(7$+RIIPDQQ
'LH)HUPDWH
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEH...
19 downloads
425 Views
275KB 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
(7$+RIIPDQQ
'LH)HUPDWH
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ -XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQG LQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ
+XPPHOVKHLWUHVOHEHQVNUlIWLJHV%LOGGLH*HVHOOVFKDIWLQHLQHU LWDOLHQLVFKHQ/RNDQGDLVWEHNDQQWZRUGHQGXUFKGLH%HUOLQHU .XQVWDXVVWHOOXQJLP+HUEVWDXIGHUHVVLFKEHIDQG$XJ XQG*HPWJDUYLHOHUHUOXVWLJHQG± (LQHSSLJYHUZDFKVHQH /DXEH± HLQPLW:HLQXQG)UFKWHQEHVHW]WHU7LVFK± DQ GHPVHOEHQ]ZHLLWDOLHQLVFKH)UDXHQHLQDQGHUJHJHQEHUVLW]HQG± GLHHLQHVLQJWGLHDQGHUHVSLHOW&KLWDUUD± ]ZLVFKHQEHLGHQ KLQWHUZlUWVVWHKHQGHLQ$EEDWHGHUGHQ0XVLNGLUHNWRUPDFKW0LW DXIJHKREHQHU%DWWXWDSDWHUDXIGHQ0RPHQWZHQQ6LJQRUDGLH .DGHQ]LQGHUVLHPLWKLPPHOZlUWVJHULFKWHWHP%OLFNEHJULIIHQ HQGLJHQZLUGLPODQJHQ7ULOORGDQQVFKOlJWHUQLHGHUXQGGLH &KLWDUULVWLQJUHLIWNHFNGHQ'RPLQDQWHQ$NNRUG± 'HU$EEDWHLVW YROO%HZXQGHUXQJ± YROOVHOLJHQ*HQXVVHV± XQGGDEHLlQJVWOLFK JHVSDQQW± 1LFKWXPGHU:HOWZLOOHQP|FKWHHUGHQULFKWLJHQ 1LHGHUVFKODJYHUSDVVHQ.DXPZDJWHU]XDWPHQ-HGHP %LHQFKHQMHGHP0FNOHLQP|FKWHHU0DXOXQG)OJHOYHUELQGHQ GDPLWQLFKWVVXPVH8PVRPHKULVWLKPGHUJHVFKlIWLJH:LUW IDWDOGHUGHQEHVWHOOWHQ:HLQJHUDGHMHW]WLPZLFKWLJVWHQ K|FKVWHQ0RPHQWKHUEHLWUlJW± $XVVLFKWLQHLQHQ/DXEJDQJGHQ JOlQ]HQGH6WUHLIOLFKWHUGXUFKEUHFKHQ'RUWKlOWHLQ5HLWHUDXVGHU /RNDQGDZLUGLKPHLQIULVFKHU7UXQNDXIV3IHUGJHUHLFKW ±
9RUGLHVHP%LOGHVWDQGHQGLHEHLGHQ)UHXQGH(GXDUGXQG 7KHRGRUª-HPHKULFK©VSUDFK(GXDUGªGLHVH]ZDUHWZDV lOWOLFKHDEHUZDKUKDIWYLUWXRVLVFKEHJHLVWHUWH6lQJHULQLQLKUHQ EXQWHQ.OHLGHUQDQVFKDXHMHPHKULFKPLFKDQGHPHUQVWHQHFKW U|PLVFKHQ3URILODQGHPVFK|QHQ.|USHUEDXGHU&KLWDUUVSLHOHULQ HUJ|W]HMHPHKUPLFKGHUK|FKVWYRUWUHIIOLFKH$EEDWHEHOXVWLJW GHVWRIUHLHUXQGVWlUNHUWULWWPLUGDV*DQ]HLQVZLUNOLFKHUHJH /HEHQ± (VLVWRIIHQEDUNDULNLHUWLPK|KHUQ6LQQDEHUYROO +HLWHUNHLWXQG$QPXW± ,FKP|FKWHQXUJOHLFKKLQHLQVWHLJHQLQ GLH/DXEHXQGHLQHYRQGHQDOOHUOLHEVWHQ.RUEIODVFKHQ|IIQHQGLH PLFKGRUWYRP7LVFKHKHUDEDQOlFKHOQ:DKUKDIWLJPLULVWHVDOV VSUHLFKVFKRQHWZDVYRQGHPVHQ'XIWGHVHGOHQ:HLQV± 1HLQ GLHVH$QUHJXQJGDUIQLFKWYHUKDXFKHQLQGHUNDOWHQ QFKWHUQHQ/XIWGLHXQVKLHUXPZHKW± 'HPKHUUOLFKHQ%LOGH GHU.XQVWGHPKHLWHUQ,WDOLDZRKRFKGLH/HEHQVOXVWDXIJOKW]X (KUHQODXQVKLQJHKHQXQGHLQH)ODVFKHLWDOLHQLVFKHQ:HLQV DXVVWHFKHQ© ±
7KHRGRUKDWWHZlKUHQG(GXDUGGLHVLQDEJHEURFKHQHQ6lW]HQ VSUDFKVFKZHLJHQGXQGWLHILQVLFKJHNHKUWGDJHVWDQGHQª-D GDVODXQVWXQ©IXKUHUMHW]WDXIZLHDXVHLQHP7UDXP HUZDFKHQGDEHUNDXPORVNRPPHQNRQQWHHUYRQGHP%LOGHXQG DOVHUGHP)UHXQGHPHFKDQLVFKIROJHQGVLFKVFKRQDQGHU7U EHIDQGZDUIHUQRFKVHKQVFKWLJH%OLFNH]XUFNQDFKGHQ 6lQJHULQQHQXQGQDFKGHP$EEDWH(GXDUGV9RUVFKODJOLHVLFK OHLFKWDXVIKUHQ6LHJLQJHQTXHUEHUGLH6WUDHXQGEDOGVWDQG LQGHPEODXHQ6WEFKHQEHL6DOD7DURQHHLQH.RUEIODVFKHJDQ] GHQHQLQGHU:HLQODXEHlKQOLFKYRULKQHQª(VVFKHLQWPLUDEHU© VSUDFK(GXDUGQDFKGHPVFKRQHLQLJH*OlVHUJHOHHUWZDUHQXQG 7KHRGRUQRFKLPPHUVWLOOXQGLQVLFKJHNHKUWEOLHEªHVVFKHLQW PLUDEHUDOVKDEHGLFKGDV%LOGDXIJDQ]EHVRQGHUHXQGJDUQLFKW VROXVWLJH:HLVHDQJHUHJWDOVPLFK"©ª,FKNDQQYHUVLFKHUQ© HUZLGHUWH7KHRGRUªGDDXFKLFKDOOHV+HLWHUHXQG$QPXWLJHGHV OHEHQGLJHQ%LOGHVLQYROOHP0DHJHQRVVHQDEHUJDQ]ZXQGHUEDU LVWHVGRFKGDGDV%LOGJHWUHXHLQH6]HQHDXVPHLQHP/HEHQ PLWY|OOLJHU3RUWUlWlKQOLFKNHLWGHUKDQGHOQGHQ3HUVRQHQGDUVWHOOW 'XZLUVWPLUDEHU]XJHVWHKHQGDDXFKKHLWHUH(ULQQHUXQJHQ GDQQGHQ*HLVWJDUVHOWVDP]XHUVFKWWHUQYHUP|JHQZHQQVLH DXIVROFKHJDQ]XQHUZDUWHWHXQJHZ|KQOLFKH :HLVHSO|W]OLFKZLH GXUFKHLQHQ=DXEHUVFKODJJHZHFNWKHUYRUVSULQJHQ'LHVLVWMHW]W PHLQ)DOO©ª$XVGHLQHP/HEHQ©ILHO(GXDUGJDQ]YHUZXQGHUW HLQªHLQH6]HQHDXVGHLQHP/HEHQVROOGDV%LOGGDUVWHOOHQ")U JXWJHWURIIHQH3RUWUlWVKDEHLFKGLH6lQJHULQQHQXQGGHQ$EEDWH JOHLFKJHKDOWHQDEHUGDVLHGLULP/HEHQYRUJHNRPPHQVHLQ VROOWHQ"1XQVRHU]lKOHQXUJOHLFKZLHGDVDOOHV ]XVDPPHQKlQJW ZLUEOHLEHQDOOHLQQLHPDQGNRPPWXPGLHVH =HLWKHU©ª,FKP|FKWHGDVZRKOWXQ©VSUDFK7KHRGRUªDEHU OHLGHUPXLFKVHKUZHLWDXVKROHQ± YRQPHLQHU-XJHQG]HLWKHU© ª(U]lKOHQXUJHWURVW©HUZLGHUWH(GXDUGªLFKZHLVRQRFKQLFKW YLHOYRQGHLQHQ-XJHQGMDKUHQ'DXHUWHVODQJHVRIROJWQLFKWV 6FKOLPPHUHVGDUDXVDOVGDZLUHLQH)ODVFKHPHKUDXVVWHFKHQ DOVZLUXQV YRUJHQRPPHQ GDVQLPPWDEHUNHLQ0HQVFKEHO ZHGHUZLUQRFK+HUU7DURQH© ª'DLFKQXQHQGOLFK©ILQJ7KHRGRUDQªDOOHVDQGHUHEHLVHLWH JHZRUIHQXQGPLFKGHUHGOHQ0XVLNDJDQ]XQGJDUHUJHEHQ GDUEHUZXQGHUHVLFKQLHPDQGGHQQVFKRQDOV.QDEHPRFKWHLFK MDNDXPZDVDQGHUHVWUHLEHQXQGNOLPSHUWH7DJXQG1DFKWDXI
