNRZDUHEHQIDOOVGDIU(U]RJVLFKQXUQRFKVFKQHOOXP 6KDRIUDJWHª:LUGHVJHIlKUOLFK"© 'DUDXINRQQWHLFKLKUNHLQHJHQDXH$QWZRUWJHEHQ
'HU:UIHOGHV8QKHLOVKDWWHLKPGDV*HVLFKWJH]HLJW8QG GDPLWGLH%HUHLWVFKDIW]XUFN]XNHKUHQ $EHUQRFKOHEWH7RNDWDQLFKW 'HUJUDXVDPH6DPXUDLZDUQDFKZLHYRUJHIDQJHQ (UODJLQVHLQHP+JHOJUDEDQHLQHPYHUIOXFKWHQ2UWDEHU HUVSUWHLQGHU7LHIHGHU(UGHGDHWZDVLP*DQJHZDU )UHPGH*HGDQNHQHUUHLFKWHQLKQ6WU|PHGLHVHLQXQWRWHV *HKLUQDNWLYLHUWHQXQGLKQZLHGHUKRIIHQOLHHQ'LH.UDIW GHV*XWHQEU|FNHOWH'LH0|QFKHXQG*|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lFKHTXROOHQJLIWLJH*DVHXQGVWLHJHQWUlJH GHP+LPPHOHQWJHJHQ (LQLJH%HVVHUZLVVHUZDUHQGDYRQEHU]HXJWGDYXOND QLVFKH*HJHEHQKHLWHQGDIUYHUDQWZRUWOLFKZDUHQGRFKGLH %DXHUQJODXEWHQQLFKWGDUDQ 6LHZXWHQHVEHVVHU1LFKWXPVRQVWKDWWHHLQHUYRQLKQHQ GLHYLHUJUDXVDPHQ*HVWDOWHQJHVHKHQGLHHLQHV1DFKWVEHU GHQ+JHOXQGGDQQGXUFKGLH/IWHULWWHQXQGLQGHU)HUQH YHUVFKZDQGHQ 'DVZDUHQVHLQH+HOIHUJHZHVHQ'LHYLHU6DPXUDLGLHLKQ DXFKYRUODQJHU=HLWEHJOHLWHWKDWWHQ 6LHZDUHQGLH9RUERWHQGHV%|VHQDOOH$Q]HLFKHQVWDQGHQ DXI6WXUPPLW7RNDWDV5FNNHKUZDUMHGHQ7DJ]XUHFKQHQ
$EHQGVQDFKJHWDQHU$UEHLWVHW]WHQVLHVLFK]XVDPPHQ EHULHWHQXQGEHWHWHQ]XGHQ*|WWHUQ)DVWMHGHU2UWKDWWH HLQHQDQGHUHQ*RWW 'LH0HQVFKHQZDUHQVHKUDEHUJOlXELVFKDEHULQGLHVHQ =HLWHQIOHKWHQVLH]X$PDWHUDVXGHUREHUVWHQ*|WWLQGDPLW VLHLKUH%LWWHQHUK|UWHXQGGHQJUDXVDPHQ7RNDWDLQGHU NDOWHQ(UGHGHV+JHOVUXKHQOLH (LQLJHVSUDQJHQVFKRQGDYRQGLH+HLPDW]XYHUODVVHQ GRFKVLHZXUGHQEHUVWLPPW 1HLQPDQZROOWHGRUWEOHLEHQZRGLH$KQHQJHOHEWXQG JHDUEHLWHWKDWWHQ=XVHKUZDUPDQPLWGLHVHU*HJHQGYHU ZDFKVHQ0DQKDWWH.ULHJHHUOHEWVFKOHFKWHXQGJXWH =HLWHQXQGPDQKDWWHVLHEHUVWDQGHQ 6RVROOWHHVEOHLEHQ $XFKLQGLHVHUODQJHQ1DFKWWDWVLFKQLFKWV $OVGLH7DJHVZHQGHEHUVFKULWWHQZDUOHJWHQVLFKGLH 0HQVFKHQVFKODIHQ ,QLKUHQ7UlXPHQMHGRFKJHLVWHUWHHLQHJHIlKUOLFKH*HVWDOW GLH$QJVW3DQLNXQG6FKUHFNHQYHUEUHLWHWH 7RNDWDGHUWHXIOLVFKH6DPXUDL :DQQZUGHHUHUZDFKHQ" 9RQDOOGLHVHQ'LQJHQDKQWHQZLUQLFKWVDOVZLUXQVDXIGHQ :HJQDFK6RKRPDFKWHQ :LUGDVZDUHQ%LOO&RQROO\6XNRXQGLFK 'LHVPDOKDWWHQZLUPHLQHQ:DJHQJHQRPPHQXQGLFK IXKU 6HOWHQKDWWHLFKHLQHQ)DOOPLWVRWUEHQ*HGDQNHQLQ $QJULIIJHQRPPHQ'HQQGDV:LVVHQXPGLH0DFKWORVLJNHLW PHLQHU6LOEHUNXJHOQIUDZLHHLQHlW]HQGH6lXUHLQPLU :LHNRQQWHLFKGLHVHQ6DPXUDLEHVLHJHQ" 0LWGHP.UHX]".DXPGHQQHVJHK|UWH]XHLQHUFKULVWOL FKHQ5HOLJLRQ$XFKPHLQ%XPHUDQJZDUXQWHU8PVWlQGHQ QLFKWGLHULFKWLJH:DIIH(EHQVRYHUKLHOWHVVLFKPLWGHP
VLOEHUQHQ'ROFKXQGGHU*HPPH:DVLFKVFKRQODQJH JHDKQWXQGEHIUFKWHWKDWWHZDUQXQHLQJHWURIIHQ,FKZDU DXI*HJQHUJHWURIIHQEHLGHQHQGLH0LWWHOGHUFKULVWOLFKHQ /HKUHQLFKWVPHKUQXW]WHQ 8QGGDVZDUVFKOLPP %HVWLPPWJDEHV:DIIHQPLWGHQHQLFKDXFKGLHDQGHUHQ 'lPRQHQDUWHQEHNlPSIHQNRQQWHQXUEHVDLFKNHLQH $XFK6XNRNRQQWHPLUGDQLFKWYLHOKHOIHQ (UZXWHZRKOEHUFKLQHVLVFKH*|WWHU%HVFKHLGQLFKW MHGRFKEHUMDSDQLVFKH %LOO&RQROO\PHUNWHGDPLFKQLFKWJHUDGHRSWLPLVWLVFKH *HGDQNHQEHVFKlIWLJWHQ(UYHUVXFKWHPLFKDXFKDXI]X PXQWHUQ ª1LPP VQLFKWVRWUDJLVFK-RKQ:LUVFKDIIHQHV© ª+RIIHQWOLFK© 'HU9HUNHKUXPGLHVH7DJHV]HLWZDUZLHGHUVFKOLPP 7URW]KRKHU%HQ]LQSUHLVHVFKLHQVLFKLQGHU/RQGRQHU&LW\ DOOHVYHUVDPPHOW]XKDEHQZDV5lGHUKDWWH :LUNDPHQQXUVWRZHLVHYRUDQ 3LFFDGLOO\&LUFXVOLHHQZLUOLQNVOLHJHQJHODQJWHQDXIGLH :DUGRXU6WUHHWXQGIXKUHQEHUHLWVGXUFK6RKR:HLWHUYRUQ WDXFKWHQGLHEHLGHQ%DXWHQGHV*OREHXQG$SROOR7KHDWHUV DXI+LHUOLHIHQGLHZHOWEHUKPWHQ0XVLFDOVRIWLQJURHU 6WDUEHVHW]XQJ,FKKDWWHLP$SROORXQWHUDQGHUHP/L]D 0LQHOOLLQ!&DEDUHWJHVHKHQ-DQH&ROOLQVKDWWHPLFKEH JOHLWHW$OOHUGLQJVZUGHHVGDXHUQELVGLH'HWHNWLYLQZLH GHUPLWPLULQV7KHDWHUJLQJ-DQHZDUVDXHU %LOOGLULJLHUWH ª6LHK]XGDGXGHQ/.:GDEHUKROVWGDQQUHFKWVUHLQ© ,FKVFKDIIWHHV %LOONODWVFKHXQGLFKYHU]RJGDV*HVLFKW $QGHQ5FNVHLWHQGHUEHLGHQ7KHDWHUIXKUHQZLUYRUEHL $XVJURHQ&RQWDLQHUQZXUGHQ.XOLVVHQDEJHODGHQ$XFK PLUZDUEHNDQQWGDPDQVLFKLP$SROOR]XHLQHU 3UHPLHUHQUVWHWH
ª1lFKVWHOLQNV©VDJWH%LOO:LUJHODQJWHQLQHLQHVFKPDOH 6WUDH (LQH(LQEDKQ5HFKWVSDUNWHQ]DKOUHLFKH)DKU]HXJH6LH PDFKWHQGLH6WUDHQRFKHQJHUDOVVLHRKQHKLQVFKRQZDU :LHHLQZLWWHUQGHV5DXEWLHUVFKREVLFKGLH6FKQDX]HGHV %HQWOH\YRUDQ2EZRKOVRQQLJHV:HWWHUKHUUVFKWHILHOHQGLH 6WUDKOHQNDXPLQGLHVHVFKPDOH6WUDHHLQ :LHVDKHQNHLQH0HQVFKHQ'LH*HElXGHEHKHUEHUJWHQ 1LHGHUODVVXQJHQ]DKOUHLFKHU)LUPHQ :REHIDQGVLFKGLH6FKXOH" (LQ6FKLOGZLHVGDUDXIKLQ(V]HLJWHMDSDQLVFKH 6FKULIW]HLFKHQ'DUXQWHUODVLFKGHQ7H[WLQ(QJOLVFK .HQGR6FKRRO ª'LH6FKXOHKDEHQZLUHLQHQ3DUNSODW]MHGRFKQLFKW© PHLQWH%LOO&RQROO\ 1DFKLKPKLHOWLFKHEHQIDOOV$XVVFKDX6FKOLHOLFKIXKULFK GHQ:DJHQPLWGHU6FKQDX]H]XHUVWDXIHLQHQVFKPDOHQ %UJHUVWHLJ'RUWPXWHHUHEHQVWHKHQEOHLEHQ :LUVWLHJHQDXV'XPSIVFKZDSSWHQGLH7UHQ]XDOVZLU VLHLQV6FKORZDUIHQ ,FKEHU]HXJWHPLFKPLWHLQLJHQ*ULIIHQGDPHLQH :DIIHQYRUKDQGHQZDUHQXQGQLFNWHPHLQHQ)UHXQGHQ]X 'HU(LQJDQJ]XU.HQGR6FKXOHVDK]LHPOLFKXQVFKHLQEDU DXV(LQHVFKPDOH7UYRQGHUGLHJUQH)DUEHEHUHLWV DEEOlWWHUWH,Q$XJHQK|KHEHIDQGVLFKHLQH.ODSSH ,FKHQWGHFNWHHLQH.OLQJHO6LHEHIDQGVLFKUHFKWVLP 0DXHUZHUN ,FKVFKHOOWH ,P,QQHUHQKDOOWHVFKZDFKHLQ*RQJQDFK6FKQHOOH 6FKULWWHQlKHUWHQVLFKGDQQZXUGHJH|IIQHW 'HU0DQQGHUYRUXQVVWDQGWUXJGLH.OHLGXQJHLQHV -XGRNDV(UZDUXQJHIlKUVRJURZLH6XNRQXUHWZDV VFKPDOHU6HLQ*HVLFKWPLWGHU0RQJROHQIDOWHXPGLH$XJHQ QDKPHLQHQIUDJHQGHQ$XVGUXFNDQ$XVGHP,QQHUQGHV +DXVHVGUDQJHQ.DPSIJHUlXVFKHDQXQVHUH2KUHQ(VK|UWH
VLFKDQDOVZUGHQLUJHQGZHOFKH*HJHQVWlQGHLPJOHLFK EOHLEHQGHQ5K\WKPXVJHJHQGLH:DQGJHVFKODJHQ ª6LHZQVFKHQ"©IUDJWHGHU-DSDQHULQHLQZDQGIUHLHP (QJOLVFK ,FKKDWWHPLUEHUHLWVHLQHQ3ODQ]XUHFKWJHOHJW6FKQHOOJDE LFKGLH$QWZRUWª:LUKDWWHQHLJHQWOLFKYRUXQVPLWGHP .HQGR6SRUWHWZDVQlKHU]XEHVFKlIWLJHQXQGGHVKDOE P|FKWHQZLUXQVHLQPDO,KUH6FKXOHDQVFKDXHQ© 'HU0DQQQLFNWHXQGOlFKHOWHª'DVLVWVHKUYHUQQIWLJ *HQWOHPHQ'DUILFK6LHKHUHLQIKUHQ"© ,FKZDUEHUUDVFKW6RUHLEXQJVORVKlWWHLFKPLUXQVHUHQ (LQWULWWQXQGRFKQLFKWYRUJHVWHOOW 'HU0DQQWUDW]XU6HLWH :LUJHODQJWHQLQHLQHQ]LHPOLFKHVFKPDOHQ)OXUDQGHVVHQ (QGHLFKGLHEHLGHQ)OJHOHLQHUK|O]HUQHQ6FKZLQJWUVDK $QGHQ:lQGHQNOHEWHQ3ODNDWH6LH]HLJWHQDOOHVDPWGLH .HQGR.lPSIHULQ$NWLRQ (VZDUVFKRQEHHLQGUXFNHQGGLHVH0lQQHU]XEHWUDFKWHQ :HQQLFKGDUDQGDFKWHVLHPDODOV*HJQHU]XKDEHQGDQQ EUHLWHWHVLFKHLQXQDQJHQHKPHV*HIKOLQPHLQHP,QQHUHQ DXV 'HU-DSDQHUVFKORGLH7U(UVFKULWWOlFKHOQGDQXQVYRU EHLXQGGUFNWHGLHUHFKWH+lOIWHGHU6FKZLQJWUDXI ,FKIOVWHUWH6XNRHLQH)UDJHLQV2KUª:DVKlOWVWGXGHQQ GDYRQ"© ª0DQJLEWVLFKVHKUIUHXQGOLFK© ª,VWGDVQRUPDO"© ª.DQQLFKQLFKWVDJHQ© :LUVFKDXWHQLQGHQ.DPSIUDXP=HKQ0lQQHU]lKOWHLFK GLHVLFKLP6WRFNIHFKWHQEWHQ6LHWUXJHQKHOOH.OHLGXQJ GLHPLFKDQGLH-XGRND$Q]JHHULQQHUWHQ $OOHNlPSIWHQ 6LHVWDQGHQVLFKDXI0DWWHQJHJHQEHUXQGVFKOXJHQDXI HLQDQGHUHLQZlKUHQGVLHIDVWMHGH$WWDFNHPLWHLQHPXULJHQ .DPSIVFKUHLEHJOHLWHWHQ
8QZLOONUOLFKEOLHELFKVWHKHQ'LHVH0lQQHUZDUHQ $UWLVWHQ9LUWXRVKDQGKDEWHQVLHLKUH.HQGR6W|FNHGLHKHOO DXINODQJHQZHQQVLHJHJHQHLQDQGHUSUDOOWHQ (VZDUHQIDQWDVWLVFKH.lPSIHU'LUHNWQHEHQPLUVDKLFK HLQHQ.UDIWSURW]GHUVHLQHQ.HQGR6WRFNIHVWXPNODPPHUW KLHOWXQGDXIVHLQHQZHVHQWOLFKNOHLQHUHQ*HJQHUHLQVFKOXJ 'HUMHGRFKYHUWHLGLJWHVLFKJHVFKLFNWSDULHUWHGLH6FKOlJH XQGJLQJ]XP*HJHQDQJULIIEHU(UZDUVRVFKQHOOGD GHU.UlIWLJHNDXPSDULHUHQNRQQWHXQG]XU$XIJDEHJH ]ZXQJHQZXUGH ª,FKKHLHEULJHQV.XQL©VDJWHGHU0DQQGHUXQVVR IUHXQGOLFKKHUHLQJHEHWHQKDWWH 'LH+|IOLFKNHLWJHERWHVGDDXFKZLUXQVHUHQ1DPHQ VDJWHQ.XQL]XFNWHPLWNHLQHU:LPSHUHUEHKLHOWVHLQ /lFKHOQEHL ª:ROOHQ6LHVLFKHUVWPDOGLH.lPSIHDQVFKDXHQ"©IUDJWH HUPLFK ª-D© 'RUWN|QQHQ6LH3ODW]QHKPHQ©(UGHXWHWHDXIHLQLJH 6LW]UHLKHQDQGHUOLQNHQ+DOOHQVHLWH(VZDUHQVFKOLFKWH +RO]ElQNH'UHLYRQLKQHQVWDQGHQKLQWHUHLQDQGHU'LH ]ZHLWHXQGGULWWHZDUMHZHLOVK|KHUDOVGLHGDYRU)HQVWHU JDEHVQLFKWGDIUEHVWDQGHLQH:DQGDXV*ODVEDXVWHLQHQ (UOHXFKWHWZXUGHGLH+DOOHYRQ]ZHLXQWHUGHU'HFNH NOHEHQGHQ/HXFKWVWRIIU|KUHQ 'LH.lPSIHUQDKPHQYRQXQVNHLQH1RWL]ZHQLJVWHQV NHLQHVLFKWEDUH6LHEWHQZHLWHU8QGGDVDOOHVRKQH.RSI XQG*HVLFKWVVFKXW]'DPXWHPDQVFKRQHLQ$VVHLQ ª*HIlOOWHV,KQHQ"©ZDQGWHVLFK.XQLDQXQV ª-DVHKU©HUZLGHUWHGHU5HSRUWHU .XQLOlFKHOWHª6LHN|QQHQUXKLJEOHLEHQ,KUH$Q ZHVHQKHLWVW|UWGLH.lPSIHUQLFKW© %LOOVFKDXWHPLFKDQ 6XNRXQGLFKQLFNWHQ6FKDGHQNRQQWHHVEHVWLPPWQLFKW ZHQQZLUXQVKLHUDXIKLHOWHQ
,QGHUGULWWHQ5HLKHQDKPHQZLU3ODW].XQLZDUWHWHELV ZLUXQVJHVHW]WKDWWHQYHUEHXJWHVLFKK|IOLFKXQGJLQJ ,FKVD]ZLVFKHQ%LOOXQG6XNR=XU+lOIWHNRQQWHLFKGLH %HLQHDXVVWUHFNHQGDQQEHUKUWHQPHLQH.QLHGLH.DQWH GHUYRUGHUHQ6LW]UHLKH ª:DVVDJVWGXGD]X"©IUDJWHGHU5HSRUWHU ª6RKlWWHLFKPLUGHQ(PSIDQJQLFKWYRUJHVWHOOW0DQLVW VHKUDXIPHUNVDPXQGK|IOLFK© ª=XK|IOLFK©EHPHUNWH%LOO&RQROO\ª,UJHQGHWZDVVWLPPW PLWGLHVHU6FKXOHQLFKWVRQVWKlWWHPHLQ.ROOHJHVLH EHVWLPPWQLFKWLQVHLQHQ$XI]HLFKQXQJHQHUZlKQW© 'HU0HLQXQJZDULFKDXFK+LQWHUXQVEHIDQGHQVLFK PHKUHUH7UHQ:DKUVFKHLQOLFKJHODQJWHPDQGXUFKVLH ]XGHQ'XVFKXQG8PNOHLGHUlXPHQ8QGHLQHGLHVHU 7UHQZXUGHJH|IIQHW (LQXUDOWHU0DQQEHWUDWGLH+DOOH,FKVWXW]WHXQZLOONU OLFKDOVLFKLKQVDKGHQQHUZDUZLUNOLFKHLQHDXHU JHZ|KQOLFKH(UVFKHLQXQJ'HU$OWHWUXJNHLQHZHVWOLFKH .OHLGXQJVRQGHUQHLQNLPRQRlKQOLFKHV*HZDQGGDVLKP ELVDXIGLH.Q|FKHOUHLFKWH (UKDWWHHLQIDOWLJHV*HVLFKWZHLHV+DDUXQGHLQHQ )DGHQEDUWYRQHEHQVROFKHU)DUEH'LH+lQGHKDWWHHULQGLH bUPHOVHLQHV0DQWHOVJHVWHFNW,QGLHVHP$XI]XJHULQQHUWH HUPLFKQLFKWDQHLQHQ-DSDQHUVRQGHUQDQHLQHQFKLQHVL VFKHQ0DQGDULQ $XFKPHLQHQ)UHXQGHQZDUGHU0DQQDXIJHIDOOHQª:HU LVWGDVGHQQ"©VWDXQWH%LOO&RQROO\ ,FKKREGLH6FKXOWHUQ ª.DQQVWGXPLWLKPHWZDVDQIDQJHQ"©IUDJWHGHU5HSRUWHU 6XNR ª1HLQ© 'HU$OWHVFKDXWH]XXQVKHUEHU(UZDUVWHKHQJHEOLHEHQ $OVVLFKXQVHUHU%OLFNHWUDIHQOlFKHOWHHU ,FKQLFNWHJUHQG 'HU0DQQVDKHVDOVHLQH(LQODGXQJDQGHQQHUVHW]WHVLFK
LQ%HZHJXQJXQGWUDWDXIXQV]X1HEHQ%LOO&RQROO\VHW]WH HUVLFKQLHGHU :LUVFKZLHJHQ 'LH0lQQHUNlPSIWHQZHLWHU6LHVFKLHQHQEHUKDXSW QLFKW]XHUPGHQXQGHVVFKLHQLKQHQUHJHOUHFKW6SD]X EHUHLWHQDXIHLQDQGHUHLQ]XVFKODJHQ ª*HIlOOWHVGHQ+HUUHQ"©IUDJWHGHU$OWH ª-DVHKU©HUZLGHUWH%LOO ª'DQQP|FKWHQ6LHGDV6WRFNIHFKWHQHUOHUQHQ"© ª0DOVHKHQ© ª(VLVWHLQJXWHUXQGHKUOLFKHU6SRUW©HUNOlUWHGHU$OWH ª:HQQ6LHLKQLQGLHVHU6FKXOHHUOHUQHQZROOHQGDQQVLQG 6LHJHQDXULFKWLJEHLXQV:LUIKUHQGLHlOWHVWH.HQGR 6FKXOH/RQGRQV© ª.lPSIHQ6LHDXFKQRFK"©IUDJWHLFK 'HU$OWHOlFKHOWHª1HLQDEHULFKKDEHGLHVH6FKXOHJH JUQGHW.XQLPHLQ6RKQIKUWVLHZHLWHU© ª'DQQLVWDXFKHUHLQ.HQGR.lPSIHU"© ª-DVRJDUHLQVHKUJXWHU© 'DVJODXEWHLFKGHP0DQQ(UJHILHOPLUDXFKGHVKDOE ZHLOHUVRJHVSUlFKLJZDU9LHOOHLFKWNRQQWHPDQYRQLKP PHKUHUIDKUHQ ª%LOGHQ6LHQXU.HQGR.lPSIHUDXV"©IUDJWHLFK ª-DHVLVWHLQHUHLQH.HQGR6FKXOH© ª/RKQWVLFKGDVGHQQ",FKPHLQHQXU.HQGRXQGNHLQH DQGHUH.DPSIVSRUWDUW6R]DKOUHLFKZHUGHQLKUH6FKOHU DXFKQLFKWVHLQ© ª:LUVLQGEHVFKHLGHQ© ,FKOLHQLFKWORFNHUª2EZRKOHVLQ-DSDQQRFKDQGHUHWUD GLWLRQVUHLFKH.DPSIDUWHQJLEW© ª:RUDQGHQNHQ6LH6LU"© ª=XP%HLVSLHODQGLHDOWHQ6DPXUDL7XJHQGHQ©-HW]WZDU HVKHUDXVXQGLFKZDUJHVSDQQWZDVGHU$OWHGD]XVDJWH (UOlFKHOWH1LFKWXQYHUELQGOLFKVRQGHUQLUJHQGZLH ZLVVHQGª6LHVLQGHLQNOXJHU0DQQ6LU©VDJWHHUª'RFK
