+*:(//6 ',(=(,70$6&+,1( (LQ (U¿QGHU NRQVWUXLHUW HLQ )OXJJHUlW GDV LKQ LQVWDQG VHW]W MlK LQ GLH =XNXQI...
73 downloads
941 Views
570KB 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
+*:(//6 ',(=(,70$6&+,1( (LQ (U¿QGHU NRQVWUXLHUW HLQ )OXJJHUlW GDV LKQ LQVWDQG VHW]W MlK LQ GLH =XNXQIW ]X UHLVHQ (U ¿QGHW LP -DKUH QDFK &KULVWL GLH (UGH LP =XVWDQG LKUHV QDKHQGHQ 8QWHUJDQJHV YRU LKUH 0HQVFKHQ JHVSDOWHQ LQ =ZHUJH GLH DXI GHU (UGREHUÀlFKH OHEHQ XQG LQ /HPXUHQ GLH LQ HLQHP ULHVLJHQ 6\VWHP XQWHULUGLVFKHU+|KOHQXQG*lQJHKDXVHQ 'HQ =ZHUJHQ GLH LP /LFKW VLQG JHKW HV JXW VLH OHEHQ LQ KHLWHUHP :RKOVWDQG DEHU HU LVW DXI GLH ,VROLHUXQJ GLH *HIDQJHQVFKDIW GHU /HPXUHQ XQWHU GHU (UGH GLH IU GLH OLFKWHQ :HVHQ DUEHLWHQ JHJUQGHW 6FKRQ DEHU VWHLJHQ GLH 8QWHULUGLVFKHQ QDFK REHQ VFKRQ JUHLIHQ VLH LQ GLH 6WUXNWXU GHV REHULUGLVFKHQ 6WDDWHV HLQ VFKRQ JUHLIHQ VLH LKQ DQ
+*:(//6',(=(,70$6&+,1( URURUR7DVFKHQEXFK$XVJDEHYHU|IIHQWOLFKW0lU] 52:2+/7+$0%85*
,6%1QD HERRNE\%22.= 5 86
'LHVHV(ERRNLVWQLFKW]XP9HUNDXIEHVWLPPW
=XGLHVHP%XFK +(5%(57 *(25*( :(//6 LQ %URPOH\.HQW JHERUHQ LQ/RQGRQJHVWRUEHQKDWLQVHLQHUEHUKPWHQ³:HOWJHVFKLFKWH³ HLQHNKQH=XVDPPHQIDVVXQJGHV$XIXQG$EGHU=LYLOLVDWLRQHQXQG .XOWXUHQ JHJHEHQ :HOWUXKP DEHU JHZDQQHQ LKP YRU DOOHP VHLQH XWRSLVFKHQ 5RPDQH ,Q ³:HQQ GHU 6FKOlIHU HUZDFKW³ ³0HQVFKHQ *|WWHUQ JOHLFK³ XQG ³'LH 5LHVHQ NRPPHQ³ EHVRQGHUV DEHU LQ GHU ³=HLWPDVFKLQH³ KDW HU GLH =XNXQIWVYLVLRQHQ GHU ]HLWJHQ|VVLVFKHQ 'LFKWXQJ ZLH VLH *HRUJH 2UZHOO LQ VHLQHP ³³ XQG :DOWHU -HQV LQ ³1HLQ ² 'LH :HOW GHU$QJHNODJWHQ³ HQWVHW]W EHVFKZRUHQ YRUZHJJHQRPPHQ (LQ (U¿QGHU NRQVWUXLHUW HLQ )OXJJHUlW GDV LKQ LQVWDQGVHW]WMlKLQGLH=XNXQIW]XUHLVHQ(U¿QGHWLP-DKUH QDFK &KULVWL GLH (UGH LP =XVWDQG LKUHV QDKHQGHQ 8QWHUJDQJHV YRU LKUH 0HQVFKHQ JHVSDOWHQ LQ =ZHUJH GLH DXI GHU (UGREHUÀlFKH OHEHQXQGLQ/HPXUHQGLHLQHLQHPULHVLJHQ6\VWHPXQWHULUGLVFKHU +|KOHQ XQG *l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lJW'LH ³=HLWPDVFKLQH³ KDW DEJHVHKHQYRQ LKUHPXWRSLVFKHQ XQG VR]LDOHQ*HKDOWDOOH9RU]JHGHV5RPDQVHLQHNRQVHTXHQWH6SUDFKH PLWUHLHQGH +DQGOXQJ XQG HLQH DXV GHU 6RUJH XP GHQ0HQVFKHQ NRPPHQGH 6RXYHUlQLWlW GHV *HLVWHV 'LHVHU 5RPDQ JHKW NHLQH (SRFKH VR XQPLWWHOEDU DQ ZLH GLH XQVHUH ,KQ OHVHQ KHLW DQ GHU 9HUlQGHUXQJ DQ GHU +XPDQLVLHUXQJ GHV 0HQVFKHQ WHLOQHKPHQ KHLWGLH%DUEDUHLHQGHV0HQVFKHQJHJHQGHQ0HQVHKHQHUNHQQHQ
',(=(,70$6&+,1(
921 +*:(//6 UR UR UR 52:2+/7+$0%85* 'HXWVFKYRQ)HOL[3DXO*UHZH 8PVFKODJ.DUO*U|QLQJMU*LVHOD3IHUGPHQJHV
URURUR7DVFKHQEXFK$XVJDEHYHU|IIHQWOLFKW0lU]
3UHLV'0
8QJHNU]WH$XVJDEH 'HXWVFKH5HFKWHEHLP5RZRKOW9HUODJ+DPEXUJ 8PVFKODJGUXFN0KOPHLVWHU -RKOHU+DPEXUJ6DW] 5RWDWLRQVGUXFNXQG%LQGHDUEHLWHQLP/XPEHFNYHUIDKUHQ &KU-HVVHQ6RKQ1LHEXOOXQG/HFN 3ULQWHGLQ*HUPDQ\
,QKDOW =XGLHVHP%XFK
,PSUHVVXP
(LQIKUXQJ
'LH0DVFKLQH
'HU=HLWUHLVHQGHNHKUW]XUFN
'DV5HLVHQLQGHU=HLW
,QGHUJROGHQHQ=HLW
'HU6RQQHQXQWHUJDQJGHU0HQVFKKHLW
(LQSO|W]OLFKHU6FKODJ
(UNOlUXQJ
'LH0RUORFNHQ
$OVGLH1DFKWNDP
'HUJUQH3RU]HOODQSDODVW
,P'XQNHO
'LH)DOOHGHUZHLHQ6SKLQ[
'LHZHLWHUH9LVLRQ
'LH5FNNHKUGHV=HLWUHLVHQGHQ
1DFKGHU(U]lKOXQJ
(SLORJ
+*:HOOV'LH=HLWPDFKLQH
(LQIKUXQJ
'
HU=HLWUHLVHQGHGHQQVRZHUGHLFKDPEHVWHQ YRQLKPUHGHQ VHW]WHXQVHLQHJHKHLPQLVYROOH 6DFKHDXVHLQDQGHU6HLQHJUDXHQ$XJHQOHXFKWHWHQ XQG ]ZLQNHUWHQ XQG VHLQ PHLVW EODVVHV *HVLFKW ZDU JHU|WHW XQG EHOHEW 'DV )HXHU EUDQQWH KHOO XQG GLH ZHLFKHQ 6WUDKOHQ GHV *OKOLFKWV LQ GHQ 6LOEHUOLOLHQ WUDIHQ GLH %OlVFKHQ GLH LQ XQVHUHQ *OlVHUQ DXIEOLW]WHQ XQG YHUJLQJHQ 8QVHUH 6WKOH ² YRQ LKP HUIXQGHQH 3DWHQWH ² XPDUPWHQ XQG OLHENRVWHQ VLFK HKHU DOV GD VLH DXI VLFK VLW]HQ OLHHQ XQG HV KHUUVFKWH MHQH SSLJH 1DFK7LVFK $WPRVSKlUHGDGLH*HGDQNHQDQPXWLJXQGIUHLYRQ GHQ )HVVHOQ GHU 3Ul]LVLRQ KLQODXIHQ 8QG HU VWHOOWH HVIROJHQGHUPDHQGDU²LQGHPHUHLQ]HOQHQ3XQNWHQ PLW HLQHP KDJHUHQ =HLJHÀQJHU 1DFKGUXFN YHUOLHK ² ZlKUHQG ZLU GDVDHQ XQG WUlJH VHLQHQ (UQVW EHL GLHVHPQHXHQ3DUDGR[RQZRIUZLUHVKLHOWHQ XQG VHLQH)UXFKWEDUNHLWEHZXQGHUWHQ
+*:HOOV'LH=HLWPDFKLQH
ª6LHPVVHQPLUDXIPHUNVDPIROJHQ,FKZHUGHGLH HLQH RGHU DQGHUH 9RUVWHOOXQJ EHNlPSIHQ PVVHQ GLH IDVW DOOJHPHLQ DQJHQRPPHQ LVW 'LH *HRPHWULH ]XP%HLVSLHOGLHPDQ6LHDXIGHU6FKXOHJHOHKUWKDW JUQGHWVLFKDXIHLQHQ,UUWXP© ª,VW GDPLW DQ]XIDQJHQ QLFKW HWZDV YLHO YRQ XQV HUZDUWHW"©VDJWH)LOE\HLQVWUHLWOLHEHQGHU0DQQPLW URWHP+DDU ª,FKZLOOYRQ,KQHQQLFKWYHUODQJHQGD6LHLUJHQG HWZDV RKQH YHUQQIWLJHQ *UXQG DQQHKPHQ 6LH ZHUGHQEDOGVRYLHO]XJHEHQZLHLFKYRQ,KQHQQ|WLJ KDEH6LHZLVVHQQDWUOLFKGDHLQHPDWKHPDWLVFKH /LQLH HLQH /LQLH YRQ HLQHU 'LFNH QLO>QXOO@ LQ :LUNOLFKNHLWQLFKWH[LVWLHUW'DVKDWPDQ6LHJHOHKUW" (EHQVRZHQLJ HLQH PDWKHPDWLVFKH )OlFKH 'DV VLQG EORH$EVWUDNWLRQHQ© ª'DVVWLPPW©VDJWHGHU3V\FKRORJH ª$XFK HLQ :UIHO NDQQ GD HU QXU /lQJH %UHLWH XQG7LHIHEHVLW]WLQ:LUNOLFKNHLWQLFKWH[LVWLHUHQ© ª'DHUKHEHLFK(LQVSUXFK©VDJWH)LOE\ª1DWUOLFK NDQQ HLQ IHVWHU .|USHU H[LVWLHUHQ $OOH ZLUNOLFKHQ 'LQJH²²© ª'DVJODXEHQGLHPHLVWHQ0HQVFKHQ$EHUZDUWHQ 6LHHLQHQ$XJHQEOLFN.DQQHLQPRPHQWDQHU:UIHO H[LVWLHUHQ"© ª9HUVWHKH6LHQLFKW©VDJWH)LOE\
+*:HOOV'LH=HLWPDFKLQH
ª.DQQHLQ:UIHOGHUEHUKDXSWNHLQH=HLWGDXHUW H[LVWLHUHQ"© )LOE\ ZXUGH QDFKGHQNOLFK ª2IIHQEDU© IXKU GHU =HLWUHLVHQGH IRUW ªPX MHGHU ZLUNOLFKH .|USHU LQ YLHU 'LPHQVLRQHQ $XVGHKQXQJ KDEHQ HU PX /lQJH%UHLWH7LHIHXQG²'DXHUKDEHQ$EHULQIROJH HLQHUQDWUOLFKHQ6FKZDFKKHLWGHV)OHLVFKHVGLHLFK ,KQHQ LP 0RPHQW HUNOlUHQ ZLOO QHLJHQ ZLU GD]X GLHVH 7DWVDFKH ]X EHUVHKHQ (V JLEW ZLUNOLFK YLHU 'LPHQVLRQHQ ZLU QHQQHQ VLH GLH GUHL (EHQHQ GHV 5DXPHVXQGHLQHYLHUWHGLH=HLW(VKHUUVFKWMHGRFK GLH1HLJXQJ]ZLVFKHQGHQHUVWHQGUHL'LPHQVLRQHQ XQG GHU YLHUWHQ HLQHQ XQZLUNOLFKHQ8QWHUVFKLHG ]X PDFKHQZHLOVLFK]XIlOOLJHUZHLVHXQVHU%HZXWVHLQ LQWHUPLWWLHUHQGYRP$QIDQJXQVHUHV/HEHQVELV]XP (QGHGHUYLHUWHQ'LPHQVLRQHQWODQJEHZHJW© ª'DV©VDJWHHLQVHKUMXQJHU0DQQGHUNUDPSIKDIWH $QVWUHQJXQJHQPDFKWHVHLQH=LJDUUHEHUGHU/DPSH DQ]X]QGHQªGDV«LVWZDKUKDIWLJJDQ]NODU© ª1XQ LVW HV VHKU PHUNZUGLJ GD GLHV LQ VR DXVJHGHKQWHP 0DH EHUVHKHQ ZLUG© IXKU GHU =HLWUHLVHQGHPLWHLQHPOHLFKWHQ$QIDOOYRQ+HLWHUNHLW IRUWª,Q:LUNOLFKNHLWPHLQWPDQGLHVPLWGHUYLHUWHQ 'LPHQVLRQ REJOHLFK PDQFKH GLH YRQ GHU YLHUWHQ 'LPHQVLRQ UHGHQ QLFKW ZLVVHQ GD VLH HV PHLQHQ (V LVW QXU HLQH DQGHUH $UW GLH =HLW DQ]XVHKHQ (V JLEWNHLQHQ8QWHUVFKLHG]ZLVFKHQGHU=HLWXQG HLQHUGHUGUHL'LPHQVLRQHQGHV5DXPHVDXHU
+*:HOOV'LH=HLWPDFKLQH
GD VLFK XQV HU %HZXWVHLQ DXI LKUHU /LQLH EHZHJW$EHUHLQLJH1DUUHQKDEHQGLHVH,GHHDXIGHU YHUNHKUWHQ 6HLWH ]X IDVVHQ EHNRPPHQ 6LH KDEHQ DOOH JHK|UW ZDV VLH EHU GLHVH YLHUWH 'LPHQVLRQ ]X VDJHQKDEHQ"© ª,FK QLFKW© VDJWH GHU %UJHUPHLVWHU DXV GHU 3URYLQ] ª(VOLHJWHLQIDFKVR9RP5DXPLP6LQQHXQVHUHU 0DWKHPDWLNHU VSULFKW PDQ DOV YRQ HWZDV ZDV GUHL 'LPHQVLRQHQKDWGLHPDQ/lQJH%UHLWH7LHIHQHQQHQ NDQQXQGZDVVWHWVPLW+LOIHGUHLHU(EHQHQGHUHQ MHGHLPUHFKWHQ:LQNHO]XGHQEHLGHQDQGHUHQVWHKW GHÀQLHUEDU LVW $EHU HLQLJH SKLORVRSKLVFKH /HXWH KDEHQ JHIUDJW ZDUXP JHUDGH GUHL 'LPHQVLRQHQ" ² ZDUXP QLFKW QRFK HLQH 5LFKWXQJ GLH LP UHFKWHQ :LQNHO]XGHQGUHLDQGHUHQVWHKW"²XQGVLHKDEHQ VRJDU YHUVXFKW HLQH YLHUGLPHQVLRQDOH *HRPHWULH ]X NRQVWUXLHUHQ 3URIHVVRU 6LPRQ 1HZFRPE KDW GDV HUVW YRU HLQHP 0RQDW RGHU VR GHU 1HZ
+*:HOOV'LH=HLWPDFKLQH
ª,FKJODXEH©PXUPHOWHGHU%UJHUPHLVWHUDXVGHU 3URYLQ] XQG LQGHP HU GLH %UDXHQ ]XVDPPHQ ]RJ YHUVDQNHULQVLFKXQGVHLQH/LSSHQEHZHJWHQVLFK ZLHEHLHLQHPGHUP\VWLVFKH:RUWHZLHGHUKROWª-D LFK JODXEH MHW]W VHKH LFK·V© VDJWH HU QDFK HLQLJHU =HLWXQGKHOOWHYRUEHUJHKHQGDXI ª1XQ LFK ZLOO ,KQHQ QLFKW YRUHQWKDOWHQ GD LFK VHLW HLQLJHU =HLW DQ GLHVHU *HRPHWULH GHU YLHU 'LPHQVLRQHQ JHDUEHLWHW KDEH (LQLJH PHLQHU 5HVXOWDWH VLQG VRQGHUEDU +LHU ]XP %HLVSLHO VHKHQ 6LH GDV 3RUWUlW HLQHV 0DQQHV LP $OWHU YRQ DFKW HLQ ]ZHLWHV LP $OWHU YRQ IQI]HKQ HLQ GULWWHV LP $OWHU YRQ VLHE]HKQ HLQ YLHUWHV LP $OWHU YRQ GUHLXQG]ZDQ]LJ-DKUHQXQGVRZHLWHU$OOGDVVLQG RIIHQEDU JOHLFKVDP /HNWLRQHQ GUHLGLPHQVLRQDOH 'DUVWHOOXQJHQ VHLQHV YLHUGLPHQVLRQDOHQ 6HLQV GDV HLQIHVWHVXQGXQYHUlQGHUOLFKHV'LQJLVW© ª:LVVHQVFKDIWOHU© IXKU GHU =HLWUHLVHQGH QDFK HLQHU 3DXVH IRUW ZLH VLH ]XU UHFKWHQ $VVLPLODWLRQ VHLQHU :RUWH HUIRUGHUOLFK ZDU ªZLVVHQ UHFKW JXW GDGLH=HLWQXUHLQH$UWYRQ5DXPLVW+LHUVHKHQ 6LH HLQH EHOLHEWH ZLVVHQVFKDIWOLFKH 5L]HLFKQXQJ HLQHQ:HWWHUEHULFKW'LHVH/LQLHGHULFKPLWPHLQHP )LQJHUIROJH]HLJWGLH%HZHJXQJHQGHV%DURPHWHUV *HVWHUQ VWDQG HV VR KRFK JHVWHUQ DEHQG LVW HV JHIDOOHQ KHXWH PRUJHQ ZLHGHU JHVWLHJHQ XQG GDQQ ODQJVDPELVKLHUKHUDXI'DV4XHFNVLOEHUKDWGRFK GLHVH /LQLH LQ NHLQHU GHU DOOJHPHLQ DQHUNDQQWHQ
+*:HOOV'LH=HLWPDFKLQH
5DXPGLPHQVLRQHQ JH]RJHQ" $EHU VLFKHUOLFK KDW HV HLQH VROFKH /LQLH JH]RJHQ XQG GLHVH /LQLH PVVHQ ZLUDOVRIROJHUQOLHIGLH=HLWGLPHQVLRQHQWODQJ© ª$EHU© VDJWH GHU $U]W LQGHP HU HLQH .RKOH LP )HXHU VFKDUI À[LHUWH ªZHQQ GLH =HLW ZLUNOLFK QXU HLQH YLHUWH 5DXPGLPHQVLRQ LVW ZLH NRPPW HV GD PDQ VLH DOV HWZDV DQGHUHV DQVLHKW XQG LPPHU DQJHVHKHQKDW"8QGZDUXPN|QQHQZLUXQVQLFKWLQ GHU=HLWXPKHUEHZHJHQZLHZLUXQVLQGHQDQGHUHQ 'LPHQVLRQHQGHV5DXPHVEHZHJHQN|QQHQ"© 'HU=HLWUHLVHQGHOlFKHOWHª6LQG6LHVRVLFKHUGD ZLUXQVLP5DXPIUHLEHZHJHQN|QQHQ"5HFKWVXQG OLQNV XQG YRUZlUWV XQG UFNZlUWV N|QQHQ ZLU XQV IUHL JHQXJ EHZHJHQ XQG GDV KDEHQ GLH 0HQVFKHQ DXFK LPPHU JHWDQ ,FK JHEH ]X ZLU EHZHJHQ XQV LQ ]ZHL 'LPHQVLRQHQ IUHL $EHU DXI XQG DE" 'D EHVFKUlQNWXQVGLH6FKZHUNUDIW© ª1LFKWJDQ]©VDJWHGHU$U]Wª(VJLEW%DOORQV© ª$EHU YRU GHQ %DOORQV KDWWH GHU 0HQVFK ² YRQ NUDPSIKDIWHQ 6SUQJHQ XQG GHQ 8QHEHQKHLWHQ GHU (UGH DEJHVHKHQ ² NHLQH )UHLKHLW YHUWLNDOHU %HZHJXQJ© ª,PPHU NRQQWHQ VLH VLFK HLQ ZHQLJ DXI XQG DE EHZHJHQ© ª/HLFKWHUZHLWOHLFKWHUDEDOVDXI©
+*:HOOV'LH=HLWPDFKLQH
ª8QGLQGHU=HLWN|QQHQ6LHVLFKJDUQLFKWEHZHJHQ YRPJHJHQZlUWLJHQ0RPHQWN|QQHQ6LHQLFKWIRUW© ª0HLQOLHEHU+HUUJHUDGHGDVLQG6LHLP,UUWXP *HUDGH GD LVW GLH JDQ]H :HOW LP ,UUWXP :LU NRPPHQ EHVWlQGLJ YRP JHJHQZlUWLJHQ 0RPHQW IRUW 8QVHUH JHLVWLJH ([LVWHQ] GLH LPPDWHULHOO LVW XQG NHLQH 'LPHQVLRQHQ KDW OlXIW YRQ GHU :LHJH ELV ]XP *UDEH PLW JHLVWI|UPLJHU *HVFKZLQGLJNHLW GLH =HLWGLPHQVLRQ HQWODQJ *HQDX ZLH ZLU DEZlUWV ZDQGHUQ ZUGHQ ZHQQ ZLU XQVHU 'DVHLQ IQI]LJ 0HLOHQEHUGHU(UGREHUÁlFKHEHJlQQHQ© ª$EHUGLHJURH6FKZLHULJNHLWLVWGLH©XQWHUEUDFK GHU3V\FKRORJHª6LHN|QQHQVLFKLP5DXPLQDOOHQ 5LFKWXQJHQEHZHJHQDEHU6LHN|QQHQVLFKQLFKWLQ GHU=HLWKLQXQGKHUEHZHJHQ© ª'DVLVWGHU.HUQPHLQHUJURHQ(QWGHFNXQJ$EHU 6LHKDEHQXQUHFKWZHQQ6LHVDJHQZLUN|QQHQXQV LQ GHU =HLW QLFKW KLQ XQG KHU EHZHJHQ :HQQ LFK PLFK ]XP %HLVSLHO HLQHV (UHLJQLVVHV VHKU OHEKDIW HULQQHUHJHKHLFK]XP0RPHQWVHLQHV*HVFKHKHQV ]XUFN LFK ZHUGH JHLVWHVDEZHVHQG ZLH 6LH VDJHQ ,FK VSULQJH DXI HLQHQ 0RPHQW ]XUFN 1DWUOLFK KDEHQ ZLU NHLQ 0LWWHO LUJHQGZLH OlQJHUH =HLW GDKLQWHU]XEOHLEHQVRZHQLJHLQ:LOGHURGHUHLQ7LHU 0LWWHO KDW VHFKV )X EHU GHP %RGHQ ]X EOHLEHQ $EHU HLQ ]LYLOLVLHUWHU 0HQVFK LVW LQ GLHVHU +LQVLFKW EHVVHUGUDQDOVGHU:LOGH(UNDQQLP%DOORQJHJHQ GLH 6FKZHUNUDIW VWHLJHQ XQG ZDUXP VROOWH HU QLFKW
+*:HOOV'LH=HLWPDFKLQH
KRIIHQ GD HU HLQPDO ZHUGH LPVWDQGH VHLQ VHLQH )DKUW GLH =HLWGLPHQVLRQ HQWODQJ ]X XQWHUEUHFKHQ RGHU]XEHVFKOHXQLJHQRGHUVRJDUXP]XNHKUHQXQG LQHQWJHJHQJHVHW]WHU5LFKWXQJ]XZDQGHUQ"© ª2GDV©EHJDQQ)LOE\ªLVWDOOHV²²© ª:DUXPQLFKW"©IUDJWHGHU=HLWUHLVHQGH ª(VLVWJHJHQGLH9HUQXQIW©VDJWH)LOE\ ª*HJHQZHOFKH9HUQXQIW"©IUDJWHGHU=HLWUHLVHQGH ª6LHN|QQHQEHZHLVHQGDZHLVFKZDU]LVW©VDJWH )LOE\ªDEHU6LHZHUGHQPLFKQLHEHU]HXJHQ© ª9LHOOHLFKWQLFKW©VDJWHGHU=HLWUHLVHQGHª$EHU6LH EHJLQQHQ MHW]W GDV =LHO PHLQHU 8QWHUVXFKXQJHQ LQ GHU*HRPHWULHGHUYLHU'LPHQVLRQHQ]XVHKHQ6FKRQ YRUODQJHU=HLWDKQWHLFKHWZDVYRQHLQHU0DVFKLQH ²²© ª8PGXUFKGLH=HLW]XUHLVHQ"©ULHIGHUVHKUMXQJH 0DQQ ª'LH LQ MHGHU 5LFKWXQJ GHV 5DXPHV XQG GHU =HLW IlKUWZLHHVLKU)KUHUZLOO© )LOE\EHJQJWHVLFKPLW/DFKHQ ª$EHULFKKDEHH[SHULPHQWHOOHQ%HZHLV©VDJWHGHU =HLWUHLVHQGH ª'DV ZlUH IU GHQ +LVWRULNHU DXHURUGHQWOLFK EHTXHP© PHLQWH GHU 3V\FKRORJH ª0DQ N|QQWH
+*:HOOV'LH=HLWPDFKLQH
]XUFNUHLVHQ XQG ]XP %HLVSLHO GHQ DQHUNDQQWHQ %HULFKWGHU6FKODFKWEHL+DVWLQJVSUIHQ© ª0HLQHQ 6LH QLFKW 6LH ZUGHQ $XIPHUNVDPNHLW HUUHJHQ"© VDJWH GHU $U]W ª8QVHUH 9RUIDKUHQ ZDUHQ QLFKWVHKUGXOGVDPJHJHQ$QDFKURQLVPHQ© ª0DQ N|QQWH VHLQ *ULHFKLVFK YRQ +RPHUV XQG 3ODWRV/LSSHQOHUQHQ©PHLQWHGHUVHKUMXQJH0DQQ ª,Q GHP )DOO ZUGHQ 6LH LP ([DPHQ VLFKHU GXUFKIDOOHQ 'LH GHXWVFKHQ *HOHKUWHQ KDEHQ GDV *ULHFKLVFKHVRVHKUYHUEHVVHUW© ª8QG GDQQ GLH =XNXQIW© VDJWH GHU VHKU MXQJH 0DQQ ª'HQNHQ 6LH QXU 0DQ N|QQWH DOO VHLQ *HOG DQOHJHQ HV PLW =LQVHQ DQVWHKHQ ODVVHQ XQG YRUDXVHLOHQ© ª8P HLQH *HVHOOVFKDIW ]X ÀQGHQ© VDJWH LFK ªGLH DXIVWUHQJNRPPXQLVWLVFKHU%DVLVHUULFKWHWLVW© ª9RQ DOOHQ ZLOGHQ DXVVFKZHLIHQGHQ 7KHRULHQ© EHJDQQGHU3V\FKRORJH ª-D VR VFKLHQ HV PLU XQG GHVKDOE KDEH LFK QLH GDYRQJHVSURFKHQELV²²© ª([SHULPHQWHOOHU%HZHLV©ULHILFKª6LHZROOHQGDV EHZHLVHQ"© ª'DV ([SHULPHQW© ULHI )LOE\ GHU JHKLUQPGH ZXUGH
+*:HOOV'LH=HLWPDFKLQH
ª/DVVHQ6LHXQV,KU([SHULPHQWLPPHUKLQVHKHQ© VDJWHGHU3V\FKRORJHªREJOHLFKGDVDOOHV8QIXJLVW ZLVVHQ6LH© 'HU=HLWUHLVHQGHVDKVLFKOlFKHOQGLP.UHLVHXP 'DQQJLQJHULPPHUQRFKOHLFKWOlFKHOQGGLH+lQGH WLHILQGHQ+RVHQWDVFKHQ]XP=LPPHUKLQDXVXQG ZLU K|UWHQ VHLQH 6FKXKH GHQ ODQJHQ *DQJ ELV ]X VHLQHP/DERUDWRULXPKLQXQWHU 'HU3V\FKRORJHEOLFNWHXQVDQª,FKP|FKWHZLVVHQ ZDVHUJHIXQGHQKDW"© ª,UJHQGHLQ 7DVFKHQVSLHOHUVWFN© VDJWH GHU $U]W XQG )LOE\ YHUVXFKWH XQV YRQ HLQHP %HVFKZ|UHU ]XHU]lKOHQGHQHU]X%XUVOHPJHVHKHQKDWWHDEHU HKH HU QRFK PLW VHLQHU 9RUUHGH IHUWLJ ZDU NDP GHU =HLWUHLVHQGH ]XUFN XQG )LOE\V $QHNGRWH EUDFK ]XVDPPHQ
+*:HOOV'LH=HLWPDFKLQH
'LH0DVFKLQH
:
DV GHU =HLWUHLVHQGH LQ GHU +DQG KLHOW ZDU HLQ JOLW]HUQGHV 5DKPHQZHUN DXV 0HWDOO NDXP JU|HU DOV HLQH NOHLQH 8KU XQG VHKU IHLQ JHDUEHLWHW (V ZDU (OIHQEHLQ GDUDQ XQG HLQH GXUFKVLFKWLJH NULVWDOOLQLVFKH 6XEVWDQ] 8QG MHW]W PX LFK DXVIKUOLFK ZHUGHQ GHQQ ZDV IROJW LVW ²ZHQQPDQQLFKWVHLQH(UNOlUXQJDQQLPPWHWZDV DEVROXW 8QHUNOlUOLFKHV (U QDKP HLQHQ GHU NOHLQHQ DFKWHFNLJHQ 7LVFKH GLH LP =LPPHU XPKHUVWDQGHQ XQG VWHOOWH LKQ YRUV )HXHU PLW ]ZHL )HQ DXI GHQ .DPLQWHSSLFK $XI GLHVHQ 7LVFK VWHOOWH HU GHQ 0HFKDQLVPXV 'DQQ ]RJ HU HLQHQ 6WXKO KHUDQ XQG VHW]WHVLFK'HUHLQ]LJHDQGHUH*HJHQVWDQGDXIGHLQ 7LVFKH ZDU HLQH NOHLQH /DPSH PLW /DPSHQVFKLUP GHUHQKHOOHV/LFKWYROODXIGDV0RGHOOÀHO$XHUGHP VWDQGHQ YLHOOHLFKW HLQ 'XW]HQG .HU]HQ XPKHU ]ZHL GDYRQ LQ 0HVVLQJOHXFKWHUQ DXI GHP .DPLQVLPV XQGPHKUHUHLQ:DQGOHXFKWHUQVRGDGDV=LPPHU JOlQ]HQGHUOHXFKWHWZDU,FKVDLQHLQHPQLHGULJHQ 6HVVHOGHP)HXHUDPQlFKVWHQXQG]RJLKQVRZHLW YRU GD LFK IDVW ]ZLVFKHQ GHP =HLWUHLVHQGHQ XQG
+*:HOOV'LH=HLWPDFKLQH
GHP .DPLQ ]X VLW]HQ NDP )LOE\ VD KLQWHU LKP XQG VDK LKP EHU GLH 6FKXOWHU 'HU $U]W XQG GHU %UJHUPHLVWHU DXV GHU 3URYLQ] EHREDFKWHWHQ LKQ LP 3URÀO YRQ UHFKWV GHU 3V\FKRORJH YRQ OLQNV 'HU VHKU MXQJH 0DQQ VWDQG KLQWHU GHP 3V\FKRORJHQ :LU ZDUHQ DOOH DXI GHP 4XLYLYH (V VFKHLQW PLU XQJODXEOLFK GD XQV XQWHU GLHVHQ %HGLQJXQJHQ HLQQRFK VR IHLQHUVRQQHQHUXQG QRFKVRJHVFKLFNW DXVJHIKUWHU6WUHLFKJHVSLHOWZHUGHQNRQQWH 'HU =HLWUHLVHQGH VDK HUVW XQV DQ XQG GDQQ GHQ 0HFKDQLVPXVª1XQ"©VDJWHGHU3V\FKRORJH ª'LHVHVNOHLQH'LQJ©VDJWHGHU=HLWUHLVHQGHLQGHP HU GLH (OOHQERJHQ DXI GHQ 7LVFK VWW]WH XQG EHU GHP$SSDUDWGLH+lQGH]XVDPPHQGUFNWHªLVWQXU HLQ0RGHOO(VLVWPHLQ(QWZXUI]XHLQHU0DVFKLQH XPGXUFKGLH=HLW]XUHLVHQ6LHZHUGHQEHPHUNHQ GDHVVHOWVDPYHUTXHUDXVVLHKWXQGGLHVH:HOOHGRUW VRQGHUEDUIXQNHOWJOHLFKVDPDOVZlUHVLHLUJHQGZLH XQUHDO©(U]HLJWHGHQ7HLOPLWGHP)LQJHUª$XFKLVW KLHUHLQNOHLQHUZHLHU+HEHOXQGGRUWQRFKHLQHU© 'HU $U]W VWDQG DXV VHLQHP 6WXKOH DXI XQG VDK VLFK GDV 'LQJ DQ ª(V LVW ZXQGHUYROO JHDUEHLWHW© VDJWHHU ª'LH $UEHLW GDUDQ KDW ]ZHL -DKUH JHGDXHUW© HUZLGHUWH GHU =HLWUHLVHQGH 'DQQ DOV ZLU DOOH GHP %HLVSLHO GHV $U]WHV JHIROJW ZDUHQ VDJWH HU ª-HW]W P|FKWH LFK GD 6LH PLFK NODU GDKLQ YHUVWHKHQ ZHQQ LFK GLHVHQ +HEHO KLQEHUGUFNH VR JOHLWHW
+*:HOOV'LH=HLWPDFKLQH
GLH 0DVFKLQH LQ GLH =XNXQIW IRUW XQG GLHVHU +HEHO NHKUW GLH %HZHJXQJ XP 'LHVHU 6DWWHO LVW GHU 6LW] HLQHV =HLWUHLVHQGHQ ,FK ZHUGH GHQ +HEHO JOHLFK GUFNHQXQGGLH0DVFKLQHZLUGORVJHKHQ,FKZHUGH YHUVFKZLQGHQ LQ GLH =XNXQIW JHKHQ XQG IRUW VHLQ 6HKHQ6LHGDV'LQJJXWDQ6HKHQ6LHDXFKGHQ7LVFK DQXQGEHU]HXJHQVLFKGDNHLQ%HWUXJJHVFKLHKW ,FKZLOOQLFKWGLHVHV0RGHOOYHUOLHUHQXQGPLUQDFKKHU QDFKVDJHQODVVHQLFKVHLHLQ4XDFNVDOEHU© (VWUDWHLQH3DXVHYRQYLHOOHLFKWHLQHU0LQXWHHLQ 'HU 3V\FKRORJH VFKLHQ PLFK DQUHGHQ ]X ZROOHQ DEHU HU JDE VHLQH $EVLFKW DXI 'DQQ VWUHFNWH GHU =HLWUHLVHQGHGHQ)LQJHUJHJHQGHQ+HEHODXVª1HLQ© VDJWHHUSO|W]OLFKªODVVHQ6LHPLU,KUH+DQG©8QGHU ZDQGWHVLFKGHP3V\FKRORJHQ]XXQGQDKPGHVVHQ +DQGLQVHLQHXQGVDJWHLKPHUVROOHGHQ=HLJHÀQJHU DXVVWUHFNHQ6RVFKLFNWHGHU3V\FKRORJHVHOEHUGDV 0RGHOO GHU =HLWPDVFKLQH DXI VHLQH HQGORVH 5HLVH :LU DOOH VDKHQ GHQ +HEHO VLFK GUHKHQ ,FK ELQ DEVROXWVLFKHUGDNHLQ%HWUXJYRUODJ(VHQWVWDQG HLQ :LQGKDXFK XQG GLH /DPSH ÁDFNHUWH DXI (LQH GHU.HU]HQDXIGHP.DPLQVLPVZXUGHDXVJHEODVHQ XQG GLH NOHLQH 0DVFKLQH GUHKWH VLFK SO|W]OLFK ZXUGHXQGHXWOLFKZDUYLHOOHLFKWHLQH6HNXQGHODQJ ZLH HLQ *HLVW ]X VHKHQ ZLH HLQ :LUEHO VFKZDFK JOLW]HUQGHQ 0HVVLQJV XQG (OIHQEHLQV XQG VLH ZDU IRUW²YHUVFKZXQGHQ$EJHVHKHQYRQGHU/DPSHZDU GHU7LVFKOHHU
+*:HOOV'LH=HLWPDFKLQH
$OOHVFKZLHJHQHLQH0LQXWHODQJ'DQQVDJWH)LOE\ HUOLHHVLFKKlQJHQ 'HU3V\FKRORJHHUKROWHVLFKDXVVHLQHU(UVWDUUXQJ XQG EOLFNWH SO|W]OLFK XQWHU GHQ 7LVFK 'D ODFKWH GHU =HLWUHLVHQGH KHLWHU ª1XQ"© VDJWH HU PLW HLQHU 5HPLQLV]HQ] DQ GHQ 3V\FKRORJHQ 'DQQ VWDQG HU DXI JLQJ ]XP 7DEDNNUXJ DXI GHP .DPLQVLPV XQG EHJDQQVLFKXQVGHQ5FNHQ]XJHNHKUWVHLQH3IHLIH ]XVWRSIHQ :LU VWDUUWHQ HLQDQGHU DQ ª+|UHQ 6LH© VDJWH GHU $U]W ªLVW GDV ,KU (UQVW" 0HLQHQ 6LH LP (UQVW GD GLHVH0DVFKLQHLQGLH=HLWJHUHLVWLVW"© ª6LFKHUOLFK© VDJWH GHU =HLWUHLVHQGH XQG EFNWH VLFK XP HLQHQ )LGLEXV DP )HXHU DQ]X]QGHQ 'DQQ ZDQGWH HU VLFK XP ZlKUHQG HU GLH 3IHLIH DQ]QGHWH XQG VDK GHP 3V\FKRORJHQ LQV *HVLFKW 'HU3V\FKRORJHZROOWH]HLJHQGDHUQLFKWDXVGHQ $QJHOQ JHKREHQ ZDU QDKP VLFK HLQH =LJDUUH XQG YHUVXFKWH VLH XQEHVFKQLWWHQ DQ]X]QGHQ ª1RFK PHKU ² LFK KDEH GD KLQWHQ© ² HU ]HLJWH QDFK GHP /DERUDWRULXP²ªHLQHJURH0DVFKLQHIDVWIHUWLJXQG ZHQQVLH]XVDPPHQJHVHW]WLVWGHQNHLFKVHOEHUHLQH 5HLVH]XPDFKHQ© ª6LHZROOHQVDJHQGLH0DVFKLQHVHLLQGLH=XNXQIW JHZDQGHUW"©VDJWH)LOE\ ª,Q GLH =XNXQIW RGHU GLH 9HUJDQJHQKHLW ² ZRKLQ ZHLLFKQLFKWVLFKHU©
+*:HOOV'LH=HLWPDFKLQH
1DFK HLQHU 3DXVH KDWWH GHU 3V\FKRORJH HLQH ,QVSLUDWLRQª6LHPXLQGLH9HUJDQJHQKHLWJHZDQGHUW VHLQZHQQVLHLUJHQGZRKLQJHZDQGHUWLVW©VDJWHHU ª:DUXP"©VDJWHGHU=HLWUHLVHQGH ª:HLO LFK DQQHKPH GD VLH VLFK LP 5DXP QLFKW EHZHJWKDWXQGZHQQVLHLQGLH=XNXQIWJHZDQGHUW ZlUHZUGHVLHQRFKLPPHUKLHUVHLQZHLOVLHGLHVH =HLWKlWWHGXUFKZDQGHUQPVVHQ© ª$EHU© VDJWH LFK ªZHQQ VLH LQ GLH 9HUJDQJHQKHLW JHZDQGHUWZlUHKlWWHVLH]XVHKHQVHLQPVVHQDOV ZLULQGLHVHV=LPPHUNDPHQXQGOHW]WHQ'RQQHUVWDJ DOV ZLUKLHU ZDUHQ XQG GHQ 'RQQHUVWDJ GDYRU XQG VRIRUW© ª(UQVWH (LQZlQGH© EHPHUNWH GHU %UJHUPHLVWHU DXVGHU3URYLQ]PLWHLQHU0LHQHGHU8QSDUWHLOLFKNHLW LQGHPHUVLFK]XP=HLWUHLVHQGHQZDQGWH ª.HLQH 6SXU© VDJWH GHU =HLWUHLVHQGH XQG ]XP 3V\FKRORJHQª6LHGHQNHQ6LHN|QQHQGDVHUNOlUHQ (VLVWHLQH:DKUQHKPXQJXQWHUGHU6FKZHOOHZLVVHQ 6LHYHUÁFKWLJWH:DKUQHKPXQJ© ª1DWUOLFK© VDJWH GHU 3V\FKRORJH XQG EHUXKLJWH XQV ª'DV LVW HWZDV JDQ] *HZ|KQOLFKHV LQ GHU 3V\FKRORJLH'DUDQKlWWHLFKGHQNHQVROOHQ'DVLVW HLQIDFKJHQXJXQGKLOIWGHP3DUDGR[HQZXQGHUYROO :LU N|QQHQ GLHVH 0DVFKLQH VR ZHQLJ VHKHQ XQG ZDKUQHKPHQ ZLH ZLU GLH 6SHLFKH HLQHV ZLUEHOQGHQ 5DGHV RGHU HLQHU .XJHO GLH GXUFK GLH /XIW ÁLHJW
+*:HOOV'LH=HLWPDFKLQH
VHKHQ N|QQHQ :HQQ VLH IQI]LJ RGHU KXQGHUWPDO VR VFKQHOO GXUFK GLH =HLW ZDQGHUW ZLH ZLU ZHQQ VLH HLQH 0LQXWH GXUFKOlXIW ZlKUHQG ZLU HLQH 6HNXQGHGXUFKODXIHQVRZLUGGHU(LQGUXFNGHQVLH PDFKW QDWUOLFK DXFK QXU HLQ )QI]LJVWHO RGHU HLQ +XQGHUWVWHO YRQ GHP VHLQ GHQ GH PDFKHQ ZUGH ZHQQVLHQLFKWGXUFKGLH=HLWZDQGHUWH'DVLVWJDQ] NODU© (U IXKU PLW GHU +DQG GXUFK GHQ 5DXP ZR GLH0DVFKLQHJHVWDQGHQKDWWHª6LHVHKHQ"©VDJWHHU ODFKHQG :LU VDHQ HLQH 0LQXWH RGHU VR XQG VWDUUWHQ GHQ OHHUHQ 7LVFK DQ 'DQQ IUDJWH XQV GHU =HLWUHLVHQGH ZDVZLUYRQGHPDOOHQKLHOWHQ ª+HXW DEHQG NOLQJW DOOHV SODXVLEHO JHQXJ© VDJWH GHU $U]W ªDEHU ZDUWHQ 6LH ELV PRUJHQ :DUWHQ 6LH DXIGHQJHVXQGHQ0HQVFKHQYHUVWDQGGHV0RUJHQV© ª0|FKWHQ 6LH GLH =HLWPDVFKLQH VHOEHU VHKHQ"© IUDJWH GHU =HLWUHLVHQGH 8QG ]XJOHLFK QDKP HU GLH /DPSHXQGIKUWHXQVGHQODQJHQ*DQJ]XVHLQHP /DERUDWRULXP KLQXQWHU ,FK HULQQHUH PLFK OHEKDIW GHVÁDFNHUQGHQ/LFKWVVHLQHVZXQGHUOLFKHQEUHLWHQ .RSIHV LQ GHU 6LOKRXHWWH GHV 6FKDWWHQWDQ]HV DOV ZLU LKP DOOH IROJWHQ YHUZLUUW DEHU XQJOlXELJ XQG ZLHZLUGRUWLP/DERUDWRULXPHLQHJU|HUH$XVJDEH GHV NOHLQHQ 0HFKDQLVPXV HUEOLFNWHQ GHQ ZLU YRU XQVHUHQ $XJHQ KDWWHQ YHUVFKZLQGHQ VHKHQ 7HLOH ZDUHQ DXV 1LFNHO 7HLOH DXV (OIHQEHLQ XQG DQGHUH ZDUHQ RKQH )UDJH DXV )HOVNULVWDOO JHVFKOLIIHQ XQG
+*:HOOV'LH=HLWPDFKLQH
JHVFKQLWWHQ'LH0DVFKLQHZDU]LHPOLFKIHUWLJQXUGLH JHZXQGHQHQ .ULVWDOOZHOOHQ ODJHQ QRFK XQYROOHQGHW DXI GHU %DQN QHEHQ HLQLJHQ =HLFKQXQJHQ XQG LFK QDKPHLQHLQGLH+DQGXPVLHEHVVHU]XEHWUDFKWHQ (UVFKLHQ4XDU]]XVHLQ ª+|UHQ6LH©VDJWH GHU$U]WªLVW HV,KQHQZLUNOLFK (UQVW"2GHULVWHVHLQ7ULFN²ZLHGHU*HLVWGHQ6LH XQVYHUJDQJHQH:HLKQDFKWHQ]HLJWHQ"© ª$XI GHU 0DVFKLQH© VDJWH GHU =HLWUHLVHQGH XQG KLHOW GLH /DPSH KRFK ªZLOO LFK GLH =HLW HUIRUVFKHQ ,VWGDVNODU"(VLVWPLULQPHLQHPJDQ]HQ/HEHQQLH PHKU(UQVWJHZHVHQ© .HLQHU YRQ XQV ZXWH UHFKW ZLH HU HV QHKPHQ VROOWH ,FKEHJHJQHWHEHUGHU6FKXOWHUGHV$U]WHV)LOE\V $XJHXQGHUEOLQ]HOWHPLUIHLHUOLFK]X
+*:HOOV'LH=HLWPDFKLQH
'HU=HLWUHLVHQGHNHKUW]XUFN
,
FK JODXEH GDPDOV JODXEWH NHLQHU YRQ XQV VR UHFKW DQ GLH =HLWPDVFKLQH 'LH 6DFKH LVW GLH GHU =HLWUHLVHQGH JHK|UWH ]X MHQHQ 0lQQHUQ GLH ]X JHVFKHLW VLQG DOV GD PDQ LKQHQ JODXEW PDQ KDWWH QLH GLH (PSÀQGXQJ GD PDQ DOOHV XP LKQ VDK PDQ YHUPXWHWH VWHWV QRFK HLQHQ IHLQHQ +LQWHUKDOW HLQHQ 6FKDUIVLQQ DXI GHU /DXHU KLQWHU VHLQHU GXUFKVLFKWLJHQ 2IIHQKHLW +lWWH )LOE\ GDV 0RGHOO JH]HLJW XQG GLH 6DFKH PLW GHQ :RUWHQ GHV =HLWUHLVHQGHQDXVHLQDQGHUJHVHW]WVRKlWWHQZLULKP ZHLWZHQLJHU6NHSWL]LVPXVJH]HLJW'HQQZLUKlWWHQ VHLQH 0RWLYH HUNDQQW HLQ 6FKZHLQHVFKOlFKWHU NRQQWH )LOE\ YHUVWHKHQ $EHU GHU =HLWUHLVHQGH KDWWH PHKU DOV HLQHQ $QÁXJ YRQ /DXQH LQ VHLQHQ (OHPHQWHQXQGZLUPLWUDXWHQLKP'LQJHGLHGHQ 5XKPHLQHVZHQLJHUNOXJHQ0HQVFKHQDXVJHPDFKW KlWWHQ HUVFKLHQHQ LQ VHLQHQ +lQGHQ DOV 7ULFNV (V LVW HLQ )HKOHU GLH 'LQJH ]X OHLFKW ]X WXQ 'LH HUQVWHQ/HXWH GLH LKQHUQVW QDKPHQZDUHQ VHLQHV 9HUKDOWHQV QLH JDQ] VLFKHU LUJHQGZLH PHUNWHQ VLH ZHQQ VLH LKP LKUHQ 5XI GHV 8UWHLOV DQYHUWUDXWHQ
+*:HOOV'LH=HLWPDFKLQH
VR ZDU GDV DOV ULFKWH PDQ HLQH .LQGHUVWXEH PLW (LHUVFKDOHQ&KLQDSRU]HOODQ HLQ 'DKHU JODXEH LFK NHLQHU YRQ XQV VSUDFK LQ GHU =ZLVFKHQ]HLW ]ZLVFKHQ GLHVHP XQG GHP QlFKVWHQ 'RQQHUVWDJ VHKU YLHO YRP =HLWUHLVHQ REJOHLFK RKQH =ZHLIHO GHQ PHLVWHQ YRQ XQV GLH VRQGHUEDUHQ 0|JOLFKNHLWHQ LP .RSI KHUXPJLQJHQ GLH 3ODXVLELOLWlW GDV KHLW GLH SUDNWLVFKH 8QJODXEOLFKNHLW GHU 6DFKH GLH PHUNZUGLJHQ 0|JOLFKNHLWHQ GHV $QDFKURQLVPXV XQG GHU lXHUVWHQ .RQIXVLRQ DQ GLH PDQ GHQNHQ PXWH0LFKIUPHLQHQ7HLOEHVFKlIWLJWHEHVRQGHUV GHU7ULFNPLWGHP0RGHOO'DUXPHQWVLQQHLFKPLFK VSUDFKLFKDP)UHLWDJPLWGHP$U]WGHQLFKLQGHU /LQQpJHVHOOVFKDIWWUDI(UVDJWHHUKDEHLQ7ELQJHQ HWZDV bKQOLFKHV JHVHKHQ XQG OHJWH EHVRQGHUHQ 1DFKGUXFN DXI GDV $XVEODVHQ GHU .HU]H $EHU ZLH GHU7ULFNJHVFKDKNRQQWHHUQLFKWHUNOlUHQ $P QlFKVWHQ 'RQQHUVWDJ JLQJ LFK ZLHGHU QDFK 5LFKPRQG ² LFK JODXEH LFK ZDU HLQHU GHU UHJHOPlLJVWHQ *lVWH GHV =HLWUHLVHQGHQ ² XQG GD LFK VSlW DQNDP VR IDQG LFK VFKRQ YLHU RGHU IQI +HUUHQLQVHLQHP6DORQYHUVDPPHOW'HU$U]WVWDQG PLW HLQHP %RJHQ 3DSLHU LQ GHU HLQHQ VHLQHU 8KU LQ GHU DQGHUHQ +DQG YRU GHP )HXHU ,FK VDK PLFK QDFKGHP=HLWUHLVHQGHQXPXQG²ª(VLVWMHW]WKDOE DFKW© VDJWH GHU $U]W ª,FK GHQNH ZLU JHKHQ EHVVHU ]X7LVFK© ª:RLVW²²"©VDJWHLFKXQGQDQQWHXQVHUQ:LUW
