',(5$&+('(5+255255(,7(5 'HU.DPSIZXUGHPLWHUEDUPXQJVORVHU+lUWHJHIKUW $XIGHUHLQHQ6HLWHVWDQGHQ0\[LQXQGVHL...
3 downloads
346 Views
242KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
',(5$&+('(5+255255(,7(5 'HU.DPSIZXUGHPLWHUEDUPXQJVORVHU+lUWHJHIKUW $XIGHUHLQHQ6HLWHVWDQGHQ0\[LQXQGVHLQH6FKZDU]HQ9DPSLUH0LW LKQHQ]XVDPPHQNlPSIWHHLQ9HU]ZHLIHOWHUHLQ0DQQGHUGDV.UHX] XQGGHQPDJLVFKHQ%XPHUDQJEHVD-RKQ6LQGDLU $XIGHUDQGHUHQ6HLWHVWDQGHQPlFKWLJH*HJQHU$QHUVWHU6WHOOHGHU 6FKZDU]H7RGXQWHUVWW]WYRQ$VPRGLQDV7RGHVHQJHOQXQGGHQYLHU JHIlKUOLFKHQ+RUURU5HLWHUQ 6LHZROOWHQ]XVDPPHQPLWGHP6FKZDU]HQ7RGGHQ*HLVWHUMlJHUYHU QLFKWHQ (VNDPDQGHUV=XVDPPHQPLWGHP%XPHUDQJHQWIDOWHWHGDV.UHX] HLQHQLHJHNDQQWHPDJLVFKH.UDIW$XVGHQ-HQVHLWVZHOWHQJULIIHQGLH +HUUVFKHUGHV/LFKWVHLQ'LHYLHU6WUDKOHQDXVGHPJHKHLPQLVYROOHQ .UHX]]HUULVVHQGLH+RUURU5HLWHUXQGVFKOHXGHUWHQVLHLQGLH8QHQG OLFKNHLWGHU'LPHQVLRQHQ 'RFKGLH+RUURU5HLWHUZDUHQQLFKWWRW'DV6FKLFNVDOZROOWHHV DQGHUV6LHEHUOHEWHQ 8QGVLHVDQQHQDXIJUDXVDPH5DFKH $VPRGLQDKDWWHIODPPHQGURWHV+DDUXQGDXVLKUHU6WLUQZXFKVHQ]ZHL +|UQHU'DUXQWHUEHIDQGVLFKHLQJODWWHVPDUPRUQHV*HVLFKWPLW]ZHL HLVNDOWHQ$XJHQ'HU0XQGELOGHWHHLQHQ6WULFKVRKDUWZDUHQGLH /LSSHQDXIHLQDQGHUJHSUHWZRUGHQ 6LHZDUHLQH)UDXPLWGHU)LJXUHLQHU*|WWLQXQGGRFKZDUVLHVR VFKOLPPZLHGHU7HXIHOVHOEVWGHQQVLHZDUVHLQH7RFKWHU 8QG$VPRGLQDKDWWH6RUJHQ1DFKGHPVLHGLH)XQNWLRQGHV 6FKZDU]HQ7RGVEHUQRPPHQKDWWHZROOWHVLHVLFK]XU+HUUVFKHULQLP 5HLFKGHU'lPRQHQDXIVFKZLQJHQ6LHZROOWHGLHXQ]lKOLJHQ:HOWHQ NDVVLHUHQVLHLKUHP5HLFKDQJOLHGHUQXQGVLFKJURH'lPRQHQIUVWHQ 8QWHUWDQPDFKHQ 'DVOLHHQVLFKDQGHUHPlFKWLJH'lPRQHQQLFKWJHIDOOHQDXFKZHQQ VLHGLH7RFKWHUGHV7HXIHOVZDUGHUDQJHEOLFKDQREHUVWHU6WHOOHLQGHU +|OOHQKLHUDUFKLHVWDQG'RFKGDVZDUHLQ$PWGDVHUVLFKVHOEVWJH JHEHQKDWWH7DWVlFKOLFKDEHUZDUHQGHU$XIEDXXQGGLH+LHUDUFKLH ZHVHQWOLFKYLHOVFKLFKWLJHUJHJOLHGHUW(VJDEDQGHUHVRJDUVFKOLPPHUH 'lPRQHQXQGGDVKDWWHEHVRQGHUV$VPRGLQDZlKUHQGGHULQWHUQHQ 0DFKWNlPSIH]XVSUHQEHNRPPHQ6LHPXWHHLQVHKHQGDVLFKGLH DQGHUHQQLFKWOHQNHQOLHHQ,PPHUZLHGHUZXUGHVLHLQLKUH6FKUDQNHQ YHUZLHVHQ +LQ]XNDPHQVSHNWDNXOlUH1LHGHUODJHQ6LHKDWWH'HVWHURHLQHQLKUHU ZLFKWLJVWHQ'LHQHUYHUORUHQ(VZDULKU]ZDUJHOXQJHQGLH0RUGOLJD]X
JUQGHQGRFK'U7RGXQGVHLQH9DVDOOHQJLQJHQHLJHQH:HJH6LHZROO WHQXQDEKlQJLJHUYRQLKUVHLQ $OOHV%HZHLVHGLHDXFKYRQGHQDQGHUHQKRKHQ'lPRQHQUHJLVWULHUW ZXUGHQ1LHPDQGDN]HSWLHUWHVLHDOV.|QLJLQPDQEHREDFKWHWHQXU9RU DOOHQ'LQJHQLQWHUHVVLHUWHVLHGHU.DPSI$VPRGLQDJHJHQGHQ *HLVWHUMlJHU-RKQ6LQFODLU 6LQFODLUZDUHLQ0HQVFKHLQ0DQQGHUHVVLFK]XU$XIJDEHJHPDFKW KDWWHGLH0lFKWHGHU)LQVWHUQLV]XEHNlPSIHQ8QGYRUDOOHQ'LQJHQ $VPRGLQD$OOHVKDWWHVLHYHUVXFKWXPGLHVHQ6LQFODLULQLKUH.ODXHQ]X EHNRPPHQ(LQSDDUPDOZDUVLHQDKHGUDQJHZHVHQDEHULP(QGHIIHNW KDWWHVLFKGHU*HLVWHUMlJHUDOVGHU6FKODXHUHHUZLHVHQ 'DVlUJHUWHVLHXQJHPHLQ (VJDEHLJHQWOLFKQXUZHQLJH'lPRQHQGLHQRFKDXILKUHU6HLWHVWDQ GHQ'D]XJHK|UWHQGHU6SXNHLQHUGHU0lFKWLJVWHQXQG+HUUVFKHULP 5HLFKGHU6FKDWWHQVRZLH0DGGR[GHU'lPRQHQULFKWHUGHUGLH 9HUVDJHUDEXUWHLOWH 6LHDOOHLQKLHOWHQQRFKWUHX]XLKU8QGQDWUOLFKGLH+HHUVFKDUHQ QLHGHUHU'lPRQHQDEHUGLHNRQQWHVLHYHUJHVVHQVLH]lKOWHQLP (QGHIIHNWQLFKW 0DQEHREDFKWHWHVLHZHLWHUXQGPDQ]RJ/HKUHQDXVLKUHQ 1LHGHUODJHQ $VPRGLQDPXWHGLH.DUWHQDXIGHQ7LVFKOHJHQ8QGGLHVDKHQQLFKW EHVRQGHUVDXV6LHKDWWHQDFK$XVUHGHQJHVXFKWGRFKGLHYLHU 0lFKWLJHQKDWWHQDXIGLHVHP7UHIIHQEHVWDQGHQ 6HOEVW$VPRGLVNRQQWHLKUQLFKWKHOIHQ6LHPXWHVLFKGHP9HUK|U VWHOOHQ 9LHUZDUHQHV 9LHU1DPHQYLHU%HJULIIHYLHU%XFKVWDEHQ $$VWDURWK ((XU\QRPH %%DHO $$PGXFLDV 'lPRQHQQDPHQ*HIlKUOLFKH%HJULIIHGHQQGLHVH:HVHQJHK|UWHQ]X GHQ*UQGHUQGHUULHVLJHQ5HLFKHXQGZDUHQVRDOWZLHGLH:HOWVHOEVW ZLHVLHLPPHUEHKDXSWHWHQ 6LHOHJWHQGLH$QIDQJVEXFKVWDEHQLKUHU1DPHQ]XVDPPHQXQGELO GHWHQGDUDXVHLQHQ%HJULII $(%$ 'LHVHU1DPHVWDQGIU*UDXVDPNHLW+LQWHUOLVW%UXWDOLWlW&KDRVXQG 9HUGHUEHQ'RFKVLHVHOEVWJULIIHQVHOWHQLQGLH*HVFKLFNHGHU:HOWHLQ 'DIUKDWWHQVLHLKUH'LHQHU
'LHYLHU+RUURU5HLWHU -HGHUYRQLKQHQVDKJOHLFKDXV8QGVLHWUXJHQGLH1DPHQLKUHU +HUUHQDXIGHQ%UXVWSDQ]HUQ$OOHUGLQJVQXUGLH$QIDQJVEXFKVWDEHQ GRFKZHQQVLHQHEHQHLQDQGHUKHUULWWHQXQGGLH1VWHUQGHU3IHUGH )HXHUXQG6FKZHIHOVSLHHQGDQQYHUHLQLJWHQVLFKGLH%XFKVWDEHQ]XGHU 6FKUHFNHQVYHUVLRQ$(%$ $XFKVLHKDWWHQJHJHQ-RKQ6LQFODLUJHNlPSIWGRFKGLH:LGHUVDFKHU GLHYLHU(U]HQJHOZDUHQVWlUNHUJHZHVHQ,KUH.UDIWKDWWHVLHZHLWKLQ HLQJHVFKOHXGHUWLQGLH8QHQGOLFKNHLWZRVLHDWRPLVLHUWZHUGHQVROOWHQ XPDOV*HLVWHULQGHQHZLJHQ.UHLVODXIGHU6FKZDU]HQ0DJLHHLQ]X JHKHQ )DVWZlUHHVVRZHLWJHNRPPHQGRFKGDQQJULIIHQGLHYLHU (U]GlPRQHQHLQ6LHZROOWHQQLFKWGDLKUH/HLEZlFKWHUVWDUEHQ6LH VROOWHQZHLWHUNlPSIHQXQG$QJVWXQG6FKUHFNHQYHUEUHLWHQGHQQGDIU ZDUHQVLHHUVFKDIIHQZRUGHQ %HLLKUHQ'lPRQHQIDQGHQVLH6FKXW]XQGDXFKGLH=HLWXPVLFK]X UHJHQHULHUHQGHQQGLH5DFKHGLHVLHGHP0DQQJHVFKZRUHQKDWWHQGHU VLHVRJHGHPWLJWKDWWHZDU]ZDUDXIJHVFKREHQDEHUQLFKWDXIJHKREHQ ZRUGHQ -RKQ6LQFODLUVROOWHEHQ 1XUGXUIWHQVLHQLFKWVEHUVWU]HQXQGGHVKDOEEHUOLHHQVLHHV LKUHQGlPRQLVFKHQ*|QQHUQGHQ3ODQYRU]XEHUHLWHQ 8QG6LHZROOWHQVLFKPLW$VPRGLQDWUHIIHQGDPLWQLFKWVVFKLHIOLHI6LH PXWHQVLFKPLWGHU7HXIHOVWRFKWHUDEVSUHFKHQ $VPRGLQDHUZDUWHWHVLH 8QGVLHNDPHQ 3UDNWLVFKDXVGHP1LFKWVWDXFKWHQVLHDXI6FKUHFNOLFKH*HVWDOWHQ GHQHQHVQLFKWVDXVPDFKWHKLQXQGZLHGHULKUH.|USHUIRUPHQ]X ZHFKVHOQ 'DZDU$VWDURWK(UNDP]XGLHVHP7UHIIHQDOVHLQHPlQQOLFKH 0HGXVD6HLQ6FKlGHOZXUGHYRQNQDOOURWHQ6FKODQJHQXPULQJHOWXQG VHLQH$XJHQEOLFNWHQZLHJUQH'LDPDQWHQ$QVRQVWHQEHIDQGVLFK QLFKWVLQGHP*HVLFKW.HLQ0XQGNHLQH1DVHNHLQH2KUHQ (XU\QRPHHUVFKLHQDOV]LHJHQN|SILJHJHLIHUQGH*HVWDOWPLWGHQ VFKZHOOHQGHQ)RUPHQHLQHV)UDXHQN|USHUV%DHOZLUNWHNDKOZLHHLQ IHWWHU%XGGKD(UZDUEUHLWXQGZXFKWLJ6HLQH+DXWVFKLOOHUWHJROGHQ GLH3XSLOOHQEHVWDQGHQHEHQIDOOVDXV*ROGSOlWWFKHQ $PGXFLDVVDKDXVZLHHLQHOHJDQWHU%HDX:HQLJVWHQVYRQKLQWHQ :HQQHUVLFKDOOHUGLQJVXPGUHKWHGDQQVFKDXWHGHU%HWUDFKWHULQHLQ *HVLFKWGDVDXFKHLQHP.URNRGLOKlWWHJHK|UHQN|QQHQ 6LHZDUHQGDXQGVFKDXWHQ$VPRGLQDDQ(LQ0HQVFKKlWWHYRU$QJVW
XQG*UDXHQEHLGLHVHP$QEOLFNGXUFKJHGUHKWQLFKWVRGLH7HXIHOV WRFKWHU6LHOlFKHOWHQXUVS|WWLVFKZRPLWVLHZLHGHUHLQPDOLKUHhEHU KHEOLFKNHLWGHPRQVWULHUHQZROOWH ª:LOONRPPHQPHLQH)UHXQGH© 1LHPDQGJODXEWHLKUGLH:RUWHDEHUPDQVDJWHQLFKWV 'LHYLHU(U]GlPRQHQQDKPHQKLQWHUGHPKDOEUXQGHQ6WHLQWLVFK3ODW] XQGVFKDXWHQDXI$VPRGLQDGLHHLQQDFKWVFKZDU]HV*HZDQGWUXJ GXUFKGDVLKUHKHOOH+DXWVFKLPPHUWH ª:HVKDOEZROOWHWLKUPLFKVSUHFKHQ"©IUDJWHVLH ª:HLOHVHLQPDO=HLWZXUGHPLWGLU]XUHGHQ©HUZLGHUWH$VWDURWKGHU 6FKODQJHQN|SILJH ª6R",FKZWHQLFKWZRUEHUZLUVSUHFKHQVROOWHQ© ª$EHUZLU© $VPRGLQDV6WLPPHEOLHEJHIKOORVDOVVLHLKQPLWGHQ:RUWHQXQWHU EUDFKª'DQQUHGHQLFKWVRODQJHKHUXP© 'LHDQGHUHQGUHL'lPRQHQVFKDXWHQ$VWDURWKDQGHQVLH]XLKUHP 6SUHFKHUJHZlKOWKDWWHQ'LH6WLPPHGUDQJYRQLUJHQGZRKHUQXUQLFKW DXVGHP*HVLFKW9LHOOHLFKWVSUDFKHQDXFKGLH6FKODQJHQ'LHIROJHQGHQ :RUWHWUDIHQ$VPRGLQDZLHVFKZHUH3HLWVFKHQKLHEH ª'XKDVWJURH)HKOHUJHPDFKWGHQQGXZDUVWQLFKWLQGHU/DJH GHLQHQ)HLQG-RKQ6LQFODLU]XYHUQLFKWHQ:LUNODJHQGLFKQRFKQLFKWDQ ZHLOZLUGLUZHLWHUKLQHLQH&KDQFHJHEHQZROOHQDEHUK|UHDXIGHLQH 0DFKW]XHUZHLWHUQ'DVZLUGQLFKWVJHEHQZHLOGX]XXQEHKHUUVFKW XQGDXFK]XVFKZDFKELVW'XNDQQVWJDUQLFKWJHZLQQHQDXFKZHQQ $VPRGLVGHLQ9DWHULVW0LWLKPKDEHQZLUXQVYHUVWlQGLJW(UJUHLIW QLFKWHLQDEHUDXFKHUZQVFKWGDGXGLFK]XUFNKlOWVWGHQQGHQNH GDUDQDXFK$VPRGLVLVWQLFKWDOOPlFKWLJREZRKOHUVLFKJHUQDOV +HUUVFKHUGHU+|OOHDXIVSLHOW'DGX6LQFODLUQLFKW]X%RGHQJH]ZXQJHQ KDVWXQGZLUPLWLKPHEHQIDOOVHLQHDOWH5HFKQXQJ]XEHJOHLFKHQKDEHQ ZLUVWGXGLFK]XUFNKDOWHQ:DVGHPQlFKVWJHVFKLHKWGDVJHKWDXI XQVHU.RQWR'X$VPRGLQDEOHLEVWLP+LQWHUJUXQGXQGZHQQGXYHU VXFKVWXQV]XVW|UHQZHUGHQZLUGLFKYHUQLFKWHQ© 'LH7HXIHOVWRFKWHUODFKWHª*URH:RUWHGLHLFKGDK|UHDEHUGDV KDEHQVFKRQYLHOHJHVDJW6WU]WHXFKDXI6LQFODLU,FKELQJHVSDQQWRE LKUHVVFKDIIHQZHUGHW*ODXEHQNDQQLFKHVQLFKW=XGHPKDEHLFKGDV *HIKOGDLKUHXFKJHJHQPLFKYHUEQGHWKDEW'HLQH5HGH$VWDURWK JOLFKVFKRQHLQHU.ULHJVHUNOlUXQJ:LOOVWGXHLQHQRIIHQHQ.DPSI KDEHQ"© ª1HLQGHQZROOHQZLUQLFKW'DQQZlUHQZLUQLFKW]XGLUJHNRPPHQ VRQGHUQKlWWHQGHLQ5HLFKGLUHNW]HUVW|UW'XNDQQVWJHJHQXQVHUH JHEDOOWH0DFKWQLFKWDQ=XGHPKDEHQZLUHLQHQ3ODQJHIDWZLHZLU
GHQ*HLVWHUMlJHUSDFNHQN|QQHQ'HQQGLHYLHU+RUURU5HLWHUZDUWHQDXI LKUH5DFKH© $VPRGLQDVFKWWHOWHGHQ.RSIª0DFKWHXFKQLFKWOlFKHUOLFKGLHKDW 6LQFODLUGRFKVFKRQHLQPDOIDVWYHUQLFKWHW© ª'LHVPDOMHGRFKVLQGGLH9RU]HLFKHQDQGHUV(UZLUGGHQ.DPSIYHU OLHUHQ© ª8QGZLHZROOWLKUHVDQVWHOOHQ"© ª'HQ3ODQ$VPRGLQDZHUGHQZLUGLUQLFKWYHUUDWHQ© ª,FKKlWWHHXFKJHUQJHKROIHQ© ª'LHVPDOKlOWVWGXGLFK]XUFN:LUVLQGDQGHU5HLKHXQGZLU ZHUGHQGLU]HLJHQZLHPDQPLWVHLQHQ*HJQHUQXPJHKW:HQQGLHYLHU 5HLWHU-RKQ6LQFODLUYHUQLFKWHWKDEHQUHGHQZLUPLWGHLQHP9DWHUXP DQGHUH0DFKWYHUKlOWQLVVHKHUEHL]XIKUHQ'DVQXUDOVNOHLQH:DUQXQJ GHQQGHLQH0DFKWJHOVWHPVVHQJHVWRSSWZHUGHQ6RHWZDVVHKHQZLU XQVQLFKWOlQJHUPLWDQ© 'LH7HXIHOVWRFKWHU]XFNWH]XVDPPHQ1RFKQLHKDWWHLKUMHPDQG VROFKH8QYHUVFKlPWKHLWHQHQWJHJHQJHVFKOHXGHUW6LHNRQQWHVLFK QLFKWPHKUEHKHUUVFKHQLKUH$XJHQQDKPHQHLQHNQDOOURWH)DUEHDQ XQGZXUGHQ]XURWLHUHQGHQ)HXHUUlGHUQ ª'XZDJVWHV©VFKULHVLHª'XZDJVWHVZLUNOLFKGXMlPPHUOLFKHU =ZHUJ"© $XIHLQPDO]LVFKWHQ%OLW]HDXVGHQ$XJHQWUDIHQGLH6FKODQJHQGHV $VWDURWKXQGYHUQLFKWHWHQVLH,PQlFKVWHQ0RPHQWNODIIWHGHU6FKlGHO GHV'lPRQVDXIHLQJUQOLFKHUWHQWDNHODUWLJHU$UPZLVFKWHGDUDXVKHU YRUXPVFKODQJ$VPRGLQDV1DFNHQKREVLHKRFKXQGVFKOHXGHUWHVLH ZXFKWLJJHJHQGLH:DQG 'RFKDXFKGLH7HXIHOVWRFKWHUUHDJLHUWH,KU.|USHUVFKUXPSIWHXQG ZXUGHVHOEVW]XHLQHU6FKODQJHGLHLQQHUKDOEYRQ6HNXQGHQLQV8QHQG OLFKHZXFKV $SHSGLH+|OOHQVFKODQJHHQWVWDQG =XVSlWGLHYLHU'lPRQHQKDWWHQVLFKEHUHLWVDXIJHO|VW,KUH3OlW]H ZDUHQOHHU $VPRGLQDYHUZDQGHOWHVLFKZLHGHU]XUFN ª:DUWHWQXU©NQLUVFKWHVLHª0HLQH=HLWNRPPWDXFKQRFK© 8QGDXVGHQ7LHIHQGHVGlPRQLVFKHQ5HLFKHVHUNODQJQRFKHLQPDO $VWDURWKV6WLPPH ª+WHGLFK$VPRGLQD+WHGLFK©
'LH,UUHQDQVWDOWODJGRUWZR7RXULVWHQQRUPDOHUZHLVHQLFKWKLQNRP PHQ6GOLFKYRQ0DGULGPLWWHQLQGHUKHLHQ=RQHQDKHGHUNOHLQHQ 6WDGW3LQWRZRGLH%HUJHNDKOZDUHQXQGGLH6RQQHDXIGDVEUDXQJUDXH *HVWHLQVFKLPPHUWH6LHZDUVHKUDOWXQG]ZHLPDOPRGHUQLVLHUWZRUGHQ $EHUDXFKGDVKDWWHQLFKWYLHOJHKROIHQ'LH$QVWDOWJOLFKQRFKLPPHU HLQHPVFKDXULJHQ*HIlQJQLV 'LH*UXQGPDXHUQGHV*HElXGHVEHVWDQGHQDXVXUDOWHQ6WHLQTXDGHUQ GLHVFKRQGHQ$QJULIIHQGHU0DXUHQVWDQGJHKDOWHQKDWWHQ'DUDXI UXKWHQGLHHLQ]HOQHQ7UDNWHGHU$QVWDOW6LHZDUHQHEHQIDOOVDXV6WHLQHQ JHEDXWXQGJDOWHQDOVDEVROXWDXVEUXFKVLFKHU=XGHPVFKLUPWHQRFK HLQHKRKH0DXHUGDV*HElXGHDE (VEHVWDQGDXVGUHL7UDNWHQ 'DZDUHLQPDOGHUNOHLQVWH'RUWKRFNWHQGLHbU]WHXQG9HUZDOWXQJV DQJHVWHOOWHQ,PPLWWOHUHQ7UDNWZDUHQGLHOHLFKWHUHQ)lOOHXQWHU JHEUDFKW8QGJDQ]DXHQLPlOWHVWHQ7HLOGHV*HElXGHVKRFNWHQGLH /HXWHGLHPDQSUDNWLVFKDEJHVFKULHEHQKDWWH$XVVLFKWVORVH)lOOHGLH 7REVFKWLJHQGLHHLQSDDUPDODP7DJGXUFKGUHKWHQXQGLQNDKOHQ =HOOHQKRFNWHQYRQGHQHQPDQFKHVRJDUPLW*XPPLZlQGHQDXVJH VWDWWHWZDUHQ9RQHLQHUPRGHUQHQ3V\FKLDWULHKDWWHPDQKLHUQRFK QLFKWVJHK|UW0DQKLHOWDXFKQLFKWYLHOGDYRQVRQGHUQYHUWUDXWHDXIDOW EHZlKUWH0HWKRGHQDXIGLH:LUNXQJEUXWDOHU*HZDOW %HVXFKHUNDPHQLQGLHVHQ7UDNWQLH:HUKLHUHLQHQ9HUZDQGWHQKDWWH ZDUIURKGDHUVLFKXPLKQQLFKWPHKU]XNPPHUQEUDXFKWH 6RYHUJLQJHQ7DJH0RQDWHXQG-DKUH3DWLHQWHQVWDUEHQDQGHUH ZXUGHQHLQJHOLHIHUW(LQHZLJHU.UHLVODXILQGHPMHGHUVHLQHQIHVWHQ 3ODW]KDWWH 1LFKWVSDVVLHUWH8QGGLH:lFKWHUKDWWHQVLFKOlQJVWDQGDVZLOGH 7REHQGHU3DWLHQWHQJHZ|KQWZHQQHLQHUPDOGXUFKGUHKWH'DQQWUDWHQ LKUHNQDOOKDUWHQ$UJXPHQWHLQ.UDIWXQGDOOHVZDUZLHGHULQ2UGQXQJ 8QGGRFKVROOWHGHU7DJNRPPHQDQGHPVLFKDOOHVlQGHUWH=XHUVW OLHILQGHU.OLQLNDOOHV]LHPOLFKIULHGOLFKDE'LH6RQQHEDGHWHGLHZXFK WLJHQ0DXHUQLQLKUHPVWUDKOHQGVWHQ/LFKWXQGDXFKPLWGHQ3DWLHQWHQ VFKLHQHVNHLQHUOHL6FKZLHULJNHLWHQ]XJHEHQGHQQDQGLHVHP7DJ EOLHEHQDOOHUXKLJ 'DUEHUIUHXWHQVLFKGLHbU]WHHEHQVRZLHGDV3IOHJHSHUVRQDOXQG DOOHVVDKZLUNOLFKQDFKHLQHPJXWHQ7DJLQGHU.OLQLNDXV 'DQQZXUGHHV$EHQG 1RFKKDWWHGLH'XQNHOKHLWGHQ7DJQLFKWDEJHO|VW%HLGHVVWDQGDXI GHU.LSSH:HLWLP:HVWHQZDUHQEHUHLWVGLHJUDXHQ6FKDWWHQ]XVHKHQ DEHUQRFKKHUUVFKWHGLH6RQQHGHUHQH[SORGLHUHQGH/LFKWIOOHQRFKHLQ PDOEHUGHQ+LPPHOVWUDKOWH
,QGLHVHU=HLWZXUGHQGLH.UDQNHQRIWXQUXKLJ'DQQGUlQJWHHVVLH GLH.OLQLN]XYHUODVVHQVLHZROOWHQDXVLKUHQ=HOOHQQDFKGUDXHQ6LH KLQJHQDQGHQ)HQVWHUQSUHWHQLKUH.|SIHJHJHQGLH*LWWHUVWlEH VFKULHQWREWHQXQGZLQVHOWHQMHQDFK7HPSHUDPHQWXQG.RQGLWLRQ ,P7UDNWIUGLHVFKOLPPHQ)lOOHKDWWHQDQGLHVHP$EHQG]ZHLODQJ JHGLHQWH0lQQHU'LHQVWGLHLKUH$UEHLWNDQQWHQ 3HGURXQG&DUORV %HLGHVWDPPWHQDXV0DGULGKDWWHQPDOEHLGHU3ROL]HLJHDUEHLWHW ZDUHQDEHUGRUWHQWODVVHQZRUGHQXQGKDWWHQHLQHQ-RELQGHU$QVWDOW JHIXQGHQ 0LW3HGURXQG&DUORVNRQQWHPDQNHLQH6FKHU]FKHQWUHLEHQ6LHKlP PHUWHQVRIRUW]X,QLKUHP%HUHLFKZDUHQVLHGLHXQXPVFKUlQNWHQ .|QLJH3HGUR]lKOWH-DKUHVHLQ.ROOHJHZDU]ZHL-DKUHlOWHU6LH lKQHOWHQVLFKDXFKlXHUOLFK%HLGHZDUHQEXOOLJNUDXVHV+DDUZXFKV DXILKUHQ.|SIHQXQGEHLGHVFKZlUPWHQIUUDVVLJH%ORQGLQHQ 'LHPHLVWHQ)UDXHQMHGRFKZROOWHQPLWGLHVHQEUXWDOHQ0XVNHO SDNHWHQEHUKDXSWNHLQHQ.RQWDNWXQGGDVlUJHUWHGLHEHLGHQ 'LH=HLWELV]XU(VVHQVDXVJDEHYHUWULHEHQVLHVLFKPLW/HVHQXQG 5DGLRK|UHQ3HGURVFKOLHIDXFKNXU]PDOHLQXQGGDV0DJD]LQPLWGHQ QDFNWHQ%ORQGLQHQUXWVFKWHLKPDXVGHQ)LQJHUQ &DUORVVFKOXJPLWGHUIODFKHQ+DQGDXIGLH7LVFKSODWWH'DV*HUlXVFK MDJWH3HGURKRFK ª:DVLVW"© ª6FKODIQLFKWHLQ$PLJR:LUPVVHQJOHLFKUDQ(VVHQVDXVJDEH© ª$FK0LVW©3HGURNUDW]WHVLFKPLWDOOHQ)LQJHUQDXIGHP.RSI KHUXPª,FKKDEHEHUKDXSWNHLQH/XVW© ª'LHQVWLVW'LHQVW© ª'LHNRPPHQDXFKPDORKQHDXV©3HGURZDUKXQGHPGH ª'DQQEULQJHLFKGDV(VVHQDOOHLQ©PHLQWH&DUORV ª1HHGDVJHKWDXFKQLFKW© ª1DDOVRNRPP© 3HGURVWDQGDXIVFKDXWHQDFKREVHLQ*XPPLNQSSHODXFKXPJH VFKQDOOWZDUXQGQLFNWHVHLQHP.ROOHJHQ]X*HPHLQVDPYHUOLHHQVLH LKUH%XGHZRVLHGHV1DFKWVDXFKVFKOLHIHQ 9RULKQHQODJHLQODQJHU*DQJ(UZDUVRJDU]LHPOLFKEUHLWXQGLUJHQG ZLHGHSULPLHUHQG|GH'LH/DPSHQDQGHU'HFNHZXUGHQGXUFKNOHLQH *LWWHUJHVFKW]WUHFKWVEHIDQGVLFKQXU:DQGOLQNVIKUWHQPHKUHUH 7UHQ]XGHQ=HOOHQ 'LH:DQGZDUJHNDONWZRUGHQXQGGDQQPLWHLQHUgOIDUEHJUQJUDX JHVWULFKHQ(EHQVRZLHGLH=HOOHQWUHQ$OOHVZLUNWHGHSULPLHUHQGYHU ORUHQ
(LQH*LWWHUWUWUHQQWHGLHVHQ7UDNWYRQGHQDQGHUHQDE'LH6WlEH ZDUHQVRGLFNGDHLQH.LQGHUKDQGVLHQLFKWXPIDVVHQNRQQWH3HGUR XQG&DUORVEHVDHQGLH6FKOVVHO]XU7U -HQVHLWVGDYRQK|UWHQVLHGDV.ODSSHUQGHU7|SIHXQG.EHO(LQ .DOIDNWRUEUDFKWHGDV(VVHQ'HU0DQQVROOWHHLJHQWOLFKVFKRQYRUGUHL -DKUHQDOVJHKHLOWHQWODVVHQZHUGHQGRFKHUKDWWHVLFKVRDQGLH.OLQLN JHZ|KQWGDHUGDJHEOLHEHQZDUXQGGLH$XIJDEHHLQHV0lGFKHQVIU DOOHVEHUQDKP(UZLQNWHDOVHUGLHEHLGHQVDK 3HGURVFKORDXI 'HU.DOIDNWRUNDPPLWGHP:DJHQDQJHIDKUHQXQGJULQVWH(UWUXJ HLQHQEODXHQ.LWWHOXQGDXIGHP.RSIHLQH0W]H ª6LQGDXFKNHLQH:DQ]HQLP)UD"©IUDJWH&DUORV ª1HLQ©'HU.DOIDNWRUVSUDFKPLWHLQHUKRKHQ)LVWHOVWLPPHXQGGDQQ NLFKHUWHHU ª:HQQLFKHLQHILQGH©GURKWH&DUORVªGDQQJHEHLFKVLHGLU]X IUHVVHQ© 'HU.DOIDNWRUOHFNWHVLFKGLH/LSSHQª'LHVFKPHFNHQVRJXW© ª+DXDE0HQVFK© 'HU0DQQYHUVFKZDQG &DUORVGUHKWHGHQ:DJHQXPXQGVFKRELKQELVDQGLHHUVWH=HOOHQWU 9RQDXHQ|IIQHWHHUHLQH.ODSSH ,QGHU=HOOHKRFNWHHLQDOWHU0DQQ(UKDWWHHLQHQ%XFNHOXQGZDU IUKHU0DOHUJHZHVHQ'LH,QQHQZlQGHGHU=HOOHZDUHQPLWDOOHUOHL )DUEHQYROOJHVFKPLHUWXQGZHQQGHU.UDQNHHLQHQ$QIDOOEHNDPGDQQ NLSSWHHUGLH)DUEHQHLQIDFKDXIGHP%RGHQDXV ª/RV3LFDVVRHVJLEW(VVHQ©ULHI3HGUR6LHQDQQWHQLKQLPPHU 3LFDVVRREZRKOHUDQGHUVKLH 'HU.UDQNHNDPª%OHLEWVRVWHKHQ©ULHIHUXQGPDFKWHGHQ+DOVODQJ GDPLWHUGXUFKGLH/XNHVFKDXHQNRQQWHª'LHVH*HVLFKWHUKLQWHUGHP 5HFKWHFNHLQIDFKJURDUWLJ,FKZHUGHHXFKPDOHQXQGGDV%LOGYHU NDXIHQ(VPDFKWPLFKEHUKPWZLUNOLFK© &DUORVIOOWHGHQ3DSSWHOOHUPLWGHP(VVHQ(VZDUHLQ*HPLVFKDXV 5HLVXQG*HPVH ª+LHUVFKODJGLUGLH3DPSHLQGHQ%DXFKXQGKDOWHGHLQ0DXO©VDJWH HUDOVHUGHQ7HOOHUGXUFKGLH.ODSSHVFKRE(LQHQ.XQVWVWRIIO|IIHO EHNDP3LFDVVRDXFKQRFK ª:DVEUDXFKHLFK]XHVVHQZHQQLFKGLH)DUEHQGHU1DWXUXPPLFK KHUXPKDEH©ULHIHUXQGQDKPGHQ7HOOHUWURW]GHP 'LH0lQQHUJLQJHQZHLWHU ,QGHU]ZHLWHQ=HOOHKRFNWHMHPDQGGHUGDV(VVHQYHUZHLJHUWH$XV VWDUUHQ$XJHQVWLHUWHHU]X%RGHQXQGUKUWHVLFKQLFKW
(LQH=HOOHZHLWHUKRFNWHMHPDQGGHUQRFKGLH=ZDQJVMDFNHDQKDWWH (UZROOWHDXFKQLFKWV $FKW=HOOHQEHIDQGHQVLFKKLHU6LHEHQKDWWHQGLHEHLGHQ0lQQHUKLQ WHUVLFKDOVVLHYRUGHUOHW]WHQVFKOLHOLFKVWHKHQEOLHEHQ/DQJHJHQXJ DUEHLWHWHQVLHEHUHLWVLQGHU.OLQLN6LHZDUHQDEJHEUKWXQGDEJH VWXPSIWGRFKGHU0DQQGHULQGHUOHW]WHQ=HOOHKRFNWHZDULKQHQQLFKW JHKHXHU(UNRQQWHGHQEHLGHQUHJHOUHFKW$QJVWHLQMDJHQGHQQGDVZDU NHLQQRUPDOHU,UUHUREZRKOHUKLHUHLQVD8QGGDVVHLWGUHL-DKUHQ 'HU0DQQKLH'RQ$OYDUH]%HYRUPDQLKQKLHUHLQOLHIHUWHZDUHUGHU $EWHLQHV.ORVWHUVKRFKREHQLQGHQ3\UHQlHQJHZHVHQ'HQJHQDXHQ *UXQGGHU(LQZHLVXQJNDQQWHQZRKOQXUGLHbU]WHDEHUHVKDWWHQVLFK JHZLVVH)OVWHUSDUROHQKHUXPJHVSURFKHQGLHEHVDJWHQGDVLFKGHU $EWPLWGHP7HXIHOYHUEQGHWKlWWHXQGGDGXUFKZDKQVLQQLJJHZRUGHQ ZlUHZHLOHUGHQLQQHUHQ.RQIOLNWQLFKWPHKUDXVKLHOW 6RGLH3DUROHQ (UZDULQGHU7DWDQGHUVDOVGLHEULJHQ.UDQNHQ(UUHGHWHNDXPYLHO OHLFKW]HKQ:RUWHLQHLQHU:RFKH$EHUZHQQHUHWZDVVDJWHGDQQ VSUDFKHUQXUYRP7HXIHOYRQGHU+|OOHXQGYRQVHLQHUEOXWLJHQ5DFKH DQGHP0DQQGHULKQLQGLH)HVWXQJJHEUDFKWKDWWH=XGHPZDUHU GDYRQEHU]HXJWGDPDQLKQEHIUHLHQZUGH 'LH3IOHJHUHULQQHUWHQVLFKQRFKGHXWOLFKDQGLH:RUWHEHLGHUOHW]WHQ (VVHQVDXVJDEH ª,FKVSUHHV,FKVSUHHVJHQDX'HU7DJGHU%HIUHLXQJLVWQDKHXQG QLHPDQGNDQQPLFKDXIKDOWHQ'HQQVLHZHUGHQNRPPHQXQGYRP +LPPHOZHUGHQ)HXHUXQG)ODPPHQUHJQHQXQGHXFKYHUQLFKWHQ©(U KDWWHHLQHGVWHUH$SRNDO\SVHJHPDOWXQGGHQ3IOHJHUQZDUHVVHKU PXOPLJJHZRUGHQ $XFKMHW]WZDULKQHQQLFKWZRKODOV3HGURGLH.ODSSH|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lPRQLVFKHQ5XVVHQ DXVGHPOHW]WHQ-DKUKXQGHUW
ª'DV(VVHQ©VDJWH3HGURXQGVFKDXIHOWHGHQ3DSSWHOOHUYROO $OYDUH]WUDWYRU6HLQH6FKULWWHZDUHQQRFKJHVFKPHLGLJQLFKWVR DEJHKDFNWZLHEHLGHQDQGHUHQ'LHGUHL-DKUHVFKLHQHQDQGHP0DQQ ZLUNOLFKVSXUORVYRUEHUJHJDQJHQ]XVHLQ (UVFKDXWHGXUFKGDV5HFKWHFN6HLQ%OLFNWUDIPLWGHQHQGHU0lQQHU ]XVDPPHQ ª(VZLUGGDVOHW]WH0DOVHLQGDLKUPLUGDV(VVHQEULQJW©VDJWHHU PLWGXPSIHU6WLPPHªGHQQGLH6WXQGHPHLQHU%HIUHLXQJLVWQDKH 6REDOGVLFKGLH6FKDWWHQGHU1DFKWEHUGLHVHV/DQGJHOHJWKDEHQ |IIQHWGLH+|OOHLKUH3IRUWHQXQGVFKLFNWLKUH'LHQHUGLHPLFKDXV GLHVHPXQZUGLJHQ*HIlQJQLVEHIUHLHQ'LH+RUURU5HLWHUZHUGHQ HUVFKHLQHQGHQQGLH6WXQGHGHU5DFKHLVWJHNRPPHQ© 6HOWHQKDWWH'RQ$OYDUH]VRYLHOH:RUWHDXIHLQPDOJHVSURFKHQ'HQ EHLGHQ0lQQHUQNDPGLHVGLUHNWNRPLVFKYRU 3HGURYHUVXFKWHHVPLWHLQHP:LW]ª:HUVROOGLFKKLHUUDXVKROHQGX NRPLVFKHU+HLOLJHU"© ª'LH+RUURU5HLWHU©IOVWHUWH'RQ$OYDUH] ª$KD© ª,KUJODXEWPLUQLFKWZLH"© ª1HLQ© ª2KLKU,JQRUDQWHQ:DUWHWQRFKHLQSDDU6WXQGHQDEXQGLKUZHUGHW HLQHV%HVVHUHQEHOHKUW'DQQEHNRPPHLFKZLHGHUGLH0DFKWGLHPLU ]XVWHKWXQGLFKZHLQLFKWRELFKIUHXHU/HEHQJDUDQWLHUHQNDQQ 6WHOOWHXFKDXIPHLQH6HLWH-HW]WXQGKLHUGDQQZHUGHLFKIUHXFKHLQ JXWHV:RUWHLQOHJHQ©(UVFKDXWHVLHDXVVHLQHQGXQNOHQ$XJHQDQXQG GLH0lQQHUKDWWHQGDV*HIKODOVZUGHGHU%OLFNGHV0DQQHVVLHELVLQ GLH6HHOHWUHIIHQ ª1LPPGHLQ(VVHQ©IDXFKWH3HGURXQGKDXWHGLH.ODSSH]X ª,KU1DUUHQ©NHLIWH'RQ$OYDUH]ª,KUYHUGDPPWHQ1DUUHQ©(U ODFKWH*HOOHQGXQGJUHOOW|QWHHVKLQWHUGHUVWDELOHQ=HOOHQWUDXIª,KU ZHUGHWGDV)HXHUHUOHEHQXQGLKUZHUGHW]LWWHUQXQGEHEHQZHQQ PHLQH5DFKHPLWGHU*HZDOWHLQHV6WXUPZLQGHVEHUHXFKNRPPW© 'LHEHLGHQ3IOHJHUVFKREHQGHQIDKUEDUHQ7LVFKZLHGHUGHQ*DQJ HQWODQJ ª'DNDQQPDQMDZLUNOLFK$QJVWNULHJHQ©PHLQWH&DUORVª6RYLHOKDW HUQRFKQLHJHVDJW© 3HGURQLFNWH ª*ODXEVWGXLKP"© ª,FK"©3HGURVFKWWHOWHGHQ.RSIª)HXHUYRP+LPPHOUHJQHQ'HU UHGHWDOVZUGHGLH:HOWJOHLFKXQWHUJHKHQ© ª.RPLVFKLVWHVVFKRQ©
ª.ODUDEHUGXGDUIVWQLFKWYHUJHVVHQGDHUPDO$EWXQGVRPLWELEHO IHVWZDU© 3HGURQLFNWHª'DVZLUG VZRKOVHLQ© 6LHOLHHQGHQ:DJHQDQGHU*LWWHUWUVWHKHQXQGEHJDEHQVLFKZLHGHU LQLKUH%XGH 'RUWUDXFKWHQVLHHUVWHLQPDOHLQH=LJDUHWWH,QHLQHUKDOEHQ6WXQGH ZUGHGHU.DOIDNWRUHUVFKHLQHQXQGGLH3DSSWHOOHUDXVGHQ=HOOHQ KROHQ 3HGURVWDQGDP)HVWHU(VKDWWHNHLQH*LWWHU9RQKLHUDXVNRQQWHHULQ GDV7DOVFKDXHQZRHLQSDDU6FKDIHZHLGHWHQXQGNlUJOLFKH *UDVEVFKHODXVGHP%RGHQ]XSIWHQ'RUWZDUHVVFKRQGXQNOHUJH ZRUGHQREZRKOGHU+LPPHOQRFKLPWLHIHQ5RWGHUXQWHUJHKHQGHQ 6RQQHJOlQ]WH (LQH*lQVHKDXWOLHIEHUGHQ5FNHQGHV0DQQHVXQGHUVFKWWHOWH VLFK 'DVVDK&DUORVª:DVLVW"©IUDJWHHU ª$FKYHUGDPPWPLUJHKHQGLH:RUWHGLHVHVNRPLVFKHQ0|QFKVQLFKW DXVGHP.RSIKHUDXV© &DUORVODFKWHDXIª(U]lKOGRFKQLFKWV'HU$OWHLVWHLQ6SLQQHU2GHU JODXEVWGXLKP"© ª0LWZHOFKHLQHU%HVWLPPWKHLWHUGDVVDJWH,FKZHLQLFKWLUJHQGZLH EHGUFNWPLFKGDV© ª+|UDXI]XVSLQQHQGHUHU]lKOWLPPHUGLHVHQ.UDP'HQNDQ PRUJHQGDKDEHQZLUIUHLXQGVWHLJHQYROOHLQLQV:RFKHQHQGH0DQQ LFKZHLGDYRQHLQHU3XSSHGLHLQ0DGULGZRKQWXQGEHUKDXSWQLFKW WHXHULVW'LHN|QQWHMDLKUH)UHXQGLQ© ª.HLQH/XVW© &DUORVVFKZLHJQDKPGDV0DJD]LQDXIXQG]QGHWHVLFKHLQH =LJDUHWWHDQZlKUHQGHUEOlWWHUWH 1DFKHLQHU:HLOHVWUHFNWHGHU.DOIDNWRUVHLQHQGUUHQ.RSIGXUFKGLH 7Uª,FKKROHMHW]WGLH7HOOHU© ª-DEHHLOGLFK©NQXUUWH3HGUR 'HU0DQQYHUVFKZDQG=HKQ0LQXWHQVSlWHU]RJHUDXFKPLWGHP IDKUEDUHQ7LVFKGDYRQ &DUORVVWHOOWHGDV5DGLRDQ'HU6HQGHUEUDFKWHVSDQLVFKH)RONORUH 'HU3IOHJHUOLHGHQ$SSDUDWODXIHQXQGOHJWHVLFKUFNOLQJVDXIV%HWW ZREHLHUGLH$XJHQKDOEVFKORXQGVFKRQYRQGHQ%ORQGLQHQWUlXPWH GLHHUDPQlFKVWHQ7DJEHVXFKHQZROOWH 'DV9RUKDEHQVROOWHHLQ7UDXPEOHLEHQGHQQNHLQHUGHUEHLGHQ 0lQQHUDKQWHGDVLFKGDV*UDXHQEHUHLWVQlKHUWH
