+2552575,3=856&+g1+(,76)$50 ª(QGOLFK6LQFODLUHQGOLFK© 'LH:RUWHGLHPLUHQWJHJHQJHVFKOHXGHUWZXUGHQWUDIHQPLFK ...
27 downloads
322 Views
211KB 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
+2552575,3=856&+g1+(,76)$50 ª(QGOLFK6LQFODLUHQGOLFK© 'LH:RUWHGLHPLUHQWJHJHQJHVFKOHXGHUWZXUGHQWUDIHQPLFK ZLH3HLWVFKHQKLHEH$XVJHVSURFKHQKDWWHVLHHLQH)UDX 3DPHOD6FRWWDXFK/DG\;JHQDQQW 6LHVWDQGYRUPLU'DV/HGHUXPVFKPHLFKHOWHLKUH)LJXU(V VFKPLHJWHVLFKHQJDQVLHXQGOLHLKUHZHLEOLFKHQ)RUPHQ GHXWOLFKKHUYRUWUHWHQ.DOWZLUNWHGDV/lFKHOQDXILKUHP*HVLFKW XQGNDOWZDUDXFKGHU6WDKOGHU0DVFKLQHQSLVWROHGLHVLHLQ EHLGHQ+lQGHQKLHOW 'LH0QGXQJ]HLJWHDXIPLFK$XIHLQHQ0DQQGHUPHKUWRWDOV OHEHQGLJZDU -D)UHXQGHLFKZDUIHUWLJ 'DVYHUGDPPWH*DVKDWWHPLFK]ZDUQRFKQLFKWY|OOLJYRQGHQ %HLQHQJHULVVHQDEHULFKVWDQGGLFKWGDYRUHLQIDFKXP]XNLSSHQ ZLHGLHVHUEOHLFKH$QVDJHUGHUYRQ9LROHWWD9DOHULJHELVVHQZRU GHQZDU ,FKKDWWHPLWEHNRPPHQZLHVLHLKUH=lKQHLQVHLQHQ+DOV VFKOXJ8QGYHUGDPPWLFKKDWWHQLFKWVGDJHJHQXQWHUQHKPHQ N|QQHQPHLQH*OLHGHUZDUHQVFKZHUZLH%OHLJHZHVHQ -HW]WVWDQG/DG\;YRUPLU'DUDXIKDWWHVLHZLUNOLFKODQJHJH ZDUWHWGLHVHVPHQVFKOLFKH6FKHXVDO)UPLFKJDEHVNHLQHQ =ZHLIHOGDVLHDEGUFNHQZUGH ª6LQFODLU©:LHGHUVSUDFKVLHPLFKDQª0HLQH*WHZLHODQJH KDEHLFKGDUDXIJHZDUWHW-HW]WVWHKVWGXYRUPLU%LVWIHUWLJNDQQVW GLFKNDXPDXIGHQ%HLQHQKDOWHQVFKZDQNVWZLHHLQ5RKULP :LQGXQGLFKZDUWHGDUDXIELVGXYRUPHLQHQ)HQOLHJVWGHQQ GDQQZHUGHLFKVFKLHHQ© 'DVNRQQWHQLFKWPHKUODQJHGDXHUQVRZLHLFKPLFKIKOWH,FK VDKGLH6FRWWZLHGHUGRSSHOW%HLGH+lOIWHQVFKZDQNWHQVLH ]LWWHUWHQXQGVLHNDPHQPLUZLUNOLFKZLH*XPPLSXSSHQYRU ,FKZDUEHZDIIQHW0HLQ.UHX]KDWWHLFKEHLPLUDXFKGLH %HUHWWDDEHUVLH]X]LHKHQZDUHLQIDFKXQP|JOLFK1HLQQLFKWLQ PHLQHP=XVWDQG,FKZDUZLUNOLFK]LHPOLFKIHUWLJ 'DQQMHGRFKSDVVLHUWHHWZDVZRPLWLFKQLHJHUHFKQHWKlWWH'LH :DIIHGHU0RUGOLJDGLHVHVKHLPWFNLVFKH*DVHUZLHVVLFKDOV (LJHQWRU9LROHWWD9DOHULPDFKWHHVQLFKWVDXVVLHZDUNHLQ0HQVFK PHKUGDIUDEHU/DG\;
+lWWHVLHYRUKHUJHVFKRVVHQZlUHLKUYLHOOHLFKWHLQLJHVHUVSDUW JHEOLHEHQVRDEHUGDFKWHVLHLQLKUHP7ULXPSKQLFKWPHKUDQGDV *DVXQGGHVVHQ)ROJHQ 'LH:LUNXQJWUDIVLHYROO $XVJHUHFKQHWDOVVLHWLHIHLQDWPHWH6LHVRJGLH'RVLVLQGLH /XQJHQ'LH5HDNWLRQHUIROJWHLQQHUKDOEHLQHU6HNXQGH%HYRUVLH QRFKLUJHQGHWZDVXQWHUQHKPHQNRQQWHYHUORUVLHVlPWOLFKH)DUEH DXVGHP*HVLFKWXQGILHODXIGLH.QLH 6LHULGHQ0XQGDXILKU*HVLFKWYHU]HUUWHVLFKGLH$XJHQ WUDWHQDXVGHQ+|KOHQXQGPLWOHW]WHUQDKH]XEHUPHQVFKOLFKHU .UDIWKREVLHGLH0DVFKLQHQSLVWROHDQ ª'LFKGLFKNULHJH© 'DNLSSWHDXFKLFK (VZDUZRKOHLQH5HDNWLRQGHV8QWHUEHZXWVHLQVGDLFKPLFK ]XU6HLWHZDUIXQGQLFKWQDFKYRUQGHQQVRQVWKlWWHPLFKGLH .XJHOJDUEHYROOHUZLVFKW 'HU+DDXIPLFKJDE/DG\;WDWVlFKOLFKQRFKGLH.UDIWGHQ $E]XJ]XEHWlWLJHQ 'LH6DOYHUDWWHUWHDXVGHP/DXI .XJHOQ]LVFKWHQEHUPHLQHQ.RSIKLQZHJLFKK|UWHQRFKLKU 6LQJHQVLHULVVHQ/|FKHULQGHQ9RUKDQJGHUGHQ/DXIVWHJYRP 8PNOHLGHUDXPWUHQQWH'DQQVFKOXJHQVLHKDUWLQGLH:DQGDP (QGHGHV/DXIVWHJVZREHLVLH7DSHWHXQG3XW]YRQGHQ0DXHUQ IHW]WHQ /DG\;NUDFKWHPLWGHP*HVLFKW]XHUVW]X%RGHQ,KUH$UPH VFKOHXGHUWHQQDFKYRUQEHUKUWHQHLQHQOHLFKWHQ6WXKOXQG ZDUIHQLKQXP'LH03LUXWVFKWHGHU6FRWWDXVGHQVFKODIIJH ZRUGHQHQ)LQJHUQ $XV (UVWDPPWHDXV-DSDQ 'RUWKDWWHHU-DKUKXQGHUWHLQXQJHZHLKWHU(UGHJHOHJHQHLQ *QVWOLQJGHU+|OOHHLQVFKUHFNOLFKHV:HVHQDQGDVVLFK'U7RG HULQQHUWKDWWHXQGLKQDXVVHLQHPWLHIHQ9XONDQJUDEKROWH $OVHU]XUFNNHKUWHGDEUDFKHLQH+|OOHORVGHQQGHU9XONDQ EHJDQQ)HXHUXQGKHLH/DYD]XVSHLHQJHZDOWLJH0DVVHQGLH
DOOHVZDVVLFKLKQHQLQGHQ:HJVWHOOWHXQWHUVLFKEHJUXEHQ'LH 0HQVFKHQIOFKWHWHQVLHNDQQWHQGLHDOWHQ6DJHQXQG/HJHQGHQ XQGVLHVROOWHQVLFKQLFKWJHWlXVFKWKDEHQ (UNDP 7RNDWDGHU6DPXUDLGHV6DWDQVZDUZLHGHUJHERUHQXPGLH 0RUGOLJD]XYHUVWlUNHQ 8QJHKHXHUZDUHQVHLQH7DWHQJUDXVDPVHLQ(UVFKHLQHQ(UZDU HLQ$QJVWDXVO|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|OOH2EZRKOHUQXUQRFK VHLQHQUHFKWHQ$UPKDWWHZDUHUGRFKEUDQGJHIlKUOLFK'HQ OLQNHQKDWWHLKPGHUVLOEHUQH%XPHUDQJDEJHWUHQQWGHUYRQ-RKQ 6LQFODLUJHVFKOHXGHUWZRUGHQZDU'HU%XPHUDQJKDWWHDOOHUGLQJV GHQ.RSIGHV+|OOHQJQVWOLQJVWUHIIHQVROOHQGRFK7RNDWDV 5HDNWLRQZDU]XVFKQHOOJHZHVHQ1XQEHIDQGVLFKGLHVH:DIIHLP %HVLW]YRQ6ROR0RUDVVRGHP*UQGHUGHU0RUGOLJD8QGGHU GDFKWHQLFKWGDUDQVLHZLHGHUKHUDXV]XJHEHQHEHQVRZLHGHQ :UIHOGHV8QKHLOV 7RNDWDXQG9DPSLURGHOPDUGLHVHU8UDOW9DPSLUKDUPRQLHUWH DXFKLP9HUHLQPLW/DG\;6LHELOGHWHQHLQK|OOLVFKHV7ULRGDV NHLQH*QDGHXQGNHLQ(UEDUPHQNDQQWH %HLGHKDWWHVLHDXFKPLWQDFK3DULVJHQRPPHQXQGEHLGHEH IDQGHQVLFKLP&HQWUH3RPSLGRXZRGLH0RGHQVFKDXGHV-DKUHV VWDWWIDQG6LHZDUHQGXUFKHLQHQGHU]DKOUHLFKHQ1RWDXVJlQJH JHVFKOSIWXQGZlKUHQG9DPSLURGHOPDUYRUGHP5DXP:DFKH KLHOWZDU7RNDWDPLWKLQHLQJHJDQJHQ (UKDWWHVLFKHLQH*HLVHOJHQRPPHQ
(VZDUHLQHlOWHUH)UDXGLHLQVHLQHP*ULIIKLQJXQGVFKRQRKQ PlFKWLJ]XVDPPHQJHVDFNWZDUQRFKEHYRUVLHGLH:LUNXQJGHV *DVHVJHVSUWKDWWH $OOHLQGHU'UXFNGHU.OLQJHGLHVLFKGLFKWYRULKUHU.HKOH EHIDQGUHLFKWHDXV'LHVHV6FKZHUWJHK|UWH]X7RNDWDZLHGDV6DO] ]XU6XSSH2KQHGLH:DIIHKlWWHPDQLKQVLFKNDXPYRUVWHOOHQ N|QQHQXQGZLHHVKLHZDUVLHLQGHU+|OOHJHVFKPLHGHW ZRUGHQ :LHHLQ'HQNPDOVWDQG7RNDWDDQGHU7U+LQWHUGHU0DVNH EOLFNWHQVHHOHQORVH$XJHQ6LHVDKHQDXFKGDV&KDRVYRULKPGLH 0HQVFKHQGLHYRQLKUHQ6WKOHQJHNLSSWZDUHQXQGDXIGHP %RGHQODJHQ'DEHLKDWWHQVLH*OlVHUXQG)ODVFKHQPLWXPJH UMVVHQ6WXKOHZDUHQHEHQVRJHIDOOHQZLH7LVFKH 'HU3ODQZDUDXIJHJDQJHQ 'RFKVLHKDWWHQDXFK9HUOXVWHLQ.DXIQHKPHQPVVHQ(LQHVGHU 0DQQHTXLQVZDUXPJHNRPPHQ'DV6LOEHUJHVFKRDXVHLQHU %HUHWWDKDWWH$QJLH+DOOJHWURIIHQXQGGDVXQVHOLJH/HEHQGHV ZHLEOLFKHQ=RPELHVDXVJHO|VFKW *HVFKRVVHQKDWWHGHU&KLQHVH6XNRGHUJHQDXZLHGLHDQGHUHQ EHZHJXQJVORVDP%RGHQODJ 1RFKGUHLEOLHEHQ]XUFN 9LROHWWD9DOHUL&RULQQD&DPDFKRXQG.DULQ%HUJPDQQ (UVWHUHZDUHLQ9DPSLUGLH]ZHLWHHLQ:HUZROIGLHGULWWHHLQ VFKOHLPLJHU*KRXOZHQQVLHLKUHGlPRQLVFKH*HVWDOWDQQDKPHQ 'DVKDWWHELVKHUQXUHLQHJHWDQ 'LH9DOHUL 0LQXWHQYHUJLQJHQ 1DFKGHQ6FKVVHQZDUHVVWLOOJHZRUGHQXQGDXFK7RNDWDOLH VHLQH*HLVHOIDOOHQ6FKZHUVFKOXJVLH]X%RGHQ'DQQJLQJGHU 6DPXUDLGHV6DWDQVYRU 0LWVHLQHP6FKZHUWGHXWHWHHUDXIHLQLJH)UDXHQGLHDP%RGHQ ODJHQ6LHZXUGHQDXVHUZlKOWGHQQLKU3ODW]DXIGHU6FK|QKHLWV IDUPZDUVFKRQUHVHUYLHUW 'LH6FK|QVWHQVROOWHQHVVHLQDEHUDXFKGLHbOWHVWHQGHQQDXI GHU+DSS\+HDOWK\%HDXW\IDUPKDWWHGHU6DWDQHLQH)LOLDOHHU ULFKWHW :LHHLQ7ULXPSKDWRUVFKULWW7RNDWDGHU6DPXUDLGHV6DWDQV
GXUFKGLH5HLKHQ6HFKVVFK|QH)UDXHQEUDXFKWHHU9RUDOOHQ 'LQJHQMXQJH8QGDXFKVHFKVlOWHUH (VZDUNHLQH6FKZLHULJNHLWVLH]XILQGHQXQGEHLGUHLGHU MXQJHQ)UDXHQKDWWH7RNDWDVHLQHQEHVRQGHUHQ6SD (VZDUHQ6KHLOD&RQROO\-DQH&ROOLQVXQG6KDR 'DV*DVKDWWHDXFK6XNRQLFKWYHUVFKRQW=ZDUZDUHVLKPQRFK JHOXQJHQHLQH8QWRWHDXV]XVFKDOWHQDEHUGDQDFKKDWWHHUVLFK QLFKWPHKUDXIGHQ%HLQHQKDOWHQN|QQHQ (UZDUJHIDOOHQZRHUVWDQG :HUEHZXWORVZDUGHUZDUDXFKZHKUORV'DVZXWHGHU &KLQHVHXQGHUNlPSIWHPLWDOOHU.UDIWJHJHQGLH:LUNXQJGHV *DVHVDQ(UGXUIWHHLQIDFKQLFKWDXIJHEHQHUPXWHEHL9HUVWDQG EOHLEHQVRQVWZDUDOOHVDXV $XIGHP%RGHQODJHQGLFNH7HSSLFKH6FKOLHOLFKZDUHVHLQYRU QHKPHU/DGHQXQG6XNRSUHWHVHLQ*HVLFKWJHJHQGHQ7HSSLFK (UYHUEDUJHVLQGHPKRFKVWHKHQGHQ)ORUXQGYHUVXFKWHQXUQRFK IODFK]XDWPHQ 'DVJHODQJLKPDXFK'HU&KLQHVHVFKDIIWHHVVRZHQLJ*DVZLH P|JOLFKLQVHLQH$WHPZHJH]XODVVHQ (UK|UWHZLHGLH0HQVFKHQXPNLSSWHQ'D]HUEUDFK*ODVGD ILHOHQDXFK7LVFKHXQG6WKOHXP6XNRK|UWHGDVGXPSIH 6FKODJHQZHQQ0HQVFKHQDXIGHQ%RGHQSUDOOWHQXQGHUPHUNWH VHOEVWZLHHULPPHUVFKZlFKHUZXUGHREZRKOHUVLFKEHPKWHVR ZHQLJ/XIWZLHP|JOLFK]XDWPHQ 6XNRKDWWHHVJHVFKDIIW (UZDUWDWVlFKOLFKQLFKWEHZXWORVJHZRUGHQ$EHUHUNRQQWH DXFKQLFKWLQGDV*HVFKHKHQHLQJUHLIHQ'D]XZDUHUHLQIDFK]X VFKZDFK 'LH:HOOHQWUDIHQLKQ5HJHOUHFKWHEXQWH.UHLVHGLHYHUVXFKWHQ VHLQ*HKLUQ]XEHUVFKZHPPHQ hEHONHLWVWLHJYRP0DJHQKRFK(UNHXFKWHXQGZUJWHNUDOOWH GLH)LQJHULQGHQ7HSSLFKXQGSUHWHGLH/LSSHQ]XVDPPHQ (UGXUIWHQLFKWDXIJHEHQ 8QGHUYHUQDKP*HUlXVFKH 6FKULWWH
6LHZDUHQQLFKWYRQGHU%KQHKHUDXIJHNOXQJHQVRQGHUQDXV GHP+LQWHUJUXQGGHV5DXPHV 6XNRZXWHDXFKZHUGRUWJHVWDQGHQKDWWH 7RNDWDGHU6DPXUDLGHV6DWDQV (UZDUHLQ0RQVWHUGDVGLH+|OOHEHVFKW]WH'DKDWWH'U7RG HLQHQULFKWLJHQ3DUWQHUJHIXQGHQXQG6XNRZXWHDXFKGD GLHVHU7RNDWDGHQ7RGGHV6LQFODLU7HDPVZROOWH:HQQGHU 6DPXUDLGHQ&KLQHVHQEHZHJXQJVORVOLHJHQVDKZUGHHUVLFKGLH &KDQFHVLFKHUOLFKQLFKWHQWJHKHQODVVHQ6XNR]XN|SIHQ 'DVZDUHQ*HGDQNHQGLH6XNRGXUFKGDV+LUQVFKRVVHQ(U NRQQWHQLFKWJHUDGHVDJHQGDHUVLFKZRKOIKOWHXQGYRQ-RKQ 6LQFODLUZDUHEHQIDOOVNHLQH+LOIH]XHUZDUWHQVRQVWKlWWHHU VLFKHUOLFKVFKRQHLQJHJULIIHQ =XGHPKDWWH6XNRGDV5DWWHUQGHU0DVFKLQHQSLVWROHJHK|UW (LQW\SLVFKHV*HUlXVFK /DG\;KDWWHJHVFKRVVHQGHQQGLH03LZDUJHZLVVHUPDHQLKU %UlXWLJDP 8QGYLHOOHLFKWKDWWHVLH-RKQDXFKJHWURIIHQ 'DUDQGXUIWH6XNRJDUQLFKWGHQNHQ 7RNDWDNDPLQ6XNRV1lKH(UK|UWHHVDQGHQ6FKULWWHQ6LH ZXUGHQODXWHUXQGGHU&KLQHVHYHUVXFKWHYHU]ZHLIHOWDXIGLH %HLQH]XJHODQJHQGRFKGDVYHUIOL[WH*DVKDWWHLKQ]XVHKU JHOlKPW'DZDUQLFKWV]XPDFKHQ 6XNREOLHENDPSIXQIlKLJ -HW]WPXWH7RNDWDLKQHUUHLFKWKDEHQRGHUZHQLJVWHQVGLFKWYRU LKPVWHKHQ 6FKOXJHU]X" (VZDUVFKRQIDVWPDVRFKLVWLVFKZDVGHU&KLQHVHWDW(UYHU VXFKWHVLFKDXIGDV3IHLIHQ]XNRQ]HQWULHUHQGDVHQWVWDQGZHQQ GLH.OLQJHQDFKXQWHQVDXVWH 'DV*HUlXVFKEOLHEDXV 'DVZXQGHUWH6XNR9LHOOHLFKWZROOWH7RNDWDHVDXIHLQHDQGHUH $UWXQG:HLVHYHUVXFKHQGHQQGHU&KLQHVHNRQQWHVLFKQLFKWYRU VWHOOHQGDLKQGHU6DPXUDLDP/HEHQOLH 'DQQYHUQDKP6XNRHLQHDQGHUH6WLPPH'LHHLQHU)UDX8QG VLHNODQJQLFKWLQVHLQHU1lKHDXI ª+DVWGXGLH)UDXHQDXVJHVXFKW"©