DXFKZLUPVVHQXQVXPVWHOOHQ:HUZLOOKHXWHQRFKHWZDV YRQGHQ/HKUHQGHU6DPXUDLZLVVHQ"'DVLVWYRUEHL© ,FKZLHJWHGHQ.RSIª(QWVFKXOGLJHQ6LHZHQQLFKDQ ,KUHU$XVVDJH=ZHLIHOKHEHGRFKYRUEHLVFKHLQWPLUGDV :LUNHQGHU6DPXUDLQLFKW]XVHLQ© 'HU$OWHEOLHEJOHLFKEOHLEHQGIUHXQGOLFKª'DVPVVHQ6LH PLUHUNOlUHQ© -HW]WULWWPLFKGHU7HXIHO,FKZROOWHHQGOLFKZLVVHQZRUDQ LFKZLUNOLFKZDU8QGLFKSDFNWHDXV,FKEHULFKWHWHGDYRQ GDXQVHLQ6DPXUDLEHJHJQHWZDU,FKHU]lKOWHQLFKWVYRQ GHP0RUGGRFKDXFKPHLQHZHQLJHQ6lW]HZLVFKWHQGDV IUHXQGOLFKH/lFKHOQDXIGHP*HVLFKWGHV$OWHQZHJ(U VFKDXWHPLFKMHW]W]LHPOLFKHUQVWXQGDXFKHLQZHQLJlQJVW OLFKDQ ª8P+LPPHOVZLOOHQ6LUVSUHFKHQ6LHQLFKWZHLWHU© ª:DUXPQLFKW"© (UVHQNWHGLH6WLPPH]XHLQHP)OVWHUQª:HLO6LHGDPLW HWZDVLQ%HZHJXQJEULQJHQDQGDVPDQDPOLHEVWHQJDU QLFKWPHKUHULQQHUWZHUGHQZLOO© ª:DVLVWHV"© ª,FKNDQQHV,KQHQQLFKWVDJHQ© ª,VWHVHLQ9HUEUHFKHQ"© ª(LQDOWHU)OXFK© ª'HU/HLGXQG6FKDGHQEULQJHQNDQQ"© ª-D© ª'DQQPVVHQ6LHPLFKDXINOlUHQ©GUlQJWHLFKª:HQQ GHU)OXFKIUGLHDKQXQJVORVHQ0HQVFKHQJHIlKUOLFKLVW GUIHQ6LHQLFKWVYHUKHLPOLFKHQ5HGHQ6LHELWWH© 'HUDOWH0DQQQLFNWHª-D6LHKDEHQUHFKW$EHULFKZHL QLFKWRE6LHXQG,KUH)UHXQGHGLH.UDIWILQGHQZHUGHQXP GLHVHQ)OXFK]XVWRSSHQ© ª6LHPVVHQHVDXIHLQHQ9HUVXFKDQNRPPHQODVVHQ© 'HU$OWHQLFNWH(UVFKDXWHVLFKXPREXQVDXFKQLHPDQG ]XK|UWH'DVZDUQLFKWGHU)DOO'LH0lQQHUNlPSIWHQ ZHLWHUXQGYRQ.XQLZDUDXFKQLFKWV]XVHKHQ
ª:LHVDKHUDXV"©IUDJWHPLFKGHU0DQQ ,FKJDEHLQHJHQDXH%HVFKUHLEXQJ ª-D©VDJWHGHU$OWHªGDVLVWHU(VEHVWHKWNHLQ=ZHLIHO 'DVLVWHLQHUGHU'LHQHU7RNDWDV© ª8QGZHULVWGDV"©ZROOWHLFKZLVVHQ ª'HU6DPXUDLGHV6DWDQV(LQXUDOWHUMDSDQLVFKHU'lPRQ GHUYRUODQJHU=HLWHLQPDOGLH0HQVFKHQLQ$QJVWXQG 6FKUHFNHQYHUVHW]WKDW© ª:LVVHQ6LHPHKUGDUEHU"© ª-D8QGZRZLUVFKRQHLQPDOYRQLKPUHGHQZHUGHLFK ,KQHQLQHLQSDDU6lW]HQ]XHUNOlUHQYHUVXFKHQ:LH6LHYLHO OHLFKWZLVVHQLVW0\WKRORJLHPHLQHU+HLPDWYLHOIlOWLJXQG YLHOVFKLFKWLJ(VJLEW]DKOUHLFKH*|WWHUJHVFKOHFKWHUXQG XQ]lKOLJHJXWHVRZLHE|VH*HLVWHU7RNDWDVWDPPWYRQGHQ *|WWHUJHVFKZLVWHUQ,]DQDJLXQG,]DQDPLDE'LH*H VFKZLVWHUVHOEVWZDUHQ1DFKNRPPHQYRQEHU *|WWHUJHQHUDWLRQHQ'LHEHLGHQEHWULHEHQ,Q]XFKW6LHSDDU WHQVLFKXQGJHEDUHQHEHQIDOOV]DKOUHLFKH*RWWKHLWHQ'LHVH HQWVWDQGHQDXVGHQ$XJHQGHQ1DVHQRGHUGHQ2KUHQ 7RNDWDVWDPPWDXVGHQ$XJHQGHV*HVFKZLVWHUSDDUHV,P *HJHQVDW]]XGHQPHLVWHQ*HERUHQHQZDQGHOWHHUQLFKWDXI GHP3IDGGHV*XWHQVRQGHUQVFKOXJGHQGHV%|VHQHLQ(U YHUEQGHWHVLFKVHKUVFKQHOOPLW(PPD+RRGHULQHXHUHU 6SUDFKHDXFK7HXIHORGHU6DWDQKHLW(PPD+RRKHUUVFKW EHUGLH-LJRNXGLH+|OOH(UQDKP7RNDWDIUHXGLJDXIGHQQ LPPHUZLHGHUVXFKWHHUQDFK'LHQHUQGLHQXULKPK|ULJ ZDUHQ7RNDWDJHK|UWHGD]X$OV'DQNVFKPLHGHWHLKP (PPD+RRLP+|OOHQIHXHUHLQ6DPXUDL6FKZHUWGHVVHQ %HVLW]HUDOVXQEHVLHJEDUJDOW8QG7RNDWDZDUXQEHVLHJEDU (UXQGYLHUDQGHUH6DPXUDLIHJWHQZLHGHU6WXUPZLQGEHU GDV/DQG6LHW|WHWHQZDKOORVVFKlQGHWHQXQGEUDQGVFKDW] WHQ6FKRQEDOGZXUGHQVLH]XU*HLHO1LSSRQV0XWLJH 0lQQHUVWHOOWHQVLFKLKQHQHQWJHJHQGRFKVLHKDWWHQNHLQH &KDQFHJHJHQGLH*UDXVDPHQ)QI,KU7HUURUZXUGH VFKOLPPHUXQGVHOEVWGLH*|WWHUZDUHQHU]UQW6LHIDWHQ
QXQHLQHQIROJHQVFKZHUHQ(QWVFKOX:HQQNHLQHUGHU 0HQVFKHQGLH*UDXVDPHQDXIKDOWHQNRQQWHGDQQZROOWHQ VLHHVWXQ6LHVFKPLHGHWHQHLQHQ3ODQZLHVLH7RNDWDXQG VHLQH9DVDOOHQ]X/HLEHUFNHQNRQQWHQ8QGGLHVFKDIIWHQ HVGLH*UDXVDPHQ)QI]XYHUQLFKWHQDEHUQLFKW]XW|WHQ $OOHVROOWHQYHUEUDQQWXQGLKUH$VFKHLQGLHYLHU +LPPHOVULFKWXQJHQYHUVWUHXWZHUGHQGRFKGHUPlFKWLJH (PPD+RROLHGLHVQLFKW]X(VJDEKDUWH$XVHLQ DQGHUVHW]XQJHQGLHVFKOLHOLFKPLWHLQHP.RPSUR PLHQGHWHQ7RNDWDXQGVHLQH6DPXUDLVZXUGHQQLFKWJHW| WHWVRQGHUQYHUJUDEHQ,QXQKHLOLJHU(UGHLQHLQHPYHUOR VFKHQHQ9XONDQ9RQGLHVHP=HLWSXQNWDQKDWPDQQLHPHKU HWZDVYRQLKQHQJHK|UW© ª$EHUVLHZDUHQQLFKWY|OOLJDXVJHVFKDOWHW©YHUPXWHWHLFK ª6WLPPW© ª'DQQVLQGVLHMHW]W]XUFNJHNHKUW©VWHOOWHLFKIHVWª2GHU ZHQLJVWHQVHLQHUYRQLKQHQ© 'HU$OWHVFKZLHJ ª:LVVHQ6LHQLFKWVGDUEHU"©KDNWHLFKQDFK ª,FKKDEHVFKRQ]XYLHOJHVDJW©HUZLGHUWHGHU-DSDQHU ª:HQQ6LHVLFKVHOEVWHLQHQ*HIDOOHQWXQZROOHQGDQQJHKHQ 6LH*HKHQ6LHVRIRUWXQGVFKQHOO© 'LH:DUQXQJNODQJHUQVW8QGGHU$OWHVSUDFKVLHQLFKW XPVRQVWDXV(UZXWHEHVWLPPWPHKU(UKDWWHJHUHGHW 0HLQHU$QVLFKWQDFKEHIDQGHUVLFKLQJURHU*HIDKUXQG GDVVDJWHLFKLKP ª'DQQJHKHQ6LHPLW© ª1HLQPHLQ3ODW]LVWKLHU© 'LH$QWZRUWKDWWHGHU0DQQVREHU]HXJHQGJHJHEHQGD LFKGDJHJHQQLFKWVVDJHQNRQQWH$EHULFKZROOWHQRFKHWZDV ZLVVHQª:HUVWHFNWGDKLQWHU"©IUDJWHLFKª:HUKDWGHQ 6DPXUDLJHKROW"© ª(UOLHJWQRFKLQVHLQHP*UDE©HUZLGHUWHGHU$OWHª$EHU 7RNDWDZLUGEDOGDXIHUVWHKHQ:LUDOOHVSUHQHV'LH =HLFKHQVWHKHQDXI6WXUP$OOH9RU]HLFKHQVLQGHUIOOWXQG
GHUHUVWHLVWVFKRQGD6LHVHOEVWKDEHQLKQJHVHKHQ© ª-DDEHU6LHKDEHQPHLQH)UDJHQRFKQLFKWEHDQWZRUWHW© VDJWHLFKª,FKZLOOGHQ+LQWHUPDQQZLVVHQ:HUKDWGLHVHQ DOWHQ)OXFKDXVJHJUDEHQ"© 'HU$OWHVFKDXWH]X%RGHQ ª,VWHVHLQ-DSDQHU"© ª1HLQ© 0HLQ9HUGDFKWYHUVWlUNWHVLFK %LOO&RQROO\NRQQWHVHLQH1HXJLHUGHNDXPQRFKXQWHU GUFNHQª'DQQLVWHVYLHOOHLFKW'U7RGRGHU$VPRGLQD"© :HLWULGHUDOWH-DSDQHUGLH$XJHQDXI8QGGDZXWHQ ZLUDOOHGD%LOOGHQ1DJHODXIGHQ.RSIJHWURIIHQKDWWH hEHUUDVFKWZDUHQZLUQLFKW:LUUHFKQHWHQVFKOLHOLFKPLW $NWLYLWlWHQXQVHUHVJURHQ*HJQHUV(UKLHOWDOVRZLHGHUGLH )lGHQLQGHU+DQG 3O|W]OLFK]XFNWHGHU$OWH]XVDPPHQ1RFKLQGHUVHOEHQ 6HNXQGHElXPWHHUVLFKDXIXQGVFKULHHQWVHW]W %OLW]VFKQHOOVSULW]WHQZLUYRQXQVHUHQ3OlW]HQKRFKXQG GXFNWHQXQVJOHLFK]HLWLJ 'HUDOWH0DQQILHOQDFKYRUQ0LWVHLQHP*HVLFKWSUDOOWHHU DXIGLH+RO]EDQN6HLQGXQNHOJUQHU.LPRQRYHUUXWVFKWH GHU+DOVODJIUHLXQGMHGHUYRQXQVVDKGHQZLQ]LJHQ3IHLO LQVHLQHQ)OHLVFKVWHFNHQ ª*LIW©IOVWHUWH%LOO 8QGGDILHOXQVDXFKGLH6WLOOHDXI'LH.HQGR.lPSIHU KDWWHQDXIJHK|UW]XWUDLQLHUHQ6WDWWGHVVHQVWDUUWHQVLHXQV DQ=HKQ*HJQHUXQGYRUXQVODJHLQ7RWHU :DVPRFKWHQGLHVH0lQQHUGHQNHQ" ª-HW]WZLUGHVVFKZLHULJZHUGHQDXVGLHVHP5DXP]XHQW ZLVFKHQ©PXUPHOWH6XNR 'DJDELFKLKPUHFKW:LUZXWHQ]ZDUGDGHU7RGGHV $OWHQQLFKWDXIXQVHUH.DSSHJLQJDEHUGLH.HQGR.lPSIHU ZUGHQXQVGDVNDXPDEQHKPHQ
0DQNRQQWHPLW-DQH&ROOLQVYLHOPDFKHQGRFKDXVGHP 5HQQHQOLHVLHVLFKQLFKWZHUIHQYRUDOOHQ'LQJHQGDQQ QLFKWZHQQVLHHLQHXQKHLPOLFKH:XWLP%DXFKKDWWH :LHDQGLHVHP7DJ (LQNOHLQHV6FKXOPlGFKHQKlWWHPDQQLFKWDQGHUVEHKDQ GHOQN|QQHQGDFKWHVLH$EHUQLFKWPLWPLUVDJWHVLHVLFK 1LFKWPLW-DQH&ROOLQV6LHZDUZLUNOLFKVDXHUDXIGLH 0lQQHUDOOJHPHLQXQGDXIPLFKEHVRQGHUV .DXPKDWWHQZLUVLHDEJHVHW]WQDKP-DQHVLFKGDVQlFKVW EHVWHIUHLH7D[L ª:RKLQVROO VGHQQJHKHQ"©IUDJWHGHU)DKUHUHLQMXQJHU )DUELJHUGHUVHLQH%OLFNHNDXPYRQ-DQHV.|USHUO|VHQ NRQQWH 0LWHLVLJHU6WLPPHJDEGLH'HWHNWLYLQGLH$GUHVVHDQ 'HU'ULYHUZXUGHIULHGOLFKHUXQGVDJWHZlKUHQGGHU JHVDPWHQ)DKUWQLFKWVPHKU $XFK-DQHJHULHWLQHLQHQ6WDXXQGVRGDXHUWHHV]LHPOLFK ODQJHELVVLHDXVVWHLJHQNRQQWH(LQ7ULQNJHOGJDEVLHQLFKW :WHQGUDXVFKWHGHU)DKUHUGDYRQ $XFK-DQH&ROOLQVVDJWHGLHVFKPDOH6WUDHPLWLKUHQ]DKO UHLFKHQ%URKlXVHPQLFKWYLHO'DV6FKLOGIDQGVLHQDFK HLQLJHP6XFKHQ6LHJLQJDQGHU7UYRUEHLXQGEUDFKWH
(LQH%UDXHUHLDOVR8QGGLHZDUVWLOOJHOHJWZRUGHQVRYLHO -DQHHUNHQQHQNRQQWH (LQ*OFNVIDOO ,QGHQOHW]WHQ-DKUHQKDWWHQGLHJU|HUHQ%UDXHUHLHQGXUFK HLQHKDUWH3UHLVSROLWLNXQGHLQHQLPPHQVHQ0DFKWGUXFNGLH NOHLQHQ8QWHUQHKPHUDXVGHP5HQQHQJHZRUIHQ9LHOH 3ULYDWEUDXHUHLHQZDUHQLQGLH3OHLWHJHVFKOLGGHUW'LH )DEULNHQVWDQGHQOHHUZHLOQLHPDQGVLHNDXIHQZROOWHGLH *UXQGVWFNVSUHLVHZDUHQ]XKRFK -DQH&ROOLQVVFKDXWHVLFKGDV*HElXGHDQ (VPXWHVFKRQODQJHOHHUVWHKHQ]XGHPKDWWHQ -XJHQGOLFKHGLH)HQVWHUVFKHLEHQPLW6WHLQHQHLQJHZRUIHQ :RVRQVW*ODVZDUJlKQWHQMHW]W/|FKHU ,GHDOIUGLH'HWHNWLYLQ 6LHVFKDXWHVLFKXP 1LHPDQGVFKHQNWHLKU%HDFKWXQJ'LH0HQVFKHQGLHVLFK DXIGHU6WUDHEHIDQGHQKDWWHQJHQXJPLWLKUHQ)DKU]HXJHQ ]XWXQ(LQJU|HUHU:DJHQVSUDQJQLFKWDQ'UHL0lQQHU VFKREHQLKQ -DQHJLQJHLQSDDU6FKULWWH]XU6HLWHXQGVWDQGYRUHLQHP ]HUEURFKHQHQ)HQVWHU(VZDUHLQHJURHgIIQXQJGLHQDFK REHQKLQVSLW]ERJHQDUWLJ]XOLHI -DQHSDFNWHGLHUDXKH.DQWHGHU)HQVWHUEDQNVWHPPWH VLFKKRFKUXWVFKWHPLWGHQ+lQGHQQRFKZHLWHUYRUVRGD VLHGDV*HVLFKWDXIEHLGH%DOOHQYHUODJHUWHXQGVFKZDQJHLQ %HLQQDFKUHFKWV 6LHNQLHWHDXIGHU%DQN9RUVLFKWLJGDPLWVLHVLFKDQGHQ 6FKHUEHQHFNHQQLFKWVFKQLWWNOHWWHUWHVLHLQGDV,QQHUHGHU %UDXHUHL -DQHNRQQWHULHFKHQGDKLHUIUKHU%LHUJHEUDXWZRUGHQ ZDU(VURFKQDFKXQGWURW]GHUWHLOZHLVH]HUVW|UHQ)HQVWHU ZDUGLH/XIWIHXFKWXQGPKVDP]XDWPHQ 'LH'HWHNWLYLQZDULQGDVJURH6XGKDXVJHNOHWWHUW6LH VDKGLHJHZDOWLJHQ.XSIHUNHVVHOXQGGLH5RKUOHLWXQJHQGLH YRQGHQ.HVVHOQDXVJLQJHQXQGXQWHUGHU'HFNHHQWODQJ
OLHIHQ'DV0HWDOOVFKLPPHUWHJUQOLFKXQGZDUVWXPSI 0RQDWHODQJKDWWHKLHUQLHPDQGPHKUJHSXW]W$XFKDXI GHPJHIOLHVWHQ%RGHQKDWWHVLFKGHU6FKPXW]DQJHVDPPHOW (UODJGRUWDOVJUDXH6FKLFKW 9RUVLFKWLJJLQJ-DQHZHLWHU,KUH)HKLQWHUOLHHQ $EGUFNHDXIGHP%RGHQ6LHSDVVLHUWHHLQHQJURHQ %UDXERWWLFKXQGZDQGWHVLFKLQGLH5LFKWXQJZRGLH %UDXHUHLDQGDV1HEHQKDXVJUHQ]WH -HW]WVDK-DQHHLQLJH7UHQGLHLQGLHDQGHUH+DOOHQGHU )DEULNIKUWHQ'RUWZUGHVLHDXFKVLFKHUOLFKLQGHQ +LQWHUKRIJHODQJHQ .HLQH7UZDUYHUVFKORVVHQ -DQH|IIQHWHGLHHUVWH =ZHL6FKULWWHGDQDFKVWDQGVLHLQGHU+DOOHZRIUKHUGLH )ODVFKHQDEJHIOOWZXUGHQ6LHVDKGLH(WLNHWWLHUPDVFKLQH XQGGLH)OODQODJHQXQGDXFKGLHVFKPDOHQ%lQGHU $XILKQHQVWDQGHQQRFKHLQLJH)ODVFKHQ-HPDQGPXWH EHUHLWVYRULKULQGHU%UDXHUHLJHZHVHQVHLQGHQQLQEOLQGHU =HUVW|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lKUOLFKH
6LWXDWLRQHQEHUVWDQGHQGDVLHHVVRJDUPHUNWHZHQQ *HIDKULQGHU/XIWODJ :LHMHW]W -DQH&ROOLQVEOLHEVWHKHQ 6WLOOH1XULUJHQGZRLP+LQWHUJUXQGGHU+DOOHWURSIWHHLQ :DVVHUKDKQ*OHLFKPlLJSLWVFKWHQGLH7URSIHQDXIGHQ %RGHQ -DQHJLQJZHLWHU 6LHOlFKHOWHSO|W]OLFK9LHOOHLFKWKDWWHVLHVLFKDXFKJHLUUW XQWHU8PVWlQGHQZDUDOOHVQXU(LQELOGXQJJHZHVHQ %HVWLPPWVWHFNWHLKUQRFKGHU.DPSIPLWGHPJHIlKUOLFKHQ 6DPXUDLLQGHQ.QRFKHQ'LH9HUOHW]XQJDP$UPEUDQQWH QRFK $EHUDXIJHEHQZROOWHGLH'HWHNWLYLQQLFKW-HW]WPXWHVLH HVGHQ0lQQHUQEHZHLVHQ(VJLQJQLFKWDQGDPDQVLHVR RKQHZHLWHUHVDEVFKREZLHHLQHOlVWLJH)OLHJH 9RUVLFKLQGHU:DQGVDKVLHHLQHYLHUHFNLJHgIIQXQJ$XV LKUIXKUHLQ5ROOEDQGDXIGHPQRUPDOHUZHLVHGLH %LHUNlVWHQWUDQVSRUWLHUWZXUGHQ -HW]WVWDQGGDV%DQGVWLOO $XIGHQ5ROOHQODJGHU6WDXE$P(QGHGHV%DQGVVWDQG HLQDOWHU%LHUNDVWHQDXV+RO] -DQHVFKDXWHLQGLHgIIQXQJXQGVDKGLH%HZHJXQJ (VZDUPHKUHLQKXVFKHQGHU6FKDWWHQGRFKGLH'HWHNWLYLQ JODXEWHIHVWGDUDQVLFKQLFKWJHLUUW]XKDEHQ 'RUWZDUXQGGRUWODXHUWHMHPDQG 'HU6DPXUDL" 3O|W]OLFKULHVHOWHHLQNDOWHU6FKDXHUEHU-DQHV5FNHQ $QJVWVFKRLQLKUKRFKGRFKGDQQJDEVLHVLFKHLQHQ5XFN XQGVFKULWWZHLWHU:HQQGDMHPDQGZDUGDQQZROOWHVLHLKQ DXFKVHKHQ 6LHKROWHLKUH$VWUD3LVWROHDXVGHU+DQGWDVFKH'DV *HIKOGLH:DIIHLQGHQ)LQJHUQ]XKDOWHQJDELKUHLQH JHZLVVH6LFKHUKHLW 8PEHVVHUVFKDXHQ]XN|QQHQVWLHJ-DQHDXIGDV
5ROOEDQG6LHEDODQFLHUWH]ZHL6FKULWWHYRUVWDQGMHW]WGLFKW DQGHUg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lO]WHVLFK-DQHDXIGLH6HLWH'LH:lQGH]XEHLGHQ 6HLWHQEHVWDQGHQDXVJODWWHQ)OLHVHQ'LFKWEHUVLFKVDKVLH GLH'HFNH6RQLHGULJGDVLHHVQLFKWVFKDIIWHVLFKDXI]X ULFKWHQ6LHZlUHXQZHLJHUOLFKPLWGHP.RSIJHJHQGLH 'HFNHJHSUDOOW 8QGGLHgIIQXQJZXUGHNOHLQHUGDV%DQGOLHIVFKQHOOHU )U-DQHZXUGHHVK|FKVWH=HLW6LHVWHFNWHLKUH$VWUDLQ GHQ*UWHOXQGUREEWHVLFKLQGLHHQWJHJHQJHVHW]WH /DXIULFKWXQJGHV%DQGVZHLWHUXPGRFKQRFKGHQ$XVJDQJ ]XHUUHLFKHQ (VZDUXQP|JOLFKGDV%DQGOLHI]XVFKQHOO -DQHNDPQLFKWYRQGHU6WHOOH6LHNRQQWHQLFKWHLQPDOGLH *HVFKZLQGLJNHLWGHV%DQGVDXVJOHLFKHQ]XGHPUXWVFKWHQ LKUH+lQGHDXIGHQ5ROOHQLPPHUZLHGHUDE /lQJVWZDUVLHLQ6FKZHLJHEDGHW,KU$WHPSXPSWHDXV GHP0XQG9HU]ZHLIHOWVHW]WHVLHVLFKJHJHQGLHVHP|UGHUL VFKH7HFKQLN]XU:HKU6LHZXWHGDDP(QGHGHV%DQGV MHPDQGODXHUWHGHUGLHVHWHXIOLVFKH9RUULFKWXQJLQ%HWULHE JHVHW]WKDWWH