PHLQHV2QNHOVDOWHPNQDUUHQGHQVFKZLUUHQGHQ)OJHO(VZDUDQ GHPNOHLQHQ2UWHUHFKWVFKOHFKWEHVWHOOWXPGLH0XVLNQLHPDQGHQ JDEHVGHUPLFKKlWWHXQWHUULFKWHQN|QQHQDOVHLQHQDOWHQ HLJHQVLQQLJHQ2UJDQLVWHQGHUZDUDEHUHLQWRWHU5HFKHQPHLVWHU XQGTXlOWHPLFKVHKUPLWILQVWHUQEHONOLQJHQGHQ7RNNDWHQXQG )XJHQ2KQHPLFKGDGXUFKDEVFKUHFNHQ]XODVVHQKLHOWLFK WUHXOLFKDXV0DQFKPDOVFKDOWGHU$OWHJDUlUJHUOLFKDEHUHU GXUIWHQXUZLHGHUHLQPDOHLQHQZDFNHUQ6DW]LQVHLQHUVWDUNHQ 0DQLHUVSLHOHQXQGYHUV|KQWZDULFKPLWLKPXQGGHU.XQVW *DQ]ZXQGHUEDUZXUGHPLUGDQQRIW]XPXWHPDQFKHU6DW] YRU]JOLFKYRQGHPDOWHQ6HEDVWLDQ%DFKJOLFKEHLQDKHHLQHU JHLVWHUKDIWHQJUDXOLFKHQ(U]lKOXQJXQGPLFKHUIDWHQGLH 6FKDXHUGHQHQPDQVLFKVRJHUQKLQJLEWLQGHUSKDQWDVWLVFKHQ -XJHQG]HLW(LQJDQ]HV(GHQHUVFKORVLFKPLUDEHUZHQQZLHHV LP:LQWHU]XJHVFKHKHQSIOHJWHGHU6WDGWSIHLIHUPLWVHLQHQ *HVHOOHQXQWHUVWW]WYRQHLQSDDUVFKZlFKOLFKHQ'LOHWWDQWHQHLQ .RQ]HUWJDEXQGLFKLQGHU6\PSKRQLHGLH3DXNHQVFKOXJZHOFKHV PLUYHUJ|QQWZXUGHZHJHQPHLQHVULFKWLJHQ7DNWV:LHOlFKHUOLFK XQGWROOGLHVH.RQ]HUWHRIWZDUHQKDEHLFKHUVWVSlWHU HLQJHVHKHQ*HZ|KQOLFKVSLHOWHPHLQ/HKUHU]ZHL)OJHONRQ]HUWH YRQ:ROIIRGHU(PDQXHO%DFKHLQ.XQVWSIHLIHUJHVHOOTXlOWHVLFK PLW6WDPLW]XQGGHU$N]LVHHLQQHKPHUEOLHVDXIGHU)O|WHJHZDOWLJ XQGEHUQDKPVLFKLP$WHPVRGDHUEHLGH/LFKWHUDP3XOW DXVEOLHVGLHLPPHUZLHGHUDQJH]QGHWZHUGHQPXWHQ$Q *HVDQJZDUQLFKW]XGHQNHQGDVWDGHOWHPHLQ2QNHOHLQJURHU )UHXQGXQG9HUHKUHUGHU7RQNXQVWVHKU(UJHGDFKWHQRFKPLW (QW]FNHQGHUlOWHUHQ=HLWDOVGLHYLHU.DQWRUHQGHUYLHU.LUFKHQ GHV2UWVVLFKYHUEDQGHQ]XU$XIIKUXQJYRQ¾/RWWFKHQDP+RIH½ LP.RQ]HUWVDDO9RU]JOLFKSIOHJWHHUGLH7ROHUDQ]]XUKPHQ ZRPLWGLH6lQJHUVLFK]XP.XQVWZHUNYHUHLQLJWGDDXHUGHU NDWKROLVFKHQXQGHYDQJHOLVFKHQQRFKGLHUHIRUPLHUWH*HPHLQGH VLFKLQ]ZHL=XQJHQGHUGHXWVFKHQXQGIUDQ]|VLVFKHQVSDOWHWH GHUIUDQ]|VLVFKH.DQWRUOLHVLFKGDV/RWWFKHQQLFKWQHKPHQXQG WUXJZLHGHU2QNHOYHUVLFKHUWHEULOOEHZDIIQHWGLH3DUWLHPLWGHP DQPXWLJVWHQ)DOVHWWYRUGHUMHPDOVDXVHLQHUPHQVFKOLFKHQ.HKOH KHUDXVSILII1XQYHU]HKUWHDEHUEHLXQV DP2UWHPHLQLFK HLQH IQIXQGIQI]LJMlKULJH'HPRLVHOOHQDPHQV0HLEHOGLHNDUJH 3HQVLRQZHOFKHVLHDOVMXELOLHUWH+RIVlQJHULQDXVGHU5HVLGHQ] HUKLHOWXQGPHLQ2QNHOPHLQWHULFKWLJGLH0HLEHON|QQHIUGDV *HOGQRFKZLUNOLFKZDVZHQLJHVMXELOLHUHQLP.RQ]HUWH6LHWDW
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|QQWZDULQGLHNOHLQH3RU]HOODQGRVH ]XJUHLIHQGLHHLQHQ0RSVYRUVWHOOWHXQGGLHVLHKHUYRUJH]RJHQ XPGDUDXVPLWYLHOHU%HKDJOLFKNHLW7DEDN]XQHKPHQ6LHKDWWH HLQHJDUVWLJHTXlNHQGH6WLPPHPDFKWHDOOHUOHLVNXUULOH 6FKQ|UNHOXQG.RORUDWXUHQXQGGXNDQQVWGHQNHQZLHGLHV YHUEXQGHQPLWGHPOlFKHUOLFKHQ(LQGUXFNLKUHUlXHUHQ (UVFKHLQXQJDXIPLFKZLUNHQPXWH0HLQ2QNHOHUJRVLFKLQ /REHVHUKHEXQJHQLFKNRQQWHGDVQLFKWEHJUHLIHQXQGJDEPLFK XPVRHKHUPHLQHP2UJDQLVWHQKLQGHUEHUKDXSWHLQ9HUlFKWHU GHV*HVDQJHVLQVHLQHUK\SRFKRQGULVFKHQERVKDIWHQ/DXQHGLH DOWHSRVVLHUOLFKH'HPRLVHOOHJDUHUJ|W]OLFK]XSDURGLHUHQZXWH
-HOHEKDIWHULFKMHQH9HUDFKWXQJGHV*HVDQJHVPLWPHLQHP /HKUHUWHLOWHGHVWRK|KHUVFKOXJHUPHLQPXVLNDOLVFKHV*HQLHDQ 0LWGHPJU|HVWHQ(LIHUXQWHUULFKWHWHHUPLFKLP.RQWUDSXQNW XQGEDOGVHW]WHLFKGLHNQVWOLFKVWHQ)XJHQXQG7RNNDWHQ (EHQVROFKHLQNQVWOLFKHV6WFNYRQPHLQHU$UEHLWVSLHOWHLFK HLQVWDQPHLQHP*HEXUWVWDJH QHXQ]HKQ-DKUZDULFKDOWZRUGHQ GHP2QNHOYRUDOVGHU.HOOQHUDXVXQVHUPYRUQHKPVWHQ *DVWKDXVHLQV=LPPHUWUDW]ZHLDXVOlQGLVFKHHEHQJHNRPPHQH 'DPHQDQNQGLJHQG1RFKHKHGHU2QNHOGHQJURJHEOPWHQ 6FKODIURFNDEZHUIHQXQGVLFKDQNOHLGHQNRQQWHWUDWHQGLH *HPHOGHWHQVFKRQKLQHLQ± 'XZHLWZLHMHGHIUHPGH (UVFKHLQXQJDXIGHQLQNOHLQVWlGWLVFKHU%HHQJWKHLW(U]RJHQHQ HOHNWULVFKZLUNW± ]XPDOGLHVHZHOFKHVRXQHUZDUWHWLQPHLQ /HEHQWUDWZDUJDQ]GD]XJHHLJQHWPLFKZLHHLQ=DXEHUVFKODJ ]XWUHIIHQ'HQNHGLU]ZHLVFKODQNHKRFKJHZDFKVHQH ,WDOLHQHULQQHQQDFKGHUOHW]WHQ0RGHSKDQWDVWLVFKEXQW JHNOHLGHWUHFKWYLUWXRVLVFKNHFNXQGGRFKJDUDQPXWLJDXI
PHLQHQ2QNHO]XVFKUHLWHQGXQGDXILKQKLQHLQUHGHQGPLWVWDUNHU DEHUZRKOW|QHQGHU6WLPPH± :DVVSUHFKHQVLHGHQQIUHLQH VRQGHUEDUH6SUDFKH"± QXU]XZHLOHQNOLQJWHVEHLQDKHZLH GHXWVFK± 'HU2QNHOYHUVWHKWNHLQ:RUW± YHUOHJHQ]XUFNWUHWHQG ± JDQ]YHUVWXPPW]HLJWHUQDFKGHP6RID6LHQHKPHQ3ODW]± VLHUHGHQXQWHUHLQDQGHUGDVW|QWZLHODXWHU0XVLN± (QGOLFK YHUVWlQGLJHQVLHVLFKGHP2QNHOHVVLQGUHLVHQGH6lQJHULQQHQ VLHZROOHQ.RQ]HUWJHEHQDP2UWHXQGZHQGHQVLFKDQLKQGHU VROFKHPXVLNDOLVFKH2SHUDWLRQHQHLQ]XOHLWHQYHUPDJ :LHVLHPLWHLQDQGHUVSUDFKHQKDWWHLFKLKUH9RUQDPHQ KHUDXVJHKRUFKWXQGHVZDUPLUDOVN|QQHLFKGD]XYRUPLFKGLH 'RSSHOHUVFKHLQXQJYHUZLUUWMHW]WEHVVHUXQGGHXWOLFKHU MHGH HLQ]HOQHHUIDVVHQ/DXUHWWDDQVFKHLQHQGGLHlOWHUHPLW