7RNDWDDQWZRUWHWHQLFKWDNXVWLVFK(UPXWHZRKOJHQLFNWKDEHQ GHQQGLH)UDXVDJWHª(VLVWJXW$PEHVWHQGXKROVWGLHDQGHUHQ KHUHLQ© 'LH6FKULWWHHQWIHUQWHQVLFK 6XNRDWPHWHLQQHUOLFKDXI $EHUGLH6FKUHFNHQZDUHQQRFKQLFKWEHHQGHWª6LHLVWWRW©K|UWH HUHLQH0lGFKHQVWLPPH ª:HULVWWRW"©IUDJWHGLH6WLPPHGLH7RNDWDGHQ%HIHKOJHJHEHQ KDWWH ª$QJLH© ª:DVVDJVWGXGD"© ª-D9LROHWWD-HPDQGKDWVLHHUVFKRVVHQ© ª$EHUZHU&RULQQDZHU"© ª,FKKDEHHVQLFKWJHQDXJHVHKHQZLUNOLFKQLFKW© ª0DQNDQQ$QJLHQLFKWW|WHQ© ª1HLQQLFKWPLWQRUPDOHQ.XJHOQ'HU7lWHUPXJHZHLKWH .XJHOQJHKDEWKDEHQRGHUVRHWZDVbKQOLFKHV,FKZHLHVDXFK QLFKWJHQDX© ª+DVWGXLKQJHVHKHQ"© ª-DLFKJODXEH© ª:HUZDUHV"©IUDJWH9LROHWWD9DOHUL ª,FKJODXEHGLHVHU&KLQHVHKLHU© 6XNREOLHEIDVWGDV+HU]VWHKHQ(UODJEHZHJXQJVORVDXIGHP %RGHQ=ZHL8QWRWHVSUDFKHQEHULKQXQGZXWHQGDHUGLH 6FKXOGDQGHU9HUQLFKWXQJHLQHU$UWJHQRVVLQWUXJGLHGRUWDP %RGHQODJ 6LHZUGHQVLFKUlFKHQ ª%LVWGXVLFKHU&RULQQD"© ª1DWUOLFK© 6XNRK|UWHJHQDXZLHGLHDQGHUHQlKHUNDP6LHEHPKWHVLFK QLFKWHLQPDOOHLVHDXI]XWUHWHQ'LFKWQHEHQGHP&KLQHVHQEOLHE VLHVWHKHQ $XVNDOWHQ$XJHQVWDUUWHGLH9DOHULDXIGHQ0DQQ'DQQEFNWH VLHVLFK 6XNRVSUWHGLH+lQGHGHU%OXWVDXJHULQDXIVHLQHP.|USHU'LH )LQJHUJOLWWHQEHUVHLQH.OHLGXQJGUFNWHQ]XXQGWDVWHWHQLKQ UHJHOUHFKWDEDOVZROOWHQVLHLKQSUIHQ
ª:LOOVWGXLKQDXFKXPEULQJHQ"©K|UWHGHU&KLQHVHGLH6WLPPH GLHVHU&RULQQD&DPDFKR ª,FKZHUGHLKQEHLHQ©'LH9DOHULNLFKHUWH ª1HLQW|WHLKQ©'LHVH:RUWHKDWWHHLQHGULWWHJHVDJW(VZDU .DULQ%HUJPDQQ1RFK]HLJWHVLHLKUHQRUPDOH*HVWDOWDEHUVLH ZDUEHUHLWVLQQHUOLFKHUUHJWXQGDXILKUHPVRQVWVRJODWWHQ*HVLFKW VRQGHUWHVLFKVFKRQGHU6FKOHLPDE$OVHLQHODQJH6SXUUDQQHU QDFKXQWHQGHP+DOVHQWJHJHQ 6XNRVDKHV]ZDUQLFKWHUURFKHVDEHU 6FKRQRIWJHQXJKDWWHHUGLHVHQZLGHUOLFKSHQHWUDQWHQ*HUXFK GHU*KRXOVZDKUJHQRPPHQ6LHVWDQNHQLPPHUQDFK/HLFKHQ )ULHGKRIXQGQDFKXUDOWHP0RGHU 'HU*KRXOW|WHWHXQGEHVFKlIWLJWHVLFKDQVFKOLHHQGPLWGHQ /HLFKHQVHLQHU2SIHU(UJHK|UWHLQVHLQHU$UW]XGHQZLGHUOLFKVWHQ 'lPRQHQ 6FKUHFNOLFK ª+LHUQLPPGLH)ODVFKH©VDJWH.DULQ%HUJPDQQª6FKODJHVLH LKPEHUGHQ.RSIDEHUVRGDHUQLHZLHGHUDXIVWHKW© ª,FKZLOOVHLQ%OXW©HUZLGHUWHGLH9DPSLULQ ª'DVNDQQVWGXDXFKWULQNHQ(UEUDXFKWMDQLFKW]XOHEHQ© ª'DQQKDWHVQLFKWPHKUGHQ.HLP© 'LH%HUJPDQQIDXFKWHª+DVWGXQLFKWVFKRQYRQGHP%OXWHLQHV 0HQVFKHQJHNRVWHW"6DJQLFKWQHLQLFKVHKHHVGHLQHQ/LSSHQDQ 6LH]HLJHQQRFKGLH6SXUHQ-HW]WZLOOLFKHWZDVKDEHQ© ª8QGLFKDXFK©PLVFKWHVLFK&RULQQD&DPDFKRGLH:HUZ|OILQ HLQ )U6XNRNRQQWHHVQXUYRQ9RUWHLOVHLQZHQQVLFKGLHGUHL VWULWWHQ8PVRPHKUZXUGHVHLQ/HEHQYHUOlQJHUW'DNHLQ*DV PHKUHLQVWU|PWHXQGVFKRQHLQJHGUXQJHQHVZLHGHUDEJHVDXJW ZXUGHUHLQLJWHVLFKGLH/XIW'LH.RQ]HQWUDWLRQZDUOlQJVWQLFKW PHKUVRKRFKZLHQRFKYRU]HKQ0LQXWHQ 6XNRPHUNWHGDHUVLFKEHVVHUEHZHJHQNRQQWH6HLQH 5HDNWLRQHQVWLPPWHQ'DV*HKLUQJDEGLH%HIHKOHGLHHLQ]HOQHQ *OLHGHUJHKRUFKWHQ $EHUHUZDUQRFKYLHO]XODQJVDP$XIHLQHQ.DPSIKlWWHHUVLFK QLHXQGQLPPHUHLQODVVHQN|QQHQHUZlUHGDEHLLPPHUGHU 8QWHUOHJHQHJHZHVHQ
-HW]WEHUKUWHQGLH)LQJHUGHU9DPSLULQVHLQHQ+DOV$QGLHVHP .|USHUWHLOZDUHQGLH%OXWVDXJHUEHVRQGHUVLQWHUHVVLHUW'LHXQWHU GHU+DXWYHUODXIHQGH6FKODJDGHUZDUPLW%OXWSUDOOJHIOOW:HQQ GHU9DPSLUJHQDXWUDIXQGVHLQH=lKQHLQGHQ+DOVVFKOXJGDQQ EHNDPHUGDV%OXWZDVLKP]XVWDQG 'XPXWHWZDVWXQ 'HUJHGDQNOLFKH%HIHKOZLUNWHZLHHLQ6FKUHLLQ6XNRV+LUQ(U NRQQWHQLFKWHLQIDFKOLHJHQEOHLEHQXQG]XHLQHP2SIHUGHU 8QWRWHQZHUGHQ(UVDPPHOWHDOOH.UlIWHXQG]RJVHLQHQ$UPDQ (VNODSSWHDOOHUGLQJVXQWHUJURHQ0KHQXQGHUK|UWHJOHLFK ]HLWLJGHQDXIJHUHJWHQ5XIGHU9DOHUL ª9HUGDPPWHUEHZHJWVLFKMD© ª1LPPGLH)ODVFKH©NUHLVFKWH.DULQ%HUJPDQQ 'DZXUGHGLH7UDXIJHVWRHQ 6XNRVDKHVQLFKWDEHUHUYHUQDKPGLH6FKQLWWHGLHGXPSI DXIGHP7HSSLFKNODQJHQ(VZDUQLFKWQXUHLQH3HUVRQGLHGHQ 6DDOEHWUHWHQKDWWH'HU6FKULWWIROJHQDFK]XXUWHLOHQPXWHQHV PHKUHUHVHLQ $XFKQRFK'lPRQHQ" 9LROHWWD9DOHULULFKWHWHVLFKDXI'LH$QN|PPOLQJHKDWWHQGHP &KLQHVHQXQEHZXWGDV/HEHQJHUHWWHWGHQQJHZROOWKDWWHQVLHHV VLFKHUOLFKQLFKW ª1HKPWVLHPLW©ULHI9LROHWWD9DOHULª6FKDIIWVLHLQGHQ:DJHQ 8QG]ZDUVFKQHOO© 6XNRZXWHQLFKWZDVGDPLWJHPHLQWZDU$EHUHUZROOWHHV KHUDXVILQGHQ $EHUPDOVNRQ]HQWULHUWHHUVLFKDXIVHLQ9RUKDEHQ'HQ$UP KDWWHHUELVKHUDQZLQNHOQN|QQHQMHW]WPXWHHVLKPHLQIDFK JHOLQJHQDXFKQRFKGHQ.RSI]XKHEHQ 6XNR]RJDXFKQRFKGHQOLQNHQ$UPDQ%HLGHODJHQMHW]WVRGD HUVLFKDEVWW]HQNRQQWH .ODSSWHHV" -DXPHLQH,GHHEUDFKWHGHU&KLQHVHVHLQHQ.RSIYRP%RGHQ KRFK(UGUHKWHLKQHWZDVQDFKOLQNVZHJYRQGHP/DXIVWHJ GDPLWHULQGHQ6DDOVFKDXHQNRQQWH 6XNRVDKGLH0lQQHU 'LH.HUOHWUXJHQJUDXH.LWWHOZDUHQZXFKWLJJHEDXWXQGPDQ
VDKLKQHQDQGDVLHYRU.UDIWVWURW]WHQ6LHEHZHJWHQVLFKZLH VWXPSIH:HVHQGLHQLFKWGHQNHQNRQQWHQXQG6XNRNDPGHU 9HUGDFKWGDVLHXQWHU+\SQRVHVWDQGHQ 6LHDUEHLWHWHQVFKQHOOXQGJHVFKLFNW -HGHUSDFNWHVLFKHLQH)UDXKREVLHKRFKXQGVFKDIIWHVLHDXV GHP5DXP'DQQNHKUWHHU]XUFNXQGQDKPGLHQlFKVWH 'LH.HUOHNDPHQDXFKLQVHLQH1lKH6XNREHUHLWHWHHVLPPHU PHKU0KHVLFKLQGHU/DJH]XKDOWHQ$OVVLFKHLQHUGHU0lQQHU VFKUlJQHEHQLKPEFNWHXQGMHPDQGHQKRFKKREGDVDKGHU &KLQHVHGDVODQJHVFKZDU]H+DDUGDVZLHHLQH)DKQHQDFK XQWHQILHO 6KDR 0HLQH*WHVLHKDWWHQ6KDRJHKROW 'HU]ZHLWH7\SSDFNWH6KHLODXQGEUDFKWHVLHZHJ 6XNRZDUYHU]ZHLIHOW(UODJQXUHLQHQ6FKULWWHQWIHUQWZDU JHVFKZlFKWXQGNRQQWHQLFKWHLQJUHLIHQ'LHVH0LQXWHQZDUHQ VFKOLPPHUDOVGLHQDKH9HUJDQJHQKHLW(EHQZHJHQVHLQHU +LOIORVLJNHLWIKOWHVLFKGHU&KLQHVHVRPLHV 'DQQVDFNWHHU]XVDPPHQ(UKDWWHHLQIDFKQLFKWPHKUGLH.UDIW XQGGLHDQJHZLQNHOWHQ$UPHNRQQWHQVHLQ*HZLFKWQLFKWPHKU WUDJHQ 'LH0DQQHTXLQVPXWHQVHLQH%HPKXQJHQZRKOYHUIROJW KDEHQGHQQVLHODFKWHQDOV6XNRVRNUDIWORVZXUGHª'XNRPPVW DXFKQRFKGUDQ©YHUVSUDFKLKP9LROHWWD9DOHULªZDUWHQXUYHU GDPPWHU&KLQHVH© 6XNRHUZLGHUWHQLFKWV(UZDU]XVFKZDFK 'HU$QVDJHUKDWWHGHQVFKDUIHQLQWHQVLYHQ6FKPHU]JHVSUWDOV GLH=lKQHLQGDVVWUDIIH)OHLVFKVHLQHV+DOVHVGUDQJHQGDQQZDU GLH:HOWLQHLQHPURWHQ1HEHOYHUVXQNHQXQGHUVHOEVWILHOKLQHLQ LQGHQWLHIHQ6FKDFKWHLQHVXQWRWHQ'DVHLQV 'DV/HEHQZXUGHLKPJHQRPPHQHLQDQGHUHVGDIUJHJHEHQ (LQVFKUHFNOLFKHVVHHOHQORVHVHLQ/HEHQGDVGHU1DFKWJHZHLKW ZDUGHU)LQVWHUQLVGHP*UDXHQ (UZDU]XHLQHP9DPSLUJHZRUGHQ 8QGHUHUZDFKWH
:LHHLQH0DULRQHWWHVHW]WHHUVLFKDXIDOVHUGLH$XJHQJH|IIQHW KDWWH(UGDFKWHIKOWHXQGKDQGHOWHQLFKWPHKUPHQVFKOLFK VRQGHUQZXUGHYRQHLQHP+XQJHUDQJHWULHEHQGHQPDQVFKRQ PLWGHP:RUW*LHUXPVFKUHLEHQNRQQWH (UZROOWH%OXW )UHLQLJH6HNXQGHQEOLHEHUKRFNHQ'DEHLEHZHJWHHUVHLQ *HVLFKWXQGYHU]RJDXFKGLH/LSSHQ1LFKWQXULQQHUOLFKZDUHU]X HLQHP9DPSLUJHZRUGHQVRQGHUQDXFKlXHUOLFK$XVVHLQHP 2EHUNLHIHUWUDWGDVKHUYRUZDVLKQ]XP%OXWVDXJHUPDFKWH =ZHLVSLW]HJHOEOLFKVFKLPPHUQGH=lKQH 'HU$QVDJHUEHZHJWHVHLQHQ0XQG6FKPDW]HQGH*HUlXVFKH HQWVWDQGHQ(UYHUQDKPDXFKGLH6WLPPHQDEHUGLHNODQJHQQLFKW LQVHLQHU1lKHDXIVRQGHUQDXVGHP=XVFKDXHUUDXP'RUWXQWHU KLHOWHQVLFK0HQVFKHQ 0HQVFKHQ" :HQQVLHVLFKGDZLUNOLFKEHIDQGHQGDQQEHGHXWHWHGDV%OXW 0HQVFKHQKDWWHQ%OXW8QG%OXWEUDXFKWHHU (LQWHXIOLVFKHV*ULQVHQOHJWHVLFKDXIVHLQ*HVLFKWDOVHUVLFK QDFKUHFKWVEHXJWHDEVWW]WHXQGDXIGLH%HLQHNRPPHQZROOWH 'DEHLWUDIVHLQ%OLFNGLHDP%RGHQOLHJHQGHQ0HQVFKHQ (LQH)UDXXQGHLQ0DQQ :LHHLQH$ODUPVLUHQHVFKULOOWHHVLQVHLQHP.RSI8QGGLH,GHH ]XFNWHJOHLFK]HLWLJDXI :DUXPVROOWHHUGHQODQJHQ:HJJHKHQZHQQGLH2SIHUGLUHNW LQVHLQHU1lKHODJHQ" 'LH)UDXXQGGHU0DQQUKUWHQVLFKQLFKW6LHZDUHQIHUWLJXQG VLHZUGHQVLFKQLFKWZHKUHQ 1HEHQGHU)UDXODJHLQH0DVFKLQHQSLVWROH'LHLQWHUHVVLHUWHGHQ 9DPSLUQLFKWQXUGLH%HVLW]HULQ6LHZROOWHHUDOVHUVWHOHHUVDXJHQ XQGGDQDFKZDUGHU0DQQDQGHU5HLKH -DHLQJXWHU3ODQ 'HU&RQIHUHQFLHUULHEVLFKGLH+lQGH%OHLFKZDUVHLQ*HVLFKW %OHLFKXQGEOXWOHHU$OVHUGHQ.RSIEHZHJWHXQGVLFKGLH+DXWDQ VHLQHP+DOVVWUDIIWHZDUHQGHXWOLFKGLH(LQVWLFKH]XVHKHQGLHGLH 9DPSLU]lKQHKLQWHUODVVHQKDWWHQ=ZHLU|WOLFKVFKLOOHUQGH3XQNWH JHQDXLP$EVWDQGGHUEHLGHQVSLW]HQ=lKQHGLH9LROHWWD9DOHULLQ LKUHP2EHUNLHIHUWUXJ
'HU$QVDJHUGDFKWHQLFKWPHKUGDUDQZDVYRUKHUJHZHVHQZDU 'DVLQWHUHVVLHUWHLKQQLFKW(UOHEWHQXUQRFKVHLQQHXHV/HEHQ VHLQXQWRWHV'DVHLQ 8QGHUZXWHDXFKQLFKWPHKUZHU/DG\;ZDUXQGGDVLHLP 3ULQ]LS]XLKPJHK|UWH )ULKQZDUVLHHLQ2SIHU$QJHIOOWPLW%OXWGDVVHLQ :HLWHUOHEHQJDUDQWLHUWH8QGH[LVWLHUHQZROOWHHUDXFKDOV8QWRWHU (UZUGH$QJVWXQG6FKUHFNHQEULQJHQGLH0HQVFKHQVROOWHQLKP 8QWHUWDQVHLQHUEUDXFKWHLKUHQ/HEHQVVDIWQXUGDVZDUIULKQ ZLFKWLJ (UEHXJWHVLFKYRUZREHLHUVHLQH$UPHDXVVWUHFNWHXQGEHLGH +lQGHDXIGLH6FKXOWHUQGHU)UDXOHJWH6LHKDWWHGLHIDOVFKH/DJH VLHVROOWHDXIGHP5FNHQOLHJHQ 'HU$QVDJHUJDEVLFK0KH3DPHOD6FRWWKHUXP]XGUHKHQ 'DEHLNQXUUWHXQGIDXFKWHHUZXUGHZWHQGZHLOHVQLFKWVRIRUW NODSSWH(UNQLHWHVLFKKLQ -DVRJLQJHV /DG\;NLSSWHKHUXP-HW]WODJVLHDXIGHP5FNHQ8QEHZHJW ZDUGDVEODVVH*HVLFKW'HU0XQGVWDQGRIIHQ=ZHL=DKQUHLKHQ VFKLPPHUWHQDEHUNHLQHVSLW]HQ9DPSLU]lKQH 6LHZDUQRUPDO 1LFKWPHKUODQJHVRGDFKWHGHU9DPSLU(UZUGHHVLKU]HLJHQ VLHVROOWHHLQJHKHQLQGHQ.UHLVGHU8QWRWHQ (LQ7HLOGHUGXQNOHQ+DDUHODJQRFKDXILKUHP*HVLFKWXQG EHUKUWHDXFKGHQ+DOV'HU8QWRWHZLVFKWHVLHZHJ 'DEHLVWLHHU*HUlXVFKHDXVGLHDQGDV6FKPDW]HQHLQHV *KRXOVHULQQHUWHQ'DVZDUGLHZLOGH9RUIUHXGHDXIGDV%OXWGLH LKQHUIOOWH-DVLHZUGHNHLQH&KDQFHPHKUKDEHQMHW]WZDUHUDQ GHU5HLKH )UZHQLJH6HNXQGHQVFKDXWHHUQRFKLQGDV*HVLFKW 1LFKWVUHJWHVLFKGDULQ'LH)UDXZDUY|OOLJDKQXQJVORV6LHODJ LQWLHIHU2KQPDFKWDEHUGDV+HU]VFKOXJJOHLFKPlLJ'HU9DPSLU VWUHFNWHGHQ$UPDXV'LH)LQJHUGHUUHFKWHQ+DQGXPIDWHQGDV .LQQGHU6FRWW(LQ5XFNXQGGHU9DPSLUGUHKWHLKUHQ.RSIDXI GLHOLQNH6HLWH -HW]WVDKHUGHQ+DOV 'DV/lFKHOQGDVVHLQ*HVLFKWYHUlQGHUWHZDUWHXIOLVFK(U