(LQH.XUYH-DQHNRQQWHVLHQLFKWVHKHQGDVLHVLFKLQ LKUHP5FNHQEHIDQG6LHZXUGHQXUKHUXPJHZRUIHQSUDOO WHJHJHQGLH:DQGXQGILHOElXFKOLQJVDXIGDV 7UDQVSRUWEDQG 1DFKGHU.XUYHJLQJHVEHUJDE (LQOHW]WHV0DONRQQWH-DQH&ROOLQVGLHgIIQXQJVHKHQ GDQQZXUGHVLHLQGLH7LHIHEHI|UGHUW 5DVHQGVFKQHOOJLQJGLH)DKUW6LHODJDXIGHP%DXFK VSUHL]WHGLH%HLQHXQGNODPPHUWHVLFKDP7UDQVSRUWEDQG IHVWZREHLVLHLKUH+DQGWDVFKHNUDPSIKDIWIHVWKLHOW 6LHNRQQWHGLH)DKUWQLFKWDXIKDOWHQ (LQOHW]WHU5XFNXQG-DQH&ROOLQVZXUGHYRP%DQG JHVFKOHXGHUW+DUWSUDOOWHVLHDXIGHQIHXFKWHQ.HOOHUERGHQ XQGEOLHEHUVWHLQPDOOLHJHQ 'DV%DQGVWRSSWH 6WLOOH ª2*RWW©IOVWHUWH-DQH&ROOLQVXQGHUKREVLFKWDXPHOQG +LQWHULKUEDOOWHVLFKGLH'XQNHOKHLW]XVDPPHQ1XUYRUQ ZRGDV%DQGLQGLH+|KHIKUWHVDKVLHHLQHQJUDXHQ /LFKWVFKLPPHU ,QVWLQNWLYGXFNWHVLHVLFK]XVDPPHQDOVZUGHVLHHLQHQ $QJULIIHUZDUWHQGHUDOOHUGLQJVEOLHEDXV 1LHPDQGWDWLKUHWZDV -DQHDQDO\VLHUWHLKUH/DJH'DV7UDQVSRUWEDQGKDWWHVLH DOVRLQGHQ.HOOHUEHI|UGHUW,QGDVXQKHLPOLFKH'XQNHO XQWHUGHQ)DEULNDWLRQVUlXPHQGHU%UDXHUHL/DXHUWHKLHU GLHMHQLJH3HUVRQGLHGDV%DQGLQ%HZHJXQJJHVHW]WKDWWH" %HVWLPPWXQGZHQQ-DQHGDUDQGDFKWHGDQQIUFKWHWHVLH VLFK +LHUNDQQWHVLHVLFKQLFKWDXV:HQQVLHQXUHLQSDDU 6FKULWWH]XU6HLWHJLQJZUGHVLHVLFKLQGHU'XQNHOKHLW YHULUUHQ:HOFKH/|VXQJJDEHVGDQQ" 'HQJOHLFKHQ:HJ]XUFN (VZDULKUHHLQ]LJH&KDQFHGHQQYLHOOHLFKWPHUNWHGHU MHQLJHGHUGDV%DQGDQJHVWHOOWKDWWHJDUQLFKWVGDYRQ
-DQHVHW]WHLKU9RUKDEHQLQGLH7DWXP6LHJLQJ]ZHL 6FKULWWHYRUHUUHLFKWHGDV%DQGHQGHEHWUDWHVXQGOLHVLFK DXI+lQGHXQG)HQLHGHU 'DQQNURFKVLHKRFK *HQDX]ZHL
VFKHQOLH$OVVLHVLFKHLQ+HU]IDWHXQG]XP]ZHLWHQPDO GDV)HXHU]HXJDQNQLSVWHZDUGLH*HVWDOWYHUVFKZXQGHQ (LQELOGXQJ" 1HLQ-DQHZDUVLFKHUNHLQHU7lXVFKXQJHUOHJHQ]XVHLQ 'HU6DPXUDLKDWWHYRULKUJHVWDQGHQ $EHUNRQQWHVLFKHLQ0HQVFKVRVFKQHOOXQGODXWORVEH ZHJHQ"-DQHILHOHLQGDVLHHVQLFKWPLWHLQHP0HQVFKHQ]X WXQKDWWHVRQGHUQPLWHLQHU.UHDWXUGHU+|OOH'DJDOWHQ HEHQDQGHUH*HVHW]WH -DQH&ROOLQVIUFKWHWHVLFK6LHGDFKWHDQGLHHUVWH %HJHJQXQJPLWGHP6DPXUDLXQGVLHZXWHZLHVFKQHOOHU PLWVHLQHUP|UGHULVFKHQ:DIIHZDU -HW]WODXHUWHHUVLFKHUOLFKLQGHU'XQNHOKHLWDXIVLH%HKDOWH GLH1HUYHQZHQQGXMHW]WGXUFKGUHKVWLVWDOOHVDXV 'DV)HXHU]HXJZDUQDWUOLFKYHUORVFKHQ6LHNQLSVWHHVHLQ GULWWHV0DODQ .HLQ)HLQGEHIDQGVLFKLQGHU1lKH8QGDXFKYRQGHQ 5DWWHQVDKVLHQLFKWV'LHKDWWHGDV)HXHUZDKUVFKHLQOLFK YHUVFKHXFKW (LQH+DQGEUHLWYRQGHU0DXHUHQWIHUQWVFKOLFK-DQH &ROOLQVZHLWHU+LQXQGZLHGHUODJHQNOHLQH6WHLQHDXIGHP %RGHQXQGHVNQLUVFKWHZHQQVLHXQWHU-DQHV6FKXKHQ]HU PDOPWZXUGHQ 6LHVDKHLQH7U1HLQQXUPHKUHLQRIIHQHU'XUFKOD $EHUHUEUDFKWHVLHLQHLQHQDQGHUHQ5DXP -DQHKDWWHEHJUQGHWH$QJVWGLH6FKZHOOH]XEHUVFKUHL WHQGRFKHVEOLHELKUNHLQHDQGHUH:DKO6LHPXWHHVHLQ IDFKZDJHQ:LHGHUQDKPVLHGLH)ODPPHGHV)HXHU]HXJV ]X+LOIHXPVLFK]XRULHQWLHUHQ*HVSHQVWLVFK]XFNWHGHU 6FKHLQEHUGLHNDKOHQ:lQGH$EHUGDQQVDK-DQHHWZDV GDVGDUDXIKLQGHXWHWHGDLQGLHVHP%UDXHUHLNHOOHU 0HQVFKHQJHOHEWRGHUVLFKDXIJHKDOWHQKDWWHQ 6LHVDK]DKOUHLFKH.HU]HQ 'LHVHZLHGHUXPVWDQGHQDXIHLQIDFKHQ%LHUIlVVHUQXQG NOHEWHQDQGHPJHVFKPRO]HQHQ7DOJIHVW
-DQH&ROOLQVVFKULWWDXIGLHHUVWH.HU]H]XXQG]QGHWHGHQ 'RFKWDQ1DFKGHPYLHU.HU]HQEUDQQWHQXQGLKUZDUPHV /LFKWYHUVWUHXWHQIKOWHVLFKGLH'HWHNWLYLQHWZDVZRKOHU REZRKOLKUGLH(LQVDPNHLWMHW]WDXFKQRFK$OSGUFNHQ YHUXUVDFKWH 6LHVFKULWW]ZLVFKHQGHQ)lVVHUQKLQGXUFKXQGEOLHESO|W] OLFKVWHKHQ,KU%OLFNZDUDXIHLQEHVRQGHUVJURHV)DJHIDO OHQDEHUQLFKWGLHVHU*HJHQVWDQGLQWHUHVVLHUWHVLHVRQGHUQ GHUMHQLJHGHUDXIGHQ)DVWDQG (VZDUHLQ:UIHO (LQJOlVHUQHU:UIHO 8QGGRFKZDUHUQLFKWJDQ]GXUFKVLFKWLJ'DV*ODVVFKLO OHUWHLQGHQYHUVFKLHGHQVWHQ)DUEHQ0DOGXQNOHUGDQQ ZLHGHUKHOOHUMDQDFKGHPZLHHVYRQGHP:LGHUVFKHLQGHU .HU]HQIODPPHJHWURIIHQZXUGH (LQ:UIHOLQGLHVHUYHUODVVHQHQ%UDXHUHL":LHVR":LH NDPHUKLHUKHU" -DQH&ROLQVGDFKWHQDFK'DEHLVFKOXJHQLKUH*HGDQNHQ XQG9HUPXWXQJHQI|UPOLFK3XU]HOElXPH 6LHKDWWHGLHVHQ:UIHO]ZDUQRFKQLHJHVHKHQWURW]GHP JODXEWHVLHLKQ]XNHQQHQ :LHVR" -DQHEHUOHJWHXQGGDZXWHVLHHV -RKQ6LQFODLUKDWWHYRQGLHVHPJOlVHUQHQ4XDGHUEHULFKWHW (VZDUQRFKJDUQLFKWVRODQJHKHUK|FKVWHQVGUHL0RQDWH 'DPDOVZDU-RKQLP%URFNHQHLQJHVFKORVVHQJHZHVHQXQG XQWHUHLQHP:UIHOKDWWHGDV%XFKGHUJUDXVDPHQ7UlXPH JHOHJHQ :DUHQGLHEHLGHQLGHQWLVFK" -D)U-DQH&ROOLQVJDEHVNHLQHQ=ZHLIHO'HUJOlVHUQH 4XDGHUYRULKUPXWHHLQIDFKGHU:UIHODXVGHP%HUJLQ 'HXWVFKODQGVHLQ 'RFKZHUKDWWHLKQKHUJHVFKDIIW" -DQH1HXJLHUGHZDUVWlUNHUDOVLKUH$QJVW6LHZROOWH *HZLKHLWKDEHQXQGJLQJDXIGHQ:UIHO]X
'LFKWGDYRUEOLHEVLHVWHKHQ6LHVHQNWHGHQ.RSIXQG VFKDXWHDXIGDV*ODV (V]HLJWHQLFKWV.HLQH%LOGHURGHU6]HQHQYRQGHQHQ-RKQ JHVSURFKHQKDWWHXQGWURW]GHPVDKHULUJHQGZLHJHKHLP QLVYROODXV*HKHLPQLVYROOXQGJHIlKUOLFK 9RQGHUHLJHQWOLFKHQ*HIDKUPHUNWHGLH'HWHNWLYLQDOOHU GLQJVQLFKWV'LHQlKHUWHVLFKLKUHPXQJHVFKW]WHQ5FNHQ 8QEHPHUNWKDWWHVLFKDXVHLQHUGXQNOHQ1LVFKHGLH*HVWDOW GHV6DPXUDLJHO|VWXQGPLWODXWORVHQ6FKULWWHQJOLWWGHU JUDXVDPH.lPSIHUDXI-DQH&ROOLQV]X 6HLQ6FKZHUWKLHOWHUEHUHLWVLQGHU+DQG -DQHPHUNWHGDYRQQLFKWV6LHZDULQGHQ$QEOLFNGHV JHKHLPQLVYROOHQ:UIHOVYHUWLHIW 1RFKHLQ6FKULWWWUHQQWHGHQ6DPXUDLYRQGHUEORQGHQ MXQJHQ)UDX (UKREGHQ$UP -DQHK|UWHGDV.QLVWHUQXQG6FKHXHUQGHV6WRIIV,QLKUHP *HKLUQVFKULOOWHQGLH$ODUPJORFNHQ6LHZROOWHKHUXP ZLUEHOQVLFK]XU6HLWHZHUIHQHVZDU]XVSlW (WZDVSILIIGXUFKGLH/XIWXQGLPQlFKVWHQ0RPHQWODJ GLH.OLQJHGHV6DPXUDL6FKZHUWVTXHUYRULKUHP+DOVXQG EHUKUWHGDVVWUDIIHKHOOH)OHLVFK =HKQKDUWJHVRWWHQH.HQGR.lPSIHUVWDQGHQJHJHQXQV 8QGZLUZDUHQ]XGULWW ,FKDWPHWHWLHIGXUFK %LOO&RQROO\UlXVSHUWHVLFKQXU6XNRVDJWHRGHUWDWQLFKWV (UEOLHEJHODVVHQ ª3DFNHQZLU V©IOVWHUWHGHU5HSRUWHU ,FKELQMDVRQVWLPPHUHLQ2SWLPLVWGRFKLQGLHVHP $XJHQEOLFNZXUGHLFK]XP*HJHQWHLOª.DXP© ª:DVGDQQ"© ª:LUPVVHQYHUKDQGHOQ© ª9HUVXFKHV©VDJWHDXFK6XNR
,FKQLFNWHXQGKREDOV'HPRQVWUDWLRQPHLQHUIULHGOLFKHQ $EVLFKWHQEHLGH+lQGHLQ.RSIK|KH 'LH.HQGR.lPSIHUVWDUUWHQXQVDQ6LHVWDQGHQDXIGHP 6SUXQJKLHOWHQLKUHJHIlKUOLFKHQ:DIIHQVFKODJEHUHLWXQG ZUGHQPLWXQVNXU]HQ3UR]HPDFKHQGHVVHQZDULFK PLUVLFKHU ,FKVHQNWHGHQUHFKWHQ$UPXQGVSUHL]WHGLH'DXPHQVR ZHLWDEGDHUDXIGHQ7RWHQZLHV ª:LUZDUHQHVQLFKW©HUNOlUWHLFKª*ODXEWPLUHVLVWQLFKW XQVHUH6FKXOG© 6FKZHLJHQ ,FKQDKPHLQHQQHXHQ$QODXIª'HU0DQQLVWGXUFKHLQHQ 3IHLOJHW|WHWZRUGHQGHUVHLQHQ1DFNHQJHWURIIHQKDW:LU KDEHQVRHWZDVQLFKWEHLXQV8QGDXHUGHPVLQGZLU 3ROL]HLEHDPWH© :LHGHUVDJWHQVLHQLFKWV /DQJVDPJHULHWLFKLQV6FKZLW]HQ+LPPHOZLHVROOWHLFK GLHVWXUHQ.HUOHGHQQDXVGHU5HVHUYHORFNHQ"9LHOOHLFKW ZROOWHQVLHPHLQHQ$XVZHLVVHKHQ,FKVHQNWHGLH$UPH ZLQNHOWHVLHGDQQDQXPLQGLH,QQHQWDVFKH]XJUHLIHQGRFK HLQVFKDUIHU%HIHKOOLHPLFKDQKDOWHQ ª1LFKW'XZLUVWNHLQH:DIIH]LHKHQ© ,FKOlFKHOWHª'DVKDWWHLFKDXFKQLFKWYRU,FKZROOWHHXFK QXUPHLQHQ$XVZHLV]HLJHQ© 'HU6SUHFKHUWUDWHLQHQ6FKULWWQDFKYRUQ(UZDUGHU .UlIWLJVWHGHU0lQQHUWUXJODQJHV+DDUGDVGXUFKHLQURWHV 6WLUQEDQGJHKDOWHQZXUGH6HLQ$UPPLWGHP.HQGR6WRFN VDQNQDFKXQWHQ ,FKDWPHWHDXI(LQJXWHV=HLFKHQZLHLFKIDQG ª'XNDQQVWGHLQHQ$XVZHLVKHUYRUKROHQ©VDJWHHU]XPLU ª$EHUNHLQHIDOVFKH%HZHJXQJ© ª1HLQQHLQ© ,FKWUXJPHLQHQ6RQGHUDXVZHLVLPPHUEHLPLU(UZDULQ HLQH.ODUVLFKWKOOHHLQJHVFKZHLW,FKZDUIGHP.HQGR 0DQQGDV3DSLHU]X
*HVFKLFNWILQJHUGDV'RNXPHQWPLWGHUOLQNHQ+DQGDXI XQGODV (UOLHVLFK=HLW9LHO=HLWVRJDU,FKZXUGHODQJVDP QHUY|V,QPHLQHP1DFNHQVDPPHOWHQVLFKGLH6FKZHL SHUOHQXQGUDQQHQODQJVDPGHQ5FNHQKLQDE'DVODJDXFK DQGHU/XIWLQGHU+DOOH6LHZDUIHXFKWXQGNODPP(LQH .OLPDDQODJHJDEHVQLFKW 6FKOLHOLFKKREGHU0DQQGHQ.RSI6HLQ%OLFNERKUWHVLFK LQGHQPHLQHQ ª+DEHLFKJHORJHQ"©IUDJWHLFK ª1HLQ©HUZLGHUWHHUXQGZDUIPLUGHQ$XVZHLV]XUFN ,FKPXWHHLQPDOQDFKIDVVHQXPLKQ]XKDOWHQ/DQJVDP VWHFNWHLFKLKQZLHGHUHLQª'UIHQZLUXQVMHW]WXPGHQ 7RWHQNPPHUQ"©IUDJWHLFK ª1HLQ© ª:HUNDQQLKQHUPRUGHWKDEHQ"©ZROOWHLFKZLVVHQ 'HU.HQGR.lPSIHUKREGLH6FKXOWHUQ ª.DQQVWGXPLUHLQHQ*UXQGIUGHQ0RUGQHQQHQ"© ª1HLQDEHUJHKWMHW]W© 'HU0DQQRGHUGLH0lQQHUZROOWHQXQVORVZHUGHQ :DUXP"+DWWHQVLHGRFKHWZDV]XYHUEHUJHQ" ª8QGZDVLVWPLWGHP7RWHQ"©IUDJWHLFK ª8PGHQNPPHUQZLUXQV© 'DVZROOWHLFKDXINHLQHQ)DOO+LHUZDUHLQ0HQVFK HUPRUGHWZRUGHQ,FKNRQQWHPLUJXWYRUVWHOOHQZDVJH VFKDKZHQQZLUGDV+DXVYHUOLHHQ6LHZUGHQGHQ7RWHQ DXI1LPPHUZLHGHUVHKHQYHUVFKZLQGHQODVVHQ'HU0RUG PXWHXQWHUVXFKWZHUGHQ ,FKYHUVXFKWHHVGHQ0lQQHUQ]XHUNOlUHQGRFKVLHVWHOO WHQVLFKVWXUXQGOLHHQVLFKDXINHLQHUOHL.RPSURPLVVHHLQ ª$EHUKLHUOlXIWHLQ0|UGHUIUHLKHUXP©VFKULHLFK0HLQH 6WLPPHKDOOWHYRQGHQ:lQGHQZLGHU ª'DUXPNPPHUQZLUXQV©HUKLHOWLFK]XU$QWZRUW ª:LUJHKHQEHVVHU©IOVWHUWH%LOO 1HLQGDUDXIOLHLFKPLFKQLFKWHLQ'DZDULFKVWXUª:LU
ZHUGHQGLHVH6FKXOHXQWHUVXFKHQ©HUNOlUWHLFKGHQ.HQGR .lPSIHUQª:LUGUHKHQMHGHV7HLOKLHUXPXQGZHUVLFKXQV LQGHQ:HJVWHOOWGHUPDFKWVLFKVWUDIEDU© ª'DVLVWXQVHJDO© 'LHVH$QWZRUWUHLFKWPLU,FKVFKULWWEHUGLHYRUPLU VWHKHQGH%DQNKLQZHJ$XVGHQ$XJHQZLQNHOQQDKPLFK ZDKUGDVLFK6XNR]XU6HLWHEHZHJWH 'HU.DPSIZDUXQYHUPHLGOLFK 'RFKLFKKDWWHPLFKJHWlXVFKWZHQQLFKDQQDKPGDDOOH DQJUHLIHQZUGHQ1XUGHU6SUHFKHUWUDWPLUHQWJHJHQ ª:LUKDEHQHLQH$XIJDEH©HUNOlUWHHUª8QGDXFKGXUFK GLH3ROL]HLODVVHQZLUXQVQLFKWGDYRQDEKDOWHQ'LHVHVKLHU LVWIUXQVHLQ6WFN+HLPDWXQGZLUEHZDKUHQGLH 7UDGLWLRQ*HKWRGHU© 'DVDQGHUH:RUWOLHHUXQDXVJHVSURFKHQDEHULFKNRQQWH PLUYRUVWHOOHQZDVHUGDPLWPHLQWH 8QGGDQQVFKOXJHU]X ,FKPXGD]XVDJHQ.HQGR6W|FNHVLQG]LHPOLFKODQJ NHLQHVHKUNXU]HQ.QSSHOPHLQ*HJQHUKDWWHDOVRHLQHQ OlQJHUHQ:HJ]XUFN]XOHJHQ]XGHPELQLFKQLFKWJHUDGH GHU/DQJVDPVWH ,FKZLFKDXV 6HLWOLFKZLVFKWHGHU6WRFNDQPLUYRUEHLXQGVRIRUWVSUDQJ LFK]XUFN ,FKUHFKQHWHGDPLWGDGLHDQGHUHQ-DSDQHUDQJUHLIHQ ZUGHQDEHUGDVZDUQLFKWGHU)DOO 6LHKLHOWHQVLFK]XUFN'LH$XVHLQDQGHUVHW]XQJZDUHLQH 6DFKH]ZLVFKHQLKUHP$QIKUHUXQGPLU 'HUZLUEHOWHKHUXP(LQJUHOOHU6FKUHLGUDQJDXVVHLQHP 0XQG(UIKUWHGHQ6WRFNTXHUXQGKlWWHPLUIDVWGHQ 6FKlGHODEJHVFKODJHQGRFKLFKJLQJLQGLH+RFNHXQG VFKQHOOWHPLFKKDOEKRFKDE 8QWHUGHP+LHEZLVFKWHLFKKLQZHJXQGNUDOOWHPHLQH +lQGHLQGLH+RVHQEHLQHGHV.HUOV (LQ5XFNXQGGHU-DSDQHUODJDP%RGHQ
,FKILHODXILKQXQGNDVVLHUWHHLQHQEOLW]VFKQHOOHQ+LHEPLW GHP(OOHQERJHQ 0HLQH=DKQUHLKHQNODFNWHQDXIHLQDQGHULQPHLQHP.RSI EOLW]WHQ6WHUQHDXIDEHULFKEUDFKWHHLQHQ.RQWHUVFKODJDQ 0LWGHUUHFKWHQ)DXVWXQGQDFKJXWHUDOWHU%R[PDQLHU 'LHVHU+LHEVFKWWHOWHGHQ.HQGR0DQQGXUFKhEHUUDVFKW ULHUGLH$XJHQDXIXQGLP=XUFNVFKQHOOHQHUZLVFKWHLFK LKQHLQ]ZHLWHV0DO (UUROOWHVLFKEHUGHQ%RGHQNUPPWHVLFKGDEHL]XVDP PHQZLHHLQH.DW]HXQGIHGHUWHDXIGLH)H 1RFKLP6SUXQJVFKOXJHU]X 'LHVPDONRQQWHLFKQLFKWPHKUDXVZHLFKHQ'HU+LHEPLW GHP6WRFNHUZLVFKWHPLFK]ZDUQLFKWYROODEHUHUWUDIPLFK DQPHLQHUOLQNHQ6FKXOWHUQXQGSUDOOWHDE =XPHUVWHQPDOVSUWHLFKGLHXQJHKHXUH:XFKWGLH KLQWHUGLHVHQ6FKOlJHQODJ,FKVFKULHDXIZXUGHXPPHLQH HLJHQH$FKVHJHZLUEHOWXQGK|UWHGDVK|KQLVFKH/DFKHQGHV -DSDQHUV (UJODXEWHPLFK]XKDEHQXQGGDVPDFKWHPLFKZWHQG ,FKUDQQWHQRFKZHLWHU]XUFNELVLFKGDV(QGHGHU6LW]EDQN HUUHLFKWKDWWHEFNWHPLFKGDQQSDFNWHGLH%DQNXQG VWHPPWHVLHPLWHLQHPJHZDOWLJHQ5XFNLQGLH+|KH 'HU-DSDQHUIORJDXIPLFK]X,QEHLGHQ)lXVWHQKLHOWHU GHQ6WRFN(UZUGHVFKUlJYRQREHQQDFKXQWHQ]XKlP PHUQGRFKGDQQZDULKPSO|W]OLFKGLHKRFKNDQWJHVWHOOWH %DQNLP:HJXQGVHLQ+LHESUDOOWHJHJHQGDV+RO] ,FKZHLQLFKWDXVZHOFKHP0DWHULDOGLH.HQGR6W|FNH EHVWHKHQDEHUGHP$XISUDOOJHJHQGLH+RO]EDQNKDWWHHU QLFKWVHQWJHJHQ]XVHW]HQ'HU6WRFNEUDFK ,FKVFKOHXGHUWHGHP.HUOGLH%DQNHQWJHJHQ:HQQHU QLFKWYRQLKUXPJHZRUIHQZHUGHQZROOWHPXWHHU]XU6HLWH VSULQJHQ 'DVWDWHUDXFK 8QGGDUDXIKDWWHLFKJHZDUWHW (UVSUDQJJHQDXLQHLQHQ.DUDWHVFKODJGHQLFKJHJHQ