VWUDKOHQGHQ$XJHQXPKHUEOLW]HQGVSUDFKPLWEHUZDOOHQGHU /HEKDIWLJNHLWXQGKHIWLJHU*HVWLNXODWLRQDXIGHQJDQ]YHUOHJHQHQ 2QNHOKLQHLQ1LFKWHEHQ]XJURZDUVLHSSLJJHEDXWXQGPHLQ $XJHYHUORUVLFKLQPDQFKHQPLUQRFKIUHPGHQ5HL]HQ7HUHVLQD JU|HUVFKODQNHUOlQJOLFKHQHUQVWHQ*HVLFKWVVSUDFKQXUZHQLJ LQGHVVHQYHUVWlQGOLFKHUGD]ZLVFKHQ'DQQXQGZDQQOlFKHOWHVLH JDQ]VHOWVDPHVZDUEHLQDKHDOVHUJ|W]HVLHVHKUGHUJXWH 2QNHOGHUVLFKLQVHLQHQVHLGHQHQ6FKODIURFNZLHLQHLQ*HKlXVH HLQ]RJXQGYHUJHEHQVVXFKWHHLQYHUUlWHULVFKHVJHOEHV%DQG]X YHUVWHFNHQZRPLWGLH1DFKWMDFNH]XJHEXQGHQXQGGDVLPPHU ZLHGHUHOOHQODQJDXVGHP%XVHQKHUYRUZHGHOWH(QGOLFKVWDQGHQ VLHDXIGHU2QNHOYHUVSUDFKIUGHQGULWWHQ7DJGDV.RQ]HUW DQ]XRUGQHQXQGZXUGHVDPWPLUGHQHUDOVHLQHQMXQJHQ 9LUWXRVHQYRUJHVWHOOWK|IOLFKVWDXIQDFKPLWWDJ]XU&LRFRODWDYRQ GHQ6FKZHVWHUQHLQJHODGHQ:LUVWLHJHQJDQ]IHLHUOLFKXQGVFKZHU GLH7UHSSHQKLQDQHVZDUXQVEHLGHQJDQ]VHOWVDP]XPXWHDOV VROOWHQZLULUJHQGHLQ$EHQWHXHUEHVWHKHQGHPZLUQLFKW JHZDFKVHQ1DFKGHPGHU2QNHOJHK|ULJGD]XYRUEHUHLWHWEHU GLH.XQVWYLHO6FK|QHVJHVSURFKHQZHOFKHVQLHPDQGYHUVWDQG ZHGHUHUQRFKZLUDQGHUQQDFKGHPLFKPLWGHUEUKKHLHQ 6FKRNRODGHPLU]ZHLPDOGLH=XQJHYHUVHQJWDEHUHLQ6FlYRODDQ VWRLVFKHP*OHLFKPXWJHOlFKHOWKDWWH]XPZWHQGHQ6FKPHU] VDJWH/DXUHWWDVLHZROOHXQVHWZDVYRUVLQJHQ7HUHVLQDQDKPGLH &KLWDUUDVWLPPWHXQGJULIIHLQLJHYROOH$NNRUGH1LHKDWWHLFKGDV ,QVWUXPHQWJHK|UWJDQ]ZXQGHUEDUHUIDWHPLFKWLHILP ,QQHUVWHQGHUGXPSIHJHKHLPQLVYROOH.ODQJLQGHPGLH6DLWHQ
HUEHEWHQ*DQ]OHLVHILQJ/DXUHWWDGHQ7RQDQGHQVLHDXVKLHOW ELV]XP)RUWLVVLPRXQGGDQQVFKQHOOORVEUDFKLQHLQHNHFNH NUDXVH)LJXUGXUFKDQGHUWKDOE2NWDYHQ1RFKZHLLFKGLH:RUWH GHV$QIDQJV ¾6HQWRO DPLFDVSHPH½± 0LUVFKQUWHHVGLH%UXVW ]XVDPPHQQLHKDWWHLFKGDVJHDKQHW$EHUVRZLH/DXUHWWDLPPHU NKQHUXQGIUHLHUGHV*HVDQJHV6FKZLQJHQUHJWHZLHLPPHU IHXULJHUIXQNHOQGGHU7|QH6WUDKOHQPLFKXPILQJHQGDZDUG PHLQHLQQHUH0XVLNVRODQJHWRWXQGVWDUUHQW]QGHWXQGVFKOXJ HPSRULQPlFKWLJHQKHUUOLFKHQ)ODPPHQ$FK± LFKKDWWHMD]XP HUVWHQPDOLQPHLQHP/HEHQ0XVLNJHK|UW± 1XQVDQJHQEHLGH 6FKZHVWHUQMHQHHUQVWHWLHIJHKDOWHQH'XHWWHQYRP$EEDWH 6WHIIDQL7HUHVLQDVYROOW|QHQGHUKLPPOLVFKUHLQHU$OWGUDQJPLU GXUFKGLH6HHOH1LFKW]XUFNKDOWHQNRQQWHLFKPHLQHLQQHUH %HZHJXQJPLUVWU]WHQGLH7UlQHQDXVGHQ$XJHQ'HU2QNHO UlXVSHUWHVLFKPLUPLIlOOLJH%OLFNH]XZHUIHQGGDVKDOIQLFKWV LFKZDUZLUNOLFKJDQ]DXHUPLU'HQ6lQJHULQQHQVFKLHQGDV]X JHIDOOHQVLHHUNXQGLJWHQVLFKQDFKPHLQHQPXVLNDOLVFKHQ 6WXGLHQLFKVFKlPWHPLFKPHLQHVPXVLNDOLVFKHQ7UHLEHQVXQG PLWGHU'UHLVWLJNHLWGLHGLH%HJHLVWHUXQJPLUJHJHEHQHUNOlUWH LFKJHUDGH]XKHUDXVHUVWKHXWHKlWWHLFK0XVLNJHK|UW¾,OERQ IDQFLXOOR½OLVSHOWH/DXUHWWDUHFKWVXQGOLHEOLFK$OVLFKQDFK +DXVHJHNRPPHQEHILHOPLFKHLQH$UWYRQ:XWLFKHUJULIIDOOH 7RNNDWHQXQG)XJHQGLHLFK]XVDPPHQJHGUHFKVHOWMDVRJDU IQIXQGYLHU]LJ9DULDWLRQHQEHUHLQNDQRQLVFKHV7KHPDGLHGHU 2UJDQLVWNRPSRQLHUWXQGPLUYHUHKUWLQVDXEHUHU$EVFKULIWZDUI DOOHVLQV)HXHUXQGODFKWHUHFKWKlPLVFKDOVGHUGRSSHOWH .RQWUDSXQNWVRGDPSIWHXQGNQLVWHUWH1XQVHW]WH LFKPLFKDQV ,QVWUXPHQWXQGYHUVXFKWHHUVWGLH7|QHGHU&KLWDUUD QDFK]XDKPHQGDQQGLH0HORGLHQGHU6FKZHVWHUQQDFK]XVSLHOHQ MDHQGOLFKQDFK]XVLQJHQ¾0DQTXlNHQLFKWVRVFKUHFNOLFKXQG OHJHVLFKIHLQDXIV2KU½ULHIXP0LWWHUQDFKWHQGOLFKGHU2QNHO O|VFKWHPLUEHLGH/LFKWHUDXVXQGNHKUWHLQVHLQ6FKODI]LPPHU ]XUFNDXVGHPHUKHUYRUJHWUHWHQ,FKPXWHJHKRUFKHQ'HU 7UDXPEUDFKWHPLUGDV*HKHLPQLVGHV*HVDQJHV± VRJODXEWH LFK ±GHQQLFKVDQJYRUWUHIIOLFK¾VHQWRO DPLFDVSHPH½± 'HQ DQGHUQ0RUJHQKDWWHGHU2QNHODOOHVZDVQXUJHLJHQXQGSIHLIHQ NRQQWH]XU3UREHEHVWHOOW6WRO]ZROOWHHU]HLJHQZLHKHUUOLFK XQVHUH0XVLNEHVFKDIIHQHVOLHILQGHVVHQK|FKVWXQJOFNOLFKDE /DXUHWWDOHJWHHLQHJURH6]HQHDXIDEHUJOHLFKLP5H]LWDWLY WREWHQVLHDOOHGXUFKHLQDQGHUNHLQHUKDWWHHLQH,GHHYRP
$NNRPSDJQLHUHQ/DXUHWWDVFKULH± ZWHWH± ZHLQWHYRU=RUQXQG 8QJHGXOG'HU2UJDQLVWVDDP)OJHOEHUGHQILHOVLHKHUPLW GHQELWWHUVWHQ9RUZUIHQ(UVWDQGDXIXQGJLQJLQVWXPPHU 9HUVWRFNWKHLW]XU7UHKLQDXV'HU6WDGWSIHLIHUGHP/DXUHWWDHLQ ¾$VLQRPDOHGHWWR½DQGHQ.RSIJHZRUIHQKDWWHGLH9LROLQHXQWHU GHQ$UPJHQRPPHQXQGGHQ+XWWURW]LJDXIGHQ.RSIJHZRUIHQ (UEHZHJWHVLFKHEHQIDOOVQDFKGHU7UHGLH*HVHOOHQ%RJHQLQ GLH6DLWHQJHVWHFNW0XQGVWFNHDEJHVFKUDXEWIROJWHQ%ORGLH 'LOHWWDQWHQVFKDXWHQXPKHUPLWZHLQHUOLFKHQ%OLFNHQXQGGHU $N]LVHLQQHKPHUULHIWUDJLVFK ¾2*RWWZLHDOWHULHUWPLFKGDV½± $OOHPHLQH6FKFKWHUQKHLWKDWWHPLFKYHUODVVHQLFKZDUIPLFK GHP6WDGWSIHLIHULQGHQ:HJLFK EDWLFKIOHKWHLFKYHUVSUDFK LKPLQGHU$QJVWVHFKVQHXH0HQXHWWVPLWGRSSHOWHP7ULRIUGHQ 6WDGWEDOO± (VJHODQJPLULKQ]XEHVl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lGWFKHQ]XYHUZHLOHQ XQGVRNDPHVGHQQGDVLHQRFKHLQSDDU.RQ]HUWHJDEHQ'LH %HZXQGHUXQJGHV3XEOLNXPVJLQJEHULQHLQH$UW:DKQVLQQ1XU GLHDOWH0HLEHOQDKPEHGlFKWLJHLQH3ULVHDXVGHP3RU]HOODQPRSV XQGPHLQWHVROFKLPSHUWLQHQWHV*HVFKUHLVHLNHLQ*HVDQJ PDQ PVVHKEVFKGXVH VLQJHQ0HLQ2UJDQLVWOLHVLFKJDUQLFKWPHKU VHKHQXQGLFKYHUPLWHLKQDXFKQLFKW,FKZDUGHUJOFNVHOLJVWH 0HQVFKDXI(UGHQ± 'HQJDQ]HQ7DJVDLFKEHLGHQ6FKZHVWHUQ DNNRPSDJQLHUWHXQGVFKULHEGLH6WLPPHQDXVGHQ3DUWLWXUHQ ]XP
