+(55,1'(5'81.(/+(,7 6HLQHUVWDXQWHU$XVUXIZDUODXWHUDOVGDV.OLUUHQGHUQHXHQ )DKUUDGNHWWHGLHHUOlVVLJXPVHLQHU...
11 downloads
497 Views
218KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
+(55,1'(5'81.(/+(,7 6HLQHUVWDXQWHU$XVUXIZDUODXWHUDOVGDV.OLUUHQGHUQHXHQ )DKUUDGNHWWHGLHHUOlVVLJXPVHLQHUHFKWH+DQGVFKZDQJ 'DVJDEHVGRFKQLFKWGDVGXUIWHQLFKWZDKUVHLQ (LQHQDFNWH)UDXDPKHOOLFKWHQ7DJ8QGGDVPLWWHQLP 5HJHQW V3DUN -HUU\6KDQHEUDFKWHYRU6WDXQHQGHQ0XQGQLFKWPHKU]X 'HU%DXPVWDPPDQGHPHUOHKQWHNDPLKPZHLFKZLH *XPPLYRUVHLQH0XQGZLQNHO]XFNWHQQHUY|VXQGSO|W] OLFKIODFNHUWH*LHULQVHLQHQ$XJHQ 6ROOWHHUDOOHLQEOHLEHQRGHUGLHDQGHUHQUXIHQGLHKLQWHU GHQ%VFKHQVDHQSLFNQLFNWHQXQGGDEHLGLH%HXWHYRP OHW]WHQ(LQEUXFKEUGHUOLFKDXIWHLOWHQ" -HUU\6KDQHKDWWHVLFK]XUFNJH]RJHQ(UZDUGHU%R 6HLQHQ$QWHLOKDWWHHUEHUHLWVXPGHQ5HVWVROOWHQVLFKGLH DQGHUHQVWUHLWHQ,KUHDJJUHVVLYNOLQJHQGHQ6WLPPHQEOLHEHQ ]XUFNDOVKlWWHMHPDQGHLQHQJURHQ)LOWHUGD]ZLVFKHQ JHVFKREHQ-HUU\6KDQHKDWWHSO|W]OLFKGDV*HIKODOOHLQ]X VHLQDOOHLQPLWGHU)UDX 7HXIHOZDUGDVHLQ%LOG 9LHOOHLFKWNDPVLHYRP%HGIRUG&ROOHJHDEHUGLHKDWWHQ )HULHQ2GHUZROOWHVLHLP6HHEDGHQ"$XFKP|JOLFK'DZDU HLJHQWOLFKDOOHVGULQGRFK-HUU\KDWWHVLFKOlQJVWHQWVFKORVVHQ GLH1DFNWHPLWGHQKHUUOLFKODQJHQ+DDUHQJHK|UWHLKP DOOHLQ 6LHEHVDWDWVlFKOLFK+DDUHZLHHUVLHQRFKQLHJHVHKHQ KDWWH'DV:RUW)OXWNRQQWHPDQVFKRQGDIUEHQXW]HQ 6LHUHLFKWHQQLFKWQXUELV]XP5FNHQQHLQQRFKWLHIHU'LH OHW]WHQ6SLW]HQNLW]HOWHQGLH.QLHNHKOHQXQGYRUQZRGLH NOHLQHQVSLW]DXIUDJHQGHQ%UVWHGXUFKVFKLPPHUWHQGD ILHOHQVLHHEHQIDOOVDQGHQ.QLHQ]XVDPPHQVRGDVLHIDVW ZLHHLQODQJHVVFKZDU]HV.OHLGZLUNWHQ (LQ3KlQRPHQLQGHU7DW 6KD\QHOHFNWHVLFKGLH/LSSHQ'DQQVHQNWHHUVHLQHQ%OLFN XQGVWDUUWHDXIGLH)DKUUDGNHWWH%UDXFKWHHUVLHEUDXFKWHHU VLHQLFKW"1HLQGLH.OHLQHVFKDIIWHHURKQH'URKXQJXQGVHLQ 0HVVHUNRQQWHHUDXFKVWHFNHQODVVHQ
1RFKHLQPDOUHFNWHHUVLFK'DEHLVWUHFNWHHUGLH6FKXOWHUQ YRUXQGEHZHJWHGLH+lQGH9HUIOXFKWGLH.OHLQHKlWWHLKQ OlQJVWVHKHQPVVHQDEHUVLHUHDJLHUWHQLFKW6LHWDWDOVZlUH HU/XIW(LQIDFKQLFKWYRUKDQGHQ 8QGGDVlUJHUWHLKQ /DQJVDPJLQJHUYRU(UNRQQWHVLFK=HLWODVVHQGLH%UDXW OLHILKPVFKRQQLFKWZHJXQG=XVFKDXHUKDWWHHUDXFKQLFKW 6LHZDUHQJDQ]DOOHLQZLHDXIHLQHU,QVHO 'HU5RFNHUJLQJQlKHU'UHL6FKULWWHK|FKVWHQVEHWUXJGLH 'LVWDQ]HLQHOlFKHUOLFKH(QWIHUQXQJXQGDOVHUQXUQRFK HLQHQ6FKULWWYRQGHU)UDXHQWIHUQWZDUGUHKWHGLHVHVLFKXP %HLGHVWDUUWHQVLFKDQ 6KD\QHGHUVRQVWQLFKWDXIGHQ0XQGJHIDOOHQZDU VFKOXFNWH(UNRQQWHHLQIDFKQLFKWVVDJHQGHQQGHU%OLFN GLHVHU$XJHQEDQQWHLKQ(VZDUHQGLHVHOWVDPVWHQ$XJHQ GLHHUMHLQVHLQHP/HEHQJHVHKHQKDWWH6LHKDWWHQQLFKWHLQ PDO3XSLOOHQVRQGHUQZDUHQMHZHLOVLQGHU0LWWHJHWHLOW %HLGH+lOIWHQZLHVHQHLQHDQGHUH)DUEHDXI6FKRFNJUQ GLHUHFKWHQGLHOLQNHQGDJHJHQSHFKVFKZDU]'DV*HVLFKW NDPLKPHLQZHQLJDVLDWLVFKYRUDXFKGLH+DXWGLHHLQHQ )DUEWRQDXIZLHVZLHPDQLKQEHL0lGFKHQDXV,QGRQHVLHQ IDQG'XUFKGLH+DDUVWUlKQHQVFKLPPHUWHVLHXQGDEHUPDOV VWDUUWH6KD\QHDXIGLHNOHLQHQ%UXVWVSLW]HQGLH]ZLVFKHQ ]ZHLODQJHQ6WUlKQHQKHUYRUOXJWHQ *HUDGHGLHVHU$QEOLFNZDUHVGHUGDV%OXWLQVHLQHQ$GHUQ DXIZDOOHQOLH(UEHZHJWHVHLQHQ0XQGRKQHHWZDV]X VDJHQJULQVWHGDQQXQGVWUHFNWHVHLQHQUHFKWHQ$UPDXV ZREHLHUGDV+DDUGRUWEHUKUWHZRVLFKGLHOLQNH%UXVW EHIDQG ª,VWGHLQH:ROOHHFKW"©IUDJWHHUGDEHLZlKUHQGHUHLQH 6WUlKQHDQKREXQGVLHGXUFKVHLQH)LQJHUJOHLWHQOLH 6LHEOLHEVWXPP 2KQHGDV+DDUORV]XODVVHQIUDJWH6KD\QH ª.DQQVWGX QLFKWUHGHQ3XSSH"© ª*HK© 'DVHLQH:RUWQXUHUZLGHUWHVLH(VZDUQLFKWHLQPDOODXW
JHVSURFKHQDEHUHVODJVRYLHO(QWVFKORVVHQKHLWGDULQGD -HUU\]XVDPPHQ]XFNWH ª+H6HGDVPHLQVWGXGRFKQLFKWLP(UQVWRGHU"© ª*HK© 'HU5RFNHUODFKWH$OOHUGLQJVNODQJHVXQVLFKHUQLFKWVR KHUDXVIRUGHUQGZLHVRQVW(UZDUVLFKVHOEVWQLFKWGDUEHULP NODUHQZLHHUHVDQVWHOOHQVROOWH 'LH.OHLQHIDV]LQLHUWHLKQ6LHKDWWHDOOHVZDVHLQ7\SZLHHU YHUODQJWH(LQ5DVVHZHLEZLUNOLFKXQGVRHLQIDFKOLHHUVLFK QLFKWDEVFKPHWWHUQ ª1HLQ6HLFKEOHLEH8QGLFKVFKZ|UHGLUGDZLUQRFK VHKUYLHO6SDPLWHLQDQGHUKDEHQZHUGHQ© ª(VLVWQLFKWJXWZHQQGXEOHLEVW© ª'RFKLFK]HLJHGLUZLHJXWHVLVWZHQQZLUEHLGHMHW]W ]ZLVFKHQGLH%VFKHJHKHQ,FKNHQQHGDHLQHQ3ODW]ZRGDV *UDVEHVRQGHUVZHLFKLVW8QG]X-HUU\6KD\QHKDWQRFKQLH MHPDQGQHLQJHVDJWGDVNDQQLFKGLUIOVWHUQ©(UVWLHGHP 0lGFKHQHLQH)XVHODWHPZRONHLQV*HVLFKWGRFKHV]XFNWH QLFKW]XUFN 'LH8QEHNDQQWHULFKWHWHLKUHQ%OLFNDXIGHQMXQJHQ0DQQ 6LHVFKLHQLKQ]XVH]LHUHQELVDXIGHQ*UXQGVHLQHU6HHOHDXV ]XOHXFKWHQXQGGDYRUIUFKWHWHVLFK-HUU\HLQZHQLJREZRKO HUHVQLFKW]XJHEHQZROOWH(LQHPlQQOLFKH6FK|QKHLWVDKGDV 0lGFKHQQLFKWYRUVLFK-HUU\6KD\QHZDU]ZDUHLQNOHLQHU 5RFNHUERDEHUHUKDWWHQLFKWGDV)ODLUMHQHUOHJHQGlUHQ 7\SHQGLHVLFKDOV1DFKIROJHUGHU(DV\5LGHUEH]HLFKQHWHQ )ULKQ]lKOWHQXUGLHUHLQH%UXWDOLWlW:DVHUVRQLFKWEHNDP KROWHHUVLFKPLW*HZDOW 6HLQH+DDUHELOGHWHQDXIGHP.RSIHLQ.QlXHO'DVEUHLW IOlFKLJH*HVLFKW]HLJWHHLQHJHK|ULJH3RUWLRQ9HUVFKODJHQKHLW XQGDXFK5RKHLW'LH$XJHQZLUNWHQZLHOHEORVH.Q|SIHGLH GLFNH8QWHUOLSSHZDUYRUJHVFKREHQ(UWUXJGLHEOLFKH .OHLGXQJ:HVWHXQG+HPGZDUHQYRUODXWHU$E]HLFKHQXQG 6WLFNHUVNDXP]XHUNHQQHQ'HUEUHLWH*UWHOJOlQ]WHZHJHQ VHLQHU]DKOUHLFKHQ1LHWHQXQGHUERWDXFK3ODW]IUGDV 0HVVHUXQGHLQHQJHIlKUOLFKHQ6FKODJULQJ
ª'XZLOOVWQLFKWZLH"©]LVFKHOWHHUª.DQQLFKPLUYRUVWHO OHQ$EHULFKZLOO8QGZHQQLFKZLOOGDQQKDVWGXDXFK]X ZROOHQ.ODU"© ª1HLQ© ª'DQQ]HLJHLFKHVGLU©-HUU\6KD\QHVSUDQJSO|W]OLFKYRU (USDFNWHPLWEHLGHQ+lQGHQ]XXQGEHNDPGLH6FKXOWHUQ GHV0lGFKHQV]XIDVVHQ'DEHLZDUHUEHUUDVFKWGDGLH .OHLQHVLFKQLFKWHLQPDOZHKUWHXQGVLHVWHPPWHVLFKDXFK QLFKWJHJHQLKQDOVHUVLH]XUFNGUlQJWHLQ5LFKWXQJ8IHUZR HLQEHVRQGHUVGLFKWHV*HEVFKZXFKVKLQWHUGHPHLQHNOHLQH 0XOGHODJ ,GHDOIU-HUU\V9RUKDEHQ =XP8IHUKLQILHOGDV*HOlQGHHLQZHQLJDE'DQQNDPGHU *HEVFKJUWHOLQGHQ-HUU\GLH8QEHNDQQWHKLQHLQGUlQJWH (UODFKWHGDEHLXQGDOVGLH=ZHLJHVLFKLQGHQODQJHQ+DDUHQ YHUILQJHQGDVDK-HUU\]XPHUVWHQPDOGHQ.|USHU (U]XFNWHUHJHOUHFKW]XVDPPHQLQVHLQHP.|USHUJDEHV HLQHNOHLQH([SORVLRQXQGHVVFKWWHOWHLKQGXUFK +LPPHOZDUGDVHLQ:HLE 'DVWLPPWHDOOHV'HU6FKZXQJGHU+IWHQGLH%HLQHGLH %UVWHGLH6FKXOWHUQ ª0DQQR0DQQ© ª:HQQGXPLFKQLFKWORVOlWGDQQW|WHLFKGLFK©HUNOlUWH GDV0lGFKHQSO|W]OLFKPLWIHVWHU6WLPPH -HUU\EUDXFKWHHLQHQ$XJHQEOLFNXPGLH:RUWH]XEHJUHL IHQª:DVVDJVWGXGD"©IOVWHUWHHU 6LHZLHGHUKROWHGLH$QWZRUWQLFKW6WDWWGHVVHQO|VWHVLHLKUH +DDUHYRQGHQ=ZHLJHQXQGOHJWHGLH6WUlKQHQZLHGHUYRU LKUHQ.|USHUª'XKDVWHVJHQDXYHUVWDQGHQ© ª-DGDVKDEHLFK© ª$OVRJHK© ª1HLQ6H-HW]WHUVWUHFKWQLFKW9HUGDPPWLFKKDEHGLFK JHVHKHQXQGLFKZLOOGLFKKDEHQGDUDXINDQQVWGXGLFKYHU ODVVHQ,FKNULHJHGLFKDXFKLFKPDFKHGLFKIHUWLJ©(U VFKOXFNWHXQGJULII]XVHLQHP0HVVHU :DV6KD\QHLQVHLQHP/HEHQKDEHQZROOWHGDVKDWWHHUVLFK
LPPHUJHQRPPHQ0HLVWPLW*HZDOW+LHUKDWWHHVDXVJH VHKHQDOVEUDXFKWHHUGLH*HZDOWQLFKWHLQ]XVHW]HQDEHUQXQ JDEHVNHLQHDQGHUH0|JOLFKNHLWHUZROOWHVLHPLW%UXWDOLWlWLQ GLH.QLH]ZLQJHQXQGVLFKGDVKROHQZDVLKPVHLQHU$QVLFKW QDFK]XVWDQG 'LH8QEHNDQQWHVWDUUWHDXIGDV0HVVHU,QLKUHQVHOWVDPHQ $XJHQEHZHJWHVLFKQLFKWVDEHUGDQQDOV-HUU\6KD\QH]X HLQHP6FKHLQDQJULIIVWDUWHWHGDUHDJLHUWHGLH8QEHNDQQWH 8QGVLHWDWHVDXIHLQH$UWXQG:HLVHZLH6KD\QHHVQRFKQLH HUOHEWKDWWH 'LH$XJHQZDUHQSO|W]OLFKGXQNHO$EHUQLFKWQXUVLHDXFK GLH8PJHEXQJXP6KD\QHKHUXPYHUGXQNHOWHVLFK(UVDK QXUQRFKGLH$XJHQGLHLKQJUQDXVGHU6FKZlU]HDQVWDUU WHQXQGVSUWHSO|W]OLFKGLH.UlIWHGLHDQVHLQHP.|USHU ]HUUWHQXQGLKQKRFKKREHQ-HUU\VFKULHDOVHUGXUFKGLH/XIW IORJVLFKEHUVFKOXJDXIGLHUHFKWH6HLWHSUDOOWHVLFKKHUXP GUHKWHXQGUFNOLQJVOLHJHQEOLHE 'LH.QRFKHQVFKPHU]WHQ(LQSDDUPDODWPHWHHUKHIWLJ GXUFKVFKWWHOWHGHQ.RSI|IIQHWHGLH$XJHQXQGVDKZLHGHU DOOHVY|OOLJQRUPDOYRUVLFK 'DZDUHQGLH%lXPHGDZDUGHU5DVHQXQGGDHUNDQQWHHU DXFKGDV*HEVFKDP6HHXIHUDXVGHPVRHEHQGLHQDFNWH )UDXVFKULWW-HUU\6KD\QHYHU]RJGDV*HVLFKW(UIKOWHVLFK SO|W]OLFKXQKHLPOLFKEODPLHUWZLQNHOWHGLH$UPHDQXQG VWW]WHVLFKPLWGHQ(OOERJHQDXI 6KD\QHZROOWHHVHLQIDFKQLFKWZDKUKDEHQGDGLH)UDXLKQ EHVLHJWKDWWH(UVFKWWHOWHGHQ.RSIXQGVDK]XZLHGLH QDFNWH8QEHNDQQWHDQLKPYRUEHLJLQJRKQHHLQ:RUW]XYHU OLHUHQ 6LHZUGLJWHLKQNHLQHV%OLFNHVVRQGHUQVFKOXJGHQ:HJ HLQGHQ6KD\QHJHNRPPHQZDU :HQQVLHVRZHLWHUJLQJGDQQPXWHVLHJHQDXDXIGDV /DJHUVWRHQZRVHLQH.XPSDQHKRFNWHQ 'UHLZDUHQHVXQG-HUU\V*HVLFKWYHU]RJVLFK]XHLQHP E|VHQ*ULQVHQ*HJHQYLHUKDUWH7\SHQZUGHDXFKVLHQLFKW DQNRPPHQ'HVKDOEOLH6KD\QHVLHJHKHQXQGVWLHQXU
HLQHQ:DUQSILIIDXVGDPLWVHLQH.XPSDQH%HVFKHLGZXWHQ 6FKZHUIlOOLJVWHPPWHHUVLFKKRFK(LQLJH6WHOOHQDQVHLQHP .|USHUVFKPHU]WHQDEHUGDVZUGHHUGHU1DFNWHQ]XUFN ]DKOHQPLW=LQVXQG=LQVHV]LQV *HODVVHQVWUHLIWHHUVHLQHQ6FKODJULQJEHU 6LHODJGDPLWJHVFKORVVHQHQ$XJHQXQGWUlXPWH (VZDUHLQVHOWVDPHUVFK|QHUDEHUDXFKJOHLFK]HLWLJ HUVFKUHFNHQGHUXQGXQKHLPOLFKHU7UDXP 6LHVDKVLFKLQGHU9HUJDQJHQKHLW ,UJHQGZRLQGHU8QHQGOLFKNHLW]ZLVFKHQ5DXPXQG=HLW NDPVLHVLFKZLHHLQH*HIDQJHQHYRU,KU*HLVWZDUYRUKDQ GHQLKU.|USHUDXFKXQGEHLGHEHIDQGHQVLFKDXIGHU6XFKH QDFKGHP7UDQNGHV9HUJHVVHQV :HLWZHLWHQWIHUQWZDUDOOHV6LHVDK5HLFKHXQG9|ONHU YHUVFKLHGHQH:HOWHQXQGHUOHEWHGDV*UDXHQ$EHUVLHJULII QLFKWHLQVLHVFKZHEWHEHUDOOHP $ODVVLD 3O|W]OLFKZDUGHU1DPHGD'HXWOLFKHULQQHUWHVLHVLFK GDUDQXQGEHULKUH/LSSHQGUDQJZlKUHQGGHV6FKODIVHLQ 6W|KQODXW $ODVVLDPXWHPHKUZLVVHQ 6FKODJDUWLJHQGHWHGHU7UDXPXQG.DUDULFKWHWHVLFKDXI 6LHEHIDQGVLFKDOOHLQLQGHU'XQNHOKHLW0\[LQZDUQLFKW]X VHKHQXQGGLHYLHUKRKHQVHOWVDPHQ6WHLQHVFKLPPHUWHQLQ HLQHPOHW]WHQYHUVLHJHQGHQ5RW'DVZXQGHUWH.DUDGHQQ GLHIODPLQJVWRQHVUHDJLHUWHQQXUZHQQVLHPDJLVFKDXIJHOD GHQZXUGHQ%LVKHUKDWWHVLFKQLHPDQGGDUDQ]XVFKDIIHQ JHPDFKWRGHUVROOWHGHU7UDXPHWZD" .DUDVWULFKGDVGXQNOH+DDU]XUFN6LHIURUSO|W]OLFKOHJWH GLH6WLUQLQ)DOWHQXQGYHUVXFKWHYHU]ZHLIHOWVLFKDQGHQ 7UDXP]XHULQQHUQ 'DZDUHWZDVJHZHVHQHWZDV%HGHXWHQGHVGHQQQLFKW XPVRQVWKDWWHGLHVHU7UDXPVLHUHJHOUHFKWJHTXlOW (LQ1DPHZDULKUHLQJHIDOOHQ
$ODVVLD .DUDHUKREVLFKXQGKLHOWLKUHQ.|USHUGHP:LQGHQWJH JHQª$ODVVLD©PXUPHOWHVLHª$ODVVLD:LHVRNRPPHLFKDXI GHQ1DPHQ"©6LHKREGLH6FKXOWHUQIDQGNHLQH$QWZRUWXQG JLQJDQV8IHUGHV%DFKVGHVVHQNODUHV:DVVHUGXUFKHLQ VFKPDOHV%HWWVFKlXPWHXQGGDVLG\OOLVFKJHOHJHQH7DOPLW GHQEHZDOGHWHQ+JHOQULQJVXPLQ]ZHL+lOIWHQWHLOWH (VZDUHLQHZDUPH6RPPHUQDFKW'HU+LPPHOVFKLPPHU WHGXQNHOEODXEHUVlWPLWHLQHP+HHUYRQIXQNHOQGHQ 6WHUQHQ.DUDKREGHQ%OLFN,UJHQGZRLQGLHVHUXQHQGOLFKHQ :HLWHGHV$OOVZRGLH*UHQ]HQGHVPHQVFKOLFKHQ9HUVWDQGV XQG)RUVFKXQJVGUDQJVVLFKWEDUZXUGHQXQGZRHVDQGHUH 'LPHQVLRQHQJDEGDEHIDQGHQVLFKGLHDQGHUHQ5HLFKHXQG :HOWHQ'LHGHUILQVWHUHQ0lFKWHGHU'lPRQHQXQG:HVHQ DXVGHU6FKDWWHQZHOW+LPPHOXQG+|OOH%HJULIIHGLHSO|W] OLFKYHUVFKZDPPHQ'HU+LPPHONRQQWHEHUDOOVHLQGLH +|OOHHEHQIDOOV8QGGHUHQ'LHQHU6LHKDWWH.DUDLPPHU EHNlPSIW%HUHLWVLQLKUHPHUVWHQ/HEHQLQ$WODQWLVKDWWHVLH LPPHUDXIGHU6HLWHGHU*XWHQJHVWDQGHQ=XVDPPHQPLW LKUHP9DWHU'HOLRVXQGHLQLJHQ*HWUHXHQKDWWHQVLHYHUVXFKW GHQ8QWHUJDQJGLHVHVJHZDOWLJHQ.RQWLQHQWV]XVWRSSHQ DEHUGLH*HJHQNUlIWHZDUHQ]XVWDUNJHZHVHQ'HU6FKZDU]H 7RGHUVFKDIIHQYRQGHQ*URHQ$OWHQKDWWHVHLQHQ3ODQ GXUFKIKUHQN|QQHQXQG$WODQWLV]HUVW|UW2IWJHQXJKDWWH .DUDGLHVFKUHFNOLFKHQ%LOGHUGHV8QWHUJDQJVYRU$XJHQ HUOHEWHGHQ7RGLKUHV9DWHUVXQGVDKGDQQZLHGHUGLHJH ZDOWLJH)HXHUVEUXQVWGLHEHUGLH,QVHOGRQQHUWHVRZLHGHQ W|GOLFKHQ5HJHQGHU9XONDQHDOVVLHGLHDOOHVYHUQLFKWHQGH /DYDDXVVSLHQ $EHUKHXWHZDUGHU7UDXPDQGHUVJHZHVHQ $ODVVLD :HVKDOEXPDOOHVLQGHU:HOWILHOLKUGLHVHU1DPHZLHGHU HLQ"8QGZHOFKHLQH%HGHXWXQJKDWWHHU" 6RUJHQIDOWHQ]HLFKQHWHQLKUDSDUWHV*HVLFKW.DUDGLH 6FK|QHDXVGHP7RWHQUHLFKNDPQLFKWPLWLKUHP7UDXP ]XUHFKW6LHZXWHQLFKWZRVLHLKQKLQVWHFNHQVROOWH$ODVVLD
ZDUXQGEOLHEGLHJURH8QEHNDQQWHLQGHPVHOWVDPHQ 7UDXPUlWVHO7URW]GHPZDU.DUDEHZXWGDGLHVHU7UDXP HWZDV]XEHGHXWHQKDEHQPXWH:DUHUYLHOOHLFKWHLQ 9RU]HLFKHQDXI]XNQIWLJH(UHLJQLVVHJHZHVHQ"6ROOWHHUHLQH :DUQXQJGDUVWHOOHQ"'DVNRQQWHVLFKGLH6FK|QHDXVGHP 7RWHQUHLFKVFKRQHKHUYRUVWHOOHQ(LQH:DUQXQJYRU$ODVVLD :HQQMDPXWHVLH]XLKUHQ)HLQGHQJHK|UHQRGHUJHK|UW KDEHQ(LQHDQGHUH0|JOLFKNHLWJDEHVQLFKW 6HXI]HQGZDQGWHVLHVLFKDE6LHZROOWHYHUVXFKHQZLHGHU ]XVFKODIHQYLHOOHLFKWHUOHEWHVLHGHQ7UDXPQRFKHLQPDO GRFKDOVVLHVLFKKLQOHJWHNRQQWHVLH]ZDUGLH$XJHQ VFKOLHHQGRFKVLHIDQGNHLQHQ6FKODI 'HU2UW]ZLVFKHQGHQ)ODPPHQGHQ6WHLQHQZDUGLH =XIOXFKWIU.DUDXQG0\[LQGHQ0DJLHU%HLGHNRQQWHPDQ DOVEHVRQGHUH0HQVFKHQEH]HLFKQHQRGHU]XPLQGHVWHLQHQ DOV'lPRQ 'DVZDU0\[LQGHU0DJLHU(LQ'lPRQGHUVLFKDOOHUGLQJV DXIGLH6HLWHGHV*XWHQJHVFKODJHQXQGQDFKGHP7RGVHLQHU (U]IHLQGLQ$VPRGLQDHLQHQ*URWHLOGHU.UlIWH]XUFNHU KDOWHQKDWWH0\[LQVWDQGQXQJHJHQVHLQHIUKHUHQ $UWJHQRVVHQGLHLKQHEHQIDOOVHUEDUPXQJVORVEHNlPSIWHQ (LQH%OHLEHEHVDHQ.DUDXQG0\[LQQLFKW6LHZDUHQ EHUDOOXQGQLUJHQGVVLHEHKHUUVFKWHGLH7HOHSRUWDWLRQXQG NRQQWHQDQMHGHU6WHOOHGHU(UGHDXIWDXFKHQ=XGHPEHVD .DUDQRFKGDV6FKZHUWLKUHV9DWHUV(VKDWWHHLQHJROGHQH .OLQJHGLHHEHQIDOOVSUDOOPLW:HLHU0DJLHJHIOOWZDU 'XUFKGLHVH.OLQJHJHODQJHVGHU6FK|QHQDXVGHP 7RWHQUHLFK9HUELQGXQJ]XDQGHUHQ'LPHQVLRQHQKHU]XVWHO OHQXQG]X3HUVRQHQLQGLHVHQ'LPHQVLRQHQ .DUDGDFKWHLQWHQVLYDQLKU6FKZHUWXQGDXFKGDUDQGD VLHHVYLHOOHLFKWGD]XEHQXW]HQNRQQWHXPPLW$ODVVLD .RQWDNWDXI]XQHKPHQ(VPXWHHLQIDFKGXUFKGDV6FKZHUW JHOLQJHQ.DUDNRQQWHLQGLHVHU8QJHZLKHLWQLFKWOHEHQXQG VLHULFKWHWHVLFKDXVLKUHUOLHJHQGHQ6WHOOXQJDXI (LQ6FKDWWHQEHZHJWHVLFKGXUFKGDV*HELHWGHUIODPLQJ VWRQHV0\[LQZDUJHNRPPHQ
$OVHU.DUDVDKEOLHEHUYRULKUVWHKHQ(UZDUNOHLQYRQ *HVWDOWZLUNWHPHLVWHLQZHQLJKLOIORVXQGZXUGHGHVKDOERIW XQWHUVFKlW]W$EHUZHULKQULFKWLJNHQQHQJHOHUQWKDWWHGHU XQWHUVFKlW]WHLKQNHLQ]ZHLWHV0DOGDVVWDQGIHVW (UVFKDXWHDXI.DUDQLHGHUª'XVFKOlIVWQLFKW"© ª1HLQ© 0\[LQQDKPQHEHQLKU3ODW]:LHLPPHUWUXJHUVHLQHQODQ JHQGXQNOHQ0DQWHO6HLQH+DXWVFKLPPHUWHOHLFKWJUQOLFK VLHXQWHUVFKLHGVLFKGDPLWYRQGHUHLQHV0HQVFKHQ 'HUNOHLQH0DJLHUGUHKWHGHQ.RSI9RQGHU6HLWHVFKDXWHHU VHLQH%HJOHLWHULQDQª:HQQGXQLFKWVFKODIHQNDQQVWPXW GXHLQHQ*UXQGKDEHQ© ª'HQKDEHLFK(VZDUHLQ7UDXP(LQJHIlKUOLFKHU7UDXP (LQHUHJHOUHFKWH%HGURKXQJ© ª8QGYRQZHPJLQJVLHDXV"© ª$ODVVLD© 0\[LQUHDJLHUWHNDXP(UVHQNWHQXUGHQ.RSIXQG VFKDXWHDXIVHLQHDQJH]RJHQHQ%HLQH ª$ODVVLDDOVR©PXUPHOWHHUª$ODVVLDDOVR©PXUPHOWHHU ª$ODVVLD© ª'XNHQQVWVLH"©.DUDV6WLPPH]LWWHUWHHLQZHQLJ ª'XGHQQQLFKW"©0\[LQ]HLJWHVLFKVHKUEHUUDVFKW ª,FKZHLLP0RPHQWQLFKWZRLFKLKUHQ1DPHQXQWHU EULQJHQVROO©HUNOlUWH.DUD ª6LHLVWGLH6FKDWWHQ3ULQ]HVVLQGLH.|QLJLQGHU1DFKWZLUG VLHDXFKJHQDQQW+HUUVFKHULQEHUGDV'XQNHOUHLFK,FKKDEH YRQLKUGHV|IWHUHQJHK|UW)UKHUVWDQGVLHJURGDDOVGHU 6SXNQRFKQLFKWVRPlFKWLJZDUXQGYRU$VPRGLQD© .DUDUXFNWHKHUXPª'XQNHOZHOW©IOVWHUWHVLHª'LH+HUULQ GHU'XQNHOZHOW-HW]WZHLLFKHVDXFKZLHGHU,QLKUHU:HOW JLEWHVNHLQ/LFKW'RUWKHUUVFKWGLHHZLJH1DFKW© ª*HQDX© ª$EHUZDVVROOPHLQ7UDXPEHGHXWHQ"© ª:DVKDVWGXGHQQJHQDXJHWUlXPW"© ª'DVLVWVFKZHU]XHUNOlUHQ,FKVDKQXULPPHU$ODVVLD PHKUQLFKW1XUGLH)UDX©
ª(LQZLUNOLFKVHOWVDPHU7UDXP©JDE0\[LQ]XXQGUXQ]HO WHQDFKGHQNOLFKGLH6WLUQª:HQQLFKQXUZWHZDVHU]X EHGHXWHQKDW© ª(LQH:DUQXQJYRULKU© ª0HLQVWGX"© ª'DELQLFKPLUIDVWVLFKHU,FKNDQQPLUYRUVWHOOHQGD $ODVVLDXQVHLQHQ%HVXFKDEVWDWWHQZLOO© ª:HOFKHLQHQ*UXQGVROOWHVLHKDEHQ"© ª'XKDVWVHOEVWYRUKLQYRQ$VPRGLQDJHVSURFKHQ6LHLVW QLFKWPHKU9LHOOHLFKWVLHKW$ODVVLDMHW]WLKUH&KDQFH0|JOLFK LVWLQGLHVHP)DOODOOHV© ª-DGDVN|QQWHVHLQ©PXUPHOWH.DUDª$EHUZDVZLOOVLH JHQDX",KUH:HOWLVWHLQHDQGHUH'LH'LPHQVLRQRKQH/LFKW QXUGLH'XQNHOKHLWUHJLHUW© ª,FKNDQQHVGLUQLFKWVDJHQ© ª9LHOOHLFKWVROOWHLFKYHUVXFKHQEHUPHLQ6FKZHUW.RQWDNW PLWLKUDXI]XQHKPHQ© 0\[LQIDQGGLH,GHHQLFKWVFKOHFKWª$EHUHVLVWJHIlKUOLFK© ZDUQWHHU.DUD 'LH6FK|QHDXVGHP7RWHQUHLFKKREGLHVFKPDOHQ 6FKXOWHUQª,FKNDQQHVQLFKWVRJHQDXVDJHQZHLOLFKQRFK NHLQHQ.RQWDNWPLWLKUJHKDEWKDEH© ª'DIULFK© ª:DQQ"© ª1RFKYRUPHLQHU1LHGHUODJHGLHGHU6FKZDU]H7RGPLU ]XJHIJWKDW'DPDOVLQ$WODQWLV:LHGXZHLWKDEHQDXI PHLQ.RPPDQGRGLHVFKZDU]HQ9DPSLUHJHK|UW(VJDE ]DKOUHLFKH'lPRQHQGLHVHKUQHLGLVFKGDUDXIZDUHQXQWHU LKQHQEHIDQGVLFKDXFK$ODVVLD6LHYHUVXFKWHHLQPDOPLU PHLQH'LHQHUDEVSHQVWLJ]XPDFKHQ© ª$EHUVLHKDWHVQLFKWJHVFKDIIW"© ª1HLQGDVQLFKW©'HUNOHLQH0DJLHUVFKDXWHKRFK]XGHQ XQHQGOLFKZHLWHQWIHUQWHQ6WHUQHQª*HVFKDIIWKDWVLHHVZLUN OLFKQLFKWDEHUHLQLJH9DPSLUHVLQGLQLKUH'XQNHOZHOW JHVFKOHXGHUWZRUGHQXQGZXUGHQQLHPHKUJHVHKHQ'LH :HOWRKQH/LFKWKDWVLHUHJHOUHFKWYHUVFKOXQJHQ©
.DUDQLFNWHEHYRUVLHDXIVWDQGª,FKZHUGHHVWURW]GHPYHU VXFKHQ.RQWDNWPXLFKHLQIDFKEHNRPPHQGHQQLFKNDQQ DXIGLHVH$UWXQG:HLVHQLFKWZHLWHUOHEHQQLFKWPLWGLHVHU ERKUHQGHQ8QJHZLKHLW,FKPXGHU*HIDKULQV$XJH VHKHQ© ª:LUVROOWHQYLHOOHLFKW-RKQ6LQFODLULQIRUPLHUHQ©VFKOXJ 0\[LQYRUª:HQQVLHWDWVlFKOLFKHUVFKHLQWGDQQEHGHXWHWVLH HLQHVRJURH*HIDKUGDZLUJHZDSSQHWVHLQPVVHQ© ª:LHNDQQPDQVLHEHVLHJHQ"©IUDJWH.DUDSO|W]OLFK 'DKRE0\[LQGLHVFKPDOHQ6FKXOWHUQª,FKZHLHVQLFKW 9LHOOHLFKWGXUFKGDV*HJHQWHLOGHU'XQNHOKHLWGXUFK/LFKW© 9RQ.DUDHUKLHOWGHUNOHLQH0DJLHUNHLQH$QWZRUW6LHKDWWH VLFKDEJHZHQGHWXQG]RJLKU6FKZHUWDXVGHU6FKHLGH7URW] GHU'XQNHOKHLWJOlQ]WHGLHJROGHQH.OLQJH ª8QG-RKQ"©IUDJWHVLH 3O|W]OLFKOlFKHOWH0\[LQXQGZDULPQlFKVWHQ$XJHQEOLFN YHUVFKZXQGHQ(UKDWWHVLFKZHJWHOHSRUWLHUW 1DFK/RQGRQ =ZHL)DUEIHUQVHKHU]ZHL5HFRUGHU.DVVHWWHQXQG3IXQG DQ%DUJHOGKDWWHQGLH5RFNHUJHIXQGHQXQGWHLOWHQGDV=HXJ 3IXQGZDUHQEHUHLWVLQGLH7DVFKHGHV$QIKUHUV-HUU\ JHZDQGHUW'DVUHVWOLFKH*HOGNRQQWHQGLHGUHLXQWHUVLFK WHLOHQHEHQVRGDVJHVWRKOHQH=HXJGDVMHGHUDXIHLJHQH)DXVW YHUK|NHUQPXWH'DV*HOGGDIUNDPLQGLH*HPHLQVFKDIWV NDVVHXQGZHKHZHQQHLQHUYHUVXFKWHGHQDQGHUHQEHUV 2KU]XKDXHQ=ZHL:RFKHQLP.UDQNHQKDXVZDUHQLKP GDQQVLFKHU 6LHVDHQ]LHPOLFKJHVFKW]W'LHVH6WHOOHLP5HJHQW V3DUN ZXUGHYRQ6SD]LHUJlQJHUQNDXPEHQXW]W(VIKUWHQDXFK QXUZHQLJH:HJHDQGLHVHP$UPGHV6HHVYRUEHLVRKDWWHQ GLH5RFNHULKUH5XKH $OV5FNHQVWW]HQYHUZHQGHWHQVLH%DXPVWlPPHXQGXP GLH%HXWHZXUGHJHNQREHOW .HLQHUZDUlOWHUDOV6LHVWDQGHQLQGHU%OWHLKUHU
-XJHQG$EHUDQ$UEHLWGDFKWHQVLHQLFKW=XGHPKlWWHQVLH VRZLHVRNHLQHEHNRPPHQLQ(QJODQGVDKHVPLHVDXVXQG GLH(LVHUQH/DG\7KDWFKHUQHEVWLKUHU5HJLHUXQJVW|KQWH XQWHUGHQ$XVZLUNXQJHQGHV)DONODQG.ULHJHVGHUGHQ6WDDW YLHOJHNRVWHWKDWWH )UHGGHU]ZHLWH0DQQKLQWHU-HUU\6KD\QHVWDQGDXIXQG UHFNWHVLFKª,KUN|QQWHXFKPHLQHWZHJHQXPGLHJHNODXWHQ 'LQJHUVWUHLWHQ,FKKDOWHPLFKGDUDXV© ª:LHVR"© )UHGKREGLH6FKXOWHUQª)LQGHNHLQHQ$EQHKPHU8QGYHU VFKHQNHQZLOOLFKGDV=HXJQLFKW© ª2EGDV-HUU\JHIlOOW"© ª'HUNDQQPLFKNUHX]ZHLVH(UKDWVHLQH6XSSHJHVFKOXFNW XQGIHUWLJ$XHUGHPKDWHUVLFKYHU]RJHQ,FKZWHJHUQ ZRGHU+XQGVLFKZLHGHUKHUXPWUHLEW© ª:LOOVWGXLKQVXFKHQ"©IUDJWHGHUGULWWHLP%XQGH ª4XDWVFKGHUNRPPWVFKRQZLHGHU© ª9LHOOHLFKWKDWHU QH%UDXWDXIJHULVVHQXQGZLOOVLHQLFKW WHLOHQ©'HUGULWWH5RFNHUODFKWHJHKlVVLJ'RFKVHLQ/DFKHQ YHUVWXPPWHHEHQVRMlKZLHVLFKHLQDQGHUHU$XVGUXFNDXI GHQ*HVLFKWHUQGHUNOHLQHQ5RFNHUEDQGH]HLJWHDOVVLHSO|W] OLFKGLH)UDXVDKHQGLH]ZLVFKHQGHQ%lXPHQHLQKHUVFKULWW XQGVLFKLKUHP/DJHUSODW]QlKHUWH )UHGYHUVFKOXFNWHVLFKIDVWDPHLJHQHQ6SHLFKHODOVHU IOVWHUWH ª9HUGDPPWGLHLVWMDQDFNW© 'DVZDUEHVRQGHUVJXW]XVHKHQZHLOHLQOHLFKWHU:LQGVWR GLH+DDUH]XU6HLWHZHKWH ª0DQQXQGVRZDVOlXIWQRFKIUHLKHUXP© -HW]WHUKREHQVLFKDXFKGLHEHLGHQDQGHUHQ5RFNHUXPGHP 0lGFKHQLQGHQ:HJ]XWUHWHQ1HEHQHLQDQGHUEDXWHQVLH VLFKDXIXQGELOGHWHQHLQHPHQVFKOLFKH0DXHU6LHKDWWHQ VRJDUQRFKGLH$UPHDXVJHVWUHFNWHLQ=HLFKHQGDVLHQLFKW JHZLOOWZDUHQGLH.OHLQHSDVVLHUHQ]XODVVHQ ª(LQ*HVFKHQNGHV+LPPHOV©KDXFKWH)UHGª,FKKDEHMD QLHDQGHQOLHEHQ*RWWJHJODXEWDEHUVRZDVNDQQQXUHU JHVFKLFNWKDEHQ+HUUOLFKGLHVH%UDXW©