VHLQHQ$UP]LHOWH'LHVH6SRUWDUWEHKHUUVFKWHLFK 'HU.HUO]XFNWH]XVDPPHQXQGULGHQ0XQGDXI6FKUlJ YRQXQWHQQDFKREHQZLVFKWHPHLQ]ZHLWHU+LHEKHUDQ 'HU.RSIZXUGHGHP-DSDQHULQGHQ1DFNHQJHULVVHQ VHLQH$XJHQKDWWHQSO|W]OLFKHLQHQOHLFKWJODVLJHQ 6FKLPPHU ,FKNRQQWHHLQHQ%OLFNDXI6XNRXQG%LOOHUKlVFKHQXQG VDKGDVLHPLUGLH'DXPHQGUFNWHQ 0HLQ*HJQHUZDUQRFKQLFKWIHUWLJ(UNlPSIWHPLWDOOHU .UDIWJHJHQGLHGURKHQGH1LHGHUODJHDQ(UZROOWHHLQIDFK QLFKWZDKUKDEHQGDHUEHVLHJWZDU 'HU-DSDQHUWDXPHOWH]XUFN6HLQ0XQGVWDQGKDOERIIHQ =ZLVFKHQGHQ=lKQHQVDKLFKGHQKHOOHQ6SHLFKHO(UYHU VXFKWHQRFKHLQPDOGHQ.HQGR6WRFN]XKHEHQ %LV]XU+lOIWHVFKDIIWHHUHV 'DQQWUDILKQPHLQH5HFKWH :LHHLQJHIlOOWHU%DXPEUDFKHU]XVDPPHQXQGEOLHE EHZXWORVOLHJHQ 0HLQH+DQGUXWVFKWHLQGHQ-DFNHWWDXVVFKQLWWGRFKLFK NRQQWHGLH%HUHWWDVWHFNHQODVVHQ 'LHDQGHUHQQHXQJULIIHQQLFKWDQ)UVLHZDUHVHLQIDLUHU .DPSIJHZHVHQ,FKKDWWHJHZRQQHQXQGVLHIDQGHQVLFK GDPLWDE ,FKJULQVWHª'DQQN|QQHQZLUZRKOPLWGHU8QWHU VXFKXQJDQIDQJHQ©'LH:RUWHGUDQJHQPLUOlQJVWQLFKWVR IOVVLJEHUGLH/LSSHQDXFKPLFKKDWWHGLH $XVHLQDQGHUVHW]XQJ]LHPOLFKDXHU$WHPJHEUDFKW=XGHP WDWPLUGLH6FKXOWHUZHK 'LH.HQGR.lPSIHUVFKZLHJHQ %LOO&RQROO\XQG6XNRIODQNWHQEHUGLH%lQNH'HU 5HSRUWHUZLQNWHPLU]X(URULHQWLHUWHVLFKEHUHLWVLQ 5LFKWXQJ$XVJDQJ ,FKGHXWHWHDXIGHQ%HZXWORVHQXQGEHIDKOGHQDQGHUHQ -DSDQHUQLKQZHJ]XVFKDIIHQª%ULQJWLKQZLHGHU]XVLFK ,FKP|FKWHPLFKQRFKPLWLKPXQWHUKDOWHQ©
'D]XVROOWHHVYRUHUVWQLFKWNRPPHQGHQQSO|W]OLFKWUDW HLQ(UHLJQLVHLQGDVPLUGLH+DDUH]X%HUJHVWHKHQOLH %LOOGHUVFKRQIDVWDQGHU7UZDUVDKVLH]XHUVW(UVWLH HLQHQ:DUQUXIDXVXQGZDUIVLFK]XU6HLWH ,FKIORJKHUXP ,PVHOEHQ$XJHQEOLFNGUDQJHQVLHLQGHQ6DDO=ZHLXQ WRWH6DPXUDLV 8QGLQLKUHQ+lQGHQKLHOWHQVLHGLHP|UGHULVFKHQ 6FKZHUWHUXPXQVGDPLW]XW|WHQ -DQH&ROOLQVEOLHEVWRFNVWHLIVWHKHQ6LHZDJWHQLFKWDXFK QXUGHQNOHLQVWHQ)LQJHU]XUKUHQ(LQHIDOVFKH%HZHJXQJ RGHUHLQKDVWLJHV/XIWKROHQNRQQWHLKUHQ7RGEHGHXWHQ *OHLFK]HLWLJURFKVLHGHQ0RGHUJHVWDQNGHUYRQGHU KLQWHULKUVWHKHQGHQ*HVWDOWDXVJLQJ'DVZDUNHLQ0HQVFK PHKUGDVZDUHLQH]XP/HEHQHUZHFNWH/HLFKH -DQHNURFKHQXQVLFKWEDUHNDOWH)LQJHUEHUGHQ5FNHQ XQGVLHZDUWHWHGDUDXIGDGHU6DPXUDLVLHW|WHQZUGH 'RFKGDVZDUQLFKWGHU)DOO(UODXHUWHQRFK -DQHDWPHWHQXUJDQ]IODFK6LHVRJGLH/XIWGXUFKGLH1DVH HLQ 8PJHEHQYRP6FKHLQGHUIODFNHUQGHQ.HU]HQZXUGHQLKU 6FKDWWHQXQGGHULKUHV)HLQGHVJURDQGLH:DQGJHPDOW 'LH'HWHNWLYLQIUFKWHWHVLFKYRUGLHVHP6DPXUDLGHUVLH XP+DXSWHVOlQJHEHUUDJWHXQGPLWVHLQHP6FKZHUWHLQ 0HLVWHUZDU-DQHGDFKWHDQLKUH$VWUDGRFKZDVQW]WHLKU GLH:DIIHGHUDQGHUHZDULPPHUVFKQHOOHUXQGVWlUNHU %HYRUVLHGLH3LVWROHKRFKUHLHQNRQQWHKDWWHHUVFKRQ]XJH VFKODJHQ 0LQXWHQYHUJLQJHQ -DQHNDPHQVLHYRUZLH6WXQGHQ 1XU6WLOOHXPJDEVLH6HOEVWGDV7UDSSHOQGHUNOHLQHQ 5DWWHQIHZDUYHUVWXPPW 'LH5XKHZLUNWHJHVSHQVWLVFKXQGQDFKGHP-DQH&ROOLQV
LKUHHUVWH$QJVWEHUZXQGHQKDWWHEHJDQQVLH]XEHU OHJHQ 'DGHU6DPXUDLVLHQLFKWJHW|WHWKDWWHZROOWHHUHWZDVYRQ LKU(URGHUHLQDQGHUHUGDVZDUGLH)UDJH -DQHWLSSWHGDHKHUDXIHLQHQ]ZHLWHQ0DQQ 1XUZDQQ]HLJWHHUVLFK" /DQJHEUDXFKWHVLHQLFKW]XZDUWHQGHQQSO|W]OLFKK|UWH VLH6FKULWWH(UVWOHLVHGDQQODXWHUXQGLPQlFKVWHQ $XJHQEOLFN]HLFKQHWHVLFKHLQZHLWHUHU6FKDWWHQDQGHU :DQGDE *URXQGGURKHQG -DQHV+HU]VFKOXJVFKQHOOHU'LH6FKOlJHKDOOWHQLQLKUHP .RSIQDFK 'HU6FKDWWHQYHUlQGHUWHVLFKZXUGHOlQJHUGHU$Q N|PPOLQJZHFKVHOWHGLH5LFKWXQJXQGDQGHU9HUlQGHUXQJ GHV6FKDWWHQVHUNDQQWHGLH'HWHNWLYLQGDGHU8QEHNDQQWH VLFKDXIVLH]XEHZHJWH (LQVFKDUIHU%HIHKOHUIROJWH 6RIRUWYHUVFKZDQGGLH.OLQJHYRQ-DQHV+DOV 'LH'HWHNWLYLQDWPHWHWLHIGXUFK6LHWDXPHOWHHWZDVXQG ZLVFKWHVLFKEHUGLH$XJHQ 'HQHUVWHQ7HLOKDWWHVLHEHUVWDQGHQGDEHLMHGRFKQLFKW EHPHUNWGDGHU$QN|PPOLQJYRULKUVWHKHQJHEOLHEHQZDU -DQH&ROOLQVULGLH$XJHQDXI 6LHVWDQGHLQHP)UHPGHQJHJHQEHU-DQHKDWWHGHQ0DQQ QRFKQLHJHVHKHQGRFKIDVWN|USHUOLFKVSUWHVLHGLH %HGURKXQJGLHYRQLKPDXVJLQJ 'HUZDUJHIlKUOLFKXQGJUDXVDP *DQ]LQ6FKZDU]KDWWHHUVLFKJHNOHLGHW6HLQH-DFNHZDU KRFKJHVFKORVVHQGDV+DDUNXU]JHVFKQLWWHQGHU6FKlGHO ZLUNWHNDQWLJ'LH)DUEHVHLQHU$XJHQNRQQWHGLH'HWHNWLYLQ OHLGHUQLFKWHUNHQQHQVLHJODXEWHMHGRFKGDUDQGDGLHVH $XJHQVHKUJUDXVDPEOLFNHQNRQQWHQ 7LHIDWPHWH-DQHHLQ 'DQQIDWHVLHVLFKHLQ+HU]XQGIUDJWHª:HUVLQG6LH"©
'HU0DQQODFKWH(VZDUHLQNDOWHVE|VHVJHPHLQHVXQG DXFKWULXPSKLHUHQGHV/DFKHQGDV-DQHHEHQIDOOV$QJVW HLQIO|WHª'XNHQQVWPLFKQLFKW"© ª1HLQ© ª,FKKHLH6ROR0RUDVVR© -DQHVFKOXFNWH3O|W]OLFKZLFKLKUGDV%OXWDXVGHP.RSI 6LHZXUGHNDONZHLXQGLKUVFKZLQGHOWH0RUDVVRKDWWH EHPHUNWZDVLQLKUYRUJLQJ ª,FKVHKHGXZHLW%HVFKHLG© ª-D0DQKDWPLUEHU6LHHU]lKOW© ª'DQQZHLGXDOVRGDPDQPLFK'U7RGQHQQW"© -DQHQLFNWH hEHU'U7RGKDWWHVLHJHQXJJHK|UW1LFKWQXULQOHW]WHU =HLWZRVHLQ*HLVWLQGH.|USHUHLQHVWRWHQ0DILRVREHUJH JDQJHQZDUVRQGHUQDXFKVFKRQYRU-DKUHQDOVGDV6LQFODLU 7HDPGHV|IWHUHQPLWGLHVHPGlPRQLVFKHQ9HUEUHFKHUNRQ IURQWLHUWZRUGHQZDU-RKQ6LQFODLUKDWWHLKQVFKOLHOLFK EHVLHJWGRFKQXQZDUHU]XUFNJHNHKUWXQG]ZDU JHVWlUNW $VPRGLQDGLH7HXIHOVWRFKWHUKDWWHVHLQ6HOEVWEHZXWVHLQ VWDUNDXISROLHUW -DQH&ROOLQVZDU5HDOLVWLQJHQXJXPVLFKDXV]XUHFKQHQ GDVLHNHLQH&KDQFHKDWWH 9RULKUVWDQG'U7RGLQLKUHP5FNHQODXHUWHGHU 6DPXUDL'DNRQQWHVLHQXUQRFKEHWHQ 'U7RGODFKWHDEHUPDOVª,FKZHLZHUGXELVW©VDJWHHU ª-DQH&ROOLQVGLHNOHLQH'HWHNWLYLQGLHVLFKLQ-RKQ6LQFODLU YHUNQDOOWKDW'HLQ)HKOHU0LWGHP6LQFODLU7HDPZLUGDXI JHUlXPW:HQQHUVWGLH0RUGOLJDVWHKWJLEWHVIUHXFK NHLQH&KDQFH8QGDXFKGXZLUVWVWHUEHQ-DQH&ROOLQV© ª6LHZROOHQPLFKW|WHQ"© ª1LFKWLFKVRQGHUQGHU6DPXUDL© 'HU9HUEUHFKHUVSUDFKPLWHLQHUVROFKHQ6HOEVWYHU VWlQGOLFKNHLWGD-DQHJURH$QJVWEHNDP6LHZXWH GDIULKQHLQ0HQVFKHQOHEHQQLFKW]lKOWH'U7RGZDU
]ZDUVHOEVWQXUHLQ0HQVFKDEHUHUVWDQGYRQGHU0RUDOKHU JHVHKHQDXIGHU6HLWHGHU'lPRQHQ%HJULIIHZLH0LWOHLG /LHEHRGHU*QDGHKDWWHHUDXVVHLQHP:RUWVFKDW]JHVWUL FKHQ6LHH[LVWLHUWHQIULKQQLFKW 'U7RGYHUN|USHUWHGDVDEVROXW%|VH ª+DVWGX$QJVW"©K|KQWHHU ª-D©JDE-DQH]X ª(KUOLFKELVWGXZHQLJVWHQV©PHLQWH0RUDVVRª$EHUDXFK GHLQH$QJVWZLUGPLFKQLFKWGDUDQKLQGHUQGLFKW|WHQ ]XODVVHQ© ª(VZLUG,KQHQQLFKWVQW]HQ© ª'DVODQXUPHLQH6RUJHVHLQ$XIMHGHQ)DOOZLUG6LQFODLU HUOHEHQZLHHVLVWZHQQPDQVLFKPLWPLUDQOHJW© 'LH'HWHNWLYLQUDIIWHDOOLKUHQ0XW]XVDPPHQª6LFKHU© VDJWHVLHª6LHN|QQHQPLFKW|WHQDEHULP(QGHIIHNWZLUG -RKQ6LQFODLU6LHJHUEOHLEHQ(VNDQQQLFKWVHLQGDGDV%|VH JHZLQQW(VNDQQXQGHVGDUIHLQIDFKQLFKWVHLQ© ª'XKDVWHLQVHKUJURHV0DXO©]LVFKWH'U7RGª$EHUGDV ZLUGGLUYHUJHKHQ:HLWGXZDVLFKPLWGLUYRUKDEH",FK ZHUGHGLFKXPEULQJHQODVVHQRND\GRFKGLH$UWZLUG 6LQFODLUHLQHQ6FKRFNIUV/HEHQYHUVHW]HQ'HU6DPXUDL VFKOlJWGLUGHLQHQ.RSIDEXQGLKQZHUGHLFK-RKQ6LQFODLU ]XVFKLFNHQ© -DQHK|UWHGLH:RUWHXQGLKU*HKLUQZHLJHUWHVLFKGDUDQ ]XJODXEHQGRFKGHU9HUVWDQGVDJWHLKUGD6ROR0RUDVVR DXINHLQHQ)DOOVFKHU]WH (UZDUVRJUDXVDP 8QGVHLQH9DVDOOHQHEHQIDOOV -DQHEHJDQQ]XIU|VWHOQ6LHKDWWHGDV*HIKODXI(LV JHOHJW]XZHUGHQXQGODQJVDPNURFKGLH.lOWHGXUFKLKUH *OLHGHU:DVVLHHEHQHUIDKUHQKDWWHZDUXQJHKHXHUOLFK ª1XQ"©IUDJWH'U7RG -DQH&ROOLQVKREGLH6FKXOWHUQ6DJHQNRQQWHVLHQLFKWV =XJHVFKQUWZDULKUH.HKOH6LHEUDFKWHHLQIDFKNHLQHQ/DXW PHKUKHUYRU
ª1XQGHQQ©VDJWH0RUDVVRª0DQZLUGPLUGHLQHQ.RSI EULQJHQ-DQH&ROOLQV©(UZDUIGHU'HWHNWLYLQQRFKHLQHQ NDOWHQ%OLFN]XXQGYHUVFKZDQGLQGHU'XQNHOKHLW %HYRUVHLQHKRFKJHZDFKVHQH*HVWDOWHQGJOWLJXQVLFKWEDU ZXUGHGUHKWHHUVLFKQRFKHLQPDOXP ª7|WHVLH©ULHIHUGHP6DPXUDL]X 'LHEHLGHQXQWRWHQ6DPXUDLVNDPHQZLHGHU6WXUPZLQG 8USO|W]OLFKVWDQGHQVLHLQGHP.DPSIUDXPXQGXQWHULKUHQ 0DVNHQVDKLFKGLHZLGHUOLFKHQ)UDW]HQ .DXPZDUHQVLHGDGDJHULHWHQDXFKGLH.HQGR.lPSIHU LQ%HZHJXQJ +DWWHQVLH]XYRUVWXUDXILKUHQ3OlW]HQJHVWDQGHQVRUHD JLHUWHQVLHMHW]WZLHJXWJH|OWH$XWRPDWHQ 1DFKDOOHQ6HLWHQVSULW]WHQVLHZHJXQGVLHVWHOOWHQVLFK GHQ(LQGULQJOLQJHQLQGHQ:HJ $XFK%LOOXQG6XNRZROOWHQQLFKWWDWHQORV]XVHKHQHEHQ VRZHQLJZLHLFK ,FK]RJGLH%HUHWWD 6XNRGLH'lPRQHQSHLWVFKHQXU%LOO&RQROO\ZDUQLFKW EHZDIIQHW(UZROOWHVLFKPLWEORHQ)lXVWHQDXIGLH (LQGULQJOLQJHVWU]HQGRFKLFKVFKHXFKWHLKQ]XU6HLWH ª:HJ%LOO© (UVFKDXWHPLFKLUULWLHUWDQJHKRUFKWHDEHU ,FKKLHOW]ZDUHLQH3LVWROHLQGHU+DQGGRFKGLH:DIIHPLW GHQJHZHLKWHQ6LOEHUNXJHOQZDUZHUWORV'DPLWNRQQWHLFK GLH6DPXUDLVQLFKWW|WHQVRQGHUQK|FKVWHQVHLQZHQLJ DEOHQNHQEHYRUHUHLQHQlFKVWH$WWDFNHYHUVXFKWH 8QGHUJULIIDQ 1LFKWPLFKVRQGHUQHLQHQ.HQGR.lPSIHU'HU]ZHLWH 6DPXUDLNRQ]HQWULHUWHVLFKDXI6XNR 7RGHVPXWLJZDUIVLFKGHU.HQGR.lPSIHUGHP8QWRWHQ HQWJHJHQ:XFKWLJGURVFKHUPLWVHLQHP6WRFN]XGRFKGDV 6FKZHUWSILIIEHUHLWVGXUFKGLH/XIWXQGWHLOWHGLH:DIIHGHV
-DSDQHUVLQ]ZHL+lOIWHQ'DQQHUIROJWHGHU6WLFK 'HU.HQGR0DQQVDQN]X%RGHQ$XIVHLQHPZHLHQ 2EHUWHLOEUHLWHWHVLFKHLQ%OXWIOHFNDXV (LQDQGHUHUVSUDQJGHQ6DPXUDLDQ(UZDULQGHVVHQ 5FNHQJHODQJWVFKOXJPLWVHLQHP6WRFN]XXQGWUDIGHQ 6FKlGHO 'LH:XFKWWULHEGHQ8QKHLPOLFKHQQDFKYRUQHUWDXPHOWH KLHOWVLFKMHGRFKDXIGHQ%HLQHQ'DEHLJHULHWHULQPHLQH 1lKH ,FKYHUVXFKWHHVXQGVFKR 'LH.XJHONODWVFKWHJHJHQGLH0DVNHGHV6DPXUDLV6LH ]HUVW|UWHGDV'UDKWJHZHEHXQGVLUUWHDOV4XHUVFKOlJHULQ GLH:DQG ,Q]ZLVFKHQDWWDFNLHUWHGHU]ZHLWH6DPXUDLPHLQHQ3DUWQHU 6XNR%OLW]VFKQHOOIKUWHHUVHLQH6FKZHUWVWUHLFKHXQGWULHE GHQ&KLQHVHQDUJLQGLH'HIHQVLYH 6XNRVFKDIIWHHVQLFKWVHLQH'lPRQHQSHLWVFKHHLQ]XVHW ]HQHUKDWWH0KHJHQXJGHQP|UGHULVFKHQ6FKZHUWKLHEHQ DXV]XZHLFKHQ'HU+RUURU6DPXUDLMDJWHGHQ&KLQHVHQ TXHUGXUFKGLH+DOOH,UJHQGZDQQZUGH6XNRGHQNU]H UHQ]LHKHQ 'HUDQGHUH6DPXUDLVDKVLFKMHW]WYRQDFKW.HQGR .lPSIHUQDWWDFNLHUW'LH-DSDQHUILJKWHWHQXQJHKHXHU JHVFKLFNW ,PPHUZLHGHUJHODQJHVLKQHQGHQ6FKZHUWKLHEHQDXV]X ZHLFKHQXQGVHOEVWKDUWH6FKOlJHDQ]XEULQJHQ 'DPLWEUDFKWHQVLHGHQ6DPXUDLDXVGHP.RQ]HSW8PVLH EUDXFKWHLFKPLFKQLFKW]XNPPHUQZLFKWLJHUZDU6XNR %LOOKLHOWVLFK]XUFNXQGGDVZDUJXWVR 6XNRVWDQGMHW]WPLWGHP5FNHQ]XU:DQG9RULKP EHIDQGVLFKGHU6DPXUDL )HVWKLHOWHUVHLQ6FKZHUWXQGJHGDQNHQVFKQHOOVWDFKHU ]X(UKlWWH6XNRLQ+IWK|KHGXUFKERKUWGRFKPLWHLQHU NDXP]XHUNHQQHQGHQ'UHKXQJZDQGVLFKGHU&KLQHVHDXV GHU*HIDKUHQ]RQH
'LH.OLQJHWLFNWHJHJHQGLH:DQGXQGERJVLFKZLH HLQH:HOOH %HYRUGHU6DPXUDL]XP]ZHLWHQPDO]XVWRHQNRQQWHZDU LFKLQVHLQHP5FNHQ 8QGLFKKLHE]X 'HU3LVWROHQODXINUDFKWHJHJHQGHQ6FKlGHOGHV0RQVWHUV (VZXUGH]XU6HLWHJHZRUIHQ6XNRXQGLFKKDWWHQ/XIWXQG GHU&KLQHVHNRQQWHHQGOLFKVHLQH:DIIHHLQVHW]HQ0LWGHU 'lPRQHQSHLWVFKHVFKOXJHU]X 'LHGUHL5LHPHQSILIIHQGXUFKGLH/XIWNODWVFKWHQJHJHQ GHQ.|USHUGHV6DPXUDLVXQGZDVQLHPDQGYRQXQVIU P|JOLFKJHKDOWHQKDWWHWUDWHLQ 'HU6DPXUDLYHUJLQJ (UEUOOWHVFKDXULJDXIWDXPHOWH]XUFNXQGOLHVHLQH :DIIHIDOOHQ :RGLH3HLWVFKHLKQJHWURIIHQKDWWHZDUHQUHJHOUHFKWH (LQNHUEXQJHQ]XVHKHQDXVGHQHQJUQHU4XDOPNURFKXQG lW]HQGLQXQVHUH/XQJHQVWDFK 6XNRQXW]WHGLH&KDQFH 0LWHLQHPJHZDOWLJHQ6DW]ZDUIHUVLFKYRU(UKREGLH 3HLWVFKHHLQ]ZHLWHV0DOXQGGLHVPDOIHJWHQGLH5LHPHQ GHP6DPXUDLGLUHNWXPGLH2KUHQ 'DVZDUGDV(QGH 'HU8QWRWHEUDFK]XVDPPHQ1RFKZlKUHQGGHV)DOOV]HU ILHOHU(VNQLUVFKWHDOVVLFKVHLQH.QRFKHQDXIO|VWHQ]X 6WDXEZXUGHQDXVGHPGHUJUQH4XDOPVWLHJ ,FKNRQQWHPLUYRUVWHOOHQZHVKDOEXQVGLH3HLWVFKHJHKRO IHQKDWWH6LHZDUNHLQH:DIIHGLHDXVGHUFKULVWOLFKHQ 0\WKRORJLHVWDPPWH6LHVWDPPWHDXVGHP'lPRQHQ UHLFK6LHKDWWHHLQPDO0\[LQJHK|UWXQGZDUDXVGHU+DXW HLQHV'lPRQVJHIHUWLJW 'HUYHUEOLHEHQH6DPXUDLKDWWHQRFKJDUQLFKWEHPHUNW ZDVPLWVHLQHP$UWJHQRVVHQJHVFKHKHQZDU 1RFKLPPHUNlPSIWHHUJHJHQGLH.HQGR/HXWH8QGHU KDWWHLKQHQVFKRQHLQLJHQ6FKDGHQ]XJHIJW