'RQ$OYDUH]KDWWHVHLQHNQRFKLJHQ+lQGHEHUGLH*LWWHUVWlEHDP )HQVWHUJHNUDOOWXQGVFKDXWHQDFKGUDXHQZRGLH6RQQHLPPHUWLHIHU VDQNXQGLKUHQOHW]WHQEOXWLJHQ6FKHLQEHUGHQZRONHQORVHQ+LPPHO IlFKHUWH 'LH$XJHQGHVHKHPDOLJHQ$EWVIXQNHOWHQ:DKQVLQQXQG+DYHU HLQLJWHQVLFKLQGLHVHP%OLFN]XHLQHUJHIlKUOLFKHQ0LVFKXQJ(UZXWH GDGLH=HLWUHLIZDU +HXWHQDFKWQRFK 1LFKWVDEHUDXFKJDUQLFKWVKDWWHHUYHUJHVVHQ1LFKWGLH-DKUHLP .ORVWHUZRHUGHP6DWDQJHGLHQWKDWWHGHQQHVZDULKPJHOXQJHQHLQH 7HXIHOVELEHO]XILQGHQ'LH6FKULIWIDV]LQLHUWHLKQ(UVWXGLHUWHVLHXQG VWHOOWHIHVWGDGDV.ORVWHU0RQWH7HUUDQRDXIXQJHZHLKWHP%RGHQ VWDQG7LHILP%HUJODJHQJHKHLPQLVYROOH*HZ|OEHLQGHQHQGDV%|VH ODXHUWH$OVHUVLHGXUFKIRUVFKWHGDVSUWHHUGDV*UDXHQGDVGRUW ZRKQWH,QGLHVHU+|KOHEHIDQGVLFKHLQYRQ1HEHOQXPZDOOWHVJHKHLP QLVYROOHV7RUGDVLKPGHP7HXIHOVGLHQHUGHQ%OLFNLQHLQHDQGHUH:HOW IUHLJDE 8QGDXVGLHVHP7RUNDPHQVLH 9LHU5HLWHUGLHHUVFKRQLQGHQDOWHQ6FKULIWHQHUZlKQWIDQG $(%$ 'LH'LHQHUGHUYLHU(U]GlPRQHQNRQQWHQGXUFKGLHVHV7RULQGLH:HOW GHU0HQVFKHQJHODQJHQXQGHU'RQ$OYDUH]KDWWHHVLKQHQJH|IIQHW 6LHPXWHQLKPGDQNEDUVHLQGRFKDXFKVLHNRQQWHQQLFKWYHUKLQGHUQ GD]ZHLDXV(QJODQGNRPPHQGH0lQQHUGDV.ORVWHUVWUPWHQXQG LKQ$OYDUH]IHVWQDKPHQXQGGDIU6RUJHWUXJHQGDHULQGLHVH$QVWDOW JHVWHFNWZXUGH 'UHL-DKUHODJGDV]XUFN'UHLVFKOLPPH-DKUHLQGHQHQGHUHKHPD OLJH$EWLPPHUQXUJHZDUWHWKDWWH 6LHZUGHQVLFKPHOGHQGDYRQZDUHUUHVWORVEHU]HXJW'LH5HLWHU NRQQWHQLKQQLFKWLP6WLFKODVVHQ $(%$VROOWHXQGZUGHVLFKUlFKHQ9RUDOOHQ'LQJHQDQGHQEHLGHQ 0lQQHUQGLHDXFK$OYDUH] )HLQGHZDUHQ -RKQ6LQFODLUXQGGLHVHU&KLQHVHQDPHQV6XNR1LFKWVKDWWH'RQ $OYDUH]YHUJHVVHQYRUDOOHQ'LQJHQGLHVHEHLGHQ0lQQHUQLFKW(U KDWHVLHZLHGLH3HVWGHQQGLH0lQQHUZDUHQQLFKWQXUVHLQH)HLQGH VRQGHUQDXFKGLH)HLQGHGHU+|OOH 'LHPXWHPDQYHUQLFKWHQ /DQJHJHQXJKDWWH'RQ$OYDUH]JHZDUWHWGRFKQXQZDUHVVRZHLW 'UHLPDOKDWWHHUYRQGHU$QNXQIWGHU+RUURU5HLWHUJHWUlXPW6LHKDWWHQ ZlKUHQGGHV6FKODIV]XLKPJHVSURFKHQXQGLKPPLWJHWHLOWGDHVEDOG VRZHLWVHLQZUGH
1XUQRFKZHQLJH6WXQGHQ 'RQ$OYDUH]ILHEHUWHGHU1DFKWHQWJHJHQ$(%$ZUGHHUVFKHLQHQ XQGGLHYHUGDPPWHQ0DXHUQHLQUHLHQ:LHHLQ6WXUPZLQGZUGHQGLH YLHU5HLWHUEHUGDV/DQGEUDXVHQ1LFKWVNRQQWHVLHDXIKDOWHQ $(%$ZDUXQEHVLHJEDU 'RQ$OYDUH]NLFKHUWHDOVHUGDUDQGDFKWH-DGLH=HLWZDUUHLIXQG DOOHGLHVLFKGDQQQRFKJHJHQLKQVWHOOWHQZDUHQGHV7RGHV/lQJVWKDWWH HUVHLQH6LQQHJHVFKlUIW(UYHUVXFKWHVHLQHQ*HLVWDXIGLHODQJH5HLVH]X VFKLFNHQHUWDVWHWHKRUFKWHODXVFKWHXQGODXHUWHREQLFKWEHUHLWVGLH HUVWHQ$Q]HLFKHQGLHVHUJUDXHQYROOHQ,QYDVLRQ]XVSUHQZDUHQ 1RFKVSUWHHUQLFKWV(UVWZHQQGLH'XQNHOKHLWLKUULHVLJHV7XFKEHU GDV/DQGJHEHWWHWKDWWHZUGHHVJHVFKHKHQ 'LH.OLQLNVROOWHEUHQQHQ 'RQ$OYDUH]WUDWZLHGHUYRP)HQVWHU]XUFNXQGKRFNWHVLFKDXIGLH %DQN 'HU.DOIDNWRUNDPXQGKROWHGHQ7HOOHUDE(UZDUQRFKYROO'RQ $OYDUH]KDWWHNHLQHQ%LVVHQJHJHVVHQ ª.HLQHQ+XQJHUZLH"©IUDJWHGHU.DOIDNWRU 'HUHKHPDOLJH$EWVFKDXWHLKQPLWVHLQHQGVWHUHQ$XJHQDQª)OLHK© IOVWHUWHHUKHLVHUª)OLHKYRUGHQ0lFKWHQGHV*UDXHQV'LH=HLWGHU +|OOHLVWGDXQGGHU6FKUHFNHQZLUGGLFKEHUVFKZHPPHQZLHHLQH DOOHVYHU]HKUHQGH:RJH© 'HU.DOIDNWRUK|UWHGLH:RUWHHUYHUVWDQGDEHUQLFKWVRUHFKW 7URW]GHPEHNDPHU$QJVWXQGVFKOXJKHIWLJGLH.ODSSH]X 'DVJHOOHQGH/DFKHQGHV!,UUHQEHJOHLWHWHLKQQRFKELV]XUEHU QlFKVWHQ=HOOH 'LH'XQNHOKHLWNDP 8QGPLWLKUEHJDQQHV 'LH3DWLHQWHQZXUGHQXQUXKLJ'LHEHLGHQ3IOHJHUGLHOHLFKWHLQ JHQLFNWZDUHQK|UWHQGLH*HUlXVFKH]XHUVW 'XPSIH6FKOlJHGU|KQWHQJHJHQGLHNDKOHQ:lQGHGHU=HOOHQ'DV ZDUQLFKWQXUHLQHUGHUGXUFKGUHKWHVRQGHUQDOOH$OVKlWWHQVLHVLFK DEJHVSURFKHQVRK|UWHHVVLFKDQ'DVGXPSIH6FKODJHQJHJHQGLH :lQGHVWHLJHUWHVLFK]XHLQHPPDNDEUHQ5K\WKPXVGHULPPHUKlUWHU ZLOGHUXQGKHNWLVFKHUZXUGH =XHUVWVFKUHFNWH&DUORVKRFK(UVHW]WHVLFKDXIUHFKWKLQXQGODXVFKWH $XFK3HGURZDUZDFKJHZRUGHQª9HUGDPPW©PXUPHOWHHUªGD VWLPPWGRFKZDVQLFKW©6HLQ%OLFNIDQGGDV*HVLFKWGHV.ROOHJHQª2E GDVGHU$QIDQJLVW"©
ª9RQZDV"© ª'XZHLWGRFKZDVGLHVHU0|QFKJHVDJWKDW'HUZLOODXVEUHFKHQ XQGGLHKROHQLKQMHW]WUDXV© ª$FK4XDWVFK'XPPHV*HUHGHHLQHV:DKQVLQQLJHQ©(UVWDQGYRQ VHLQHP%HWWDXIª:LUZHUGHQPDOQDFKVHKHQ© 3HGURVDJWHQLFKWV,KPUDQQHLQH*lQVHKDXWEHUGHQ5FNHQ'LH :RUWHGHVHKHPDOLJHQ0|QFKHVKDWWHQLKQPHKUDOVQXUEHXQUXKLJW 3HGURJODXEWHGDUDQGDHVYLHOH'LQJHJDEGLHPLWGHP9HUVWDQGDOOHLQ QLFKW]XHUNOlUHQZDUHQ1HLQGDVSLHOWHQDQGHUH.UlIWHPLW &DUORVVWDQGVFKRQDQGHU7Uª,FKZHUGHGHQHQKHOIHQPLUPHLQH 1DFKWUXKH]XVW|UHQ'HQHQZHUGHQZLU%HLQHPDFKHQ©(U]RJGLH7U DXIXQGEHWUDWGHQ*DQJ 3HGURIROJWHLKPODQJVDPHU$OVHUVHLQHQ.ROOHJHQHUUHLFKWHVWDQG GLHVHUEHUHLWVYRUGHUHUVWHQ7UXQGVFKREGLH.ODSSHLQ$XJHQK|KH ]XU6HLWH 6RIRUWZXUGHGDV7URPPHOQODXWHU 3LFDVVRVWDQGDQGHU:DQGXQGKlPPHUWHJHJHQGLH6WHLQH(UOLH VLFKQLFKWVW|UHQDXFKQLFKWDOV&DUORVLKQDQVFKULH6FKOLHOLFKZDUHV GHU:lFKWHUOHLGXQGULGLH7UDXI 3HGUREOLHEGUDXHQZlKUHQGVLFK&DUORVGHP3DWLHQWHQQlKHUWH ª+|UDXI©IXKUHULKQDQ 3LFDVVRK|UWHQLFKW ª$XIK|UHQKDEHLFKJHVDJW©'URKHQG]HLJWH&DUORVGHQ.QSSHODXV +DUWJXPPL 'DGUHKWHVLFK3LFDVVRXP8QGSO|W]OLFKJULIIHUDQ(UVFKULHGDEHL ZDUDJJUHVVLYXQGZROOWHGHP3IOHJHUDQGLH.HKOHIDKUHQ&DUORVZDU LPHUVWHQ$XJHQEOLFNY|OOLJEHUUDVFKW'DVKDWWHHUQRFKQLHHUOHEW 6RQVWWREWHQGLH/HXWHLPPHURGHUOLHHQLKUH:XWDQWRWHQ *HJHQVWlQGHQDXVDEHUHLQHQ$QJULIIKDWWHQVLHQRFKQLHJHZDJW'DV ZDUGDVHUVWH0DO &DUORVZHKUWHVLFK 'DVWUHFNWH3LFDVVREHLGH$UPHYRUXQGVFKULHª'HU7HXIHONRPPW ,FKKDEHLKQJHVHKHQ(ULVWXQWHUZHJV8QGHUEULQJWGLH*OXWGHU +|OOHEHUHXFK5HWWHWHXFKIOLHKWODXIWZHJVRQVWZLUGHUHXFKYHU VFKOLQJHQ©1DFKGLHVHQ:RUWHQVFKOXFK]WHGHU0DQQDXIYHUGUHKWHGLH $XJHQXQGEOLHEOLHJHQ ª,GLRW©NQXUUWH&DUORVXQGJLQJODQJVDP]XP)HQVWHU'DVGXPSIH 6FKODJHQZDUYHUVWXPPWGLHDQGHUHQKDWWHQVLFKZLHGHUEHUXKLJW(V ZDUQXUHLQNXU]HV$XIIODFNHUQLKUHU$JJUHVVLRQHQJHZHVHQ ª:HUVDJWHVGHQQ"©PXUPHOWH&DUORVEOLHEYRUGHPYHUJLWWHUWHQ )HQVWHUVWHKHQXQGVFKDXWHQDFKGUDXHQ
(LJHQWOLFKKlWWHHVILQVWHUVHLQPVVHQGRFKGHU+LPPHOJOKWHQRFK LPPHUGXQNHOURWDOVZUGHVLFKGLH6RQQHKHXWHQLFKWWUDXHQKLQWHU GHQ%HUJHQ]XYHUVLQNHQ &DUORVVFKOXFNWH'DVZDUVFKRQVHOWVDP(VJHODQJLKPDXFKQLFKW VHLQHQ%OLFNYRQGLHVHUXQKHLPOLFKHQLKQIDV]LQLHUHQGHQ:DQGDE]X ZHQGHQ(UPXWHHLQIDFKKLQVHKHQ %HZHJWHVLHVLFKQLFKW":DUHQGRUWQLFKW*HVWDOWHQ]XHUNHQQHQGLH KLQXQGKHUVFKZDQNWHQ" &DUORVDWPHWHWLHIHLQEHVFKDWWHWHVHLQH$XJHQXQGVFKDXWHJHQDXHU KLQ -DGDVZDUHQ*HVWDOWHQ (LQ6FKUHLOLHLKQKHUXPIDKUHQXQGGDV3KlQRPHQHUVWHLQPDO YHUJHVVHQ 3HGURKDWWHLKQDXVJHVWRHQ 0LW]ZHL5LHVHQVFKULWWHQVWDQG&DUORVDXIGHP*DQJ6HLQH$XJHQ ZXUGHQJURDOVHUGDVJOHLFKHVDKZLHVHLQ.ROOHJH 'RQ$OYDUH]KDWWHVHLQH=HOOHYHUODVVHQ8QGGDVREZRKOGLH7UYHU VFKORVVHQZDU ª9HUGDPPW©KDXFKWH&DUORVª'DVJLEWHVGRFKQLFKW© 6HLQ.ROOHJHQLFNWH ª+DVWGXGLH7UJH|IIQHW"©IUDJWH&DUORVREZRKOHUZXWHGD 3HGURVRHWZDVQLHPDFKHQZUGH ª1HLQ© ª$EHUZLHGDQQ"© ª,FKZHLHVGRFKDXFKQLFKW©KHXOWH3HGURDXI &DUORVQLFNWHHQWVFKORVVHQª*XW©VDJWHHUPLWUDXKHU6WLPPHª:HQQ HUHVQLFKWDQGHUVKDEHQZLOOZHUGHQZLULKPVFKRQ0DQLHUHQEHL EULQJHQGDUDXINDQQVWGXGLFKYHUODVVHQ©(UNODWVFKWHLQGLH+lQGH EHYRUHUVHLQHQ*XPPLNQSSHO]RJª'HU.DPHUDGZLUGVLFKZXQGHUQ GDUDXIQHKPHLFKMHGH:HWWH© )RUVFKVFKULWWHUDXI$OYDUH]]XZlKUHQG3HGURVWHKHQEOLHEXQGYRU $QJVW]LWWHUWH 'DVZDULKPDOOHVXQKHLPOLFK6LFKHUKDWWHGLHVHWZDVPLWGHQ:RUWHQ GHV$EWV]XWXQGLHHULKQHQZlKUHQGGHU(VVHQVDXVJDEHLQV*HVLFKW JHVFKOHXGHUWKDWWH $XFK&DUORVYHUODQJVDPWHVHLQH6FKULWWHMHPHKUHUVLFKGLHVHP0DQQ QlKHUWH :DUGDVEHUKDXSWQRFKGHUVHOEHZLHYRUKLQ"6HLQ*HVLFKWKDWWHVLFK LUJHQGZLHYHUlQGHUW(VZDUEOHLFKHUJHZRUGHQ=XGHPVSDQQWH VLFKGLH+DXWKlUWHUEHUGHQ.QRFKHQGHUODQJH%DUW]LWWHUWHXQGGLH $XJHQVFKLHQHQGXQNHOZLH.UDWHUVHHQ]XVHLQ
ª.RPP©ORFNWHGHUHKHPDOLJH$EWª:DUXPJHKVWGXQLFKWZHLWHU"© ª=XUFN&DUORV©JHOOWHKLQWHUGHP5FNHQGHV3IOHJHUVGLH6WLPPH VHLQHV.ROOHJHQDXIª%OHLEOLHEHUKLHU'DVJHKWQLFKWPLWUHFKWHQ'LQJHQ ]X© ª:LHUHFKWHUGRFKKDW©NLFKHUWHGHU0|QFK &DUORVDEHUZROOWHHVZLVVHQ6WXUVFKWWHOWHHUGHQ.RSIª1HLQ©HU ZLGHUWHHUIHVWª,FKEULQJHGLFKZLHGHULQGHLQH=HOOHXQGGDYRQKDOWHQ PLFKDXFKNHLQH7\SHQZLHGXDE© ,PVHOEHQ$XJHQEOLFNEHJDQQHQGLH,UUHQZLHGHUPLWLKUHP ª.RQ]HUW©'LHVPDOVFKOXJHQVLHQLFKWQXUJHJHQGLH:lQGHVRQGHUQ VFKULHQXQGJHLIHUWHQDXFK,KUH6WLPPHQEHUVFKOXJHQVLFKLPVFKULOOHQ )DOVHWW'DV.UHLVFKHQGHULQGHU+|OOH*HIROWHUWHQNRQQWHQLFKWVFKOLP PHUVHLQDOVGDVLQGLHVHU$QVWDOW 3HGURGUHKWHGXUFK(UYHUORUEXFKVWlEOLFKGLH1HUYHQPDFKWHDXI GHP$EVDW]NHKUWXQGUDQQWHZHJ(UZROOWH+LOIHKROHQ$OOHLQZXUGHQ VLHPLWGHQ.UDQNHQQLFKWPHKUIHUWLJ ,QLKUHP=LPPHUEHIDQGVLFKHLQ7HOHIRQ3HGURVWU]WHLQGHQ5DXP XQGZROOWHGHQ+|UHUYRQGHU*DEHOUHLHQ 3HGURV$XJHQZXUGHQJUR:DVHUGRUW]XVHKHQEHNDPZDUXQ JHKHXHUOLFK 'DVJHVDPWH5HFKWHFNZXUGHYRQHLQHPGXQNHOURWHQJOKHQGHQ 6FKHLQDXVJHIOOWGHUZLHHLQ9RUKDQJGRUWODJ2EZRKOGHU0DQQ $QJVWKDWWHJLQJHU]XP)HQVWHUXQGVFKDXWHKLQDXV 'HU6FKHLQPXWHGDVJHVDPWH*HElXGHXPKOOWKDEHQGHQQZR 3HGURKLQVDKZDUQXU5RW 'DV5RWGHU+|OOH ,QPLWWHQGHUURWHQ/XIWXQGQRFKEHUGHQ%HUJHQVFKZHEHQGEHZHJ WHQVLFKYLHU*HVWDOWHQ 5HLWHU $(%$NDP 6LHULWWHQZLHHLQVWGLH*|WWHUJHVWDOWHQGXUFKGLH/XIW6WXUPXPEUDXVW XQGYRPEOXWLJHQ1HEHOXPZDOOWKLHOWHQVLHRKQH]X]|JHUQDXILKU=LHO ]X 'LH)HVWXQJ 'DVFKULOOWHQGLH$ODUPJORFNHQ$XFKLQGHQDQGHUHQ7UDNWHQPXWH PDQJHPHUNWKDEHQGDHWZDVQLFKWVWLPPWH 3HGURV$QJVWVWHLJHUWHVLFK'HU3IOHJHUUDQQWHDXVGHP=LPPHU VWDQGLP*DQJXQGVDKVHLQHQ.ROOHJHQZLHHUGHQ*XPPLNQSSHO JHKREHQKDWWHXPDXIGHQHKHPDOLJHQ$EWHLQ]XVFKODJHQ ª1LFKW©EUOOWH3HGURª)OLHK&DUORV'LH5HLWHUNRPPHQ6LHVLQG JOHLFKGD6FKQHOO©
&DUORVGUHKWHVLFKXP6FKZHLJOlQ]WHDXIVHLQHP*HVLFKW'LH .UDQNHQWREWHQXQGWURPPHOWHQZHLWHU ª:DVVDJVWGX"© ª:LUPVVHQIOLHKHQ'LH5HLWHU© (LQJHOOHQGHV*HOlFKWHUUL3HGURGLHQlFKVWHQ:RUWEXFKVWlEOLFKYRQ GHQ/LSSHQ'RQ$OYDUH]KDWWHHVDXVJHVWRHQ ª0HLQH)UHXQGH©EUOOWHHUª6LHODVVHQPLFKQLFKWLP6WLFK6RZLH LFKHVJHVDJWKDEH©:LHGHUODFKWHHU ª$FKKDOWGHLQ0DXO©EUOOWH&DUORVXQGVFKOXJ]X $OYDUH]ZLFKDXV(UWDWGLHVPLWHLQHUJHVFKPHLGLJHQ%HZHJXQJXQG GHU+LHEYHUIHKOWHLKQ'DIUVFKUDPPWHGHU*XPPLNQSSHODQGHU :DQGHQWODQJ)DVWKlWWH&DUORVQRFKGDV*OHLFKJHZLFKWYHUORUHQ ª.RPPGRFK©'LH6WLPPHGHV]ZHLWHQ3IOHJHUVEHUVFKOXJVLFK 8QGGDQQNDPHQGLH5HLWHU 6LHZDUIHQVlPWOLFKH1DWXUJHVHW]HEHUGHQ+DXIHQ)UVLHH[LVWLHU WHQZHGHU0DXHUQQRFK6SHUUHQVLHULWWHQVLHNXU]HUKDQGXP 'HU3IOHJHU&DUORVZDUXQIlKLJVLFK]XEHZHJHQ(UVWDQGGDVWDUUWH XQGVWDXQWHZREHLHUGDV*HVFKHKHQZLHLQHLQHP=HLWOXSHQILOPVDK GHUYRUVHLQHQ$XJHQDEOLHI (LQ7HLOGHU:DQGEUDFKHLQDOVKlWWHLKQHLQH%RPEH]HUULVVHQ'LH +RUURU5HLWHUZDUHQQLFKWLQLKUHU)RUPDWLRQJHEOLHEHQVLHULWWHQ KLQWHUHLQDQGHU $(%$ZDUQLFKWPHKU]XVWRSSHQ'LH5|VVHUEUDFKHQGXUFKGLH 0DXHUQJHZDOWLJHSHFKVFKZDU]H3IHUGH$XILKQHQKRFNWHQGLH5HLWHU PLW/DQ]HQEHZDIIQHWHJULQVHQGH6NHOHWWHVFKZDU]ZLHGLH1DFKW 'XQNOH8PKlQJHIODWWHUWHQLP5HLWZLQG'LH3IHUGHVSUHQJWHQEHUGLH 7UPPHU)ODPPHQXQG5DXFKTXROOHQDXVGHQ1VWHUQXQGHLQH ZDKUH+|OOHIDXFKWHGHPVFKUHFNHQVVWDUUHQ&DUORVHQWJHJHQ 'RQ$OYDUH]GHUHKHPDOLJH0|QFKZDULQVHLQHP(OHPHQW(UULGLH $UPHKRFKXQGVFKULHZREHLVLFKVHLQH6WLPPHEHUVFKOXJXQGNDXP QRFK]XYHUVWHKHQZDU ª0HLQH5HWWHU,FKKDEHHVJHZXWGDLKUNRPPW1HLQLKUODWHXUH 'LHQHUQLFKWLP6WLFK© (UWDQ]WHZLHYHUUFNWXQGVWLHLPPHUZLHGHUVHLQH$UPHLQGLH/XIW $XFKGLH=HOOHQZDUHQQLFKWPHKUKHLO/lQJVWKDWWHQVLFK5LVVHLP 0DXHUZHUNJHELOGHW'HFNHQ]HUVSUDQJHQGDVXUDOWH*HVWHLQKLHOWGLH VHP'UXFNQLFKWPHKUVWDQG 'LH+RUURU5HLWHUZDUHQVWlUNHU 1XU6HNXQGHQNRQQWH&DUORVGHQ(LQGUXFNLQVLFKDXIVDXJHQ'RFK GLHVH=HLWNDPLKPZLHHLQHKDOEH(ZLJNHLWYRU 'DQQZDUHVYRUEHL
'HUHUVWH5HLWHUULGLFKWYRULKPVHLQ3IHUGKRFK'LH+XIHWDQ]WHQ SO|W]OLFKYRUGHP*HVLFKWGHV3IOHJHUVXQGVFKOXJHQ]X (VZDUHQKDUWH6FKOlJHGLHVHLQHQ.RSIWUDIHQLKQQDFKKLQWHQ VFKOHXGHUWHQZRHU]X%RGHQNUDFKWH1RFKHLQPDOVSUWHHUGHQ 6FKPHU]GHULKPVHLQ%HZXWVHLQUDXEWHXQGLKQLQGHQWLHIHQXQHU JUQGOLFKHQ6FKDFKWGHV7RGHV]HUUWH &DUORVOHEWHQLFKWPHKU 6HLQ.ROOHJHDEHUZDUJHIORKHQ3HGURZROOWHZHJYRP2UWGHV *UDXHQV(UKHW]WHGXUFKGHQ7UDNWXQGK|UWHZHLWHUKLQGDV6FKULOOHQ GHU$ODUPJORFNHQ6LHEHJOHLWHWHQVHLQH)OXFKWZLH0XVLNDXVGHU+|OOH (UVWROSHUWHUDIIWHVLFKZLHGHUDXIXQGGLH$QJVWWULHELKQZHLWHU6HLQ =LHOZDUGHU$XVJDQJ (UVFKDIIWHHVQLFKWPHKU.XU]EHYRUHUPLWGHU+DQGQDFKGHUJURHQ 7UIDVVHQNRQQWHEHIDQGVLFKGHUHUVWH5HLWHULQVHLQHP5FNHQ(UWUXJ HLQH/DQ]H:LHDXFKGLHGUHLDQGHUHQ 8QGGLHKREHUDQ 'DQQHUIROJWHGHU:XUI8QJHKHXHUKDUW]LHOJHQDX 'LH/DQ]HWUDIGHQ5FNHQGHV)OFKWHQGHQ'HU6FKODJGURVFK3HGUR QDFKYRUQZRHUJHJHQGLH7UILHOXQGGDUDQKHUDEUXWVFKWH%OXWLJH 1HEHOXPZDOOWHQVHLQ6LFKWIHOG(UPHUNWHOlQJVWQLFKWPHKUGDHLQH NQRFKLJH+DQGQDFKGHP/DQ]HQVFKDIWJULIIXQGGLH:DIIHDXVVHLQHP .|USHU]RJ3HGURZDUWRW 'HU+RUURU5HLWHU]RJVHLQHQ*DXOKHUXP(UODFKWHDXI(LQJHKOOWLQ QDFK6FKZHIHOVWLQNHQGHP5DXFKULWWHUZLHGHUDQXQGVFKZHQNWHVHLQH /DQ]H 'DV=HLFKHQ'LH$XIJDEHGLHVHUVFKUHFNOLFKHQ:HVHQDXVHLQHU DQGHUHQ:HOWZDUHUIOOW 'LHYLHU5HLWHUKDWWHQGHQ(U]GlPRQHQGHQ*HIDOOHQJHWDQXQGHLQHQ LKUHU'LHQHUEHIUHLW 'RQ$OYDUH]NRQQWHZLHGHULQGHQJURHQ.DPSIHLQJUHLIHQ 'HUYLHUWH5HLWHUKDWWHVLFKVHLQHUDQJHQRPPHQXQGLKQDXIGDV IHXHUVSHLHQGH5RJH]RJHQ :LOGKlPPHUWHGLH*HVWDOWLKUHJOKHQGHQ6SRUHQLQGLH)ODQNHQGHV 7LHUHV 'DQQULWWHQGLHYLHUGDYRQ $OYDUH]DEHUQDKPHQVLHPLW 'HUHKHPDOLJH0|QFKZDUDXHUVLFK$OVGLHYLHU5HLWHUQDFK GUDXHQXQGKRFKLQGLH/IWHULWWHQGDVFKULHHUQXUHLQHQ1DPHQ ª6LQFODLU6LQFODLULFKNRPPH8QGGDQQZLUGDEJHUHFKQHW©
,QGHUEUHLWHQ*ODVWUGHV(LQJDQJVVSLHJHOWHVLFKGDVKHOOH6RQQHQOLFKW DOVLFKGLHUHFKWH+lOIWHDXIGUFNWHXQGPLFKGDUEHUZXQGHUWHZLH OHLFKWGDVJLQJ 'LH6WXIHQODJHQKLQWHUPLULFKEHWUDWHLQHJURH+DOOHZR]DKOUHLFKH %DQNDQJHVWHOOWHKLQWHU6FKDOWHUQ6FKUHLEWLVFKHQXQG.DVVHQDUEHLWHWHQ 'LH0HQVFKHQZDUHQGXUFK3DQ]HUJODVJHVFKW]WXQGIUGLH.XQGHQ JDEHV6SUHFKVFKOLW]H 'HUQRUPDOH%DQNDEODXILQWHUHVVLHUWHPLFKDQGLHVHP7DJKHU]OLFK ZHQLJLFKZROOWHGHQ'LUHNWRUVSUHFKHQHLQHQJHZLVVHQ*RUGRQ(VVH[ (LQHQ$XJHQEOLFNEOLHELFKVWHKHQXPPLFK]XRULHQWLHUHQ,FK NRQQWHZlKOHQ5HFKWVEHIDQGVLFKHLQHJHVFKZXQJHQH7UHSSH6LH IKUWHLQGLH(WDJHGHV0DQDJHPHQWVZRLFKVLFKHUOLFKDXFKPHLQHQ *HVSUlFKVSDUWQHUILQGHQZUGH8QWHUKDOEGHU7UHSSHEHIDQGHQVLFK GLH)DKUVWKOH'DUDXIYHU]LFKWHWHLFKGHQQ7UHSSHQVWHLJHQKDW EHNDQQWOLFKQRFKNHLQHPJHVFKDGHW :lKUHQGLFKGLH6WXIHQKLQDXIVFKULWWGDFKWHLFKQRFKHLQPDOGDUEHU QDFKZHOFKHU*UXQGPLFKEHUKDXSWKLHULQGLHSURW]LJH%DQNJHIKUW KDWWH (LJHQWOLFKJLQJHVXP$WODQWLV -D)UHXQGH6LHKDEHQULFKWLJJHOHVHQ$WODQWLV'LHVHUYHUVXQNHQH .RQWLQHQWXQGGHVVHQ(QGHLFKPLWHUOHEWKDWWHZDUGHUJURH'UHKXQG $QJHOSXQNW$EHUHVJDEQRFKHLQHQ]ZHLWHQ*UXQGGHP'LUHNWRUHLQHQ %HVXFKDE]XVWDWWHQ'HUKLH.DUD'DVVFKZDU]KDDULJH0lGFKHQZDU GLH6FK|QHDXVGHP7RWHQUHLFKXQG0\[LQV*HIlKUWLQ6LHKDWWHLQ $WODQWLVJHOHEW,KU9DWHUZDUHLQ3URSKHWHLQ:HLVHUHLQ0DJLHUJH ZHVHQGHU]XVDPPHQPLWVHLQHQ)UHXQGHQDOOHVYHUVXFKWKDWWHXPGHQ 8QWHUJDQJ]XVWRSSHQ(UKDWWHHVQLFKWJHVFKDIIW(UZDUJHVWRUEHQXQG LFKKDWWHLKQYRUVHLQHP7RGQRFKNHQQHQJHOHUQW,FKZDUVHKUDQJHWDQ JHZHVHQYRQGHU*U|HXQGGHU:HLVKHLWGLHVHV0DQQHV 6HLQH7RFKWHUKDWWHYLHOYRQLKUHP9DWHUJHHUEW1LFKWQXUGLHJHL VWLJHQ)lKLJNHLWHQVRQGHUQGDVVFKPDOH6FKZHUWPLWGHUJROGHQHQ .OLQJHXQGGHQ7UDQNGHV9HUJHVVHQV:HQQVLHLKQ]XVLFKQDKPGDQQ ZDULKU*HLVWLQGHU/DJHVLFKY|OOLJYRQLKUHP.|USHUDE]XVRQGHUQVR GDHU$XVIOJHLQIHUQHXQEHNDQQWH5HLFKHXQWHUQHKPHQNRQQWH.DUD ZXWHXPGLHVHQ7UDQNZXWHXPVHLQH:LUNXQJGRFKVLHKDWWHGHQ 7UDQNYHUORUHQXQGZROOWHLKQXQEHGLQJWZLHGHU]XUFNEHNRPPHQ 1LHPDQGZXWHZRHUVLFKEHIDQG .DUDJLQJ]DKOUHLFKHQ6SXUHQQDFKVLHVXFKWHPLW0\[LQDXIGHU(UGH HKHPDOLJH$WODQWHUXQGVLHKDWWHQDXFK7HLOHUIROJHHU]LHOW 0\[LQKDWWHPLFKLQHLQDOWHV+DXVJHIKUWZRGUHL0lQQHUYHUVDP PHOWZDUHQGLHHEHQIDOOVDXV$WODQWLVVWDPPWHQXQG]XGHQ:HLVHQ
JHK|UHQVROOWHQ:LUWUDIHQGLH0lQQHUGRFKVLHZXUGHQYRUPHLQHQ $XJHQ]X6NHOHWWHQ(LQYLHUWHUKDWWHVLFKDXVGHP6WDXEJHPDFKWGRFK HUORFNWHXQVLQHLQH)DOOHVRGD0\[LQXQGLFKLQGLH9HUJDQJHQKHLW JHVFKOHXGHUWZXUGHQ:LUJHODQJWHQDXIGHQ.RQWLQHQW$WODQWLVGHU VLFKWOLFKYRUVHLQHP8QWHUJDQJVWDQG,FKEHJHJQHWHGHP6FKZDU]HQ 7RGXQGHUOHEWHQRFKHLQPDOHLQH=HLWZR0\[LQGHUNOHLQH0DJLHU PHLQ)HLQGZDU 1XQGLHVHV$EHQWHXHUEHUVWDQGLFKJOFNOLFK1LFKW]XOHW]WZHLOPLU GHU6HKHUHLQPLUXQEHNDQQWHVIUHPGDUWLJHV:HVHQKDOI$EHUGDV 3UREOHPZDUJHEOLHEHQ :LUPXWHQGHQ7UDQNGHV9HUJHVVHQVILQGHQGHQQZHQQ.DUDLKQ]X VLFKQDKPXQGLKU*HLVWGDQQGLH'lPRQHQUHLFKHGXUFKVFKZHEWH ZUGHVLHXQVZHUWYROOH(UNHQQWQLVVHPLWDXIGLH(UGHEULQJHQGLHIU XQVHLQHEHVVHUH$XVJDQJVSRVLWLRQLP.DPSIJHJHQXQVHUH)HLQGH VFKXIHQ .DUDXQG0\[LQKDWWHQLQGHQOHW]WHQ:RFKHQXQXQWHUEURFKHQ JHIRUVFKWXQGJHVXFKW6LHZROOWHQGHQYLHUWHQ0DQQILQGHQGHQ 9HUUlWHUGHUDQJHEOLFKPHKUEHUGHQ7UDQNZXWH1LFKWXPVRQVWKDWWH HUGLHGUHLDQGHUHQ:HLVHQJHW|WHW 6FKOLHOLFKZDUHV.DUDXQG0\[LQJHOXQJHQLKQDXI]XVSUHQ'HU 0DQQKDWWHVLFKIDQWDVWLVFKHWDEOLHUWXQGQDKWORVLQGDV/HEHQDXIGLHVHU :HOWHLQJHIJW(UKDWWHHVVRJDU]XHWZDVJHEUDFKWXQGZDU'LUHNWRU HLQHUJURHQ%DQNJHZRUGHQGLHGHU%DQNYRQ(QJODQGDQJHK|UWH *RUGRQ(VVH[KLHGHU0DQQ :HGHU.DUDQRFK0\[LQWUDXWHQVLFKLKPHLQHQRIIL]LHOOHQ%HVXFK DE]XVWDWWHQ%HLGHZLUNWHQIUPHQVFKOLFKH9HUKlOWQLVVH]XIUHPG.DUD GLHHWZDVVHQVLEOH)UDXXQG0\[LQGHUNOHLQH0DJLHUPLWGHUJUQOLFK VFKLOOHUQGHQ+DXWGHUVLFKLP$OOWDJVUK\WKPXVQRFKLPPHUQLFKW ]XUHFKWIDQGZHLOHUHEHQNHLQ0HQVFKZDUVRQGHUQHLQ6FKZDU]EOWHU PLWDQGHUHP$XVVHKHQ 'LHVH3UREOHPHKDWWH*RUGRQ(VVH[QLFKW(UVWDQGDXIGHU (UIROJVOHLWHU]LHPOLFKREHQXQGZHQQVLFKGHU9HUGDFKWJHJHQLKQYHU KlUWHWHZUGHHVPLUHLQ9HUJQJHQEHUHLWHQLKQYRQVHLQHPKRKHQ 7KURQ]XVWU]HQ ,FKHUUHLFKWHGLHHUVWH(WDJHZRGLH:lQGHPLWNRVWEDUHQ0DUPRU SODWWHQEHGHFNWZDUHQ6LHVFKLPPHUWHQEHLJHEUDXQXQGZDUHQVSLHJHO EODQNSROLHUW 8QWHUPHKUHUHQ7UHQNRQQWHLFKDXVZlKOHQ*HGlPSIWQXUGUDQJ GDV.ODSSHUQHOHNWULVFKHU6FKUHLEPDVFKLQHQDQPHLQH2KUHQ ,FKVFKDXWHPLFKNXU]XP'DEHLJLQJLFKHLQLJH6FKULWWH]XU6HLWHXQG ODVGLH0HVVLQJEXFKVWDEHQDXIGHPGXQNOHQ+RO]
6HNUHWDULDW0U*RUGRQ(VVH[ +LHUZDULFKULFKWLJ,FKNORSIWHK|UWHHLQª&RPHLQ©XQG|IIQHWH =ZHL)UDXHQKRFNWHQDQ6FKUHLEWLVFKHQGLHGXUFKHLQH%OXPHQEDQN YRQHLQDQGHUJHWUHQQWZDUHQ'DV%URZDUKHOOXQGIUHXQGOLFK'LH 6RQQHQVWUDKOHQILHOHQGXUFKGLHJURHQ6FKHLEHQGHV)HQVWHUVXQG PDOWHQEUHLWH6WUHLIHQDXIGHQROLYJUQHQ7HSSLFKERGHQ 'LHlOWHUH)UDXHUKREVLFKXQGVFKREGDEHLLKUH%ULOOHYRQGHU1DVH 'DV6HKJHVWHOOEDXPHOWHDQHLQHU.HWWH )UDJHQGVFKDXWHPLFKGLH'DPHDQ ,FKSURGX]LHUWHHLQ6RQQWDJVOlFKHOQVWHOOWHPLFKYRUXQGEDWGHQ 'LUHNWRUVSUHFKHQ]XGUIHQ ª2KLFKZHLQLFKWRE0U(VVH[6LHMHW]WHPSIDQJHQNDQQ©HU ZLGHUWHVLHEHGDXHUQG ª:LUN|QQHQYRP
(LQH0LQXWHZDUYHUJDQJHQ ,FKGUHKWHPLFKZLHGHUXPXQGVDKGLH'RSSHOWUDQGLHLQGDV $OOHUKHLOLJVWHGHV%DQNGLUHNWRUVIKUWH ,UJHQGZLHZDULFKVDXHUGHQQLFKZDUWHWHQLFKWJHUQ$EHUPDQPX LP/HEHQLPPHU.RQ]HVVLRQHQPDFKHQXQGPLWPHLQHP6RQGHU DXVZHLVZROOWHLFKQLFKWZLQNHQ +lWWHLFKGDVPDOJHWDQ+LQWHUKHULVWPDQMDLPPHUVFKODXHU 'LH]ZHLWH6HNUHWlULQVWDQGDXIXQGJLQJ]XU.DIIHHPDVFKLQH)UKHU WUDQNPDQLQ(QJODQGLPPHU7HHDEHUGLH=HLWHQKDWWHQVLFKJHlQGHUW ,QGHQ%URVZXUGHGLHVFKZDU]H%UKHKLQXQWHUJHVSOW0LUJLQJHV GDEHLQLFKWDQGHUVQXUKDWWHLFKGDV*OFNHLQH6HNUHWlULQDOV 0LWDUEHLWHULQ]XKDEHQGLHGHQEHVWHQ.DIIHHGHU:HOWNRFKWH (KUOLFK)UHXQGH ª'LH=HLWLVWXP©VDJWHLFK ª1DWUOLFK2EHULQVSHNWRU©'LHYHUOLHEWH6HNUHWlULQHUKREVLFKXQG VFKULWWDXIGLH'RSSHOWU]X6LHNORSIWHYRUKHUXQG|IIQHWHGDQQZREHL VLHPLUQHWWHUZHLVHGHQ9RUWULWWOLH ª'DQNH©VDJWHLFKXQGEHUWUDWGLH6FKZHOOH 6FKRQQDFKGHPHUVWHQ6FKULWWEOLHELFKVWHKHQ.KOH/XIWWUDIPHLQ *HVLFKWXQGGLHZHKWHQLFKWYRQKLQWHQVRQGHUQNDPYRQYRUQ 'DVKDWWHVHLQHQ*UXQG (LQHVGHUEHLGHQ)HQVWHUVWDQGVSHUUDQJHOZHLWRIIHQ8QGYRQ*RUGRQ (VVH[IHKOWHMHGH6SXU ª0U(VVH[©ULHIGLH6HNUHWlULQKLQWHUPLUXQGZDUY|OOLJDXVGHP +lXVFKHQ ª6FKOLHHQ6LHGLH7U©ZLHVLFKVLHDQª$EHUYRQGUDXHQ© 6LHJHKRUFKWH ,FKDEHUKlWWHPLUVHOEVWLQGHQ+LQWHUQWUHWHQN|QQHQ'LHVHYHU GDPPWHQ]ZHL0LQXWHQKDWWHQ(VVH[JHUHLFKWXP]XYHUVFKZLQGHQ'LH 1HQQXQJPHLQHV1DPHQVPXWHLKQUHJHOUHFKWHOHNWULVLHUWKDEHQVR GDHUYRQHLQHP$XJHQEOLFN]XPDQGHUHQGLH)OXFKWHUJULIIHQXQGDOOHV OLHJHQXQGVWHKHQJHODVVHQKDWWH $XIGHP6FKUHLEWLVFKODJQRFKVHLQH$UEHLW'LH3RVWYRQPRUJHQ ]ZHLDXIJHVFKODJHQH0DSSHQ'DVDOOHVLQWHUHVVLHUWHPLFKQLFKW,FK ZROOWHGHQ0DQQXQGOLHI]XP)HQVWHU (LQ%OLFNQDFKOLQNV 1LFKWVGDQQGHU%OLFNQDFKUHFKWV $XFKQLFKWV ,FKVDKQXUGHQVFKPDOHQ6LPVGHUVLFKXQWHUGHP)HQVWHUKLQ]RJ
'D]XPXPDQZLVVHQGDGLHVHV+DXVVFKRQVHLQ$OWHUKDWWH 0LQGHVWHQVIQI]LJ-DKUH'DPDOVEDXWHPDQQRFKUHSUlVHQWDWLYGDV KHLWPLWYLHO6WXFNNOHLQHQ9RUEDXWHQ(UNHUQ6LPVHQXQGVRZHLWHU ,FKEHXJWHPLFKQRFKHLQPDOZHLWDXVGHP)HQVWHUXQGGDQQVDK LFKLKQ (LJHQWOLFKZDUHVQXUHLQ+RVHQEHLQGDVYRP:LQGHUIDWZXUGHXQG KLQWHUHLQHUNOHLQHQ6lXOHGLHGLH+DXVZDQGYHUVFK|QHUQVROOWH XQGGHP0DQQMHW]WDOV'HFNXQJGLHQWHKHUYRUIODWWHUWH 'HU.QDEHKDWWHVLFKYHUUHFKQHW ,FKZUGHLKQPLUKROHQXQG]|JHUWHNHLQH6HNXQGHVRQGHUQVWLHJ HEHQIDOOVDXVGHP)HQVWHU 'DGHU6LPVGDV*HZLFKWGHV%DQNGLUHNWRUVJHKDOWHQKDWWHZUGHHU XQWHUPHLQHPDXFKQLFKW]XVDPPHQEUHFKHQGDZDULFKVLFKHU8QWHU DQGHUHPOLHILFKQLFKW]XPHUVWHQPDODXIVROFKHLQHPVFKPDOHQ )HQVWHUVLPV ,FKGUHKWHPLFKHWZDVXQGEHZHJWHPLFKGDQQQDFKUHFKWVZREHLLFK GHU:DQGPHLQ*HVLFKW]XZDQGWHXQGPLFKPLWEHLGHQ+lQGHQ DEVWW]WH1RUPDOODXIHQNRQQWHPDQQDWUOLFKQLFKWLFKPXWHPLFK =ROOIU=ROOYRUVFKLHEHQ (VZDUJDUQLFKWVRHLQIDFKDXIGHUVFKPDOHQ8QWHUODJHGDV *OHLFKJHZLFKW]XKDOWHQ=XGHPEHKLHOWLFKGHQDQGHUHQLP$XJH %LVKHUKDWWHLFKYRQLKPQLFKWPHKUDOVGDVIODWWHUQGH+RVHQEHLQJH VHKHQ'DVJDEPLU+RIIQXQJGDPLFKGHU.QDEHQRFKQLFKWHQWGHFNW KDWWH(UVROOWHVLFKUXKLJVLFKHUIKOHQXPVRJU|HUZUGHGDQQGLH hEHUUDVFKXQJZHUGHQ =XP*OFNZDUHVVWLOO,FKNRQQWHDOVRK|UHQZHQQ*HVWHLQXQWHU PHLQHQ)HQDEEU|FNHOWH %LVMHW]WKLHOWGHU6LPV 'DVQlFKVWH)HQVWHU (VZDUYHUKlQJW'XUFKGLH*DUGLQHHUNDQQWHLFKGLH8PULVVHHLQHV 0DQQHVGHUKLQWHUVHLQHP6FKUHLEWLVFKKRFNWHXQGWHOHIRQLHUWH'DQQ KDWWHLFKGDV)HQVWHUSDVVLHUW :HLWHU 'LH+lOIWHGHU6WUHFNHODJEHUHLWVKLQWHUPLUXQGPHLQ2SWLPLVPXV VWLHJ 'DQQEHNDPHUHLQHQJHK|ULJHQ'lPSIHUGHQQ(VVH[KDWWHDQVFKHL QHQGODQJHJHQXJJHZDUWHW(UZROOWHVHKHQZDVVLFKWDW 'HU%DQNGLUHNWRUOLQVWHXPGLH6lXOH (UVDKPLFK 2EZRKOZLUXQVEHVWLPPWQLFKWOlQJHUDOVHLQH6HNXQGHDQVFKDXWHQ HUNDQQWHLFKVHLQ*HVLFKWXQGGLH=JHSUlJWHQVLFKPLUJHQDXHLQ