*HEUDXFKLQGHU5HVLGHQ]/DXUHWWDZDUPHLQ,GHDODOOHE|VHQ /DXQHQGLHHQWVHW]OLFKDXIEUDXVHQGH+HIWLJNHLW± GLHYLUWXRVLVFKH 4XlOHUHLDP)OJHO± DOOHVHUWUXJLFKPLW*HGXOG± 6LHQXUVLH KDWWHPLUMDGLHZDKUH0XVLNHUVFKORVVHQ,FKILQJDQGDV ,WDOLHQLVFKH]XVWXGLHUHQXQGPLFKLQ.DQ]RQHWWHQ]XYHUVXFKHQ :LHVFKZHEWHLFKLPK|FKVWHQ+LPPHOZHQQ/DXUHWWDPHLQH .RPSRVLWLRQVDQJXQGVLHJDUOREWH2IWZDUHVPLUDOVKDEHLFK GDVJDUQLFKWJHGDFKWXQGJHVHW]WVRQGHUQLQ/DXUHWWDV*HVDQJH VWUDKOHHUVWGHU*HGDQNHKHUYRU$Q7HUHVLQDNRQQWHLFKPLFK QLFKWUHFKWJHZ|KQHQVLHVDQJQXUVHOWHQVFKLHQQLFKWYLHODXI PHLQJDQ]HV7UHLEHQ]XJHEHQXQG]XZHLOHQZDUHVPLUVRJDU DOVODFKHVLHPLFKKLQWHUUFNVDXV(QGOLFKNDPGLH=HLWGHU $EUHLVHKHUDQ1XQHUVWIKOWHLFKZDVPLU/DXUHWWDJHZRUGHQ XQGGLH8QP|JOLFKNHLWPLFKYRQLKU]XWUHQQHQ2IWZHQQVLH UHFKWVPRUILRVDJHZHVHQOLHENRVWHVLHPLFKZLHZRKODXIJDQ] XQYHUIlQJOLFKH:HLVHDEHUPHLQ%OXWNRFKWHDXIXQGQXUGLH VHOWVDPH.lOWHGLHVLHPLUHQWJHJHQ]XVHW]HQZXWHKLHOWPLFK DEKHOODXIORGHUQGLQWROOHU/LHEHVZXWVLHLQPHLQH$UPH]X IDVVHQ± ,FKKDWWHHLQHQOHLGOLFKHQ7HQRUGHQLFK]ZDUQLHJHEW GHUVLFKDEHUMHW]WVFKQHOODXVELOGHWH+lXILJVDQJLFKPLW/DXUHWWD MHQH]lUWOLFKHLWDOLHQLVFKH'XHWWLQLGHUHQ=DKOXQHQGOLFKLVW(EHQ HLQVROFKHV'XHWWVDQJHQZLUGLH$EUHLVHZDUQDKH± ¾VHQ]DGLWH EHQPLRYLYHUHQRQSRVV LR½± :HUYHUPRFKWHGDV]XHUWUDJHQ± ,FKVWU]WH]X/DXUHWWDV)HQ± LFKZDULQ9HU]ZHLIOXQJ6LHKRE PLFKDXI ¾$EHUPHLQ)UHXQGGUIHQZLUXQVGHQQWUHQQHQ"½± ,FKKRUFKWHYROO(UVWDXQHQKRFKDXI6LHVFKOXJPLUYRUPLWLKU XQG7HUHVLQDQDFKGHU5HVLGHQ]]XJHKHQGHQQDXVGHP 6WlGWFKHQKHUDXVPWHLFKGRFKHLQPDOZHQQLFKPLFKGHU 0XVLNJDQ]ZLGPHQZROOH'HQNHGLUHLQHQGHULQGHQ VFKZlU]HVWHQERGHQORVHQ$EJUXQGVWU]WHUYHU]ZHLIHOWDP /HEHQDEHULQGHP$XJHQEOLFNZRHUGHQ6FKODJGHULKQ ]HUVFKPHWWHUW]XHPSILQGHQJODXEWVLW]WHULQHLQHUKHUUOLFKHQ KHOOHQ5RVHQODXEHXQGKXQGHUWEXQWH/LFKWHUFKHQXPKSIHQLKQ XQGUXIHQ ¾/LHEVWHUELVGDWROHEHQ6LHQRFK½6RZDUPLUMHW]W ]XPXWH0LWQDFKGHU5HVLGHQ]GDVVWDQGIHVWLQPHLQHU6HHOH± 1LFKWHUPGHQZLOOLFKGLFKGDPLWZLHLFKHVDQILQJGHP2QNHO ]XEHZHLVHQGDLFKQXQGXUFKDXVQDFKGHURKQHKLQQLFKWVHKU HQWIHUQWHQ5HVLGHQ]PWH(UJDEHQGOLFKQDFKYHUVSUDFKVRJDU PLW]XUHLVHQ:HOFKHLQ6WULFKGXUFKGLH5HFKQXQJ± 0HLQH $EVLFKWPLWGHQ6lQJHULQQHQ]XUHLVHQGXUIWHLFKMDQLFKWODXW
ZHUGHQODVVHQ(LQWFKWLJHU.DWDUUKGHUGHQ2QNHOEHILHOUHWWHWH PLFK0LWGHU3RVWIXKULFKYRQGDQQHQDEHUQXUELVDXIGLH QlFKVWH6WDWLRQZRLFKEOLHEXPPHLQH*|WWLQ]XHUZDUWHQ(LQ ZRKOJHVSLFNWHU%HXWHOVHW]WHPLFKLQGHQ6WDQGDOOHVJHK|ULJ YRU]XEHUHLWHQ5HFKWURPDQWLVFKZROOWHLFKGLH'DPHQZLHHLQ EHVFKW]HQGHU3DODGLQ]X3IHUGHEHJOHLWHQ LFKZXWHPLUHLQHQ QLFKWEHVRQGHUVVFK|QHQDEHUQDFKGHU9HUVLFKHUXQJGHV 9HUNlXIHUVJHGXOGLJHQ*DXO]XYHUVFKDIIHQXQGULWW]XU EHVWLPPWHQ=HLWGHQ6lQJHULQQHQHQWJHJHQ%DOGNDPGHUNOHLQH ]ZHLVLW]LJH:DJHQODQJVDPKHUDQ'HQ+LQWHUVLW]KDWWHQGLH 6FKZHVWHUQHLQJHQRPPHQDXIGHPNOHLQHQ5FNVLW]VDLKU .DPPHUPlGFKHQGLHNOHLQHGLFNH*LDQQDHLQHEUDXQH 1HDSROLWDQHULQ$XHUGHPZDUQRFKGHU:DJHQPLWDOOHUOHL.LVWHQ 6FKDFKWHOQXQG.|UEHQYRQGHQHQUHLVHQGH'DPHQVLFKQLH WUHQQHQYROOJHSDFNW9RQ*LDQQDV6FKRHEHOOWHQPLU]ZHLNOHLQH 0|SVHHQWJHJHQDOVLFKIURKGLH(UZDUWHWHQEHJUWH$OOHVJLQJ JOFNOLFKYRQVWDWWHQZLUZDUHQVFKRQDXIGHUOHW]WHQ6WDWLRQGD KDWWHPHLQ3IHUGGHQEHVRQGHUQ(LQIDOOQDFKGHU+HLPDW ]XUFNNHKUHQ]XZROOHQ'DV%HZXWVHLQLQGHUJOHLFKHQ)lOOHQ QLFKWPLWVRQGHUOLFKHP(UIROJ6WUHQJHEUDXFKHQ]XN|QQHQULHW PLUDOOHQXUP|JOLFKHVDQIWH0LWWHO]XYHUVXFKHQDEHUGHU VWDUUVLQQLJH*DXOEOLHEXQJHUKUWEHLPHLQHPIUHXQGOLFKHQ =XUHGHQ,FKZROOWHYRUZlUWVHUUFNZlUWVDOOHVZDVLFKPLW 0KHEHULKQHUKLHOWZDUGDVWDWWUFNZlUWVDXV]XUHLHQHU VLFKQXULP.UHLVHGUHKWH7HUHVLQDERJVLFK]XP:DJHQKHUDXV XQGODFKWHVHKUZlKUHQG/DXUHWWDEHLGH+lQGHYRUGHP*HVLFKW ODXWDXIVFKULHDOVVHLLFKLQJU|WHU/HEHQVJHIDKU'DVJDEPLU GHQ0XWGHU9HU]ZHLIOXQJLFKGUFNWHEHLGH6SRUHQGHP*DXOLQ GLH5LSSHQODJDEHUDXFKLQGHPVHOEHQ$XJHQEOLFNXQVDQIW KLQDEJHVFKOHXGHUWDXIGHP%RGHQ'DV3IHUGEOLHEUXKLJVWHKHQ XQGVFKDXWHPLFKPLWODQJYRUJHUHFNWHP+DOVHRUGHQWOLFK YHUK|KQHQGDQ,FKYHUPRFKWHQLFKWDXI]XVWHKHQGHU.XWVFKHU HLOWHPLU]XKHOIHQ/DXUHWWDZDUKHUDXVJHVSUXQJHQXQGZHLQWH XQGVFKULH7HUHVLQDODFKWHXQDXIK|UOLFKLFKKDWWHPLUGHQ)X YHUVWDXFKWXQGNRQQWHQLFKWZLHGHUDXIV3IHUG:LHVROOWHLFKIRUW 'DV3IHUGZXUGHDQGHQ:DJHQJHEXQGHQLQGHQLFK KLQHLQNULHFKHQPXWH'HQNHGLU]ZHL]LHPOLFKUREXVWH )UDXHQ]LPPHUHLQHGLFNH0DJG]ZHL0|SVHHLQ'XW]HQG.LVWHQ 6FKDFKWHOQXQG.|UEHXQGQXQQRFKPLFKGD]XLQHLQHQNOHLQHQ ]ZHLVLW]LJHQ:DJHQ]XVDPPHQJHSDFNW± GHQNHGLU/DXUHWWDV