+*:HOOV'LH=HLWPDFKLQH
ª6LH VLQG JHUDGH JHNRPPHQ" (V LVW HWZDV PHUNZUGLJ(UELWWHWPLFKLQGLHVHP%LOOHW]X7LVFK ]XIKUHQZHQQHUXPVLHEHQQLFKW]XUFNLVW(ULVW GULQJHQG DEJHKDOWHQ 6DJW HU ZROOH HUNOlUHQ ZHQQ HUNRPPW© ª(VZlUHVFKDGHGDV(VVHQYHUGHUEHQ]XODVVHQ© VDJWHGHU+HUDXVJHEHUHLQHUEHNDQQWHQ7DJHV]HLWXQJ XQGGDUDXIKLQVFKHOOWHGHU'RNWRU 'HU 3V\FKRORJH ZDU DXHU GHP 'RNWRU XQG PLU GHUHLQ]LJHGHUDXFKDXIGHPYRULJHQ'LQHUJHZHVHQ ZDU'LHDQGHUHQ/HXWHZDUHQ%ODQNGHUHUZlKQWH +HUDXVJHEHUHLQ-RXUQDOLVWXQGQRFKMHPDQG²HLQ UXKLJHU VFKHXHU 0DQQ PLW HLQHP %DUW ² GHQ LFK QLFKW NDQQWH XQG GHU VRZHLW PHLQH %HREDFKWXQJ JLQJ GHQ JDQ]HQ $EHQG KLQGXUFK GHQ 0XQG QLFKW DXIWDW %HL 7LVFK ZXUGH HLQ ZHQLJ GLH $EZHVHQKHLW GHV =HLWUHLVHQGHQ HU|UWHUW XQG LFK QDQQWH LQ KDOE VFKHU]KDIWHP 6LQQ HLQH 5HLVH LQ GLH =HLW 'HU +HUDXVJHEHU ZROOWH GDV HUNOlUW KDEHQ XQG GHU 3V\FKRORJH JDE HLQHQ K|O]HUQHQ %HULFKW YRQ GHP ªJHLVWUHLFKHQ 3DUDGR[RQ XQG 7ULFN© GHQ ZLU YRU HLQHU:RFKHJHVHKHQKDWWHQ(UZDUPLWWHQLQVHLQHU $XVHLQDQGHUVHW]XQJDOVGLH7UYRP*DQJODQJVDP XQGJHUlXVFKORVDXIJLQJ,FKVDGHU7UJHJHQEHU XQG VDK HV ]XHUVW ª+DOOR© VDJWH LFK ª(QGOLFK© 8QG GLH 7U JLQJ ZHLWHU DXI XQG GHU =HLWUHLVHQGH VWDQG YRU XQV ,FK VWLH HLQHQ NOHLQHQ 6FKUHL YRU hEHUUDVFKXQJDXVª*WLJHU+LPPHO1DQXZDVLVW
+*:HOOV'LH=HLWPDFKLQH
ORV"© ULHI GHU $U]W GHU LKQ ]XQlFKVW VDK 8QG GLH JDQ]H7DIHOUXQGHZDQGWHVLFK]XU7U (UVDKIXUFKWEDUDXV6HLQ5RFNZDUVWDXELJXQG VFKPXW]LJXQGGLHbUPHOKHUXQWHUJUQEHVFKPLHUW VHLQ +DDU ZDU ZLUU XQG ZLH PLU VFKLHQ JUDXHU ² HQWZHGHU YRQ 6WDXE XQG 6FKPXW] RGHU ZHLO VHLQH )DUEH ZLUNOLFK JHEOLFKHQ ZDU 6HLQ *HVLFKW ZDU JHVSHQVWLVFK EOHLFK VHLQ .LQQ ]HLJWH HLQH EUDXQH :XQGH ² HLQHQ KDOEJHWHLOWHQ 6FKQLWW VHLQ $XVGUXFN ZDU YHUVW|UW XQG HLQJHIDOOHQ ZLH YRQ LQWHQVLYHP /HLGHQ (LQHQ 0RPHQW ]|JHUWH HU LQ GHU 7UDOVVHLHUYRP/LFKWJHEOHQGHW'DQQNDPHULQV =LPPHU(UKLQNWHJHQDXZLHLFKHVEHLIXZXQGHQ /DQGVWUHLFKHUQ JHVHKHQ KDWWH :LU VWDUUWHQ LKQ VFKZHLJHQGDQXQGHUZDUWHWHQHUZUGHUHGHQ (UVDJWHNHLQ:RUWVRQGHUQWUDWPKVDPDQGHQ 7LVFK XQG PDFKWH HLQH %HZHJXQJ QDFK GHP :HLQ 'HU +HUDXVJHEHU VFKHQNWH HLQ *ODV 6HNW HLQ XQG VFKREHVLKP]X(UOHHUWHHVXQGHVVFKLHQLKPJXW ]XWXQGHQQHUEOLFNWHULQJVXPGHQ7LVFKXQGGHU 6FKDWWHQ VHLQHV DOWHQ /lFKHOQV ÁDFNHUWH EHU VHLQ *HVLFKW ª:DV DXI DOOHU :HOW KDEHQ 6LH DQJHVWHOOW" 1DQX"©VDJWHGHU$U]W'HU=HLWUHLVHQGHVFKLHQQLFKW ]X K|UHQ ª/DVVHQ 6LH VLFK QLFKW YRQ PLU VW|UHQ© VDJWH HU PLW HLQ ZHQLJ VWRWWHUQGHU $UWLNXODWLRQ ª0LU LVW ZRKO© (U XQWHUEUDFK VLFK KLHOW VHLQ *ODV ]XP )OOHQ KLQ XQG WUDQN HV DXI HLQHQ =XJ DXV ª'DVWXWJXW©VDJWHHU6HLQH$XJHQZXUGHQNODUHU
+*:HOOV'LH=HLWPDFKLQH
XQG LQ VHLQH %DFNHQ WUDW ZLHGHU HLQ ZHQLJ )DUEH 6HLQ %OLFN ÁDFNHUWH PLW HLQHU $UW VWXPSIHQ %HLIDOOV EHU XQVHUH *HVLFKWHU XQG JLQJ GDQQ LP ZDUPHQ XQG EHKDJOLFKHQ =LPPHU XPKHU 'DQQ VSUDFK HU ZLHGHULPPHUQRFKDOVIKOWHHUVLFKJOHLFKVDPLQ VHLQHQ:RUWHQ]XUHFKWª,FKZLOOPLFKZDVFKHQXQG DQ]LHKHQXQGGDQQNRPPHLFKZLHGHUKLQXQWHUXQG HUNOlUH«+HEHQ6LHPLUHWZDVYRQGHU+DPPHONHXOH DXI ,FK YHUJHKH YRU 9HUODQJHQ QDFK HLQHP 6WFN )OHLVFK© (U EOLFNWH ]X GHP +HUDXVJHEHU KLQEHU GHU HLQ VHOWHQHU*DVWZDUXQGKRIIWHHVJHKHLKPJXW'HU +HUDXVJHEHU EHJDQQ HLQH )UDJH ª(U]lKOH ,KQHQ JOHLFK© VDJWH GHU =HLWUHLVHQGH ª,FK ELQ ² NRPLVFK %LQJOHLFKIHUWLJ© (UVHW]WHVHLQ*ODVKLQXQGJLQJ]XU7UQDFKGHP 7UHSSHQKDXV :LHGHU ÀHO PLU VHLQH /DKPKHLW DXI XQGGHUJHGlPSIWH.ODQJVHLQHV6FKULWWHVLFKVWDQG DXIXQGVDKVHLQH)HDOVHUKLQDXVJLQJ(UKDWWH QLFKWVGDUDXIDOVHLQ3DDU]HUULVVHQHUEOXWEHÁHFNWHU 6RFNHQ 'DQQ VFKOR VLFK GLH 7U KLQWHU LKP ,FK KDWWHKDOE/XVWLKP]XIROJHQGRFKPLUÀHOHLQZLH HUHVKDWHZHQQPDQVLFK]XYLHOXPLKQNPPHUWH (LQH0LQXWHYLHOOHLFKWZDULFK]HUVWUHXW'DQQK|UWH LFKGHQ+HUDXVJHEHUVDJHQª$XIIDOOHQGHV%HQHKPHQ HLQHV KHUYRUUDJHQGHQ 1DWXUZLVVHQVFKDIWHUV© HU GDFKWH ZLH JHZ|KQOLFK LQ hEHUVFKULIWHQ 8QG GDV
+*:HOOV'LH=HLWPDFKLQH
OHQNWH PHLQH $XIPHUNVDPNHLW DXI GLH KHOOH 7DIHO ]XUFN ª:LH KHLW GDV 6SLHO"© VDJWH GHU -RXUQDOLVW ª+DW HU GHQ $PDWHXU'LHQVWPDQQ JHVSLHOW" ,FK YHUVWHKH QLFKWV©0LUEHJHJQHWHGDV$XJHGHV3V\FKRORJHQXQG LFK ODV PHLQH HLJHQH 'HXWXQJ DXI VHLQHP *HVLFKW ,FK GDFKWH DQ GHQ =HLWUHLVHQGHQ GHU PKVDP GLH 7UHSSH KLQDXIKLQNWH ,FK JODXEH QLFKW GD VRQVW QRFKMHPDQGVHLQH/DKPKHLWEHPHUNWKDWWH 'HU HUVWHU GHU VLFK YROOVWlQGLJ YRQ GLHVHU hEHUUDVFKXQJ HUKROWH ZDU GHU $U]W GHU XP HLQHQ QHXHQ7HOOHUDXIGLH*ORFNHGUFNWH²GHU=HLWUHLVHQGH KDWHHV'LHQHU]XP6HUYLHUHQDP7LVFK]XKDEHQ 'D NHKUWH GHU +HUDXVJHEHU PLW HLQHP *UXQ]HQ ]X 0HVVHU XQG *DEHO ]XUFN XQG GHU 6FKZHLJVDPH IROJWHVHLQHP%HLVSLHO'DV'LQHUEHJDQQYRQQHXHP 'LH .RQYHUVDWLRQ EHVWDQG HLQH :HLOH DXV $XVUXIHQ PLW/FNHQGHU9HUZXQGHUXQJXQGGDQQZXUGHGHU +HUDXVJHEHU LQ VHLQHU 1HXJLHU JOKHQG ª(UJlQ]W XQVHU)UHXQGVHLQEHVFKHLGHQHV(LQNRPPHQGXUFK KHLPOLFKH $UEHLW" RGHU KDW HU VHLQH 1HEXNDGQH]DU 3KDVHQ"©IUDJWHHU ª,FK ELQ EHU]HXJW HV LVW GLHVH 6DFKH PLW GHU =HLWPDVFKLQH© VDJWH LFK XQG VHW]WH GHQ %HULFKW GHV 3V\FKRORJHQ YRQ XQVHUHU OHW]WHQ %HJHJQXQJ IRUW 'LH QHXHQ *lVWH ZDUHQ HLQIDFK XQJOlXELJ 'HU+HUDXVJHEHUHUKRE(LQZlQGHª:DVZDUGLHVHV =HLWUHLVHQ" (LQ 0HQVFK NDQQ VLFK QLFKW PLW 6WDXE
+*:HOOV'LH=HLWPDFKLQH
EHGHFNHQLQGHPHUVLFKLQHLQHP3DUDGR[RQZlO]W ZLH"©8QGGDQQDOVLKPGLH,GHHDXIJLQJÁFKWHWH HU VLFK ]XU .DULNDWXU *DE HV LQ GHU =XNXQIW NHLQH .OHLGHUEUVWHQ"$XFKGHU-RXUQDOLVWZROOWHXPNHLQHQ 3UHLVJODXEHQXQGVFKORVLFKGHP+HUDXVJHEHULQ GHU OHLFKWHQ $UEHLW DQ GLH JDQ]H 6DFKH OlFKHUOLFK ]X PDFKHQ 6LH ZDUHQ EHLGH YRQ GHU QHXHQ $UW GHU -RXUQDOLVWHQ ² VHKU OXVWLJH XQHKUHUELHWLJH MXQJH 0lQQHU ª8QVHU 6SH]LDONRUUHVSRQGHQW YRQ EHUPRUJHQ EHULFKWHW© VDJWH GHU -RXUQDOLVW ² RGHU YLHOPHKU HU VFKULH HV ² DOV GHU =HLWUHLVHQGH ]XUFNNDP(UWUXJGHQJHZ|KQOLFKHQ$EHQGDQ]XJ XQGDXHUVHLQHPHLQJHIDOOHQHQ%OLFNEOLHEYRQGHU 9HUlQGHUXQJ GLH PLFK HUVFKUHFNW KDWWH QLFKWV PHKU ª+|UHQ 6LH© VDJWH GHU +HUDXVJHEHU HUKHLWHUW ªGLHVH %XUVFKHQ KLHU EHKDXSWHQ 6LH VHLHQ PLWWHQ LQGLHQlFKVWH:RFKHJHUHLVW(U]lKOHQ6LHXQVYRP NOHLQHQ5RVHEHU\MD":DVZROOHQ6LHGDIUKDEHQ"© 'HU =HLWUHLVHQGH JLQJ RKQH HLQ :RUW ]X GHP IU LKQ UHVHUYLHUWHQ 3ODW] (U OlFKHOWH UXKLJ DXI VHLQH DOWH $UW ª:R LVW PHLQ +DPPHOEUDWHQ"© VDJWH HU ª:DVIUHLQ)HVWHVLVWHLQPDOZLHGHUHLQH*DEHOLQ )OHLVFK]XVWHFNHQ© ª(U]lKOHQ©ULHIGHU+HUDXVJHEHU ª=XP +HQNHU PLW GHP (U]lKOHQ© VDJWH GHU =HLWUHLVHQGHª,FKZLOOHVVHQ,FKVDJHNHLQ:RUWHKH
+*:HOOV'LH=HLWPDFKLQH
LFKQLFKWHWZDV3HSWRQLQPHLQH$UWHULHQEHNRPPH 'DQNH8QGGDV6DO]© ª(LQ :RUW© VDJWH LFK ª6LQG 6LH LQ GLH =HLW JHUHLVW"© ª-D© VDJWH GHU =HLWUHLVHQGH PLW YROOHP 0XQGH LQGHPHUQLFNWH ª,FK JHEH HLQHQ 6FKLOOLQJ GLH =HLOH IU HLQH 9HUEDWLPQRWH© VDJWH GHU +HUDXVJHEHU 'HU =HLWUHLVHQGH VFKRE GHP 6FKZHLJHQGHQ VHLQ *ODV KLQ XQG NOLQJHOWH PLW VHLQHP )LQJHUQDJHO GDUDQ ZRUDXI GHU 6FKZHLJHQGH GHU LKP LQV *HVLFKW JHVWDUUW KDWWH NUDPSIKDIW ]XVDPPHQIXKU XQG LKP :HLQ HLQVFKHQNWH 'HU 6FKOX GHV 'LQHUV ZDU XQJHPWOLFK0LUIUPHLQHQ7HLOVWLHJHQIRUWZlKUHQG SO|W]OLFKH)UDJHQDXIGLH/LSSHQXQGLFKGHQNHPLW DQGHUHQ ZDU HV HEHQVR 'HU -RXUQDOLVW YHUVXFKWH GLH 6SDQQXQJ ]X O|VHQ LQGHP HU $QHNGRWHQ YRQ +HWWL 3RWWHU HU]lKOWH 'HU =HLWUHLVHQGH ZDQGWH DOOH $XIPHUNVDPNHLW GHP (VVHQ ]X XQG HQWIDOWHWH GHQ $SSHWLWHLQHV/DQGVWUHLFKHUV'HU$U]WUDXFKWHHLQH =LJDUHWWH XQG EHREDFKWHWH GHQ =HLWUHLVHQGHQ GXUFK VHLQH$XJHQZLPSHUQ'HU6FKZHLJHQGHHUVFKLHQQRFK XQJHVFKLFNWHU DOV JHZ|KQOLFK HU WUDQN DXV EORHU 1HUYRVLWlWPLW5HJHOPlLJNHLWXQG(QWVFKORVVHQKHLW 6HNW 6FKOLHOLFK VFKRE GHU =HLWUHLVHQGH VHLQHQ 7HOOHU ]XUFN XQG EOLFNWH VLFK XQWHU XQV XP ª,FK JODXEH LFK PX XP 9HU]HLKXQJ ELWWHQ© VDJWH HU ª,FKYHUKXQJHUWHHLQIDFK,FKKDEHHLQHHUVWDXQOLFKH
+*:HOOV'LH=HLWPDFKLQH
=HLWGXUFKJHPDFKW©(UVWUHFNWHGLH+DQGQDFKHLQHU =LJDUUHDXVXQGVFKQLWWGDV(QGHDEª$EHUNRPPHQ 6LH LQV 5DXFK]LPPHU 'LH *HVFKLFKWH LVW ]X ODQJ XPVLHEHUVFKPXW]LJHQ7HOOHUQ]XHU]lKOHQ©8QG LQGHP HU LP 9RUEHLJHKHQ DXI GLH *ORFNH GUFNWH IKUWHHUXQVLQV1HEHQ]LPPHU ª6LH KDEHQ %ODQN XQG 'DVK XQG &KRVH YRQ GHU 0DVFKLQHHU]lKOW"©VDJWHHU]XPLULQGHPHUVLFKLP 6HVVHO]XUFNOHKQWHXQGGLHQHXHQ*lVWHQDQQWH ª$EHU GLH 6DFKH LVW HLQ EORHV 3DUDGR[RQ© VDJWH GHU+HUDXVJHEHU ª,FKNDQQKHXWHDEHQGQLFKWGHEDWWLHUHQ,FKZLOO ,KQHQGLH*HVFKLFKWHHU]lKOHQDEHULFKNDQQQLFKW GHEDWWLHUHQ,FKZLOO,KQHQHU]lKOHQZDVPLUEHJHJQHW LVW DEHU 6LH PVVHQ 8QWHUEUHFKXQJHQ YHUPHLGHQ ,FKP|FKWHHVHU]lKOHQ6FKOHFKW'DVPHLVWHZLUNW ZLH JHORJHQ 0HLQHWZHJHQ (V LVW WURW]GHP ZDKU ²MHGHV:RUWGDYRQ,FKZDUXPYLHU8KULQPHLQHP /DERUDWRULXP XQG VHLWGHP« KDEH LFK DFKW 7DJH JHOHEW«7DJHZLHVLHQRFKNHLQPHQVFKOLFKHV:HVHQ HUOHEWKDW,FKELQIDVWDP(QGHDEHULFKZHUGHQLFKW VFKODIHQ ELV LFK ,KQHQ GLHVH *HVFKLFKWH ]X (QGH HU]lKOW KDEH 'DQQ ZHUGH LFK ]X %HWW JHKHQ $EHU NHLQH8QWHUEUHFKXQJHQ6LQG6LHHLQYHUVWDQGHQ"© ª(LQYHUVWDQGHQ© VDJWH GHU +HUDXVJHEHU XQG ZLU DQGHUHQ HFKRWHQ ª(LQYHUVWDQGHQ© 8QG GDPLW EHJDQQ GHU =HLWUHLVHQGH VHLQH *HVFKLFKWH ZLH LFK VLH DXIJH]HLFKQHW KDEH (U VHW]WH VLFK ]XQlFKVW
+*:HOOV'LH=HLWPDFKLQH
LP 6WXKO ]XUFN XQG VSUDFK ZLH HLQ PGHU 0DQQ 1DFKKHU ZXUGH HU OHEHQGLJHU -HW]W ZR LFK HV QLHGHUVFKUHLEH IKOH LFK GLH 2KQPDFKW YRQ 7LQWH XQG)HGHUQXU]XVFKDUI²XQGYRUDOOHPDXFKPHLQH HLJHQH 2KQPDFKW 0DQ OLHVW ZLOO LFK DQQHKPHQ DXIPHUNVDP JHQXJ DEHU PDQ VLHKW QLFKW GHV 5HGHQGHQ ZHLHV DXIULFKWLJHV *HVLFKW LP KHOOHQ .UHLVH GHU NOHLQHQ /DPSH XQG PDQ K|UW QLFKW GLH ,QWRQDWLRQ VHLQHU 6WLPPH 0DQ NDQQ QLFKW ZLVVHQ ZLH VHLQ $XVGUXFN GHQ :HQGXQJHQ VHLQHU (U]lKOXQJ IROJWH 'LH PHLVWHQ YRQ XQV =XK|UHUQ VDHQLP6FKDWWHQGHQQLP5DXFK]LPPHUZDUHQGLH .HU]HQ QLFKW DQJH]QGHW XQG QXU GDV *HVLFKW GHV -RXUQDOLVWHQ XQG YRQ GHQ .QLHQ DE GLH %HLQH GHV 6FKZHLJVDPHQZDUHQEHOHXFKWHW=XHUVWEOLFNWHQZLU HLQDQGHUYRQ=HLW]X=HLWDQ1DFKHLQHU:HLOHK|UWH GDVDXIXQGZLUVDKHQQXUQRFKDXIGDV*HVLFKWGHV =HLWUHLVHQGHQ
+*:HOOV'LH=HLWPDFKLQH
'DV5HLVHQLQGHU=HLW
(
LQLJHQ YRQ ,KQHQ KDEH LFK DP OHW]WHQ 'RQQHUVWDJ HLQ ZHQLJ YRQ GHQ 3ULQ]LSLHQ GHU =HLWPDVFKLQH HU]l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gODXIGLH4XDU]VWDQJH XQG VHW]WH PLFK DXI GHQ 6DWWHO ,FK YHUPXWH HLQ 6HOEVWP|UGHU GHU VLFK GLH 3LVWROH DQ GHQ 6FKlGHO KlOWPXXQJHIlKUHEHQVRIUDJHQZLHLFKZDVQXQ NRPPHQZHUGH,FKQDKPGHQ9RUZlUWVKHEHOLQGLH HLQHGHQ5FNZlUWVKHEHOLQGLHDQGHUH+DQGSUHWH
+*:HOOV'LH=HLWPDFKLQH
GHQ HLQHQ XQG IDWH VRIRUW DXFK GHQ DQGHUHQ 0LU ZDU LFK GUHKWH PLFK LFK KDWWH GLH $OSHPSÀQGXQJ GHV )DOOHQV XQG DOV LFK PLFK XPVDK VDK LFK GDV /DERUDWRULXP JHQDX ZLH YRUKHU :DU LUJHQG HWZDV JHVFKHKHQ"(LQHQ0RPHQWODQJDUJZ|KQWHLFKPHLQ ,QWHOOHNWKDEHPLFKEHWURJHQ'DQQVDKLFKDXIGLH 8KU (LQHQ 0RPHQW ]XYRU ZLH HV VFKLHQ KDWWH VLH QRFK HWZD HLQH 0LQXWH QDFK ]HKQ JHVWDQGHQ -HW]W ZDUVLHIDVWKDOEYLHU ,FK KROWH $WHP EL GLH =lKQH ]XVDPPHQ IDWH GHQ9RUZlUWVKHEHOPLWEHLGHQ+lQGHQXQGJLQJPLW HLQHPGXPSIHQ6FKODJORV'DV/DERUDWRULXPZXUGH QHEOLJ XQG GXQNHO 0UV :DWFKHWW NDP KHUHLQ XQG JLQJ RIIHQEDU RKQH PLFK ]X VHKHQ ]XU *DUWHQWU 6LHZLUGZRKOHLQH0LQXWHRGHUVRJHEUDXFKWKDEHQ XPGXUFKV=LPPHU]XJHKHQDEHUPLUNDPHVYRU DOVVFK|VVHVLHZLHHLQH5DNHWHKLQGXUFK,FKGUFNWH GHQ +HEHO ]X VHLQHU lXHUVWHQ /DJH KLQEHU 'LH 1DFKW NDP ZLH ZHQQ PDQ HLQH /DPSH DXVEOlVW XQG LP QlFKVWHQ 0RPHQW NDP GHU 0RUJHQ 'DV /DERUDWRULXPZXUGHEODXQGYHUVFKZRPPHQGDQQ EODVVHU XQG LPPHU EODVVHU +LHUDXI NDP VFKZDU]H 1DFKW GDQQ ZLHGHU 7DJ ZLHGHU 1DFKW ZLHGHU 7DJ VFKQHOOHUXQGLPPHUQRFKVFKQHOOHU(LQZLUEHOQGHV 0XUPHOQ IOOWH PLU GLH 2KUHQ XQG HLQH VHOWVDPH GXPSIH9HUZLUUXQJVHQNWHVLFKDXIPHLQHQ*HLVW ,FK IUFKWH GLH HLJHQDUWLJHQ 6HQVDWLRQHQ GHV 5HLVHQV LQ GHU =HLW NDQQ LFK QLFKW NODUPDFKHQ
+*:HOOV'LH=HLWPDFKLQH
6LH VLQG DXHURUGHQWOLFK XQDQJHQHKP 0DQ KDW HLQ *HIKO ZLH DXI GHU 5XWVFKEDKQ ² HLQ *HIKO KRIIQXQJVORVHU MlKHU %HZHJXQJ ,FK KDWWH DXFK GDVVHOEH IXUFKWEDUH *HIKO HLQHV GURKHQGHQ =XVDPPHQVWRHV $OV LFK GLH *HVFKZLQGLJNHLW YHUPHKUWH IROJWH GLH 1DFKW GHP 7DJH ZLH GDV 6FKODJHQ HLQHV VFKZDU]HQ )OJHOV 'DQQ VFKLHQ GLH GXQNOH $QGHXWXQJ GHV /DERUDWRULXPV YRQ PLU DE]XIDOOHQ XQG LFK VDK GLH 6RQQH EHU GHQ +LPPHO KSIHQ MHGH 0LQXWH VSUDQJ VLH KLQEHU XQG MHGH 0LQXWH ZDU HLQ 7DJ ,FK GDFKWH PLU GDV /DERUDWRULXPVHL]HUVW|UWXQGLFKVHLLQGLHIUHLH/XIW KLQDXVJHNRPPHQ,FKKDWWHHLQHGXQNOH(PSÀ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lQ]HQGHOHXFKWHQGH)DUEHJOHLFKGHUGHV IUKHQ =ZLHOLFKWV GLH VSULQJHQGH 6RQQH ZXUGH HLQ )HXHUVWUHLI HLQ JOlQ]HQGHU %RJHQ LP 5DXP" GHU 0RQG HLQ VFKZlFKHUHV ÁXNWXLHUHQGHV %DQG XQG
+*:HOOV'LH=HLWPDFKLQH
YRQ GHQ 6WHUQHQ NRQQWH LFK QLFKWV PHKU VHKHQ DOV KLQ XQG ZLHGHU HLQHQ KHOOHUHQ .UHLV GHU LP %ODX DXI]LWWHUWH 'LH /DQGVFKDIW ZDU QHEOLJ XQG XQEHVWLPPW ,FK ZDUQRFKDXIGHP%HUJDEKDQJZRMHW]WGLHVHV+DXV VWHKW XQG GHU 9RUVSUXQJ GHV +JHOV HUKRE VLFK JUDX XQG XQEHVWLPPW EHU PLU ,FK VDK %lXPH ZLH 'DPSIVWUDKOHQ ZDFKVHQ XQG VLFK lQGHUQ MHW]W EUDXQ MHW]W JUQ VLH ZXFKVHQ EUHLWHWHQ VLFK DXV ]HUEUDFKHQ XQG YHUVFKZDQGHQ ,FK VDK JURH *HElXGH VLFK PDWW XQG VFK|Q HUKHEHQ XQG ZLH 7UlXPH VFKZLQGHQ 'LH JDQ]H 2EHUÁlFKH GHU (UGH VFKLHQYHUlQGHUW²XQWHUPHLQHQ$XJHQ]XVFKPHO]HQ XQG ]X ]HUÁLHHQ 'LH NOHLQHQ =HLJHU DXI GHQ =LIIHUEOlWWHUQ GLH PHLQH *HVFKZLQGLJNHLW DQJDEHQ UDVWHQ UDVFKHU XQG UDVFKHU KHUXP 'DQQ VDK LFK GDGHU6RQQHQJUWHOLQHLQHU0LQXWHRGHUZHQLJHU YRQ :HQGHNUHLV ]X :HQGHNUHLV DXI XQG QLHGHU VFKZDQNWH XQG GD DOVR PHLQH *HVFKZLQGLJNHLW EHUHLQ-DKULQGHU0LQXWHEHWUXJXQG0LQXWHIU 0LQXWH EOLW]WH GHU ZHLH 6FKQHH EHU GLH :HOW XQG YHUVFKZDQG XQG LKP IROJWH GDV KHOOH NXU]H *UQ GHV)UKOLQJV 'LHXQDQJHQHKPHQ(PSÀQGXQJHQGHV$XIEUXFKV ZDUHQ MHW]W ZHQLJHU DXIGULQJOLFK 6LH YHUVDQNHQ VFKOLHOLFK LQ HLQHU $UW K\VWHULVFKHU +HLWHUNHLW ,FK EHPHUNWH IUHLOLFK HLQ VFKZHUIlOOLJHV 6FKZDQNHQ GHU 0DVFKLQHGDV]XHUNOlUHQLFKDXHUVWDQGHZDU$EHU
+*:HOOV'LH=HLWPDFKLQH
PHLQ *HLVW ZDU ]X YHUZLUUW XP GDUDXI ]X DFKWHQ XQG VR ZDUI LFK PLFK PLW HLQHU $UW :DKQVLQQ GHU PLFKEHUNDPLQGLH=XNXQIW(UVWGDFKWHLFKNDXP GDUDQ DXI]XK|UHQ" LFK GDFKWH NDXP DQ DQGHUHV DOV GLHVH QHXHQ (PSÀQGXQJHQ $EHU GDQQ VWLHJ LQ PHLQHP *HLVW HLQH QHXH 5HLKH YRQ (LQGUFNHQ HPSRU ² HLQH JHZLVVH 1HXJLHU XQG ]XJOHLFK HLQH JHZLVVH $QJVW ² ELV VLH PLFK VFKOLHOLFK JDQ] LQ %HVLW] QDKPHQ :HOFKH VHOWVDPHQ (QWZLFNOXQJHQ GHU 0HQVFKKHLW ZHOFKH ZXQGHUYROOHQ )RUWVFKULWWH JHJHQ XQVHUH UXGLPHQWlUH =LYLOLVDWLRQ GDFKWH LFK PXWHQ VLFK QLFKW KHUDXVVWHOOHQ ZHQQ LFK QlKHU LQGLHGXQNOHÁFKWLJH:HOWKLQDXVVFKDXWHGLHYRU PHLQHQ$XJHQUDVWHXQGSRFKWH,FKVDKJURHXQG JOlQ]HQGH$UFKLWHNWXUXPPLFKDXIVWHLJHQPDVVLYHU DOV LUJHQGZHOFKH *HElXGH XQVHUHU =HLW XQG GRFK ZLHHVVFKLHQDXV*OLPPHUQXQG1HEHOJHEDXW,FK VDKHLQUHLFKHUHV*UQGHQ+JHOKDQJKHUDXIÁLHHQ XQGRKQHZLQWHUOLFKH8QWHUEUHFKXQJEOHLEHQ6HOEVW GXUFK GHQ 6FKOHLHU PHLQHU 9HUZLUUXQJ HUVFKLHQ PLU GLH (UGH VHKU VFK|Q 8QG VR NDP LFK DXI GHQ *HGDQNHQKDOW]XPDFKHQ 'LH EHVRQGHUH *HIDKU ODJ LQ GHU 0|JOLFKNHLW GD LFK LQ GHP 5DXP GHQ LFK RGHU GLH 0DVFKLQH HLQQDKP DXI 6XEVWDQ] VWRHQ ZUGH 6RODQJH LFK PLW JURHU *HVFKZLQGLJNHLW GXUFK GLH =HLW IXKU PDFKWHGDVQLFKWVDXVLFKZDUVR]XVDJHQYHUGQQW ² VFKOSIWH ZLH HLQ 'XQVW GXUFK GLH ,QWHUVWL]LHQ GD]ZLVFKHQOLHJHQGHU 6XEVWDQ]HQ $EHU ZHQQ LFK
+*:HOOV'LH=HLWPDFKLQH
DQKLHOW VR PXWH LFK PLFK 0ROHNO IU 0ROHNO LQ DOOHV KLQHLQTXHWVFKHQ ZDV PLU HWZD LP :HJH ODJ LFKPXWHPHLQH$WRPHPLWGHQHQGHV+LQGHUQLVVHV LQ VR LQWLPH %HUKUXQJ EULQJHQ GD HLQH WLHIH FKHPLVFKH5HDNWLRQ²ZRP|JOLFKHLQHZHLWUHLFKHQGH ([SORVLRQ²HUIROJHQXQGPLFKXQGPHLQHQ$SSDUDW DXV DOOHQ P|JOLFKHQ 'LPHQVLRQHQ KHUDXV ² LQV 8QEHNDQQWH VFKOHXGHUQ PXWH 'LHVH 0|JOLFKNHLW KDWWH VLFK PLU LPPHU ZLHGHU YRUJHVWHOOW DOV LFK GLH 0DVFKLQHPDFKWH"DEHUGDKDWWHLFKVLHIUHXGLJDOV HLQHXQYHUPHLGOLFKH*HIDKUKLQJHQRPPHQ²HLQHYRQ GHQ*HIDKUHQGLHHLQ0DQQDXIVLFKQHKPHQPX -HW]WGDLFKGHU*HIDKUQLFKWPHKUHQWJHKHQNRQQWH VDK LFK VLH QLFKW PHKU LQ GHP IUHXGLJHQ /LFKW 'LH 6DFKH ZDU GLH XQPHUNOLFK KDWWH GLH DEVROXWH )UHPGDUWLJNHLW YRQ DOOHP GDV HOHQGH %UXPPHQ XQG 6FKZDQNHQ GHU 0DVFKLQH XQG YRU DOOHP GLH (PSÀQGXQJ EHVWlQGLJHQ )DOOHQV PHLQH 1HUYHQ YROOVWlQGLJ LQ 8QRUGQXQJ JHEUDFKW ,FK VDJWH PLU LFKZHUGHQLHDQKDOWHQN|QQHQXQGLQHLQHP$QIDOO YRQ(LJHQZLOOHQEHVFKORLFKVRIRUWDQ]XKDOWHQ:LH HLQ XQJHGXOGLJHU 1DUU ]RJ LFK GHQ +HEHO KHUEHU XQG XQDXIKDOWVDP EHUVFKOXJ VLFK GDV 'LQJ XQG LFKÁRJNRSIEHUGXUFKGLH/XIW ,Q PHLQHQ 2KUHQ GU|KQWH HV ZLH 'RQQHU ,FK ZDU YLHOOHLFKW HLQHQ 0RPHQW EHWlXEW (LQ HUEDUPXQJVORVHU+DJHO]LVFKWHXPPLFKXQGLFKVD DXI ZHLFKHU :LHVH YRU GHU XPJHVWU]WHQ 0DVFKLQH $OOHV VFKLHQ QRFK JUDX DEHU EDOG PHUNWH LFK GD
+*:HOOV'LH=HLWPDFKLQH
GLH 9HUZLUUXQJ LQ PHLQHQ 2KUHQ DXIJHK|UW KDWWH ,FKVDKPLFKXP,FKVDDXI*UDVGDVHLQNOHLQHU 5DVHQ LQ HLQHP *DUWHQ ]X VHLQ VFKLHQ HU ZDU YRQ 5KRGRGHQGURQEVFKHQXPJHEHQXQGLFKVDKGD LKUHYLROHWWHQXQGSXUSXUQHQ%OWHQVLFKXQWHUGHP 6FKODJ GHU +DJHON|UQHU VHQNWHQ 'HU VSULQJHQGH WDQ]HQGH +DJHO KLQJ DQ HLQHU NOHLQHQ :RONH EHU GHU0DVFKLQHXQGWULHEZLH5DXFKEHUGHQ%RGHQ KLQ,QHLQHP0RPHQWZDULFKELVDXIGLH+DXWQD ª6FK|QH *DVWIUHXQGVFKDIW© VDJWH LFK ªJHJHQ HLQHQ 0DQQGHUXQ]lKOLJH-DKUHGXUFKUHLVWKDWXPHXFK ]XVHKHQ© $OVEDOG GDFKWH LFK ZHOFK HLQ 1DUU LFK ZDU PLFK GXUFKQlVVHQ ]X ODVVHQ (LQH NRORVVDOH *HVWDOW RIIHQEDU DXV LUJHQGHLQHP ZHLHQ 6WHLQ JHPHLHOW UDJWHXQGHXWOLFKGXUFKGHQQHEOLJHQ*XEHUGHQ 5KRGRGHQGUHQ DXI $EHU VRQVW ZDU QLFKWV YRQ GHU :HOW]XVHKHQ 0HLQH(PSÀQGXQJHQZUGHQVFKZHU]XVFKLOGHUQ VHLQ $OV GLH +DJHOVlXOHQ GQQHU ZXUGHQ VDK LFK GLH ZHLH *HVWDOW GHXWOLFKHU 6LH ZDU VHKU JUR GHQQHLQH6LOEHUELUNHUHLFKWHLKUELVDQGLH6FKDOWHU 6LH ZDU DXV ZHLHP 0DUPRU DQ *HVWDOW HWZD ZLH HLQHJHÁJHOWH6SKLQ[DEHUGLH)OJHOWUXJVLHQLFKW YHUWLNDODQGHQ6HLWHQVRQGHUQDXVJHEUHLWHWVRGD VLH ]X VFKZHEHQ VFKLHQ 'DV 3LHGHVWDO VFKLHQ PLU ZDU DXV %URQ]H XQG HV ZDU GLFN PLW *UQVSDQ EHGHFNW 'DV *HVLFKW ZDU PLU ]XJHZHQGHW GLH
+*:HOOV'LH=HLWPDFKLQH
EOLQGHQ $XJHQ VFKLHQHQ PLFK ]X EHREDFKWHQ DXI GHQ/LSSHQODJGHUOHLFKWH6FKDWWHQHLQHV/lFKHOQV 6LH ZDU VHKU YHUZLWWHUW XQG GDV PDFKWH GHQ XQDQJHQHKPHQ (LQGUXFN GHU .UDQNKHLW ,FK VWDQG XQG VDK VLH HLQH NOHLQH :HLOH DQ ² YLHOOHLFKW HLQH KDOEH 0LQXWH RGHU HLQH KDOEH 6WXQGH 6LH VFKLHQ YRU]XUFNHQ XQG ]XUFN]XZHLFKHQ MH QDFKGHP GHU +DJHO GLFKWHU RGHU GQQHU YRU LKU QLHGHUJLQJ 6FKOLHOLFK]RJLFKGLH$XJHQHLQHQ0RPHQWYRQLKU DE XQG VDK GD GHU +DJHOYRUKDQJ IDGHQVFKHLQLJ JHZRUGHQ ZDU XQG GD GHU +LPPHO VLFK PLW HLQHP 9HUVSUHFKHQGHV6RQQHQVFKHLQVDXIKHOOWH ,FK VDK ZLHGHU ]X GHU NDXHUQGHQ ZHLHQ *HVWDOW HPSRU XQG PLFK EHUNDP SO|W]OLFK GLH JDQ]H 9HUJDQJHQKHLW PHLQHU 5HLVH :DV PRFKWH HUVFKHLQHQ ZHQQ GLHVHU QHEOLJH 9RUKDQJ JDQ] ]XUFNJH]RJHQ ZDU" :DV NRQQWH QLFKW PLW GHQ 0HQVFKHQ JHVFKHKHQ VHLQ" :LH ZHQQ GLH *UDXVDPNHLW ]X HLQHU JHZ|KQOLFKHQ /HLGHQVFKDIW JHZRUGHQ ZDU" :LH ZHQQ GDV *HVFKOHFKW LQ GHU =ZLVFKHQ]HLW VHLQH 0DQQKDIWLJNHLW HLQJHEW XQG VLFK]XHWZDV 8QPHQVFKOLFKHP8QV\PSDWKLVFKHP XQG EHUZlOWLJHQG 0lFKWLJHP HQWZLFNHOW KDWWH" ,FK PRFKWH DOV HLQ ZLOGHV 7LHU DXV GHU DOWHQ :HOW HUVFKHLQHQ QXU XP VR IXUFKWEDUHU XQG ZLGULJHU ZHJHQHLQHUbKQOLFKNHLW²HLQHNOLJHV*HVFK|SIGDV PDQDOVEDOGHUVFKODJHQPXWH
+*:HOOV'LH=HLWPDFKLQH
6FKRQ VDK LFK DQGHUH *HVWDOWHQ ² JHZDOWLJH *HElXGH PLW YHUVFKOXQJHQHQ %UXVWZHKUHQ XQG JURHQ 6l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lQ]WHQYRQ GHU 1lVVH GHV *HZLWWHUJXVVHV ,FK IKOWH PLFK ZLH VLFK HLQ 9RJHO LQ NODUHU /XIW IKOHQ PDJ ZHQQ HU ZHLGDGHU)DONHEHULKPVFKZHEWXQG]XSDFNHQ ZLUG 0HLQH $QJVW ZXUGH ]XP :DKQVLQQ ,FK KROWH /XIW EL GLH =lKQH DXIHLQDQGHU XQG UDQJ QRFK HLQPDO ZLOG PLW +DQG XQG .QLH DQ GHU 0DVFKLQH 6LH JDE XQWHU PHLQHP YHU]ZHLIHOWHQ $QJULII QDFK XQGGUHKWHVLFKXP6LHVFKOXJPLUKHIWLJJHJHQGDV .LQQ(LQH+DQGDXIGHP6DWWHOGLHDQGHUHDXIGHP +HEHO VR VWDQG LFK VFKZHU DWPHQG LQ GHU 6WHOOXQJ GDXPZLHGHUDXI]XVWHLJHQ $EHU PLW GLHVHU 0|JOLFKNHLW VFKQHOOHQ 5FN]XJV JHZDQQ LFK DXFK PHLQHQ 0XW ]XUFN ,FK EOLFNWH PLWPHKU1HXJLHUXQGZHQLJHU)XUFKWDXIGLHVH:HOW GHU IHUQHQ =XNXQIW ,Q HLQHU NUHLVUXQGHQ gIIQXQJ
+*:HOOV'LH=HLWPDFKLQH
KRFK REHQ LQ GHU 0DXHU GHV QlKHUHQ +DXVHV VDK LFK HLQH *UXSSH YRQ LQ UHLFKH ZHLFKH *HZlQGHU JHNOHLGHWHQ*HVWDOWHQ6LHKDWWHQPLFKJHVHKHQXQG LKUH*HVLFKWHUZDUHQPLU]XJHZDQGW 'DQQ K|UWH LFK 6WLPPHQ VLFK PLU QDKHQ 'XUFK GLH%VFKHEHLGHUZHLHQ6SKLQ[NDPHQ.|SIHXQG 6FKXOWHUQODXIHQGHU0lQQHU(LQHUYRQLKQHQWDXFKWH DXIHLQHP3IDGDXIGHUJHUDGHVZHJV]XGHPNOHLQHQ 5DVHQ IKUWH DXI GHP LFK PLW PHLQHU 0DVFKLQH VWDQG (V ZDU HLQ NOHLQHV *HVFK|SI ² YLHOOHLFKW YLHU )XKRFK²LQHLQHSXUSXUQH7XQLNDJHNOHLGHWEHU GHQ +IWHQ PLW HLQHP /HGHUJUWHO JHJUWHW $Q VHLQHQ )HQ WUXJ HU 6DQGDOHQ RGHU 6FKXKH ² LFK NRQQWH HV QLFKW GHXWOLFK VHKHQ VHLQH %HLQH ZDUHQ ELV]XGHQ.QLHQQDFNWXQGVHLQ.RSIXQEHGHFNW$OV LFK GDV VDK PHUNWH LFK ]XP HUVWHQPDO ZLH ZDUP GLH/XIWZDU (U HUVFKLHQ DOV HLQ VHKU VFK|QHV XQG DQPXWLJHV *HVFK|SI DEHU DOV XQEHVFKUHLEOLFK ]HUEUHFKOLFK 6HLQ JHU|WHWHV *HVLFKW HULQQHUWH PLFK DQ GLH VFK|QHUH $UW YRQ 6FKZLQGVFKWLJHQ ² DQ MHQH KHNWLVFKH 6FK|QKHLW YRQ GHU ZLU VRYLHO KDEHQ ]X K|UHQ EHNRPPHQ %HL VHLQHP $QEOLFN JHZDQQ LFK SO|W]OLFK PHLQH =XYHUVLFKW ]XUFN ,FK QDKP GLH +lQGHYRQGHU0DVFKLQH
+*:HOOV'LH=HLWPDFKLQH
,QGHUJROGHQHQ=HLW
,
PQlFKVWHQ0RPHQWVWDQGHQZLUXQVJHJHQEHU LFK XQG GLHVHV ]HUEUHFKOLFKH *HVFK|SI DXV GHU =XNXQIW(VNDPGLUHNWDXIPLFK]XXQGODFKWHPLU LQ GLH $XJHQ 'D LQ VHLQHU +DOWXQJ MHGHV =HLFKHQ YRQ )XUFKW IHKOWH ÀHO PLU VRIRUW DXI 'DQQ ZDQGWH HU VLFK ]X GHQ EHLGHQ DQGHUHQ GLH LKP IROJWHQ XQG VSUDFK PLW LKQHQ LQ HLQHU IUHPGHQ XQG VHKU OLHEOLFKHQÁVVLJHQ6SUDFKH (V NDPHQ QRFK PHKU XQG EDOG XPVWDQG PLFK HLQH *UXSSH YRQ YLHOOHLFKW DFKW RGHU ]HKQ GLHVHU IHLQHQ *HVFK|SIH (LQHU YRQ LKQHQ UHGHWH PLFK DQ 0HUNZUGLJ JHQXJ PLU NDP GHU *HGDQNH PHLQH 6WLPPH VHL IU VLH ]X KDUW XQG WLHI $OVR VFKWWHOWH LFKGHQ.RSI]HLJWHDXIPHLQH2KUHQXQGVFKWWHOWH LKQ ZLHGHU (U WUDW HLQHQ 6FKULWW YRU ]|JHUWH XQG EHUKUWH GDQQ PHLQH +DQG 'DQQ IKOWH LFK PHKU NOHLQH ZHLFKH 7DVWHU DXI 5FNHQ XQG 6FKXOWHUQ 6LH ZROOWHQ VLFK EHU]HXJHQ GD LFK ZLUNOLFK ZDU $OO GDV ZDU GXUFKDXV QLFKW EHVRUJQLVHUUHJHQG -D LUJHQG HWZDV LQ GLHVHQ KEVFKHQ NOHLQHQ /HXWHQ Á|WH9HUWUDXHQHLQ²HLQHDQPXWLJH:HLFKKHLWHLQH
+*:HOOV'LH=HLWPDFKLQH
JHZLVVH NLQGOLFKH 8QEHIDQJHQKHLW 8QG DXHUGHP VDKHQVLHVRJHEUHFKOLFKDXVGDLFKPLUYRUVWHOOHQ NRQQWH ZLH LFK GDV JDQ]H 'XW]HQG YRQ LKQHQ ZLH .HJHO XPZDUI $EHU LFK PDFKWH HLQH SO|W]OLFKH %HZHJXQJ XP VLH ]X ZDUQHQ DOV LFK LKUH NOHLQHQ URVLJHQ +lQGH QDFK GHU =HLWPDVFKLQH WDVWHQ VDK =XP*OFNGDFKWHLFKGDHKHHV]XVSlWZDUDQHLQH *HIDKU GLH LFK ELVKHU YHUJHVVHQ KDWWH XQG LQGHP LFKEHUGHQ5DKPHQGHU0DVFKLQHJULIIVFKUDXEWH LFK GLH NOHLQHQ +HEHO ORV GLH VLH LQ %HZHJXQJ VHW]WHQXQGVWHFNWHVLHLQGLH7DVFKH'DQQGUHKWH LFKPLFKZLHGHUXPXP]XVHKHQZDVVLFK]XHLQHU 9HUVWlQGLJXQJWXQOLH 8QG GDQQ EOLFNWH LFK LKQHQ JHQDXHU LQ LKUH =JH XQG VDK HLQLJH ZHLWHUH %HVRQGHUKHLWHQ LKUHV 0HLHQHU3RU]HOODQ7\SXV GHU 6FK|QKHLW ,KU +DDU GDVGXUFKZHJORFNLJZDUK|UWHDXI+DOVXQG%DFNHQ VFKDUIDXILP*HVLFKWZDUQLFKWGLHJHULQJVWH6SXU GDYRQYRUKDQGHQXQGLKUH2KUHQZDUHQPHUNZUGLJ NOHLQ'HU0XQGZDUNOHLQPLWOHXFKWHQGHP5RWXQG ]LHPOLFKGQQHQ/LSSHQXQGGDVNOHLQH.LQQOLHILQ HLQH 6SLW]H DXV 'LH $XJHQ ZDUHQ JUR XQG PLOG XQG²GDVPDJDOV(JRLVPXVPHLQHUVHLWVHUVFKHLQHQ ² PLU ZDUVRJDU DOV OLHHQ VLH HVDQ GHP ,QWHUHVVH IHKOHQGDVLFKYRQLKQHQKlWWHHUZDUWHQN|QQHQ 'D VLH NHLQHQ 9HUVXFK PDFKWHQ VLFK PLW PLU ]X YHUVWlQGLJHQ VRQGHUQ HLQIDFK OlFKHOQG XP PLFK VWDQGHQXQGLQZHLFKHQ7|QHQPLWHLQDQGHUJLUUWHQ
+*:HOOV'LH=HLWPDFKLQH