*UDXHV+DDUYRP:LQG]HU]DXVWHLQGXQNHOEODXHU$Q]XJ.UDZDWWH 7\SLVFK%DQNHU ª.RPPHQ6LH]XUFN©]LVFKWHLFKLKPHQWJHJHQ (UGDFKWHJDUQLFKWGDUDQVRQGHUQEHZHJWHVLFKZHLWHU1DWUOLFKLQ GLHHQWJHJHQJHVHW]WH5LFKWXQJ ,FKZDUIHLQHQ%OLFNQDFKXQWHQ6HKUWLHIZDUHVQLFKWDEHUEHLHLQHP 6SUXQJKlWWHLFKPLUVLFKHUOLFKEHLGH%HLQHJHEURFKHQ8QG(VVH[ZUGH HVQLFKWDQGHUVHUJHKHQ $XIGHP3DUNSODW]VWLHJHQVRHEHQPHKUHUH3HUVRQHQLQHLQHQ VFKZDU]HQ%HQWOH\GHUQHEHQGHPPHLQHQSDUNWH=XP*OFNVFKDXWH NHLQHUDQGHU5FNIURQWGHU%DQNKRFK 'LH6lXOHYHUGHFNWHGHQ%OLFNDXI(VVH[$OVLFKVLHHUUHLFKWKDWWH K|UWHLFKGDV.OLUUHQ 'HU%DQNGLUHNWRUPXWHHLQH6FKHLEHHLQJHVFKODJHQKDEHQ (UZROOWHVHLQH)OXFKWDXIHLQHDQGHUH$UWXQG:HLVHIRUWVHW]HQ,FK VWLHJYRUVLFKWLJXPGLH6lXOHKHUXPXQGVDK]ZHL
'lPRQZDUVRKDWWHLFKLKQQXQEHNRPPHQ(UVDKVLFKLQGLH(QJH JHWULHEHQXQGJLQJHLVNDOWVHLQHQ:HJ $XIPHQVFKOLFKHV/HEHQQDKPHUNHLQHUOHL5FNVLFKWGDVVDKLFKPLW JUDXVDPHU'HXWOLFKNHLW(UKDWWHHLQXQVFKXOGLJHV0lGFKHQXP JHEUDFKWXQGLQPLU]HUEUDFKHWZDVDOVLFKYRUPLUGHQ6WDXEVDKGHU HLQPDOHLQ0HQVFKJHZHVHQZDU,FKPXWH(VVH[NULHJHQEHYRUHU YROOVWlQGLJGXUFKGUHKWH 'HQQLFKJDEPLUVHOEVWHLQHQ7HLOGHU6FKXOGDP7RGGHV0lGFKHQV +lWWHLFKGLHVHYHUGDPPWHQ]ZHL0LQXWHQQLFKWLP9RU]LPPHUJH ZDUWHWZlUHGDVDOOHVQLFKWSDVVLHUW 1XQPXWHLFKGDPLWUHFKQHQGD*RUGRQ(VVH[ZHLWHUH0RUGH EHJLQJ ,FKYHUOLHGHQ:DVFKUDXP'LH7UIKUWHZLHGHUDXIGHQ)OXU 'LHVPDOEHIDQGLFKPLFKQXUHLQ6WFNZHLWHUKLQWHQ 'DV=LPPHUGHV$WODQWHUVODJUHFKWV :RKLHOWHUVLFKYHUERUJHQ" (VJLEW*DQJVWHUGLHEHVLW]HQHLQHXQJHKHXUH1HUYHQVWlUNH:HQQGLH VLFKYHUIROJWIKOHQGDQQYHUVWHFNHQVLHVLFKGRUWZRPDQVLHQLFKW YHUPXWHW*HK|UWH*RUGRQ(VVH[GD]XZUGHHUVLFKLQVHLQ%UR YHU]LHKHQ ,FKVFKDXWHQDFK 'LH7UZDU]XP*OFNQLFKWYHUVFKORVVHQ(VVH[EHIDQGVLFKQLFKW GRUW'DVRIIHQH)HQVWHUVFKLHQPLFKK|KQLVFKDQ]XJULQVHQ,FKNQDOOWH GLH7UZLHGHU]XGUHKWHPLFKXPVDKGLH7UHSSHXQGJODXEWHGD (VVH[GLHVHQ:HJJHZlKOWKDWWH +DVWLJOLHILFKGLH6WXIHQKLQXQWHU$XIGHUGULWWOHW]WHQEOLHELFKVWHKHQ XQGEOLFNWHLQGLHJURH6FKDOWHUKDOOH 'RUWKHUUVFKWHQRUPDOHU%HWULHE(V]HXJWHQLFKWVGDYRQGDVLFK *RUGRQ(VVH[KLHUDXIKLHOW'HU%HWULHEOLHIQRUPDOGLH0HQVFKHQ ]DKOWHQHLQRGHUKREHQ*HOGDE .HLQHUOHL3DQLN ,FKEUDFKWHDXFKGLHUHVWOLFKHQ6WXIHQKLQWHUPLFKXQGKLHOWHLQHQ $QJHVWHOOWHQDQGHUPLWHLQHP$NWHQVWRXQWHUGHP$UPDQPLUYRU EHL]LVFKHQZROOWH ª0RPHQWPDOMXQJHU0DQQ© ª%LWWH"©)UDJHQGVFKDXWHHUEHUGHQ5DQGVHLQHU%ULOOHQJOlVHU ª+DEHQ6LH]XIlOOLJ0U(VVH[JHVHKHQ"© ª'HQ'LUHNWRU"©(UHUVWDUUWHIDVWYRU(KUIXUFKW ª*HQDXGHQ© ª1HLQVRUU\LFKKDEHDXFK]XWXQ© ª'DQNH©
9HUGDPPWZRVWHFNWHGHU+XQGHVRKQQXU"'DV*HElXGHZDUJUR XQG(VVH[KDWWHHLQHQ9RUWHLO,P*HJHQVDW]]XPLUNDQQWHHUGHQ%DX ,FKPXWHPLFKKHUXPIUDJHQ 8QVFKOVVLJEOLHELFKLQGHU+DOOHVWHKHQ (LQSDDU$QJHVWHOOWHEHREDFKWHWHQPLFKVFKRQPLWUDXLVFK9LHOOHLFKW KLHOWHQVLHPLFKIUHLQHQ%DQNUlXEHUGHUGDV7HUUDLQVRQGLHUWHXP GDQDFKVHLQHQ&RXS]XVWDUWHQ (LQ0DQQLQJUDXHU8QLIRUPVWHXHUWHPLFKDQ(UZDU]LHPOLFKEUHLW JHEDXW,FKVDKGLH$XVEXFKWXQJXQWHUVHLQHUOLQNHQ6FKXOWHUXQGZXWH %HVFKHLG ª6LU"©VSUDFKPLFKGHU0DQQDQª.DQQLFK,KQHQLUJHQGZLHEHKLOIOLFK VHLQ"© ª-D6LHN|QQWHQPLUVDJHQZRLFK0U(VVH[ILQGH+DEHQ6LHLKQ ]XIlOOLJJHVHKHQ"© ª'HU+HUU'LUHNWRUKDWVHLQ%URREHQ© ª'DLVWHUQLFKW© ª'DQQWXWHVPLUOHLG,FKELQEHUGHQJHVFKlIWOLFKHQ7DJHVDEODXIGHV +HUUQ'LUHNWRUOHLGHUQLFKWLQIRUPLHUW$PEHVWHQLVWHVZHQQ6LHVLFK EHLVHLQHU6HNUHWlULQ© ª*HVFKHQNW©VDJWHLFK 6HLQ%OLFNZXUGHZLHGHUPLWUDXLVFK (UZXWHQLFKWVRUHFKWZDVHUWXQVROOWH,FKKROWHPHLQHQ$XVZHLV KHUYRUGHQQPLUZDUHLQH,GHHJHNRPPHQ ª6FRWODQG
:LUJLQJHQ'LH5lXPHXQWHUGHU6FKDOWHUKDOOHNRQQWHPDQDOVUHJHO UHFKWH*HZ|OEHEH]HLFKQHQ+LHUEHIDQGHQVLFKDXFKGLHJURHQ7UHVRUH PLWGHQJHZDOWLJHQ3DQ]HUWUHQKLQWHUGHQHQ*ROG6FKHLQHZHUWYROOH 3DSLHUHXQG0Q]HQODJHUWHQ (VZDUNKO,FKVFKDXWHPLFKXP1LHPDQGDXHUXQVEHIDQGVLFK KLHUXQWHQ 2EVLFK(VVH[LQHLQHPGHUJHZDOWLJHQ7UHVRUHHLQJHVFKORVVHQKDWWH" ,FKIUDJWHGHQ:lUWHUQDFKGHU)XQNWLRQ ª1HLQ6LU(LQHUDOOHLQNDQQGHQ7UHVRUQLFKW|IIQHQ(VJHK|UHQ LPPHUGUHL6FKOVVHOGD]XGLHVLFKLP%HVLW]YRQGUHLYHUVFKLHGHQHQ 0lQQHUQEHILQGHQ© ª'DQQNDQQLFKGDYRQDXVJHKHQGDVLFK0U(VVH[QLFKWKLHUXQWHQ DXIKlOW"© ª*HQDX© ª*LEWHVLQGLHVHP+DXVVRQVWQRFK5lXPHGLHVLFKDOV9HUVWHFN HLJQHQ"© ª-D*ODXEHQ6LHGHQQGD0U(VVH[HVQ|WLJKDWVLFK]XYHUEHUJHQ"© KDXFKWHHU ª'DVJODXEHLFKDOOHUGLQJV© ª'DQQZHLLFKHVDXFKQLFKW© ª:DVLVWXQWHUGHP'DFK"© ª'RUWREHQEHILQGHWVLFKXQVHU$UFKLY.ODUGDNDQQMHGHUKLQ 1DWUOLFKDXFK0U(VVH[© ª2ND\VHKHQZLUQDFK© 'HU:lFKWHUXQGLFKZDQGWHQXQVXP:LOOLDP7DGORFNJLQJYRU9LHO +RIIQXQJKDWWHLFKQLFKWPHKU(VVH[ZDUVLFKHUOLFKJHIORKHQ 3O|W]OLFKEOLHE7DGORFNVWHKHQ)DVWZlUHLFKJHJHQLKQJHODXIHQ ª:DVLVW"© ª6LUPLULVWGDVRHEHQHLQH,GHHJHNRPPHQ©VDJWHHUª,FKZHLMD QLFKWDXVZHOFKHQ*UQGHQ6LH0U(VVH[VXFKHQDEHUHVJLEWKLHUXQWHQ QRFKHLQHQ:HJQDFKGUDXHQ(VLVWGHUGHQGLH0lQQHUQHKPHQZHQQ VLHGLH*HOGWUDQVSRUWHUEHODGHQ© ,FKVFKDXWHGHQ0DQQDQXQGQLFNWHª'DVLVWGRFKHLQ:RUW0HLVWHU *HKHQZLU© 7DGORFNEHVDGHQ6FKOVVHO]XHLQHU3DQ]HUWUKLQWHUGHUHLQEH WRQLHUWHU*DQJODJ(UPXWHVWDUN]LHKHQXPGLHVFKZHUH7UDXI]X EHNRPPHQ,FKKDOILKPGDEHL ª,PPHUGDVJOHLFKH©VW|KQWHGHU$XISDVVHUª0DQPDORFKWVLFKKLHU QRFKNDSXWW© (UKREVHLQH+DQG'LH)LQJHUVWULFKHQDQGHU:DQGHQWODQJZRVLFK GHU/LFKWVFKDOWHUEHIDQG'HQNLSSWH7DGORFNKHUXP
$QGHU'HFNHZXUGHQUXQGH/HXFKWVWRIIULQJHKHOO 'HU*DQJEHVWDQGDXVJODWWHQ%HWRQZlQGHQ8QGGHU)XERGHQZDU HEHQIDOOVDXV%HWRQ*ODWWRKQH)XJHQ 1DFKHWZDGUHLLJ
(UYHU]RJGLH0XQGZLQNHOª'DVSDWPLUJDUQLFKW© ª7XQ6LH VWURW]GHP© 'DV*HIKOGHU*HIDKUKDWWHVLFKEHLPLUZHLWHUYHUVWlUNW$EHUZR ]XP7HXIHOODXHUWHVLH" ,QGHQ:lQGHQLP%RGHQ" ,FKJLQJZHLWHU +LQWHUPLUK|UWHLFKGLH6FKULWWHGHV:lUWHUV7DGORFNVFKULWWDXIGLH 7U]X 1XQLFKGDFKWHPLUQLFKWVGDEHLXQGZXUGHHUVWDXIPHUNVDPDOV LFKGLHVHQVFKZDSSHQGHQ/DXWK|UWHPLWGHPGLH7U]XUFNLQGLH )DVVXQJILHO +DWWH7DGORFNGHQ*DQJYHUODVVHQ" 3O|W]OLFKVWHOOWHQVLFKPHLQH1DFNHQKlUFKHQDXIUHFKW*UHLIEDUQDKH ZDUGLH*HIDKUXQGEOLW]VFKQHOOGUHKWHLFKPLFKKHUXP :LOOLDP7DGORFNKDWWHGHQ*DQJQLFKWYHUODVVHQVRQGHUQQXUGLH7U JHVFKORVVHQ(UVWDQGYRULKUXQGVFKDXWHPLFKDQ 'HU.|USHUJHK|UWH:LOOLDP7DGORFNGRFKGDV*HVLFKWGHP$WODQWHU *RUGRQ(VVH[ 'LH)DOOHZDU]XJHVFKQDSSW (LQLJH6HNXQGHQODQJZDULFKZLUNOLFKVSUDFKORVZHLOLFKGHQ6FKRFN HUVWHLQPDOYHUGDXHQPXWH7DGORFNVDKIXUFKWHUUHJHQGDXV6HLQ *HVLFKWKDWWHY|OOLJDQGHUH=JHDQJHQRPPHQHEHQGLHGHV*RUGRQ (VVH[8QGHUKDWWHDXFKQLFKWPHKUGLHQRUPDOH+DXWIDUEHVRQGHUQ ZDUNDONLJZHLJHZRUGHQ -DHLQHXQKHLPOLFKHNDONLJH%OlVVHEHU]RJGLH+DXWXQGOLHVLH DXVVHKHQZLHGLHHLQHVVFKOHFKWJHVFKPLQNWHQ&ORZQV%OXWXQWHUODXIHQ SUlVHQWLHUWHQVLFKGLH$XJHQGLH/LSSHQVWDFKHQEODYRQGHUZHLHQ +DXWDEGDV*HVLFKWZDUKDJHUHUJHZRUGHQXQGLQGHQ3XSLOOHQODVLFK HLQK|KQLVFKHV)XQNHUQ ª*RUGRQ(VVH[©VDJWHLFK ª*HQDX2EHULQVSHNWRU(VKDWODQJHJHGDXHUWELV6LHPLFKJHIXQGHQ KDEHQ© ª6LFKHUPDQFKPDODUEHLWHQGLH0KOHQYRQ6FRWODQG
ª'DELQLFKPLUQLFKWVLFKHU© *RUGRQ(VVH[GHU$WODQWHUOlFKHOWHª:DVZROOHQ6LHJHJHQPLFKDXV ULFKWHQ",FKEUDXFKH6LHGRFKQXU]XEHUKUHQXQGVFKRQ]HUIDOOHQ6LH ]X6WDXE© ª'D6LHGLHVH)lKLJNHLWEHKHUUVFKHQKDEHLFKDQGHPMXQJHQ 0lGFKHQJHVHKHQ©HUZLGHUWHLFKª:DUXPKDEHQ6LHHVJHW|WHW"(V KDWWHQLFKWVPLWGHU6DFKH]XWXQ© ª(VVWDQGPLUDEHULP:HJ$XHUGHPZROOWHLFK,KQHQ6LQFODLU PHLQH0DFKWGHPRQVWULHUHQ6LHZDUHQZLUNOLFKJXWDEHUELVKHUKDEHQ 6LHQXUPLW'lPRQHQJHNlPSIWPLWHLQIDFKHQ*HVFK|SIHQGLH]X DEKlQJLJZDUHQXPHLQHHLJHQH0DJLHHQWZLFNHOQ]XN|QQHQ6LHKDEHQ 6LHDXILUJHQGHLQH$UWXQG:HLVHLPPHUJHW|WHWGRFKEHLPLULVWHV DQGHUV,FKNHQQHGLH0DJLHGHU*URHQ$OWHQGLHGHU0lFKWLJHQGLH VFKRQZDUHQDOVGLH0HQVFKKHLWQRFKQLFKWZDU8QGGLHVHU0DJLHZLUVW DXFKGXQLFKWVHQWJHJHQ]XVHW]HQKDEHQ*HLVWHUMlJHU©(UOlFKHOWH ª'HLQ.UHX]EOHLEWEHLPLUHEHQIDOOVRKQH:LUNXQJ© 'DZDUZLHGHUGHU%HJULIIGHU*URHQ$OWHQJHIDOOHQ1LFKW]XP HUVWHQPDOWDXFKWHHUDXI8QGLFKPXHKUOLFKJHVWHKHQGDLFKPLFK LPPHUXQZRKOIKOHZHQQLFKGDYRQK|UH 'LH*URHQ$OWHQ :HUZDUHQVLH":DVKDWWHQVLHYRU":RKHUNDPHQVLH"$XVGHP$OO DXV7LHIHQGHU(UGHDOVVLHHQWVWDQG" $QWZRUWHQDXIGLHVH)UDJHQZXWHLFKQLFKW0LUZDUQXUVRYLHO EHNDQQWGDGLH*URHQ$OWHQHLQHXQJHKHXUH*UDXVDPNHLWDXV VWUDKOWHQXQGVRPLWGDV%|VHVFKOHFKWKLQZDUHQ=XP*OFNZDUHQVLH PLUELVKHUQRFKQLFKWEHJHJQHWXQGHKUOLFKJHVDJWLFKZDUDXFKEHU KDXSWQLFKWVFKDUIGDUDXI ª:RUEHUGHQNVWGXQDFK"©IUDJWHPLFKGHU$WODQWHU ªhEHUGHLQH3OlQH© ª'LHHUUlWVWGXQLFKW© ,FKKREGLH6FKXOWHUQª(VVHLGHQQGXYHUUlWVWVLHPLU© ª1HLQGDUDXIODVVHLFKPLFKQLFKWHLQ'DVLVW]XEHNDQQW6ROOWHHVGLU DXVLUJHQGHLQHP*UXQGHJHOLQJHQGRFKQRFKGDYRQ]XNRPPHQZHLW GX]XYLHO6RYLHOVHLJHVDJW,FKKDEHPlFKWLJH9HUEQGHWHGLHHEHQIDOOV EHUHLWVLQGGLFK]XW|WHQ6LHKDEHQQLFKWVYHUJHVVHQJDUQLFKWVXQGVLH VLQGVFKRQXQWHUZHJV%DOGZHUGHQVLHKLHUVHLQ© ª9RQZHPVSULFKVWGX"© ª,FKVDJHQLFKWVPHKU© 1HLQHUZUGHWDWVlFKOLFKQLFKWUHGHQGDVNRQQWHLFKDXIVHLQHPEOHL FKHQ*HVLFKWDEOHVHQ$XFKVHLQH+DDUHKDWWHQVLFKYHUlQGHUW6LHVDKHQ DXVDOVKlWWHMHPDQG0HKOVWDXEEHUVLHJHJRVVHQ
ª:DVKDVWGXPLW:LOOLDP7DGORFNJHPDFKW"©ZROOWHLFKZLVVHQ ª,FKKDEHVHLQH*HVWDOWDQJHQRPPHQGDVLVWDOOHV(UOHEWOlQJVWQLFKW PHKU(VJHK|UW]XXQVHUHQVSH]LHOOHQ)lKLJNHLWHQLQGLH+DXWHLQHV DQGHUHQVFKOSIHQ]XN|QQHQ'DVEULQJWVHKUYLHOH9RUWHLOHIUXQV© 9HUGDPPWZLHUHFKWHUKDWWH:HQQLFKPLUYRUVWHOOWHGDGLHVH 0DJLHUDXV$WODQWLVLQGHU/DJHZDUHQMHGH[EHOLHELJH*HVWDOWDQ]X QHKPHQUDQQPLUHLQ6FKDXHUEHUGHQ5FNHQ:HQQHV]DKOUHLFKH $WODQWHUXQWHUGHQ0HQVFKHQJDEGDQQZDUGLH:DKUVFKHLQOLFKNHLWDXI HLQHQ0DJLHU]XWUHIIHQ]LHPOLFKKRFK 8QGGDVPDFKWHPLU$QJVW (UVFKLHQPHLQH*HGDQNHQ]XHUUDWHQGHQQHUODFKWHª-DHVVLHKWE|VH DXV© ª'DQQELVWGXQLFKWDOOHLQDXIGHU:HOW"© ª1HLQHVJLEWQRFKDQGHUH0DJLHUXQG3URSKHWHQGLHVLFKGDPDOV NXU]YRUGHP8QWHUJDQJDEJHZDQGWKDEHQ'XZLUVWLKQHQDEHUQLFKW PHKUEHJHJQHQZHLOLFKGLFKW|WHQZHUGH'HQNHGDUDQ*HLVWHUMlJHU HLQH%HUKUXQJPHLQHUVHLWVXQGGX]HUIlOOVW]X6WDXE© -DGDUDQGDFKWHLFK$EHULFKZROOWHPLFKDXFKQLFKWNDPSIORV XPEULQJHQODVVHQ ,FK]RJPHLQH%HUHWWD (UOlFKHOWHª:DVVROOGDVGHQQ*HLVWHUMlJHU"'DPLWVFKUHFNVWGXPLFK QLFKW© 9LHOOHLFKWKDWWHHUUHFKW 7URW]GHPZROOWHLFKDXVSURELHUHQREHUDXIGLH6LOEHUNXJHOQLQ PHLQHU%HUHWWDUHDJLHUWH ,FKYLVLHUWHVHLQ*HVLFKWDQXQG]RJGHQ6WHFKHU]XUFN (LQHEODXH)ODPPHVFKRDXVGHU0QGXQJhEHUODXWKDOOWHGHU 6FKXW]LQGHPNDKOHQ*DQJZLGHUXQGLFKVDKZLHGDV*HVFKRLQGLH 6WLUQGHV0DQQHVIHJWHXQGGRUWHLQKDQGWHOOHUJURHV6WFNKHUDXVUL (VVH[VWRSSWH 8QGHUODFKWH -DHUODFKWHPLULQV*HVLFKWGHQQGLH:XQGHVFKORVLFKVRIRUW ZLHGHU ª,FKELQQLFKW]XW|WHQ©K|KQWHHUª1LFKWDXIGLHVH$UWXQG:HLVH *HLVWHUMlJHU© 'DKDWWHHUUHFKW,FKVWHFNWHGLH%HUHWWDZLHGHUZHJ'LHKDOIPLUMHW]W DXFKQLFKWPHKU +DUWSUHWHLFKGLH/LSSHQDXIHLQDQGHU 0HLQ*HJQHUNDPYRU 6FKULWWIU6FKULWWJLQJHUDXIPLFK]XXQGXPVHLQH/LSSHQVSLHOWHHLQ WHXIOLVFKJHPHLQHV/lFKHOQ
,FKZLFK]XUFNXQGKROWHGDEHLPHLQ.UHX]KHUYRU,FKZDUZLUNOLFK JHVSDQQWREHVEHLLKPQLFKWUHDJLHUWHGHQQGDV.UHX]ZDUPHLQH VWlUNVWH:DIIH )ODFKODJHVDXIPHLQHP+DQGWHOOHU,FKVDKGLH]DKOUHLFKHQ=HLFKHQ XQGGLHYLHU%XFKVWDEHQGHU(U]HQJHOGLHLQHLQHU6FKULIWLQGDV.UHX] HLQJHPHLHOWZDUHQGLHDXFKLFKOHVHQNRQQWH ª1HLQ-RKQ6LQFODLUVRQLFKW© ,FKVSUDQJYRU'DPLWKDWWH(VVH[ZRKOQLFKWJHUHFKQHWGHQQHUEOLHE VWHKHQ 'DQQVFKOHXGHUWHLFKGDV.UHX]JHJHQLKQZREHLLFKPLWGUHL)LQJHUQ GLH.HWWHIHVWKLHOW (VWUDI :XFKWLJSUDOOWHGDV.UX]LIL[LQGDV*HVLFKWGHV$WODQWHUV)UGHQ %UXFKWHLOHLQHU6HNXQGHVDKLFKGHQ6FKUHFNHQLQVHLQHQURWXPUlQ GHUWHQ$XJHQ:DUPHLQ.UHX]GRFKQLFKWVRXQJHIlKUOLFKIULKQ" (VUXWVFKWHEHUVHLQ*HVLFKWDEHUGLH:LUNXQJEOLHEJOHLFK1XOO 1LFKWVKDWWHLFKHUUHLFKW :DUXPGHQQGDV(UVFKUHFNHQ" (VVH[ZDUVRHXSKRULVFKGDHUHVPLUVRJDUVDJWHª-D*HLVWHUMlJHU GXKDVWHLQHJURH:DIIHLQGHU+DQGDEHUGXZHLWQLFKWGDPLWXP]X JHKHQGHQQPLWHLQHUHLQIDFKHQ%HUKUXQJLVWHVQLFKWJHWDQ'XPXW VFKRQGLH0DJLHJHQDXNHQQHQ'LHDOWHQ)RUPHOQGLH5LWHQGLH =DXEHUVSUFKH(UVWGDQQKlWWHVWGXPLFKW|WHQN|QQHQ1LFKWVR-RKQ 6LQFODLUGX9HUOLHUHU© $OWH6SUFKH0DJLH=DXEHUIRUPHOQ$EHUPDOVK|UWHLFKHLQH 1HXLJNHLWXQGPLUZXUGHEHZXWZLHZHQLJLFKZLUNOLFKZXWH$XFK EHUXQGXPGLH:LUNXQJGHV.UHX]HV+lWWHLFKGLHDOWHQ)RUPHOQ JHZXWVRZlUHGLH:LUNXQJVWlUNHUJHZHVHQ 9HUIOXFKWLFKIKOWHPLFKLQGLHVHQ0RPHQWHQKLOIORV:LHHLQ 7RGHVNDQGLGDWGHUVFKRQDXIGHP6FKDIRWWOLHJWXQGEHUGHVVHQ 1DFNHQGLH6FKQHLGHVFKLPPHUW ª.HLQH&KDQFH©VDJWHGHU$WODQWHUªNHLQH&KDQFH*HLVWHUMlJHU©8QG HUJLQJZHLWHU 'DVDOWH6SLHOEHJDQQYRQYRUQ ,FKZLFKZLHGHU]XUFN 'DQQVSUDQJHUYRU'DPLWKDWWHLFKQLFKWJHUHFKQHW(VVH[ZXFKWHWH VLFKGXUFKGLH/XIWVHLQ.|USHUVWUHFNWHVLFK*UHOOHV/DFKHQGUDQJDXV VHLQHU.HKOHXQGGLHJHNUPPWHQ+lQGH]LHOWHQJHQDXDXIPHLQ *HVLFKW
=ZHL3HUVRQHQZDUHQQHUY|V .DUDXQG0\[LQ 'LHEHLGHQZDUHQPLW]XU%DQNJHIDKUHQKDWWHQVLFKMHGRFKQLFKW JHWUDXWPLWKLQHLQ]XJHKHQ'LH6XFKHQDFKGLHVHP(VVH[VROOWHVR XQDXIIlOOLJZLHP|JOLFKEHUGLH%KQHJHKHQ )DOOV-RKQ6LQFODLU+LOIHEUDXFKWHGDQQZROOWHHUGHQEHLGHQHLQ =HLFKHQJHEHQ 'LHEHLGHQVDHQLP)RQGXQGIKOHQVLFKlXHUVWXQZRKOGHQQVLH ZlUHQJHUQGDEHLJHZHVHQ6LHPDFKWHQVLFK6RUJHQXP-RKQ6LQFODLU GHQQVLHKDWWHQLKQMDLQGHQJHZDOWLJHQ.RPSOH[$WODQWLVPLWKLQHLQJH ]RJHQ0\[LQXQG.DUDGLHVFKRQLQ$WODQWLVH[LVWLHUWHQZXWHQGD GHUYHUVXQNHQH.RQWLQHQWOlQJVWQLFKWDOOVHLQH*HKHLPQLVVHSUHLVJH JHEHQKDWWH9LHOHVZDUQLFKWHUIRUVFKWZRUGHQRGHULQ9HUJHVVHQKHLW JHUDWHQ(UVWLQGHUKHXWLJHQ=HLWGUDQJHLQLJHVGDYRQZLHGHUDQGLH 2EHUIOlFKH6RKDWWHQ0\[LQXQG.DUDIHVWJHVWHOOWGDHVDXHULKQHQ QRFK]DKOUHLFKH3HUVRQHQJDEGLHDXV$WODQWLVVWDPPWHQ8QGGDLQ GLHVHP.RQWLQHQWGLH0DJLHVHKUVWDUNYHUWUHWHQZDUODJHVDXIGHU +DQGGDDXFK0DJLHUGHQ8QWHUJDQJEHUOHEWKDWWHQXQGYHUVXFKWHQ DQGLHDOWHQ7UDGLWLRQHQDQ]XNQSIHQGHQQGDVKDWWH0\[LQQDFKVHLQHU (UZHFNXQJDXVGHP]HKQWDXVHQGMlKULJHQ6FKODIVFKOLHOLFKDXFK JHZROOW(UKDWWHVLFKQLFKWDXIGLH6HLWHGHV*XWHQVFKODJHQZROOHQ ,QLWLDWRUZDUHLJHQWOLFKGLH([LVWHQ]GHV6FKZDU]HQ7RGVJHZHVHQ 'LHVHU'lPRQXQG0\[LQKDWWHQVLFKEHUHLWVLQGHU9HUJDQJHQKHLW EHNlPSIWXQGVRNDPHVGD0\[LQGDV6LQFODLU7HDPXQWHUVWW]WH ZHLOHVHEHQIDOOVJHJHQGHQ6FKZDU]HQ7RGXQGGDQDFKJHJHQGHVVHQ 1DFKIROJHULQ$VPRGLQDNlPSIWH1XQNRQQWH0\[LQQLFKWPHKU ]XUFN (UZROOWHHVDXFKJDUQLFKWGHQQVHLW6LQFODLULKPJHKROIHQKDWWH VHLQHQ0XWXQGVHLQH.UlIWHZLHGHU]XILQGHQVWHOOWHHUVLFKYROODXI GLH6HLWHGHV*XWHQ 8QGHUKDWWH.DUDNHQQHQJHOHUQW'LHVHVZXQGHUEDUH0lGFKHQPLW GHPVFKZDU]HQ+DDUGLH6FK|QHDXVGHP7RWHQUHLFKGLHHEHQIDOOVYRQ HLQHP*HKHLPQLVXPJHEHQZDUXQGVLFKLPPHUQRFKDXIGHU6XFKH QDFKGHP7UDQNGHV9HUJHVVHQVEHIDQG 'LHVHU7UDQNZDUHLQ(UEHLKUHV9DWHUV'HOLRVJHZHVHQ(EHQVRZLH GDVVFKPDOH6FKZHUWPLWGHUJROGHQHQ.OLQJHGDVVLHGLHVPDOEHLVLFK WUXJ(VVWHFNWHLQHLQHUVFKPDOHQ6FKHLGHXQGZXUGHYRQGHUGUHL YLHUWHOODQJHQ-DFNHYHUGHFNWGLH.DUDXPLKUH6FKXOWHUQJHOHJWKDWWH +LQXQGZLHGHUZDUIHQGLHEHLGHQHLQHQ%OLFNDXVGHQ)HQVWHUQGRFK VLHVFKDXWHQQLFKWQDFKREHQZRMHPDQGDQGHU$XHQIDVVDGHHQWODQJ NOHWWHUWH'HU%OLFNZLQNHOZDU]XVFKOHFKW
ª(UOlWVLFK=HLW©VDJWH.DUD 0\[LQQLFNWHª6LFKHUZLUKlUWHQLKQQLFKWDOOHLQJHKHQODVVHQVROOHQ© ª*ODXEVWGXGDHWZDVSDVVLHUWLVW"© ª,FKUHFKQHGDPLW© ª$EHUGDQQKlWWHXQV-RKQ%HVFKHLGJHJHEHQ© ª9LHOOHLFKWXQGDXFKQXUZHQQHUGD]XQRFKLQGHU/DJHZDU© 'LHVH$QWZRUWPDFKWH.DUDVHKUQDFKGHQNOLFKª-DGDVNDQQQDWUOLFK VHLQ:DVVFKOlJVWGXYRU"© ª:LUZDUWHQQRFKHLQH9LHUWHOVWXQGH:HQQ-RKQGDQQQLFKWZLHGHU DXIWDXFKWJUHLIHQZLUHLQ© 'LHQlFKVWHQIQI]HKQ0LQXWHQYHUJLQJHQVFKZHLJHQG0\[LQXQG .DUDEHREDFKWHWHQGHQ3DUNSODW]DFKWHWHQDXIMHGHQGHULKQEHU TXHUWHGRFKHLQHQ)HLQGNRQQWHQVLHQLFKWLGHQWLIL]LHUHQ (VEOLHEUXKLJ ª'LH9LHUWHOVWXQGHLVWXP©HULQQHUWH.DUDGHQ0DJLHUª:LUVROOWHQ QDFKVHKHQ© 0\[LQZDUHLQYHUVWDQGHQ6LHVWLHJHQDXVXQGVFKDXWHDQGHU)DVVDGH KRFKª'DZXUGHHLQ)HQVWHUHLQJHVFKODJHQ©VDJWHVLHXQGGHXWHWHQDFK REHQ $XFK0\[LQVDKHV ª6HOWVDPRGHU]XPLQGHVWDXHUJHZ|KQOLFKIUHLQH%DQN©PHLQWHGLH 6FK|QHDXVGHP7RWHQUHLFK ª'XJODXEVWGDHVHWZDVPLWXQVHUHP)DOO]XWXQKDW"©HUNXQGLJWH VLFK0\[LQ ª:DKUVFKHLQOLFK© 'LHEHLGHQVSUWHQHLQXQJXWHV*HIKO:RKOZDULKQHQQLFKWLQLKUHU +DXW 6LHVFKULWWHQQHEHQHLQDQGHUDXIGHQ+LQWHUDXVJDQJGHU%DQN]X(LQ VHOWVDPHV3DDU0\[LQNOHLQXQGPLWHLQHUOHLFKWJUQOLFKVFKLPPHUQGHQ +DXW.DUDIDVWHLQHQ.RSIJU|HUDOVHUPLWODQJHQVFKZDU]HQ+DDUHQ LQGHQHQGHU:LQGVSLHOWH 'LH7U|IIQHWHVLFKDXWRPDWLVFKQDFKGHPVLHHLQHQ.RQWDNWXQWHU EURFKHQKDWWHQ (LQHJURH+DOOHQDKPVLHDXI.DUDXQG0\[LQPHUNWHQHWZDVYRQ GHU+HNWLNGLHKHUUVFKWH6LHK|UWHQGDV.ODSSHUQGHU6FKUHLE PDVFKLQHQGDVJHGlPSIWH5DWWHUQGHU.OHLQFRPSXWHU (LQHIUHPGH:HOW%HLGHIKOWHQVLFKHLQZHQLJXQVLFKHU 6LHGXUFKTXHUWHQGLH+DOOHXQGVFKDXWHQQDFKOLQNVDOVDXFKQDFK UHFKWV .HLQH6SXUYRQ-RKQ6LQFODLU'DIUZXUGHQVLHYRQHLQLJHQ $QJHVWHOOWHQEHREDFKWHW6HKUPLWUDXLVFK
.DOWHV/LFKWVWUDKOWHYRQGHU'HFNH.DUDXQG0\[LQHQWGHFNWHQHLQH 6LW]JUXSSHDXVVFKZDU]HP/HGHUXQGOLHHQVLFKGDUDXIQLHGHU'DV VFKLHQHLQ6WDUW]HLFKHQIUHLQHQGHU$QJHVWHOOWHQJHZHVHQ]XVHLQGHQQ HUWUDWDXIVLH]XXQGIUDJWHQDFKLKUHQ:QVFKHQ ª:LUVXFKHQ]ZHL0lQQHU©HUNOlUWH0\[LQ ª8QGZHQELWWH"© ª(LQHQ0U6LQFODLUXQG,KUHQ'LUHNWRU0U(VVH[© 'DV*HVLFKWGHV$QJHVWHOOWHQYHU]RJVLFK]XHLQHPEHGDXHUQGHQ /lFKHOQª0LWEHLGHQNDQQLFK,KQHQQLFKWGLHQHQ7XWPLUOHLG© ª$EHU0U6LQFODLUKDW,KUHP'LUHNWRUHLQHQ%HVXFKDEJHVWDWWHW© 0\[LQOLHQLFKWORFNHU ª'DVPDJVHLQ1XUVHKHLFKQLHPDOVZHQXQVHU&KHIHPSIlQJW© ª'DEHLKDQGHOWHVVLFKEHL0U6LQFODLUXPHLQHQ2EHULQVSHNWRUYRQ 6FRWODQG
'HU$QJHVWHOOWHQLFNWHKDVWLJ6LHJLQJHQ'LH$EVlW]HGHVMXQJHQ 0DQQHVKlPPHUWHQDXIGHQ)OLHVHQXQGULHIHQHLQ(FKRKHUYRU6LH OLHIHQGRUWKLQZRVLFKGLH]ZHLWH*ODVWUXQGGHU+DXSWHLQJDQJ EHIDQGHQ 'RUWJDEHVDXFKHLQHQ3RUWLHURGHU(PSIDQJVFKHI(UKRFNWHLQ VHLQHPNOHLQHQ5DXPVWDQGDEHUMHW]WYRUGHU7U ª)UDJHQ6LHLKQPDO©VDJWH0\[LQ 'HU$QJHVWHOOWHWDWHV 8QGHUEHNDPHLQHSRVLWLYH$QWZRUWª-DLFKKDEH0U(VVH[JHVHKHQ© ª:DUHUDOOHLQ"© ª$OOHUGLQJV© ª8QGHLQHQKRFKJHZDFKVHQHQEORQGHQ0DQQKDEHQ6LHQLFKWJH VHKHQ"©HUNXQGLJWHVLFK0\[LQ ª'RFKGHQDXFK© ª:R"© ª(UZDU]XVDPPHQPLWHLQHU6LFKHUKHLWVNUDIWXQGYHUVFKZDQGPLW LKPLP7UHVRU© ª'DVZDU2EHULQVSHNWRU6LQFODLU©VDJWH0\[LQ ª'DQQPVVHQZLUGRUWQDFKVHKHQ©.DUDKDWWHHVSO|W]OLFKHLOLJ6LH IDWH0\[LQDP$UP 'HU$QJHVWHOOWHJLQJPLWREZRKOHUODXWODPHQWLHUWHª$EHU6LH N|QQHQQLFKWHLQIDFK© ª'RFK©HUZLGHUWH.DUDªZLUN|QQHQ© 'HU$QJHVWHOOWHEOLHEVWHKHQXQGZDUIGHP3RUWLHUHLQHQKLOIHVXFKHQ GHQ%OLFN]X ª,FKJHEH0U-RKQVRQGHPVWHOOYHUWUHWHQGHQ'LUHNWRU%HVFKHLG© VDJWHGHU3RUWLHUXQGHLOWHLQVHLQH.DELQH .DUDXQG0\[LQZDUWHWHQ6LHKDWWHQHV]ZDUHLOLJZROOWHQMHGRFK QLFKWPHKU$XIVHKHQHUUHJHQDOVXQEHGLQJWQ|WLJZDU 0U-RKQVRQKDWWH]XP*OFN=HLW=ZHL0LQXWHQVSlWHUZDUHUGD .OHLQJODW]N|SILJXQGPLWHLQHPEXVFKLJHQ6FKQDX]EDUW(UVFKDXWH IUDJHQGLQGLH5XQGH 0\[LQEHUQDKPGLH(UNOlUXQJ ª6LQG6LHDXFKYRP
6LHHLOWHQGLH7UHSSHKLQDE /HHU (QWWlXVFKWEOLHEHQ.DUD0\[LQGHU%DQNDQJHVWHOOWHGHU3RUWLHUXQG -RKQVRQVWHKHQ ª1LFKWV©VDJWHGHUVWHOOYHUWUHWHQGH'LUHNWRUª.HLQH6SXUYRQ,KUHP 2EHULQVSHNWRUXQG'LUHNWRU(VVH[© ª8QGZDVLVWGDV"©IUDJWH0\[LQ(UGHXWHWHDXIHLQH7UGLHQLFKWLQ GHQ7UHVRUUDXPIKUWH ª+LQWHUGHU7UOLHJWGHU*DQJGHQXQVHUH/HXWHQHKPHQZHQQVLH HLQHQ*HOGWUDQVSRUWHUEHODGHQ© ª.|QQHQZLUGRUWKLQ"© -RKQVRQVFKDXWHGHQNOHLQHQ0DJLHUDQª,FKVHKHNHLQHQ*UXQG 0LVWHU=XGHPEHJLQQHLFK]XEHUOHJHQ6LHVWUPHQKLHULQGLH%DQN PDFKHQ/DQGXQG/HXWHYHUUFNWRKQHVLFKLUJHQGZLHYRU]XVWHOOHQ XQG6LHYHUODQJHQYRQXQVGD© ª6HLHQ6LHELWWHPDOUXKLJ©]LVFKWH.DUD -RKQVRQYHUVWXPPWH,Q]ZLVFKHQJLQJGLH6FK|QHDXVGHP7RWHQUHLFK QRFKHLQHQ6FKULWWYRUXQGOHJWHLKU2KUJHJHQGLH$XHQKDXWGHU7U 3O|W]OLFK]XFNWHVLH]XUFNDOVZlUHGDV0HWDOONRFKHQGKHL ª:DVLVWJHVFKHKHQ"©IOVWHUWH0\[LQ ª+LQWHUGHU7UEHILQGHWVLFK-RKQ8QGHVZHLVWDOOHVGDUDXIKLQGD HVLKPQLFKWJHUDGHJXWJHKW© ª6FKOLHHQ6LHDXI©ZLHV0\[LQGHQVWHOOYHUWUHWHQGHQ'LUHNWRUDQ 8QG.DUD]RJGDV6FKZHUWPLWGHUJROGHQHQ.OLQJH =XP*OFNZDUGHU*DQJEUHLWJHQXJ,QHLQHPVFKPDOHUHQKlWWHHU PLFKVLFKHUOLFKHUZLVFKW 6RDEHUJHODQJHVPLUDXV]XZHLFKHQ,FKSUDOOWHJHJHQGLH:DQG ZLUEHOWHVRIRUWZLHGHUKHUXPXQGHQWJLQJGHPQlFKVWHQ6FKODJ'LH +DQGNODWVFKWHJHJHQGHQ%HWRQZRGLHJHNUPPWHQ)LQJHUQDFKXQWHQ NUDW]WHQXQGGLH1lJHOEUDFKHQ ,FKKLHEGHP'LUHNWRUGLH+DQGNDQWHLQGHQ1DFNHQ(VZDUHLQ ZXFKWLJHU6FKODJGHUHLQHQQRUPDOHQ0HQVFKHQDXHU*HIHFKWJHVHW]W KlWWH$XFK(VVH[VSUWHLKQGHQQGHU$QSUDOOPHLQHU+DQGVFKOHX GHUWHLKQ]X%RGHQZRHUVLFKVRIRUWKHUXPUROOWHXQGDXIGLH%HLQH NRPPHQZROOWH $XIKDOEHU+|KHWUDILKQPHLQ7ULWW :LHGHUZXUGHGHU0DQQPLWGHPZHLHQ*HVLFKW]XUFNJHVFKOHXGHUW XQGEHUVFKOXJVLFKVRJDU $EHUHUODFKWH