-DPPHUQEHUGHQXQEHTXHPHQ6LW]± GDV+HXOHQGHU0|SVH± GDV*HVFKQDWWHUGHU1HDSROLWDQHULQ± 7HUHVLQDV6FKPROOHQ± PHLQHQXQVlJOLFKHQ6FKPHU]DP)XHXQGGXZLUVWGDV $QPXWLJHPHLQHU/DJHJDQ]HPSILQGHQ7HUHVLQDNRQQWHHVZLH VLHVDJWHQLFKWOlQJHUDXVKDOWHQ0DQKLHOWPLWHLQHP6DW]ZDU VLHDXVGHP:DJHQKHUDXV6LHEDQGPHLQ3IHUGORVVHW]WHVLFK TXHUEHUGHQ6DWWHOXQGWUDEWHXQGNXUEHWWLHUWHYRUXQVKHU *HVWHKHQPXWH LFKGDVLHVLFKJDUKHUUOLFKDXVQDKP'LHLKULQ *DQJXQG6WHOOXQJHLJHQH+RKHLWXQG*UD]LH]HLJWHVLFKQRFK PHKUDXIGHP3IHUGH6LHOLHVLFKGLH&KLWDUUDKLQDXIUHLFKHQXQG GLH=JHOXPGHQ$UPJHVFKOXQJHQVDQJVLHVWRO]HVSDQLVFKH 5RPDQ]HQYROOH$NNRUGHGD]XJUHLIHQG,KUKHOOHVVHLGHQHV.OHLG IODWWHUWHLPVFKLPPHUQGHQ)DOWHQZXUIVSLHOHQGXQGZLHLQGHQ 7|QHQNRVHQGH/XIWJHLVWHUQLFNWHQXQGZHKWHQGLHZHLHQ)HGHUQ DXILKUHP+XWH'LHJDQ]H(UVFKHLQXQJZDUKRFKURPDQWLVFKLFK NRQQWHNHLQ$XJHYRQ 7HUHVLQDZHQGHQXQHUDFKWHW/DXUHWWDVLH HLQHSKDQWDVWLVFKH1lUULQVFKDOWGHUGLH.HFNKHLWEHOEHNRPPHQ ZUGH(VJLQJDEHUJOFNOLFKGDV3IHUGKDWWHDOOHQ6WDUUVLQQ YHUORUHQRGHUHVZDULKPGLH6lQJHULQOLHEHUDOVGHU3DODGLQNXU] ± HUVWYRUGHQ7RUHQGHU5HVLGHQ]NURFK7HUHVLQDZLHGHULQV :DJHQJHKlXVHKLQHLQ 6LHKPLFKMHW]WLQ.RQ]HUWHQXQG2SHUQVLHKPLFKLQDOOHU P|JOLFKHQ0XVLNVFKZHOJHQ± VLHKPLFKDOVIOHLLJHQ&RUUHSHWLWRUH DP)OJHO$ULHQ'XHWWHQXQGZDVZHLLFKVRQVWHLQVWXGLHUHQ 'XPHUNVWHVGHPJDQ]YHUlQGHUWHQ:HVHQDQGDHLQ ZXQGHUEDUHU*HLVWPLFKGXUFKGULQJW$OOHNOHLQVWlGWLVFKH6FKHX LVWDEJHZRUIHQZLHHLQ0DHVWURVLW]HLFKDP)OJHOYRUGHU 3DUWLWXUGLH6]HQHQPHLQHU'RQQDGLULJLHUHQG0HLQJDQ]HU6LQQ ± PHLQH*HGDQNHQVLQGVH0HORGLH± ,FKVFKUHLEH XQEHNPPHUWXPNRQWUDSXQNWLVFKH.QVWHDOOHUOHL.DQ]RQHWWHQ XQG$ULHQGLH/DXUHWWDVLQJWZLHZRKOQXULP=LPPHU± :DUXP ZLOOVLHQLHHWZDVYRQPLULP.RQ]HUWVLQJHQ"± ,FKEHJUHLIHHV QLFKW± $EHU7HUHVLQDHUVFKHLQWPLU]XZHLOHQDXIVWRO]HP5RPLW GHU/\UDZLHGLH.XQVWVHOEVWLQNKQHU5RPDQWLN± XQZLOONUOLFK VFKUHLELFKPDQFKKRKHVHUQVWHV/LHG(VLVWZDKU/DXUHWWDVSLHOW PLWGHQ7|QHQZLHHLQHODXQLVFKH)HHQN|QLJLQ:DVGDUIVLH ZDJHQGDVLKUQLFKWJOFNH"7HUHVLQDEULQJWNHLQH5RXODGH KHUDXV± HLQVLPSOHU9RUVFKODJHLQ0RUGHQWK|FKVWHQVDEHULKU ODQJJHKDOWHQHU7RQOHXFKWHWGXUFKILQVWHUQ1DFKWJUXQGXQG
ZXQGHUEDUH*HLVWHUZHUGHQZDFKXQGVFKDXHQPLWHUQVWHQ$XJHQ WLHIKLQHLQLQGLH%UXVW± ,FKZHLQLFKWZLHLFK VRODQJHGDIU YHUVFKORVVHQVHLQNRQQWH ±
'DVGHQ6FKZHVWHUQEHZLOOLJWH%HQHIL].RQ]HUWZDU KHUDQJHNRPPHQ/DXUHWWDVDQJPLWPLUHLQHODQJH6]HQHYRQ $QIRVVL,FKVDZLHJHZ|KQOLFKDP)OJHO'LHOHW]WH)HUPDWHWUDW HLQ/DXUHWWDERWDOOHLKUH.XQVWDXI1DFKWLJDOOW|QHZLUEHOWHQDXI XQGDE± DXVKDOWHQGH1RWHQ± GDQQEXQWHNUDXVH5RXODGHQHLQ JDQ]HV6ROIHJJLR,QGHU7DWVFKLHQPLUGDV'LQJGLHVPDOEHLQDKH ]XODQJLFKIKOWHHLQHQOHLVHQ+DXFK 7HUHVLQDVWDQGKLQWHUPLU LQGHPVHOEHQ$XJHQEOLFNKROWH/DXUHWWDDXV]XPDQVFKZHOOHQGHQ +DUPRQLND7ULOOHUPLWLKPZROOWHVLHLQGDVDWHPSRKLQHLQ'HU 6DWDQUHJLHUWHPLFKQLHGHUVFKOXJLFKPLWEHLGHQ+lQGHQGHQ $NNRUGGDV2UFKHVWHUIROJWHJHVFKHKHQZDUHVXP/DXUHWWDV 7ULOOHUXPGHQK|FKVWHQ0RPHQWGHUDOOHVLQ6WDXQHQVHW]HQ VROOWH/DXUHWWDPLWZWHQGHQ%OLFNHQPLFKGXUFKERKUHQGULGLH 3DUWLH]XVDPPHQZDUIVLHPLUDQGHQ.RSIGDGLH6WFNHXP PLFKKHUIORJHQXQGUDQQWHZLHUDVHQGGXUFKGDV2UFKHVWHULQ GDV1HEHQJHPDFK6RZLHGDV7XWWLJHVFKORVVHQHLOWHLFKQDFK 6LHZHLQWHVLHWREWH¾0LUDXVGHQ$XJHQ)UHYOHU½VFKULHVLHPLU HQWJHJHQ± ¾7HXIHOGHUKlPLVFKPLFKXPDOOHVJHEUDFKW± XP PHLQHQ5XKPXPPHLQH(KUH± DFKXPPHLQHQ7ULOOR± 0LUDXV GHQ$XJHQYHUUXFKWHU6RKQGHU+|OOH½± 6LHIXKUDXIPLFKORV LFKHQWVSUDQJGXUFKGLH7UH:lKUHQGGHV.RQ]HUWVGDVHEHQ MHPDQGYRUWUXJJHODQJHVHQGOLFK7HUHVLQHQXQGGHP .DSHOOPHLVWHUGLH:WHQGHVRZHLW]XEHVl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¾'XZLOOVWXQV YHUODVVHQ"½,FKHUNOlUWHGDQDFKGHPLFKVROFKH6FKPDFKYRQ /DXUHWWDHUGXOGHWLFKOlQJHULQLKUHU*HVHOOVFKDIWQLFKWEOHLEHQ N|QQH¾$OVRGLHWROOH$XIIKUXQJHLQHU1lUULQ½VSUDFK7HUHVLQD