VR EHJDQQ LFK GLH 8QWHUKDOWXQJ ,FK ]HLJWH DXI GLH =HLWPDVFKLQHXQGDXIPLFK'DQQ]|JHUWHLFKHLQHQ 0RPHQW ZLH LFK GLH =HLW DXVGUFNHQ VROOWH XQG ]HLJWH DXI GLH 6RQQH 6RIRUW IROJWH HLQH DOWIUlQNLVFK KEVFKH NOHLQH *HVWDOW LQ VFKHFNLJHP 3XUSXU XQG :HLPHLQHU*HVWHXQGHUVWDXQWHPLFKGDQQLQGHP VLHGHQ6FKDOOGHV'RQQHUVQDFKDKPWH (LQHQ 0RPHQW ZXUGH LFK VFKZDQNHQG REJOHLFK GHU 6LQQ VHLQHU $QWZRUW NODU JHQXJ ZDU 0LU ZDU SO|W]OLFKGLH)UDJHJHNRPPHQ6LQGGLHVH*HVFK|SIH 1DUUHQ" 9LHOOHLFKW YHUVWHKHQ 6LH NDXP ZLH VLH PLU NDP$EHUVHKHQ6LHLFKKDWWHLPPHUDQJHQRPPHQ GLH /HXWH DXV GHP -DKUH =ZHLWDXVHQGDFKWKXQGHUW XQG VR ZHLWHU ZUGHQ XQV DQ :LVVHQ .XQVW XQG DOOHPXQJODXEOLFKYRUDXVVHLQ8QGQXQVWHOOWHPLU HLQHU YRQ LKQHQ SO|W]OLFK HLQH )UDJH GLH LKQ DXI GHPLQWHOOHNWXHOOHQ1LYHDXXQVHUHU)QI-DKUDOWHQ .LQGHU]HLJWH²XQGIUDJWHPLFKRELFKLP*HZLWWHU YRQ GHU 6RQQH JHNRPPHQ VHL" ,FK OLH GDV 8UWHLO ORVGDVLFKEHULKUH.OHLGHULKUHGQQHQOHLFKWHQ *OLHGHU XQG ]HUEUHFKOLFKHQ =JH ]XUFNJHKDOWHQ KDWWH(LQH)OXWGHU(QWWlXVFKXQJVWU]WHPLUGXUFK GHQ*HLVW(LQHQ0RPHQWODQJHPSIDQGLFKGDLFK GLH=HLWPDVFKLQHYHUJHEHQVJHEDXWKDWWH ,FKQLFNWH]HLJWHDXIGLH6RQQHXQGDKPWHLKQHQ HLQHQ 'RQQHUVFKODJ VR OHEHQGLJ QDFK GD HV VLH HUVFKUHFNWH 6LH WUDWHQ DOOH HLQHQ 6FKULWW RGHU VR ]XUFN XQG YHUEHXJWHQ VLFK 'DQQ WUDW HLQHU
+*:HOOV'LH=HLWPDFKLQH
ODFKHQG PLW HLQHU .HWWH YRQ VFK|QHQ %OXPHQ GLH PLUJDQ]QHXZDUHQ]XPLUKLQXQGKlQJWHVLHPLU XPGHQ+DOV'HU*HGDQNHZXUGHPLWPHORGLVFKHP $SSODXV DXIJHQRPPHQ XQG DOVEDOG OLHIHQ VLH DOOH QDFK GHQ %OXPHQ KLQ XQG KHU XQG EHZDUIHQ PLFK ODFKHQG GDPLW ELV LFK XQWHU %OWHQ IDVW HUVWLFNWH 6LHKDEHQQLHHWZDVbKQOLFKHVJHVHKHQXQGN|QQHQ VLFKNDXPYRUVWHOOHQZDVIU]DUWHXQGZXQGHUYROOH %OXPHQ ]DKOORVH -DKUH GHU .XOWXU JHVFKDIIHQ KDWWHQ 'DQQ UHJWH HLQHU DQ LKU 6SLHO]HXJ VROOH LP QlFKVWHQ *HElXGH JH]HLJW ZHUGHQ XQG VR ZXUGH LFK DQ GHU 6SKLQ[ DXV ZHLHP 0DUPRU YRUEHL GLH PLFK GLH JDQ]H =HLW PLW HLQHP /lFKHOQ EHU PHLQ 6WDXQHQ EHREDFKWHW ]X KDEHQ VFKLHQ ]X HLQHP JURHQ JUDXHQ *HElXGH DXV GXUFKEURFKHQHP 6WHLQ JHIKUW $OV LFK PLW LKQHQ JLQJ WUDW PLU PLW XQZLGHUVWHKOLFKHU +HLWHUNHLW GLH (ULQQHUXQJ DQ PHLQH ]XYHUVLFKWOLFKHQ 3URSKH]HLXQJHQ YRQ HLQHU WLHIHUQVWHQ XQG LQWHOOHNWXHOOHQ 1DFKZHOW YRU GLH 6HHOH 'DV *HElXGH KDWWH HLQHQ ULHVLJHQ (LQJDQJ XQG ZDU EHUKDXSW YRQ NRORVVDOHQ 'LPHQVLRQHQ 0LFK EHVFKlIWLJWHQ QDWUOLFK DP PHLVWHQ GLH ZDFKVHQGH 0HQJH NOHLQHU /HXWH XQG GLH JURHQ RIIHQHQ 3RUWDOH GLH PLU VFKDWWHQKDIW XQG JHKHLPQLVYROO HQWJHJHQJlKQWHQ 0HLQ +DXSWHLQGUXFN YRQ GHU :HOW GLH LFK EHU LKUHQ .|SIHQ VDK ZDU GHU HLQHU YHUZLUUWHQ :VWH YRQ ZXQGHUYROOHQ %VFKHQ XQG %OXPHQGHUHLQHVODQJHYHUQDFKOlVVLJWHQXQGGRFK
+*:HOOV'LH=HLWPDFKLQH
YRQ8QNUDXWUHLQJHEOLHEHQHQ*DUWHQV,FKVDKHLQH $Q]DKOKRKHUbKUHQYRQVHOWVDPHQZHLHQ%OXPHQ GLH YLHOOHLFKW TXHU EHU GHU )OlFKH GHU ZlFKVHUQHQ %OWHQEOlWWHU HLQHQ )X PDHQ 6LH ZXFKVHQ ]HUVWUHXWZLHZLOGXQWHUPDQFKHUOHL%VFKHQDEHU ZLH JHVDJW LFK XQWHUVXFKWH VLH QLFKW ZHLWHU 'LH =HLWPDVFKLQH EOLHE DXI GHP 5DVHQ ]ZLVFKHQ GHQ 5KRGRGHQGUHQ]XUFN 'HU7RUERJHQZDUPLWUHLFKHU6NXOSWXUJHVFKPFNW DEHU QDWUOLFK VDK LFK GLH $UEHLW QLFKW VHKU JHQDX DQ REJOHLFK LFK LP 'XUFKJHKHQ (ULQQHUXQJHQ DQ DOWSK|QL]LVFKH 'HNRUDWLRQHQ ]X EHPHUNHQ PHLQWH XQG PLU DXIÀHO GD VLH VHKU PLWJHQRPPHQ XQG YHUZLWWHUW ZDUHQ 0HKUHUH KHOOHU JHNOHLGHWH /HXWH WUDWHQ PLU LP 7RUZHJ HQWJHJHQ XQG VR JLQJHQ ZLU KLQHLQ²LFKLQVFKPXW]LJH.OHLGHUGHVQHXQ]HKQWHQ -DKUKXQGHUWVJHNOHLGHWJURWHVNJHQXJPLW%OXPHQ EHNUlQ]W XPJHEHQ YRQ HLQHU ZLUEHOQGHQ 0DVVH KHOOHU UHLFKIDUELJHU *HZlQGHU XQG OHXFKWHQGHU *OLHGHU LQ HLQHP PHORGLVFKHQ 7DQ] GHV /DFKHQV XQGODFKHQGHU5HGH 'DVJURH7RUIKUWHLQHLQHHQWVSUHFKHQGJURH EUDXQEHKDQJHQH +DOOH 'DV 'DFK ODJ LP 6FKDWWHQ XQGGLH]XP7HLOPLWIDUELJHP*ODVYHUVHKHQHQXQG GLH]XP7HLOXQYHUJODVWHQ)HQVWHUOLHHQHLQPLOGHV /LFKW HLQ 'HU %RGHQ EHVWDQG DXV XQJHKHXUHQ %O|FNHQ HLQHV VHKU KDUWHQ ZHLHQ 0HWDOOV NHLQHQ 3ODWWHQ%O|FNHQXQGHUZDUVRDEJHQXW]W²ZLHLFK
+*:HOOV'LH=HLWPDFKLQH
PHLQWH GXUFK GDV +LQ XQG +HUJHKHQ YHUJDQJHQHU *HQHUDWLRQHQ ² GD GLH KlXÀJHU EHWUHWHQHQ :HJH ]XWLHIHQ.DQlOHQJHZRUGHQZDUHQ4XHU]XU/lQJH VWDQGHQXQ]lKOLJH7LVFKHGLHDXV3ODWWHQSROLHUWHQ 6WHLQVJHPDFKWYLHOOHLFKWYRP%RGHQHLQHQ)XKRFK XQGPLW+DXIHQYRQ)UFKWHQEHVHW]WZDUHQ(LQLJH HUNDQQWH LFK DOV HLQH $UW EHU]FKWHWHU +LPEHHUHQ XQG2UDQJHQGLHPHLVWHQZDUHQPLUIUHPG =ZLVFKHQGHQ7LVFKHQZDUHLQHJURH=DKO.LVVHQ DXVJHEUHLWHW $XI GLHVH VHW]WHQ PHLQH )KUHU VLFK XQG ZLQNWHQ PLU GDV JOHLFKH ]X WXQ 0LW HLQHU KEVFKHQ $EZHVHQKHLW MHGHU =HUHPRQLH EHJDQQHQ VLH GLH )UFKWH DXV GHQ +lQGHQ ]X HVVHQ LQGHP VLH6FKDOHXQG6WHQJHOXQGVRZHLWHULQGLHUXQGHQ gIIQXQJHQDQGHQ7LVFKVHLWHQZDUIHQ,FKOLHPLFK QLFKW ]ZHLPDO ELWWHQ GHQQ LFK ZDU KXQJULJ XQG GXUVWLJ'DQQEHUEOLFNWHLFKGLH+DOOHPLW0XH 8QGZDVPLUYLHOOHLFKWDPPHLVWHQDXIÀHOGDVZDU LKU YHUIDOOHQHV $XVVHKHQ 'LH EXQWHQ *ODVIHQVWHU GLHQXUJHRPHWULVFKH0XVWHU]HLJWHQZDUHQDQYLHOHQ 6WHOOHQ ]HUEURFKHQ XQG GLH 9RUKlQJH GLH YRU GHP XQWHUHQ(QGHKLQJHQZDUHQGLFNPLW6WDXEEHGHFNW 8QG HV ÀHO PHLQHP $XJH DXI GD GLH (FNH GHV QlFKVWHQ 0DUPRUWLVFKHV JHEURFKHQ ZDU 7URW]GHP ZDUGHU*HVDPWHLQGUXFNDXHURUGHQWOLFKUHLFKXQG PDOHULVFK(VDHQYLHOOHLFKWHLQSDDUKXQGHUW/HXWH LQ GHU +DOOH XQG GLH PHLVWHQ VHW]WHQ VLFK PLU VR QDKH VLH NRPPHQ NRQQWHQ XQG EHREDFKWHWHQ PLFK
+*:HOOV'LH=HLWPDFKLQH
PLW ,QWHUHVVH LKUH NOHLQHQ $XJHQ OHXFKWHWHQ EHU GHQ)UFKWHQGLHVLHDHQ$OOHZDUHQLQGDVZHLFKH XQGGRFKVWDUNHVHLGLJH0DWHULDOJHNOHLGHW )UFKWH ZDUHQ QHEHQEHL LKU HLQ]LJHV *HULFKW 'LHVH /HXWH GHU IHUQHQ =XNXQIW ZDUHQ VWUHQJH 9HJHWDULHU XQG VRODQJH LFK EHL LKQHQ ZDU PXWH DXFK LFK WURW] HLQLJHQ ÁHLVFKOLFKHQ 9HUODQJHQV )UXFKWHVVHUVHLQ,FKIDQGVRJDUVSlWHUGD3IHUGH 5LQGHU6FKDIHXQG+XQGHGHP,FKWK\RVDXUXVLQGLH $XVVWHOOXQJ JHIROJW ZDUHQ $EHU GLH )UFKWH ZDUHQ VHKU DQJHQHKP EHVRQGHUV HLQH GLH DOV LFK GRUW ZDU LKUH=HLW ]X KDEHQ VFKLHQ ² HLQ PHKOLJHV 'LQJ LQGUHLNDQWLJHU+OVH²ZDUJXWXQGLFKPDFKWHVLH ]X PHLQHU +DXSWQDKUXQJ =XHUVW YHUZLUUWHQ PLFK DOOHGLHVHIUHPGHQ)UFKWHXQGGLHIUHPGHQ%OXPHQ GLHLFKVDKDEHUVSlWHUEHJDQQLFKLKUH%HGHXWXQJ HLQ]XVHKHQ 'RFKLFKHU]lKOH,KQHQMHW]WYRQPHLQHP2EVWGLQHU LQGHUIHUQHQ=XNXQIW6REDOGPHLQ$SSHWLWHLQZHQLJ JHVWLOOW ZDU EHVFKOR LFK HLQHQ HQWVFKORVVHQHQ 9HUVXFK]XPDFKHQXQGGLH6SUDFKHGLHVHUPHLQHU QHXHQ0HQVFKHQ]XOHUQHQ'LH)UFKWHVFKLHUHQHLQ SDVVHQGHV7KHPD]XP$QIDQJXQGLQGHPLFKHLQH GDYRQKRFKKLHOWEHJDQQLFKHLQH5HLKHYRQIUDJHQGHQ /DXWHQ XQG *HVWHQ ,FK IDQG HV DXHURUGHQWOLFK VFKZHU NODU]XPDFKHQ ZDV LFK PHLQWH =XHUVW WUDIHQ PHLQH %HPKXQJHQ DXI EHUUDVFKWH %OLFNH RGHUXQO|VFKEDUHV*HOlFKWHUDEHUGDQQVFKLHQHLQ
+*:HOOV'LH=HLWPDFKLQH
EORQGKDDULJHV NOHLQHV *HVFK|SI PHLQH $EVLFKW ]X EHJUHLIHQXQG ZLHGHUKROWH HLQHQ1DPHQ 6LHKDWWHQ XQWHUHLQDQGHU ODQJH ]X SODSSHUQ VLFK GLH 6DFKH DXVHLQDQGHU]XVHW]HQ XQG PHLQH HUVWHQ 9HUVXFKH LKUH IHLQHQ NOHLQHQ 6SUDFKW|QH ]X VSUHFKHQ HUUHJWHQ XQJHKHXUHV XQYHUKRKOHQHV ZHQQ DXFK XQK|ÁLFKHV9HUJQJHQ$EHULFKIKOWHPLFKZLHHLQ /HKUHUXQWHU.LQGHUQXQGEOLHEVWDQGKDIWXQGEDOG KDWWHLFKZHQLJVWHQVHLQLJH]ZDQ]LJ6XEVWDQWLYD]XU 9HUIJXQJ XQG GDQQ YHUVXFKWH LFK 3URQRPHQ ]X GHPRQVWULHUHQXQGVRJDUGDV9HUEXP¿HVVHQ¾$EHU HVZDUODQJVDPH$UEHLWXQGGLHNOHLQHQ/HXWHZDUHQ EDOGPGHXQGZROOWHQPHLQH)UDJHQORVVHLQXQGVR EHVFKORLFK]LHPOLFKJH]ZXQJHQHUZHLVHLKQHQLKUH /HNWLRQHQLQVHKUNOHLQHQ'RVHQ]XJHEHQZHQQVLH /XVWKDWWHQ8QGVHKUEDOGIDQGLFKGDHVZLUNOLFK VHKU NOHLQH 'RVHQ VHLQ PXWHQ GHQQ LFK ELQ QLH LQGROHQWHUHQ RGHU VFKQHOOHU PGH ZHUGHQGHQ /HXWHQEHJHJQHW
+*:HOOV'LH=HLWPDFKLQH
'HU6RQQHQXQWHUJDQJGHU0HQVFKKHLW
(
WZDV :XQGHUOLFKHV HQWGHFNWH LFK EDOG DQ PHLQHQ NOHLQHQ :LUWHQ XQG GDV ZDU LKU 0DQJHODQ,QWHUHVVH6LHNDPHQZRKOZLH.LQGHUPLW JLHULJHQ5XIHQGHV6WDXQHQV]XPLUDEHUEDOGK|UWHQ VLH DXI PLFK ]X SUIHQ XQG OLHIHQ HLQHP DQGHUHQ 6SLHO]HXJ QDFK $OV GDV (VVHQ XQG GLH $QIlQJH PHLQHU .RQYHUVDWLRQ ]X (QGH ZDUHQ EHPHUNWH LFK ]XP HUVWHQPDO GD DOOH GLH PLFK ]XHUVW XPJHEHQ KDWWHQ IRUW ZDUHQ $XFK GDV LVW PHUNZUGLJ ZLH EDOG LFK GLHVH NOHLQHQ /HXWH QLFKW PHKU EHDFKWHWH ,FK WUDI IRUWZlKUHQG PHKU YRQ GLHVHQ NOHLQHQ 0HQVFKHQGHU=XNXQIWXQGVLHIROJWHQPLULQHLQHP NOHLQHQ$EVWDQGVFKZlW]WHQXQGODFKWHQEHUPLFK XQGEHUOLHHQPLFKPHLQHQHLJHQHQ3OlQHQVREDOG VLH PLFK IUHXQGOLFK DQJHOlFKHOW XQG DQJHVWLNXOLHUW KDWWHQ $OV LFK DXV GHU JURHQ +DOOH KHUDXVWUDW ODJ GLH $EHQGUXKH EHU GHU :HOW XQG GLH ZDUPH *OXW GHU XQWHUJHKHQGHQ6RQQHEHOHXFKWHWHGLH6]HQH=XHUVW ZDUHQGLH'LQJHVHKUYHUZLUUHQG$OOHVZDUVRJDQ] DQGHUVDOVLQGHU:HOWGLHLFKJHNDQQWKDWWH²VHOEVW
+*:HOOV'LH=HLWPDFKLQH
GLH %OXPHQ 'DV JURH*HElXGH GDV LFK YHUODVVHQ KDWWHODJDP+DQJHHLQHVEUHLWHQ)OXWDOVDEHUGLH 7KHPVH KDWWH LKUHQ /DXI XP YLHOOHLFKW HLQH 0HLOH YRQ LKUHP JHJHQZlUWLJHQ %HWW YHUVFKREHQ ,FK EHVFKOR YLHOOHLFKW DQGHUWKDOE 0HLOHQ HQWIHUQW DXI GHQ *LSIHO HLQHV +JHOV ]X VWHLJHQ YRQ GHP DXV LFK HLQHQ ZHLWHUHQ $XVEOLFN DXI XQVHUHQ 3ODQHWHQ LP -DKUH DFKWKXQGHUW]ZHLWDXVHQGVLHEHQKXQGHUW XQGHLQV QDFK &KU KDEHQ ZUGH GHQQ GDV VR VROOWHLFKHUNOlUHQZDUGDV'DWXPGDVGLHNOHLQHQ =LIIHUEOlWWHUPHLQHU0DVFKLQHDQJDEHQ $OV LFK GRUWKLQ JLQJ ZDU LFK IU MHGHQ (LQGUXFN ZDFK GHU HWZD GHQ =XVWDQG YHUIDOOHQHQ *ODQ]HV HUNOlUHQ KHOIHQ NRQQWH LQ GHP LFK GLH :HOW IDQG ² GHQQ HV ZDU HLQH :HOW LQ 7UPPHUQ (LQ ZHQLJ GHQ+JHOKLQDXI]XP%HLVSLHOODJHLQJURHU+DXIH YRQ*UDQLWGHUGXUFK$OXPLQLXPPDVVHQJHEXQGHQ ZDU HLQ XQJHKHXUHV /DE\ULQWK MlKHU 0DXHUQ XQG ]HUEU|FNHOWHU0DVVHQ]ZLVFKHQGHQHQGLFKWH+DXIHQ VHKU VFK|QHU SDJRGHQDUWLJHU 3ÁDQ]HQ VWDQGHQ ²YLHOOHLFKW1HVVHOQ²DEHUXPGLH%OlWWHUZXQGHUYROO EUDXQ JHIlUEW XQG QLFKW LPVWDQGH ]X EUHQQHQ (V ZDUHQ RIIHQEDU GLH 7UPPHU HLQHV 5LHVHQEDXV ZR]XHUEDXWGDVNRQQWHLFKQLFKWEHVWLPPHQ+LHU VROOWH LFK ]X HLQHU VSlWHUHQ =HLW HLQ VHKU VHOWVDPHV (UOHEQLV KDEHQ ² GLH HUVWH $QGHXWXQJ HLQHU QRFK VHOWVDPHUHQ (QWGHFNXQJ ² GRFK GDYRQ ZLOO LFK DQ VHLQHU6WHOOHVSUHFKHQ
+*:HOOV'LH=HLWPDFKLQH
$OVLFKPLFKPLWHLQHPSO|W]OLFKHQ*HGDQNHQYRQ HLQHU7HUUDVVHDXVZRLFKHLQH:HLOHUXKWHXPVDK HQWGHFNWH LFK GD NHLQH NOHLQHQ +lXVHU ]X VHKHQ ZDUHQ 2IIHQEDU ZDU GDV HLQ]HOQH +DXV YLHOOHLFKW VRJDU GHU +DXVKDOW YHUVFKZXQGHQ +LHU XQG GRUW VWDQGHQ LP *UQ SDODVWDUWLJH *HElXGH DEHU GDV +DXVXQG/DQGKDXVGDVHLQHQVRFKDUDNWHULVWLVFKHQ =XJ HQJOLVFKHU /DQGVFKDIW DXVPDFKW ZDU QLFKW PHKUYRUKDQGHQ ª.RPPXQLVPXV©VDJWHLFK]XPLUVHOEHU 8QG GHP *HGDQNHQ IROJWH HLQ ZHLWHUHU DXI GHQ )HUVHQ,FKVDKGDVKDOEH'XW]HQGNOHLQHU*HVWDOWHQ DQGLHPLUIROJWHQ'DVDKLFKLP%OLW]GDDOOHGDV JOHLFKH .RVWP WUXJHQ DOOH GLH JOHLFKHQ ZHLFKHQ KDDUORVHQ *HVLFKWHU XQG GLH JOHLFKH PlGFKHQKDIWH 5XQGXQJGHU*OLHGPDHQ]HLJWHQ(VPDJYLHOOHLFKW VHOWVDP HUVFKHLQHQ DEHU GDV ZDU PLU QRFK QLFKW DXIJHIDOOHQ 'RFK DOOHV ZDU VR IUHPG -HW]W VDK LFK GLH 7DWVDFKHGHXWOLFK JHQXJ ,P .RVWPXQG LQ DOO GHQ 8QWHUVFKLHGHQ GHV *HZHEHV XQG GHU 0DFKDUW GLH MHW]W GLH *HVFKOHFKWHU PDUNLHUHQ ZDUHQ GLHVH /HXWH GHU =XNXQIW JOHLFK 8QG GLH .LQGHU VFKLHQHQ PLUQXUGLH0LQLDWXUHQLKUHU(OWHUQ]XVHLQ,FKIDQG VFKRQMHW]WGDGLH.LQGHUMHQHU=HLWDXHURUGHQWOLFK IUKUHLI ZDUHQ ZHQLJVWHQV SK\VLVFK XQG LFK IDQG VSlWHUUHLFKOLFKH%HVWlWLJXQJPHLQHU0HLQXQJ ,Q $QEHWUDFKW GHU 5XKH XQG 6LFKHUKHLW LQ GHU GLHVH /HXWH OHEWHQ HPSIDQG LFK ZDU GLHVH HQJH
+*:HOOV'LH=HLWPDFKLQH
bKQOLFKNHLW GHU *HVFKOHFKWHU VFKOLHOLFK QXU ZDV PDQHUZDUWHQPXWHGHQQGLH.UDIWHLQHV0DQQHV XQG GLH :HLFKKHLW HLQHU )UDX GLH ,QVWLWXWLRQ HLQHU )DPLOLH XQG GLH 7UHQQXQJ GHU %HVFKlIWLJXQJHQ ZDUHQEORHNULHJHULVFKH1RWZHQGLJNHLWHQHLQHU=HLW GHU *HZDOW :R GLH %HY|ONHUXQJ LP *OHLFKJHZLFKW XQGUHLFKOLFKYRUKDQGHQLVWZHUGHQYLHOH*HEXUWHQ IUGHQ6WDDWHKHU]XPhEHODOV]XU6HJQXQJZRGLH *HZDOWWDW VHOWHQ ZLUG XQG GLH 1DFKNRPPHQVFKDIW VLFKHU LVW GD LVW HLQH NUlIWLJH )DPLOLH ZHQLJHU Q|WLJ ² MD XQQ|WLJ ² XQG GLH 6SH]LDOLVLHUXQJ GHU *HVFKOHFKWHU LP +LQEOLFN DXI %HGUIQLVVH LKUHU .LQGHUYHUVFKZLQGHW(LQLJH$QIlQJHGDYRQVHKHQZLU VRJDUVFKRQLQ XQVHUHU=HLWXQG LQ GLHVHU=XNXQIW ZDU HV YROO]RJHQ 'LHV PX LFK 6LH HULQQHUQ ZDU ZDV LFK PLU GDPDOV ]XUHFKWOHJWH 6SlWHU VROOWH LFK HLQVHKHQZLHZHLWLFKIHKOJHVFKRVVHQKDWWH :lKUHQGLFKEHUGLHVH'LQJHQDFKVDQQ]RJHLQ KEVFKHU NOHLQHU %DX PHLQH $XIPHUNVDPNHLW DXI VLFK ² HWZDV ZLH HLQ %UXQQHQ XQWHU HLQHU .XSSHO ,FKGDFKWHÁFKWLJGDUDQZLHVRQGHUEDUHVZDUGD QRFK%UXQQHQH[LVWLHUWHQXQGGDQQQDKPLFKGHQ )DGHQPHLQHU*HGDQNHQZLHGHUDXI%LV]XP*LSIHO GHV+JHOVJDEHVNHLQHJURHQ*HElXGHPHKUXQG GD PHLQH *HKNUlIWH RIIHQEDU HLQ :XQGHU ZDUHQ VR OLH PDQ PLFK DOVEDOG ]XP HUVWHQPDO DOOHLQ 0LW HLQHU VHOWVDPHQ (PSÀQGXQJ YRQ )UHLKHLW XQG $EHQWHXHUGUDQJLFK]XP+JHOKLQDXIYRU
+*:HOOV'LH=HLWPDFKLQH
'RUW IDQG LFK HLQHQ 6LW] DXV HLQHP PLU QLFKW EHNDQQWHQ JHOEHQ 0HWDOO GDV VWHOOHQZHLVH YRQ U|WOLFKHP 5RVW DQJHQDJW XQG KDOE LQ ZHLFKHP 0RRV HUVWLFNW ZDU GLH $UPOHKQHQ GHV 6HVVHOV ZDUHQ ]X *UHLIHQN|SIHQ JHIHLOW ,FK VHW]WH PLFK XQG EHUVFKDXWH GHQ ZHLWHQ $XVEOLFN DXI XQVHUH DOWH:HOWXQWHUGHP6RQQHQXQWHUJDQJMHQHVODQJHQ 7DJHV(VZDUHLQHVROLHEOLFKHXQGVFK|QH$XVVLFKW ZLHLFKQXUMHJHVHKHQKDWWH'LH6RQQHVWDQGVFKRQ XQWHUP +RUL]RQW XQG GHU :HVWHQ ZDU ÁDPPHQGHV *ROG PLW HLQLJHQ +RUL]RQWDOVWUHLIHQ YRQ 3XUSXU XQG 5RW 'DUXQWHU ODJ GDV 7KHPVHWDO LQ GHP GHU )OX ZLH HLQ %DQG JOlQ]HQGHQ 6WDKOHV ÁR ,FK KDEH EHUHLWV YRQ GHQ JURHQ 3DOlVWHQ JHVSURFKHQ GLH XQWHU GHP PDQFKHUOHL *UQ YHUVWUHXW VWDQGHQ ²HLQLJHLQ7UPPHUQXQGHLQLJHQRFKEHZRKQW+LHU XQGGRUWHUKREVLFKHLQHZHLHRGHUVLOEULJH*HVWDOW LP ZLOGHQ *DUWHQ GHU (UGH KLHU XQG GRUW VDK LFK GLH VFKDUIH 9HUWLNDOOLQLH HLQHU .XSSHO RGHU HLQHV 2EHOLVNHQ(VJDENHLQH+HFNHQNHLQH=HLFKHQYRQ (LJHQWXPVUHFKWHQNHLQ=HXJQLVGHU/DQGZLUWVFKDIW GLHJDQ]H(UGHZDUHLQ*DUWHQJHZRUGHQ $OV LFK VR QLHGHUVDK EHJDQQ LFK PHLQH 'HXWXQJ DXI GLH 'LQJH ]X OHJHQ GLH LFK JHVHKHQ KDWWH XQG ZLHVLHVLFKDQGLHVHP$EHQGYRUPLUDXIEDXWHZDU PHLQH 'HXWXQJ HWZD GLH IROJHQGH VSlWHU IDQG LFK GDLFKQXUHLQH+DOEZDKUKHLWJHZRQQHQKDWWHRGHU QXU HLQHQ :LGHUVFKHLQ YRQ HLQHU 6FKOHLIÁDVFKH GHU :DKUKHLW
+*:HOOV'LH=HLWPDFKLQH
0LU VFKLHQ LFK ZDU ]X GHU 0HQVFKKHLW LQ LKUHP 8QWHUJDQJ JHNRPPHQ 'HU URWH 6RQQHQXQWHUJDQJ JDE PLU GHQ *HGDQNHQ HLQHV 6RQQHQXQWHUJDQJV GHU0HQVFKKHLWHLQ=XPHUVWHQPDOEHJDQQLFKHLQH VRQGHUEDUH)ROJHGHUVR]LDOHQ$QVWUHQJXQJ]XVHKHQ DQ GHU ZLU MHW]W DUEHLWHQ 8QG GRFK LVW HV UHFKW EHGDFKW HLQH JDQ] QDWUOLFKH )ROJH 'LH .UDIW LVW GDV(UJHEQLVGHU1RWGLH6LFKHUKHLWVHW]WGLH3UlPLH DXI 6FKZlFKH 'LH $UEHLW DQ GHU 9HUEHVVHUXQJ GHU /HEHQVEHGLQJXQJHQ²GHUHFKWH=LYLOLVDWLRQVSUR]H GHUGDV/HEHQLPPHUVLFKHUHUPDFKW²ZDUVWHWLJELV ]X HLQHP +|KHSXQNW JHVWLHJHQ (LQ 7ULXPSK HLQHU YHUEQGHWHQ 0HQVFKKHLW EHU GLH 1DWXU ZDU GHP DQGHUQ JHIROJW 'LQJH GLH MHW]W EORH 7UlXPH VLQG ZDUHQPLWhEHUOHJXQJDQJHJULIIHQHXQGDXVJHIKUWH 3OlQHJHZRUGHQ8QGGLH(UQWHZDUZDVLFKVDK ,P*UXQGHVLQG6DQLHUXQJXQG$FNHUEDXXQVHUHU =HLWQRFKLQUXGLPHQWlUHP=XVWDQG'LH:LVVHQVFKDIW XQVHUHU =HLW KDW HUVW HLQHQ NOHLQHQ 7HLO YRP )HOGH GHU PHQVFKOLFKHQ .UDQNKHLW LQ $QJULII JHQRPPHQ DEHU EHKDUUOLFK XQG XQDXIKDOWVDP EUHLWHW VLH LKUH 2SHUDWLRQHQ DXV 8QVHU $FNHU XQG *DUWHQEDX YHUQLFKWHQQXUHEHQKLHUXQGGRUWHLQ8QNUDXWXQG NXOWLYLHUHQYLHOOHLFKWHWZD]ZDQ]LJJHVXQGH3ÁDQ]HQ RGHU VR XQG EHUODVVHQ HV GHU JU|HUHQ =DKO VR JXW VLH N|QQHQ HLQ *OHLFKJHZLFKW DXV]XNlPSIHQ :LU YHUEHVVHUQ XQVHUH /LHEOLQJVSÁDQ]HQ XQG 7LHUH ² XQG ZLH ZHQLJH VLQG HV ² GXUFK DOOPlKOLFKH =XFKWZDKOEDOGHLQHQQHXHQXQGEHVVHUHQ3ÀUVLFK
+*:HOOV'LH=HLWPDFKLQH
EDOGHLQHVDPHQORVH7UDXEHEDOGHLQHVFK|QHUHXQG JU|HUH%OXPHEDOGHLQHEUDXFKEDUHUH5LQGHUUDVVH :LU YHUEHVVHUQ VLH ODQJVDP ZHLO XQVHUH ,GHDOH XQNODU XQG QXU 9HUVXFKH VLQG XQG XQVHU :LVVHQ VHKU EHVFKUlQNW ZHLO DXFK GLH 1DWXU LQ XQVHUHQ SOXPSHQ +lQGHQ VFKHX XQG ODQJVDP LVW (LQHV 7DJHV ZLUG DOO GDV EHVVHU XQG LPPHU EHVVHU RUJDQLVLHUWZHUGHQ6RWUHLEWGHU6WURPWURW]VHLQHU :LUEHO'LHJDQ]H:HOWZLUGLQWHOOLJHQWXQGJHELOGHW VHLQ ZLUG ]XVDPPHQDUEHLWHQ DOOHV ZLUG VFKQHOOHU XQG VFKQHOOHU DXI GLH 8QWHUMRFKXQJ GHU 1DWXU ORVDUEHLWHQ 6FKOLHOLFK ZHUGHQ ZLU GLH :DDJH GHV DQLPDOLVFKHQXQGYHJHWDELOLVFKHQ/HEHQVNOXJXQG VRUJIlOWLJ VWHOOHQ VR GD VLH XQVHUHQ PHQVFKOLFKHQ %HGUIQLVVHQ HQWVSULFKW 'LHVH $QSDVVXQJ VDJH LFK PXWH JHVFKHKHQ VHLQ XQG ]ZDU JXW PXWH LQ GHU =HLW GLH PHLQH 0DVFKLQH GXUFKVSUXQJHQ KDWWH IU DOOH =HLWHQ YROO]RJHQ VHLQ 'LH /XIW ZDU IUHL YRQ 0FNHQ GLH (UGH YRQ 8QNUDXW XQG 6FKZDPP EHUDOO VDK LFK )UFKWH XQG OLHEOLFKH XQG N|VWOLFKH %OXPHQ OHXFKWHQGH 6FKPHWWHUOLQJH ÁRJHQ KLHUKLQ XQG GRUWKLQ 'DV ,GHDO YRUKDQGHQHU 0HGL]LQZDUHUUHLFKW.UDQNKHLWHQZDUHQDXVJHWLOJW ,FKKDEHZlKUHQGPHLQHV$XIHQWKDOWVNHLQ=HXJQLV DQVWHFNHQGHU .UDQNKHLWHQ JHVHKHQ 8QG LFK ZHUGH ,KQHQ VSlWHU HU]lKOHQ PVVHQ GD VHOEVW GLH 3UR]HVVHGHU )lXOQLV XQG GHV 9HUIDOOHVGXUFK GLHVH 9HUlQGHUXQJWLHIEHUKUWZRUGHQZDUHQ
+*:HOOV'LH=HLWPDFKLQH
$XFKVR]LDOH7ULXPSKHZDUHQHUUHLFKW,FKVDKGLH 0HQVFKKHLWLQJOlQ]HQGHQ*HElXGHQXQWHUJHEUDFKW JORUUHLFK JHNOHLGHW XQG ELVODQJ KDWWH LFK VLH QRFK DQNHLQHU$UEHLWEHWURIIHQ,FKVDKNHLQH=HLFKHQGHV .DPSIHV 'HU /DGHQ GLH $Q]HLJH GHU 9HUNHKU DOO GHU +DQGHO GHU GLH 0DVVH XQVHUHU :HOW DXVPDFKW ² DOO GDV ZDU YHUVFKZXQGHQ (V ZDU QDWUOLFK ZHQQ LFK DQ MHQHP JROGHQHQ $EHQG GHQ 6SUXQJ ]XP *HGDQNHQ HLQHV VR]LDOHQ 3DUDGLHVHV PDFKWH 'HU 6FKZLHULJNHLW GHU ZDFKVHQGHQ %HY|ONHUXQJ GDFKWHLFKPLUZDUPDQHQWJHJHQJHWUHWHQXQGGLH %HY|ONHUXQJVWLHJQLFKWPHKU $EHUPLWGLHVHP:DQGHOGHU%HGLQJXQJHQNDPHQ XQZHLJHUOLFK $QSDVVXQJHQ DQ GHQ :DQGHO :HQQ GLH %LRORJLH QLFKW HLQ +DXIH YRQ ,UUWPHUQ LVW ZHOFKHVLVWGDGLH8UVDFKHPHQVFKOLFKHU,QWHOOLJHQ] XQG .UDIW" 0KVDO XQG )UHLKHLW %HGLQJXQJHQ XQWHU GHQHQ GLH 7lWLJHQ 6WDUNHQ XQG )HLQHQ EHUOHEHQ XQG GLH 6FKZlFKHUHQ DQ GLH 0DXHU JHGUFNW ZHUGHQ %HGLQJXQJHQ GLH GLH 3UlPLH DXI HLQH 9HUHLQLJXQJ IlKLJHU 0lQQHU DXI 6HOEVW]XFKW *HGXOG XQG (QWVFKLHGHQKHLW VHW]HQ 8QG GLH ,QVWLWXWLRQ GHU )DPLOLH XQG GLH (PSÀQGXQJHQ GLH LQ LKU LKUHQ 8UVSUXQJ KDEHQ GLH ZLOGH (LIHUVXFKW GLH =lUWOLFKNHLW IU 1DFKNRPPHQVFKDIW HOWHUOLFKH +LQJDEH DOO GDV IDQG VHLQH 5HFKWIHUWLJXQJ XQG 6WW]HLQGHUGURKHQGHQ*HIDKUIUGLH-XJHQG:R VLQGMHW]WGLHVHGURKHQGHQ*HIDKUHQ"(VHUKHEWVLFK HLQH(PSÀQGXQJ²XQGVLHZLUGZDFKVDP²JHJHQGLH
+*:HOOV'LH=HLWPDFKLQH
HKHOLFKH(LIHUVXFKWJHJHQZLOGH0XWWHUOHLGHQVFKDIW JHJHQ /HLGHQVFKDIW MHGHU $UW ² XQQ|WLJH 'LQJH MHW]W XQG 'LQJH GLH XQV XQEHKDJOLFK PDFKHQ ZLOGH hEHUUHVWH 0LNOlQJH LQ HLQHP YHUIHLQHUWHQ XQG KHLWHUHQ/HEHQ ,FK GDFKWH DQ GLH SK\VLVFKH 6FKPlFKWLJNHLW GHU /HXWHDQ LKUHQ 0DQJHODQ,QWHOOLJHQ]XQG DQGLHVH JURHQ ]DKOUHLFKHQ 5XLQHQ XQG GDV YHUVWlUNWH PHLQHQ *ODXEHQ DQ GLH YROOVWlQGLJH (UREHUXQJ GHU 1DWXU 'HQQ QDFK GHU 6FKODFKW NRPPW GLH 5XKH 'LH0HQVFKKHLWZDUVWDUNHQHUJLVFKXQGLQWHOOLJHQW JHZHVHQXQGKDWWHDOOLKUHEHUUHLFKOLFKH/HEHQVNUDIW GD]X EHQXW]W GLH %HGLQJXQJHQ XQWHU GHQHQ VLH OHEWH ]X lQGHUQ 8QG MHW]W NDP GLH 5HDNWLRQ GHU YHUlQGHUWHQ%HGLQJXQJHQ 8QWHU GHQ QHXHQ %HGLQJXQJHQ YROONRPPHQHU %HKDJOLFKNHLW XQG 6LFKHUKHLW PXWH MHQH UDVWORVH (QHUJLH GLH EHL XQV 6WlUNH LVW 6FKZlFKH ZHUGHQ 6FKRQ LQ XQVHUHU HLJHQHQ =HLW VLQG 1HLJXQJHQ XQG :QVFKH GLH HLQVW ]XP EHUOHEHQ Q|WLJ ZDUHQ ]XU EHVWlQGLJHQ 4XHOOH GHV 0LOLQJHQV JHZRUGHQ 3K\VLVFKHU0XWXQG/LHEH]XP.DPSI]XP%HLVSLHO VLQG IU GHQ ]LYLOLVLHUWHQ 0HQVFKHQ NHLQH JURH +LOIH PHKU ² N|QQHQ LKP VHOEVW +LQGHUQLVVH VHLQ 8QG LQ HLQHP =XVWDQG SK\VLVFKHU %DODQFH XQG 6LFKHUKHLW ZlUH SK\VLVFKH ZLH LQWHOOHNWXHOOH 0DFKW QLFKWDP3ODW]H6HLWXQ]lKOLJHQ-DKUHQXUWHLOWHLFK KDWWH HV NHLQH *HIDKU GHV .ULHJHV RGHU YHUHLQ]HOWHU
+*:HOOV'LH=HLWPDFKLQH
*HZDOWWDW PHKU JHJHEHQ NHLQH *HIDKU YRQ ZLOGHQ 7LHUHQ NHLQH ]HUVW|UHQGH .UDQNKHLW GLH HLQH .UDIW GHU .RQVWLWXWLRQ HUIRUGHUWH NHLQHQ =ZDQJ ]XU $UEHLW )U HLQ VROFKHV /HEHQ VLQG GLH GLH ZLU GLH 6FKZDFKHQQHQQHQZUGHQHEHQVRJXWDXVJHUVWHW ZLH GLH 6WDUNHQ VLH VLQG QLFKW PHKU VFKZDFK -D VLH VLQG EHVVHU DXVJHVWDWWHW GHQQ GLH 6WDUNHQ ZUGHQ YRQ HLQHU (QHUJLH YHU]HKUW IU GLH VLH NHLQHQ$EÁXKlWWHQ2KQH=ZHLIHOZDUGLHHUOHVHQH 6FK|QKHLW GHU *HElXGH GLH LFK VDK GDV (UJHEQLV GHUOHW]WHQ(UKHEXQJHQGHUMHW]W]ZHFNORVHQ(QHUJLH GHU 0HQVFKKHLW HKH VLH VLFK ]X YROONRPPHQHU +DUPRQLH PLW GHQ %HGLQJXQJHQ XQWHU GHQHQ VLH OHEWH]XVDPPHQIDQG²GLH%OWHGHV7ULXPSKHVPLW GHPGHUOHW]WHJURH)ULHGHQEHJDQQ'DVLVWYRQMH GDV6FKLFNVDOGHU(QHUJLHLQ6LFKHUKHLWJHZHVHQVLH ZHQGHWVLFK]XU.XQVWXQG(URWLNXQGGDQQNRPPW 0DWWKHLWXQG9HUIDOO 6HOEVWGLHVHUNQVWOHULVFKH$QVWXUPVWLUEW]XOHW]W KLQ²ZDULQGHU=HLWGLHLFKVDKIDVWHUVWHUEHQ'D VLHVLFKPLW%OXPHQVFKPFNWHQLP6RQQHQVFKHLQ WDQ]WHQ XQG VDQJHQ ² VRYLHO ZDU YRP DUWLVWLVFKHQ *HLVW JHEOLHEHQ PHKU QLFKW 6HOEVW GDV PXWH VFKOLHOLFK]X]XIULHGHQHU8QWlWLJNHLWHUO|VFKHQ:LU ZHUGHQDXIGHP6FKOHLIVWHLQGHV6FKPHU]HVXQGGHU 1RW VFKDUI JHKDOWHQ XQG PLU VFKLHQ KLHU ZDU GHU YHUKDWH6FKOHLIVWHLQHQGOLFKJHEURFKHQ
+*:HOOV'LH=HLWPDFKLQH
$OVLFKGRUWLPZDFKVHQGHQ'XQNHOVWDQGPHLQWH LFK LFK KDEH PLW GLHVHU HLQIDFKHQ (UNOlUXQJ GDV 3UREOHPGHU:HOWEHPHLVWHUW²GDVJDQ]H*HKHLPQLV GLHVHUN|VWOLFKHQ/HXWHEHPHLVWHUW9LHOOHLFKWKDWWHQ GLH +LQGHUQLVVH GLH VLH JHJHQ GDV $QZDFKVHQ GHU %HY|ONHUXQJ HUIXQGHQ KDWWHQ QXU ]X JXW JHZLUNW XQG LKUH =DKO KDWWH VLFK VRJDU YHUPLQGHUW VWDWW NRQVWDQW ]X EOHLEHQ 'DV ZUGH GLH YHUODVVHQHQ 5XLQHQHUNOlUHQ6HKUHLQIDFKZDUPHLQH(UNOlUXQJ XQG SODXVLEHO JHQXJ ² ZLH HV GLH PHLVWHQ IDOVFKHQ 7KHRULHQVLQG
+*:HOOV'LH=HLWPDFKLQH
(LQSO|W]OLFKHU6FKODJ
$
OV LFK GRUW VWDQG XQG EHU GLHVHQ ]X YROONRPPHQHQ 7ULXPSK GHV 0HQVFKHQ VDQQ VWLHJ LP 1RUGRVWHQ DXV HLQHU )OXW VLOEULJHQ /LFKWHV KHOO XQG VLFKHOI|UPLJ GHU 0RQG HPSRU 'LH KHOOHQ NOHLQHQ *HVWDOWHQ XQWHQ EHZHJWHQ VLFK QLFKW PHKU XPKHU HLQH JHUlXVFKORVH (XOH KXVFKWH YRUEHL XQG LFKVFKDXHUWHLQGHU.KOHGHU1DFKW,FKHQWVFKOR PLFK KLQXQWHU]XVWHLJHQ XQG ]X VXFKHQ ZR LFK VFKODIHQN|QQH ,FK VDK QDFK GHP *HElXGH DXV GDV LFK VFKRQ NDQQWH'DZDQGHUWHPHLQ$XJHKLQELV]XU*HVWDOW GHU ZHLHQ 6SKLQ[ DXI GHP 3LHGHVWDO DXV %URQ]H GLH GHXWOLFKHU ZXUGH DOV GDV /LFKW GHV VWHLJHQGHQ 0RQGHV KHOOHU ZDUG ,FK NRQQWH GLH 6LOEHUELUNH GDQHEHQ VHKHQ ,FK VDK DXFK GLH :LOGQLV GHU 5KRGRGHQGUHQ VFKZDU] LP EOHLFKHQ /LFKW XQG VDK GHQ NOHLQHQ 5DVHQ ,FK EOLFNWH QRFK HLQPDO QDFK GHP 5DVHQ (LQ ZXQGHUOLFKHU =ZHLIHO PDFKWH PHLQ :RKOJHIDOOHQ HUVWDUUHQ ª1HLQ© VDJWH LFK NUlIWLJ ]X PLUVHOEHUªGDVZDUGHU5DVHQQLFKW©
+*:HOOV'LH=HLWPDFKLQH
$EHU HV ZDU GHU 5DVHQ GRFK 'HQQ GDV ZHLH DXVVlW]LJH*HVLFKWGHU6SKLQ[ZDULKP]XJHZHQGHW .|QQHQ 6LH VLFK YRUVWHOOHQ ZDV LFK HPSIDQG DOV PLUGLHVHhEHU]HXJXQJDXIJLQJ"$EHU6LHN|QQHQHV XQP|JOLFK'LH=HLWPDVFKLQHZDUIRUW 6RIRUW EOLW]WH PLU ZLH HLQ 3HLWVFKHQVFKODJ EHUV *HVLFKWGLH0|JOLFKNHLWDXIGDLFKPHLQHHLJHQH=HLW YHUOLHUHQ N|QQWH GD LFK KLOÁRV LQ GLHVHU IUHPGHQ QHXHQ:HOWEOHLEHQPWH'HUEORH*HGDQNHZDU HLQHWDWVlFKOLFKHSK\VLVFKH(PSÀQGXQJ ,FK IKOWH ZLH HU PLFK DP +DOVH SDFNWH XQG PLU GHQ $WHP DEVFKQLWW ,P QlFKVWHQ 0RPHQW ZDU LFK LQ OHLGHQVFKDIWOLFKHU )XUFKW XQG OLHI PLW JURHQ VSULQJHQGHQ 6lW]HQ GHQ +DQJ KLQXQWHU (LQPDO VWU]WH LFK NRSIEHU XQG VFKQLWW PLU GDV *HVLFKW DXILFKYHUORUNHLQH=HLWGDPLWGDV%OXW]XVWLOOHQ VRQGHUQ VSUDQJ DXI XQG UDQQWH ZHLWHU ZlKUHQG HV PLU ZDUP EHU %DFNHQ XQG .LQQ OLHI 'LH JDQ]H =HLWZlKUHQGLFKOLHIVDJWHLFKPLUª6LHKDEHQVLH HLQ ZHQLJ EHZHJW VLH XQWHU GLH %VFKH JHVFKREHQ GDPLW VLH DXV GHP :HJ ZDU© 7URW]GHP UDQQWH LFK PLWDOOHU0DFKW'LHJDQ]H=HLWEHUZXWHLFKPLW GHU *HZLKHLW ZLH VLH ELVZHLOHQ DXVVFKZHLIHQGH $QJVWEHJOHLWHWGDVROFKH%HUXKLJXQJ7RUKHLWZDU ZXWHLQVWLQNWLYGDGLH0DVFKLQHPHLQHP%HUHLFK HQWUFNWZDU0HLQ$WHPJLQJPKVDP,FKJODXEH LFK PDFKWH GLH JDQ]H 6WUHFNH YRQ GHP +JHOJLSIHO ELV ]XP NOHLQHQ 5DVHQ YLHOOHLFKW ]ZHL 0HLOHQ LQ
+*:HOOV'LH=HLWPDFKLQH
]HKQ0LQXWHQ8QGLFKELQNHLQMXQJHU0DQQPHKU ,FKYHUÁXFKWHXQWHUZHJVODXWPHLQH]XYHUVLFKWOLFKH 1DUUKHLWGDLFKGLH0DVFKLQHYHUODVVHQKDWWHXQG YHUVFKZHQGHWH GDPLW JXWHQ $WHP ,FK ULHI ODXW XQG QLHPDQG DQWZRUWHWH .HLQ *HVFK|SI VFKLHQ VLFK LQ GLHVHUPRQGHUKHOOWHQ1DFKW]XUKUHQ $OV LFK GHQ 5DVHQ HUUHLFKWH ZXUGHQ PHLQH VFKOLPPVWHQ %HIUFKWXQJHQ EHVWlWLJW .HLQH 6SXU ZDUYRQGHP'LQJ]XVHKHQ,FKIKOWHPLFKVFKZDFK XQG NDOW DOV LFK ]ZLVFKHQ GHP VFKZDU]HQ *HZLUU GHU %VFKH YRU GHP OHHUHQ 5DXP VWDQG LFK OLHI ZWHQGKHUXPDOVN|QQHGDV'LQJLQHLQHP:LQNHO YHUVWHFNWVHLQXQGGDQQEOLHELFKSO|W]OLFKPLWGHQ +lQGHQLP+DDUVWHKHQEHUPLUUDJWHGLH6SKLQ[ DXIGHP%URQ]HSLHGHVWDOZHLOHXFKWHQGDXVVlW]LJ LP/LFKWGHVVWHLJHQGHQ0RQGHV6LHVFKLHQLP6SRWW DXIPHLQ(QWVHW]HQ]XOlFKHOQ ,FKKlWWHPLFKPLWGHP*HGDQNHQWU|VWHQN|QQHQ GD GLH NOHLQHQ /HXWH GHQ 0HFKDQLVPXV IU PLFK XQWHU'DFKJHEUDFKWKlWWHQDEHULFKZDUEHU]HXJW GD VLH GHP ZHGHU SK\VLVFK QRFK LQWHOOHNWXHOO JHZDFKVHQ ZDUHQ 'DV HEHQ HQWVHW]WH PLFK GLH (PSÀQGXQJHLQHUELVODQJXQJHDKQWHQ0DFKWGXUFK GHUHQ (LQJULII PHLQH(UÀQGXQJ YHUVFKZXQGHQ ZDU 8QGGRFKZDULFKEHUHLQVUXKLJZHQQQLFKWHLQH DQGHUH =HLW HLQ JHQDXHV 'XSOLNDW KHUYRUJHEUDFKW KDWWH NRQQWH GLH 0DVFKLQH QLFKW LQ GHU =HLW YHUVFKREHQ VHLQ 'LH $QEULQJXQJ GHU +HEHO ² LFK