ª8QGIUXQVDOOH©KDXFKWHHLQDQGHUHU ª'DVZWHLFKDEHU©HUZLGHUWH)UHGª(UVWHLQPDOELQLFK DQGHU5HLKH'DQQN|QQWLKU© ª9LHOOHLFKWZLOOVLHGLFKQLFKW© ª$EHUGLFKZLH"© 'HU5RFNHUGHUJHVSURFKHQKDWWHKREGLH6FKXOWHUQ )UHGVDJWH ª:HQQLFKVRYLHOH3LFNHOLQPHLQHU9LVDJHKlWWH ZLHGXGDQQZUGHLFKPLFKEHLP%lFNHUDOV6WUHXVHONXFKHQ LQV6FKDXIHQVWHUVWHOOHQ© ª'DIUVFKODJHLFKGLUGLH=lKQHLQGHQ5DFKHQ© 'LH8QWHUKDOWXQJYHUVLHJWHGHQQGLH)UDXZDULQ]ZLVFKHQ VRQDKHKHUDQJHNRPPHQGDGLH5RFNHUVLHKlWWHQDQIDVVHQ N|QQHQ6LHEOLHEVWHKHQXQGVFKDXWHLQGUHLJULQVHQGH *HVLFKWHU ª/DWPLFKGXUFK©IRUGHUWHVLHPLWUXKLJHU6WLPPH )UHGVFKWWHOWHGHQ.RSIXQGVWDUUWH$ODVVLDXQJHQLHUWDQ ª.RPPWJDUQLFKWLQ)UDJH6H6RHLQH%UDXWZLHGLFK ODVVHQZLUGRFKQLFKWODXIHQ:LHNlPHQZLUGD]X"© ª,FKZDUQHHXFK6FKRQHLQPDOKDWMHPDQGYHUVXFKWPLFK DXI]XKDOWHQ© ª8QG"©)UHGIUDJHHVSURYR]LHUHQG ª,FKPXWHLKQEHVWUDIHQ© 'LH5RFNHUNLFKHUWHQª9RQGLUP|FKWHZRKOMHGHUYRQXQV JHUQEHVWUDIWZHUGHQ©:LHDXIHLQJHKHLPHV.RPPDQGRKLQ ]RJHQVLHVLFKDXVHLQDQGHUXQGELOGHWHQHLQHQ.UHLVXP $ODVVLD,KUH*HVLFKWHUVDJWHQDOOHV6LHZROOWHQGLH)UDXDXI NHLQHQ)DOOJHKHQODVVHQ6LHJHK|UWHLKQHQGDUDQJDEHV QLFKWV]XUWWHOQ 8QGGDQQK|UWHQVLHGLH6WLPPHª/DWVLHYHUGDPPW,FK ZLOOVLHKDEHQ,FKDOOHLQ© 'LHGUHL]XFNWHQ]XVDPPHQ-HGHUZXWHGD-HUU\ 6KD\QHLKU$QIKUHUJHVSURFKHQKDWWH(UVWDQGGRUWZRGLH 0RWRUUlGHUSDUNWHQ 6HLQ*HVLFKWZDUYHU]RJHQhEHUGLH)LQJHUGHUUHFKWHQ +DQGKDWWHHUHLQHQ6FKODJULQJJHVWUHLIW,QVHLQHQ$XJHQ VSUKWHGHU+DXQGDXFKGHU:LOOHVLFK]XUlFKHQ
*UDVNOHEWHDQVHLQHU.OHLGXQJIUGLHDQGHUHQHLQ%HZHLV GDHUDP%RGHQJHOHJHQKDWWH %LVMHW]WKDWWH$ODVVLDQXUJHZDUQWXQGGDVVDJWHVLHLKQHQ 6LHPDFKWHGHQ5RFNHUQNODUGDVLHDXFKDQGHUVNRQQWH +lUWHUXQGGDHVPLWGHP7RGHQGHQZUGH ,UJHQGZLHZXUGHQGLHDEJHEUKWHQ.HUOHEHWURIIHQ(VZDU VHOWVDPKlWWHLKQHQGDVHLQ0DQQJHVDJWVLHKlWWHQYHUVXFKW LKQDXVHLQDQGHU]XQHKPHQ $EHUQLFKWEHLGLHVHP0lGFKHQRGHUGLHVHU)UDXGLHLQGHU +HOOLJNHLWQXUPLWLKUHQODQJHQ+DDUHQEHNOHLGHWGXUFKGHQ 5HJHQW V3DUNOLHI'DVWLPPWHHWZDVQLFKW ª(XFKEOHLEWQLFKWPHKUYLHO=HLW©ZDUQWHGLH)UDXPLW NDOWHU6WLPPH )UHGQLFNWH-HUU\6KD\QH]Xª6ROOHQZLUQLFKWGRFKOLHEHU YHUVFKZLQGHQ"© ª1HLQ©-HUU\VFKWWHOWHZLOGGHQ.RSIXQGNDPYRUª,FK KDEHPLWLKUQRFKHLQH5HFKQXQJ]XEHJOHLFKHQXQGGLH ZHUGHLFKLKUPLWGHP6FKODJULQJLQGHQ:DQVWKlPPHUQ© (UKROWHDXV-HGHUVHLQHU.XPSDQHQDKPDQGDGLH)UDX]X %RGHQJHVWUHFNWZUGHGDQQDEHUJHVFKDKHWZDVVR 8QKHLPOLFKHVGDGLHDEJHEUKWHQ5RFNHUHLQHQ6FKRFNIUV /HEHQHUOLWWHQ 3O|W]OLFKZXUGHQQLFKWQXUGLHVHOWVDPHQ$XJHQGHU 8QEHNDQQWHQY|OOLJVFKZDU]DXFKGHU8PJHEXQJZXUGH MHJOLFKHV/LFKWGXUFKGLH$XJHQHQWULVVHQ 'LHGUHL5RFNHUNRQQWHQQLFKWVVHKHQ6LHVFKULHQQLFKW VWDQGHQHLQIDFKVWDUUGDXQGIKOWHQVLFKHLQJHNUHLVWYRQVHOW VDPHQ.UlIWHQGLHDQLKUHQ.|USHUQ]HUUWHQELVGLH 'XQNHOKHLWZLHGHUYHUVFKZDQGXQGGHPQRUPDOHQ 7DJHVOLFKW3ODW]PDFKWH 'LH)UDXVWDQGQRFKLPPHUGD(LQKDUWHU=XJODJDXILKUHP 0XQGDXFKGLH$XJHQ]HLJWHQZLHGHUGLHVHOWVDPHJUQ VFKZDU]H)DUEH8QGGRFKZDUHWZDVDQGHUV (VJDE-HUU\6KD\QHQLFKWPHKU (UZDUYHUVFKZXQGHQZHJHLQIDFKIRUW'HU)OHFNZRHU JHVWDQGHQKDWWHZDUOHHU
0DQNRQQWHGHQ=XVWDQGGHU5RFNHUDOVIDVVXQJVORV EH]HLFKQHQ6LHZDUHQEOHLFKJHZRUGHQXQGVFKZLHJHQ(V GDXHUWHVHLQH=HLWELVVLFKHLQHUYRQLKQHQJHIDQJHQKDWWH (VZDU)UHGXQGHUIUDJWH ª:RZRLVW-HUU\"© 'DOlFKHOWHGLH)UDXQXUEHYRUVLHODQJVDPLKUHQ$UPLQ GLH+|KHKREXQG]XP+LPPHO]HLJWHª6HKWKHU© 'LH5RFNHUVWDUUWHQLQGLH+|KH (WZDVDXVGHU+|KHGHU%DXPZLSIHOUHJQHWHHWZDVDXIGLH (UGH (VZDUVFKZDU]HU6WDXE 1RFKQLHLP/HEHQZDUHQGLHGUHL5RFNHUVRVFKQHOOIRUWJH UDQQW$ODVVLDDEHUOlFKHOWH6LHKDWWHLKUH9LVLWHQNDUWHKLQWHU ODVVHQ 1RUPDOHUZHLVHNOLQJHOWPLFKEHLHLQHU6W|UXQJ]XPHLVWGDV 7HOHIRQDXVGHP6FKODIDEHULQGLHVHU1DFKWZXUGHLFKGXUFK HWZDVDQGHUHVZDFK ,FKVFKOXJGLH$XJHQDXIXQGVSUWHVRIRUWGDHWZDVQLFKW VWLPPWH'DZDUMHPDQGLP=LPPHU 'HUHUVWH*HGDQNHJDOWHLQHP(LQEUHFKHU'RFKEHLPLUJDE HVQLFKWV]XKROHQZDVVLFKIUHLQHQ'LHEJHORKQWKlWWH'D LFKDEHUHLQHQEHVRQGHUHQ-REDXVEWHNRQQWHLFKPLUJXW YRUVWHOOHQGDGHU%HVXFKPLWPHLQHU$UEHLW]XVDPPHQKLQJ ,FKHUKDVFKWHHLQHQUDVFKHQ%OLFNDXIGLH8KUXQGVWHOOWH IHVWGD0LWWHUQDFKWOlQJVWXPZDU(LQHZLUNOLFKXQJH Z|KQOLFKH=HLWIUHLQHQ%HVXFK 0HLQHQ$UPZLQNHOWHLFKDQXQGWDVWHWHQDFKPHLQHU %HUHWWDGLHLQGHU1lKHGHV.RSINLVVHQVODJ'DV.UHX]KLQJ DXFKZlKUHQGGHV6FKODIVXPPHLQHQ+DOVXQGY|OOLJZDI IHQORVVWDQGLFKGHP8QEHNDQQWHQQLFKWJHJHQEHU 'DQQK|UWHLFKVHLQH6WLPPHª/DGLH.DQRQHUXKLJ VWHFNHQ-RKQ6LQFODLU© ,FKDWPHWHDXIª0\[LQGXDOWHU+HFKW+lWWHVWGXGLFK QLFKWDQPHOGHQN|QQHQ"©*OHLFK]HLWLJPDFKWHLFK/LFKW 'HUNOHLQH0DJLHUVWDQGQDKHGHU6FKODI]LPPHUWUXQG
JULQVWHYRQ2KU]X2KU:LHLPPHUWUXJHUVHLQHQODQJHQ 0DQWHOXQGHLJHQWOLFKILHOHUNDXPDXI:HQLJVWHQVGHP QLFKWGHU0\[LQQLFKWNDQQWH0HLQH)UHXQGHXQGLFKMHGRFK ZXWHQGD0\[LQQLFKWVRKDUPORVZDUZLHHUDXVVDKXQG GDVKDWWHDXFKVRPDQFKHU'lPRQVFKRQ]XVSUHQEHNRP PHQ $XIGHU%HWWNDQWHEOLHELFKVLW]HQULHEPHLQH$XJHQXQG JlKQWHDXVJLHELJª:HQQGXPLFK]XHLQHP'ULQNHLQODGHQ ZLOOVWKDVWGXGLFKJHVFKQLWWHQ©VDJWHLFKª8PGLHVH=HLW KDEHLFKPHLVWHQVNHLQHQ'XUVW© ª$XIHLQHQ'ULQNQLFKW© ª6RQGHUQ"© ª,FKP|FKWHGLFK]XGHQ)ODPPHQGHQ6WHLQHQEULQJHQ 'RUWZDUWHW.DUDVFKRQ© ª-HW]W"0LWWHQLQGHU1DFKW"© ª-DVRQVWZlUHLFKQLFKWJHNRPPHQ© 0\[LQPHLQWHHVHUQVWGDVVDKLFKLKPDQª.DQQLFKPLFK ZHQLJVWHQVQRFKDQ]LHKHQ"© ª6LFKHUDEHUYHU]LFKWHDXIGDV:DVFKHQ© ª6HKUZRKO6LU© (LQH0LQXWHVSlWHUKDWWHLFKPLFKXPJH]RJHQ0\[LQVWDQG MHW]WLQGHU'LHOH(UZLUNWHVHKUNRQ]HQWULHUWGHQQHU EHQ|WLJWHMHW]WVHLQHJHVDPWHQ.UlIWHGDHUXQVEHLGH]XGHQ IODPLQJVWRQHVWHOHSRUWLHUHQZROOWH ,FKJLQJ]XLKPJlKQWHQRFKHLQPDOXQGPXWHPLWDQVH KHQZLH0\[LQPHLQH+DQGHUJULII(LJHQWOLFKKDWWHLFKQRFK HWZDVVDJHQZROOHQ'D]XNDPLFKQLFKWPHKUGHQQGLH:HOW XPPLFKKHUXPYHUVFKZDPPXQGHLQHQ$XJHQEOLFNVSlWHU VDJWHHLQHKHOONOLQJHQGH)UDXHQVWLPPH ª*XWHQ0RUJHQ-RKQ© (LQZHQLJYHUZLUUWEOLFNWHLFKPLFKXP .DUDOlFKHOWH6LHVWDQGZLHLFK]ZLVFKHQGHQ)ODPPHQGHQ 6WHLQHQ'LH5HLVHKDWWHDOVRJHNODSSW0\[LQVFKPXQ]HOWH(U IUHXWHVLFKGDHUIDVWVHLQHDOWHQ.UlIWHZLHGHUEHVD ª(EHQIDOOVJXWHQ0RUJHQ©EHJUWHLFK.DUDª$OOHUGLQJV KlWWHLFKJHUQQRFKHLQZHQLJJHVFKODIHQ©
ª'DVNDQQVWGXVSlWHU© ª(LOWHVVHKU"©IUDJWHLFK ª8QGZLH© ª'DQQEHULFKWHPDO©,FKQDKPDXIGHP*UDVERGHQ3ODW] XQG]RJPHLQH%HLQHDQ .DUDHU]lKOWHPLUYRQLKUHPVHOWVDPHQ7UDXPXQGYRQ HLQHPZHLEOLFKHQ:HVHQQDPHQV$ODVVLD ª9RQLKUKDEHLFKQLHHWZDVJHK|UW©JDELFKHKUOLFK]X ª$XFKQLFKWYRQGHU'XQNHOKHLW"© ª1HLQ© 0\[LQXQG.DUDVFKDXWHQVLFKDQZlKUHQGLFKLQGHQ +LPPHOEOLFNWHXQG]DKOUHLFKH6WHUQHVDK)UPLFKZDUGDV DOOHVQRFKUlWVHOKDIWLFKNRQQWHPLUZLUNOLFKNHLQHQ5HLPDXI GLH*HVFKLFKWHPDFKHQDEHUZHQQ.DUDVRKHIWLJUHDJLHUWH XQGPLFK]XGHQIODPLQJVWRQHVKROWHGDQQZDU]XPHLVW HWZDVLP%XVFK ª:DVLVWGHQQQXQPLWGLHVHU$ODVVLD"©IUDJWHLFK ª9HUGDPPWQRFKPDOVSDQQWPLFKQLFKWVRODQJHDXIGLH )ROWHU,UJHQGHWZDVPXVLHMDDQVLFKKDEHQ© ª6LHW|WHW© ª:HQ"© ª,KUH)HLQGH© ,FKOlFKHOWHª0HLQ*RWWVHLGGRFKQLFKWVRHLQVLOELJ:HU VLQGLKUH)HLQGHXQGZLHW|WHWVLHVLH"© .DUDQLFNWHVHKUHUQVWª:HULQGLH)lQJHGLHVHU)UDXGLH VLFKDXFK+HUULQGHU'XQNHOZHOWXQG.|QLJLQGHU1DFKW QHQQWJHUlWGHULVWYHUORUHQ(UZLUGJHW|WHW© ª:LH"© ª$ODVVLDHQW]LHKWLKPGDV/LFKWXQGGLH+HOOLJNHLW(UVLHKW GDQQGLHDEVROXWH'XQNHOKHLWXQGYHUJHKW=XPHLVWUHJQHWHU DOVVFKZDU]H$VFKHYRP+LPPHO© ,FKZDUJUDXLP*HVLFKWJHZRUGHQ'DVZDUMDVFKOLPP ZDVPLU.DUDGDHU]lKOWH 0HQVFKHQGLHYRQGHU'XQNHOKHLW]HUVW|UWZXUGHQXQG YRQGHQHQQXUPHKUVFKZDU]H$VFKH]XUFNEOLHE(LQH *lQVHKDXWUDQQEHUPHLQHQ5FNHQ.DUDKDWWHZLUNOLFK
UHFKWGDUDQJHWDQPLFK]XLQIRUPLHUHQGHQQZHQQGLHVH $ODVVLDWDWVlFKOLFKDXIWDXFKWH 0RPHQWPDO 3O|W]OLFKPDFKWHHVLQPHLQHP.RSINOLFN,FKVHW]WHPLFK VWDUUKLQXQGGDFKWHQDFK ª+DVWGXZDV-RKQ"©IUDJWHPLFKGLH6FK|QHDXVGHP 7RWHQUHLFK ª-DPLULVWGDHLQH,GHHJHNRPPHQXQGJOHLFK]HLWLJHLQ IXUFKWEDUHU9HUGDFKW©,FKVFKDXWH.DUDLQV*HVLFKWª:R EHILQGHWVLFKGLHVH$ODVVLDMHW]W"© ª'DVZHLLFKQLFKW:DKUVFKHLQOLFKLQLKUHP5HLFK© ª1LFKWKLHUDXIGHU(UGH"© ª.DQQDXFKVHLQ© ª'DVJODXEHLFKHKHU,FKKDEHVLH]ZDUQLFKWVHOEVWJHVHKHQ DEHUGDLVWHLQH6DFKHLQ/RQGRQSDVVLHUWYRQGHULFKQXU HLQHQNQDSSHQ%HULFKWJHOHVHQKDEH8QGGDVNXU]YRU )HLHUDEHQG© ª8PZDVJLQJHVGHQQ"©IUDJWH.DUD ª(LQH5RFNHUEDQGHDXVGHP5HJHQW V3DUNLVWZDKUVFKHLQ OLFKPLW$ODVVLD]XVDPPHQJHVWRHQ© ª+DWHV7RWHJHJHEHQ"© ,FKYHU]RJGDV*HVLFKWª:HLWGX.DUDEHLPLUNOLQJHOWH GLH*ORFNHDOVGXGLHVHQIXUFKWEDUHQ$XIO|VXQJVSUR]H HUZlKQWKDVW/DXW3URWRNROOVROOHQGUHLEHUOHEHQGH5RFNHU DXVJHVDJWKDEHQGDVLFKLKU$QIKUHULQHLQHUGXQNOHQ :RONHSUDNWLVFKDXIJHO|VWKDW$OVGLH:RONHYHUVFKZDQG ZDUDXFKYRQGHP5RFNHUQLFKWVPHKU]XVHKHQJHZHVHQ XQGHVVROOVFKZDU]HQ6WDXEJHUHJQHWKDEHQ© .DUDEDOOWHGLH+DQG]XU)DXVWª'DVZDUVLH'DVZDU $ODVVLD-RKQ6LHLVWVFKRQKLHU0HLQ7UDXPKDWPLFKQLFKW JHWURJHQ© (LQH:HLOHVDJWHQLHPDQGYRQXQVHLQ:RUWELVLFKIUDJWH ª'XELVWGHPQDFKHLQH)HLQGLQYRQ$ODVVLD"© ª-D© ª8QGGHQ7UDXPIDWGXDOVHLQH:DUQXQJDXI"© ª'DVVWLPPWDXFK©
ª:HUNDQQGLFKJHZDUQWKDEHQXQGDXVZHOFKHP*UXQG LVW$ODVVLDLQXQVHUH:HOWJHNRPPHQ"© ª0LFKKDWPHLQ8QWHUEHZXWVHLQJHZDUQW,FKVROOWHZLH GHUDQVLHHULQQHUWZHUGHQGHQQVLHZDUEHUHLWVLPDOWHQ $WODQWLVPHLQH)HLQGLQ:LUKDEHQ]ZDUQLHGLUHNWJHJHQHLQ DQGHUJHNlPSIWGD]XLVWHVQLFKWJHNRPPHQGRFKDXIJH VFKREHQLVWQLFKWDXIJHKREHQXQGLFKELQPLUIDVWVLFKHUGD HLQ.DPSI]ZLVFKHQPLUXQGGHU+HUULQGHU'XQNHOZHOW XQDXVZHLFKOLFKLVW© ª%HVWHKWHLQWULIWLJHU*UXQG"©ZROOWHLFKZLVVHQª,FK PHLQHIUHXUHSHUV|QOLFKH)HLQGVFKDIW© ª-DGHQJLEWHV©.DUDV6WLPPHNODQJDXIHLQPDOVHKUOHLVH XQGVHKUHUQVW ª1HQQHLKQPLU© ª,FKNDQQHVQLFKWEHZHLVHQ-RKQDEHUK|FKVWZDKUVFKHLQ OLFKKDW$ODVVLDGHQ7UDQNGHV9HUJHVVHQV© -HW]WZDUHVKHUDXVXQGLFKNRQQWHPHLQHhEHUUDVFKXQJ QLFKWEHUVSLHOHQVLH]HLFKQHWHVLFKDXIPHLQHP*HVLFKWDE GHQQ.DUDPHLQWH ª'DPLWKDVWGXZRKOQLFKWJHUHFKQHW"© ª1HLQ© ª(VLVWDEHUVR$ODVVLDPXLKQKDEHQ© ,FKVWDQGDXIXQGVFKWWHOWHGHQ.RSIª:RKHUZHLWGX GDVDOOHV"6RZHLWLFKPLFKHULQQHUQNDQQKDVWGXGRFKQLH JHZXWZRVLFKGHU7UDQNEHILQGHW© .DUDJLQJHLQSDDU6FKULWWH]XU6HLWHXQGEOLFNWHGRUWKLQ ZRGHU%DFKVSUXGHOWHª,P3ULQ]LSVWLPPWGDVVFKRQGRFK LFKKDEHLPPHUYHUVXFKWPLWGHQIUHPGHQ0lFKWHQ.RQWDNW DXI]XQHKPHQ0HLQ6FKZHUWZDUPLUGDEHLHLQHJURH+LOIH =XGHPKDEHQ0\[LQXQGLFK'lPRQHQEHVFKZRUHQ'LH PHLVWHQYRQLKQHQZXWHQ]ZDUQLFKWVDEHUZLUHUKLHOWHQ PDQFKPDO+LQZHLVH(VZDUZLHHLQ3X]]OH$OVZLUHV ]XVDPPHQVHW]WHQIKUWHHLQHYDJH6SXULQGLH'XQNHOZHOW© ª:DUXPKDVWGXPLWPLUGDUEHUQLFKWJHVSURFKHQ"©,Q PHLQHU)UDJHVFKZDQJHLQ9RUZXUIPLW
ª'XKDVWVHOEVW3UREOHPHJHQXJ=XGHPZDULFKPLUQLFKW VLFKHUREVLHGHQ7UDQNGHV9HUJHVVHQVWDWVlFKOLFKEHVLW]W RGHUQlKHUGDUEHU%HVFKHLGZHL© ª$EHUMHW]WZHLWGXPHKU"© ª(LQZHQLJ© ,FKDWPHWHWLHIGXUFKª*ODXEVWGXGHQQGDGLU$ODVVLD VDJHQZLUGZRVLFKGHU7UDQNEHILQGHWZHQQGXPLWLKU .RQWDNWDXIJHQRPPHQKDVW"© ª'DVLVWGLH)UDJHDEHULFKJHKHYRQIROJHQGHUhEHUOHJXQJ DXV:HQQVLHVLFKWDWVlFKOLFKDXIGLHVHU:HOWEHILQGHWKDWVLH LKUH'LPHQVLRQYHUODVVHQXQGEHVLW]WPHLQHV(UDFKWHQVQLFKW PHKUGLH.UlIWHGLHVLHLQGHU'XQNHOKHLWKDW,FKZLOOLKU JHJHQEHUVWHKHQXQGP|FKWHGLFK-RKQGHVKDOEELWWHQXQV ]XKHOIHQGHQQGXELVWHLQ0HQVFKYRQGLHVHU:HOWXQG NHQQVWGLFKDXV© ª,FKWXHZDVLFKNDQQ© .DUDOlFKHOWHª'DVZXWHLFK=XQlFKVWMHGRFKP|FKWHLFK .RQWDNW]X$ODVVLDKHUVWHOOHQGHQQLFKEUDXFKHPHKU ,QIRUPDWLRQHQ$OOHLQIKOHLFKPLFKKLOIORV© ª:LHZLOOVWGXGDVDQVWHOOHQ"© ª,FKQHKPHGDV6FKZHUW'DVPWHJHKHQ%LVWGXHLQYHU VWDQGHQGDGXEHLXQVEOHLEVW"© ª'XPPH)UDJHNODU© ª*XW©.DUDQLFNWHXQGHQWIHUQWHVLFKYRQPLU6WDWWGHVVHQ WUDW0\[LQDQPHLQH6HLWH*HPHLQVDPVFKDXWHQZLU]XZLH GLH6FK|QHDXVGHP7RWHQUHLFKGRUWVWHKHQEOLHEZRVLFKGLH PDJLVFKHQ/LQLHQGHU6WHLQHNUHX]WHQZHQQVLHDNWLYLHUW ZRUGHQZDUHQ(VZDUSUDNWLVFKGHU0LWWHOSXQNWGHUIODPLQJ VWRQHVZR.DUDVLFKQXQDXIKLHOW+LHUNRQ]HQWULHUWHVLFKGLH 0DJLHXQGLFKZDUJHVSDQQWREVLFKGLH6WHLQHDXFKDNWLYLH UHQOLHHQ 'DQDFKIUDJWHLFK0\[LQ 'HUNOHLQH0DJLHUQLFNWHª-DGDVZLUGVRVHLQ'LH0DJLH GHV6FKZHUWHVEHUWUlJWVLFKDXIGLH6WHLQH© ª:RNRPPHQVLHHLJHQWOLFKKHU"© 'DKRE0\[LQGLH6FKXOWHUQª,FKZHLHVVHOEVWQLFKW
JHQDX6ROOWHPLUGLH=HLWEOHLEHQZHUGHLFKGDQDFKIRU VFKHQ© ª-DGDVZUGHPLFKDXFKLQWHUHVVLHUHQ©0RPHQWDQODJHQ GLH6WHLQHLQ0LWWHOHQJODQGLQHLQHU]LHPOLFKHLQVDPHQ *HJHQGGLHNDXPYRQHLQHP0HQVFKHQEHVXFKWZXUGH(LQ VHKUVFKPDOHV7DOULQJVXPGLFKWEHZDOGHWH+lQJHXQGHLQ NOHLQHU%DFKGHUGDV7DOGXUFKVFKQLWW 'DVZDUDOOHV :HQQ]XIlOOLJ:DQGHUHUKLHUKHUNDPHQZXQGHUWHQVLFKGLH 0HQVFKHQ]ZDUEHUGLHJHRPHWULVFKH$XIVWHOOXQJGHU 6WHLQHDEHULKU5lWVHONRQQWHQVLHQLFKWO|VHQ:DKUVFKHLQOLFK ZXWHQVLHDXFKQLFKWZDVPLWGHQ6WHLQHQHLJHQWOLFKORVZDU (VZDULPPHUZLHGHUIDV]LQLHUHQGGLH0DJLHGHU6WHLQH]X HUOHEHQ6LHYHUPLWWHOWHQHLQJDQ]DQGHUHV%LOG0DQNRQQWH GDV*HIKOKDEHQLQHLQHU0lUFKHQXQG6DJHQZHOW]XVWH KHQDEHUQLFKWLQGHUQRUPDOHQ5HDOLWlW$XILUJHQGHLQH :HLVHPDFKWHHVPLFKVWRO]HWZDVEHUGLHVHV*HKHLPQLV]X ZLVVHQ ,FKZDUJHVSDQQWZLHHVZHLWHUJHKHQZUGH .DUDZDUGRUWVWHKHQJHEOLHEHQZRVLFKGHU.UHX]XQJV SXQNWGHUJHGDFKWHQ/LQLHQEHIDQG :DVZUGHJHVFKHKHQ" $XFK0\[LQNRQQWHMHW]WQLFKWHLQJUHLIHQRGHUHWZDV EHVFKOHXQLJHQ(VJLQJDOOHLQXP.DUD'LH6FK|QHDXVGHP 7RWHQUHLFKPXWHLKUH.UlIWHYROODXVVSLHOHQ 6LHNQLHWHQLHGHU ,UJHQGZLHHUVFKLHQPLUGLH%HZHJXQJDQGlFKWLJ(VJH VFKDKQLFKWVFKQHOO.DUDJOLWWDOOPlKOLFKLQGLH.QLHXQGDOV VLHGHQ%RGHQEHUKUWHVHQNWHVLHGHQ.RSI 'DQQJOLWWLKUUHFKWHU$UPVFKUlJDP.|USHUHQWODQJXQG LKUH+DQGQlKHUWHVLFKGHP6FKZHUWJULII 'LH:DIIHPLWGHUJROGHQHQ.OLQJHZDUGDVZLFKWLJVWHEHU KDXSW2KQHVLHZDU.DUDPDFKWORV 6LH]RJGDV6FKZHUWDXVGHU6FKHLGHXQGVWHOOWHHVPLWGHU 6SLW]H]X%RGHQZREHLVLHPLWEHLGHQ+lQGHQGHQ*ULII XPNODPPHUWH
(VZDUGLH+DOWXQJGLHVLHHLQQHKPHQPXWHXPLKUHYROOH .RQ]HQWUDWLRQ]XHUODQJHQ 0\[LQXQGLFKVSUDFKHQNHLQ:RUWPHKU-HGHU6DW]ZlUH ]XYLHOJHZHVHQGHQQ.DUDEUDXFKWHIULKUH%HVFKZ|UXQJ XQG$NWLYLHUXQJDEVROXWH5XKH :LHLQ7UDQFHYHUVXQNHQEOLHE.DUDKRFNHQ:LUZXWHQ GDVLHVLFKMHW]WNRQ]HQWULHUWHXQGVDKHQDXFKEHUHLWVGHQ HUVWHQ(UIROJGHQQGLH6WHLQHYHUlQGHUWHQVLFK $OVZUGHGLHURWH)DUEHRGHUGDVURWH/LFKWWLHIDXVLKUHP ,QQHUQVWHLJHQVRZXUGHGDVHLJHQWOLFKH*UDXDEJHO|VW-HGH 3RUHIOOWHVLFKPLWGHPGVWHUHQ5RWHVYHUGLFKWHWHVLFKXQG ZXUGHYRQ6HNXQGH]X6HNXQGHLQWHQVLYHUELVHVVHLQHQ K|FKVWHQ6WDQGHUUHLFKWKDWWHXQGSO|W]OLFKDXIVWUDKOWH ,FK]XFNWH]XVDPPHQREZRKOLFKGDV3KlQRPHQNDQQWH :LHJHLVWHUKDIWH(UVFKHLQXQJHQKXVFKWHQGLH6WUDKOHQEHU GHQ(UGERGHQVLHWUDIHQVLFKJHQDXGRUWZR.DUDNQLHWH 'DVZDUGDVPDJLVFKH=HQWUXP $XFKGLH6FK|QHDXVGHP7RWHQUHLFKEOLHEQLFKWªYHU VFKRQW©+DWWHQZLUVLH]XHUVWZHJHQGHU'XQNHOKHLWQXUUHOD WLYVFKZDFKHUNHQQHQN|QQHQVROHJWHVLFKMHW]WHLQJHKHLP QLVYROOHVURWHV/HXFKWHQEHULKUHQ.|USHUVRGDLKU%LOG ]LHPOLFKXQZLUNOLFKZXUGHXQG.DUDPLFKDQHLQH *HLVWHUHUVFKHLQXQJHULQQHUWH $OOHLQGXUFK.RQ]HQWUDWLRQKDWWHVLHHVJHVFKDIIWGLH0DJLH ]XDNWLYLHUHQ (LQ3KlQRPHQ 6WXPPXQGVWDUUEOLHEVLHVLW]HQJHVWW]WDXILKU6FKZHUW 6LHVFKLHQGLH0DJLHGHUIODPLQJVWRQHV]XJHQLHHQGHQQ GLHVHZXQGHUVDPHQ.UlIWHJDEHQLKU.UDIWXQG$XVGDXHU -HGHUYRQXQVZXWHZDVNRPPHQZUGH.DUDYHUVXFKWH MHW]WGLH]ZHLWH.RQ]HQWUDWLRQVEXQJ hEHULKU6FKZHUWZROOWHXQGZUGHVLH.RQWDNW]XHLQHU DQGHUHQ:HOWDXIQHKPHQYLHOOHLFKWVRJDU]XHLQHP5HLFK GDVVLFK'XQNHOZHOWQDQQWHXQGGHVVHQ+HUUVFKHULQ$ODVVLD GLH.|QLJLQGHU6FKDWWHQZDU ,FKZDUXQJHPHLQJHVSDQQW/lQJVWZDUPHLQH0GLJNHLW
YHUJHVVHQ(VVSLHOWHNHLQH5ROOHPHKUGDPLFK0\[LQPLW WHQLQGHU1DFKWDXVGHP%HWWJHKROWKDWWHPLFKKLHOWGLH )DV]LQDWLRQGHV$XJHQEOLFNVJHIDQJHQ :UGHGDV6FKZHUWHVVFKDIIHQ" (VZDUHLQHEHVRQGHUH:DIIH.DUDNRQQWHPLWLKUQLFKWQXU NlPSIHQVRQGHUQVLHDXFKDOVHLQHQPDJLVFKHQ.DWDO\VDWRU EHQXW]HQGHUGLH9HUELQGXQJ]XDQGHUHQ:HOWHQVFKXI (UVWHLQPDOJHVFKDKQLFKWV.DUDNQLHWHVWXPPXQGKLHOW QDFKZLHYRUGHQ6FKZHUWJULIIIHVW$XFKZLUPXWHQXQVLQ *HGXOGIDVVHQVDKHQDOOHUGLQJVGDGHU.|USHUGHUGXQNHO KDDULJHQ)UDXSO|W]OLFKDQILQJ]X]XFNHQ ª-D©VWLH0\[LQKHUYRUª6LHKDWHVJHVFKDIIW© :DVVLHJHVFKDIIWKDWWHZXWHNHLQHUYRQXQV(VZDU GXUFKDXVP|JOLFKGDVLH]ZDUHLQHQ.RQWDNWEHNRPPHQ KDWWHDEHU]XHLQHUDQGHUHQ:HOWRGHU'LPHQVLRQ :LUPXWHQDEZDUWHQ =HLWYHUJLQJ1DFKZLHYRUKLHOWHQGLH6WHLQHLKU6WUDKOHQ DXIUHFKWVLHVFKXIHQVRPLWHLQPDJLVFKHV=HQWUXPGDV.DUD DOV0LWWHOSXQNW]HLJWH 'DQQHLQ6FKUHL(UGUDQJDXVGHP0XQGGHUVFKZDU] KDDULJHQ)UDX:LU]XFNWHQ]XVDPPHQVDKHQZLH.DUD ]LWWHUWHXQGGDV%HEHQOLHIZLHGLH$XVOlXIHUHLQHUNOHLQHQ ([SORVLRQGXUFKLKUHQ.|USHU 6FKODJDUWLJEUDFKGLHPDJLVFKH%UFNH]XVDPPHQ'DV /HXFKWHQZDUQLFKWPHKUYRUKDQGHQDXFKGLH6WUDKOHQ ]RJHQVLFK]XUFNXQG.DUDNLSSWH]XU6HLWH %HYRUZLUVLHDXIIDQJHQNRQQWHQODJVLHVFKRQDP%RGHQ *HPHLQVDPNQLHWHQZLUXQVQHEHQVLHXQGWURW]GHU 'XQNHOKHLWZDU]XVHKHQZLHEOHLFKXQGVSLW]LKU*HVLFKW ZLUNWH .DUDPXWHHWZDVXQJHPHLQ6FKZHUHVKLQWHUVLFKKDEHQ GDVVWDUNDQLKUHQ.UlIWHQJH]HUUWKDWWH 0\[LQWlWVFKHOWHLKUH:DQJHQ(UULHILPPHUZLHGHULKUHQ 1DPHQXQG.DUDVFKOXJIODWWHUQGGLH$XJHQDXI,KU%OLFN WUDI0\[LQV*HVLFKWVLHYHUVXFKWHHLQ/lFKHOQXQGLKUH /LSSHQPXUPHOWHQ:RUWH
ª,FKLFKOHEHQRFK© ª:DUHVVRVFKOLPP"©HUNXQGLJWHVLFK0\[LQ ª-DVLHLVWXQJHPHLQVWDUNXQGLKUH0DJLHLVWVRPlFKWLJ 6LHNDQQXQVDOOHYHUQLFKWHQ© :LH.DUDGDVVDJWHNRQQWHPDQ$QJVWEHNRPPHQ'HQQ VLHZDUVRQVWQLFKWSHVVLPLVWLVFKDEHUIULKUHQ.RPPHQWDU JDEHVHLQHQ*UXQG'DYRQJLQJLFKDXV ª:DVLVWGHQQJHVFKHKHQ"©ZROOWHLFKZLVVHQ ª$ODVVLDLVWGD-RKQ6LHLVWDXIGHU(UGH,FKKDEHLKUH $QZHVHQKHLWJHQDXJHVSUWXQGVLHLVWGDEHLLUJHQGHWZDV ]XXQWHUQHKPHQ© ª:DV"© ª,FKZHLHVQLFKWJHQDX,FKK|UWHVLHQXUVFKUHLHQ 7ULXPSKLHUHQGH:RUWH$VPRGLQDLVWWRW$VPRGLQDLVW WRW© 'DVVWLPPWHLQGHU7DW6ROR0RUDVVRDOLDV'U7RGKDWWH $VPRGLQDXPJHEUDFKW1DWUOLFKKDWWHVLHNHLQH1DFK IROJHULQEHNRPPHQ'U7RGZDUDOOHLQVLFKVHOEVWYHUDQW ZRUWOLFKJHEOLHEHQDEHUHUXQGVHLQH0RUGOLJDKDWWHQ)HGHUQ ODVVHQPVVHQ:DVLFKZHLWHUGDFKWHNRQQWHPDQDOVUHLQH 6SHNXODWLRQEH]HLFKQHQ:DU$ODVVLDYLHOOHLFKWHUVFKLHQHQ XP$VPRGLQDV1DFKIROJHDQ]XWUHWHQ" 'LHVHQ9HUGDFKWVSUDFKLFKODXWDXV'DQDFKVFKDXWHLFKLQ GLHEHWUHWHQHQ*HVLFKWHUGHUEHLGHQ)UHXQGH6LHVDJWHQPLU GDDXFKVLHPHLQHQ9HUGDFKWQLFKWYRQGHU+DQGZHLVHQ N|QQWHQ ª'DQQPVVHQZLUXQVDXIHWZDVJHIDWPDFKHQ©IOVWHUWH .DUDXQGOLHVLFKYRQXQVDXIGLH%HLQHKHOIHQ ª:DVLVWPLWGHP7UDQNGHV9HUJHVVHQV"© .DUDKREGLHVFKPDOHQ6FKXOWHUQª,FKKDEHNHLQHGLUHNWH %HVWlWLJXQJEHNRPPHQGD$ODVVLDGHQ7UDQNEHVLW]WDEHU LFKELQIHVWGDYRQEHU]HXJWGDHVVRLVW=XGHPZLUGVLH GLH-HQVHLWV)DOOHDXIEDXHQZLHLFKK|UWH© ª:DVLVWGDVGHQQ"© ,FKHUKLHOWNHLQH$QWZRUWGDZHGHU0\[LQQRFK.DUD JHQDXHUGDUEHULQIRUPLHUWZDUHQ