(UODFKWHJUHOOKlPLVFKXQGYROOHU)UHXGH ª6RNULHJVWGXPLFKQLH*HLVWHUMlJHU©NHXFKWHHUXQGNDPZLHGHUDXI GLH%HLQH (UVFKOXJQDFKPLU 8QGGLHVPDOKDWWHLFKZLUNOLFK*OFNGDHUPLFKQLFKWWUDI,FKNDP QLFKWVRVFKQHOOZHJ]XP*OFNMHGRFKZDUVHLQ$UP]XNXU]'LH )LQJHUNQDOOWHQGLFKWYRUPHLQHQ6FKXKVSLW]HQ]X%RGHQ ,FKWUDWLKPDXIGLH+DQGXQGGUHKWHPHLQHQ$EVDW]QRFK(UHP SIDQGNHLQHQ6FKPHU]GDQQPXWHLFKVFKQHOO]XUFNZHLOHUPLWGHU DQGHUHQ)DXVWVFKOXJ 9HUGDPPWGDKDWWHLFK.UHX]XQG3LVWROHXQGNRQQWHGRFKQLFKWV JHJHQGLHXUDOWHQ0DJLHUDQULFKWHQ:HQQLFKQXUGLH%DQQVSUFKH JHZXWKlWWHGDPLWGDV.UHX]VHLQHQYROOHQ:LUNXQJVJUDGKlWWHHQW IDOWHQN|QQHQ6RDEHUZDUHVZLUNXQJVORV *HGXFNWVWDQGGHUDQGHUHYRUPLU6HLQH$UPHSHQGHOWHQMHW]W'DV ZHLJUDXH*HVLFKWHULQQHUWHPLFKPHKUDQGDVHLQHU0XPLH'LHODQJHQ )LQJHUEHZHJWHQVLFK ª,FKNULHJHGLFK6LQFODLU9HUGDPPWLFKNULHJHGLFK© ª.RPPKHU© (UNDP%UHLWEHLQLJVFKOHLFKHQG ,FKKLHOWGDV.UHX]LQGHUUHFKWHQ+DQGOLHLKQQDKHJHQXJKHUDQ NRPPHQDEHUQLFKW]XQDKH'DQQVFKOXJLFK]X *OHLFK]HLWLJULHILFKHLQHQ%DQQVSUXFKª*|WWHUGHV/LFKWV=HUVW|UHW GLHVHQ*HLVWGHV:DKQVLQQV-DJWLKQLQGLHILQVWHUVWH+|OOHZR+HXOHQ XQG=lKQHNQLUVFKHQKHUUVFKW© 1HLQHVWDWVLFKQLFKWV=ZDUKLHELFKGDV.UHX]LQVHLQ*HVLFKWXQG ]HUVW|UWHHLQH+DXWSDUWLHPHKUJHVFKDKDEHUQLFKW'HU%DQQVSUXFK ]HLJWHNHLQH:LUNXQJ 'DIUNDP(VVH[ 'LHVPDOZROOWHHUHV]XHLQHP(QGHIKUHQ(UZDUVFKQHOOXQG EUDXFKWHPLFKMDQXUHLQPDO]XEHUKUHQGDQQZDUHVDXV ,FKVSUDQJ]XU6HLWH 'RFKGDJHVFKDKHWZDVDQGHUHV,FKK|UWHGDVVDXJHQGH*HUlXVFKGDV HQWVWDQGZHQQHLQH7UDXIJHGUFNWZLUG 8QGVLH|IIQHWHVLFK $XFK(VVH[VDKHV :LHDXFKLFKHQWGHFNWHHUHEHQIDOOVGLH0HQVFKHQGLHYRUGHU7U VWDQGHQLQGHQ5DXPVFKDXWHQXQGY|OOLJSHUSOH[ZDUHQZDVPDQDQ LKUHQ*HVLFKWHUQDEOHVHQNRQQWH $EHUDXFKLFKZDUEHUUDVFKWGHQQ]ZHL3HUVRQHQNDQQWHLFK .DUDXQG0\[LQ
8QG.DUDZDUHVGLHGLH,QLWLDWLYHHUJULII 6LHMDJWHLQGHQ*DQJKLQHLQXQGVFKZDQJLKU6FKZHUWPLWGHUJROGH QHQ.OLQJH 'HUGlPRQLVFKH%DQNGLUHNWRUKDWWHPLFKYHUJHVVHQ(UVDKQXUQRFK .DUD:LUDQGHUHQZDUHQ]XUHLQHQ6WDWLVWHQGHJUDGLHUW 'DVIROJHQGHJLQJQXUGLHEHLGHQHWZDVDQ8QGZLUPHUNWHQGD HLQHXUDOWH)HLQGVFKDIW]ZLVFKHQ.DUDXQG*RUGRQ(VVH[EHVWDQG(LQH )HLQGVFKDIWGLHHVEHUHLWVLPDOWHQ$WODQWLVJHJHEHQKDWWHXQGGLHQXQ HUQHXWDXIIODPPWH ª-HW]WKDEHLFKGLFK(VVH[2GHUVROOLFKOLHEHU6DUDQDVDJHQ"©K|KQWH .DUD ª'DVLVWPLUJOHLFK© ª6DUDQDODXWHWHGRFKGHLQULFKWLJHU1DPHLPDOWHQ$WODQWLVZHQQLFK PLFKUHFKWHULQQHUH© ª'XOLHJVWULFKWLJ© ª8QGLFKZHUGHGLUDXFK*UHYRQPHLQHP9DWHUDXVULFKWHQ 6DUDQD© ª'HULVWWRW© ª1DWUOLFKGDQQZHUGHQHVHEHQ7RGHVJUH'DUDXIKDEHLFKPLFK VFKRQODQJHJHIUHXW© ,FKZDU]XUFNJHZLFKHQGDPLWVLFKGLHEHLGHQ*HJQHULQV$XJH VFKDXHQNRQQWHQXQGEHLGHPXQYHUPHLGOLFKHQ.DPSI3ODW]JHQXJ KDWWHQ'HQQHLQVODJDXIGHU+DQG1LHPDQGZUGHDXIJHEHQVRQGHUQ ELV]XPOHW]WHQ%OXWVWURSIHQNlPSIHQ'DVDOOHLQJHERWHQGLHDOWHQ *HVHW]HGHU$WODQWHUGHQQZHUGRUWPLWHLQDQGHUYHUIHLQGHWZDUPXWH VRODQJHNlPSIHQELVHLQHUGHQDQGHUHQHUOHGLJWKDWWH 8QG.DUDEHVDGDV6FKZHUWPLWGHUJROGHQHQ.OLQJH9LHOOHLFKW ZUGHGLHVH:DIIHGDVVFKDIIHQZDVPHLQ.UHX]QLFKWHUUHLFKWKDWWH $EHUZHOFKH:DIIHEHVD(VVH[" .HLQH%LVDXIVHLQH+lQGH .DUDKDWWHLKU6FKZHUWJH]RJHQ$XIGHUJROGHQHQ.OLQJHWDQ]WHQGLH /LFKWUHIOH[H'DV6FKZHUWIXQNHOWHXQGJOHLWH(VZDUOlQJVWQLFKWVR VFKZHUZLHGDVYRQ'HVWHURGDVVLFKLQ]ZLVFKHQLQPHLQHP%HVLW]EH IDQGDEHUHVKDWWHHLQHODQJH7UDGLWLRQXQGZDUHEHQIDOOVPDJLVFK JHZHLKWZRUGHQ $WODQWLV0DJLH 6LHZUGHJHJHQGLH%|VHQDXVGHPYHUVXQNHQHQ.RQWLQHQWKHOIHQ (VVH[ZLFK]XUFN0LUVFKLHQHVDOVZlUHVHLQ*HVLFKWQRFKIDKOHU JHZRUGHQ ª:LOOVWGXHLQHQ:DIIHQORVHQW|WHQ"©K|KQWHHU .DUDVFKWWHOWHGHQ.RSIª'XYHUVXFKVWHVLPPHUZLHGHU6DUDQD'X
ELVWQLFKWZDIIHQORV'XZHLWVHOEVWZHOFKH0DFKWLQGHLQHQ+lQGHQ VWHFNW:HQGXEHUKUVWGHUZLUG]X6WDXE$EHULFKZHUGHPLFKKWHQ ]XQDKHDQGLFKKHUDQ]XNRPPHQ© 6DUDQD(VVH[ODFKWHQXU6HLQH$XJHQIXQNHOWHQ(UEHREDFKWHWH.DUD JHQDXGLHLKQHEHQIDOOVQLFKWDXVGHQ$XJHQOLHGDV6FKZHUWKDOE HUKREHQKDWWHXQGLQNDPSIEHUHLWHU+DOWXQJGDVWDQG 1DWUOLFKZXWHDXFK*RUGRQ(VVH[DOLDV6DUDQDGDHUVLFKYRU HLQHU(QWVFKHLGXQJQLFKWPHKUGUFNHQNRQQWH$OOHUGLQJVVFKLHQLKP GHU.DPSIQLFKW]XEHKDJHQGHQQZLHGHUYHUVXFKWHHUHVPLW$XV IOFKWHQXQGYRUDOOHQ'LQJHQPLW/RFNXQJHQGLH.DUDDXIVHLQH6HLWH ]LHKHQVROOWHQ ª+|U]X©VDJWHHUª:LUVWDPPHQDXV$WODQWLVKDEHQGLHJURH .DWDVWURSKHEHUOHEW:DUXPVROOHQZLUXQVJHJHQVHLWLJEHNlPSIHQ" :LUN|QQHQXQVUHVSHNWLHUHQXQG]XVDPPHQVFKOLHHQ© ª'XVWHKVWDXIGHUDQGHUHQ6HLWH©VDJWH.DUD ª(VZLUGGLHVWlUNHUHVHLQ© ª'DYRQELQLFKQRFKQLFKWEHU]HXJW© ª.RPP]XPLU8QGGHQNHDQGHQ7UDQNGHV9HUJHVVHQV© .DUD]|JHUWHHLQH6HNXQGH'DKDWWHLKU*HJQHUHLQHQVFKZDFKHQ 3XQNWEHUKUW(UZXWHGDGLH6FK|QHDXVGHP7RWHQUHLFKDXIGHU 6XFKHQDFKGHP7UDQNGHV9HUJHVVHQVZDU'DVVFKLHQVLFKLUJHQGZLH KHUXPJHVSURFKHQ]XKDEHQVRQVWKlWWH(VVH[GLHVHQ%HJULIIQLFKWLQGLH 'LVNXVVLRQJHZRUIHQ ª:DVZHLWGXEHUGHQ7UDQN"©]LVFKWH.DUD ª1LFKWYLHO© .DUDJLQJHLQHQ6FKULWWQDFKYRUQXQGVWUHFNWHLKUHQZDIIHQEHZHKUWHQ $UPDXVVRGDGLH.OLQJHIDVWGHQ+DOVGHV$WODQWHUVEHUKUWHª5HGH 6DUDQD:DVZHLWGXDOOHVEHUGHQ7UDQN"© ª1LFKWYLHO,FKNHQQHLKQQLFKWLFKKDEHLKQQLHJHVHKHQ© ª$EHUGXZHLWZRHUVLFKEHILQGHW© 'DV*HVLFKWPLWGHUEOHLFKHQ+DXWXQGGHQURWJHlGHUWHQ$XJHQYHU ]RJVLFK]XHLQHPK|KQLVFKHQ/lFKHOQª9LHOOHLFKWZHLLFKHV© ª(UEOXIIW©VDJWHLFKª9HUGDPPW.DUDHUEOXIIW6LHYHUVXFKHQHVDOOH 'HQNDQ.K\ORQGHQ'UXLGHQ© ª-D-RKQ,FKJODXEHGXKDVWUHFKW(UYHUVXFKWZLUNOLFKPLFKPLW HLQHP%OXIIKHUHLQ]XOHJHQ© ª1HLQQHLQGDVLVWNHLQHU© ª'DQQEHZHLVHHV©VFKULH.DUD ª1LFKWVRHLOLJXQGYRUDOOHQ'LQJHQQLFKWKLHU$XHUGHPPWHLFK HUVWPHLQH)UHXQGHLQIRUPLHUHQ© .DUDODFKWHDXIª'HLQH)UHXQGHGDVVLQGGLH$XVUHGHQGHUHUVLFK
DXFKGLH0HQVFKHQEHGLHQHQ'XKDVWNHLQH)UHXQGHPHKU6DUDQD'HU 6FKZDU]H7RGH[LVWLHUWLQGLHVHU=HLWQLFKWPHKU-RKQ6LQGDLUGHU *HLVWHUMlJHUKDWLKQYHUQLFKWHW(VLVWDXV1LHPDQGZLOOGLUQRFKKHOIHQ 6DUDQD1LHPDQG© (VVH[UHGHWHVLFKLQ:XWª'RFKLFKKDEH+HOIHU©NQLUVFKWHHUª,FK KDEHVRJDUVWDUNHXQGLKUZHUGHWQLFKWQXUGHUHQ0DFKW]XVSUHQ EHNRPPHQVRQGHUQDXFKGHUHQ:LUNXQJ0DQZLUGHXFKXPEULQJHQ 'X.DUDKDVWQRFKHLQH&KDQFH6WHOOGLFKDXIXQVHUH6HLWHPHKUVDJH LFKQLFKWGD]X© ª(UVWPXLFKZLVVHQZHUGLUKHOIHQZLUG©YHUODQJWHGLH6FK|QHDXV GHP7RWHQUHLFK ª-DGXVROOVWHVZLVVHQ'DEHLEUDXFKHLFKQXUHLQ:RUW]XVDJHQ8QG K|UJHQDX]X,FKVDJH$(%$© .DUDV*HVLFKWQDKPHLQHQODXHUQGHQ$XVGUXFNDQ6LHEHUOHJWH ILHEHUKDIW ,FKDEHUVFKUDN]XVDPPHQ $(%$(VVH[KDWWHGLH1DPHQGHUYLHU+RUURU5HLWHUHUZlKQW 8QJHKHXHUEUXWDOH'lPRQHQGLHQHUGLHPLUVFKRQGDV/HEHQVFKZHUJH PDFKWKDWWHQ:HU$(%$VDJWHGHUPHLQWH&KDRV*UDXHQ(QWVHW]HQ )XUFKW'LH5HLWHUGHU$SRNDO\SVHGLHYRQGHQYLHU(U]GlPRQHQ JHVFKLFNWZDUHQXPGHP6FKZDU]HQ7RG]XKHOIHQ $(%$ZDUGDV*UDXHQVFKOHFKWKLQ $EHUZDUHQVLHQLFKWYHUQLFKWHW"+DWWHVLHQLFKWPHLQ.UHX]HQGJOWLJ ]HUVW|UW" $OV.DUDNHLQH$QWZRUWJDEEHUQDKPLFKGDVDQLKUHU6WHOOHª$(%$ H[LVWLHUWQLFKWPHKU(VVH[,FKKDEHGLHYLHU5HLWHUGDPDOVYHUQLFKWHWDOV DXFKGHU6FKZDU]H7RGVWDUE© ª1HLQGXLUUVWGLFK*HLVWHUMlJHU0DQNDQQVLHQLFKWYHUQLFKWHQ :HQLJVWHQVGXQLFKW6LHVLQGQXULQHLQHDQGHUH'LPHQVLRQJHVFKOHX GHUWZRUGHQ'RUWZXUGHQVLHYRQGHQYLHU(U]GlPRQHQLQ(PSIDQJ JHQRPPHQ,FKJHEH]XGDHVODQJHJHGDXHUWKDWDEHUQXQVLQGVLH EHUHLWLKUH5DFKH]XYROOHQGHQ6LHXQGGHU0DQQGHULKQHQGHQ:HJ HEQHQZLUG'RQ$OYDUH]© $EHUPDOVYHUQDKPLFKHLQHQEHNDQQWHQ1DPHQ'RQ$OYDUH]-DLFK HULQQHUWHPLFKJXW9RUPHLQHPJHLVWLJHQ$XJHVDKLFKGLHHLVEHGHFNWH *LSIHONHWWHGHU3\UHQlHQXQGDXIHLQHPKRKHQ%HUJVWDQGHLQJHZDO WLJHV.ORVWHUGHVVHQ0DXHUQXUDOWZDUHQXQGKLQWHUGHQHQ'RQ$OYDUH] GHU7HXIHOVP|QFKHLQJUDXVDPHV5HJLPHDXIJHEDXWKDWWH (UKDWWHGDV7RU]XHLQHUDQGHUHQ'LPHQVLRQJHIXQGHQXQGGLH +RUURU5HLWHUJHKROW6XNRXQGLFKKDWWHQJHJHQGHQWHXIOLVFKHQ0|QFK JHNlPSIW,FKZDUGDPDOVVRHEHQPLWGHP/HEHQGDYRQJHNRPPHQ
$OYDUH]DEHUZXUGHQLFKWJHW|WHWVRQGHUQLQHLQH$QVWDOWHLQJHOLHIHUW VRYLHOPLUEHNDQQWZDU(VEHVWDQGGXUFKDXVGLH0|JOLFKNHLWGDHUPLW +LOIHILQVWHUHU0lFKWHGHQ:HJLQGLH)UHLKHLWJHIXQGHQKDWWH 8QGPLWLKP$(%$ (VVH[DOLDV6DUDQDIUHXWHVLFK(UPHUNWHXQVDQGDZLUOHLFKW JHVFKRFNWZDUHQ ª+DWHVHXFKGLH6SUDFKHYHUVFKODJHQ-RKQ6LQFODLU",KUVHKWVR PlFKWLJVHLGLKUJDUQLFKW$(%$LVWJU|HULVWPlFKWLJHUXQGZDUWHW EHUHLWVDXIVHLQH)HLQGH© ª8QGGLH5HLWHUZLVVHQEHUGHQ7UDQNGHV9HUJHVVHQV%HVFKHLG"© HUNXQGLJWHVLFK.DUD ª9LHOOHLFKW© ª'DVLVWNHLQH$QWZRUW(QWZHGHUZLVVHQVLHHVRGHUVLHZLVVHQHV QLFKW© ª'XPXWVLHIUDJHQ,FKLQWHUHVVLHUHPLFKQLFKWIUGHQ7UDQN'DVLVW GHLQH6DFKH© .DUDEHUOHJWH 0\[LQXQGLFKZXWHQZLHVHKULKUGDUDQJHOHJHQZDUGHQ7UDQNGHV 9HUJHVVHQV]XILQGHQ6LHZUGHYLHOGDIUJHEHQDEHUZUGHVLHDXFK XQVHUH*HPHLQVFKDIWGDPLWDXIV6SLHOVHW]HQ" .DUDOLHGDV6FKZHUWHLQZHQLJVLQNHQXQGIRFKWHLQHQLQQHUOLFKHQ .DPSIDXV 0HLQ%OLFNJOLWWDQLKUHU6FKXOWHUYRUEHLXQGWUDI0\[LQ'HUNOHLQH 0DJLHUWUXJHLQHQJHTXlOWHQ*HVLFKWVDXVGUXFN$XFKHUZDUQLFKW VLFKHUZLH.DUDUHDJLHUHQZUGH %OLHEVLHDXIXQVHUHU6HLWH" 0\[LQKLHOWHVQLFKWPHKUDXV(UKDWWHVLFKLQGHUOHW]WHQ=HLW]XVHKU DQGLH6FK|QHDXVGHP7RWHQUHLFKJHZ|KQW6LHZDUHQGHQ:HJJHPHLQ VDPJHJDQJHQKDWWHQJHJHQ]DKOUHLFKH)HLQGHJHNlPSIWXQGSO|W]OLFK VROOWHDOOHVDQGHUVVHLQ" ª.DUD©VDJWHHUQXU 'LH6FK|QHDXVGHP7RWHQUHLFKDFKWHWHQLFKWDXIVHLQH:RUWHVRQGHUQ VWHOOWHHLQHHQWVFKHLGHQGH)UDJHª*HVHW]WGHQ)DOOLFKVWHOOHPLFKDXI GHLQH6HLWH6DUDQDZLHJHKWHVGDQQZHLWHU"© ª1XQLFKEUDXFKWHHLQHQ%HZHLVGDGXZLUNOLFK]XPLUKlOWVW© ª8QGZLHVROOWHGHUDXVVHKHQ"© (VVH[OLHVLFKPLWVHLQHU$QWZRUW=HLW(UGUHKWHGHQ.RSIVFKDXWH PLFKDQXQGGDQDFK0\[LQª1XQGHU%HZHLVZUGHGLUVLFKHUOLFKQLFKW OHLFKWIDOOHQ'XPWHVW0\[LQXQG-RKQ6LQFODLUW|WHQ6FKODJLKQHQGLH 6FKlGHODE© -HW]WZDUHVKHUDXV
0\[LQ]XFNWH]XVDPPHQLFKDWPHWHVFKDUIHLQQXU.DUDEOLHEJH ODVVHQ6LHQLFNWH ª'XELVWHLQYHUVWDQGHQ"© ª8QGZDVZLUGPLWGHQDQGHUHQ=HXJHQGLHXQVKLHU]XVHKHQ"© ZROOWHVLHZLVVHQ $QGLHKDWWHLFKJDUQLFKWPHKUJHGDFKW'LH$QJHVWHOOWHQGHU%DQN VWDQGHQKLQWHU0\[LQXQGEHREDFKWHWHQGDV*HVFKHKHQ,KUHQ *HVLFKWHUQMHGRFKZDUDQ]XVHKHQGDVLHQLFKWYLHORGHUJDUQLFKWVYRQ GHPYHUVWDQGHQ ª8PGLHNPPHUHLFKPLFK©HUZLGHUWHGHU$WODQWHUXQGODFKWHE|VH ª,FKZHUGHVLHQXUEHUKUHQXQGHVKDWVLHJHJHEHQ© ª-DGDVLVWHLQH0|JOLFKNHLW©EHWRQWH.DUD ,FKVDKZLH0\[LQXQWHUVHLQHUOHLFKWJUQOLFKVFKLPPHUQGHQ+DXW EODZXUGH$XFKHUEHJULIIQLFKW]XJURZDUVHLQH)XUFKWGLH$QJVW YRUGHP8QEHNDQQWHQ .DQQWHHU.DUDZLUNOLFKJXWJHQXJ":UGHGLH6FK|QHDXVGHP 7RWHQUHLFKDXIGLHVHQVFKUHFNOLFKHQ9RUVFKODJHLQJHKHQ" ªhEHUOHJHQLFKW]XODQJH©IRUGHUWH*RUGRQ(VVH[VLHDXIª'LH=HLW GUlQJW'LH5HLWHUZDUWHQVFKRQ© ª:RNDQQLFKVLHILQGHQ"© ª:LHLFKVFKRQHUZlKQWKDEHEHILQGHWVLFK'RQ$OYDUH]ZLHGHUEHL LKQHQXQGHUKDWDXFKHLQHQ3ODW]IUVLHDXVJHVXFKW,QHLQHP.ORVWHU LQ6FKRWWODQG© ,FKKRUFKWHHQWVHW]W]X 3O|W]OLFKKDWWHLFKHLQHQVFKUHFNOLFKHQ9HUGDFKWXQGGLHQlFKVWHQ :RUWHGHV$WODQWHUVEHVWlWLJWHQLKQ ª'HQ1DPHQ©IRUGHUWH.DUD ª'DVLVWDEHUGDVOHW]WHZDVLFKGLUVDJH© ª*XW© ª,P.ORVWHU6W3DWULFN© 'DKDWWHLFKGHQ%HZHLV'HUWHXIOLVFKH$EWZROOWHLQGDV.ORVWHUHLQ GULQJHQZR3DWHU,JQDWLXVDUEHLWHWHXQGPHLQHJHZHLKWHQ.XJHOQKHU VWHOOWH 'LHVHV.ORVWHUKRFKLQGHQZLOGHQ%HUJHQ6FKRWWODQGVJHOHJHQZDU HLQ+RUWGHV)ULHGHQV'RQ$OYDUH]XQGGLH+RUURU5HLWHUZROOWHQHVLQ HLQH+|OOHYHUZDQGHOQ ,FKPXWHVLHZDUQHQLFKPXWH ª%ULQJPLUGHQ%HZHLV©'LHVFKDUIH6WLPPHGHV$WODQWHUVXQWHUEUDFK PHLQH*HGDQNHQ ª-DLFKEULQJHLKQ:HQVROOLFK]XHUVWW|WHQ"©IUDJWH.DUDPLWIODFKHU 6WLPPH
-HW]WIKOWHVLFKGHUDQGHUHLQVHLQHP(OHPHQWª,FKEHUOHJHZHUGLU DPPHLVWHQEHGHXWHW0\[LQ6LQFODLU"©(UVFKOLFKYRUVFKDXWHPLFKDQ GDQQGHQ0DJLHU 3O|W]OLFKVFKQHOOWHVHLQUHFKWHU$UPYRUXQGGHUDXVJHVWUHFNWH)LQJHU ZLHVDXIHLQH*HVWDOW ª7|WHLKQ©VDJWHHU 'DPLWZDU0\[LQJHPHLQW 'HUNOHLQH0DJLHUVDJWHQLFKWV(UVFKDXWH.DUDQXUDQ6HLQ%OLFN]HU OHJWHI|UPOLFKGDV*HVLFKWGHUJHKHLPQLVYROOHQ)UDXGRFK.DUDEOLHE JHODVVHQ6LH]HLJWHQLFKWZLHVLHVLFKHQWVFKLHGHQKDWWH1LFKWHLQ 0XVNHO]XFNWH ,FKZDUHQWVHW]WGHQQDOOHVZLHVGDUDXIKLQGD.DUDHVWXQZUGH 6LHZDU]XVHKUGDUDXIYHUVHVVHQGHQ7UDQN]XEHNRPPHQ+DWWHQZLU XQVGHQQDOOHLQLKUJHWlXVFKW":DUVLHJDUQLFKWGLHGLHVLHYRUJDE" 6SLHOWHVLHLKUHLJHQHV6SLHOXQGKDWWHXQVOHW]WHQ(QGHVQXUDXVJHQXW]W XQGIULKUH=ZHFNHHLQJHVSDQQW" $XIMHGHQ)DOOPDFKWHVLHNHLQHUOHL$QVWDOWHQYRQLKUHPVFKOLPPHQ 9RUKDEHQ$EVWDQG]XQHKPHQ 'DV6FKZHUWKLHOWVLHEHUHLWVLQGHU+DQG6LHEUDXFKWHQXUQRFK]X ]XVFKODJHQ ,FKKDWWHPLFKLQQHUOLFKGDPLWDEJHIXQGHQJHJHQ.DUD]XNlPSIHQ 'LHVH7DWNRQQWHLFKQLFKW]XODVVHQ.DUDGXUIWH0\[LQQLFKWXPEULQJHQ 1DWUOLFKPHUNWH(VVH[HWZDV(UNUHLVFKWHDXIª'HU*HLVWHUMlJHUZLOO VLFKJHJHQXQVVWHOOHQDEHULFKNPPHUHPLFKXPLKQ(UVFKDIIWHV QLFKWQHLQGLHVPDOZLUGHUGHU9HUOLHUHUVHLQ'LH+|OOHZLUGWULXP SKLHUHQ© (UO|VWHVLFKYRQVHLQHP6WDQGRUWXQGZROOWHDXIPLFK]XJHKHQ'RFK .DUDVVFKDUIHU=XUXIVWRSSWHLKQ ª1HLQEOHLEKLHU'XVROOVWVHKHQZLHLFKVLHW|WH© (UKLHOWWDWVlFKOLFKLQQH 8QG0\[LQ" :LHYHUORUHQVWDQGGHUNOHLQH0DJLHUDXIGHU6WHOOH)ULKQZDUHLQH :HOW]XVDPPHQJHEURFKHQ(UKDWWH.DUDYROOYHUWUDXW*HPHLQVDPKDW WHQVLHJHJHQGLH0lFKWHGHU)LQVWHUQLVXQGYRUDOOHQ'LQJHQJHJHQ $VPRGLQDJHNlPSIW 8QGMHW]WKDWWHVLHVLFKDXIGLHDQGHUH6HLWHJHVWHOOW 8QJODXEOLFKXQGJUDXHQKDIW .DUDKREGHQUHFKWHQ$UP (VVH[OlFKHOWHGLDEROLVFKXQGVRQQWHVLFKLQVHLQHPILQVWHUHQ7ULXPSK
'LH$QJHVWHOOWHQGHU%DQNVWDQGHQVWDUUDXILKUHQ3OlW]HQ 6LHVFKLHQHQJDUQLFKWULFKWLJ]XEHJUHLIHQZHOFKHLQ'UDPDVLFKGD DQEDKQWH ,FKXPNODPPHUWHGDV.UHX]:UGHHVPLUKHOIHQ" 'DVFKOXJ.DUD]X 0HLQH+DQGNODWVFKWHDXIGHQ*ULIIGHU%HUHWWD (VJLQJDOOHVVRVFKQHOOGDPDQHVNDXPEHVFKUHLEHQNDQQ$XIMHGHQ )DOOKDWWHLFKQLFKWUDVFKJHQXJUHDJLHUW ,FKZlUH]XVSlWJHNRPPHQZHQQ.DUDGDVJHWDQKl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|IIQXQJNHLQ 7URSIHQ%OXWVFKR (LQ.RSIGHUDP%RGHQODJXQG/LSSHQGLHVLFKEHZHJWHQXQG:RUWH DXVVWLHHQJHQDXLQGHP0RPHQWDOVGHU7RUVRNLSSWH (VZDUHLQHPDNDEUHJUDXHQKDIWH6]HQH8QYRUVWHOOEDUREZRKOVLH VLFKYRUXQVHUHQ$XJHQDEVSLHOWH 'HU.RSIUHGHWH -HGHV:RUWGUDQJDEJHKDFNWEHUGLH/LSSHQª,KUZHUGHWHXFK ZXQGHUQ$OOHZHUGHWLKUHXFKZXQGHUQ'DV*UDXHQVFKOlJW]X $(%$LVWXQWHUZHJV1LFKWVNDQQVLHPHKUDXIKDOWHQ© 0HKUVDJWHGHU6FKlGHOQLFKW'RFKGLH6lW]HKDWWHQDXVJHUHLFKWXP XQVGHQ6FKUHFNHQEHUHLWVVSUHQ]XODVVHQGHUVLFKODQJVDPDEHU VLFKHUDQNQGLJWH ,FKVFKOXFNWH
6FKZHLKDWWHVLFKDXIPHLQHU6WLUQJHELOGHW'LHOHW]WHQ0LQXWHQ ZDUHQHLQ'DXHUVWUHJHZHVHQ0LWGHP+DQGUFNHQZLVFKWHLFKPLU GLH6WLUQIUHL$OVLFKHLQHQ%OLFNDXIGHQ6FKlGHOZDUIGDVDKLFKGDHU JDUQLFKWPHKUH[LVWLHUWH 1XUQRFK6WDXE 'HU.RSIZDUHEHQVRYHUJDQJHQZLHGHUUHVWOLFKH7RUVR.DUDKDWWH LKU9HUVSUHFKHQQLFKWZDKUJHPDFKW,UJHQGZLHVFKlPWHLFKPLFKGD LFKMHGDUDQJH]ZHLIHOWKDWWHDEHULFKVSUWHDXFKGLHJURH (UOHLFKWHUXQJLQPHLQHP,QQHUQ 'LHJURH%HZlKUXQJVSUREHMHGRFKGLHODJQRFKYRUXQV'RQ $OYDUH]XQGGLHYLHU+RUURU5HLWHUZUGHQVLFKGDUDQPDFKHQHLQ .ORVWHU]XVWUPHQ8QGVLHKDWWHQVLFKGDV.ORVWHUDXVJHVXFKWGDV EHVRQGHUVHLQ+RUWGHV*XWHQZDUGHQQGRUWDUEHLWHWH3DWHU,JQDWLXV GHUPHLQH6LOEHUNXJHOQGUHKWHXQGZHLKWH ,FKZXWHQXQZRPLFKGHU:HJKLQIKUHQZUGH 0\[LQWUDWDXI.DUD]X'LHVPDOXPVSLHOWHHLQ/lFKHOQVHLQH/LSSHQ DOVHUEHLGH+lQGHDXILKUHVFKPDOHQ6FKXOWHUQOHJWH ª+DVWGXJH]ZHLIHOW"©IUDJWH.DUD ª-DIUHLQHQVFKUHFNOLFKODQJHQ$XJHQEOLFNVFKRQ© ª'DVEUDXFKWHVWGXQLFKW'XZHLWGRFKGDLFKYROODXIGHLQHU6HLWH VWHKH,FKZROOWHQXUHUIDKUHQZDV6DUDQDYRUKDWWH© 0\[LQQLFNWHª1XQZHLLFKHVKXQGHUWSUR]HQWLJ©HUZLGHUWHHUOHLVH ª,QPLUKDWWHQVLFKELVKHULPPHUOHLVH=ZHLIHOJHUHJW© ,FKUlXVSHUWHPLFK +LHUZLUGXQVQLFKWVPHKUKDOWHQ©VDJWHLFKª:DVJHVFKHKHQLVWYHU JHVVHQZLU)UGLHDQGHUHQ'LQJHVRUJHLFKVFKRQ© ª$EHUGLH=HXJHQ©ZDUI0\[LQHLQ 8PGLHNPPHUWHVLFK.DUD6LHZDQGWHVLFKYRQ0\[LQDEXQG VFKULWWDXIGLH%DQNDQJHVWHOOWHQ]X 1LHPDQGYRQLKQHQKDWWHVLFKLQGHQOHW]WHQ0LQXWHQYRP)OHFN JHUKUW6LHVWDQGHQQRFK]XVHKUXQWHUGHP(LQGUXFNGHUJUDXHQYROOHQ (UHLJQLVVH 9RULKQHQEOLHE.DUDVWHKHQ6LHVFKDXWHGLH0HQVFKHQIHVWXQG]ZLQ JHQGDQ ª,KUZHUGHWYHUJHVVHQ©VSUDFKVLHPLWOHLVHU6WLPPHª,KUZHUGHWHXFK EHUKDXSWQLFKWPHKUHULQQHUQ'DV*HGlFKWQLVDQGLHOHW]WHQ0LQXWHQ LVWDXVJHO|VFKWKDEWLKUPLFKYHUVWDQGHQ"© ª-DZLUHULQQHUQXQVDQQLFKWV©HUZLGHUWHQGLH%DQNDQJHVWHOOWHQLP &KRU ª'DQQJHKWMHW]WDQHXUH$UEHLWVSOlW]H© 'LH0HQVFKHQPDFKWHQNHKUWXQGVFKULWWHQGLH7UHSSHKRFK
.DUDGUHKWHVLFKXP ,FKQLFNWHEHHLQGUXFNWª'DVKDVWGXMDHUUHLFKW©VDJWHLFKª$XV JH]HLFKQHW© ª:HQQVLHREHQVLQGZHUGHQVLHVLFKDQLKUH$UEHLWVSOlW]HEHJHEHQ XQGDOOHVLVWZLHGHUQRUPDO© ,FKPDFKWHGHQ9RUVFKODJGHQ*DQJ]XYHUODVVHQGHQQPLFKKLHOW KLHUQLFKWVPHKU .DUDXQG0\[LQZDUHQHLQYHUVWDQGHQ ,FKGUFNWHGLHVFKZHUH7U]XXQGVFKORDE'DQQQDKPLFKGHQ 6FKOVVHODQPLFK ª(VZLUGVFKZHUVHLQHLQH(UNOlUXQJDE]XJHEHQ©PHLQWHGHUNOHLQH 0DJLHU 'DKDWWHHUUHFKW$OOHUGLQJVEHIDQGLFKPLFKQLFKW]XPHUVWHQPDOLQ VROFKHQ6LWXDWLRQHQ:HQQGLHVHXQHUNOlUOLFKHQ'LQJHJHVFKHKHQGDQQ JDEPLUPHLQ&KHIGLHYROOH5FNHQGHFNXQJ(LQ$QUXIEHL6LU-DPHVHU ZUGHVHLQH%H]LHKXQJHQVSLHOHQODVVHQXQGDOOHVLQGLH:HJHOHLWHQGDV XQVVFKW]WHXQGXQVLQGHQ1DFKIRUVFKXQJHQQLFKWEHKLQGHUWH,FK IDQGHLQ7HOHIRQGHU3RUWLHUORJHJHJHQEHU'HU$SSDUDWKLQJEHUHLQHU VFKDOOGLFKWHQ+DXEHDQGHU:DQG 'HU3RUWLHUVFKDXWHPLFKDQZLHHLQHQ)UHPGHQ.DUDV7KHUDSLHKDWWH JHZLUNW 0HLQHQ&KHIKDWWHLFKVRIRUWDQGHU6WULSSH8QGZDVHU]XK|UHQ EHNDPHQWORFNWHLKPQLFKWJHUDGHHLQHQ)UHXGHQVFKUHL9RUZUIH PDFKWHHUPLUQLFKW6LU-DPHVZXWHVHOEVWZLHYHU]ZLFNWGLH)lOOHRIW ODJHQ0LWQRUPDOHQ0DVWlEHQGXUIWHPDQGDZLUNOLFKQLFKWUHFKQHQ ª:HQQLFK6LHUHFKWYHUVWDQGHQKDEH-RKQGDQQGUlQJWEHL,KQHQGLH =HLW© ª-D6LULFKNDQQPLFKKLHUXQP|JOLFKODQJHDXIKDOWHQXQGJURDUWLJH (UNOlUXQJHQDEJHEHQ:HQQ6LHGLH)UHXQGOLFKNHLWKlWWHQVLFKPLWGHQ YHUDQWZRUWOLFKHQ+HUUHQGHU%DQNLQ9HUELQGXQJ]XVHW]HQGDQQZlUH PLUVHKUJHKROIHQ© ª'DVOlWVLFKPDFKHQ© :LUEHVSUDFKHQQRFKHLQLJH(LQ]HOKHLWHQXQG]ZHL0LQXWHQVSlWHU YHUOLHLFKGLH%DQN .DUDXQG0\[LQZDUWHWHQLQPHLQHP%HQWOH\6LHVFKDXWHQPLFK JHVSDQQWDQDOVLFKKLQWHUGHP/HQNUDG3ODW]QDKPXQGPLFKGDQQ XPGUHKWHª(VLVWDOOHVNODUJHJDQJHQ©HUNOlUWHLFK ª+DVWGXJUQHV/LFKW"©IUDJWH0\[LQ ª-D© ª8QGZLHVLHKWGDVDXV"© ª:LUIDKUHQQDFK6FKRWWODQG©
ª:HUDOOHV"© ª.DUDGX6XNRXQGLFK9LHU/HXWHJHJHQ'RQ$OYDUH]XQGGLH +RUURU5HLWHU© 0\[LQJULIIQDFKGHU7UNOLQNH ª'XZLOOVWZHJ"©IUDJWHLFKHUVWDXQW ª-D.DUDXQGLFKKDEHQEHVFKORVVHQXQVHUHQHLJHQHQ:HJ]XJHKHQ© .DUDQLFNWHEHLGHQ:RUWHQ ª'DQQDOVRLQ6FKRWWODQG©VDJWHLFKDOV0\[LQGLH7U]XVFKOXJ,FK VFKDXWHLKQHQQDFKZLHVLHEHUGHQ3DUNSODW]VFKULWWHQXQGEDOGGDU DXIQLFKWPHKU]XVHKHQZDUHQ 0HLQ=LHOZDUQLFKWGDV
XQGEUDFKWHGLH/HEHQVPLWWHOGLHLP.ORVWHUJDUWHQQLFKWZXFKVHQ ,P.ORVWHUOHEWHHLQ0DQQGHPHLQHEHVRQGHUH$XIJDEH]XNDP(U VWHOOWHJHZHLKWH6LOEHUNXJHOQKHUGLHJHZHLKWH.UHLGHXQGDXFKGDV :HLKZDVVHU(VZDU3DWHU,JQDWLXV (LQPDOLP0RQDWQDKPGHU%RWHGDVVFKZHUH3DNHWPLWXPHVEHLGHU 3RVWDXI]XJHEHQ(PSIlQJHUZDUHLQJHZLVVHU-RKQ6LQFODLU 1RFKDKQWHQGLH0HQVFKHQQLFKWGDGDV*UDXHQHLQHQ$QODXI JHQRPPHQKDWWHXQGVFKRQ]XLKQHQXQWHUZHJVZDU $QHLQHPHWZDVGLHVLJHQ0RUJHQEHJDQQHV(VZDUGHU7DJDQGHP /DUU\2DNHVVHLQH)DKUW]XP.ORVWHUDQWUHWHQZROOWHXQGYRUGHP/DGHQ GHV/HEHQVPLWWHOKlQGOHUV]ZHL+HOIHU2DNHV .RPELEHOXGHQ/DUU\ VHOEVWVWDQGPLWHLQHU/LVWHGDQHEHQXQGKDNWHDOOHVDEZDVDXIGLH /DGHIOlFKHNDP ª+DEWLKUDXFKGHQ%UDQQWZHLQQLFKWYHUJHVVHQ"©ULHIHUGHQEHLGHQ +HOIHUQ]X ª1HLQGHQKDEHQZLU]XHUVWDXIJHODGHQ© ª'DQQLVWHVJXW© /DUU\2DNHVVWLHIHOWHEHUGHQ*HKVWHLJDXIGLH7UGHV/DGHQV]X 'HU%HVLW]HUVFKDXWHDXIDOVGLHNOHLQH*ORFNHELPPHOWH(VZDUHLQ UHJHOUHFKWHU.UDPODGHQZLHPDQLKQVFKRQYRU-DKUHQKDWWH'HU %HVLW]HUYHUVFKZDQGIDVWKLQWHUDOOVHLQHQ.LVWHQ.DUWRQVXQG)lVVHUQ (VURFKQDFK)LVFK6VSHLVHQXQG*HZU]HQ(LQH0LVFKXQJZLHPDQ VLHQXULQVROFKHQ/lGHQILQGHW /DUU\2DNHVQLFNWHXQGVFKREVLFKVHLQH0W]HLQGHQ1DFNHQª$OOHV NODU1HG+DVWGXGLH5HFKQXQJ"© ª0RPHQWLFKDGGLHUHQXUGLHOHW]WHQ=DKOHQ6RODQJHKDVWGXMDQRFK =HLW© ª0HLQHWZHJHQ©2DNHVOLHVLFKDXIHLQHQ6FKHPHOIDOOHQXQGVFKDXWH DXVGHP)HQVWHU(UZDUHLQEUHLWVFKXOWULJHU0DQQPLWGLFKWHQEUDXQHQ +DDUHQ0LWVHLQHQNUlIWLJHQ+lQGHQNRQQWHHURUGHQWOLFK]XSDFNHQ ZDVHUVFKRQHLQSDDUPDOEHZLHVHQKDWWH'HQQHUYHUWUDWDXFKGHQ .RQVWDEOHU(LQHQRIIL]LHOOHQ3ROL]HLSRVWHQJDEHVLQ3HHOKDPQLFKWPHKU (UZDUQLFKWHUIRUGHUOLFK 2DNHVNOHPPWHVLFKVHLQH3IHLIH]ZLVFKHQGLH=lKQHXQGNDXWHDXI GHP0XQGVWFNKHUXP:lKUHQGHUHLQ=QGKRO]DQULXQGHVJHJHQ GHQ3IHLIHQNRSIKLHOWVFKDXWHHUQDFKGUDXHQ,KPZDUHLQ)UHPGHU DXIJHIDOOHQGHUVLFKQHEHQVHLQHQ:DJHQJHVWHOOWKDWWH /DUU\2DNHVNDQQWHGHQ0DQQQLFKWDEHUHUWUXJHLQHGXQNOH.XWWH ZLHDXFKGLH0|QFKHREHQLP.ORVWHU ª6RGDLVWGLH5HFKQXQJ©VDJWHGHU/HEHQVPLWWHOKlQGOHUª,FKKDEH ZLHGHUQXUGLH(LQNDXIVSUHLVHEHUHFKQHW©
/DUU\2DNHVODFKWH ª'XJODXEVWPLUQLFKW"© ª1HLQGHQQVRFKULVWOLFKLVWNHLQ*HVFKlIWVPDQQ8QGGXHUVWUHFKW QLFKW1HG© ª'DVLVWMDXQHUK|UWZDVGXGDVDJVW©EHVFKZHUWHVLFKGHU.DXIPDQQ ª1HLQ1HGHLQH7DWVDFKH:LUEHLGHNHQQHQXQVVFKOLHOLFKODQJH JHQXJXQGEUDXFKHQXQVQLFKWVPHKUYRU]XPDFKHQ© 1HGJULQVWHª'X/XPSHQKXQG© /DUU\]HLJWHQDFKGUDXHQª.HQQVWGXGHQGDHLJHQWOLFK"© 'HU/HEHQVPLWWHOKlQGOHUPDFKWHGHQ+DOVODQJª'DVLVWHLQHUYRP .ORVWHU© ª1HLQGLHWUDJHQHLQDQGHUHV*HZDQG'DVKLHULVWYLHOGXQNOHUZLH LFKVHKH© ª9LHOOHLFKW%HVXFK© /DUU\QLFNWH ª2GHUGXVROOVWGHQPLWQHKPHQ6RQVWZUGHHUVLFKMDQLFKWEHLGLU DP:DJHQDXIKDOWHQ© /DUU\2DNHVIDOWHWHGLH5HFKQXQJ]XVDPPHQXQGOLHVLHLQVHLQHU 7DVFKHYHUVFKZLQGHQª'DVZLUGHVZRKOVHLQ© ª8QG"© ª:LHXQG"© ª1LPPVWGXLKQPLW"© ª.ODU,VWGRFK(KUHQVDFKH+lWWHVWGXGDVQLFKWJHWDQ"© ª9LHOOHLFKW© ª:DVJHIlOOWGLUGHQQDQGHP0DQQQLFKW"©IUDJWH/DUU\2DNHV 'HU/HEHQVPLWWHOKlQGOHUKREXQEHKDJOLFKGLH6FKXOWHUQª'DV*HVLFKW LVWHV© 'DODFKWH/DUU\2DNHVDXIª'DVNDQQVWGXJDUQLFKWHUNHQQHQ'LH .DSX]HLVWYLHO]XZHLWYRUJH]RJHQ© ª8QGJHQDXGDVVW|UWPLFK$OVKlWWHGLHVHU0HQVFK$QJVWVHLQ *HVLFKW]X]HLJHQ:LUVROOHQMDQXUGHQNRPLVFKHQ%DUWVHKHQ© ª'XPLWGHLQHP0LWUDXHQ©/DUU\SDIIWHHLQSDDUGLFNH:RONHQGLH GHU+RO]GHFNHGHV/DGHQVHQWJHJHQTXROOHQ ª,FKPHLQWHDXFKQXU© ª.ODULFKDXFK©/DUU\VWDQGDXI(UUHLFKWHGHP+lQGOHUGLH+DQG ª9RUGHP'XQNHOZHUGHQELQLFK]XUFN0DFK VJXW1HG© ª'XDXFK© /DUU\2DNHVYHUOLHGHQ/DGHQ:LHGHUVFKHOOWHGLHNOHLQH*ORFNH9RU GHU7UEOLHEHUVWHKHQXQGVFKDXWHGLH6WUDHKLQDE,PPHUZLHGHU IUHXWHHUVLFKEHUGHQ$QEOLFNGHQGLHVHUNOHLQH2UWLKPERW'LH VFKPXFNHQ+lXVHUGLHDOOHVHKUDOWXQGJHSIOHJWZDUHQ'DIUVRUJWHQ