+*:HOOV'LH=HLWPDFKLQH
ZHUGH,KQHQGLH0HWKRGHVSlWHU]HLJHQ²YHUKLQGHUWH ZHQQVLHDEJHQRPPHQZDUHQMHGH(LQPLVFKXQJLQ GHU +LQVLFKW 6LH KDWWH VLFK QXU LP 5DXP EHZHJW XQGZDUYHUERUJHQ$EHUZRNRQQWHVLHQXQVHLQ" ,FK JODXEH LFK PX HLQH $UW :DKQVLQQ DXVJHVWDQGHQ KDEHQ ,FK HQWVLQQH PLFK GD LFK XQWHU GHQ PRQGHUOHXFKWHWHQ %VFKHQ ULQJV XP GLH 6SKLQ[ LQ XQG DXV OLHI XQG HLQ ZHLHV 7LHU DXIVW|EHUWH GDV LFK LP +DOEOLFKW IU HLQHQ NOHLQHQ +LUVFKKLHOW,FKHULQQHUHPLFKDXFKGDLFKVSlWLQ GHU1DFKWPLWPHLQHQJHEDOOWHQ)lXVWHQGLH%VFKH DENORSIWHELVPLUGLH.Q|FKHOYRQGHQJHEURFKHQHQ =ZHLJHQ]HUIHW]WZDUHQXQGEOXWHWHQ'DQQJLQJLFK VFKOXFK]HQGXQGLQPHLQHU$QJVWUDVHQG]XPJURHQ 6WHLQEDXKLQXQWHU'LHZHLWH+DOOHZDUGXQNHOVWLOO XQG YHUODVVHQ ,FK JOLWW DXI GHP XQHEHQHQ %RGHQ DXV XQG ÀHO EHU HLQHQ GHU 0DODFKLWWLVFKH ZREHL LFK PLU IDVW GDV 6FKLHQEHLQ EUDFK ,FK ]QGHWH HLQ 6WUHLFKKRO]DQXQGJLQJDQGHQVWDXELJHQ9RUKlQJHQ YRUEHLYRQGHQHQLFK,KQHQJHVDJWKDEH 'RUWIDQGLFKHLQH]ZHLWHJURHPLW.LVVHQEHGHFNWH +DOOHXQGDXIGHQ.LVVHQVFKOLHIHQYLHOOHLFKWHLQLJH ]ZDQ]LJ GHU NOHLQHQ /HXWH ,FK ]ZHLÁH QLFKW VLH IDQGHQ PHLQ ]ZHLWHV (UVFKHLQHQ VHOWVDP JHQXJ GHQQ LFK NDP SO|W]OLFK PLW XQDUWLNXOLHUWHQ /DXWHQ XQG LP ÁDFNHUQGHQ /LFKW HLQHV 6WUHLFKKRO]HV DXV GHP UXKLJHQ 'XQNHO 6LH KDWWHQ QlPOLFK NHLQH 6WUHLFKK|O]HU PHKU ª:R LVW PHLQH =HLWPDVFKLQH"©
+*:HOOV'LH=HLWPDFKLQH
EHJDQQ LFK ZLH HLQ ]RUQLJHV .LQG ]X VFKUHLHQ XQG OHJWH+DQGDQVLHXQGVFKWWHOWHVLHGXUFKHLQDQGHU (V PX LKQHQ VHKU ZXQGHUOLFK YRUJHNRPPHQ VHLQ (LQLJH ODFKWHQ GLH PHLVWHQ VDKHQ IXUFKWEDU JHlQJVWLJW DXV $OV LFK VLH QXQ XP PLFK VWHKHQ VDK ÀHO PLU HLQ GD LFK GDV 7|ULFKWVWH WDW ZDV LFK XQWHU GHQ 8PVWlQGHQ WXQ NRQQWH ZHQQ LFK GLH (PSÀQGXQJ GHU )XUFKW ]X EHOHEHQ VXFKWH 'HQQQDFKLKUHP%HQHKPHQEHL7DJH]XVFKOLHHQ JODXEWHLFKPXWHGLH)XUFKWYHUJHVVHQVHLQ 8QYHUPLWWHOW VFKOHXGHUWH LFK GDV 6WUHLFKKRO] ]X %RGHQ XQG JLQJ LQGHP LFK HLQHQ GHU /HXWH GDEHL XPVWLHVWROSHUQGGXUFKGHQJURHQ(VDDOZLHGHU LQGHQ0RQGVFKHLQKLQDXV,FKK|UWH6FKUHFNHQVUXIH XQGLKUHNOHLQHQ)HOLHIHQXQGVWROSHUWHQKLHUKLQ XQG GRUWKLQ ,FK ZHL OlQJVW QLFKW DOOHV PHKU ZDV LFKWDWZlKUHQGGHU0RQGGHQ+LPPHOKLQDXINURFK ,FK IKOWH PLFK KRIIQXQJVORV YRQ PHLQHU HLJHQHQ $UW DEJHVFKQLWWHQ ² ZLH HLQ IUHPGHV 7LHU LQ HLQHU XQEHNDQQWHQ :HOW ,FK PX KLQ XQG KHU JHUDVW VHLQJHVFKULHQXQGDXI*RWWXQG6FKLFNVDOJHÁXFKW KDEHQ ,FK KDEH GLH (ULQQHUXQJ HLQHU IXUFKWEDUHQ (UPDWWXQJ DOV GLH ODQJH 1DFKW GHU 9HU]ZHLÁXQJ KLQJLQJ LFK EOLFNWH LQ GLHVHQ XQP|JOLFKHQ :LQNHO XQG MHQHQ LFK WDVWHWH XQWHU PRQGEHOHXFKWHWHQ 5XLQHQXPKHUXQGEHUKUWHVHOWVDPH*HVFK|SIHLQ GHP VFKZDU]HQ 6FKDWWHQ VFKOLHOLFK ODJ LFK QDKH EHLGHU 6SKLQ[ DP%RGHQXQG ZHLQWHLQDEVROXWHP (OHQG GHQQ VHOEVW GLH :XW GD LFK GLH 0DVFKLQH
+*:HOOV'LH=HLWPDFKLQH
YHUODVVHQKDWWHZDUPLWPHLQHU.UDIWYHUVFKZXQGHQ 0LUEOLHEQLFKWVDOVGDV(OHQG'DQQVFKOLHILFKHLQ XQGDOVLFKHUZDFKWHZDUHVKHOOHU7DJXQGDXIGHP 5DVHQ KSIWHQ LP %HUHLFK PHLQHU +DQG HLQ SDDU 6SHUOLQJHXPPLFK ,FK VHW]WH PLFK LQ GHU 0RUJHQIULVFKH DXI XQG YHUVXFKWH PLFK ]X EHVLQQHQ ZLH LFK GRUWKLQ JHNRPPHQ ZDU XQG ZDUXP LFK HLQH VR WLHIH (PSÀQGXQJ GHU 9HUODVVHQKHLW XQG 9HU]ZHLÁXQJ KDWWH 'DQQ ZXUGH PLU DOOHV NODU ,P HLQIDFKHQ YHUQQIWLJHQ 7DJHVOLFKW NRQQWH LFK PHLQHQ 9HUKlOWQLVVHQ RIIHQ LQV *HVLFKW VHKHQ ,FK VDK GLH ZLOGH1DUUKHLWPHLQHV:DKQVLQQVEHU1DFKWXQGLFK NRQQWH EHUOHJHQ 'DV 6FKOLPPVWH DQJHQRPPHQ" VDJWH LFK $QJHQRPPHQ GLH 0DVFKLQH LVW YHUORUHQ ²YLHOOHLFKWYHUQLFKWHW"(VNRPPWPLU]XUXKLJXQG JHGXOGLJ]XVHLQGLH$UWGHU/HXWH]XHUIDKUHQHLQH NODUH9RUVWHOOXQJYRQGHU0HWKRGHPHLQHV9HUOXVWHV XQGGHQ0LWWHOQ]XEHNRPPHQZLHLFKPLU0DWHULDO XQG :HUN]HXJ YHUVFKDIIHQ NRQQWH XP VR YLHOOHLFKW HLQH QHXH 0DVFKLQH ]X PDFKHQ 'DV ZlUH PHLQH HLQ]LJH+RIIQXQJHLQHlUPOLFKH+RIIQXQJYLHOOHLFKW DEHU EHVVHU DOV GLH 9HU]ZHLÁXQJ 8QG VFKOLHOLFK ZDUHVHLQHVFK|QHXQGPHUNZUGLJH:HOW $EHU ZDKUVFKHLQOLFK ZDU GLH 0DVFKLQH QXU IRUWJHQRPPHQ ZRUGHQ ,PPHUKLQ PXWH LFK UXKLJ VHLQXQGJHGXOGLJLKU9HUVWHFNÀQGHQXQGVLHGXUFK /LVWRGHU*HZDOW]XUFNJHZLQQHQ8QGGDPLWVSUDQJ
+*:HOOV'LH=HLWPDFKLQH
LFK DXI GLH )H XQG EOLFNWH PLFK XP XQG IUDJWH PLFKZRLFKEDGHQN|QQWH,FKZDUPGHVWHLIXQG YROO 5HLVHVFKPXW] ,Q GHU 0RUJHQIULVFKH VHKQWH LFK PLFK QDFK GHU JOHLFKHQ )ULVFKH ,FK KDWWH PHLQH $XIUHJXQJ HUVFK|SIW ,FK XQWHUVXFKWH GHQ %RGHQ XQGGHQNOHLQHQ5DVHUQ(LQLJH=HLWYHUVFKZHQGHWH LFK PLW QXW]ORVHQ )UDJHQ GLH LFK VR JXW LFK HV NRQQWH DQ GLHMHQLJHQ NOHLQHQ /HXWH ULFKWHWH GLH YRUEHUNDPHQ 6LH DOOH YHUVWDQGHQ PHLQH *HVWHQ QLFKW PDQFKH ZDUHQ HLQIDFK EO|GH DQGHUH KLHOWHQ HV IU 6FKHU] XQG ODFKWHQ ,FK KDWWH VFKZHU ]X WXQXPGLH+lQGHYRQLKUHQKEVFKHQODFKHQGHQ *HVLFKWHUQ ]X ODVVHQ (V ZDU HLQ W|ULFKWHU ,PSXOV DEHUGHUDXV)XUFKWXQGEOLQGHU:XWJH]HXJWH7HXIHO ZDUQRFKVFKOHFKWJH]l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lOWLJSUIWHIDQGLFK
+*:HOOV'LH=HLWPDFKLQH
GD VLH QLFKW PLW GHQ 5DKPHQ ]XVDPPHQKLQJHQ *ULIIHRGHU6FKOVVHOO|FKHUZDUHQQLFKWYRUKDQGHQ DEHU YLHOOHLFKW |IIQHWHQ VLFK GLH 3DQHHOH ZHQQ HV ZLH LFK YHUPXWHWH 7UHQ ZDUHQ YRQ LQQHQ (LQV ZDU PLU Y|OOLJ NODU (V JHK|UWH NHLQH JURH JHLVWLJH $QVWUHQJXQJ GD]X XP ]X VFKOLHHQ GD PHLQH =HLWPDVFKLQH LQ GLHVHP 3LHGHVWDO ZDU $EHU ZLH VLH KLQHLQJHNRPPHQ ZDU GDV ZDU HLQ DQGHUHV 3UREOHP ,FK VDK GLH .|SIH ]ZHLHU RUDQJHQIDUEHQ JHNOHLGHWHU /HXWH GXUFK GLH %VFKH XQG XQWHU HLQ SDDU EOWHQEHGHFNWHQ $SIHOElXPHQ KHU DXI PLFK ]XNRPPHQ,FKZDQGWHPLFKLKQHQOlFKHOQG]XXQG ZLQNWHLKQHQ6LHNDPHQXQGLFKYHUVXFKWHLKQHQ LQGHPLFKDXIGDV3LHGHVWDO]HLJWHPHLQHQ:XQVFK NODU]XPDFKHQHV]X|IIQHQ$EHUEHLPHLQHUHUVWHQ *HVWH EHQDKPHQ VLH VLFK VHKU PHUNZUGLJ ,FK ZHLQLFKWZLHLFK,KQHQLKUHQ$XVGUXFNVFKLOGHUQ VROO 6WHOOHQ 6LH VLFK YRU 6LH JHEUDXFKWHQ HLQHU ]DUWVLQQLJHQ )UDX JHJHQEHU HLQH JURE XQJHK|ULJH *HVWH ² VLH ZUGH VR DXVVHKHQ 6LH JLQJHQ GDYRQ DOV KlWWHQ VLH GHQ OHW]WHQ QXU P|JOLFKHQ 6FKLPSI ]XJHIJWHUKDOWHQ,FKSURELHUWHHVPLWHLQHPIULVFK DXVVHKHQGHQ NOHLQHQ %XUVFKHQ LQ :HL XQG KDWWH JHQDX GHQ JOHLFKHQ (UIROJ ,UJHQGZLH VFKlPWH LFK PLFKEHLVHLQHU$UWYRUPLUVHOEHU$EHU6LHZLVVHQ LFKZROOWHGLH=HLWPDVFKLQHKDEHQXQGYHUVXFKWHHV QRFK HLQPDO PLW LKP $OV HU VLFK ZLH GLH DQGHUHQ DEZDQGWH UL PLU GLH *HGXOG ,Q GUHL 6FKULWWHQ ZDU LFK LKP QDFK SDFNWH LKQ DQ GHP ORVHQ 7HLO
+*:HOOV'LH=HLWPDFKLQH
VHLQHV *HZDQGHV DP +DOVH XQG EHJDQQ LKQ ]XU 6SKLQ[]XVFKOHSSHQ'DQQVDKLFKGDV*UDXHQXQG GHQ :LGHUZLOOHQ DXI VHLQHP *HVLFKW XQG OLH LKQ SO|W]OLFKORV $EHUQRFKZDULFKQLFKWJHVFKODJHQ,FKGRQQHUWH PLW GHQ )lXVWHQ JHJHQ GLH %URQ]HSDQHHOH ,FK PHLQWH LFK K|UWH VLFK GULQQHQ HWZDV UKUHQ ² XP JHQDX ]X VHLQ LFK PHLQWH LFK K|UWH HLQHQ 7RQ ZLH HLQ.LFKHUQ²DEHULFKPXPLFKJHLUUWKDEHQ'DQQ KROWH LFK PLU HLQHQ JURHQ .LHVHOVWHLQ YRP )OX XQGKlPPHUWHELVLFKHLQH:LQGXQJLP=LHUDWIDFK JHVFKODJHQ KDWWH XQG GHU *UQVSDQ LQ SXOYULJHQ )ORFNHQ DEÀHO 'LH ]DUWHQ NOHLQHQ /HXWH PVVHQ PLFK LQ VWRZHLVHQ $XVEUFKHQ DXI EHLGHQ 6HLWHQ HLQH0HLOHZHLWKDEHQKlPPHUQK|UHQDEHUHVNDP QLFKWV GDQDFK ,FK VDK HLQH 0HQJH YRQ LKQHQ DXI GHQ+lQJHQXQGVLHEOLFNWHQYHUVWRKOHQ]XPLUKLQ 6FKOLHOLFKVHW]WHLFKPLFKKHLXQGPGHELQXQG VDK PLU GLH *HJHQG DQ $EHU LFK ZDU ]X UDVWORV XP ODQJH ]X]XVHKHQ LFK ELQ ]X RN]LGHQWDOLVFK IU HLQODQJHV:DUWHQ,FKN|QQWH-DKUHODQJDQHLQHP 3UREOHP DUEHLWHQ DEHU YLHUXQG]ZDQ]LJ 6WXQGHQ ODQJLQDNWLYZDUWHQ²GDVLVWHWZDVDQGHUHV 1DFKHLQHU:HLOHVWDQGLFKDXIXQGEHJDQQ]LHOORV GXUFKGLH%VFKHZLHGHUDXIGHQ+JHO]X]XJHKHQ ª*HGXOG©VDJWHLFK]XPLUª:HQQGXGHLQH0DVFKLQH ZLHGHUKDEHQ ZLOOVW PXW GX GLH 6SKLQ[ LQ 5XKH ODVVHQ :HQQ VLH GLU GHLQH 0DVFKLQH ZHJQHKPHQ
+*:HOOV'LH=HLWPDFKLQH
ZROOHQ VR QW]W HV ZHQLJ ZHQQ GX LKQHQ GLH %URQ]HSDQHHOH UXLQLHUVW XQG ZHQQ QLFKW ZLUVW GX VLH ]XUFNEHNRPPHQ VREDOG GX GDUXP ELWWHQ NDQQVW 6LFK XQWHU DOO GLHVHQ XQEHNDQQWHQ 'LQJHQ YRUHLQVROFKHV5lWVHO]XVHW]HQLVWKRIIQXQJVORV,Q GHU5LFKWXQJOLHJWGLH0RQRPDQLH7ULWWGLHVHU:HOW HQWJHJHQ/HUQHLKUH:HJHEHREDFKWHVLHKWHGLFK YRU ]X EHUHLOWHP (UUDWHQ LKUHV 6LQQV 6FKOLHOLFK ZLUVWGX]XDOOHPGHQ6FKOVVHOÀQGHQ© 'DQQ EHUNDP PLFK SO|W]OLFK GHU +XPRU GHU /DJHGHU*HGDQNHDQGLH-DKUHGLHLFKLP6WXGLXP XQG LQ $UEHLW YHUEUDFKW KDWWH XP LQ GLH =XNXQIW ]X NRPPHQ XQG MHW]W PHLQH OHLGHQVFKDIWOLFKH %HJLHU ZLHGHU KHUDXV]XNRPPHQ ,FK KDWWH PLU GLH NRPSOL]LHUWHVWH XQG KRIIQXQJVORVHVWH )DOOH JHVFKDIIHQGLHMHHLQ0HQVFKHUVRQQHQKDW2EJOHLFK HVDXIPHLQH.RVWHQJLQJNRQQWHLFKQLFKWDQGHUV LFKODFKWHODXW $OV LFK GXUFK GHQ JURHQ 3DODVW JLQJ VFKLHQ PLU GLH NOHLQHQ /HXWH PLHGHQ PLFK (V PDJ HLQH (LQELOGXQJ JHZHVHQ VHLQ RGHU HV PDJ PLW PHLQHP +lPPHUQ DQ GHQ EURQ]HQHQ 7RUHQ ]X WXQ JHKDEW KDEHQ$EHUGDLFKJHPLHGHQZXUGHGDYRQIKOWH LFKPLFK]LHPOLFKEHU]HXJW,FKKWHWHPLFKMHGRFK HWZDV PHUNHQ ]X ODVVHQ RGHU VLH ]X YHUIROJHQ XQG LP /DXIH HLQHV 7DJHV RGHU VR NDPHQ ZLU ]X GHP DOWHQ 9HUKlOWQLV ]XUFN ,FK PDFKWH LQ GHU 6SUDFKH)RUWVFKULWWHVRYLHOLFKNRQQWHXQGGHKQWH
+*:HOOV'LH=HLWPDFKLQH
REHQGUHLQ PHLQH )RUVFKXQJHQ KLHUKLQ XQG GRUWKLQ DXV(QWZHGHUHQWJLQJPLULUJHQGHLQH)HLQKHLWRGHU LKUH6SUDFKHZDUDXHURUGHQWOLFKHLQIDFK²EHVWDQG QXU DXV NRQNUHWHQ 6XEVWDQWLYHQ XQG 9HUEHQ (V VFKLHQ²ZHQQEHUKDXSWZHOFKH²ZHQLJ$XVGUFNH ]XJHEHQXQGYRQÀJUOLFKHU5HGHZHQLJ*HEUDXFK JHPDFKW]XZHUGHQ,KUH6lW]HZDUHQPHLVWHLQIDFK EHVWDQGHQDXV QXU]ZHL:|UWHUQ XQG LFKYHUVWDQG ZHGHUDQGHUHVDOVGLHHLQIDFKVWHQ:RUWYHUELQGXQJHQ QRFK YHUPRFKWH LFK PHKU DXV]XGUFNHQ ,FK EHVFKORGHQ*HGDQNHQDQPHLQH=HLWPDVFKLQHXQG GDV*HKHLPQLVGHU%URQ]HWUHQXQWHUGHU6SKLQ[VR VHKUZLHP|JOLFKLQHLQHQ:LQNHOGHV*HGlFKWQLVVHV ]XVFKLHEHQELVPLFKPHLQZDFKVHQGHV:LVVHQDXI QDWUOLFKH$UW]XLKQHQ]XUFNIXKUHQZUGH'RFK EDQGPLFKHLQ*HIKOGDV6LHYHUVWHKHQZHUGHQLQ HLQHP8PNUHLVHYRQHLQSDDU0HLOHQXPGHQ3XQNW PHLQHU$QNXQIWIHVW
+*:HOOV'LH=HLWPDFKLQH
(UNOlUXQJ
6
RZHLWLFKHVVHKHQNRQQWHHQWIDOWHWHGLHJDQ]H :HOWGHQJOHLFKHQSSLJHQ5HLFKWXPZLHGDV 7KHPVHWDO9RQMHGHP+JHODXVGHQLFKEHVWLHJVDK LFK GLHVHOEH )OOH JOlQ]HQGHU *HElXGH LQ 0DWHULDO XQG 6WLO HQGORV YDULLHUW GLHVHOEHQ YROOHQ 'LFNLFKWH YRQ ,PPHUJUQ GLHVHOEHQ EOWHQEHODGHQHQ %lXPH XQG%DXPIDUUHQ+LHUXQGGRUWOHXFKWHWH:DVVHUZLH 6LOEHUXQGGDKLQWHUHUKREVLFKGDV/DQG]XEODXHQ ZRJHQGHQ+JHOQXQGYHUEODWHGDQQ]XU+HLWHUNHLW GHV +LPPHOV (LQ EHVRQGHUHU =XJ GHU DOVEDOG PHLQH$XIPHUNVDPNHLWHUUHJWHZDUGLH$QZHVHQKHLW JHZLVVHUNUHLVUXQGHU%UXQQHQYRQGHQHQPHKUHUH ZLH PLU VFKLHQ YRQ VHKU JURHU 7LHIH ZDUHQ (LQHU ODJ DQ GHP 3IDG GHQ +JHO KLQDXI GHP LFK ZlKUHQG PHLQHV HUVWHQ 6SD]LHUJDQJHV JHIROJW ZDU :LHGLHDQGHUHQZDUHUPLWPHUNZUGLJJHJRVVHQHU %URQ]HHLQJHIDW XQG GXUFKHLQH NOHLQH.XSSHO YRU GHP 5HJHQ JHVFKW]W :HQQ LFK DP 5DQGH GLHVHU %UXQQHQ VD XQG LQ GDV 'XQNHO KLQXQWHUEOLFNWH NRQQWHLFKNHLQ:DVVHUVHKHQDXFKNRQQWHLFKPLW HLQHP EUHQQHQGHQ 6WUHLFKKRO] NHLQHQ :LGHUVFKHLQ
+*:HOOV'LH=HLWPDFKLQH
ZHFNHQ $EHU LQ DOOHQ K|UWH LFK HLQHQ EHVWLPPWHQ 6FKDOOHLQ%XPP²%XPP²%XPPZLHGDV6WRHQ HLQHU JURHQ 0DVFKLQH XQG GXUFK GDV )ODFNHUQ PHLQHU =QGK|O]HU HQWGHFNWH LFK GD HLQ VWHWLJHU /XIWVWURPLQGHQ6FKDFKWKLQXQWHUVWLHJ)HUQHUZDUI LFK LQ HLQHQ GHU 6FKOQGH HLQ 6WFN 3DSLHU XQG VWDWW ODQJVDP KLQXQWHU]XÁDWWHUQ HQWVFKZDQG HV VRIRUWPHLQHP%OLFN 8QG QDFK HLQHU :HLOH EHJDQQ LFK GLHVH %UXQQHQ PLW JURHQ 7UPHQ LQ 9HUELQGXQJ ]X EULQJHQ GLH KLHU XQG GRUW DXI GHQ +lQJHQ VWDQGHQ GHQQ EHU LKQHQ VDK LFK RIW JHQXJ VROFK )OLPPHUQ LQ GHU /XIWZLHPDQHVDQHLQHPKHLHQ7DJHEHUHLQHP VRQQHQYHUVHQJWHQ6WUDQGVHKHQNDQQ:HQQLFKGDV ]XVDPPHQKLHOWVRZXUGHHVPLUVHKUZDKUVFKHLQOLFK GD HLQ DXVJHGHKQWHV 6\VWHP XQWHULUGLVFKHU 9HQWLODWLRQ H[LVWLHUWH GHVVHQ ZDKUHQ =ZHFN VLFK YRU]XVWHOOHQVFKZHUZDU,FKZDUHUVWJHQHLJWHVPLW VDQLWlUHQ9RUULFKWXQJHQLQ9HUELQGXQJ]XEULQJHQ 'HU 6FKOX ODJ DXI GHU +DQG DEHU HU ZDU DEVROXW YHUNHKUW 8QG KLHU PX LFK ]XJHEHQ GD LFK YRQ :DVVHUDQODJHQ XQG %HI|UGHUXQJVPLWWHOQ XQG lKQOLFKHQ $QQHKPOLFKNHLWHQ LQ GLHVHU ZLUNOLFKHQ =XNXQIWZlKUHQGPHLQHV$XIHQWKDOWVZHQLJHUIDKUHQ KDEH ,Q PDQFKHQ MHQHU 9LVLRQHQ XQG 8WRSLHQ YRQ NRPPHQGHQ=HLWHQGLHLFKJHOHVHQKDEHVWHKWHLQH 0HQJH EHU *HElXGH XQG VR]LDOH (LQULFKWXQJHQ
+*:HOOV'LH=HLWPDFKLQH
XQG VR ZHLWHU $EHU ZlKUHQG VROFKH (LQ]HOKHLWHQ OHLFKW JHQXJ ]X EHNRPPHQ VLQG ZHQQ GLH JDQ]H :HOW QXU LQ GHU 3KDQWDVLH H[LVWLHUW VLQG VLH GHP ZLUNOLFKHQ 5HLVHQGHQ XQWHU VROFKHQ 5HDOLWlWHQ ZLH LFK VLH KLHU JHIXQGHQ KDEH DEVROXW XQ]XJlQJOLFK 'HQNHQ 6LH DQ GHQ %HULFKW EHU /RQGRQ GHQ HLQ IULVFK DXV =HQWUDODIULND NRPPHQGHU 1HJHU VHLQHP 6WDPP ]XUFNEUlFKWH :DV ZWH HU YRQ (LVHQEDKQJHVHOOVFKDIWHQYRQVR]LDOHQ%HZHJXQJHQ YRP 7HOHSKRQ XQG 7HOHJUDSKHQGUDKW YRQ GHU 3DNHWSRVW3RVWDQZHLVXQJHQXQGGHUJOHLFKHQPHKU" 8QG GRFK ZlUHQ ZLU QRFK EHUHLW JHQXJ LKP GLHVH 'LQJH DXVHLQDQGHU]XVHW]HQ 8QG VHOEVW YRQ GHP ZDVHUZWHZLHYLHON|QQWHHUVHLQHPXQJHUHLVWHQ )UHXQG GDYRQ YHUVWlQGOLFK PDFKHQ" 8QG QXQ EHGHQNHQ 6LH ZLH VFKPDO GHU $EJUXQG ]ZLVFKHQ HLQHP1HJHUXQGHLQHP:HLHQXQVHUHU=HLWLVWXQG ZLH ZHLW GHU $EVWDQG ]ZLVFKHQ PLU XQG MHQHQ DXV GHU JROGHQHQ =HLW ,FK IKOWH YLHOHV ZDV PDQ QLFKW VDKXQGZDVPHLQ%HKDJHQHUK|KWHDEHUDEJHVHKHQ YRQ HLQHP DOOJHPHLQHQ (LQGUXFN DXWRPDWLVFKHU 2UJDQLVDWLRQIUFKWHLFKNDQQLFK,KQHQZHQLJYRQ GHP8QWHUVFKLHGNODUPDFKHQ :DV ]XP %HLVSLHO GDV %HJUDEHQ DQJLQJ VR VDK LFKZHGHUHLQ=HLFKHQYRQ.UHPDWRULHQQRFKLUJHQG HWZDVZDVDQ*UlEHUHULQQHUWH$EHUPLUÀHOHLQHV N|QQH LUJHQGZR DXHUKDOE GHV 8PNUHLVHV PHLQHU 8QWHUVXFKXQJHQ.LUFKK|IHRGHU.UHPDWRULHQJHEHQ 8QGGLHVZDUHLQH)UDJHGLHLFKPLUEHUOHJWHUZHLVH
+*:HOOV'LH=HLWPDFKLQH
VWHOOWH XQG PHLQH 1HXJLHU EOLHE EHU GLHVHQ 3XQNW ]XQlFKVW Y|OOLJXQEHIULHGLJW 'LH 6DFKH PDFKWH PLU ]X VFKDIIHQ XQG VLH IKUWH PLFK ]X HLQHU ZHLWHUHQ (QWGHFNXQJGLHPLUQRFKPHKU]XVFKDIIHQPDFKWH GDHVQlPOLFKXQWHUGLHVHQ/HXWHQNHLQH$OWHQXQG NHLQH.UDQNHQJDE ,FK PX JHVWHKHQ GD PHLQH =XIULHGHQKHLW PLW PHLQHQ HUVWHQ 7KHRULHQ EHU HLQH DXWRPDWLVFKH =LYLOLVDWLRQ XQG HLQH GHNDGHQWH 0HQVFKKHLW QLFKW ODQJH GDXHUWH 8QG GRFK ZROOWH PLU QLFKWV DQGHUHV HLQIDOOHQ /DVVHQ 6LH PLFK ,KQHQ PHLQH 6FKZLHULJNHLWHQ QHQQHQ 'LH YHUVFKLHGHQHQ JURHQ 3DOlVWH GLH LFK HUIRUVFKW KDWWH ZDUHQ EORH :RKQRUWH JURH (VlOH XQG 6FKODIUlXPH ,FK NRQQWH NHLQH 0DVFKLQHULH NHLQH 9RUULFKWXQJHQ LUJHQGZHOFKHU$UWHQWGHFNHQ8QGGRFKZDUHQGLHVH /HXWHLQVFK|QH*HZHEHJHNOHLGHWGLH]X=HLWHQGHU (UQHXHUXQJ EHGUIHQ PXWHQ XQG LKUH 6DQGDOHQ ZDUHQ]ZDUYHUXQ]LHUWDEHUVLHZDUHQDXV]LHPOLFK NRPSOL]LHUWHU0HWDOODUEHLW,UJHQGZLHPXWHQVROFKH 'LQJH JHPDFKW ZHUGHQ 8QG GLH NOHLQHQ /HXWH ]HLJWHQ NHLQH 6SXU YRQ VFK|SIHULVFKHU 1HLJXQJ (V JDE NHLQH /lGHQ NHLQH :HUNVWlWWHQ NHLQH =HLFKHQ YRQ(LQIXKUDUWLNHOQ6LHYHUEUDFKWHQLKUHJDQ]H=HLW LQGHP VLH KHLWHU VSLHOWHQ LP )OXVVH EDGHWHQ DXI KDOE VSLHOHQGH $UW GHQ +RI PDFKWHQ )UFKWH DHQ XQG VFKOLHIHQ ,FK NRQQWH QLFKW KHUDXVEHNRPPHQ ZLHGLH'LQJHJHKDOWHQZXUGHQ
+*:HOOV'LH=HLWPDFKLQH
'DQQZLHGHUPLWGHU=HLWPDVFKLQHLUJHQGHWZDV LFKZXWHQLFKWKDWWHVLHLQGDVKRKOH3LHGHVWDOGHU 6SKLQ[ JHWDQ :DUXP" 8P PHLQ /HEHQ NRQQWH LFK PLUGDVQLFKWYRUVWHOOHQ8QGGDQQGLHVHZDVVHUORVHQ %UXQQHQ GLHVH ÁLPPHUQGHQ 7UPH ,FK IKOWH PLU IHKOWH HLQ 6FKOVVHO ,FK IKOWH ² ZLH VROO LFK HV DXVGUFNHQ" 'HQNHQ 6LH VLFK 6LH IlQGHQ HLQH ,QVFKULIW GLH KLHU XQG GRUW 6lW]H LQ DXVJH]HLFKQHW NODUHP(QJOLVFKHQWKLHOWHXQGXQWHUVLHJHVFKREHQ DQGHUHGLHDXV,KQHQDEVROXWXQEHNDQQWHQ:RUWHQ MD /HWWHUQ EHVWlQGH 1XQ ² VR HWZD VWHOOWH VLFK PLU DP GULWWHQ 7DJH PHLQHV %HVXFKV GLH :HOW YRQ DFKWKXQGHUW]ZHLWDXVHQGVLHEHQKXQGHUWXQGHLQV GDU $QMHQHP7DJHJHZDQQLFKPLUDXFKHLQH)UHXQGLQ ² VR]XVDJHQ (V WUDI VLFK DOV LFK ]XVDK ZLH HLQ SDDUYRQGHQNOHLQHQ/HXWHQDQHLQHUÁDFKHQ6WHOOH EDGHWHQ GD HLQH YRQ LKQHQ HLQHQ .UDPSI EHNDP XQG GHQ 6WURP KLQXQWHU]XWUHLEHQ EHJDQQ 'HU +DXSWVWURP JLQJ ]LHPOLFK UDVFK DEHU VHOEVW IU HLQHQ PlLJHQ 6FKZLPPHU QLFKW ]X VWDUN (V ZLUG ,KQHQDOVRYRQGHUVHOWVDPHQ8Q]XOlQJOLFKNHLWGLHVHU *HVFK|SIH HLQH 9RUVWHOOXQJ JHEHQ ZHQQ LFK ,KQHQ VDJHGDQLHPDQGGHQJHULQJVWHQ9HUVXFKPDFKWH GHP HOHQG VFKUHLHQGHQ NOHLQHQ 'LQJ GDVYRU LKUHQ $XJHQHUWUDQN]X+LOIH]XNRPPHQ$OVLFKGDVVDK ZDUILFKHLOLJPHLQH.OHLGHUDEZDWHWHZHLWHUXQWHQ KLQHLQÀQJGDVNOHLQH:XUPDXIXQG]RJVLHVLFKHU DQV/DQG(LQZHQLJ5HLEHQGHU*OLHGHUEUDFKWHVLH
+*:HOOV'LH=HLWPDFKLQH
EDOG]XVLFKXQGLFKKDWWHGLH%HIULHGLJXQJGDLFK VLHZRKOXQGPXQWHUVDKHKHLFKVLHYHUOLH,FKZDU ]XVRQLHGULJHU6FKlW]XQJLKUHU$UWJHNRPPHQGD LFKNHLQH'DQNEDUNHLWYRQLKUHUZDUWHWH'DULQDEHU KDWWHLFKXQUHFKW 'DV JHVFKDK DP 0RUJHQ 1DFKPLWWDJV WUDI LFK PHLQH NOHLQH )UDX GHQQ LFK JODXEH GDV ZDU VLH DOV LFK YRQ HLQHP $XVÁXJ ]X PHLQHP =HQWUXP ]XUFNNDP XQG VLH HPSÀQJ PLFK PLW HQW]FNWHQ 5XIHKXQGVFKHQNWHPLUHLQHJURH%OXPHQJLUODQGH GLH RIIHQEDU HLJHQV IU PLFK JHPDFKW ZDU 'DV :HVHQ QDKP PHLQH 3KDQWDVLH JHIDQJHQ 6HKU ZDKUVFKHLQOLFK KDWWH LFK PLFK YHUODVVHQ JHIKOW $XI MHGHQ )DOO WDW LFK PHLQ %HVWHV XP GLH *DEH ]X ZUGLJHQ :LU VDHQ EDOG ]XVDPPHQ LQ HLQHU NOHLQHQ 6WHLQODXEH LQ HLQHU 8QWHUKDOWXQJ EHJULIIHQ GLH ]XPHLVW LQ /lFKHOQ EHVWDQG 'LH )UHXQGVFKDIWOLFKNHLWGHV*HVFK|SIHVEHUKUWHPLFK JHQDX ZLH GLH HLQHV .LQGHV HV KlWWH WXQ N|QQHQ :LUJDEHQHLQDQGHU%OXPHQXQGVLHNWHPLUGLH +lQGH ,FK WDW GDVVHOEH PLW LKUHQ 'DQQ YHUVXFKWH LFK]XSODXGHUQXQGIDQGGDVLH:HHQDKLHLFK ZXWH ]ZDU QLFKW ZDV GHU 1DPH EHGHXWHWH DEHU LUJHQGZLH VFKLHQ HU PLU SDVVHQG JHQXJ 'DV ZDU GHU %HJLQQ HLQHU ZXQGHUOLFKHQ )UHXQGVFKDIW GLH HLQH:RFKHGDXHUWHXQGHQGHWH²ZLHLFK,KQHQQRFK HU]lKOHQZHUGH
+*:HOOV'LH=HLWPDFKLQH
6LHZDU JHQDXZLH HLQ.LQG 6LHZROOWH LPPHUEHL PLUVHLQ6LHYHUVXFKWHPLUEHUDOO]XIROJHQXQGEHL PHLQHU QlFKVWHQ :DQGHUXQJ JLQJ HV PLU DQV +HU] VLH VR ]X HUPGHQ XQG VLH VFKOLHOLFK HUVFK|SIW ]X YHUODVVHQZlKUHQGVLHPLUNODJHQGQDFKULHI$EHUGLH 3UREOHPHGHU:HOWZROOHQEHPHLVWHUWZHUGHQ,FKZDU QLFKWVDJWHLFKPLULQGLH=XNXQIWJHNRPPHQXP HLQH0LQLDWXUNRNHWWHULH]XEHWUHLEHQ'RFKZDUVLH ZHQQLFKVLHYHUOLHVHKUEHWUEWLKUH9RUVWHOOXQJHQ EHLP $EVFKLHG ZDUHQ ELVZHLOHQ ZDKQVLQQLJ XQG LFK JODXEH EHUKDXSW LFK KDWWH YRQ LKUHU +LQJDEH PHKU8QUXKHDOV$QQHKPOLFKNHLW7URW]GHPZDUVLH LUJHQGZLHHLQJURHU7URVW,FKJODXEWHVLHKLQJHLQ HLQIDFKHUNLQGOLFKHU/LHEHDQPLU%LVHV]XVSlWZDU ZXWHLFKQLFKWZDVLFKLKUDQJHWDQKDWWHZHQQLFK VLH YHUOLH 8QG HKH HV ]X VSlW ZDU YHUVWDQG LFK DXFKQLFKWZDVVLHPLUZDU'HQQGDGXUFKGDVLH PLFKQXUJHUQ]XKDEHQVFKLHQXQGGDVLHPLUDXI LKUHVFKZDFKHQLFKWLJH$UW]HLJWHGDVLHVLFKHWZDV DXVPLUPDFKWHJDEGLHNOHLQH3XSSHDOVEDOGPHLQHU 5FNNHKU LQ GLH 1lKH GHU ZHLHQ 6SKLQ[ EHLQDKH GDV *HIKO GD LFK QDFK +DXVH NDP XQG LFK EHREDFKWHWHLKUHZLQ]LJH*HVWDOWLQ:HLXQG*ROG VREDOGLFKEHUGHQ+JHONDP 9RQ LKUHUIXKU LFK DXFKGD GLH )XUFKWGLH :HOW QRFKQLFKWYHUODVVHQKDWWH6LHZDUEHL7DJIXUFKWORV JHQXJ XQG VLH KDWWH GDV PHUNZUGLJVWH 9HUWUDXHQ ]XPLUGHQQHLQPDOPDFKWHLFKLQHLQHPW|ULFKWHQ 0RPHQW GURKHQGH *ULPDVVHQ JHJHQ VLH XQG VLH
+*:HOOV'LH=HLWPDFKLQH
ODFKWHHLQIDFKGDUEHU$EHUVLHIUFKWHWHGDV'XQNHO IUFKWHWH 6FKDWWHQ IUFKWHWH VFKZDU]H 'LQJH 'LH 'XQNHOKHLW ZDU LKU GDV )XUFKWEDUH (V ZDU HLQH PHUNZUGLJ OHLGHQVFKDIWOLFKH $XIUHJXQJ XQG LFK PXWH GDUEHU QDFKGHQNHQ XQG %HREDFKWXQJHQ DQVWHOOHQ 'D HQWGHFNWH LFK XQWHU DQGHUHQ 'LQJHQ GD GLHVH NOHLQHQ /HXWH VLFK QDFK (LQEUXFK GHU 'XQNHOKHLW LQ GHQ JURHQ +lXVHUQ VDPPHOWHQ XQG LQ +HUGHQ VFKOLHIHQ 2KQH HLQ /LFKW ]X LKQHQ KLQHLQNRPPHQKLHVLHLQHLQHQ$XIUXKUGHU$QJVW YHUVHW]HQ ,FK KDEH QDFK (LQEUXFK GHU 'XQNHOKHLW QLH HLQHQ GUDXHQ JHIXQGHQ XQG GULQQHQ NHLQHQ GHUDOOHLQVFKOLHI8QGGRFKZDULFKQRFKHLQVROFKHU 'XPPNRSI GD LFK PLU GLH /HKUH GLHVHU )XUFKW HQWJHKHQ OLH XQG WURW] :HHQDV %HWUEQLV GDUDXI EHVWDQG GLHVHQ VFKOXPPHUQGHQ 0HQJHQ IHUQ ]X VFKODIHQ (V PDFKWH LKU JURH 6RUJH DEHU VFKOLHOLFK WULXPSKLHUWHLKUHDOWH/LHEH]XPLUXQGIQI1lFKWH XQVHUHU%HNDQQWVFKDIWPLW(LQVFKOXGHUYRQDOOHQ OHW]WHQ1DFKWVFKOLHIVLHGHQ.RSIDXIPHLQHP$UP JHEHWWHW $EHU PLU HQWVFKOSIW PHLQH *HVFKLFKWH ZlKUHQG LFK YRQ LKU VSUHFKH (V PX GLH 1DFKW YRULKUHU5HWWXQJJHZHVHQVHLQGDZXUGHLFKJHJHQ 0RUJHQ JHZHFNW ,FK ZDU XQUXKLJ JHZHVHQ XQG KDWWH K|FKVW XQDQJHQHKP JHWUlXPW LFK HUWULQNH XQG 6HHDQHPRQHQ WDVWHWHQ PLU PLW LKUHQ ZHLFKHQ )KOHUQ EHUV *HVLFKW ,FK IXKU ]XVDPPHQ XQG ZDFKWH DXI XQG PLU ZDU JHQDX DOV VHL JHUDGH HLQ
+*:HOOV'LH=HLWPDFKLQH
JUDXHV7LHUDXVGHP=LPPHUJHVWU]W,FKYHUVXFKWH ZLHGHUHLQ]XVFKODIHQDEHULFKIKOWHPLFKXQUXKLJ XQGXQEHKDJOLFK(VZDUMHQHXQNODUHJUDXH6WXQGH LQ GHU GLH 'LQJH JHUDGH DXV GHP 'XQNHO NULHFKHQ ZR DOOHV IDUEORV XQG VFKDUIJHVFKQLWWHQ XQG GRFK XQUHDO LVW ,FK VWDQG DXI XQG JLQJ LQ GHQ JURHQ 6DDOKLQXQWHUXQGVRKLQDXVDXIGLH)OLHVHQYRUGHP 3DODVW,FKGDFKWHLFKZROOHDXVGHU1RWHLQH7XJHQG PDFKHQXQGGHQ6RQQHQDXIJDQJVHKHQ 'HU0RQGJLQJXQWHUXQGGDVVWHUEHQGH0RQGOLFKW XQGGLHHUVWH%OlVVHGHU'lPPHUXQJPLVFKWHQVLFK ]X HLQHP JHVSHQVWLVFKHQ +DOEOLFKW 'LH %VFKH ZDUHQWLQWLJVFKZDU]GHU%RGHQHLQGVWHUHV*UDX GHU +LPPHO IDUE XQG IUHXGORV 8P GHQ +JHO KLQDXI PHLQWH LFK *HLVWHU VHKHQ ]X N|QQHQ 'UHL YHUVFKLHGHQH0DOHVDKLFKDOVLFKGHQ+DQJSUIHQG DQVDK ZHLH *HVWDOWHQ =ZHLPDO PHLQWH LFK HLQ HLQ]HOQHV ZHLHV DIIHQDUWLJHV *HVFK|SI GHQ +JHO ]LHPOLFK UDVFK KLQDXÁDXIHQ ]X VHKHQ XQG HLQPDO VDKLFKEHLGHQ5XLQHQHLQH.RSSHOYRQLKQHQHLQHQ GXQNOHQ .|USHU WUDJHQ 6LH EHZHJWHQ VLFK HLOLJ ,FK NRQQWH QLFKW VHKHQ ZDV DXV LKQHQ ZXUGH (V VFKLHQ VLH YHUVFKZDQGHQ ]ZLVFKHQ GHQ %VFKHQ 'LH 'lPPHUXQJ ZDU QRFK XQEHVWLPPW PVVHQ 6LH ZLVVHQ ,FK KDWWH MHQHV IURVWLJH XQJHZLVVH )UKPRUJHQJHIKO GDV 6LH YLHOOHLFKW NHQQHQ ,FK PLWUDXWHPHLQHQ$XJHQ
+*:HOOV'LH=HLWPDFKLQH
$OV GHU |VWOLFKH +LPPHO KHOOHU ZXUGH XQG GDV 7DJHVOLFKW KHUDXINDP XQG GHU :HOW QRFK HLQPDO ZLHGHU LKUH OHEKDIWH )lUEXQJ ]XUFNNHKUWH GD JLQJ LFK GHQ $XVEOLFN VFKDUI GXUFK DEHU LFK VDK NHLQH6SXUYRQPHLQHQZHLHQ*HVWDOWHQ(VZDUHQ EORH*HVFK|SIHGHV=ZLHOLFKWVª(VPVVHQ*HLVWHU JHZHVHQVHLQ©VDJWHLFKªLFKP|FKWHZLVVHQZRKHU VLH GDWLHUHQ© 'HQQ PLU ÀHO HLQH ZXQGHUOLFKH ,GHH *UDQW$OOHQVHLQXQGVLHDPVLHUWHPLFK:HQQMHGH *HQHUDWLRQVWLUEWPHLQWHUZLUGGLH:HOWVFKOLHOLFK GDYRQ EHUY|ONHUW ZHUGHQ $XI *UXQG GHU 7KHRULH PWHQ VLH LQ HLQLJHQ DFKWKXQGHUWWDXVHQG -DKUHQ XQ]lKOLJ JHZRUGHQ VHLQ XQG HV ZlUH NHLQ JURHV :XQGHU ZHQQ PDQ YLHU DXI HLQPDO VlKH $EHU GHU 6FKHU] ZDU XQEHIULHGLJHQG XQG LFK GDFKWH GHQ JDQ]HQ 0RUJHQ DQ GLHVH *HVWDOWHQ ELV GLH 5HWWXQJ :HHQDV VLH PLU DXV GHP .RSI YHUWULHE ,FK EUDFKWH VLHLQXQEHVWLPPWH9HUELQGXQJPLWGHPZHLHQ7LHU GDVLFKDXIPHLQHUHUVWHQOHLGHQVFKDIWOLFKHQ6XFKH QDFKGHU=HLWPDVFKLQHDXIJHVW|UWKDWWH$EHU:HHQD ZDUHLQDQJHQHKPHU(UVDW]8QGWURW]GHPVROOWHVLH PHLQHQ*HLVWEDOGW|GOLFKHULQ%HVLW]QHKPHQ ,FKJODXEHLFKKDEHVFKRQJHVDJWZLHYLHOZlUPHU HVLQGLHVHUJROGHQHQ=HLWZDUDOVEHLXQV9LHOOHLFKW ZDUGLH6RQQHKHLHURGHUGLH(UGHGHU6RQQHQlKHU 0DQQLPPWJHZ|KQOLFKDQGLH6RQQHZHUGHVLFKLQ GHU =XNXQIW VWHWLJ DENKOHQ $EHU GLH /HXWH GLH PLW VROFKHQ 6SHNXODWLRQHQ ZLH GHQHQ GHV MQJHUHQ 'DUZLQXQEHNDQQWVLQGYHUJHVVHQGDGLH3ODQHWHQ
+*:HOOV'LH=HLWPDFKLQH
VFKOLHOLFK HLQHU QDFK GHP DQGHUQ LQ GLH 6RQQH ]XUFNVWU]HQ PVVHQ :HQQ GLHVH .DWDVWURSKHQ HLQWUHWHQ ZLUG GLH 6RQQH PLW HUQHXWHU (QHUJLH DXIÁDPPHQ XQG YLHOOHLFKW KDWWH HLQHU GHU LQQHUHQ 3ODQHWHQ GLHVHV 6FKLFNVDO HUIDKUHQ :HOFKHV DXFK GHU*UXQGZDUGLH7DWVDFKHEOHLEWGDGLH6RQQH VHKUYLHOKHLHUEUDQQWHDOVZLUVLHNHQQHQ 1XQ HLQHV VHKU KHLHQ 0RUJHQV ² LFK JODXEH HV ZDUPHLQYLHUWHU²VXFKWHLFKYRUGHU+LW]HXQGGHU EOHQGHQGHQ *OXW LQ HLQHU NRORVVDOHQ 5XLQH LQ GHU 1lKH GHV JURHQ +DXVHV ZR LFK VFKOLHI 2EGDFK XQG GD JHVFKDK HWZDV 6HOWVDPHV $OV LFK XQWHU GLHVHQ 0DXHUKDXIHQ XPKHUNOHWWHUWH IDQG LFK HLQH VFKPDOH *DOHULH GHUHQ (QG XQG 6HLWHQIHQVWHU GXUFK JHVWU]WH 6WHLQPDVVHQ YHUVSHUUW ZDUHQ ,P .RQWUDVW ]X GHP *ODQ] GUDXHQ VFKLHQ VLH PLU ]XHUVW XQGXUFKGULQJOLFK GXQNHO ,FK WUDW WDVWHQG KLQHLQ GHQQ GXUFK GHQ :HFKVHO YRP /LFKW ]XU 6FKZlU]H VFKZDPPHQ PLU )DUEÁHFNHQ YRU GHQ $XJHQ3O|W]OLFKEOLHELFKJHEDQQWVWHKHQ(LQ3DDU LP:LGHUVFKHLQGHV7DJHVOLFKWHVGUDXHQOHXFKWHQGH $XJHQEHREDFKWHWHQPLFKDXVGHP'XQNHO 'LH DOWH LQVWLQNWLYH $QJVW YRU ZLOGHQ 7LHUHQ NDP PLU ]XUFN ,FK EDOOWH GLH )lXVWH XQG EOLFNWH IHVW LQ GLH OHXFKWHQGHQ $XJlSIHO ,FK IUFKWHWH PLFK XP]XNHKUHQ'DQQÀHOPLUHLQLQZHOFKHUDEVROXWHQ 6LFKHUKHLW GLH 0HQVFKKHLW ]X OHEHQ VFKLHQ 8QG GDQQ EHVDQQ LFK PLFK DXI GLH VHOWVDPH $QJVW YRU