ª'LHVHQ%HJULIIKDEHLFKQXUDXIIDQJHQN|QQHQ©HUNOlUWH .DUDPLUª0HKUZDUQLFKWP|JOLFK© ª8QGGXKDVWDXFKQLFKWKHUDXVILQGHQN|QQHQZDVVLHMHW]W XQWHUQLPPW"©KDNWHLFKQDFK ª1HLQ© ª9LHOOHLFKWZLUGVLH.RQWDNW]X'U7RGDXIQHKPHQ"© PHLQWH0\[LQGHU0DJLHU ª:HVKDOE"© ª'LH:HJHGHU'lPRQHQVLQGUlWVHOKDIW©HUNOlUWHHUPLU ª:LUVROOWHQDXIGHU+XWVHLQXQGJHWUHQQWPDUVFKLHUHQXP YHUHLQW]XVFKODJHQ]XN|QQHQ© 'DZDULFKVHLQHU0HLQXQJ,FKKDWWHPLUDXFKEHUHLWVHLQHQ 3ODQ]XUHFKWJHOHJWZLHLFKYRUJHKHQZROOWH$EHUHUVWHLQPDO PXWHLFK*HQDXHVZLVVHQ ª,FKNPPHUHPLFKXP'U7RG©HUNOlUWH0\[LQ ª:LOOVWGXLKQIURQWDODQJUHLIHQ"© (UOlFKHOWHª:HQQGDVVRHLQIDFKZlUH'HUVLW]WLQVHLQHU )HVWXQJLQ)HXHUODQGDEHULFKZHUGHHVEHU/RJDQ&RVWHOOR YHUVXFKHQ,UJHQGZLHPVVHQZLUDXIGLH6SXUGHU$ODVVLD VWRHQ© ª6ROOLFKGDVQLFKWOLHEHULQGLH+DQGQHKPHQ"© ª1HLQ-RKQHVEOHLEWEHLGHP3ODQ8QGLFKKDEHGDV *HIKOGDZLULUJHQGZDQQZLHGHU]XVDPPHQWUHIIHQ ZHUGHQ© ª2ND\GDQQVFKDIIPLFK]XUFNQDFK/RQGRQ© ª1LFKWVOHLFKWHUDOVGDV© )QI6HNXQGHQVSlWHUEHIDQGLFKPLFKZLHGHULQPHLQHU :RKQXQJVDDQJH]RJHQDXIGHP%HWWXQGIUDJWHPLFKRE QLFKWGRFKDOOHVHLQE|VHU7UDXPJHZHVHQZDU /HLGHUZDUHVGDVQLFKW:LUKDWWHQHLQQHXHV3UREOHP]X EHZlOWLJHQ8QGGDVKLH$ODVVLD ª'XVLHKVWVFKOHFKWDXV©VWHOOWH6XNRPHLQFKLQHVLVFKHU )UHXQGXQG.ROOHJHIHVWDOVZLUXQVWUDIHQXPJHPHLQVDP LQV%UR]XIDKUHQ
ª:LHVR"© ªhEHUQlFKWLJW© $ODVVLDXQGPHLQHVHOWVDPH5HLVHNDPHQPLULQGHQ6LQQ ª,FKKDEHDXFKHLQLJHVKLQWHUPLU© ª*OHQGD"©6XNRV6WLPPHNODQJVS|WWLVFK ª+|UDXI$EHUHLQH)UDXZDUPLWLP6SLHO© ª.HQQHLFKGLH"© ª-D.DUD© 6XNRVFKOXJVLFKDXIGLH6FKHQNHOª1HLQ-RKQGDVKlWWH LFKQLFKWYRQGLUJHGDFKW'DGXEHLGHJOHLFK]HLWLJ© ª,FKZDUPLW.DUDGLHQVWOLFK]XVDPPHQ© ª8QGZRUXPJLQJHV"© ª=XU6WUDIHHUNOlUHLFKGLUGDVZHQQZLULP%URVLQG© 6XNR]RJHLQHQ)OXQVFK(UKDWWHDQGLHVHP0RUJHQVHLQH +DUOH\LQGHU*DUDJHJHODVVHQXQGIXKUPLWPLU$QXQGIU VLFKELQLFKNHLQ0RUJHQPXIIHOGRFKDXIGHU)DKUWZDULFK QLFKWHEHQGHUJHVSUlFKLJVWH3DUWQHU,P*HJHQWHLOLFKZDU VRJDU]LHPOLFKUXKLJXQGPDQFKPDODXFKXQZLUVFK 6XNROLHPLFKLQ5XKH'DIUODVHUGLH=HLWXQJNRPPHQ WDUORV6HOEVWGDVEHLP:HLWHUEOlWWHUQHQWVWHKHQGH5DVFKHOQ PDFKWHPLFKQHUY|V$XIKDOEHU6WUHFNHKLHOWLFKHVQLFKW PHKUDXV,FKPXWH6XNRYRQGHQ9RUJlQJHQGHUYHUJDQJH QHQ1DFKWEHULFKWHQ (U]HLJWHVLFKVHKUEHUUDVFKW(LQSDDUPDOQLFNWHHUNUlIWLJ XQGULHEVLFKGDQQGLH+lQGH ª:DVKDVWGX"© ª$XIHLQH1DFKIROJHULQGHU$VPRGLQDELQLFKJHVSDQQW -RKQ© ,FKZLQNWHDEª'DVJODXEHLFKQLFKW1HLQQHLQGDVZLUG VFKRQNHLQH1DFKIROJHULQGHU7HXIHOVWRFKWHUVHLQ'LHKDW HWZDVJDQ]DQGHUHVYRU© ª8QGZDV"© ,FKKREGLH6FKXOWHUQª1RFKNDQQLFKHVGLUQLFKWVDJHQ DEHULQHLQSDDU7DJHQYLHOOHLFKW© ª:RZLOOVWGXGHQQHLQKDNHQ"©HUNXQGLJWHVLFK6XNR ª:LUKDEHQGRFK=HXJHQ©
ª'XPHLQVWGLHVH5RFNHU© ,FKKDWWH6XNRYRQGHQ=XVDPPHQKl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lKUHQGGHVVHQUDXFKWHLFKHLQH=LJDUHWWHXQGEHREDFKWHWH GHQ&KLQHVHQEHUGLH5DXFKVFKOHLHUKLQZHJ 6XNRJlKQWHXQGOHJWHGDV3URWRNROO]XU6HLWH ª,VWGDVDOOHVZDVGX]XVDJHQKDVW"©HUNXQGLJWHLFKPLFK ª-D'DV3URWRNROOODQJZHLOWPLFK:LHKLHGHU.QDEH QRFKGHUHV]X3DSLHUJHEUDFKWKDW"© ª'DVZDUHLQ3ROL]LVW©HUZLGHUWHLFKWURFNHQªDEHUGLNWLHUW KDWHVHLQ5RFNHUQDPHQV)UHG$VKOH\© ª8QGZRZRKQWGHU"© 6XNRZROOWHDXIGDVJOHLFKHKLQDXVZLHLFK3HUV|QOLFKPLW GHP5RFNHUUHGHQ ,FKEOlWWHUWHHLQSDDUPDOXQGIDQGGLH$GUHVVHª'HUZRKQW LQ6RPHUVWRZQ© ª.HLQHVFKOHFKWH*HJHQG© ª)UHLQHQ5RFNHUPHLQVWGX"© ª*HQDX© ,FKJULQVWHXQGVWDQGDXIª.RPPZLUKDEHQHLQHVFK|QH )DKUWYRUXQV© ª+RIIHQWOLFKEULQJWVLHDXFKHLQ(UJHEQLV© ,FKVDJWHQLFKWV'LH)DKUWGXUFKGLH/RQGRQHU&LW\SDWH PLUEHUKDXSWQLFKW6XNRZROOWHGDV6WHXHUEHUQHKPHQ
GHQQHUVDKPLUPHLQH/DXQHDQXQGLFKZDUGDQNEDUPLFK PDODXIGHQ%HLIDKUHUVLW]VHW]HQ]XN|QQHQ 0HLQH*HGDQNHQNUHLVWHQQDWUOLFKXPGHQ)DOO'HU1DPH $ODVVLDKDWWHVLFKUHJHOUHFKWLQPHLQHP*HKLUQIHVWJHEUDQQW :HQQVLHLKUH*HJQHUDQJLQJJHVFKDKGLHVDXIHLQHJUDXVDPH $UWXQG:HLVH6LHW|WHWHGLH0HQVFKHQQDFKGHQ*HVHW]HQ LKUHU:HOWGLHVLHPLWLQGLHXQVULJHJHEUDFKWKDWWH .RQQWHLFKZHLWHUH0RUGHYHUKLQGHUQ" 'DVKRIIWHLFKVWDUNZREHLLFKDOOHUGLQJVQLFKWZXWHZHO FKH:DIIHLFKJHJHQPHLQH)HLQGHHLQVHW]HQNRQQWH'DV .UHX]DOV=HLFKHQGHV/LFKWVZDUQDWUOLFKP|JOLFKDEHU GD]XPXWHLFK$ODVVLDHUVWHLQPDOJHJHQEHUVWHKHQ ,QHLQHQ9HUNHKUVVWDXJHULHWHQZLUDXFKXQGLFKVSLHOWH VFKRQPLWGHP*HGDQNHQGLH6LUHQHDQ]XVWHOOHQDEHU GDVHUVFKLHQPLUXQIDLUJHJHQEHUGHQDQGHUHQ9HU NHKUVWHLOQHKPHUQGHQQHVZDUNHLQ1RWIDOO]XGHPZLU IXKUHQ 6RPHUVWRZQ]HLJWHVLFKYRQHLQHUIUHXQGOLFKHQ6HLWH(VJDE HLQRULJLQHOOHV.QHLSHQYLHUWHOPLWNOHLQHQ6WUDHQXQGQHWWHQ /RNDOHQ1LFKWZHLWHQWIHUQWZRKQWHGHU5RFNHU .HLQH$EEUXFKEXGHZLHPDQHVQRUPDOHUZHLVHEHLGLHVHQ 7\SHQHUOHEWVRQGHUQHLQ+DXVGHVVHQ'DFKYHUVWHFNWKLQWHU KRKHQ%lXPHQODJ'DZDUHQYLHU%XQJDORZVYHUVHW]WJHEDXW ZRUGHQ'LH$VKOH\VOHEWHQLPHUVWHQ(LQH)UDXVWDQGYRU GHU7U6LHKDWWHHLQH.DW]HJHIWWHUWXQGULFKWHWHVLFKDXI DOVVLHGHQ%HQWOH\VDK $OVZLUVWRSSWHQJOLWWHLQPLWUDXLVFKHU=XJEHULKU *HVLFKW'HVKDOEOlFKHOWHLFKIUHXQGOLFKZlKUHQGZLUXQV YRUVWHOOWHQ ª6FKRQZLHGHU3ROL]HL©PXUPHOWHVLH ª:DUHQPHLQH.ROOHJHQVFKRQHLQPDOKLHU"©IUDJWHLFK ª-DOHLGHU© 0LUILHODXIGDVLHJHIlUEWHEORQGH+DDUHKDWWH'LFKWEHU GHU.RSIKDXWNDPGLHVFKZDU]H1DWXUIDUEHGXUFKª6LH ZROOHQVLFKHUOLFK]X)UHG(ULVWKLHULQVHLQHP=LPPHU:DU MDDXFKVFKOLPPZDVHUHUOHEWKDW©
ª+DWHV6SXUHQKLQWHUODVVHQ"© 'LH)UDXOlFKHOWHQLFKWVLHJULQVWHª6SXUHQ"©K|KQWHVLH ª-DHVZDUHQ6SXUHQ(QGOLFKPDO'DVWDWGLUHNWJXWN|QQHQ 6LHPLUJODXEHQ0LVWHU© %HYRUVLHVLFKZLHGHUEHULKUHQ6RKQEHVFKZHUHQNRQQWH EDWLFKVLHPLW)UHGVSUHFKHQ]XN|QQHQ ª*HKHQ6LHUHLQ1DFKGHU7UOLQNVDP*DQJJDQ]KLQWHQ GDKDWHUVHLQ=LPPHUZRGHU7RWHQVFKlGHOYRUGHU7U KlQJW© ª'DQNH© 'HU7RWHQVFKlGHOHQWSXSSWHVLFKDOV3RVWHU$XIVFKZDU]HP *UXQGZDUHLQZHLHU6FKlGHOPLW]ZHLJHNUHX]WHQ.QRFKHQ JH]HLFKQHW:LUZDUHQK|IOLFKH0HQVFKHQXQGNORSIWHQDQ EHYRUZLUGHQ5DXPEHWUDWHQ )UHGODJDXIGHP%HWW(UKDWWHXQVQLFKWJHK|UWGHQQDXV GHQEHLGHQ/DXWVSUHFKHUQGHV.RSIK|UHUVNODQJ0XVLNGLH LKQDOOHVDQGHUHLQVHLQHU8PJHEXQJYHUJHVVHQOLH'LH $XJHQKLHOWHUKDOEJHVFKORVVHQ'DPLWGLH6RQQHQLFKWLQGHQ 5DXPVFKLHQKDWWHHUHLQHQ9RUKDQJYRUGLH6FKHLEHJH ]RJHQ $QGHQ:lQGHQVDKHQZLUNHLQH7DSHWHQPHKU1XU3RVWHU 6LHDOOH]HLJWHQIDVWGDVJOHLFKH0RWLY6FKZHUH0DVFKLQHQ RGHU5HQQZDJHQ'D]ZLVFKHQKLQJHQQRFKYHUHLQ]HOWH 3OD\ER\)DOWELOGHU 'LH$QODJHVWDQGQHEHQGHP%HWW(QWZHGHUKDWWH)UHGXQV WDWVlFKOLFKQLFKWJHVHKHQRGHUHUZROOWHXQVQLFKWVHKHQDXI MHGHQ)DOOWUDIHUNHLQHUOHL$QVWDOWHQVLFK]XHUKHEHQRGHUXQV EHUKDXSW]XU.HQQWQLV]XQHKPHQ ,FKVFKULWWDXIGLH$QODJH]XXQGVWHOOWHVLHDE=ZHL 6HNXQGHQJHVFKDKQLFKWVGDQQVSULW]WHGHU7\SSO|W]OLFK KRFKXQGVFKDXWHPLFKDQDOVZROOWHHUPLFKIDVVHQ(U VFKOHXGHUWHGHQ.RSIK|UHU]XU6HLWHEDOOWHGLH+lQGHEHYRU VHLQ%OLFNDXI6XNRILHOGHUDP7USIRVWHQJHOHKQWVWDQGXQG IUHXQGOLFKOlFKHOWH ª*XWHQ0RUJHQ©VDJWHLFKª3ROL]HL6FRWODQG
)UHG$VKOH\YHU]RJGDV*HVLFKWXQGOLHVLFKVW|KQHQGDXI GLH%HWWNDQWHIDOOHQª6FKRQZLHGHULFKKDEHGRFKDOOHV JHVDJW© ª:LUP|FKWHQHVQRFKHLQPDOK|UHQ© ª.|QQWLKUQLFKWOHVHQ"© (UVSLHOWHVLFKDXIXQGIKOWHVLFKXQJHPHLQVWDUN'DEHL WUXJHUQXUHLQH-HDQVXQGHLQ8QWHUKHPG 6HLQ*HVLFKW]HLJWHQRFKGLH3LFNHOGHU3XEHUWlWGLH$XJHQ MHGRFKEOLFNWHQNDOWXQGDXFKLUJHQGZLHOXVWORV(LQMXQJHU 0DQQGHUHQWWlXVFKWHQ*HQHUDWLRQ6RHWZDVZLHLKQILQGHW PDQKHXW]XWDJHMD|IWHU ,FKKROWHPLUHLQHQ6WXKOKHUDQª$OVR)UHGZLHZDUGDV JHQDXLP3DUN"© ª1LFKWV© ª.RPPHU]lKONHLQHQ8QVLQQ©,FKZXUGHOHLFKWVDXHU ª,FKNDQQGLFKDXFKLQV
ª:HLLFKGRFKQLFKW*ODXEHQ6LHPLUGHQQ"© ª-D©VDJWHLFK (UYHUVFKOXFNWHVLFKDP5DXFKVHLQHU=LJDUHWWHª:LH NRPPWLKUGHQQGD]X"© ª(UIDKUXQJHQJDQ]HLQIDFK© ª$EHUNHLQH(UNOlUXQJHQZLH"© ª'LHVXFKHQZLUMD© )UHGGUFNWHVHLQH=LJDUHWWHDXVª0HKUDOVLFKKDEHQGLH DQGHUHQEHLGHQDXFKQLFKWJHVHKHQ©6HLQH6WLPPHZXUGH OHLVHU0DQPHUNWHLKPDQGDHUGRFKQLFKWVRKDUWZDUZLH HUVLFKJHUQJDEXQGVLFKDXFKVDK'HU7RGVHLQHV)UHXQGHV ZDULKPDQGLH1LHUHQJHJDQJHQ ª+DWVLHVRQVWQRFKLUJHQGHWZDVJHVDJW"©IUDJWH6XNRYRQ GHU7UKHU ª1HLQ1XUGDZLULKUDXVGHP:HJJHKHQVROOWHQ:LU ZROOWHQMDQXUHLQELFKHQ6SDKDEHQ© ª'HQ6SDNHQQHLFK©VDJWHLFKVDUNDVWLVFK $VKOH\KREGLH6FKXOWHUQ 'LH7UZXUGHDXIJHVWRHQ0UV$VKOH\VWUHFNWHLKUHQ .RSILQV=LPPHU6LHKDWWHVLFKHLQHQ.LWWHOEHUJHVWUHLIWXQG IUDJWH ª'DXHUWHVQRFKODQJH"© ª:DUXP"© 6LHKREGLH6FKXOWHUQXQGVFKDXWHPLFKDQª:HLOLFKGLH %XGHKLHUSXW]HQZLOO© ª(LQHQ0RPHQWQRFK©EDWLFKVLH $EHUGLH)UDXOLHVLFKQLFKWDEGUlQJHQª$XHUGHPLVW QRFK%HVXFKIUGLFKJHNRPPHQ)UHG© ª:HULVWHVGHQQ"© 0UV$VKOH\ODFKWHKDUWDXIª'DVNDQQLFKGLUVDJHQXQG GDZLUVWGXGLFKZXQGHUQ-HUU\6KD\QHLVWGD© (LQH,QVHODQGHU6GVSLW]H)HXHUODQGV *UDXZDUGDV0HHUJUDXGHU+LPPHOVFKDUISILIIGHU:LQG EHUGLH6HHXQGJLVFKWHWHVLH]XJHZDOWLJHQ:RJHQKRFKGLH JHJHQGLH,QVHOQDQOLHIHQ
$XFKDQGHQ6WUDQGHLQHUEHVWLPPWHQ,QVHOEUDQGHWHQGLH :HOOHQ6LHZDULP*HJHQVDW]]XYLHOHQDQGHUHQQLFKWXQEH ZRKQWRGHUOHHU,QHLQHPXQWHULUGLVFKHQIHVWXQJVDUWLJHQ %DXKDWWHHLQ0HQVFK'lPRQVHLQHQ3ODW]JHIXQGHQGHUDXI GHQ1DPHQ'U7RGK|UWH +LHUKDWWHHUVLFKPLWGHQUHVWOLFKHQ:HVHQVHLQHU0RUGOLJD ]XUFNJH]RJHQXQGGDVZDUHQEHLOHLEHQLFKWPHKUYLHOH =XPHUVWHQ;RUURQ+HUUGHU=RPELHVXQG8QWRWHQGDQQ /DG\;HLQH%OXWVDXJHULQXQG9DPSLURGHOPDUHLQXUDOWHU %OXWVDXJHUGHVVHQ9HUJDQJHQKHLW]XP*URWHLOLPGXQNHOQ ODJXQGHUVWDOOPlKOLFKDXVGHU6FKZlU]HKHUYRUJHKROW ZXUGH 'D]XJHK|UWHQDXFKGLHURWHQ9DPSLUHGLHKLQXQGZLHGHU EHUGLH,QVHONUHLVWHQZHQQVLHVLFKQLFKWJHUDGHLQLUJHQG ZHOFKHQ+|KOHQYHUEDUJHQGLHHVHEHQIDOOVDXIGHP(LODQG JDEXQGRIWWLHILQGHQ)HOVKLQHLQVWLHHQ 9DPSLURGHOPDUKDWWHVLHPLWJHEUDFKW,QGHQ+|KOHQGHU 6FKZlELVFKHQ$OEZDUHQVLHHQWGHFNWZRUGHQXUDOWH:HVHQ 5HVWHHLQHU=HLWGLHOlQJVWLQ9HUJHVVHQKHLWJHUDWHQZDU$EHU QLFKWIU9DPSLURGHOPDU(UZROOWHVLHQRFKHLQPDODXI OHEHQODVVHQXQGZDUGDEHLQDFK]XIRUVFKHQXPHLQ ,PSHULXPGHU%OXWVDXJHUDXI]XEDXHQ $XIGHU,QVHOKDWWHQVLH5XKHGRUWZXUGHQVLHQLFKWJHVW|UW GHQQZHUKLHUOHEWHKDWWHPLWGHPUHLQHQ0HQVFKVHLQQLFKWV ]XWXQ(UGLHQWHGHP%|VHQHVZDUGHUNDOWH+RUURU 6ROR0RUDVVRKDWWHVLFKLQGHUOHW]WHQ=HLWYHUlQGHUW(UZDU QRFKGVWHUHUQRFKLQVLFKJHNHKUWHUJHZRUGHQVHLWHU /XSLQDYHUORUHQKDWWH(LQ0LWJOLHGGHU0RUGOLJDKDWWH GLH:HUZ|OILQJHW|WHW*HIDOOHQZDUVLHXQWHUGHQ6LOEHU JHVFKRVVHQGHU/DG\;GD/XSLQDYHUVXFKWKDWWHGHQ$XI VWDQG]XSUREHQ $EHUHVJDEGDQRFKMHPDQGHQGHUYLHOOHLFKWLKUH 1DFKIROJHEHUQHKPHQNRQQWH 6FKZDU]ZROILKU6RKQDXFK2UDSXOJHQDQQW/DG\;KDWWH LKQJHMDJWGRFKQLFKWJHIXQGHQXQGVLHZDURKQH(UIROJDXI GLHJHKHLPQLVYROOH,QVHO]XUFNJHNHKUW
:DUHVLQ(XURSD6RPPHUVREUDFKKLHUGHU:LQWHUKHUHLQ 6FKZHUH6WUPHHUVFKWWHUWHQGLH6HH7DJHODQJVFKQHLWHXQG UHJQHWHHVGLH6HHZDUHLQHNRFKHQGH+|OOHXQGWLHILQGHU (UGHEHULHWPDQEHUGDVZHLWHUH9RUJHKHQ 'U7RGOHEWHLPPHUQRFKYRQGHP%RQXV$VPRGLQDYHU QLFKWHW]XKDEHQ(VZDUVHLQHELVKHUJU|WH7DWJHZHVHQ DEHUHUKDWWHVLFKYHUUHFKQHW$QGHUH'lPRQHQVWHOOWHQVLFK QLFKWDXIVHLQH6HLWHJHVFKZHLJHXQWHUVHLQ.RPPDQGR6LH ZROOWHQLKQDOV&KHIXQG)KUHUQLFKWDQHUNHQQHQXQGGDV ZXUPWH6ROR0RUDVVR,QQHUOLFK]HUULHVLKQIDVWYRU+D GHQQGDZDUDXFKGHU6SXNDXIGHVVHQ/R\DOLWlWHUJHKRIIW KDWWHXQGGHUVLHLKPYHUZHLJHUWH 'HU6SXNNRFKWHVHLQHLJHQHV6SSFKHQXQGOLH0RUDVVR VFKDOWHQXQGZDOWHQ 'DHU]DKOUHLFKH0LWJOLHGHUVHLQHU0RUGOLJDYHUORUHQKDWWH NDP'U7RGQLFKWULFKWLJ]XP=XJ(UZXWHGD;RUURQ ZWHQZROOWHDEHUGLHNDOWHhEHUOHJXQJKLHOWLKQ]XUFN(V ZDUQLFKWGLH$QJVWYRUGHP6LQFODLU7HDPVRQGHUQHLQ ZHQLJGLH)XUFKWYRUGHQGlPRQLVFKHQ$UWJHQRVVHQGHV ;RUURQ'DODXHUWHLP+LQWHUJUXQGHLQJHZDOWLJHU.RPSOH[ GHUVLFK$WODQWLVQDQQWHXQGPLWLKPPlFKWLJH'lPRQHQGLH *URHQ$OWHQ$XFKVLHNlPSIWHQJHJHQ6LQFODLUXQG'U7RG KDWWH$QJVW]ZLVFKHQGLH0KOVWHLQH]XJHUDWHQ=XGHP ZXWHHUQLFKWJHQDXZDVHUPLW$VPRGLQDV7RGLP5HLFK GHV6FKUHFNHQVQRFKDOOHVLQ%HZHJXQJJHVHW]WKDWWH 6RVDHURIWWDJHODQJLQVHLQHP%HWRQUDXPXQGVFKDXWHDXI GLH0RQLWRUHGHUHQ.DPHUDVGLH,QVHOEHUZDFKWHQ 0DQFKPDOVWDQGHUDXFKDXIXQGJLQJGRUWKLQZRLQHLQHP %HFNHQVHLQH)LVFKHGLH3LUDQKDVVFKZDPPHQ'DQQZDUIHU )OHLVFKVWFNHKLQHLQXQGHUIUHXWHVLFKMHGHVPDODQGHU6]HQH ZHQQPHVVHUVFKDUIH=lKQHGDV)OHLVFKLQ6HNXQGHQVFKQHOOH YRQGHQ.QRFKHQO|VWHQ 6HLQHPlFKWLJVWH:DIIHZDUGHU:UIHOGHV8QKHLOV9LHOH 6FKZDU]EOWHUZXWHQZHOFKHLQHQ7UXPSIHUGDPLWLQGHQ +lQGHQKLHOW'HU:UIHOZDUPDQLSXOLHUEDUHUNRQQWHDOOHV YHUQLFKWHQXQGHUSURGX]LHUWHGHQ]HUVW|UHQGHQ7RGHVQHEHO
GHUDXVGHQQLHPDOVUXKHILQGHQGHQ*HLVWHUQJHW|WHWHU 'lPRQHQXQGGHUHQ'LHQHUQEHVWDQG 'HU7RGHVQHEHOWHOHSRUWLHUWHLKQDXFKEHU=HLWXQG5DXP KLQZHJVRGDHUMHGHQEHOLHELJHQ3XQNWGHU(UGHHUUHLFKHQ NRQQWHZHQQHUZROOWH/DXIHQGEDVWHOWHHUDQ3OlQHQKHUXP YHUZDUIVLHZLHGHUEHUOHJWHVLFKQHXHXQGGDV6SLHOEHJDQQ YRQYRUQ 9LHU7DJHKDWWHGHU6WXUPJHZWHWDPIQIWHQIODXWHHUDE XQGDPVHFKVWHQZDUGHU+LPPHOZLHGHUHLQLJHUPDHQNODU *HJHQ$EHQGYHUVFKZDQGHQIDVWDOOH:RONHQVRGDGLH ,QVHOLQGHUUHLQHQ/XIWODJ 6ROR0RUDVVRZROOWHXQEHGLQJWVHKHQREVLFKHWZDVYHUlQ GHUWKDWWH:LHGHUHLQPDOQDKPHUYRUVHLQHQ0RQLWRUHQ 3ODW]XQGZDUIHLQHQ%OLFNDXIGLH%LOGVFKLUPH 'LH.DPHUDVEUDFKWHQJXWH%LOGHU0RUDVVRVDKGLH)HOVHQ NODUXQGGHXWOLFK$XFKGLHKRKHQ*LVFKWVWUHLIHQGLHKHUDQ UROOHQGH:RJHQSURGX]LHUWHQZHQQVLHJHEURFKHQZXUGHQ (UHQWGHFNWHDEHUDXFKGLH*HVWDOWHQGLHDXIGHU,QVHOLKU 'DVHLQIULVWHWHQ (VZDUHQJUDXVDPH:HVHQGLH;RUURQJHKRUFKWHQ =RPELHVOHEHQGH7RWH$OVVWXPPH:lFKWHUKRFNWHQVLHLQ ]DKOUHLFKHQ9HUVWHFNHQXQGJLHUWHQQDFK0HQVFKHQ (VNDPLPPHUZLHGHUYRUGDVLFK6HHOHXWHYRQLKUHQ JHVWUDQGHWHQ6FKLIIHQUHWWHQNRQQWHQXQGPLWNOHLQHQ%RRWHQ GLH,QVHODQOLHIHQ6LHZXUGHQHLQH%HXWHGLHVHUJUDXVDPHQ 8QJHKHXHUVRGDDXFKLKU+HUU;RUURQ]XIULHGHQJHVWHOOW ZXUGH 1HEHQGHQ=RPELHVEHIDQGHQVLFKGLHURWHQ9DPSLUHDXI GHU,QVHO'U7RGEHREDFKWHWHHLQHVGLHVHU:HVHQZLHHVLQ GHQNODUHQ+LPPHOVWLHJXQGVHLQHPlFKWLJHQ)OJHOVSDQQWH :LHHLQ'UDFKHVDKGHU9DPSLUDXVVHLQH+DXWVFKLPPHUWH LQHLQHPEOXWLJHQ5RWXQG0RUDVVRGDFKWHGDUDQGD 9DPSLURGHOPDUZHLWHUVXFKHQZUGHGHQQHVPXWHQRFK PHKUGLHVHU9DPSLUHDXIGHU(UGHJHEHQ 'HU9DPSLUOLHVLFKYRP:LQGWUDJHQ$OOHUGLQJVZLUNWHHU VHOWVDPNUDIWORVDOVHULQGDV7DJHVOLFKWVWLHHUKDWWHHVQRFK
QLFKWULFKWLJJHVFKDIIWEHL+HOOLJNHLWVR]XUHDJLHUHQZLHLQ ILQVWHUHU1DFKW'HU)OJHOVFKODJZXUGHPDWWHUXQG'U7RG YHU]RJVS|WWLVFKGLH/LSSHQDOVHUPLWDQVDKZLHGLHVH JHZDOWLJH)OHGHUPDXVSO|W]OLFKQDFKXQWHQNLSSWHDOVKlWWH PDQLKUGLH)OJHODEJHVFKQLWWHQ6LHVFKOXJDXIHLQHU +JHONXSSHDXIXQGVFKDIIWHHVQLFKWPHKUVLFK]XHUKHEHQ VRVHKUVLHVLFKDXFKDQVWUHQJWH 'DV/LFKWKDWWHGLHVHU%HVWLHGHQ5HVWJHJHEHQ 9RQ]ZHL6HLWHQVFKREHQVLFKXQJHOHQNJHKHQGH*HVWDOWHQ KHUDQ(VZDUHQ=RPELHV 6FKDXULJVDKHQVLHDXV,KUH+DXWZLUNWHJHOEOLFKJUQGLH .OHLGXQJZDU]HUOXPSWVLHEHZHJWHQVLFKHFNLJXQGLUJHQG ZLHWRUNHOQG9RUGHPVLFKDOOPlKOLFKDXIO|VHQGHQ9DPSLU EOLHEHQVLHVWHKHQXQGVFKDXWHQDXILKQKLQDE 'DVZDUNHLQH%HXWHIUVLH 0RUDVVRJULQVWH(UOHKQWHVLFK]XUFNXQGVFKDXWHDXI VHLQHQ:UIHOGHUVWHWVLQGHU1lKHVWDQG%OlXOLFKZHL VFKLPPHUWHQGLH6HLWHQGHV4XDGHUVLQGHP*ODVZDUHQ HUVWDUUWH6FKOLHUHQ]XVHKHQHLQJHKHLPQLVYROOHUVHOWVDPHU *HJHQVWDQGDEHUPLWHLQHUXQJHKHXUHQ0DFKWDXVJHVWDWWHW 'U7RGZXUGHDEJHOHQNW'HQ:UIHONRQQWHHULQVHLQHU PRPHQWDQHQ3DVVLYLWlWODVVHQIULKQZDUGDVZLFKWLJHUZDV VLFKDXIGHP%LOGVFKLUPDEVSLHOWH 'RUWXPVWDQGHQGLH=RPELHVQRFKLPPHUGLHYRP+LPPHO JHVWU]WH)OHGHUPDXV6WXPPVWDUUWHQVLHDXIGDV7LHUQLHGHU (LQHUEFNWHVLFKXQEHKROIHQXQGHUJULII]XGRFKQXU6WDXE ULHVHOWHGXUFKVHLQH)LQJHU 0RUDVVROlFKHOWH (UNRQQWHVLFKDP6FKUHFNOLFKHQHUJ|W]HQ8QGGLHVKLHU ZDUVFKUHFNOLFK(VVSLHJHOWHGDVZLGHUZDVVLFK7DJIU7DJ DXIGLHVHU,QVHOWDW+LHUJDEHVNHLQH:lUPHNHLQH0HQVFK OLFKNHLWKLHUUHJLHUWHGDVDEVROXW%|VH (LQ=XIOXFKWVRUWGHV6FKUHFNHQV 'DQQDEHU]XFNWH0RUDVVR]XVDPPHQ (UKDWWHQRFKHWZDVJHVHKHQZDVLKPEHUKDXSWQLFKWLQ GHQ.UDPSDWH
(LQH%HZHJXQJ]ZLVFKHQGHQ)HOVHQ)UHLQHQ0RPHQW QXUGDQQZDUQLFKWVPHKU]XHUNHQQHQ 0RUDVVRVSDQQWHVHLQHQ.|USHU(UZDUVLFKHUVLFKQLFKW JHWlXVFKW]XKDEHQGLH%HZHJXQJZDUYRUKDQGHQJHZHVHQ GDJDEHVIULKQNHLQHQ,UUWXP 1XUZHUKDWWHVLHDXVJHO|VW" 6HLQ%OLFNJOLWW]XHLQHPDQGHUHQ6FKLUP'LH.DPHUDGLH GDV%LOGEUDFKWHZDULQHLQHPJQVWLJHUHQ:LQNHOSRVWLHUW 6ROR0RUDVVRNRQQWHGLHVHEHVWLPPWH6WHOOHEHVVHUHLQVHKHQ 'DZDUGLH%HZHJXQJZLHGHU-HW]WVRJDUVHKUGHXWOLFKXQG HUHQWGHFNWHHLQHVHOWVDPH*HVWDOWGLHDXVHLQHU0XOGHDXI HLQHQ)HOVHQNOHWWHUWHXQGGRUWVWHKHQEOLHE (VZDUHLQH)UDX 'U7RGVFKOXFNWHDOVHUVLHVRGHXWOLFKVDK1LHKlWWHHU GDPLWJHUHFKQHWXQGQRFKQLHKDWWHHUVRHLQH3HUVRQJH VHKHQ'LH)UDXKDWWHODQJHVVFKZDU]HV+DDU(VZDUVRODQJ GDHVLKUELV]XGHQ.Q|FKHOQUHLFKWHXQGGHQ.|USHU XPJDEZLHHLQGXQNOHU9RUKDQJ$OVHLQ:LQGVWREHUGLH ,QVHOIXKUGDZXUGHDXFKGDV+DDUEHZHJWXQGZLHHLQH )DKQH]XU6HLWHJHVFKOHXGHUW 'LH)UDXZDUQDFNW 'U7RGVDKHVPLWQRFKJU|HUHP(UVWDXQHQXQGGLHVH 1DFNWKHLWHUUHJWHXQGVWLHLKQJOHLFK]HLWLJDE /HW]WHUHVQRFKPHKUGHQQHUZDUVLFKGXUFKDXVGHU 7DWVDFKHEHZXWGDGLHVHOWVDPH)UDXHLQHVHKUPlFKWLJH 3HUVRQZDU:LHVRQVWKlWWHVLHDXIGLH,QVHOJHODQJHQN|Q QHQ"=XPHUVWHQPDOHQWGHFNWHHUDXFKGLH:RONHGLHKLQWHU GHU)UDXODQJVDPGHP0HHUHQWJHJHQWULHEEHUGHQ .OLSSHQUDQGUXWVFKWHXQGYHUVFKZXQGHQZDU 6ROR0RUDVVR]|JHUWHQRFK$ODUP]XJHEHQGHQQHUVWHOOWH IHVWGDDXFKGLH=RPELHVGHQ1HXDQN|PPOLQJJHVHKHQ KDWWHQ%HLQDKHJHPlFKOLFKGUHKWHQVLHVLFKXP%HLGHIL[LHU WHQGLH3HUVRQMHW]WGHUHLQHYRQGHUUHFKWHQGHUDQGHUHYRQ GHUOLQNHQ6HLWH,KUH%OLFNHQDJHOWHQGLH)UDXI|UPOLFKIHVW XQGVLHVHW]WHQVLFKVFKDXNHOQGLQ%HZHJXQJ (LQ2SIHU
0RUDVVRZDUWHWHDE(LQODXHUQGHU=XJZDULQVHLQH$XJHQ JHWUHWHQ2KQH*HZDOWXQG7RGZUGHHVQLFKWDEJHKHQXQG HUIUDJWHVLFKREGLH=RPELHVVWlUNHUZDUHQDOVGLH1DFNWH 'LHVDKVLHNRPPHQ 5XKLJEOLHEVLHVWHKHQ'DQQVDJWHVLHHWZDV'DUDQ]X HUNHQQHQZLHVLFKLKU0XQGEHZHJWHGRFK6ROR0RUDVVR NRQQWHNHLQ:RUWYRQGHPYHUVWHKHQ 'LH6lW]HZDUHQDQGLH=RPELHVJHULFKWHW6LHLJQRULHUWHQ VLHY|OOLJ 6LHZROOWHQGLH%HXWH 'LH1DFNWHEOLHEUXKLJ(LQZHLWHUHU:LQGVWRKDWWHLKUH +DDUHZLHGHUYRUGHQ.|USHUJHOHJWVRGDYRQLKUHU+DXW NDXPHWZDV]XHUNHQQHQZDU (LQHUGHU=RPELHVILHOKLQ(UKDWWHHLQHQLP:HJHOLHJHQ GHQ6WHLQQLFKWJHVHKHQXQGZDUJHVWROSHUW0LWGHP*HVLFKW ]XHUVWVFKOXJHUDXI(VPDFKWHLKPQLFKWVDXVHLQ:HVHQZLH HUYHUVSUWHNHLQHUOHL6FKPHU]HQ $XI+lQGHQXQG)HQEHZHJWHHUVLFKZHLWHUYRUJHODQJ WHLQGLH1lKHGHU1DFNWHQGLHLKU%HLQKREXQGGHQ8QWRWHQ PLWHLQHP7ULWWQDFKKLQWHQEHI|UGHUWH 'HUILHOULVHLQH$UPHKRFKXQGEHUVFKOXJVLFKVRYLHO .UDIWKDWWH$ODVVLDLQGHQ7ULWWJHOHJW 'LHVH$NWLRQKDWWHGHUDQGHUHQOHEHQGHQ/HLFKH=HLWJH JHEHQVLFK$ODVVLD]XQlKHUQ,Q*ULIIZHLWHZDUHUKHUDQ XQGIUGLH+HUULQGHU'XQNHOKHLWZXUGHHV=HLWHWZDV]X XQWHUQHKPHQ*HVSDQQWZDUWHWH6ROR0RUDVVRDE:UGHVLH HVZLHGHUPLWHLQHP7ULWWRGHUYLHOOHLFKWGLHVPDOPLWGHQ )lXVWHQYHUVXFKHQ" 1HLQVLHUHDJLHUWHY|OOLJDQGHUVXQGVRZLHHV'U7RGQLH LP/HEHQHUZDUWHWKDWWH ,QLKUHP*HVLFKWYHUlQGHUWHVLFKHWZDV3O|W]OLFKZXUGHHV LQ+|KHGHU$XJHQVFKZDU]'RUWHQWVWDQGHLQHGLFNHGXQNOH :RONHGLHYRUZDOOWHXQGGHQ8QWRWHQLP1XXPKOOWH 0RUDVVRJODXEWHVHLQHQHLJHQHQ$XJHQQLFKWPHKUWUDXHQ ]XN|QQHQ:RGLHVHOWVDPH)UDXVWDQGJDEHVEHUKDXSW NHLQH+HOOLJNHLWPHKU1XUGDVWLHIH6FKZDU]6LHKDWWHGHU