GLH%HZRKQHU3HHOKDPZDUHLQH3HUOHLQGHQ+LJKODQGV,QGHQ*lUWHQ ZXFKVHQKRKH%lXPHXQGMHQVHLWVGHV'RUIHVNUDOOWHQVLFKJHZDOWLJH 7DQQHQDQGHQVWHLOHQ)HOVHQGHU%HUJHIHVWZRVLHHLQHQGLFKWHQJUQHQ 6FKLUPELOGHWHQEHYRUZHLWEHULKQHQZLHGHUGHUQDFNWH)HOV]XP 9RUVFKHLQNDP:HQQGLH$EHQGVRQQHGDUDXIVFKLHQOHXFKWHWHHUHEHQ VRJROGHQZLHGLHZXFKWLJHQ0DXHUQGHV.ORVWHUV (LQHKHUUOLFKHIDV]LQLHUHQGHZLOGURPDQWLVFKH*HJHQGPLWNODUHU /XIW6HHQZLHDXV.ULVWDOOJODVVSUXGHOQGHQ%lFKHQXQGWLHIHQ:lOGHUQ /DUU\2DNHVJLQJ]XVHLQHP:DJHQ$XVGHQ$XJHQZLQNHOQQDKPHU ZDKUZLHVLFKGHU0|QFKHEHQIDOOVLQ%HZHJXQJVHW]WH (UZLOODOVRGRFKPLWGDFKWH/DUU\ $P:DJHQWUDIHQVLH]XVDPPHQ ª-D"©IUDJWH/DUU\ 'HU0|QFKKREGHQ%OLFN=XPHUVWHQPDOVDK/DUU\2DNHVGLH VWHFKHQGHQVFKZDU]HQ$XJHQGHUHQ3XSLOOHQZLH6WHLQHZLUNWHQ ª%LWWHHQWVFKXOGLJHQ6LH©VDJWHGHU0|QFKLQHLQHPKDUWHQ(QJOLVFK GDV/DUU\EHZLHVHLQHQ$XVOlQGHUYRUVLFK]XKDEHQª,FKKDEHYHU QRPPHQ6LHIDKUHQKRFK]XP.ORVWHU6W3DWULFN"© ª'DVVWLPPW© ª:UGHQ6LHYLHOOHLFKWGLH*WHKDEHQXQGPLFKELVGRUWKLQPLW QHKPHQ"0HLQH%UGHUHUZDUWHQPLFK© ª1DWUOLFK%UXGHU6WHLJHQ6LHHLQ© ª,FKGDQNH,KQHQLFKGDQNH,KQHQYLHOPDOV© /DUU\2DNHVZXQGHUWHVLFKQLFKWEHUGLH'HPXWXQG+|IOLFKNHLWGHU 0|QFKH(UNDQQWHVRHWZDVXQGKLHOWGHP0DQQDXFKQRFKGLH7UDXI GDPLWHUHLQVWHLJHQNRQQWH ª6HKUIUHXQGOLFKZLUNOLFK© /DUU\HQWHUWHGHQ:DJHQDQGHU)DKUHUVHLWH$OVHUGLH7U]XVFKOXJ VDJWHHUª(VZLUGDOOHUGLQJVHWZDVGDXHUQELVZLUREHQVLQG'HU:HJ LVWVWHLOXQGPHLQ:DJHQYROOEHODGHQ© ª'DVPDFKWQLFKWV:HQQ6LHZWHQZLHODQJHLFKVFKRQXQWHU ZHJVELQ© /DUU\VWDUWHWHª:RKHUNRPPHQ6LHGHQQ"© ª$XV6SDQLHQ© ª:DV"© ª0HLQH+HLPDWLVWGDV.ORVWHU0RQWH7HUUDQR9RQGRUWKDEHLFKPLFK DXIGHQ3LOJHUZHJJHPDFKWXPPHLQH)UHXQGH]XEHVXFKHQ'LH%UGHU LP.ORVWHU6W3DWULFNKDEHQPLFKHLQJHODGHQ© ª:LHODQJHVLQG6LHGHQQVFKRQXQWHUZHJV"©HUNXQGLJWHVLFK/DUU\ HUVWDXQW ª:RFKHQPHLQ)UHXQG:RFKHQ©
ª'DVNDQQLFKPLUYRUVWHOOHQ©,QVJHKHLPEHZXQGHUWH/DUU\GLH /HLVWXQJGHV0DQQHVGHQQGHU0|QFKZDUQLFKWPHKUVRMXQJ(V PXWHIULKQHLQHJHZDOWLJH6WUDSD]HJHZHVHQVHLQ$QGHUHUVHLWVZXWH /DUU\XPGLH=lKLJNHLWGHU0|QFKH6LHOHEWHQDVNHWLVFKDEHUVLH EHVDHQHLQHEHVRQGHUVJXWH*HVXQGKHLW,KQHQIHKOWHQGLH.UDQNKHLWHQ GHU=LYLOLVDWLRQXQGGDVZDUHLQJURHU9RUWHLO 'HU:DJHQUROOWHGXUFKGHQ2UW -HGHUKLHUNDQQWH/DUU\2DNHV,KPZXUGHRIW]XJHZXQNHQYRUDOOHQ 'LQJHQZDUHQHVGLH.LQGHUGLHLKUH+lQGHKREHQ /DUU\KXSWHGDQQMHGHVPDO $OOHZXWHQGDHUPLW/HEHQVPLWWHOQXQWHUZHJV]XP.ORVWHU 6W3DWULFNZDUDEHUNHLQHUGHU0HQVFKHQDKQWHZHOFKHLQ7HXIHOQHEHQ /DUU\2DNHVVDDPZHQLJVWHQHUVHOEVW (UIUHXWHVLFKVRJDUQRFKEHUGLH%HJOHLWXQJGHQQGHU0|QFKKDWWH VLFKHUOLFKHLQLJHV]XHU]lKOHQ6RZDUGLH)DKUWQLFKWVRODQJZHLOLJGHQQ IU/DUU\GHUGLH6WUHFNHDXVZHQGLJNDQQWHERWVLHNHLQHQ5HL]PHKU %HYRUVLHGDV(QGHGHV'RUIHVHUUHLFKWHQJLQJ/DUU\2DNHVPLW GHU*HVFKZLQGLJNHLWKHUXQWHU(UO|VWHHLQH+DQGYRP/HQNUDGXQG GHXWHWHQDFKYRUQ ª6HKHQ6LHGRUWREHQDXIGHP%HUJVDWWHOGLH0DXHUQ"© 'RQ$OYDUH]KDWWHVLFKHWZDVQDFKYRUQJHEHXJWª-DLFKHUNHQQHHV© ª'DVLVW6W3DWULFN© ª$KD6LHKWZHLWDXV© ª'DVVLHKWQLFKWQXUZHLWDXVGDVLVWHVDXFK©/DUU\ODFKWHª6LH ZHUGHQVLFKDXIHLQHODQJH*HGXOGVSUREHHLQVWHOOHQPVVHQ3DWHU© ª*HGXOGLVWPHLQH6WlUNH© /DUU\QLFNWH 'HU0|QFKVFKDXWHDXVGHP)HQVWHUXQGJHQRGLH/DQGVFKDIW(UVDK GLHGLFKWHQ:lOGHUXQGGDUEHUGDV%ODXGHV+LPPHOV(LQQRUPDOHU 0HQVFKKlWWHVLFKDQGLHVHUKHUUOLFKHQ/DQGVFKDIWHUIUHXW1LFKWVR'RQ $OYDUH](UEHWUDFKWHWHDOOHVPLWHLQHPDQGHUHQ%OLFNGHQQHUZXWH JHQDXGDGLHVHV/DQGEDOGLKPXQGGHQYLHU+RUURU5HLWHUJHK|UHQ ZUGH8QGGDV.ORVWHUVROOWHGHU6WW]SXQNWVHLQQDFKGHPGLH 0|QFKHYHUQLFKWHWZRUGHQZDUHQ %HVWLPPWEHIDQGVLFKDXFK-RKQ6LQFODLUDXIGHP:HJ]XP.ORVWHU 'HU3ODQVWDQGOlQJVWIHVW'RQ$OYDUH]ZROOWHGHQ*HLVWHUMlJHUDQHLQHQ %DXPELQGHQXQGGLH/DQ]HQGHUYLHU+RUURU5HLWHUVROOWHQ6LQFODLU GXUFKERKUHQ (LQ]XIULHGHQHV*ULQVHQNHUEWHGLH0XQGZLQNHOGHVWHXIOLVFKHQ 0|QFKVYRQGHPGHU)DKUHUMHGRFKQLFKWVVDK(UZXQGHUWHVLFKQXU ZHVKDOEVHLQ%HJOHLWHUVRVFKZHLJVDPZDU
8QGHUIUDJWHLKQ ª,FKJHQLHHGLH/DQGVFKDIW©HUNOlUWH'RQ$OYDUH]ª:RLFKKHU NRPPHGDJLEWHVNDXP7DQQHQZlOGHUQXUNDUJH)HOVHQXQGGDVHZLJH (LVGHU*OHWVFKHU© ª,Q6SDQLHQZDULFKQRFKQLH© ª(VLVWHLQVFK|QHV/DQG© (LQHEHVRQGHUVXQDQJHQHKPH6WHLJXQJWDXFKWHDXI/DUU\VFKDOWHWH KHUXQWHUª'DVJODXEHLFK,KQHQVRJDU,FKKDEHHLQSDDUPDO$QVLFKWV NDUWHQYRQ)UHXQGHQEHNRPPHQGLHDQGHU.VWHLKUHQ8UODXEYHU EUDFKWKDEHQ'DVVDKLPPHUWROODXV© 'RQ$OYDUH]VFKWWHOWHGHQ.RSIª'DVPHLQHLFKQLFKWPLWGHU 6FK|QKHLW6LHPVVHQLQV,QQHUHPHLQHV+HLPDWODQGHVIDKUHQZRGLH 0HQVFKHQQRFKQDWUOLFKVLQGGLH*DVWIUHXQGVFKDIWHFKWLVWXQGGDV /lFKHOQGHU0HQVFKHQQLFKWDXIJHVHW]WZLUNWZLHLQGHQWRXULVWLVFKHQ %DOOXQJV]HQWUHQ© /DUU\2DNHVZXQGHUWHVLFKZLHGHU0|QFKVSUDFK*DUQLFKWNOHULNDO VDQIWRGHUPLOGH1HLQY|OOLJQRUPDO ,QGHU7DWNRQQWHVLFK'RQ$OYDUH]JXWYHUVWHOOHQ:HULKQVRUHGHQ K|UWHNRQQWHVLFKNDXPYRUVWHOOHQGDGLHVHU0|QFKGDUDQGDFKWH VHLQHQ%HJOHLWHUXP]XEULQJHQ 'LH0HVVHUVWHFNWHQVFKRQEHUHLW(UKDWWHVLHLQGHQZHLWHQbUPHOQ VHLQHU.XWWHYHUERUJHQ'XUFKHLQHVFKQHOOH%HZHJXQJNRQQWHHUVLH GDQQKHUYRUVFKWWHOQ 'LHHUVWHQVFKZHUHQ6WHLJXQJHQKDWWHQVLHKLQWHUVLFK$XIHLQHU JHZLVVHQ+|KHIKUWHGHU:HJMHW]WQRUPDOZHLWHU$EKLHUZDUHUQLFKW PHKUDVSKDOWLHUW%HLGH0lQQHUKDWWHQMHW]WHLQHQHLQLJHUPDHQIUHLHQ %OLFNEHUHLQHPLWGLFKWHP*UDVEHZDFKVHQH+RFKHEHQHZR]DKOUHLFKH 6FKDIHZHLGHWHQXQGVLFKDXFKGXUFKGHQ0RWRUHQOlUPQLFKWVW|UHQ OLHHQ :HLWYRULKQHQUDJWHQZLHGHUGLH%HUJHHPSRU)DVWJHUDGHVWLHGLH 6WUDHGDUDXI]X6LHGXUFKVFKQLWWGLHNDUJH+RFKHEHQH 'HU0|QFKKDWWHVHLQH.DSX]HHLQZHQLJDXVGHU6WLUQJHVFKREHQ(U EUDXFKWHHLQHQEHVVHUHQ%OLFNGHQQHUVXFKWHQDFKHLQHPEHVWLPPWHQ =LHO 'LH+RUURU5HLWHUKDWWHQLKU.RPPHQDQJHVDJW+LHULUJHQGZRLQGHU 1lKHGHV.ORVWHUVZROOWHQVLHVLFKWUHIIHQXPGDVZHLWHUH9RUJHKHQ]X EHVSUHFKHQ 1RFKZDUQLFKWV]XVHKHQ 1DFKGHPZHLWHUH0LQXWHQYHUJDQJHQZDUHQZHFKVHOWHGDV *HVLFKWGHU/DQGVFKDIWDEHUPDOV'LHKRKHQ%HUJHZDUHQQlKHUJHUFNW 5HFKWVXQGOLQNVGHVVFKPDOHQ:HJHVVWLHJGDV*HOlQGHMHW]WZLHGHU
VDQIWDQ,QXQUHJHOPlLJHQ$EVWlQGHQVWDQGHQ%DXPJUXSSHQDXIGHP JUQHQPRRVLJHQ*UDVXQWHUJUXQG 'LH6WUDHZXUGHNXUYLJHUOLQNVHUVFKLHQGLH2EHUIOlFKHHLQHVNOHLQHQ 6HHV6LHVFKLPPHUWHEODXJUDXXQGGHUEHUGDV:DVVHUIHJHQGH:LQG NUlXVHOWHHV]XNOHLQHQ:HOOHQ ª6FK|QQLFKW"©IUDJWH/DUU\2DNHV 'HU0|QFKQLFNWH (UKDWWHIUGLH8PJHEXQJNHLQHQ%OLFN'RQ$OYDUH]VFKDXWHQXU QDFKYRUQGHQQHUVXFKWHGLHYLHU5HLWHU6LHPXWHQGRFKKLHULUJHQG ZRVWHFNHQ (LQH.XUYH :HLWJHVFKZXQJHQDEHULQGHU]ZHLWHQ+lOIWHHQJHUZHUGHQG 'DKLQWHUIKUWHGHU:HJLQGLH+|KHGHQQGLHOHW]WHQ6WHLJXQJHQGHU KRKHQ%HUJHODJHQQRFKYRUGHP:DJHQ /DUU\2DNHVIXKUGLH.XUYHQIRUVFKDQZLHLPPHU 'HU:DJHQQHLJWHVLFKHLQZHQLJQDFKOLQNVGLH/DGXQJPDFKWHVLFK GRFKEHPHUNEDU%LVKHUKDWWHVLHLPPHUJHKDOWHQXQGZDUQLFKWYRQGHU +DFKHJHNLSSW 2DNHVKLHOWGDVVFKZDU]H/HQNUDGIHVW(UGDFKWHDQQLFKWV%|VHVJLQJ GDQQHWZDVYRP*DVZHLOGLH.XUYHGRFKHQJHUZXUGHXQGKDWWH SO|W]OLFKGDV*HIKOLQHLQHPE|VHQ$OSWUDXP]XVWHFNHQ $XIGHU6WUDHVWDQGHLQ5HLWHU ª(QGOLFK©NUHLVFKWHGHUWHXIOLVFKH0|QFKXQGNODWVFKWHEHJHLVWHUWLQ GLH+lQGH 'HU:DJHQERFNWHGLH5HLIHQUXWVFKWHQEHUGHQVFKRWWHUDUWLJHQ 8QWHUJUXQGXQGGHU:DJHQVWDQG =ZHL6FKULWWHYRUGHP5HLWHU /DUU\2DNHVZDUXQIlKLJDXFKQXUHLQHQ/DXWYRQVLFK]XJHEHQ$XV ZHLWDXIJHULVVHQHQ$XJHQVWDUUWHHUGXUFKGLH)URQWVFKHLEHXQGSUlJWH VLFKGDV%LOGGHV8QKHLPOLFKHQJHQDXHLQ (VZDUHLQVFKUHFNOLFKHU$QEOLFN 'HU5HLWHUZDUNHLQ0HQVFKVRQGHUQHLQ6NHOHWW3HFKVFKZDU]GD]X RKQH5VWXQJDEHUPLWHLQHU/DQ]HEHZDIIQHWXQGDXIHLQHP3IHUG VLW]HQGGHVVHQ1VWHUQXQG0DXO)HXHUVSLHHQ'LH)ODPPHQIDXFKWHQ JHJHQGHQ:DJHQXQGVFKLHQDQGHU)URQWVFKHLEHKRFK]XNOHWWHUQEHYRU VLHYHUVFKZDQG ª0HLQ*RWW©IOVWHUWH/DUU\2DNHV (UZDQGWHGHQ.RSIVFKDXWHDXIGHQ0|QFKXQGVFKOXJDOOHIQI )LQJHUVHLQHUOLQNHQ+DQGLQGHVVHQ$UP
ª6RVDJHQ6LHGRFKZDV'DVLVWGDVLVW© 'RQ$OYDUH]VDJWHQLFKWV6WDWWGHVVHQZDUIHUGHQ.RSIKHUXPVRGD GLH.DSX]HQDFKKLQWHQILHO'HUWHXIOLVFKH0|QFKKDWWHZlKUHQGVHLQHV =ZDQJVDXIHQWKDOWHV]DKOUHLFKH+DDUHYHUORUHQ9RUQKDWWHHUNHLQH PHKUVLHZXFKVHQLKPDOOHUGLQJVLQGHQ1DFNHQ'RQ$OYDUH]YHU]RJ VHLQH/LSSHQ]XHLQHPGLDEROLVFKHQ/lFKHOQGLH$XJHQZDUHQVFKZDU] ZLHNOHLQH.RKOHVWFNHXQGPLWHLQHPPDOZXWHDXFK/DUU\2DNHV %HVFKHLG 'DVZDUNHLQQRUPDOHU0|QFKGDVZDUGHU7HXIHOHLQ6DWDQLQGHU 9HUNOHLGXQJ %OLW]VFKQHOOVFKOXJGHU0DQQHLQ.UHX] 'HU0|QFK]XFNWH]XUFNXQGODFKWHDXI'DQQIROJWHHLQH%HZHJXQJ PLWEHLGHQ$UPHQ 6RUDVFKGD/DUU\QLFKWIROJHQNRQQWH$EHUHUVDKGLHEHLGHQ 0HVVHUGLHSO|W]OLFKLQGHQ+lQGHQGHV8QKHLPOLFKHQODJHQXQGGHUHQ ODQJH6FKQHLGHQDXVGHQ)lXVWHQVFKDXWHQ 'DZXWH/DUU\2DNHVZDVLKPEHYRUVWDQG(UZXQGHUWHVLFKVHOEVW GDUEHUZLHVHKUHUVHLQH$QJVWEHUZDQGGLHUHFKWH+DQG]XU)DXVW EDOOWHXQG]XVFKOXJ (UWUDIPLWWHQLQGDV*HVLFKWVGHV0|QFKV 'RQ$OYDUH]JXUJHOWHDXIXQGSUDOOWHJHJHQGLH7U)UHLQHQ 0RPHQWZDUHUDEJHOHQNW 'LHVHZLQ]LJH=HLWVSDQQHQXW]WH/DUU\(USDFNWHGHQNOHLQHQ+HEHO DQGHU,QQHQYHUNOHLGXQJXQGGUFNWHGLH7UPLWGHP(OOERJHQDXI 6HLWOLFKZDUIHUVLFKDXVGHP:DJHQ*HQDXLQGHP$XJHQEOLFNDOVGHU WHXIOLVFKH0|QFK]XVWLH %HLGH$UPHIXKUHQQDFKXQWHQ (LQPDOKDWWH/DUU\*OFN'DVHUVWH0HVVHUYHUIHKOWHLKQXQGMDJWHLQ GDV3ROVWHU 'RFKGDV]ZHLWHWUDI 'HU0DQQVSUWHHLQHQJOKHQGKHLHQ6FKPHU]LP2EHUVFKHQNHO'LH .OLQJHVWDFKQLFKWYROOLQGDV%HLQVRQGHUQVWUHLIWHHVQXUXQGIHW]WH GDEHLGHQ6WRIIGHU+RVHDXI=XUFNOLHHVHLQHVWDUNEOXWHQGH:XQGH /DUU\NLSSWHDXVGHP:DJHQ(UILHODXIGHQKDUWHQ%RGHQZlO]WHVLFK VRIRUWKHUXPXQGNDPDP5DQGGHV:HJHVDXIGLH%HLQH9HU]ZHLIHOW VXFKWHHUQDFKHLQHU)OXFKWFKDQFH(UUHFKQHWHVWDUNGDPLWGDGHU XQKHLPOLFKH5HLWHUDXILKQ]XJDORSSLHUHQZUGHGRFK/DUU\KDWWHVLFK JHWlXVFKW :LHHLQ6WDQGELOGEOLHEGHU+RUURU5HLWHUVWHKHQ /DUU\TXlOWHVLFKDXIGLH)H'DEHLHUKDVFKWHHUHLQHQ%OLFNLQVHLQHQ :DJHQXQGVDKGDVLFKDXFKGHUWHXIOLVFKH0|QFKEHZHJWH
(UVWLHJDQGHUDQGHUHQ6HLWHDXV /DUU\ELGLH=lKQH]XVDPPHQ$OVHUZHJODXIHQZROOWHPHUNWHHU GDVHLQUHFKWHV%HLQQLFKWPHKUPLWPDFKWH(UZDUIHLQHQ%OLFNQDFK XQWHQXQGVDKVHLQ+RVHQEHLQGDVQDYRU%OXWZDU(VNOHEWHDQGHU +DXW 7URW]GHPULHUVLFK]XVDPPHQ(UZROOWHZHJ(VJDEJHQJHQG 6WHOOHQZRHUVLFKYHUVWHFNHQNRQQWHDXFK6FKlIHUKWWHQGLHVLFKGD]X HLJQHWHQ 'RFKGD]XPXWHHUGHQDQGHUHQHUVWHLQPDOHQWNRPPHQ /DUU\TXlOWHVLFKGHQ+DQJKRFK'DVUHFKWH%HLQ]RJHUQDFK9RP %HFNHQELV]XP.QLHVFKLHQHVLQ)ODPPHQ]XVWHKHQDEHUHUNRQQWHHV VLFKQLFKWHUODXEHQHLQH3DXVHHLQ]XOHJHQ/DUU\PXWHZHLWHU 6FKUlJODXIHQGTXlOWHHUVLFKGHQ+DQJKRFKMHGHQ$XJHQEOLFNGDPLW UHFKQHQGGHQK|OOLVFKHQ$WHPVHLQHU9HUIROJHULP1DFNHQ]XVSUHQ 'LHHUVWHQ
8QGHUEHJOHLWHWHGHQ:XUIPLWHLQHPJHOOHQGHQ6FKUHL0DQPHUNWH LKPGHQ+DXQGGLH:XWDQGLHHUHPSIDQG /DUU\WUDI 3O|W]OLFKVFKULHGHUWHXIOLVFKH0|QFK(UKDWWHQLFKWPHKUDXVZHLFKHQ N|QQHQUL]ZDUQLFKWVHLQHQ$UPKRFKDEHUGDFKWHQLFKWPHKUDQGLH 0HVVHU 'HU6WHLQIORJLKPJHJHQGHQ+DOV0LWGHU.OLQJHHLQHV0HVVHUV MHGRFKVFKQLWWHUEHLGLHVHUXQEHUOHJWHQ%HZHJXQJTXHUEHUVHLQH 6WLUQHLQHQNODIIHQGHQ6SDOWDXVGHPVRIRUWGDV%OXWVWU|PWHXQGLKPLQ GLH$XJHQUDQQVRGDHUNDXPHWZDVVDK /DUU\2DNHVDEHUEUOOWHYRU)UHXGH6HLQH$XJHQIXQNHOWHQGHU 7ULXPSKPDFKWHLKQIDVWUDVHQGXQGHUJDELKPDXFKQHXH.UlIWH/DUU\ VSUWHVHLQ%HLQNDXPQRFK (UNOHWWHUWHZHLWHUGHQVFKUlJHQ+DQJKRFK(UPXWHHVVFKDIIHQXQG GDGHU5HLWHUQRFKLPPHUYRUGHP:DJHQVWDQGXQGVLFKQLFKWEH ZHJWHJODXEWH/DUU\DQHLQ6WDQGELOG (UVROOWHVLFKWlXVFKHQ 9RUHUVWMHGRFKNlPSIWHHUVLFKLQGLH+|KH'LH6FKUHLHGHVWHXIOLVFKHQ 0|QFKVNODQJHQLQVHLQHQ2KUHQZLH0XVLN'HPKDWWHHUHVJH]HLJW(U ZUGHVLFKVFKRQZHKUHQ:HQQGHU.HUONDPZUGHHUGHQ]ZHLWHQ 6WHLQLQV*HVLFKWEHNRPPHQ 9LHOOHLFKWQRFKIQI
DQGHUHQKDWWHQLKQUHLQJHOHJW*HJHQGUHL5HLWHUKDWWHHUNHLQH&KDQFH )HXHUORKHQIDXFKWHQDXVGHQ1VWHUQGHU7LHUH6LHVWUHLIWHQLKQDOV $WHPGHU+|OOH /DUU\2DNHVZDUIVLFKKHUXP-HW]WVSUWHHUDXFKZLHGHUGLH 6FKPHU]HQLP%HLQ6LHVFKLHQHQVHLQH0XVNHOQXQG6HKQHQ]HUUHLHQ ]XZROOHQ (LQH]XKDVWLJH%HZHJXQJXQGHUNQLFNWHHLQ'DEHLYHUORUHUDXI GHPVFKUlJHQ+DQJGDV*OHLFKJHZLFKWILHOSUDOOWH]X%RGHQXQG EHUVFKOXJVLFK )UOlQJHUH=HLWZXWHHUQLFKWZRREHQRGHUXQWHQZDU0DOVDKHU GLH5HLWHUGDQQGHQ+LPPHOGDQDFKZLHGHUGLH5HLWHUXQGSO|W]OLFK SUDOOWHHUJHJHQLUJHQGHWZDVGDVVHLQHQ)DOOVWRSSWH (UULGLH$XJHQDXI 8QZDKUVFKHLQOLFKJURZXUGHVHLQ6FKUHFNHQDOVHUVDKZHURGHU ZDVLKQGDDXIJHKDOWHQKDWWH 'HU0|QFK (UVDKGDV*HVLFKWGLHVHV:DKQVLQQLJHQGLFKWYRUGHPVHLQHQURFK GHQVFKOHFKWHQ$WHPXQGVDKGLHIXQNHOQGHQ$XJHQLQGHQHQHUVHLQHQ HLJHQHQ7RGODV 'LHVHU0DQQZROOWHPRUGHQRKQH0RWLYQXUW|WHQ8QGHUNUHLVFKWH ª,FKEHZHLVHHXFKGDLFKHVDXFKNDQQ,FKZHUGHHVHXFKEHZHLVHQ© :lKUHQGGHU:RUWHUDQQLPPHUPHKU%OXWDXVGHU6WLUQZXQGHXQG IOREHUGDVKDJHUH*HVLFKWGHV0|QFKV ª%LWWH©IOVWHUWH/DUU\ª%LWWH© ª1HLQ©VFKULHGHU0|QFKXQGVWLH]X /DUU\2DNHVVDKQRFKGDV%OLW]HQGHU.OLQJHGLFKWYRUVHLQHP*HVLFKW HUVDKDXFKGDV%OXWGDVVHLQHLJHQHVZDUXQGK|UWHDOVOHW]WHVGDV K|KQLVFKH*HOlFKWHUVHLQHV0|UGHUVEHYRULKQGLH6FKDWWHQGHV7RGHV XPILQJHQ 'RQ$OYDUH]KDWWHVHLQHUVWHV2SIHUJHIXQGHQ (UULFKWHWHVLFKDXI 6HLQ%OLFNWUDIGLH5HLWHU (VZDUHQGLHVPDOYLHUGLHVLFKYRULKPDXIJHEDXWKDWWHQ'HUOHW]WH ZDUYRQGHUDQGHUHQ6HLWHJHNRPPHQ ª6HLGLKU]XIULHGHQ"©ULHI'RQ$OYDUH] 'LH5HLWHUJDEHQNHLQH$QWZRUW$OVVLHGLH/DQ]HQLQGLH/XIWVWLHHQ ULHEVLFK'RQ$OYDUH]GLHEOXWLJHQ)LQJHU$OOHVOLHIJHQDXQDFK3ODQ
(ULQQHUXQJHQEHUNDPHQPLFKDOVLFKLQGHQNOHLQHQ2UW3HHOKDP HLQIXKU 6XNRZDUQDWUOLFKPLWJHIDKUHQ8QGELV6FKRWWODQGKDWWHQZLUGLH 5HLVHLQHLQHUZDKUHQ5HNRUG]HLWJHVFKDIIW'HU%HQWOH\KDWWHVHLQ%HVWHV JHJHEHQGLHEHLGHQ)DKUHUDEHUDXFK 6HOEVWYHUVWlQGOLFKZXUGHPHLQ:DJHQJHVHKHQDOVZLUGHQ2UWGXUFK TXHUWHQYLHOOHLFKWKDWWHPDQXQVDXFKHUNDQQWDEHUDQKDOWHQZDUQLFKW GULQ :LUPXWHQKRFK]XP.ORVWHU :LUOLHHQ3HHOKDPKLQWHUXQV (VEHJHJQHWHXQVQLHPDQG1LFKWHLQPDO7RXULVWHQVFKLHQHQGLH 6WUHFNH]XP.ORVWHUKLQDXI]XNHQQHQGHQQVRQVWZlUHQXQVVLFKHUOLFK HLQLJHYROOJHSDFNWH)DPLOLHQZDJHQHQWJHJHQJHNRPPHQ 6XNREHREDFKWHWHVWlQGLJGLH8PJHEXQJ1LFKWZHLOVLHVRVFK|QZDU VRQGHUQZHLOHUDQXQVHUH*HJQHUGDFKWH'LH+RUURU5HLWHUODXHUWHQ LUJHQGZRIDOOVVLHHVQLFKWYRUJH]RJHQKDWWHQGDV.ORVWHU]XEHUIDOOHQ :HQQVLHMHGRFKDQGHU6WUHFNHZDUWHWHQGDQQZROOWHQZLUZHQLJVWHQV YRUEHUHLWHWVHLQ ª0HLQVWGXGDVLHGDV.ORVWHUEHUHLWVHLQJHQRPPHQKDEHQ"©IUDJWH 6XNR ª'DPLWUHFKQHLFKVWDUN© 6XNRNUDXVWHGLH6WLUQª,VWQDWUOLFKQLFKWVFK|QVRHWZDVGHQQGDQQ KlWWHQVLH*HLVHOQ© ª/HLGHU©,FKVFKDOWHWH]XUFNZHLOYRUXQVHLQHEHVRQGHUHHNOLJH .XUYHDXIWDXFKWH6LHZDUJHJHQOlXILJLFKPXWHJDQ]VFK|QNXUEHOQ XPGHQ%HQWOH\VLFKHUKHUXP]XEULQJHQ 'LHHUVWH+RFKHEHQHKDWWHQZLUHUUHLFKW'DQDFKEHJDQQHQZLHGHUGLH %HUJHXQGDXIHLQHP6DWWHOZXFKVHQGLH0DXHUQGHV.ORVWHUVLQGLH +|KH9RQXQVHUHP6WDQGRUWDXVOHLGHUQRFKQLFKW]XVHKHQDEHUZLU ZUGHQGDV.ORVWHUEDOG]X*HVLFKWEHNRPPHQGDZDULFKPLUVLFKHU 'DQQVDKHQZLUHLQHQNOHLQHQ6HHGHVVHQ2EHUIOlFKHGLH)DUEHYRQ 6FKLHIHU]HLJWH ª+EVFK©VDJWH6XNR ,FKQLFNWHJDEHWZDVPHKU*DVZHLOGLH6WUHFNHJHUDGHDXVIKUWH 8QG=HLWKDWWHQZLUZLUNOLFKQLFKW:LUPXWHQXQVEHHLOHQ(VNDPDXI MHGH0LQXWHDQ 'LH5HLIHQGHV%HQWOH\ZLUEHOWHQGHQ6WDXEKRFKGHUZLHHLQ7XFK EHUXQVVFKZHEWH %DOGZUGHGLH'lPPHUXQJHLQVHW]HQXQGZLUZROOWHQYRUGHP 'XQNHOZHUGHQQRFKLP.ORVWHUHLQWUHIIHQIDOOVPDQXQVOLHQDWUOLFK 'LH*HJHQGQDKPZLHGHUHLQDQGHUHV*HVLFKWDQ'LH(EHQHWUDW
]XUFNGLH)HOVHQEHUJHPLWGHQGXQNOHQ1DGHOKRO]EDXPZlOGHUQ ZDUHQQlKHUJHUFNWhEHUGHQ:LSIHOQVFKLPPHUWHGHU)HOV ª:DVLVWGDV"©IUDJWH6XNR :LUZDUHQLQHLQHODQJJHVWUHFNWH.XUYHHLQJHIDKUHQ1DFKVHLQHU )UDJHVHQNWHLFKGLH*HVFKZLQGLJNHLWQRFKPHKU $XIGHU6WUDHVWDQGHLQ+LQGHUQLV ª(LQ:DJHQ©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|WHQVRQVWKlWWHGHU6WDEVHLQH:LUNXQJYHUORUHQ ª6LHKWVRDXVDOVZlUHQZLUGLHHLQ]LJHQ0HQVFKHQKLHU©NRPPHQ WLHUWHGHU&KLQHVHQDFKHLQHPJUQGOLFKHQ5XQGEOLFN $XFKLFKKDWWHQLFKWVHQWGHFNW 9RQ]ZHL6HLWHQQlKHUWHQZLUXQVGHP/LHIHUZDJHQGHUVRJDUQLFKW LQGLHVH*HJHQGSDVVHQZROOWH %HLGH:DJHQWUHQZDUHQJH|IIQHW $XFKGDVOLHPLFKVWXW]LJZHUGHQ:HOFKHU)DKUHUYHUOLHVHLQHQ :DJHQRKQHGDHUGLH7UHQVFKOR"'HU1RUPDOIDOOZDUGDVQLFKW'D PXWHHWZDVSDVVLHUWVHLQ 'DV)DKU]HXJZDUOHHU1XUDXIGHU/DGHIOlFKHVDKHQZLU.LVWHQXQG .DUWRQV'HQ$XIGUXFNHQNRQQWHQZLUHQWQHKPHQGDVLFKLQGHQ 9HUSDFNXQJHQ/HEHQVPLWWHOEHIDQGHQ ª6LHKWQLFKWJXWDXVZLH"©PHLQWH6XNR ,FKJDELKPUHFKW$OVLFKPHLQHQ.RSILQGDV)KUHUKDXVVWHFNWHVDK LFKGDV%OXWDXIGHP6LW] ,FKPDFKW6XNRGDUDXIDXIPHUNVDP (UWLSSWHGLH6SLW]HVHLQHVUHFKWHQ=HLJHILQJHUVLQGLH/DFKHª1RFK ]LHPOLFKIULVFK©VDJWHHUª'DV%OXWKDWDXIGHU2EHUIOlFKHNHLQH.UXVWH JHELOGHW© ª'LH+RUURU5HLWHU"© 6XNRKREGLH6FKXOWHUQª0|JOLFKDOOHVZHLVWHLJHQWOLFKGDUDXI KLQGDVLHDNWLYJHZRUGHQVLQG©(UVFKDXWHDXIGLH6WUDHXQGDXI
GDV+LQGHUQLVª:LUPVVHQGHQ:DJHQ]XU6HLWHIDKUHQ-RKQVRQVW NRPPHQZLUQLFKWYRUEHL© 'DVPDFKWHLFK'HU=QGVFKOVVHOVWHFNWHXQGLFKIXKUGDV$XWR GLFKWDQGHQ5DQG $OVLFKZLHGHUDXVVWLHJOLHI6XNRDXIGHUDQGHUHQ6HLWHHLQHQ+DQJ KRFK(UZDUHUVWGUHL6FKULWWHJHJDQJHQXQGGUHKWHVLFKMHW]WXP ª:DVLVWORV"©ULHILFK ª,FKYHUIROJHGLH6SXUDXV%OXW© 5DVFKZDULFKEHLLKP:LUNRQQWHQHVJHQDXVHKHQ'HU:HJGHV 9HUOHW]WHQZDUJHNHQQ]HLFKQHW'HXWOLFKKREHQVLFKGLH%OXWVWURSIHQDXI GHP*UDVDE :LUJLQJHQZHLWHU 6FKUlJIKUWHGHU+DQJLQGLH+|KH(UZDUPLW6WHLQHQEHUVlWKHOO JUDXH*HELOGHYRP5HJHQXQGYRP:LQGLP/DXIHGHU=HLWEODQN JHZDVFKHQ6XNRJLQJ]ZHL6FKULWWHYRUPLU(UZDUHVDXFKGHUGHQ 7RWHQHQWGHFNWH ª-RKQ© ,FKVWDQGQHEHQLKPXQGVWDUUWHDXIGLH/HLFKH ª2YHUGDPPW©VDJWHLFKQXU'HQ0DQQNDQQWHLFKQLFKW :DKUVFKHLQOLFKVWDPPWHHUDXVGHP'RUI(UODJDXIGHP5FNHQ %OLFNORVH$XJHQVWDUUWHQJHJHQGHQEODXHQ+LPPHO 0DQKDWWHLKQHUVWRFKHQ0LQGHVWHQVGUHL0HVVHUVWLFKHPXWHQLKQ JHWURIIHQKDEHQGHQQLFKVDKDXFKHLQH:XQGHDPUHFKWHQ%HLQGLH DOOHUGLQJVEHUHLWVYHUNUXVWHWZDU 'LHEHLGHQDQGHUHQ6WLFKHKDWWHQLKQLQGLH%UXVWJHWURIIHQ(LQH *lQVHKDXWULHVHOWHEHUPHLQHQ5FNHQ 6XNRUlXVSHUWHVLFKª'HQNVWGXGDVJOHLFKHZLHLFK-RKQ"© ª-D'RQ$OYDUH](UKDWQLFKWVYHUJHVVHQJDUQLFKWV6FKRQGDPDOVLP .ORVWHUKDWHUVHLQH0HVVHUVRVHKUJHOLHEW-HW]WKDWHUZLHGHUGHQEOX WLJHQ%HZHLVDQJHWUHWHQ© ª6ROOHQZLUGHQ7RWHQKLHUOLHJHQODVVHQ"© ª:DVEOHLEWXQVDQGHUHVEULJ"© ,FKVWLHJGHQ+DQJDOVHUVWHUKLQDE6XNRIROJWHPLUODQJVDPHU$P :DJHQHUZDUWHWHLFKLKQ ª0HLQHU$QVLFKWQDFKPVVHQVLFKGLH.HUOHQRFKKLHULQGHU1lKH EHILQGHQ©PXUPHOWHGHU&KLQHVH ª9LHOOHLFKWEHREDFKWHWHQVLHXQV© ª0|JOLFK© ª/DXQVWURW]GHPZHLWHUIDKUHQ©,FK|IIQHWHGLH7UGHV%HQWOH\ª,P .ORVWHUZHUGHQZLUGULQJHQGHUJHEUDXFKW© 'HU&KLQHVHQDKPDXIGHP%HLIDKUHUVLW]3ODW]ª:HQQLFKQXUZWH
ZDUXPVLHVLFKJHUDGH6W3DWULFNDXVJHVXFKWKDEHQ©PXUPHOWH6XNR ª6LHKlWWHQGRFKMHGHVDQGHUH.ORVWHUQHKPHQN|QQHQ© ª'DVZlUHQLFKWVRZLUNXQJVYROOJHZHVHQPHLQ/LHEHUhEHUOHJH GRFKPDO'DV.ORVWHULVWHLQ+RUWGHV*XWHQHLQ6WW]SXQNWLKUHU *HJQHU'RUWZLUGXQVHUH0XQLWLRQKHUJHVWHOOW:HQQVLHVLFKKLQWHUGHQ 0DXHUQHLQQLVWHQLVWYLHOJHZRQQHQ=XGHPZDU'RQ$OYDUH]PDOHLQ QRUPDOHU0|QFK© ª'HUVLFKJXW]XYHUVWHOOHQZHL©YROOHQGHWH6XNRGHQ6DW] ª6HKUULFKWLJ© ,FKIXKUZLHGHUDQ'HQQXQVVDGLH=HLWLP1DFNHQ,FKQDKPGLH .XUYHQYRUVLFKWLJ6LHZXUGHQLPPHUHQJHU'LH%HUJZlQGHWUDWHQMHW]W ELVGLFKWDQGLH6WUDHKHUDQ1DGHOElXPHKDWWHQLKU:XU]HOZHUNLQGHQ )HOVJHNUDOOW/LQNVJLQJHVVWHLOLQGLH7LHIH9RQHLQHP$XJHQEOLFN]XP DQGHUHQKDWWHGLH/DQGVFKDIWTXDVLJHZHFKVHOW:HLWYRUQVDKLFKGLH 6SLW]HQGHU%HUJHXQGDXFKGDV.ORVWHU(VVFKLHQ]XP*UHLIHQQDK]X VHLQ/XIWOLQLHHLQSDDU0HLOHQDEHUZLUPXWHQDXIGHUNXUYLJHQ6WUDH EOHLEHQ 5HFKWVOLQNVHLQGDXHUQGHV:HFKVHOVSLHO'LH6WUDHHUIRUGHUWH PHLQHYROOH$XIPHUNVDPNHLW8QGGLH6RQQHVDQN +LHUGHFNWHQXQVGLH)HOVZlQGH6LHZDUIHQGLHHUVWHQODQJHQ 6FKDWWHQGLHXQVXQGGHQ:DJHQLQHLQJUDXHV'lPPHUKOOWHQ 'LH)DKUWJLQJZHLWHU'LH*LSIHOGHU%HUJHZXUGHQQRFKYRP6RQQHQ OLFKWJHEDGHW$QPDQFKHQ6WHOOHQJOKWHQVLHGXQNHOURWDXI ,PPHUK|KHUIKUWHXQVGHU:HJ ª9RUVLFKW©VDJWH6XNRSO|W]OLFK ,FKEUHPVWH *HUDGHQRFKUHFKW]HLWLJGHQQHLQSDDU
=HKQ0LQXWHQJLQJHUEHYRUHUGDV7RUHUUHLFKWH(VZDUYHUVFKORVVHQ (UVWMHW]WVDK$OYDUH]ZLHJURGLH0DXHUQZDUHQ6FKLHUXQHLQQHKPEDU ZXFKVHQVLHYRULKPLQGLH+|KHJHEDXWIUHLQH(ZLJNHLWDXVJUDQLW KDUWHQ6WHLQHQDQGHQHQ:LQGXQG:HWWHULKUH6SXUHQKLQWHUODVVHQ KDWWHQ ,QGHQ=ZLVFKHQUlXPHQZXFKV0RRV:LOGHU:HLQUDQNWHVLFKDQ GHP*HPlXHULQGLH+|KHXQGGLH6WHLQHZDUHQYRQGHU3DWLQDGHU =HLWHQEHUGHFNWZRUGHQ ,Q$XJHQK|KHHQWGHFNWHGHUWHXIOLVFKH0|QFKHLQHQJURHQHLVHUQHQ .ORSIHUGHUVHKUVFKZHU]XKHEHQZDU'RQ$OYDUH]PXWHVFKRQYLHO .UDIWHLQVHW]HQXPLKQ]XEHZHJHQ 'DQQZXFKWHWHHULKQJHJHQGDV+RO]'LH6FKOlJHKDOOWHQLP,QQHQ KRIGHV.ORVWHUVQDFK 6HKUVFKQHOOZXUGHDQGHUDQGHUHQ6HLWHGHU7UHLQH.ODSSH]XUFN JHVFKREHQXQGHLQ*HVLFKWHUVFKLHQLQGHPYLHUHFNLJHQ$XVVFKQLWW'RQ $OYDUH]VDKGLHhEHUUDVFKXQJLQGHQ$XJHQGHVDQGHUHQ:DKUVFKHLQ OLFKKDWWHGHU0DQQZRKOGHQ/DVWZDJHQIDKUHUHUZDUWHWXQGQLFKWHLQHQ HLQVDPHQ:DQGHUHUGHUGD]XQRFKYHUOHW]WZDU ª:RNRPPVWGXKHU%UXGHU"©ZXUGH'RQ$OYDUH]JHIUDJW ª,FKKDEHHLQHODQJH:DQGHUXQJKLQWHUPLUXQGP|FKWHHXFKELWWHQ PLUHLQ1DFKWODJHU]XJHZlKUHQ© ª1DWUOLFK%UXGHU:DUWHHLQHQ$XJHQEOLFN© 'LH/XNHZXUGHZLHGHUJHVFKORVVHQ'RQ$OYDUH]JULQVWH'DVKDWWHMD DXVJH]HLFKQHWJHNODSSW(UYHUQDKPHLQGXPSIHV3ROWHUQDOVHLQVFKZH UHU5LHJHO]XU6HLWHJHVFKREHQZXUGHGDQQ|IIQHWHVLFKLQQHUKDOEGHV JURHQ7RUHVHLQHNOHLQH3IRUWHGLHQLFKWEUHLWHUDOVHLQH7UZDU'HU 0|QFKGHU'RQ$OYDUH]GLHHUVWHQ)UDJHQJHVWHOOWKDWWHEDWLKQHLQ ]XWUHWHQ ª,FKGDQNHGLU%UXGHU© +LQWHU$OYDUH]ZXUGHGLH7UZLHGHUJHVFKORVVHQ 'HU(LQGULQJOLQJVFKDXWHVLFKXP(UEHIDQGVLFKLP,QQHQKRIGHV .ORVWHUVXQGZDUYRQGHU*U|HEHUUDVFKW(VJDEPHKUHUH*HElXGH 6LHZDUHQ]XHLQHPRIIHQHQ.DUUHHJHEDXWZRUGHQ'HUVLFKLQGHU0LWWH EHILQGOLFKH+DXSWWUDNWZLHV]DKOUHLFKH)HQVWHUDXI'RUWPXWHQVLFK GLHHLQ]HOQHQ.DPPHUQGHU0|QFKHEHILQGHQ'RQ$OYDUH]VDKDXFKGLH NOHLQH.DSHOOHPLWGHPVSLW]HQ7XUPGHQ%UXQQHQXQGGLHZRKOJH SIOHJWHQ*lUWHQLQGHQHQGDV*HPVHDQJHEDXWZXUGHXQGHUHQW GHFNWHGLH:HUNVWlWWHQLQGHQ6HLWHQWUDNWHQ %HLHLQHPVWDQGGLH7URIIHQ'RUWJOKWHGDV)HXHUHLQHU6FKPLHGH 'DKDWWH3DWHU,JQDWLXVVHLQHQ$UEHLWVSODW]'RUWDUEHLWHWHHUXQG GUHKWHGLH6LOEHUNXJHOQ