ZUGHVLHEHLHQ*OHLFKLQGHQQlFKVWHQ6HNXQGHQGDQQKDFNWH HU]XVHLQH=lKQHIDQGHQGHQ:HJ]XLKUHP%OXWXQGVLHNRQQWH QLFKWVDEHUDXFKJDUQLFKWVGDUDQl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|UWH]ZDUGLH6WLPPHQDXVGHP=XVFKDXHUUDXPGRFKGDV DOOHVLQWHUHVVLHUWHLKQQLFKW 'DV2SIHUZDUZLFKWLJHU 'HU9DPSLUEL]X 'LHEHLGHQVSLW]HQ=lKQHWUDIHQ]LHOVLFKHUGLH$GHUDXVGHUGDV %OXWVSUXGHOWH *OHLFK]HLWLJJLQJHLQ5XFNGXUFKGLH*HVWDOWGHU)UDX3O|W]OLFK |IIQHWHVLHGLH$XJHQXQGLPHUVWHQ0RPHQWEHJULIIVLHQLFKWRGHU ZROOWHQLFKWEHJUHLIHQZDVGRUWYRUVLFKJLQJ 6LHK|UWHMHGRFKGLH6DXJJHUlXVFKH 3DQLNVWDKOVLFKLQLKUH$XJHQ=XPHUVWHQPDOZRKOVHLWVLH GHU0RUGOLJDDQJHK|UWHVSUWHVLHGLHKHLH$QJVW,KU*HVLFKW YHU]HUUWHVLFKVLHZROOWHGHQ9DPSLUYRQVLFKVWRHQGRFKVLH VFKDIIWHHVQLFKWHLQPDOLKUH$UPHDQ]XKHEHQ(LQHQLHHUOHEWH 0DWWKHLWKDWWHYRQLKU%HVLW]HUJULIIHQXQGZDUEHUIDOODUWLJEHU VLHJHNRPPHQ :DV9DPSLURGHOPDUVLFK]ZDULQVJHKHLPJHZQVFKWDEHUQLH JHVFKDIIWKDWWHGDVEUDFKWHHLQQRUPDOHU8QWRWHUIHUWLJ(UVDXJWH /DG\;GDV%OXWDXVXQGPDFKWHVLH]XHLQHP9DPSLU'DV*DV KDWWHVLFKZLUNOLFKDOVHLQ%XPHUDQJIUGLH0LWJOLHGHUGHU 0RUGOLJDHUZLHVHQ 8QGHLQ=XUFNJDEHVQLFKW
3DPHOD6FRWWV*HVLFKWV]JHHQWVSDQQWHQVLFK'HU6FKUHFNHQ VFKZDQG(UPDFKWHHLQHUNDONLJHQ%OlVVH3ODW]$OVZUGHQ VFKZHUH*HZLFKWHDXILKUHQ$XJHQODVWHQVRNODSSWHQGLH'HFNHO ODQJVDP]X 'HU9DPSLUOLHQLFKWYRQVHLQHP2SIHUDE(UZDULQHLQHQ UHJHOUHFKWHQ5DXVFKJHIDOOHQHUVDXJWH/DG\;OHHUELV]XP OHW]WHQ%OXWVWURSIHQ(UZDUGHU+HUUVLHGDV2SIHU 6HLQHUVWHV :HLWHUHVROOWHQIROJHQ (UVWQDFK0LQXWHQULFKWHWHHUVLFKDXI%OXWYHUVFKPLHUWZDUVHLQ 0XQG(UZLVFKWHVLFKQLFKWHLQPDOEHUGLH/LSSHQ'DVZHLH +HPG]HLJWHDP.UDJHQURWH)OHFNHQ'RFKGDVZDUHQ'LQJHGLH LKQQLFKWLQWHUHVVLHUWHQ(UKDWWHVHLQHHUVWH1DKUXQJJHIXQGHQ QXUGDV]lKOWHIULKQ 'HU9DPSLUIKOWHVLFKJXW9RUDOOHQ'LQJHQVHKUJHNUlIWLJW(U GUHKWHVLFKXPXQGVDKGHQ0DQQ ,QVHLQHP$XJHQEOLW]WHHV *OHLFK]HLWLJVSUWHHUGHQ+XQJHUQDFKQRFKPHKU/HEHQVVDIW :HQQVLFKGLH&KDQFHVFKRQHLQPDOERWZDUXPVROOWHHUQLFKW DXFKQRFKHLQ]ZHLWHV2SIHUQHKPHQ"9RUJHQRPPHQKDWWHHUHV VLFKVFKOLHOLFK 'HU8QWRWHVHW]WHVHLQHQ3ODQVRIRUWLQGLH7DWXP(UGUHKWHVLFK XPXQGVWUHFNWHVHLQHQUHFKWHQ$UPDXVZHLOHUGHQ0DQQHEHQ IDOOVDXIGHQ5FNHQGUHKHQPXWH ,QGLHVHP$XJHQEOLFNEHZHJWHHUVLFK ,QGHU1lKHGHU.HKOHVFKLHQVLFKGLHhEHONHLW]XYHUGLFKWHQ6LH VWLHJYRP0DJHQKHUKRFKXQGLFKKDWWHHLQ:UJHJHIKOLP +DOVGDVZLUNOLFKQLFKWDQJHQHKPZDU $POLHEVWHQKlWWHLFKPLFKHUEURFKHQDEHUGDVJLQJLUJHQGZLH QLFKWXQGHLQHQ)LQJHULQGHQ+DOVVWHFNHQNRQQWHLFKDXFKQLFKW GHQQLFKNRQQWHPLFKNDXPEHZHJHQ 'DIU|IIQHWHLFKGLH$XJHQ (LQGLFNHU%DONHQEHIDQGVLFKLQPHLQHP%OLFNIHOGXQGEHHLQ WUlFKWLJWHHV=XHUVWGDFKWHLFKDQHLQHQ%DXPVWDPPNQLIIHLQ $XJH]X|IIQHWHHVZLHGHUXQGNRQQWHQXQJHQDXHUVHKHQZREHL
PLUNODUZXUGHGDGHU%DONHQNHLQ%DXPVWDPPZDUVRQGHUQ ]XHLQHP6WXKOEHLQJHK|UWH'DV6LW]P|EHOEHIDQGVLFKGLFKW YRUPHLQHP*HVLFKW 8QGLFKODJHEHQIDOOVIODFK 0HLQ*RWWZDUPLUEHO=XGHPKDWWHLFKHLQGXPSIHV*HIKO LP.RSIDOVZlUHGHU6FKlGHODXIPLQGHVWHQVGDV'RSSHOWHDQJH ZDFKVHQ0HLQH*HGDQNHQEHZHJWHQVLFKWUlJHLFKZXWH]XHUVW QLFKWZDVEHUKDXSW6DFKHZDU %LVLFKGLH*HUlXVFKHK|UWH 0HLQH2KUHQKDWWHQQLFKWJHOLWWHQXQGEHUGLHVH*HUlXVFKH KlWWHQVLFKYLHOOHLFKWGLHPHLVWHQ0HQVFKHQGHQ.RSI]HUEURFKHQ ZHLOVLHLKQHQXQEHNDQQWZDUHQPLUMHGRFKQLFKW,FKKDWWHVLH OHLGHUVFKRQRIWJHQXJYHUQRPPHQ 'LHVHVZLGHUOLFKH6DXJHQZDUPLUZRKOEHNDQQWHVNRQQWH HLJHQWOLFKQXUYRQHLQHP9DPSLUVWDPPHQ 9DPSLU" 3O|W]OLFKJDEHVLQPHLQHP.RSIHLQHQ%OLW]VLQQELOGOLFKJH VSURFKHQ8QGMHW]WZDUGLH(ULQQHUXQJGD1DWUOLFKLFKKDWWH JHJHQHLQHQ9DPSLUJHNlPSIW8QGQLFKWQXUJHJHQLKQDXFK JHJHQHLQHDOWH)HLQGLQ/DG\;JHQDQQW :DULFKWRW" 'HU*HGDQNHNDPQLFKWYRQXQJHIlKUGHQQLFKHULQQHUWHPLFK ZLHGHUGDUDQGDVLHPLWVFKXEHUHLWHU0DVFKLQHQSLVWROHYRUPLU JHVWDQGHQKDWWHXQGPLFKW|WHQZROOWH :DUXPKDWWHVLHHVQLFKWJHVFKDIIW":HQQPLFKLPQDFKKLQHLQ GLH(ULQQHUXQJQLFKWWURJGDQQKDWWHLFK6FKVVHYHUQRPPHQ DEHUGLH.XJHOQPXWHQJHIHKOWKDEHQVRQVWZUGHLFKQLFKWKLHU DXIGHP%RGHQOLHJHQVRQGHUQZlUHLUJHQGZRLP+LPPHORGHULQ GHU+|OOH 'LH6DXJJHUlXVFKHYHUVWXPPWHQ 'DIUYHUQDKPLFKDQGHUH-HPDQGEHZHJWHVLFKQHEHQPLU(U UXWVFKWHEHUGHQ7HSSLFKDXIPLFK]X=ZDUKDWWHLFKHLQHQ.R GXUFK*DV]XYHUNUDIWHQGRFKPHLQ*HGlFKWQLVKDWWHQLFKWJH OLWWHQ:HQQVLFKWDWVlFKOLFKLQPHLQHUXQPLWWHOEDUHQ1lKHHLQ 9DPSLUEHIDQGGDQQZROOWHHUVLFKEHVWLPPWDXFKPLWPLUEH VFKlIWLJHQ +LPPHOGDVZlUHIDWDOJHZHVHQ
,FKZROOWHKRFK (VEOLHEEHLP9RUVDW],FKVFKDIIWHHVVRHEHQQRFKPHLQHQ UHFKWHQ$UPDQ]X]LHKHQXQGGHQOLQNHQIROJHQ]XODVVHQ$OOHLQ GLHVH%HZHJXQJNRVWHWHPLFK6FKZHL 'DQQVSUWHLFKGLH%HUKUXQJ (VZDUHLQH+DQGGLHVLFKDXIPHLQH6FKXOWHUJHOHJWKDWWH)U GLH+DQGHLQHU)UDXZDUVLH]XJUR/DG\;NRQQWHHVDOVRQLFKW VHLQ%OLHEGHU9DPSLU 6FKRQK|UWHLFKVHLQ+HFKHOQ 7DWVlFKOLFK)UHXQGHHUKHFKHOWHZLHHLQ+XQG:DKUVFKHLQOLFK LQZLOGHU9RUIUHXGHXQGPLUUDQQHLQ6FKDXHUQDFKGHPDQGHUHQ EHUGHQ5FNHQ,FKKDWWH$QJVW $QJVWZHLOLFKVRKLOIORVZDU'LHVHV*DVKDWWHPHLQH 5HDNWLRQHQJHOlKPWGHU9DPSLUZUGHOHLFKWHV6SLHOPLWPLU KDEHQ :DVVROOWHLFKWXQ" 6HLQ*ULIIZXUGHKlUWHU,FKDKQWHZDVHUYRUKDWWH(UZROOWH PLFKDXIGHQ5FNHQGUHKHQGDPLWPHLQ+DOVIUHLODJXQGHUVHLQH =lKQHLQGLH$GHUVFKODJHQNRQQWH 'DV6SLHOZDUPLUQLFKWQHX ,FKYHUVXFKWHPLFKGDJHJHQ]XZHKUHQ(VJHODQJPLUQLFKWGHU DQGHUHZDUHLQIDFK]XVWDUN9DPSLUHVLQGSUDNWLVFKGRSSHOWVR VWDUNZLH0HQVFKHQ'HVKDOEZDULKQHQHLQQRUPDOHU0HQVFK DXFKLQHLQHP.DPSIRKQHHQWVSUHFKHQGH:DIIHQXQWHUOHJHQ ,FKILHODXIGHQ5FNHQ =XPHUVWHQPDOVDKLFKGHQ%OXWVDXJHUGLFKWYRUPLU(VZDU NHLQHVGHU0DQQHTXLQVVRQGHUQHLQ0DQQGHQLFKNDQQWH 'HU$QVDJHU :LHGHUHULQQHUWHLFKPLFK,FKKDWWHVHOEVWHUOHEWZLHHUYRQ HLQHPZHLEOLFKHQ%OXWVDXJHUJHELVVHQZRUGHQZDU0HLQ3ODQZDU HVJHZHVHQGLHV]XYHUKLQGHUQRKQH(UIROJZLHLFKMHW]WDXI VFKUHFNOLFKH$UWXQG:HLVHHUNHQQHQPXWH 1RFKYHUVFKZDPPGDV*HVLFKWYRUPHLQHQ$XJHQ'HQQRFK VDKLFKGHXWOLFKGDV%OXWLQVHLQHQ0XQGZLQNHOQXQGDXFKGHU HKHPDOVZHLH.UDJHQ]HLJWHURWH)OHFNHQ 'RUWZDUHQGLHURWHQ7URSIHQ]XODQJHQ%DKQHQYHUODXIHQVLH VDKHQDXVZLH.HWFKXS6SULW]HU
(UVFKOXFNWHXQGNQXUUWHLQHLQHP6HLQHQ0XQGKLHOWHURIIHQ VRGDLFKGLH=lKQHVHKHQNRQQWH$XFKDQLKQHQNOHEWHQRFK %OXWXQGHUVWMHW]WEHJULIILFK 'HU9DPSLUKDWWHVLFKEHUHLWVHLQ2SIHUJHKROW $EHUZHQ" 'DJDEHVHLJHQWOLFKQXUHLQH$QWZRUW'LH)UDXGLHQHEHQPLU DXIGHP%RGHQODJ /DG\; )UHLQHQ0RPHQWYHUJDLFKPHLQHHLJHQHQ6RUJHQXQGKlWWH DPOLHEVWHQJHODFKWDOVLFKGDUDQGDFKWHZDVGLHVHU%OXWVDXJHU GHU0RUGOLJDDQJHWDQKDWWH$EHU]XP/DFKHQZDUPLUQLFKW ]XPXWHGD]XJLQJHVPLUHLQIDFK]XGUHFNLJ %HLQRUPDOHQ.UlIWHQKlWWHHVPLUQLFKWVDXVJHPDFKWGHQ 9DPSLUVR]XVDJHQPLWOLQNV]XEHVLHJHQ(LQ6FKXDXVGHU %HUHWWDXQGHVKlWWHLKQJHJHEHQ 'RFKMHW]WIKOWHLFKPLFKNDSXWWDXVJHODXJWNUDIWORVXQG JHJHQGLHEHUPHQVFKOLFKHQ.UlIWHGHV%OXWVDXJHUVNDPLFK VRZLHVRQLFKWDQ(UUDPPWHVHLQH$UPHYRUXQGGUFNWHEHLGH +lQGHIHVWJHJHQPHLQH6FKXOWHUQ6RSUHWHHUPLFKDXIGHQ %RGHQ ,FKZROOWHGLH%HLQHDQ]LHKHQZDVPLUQLFKWJHODQJGHQQHU KRFNWHDXIPLU6HLQ*HZLFKWQDJHOWHPHLQHQ.|USHUDP%RGHQ IHVW:LHVROOWHLFKPLFKQRFKZHKUHQ" ,FKEHZHJWHPHLQH$UPH$XFKVLHODJHQIODFKDP%RGHQ0LW GHUUHFKWHQ+DQGVWLHLFKJHJHQGHQ6WXKOGLH)LQJHUVFKORVVHQ VLFKDXFKXPGDV%HLQDEHULFKEHNDPGDVYHUGDPPWH6LW]P|EHO QLFKWKRFK (VZDU]XVFKZHULFKZDU]XVFKZDFK ª%OXW©NHXFKWHHUª'HLQ%OXW©,QZLOGHU9RUIUHXGHYHU GUHKWHHUGLH$XJHQXQGLFK]LWWHUWH6ROOWHHVHLQHPHLQIDFKHQ %OXWVDXJHUJHOLQJHQPLFKXP]XEULQJHQ"9LHOHKDWWHQHVYHUVXFKW PlFKWLJH'lPRQHQYRUDOOHQ'LQJHQ.HLQHPZDUHVELVKHU JHOXQJHQXQGMHW]WKRFNWHGLHVHU9DPSLUGHUQRFKYRU HLQHU6WXQGHHLQ0HQVFKJHZHVHQZDUDXIPLUXQGZROOWH PLFKW|WHQ 6HLQH+lQGHO|VWHQVLFKYRQPHLQHQ6FKXOWHUQXQGEHYRULFK PLFKDXIULFKWHQNRQQWHSDFNWHHUZLHGHU]X
'LHVPDOXPNODPPHUWHQVHLQH.ODXHQPHLQHQ+DOV .DXPKDWWHQGLH)LQJHUGDV)OHLVFKDQPHLQHU.HKOHEHUKUWGD GUDQJHLQJHOOHQGHU6FKUHLDXVVHLQHP0XQG(UULLKQZHLWDXI VRGDLFKGDV*HIKOKDEHQNRQQWHGLH.LHIHUZUGHQDXV JHUHQNW'LH$XJHQYHUGUHKWHQVLFKXQGHUO|VWHGLH+lQGHYRQ PHLQHP+DOVDOVKlWWHQVLHHLQJOKHQGHV6WFN(LVHQEHUKUW :DVZDUJHVFKHKHQ" ,FKVDKHVDOVVHLQH$UPH]XUFNIXKUHQXQGHUPLUGLHRIIHQHQ +DQGIOlFKHQSUlVHQWLHUWH 'RUWHQWGHFNWHLFKHLQHQ$EGUXFN (UZDU]LHPOLFKODQJXQG]RJVLFKTXHUGXUFKGLH,QQHQIOlFKHQ EHLGHU+lQGH6RJDU4XDOPVWLHJGDUDXVKHUYRULFKURFKYHU EUDQQWHV)OHLVFKXQGZXWHSO|W]OLFKZHPRGHUZDVLFKGHQ 8PVWDQGPHLQHUYRUOlXILJHQ5HWWXQJ]XYHUGDQNHQKDWWH 'HU.HWWH 'HUVLOEHUQHQ.HWWHDQGHUPHLQJHZHLKWHV.UHX]KLQJ $OVGHU9DPSLUVHLQH+lQGHXPPHLQHQ+DOVVFKODQJGDKDWWH HU]ZDQJVOlXILJGLH.HWWHEHUKUW$XFKVLHZDUJHZHLKWXQGGDV KDWWHGHU%OXWVDXJHU]XVSUHQEHNRPPHQ 'HU6FKPHU]ZKOWHLQLKP(UULGLH$UPHKRFKXQGIXKU ]XUFNZREHLHUVFKULHXQGGHQ.RSIVFKWWHOWH(UNLSSWHVFKZHU DXIGLH6HLWHXQGEHUUROOWHVLFKHLQSDDUPDO 'DVNDPPLUVHKUJHOHJHQ2EZRKOLFKQRFK]LHPOLFKVFKZDFK ZDUJHODQJHVPLUPLFK]XU6HLWH]XZlO]HQ,FKILHOJHJHQGHQ 6WXKOKREPHLQHQUHFKWHQ$UPXQGNODWVFKWHGLH+DQGDXIGLH 6LW]IOlFKH 'HQ6WXKOZROOWHLFKDOV+LOIHEHQXW]HQZHQQLFKPLFKLQGLH +|KHVWHPPWH+RIIHQWOLFKVFKDIIWHLFKHV (VNRVWHWHPLFKHLQHXQJHKHXUH$QVWUHQJXQJ'HU6FKZHL GUDQJPLUDXVVlPWOLFKHQ3RUHQ$OVJOlQ]HQGH6FKLFKWODJHUDXI PHLQHP*HVLFKW0HLQH*OLHGHU]LWWHUWHQ'DV*DVVFKLHQHLQH JHPHLQH/DQJ]HLWZLUNXQJ]XKDEHQ ,FKKDWWHGHQ0XQGZHLWDXIJHULVVHQNHXFKWHXQGZUJWH0LW (QWVHW]HQVDKLFKGDVLFKGHU9DPSLUHLQZHQLJHUKROWKDWWH =ZDUIDXOWHQVHLQH+lQGHODQJVDPDEGLH+DXWZXUGHJUDXXQG GDQQVFKZDU]DEHUHUZDUQRFKQLFKWWRWXQGHUGDFKWHQLFKWLP 7UDXPGDUDQDXI]XJHEHQ