8PJHEXQJGDV/LFKWSUDNWLVFKHQW]RJHQ(LQXQZDKUVFKHLQ OLFKHV3KlQRPHQGDVVHOEVWHLQ0DQQZLH'U7RGQRFKQLFKW JHVHKHQKDWWH )UHLQLJH6HNXQGHQKLHOWVLFKGLH:RONHQRFKGLFKWEHU GHP%RGHQGDQQYHUVFKZDQGVLHHEHQVRVFKQHOOZLHVLH HUVFKLHQHQZDUXQGQXUGLH)UDXPLWGHQODQJHQ+DDUHQ VWDQGQRFKGRUW 'HU=RPELHZDUYHUVFKZXQGHQ 0RUDVVRV0XQGEHZHJWHVLFK0LWGHPbUPHOIXKUHUEHU VHLQH6WLUQGHQQGRUWKDWWHVLFK6FKZHLDQJHVDPPHOWXQG HUPXWH]XJHEHQGDLKQGLH9RUJlQJHJHVFKRFNWXQG EHWURIIHQJHPDFKWKDWWHQ $XIVHLQHU,QVHOZDUHVJHVFKHKHQ$XIGLHVHU(QNODYHGHV %|VHQGLHHUELVKHUIUXQDQWDVWEDUJHKDOWHQKDWWH'DHV DXFKDQGHUVVHLQNRQQWHKDWWHPDQLKPEHZLHVHQ 0RUDVVRZDUHLQZHQLJGXUFKHLQDQGHU*OHLFK]HLWLJDUEHL WHWHVHLQ*HKLUQDXI+RFKWRXUHQ :HUKDWWHLKPGLHVH6XSSHHLQJHEURFNW"8QGZHUYRUDOOHQ 'LQJHQVFKDIIWHHVVRDXIGLH,QVHO]XNRPPHQXQGVLFK VHLQHQ'lPRQHQ]XVWHOOHQRKQHXPJHEUDFKW]XZHUGHQ 'LHVH)UDXPXWHXQJHPHLQPlFKWLJVHLQ0lFKWLJHUMHGHQ IDOOVDOVYLHOHDQGHUH'lPRQHQGLH0RUDVVRNDQQWH$EHUVLH NDQQWHHUQLFKWKDWWHQLHYRQLKUJHK|UWXQGVLHGUHKWHVLFK MHW]WYROOGHU.DPHUD]XDOVKlWWHVLHGDV2EMHNWLYHQWGHFNW =XPHUVWHQPDOVDK'U7RGLKU*HVLFKWJHQDXHU8QGGD ZDUHQHVGLH$XJHQGLHLKPEHVRQGHUVDXIILHOHQ =ZHLIDUELJ $EHUVHOWVDPDXILKUH$UWXQG:HLVH(LQH+lOIWHJUQGLH DQGHUHVFKZDU]$XJHQGLHHVDXIGHU(UGHQRUPDOHUZHLVH QLFKWJHEHQNRQQWHXQG'U7RGJHODQJWH]XGHUhEHU]HX JXQJGDHUHVLQGHU7DWPLWHLQHPJHIlKUOLFKHQGlPRQL VFKHQ:HVHQ]XWXQKDWWH *HIlKUOLFKDXFKIULKQ" 'DVZDUGLH)UDJHGHQQHUNRQQWHVLFKQLFKWYRUVWHOOHQGD GLHVH1DFNWHPLWGHQODQJHQ+DDUHQDOV)UHXQGJHNRPPHQ ZDU'DQQKlWWHVLHGLH=RPELHVQLFKWYHUQLFKWHW
'DIORJGLH7UDXI (VJDEQXUHLQHGLHXQDQJHIRFKWHQ=XWULWW]X6ROR 0RUDVVRV5DXPKDWWH3DPHOD6FRWWDXFK/DG\;JHQDQQW 'LHHKHPDOLJH7HUURULVWLQXQGMHW]LJH9DPSLULQZDU0RUDVVRV JURHU5FNKDOWXQGHUKDWWHVLFKEHULKUH7UHXHXQG /R\DOLWlWJHZXQGHUW ª+DVWGXJHVHKHQZDV"© 0RUDVVRZLQNWHDE(UKDWWHHWZDVJHVHKHQGDVLKQLQ VHLQHQ%DQQVFKOXJª'DZDVLVWGDV"© 5DVFKWUDW/DG\;QlKHU$XFKVLHVFKDXWHMHW]WDXIGHQ 6FKLUPGHUNODUXQGGHXWOLFKGLH6]HQHZLHGHUJDE (WZDDXV]ZHLIDFKHU0HQVFKHQJU|HULHVHOWH6WDXEQDFK XQWHQ6FKZDU]HU6WDXEGHUZLH0HKOZLUNWHVLFKDXIGHQ %RGHQQLHGHUOHJWHXQGYRPQlFKVWHQ:LQGVWRKRFKJH ZLUEHOWZXUGH 0RUDVVR]RJGLHULFKWLJHQ6FKOVVHª'DVZDUHU© ª:HU"© ª'HU=RPELH(ULVW]X6WDXEJHZRUGHQ© /DG\;YHUVFKORLKUHQ0XQGVRKDUWGDGLH/LSSHQ]ZHL VFKPDOH6WULFKHELOGHWHQ,KUH:DQJHQPXVNHOQ]XFNWHQ $XFKRKQHHVDXVJHVSURFKHQ]XKDEHQZXWH0RUDVVRGD /DG\;lKQOLFKH*HGDQNHQSODJWHQZLHLKQ ª.HQQVWGXVLH"©IUDJWH'U7RG ª1HLQ© 0RUDVVREHREDFKWHWHZHLWHUGHQ0RQLWRUª'XKDVWVLH ZLUNOLFKQRFKQLHJHVHKHQ"© ª:HQQLFKHVGLUVDJH© ª:HUNDQQVLHGHQQVHLQ"© /DG\;ODFKWHUDXKª:LUZHUGHQVLHIUDJHQGDUDXINDQQVW GXGLFKYHUODVVHQ© 1RUPDOHUZHLVHKlWWH'U7RGVRIRUW]XJHVWLPPW+LHU MHGRFKUHDJLHUWHHUYRUVLFKWLJHUª,FKZHLQLFKWVRUHFKW$XI MHGHQ)DOOPVVHQZLUDXIGHU+XWVHLQ:LHVLHPLWGHP =RPELHXPJHJDQJHQLVWJLEWPLU]XGHQNHQ© ª;RUURQZLUGVLFKUlFKHQ© 'U7RGHUKREVLFKª%LVKHUKDEHLFKYRQLKPQRFKQLFKWV
JHVHKHQ©(UKDWWHDEHUHUNDQQWGDVLFKGLH)UDXGHP %XQNHUHLQJDQJQlKHUWHGLHVHPJHZDOWLJHQ6WDKOWRUGDVVLFK QXUYRQLQQHQKHU|IIQHQOLHXQGGDQQGHQ:HJLQGDV XQWHULUGLVFKH6\VWHPIUHLJDE 'LHVHU%XQNHUZDUHLQ*HVFKHQNGHV+LPPHOVRGHUEHVVHU JHVDJWGHU+|OOHJHZHVHQ,UJHQGMHPDQGKDWWHLKQLP =ZHLWHQ:HOWNULHJDQJHOHJW'LHPHLVWHQXQWHULUGLVFKHQ *lQJHZDUHQGHVKDOEVFKRQYRUKDQGHQJHZHVHQGRFK6ROR 0RUDVVRKDWWHLKQHQGHQOHW]WHQ6FKOLIIJHJHEHQXQGYRUDOOHQ 'LQJHQHLQHPRGHUQH7HFKQLNHLQJHEDXW ª6LHZLOO]XXQV©IOVWHUWH/DG\;EHZHJWHLKUHOLQNH 6FKXOWHUXQGOLHLKUHQ%UlXWLJDPGLH0DVFKLQHQSLVWROHKHU DEUXWVFKHQ'LHVH:DIIHNRQQWHZDKOZHLVHPLWJHZHLKWHQ 6LOEHUNXJHOQDOVDXFKPLWQRUPDOHU0XQLWLRQJHODGHQ ZHUGHQXQGPLWJHZHLKWHQ.XJHOQKDWWHGLH9DPSLULQ /DG\;EHUHLWVJHVFKRVVHQ ª6ROOLFKVLHHPSIDQJHQ"©IUDJWHGLH6FRWW ª1HLQZLUEHLGH©0RUDVVRZDUVFKRQJHJDQJHQDOVHUVLFK XPGUHKWHXQGQRFKHLQPDO]XUFNNHKUWH (UQDKPGHQ:UIHODQVLFKVFKDXWHLKQIUHLQHQ0RPHQW DQXQGQLFNWHHQWVFKORVVHQ 'LH)UHPGHZUGHVLFKZXQGHUQ ,FKJODXEWHPLFKYHUK|UW]XKDEHQª:HUVWHKWGDGUDXHQ"© IUDJWHLFK0UV$VKOH\ ª-HUU\6KD\QH© ª6LHVLQGVLFK© ª1DWUOLFK0DQQ© 'DEHJDQQ)UHG]XVFKUHLHQª$EHUHUNDQQQLFKWGUDXHQ VWHKHQ(ULVWWRWWRWWRW© 6HLQH0XWWHUZLQNWHDEª:DVGXDOOHVJHVHKHQKDEHQ ZLOOVW+DVWZRKOZLHGHUJHNLIIWZLH"© ª$FKKDOWGLH.ODSSH0HQVFK©)UHGVWLHVLFKDEXQG EHYRUZLUHVYHUKLQGHUQNRQQWHQZDUHUPLW]ZHL 5LHVHQVlW]HQEHLVHLQHU0XWWHUSDFNWHLKUH6FKXOWHUQXQG
VFKWWHOWHVLHGXUFKª:HUKDVWGXJHVDJWVWHKWGDGUDXHQ" :HU"© 'LHVPDOJULII6XNR]X9RQKLQWHQXPNODPPHUWHHUGHQ +DOVGHV%XUVFKHQ(LQ5XFNGDQQKDWWHGHU&KLQHVH)UHG KHUXPJH]RJHQ'DEHLEHOLHHUHVQLFKW:XFKWLJVFKOHXGHUWH HULKQDXIGDV%HWW ª8QGMHW]WJLE5XKH©VDJWHGHU&KLQHVHVFKDUI )UHG$VKOH\ODJGDXQG]LWWHUWH6HLQ$WHPJLQJVWRZHLVH HUPXUPHOWH:RUWHGLHQLHPDQGVRUHFKWYHUVWDQG ,FKEHGHXWHWH6XNRPLWHLQHU.RSIEHZHJXQJEHLGHP 5RFNHU]XEOHLEHQZlKUHQGPLFK0UV$VKOH\QDFKGUDXHQ EHJOHLWHWH ª'HUVSLQQW©PXUPHOWHVLHª0HLQHLJHQHU6RKQVSLQQW 9HUUFNWLVWGHUZLUNOLFK$EHUGDVNRPPWGDYRQZHQQGHU 9DWHUGDXHUQGDXI$FKVHLVWXP*HOG]XPDFKHQ)UGLHVHV 6FKHL+DXVKLHU© ,FKHUOHEWHHLQHYHUELWWHUWH)UDXGLHVLFKHUOLFKLKUH 3UREOHPHKDWWHXPGLHLFKPLFKDOOHUGLQJVQLFKWNPPHUQ NRQQWH $XIGHU7UVFKZHOOHEOLHEHQZLUVWHKHQ$EHUGDZDU QLFKWV.HLQH6SXUYRQ-HUU\6KD\QH,FKVFKDXWHQDFKOLQNV XQGUHFKWV'HU5RFNHUEREOLHEYHUVFKZXQGHQ ª'DVYHUVWHKHLFKQLFKW©PXUPHOWHGLH)UDX ª8QG6LHKDEHQLKQZLUNOLFKJHVHKHQ"©IRUVFKWHLFKQRFK HLQPDOQDFK ª-DVRZDKULFK$QQH$VKOH\KHLH$XIPHLQH$XJHQNDQQ LFKPLFKYHUODVVHQ(UZDUKLHU© ª:LHKDWHUDXVJHVHKHQ"© ª:DVPHLQHQ6LHGDPLW"©6LHVFKDXWHPLFKYHUVWlQGQLV ORVDQ ª*HQDXZLHLFKJHIUDJWKDEH+DWWHHUVHLQHQRUPDOH .OHLGXQJDQRGHUZDUHUQDFNW"© ª1DFNW:RGHQNHQ6LHKLQ"'LH.HUOHEULQJHQMDYLHOHV IHUWLJDEHUQDFNWQHLQGDVNDQQLFKQLFKWJODXEHQ(UVDKDXV ZLHLPPHU'LHVHNRPLVFKH5RFNHUNOXIWZLVVHQ6LH© ª2ND\LFKKDEHYHUVWDQGHQ©'LH)UDXOLHLFKVWHKHQ6LH
NRQQWHPLUQLFKWPHKUKHOIHQ6LHULHI]ZDUHWZDVKLQWHUPLU KHULFKDEHUEHIDQGPLFKVFKRQDXIGHP:HJXPGDV+DXV ]XXPUXQGHQ9LHOOHLFKWKDWWHVLFK-HUU\6KD\QHYHUVWHFNW 'DVZDUGXUFKDXVP|JOLFK$EHUZLHNRQQWHHUH[LVWLHUHQ ZHQQHU]X6WDXE]HUIDOOHQZDU" %HYRULFKXPGLH+DXVHFNHJLQJZDUILFKQRFKHLQHQ%OLFN ]XUFN0UV$VKOH\VWDQGYRUGHU7UEHLGH+lQGHKDWWHVLH LQGLH6HLWHQJHVWHPPW$XILKUHP*HVLFKWJODXEWHLFKHLQ NDOWHV*ULQVHQ]XVHKHQ+DWWHVLHPLFKGRFKDXIGHQ$UP JHQRPPHQ" ,FKEHUOHJWHQLFKWPHKUZHLWHUVRQGHUQVFKULWWDQGHU 6FKPDOVHLWHGHV%XQJDORZVYRUEHL+LHUVWDQGGLH*DUDJH 'DV.LSSWRUZDUQLFKWJHVFKORVVHQ=XU+lOIWHVWDQGHVKRFK ,FKNRQQWHLQHLQHHWZDVGVWHUH*DUDJHVFKDXHQXQG JODXEWHDQGHUHQ(QGHHLQH%HZHJXQJ]XVHKHQ6RIRUWEOLHE LFKVWHKHQ 0LWGHUOLQNHQ+DQGXPIDWHLFKGHQ*ULIIPLWGHUUHFKWHQ ]RJLFKPHLQH%HUHWWD 'DV7RUTXLHWVFKWHKlOLFKDOVLFKHVLQGLH+|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lWHQHLQHP)DKUUDGXQGHLQHPDXIJH
UROOWHQ6FKODXFKJLQJLFKELVLFKVRQDKHVWDQGGDLFKLKQ PLWGHUDXVJHVWUHFNWHQ+DQGKlWWHJUHLIHQN|QQHQ 'DVDKLFKZDUXPHUVLFKQLFKWPHKUUKUWH(VZDUJUDXHQ KDIWIUFKWHUOLFKXQGLFKKDWWHVFKZHUDQGHU(UNHQQWQLV]X NQDFNHQ 'HU5RFNHUER-HUU\6KD\QHZDUHLQVPLWGHU0DXHU JHZRUGHQ 6ROR0RUDVVRXQG/DG\;VFKULWWHQGXUFKGHQEUHLWHQ*DQJ GHUGLUHNW]XP7RUIKUWH'U7RGWUXJHLQNOHLQHV*HUlWEHL VLFKNDXPJU|HUDOVHLQH=LJDUHWWHQVFKDFKWHO(VZDUHLQ 6HQGHU'HUJDEHLQHQ,PSXOVDEXQGGDQDFK|IIQHWHVLFKGDV 7RUDXWRPDWLVFK =ZHL6FKULWWHGDYRUEOLHEHQGLHEHLGHQVWHKHQ'LH6FRWWPLW VFKXEHUHLWHU03L (LQNOHLQHV/lPSFKHQJOKWHDXIGHPHOHNWURQLVFKHQ7HLO DXIHVJDEHLQHQ5XFNLP7RUGDQDFKJOLWWGDVVFKZHUH'LQJ IDVWPKHORV]XU6HLWH $OVGLH+lOIWHGHV(LQJDQJVIUHLYRULKQHQODJVDKHQVLHGLH )UHPGH $ODVVLDKDWWHHEHQIDOOVEHPHUNWGDVLFKHWZDVlQGHUWH XQGZDUVWHKHQJHEOLHEHQ +LQWHU$ODVVLDQlKHUWHVLFKGHU]ZHLWH=RPELH(UKDWWHHV QLFKWDXIJHJHEHQZROOWHVHLQ2SIHU'DGDV*HOlQGHHLQ ZHQLJDEILHOEHZHJWHHUVLFKVHKUVFKQHOOXQGKDWWH0KH VLFKDXIGHQ%HLQHQ]XKDOWHQ(UZROOWH$ODVVLDLQGHQ 5FNHQIDOOHQGDVZLHGHUXPOLH/DG\;QLFKW]XHLQH 'HPRQVWUDWLRQUHLFKWHLKU 6LHJLQJHLQHQ6FKULWW]XU6HLWHKREGLH03LXQGIHXHUWH $ODVVLD]XFNWHQLFKWHLQPDO]XVDPPHQZDV/DG\;VHKU ZRKOUHJLVWULHUWH'HU=RPELHDEHUPXWHGLH*DUEHYROO QHKPHQ 6LHKlPPHUWHLKQUHJHOUHFKWQLHGHUULLKQDXVHLQDQGHU XQGHUYHUJLQJHQGJOWLJ /DG\;ZDUPLWVLFKXQGLKUHP(UIROJVHKU]XIULHGHQ
*HODVVHQQDKPVLHZLHGHULKUHDOWH3RVLWLRQHLQULFKWHWHGLH 0QGXQJGHU03LDEHUZLHXQDEVLFKWOLFKDXIGLHZDUWHQGH $ODVVLD ª,FKKlWWHLKQDXFKHUOHGLJW©VDJWHGLH)UHPGH ª'DVJODXEHQZLUGLUVRJDU©HUZLGHUWH'U7RG(UIUDJWH VRIRUWGDQDFK ª:HUELVWGX"© ª$ODVVLD© ª0HKUQLFKW"©0RUDVVR]RJJHULQJVFKlW]LJGLH0XQG ZLQNHOQDFKXQWHQ ª(VUHLFKWIUHXFK© /DG\;]XFNWH]XVDPPHQDOVVLHGLHDUURJDQWH$QWZRUW YHUQDKP'DVNRQQWHVLHQLFKWYHUWUDJHQGDVLHVLFKVHOEVWIU GLH*U|WHKLHOW6LHOLHVLFKYRQNHLQHUDQGHUHQGLH6FKDX VWHKOHQ%HL/XSLQDKDWWHVLHGDVGDPDOVVHKUGHXWOLFKEH ZLHVHQ ª,FKZROOWH]XHXFK©IXKU$ODVVLDXQEHDFKWHWGHU 6FRWWVFKHQ5HDNWLRQIRUWª(VJLEWHLQLJH'LQJHGLHLFKUHJHOQ PX© ª,QWHUHVVDQW©VDJWH'U7RGª8QGZRKHUZHLWGXGDLFK KLHUDXIGLHVHU,QVHOELQ"© ª:HLOLFKGLFKJHVXFKWKDEH© ª*XWGXKDVWPLFKJHIXQGHQ:RNRPPVWGXKHU"© ª,FKVWHOOHKLHUGLH)UDJHQXQGLFKZLOOZLVVHQREGX $VPRGLQDHUOHGLJWKDVW© ª-DGDVKDEHLFK© ª'DQQELQLFKULFKWLJGHQQ$VPRGLQDXQGLFKZDUHQ )HLQGLQQHQ(VLVWVFKRQVHKUODQJHKHUDEHULFKKDEHQLFKWV YHUJHVVHQGLH9HUJDQJHQKHLWLVWQLFKWWRW© ª:DVZLOOVWGX"©'U7RGV6WLPPHNODQJVFKDUI ª(XFK© 6LHVSUDFKGDV:RUWJHODVVHQDXVQLFKWHLQPDOODXWDEHU MHGHUK|UWHHV /DG\;YHU]RJXQJOlXELJGDV*HVLFKW6LHVFKDXWHVFKQHOO QDFKUHFKWVZR0RUDVVRVWDQGXQGGHUWDWVRDOVKlWWHHU VLFKYHUK|UWª1RFKHLQPDO©IOVWHUWHHUªGXZLOOVWXQV"© ª*HQDX©
ª8QGZDUXP"© ª,KUVROOWPLUGLHQHQ:HLJHUWLKUHXFKZHUGHLFKHXFKLQ GLH'XQNHOKHLWVFKDIIHQGHQQLFKLFKDOOHLQELQGLH+HUULQ GHU'XQNHOZHOWLQGLHLFKPHLQH*HJQHUKLQHLQ]LHKH© ª'LH+HUULQGHU'XQNHOZHOW©ZLHGHUKROWH/DG\;ª9RQ GRUWELVWGXDOVRJHNRPPHQXQGJODXEVWQXQGDZLUGLUVR RKQHZHLWHUHV]X'LHQVWHQVLQG1HLQ$ODVVLDGDKDVWGX GLFKJHVFKQLWWHQ,FKJHEHGLUHLQHQJXWHQ5DW9HUVFKZLQGH ZLHGHULQGHLQH'XQNHOZHOWXQGIULVWHGRUWGHLQZHLWHUHV 'DVHLQ© $ODVVLDKDWWHGLH:RUWHYHUQRPPHQ:LHVFKRQEHLGHQ 5RFNHUQUHDJLHUWHVLHJHODVVHQXQGVDJWH ª,VWGDVDXFKGHLQH 0HLQXQJ6ROR0RUDVVR"© ª-D© ª6FKDGH©EHPHUNWH$ODVVLDª,FKGDFKWHLQHXFK3DUWQHU JHIXQGHQ]XKDEHQDEHUZHQQGDVVRLVWVLQGZLU)HLQGH XQGLFKZHUGHDOOHVGDUDQVHW]HQXPHXFK]XYHUQLFKWHQ© .DXPKDWWHVLHGLH:RUWHDXVJHVSURFKHQDOVVLHDXFKVFKRQ UHDJLHUWH6LHZDUQLFKWIUODQJHV5HGHQVLHKDQGHOWHVRIRUW XQGLKUH$XJHQQDKPHQZLHGHUHLQHQDQGHUHQ$XVGUXFNDQ (UVWZXUGHGHU%OLFNNDOWXQGGDQQIOOWHHUVLFKPLWGLHVHU XQKHLPOLFKHQ6FKZlU]H /DG\;XQG'U7RGJODXEWHQHLQOHLVHV)DXFKHQ]XK|UHQ 'DV/LFKWYHUlQGHUWHVLFKLQLKUHU8PJHEXQJZXUGHHV SO|W]OLFKGXQNHO'LH9DPSLULQVSUWH]XHUVWGLHVHVXQKHLP OLFKH3KlQRPHQGHU'XQNHOZHOW6FKUHFNOLFKEHJDQQVLH]X VFKUHLHQ'LH6FKZlU]HHUJULII%HVLW]YRQLKUUDXEWHLKUDOOHV XQGIUHLZLOOLJVFKOHXGHUWH/DG\;GLH0DVFKLQHQSLVWROHIRUW HWZDVZDVVLHVRQVWQLHJHWDQKlWWH $XIGHQ)HQNRQQWHVLHVLFKHEHQIDOOVQLFKWPHKUKDOWHQ 'LHDQGHUH.UDIWZDUVWlUNHUVLHULGLH9DPSLULQYRQGHQ %HLQHQXQGVFKOHXGHUWHVLHKDUW]X%RGHQ ª0RUDVVRRRR©(LQJHOOHQGHU6FKUHLO|VWHVLFKDXVGHPZHLW JH|IIQHWHQ0XQGGHUHKHPDOLJHQ7HUURULVWLQ/DG\;ZXWH SO|W]OLFKGDVLHJHJHQGLHDQGHUHQLFKWDQNDPGHQQGLHVH ZDU]XVWDUNGLH.UlIWHGHU'XQNHOZHOWIUDHQGLHGHV/LFKWV
=ZHL6HNXQGHQKDWWH0RUDVVR]XJHVFKDXW(UVDKVHLQH *HWUHXHDP%RGHQOLHJHQXQGGDFKWHGDUDQGDHUVFKRQ ]DKOUHLFKH0LWJOLHGHUVHLQHU0RUGOLJDYHUORUHQKDWWH -HW]WDXFKQRFK/DG\;GDVZlUH]XYLHOJHZHVHQ'LH 1DFNWHPLWGHQODQJHQ+DDUHQGLHMHW]WHLQJHKOOWLQHLQH SHFKVFKZDU]H:RONHGDVWDQGZDUXQJHPHLQPlFKWLJ 'U7RGGDFKWHDQVHLQHQ:UIHO 'LHDOOHUOHW]WH&KDQFHIULKQXQG/DG\;GHQQGLH VFKZDU]HQ6FKDWWHQZDUHQGDEHLDXIGLH9DPSLULQ]X]XNULH FKHQ 0RUDVVRNRQ]HQWULHUWHVLFK'HQ:UIHOKDWWHHULQEHLGH +lQGHJHQRPPHQVHLQ*HVLFKWZDUYHU]HUUWHUULFKWHWHDOO VHLQH*HGDQNHQDXIGHQ:UIHOGHV8QKHLOVXQGZQVFKWH VLFKGLH9HUQLFKWXQJGHUYRULKPVWHKHQGHQ$ODVVLD 'HUPDQLSXOLHUEDUH:UIHOOLH'U7RGQLFKWLP6WLFK'LH HLQJHVFKORVVHQHQ6FKOLHUHQEHJDQQHQVLFK]XEHZHJHQVLH JHZDQQHQPHKU.UDIWZXUGHQLQWHQVLYHUXQGVLHNURFKHQ DXVGHQGLFNHQ*ODVZlQGHQKHUDXVZREHLVLHSO|W]OLFKGHQ DOOHV]HUVW|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
KLHOWGHQ:UIHOZHLWHUIHVWZREHLHUVLFKDOOHLQDXIGLH 9HUQLFKWXQJNRQ]HQWULHUWH :RGHU1HEHOXQGGLH:RONHQVLFKWUDIHQELOGHWHQVLFKVHOW VDPH)RUPHQ7DQ]HQGH6SLUDOHQDXITXHOOHQGH:RONHQ GD]ZLVFKHQHLQUHJHOUHFKWHU6RJGHUDOOHVDQVLFKUL]XHUVW QDFKXQWHQILHOGDQQLQGLH+|KHVWLHJXQG]XHLQHPJHZDO WLJHQ3LO]DXVHLQDQGHUSXIIWH 'DV*UDXHQVFKOXJHUEDUPXQJVORV]X 6FKUHLHZDUHQ]XK|UHQ 3O|W]OLFKHUOHEWHQGLHIHLQGOLFKHQ3DUWHLHQGDGHU1HEHO OHEWH6HNXQGHQODQJHUVFKLHQHQVFKUHFNOLFKH*HVLFKWHU )UDW]HQLQ(QWVHW]HQYHU]HUUWXQGDXVGHQVFKZDU]HQZDO OHQGHQ:RONHQVFKOXJHQWDWVlFKOLFKGXQNOH%OLW]H (LQUHJHOUHFKWHV,QIHUQRXQGQRFKLPPHUVWDQGNHLQ6LHJHU IHVW $EHUGHU1HEHOEUHLWHWHVLFKDXV(UKDWWHMHW]WHLQHODQJH :DQGJHELOGHWPDUNLHUWHHLQH6SHUU]RQHXQGHLQHQ6FKXW] IU6ROR0RUDVVRVRZLH/DG\; 'HU7RGHVQHEHORIWJHQXJDOVVFKUHFNOLFKH:DIIHHLQJHVHW]W EHJDQQVHLQHQ6LHJHV]XJ (UGUlQJWHGLH6FKDWWHQ]XUFN $XFK/DG\;JLQJHVZLHGHUEHVVHU6LHZDUGHU 9HUQLFKWXQJNQDSSHQWURQQHQ'DV*UDXGHU+DXWJLQJ ]XUFNVLHQDKPZLHGHUGLHQRUPDOHNDONLJH9DPSLUEOlVVH DQQXUGLH%HZHJXQJHQGHU6FRWWZDUHQQRFKJHOlKPW6LH EOLHEDP%RGHQOLHJHQXQGUKUWHVLFKQLFKW 0DQK|UWH'U7RGQLFKWDWPHQDEHUHVZDUHQYHUELVVHQ NOLQJHQGH*HUlXVFKHGLHHUGXUFKVHLQH=lKQHDXVVWLH(LQ VFKZHUHVbFK]HQXQG6W|KQHQGD]ZLVFKHQHLQUHJHOUHFKWHV :UJHQGLHVDOOHV]HXJWHYRQGHUXQJHZ|KQOLFKHQ 9HUELVVHQKHLWPLWGHU6ROR0RUDVVRGLHVHQ.ULHJJHJHQHLQH )HLQGLQDXVGHU'XQNHOZHOWDQJLQJ ª,FKZHUGHGLFK]XUFNVFKPHWWHUQ©VFKULHHUª=XUFNLQ GHLQH'XQNHOZHOWGHU1HEHOVROOGLFKYHUQLFKWHQ© 0LWYRU7ULXPSKJOlQ]HQGHQ$XJHQVDKHUZLHGLH VFKZDU]H:RONHVLFKYHU]RJ,PPHUZHLWHUZXUGHVLH]XUFN
JHGUFNWXQGGHU7RGHVQHEHOODJVFKRQEDOGDOVHLQHJUDXH 6FKLFKWEHUGHP:HJ 'U7RGVWDQGGDXQGODFKWH(UODFKWHDXVYROOHP+DOV(V VFKDOOWHLQGHQ1HEHOKLQHLQXQGVHLQ/DFKHQPXWHDXFK YRQ$ODVVLDJHK|UWZHUGHQGRFKVLHUKUWHVLFKQLFKW 6LH]RJVLFK]XUFN 0LWGLHVHU(QWZLFNOXQJKDWWH$ODVVLDQLFKWJHUHFKQHW6LH DKQWHQLFKWGDLKU$QJULIIDEJHVFKPHWWHUWZRUGHQZDUXQG GLHVHU6LHJEHUHLQH'lPRQLQVWHLJHUWH0RUDVVRV 6HOEVWZHUWJHIKOLPPHQV (UNRQ]HQWULHUWHVLFKQLFKWPHKUDXIGHQ1HEHOVRQGHUQ VFKUDXEWHVHLQH*HGDQNHQUHJHOUHFKW]XUFN 'HU:UIHOVFKLHQ]XHLQHU6DXJSXPSH]XZHUGHQ'HU 7RGHVQHEHOJHULHWLQ%HZHJXQJHUTXLUOWHXQGGUHKWHVLFK ELOGHWHHLQHODQJJH]RJHQHZDDJHUHFKWYHUODXIHQGH6SLUDOH XPZLHGHULQGHQJHKHLPQLVYROOHQ:UIHOKLQHLQ]XVWU|PHQ ZRHUVLFKPLWGHQ6FKOLHUHQYHUEDQG 'LH6LFKWNODUWHYRQ6HNXQGH]X6HNXQGHDXI6ROR0RUDVVR NRQQWHGHQ:HJKLQDXIVFKDXHQ(UVDKDQVHLQHP(QGH HLQLJH=RPELHVVWHKHQDEHUDXFKHLQHQGXQNOHQ6FKDWWHQGHU EHUGHQ:HJKXVFKWH $ODVVLD]RJVLFK]XUFN 0RUDVVROHFNWHVHLQH/LSSHQ6HLQ*HVLFKWYHU]HUUWHVLFK XQGHUVFKULHLKUHLQLJH6lW]HKLQWHUKHUª:DJHHVQXUQLFKW XQVQRFKHLQPDOXQWHUGLH$XJHQ]XWUHWHQGDQQZHUGHLFK GLFKYHUQLFKWHQ© ª6LHKDWQRFKQLFKWDXIJHJHEHQ© $OV'U7RGGLH6WLPPHYHUQDKPVWLHHUHLQHQOlVWHUOLFKHQ )OXFKDXVXQGGUHKWHVLFKQDFKOLQNV 'RUWVWDQGHQ]ZHL3HUVRQHQ .DUDXQG0\[LQ (LQ0HQVFKVWHFNWHLQGHU:DQG 2GHUVHLQ6FKDWWHQ"6RJHQDXZDUGDVQLFKWIHVW]XVWHOOHQ (LQ%LOGGDVPLFKIDV]LQLHUWHXQGJOHLFK]HLWLJDEVWLH
6FKUHFNOLFKDQ]XVHKHQ,FKYHUVSUWHUHJHOUHFKWHV0DJHQ GUFNHQDOVLFKQlKHUKLQVFKDXWHXQGQRFKHWZDV6FKOLPPHV HUNDQQWH 'HU0HQVFKLQGHU:DQGZDUQLFKWPHKUVRZLHIUKHU'D KDWWHVLFKHWZDVYHUlQGHUWHUVWHLQPDOZLUNWHVHLQH+DXW UHFKWJUDXXQGLUJHQGZLHVFKPXW]LJ]XPDQGHUHQDEHU VFKLHQHQPLUVHLQH3URSRUWLRQHQYHUVFKREHQ]XVHLQ ,FKZLOOHVHUNOlUHQGHQQHVZDUDXFKIUPLFKQLFKWHLQ IDFKGLHVDOOHV]XEHJUHLIHQ 'DV*HVLFKWZDUYHU]HUUWXQG]HLJWHHLQHQXQKHLPOLFKHQ 6FKUHFNHQ (LQH$XJHQEUDXHYHUOLHIVFKUlJQDFKXQWHQ0XQGXQG 1DVHZDUHQGHIRUPLHUW (LQ$UPZDUOlQJHUEHLHLQHU+DQGZLUNWHQGLH)LQJHUNU ]HUXQGDQGHQ%HLQHQVWHOOWHLFKGDVJOHLFKH3KlQRPHQIHVW (LQVFKUHFNOLFKHU9HUGDFKWNDPPLUDOVLFKGLHVHQ0HQVFKHQ VRDQVFKDXWH9LHOOHLFKWKDWWHGLHPDJLVFKH.UDIWLKQLQVHLQH HLQ]HOQHQ%DXVWHLQHDXIJHO|VWXQGHUZDUGDQQQLFKWPHKU ULFKWLJ]XVDPPHQJHVHW]WZRUGHQ 6ROLHIHQPHLQHhEHUOHJXQJHQZHQQLFKVLHDXIHLQHQHLQ IDFKHQ1HQQHUEUDFKWH :LHNRQQWHHUHLQVPLWGHU:DQGZHUGHQ":DUHVZLUNOLFK HLQ6FKDWWHQGHUZDQGHUWH" 'LH%HUHWWDOLHLFKYHUVFKZLQGHQ'DIUVWUHFNWHLFKGLH +DQGDXVXQGEHUKUWHGLH:DQGGRUWZRVLFKGHUDQGHUHLQ LKUEHIDQG 'LH:lUPHVFKLHQPLULPHUVWHQ0RPHQWQRUPDO]XVHLQ DEHULFKZROOWHGLH3UREHDXIV([HPSHOPDFKHQWUDWDQHLQH DQGHUH6WHOOHGHU:DQGXQGIKOWHGRUWQDFK 'DZDUHVNKOHU (LQVHKUVHOWVDPHV3KlQRPHQIDVWXQZDKUVFKHLQOLFK]X QHQQHQXQGLFKVFKWWHOWHGHQ.RSI :LHNRQQWHLFKLKQZLHGHUDXVGHU:DQGKROHQ" 0LWGHP.UHX] (LQ=HLFKHQGHV/LFKWV$ODVVLDZDUHLQ*HVFK|SIGHU 'XQNHOKHLW:LHZUGHGDV.UHX]DXIHLQ2SIHUUHDJLHUHQ"
)DVW]LWWHUWHQPHLQH+lQGHVRDXIJHUHJWZDULFKDOVLFKGDV .UHX]KHUYRUKROWHXQGPLWGHUDOOHVHQWVFKHLGHQGHQ3UREH EHJDQQ 9RP.RSIGHV(LQJHVFKORVVHQHQIKUWHLFKGDV.UHX]YRQ REHQQDFKXQWHQXQGKDWWHNDXP.RQWDNWPLWGHU0DXHUDOV LFKHLQKRKHVVLQJHQGHV*HUlXVFKK|UWHXQGHLQHQOHLVHQ DEHUWURW]GHPIXUFKWEDUHQ6FKUHL +DVWLJVSUDQJLFK]XUFNXQGVDKZLHVLFKGLH*HVWDOWLQ GHU:DQGDXIHLQHVHOWVDPH$UWXQG:HLVHYHU]HUUWH6LHOLHI HLQbKQOLFKHLQHUJHPDOWHQ)LJXUGHUHQ)DUEHPDQPLW :DVVHUZHJZLVFKWH*OHLFK]HLWLJZXUGHVLHGXQNOHUGLH JUDXH+DXWQDKPHLQHVFKZDU]H)DUEHDQXQGGLHPHQVFK OLFKH*HVWDOWYHUZDQGHOWHVLFKLQHLQH:RONHGLHLQHLQHQ 6WXUP]XJHUDWHQVFKLHQGHQQVLHGUHKWHVLFKUDVHQGXPGLH HLJHQH$FKVHVRGDVLHHLQHQUHJHOUHFKWHQ:LUEHOELOGHWH 3HFKVFKZDU]ZDUVLH )DV]LQLHUWVFKDXWHLFKVLHDQ0HLQ.UHX]KDWWHLFKQLFKW ZHJJHVWHFNWHVVFKDXWHQDFKZLHYRUDXVPHLQHU)DXVWXQG LFKVSUWHVHLQH:l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lIWHLQGHPJHZHLKWHQ.UX]LIL[ 6LHVSLHOWHQQLFKWPLWOLHHQGDV%|VHQLFKWYROO]XU :LUNXQJNRPPHQXQGDEVRUELHUWHQHV
,FKYHUQDKPHLQKRKOHV3IHLIHQ(LQ*HUlXVFKGDVHQWVWHKW ZHQQHLQ=XJPLWKRKHU*HVFKZLQGLJNHLWGLFKWDQHLQHU +DXVZDQGYRUEHLIlKUW6RYHUKLHOWHVVLFKDXFKKLHUXQGGDV 3IHLIHQVFKZDQJVRODQJHQDFKELVGHU6FKDWWHQGDVKHLW -HUU\6KD\QHYHUVFKZXQGHQZDU 0HLQ.UHX]KDWWHLKQDXIJHVRJHQ 'DQDFKEOLHELFKHUVWHLQPDOVWHKHQXQGKROWH/XIW'DV OHW]WH(UHLJQLVKDWWHPLFKPLWJHQRPPHQ6RHLQIDFKNDPLFK QLFKWGDUEHUKLQZHJ,FKVFKWWHOWHGHQ.RSIGUHKWHPLFK XPXQGJLQJGRUWKLQZRHVKHOOHUZDU 0HLQ%OLFNZDUDXIGDV.UHX]JHULFKWHW7lXVFKWHLFKPLFK RGHUKDWWHHVDQ*ODQ]YHUORUHQ" 3O|W]OLFKNORSIWHPHLQ+HU]VFKQHOOHU6RUDVFKHVJLQJOLHI LFKDQV/LFKWXPGDVZHUWYROOH.UX]LIL[JHQDXHUDQ]X VFKDXHQ ,QGHU7DWHVVDKDQGHUVDXV 9LHOPDWWHUPLWHLQHP*UDXVFKOHLHU$QGLHVHQ%HJULIIDXV GHU:HUEXQJGDFKWHLFKQXUNRQQWHLFKGDV.UHX]QLFKW ZDVFKHQXQGDXFKQLFKWYRUZDVFKHQ ,FKPXWHZDUWHQ 0HLQH*HGXOGZXUGHEHORKQW(VWDWVLFKZLUNOLFKHWZDV 'HU*UDXVFKOHLHUZXUGH]XUFNJHGUlQJWGHQQGDV.UHX] UHDNWLYLHUWHVLFK(LQVDJHQKDIWHV3KlQRPHQ,FKZDUEDII 'LH+DQGGLHGDV.UHX]KLHOWEHJDQQ]X]LWWHUQ ,FKNRQQWHPHLQH$XIUHJXQJQLFKWYHUEHUJHQYHUOLHGLH *DUDJHXQGDWPHWHDXIDOVLFKPHLQ.UHX]ZLHGHULQVHLQHP DOWHQ*ODQ]YRUPLUVDK 9HUZXQGHUWVFKWWHOWHLFKGHQ.RSI0DQFKH'LQJHZDUHQ QLFKWHLQIDFK]XEHJUHLIHQDQGHUHEHUKDXSWQLFKW'D]X ]lKOWHLFKGLHHEHQHUOHEWHQ'DV.UHX]KDWWHPLUHLQHY|OOLJ QHXH0|JOLFKNHLWDXIJH]HLJWLQGHPHVZLHHLQPDJLVFKHU 7ULFKWHUZLUNWHHVKDWWHGDV%|VHDQVLFKJH]RJHQXQGYHU VFKOXFNW 1RFKHLQPDOJLQJLFKLQGLH*DUDJH]XUFN'LH:DQGZDU OHHU9RQ-HUU\6KD\QHZDUQLFKWVPHKU]XVHKHQ,FKVWDQG QLFKWQXUYRUGHU0DXHUVRQGHUQDXFKYRUHLQHP5lWVHO