=ZHL0lQQHUODJHQEOXWHQGDP%RGHQ6LHKDWWHQ]ZDUGLH *HVLFKWHUYHU]HUUWGRFKNHLQ/DXWGHV6FKPHU]HVGUDQJ EHULKUH/LSSHQ 6LHKDWWHQJHOHUQW6FKPHU]HQ]XHUGXOGHQ ,FKOLH6XNRGLH3HLWVFKH(UKDWWHGHQHUVWHQ6DPXUDL HUOHGLJWVROOWHHUVLFKDXFKXPGHQ]ZHLWHQNPPHUQ 'HU&KLQHVHZDUQLFKW]XKDOWHQ8QGPLWVHLQHP$QJULII UHWWHWHHUHLQHP-DSDQHUGDV/HEHQ 'HU6DPXUDLZROOWHVHLQ6FKZHUWVFKUlJYRQREHQQDFK XQWHQQLHGHUVDXVHQODVVHQDOV6XNRLKQYROOWUDI 'HU6FKODJZDUDXVGHU'UHKXQJJHIKUWZRUGHQXQGGLH 3HLWVFKHZLFNHOWHVLFKXPGHQ+DOVGHV.ULHJHUV 'HU6DPXUDLJXUJHOWH6XNR]RJDP3HLWVFKHQVWLHOULGHQ 8QWRWHQQDFKKLQWHQXQGGDPLWLQVHLQH5LFKWXQJ$XVGHP +DOVTXROOHQZLHGHUGLHJUQHQ'lPSIH'HU8QWRWHOLH VHLQH:DIIHIDOOHQULGLH$UPHKRFKXQGYHUVXFKWHGLH 3HLWVFKHQVFKQUHXPVHLQHQ+DOVZHJ]X]LHKHQ.DXP EHUKUWHQVHLQH+lQGHGLH3HLWVFKHO|VWHQDXFKVLHVLFKDXI 6RIRUWOLHGHU6DPXUDLGLH$UPHZLHGHUIDOOHQ *OHLFK]HLWLJILHOVHLQ.RSI(UO|VWHVLFKNXU]HUKDQGYRP 5XPSISUDOOWHDXIGHQ%RGHQUROOWHQRFKHLQ6WFNXQG ZXUGH]X6WDXE $XVGHP5XPSITXROOHQQDFKZLHYRUGLHEHVWLDOLVFK ULHFKHQGHQ6FKZHIHOGlPSIHGLHWUlJHGXUFKGLH.DPSI KDOOH]RJHQ(VZDUHLQPDNDEHUHV%LOGGDVXQVJHERWHQ ZXUGHGHQQQRFKVWDQGGHU7RUVR 'DQQNQLFNWHQGLH%HLQHZHJGHU.|USHUILHOQDFKYRUQ XQGVFKOXJGXPSIDXI (QGH 'LHEHLGHQ6DPXUDLVJDEHVQLFKWPHKU1XUNRQQWH QLHPDQGYRQXQVZLVVHQZLHYLHOHQRFKLP+LQWHUJUXQG ODXHUWHQ ,FKVFKDXWH6XNRDQ (UJULQVWHYRQ2KUOlSSFKHQ]X2KUOlSSFKHQ:LUKDWWHQ HVZLHGHUHLQPDOJHVFKDIIW
%LOOOLHIKHUDQXQGVFKOXJ6XNRDXIGLH6FKXOWHUª0DQQGX DOWHU(LVHQIUHVVHUGDVZDUHLQH6XSHUVFKDX© 'HU&KLQHVHZLQNWHDE(UYHUWUXJNHLQ/RE ,FKZDQGWHPLFKGHQ.HQGR6FKOHUQ]X=ZHLYRQLKQHQ NPPHUWHQVLFKXPGLHYHUOHW]WHQ.DPHUDGHQ(LQHUKDWWH EHUHLWVGLH+DXVDSRWKHNHJHKROWGLH9HUOHW]WHQPXWHQVR UDVFKZLHP|JOLFKYHUEXQGHQZHUGHQ 'HUGULWWHZDUWRW,KQKDWWHHLQ6FKZHUWVWLFKJHQDXLQV +HU]JHWURIIHQ (LQHUGHU0lQQHUWUDWDXIPLFK]Xª:LUPVVHQXQVEHL ,KQHQEHGDQNHQ©VDJWHHUªXQGZLUZROOHQXQVDXFKHQW VFKXOGLJHQ© ª9HUJHVVHQ6LH V© 'HU0DQQGHQLFKQLHGHUJHVFKODJHQKDWWHNDPVRHEHQ ZLHGHU]XVLFK (UULFKWHWHVLFKDXIVFKDXWHGXUFKGLH+DOOHXQGHLQ XQJOlXELJHU$XVGUXFNVWDKOVLFKLQVHLQH$XJHQ(LQ .DPHUDGHUNOlUWHLKPZDVYRUJHIDOOHQZDU ,FKYHUVWDQGNHLQ:RUWGDYRQZHLOMDSDQLVFKJHVSURFKHQ ZXUGH$EHUGHQ0RUGDQGHPDOWHQ0DQQKDWWHLFKQRFK QLFKWYHUJHVVHQ8QGGHQRGHUGLH0|UGHUZROOWHLFK VXFKHQ ,FKJLQJDXIGHQHEHQDXVGHU%HZXWORVLJNHLWHUZDFKWHQ -DSDQHU]X(UYHUQHLJWHVLFKYRUPLUHLQH*HVWHGHU +|IOLFKNHLW ª,FKVXFKHQRFKLPPHUGHQ0|UGHU© 'HU0DQQVFKDXWHPLULQV*HVLFKWª:LUZLVVHQMHW]WGD 6LHHVQLFKWZDUHQXQGLFKNDQQPLUDXFKQLFKWYRUVWHOOHQ ZHULKQXPJHEUDFKWKDEHQN|QQWH© ª:LHKHLHQ6LH"© ª-DNR© ª2ND\-DNR,FKELQVLFKHUGDHVHLQHQJHEHQN|QQWHGHU GLHVHQ3IHLODEJHIHXHUWKDW© ª:HU"© ª.XQL©
-DNRV*HVLFKWGDVHLQHEOlXOLFKVFKLPPHUQGH)lUEXQJ DQJHQRPPHQKDWWHYHUVWHLQHUWHª1HLQ©HUZLGHUWHHUªGDV LVWXQP|JOLFK'DVNDQQQLFKWVHLQ© ª8QGZDUXPQLFKW"© ª:HLO.XQLGHU6RKQGHV$OWHQLVW© 'DVKDWWHLFKYHUJHVVHQGRFKLQPHLQHU/DXIEDKQKDWWHLFK EHUHLWVVRVFKOLPPH'LQJHHUOHEWGDLFKHLQHQ9DWHUPRUG DXFKQLFKWDXVVFKOR ª,FKP|FKWHPLW.XQLUHGHQ:RILQGHLFKLKQ"© -DNRGHXWHWHDXIHLQH7Uª*HKHQ6LHGRUWGXUFK,FK EHJOHLWH6LH0U6LQFODLU© 'DJHJHQKDWWHLFKQLFKWVHLQ]XZHQGHQ6XNRXQG%LOO EOLHEHQ]XUFN*HZLVVHUPDHQDOV5FNHQGHFNXQJIDOOV GRFKQRFK6DPXUDLVDXIWDXFKWHQ ,FKIUDJWHPHLQHQ%HJOHLWHUª:LHYLHOH6DPXUDLVH[LVWLHUHQ LQGLHVHQ0DXHUQ"© ª,FKZHLHVQLFKW© 9RQGHU6HLWHKHUZDULFKLKPHLQHQ%OLFN]Xª$EHU6LH ZLVVHQYRQGHU([LVWHQ]"© 9RUGHU7UEOLHEHQZLUVWHKHQª-D©VDJWH-DNR ª8QG"© (UKREGLH6FKXOWHUQª:LUNRQQWHQQLFKWVGDJHJHQWXQ(V LVWVREHVWLPPWZRUGHQ© ª:DVLVWPLWGHP$OWHQ"© ª(UKDWWHVLFKGDJHJHQJHVWHPPWXQGZROOWHVLHIU VHLQHQ3ODQJHZLQQHQ© ª:DVKDEWLKUJHPDFKW"© ª:LUKDWWHQXQVQRFKQLFKWHQWVFKLHGHQ© ,FKVFKWWHOWHGHQ.RSI-DNRKDWWH]ZDUYLHOJHVDJWDEHU QLFKWV.RQNUHWHV0HLQHU$QVLFKWQDFKKLHOWHUPLWLUJHQG HWZDVKLQWHUGHP%HUJ :LUVWLHHQGLH7UDXI(LQHQ6FKULWWKLQWHUGHU6FKZHOOH VWHOOWHLFKGLH)UDJHQDFK7RNDWD 3O|W]OLFK]XFNWHGHU-DSDQHU]XVDPPHQ6HLQ5FNHQ NUPPWHVLFKHUDWPHWHVFKDUIHLQ
ª:DVLVW"© /DQJVDPGUHKWHHUVLFKXPXQGZDQGWHPLUVHLQ*HVLFKW ]Xª:RKHUNHQQHQ6LHLKQ"© ª7RNDWD",FKKDEHYRQLKPJHK|UW© ª,VWHUVFKOLPP"© ª(ULVWHLQULFKWLJHU7HXIHO©IOVWHUWHGHU-DSDQHUª(LQ ULFKWLJHU7HXIHO+WHQ6LHVLFKYRULKP© ª+DEHQ6LHEHUHLWVVHLQH%HNDQQWVFKDIWJHPDFKW"© ª1HLQ© ª:RKHUZLVVHQ6LHGDQQVRJXW%HVFKHLG"© (UZLQNWHDEXQGZROOWHQLFKWVPHKUVDJHQ1DMDYLHOOHLFKW NRQQWHPLU.XQLZHLWHUKHOIHQ 1XUZRVWHFNWHHU" ,FKVFKDXWHPLFKXP:LUEHIDQGHQXQVLQHLQHU'LHOHYRQ GHUPHKUHUH7UHQDEJLQJHQ(LQLJHIKUWHQLQGLH 'XVFKUlXPHGDVZDU]XULHFKHQ -DNRGHXWHWHQDFKYRUQZRHLQHGXQNHOJHVWULFKHQH7U GHQ*DQJDEVFKORª'RUWZRKQWHU© ,FKJLQJDXIGLH7U]X,PREHUHQ'ULWWHOEHIDQGVLFKHLQH 6FKHLEHDXVXQGXUFKVLFKWLJHP0LOFKJODV -DNREOLHE]XUFN ,FKIRUGHUWHLKQDXFKQLFKWDXIPLU]XIROJHQPHLQHW ZHJHQNRQQWHHUGRUWEOHLEHQ 'LH7UZDUQLFKWYHUVFKORVVHQ$OOHUGLQJVKDWWHVLHQRFK HLQHQDOWPRGLVFKHQ.QDXI ,FKGUHKWHLKQKHUXPZLQNHOWHPHLQ%HLQDQXQGGUFNWH GLH7UPLWGHP.QLHDXI (VURFKQDFK%RKQHUZDFKVXQG5lXFKHUVWlEFKHQ'LHVHU *HUXFKGUDQJPLU]XHUVWLQGLH1DVH'LH:RKQXQJZDU MDSDQLVFKHLQJHULFKWHW,FKVDK6LW]NLVVHQHLQHQIDVWDXIGHU (UGHVWHKHQGHQUHFKWHFNLJHQ7LVFKHLQH$EODJHIUGLH 6FKXKHXQGHLQH3HUJDPHQWZDQGGLHHLQHQ5DXPLQ]ZHL +lOIWHQWHLOWH 1XUYRQ.XQLVDKLFKQLFKWV ,FKULHIQDFKLKP
.HLQH$QWZRUW ª(UVFKHLQWGRFKQLFKWGD]XVHLQ©HUW|QWH-DNRV6WLPPH YRQGHU7UKHU ª,FKVHKHJHQDXHUQDFK©6ROHLFKWKDWWHLFKPLFKQRFKQLH DEVSHLVHQODVVHQ9RQ%HUXIVZHJHQPXWHLFKDOOHQ'LQJHQ ELVDXIGHQ*UXQGJHKHQ 'LH3HUJDPHQWZDQGKDWWHNHLQH7U6LHK|UWHQXUNXU] YRUGHUQRUPDOHQ0DXHUEHJUHQ]XQJDXIXQGKLHOWVRHLQHQ 'XUFKODIUHL ,FKVFKULWWKLQGXUFK (LQ6FKODI]LPPHUGDVEUHLWH%HWWXQG 6FKDUIVDXJWHLFKGLH/XIWHLQ$XIGHP%HWWODJMHPDQG(V ZDU.XQL1HEHQVHLQHP.RSIVDKLFKHLQHQURWHQ %ULHIXPVFKODJ5RWZLHGLH)DUEHGHV%OXWVGDVVLFKDXIGHU %HWWGHFNHYHUWHLOWKDWWH .XQLNRQQWHQLHPDQGPHKUKHOIHQ (UZDUWRW8QGHUZDUQDFKDOWHUMDSDQLVFKHU7UDGLWLRQ JHVWRUEHQ .XQLKDWWHVLFKVHOEVWJHW|WHW +DUDNLULQHQQWPDQVRHWZDV 'U7RGV%HIHKOKDOOWHQRFKLQGHP.HOOHUZLGHUDOV-DQH &ROOLQVVFKRQUHDJLHUWH 6LHZXWHVHOEVWQLFKWZRKHUVLHGLH.UDIWQDKPDEHU LQLKUHP8QWHUEHZXWVHLQPXWHZRKOHLQH6SHUUHDXIJH EURFKHQVHLQ -DQHZDUIVLFKQDFKYRUQ,QGHU%HZHJXQJEUHLWHWHVLH EHLGH$UPHDXVXQGIHJWHELVDXIHLQHDOOH.HU]HQYRQGHQ %LHUIlVVHUQ 'HUHQ/LFKWUHLFKWHMHGRFKQLFKWDXVXPGHQ.HOOHU]X HUKHOOHQ'LH)ODPPHZDUIQXUHLQHQ.UHLVDQGLH'HFNH (VJDEJHQJHQGGXQNOH(FNHQXQG:LQNHOZR-DQHVLFK YHUNULHFKHQNRQQWHZHQQHVLKUJHODQJGHP6DPXUDL]X HQWNRPPHQ
'DVZDUPHKUDOVIUDJOLFK ,UJHQGZRDXVGHU'XQNHOKHLWK|UWHVLHHLQHQZWHQGHQ 5XI'DVZDUGHU.LOOHU -DQHODJIODFKDXIGHP%RGHQ6LHZDJWHNDXP]XDWPHQ XQGEHZHJWHVLFKDXFKQLFKW6WHLIEOLHEVLHOLHJHQ 6HNXQGHQYHUUDQQHQ 'LH6WLOOHZXUGHXQHUWUlJOLFK$XFKGHU6DPXUDLUKUWH VLFKQLFKW1XUGLH.HU]HEUDQQWHUXKLJZHLWHUZHLONHLQ :LQG]XJVLH]XP)ODFNHUQEUDFKWH $QGHU'HFNHIDVHUWHGHUKHOOH.UHLVDQVHLQHQ5lQGHUQ DXV(LQ7HLOGHV.HU]HQOLFKWVILHODXIGHQJHKHLPQLVYROOHQ :UIHOGHUDQHLQHU)OlFKHU|WOLFKJHOEVFKLPPHUWH -HW]WEHZHJWHVLFKGHU6DPXUDL -DQHK|UWHVHLQH6FKULWWH (UQlKHUWHVLFK 2EZRKOHUVFKOLFKZDUHQGLH*HUlXVFKHLQGHU6WLOOHJXW ]XYHUQHKPHQ8QG-DQHK|UWHDXFKGDV3IHLIHQ'DUDXV IROJWHVLHGDGHU6DPXUDLVHLQ6FKZHUWEHZHJWHVLFK JHVFKPHLGLJKLHOWXQGPLWGHU.OLQJHGLH/XIW]HUWHLOWH :LUNOLFKNHLQHDQJHQHKPH9RUVWHOOXQJIUGLH'HWHNWLYLQ GLHSO|W]OLFK7RGHVDQJVWVSUWH ,UJHQGZDQQZUGHGHU6DPXUDLVLHILQGHQXQGGDQQZDU LKU6FKLFNVDOEHVLHJHOW :LHGHUJLQJHUHLQHQ6FKULWWQDFKYRUQ (UVFKOLFKKHUDQ 6RJDUVRQDKGDHULQGHQ%HUHLFKGHV.HU]HQOLFKWVJHULHW XQGGLH)ODPPHDQILQJ]XIODFNHUQ :HQQHUMHW]WZHLWHUVFKULWWZUGHHUXQZHLJHUOLFKEHU -DQH&ROOLQVVWROSHUQ 6LHPXWHZHJYRQGHP2UW 8QGVLHZDJWHHV -DQHNURFKYRU$XIDOOHQYLHUHQEHZHJWHVLHVLFKZHLWHU ODXVFKWHGDEHLGHQ6FKULWWHQGHV0|UGHUVXQGPHUNWHGD GLHVHYHUVWXPPWZDUHQ -HW]WKRUFKWHHU
-DQHV+HU]NORSIWHUDVHQGVFKQHOO6LHGXUIWHQLFKWPHKU DXIGHP%RGHQOLHJHQEOHLEHQVRQGHUQPXWHKRFKZHQQ VLHGHQ6FKZHUWKLHEHQDXVZHLFKHQZROOWH *HGDFKWJHWDQ 'LH'HWHNWLYLQVSUDQJDXIGLH)H 'DVJLQJQDWUOLFKQLFKWRKQH*HUlXVFKDE'HU6DPXUDL K|UWHVLHXQGHUVFKOXJ]X ,QVWLQNWLYVSUDQJ-DQH&ROOLQVQDFKYRUQ'HUZHLWDXVGHU 6FKXOWHUJHKROWH6FKODJYHUIHKOWHVLH$EHUGHU8QWRWHZDU VFKQHOO6RIRUWGURVFKHUHLQ]ZHLWHVPDO]X-DQHK|UWHGLH .OLQJHSIHLIHQVRQDKZLVFKWHVLHYRUEHL 'DQQNQDOOWHGLH:DIIHJHJHQGLH:DQG ,PHUVWHQ$XJHQEOLFNZROOWH-DQHVFKUHLHQZHLOGHU $XISUDOOVRKHIWLJJHZHVHQZDUGRFKVLHULVLFK]XVDPPHQ :LHHLQ&RPSXWHUJDELKU*HKLUQGLH%HIHKOH]XPhEHU OHEHQZHLWHU -DQHILHODXIGLH.QLH *HUDGHQRFKUHFKW]HLWLJGHQQGHU6DPXUDLZDUGD'LH .OLQJHKlWWHVLHW|GOLFKJHWURIIHQVRDEHUUDVLHUWHVLHEHU LKUHQ.RSIKLQZHJXQGNOLUUWHHUQHXWJHJHQGLH:DQG 6RIRUWZDUIVLFK-DQH&ROOLQVQDFKYRUQ6LHWDWGLHVLQHLQHU ZDKUHQ7RGHVYHUDFKWXQJXQGZHLOVLHNHLQHDQGHUH 0|JOLFKNHLWPHKUVDK 6LHKDWWHGDVJURH*OFNGDLKUH)LQJHUVLFKLQGHQ6WRII GHV%HLQNOHLGHVNODPPHUQNRQQWHQ (LQJHZDOWLJHU5XFNXQGGHU6DPXUDLZXUGHDXVGHP *OHLFKJHZLFKWJHEUDFKW )U%UXFKWHLOHYRQ6HNXQGHQGDFKWHHUQLFKWPHKUGDUDQ PLWVHLQHP6FKZHUW]X]XVFKODJHQHUKDWWHMHW]WJHQXJPLW VLFKVHOEVW]XWXQ'LHVH&KDQFHZROOWH-DQHQXW]HQ 6LHWDXFKWH]XU6HLWHZHJJHODQJWHDXIGLH)HXQGOLHI DXIGLHEUHQQHQGH.HU]H]X $XFKGHU6DPXUDLZDUVFKRQKLQWHULKUKHU8QGHUZDU YHUGDPPWZHQGLJXQGVFKQHOO =XVFKQHOO
-DQH&ROOLQVZROOWHDQGHP)DPLWGHP:UIHOYRUEHL KXVFKHQDOVGHUXQWRWH.LOOHUVLHHUUHLFKWH 'DV6FKZHUWKLHOWHULQGHU5HFKWHQGRFKPLWGHU/LQNHQ VFKOXJHU]X6HLQHJUDEHVNDOWH3UDQNHSUDOOWHDXI-DQHVOLQNH 6FKXOWHUHLVHUQKLHOWHQGLH)LQJHUIHVWXQGPLWHLQHP5XFN ZLUEHOWHGHU6DPXUDLGLH'HWHNWLYLQKHUXP -DQHVFKULH6LHULLKUHQ$UPDOV'HFNXQJYRUGDV*HVLFKW XQGSUDOOWHPLWGHPOHW]WHQ:LUEHOJHJHQGLHKDUWH.DQWH GHV)DVVHVDXIGHPGHU:UIHOVWDQG -HW]WKDWWHGHU7|WHUVLH +RFKDXIJHULFKWHWVWDQGHUYRULKU9RPIODFNHUQGHQ .HU]HQOLFKWJHWURIIHQHLQHIXUFKWEDUH(UVFKHLQXQJGLH NHLQH*QDGHNDQQWHXQGW|WHQZROOWH -DQH]LWWHUWHYRU$QJVW6LHKDWWHDOOHVYHUVXFKWGRFKHV ZDULKUQLFKWJHOXQJHQDXVGHQ.ODXHQGHV6DPXUDLV]X HQWULQQHQ (UOLHVLHORV +REGHQUHFKWHQ$UP'LHEODQNH.OLQJHIXKUIUGHQ %UXFKWHLOYRQ6HNXQGHQGXUFKGHQ/LFKWVFKHLQGHU.HU]H XQGEOLW]WHDXI -DQHVSUWHQLFKWPHKUGHQ'UXFNGHU+DQGDXILKUHU 6FKXOWHUXQGVLHKDQGHOWHLQVWLQNWLYXQGUHLQUHIOH[KDIW 6LHZDUIVLFK]XU6HLWH *HQDXLQGHP$XJHQEOLFNDOVGLHP|UGHULVFKH.OLQJHYRQ REHQQDFKXQWHQIXKU 6LHWUDI $EHUQLFKW-DQH&ROOLQVZLHYRUJHVHKHQVRQGHUQGHQ JHKHLPQLVYROOHQ:UIHO:XFKWLJKLHEVLHLQGLHREHUH .DQWH /LFKWVSUKWHXQGJOHLWHDXIXQGLPVHOEHQ$XJHQEOLFN VWLHGHU6DPXUDLHLQHQPDUNHUVFKWWHUQGHQ6FKUHLDXV (UZROOWHGDV6FKZHUWZLHGHUKRFK]LHKHQGRFKGLH.OLQJH ZDUSO|W]OLFKPLWGHP:UIHOYHUZDFKVHQ 'DV/LFKWEUHLWHWHVLFKDXV (VUDQQI|UPOLFKEHUGLH6FKZHUWNOLQJHHUUHLFKWHGHQ
6DPXUDLKOOWHLKQHLQZLHHLQHKHOOH*ORFNHXQGHV]HU VW|UWHGLHXQKHLPOLFKH+|OOHQJHVWDOW*OHLFK]HLWLJO|VWHVLFK GDV6DPXUDL6FKZHUWDXI 'HU:UIHOKDWWHGHQ)UHYHOGHV$QJULIIVJHUlFKW'HU XQWRWH6DPXUDLZXUGH]X$VFKH /DQJVDPVDQNHQGLH.OHLQGXQJVVWFNHLQHLQDQGHUXQG EOLHEHQDOV/XPSHQDXIGHP%RGHQOLHJHQ 6WLOOH 1XUGDVKHIWLJH$WPHQGHU'HWHNWLYLQXQWHUEUDFKVLH -DQHODJDXIGHP%RGHQ6LHNRQQWHQLFKWEHJUHLIHQGDVLH WDWVlFKOLFKJHUHWWHWZDU6LHKREGHQUHFKWHQ$UP *HLVWHUKDIWWDXFKWHLKUH+DQGLP/HLFKWVFKHLQGHU.HU]H DXI6LHILHODXIGHQ5DQGGHV)DVVHVGLH)LQJHUIDWHQ]X XQG-DQH]RJVLFKDXIGLH.QLH (UVWMHW]WVDKVLHZDVYRQGHP6DPXUDLEULJJHEOLHEHQ ZDU 1XUQRFKGLH.OHLGXQJ -DQH&ROOLQVVFKOXFNWH'DQQEUDFKHVDXVLKUKHUDXV6LH VFKOXJGLH+lQGHYRUV*HVLFKWVXQGZHLQWHYRU*OFNXQG (UOHLFKWHUXQJ ,FKKDWWHQRFKQLHMHPDQGHQJHVHKHQGHUVLFKQDFKGHUDOWHQ MDSDQLVFKHQ7UDGLWLRQXPJHEUDFKWKDWWHXQGLFKVSUWHZLH PHLQH.QLHZHLFKZXUGHQ 'LHVHU$QEOLFNZDUZLUNOLFKKDUW +LQWHUPLUK|UWHLFKGDVVFKZHUH$WPHQ -DNRZDUPLUJHIROJW ,FKVFKDXWHLKQDQIRUVFKWHLQVHLQHP*HVLFKWXQGYHU VXFKWHVHLQH*HGDQNHQ]XOHVHQ ª(VZDUZLUNOLFKEHVVHU©VDJWHHU ª:DVZLVVHQ6LH"©IXKULFKLKQDQ ª1LFKWV2GHUYLHOOHLFKWHLQZHQLJDEHUQLFKWJHQXJXP GDV5lWVHOO|VHQ]XN|QQHQ©(UVWHFNWHGHQ$UPDXVXQG VHLQ=HLJHILQJHUZLHVDXIGHQURWHQ%ULHIXPVFKODJQHEHQ