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lUHHLQHZLUNOLFKJXWH&KDQFHJHZHVHQVLH]XEHVLHJHQ ZHQQLFKEHLQRUPDOHQ.UlIWHQJHZHVHQZlUH$EHUVRNRQQWHLFK PLFKNDXPEHZHJHQ 0LUJLQJHVXPNHLQHQ'HXWEHVVHUDOVGHP%OXWVDXJHUGHUHEHQ IDOOVVHLQH6FKZLHULJNHLWHQKDWWHYLHOOHLFKWVRJDUQRFKVFKOHFKWHU GUDQZDU 'DQQVWU]WHHU]X%RGHQ (UILHOVFKZHUKLQXQGVFKDIIWHHVGHQQRFKGLH03LDQVLFK]X QHKPHQ ,FKODJDXIGHP6WXKO4XHUEHUGHU6LW]IOlFKHKLQJPHLQ 2EHUN|USHUGHU6FKZLQGHOKDWWHPLFKHUIDWXQGNHXFKHQGKROWH LFK/XIW 6ROOWHLFKYHUOLHUHQ" 'HU9DPSLUULFKWHWHVLFKDXI'LH03LODJQLFKWPHKUDXIGHP %RGHQ6LHEHIDQGVLFKLQGHQIDXOHQGHQ+lQGHQGHV%OXWVDXJHUV 8QGHUVFKZDQJGDPLWKHUXP 'LH0QGXQJZDQGHUWH,FKVDKHVZLHLP=HLWOXSHQWHPSRXQG YHUGDPPWLFKZDU]XVFKZDFKXPPLFKQRFKZHLWHULQPHLQHU 6WHOOXQJJHVFKZHLJHDXIGHQ%HLQHQ]XKDOWHQ ,FKUXWVFKWHYRQGHU6LW]IOlFKH0LWGHQ.QLHQEHUKUWHLFK ]XHUVWGHQ%RGHQGLH$UPHKDWWHLFKQRFKDXVJHVWUHFNWZREHL VLFKPHLQH)LQJHUXPGLH.DQWHGHU6LW]IOlFKHNODPPHUWHQDEHU PHLQ*HZLFKW]RJPLFKQDFKKLQWHQXQGGHU6WXKOJHULHWVWDUNLQV :DQNHQ :UGHHUNLSSHQ" ,FKVDPPHOWHDOOPHLQH.UlIWHYHUVXFKWHGLH6FKZlFKHDXV
PHLQHQ3XGGLQJJOLHGHUQ]XWUHLEHQGRFKGLH1DFKZLUNXQJHQ GLHVHVWHXIOLVFKHQ*DVHVZDUHQ]XVWDUN 'LH0QGXQJGHU0DVFKLQHQSLVWROHSHQGHOWHVLFKDXIGDV=LHO HLQ8QGGDV=LHOZDULFK 9HU]HUUWVDKLFKGDV*HVLFKWGHV%OXWVDXJHUV(V]RJVLFKZLHGHU DXVHLQDQGHUDOVEHVWQGHHVDXV*XPPLDEHUGHU:LOOHPLFK]X W|WHQVWDQGLQGHQVHHOHQORVHQ$XJHQ 1RFKLPPHUIL[LHUWHQZLUXQV (LQH6HNXQGH]ZHL :DUXPVFKRHUGHQQQLFKW]XP7HXIHO" (LQ6W|KQHQHQWUDQJVLFKPHLQHU%UXVW(UZROOWHPLFKTXlOHQMD GDVZDUHV(UZROOWH 1HLQHUNRQQWHQLFKW0HLQH$XJHQZXUGHQZHLWLFKZROOWHHV NDXPJODXEHQDEHUHVZDUHLQH7DWVDFKH'LH0DVFKLQHQSLVWROH VDQNQDFKXQWHQXQGJOHLFK]HLWLJILHOHQVHLQH+lQGHDE 6LHZDUHQGXUFKJHIDXOW 'HU.UDIWGHVJHZHLKWHQ6LOEHUVKDWWHQVLHQLFKWVHQWJHJHQ]X VHW]HQJHKDEW'LH0DVFKLQHQSLVWROHZDUVFKZHUVHKUVFKZHU VRJDUXQGGHU9DPSLUKDWWHVLHQLFKWPHKUKDOWHQN|QQHQ6LHZDU LKPDXVGHQ)LQJHUQJHIDOOHQ 0LWGHQ+lQGHQ]XVDPPHQILHOVLH]X%RGHQ(VZDUHLQVFKOLP PHV%LOGGDVLFKGD]XVHKHQEHNDPXQGLFKVWHOOWHDXFKIHVWGD GLH9HUIDXOXQJZHLWHUIRUWVFKULWW'HUHLQPDOLQ*DQJJHVHW]WH 3UR]HOLHVLFKQLFKWPHKUDXIKDOWHQ $XFKDQGHQ8QWHUDUPHQHQWGHFNWHLFKGLHHUVWHQEUDXQ VFKZDU]HQIDXOLJHQ6WUHLIHQPHKUZDUQLFKW]XVHKHQZHLO+HPG XQG-DFNHWWlUPHOGHQZHLWHUHQ.|USHUYHUGHFNWHQ (VZDUVFKOLPP 1LFKWQXUIULKQVRQGHUQDXFKIUPLFK,FKKDWWHQLFKWPHKU GLH.UDIWPLFK]XKDOWHQ,FKILHOZLHGHU]X%RGHQ0LWDQJH ZLQNHOWHQ%HLQHQEOLHELFKOLHJHQ 'HU9DPSLUVWDUEGDUDQJDEHVQLFKWVPHKU]XUWWHOQ(UKDWWH VLFK]ZDUQRFKDXIJHUDIIWDEHUHUWRUNHOWHEHUHLWVZLHHLQ%H WUXQNHQHUGXUFKGLH*DUGHUREH'DEHLVFKOXJHUPLWVHLQHQ $UPVWPSIHQXPVLFKIHW]WH.OHLGXQJVVWFNHYRQGHQ%JHOQ ILHOEHUHLQHQ*DUGHUREHQWLVFKXQGUlXPWHLKQOHHU 7LHJHO)ODVFKHQXQG7XEHQILHOHQ]X%RGHQ$XVPDQFKHQOLHI
GDV=HXJDXVXQGYHUVLFNHUWHLUJHQGZRLP7HSSLFK(LQVOLFKHU *HUXFKWUDIPHLQH1DVH (VZDUGDVOHW]WHZDVLFKEHPHUNWH'HU]ZHLWHQ2KQPDFKW NRQQWHLFKPLFKQLFKWPHKUHQWJHJHQVWHPPHQ 'LH0lQQHUDUEHLWHWHQVFKQHOOXQGJH]LHOW ,QVJHVDPW]Z|OI)UDXHQVFKDIIWHQVLHZHJXQGVLHZXUGHQEHL LKUHU$UEHLWQLFKWJHVW|UW :RKOEHUZDFKW 7RNDWDXQG9DPSLURGHOPDUVWDQGHQEHUHLW6ROOWHHLQHUDXVGHU 5HLKHWDQ]HQZUGHQVLHUFNVLFKWVORVGXUFKJUHLIHQ 1LFKWQXU6KDRXQG6KHLODEHIDQGHQVLFKXQWHUGHQMXQJHQ )UDXHQVRQGHUQDXFK-DQH&ROOLQV6LHKREPDQDOVOHW]WH KRFK (LQHUGHU0lQQHUZXFKWHWHVLFKGLH'HWHNWLYLQEHUGLH6FKXOWHU DOVZlUHVLHHLQHLQJHUROOWHU7HSSLFK 6XNRKlWWHJHUQHLQJHJULIIHQDEHUHUVFKDIIWHHVQLFKW'HU &KLQHVHODJDP%RGHQXQGIKOWHVLFKQLFKWLQGHU/DJHHLQH VHLQHU:DIIHQ]X]LHKHQ 8QGGLHGUHL0DQQHTXLQVEHKLHOWHQLKQLP$XJH6LHZUGHQHV DXINHLQHQ)DOO]XODVVHQGD6XNRLUJHQGHLQH5HDNWLRQ]HLJWH RGHUJDUDQJULII'HQ&KLQHVHQZROOWHQVLHXQWHU.RQWUROOHKDEHQ 'DHUJHIlKUOLFKZDUKDWWHHUVFKOLHOLFKEHZLHVHQDOVHU$QJLH +DOOHLQHYRQLKQHQW|WHWH 'LHOHW]WH)UDXZDUKLQDXVJHVFKDIIWZRUGHQ6XNRUHFKQHWH GDPLWGDPDQDXFKLKQSDFNHQZUGHDEHUGDVJHVFKDKQLFKW 6WDWWGHVVHQWUDWHLQDQGHUHV(UHLJQLVHLQ 'HU&KLQHVHK|UWH6FKULWWH 1LFKWYRULKPVRQGHUQEHULKPZRVLFKGHU/DXIVWHJEHIDQG 'RUWJLQJMHPDQG 6XNRV/DJHZDUVFKOHFKWHUNRQQWHVLFK]ZDUXPGUHKHQDEHU QLFKWLQGLH+|KHVFKDXHQ8QGGRFKPXWHHVGRUWMHPDQGHQ JHEHQGHUGLH$XIPHUNVDPNHLWGHUGUHL0DQQHTXLQVHUUHJWH GHQQVLHKDWWHQGLH.|SIHJHZDQGW 'LHGUHLNRQQWH6XNRHUNHQQHQ8QGHUVDKDXFKGHQ6FKOHLP DXIGHP*HVLFKWGHU.DULQ%HUJPDQQZREHL6XNRGHU)DFKPDQQ
VRIRUWZXWHGDHUHVKLHUPLWHLQHPZHLEOLFKHQ*KRXO]X WXQKDWWH hEHUUDVFKXQJ]HLFKQHWHGLH=JHGHU0DQQHTXLQV8QGGDQQ VDJWH9LROHWWD9DOHULHLQHQ6DW] ª%LVWGXHV3DPHOD"© ª-D©YHUQDKP6XNRGLH6WLPPHGHU/DG\;ª,FKELQHVZLUNOLFK PHLQH/LHEHQ© ª$EHUGXELVWMDGXELVW© ª,KUKDEWVFKRQULFKWLJJHVHKHQLFKELQ]XHLQHP9DPSLUJH ZRUGHQ=XHLQHP%OXWVDXJHU©6XNRK|UWHGDV/DFKHQ6RWUDJLVFK VFKLHQVLHHVQLFKW]XILQGHQDEHUGHU&KLQHVHZDUZLUNOLFKEHU UDVFKW /DG\;HLQ9DPSLU 'DVZDUGRFKHLQ'LQJGHU8QP|JOLFKNHLW'DVNRQQWHHV QLFKWJHEHQGDVGXUIWHQLFKWZDKUVHLQGDVZDUHLQ+DPPHU ZLUNOLFK 8QGGRFKZDUHVZDKU ª:LHLVWHVJHVFKHKHQ"©ZROOWH&RULQQD&DPDFKRZLVVHQª:HU KDWGLFK]XHLQHP9DPSLUJHPDFKW"© ª,FKZHLHVQLFKW©/DG\;VSUDQJYRP/DXIVWHJª,FKZLOO ZHJ©VDJWHVLHª6RIRUW© -HW]WNDPDXFK9DPSLURGHOPDUQlKHU:DVLKPLP:HJVWDQG VFKOHXGHUWHHU]XU6HLWH'LFKWYRU/DG\;EOLHEHUVWHKHQ 'LHEHLGHQVFKDXWHQVLFKDQ ª1HLQ©NHXFKWH9DPSLURGHOPDUª1HLQGDVNDQQHVGRFK QLFKWJHEHQ'XHLQ9DPSLU"© ª-D© ª8QGLFKZROOWHLPPHUGHLQ%OXW©NQLUVFKWHHUª,FKGXUIWHHV QLFKW6FKRQDXIGHU,QVHODOVPDQPLFKZHFNWHGDZROOWHLFKGLFK OHHUVDXJHQXQGMHW]WLVWHVYRUEHL(LQDQGHUHUKDWGLFKHUZLVFKW :HUKDWHVJHWDQZHU]XP7HXIHO"© ª9LHOOHLFKWGHU$QVDJHU9LHOOHLFKW© ª8QG6LQFODLU"© ª(UOLHJWQRFKGD© ª'DQQW|WHLKQ2GHULFK© 'HU9DPSLUVSUDFKQLFKWPHKUZHLWHUGHQQSO|W]OLFKKHXOWHHLQH 6LUHQH$ODUP
,UJHQGHWZDVPXWHVFKLHIJHODXIHQVHLQ'DYRQDEHUKDWWHNHLQ 'lPRQHWZDVJHDKQW,KUHQ$XIWUDJMHGRFKKDWWHQVLHHUIOOWMHW]W PXWHQVLHYHUVFKZLQGHQ 6XNRYHUQDKPQRFKGLHKDVWLJHQ6FKULWWHXQGK|UWHDXFKGDV .UHLVFKHQGHU0DQQHTXLQV 'DQQZXUGHHVVWLOO (LQ6SXNZDUJHNRPPHQHLQ6SXNZDUYRUEHL]XUFNEOLHEHQ GLHJUlOLFKH(ULQQHUXQJGDV*UDXHQXQGGLH$QJVW .HQQHUZDUHQGHU0HLQXQJGDGHU+HUEVWLQ&OLFK\ZRKO]X GHP6FK|QVWHQJHK|UWHZDVPDQEHUKDXSWHUOHEHQNRQQWH :HQQGLH6WUDKOHQGHU2NWREHUVRQQHGHQYHUWUlXPWHQ2UWWUDIHQ XQGGDVEXQWH/DXEGHU%lXPHQRFKHLQPDODXI+RFKJODQ]SROLHU WHQGDQQKLHOWGLH0HQVFKHQQLFKWVPHKULQGHQNOHLQHQ+lXVHUQ 'DQQZROOWHQVLHKLQDXVLQGLH1DWXUXP]XJHQLHHQRGHUHLQIDFK QXU]XVFKDXHQ0DQNRQQWHDQQHKPHQLUJHQGZRLQGHU3URYLQ] ]XVHLQXQGQLFKWDP6WDGWUDQGYRQ*UR3DULV &OLFK\ZDUHLQH(QNODYHHLQ2UWGHU5XKHGHU(UKROXQJ+LHU WDQNWHQ0DQDJHU.UlIWHXQGZHUYLHO*HOGKDWWHNDXIWHVLFKKLHU HLQ/DQGKDXVXQGZXUGHHLQVPLWGHU1DWXU %lFKH:lOGHU:LHVHQHLQJURHU%DXPEHVWDQGGDVDOOHV YHU]DXEHUWHLUJHQGZLH1LFKWXPVRQVWZXUGH&OLFK\DXFKYRQ .QVWOHUQ0DOHUQXQG6FKULIWVWHOOHUQIUHTXHQWLHUW (VZDUWHXHUJHZRUGHQKLHU]XZRKQHQ:HUYRQGHQ.QVWOHUQ LQ&OLFK\OHEWHZDUOlQJVWHWDEOLHUW 0DQKDWWH3DUNVJHVFKDIIHQ(LQLJHZXUGHQYRQGHQ6SD]LHU JlQJHUQEHVXFKWEHVRQGHUVZHLOHVLP3DUNQRFKHLQNOHLQHV 5HVWDXUDQWJDEDXIGHVVHQ7HUUDVVHPDQGLH6WUDKOHQGHU +HUEVWVRQQHJHQLHHQNRQQWH )UKHUKDWWHHVIDVWQXUGLH$OWHQQDFK&OLFK\JH]RJHQDEHU KHXWHZDUHQHVGLHMQJHUHQ0HQVFKHQGLHGHU+HNWLNXQGGHP 6WUHGHUQDKHQ*URVWDGWHQWIOLHKHQZROOWHQ 8QGLQHLQHPGHU3DUNVODJDXFKGLH6FK|QKHLWVIDUP +$33<+($/7+<%($87<)$50 'DV6FKLOGZDUEHUKDXSWQLFKW]XEHUVHKHQ:HPGLH)DUP JHK|UWHZXWHQLHPDQG(LQHQJOLVFKHU.RVPHWLN.RQ]HUQVROOWH
VLFKGDKLQWHUYHUEHUJHQDOOHUGLQJVZXWHQVHOEVWGHU%UJHU PHLVWHUXQGVHLQH6WDGWYHURUGQHWHQQLFKWZHUGLHVHV*HElXGH JHNDXIWKDWWH 'DV*HVFKlIWKDWWHQGLH%HVLW]HUEHU0DNOHUXQG$QZlOWH DEODXIHQODVVHQ1DFKGHP.DXIGHVDOWHQ+DXVHVZDUHQGLH +DQGZHUNHUJHNRPPHQXQGKDWWHQXPJHEDXW(VZXUGHUHQR YLHUWPRGHUQLVLHUWXQGDEJHULVVHQ'LH*UXQGPDXHUQDOOHUGLQJV KDWWHPDQVWHKHQODVVHQVRGDGHU(LQGUXFNGHV$OWHQHUKDOWHQ EOLHE$XFKGDV'DFKZDUXQYHUlQGHUWJHEOLHEHQXQGGHUIUDQ ]|VLVFKH6WDDWKDWWHVRJDUQRFKGDIU*HOGJHJHEHQGHQQGDV +DXVVWDQGXQWHU'HQNPDOVFKXW] (VODJHLQJHEHWWHWLQHLQHQZXQGHUVFK|QHQ3DUNPLWDOWHP %DXPEHVWDQG'LH8OPHQ(LFKHQXQG3ODWDQHQEUHLWHWHQLKUH VWDUNHQbVWHEHU6SD]LHUZHJHDXVGLHYRQHLQHP*lUWQHUODXE IUHLJHKDOWHQZXUGHQ'HU5DVHQZDUNXU]JHVFKQLWWHQXQGZLUNWH ZLHHLQIODFKHVJUQHV0HHU%lQNHVWDQGHQEHUDOOYHUWHLOWLP 6RPPHUPLWNOHLQHQ7LVFKHQZRGDV3HUVRQDOVHUYLHUWH :HUVLFKDXIGHU6FK|QKHLWVIDUPOLIWHQODVVHQRGHUDEVSHFNHQ ZROOWHPXWH]DKOHQ1XUVHKUEHJWHUWH0HQVFKHQNRQQWHQVLFK HLQHQ$XIHQWKDOWOHLVWHQXQGHVZDUHQLQGHU7DW0LOOLRQlUHGHUHQ VFKZHUH:DJHQEHUGHQJHWHHUWHQ+DXSWZHJDQUROOWHQ 0HUFHGHV%HQWOH\5ROOV5R\FHGDVZDUHQ$XWRPDUNHQGLH ]XP%LOGGHU.OLQLNJHK|UWHQ (VJLQJGDV*HUFKWXPGDGLH6SH]LDOLVWHQXQGbU]WHDXV HLQHUMlKULJHQHLQHMlKULJH]DXEHUQNRQQWHQ)LOPVWDUVGLH lKQOLFKH.OLQLNHQEHVXFKWKDWWHQZDUHQGHU%HZHLVGDIU &KHIGHU.OLQLNGLHHUVWVHLWXQJHIlKU]HKQ0RQDWHQEHVWDQG ZDUHLQ(QJOlQGHU(UKLH)UDQFLV'UXVLDQXQGDXIVHLQ .RPPDQGRK|UWHDOOHV(UOLHNHLQHQQHEHQVLFKJHOWHQXQGNP PHUWHVLFKXPDOOHV(LQVFKZHLJVDPHUYHUVFKORVVHQHU0HQVFK GHVVHQ%OLFN]XPHLVWVWHFKHQGXQGQLHIUHXQGOLFKZDU(UJLQJ LPPHUHLQZHQLJJHNUPPWXQGKDWWHGLH+lQGHLQGHQ7DVFKHQ VHLQHVEOWHQZHLHQ.LWWHOVEHJUDEHQ $XV/RQGRQNDPHUXQGKDWWHGRUWEHLGHP.RVPHWLN.RQ]HUQ JHDUEHLWHWGHPDXFKGLH.OLQLNKLHUJHK|UWH (UZDUGHU+HUUVFKHUKDWWHIDVWLPPHUVFKOHFKWH/DXQHRGHUVD JUEHOQGLQVHLQHP%UR1LHPDQGNRQQWHLKQGXUFKVFKDXHQ
PDQFKHKLHOWHQLKQIUHLQHQ7HXIHOGHQQXQWHUVHLQHQ+lQGHQ YHUlQGHUWHQVLFKGLH0HQVFKHQ )UDQFLV'UXVLDQQDQQWHVLFKVHOEVWJHQLDO $Q.RPSOH[HQOLWWHUZLUNOLFKQLFKWDEHUHVNPPHUWHLKQQLFKW ZLHDQGHUHGDUEHUGDFKWHQ(UZDUGHU0HLVWHUHUZDUGHU+HUU XQGLKPPXWHPDQJHKRUFKHQ 'DVWDWHQDXFKGLH3DWLHQWHQ:LGHUVSUXFKVORVEHIROJWHQVLH VHLQH$QRUGQXQJHQ'HU&KHIDU]WNRQQWHYRQLKQHQYHUODQJHQ ZDVHUZROOWHVLHWDWHQHV (UOlFKHOWHLQQHUOLFKZHQQHUVHLQH3DWLHQWHQEHVXFKWH6LH ZDUHQZLH:DFKVLQVHLQHQ+lQGHQ:DFKVGDVVLFKIRUPHQOLH 8QGHUZUGHVLHIRUPHQGDVKDWWHHUVLFKIHVWYRUJHQRPPHQ +HXWHPRUJHQLPPHU -HPDQGKLHOWPLUHWZDVXQWHUGLH1DVHZREHLLFKGDV*HIKOKDWWH ]XH[SORGLHUHQ 6WDWWGHVVHQULLFKGHQ0XQGDXIK|UWHPLFKVHOEVWVFKUHLHQ ª(QGOLFKNRPPWHU]XVLFK©YHUQDKPLFKHLQH0lQQHUVWLPPH GLHZLHGXUFK:DWWHDQPHLQH2KUHQGUDQJ ,FK|IIQHWHGLH$XJHQ 6RHEHQQRFKVDKLFKGLH+DQGPLWGHP5LHFKIOlVFKFKHQZLHVLH DXVPHLQHP%OLFNIHOGYHUVFKZDQG'DQQVFKREVLFKHLQ.RSILQ PHLQ*HVLFKWVIHOGGHUPLUQLFKWXQEHNDQQWZDU *UDXH+DDUHVFKDUIEOLFNHQGH$XJHQHWZDVKDJHUH:DQJHQ6R VDKGHU0DQQDXVGHUXQVDP)OXJKDIHQYHUK|UWKDWWH 3DXO0HXULVVH :DVHUHLJHQWOLFKZDUXQGWDWGDVZXWHLFKQRFKLPPHUQLFKW %LVKHUKDWWHHUXQVQRFKQLFKWDXIJHNOlUWZHOFKHQ3RVWHQEHL ZHOFKHP*HKHLPGLHQVWHUEHNOHLGHWH,P3ULQ]LSZDUHVHJDOLFK KRIIWHQXUGDLFKPLWLKPJXW]XVDPPHQDUEHLWHQNRQQWH ª:LHGHUGD"©IUDJWHHU ª.DXP© ª.|QQHQ6LHDXIVWHKHQ"© ª0DOVHKHQ© 9LHOEHVVHUDOVEHLPHUVWHQ(UZDFKHQJLQJHVPLUMHW]W]ZDUDXFK QLFKWDEHULFKVSUWHQLFKWPHKUVRVHKUGDV:UJHQLQPHLQHU
.HKOH$XFKPHLQ.RSIZDUNODUHULFKNRQQWHZLHGHUEHVVHU GHQNHQXQGDXFK)ROJHUXQJHQ]LHKHQ 1RFKLPPHUODJLFKLQGHU*DUGHUREH'LHVPDOZDUYRQ/DG\; NHLQH6SXU]XVHKHQ9RQGHP9DPSLUDOOHUGLQJVVFKRQ1HEHQ GHQ6FKPLQNWLVFKHQODJHLQH*HVWDOWRGHUGDVZDVYRQLKUEULJ JHEOLHEHQZDU,FKVDKHLQ%QGHO.OHLGHUXQGHLQHQ5HVW$VFKH YHUPLVFKWPLW.QRFKHQXQGNOHLQHQ6SOLWWHUQ ,FKVFKOXFNWH1RUPDOHUZHLVHYHUIDXOWHHLQ8QWRWHUGHUYRU NXU]HU=HLW]XP9DPSLUJHZRUGHQZDUQLFKWZHQQPDQLKQHU O|VWH$EHUPHLQ.UHX]XQGGDPLWDXFKGLH.HWWHKDWWHQHLQHVR JURH]HUVW|UHULVFKH.UDIWGDGHU$QVDJHUEXFKVWlEOLFKYHUIDXOW ZDU 6FKOLPP 'HU6WXKODXIGHVVHQ6LW]IOlFKHLFKJHOHJHQKDWWHVWDQGQRFKLQ PHLQHU1lKH(UZDUEHVHW]W6XNRKRFNWHGDUDXIXQGJULQVWHPLFK DQ/HLGHUZDUVHLQ*ULQVHQQLFKWIURKXQGKHLWHUVRQGHUQVFKDO XQGJHTXlOW 0LUVFKZDQWH6FKOLPPHV ª*LEPLUGLH+DQG©VDJWHLFK 'HU&KLQHVHKDOIPLUKRFK'DQQVWDQGLFK0HLQ*RWWZDUGDV VFKOLPP'HU5DXPZXUGHSO|W]OLFK]XHLQHP.UHLVHO$OOHV GUHKWHVLFKVRJDUGHU%RGHQXQGDXFKPLFKSDFNWHGHU 6FKZLQGHOVRGDLFKPLFKYRQDOOHLQQLFKWDXIGHQ%HLQHQKDOWHQ NRQQWH6XNRXQG0HXULVVHVWW]WHQPLFK ª7LHIGXUFKDWPHQ©VDJWHGHU*UDXKDDULJH ª8QG$VDJHQZLH"© ª6RXQJHIlKU.ROOHJH© 'HUKDWWHJXWUHGHQ,FKKDWWHVFKOLHOLFKGDV*LIWHLQDWPHQ PVVHQXQGDXFK6XNRGHUPLUHEHQIDOOVHLQHQ(LQGUXFNPDFKWH DOVZUGHHUQXUQRFKYHUVXFKVZHLVHOHEHQ,KQKDWWHGDV=HXJ HEHQVRYRQGHQ%HLQHQJHKDXHQ 0HXULVVHVFKREPLUHLQHQ6WXKOKLQª+LHUGDVLVWIU6LHDP EHVWHQ6LQFODLU© ,FKQDKP3ODW] ª6LHKWEHVFKHLGHQDXVGLH/DJH©VDJWH6XNR ª:LHVR"© ª9HUPLWGXNHLQHQ"©
8QGRELFKZHOFKHYHUPLWH'LHGUHL)UDXHQ$EHULFKKDWWH PLFKQLFKWJHWUDXWGDQDFK]XIUDJHQ6LHZDUHQYHUVFKZXQGHQ XQGLFKNRQQWHPLUDXFKGHQNHQZHUVLHVLFKJHVFKQDSSWKDWWH ª'XKDVWHVQLFKWYHUKLQGHUQN|QQHQ"©IUDJWHLFKOHLVH ª1HLQ-RKQHVLVWZLUNOLFKQXUHLQHP=XIDOO]XYHUGDQNHQGD ZLUEHLGHQRFKOHEHQ© ª8QGZHOFKHP"© ª'DVHUNOlUHLFK,KQHQEHVVHU©HUZLGHUWH0HXULVVHª8QVHUH *HJQHUVLQGGXUFKHLQHQGHU1RWDXVJlQJHLQGDV&HQWUH 3RPSLGRXHLQJHGUXQJHQ$OOHUGLQJVQLFKWGXUFKHLQHQRIIL]LHOOHQ 1RWDXVJDQJVRQGHUQGXUFKHLQHQGHUQXU(LQJHZHLKWHQEHNDQQW LVW6LHKDEHQGDV7RUDXIJHEURFKHQXQGGDVILHOHLQHPGHU:lUWHU DXI=XP*OFNZDUGHU0DQQQRFKQHXKLHU(UZXWHQLFKWZDV HUWXQVROOWH]XGHPZDUQLHPDQGLQGHU1lKHGHQHUIUDJHQ NRQQWHXQGVRJDEHU*HQHUDO$ODUP6LHN|QQHQVLFKYRUVWHOOHQ ZDVGDORVZDUhEHUDOOKHXOWHQ6LUHQHQ'LH0HQVFKHQYHUOLHHQ DXVDOOHQ5LFKWXQJHQGDV*HElXGH6LHZROOWHQQXUZHJ(EHQIDOOV ,KUHXQGXQVHUH*HJQHUDXFKGLHKLHOWQLFKWVPHKUXQGLP6FKXW] GHUDOOJHPHLQHQ9HUZLUUXQJNRQQWHQVLHHQWNRPPHQ© ª:RKLQ"©IUDJWHLFK 'DKRE0HXULVVHGLH6FKXOWHUQ(VZXWHNHLQHU%HVFKHLGHEHQ VRZHQLJZLHLFKRGHU" ª'RFK©VDJWHLFKªGDJLEWHVQRFKHLQH0|JOLFKNHLW© ª8QGZHOFKH"© ª+DSS\+HDOWK\%HDXW\IDUP© 0HXULVVHZLQNWHDEª0HLQHQ6LHGHQ/DGHQLQ&OLFK\"© ª-D&OLFK\ZXUGHYRQGHQ0DQQHTXLQVHUZlKQW'LHVHYLHU 'DPHQVLQGQlPOLFKQLFKWQRUPDO'DVKHLWHVVLQGNHLQH QRUPDOHQ0HQVFKHQ© ª'UHL©EHULFKWLJWH6XNR ,FKVFKDXWHLKQDQ ª(LQHKDEHLFKHUVFKRVVHQ©VWHOOWHGHU&KLQHVHULFKWLJ ª$KGDVZDUDOVRGHU6FKXGHQLFKJHK|UWKDEH© ª'LH(QWIKUXQJHQKDEHLFKDEHUQLFKWYHUKLQGHUQN|QQHQ(LQ 0LVWLVWGDV© ª6LHJHKHQDOVRGDYRQDXVGDVLFKGLHGUHL)UDXHQDXIGHU 6FK|QKHLWVIDUPEHILQGHQ©VDJWH3DXO0HXULVVH
ª-D© ª'DQQQLFKWVZLHKLQ© ,FKJULQVWHVFKLHIª*HKHQ6LHLPPHUVRIRUVFKYRU0LVWHU"© ª:LHVR"© ª:HQQZLUPLWJURHP$XIJHERWDQUFNHQZHUGHQGLH 'lPRQHQQXUQHUY|V8QGGDVLVWYHUGDPPWVFKOHFKW© 0HXULVVHYHU]RJGDV*HVLFKWDOVKlWWHHULQHLQH=LWURQHJH ELVVHQª'lPRQHQZHQQLFKGDVVFKRQK|UH© ª,VWDEHUHLQH7DWVDFKH© ª1DMD© ª'LH0RUGOLJDPLVFKWVFKZHUPLW©VDJWH6XNRª8QGVLHKDW HLQHQ5FNVFKODJHUOLWWHQZRIUZLUJDUQLFKWVN|QQHQ© ª,FKZHL/DG\;LVW]XHLQHP9DPSLUJHZRUGHQ(LJHQWOLFK PWHQZLUGHP$QVDJHUGDQNEDUVHLQDEHUHUZROOWHDXFKPLFK ]XHLQHP%OXWVDXJHUPDFKHQ© ª'DVYHUVWHKHLFKQLFKW©VDJWH0HXULVVH ,FKEHULFKWHWHZDVPLUZLGHUIDKUHQZDUXQGGHU3ROL]LVWVFKW WHOWHQXUGHQ.RSI ª:LHVLHKWHVHLJHQWOLFKYRUQDXV"©ZROOWHLFKZLVVHQ ª'LH3ROL]HLKDWVLFKXPGLH*lVWHJHNPPHUW(LQLJHVLQGLP .UDQNHQKDXV'DVYHUGDPPWH*DV© ª-DGDVVWLPPW©$XFKLFKVSUWHGLH1DFKZLUNXQJHQQRFK 0HLQ6FKlGHOVFKLHQZHLWHUKLQbKQOLFKNHLWPLWHLQHP%DOORQ]X KDEHQZHQQGDVGXPSIH*HIKODXFKPLWWOHUZHLOHQDFKJHODVVHQ KDWWH ,FKVWDQGDXI'LHVPDONODSSWHHV$XFK6XNRHUKREVLFK0LW HWZDVVWDNVLJHQ6FKULWWHQJLQJLFKLQ5LFKWXQJ/DXIVWHJ /HHUODJHUYRUPLU,P=XVFKDXHUUDXPVDKLFKHLQLJH3ROL]LVWHQ 'LH7UVWDQGZHLWRIIHQ)ULVFKH/XIWGUDQJPLUHQWJHJHQ 1LHPDQGKDWWHDXIJHUlXPW1RFKLPPHUODJHQGLH7LVFKHXQG 6WKOHDP%RGHQ'D]ZLVFKHQGLH)ODVFKHQXQGGLH]HUEURFKHQHQ *OlVHU(VZDUZLUNOLFKHLQ&KDRV:HQQLFKGDUDQGDFKWHZHU DOOHVKLHUJHVHVVHQKDWWHPHLQ*RWWGDVZDUVFKOLPP :LUYHUPLWHQ-DQH6KHLODXQG6KDR0DQKDWWHVLHZHJ JHVFKOHSSWXQGLFKDKQWH6FKOLPPHV'LHVH.OLQLNHQZDUHQ XQGXUFKVFKDXEDU'DNRQQWHPDQ0HQVFKHQDXI1LPPHU ZLHGHUVHKHQYHUVFKZLQGHQODVVHQbKQOLFKHVKDWWHLFKVFKRQ
HUOHEWXQGGLH6RUJHQIDOWHQLQPHLQHP*HVLFKWYHUWLHIWHQVLFK 'LHVPDOKDWWHQXQVGLH*HJQHUZLUNOLFKYROOHUZLVFKWLQGHPVLH DOOHGUHL)UDXHQHQWIKUWHQ :LHYHUORUHQVWDQGLFKDXIGHP/DXIVWHJZlKUHQGXQWHUPLUGLH 3ROL]LVWHQQRFKHLQPDODOOHVGXUFKVXFKWHQXQG6SXUHQDXI QDKPHQ'LHhEHUUHVWHGHU$QJLH+DOOZXUGHQZHJJHVFKDIIW6LH ODJHQLQHLQHP.XQVWVWRIIVDUJGHQ]ZHL/HXWHWUXJHQ 'DQQVWDQG6XNRKLQWHUPLU(UIKOWHlKQOLFKZLHLFK$OVLFK PLFKXPGUHKWHZXWHLFK%HVFKHLG +DUWKDWWHGHU&KLQHVHGLH/LSSHQ]XVDPPHQJHSUHWª:LU ZHUGHQVLHILQGHQ6XNR©VDJWHLFKª*DQ]EHVWLPPW© ª-D-RKQ© (VNODQJZLHHLQ6FKZXU 3DXO0HXULVVHJHVHOOWHVLFK]XXQVª+LHUN|QQHQZLUZRKO QLFKWVPHKUPDFKHQRGHU"© ,FKVFKWWHOWHGHQ.RSIª1HLQ© ª8QGMHW]W"©0HXULVVHULHEEHUVHLQH1DVH :DVLFKEUDXFKWHZDUHQ,QIRUPDWLRQHQEHUGLH6FK|QKHLWV IDUP'DUDXIVSUDFKLFK0HXULVVHDQ ª'DVLVWNHLQ3UREOHP©HUZLGHUWHHUªGLHKDEHQZLUVFKQHOO© ª:LHVFKQHOO"© ª-HW]WLVWGLH1DFKWVFKLFKWDQGHU5HLKH1XUKDOEH%HVHW]XQJ =ZHL6WXQGHQ"©)UDJHQGVFKDXWHHUPLFKEHLGLHVHU$QWZRUWDQ 6LHVFKLHQLKPZRKOVHOEVWQLFKW]XSDVVHQ ª'DVLVW]XODQJ© (UJULQVWHVFKLHIª:XQGHUGDXHUQEHLXQVHEHQHWZDVOlQJHU +HUU.ROOHJH6FKOLHOLFKVLQGZLULQ)UDQNUHLFKXQGQLFKWLQ LUJHQGHLQHP/DQGGHUJURHQ+HW]H+LHUQLPPWPDQVLFK QRFK=HLW© ,FKZXUGHXQZLUVFK$XFK6XNRSDWHGLH$QWZRUWQLFKW,FKVDK HVVHLQHP*HVLFKWDQ ª:LUN|QQHQGHQ)DOODXFKGLUHNWDQJHKHQ©VDJWH3DXO0HXULVVH XQGJULQVWH ª:ROOHQ6LHGDV/HEHQGHU(QWIKUWHQXQEHGLQJWDXIV6SLHO VHW]HQ"© ª1HLQQHLQ© ª'DQQEOHLEHQZLUEHLPHLQHP9RUVFKODJ©
(UVFKWWHOWHGHQ.RSIª:LVVHQ6LH6LQFODLUPLUJHIlOOWGDV DOOHVQLFKW© ª:DV"© ª'DPHLQH$EWHLOXQJSUDNWLVFKDXVGHP6SLHOLVW1RUPDOHU ZHLVHELQLFKHVGHUGLH$QRUGQXQJHQJLEW+LHUVFKHLQWPLU HLQLJHVYHUNHKUW]XVHLQ© ª1HLQHVOlXIWULFKWLJ6LHVLQGGUDXHQ0HXULVVHDEHUZLU QLFKW=XGHPKDEHQZLUGHQ)DOOYRQ%HJLQQDQPLWHUOHEW8QG GDZLUNHLQH%OXIIHUVLQGPWHQ6LHZLVVHQ6FKOLHOLFKDJLHUHQ ZLUQLFKW]XPHUVWHQPDOLQ3DULV© ª'DVZHLLFKXQGGHVKDOEOHJHLFK,KQHQMDNHLQH6WHLQHLQGHQ :HJ0HVVLHXUV© ª$EHU6LHKDOWHQXQVDQGHUODQJHQ/HLQH© ª'DVYLHOOHLFKW©JDE0HXULVVH]X(UVFKDXWHDXIVHLQH8KU ª.RPPHQ6LHIDKUHQZLU]XPHLQHU'LHQVWVWHOOH:LUGUIHQNHLQH =HLWPHKUYHUOLHUHQ© 1HLQGDVGXUIWHQZLUZLUNOLFKQLFKW-HGH0LQXWHZDUZLFKWLJ )UPLFKKLQJGDV/HEHQGHUGUHL)UDXHQDQHLQHPVHLGHQHQ )DGHQ :LUNRQQWHQLQGHQ'LHQVWZDJHQGHVIUDQ]|VLVFKHQ.ROOHJHQ HLQVWHLJHQ(VZDUHLQ&LWURHQYLHU-DKUHDOW/DXWORVUROOWHHUDQ 'HU)DKUHUHLQVWLHUQDFNLJHU7\SGHUPLFKDQHLQHQ0DILRVRHU LQQHUWHPXVWHUWHXQVDOVZROOHHUXQVIUHVVHQ%HVRQGHUV6XNR QDKPHULQ$XJHQVFKHLQ:DKUVFKHLQOLFKEHUOHJWHHUZHUZRKO GHUVWlUNHUHYRQEHLGHQZDU 'LH)DKUWGXUFKVQlFKWOLFKH3DULVEHJDQQ:LUIXKUHQGRUWKLQ ZRVLFKGLH+lXVHU3OlW]HXQG6HKHQVZUGLJNHLWHQGUlQJWHQ /LFKWHUJODQ]ODJEHUGHU6WDGW(VZDUDQJHQHKPNKO(LQH ZXQGHUEDUH+HUEVWQDFKW'LH$XWRVVDKHQDXVZLHIULVFK JHZDFKVW8Q]lKOLJH/LFKWHUVSLHJHOWHQVLFKDXIGHP/DFN $XIGHQEUHLWHQ%RXOHYDUGVIXKUHQGLH:DJHQDXIMHGHU6HLWHLQ 'UHLHUUHLKHQ:HUKLHUGXUFKNRPPHQZROOWHPXWHZLUNOLFKHLQ )DKUNQVWOHUVHLQ8QGDOOHVOLHIRKQH8QIDOODE 6XNRXQGLFKVDHQLP)RQG3DXO0HXULVVHKDWWHQHEHQGHP )DKUHU3ODW]JHQRPPHQ(UGUHKWHVLFK]XXQVXPXQGJULQVWH ª7DJVEHULVWKLHUPHKUORVMHW]WLQGHU1DFKWNRPPWPDQQRFK JXWGXUFK©