:LHZDUHVP|JOLFKGD6KD\QHHLQVPLWGHU0DXHUJHZRU GHQZDU"0LUILHOHQGLH6FKDWWHQHLQDXFKGHU'lPRQHQ 3DUDVLW2EGDLUJHQGZLHHLQ=XVDPPHQKDQJEHVWDQG" 6FKXOWHU]XFNHQGDVZDUGLHHLQ]LJH5HDNWLRQXQGLFKYHU OLHGLH*DUDJHZLHGHUDOVLFK6XNRV6WLPPHK|UWHª-RKQ -RKQ%LVWGXGD",VWHWZDVSDVVLHUW"© ª1HLQQHLQDOOHVNODU©0LW6XNRWUDILFKYRUGHP+DXV ]XVDPPHQ'HU&KLQHVHPXVWHUWHPLFKª,UJHQGHWZDVLVW GRFKPLWGLUPHLQ/LHEHU'DVVHKHLFKGLUDQ© ª-DHVLVWEHVFKHLGHQ© ª8QG"© ª,FKKDEH6KD\QHJHVHKHQ© ª7RW"© ,FKEHULFKWHWH6XNRYRQPHLQHQ(UOHEQLVVHQ$XFKGHU ,QVSHNWRU]HLJWHVLFKEHUUDVFKW6HLQ0XQGEOLHEYRU 6WDXQHQRIIHQHUVFKWWHOWHHLQSDDUPDOGHQ.RSIXQGVDJWH ª'DVGDUIGRFKQLFKWZDKUVHLQ© ª,VWHVDEHU© ª8QGMHW]W"© ª6FKODJPLFKWRWDEHULFKZHLHVQLFKW6XNR,FKEOLFNH HLQIDFKQLFKWPHKUGXUFK© 1LFKWHLQPDO(UNOlUXQJHQIUGDVHUOHEWH3KlQRPHQIDQG LFK(VZDUPLUDOOHVUlWVHOKDIW'LHVH.|QLJLQGHU6FKDWWHQ RGHUZLHVLHVLFKDXFKLPPHUQDQQWHKDWWHHVJHVFKDIIWXQV ]XYHUXQVLFKHUQ ª2E)UHG$VKOH\QRFKHWZDVZHL"©IUDJWH6XNR ª.DXP© 6HLQH0XWWHUNDP6LHKDWWHURWH)OHFNHQLP*HVLFKWXQG ]HLJWHVLFKVHKUDXIJHUHJWª+DEHQ6LHPLW-HUU\6KD\QH JHVSURFKHQ6LU"©IUDJWHVLHPLFK ª1HLQ© ª$EHUHUZDUGRFK©6LHVFKWWHOWHXQJOlXELJGHQ.RSI ª6LFKHUZDUHUGD,FKPDFKH,KQHQDXFKNHLQHQ9RUZXUI© HUZLGHUWHLFKOlFKHOQGª$EHUJHVSURFKHQKDEHQZLUQLFKW PLWHLQDQGHU© ª1DMDLFKPHLQWHDXFKQXU©
ª.DQQLFKMHW]WPDOPLW,KUHP6RKQUHGHQ0UV$VKOH\"© ª'HUVLW]WMDQRFKLQVHLQHP=LPPHU© 'HQ:HJNDQQWHQZLU6XNRVFKORVLFKPLUDQZlKUHQG XQVGLH)UDXQDFKVFKDXWH )UHGVFKLHQVLFKQLFKWYRQGHU6WHOOHJHUKUW]XKDEHQ (UKRFNWHDXIVHLQHP%HWWXQGVWDUUWHLQV/HHUH/HLFKWYHU NQLIIHQZLUNWHVHLQ*HVLFKW'DEHLKREHUNDXPGHQ.RSIDOV ZLUGHQ5DXPEHWUDWHQ ª+DEWLKUPLW-HUU\JHVSURFKHQ"©IUDJWHHU ª1HLQ©VDJWH6XNR ª(UZDUQLFKWGD©VWHOOWHLFKULFKWLJ )UHGGUHKWHVLFKª:DVKDWPHLQH$OWHGDQQJHVHKHQ"'LH HU]lKOWHGRFKGLHVHQ0LVW© ª6LHKDWLKQVFKRQJHVHKHQGRFKDOVZLUQDFKGUDXHQ NDPHQZDUHUYHUVFKZXQGHQ© )UHGJULQVWHXQGYHUWHLGLJWHGDQDFKVHLQHQ%Rª-D-HUU\ LVWYHUGDPPWVFKQHOO:HQQGHUOlXIWEOHLEHQDQGHUHVWHKHQ NDQQLFKHXFKVDJHQ© ª:DVZDUGDHLJHQWOLFKQRFKLP5HJHQW V3DUN)UHG"© (UVFKOXJPLWGHUIODFKHQ+DQGDXIVHLQ%HWWª'DVKDEHLFK HXFKGRFKVFKRQDOOHVJHVDJW© ª8QVJHKWHVXPGLH)UDX+DWVLHQLFKWJHVDJWZRKLQVLH ZROOWH"© ª1HLQGLHZROOWHGRFKQXUGDZLUVLHQLFKWDXIKLHOWHQ 8QGGDVKDEHQZLUDXFKJHWDQ© ª2ND\VFKRQJXW© ª:DUGDVDOOHV"©IUDJWHHU ª-D© ª+DWWHVWGXPHKUHUZDUWHW"©HUNXQGLJWHVLFK6XNRQRFK ª1DMDZDVPDQYRQHXFK%XOOHQVRK|UW© ,FKZLQNWHDEª9HUJLHV©9RQGHU0XWWHUGHV-XQJHQYHU DEVFKLHGHWHQZLUXQVQLFKW:LUVDKHQVLHHUVWJDUQLFKWXQG DWPHWHQDXIDOVZLUGDV+DXVYHUODVVHQKDWWHQ ª,UJHQGZLHELQLFKIURKZHQQGHU6RPPHUYRUEHLLVW© PHLQWH6XNR ª:LHVRGDV"©
ª%HLGLHVHU6FKZOHLVWGDVGRFKEHVFKLVVHQ© 'DKDWWHPHLQ3DUWQHUUHFKW(VJDENHLQVFK|QHVZDUPHV 6RPPHUZHWWHUPHKUZHLOHVVRIRUWVFKZOZXUGH$XFKGHU %HQWOH\ZDUNHLQ(LVNHOOHU:LUVWLHJHQHLQ'LHVPDOIXKULFK :LUOLHHQHLQHNOHLQH:RKQLG\OOH]XUFNZR.LQGHU VSLHOWHQXQGGLH0lQQHUVLFKNUXPPOHJWHQXPGDV+DXV DE]XEH]DKOHQ$EHUZDVNPPHUWHHVPLFK"$ODVVLDZDU ZLFKWLJHU 8QGGDVWHFNWHQZLUQDFKZLHYRULQHLQHU6DFNJDVVH /DG\;XQG'U7RGVWU]WHQYRQHLQHUhEHUUDVFKXQJLQGLH DQGHUH=XHUVW$ODVVLDHLQH*HJQHULQDXVGHU'XQNHOZHOW GHUHQ$QJULIIVLHVRHEHQDEJHVFKPHWWHUWKDWWHQXQGMHW]W QRFKGLHEHLGHQ7RGXQG(U]IHLQGH0\[LQXQG.DUD 'U7RGVFKWWHOWHGHQ.RSI(UNRQQWHGDV%LOGGDVHUPLW HLJHQHQ$XJHQVDKNDXPEHJUHLIHQ)ULKQZDUHVHLQH 8QJHKHXHUOLFKNHLWGDVLFK0\[LQXQG.DUDLQVHLQ 5HIXJLXPJHZDJWKDWWHQGHQQKLHUUHJLHUWHGLH+|OOHXQG GLHEHLGHQVWDQGHQDXIGHUDQGHUHQ6HLWH0RUDVVRGDFKWH VRJDUQRFKZHLWHU:HQQHVGHQHQJHODQJVLFKDXIGHU,QVHO ]XPDWHULDOLVLHUHQGDQQPWHGLHVYLHOOHLFKWDXFK-RKQ 6LQFODLUVHLQHP(U]IHLQGP|JOLFKVHLQ 6RIHVWDOVZROOWHHULKQ]HUEUHFKHQXPNODPPHUWH'U7RG VHLQHQ:UIHO(UZDUEHUHLWGHQ7RGHVQHEHODXFKJHJHQGLH EHLGHQHLQ]XVHW]HQGRFKHUVWHLQPDOZROOWHHUZLVVHQZDV VLHZROOWHQ 6LHKDWWHQVLFKHLQHQUHODWLYVLFKHUHQ3ODW]DXVJHVXFKWGHQQ VLHVWDQGHQDXIHLQHPNOHLQHQ+JHOZRGHU:HJ]X(QGH ZDUXQGNRQQWHQ]X0RUDVVRXQG.DUDKLQDEVFKDXHQ.DUDV UHFKWH+DQGODJDXIGHP*ULIIGHV6FKZHUWV 0\[LQVWDQGQHEHQLKU$EHU'U7RGZXWHJHQDXGDHV QLFKWPHKUGHUJOHLFKH0\[LQZDUZLHQRFKYRU-DKUHQ6HLW GHP7RG$VPRGLQDVKDWWHHU2EHUZDVVHUEHNRPPHQ]XP 7HLOVHLQHPDJLVFKHQ.UlIWH]XUFNHUODQJWXQGHUVHW]WH VLHDXFKHLQ
/DG\;UDSSHOWHVLFKVFKLPSIHQGDXI(VZDUQLFKWHLQIDFK IUVLHGHQQGHU$QJULIIZDUQLFKWVROHLFKW]XYHUNUDIWHQ0LW HLQHUURXWLQLHUWHQ%HZHJXQJQDKPVLHGLH0DVFKLQHQSLVWROH DQVLFKXQG]LVFKWHGXUFKGLH=lKQH ª'DVJLEWHVGRFK QLFKW© ª/HLGHULVWHVZDKU©JDE0RUDVVR]XUFN ª$EHUZLHNRPPHQGLH"© ª6HLUXKLJ© 0\[LQEHJDQQSO|W]OLFK]XODFKHQª'HLQH,QVHO6ROR 0RUDVVR©VDJWHHUª'HLQHKEVFKH,QVHO6LHLVWGRFKQLFKWVR VLFKHUZLHGXLPPHUDQJHQRPPHQKDVW© ª)UPLFKLVWVLHVLFKHUJHQXJ:DVZROOWLKU"© ª0LWGLUVSUHFKHQ© ª:LUVLQG)HLQGH7RGIHLQGH,KUVHLG]ZDUJHNRPPHQDEHU LFKZHUGHDXFKGDIUVRUJHQGDLKUKLHUEOHLEW8QG]ZDU IULPPHU©VFKULHHUGHQEHLGHQHQWJHJHQ ª:DUWHHUVWHLQPDODEZDVZLUGLU]XVDJHQKDEHQ© ª1HLQ©0RUDVVRKDWWHQLFKWYRULUJHQGHLQHQ.RPSURPL HLQ]XJHKHQ(UZROOWHVLFKDXIQLFKWVHLQODVVHQXQGVDKUHFKWV GHUEHLGHQHLQH%HZHJXQJ'RUWQlKHUWHQVLFK]ZHL8QWRWH DEHUVLHZDUHQQLFKWDOOHLQ,UJHQGZLHKDWWHDXFK;RUURQ JHPHUNWZDVVLFKKLHUDQEDKQWHXQGHUNDPXPQDFK]X VFKDXHQ ;RUURQZDUHLQ3KlQRPHQHLQ8QWLHUHLQJUDXHQYROOHV *HVFK|SIDXVWLHIHU9RU]HLW:RHUJHQDXKHUNDPZXWH QLHPDQG ;RUURQZDUGHU+HUUGHU*KRXOVXQG=RPELHV(UNDQQWH NHLQ(UEDUPHQZDUHLQPRUGHQGHV8QWLHUXQGVRJXWZLH XQEHVLHJEDU 6HLQH*HVWDOW]HLJWHPHQVFKOLFKH)RUPHQhEHUJURZDUHU (LQHGLFNHPLOFKLJH+DXWGXUFKGLHEHLQlKHUHP+LQVHKHQ .QRFKHQVFKLPPHUWHQDQVRQVWHQZDUVHLQH*HVWDOWJODWW(V JDEZHGHU1DVH2KUHQQRFK$XJHQQXU6WULFKHRGHU 6FKOLW]H%LVKHUKDWWHVLFK;RUURQPLWGHP/HEHQDXIGHU,QVHO ]XIULHGHQJHJHEHQGRFKZHQQLKPGLHVHU3ODW]HLQPDO]X NOHLQZXUGHGDQQZUGHHUH[SORGLHUHQXQG]XVFKODJHQ
(UZDUVLFKVHLQHU0DFKWEHZXWKDWWHVHLQH=RPELHVXP VLFKJHVFKDUWXQGQlKHUWHVLFKGHQEHLGHQ1HXDQN|P POLQJHQ 8P0RUDVVRV/LSSHQVSLHOWHHLQ]\QLVFKHV/lFKHOQ 9LHOOHLFKWEUDXFKWHHUVHOEVWQLFKWPHKUHLQ]XJUHLIHQ;RUURQ KDWWH%OXWJHURFKHQXQGZUGHGDVHUOHGLJHQ'DYRQZDU 6ROR0RUDVVRIHVWEHU]HXJW(UZDUZHLWHUKLQJHVSDQQWZLH 0\[LQXQG.DUDUHDJLHUWHQ $XFKVLHKDWWHQIHVWJHVWHOOWZHUVLFKLKQHQGDQlKHUWH(LQ NQDSSHU%OLFNEHUGLH6FKXOWHUKDWWHJHUHLFKW.DUDZDUQWH 0RUDVVR ª6FKLFNGHLQH9DVDOOHQ]XUFN© ª'DVVHKHLFKJDUQLFKWHLQ©NRQWHUWH'U7RGª,KUVHLGIUHL ZLOOLJKHUJHNRPPHQLFKKDEHHXFKQLFKWJHUXIHQ:HUGLHVH ,QVHOEHWULWWRKQHYRQPLUHLQJHODGHQZRUGHQ]XVHLQGHU ZLUGYHUQLFKWHW%HLHXFKPDFKHLFKNHLQH$XVQDKPH© ª:HQQVLHHVQLFKWVFKDIIHQJUHLIHLFKQRFKHLQ©HUNOlUWH /DG\;XQGKRELKUH:DIIH ª0LW.XJHOQULFKWHVWGXQLFKWVDXV© ª'DELQLFKPLUQLFKWVRVLFKHU© ª:DUWHHUVWHLQPDODE©]LVFKWH'U7RG,Q]ZLVFKHQKDWWHQ VLFK;RUURQXQGVHLQH9DVDOOHQGHQEHLGHQXQHLQJHODGHQHQ %HVXFKHUQVRZHLWJHQlKHUWGDVLHDXFKYRQ0RUDVVRXQG GHU6FRWWJHVHKHQZHUGHQNRQQWHQ :LHLPPHUVFKULWW;RUURQDQGHU6SLW]H(UZDUQLFKWQXU GHU$QIKUHUHUGRNXPHQWLHUWHHVDXFK'LHDQGHUHQKLHOWHQ VLFKLQVHLQHU1lKH(VZDUHQVFKUHFNOLFKH*HVWDOWHQJUDX VDPH:HVHQGLHHLQHP$OSWUDXPKlWWHQHQWVSUXQJHQVHLQ N|QQHQ 6LHKDWWHQVLFKEHZDIIQHW7UHLEJXWZXUGHJHQXJDQJHVSOW XQGGDZDUHQDXFKPDQFKH'LQJHGDEHLGLHVLFKDOV6FKODJ RGHU6WLFKZDIIHQKHUYRUUDJHQGHLJQHWHQ 9RUDOOHQ'LQJHQ.QSSHO0DQFKHNXU]XQGKDQGOLFK DQGHUHOlQJHU $QHLQLJHQYRQLKQHQNOHEWH%OXW(VZDUGDVHUVFKODJHQHU 7LHUHHLQVFKDXULJHV$QGHQNHQGHQQGLH=RPELHVILHOHQLQ LKUHUUDVHQGHQ*LHUDXFKEHU7LHUHKHU
(LQLJHZDUHQYHUOHW]W'LH:XQGHQODJHQRIIHQ'HPNOHLQ VWHQIHKOWHVRJDUGHUOLQNH$UPLQGHUUHFKWHQKLHOWHUHLQHQ 6WRFN 9LHU8QWRWHKDWWH;RUURQPLWJHQRPPHQ=ZHLJLQJHQ UHFKWVYRQLKPGLHDQGHUHQEHLGHQOLQNV 6ROR0RUDVVR]RJVHLQH/LSSHQ]XUFNXQGJULQVWHE|VH ª-HW]WELQLFKPDOJHVSDQQW©IOVWHUWHHU ª'LHPDFKHQGLH=RPELHVIHUWLJ©VDJWH/DG\; ª8QG;RUURQ"© $OV0RUDVVRYRQGHU6FRWWNHLQH$QWZRUWHUKLHOWGDODFKWH HU'HQQ;RUURQZDUGLHJURH8QEHNDQQWHLQGHU*OHLFKXQJ $EHU.DUDXQG0\[LQZDUHQQLFKWJHNRPPHQXP]X NlPSIHQ6LHZROOWHQYHUKDQGHOQXQGYRUDOOHQ'LQJHQEHU GLHQHXH)HLQGLQ$ODVVLDUHGHQ ª3IHLIVLH]XUFN©VDJWH.DUDª(VLVWZLUNOLFKEHVVHUIU HXFK© ª'DVPXWGXVFKRQXQVEHUODVVHQ©HUZLGHUWH0RUDVVR NDOWª0HLQH)UHXQGHZROOHQ%OXWGDVVROOHQVLHKDEHQ© .DUDXQG0\[LQVFKDXWHQVLFKDQ6FKOLHOLFKKREGLH 6FK|QHDXVGHP7RWHQUHLFKGLH6FKXOWHUQª,FKPHUNHGD GLHVGHLQOHW]WHV:RUWJHZHVHQLVW6ROR0RUDVVRZDVMHW]W IROJWKDVWGXGLUVHOEVW]X]XVFKUHLEHQ©0LWHLQHUJHVFKPHL GLJHQJODWWHQ%HZHJXQJ]RJVLHLKU6FKZHUWDXVGHU6FKHLGH 'DEHLILHOHLQ/LFKWVWUDKODXIGLHJROGHQH.OLQJHXQGVLH EOLW]WHIUHLQHQ0RPHQWDXI(VZLUNWHZLHHLQ6WDUWVLJQDO 1LFKWQXUIU.DUDVRQGHUQDXFKIUGLH=RPELHV 6LHIlFKHUWHQDXVHLQDQGHU'DQQJULIIHQVLHDQ :HUNRQQWHXQV,QIRUPDWLRQHQEHU$ODVVLDJHEHQ" 'LHVH)UDJHTXlOWH6XNRXQGPLFK$OVZLUDQHLQHQYRQ DXHQJHPWOLFKDXVVHKHQGHQ3XEYRUEHLIXKUHQIDQGLFKLQ GHU1lKHHLQHQ3DUNSODW]XQGOHQNWHGHQ:DJHQKLQHLQ ª:DVLVWGHQQMHW]WORV"©IUDJWH6XNR ª,FKZLOOHWZDVWULQNHQ© ª,P'LHQVW"©
ª-DDXFKGDV© ª+LPPHOGXELVWKHXWHZLHGHUXQJHQLHEDU© 0HLQ/lFKHOQILHOHQWVFKXOGLJHQGDXVª6RUU\DEHULFKZHL VHOEVWGDLFKQLFKWLQ)RUPELQ'LHVHUYHUGDPPWH)DOO PDFKWPLFKQRFKIHUWLJ9LHOOHLFKWLVWDXFKGDV:HWWHUVFKXOG GDUDQ© 'HU3XEZDUZLUNOLFKQHWW:LUZDUIHQHLQHQ%OLFNKLQHLQ VDKHQHLQLJH*lVWHXQGHQWVFKLHGHQXQVGDQQGUDXHQ3ODW] ]XQHKPHQGHQQGHU:LUWKDWWHYRUVHLQHP/RNDOHLQLJH 6WKOHXQG7LVFKHDXIJHVWHOOW+LHUVHUYLHUWHHUGHQ*lVWHQGLH (UIULVFKXQJHQ :HJHQGHU3LVWROHOLHLFKPHLQHGQQH-DFNHDQ'LHDQGH UHQ*lVWHVDHQLQ+HPGXQG+RVH(VZDUHQMQJHUH/HXWH :LUVDKHQVFKLFNH0lGFKHQXQGGLHEUDXQJHEUDQQWHQ7\SHQ PLWGHQRIIHQHQ+HPGHQGLHVLFKLPPHUVROlVVLJJDEHQXQG GLHVWDUNH$XWRVIXKUHQ8QVEHGDFKWHPDQPLWIDVWPLWOHL GLJHQ%OLFNHQDOVZLUJDQ]DXHQDQHLQHPQRFKIUHLHQ7LVFK 3ODW]QDKPHQ ª%HLGHU+LW]HLVWZRKOHLQ%LHUDPEHVWHQ©PHLQWH6XNR XQGEHVWHOOWHVLFKHEHQIDOOVHLQVDOVGHU:LUWQDFKXQVHUHQ :QVFKHQIUDJWH ª.RPPWVRIRUWGLH+HUUHQ©VDJWHGHU0DQQPDFKWHNHKUW XQGYHUVFKZDQG ,FKVSLHOWHPLWGHP$VFKHQEHFKHUª%LVKHUKDEHQZLUQXU LQV/HHUHJHIDW©PXUPHOWHLFKª$ODVVLDLVWHLQIDFKQLFKW]X SDFNHQ© ª'DQQZlUHHVOHLFKWIU.DUDJHZHVHQGHQ7UDQNGHV 9HUJHVVHQV]XILQGHQ© ª2EVLHLKQZLUNOLFKKDW"© 6XNRKREGLH6FKXOWHUQª1DFKDOOHPZDVVRSDVVLHUWLVW JODXEHLFKGDUDQ© 8QVHU%LHUZXUGHJHEUDFKW(VZDUGHXWVFKHVGDVKDWWHQ ZLUH[WUDEHVWHOOW+HUUOLFKVDKGLH6FKDXPNURQHDXV'HU :LUWNDVVLHUWHJOHLFK,FKKDWWHPHLQHQVSHQGDEOHQ7DJXQG EH]DKOWH 9RUXQVZXUGHQ]ZHL7LVFKH]XVDPPHQJHUFNW'LH*lVWH
ZDUHQLQ)RUP6LHOLHHQGLH*OlVHUNUHLVHQXQGODFKWHQDOV ZUGHKLHUHLQ)LOPPLW-HUU\/HZLVDEODXIHQ ª:DVZLOO$ODVVLD"©IUDJWHLFKXQGGUHKWHGDEHLGHQNKOHQ .UXJ]ZLVFKHQGHQ+lQGHQ ª0DFKW© 6XNRVVFKOLFKWH$QWZRUWWUDIGHQ1DJHODXIGHQ.RSI,FK QDKPHUVWPDOHLQHQ6FKOXFN2KGDVWDWJXW(LQHKHUUOLFKH (UIULVFKXQJZDUGLHVHU6FKOXFN'DQDFKQDKPLFK6XNRV $QWZRUWIDGHQDXIª'D$VPRGLQDQLFKWPHKUH[LVWLHUWNDQQ HVVHLQGDVLHMHW]WLKUH6WHOOHEHUQHKPHQZLOO2GHUVHKH LFKGDVIDOVFK"© ª*DQ]XQGJDUQLFKW© ª1XUHWZDVJHIlOOWPLUQLFKWDQGHU6DFKH$ODVVLDZLUG HUVWHQVZLVVHQZLH$VPRGLQDXPJHNRPPHQLVWXQG]ZHL WHQVPXLKUDXFKEHNDQQWVHLQZHUVLHXPJHEUDFKWKDW© ª0RUDVVR© ª*HQDX© 6XNRWUDQNHEHQIDOOVª*ODXEVWGXGHQQGDVLHVLFKDQLKQ KDOWHQZLUG"© ª'DYRQNDQQPDQDXVJHKHQ0\[LQXQG.DUDGHQNHQlKQ OLFK1XUZHLLFKQLFKWZLH0RUDVVRUHDJLHUHQZLUG(ULVW IUPLFKGHU8QEHNDQQWH'XGDUIVWQLFKWYHUJHVVHQGD VHLQH0RUGOLJDVFKZHUH9HUOXVWHHUOLWWHQKDW:RP|JOLFK VXFKWHU1DFKIROJHUIU7RNDWD/XSLQDXQG0RQGR'DNDQQ LKP$ODVVLDJHUDGHUHFKWNRPPHQ© ª$EHUXQWHUVHLQHP%HIHKO© ª6LFKHU© 6XNRZDUQLFKWPHLQHU$QVLFKWª1HLQ-RKQGDUDQJODXEH LFKQLFKW:LUNHQQHQ0RUDVVRJXWDOOULJKW$EHUZLUKDEHQ DXFK$ODVVLDNHQQHQJHOHUQW:LHLFKVLHHLQVFKlW]HZLUGVLH VLFKNDXPGHP'LNWDWHLQHV'U7RGEHXJHQ© ,FKNORSIWHHLQH=LJDUHWWHDXVGHU3DFNXQJXQG]QGHWHGDV 6WlEFKHQDQ:DV6XNRGDVDJWHZDUZLUNOLFKQLFKWYRQGHU +DQG]XZHLVHQ'LHVH$ODVVLDREZRKOHLQH'lPRQLQNRQQ WHPDQDOVXQJHPHLQVWDUNH3HUV|QOLFKNHLWHLQVFKlW]HQ'LH ZUGHVLFKGLH%XWWHUZLUNOLFKQLFKWYRP%URWQHKPHQODVVHQ
ª0|JOLFKHUZHLVHKDVWGXUHFKW©JDELFK]X ª8QGZLHZUGHVLHGDQQUHDJLHUHQ"© ,FKKREGLH6FKXOWHUQª)UDJPLFKQLFKWLPPHUVRHWZDV 6FKZHUHV,FKNDQQHVGLUQLFKWVDJHQ© 6XNRVWDUUWHPLPXWLJLQVHLQ*ODVª'DVLW]HQZLUKLHU KHUXPUHGHQXQGLUJHQGZRWDXFKWGLHIHLQHQDFNWH'DPH DXI(VLVW]XP+HXOHQ© ,FKYHUQDKP6XNRV:RUWH]ZDUK|UWHMHGRFKQLFKWULFKWLJ ]XVRQGHUQGDFKWHDQPHLQ.UHX]XQGGDPLWDXFKDQGLH 6]HQHLQGHU*DUDJH,FKKDWWHHLQHQYRQ$ODVVLDJHW|WHWHQ 0HQVFKHQLQGHU*DUDJHQZDQGDOVHLQPDNDEUHV=HUUELOG JHVHKHQ$OVLFKGLH(UVFKHLQXQJPLWPHLQHP.UHX]EHUKU WHGDKDWWHVLHUHDJLHUWZDU]XHLQHP6FKDWWHQXQGYRQGHP .UHX]DXIJHVDXJWZRUGHQ,UJHQGZLHKDWWHLFKGDV*HIKO PLWGHP.UHX]HLQHQJURHQ7UXPSIJHJHQ$ODVVLDLQGHU +DQG]XKDOWHQ ,FKKROWHHVKHUYRU(LQZHQLJ8QVLFKHUKHLWVSLHOWHGDEHL PLWLFKZROOWHVHKHQREQLFKWGRFKEOHLEHQGH6FKlGHQ ]XUFNJHEOLHEHQZDUHQ(VVDKY|OOLJQRUPDODXV1LFKWV ZLHVGDUDXIKLQZLHHVQRFKYRUNXU]HU=HLWUHDJLHUWKDWWH ª2EPDQVLHPLWGHP.UHX]ORFNHQNDQQ"©PXUPHOWH6XNR XQGEHXJWHVLFKYRU ª'DZLUGHKHUGDV*HJHQWHLOHLQWUHWHQ©HUZLGHUWHLFKª'DV .UHX]YHUWUHLEWVLH© ª2GHU]HUVW|UWVLH© ª:DVQDWUOLFKEHVVHUZlUH©,FKOHKQWHPLFK]XUFNXQG ULFKWHWHPHLQHQ%OLFNJHJHQGHQ+LPPHO'DQQPXUPHOWH LFKª'XQNHOZHOW0HQVFK6XNRZROLHJWVLH"© ª.HLQH$KQXQJ© ª$EHU$ODVVLDVFKDIIWHVVLH]XYHUODVVHQ:DVZLOOVLH"© ª8QWHUGUFNXQJ-RKQ:LUEHZHJHQXQVLP.UHLVEHL GLHVHQ)UDJHQJODXEPLU© ,FKVHXI]WHDXIª-DGXKDVWUHFKW'DJLEWHVQLUJHQGZR HLQHQ3XQNWDQGHPZLUHLQKDNHQN|QQHQ© *HOlFKWHUDQGHQ1DFKEDUWLVFKHQOLHXQVDXIKRUFKHQ -HPDQGKDWWHHLQHQVFKDUIHQ:LW]HU]lKOWEHVRQGHUVODXW
ODFKWHQGLHZHLEOLFKHQ3HUVRQHQ,FKKDWWHGLH:RUWH]ZDU DXFKYHUVWDQGHQEOLHEMHGRFKHUQVWPLUZDUQDFK+XPRU QLFKW]XPXWH ª6ROOHQZLU"© 6XNRZDUHLQYHUVWDQGHQ ,FKWUDQNPHLQ*ODVOHHUXQGVWDQGDXI'HU%HQWOH\SDUNWH HLQLJH
QLFKWPHKUGHPWLJHQXQGIHUWLJPDFKHQNRQQWHHU]HLJWH GHP+RUURU:HVHQZRHVODQJJLQJ $OVGHU$UPPLWGHUOHLFKHQEODVVHQ+DXWQDFKXQWHQIXKU GDVFKQHOOWH0\[LQVUHFKWH+DQGLQGLH+|KH6HKUJHQDX KDWWHHUJH]LHOWXQGHUVFKORVHLQH)LQJHUZLHGLH 6WDKOEDFNHQHLQHU=DQJHXPGDV+DQGJHOHQNGHV8QWRWHQ 'HU=RPELHZHKUWHVLFK 9HU]ZHLIHOWZDUIHUVLFK]XUFNZROOWHGHQ.ODPPHUJULII O|VHQGRFK0\[LQOlFKHOWHQXU ,PQlFKVWHQ$XJHQEOLFNZXUGHGHU=RPELHYRQHLQHP UDVHQGHQ:LUEHOHUIDW$XVGHQ)LQJHUQYRQ0\[LQVIUHLHU +DQGVFKRVVHQJUQH%OLW]HGLHYROOLQV=LHOWUDIHQ 6LH]HUVFKPHWWHUWHQGHQ8QWRWHQ'DEHLEOLHEHVMHGRFK QLFKW$XVVHLQHQhEHUUHVWHQHQWVWDQGJUDXH$VFKH ª9HUGDPPW©IOXFKWH/DG\;ª'LHPDFKHQGLH=RPELHV IHUWLJ:LUPVVHQHWZDVXQWHUQHKPHQ© ª:DUWHDE©'U7RGKLHOWVLH]XUFNª1RFKLVW;RUURQGD ,FKZLOOHUOHEHQZLHHUVLFKZHKUW© ª8QGZHQQHUYHUOLHUW"© ª*ODXEHLFKQLFKW© 1DWUOLFKKDWWH;RUURQPLWEHNRPPHQZDVVHLQHQ'LHQHUQ JHVFKHKHQZDU=XHUVWVFKDXWHHUDXIGLH$VFKHGLHYRP :LQGZHJJHZHKWZXUGH 'DQQGUDQJHLQ*HUlXVFKDXVVHLQHP,QQHUQGDVDQGDV .QDUUHQHLQHUDOWHQ7UHULQQHUWH8QG;RUURQZDUQLFKW ODQJVDPZHQQHUDQJULII(UNRQQWHVFKQHOOZLHHLQDXVWUDL QLHUWHU0HQVFKVHLQ 'D.DUDLKPDPQlFKVWHQVWDQGDWWDFNLHUWHHUVLH]XHUVW 0\[LQZDUQWHVHLQH%HJOHLWHULQQRFKGRFK.DUDZXWH DXFKVFKRQVR%HVFKHLG6LHOLHVLFKGLH%XWWHUQLFKWYRP %URWQHKPHQ%OLW]VFKQHOOZLFKVLH]XU6HLWHDXVXQGVFKOXJ DXVGHU'UHKXQJ]X (LQQRUPDOHU=RPELHZlUHYHUJDQJHQKLHUDEHUKDWWHVLHHV PLW;RUURQHLQHP3KlQRPHQ]XWXQ (VJDEHLQNOLUUHQGHV*HUlXVFKDOVGLH.OLQJHJHJHQGLH *HVWDOWKLHE,Q+IWK|KHHWZDKDWWHVLHJHWURIIHQXQGGRUW
VSUKWHQSO|W]OLFK]DKOUHLFKH)XQNHQDXIGLHHLQHODQJHU|W OLFKVFKLPPHUQGH6SXU]RJHQEHYRUVLHYHUJOKWHQ .DUDGLHYLHO:XFKWKLQWHUGHQ+LHEJHOHJWKDWWHZDU]XU 6HLWHJHVFKOHXGHUWZRUGHQXQGZlUHIDVWQRFKDXVJHUXWVFKW 6LHKREVRIRUWGHQUHFKWHQ$UPXPDEHUPDOV]XVFKODJHQ]X N|QQHQ'DVZDUDXFKJXWGHQQ;RUURQKDWWHVLFKLKUELVDXI HLQH6FKULWWOlQJHJHQlKHUW(UZROOWHVLFKJHJHQ.DUDZHUIHQ XQGEHIDQGVLFKEHUHLWVDXIGHP:HJ %OLW]VFKQHOOGUHKWH.DUDGLH.OLQJHKHUXP;RUURQNRQQWH QLFKWPHKUDXVZHLFKHQ(UILHOPLWGHU%UXVW]XHUVWLQGLH .OLQJHQVSLW]HKLQHLQ.DXPKDWWHVLHGLHXQKHLPOLFKH*HVWDOW EHUKUWDOVHLQVHOWVDPHV=LVFKHQHUW|QWH8QGZLHGHUZDU GHU%OLW]GDGHUQLFKW]X%RGHQIXKUVRQGHUQYRQGHU $XIWUHIIHUVWHOOHKHUVHLQHQ:HJPLW]DFNLJHQ/LQLHQLQGLH /XIWIDQG ;RUURQZDQNWH ,QVHLQHPIODFKHQ*HVLFKWKDWWHVLFKHLQ6SDOWJH|IIQHW(V ZDUHLQ/RFKHQWVWDQGHQDXVLKPGUDQJHQXULJH/DXWH 6FKUHLHGHU:XWXQG(QWWlXVFKXQJ .DUDVSUDQJ]XUFN,KU%OLFNZXUGHYRQGHPRIIHQHQ0DXO DQJH]RJHQZR;RUURQVHLQH=lKQH]HLJWH(VZDUHQP|UGH ULVFKH6WLIWHUHJHOUHFKWH5HLHUGLH;RUURQDXFKHUEDUPXQJV ORVHLQVHW]WH -HW]WZROOWHHU.DUD $XVZHOFKHLQHP0DWHULDOGLH+DXWEHVWDQGGLHGDVOHLFKW GXUFKVFKLPPHUQGH.QRFKHQJHUVWEHGHFNWHZDUQLFKW EHNDQQW$EHUVLHZLGHUVWDQG6FKZDU]HUXQG:HLHU0DJLH VRJDU)HXHUNRQQWHLKUQLFKWVDQKDEHQ .DUDPXWH]XUFNGHQQ;RUURQNDPPLWGHU:XFKWHLQHU 'DPSIZDO]H%OLW]VFKQHOOIKUWH.DUD]ZHLEHU.UHX] JHVFKODJHQH+LHEHGLHEHLGHWUDIHQXQGHLQH)XQNHQVSXU EHUGLHPLOFKLJH+DXW]XFNHQOLHHQ'DQQZDU;RUURQ KHUDQ 0\[LQVDKGLH*HIDKUXQGHUK|UWHDXFKGHQWULXPSKLHUHQ GHQ6FKUHLGHU/DG\; 7RGHVPXWLJZDUIHUVLFK]ZLVFKHQGLHEHLGHQ.lPSIHU
(UKlWWHHVJHVFKDIIWGRFKGDZDUHQQRFKGLHEHLGHQ =RPELHV(LQHUGDYRQKDWWHVLFKJHGXFNWODJIDVWIODFKDXI GHP%RGHQXQGXPNODPPHUWH0\[LQV.Q|FKHO 'HUNOHLQH0DJLHUEHKHUUVFKWH]ZDU]DKOUHLFKH7ULFNVDEHU JHJHQGLHVHQ*ULIIZDUHUPDFKWORV 'HU=RPELHUL0\[LQYRQGHQ%HLQHQ'DEHLILHOHUVR XQJOFNOLFKGDHUGLFKWDP5DQGGHV$EKDQJVOLHJHQEOLHE EHUGLHVFKPDOH+JHONXSSHJOLWWXQGGHQ+DQJKLQXQWHU UROOWH=XVDPPHQPLWGHP=RPELHGHUQLFKWGDUDQGDFKWH VHLQH%HXWHORV]XODVVHQ ;RUURQDEHUZDUIVLFKDXI.DUD =XVFKQHOOXQG]XSO|W]OLFKWDXFKWHGLHXQKHLPOLFKH*HVWDOW YRUGHU6FK|QHQDXVGHP7RWHQUHLFKDXI.DUDVFKOXJ]ZDU QRFK]ZHLPDOPLWGHU.OLQJH]XWUDIDXFKGRFKGDQQZDU ;RUURQEHULKU 1RFKQLHKDWWHVLHHLQVRJUDXVDPHVXQGWULXPSKLHUHQGHV )DXFKHQJHK|UWZLHLQGLHVHQ$XJHQEOLFNHQ6LHPHUNWH NDXPZLHVLHVLFKJHJHQGLHVHQ8QKROGZHKUWHDOOLKUH %HZHJXQJHQZDUHQQLFKWPHKUEHZXWJHVWHXHUWXQGZXU GHQQXUPHKUYRQUHLQHPhEHUOHEHQVZLOOHQGLNWLHUW ;RUURQZROOWHLKUH.HKOH]HUIHW]HQ 6RZHLWHVJLQJKDWWHHUVHLQ0DXODXIJHULVVHQ'LHVWDUNHQ =lKQHELOGHWHQHLQHVWlKOHUQH.HWWHGLHDQLKUHQ(QGHQ]XJH VSLW]WZDUXQG.DUDYHUVSUWH$QJVWDOVVLHLQGLHVHV VFKUHFNOLFKH0DXOVFKDXWH ;RUURQEL]X 1LHPDQGNRQQWHLKQLQGLHVHP$XJHQEOLFNVWRSSHQ.DUD ZlUHDXFKHUOHGLJWJHZHVHQZHQQLKUGLHVPDOQLFKWGDV *OFN]XU6HLWHJHVWDQGHQKlWWH $OV;RUURQVLFKDXIVLHJHZRUIHQKDWWHGDZDUHVLKULP OHW]WHQ$XJHQEOLFNJHOXQJHQGHQUHFKWHQ$UPDQ]XZLQNHOQ 'DV6FKZHUWODJZDDJHUHFKWXQGELOGHWHYRULKUHU.HKOH HLQHQ6FKXW] ,QGHQKDFNWH;RUURQVHLQH=lKQH 'LH0DJLHGHU.OLQJHKDWWHHUVFKRQ]XYRUQLFKWDXVVFKDO WHQN|QQHQ8QGVLHWUDILKQYROO