+*:HOOV'LH=HLWPDFKLQH
GHP 'XQNHO ,FK EHUZDQG PHLQH )XUFKW ELV ]X HLQHP JHZLVVHQ *UDGH WUDW HLQHQ 6FKULWW YRU XQG VSUDFK ,FK ZLOO ]XJHEHQ PHLQH 6WLPPH ZDU UDXK XQGVFKOHFKWEHKHUUVFKW,FKVWUHFNWHGLH+DQGDXV XQG EHUKUWH HWZDV :HLFKHV =XJOHLFK VFKRVVHQ GLH $XJHQ ]XU 6HLWH XQG HWZDV :HLHV OLHI DQ PLU YRUEHL,FKZDQGWHPLFKPLWGHP+HU]HQLQGHU.HKOH XQGVDKHLQHZXQGHUOLFKHNOHLQHDIIHQDUWLJH*HVWDOW GHQ .RSI DXI HLJHQDUWLJH 0DQLHU JHVHQNW EHU GLH VRQQHQEHOHXFKWHWH )Ol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|JHUQV IROJWHLFKLKPLQGHQ]ZHLWHQ7UPPHUKDXIHQ(UVW NRQQWHLFKHVQLFKWÀQGHQDEHUQDFKHLQHU:HLOHLQ GHUWLHIHQ)LQVWHUQLVWUDILFKDXIHLQHMHQHUUXQGHQ EUXQQHQDUWLJHQ gIIQXQJHQ YRQ GHQHQ LFK HU]lKOW KDEHGLHVHZDUGXUFKHLQHQJHVWU]WHQ3IHLOHUKDOE JHVFKORVVHQ 0LU NDP HLQ SO|W]OLFKHU *HGDQNH .RQQWH GLHVHV :HVHQ LQ GHQ 6FKDFKW KLQXQWHU
+*:HOOV'LH=HLWPDFKLQH
YHUVFKZXQGHQ VHLQ" ,FK ]QGHWH HLQ 6WUHLFKKRO] DQXQGDOVLFKKLQXQWHUEOLFNWHVDKLFKHLQNOHLQHV ZHLHV VLFK EHZHJHQGHV *HVFK|SI GDV PLFK LP 5FN]XJPLWVHLQHQJURHQJOl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lKOLFK GlPPHUWH PLU GLH :DKUKHLW DXI GHU 0HQVFK ZDU QLFKW HLQH HLQ]LJH*DWWXQJJHEOLHEHQVRQGHUQKDWWHVLFKLQ]ZHL JHVRQGHUWHQ 7LHUHQ GLIIHUHQ]LHUW PHLQH DQPXWLJHQ .LQGHU GHU REHUHQ :HOW ZDUHQ QLFKW GLH HLQ]LJHQ $ENRPPHQ XQVHUHU *HQHUDWLRQ VRQGHUQ DXFK GLHVHVEOHLFKHHNHOKDIWHQlFKWOLFKH:HVHQGDVYRU PLUDXIJHEOLW]WZDUZDUHLQ(UEHDOOHU=HLWHQ ,FKGDFKWHDQGLHÁLPPHUQGHQ7UPHXQGDQPHLQH 7KHRULH YRQ HLQHU XQWHULUGLVFKHQ 9HQWLODWLRQ ,FK EHJDQQ LKUH ZDKUH %HGHXWXQJ ]X DKQHQ 8QG ZDV IUDJWHLFKPLFKWDWGLHVHU/HPXUHLQPHLQHP$XIUL HLQHU YROONRPPHQ DXVJHJOLFKHQHQ 2UJDQLVDWLRQ" ,Q
+*:HOOV'LH=HLWPDFKLQH
ZHOFKHP9HUKlOWQLVVWDQGHU]XULQGROHQWHQ+HLWHUNHLW GHU VFK|QHQ 2EHUZHOWOHU" 8QG ZDV ZDU GRUW XQWHQ DP )X GHV 6FKDFKWHV YHUERUJHQ" ,FK VHW]WH PLFK DXIGHQ5DQGGHV%UXQQHQVXQGVDJWHPLUDXIMHGHQ )DOOVHLQLFKWV]XIUFKWHQXQG]XU/|VXQJPHLQHU 6FKZLHULJNHLWHQPVVHLFKGRUWKLQXQWHUVWHLJHQ8QG WURW]GHPIUFKWHWHLFKPLFKHLQIDFKKLQHLQ]XJHKHQ $OV LFK VR ]|JHUWH NDPHQ ]ZHL YRQ GHQ VFK|QHQ 2EHUZHOWOHUQ LQ LKUHP /LHEHVVSLHO GXUFK 7DJHVOLFKW LQ GHQ 6FKDWWHQ JHODXIHQ 'HU 0DQQ YHUIROJWH GLH )UDXLQGHPHU%OXPHQQDFKLKUZDUI 6LH VFKLHQHQ EHWUEW PLFK GRUW ]X ÀQGHQ GHQ $UP DXI GHQ JHVWU]WHQ 3IHLOHU JHVWW]W XQG LQ GHQ %UXQQHQ KLQXQWHU VSlKHQG 2IIHQEDU JDOW HV DOV VFKOHFKWH )RUP GLHVH gIIQXQJHQ ]X EHDFKWHQ GHQQ DOV LFK DXI GLHVH ]HLJWH XQG LQ LKUHU 6SUDFKH HLQH )UDJH ]X IRUPHQ YHUVXFKWH ZDUHQ VLH QRFK VLFKWOLFKHUEHWUEWXQGZDQGWHQVLFKDE$EHUPHLQH =QGK|O]HU LQWHUHVVLHUWHQ VLH XQG LFK ]QGHWH HLQ SDDU DQ XP LKQHQ 6SD ]X PDFKHQ ,FK IUDJWH VLH QRFKHLQPDOZHJHQGHV%UXQQHQVXQGZLHGHURKQH (UIROJ $OVR YHUOLH LFK VLH XQG ZROOWH ]X :HHQD JHKHQXP]XVHKHQZDVLFKDXVLKUKHUDXVEULQJHQ N|QQWH $EHU PHLQ *HLVW ZDU VFKRQ LQ 5HYROXWLRQ PHLQH 9HUPXWXQJHQ XQG (LQGUFNH JOLWWHQ XQG VSUDQJHQ ]X HLQHU QHXHQ $QRUGQXQJ ]XVDPPHQ -HW]W KDWWH LFK HLQHQ 6FKOVVHO ]XU %HGHXWXQJ GLHVHU %UXQQHQ ]X GHQ 9HQWLODWLRQVWUPHQ ]XP *HKHLPQLV GHU *HLVWHU YRP 6LQQ GHU %URQ]HWUHQ
+*:HOOV'LH=HLWPDFKLQH
XQG GHP 6FKLFNVDO GHU =HLWPDVFKLQH JDQ] ]X VFKZHLJHQ8QGVHKUXQEHVWLPPWVDKLFKHLQHQ:HJ ]XU /|VXQJ GHV ZLUWVFKDIWOLFKHQ 3UREOHPV GDV PLU ]XVFKDIIHQJHPDFKWKDWWH 'LHV ZDU GLH QHXH $QVFKDXXQJ 2IIHQEDU ZDU GLHVH ]ZHLWH *DWWXQJ 0HQVFK XQWHULUGLVFK 'UHL 8PVWlQGH LQVEHVRQGHUH OLHHQ PLFK JODXEHQ GD GDV VHOWHQH $XIWDXFKHQ EHU GHU (UGH QDFK ODQJHP $XIHQWKDOW XQWHU GHU 2EHUÁlFKH JHVFKDK =XQlFKVW VHKHQ GLH PHLVWHQ 7LHUH VR EOHLFK DXV ZHQQVLHODQJHLP'XQNHOQOHEHQ²GHUZHLH)LVFK GHU.HQWXFN\+|KOHQ]XP%HLVSLHO'DQQVLQGGLHVH JURHQ $XJHQ GLH GDV /LFKW VWDUN UHÁHNWLHUHQ GHQ =JHQ QlFKWOLFKHU :HVHQ HLJHQ ² =HXJQLV GLH (XOH XQG .DW]H 8QG VFKOLHOLFK MHQH RIIHQEDUH 9HUZLUUXQJLP6RQQHQVFKHLQMHQHKDVWLJHXQGGRFK XQJHVFKLFNWH XQG OLQNLVFKH )OXFKW ]XP GXQNOHQ 6FKDWWHQXQGGLHEHVRQGHUH+DOWXQJGHV.RSIHVLP /LFKW ² DOOHV YHUVWlUNWH GLH 7KHRULH HLQHU lXHUVWHQ /LFKWHPSÀQGOLFKNHLWGHU5HWLQD 8QWHUPHLQHQ)HQPXWHDOVRGLH(UGHJHZDOWLJ XQWHUWXQQHOW VHLQ XQG GLHVH 7XQQHOV ZDUHQ GLH :RKQXQJ GHU QHXHQ 5DVVH 'LH $QZHVHQKHLW GHU 9HQWLODWLRQVVFKlFKWH XQG %UXQQHQ DOO GLH +JHOKlQJHHQWODQJ²EHUDOODXHULP)OXWDOKLQ ² ]HLJWH ZLH ZHLW LKUH 9HU]ZHLJXQJHQ JLQJHQ :DV DOVRZDUQDWUOLFKHUDOVGLH$QQDKPHGDDOOHVZDV IU GDV %HKDJHQ GHU 7DJHVOLFKWVWUDH Q|WLJ ZDU LQ
+*:HOOV'LH=HLWPDFKLQH
GLHVHUNQVWOLFKHQ8QWHUZHOWJHVFKDK"'HU*HGDQNH ZDU VR SODXVLEHO GD LFK LKQ VRIRUW DQQDKP XQG ]XU 9HUPXWXQJ ZHLWHUJLQJ ZLH GLH 6SDOWXQJ GHU PHQVFKOLFKHQ *DWWXQJ JHVFKHKHQ ZDU ,FK JODXEH 6LH ZHUGHQ GHQ 8PUL PHLQHU 7KHRULH HUUDWHQ REJOHLFK LFK VHOEHU VHKU EDOG IKOWH GD VLH GLH :DKUKHLWZHLWYHUIHKOWH 'D LFK YRQ GHQ 3UREOHPHQ XQVHUHU =HLW DXVJLQJ VR VFKLHQ HV PLU JOHLFK DQIDQJV NODU ZLH GDV 7DJHVOLFKW GD GLH DOOPlKOLFKH (UZHLWHUXQJ GHV JHJHQZlUWLJHQ QXU ]HLWZHLOLJHQ XQG VR]LDOHQ 8QWHUVFKLHGHV]ZLVFKHQ.DSLWDOLVWXQG$UEHLWHUGHU 6FKOVVHO ]X GHU JDQ]HQ /DJH ZDU 2KQH =ZHLIHO ZLUG HV ,KQHQ JURWHVN JHQXJ HUVFKHLQHQ ² XQG ZLOG XQJODXEOLFK ² XQGGRFK H[LVWLHUHQVFKRQ MHW]W 9HUKlOWQLVVHGLHLQGHU5LFKWXQJ]HLJHQ0DQQHLJW GD]X GHQ XQWHULUGLVFKHQ 5DXP IU GLH ZHQLJHU GHNRUDWLYHQ =ZHFNH GHU =LYLOLVDWLRQ QXW]EDU ]X PDFKHQ ZLU KDEHQ ]XP %HLVSLHO GLH HOHNWULVFKHQ 8QWHUJUXQGEDKQHQ ZLU KDEHQ 8QWHUIKUXQJHQ XQWHULUGLVFKH :HUNVWlWWHQ XQG 5HVWDXUDQWV XQG VLHZDFKVHQXQGPHKUHQVLFK2IIHQEDUGDFKWHLFK KDWWHVLFKGLHVH7HQGHQ]JHVWHLJHUWELVGLH,QGXVWULH DOOPlKOLFK LKU *HEXUWVUHFKW DP +LPPHO YHUORUHQ KDWWH,FKPHLQHVLHZDULPPHUWLHIHUXQGLQLPPHU JU|HUH8QWHUJUXQGEDXWHQJHVWLHJHQXQGKDWWHHLQHQ LPPHU VWHLJHQGHQ 7HLO LKUHU =HLW GDULQ YHUEUDFKW ELV VFKOLHOLFK ²² ²² /HEW QLFKW HLQ 2VWHQGDUEHLWHU VFKRQ KHXWH XQWHU VR NQVWOLFKHQ %HGLQJXQJHQ
+*:HOOV'LH=HLWPDFKLQH
GDHUSUDNWLVFKYRQGHUQDWUOLFKHQ(UGREHUÁlFKH DEJHVFKQLWWHQLVW" 8QG DQGHUHUVHLWV IKUW GLH H[NOXVLYH 7HQGHQ] UHLFKHUHU /HXWH ² RKQH =ZHLIHO HLQH )ROJH GHU ZDFKVHQGHQ 9HUIHLQHUXQJ LKUHU %LOGXQJ XQG GHU (UZHLWHUXQJGHV$EJUXQGHV]ZLVFKHQLKQHQXQGGHU URKHQ*HZDOWGHU$UPHQ²VFKRQMHW]WGD]XGDVLHLQ LKUHP,QWHUHVVHEHWUlFKWOLFKH7HLOHGHU(UGREHUÁlFKH HLQVFKOLHHQ 8P /RQGRQ LVW ]XP %HLVSLHO GLH +lOIWH GHV KEVFKHUHQ /DQGHV JHJHQ (LQGULQJOLQJH JHVSHUUW8QGHEHQGLHVHUZHLWHUZHUGHQGH$EJUXQG ²GHUDXI6HLWHQGHU5HLFKHQGLH)ROJHGHU/lQJHXQG .RVWVSLHOLJNHLW GHV K|KHUHQ %LOGXQJVSUR]HVVHV XQG GHUZDFKVHQGHQ(UOHLFKWHUXQJYHUIHLQHUWHU6LWWHQXQG GHU9HUVXFKXQJ]XLKQHQLVW²ZLUGMHQHQ$XVWDXVFK ]ZLVFKHQ .ODVVH XQG .ODVVH MHQH)|UGHUXQJ GXUFK =ZLVFKHQKHLUDWHQGLHJHJHQZlUWLJQRFKGLH6SDOWXQJ XQVHUHU *DWWXQJ LQ /LQLHQ VR]LDOHU 6FKLFKWXQJ YHU]|JHUW LPPHU ZHQLJHU KlXÀJ PDFKHQ 6R PX PDQ VFKOLHOLFK EHU GHU (UGH GLH %HVLW]HQGHQ KDEHQ GLH *HQX XQG %HKDJHQ XQG 6FK|QKHLW YHUIROJHQ XQG XQWHU GHU (UGH GLH +DEHQLFKWVH GHQQ GLH $UEHLWHU SDVVHQ VLFK IRUWZlKUHQG GHQ %HGLQJXQJHQGHU$UEHLWDQ:DUHQVLHHLQPDOGRUWVR PXWHQVLHIUGLH9HQWLODWLRQRKQH=ZHLIHO0LHWHQ XQGNHLQHNOHLQHQ0LHWHQ]DKOHQXQGZHLJHUWHQVLH VLFKVROLHPDQVLHIULKUH5FNVWlQGHYHUKXQJHUQ RGHUHUVWLFNHQ:HUYRQLKQHQVRYHUDQODJWZDUGD HU HOHQG XQG DXIVWlQGLJ ZXUGH PXWH VWHUEHQ
+*:HOOV'LH=HLWPDFKLQH
XQG ZHQQ VFKOLHOLFK GDV *OHLFKJHZLFKW GDXHUQG KHUJHVWHOOW ZDU PXWHQ GLH EHUOHEHQGHQ VLFK GHQ %HGLQJXQJHQ GHU XQWHULUGLVFKHQ $UEHLW VR JHQDX DQSDVVHQXQGDXILKUH$UWHEHQVRJOFNOLFKZHUGHQ ZLHGLH2EHUZHOWPHQVFKHQDXILKUH0LUVFKLHQGLH YHUIHLQHUWH 6FK|QKHLW XQG GLH YHUNPPHUWH %OlVVH IROJWHQQDWUOLFKJHQXJ 'HU JURH 7ULXPSK GHU 0HQVFKKHLW YRQ GHP LFK JHWUl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lUXQJ LVW YLHOOHLFKW DEVROXW YHUNHKUW ,FK KDOWH VLH QRFK LPPHU IU GLH SODXVLEHOVWH $EHU VHOEVW EHL GLHVHU 9RUDXVVHW]XQJPXWHGLHDXVJHJOLFKHQH=LYLOLVDWLRQ GLH VFKOLHOLFK HUUHLFKW ZXUGH LKUHQ =HQLWK OlQJVW EHUVFKULWWHQ KDEHQ XQG MHW]W ZHLW YHUIDOOHQ VHLQ 'LH ]X YROOVWlQGLJH 6LFKHUKHLW GHU 2EHUZHOWOHU KDWWH VLH ODQJVDP ]XU (QWDUWXQJ JHIKUW ]X HLQHP DOOJHPHLQHQ 6LQNHQ GHU .|USHUJU|H GHU .UDIW
+*:HOOV'LH=HLWPDFKLQH
XQG ,QWHOOLJHQ] 'DV NRQQWH LFK VFKRQ NODU JHQXJ VHKHQ :DV PLW GHQ 8QWHUZHOWOHUQ JHVFKHKHQ ZDU DKQWH LFK QRFK QLFKW DEHU QDFK GHP ZDV LFK YRQ GHQ 0RUORFNHQ JHVHKHQ KDWWH ² GDV ZDU QHEHQEHL GHU1DPH PLWGHPPDQ GLHVH*HVFK|SIHEHQDQQWH ²NRQQWHLFKPLUYRUVWHOOHQGDGLH9HUlQGHUXQJGHV PHQVFKOLFKHQ 7\SXV XQWHU LKQHQ QRFK ZHLW WLHIHU JULII DOV XQWHU GHQ (ORL GHU VFK|QHQ 5DVVH GLH LFK EHUHLWVNDQQWH'DQQNDPHQEHXQUXKLJHQGH=ZHLIHO :DUXP KDWWHQ GLH 0RUORFNHQ PHLQH =HLWPDVFKLQH JHQRPPHQ" 'HQQ LFK ZDU EHU]HXJW GD VLH VLH JHQRPPHQ KDWWHQ 8QG ZDUXP ZHQQ GLH (ORL GLH +HUUHQ ZDUHQ NRQQWHQ VLH PLU GLH 0DVFKLQH QLFKW ZLHGHU YHUVFKDIIHQ" 8QG ZDUXP KDWWHQ VLH VR IXUFKWEDUH $QJVW YRU GHP 'XQNHO" ,FK JLQJ ZLH JHVDJW XQG EHIUDJWH :HHQD EHU GLHVH 8QWHUZHOW DEHUZLHGHUHUIXKULFK(QWWlXVFKXQJ(UVWZROOWHVLH PHLQH )UDJHQ QLFKW YHUVWHKHQ XQG GDQQ ZHLJHUWH VLH VLFK PLU ]X DQWZRUWHQ ,KU VFKDXGHUWH DOV VHL GDV 7KHPD XQHUWUlJOLFK 8QG DOV LFK VLH GUlQJWH ² YLHOOHLFKW HLQ ZHQLJ UDXK ² EUDFK VLH LQ 7UlQHQ DXV (V ZDUHQ DXHU PHLQHQ HLJHQHQ GLH HLQ]LJHQ 7UlQHQ GLH LFK LQ MHQHU JROGHQHQ =HLW ]X VHKHQ EHNDP$OVLFKVLHVDKK|UWHLFKVRIRUWDXIVLHPLW GHQ0RUORFNHQ]XTXlOHQXQGPKWHPLFKQXUGLHVH =HLFKHQ PHQVFKOLFKHU $ENXQIW DXV :HHQDV $XJHQ ]XYHUEDQQHQ8QGVHKUEDOGOlFKHOWHVLHZLHGHUXQG NODWVFKWHLQGLH+lQGHGHQQLFKYHUEUDQQWHIHLHUOLFK HLQ6WUHLFKKRO]
+*:HOOV'LH=HLWPDFKLQH
'LH0RUORFNHQ
(
V PDJ ,KQHQ VRQGHUEDU HUVFKHLQHQ DEHU HV GDXHUWH]ZHL7DJHHKHLFKGHQQHXJHIXQGHQHQ 6FKOVVHO DXI GHP RIIHQEDU ULFKWLJHQ :HJH ZHLWHU YHUIROJHQ NRQQWH ,FK HPSIDQG HLQHQ HLJHQDUWLJHQ :LGHUZLOOHQJHJHQGLHVHEOHLFKHQ:HVHQ6LHKDWWHQ JHQDXGLHEODVVH)DUEHGHU:UPHUXQG:HVHQGLH PDQLQ]RRORJLVFKHQ0XVHHQLQ6SLULWXVDXIEHZDKUW VLHKW 8QG VLH ZDUHQ EHL GHU %HUKUXQJ VFKOSIULJ NKO9HUPXWOLFKUKUWHPHLQ:LGHUZLOOH]XPJURHQ 7HLOYRQGHPV\PSDWKHWLVFKHQ(LQÁXGHU(ORLKHU GHUHQ(NHOYRUGHQ0RUORFNHQLFKQXQ]XEHJUHLIHQ EHJDQQ 'LHQlFKVWH1DFKWVFKOLHILFKQLFKWJXW9HUPXWOLFK ZDU PHLQH *HVXQGKHLW HLQ ZHQLJ LQ 8QRUGQXQJ 0LFK EHGUFNWHQ =ZHLIHO XQG 9HUZLUUXQJ (LQ RGHU ]ZHLPDO KDWWH LFK HLQH (PSÀQGXQJ LQWHQVLYHU )XUFKWIUGLHLFKNHLQHQEHVWLPPWHQ*UXQGÀQGHQ NRQQWH ,FK HQWVLQQH PLFK GD LFK JHUlXVFKORV LQ GLH JURH +DOOH VFKOLFK ZR GLH NOHLQHQ 0HQVFKHQ LP 0RQGOLFKW VFKOLHIHQ ² GLHVH 1DFKW ZDU :HHQD XQWHULKQHQ²XQGGDLFKPLFKLQLKUHU*HJHQZDUW
+*:HOOV'LH=HLWPDFKLQH
EHUXKLJW IKOWH 0LU ÀHO HLQ GD LQ ZHQLJHQ 7DJHQ GHU 0RQG GXUFK VHLQ OHW]WHV 9LHUWHO JHKHQ PXWH XQG GLH 1lFKWH GXQNOHU ZXUGHQ XQG YLHOOHLFKW ZUGHQ GDQQ GLH (UVFKHLQXQJHQ GLHVHU ZHLHQ /HPXUHQ GLHVHV QHXHQ *HZUPV GDV GDV DOWH HUVHW]WKDWWHKlXÀJHUZHUGHQ8QGDQGLHVHQEHLGHQ 7DJHQ KDWWH LFK GDV UDVWORVH *HIKO GHVVHQ GHU VLFK XP HLQH XQYHUPHLGOLFKH 3ÁLFKW KHUXPGUFNW ,FK ZDU EHU]HXJW GD LFK GLH =HLWPDVFKLQH QXU ZLHGHUHUODQJHQ NRQQWH ZHQQ LFK NKQ LQ GLHVH XQWHULUGLVFKHQ *HKHLPQLVVH HLQGUDQJ 8QG GRFK NRQQWH LFK GHP *HKHLPQLV QLFKW LQV *HVLFKW VHKQ :HQQ LFK QXU HLQHQ *HIlKUWHQ JHKDEW KlWWH GDQQ ZlUHHVDQGHUVJHZHVHQ$EHULFKZDUVRIXUFKWEDU DOOHLQ XQG VHOEVW LQ GDV 'XQNHO GHV %UXQQHQV KLQXQWHU]XVWHLJHQ IUFKWHWH LFK PLFK ,FK ZHL QLFKWRE6LHPHLQH(PSÀQGXQJYHUVWHKHQZHUGHQ DEHULFKIKOWHPLFKLP5FNHQQLHJDQ]VLFKHU 9LHOOHLFKW ZDU HV GLH 5DVWORVLJNHLW GLHVH 8QJHZLKHLWZDVPLFKDXIPHLQHQ)RUVFKXQJVDXV ÁJHQLPPHUZHLWHULQV/DQGWULHE$OVLFKVGZHVW OLFKDXIGDVVWHLJHQGH/DQG]XJLQJGDVMHW]W&RPEH :RRG KHLW LQ GHU 5LFKWXQJ DXI GDV %DQVWHDG GHV QHXQ]HKQWHQ-DKUKXQGHUWVEHPHUNWHLFKVHKUIHUQ HLQHQJHZDOWLJHQJUQHQ%DXYRQDQGHUHP&KDUDNWHU DOVDOOHVZDVLFKELVKHUJHVHKHQKDWWH(UZDUJU|HU DOVGHUJU|WHGHU3DOlVWHXQG7UPPHUKDXIHQGLH LFKNDQQWHXQGGLH)DVVDGHVDKRULHQWDOLVFKDXVGLH 2EHUÁlFKHKDWWHGHQ*ODQ]ZLHDXFKGLHEODJUQH
+*:HOOV'LH=HLWPDFKLQH
)lUEXQJ²HLQH$UWEOlXOLFKHQ*UQV²HLQHUJHZLV VHQ $UW 3RU]HOODQ 'LHVHU 8QWHUVFKLHG LP $XVVHKHQ GHXWHWHDXIHLQHQ8QWHUVFKLHGLP*HEUDXFKXQGLFK KDWWH /XVW ZHLWHU YRU]XGULQJHQ XQG LKQ ]X HUIRU VFKHQ $EHU GHU 7DJ QHLJWH VLFK XQG LFK KDWWH GHQ 3DODVWQDFKHLQHPODQJHQXQGHUPGHQGHQ8PZHJ ]XVHKHQEHNRPPHQVREHVFKORLFKGDV$EHQWHXHU DXIGHQIROJHQGHQ7DJ]XYHUVFKLHEHQXQGLFKNHKU WH ]XP :LOONRPP XQG ]X GHQ /LHENRVXQJHQ GHU NOHLQHQ :HHQD ]XUFN $EHU DP QlFKVWHQ 0RUJHQ VDKLFKNODUJHQXJGDPHLQH1HXJLHULQEHWUHIIGHV JUQHQ3RU]HOODQSDODVWHVQXUHLQH6HOEVWWlXVFKXQJ ZDU XP HLQ (UOHEQLV GDV LFK IUFKWHWH QRFK HL QHQ 7DJ ]X XPJHKHQ ,FK EHVFKOR RKQH ZHLWHUH =HLWYHUVFKZHQGXQJ KLQDE]XVWHLJHQ XQG EUDFK DP IUKHQ0RUJHQQDFKHLQHP%UXQQHQLQGHU1lKHGHU *UDQLWXQG$OXPLQLXPUXLQHQDXI 'LHNOHLQH :HHQDOLHI PLWPLU 6LH WDQ]WH ELV ]XP %UXQQHQDQPHLQHU6HLWHDEHUDOVVLHVDKGDLFK PLFKEHUGLH0QGXQJEHXJWHXQGKLQDEVDKZDU VLHVHOWVDPIDVVXQJVORVª$GLHXNOHLQH:HHQD©VDJWH LFKXQGNWHVLHXQGGDQQVWHOOWHLFKVLHQLHGHUXQG EHJDQQ QDFK GHQ .OHWWHUKDNHQ EHU GLH %UXVWZHKU ]X WDVWHQ (LQ ZHQLJ KDVWLJ NDQQ LFK EHNHQQHQ GHQQ LFK IUFKWHWH GHU 0XW N|QQH PLU VFKZLQGHQ =XHUVWVDKVLHPLUHQWVHW]W]X'DQQVWLHVLHHLQHQ MlPPHUOLFKHQ 6FKUHL DXV OLHI DXI PLFK ]X XQG EHJDQQPLWLKUHQNOHLQHQ+lQGHQDQPLU]X]LHKHQ ,FK JODXEH LKU :LGHUVWDQG JDE PLU JHUDGH .UDIW
+*:HOOV'LH=HLWPDFKLQH
ZHLWHU]XVWHLJHQ ,FK VFKWWHOWH VLH DE YLHOOHLFKW HLQ ZHQLJ UDXK XQG LP QlFKVWHQ $XJHQEOLFN ZDU LFK LP 6FKOXQG GHV %UXQQHQV ,FK VDK LKU ]HUTXlOWHV *HVLFKWEHUGHU%UXVWZHKUXQGOlFKHOWHXPVLH]X EHUXKLJHQ'DQQPXWHLFKDXIGLHZDFNOLJHQ+DNHQ DFKWHQDQGHQHQLFKKLQJ ,FKKDWWHHLQHQ6FKDFKWYRQYLHOOHLFKW]ZHLKXQGHUW 0HWHUQ KLQXQWHU]XNOHWWHUQ 'HU $EVWLHJ JHVFKDK PLWWHOV6WDQJHQDXV0HWDOOGLHLQGHU%UXQQHQZDQG VWDNHQ XQG GD VLH IU GLH %HGUIQLVVH HLQHV YLHO NOHLQHUHQXQGOHLFKWHUHQ*HVFK|SIHVEHVWLPPWZDUHQ VRHUPGHWHPLFKGDV.OHWWHUQEDOGXQGLFKEHNDP .UlPSIH8QGHVZDUNHLQHHLQIDFKH(UPGXQJ(LQH GHU 6WDQJHQ ERJ VLFK SO|W]OLFK XQWHU PHLQHU /DVW XQGZDUIPLFKIDVWLQGLH7LHIHKLQDE(LQHQ0RPHQW KLQJLFKDQHLQHU+DQGXQGQDFKGLHVHU(UIDKUXQJ ZDJWH LFK QLFKW ZLHGHU DXV]XUXKHQ 2EJOHLFK PLFK $UPHXQG5FNHQEDOGVFKDUIVFKPHU]WHQNOHWWHUWH LFK GRFK PLW GHU UDVFKHVW P|JOLFKHQ %HZHJXQJ ZHLWHU $OV LFK QDFK REHQ VDK VDK LFK GLH gIIQXQJ DOV HLQH NOHLQH EODXH 6FKHLEH LQ GHU HLQ 6WHUQ ]X VHKHQZDUZlKUHQGGHUNOHLQHQ:HHQD.RSIDOVHLQ VFKZDU]HUUXQGHU9RUVSUXQJHUVFKLHQ'HUVWRHQGH 6FKDOO HLQHU 0DVFKLQH XQWHQ ZXUGH ODXWHU XQG DXVGUXFNVYROOHU $OOHV DXHU MHQHU NOHLQHQ 6FKHLEH REHQZDUWLHIGXQNHOXQGDOVLFKZLHGHUDXIVDKZDU :HHQDYHUVFKZXQGHQ
+*:HOOV'LH=HLWPDFKLQH
,FKZDULQHLQHU4XDOGHV8QEHKDJHQV,FKGDFKWH KDOE GDUDQ GHQ 6FKDFKW ZLHGHU KLQDXI]XNOHWWHUQ XQGGLH8QWHUZHOWLQ5XKH]XODVVHQ$EHUZlKUHQG LFKPLUGDVEHUOHJWHIXKULFKPLWGHP$EVWLHJIRUW 6FKOLHOLFK VDK LFK PLW LQWHQVLYHU (UOHLFKWHUXQJ XQGHXWOLFK HLQHQ )X UHFKWV YRQ PLU HLQ GQQHV 6FKOXSÁRFK LQ GHU :DQG KHUDXINRPPHQ ,FK VFKZDQJ PLFK KLQHLQ XQG VDK GD HV GLH gIIQXQJ HLQHV VFKPDOHQ +RUL]RQWDOWXQQHOV ZDU LQ GHQ LFK PLFK OHJHQ XQG DXVUXKHQ NRQQWH (V ZDU QLFKW ]X IUK 'LH $UPH VFKPHU]WHQ PLFK GHU 5FNHQ ZDUVWHLIXQG LFK]LWWHUWHYRQGHU ODQJHQ $QJVWYRU HLQHP )DOO 8QG GDQQ KDWWH GLH XQXQWHUEURFKHQH 'XQNHOKHLW HLQH VFKOLPPH :LUNXQJ DXI PHLQH $XJHQ 'LH /XIW ZDU YRP 6FKZLUUHQ XQG 6WRHQ GHU 0DVFKLQHULH HUIOOW GLH LQ GHQ 6FKDFKW /XIW KLQXQWHUSXPSWH ,FK ZHL QLFKW ZLH ODQJH LFK OLHJHQ EOLHE 0LFK VW|UWH HLQH ZHLFKH +DQG DXI GLH PHLQ *HVLFKW EHUKUWH ,FK IXKU LP 'XQNHO KRFK JULII QDFK PHLQHQ 6WUHLFKK|O]HUQ HQW]QGHWH HLQV XQG VDK GUHL JHEFNWH ZHLH *HVFK|SIH lKQOLFK GHP GDV LFK EHU GHU (UGH LQ GHU 5XLQH JHVHKHQ KDWWH HLOLJ YRU GHP /LFKWH ÁLHKHQ 'D VLH KLHU XQWHQ LQ HLQHP 'XQNHO OHEWHQ GDV PLU XQGXUFKGULQJOLFK VFKLHQ VR ZDUHQ LKUH $XJHQ JHQDX ZLH GLH 3XSLOOHQ GHU 7LHIVHHÀVFKHDEQRUPJURXQGHPSÀQGOLFKXQGVLH UHÁHNWLHUWHQDXFKGDV/LFKWHEHQVR,FK]ZHLÁHQLFKW GDVLHPLFKLQMHQHUVWUDKOHQORVHQ)LQVWHUQLVVHKHQ
+*:HOOV'LH=HLWPDFKLQH
NRQQWHQXQGVLHVFKLHQHQVLFKDEJHVHKHQYRQGHP /LFKW GXUFKDXV QLFKW YRU PLU ]X IUFKWHQ $EHU VREDOGLFKHLQ=QGKRO]DQVWULFKXPVLH]XVHKHQ ÁRKHQ VLH XQYHU]JOLFK XQG VLH YHUVFKZDQGHQ LQ GXQNOH .DQlOH XQG 7XQQHOV DXV GHQHQ PLFK LKUH $XJHQDXIGLHXQKHLPOLFKVWH$UWDQJOlQ]WHQ ,FKYHUVXFKWHVLHDQ]XUXIHQDEHULKUH6SUDFKHZDU RIIHQEDU DQGHUV DOV GLH GHU 2EHUZHOWPHQVFKHQ VR EOLHELFKDOVRPHLQHQHLJHQHQKLOÁRVHQ%HPKXQJHQ EHUODVVHQXQGQRFKMHW]WGDFKWHLFKDQ)OXFKWYRU GHU (UIRUVFKXQJ $EHU LFK VDJWH PLU ª-HW]W ELQ LFK GULQ©XQGDOVLFKPLFKGHQ7XQQHOHQWODQJWDVWHWH PHUNWH LFK GD GHU 0DVFKLQHQOlUP ODXWHU ZXUGH $OVEDOG ZLFKHQ GLH :lQGH YRQ PLU IRUW XQG LFK NDP DXI HLQHQ ZHLWHQ RIIHQHQ 3ODW] XQG DOV LFK HLQ ]ZHLWHV =QGKRO] DQVWULFK VDK LFK GD LFK LQ HLQH ZHLWH EHUZ|OEWH +|KOH JHWUHWHQ ZDU GLH VLFK KLQWHUGHP%HUHLFKPHLQHV/LFKWHVZLHGHULQVWLHIVWH 'XQNHOVWUHFNWH:DVLFKYRQLKUVDKZDUVRYLHOZLH PDQEHLEUHQQHQGHP6WUHLFKKRO]VHKHQNDQQ 0HLQH (ULQQHUXQJ LVW QDWUOLFK XQEHVWLPPW *URH )RUPHQ ² ZLH ULHVLJH 0DVFKLQHQ ² HUKREHQ VLFKDXVGHP'XQNHOXQGZDUIHQJURWHVNHVFKZDU]H 6FKDWWHQ LQ GLH JHVSHQVWLVFKH 0RUORFNHQ YRU GHP /LFKWVFKHLQÁRKHQ(VZDUGRUWQHEHQEHLVHKUKHL XQG GUFNHQG XQG HLQ PDWWHU *HUXFK YRQ IULVFK YHUJRVVHQHP %OXW ODJ LQ GHU /XIW (LQH 6WUHFNH LQ GHU =HQWUDOKDOOH KLQXQWHU VWDQG HLQ NOHLQHU 7LVFK
+*:HOOV'LH=HLWPDFKLQH
DXV ZHLHP 0HWDOO GHU VFKHLQEDU PLW HLQHP 0DKO EHGHFNW ZDU 'LH 0RUORFNHQ ZDUHQ DXI MHGHQ )DOO )OHLVFKHVVHU,FKHQWVLQQHPLFKGDLFKPLFKJOHLFK IUDJWH ZHOFKHV JURH 7LHU EHUOHEW KDEHQ N|QQWH XP GLH URWH .HXOH ]X OLHIHUQ GLH LFK VDK $OOHV ZDU VHKU XQGHXWOLFK GHU VFKZHUH *HUXFK GLH JURHQ XQNODUHQ )RUPHQ GLH HNHOKDIWHQ *HVWDOWHQ GLH LQ GHP 6FKDWWHQ ODXHUWHQ XQG QXU DXI GDV 'XQNHO ZDUWHWHQ XP ZLHGHU ]X PLU ]X NRPPHQ 'DQQ EUDQQWH GDV 6WUHLFKKRO] DE VHQJWH PLU GLH )LQJHU XQG ÀHO ² HLQ VLFK ULQJHOQGHU URWHU )OHFN LQ GHU 6FKZlU]H ,FK KDEH VHLWKHU GDUDQ JHGDFKW ZLH EHVRQGHUV VFKOHFKWLFKIUHLQVROFKHV8QWHUQHKPHQDXVJHUVWHW ZDU$OVLFKPLFKPLWGHU=HLWPDVFKLQHDXIJHPDFKW KDWWHKDWWHLFKHVLQGHUDEVXUGHQ$QQDKPHJHWDQ GLH 0HQVFKHQ GHU =XNXQIW ZUGHQ XQV LQ DOOHQ 9RUULFKWXQJHQXQHQGOLFKYRUDXVVHLQ,FKZDURKQH :DIIHQRKQH0HGL]LQRKQHLUJHQGHWZDV]XUDXFKHQ ²]X]HLWHQHQWEHKUWHLFKGHQ7DEDNIXUFKWEDU²VHOEVW RKQHJHQXJ6WUHLFKK|O]HUJHNRPPHQ:HQQLFKQXU DQHLQHQ.RGDNJHGDFKWKlWWH,FKKlWWHGHQ%OLFNLQ GLH 8QWHUZHOW LQ HLQHU 6HNXQGH DXIQHKPHQ XQG LQ 0XH XQWHUVXFKHQ N|QQHQ $EHU VR VWDQG LFK QXU PLW GHQ :DIIHQ XQG .UlIWHQ GD GLH PLU GLH 1DWXU YHUOLHKHQ KDWWH ² PLW +lQGHQ )HQ XQG =lKQHQ GLH XQG YLHU 6LFKHUKHLWV]QGK|O]HU EOLHEHQ PLU QRFK
+*:HOOV'LH=HLWPDFKLQH
,FKIUFKWHWHPLFK]ZLVFKHQDOOGLHVHQ0DVFKLQHQ LP 'XQNHO YRU]XGULQJHQ XQG HUVW PLW PHLQHP OHW]WHQ /LFKWVFKHLQ HQWGHFNWH LFK GD PHLQ 9RUUDW DQ 6WUHLFKK|O]HUQ EDOG HUVFK|SIW ZDU (V ZDU PLU ELV ]X GLHVHP 0RPHQW QLH HLQJHIDOOHQ GD LFK PLW LKQHQ VSDUHQ PWH XQG LFK KDWWH IDVW GLH KDOEH 6FKDFKWHO GDPLW YHUVFKZHQGHW GD LFK GLH 2EHUZHOWOHUHUVWDXQWHGHQHQ)HXHUHWZDV1HXHVZDU -HW]WKDWWHLFKZLHJHVDJWQRFKYLHUXQGVRZLHLFK LP'XQNHOVWDQGEHUKUWHHLQH+DQGPHLQHGQQH )LQJHUWDVWHWHQPLUEHUV*HVLFKWXQGLFKHPSIDQG HLQHQ HLJHQWPOLFKHQ XQDQJHQHKPHQ *HUXFK ,FK PHLQWHLFKK|UWHGDV$WPHQYRQHLQHU+HUGHGLHVHU IXUFKWEDUHQ NOHLQHQ :HVHQ XP PLFK ,FK IKOWH ZLHPDQPLUGLH6WUHLFKKRO]VFKDFKWHOVDQIWDXVGHU +DQG O|VHQ ZROOWH XQG DQGHUH +lQGH ]RJHQ PLU KLQWHQ DQ PHLQHQ .OHLGHUQ 'DV *HIKO GD GLHVH XQVLFKWEDUHQ *HVFK|SIH PLFK XQWHUVXFKWHQ ZDU PLU XQEHVFKUHLEOLFK XQDQJHQHKP 0LU ZXUGH LP 'XQNHOVHKUOHEKDIWNODUGDLFKJDUQLFKWVYRQLKUHU $UW]XGHQNHQXQG]XKDQGHOQZXWH,FKVFKULHVLH DQVRODXWLFKNRQQWH6LHIXKUHQDXVHLQDQGHUXQG GDQQ NRQQWH LFK IKOHQ ZLH VLH VLFK PLU ZLHGHU QlKHUWHQ 6LH SDFNWHQ PLFK NKQHU XQG ÁVWHUWHQ VLFK VRQGHUEDUH /DXWH ]X 0LU VFKDXGHUWH KHIWLJ XQG LFK VFKULH QRFK HLQPDO ² ]LHPOLFK PLW|QHQG 'LHVPDO ZDUHQ VLH QLFKW VR HUQVWOLFK HUVFKUHFNW XQGVLHVWLHHQHLQHQZXQGHUOLFKHQODFKHQGHQ/DXW DXVDOVVLH]XPLU]XUFNNHKUWHQ,FKZLOOJHVWHKHQ
+*:HOOV'LH=HLWPDFKLQH
LFK KDWWH IXUFKWEDUH $QJVW ,FK EHVFKOR QRFK HLQ 6WUHLFKKRO] DQ]X]QGHQ XQG XQWHU GHP 6FKXW] VHLQHV6FKHLQV]XÁLHKHQ,FKWDWHVXQGLQGHPLFK GDV )ODFNHUQ GXUFK HLQ 6WFN 3DSLHU DXV PHLQHU 7DVFKH YHUOlQJHUWH YROO]RJ VLFK PHLQ 5FN]XJ ELV ]X GHP HQJHQ 7XQQHO $EHU NDXP KDWWH LFK LKQ EHWUHWHQ DOV PHLQ /LFKW DXVJHEODVHQ ZXUGH XQG LQ GHU )LQVWHUQLV K|UWH LFK GLH 0RUORFNHQ ZLH :LQG XQWHU %OlWWHUQ UDVFKHOQ XQG ZLH 5HJHQ NODWVFKHQ DOVVLHPLUQDFKHLOWHQ ,P 1X ZDU LFK YRQ YLHOHQ +lQGHQ JHSDFNW XQG HV ZDU NHLQ =ZHLIHO VLH YHUVXFKWHQ PLFK ]XUFN]X]LHKHQ ,FK VWULFK HLQ QHXHV 6WUHLFKKRO] DQ XQG VFKZHQNWH HV YRU LKUHQ JHEOHQGHWHQ *HVLFKWHUQ 6LH N|QQHQ VLFK NDXP YRUVWHOOHQ ZLH HNHOKDIW XQPHQVFKOLFK VLH DXVVDKHQ ² GLHVH EODVVHQ NLQQORVHQ *HVLFKWHU XQG JURHQ OLGORVHQ U|WOLFKJUDXHQ $XJHQ ² DOV VLH VR LQ LKUHU %OLQGKHLW XQG9HUZLUUXQJVWDUUWHQ$EHULFKZDUWHWHQLFKWXP ]XVFKDXHQVDJHLFK,KQHQLFKZLFKZLHGHU]XUFN XQGDOVPHLQ]ZHLWHV6WUHLFKKRO]]X(QGHZDUVWULFK LFK PHLQ GULWWHV DQ (V ZDU IDVW DEJHEUDQQW DOV LFK GLH gIIQXQJ LQ GHQ 6FKDFKW HUUHLFKWH LFK OHJWH PLFK DP 5DQGH QLHGHU GHQQ GHU 6WR GHU JURHQ 3XPSH XQWHQPDFKWH PLU VFKZLQGOLJ'DQQ WDVWHWH LFKVHLWZlUWVQDFKGHQ+DNHQXQGLQGHP0RPHQW ZXUGHQ PHLQH )H YRQ KLQWHQ JHSDFNW XQG LFK ZXUGH KHIWLJ ]XUFNJHULVVHQ ,FK ]QGHWH PHLQ OHW]WHV6WUHLFKKRO]DQ«XQGHVJLQJVRIRUWDXV$EHU
+*:HOOV'LH=HLWPDFKLQH
LFK KDWWH MHW]W GLH +DQG DQ GHQ .OHWWHUJULIIHQ XQG LQGHPLFKJHZDOWVDPDXVWUDWPDFKWHLFKPLFKDXV GHQ *ULIIHQ GHU 0RUORFNHQ ORV XQG NOHWWHUWH UDVFK GHQ6FKDFKWKLQDXIZlKUHQGVLH]XPLUDXIVSlKWHQ XQG EOLQ]HOWHQ QXU HLQ NOHLQHV *HVFK|SI IROJWH PLU HLQH 6WUHFNH ZHLW XQG WUXJ IDVW PHLQHQ 6WLHIHO DOV 7URSKlHGDYRQ 'HU $XIVWLHJ VFKLHQ PLU HQGORV 0LW GHQ OHW]WHQ ]ZDQ]LJRGHUGUHLLJ)XEHUNDPPLFKHLQHW|GOLFKH hEHONHLW (V PDFKWH PLU GLH JU|WH 6FKZLHULJNHLW QLFKW GHQ +DOW ]X YHUOLHUHQ 'LH OHW]WHQ SDDU 0HWHU ZDUHQHLQIXUFKWEDUHU.DPSIJHJHQGLHVH6FKZlFKH 0HKUHUH0DOHVFKZDPPPLUGHU.RSIXQGLFKKDWWH DOOH(PSÀQGXQJHQGHV)DOOHQV6FKOLHOLFKDEHUNDP LFKLUJHQGZLH EHUGHQ%UXQQHQUDQG XQGVWROSHUWH DXV GHU 5XLQH LQ GHQ EOHQGHQGHQ 6RQQHQVFKHLQ ,FK ÀHO DXIV *HVLFKW 6HOEVW GHU %RGHQ URFK IULVFK XQG VDXEHU 'DQQ HULQQHUWH LFK PLFK ZLH :HHQD PLU +lQGH XQG 2KUHQ NWH XQG LFK GLH 6WLPPH DQGHUHU XQWHU GHQ (ORL K|UWH 'DUDXI ZDU LFK HLQH =HLWODQJRKQH%HVLQQXQJ
+*:HOOV'LH=HLWPDFKLQH
$OVGLH1DFKWNDP
-
HW]W DEHU ZDU LFK HLJHQWOLFK VFKOLPPHU GDUDQ DOV YRUKHU %LVKHU KDWWH LFK DEJHVHKHQ YRQ GHU QlFKWOLFKHQ $QJVW EHU GHQ 9HUOXVW GHU =HLWPDVFKLQHDQGHU+RIIQXQJDXIHLQVFKOLHOLFKHV (QWNRPPHQHLQH6WW]HJHKDEWDEHUGLHVH+RIIQXQJ ZDU GXUFK GLH QHXHQ (QWGHFNXQJHQ LQV :DQNHQ JHEUDFKW %LVKHU KDWWH LFK PLFK QXU GXUFK GLH NLQGOLFKH (LQIDOW GHU NOHLQHQ /HXWH XQG GXUFK HLQLJH XQEHNDQQWH .UlIWH GLH LFK QXU ]X YHUVWHKHQ EUDXFKWHXPVLH]XEHUZLQGHQJHKLQGHUWJHKDOWHQ DEHULQGHUHNHOKDIWHQ$UWGHU0RUORFNHQODJHLQJDQ] QHXHV(OHPHQW²HLQXQPHQVFKOLFKHVXQGERVKDIWHV (WZDV,QVWLQNWLYYHUDEVFKHXWHLFKVLH9RUKHUKDWWH LFK HWZD GDV *HIKO HLQHV 0DQQHV JHKDEW GHU LQ HLQH*UXEHJHIDOOHQLVWPHLQH6RUJHJDOWGHU*UXEH XQGZLHLFKKHUDXVNRPPHQN|QQWH-HW]WIKOWHLFK PLFKZLHHLQ7LHULQHLQHU)DOOHEHUGDVEDOGVHLQ )HLQGNRPPHQPXWH 'HU )HLQG GHQ LFK ÁFKWHWH ZLUG 6LH YLHOOHLFKW EHUUDVFKHQ(VZDUGLH'XQNHOKHLWGHV1HXPRQGV 'DV KDWWH PLU :HHQD GXUFK HLQ SDDU ]XHUVW
+*:HOOV'LH=HLWPDFKLQH