ª'XELVWYHUOHW]W"©VSUDFKGHUDQGHUHLKQDQ ª-DDXIGHP:HJKLHUKHUVWU]WHLFKXQGVFKOXJPLUDQHLQHPNDQ WLJHQ6WHLQGLH6WLUQDXI© ª:LUZHUGHQGHLQH:XQGHJOHLFKEHKDQGHOQ© ª(VLVWQLFKWVRVFKOLPP,FKIUHXHPLFKQXUGDLFKHQGOLFKEHLHXFK ELQ© ª'DQQKDVWGXHLQHQZHLWHQ:HJKLQWHUGLU"© $OYDUH]QLFNWHKHIWLJª'DVNDQQPDQZRKOVDJHQ,FKNRPPHDXV 6SDQLHQ%UXGHU© ª1HLQ©'HU0|QFK]HLJWHVLFKHUVWDXQW ª'RFKLFKKDEHGHQ:HJDOV%XHDXIPLFKJHQRPPHQXQGZDUVHKU ODQJHXQWHUZHJV© ª'DQQZLUVWGXKXQJULJXQGGXUVWLJVHLQ%UXGHU:LUZHUGHQGLUEDOG HWZDV]XHVVHQJHEHQ© ª'DVKDW=HLW+DEHQVLFKGLHDQGHUHQQLFKW]XU%HWVWXQGHYHUVDP PHOW%UXGHU"© ª(VVWLPPWZLUKDOWHQXQVHUH9HVSHU,FKZHUGHQDFKKHUEHWHQ'X NDQQVWPLWNRPPHQZHQQGXGLFKQLFKW]XHUVFK|SIWIKOVWXPGHP +HUUJRWW]XGDQNHQGDHUGLUGHQ:HJGRFKQRFKLQVHLQHUXQHQG OLFKHQ*WHJHZLHVHQKDW© ª-DGDVZHUGHLFK© $OYDUH]NRQQWHVLFKDXVJH]HLFKQHWYHUVWHOOHQ'HUDQGHUHPHUNWH QLFKWV,FKZHUGHQLFKWGHP+HUUJRWWGDQNHQVRQGHUQGHP7HXIHO GDFKWHHU(UZLUGEDOGGDV.ORVWHUEHVHW]WKDEHQ,QQHUOLFKNLFKHUWH GHUIUHPGH0|QFK ª.RPPPLW%UXGHU©VDJWHGHUDQGHUH 6LHEHWUDWHQHLQNOHLQHV+DXVGDVOLQNVQHEHQGHP(LQJDQJODJXQG GHP0|QFKDOV:DFKKlXVFKHQGLHQWH (LQ6WXKOXQGHLQ7LVFKVWDQGHQGRUW(VJDENHLQHQ2IHQNHLQH +HL]XQJDXFKLP:LQWHUPXWHGHU0|QFKKLHULQGHU.lOWHKRFNHQ (UERW'RQ$OYDUH]HLQHQ6WXKODQDXIGHQVLFKGHUDQGHUHQLHGHUOLH (UVW|KQWHGDEHLVRJXWGDGHU0DQQXQWHUVHLQH.XWWHJULIIXQGHLQH NOHLQH)ODVFKHKHUYRUKROWHGLHPLUHLQHUGXQNOHQ)OVVLJNHLWKDOEJHIOOW ZDU ª:DVLVWGDV"©IUDJWH$OYDUH] 'HU0|QFKOlFKHOWHZLVVHQGXQGVFKUDXEWHGHQ9HUVFKOXDXIª(LQ JXWHV0LWWHO©HUNOlUWHHUª,FKKDEHGHQ7DQNVHOEVWJHEUDXW(UKLOIWRIW© ª'DQQQHKPHLFKLKQGDQNHQG©'RQ$OYDUH]WUDQNHLQHQ6FKOXFN 'LH)OVVLJNHLWUDQQIHXULJGXUFKVHLQH.HKOHIDQGLKUHQ:HJ]XP 0DJHQXQGEUHLWHWHVLFKGRUWDXV (LQHZRKOLJH:lUPHGXUFKVWU|PWHGHQ.|USHUGHV6SDQLHUV6HLQ
%OLFNQDKPIUHLQHQNXU]HQ0RPHQWHLQHQYHUNOlUWHQ$XVGUXFNDQ GDQQJDEHUGLH)ODVFKH]XUFN ª,KUZLWZLUNOLFKHLQHQJXWHQ7URSIHQ]XEUDXHQ%UXGHU©VDJWHHU XQGQLFNWHDQHUNHQQHQG ª-DXQVHUH7UDGLWLRQ© ª6FKPHFNWHLQZHQLJQDFK:KLVN\© ª1LFKWQXUHLQZHQLJ%UXGHU'DVPHLVWHLVW:KLVN\DEHUHLQEH VRQGHUVDOWHU(UODJHUWLQVSH]LHOOHQ)lVVHUQWLHILQGHQ*HZ|OEHQGHV .ORVWHUV© ª9HUNDXIWLKULKQDXFK"© ª0DQFKPDODQVRQVWHQYHUVFKHQNHQZLULKQ©'HU0|QFKZROOWHQRFK HWZDVVDJHQGRFKGDVGQQH/lXWHQGHU*ORFNHXQWHUEUDFKLKQ(U ODXVFKWHHLQHQ0RPHQWXQGQLFNWH$OYDUH]GDQQ]Xª'LH9HVSHULVW EHHQGHW©VDJWHHU 'HU6SDQLHUVWDQGDXIª'DQQN|QQWHLFKMHW]WPLWGHP$EWUHGHQ"© ª:DKUVFKHLQOLFK%UXGHU© ª0HLQVWGXGDLFKHLQLJH7DJHEHLHXFKEOHLEHQNDQQ"©HUNXQGLJWH VLFK'RQ$OYDUH] 'DOlFKHOWHGHUDQGHUHJWLJª1DWUOLFK'XNDQQVWVRODQJHEOHLEHQ ZLHGXZLOOVW(LQH.ODXVHVWHKWIUGLFKLPPHUIUHL'XZLUVWPLWXQV EHWHQXQGDUEHLWHQ© ª'DQNH© 'LHEHLGHQVRXQWHUVFKLHGOLFKHQ0|QFKHYHUOLHHQGDVNOHLQH +lXVFKHQ 'LH7UGHU.DSHOOHVWDQGLQ]ZLVFKHQRIIHQ)ODFNHUQGHU .HU]HQVFKHLQILHODXIGHQ+RIGHQODQJVDPGLH6FKDWWHQGHU 'lPPHUXQJDXVIOOWHQ+LQWHUHLQDQGHUYHUOLHHQGLH0|QFKHGLH .DSHOOH6LHKLHOWHQGLH.|SIHJHVHQNWGLH.DSX]HQUlQGHUZDUHQELV GLFKWDQGLH$XJHQEUDXHQJHUXWVFKWGLH%OLFNWHEHUKUWHQGHQ%RGHQ 'LH0|QFKHEHIDQGHQVLFKQRFKLQWLHIHU$QGDFKWGHVKDOEVHQNWH'RQ $OYDUH]VHLQH6WLPPH]XHLQHP)OVWHUQDOVHUIUDJWHª:HUYRQLKQHQ LVWGHU$EW"© ª(UEHILQGHWVLFKQRFKLQGHU.DSHOOHXQGYHUOlWVLHLPPHUDOVOHW]WHU *OHLFKPWHHUNRPPHQ© 'HU0|QFKKDWWHQLFKWJHORJHQ,QGHU7DWHUVFKLHQGHU$EW(UVFKOR DXFKGLH7U (LQ:LQGVWRIXKULQGHQ,QQHQKRIXQGEOLHVLKPGLH.DSX]HYRP .RSI'RQ$OYDUH]VDKGDGHU.ORVWHUYRUVWHKHUQXUZHQLJ+DDUHKDWWH 6LHXPJDEHQHLQHQEODQNHQ.RSIVHLWOLFKZLHHLQZHLHU.UDQ] ª/DXQVJHKHQ%UXGHU©VDJWHGHU0|QFK 'RQ$OYDUH]IROJWHGHP0DQQ(UPHUNWHGRFKGDHULQQHUOLFK
QHUY|VZDUGHQQMHW]WNDPHVGDUDXIDQ:UGHGHU$EWHEHQIDOOVDXI VHLQHQ%OXIIKHUHLQIDOOHQ"9LHO=HLWEOLHELKPQLFKWPHKU'LH+RUURU 5HLWHUZROOWHQEHL$QEUXFKGHU'XQNHOKHLWHUVFKHLQHQXQGGDV.ORVWHU LQLKUH*HZDOWQHKPHQ 'HU$EWEOLHEVWHKHQDOVHUGLHEHLGHQDXIVLFK]XNRPPHQVDK )UDJHQGVFKDXWHHUVLHDQ 'RQ$OYDUH]ZDUWHWHHWZDVDEVHLWVELVGHU0|QFKGHP$EWHLQLJH (UNOlUXQJHQJHJHEHQKDWWH(LQZHLWHUHU0|QFKJLQJDQLKQHQYRUEHL 7URW]GHU.XWWHGLHVHLQHQ.|USHUYHUEDUJZDU]XVHKHQGDHUHLQH XQJHZ|KQOLFKNUlIWLJH6WDWXUKDWWH (VZDUGHU6LOEHUVFKPLHG%UXGHU,JQDWLXV 'HU$EWQLFNWHHLQSDDUPDOVFKDXWH$OYDUH]DQXQGHLQZRKOZRO OHQGHV/lFKHOQXPVSLHOWHVHLQH/LSSHQ (UKDWQLFKWVEHPHUNWGDFKWHGHU6SDQLHU,QQHUOLFKODFKWHHU'DVOLHI DOOHVVHKUJXW 'DQQZXUGHHUYRQGHP.ORVWHUYRUVWHKHUGLUHNWDQJHVSURFKHQª-D %UXGHU$OYDUH]GXNDQQVWEHLXQVEOHLEHQ,FKKDEHJHK|UWZHOFKHLQH ODQJH5HLVHGXDXIGLFKJHQRPPHQKDVW© ª,FKNRPPHDOV%HU© ª'DQQEOHLEHEHLXQVVRODQJHGXZLOOVW6HLLQXQVHUHP.UHLVHKHU] OLFKZLOONRPPHQ©'HU$EWUHLFKWH$OYDUH]GLH+DQGGLHGLHVHUHUJULII XQGNUlIWLJGUFNWH ª,FKGDQNHGLU©HUZLGHUWHHUXQGVHQNWHGHQ%OLFNª,VWHVP|JOLFK GDLFKGLFKXQWHUYLHU$XJHQVSUHFKH"© ª1DWUOLFKPHLQ)UHXQG.RPPPLWZLUJHKHQLQPHLQ$UEHLWV ]LPPHU© 'HUDQGHUH0|QFKEOLHE]XUFN(UEHZXQGHUWHGHQ%HWEUXGHUDXV 6SDQLHQGDGLHVHUVRHLQHODQJH5HLVHXQWHUQRPPHQKDWWH 'HU$EWIKUWH'RQ$OYDUH]DXIGHQ0LWWHOWUDNW]X'RUWVFKULWWHQVLH GXUFKHLQHRIIHQVWHKHQGH]ZHLIOJHOLJH7UXQGEHWUDWHQHLQHNDKOH +DOOHLQGHUHVNHLQHLQ]LJHV0|EHOVWFNJDEVRQGHUQQXUHLQVFKOLFK WHV+RO]NUHX]DQGHU:DQG ,QHLQHU(FNHVWDQGHQGUHLPHWDOOHQH.HU]HQVWlQGHU'LHEUHQQHQGHQ 'RFKWHGHUGLFNHQ.HU]HQYHUEUHLWHWHQHLQIODFNHUQGHV/LFKWGDVOlQJVW QLFKWGLHJHVDPWH+DOOHHUOHXFKWHWHVRQGHUQHLQLJH(FNHQXQG:LQNHO LP6FKDWWHQOLH 6LHZDQGWHQVLFKQDFKOLQNV 0LWJHPHVVHQHQ6FKULWWHQJLQJGHU$EWYRUDQZlKUHQGVLFK'RQ $OYDUH]HLQHKDOEH.|USHUOlQJHKLQWHULKPKLHOWGDPLWHUDXFKGLH 8PJHEXQJEHREDFKWHQNRQQWH :RKOIKOWHHUVLFKKLHUQLFKW)U$OYDUH]ZDUHVHLQHIHLQGOLFKH
8PZHOW(UVSUWHGDKLHUHLQDQGHUHU*HLVWKHUUVFKWHDOVLQGHP .ORVWHU0RQWH7HUUDQR,Q6W3DWULFNKDWWHGHU7HXIHOQRFKNHLQHQ(LQOD JHIXQGHQ 'DVVROOWHVLFKlQGHUQ =ZHL0|QFKHQNDPHQLKQHQHQWJHJHQDOVVLHGXUFKGHQODQJHQ*DQJ VFKULWWHQGHVVHQ6WHLQERGHQ]ZDUGXQNHODEHUIDVWVREODQNZLHHLQ 6SLHJHOZDU'LH0|QFKHJUWHQ'HU$EWQLFNWH]XUFNXQGDXFK'RQ $OYDUH]HUZLGHUWHGHQ*UX 'LH7UHQDQGHUOLQNHQ*DQJVHLWHZDUHQDOOHVDPWEUDXQJHEHL]W9RU MHGHU7UVWDQGHLQHEUHQQHQGH.HU]H (VZDUNKOLQGLHVHQ0DXHUQ$OYDUH]IU|VWHOWH$OVGHU$EWVWHKHQ EOLHEYHUKLHOWDXFKHUVHLQHQ6FKULWW'HU.ORVWHUYRUVWHKHUVFKORGLH JU|WHGHU7UHQDXI|IIQHWHXQGOLHVHLQHP*DVWGHQ9RUWULWW 'RQ$OYDUH]EHWUDWGDV$UEHLWV]LPPHUGHV$EWVGDV]XJOHLFKDOV %LEOLRWKHNGLHQWH(LQJHPHLQHV/lFKHOQXPVSLHOWHGLH/LSSHQGHV 6SDQLHUVDOVHUGDUDQGDFKWHGDGLHVHV$UEHLWV]LPPHUDXFKGDV 6WHUEH]LPPHUGHV$EWVZHUGHQVROOWH 'HU$EWVFKORGLH7U ª6HW]GLFK%UXGHU©ZLHVHU'RQ$OYDUH]DQXQGGHXWHWHDXIGHQ KRFKOHKQLJHQ6WXKO ª'DQNH© 'HU6SDQLHUVFKDXWHVLFKXP+RKH5HJDOHGLHELVDQGLH'HFNHUHLFK WHQHLQDOWHU6FKUHLEWLVFKDXIGHPDXIJHVFKODJHQH%FKHUODJHQ'DV JURH)HQVWHUIKUWH]XP+RIZRGLH'lPPHUXQJLPPHUPHKUGXQNOH (FNHQXQG6FKDWWHQELOGHWH'LHVHV=LPPHUVFKLHQGHUHLQ]LJJHPWOLFKH 5DXPLQQHUKDOEGHV.ORVWHUV]XVHLQ 'HU$EWWUDWGLFKWDQVHLQHQ*DVWKHUDQ(UEHXJWHVLFKGDEHLYRUXQG EHWUDFKWHWHGLH:XQGHª%LVWGXPLWHLQHP0HVVHUYHUOHW]WZRUGHQ",FK KDEHDXFK0HGL]LQVWXGLHUWXQGNHQQHPLFKGDDXV© ª1HLQ©VDJWH$OYDUH]VFKQHOOª(VZDUHLQ6WHLQ6HKUODQJXQGVFKDUI NDQWLJ© ª:LUZHUGHQGLH:XQGHYHUELQGHQ$QVFKOLHHQGEHNRPPVWGXGHLQ (VVHQGDQQZLUGGLUMHPDQGHLQH.ODXVH]XZHLVHQ© ª,FKGDQNH©VDJWHGHUWHXIOLVFKH0|QFK 'HU$EWGUHKWHVLFKXP5HFKWVQHEHQGHU7UVWDQGHLQDOWHU +RO]VFKUDQNPLW]ZHL7UHQ'LHUHFKWHGDYRQVFKORGHU$EWDXI,Q GLHVHP6FKUDQNYHUZDKUWHHUXQWHUDQGHUHPGLH'LQJHGLHIUHLQH (UVWH+LOIHXQHUOlOLFKZDUHQ (UEFNWHVLFKZHLOGHU.DVWHQPLWGHP5RWHQ.UHX]GDUDXI]LHPOLFK ZHLWXQWHQODJ 'RQ$OYDUH]VWDQGDXI'LH*HOHJHQKHLWZDUSO|W]OLFKJQVWLJ'HU
$EWGUHKWHLKPGHQ5FNHQ]XXQGDKQWHYRQQLFKWV (LQH%HZHJXQJPLWEHLGHQ$UPHQGLHEHLGHQ0HVVHUUXWVFKWHQDXV GHQbUPHOQ 'HU/LFKWUHIOH[HLQHUEUHQQHQGHQ.HU]HWUDIGLH.OLQJHQXQGOLHVLH U|WOLFKDXIEOLW]HQ /DXWORVVFKOLFKGHUWHXIOLVFKH0|QFKDXIGHQLPPHUQRFKJHEFNW VWHKHQGHQ$EW]X 1LFKWVZDUQWHGHQ0DQQ 1RFK]ZHL6FKULWWHGDQQQXUQRFKHLQHU $OYDUH]KREEHLGH+lQGH ,QGLHVHP$XJHQEOLFNNDPGHU$EWKRFKGUHKWHVLFKXPXQGVDJWH ª'DKDEHLFKGHQ.DVWHQ© :HLWHUNDPHUQLFKW6HLQ*HVLFKWYHU]HUUWHVLFKIUHLQHQZLQ]LJHQ 0RPHQW]XQDPHQORVHP6FKUHFNHQGDQQVWLH'RQ$OYDUH]PLWEHLGHQ 0HVVHUQ]X 2EZRKOZLUGDPLWJHUHFKQHWKDWWHQDXIGLH+RUURU5HLWHU]XWUHIIHQ ZDUGDV$XIWDXFKHQGHVHUVWHQGRFKHLQ6FKRFNIUXQV8QGHUVDKVR DXVZLHLFKLKQHLJHQWOLFKQLFKWLQ(ULQQHUXQJKDWWH $XIGHP5DSSHQKRFNWHQXUHLQSHFKVFKZDU]HV6NHOHWW2KQH 5VWXQJRKQH6FKXW]QXUPLWHLQHU/DQ]HEHZDIIQHW6RHULQQHUWHHU PLFKDQGHQ6FKZDU]HQ7RGLQYHUNOHLQHUWHU)RUP,QVHLQHQ$XJHQ K|KOHQVFKLPPHUWHHVKHOO6HKUGHXWOLFKVWDFKHQVLHYRP6FKZDU]GHV 6FKlGHOVDE 'HQ6FKDIWGHU/DQ]HKLHOWHUPLWGHQ.QRFKHQILQJHUQGHUUHFKWHQ +DQGXPNODPPHUWVHLQ0DXOVWDQGKDOERIIHQXQGGDV7LHUDXIGHPHU VDVFKQDXIWH'DEHLTXROO5DXFKDXVGHQ1VWHUQ,FKZXWHDEHU DXFKGDHU)HXHUVSHLHQNRQQWH 'HU5HLWHUZDUDXVGHP:DOGUHFKWVYRUXQVHUVFKLHQHQ(UPXWH DXFKGRUWJHODXHUWKDEHQXQGQXQPDFKWHHUNHLQHUOHL$QVWDOWHQGHQ :HJIUHL]XJHEHQ 1HEHQPLUEHZHJWHVLFK6XNR(UVFKREVHLQHQ$UPGXUFKGLH/FNH ]ZLVFKHQGHQEHLGHQ9RUGHUVLW]HQSDFNWHGDVYRQ'HVWHURHUEHXWHWH 6FKZHUW'DEHLVWLHHUHLQHQ)OXFKDXV ª:DVLVW"©IUDJWHLFK ª+LQWHUXQVVWHKWDXFKHLQHU(UKDWHLQJURHV%DXIGHU%UXVW%DHOV /HLEZlFKWHU© 8QGGHU7\SYRUXQVWUXJHLQ(DXIGHQ6NHOHWWNQRFKHQJHPDOW(U JHK|UWH]X(XL\QRPH ª:DVPDFKHQZLU"©IUDJWH6XNR
ª$XVVWHLJHQ© ª(LQIDFKVR"©0HLQ3DUWQHUJULQVWH ª:DVVRQVW"© 6XNRV$UPIXKUZLHGHUYRUXQGLFKVDKGDHUGDV6FKZHUWIHVWKLHOW ª:LOOVWGXHV"© ª.ODU© ,FKO|VWHGHQ6LFKHUKHLWVJXUWSDFNWHGHQ*ULIIXQGVWLHJDXVGHP :DJHQ (VZDUNlOWHUJHZRUGHQ'DVNRQQWHDQGHU+|KHOLHJHQDEHUDXFKDQ GHU$QZHVHQKHLWGHUJHIlKUOLFKHQ5HLWHU :LUNRQQWHQQLFKWYRUXQGQLFKW]XUFN6LHKDWWHQXQVUHJHOUHFKWHLQ JHNHLOW 9RQGHQEHLGHQDQGHUHQVDKHQZLUQLFKWVDEHUXQVZDUNODUGDVLH LUJHQGZRLQGHU1lKHODXHUWHQXQGXQVEHREDFKWHWHQ 'LH7UOLHLFKQXUDQJHOHKQWJLQJHLQSDDU6FKULWWHYRUXQGEOLHE QHEHQGHPUHFKWHQ9RUGHUUHLIHQVWHKHQ 6XNRZDU]XUFNJHJDQJHQ(UVWDQGLQ+|KHGHV+LQWHUUHLIHQVXQG EHKLHOWGHQDQGHUHQ5HLWHULP$XJH :LUPDHQXQVPLW%OLFNHQ6HKUJURNDPPLUGLH*HVWDOWYRU6LH KRFNWHZLHHLQ'HQNPDODXIGHPVFKZDU]HQ*DXOXQGVSUDFKNHLQ HLQ]LJHV:RUWZlKUHQGGHUYRQGHQ%HUJHQIDOOHQGH:LQGGXUFKGLH .QRFKHQGHV5HLWHUVIXKU ª:DVZLOOVWGX"©IUDJWHLFKLKQ ª'XELVW-RKQ6LQFODLU©(UVSUDFKZLHHLQ$XWRPDW ª-DLFKKRIIHGXKDVWPLFKHUNDQQWXQGHULQQHUVWGLFKDXFKQRFKDQ XQVHUH]ZHLWH%HJHJQXQJ'DPDOVLVWHVGLUYHUGDPPWGUHFNLJJH JDQJHQ0HLQ.UHX]WUDJHLFKZLHGHUEHLPLU:LOOVWGXHVVHKHQ"©,FK KREGLHOLQNH+DQGXQG]RJGDV.UX]LIL[KHUYRUGDGDQDFKRIIHQYRU GHU%UXVWEDXPHOWH (VUHDJLHUWHQLFKW 'DVKDWWHLFKDXFKQLFKWHUZDUWHWGHQQLFKKlWWHHVHUVWJHJHQGLH *HVWDOWVFKOHXGHUQPVVHQXPHLQHQ(UIROJ]XHU]LHOHQ6RWDWVLFK QLFKWV ª'LHVPDOZLUGHVGLUQLFKWVKHOIHQ-RKQ6LQFODLU(VKDWQXUVHLQH.UDIW HQWIDOWHWZHLOVLFKDXFKGHU%XPHUDQJLQGHU1lKHEHIDQGhEHUGDV .UHX]DOOHLQODFKHQZLU© 'DNRQQWHHUUHFKWKDEHQ(UVW]XVDPPHQPLWGHP%XPHUDQJZDUHV GHP.UHX]XQGPLUJHOXQJHQGHQ6FKZDU]HQ7RG]XYHUQLFKWHQXQG GLH+RUURU5HLWHU]XUFN]XVFKOHXGHUQ ,FKKDWWHQLHZLUNOLFKGDUDQJHJODXEWGDLFKVLHHQGJOWLJYHUQLFKWHW KDWWHQXQVDKLFKGHQOHEHQGHQ%HZHLVYRUPLU
$EHULFKZROOWHHVJHQDXZLVVHQª:RNRPPWLKUKHU"©VWHOOWHLFK PHLQHQlFKVWH)UDJH ª$XVHLQHU:HOWGLHGXQLFKWNHQQVW*HLVWHUMlJHU© ª.DQQLFKPLUGHQNHQ8QGZHUKDWHXFKJHKROIHQ"© ª'LHYLHU(U]GlPRQHQ© .ODUGD$VWDURWK%DHO(XU\QRPHXQG$PGXFLDVLKUHGlPRQLVFKHQ )LQJHULP6SLHOKDWWHQ6LHZUGHQHVQLH]XODVVHQGDLKUH/HLEZlFKWHU YHUQLFKWHWZXUGHQ ª8QGZDVVDJW$VPRGLQDGD]X"© ª6LHZLUGVLFKGDPLWDEILQGHQPVVHQ© 'LHVH$QWZRUWDXIPHLQHQLFKWRKQH+LQWHUJHGDQNHQJHVWHOOWH)UDJH EHZLHVPLUGDDQGHUHPlFKWLJH'lPRQHQHVOHLGZDUHQYRQ $VPRGLQDJHJlQJHOW]XZHUGHQ6LHJULIIHQ]XHLJHQHQ0LWWHOQGDV $XIWDXFKHQGHU+RUURU5HLWHUKDWWHHVEHZLHVHQ ª:HULVWQRFKEHLHXFK"© ª'DVZHLWGXVHOEVW:LUKDEHQ'RQ$OYDUH]EHIUHLWGHQQHUKDWLQ GHU=HLWVHLQHV=ZDQJVDXIHQWKDOWHVLQGHU,UUHQDQVWDOWLPPHU]XXQV JHKDOWHQ(UKDWXQVQLFKWYHUJHVVHQXQGZLUKDEHQLKQQLFKWYHU JHVVHQ© ª8QGZREHILQGHWHUVLFK"©IUDJWHLFKREZRKOLFKGLH$QWZRUWVFKRQ DKQWH ª,P.ORVWHU(UEHUHLWHWDOOHVIUXQVHUH$QNXQIWYRU:HQQZLUHLQ WUHIIHQLVWGLHVHU6WXW]SXQNWGHV*XWHQVWXUPUHLIXQGHUZLUG]XHLQHU )HVWXQJGHU+|OOH© *URH:RUWHGRFKIUPLFKEHVWDQGNHLQ*UXQGDQLKUHU*ODXE ZUGLJNHLW]X]ZHLIHOQ 8QGLFKGXUFKVFKDXWHLKUHQ3ODQ6LHZROOWHQ6XNRXQGPLFKKLHUDXI KDOEHU6WUHFNHVRODQJHIHVWKDOWHQELV$OYDUH]GDV.ORVWHUEHUQRPPHQ KDWWH (LQWHXIOLVFKHU3ODQGHUDXIJHKHQNRQQWHZHQQZLUQLFKWVXQWHU QDKPHQ ª1HLQ©HUZLGHUWHLFKHQWVFKORVVHQª1LHZLUGGDV.ORVWHU]XHLQHU )HVWXQJGHU+|OOH'DIUWUDJHLFK6RUJH©1DFKGLHVHQ:RUWHQOLHILFK PLWVFKODJEHUHLWHP6FKZHUWDXIGLH.QRFKHQJHVWDOW]X0HLQH%HUHWWD NRQQWHLFKLP+ROVWHUODVVHQVLHKlWWHPLUGRFKQLFKWJHJHQGLHVH5HLWHU JHKROIHQ6LOEHUNXJHOQSUDOOWHQDQGLHVHQ.QRFKHQZLUNXQJVORVDE$EHU PLWGHP6FKZHUWHEHQIDOOVHLQH:DIIHGHV%|VHQKRIIWHLFKGLH6NHOHWWH ]HUVW|UHQ]XN|QQHQ 0XOPLJZDUPLUVFKRQDOVLFKGHP+RUURU5HLWHUHQWJHJHQVFKULWW 'RFKLFKZXWH6XNRLQPHLQHP5FNHQ(UZUGHPLFKIUKJHQXJ ZDUQHQVROOWHGHUDQGHUHYHUVXFKHQHLQ]XJUHLIHQ
'HU5HLWHUEOLHEDXIVHLQHPVFKZDU]HQ*DXOVLW]HQ(UPDFKWHNHLQHU OHL$QVWDOWHQPLUHQWJHJHQ]XVSUHQJHQXQGGDVZXQGHUWHPLFK6HKU EDOGHUIXKULFKGHQ*UXQG 6XNRVWLHGHQ:DUQVFKUHLDXVª-RKQZHJ© %OLW]VFKQHOOODJLFKIODFK.DXPZDULFKDXIGHP%RGHQDXIJHSUDOOWGD K|UWHLFKVFKRQGDVSIHLIHQGH*HUlXVFKPLWGHPGLHVFKZHUH/DQ]H DXIPLFK]XIORJ'RFKQLFKWGHU5HLWHUYRURGHUKLQWHUPLUKDWWHVLH JHZRUIHQVRQGHUQHLQGULWWHUGHUUHFKWVYRQPLULP:DOGODXHUWH 'DVVFKZHUH:XUIJHVFKRKlPPHUWHGLFKWQHEHQPHLQHP.RSILQ GHQ%RGHQ6RZXFKWLJGDGLH6SLW]HIDVWELV]XP%HJLQQGHV6FKDIWV GDULQYHUVFKZDQG ,FKVSUDQJDXI *OHLFK]HLWLJULWWGHU5HLWHUYRUPLUDQ'HUGULWWHSUHVFKWHGHQ+DQJ KHUXQWHUXQGDXFK6XNRZXUGHYRQ]ZHLGlPRQLVFKHQ.UHDWXUHQ DWWDFNLHUW'HUOHW]WH5HLWHUKDWWHHEHQIDOOVLP:DOGJHODXHUWDOOHUGLQJV ZHLWHUKLQWHQ 'HU&KLQHVHZROOWHVHLQHQ6WDEDXVGHU7DVFKH]LHKHQGRFKHUNDP QLFKWPHKUGD]X$OOHVJLQJYLHO]XUDVFK(UNRQQWHVLFKQXUQRFKPLW HLQHPUDVFKHQ6SUXQJ]XU6HLWHUHWWHQVRQVWZlUHHUYRQGHQ+XIHQGHV 3IHUGHVJHWURIIHQZRUGHQGLHSO|W]OLFKYRUVHLQHP*HVLFKWDXIWDXFKWHQ 6XNRSUDOOWH]X%RGHQEHUVFKOXJVLFKHLQSDDUPDOVFKOXFNWH6WDXE ZROOWHDXIGLH%HLQHNRPPHQXQGGLH'lPRQHQSHLWVFKH]LHKHQZXUGH DEHUYRQGHP5HLWHUVRKDUWJHUDPPWGDHUZLHGHU]X%RGHQVWU]WH XQGVLFKGRUWEHUVFKOXJ 'HU&KLQHVHKDWWHVRYLHO6FKZXQJGDHUTXHUEHUGLH6WUDHUROOWH XQGGHP$EJUXQGYHUGDPPWQDKHNDP.QDSSGDYRUEOLHEHUOLHJHQ NUPPWHVHLQHQ.|USHUXQGVFKQHOOWHKRFK 'LFKWYRUVLFKVDKHUGHQSHFKVFKZDU]HQ*DXO(UVWDQGDXIGHU +LQWHUKDQGGHU5HLWHUKDWWHVLFKDXIJHVHW]WXQGUDPPWHGLHJHIlKUOLFKH /DQ]HQDFKXQWHQXPGHQ&KLQHVHQ]XW|WHQ 6XNRVSUDQJ]XU6HLWHVWLHVLFKDEXQGKHFKWHWHJOHLFK]HLWLJYRU(U VSUWHQRFKGHQ/XIW]XJVRGLFKWZLVFKWHGLH:DIIHDQVHLQHP6FKlGHO YRUEHLGDQQKDWWHQGLH)LQJHUVHLQHUDXVJHVWUHFNWHQ$UPHGHQ+RUURU 5HLWHUJHSDFNWXQGNUDOOWHQVLFKDQGHQ.QRFKHQIHVW 6XNRULGDVVFKZHUH6NHOHWWYRP3IHUGHUFNHQ(VNODSSHUWHDOVGHU +RUURU5HLWHU]X%RGHQILHO 6RIRUWJULII6XNRXQWHUVHLQH-DFNHXQGKROWHGLH'lPRQHQSHLWVFKH KHUYRU(UNDPQLFKWPHKUGD]XHLQHQ.UHLV]XVFKODJHQXPGLH:DIIH HLQ]XVHW]HQ]XN|QQHQ(LQDQGHUHUJULIILQGHQ.DPSIHLQDQGHQ6XNR JDUQLFKWJHGDFKWKDWWH 'DV3IHUGEHIDQGVLFKLQVHLQHP5FNHQXQGWUDW]X
6LLNRZXUGHQDFKYRUQJHVFKOHXGHUWGLUHNWDXIGHQ5HLWHU]X 'DGXUFKKDWWHHU*OFNVRGDLKQGHU]ZHLWH+XIQXUDP.RSIVWUHLIWH %HLHLQHP9ROOWUHIIHUZlUH6XNRWRWJHZHVHQVREHUVWDQGHUYRUHUVW GHQ7UHIIHUVDKGLH6WHUQHYRUVHLQHQ$XJHQDXISODW]HQXQGPHUNWHZLH VHLQH%HLQHQDFKJDEHQ $OOHVYHUVFKZDPP(UVWROSHUWHQRFKHLQSDDU6FKULWWHZHLWHUEHYRUHU QDFKYRUQNLSSWHXQGEHZXWORVZXUGH'HQ$XISUDOOVSUWHHUVFKRQ QLFKWPHKU 6FKDXULJODFKWHGHU+RUURU5HLWHUDXI 'LHVHV/DFKHQK|UWHDXFKLFKXQGZXWHGDLUJHQGHWZDV6FKOLPPHV JHVFKHKHQZDU,FKVFKOXJPLFKQRFKLPPHUPLWPHLQHQ]ZHL5HLWHUQ KHUXPGLHXQJHKHXHUVFKQHOOXQGZHQGLJZDUHQGHQQLFKKDWWHHVQRFK QLFKWJHVFKDIIWHLQHQ7UHIIHU]XODQGHQ ,PPHUZLHGHUZLFKHQGLHEHLGHQDXV 6LHKRFNWHQDXILKUHQ*l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lWWHEHVVHU]LHOHQ VROOHQGHQQGDVDXIGHP*DXOKRFNHQGH6NHOHWWGXFNWHUHFKW]HLWLJ JHQXJZHJXQGGLH/DQ]HIHKOWH 0LVW 0LWGHP6FKZHUWIKUWHLFKGHQQlFKVWHQ6WUHLFK=LHPOLFKXQNRQWURO OLHUWDEHULFKKDWWH*OFN 'LH6SLW]HVWUHLIWHGDV.QRFKHQEHLQGHV]ZHLWHQ5HLWHUV (LQZLOGHUUDXKHU6FKUHL,PQlFKVWHQ$XJHQEOLFNILHOHLQ)XPLW HLQHP6WFN.QRFKHQGDUDQ]X%RGHQ'HU5HLWHUPXWH6FKPHU]HQ VSUHQXQGLFKOlFKHOWHJULPPLJ,FKNRQQWHPLFKDOOHUGLQJVQLFKW ZHLWHUXPLKQNPPHUQGHQQGXUFK6XNRV6FKUHLZXWHLFKGDHU +LOIHEUDXFKWH,FKZDQGWHPLFKEOLW]VFKQHOOXPSUDOOWHGDEHLJHJHQGLH 6WRVWDQJHGHV%HQWOH\VSUDQJDXIGLH.KOHUKDXEHYRQGRUWDXVDXI GDV'DFKGHV:DJHQVXQGOLHIPLWVFKQHOOHQ6FKULWWHQGDUEHUKLQZHJ 9RP'DFKDXVKHFKWHWHLFKDXIHLQHQ5HLWHU]XGHUYRQVHLQHP*DXO JHVWLHJHQZDUXQG6XNRLQGHQ$EJUXQGVFKOHXGHUQZROOWH
,FKNDPNHLQH6HNXQGH]XVSlW'DV6NHOHWWKDWWHPHLQHQ3DUWQHU VFKRQPLWEHLGHQ+lQGHQJHSDFNWDOVLFKYRQGHUHLJHQHQ:XFKW JHWULHEHQJHJHQLKQSUDOOWH 'HU.Q|FKHUQHNLSSWHQLFKWQXUXPVRQGHUQYHUVFKZDQGEHUGHU .DQWHXQGILHOLQGHQ$EJUXQG'DPLWZDUHUQLFKWHUOHGLJWDEHULFK KDWWHHLQHQ*HJQHUZHQLJHU 6RIRUWZLUEHOWHLFKKHUXP 0LWGHP6FKZHUWZHKUWHLFKHLQHQ6WLFKDE/HLGHUWUDILFKGLH/DQ]H QLFKWVRVRGDLFKVLHLQ]ZHL7HLOHJHKDXHQKlWWHGLH.OLQJHVWUHLIWHVLH QXU(VUHLFKWHDOOHUGLQJVDXVXPVLHDXVGHU5LFKWXQJ]XEULQJHQ ,FKVWDFKQDFKGHP.RSIGHV3IHUGHV 8QGKDWWH*OFN 'LH6SLW]HERKUWHVLFKLQGDVOLQNH$XJHGHVK|OOLVFKHQ7LHUV(LQ VFKULOOHV*HUlXVFKHUNODQJGDVQXUHLQHHQWIHUQWHbKQOLFKNHLWPLWGHP :LHKHUQQRUPDOHU3IHUGHKDWWH$XIGHU+LQWHUKDQGVWLHJGHUVFKZDU]H *DXOKRFKXQGLFKVDKHLQHGLFNHJUQOLFKH)OVVLJNHLWDXVGHP$XJH IOLHHQGLHLQJURHQ7URSIHQ]X%RGHQNODWVFKWH (LQHQZHLWHUHQ*HJQHUVDKLFKQLFKWLQXQPLWWHOEDUHU1lKH'LHGUHL +RUURU5HLWHU]RJHQVLFK]XUFN 8QGZLHVLHGDVPDFKWHQ 6LHJDEHQLKUHQ*l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|KQOLFKKDUWHU7ULWWJHZHVHQVHLQGHQQ6XNRNRQQWH HLQLJHVHLQVWHFNHQ $XV(UIDKUXQJZXWHLFKGD6XNRZHQQHUHLQPDOEHZXWORVZDU
VRVFKQHOOQLFKWZLHGHUDXIZDFKHQZUGH0LUEOLHEGHVKDOEQLFKWV DQGHUHVEULJDOVLKQ]XSDFNHQXQGLQGHQ:DJHQ]XKLHYHQGHQQ OLHJHQODVVHQZROOWHLFKLKQQLFKW :LHGHUHLQPDOPHUNWHLFKZLHVFKZHUPHLQ)UHXQGZDU,FKKDWWH JURH0KHVHLQHQ2EHUN|USHUEHUKDXSWKRFK]XZXFKWHQ6FKOLHOLFK IDWHLFKLKQXQWHUGLH$FKVHOQXQGVFKDIIWHLKQVR]XP:DJHQZREHL VHLQH+DFNHQEHUGHQ%RGHQVFKOHLIWHQXQGGRUW]ZHL/LQLHQKLQWHU OLHHQ )UDJHQ6LHPLFKQLFKWZLHLFK6XNRLQGHQ)RQGEHNDP,FKVFKDIIWH HVPLW.UDIWXQG*HGXOG 'DQDFKPXWHLFKPLFKHUVWHLQPDODXVUXKHQ,FKKRFNWHDXIGHP )DKUHUVLW]KDWWHGLH7URIIHQXQGDWPHWHVFKZHU0DQNRQQWHHVDOV GHSULPLHUHQGH3KDVHEH]HLFKQHQ7URW]GHV7HLOHUIROJVGHQLFKHUUXQJHQ KDWWHIKOWHLFKPLFKQLFKWZRKO 6XNRZDUEHZXWORV'HPWHXIOLVFKHQ0|QFK$OYDUH]ZDUHVVLFKHU OLFKJHOXQJHQLQGDV.ORVWHUHLQ]XGULQJHQ9RQ0\[LQXQG.DUDIHKOWH MHGHV/HEHQV]HLFKHQXQGLFKNDPPLUYHUGDPPWDOOHLQYRU 6RDOOHLQZUGHLFKDXFKJHJHQGLHYLHUYHUGDPPWHQ5HLWHUDQWUHWHQ PVVHQ 'DVNRQQWHJDUQLFKWJXWJHKHQ(LQHUDOOHLQJHJHQGLHYLHUJUDXVDPHQ *HVWDOWHQ"1LH (VZXUGHODQJVDPGXQNHO)UPLFKZDUGDV(LQIDOOHQGHU'lP PHUXQJHLQ6WDUWVLJQDO ,FKIXKUZLHGHUDQ'LHVPDOHLQHPYHUGDPPW8QJHZLVVHQ6FKLFNVDO HQWJHJHQ 'HU$EWEUDFK]XVDPPHQ )DVVXQJVORVLJNHLW8QJODXEHXQG(QWVHW]HQZDUHQLQVHLQHP *HVLFKW]XOHVHQGDVLPPHUEOHLFKHUZXUGH(UVWUHFNWHVHLQH$UPH DXVXQGZROOWHVLFKDQGHQ6FKXOWHUQVHLQHV0|UGHUVDEVWW]HQGRFK $OYDUH]WUDW]XUFNXQGVDK]XZLHGHU$EW]X%RGHQILHOXQGGRUW OLHJHQEOLHE (UODJYRUGHP6FKUDQNDXIGHU6HLWHXQGVW|KQWHOHLVH1RFKVWHFNWH /HEHQLQVHLQHP.RUSHUGRFKPLWMHGHP7URSIHQ%OXWGHUDXVGHQ :XQGHQVLFNHUWHZXUGHHVZHQLJHU 'HUWHXIOLVFKH0|QFKEFNWHVLFKXQG]RJEHLGH0HVVHUDXVGHP .|USHU'LH.OLQJHQVlXEHUWHDQGHU.OHLGXQJGHV$EWVXQGOLHVLH ZLHGHUYHUVFKZLQGHQ (UYHUQDKPGDV6W|KQHQGHV6WHUEHQGHQXQGEFNWHVLFK$QNODJHQG VFKDXWHLKQGHU$EWDQ
ª:DUXP"©IOVWHUWHHUª:DUXPKDEHQ6LHPLFK© ª(VPXWHVHLQ© ª%UXGHU"© 'DNLFKHUWH$OYDUH]KRKO'HU6FKHLQGHVIODFNHUQGHQ.HU]HQOLFKWVWUDI LKQXQGPDOWH]XFNHQGH6FKDWWHQDXIVHLQ*HVLFKWª9RQZHJHQ%UXGHU ,FKELQYRP6DWDQJHNRPPHQXQGZHUGHGLHVHV.ORVWHU]XHLQHP 6WW]SXQNWGHU+|OOHPDFKHQ'XZDUVWGHUHUVWHDQGHUHZHUGHQ IROJHQ+LHUUHJLHUHLFK© ª1HLQ©NHXFKWHGHU$EWª1HLQQLHZLUGGLUGDVJHOLQJHQ6HLYHU IOXFKW7HXIHOVGLHQHU© ª'DVELQLFKVRZLHVR©:LHGHUODFKWHHU ª,FKYHUIOXFKHGLFK©1RFKHLQPDOKDWWHVLFKGHU$EW]XVDPPHQ JHULVVHQ6HLQH6WLPPHNODQJVRVFKULOOGDVRJDU$OYDUH]HUVFKUDN GHQQGLHVH.UDIWKlWWHHUGHP6WHUEHQGHQQLFKWPHKU]XJHWUDXW (VZDUHQGLHOHW]WHQ:RUWHGHV.ORVWHUYRUVWHKHUV (LQWLHIHUU|FKHOQGHU$WHP]XJGDQQZDUDOOHVYRUEHL 'HU$EWZDUWRW ª(QGOLFK©NHXFKWH$OYDUH]ªHQGOLFK©(UVWDQGZLHGHUDXIXQG VFKDXWHVLFKXP 1HLQLQGLHVHU%LEOLRWKHNEHIDQGVLFKQLFKWVIUGDVHUVLFKLQWHU HVVLHUWH(VZDUQXUJXWGDHUGHQ$EWJHW|WHWKDWWH-HW]WZDUHQGLH 0|QFKHIKUXQJVORV 'DNORSIWHHV 6RIRUWHUVWDUUWHGHUWHXIOLVFKH0|QFK(UKDWWHQLFKWGDPLWJHUHFKQHW GDMHPDQGGHQ$EWEHVXFKHQZUGH ª:HULVWGD"©IUDJWH$OYDUH]XQGYHUVXFKWHGLH6WLPPHGHV.ORVWHU YRUVWHKHUVQDFK]XDKPHQ ª,FK%UXGHU,JQD]© 'HU0|QFKJULQVWH'DVZDUGRFKGHU.QDEHGHULKPJH|IIQHWKDWWH 'LH6WLPPHEHZLHVHV ª(LQHQ0RPHQW%UXGHULFKJHEHGLU%HVFKHLG©1DFKGLHVHQ:RUWHQ HUZDFKWHGHU0|UGHU]XHLQHUQDKH]XILHEHUKDIWHQ+HNWLNXQG$NWLYLWlW (U]RJGLH/HLFKHGHV$EWVHLQ6WFN]XU6HLWHXQGOHJWHVLHQHEHQGHP 6FKUDQNLQGHQWRWHQ:LQNHO'LH7UHQOLHHURIIHQGDPLWGHU7RWH QLFKWVRIRUWJHVHKHQZHUGHQNRQQWH ª'XNDQQVWNRPPHQ%UXGHU,JQD]© $OYDUH]KDWWHHVWDWVlFKOLFKJHVFKDIIWGLH6WLPPHGHV7RWHQVRJXW]X LPLWLHUHQGDVHOEVW%UXGHU,JQD]GDUDXIKHUHLQILHO$KQXQJVORV|IIQHWH HUGLH7U 'HUWHXIOLVFKH0|QFKKLHOWVLFKLP+LQWHUJUXQGXPQLFKWVRIRUWJH VHKHQ]XZHUGHQ