;RUURQGLHVHVXQKHLPOLFKH0RQVWUXPEHJDQQJUlOLFK]X VFKUHLHQ=ZLVFKHQVHLQHQ=DKQUHLKHQXQGLQQHUKDOEGHV JH|IIQHWHQ0DXOV]XFNWHQJHIlKUOLFKH%OLW]H6LHIKUWHQGRUW HLQHQPDNDEUHQ7DQ]DXIELOGHWHQHLQ1HW]GDVPLWVHLQHQ PDJLVFKHQ(QWODGXQJHQGDV0DXODXVIOOWH 'U7RGXQG/DG\;KDWWHQGHQ.DPSIEHREDFKWHW=XHUVW JODXEWHQVLHDQHLQHQ6LHJGHV=RPELH0HLVWHUVGRFKGDQQ VDKHQVLHZLH.DUDVLFKZHKUWHXQGIUFKWHWHQXP;RUURQV /HEHQ 'HU.DPSIZRJWHKLQXQGKHU(VZDUHQUHJHOUHFKWH :HFKVHOElGHUGLHGLH=XVFKDXHUHUOHEWHQ$EZHFKVHOQGIHX HUWHQVLH;RUURQDQXQGDOVHVGHP8QKHLPOLFKHQJHODQJ VLFKDXI.DUD]XVWU]HQVSUDQJ/DG\;LQGLH+|KHXQG VWLHHLQHQZLOGHQ6FKUHLDXV ª(UKDWVLH(UKDWVLH©-HW]WNRQQWHDXFK'U7RGVLH QLFKWPHKUKDOWHQ,QODQJHQ6lW]HQMDJWHGLH9DPSLULQORV XQGQDKP.XUVDXIGLHEHLGHQ.lPSIHQGHQ ;RUURQZROOWH]XEHLHQ /DG\;VDKJHQDXZLHHUEHU.DUDODJ'DQQDEHUKDWWHVLH XQZDKUVFKHLQOLFKHV*OFNZHLOGLH=lKQHGHV8QKHLPOLFKHQ LQGLH.OLQJHKDFNWHQ $XFK/DG\;EHNDPPLWZLHVLFKVHLQ0DXOPLW%OLW]HQ IOOWHXQGZLH;RUURQYRQVHLQHU*HJQHULQDEOLHXQGVHLQHQ JHZDOWLJHQ.|USHUKRFKZDUI]X%RGHQILHOXQGVLFKGRUW EHUUROOWH 'LH%OLW]HMDJWHQVRJDUGXUFKVHLQHQ.|USHU6LH]HLFKQHWHQ GDV.QRFKHQJHVWHOOXQWHUGHU+DXWQDFKXQGGLHHLQ]HOQHQ 7HLOHVFKLPPHUWHQURVDURWDXI .DUDODJQRFKHUOHGLJWDP%RGHQ6LHKDWWHGHQHUVWHQ $QJULII]ZDUEHUVWDQGHQZDUDEHU]XVFKZDFKXPVLFK DXIGLH)H]XHUKHEHQ(VGDXHUWHVHLQH=HLWELVVLHVLFK HUKROWH 'LHVH6HNXQGHQQXW]WHGLH9DPSLULQDXV6LHVFKLHQEHU GHQ%RGHQ]XIOLHJHQQlKHUWHVLFK.DUDXQJHZ|KQOLFK VFKQHOOXQGK|UWHZLH'U7RGEUOOWH ª1LFKWVFKLHHQ© 'DQQZDUVLHGD
,PVHOEHQ$XJHQEOLFNKDWWH.DUDLKUH6FKZlFKHHLQLJHU PDHQEHUZXQGHQXQGULFKWHWHVLFKDXI 6LHKDWWHGDV*HIKOMHPDQGZUGHDXIVLH]XIOLHJHQVR VFKQHOOEHZHJWHVLFKGLH6FRWW8QGGLHKDWWHGLH03L )UGHQ%UXFKWHLOHLQHU6HNXQGHVFKDXWH.DUDLQGDVKlOL FKH0QGXQJVORFKGDQQYHUVFKZDQGHVGHQQ/DG\;KDWWH GLH:DIIHKHUXPJHGUHKW*HGDQNHQVFKQHOOKlPPHUWHVLHGLH 03LQDFKXQWHQ.DUDZROOWHLKU6FKZHUWQRFKLQGLH+|KH UHLHQXPGHQ+LHEDE]XZHKUHQDEHUGLHVPDOZDUVLHQLFKW VFKQHOOJHQXJ 'HU:DIIHQODXIWUDILKUH6FKOlIH(UH[SORGLHUWHGRUWI|UP OLFKXQGIU.DUDJLQJHQVlPWOLFKH/LFKWHUDXV /DG\;DEHUVWDQGWULXPSKLHUHQGEHULKUKLHOWGHQUHFKWHQ $UPPLWGHU:DIIHKRFKKDWWHGHQ0XQGZHLWDXIJHULVVHQ XQG]HLJWHLKUVFKUHFNOLFKHV9DPSLUJHEL 'LHVPDOKDWWHVLHJHZRQQHQ 'HU=RPELHOLHQLFKWORV :DVHUHLQPDOJHNUDOOWKDWWHGDVZROOWHHUQLFKWZLHGHUKHU JHEHQ=X0\[LQV3HFKZDUGLHVVHLQ.Q|FKHO 6LFKHUGHUNOHLQH0DJLHUKlWWHVLFKZHJWHOHSRUWLHUHQN|Q QHQDEHUGHU=RPELHZlUHEHLLKPJHEOLHEHQXQGGDV 3UREOHPZlUHVRPLWQLFKWJHO|VWZRUGHQ $OVRUROOWHHU]XVDPPHQPLWGHUOHEHQGHQ/HLFKHGHQ+DQJ KLQDEELVVLH]XHLQHP*HU|OOIHOGJHODQJWHQGHVVHQJURH 6WHLQHLKUHQ)DOOVWRSSWHQ 0\[LQKDWWHGDV3HFKXQGSUDOOWH]XHUVWPLWGHP5FNHQ JHJHQGHQEODQNHQ)HOVHQ'DVPDFKWHLKPQLFKWVDXVHUYHU VSUWHNHLQH6FKPHU]HQDEHUGHU=RPELHODJQXQDXILKP XQGZROOWHVHLQH&KDQFHVRIRUWQXW]HQLQGHPHUVHLQH$UPH DXVVWUHFNWHXQGQDFK0\[LQV.HKOHWDVWHWH 'HU0DJLHUUDPPWHVHLQHQ.RSILQGLH+|KHXQGVWLHGLH 6WLUQJHJHQGDV*HVLFKWGHV8QWRWHQ(UVSUWHGLHZHLFKHQ .QRFKHQGLHVHUZLGHUOLFKHQOHEHQGHQ/HLFKHXQGJODXEWH VFKRQVLHZlUHQYRQGHP7UHIIHUHLQJHGUFNWZRUGHQ
$OVGHU=RPELH]XUFNILHOVDK0\[LQGLH(LQEXFKWXQJDQ GHVVHQ6WLUQ'RFKHLQHZHLFKH0DVVH $EHUVHLQ*HJQHUZDUOlQJVWQLFKWHUOHGLJW(UKLHOWHLQHQ 6WHLQ]ZLVFKHQGHQ)LQJHUQXQGVFKOXJGDPLWQDFK0\[LQ 'HUNOHLQH0DJLHUKDWWHVLFKDXIJHULFKWHW0LW/HLFKWLJNHLW ZLFKHUGHP+LHEDXV$OVGHU=RPELHHLQ]ZHLWHV0DO ]XVFKODJHQZROOWHGDVWUHFNWH0\[LQQXUVHLQHQ$UPYRU ZREHLVHLQ=HLJHILQJHUDXIGLH*HVWDOWDP%RGHQZLHV 'HUJUQH%OLW]KLHELQGHQ8QWRWHQKLQHLQZLHHLQ0HVVHU (UULLKQDXVHLQDQGHUXQGGDV:HVHQYHUNRKOWH 'HU0DJLHUHUKREVLFK(UYHU]RJGDV*HVLFKWDOVHUDXI VHLQHQ*HJQHUVFKDXWHGUHKWHGDQQGHQ.RSIXQGEOLFNWH GHQODQJHQ+DQJKRFKGHQVLHKLQXQWHUJHUROOWZDUHQ (UK|UWHDXFKGLHKHOOHQ6FKUHLHXQGZXWHVRIRUWGD VLHQLFKWYRQ.DUDVWDPPWHQ/DG\;KDWWHJHVFKULHQ 7ULXPSKLHUHQG'LHVNRQQWHQXUEHGHXWHQGDVLHHWZDVPLW .DUDDQJHVWHOOWKDWWH $QJVWVFKRLQGHPNOHLQHQ0DJLHUKRFK(UYHUVWHLIWHNRQ ]HQWULHUWHVLFKDXIVHLQH)lKLJNHLWHQXQGWHOHSRUWLHUWHVLFKLP QlFKVWHQ$XJHQEOLFNDXIGLH+JHONXSSHZRHUEHUHLWVYRQ ;RUURQHUZDUWHWZXUGHGHUVLFKPLWHLQHPVFKUHFNOLFKHQ *HEUOODXILKQVWU]WH 6RIRUWVHW]WH0\[LQVHLQH0DJLHHLQ 'LHVPDOKLHEGHUJUQH6WUDKOLQGHQ.|USHUGHV8QKHLP OLFKHQ$EHUHU]HUVW|UWHLKQQLFKWGUDQJQLFKWHLQPDOGXUFK GLH+DXWVRQGHUQ]XFNWHEHULKQZREHLHUHLQHQJUQHQ 6FKOHLHUDXIGDVPLOFKLJH:HLGHU+DXWOHJWH ;RUURQZXUGHGXUFKJHVFKWWHOWDEHU0\[LQV*HJHQZHKU NRQQWHVHLQH$QJULIIVZXWQLFKWVWRSSHQ 8QDXIKDOWVDPVWDPSIWHHUZHLWHUDXI0\[LQ]X(UVHW]WH DXIVHLQH8Q]HUVW|UEDUNHLWXQGDXIGLH*HZDOW 0\[LQPXWHZHJ(UQDKPQRFKZDKUGDDXFK.DUD DEJHVFKOHSSWZXUGHXQG]ZDUKDWWH/DG\;VLHNXU]HUKDQG EHUGLH6FKXOWHUJHZRUIHQ 0LWLKU]XVDPPHQUDQQWHVLHDXI'U7RG]XGHUQRFK LPPHUYRUGHPJURHQ(LQJDQJVWRUVWDQG
/DG\;VFKLHQEHUGHQ%RGHQ]XIOLHJHQ'LH/DVWDXILKUHU 6FKXOWHUEHKLQGHUWHVLHQLFKWLKUH.UlIWHZDUHQGLHGHU+|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lKUOLFKH6FKZDGHQGLHGLH DEVROXWH9HUQLFKWXQJEUDFKWHQ 8QGVLHULFKWHWHQVLFKQDFK'U7RGV:LOOHQ (LQHUHJHOUHFKWH:DQGEDXWHQVLHDXIZREHLVLHHLQHQ VFKPDOHQ'XUFKODIUHLOLHHQGHU/DG\;XQG.DUDDXIQDKP +LQWHUGHQEHLGHQVFKORVLFKGLH:DQGVRIRUWZLHGHU 0RUDVVRDEHUVWLHHLQPHFNHUQGHV/DFKHQDXV:HQQVLFK 0\[LQMHW]WLQVHLQH1lKHWHOHSRUWLHUWHGDQQZUGHHUYHU JHKHQ8QG]ZDUHLQIUDOOH0DOH $EHU0\[LQURFKGLH*HIDKU .DXPKDWWHQGLHHUVWHQ6FKZDGHQGHQ:UIHOYHUODVVHQGD lQGHUWHHUGLH5LFKWXQJ'HUNOHLQH0DJLHUWHOHSRUWLHUWHVLFK DXIGDV'DFKGHV%XQNHUVGDVQRFKHLQZHQLJDXVGHU(UGH UDJWH 'RUWEOLHEHUVWHKHQ 'LHVPDOVDKHU;RUURQDXVGHU)HUQH(UKDWWHVHLQHUHVW OLFKHQ=RPELHVXPVLFKYHUVDPPHOWXQGKREGURKHQGGLH )DXVW 0\[LQLQWHUHVVLHUWHGDVQLFKWPHKU6HLQH*HGDQNHQ EHVFKlIWLJWHQVLFKPLW.DUD 0DQKDWWHVLHHQWIKUW=XGHPZDUVLHQRFKLQGLH+|KOH GHV/|ZHQJHVFKOHSSWZRUGHQ
*DEHVIU0\[LQHLQH&KDQFH.DUD]XUFN]XKROHQ" 'HUNOHLQH0DJLHUYHU]RJJHTXlOWGDV*HVLFKW(UOLWWDXI VFKUHFNOLFKH$UWXQG:HLVH%LVKHUZDUHQHUXQG.DUDLPPHU ]XVDPPHQJHZHVHQXQGQXQGLHVHV :LHVROOWHHUUHDJLHUHQ" 'DNDPLKP-RKQ6LQFODLULQGHQ6LQQ$ODVVLDNRQQWH ZDUWHQ-HW]WJLQJHVXP.DUD 8QG-RKQ6LQFODLUPXWHKHOIHQ :LUVDKHQDOOHVZLHLQHLQHU=HLWOXSHQDXIQDKPH 'LHVFKOHXGHUQGHQEUHPVHQGHQ:DJHQZLUK|UWHQGDV .UHLVFKHQGHU5HLIHQGDVQHUYHQ]HUIHW]HQGH*HUlXVFKZHQQ %OHFKJHJHQ%OHFKSUDOOWXQGZLUYHUQDKPHQGHQVFKULOOHQ 7RQGHUEHUDOOHPVFKZHEWHZHLOLUJHQGZRGLH+XSHHLQHV :DJHQVHLQJHNOHPPWZRUGHQZDU 'DV&KDRVKDWWHHLQHQ*UXQG 'HUKLH $ODVVLD 6LHZDUSO|W]OLFKDXVGHP1LFKWVHUVFKLHQHQ6LHVFKZHEWH EHUGHU6WUDHXQGLKUHVHOWVDPH*HVWDOWKDWWHGLHDQGHUHQ $XWRIDKUHULQLKUHQ%DQQJH]RJHQ (LQ:HVHQZLHDXVHLQHP0lUFKHQ 6HOEVW6XNRXQGLFKGLHZLUVFKRQYRQLKUJHK|UWKDWWHQ VWDQGHQQXUGDXQGVWDXQWHQ(EHQVRHUJLQJHVGHQDQGHUHQ *lVWHQGHV3XEV6LHZDUHQYRQLKUHQ6WKOHQDXIJHVSUXQ JHQNODPPHUWHQVLFKDQHLQDQGHUIHVWKDWWHQGLH.|SIHLQ GHQ1DFNHQJHOHJWXQGVWDQGHQGRUWPLWRIIHQHQ0QGHUQ XPGHU(UVFKHLQXQJ]X]XVFKDXHQ 'LHJHVDPWH6WUDHVFKLHQVLFKLQHLQHP9DNXXP]XEHILQ GHQ(VJDEQXUXQVQLFKWVDQGHUHVPHKUDOOH8KUHQVFKLHQHQ VWHKHQJHEOLHEHQ]XVHLQ=HLWVSLHOWHNHLQH5ROOHPHKU 8QG$ODVVLDJHQRLKUHQ$XIWULWW:LHVLHDXVGHP+LPPHO VFKZHEWHlKQHOWHVLHHLQHU*|WWLQ'DVODQJH+DDUXPZDOOWH GLHIUDXOLFKH*HVWDOWYRP6FKHLWHOELVIDVW]XGHQ)HQXQG ZHQQHVHLQPDO]XU6HLWHJHGUFNWZXUGHGDQQSUlVHQWLHUWH VLHXQVLKUHQQDFNWHQ.|USHU
1HEHQXQVVSUDFKMHPDQGGDVDXVZDVDXFKZLUGDFKWHQ ª,FKJODXEHLFKWUlXPH© (VZDUNHLQ7UDXPVRQGHUQ:LUNOLFKNHLW$ODVVLDNDPXQG VLHZROOWHHWZDVYRQXQV ,FKPHUNWHQLFKWHLQPDOGDGLH+XSHYHUVWXPPWHVRQ GHUQKDWWHQXU$XJHQIUGLH5lFKHULQDXVGHU'XQNHOZHOW 9RQGHUVFKZDU]HQ]HUIUHVVHQGHQ'XQNHOZRONHZDUQLFKWV ]XVHKHQ$ODVVLDNDPDXVGHU/XIWXQGZXFKVLPPHUJU|HU YRUXQVDXI ,FKKROWHPHLQ.UHX]ZLHGHUKHUYRU(LQHQNXU]HQ%OLFN ZDUILFKGDUDXIXQGJODXEWH/LFKWUHIOH[HEHUGHP0HWDOO ]XFNHQ]XVHKHQ(VVFKLPPHUWHVHOWVDPVLOEHUIDUEHQKDWWH VLFKDXFKHUZlUPWXQGLFKZDUJHVSDQQWZLH$ODVVLDDXIGDV .UX]LIL[UHDJLHUWH 1RFKVFKZHEWHVLHZHLWHUYRUXQGHVZDUQLHPDQGGDGHU VLFKLKULQGHQ:HJVWHOOWH ª,FKJHKHDXIGLH6WUDH©IOVWHUWHLFK6XNR]XGUlQJWH PLFKDQPHLQHP3DUWQHUYRUEHLXQGEOLHEPLWGHU 6FKXKVSLW]HDQHLQHP6WXKOEHLQKlQJHQ'HU6WXKOILHOKLQ hEHUODXWK|UWHLFKGDV*HUlXVFK(UVWMHW]WZXUGHPLUNODU GDHVVRVWLOOJHZRUGHQZDU1LUJHQGZRHLQ/DXW(LQH JHVSHQVWLVFKH5XKHKDWWHVLFKDXVJHEUHLWHWVLHODJZLHHLQ XQVLFKWEDUHV7XFKEHUDOOHP $ODVVLDZDU]XP*OFNQRFKVRZHLWHQWIHUQWGDLFKPLFK QLFKWXQEHGLQJWDXIVLH]XNRQ]HQWULHUHQEUDXFKWH ,FKNRQQWHPLUDXFKGLHDQGHUHQ0HQVFKHQDQVFKDXHQ 6LHZDUHQLQLKUHQ+DOWXQJHQHUVWDUUW6FKZDU]H0DJLH KDWWHVLHLQHLQHPJHZDOWLJHQ1HW]HLQJHIDQJHQ (LQ:DJHQNOHEWHDQHLQHPGLFNHQ%DXPVWDPP'HU)DKUHU KDWWHGLH.XUYHQLFKWUHFKW]HLWLJJHQXJEHNRPPHQ'LH7U ZDUDXIJHVFKODJHQXQGGHU0DQQPLWVHLQHP2EHUN|USHU QDFKGUDXHQJHVFKOHXGHUWZRUGHQ=ZHLDQGHUH$XWRV ZDUHQDXIHLQDQGHUJHIDKUHQHLQZHLWHUHV)DKU]HXJKDWWH HLQHQ/DWHUQHQPDVWªJHNW© 8QGQLHPDQGUKUWHVLFK1XULFKNRQQWHJHKHQXQG GDFKWHGDEHLDQ6XNRXQGZDUIQRFKHLQHQ%OLFN]XUFN
$XFKPHLQ)UHXQGZDUHUVWDUUW,KPHUJLQJHVVRZLHPLU ZHQQHUVHLQHQ6WDEDNWLYLHUWHXQGGDV:RUW7RSDUULHI'D NRQQWHLFKPLFKDXFKQLFKWPHKUUKUHQ 'DVJDQ]H$XIWUHWHQGLHVHU)UDXKDWWHQDWUOLFKHLQHQ6LQQ 8QGGLHVHU6LQQRGHU*UXQGZDULFK ,FKYHUOLHGHQ*HKVWHLJJLQJXPHLQHQURWHQ%0:KHUXP XQGEOLHEDXIGHU6WUDHQPLWWHVWHKHQ (WZDVEUHLWEHLQLJEDXWHLFKPLFKDXIXQGVRHUZDUWHWHLFK GLH+HUULQGHUJHIlKUOLFKHQ'XQNHOZHOW 1RFKPXWHLFKGHQ.RSIKHEHQXPVLH]XVHKHQ:LHHLQ GVWHUHU7RGHVHQJHOVFKZHEWHVLHQLHGHUXQGEHUKUWH VFKOLHOLFKPLWEHLGHQ)HQGHQ%HODJGHU6WUDH 6REOLHEVLHVWHKHQ :LUIL[LHUWHQXQV 8QVHUH%OLFNHERKUWHQVLFKLQHLQDQGHUMHGHU=ROOGHV .|USHUVZXUGHDEJHWDVWHWVH]LHUWXQGDOVLKUH+DDUHYRUGHU %UXVWHLQZHQLJ]XU6HLWHJHZHKWZXUGHQNRQQWHLFKGLH 5RFNHUVRJDUYHUVWHKHQGDVLHEHLGHP$QEOLFNXQUXKLJ JHZRUGHQZDUHQZHLOVLHSO|W]OLFKHLQHQIDQWDVWLVFKHQ .|USHU]XVHKHQEHNDPHQ ª'XELVW-RKQ6LQFODLU© =XPHUVWHQPDOK|UWHLFKVLHVSUHFKHQ,FKODXVFKWHGHP .ODQJLKUHU6WLPPH(UZDULUJHQGZLHUDXKVRNRQQWHLFK PLUGLH6WLPPHHLQHU&KDQVRQ6lQJHULQYRUVWHOOHQXQGHU WUDIPLFKELVLQV0DUN ª-DLFKELQ-RKQ6LQFODLU©HUZLGHUWHLFKVFKOLFKWª:DKU VFKHLQOLFKKDVWGXPLFKJHVXFKW© ª6LFKHU,FKZDUYRQ%HJLQQDQDXIGLFKIL[LHUWXQGELQ GHLQHWZHJHQLQGLHVH6WDGWJHNRPPHQ© ª8QGQXQ"© ,KU*HVLFKWYHU]RJVLFKHWZDV:DKUVFKHLQOLFKOlFKHOWHVLH 'DVMHGRFKNRQQWHLFKZHJHQGHUEHUGLH:DQJHQIDOOHQGHQ +DDUHQLFKWVRJHQDXHUNHQQHQ ª'XZHLWYRQ$VPRGLQD© ª,FKVHOEVWKDEHVLHEHNlPSIW© ª$EHUQLFKWJHW|WHW©
ª'DVJHEHLFK]X© ª8QGLFKELQJHNRPPHQXPGLH1DFKIROJH$VPRGLQDV DQ]XWUHWHQ/DQJHJHQXJKDEHLFKLQPHLQHU6FKDWWHQZHOW JHKDXVWHQGOLFKLVWGHU=HLWSXQNWGDZRLFKIUHLELQ $VPRGLQDV1LHGHUJDQJKDWGLH7RUHGHU:HOWIUPLFKJH |IIQHW© ,FKOlFKHOWHHEHQIDOOV$OOHUGLQJV]LHPOLFKVS|WWLVFK'DQQ VDJWHLFK ª'DJHJHQVRJODXEHLFKKlWWHQEHVWLPPWHLQLJH DQGHUH'lPRQHQHWZDV© ª'HQNVWGXDQ'U7RG"© ª8QWHUDQGHUHP© ª,FKZDUEHLLKPXQGKDEHLKQJHWHVWHW0LWLKPXQG VHLQHQ9HUEQGHWHQZHUGHLFKIHUWLJDEHULFKIUDJHPLFKRE GXQLFKWDXFKHWZDVJHJHQHLQH1DFKIROJHHLQ]XZHQGHQ KlWWHVW© ª'DUDXINDQQVWGX*LIWQHKPHQ©HUZLGHUWHLFKNDOW ª0DQKDWPLUJHVDJWZLHGXDOV*HJQHUHLQ]XVFKlW]HQ ELVW©VSUDFKVLHZHLWHUª8QGLFKKDEHPLFKGDQDFKJHULFKWHW 'XKDVWHUOHEW]XZHVVHQLFKIlKLJELQXQGLFKKDEHQRFK QLFKWPHLQHYROOH.UDIWDXVJHVSLHOW$XFKLQGLHVHP)DOOKLHU KDEHLFKGLH0HQVFKHQJHVFKRQW:HQQLFKZLOON|QQHQVLH JHIUHVVHQZHUGHQGHQQLFKELQGLH'XQNHOZHOW© ª8QGGLH6FKDWWHQ"©IUDJWHLFK 6LHPDFKWHHLQHZHJZHUIHQGH+DQGEHZHJXQJª'LHSUR GX]LHUHLFKVHOEVW,FKEHVWHKHQXUDXV6FKDWWHQ:HLOLFKDXI GLHVH:HOWJHNRPPHQELQKDEHLFKHLQHQPHQVFKOLFKHQ .|USHUDQJHQRPPHQXQG© ª,FKELQJHVSDQQWZLHGHU6SXNUHDJLHUHQZLUG©VDJWHLFK ª(ULVWHLQ)HLQG©JDE$ODVVLD]X :HQLJVWHQVHWZDV'HU6SXNZDUHLQ,QWULJDQWXQGHLQ 0DFKWEORFNRKQHJOHLFKHQ,QVHLQHP5HLFKGHU6FKDWWHQKDX VWHQGLH6HHOHQJHW|WHWHU'lPRQHQ(UVHOEVWZDUHEHQIDOOV QXUHLQ6FKDWWHQXQGKLHUK|UWHLFKGDVJOHLFKH $ODVVLDKDWWHQXUGLHPHQVFKOLFKH*HVWDOWDQJHQRPPHQ ZHLOVLHDXIGHU(UGHZHLOWHDQVRQVWHQH[LVWLHUWHVLHDOV 6FKDWWHQ:DUHQVLHXQGGHU6SXNYLHOOHLFKWDUWYHUZDQGW"
'DQDFKIUDJWHLFKVLH ª-D©EHVWlWLJWHVLHPLUª(VJLEWHLQH9HUELQGXQJ]ZLVFKHQ XQV:LUZDUHQHLQPDOJOHLFKUDQJLJGDQQNDPHV]XJHZDO WLJHQ0DFKWNlPSIHQXQGLFKPXWHZHLFKHQ'HU6SXNKDW GDV.RPPDQGREHUQRPPHQLFKZXUGH]XU'XQNHOZHOW YHUIOXFKW]XHLQHP'lPRQRKQH/LFKW,QPHLQHU:HOWJLEWHV QXUGLH)LQVWHUQLVXQGGLHELQLFKVHOEVW© (LQELFKHQXQYHUVWlQGOLFKGDVDOOHV6RJDQ]NDPLFKQLFKW PLWª:DVKDWGDVGHQQPLW$VPRGLQD]XWXQ"© ª6LHKDWVLFKHLQSDDUPDODQPLFKHULQQHUWXQGZROOWHPLFK DXILKUH6HLWH]LHKHQLFKDEHUDKQWHLKUH1LHGHUODJHYRUDXV XQGOLHHVEOHLEHQ$OV$VPRGLQDQLFKWPHKUZDUNDPLFK IUHL'HU7HXIHOKDWVLFKDXIPHLQH6HLWHJHVFKODJHQ$VPRGLV O|VWHGHQPDJLVFKHQ%DQQGHQGHU6SXNXPPLFKJHOHJW KDWWHXQGHVJHODQJPLUGHLQH:HOW]XHUUHLFKHQ,FKZHUGH HLQJHZDOWLJHV5HLFKUHJLHUHQXQGZHUGHDXVGHQ0HQVFKHQ 6FKDWWHQPDFKHQGDVYHUVSUHFKHLFKGLU© ª'XZLOOVWVLHW|WHQVRZLHGLH5RFNHU"© ª-DHLQ.|USHUYHUJHKW(UULHVHOWDOVVFKZDU]HU6WDXE]X %RGHQGRFKVHLQH6HHOHEOHLEWLQPHLQHQ.ODXHQ8QGVLH NDQQLFKVLFKWEDUPDFKHQXQG]ZDUDOVHLQNRQWXUHQORVHV (WZDVGDVEHUDOOHLQGULQJHQNDQQ'LH6HHOHKDWVlPWOLFKH ,QIRUPDWLRQHQEHUGHQ.|USHUJHVSHLFKHUWVLHLVWDXFKLQ GHU/DJHGLHVH,QIRUPDWLRQHQZLHGHUDE]XJHEHQXQGHLQ (EHQELOGGHV0HQVFKHQ]XVFKDIIHQ$OOHUGLQJVQLFKWGUHL VRQGHUQPHKUYLHUGLPHQVLRQDO© -HW]WKDWWHLFKGLH(UNOlUXQJZHVKDOE-HUU\6KD\QHYRQPLU LQGHU0DXHU]XVHKHQJHZHVHQZDU(LQHUDIILQLHUWH7DNWLN GDVPXWHLFKHKUOLFK]XJHEHQ ª8QGGLUPDFKWHVQLFKWVDXVLP+HOOHQ]XVHLQ"©IUDJWH LFK ª1HLQGHQQGLHVHV/LFKWVW|UWPLFKQLFKW© ª:HOFKHVGHQQ"© ª(LQDQGHUHVHLQPDJLVFKHV© ª9LHOOHLFKWGDV"©VFKULHLFKKREPLWHLQHP5XFNGHQ$UP XQG]HLJWHLKUPHLQ.UHX]
ª:LUKDEHQVLH©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ª7RWLVWVLHMDZRKOQLFKW©VWHOOWH6ROR0RUDVVRPLWHLQHP IUDJHQGHQ%OLFNDXI.DUDIHVW ª1HLQVRKDUWKDEHLFKQLFKW]XJHVFKODJHQ© ª'DVZLOOLFKGLUDXFKJHUDWHQKDEHQPHLQH/LHEH:LU EUDXFKHQVLHQlPOLFKQRFK© ª$OV'UXFNPLWWHO"© ª*HQDX© /DG\;ODFKWHª'DQQZLOOVWGXGD0\[LQKHUNRPPW© ª-DLFKZLOOLKQKLHUKHULQGHQ%XQNHUORFNHQ'DVLVWPHLQ JDQ]HV6LQQHQXQG7UDFKWHQ(UVROOHUOHEHQZLHVHLQH *HOLHEWH.DUDYRQGHQ3LUDQKDV]HUIHW]WZLUG©0RUDVVR ODFKWHKHLVHUXQGVFKOXJVLFKGDEHLDXIGLH6FKHQNHOª,FK KDEHODQJHJHQXJZDUWHQPVVHQ(VLVWGHUHUVWHJURH6LHJ QDFK$VPRGLQDV9HUQLFKWXQJ©(UVWRFNWHXQGNUHLVHOWH KHUXPGDPLWHUGLH6FRWWDQVFKDXHQNRQQWHª9LHOOHLFKWLVWHV VRJDUJXWGDGLH0RUGOLJDUHGX]LHUWZXUGH6RQlPOLFK N|QQHQZLUHIIHNWLYHUDUEHLWHQXQG]XVFKODJHQ© ª:LHGXPHLQVW© 'U7RGZDUIHLQHQ%OLFNDXIGDV%HFNHQ(VZDUQLFKWVHKU JURXQGKDWWHHLQHYLHUHFNLJH)RUP5LQJVXPVWDQGHQ.EHO PLW3IODQ]HQXQGHVJDEVRJDU/LHJHQDQGHQ5lQGHUQ$XI GHQGXQNHOURWVFKLPPHUQGHQ3ROVWHUQUXKWHVLFK6ROR
0RUDVVRKLQXQGZLHGHUDXVZREHLGHUGHP7UHLEHQGHU )LVFKH]XVFKDXWH (LQ(LPHUPLW)OHLVFKVWDQGDQMHGHU/LHJH'LHURKHQ %URFNHQZDUHQ]XVDPPHQJHSUHWHLQHNOLJHU%OXWJHUXFK VFKZHEWHEHUGHQ*HIlHQ6RNDOWGLHVHU5DXPHLQJHULFKWHW ZDUPDQVSUWHGRFKGLHXQKHLPOLFKH$WPRVSKlUHEHVRQ GHUVGDQQZHQQGLHNOHLQHQJOLW]HUQGHQ/HLEHUDXVGHP :DVVHUVFKRVVHQXQGLPKRKHQ%RJHQZLHGHU]XUFNJOLWWHQ 3LUDQKDV.LOOHUILVFKH 'U7RGV/LHEOLQJH 'D.DUDQRFKLPPHULQWLHIHU%HZXWORVLJNHLWODJZROOWH VLFK'U7RGGLH=HLWYHUWUHLEHQ(UOHJWHGDV6FKZHUWPLWGHU JROGHQHQ.OLQJH]X%RGHQGDHU.DUDEHL/DG\;LQJXWHQ +lQGHQZXWH'DQQWUDWHUDQGHQLQGHU1lKHVWHKHQGHQ (LPHUKHUDQXQGKROWH]ZHL)OHLVFKEURFNHQKHUYRU'DV%OXW UDQQDQVHLQHQ)LQJHUQHQWODQJDOVHUGDV)OHLVFKDQKREXQG LQV:DVVHUVFKOHXGHUWH 6RIRUWZDUHQVLHGD 0RUDVVRODFKWHHUVDKZLHGLH2EHUIOlFKHDXIVFKlXPWH XQGVLFKGLHNOHLQHQ3LUDQKDVUHJHOUHFKWIHVWELVVHQ5DVHQG VFKQHOOKDFNWHQLKUH1DJHULQGHQEOXWLJHQ%URFNHQ6LH ZDUHQVRZLOGGDVLHDXVGHP:DVVHUVSUDQJHQVLFKZLHGHU ]XUFNZDUIHQXPHUQHXWGLH%HXWHPLWLKUHQ=lKQHQ]X WUDNWLHUHQ ,QLKUHU*LHUQDKPHQVLHQLFKWHLQPDODXIVLFKVHOEVW 5FNVLFKWXQG]HUIOHLVFKWHQVLFKJHJHQVHLWLJ 0RUDVVRULHEVLFKGLH+lQGH6RXQGQLFKWDQGHUVZROOWHHU HVKDEHQ0LWGHUJOHLFKHQ)UHZXWZUGHQVLHVLFKDXFKDXI .DUDVWU]HQZHQQHUVLHLQGDV%HFNHQVFKOHXGHUWH $EHUHUZROOWHHVVSDQQHQGPDFKHQ.DUDZlUHQLFKWGDV HUVWH0HQVFKHQRSIHUJHZHVHQGDVLQGLHVHP%HFNHQVHLQHQ 7RGJHIXQGHQKlWWH6ROR0RUDVVRKDWWHVLFKGDHWZDV %HVRQGHUHVHLQIDOOHQODVVHQ(VZDUHLQDP.RSIHQGHGHV %HFNHQVPRQWLHUWHU)ODVFKHQ]XJGHUEHU5ROOHQOLHIXQG DQVWHOOHHLQHV+DNHQVHLQH6FKOLQJHKDWWHLQGLHPDQGDV 2SIHUKLQHLQKlQJHQNRQQWH
9RUGHP)ODVFKHQ]XJEOLHE'U7RGVWHKHQXQGVFKDXWH KRFK6HLQH/LSSHQEHZHJWHQVLFKGDEHL(UVSUDFKPLWVLFK VHOEVWGRFKNHLQ:RUWGUDQJDXVVHLQHP0XQG ª(LQKHUUOLFKHV,QVWUXPHQW©K|UWHHUVWDWWGHVVHQ/DG\; VSUHFKHQª,FKZUGHHVHLQVHW]HQVRQVWURVWHWHV© (UGUHKWHGHQ.RSIª-DGXKDVWUHFKW:LUZHUGHQGDIU VRUJHQGDHVQLFKWHLQURVWHW6ROOLFKGLUKHOIHQ"© 'LH9DPSLULQODFKWHª6RHWZDVZLHGLHVFKDIIHLFKDOOHLQ *DQ]DOOHLQ©HUNOlUWHVLHEFNWHVLFKXQGKRE.DUDYRQGHU /LHJH%HLQDKHOlVVLJZDUIVLHGLH6FK|QHDXVGHP7RWHQUHLFK EHUGLH6FKXOWHUVFKULWWXPGDV%HFNHQKHUXPXQGEOLHE QHEHQ'U7RGVWHKHQ ª:LHJXWGDLFKHLQHQ0RWRUKDEHHLQEDXHQODVVHQ©VDJWH HUXQGEHWlWLJWHHLQHQ.QRSI (LQH:LQGHVHW]WHVLFKLQ%HZHJXQJ6LHVRUJWHGDIUGD GLH6FKOLQJHQDFKXQWHQJHODVVHQZXUGHXQGVLFKGHU :DVVHUREHUIOlFKHQlKHUWH$OVVLHGLHULFKWLJH+|KHKDWWH VWRSSWH6ROR0RUDVVRGHQWHXIOLVFKHQ$SSDUDW 6HLQ*HVLFKW]HLJWHHLQ/lFKHOQDOVHUDXIGLHVFKZDU] KDDULJH)UDXVFKDXWH(VZDUHLQNDOWHVE|VHV/lFKHOQXQG VHLQ*HVLFKWYHU]RJVLFKNDXPGDEHL'LH$XJHQEOLHEHQNDOW ZLHGLHGHULP%HFNHQVFKZLPPHQGHQ)LVFKH (UWUXJZLHLPPHUVHLQHQGXQNHOJUDXHQKRFKJHVFKORVVHQHQ $Q]XJGHULKQHLQZHQLJDQHLQHQ6ROGDWHQHULQQHUWH'DV +DDUZDUNXU]JHVFKRUHQHLQH%UVWHGHU.RSIZLUNWHHFNLJ GLH+DXWKDWWHGLH)DUEHYRQ%HWRQ6ROR0RUDVVRGDV %HWRQJHVLFKW 6RKDWWHPDQLKQHLQPDOJHQDQQWGDPDOVLQ6L]LOLHQDOVHU QRFK0DILDIUVWJHZHVHQZDU$XFKKHXWHKLHOWHUGLH 9HUELQGXQJHQ]XGHQ0DILRVLDXIUHFKW+HXWHDOV0HQVFK 'lPRQYHUEUHLWHWHVHLQ1DPHQRFKLPPHU$QJVWXQG 6FKUHFNHQ 'U7RGVWUHFNWHGHQ$UPDXVXQGJULIIQDFKGHU 6FKOLQJH(U]RJVLHVRQDKHDQGHQ%HFNHQUDQGKHUDQGD HVNHLQH6FKZLHULJNHLWHQJHEHQZUGHGLH%HZXWORVH KLQHLQ]XKlQJHQ