¾GLHVLHVFKRQKHU]OLFKEHUHXWWUHLEWGLFKIRUW".DQQVWGXGHQQ DEHUEHVVHUOHEHQLQGHLQHU.XQVWDOVEHLXQV"1XUDXIGLFK NRPPWHVMDDQGXUFKGHLQ%HWUDJHQ/DXUHWWDYRQlKQOLFKHP %HJLQQHQDE]XKDOWHQ'XELVW]XQDFKJLHELJ]XV]XVDQIW hEHUKDXSWVFKOlJVWGX/DXUHWWDV.XQVW]XKRFKDQ6LHKDWNHLQH EOH6WLPPHXQGYLHO8PIDQJGDVLVWZDKUDEHUDOOHGLHVH VRQGHUEDUHQZLUEOLFKWHQ6FKQ|UNHOGLHXQJHPHVVHQHQ/lXIH GLHVHHZLJHQ7ULOOHUZDVVLQGVLHDQGHUVDOVEOHQGHQGH .XQVWVWFNFKHQGLHVREHZXQGHUWZHUGHQZLHGLHZDJKDOVLJHQ 6SUQJHGHV6HOOWlQ]HUV".DQQGHQQVRHWZDVWLHILQXQV HLQGULQJHQXQGGDV+HU]UKUHQ"'HQ+DUPRQLND7ULOOHUGHQGX YHUGRUEHQNDQQLFKQXQJDUQLFKWOHLGHQHVZLUGPLUlQJVWOLFK XQGZHKGDEHL8QGGDQQGLHV+RFKKLQDXINOHWWHUQLQGLH5HJLRQ GHUGUHL6WULFKHLVWGDVQLFKWHLQHU]ZXQJHQHVhEHUVWHLJHQGHU QDWUOLFKHQ6WLPPHGLHGRFKQXUDOOHLQZDKUKDIWUKUHQGEOHLEW" ,FKOREHPLUGLH0LWWHO XQGGLHWLHIHQ7|QH(LQLQGDV+HU] GULQJHQGHU/DXWHLQZDKUKDIWHV3RUWDPHQWRGLYRFHJHKWPLU EHUDOOHV.HLQHXQQW]H9HU]LHUXQJHLQIHVWXQGVWDUN JHKDOWHQHU7RQ± HLQEHVWLPPWHU$XVGUXFNGHU6HHOHXQG*HPW HUIDWGDVLVWGHUZDKUH*HVDQJXQGVRVLQJHLFK0DJVWGX /DXUHWWDQLFKWPHKUOHLGHQVRGHQNHDQ7HUHVLQDGLHGLFKVR JHUQKDWZHLOGXQDFKGHLQHUHLJHQWOLFKHQ$UWXQG:HLVHHEHQ PHLQ0DHVWURXQG&RPSRVLWRUHZHUGHQZLUVW± 1LPPPLU VQLFKW EHO$OOHGHLQH]LHUOLFKHQ.DQ]RQHWWHQXQG$ULHQVLQGJDUQLFKWV ZHUWJHJHQGDVHLQ]LJH½± 7HUHVLQDVDQJPLWLKUHUVRQRUHQYROOHQ 6WLPPHHLQHQHLQIDFKHQNLUFKHQPlLJHQ.DQ]RQHGHQLFKYRU ZHQLJHQ7DJHQJHVHW]W1LHKDWWHLFKJHDKQWGDGDVVRNOLQJHQ N|QQWHGLH7|QHGUDQJHQPLWZXQGHUEDUHU*HZDOWLQPLFKKLQHLQ GLH7UlQHQVWDQGHQPLULQGHQ$XJHQYRU/XVWXQG(QW]FNHQLFK HUJULII7HUHVLQDV+DQGLFKGUFNWH VLHWDXVHQGPDODQGHQ0XQG LFKVFKZXUPLFKQLHPDOVYRQLKU]XWUHQQHQ± /DXUHWWDVDKPHLQ 9HUKlOWQLVPLW7HUHVLQDPLWQHLGLVFKHPYHUELVVHQHQbUJHUDQ LQGHVVHQVLHEHGXUIWHPHLQHUGHQQWURW]LKUHU.XQVWZDUVLHQLFKW LPVWDQGH1HXHVRKQH+LOIHHLQ]XVWXGLHUHQVLHODVVFKOHFKWXQG ZDUDXFKQLFKWWDNWIHVW7HUHVLQDODVDOOHVYRP%ODWWXQGGDQHEHQ ZDULKU7DNWJHIKORKQHJOHLFKHQ1LHOLH/DXUHWWDLKUHQ(LJHQVLQQ XQGLKUH+HIWLJNHLWPHKUDXVDOVEHLP$NNRPSDJQLHUHQ1LHZDU LKUGLH%HJOHLWXQJUHFKW± VLH EHKDQGHOWHGDVDOVHLQQRWZHQGLJHV hEHO± PDQVROOWHGHQ)OJHOJDUQLFKWK|UHQLPPHUSLDQLVVLPR± LPPHUQDFKJHEHQXQGQDFKJHEHQ± MHGHU7DNWDQGHUVVRZLHHV
LQLKUHP.RSIHVLFKQXQJHUDGHJHVWDOWHWKDWWHLP0RPHQW-HW]W VHW]WHLFKPLFKLKUPLWIHVWHP 6LQQHQWJHJHQLFKEHNlPSIWHLKUH 8QDUWHQLFKEHZLHVLKUGDRKQH(QHUJLHNHLQH%HJOHLWXQJ GHQNEDUVHLGD7UDJHQGHV*HVDQJHVVLFKPHUNOLFKXQWHUVFKHLGH YRQWDNWORVHU=HUIORVVHQKHLW7HUHVLQDXQWHUVWW]WHPLFKWUHXOLFK ,FKNRPSRQLHUWHQXU.LUFKHQVDFKHQXQGJDEDOOH6ROLGHUWLHIHQ 6WLPPH$XFK7HUHVLQDKRIPHLVWHUWHPLFKQLFKWZHQLJLFKOLHHV PLUJHIDOOHQGHQQVLHKDWWHPHKU.HQQWQLVXQG VRJODXEWHLFK PHKU6LQQIUGHXWVFKHQ(UQVWDOV/DXUHWWD
:LUGXUFK]RJHQGDVVGOLFKH'HXWVFKODQG,QHLQHUNOHLQHQ6WDGW WUDIHQZLUDXIHLQHQLWDOLHQLVFKHQ7HQRUGHUYRQ0DLODQGQDFK %HUOLQZROOWH0HLQH'DPHQZDUHQHQW]FNWEHUGHQ/DQGVPDQQ HUWUHQQWHVLFKQLFKWYRQLKQHQYRU]JOLFKKLHOWHUVLFKDQ 7HUHVLQDXQG]XPHLQHPQLFKWJHULQJHQbUJHUVSLHOWHLFKHLQH ]LHPOLFKXQWHUJHRUGQHWH5ROOH(LQVWZROOWHLFKPLWHLQHU3DUWLWXU XQWHUGHP$UPJHUDGHLQV=LPPHUWUHWHQDOVLFKGULQQHQHLQ OHEKDIWHV*HVSUlFK]ZLVFKHQPHLQHQ'DPHQXQGGHP7HQRU YHUQDKP0HLQ1DPHZXUGHJHQDQQW± LFKVWXW]WHLFKKRUFKWH 'DV,WDOLHQLVFKHYHUVWDQGLFKMHW]WVRJXWGDPLUNHLQ:RUW HQWJLQJ/DXUHWWDHU]lKOWHHEHQGHQWUDJLVFKHQ9RUIDOOLP.RQ]HUW ZLHLFKLKUGXUFKXQ]HLWLJHV1LHGHUVFKODJHQGHQ7ULOOHU DEJHVFKQLWWHQ¾$VLQRWHGHVFR½ULHIGHU7HQRU± HVZDUPLU ]XPXWHDOVPWHLFKKLQHLQXQGGHQOXIWLJHQ7KHDWHUKHOGHQ]XP )HQVWHUKLQDXVZHUIHQ± LFKKLHOWDQPLFK/DXUHWWDVSUDFKZHLWHU GDVLHPLFKJOHLFKIRUWMDJHQZROOHQLQGHVVHQVHLVLHGXUFKPHLQ IOHKHQWOLFKHV%LWWHQEHZRJHQZRUGHQPLFKQRFKIHUQHUXPVLFK ]XGXOGHQDXV0LWOHLGGDLFKEHLLKUGHQ*HVDQJVWXGLHUHQZROOHQ 7HUHVLQDEHVWlWLJWHGLHV]XPHLQHPQLFKWJHULQJHQ(UVWDXQHQ¾(V LVWHLQJXWHV.LQG½IJWHVLHKLQ]X¾MHW]WLVWHULQPLFKYHUOLHEW XQGVHW]WDOOHVIUGHQ$OW(LQLJHV7DOHQWLVWLQLKPDEHUHUPX VLFK DXVGHP6WHLIHQXQG8QJHOHQNHQKHUDXVDUEHLWHQGDVGHQ 'HXWVFKHQHLJHQ,FKKRIIHPLUDXVLKPHLQHQ&RPSRVLWRUH]X ELOGHQGHUPLUGDZHQLJIUGHQ$OWJHVFKULHEHQZLUGHLQLJH WFKWLJH6DFKHQVHW]WQDFKKHUODVVHLFKLKQODXIHQ(ULVWPLW VHLQHP/LHEHOQXQG6FKPDFKWHQVHKUODQJZHLOLJDXFKTXlOWHU PLFK]XVHKUPLWVHLQHQOHLGLJHQ.RPSRVLWLRQHQGLH]XU]HLWJDQ] HUElUPOLFKVLQG½¾:HQLJVWHQVELQLFKLKQMHW]WORV½ILHO/DXUHWWD HLQ¾ZDVKDWPLFKGHU0HQVFKYHUIROJWPLWVHLQHQ$ULHQXQG 'XHWWHQZHLWGXZRKOQRFK7HUHVLQD"½± 1XQILQJ/DXUHWWDHLQ
'XHWWDQGDVLFKNRPSRQLHUWXQGGDVVLHVRQVWKRFKJHUKPW KDWWH7HUHVLQDQDKPGLH]ZHLWH6WLPPHDXIXQGEHLGH SDURGLHUWHQLQ6WLPPHXQG9RUWUDJPLFKDXIGDVJUDXVDPVWH'HU 7HQRUODFKWHGDHVLP=LPPHU VFKDOOWHHLQ(LVVWURPJRVLFK GXUFKPHLQH*OLHGHU±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|WHQGH:LUNXQJGHVJDOOELWWHUQ %LOOHWWVGDVLFKIUVLHLP*DVWKRIH]XUFNJHODVVHQKDWWH© ±