,FKKREGLH6FKXOWHUQ:HQQHUGDVVDJWHPXWHHVMDZRKO VWLPPHQ :LUIXKUHQEHUGHQ%RXOHYDUG6W0DUWLQXQGJHODQJWHQDQGHQ 3ODFHGHOD5HSXEOLTXH9RQYLHOHQEHNDQQWHQ3DULVHU3OlW]HQ ]ZHLJHQGLH6WUDHQVWHUQI|UPLJDE6RDXFKKLHU%UHLWH6WUDHQ IKUWHQLQGLHYHUVFKLHGHQVWHQ5LFKWXQJHQ :LUIXKUHQLQ5LFKWXQJ6GHQXQGQDKPHQGHQ%RXOHYDUG'X 7HPSOHGHUVSlWHULQGHQ%RXOHYDUG%HDXPDUFKDLVEHUJHKW$OV LFKGXUFKGLH)HQVWHUQDFKREHQVFKDXWHVDKLFKGLH/LFKWHUNHWWHQ EHUGHU6WUDH6LHZDUIHQLKUHQZHLHQ*ODQ]QLFKWQXUDXIGHQ $VSKDOWVRQGHUQXPIORUWHQDXFKGLH]DKOUHLFKHQ)DKU]HXJHGLH VLFKDXIGHQ3ODFHGHOD%DVWLOOH]XEHZHJWHQZLHDXFKZLUGHQQ GRUWLQGHU1lKHODJGDV%URYRQ3DXO0HXULVVH 9RUGHP3ODW]VWDXWHQVLFKGLH)DKU]HXJH8PLKQKHUXPJDEHV HLQ:LUUZDUUYRQ(LQEDKQVWUDHQhEHUKDXSWLVW3DULVPLW (LQEDKQVWUDHQJHVHJQHW/HLGHUVLQGGLH)DKUEDKQHQQLFKWLP 6FKDFKEUHWWPXVWHUDQJHOHJWZLHLQ1HZ
,FKODVDXFKGDV6FKLOGDQGHU:DQG(VZLHVDXIHLQH([SRUW ILUPDKLQ 0HXULVVHVFKORDXI (LQW\SLVFKHV3DULVHU7UHSSHQKDXV:HLWUlXPLJQRFKLQGHU DOWHQ3DWUL]LHUDUWPLW%|JHQXQWHUGHU'HFNHXQGDXVJODWWHQ 6WHLQHQEHVWHKHQG+RKH7UHQ]ZHLJWHQDE,QGHU0LWWHGHV 7UHSSHQKDXVHVVWDQGGHU)DKUVWXKOHLQ*LWWHUNRUE,FKZXUGHDQ GLHIUDQ]|VLVFKHQ.ULPLVHULQQHUWGLHLFKLP.LQRJHVHKHQKDWWH 'LHVHV7UHSSHQKDXVVDKVRDXVZLHLQGHQ)LOPHQ 'LH*ORW]DXJHQYRQYLHU)HUQVHKNDPHUDVEHREDFKWHWHQXQV 0HQVFKHQVDKHQZLUQLFKWGDIUK|UWHQZLUHLQJHGlPSIWHV 6XPPHQ(VKDWWHVHLQHQ8UVSUXQJKLQWHUGHQ7UHQ +LHUZXUGHDOVRDXFKQDFKWVJHDUEHLWHW 0HXULVVHZDUVWHKHQJHEOLHEHQ6FKDUIVFKDXWHHUXQVDQª$P EHVWHQ6LHYHUJHVVHQGLHVH$GUHVVHZLHGHU©VDJWHHU ª+DOWHQ6LHXQVHLJHQWOLFKIU.OHLQNLQGHU"© ª6FKRQJXW©(UJLQJDXIGHQ.lILJ]XXQG|IIQHWHGLH7U:LU VWLHJHQHLQ0HXULVVHGUXFNWHDXIHLQHQ.QRSI,FKZDUEHUUDVFKW ZLHVHLGHQZHLFKVLFKGHU.lILJLQGLH+|KHEHZHJWH'DPLWKlWWH LFKQLFKWJHUHFKQHW ,QGHUHUVWHQ(WDJHQDKPXQVHLQEUHLWHU*DQJDXI$XFKKLHU .DPHUDV'DV%URGHV0DQQHVODJDXIGHUUHFKWHQ6HLWH'LH7U EHVWDQGDXVGLFNHP+RO],FKQDKPVRJDUDQGDHVPLW6WDKOYHU VWlUNWZDU 0HXULVVHOLHXQVYRUJHKHQ (OHJDQWZDUVHLQ%UR9LHOH%FKHULQGHQ5HJDOHQHLQJURHU 6FKUHLEWLVFKDEHUDXFK)HUQVFKUHLEHUXQG7HOHIRQ,QEHTXHPHQ 6HVVHOQNRQQWHQZLU3ODW]QHKPHQ 0HXULVVHGUFNWHDXIHLQHQ.QRSI(LQ7HLOGHU6WRIIWDSHWHDQGHU :DQGEHZHJWHVLFKODXWORVQDFKREHQ'DIUHUVFKLHQHLQHZHLH )OlFKH$EHUQLFKWIUODQJH:LUVDKHQLPQlFKVWHQ0RPHQWGDV %LOGHLQHV6WDGWWHLOV &OLFK\HQW]LIIHUWHLFK ª'DVLVWHV©VDJWH0HXULVVH ª8QGZROLHJWGLH6FK|QKHLWVIDUP"©IUDJWHLFK ª$XJHQEOLFN©'DV%LOGYHUVFKZDQG$QGHUHHUVFKLHQHQXQG YHUVFKZDQGHQ5DVFKKLQWHUHLQDQGHU'DQQVWRSSWHGDVYLHUWH(V
]HLJWHHLQHQ$XVVFKQLWWDXVGHP6WUDHQQHW]:LUVDKHQDXFK HLQHQJURHQ3DUN,QGHU0LWWHPDWWVFKUDIILHUWZDUHLQ*HElXGH HLQJH]HLFKQHW ª+LHULVWHV©HUNOlUWH0HXULVVH :lKUHQGZLUGDV%LOGEHWUDFKWHWHQJDE0HXULVVHSHU7HOHIRQ HLQLJH$QZHLVXQJHQ ª:LHVLHKWHVPLWGHQ6LFKHUKHLWVYRUNHKUXQJHQDXV"©HUNXQ GLJWHVLFK6XNR ª9LHOOHLFKWNHLQH© ª(LQHJHQDXHUH.DUWHKDEHQ6LHQLFKW"© 0HXULVVHJULQVWH ª1HLQZDVYHUODQJHQ6LH"© ª+lWWHMDVHLQN|QQHQ© ª6LHN|QQHQDEHUHUNHQQHQGDGLHVHV*HOlQGHZLUNOLFKJXW]X HUUHLFKHQLVW©VDJWH0HXULVVHª'DV6WUDHQQHW]ZLQGHWVLFKUXQG XPGHQ3DUNXQGGDVLVWJXW© 'HU0HLQXQJZDUHQ6XNRXQGLFKDXFK ª=XGHPOlWHVVLFKDXFKDXVJH]HLFKQHWDEVSHUUHQ©IJWH3DXO 0HXULVVHQRFKKLQ]X ª,FKELQJHJHQHLQH2IIHQVLYH©ZDUQWHLFK ª1DWUOLFK0RQVLHXU6LQFODLU$EHUDOV5FNHQGHFNXQJGUIWHQ ZLUGRFKEOHLEHQ6LHVLQGXQVHUH*lVWHXQGZLUVLQGGDIUYHU DQWZRUWOLFKGD,KQHQQLFKWVJHVFKLHKW© 6RNRQQWHPDQHVDXFKDXVGUFNHQ ª=XIULHGHQ"©IUDJWHHU ª-D© ª:DQQZROOHQ6LHHLQJUHLIHQ"© ,FKVFKDXWHDXIPHLQH8KU:LUKDWWHQGLH7DJHVZHQGHQRFK QLFKWHUUHLFKW9LHOOHLFKWNODSSWHHVQRFKLQGLHVHU1DFKW'DVVDJWH LFKDXFK0HXULVVH (UVFKWWHOWHGHQ.RSIª8QP|JOLFK6RYLHOH/HXWHVWHKHQ PLUQLFKW]XU9HUIJXQJ=XGHPLVWGHU(LQVDW]QLFKWYRQVWDDWV SROLWLVFKHP,QWHUHVVH© ,FKKREGLH+DQGXQGVWDQGDXIª:HUVDJWGHQQGD6LHLPPHU GDEHLVHLQVROOHQ":LUZHUGHQGLH6DFKHHUOHGLJHQ*HZLVVHU PDHQLP$OOHLQJDQJZHQQHV,KQHQQLFKWVDXVPDFKW© 0HXULVVHVFKREGLH8QWHUOLSSHYRUXQGIXKUPLW]ZHL)LQJHUQ
GXUFKVHLQJUDXHV+DDUª(KUOLFKJHVDJWHVPDFKWPLUHWZDVDXV $EHULFKZLOOEHL,KQHQHLQH$XVQDKPHPDFKHQ0HLQHQ6HJHQ KDEHQ6LH©(UJULIILQGLH7DVFKHXQGKROWHHLQHEODXH6FKDFKWHO KHUYRU=LJDUHWWHQZDUHQLKU,QKDOWª$XFKHLQH"© :LUVFKWWHOWHQEHLGHGHQ.RSI 0HXULVVHTXDOPWH:LHYLHOH)UDQ]RVHQOLHHUGDEHLGHQ *OLPPVWHQJHOLP0XQGZLQNHOXQGQDKPLKQDXFKQLFKWKHUDXV DOVGDV7HOHIRQNOLQJHOWH ª-D©PHOGHWHHUVLFK5DXFKGUDQJLQVHLQH$XJHQXQGHUNQLII VLH]XZlKUHQGHU]XK|UWHª0HKUKDEWLKUQLFKWKHUDXVJH IXQGHQ"©HUNXQGLJWHHUVLFK 6XNRUlXVSHUWHVLFK,FKVFKDXWHLKQDQXQGVDKZLHPHLQ 3DUWQHU]X%RGHQEOLFNWH,KQTXlOWHQGLH6RUJHQ6KDRZDUVHLQ HLQXQGDOOHV(UKLQJVHKUDQGHP0lGFKHQ 0HXULVVHOHJWHGHQ+|UHUDXIXQGVWlXEWH$VFKHDEª'DVZDU PHLQ,QIRUPDQW©VDJWHHUª,FKKDEHHUIDKUHQGDGLH+DSS\ +HDOWK\%HDXW\IDUPHLQHPHQJOLVFKHQ.RVPHWLNXQWHUQHKPHQJH K|UHQVROO© ,FKKRUFKWHDXIGHQQPLWHLQHP.RVPHWLNNRQ]HUQKDWWHLFKVR PHLQH(UIDKUXQJHQJHVDPPHOWª.|QQHQ6LH1lKHUHVGDUEHU VDJHQ"©IUDJWHLFKGHQ.ROOHJHQ ª-DLFKZHLGHQ1DPHQ)DULDF© 'DV:RUWVFKOXJZLHHLQH%RPEHHLQ6XNRXQGLFKVFKDXWHQXQV DQ%HLGHGDFKWHQZLUGDVJOHLFKH'LH*HEUGHU)DULDFKDWWHQXQV HLQHZDKUH+|OOHEHUHLWHW6LHZDUHQ9DPSLUHXQGKDWWHQLQLKUHQ /DERUDWRULHQPLW%OXWVFKUHFNOLFKH9HUVXFKHDQJHVWHOOW'LH6SLW]H KDWWHQZLU]ZDUJHVFKDIIWGHQQYRQGHQ)DULDFVOHEWHNHLQHUPHKU DEHUGHU.RQ]HUQH[LVWLHUWHQDFKZLHYRU8QGGDV%OXWPXWH LUJHQGZRKLQJHVFKDIIWZRUGHQVHLQGHQQHVEDUJHLQHQ9DPSLU NHLPLQVLFK 'DVZDUQDWUOLFKHLQ+DPPHUHUVWHQ5DQJHV'HQ)DULDFV PXWHHVWDWVlFKOLFKJHOXQJHQVHLQGDV%OXWDXHU/DQGHV]X VFKDIIHQ:DKUVFKHLQOLFKDXIGLH6FK|QKHLWVIDUPZRVLHGDQQ 9HUVXFKHDQQLFKWVDKQHQGHQ0HQVFKHQYRUQHKPHQNRQQWHQ 3DXO0HXULVVHKDWWHXQVHUH5HDNWLRQEHPHUNWXQGPHLQWHª'HU 1DPHVFKHLQW,KQHQHWZDV]XVDJHQRGHU"© ª8QGZLH"©
ª(U]lKOHQ6LH© ,FKIDWHLQZHQLJHQ6lW]HQ]XVDPPHQGHQQDXIHLQHQODQJHQ %HULFKWZROOWHLFKPLFKQLFKWHLQODVVHQGD]XVDXQVGLH=HLWYLHO ]XVHKULP1DFNHQ ª%OXW©PHLQWHHUXQG]LWLHUWH*RHWKHªLVWZRKOHLQEHVRQGHUHU 6DIWQLFKW"© ª*HUDGHGDV)DULDF%OXW©,FKVFKWWHOWHGHQ.RSIª:HQQLFK GDUDQGHQNHZDVPDQGDPLWDOOHVDQULFKWHQNDQQGUIHQZLU ZLUNOLFKNHLQH=HLWYHUOLHUHQ© ª$QPLUVROO VQLFKWOLHJHQ,FKIDKUH6LHJHUQKLQRGHUODVVHXQV KLQIDKUHQ© ª7XQ6LHPLUHLQHQ*HIDOOHQ.ROOHJH+DOWHQ6LHVLFK]XUFN :LUNOLFKQXULP+LQWHUJUXQG© ª1DWUOLFK6LQFODLUGDVZDUGRFKYHUHLQEDUW©(UJULQVWHGDEHL VREUHLWGDLFKLKPHLJHQWOLFKNHLQ:RUWJODXEHQNRQQWHª6ROOHQ ZLUVRIRUWIDKUHQ"© ,FKQLFNWHª:DVVRQVW"=XYRUMHGRFKPVVHQZLUQRFK]X XQVHUHP+RWHOXQGHLQLJH'LQJHPLWQHKPHQ© ª:DIIHQ"© ª*HQDX© 3DXO0HXULVVHHUKREVLFKDXVVHLQHPEUDXQHQ/HGHUVHVVHOGHU LWDOLHQLVFKHV'HVLJQ]HLJWHª,FKVDJHQXUQRFKPHLQHP&KDXIIHXU %HVFKHLGGDQQN|QQHQZLU© 6XNRVFKDXWHPLFKDQª+RIIHQWOLFKJHKWGDVJXW©PXUPHOWHHU =XP*OFNVROHLVHGD3DXO0HXULVVHQLFKWVGDYRQYHUVWDQG 6KHLOD-DQHXQG6KDRPHUNWHQQLFKWZDVPDQPLWLKQHQDQVWHOOWH 6LHZDUHQEHZXWORV'DVLHLQHLQHQ/DVWZDJHQYHUIUDFKWHW ZXUGHQEHNDPHQVLHHEHQVRZHQLJPLWZLHGDV$XVODGHQ6LH ZXUGHQHUVWZLHGHUZDFKDOVVLHLQGHPJHNDFKHOWHQ5DXPODJHQ GHUYRQHLQHU/HXFKWVWRIIU|KUHDQGHU'HFNHHUKHOOWZXUGH -DQHZDU]XHUVWGDª2KPHLQ.RSI©VW|KQWHVLHXQGYHUVXFKWH GLH+DQGDQ]XKHEHQ 'DVJLQJQLFKW(UVWMHW]WPHUNWHVLHGDEUHLWH%lQGHUTXHU EHULKUHQ.|USHUJHVFKQDOOWXQGXQWHUGHP%HWWEHIHVWLJWVLH JHIHVVHOWKLHOWHQ6RVWDUNGDVLHVLFKZLUNOLFKQLFKWEHZHJHQ
NRQQWH%UXVW7DLOOHXQG%HLQHZXUGHQYRQGHQ%lQGHUQJHKDOWHQ XQGGLH$UPHZDUHQHQJDQGHQ.|USHUJHSUHW 'LH'HWHNWLYLQEHUOHJWH2EZRKOLKUKXQGHHOHQGZDUEHVFKlI WLJWHQVLFKLKUH*HGDQNHQPLWGHU9HUJDQJHQKHLW,KUILHOZLHGHU HLQZRVLHVLFKEHIXQGHQKDWWHQ$XIHLQHU0RGHQVFKDXXPGLH VRYLHO:LUEHOJHPDFKWZRUGHQZDU'LH0DQQHTXLQVZDUHQ HUVFKLHQHQXQGPLW6FKUHFNHQKDWWHQVLHIHVWVWHOOHQPVVHQGD HVVLFKEHLGLHVHQ)UDXHQXP:HVHULKDQGHOWHGLHPLWHLQHP 0HQVFKHQQLFKW]XYHUJOHLFKHQZDUHQ0DQKDWWHVLH]X*H VFK|SIHQGHU+|OOHJHPDFKW]X8QWRWHQ=RPELHV'lPRQHQ GLHQHUQ 'DQQZDUHQVLHSO|W]OLFKEHWlXEWZRUGHQXQGYRQGLHVHU 6HNXQGHDQZXWH-DQHQLFKWVPHKU 8QGQXQZDUVLHHUZDFKW $EHUZREHIDQGHQVLFKGLHDQGHUHQEHLGHQ"6LHPDFKWHVLFK 6RUJHQXP6KDRXQG6KHLOD 'HQ.RSINRQQWHVLHEHZHJHQXQGDXFKHWZDVGUHKHQ6LH VFKLHOWHQDFKOLQNV 'RUWODJMHPDQGLP1DFKEDUEHWW-DQHVDKHLQHVFKZDU]H +DDUIOXWDXIGHPKHOOHQ/DNHQXQGZXWHVRIRUWGDHVVLFKQXU XP6KDRKDQGHOQNRQQWH 'HUQlFKVWH%OLFNQDFKUHFKWV ª%LVWGXZDFK-DQH"©6KHLOD&RQROO\V6WLPPHNODQJJHSUHW ª-D© ª0HLQ*RWWZDVLVWQXUORV"© ª0DQKDWXQVHQWIKUW© ª8QGZRKLQ"© ª:HQQLFKGDVZWH© ª%HVWLPPWDXIGLHVHYHUGDPPWH6FK|QKHLWVIDUP©'LHVH$QW ZRUWJDEZHGHU6KHLODQRFK-DQHVRQGHUQ6KDR ª'XELVWZDFK"©IUDJWHGLH'HWHNWLYLQ ª-DVFKRQOlQJHU© ª8QG"© 6KDRODFKWHJHSUHWª0DQKDWXQVKLHUOLHJHQODVVHQ8QGZHJ N|QQHQZLUDXFKQLFKW'LHYHUGDPPWHQ)HVVHOQVLW]HQHLQIDFK]X VWUDPPZLHGXVLFKHUOLFKDXFKEHPHUNWKDEHQZLUVW© ª-DGDVVWLPPW©