XQYHUVWlQGOLFKH %HPHUNXQJHQ EHU GLH GXQNOHQ 1lFKWH LQ GHQ .RSI JHVHW]W (V ZDU MHW]W NHLQ VR VFKZLHULJHV 3UREOHP PHKU ]X HUUDWHQ ZDV GLH NRPPHQGHQGXQNOHQ1lFKWHEHGHXWHWHQ'HU0RQG ZDU LP $EQHKPHQ -HGH 1DFKW ZXUGH GLH =HLW GHV 'XQNHOV OlQJHU 8QG MHW]W YHUVWDQG LFK ZHQLJVWHQV ELV]XHLQHPJHZLVVHQ*UDGHGHQ*UXQGGHU)XUFKW GHU NOHLQHQ 2EHUZHOWOHU YRU GHP 'XQNHO ,FK IUDJWH PLFK XQEHVWLPPW ZHOFKH YHUZRUIHQH 8QWDW GLH 0RUORFNHQXQWHUGHPQHXHQ0RQGWXQPRFKWHQ,FK ZDU]LHPOLFKEHU]HXJWGDPHLQH]ZHLWH+\SRWKHVH JDQ]YHUNHKUWZDU'LH2EHUZHOWOHUPRFKWHQHLQPDO GLH EHJQVWLJWH $ULVWRNUDWLH JHZHVHQ VHLQ XQG GLH 0RUORFNHQLKUHPHFKDQLVFKHQ'LHQHU"DEHUGDVZDU OlQJVW YRUEHL 'LH EHLGHQ $UWHQ GLH VLFK DXV GHU (QWZLFNOXQJ GHV 0HQVFKHQ HUJHEHQ KDWWHQ JOLWWHQ ]XHLQHPJDQ]QHXHQ9HUKlOWQLVQLHGHURGHUKDWWHQHV VFKRQHUUHLFKW'LH(ORLZDUHQZLHGLHNDUROLQJLVFKHQ .|QLJH]XHLQHUEORVFK|QHQ1LFKWLJNHLWHQWDUWHW6LH EHVDHQGLH(UGHQRFKJHGXOGHWGHQQGLH0RUORFNHQ ZDUHQ VHLW XQ]lKOLJHQ *HQHUDWLRQHQ XQWHULUGLVFK JHZHVHQXQGIDQGHQMHW]WGLHWDJHUKHOOWH2EHUÁlFKH XQHUWUlJOLFK 8QG GLH 0RUORFNHQ VFKOR LFK PDFKWHQLKQHQLKUH*HZlQGHUXQGXQWHUKLHOWHQVLH LQLKUHQJHZRKQWHQ%HGUIQLVVHQZHLOYLHOOHLFKWGLH DOWH*HZRKQKHLWGHV'LHQVWHVIRUWOHEWH6LHWDWHQHV ZLH HLQ VWHKHQGHV 3IHUG PLW GHP +XIH VFKDUUW RGHU ZLH GHU 0HQVFK DXV 6SRUW 7LHUH ]X W|WHQ OLHEW ZHLO DOWHXQGQLFKWPHKUYRUKDQGHQH1RWZHQGLJNHLWHQHV
+*:HOOV'LH=HLWPDFKLQH
GHP 2UJDQLVPXV DXIJHSUlJW KDWWHQ $EHU RIIHQEDU ZDU GLH DOWH 2UGQXQJ ]XP 7HLO VFKRQ XPJHNHKUW 'LH 1HPHVLV GHU hSSLJNHLW NDP VFKQHOO KHUEHL 9RU -DKUKXQGHUWHQ YRU 7DXVHQGHQ YRQ *HQHUDWLRQHQ KDWWHGHU0HQVFKVHLQHQ%UXGHUPHQVFKHQDXVGHP %HKDJHQ XQG GHP 6RQQHQVFKHLQ YHUMDJW 8QG MHW]W NDP GLHVHU %UXGHU ]XUFN ² YHUZDQGHOW 6FKRQ KDWWHQ GLH (ORL EHJRQQHQ HLQH DOWH /HKUH QHX ]X OHUQHQ6LH ZXUGHQ ZLHGHU PLW GHU)XUFKW EHNDQQW 8QGSO|W]OLFKNDPPLUGLH(ULQQHUXQJDQGDV)OHLVFK ZLHGHULQGHQ.RSIGDVLFKLQGHU8QWHUZHOWJHVHKHQ KDWWH(VZDUPHUNZUGLJZLHVLHPLULQGHQ*HLVW ÁR QLFKW JOHLFKVDP GXUFK GHQ 6WURP PHLQHU *HGDQNHQJHZHFNWVRQGHUQIDVWZLHHLQH)UDJHYRQ GUDXHQ NRPPW ,FK YHUVXFKWH PLFK DXI GLH )RUP ]XEHVLQQHQ,FKKDWWHGDVXQEHVWLPPWH*HIKOYRQ HWZDV %HNDQQWHP DEHU LFK NRQQWH ]XU =HLW QLFKW VDJHQZDVHVZDU $EHU VR KLOÁRV GLH NOHLQHQ /HXWH LQ *HJHQZDUW LKUHU JHKHLPQLVYROOHQ )XUFKW DXFK ZDUHQ LFK ZDU DQGHUV NRQVWLWXLHUW ,FK NDP DXV GLHVHU XQVHUHU =HLWGHU UHLIHQ%OWHGHV 0HQVFKHQJHVFKOHFKWVZR GLH )XUFKW QLFKW OlKPW XQG GDV *HKHLPQLV VHLQH 6FKUHFNHQYHUORUHQKDW,FKZROOWHPLFKZHQLJVWHQV YHUWHLGLJHQ 2KQH 9HU]XJ EHVFKOR LFK PLU :DIIHQ ]X PDFKHQ XQG HLQH )HVWXQJ ZRULQ LFK VFKODIHQ NRQQWH0LWGHU=XÁXFKWDOV%DVLVNRQQWHLFKGLHVHU XQKHLPOLFKHQ :HOW ZLHGHU PLW HLQ ZHQLJ YRQ GHU =XYHUVLFKW HQWJHJHQWUHWHQ GLH LFK YHUORUHQ KDWWH
+*:HOOV'LH=HLWPDFKLQH
VHLW LFK ZXWH ZHOFKHQ *HVFK|SIHQ LFK 1DFKW IU 1DFKW SUHLVJHJHEHQ ODJ ,FK IKOWH LFK NRQQWH QLH ZLHGHUVFKODIHQELVPHLQ%HWWYRULKQHQVLFKHUZDU 0LUVFKDXGHUWHYRU*UDXHQZHQQLFKGDUDQGDFKWH ZLHVLHPLFKVFKRQXQWHUVXFKWKDEHQPXWHQ ,FK ZDQGHUWH ZlKUHQG GHV 1DFKPLWWDJV GDV 7KHPVHWDO HQWODQJ IDQG DEHU QLFKWV ZDV VLFK PLU DOV XQ]XJlQJOLFK HPSIDKO $OOH *HElXGH XQG %lXPH VFKLHQHQ JHVFKLFNWHQ .OHWWHUHUQ ZLH HV GLH 0RUORFNHQ QDFK LKUHQ %UXQQHQ ]X XUWHLOHQ VHLQ PXWHQ OHLFKW HUVWHLJEDU 'DQQ ÀHOHQ PLU GLH KRKHQ=LQQHQGHVJUQHQ3RU]HOODQSDODVWHVXQGGHU EODQNH*ODQ]VHLQHU0DXHUQZLHGHUHLQXQGDEHQGV QDKP LFK :HHQD ZLH HLQ .LQG DXI GLH 6FKXOWHUQ XQG JLQJ GHQ +JHO QDFK 6GZHVWHQ KLQDXI 'LH (QWIHUQXQJKDWWHLFKJHUHFKQHWEHWUXJVLHEHQRGHU DFKW0HLOHQDEHUHVPVVHQHKHUDFKW]HKQJHZHVHQ VHLQ,FKKDWWHGHQ3DODVW]XHUVWDQHLQHPIHXFKWHQ 1DFKPLWWDJ JHVHKHQ DQ GHP GLH (QWIHUQXQJHQ WlXVFKHQG YHUULQJHUW ZDUHQ 2EHQGUHLQ ZDU GHU $EVDW]HLQHUPHLQHU6FKXKHORVH²HVZDUHQEHTXHPH DOWH 6FKXKH GLH LFK VRQVW QXU LP +DXVH ]X WUDJHQ SÁHJWH²VRGDLFKODKPZXUGH8QGHVZDUVFKRQ VSlWQDFK6RQQHQXQWHUJDQJDOVGHU3DODVWVFKZDU] JHJHQ GDV EODVVH *HOE GHV +LPPHOV DEJHKREHQ LQ 6LFKWNDP :HHQD ZDU HUVW HQW]FNW JHZHVHQ DOV LFK VLH ]X WUDJHQ EHJDQQ DEHU QDFK HLQHU :HLOH YHUODQJWH
+*:HOOV'LH=HLWPDFKLQH
VLHLFKVROOHVLHQLHGHUVHW]WHQXQGGDQQOLHIVLHDQ PHLQHU 6HLWH XQG VFKR QXU JHOHJHQWOLFK DXI HLQHU 6HLWH GDYRQ XP %OXPHQ ]X SÁFNHQ XQG PLU LQ GLH 7DVFKHQ ]X VWHFNHQ 0HLQH 7DVFKHQ KDWWHQ :HHQDLPPHU]XVFKDIIHQJHPDFKWDEHUVFKOLHOLFK ZDU VLH ]X GHP 6FKOX JHNRPPHQ VLH VHLHQ HLQH H[]HQWULVFKH $UW 9DVHQ IU %OXPHQGHNRUDWLRQ :HQLJVWHQVEHQXW]WHVLHVLH]XGHP=ZHFN8QGGD IlOOWPLUHLQ$OVLFKPHLQH-DFNHDXV]RJIDQGLFK« 'HU=HLWUHLVHQGHKLHOWLQQHVWHFNWHGLH+DQG LQGLH7DVFKHXQGOHJWHVFKZHLJHQG]ZHLZHONH %OXPHQ VHKU JURHQ ZHLHQ 0DOYHQ QLFKW XQlKQOLFKDXIGHQNOHLQHQ7LVFK'DQQQDKP HUVHLQH(U]lKOXQJZLHGHUDXI ª$OV GLH $EHQGVWLOOH EHU GLH :HOW NURFK XQG ZLU EHU GHQ +JHONDPP JHJHQ :LPEOHGRQ VWLHJHQ ZXUGH :HHQD PGH XQG ZROOWH ]XP +DXV DXV JUDXHP 6WHLQ ]XUFNNHKUHQ $EHU LFK ]HLJWH DXI GLH IHUQHQ =LQQHQ GHV JUQHQ 3RU]HOODQSDODVWHV XQG PDFKWH LKU EHJUHLÁLFK GD ZLU GRUW YRU LKUHU )XUFKW HLQH =XÁXFKW VXFKWHQ 6LH NHQQHQ GLH JURH3DXVHGLHYRUGHU'XQNHOKHLWEHUGLH'LQJH NRPPW" 6HOEVW GLH %ULVH LQ GHQ %lXPHQ UXKW )U PLFKOLHJWLQGLHVHU$EHQGVWLOOHLPPHUHLQ$XVGUXFN GHU (UZDUWXQJ 'HU +LPPHO ZDU NODU IHUQ XQG DEJHVHKHQ YRQ HLQ SDDU KRUL]RQWDOHQ 6WULFKHQ ZHLW XQWHQLP:HVWHQOHHU1XQDQGLHVHP$EHQGQDKP GLH(UZDUWXQJGLH)DUEHPHLQHU%HIUFKWXQJHQDQ
+*:HOOV'LH=HLWPDFKLQH
,Q GLHVHU GXQNHOQGHQ 5XKH VFKLHQHQ PHLQH 6LQQH EHUQDWUOLFK YHUVFKlUIW ,FK PHLQWH LFK N|QQWH VRJDUIKOHQGDGHU%RGHQXQWHUPHLQHP)XKRKO ZDUNRQQWHVRJDUGLH0RUORFNHQGDGXUFKVHKHQZLH VLHDXILKUHP$PHLVHQKDXIHQKLQXQGKHUJLQJHQXQG DXI GLH 'XQNHOKHLW ZDUWHWHQ ,Q PHLQHU $XIUHJXQJ ELOGHWH LFK PLU HLQ VLH ZUGHQ PHLQHQ (LQIDOO LQ LKUHQ %DX DOV .ULHJVHUNOlUXQJ DXIIDVVHQ 8QG ZDUXPKDWWHQVLHPLUGLH=HLWPDVFKLQHJHQRPPHQ" 6RJLQJHQZLULQGHU5XKHZHLWHUXQGGDV=ZLHOLFKW YHUWLHIWH VLFK ]XU 1DFKW 'DV NODUH %ODX GHU )HUQH EOLFKXQGHLQ6WHUQQDFKGHPDQGHUQNDPKHUDXV 'HU %RGHQ ZXUGH XQGHXWOLFK GLH %lXPH VFKZDU] :HHQDV bQJVWH XQG LKUH (UPDWWXQJ EHUZlOWLJWHQ VLH ,FK QDKP VLH LQ GLH $UPH VSUDFK PLW LKU XQG OLHENRVWHVLH$OVGDQQGLH'XQNHOKHLWWLHIHUZXUGH VFKODQJ VLH GLH $UPH XP PHLQHQ +DOV VFKOR GLH $XJHQ XQG VFKPLHJWH PLU GDV *HVLFKW HQJ DQ GLH 6FKXOWHU 6R JLQJHQ ZLU HLQHQ ODQJHQ +DQJ LQ HLQ 7DO KLQXQWHU XQG GRUW OLHI LFK LP 'XQNHO IDVW LQ HLQHQ NOHLQHQ )OX ,FK GXUFKZDWHWH LKQ XQG JLQJ GLH DQGHUH 6HLWH GHV 7DOV KLQDXI DQ HLQHU $Q]DKO 6FKODIKlXVHU XQG HLQHU 6WDWXH YRUEHL ² HLQHP )DXQRGHUHWZDVbKQOLFKHPPLQXVGHP.RSI+LHU ZXFKVHQ DXFK $ND]LHQ %LVKHU KDWWH LFK YRQ GHQ 0RUORFNHQQLFKWVJHVHKHQDEHUHVZDUQRFKIUKLQ GHU1DFKWXQGGLHGXQNOHUHQ6WXQGHQHKHGHUDOWH 0RQGDXIJLQJVROOWHQQRFKNRPPHQ
+*:HOOV'LH=HLWPDFKLQH
$XI GHU 6WLUQ GHV QlFKVWHQ +JHOV VDK LFK HLQHQ GLFKWHQ :DOG ZHLW XQG VFKZDU] YRU PLU OLHJHQ 'D ]|JHUWHLFK,FKNRQQWHZHGHUUHFKWVQRFKOLQNVHLQ (QGH VHKHQ 'D LFK PLFK PGH IKOWH ² EHVRQGHUV PHLQH )H ZDUHQ VHKU ZXQG ² VR QDKP LFK PLU :HHQD EHKXWVDP YRQ GHU 6FKXOWHU DOV LFK VWHKHQEOLHEXQGVHW]WHPLFKLQV*UDV'HQJUQHQ 3RU]HOODQSDODVW NRQQWH LFK QLFKW PHKU VHKHQ XQG LFKZDUEHUPHLQH5LFKWXQJLP=ZHLIHO,FKEOLFNWH LQV'XQNHOGHV:DOGHVXQGGDFKWHZDVHUYHUEHUJHQ PRFKWH8QWHUGLHVHPGLFKWHQ:LUUZDUUYRQ=ZHLJHQ ZUGHPDQGLH6WHUQHQLFKWPHKUVHKHQ6HOEVWZHQQ NHLQH*HIDKU YRUKDQGHQ ZDU²DXI *HIDKUHQKWHWH LFK PLFK PHLQH 3KDQWDVLH ORV]XODVVHQ ² VR EOLHEHQ GRFKDOOGLH:XU]HOQEHUGLHPDQVWROSHUQNRQQWH XQGGLH%DXPVWlPPHJHJHQGLHPDQODXIHQPXWH 8QGLFKZDUQDFKGHQ$XIUHJXQJHQGHV7DJHVDXFK PGHVREHVFKORLFKQLFKWHLQ]XGULQJHQVRQGHUQ GLH1DFKWDXIGHPRIIHQHQ+JHO]XEOHLEHQ :HHQD GDV VDK LFK PLW )UHXGHQ VFKOLHI IHVW ,FK KOOWH VLH VRUJVDP LQ PHLQH -DFNH XQG VHW]WH PLFKQHEHQVLHXPGHQ0RQGDXIJDQJDE]XZDUWHQ 'HU +JHOKDQJ ZDU UXKLJ XQG YHUODVVHQ DEHU DXV GHU 6FKZlU]H GHV :DOGHV NDP KLQ XQG ZLHGHU HLQ /DXW YRQ OHEHQGHQ :HVHQ EHU PLU VFKLHQHQ GLH 6WHUQH GHQQ GLH 1DFKW ZDU VHKU NODU ,FK IKOWH HWZDV ZLH IUHXQGOLFKHQ 7URVW LQ LKUHP %OLQNHQ $OO GLHDOWHQ.RQVWHOODWLRQHQZDUHQMHGRFKYRP+LPPHO YHUVFKZXQGHQMHQHODQJVDPH%HZHJXQJGLHGXUFK
+*:HOOV'LH=HLWPDFKLQH
KXQGHUW 0HQVFKHQOHEHQ QRFK QLFKW ]X PHUNHQ LVW KDWWH VLH OlQJVW ]X QHXHQ *UXSSHQ JHRUGQHW $EHU GLH 0LOFKVWUDH VFKLHQ PLU ZDU QRFK GHUVHOEH ]HUULVVHQH 6WUHLI YRQ 6WHUQHQVWDXE ZLH HKHGHP 6GZlUWV QDFK PHLQHP 2UWVVLQQ VWDQG HLQ VHKU KHOOHU URWHU 6WHUQ GHU PLU QHX ZDU HU ZDU QRFK JOlQ]HQGHU DOV XQVHU JUQHU 6LULXV 8QG XQWHU DOO GLHVHQ ÁLPPHUQGHQ /LFKWSXQNWHQ OHXFKWHWH HLQ KHOOHU 3ODQHW IUHXQGOLFK XQG IHVW ZLH GDV *HVLFKW HLQHVDOWHQ)UHXQGHV $OV LFK ]X GLHVHQ 6WHUQHQ DXIVDK VFKZDQGHQ SO|W]OLFK DOO PHLQH HLJHQHQ 6RUJHQ XQG DOOH 6FKZLHULJNHLWHQ LUGLVFKHQ /HEHQV ]XVDPPHQ ,FK GDFKWHDQLKUHXQHUPHOLFKH)HUQHXQGGLHODQJVDPH XQZHLJHUOLFKH )DKUW LKUHU %HZHJXQJHQ DXV GHU XQEHNDQQWHQ 9HUJDQJHQKHLW LQ HLQH XQEHNDQQWH =XNXQIW,FKGDFKWHDQGHQJURHQIRUWVFKUHLWHQGHQ =\NOXV GHQ GHU (UGSRO EHVFKUHLEW 1XU YLHU]LJPDO KDWWHGLHVHVWLOOH5HYROXWLRQVWDWWJHIXQGHQZlKUHQG DOOGHU-DKUHGLHLFKGXUFKIDKUHQKDWWH8QGZlKUHQG GLHVHU ZHQLJHQ 8PGUHKXQJHQ ZDUHQ DOOH 7lWLJNHLW DOOH 7UDGLWLRQHQ GLH NRPSOL]LHUWHQ 2UJDQLVDWLRQHQ GLH1DWLRQHQ6SUDFKHQ/LWHUDWXUHQ%HVWUHEXQJHQ VHOEVWGLHEORH(ULQQHUXQJDQGHQ0HQVFKHQZLHLFK LKQ NDQQWH DXV GHP'DVHLQ JHO|VFKW 6WDWW GHVVHQ OHEWHQGLHVHJHEUHFKOLFKHQ*HVFK|SIHGLHLKUHKRKHQ $KQHQ YHUJHVVHQ KDWWHQ XQG GLH ZHLHQ :HVHQ YRU GHQHQ LFK LQ $QJVW XPKHUJLQJ 'DQQ GDFKWH LFK DQ GLH JURH )XUFKW GLH ]ZLVFKHQ GHQ EHLGHQ
+*:HOOV'LH=HLWPDFKLQH
*DWWXQJHQ KHUUVFKWH XQG ]XP HUVWHQPDO JLQJ PLU PLWHLQHPSO|W]OLFKHQ6FKDXGHUGLH(UNHQQWQLVDXI ZDVGDV)OHLVFKGDVLFKJHVHKHQKDWWHVHLQPRFKWH $EHUHVZDU]XJUDXHQKDIW,FKEOLFNWHDXIGLHNOHLQH :HHQDGLHQHEHQPLUVFKOLHIGDV*HVLFKWZHLXQG VWHUQHQJOHLFKXQWHUGHQ6WHUQHQ²XQGLFKJDEGHQ *HGDQNHQDXI 'LH ODQJH 1DFKW KLQGXUFK KLHOW LFK GHQ *HLVW VR JXW LFK NRQQWH YRQ GHQ 0RUORFNHQ DE XQG LFK YHUWULHE PLU GLH =HLW LQGHP LFK PLU YRU]XVWHOOHQ YHUVXFKWHLFKN|QQH=HLFKHQGHUDOWHQ.RQVWHOODWLRQ LQ GHU QHXHQ 9HUZLUUXQJ HQWGHFNHQ 'HU +LPPHO EOLHE DEJHVHKHQ YRQ HLQHU 1HEHOZRONH VHKU NODU 2KQH =ZHLIHO YHUÀHO LFK ELVZHLOHQ LQ +DOEVFKODI 'DQQ NDP DOV PHLQH :DFKH ZHLWHU JLQJ HLQH %OlVVH DP |VWOLFKHQ +LPPHO ZLH GHU :LGHUVFKHLQ HLQHVIDUEORVHQ)HXHUVXQGGHUDOWH0RQGJLQJDXI GQQ XQG VLHFK XQG ZHL 8QG EDOG GDKLQWHU NDP GLH 'lPPHUXQJ XQG KROWH LKQ HLQ XQG EHUÁXWHWH LKQ EOHLFK HUVW XQG GDQQ URVLJ XQG ZDUP .HLQH 0RUORFNHQKDWWHQVLFKXQVJHQDKW-DLFKKDWWHGLH JDQ]H 1DFKW DXI GHP +JHO NHLQH JHVHKHQ 8QG LQ GHU=XYHUVLFKW GHVQHXHQ 7DJHV VFKLHQ HV PLUIDVW PHLQH $QJVW 6HL XQYHUQQIWLJ JHZHVHQ ,FK VWDQG DXIXQGIDQGGDGHU)XPLWGHPORVHQ$EVDW]XP GLH .Q|FKHO JHVFKZROOHQ ZDU XQG XQWHU GHU )HUVH VFKPHU]WH 6R VHW]WH LFK PLFK ZLHGHU KLQ XQG ZDUI PHLQH6FKXKHIRUW
+*:HOOV'LH=HLWPDFKLQH
,FK ZHFNWH :HHQD XQG ZLU JLQJHQ LQ GHQ :DOG KLQXQWHU GHU MHW]W JUQ XQG KHLWHU ZDU VWDWW VFKZDU] XQG ZLGHUZlUWLJ :LU VXFKWHQ XQV )UFKWH ]XP )UKVWFN %DOG WUDIHQ ZLU DQGHUH YRQ GHQ KEVFKHQ 0HQVFKHQ GLH ODFKWHQ XQG LP 6RQQHQVFKHLQWDQ]WHQDOVJlEHHVLQGHU1DWXUNHLQ VROFKHV 'LQJ ZLH GLH 1DFKW 8QG GDQQ GDFKWH LFK QRFKHLQPDODQGDV)OHLVFKGDVLFKJHVHKHQKDWWH ,FKZDUMHW]WGDYRQEHU]HXJWZDVHVZDUXQGYRP *UXQGH PHLQHV +HU]HQV EHPLWOHLGHWH LFK GLHVHV OHW]WH VFKZDFKH 5LQQVDO DXV GHU JURHQ )OXW GHU 0HQVFKKHLW 2IIHQEDU ZDU LUJHQGZDQQ LP IUKHQ (LQVW GHV PHQVFKOLFKHQ 9HUIDOOV GHQ 0RUORFNHQ GLH 1DKUXQJ DXVJHJDQJHQ 9LHOOHLFKW KDWWHQ VLH YRQ 5DWWHQ XQG VROFKHUOHL *HZUP JHOHEW 6FKRQ MHW]WLVWGHU0HQVFKLQVHLQHU1DKUXQJZHLWZHQLJHU ZlKOHULVFKXQGH[NOXVLYDOVHUZDU²ZHLWZHQLJHUDOV GHU$IIH6HLQ9RUXUWHLOJHJHQ0HQVFKHQÁHLVFKLVWNHLQ WLHIZXU]HOQGHU ,QVWLQNW 8QG GLHVH XQPHQVFKOLFKHQ 6|KQHGHU0HQVFKHQ²²,FKYHUVXFKWHGLH6DFKHLP ZLVVHQVFKDIWOLFKHQ 6LQQ ]X EHWUDFKWHQ ,P *UXQGH ZDUHQVLHZHQLJHUPHQVFKOLFKXQGIHUQHUDOVXQVHUH NDQQLEDOLVFKHQ$KQHQYRQYRUGUHLRGHUYLHUWDXVHQG -DKUHQ8QGGLH,QWHOOLJHQ]GLHGLHVHQ=XVWDQGGHU 'LQJH ]XU 4XDO JHPDFKW KlWWH ZDU IRUW :DUXP VROOWH LFK PLFK EHXQUXKLJHQ" 'LHVH (ORL ZDUHQ QXU JHPlVWHWHV 5LQGYLHK GDV GLH DPHLVHQJOHLFKHQ 0RUORFNHQKWHWHQXQGMDJWHQ²IUGHVVHQ0DVWVLH
+*:HOOV'LH=HLWPDFKLQH
ZDKUVFKHLQOLFK VRUJWHQ 8QG GD WDQ]WH :HHQD PLU ]XU6HLWH 'DQQ YHUVXFKWH LFK PLFK JHJHQ GDV *UDXHQ ]X ZHKUHQ GDV PLFK EHUNDP LQGHP LFK HV DOV HLQH VWUHQJH6WUDIHPHQVFKOLFKHU6HOEVWVXFKWDQVDK'HU 0HQVFKKDWWHVLFKGDPLWEHJQJWGDHULQ%HKDJHQ XQG/XVWYRQGHU$UEHLWVHLQHV0LWPHQVFKHQOHEWH KDWWHGLH1RW]XVHLQHU3DUROHXQGVHLQHP9RUZDQG JHPDFKW XQG DOV GLH =HLW HUIOOHW ZDU ZDU GLH 1RW ZLHGHU]XLKPJHNRPPHQ,FKYHUVXFKWHVHOEVWGLHVH HOHQGH $ULVWRNUDWLH LP 9HUIDOO ZLH HLQ &DUO\OH ]X YHUDFKWHQ $EHU GLHVH *HLVWHVSRVH ZDU XQP|JOLFK :LHJURDXFKLKUHLQWHOOHNWXHOOH(UQLHGULJXQJZDU GLH(ORLKDWWHQ]XYLHOYRQGHUPHQVFKOLFKHQ*HVWDOW EHZDKUW XP QLFKW PHLQH 6\PSDWKLH LQ $QVSUXFK ]X QHKPHQ XQG PLFK ]XU 7HLOQDKPH DQ LKUHU (UQLHGULJXQJXQGLKUHU$QJVW]X]ZLQJHQ ,FK KDWWH ]X GHU =HLW VHKU XQEHVWLPPWH 9RUVWHOOXQJHQGDUEHUZHOFKHQ:HJLFKHLQVFKODJHQ VROOWH'LHHUVWHZDUPLUHLQHQVLFKHUHQ=XÁXFKWVRUW ]X VFKDIIHQ XQG PLUVROFKH :DIIHQ DXV 0HWDOO RGHU 6WHLQ ]X PDFKHQ ZLH LFK VLH IHUWLJ EULQJHQ ZUGH 'DQQ KRIIWH LFK PLU 0LWWHO ]XP )HXHUPDFKHQ ]X YHUVFKDIIHQ VR GD LFK DOV :DIIH HLQH )DFNHO ]XU +DQG KlWWH GHQQ QLFKWV ZXWH LFK NRQQWH JHJHQ GLH 0RUORFNHQ ZLUNVDPHU VHLQ 'DQQ ZROOWH LFK HWZDV HUVLQQHQ XP GLH %URQ]HWUHQ XQWHU GHU ZHLHQ 6SKLQ[ DXI]XEUHFKHQ ,FK GDFKWH DQ HLQH
+*:HOOV'LH=HLWPDFKLQH
$UW 0DXHUEUHFKHU ,FK ZDU EHU]HXJW ZHQQ LFK LQ GLHVH7UHQHLQGULQJHQXQGHLQH)DFNHOYRUPLUKHU WUDJHQ N|QQWH ZUGH LFK GLH =HLWPDVFKLQH ÀQGHQ XQG HQWNRPPHQ ,FK NRQQWH PLU QLFKW YRUVWHOOHQ GD GLH 0RUORFNHQ VWDUN JHQXJ ZDUHQ VLH ZHLW IRUW]XVFKOHSSHQ :HHQD KDWWH LFK EHVFKORVVHQ LQ XQVHUH =HLW PLW]XQHKPHQ 8QG PLW VROFKHQ 3OlQHQ LP *HLVW IROJWH LFK XQVHUHP :HJ ]X GHP *HElXGH GDV PHLQH 3KDQWDVLH ]X XQVHUP :RKQVLW] HUZlKOW KDWWH
+*:HOOV'LH=HLWPDFKLQH
'HUJUQH3RU]HOODQSDODVW
,
FK IDQG GHQ JUQHQ 3RU]HOODQSDODVW DOV ZLU XQV LKP JHJHQ 0LWWDJ QlKHUWHQ YHUODVVHQ XQG LQ 7UPPHU ]HUIDOOHQG 1XU QRFK ]HUEURFKHQH *ODVVSXUHQ VDHQ LQ GHQ )HQVWHUQ XQG YRQ GHU JUQHQ)DVVDGHZDUHQJURH)OlFKHQDEJHVWU]WVR GDPDQGDV0HWDOOJHUVWGDKLQWHUVDK(UODJVHKU KRFKDXIHLQHU'QHXQGDOVLFKYRUGHP(LQWUHWHQ QDFK1RUGRVWHQEOLFNWHVDKLFKZRPHLQHU0HLQXQJ QDFKHLQVWPDOV:DQGVZRUWKXQG%DWWHUVHDJHOHJHQ KDEHQ PXWHQ HLQ JURHV bVWXDU RGHU VRJDU HLQH %XFKW ,FK GDFKWH GDUDQ ² IUHLOLFK KDEH LFK GHQ *HGDQNHQ QLFKW ZHLWHU YHUIROJW ² ZDV ZRKO PLW GHQ /HEHZHVHQ LP 0HHU JHVFKHKHQ VHLQ PRFKWH RGHU JHVFKDK 'DV0DWHULDOGHV3DODVWHVVWHOOWHVLFKEHLQlKHUHU 3UIXQJ ZLUNOLFK DOV 3RU]HOODQ KHUDXV XQG DXI GHU )DVVDGH VDK LFK HLQH ,QVFKULIW LQ XQEHNDQQWHQ /HWWHUQ ,FK GDFKWH ]LHPOLFK W|ULFKWHUZHLVH :HHQD ZHUGHVLHPLUGHXWHQKHOIHQN|QQHQDEHULFKHUIXKU QXUGD GHU EORH %HJULIIGHV 6FKUHLEHQVLKU QRFK QLHLQGHQ.RSIJHNRPPHQZDU6LHVFKLHQPLULFK
+*:HOOV'LH=HLWPDFKLQH
JODXEH LPPHU PHQVFKOLFKHU DOV VLH ZDU YLHOOHLFKW ZHLOLKUH/LHEHVRPHQVFKOLFKZDU ,QQHUKDOEGHUJURHQ7UÁJHOIDQGHQZLUVWDWWGHU JHZRKQWHQ+DOOHHLQHODQJHGXUFKYLHOH6HLWHQIHQVWHU EHOHXFKWHWH*DOHULH%HLPHUVWHQ%OLFNZXUGHLFKDQ HLQ 0XVHXP HULQQHUW 'HU =LHJHOERGHQ ZDU KRFK PLW6WDXEEHGHFNWXQGHLQHDXIIDOOHQGH$QRUGQXQJ YHUVFKLHGHQHU*HJHQVWlQGHZDULQGLHJOHLFKHJUDXH 'HFNHJHKOOW'DQQVDKLFKXQKHLPOLFKXQGKDJHU PLWWHQLQGHU+DOOHHWZDVVWHKHQZDVRKQH=ZHLIHOGHU XQWHUH7HLOHLQHVULHVLJHQ6NHOHWWVZDU,FKHUNDQQWH DQGHQVFKUlJHQ)HQGDHVHLQDXVJHVWRUEHQHV *HVFK|SI LQ GHU $UW GHV 0HJDWKHULXPV ZDU 'HU 6FKlGHO XQG GLH REHUHQ .QRFKHQ ODJHQ LP GLFNHQ 6WDXEGDQHEHQXQGDQHLQHU6WHOOHDQGHUGHU5HJHQ GXUFKHLQ/HFNLP'DFKJHWU|SIHOWZDUZDUGDV'LQJ VHOEHU]HUIUHVVHQ:HLWHUKLQLQGHU*DOHULHVWDQGGDV ULHVLJH6NHOHWWHLQHV%URQWRVDXUXV0HLQH0XVHXPV +\SRWKHVHEHVWlWLJWHVLFK,FKWUDWDQGLH6HLWHXQG IDQGGRUWRIIHQEDUVFKUlJH)OlFKHQ,FKEHVHLWLJWHGHQ GLFNHQ6WDXEXQGVDKGLHDOOEHNDQQWHQ*ODVNlVWHQ XQVHUHU =HLW $EHU QDFK GHU JXWHQ (UKDOWXQJ HLQHV 7HLOVGHV,QKDOWVPXWHQVLHOXIWGLFKWVHLQ 2IIHQEDU VWDQGHQ ZLU LQ GHQ 5XLQHQ HLQHV 6RXWK .HQVLQJWRQ0XVHXPV GHU VSlWHQ 7DJH 'LHV ZDU PXWHHLQHVHKUJOlQ]HQGH6DPPOXQJYRQ)RVVLOLHQ JHZHVHQ VHLQ REJOHLFK GHU XQYHUPHLGOLFKH 3UR]H GHV 9HUIDOOV GHU HLQH =HLWODQJ DEJHZHKUW ZDU
+*:HOOV'LH=HLWPDFKLQH
XQG GXUFK GDV $XVVWHUEHQ YRQ %DNWHULHQ XQG 3LO]HQ QHXQ]LJ 3UR]HQW VHLQHU .UDIW YHUORUHQ KDWWH WURW]GHP PLW lXHUVWHU 6LFKHUKHLW ZHQQ DXFK PLW lXHUVWHU /DQJVDPNHLW YRQ QHXHP DQ DOO LKUHQ 6FKlW]HQ DUEHLWHWH +LHU XQG GRUW IDQG LFK 6SXUHQ GHV NOHLQHQ 9RONV GD VHOWHQH )RVVLOLHQ LQ 6WFNH JHEURFKHQ RGHU DXI 5RKUIlGHQ DXIJHUHLKW ZDUHQ 8QG DQ HLQLJHQ 6WHOOHQ ZDUHQ GLH .lVWHQ HQWIHUQW ² YRQ GHQ 0RUORFNHQ VFKOR LFK (V ZDU VHKU VWLOO 'HUGLFNH6WDXEGlPSIWHXQVHUH6FKULWWH:HHQDGLH HLQHQ 0HHUNREROG GDV VFKUlJH *ODV HLQHV .DVWHQV KLQXQWHUJHUROOW KDWWH WUDW DOV LFK PLFK XPEOLFNWH ]X PLU QDKP VHKU UXKLJ PHLQH +DQG XQG EOLHE QHEHQPLUVWHKHQ 8QG ]XHUVW ZDU LFK EHU GLHVHV DOWH 0RQXPHQW HLQHU LQWHOOHNWXHOOHQ =HLW VR VHKU HUVWDXQW GD LFK JDU QLFKW DQ GLH 0|JOLFKNHLWHQ GDFKWH GLH HV ERW 6HOEVW PHLQH 6RUJH XP GLH =HLWPDVFKLQH ZLFK HLQ ZHQLJDXVPHLQHP*HLVW 1DFK GHU *U|H ]X XUWHLOHQ PXWH GLHVHU JUQH 3RU]HOODQSDODVWYLHOPHKUHQWKDOWHQDOVHLQH*DOHULH GHU 3DOlRQWRORJLH YLHOOHLFKW KLVWRULVFKH *DOHULHQ YLHOOHLFKW JDU HLQH %LEOLRWKHN 0LU PXWH GDV ZHQLJVWHQV XQWHU PHLQHQ GDPDOLJHQ 9HUKlOWQLVVHQ XQJHKHXHU YLHO LQWHUHVVDQWHU VHLQ DOV GLHVHV 6FKDXVSLHO YHUIDOOHQHU *HRORJLH GHU DOWHQ =HLW ,FK VXFKWH XQG IDQG HLQH ]ZHLWH NXU]H *DOHULH GLH TXHU ]XU HUVWHQ OLHI 6LH VFKLHQ GHU 0LQHUDORJLH
+*:HOOV'LH=HLWPDFKLQH
JHZLGPHW XQG GHU $QEOLFN HLQHV 6FKZHIHOEORFNV EUDFKWHPHLQH*HGDQNHQDXI6FKLHSXOYHU$EHULFK NRQQWH NHLQHQ 6DOSHWHU À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lQJVW XQNHQQWOLFK JHZRUGHQ (LQ SDDU YHUVFKUXPSIWH XQG VFKZDU]H 6SXUHQ YRQ 'LQJHQ GLH HLQPDO DXVJHVWRSIWH 7LHUH JHZHVHQ ZDUHQ YHUWURFNQHWH 0XPLHQ LQ *ODVJHIlHQ GLH HLQVW 6SLULWXV HQWKDOWHQ KDWWHQ HLQ EUDXQHU 6WDXE YRQ HQWVFKZXQGHQHQ 3ÁDQ]HQ GDV ZDU DOOHV 'DV WDW PLU OHLG GHQQ LFK KlWWH JHUQ GLH ODQJVDPH 8PRUGQXQJ YHUIROJW GXUFK GLH GLH (UREHUXQJ GHU EHOHEWHQ 1DWXU HUUHLFKW ZDU 'DQQ NDPHQ ZLU LQ HLQH *DOHULH YRQ HLQIDFK NRORVVDOHQ 9HUKlOWQLVVHQ GLH MHGRFK PHUNZUGLJ VFKOHFKW EHOHXFKWHW ZDU LQ OHLFKWHP:LQNHODEZlUWV,QEHVWLPPWHQ$EVWlQGHQ KLQJHQ ZHLH .XJHOQ YRQ GHU 'HFNH QLHGHU ² YLHOH JHEURFKHQXQG]HUWUPPHUW²ZDVGDUDXIVFKOLHHQ OLHGDGHU5DXPXUVSQJOLFKNQVWOLFKEHOHXFKWHW ZXUGH
+*:HOOV'LH=HLWPDFKLQH
+LHU ZDU LFK PHKU LQ PHLQHP (OHPHQW GHQQ ]X EHLGHQ 6HLWHQ HUKREHQ VLFK GLH 5LHVHQIRUPHQ JURHU 0DVFKLQHQ DOOH VHKU DEJHQDJW XQG YLHOH ]XVDPPHQJHEURFKHQ DEHU PDQFKH QRFK UHFKW YROOVWlQGLJ 6LH ZLVVHQ LFK KDEH HLQH JHZLVVH 6FKZlFKHIUGLH0HFKDQLNXQGLFKKLHOWPLFKZRKO ODQJHEHLLKQHQDXIXPVRPHKUDOVGLHPHLVWHQGDV ,QWHUHVVHYRQ5lWVHOQIUPLFKKDWWHQXQGLFKQXU JDQ] XQEHVWLPPWH 9HUPXWXQJHQ GDUEHU DQVWHOOHQ NRQQWH ZR]X VLH ZDUHQ ,FK PHLQWH ZHQQ LFK LKUH 5lWVHOO|VHQN|QQWHZUGHLFKLP%HVLW]YRQ.UlIWHQ VHLQGLHJHJHQGLH0RUORFNHQVFKW]HQVROOWHQ 3O|W]OLFK NDP :HHQD HQJ DQ PHLQH 6HLWH 6R SO|W]OLFK GD VLH PLFK HUVFKUHFNWH :lUH VLH QLFKW JHZHVHQ JODXEH LFK KlWWH LFK EHUKDXSW QLFKW EHPHUNWGDGHU%RGHQVLFKVHQNWH 'DV(QGHZR LFKHLQJHWUHWHQZDUZDUJDQ]EHULUGLVFKXQGGXUFK VHOWHQHVFKOLW]DUWLJH)HQVWHUHUKHOOW:HQQPDQGHQ 5DXPGHU/lQJHQDFKKLQXQWHUJLQJVWLHJGHU%RGHQ JHJHQGLHVH)HQVWHUELVPDQVFKOLHOLFKZLHLQHLQHP .HOOHUZDUZRQXUQRFKREHQHLQHVFKPDOH/LQLHGHV 7DJHVOLFKWHV HLQGUDQJ ,FK JLQJ ODQJVDP KLQXQWHU XQG PDFKWH PLU PLW GHQ 0DVFKLQHQ ]X VFKDIIHQ
1DWUOLFK LVW HV P|JOLFK GD VLFK GHU %RGHQ JDU QLFKW VHQNWH VRQGHUQ GD GDV *HElXGH DXI HLQHP +JHOKDQJ JHEDXW ZDU
+*:HOOV'LH=HLWPDFKLQH
XQGZDU]XVHKUPLWLKQHQEHVFKlIWLJWJHZHVHQXPGLH DOOPlKOLFKH9HUPLQGHUXQJGHV/LFKWHV]XEHDFKWHQ XQG HUVW :HHQDV ZDFKVHQGH $QJVW PDFKWH PLFK DXIPHUNVDP'DVDKLFKGDGLH*DOHULHVFKOLHOLFK LQGLFKWHV'XQNHOKLQXQWHUOLHI,FK]|JHUWHXQGDOV LFKPLFKXPEOLFNWHVDKLFKGDGHU6WDXEZHQLJHU UHLFKOLFK XQG VHLQH 2EHUÁlFKH ZHQLJHU HEHQ ZDU :HLWHU QDFK GHP 'XQNHO KLQ VFKLHQ PLU ZDU HV YRQ HLQHU $Q]DKO NOHLQHU VFKPDOHU )XVSXUHQ XQWHUEURFKHQ 'DV EHOHEWH PHLQH (PSÀQGXQJ YRQ GHU XQPLWWHOEDUHQ *HJHQZDUW GHU 0RUORFNHQ YRQ QHXHP,FKIKOWHGDLFKPLWGLHVHUDNDGHPLVFKHQ 8QWHUVXFKXQJPHLQH=HLWYHUVFKZHQGHWH,FKEHVDQQ PLFK GD HV VFKRQ VSlW DP 1DFKPLWWDJ ZDU XQG GD LFK QRFK NHLQH :DIIH NHLQH =XÁXFKW XQG NHLQ 0LWWHOKDWWHXP)HXHU]XPDFKHQ8QGGDQQK|UWH LFK XQWHQ LQ GHU IHUQHQ 'XQNHOKHLW GHU *DOHULH HLQ VRQGHUEDUHV.ODSSHUQXQGGLHVHOEHQPHUNZUGLJHQ *HUlXVFKHGLHLFKXQWHQLP%UXQQHQJHK|UWKDWWH ,FK QDKP :HHQD DQ GHU +DQG 'DQQ KDWWH LFK HLQHQ SO|W]OLFKHQ *HGDQNHQ YHUOLH VLH XQG ZDQGWH PLFK ]X HLQHU 0DVFKLQH DXV GHU HLQ +HEHO KHUYRUUDJWH GHU GHQHQ LQ HLQHU 6LJQDOVWXEH QLFKW XQlKQOLFK ZDU ,FK NOHWWHUWH DXI GHQ 6WDQG IDWH GLHVHQ +HEHO PLW GHQ +lQGHQ XQG OHJWH VHLWOLFK PHLQ JDQ]HV *HZLFKW GDJHJHQ 3O|W]OLFK EHJDQQ :HHQD GLH LFK LP 0LWWHOVFKLII YHUODVVHQ KDWWH ]X ZLPPHUQ ,FK KDWWH GLH 6WlUNH GHV +HEHOV ]LHPOLFK ULFKWLJ EHXUWHLOW GHQQ QDFK HWZD HLQHU 0LQXWH GHU
+*:HOOV'LH=HLWPDFKLQH
$QVWUHQJXQJ EUDFK HU XQG LFK JLQJ ZLHGHU ]X LKU EHZDIIQHWPLWHLQHU.HXOHGLHPHLQHU0HLQXQJQDFK IU MHGHQ 0RUORFNHQVFKlGHO GHP LFK EHJHJQHQ PRFKWH PHKU DOV JHQJWH 8QG LFK VHKQWH PLFK VHKUGDQDFKHLQHQ0RUORFNHQRGHUVR]XW|WHQ6HKU XQPHQVFKOLFK PHLQHQ 6LH YLHOOHLFKW KLQJHKHQ ]X ZROOHQ XQG VHLQH HLJHQHQ 1DFKNRUQPHQ ]X W|WHQ $EHULUJHQGZLH ZDUHVXQP|JOLFK GDV0HQVFKOLFKH LQ GHQ :HVHQ ]X IKOHQ 1XU PHLQH $EQHLJXQJ GDJHJHQ:HHQDDOOHLQ]XODVVHQXQGGHU*HGDQNH GDZHQQLFKEHJDQQPHLQHQ0RUGGXUVW]XVWLOOHQ PHLQH=HLWPDVFKLQHOHLGHQPRFKWHKLHOWHQPLFKDE JHUDGHVZHJVGLH*DOHULHKLQXQWHU]XODXIHQXQGGLH %HVWLHQ]XW|WHQGLHLFKK|UWH 1XQ GLH .HXOH LQ HLQHU :HHQD DQ GHU DQGHUHQ +DQG JLQJ LFK DXV GLHVHU *DOHULH KHUDXV XQG LQ HLQH DQGHUH XQG QRFK JU|HUH GLH PLFK EHLP HUVWHQ %OLFN DQ HLQH PLW ]HUIHW]WHQ )DKQHQ EHKDQJHQH 0LOLWlUNDSHOOH HULQQHUWH 'LH EUDXQHQ XQG YHUNRKOWHQ )HW]HQ GLH DQ GHQ 6HLWHQ KLQJHQ HUNDQQWH LFK DOVEDOG DOV GLH YHUZHVHQGHQ 6SXUHQ YRQ %FKHUQ 6LH ZDUHQ OlQJVW LQ 6WFNH ]HUIDOOHQ XQG MHGHU 6FKHLQ YRQ 'UXFN ZDU YHUORVFKHQ $EHU KLHU XQG GRUW ODJHQ YHUVFKUXPSIWH (LQEDQGGHFNHQ XQGJHVSUXQJHQH0HWDOOVFKOLHHQGLHEHUHGWJHQXJ VSUDFKHQ:lUHLFKHLQ*HOHKUWHUJHZHVHQVRKlWWH LFK YLHOOHLFKW EHU GLH 1LFKWLJNHLW DOOHQ (KUJHL]HV PRUDOLVLHUW $EHU VR ÀHO PLU DP VFKlUIVWHQ GLH XQJHKHXUH $UEHLWVYHUVFKZHQGXQJ DXI GLH GLHVH
+*:HOOV'LH=HLWPDFKLQH
ÀQVWHUH :LOGQLV YHUPRGHUWHQ 3DSLHUV EH]HXJWH =XU =HLWGDVZLOOLFKEHNHQQHQGDFKWHLFKKDXSWVlFKOLFK DQ GLH ¿3KLORVRSKLVFKHQ $EKDQGOXQJHQ¾ XQG PHLQH VLHE]HKQ$XIVlW]HEHUSK\VLNDOLVFKH2SWLN 'DQQJLQJLFKHLQHEUHLWH7UHSSHKLQDXIXQGNDP LQ HLQH *DOHULH GLHHLQPDO GHU WHFKQLVFKHQ &KHPLH JHGLHQWKDEHQPDJ8QGKLHUKDWWHLFKQLFKWJHULQJH +RIIQXQJ DXI QW]OLFKH (QWGHFNXQJHQ $XHU DQ HLQHP(QGHZRGDV'DFKHLQJHVWU]WZDUZDUGLHVH *DOHULH ZRKOHUKDOWHQ ,FK JLQJ EHJLHULJ ]X MHGHP QLFKW ]HUEURFKHQHQ .DVWHQ 8QG VFKOLHOLFK IDQG LFK LQ HLQHP GHU ZLUNOLFK OXIWGLFKWHQ .lVWHQ HLQH 6FKDFKWHO 6WUHLFKK|O]HU ,FK SURELHUWH VLH EHJLHULJ 6LHZDUHQYROONRPPHQJXWHUKDOWHQ6LHZDUHQQLFKW HLQPDO IHXFKW ,FK ZDQGWH PLFK ]X :HHQD ¿7DQ]H¾ ULHI LFK LKU LQ LKUHU 6SUDFKH ]X 'HQQ MHW]W KDWWH LFK HLQH :DIIH JHJHQ GLH VFKUHFNOLFKHQ *HVFK|SIH GLH ZLU IUFKWHWHQ 8QG VR YROOIKUWH LFK LQ MHQHP 7UPPHUPXVHXP DXI GHP GLFNHQ ZHLFKHQ 6WDXEWHSSLFK]X:HHQDVXQJHKHXUHU)UHXGHIHLHUOLFK HLQHQYHUVFKOXQJHQHQ7DQ]LQGHPLFKVROXVWLJLFK NRQQWHGD]XSÀII=XP7HLOZDUHVHLQVFKFKWHUQHU .DQNDQ ]XP 7HLO HLQ 6FKULWWDQ] ]XP 7HLO HLQ .OHLGWDQ] VRZHLW PHLQ 5RFNVFKR HV HUODXEWH XQG ]XP7HLO2ULJLQDO'HQQZLH6LHZLVVHQELQLFKYRQ 1DWXUHUÀQGHULVFK 1XQ PHLQH LFK LPPHU QRFK GD GLHVH 6WUHLFKKRO]VFKDFKWHO GXUFK XQGHQNOLFKH -DKUH
+*:HOOV'LH=HLWPDFKLQH