0LWYLHOHU%HKDJOLFKNHLWVFKOUIWH7KHRGRUGLH1HLJHGHV JOKHQGHQ(OHDWLNRDXVGLHLKP(GXDUGHLQJHVFKHQNWª'HU 7HUHVLQD©VSUDFKGLHVHULQGHPHUHLQHQHXH)ODVFKH|IIQHWHXQG JHVFKLFNWGHQREHQVFKZLPPHQGHQgOWURSIHQZHJVFKWWHWHªGHU 7HUHVLQDKlWWHLFKVROFKH)DOVFKKHLWXQG7FNHQLFKW]XJHWUDXW 'DVDQPXWLJH%LOGZLHVLH]X3IHUGHGDVLQ]LHUOLFKHQ.XUEHWWHQ GDKHUWDQ]WVSDQLVFKH5RPDQ]HQVLQJWNRPPWPLUQLFKWDXVGHQ *HGDQNHQ©ª'DVZDULKU.XOPLQDWLRQVSXQNW©ILHO7KHRGRUHLQ ª1RFKHULQQHUHLFKPLFKGHVVHOWVDPHQ(LQGUXFNVGHQGLH6]HQH DXIPLFKPDFKWH,FKYHUJDPHLQH6FKPHU]HQ 7HUHVLQDNDP PLULQGHU7DWZLHHLQK|KHUHV:HVHQYRU'DVROFKH0RPHQWH WLHILQV/HEHQJUHLIHQXQGXUSO|W]OLFKPDQFKHVHLQH)RUPJHZLQQW GLHGLH=HLWQLFKWYHUGVWHUWLVWQXU]XZDKU,VWPLUMHPDOVHLQH NHFNH5RPDQ]HJHOXQJHQVRWUDWJHZLLQGHP$XJHQEOLFNGHV 6FKDIIHQV7HUHVLQDV%LOGUHFKWNODUXQGIDUELFKWDXVPHLQHP ,QQHUQKHUYRU© ª'RFK©VSUDFK(GXDUGªODXQVDXFKGLHNXQVWUHLFKH/DXUHWWD QLFKWYHUJHVVHQXQGJOHLFKDOOHQ*UROOEHLVHLWHJHVHW]WDXIGDV :RKOEHLGHU6FKZHVWHUQDQVWRHQ©± (VJHVFKDK± ª$FK© VSUDFK7KHRGRUªZLHZHKHQGRFKDXVGLHVHP:HLQGLHKROGHQ 'IWH,WDOLHQVPLFKDQ± ZLHJOKWPLUGRFKIULVFKHV/HEHQGXUFK 1HUYHQXQG$GHUQ± $FKZDUXPPXWHLFKGRFKGDVKHUUOLFKH
/DQGVRVFKQHOOZLHGHUYHUODVVHQ©ª$EHU©ILHO(GXDUGHLQªQRFK IDQGLFKLQDOOHPZDVGXHU]lKOWHVWNHLQHQ=XVDPPHQKDQJPLW GHPKLPPOLVFKHQ%LOGHXQGVRJODXEHLFKKDVWGXQRFKPHKU YRQGHQ6FKZHVWHUQ]XVDJHQ:RKOPHUNHLFKGDGLH'DPHQ DXIGHP%LOGHNHLQHDQGHUHQVLQGDOVHEHQ/DXUHWWDXQG7HUHVLQD VHOEVW©ª6RLVWHVLQGHU7DW©HUZLGHUWH7KHRGRUªXQGPHLQH VHKQVFKWLJHQ6WRVHXI]HUQDFKGHPKHUUOLFKHQ/DQGHOHLWHQVHKU JXWGDVHLQZDVLFKQRFK]XHU]lKOHQKDEH.XU]YRUKHUDOVLFK YRU]ZHL-DKUHQ5RPYHUODVVHQZROOWHPDFKWHLFK]X3IHUGHHLQHQ NOHLQHQ$EVWHFKHU9RUHLQHU/RNDQGDVWDQGHLQUHFKWIUHXQGOLFKHV 0lGFKHQXQGHVILHOPLUHLQZLHEHKDJOLFKHVVHLQPVVHPLU YRQGHPQLHGOLFKHQ.LQGHHLQHQ7UXQNHGOHQ:HLQVUHLFKHQ]X ODVVHQ,FKKLHOWYRUGHU+DXVWUHLQGHPYRQJOKHQGHQ 6WUHLIOLFKWHUQGXUFKJOlQ]WHQ/DXEJDQJH0LUVFKDOOWHQDXVGHU )HUQH*HVDQJXQG&KLWDUUDW|QHHQWJHJHQ,FKKRUFKWHKRFKDXI GHQQGLHEHLGHQZHLEOLFKHQ6WLPPHQZLUNWHQJDQ]VRQGHUEDUDXI PLFKVHOWVDPJLQJHQGXQNOH(ULQQHUXQJHQLQPLUDXIGLHVLFK QLFKWJHVWDOWHQZROOWHQ,FKVWLHJYRP3IHUGHXQGQlKHUWHPLFK ODQJVDPXQGDXIMHQHQ7RQODXVFKHQGGHU:HLQODXEHDXVGHUGLH 0XVLN]XHUW|QHQVFKLHQGLH]ZHLWH6WLPPHKDWWHJHVFKZLHJHQ GLHHUVWHVDQJDOOHLQHLQH.DQ]RQHWWD-HQlKHULFKNDPGHVWR PHKUYHUORUVLFKGDV%HNDQQWHGDVPLFKHUVWVRDQJHUHJWKDWWH 'LH6lQJHULQZDULQHLQHUEXQWHQNUDXVHQ)HUPDWHEHJULIIHQ'DV ZLUEHOWHDXIXQGDE± DXIXQGDE± HQGOLFKKLHOWVLHHLQHQODQJHQ 7RQ± DEHUQXQEUDFKHLQHZHLEOLFKH6WLPPHSO|W]OLFKLQWROOHV =DQNHQDXV± 9HUZQVFKXQJHQ)OFKH6FKLPSIUHGHQ± (LQ 0DQQSURWHVWLHUWHLQDQGHUHUODFKW± (LQH]ZHLWHZHLEOLFKH 6WLPPHPLVFKWVLFKLQGHQ6WUHLW,PPHUWROOHUXQGWROOHUEUDXVW GHU=DQNPLWDOOHULWDOLHQLVFKHQ5DEELD± (QGOLFKVWHKHLFKGLFKW YRUGHU/DXEH± HLQ$EEDWHVWU]WKHUDXVXQGUHQQWPLFKEHLQDKH EHUGHQ+DXIHQ± HUVLHKWVLFKQDFKPLUXPLFKHUNHQQHPHLQHQ JXWHQ6LJQRU/XGRYLFRPHLQHQPXVLNDOLVFKHQ1HXLJNHLWVWUlJHU DXV5RP± ¾:DVXPGHV+LPPHOVZLOOHQ½UXIHLFK± ¾$K6LJQRU 0DHVWUR± 6LJQRU0DHVWUR½VFKUHLWHU¾UHWWHQ6LHPLFK± VFKW]HQ6LHPLFKYRUGLHVHU:WHQGHQ± YRUGLHVHP.URNRGLO± GLHVHP7LJHU± GLHVHU+\lQH± GLHVHP7HXIHOYRQ0lGFKHQ± (V LVWZDKU± HVLVWZDKU± LFKJDEGHQ7DNW]X$QIRVVLV.DQ]RQHWWD XQGVFKOXJ]XXQUHFKWHU=HLWPLWWHQLQGHU)HUPDWHQLHGHU± LFK VFKQLWWLKUGHQ7ULOORDE± DEHUZDUXPVDKLFKLKULQGLH$XJHQ GHUVDWDQLVFKHQ*|WWLQ± +ROHGHU7HXIHODOOH)HUPDWHQ± DOOH
)HUPDWHQ½± ,QJDQ]EHVRQGHUHU%HZHJXQJWUDWLFKPLWGHP $EEDWHUDVFKLQGLH:HLQODXEHXQGHUNDQQWHDXIGHQHUVWHQ%OLFN GLH6FKZHVWHUQ/DXUHWWDXQG7HUHVLQD1RFKVFKULHXQGWREWH /DXUHWWDQRFKVSUDFK7HUHVLQDKHIWLJLQVLHKLQHLQ± GHU:LUWGLH QDFNWHQ$UPHEHUHLQDQGHUJHVFKODJHQVFKDXWHODFKHQG]X ZlKUHQGHLQ0lGFKHQGHQ7LVFKPLWQHXHQ)ODVFKHQEHVHW]WH 6RZLHPLFKGLH6lQJHULQQHQHUEOLFNWHQVWU]WHQVLHEHUPLFK KHU ¾$K6LJQRU7HRGRUR½XQGEHUKlXIWHQPLFKPLW /LHENRVXQJHQ$OOHU6WUHLWZDUYHUJHVVHQ¾6HKWKLHU½VSUDFK /DXUHWWD]XP$EEDWH¾VHKWKLHUHLQHQ&RPSRVLWRUHJUD]L|VZLH HLQ,WDOLHQHUVWDUNZLHHLQ'HXWVFKHU½± %HLGH6FKZHVWHUQVLFK PLW+HIWLJNHLWLQV:RUWIDOOHQGHU]lKOWHQQXQYRQGHQJOFNOLFKHQ 7DJHQXQVHUV%HLVDPPHQVHLQVYRQPHLQHQWLHIHQPXVLNDOLVFKHQ .HQQWQLVVHQVFKRQDOV-QJOLQJ± YRQXQVHUQhEXQJHQ± YRQGHU 9RUWUHIIOLFKNHLWPHLQHU.RPSRVLWLRQHQ± QLHKlWWHQVLHHWZDV DQGHUHVVLQJHQP|JHQDOVZDVLFKJHVHW]W± 7HUHVLQD YHUNQGLJWHPLUHQGOLFKGDVLHYRQHLQHP,PSUHVDULR]XP QlFKVWHQ.DUQHYDODOVHUVWHWUDJLVFKH6lQJHULQHQJDJLHUWZRUGHQ VLHZROOHDEHUHUNOlUHQGDVLHQXUXQWHUGHU%HGLQJXQJVLQJHQ ZHUGHZHQQPLUZHQLJVWHQVGLH.RPSRVLWLRQHLQHUWUDJLVFKHQ 2SHUEHUWUDJHQZUGH± 'DV(UQVWH7UDJLVFKHVHLGRFKQXQ HLQPDOPHLQ)DFKXVZ± /DXUHWWDPHLQWHGDJHJHQVFKDGHVHLHV ZHQQLFKQLFKWPHLQHP+DQJH]XP=LHUOLFKHQ$QPXWLJHQNXU] ]XU2SHUDEXIIDQDFKJHEHQZROOWH)UGLHVHVHLVLHDOVHUVWH 6lQJHULQHQJDJLHUWXQG GDQLHPDQGDQGHUVDOVLFKGLH2SHULQ GHUVLH]XVLQJHQKlWWHNRPSRQLHUHQVROOHYHUVWHKHVLFKYRQ VHOEVW'XNDQQVWGHQNHQPLWZHOFKHQEHVRQGHUHQ*HIKOHQLFK ]ZLVFKHQEHLGHQVWDQGhEULJHQVVLHKVWGXGDGLH*HVHOOVFKDIW ]XGHULFKWUDWHEHQGLHMHQLJHLVWZHOFKH+XPPHOPDOWHXQG ]ZDULQGHP0RPHQWDOVGHU$EEDWHHEHQLP%HJULIILVWLQ /DXUHWWDV)HUPDWHKLQHLQ]XVFKODJHQ©ª$EHUGDFKWHQVLHGHQQ© VSUDFK(GXDUGªJDUQLFKWDQGHLQ6FKHLGHQDQGDVJDOOELWWUH %LOOHWW"©ª$XFKQLFKWPLWHLQHP:RUWH©HUZLGHUWH7KHRGRUªXQG LFKHEHQVRZHQLJGHQQOlQJVWZDUDOOHU*UROODXVPHLQHU6HHOH JHZLFKHQXQGPHLQ$EHQWHXHUPLWGHQ6FKZHVWHUQPLUVSDKDIW JHZRUGHQ'DVHLQ]LJHZDVLFKPLUHUODXEWHZDUGHP$EEDWH]X HU]lKOHQZLHYRUPHKUHUHQ-DKUHQPLUDXFKLQHLQHU$QIRVVLVFKHQ $ULHHLQJDQ]JOHLFKHU8QIDOOEHJHJQHWZLHKHXWHLKP,FKGUlQJWH PHLQJDQ]HV%HLVDPPHQVHLQPLWGHQ6FKZHVWHUQLQGLH WUDJLNRPLVFKH6]HQHKLQHLQXQGOLHNUlIWLJH6HLWHQKLHEH
DXVWHLOHQGGLH6FKZHVWHUQGDVhEHUJHZLFKWIKOHQGDVGLH DQ PDQFKHU/HEHQV XQG.XQVWHUIDKUXQJUHLFKHQ-DKUHPLUEHUVLH JHJHEHQKDWWHQ¾8QGJXWZDUHVGRFK½VFKORLFK¾GDLFK KLQHLQVFKOXJLQGLH)HUPDWHGHQQGDV'LQJZDUDQJHOHJWDXI HZLJH=HLWHQXQGLFKJODXEHOLHLFKGLH6lQJHULQJHZlKUHQVR Vl LFKQRFKDP)OJHO½¾'RFK6LJQRU½HUZLGHUWHGHU$EEDWH ¾ZHOFKHU0DHVWURGDUIVLFKDQPDHQGHU3ULPDGRQQD*HVHW]H]X JHEHQXQGGDQQZDU,KU9HUJHKHQYLHOJU|HUDOVGDVPHLQLJH LP.RQ]HUWVDDOXQGKLHULQGHU/DXEH± HLJHQWOLFKZDULFKQXU 0DHVWURLQ GHU,GHHQLHPDQGGXUIWHZDVGDUDXIJHEHQ± XQG KlWWHPLFKGLHVHUKLPPOLVFKHQ$XJHQVHU)HXHUEOLFNQLFKW EHW|UWVRZlU LFKQLFKWHLQ(VHOJHZHVHQ½'HV$EEDWHOHW]WH :RUWHZDUHQKHLOEULQJHQGGHQQ/DXUHWWDGHUHQ$XJHQZlKUHQG GHU$EEDWHVSUDFKZLHGHU]RUQLJ]XIXQNHOQDQILQJHQZXUGH GDGXUFKJDQ]EHVlQIWLJW
:LUEOLHEHQGHQ$EHQGEHUEHLVDPPHQ9LHU]HKQ-DKUHVRODQJH ZDUHVKHUDOVLFKPLFKYRQGHQ6FKZHVWHUQWUHQQWHlQGHUQYLHO /DXUHWWHKDWWH]LHPOLFKJHDOWHUWLQGHVVHQZDUVLHQRFKMHW]WQLFKW RKQH5HL]7HUHVLQDKDWWHVLFKEHVVHUHUKDOWHQXQGLKUVFK|QHU :XFKVQLFKWYHUORUHQ%HLGHJLQJHQ]LHPOLFKEXQWJHNOHLGHWXQG LKUJDQ]HU$QVWDQGZDUZLHVRQVWDOVRYLHU]HKQ-DKUHMQJHUDOV VLHVHOEVW7HUHVLQDVDQJDXIPHLQH%LWWHHLQLJHGHUHUQVWHQ /LHGHUGLHPLFKVRQVWWLHIHUJULIIHQKDWWHQDEHUHVZDUPLUDOV KlWWHQVLHDQGHUVLQPHLQHP,QQHUQZLHGHUJHNOXQJHQXQGVRZDU DXFK/DXUHWWDV*HVDQJKDWWHLKUH6WLPPHDXFKZHGHUDQ6WlUNH XQG+|KH]XPHUNOLFKYHUORUHQJDQ]YRQGHPYHUVFKLHGHQGHU DOV GHULKULJHLQPHLQHP,QQHUQOHEWH6FKRQGLHVHV$XIGULQJHQ GHU9HUJOHLFKXQJHLQHULQQHUQ,GHHPLWGHUQLFKWHEHQHUIUHXOLFKHQ :LUNOLFKNHLWPXWHPLFKQRFKPHKUYHUVWLPPHQDOVHVGDV %HWUDJHQGHU6FKZHVWHUQJHJHQPLFKLKUHHUKHXFKHOWH(NVWDVH LKUHXQ]DUWH%HZXQGHUXQJGLHGRFKVLFKZLHJQlGLJH3URWHNWLRQ JHVWDOWHWHVFKRQYRUKHUJHWDQKDWWH± 'HUGUROOLJH$EEDWHGHU PLWDOOHUQXUHUGHQNOLFKHQ6LJNHLWGHQ$PRURVRYRQEHLGHQ 6FKZHVWHUQPDFKWHGHUJXWH:HLQUHLFKOLFKJHQRVVHQJDEHQ PLUHQGOLFKPHLQHQ +XPRUZLHGHUVRGDGHU$EHQGUHFKWIURKLQ KHOOHU*HPWOLFKNHLWYHUJLQJ$XIGDVHLIULJVWHOXGHQPLFKGLH 6FKZHVWHUQ]XVLFKHLQXPJOHLFKPLWLKQHQGDV1|WLJHEHUGLH 3DUWLHQ]XYHUDEUHGHQGLHLFKIUVLHVHW]HQVROOWH± ,FKYHUOLH 5RPRKQHVLHZHLWHUDXI]XVXFKHQ©
ª8QGGRFK©VSUDFK(GXDUGªKDVWGXLKQHQGDV(UZDFKHQGHLQHV LQQHUQ*HVDQJHV]XYHUGDQNHQ©ª$OOHUGLQJV©HUZLGHUWH7KHRGRU ªXQGHLQH0HQJHJXWHU0HORGLHQGD]XDEHUHEHQGHVKDOEKlWWH LFKVLHQLHZLHGHUVHKHQVROOHQ-HGHU.RPSRQLVWHULQQHUWVLFKZRKO HLQHVPlFKWLJHQ(LQGUXFNVGHQGLH=HLWQLFKWYHUQLFKWHW'HULP 7RQOHEHQGH*HLVWVSUDFKXQGGDVZDUGDV6FK|SIXQJVZRUW ZHOFKHVXUSO|W]OLFKGHQLKPYHUZDQGWHQLP,QQHUQUXKHQGHQ *HLVWZHFNWH PlFKWLJVWUDKOWHHUKHUYRUXQGNRQQWHQLHPHKU XQWHUJHKHQ*HZLLVWHVGDVRDQJHUHJWDOOH0HORGLHQGLHDXV GHP,QQHUQKHUYRUJHKHQXQVQXUGHU6lQJHULQ]XJHK|UHQ VFKHLQHQGLHGHQHUVWHQ)XQNHQLQXQVZDUI:LUK|UHQVLHXQG VFKUHLEHQHVQXUDXIZDVVLHJHVXQJHQ(VLVWDEHUGDV(UEWHLO YRQXQV6FKZDFKHQGDZLUDQGHU(UGVFKROOHNOHEHQGVRJHUQ GDVhEHULUGLVFKHKLQDE]LHKHQZROOHQLQGLHLUGLVFKHlUPOLFKH %HHQJWKHLW6RZLUGGLH6lQJHULQXQVHUH*HOLHEWH± ZRKOJDU XQVHUH)UDX± 'HU=DXEHULVWYHUQLFKWHWXQGGLHLQQHUH0HORGLH VRQVW+HUUOLFKHVYHUNQGHQGZLUG]XU.ODJHEHUHLQH ]HUEURFKHQH6XSSHQVFKVVHORGHUHLQHQ7LQWHQIOHFNLQQHXHU :lVFKH± *OFNOLFKLVWGHU.RPSRQLVW]XSUHLVHQGHUQLHPDOV PHKULPLUGLVFKHQ/HEHQGLHZLHGHUVFKDXWGLHPLW JHKHLPQLVYROOHU.UDIWVHLQHLQQHUH0XVLN]XHQW]QGHQZXWH 0DJGHU-QJOLQJVLFKKHIWLJEHZHJHQLQ/LHEHVTXDOXQG 9HU]ZHLIOXQJZHQQGLHKROGH=DXEHULQYRQLKPJHVFKLHGHQLKUH *HVWDOWZLUGHLQKLPPHOKHUUOLFKHU7RQXQGGHUOHEWIRUWLQHZLJHU -XJHQGIOOHXQG6FK|QKHLWXQGDXVLKPZHUGHQGLH0HORGLHQ JHERUHQGLHQXUVLHXQGZLHGHUVLHVLQG:DVLVWVLHGHQQQXQ DEHUDQGHUVDOVGDVK|FKVWH,GHDOGDVDXVGHP,QQHUQKHUDXV VLFKLQGHUlXHUQIUHPGHQ*HVWDOWVSLHJHOWH© ª6RQGHUEDUDEHU]LHPOLFKSODXVLEHO©VDJWH(GXDUGDOVGLH )UHXQGH$UPLQ $UPDXVGHP7DURQLVFKHQ/DGHQKLQDXVVFKULWWHQ LQV)UHLH