ª,VW-RKQDXFKKLHU"©IUDJWH6KHLOD ª1HLQLFKJODXEHQLFKW© ª'XZHLWDXFKQLFKWZDVPLWLKPXQG6XNRJHVFKHKHQLVW"© -DQH&ROOLQVVFKZLHJ)UGLHEHLGHQDQGHUHQ)UDXHQZDUGLHV $QWZRUWJHQXJ 1DFKHLQHU:HLOHPHLQWH6KDRª,FKJODXEHQLFKWGDVLH6XNR XQG-RKQHUZLVFKWKDEHQ©6LHDWPHWHWLHIHLQª1HLQGDVZLOOLFK QLFKWJODXEHQ© -DQHJDEGLH$QWZRUWª,FKP|FKWHGLUMDQLFKWDOOH,OOXVLRQHQ UDXEHQDEHUJODXEVWGXGHQQLP(UQVW-RKQXQG6XNRVLQGJHJHQ GLHVHVYHUGDPPWH*DVLPPXQJHZHVHQ"© ª+|UGRFKDXI©VDJWH6KHLOD ª:LUPVVHQGHQ7DWVDFKHQLQV$XJHVHKHQ©HUZLGHUWH-DQH ª6ROHLGHVPLUWXW© ª'DQQUHFKQHVWGXGLUNHLQH&KDQFHPHKUDXV"©IUDJWHGLH VFKZDU]KDDULJH&KLQHVLQ ª6RODQJHZLUOHEHQLPPHU© ª,FKIUDJHPLFKQXUZDVVLHYRQXQVZROOHQ©VDJWH6KHLOD ª7|WHQ"©'DVZDU6KDR ª*ODXEHLFKQLFKW'DVKlWWHQVLHHLQIDFKHUKDEHQN|QQHQ1HLQ GLHKDEHQHWZDVDQGHUHVYRU'HQNWGRFKPDOQDFK6FK|QKHLWV IDUPNDQQPDQDXFKJOHLFK.OLQLNVHW]HQ8QGZHOFKH9HUVXFKH KLQWHU.OLQLNPDXHUQDQJHVWHOOWZHUGHQGDVKDWMDVFKOLHOLFKMHGHU YRQXQVVFKRQJHOHVHQ+LHUPXHLQ7HXIHOUHJLHUHQGHU]X PLQGHVWPLWGHU0RUGOLJDLQ9HUELQGXQJVWHKW© 'DKDWWH6KHLODZLUNOLFKQLFKWV8QEHUOHJWHVJHVDJW'LHEHLGHQ DQGHUHQJDEHQLKUUHFKW :DVVLHDXFKZXQGHUWHZDUGLH6WLOOH6LHZXUGHGXUFKNHLQ *HUlXVFKXQWHUEURFKHQ'HQGUHL)UDXHQVFKLHQHVDOVKDEHPDQ VLHY|OOLJLVROLHUW 'DQQK|UWHQVLHDEHU6FKULWWH ª'DNRPPWMHPDQG©ZLVSHUWH6KDR $XFKGLHDQGHUHQEHLGHQODXVFKWHQ 'LH6FKULWWHYHUVWXPPWHQHWZDVNUDW]WHUHFKWVYRQLKQHQGDQQ VSUWHQVLHHLQHQ/XIW]XJEHULKUH*HVLFKWHUVWUHLFKHQK|UWHQ MHGRFKQLFKWZLHGLH7UJH|IIQHWZXUGH 8QZLOONUOLFKYHUNUDPSIWHQVLFKGLH*HIDQJHQHQGHQQVLH
NRQQWHQQLFKWHUNHQQHQZHUGDDQNDP%LVSO|W]OLFKGLH*HVWDOWHQ YRULKQHQHUVFKLHQHQXQGVRYRUGHQ)XHQGHQGHU%HWWHQVWHKHQ EOLHEHQGDMHGHGHUGUHLGLH%HVXFKHULQQHQHUNHQQHQNRQQWH (VZDUHQGLH0DQQHTXLQV'DVWDQGGLHVFKZDU]KDDULJH9LROHWWD 9DOHULGLHVLFKGLHVPDOQLFKW]XYHUVWHOOHQEUDXFKWH'HQQVLHKDWWH GLH/LSSHQ]XUFNJH]RJHQXQGSUlVHQWLHUWHLKU9DPSLUJHEL 6WDUUEOLFNWHQLKUH$XJHQDXIGLHGUHL*HLVHOQ 1HEHQLKUKLHOWVLFK&RULQQD&DPDFKRDXI$XFKLKU*HVLFKW KDWWHVLFKHLQZHQLJYHUlQGHUW=ZDUZDUHQGLHPHQVFKOLFKHQ =JHQRFK]XHUNHQQHQGRFKDXIGHUKHOOHQ+DXWZXFKVHLQ U|WOLFKVFKLPPHUQGHU)ODXPXQGDXFKGHU0XQGZDUVFKRQ ZHLWHUYRUJH]RJHQVRGDHLQHHQWIHUQWHbKQOLFKNHLWPLWHLQHP :HUZROI]XHUNHQQHQZDU 'LHGULWWHLP%XQGHZDU.DULQ%HUJPDQQ6LHJHK|UWH]XGHQ ZLGHUOLFKVWHQ'lPRQHQGHQQDOOHLQGHU*HUXFKGHQVLHDXV VWU|PWHUHLFKWHDXVXPEHLGHQ*HIDQJHQHQ(NHOJHIKOH]XHU ]HXJHQ6RZLH.DULQ%HUJPDQQVWDQNQXUHLQH'lPRQHQDUW *KRXOV 'LH9DOHULEHUQDKPGDV:RUW ª1D"©K|KQWHVLHª:LHGHUZDFKJHZRUGHQ"© -DQH&ROOLQVJDEGLH$QWZRUWª-DZLUVLQGZLHGHUZDFK8QG ZLUZROOHQZLVVHQZDVGDVDOOHV]XEHGHXWHQKDW© ª:LUKDEHQHXFKHQWIKUW© ª'DVLVWXQVNODU:RKLQ"© ª,FKKDEHHVVFKRQDXIGHP/DXIVWHJJHVDJW'LH6FK|QKHLWVIDUP ZDUWHW© -DQH&ROOLQVYHU]RJGLH/LSSHQª2KQHHLQJHELOGHW]XVHLQ JODXEHLFKGRFKGDZLUHLQH6FK|QKHLWVIDUPQLFKWQ|WLJKDEHQ 0HLQHQ6LHQLFKWDXFK"© ª6LHZHUGHQDXFKQLFKWJHOLIWHW© ª6RQGHUQ"© ª0LWHXFK7lXEFKHQKDEHQZLUHWZDVJDQ]%HVRQGHUHVYRU ,KUVHLGMXQJZLHDXFKGLHDQGHUHQGUHL)UDXHQGLHZLUPLWJH QRPPHQKDEHQ8QGZLUKDEHQVHFKVlOWHUH$QHXFKZROOHQZLU GDVQHXH3UlSDUDWWHVWHQ,KUVHLGGLHHUVWHQ© -DQHV+HU]NORSIWHSO|W]OLFKVFKQHOOHU6RIRUVFKZLHVLHVLFKJDE ZDULKUZLUNOLFKQLFKW]XPXWHª:HOFKHV3UlSDUDW"©
ª1XUHLQHNOHLQH3LOOH© ª8QGZRUDXVEHVWHKWVLH"© ª'DVZHUGHQZLUHXFKMHW]WQRFKQLFKWVDJHQ9LHOOHLFKWVLQGZLU EDOGVFKRQ9HUZDQGWH:HUNDQQGDVZLVVHQ"'LH3LOOHXQVHUHV 'RNWRUVLVWYRU]JOLFK6LHZLUGVLFKHUOLFKGHUJURH5HQQHUGHV )DULDF.RQ]HUQV© 1LFKWQXU-DQH&ROOLQV]XFNWH]XVDPPHQDOVVLHGHQ1DPHQ K|UWHDXFKGLHEHLGHQDQGHUHQ6KHLODXQG6KDRZXWHQZDVHV PLWGHP)DULDF.RQ]HUQDXIVLFKKDWWH'HQQVLHZDUHQGDPDOV HEHQIDOOVLQGHQ)DOOYHUZLFNHOWZRUGHQ8QG-DQHGDFKWHVRIRUWDQ GDV%OXWGDVLQGHQ/DERUVGHV)DULDF.RQ]HUQVKHUJHVWHOOW ZRUGHQZDU(VHQWKLHOWHLQHQ9DPSLUNHLPXQGZDUYRQ9DPSLUR GHOPDUJHUDXEWZRUGHQGDPLWHVQLFKWLQDQGHUH+lQGHILHO (LQHQ5HVWKDWWHPDQXQWHUVXFKHQODVVHQ'HU]XVWlQGLJH &KHPLNHUZDUDOOHUGLQJVVHOEVW]XHLQHP8QWRWHQJHZRUGHQ 8QGGLHVHVJHIlKUOLFKH%OXWZDUZLHGHUGDV9HUELQGXQJVJOLHG ]ZLVFKHQGHQ0DQQHTXLQVXQGGLHVHU6FK|QKHLWVIDUP 6ROOWHQVLHHVHWZDWULQNHQ" :HQQ-DQHGDUDQGDFKWHZXUGHLKUMHW]WVFKRQEHOXQGVLH EHNDP$QJVW $EHUPDOVK|UWHQGLH*HIDQJHQHQ6FKULWWH1LFKWGLHGUHL 0DQQHTXLQVKDWWHQVLFKEHZHJWHVNDPQRFKMHPDQG]XLKQHQ (LQH)UDX 6FKZDU]HVZHLFKHV/HGHUXPVFKPHLFKHOWHGHQJXWJHZDFK VHQHQ.|USHU'DV*HVLFKWZDUEOHLFK'LH+DDUHJOlQ]WHQZLH GXQNHOODFNLHUW6RVDKQXUHLQHDXV /DG\; 'LHDQGHUHQGUHLKDWWHQLKU3ODW]JHPDFKWGDPLWVLHDQGLH /LHJHQKHUDQWUHWHQNRQQWH6LHVWHOOWHVLFKVRKLQGDVLHGLHGUHL )UDXHQDQVFKDXHQNRQQWH 'DV/lFKHOQ]RJLKUH/LSSHQLQGLH%UHLWH(V]HLJWHGHQ 7ULXPSKGHQVLHHPSIDQGXQGGDVNDOWHYRQGHU'HFNHIDOOHQGH /LFKWOLHLKUH8PULVVHQRFKKlUWHUHUVFKHLQHQ ª:LOONRPPHQDXIGHU%HDXW\IDUP©VDJWHVLHXQGODFKWHGDEHL K|KQLVFK$XFKGLHGUHL0DQQHTXLQVYHU]RJHQGLH/LSSHQ6LH VRQQWHQVLFKHEHQVRLQGHP5XKPZLHGLH6FRWW -DQH&ROOLQVIDWHVLFKDOVHUVWHª:DVKDEHQ6LHPLWXQVYRU"©
ª.|QQWLKUHXFKGDVQLFKWGHQNHQ"© ª6FKRQDEHULFKZLOOHVJHQDXZLVVHQ© /DG\;JDEHLQHVWXPPH$QWZRUW6LHVSUDFKNHLQHLQ]LJHV:RUW VRQGHUQ|IIQHWHGHQ0XQG 6KHLOD6KDRXQG-DQHKDWWHQGLH.|SIHHLQZHQLJJHKREHQ8QG VLHVDKHQDOOHGUHLGLHEHLGHQJHIlKUOLFKHQ9DPSLU]lKQHGLHDXV GHP2EHUNLHIHUZXFKVHQ 5HFKWVXQGOLQNV*HOEOLFKVFKLPPHUWHQVLH'HU6SHLFKHOKLQJ QRFKGDUDQ /DG\;HLQ9DPSLU 2GHU" 'LH6FRWWODFKWH(VNODQJKHLVHUXQGUDXKª-D©VDJWHVLHªLKU KDEWVFKRQULFKWLJJHVHKHQ,FKELQ]XHLQHP9DPSLUJHPDFKW ZRUGHQ-HPDQGKDWPHLQ%OXWJHWUXQNHQXQGLFKELQMHW]WHLQ *HVFK|SIGHU1DFKW© ª:HU"©IOVWHUWH6KHLOD /DG\;EHXJWHVLFKYRUª(VZDUHLQ9HUVHKHQGDVJHEHLFKJHUQH ]X'RFKQXQKDEHLFKPLFKGDUDQJHZ|KQW,FKELQJHUQHLQ 9DPSLUXQGHQGOLFKGHQNHXQGIKOHLFKZLHGLH'lPRQLVFKHQ -HGHQIDOOVNDQQLFKVLHMHW]WEHVVHUYHUVWHKHQXQGPLFKDXFKLQLKUH /DJHYHUVHW]HQ,FKVHKHGLH0HQVFKHQPLWDQGHUHQ$XJHQ VFKlW]HVLHDQGHUVHLQ$XFKHXFKKDEHLFKULFKWLJHLQJHVFKlW]W ZHQQLFKHXFKVROLHJHQVHKH1LFKWPHKUHXUH.|USHULQWHUHVVLH UHQPLFKLFKZLOOVLHDXFKQLFKW]HUVW|UHQDEHULQHXUHQ.|USHUQ XQGXQWHUGHU+DXWIOLHWHWZDVGDVIUPLFKGDVhEHUOHEHQ EHGHXWHW%OXW©IOVWHUWHVLHªIULVFKHVKHUUOLFKHV%OXW'DVDOOHLQ LVWHV© 'LHGUHLJHIDQJHQHQ)UDXHQZDUHQQLFKWEHUUDVFKW6FKRQDOV /DG\;LKUH=lKQH]HLJWHKDWWHQVLHJHZXWGDHVVRNRPPHQ ZUGH(LQ9DPSLUNRQQWHQXUH[LVWLHUHQZHQQHUVLFKYRP%OXW GHUDQGHUHQHUQlKUWH8QGLQLKUHQ$GHUQIORQXQPDOGDVUHLQH XQYHUIlOVFKWH%OXW /DG\;EHXJWHVLFKYRUª:LHJHIlOOWHXFKGDV"©IUDJWHVLHPLW IOVWHUQGHU6WLPPH -DQH&ROOLQVZXWHQLFKWZDVGLHDQGHUHQEHLGHQGDFKWHQ :DKUVFKHLQOLFKTXlOWHQVLHVLFKPLWlKQOLFKHQ*HGDQNHQKHUXP ZLHDXFKVLH8QG-DQHJDEGLH$QWZRUW
ª8PXQVHU%OXW]XWULQNHQKlWWHWLKUXQVQLFKWH[WUDDXIGLH 6FK|QKHLWVIDUP]XVFKOHSSHQEUDXFKHQ© ª'DVVWLPPW© ª'DQQODXQVLQ5XKH© ª1HLQ©'LH$QWZRUWGHU%OXWVDXJHULQSHLWVFKWHGHQGUHLHQHQW JHJHQª,FKZHUGHHXFKQLFKWLQ5XKHODVVHQGHQQLKUJHK|UW]X GHQ)UDXHQPLWGHQHQZLU9HUVXFKH©'LH6FRWWYHUVWXPPWH XQGGUHKWHVLFKQDFKOLQNV 'RUWZDUGLH7UZHLWHUDXIJHGUFNWZRUGHQXQGHLQQHXHU %HVXFKHUEHWUDWGHQ5DXP (VZDUHLQ0DQQ (UJLQJOHLFKWJHNUPPWWUXJHLQHQZHLHQ.LWWHOXQGKDWWHGLH +lQGHLQGHVVHQ7DVFKHQYHUJUDEHQ6HLQH6FKXKVRKOHQVFKOHLIWHQ EHUGHQ%RGHQGHU$WHPJLQJVFKZHUDOVKlWWHHUPLWLUJHQG HLQHU.UDQNKHLW]XNlPSIHQ 'LH*HIDQJHQHQNRQQWHQLKQHUVWVHKHQDOVHUGLH1lKHLKUHU /LHJHQHUUHLFKWKDWWH 'RUWEOLHEHUVWHKHQ'DEHLEHXJWHHUVLFKQRFKZHLWHUYRUVR GDGLHGUHLVHLQKDJHUHVYHUVFKORVVHQZLUNHQGHV*HVLFKWVHKHQ NRQQWHQLQGHPGLH$XJHQWLHILQGHQ+|KOHQODJHQXQGGHVVHQ GXQNOHV+DDUJHVFKHLWHOWXQGDQEHLGHQ6HLWHQJODWWQDFKKLQWHQ JHNlPPWZRUGHQZDU$XIVHLQHQ:DQJHQVFKLPPHUWHQ %DUWVFKDWWHQ'LH1DVHVSUDQJKDUWXQGHWZDVJHNUPPWDXVGHP *HVLFKW'HU0XQGZDUMHGRFKQLFKWVFKPDOZLHPDQHVEHL KDJHUHQ7\SHQRIWVDKVRQGHUQHLQZHQLJZHLFKOLFKYHU]RJHQ(U ZLUNWHIHPLQLQ'D]XWUXJHQDXFKGLHYROOHQ/LSSHQEHLGLHHLQH IUHLQHQ0DQQXQJHZ|KQOLFKH5|WH]HLJWHQ 'LHVHU7\SVFKDXWHGLHGUHL*HIDQJHQHQDQ'LH)UDXHQZXUGHQ PLW%OLFNHQWD[LHUWGLHVLHIU|VWHOQOLHHQ6RPXVWHUWHPDQNHLQH 0HQVFKHQK|FKVWHQVZHOFKHGLHLUJHQGZDQQLUJHQGZRKLQJH VFKDIIWZHUGHQVROOWHQ$XIGLH6FKODFKWEDQNYLHOOHLFKW .HLQ)XQNHQ0LWOHLGRGHU%HGDXHUQOHXFKWHWHLQGHQGXQNOHQ 3XSLOOHQ)UGLHVHQ0HQVFKHQlXHUOLFKZDUHUVFKOLHOLFKHLQHU ZDUHQGLH)UDXHQQXUHLQH:DUHRGHU2EMHNWH ª,FKELQ)UDQFLV'UXVLDQ©VDJWHHU ª0WHQZLU6LHNHQQHQ"©IUDJWH6KHLODª'HU$XVVSUDFKHQDFK ]XXUWHLOHQVLQG6LH(QJOlQGHU©
ª'DVVWLPPW,FKNRPPHVRJDUDXV/RQGRQZLHDXFK6LHPHLQH 'DPHQ©(UKREEHLGH$UPHXQGOHJWHGLH+lQGHDXIGLH )XHQGHQYRQ-DQHV/LHJHª,FKKDEHLQ/RQGRQJHIRUVFKW8QG ]ZDULP.RVPHWLNNRQ]HUQGHU)DULDFV,FKXQGPHLQH0LWDUEHLWHU KDEHQVHKUYLHOJHVFKDIIW8QVLVWHLQJHQLDOHU6SUXQJJHOXQJHQ :LUKDEHQGDV9DPSLUEOXWV\QWKHWLVFKKHUVWHOOHQN|QQHQ)DVWELV ]XU6HULHQUHLIH'RFKGDQQNDPHQ,KUH)UHXQGHXQGPDFKWHQ XQVHUH$UEHLW]XQLFKWH'DVKDEHLFKQLHYHUJHVVHQ=XP*OFN JHODQJHVPLUQDFK)UDQNUHLFK]XIOLHKHQZRLFKPHLQH )RUVFKXQJHQZHLWHUIKUHQNRQQWH'DV%OXWZXUGHDXFKKHU JHVFKDIIWXQGHVKDWQXUHLQHNXU]H8QWHUEUHFKXQJPHLQHU$UEHLW JHJHEHQ-HW]WLVWHVVRZHLWJHGLHKHQGDZLUYLHOOHLFKWVRJDULQ GLH6HULHQSURGXNWLRQJHKHQN|QQHQ'DV(UEHGHU)DULDFV ZLUGEDOGZHOWZHLWYHUWULHEHQ9DPSLUEOXWLQ7DEOHWWHQIRUP 6\QWKHWLVFKKHUJHVWHOOW'DVLVWQRFKQLHPDQGHQJHOXQJHQ,FK )UDQFLV'UXVLDQELQGHUHUVWH8QGLFKZHUGHPLW8QWHUVWW]XQJ GHUPlFKWLJHQ0RUGOLJDGDIUVRUJHQGDGLHVHV%OXWMHGHP 0HQVFKHQ]XJlQJOLFKLVW2E0DQQ)UDXRGHU.LQGGDVVSLHOWEHL PLUNHLQH5ROOH9DPSLURGHOPDUZLUGHLQHUHJHOUHFKWH$UPHH YRQ%OXWVDXJHUQEHNRPPHQGLHDOOHVDPWGHQ.HLPGHU)DULDFVLQ VLFKWUDJHQRKQHHV]XZLVVHQ'HUJXWH9HUWULHEVZHJEHVWHKWQDFK ZLHYRULKQKDEWLKU]XP*OFNQLFKW]HUVW|UHQN|QQHQXQGLKU GUHLJHK|UW]XGHQHUVWHQGHQHQLFKGLHQHXH9DPSLUSLOOH]X VFKOXFNHQJHEH©(UODFKWHODXWXQGULHEVLFKGLH+lQGH /DG\;ODFKWHQLFKW6LHVFKDXWHILQVWHU]X%RGHQDOVZUGHVLH KLQWHULKUHUJODWWHQ6WLUQVFKZHUH*HGDQNHQZlO]HQ ª:DVLVWORV"©IUDJWH'UXVLDQGHUGLH9HUlQGHUXQJGHU)UDX ZRKOEHPHUNWKDWWH ª'LHVH3LOOHQJHIDOOHQPLUQLFKW© ª8QGZDUXP"ª ª:HLOLFK2SIHUKDEHQZLOO© 'UXVLDQODFKWHª'XZLOOVWVLHEHLHQQLFKW"© ª-D©'LH$QWZRUWZDUHLQ)DXFKHQ 3DPHOD6FRWWULGHQ0XQGGDEHLVHKUZHLWDXIVRGDMHGHULKUH 9DPSLU]lKQHVHKHQNRQQWH 'UXVLDQZLQNWHDEª.HLQH$QJVWIUGLFKEOHLEWQRFKJHQXJ ]XUFN:LUN|QQHQMDQLFKWDOOH0HQVFKHQHUIDVVHQXQGYLHOOHLFKW