ª)DPLWDQ©EHIDKOHU /DG\;YHU]RJGLH/LSSHQª:WHQLFKWZDVLFKOLHEHU WlWH©VDJWHVLHXQGEFNWHVLFK *HPHLQVDPKLHYWHQ'U7RGXQG/DG\;GLHEHZXWORVH .DUDLQGLH+|KHª$POLHEVWHQZUGHLFKVLHMHW]WVFKRQLQ GDV%HFNHQVWRHQ©VDJWHGLH9DPSLULQ ª'DVJODXEHLFKGLU$EHUPDQJLEWVRHLQHQZHUWYROOHQ 7UXPSIQLFKW]XOHLFKWDXVGHU+DQG© ª0DOVHKHQREHUVWLFKW© (VZDUIUGLHEHLGHQ]LHPOLFKPKHYROOGLH6FK|QHDXV GHP7RWHQUHLFKLQGLH6FKOLQJH]XKlQJHQ0DQPXWHVLH XQWHUGLH$FKVHOQKHUIKUHQGDQQVDVLHIHVW'LH%HLQHEDX PHOWHQQDFKXQWHQ6HKUVWDUNGXUIWHGDV:DVVHULP%HFNHQ QLFKWEHZHJWZHUGHQGDQQVFKlXPWHHVEHUGLH)HGHULQ GHU6FKOLQJHKlQJHQGHQ.DUD ª-DVRLVWHVJXW©OREWHXQGEHJXWDFKWHWH'U7RGVHLQ:HUN ª:DVPHLQVWGX/DG\;"© 'LH8QWRWHZDUHEHQIDOOV]XIULHGHQª$EHUZDVLVWZHQQ 0\[LQKLHUHLQWULIIW"© ª'DKDEHLFKQRFKGHQ1HEHO© ª:LHVR© ª,FKZHUGHPLW+LOIHGHV7RGHVQHEHOVHLQHQ5LQJXPGLH )HVWXQJ]LHKHQ'DNRPPWGHU0DJLHUQLFKWGXUFK(VJLEW IULKQGDQDFKQXUHLQH0|JOLFKNHLW(UDOV7HOHSRUWHUPX LQGDV=HQWUXPGLHVHU$QODJHVSULQJHQXQGGDVLVWHEHQ KLHU© /DG\;GDFKWHHLQHQ0RPHQWEHUGLH:RUWHQDFKª1LFKW VFKOHFKWZLUNOLFKQLFKWVFKOHFKW© ª6DJLFKGRFK© ª$EHUGHU7RGHVQHEHOGUDXHQNDQQDXFKGLH=RPELHVRGHU URWHQ9DPSLUHYHUQLFKWHQ© ª1DXQG"© ª'DVZLUG;RUURQXQG9DPSLURGHOPDUEHUKDXSWQLFKW JHIDOOHQVROOWHHVHLQWUHWHQ© ª6LHN|QQHQVLFKYRUKHU]XUFN]LHKHQGD]XJHEHLFKLKQHQ GLH*HOHJHQKHLW©
ª:LHGXPHLQVW©'LH6FRWWGUHKWHVLFKXPXQGZDUI QRFKHLQHQ%OLFNDXIGLHLQGHU6FKOLQJHKlQJHQGH.DUD (VZDUGHU0RPHQWDOVGLH6FK|QHDXVGHP7RWHQUHLFKGLH $XJHQDXIVFKOXJ 'DZDUPHLQ.UHX] ,FKKDWWHGLH)DXVWYRUJHVWUHFNWZROOWHPLFKQLFKWPHKUDXI ODQJHV5HGHQHLQODVVHQVRQGHUQKDQGHOQ 'LHVHV:HVHQPXWHYHUQLFKWHWZHUGHQEHYRUHVULFKWLJ ]XVFKODJHQNRQQWH 8QGZLHPHLQ.UHX]UHDJLHUHQNRQQWHGDVKDWWHLFKEHL -HUU\6KD\QHHUOHEW :DU$ODVVLDYRUKLQQRFKVRVLHJHVVLFKHUJHZHVHQVRVDKVLH VLFKQXQPLWHLQHU0DJLHNRQIURQWLHUWJHJHQGLHVLHNDXP HWZDVDXVULFKWHQNRQQWH =XGHPVWUDKOWHGDV.UHX]LQPHLQHU+DQGDXI $EHUDXFK$ODVVLDUHDJLHUWH,FKVFKDXWHEHUGDV.UHX] KLQZHJXQGVDKZLHVLFKLKUH$XJHQYHUlQGHUWHQ6LHIOOWHQ VLFKPLWHLQHUXQKHLPOLFKHQWLHIHQ6FKZlU]HGLHQLFKWQXU DXIGLH$XJHQEHVFKUlQNWEOLHEVRQGHUQVLFKDXVEUHLWHWHXQG DOV:RONHGLH+HUULQDXVGHU'XQNHOZHOWXPVFKZHEWH 'DVZDUDOVRGLHVHVFKZDU]H7RGHVZRONH,FKKDWWHVFKUHFN OLFKH$QJVWGDVLHGLHDQGHUHQ0HQVFKHQLQLKUHQ%DQQ ]LHKHQXQG]XVFKZDU]HP6WDXEDXIO|VHQZUGH'HVKDOE PXWHLFKHWZDVWXQEHYRUGLH:RONHVLFKQRFKZHLWHUDXV EUHLWHWH 0LWODQJHQ6lW]HQVSUDQJLFKYRUXQGVWUPWHGDEHLLQGLH :RONHKLQHLQ (VZDUIDQWDVWLVFK0HLQ.UHX]KLHEHLQHUHJHOUHFKWH 6FKQHLVH(LQKHOOHU7XQQHOHQWVWDQGLQGHU:RONH5HFKWVXQG OLQNVGDYRQZDEHUWHGLH6FKZlU]HDEHUVLHZXUGHSHUPDQHQW GXUFK]XFNHQGH/LFKWH[SORVLRQHQDXIJHULVVHQ 'DQQZDUGLH:RONHYHUVFKZXQGHQ:LHHLQ]HUSODW]HQGHU /XIWEDOORQVRZXUGHVLHLQGLHYHUVFKLHGHQVWHQ5LFKWXQJHQ IRUWJHVFKOHXGHUW)HW]HQGLHLUJHQGZDQQYHUJLQJHQ
ª'XKDVWHLQHVHKUVWDUNH:DIIH-RKQ6LQFODLU©VDJWHHLQH 6WLPPHQHEHQPLU ,FKGUHKWHPLFKXPXQGVFKDXWHLQGDVOlFKHOQGH*HVLFKW GHU'lPRQLQ$ODVVLD 9RQZHJHQYHUQLFKWHW1HLQVLHVWDQGQRFKGDXQGEOLFNWH PLFKVS|WWLVFKDQ'HU:LQGKDWWHPLWLKUHQODQJHQ+DDUHQ JHVSLHOWXQGVLHHLQZHQLJ]XU6HLWHJHZHKWVRGDLFKLKUHQ JXWJHZDFKVHQHQ.|USHUEHZXQGHUQNRQQWH ª'XKDVWGHP.UHX]ZLGHUVWDQGHQ"©IUDJWHLFKODXHUQG ª:LHGXVLHKVW© 6LHZLQNWHDEXQGWDWHVPLWHLQHUOlVVLJZLUNHQGHQ*HVWH ª,FKZDUOlQJVWDXVGHP6FKDWWHQKHUDXVGXKDVWQXUGLH :RONH]HUVW|UWLFKH[LVWLHUHZHLWHUKLQ© ª:DVZLOOVWGX"© ª'DVKDEHLFKGLUVFKRQHLQPDOJHVDJW© ª6LFKHUKDVWGXGDVDEHULFKELQQLFKWJHZLOOWGLFKDXIGHU (UGHDP/HEHQ]XODVVHQ'XVROOWYHUQLFKWHWZHUGHQ$ODVVLD 'XJHK|UVWQLFKWKLHUKHU=XUFNLQGHLQ5HLFK© :lKUHQGLFKGDVOHW]WH:RUWULHIZDUILFKPLFKYRU,FK ZROOWHVRVFKQHOOVHLQGDVLHQLFKWPHKUGD]XNDPHLQH *HJHQPDJLHDXI]XEDXHQ'RFKGDZDUHWZDVGDVPLFKKLQ GHUWHPHLQ9RUKDEHQLQGLH7DWXP]XVHW]HQ 1LFKW$ODVVLDGLH5lFKHULQDXVGHU'XQNHOZHOWVRQGHUQ HLQGULWWHUJULIILQGHQ.DPSIHLQ0HLQUHFKWHV+DQGJHOHQN ZXUGHJHSDFNWXQGMHPDQGGUHKWHPLUGHQ$UPQDFKKLQWHQ ª1LFKW-RKQ©VFKULHMHPDQG ,FKEOLHEWDWVlFKOLFKLQGHU+DOWXQJGHQQLFKKDWWHGLH 6WLPPHHUNDQQW 0\[LQVWDQGQHEHQPLU 'HUNOHLQH0DJLHUKDWWHIU$ODVVLDNHLQHQ%OLFNHUVFKDXWH QXUPLFKDQXQGLFKODVVRHWZDVZLH)XUFKWLQVHLQHQ$XJHQ ª:DVLVWGHQQJHVFKHKHQ"© ª.DUD© ª:LH"© ª-RKQEHJUHLIH(VJHKWXP.DUD6LHEHILQGHWVLFKLQGHU *HZDOWYRQ6ROR0RUDVVR©
ª$XFKGDVQRFK©IOVWHUWHLFK-HW]WYHUVWDQGLFKHUVW HLQPDOZDV0\[LQPLUGDPLWJHWHLOWKDWWH'U7RGZDUHV JHOXQJHQ.DUD ª$EHUZLH"© ª'DIULVWNHLQH=HLWPHKUGLUGDV]XHUNOlUHQ©(UGUHKWH VLFKXPª,FK©$XIHLQPDOVDKHUGLH:RONHXQGGDULQGLH *HVWDOWGHU$ODVVLDª6LHLVWDQDOOHPVFKXOG©ULHIGHUNOHLQH 0DJLHUª1XUVLH,KUHYHUGDPPWH'XQNHOZHOWXQGGHU7UDQN GHV9HUJHVVHQVLVWDXFKEHLLKU+DVWGXLKQ"© $ODVVLDODFKWHODXWDXIª'XXQG.DUD©VFKULHVLHª:DV KDVWGXPLWGHU6FK|QHQDXVGHP7RWHQUHLFK]XWXQ",FK ZHLGDVLHGHQ7UDQNVXFKW8QGLQPHLQHU:HOW"©6LH YHUVWXPPWH ,FKVFKWWHOWHGHQ.RSI(KUOLFKJHVDJWLP0RPHQWZXWH LFKPLUNHLQHQ5DW(VZDUHLQY|OOLJHV'XUFKHLQDQGHU,FK YHUVWDQGGLH9RUJlQJHQLFKWPHKUULFKWLJXQGZXQGHUWHPLFK DXFKEHUGHQNOHLQHQ0DJLHUGHUIDVWGXUFKGUHKWH ª:RLVWGHU7UDQN"©VFKULHHU$ODVVLDDQ$XVVHLQHQJHV SUHL]WHQ)LQJHUQVFKOXJHQJUQH%OLW]HXQGVLHWUDIHQPLW YHKHPHQWHU:XFKWGHQ.|USHUGHU'lPRQLQ ,FKVDKVLHHLQVFKODJHQ(VZDUVFKOLPP)UHLQHQ0RPHQW KDWWHLFKGDV*HIKODOVZUGHQGLH%OLW]H$ODVVLD]HUUHLHQ 6LH]HUVFKQLWWHQGHQ.|USHULQPHKUHUH7HLOH:LHGLHHLQHV 3X]]OHVVFKZHEWHQVLHXQDEKlQJLJYRQHLQDQGHULQGHU/XIW ZREHLGLHXUVSUQJOLFKH)RUPQRFKEHLEHKDOWHQZXUGH ª:RLVWGHU7UDQN"© 0\[LQEHJLQJHLQHQ)HKOHU(UVFKORGLH+lQGHZLHGHU $XJHQEOLFNOLFKZXFKV$ODVVLD]XVDPPHQ8QGEHYRULFKHLQ JUHLIHQNRQQWHO|VWHVLFK$ODVVLDIUHLZLOOLJDXI $EHUPDOVHQWVWDQGGLHDEVROXWH6FKZlU]HGLHVRVWDUNZDU ZLHLFKVLHQRFKQLH]XYRUJHVHKHQKDWWH(LQHZDOOHQGH :DQGGLHLQGHU/XIWVFKZHEWHXQGLPQlFKVWHQ$XJHQEOLFN YHUVFKZXQGHQZDU ª:LUVHKHQXQVZLHGHU© $XVZHLWHU)HUQHNODQJGLH6WLPPHDQXQVHUH2KUHQGDQQ ZDU$ODVVLDYHUVFKZXQGHQXQGKDWWHJOHLFK]HLWLJLKUH
0DJLHDXIJHKREHQ'LH0HQVFKHQVWDQGHQQLFKWPHKUXQWHU LKUHP%DQQ'LH/lKPXQJO|VWHVLFK0DQNRQQWHVLFKZLHGHU QRUPDOEHZHJHQ 6WLPPHQJHZLUUNHVVHOWHXQVHLQ$XIGHU6WUDHZDUHV]X HLQHPPLWWOHUHQ&KDRVJHNRPPHQ,QGHU)HUQHK|UWHLFKGDV +HXOHQYRQ3ROL]HLVLUHQHQDXFKGLH6RQQHNDPZLHGHU GXUFKLFKVSUWHLKUH+LW]HXQGIUDJWH0\[LQ ª:DVLVWMHW]W"© ª:LUPVVHQ]X0RUDVVR©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lWWHVLHHLQHQ.RQWDNWPLWGHU(UGH VSUHQPVVHQ .DUDVHQNWHGHQ%OLFN 8QWHULKUVFKLPPHUWHHV'DZDUHLQHKHOOHUH)OlFKHGLH VLFKEHZHJWHXQGDXFK:HOOHQSURGX]LHUWH :DVVHU 0HLQH*WHVLHEHIDQGVLFKEHUHLQHP:DVVHUXQGQDKP HUVWMHW]WGHQ'UXFNXQWHULKUHQ$FKVHOQZDKU 0DQKDWWHVLHDXIJHKlQJW *ODVNODUZXWH.DUDZDVPLWLKUJHVFKHKHQZDU8QGMHW]W ILHOHQLKUDXFKGLH(UHLJQLVVHGHU9HUJDQJHQKHLWHLQ6LH GDFKWHDQ$ODVVLDDQ'U7RGGHQ.DPSIDXIGHU,QVHOXQG
GDUDQGDPDQVLHEHUZlOWLJWKDWWH,KUOHW]WHU(LQGUXFN ZDUHLQH)UDXJHZHVHQGLHDXIVLH]XVWUPWHXQGPLWLUJHQG HLQHP*HJHQVWDQG]XJHVFKODJHQKDWWH 'DQDFKZDUGDV$XVJHNRPPHQ ª6LHLVWZLHGHUGDXQVHUNOHLQHU*DVW©YHUQDKP.DUDHLQH VS|WWLVFKH6WLPPH9RQOLQNVZDUVLHDXIJHNOXQJHQ8QWHU JURHQ0KHQGUHKWHGLH6FK|QHDXVGHP7RWHQUHLFKGHQ .RSI 6LHVDK/DG\;'LH9DPSLULQ]HLJWHLKUHEHLGHQVSLW]HQ =lKQHXQGKDWWHDP%HFNHQUDQG$XIVWHOOXQJJHQRPPHQ :LHGHUHLQPDOKLHOWVLHLKUH0DVFKLQHQSLVWROHLQGHU+DQG GLH0QGXQJZLHVDXIGLHEHUGHP:DVVHUKlQJHQGH.DUD DOVKlWWHGLH6FRWW$QJVWGDGLH6FK|QHDXVGHP7RWHQUHLFK WURW]LKUHUPLHVHQ/DJHQRFKGXUFKGUHKHQXQGVLHDQJUHLIHQ N|QQWH 'LHEHLGHQ)UDXHQVWDUUWHQVLFKDQ.DUDHUNDQQWHGLHEODQ NH*LHUXQGGHQXQYHUV|KQOLFKHQ+DLQGHQ$XJHQGHUHKH PDOLJHQ7HUURULVWLQXQGVLHZXWHGDPDQVLHW|WHQZROOWH =XGHQ)HQGHU%OXWVDXJHULQODJLKU6FKZHUW'LHHLQ]LJH :DIIHGLHLKUJHKROIHQKlWWHZDUXQHUUHLFKEDU,KUH)HLQGH KDWWHQJHQDXJHZXWZLHPDQVLHZHKUORVPDFKWHXQGDOV .DUDLKUHQ%OLFNDEHUPDOVVHQNWHGDJODXEWHVLHGLFKWXQWHU GHU:DVVHUIOlFKH%HZHJXQJHQ]XVHKHQ(VZDUHQVFKQHOOH KXVFKHQGH%HZHJXQJHQTXLUOLJPLWGHQ$XJHQNDXP]X YHUIROJHQ ª)UHXVWGXGLFKVFKRQDXIGLH)LVFKOHLQ"©HUNXQGLJWHVLFK GLH9DPSLULQK|KQLVFK ª:HOFKH)LVFKOHLQ"© ª$FKVR9LHOOHLFKWNHQQVWGXVLHQLFKW(VVLQG3LUDQKDV 0DQFKHVDJHQGDVLHVFKUHFNOLFKHUDOV+DLHZlUHQXQGGHU 0HLQXQJVFKOLHHLFKPLFKDQ:LOOVWGXPDOVHKHQ"© /DG\;ODFKWHZlKUHQGVLHVLFKEFNWH'LH03LKDWWHVLHLQ GLHOLQNH+DQGJHZHFKVHOW 6LHJLQJLQGHUJHGXFNWHQ+DOWXQJHLQLJH6FKULWWHZHLWHU XQGKROWHDXVHLQHP(LPHUHLQHQIULVFKHQQRFKEOXWLJHQ )OHLVFKEURFNHQ)UHLQHQ0RPHQWEHKLHOWVLHLKQLQGHU
+DQGGUHKWHLKQVRGD.DUDLKQJHQDXVHKHQNRQQWHEHYRU GLH6FRWWLKQLQGDV%HFNHQVFKOHXGHUWH ,P1XZDUGHU7HXIHOORV'DV:DVVHUEHJDQQ]XNRFKHQ(V JLVFKWHWHXQGEURGHOWHDXI3O|W]OLFKVSULW]WHQ)RQWlQHQLQGLH +|KH'HU)OHLVFKNOXPSHQVFKLHQVLFK]XEHZHJHQ 8Q]lKOLJHNOHLQHVLOEULJJOlQ]HQGH/HLEHUKDWWHQVLFKDQLKP IHVWJHKDNWXQGVlJWHQPLWLKUHQPHVVHUVFKDUIHQ=lKQHQGDV )OHLVFKYRQGHQ.QRFKHQ 0DQFKH)LVFKHVSUDQJHQDXFKDXVGHP:DVVHU(LQLJH VRJDUVHKUGLFKWYRU.DUDGLHZXWHZDVPLWLKUJHVFKHKHQ ZUGHZHQQVLHPLWGHQ7LHUHQLQ%HUKUXQJNDP 6RVFKQHOOHVJLQJKRE.DUDGLH)HDQ'DVZDUDXFK Q|WLJGHQQGUHL)LVFKHVFKOHXGHUWHQLKUH.|USHUDXVGHQ )OXWHQXQGVFKQDSSWHQEHUHLWVQDFKLKUHQ=HKHQ .DUDV*HVLFKWYHU]HUUWHVLFK6RZLHVLHGDKLQJZDUHVIDVW XQP|JOLFKGLH6WHOOXQJ]XKDOWHQ,KU*HZLFKWGUFNWHVLH PXWHHLQIDFKGLH%HLQHDXVVWUHFNHQXQGNRQQWHHVDXFKULV NLHUHQGDGLH)LVFKHVLFKMHW]WPHKUXPGDV)OHLVFKNPPHU WHQXQGHVQXUQRFK6HNXQGHQGDXHUWHELVVLHHVUHVWORVDXI JHIUHVVHQKDWWHQ)UHLQHQ0RPHQWVFKZDPPHQQRFK]ZHL .QRFKHQDXIGHU2EHUIOlFKHGDQQVDQNHQVLHODQJVDPLQ GLH7LHIH ª1XQ©K|KQWH/DG\;ªZLHKDWGLUGLHNOHLQH'HPRQVWUD WLRQJHIDOOHQ"© .DUDZDUOHLFKHQEODJHZRUGHQ6FKZHLVWDQGDXILKUHU 6WLUQ6LHVFKZLHJHLQH$QWZRUWJHEHQNDQQWHVLHQLFKWGD]X VDGHU6FKRFN]XWLHI ª'LHVH3LUDQKDVIUHXHQVLFKEHVRQGHUVDXI0HQVFKHQ© HUNOlUWHGLH6FRWWNDOWª6LHVLQGJHZLVVHUPDHQHLQ)HVWHVVHQ IUVLH8QGQXQUDWHPDOZHOFKHQ7RGZLUIUGLFKYRUDXV JHVHKHQKDEHQNOHLQH.DUD"© ª'XELVWHLQH%HVWLH© ª-DGDVELQLFKLQGHU7DW©/DG\;ODFKWHª6FKDGHLFKKlWWH GLUHLQHQDQGHUHQ7RGJHZQVFKW(LQHQVHUHQHLQHQYLHO VFK|QHUHQDEHUOHLGHUZDUGDVQLFKW]XPDFKHQ,FKKlWWH GLFKJHUQDOV9DPSLUJHVHKHQJODXEPLU©
ª'DUDXINDQQLFKYHU]LFKWHQ© ª'XZLUVWLQGHQ6HNXQGHQGHLQHU7RGHVTXDOHQDQGHUVGDU EHUGHQNHQ©JDE/DG\;NDOW]XUFN 'DVFKDXGHUWH.DUDXQGVFKZLHJ6LHZROOWHVLFKQLFKWQRFK PHKUDXISXWVFKHQODVVHQHVZDUVFKOLPPJHQXJZDVPDQ PLWLKUDQVWHOOWHHVVROOWHQLFKWZHLWHUGXUFK:RUWHXQWHUPDOW ZHUGHQ %LVKHUKDWWHGLH6FRWWQXUYRQLKUJHVSURFKHQXQGQLFKWYRQ 0\[LQ%HIDQGHUVLFKQRFKDXIGHU,QVHO":DUHUJHIDQJHQ JHQRPPHQZRUGHQRGHUZDULKPGLH)OXFKWJHOXQJHQ" :HQQMDVDK.DUDQRFKHLQHQURVLJHQ6WUHLIHQDP+RUL]RQW 'DQQZDUHVGXUFKDXVP|JOLFKGDHUVLFKLQLKUHU1lKH EHIDQGXQGYHUVXFKHQZUGHVLH]XEHIUHLHQ $EHUVLHGDFKWHDXFKDQGHQJHIlKUOLFKHQ7RGHVQHEHO6R ZLHVLHUHFKQHWHQLKUH*HJQHUVLFKHUOLFKDXFK'HU1HEHOZDU GLHJURH:DIIHHLQHV6ROR0RUDVVRXQG.DUDJODXEWHGD VLFK'U7RGHEHQIDOOVLQGHU1lKHDXIKLHOW 6LHK|UWH6FKULWWHXQGLKUH*HGDQNHQJlQJHZXUGHQXQWHU EURFKHQ/DQJVDPGUHKWHVLHGHQ.RSIQDFKOLQNVGHQQDXV GLHVHU5LFKWXQJZDUGDV*HUlXVFKGHU6FKULWWHDXIJHNOXQJHQ (LQ0DQQHUVFKLHQ 'U7RG (UKLHOWGHQ:UIHOGHV8QKHLOV]ZLVFKHQVHLQHQ+lQGHQ .DUDDKQWHGDVLHPLWLKUHU9HUPXWXQJUHFKWEHKDOWHQKDWWH 'HU7RGHVQHEHOZDUYRQLKPHLQJHVHW]WZRUGHQ6LHEHNDP DXFKJOHLFKGDUDXIGLH%HVWlWLJXQJ 2KQH.DUD]XEHDFKWHQVDJWH'U7RG]X/DG\;JHZDQGW ª8PGLH)HVWXQJOLHJWHLQ5LQJ:HULKQGXUFKEUHFKHQZLOO ZLUGDXIJHO|VW© ª*XW©OREWHGLH9DPSLULQLKUHQ&KHIª6HKUJXW© (UVWMHW]WGUHKWHVLFK6ROR0RUDVVRXQGVFKDXWHGLHLQGHU 6FKOLQJHKlQJHQGH.DUDDQª1DZLHJHKWHVGHQQXQVHUHP *DVW"©K|KQWHHU 'LH6FK|QHDXVGHP7RWHQUHLFKJDENHLQH$QWZRUW 'U7RGOlFKHOWHNDOWª,FKNDQQPLUYRUVWHOOHQGDGLH/DJH QLFKWEHTXHPLVWDEHUGLH8PVWlQGH]ZDQJHQPLFK]XGLHVHU
/|VXQJ=XGHPZDUWHQZLUQRFKDXIGHLQHQ%HJOHLWHU(ULVW XQVWDWVlFKOLFKHQWNRPPHQ© ,Q.DUDV$XJHQEOLW]WHIUHLQHQ0RPHQWVRHWZDVZLH +RIIQXQJDXI0RUDVVRVIROJHQGH:RUWHDOOHUGLQJV]HUVW|UWHQ VLHVRIRUWZLHGHU ª6ROOWHHUZLUNOLFKNRPPHQNDQQHUGUDXHQQLFKWEOHLEHQ 'DHUGLH*DEHGHU7HOHSRUWDWLRQEHVLW]WPXHUVLFKLQGLH )HVWXQJKLQHLQWHOHSRUWLHUHQXQGKLHUHUZDUWHQZLULKQ© 6RHWZDVKDWWHVLFK.DUDVFKRQJHGDFKW8QGVLHNRQQWHVLFK JXWYRUVWHOOHQPLWZHOFKHLQHU$NULELHGLH)DOOHDXIJHEDXW ZRUGHQZDU:DKUVFKHLQOLFKKDWWH0\[LQEHUKDXSWNHLQH &KDQFH 'U7RGZDUQRFKQLFKWDP(QGHª:HQQ0\[LQKLHU HUVFKHLQWZLUGHUGLFKVHKHQXQGYHUVXFKHQGLU]XKHOIHQ :DVGDQQJHVFKLHKWNDQQVWGXGLUYRUVWHOOHQ'LH)LVFKH IUHXHQVLFKVFKRQ© 0RUDVVREHJDQQ]XODFKHQXQG/DG\;VWLPPWHLQGDV *HOlFKWHUPLWHLQ)UGLHEHLGHQZDUDOOHVNODU6FKLHIJHKHQ NRQQWHQDFKLKUHQ%HUHFKQXQJHQEHUKDXSWQLFKWVPHKU $XFK6XNRGHUHVDQXQGIUVLFKJHZRKQWZDUVFKQHOO]X UHDJLHUHQKDWWHVHLQH0KHVLFK]XUHFKW]XILQGHQ(UZXWH QLFKWPHKUZLHLKPJHVFKDKDOVHUZLHQDFKHLQHPODQJHQ 6FKODIXQGHLQHPVFKZHUHQ7UDXPDXIZDFKWH 'LH8PJHEXQJZDUIUHPGGLH6WLPPHQNODQJHQVRDQGHUV (UK|UWH6FKUHLH6LUHQHQVFKWWHOWHGHQ.RSIXQGPHUNWH ZLHGHUVHOWVDPH'UXFNLQVHLQHP6FKlGHOVLFKDOOPlKOLFK YHUIOFKWLJWH 'DQQVFKDXWHHUDXI 6XNRKDWWH*OFN(UEOLFNWHLQGLH5LFKWXQJZRGHU *HLVWHUMlJHUXQG0\[LQVWDQGHQ$EHUZRNDPGHU0DJLHUVR SO|W]OLFKKHU"%HYRU6XNRHLQH$QWZRUWILQGHQNRQQWHYHU VFKZDQGHQ-RKQ6LQFODLUXQG0\[LQ =HLWVSUXQJ 6XNRNQLUVFKWHPLWGHQ=lKQHQ(UVHOEVWEHKHUUVFKWHGLH
*DEHGHU7HOHSRUWDWLRQQLFKW0\[LQZDULKPGDZHLWYRUDXV XQGHUPXWHVROHLGHVLKPDXFKWDWEOHLEHQ (LQODQJHUVLFKGUHKHQGHUURWHU6WUHLIHQZLVFKWHGXUFKGLH /XIW$XVJHO|VWGXUFKHLQHURWLHUHQGH6LUHQHDXIHLQHP 3ROL]HLIDKU]HXJ'HUHUVWH:DJHQERJLQGLH6WUDHXQG PXWHVWRSSHQZHLOHUQLFKWZHLWHUNRQQWH6HNXQGHQVSlWHU WUDIHQGLHQlFKVWHQEHLGHQ6WUHLIHQZDJHQHLQXQGPLWLKQHQ ]XVDPPHQHLQ)DKU]HXJGHU$PEXODQ] 'LH3ROL]LVWHQVSHUUWHQVRIRUWGLH6WUDH6LHVDKHQVLFK 0HQVFKHQJHJHQEHUGLHNDXP%HVFKHLGZXWHQ(VKDWWH PHKUHUH8QIlOOHJHJHEHQEHUGLH8UVDFKHDOOHUGLQJV NRQQWHQLHPDQGHWZDV*HQDXHVVDJHQ 0lQQHULQZHLHQ.LWWHOQKDVWHWHQ]XGHQ9HUOHW]WHQ(LQH 7UDJHZXUGHKHUEHLJHVFKDIIW 6XNRGHUPLWGHQXQLIRUPLHUWHQ.ROOHJHQUHGHQZROOWH KDWWH0KHVLFKGXUFKGLHDXIJHUHJWHQ0HQVFKHQ]XVFKLH EHQ-HGHUZROOWHHWZDVVDJHQPDQUHGHWHDXIGLH3ROL]LVWHQ HLQXQGGHU&KLQHVHVFKQDSSWHVLFKNXU]HUKDQGGHQ (LQVDW]OHLWHUDP$UPXQG]RJLKQ]XU6HLWH 'HU0DQQZROOWHSURWHVWLHUHQVDK]XYRUDOOHUGLQJVDXI 6XNRV$XVZHLVXQGYHUVWXPPWH 'HU,QVSHNWRUOlFKHOWHDOVHUGHQIUDJHQGHQ%OLFNGHV 0DQQHVDXIVLFKJHULFKWHWVDK ª,FKELQQXU=HXJH©VDJWHHUªXQGNDQQ,KQHQDXFKQLFKW ZHLWHUKHOIHQ(VZLUGNHLQHQ6LQQKDEHQZHQQ6LHODQJH QDFKGHU8UVDFKHGHV8QIDOOVIRUVFKHQ© ª:LHVR",FK© ª(VZDUHLQ%ODFNRXW©YHUVXFKWH6XNR]XHUNOlUHQ ª9LHOOHLFKWHLQH)ROJHGHU+LW]HZDVZHLLFK6LHN|QQHQ DXFK0DVVHQSV\FKRVHGD]XVDJHQ© 'HU%HDPWHNUDW]WHVHLQ.LQQª0DQQ,QVSHNWRUPDFKHQ 6LHPLFKQLFKWZDKQVLQQLJ© ª(VLVWDEHUVR© ª8QGGLH9HUOHW]WHQ"© ª6LQGHLQH)ROJHGLHVHU3V\FKRVH© 'HU%HDPWH]RJVHLQHQ0XQGVFKLHI6RUHFKWZROOWHHUGDV
QLFKWJODXEHQZDVLKP6XNRPLWWHLOWHª$OVRLFKZHLQLFKW ,FKKDEHVFKRQYLHOHVHUOHEWDEHU© ª1HKPHQVLHHVVRKLQXQGVRUJHQ6LHQXUGDIUGDGHU WHFKQLVFKH$EODXIGHU'LQJHJHZlKUOHLVWHWLVW2ND\"© ª1DWUOLFK6LU© ª.DQQLFKYRQ,KUHP:DJHQWHOHIRQLHUHQ"© ª6LFKHU© 6XNRV6FKULWWHZLUNWHQPGHDOVHU]XP6WUHLIHQZDJHQ JLQJ,QVHLQHP0DJHQVDHLQ.OR (UZROOWHPLWVHLQHP&KHI6LU-DPHV3RZHOOVSUHFKHQXQG LKPHLQLJHVHUNOlUHQ hEHU-RKQ6LQFODLUNRQQWHHULKPQLFKWVVDJHQ8QGGDV EHUHLWHWH6XNRVFKZHUH6RUJHQ 'HU7HOHSRUWHU6SUXQJO|VFKWHEHLPLUVlPWOLFKH*HGDQNHQ XQG*HIKOHDXV0DQEHUZLQGHW5lXPHXQGDXFK=HLWHQ EHILQGHWVLFKLQHLQHP1LFKWVHLQHP9DNXXPXQGNDQQHUVW ZLHGHUYROOGHQNHQZHQQGDV=LHOHUUHLFKWLVW ,QXQVHUHP)DOOGLH,QVHODQGHU6GVSLW]H)HXHUODQGV 'U7RGV+DXSWTXDUWLHU 3O|W]OLFKZDUHQZLUGD'LH/HHUHXQGGLH'XQNHOKHLWYHU VFKZDQGHQ,FKNDPPLUYRUDOVKlWWHMHPDQGHLQHQ9RUKDQJ ]XU6HLWHJH]RJHQZREHLPDQPLUQXQHLQHIUHLH6LFKWJH VWDWWHWH ,FKVDKGDV0HHU *UDXJUQH:HOOHQGLHJHJHQHLQHQOHHUHQ6WUDQGDQUDQQ WHQ(LQNDOWHUVFKDUIHU:LQGGXUFKVFKQLWWPHLQHGQQH .OHLGXQJ6FKOLHOLFKZDULFKDXVGHP6RPPHULQGHQ:LQWHU JHNRPPHQ'LFNH6FKQHHZRONHQZLUEHOWHQDP+LPPHO ,FKIURUXQG]RJGLH6FKXOWHUQKRFK 0\[LQVDJWH ª:LUVLQGGD-RKQ© ª-DGDVVHKHLFK©(LQPDOGUHKWHLFKPLFKLP.UHLVXQG PXWHJHJHQGHQSO|W]OLFKHQ6FKZLQGHODQJHKHQ:DVLFK VHKHQZROOWHGDVKDWWHLFKJHVHKHQXQGHVVWLPPWHPLFK QLFKWHEHQIU|KOLFK
'DV+DXSWTXDUWLHUGHV'U7RGXQGVHLQHUUHVWOLFKHQ 0RUGOLJDODJXQWHUHLQHP1HEHO (VZDUGHU7RGHVQHEHO 0HLQ0DJHQ]RJVLFK]XVDPPHQDOVLFKLQGLHVHJUDXHQ :RONHQVWDUUWH,KUH*HIlKUOLFKNHLWKDWWHLFKEHUHLWVGHV|IWH UHQHUOHEW:HUPLWGLHVHP1HEHOLQ%HUKUXQJNDPGHP HUJLQJHVVFKOHFKW(UZXUGHDXIJUDXVDPH$UWXQG:HLVH JHW|WHWGHQQGHU1HEHOEUDFKWHHVIHUWLJLKPGDV)OHLVFKYRQ GHQ.QRFKHQ]XO|VHQVRGDGHU%HGDXHUQVZHUWHDOV6NHOHWW VHLQHQ7RGIDQG ,FKVWDUUWHLKQDQ 8QKHLPOLFKVDKHQGLHJUDXHQ6FKZDGHQDXVGXUFKGLHKLQ XQGZLHGHUODQJHJUQH6FKOLHUHQOLHIHQ,FKVSUWHGLH1lKH PHLQHU7RGIHLQGHXQGPHLQ0DJHQKDWWHVLFK]XVDPPHQ JH]RJHQ $EHUQLHPDQGOLHVLFKEOLFNHQ :HGHU'U7RG;RUURQ9DPSLURGHOPDUQRFK/DG\; 0\[LQKDWWHPHLQH*HGDQNHQHUUDWHQª6LHZHUGHQVLFKLQ GHU)HVWXQJEHILQGHQ©VDJWHHU ª0LW.DUD"© ª,FKKRIIHHV© 0\[LQZDUGHSULPLHUW)UKHUDOV$VPRGLQDQRFK-DJGDXI LKQPDFKWHKDWWHLFKLKQLQGLHVHP=XVWDQGHUOHEW1DFK LKUHP7RGZDUHVGDVHUVWH0DOGDHUVRUHDJLHUWH,FK ZROOWHLUJHQGHWZDVWXQXQGOHJWHLKPHLQH+DQGDXIGLH 6FKXOWHUª.HLQH6RUJHZLUVFKDIIHQHVVFKRQDXFKLQGHU +|KOHGHV/|ZHQ© ª+RIIHQWOLFK© ,FKNDQQWHGLH,QVHOXQGZXWHDXFKGDVLFKDXHUGHQ 0LWJOLHGHUQGHU0RUGOLJDQRFKDQGHUH:HVHQGRUWDXIKLHOWHQ =RPELHVGLH]X;RUURQJHK|UWHQDXIVHLQHU6HLWHVWDQGHQ XQGQXUVHLQHQ%HIHKOHQJHKRUFKWHQ$EHUVHOEVWYRQGLHVHQ :HVHQVDKLFKQLFKWV hEHUGHU,QVHOODJHLQXQVLFKWEDUHUJHIlKUOLFKHU5LQJGHU 5XKH(LQHUHJHOUHFKWH6FKZHLJH]RQHHLQODXHUQGHV$E ZDUWHQGDVZLULUJHQGZDQQGXUFKEUHFKHQPXWHQ
7UlJHZDOOWHGHU1HEHO:HOOHQVFKOXJHQKDUWJHJHQGHQ )HOVHQVWUDQGLQGHU)HUQHYHUVFKZDPPHQ0HHUXQG +RUL]RQW]XHLQHPGXQVWLJHQ*UDX ª.RPP©VDJWHLFKOHLVH ª:LUN|QQHQGHQ5LQJQLFKWGXUFKEUHFKHQ©VDJWH0\[LQ OHLVHª'XYLHOOHLFKWZHLOGXGDV.UHX]KDVWDEHULFK QLFKW© ª:LUZHUGHQXQVLQGLH)HVWXQJWHOHSRUWLHUHQ© 0\[LQVFKDXWHPLFKQXUDQ'DQQVFKOXFNWHHUª-DHVLVW GLHHLQ]LJH&KDQFH© $OVHUQDFKPHLQHU+DQGJULIIPHUNWHLFKZLHVHKUVHLQH )LQJHU]LWWHUWHQ0\[LQPXWH6FKOLPPHVGXUFKPDFKHQGLH 6RUJHXP.DUDOLHLKQ]XHLQHPDQGHUHQZHUGHQ )DVWXQYRUVWHOOEDUZHQQLFKGDUDQGDFKWHGDGLHEHLGHQ YRUODQJHU=HLWHLQPDO7RGIHLQGHJHZHVHQZDUHQ $EHUGDVKDWWHVLFKLQ$WODQWLVDEJHVSLHOWYRUGHP 8QWHUJDQJGHVJHZDOWLJHQ.RQWLQHQWV 'DQQHUIROJWHGHU6SUXQJ 6FKODJDUWLJYHUVFKZDQGGLHZLOGURPDQWLVFKH8PJHEXQJ YRUPHLQHQ$XJHQXQGHLQHQ/LGVFKODJVSlWHUEHIDQGHQZLU XQVZRDQGHUV ,P,QQHUQGHU)HVWXQJ,Q'U7RGV+DXSWTXDUWLHU $OVLFKGDUDQGDFKWHOLHIHVPLUGRFKNDOWGHQ5FNHQ KLQDE$XFKLFKKDWWH*HIKOHXQGVRHLQIDFKJLQJGDVDOOHV QLFKWDQPLUYRUEHLGDZDULFKHKUOLFKJHQXJ :LUVWDQGHQLQHLQHPODQJHQ*DQJHUZDUNDKO %HWRQZlQGHYHUPLWWHOWHQHLQHQEXQNHUlKQOLFKHQ(LQGUXFN +LHUNDPQLHPDQGVROHLFKWKHUDXVZHQQ0RUDVVRHVQLFKW ZROOWH ,FKGUHKWHPLFKXPXQGVDKKLQWHUPLUGDVVWDELOH(LVHQWRU GHV(LQJDQJV:lUHGHU1HEHOQLFKWJHZHVHQKlWWHLFKYHU VXFKWHV]X|IIQHQVRDEHUPXWHQZLUXQVDXIGDV,QQHUH GHU)HVWXQJEHVFKUlQNHQ $XFK0\[LQVFKDXWHVLFKXP:LUZXWHQQLFKWZLHYLHOH 5lXPHXQG9HUOLHVHHVKLHUJDEGHPQDFKEOLHEXQVQLFKWV DQGHUHVEULJDOVXQVGXUFK]XVFKODJHQ