$KQXQJVORVEHWUDW%UXGHU,JQD]GLH%LEOLRWKHN(VNDP$OYDUH]
3OlQHQVRJDUVHKUHQWJHJHQGDHUGLH7UKLQWHUVLFKVFKOR%HVVHU NRQQWHHVEHUKDXSWQLFKWODXIHQ %UXGHU,JQD]EOLHEVWHKHQª:RELVWGX(KUZUGLJHU9DWHU"©IUDJWH HUOHLVH (UHUKLHOWNHLQH$QWZRUW 'HU0|QFKZDQGWHVLFKXP 'DVDKHU$OYDUH] ,PHUVWHQ$XJHQEOLFNJODXEWHHUWDWVlFKOLFKGHQ$EWYRUVLFK]X KDEHQGHQQ$OYDUH]KDWWHVHLQH.DSX]HKRFKJH]RJHQXQGEHLGH+lQGH LQGLHZHLWHQbUPHOJHVWHFNW 'DVHLQH)LQJHUGRUWGLH*ULIIHGHU0HVVHUXPNODPPHUWHQNRQQWH ,JQD]QLFKWZLVVHQ ª(KUZUGLJHU9DWHULFK© /HLVHODFKWH$OYDUH]DXIª,FKELQQLFKWGHU$EW© 1RFKLPPHUZXUGH,JQD]QLFKWPLWUDXLVFKVRQGHUQIUDJWHª:R EHILQGHWHUVLFK"© ª%HLP7HXIHO(ULVWWRW© 'DHUVWDUUWHGHU0|QFKLQMlKHP6FKUHFNHQ6HLQ*HVLFKWZXUGHDVFK IDKOª:RZRLVWHU"© ª,FKKDEHLKQJHW|WHW©VDJW$OYDUH]XQGNDPODQJVDPQlKHUª6RZLH LFKDXFKGLFKW|WHQZHUGH©'DEHL]RJHUGLH0HVVHUDXVVHLQHQ .XWWHQlUPHOQ 3O|W]OLFKZXWH,JQD]%HVFKHLG%OLW]VFKQHOOZDQGWHHUVLFKXPXQG IORK]XU7U 9LHOOHLFKWKlWWHHU]XP)HQVWHUODXIHQVROOHQVRPDFKWHHUHV$OYDUH] QXUOHLFKW 'HU6SDQLHUKREGHQUHFKWHQ$UPXQGVFKOHXGHUWHGDV0HVVHU (UNRQQWHDXVJH]HLFKQHWPLWGLHVHQ:DIIHQXPJHKHQ'LH.OLQJHIDQG LQGHPEUHLWHQ5FNHQGHV0|QFKVLKU=LHOXQGYHUVFKZDQGLQGHUZDO OHQGHQ.XWWHVRGDQXUQRFKGHU6FKDIWKHUYRUVFKDXWH %UXGHU,JQD]HUUHLFKWHGLHVFKZHUH.OLQNHQLFKWPHKU6HLQH+DQG UXWVFKWHDQGHU7UIOOXQJDEHUVHOEVWILHO]X%RGHQXQGEOLHEDXIGHP *HVLFKWOLHJHQ (UZDUWRW $OYDUH]ULHEVLFKGLH+lQGH]RJGDV0HVVHUDXVGHU/HLFKHKHUYRU VlXEHUWHHVXQGVWHFNWHHVHLQ'DQQVFKOHLIWHHUGHQ7RWHQGRUWKLQZR DXFKGHU$EWODJ 1LFKWVNRQQWHLKQMHW]WQRFKDXIKDOWHQ7URW]GHPEOLHEHUYRUVLFKWLJ DOVHUGLH7U|IIQHWHXQGKLQDXVVFKDXWH /HHUODJGHU*DQJ]XEHLGHQ6HLWHQYRULKP
'RQ$OYDUH]KXVFKWHDXVGHP$UEHLWV]LPPHULQGHPHU]ZHL/HLFKHQ KLQWHUODVVHQKDWWH 6LFKHUOLFKZUGHPDQGLH7RWHQEDOGHQWGHFNHQDEHUGDVPDFKWH QLFKWV%LVGDKLQPXWH'RQ$OYDUH]GDV.ORVWHUXQWHUVHLQH.QXWH JHEUDFKWKDEHQ 8QGHUZUGHHVVFKDIIHQ (UGDFKWHJDUQLFKWGDUDQVLFK]XYHUVWHFNHQVRQGHUQVFKULWWGRUWKLQ ZRHUKHUJHNRPPHQZDU'DEHLYHUVXFKWHHUP|JOLFKVWOHLVHEHUGHQ *DQJ]XJHKHQ(UZROOWHJURHV$XIVHKHQYHUPHLGHQ 9RUGHU7UEOLHEHUVWHKHQ(VZDUQLFKWY|OOLJVWLOO$XVGHQ.ODXVHQ YHUQDKPHUGLH6WLPPHQGHU0|QFKH(LQLJHEHWHWHQODXWGHQ 5RVHQNUDQ]XQG$OYDUH]YHU]RJGDV*HVLFKW'LHVH:RUWHSDWHQLKP QLFKWPHKUVHLWHUVLFKGHP7HXIHOYHUVFKZRUHQKDWWH (U]LVFKWHHLQHQJHPHLQHQ)OXFKGXUFKGLH=lKQH|IIQHWHGLH7UXQG JLQJQDFKGUDXHQ 0LWGHU'lPPHUXQJZDUGLH.KOHJHNRPPHQ9RQGHQ%HUJHQKHU ZHKWHHLQNlOWHUHU:LQGGHUDXFKGLH.XWWHGHV0|UGHUVHUIDWHXQGVLH HQJJHJHQVHLQHQ.|USHUSUHWH(UKLHOWGLH.DSX]HQLFKWPHKUIHVWLKP ZDUHVHJDOGDVLHLQVHLQHQ1DFNHQJHZHKWZXUGH ,QGHU6FKPLHGHEUDQQWH/LFKWHLQ=HLFKHQGDGRUWQRFKJHDUEHLWHW ZXUGH8PGLH/LSSHQGHVWHXIOLVFKHQ0|QFKVVWDKOVLFKHLQE|VHV /lFKHOQDOVHUGDUDQGDFKWHZHUGRUWDP)HXHUVDXQGQRFKVRVSlW VHLQHU%HVFKlIWLJXQJQDFKJLQJ (VKDWWHVLFKLP.UHLVHGHU'lPRQHQXQG+|OOHQJHVWDOWHQKHUXPJH VSURFKHQGD%UXGHU,JQDWLXVGLH6LOEHUNXJHOKHUVWHOOWHXQGVLHZHLKWH GLHIUGHQ*HLVWHUMlJHUVRZLFKWLJZDUHQ'HQQGXUFKGLH.XJHOQ KDWWHQ]DKOUHLFKH'lPRQHQGHUXQWHUHQ6WXIHEHUHLWVLKU/HEHQYHU ORUHQXQGLKUH6HHOHQVLHFKWHQGDKLQLP5HLFKGHVJUlOLFKHQ6SXN ZRVLHQLHPDOV(UO|VXQJIDQGHQ :HQQ$OYDUH]GLHVHQ0DQQW|WHWHGDQQKDWWHHULQGHQ$XJHQGHU 6FKZDU]EOWHUHLQJURHV:HUNYROOEUDFKW $OYDUH]HQWVFKORVLFKVHLQHQYLHUWHQ0RUGDQGLHVHP7DJ]XEH JHKHQ 1LHPDQGEHREDFKWHWHLKQDOVHUDQGHPQHXHUEDXWHQ%UXQQHQYRU EHLJLQJXQGGLHNOHLQH6FKPLHGHDQVWHXHUWH(UYHUVFKPRO]LQVHLQHU GXQNOHQ.XWWHPLWGHQ6FKDWWHQGHU'XQNHOKHLWGLHLPPHUVWlUNHUZXU GHQXQGGHQ,QQHQKRIIDVWYROOVWlQGLJDXVIOOWHQ 'LH:HUNVWDWWGHV6FKPLHGVEHIDQGVLFKLQHLQHPNOHLQHQ$QEDX 'XUFKHLQRIIHQHV)HQVWHUILHOGDVU|WOLFKH/LFKWXQGPDOWHHLQHQODQJHQ 6WUHLIHQDXIGHQ%RGHQ 'LH7UEHVWDQGDXV+RO]XQGZDUQLFKWEHDUEHLWHWZRUGHQ0DQ
VDKLKUMHGRFKDQGDGLH%RKOHQVHKUGLFNZDUHQ $OYDUH]NORSIWH(UZROOWHHVY|OOLJKDUPORVPDFKHQ,JQDWLXVVROOWH NHLQHUOHL9HUGDFKWVFK|SIHQ ª-D"© 9RUVLFKWLJGUFNWHGHUWHXIOLVFKH0|QFKGLH7UDXIXQGEHWUDWDXI OHLVHQ6RKOHQGLH:HUNVWDWW ,QHLQHP6WHLQEHFNHQJOKWHQQRFKGLH.RKOHQ(LQSDDUZLQ]LJH )OlPPFKHQWDQ]WHQEHUGDV*HVWHLQIDQGHQDEHUNHLQH1DKUXQJPHKU 'HU0|QFKKRFNWHDXIHLQHP6FKHPHO9RULKPVWDQGHLQH6FKDOHPLW IOVVLJHP6LOEHU ª7ULWWQlKHU©VDJWH%UXGHU,JQDWLXVIUHXQGOLFKDOVHUVDKGDGHU $QN|PPOLQJXQVFKOVVLJDQGHU7UVWHKHQEOLHE ª*RWW]XP*UXH©VDJWH$OYDUH]ZREHLHVLKPVFKZHUILHOGLH:RUWH EHUGLH/LSSHQ]XEULQJHQª:HUELVWGX%UXGHU"© ª,FKKHLH,JQDWLXV© ª(LQHQ1DPHQVYHWWHUYRQGLUKDEHLFKEHUHLWVNHQQHQJHOHUQW(UKDW PLFKHPSIDQJHQ© ª'DQQELVWGXGHU%UXGHUGHUGLHVHKUZHLWH3LOJHUUHLVHDXIVLFK JHQRPPHQKDW"© ª-DGHUELQLFK© ª(VLVWHLQHJURH/HLVWXQJGLHGXGDYROOEUDFKWKDVW%UXGHU©VDJWH ,JQDWLXV(UQLFNWHDQHUNHQQHQGª8QGQXQZLOOVWGXGLFKHLQZHQLJ XPVHKHQ"© ª6RLVWHV,FKP|FKWHPLFKLUJHQGZLHQW]OLFKPDFKHQ,FKPXDXFK DUEHLWHQZHQQLFKKLHUEOHLEH© ª(LQHVHKUO|EOLFKH(LQVWHOOXQJ%UXGHU9HUVWHKVWGXHWZDVYRP 6FKPLHGHKDQGZHUN"© ª1HLQDEHULFKZUGHHVJHUQOHUQHQ© ª'DQQELVWGXEHLPLUULFKWLJ© ª:LHLFKVHKHDUEHLWHVWGXPLW6LOEHUXQGQLFKWPLW(LVHQ©VDJWH'RQ $OYDUH]ª+DWGDVHLQHQEHVRQGHUHQ*UXQG"© ª-DGDVKDWHV© ª'DUIPDQLKQHUIDKUHQ"© ª1HLQLFKP|FKWHQLFKWGDUEHUVSUHFKHQ'HU$EWKDWHVPLUQLFKW RIIL]LHOOHUODXEW:HQQHUMHGRFKVHLQH(LQZLOOLJXQJJLEWGDQQGDUI LFKUHGHQ© ª6LHVLQGIUHLQHQ0DQQEHVWLPPWQLFKWZDKU"© 'HU6FKPLHGNUDXVWHGLH6WLUQ ª'DVVWLPPW© ª8QGGHU0DQQKHLW-RKQ6LQFODLU© %UXGHU,JQDWLXVZDUHUVWDXQWª5LFKWLJGXELVWVHKUJXWLQIRUPLHUW
:RKHUNRPPWGDV"© ª0DQKDWVHLQH%H]LHKXQJHQ©EHPHUNWH'RQ$OYDUH]XQGJLQJODQJ VDPDXI%UXGHU,JQDWLXV]XGHUVLFKSO|W]OLFKVHKULUULWLHUW]HLJWH(U VWDQGQHEHQGHP)HXHUGHVVHQ*OXWLKQPLWLKUHPOHW]WHQ6FKHLQEHU ZDUI 'HU0|QFKZXUGHDEHUDXFKPLWUDXLVFK'LHOHW]WH%HPHUNXQJGHV 0DQQHVSDWHVRJDUQLFKW]XHLQHP*HLVWOLFKHQ 8QGSO|W]OLFKODJHQGLHEHLGHQ0HVVHULQGHQ+lQGHQGHVWHXIOLVFKHQ 0|QFKV$XFKGLHEODQNHQ.OLQJHQZXUGHQDQJHVWUDKOWXQGVDKHQDXV ZLHLQ%OXWJHWDXFKW ª'DPLWKDVWGXZRKOQLFKWJHUHFKQHWZLH"©K|KQWH$OYDUH]ª=ZHL 7RWHKDEHLFKKLHUVFKRQKLQWHUODVVHQXQGHLQHUOLHJWDXIGHU6WUDHGLH ]XP.ORVWHUIKUW'XZLUVWGHUQlFKVWHVHLQEHYRUGHU*HLVWHUMlJHUDQ GLH5HLKHNRPPW© 'LHVHLQZLOGHP7ULXPSKDXVJHVWRHQHQ:RUWHKDWWHQGHP3DWHU=HLW JHJHEHQVLFKDXIGLHQHXH/DJHHLQ]XVWHOOHQ(UZDUHLQ0DQQGHV )ULHGHQVDEHUGLH*HZDOWGLHLKPMHW]WGURKWHGLHNRQQWHQXUPLW *HZDOWEHNlPSIWZHUGHQ (UVSUDQJ]XUFNXQGJULIIQDFKHLQHPULHVLJHQ9RUVFKODJKDPPHUGHU DQGHU:DQGOHKQWH 0LWHLQHU+DQGVFKZDQJHULKQKRFKHLQ=HLFKHQGDIUZHOFKHLQH .UDIWLQVHLQHP.|USHUVWHFNWH ª:DVZLOOVWGX6DWDQ"©IDXFKWHHU$OYDUH]DQª'XZLUVWPLFKQLFKW W|WHQVRQGHUQLFKZHUGHGLFK]XU+|OOHVFKLFNHQGDPLWGXGDV+HXOHQ XQG=lKQHNQLUVFKHQDPHLJHQHQ/HLEHHUOHEHQNDQQVW© 'DVFKOHXGHUWH$OYDUH]HLQ0HVVHU 'LH%HZHJXQJZDULP$QVDW]NDXP]XHUNHQQHQDEHU,JQDWLXVKDWWH VDJHQKDIWHV*OFN$OVGDV0HVVHUDXILKQ]XIORJULGHUGHQ9RUVFKODJ KDPPHU]XU6HLWHXQGGLH.OLQJHKLHEJHQDXJHJHQGDVVFKZHUH6WFN (LVHQZRVLHPLWHLQHPNOLQJHQGHQ*HUlXVFKDESUDOOWHXQG]X%RGHQ ILHO 'RQ$OYDUH]ZDUVHNXQGHQODQJLUULWLHUW'DPLWKDWWHHUQXQZLUNOLFK QLFKWJHUHFKQHW %UXGHU,JQDWLXVZDUIVLFKYRU,QPDORVHP=RUQVFKOXJHUPLWGHP 9RUVFKODJKDPPHU]XKROWHMHGRFK]XZHLWDXVVRGDGHUWHXIOLVFKH 0|QFK*HOHJHQKHLWIDQG]XU6HLWH]XZHLFKHQ 'HU+DPPHUYHUIHKOWHLKQ %UXGHU,JQDWLXVILHOQDFKYRUQGRFK]XP*OFNDQGHUUHFKWHQ6HLWH GHV0DQQHVYRUEHLGHQQLQGLHVHU+DQGKLHOW$OYDUH]NHLQ0HVVHUPHKU 'LHEXOOLJH*HVWDOWGHV3DWHUVEHUKUWHLKQXQGGUFNWHLKQ]XU6HLWH ZREHL$OYDUH]EHUGHQ6FKHPHOVWUDXFKHOWHXQGLKQXPUL
'RFKHUJDEQLFKWDXI0LWHLQHPJHZDOWLJHQ6SUXQJZDUHUEHLVHLQHP ]ZHLWHQ0HVVHUHUZLVFKWHHVVHLQ$UPIXKUKRFKXQGEOLHEPLWWHQLQ GHU%HZHJXQJVWHKHQ (UKDWWHHWZDVJHK|UW +HXOHQXQG3IHLIHQLQGHU/XIW 'LH+RUURU5HLWHUZDUHQGD (QGOLFK :LOGODFKWHHUDXIYHUJDVHLQHQ)HLQGXQGUDQQWHDQLKPYRUEHLQDFK GUDXHQ (LQVFKDXULJVFK|QHV%LOGERWVLFKVHLQHQ$XJHQ $(%$NDPDXVGHU/XIW9RQDOOHQYLHU+LPPHOVULFKWXQJHQULWWHQGLH +RUURU5HLWHUKHUEHL6LHKRFNWHQDXILKUHQQDFKWVFKZDU]HQ*lXOHQXQG VWLHHQDXIGDV.ORVWHUQLHGHU )HXHUXQG5DXFKTXROOHQDXVGHQ1VWHUQGHU7LHUH6LHXPKOOWHQGLH 5HLWHUPLWLKUHPEOXWLJHQ6FKHLQ 'RQ$OYDUH]UDQQWH]XP%UXQQHQZRHUDXIGLH.QLHILHOXQGEHLGH +lQGHJHJHQGHQ+LPPHOVWUHFNWH ª6DWDQ©EUOOWHHUª6DWDQLFKOLHEHGLFK'XELVWJHNRPPHQKDVW GHLQH'LHQHUJHVFKLFNW1LPPGLHVHVYHUIOXFKWH.ORVWHUXQGPDFKHHV ]XHLQHP+RUWGHU+|OOH© 6HLQH6WLPPHKDOOWHDOVVFKDXULJHV(FKREHUGHQ,QQHQKRIDXIGHP GLH5HLWHUVRHEHQODQGHWHQ (LQHUKLHOWSO|W]OLFKHLQJOKHQGHV/DVVRLQGHU+DQGULWWDQKROWH DXVXQGZLHHLQ.RPHWSILIIGDVPDJLVFKH/DVVRGXUFKGLH/XIWEHYRU HVVLFKXPGDV.UHX]DXIGHP'DFKGHUNOHLQHQ.DSHOOHZLFNHOWH (LQ5XFNXQGGDV(LVHQNUHX]ILHOQDFKXQWHQ $XIGHP+RIEOLHEHVOLHJHQ $OYDUH]UDQQWHKLQXQGWUDWZWHQGPLWEHLGHQ)HQDXIGHP.UHX] KHUXP ª8QGMHW]WKROWGLH0|QFKH©EUOOWHHUZREHLVHLQH6WLPPHIDVWEHU NLSSWHª6LHVROOHQVWHUEHQ$OOHVROOHQVLHVWHUEHQ©6HLQVDWDQLVFKHV /DFKHQVWDFKLQGHQGXQNOHQ+LPPHO 8QGGLH+|OOHNRQQWHMXELOLHUHQ 6XNRZDUQRFKLPPHUEHZXWORV 1LFKWHLQPDOHLQOHLVHV6W|KQHQKDWWHHUYRQVLFKJHJHEHQ(VPXWH LKQGRFKVWlUNHUHUZLVFKWKDEHQDOVLFKDQJHQRPPHQKDWWH,FKEHIDQG PLFKQRFKLPPHUDXIGHU6WUDH0LWWOHUZHLOHKDWWHPLFKGLH'XQNHOKHLW HLQJHKROW,FKPXWHGLH6FKHLQZHUIHUHLQVFKDOWHQ,KUH6WUDKOHQZDUIHQ HLQHQKHOOHQ7HSSLFKDXIGHQ:HJ
,FKZXWHGDLFK]XVSlWNRPPHQZUGH'LH+RUURU5HLWHUZDUHQ HLQIDFK]XVFKQHOO6LHEUDXFKWHQVLFKQLFKWDQGLH*HVHW]HGHU3K\VLN]X KDOWHQGLHNRQQWHQDXILKUHQUDEHQVFKZDU]HQ3IHUGHQGXUFKGLH/XIW UHLWHQ :HQQLFKLP.ORVWHU6W3DWULFNHLQWUDIZUGHQVLHHVOlQJVWLQLKUHQ %HVLW]JHQRPPHQKDEHQ 'DYRUKDWWHLFK$QJVW6LHZDUHQ'lPRQHQKDWHQDOOHV*XWHDOOHV 0HQVFKOLFKHXQGZLHLFKVLHNDQQWHZUGHQVLHNHLQ(UEDUPHQNHQQHQ XQGDOOH,QVDVVHQW|WHQ $OVLFKGDUDQGDFKWHELOGHWHVLFKDXIPHLQHP5FNHQHLQH*lQVHKDXW 0HLQH)XUFKWVWHLJHUWHVLFKQRFKPHKU,FKIXKUVFKQHOOHUQDKPGLH .XUYHQKlUWHUREZRKOHVVFKRQIDVWDQ:DKQVLQQJUHQ]WH 'DQQWUDWLFKDXIGLH%UHPVH 9RUXQGEHUPLUVDKLFKGHQEOXWURWHQ6FKHLQDP+LPPHO,PHUVWHQ $XJHQEOLFNQDKPLFKDQGD6W3DWULFNEUHQQHQZUGHDEHUGHU6FKHLQ EHZHJWHVLFKHUZDQGHUWHYRQREHQQDFKXQWHQXQGZDUVFKOLHOLFKYHU VFKZXQGHQ 'DVZDUHQGLH5HLWHU 8QGVLHPXWHQHVWDWVlFKOLFKJHVFKDIIWKDEHQGDV.ORVWHU]X VWUPHQ *DV ,FKIXKUQRFKVFKQHOOHUQRFKULVNDQWHU0DQFKPDOUDGLHUWHQGLH5HLIHQ QXUXP+DDUHVEUHLWHDP$EJUXQGHQWODQJDEHULFKPXWHUHWWHQZDV QRFK]XUHWWHQZDU 9LHOOHLFKWQRFK]ZHL0LQXWHQ)DKUWGDQQKDWWHLFKGDV.ORVWHULQGHQ %HUJHQHUUHLFKW (VZDUHQQLFKWHLQPDO]ZHL0LQXWHQ ,FKVWRSSWH|IIQHWHGLH7UXQGYHU]RJGDV*HVLFKWZHLOLFKGLH JHOOHQGHQ6WLPPHQXQGGDV6FKUHLHQK|UWH 'LH'lPRQHQZDUHQLQLKUHP(OHPHQW $POLHEVWHQZlUHLFKDXIGDV.ORVWHU]XJHUDQQWKlWWHPLFKEHUGLH 0DXHUJHVFKZXQJHQXQGZlUHZLHHLQUlFKHQGHU*HLVWEHUGLHDQGH UHQJHNRPPHQ 'DVZlUHMHGRFKIDOVFKJHZHVHQLFKPXWHLQGLHVHQ$XJHQEOLFNHQ HLQHQNKOHQ.RSIEHZDKUHQ 1RFKKDWWHPDQPLFKQLFKWJHVHKHQ 'DV*HVFKHKHQOLHIDXIGHP,QQHQKRIDEXQGGLHGLFNHQ.ORVWHU PDXHUQWUHQQWHQXQV,FKZDUIQRFKHLQHQ%OLFNDXI6XNR 'HU&KLQHVHODJZLHKLQJHVWUHFNWGD%ODLP*HVLFKWPLWHLQJHIDO OHQHQ:DQJHQ9HUGDPPWHVKDWWHLKQGRFKKDUWHUZLVFKW,FKGLDJQR VWL]LHUWHHLQH*HKLUQHUVFKWWHUXQJ
'DV6FKZHUWQDKPLFKPLW(VZDUMHW]WPHLQHZLFKWLJVWH:DIIHLP .DPSIJHJHQGLH+RUURU5HLWHU,FKQDKP6XNRDXFKGLH'lUQRQHQ SHLWVFKHDEXQGVWHFNWHVLHHEHQIDOOVHLQ 9LHUJHJHQHLQHQ 'DV9HUKlOWQLVJHILHOPLUQLFKWDEHUYLHOOHLFKWNRQQWHQPLUGLH 0|QFKH]XU6HLWHVWHKHQ9RUDOOHQ'LQJHQ%UXGHU,JQDWLXV 8QJHVHKHQJHODQJWHLFKELVDQGDV7RUGHV.ORVWHUV+RFKZXFKVHV YRUPLUDXI 0HLQ%OLFNZXUGHHWZDVSHVVLPLVWLVFK'DV5LHVHQGLQJNRQQWHLFK DOOHLQQLFKWDXI]LHKHQ:DKUVFKHLQOLFKEOLHEPLUQLFKWVDQGHUHVEULJDOV DQGHU0DXHUKRFK]XNOHWWHP ,FKDFKWHWHDXFKDXIGLH*HUlXVFKHKLQWHUGHU0DXHU 8QGGLHZDUHQJDUQLFKWVFK|Q 0LUILHOEHVRQGHUVGLHNUHLVFKHQGH6WLPPHGHVHKHPDOLJHQ0|QFKV 'RQ$OYDUH]DXI(UEUOOWHVLFKIDVWGLH/XQJHDXVGHP/HLEZDULQ VHLQHP(OHPHQWXQGYHUVXFKWHGLH+RUURU5HLWHUDOVDXFKGLH0|QFKH ]XGLULJLHUHQ ª(LQ6FKDIRWWZHUGHLFKKLHUDXIEDXHQ©EUOOWHHUª(LQULHVLJHV 6FKDIRWW©(UODFKWHVFKDXULJª8QGLKUZHUGHWVWHUEHQ'HU5HLKHQDFK NRPPWLKUGUDQ©,FKYHUVWDQGQLFKWPHKUZDVHUQRFKDOOHVHU]lKOWH ZXWHMHGRFKGDHVIUPLFK=HLWZDU 'DHQWGHFNWHLFKGLHNOHLQH6HLWHQWU6LHOLHVLFKQDWUOLFKEHVVHU |IIQHQ9LHOOHLFKWNRQQWHLFKVLHVRJDUDXIEUHFKHQ 'DVZDUQLFKWQ|WLJGHQQGLH0|QFKHKDWWHQVLHJDUQLFKWYHUVFKORV VHQ,FKGUFNWHVLHDXI(LQHQ6SDOWQXUGXUFKGHQLFKVFKDXWH 8QGZDVLFK]XVHKHQEHNDPZDUQLFKWGD]XJHHLJQHWPHLQH/DXQH ]XKHEHQ 'DV%LOGZDUVFKDXULJPDNDEHUXQGDXFKW|GOLFK (VJDENHLQHQGHU0|QFKHGHUGLH:RUWHGHVWHXIOLVFKHQ6SDQLHUVQLFKW YHUQRPPHQKDWWH6LHGUDQJHQELVLQGLHOHW]WH.ODXVHXQGULHIHQ$QJVW (UVFKUHFNHQXQGDXFK=RUQKHUYRU ,QGLHVHPKHLOLJHQ.ORVWHUZXUGHYRP6DWDQJHVSURFKHQ9RP6LHJ GHU+|OOH :HOFKHLQ)UHYHO 1LHPDQGEUDXFKWHGHQ0|QFKHQ]XVDJHQZDVVLHWXQVROOWHQ6LH ZXWHQHVYRQDOOHLQ )DVWJOHLFK]HLWLJZXUGHQGLH7UHQGHU.ODXVHQDXIJHVWRHQDOVGLH 0|QFKHLKUHHQJHQ.DPPHUQYHUOLHHQGLH*lQJHHQWODQJHLOWHQXQG VLFKGHP$XVJDQJQlKHUWHQ
'RUWEOLHEHQVLHVREHUUDVFKWVWHKHQVRGDGLHKLQWHUHQQLFKWPHKU UHFKW]HLWLJJHQXJVWRSSHQNRQQWHQXQGJHJHQLKUH9RUGHUOHXWHSUDOOWHQ (VHQWVWDQGHLQ]LHPOLFKHV'XUFKHLQDQGHU 'LH6]HQHDXIGHP,QQHQKRIVFKLHQZLUNOLFKHLQ$EELOGGHU+|OOH]X VHLQ 'DZDUHQGLHYLHU5HLWHU6LHKRFNWHQDXISHFKVFKZDU]HQ*lXOHQGLH DXVLKUHQ1VWHUQ)HXHUVFKOHXGHUWHQXQGVRGLHXQPLWWHOEDUH8P JHEXQJVFKDXULJHUKHOOWHQ 'LH5HLWHUELOGHWHQGDV$EELOGGHV6FKUHFNHQV/DVPDQGLH %XFKVWDEHQYRQOLQNVQDFKUHFKWVGDQQIRUPLHUWHQVLHVLFK]XGHP:RUW GHU:RUWH $(%$ +LHUZDUHQVLHZLHGHUYHUWUHWHQXQGGDVDXIJHZHLKWHP*UXQG(LQ 6LHJGHU+|OOHHLQ7ULXPSKGHV7HXIHOVXQGGHU6FKZDU]HQ0DJLH 9LHOOHLFKWKDWWHQHLQLJHYRQLKQHQVFKRQEHU$(%$JHK|UWRGHUJH OHVHQDEHUQRFKQLHKDWWHMHPDQGGHU0|QFKHGLHVHQ+RUURU*HVWDOWHQ $XJHLQ$XJHJHJHQEHUJHVWDQGHQ 'DVZDUQXQGHU)DOO 8QGHVJDENHLQHQXQWHULKQHQGHUQLFKWJHVFKRFNWJHZHVHQZlUH ª'DVVLQGMD6NHOHWWH©IOVWHUWHHLQQRFKMXQJHU0|QFKXQGHUVFKDX GHUWH 'LHDQGHUHQVDJWHQQLFKWV6LHVWDQGHQQHEHQHLQDQGHUYRUGHU7U =ZDQ]LJ0lQQHU =ZDQ]LJ0|QFKHGLHVLFKGHP*XWHQYHUVFKZRUHQKDWWHQXQGEHU GLHMHW]WGLH+|OOHKHUHLQJHEURFKHQZDU 1LHPDQGVSUDFKPHKU'LH5XKHYRUGHP6WXUPODJEHUGHP ,QQHQKRIGHV.ORVWHUV 6HOEVW'RQ$OYDUH]KLHOWGHQ0XQG(UVWDQGYRUGHUJURHQ(LFKHGLH HLQSDDU6FKULWWHQHEHQGHP%UXQQHQZXFKVLKUGLFKWEHODXEWHV$VW ZHUNLQGLH+|KHVWUHFNWHXQGHLQJUQHVVFKW]HQGHV'DFKELOGHWH $XVNDOWHQ$XJHQVWDUUWHGHUWHXIOLVFKH0|QFKGLHDQGHUHQDQ'DV ZDUGLH6WXQGHVHLQHV6LHJHV(QGOLFKNRQQWHHU]XUFNVFKODJHQXQGHU ZUGHGLH0|QFKH]XVHLQHQXQG]X'LHQHUQGHU+|OOHPDFKHQ (LQHUIHKOWHDOOHUGLQJV 'DVZDU%UXGHU,JQDWLXV(UZDUQLFKWDXVVHLQHU6FKPLHGHJHODXIHQ VRQGHUQKDWWHVLFKGRUW]XUFNJH]RJHQXQGEHREDFKWHWHGLH9RUJlQJH GXUFKGDVRIIHQH)HQVWHU )LHEHUKDIWVXFKWHHUQDFKHLQHP$XVZHJ 0LWHLQHP9RUVFKODJKDPPHUKDWWHHUVHLQHQ*HJQHUDQJHJULIIHQ6R VWDUNGLHVH:DIIHDXFKZDUJHJHQGLH+RUURU5HLWHUNDPVLHQLFKWDQ(U NRQQWHVLHGDPLWQLFKWW|WHQK|FKVWHQV$OYDUH]DEHUGDQQEOLHEHQQRFK
GLHYLHUEULJGLHLKUHQ$XIWUDJPLWW|GOLFKHU3Ul]LVLRQDXVIKUHQ ZUGHQ :DVNRQQWHHUWXQ" %UXGHU,JQDWLXV]RJVLFKYRP)HQVWHU]XUFN6HLQ%OLFNVFKZHLIWH GXUFKGLHNOHLQH6FKPLHGH'DV)HXHUZDULQ]ZLVFKHQVRZHLWKHUXQWHU JHEUDQQWGDHVNDXPQRFKJOKWH1XUHLQOHW]WHV*OLPPHQGDVZDU DOOHV (UKDWWHGDV6LOEHU$OOHUGLQJVNRQQWHHUGDPLWQLFKWVDQIDQJHQ(LQLJH .XJHOQZDUHQ]ZDUVFKRQJHJRVVHQQXUIHKOWHLKPGLH:DIIHPLWGHUHU GLH*HVFKRVVHYHUIHXHUQNRQQWH 1HLQGDZDUQLFKWV]XPDFKHQ (UWDVWHWHQDFKVHLQHP.UHX]-HGHU0|QFKEHVDGLHVHVVFKOLFKWH +RO]NUHX]DXV(LFKH(VKLQJXPVHLQHQ+DOVZDU]ZDUPLW:HLKZDVVHU JHZHLKWZRUGHQGRFKGLH&KDQFH*HJQHUGDPLWDXIKDOWHQ]XN|QQHQ ZDUPHKUDOVJHULQJ 1HLQGDVZUGHQVLHQLFKWVFKDIIHQ'DIUZDUHQGLHDQGHUHQHLQIDFK ]XVWDUN :DVDOVRWXQ" )OXFKW"6ROOWHHUDOVHLQ]LJHUYHUVXFKHQ]XIOLHKHQXQGLUJHQGZR+LOIH KROHQ"'LHVHU*HGDQNHZXUGHYRQLKPVRUDVFKYHUZRUIHQZLHHU DXIJH]XFNWZDU(UVWHQVNRQQWHHUVHLQH%UGHUQLFKWLP6WLFKODVVHQ ]ZHLWHQVZXWHHUQLFKWZRHU+LOIHKHUKROHQNRQQWH 'HPQDFKVFKLHGGLHVH0|JOLFKNHLWDXV %UXGHU,JQDWLXVVFKDXWHZLHGHUDXVGHP)HQVWHU1LFKWVKDWWHVLFKYHU lQGHUWGLHIHLQGOLFKHQ3DUWHLHQVWDQGHQVLFKQRFKLPPHUJHJHQEHU 8QGDOOHQYRUDQGLHVHU0DQQDXV6SDQLHQGHUPHQVFKOLFKH7HXIHOLQGHU 0|QFKVNXWWHGHULQGDV.ORVWHUHLQJHGUXQJHQZDUXQGVFKZHUH6FKXOG DXIVLFKJHODGHQKDWWH %UXGHU,JQDWLXVYHUPLWHVHLQHQ1DPHQVYHWWHUXQGHUYHUPLWHDXFK GHQ$EW )ULKQHLQ%HZHLVGDGLHEHLGHQ]XPLQGHVWVFKZHUYHUOHW]WZDUHQ ZHQQGHUDQGHUHVLHQLFKWJHW|WHWKDWWH ª'DIHKOWQRFKMHPDQG©'LH6WLPPHGHV6SDQLHUVKDOOWHEHUGHQ ,QQHQKRI ,JQDWLXV]XFNWH]XVDPPHQ ª.RPPUDXVGX5DWWH©*HOlFKWHUIROJWHXQG%UXGHU,JQDWLXVZXWH GDHUJHPHLQWZDU (UUKUWHVLFKQLFKW ª6ROOLFKGLFKKROHQ,JQDWLXV":LOOVWGXZLUNOLFKGDLFKGLFKDXV GHLQHUYHUGDPPWHQ6FKPLHGHVFKOHLIHQODVVH"© 'DZXWHGHU0|QFKPLWOHW]WHU6LFKHUKHLWGDHUJHPHLQWZDU8QG
HU]HLJWHVLFKQLFKWIHLJH(UEHUZDQGVHLQHQLQQHUHQ6FKZHLQHKXQG GDFKWHDQGLHDQGHUHQXQGDXFKGDUDQGDHUVLHXQWHU8PVWlQGHQ GXUFKVHLQH+DOWXQJLQ*HIDKUEULQJHQZUGH9LHOOHLFKWZDUGHU 6SDQLHUQXUDQLKPLQWHUHVVLHUWZHLOHUGLH6LOEHUNXJHOQIU-RKQ6LQFODLU KHUVWHOOWHXQGOLHVHLQH%UGHULQ5XKH" %UXGHU,JQDWLXV]|JHUWHQLFKWOlQJHU(UDWPHWHQRFKHLQPDOWLHIGXUFK VFKOXJHLQ.UHX]]HLFKHQXQGVSUDFKHLQNXU]HV*HEHW 'DQQJLQJHU 0LWVFKZHUHQ6FKULWWHQQlKHUWHHUVLFKGHU7UVWLHVLHDXIXQGEOLHE DXIGHU6FKZHOOHVWHKHQZlKUHQGHUVDJWHª'DELQLFKGXYHUIOXFKWHU 6DWDQ© 'RQ$OYDUH]ODFKWHNUHLVFKHQGª6DWDQKDVWGXPLFKJHQDQQW:HOFK HLQH(KUHPHLQ)UHXQG©(UYHUEHXJWHVLFKOHLFKWXQGNLFKHUWHKRKOª,FK P|FKWHJHUQZLH6DWDQVHLQYLHOOHLFKWNRPPHLFKPHLQHP=LHODXFKHLQ 6WFNQlKHUZHQQLFKGLFKXQGGLHDQGHUHQ]X*HVFK|SIHQGHU+|OOH PDFKH©(UVFKWWHOWHGHQ.RSIª1HLQGRFKQLFKW,JQDWLXV'LFKZHUGH LFKQLFKW]XHLQHP7HXIHOVGLHQHUPDFKHQ'LUVWHKWHLQDQGHUHV6FKLFNVDO EHYRU,FKZHUGHGLFKW|WHQGHQQGXELVWGHUMHQLJHGHUIU-RKQ6LQFODLU GLH.XJHOQKHUVWHOOWGDPLWHUPHLQH)UHXQGHW|WHQNDQQ'XVROOVWVHOEVW VHKHQZLHHVLVWZHQQPDQVWLUEW$PHLJHQHQ/HLEHVROOVWGXDOOGDV HUIDKUHQ.RPPKHU© %UXGHU,JQDWLXVVSUWHGLH%OLFNHVHLQHU)UHXQGHXQG/HLGHQV JHQRVVHQDXIVLFKJHULFKWHW(UZROOWHHWZDVVDJHQHLQSDDUWU|VWHQGH :RUWHVSUHFKHQGRFKVHLQH.HKOHZDU]XGHQQDXFKLKQKLHOWGDV *UDXHQXPNODPPHUW ª:DUXP]|JHUVWGX"©VFKULH$OYDUH]ª+DVWGX$QJVWGXNRPLVFKHU +HLOLJHU"© ª'HU7RGVFKUHFNWPLFKQLFKW© ª2KZLHHGHO©VSRWWHWHGHU0DQQDXV6SDQLHQª'DQQZLOOVWGXJHUQ VWHUEHQ"© ª1HLQ©HUZLGHUWH%UXGHU,JQDWLXVGHUVLFKZLHGHUJHIDQJHQKDWWH ª,FKVWHUEHQLFKWJHUQDEHULFKZHLGDDXFKGXQLFKWXQVWHUEOLFKELVW (LQHV7DJHVZLUGPDQGLFKHUZLVFKHQ9LHOOHLFKWLVWGLH=HLWJDUQLFKW PHKUVRZHLW'DQQZLUGHLQ0DQQNRPPHQGHUDXFKGLFK]XP7HXIHO VFKLFNW© ª'HQNVWGXDQ-RKQ6LQFODLU"© ª-DDQLKQGHQNHLFK© ª9RULKPKDEHLFKNHLQH$QJVW(UNDQQPLFKQLFKWPHKUVFKUHFNHQ ZHLOHUJHJHQPLFKXQGGLHYLHU5HLWHUQLFKWDQNRPPW:LUKDWWHQVFKRQ HLQHNOHLQH%HJHJQXQJXQGLFKZLOOGLUVRJDUVDJHQGDHUDXIGHP:HJ ]XP.ORVWHULVWGRFKZHQQHUKLHUHLQWULIIWZLUGHUIHVWJHVWHOOWKDEHQ
GDGLH0|QFKH]X'LHQHUQGHU+|OOHJHZRUGHQVLQG'DVLVWXQVHUH 6WXQGHGDVLVWXQVHU7ULXPSK© %UXGHU,JQDWLXVVSUDFKQLFKWGDJHJHQ(UVDKMDVHOEVWZLHJXWGLH *HJHQVHLWHLP5HQQHQODJ8QGGDHLQHLQ]HOQHUJHJHQGLHYLHU5HLWHU XQGDXFKJHJHQ$OYDUH]HWZDVDXVULFKWHQNRQQWHGDUDQJODXEWHHU QLFKW (UVFKDXWHDXIVHLQH%UGHU 6LHVWDQGHQGRUWZLHHLQH+HUGH6FKDIHbQJVWOLFKJHVFKRFNWXQG HQWVHW]W ª8QGZHQQLKUZLVVHQZROOWZRHXHU$EWJHEOLHEHQLVW©VSUDFK $OYDUH]GLHDQGHUHQDQªGDQQVFKDXWLQVHLQHP$UEHLWV]LPPHUQDFK 'RUWOLHJWHU0LW]ZHL0HVVHUVWLFKHQLQGHU%UXVW,FKKDEHLKQJHW|WHW© 'HUWHXIOLVFKH0|QFKULHEVLFKGLHWURFNHQHQ+lQGH(VUDVFKHOWHGDEHL ZLH3DSLHU'DQQGUHKWHHUKDVWLJGHQ.RSIª/RVMHW]W,JQDWLXVKHU ]XPLU:LUKDEHQVFKRQ]XYLHO=HLWYHUORUHQ'XKlWWHVWOlQJVWWRW VHLQVROOHQ© 'DJLQJ,JQDWLXVZHLWHU%HJOHLWHWYRQGHQ%OLFNHQGHUDQGHUHQIUGLH HUVLFKRSIHUQZROOWH(UKDWWHVHLQ.UHX]XPNODPPHUW'HU*ODXEH GDUDQJDELKPGLH6WlUNHGLHHUEUDXFKWHXPLQGHQ7RG]XJHKHQ 'UHL
JHQGH.XOLVVHGHUNDXPEHOHXFKWHWH,QQHQKRIGHV.ORVWHUVXQGGLH XQVLFKWEDUEHUGHQ.|SIHQGHU0lQQHUVFKZHEHQGH$QJVWVRZLH GDVKLHUZRKQHQGH*UDXHQ :LHDXIHLQJHKHLPHV.RPPDQGRKLQJULIIHQGLH0|QFKHXQWHULKUH .XWWHQ 6LHKROWHQLKUH.UHX]HKHUYRU 'LHHLQ]LJHQ:DIIHQGLHVLHEHVDHQ ª'DVQW]WHXFKJDUQLFKWV©VFKULH$OYDUH]XQGOLHVHLQHQ$UP IDOOHQª6WLUE©EUOOWHHU :LHHLQ'HQNPDOVWDQGLFKGLFKWYRUGHU7U ,FKKDWWHPHLQH%HUHWWDJH]RJHQQLHPDQGKDWWHPLFKJHVHKHQDOVLFK GHQ,QQHQKRIEHWUDWXQGLFK]LHOWHPLWPHLQHU3LVWROHDXIGHQWHXI OLVFKHQ0|QFK /HLGHUZDUGHU6FKXZLQNHOHLQZHQLJVFKOHFKWKLQ]XNDPGDV IODFNHUQGH/LFKWGDVPHKU6FKDWWHQSURGX]LHUWHDOV+HOOLJNHLW$EHUHV JDENHLQHDQGHUH0|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|WHWHQ %UXGHU,JQDWLXVQRFKQLFKWZlKUHQGVLFK$OYDUH]JHGXFNWKDWWHXPHLQ VRNOHLQHV=LHOZLHP|JOLFK]XELOGHQ 0LW5LHVHQVlW]HQMDJWHLFKKHUDQ,FKZROOWHPLU$OYDUH]KROHQLKQDOV *HLVHOQHKPHQGRFKPHLQ3ODQZXUGHUDGLNDO]HUVW|UW 'LH5HLWHUZDUHQVFKQHOOHU %DHOV'LHQHUVSUHQJWHYRUXQGULWWPLULQGHQ:HJ,FKVFKRQRFKHLQ PDOWUDIDXFKGRFKGLH.XJHOIHJWHGDV6NHOHWWQLFKWYRP5FNHQGHV 3IHUGHV 'DIUWUDIGHU*DXOPLFK