KLQGXUFKGHP=DKQGHU=HLWHQWJDQJHQZDUGDVZDU K|FKVW VHOWVDP ZLH HV IU PLFK K|FKVW JOFNOLFK ZDU 8QG GRFK IDQG LFK VRQGHUEDU JHQXJ HLQH QRFK YLHO XQZDKUVFKHLQOLFKHUH 6XEVWDQ] XQG GDV ZDU .DPSIHU ,FK IDQG LKQ LQ HLQHU YHUVLHJHOWHQ )ODVFKH GLH ZLH LFK YHUPXWH ]XIlOOLJ ZLUNOLFK KHUPHWLVFK YHUVLHJHOW ZDU (UVW PHLQWH LFK HV VHL 3DUDIÀQZDFKV XQG LFK ]HUWUPPHUWH DOVR GDV *ODV $EHU GHU .DPSIHUJHUXFK ZDU XQYHUNHQQEDU ,Q GHP DOOJHPHLQHQ 9HUIDOO KDWWH VLFK GLHVH ÁFKWLJH 6XEVWDQ] GXUFK HLQHQ =XIDOO YLHOOHLFKW YLHOH -DKUKXQGHUWWDXVHQGH KLQGXUFK HUKDOWHQ 6LH HULQQHUWH PLFK DQ HLQ 6HSLDJHPlOGH GDV LFK HLQVW PLW GHU 7LQWH HLQHV %HOHPQLWHQ KDWWH PDOHQ VHKHQ GHU YRU 0LOOLRQHQ YRQ -DKUHQ XPJHNRPPHQ XQG IRVVLOLVLHUW VHLQ PXWH ,FK VWDQG LP %HJULII VLH IRUW]XZHUIHQ DEHU LFK EHVDQQ PLFK GD .DPSIHU EUHQQEDU LVW XQG PLW JXWHU KHOOHU )ODPPH EUHQQW ²NXU]GDHUHLQHDXVJH]HLFKQHWH.HU]HZDU²XQG LFKVWHFNWHGDV6WFNLQGLH7DVFKH,FKIDQGMHGRFK NHLQH([SORVLRQVVWRIIHNHLQ0LWWHOGLH%URQ]HWUHQ ]X HUEUHFKHQ 7URW]GHP YHUOLH LFK GLH *DOHULH LQ VHKUJHKREHQHU6WLPPXQJ ,FK NDQQ ,KQHQ QLFKW GLH *HVFKLFKWH GLHVHV ODQJHQ 1DFKPLWWDJV HU]lKOHQ (V ZUGH HLQ JURHV *HGlFKWQLV GD]X JHK|UHQ PHLQH (QWGHFNXQJHQ LQ HLQLJHUPDHQ ULFKWLJHU 5HLKHQIROJH DXI]XIKUHQ ,FK HULQQHUH PLFK HLQHU ODQJHQ *DOHULH URVWHQGHU :DIIHQVWlQGHU XQG ZLH LFK ]ZLVFKHQ PHLQHP
+*:HOOV'LH=HLWPDFKLQH
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²SRO\QHVLVFKH PH[LNDQLVFKH JULHFKLVFKH SK|QLNLVFKH ² DXV DOOHQ /lQGHUQ GHU (UGH GLH PLU HLQÀHOHQ 8QG KLHU JDE LFK HLQHP XQZLGHUVWHKOLFKHQ ,PSXOVH QDFK XQG VFKULHE PHLQHQ 1DPHQ DXI GLH 1DVH HLQHV VGDPHULNDQLVFKHQ 6SHFNVWHLQ8QJHKHXHUV GDV PLUEHVRQGHUV6SDPDFKWH $OVGHU$EHQGYRUUFNWHVFKZDQGPHLQ,QWHUHVVH ,FKGXUFK]RJHLQH*DOHULHQDFKGHUDQGHUHQ²VWDXELJH VWLOOH RIW YHUIDOOHQH 5lXPH GHUHQ 6DPPOXQJHQ ELVZHLOHQ QXU +DXIHQ YRQ 5RVW XQG .RKOH ZDUHQ ELVZHLOHQ DEHU DXFK IULVFKHU $Q HLQHU 6WHOOH VDK LFK SO|W]OLFK GDV 0RGHOO HLQHU =LQQPLQH XQG GDQQ HQWGHFNWHLFKGXUFKHLQHQ=XIDOOLQHLQHPOXIWGLFKWHQ .DVWHQ]ZHL'\QDPLWSDWURQHQ,FKULHI¿(XUHND¾XQG ]HUWUPPHUWHGHQ .DVWHQ YROOHU)UHXGH 'DQQNDP HLQ=ZHLIHO,FK]|JHUWH'DQQZlKOWHLFKHLQHNOHLQH 6HLWHQJDOHULH XQG PDFKWH PHLQHQ 9HUVXFK ,FK
+*:HOOV'LH=HLWPDFKLQH
KDEHQLHHLQHVROFKH(QWWlXVFKXQJHPSIXQGHQDOV ZLHLFKGRUWIQI]HKQIQI]HKQ0LQXWHQDXIHLQH ([SORVLRQZDUWHWHGLHQLHPDOVNDP1DWUOLFKZDUHQ HVQXU0RGHOOHZLHLFKJOHLFKKlWWHHUUDWHQN|QQHQ ,FK JODXEH ZLUNOLFK ZlUHQ VLH GDV QLFKW JHZHVHQ VRZlUHLFKDOVEDOGGDYRQJHODXIHQXQGKlWWH6SKLQ[ XQG%URQ]HWUHQXQGZLHVLFKKHUDXVVWHOOWH PHLQH $XVVLFKWGLH=HLWPDVFKLQH]XÀQGHQDOOHV]XJOHLFK LQV1LFKWVHLQJHVSUHQJW 'DUDXI JODXEH LFK NDPHQ ZLU ]X HLQHP NOHLQHQ RIIHQHQ +RI LP 3DODVW (U ZDU JUDVEHZDFKVHQ XQG HQWKLHOW GUHL 2EVWElXPH 6R UXKWHQ ZLU DXV XQG HUIULVFKWHQ XQV *HJHQ 6RQQHQXQWHUJDQJ EHJDQQ LFKXQVHUH/DJH]XEHUOHJHQ'LH1DFKWEHUVFKOLFK XQV XQG PHLQ XQ]XJlQJOLFKHV 9HUVWHFN VROOWH HUVW QRFK JHIXQGHQ ZHUGHQ $EHU GDV PDFKWH PLU MHW]W VHKU ZHQLJ 6RUJH ,FK KDWWH HWZDV LP %HVLW] ZDV YLHOOHLFKWGLHEHVWH9HUWHLGLJXQJJHJHQGLH0RUORFNHQ ZDU ² LFK KDWWH 6WUHLFKK|O]HU 8QG LFK KDWWH DXFK QRFK GHQ .DPSIHU LQ GHU 7DVFKH ZHQQ HLQ )HXHU Q|WLJ ZXUGH 0LU VFKLHQ GDV EHVWH ZDV ZLU WXQ NRQQWHQZDUGLH1DFKWXQWHUP6FKXW]HLQHV)HXHUV LP)UHLHQ]XYHUEULQJHQ0RUJHQVZDUGDQQQRFKGLH =HLWPDVFKLQH]XKROHQ'D]XKDWWHLFKELVMHW]WQXU PHLQH (LVHQNHXOH $EHU PLW PHLQHU ZDFKVHQGHQ .HQQWQLVHPSIDQGLFKJHJHQGLHVH%URQ]HWUHQVHKU DQGHUV%LVODQJKDWWHLFKVLH]XPJXWHQ7HLOGHVKDOE QLFKW HUEURFKHQ ZHLO DXI GHU DQGHUHQ 6HLWH GDV *HKHLPQLVODXHUWH6LHKDWWHQPLUQLHGHQ(LQGUXFN
+*:HOOV'LH=HLWPDFKLQH
JURHU 6WlUNH JHPDFKW XQG LFK KRIIWH LFK ZHUGH PHLQ%UHFKHLVHQQLFKWJDQ]XQ]XOlQJOLFKÀQGHQ
+*:HOOV'LH=HLWPDFKLQH
,P'XQNHO
:
LU YHUOLHHQ GHQ 3DODVW DOV GLH 6RQQH QRFK ]XP 7HLO EHU GHP +RUL]RQW VWDQG ,FK KDWWHYRUGLHZHLH6SKLQ[IUKDPDQGHUQ0RUJHQ ]X HUUHLFKHQ XQG LFK ZROOWH YRU (LQEUXFK GHU 'XQNHOKHLWGXUFKGHQ:DOGNRPPHQGHUPLFKDXI GHUHUVWHQ:DQGHUXQJDXIJHKDOWHQKDWWH0HLQ3ODQ ZDUGLHVH1DFKWVRZHLWZLHP|JOLFK]XJHKHQGDQQ HLQ)HXHUDXI]XEDXHQXQGLP6FKXW]VHLQHV6FKHLQV ]X VFKODIHQ 'HPJHPl VDPPHOWH LFK XQWHUZHJV DOOHV ZDV LFK DQ +RO] XQG WURFNHQHP *UDVH IDQG XQG KDWWH EDOG GLH $UPH YROO VROFKHU 6WUHX 8QWHU GLHVHU /DVW JLQJ XQVHU 0DUVFK ODQJVDPHU DOV LFK JHUHFKQHW KDWWH XQG DXHUGHP ZDU :HHQD PGH $XFKLFKEHJDQQXQWHU6FKOlIULJNHLW]XOHLGHQVRZDU HVWLHIH 1DFKW HKHZLUGHQ :DOGHUUHLFKWHQ:HHQD KlWWHJHUQDXIGHPEXVFKEHGHFNWHQ+JHODQVHLQHP 5DQGH KDOW JHPDFKW ZHLO VLH GDV 'XQNHO YRU XQV IUFKWHWHDEHUHLQPHUNZUGLJHV*HIKOGURKHQGHQ 8QKHLOV GDV PLU IUHLOLFK KlWWH DOV :DUQXQJ GLHQHQ VROOHQWULHEPLFKYRUZlUWV,FKZDUVHLWHLQHU1DFKW XQG ]ZHL 7DJHQ RKQH 6FKODI JHZHVHQ XQG LFK ZDU
+*:HOOV'LH=HLWPDFKLQH
ÀHEHULVFK XQG UHL]EDU ,FK IKOWH ZLH PLFK GHU 6FKODIEHUNDPXQGPLWLKPGLH0RUORFNHQ :lKUHQG ZLU QRFK ]|JHUWHQ VDK LFK XQWHU GHQ VFKZDU]HQ %VFKHQ KLQWHU XQV XQG XQGHXWOLFK YRU LKUHU 6FKZlU]H GUHL NDXHUQGH *HVWDOWHQ 5LQJV XP XQV VWDQG 6WUDXFKZHUN XQG ODQJHV *UDV XQG LFK IKOWH PLFK YRU LKUHP KHLPWFNLVFKHQ 1DKHQ QLFKW VLFKHU 'HU :DOG EHUHFKQHWH LFK ZDU HKHU ZHQLJHU DOV HLQH 0HLOH EUHLW :HQQ ZLU DXI GHQ NDKOHQ +JHOKDQJ GXUFKNRPPHQ NRQQWHQ VFKLHQ PLU KDWWHQ ZLU HLQHQ LQ MHGHU +LQVLFKW VLFKHUHQ 5DVWRUWLFKPHLQWHPLWPHLQHQ6WUHLFKK|O]HUQXQG PHLQHP .DPSIHU ZHUGH LFK GHQ 3IDG GXUFK GHQ :DOGEHOHXFKWHQN|QQHQ$EHUZHQQLFKPLWPHLQHQ +lQGHQ6WUHLFKK|O]HUVFKZLQJHQVROOWHVRZDUNODU PXWH LFK PHLQ )HXHUKRO] LP 6WLFK ODVVHQ XQG VR ZDUI LFK HV ]LHPOLFK ZLGHUZLOOLJ KLQ 8QG GDQQ ÀHO PLU HLQ GD LFK XQVHUH )HLQGH YHUEOIIHQ ZUGH ZHQQ LFK HV DQ]QGHWH 'LH ZLOGH 1DUUKHLW GLHVHV 9RUJHKHQV VROOWH LFK QRFK HQWGHFNHQ DEHU PLU HUVFKLHQ HV DOV HLQ VFKDUIVLQQLJHU 6FKDFK]XJ XP XQVHUH)OXFKW]XGHFNHQ ,FKZHLQLFKWRE6LHMHGDUDQJHGDFKWKDEHQZLH VHOWHQ LQ HLQHP JHPlLJWHQ .OLPD GLH )ODPPH VHLQ PXZRGHU0HQVFKIHKOW'LH6RQQHQKLW]HLVWNDXP VWDUNJHQXJXP]XEUHQQHQVHOEVWZHQQVLHGXUFK 7DXWURSIHQ JHVDPPHOW ZLUG ZLH HV LQ WURSLVFKHQ 'LVWULNWHQ ELVZHLOHQ YRUNRPPW 'HU %OLW] YHUVHQJW
+*:HOOV'LH=HLWPDFKLQH
XQGVFKZlU]WYHUXUVDFKWDEHUVHOWHQZHLWYHUEUHLWHWHV )HXHU )DXOHQGH 9HJHWDWLRQ JOLPPW JHOHJHQWOLFK LQ GHU +LW]H LKUHU *lUXQJ DEHU GD NRPPW HV VHOWHQ ]XU)ODPPH8QGLQGLHVHU'HNDGHQ]ZDUGLH.XQVW GHV)HXHUPDFKHQVDXIGHU(UGHYHUJHVVHQ'LHURWHQ =XQJHQ GLH DQ PHLQHP +RO]KDXIHQ HPSRUOHFNWHQ ZDUHQIU:HHQDHWZDVJDQ]1HXHVXQG)UHPGHV 6LH ZROOWH KLQODXIHQ XQG GDPLW VSLHOHQ ,FK JODXEH VLH KlWWH VLFK KLQHLQJHZRUIHQ KlWWH LFK VLH QLFKW ]XUFNJHKDOWHQ $EHU LFK KRE VLH DXI XQG WDXFKWHWURW]LKUHV:LGHUVWDQGHVNKQLQGHQ:DOG KLQHLQ (LQH NOHLQHUH 6WUHFNH ZHLW EHOHXFKWHWH GHU 6FKHLQPHLQHV)HXHUVGHQ3IDG$OVLFKEDOGGDUDXI ]XUFNVDK VDK LFK GXUFK GLH HQJHQ 6WlPPH GD VLFK GLH *OXW YRQ PHLQHP +RO]KDXIHQ DXI HLQLJH XPVWHKHQGH%VFKHDXVJHGHKQWKDWWHXQGGDHLQH NUXPPH)HXHUOLQLHGDV*UDVGHV+JHOVKLQDXINURFK 'DUEHUODFKWHLFKXQGZDQGWHPLFKGDQQZLHGHU]X GHQGXQNOHQ%lXPHQYRUPLU(VZDUVHKUVFKZDU] XQG :HHQD NODPPHUWH VLFK NUDPSIKDIW DQ PLFK DEHU DOV PHLQH $XJHQ VLFK DQV 'XQNHO JHZ|KQWHQ ZDU GRFK QRFK JHQJHQG /LFKW YRUKDQGHQ XP GLH 6WlPPH ]X YHUPHLGHQ =X +lXSWHQ ZDU HV HLQIDFK VFKZDU] DXHU ZR KLHU XQG GRUW HLQ 6SDOW IHUQHQ EODXHQ +LPPHOV DXI XQV QLHGHUOHXFKWHWH ,FK ]QGHWH NHLQV PHLQHU 6WUHLFKK|O]HU DQ ZHLO LFK NHLQH+DQGIUHLKDWWH$XIGHPOLQNHQ$UPWUXJLFK PHLQHNOHLQH)UHXQGLQLQGHUUHFKWHQ+DQGKLHOWLFK PHLQH(LVHQVWDQJH
+*:HOOV'LH=HLWPDFKLQH
(LQH 6WUHFNH ZHLW K|UWH LFK QLFKWV DOV GLH NUDFKHQGHQ =ZHLJH XQWHU PHLQHQ )HQ GDV VFKZDFKH 5DVFKHOQ GHV :LQGHV REHQ PHLQHQ $WHP XQG GDV 3RFKHQ GHU %OXWJHIlH LQ PHLQHQ 2KUHQ 'DQQ PHLQWH LFK HLQ 7UDSSHOQ XP PLFK ]X EHPHUNHQ ,FK GUDQJ JULPPLJ ZHLWHU 'DV 7UDSSHOQ ZXUGH GHXWOLFKHU XQG GDQQ K|UWH LFK GLHVHOEHQ ZXQGHUOLFKHQ 7|QH XQG 6WLPPHQ GLH LFK LQ GHU 8QWHUZHOWJHK|UWKDWWH(VZDURIIHQEDUHLQH$Q]DKO 0RUORFNHQ XQG VLH VFKORVVHQ PLFK HLQ :LUNOLFK IKOWH LFK HLQH 0LQXWH GDUDXI DQ PHLQHP 5RFN ]HUUHQXQGGDQQHWZDVDQPHLQHP$UP8QG:HHQD VFKDXGHUWHKHIWLJXQGZXUGHJDQ]VWLOO (V ZDU =HLW ]X HLQHP 6WUHLFKKRO] $EHU XP HLQHV ]X EHNRPPHQ PXWH LFK VLH QLHGHUVHW]HQ XQG DOV LFK LQ PHLQH 7DVFKH JULII IKOWH LFK LP 'XQNHO XP PHLQH .QLH HLQHQ .DPSI GHU DXI LKUHU 6HLWH LQ YROONRPPHQHU6WLOOHYRUVLFKJLQJYRQGHQ0RUORFNHQ DEHU XQWHU GHQVHOEHQ HLJHQWPOLFKHQ JLUUHQGHQ /DXWHQ8QGZHLFKHNOHLQH+lQGHNURFKHQPLUEHU 5FNHQ XQG 5RFN XQG EHUKUWHQ VHOEVW PHLQHQ +DOV 'DQQ VWULFK GDV 6WUHLFKKRO] XQG ]LVFKWH DXI ,FK KLHOW HV ÁDFNHUQG KLQ XQG VDK GLH ZHLHQ 5FNHQ GHU 0RUORFNHQ ]ZLVFKHQ GHQ %lXPHQ DXI GHU)OXFKW,FKQDKPVFKQHOOHLQ6WFN.DPSIHUDXV GHU7DVFKHXQGPDFKWHPLFKEHUHLWHVDQ]X]QGHQ VREDOG GDV 6WUHLFKKRO] YHUO|VFKHQ ZROOWH 'DQQ EOLFNWH LFK DXI :HHQD 6LH ODJ DQ PHLQH )H JHNODPPHUW XQG JDQ] UHJXQJVORV GD GDV *HVLFKW
+*:HOOV'LH=HLWPDFKLQH
DXIGHP%RGHQ0LWSO|W]OLFKHP6FKUHFNEFNWHLFK PLFK]XLKU6LHVFKLHQNDXP]XDWPHQ,FK]QGHWH GHQ .DPSIHUEORFN DQ XQG ZDUI LKQ ]X %RGHQ XQG DOVHUEDUVWXQGDXIÁDPPWHXQGGLH0RUORFNHQXQG GLH6FKDWWHQYHUWULHENQLHWHLFKQLHGHUXQGKREVLH DXI'HU:DOGKLQWHUPLUVFKLHQYROOYRP/lUPXQG %UXPPHQHLQHUJURHQ+HUGH 6LH VFKLHQ RKQPlFKWLJ ]X VHLQ ,FK KRE VLH PLU EHKXWVDPDXIGLH6FKXOWHUXQGVWDQGDXIXPZHLWHU ]X NRPPHQ XQG GDQQ JLQJ PLU HLQH IXUFKWEDUH :LUNOLFKNHLW DXI :lKUHQG LFK PLW PHLQHQ 6WUHLFKK|O]HUQ XQG PLW :HHQD PDQ|YULHUWH KDWWH LFKPLFKPHKUPDOVJHGUHKWXQGMHW]WKDWWHLFKQLFKW GLH JHULQJVWH $KQXQJ LQ ZHOFKHU 5LFKWXQJ PHLQ 3IDGODJ6RZHLWLFKZXWHNRQQWHLFKYLHOOHLFKW]XP JUQHQ3RU]HOODQSDODVW]XUFNNHKUHQ,FKIKOWHGHQ NDOWHQ 6FKZHL ,FK PXWH VFKOHXQLJVW EHUOHJHQ ZDV ]X WXQ ZDU ,FK EHVFKOR ZR ZLU ZDUHQ HLQ )HXHU ]X EDXHQ XQG ]X ODJHUQ ,FK OHJWH GLH QRFK UHJORVH :HHQD DXI HLQ 0RRVEHWW XQG EHJDQQ GD PHLQ HUVWHV 6WFN .DPSIHU ]X HUO|VFKHQ EHJDQQ VHKU HLOLJ =ZHLJH XQG %OlWWHU ]X VXFKHQ +LHU XQG GRUWOHXFKWHWHQDXVGHP'XQNHOXPPLFKGLH$XJHQ GHU0RUORFNHQZLH.DUIXQNHOQ 'HU .DPSIHU ÁDFNHUWH XQG YHUORVFK ,FK ]QGHWH HLQ 6WUHLFKKRO] DQ XQG GD VWU]WHQ ]ZHL ZHLH *HVWDOWHQ GLH VLFK :HHQD JHQlKHUW KDWWHQ KDVWLJ GDYRQ (LQH ZDU YRP /LFKW VR JHEOHQGHW GD VLH
+*:HOOV'LH=HLWPDFKLQH
GLUHNW DXI PLFK ORVVWU]WH ,FK IKOWH LKUH .QRFKHQ XQWHUPHLQHP)DXVWVFKODJGU|KQHQ6LHVWLHHLQHQ 6FKUHFNHQVVFKUHLDXVWDXPHOWHHLQH6WUHFNHZHLWHU XQGEUDFK]XVDPPHQ,FK]QGHWHHLQQHXHV6WFN .DPSIHU DQ XQG VDPPHOWH IU PHLQ )HXHU ZHLWHU 'DQQ PHUNWH LFK ZLH WURFNHQ GDV /DXEZHUN EHU PLU]XP7HLOZDUGHQQVHLWPHLQHU$QNXQIWDXIGHU =HLWPDVFKLQH ² HWZD HLQHU :RFKH ZDU NHLQ 5HJHQ PHKUJHIDOOHQ$QVWDWWDOVRXQWHUGHQ%lXPHQQDFK JHIDOOHQHQ =ZHLJHQ XPKHU]XVWUHLIHQ EHJDQQ LFK KRFK]XVSULQJHQ XQG GLH bVWH QLHGHU]X]HUUHQ 6HKU EDOGKDWWHLFKHLQHUVWLFNHQGHVUDXFKLJHV)HXHUDXV JUQHP +RO] XQG WURFNHQHQ =ZHLJHQ XQG NRQQWH PHLQHQ .DPSIHU VSDUHQ 'DQQ ZDQGWH LFK PLFK GDKLQZRQHEHQPHLQHU(LVHQNHXOH:HHQDODJ,FK YHUVXFKWHZDVLFKNRQQWHXPVLH]XEHOHEHQDEHU VLH ODJ ZLH WRW GD ,FK NRQQWH PLFK QLFKW HLQPDO EHU]HXJHQREVLHDWPHWHRGHUQLFKW 1XQ NDP GHU 5DXFK GHV )HXHUV EHU PLFK XQG HU PX PLFK SO|W]OLFK VFKZHU JHPDFKW KDEHQ 2EHQGUHLQ ODJ GHU .DPSIHUGXQVW LQ GHU /XIW 0HLQ )HXHUNRQQWHHLQH6WXQGHODQJRGHUVRNHLQ1DFKOHJHQ PHKU Q|WLJ KDEHQ ,FK IKOWH PLFK QDFK PHLQHU $QVWUHQJXQJ VHKU PGH XQG VHW]WH PLFK 8QG GHU :DOGZDUYROOYRQHLQHPVFKOXPPULJHQ*HPXUPHO GDVLFKQLFKWYHUVWDQG0LUZDULFKQLFNWHHLQXQG |IIQHWHGLH$XJHQZLHGHU$EHUDOOHVZDU'XQNHOXQG GLH0RUORFNHQKDWWHQGLH+lQGHDXIPLU,QGHPLFK LKUHWDVWHQGHQ)LQJHUDEVFKOHXGHUWHJULIILFKKDVWLJ
+*:HOOV'LH=HLWPDFKLQH
QDFK PHLQHU 6WUHLFKKRO]VFKDFKWHO LQ GHU 7DVFKH XQG²VLHZDUIRUW'DQQJULIIHQVLHZLHGHUQDFKPLU XQG GUDQJHQ DXI PLFK HLQ ,P 1X ZXWH LFK ZDV JHVFKHKHQZDU,FKKDWWHJHVFKODIHQXQGPHLQ)HXHU ZDUDXVJHJDQJHQQXQNDPGLH%LWWHUNHLWGHV7RGHV EHUPHLQH6HHOH'HU:DOGVFKLHQYROOYRP*HUXFK EUHQQHQGHQ +RO]HV ,FK ZUGH DP +DOV DP +DDU DQ GHQ $UPHQ JHSDFNW XQG QLHGHUJHKDOWHQ (V ZDU XQEHVFKUHLEOLFK JUDXHQKDIW LP 'XQNHO DOO GLHVH ZHLFKHQ *HVFK|SIH DXI PLFK JHKlXIW ]X IKOHQ ,FK KDWWH GLH (PSÀQGXQJ DOV VHL LFK LQ HLQHP XQJHKHXUHQ 6SLQQHQQHW] ,FK ZXUGH EHUZlOWLJW XQG VDQN ]XVDPPHQ ,FK IKOWH NOHLQH =lKQH DQ PHLQHP1DFNHQQDJHQ,FKZlO]WHPLFKKHUXPXQG GDEHL VWLH PHLQH +DQG JHJHQ PHLQHQ (LVHQKHEHO 'DV JDE PLU .UDIW ,FK DUEHLWHWH PLFK LQ GLH +|KH VFKWWHOWH GLH PHQVFKOLFKHQ 5DWWHQ YRQ PLU DE IDWHGLH6WDQJHNXU]XQGVFKOXJGDKLQZRLFKHWZD LKUH *HVLFKWHU YHUPXWHWH ,FK NRQQWH XQWHU PHLQHQ 6FKOlJHQGHQVDIWLJHQ6WRDXI)OHLVFKXQG.QRFKHQ IKOHQXQGHLQHQ0RPHQWZDULFKIUHL'DVVHOWVDPH 7ULXPSKJHIKOGDVZRKOKDUWHQ.DPSI]XEHJOHLWHQ VFKLHQEHUNDPPLFK,FKZXWHGDVRZRKOLFKZLH :HHQDYHUORUHQZDUDEHULFKZDUHQWVFKORVVHQGLH 0RUORFNHQIULKU)OHLVFK]DKOHQ]XODVVHQ,FKVWDQG PLWGHP5FNHQJHJHQHLQHQ%DXPXQGVFKZDQJGLH (LVHQNHXOHXPPLFK'HUJDQ]H:DOGZDUYRQLKUHP 5HQQHQXQG6FKUHLHQOHEHQGLJ(LQH0LQXWHYHUJLQJ
+*:HOOV'LH=HLWPDFKLQH
,KUH 6WLPPHQ VFKLHQHQ VLFK ]X JU|HUHU (UUHJXQJ ]XVWHLJHUQXQGLKUH%HZHJXQJHQZXUGHQUDVFKHU $EHU NHLQHU NDP LQ PHLQHQ %HUHLFK ,FK VWDQG XQG VWDUUWH LQV 6FKZDU]H 'DQQ SO|W]OLFK NDP GLH +RIIQXQJ :LH ZHQQ GLH 0RUORFNHQ $QJVW KDWWHQ" 8QGGHPHQJDXIGHQ)HUVHQNDPHWZDV6HOWVDPHV 'DV 'XQNHO VFKLHQ OHXFKWHQG ]X ZHUGHQ *DQ] VFKZDFK EHJDQQ LFK GLH 0RUORFNHQ XP PLFK ]X VHKHQ²GUHLODJHQPLU]HUVFKPHWWHUW]X)HQ²XQG GDQQ HUNDQQWH LFK PLW XQJOlXELJHU hEHUUDVFKXQJ GD GLH DQGHUHQ LQ HLQHP XQDXIK|UOLFKHQ 6WURP VR VFKLHQ HV YRQ KLQWHU PLU XQG IRUW GXUFK GHQ :DOG YRU PLU OLHIHQ 8QG LKUH 5FNHQ ZDUHQ QLFKW PHKU ZHL VRQGHUQ U|WOLFK $OV LFK QRFK VWDXQHQG GDVWDQG VDK LFK HLQHQ NOHLQHQ URWHQ )OHFN EHU HLQH/FNHGHV6WHUQHQOLFKWV]ZLVFKHQGHQ=ZHLJHQ ÁLHJHQXQGYHUVFKZLQGHQ8QGGDYHUVWDQGLFKGHQ *HUXFKEUHQQHQGHQ+RO]HVGDVVFKOlIULJH0XUPHOQ GDV MHW]W LQ HLQHP VWUPLVFKHQ %UOOHQ DQZXFKV GHQURWHQ6FKHLQXQGGLH)OXFKWGHU0RUORFNHQ,FK WUDWKLQWHUPHLQHP%DXPKHUYRUXQGEOLFNWH]XUFN XQG VDK GXUFK GLH VFKZDU]HQ 3IHLOHU GHU QlKHUHQ %lXPH GLH )ODPPHQ GHV EUHQQHQGHQ :DOGHV (V ZDU PHLQ HUVWHV )HXHU GDV PLU QDFKNDP 'D VFKDXWH LFK QDFK :HHQD DXV DEHU VLH ZDU IRUW 'DV=LVFKHQXQG3UDVVHOQKLQWHUPLUGHUH[SORVLYH 6FKDOOZHQQZLHGHUHLQ%DXPLQ)ODPPHQDXVEUDFK ² GDV OLH PLU ZHQLJ =HLW ]XP EHUOHJHQ 0HLQH (LVHQNHXOH QRFK JHIDW IROJWH LFK GHQ 0RUORFNHQ
+*:HOOV'LH=HLWPDFKLQH
(V ZDU HLQ VFKDUIHV 5HQQHQ (LQPDO VFKOLFKHQ GLH )ODPPHQ ZlKUHQG PHLQHV /DXIV UHFKWV YRQ PLU VR VFKQHOOYRUZlUWVGDLFKEHUKROWZXUGHXQGQDFK OLQNV DEELHJHQ PXWH $EHU VFKOLHOLFK WDXFKWH LFK DXI HLQHU NOHLQHQ RIIHQHQ )OlFKH DXI XQG LQ GHP 0RPHQW VWROSHUWH HLQ 0RUORFNH JHJHQ PLFK XQG DQ PLUYRUEHLXQGJHUDGHVZHJVLQV)HXHU 8QG MHW]W VROOWH LFK GDV JHVSHQVWLVFKVWH XQG JUDXHQKDIWHVWH 6FKDXVSLHO HUOHEHQ JODXEH LFK YRQ DOOHP ZDV LFK LQ GHU =XNXQIW JHVHKHQ KHEH 'LHVH JDQ]H )OlFKH ZDU YRP )HXHUVFKHLQ VR KHOO ZLH GHU 7DJ,P=HQWUXPEHIDQGVLFKHLQNOHLQHU+JHOGHQ HLQ YHUVHQJWHU +DJHGRUQ EHUUDJWH 'DKLQWHU ODJ ZLHGHU HLQ $UP GHV EUHQQHQGHQ :DOGHV DXV GHP VFKRQ JHOEH =XQJHQ KHUYRU]QJHOWHQ XQG GHU GLH )OlFKH JDQ] PLW HLQHP )HXHU]DXQ XPVFKOR $XI GHP +JHOKDQJ ZDUHQ HLQLJH GUHLLJ RGHU YLHU]LJ 0RUORFNHQ GLH YRP /LFKW XQG GHU +LW]H JHEOHQGHW ZDUHQXQGLQLKUHU9HUZLUUXQJKLHUKLQXQGGRUWKLQ JHJHQHLQDQGHU VWROSHUWHQ =XHUVW ZDU PLU LKUH %OLQGKHLWQLFKWNODUXQGLFKVFKOXJLQZDKQVLQQLJHU $QJVWPLWPHLQHU(LVHQNHXOHZWHQGDXIVLHHLQDOV VLH PLU QDKH NDPHQ XQG W|WHWH XQG YHUNUSSHOWH QRFK PHKUHUH $OV LFK GLH *HVWHQ YRQ HLQHP VDK GHU XQWHU GHP +DJHGRUQ JHJHQ GHQ URWHQ +LPPHO WDVWHWH XQG DOV LFK LKU6W|KQHQ K|UWH ZDU LFK YRQ LKUHU DEVROXWHQ +LOÁRVLJNHLW XQG LKUHP (OHQG LP /LFKW EHU]HXJW XQG LFK VFKOXJ QLFKW PHKU QDFK LKQHQ
+*:HOOV'LH=HLWPDFKLQH
'RFK DE XQG ]X NDP HLQHU JHUDGH DXI PLFK ORV XQGGDVHQWIHVVHOWHHLQEHEHQGHV*UDXHQVRGDLFK LKP VFKQHOO DXVZLFK (LQPDO VWDUEHQ GLH )ODPPHQ HLQ ZHQLJ QLHGHU XQG LFK IUFKWHWH VFKRQ GLH HNHOKDIWHQ *HVFK|SIH ZUGHQ PLFK DOVEDOG ZLHGHU VHKHQ N|QQHQ ,FK GDFKWH VRJDU GDUDQ VHOEHU GHQ .DPSI ]X EHJLQQHQ XQG HLQLJH YRQ LKQHQ ]X W|WHQ HKH GDV JHVFKHKHQ ZUGH DEHU GDV )HXHU EUDFK ZLHGHU KHOO DXV XQG LFK KLHOW PHLQH +DQG ]XUFN ,FK JLQJ XQWHU LKQHQ DXI GHP +JHO XPKHU LQGHP LFKLKQHQDXVZLFKXQGVXFKWHQDFKHLQHU6SXUYRQ :HHQD$EHU:HHQDZDUIRUW 6FKOLHOLFK VHW]WH LFK PLFK DXI GHQ *LSIHO GHV +JHOV XQG EHREDFKWHWH GLHVH XQKHLPOLFKH XQJODXEOLFKH *HVHOOVFKDIW YRQ EOLQGHQ :HVHQ GLH VLFK KLQ XQG KHU WDVWHWHQ XQG VLFK IUHPGDUWLJH *HUlXVFKH PDFKWHQ ZHQQ GHU )HXHUJODQ] VLH WUDI 'LH ZLUEHOQGH 5DXFKVlXOH VWU|PWH EHU GHQ +LPPHOXQG GXUFK GLHVHOWHQHQ 5LVVHGLHVHV URWHQ %DOGDFKLQVVFKLHQHQIHUQDOVJHK|UWHQVLH]XHLQHP DQGHUHQ :HOWDOO GLH NOHLQHQ 6WHUQH =ZHL RGHU GUHL 0RUORFNHQVWROSHUWHQEHUPLFKXQGLFKYHUWULHEVLH PLW)DXVWVFKOlJHQZREHLLFK]LWWHUWH 'HQ JU|WHQ 7HLO GHU 1DFKW ZDU LFK EHU]HXJW GD HV HLQ $OS ZDU ,FK EL PLFK XQG VFKULH LQ GHP OHLGHQVFKDIWOLFKHQ :XQVFK ]X HUZDFKHQ ,FK VFKOXJ GHQ %RGHQ PLW GHQ +lQGHQ XQG VWDQG DXI XQG VHW]WH PLFK QLHGHU LFK ZDQGHUWH KLQ XQG KHU
+*:HOOV'LH=HLWPDFKLQH
XQGVHW]WHPLFKZLHGHU'DQQULHELFKPLUGLH$XJHQ XQG ULHI *RWW DQ HU VROOH PLFK HUZDFKHQ ODVVHQ 'UHLPDOVDKLFKZLH0RUORFNHQLQHLQHU$UW.UDPSI GHQ .RSI VHQNWHQ XQG LQ GLH )ODPPHQ VWU]WHQ $EHU VFKOLHOLFK VWLHJ EHU GHP VLQNHQGHU 5RW GHV )HXHUV EHU GHQ VWU|PHQGHQ 0DVVHQ VFKZDU]HQ 5DXFKHV GHQ EOHLFKHQGHQ XQG YHUNRKOHQGHQ %DXPVWPSIHQXQGGHQJHULQJHUZHUGHQGHQ=DKOHQ GLHVHUXQGHXWOLFKHQ *HVFK|SIH GDVZHLH /LFKWGHV 7DJHVKHUDXI,FKVXFKWHQRFKHLQPDOQDFK6SXUHQ YRQ :HHQD DEHU LFK IDQG QLFKWV (V ZDU NODU VLH KDWWHQ LKUHQ DUPHQ NOHLQHQ /HLFKQDP LP :DOGH JHODVVHQ ,FK NDQQ QLFKW VFKLOGHUQ ZLH HV PLFK HUOHLFKWHUWH GD VLH GHP IXUFKWEDUHQ 6FKLFNVDO HQWJDQJHQZDUGHPPDQVLHEHVWLPPWKDWWH:HQQ LFK GDUDQ GDFKWH VR WULHE HV PLFK IDVW XQWHU GHP KLOÁRVHQ*HVLQGHOXPPLFKHLQ%OXWEDGDQ]XULFKWHQ $EHULFKEH]ZDQJPLFK'HU+JHOZDUZLHJHVDJW HLQH $UW ,QVHO LP :DOG 9RQ VHLQHP *LSIHO DXV NRQQWHLFKMHW]WGXUFKGHQ5DXFKGXQVWGHQJUQHQ 3RU]HOODQSDODVW HUNHQQHQ XQG GDQDFK NRQQWH LFK PHLQH5LFKWXQJ]XUZHLHQ6SKLQ[EHVWLPPHQ8QG VROLHLFKGLH5HVWHGLHVHUYHUGDPPWHQ6HHOHQKLHU XQGGRUWKLQUHQQHQXQGVW|KQHQDOVGHU7DJKHOOHU ZXUGH EDQG PLU HLQ ZHQLJ *UDV XP GLH )H XQG KLQNWH EHU UDXFKHQGH $VFKH DQ GHQ VFKZDU]HQ 6WlPPHQ YRUEHL GLH LQQHUOLFK QRFK YRP )HXHU JOLPPWHQDXIGDV9HUVWHFNGHU=HLWPDVFKLQHORV,FK JLQJODQJVDPGHQQLFKZDUIDVWHUVFK|SIWXQGODKP
+*:HOOV'LH=HLWPDFKLQH
XQGLFKHPSIDQGGHQLQWHQVLYVWHQ6FKPHU]EHUGHQ IXUFKWEDUHQ 7RG GHU NOHLQHQ :HHQD (V VFKLHQ HLQ EHUZlOWLJHQGHV8QKHLO-HW]WKLHULQGLHVHPDOWHQ YHUWUDXWHQ =LPPHU LVW HV PHKU ZLH GHU 6FKPHU] HLQHV 7UDXPHV DOV ZLH HLQ ZLUNOLFKHU 9HUOXVW $EHU MHQHQ0RUJHQZDULFKGDGXUFKZLHGHUDEVROXWDOOHLQ ²IXUFKWEDUDOOHLQ,FKEHJDQQDQGLHVHVPHLQ+DXV ]X GHQNHQ DQ GLHVHQ .DPLQ DQ HLQLJH YRQ ,KQHQ XQGPLWVROFKHQ*HGDQNHQNDPHLQH6HKQVXFKWGLH PLUZHKWDW $EHU DOV LFK XQWHU GHP KHOOHQ 0RUJHQKLPPHO EHU GLH UDXFKHQGH $VFKH JLQJ PDFKWH LFK HLQH (QWGHFNXQJ ,Q PHLQHU +RVHQWDVFKH ZDUHQ QRFK HLQ SDDU ORVH 6WUHLFKK|O]HU 'LH 6FKDFKWHO PXWH DXIJHJDQJHQVHLQHKHVLHYHUORUHQJLQJ
+*:HOOV'LH=HLWPDFKLQH
'LH)DOOHGHUZHLHQ6SKLQ[
*
HJHQ DFKW RGHU QHXQ 8KU PRUJHQV NDP LFK ]XGHP6LW]DXVJHOEHP0HWDOOYRQGHPDXV LFKDP $EHQG PHLQHU$QNXQIWGLH :HOWEHUVFKDXW KDWWH ,FK GDFKWH DQ PHLQH EHUHLOWHQ 6FKOVVH DQ MHQHP $EHQG XQG NRQQWH PLFK QLFKW HQWKDOWHQ EHU PHLQH =XYHUVLFKW ELWWHU ]X ODFKHQ +LHU ZDU GLHVHOEH ZXQGHUYROOH 6]HQH GDVVHOEH UHLFKH /DXE ZDUHQGLHVHOEHQJOlQ]HQGHQ3DOlVWHXQGJURDUWLJHQ 5XLQHQ GHUVHOEH 6LOEHUVWURP UDQQ ]ZLVFKHQ VHLQHQ IUXFKWEDUHQ 8IHUQ 'LH EXQWHQ *HZlQGHU GHU VFK|QHQ /HXWH EHZHJWHQ VLFK ]ZLVFKHQ GHQ %lXPHQ KLHUKLQ XQG GRUWKLQ (LQLJH EDGHWHQ JHQDX DQ GHU 6WHOOH ZR LFK :HHQD JHUHWWHW KDWWH XQGGDV JDE PLUSO|W]OLFKHLQHQ VFKDUIHQ 6WLFKGHV 6FKPHU]HV 8QG ZLH )OHFNHQ DXI GHU /DQGVFKDIW HUKREHQ VLFK GLH .XSSHOQ EHU GHQ :HJHQ ]XU 8QWHUZHOW ,FK YHUVWDQG MHW]W ZDV DOO GLH 6FK|QKHLW GHV 2EHUZHOWYRONHV EHGHFNWH 6HKU KHLWHU ZDU LKU 7DJ KHLWHU ZLH GHU 7DJ GHV 5LQGHV DXI GHP )HOGH :LH GDV 5LQG ZXWHQ VLH YRQ NHLQHQ )HLQGHQ XQG VRUJWHQVLH JHJHQNHLQH 1RW8QG LKU(QGH ZDUGDV
+*:HOOV'LH=HLWPDFKLQH
JOHLFKH,FKGDFKWHPLW6FKPHU]GDUDQZLHNXU]GHU 7UDXP GHV PHQVFKOLFKHQ ,QWHOOHNWV JHZHVHQ ZDU (U KDWWH 6HOEVWPRUG EHJDQJHQ (U KDWWH XQEHLUUW QDFK %HKDJHQ XQG 5XKH JHVWUHEW QDFK HLQHU DXVJHJOLFKHQHQ *HVHOOVFKDIW PLW 6LFKHUKHLW XQG 'DWLHUDOV3DUROHHUKDWWHVHLQH+RIIQXQJHQHUUHLFKW ²XPVFKOLHOLFKKLHU]X]XNRPPHQ'DV/HEHQXQG (LJHQWXP PXWHQ HLQPDO IDVW DEVROXWH 6LFKHUKHLW HUUHLFKW KDEHQ 'HU 5HLFKH ZDU VHLQHV 5HLFKWXPV XQG %HKDJHQV VLFKHU JHZHVHQ GHU $UEHLWHU VHLQHV /HEHQVXQGVHLQHU$UEHLW2KQH=ZHLIHOZDULQMHQHU YROONRPPHQHQ :HOW NHLQ 3UREOHP GHU $UEHLWVORVHQ NHLQH VR]LDOH )UDJH XQJHO|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lFKH JHVXQNHQ XQG GLH 8QWHUZHOW ]XU UHLQ PHFKDQLVFKHQ ,QGXVWULH $EHU MHQHP YROONRPPHQHQ =XVWDQG KDWWH HV VHOEVW
+*:HOOV'LH=HLWPDFKLQH
²]XUEORPHFKDQLVFKHQ9ROONRPPHQKHLWDQHLQHP JHIHKOW ² DQ DEVROXWHU 'DXHU 2IIHQEDU ZDU LP /DXIHGHU=HLWGLH(UQlKUXQJGHU8QWHUZHOWZLHVLH DXFK JHVFKHKHQ VHLQ PDJ JHVW|UW ZRUGHQ 0XWWHU 1RW GLH DXI HLQ SDDU WDXVHQG -DKUH DEJHZHKUW JHZHVHQ ZDU NDP ZLHGHU XQG VLH EHJDQQ XQWHQ 'LH 8QWHUZHOW ZDU PLW 0DVFKLQHQ LQ .RQWDNW JHEOLHEHQXQGVRYROONRPPHQGLHDXFKVHLQP|JHQ VR HUIRUGHUQ VLH GRFK DXHU GHU *HZRKQKHLW QRFK HLQ ZHQLJ 'HQNHQ XQG VR KDWWHQ GLH 8QWHUZHOWOHU QRWZHQGLJHUZHLVH PHKU ,QLWLDWLYH EHZDKUW DOV GLH 2EHUZHOWOHU ZHQQ DXFK ZHQLJHU YRQ MHGHU DQGHUHQ PHQVFKOLFKHQ (LJHQVFKDIW 8QG DOV LKQHQ DQGHUHV )OHLVFK DXVJLQJ ZDQGWHQ VLH VLFK ]X GHP ZDV GLH DOWH 6LWWH ELVODQJ YHUERWHQ KDWWH 6R VDJWH LFK VDK LFK HV EHL PHLQHP OHW]WHQ hEHUEOLFN EHU GLH :HOW YRQ DFKWKXQGHUW]ZHLWDXVHQGVLHEHQKXQGHUWXQG HLQV(VPDJHLQHVRIDOVFKH(UNOlUXQJVHLQZLHVLH PHQVFKOLFKHU:LW]QXUHUÀQGHQNDQQ6RZXFKVGLH 6DFKH YRU PLU DXI XQG IU PHKU JHEH LFK HV QLFKW DXV 1DFK GHQ $QVWUHQJXQJHQ $XIUHJXQJHQ XQG bQJVWHQ GHU YHUJDQJHQHQ 7DJH XQG WURW] PHLQHV 6FKPHU]HV ZDUHQ GLHVHU 6LW] XQG GHU UXKLJH $XVEOLFN XQG GDV ZDUPH 6RQQHQOLFKW HWZDV VHKU $QJHQHKPHV ,FK ZDU VHKU PGH XQG VFKOlIULJ XQG EDOG JLQJ PHLQ 7KHRUHWLVLHUHQLP 6FKOXPPHUQ XQWHU$OVLFKPLFKGDEHLHUWDSSWHQDKPLFKPHLQHQ
+*:HOOV'LH=HLWPDFKLQH
HLJHQHQ :LQN DQ VWUHFNWH PLFK LP *UDVH DXV XQG JHQRHLQHQODQJHQXQGHUIULVFKHQGHQ6FKODI ,FK HUZDFKWH NXU] YRU 6RQQHQXQWHUJDQJ -HW]W IKOWHLFKPLFKVLFKHUGDYRUGDPLFKGLH0RUORFNHQ LP6FKODIEHUUDVFKWHQXQGLQGHPLFKPLFKUHFNWH VWLHJ LFK GHQ +JHO ]XU ZHLHQ 6SKLQ[ KLQXQWHU ,FK KDWWH PHLQ %UHFKHLVHQ LQ GHU HLQHQ +DQG XQG GLH DQGHUH VSLHOWH PLW GHQ =QGK|O]HUQ LQ PHLQHU 7DVFKH 8QGMHW]WNDPHWZDVK|FKVW8QHUZDUWHWHV$OVLFK PLFKGHP3LHGHVWDOGHUZHLHQ6SKLQ[QlKHUWHIDQG LFK GLH %URQ]HWUHQ RIIHQ 6LH ZDUHQ LQ GHQ %RGHQ YHUVHQNW 'D EOLHE LFK NXU] YRU LKQHQ VWHKHQ XQG ]|JHUWH HLQ]XWUHWHQ 'ULQQHQ ZDU HLQ NOHLQHV =LPPHU XQG DXI HLQHP HUK|KWHQ3ODW]LP:LQNHOVWDQGGLH=HLWPDVFKLQH'LH NOHLQHQ+HEHOKDWWHLFKLQGHU7DVFKH+LHUIDQGLFK DOVR QDFK DOO PHLQHQ VRUJIlOWLJVWHQ 9RUEHUHLWXQJHQ ]XP 6WXUP DXI GLH ZHLH 6SKLQ[ HLQH GHPWLJH hEHUJDEH ,FK ZDUI PHLQH (LVHQVWDQJH IRUW HV WDW PLUIDVWOHLGGDLFKVLHQLFKWEUDXFKWH 0LU NDP HLQ SO|W]OLFKHU *HGDQNH DOV LFK PLFK ]XP (LQJDQJ EFNWH (QGOLFK EHJULII LFK GRFK HLQPDOGLHJHLVWLJHQ2SHUDWLRQHQGHU0RUORFNHQ,FK XQWHUGUFNWHHLQHVWDUNH1HLJXQJ]XODFKHQXQGWUDW GXUFKGHQ%URQ]HUDKPHQ]XU0DVFKLQHHLQ,FKIDQG
+*:HOOV'LH=HLWPDFKLQH
]XPHLQHUhEHUUDVFKXQJGDVLHVRUJIlOWLJJH|OWXQG JHVlXEHUWZDU,FKKDEHPLUVHLWKHUJHGDFKWGDGLH 0RUORFNHQVLHVRJDUWHLOZHLVHDXVHLQDQGHUJHQRPPHQ KDWWHQ XP DXI LKUH GXQNOH $UW GHQ =ZHFN GHU 0DVFKLQH]XHUIDVVHQ 8QG DOV LFK GDVWDQG XQG VLH SUIWH XQG PLFK DQ GHPEORHQ$XVVHKHQGHU(UÀQGXQJIUHXWHJHVFKDK ZDV LFK HUZDUWHW KDWWH 'LH EURQ]HQHQ 3DQHHOH JOLWWHQSO|W]OLFKLQGLH+|KHXQGVFKOXJHQVFKDOOHQG LQ GLH 5DKPHQ ,FK ZDU LP 'XQNHO ² JHIDQJHQ 6R GDFKWHQ GLH 0RUORFNHQ ,FK NLFKHUWH OXVWLJ EHL GHP *HGDQNHQ 6FKRQNRQQWHLFKPXUPHOQGHV/DFKHQK|UHQDOV VLHDXIPLFK]XNDPHQ6HKUUXKLJYHUVXFKWHLFKGDV 6WUHLFKKRO]DQ]X]QGHQ,FKEUDXFKWHQXUGLH+HEHO DQ]XVHW]HQXQGNRQQWHZLHHLQ*HLVWYHUVFKZLQGHQ $EHU LFK KDWWH HLQH .OHLQLJNHLW EHUVHKHQ 'LH =QGK|O]HU ZDUHQ YRQ GHU DEVFKHXOLFKHQ $UW GLH PDQQXUDXIGHU6FKDFKWHOHQW]QGHQNRQQWH 6LHN|QQHQVLFKYRUVWHOOHQZLHPHLQHJDQ]H5XKH YHUVFKZDQG 'LH NOHLQHQ %HVWLHQ ZDUHQ GLFKW EHU PLU(LQHEHUKUWHPLFK,FKVFKOXJLP'XQNHOPLW GHQ +HEHOQ QDFK LKQHQ XQG EHJDQQ LQ GHQ 6DWWHO GHU0DVFKLQH]XNOHWWHUQ'DQQOHJWHVLFKHLQH+DQG DXI PLFK XQG GDQQ QRFK HLQH 'DQQ PXWH LFK HLQIDFK JHJHQ LKUH )LQJHU NlPSIHQ GLH EHKDUUOLFK DQGHQ+HEHOQ]RJHQXQG]XJOHLFKPXWHLFKQDFK GHQ6FKUDXEHQWDVWHQEHUGLHVLHVFKORVVHQ(LQHQ