GHP.RSIGHV7RWHQª'RUWN|QQHQ6LHDOOHVOHVHQ© ª:RKHUZLVVHQ6LHGDV"© ª(UPXWHVHLQ7HVWDPHQWPDFKHQ(VZDUVREHVWLPPW (UHUNlPSIWHGDJHJHQDQGRFKGDVDQGHUHZDU]X VWDUN6FKOLHOLFKEUDFKWHHUVHLQHQ9DWHUXPGDVKDWHUQLFKW YHUNUDIWHW© ,FKK|UWHGLH:RUWHZlKUHQGLFKDQGDV%HWWWUDWXQGGHQ 8PVFKODJDQPLFKQDKP ,FKZROOWHGHQ7RWHQQLFKWVHKHQZHQQLFKGHQ%ULHIODV XQGJLQJGHVKDOELQGLHDQGHUH=LPPHUKlOIWH-DNREOLHE QHEHQPLUVWHKHQDOVLFKGHQ8PVFKODJDXIUL0LWVSLW]HQ )LQJHUQHQWQDKPLFKGDV3DSLHUGDVVHKUHQJDEHU]XP *OFNLQHQJOLVFKHU6SUDFKHEHVFKULHEHQZDUVRGDPDQ QLFKWHU]XEHUVHW]HQEUDXFKWH 'LHHUVWHQ6lW]HLQWHUHVVLHUWHQPLFKQLFKW,QLKQHQVFKULHE .XQLEHUGLH/LHEH]XVHLQHP9DWHUXQGNDPGDQQDXIGHQ )OXFKGHU$KQHQ]XVSUHFKHQ ,FKODVKDOEODXWª(VYHUIROJWHPLFKLP7UDXP,FKNRQQWH QDFKWVQLFKWPHKUVFKODIHQZHLOGHU$OSSO|W]OLFKGDZDU 8QGHUEHIDKOPLUDXI]XZDFKHQXQGDOOHVIULKQYRU]X EHUHLWHQ,FKK|UWHYRQ7RNDWDYRQGHP6DPXUDL'lPRQ GHVVHQ:LHGHUJHEXUWYRUEHUHLWHWZHUGHQPXWH8QGPLFK KDWWHPDQGDIUDXVJHVXFKW,FKVSUDFKPLWPHLQHP9DWHUHU ZDUHQWVHW]WDEHULFKNRQQWHPLFKQLFKWZHKUHQ'LH 7UlXPHZLHGHUKROWHQVLFKPDQEUDXFKWHPLFKPDQYHU ODQJWHQDFKPLU© ª6WLPPWGDV©IUDJWHLFK-DNR ª-D© 'DQQODVLFKZHLWHUª0HLQ9DWHUXQGLFKVWULWWHQXQV(U ZDUQWHPLFKLPPHUZLHGHUGRFKLFKZROOWHQLFKWK|UHQ,FK NRQQWHDXFKQLFKWGHQQGDVDQGHUHLQPLUZDUVWlUNHUDOV GLHUHLQHQ*HIKOH]XPHLQHP9DWHU7RNDWDV$QNXQIWZDU QDK'DVEHUPLWWHOWHPDQPLULQPHLQHQ7UlXPHQXQGLFK ZDUGD]XDXVHUVHKHQLKPGHQ:HJ]XHEQHQZDVPLFKDXI HLQHEHVRQGHUH:HLVHPLW6WRO]HUIOOWH,FKEHUHLWHWHDOOHV
YRU1HEHQDQLQGHUDOWHQ%UDXHUHLVROOWHQVHLQHYLHU /HLEZlFKWHULKU9HUVWHFNILQGHQGHQQVLHHUVFKLHQHQDOV HUVWHZlKUHQG7RNDWDQRFKLQGHUXQKHLOLJHQ(UGH-DSDQV OLHJW'LH7UDGLWLRQKDWGLHVEHIRKOHQXQGLFKJHKRUFKWH 0HLQ9DWHUZDUHQWVHW]W(UIOHKWHGLH*|WWHUDQGRFKGLH HUK|UWHQLKQQLFKW'lPRQHQXQGILQVWHUH*HVWDOWHQKDWWHQ GLH5HJLHLQGLHVHP6SLHOEHUQRPPHQ,FKIROJWHQXUGHU 7UDGLWLRQXQGIKOWHPLFKGDEHLVHKUJOFNOLFK,FKQDKPGLH 'lPRQHQPLWRIIHQHQ$UPHQDXI0HLQ9DWHUKLHOWVLFK ]XUFNGRFKHULQIRUPLHUWHKHLPOLFKHLQHQ5HSRUWHU'HU 0DQQNDPLQGLH6FKXOHVFKDXWHVLFKDOOHVDQXQGJLQJ ZLHGHU:LUPXWHQLKQW|WHQ,FKJDEHLQHP6DPXUDLGHQ %HIHKOXQGHUIKUWHLKQDXV$OVPHLQ9DWHUGDVK|UWH ZDQGWHHUVLFKYRQPLUDEXQGEH]HLFKQHWHPLFKDOV0|UGHU :LUZDUHQ]X)HLQGHQJHZRUGHQXQGLP7UDXPHUKLHOWLFK GHQ%HIHKOLKQ]XW|WHQ,FKWDWHV0DQP|JHPLUYHU]HLKHQ LFKNDQQHVQLFKWPHKU© 'DPLWHQGHWHGHU%ULHIGHUPLFKGRFKHUVFKWWHUWKDWWH :LHGHUHUOHEWHLFKHVGDQRUPDOH0HQVFKHQLQGHQ 'XQVWNUHLVILQVWHUHU'lPRQHQJHULHWHQ]XJUDXVDPHQ 'LQJHQJH]ZXQJHQZXUGHQXQGVLFKVHOEVWYRUHLQHP )DPLOLHQPRUGQLFKW]XUFNVFKUHFNWHQ -DNRKDWWHPLU]XJHK|UW-HW]WIUDJWHLFKLKQª6WLPPWGDV DOOHVZDVLQGHP%ULHIVWDQG"© ª9LHOOHLFKW© ª5HGHQ6LHVLFKQLFKWLPPHUKHUDXV'LH6DPXUDLVH[L VWLHUWHQGDVKDEHQZLUHUOHEW8QGHVLVWVRJDUGLH=DKO JHQDQQWZRUGHQ9LHUPHLQ/LHEHU=ZHLVLQGHUOHGLJWXQG GDPLWIUDJHLFK6LH:REHILQGHQVLFKGLHDQGHUHQEHLGHQ"© ª,P.HOOHU© ª,QZHOFKHQ.HOOHU"© ª1HEHQDQEHILQGHWVLFKGLHVWLOOJHOHJWH%UDXHUHL'RUW KDEHQVLFKGLH6DPXUDLVYHUVWHFNW© 'DVZDUHLQH,QIRUPDWLRQPLWGHULFKHWZDVDQIDQJHQ NRQQWH'DQQKDWWHLFKQRFKHLQH)UDJHª,VW,KQHQGHU1DPH
'U7RGRGHU6ROR0RUDVVREHNDQQW"© -DNRGDFKWHQDFKª1HLQ©PHLQWHHUQDFKHLQHU:HLOHª,FK KDEHLKQQRFKQLHJHK|UW© ª'DQNH© %LOOWDXFKWHDXI(UKDWWHHVLQGHU.DPSIVFKXOHQLFKWPHKU DXVJHKDOWHQª+LHUELVWGX©VDJWHHU ,FKHUNOlUWHLKPZDVYRUJHIDOOHQZDU ª+DUDNLUL"©IOVWHUWH%LOOª$EHUGDVLVWMDJUDXHQKDIW© ª:HPVDJVWGXGDV"© ª$EHU]ZHLIHKOHQQRFK©PHLQWHDXFKGHU5HSRUWHU ,FKQLFNWH ª8QG'U7RG"+DVWGXYRQLKPHWZDVJHK|UW"© ª0DQNDQQVLFKQLFKWDQLKQHULQQHUQ©HUZLGHUWHLFK %LOOKREGLH6FKXOWHUQ 1DWUOLFKUHFKQHWHLFKIHVWGDPLWGDVLFKGLHEHLGHQUHVW OLFKHQ6DPXUDLVQHEHQDQYHUVWHFNWKLHOWHQ,FKZUGH XQZHLJHUOLFKDXIVLHVWRHQXQGGHVKDOEPXWHPLU6XNR VHLQH'lPRQHQSHLWVFKHJHEHQ ,FKVSUDFKPLWLKPGDUEHU ª6ROOLFKQLFKWOLHEHUJHKHQ"©IUDJWHHU ª1HLQGLH6DFKHHUOHGLJHLFK© ª$OOULJKW©6XNREHUUHLFKWHPLUGLH3HLWVFKH,FKQLFNWH LKPGDQNEDU]XXQGZDQGWHPLFKZLHGHUDQ-DNRGHUPLW JHVHQNWHP.RSIGHP*HVSUlFKJHODXVFKWKDWWH ª.RPPHLFKYRQKLHUDXVLQGHQ.HOOHUGHV1DFKEDU KDXVHVRGHUPXLFKDXHQKHUXPJHKHQ"© ª1HLQHVJLEWHLQHQ'XUFKVFKOXSI© ª=HLJHQ6LHLKQPLU© :LUJLQJHQ+LQWHUHLQHUVFKPDOHQ(LVHQWUEHJDQQHLQH VWHLOH7UHSSH/LFKWJDEHVQLFKWXQGZLUPXWHQXQVLP 'XQNHOQYRUDQWDVWHQ $XIKDOEHU7UHSSHEHGHXWHWHLFK-DNR]XUFN]XEOHLEHQ(U PXWHPLUQXUQRFKGHQZHLWHUHQ:HJHUNOlUHQZDVHUPLW ]LWWHUQGHU6WLPPHWDW ,FKEHGDQNWHPLFKXQGVFKULWWZHLWHU
'LHVPDOVFKDOWHWHLFKPHLQHNOHLQH/DPSHHLQGHUHQ6WUDKO ]ZDUGQQZDUDEHUGHQQRFKGLH)LQVWHUQLVVRHUKHOOWHGD LFKPLFKRULHQWLHUHQNRQQWH $P(QGHGHU7UHSSHEOLHELFKVWHKHQODXVFKWHXQG VFKZHQNWHPHLQHQ$UPPLWGHU/DPSH 'HQ'XUFKEUXFKVDKLFKHLQSDDU
,FKOHXFKWHWHPLWPHLQHU/DPSH (LQHRIIHQH7U ,FKEOLHEVWHKHQª+DOOR©ULHILFKª+|UHQ6LHPLFK"©,FK PXWHPLFKEHPHUNEDUPDFKHQDXFKDXIGLH*HIDKUKLQ GDPLFKPHLQH*HJQHUK|UWHQ 'DV:HLQHQYHUVWXPPWH 1RFKHLQPDOULHILFK 'DQQGLH$QWZRUWª-RKQ© (VZDUHLQ6FKUHLXQGHU]LWWHUWHGXUFKGHQ.HOOHU-HPDQG KDWWHPHLQH6WLPPHHUNDQQWDEHUDXFKLFKKDWWHGLH6WLPPH GHU)UDXLGHQWLIL]LHUHQN|QQHQ (VZDU-DQH&ROOLQV +LPPHOZLHNDPVLHKLHUKHU" ª-DQH©-HW]WZDULFKQLFKWPHKU]XKDOWHQ$XFKGLH 6DPXUDLVNRQQWHQPLUJHVWRKOHQEOHLEHQXQGDOVLFKHLQHQ /LFKWVFKLPPHUVDKGDZXWHLFKGDHVJHVFKDIIWZDU -DQHILHOPLULQGLH$UPH 0HLQ*RWWVLH]LWWHUWHVLHPXWH6FKUHFNOLFKHVGXUFKJH PDFKWKDEHQGHQQGLH'HWHNWLYLQZDU]LHPOLFKKDUWLP 1HKPHQ,FKVWULFKEHULKU+DDUXQGEHULKUHQ5FNHQ 1XUODQJVDPOLH-DQHV6FKOXFK]HQQDFKhEHULKUH 6FKXOWHUNRQQWHLFKKLQZHJVFKDXHQVDKGLHHLQHEUHQQHQGH .HU]HXQGHUNDQQWHDXFKGHQYLHUHFNLJHQ*HJHQVWDQGDXI HLQHP%LHUID 'HQ:UIHO 3O|W]OLFKZDUGLH(ULQQHUXQJGD+LPPHOGHQ:UIHO KDWWHLFKVFKRQJHVHKHQ'DPDOVLP%URFNHQDOVLFKGDV %XFKGHUJUDXVDPHQ7UlXPHJHIXQGHQKDWWH 8QGMHW]WVWDQGHUKLHU :LHVR" ,FKIUDJWH-DQHGDQDFK 6LHO|VWHVLFKYRQPLUXQGKREGLH6FKXOWHUQª,FKNDQQHV GLUQLFKWHUNOlUHQ-RKQ(UZDUHLQIDFKKLHUXQGLFKKDEH PLUJOHLFKJHGDFKWGDHUHWZDV©6LHEUDFKDEª2*RWW HVZDUVRVFKUHFNOLFK-RKQ©
ª:DVZDUVRVFKUHFNOLFK"© ª6LHQHLQHUZROOWHPLFKW|WHQ©ULHI-DQH&ROOLQV ª'HU6DPXUDL"© ª-D$EHUHUZDUQLFKWDOOHLQ-RKQ© ª,FKZHLHVJLEWQRFKHLQHQ]ZHLWHQ© -DQHVFKWWHOWHGHQ.RSIª'HQPHLQHLFKQLFKW(VJHKW XPHLQHQDQGHUHQ0DQQXP'U7RG© ,FKKDWWHGDV*HIKOYRQHLQHP6WURPVFKODJJHWURIIHQ]X ZHUGHQª:DVVDJVWGX"'U7RG"© -DQHQLFNWHª:LUNOLFK-RKQHUZDUKLHU8QGGHU6DPXUDL VROOWHPLFKN|SIHQGDPLWPDQGLUGDQQPHLQHQ© ª6FKRQJXWVFKRQJXW© ,FKEHUOHJWHILHEHUKDIW9LHU.ULHJHUZDUHQQDFK/RQGRQ JHNRPPHQ=ZHLKDWWH6XNRHUOHGLJWYRQGHPGULWWHQVDK LFKGLH5HVWHQHEHQGHP%LHUIDDXIGHP%RGHQOLHJHQ%OLHE QRFKHLQHU:RKLHOWHUVLFKYHUVWHFNW" 'DVZDULP$XJHQEOLFN]ZHLWUDQJLJ(UVWHLQPDOPXWH LFK-DQH&ROOLQVLQ6LFKHUKHLWEULQJHQ8QGGDQQZROOWHLFK PLFKXPGHQ6DPXUDLXQGXP'U7RGNPPHUQ ª.HQQVWGXGLFKKLHUXQWHQDXV"©IUDJWHLFKGLH'HWHNWLYLQ ª1HLQ© ª2ND\GDQQEULQJHLFKGLFKDXIGHP:HJ]XUFNGHQLFK JHQRPPHQKDEH6XNRXQG%LOOZHUGHQDXIGLFKDFKWHQ'D GXDEHUDXFKLPPHUGHLQH1DVHLQ'LQJHVWHFNHQPXWGLH ]XJHIlKUOLFKVLQG,FKKDEHGLUGRFKJHVDJWEOHLE]X +DXVH© ª(QWVFKXOGLJH-RKQ© ,FKOlFKHOWHª6FKRQJXW©-DQH&ROLQVNRQQWHLFKQLFKWE|VH VHLQ (VZDUIUPLFKQLFKWVFKZLHULJDXIGHPJOHLFKHQ:HJ ZLHGHU]XUFN]XNHKUHQGRFKGDUDXVVROOWHYRUHUVWQLFKWV ZHUGHQ 'HU:UIHOYHUKLQGHUWHHV -DQH&ROOLQVVDK]XHUVWZDVPLWLKPJHVFKDKVWLHPLFK DQXQGULHIª6LHKGRFK-RKQ©
,FKGUHKWHPLFK 'HU4XDGHUlQGHUWHVHLQH)DUEH3O|W]OLFKZXUGHQVHLQH )OlFKHQZHLDEHUHVZDUHLQVWXPSIHV:HLNHLQKHOOHV RGHUVWUDKOHQGHV$OOHUGLQJVYHUlQGHUWHVLFKGLH)DUEHLQ GHQQlFKVWHQ6HNXQGHQ'LH,QWHQVLWlWQDKPGUDVWLVFK]X VLHEHNDPVRJDUHLQHQ6WLFKLQV*HOEOLFKHXQGSO|W]OLFK VWUDKOWHGHU:UIHO/LFKWDE +HOOHVNDOWHV/LFKW 'HUJHVDPWH.HOOHUUDXPZXUGHDXVJHOHXFKWHWDOVZUGHQ WDXVHQG/HXFKWVWRIIU|KUHQJOHLFK]HLWLJDXIIODPPHQ,FK NRQQWHQLFKWLQGLHVH+HOOLJNHLWKLQHLQVFKDXHQXQG-DQH &ROOLQVHUJLQJHVHEHQVR:LUULVVHQGLH$UPHKRFKXQG EHGHFNWHQXQVHUH$XJHQWURW]GHPGUDQJQRFKHLQKHOOHU :LGHUVFKHLQDQGLH3XSLOOHQ 8USO|W]OLFKZDUHVGDQQYRUEHL /DQJVDPVHQNWHLFKPHLQH+DQG$XIKDOEHU+|KHEOLHE VLHVWHKHQ,FKZDUEHUHLWPHLQH$XJHQVRIRUWZLHGHU]X VFKW]HQVREDOGGHU:UIHOHUQHXWDXIIODPPWH 'DVJHVFKDKQLFKWGDVNRQQWHJDUQLFKWPHKUJHVFKHKHQ GHQQGHU4XDGHUZDUYHUVFKZXQGHQ (LQIDFKZHJ ª'DVJLEW VGRFKQLFKW©PXUPHOWH-DQH&ROOLQVXQGWUDWELV GLFKWDQGDV%LHUID ,FKKLHOWPLFKDQLKUHU6HLWH*HPHLQVDPVFKDXWHQZLU JHJHQGLHOHHUH)OlFKHDXIGHUDOVOHW]WHV$QGHQNHQDQGHQ YHUVFKZXQGHQHQ:UIHOHLQH%OXWODFKHODJ ª:HUPDJLKQQXUZHJJHKROWKDEHQ"©IOVWHUWH-DQH &ROOLQVXQGVFKWWHOWHVLFK ,FKKREGLH6FKXOWHUQ(LQH$QWZRUWNRQQWHLFKLKUQLFKW JHEHQ'RFKIUPLFKZDUGDV9HUVFKZLQGHQGHV:UIHOV HLQ%HZHLVGDZLUXQVQLFKWDOOHLQLQGLHVHP.HOOHUEH IDQGHQ,UJHQGZHOFKH.UlIWHODXHUWHQKLHUHEHQIDOOVXQG EHREDFKWHWHQXQV ª/DXQVVRUDVFKZLHP|JOLFKYHUVFKZLQGHQ©KDXFKWH -DQHXQGKlQJWHVLFKEHLPLUHLQ
ª-DJHKHQZLU© :DVLFKDQSDFNWHHVZDUYHUNHKUW0DQZROOWHXQVQLFKW DXVGHP.HOOHUODVVHQGHQQSO|W]OLFKK|UWHQZLUHLQHQ ODXWHQ6FKODJ -DQH]XFNWHQRFKPHKU]XVDPPHQDOVLFK :HQLJVSlWHUZXWHLFKZDVJHVFKHKHQZDU -HPDQGKDWWHGLH7U]XJHVFKODJHQ :LUZDUHQJHIDQJHQ -DSDQ (LQ*HELHWDXIGHU1RUGKlOIWHGHUJU|WHQ,QVHO 5HLVIHOGHUZRKLQGDV$XJHVFKDXWH'DKLQWHUHUKREHQVLFK GLH+JHOPLWLKUHQ]DKOUHLFKHQ.UDWHUQ (VZDUHQHUORVFKHQH9XONDQH 7URW]GHPIDQGHQGLH0HQVFKHQLQGHU8PJHEXQJNHLQHQ )ULHGHQ8QGGDUDQZDUQXUHLQHUVFKXOG 7RNDWDGHU6DPXUDLGHV6DWDQV 6HLQH$QNXQIWVWDQGGLFKWEHYRUGLFKWHUDOVVRQVWGHQQ GHU%HUJLQGHPHUEHJUDEHQODJVRQGHUWHLPPHUJU|HUH 5DXFKZRONHQDE'LH=HLFKHQVWDQGHQDXI6WXUPXQGVHOEVW GLH6RQQHYHUEODWHYRUGHPQDFK6FKZHIHOULHFKHQGHQ 5DXFK 'LH%DXHUQGLHVLFKPRUJHQVQRFKDXIGLH)HOGHUJHZDJW KDWWHQKDWWHQLKUH$UEHLWVSOlW]HYHUODVVHQXQGZDUHQLQGLH '|UIHU]XUFNJHNHKUW'RUWYHUNURFKHQVLHVLFKLQLKUH +lXVHU]QGHWHQ.HU]HQDQXQGNQLHWHQYRULKUHQNOHLQHQ +DXVDOWlUHQXP]XGHQ*|WWHUQ]XEHWHQ /HHUJHIHJWZDUHQGLHVFKPDOHQ6WUDHQ1LFKWHLQPDOHLQ VWUHXQHQGHU+XQGKLHOWVLFKQRFKGUDXHQDXI$XFKGLH 7LHUHVSUWHQGDHWZDVLQGHU/XIWODJ6LHXQWHU 8PVWlQGHQQRFKPHKUDOVGLH0HQVFKHQ 'HU%HUJNRNHOWHZHLWHU 7LHILQVHLQHP,QQHUHQODJHUZDUXQWHU7RQQHQYXONDQL VFKHU(UGHEHJUDEHQ
8QGHUZDUZDFK 'LH,PSXOVHKDWWHQVHLQHQ*HLVWVRDNWLYLHUWGDHUGLH %HIHKOHDQGHQXQWRWHQ.|USHUZHLWHUJHEHQNRQQWH1XQ NRQQWHLKQQLFKWVPHKUDXIKDOWHQ'LH6WXQGHGHU5FNNHKU ZDUQDK 6HKUQDKVRJDU (VZXUGH$EHQG 'LH6RQQHYHUNURFKVLFKJDQ]LP:HVWHQELVVLHQXUQRFK ZLHHLQJOKHQGHU6SOLWWHUEHUGHP+RUL]RQWVWDQG(LQ SDDUOHW]WH6WUDKOHQJOLWWHQEHUGDV/DQGXQGEDGHWHQHVLQ HLQHPLPPHUEODVVHUZHUGHQGHQ/LFKW 'HUHZLJH.DPSI]ZLVFKHQ7DJXQG1DFKWEHJDQQ:LH LPPHUZUGHGHU7DJYHUOLHUHQGHQQGLH=HLWZDUUHLIIU GLH'XQNHOKHLW 8QGQLFKWQXUIUGLHQDWUOLFKH$XFKGLH0lFKWHGHU )LQVWHUQLVVDKHQLKUH&KDQFHQXQNRPPHQ,QGHQ 'LPHQVLRQHQGHV*UDXHQVKRFNWH$VPRGLQD6LHKLHOWGHQ :UIHOGHV8QKHLOVLQGHU+DQGKDWWHLKQVLFKJHKROWXP PLWLKPLKUHWHXIOLVFKHQ6SLHOH]XWUHLEHQ 'LHVHU:UIHOKDWWHHLQHEHVRQGHUH(LJHQVFKDIW (UULFKWHWHVLFKJHQDXQDFKGHPMHQLJHQGHPHUJHUDGH JHK|UWH+LHOWLKQHLQJXWHU0HQVFKLQGHU+DQGVR]HLJWHHU LKPGHQ:HJGHV/LFKWV+LHOWLKQMHGRFKHLQ'lPRQLQGHQ +lQGHQVRZXUGHQLKPDOOH*UDXVDPNHLWHQGHU'LPHQVLRQ RIIHQEDUW $VPRGLQDNDQQWHVLH)UVLHZDUHVZLFKWLJGDGHU :UIHOGLH.UDIWDXIEUDFKWHLKUH*HGDQNHQ]XYHUVWlUNHQ ZLHHLQH/LQVHGDPLWVLHJUDGOLQLJGHQ6DPXUDLGHV6DWDQV WUDIHQ 8QGVLHKDWWH(UIROJ 7RNDWDUKUWHVLFKDOVGHUOHW]WH6RQQHQVWUDKOKLQWHUGHQ %HUJHQYHUVFKZDQGXQGGLH'lPPHUXQJDOVJHZDOWLJHU JUDXHU0DQWHOLKUH6FKZLQJHQEHUGDV/DQGDXVEUHLWHWH 'HU6DPXUDLVSUWHGLH.UDIWGHU1DFKW 1RFKVWDQGGHU0RQGEODDP+LPPHOGRFKEDOGZUGH