(UUDPPWHPLFK,FKYHUORUGHQ%RGHQXQWHUGHQ)HQILHOKLQXQG UROOWHPLFKVRIRUWKHUXPZREHLLFKGDV6FKZHUWXQGGLH%HUHWWDHLVHUQ IHVWKLHOW *HJHQGHQ5DQGGHVJHPDXHUWHQ%UXQQHQVSUDOOWHLFKZROOWHZLHGHU DXIGLH%HLQHNRPPHQGRFKGDKDWWHQVLHPLFK $OVLFKGLH$XJHQ|IIQHWHVDKLFKYLHU/DQ]HQVSLW]HQGLFKWYRU PHLQHP*HVLFKW $XV 'DV6FKZHUWXQGGLH3LVWROHNRQQWHLFKYHUJHVVHQ:HQQLFKHLQH IDOVFKH%HZHJXQJPDFKWHZUGHQPLFKGLH/DQ]HQGXUFKERKUHQ,FK KDWWHPLFKVHOEVWLQGLH6LWXDWLRQJHEUDFKWXQGPXWHQXQGLH)ROJHQ WUDJHQGLHQXUHLQVEHGHXWHQNRQQWHQPHLQHQ7RG 'LH0|QFKHKDWWHQJHVWRSSW6LHWUDXWHQVLFKQLFKWPHKUZHLWHU YRUDOVVLHVDKHQGDHLQHZHLWHUH+RIIQXQJ]HUVW|UWZRUGHQZDU ,FKNRQQWHLKQHQQLFKWPHKUKHOIHQLFKZDUVHOEVWLQGLHJQDGHQORVH 0KOHGHV9HUGHUEHQVJHUDWHQ $OYDUH]GUlQJWHVLFKYRUVFKOLFKDQGHQ3IHUGHOHLEHUQYRUEHLXQGWUDW PLUPLWYROOHU:XW]ZHLPDOKDUWLQGLH6HLWH ,FK]XFNWH]XVDPPHQ(VZDUHQZLOGH7ULWWHJHZHVHQXQGGHU 6FKPHU]GXUFKVWU|PWHPHLQHQ.|USHU(LVHUQELLFKGLH=lKQH]XVDP PHQXQGVW|KQWHQLFKWHLQPDO ª6LQFODLUGX+XQG©NHXFKWH$OYDUH]ª'XKDVWHVJHZDJWDXIPLFK ]XVFKLHHQ"© ª-D©NUlFK]WHLFKªXQGLFKZUGHHVDXFKZLHGHUYHUVXFKHQGHQQ ([LVWHQ]HQZLHGXKDEHQNHLQ5HFKWDXIGLHVHU(UGH]XOHEHQ© +DUWH:RUWHIUGLHLFKHLQHQHUQHXWHQ7ULWWNDVVLHUWH'LHVPDOWUDI PLFKGHU6FKXKDQGHU%UXVWXQGSUHWHPLUGLH/XIWDXVGHQ/XQJHQ :LHGHUKRE$OYDUH]VHLQ%HLQ,FKEHIUFKWHWHGDHUPLFKWRWWUHWHQ ZUGHGRFKHLQHQYLHUWHQ7ULWWEHUOHJWHHUVLFK(UOLHVHLQ%HLQ ZLHGHUVLQNHQ ª1HLQ*HLVWHUMlJHUVROHLFKWZLOOLFKHVGLUQLFKWPDFKHQ'XVROOVWDXI HLQHDQGHUH$UWXQG:HLVHXPV/HEHQNRPPHQ/DQJHJHQXJKDEHLFK GDUEHUQDFKGHQNHQN|QQHQXQGPLULVWHLQHVHKUJXWH/|VXQJHLQ JHIDOOHQ+RFKPLWGLU© ,FKVWDQGQRFKQLFKWDXI'HU6FKPHU]ZKOWHZHLWHUKLQLQPHLQHP .|USHU (LQHUGHU5HLWHUEHXJWHVLFKYRP3IHUGHUFNHQ,FKVSUWHGLH+DQG DQPHLQHU6FKXOWHUXQGVDKGDVGXQNOHVNHOHWWLHUWH*HVLFKWGLFKWYRU GHPPHLQHQ+DUWSDFNWHGLHNQ|FKHUQH.ODXH]XXQGULPLFKLQGLH +|KHZRLFKVFKZDQNHQGVWHKHQEOLHE-HGHU/XIW]XJKlWWHPLFKMHW]W YRQGHQ%HLQHQJHKROW
'DV6FKZHUWXQGGLH%HUHWWDKDWWHLFKOLHJHQODVVHQ,FKZDUQLFKWPHKU LQGHU/DJHJHZHVHQPLFKGDPLW]XYHUWHLGLJHQVRJHVFKZlFKWZDULFK ª1DGX+HOG©K|KQWH$OYDUH]XQGGLHVPDONDVVLHUWHLFKHLQHQ 6FKODJLQV*HVLFKWGHUPLFKELVDQGHQ%UXQQHQUDQG]XUFNZDUI6RIRUW U|WHWHVLFKPHLQH:DQJH,FKVDKNDXPQRFKHLQHQ$XVZHJREZRKOVLFK PHLQ,QQHUVWHVPLW)OXFKWEHVFKlIWLJWHGRFKGLH*HJHQVHLWHKDWWHGHQ 5LQJ]XGLFKWJH]RJHQ ,FKZDUXQGEOLHELQLKUHU+DQG $OVLFKDQ$OYDUH]YRUEHLVFKDXWHWUDIPHLQ%OLFNGHQYRQ%UXGHU ,JQDWLXV ,FKVDKGLH7UDXHULQVHLQHQ$XJHQGLH'HSUHVVLRQGLH$XIJDEHGDV :LVVHQYHUORUHQ]XKDEHQ =ZHL5HLWHUO|VWHQVLFKDXVGHP.UHLV6LHULWWHQ]X,JQDWLXVXQG QDKPHQLKQLQGLH0LWWHGDPLWHUQXUNHLQHQ$XVEUXFKYHUVXFKXQWHU QDKP0LFKEHGURKWHQGLHDQGHUHQEHLGHQ $POLHEVWHQKlWWHLFKGDV6FKZHUWJHQRPPHQXQGLKQHQMHGHQ .QRFKHQHLQ]HOQ]HUVFKODJHQ 'RQ$OYDUH]ZDQGWHVLFKKDOEXPXQGVWUHFNWHVHLQHQ$UPDXV(U GHXWHWHDXIGLHDOWH(LFKHQHEHQGHP%UXQQHQ ª6LHKVWGXLKQ*HLVWHUMlJHU"© ª%LQMDQLFKWEOLQG©HUZLGHUWHLFK 'LHVPDONDVVLHUWHLFKNHLQHQ6FKODJ$OYDUH]ZDUZRKO]XVHKUPLW GHQQDKHQ=XNXQIWVSUREOHPHQEHVFKlIWLJWª$QGLHVHP%DXP *HLVWHUMlJHUZLUVWGXGHLQPGHV/HEHQDXVKDXFKHQ:LUZHUGHQGLFK DQGHQ6WDPPIHVVHOQXQGMHGHUNDQQVHKHQZHQQGLH+RUURU5HLWHU LKUHXQGPHLQH5DFKHHUIOOHQ,KUH/DQ]HQZHUGHQGLFKGXUFKERKUHQ 8QGGXZLUVWGRUWDOVWRWHU0DQQXQGDOV0DKQXQJIUDOOHDQGLHVHP %DXPVWDPPKlQJHQEOHLEHQGDPLWMHGHUVHKHQNDQQZDVPLWGHP JHVFKLHKWGHUVLFKXQVLQGHQ:HJVWHOOW,QGLHVHP.ORVWHUHQGHWGHLQ :HJ-RKQ6LQFODLU© %HLGHQ]ZHL+RUURU5HLWHUQGLHVLFKLQ%UXGHU,JQDWLXV 1lKHDXI KLHOWHQVDKLFKHLQH%HZHJXQJ3O|W]OLFKVFKZLUUWHQJOKHQGH/DVVRV GXUFKGLH/XIWNUHLVWHQHLQPDOXQGVHQNWHQVLFKDXIPLFKQLHGHU ,QHLQHP$QIDOOYRQ:DKQVLQQULVNLHUWHLFKHLQHQ$XVIDOO,FKZROOWH PLFKQLFKWNDPSIORVHUJHEHQKlPPHUWHGLH/DQ]HGHVPLUDPQlFKVWHQ EHILQGOLFKHQ5HLWHUV]XU6HLWHXQG]HUUWHJOHLFK]HLWLJDQVHLQHPNQ|FKHU QHQ%HLQ +DOEUXWVFKWHHUYRP3IHUGHUFNHQ0HLQHOLQNH+DQGIXKUXQWHUGLH -DFNHGRFKGDWUDIPLFKGHU6FKODJ,FKNDPQLFKWPHKUGD]XGDV.UHX] RGHUGLH'lPRQHQSHLWVFKHKHUYRU]XKROHQ$OYDUH]KDWWHJHQDXJHZXW ZRKLQHUVFKODJHQPXWH
0LFKWULHEHVLQGLH.QLH,FKILHOQDFKYRUQ 1HLQLFKZXUGHQLFKWEHZXWORVDEHUGHU+LHEVFKDOWHWHPHLQH 5HIOH[HDXV,FKEOLHEDXIGHP,QQHQKRIGHV.ORVWHUVOLHJHQRKQHPLFK ]XUKUHQ ª'LHVHUYHUGDPPWH%DVWDUG©NHXFKWH$OYDUH]ª(UYHUVXFKWHVLPPHU ZLHGHUGHU+XQG©'HUWHXIOLVFKH0|QFKWUDWQHEHQPLFKª/RVKRFK PLWLKP© 6LHKLHYWHQPLFKLQGLH+|KH,FKVSUWHGLHNDOWHQ.QRFKHQNODXHQ KLQJZLHHLQVFKODIIHU/XIWEDOORQLP*ULIIGHU+RUURU5HLWHUXQGNRQQWH QLFKWVIUPHLQH%HIUHLXQJWXQGDLFKQRFKLPPHUSDUDO\VLHUWZDU 6LHVFKOHSSWHQPLFK]XP%DXPZDUIHQPLFKJHJHQGHQ6WDPPXQG SUHWHQPHLQHQ5FNHQDQGLHKDUWH5LQGH :lKUHQG$OYDUH]YRUPLUVWDQGXQGPLFKIHVWKLHOWZREHLHUPLFK WHXIOLVFKDQJULQVWHULWWHQ]ZHL+RUURU5HLWHUXPGHQ%DXPKHUXP6LH KDWWHQDXVGHQ/DVVRVJOKHQGH)HVVHOQJHIRUPWGLHVLHHLQSDDUPDOXP PHLQHQ.|USHUVFKODQJHQ6RIHVWXQGKDUWGDLFKPLFKQLFKWPHKU UKUHQNRQQWH (VZDUHLQHYHUGDPPWH6DFKHVR]XKlQJHQXQGVLFKQLFKWZHKUHQ]X N|QQHQDEHULFKVWDQGVLHGXUFK $OVLFKGDQQZLHGHUQRUPDOUHDJLHUHQNRQQWHDOVGLH0XVNHOQXQG 5HIOH[HPLWVSLHOWHQGDKLHOWHQPLFKGLH)HVVHOQVRVWUDPPGDLFK VFKRQGHQ%DXPDXVGHP%RGHQKlWWHUHLHQPVVHQXPIUHL]X NRPPHQ 1LFKWVJLQJPHKU $OYDUH]VWDQGYRUPLUª:DVKDWWHLFKGLUYHUVSURFKHQ*HLVWHUMlJHU"© K|KQWHHUª,FKZHUGH]XVFKDXHQZLHPDQGLFKDXIVSLHW©(UNLFKHUWH ZLHHLQ%HVHVVHQHUXQGULHEVLFKGLH+lQGHª'DVLVWGHUVFK|QVWH7DJLQ PHLQHP/HEHQ$XILKQKDEHLFKODQJHVHKUODQJHJHZDUWHWGDVNDQQVW GXPLUJODXEHQ6LQFODLU'HQ*HLVWHUMlJHUHLQPDOVR]XVHKHQZLHHV VLFKJHK|UW*HIHVVHOWZHKUORV© ª)DKU]XU+|OOH©NHXFKWHLFK ª1DFKGLU6LQFODLU$EHUZHQQZLUXQVGRUWZLHGHUWUHIIHQZLUGHVPLU EHVVHUHUJHKHQDOVGLUGDVNDQQVWGXPLUJODXEHQGXYHUGDPPWHU %DVWDUG© :LOGWUDWHUPLWGHP)XDXIEHZHJWHEHLGH$UPHXQGKROWHGLH .OLQJHQKHUYRU ,FKVDKLKPDQZLHHVLQVHLQHP*HKLUQDUEHLWHWH(UKDWWHGHQ+RUURU 5HLWHUQYHUVSURFKHQGDVLHPLFKW|WHQGXUIWHQGRFKQXQZRLFKJHIHV VHOWXQGZHKUORVYRULKPVWDQGGDKlWWHHUPLUOLHEHQGJHUQGLH.HKOH GXUFKJHVFKQLWWHQ0DQEUDXFKWHNHLQJURHU3V\FKRORJH]XVHLQXPGDV KHUDXV]XILQGHQ
(UNDPQlKHU ,QPLUVWLHJGLH$QJVWKRFKDOVHUEHLGH$UPHDQZLQNHOWHXQGGLH 6FKQHLGHQLQ+|KHPHLQHU.HKOHZDDJHUHFKWDQHLQDQGHUKLHOW ª1D6LQFODLU$QJVW"© ,FKVFKZLHJ'DQQVSUWHLFKGHQNDOWHQ6WDKODQPHLQHP+DOVXQG ]XFNWH]XVDPPHQ 6HLQKHLHUIDXOLJULHFKHQGHU$WHPVWUHLIWHPHLQ*HVLFKWGHU0XQG ZDUYHU]HUUWGLH$XJHQOHXFKWHWHQXQGLFKVSUWHGHQ6FKQLWWDP+DOV DOVHUHWZDV]XGUFNWH 'DQQ]XFNWHQGLH.OLQJHQ]XUFN ª,FKZUGHGLU]XJHUQGLH.HKOHGXUFKVFKQHLGHQ©IOVWHUWH$OYDUH] KHLVHUªDEHULFKKDEHPHLQHQ)UHXQGHQYHUVSURFKHQLKQHQGLH5DFKH]X EHUODVVHQ'LH5DFKHGHUYLHU+RUURU5HLWHU6LHZLUGGLFKWUHIIHQ 6LQFODLU© (UWUDW]XUFNXQGEOLFNWHZLOGLQGLH5XQGH:DVHUVDKPXWHVHLQ +HU]K|KHUVFKODJHQODVVHQ 'DVWDQGHQGLHYLHU5HLWHU'HQUHFKWHQ$UPKDWWHQVLHMHZHLOVHU KREHQPLWGHQNQRFKLJHQ)lXVWHQKLHOWHQVLHGLH6FKlIWHGHU/DQ]HQ XPNODPPHUWLQGHQVFKZDU]HQ7RWHQVFKlGHOQJOlQ]WHQZHLGLH JHIlKUOLFKHQ$XJHQ (LQHXQKHLPOLFKH0|UGHUJUXSSHHEHQ$(%$ -DKUKXQGHUWHODQJJHLVWHUWHQVLHEHUHLWVGXUFKGLH*HVFKLFKWH'LHVH YLHU5HLWHUGLH9HUNQGLJHUGHU$SRNDO\SVHKDWWHQ'LFKWHUXQG0DOHU GD]XDQJHUHJWVLFKPLWLKQHQ]XEHVFKlIWLJHQ 'LHYLHU5HLWHUZDUHQGLH6\PEROHIUGHQ+XQJHUGHQ7RGGHQ.ULHJ XQGGLH3HVW 8QGVLHZDUHQGLH'LHQHUGHUYLHU(U]GlPRQHQGHQ*HJHQVWFNHQ GHU(U]HQJHO (LQPDOZDULFKLKQHQHQWNRPPHQHLQDQGHUHV0DOKDWWHLFKVLHEH VLHJW1XQZDUHVDQLKQHQ5DFKH]XQHKPHQ $OYDUH]VDKDXFKGLH0|QFKH 6FKZHLJHQGVWDQGHQVLHGD'LH+lQGHXPLKUH.UHX]HJHNUDOOW(LQHU QXUKDWWHVLFKDEJHVRQGHUW ,KQWUDIPHLQ%OLFN 8QGLFKVDKZLHHVLQLKPDUEHLWHWHZLHHUQDFKHLQHP$XVZHJ VXFKWH)LHEHUKDIWGDFKWHHUQDFKXQGHUZUGHDXFKVHLQHLJHQHV/HEHQ DXIV6SLHOVHW]HQXPGDVPHLQH]XUHWWHQ 'HVKDOEZDUQWHLFKLKQ ª1LFKW%UXGHU,JQDWLXV©ULHILFKLKQDQª:DVLPPHUGXGHQNVWXQG WXQZLOOVWODHVVHLQ© (UKRUFKWHDXIª'DQQZLOOVWGXVWHUEHQ"©
ª-DHUZLUGVWHUEHQ©NUHLVFKWH$OYDUH]XQGIXFKWHOWHPLWEHLGHQ 0HVVHUQ(UVFKDXWHGLHYLHU5HLWHUDQª6HLGLKUEHUHLW)UHXQGH"© 9LHU7RWHQVFKlGHOQLFNWHQ ª:ROOWLKU6LQFODLUVWHUEHQVHKHQ"© :LHGHUGDV1LFNHQ ª'DQQORV©NHLIWH$OYDUH]XQGUDQQWH]XU6HLWHXPGHQ5HLWHUQQLFKW LP:HJH]XVWHKHQ 'LHOHW]WHQ6HNXQGHQPHLQHV/HEHQV" :DUHQVLHHVZLUNOLFK"1XQZRDOOHV]X(QGHVHLQVROOWHKDWWHLFKGDV *HIKODOVZUGHGLH=HLWODQJVDPHUDEODXIHQ,FKVSUWHPHLQHZLOGH $QJVWGLHVLFKLQHLQHP6FKWWHOIURVWEHPHUNEDUPDFKWHXQGLFKVDK ZLHGLH5HLWHUDQULWWHQ 8QWHUGHQ+XIHQZ|ONWHQ6WDXEZRONHQKRFK'LH%HLQHGHU3IHUGH KlPPHUWHQDXIGHQIHVWJHVWDPSIWHQ8QWHUJUXQG'LH5HLWHUGXFNWHQ VLFK6WREHUHLWKLHOWHQVLHLKUHJHIlKUOLFKHQ:DIIHQXQGMDJWHQDXIPLFK GHQ:HKUORVHQXQG*HIHVVHOWHQ]X ,FKULZHLWGLH$XJHQDXIXQGVFKULH 9HUGDPPWLFKVFKULH'LH7RGHVDQJVWEHUNDPPLFK,FKPHUNWHJDU QLFKWZLHLFKDQPHLQHQ)HVVHOQ]HUUWHXQGZLHHLQ%HUVHUNHUYHUVXFKWH PLFK]XEHIUHLHQ 'LH6WULFNHKLHOWHQ :LHYLHOH6HNXQGHQZDUHQYHUJDQJHQ"(LQH]ZHLRGHUGUHL" 'HU5HLWHUOLQNVYRQPLUGHUPLWGHP$DXIGHU%UXVWZXFKWHWHVHLQHQ $UP]XHUVW]XUFNGDQQZLHGHUYRU8QGHUVFKOHXGHUWHGLH/DQ]H]LHO VLFKHUDXIPLFK]X (VNDP6XNRYRUDOVKlWWHQLKQGLH6FKDWWHQGHV7RGHVVFKRQJHKDEWXQG ZLHGHUDXVJHVSLHHQ 6RlKQOLFKJHVWDOWHWHVLFKGDV(UZDFKHQDXVGHUWLHIHQ%HZXW ORVLJNHLW ,PHUVWHQ$XJHQEOLFNZXWHGHU&KLQHVHEHUKDXSWQLFKWZRHUVLFK EHIDQG(UKDWWHGDV*HIKOLQHLQHULKPXQEHNDQQWHQ)UHPGH]XVHLQ HUVDKQXU6FKDWWHQGD]ZLVFKHQIHXULJH.UHLVHGLHDEHUZLHGHUYHU VFKZDQGHQXQG]XHLQHUEOHLEHQGHQJUDXHQ)DUEHZXUGHQGLHVLFKEHU LKPEHIDQG 6XNRVW|KQWH ([SORVLRQVDUWLJHUIDWHLKQGHU6FKPHU]XQGHVGDXHUWHHLQH=HLWELV GHU&KLQHVHGDV=HQWUXPDP.RSIORNDOLVLHUHQNRQQWH
'RUWKDWWHHUGHQP|UGHULVFKHQ7UHIIHUNDVVLHUWGHULKQYRQGHQ %HLQHQJHULVVHQKDWWH8QGHVPXWHVFKRQHLQYHUGDPPWKDUWHV'LQJ JHZHVHQVHLQGHQQ6XNRNRQQWHDOOHUKDQGHLQVWHFNHQ (UEHZHJWHVHLQHQUHFKWHQ$UP0LWGHP+DQGUFNHQNODWVFKWHHU LUJHQGZRJHJHQIKOWHHLQHZHLFKH0DVVHXQGEHJULIILPHUVWHQ $XJHQEOLFNQLFKWGDHVVLFKXP/HGHUKDQGHOWH'DVVWHOOHHUHUVWIHVW DOVHUXQWHUJURHQ0KHQGLH$XJHQDXIVFKOXJ $OOPlKOLFKQXUNHKUWHEHLGHP&KLQHVHQGLH(ULQQHUXQJ]XUFN(U GDFKWHDQ/RQGRQDQGLH)DKUWLQGLHVFKRWWLVFKHQ%HUJHGHQhEHUIDOO GHU+RUURU5HLWHUGDQQKDWWHHUHLQHQ)LOPULJHKDEW $XV 8QGMHW]W":RVWHFNWHHUMHW]W"1DFKGUDXHQKDWWHQVLHLKQQLFKW JHVFKOHLIWGDZlUHHVNlOWHUJHZHVHQ'HPQDFKODJHULQHLQHP5DXP GHU)HQVWHUKDWWH 1HLQNHLQH)HQVWHUVRQGHUQ6FKHLEHQ $XWRVFKHLEHQ -HW]WZXWHGHU&KLQHVHJHQDX%HVFKHLG(UODJDXIGHP5FNVLW]GHV %HQWOH\'RUWKLQKDWWHLKQMHPDQGYHUIUDFKWHW:HU"-RKQ6LQFODLUYHU PXWOLFK ª-RKQ"©VW|KQWHGHU&KLQHVH (UHUKLHOWNHLQH$QWZRUW 6FKZHUIlOOLJZlO]WHVLFK6XNRDXIGLH6HLWH'RUWEOLHEHUOLHJHQXQG NRQ]HQWULHUWHDOOVHLQH.UlIWHGDUDXIGLH6FKPHU]HQLQVHLQHP6FKlGHO ]XEHVLHJHQ 6XNREHKHUUVFKWHGLH.XQVWGHU6HOEVWEHUZLQGXQJGLH
'HQWUXJ6XNRQRFKEHLVLFK(EHQIDOOVGLH%HUHWWD6RZDUHUQLFKW ZDIIHQORVZHQQHUGHQ:DJHQYHUOLH 6XNREHZHJWHVLFKDXIGLH7U]X6HLQH]LWWHUQGHQ)LQJHUIDQGHQGHQ +HEHOXQGODQJVDPGUFNWHHUGLH7UDXI .KOH/XIWWUDIXQGHUIULVFKWHLKQ (VZDUGXQNHOJHZRUGHQ7URW]GHPHUNDQQWHGHU&KLQHVHGLHZXFK WLJHQ.ORVWHUPDXHUQYRUVLFK 'LHJHZDOWLJHXQHLQQHKPEDUVFKHLQHQGH:DQGUDJWHYRULKPLQGLH +|KH (UK|UWHDXFK6WLPPHQ +HNWLVFKJHOOHQGVLFKPDQFKPDOEHUVFKODJHQG$XIGHP,QQHQKRI PXWHHLQHNOHLQH+|OOHWREHQ(LQU|WOLFKHU:LGHUVFKHLQWDQ]WHXQUXKLJ DXIGHU0DXHUNURQH /LFKWYRQ)DFNHOQ" 6XNRVWHPPWHVLFKDE(VJHODQJLKPDXIGHQ%HLQHQ]XEOHLEHQDEHU QXUZHLOHUVLFKDP'DFKUDQGGHV:DJHQVDEVWW]WH6HLQH.QLH]LWWHU WHQQRFKLPPHUHUKDWWH6FKZLHULJNHLWHQPLWGHP*OHLFKJHZLFKWGHU (UGERGHQVFKZDQNWH(UNDP6XNRZLHHLQ0HHUYRUGRFKGHU&KLQHVH ULVLFK]XVDPPHQ (UGXUIWHQLFKWDXIJHEHQ 6XNRVWLHVLFKYRP:DJHQGDFKDE'HU:HJIKUWHVFKUlJDXIGDV .ORVWHUWRU]X %UHLWEHLQLJZDQNWHGHU&KLQHVHVHLQHP=LHOHQWJHJHQ(USUHWHGLH /LSSHQ]XVDPPHQXQGELGLH=lKQHDXIHLQDQGHUDOVLKQHLQHUQHXWHU 6FKZlFKHDQIDOOEHUILHOXQGHUHLQHQ%UHFKUHL]VSUWH)ROJHQGHV VFKZHUHQ6FKODJHVGLHDXIHLQH*HKLUQHUVFKWWHUXQJKLQGHXWHWHQ 6XNRPDFKWHZHLWHU(UGXUIWHQLFKWDXIJHEHQQLFKWMHW]WGDHUVLFK GLFKWYRUGHP=LHOEHIDQG 1RFKIQI6FKULWWHELV]XP7RU(LQHOlFKHUOLFKH'LVWDQ])U6XNR EHGHXWHWHVLHMHGRFK6FKZHUVWDUEHLW6HLQH)HVFKOHLIWHQEHUGHQ %RGHQGLH%HLQHZROOWHQLKPQLFKWPHKUJHKRUFKHQDEHUGHU&KLQHVH PDFKWHZHLWHU 'DV7RU (VUDJWHYRULKPKRFKGRFK6XNRVDKDXFKGLHVFKPDOH6HLWHQSIRUWH GLHVRJDURIIHQVWDQG (LQH(LQODGXQJQDKH]X 6XNRVWUHFNWHGHQOLQNHQ$UPDXV0LWGHUUHFKWHQ+DQGKROWHHU VHLQHQDXV7LEHWPLWJHEUDFKWHQUlWVHOKDIWHQ6WDEKHUYRU (UVWLHGLH7UDXI 6XNRV$XJHQZXUGHQJURDOVHUVDKZDVVLFKDXIGHP,QQHQKRI HUHLJQHWH
-RKQ6LQFODLUZDUDQHLQHP%DXPJHIHVVHOWXQGYLHU5HLWHUULWWHQYRQ YRUQDXILKQ]X'HU5HLWHUJDQ]DXHQKREVHLQHQUHFKWHQ$UPXPGLH /DQ]H]XVFKOHXGHUQ 'HU&KLQHVHQDKPDOOH.UDIW]XVDPPHQDOVHUGDVEHZXWH:RUW VFKULH(VHUP|JOLFKWHLKPGLH=HLWDQ]XKDOWHQ ª7RSDU© 'DV8QZDKUVFKHLQOLFKHJHVFKDK6lPWOLFKH0HQVFKHQDXIGHP+RI HUVWDUUWHQ 1XUHLQHUNRQQWHVLFKEHZHJHQ 'HU%HVLW]HUGHV6WDEV )QI6HNXQGHQEOLHEHQGHP&KLQHVHQ8QGHUVDKGDHUZLUNOLFKLP DOOHUOHW]WHQ$XJHQEOLFNJHNRPPHQZDU(WZDHLQ
,JQDWLXVKDWWHHLQJHJULIIHQ(UZDUIVLFKDXIGHQ6FKUHLHU]XXQGGURVFK PLWEHLGHQ)lXVWHQQDFKLKP 'RQ$OYDUH]EHNDPGHQ6FKODJLQGHQ1DFNHQ'LH:XFKWGHV7UHIIHUV VFKOHXGHUWHLKQ]X%RGHQZRHUVLFKVRIRUWDXIGHQ5FNHQGUHKWHGLH %HLQHDQ]RJXQGVLHZLHGHUYRUVFKQHOOHQOLHVRGD%UXGHU,JQDWLXV YROOLQGHQ7ULWWKLQHLQKHFKWHWH 'HU0|QFKZXUGH]XUFNJHVFKOHXGHUW ,FK]HUUWHZLHHLQ%HUVHUNHUDQGHQ)HVVHOQZROOWHVLHO|VHQGRFKVLH VDHQ]XIHVW'LH6WULFNHVFKQUWHQPLFKHLQ:LHHVDXVVDKZUGHLFK 6WDWLVWEOHLEHQ $OYDUH]GHUDXVGHU1DVHEOXWHWHNPPHUWHVLFKQLFKWPHKUXP %UXGHU,JQDWLXVVRQGHUQUDQQWHDXIGLH5HLWHU]Xª7|WHWLKQ©VFKULHHU ª5HLWHWHQGOLFKDQ© 'DJULIIHQGLH0|QFKHHLQ %LVKHUKDWWHQVLHQXUGDQHEHQJHVWDQGHQGRFKQXQZDQGWHQVLHVLFK JHJHQGLHYLHU5HLWHU6LHKDWWHQQXULKUH.UHX]HXQGLKUH+lQGHGRFK PLWGHP0XWGHU9HU]ZHLIOXQJJULIIHQVLHHLQ6LHKDWWHQJHVHKHQGD LFKQRFKOHEWH(VPXWHLKQHQZLHHLQ:XQGHUYRUJHNRPPHQVHLQXQG GDVKDWWHZRKOLKUH,QLWLDWLYHEHIOJHOW 6LHVWU]WHQDXI$OYDUH]XQGGLHYLHU+RUURU5HLWHU]X +LPPHOGDVZDU:DKQVLQQZDVVLHGDWDWHQ'DVNRQQWHQLFKWJXW JHKHQ,FKVFKULHXQGEUOOWHPLUIDVWGLH/XQJHDXVGHP+DOV ª=XUFNYHUGDPPWNRPPW]XUFN(VKDWNHLQHQ=ZHFN'LHDQGH UHQVLQGVWlUNHU© 6LHK|UWHQQLFKW 'LH+RUURU5HLWHUULVVHQLKUH*lXOHKHUXP3O|W]OLFKIDXFKWHQZLHGHU GLHJHIlKUOLFKHQ)HXHUORKHQDXVGHQ0lXOHUQGHU7LHUH1DFK6FKZHIHO VWLQNHQGHU'DPSIGUDQJDXVGHQ1VWHUQXQG]RJLQWUlJHQ:RONHQ EHUGHQ,QQHQKRI 6FKUHLHQGZLFKHQGLH0|QFKH]XUFN'LHHUVWHQLQGHUEUHLWHQ5HLKH KDWWHQGLH$XVZLUNXQJHQGHV)HXHUV]XVSUHQEHNRPPHQ 6LHNUPPWHQVLFKDP%RGHQ 8QG$OYDUH]ODFKWH :LHHLQ,UUHUVWDQGHUGD6HLQZDOOHQGHU%DUW]LWWHUWHGDV%OXWOLHIDXV VHLQHU1DVHXQGHUIXFKWHOWHPLWVHLQHQEHLGHQJHIlKUOLFKHQ0HVVHUQ KHUXP ,FKZDULPPHUQRFKJHIHVVHOW%LVSO|W]OLFKHLQH*HVWDOWYRUPLUDXI WDXFKWH %UXGHU,JQDWLXV ª-RKQ6LQFODLU©VDJWHHUª+DVWGXHLQ0HVVHU"© ª-DGHQ'ROFK8QWHUPHLQHU-DFNH©
.UlIWLJH+lQGHIXKUHQEHUPHLQHQ.|USHUXQGXQWHUGLHVWUDIIHQ 6WULFNH6LHERJHQVLH]XU6HLWH,FKK|UWHGDV.HXFKHQGHV0DQQHV$XFK HUKDWWH0KHDQGLH:DIIH]XJHODQJHQDEHUHUJDEQLFKWDXIVRQGHUQ VHW]WHDOOVHLQH.UDIWHLQ 'DQQKDWWHHUGHQVLOEHUQHQ'ROFK(UVlEHOWHPLWGHU6FKQHLGHGLH )HVVHOQGXUFK=XHUVWILHOHQGLH6WULFNHDPREHUHQ7HLOGHV.|USHUVGDQQ GLHXQWHUHQ ,FKZDUIUHL ª'DQNH©NHXFKWHLFKª9LHOHQ'DQN%UXGHU© ª'DVEUDXFKVWGXQLFKW-RKQ,FKZLOOQLFKWGDGXGLFKEHGDQNVW© 7UlQHQVFKLPPHUWHQLQVHLQHQ$XJHQª.lPSIHIUPHLQH)UHXQGH/D GLH+|OOHQLFKWVLHJHQ© ª1HLQ©NQLUVFKWHLFKªGDVEHVWLPPWQLFKW©+XPSHOQGEHZHJWHLFK PLFK]XU6HLWH'HU%OXWVWDXEHUHLWHWHPLU6FKZLHULJNHLWHQ,FKPXWH PLFKHUVWZLHGHUDQGDV*HKHQJHZ|KQHQ0LWMHGHP6FKULWWNODSSWHHV EHVVHU ,FKOLHI]XP%UXQQHQGHQQGRUWODJQLFKWQXUPHLQH%HUHWWDVRQGHUQ DXFKGDV6FKZHUW'LHVPDOZUGHLFKPLFKQLFKWEHUZlOWLJHQODVVHQ GDVVWDQGIHVW 6LHJHQRGHUXQWHUJHKHQ $OYDUH]KHL]WHGLH5HLWHULPPHUZHLWHUDQ6LHKDWWHQVLFK]XHLQHU HUQHXWHQ$QJULIIVIURQWIRUPLHUWXPJHJHQGLHWRGHVPXWLJHQ0|QFKH YRU]XJHKHQ ª5HLWHWVLHQLHGHU©EUOOWH$OYDUH] 'RFKVHLQH6WLPPHZXUGHYRQHLQHUDQGHUHQEHUW|QW ª'DVZHUGHWLKUQLFKWWXQ© (LQH6HNXQGHODQJZDUDOOHVUXKLJ-HGHUVWDQGDXIVHLQHP)OHFNXQG VWDUUWHGRUWKLQZRGHUHLQVDPH5XIHUVWDQG (VZDUHLQH)UDXXQGVLHVWDQGZLHHLQUlFKHQGHU(QJHOPLWODQJHQ VFKZDU]HQ+DDUHQDXIGHPREHUHQ5DQGGHU.ORVWHUPDXHU,QGHU UHFKWHQ+DQGKLHOWVLHGDV6FKZHUWPLWGHUJROGHQHQ.OLQJH .DUDZDUJHNRPPHQ 0LUOLHIHLQH*lQVHKDXWEHUGHQ5FNHQ(LQ.UDIWVWURPGXUFKVFKR PHLQHQ.|USHU,FKIKOWHI|UPOLFKZLHGHU*ODQ]LQPHLQH$XJHQWUDW ZLHVLFKGLH0XVNHOQVWUDIIWHQXQGLFKNRQQWHHLQIDFKQLFKWPHKUDQ PLFKKDOWHQVRQGHUQVSUDQJYRUXQGULHIPLWJHZDOWLJHU6WLPPHª.DUD KLHUELQLFK© ª-RKQ©ULHIVLH]XUFN $OYDUH]KHXOWHDXIª6LQFODLU© 8QGGDQQEHJDQQGHU.DPSI
.DUDVSUDQJYRQGHU0DXHU 6LHKDWWHLKUHQ6SUXQJIDQWDVWLVFKEHUHFKQHW%HYRUGHU5HLWHUPLWGHP %DXIGHU%UXVWEHUKDXSWUHDJLHUHQNRQQWHKRFNWH.DUDKLQWHULKPDXI GHP3IHUGXQGVFKOXJ]X 6LH]RJGLH6FKQHLGHGHVJROGHQHQ6FKZHUWVYRQREHQQDFKXQWHQWUDI GHQZLGHUOLFKHQ6FKlGHOGHV6NHOHWWVXQG]HUWUPPHUWHQLFKWQXULKQ VRQGHUQDXFKGHQ.|USHU 'LHHLQ]HOQHQ.QRFKHQILHOHQ]XEHLGHQ6HLWHQGHVVFKZDU]HQ3IHUGV DXIGHQ%RGHQ ,FKKDWWHGLH6]HQHPLWEHNRPPHQ6LHPDFKWHPLU0XW:LHHLQ %HUVHUNHUVWUPWHLFKYRU 'HVWHURV6FKZHUWKLHOWLFKLQGHUUHFKWHQ+DQGXQGUDQQWHDXIHLQHQ 5HLWHU]X%HYRUGHUVHLQH/DQ]HQDFKPLUVFKOHXGHUQNRQQWHKLHELFK]X XQGWUHQQWHLKPHLQ%HLQYRP.|USHU$XIEUOOHQGMDJWHGDV3IHUG GDYRQ $XFKGLHDQGHUHQ7LHUHJHULHWHQLQ3DQLN6LHKDWWHQEHPHUNWGD HWZDVPLWLKUHQ5HLWHUQJHVFKHKHQZDUXQGMDJWHQZLHYHUUFNWEHU GHQ.ORVWHUKRI 'XPSIXQGJOHLFK]HLWLJVFKULOOZLHKHUQGVXFKWHQVLHHLQHQ)OXFKWZHJ ,KUH0lXOHUVSLHHQ)HXHUXQG5DXFK 'LHEHLGHQQRFKYROOHLQVDW]IlKLJHQ5HLWHUKDWWHQ0KHGLH7LHUH XQWHU.RQWUROOH]XEHNRPPHQVRGDVLHJDUQLFKWGDUDQGDFKWHQLKUH /DQ]HQ]XVFKOHXGHUQ .DUDXQGLFKVWHOOWHQXQVGHQ7LHUHQ 'RFKGLHZDUHQVFKODXHUDOVGLH5HLWHU'DV)HXHUDXVLKUHQ1VWHUQ WULHEXQV]XUFN$XFKGLH0|QFKHEUDFKWHQVLFKVFKUHLHQGLQ 6LFKHUKHLW1XU%UXGHU,JQDWLXVEOLHE(UVSRUQWHXQVPLWODXWHQ5XIHQ DQXQGZLUJDEHQQLFKWDXI 0LUJHODQJHVXQWHUHLQHUIODPPHQGHQ/RKHZHJ]XWDXFKHQIKUWH HLQHQJHZDOWLJHQ6WUHLFKXQGN|SIWHPLW'HVWHURV6FKZHUWHLQHQ*DXO (LQJUQHU6WUDKOVFKRDXVGHU:XQGH'DV3IHUGEUDFKLQGLH.QLH XQGZDUIGDEHLVHLQHQ5HLWHUDE 'DVVFKZDU]H6NHOHWWEHUNXJHOWHVLFKDP%RGHQ(VZDUGDVGHVVHQ %HLQLFKDEJHVFKODJHQKDWWH'LH/DQ]HKLHOWHVQDFKZLHYRUIHVWXP NODPPHUW ,FKMDJWHDXIGDV6NHOHWW]XXQGHUUHLFKWHHVEHYRUHVVLFKHUKHEHQ NRQQWH 0LWHLQHP+LHEWUHQQWHLFKGHQ.RSIDE(LQ]ZHLWHU6FKODJWHLOWHHVLQ GHU0LWWHVRGDPLFKGLHHLQ]HOQHQ.QRFKHQWUPPHUZLH+RO]VSlQH XPIORJHQ 'DQQZLUEHOWHLFKKHUXP
1RFKHLQ5HLWHUZDUEULJJHEOLHEHQ(UMDJWHDXIGDV7RU]XGRFKHU KDWWHQLFKWPLW.DUDJHUHFKQHW6LHZDU]ZDUZHLWYRQGHP5HLWHUHQW IHUQWGRFKVLHKROWHDXVXQGVFKOHXGHUWHLKUJHKHLPQLVYROOHV6FKZHUW PLWGHUJROGHQHQ.OLQJH (VZLVFKWHGLFKWEHUGHQ5FNHQGHV3IHUGHVKLQZHJGUHKWHVLFK GDEHLXQGWHLOWHGDV6NHOHWWHWZDLQ+IWK|KH 'LH.QRFKHQVSULW]WHQQDFKDOOHQ6HLWHQZHJ 'HUOHW]WH5HLWHUZDUYHUQLFKWHW:LUKDWWHQHVLQHLQHPNXU]HQDEHU ZDKQVLQQLJHQ.DPSIJHVFKDIIW ,FKULHEEHUPHLQH$XJHQ 'DVDKLFK'RQ$OYDUH] 0HLQH)HVFKLHQHQNDXPGHQ%RGHQ]XEHUKUHQDOVLFKKLQWHUGHP )OFKWLJHQKHUMDJWH$OYDUH]PHUNWHGDHUYHUIROJWZXUGHGRFKHU KDWWHQLFKWVPHKU]X]XOHJHQHUVFKDIIWHHVQLFKW'LFKWYRUGHU0DXHU KDWWHLFKLKQ 0HLQ6FKZHUWKDWWHLFKZHJJHZRUIHQ,FKEUDXFKWHHVQLFKWDXFKGLH %HUHWWDQLFKW ,FKZROOWHLKQPLWEORHQ)lXVWHQEHVLHJHQ(UVROOWHGRUWKLQZRHU KHUJHNRPPHQZDU ,FKVFKOHXGHUWHLKQJHJHQGLH0DXHU 6RIRUWNUHLVHOWHHUZLHGHUKHUXP$XVEOXWXQWHUODXIHQHQ$XJHQ VWLHUWHHUPLFKDQ ª'X+XQG©KHXOWHHUXQGLFKVDKGLHEHLGHQ0HVVHULQVHLQHQ +lQGHQ'DQQJULIIHUDQ %OLW]VFKQHOOVSUDQJLFK]XUFNHUZLVFKWHLKQPLWHLQHP7ULWWYHU VFKDIIWHPLU/XIWXQG]RJHEHQIDOOVPHLQHQ'ROFK ª8QGQXQNRPPGX0|UGHU©IOVWHUWHLFKKHLVHU,FKVWDQGOHLFKW JHGXFNWXQGHUZDUWHWHLKQ (UNDPWDWVlFKOLFK9RUVLFKWLJHUDOVEHLPHUVWHQPDO =XHUVWNDPVHLQHUHFKWH+DQGGDQQGLHOLQNH (VZDUHQ6WLFKHGLHDXIPHLQHQ+DOVJH]LHOWZDUHQGLHPLFKW|WHQ VROOWHQ8QGHUZDUVFKQHOOVRVFKQHOOGDLFKQLFKWULFKWLJZHJNDPXQG PLUQXUQRFKHLQH&KDQFHEOLHE ,FKVFKOHXGHUWHGHQ'ROFK 8QGLFKWUDI $XIHLQPDOVWHFNWHGLHJHZHLKWH:DIIHLQVHLQHU%UXVW6HLQH$UP VDQNHQQDFKXQWHQHUWDXPHOWHQRFKYRUZROOWHVHOEVWGLH0HVVHU ZHUIHQDEHULKPIHKOWHGLH.UDIW $OYDUH]VDFNWH]XVDPPHQ 'LFKWYRUPHLQHQ)HQILHOHU]X%RGHQ ,FKGUHKWHLKQKHUXP
'HUWHXIOLVFKH0|QFKZDUWRW ,FK]RJGHQ'ROFKDXVVHLQHU%UXVWXQGVlXEHUWHGLH.OLQJH,FKKDWWH LKQQLFKWW|WHQZROOHQGRFKHUOLHPLUNHLQHDQGHUH:DKO 'DQQK|UWHLFKGLH6FKUHLH %OLW]VFKQHOOZDQGWHLFKPLFKXPXQGVDKGLH+RUURU5HLWHU$EHUYHU GDPPWGDVNRQQWHQLFKWVHLQZLUKDWWHQVLHGRFKHUOHGLJW8QGMHW]W VFKZHEWHQVLHLQGHU/XIW 1HLQHVZDUHQLKUH*HLVWHUGLHJHQDXHQ$EELOGHUGHUVFKDXULJHQ *HVHOOHQ (LQ6WXUPZLQGIHJWHSO|W]OLFKEHUGHQ3ODW]HUIDWHGLH5HLWHUXQG WUXJVLHGDYRQ ,UJHQGZRKLQ 8QGGDQQK|UWHQZLUDOOHGLH6WLPPHGLHXQVDXVGHQ7LHIHQGHV$OOV HQWJHJHQ]XVFKPHWWHUQVFKLHQ ª:LUNRPPHQ]XUFN-RKQ6LQFODLU+WHGLFK© 1RFKHLQPDOIHJWHGHU:LQG 'DQQZDU6WLOOH =XUFNEOLHEPLUQLFKWQXUHLQEOHU*HVFKPDFNLP0XQGVRQGHUQ HLQZLGHUOLFKHV*HIKOGHV8QEHKDJHQV :LUEOLHEHQGUHL7DJHLP.ORVWHU=XVDPPHQPLW.DUD0\[LQXQGDXFK 6XNRGHUJHSIOHJWZXUGHXQGGDQNGHU+DXVPLWWHOGHU0|QFKHUDVFK ZLHGHUDXIGLH%HLQHNDP 'HQWRWHQ)DKUHUKDWWHQZLUDXFKJHKROW(UZXUGHLP.ORVWHUEH JUDEHQ:LHDXFKGHU$EWXQG%UXGHU,JQD]$OYDUH]KDWWHVHLQ*UDE DXHUKDOEGHU0DXHUQJHIXQGHQ 6XNRHUKROWHVLFKVFKQHOO$OVGHU$EVFKLHGNDPZDUHQDOOH0|QFKH YHUVDPPHOW$XFKMHQHGLHGXUFKGLHIHXULJH/RKHYHUOHW]WZRUGHQ ZDUHQ 6LHEUDFKWHQXQV]XP7RU:LUDEHUIXKUHQPLWGHU*HZLKHLWKLHU )UHXQGHIULPPHUJHIXQGHQ]XKDEHQ 'HU)DOOKDWWHQRFKHLQ1DFKVSLHO8QG]ZDULP'lPRQHQUHLFK'RUW IUHXWHVLFKMHPDQGGLHELVFKGDHVGHQYLHU+RUURU5HLWHUQQLFKWJH OXQJHQZDU-RKQ6LQFODLU]XYHUQLFKWHQ 'LHVHUMHPDQGZDU$VPRGLQD ,KU$XIWUHWHQJOLFKGHPHLQHU.|QLJLQDOVVLHZLHGHUHLQPDOPLWGHQ (U]GlPRQHQ]XVDPPHQWUDI ª6RHLQIDFKLVWHUGRFKQLFKW]XEHVLHJHQZLH"©K|KQWHVLHXQGODFKWH
ODXWKDOVDOVVLHGLHYLHU(U]GlPRQHQDQVFKDXWHXQGGHUHQGHSULPLHUWH +DOWXQJVDKª$PEHVWHQLVWHVZHQQLKU6LQFODLUPLUEHUODW,FKNULH JHLKQ,UJHQGZDQQ© 8QGGLHVPDOZLGHUVSUDFKQLHPDQG