+*:HOOV'LH=HLWPDFKLQH
HQWULVVHQ VLH PLU HLQPDO IDVW $OV HU PLU DXV GHU +DQGUXWVFKWHPXWHLFKLP'XQNHOQPLWGHP.RSI XPKHUVFKODJHQ²LFKNRQQWHGHQ0RUORFNHQVFKlGHO GU|KQHQ K|UHQ ² XP LKQ ZLHGHU]XEHNRPPHQ ,FK NDP EHL GLHVHP OHW]WHQ +DQGJHPHQJH JODXEH LFK PLW JHQDXHUHU 1RW GDYRQ DOV EHL GHP .DPSI LP :DOGH $EHU HQGOLFK VD GHU +HEHO XQG LFK GUFNWH LKQ KLQEHU 'LH KDIWHQGHQ +lQGH JOLWWHQ YRQ PLU 'DV 'XQNHO ÀHO PLU YRQ GHQ $XJHQ ,FK VDK PLFK LQ GHPVHOEHQ JUDXHQ /LFKW XQG 7XPXOW ZLH LFK VLH VFKRQJHVFKLOGHUWKDEH
+*:HOOV'LH=HLWPDFKLQH
'LHZHLWHUH9LVLRQ
,
FK KDEH ,KQHQ VFKRQ YRQ GHU hEHONHLW XQG GHU 9HUZLUUXQJHU]lKOWGLHGDV=HLWUHLVHQEHJOHLWHQ 8QG GLHVPDO VD LFK QLFKW RUGHQWOLFK LP 6DWWHO VRQGHUQ VHLWZlUWV XQG LQ XQVLFKHUHU +DOWXQJ (LQH XQEHVWLPPWH =HLWODQJ NODPPHUWH LFK PLFK DQ GLH YLEULHUHQGH XQG VFKZDQNHQGH 0DVFKLQH RKQH GDUDXI]XDFKWHQZRKLQLFKJLQJXQGDOVLFKPLFK EHUZDQG XQG DXI GLH =LIIHUEOlWWHU EOLFNWH VDK LFK PLW (QWVHW]HQ ZRKLQ LFK JHNRPPHQ ZDU (LQ =LIIHUEODWWYHU]HLFKQHW7DJHHLQ]ZHLWHVWDXVHQG7DJH HLQ GULWWHV PLOOLRQHQ 7DJH XQG HLQ OHW]WHV WDXVHQG PLOOLRQHQ 7DJH 1XQ KDWWH LFK GLH +HEHO VWDWW VLH XP]XNHKUHQVRKLQEHUJHVWRHQGDLFKYRUZlUWV JLQJ XQG DOV LFK DXI GLH =HLJHU VDK IDQG LFK GD GLH 7DXVHQGHUKDQG VR VFKQHOO KHUXPVFKZDQJ ZLH GHU6HNXQGHQ]HLJHUHLQHU7DVFKHQXKU²XQG]ZDULQ GLH=XNXQIW $OV LFK ZHLWHUIXKU NURFK HLQH VRQGHUEDUH 9HUlQGHUXQJ EHU GHQ $XVGUXFN GHU 'LQJH 'DV SRFKHQGH *UDX ZXUGH GXQNOHU GDQQ NHKUWH ²REJOHLFKLFKQRFKPLWIDEHOKDIWHU*HVFKZLQGLJNHLW
+*:HOOV'LH=HLWPDFKLQH
IXKU²GLHEOLQ]HOQGH)ROJHYRQ7DJXQG1DFKW]XUFN GLH VRQVW DXI JHULQJHUH *HVFKZLQGLJNHLW GHXWHWH XQGVLHZXUGHLPPHUDXVJHVSURFKHQHU'DVPDFKWH PLUHUVWVHKUYLHO]XVFKDIIHQ'HU:HFKVHOYRQ7DJ XQG1DFKWZXUGHLPPHUODQJVDPHUXQGHEHQVRGHU :HJGHU6RQQHEHUGHQ+LPPHOVFKOLHOLFKVFKLHQ VLFK EHLGHV GXUFK -DKUKXQGHUWH ]X HUVWUHFNHQ =XOHW]WEUWHWHHLQVWHWLJHV=ZLHOLFKWEHUGHU(UGH HLQ QXU KLQ XQG ZLHGHU YRQ HLQHP .RPHWHQ GHU EHU GHQ GXQNOHQ +LPPHO VFKR XQWHUEURFKHQHV =ZLHOLFKW 'HU /LFKWUHLI GHU GLH 6RQQH DQJHGHXWHW KDWWH ZDU OlQJVW YHUVFKZXQGHQ GHQQ GLH 6RQQH JLQJQLFKWPHKUXQWHU ²VLHVWLHJXQG ÀHO QXUQRFK LP :HVWHQ XQG ZXUGH LPPHU EUHLWHU XQG U|WHU -HGH 6SXU GHV 0RQGHV ZDU YHUVFKZXQGHQ 'DV .UHLVHQ GHU 6WHUQH ZXUGH LPPHU ODQJVDPHU VLH ZDUHQ NULHFKHQGH /LFKWSXQNWH JHZRUGHQ =XOHW]W ² NXU] HKH LFK KDOW PDFKWH ² EOLHE GLH 6RQQH URW XQG VHKU JUR EHZHJXQJVORV DP +RUL]RQWH VWHKHQHLQHULHVLJH:|OEXQJGLHHLQHGXPSIH+LW]H DXVVWUDKOWH XQG KLQ XQG ZLHGHU VRJDU PRPHQWDQ YHUORVFK(LQPDOKDWWHVLHHLQHNXU]H=HLWKLQGXUFK ZLHGHU JOlQ]HQGHU JHEOKW DEHU EDOG NHKUWH VLH LQ LKUH ÀQVWHUH 5RWJOXW ]XUFN ,FK PHUNWH DQ GLHVHU 9HUODQJVDPXQJ LKUHV 6WHLJHQV XQG 6LQNHQV GD GLH$UEHLWGHV)OXW]LHKHQVJHWDQZDUGLH(UGHUXKWH QXQPLWGHUHLQHQ6HLWH]XU6RQQHVRZLHLQXQVHUHU =HLWGHU0RQG$LU(UGHVWHKW6HKUYRUVLFKWLJGHQQ LFK GDFKWH DQ PHLQHQ HUVWHQ MlKHQ 6WXU] EHJDQQ
+*:HOOV'LH=HLWPDFKLQH
LFKPHLQH%HZHJXQJXP]XNHKUHQ,PPHUODQJVDPHU JLQJHQGLHNUHLVHQGHQ=HLJHUELVGLH7DXVHQGHUKDQG VWLOO ]X VWHKHQ VFKLHQ XQG GHU 7DJHV]HLJHU QLFKW PHKUHLQEORHU1HEHODXIGHP=LIIHUEODWWZDU1RFK ODQJVDPHU ELV GHU XQGHXWOLFKH 8PUL HLQHV |GHQ 6WUDQGHVVLFKWEDUZXUGH ,FK PDFKWH VHKU YRUVLFKWLJ KDOW XQG VDK PLFK DXIGHU=HLWPDVFKLQHVLW]HQGXP'HU+LPPHOZDU QLFKWPHKUEODX1RUG|VWOLFKZDUHUWLQWLJVFKZDU] XQG KHOO XQG VWHWLJ OHXFKWHWHQ DXV GHU 6FKZlU]H GLH EODVVHQ ZHLHQ 6WHUQH =X +lXSWHQ ZDU HU WLHI LQGLDQLVFKURW XQG VWHUQHQORV XQG VG|VWOLFK ZXUGH HU KHOOHU ELV]XP JOKHQGHQ6FKDUODFK ZR YRP +RUL]RQW GXUFKVFKQLWWHQ URW XQG UHJORV GHU ULHVLJH 5XPSI GHU 6RQQH ODJ 'LH )HOVHQ XP PLFK ZDUHQ YRQ KDUWHU U|WOLFKHU )DUEH XQG DOOHV ZDV LFK ]XQlFKVW YRQ 6SXUHQ GHV /HEHQV VDK ZDU GLH LQWHQVLYJUQH9HJHWDWLRQGLHMHGHQYRUVSULQJHQGHQ 3XQNW DXI GHU VG|VWOLFKHQ 6HLWH EHGHFNWH HV ZDU GDVVHOEHUHLFKH *UQ GDV PDQ DP:DOGPRRV RGHU DQ +|KOHQÁHFKWHQ VLHKW DQ 3ÁDQ]HQ GLH ZLH GLHVH LQHZLJHP=ZLHOLFKWZDFKVHQ 'LH0DVFKLQHVWDQGDXIHLQHPKlQJHQGHQ6WUDQGH 'DV0HHUHUVWUHFNWHVLFKZHLWQDFK6GZHVWHQXQG KRE VLFK ]X HLQHP VFKDUIHQ KHOOHQ +RUL]RQW JHJHQ GHQ EODVVHQ +LPPHO ,FK VDK NHLQH %UDQGXQJ XQG NHLQH :HOOHQ GHQQ HV UHJWH VLFK NHLQ :LQGKDXFK 1XUHLQOHLFKWHV|OLJHV6FKZHOOHQVWLHJXQGÀHOZLH
+*:HOOV'LH=HLWPDFKLQH
HLQ VDQIWHV $WPHQ XQG ]HLJWH GD GDV HZLJH 0HHU VLFKQRFKEHZHJWHXQGOHEWH8QGGHQ5DQGHQWODQJ ZRVLFK GDV :DVVHU ELVZHLOHQEUDFK ODJHLQH GLFNH 6DO]LQNUXVWDWLRQ ² URVLJ XQWHU GHP OLFKWIDUEHQHQ +LPPHO ,Q PHLQHP .RSI KDWWH LFK HLQ *HIKO GHV 'UXFNV XQG HV ÀHO PLU DXI GD LFK VHKU VFKQHOO DWPHWH 'LH (PSÀQGXQJ HULQQHUWH PLFK DQ PHLQH HLQ]LJH%HUJEHVWHLJXQJXQGGDUDXVVFKORLFKGD GLH/XIWGQQHUZDUDOV]XXQVHUHU=HLW :HLWGHQ|GHQ+DQJKLQDXIK|UWHLFKHLQHQKDUWHQ 6FKUHLXQGLFKVDKHWZDVZLHHLQHQULHVLJHQZHLHQ 6FKPHWWHUOLQJ VFKUlJ ]XP +LPPHO KLQDXIÁDWWHUQ XQG KLQWHQ NUHLVHQG EHU HLQLJHQ QLHGULJHQ +JHOQ YHUVFKZLQGHQ 'HU .ODQJ GHU 6WLPPH ZDU VR XQKHLPOLFK GD PLU VFKDXGHUWH XQG LFK PLFK IHVWHUDXIGLH0DVFKLQHVHW]WH,FKEOLFNWHPLFKQRFK HLQPDOXPXQGVDKGDJDQ]QDKHWZDVZDVLFKIU HLQU|WOLFKHV )HOVVWFN JHKDOWHQKDWWH ODQJVDP DXI PLFK]XNURFK'DVDKLFKGDHVLQ:LUNOLFKNHLWHLQ PRQVWU|VHVNUHEVDUWLJHV*HVFK|SIZDU.|QQHQ6LH VLFK HLQHQ .UHEV YRUVWHOOHQ VR JUR ZLH GHQ 7LVFK GD GHU VLFK PLW VHLQHQ YLHOHQ %HLQHQ ODQJVDP XQG XQVLFKHUEHZHJWGHVVHQJURH6FKHUHQVFKZDQNHQ GHVVHQ ODQJH )KOHU ZLH )XKUPDQQVSHLWVFKHQ VFKZLQJHQXQGWDVWHQXQGGHVVHQ6WLHODXJHQ6LHDXI EHLGHQ 6HLWHQ VHLQHU PHWDOOLVFKHQ 6WLUQ DQJOKHQ" 'HU5FNHQZDUUXQ]OLJXQGPLWKlOLFKHQ%XFNHOQ YHU]LHUW XQG HLQH JUQOLFKH ,QNUXVWDWLRQ ÁHFNWH LKQ KLHU XQG GD ,FK NRQQWH GLH YLHOHQ 7DVWHU HLQHV
+*:HOOV'LH=HLWPDFKLQH
NRPSOL]LHUWHQ 0XQGHV ÁLPPHUQ XQG IKOHQ VHKHQ DOVHUVLFKEHZHJWH :LH LFK QRFK GLHVH VFKHXOLFKH (UVFKHLQXQJ DQVWDUUWH GLH DXI PLFK ]X NURFK IKOWH LFK HLQ .LW]HOQ DXI GHU %DFNH ZLH ZHQQ VLFK HLQH )OLHJH GRUW JHVHW]W KlWWH ,FK YHUVXFKWH HV PLW GHU +DQG ZHJ]XVWUHLIHQDEHUHVNHKUWHLP1X]XUFNXQGIDVW XQPLWWHOEDU GDUDXI IKOWH LFK HLQ DQGHUHV DP 2KU ,FK VFKOXJ GDQDFK XQG IDWH HWZDV )DGHQDUWLJHV (V ZXUGH PLU VFKQHOO DXV GHU +DQG JH]RJHQ 0LW IXUFKWEDUHP6FKUHFNGUHKWHLFKPLFKXPXQGVDK GDLFKGHQ)KOHUHLQHV]ZHLWHQ.UHEVXQJHKHXHUV JHIDW KDWWH GDV JHUDGH KLQWHU PLU VWDQG 'LH E|VHQ $XJHQ ULQJHOWHQ VLFK DXI GHQ 6WLHOHQ XQG GHU0XQGZDUJDQ]OHEHQGLJYRU$SSHWLWXQGVHLQH JURHQ VFKHXOLFKHQ .ODXHQ GLH PLW $OJHQVFKOHLP EHVFKPLHUWZDUHQVHQNWHQVLFKDXIPLFKKHUDE,P 1X ODJ PHLQH +DQG DXI GHP +HEHO XQG LFK KDWWH IHLQHQ 0RQDW ]ZLVFKHQ PLFK XQG GLHVH 8QJHKHXHU JHOHJW $EHU LFK ZDU QRFK DXI GHPVHOEHQ 6WUDQG XQG LFK VDK VLH LPPHU QRFK GHXWOLFK DOV LFK KDOW PDFKWH'XW]HQGHYRQLKQHQVFKLHQHQKLHUXQGGRUW LQGHPÀQVWHUHQ/LFKWXQWHUGHQEOlWWULJHQ)OlFKHQ LQWHQVLYHQ*UQVKHUXP]XNULHFKHQ ,FK NDQQ GLH (PSÀQGXQJ VFKHXOLFKHU gGH QLFKW VFKLOGHUQ GLH EHU GHU :HOW KLQJ 'HU URWH +LPPHO LP 2VWHQ GLH Q|UGOLFKH 6FKZlU]H GDV WRWH 6DO]PHHU GHU VWHLQLJH 6WUDQG DXI GHP GLHVH
+*:HOOV'LH=HLWPDFKLQH
HNHOKDIWHQ ODQJVDPHQ 8QJHKHXHU NURFKHQ GDV JOHLFKPlLJH *LIWJUQ GHU ÁHFKWHQDUWLJHQ 3ÁDQ]HQ GLH GQQH /XIW GLH GLH /XQJHQ EHGUlQJWH DOO GDV EUDFKWHHLQHVFKDXHUOLFKH:LUNXQJKHUYRU,FKIXKU HWZD KXQGHUW -DKUH ZHLWHU XQG LFK VDK GLHVHOEH URWH 6RQQH ² HLQ ZHQLJ JU|HU HLQ ZHQLJ VWXPSIHU ²GDVVHOEHVWHUEHQGH0HHUGLHVHOEHHLVLJH/XIWXQG GLHVHOEH 6FKDU LUGLVFKHU .UXVWD]HHQ GLH ]ZLVFKHQ GHQJUQHQ3ÁDQ]HQXQGURWHQ)HOVHQHLQXQGDXV NURFKHQ 8QG DP ZHVWOLFKHQ +LPPHO VDK LFK HLQH EODVVH.XUYHZLHHLQHQJHZDOWLJHQQHXHQ0RQG 6R IXKU LFK PLW JHOHJHQWOLFKHQ 8QWHUEUHFKXQJHQ LQJURHQ6FKULWWHQYRQWDXVHQG-DKUHQRGHUPHKU GDYRQ IRUWJH]RJHQ YRP *HKHLPQLV GHV 6FKLFNVDOV GHU (UGH XQG LFK EHREDFKWHWH PLW XQKHLPOLFKHU )DV]LQDWLRQ ZLH GLH 6RQQH DP ZHVWOLFKHQ +LPPHO LPPHUJU|HUXQGVWXPSIHUZXUGHXQGZLHGDV/HEHQ GHUDOWHQ(UGHHEEWH6FKOLHOLFKZDUHV²PHKUDOV GUHLLJ0LOOLRQHQ-DKUHQDFKGHPKHXWLJHQ7DJH²VR ZHLW JHNRPPHQ GD GLH XQJHKHXUH URWJOKHQGH 6RQQH IDVW HLQ =HKQWHO GHV GXQNOHQ +LPPHOV YHUGHFNWH'DPDFKWHLFKQRFKHLQPDOKDOWGHQQGLH NULHFKHQGH0HQJHYRQ.UHEVHQZDUYHUVFKZXQGHQ XQG GHU URWH 6WUDQG VFKLHQ DEJHVHKHQ YRQ VHLQHP IDKOJUQHQ /HEHUNUDXW XQG )OHFKWHQ OHEORV 8QG MHW]W ZDU HU ZHL JHÁHFNW 0LFK EHÀHO HLQH ELWWHUH .lOWH+LQXQGZLHGHUNDPHQVHOWHQHZHLH)ORFNHQ KHUDEJHZLUEHOW1DFK1RUGRVWHQODJGHU6FKQHHJODQ] XQWHUP 6WHUQHQOLFKW GHV GVWHUHQ +LPPHOV XQG
+*:HOOV'LH=HLWPDFKLQH
LFKNRQQWHHLQHQZRJHQGHQ+JHONDPPLQURVLJHP :HL VHKHQ $P 0HHUHVVWUDQG HQWODQJ ODJ HLQ (LVVDXP ZHLWHU GUDXHQ WULHEHQ %O|FNH DEHU GLH +DXSWÁlFKH GHV 6DO]PHHUV GDV XQWHU GHP HZLJHQ 6RQQHQXQWHUJDQJ EOXWLJ OHXFKWHWH ZDU QRFK XQJHIURUHQ ,FKEOLFNWHPLFKXPXP]XVHKHQREQRFK6SXUHQ YRQ WLHULVFKHP /HEHQ EOLHEHQ (LQH XQGHÀQLHUEDUH %HVRUJQLV KLHOW PLFK QRFK LP 6DWWHO GHU 0DVFKLQH IHVW $EHU LFK VDK QLFKWV VLFK EHZHJHQ ZHGHU DP +LPPHO QRFK DXI GHU (UGH 1XU GHU JUQH 6FKOHLP DXI GHQ )HOVHQ ]HXJWH GDIU GD GDV /HEHQ QLFKW HUORVFKHQ ZDU (LQH VHLFKWH 6DQGEDQN ZDU LP 0HHU HUVFKLHQHQ XQG GDV :DVVHU ZDU YRP 6WUDQG JHZLFKHQ ,FK PHLQWH DXI GLHVHU %DQN HLQHQ VFKZDU]HQ *HJHQVWDQG KLQ XQG KHU SOXPSHQ ]X VHKHQ DEHU HU ZXUGH EHZHJXQJVORV DOV LFK LKQ DQVDKXQGLFKVFKORGDUDXVGDPHLQ$XJHVLFK JHWlXVFKW KDWWH XQG GD GHU VFKZDU]H *HJHQVWDQG QXUHLQ)HOVZDU'LH6WHUQHDP+LPPHOOHXFKWHWHQ LQWHQVLYXQGVFKLHQHQPLUVHKUZHQLJ]XEOLQNHQ 3O|W]OLFK EHPHUNWH LFK GD GHU UXQGH ZHVWOLFKH 8PUL GHU 6RQQH YHUlQGHUW ZDU LQ GHU .XUYH ZDU HLQ (LQVFKQLWW HLQH %XFKW HUVFKLHQHQ ,FK VDK VLH JU|HUZHUGHQ9LHOOHLFKWHLQH0LQXWHODQJVWDUUWHLFK HQWVHW]WDXIGLHVH6FKZlU]HGLHYRUGHQ7DJNURFK XQG GDQQ ZXUGH PLU NODU GD HLQH 9HUÀQVWHUXQJ EHJDQQ(QWZHGHUGHU0RQGRGHUGHU3ODQHW0HUNXU
+*:HOOV'LH=HLWPDFKLQH
]RJ YRU GHU 6RQQHQVFKHLEH YRUEHU 1DWUOLFK KLHOW LFK HV ]XQlFKVW IU GHQ 0RQG DEHU MHW]W GUlQJW PLFKYLHOHV]XGHP*ODXEHQGDLFKWDWVlFKOLFKGHQ 'XUFKJDQJHLQHVLQQHUHQ3ODQHWHQVDKGHUGHU(UGH VHKUQDKHYRUEHUJLQJ 'DV 'XQNHO QDKP UDVFK ]X HLQ NDOWHU :LQG EHJDQQ LQ DXIIULVFKHQGHQ 6W|HQ DXV 2VWHQ ]X ZHKHQXQGGLHVFKDXHUQGHQZHLHQ)ORFNHQLQGHU /XIWQDKPHQDQ=DKO]X9RP5DQGHGHV0HHUHVKHU NDP HLQ 3OlWVFKHUQ XQG )OVWHUQ $EJHVHKHQ YRQ GLHVHQ OHEORVHQ/DXWHQ ZDU GLH :HOW VWLOO $OOH 7|QH GHV0HQVFKHQGDV%O|NHQYRQ6FKDIHQGLH5XIHGHU 9|JHO GDV 6XPPHQ GHU ,QVHNWHQ GLH 5HJVDPNHLW GLHGHQ+LQWHUJUXQGGHV/HEHQVELOGHW²DOOGDVZDU YRUEHL $OV GLH 'XQNHOKHLW GLFKWHU ZXUGH ÀHOHQ GLH ZLUEHOQGHQ )ORFNHQ UHLFKOLFKHU XQG VLH WDQ]WHQ PLU YRU GHQ $XJHQ XQG GLH .lOWH GHU /XIW ZXUGH LQWHQVLYHU 6FKOLHOLFK YHUVFKZDQGHQ GLH ZHLHQ 6SLW]HQ GHU IHUQHQ +JHO HLQH QDFK GHU DQGHUQ LQV 6FKZDU]H'LH%ULVHHUKREVLFK]XHLQHPVW|KQHQGHQ :LQG ,FK VDK GHQ VFKZDU]HQ =HQWUDOVFKDWWHQ GHU 9HUÀQVWHUXQJ DXI PLFK ]X IHJHQ ,P QlFKVWHQ 0RPHQW ZDUHQ DOOHLQ QRFK GLH EODVVHQ 6WHUQH ]X VHKHQ $OOHV DQGHUH ZDU VWUDKOHQORVHV 'XQNHO 'HU +LPPHOZDUDEVROXWVFKZDU] 0LFK EHUNDP HLQ *UDXHQ YRU GLHVHP JURHQ 'XQNHO 'LH .lOWH GLH PLU LQV 0DUN GUDQJ XQG GHU 6FKPHU] GHQ LFK EHLP $WPHQ HPSIDQG
+*:HOOV'LH=HLWPDFKLQH
EHUZlOWLJWHQPLFK0LUVFKDXGHUWHXQGPLFKHUJULII HLQH W|GOLFKH hEHONHLW 'DQQ HUVFKLHQ DP +LPPHO ZLH HLQ URWJOKHQGHU %RJHQ GHU 6RQQHQUDQG ,FK VWLHJYRQGHU0DVFKLQHDEXPPLFK]XHUKROHQ,FK IKOWHPLFKVFKZLQGHOLJXQGXQIlKLJGLH5FNIDKUW ]X EHJLQQHQ $OV LFK VR NUDQN XQG YHUZLUUW GD VWDQGVDKLFKZLHGHUGDVVLFKEHZHJHQGH'LQJDXI GHU 6DQGEDQN ² MHW]W ZDU NHLQ ,UUWXP P|JOLFK HV EHZHJWH VLFK ² YRU GHP URWHQ :DVVHU GHV 0HHUV (V ZDU HLQ JURHV UXQGHV 'LQJ HWZD YRQ GHU *U|H HLQHV )XEDOOV YLHOOHLFKW DXFK JU|HU XQG )KOHU KLQJHQ YRQ LKP QLHGHU JHJHQ GDV ZRJHQGH EOXWURWH:DVVHUHUVFKLHQHVVFKZDU]XQGHVKSIWH UXFNZHLVHXPKHU'DQQIKOWHLFKGDPLUGLH.UDIW YHUJLQJ$EHUHLQHIXUFKWEDUH$QJVWGDYRUKLOÁRVLQ GHP IHUQHQ XQG HQWVHW]OLFKHQ =ZLHOLFKW OLHJHQ ]X EOHLEHQKDOIPLUDOVLFKLQGHQ6DWWHONOHWWHUWH
+*:HOOV'LH=HLWPDFKLQH
'LH5FNNHKUGHV=HLWUHLVHQGHQ
6
R NHKUWH LFK ]XUFN /DQJH =HLW PX LFK DXI GHU 0DVFKLQH EHZXWORV JHZHVHQ VHLQ 'LH EOLQNHQGH )ROJH GHU 7DJH XQG 1lFKWH EHJDQQ YRQ QHXHP GLH 6RQQH ZXUGH ZLHGHU JROGHQ GHU +LPPHO EODX ,FK DWPHWH PLW JU|WHU )UHLKHLW 'LH VFKZDQNHQGHQ .RQWXUHQ GHV /DQGHV HEEWHQ XQG ÁXWHWHQ 'LH =HLJHU VFKZDQJHQ DXI GHQ =LIIHUEOlWWHUQUFNZlUWV6FKOLHOLFKVDKLFKZLHGHU GLH XQGHXWOLFKHQ 6FKDWWHQ GHU +lXVHU GLH =HXJHQ GHU GHNDGLHUHQGHQ 0HQVFKKHLW 8QG DXFK VLH YHUZDQGHOWHQ VLFK XQG YHUVFKZDQGHQ XQG DQGHUH NDPHQ'DQQDOVGHU0LOOLRQHQ]HLJHUDXI1XOOVWDQG YHUULQJHUWH LFK GLH *HVFKZLQGLJNHLW ,FK EHJDQQ XQVHUH HLJHQH NOHLQH XQG YHUWUDXWH $UFKLWHNWXU ]X HUNHQQHQ GHU 7DXVHQGHU]HLJHU OLHI DXI VHLQHQ $XVJDQJVSXQNW]XUFN7DJXQG1DFKWIROJWHQVLFK LPPHU ODQJVDPHU 'DQQ XPJDEHQ PLFK GLH DOWHQ :lQGHGHV/DERUDWRULXPV6HKUYRUVLFKWLJGLHVPDO YHUODQJVDPWHLFKGHQ0HFKDQLVPXV ,FK VDK HLQH .OHLQLJNHLW GLH PLU VRQGHUEDU VFKLHQ ,FK JODXEH LFK KDEH ,KQHQ JHVDJW DOV LFK
+*:HOOV'LH=HLWPDFKLQH
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²DEHU HUYHUVFKZDQGZLHHLQ%OLW] 'DQQ KLHOW LFK GLH 0DVFKLQH DQ XQG VDK PLFK ZLHGHU LQ GHP DOWHQ YHUWUDXWHQ /DERUDWRULXP XP VDKPHLQH:HUN]HXJHPHLQH*HUlWHJHQDXZLHLFK VLH YHUODVVHQ KDWWH ,FK VWLHJ VHKU ]LWWULJ YRQ GHP 'LQJ DE XQG VHW]WH PLFK DXI PHLQH %DQN 0HKUHUH 0LQXWHQKLQGXUFK]LWWHUWHLFKKHIWLJ'DQQZXUGHLFK UXKLJHU8PPLFKZDUZLHGHUPHLQHDOWH:HUNVWDWW JHQDXZLHVLHJHZHVHQZDU,FKKlWWHGRUWJHVFKODIHQ KDEHQN|QQHQDOOHVKlWWHHLQ7UDXPVHLQN|QQHQ 8QG GRFK ² QLFKW JDQ] 'DV 'LQJ ZDU YRP 6GRVWZLQNHO GHV /DERUDWRULXPV DXIJHEURFKHQ (V ZDU LP 1RUGZHVWHQ JHODQGHW DQ GHU :DQG ZR 6LH HV JHVHKHQ KDEHQ 'DV JLEW ,KQHQ GLH JHQDXH (QWIHUQXQJ PHLQHV NOHLQHQ 5DVHQV YRP 3LHGHVWDO
+*:HOOV'LH=HLWPDFKLQH
GHU 6SKLQ[ ZRKLQ GLH 0RUORFNHQ PHLQH 0DVFKLQH JHVFKOHSSWKDWWHQ (LQH =HLWODQJ EUWHWH PHLQ *HKLUQ 'DQQ VWDQG LFKDXIXQGJLQJGXUFKGHQ*DQJKLHUKHU²KLQNHQG GHQQGLH)HUVHVFKPHU]WHQRFKLFKIKOWHPLFKDUJ VFKPXW]LJ,FKVDKGLH3DOO 0DOO *D]HWWHDXIGHP 7LVFKDQGHU7U,FKIDQGGDV'DWXPZDUZLUNOLFK KHXWH XQG DOV LFK DXI GLH 8KU VDK IDQG LFK GD HV IDVW DFKW 8KU ZDU ,FK K|UWH ,KUH 6WLPPHQ XQG 7HOOHUJHNODSSHU ,FK ]|JHUWH ² LFK IKOWH PLFK VR HOHQGXQGVFKZDFK'DQQURFKLFKJXWHVJHVXQGHV )OHLVFK XQG |IIQHWH GLH 7U ]X LKQHQ 'HQ 5HVW ZLVVHQ 6LH ,FK ZXVFK PLFK D XQG MHW]W HU]lKOH LFK,KQHQGLH*HVFKLFKWH©
+*:HOOV'LH=HLWPDFKLQH
1DFKGHU(U]lKOXQJ
ª,
FK ZHL© VDJWH HU QDFK HLQHU 3DXVH ª,KQHQ ZLUGDOOGDVY|OOLJXQJODXEOLFKHUVFKHLQHQDEHU PLULVWQXUGDVHLQHXQJODXEOLFKGDLFKKHXWDEHQG LQ GLHVHP DOWHQ YHUWUDXWHQ =LPPHU VLW]H ,KQHQ LQ GLHIUHXQGOLFKHQ*HVLFKWHUEOLFNHXQG,KQHQDOOGLHVH VHOWVDPHQ $EHQWHXHU HU]lKOH© (U EOLFNWH GHQ $U]W DQª1HLQ,FKNDQQQLFKWYRQ,KQHQYHUODQJHQGD 6LH HV JODXEHQ 1HKPHQ 6LH·V DOV HLQH /JH ² RGHU DOV HLQH 3URSKH]HLXQJ 6DJHQ 6LH LFK KDEH HV LP /DERUDWRULXPJHWUlXPW'HQNHQ6LHLFKKlWWHEHU GLH *HVFKLFNH XQVHUHV *HVFKOHFKWHV VSHNXOLHUW ELV LFKGLHVH'LFKWXQJDXVJHEUWHWKDEH%HKDQGHOQ6LH PHLQH9HUVLFKHUXQJLKUHU:DKUKHLWDOVHLQHQEORHQ .XQVWJULII XP LKU ,QWHUHVVH ]X HUK|KHQ 8QG DOV *HVFKLFKWHJHQRPPHQZDVKDOWHQ6LHGDYRQ"© (U QDKP VHLQH 3IHLIH XQG EHJDQQ LQ VHLQHU DOWJHZRKQWHQ:HLVHQHUY|VGDPLWDXIGLH5RVWVWDQJHQ ]XNORSIHQ(VWUDWHLQHPRPHQWDQH6WLOOHHLQ'DQQ EHJDQQHQ 6WKOH ]X UFNHQ XQG 6FKXKH DXI GHP 7HSSLFK ]X VFKDUUHQ ,FK QDKP GLH $XJHQ YRP *HVLFKWGHV=HLWUHLVHQGHQXQGEOLFNWHULQJVDXIVHLQ
+*:HOOV'LH=HLWPDFKLQH
$XGLWRULXP 6LH ZDUHQ LP 'XQNHO XQG YRU LKQHQ VFKZDPPHQ NOHLQH )DUEÁHFNH 'HU +HUDXVJHEHU EOLFNWH VFKDUI DXI GDV (QGH VHLQHU =LJDUUH ² GHU VHFKVWHQ 'HU -RXUQDOLVW JULII QDFK VHLQHU 8KU 6RZHLWLFKPLFKHULQQHUHVDHQGLHDQGHUHQUHJORV 'HU +HUDXVJHEHU VWDQG PLW HLQHP 6HXI]HU DXI ª:LHVFKDGHLVWHVGD6LHNHLQ*HVFKLFKWHQHU]lKOHU VLQG©VDJWHHUXQGOHJWHGHP=HLWUHLVHQGHQGLH+DQG DXIGLH6FKXOWHU ª6LHJODXEHQHVQLFKW"© ª1XQ²²© ª,FKGDFKWHHVPLU© 'HU =HLWUHLVHQGH ZDQGWH VLFK ]X XQV ª:R VLQG GLH 6WUHLFKK|O]HU"© VDJWH HU (U ]QGHWH HLQV DQ XQG VSUDFK EODVHQG EHU GLH 3IHLIH ª8P ,KQHQ GLH :DKUKHLW]XVDJHQ«LFKJODXEHHVVHOEHUNDXP8QG GRFK«© 6HLQ $XJH ÀHO PLW VWXPPHU )UDJH DXI GLH ZHONHQ ZHLHQ %OXPHQ DXI GHP 7LVFK 'DQQ GUHKWH HU GLH +DQG LQ GHU HU GLH 3IHLIH KLHOW XQG LFK VDK HU EOLFNWHDXIHLQSDDUKDOEJHKHLOWH1DUEHQDXIVHLQHQ .Q|FKHOQ 'HU $U]W VWDQG DXI WUDW DQ GLH /DPSH XQG XQWHUVXFKWH GLH %OXPHQ ª'DV *\QDH]HXP LVW PHUNZUGLJ© VDJWH HU 'HU 3V\FKRORJH EHXJWH VLFK
+*:HOOV'LH=HLWPDFKLQH
YRUXPEHVVHU]XVHKHQXQGKLHOWGLH+DQGKLQXP HLQH3UREH]XEHNRPPHQ ª,FK OD PLFK KlQJHQ HV LVW YLHUWHO YRU HLQV© VDJWH GHU -RXUQDOLVW ª:LH VROOHQ ZLU QDFK +DXVH NRPPHQ"© ª0HQJH 'URVFKNHQ DP %DKQKRI© VDJWH GHU 3V\FKRORJH ª(VLVWPHUNZUGLJ©VDJWHGHU$U]WªDEHUDXIMHGHQ )DOONHQQHLFKGLH2UGQXQJGHU%OXPHQQLFKW.DQQ LFKVLHKDEHQ"© 'HU =HLWUHLVHQGH ª6LFKHUOLFKQLFKW©
]|JHUWH
'DQQ
SO|W]OLFK
ª:R KDEHQ 6LH VLH HLJHQWOLFK EHNRPPHQ"© VDJWH GHU$U]W 'HU =HLWUHLVHQGH OHJWH GLH +DQG DQ GHQ .RSI (U VSUDFKZLHMHPDQGGHUHLQH,GHHKDEHQZLOOGLHLKP HQWÁLHKW ª:HHQD VWHFNWH VLH PLU LQ GLH 7DVFKH DOV LFKLQGLH=HLWUHLVWH©(UEOLFNWHVLFKLP=LPPHUXP ª,FKODPLFKKlQJHQZHQQQLFKWDOOHVYHUVFKZLQGHW 'LHVHV=LPPHUXQG6LHXQGGLH$OOWDJVDWPRVSKlUH GDVLVW]XYLHOIUPHLQ*HGlFKWQLV+DEHLFKMHHLQH =HLWPDVFKLQH RGHU GDV 0RGHOO HLQHU =HLWPDVFKLQH JHPDFKW" 2GHU LVW DOOHV QXU HLQ 7UDXP" 0DQ VDJW GDV/HEHQLVWHLQ7UDXPHLQ]LHPOLFKMlPPHUOLFKHU 7UDXP ]X =HLWHQ ² DEHU LFK NDQQ NHLQHQ ]ZHLWHQ DXVKDOWHQ GHU QLFKW SDVVHQ ZLOO (V LVW :DKQVLQQ
+*:HOOV'LH=HLWPDFKLQH
8QGZRKHUNDPGHU7UDXP"«,FKPXGLH0DVFKLQH DQVHKHQ:HQQHLQHGDLVW© (U QDKP UDVFK GLH /DPSH KRFK XQG WUXJ VLH URW ÁDFNHUQG DXI GHQ *DQJ KLQDXV :LU IROJWHQ LKP 'RUWLPÁDFNHUQGHQ/LFKWGHU/DPSHVDKHQZLUGLH 0DVFKLQH XQ]ZHLIHOKDIW JHQXJ EUHLW KlOLFK XQG YHUTXHUHLQ'LQJDXV0HVVLQJ(OIHQEHLQ(EHQKRO] XQG GXUFKVLFKWLJ JOLPPHUQGHP 4XDU] )HVW IU GLH %HUKUXQJ ² GHQQ LFK VWUHFNWH GLH +DQG DXV XQG EHIKOWH HLQH 6FKLHQH ² DXI GHP (OIHQEHLQ PLW EUDXQHQ)OHFNHQEHVFKPLHUWDXIGHQXQWHUHQ7HLOHQ PLW *UDV XQG 0RRVIHW]HQ EHKDQJHQ XQG PLW HLQHU YHUERJHQHQ6FKLHQH 'HU=HLWUHLVHQGHVHW]WHGLH/DPSHDXIGLH%DQNXQG OLHI PLW GHU +DQG GLH EHVFKlGLJWH 6FKLHQH HQWODQJ ª(VLVWLQ2UGQXQJMHW]W©VDJWHHUª'LH*HVFKLFKWH GLHLFK,KQHQHU]lKOWKDEHLVWZDKU(VWXWPLUOHLG GDLFK6LHKLHULQGHU.lOWHKHUDXVJHEUDFKWKDEH© (UQDKPGLH/DPSHXQGZLUNHKUWHQLQDEVROXWHP 6FKZHLJHQLQGDV5DXFK]LPPHU]XUFN (U NDP PLW XQV LQ GLH +DOOH XQG KDOI GHP +HUDXVJHEHU LQ GHQ 0DQWHO 'HU $U]W VDK LKP LQV *HVLFKWXQGVDJWHLKPPLWHLQHPJHZLVVHQ=|JHUQ HU OHLGH DQ hEHUDUEHLWXQJ ZRUEHU HU ODXW ODFKWH ,FK HULQQHUH PLFK ZLH HU LQ GHU RIIHQHQ 7U VWDQG XQGXQVJXWH1DFKW]XULHI
+*:HOOV'LH=HLWPDFKLQH
,FKWHLOWHPLWGHP+HUDXVJHEHUHLQH'URVFKNH(U KLHOW GLH (U]lKOXQJ IU HLQH ¿OXVWLJH /JH¾ ,FK IU PHLQ7HLONRQQWH]XNHLQHP6FKOVVHNRPPHQ'LH (U]lKOXQJZDUVRSKDQWDVWLVFKXQGXQJODXEOLFKGLH $UWGHV(U]lKOHQVVRJODXEKDIWXQGQFKWHUQ ,FK ODJ GHQ JU|WHQ 7HLO GHU 1DFKW ZDFK XQG GDFKWH GDUEHU QDFK $P QlFKVWHQ 7DJH EHVFKOR LFK GHQ =HLWUHLVHQGHQ QRFK HLQPDO ]X EHVXFKHQ 0DQ VDJWH PLU HU VHL LP /DERUDWRULXP XQG GD LFK IUHL LP +DXVH YHUNHKUWH VR JLQJ LFK ]X LKP KLQDXI 'DV /DERUDWRULXP MHGRFK ZDU OHHU ,FK VWDUUWHGLH=HLWPDVFKLQHHLQHQ0RPHQWDQVWUHFNWH GLH +DQG DXV XQG EHUKUWH GHQ +HEHO 'D ]LWWHUWH GLH IHVWH VXEVWDQWLHOO DXVVHKHQGH 0DVVH ZLH HLQ YRP :LQGH JHVFKWWHOWHU =ZHLJ 'LH ,QVWDELOLWlW HUVFKUHFNWHPLFKDXHURUGHQWOLFKXQGPLUNDPHLQH ZXQGHUOLFKH 5HPLQLV]HQ] DQ GLH .LQGHUWDJH ZHQQ PLULUJHQGHWZDVDQ]XUKUHQYHUERWHQZDU,FKJLQJ GXUFK GHQ *DQJ ]XUFN 'HU =HLWUHLVHQGH WUDW PLU LP 5DXFK]LPPHU HQWJHJHQ (U NDP YRP +DXVH (U KDWWHHLQHNOHLQH.DPHUDXQWHUHLQHP$UPXQGHLQHQ 5XFNVDFNXQWHUGHPDQGHUQ(UODFKWHDOVHUPLFK VDKXQGJDEPLUHLQHQ(OOERJHQª,FKKDEHIXUFKWEDU ]XWXQ©VDJWHHUªPLWGHP'LQJGDGULQQHQ© ª$EHU LVW HV NHLQ 8ON"© IUDJWH LFK ª5HLVHQ 6LH ZLUNOLFKGXUFKGLH=HLW"© ª:LUNOLFKXQGZDKUKDIWLJ©8QGHUVDKPLURIIHQLQ GLH$XJHQ(U]|JHUWH6HLQ$XJHZDQGHUWHLP=LPPHU
+*:HOOV'LH=HLWPDFKLQH
XPKHUª,FK EUDXFKH QXUHLQH KDOEH6WXQGH© VDJWH HUª,FKZHLZDUXP6LHNRPPHQXQGHVLVWULHVLJ QHWWYRQ,KQHQ'DVLQGHLQSDDU=HLWVFKULIWHQ:HQQ 6LH ]XP /XQFK EOHLEHQ ZROOHQ ZLOO LFK ,KQHQ GDV =HLWUHLVHQELVDXIV7SIHOFKHQEHZHLVHQPLW3UREHQ XQG DOOHP :HQQ 6LH PLFK MHW]W HQWVFKXOGLJHQ ZROOHQ"© ,FK ZLOOLJWH HLQ REJOHLFK LFK GLH YROOH 7UDJZHLWH VHLQHU :RUWH LP 0RPHQW NDXP YHUVWDQG XQG HU QLFNWH XQG JLQJ GHQ *DQJ KLQXQWHU ,FK K|UWH GLH /DERUDWRULXPVWU ]XVFKODJHQ VHW]WH PLFK LQ HLQHQ 6WXKO XQG QDKP HLQH 7DJHV]HLWXQJ DXI :DV ZROOWH HU YRU GHP /XQFK WXQ" 'DQQ HULQQHUWH PLFK HLQH $QQRQFHSO|W]OLFKGDUDQGDLFKPLFKXP]ZHLPLW GHP 9HUOHJHU 5LFKDUGVRQ ]X WUHIIHQ YHUVSURFKHQ KDWWH,FKVDKDXIGLH8KUXQGVDKGDLFKQXUQRFK JHUDGH ]X GLHVHU 9HUDEUHGXQJ KLQNRPPHQ NRQQWH ,FK VWDQG DXI XQG JLQJ GHQ *DQJ KLQXQWHU XP HV GHP=HLWUHLVHQGHQ]XVDJHQ $OV LFK GHQ 7UJULII LQ GLH +DQG QDKP K|UWH LFK HLQHQDP6FKOXVRQGHUEDUYHUVWPPHOWHQ$XVUXI HLQHQ6FKODJXQGHLQHQ6WR(LQ/XIW]XJXPZLUEHOWH PLFKDOVLFKGLH7U|IIQHWHXQGYRQGULQQHQNDP GDV *HUlXVFK ]HUEURFKHQHQ *ODVHV GDV ]X %RGHQ ÀHO 'HU =HLWUHLVHQGH ZDU QLFKW GRUW ,FK PHLQWH HLQHQ0RPHQWHLQHJHLVWHUKDIWHXQGHXWOLFKH*HVWDOW LQHLQHUZLUEHOQGHQ0DVVHYRQ6FKZDU]XQG0HVVLQJ ]X VHKHQ ² HLQH VR GXUFKVLFKWLJH *HVWDOW GD GLH
+*:HOOV'LH=HLWPDFKLQH
%DQNGDKLQWHUPLWGHQ=HLFKHQERJHQY|OOLJGHXWOLFK ZDU DEHU GLHVHV 3KDQWRP YHUVFKZDQG DOV LFK PLU GLH$XJHQULHE'LH=HLWPDVFKLQHZDUIRUW$EJHVHKHQ YRQ HLQHP VLFK OHJHQGHQ 6WDXEZLUEHO ZDU GDV KLQWHUH (QGH GHV /DERUDWRULXPV OHHU (LQH 6FKHLEH GHV2EHUOLFKWVZDURIIHQEDUJHUDGHHLQJHVFKODJHQ ,FK IKOWH HLQ XQHUNOlUOLFKHV (QWVHW]HQ ,FK ZXWH GD HWZDV 6HOWVDPHV SDVVLHUW ZDU XQG IU GHQ 0RPHQW NRQQWH LFK QLFKW HUNHQQHQ ZDV GDV 6HOWVDPHVHLQPRFKWH$OVLFKQRFKVWDUUWHJLQJGLH *DUWHQWUDXIXQGGHU'LHQHUHUVFKLHQ :LUVDKHQHLQDQGHUDQ'DQQEHJDQQHQ*HGDQNHQ ]XNRPPHQª,VW0U²²GDKLQDXVJHJDQJHQ"©VDJWH LFK ª1HLQ+HUU'DLVWQLHPDQGKHUDXVJHNRPPHQ,FK KRIIWHLKQKLHU]XÀQGHQ© 'D YHUVWDQG LFK $XI GLH *HIDKU KLQ 5LFKDUGVRQ ]X HQWWlXVFKHQ EOLHE LFK XQG ZDUWHWH DXI GHQ =HLWUHLVHQGHQ ZDUWHWH DXI GLH ]ZHLWH YLHOOHLFKW QRFK VHOWVDPHUH *HVFKLFKWH XQG GLH 3UREHQ XQG 3KRWRJUDSKLHQ GLH HU PLWEULQJHQ ZUGH $EHU MHW]W EHJLQQH LFK ]X IUFKWHQ GD LFK HLQ /HEHQ ODQJ ZHUGHZDUWHQPVVHQ'HU=HLWUHLVHQGHYHUVFKZDQG YRUGUHL-DKUHQ8QGZLHMHGHUPDQQZHL²HUNHKUWH QLH]XUFN
+*:HOOV'LH=HLWPDFKLQH
(SLORJ
0
DQ NDQQ VLFK QXU ZXQGHUQ ZLUG HU MH ]XUFNNHKUHQ" 9LHOOHLFKW LVW HU LQ GLH 9HUJDQJHQKHLW ]XUFNJHIHJW XQG ÀHO XQWHU GLH EOXWWULQNHQGHQ EHKDDUWHQ :LOGHQ GHU =HLW GHV XQJHJOlWWHWHQ 6WHLQV LQ GLH $EJUQGH GHV .UHLGHPHHUV RGHU XQWHU GLH JURWHVNHQ 6DXULHU GLH ULHVLJHQ 5HSWLOEHVWLHQ GHU -XUD]HLW 9LHOOHLFKW ZDQGHUWHUHEHQMHW]W²ZHQQLFKVRVDJHQGDUI²DXI HLQHP YRQ 3OHVLRVDXUHQ EHVXFKWHQ RROLWKLVFKHQ .RUDOOHQULII RGHU QHEHQ GHQ HLQVDPHQ 6DO]VHHQ GHU 7ULDVSHULRGH 2GHU JLQJ HU YRUZlUWV LQ HLQH QlKHUH =HLW GD 0HQVFKHQ QRFK VLQG GLH DEHU GLH 5lWVHO XQVHUHU=HLWEHDQWZRUWHWLKUH3UREOHPHO|VW",QGDV 0DQQHVDOWHUGHV*HVFKOHFKWVGHQQLFKPHLQHUVHLWV NDQQPLUQLFKWGHQNHQGDXQVHUH7DJHVFKZDFKHQ ([SHULPHQWLHUHQV IUDJPHQWDULVFKHU 7KHRULH XQG JHJHQVHLWLJHU 0LNOlQJH ZLUNOLFK GHU +|KHSXQNW GHV0HQVFKHQZlUHQ,FKVDJHLFK'HLQHUVHLWV(U GDV ZXWH LFK ² GHQQ GLH )UDJH ZDU VFKRQ OlQJVW HKH GLH =HLWPDVFKLQH JHPDFKW ZXUGH XQWHU XQV HU|UWHUW ZRUGHQ ² GDFKWH QLFKW IUHXGLJ DQ GHQ
+*:HOOV'LH=HLWPDFKLQH
)RUWVFKULWWGHU0HQVFKKHLWXQGVDKLPZDFKVHQGHQ 7XUPGHU=LYLOLVDWLRQQXUHLQW|ULFKWHV+lXIHQGDV XQZHLJHUOLFK DXI VHLQH 6FK|SIHU ]XUFNVWU]HQ XQGVLHYHUQLFKWHQPXWH:HQQHVVRLVWEOHLEWHV XQVHU7HLO]XOHEHQDOVZlUHHVQLFKWVR$EHUPLU LVWGLH=XNXQIWQRFKGXQNHO²VLHLVWHLQXQJHKHXUHV 1LFKWZLVVHQ GDV QXU DQ HLQ SDDU JHOHJHQWOLFKHQ 6WHOOHQ GXUFK GLH (ULQQHUXQJ DQ VHLQH *HVFKLFKWH EHOHXFKWHWZLUG8QGLFKWUDJH]XPHLQHP7URVW]ZHL IUHPGDUWLJZHLH%OXPHQEHLPLU²YHUVFKUXPSIWMHW]W EUDXQXQGSODWWXQG]HUEUHFKOLFK²DOV=HXJQLVGD VHOEVWDOVGHU*HLVWXQGGLH.UDIWJHZLFKHQZDUHQ 'DQNEDUNHLW XQG JHJHQVHLWLJH /LHEH LP +HU]HQ GHU 0HQVFKHQZHLWHUOHEWHQ
²(1'(