HUVHLQH/HXFKWNUDIWYROODXVVFK|SIHQXQGGLHJDELKPGLH .UDIWGLHHUEHQ|WLJWHXPDXVVHLQHP*HIlQJQLV]XHQW IOLHKHQ 1RFKODJHULQGHUHZLJHQ)LQVWHUQLVDEHUHUZXUGHYRQ 0LQXWH]X0LQXWHVWlUNHU (UODXVFKWH 'HXWOLFKK|UWHHUGDVIHUQH*UXPPHOQLP%HUJHLQHK|OOL VFKH0XVLNGLHVHLQHVFKUHFNOLFKH$XIHUVWHKXQJEHJOHLWHQ VROOWH'HU9XONDQEHJDQQZLHGHU]XDUEHLWHQ%DOGVFKRQ ZUGHHUVHLQHWRGEULQJHQGH/DYDJHJHQGHQQDFKWGXQNOHQ +LPPHOVFKOHXGHUQXQG]XHLQHP)HXHUZHUNGHV 6FKUHFNHQVEODVHQ ,P'RUIK|UWHPDQHEHQIDOOVGLH*HUlXVFKH'LH(UGH YLEULHUWH,QGHQ+lXVHUQIODFNHUWHQGLH.HU]HQIODPPHQ PDQFKPDO]LWWHUWHDXFKGHU%RGHQ 'LH0HQVFKHQEHWHWHQLQWHQVLYHUVWlUNHU6LHIOHKWHQXP *QDGHXQG9HUJHEXQJZlKUHQGLQGHQ6WlOOHQGDV9LHK EUOOWHXQGDQGHQ.HWWHQUL 'LH.DWDVWURSKHQDKWH 1RFKYHUOLHQLHPDQGVHLQHQ:RKQRUW$OOHZROOWHVR ODQJHZLHP|JOLFKDXVKDOWHQ(UVWZHQQGHU%HUJVHLQ0DXO |IIQHWHGDQQZUGHQVLHIOFKWHQ 7URW]GHPSDFNWHQGLH)UDXHQEHUHLWVGLHZHQLJHQ+DE VHOLJNHLWHQ]XVDPPHQ9LHOHZHLQWHQGLH.LQGHUVWDQGHQGD XQGVFKDXWHQLKUH(OWHUQIUDJHQGDQ 7LHILP%HUJEHUHLWHWHVLFK7RNDWDGDUDXIYRUHQGJOWLJGLH PDJLVFKHQ)HVVHOQDE]XVWUHLIHQ (LQHUVWHU$VFKHUHJHQIXKUDXVGHP.UDWHUDOVKlWWH MHPDQGPLWHLQHPJHZDOWLJHQ%ODVHEDOJKLQHLQJHSXVWHW ,QGHQ'|UIHUQZXUGHDOOHVJHQDXUHJLVWULHUW$OVGDQQGDV HUVWHLQIHUQDOLVFKH*UROOHQDXVGHP%HUJGUDQJGDZXWHQ DOOHGDGHU9XONDQGDV+|OOHQIHXHUDXVVSHLHQZUGH :HQLJH0LQXWHQVSlWHUEUDFKGDV,QIHUQRORV
8QVHUH/DJHZDUEHVFKHLGHQ 1LFKWGDLFK$QJVWJHKDEWKlWWHDXVGHP.HOOHUQLFKW PHKUKHUDXV]XNRPPHQQHLQHLQDQGHUHUEHUHLWHWHPLU 6RUJHQGHU6DPXUDL $XHUGHPVWUROFKWH'U7RGKLHULUJHQGZRKHUXP 'DVSDWHPLUEHUKDXSWQLFKW -DQHKREGLH6FKXOWHUQ,KU*HVLFKWGUFNWH5DWORVLJNHLW DXVª%LOOXQG6XNRZLVVHQ%HVFKHLGGDZLUKLHUXQWHQ VLQG©VDJWHVLHª6LHZHUGHQXQVKROHQ© ª9RQGLUZLVVHQVLHQLFKWVQXUYRQPLU© ª'DQQZLUGGLHhEHUUDVFKXQJXPVRJU|HUVHLQ© ª8QGLQ]ZLVFKHQVLQG'U7RGXQGGHU6DPXUDLYHU VFKZXQGHQ© -DQHVHQNWHGHQ%OLFNª$QGLHKDEHLFKJDUQLFKWPHKU JHGDFKW© ª$EHULFK© ª:DVPDFKHQZLUQXQ"© 'LH)UDJHZDUJXWXQGVROHLFKWZXWHLFKNHLQH$QWZRUW GDUDXI =XQlFKVWXQWHUVXFKWHLFKGLH7U8QGGDEHLHUOHEWHQZLU GLHHUVWH(QWWlXVFKXQJ 'LH7UZDU]ZDUVFKRQDOWGRFKGDV+RO]KDWWHGLH-DKUH RKQH6FKDGHQ]XQHKPHQEHUVWDQGHQ(VJDENHLQH6WHOOH GLHPDQKlWWHPLWGHU)DXVWHLQVFKODJHQN|QQHQ$OOHVZDU YHUGDPPWVWDELO ,FKWUDWZLHGHU]XUFNª*LEWHVQRFKHLQHQDQGHUHQ $XVJDQJ"©IUDJWHLFK-DQH ª,FKZHLQLFKW© :LUVXFKWHQXQGIDQGHQQLFKWV'LH7UZDUGHUHLQ]LJH $XVDOVDXFK(LQJDQJ 0LVW -HW]WZDUJXWHU5DWWHXHU ª:LUN|QQWHQVFKUHLHQ©VFKOXJ-DQHYRU ,FKVFKWWHOWHGHQ.RSIª1HLQGDQQWULXPSKLHUWQXU 'U7RG©
ª:HLWGXHLQHDQGHUH/|VXQJ"© ,FKNQHWHWHPHLQ.LQQXQGGDFKWHQDFK -DQH&ROOLQVVFKDXWHPLFKGDEHLVNHSWLVFKDQ1DFKHLQHU JHUDXPHQ:HLOHVDJWHLFKª(VJLEWYLHOOHLFKWGRFKHLQHQ :HJ© ª8QGZHOFKHQ"© ª:LUPVVHQGLH7UDQ]QGHQ© -DQHVFKDXWHPLFKDQDOVKlWWHVLHHLQHQ9HUUFNWHQYRU VLFKª'DVLVWQLFKWGHLQ(UQVW"© ª'RFK© ª$EHU-RKQZLU© ª+DVWGXHLQHQDQGHUHQ9RUVFKODJ"© ª1HLQ© ª2ND\GDQQKROGLH.HU]H© (VZDUGLHOHW]WHGLHDOOHQ6FKZLHULJNHLWHQ]XP7URW] QRFKEUDQQWH 0LWGHUEUHQQHQGHQ.HU]HLQGHU+DQGWUDW-DQH&ROOLQV]X PLUª.ODSSWGDVGHQQ"©IUDJWHVLH ª:HQQGXPLUGHLQ)HXHU]HXJOHLKVW© ª:DUXPGDVGHQQ"© ª:HLOHVQRFKPLW%HQ]LQJHIOOWLVW2GHUKDVWGXGLFK LQ]ZLVFKHQXPJHVWHOOW"© ª'XGHQNVWDXFKDQDOOHV© ,FKJULQVWHª(EHQ-HW]WEUDXFKHLFKQXUQRFKHLQ 7DVFKHQWXFK© ª6ROOLFKGLUGDPLWDXFKDXVKHOIHQ"© ª'DQNHGDVKDEHLFKVHOEVW© (LQVVWDQGIHVW(VZDUHLQ9HUVXFKXQGHLQIUDJZUGLJHU ]XGHP$EHUZHQQZLUXQVUDVFKDXVGLHVHU.OHPPHEHIUHL HQZROOWHQPXWHLFK]XXQJHZ|KQOLFKHQ0LWWHOQJUHLIHQ 'LHOHHUHQ%LHUIlVVHUEHIDQGHQVLFK]XP*OFNVRZHLW ZHJGDVLHNHLQ)HXHUIDQJHQNRQQWHQ8QGDXFKVRQVWJDE HVLQGLHVHP.HOOHUUDXPDXHUGHU7UNHLQEUHQQEDUHV 0DWHULDO -DQHZDUVFKRQGDEHLLKU)HXHU]HXJDXI]XVFKUDXEHQ,FK
KDWWHPHLQ7DVFKHQWXFKKHUYRUJHKROWXQGKDWWHHV]XHLQHU SURYLVRULVFKHQ/XQWHJHGUHKW ª1XUJXWGDLFKHUVWPHLQHQ!)ODPPHQZHUIHUIULVFK JHIOOWKDEH©PHLQWH-DQH ª'DVZDU9RUVHKXQJ© ª+DKD©-DQHNLSSWHLKUHQª)ODPPHQZHUIHU©XQGOLHGDV %HQ]LQDXIPHLQ7DVFKHQWXFKWUlXIHOQ,FKKDWWHPLFKYRUKHU GDYRQEHU]HXJWGDGLH7U]LHPOLFKWURFNHQZDU'DV +RO]PXWHPHLQHU$QVLFKWQDFKEUHQQHQZHQQPDQHWZDV QDFKKDOI ª2ND\©VDJWH-DQHDOVLKU)HXHU]HXJOHHUZDUª(VNDQQ ORVJHKHQ© ,FKJLQJLQGLH.QLH'HU%HQ]LQJHUXFKVWLHJPLUHNOLJLQ GLH1DVH$EHULFKKRIIWHGDXQVJHUDGHGLHVHV%HQ]LQLQGLH )UHLKHLWIKUHQZUGH 6RUJIlOWLJOHJWHLFKGDV7DVFKHQWXFKDXIGHQ%RGHQXQG GDEHLGLFKWDQGLH7U -DQHEHREDFKWHWHPLFKXQGVLHGUFNWHPLUEHLGH 'DXPHQDOVLFKGLH.HU]HQDKPGLH)ODPPHPLWGHU+DQG DEVFKLUPWHGDPLWVLFKGLH'lPSIHQLFKWVFKRQHQW]Q GHWHQXQGVLHGDQQDQGDVJHWUlQNWH7XFKIKUWH (VILQJVRIRUW)HXHU :LUK|UWHQHLQOHLVHV!3XIIXQGVFKRQVWDQGGDV 7DVFKHQWXFKLQ)ODPPHQ(VEUDQQWHZLHGHUEHUKPWH =XQGHU,FKHUKREPLFKXQGWUDWVLFKHUKHLWVKDOEHUHLQHQ 6FKULWW]XUFN 'DV7DVFKHQWXFKKDWWHLFKVRJHOHJWGDGLH)ODPPHQDQ GHU7UKRFKOHFNHQPXWHQ 8QGVLHWDWHQPLUGHQ*HIDOOHQ'DVWURFNHQH+RO]EHJDQQ ]XJOLPPHQHUVWH)XQNHQIORJHQNQDWWHUQGGDYRQXQG GDQQKDWWHHLQYRQOLQNVQDFKUHFKWVYHUODXIHQGHU7UEDONHQ DXFKVFKRQ)HXHUJHIDQJHQ ª(VNODSSW©ULHI-DQHª(VNODSSW© ,FKQLFNWHQXU:HQQGDV)HXHUQXUQLFKWDXVJLQJGDVZDU PHLQHJU|WH6RUJH
5DXFKVWLHJJHJHQGLH'HFNH(VZDUHLQGXQNOHU4XDOP GHUVLFKWUlJHHUKRE ,QVHOWVDPHQ)LJXUHQEUHLWHWHGHU5DXFKVLFKDXVZlKUHQG GLH)ODPPHQLPPHUPHKU1DKUXQJIDQGHQ$OVZUGHQVLH DQ%lQGHUQJHGUHKWVRZLUEHOWHQXQGGUHKWHQVLHDP 7UKRO]KRFK -DQHKXVWHWH ,FK]RJVLH]XUFN6FKOLHOLFKKDWWHQZLUEHLGHNHLQH/XVW KLHUQRFK]XHUVWLFNHQ 9RUXQVNQLVWHUWHXQGNQDWWHUWHHV.OHLQHJOKHQGH +RO]VSOLWWHU]LVFKWHQZLHZLQ]LJH5DNHWHQGDYRQ ,FKNRQQWHGHP+LPPHOGDQNHQGDGDV+RO]VRWURFNHQ ZDU)DVWGLHJHVDPWH7UZDUMHW]WVFKZDU]JHIlUEWXQG EHUGLH+lOIWHZXUGHVLHEHUHLWVYRQGHQ]QJHOQGHQ )ODPPHQEHGHFNW ª+DVWGXQRFKHLQ7DVFKHQWXFK"©IUDJWHLFK-DQH 6LHQLFNWHKROWHHVKHUYRUXQGSUHWHHVVLFKJHJHQGHQ 0XQGZlKUHQGLFKPLUKLQXQGZLHGHUGHQ-DFNHWWlUPHO JHJHQGLH/LSSHQGUFNWH :LUEHREDFKWHWHQZHLWHU'DV)HXHUZDUMHW]WQLFKWPHKU DXI]XKDOWHQ*LHULJIUDHVVLFKZHLWHU$XFKGHUREHUH 4XHUEDONHQZXUGHEHUHLWVHUIDWXQGJHVFKZlU]W (UZDUEUFKLJ,FKWUDWJHJHQGHQXQWHUHQ'DVYHUNRKOWH +RO]]HUILHOXQWHUPHLQHP7ULWWXQGVWlXEWHDOVIHLQHU VFKZDU]HU$VFKHUHJHQ]X%RGHQ 'DV)HXHUJLHUWHEHUHLWVLQGDV+RO]KLQHLQ(VVXFKWHQHXH 1DKUXQJIDQGVLHDXFKXQGIUDVLFKXQDXIK|UOLFKZHLWHU =ZLVFKHQ]ZHL+XVWHQDQIlOOHQIUDJWHLFK-DQHª2EPDQHV VFKRQZDJHQNDQQ"© ,FKZLVFKWHPLUGLH7UlQHQDXVGHQ$XJHQXQGVFKWWHOWH GHQ.RSI2EZRKOXQVGHU5DXFKVFKZHU]XVHW]WHZROOWH LFKQRFKDEZDUWHQ 1XUQLFKWV+DOEHVPDFKHQGDVZDUGLH'HYLVH /DQJVDPZXUGHGLH/XIWVFKOHFKWHU6LHZDUNDXPQRFK]X DWPHQ8QGZLUPHUNWHQGDV5LVLNRGDVZLUPLWGLHVHU
%HIUHLXQJVDNWLRQHLQJHJDQJHQZDUHQ.ODSSWHHVQLFKW ZUGHQZLUXQWHU8PVWlQGHQHOHQGLJHUVWLFNHQ ,PPHUZLHGHUVFKDXWHLFKEHVRUJWDXI-DQH&ROOLQV$XFK LKUH$XJHQWUlQWHQ6LHKXVWHWHXQGZUJWHDEHUVLHKLHOW VLFKWDSIHUDXIGHQ%HLQHQ6FKOLHOLFKZXWHDXFKVLHZDV DOOHVQRFKYRUXQVODJ 'LH'lPRQHQSHLWVFKHKDWWHLFKLQGHQ*UWHOJHVWHFNW,FK ZDUMHGRFKVLFKHUGDLFKVLHQRFKJHEUDXFKHQZUGH'HQQ HLQ6DPXUDLOLHIIUHLKHUXP+RIIHQWOLFKGUDQJHUQLFKWLQ GLH.HQGR6FKXOHHLQZR6XNR%LOOXQGGLHDQGHUHQDXI XQVZDUWHWHQ0HLQH)UHXQGHEHVDHQNHLQHUOHL:DIIHQXP VLFKJHJHQGDV8QJHKHXHUYHUWHLGLJHQ]XN|QQHQ 'HU*HGDQNHPDFKWHPLUIDVWQRFKPHKU$QJVWDOVGLH 9RUVWHOOXQJLQGLHVHP.HOOHUHUVWLFNHQ]XN|QQHQ 'LH7UZDUMHW]WHLQHHLQ]LJH)HXHUZDQG1DFKUHFKWV OLQNVXQGQDFKREHQOHFNWHQGLH)ODPPHQHEHQIDOOVZHJ6LH ZDUHQDXIGHU6XFKHQDFKQHXHU%HXWHGRFKGDJDEHVQXU 0DXHUZHUNXQGGDVZLGHUVWDQGGHP)HXHU -DQH&ROOLQVVFKDXWHPLFKDQ ,FKZXWHZDVVLHGDFKWH,KU*HVLFKWZDUUXYHUVFKPLHUW LQGHQ$XJHQOHXFKWHWHGLH$QJVW ª2ND\©NHXFKWHLFKª,FKZHUGHHVZDJHQ© 6LHQLFNWH ,FKWUDW]XUFN]RJPHLQH-DFNHDXVXQGZLFNHOWHVLHPLU XPGLH6FKXOWHUXQGGHQUHFKWHQ$UP /XIWNRQQWHLFKQLFKWYLHOKROHQGDIUPDLFKGLH (QWIHUQXQJVWDUWHWHXQGUDQQWHORV :XFKWLJZDUILFKPLFKJHJHQGLHEUHQQHQGH7U 3O|W]OLFKZDUGLH+LW]HGD,FKKlWWHVFKUHLHQN|QQHK|UWH GDV.QLUVFKHQDEHUGLH7UKLHOW ª=XUFN-RKQ©-DQHV6WLPPHNLSSWHIDVWEHU ,FKIROJWHLKUHP5XI 6RIRUWZDUVLHEHLPLUVFKOXJPLWEHLGHQ+lQGHQDXIPLFK HLQXQGHUVWLFNWHVRGLHNOHLQHQ)OlPPFKHQGLHVFKRQDXI GHU.OHLGXQJWDQ]WHQ
ª:LUPVVHQQRFKZDUWHQ©NQLUVFKWHLFK /DQJHNRQQWHQZLUHVLQGLHVHU+|OOHDXV4XDOPXQG 5DXFKQLFKWPHKUDXVKDOWHQ ,FKVDKZLH-DQHWDXPHOWH6LHOHJWHVLFK]X%RGHQGHQQ GRUWZDUGLH/XIWQRFKHWZDVEHVVHU 'HU]ZHLWH$QODXI ,FKUDQQWHORV6SUWHZLHGHUGLH+LW]HNQDOOWHJHJHQGLH EUHQQHQGH7UK|UWHGDVbFK]HQXQG.QLUVFKHQVFKULH VHOEVWDXIDOVGLH)ODPPHQPLFKSDFNWHQ +DUWNQDOOWHLFK]XVDPPHQPLWGHUEUHQQHQGHQ7U]X %RGHQ,FKPXWHYRQGHQ)ODPPHQZHJXQGUHDJLHUWH LQVWLQNWLY$XWRPDWLVFKUROOWHLFKPLFK]XU6HLWHVFKOXJDXI PHLQHP.|USHUKHUXPXQGHUVWULFNWHGLH)OlPPFKHQ 'LH7UODJDXIGHP%RGHQXQGEUDQQWHDXV ,QPHLQH/XQJHQGUDQJGLHIULVFKH/XIW 'RFK-DQH:RZDUVLH" ,FKNDPDXIGLH.QLHZROOWHLKUHQ1DPHQUXIHQDEHUQXU HLQ.UlFK]HQGUDQJDXVPHLQHU.HKOH 'DIUVDKLFKLKUH*HVWDOW -DQHWDXPHOWHGXUFKGDV5HFKWHFNLQGHPHLQPDOGLH7U JHVWHFNWKDWWH6LHNRQQWHVLFKNDXPQRFKDXIGHQ%HLQHQ KDOWHQXQGLFKJLQJLKUHQWJHJHQ 'LH'HWHNWLYLQILHOPLULQGLH$UPH ª$OOHVRND\©VDJWHLFKªZLUKDEHQHVKLQWHUXQV© 'LHVHU2SWLPLVPXVVROOWHPLUEDOGYHUJHKHQGHQQZLHHLQ 6SXNWDXFKWHDXVGHP+LQWHUJUXQGGHV.HOOHUVHLQH*HVWDOW DXI 'HUYLHUWH6DPXUDL (LQDOWHU%DXHUVDKHV]XHUVW(UKDWWHEHUHLWVGHV|IWHUHQ 9XONDQDXVEUFKHHUOHEWZDUDXIGDV'DFKVHLQHV+DXVHV JHVWLHJHQXPGHQ%HUJ]XEHREDFKWHQ 8USO|W]OLFKVWLHJGLH)ODPPHQVlXOHLQGHQ+LPPHO (LQJHZDOWLJHV%UDXVHQHUIOOWHGLH/XIWGHUJHVDPWH%HUJ
VFKLHQ]XH[SORGLHUHQ(UUXPRUWHXQGJUROOWHDOVZlUHGLH +|OOHGDEHLLKUHVVlPWOLFKHQ3IRUWHQ]X|IIQHQ *OKHQGH/DYDPDVVHQVFKOHXGHUWHGHU'UXFNLQGHQ QDFKWGXQNOHQ+LPPHOZRGDVU|WOLFKH/LFKWGLH)LQVWHUQLV ]HUULXQGHLQHQZHLWHQEOXWLJHQ6FKHLQEHUGDV )LUPDPHQWOHJWH 'LH/DYDNRFKWHJLVFKWHWHXQGVSUKWH6WRZHLVHGUDQJ VLHDXVGHP.UDWHUJHZDOWLJH0HQJHQXQKHLPOLFKHU (QHUJLHQGLHGDLQGHQ+LPPHOSXIIWHQ 1DFKGHU/DYDIROJWHGLH(UGH 7RQQHQZHLVHZXUGHVLHKRFKJHZLUEHOWKHUDXVDXVGHP .UDWHUXQGGHUJOKHQGHQ/DYDIROJHQG (VZDUHLQJUDQGLRVHV6FKDXVSLHO0DNDEHUIDQWDVWLVFK DEHUDXFKEUDQGJHIlKUOLFKGHQQGLH]XUFNIDOOHQGH JOKHQGHQ/DYDVWU|PHIORVVHQGHQ%HUJKDQJHQWODQJXQG ZlO]WHQVLFKZLHHLQHJHZDOWLJH:DQGDXIGLH'|UIHU]X -HW]WHUVWYHUOLHHQGLH(LQZRKQHULKUH+lXVHU6LH ZXWHQGDGLH%DXWHQVLHQLFKWVFKW]HQNRQQWHQGLH /DYDPDVVHQZUGHQDOOHVXQWHUVLFKEHJUDEHQ 0HQVFKHQ7LHUH0DWHULDO 6LHZDUHQZLHJHIUlLJH0RQVWHUGLHLKUH2SIHUPLW+DXW XQG+DDUHQYHUVFKODQJHQ 'LH)OXFKWZDUHLQ:HWWODXIPLWGHU=HLW0DQFKHKDWWHQ LKUH=XJWLHUHYRUGLH:DJHQJHVSDQQWGRFKGLH2FKVHQ VRQVWWUDEWHQGLHDXIGHQ)HOGHUQZDUHQYLHO]XODQJVDP XQGDXFKQLFKWPLWGHU3HLWVFKH]XEHZHJHQVFKQHOOHU]X ODXIHQ 8QGGLH/DYDUROOWHZHLWHUDXIGDV'RUI]X6LHULDOOHV PLWZDVVLFKLKULQGHQ:HJVWHOOWH%VFKHNOHLQHUH%lXPH )HOVHQ*HU|OO6LHYHUZVWHWHGLH5HLVIHOGHUEHJUXEVLH XQWHULKUHQJOKHQGHQ0DVVHQXQGHVJDEQLFKWVZDV VLHQRFKDXIKDOWHQNRQQWH 'HU9XONDQVSLHZHLWHUZlKUHQGLQVHLQHP,QQHUHQLQ GLHVHUNRFKHQGHQ+|OOHGHU6DPXUDLHUZDFKWZDU'DV 9LEULHUHQGHU(UGHHPSIDQGHUDOVUHLQH:RKOWDW
%DOGZUGHGHU9XONDQDXFKLKQDXVVSHLHQ,KQJHJHQ GHQGHUQRUPDOH$XVEUXFKKDUPORVZDU'LH/DYDHUNDOWHWH DEHUHUEOLHEXQGZUGHGHP/DQGXQGGHUJDQ]HQ:HOW VHLQHQJUDXVDPHQ6WHPSHODXIGUFNHQ ,Q]ZLVFKHQKDWWHGLHHUVWH/DYDZHOOHGHQ2UWHUUHLFKW 6LHEHUVSOWHGLH+WWHQDP2UWVUDQGULVLHZHJ 'LH0HQVFKHQIOFKWHWHQ 6LHYHUQDKPHQLQLKUHP5FNHQGDVJHZDOWLJH'RQQHUQ XQG3ROWHUQGDVLPPHUODXWHUZXUGHMHPHKUVLFKGLH *OXWODZLQHGHQ)OLHKHQGHQQlKHUWH 'LH$OWHQZXUGHQYRQGHQ-QJHUHQJHWUDJHQ$XFKGLH VFKZHUIlOOLJHQ2FKVHQZXWHQMHW]WZRUDXIHVDQNDPGD VLHXPLKU/HEHQUHQQHQPXWHQZROOWHQVLHQLFKWYRQGHU *OXWYHUQLFKWHWZHUGHQ 'LH$QJVWPRELOLVLHUWHLQGHQ0HQVFKHQGLHOHW]WHQ.UlIWH 6LHVFKDIIWHQHVWDWVlFKOLFKGHQ/DYDVWU|PHQ]XHQWNRP PHQXQGKHW]WHQHLQHQ+JHOKRFKYRPGHPDXVVLHHLQH JXWH6LFKWEHVDHQ ,P7DONRFKWHGLH+|OOH 'LHJOKHQGH/DYDODJQLFKWUXKLJGDVRQGHUQVSULW]WH XQGEHZHJWHVLFK6WHLQHZXUGHQMHW]WDXVGHP7ULFKWHUGHV 9XONDQVJHVFKOHXGHUWXQGMDJWHQZLH5DNHWHQGHP+LPPHO HQWJHJHQ 'DQQEOLHVGHU9XONDQHLQHQKHLHQ$VFKHUHJHQDXVGHU VLFKVRIRUWEHUGDV/DQGYHUWHLOWH 'LH0HQVFKHQEHWHWHQZLHGHU1RFKKDWWHQVLHQLFKWVYRQ 7RNDWDJHVHKHQ0DQFKHKRIIWHQGDHUQLFKWDXIWDXFKHQ ZUGHGDGLHVHU9XONDQDXVEUXFKHLQHQRUPDOH8UVDFKH KDWWH 'RFKVLHVDKHQVLFKJHWlXVFKW 7RNDWDNDP 'HU$VFKHUHJHQK|UWHSO|W]OLFKDXI'DIUHUW|QWHHLQ *UROOHQLP,QQHUQGHV%HUJHVXQGJOHLFK]HLWLJILHOGDV 0RQGOLFKWVRDXIGDV/DQGGDHVGHQ9XONDQDQOHXFKWHWH /DFKHQ