:HLHV/LFKWVWUDKOWHYRQGHQ/DPSHQDQGHU'HFNH(VOLH GLH:lQGHXQGGHQ%RGHQQRFKJODWWHUXQSHUV|QOLFKHUXQG DXFKNlOWHUHUVFKHLQHQ:LUVDKHQJUDXH7UHQGLHYRQGHP *DQJDE]ZHLJWHQGLHPHLVWHQZDUHQYHUVFKORVVHQXQGZLU HQWGHFNWHQSO|W]OLFKGLHVWDUUHQ*ORW]DXJHQGHU.DPHUDV :LUZXUGHQEHUZDFKW ,FKPDFKWH0\[LQGDUDXIDXIPHUNVDP'HUNOHLQH0DJLHU PLWGHUJUQOLFKVFKLPPHUQGHQ+DXWVFKWWHOWHVLFKDOV KlWWHHUHLQHQ*X:DVVHUDEEHNRPPHQ :HQQ6ROR0RUDVVRZLUNOLFKYRUHLQHP0RQLWRUVD EUDXFKWHQZLUQLFKWPHKUOHLVH]XVHLQRGHU]XYHUVXFKHQ 'HFNXQJHQDXV]XQXW]HQ$P(QGHGHV*DQJHVEHIDQGVLFK HLQH7U6RUDVFKZLHP|JOLFKOLHIHQZLUGDUDXI]XXQG KDWWHQVLHQRFKQLFKWHUUHLFKWDOVVLHYRQGHUDQGHUHQ6HLWH DXIJHVWRHQZXUGH 1DFKOLQNVXQGUHFKWVVSULW]WHQZLULQ'HFNXQJ(VNRQQWH GXUFKDXVVHLQGD/DG\;HUVFKLHQXQGVRIRUWVFKR 'LHVH%HIUFKWXQJWUDIQLFKWHLQ$EHUZLUVDKHQ]ZHLDQ GHUH*HVWDOWHQ=RPELHV6LHWRUNHOWHQGXUFKGLH7UZDUHQ PLW.QSSHOQEHZDIIQHWXQGVXFKWHQXQV 'HPHLQHQMDJWHLFKPHLQHQJHZHLKWHQ6LOEHUGROFKJHQDX ]ZLVFKHQGLH5LSSHQ(UVWLHHLQVFKUHFNOLFKHVbFK]HQDXV ZROOWHKRFKVSULQJHQMHGHQIDOOVVDKHVVRDXVXQGILHOGDQQ ]XVDPPHQ $OOPlKOLFKO|VWHHUVLFKDXI 'HU]ZHLWHKDWWH0\[LQDQGLH:lVFKHJHZROOW'DNDPHU JHUDGHULFKWLJ'HUNOHLQH0DJLHUZDULQHLQHUUHJHOUHFKWHQ =RPELH9HUQLFKWXQJVVWLPPXQJ(UVFKLHQXQWHU6WURP]X VWHKHQKDWWHVLFKIDVWDXIJHSOXVWHUWXQGYHUQLFKWHWHGHQ OHEHQGHQ7RWHQPLWVHLQHQDXVGHQ+lQGHQVFKLHHQGHQ JUQHQ6WUDKOHQ =ZHL*HJQHUZHQLJHU :LUVSUDQJHQEHUGLHYHUJHKHQGHQ*HVWDOWHQKLQZHJXQG WDXFKWHQLQGHQ*DQJKLQWHUGHU7UHLQ .DXPZDUHQZLUGUHL6FKULWWHJHODXIHQDOVXQVHLQHKHLVHUH /DXWVSUHFKHUVWLPPHHQWJHJHQKDOOWHª.RPPWQXUZHLWHULKU
EHLGHQ8QGLFKEHJUHEHVRQGHUVGLFK-RKQ6LQFODLU0LW GLUKlWWHLFKQLFKWJHUHFKQHWXPVREHVVHUGDGXPLWJH NRPPHQELVWGDQQN|QQHQZLUJOHLFK]ZHL)OLHJHQPLWHLQHU .ODSSHVFKODJHQ© :LUZDUHQHQWGHFNWZRUGHQ.ODUHVKDWWHMDQLFKWDXVEOHL EHQN|QQHQXQG6ROR0RUDVVRNRQQWH7ULXPSKHIHLHUQ (VKDWWHNHLQHQ6LQQZHLWHUGXUFKGLH*HJHQG]XODXIHQ GHVKDOEEOLHEHQZLUVWHKHQXQGZDUWHWHQDXIZHLWHUH (UOlXWHUXQJHQ:LUKREHQXQVHUH.|SIHDQXQGVDKHQXQWHU GHU'HFNHGLH5LOOHQHLQHV/DXWVSUHFKHUVGLFKWQHEHQHLQHP .DPHUDDXJH ª,FKIUHXHPLFKHXFKKLHULQPHLQHU)HVWXQJEHJUHQ]X N|QQHQXQGZHUGHHXFKDOV*DVWJHEHUJHUQ]XPLUOHLWHQ )ROJWQXUPHLQHQ$QZHLVXQJHQGDQQNDQQQLFKWVJHVFKH KHQ©1DFKGLHVHQ:RUWHQGU|KQWHXQVHLQK|KQLVFKHV *HOlFKWHUHQWJHJHQ (VNPPHUWHXQVQLFKW,QGLHVHU)HVWXQJZDU6ROR0RUDVVR GHUJURH0HLVWHU:LUNRQQWHQQLFKWVDQGHUHVWXQDOVVHLQHQ $QRUGQXQJHQ)ROJHOHLVWHQ (UGLULJLHUWHXQVHUVWGXUFKGHQ*DQJXQGEHYRUZLUVHLQ (QGHHUUHLFKWKDWWHQPXWHQZLUVWRSSHQ ª*HKWGXUFKGLHUHFKWH7U© 6FKDUIZDQGWHQZLUXQVXP(LQH.OLQNHJDEHVDQGHU7U QLFKW$XFKNHLQHQDQGHUHQ*ULIIGHVKDOEVWDQGHQZLU]LHP OLFKUDWORVGDYRU'DV3UREOHPO|VWHVLFKVHKUVFKQHOO$XI HLQHQ.RQWDNWKLQVFKREVLFKGLHJUDXH(LVHQWU]XU6HLWH XQGZLUKDWWHQIUHLHQ(LQWULWW ,FKZXWHQLFKWREHVGDV$OOHUKHLOLJVWHGLHVHU)HVWXQJZDU DEHUIDVWVDKHVPLUVRDXV 'DKLQWHUODJHLQ5DXPGHUDXFKLQHLQHQ%RQG)LOPIUKH UHU$UWJHSDWKlWWH (LQH5HLKHYRQ0RQLWRUHQZDUHQLQHLQHP+DOENUHLVDXIJH EDXWZRUGHQ'LHHLQ]HOQHQ6FKLUPHVWDQGHQDXI.RQVROHQ DXIGHUHQ2EHUVHLWHLFK]DKOUHLFKH+HEHOXQG.Q|SIHHQW GHFNWH9RQKLHUDXVNRQQWHQGLHYHUVFKLHGHQVWHQ)XQNWLRQHQ LQQHUKDOEGHU)HVWXQJIHUQJHVWHXHUWZHUGHQ
2EZRKOGHUJHVDPWH5DXPQLFKWVhEHUVLQQOLFKHVRGHU 8QKHLPOLFKHVKDWWHOLHIHVPLUGRFKNDOWGHQ5FNHQKLQDE DOVLFKPLFKVRXPVFKDXWH9RUDOOHQ'LQJHQHQWGHFNWHLFK DXFKGLH]ZHLWH7UGLHLQHLQHQDQGHUHQ5DXPIKUWH (LQHQ$XVVFKQLWWNRQQWHLFKHUNHQQHQ:HQQPLFKQLFKW DOOHVWlXVFKWHJDEHVGRUWHLQ:DVVHUEHFNHQlKQOLFKHLQHP 3RRO ,FKGDFKWHDQPHLQH:DIIHQ.UHX]%HUHWWDXQG'ROFK $XFKGLHPDJLVFKH.UHLGHVWHFNWHLQPHLQHU7DVFKHPHKU KDWWHLFKQLFKW 8QG0\[LQZDUQXUDXIVLFKVHOEVWXQGVHLQHPDJLVFKHQ .UlIWHDQJHZLHVHQGLHHUHLQVHW]HQNRQQWH :UGHHVUHLFKHQ" ª:DVVWHKWLKUGDKHUXP"©K|KQWH'U7RGª/RVNRPPW© 'LHVPDOVSUDFKHUQLFKWEHU/DXWVSUHFKHUHUKLHOWVLFKLP 1HEHQUDXPDXI $QGHQ0RQLWRUHQJLQJHQZLUYRUEHL9RQGRUWDXVZDUHQ HVQXUZHQLJH6FKULWWHELV]XP'XUFKOD :LUEHUWUDWHQGLH6FKZHOOHXQGEOLHEHQGLFKWGDKLQWHUZLH DQJHZXU]HOWVWHKHQ 0DQHUZDUWHWHXQV 8QG'U7RGKDWWHDOOHVDXIJHERWHQZDVLQVHLQHU0RUGOLJD QRFK5DQJXQG1DPHQKDWWH ª+HU]OLFKZLOONRPPHQ©VDJWHHUPLWEHLHQGHP6SRWWXQG GHXWHWHVHOEVWHLQH9HUEHXJXQJDQ 'DVWDQGHQVLHQXQ *DQ]OLQNV;RUURQGHU+HUUGHU=RPELHVXQG*KRXOV(LQH XQKHLPOLFKH*HVWDOWPLWHLQHUPLOFKLJHQ+DXWGXUFKGLH GXQNOHUH.QRFKHQVFKLPPHUWHQ ;RUURQKLHOWNHLQH:DIIHLQGHQ.ODXHQDEHUHUVHOEVWZDU :DIIHJHQXJ 1LFKWZHLWHQWIHUQWXQGDP5DQGHLQHVYLHUHFNLJHQ3RROV KLHOWVLFK9DPSLURGHOPDUDXI(LQXUDOWHU9DPSLUXQG +HUUVFKHUEHUGLHOHJHQGlUHQURWHQ9DPSLUHGLHLFKHEHQ
IDOOVNHQQHQJHOHUQWKDWWH9DPSLURGHOPDUZDUHLQH*HVWDOW GHV6FKUHFNHQV(LQJHKOOWLQ/XPSHQXQGQDFK0RGHUXQG *UDEVWLQNHQ6HLQ*HVLFKW]HLJWH3XVWHOQXQG%HXOHQGDV +DDUZDUYHUILO]WZLHHLQ1HW]KLQJHV]XEHLGHQ6HLWHQVHL QHVJHZDOWLJHQ6FKlGHOVQDFKXQWHQ$PJHIlKUOLFKVWHQ ZDUHQVHLQHEHLGHQ9DPSLU]lKQH1RFKQLHLP/HEHQKDWWH LFKVRODQJH+DXHUJHVHKHQGLHPLFKVFKRQDQGLHHLQHV 6lEHO]DKQWLJHUVHULQQHUWHQ :LHGHUHLQ6WFNZHLWHUVWDQG/DG\; (LQH)UDXZLHHLQ(LVEORFN%OHLFKGDV*HVLFKWYRQHLQHU PDVNHQKDIWHQ6WDUUH:LHLPPHUZDUVLHLQ/HGHUJHNOHLGHW XQGKLHOWLKUH0DVFKLQHQSLVWROHIHVW6LHVHOEVWKDWWH/XSLQD GLH.|QLJLQGHU:|OIHJHW|WHWZHLOGLH5lVRQGHU0RUGOLJD HVVRYHUODQJWH 'LHHKHPDOLJH7HUURULVWLQXQGMHW]LJH9DPSLULQKDWWHVLFK YROODXIGLH6HLWH6ROR0RUDVVRVJHVFKODJHQ 'U7RGVHOEVWVDKDXVZLHLPPHU*UDXGHU$Q]XJXQGIDVW JUDXDXFKGLH+DXWVHLQHVVWDUUHQ*HVLFKWVLQGHPVLFKVRJXW ZLHQLFKWVEHZHJWH (LQ7\SZLHHLQ(LVEORFN.DOWEUXWDOXQQDKEDU 'U7RGZROOWHGDV*UDXHQZROOWHGLH0DFKWZROOWHKHUU VFKHQ7URW]]DKOUHLFKHU5FNVFKOlJHKDWWHHUQLHDXIJHJHEHQ XQGZUGHDXFKQLFKWDXIJHEHQGHQQHVZDULKPJHOXQJHQ DEHUPDOVHLQHQKHLHQ7UXPSILQVHLQH+lQGH]XEHNRPPHQ .DUDGLH6FK|QHDXVGHP7RWHQUHLFK 6LHOHEWHQRFKDEHUHVVDKVRDXVDOVKlWWHVLHNHLQH&KDQFH PHKUGHQQlFKVWHQ7DJ]XHUOHEHQ0DQKDWWHVLHEHUGDV %HFNHQJHKlQJW(LQH6FKOLQJHZDUXQWHULKUHQ$FKVHOQ GXUFKJH]RJHQZRUGHQXQGKLHOWVLHIHVW,KUH)HVFKZHEWHQ GLFKWEHUGHU:DVVHUREHUIOlFKHXQGZDVLFKLQQHUKDOEGHV 3RROVVDKZDUQLFKWGD]XDQJHWDQPHLQHQ2SWLPLVPXV]X VWHLJHUQ )LVFKHWXPPHOWHQVLFKLP%HFNHQ .OHLQHVLOEULJVFKLPPHUQGH-lJHU*HIlKUOLFKH%HLHUXQG 1DJHUGLHLKUH+HLPDWLQGHQWURSLVFKHQ*HZlVVHUQGHV VGDPHULNDQLVFKHQ.RQWLQHQWVKDWWHQ
3LUDQKDV 8QGLFKEUDXFKWHQXUDXI.DUD]XVFKDXHQXP]XZLVVHQ ZDV'U7RGPLWLKUYRUKDWWH 0\[LQKDWWHGLHVQDWUOLFKDXFKEHPHUNW,FKK|UWHLKQDXI VW|KQHQ(UNRQQWHVLFKNDXPQRFKEH]lKPHQ 8QVHUH&KDQFHQVWDQGHQQLFKWQXUVFKOHFKWVLHZDUHQ VRJDUPHKUDOVPLHV(VVFKRFNWHPLFKQLFKWHLQPDOGDGLH 0QGXQJGHU0DVFKLQHQSLVWROHDXIPLFK]LHOWHLFKKDWWHQXU %OLFNHIU'U7RGXQG.DUD0RUDVVRVWDQGQDKHGHP*HUVW DQGHPGLH6FK|QHDXVGHP7RWHQUHLFKKLQJ(VNRVWHWHLKQ QXUHLQH+DQGEHZHJXQJGDQQNRQQWHHUGHQWHXIOLVFKHQ 0HFKDQLVPXVLQ*DQJVHW]HQ 1RFKJHQRVVHQXQVHUH*HJQHUGHQ6FKUHFNGHUXQVLQGHQ .ODXHQKLHOW6LHOlFKHOWHQVS|WWLVFKELVDXI;RUURQXQG 9DPSLURGHOPDU,Q;RUURQV*HVLFKWUKUWHVLFKQLFKWV ZlKUHQGGHU6XSHUYDPSLUVHLQH=lKQH]HLJWH 'DXQVQLHPDQGDXIJHIRUGHUWKDWWHVWHKHQ]XEOHLEHQ JLQJHQZLUHLQIDFKZHLWHUELVZLUGHQ5DQGGHV%HFNHQV HUUHLFKWKDWWHQXQG6ROR0RUDVVRHLQª6WRSS©VFKULH :LUVWDQGHQVWLOO ª(VLVWQRFKJDUQLFKWVRODQJHKHUGDZLUXQVJHJHQEHU JHVWDQGHQKDEHQ*HLVWHUMlJHU©VDJWH0RUDVVRª(ULQQHUVWGX GLFK"9RUGHQ6WXIHQGHV7KURQVDXIGHPGHU6SXNVHLQHQ 3ODW]KDW'DPDOVZROOWHVWGXPLUGHQ1DJHO]ZLVFKHQGLH $XJHQUDPPHQGRFKGDVKDWQLFKWJHNODSSWGHQQ;RUURQ UHWWHWHPLFKLPOHW]WHQ$XJHQEOLFN© 2MDLFKHULQQHUWHPLFKQXU]XJXWDQGLHYHUGDPPWH6]HQH )DVWKlWWHLFK0RUDVVRJHKDEW6RQDKHZLHQLHZDULFKDQLKQ KHUDQJHNRPPHQ,P9RUKRIGHU+|OOHKDWWHLFKPLFKPLWIDVW GHUJHVDPWHQ0RUGOLJDDXVHLQDQGHUJHVHW]W$OVLFKJODXEWH DXIGHU6LHJHUVWUDH]XVHLQKDWWH;RUURQ]XJHVFKODJHQ 'DEHLYHUORULFKQRFKGHQ1DJHOHUZDULP9RUKRIGHU+|OOH ]XUFNJHEOLHEHQ 'LHVPDOVWDQGLFK0RUDVVRZLHGHUJHJHQEHU$OOHUGLQJV XQWHUYHUlQGHUWHQ9RU]HLFKHQ +HXWHZDUHUDP'UFNHU
(UYHUOLHVLFKGDEHLDXIVHLQHPlFKWLJH:DIIHGHQ:UIHO GHV8QKHLOV(UKDWWHVLFKPDOLQPHLQHQ+lQGHQEHIXQGHQ :HQQLFKLKQ]XUFNEHNDPJLQJHVPLUEHVVHUDEHUGDQDFK VDKHVQLFKWDXV2EZRKOXQVQXUZHQLJH
=XHUVWWDXFKHQGLH)HHLQGDQQGLH%HLQHGDQDFKGLH .QLH© ª+|UHQ6LHDXI©ULHI0\[LQ 0RUDVVRODFKWHª:LOOVWGXVSULQJHQ"© 'HUNOHLQH0DJLHU]|JHUWHPLWGHU$QWZRUW ,FKKLHOWGLH/XIWDQXQGZDUJHVSDQQWZLHHUDXI'U7RGV )RUGHUXQJUHDJLHUHQZUGH+DWWH0\[LQGLH1HUYHQGDV DOOHVGXUFK]XVWHKHQ" (LQZHQLJGUHKWHHUGHQ.RSIQDFKOLQNVXP6ROR0RUDVVR DQVFKDXHQ]XN|QQHQª-D©VDJWHHUªLFKZHUGHVSULQJHQ DEHUGDQQODVLHIUHL.DUDKDWGLUQLFKWVJHWDQ© 6FKZHLJHQ 6HOEVW0RUDVVRVFKLHQEHU0\[LQV(QWVFKOXUHJHOUHFKW JHVFKRFNW]XVHLQ(UUlXVSHUWHVLFKHLQSDDUPDOXQGEOLFNWH DXIGLHLQGHU6FKOLQJHKlQJHQGH.DUD 7URW]GHU$QJVWPLWGHUVLHVLFKHUOLFK]XNlPSIHQKDWWH ZDUHQLKUGLH:RUWHQLFKWHQWJDQJHQ9RUDOOHQ'LQJHQQLFKW GLHOHW]WHQGLH0\[LQJHVSURFKHQKDWWH ª1HLQ©VFKULHVLHODXWGDLKUH6WLPPHIDVWEHUNLSSWH ª'DVNDQQVWGXQLFKWWXQ(UZLUGQLHDXIGHLQ$QJHERWHLQ JHKHQ,FKNHQQHLKQ(ULVWHLQ/JQHUHLQ%DVWDUG© ª+DOWHGHQ0XQGYHUGDPPW© 0RUDVVR]XFNWH]XVDPPHQ(UVWHOOWHGHQ:UIHOGHV 8QKHLOVDEXQGVHLQH+DQGQlKHUWHVLFKGHP*ULIIGHUGLH :LQGHLQ%HZHJXQJVHW]WH 6ROOWHHUMHW]WVHLQ9HUVSUHFKHQLQGLH7DWXPVHW]HQ",FKKLHOW GHQ$WHPDQ =XP*OFNUHWWHWH0\[LQGLH6LWXDWLRQª/DHV©ULHIHU VFKDUIª,FKKDEHPLFKHQWVFKORVVHQ]XVSULQJHQXQGZHUGH GLHVHQ(QWVFKOXDXFKGXUFKIKUHQ© ª-DGDVLVWJXW©0RUDVVR]RJGHQ$UPZLHGHUDQ(UEOLFN WHGHP0DJLHUHQWJHJHQGHURKQHPLFKQRFKHLQPDODQ]X VHKHQYRUVFKULWW,FKZROOWHLKQ]XUFNKDOWHQPHLQH.HKOH ZDUSO|W]OLFKZLH]XJHVFKQUW,Q6FKZHLJHEDGHWZDULFK (LQNDOWHV5LQQVDOOLHIEHUPHLQHQ5FNHQ ,FKK|UWH.DUDVFKOXFK]HQXQGVWDUUWHDXI0\[LQV5FNHQ
GHUPLUVHOWVDPGXUFKJHGUFNWHUVFKLHQ(VODJDQGHUVWHLIHQ +DOWXQJGLHHUZlKUHQGGHV*HKHQVHLQJHQRPPHQKDWWH 1RFKHLQHQ6FKULWWXQGHUVWDQGGLFKWDP%HFNHQUDQG'RUW EOLHEHUVWHKHQ 9RUXQGXQWHULKPJXUJHOWHGDV:DVVHU'LH)LVFKHZDUHQ ZLHDXIJHGUHKW6LHVSLHOWHQUHJHOUHFKWYHUUFNWDOVVFKLHQHQ VLH]XDKQHQGDHVEDOGQHXHV)XWWHUIUVLHJDE 6ROR0RUDVVRVWUHFNWHVHLQHQ$UPDXV'HU=HLJHILQJHU ZLHVDXIGHQNOHLQHQ0DJLHU /DG\;VSDQQWHLKUHQ.|USHU'DV*HVLFKWYHUlQGHUWHVLFK (VQDKPHLQHQYHU]HUUWHQ$XVGUXFNDQDOVVLHGLH/LSSHQ ]XUFNVFKREXQGLKUHEHLGHQ9DPSLU]lKQH]HLJWH 1XU9DPSLURGHOPDUXQG;RUURQEOLHEHQUXKLJ,UJHQGZLH WHLOQDKPVORVVFKDXWHQVLHEHUGDV:DVVHUDEHULFKZXWH GDVLHMHGH.OHLQLJNHLWUHJLVWULHUWHQ :UGH0\[LQVSULQJHQ" $OOHVGHXWHWHGDUDXIKLQ'HUNOHLQH0DJLHUKDWWHNHLQH &KDQFHJHVHKHQHUZROOWHVLFKIU.DUDRSIHUQ $OVLFKGDUDQGDFKWHEHJDQQPHLQ+HU]QRFKVFKQHOOHU]X VFKODJHQXQGGLH.HKOHVFKLHQPLUYRQXQVLFKWEDUHQ+lQGHQ ]XJHVFKQUW]XZHUGHQ ª(VKDWNHLQHQ6LQQQRFK]X]|JHUQ6SULQJGXYHUGDPP WHU=ZHUJ©VFKULH'U7RGª'DQQKDVWGXHVKLQWHUGLU© 0\[LQQLFNWH,FKVDKZLHVLFKVHLQ.RSIUXFNHQGEHZHJWH 'DQDFKKREHUGLH$UPHZLHMHPDQGGHUVLFKPLWHLQHP .RSIVSUXQJLQGLH)OXWHQVWU]HQZROOWH ,PQlFKVWHQ$XJHQEOLFNVWLH0\[LQHLQHQZLOGHQ6FKUHL DXVXQGGUFNWHVLFKDE ,FKKDWWHGDPLWJHUHFKQHWGDGHUNOHLQH0DJLHUVSULQJHQ ZUGHDEHUQLFKWVRZLHHUHVWDW 0\[LQZDUIVLFKQLFKWDXIGDVW|GOLFKH:DVVHU]XVRQGHUQ LQGLHHQWJHJHQJHVHW]WH5LFKWXQJ1DFKKLQWHQXQGJOHLFK ]HLWLJ]XU6HLWH 'LH+lQGHKLHOWHUKRFKGDEHLOHLFKWJHERJHQXQGGLH
)LQJHUJHVSUHL]W6LH]HLJWHQLQYHUVFKLHGHQH5LFKWXQJHQXQG GDVZROOWHGHUNOHLQH0DJLHUDXFK $XVGHUOLQNHQ+DQG]XFNWHHLQKHOOJUQHU%OLW]VWUDKOGHU JHQDXDXI/DG\;JH]LHOWZDUXQGVLHDXFKWUDI $XVGHUUHFKWHQ+DQGZLVFKWHHEHQIDOOVHLQ6WUDKO(UKLHE LQGHQ.|USHUYRQ'U7RGGHUGDYRQY|OOLJEHUUDVFKW ZXUGHXQGGLHhEHUVLFKWYHUORU ª-RKQQQ© (VZDUHLQZLOGHUDXIIRUGHUQGHU.DPSIVFKUHLGHQ0\[LQ DXVVWLHDEHUHUKlWWHLKQVLFKVSDUHQN|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lQGHGHQ:UIHO EHUKUWHQDOVGLHHUVWHQEHLGHQ*HVFKRVVHGLFKWQHEHQGHP :UIHODXIGLH)OLHVHQNODWVFKWHQXQGDOV4XHUVFKOlJHU GDYRQKHXOWHQ 'DVGULWWH*HVFKRWUDIGHQ:UIHO (UKLHEJHQDXLQHLQH6HLWHKLQHLQXQGHLQ%OLW]VWUDKOO|VWH VLFKGHULQGLH'HFNHIXKUZRHUHLQHQUHJHOUHFKWHQ5LKLQ WHUOLH 0RUDVVR]XFNWH]XUFN(U|IIQHWHGDEHLGHQ0XQGXQG KHXOWHZLHHLQH6LUHQH :LHGHUIHXHUWHLFK'LHVPDOMHGRFK]XEHUKDVWHW,FKWUDI
ZHGHUGHQ:UIHOQRFK6ROR0RUDVVR'DV*HVFKRZXUGH DQHLQHU:DQGSODWWJHGUFNW (LQH(FNHGHV%HFNHQVEHUVSUDQJLFKVFKZHEWHIUGHQ %UXFKWHLOHLQHU6HNXQGHEHUGHP:DVVHUNDPZLHGHUDXI GHQ)OLHVHQDP5DQGDXIXQGZlUHIDVWLQHLQHU:DVVHUODFKH DXVJHUXWVFKWXQGKLQJHIDOOHQ ª-RKQ© .DUDVFKULHLQK|FKVWHU1RW $OVLFKKHUXPIXKUVDKLFKGHQ*UXQG'U7RGKDWWHVLFK KDOEDXIJHULFKWHWXQGKHFKWHWHDXIGHQ+HEHO]XXPLKQKHU XP]XOHJHQ 0RUDVVRVFKDXWHJHQDXLQGHQ0QGXQJVEOLW] ,QJHGXFNWHU6WHOOXQJVWDQGLFKGDXQGKDWWHJHVFKRVVHQ 'LHVPDOIHKOWHLFKQLFKWXQGLFKVDKQRFKVHLQZLHLP :DKQVLQQYHU]HUUWHV*HVLFKWEHYRUGDVVLOEHUQH*HVFKRLQ VHLQHQ6FKlGHOKLHE (LQP|UGHULVFKHU6FKODJWUDILKQ0RUDVVRULGLH$UPH KRFKGLH)LQJHUKDWWHQGHQ+HEHOQLFKWPHKUEHUKUWGHQQ PHLQH.XJHOZDUVFKQHOOHUJHZHVHQ 'LH:LQGHPLWGHP)ODVFKHQ]XJEHIDQGVLFKGLFKWDP %RGHQ$XFK'U7RGKDWWHVLFKGRUW]ZDQJVOlXILJDXIKDOWHQ PVVHQQXQHUKLHOWHUGLH4XLWWXQJ 0HLQH.XJHOVWLHLKQ]XUFN (UZROOWHVLFKWURW]GHV.RSIWUHIIHUVDEVWW]HQDEHUHU VFKDIIWHHVQLFKWPHKU,QHLQHUOHW]WHQYHU]ZHLIHOWHQ %HZHJXQJULHUGHQ:UIHOGHV8QKHLOVDQVLFKXQGPLWLKP ]XVDPPHQYHUVFKZDQGHULQGHPPLW3LUDQKDVJHIOOWHQ %HFNHQ )DVWVWRFNWHPLUGHU+HU]VFKODJ 'DQQZDUHQGLH7LHUH]XU6WHOOH'DV:DVVHUJLVFKWHWH VFKlXPWHEURGHOWHXQGLFKK|UWHHLQHQZLOGHQPlFKWLJHQ 6FKUHL (VULPLFKKHUXP ;RUURQKDWWHLKQDXVJHVWRHQ
'HUZHLVFKLPPHUQGH.|USHUGHV0RQVWUXPVEHIDQGVLFK LQ%HZHJXQJ0LW5LHVHQVFKULWWHQKDWWH;RUURQGHQ%HFNHQ UDQGHUUHLFKWXQGVWU]WHVLFKLQGLH)OXWHQ (UZROOWHVHLQHQ+HUUQXQG0HLVWHUUHWWHQ *HODQJHVLKP" ,FKNRQQWHHVQLFKWVDJHQXQGPLFKDXFKQLFKWGDUDXI NRQ]HQWULHUHQGHQQLFKPXWHPLFKXP.DUDNPPHUQGLH LKUH%HLQHDQJH]RJHQKDWWHZHLOXQWHULKUGDV:DVVHUKRFK DXIJLVFKWHWH 0LWHLQHU+DQGKLHOWLFKPLFKDQGHU:LQGHIHVWPLWGHU DQGHUHQEHNDPLFK.DUD]XIDVVHQXQG]RJVLHDQGHQ %HFNHQUDQGKHUDQ0LW]LWWHUQGHQ+lQGHQO|VWHLFKGDV6HLO .DUDZDUVRHUVFK|SIWGDVLHQLFKWVWHKHQNRQQWH6LH EUDFK]XVDPPHQ ,FKDEHUKXVFKWHZHLWHU'U7RGEUDXFKWHLFKQLFKWPHKU]X IXUFKWHQDEHUGLHDQGHUHQXQGLFKVDK/DG\;ZLHVLHXP VLFKVFKOXJXQG0\[LQGHQ0DJLHUDXVGHP:HJUlXPWH 0LWGLHVHPXQKHLPOLFKKDUWHQ(QHUJLHVWRKDWWH/DG\;QLFKW JHUHFKQHW'HPJH]DFNWHQ%OLW]NRQQWHVLHQLFKWPHKUDXV ZHLFKHQ(UWUDIVLHYROOXQGVFKPHWWHUWHVLH]X%RGHQ 6LHIKOWHGLH6FKZlFKHGLHYRQLKUHP.|USHU%HVLW] HUJULIIXQGZXWHGDVLHHVQXULKUHU6WlUNH]XYHUGDQNHQ KDWWHGDVLHQLFKWJHW|WHWZRUGHQZDUZLHHLQQRUPDOHU =RPELH 7URW]GHPZDUHVKDUW6LHODJDP%RGHQXQGNUPPWHVLFK :LHHLQOHW]WHU5HWWXQJVDQNHUKLHOWHQLKUH)LQJHUQRFKGLH 0DVFKLQHQSLVWROHXPNODPPHUWXQGVLHK|UWHGLH6FKVVH HLQHU3LVWROHZLHGXUFKHLQH:DWWHVFKLFKWJHGlPSIW 6LQFODLUKDWWHJHIHXHUW (UXQG0\[LQKDWWHQVLHUHLQJHOHJW(LQHXQJHKHXUH:XW NRFKWHLQLKUKRFK'LHVH:XWXQGGHU+DEHUZDQGHQGLH 6FKZlFKHJHPHLQVDP/DG\;UROOWHVLFKKHUXPXQGVHW]WH VLFKDXIUHFKW 'DKHFKWHWH;RUURQDQLKUYRUEHLLQV:DVVHU'LH9DPSLULQ
ULGLH$XJHQDXI)UHLZLOOLJZDUGDV0RQVWUXPEHVWLPPW QLFKWLQGDV%HFNHQPLWGHQ.LOOHUILVFKHQJHVSUXQJHQGD PXWHHWZDVDQGHUHVGDKLQWHUVWHFNHQ;RUURQZKOWHGXUFK GLH)OXWHQ$XFKHUZXUGHDQJHJULIIHQGRFKGLHVFKDUIHQ =lKQHGLHVHU1DJHUNRQQWHQVHLQHU+DXWQLFKWVDQKDEHQ6LH ZDUUHVLVWHQWJHJHQGLH$QJULIIH ;RUURQEHZHJWHVLFKZLHHLQH0DVFKLQH 8QGGDQQHUNDQQWH/DG\;PLW6FKUHFNHQGDV=LHO(VZDU 6ROR0RUDVVR 1LFKW0\[LQZXUGHYRQGHQ3LUDQKDV]HUIOHLVFKWVRQGHUQ LKU%R'U7RG (UNlPSIWHVFKOXJXPVLFKYHUVXFKWHGLHJHIUlLJHQ7LHUH DE]XZHKUHQGDVVFKDIIWHHUQLFKW'DV6FKLFNVDOGDVHUVHL QHQ)HLQGHQ]XJHGDFKWKDWWHWUDIQXQLKQ /DG\;VDKHLQH+DQGDXVGHP:DVVHUUDJHQ'UHL)LVFKH KDWWHQVLFKGDUDQYHUELVVHQXQGQDJWHQPLWUDVHQGHU *HVFKZLQGLJNHLWGDV)OHLVFKYRQGHQ.QRFKHQ ,PQlFKVWHQ$XJHQEOLFNKDWWH;RUURQVHLQHQYHU]ZHLIHOW NlPSIHQGHQ%RHUUHLFKW2EHUQRFKHWZDVUHWWHQNRQQWH VDK/DG\;QLFKWGHQQ0\[LQZDUSO|W]OLFKGD 6HLQ$QEOLFNWULHEGLH9DPSLULQQRFKHLQPDOLQGLH+|KH 6LHVWU]WHDXIGHQNOHLQHQ0DJLHU]XGHUGLHVPDOQLFKW VFKQHOOJHQXJUHDJLHUWHXQG]X%RGHQJHVFKPHWWHUWZXUGH EHYRUGLH%OLW]HVHLQH+lQGHYHUODVVHQNRQQWHQ 'LHHKHPDOLJH7HUURULVWLQSDFNWHGLH0DVFKLQHQSLVWROHXQG ULFKWHWHGLH0QGXQJDXIGHQNOHLQHQ0DJLHU 'DVVDKLFK ,FKZHLDXFKQLFKWZDUXPLFKJHVFKULHQKDEHYLHOOHLFKW ZDUHVGLHXQJHKHXUH$QVSDQQXQJMHGHQIDOOVZDUGHU6FKUHL HLQJURHU)HKOHU/DG\;K|UWHLKQXQGVSUDQJ]XU6HLWHVR GDPHLQHEHLGHQVFKQHOOJHVFKRVVHQHQ6LOEHUNXJHOQVLHYHU IHKOWHQ +DNHQZLHHLQ+DVHVFKOXJVLHSO|W]OLFKUDQQWHZHJXQG IORKGXUFKGLHQRFKLPPHURIIHQVWHKHQGH7ULQGHQ 1HEHQUDXP ,FKDEHUZXUGHYRQ9DPSLURGHOPDUDQJHJULIIHQ(UNDP
ZLHHLQ%HUVHUNHUYRQGHU6HLWHKHU*UROOHQGVWU]WHHUVLFK DXIPLFK,FKVSUDQJ]XUFNKREJHGDQNHQVFKQHOOPHLQ .UHX]DQXQGVWLHHVLKPHQWJHJHQ 9DPSLURGHOPDUVWRSSWH(UULGLH$UPHYRUVHLQ*HVLFKW LFKVHW]WHQDFKMXPSWHGDEHLEHUGHQDP%RGHQOLHJHQGHQ 0\[LQKLQZHJDEHUGHU6XSHU9DPSLUZDUVFKQHOOHU9RU DOOHQ'LQJHQK|UWHHUGLH6WLPPHGHU6FRWW ª:HJKLHU© 7URW]PHLQHV.UHX]HVKlWWHPLFK9DPSLURGHOPDUDQJH VSUXQJHQVRDEHUPDFKWHHUNHKUWXQGUDQQWHJHGDQNHQ VFKQHOOGDYRQZREHLHUVLFKGXFNWHXPVRZHQLJ=LHOZLH P|JOLFK]XELHWHQ :HVKDOEKDWWHGLH6FRWWJHVFKULHQ"9HUGDPPWHVZDUGRFK QLFKWDOOHVYHUORUHQ 6LHPXWHHLQHQ*UXQGJHKDEWKDEHQXQGGHQHUIXKUHQZLU VHKUEDOG(LQGXPSIHV*UROOHQZDUXQWHUXQVHUHQ)HQ]X K|UHQXQGSIODQ]WHVLFKLPPHUZHLWHUIRUW 'LH(UGHEHEWH $EHUNHLQQRUPDOHV(UGEHEHQGDVZDUNQVWOLFKDXVJHO|VW ZRUGHQXQGLFKJODXEWHDXFKGLH8UVDFKH]XDKQHQ ([SORVLRQHQ /DG\;VSUHQJWHGLH6WHOOXQJLQGLH/XIW6LHKDWWHJHVHKHQ ZLH'U7RG]HUIOHLVFKWZRUGHQZDUMHW]WNDQQWHVLHNHLQH 5FNVLFKW ,FKUL0\[LQKRFKª:LUPVVHQYHUVFKZLQGHQ©VFKULH LFKª/RVHVGDUINHLQH6HNXQGH© 'HUNOHLQH0DJLHUOLHPLFKQLFKWHUVWDXVUHGHQ1RFKQLH KDEHLFKLKQVRVFKQHOOUHQQHQVHKHQ,P/DXIULHUQRFK .DUDV6FKZHUWDQVLFKOLHIDXIVHLQH.DPSIJHIlKUWLQ]X SDFNWHVLHZlKUHQGHLQH]ZHLWH([SORVLRQVRJDUGLH %HWRQZlQGHHUVFKWWHUWHXQGVLHDOOPlKOLFK]HUPUEWH )UXQVZXUGHHVK|FKVWH(LVHQEDKQ =ZHL+HU]VFKOlJHVSlWHUVWDQGDXFKLFKEHL0\[LQXQG .DUD:LUPXWHQGHQ6SUXQJVFKDIIHQ $OVOHW]WHQ(LQGUXFNHUKDVFKWHLFKQRFKHLQHQ%OLFNDXIGDV %HFNHQ6RHEHQWDXFKWH;RUURQDXI
(UKLHOWHLQHKDOE]HUIUHVVHQH*HVWDOWLQGHQ$UPHQGLH VFKUHFNOLFKDXVVDK 'U7RG 'DQQYHUVFKZDQGGLH:HOWXPXQVKHUXP :LUWDXFKWHQJHQDXGRUWZLHGHUDXIZRZLUYHUVFKZXQGHQ ZDUHQXQGPDFKWHQGDV&KDRVQRFKSHUIHNWHU (LQH)UDXILHOLQ2KQPDFKWDOVVLHXQVDXVGHP1LFKWV HUVFKHLQHQVDK]ZHL3ROL]LVWHQGUHKWHQIDVWGXUFKXQGQXU PLW0KHJHODQJHV6XNRVLH]XEHUXKLJHQ 0HLQ)UHXQGVFKWWHOWHGHQ.RSIª6HLGLKUHVZLUNOLFK"© IUDJWHHU ª.HLQH$QJVWZLUVLQGHV© ª8QGZLHZDUGHU$XVIOXJ"© ª6HKUQHWW(UKDWXQVQDFK)HXHUODQGJHIKUWGRUWKDEHQ ZLU]ZHL=RPELHVHUOHGLJW.DUDEHIUHLW'U7RGHQGJOWLJ ]XVHLQHQ$KQHQJHVFKLFNWGLH)HVWXQJLQGLH/XIWJH VSUHQJW© ª0RPHQW0RPHQWZLHZDUGDV"© ,FKODFKWHª:HLWGXZDV6XNR":DVZLUHUOHEWKDEHQ JODXEWXQVNHLQ0HQVFK,FKHU]lKOHHVGLUWURW]GHPDEHU VSlWHU2ND\"© ª8QGVRHWZDVZLOOHLQ)UHXQGVHLQ©EHVFKZHUWHVLFKGHU &KLQHVH