$XVGHU7LHIHGHV9XONDQVVFKDOOWHHVQDFKGUDXHQXQG GLH0HQVFKHQDXIGHPHQWIHUQWHQ+JHOGUFNWHQLKUH *HVLFKWHULQGLH(UGHXQGIOHKWHQ]XGHQ*|WWHUQ 3O|W]OLFK]HLJWHGHU9XONDQUDQGHLQHVFKZHIHOJHOEH)DUEH GLHHLQEODVVHV/HXFKWHQYHUEUHLWHWH 'LH*HIORKHQHQVDKHQGLHVHEHQIDOOVXQGZXWHQ %HVFKHLG 7RNDWDV5FNNHKUVWDQGGLFKWEHYRU,KUH*HEHWHKDWWHQ QLFKWVJHQXW]W'LH+|OOHZDUVWlUNHU 6lPWOLFKH$XJHQZDUHQGHP9XONDQ]XJHZDQGWDXVGHV VHQ7ULFKWHUNHLQHJOKHQGH/DYDPHKUVWU|PWHVRQGHUQ QXUQRFKSXOYULJH$VFKHDXIVWLHJ,PKRKHQ%RJHQSXIIWHQ VLHLQGHQ+LPPHOELOGHWHQGRUWHLQHQ.UDQ]XQGILHO ZLHGHU]XUFN 8QGGDQQZDUHUGD :LHGHUJURH6LHJHUVWLHJHUDXVGHP9XONDQ(UKDWWH JHVSUWHGDVHLQH=HLWUHLIZDU'LH.UlIWHNHKUWHQ]XUFN 6FKZDU]H0DJLHKDOILKPHLQ]ZHLWHVVFKUHFNOLFKHV/HEHQ ]XIKUHQ $VPRGLQDV3ODQJLQJDXI 5LHVLJZDUVHLQH*HVWDOW2EZRKODXVGHP.UDWHUSO|W]OLFK KRKH)ODPPHQVFKOXJHQNRQQWHVLHLKPQLFKWVDQKDEHQ6LH KOOWHQLKQQXUHLQZHQLJHLQZLHHLQHQ0DQWHO 7RNDWDZDUQLFKW]XVWRSSHQ (UVWLHJDXVGHQ)ODPPHQHLQ+HOGGHV%|VHQXQGHUZDU QLFKWPHKU]XVWRSSHQ +RFKKREHUVHLQHQUHFKWHQ$UPGDVLQGHU+|OOH JHVFKPLHGHWHP|UGHULVFKH6FKZHUWEOLW]WHLP6FKHLQGHV )HXHUVDXI$XVGHP0DXOGHV6DPXUDLVGUDQJHQIXUFKW EDUH/DXWH:RUWHGLHLP7RWHQUHLFKJHVSURFKHQZXUGHQ DEHUHLQHPVFKUHFNOLFKHQ5DFKHVFKZXUJOLFKHQ 7RNDWDVWDQGDP5DQGHGHV.UDWHUVXQGVHLQH*HVWDOWKRE VLFKNODUXQGGHXWOLFKYRQGHQKLQWHULKPIODFNHUQGHQ )ODPPHQDE (UZDUGD
'LH0HQVFKHQ]LWWHUWHQ9LHOHNDQQWHQGLHVFKOLPPHQ /HJHQGHQGLHVLFKXPLKQUDQNWHQ -HW]WVDKHQVLHLKQ]XPHUVWHQ0DO 8QGVLHKDWWHQ$QJVW ª)OLHKW©IOVWHUWHHLQDOWHU0DQQª)OLHKWVRODQJHLKUHV QRFKN|QQW© 'LHDQGHUHQYHUVWDQGHQLKQJXW6LHSDFNWHQLKUH+DEH XQGUDQQWHQDOVZlUHGHU/HLEKDIWLJHKLQWHULKQHQKHU 2ND\LFKKDWWHGDPLWJHUHFKQHWLKPJHJHQEHU]XVWHKHQ DEHUVRSO|W]OLFKXQGVRUDVFKGDVZDUGRFKHLQHhEHU UDVFKXQJ -DQHKDWWHLKQQRFKQLFKWEHPHUNWXQGLFKVWLHGLH 'HWHNWLYLQKDUW]XU6HLWH 6LHNRQQWHVLFKQLFKWDXIGHQ%HLQHQKDOWHQXQGILHOKLQ %HVVHUHLQSDDUJHVWDXFKWH.QRFKHQDOVIULPPHULQV*UDE 'LH'lPRQHQSHLWVFKHVWHFNWHLQPHLQHP*UWHO,FKKDWWH QLFKWVYRQLKUGHQQGHU6DPXUDLOLHPLUNHLQH=HLWVLH KHUYRU]XUHLHQ(UJULIIVRIRUWDQ :XFKWLJVFKOXJHUPLWVHLQHP6FKZHUWYRQREHQQDFK XQWHQ]X'LH.OLQJH]HUVFKQLWWGLH/XIWLFKWDXFKWH]XU 6HLWHXQGGHUHUVWH6FKODJYHUIHKOWHPLFK $XVGHQ$XJHQZLQNHOQQDKPLFKZDKUGDVLFK-DQH &ROOLQVDXIJHULFKWHWKDWWH 6LHVWDUUWHGHQ8QKHLPOLFKHQDQ ª:HJ-DQH©EUOOWHLFKª9HUVWHFNGLFK©'DQQNRQQWHLFK PLFKXPVLHQLFKWPHKUNPPHUQGHQQPHLQ*HJQHU VWUPWHDXIPLFK]X'HQUHFKWHQ$UPKLHOWHUGDEHLDXVJH VWUHFNWGLH6SLW]HGHV6FKZHUWVZLSSWHHWZDLQ*UWHOK|KH (UVWLHQLFKW]XVRQGHUQWlXVFKWH ,PPHUZLHGHU]XFNWGDV6FKZHUWYRUXQGMHGHVPDOJLQJ LFK]XUFN(VZDUHLQ.DW]XQG0DXV6SLHOGDVGHU8QWRWH PLWPLUWULHEDEHULFKKDWWHLKQQLFKWVHQWJHJHQ]XVHW]HQ VRQGHUQPXWHPLFKYROODXIVHLQH$WWDFNHQNRQ]HQWULHUHQ
VRGDLFKQLFKWGD]XNDPGLH'lPRQHQSHLWVFKH]X]LHKHQ ,FKJLQJZHLWHU]XUFN 'LH7UZDUIDVWY|OOLJDXVJHEUDQQW1XUDQGHQ5lQGHUQ ]XFNWHQQRFKHLQLJHNOHLQH)OlPPFKHQKRFK,FKVFKULWWEHU VLHKLQZHJK|UWHHVNQLUVFKHQXQGGLHQlFKVWH$WWDFNHWULHE PLFKLQGHQ5DXP]XUFNDXVGHPZLUXQVEHIUHLWKDWWHQ 'LFNHU5DXFKZ|ONWHWUlJHXPKHU 6RIRUWPXWHLFKZLHGHUKXVWHQDOVGLHVHU4XDOPLQPHLQH /XQJHQGUDQJHUYHUVFKOHFKWHUWHDEHUDXFKGLH6LFKWXQG GDVKDWWH9RUWHLOHIUPLFK 7URW]GHPNRQQWHLFKGLH:DIIHQLFKWKHUYRUKROHQGHUYHU GDPPWH6DPXUDLZDUHLQIDFK]XVFKQHOO 1RUPDOHUZHLVHVDJWPDQLPPHUGDVLFK8QWRWHXQJH OHQNEHZHJHQEHLLKPZDUGDVQLFKWGHU)DOO (UEOLHEPLUDXIGHQ)HUVHQ ,FKKXVWHWH'HU4XDOPZDUQRFKYHUGDPPWGLFKW(U ZHKWHZLHGLFKWHU1HEHOYRUPHLQHQ$XJHQDXVGHPVFKDW WHQKDIWGLHJHIlKUOLFKH*HVWDOWGHV6DPXUDLVDXIWDXFKWH ,FKK|UWHGDV3IHLIHQGHU.OLQJHZHQQVLHGLH/XIW]HU VFKQLWWXQGHVJHODQJPLUQRFKGHPP|UGHULVFKHQ6FKODJ DXV]XZHLFKHQ 'DQQVWLHLFKJHJHQHLQ%LHUIDVSUDQJMHGRFKVRIRUW]XU 6HLWHZDVPHLQ*OFNZDUGHQQGLH.OLQJHYHUIHKOWHPLFK XQGWUDIQXUGLH.DQWHYRP)D 3O|W]OLFKKDWWHLFKHLQH,GHH ,FKUDQQWH]XU6HLWHZRGDVNOHLQVWHGHU)lVVHUVWDQG'HU 6DPXUDLIROJWHPLU)UGHQ%UXFKWHLOHLQHU6HNXQGHKDWWH LFK$QJVWHUN|QQWHVHLQ6FKZHUWVFKOHXGHUQGDVWDWHU MHGRFKQLFKWXQGPLUJHODQJHVGDV)D]XSDFNHQ XP]XNLSSHQXQGPLWGHPUHFKWHQ)XKDUWGDJHJHQ]X WUHWHQ 'DV)DUROOWHDXIGHQ6DPXUDL]X 8QGHVWUDI (UNRQQWHQLFKWVFKQHOOJHQXJDXVZHLFKHQXQGVFKDIIWHHV DXFKQLFKWEHUGDVUROOHQGH)D]XVSULQJHQ
(UVWROSHUWHILHOQDFKYRUQXQGYHUORUGDEHL]ZDQJVOlXILJ GLHhEHUVLFKW 'DVZDUPHLQH&KDQFH %OLW]VFKQHOOULLFKGLH3HLWVFKHKHUYRUVFKOXJHLQHQ.UHLV EHUGHP%RGHQXQGKLHE]X 'HU6DPXUDLZDUQLFKWJHIDOOHQGRFKHUVWDQGQXQLQ JHEFNWHU+DOWXQJ6RPXWHHUPHLQHQ6FKODJYROOQHK PHQ 'LH5LHPHQNODWVFKWHQLQVHLQHQ1DFNHQ 'HU8QKHLPOLFKHDXV-DSDQVWLHHLQHQU|KUHQGHQ6FKUHL DXV,FKVFKOXJHLQ]ZHLWHVPDO]XXQGWUDILKQDXIGHP 5FNHQ (UEUDFK]XVDPPHQ 0LWGHUOLQNHQZROOWHHUVLFKDXIVWW]HQZlKUHQGDXV VHLQHU.OHLGXQJEHUHLWVGLHJUQHQ'l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lKUHQGHLQHDQGHUH 6SXUSDUDOOHOOLHI 3O|W]OLFKK|UWHLFKHLQ*HUlXVFK(VHULQQHUWHPLFKDQGDV 4XLHWVFKHQHLQHU7UXQGZDUYRQUHFKWVDXIJHNOXQJHQ
,FKUDQQWHKLQ 1DFKZHQLJHQ6FKULWWHQVFKRQVDKLFKGHQ6FKDWWHQ -HGRFKHLQHQIOFKWHQGHQ6FKDWWHQ 2EZRKOLFKQXUGLH5FNHQSDUWLHHUNDQQWHZXWHLFK VRIRUWZHQLFKYRUPLUKDWWH 'U7RG 'HU6XSHUYHUEUHFKHUIORK -HW]WZRVHLQH+HOIHUQLFKWPHKUH[LVWLHUWHQVDKHUNHLQH DQGHUH0|JOLFKNHLWPHKU $EHUGLH6XSSHZROOWHLFKLKPYHUVDO]HQ $XJHQEOLFNOLFKQDKPLFKGLH9HUIROJXQJDXI ,FKKDWWH'U7RGOHLGHU]XVSlWJHVHKHQVRGDVHLQ 9RUVSUXQJ]LHPOLFKJURZDU)DVWKlWWHLFKQLFKWPHKUVWRS SHQN|QQHQDOVSO|W]OLFKGLH7UYRUPLUDXIWDXFKWHGLHGHU 9HUEUHFKHUKLQWHUVLFKLQV6FKORJHGRQQHUWKDWWH 0LWGHU6FKXOWHUSUDOOWHLFKGDJHJHQ(VZDUDXVJHUHFKQHW GLHGLHPLUVRZLHVRVFKRQJHQXJVFKPHU]WH :XFKWLJULLFKGLH7UDXI 9RUPLUODJHLQODQJHU.HOOHUUDXP'XUFKLUJHQGHLQ 2EHUOLFKWILHOVFKZDFKHV/LFKWXQGLQVHLQHP6FKHLQ HUNDQQWHLFKGLH*HVWDOWPHLQHV*HJQHUV 'U7RGZDUGDEHLLQGLH8QWHUZHOWHLQ]XWDXFKHQ,FKVDK QXUQRFKGLH+lOIWHVHLQHV2EHUN|USHUVXQGHLQHQ +HU]VFKODJVSlWHUZDUHUY|OOLJYHUVFKZXQGHQ ,FKVSULQWHWHGRUWKLQZRHUVLFKYHUGUFNWKDWWH (VZDUHLQ*XOO\GXUFKGHQHUGLH)OXFKWVXFKWH'HU 'HFNHOODJQRFKQHEHQGHUgIIQXQJHLQNUHLVUXQGHVVFKZH UHV6WFN%HWRQGDV'U7RGKRFKJHZXFKWHWKDEHQPXWH ,FKQLFNWHDQHUNHQQHQG:HUGDVVFKDIIWHGHUEHVD %lUHQNUlIWH 0LWGHU/DPSHOHXFKWHWHLFKLQGHQ6FKDFKW 6FKULWWHYHUQDKPLFKQLFKWGDIUGDV5DXVFKHQYRQ IOLHHQGHP:DVVHU
8QGLFKVDKHLQH6WHLJOHLWHUGHUHQ6SURVVHQLQQHUKDOEGHU (LQVWLHJVU|KUHIHVWYHUDQNHUWZDUHQ 2KQHDXIPHLQHHLJHQH6LFKHUKHLW]XDFKWHQEHJDQQLFK PLWGHP$EVWLHJ=XP*OFNZDUGLH7XQQHOU|KUHIUPLFK EUHLWJHQXJ 6SURVVHIU6SURVVHWDXFKWHLFKWLHIHU 'DV5DXVFKHQZXUGHODXWHU ,FKKLHOWLQQHKROWHPHLQH%OHLVWLIWODPSHKHUYRUXQG OHXFKWHWHLQGLH7LHIH 'HUGQQH6WUDKOZDUIHLQHQEOLW]HQGHQ5HIOH[DXIGLH VFKlXPHQGHQ:HOOHQGHVXQWHULUGLVFKHQ)OXVVHV 9RQPHLQHP)HLQGVDKLFKQLFKWV 'LH'LVWDQ]]XP%RGHQZDUMHGRFKQLFKWEHVRQGHUVJUR XQGLFKZDJWHGHQ6SUXQJ +DUWNDPLFKDXIJLQJLQGLH.QLHXQGIHGHUWHGHQ $XISUDOODXV 1HEHQPLUUDXVFKWHGHU)OX(VZDUHLQHZLGHUOLFKHVWLQ NHQGHGUHFNLJH%UKHGLHJXUJHOWHVFKPDW]WHXQGVFKlXP WH%ODVHQZDUIXQGLKUH*LVFKWEHUGLH5lQGHUYHUWHLOWH ,FKVFKDXWHQDFKOLQNV ,QXQUHJHOPlLJHQ$EVWlQGHQEUDQQWHQXQWHUGHUJHZ|OE WHQ'HFNHNOHLQH/DPSHQ6LHDOOHVDPWZDUHQGXUFK 'UDKWJLWWHUJHVFKW]WXQGLKU6FKHLQUHLFKWHDXVXPGLH 'XQNHOKHLWWLHIXQWHUGHU(UGHQRWGUIWLJ]XHUKHOOHQ 'HVKDOEVDKLFKDXFK'U7RG (UKDWWHHLQHQYHUGDPPWJURHQ9RUVSUXQJUDQQWHZHLWHU XQGVFKDXWHVLFKLPPHUZLHGHUXP ª%OHLEVWHKHQ©EUOOWHLFKª'XKDVWNHLQH&KDQFH© (UZDUIPLUQXUVHLQK|KQLVFKHV*HOlFKWHUHQWJHJHQXQG OLHIZHLWHU ,FKKLQWHUKHU (VZDUJDUQLFKWVROHLFKWDP5DQGGHV$EZDVVHUVWURPV GLH%DODQFH]XKDOWHQXQGGDEHLQRFK7HPSR]XPDFKHQ 'LH6WHLQHZDUHQQLFKWUHJHOPlLJJHOHJWDXHUGHPGXUFK GDV:DVVHU]LHPOLFKJOLWVFKLJJHZRUGHQ=XGHPKDWWHVLH
HLQH0RRVVFKLFKWQRFKJODWWHUZHUGHQODVVHQXQGLFKPXWH K|OOLVFKDXISDVVHQQLFKWLQGLH%UKH]XODQGHQXQG GDGXUFKZHUWYROOH=HLW]XYHUOLHUHQ 'U7RGKDWWHPLWGHQJOHLFKHQ6FKZLHULJNHLWHQ]XNlPS IHQ(UZXUGHHEHQVRJXWGDPLWIHUWLJZLHLFK ,P.ODUWH[WKLHGLHV,FKKROWHQLFKWDXI'HU$EVWDQG ]ZLVFKHQXQVEOLHEJOHLFK 8QGGDQQZDUHUYHUVFKZXQGHQ ,FKEOLHEVWHKHQVFKDXWHDQJHVWUHQJWQDFKYRUQXQGVDK GDGHU+DXSWIOXYRQHLQHPVFKPDOHQ%DFKJHNUHX]W ZXUGH'U7RGKDWWHVLFKQDFKOLQNVJHZDQGW :HQLJVSlWHUHUUHLFKWHDXFKLFKGLH6WHOOH +LHUVWDQNHVHUElUPOLFK0HLQHU$QVLFKWQDFKZXUGHQ IULVFKH$EZlVVHULQGHQ+DXSWIOXJHOHLWHW$POLHEVWHQ KlWWHLFKPLUGLH1DVH]XJHKDOWHQ 9RUVLFKWLJOXJWHLFKXPGLH(FNH0DQNRQQWHQLHZLVVHQ ZHOFKHhEHUUDVFKXQJ'U7RGQRFKIUHLQHQSDUDWKLHOW (VJDENHLQHDXFKHUGDFKWHQXUQRFKDQGLH)OXFKWGHQQ ZHQQLFKLKQDOOHLQ]XIDVVHQNULHJWHGDQQKDWWHHUNHLQH &KDQFH8QGGDVZXWHGHU.HUOJHQDX'HVKDOEYHUOLHHU VLFKLPPHUDXIVHLQHZLOOHQORVH:HUN]HXJH ,FKVDKLKQ $EHULP:DVVHU (UZDWHWHGXUFKGLH6WU|PXQJGLHVHLQH+IWHXPVSOWH XQGKDWWHEHLGH$UPHHUKREHQXPGLH%DODQFH]XKDOWHQ :HQLJVSlWHUPXWHDXFKLFKLQGLH%UKHGHQQGHU:HJ DQGHU6HLWHZDU]X(QGH ,FKVSUDQJKLQHLQ 'DV:DVVHUVSULW]WHDXIHLQSDDU7URSIHQJLVFKWHWHQPLU LQV*HVLFKWXQGPLFKHNHOWH 7URW]GHPJLQJHVZHLWHU $XIHLQPDOZXUGHQPHLQH$XJHQJUR*OHLFK]HLWLJVDK LFKPHLQH&KDQFHQVLQNHQ 'U7RGKDWWHHLQ*LWWHUHUUHLFKWGDVHUEHUHLWVKRFK VWHPPWHGDUXQWHUYHUVFKZDQGXQGHVZLHGHU]XUFNIDOOHQ
OLH'DV7HXIOLVFKHMHGRFKZDUGHU5LHJHODQGHUDQGHUHQ 6HLWHGHV*LWWHUV(UOHJWHLKQYRUVRGDLFKGLH6SHUUHQLFKW PHKUKRFKGUFNHQNRQQWH 9HUGDPPWDXFK 8QG'U7RGOLHIZHLWHU $OVLFKGDV*LWWHUHUUHLFKWHNOHWWHUWHHUEHUHLWVDXIV 7URFNHQH8QGHUODFKWHPLFKDXV ,FKNODPPHUWHPHLQH+lQGHXPGLH6WDQJHQZlKUHQGGLH %UKHPLFKXPVSOWH ª6LQFODLUGX+XQG©VFKULHHUª'XKDVWHVQLFKWYHUKLQ GHUQN|QQHQ7RNDWDLVWHUZDFKW'XXQGGHLQHYHUGDPPWH &OLTXHZHUGHWQRFKYRQXQVK|UHQ© ,FKZROOWHGLH:DIIH]LHKHQGRFK'U7RGYHUVFKZDQGXP HLQH*DQJELHJXQJ 'DVOHW]WHZDVLFKYRQLKPK|UWHZDUVHLQWULXPSKLHUHQ GHV/DFKHQ ,FKKlWWHPLFKYRU:XWVHOEVWLUJHQGZRKLQEHLHQN|QQHQ GHQQPLUEOLHEQLFKWVDQGHUHVEULJDOVGHQ:HJ]XUFN]X ODXIHQGHQLFKJHQRPPHQKDWWH $OV9HUOLHUHU -DQH&ROOLQVKDWWHGHQ:HJDOOHLQJHIXQGHQXQGVLHKDWWH +LOIHJHKROW6XNRXQG%LOOWUDILFK]XVDPPHQPLWLKULP .HOOHUDQ ª8QG"©IUDJWHGHU5HSRUWHU ,FKKREGLH6FKXOWHUQª(ULVWYHUVFKZXQGHQ© %LOOIOXFKWH6XNRSUHWHGLH/LSSHQ]XVDPPHQQXU-DQH OlFKHOWHPLUDXIPXQWHUQG]X6LHZXWHJHQDXZDVKLQWHU XQVODJ ,FKHU]lKOWHGHQ)UHXQGHQYRQGHQOHW]WHQ:RUWHQGLHPLU 'U7RGHQWJHJHQJHVFKOHXGHUWKDWWH ª7RNDWD©PHLQWH%LOOªGHQ1DPHQPVVHQZLUXQVPHU NHQ© ª8QGZLH©
-DQHIUDJWHª:LOOVWGXNHLQH*URIDKQGXQJHLQOHLWHQ"© ,FKVFKWWHOWHGHQ.RSIª'U7RGLVWVFKODXGHQIDQJHQ ZLUQLFKW8QGLFKKlWWHLKQIDVWJHKDEWYHUGDPPWDXFK© :LUJLQJHQZLHGHULQGLH6FKXOH0HLQH*HGDQNHQZDUHQ EHL7RNDWD1RFKKDWWHLFKLKQQLFKWJHVHKHQDEHULFKZDU VLFKHUGDLFKLUJHQGZDQQPLWLKP]XVDPPHQWUHIIHQ ZUGH (U$VPRGLQDXQG'U7RGELOGHWHQHLQK|OOLVFKHV7ULR :LHGHUZDUHLQHUKLQ]XJHNRPPHQ/HXWHZLH'U7RG IDQGHQEHUDOOLKUH+HOIHU 1RFKZXWHLFKQLFKWVYRQGHU*UQGXQJGHU0RUGOLJD 8QGGDVZDUJXWVR'HQQVRQVWKlWWHLFKGHV1DFKWVZRKO NHLQ$XJHPHKU]XJHWDQ (1'(