ZLUNWGLH3LOOHDXFKQLFKWVRVWDUNZLHLFKDQJHQRPPHQKDEH 6FKOLHOLFKLVWGLH'RVLVYHUGQQWXQGYLHOOHLFKWPXWGXQRFK HLQPDOQDFKEHLHQ©(UNLFKHUWHGHQQGLHVH$QWZRUWDPVLHUWH LKQN|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lQHQHUIDKUHQ 1XU/DG\;ZDUPLWGHP9RUVFKODJGHV.OLQLNOHLWHUVQLFKWVR UHFKWHLQYHUVWDQGHQª6LHJHK|UWPLU©VDJWHGLH9DPSLULQª:HQQ LFK6LQFODLUVFKRQQLFKWKDEHGDQQZHQLJVWHQVGLH&ROOLQV© 'UXVLDQVFKDXWHVLHDQª'LUOLHJWYLHOGDUDQRGHU"© ª$OOHV© 'DOlFKHOWHGHUKRKOZDQJLJH.OLQLNFKHIª*XWPHLQHOLHEH 3DPHODZHQQGLUDOOHVGDUDQOLHJWGDQQVFKHQNHLFKVLHGLU© /DG\;UXQ]HOWHGLH6WLUQª6ROOGDVKHLHQGDGXVLHPLU EHUOlW"© ª*HQDX© 'LH6FRWWODFKWHª+HUUOLFK'UXVLDQ:LUNOLFKKHUUOLFK'XELVW JXWGXELVWVRJDUEHVVHUDOVLFKGDFKWH:LUNOLFKPHLQ/LHEHU© 3DPHOD6FRWWGUHKWHVLFKZLHGHUXPXQGVFKDXWH-DQH&ROOLQVDQ ª:LUZHUGHQXQVEHVWLPPWDPVLHUHQPHLQH.OHLQH© -DQHZDU]XVDPPHQJH]XFNW6LHZXWHZDVGDDXIVLH]XNDP
/DG\;ZUGHNHLQ(UEDUPHQNHQQHQXQGLKUPLW9HUJQJHQ GDV%OXWDXVGHQ$GHUQVDXJHQGDPLW-DQHKLQWHUKHUHEHQVR GHJHQHULHUWKHUXPOLHIZLHGLH6FRWW ª8QGZDQQNDQQLFKVLHKDEHQ"©/DXHUQGZDUGLH)UDJHJHVWHOOW )UDQFLV'UXVLDQKREGLH6FKXOWHUQª:DQQGXZLOOVW© ª$XFKVRIRUW"© ª0HLQHWZHJHQ© 'DVWLH/DG\;HLQ7ULXPSKJHKHXODXV6LHNUHLVHOWHDXIGHU 6WHOOHKHUXPLKUH$XJHQJOlQ]WHQLQHLQHPZLOGHQ)LHEHUVLH OHXFKWHWHQGLUHNWXQGVLHNRQQWHHVNDXPHUZDUWHQ 3O|W]OLFKVWDQGVLHQHEHQ-DQHV%HWW%HLGH$UPHVWLHHQYRUXQG ]HKQ)LQJHUJUXEHQVLFKLQGLH6FKXOWHUQGHU'HWHNWLYLQ ª-D©NQLUVFKWHGLH6FRWWª-DXQGMD$POLHEVWHQZUGHLFKGLFK VRIRUWOHHUVDXJHQDEHUGDVJHKWQLFKW,FKZHUGHGLFKPLWQHKPHQ =XPLU'RUWKLQZRZLUEHLGHJDQ]DOOHLQVLQG©6LHEUDFKWHLKU *HVLFKWGLFKWYRU-DQHV$XJHQXQGKDWWHGLH/LSSHQ]XHLQHP EUHLWHQ/DFKHQYHU]RJHQVRGDDXFKLKUH=lKQHJHQDX]XVHKHQ ZDUHQ ª1LPPVLHHQGOLFKZHJ©YHUODQJWH'UXVLDQ ª1DWUOLFKVLFKHU©/DG\;EFNWHVLFK8QWHUGHP%HWWZDUHQ GLHEUHLWHQ%lQGHUIHVWJHVFKQDOOW'UHLPDOPXWH/DG\;GLH 6FKQDOOHQ|IIQHQXQGDOOHGUHL%lQGHUVFKQDFNWHQ]XUFN -DQHZDUIUHL 'DVODQJH/LHJHQKDWWHLKUHQ.UHLVODXIHLQZHQLJGXUFKHLQDQGHU JHEUDFKW$OVVLHVLFKDXIULFKWHQZROOWHXQGVFKRQKDOEKRFKZDU HUIDWHVLHGHU6FKZLQGHOXQGVLHILHOZLHGHU]XUFN 'DEHLPHUNWHVLHQRFKHWZDVDQGHUHV 0DQKDWWHLKUH+lQGHJHIHVVHOWPLWHLQHP6HLOGDVHUVWHQV UHLIHVWXQGVRODQJZDUGDVLHGLH$UPHQXUELV]XU%UHLWHLKUHV .|USHUVDXVHLQDQGHU]LHKHQNRQQWH=XGHPZDUHQVLHDXIGHQ 5FNHQJHEXQGHQ9LHOZUGH-DQHGLHVHYHUKlOWQLVPlLJORFNHUH )HVVHOXQJDXFKQLFKWKHOIHQ ª6WHKDXI©KHUUVFKWH/DG\;GLH'HWHNWLYLQDQ -DQHJHKRUFKWH6LHVFKZDQNWHHLQZHQLJDOVVLHVWDQGGRFKGDV OHJWHVLFK ª*HKLPPHUYRUPLUKHU©IOVWHUWHGLH%OXWVDXJHULQª8QGOD GLUQXUQLFKWHLQIDOOHQLUJHQGHWZDV]XYHUVXFKHQGXZUGHVWHV
GRFKQLFKWVFKDIIHQ$XFKRKQH0DVFKLQHQSLVWROHELQLFKVFKQHOOHU DOVGX© -DQH&ROOLQVHUZLGHUWHQLFKWV6LHVFKDXWHDXFK6KDRXQG6KHLOD QLFKWDQ%OLFNHYLHOOHLFKW$EVFKLHGVEOLFNHIULPPHUKlWWHQDOOHV QXUQRFKYHUVFKOLPPHUW 1XU'UXVLDQVDJWHHWZDVª$OV0HQVFKVHKWLKUHXFKQLFKWPHKU ZLHGHU©8QGGDQQODFKWHHUZLHGHU ,QHLQHU6WXQGHKDWWHQZLUHVJHVFKDIIW-HW]WEHIDQGHQZLUXQVLQ &OLFK\ (LQDOWHU2UWYHUWUlXPWURPDQWLVFKYHUVFKODIHQ'DVVDKLFK DXFKZlKUHQGGHU'XQNHOKHLW6XNRXQGLFKKRFNWHQLP)RQG ZlKUHQG3DXO0HXULVVHXQGVHLQJRULOODlKQOLFKHU)DKUHUHVVLFK YRUQEHTXHPJHPDFKWKDWWHQ 0DQFKPDOVWUHLIWHXQVGHU6FKHLQHLQHUDOWHQ*DVODWHUQH'DQQ VDKLFKDXFK6XNRV*HVLFKW (VZLUNWHKDUWDQJHVSDQQWXQGNRQ]HQWULHUWZLHVHOWHQ(VJLQJ GLHVPDOQLFKWQXUXP6KDRVRQGHUQDXFKXP6KHLODXQG-DQH%LOO &RQROO\KDWWHQZLUJDUQLFKWVJHVDJW(UVDQDFKZLHYRULQ /RQGRQJDEDXIGHQNOHLQHQ-RKQQ\DFKWXQGKDWWHDQVRQVWHQ QLFKWVPLW6KHLODV0RGHDXVIOXJ]XWXQ:HUKlWWHDXFKDKQHQ N|QQHQGDVLFKGLHVHNOHLQH([NXUVLRQLQGLHVHQJUDXHQKDIWHQ )DOODXVZHLWHQZUGH" 'lPRQHQDOV0DQQHTXLQV 8QVHUH*HJQHUPDFKWHQYRUQLFKWV+DOW8QGLFKIUDJWHPLFK LQ]ZLVFKHQZDVVLHZRKODXIGLHVHU6FK|QKHLWVIDUPDOOHVDQ VWHOOWHQ'DNRQQWHQVLHVFKDOWHQXQGZDOWHQZDUHQXQWHUVLFK QLHPDQGZUGHVLHVW|UHQ'LHVFKOLPPVWHQ([SHULPHQWHGLH JUDXVDPVWHQ9HUVXFKHGDIUPXWHQGLH2SIHUVLFKHUOLFKKHU KDOWHQ 'LH.OLQLNJHK|UWHGHP)DULDF.RQ]HUQ8QGZHQQLFKGLHVHQ 1DPHQK|UWHGDQQYHUEDQGLFKGLH(ULQQHUXQJ]XHLQHP%HJULII GHUIU9DPSLUHZLFKWLJZDU%OXW :XUGHQLQGHU.OLQLNRGHUDXIGHU)DUP([SHULPHQWHPLW%OXW 0HQVFKHQEOXWJHPDFKW"'DVZDUGLH)UDJHDXIGLHLFKHLQH $QWZRUWILQGHQZROOWH
'DEHLODJHVHLJHQWOLFKDXIGHU+DQGGDPLW%OXWH[SHULPHQ WLHUWZXUGH8QVZDUHVGDPDOVQLFKWJHOXQJHQDOVZLUGLH +DXSWEHOWlWHUHUZLVFKWHQDXFKGDV%OXWUHVWORV]X]HUVW|UHQ:LU KDWWHQDOOHVHLQJHVHW]WDOOHVYHUVXFKWGRFKHVZDUXPVRQVWJH ZHVHQ0DQKDWWHGDV%OXWPLWGHQJHIDKUOLFKHQ.HLPHQDXHU /DQGHVJHVFKDIIW9DPSLURGHOPDUXQG7RNDWDZDUHQVFKQHOOHU JHZHVHQXQGGDVKDWWHXQVODQJHJHZXUPW,FKZDUPLULPPHU VLFKHUJHZHVHQGDZLULUJHQGZDQQDXIHLQ(UEHGHV)DULDFVFKHQ %OXWHVVWRHQZUGHQXQGKLHUKDWWHLFKK|FKVWZDKUVFKHLQOLFK GHQ%HZHLV $XHUGHPNDPQRFKHWZDVKLQ]X (LQHDEHUPDOLJHhEHUSUIXQJGHU6FK|QKHLWVIDUPKDWWHHU JHEHQZHUVLHOHLWHWH'DVZDUHLQJHZLVVHU)UDQFLV'UXVLDQ 'DPLWNRQQWHQZLUHWZDVDQIDQJHQ,P=XJHGHUGDPDOLJHQ (UPLWWOXQJHQJHJHQGLH)DULDFVZDUDXFKGHU1DPHJHIDOOHQ'RFK 'UXVLDQZDUQLFKWXQPLWWHOEDUDQGHP)DOOEHWHLOLJW:LUMHGHQIDOOV KDWWHQQLFKWVIHVWVWHOOHQN|QQHQVHLQH:HVWHVFKLHQQLFKWHLQPDO JUDX]XVHLQ :LHPDQVLFKGRFKWlXVFKHQNRQQWH'UXVLDQKDWWHVLFK JHVFKLFNWDEJHVHW]WKRFNWHQXQDOV%RDXIGHU+DSS\+HDOIK\ %HDXW\IDUPXQG]RJJHVFKLFNWVHLQH)lGHQ 5DIILQLHUWGHU%XUVFKH ,FKJUEHOWHGDUEHUQDFKREZLUXQV9RUZUIHPDFKHQ PXWHQ(LQHUVHLWVMDZLUKlWWHQYLHOOHLFKWJUQGOLFKHUUHFKHU FKLHUHQVROOHQDQGHUHUVHLWVJLQJGDPDOVDOOHVGUXQWHUXQGGUEHU 'DZDUVFKZHUHWZDVORVDOVZLUJHJHQGHQ)DULDF.RQ]HUQ DQJLQJHQXQGVLFKHUOLFKKDWWHQZLUHWZDVEHUVHKHQ &OLFK\LQGHU1DFKWLVWHLQH2DVHGHU5XKH'DVPHUNWHQZLU GHQQGLH6WUDHQZDUHQOHHU+LHUXQGGDEOLQNWHHLQ/LFKWPHLVW GLH5HNODPHHLQHV5HVWDXUDQWVRGHUHLQHU*DVWVWlWWHDQVRQVWHQ ZDULQ&OLFK\ZLUNOLFKQLFKWYLHOORV :LHKDWWHGHUJURH$XWRU+HQU\0LOOHUQRFKVHLQHQ5RPDQ JHQDQQW"6WLOOH7DJHLQ&OLFK\,FKNRQQWHGHQ7LWHOLQ6WLOOH1lFKWH LQ&OLFK\XPlQGHUQ$XIGHU.DUWHKDWWHQZLUJHVHKHQZRGLH 6FK|QKHLWVIDUPODJ(WZDVDXHUKDOEGHU6WDGWLQHLQHP3DUN XQGDOVLFKGXUFKGDV)HQVWHUVFKDXWHGDVDKLFKGDZLUGLH6WDGW EHUHLWVYHUODVVHQKDWWHQ
ª(VGDXHUWQLFKWPHKUODQJH©HUNOlUWH3DXO0HXULVVH ,FKVFKZLHJ 'DV:HWWHUKLHOWVLFKQRFK(LQNODUHUQlFKWOLFKHU+HUEVWKLPPHO NHLQ5HJHQGDV0LOOLRQHQKHHUGHU6WHUQHHLQSUlFKWLJHV%LOG ZLUNOLFK 0HXULVVHTXDOPWHZLHGHUVHLQH6FKZDU]H'HU5DXFK]RJWUlJH LQGHQ)RQGXQGEUDQQWHLQPHLQHQ$XJHQ,FKYHUVWDQGQLFKWZLH PDQGDV=HXJUDXFKHQNRQQWH 6RJUREVFKOlFKWLJGHU*RULOODDXFKZLUNWHVRVDQIWIXKUHUGHQ :DJHQ(UOHQNWHGHQ&LWURHQQDFKUHFKWVVWLHLKQLQHLQHNOHLQH 3DUNOFNHKLQHLQXQGWLSSWHDXIGLH%UHPVH'HU:DJHQIHGHUWH QRFKHLQZHQLJQDFKXQGVWDQG ª$XVVWHLJHQ©0HXULVVHGUHKWHVLFKQDFKKLQWHQ %HYRULFKGLH7U|IIQHWHIUDJWHLFKª:DVPDFKHQ6LH"© ª,FKPXPLUGDQRFKHWZDVHLQIDOOHQODVVHQZLVVHQ6LH© ª0DFKHQ6LHQXUNHLQHQ8QVLQQ© ª:LHNRPPHQ6LHGDUDXI"©6HLQ*ULQVHQZDUVS|WWLVFKXQG LUJHQGZLHEHUOHJHQ ª6LHVLQGQLFKWGHUJURH0HLVWHU0HXULVVH© ª6LHGHQQ6LQFODLU"© ª$XFKQLFKW8QVHUH*HJQHUVLQGGLHJURHQ0HLVWHU'LHVLQG JHIlKUOLFKJODXEHQ6LHPLU'LHPDFKHQ6LHIHUWLJJHJHQGLH NRPPHQ6LHQLFKWDQ© ª:LUNOLFK"© ª0HXULVVH©ZDUQWHLFKLKQHLQGULQJOLFKªGHQNHQ6LHGDUDQ'DV VLQGEHUQDWUOLFKH:HVHQ'LH.OLQLNZLUGVLFKHUOLFKEHZDFKW 'HVKDOEEOHLEHQ6LHLP:DJHQ© ª:HQQGLH6FK|QKHLWVIDUPEHZDFKWZUGHKlWWHQVLHXQVOlQJVW VFKRQHUZLVFKW6LQFODLU'DVZLOOLFK,KQHQPDOVDJHQ:LUEH ILQGHQXQVEHUHLWVDXIGHP*HOlQGH©(UVWUHFNWHGHQUHFKWHQ$UP DXVXQGKDWWHVLFKKDOEXPJHGUHKWª6FKDXHQ6LHPDOGDKLQ6HKHQ 6LHGLH%lXPH"'DKLQWHUOLHJWGLH6FK|QKHLWVIDUPXQGGLHVHU NOHLQH3DUNSODW]JHK|UW]XP%DX,VWGRFKURPDQWLVFKZLH"© ª6FKRQJXW©VDJWHLFK ª:LHODQJHVROOHQZLUZDUWHQ"© ª=ZHL6WXQGHQ© ª*HKWLQ2UGQXQJ©
6XNRXQGLFKYHUOLHHQGHQ&LWURHQ$OVZLUHLQSDDU6FKULWWH HQWIHUQWZDUHQPHLQWHGHU&KLQHVHª(LQHLQJHELOGHWHU.HUO ZLUNOLFK© ,FKQLFNWH 'LH.OLQLNODJQLFKWLP'XQNHOQ+LQWHU]DKOUHLFKHQ)HQVWHUQ EUDQQWHQRFK/LFKW9RUDOOHQ'LQJHQLP(UGJHVFKRZRVLFK ZDKUVFKHLQOLFKGLH=LPPHUGHUbU]WHXQGGHVEULJHQ3HUVRQDOV EHIDQGHQ+LHUZXUGHQ]ZDUNHLQHGLUHNW.UDQNHQEHKDQGHOW GRFKDXFKHLQH6FK|QKHLWVRSHUDWLRQPXYRQDXVJH]HLFKQHWHQ )DFKOHXWHQGXUFKJHIKUWZHUGHQ8QGGHQIULVFK2SHULHUWHQJHKW HVDXFKLQGHUHUVWHQ1DFKWQLFKWJHUDGHEOHQGHQGGHVKDOE 1DFKWZDFKHQXQG.RQWUROOHQZLHDXFKLQGHQQRUPDOHQ .UDQNHQKlXVHUQ :LUEOLHEHQVWHKHQXPXQV]XRULHQWLHUHQª(LJHQWOLFKN|QQWHVW GXGRFKJOHLFKGDEOHLEHQ©PHLQWH6XNR ª:LHVR"© ª:HQQGLHbU]WHGLFKVHKHQKDEHQVLHLKUHQ6SD'LHJHEHQGLU NRVWHQORVHLQHQHXH1DVHXQGHLQSDDUQHXH© ª1LPPPDOGLH0DVNHDE©]LVFKWHLFK 6XNRZDULUULWLHUWª:HOFKH0DVNH"© ª$FKHQWVFKXOGLJHGDVLVWMDGHLQ*HVLFKW© 'HU&KLQHVHUROOWHGLH$XJHQXQGVDKDXVZLH3RSH\HNXU]YRU VHLQHPHUVWHQ$QJULII ,FKVFKOXJLKPDXIGLH6FKXOWHUXQGODFKWHª*HKHQZLU 3DUWQHU©VDJWHLFKªVRQVWEHUOHJVWGXHVGLUQRFKZLUNOLFK© ª'DVJLEW5DFKH©GURKWH6XNR :LUKDWWHQXQVYRUJHQRPPHQJDQ]RIIL]LHOOGLH6FK|QKHLWVIDUP ]XEHWUHWHQ0LW$QPHOGXQJXQGDOOHP'UXPKHUXP,FKZROOWH PLW)UDQFLV'UXVLDQUHGHQXQGZDUJHVSDQQWREHUIUXQV=HLW KDWWH,UJHQGZLHZROOWHLFKQLFKWJODXEHQGDZLULKQDXVGHP 6FKODIULVVHQ :LUZUGHQVHKHQ ,P+RWHOKDWWHQZLUXQV]ZDUQLFKWXPJH]RJHQQXUHLQLJHU PDHQXQGDXIGLH6FKQHOOHGLH.OHLGXQJVVWFNHDXVJHNORSIW 7URW]GHPVDKHQXQVHUHGXQNOHQ$Q]JH]LHPOLFKUDPSRQLHUW DXV ,FKKRIIWHGDXQVGHU0DQQGHQQRFKHPSIDQJHQZUGH
8QWHUXQVHUHQ6RKOHQNQLUVFKWHGHU.LHV$OOHVZDUVHKU JHSIOHJWGDVVDKHQZLUWURW]GHU'XQNHOKHLW$XIGHPGXQNOHQ 5DVHQODJHQ%OlWWHU+LQXQGZLHGHUOHXFKWHWHLQQHUKDOEGHV3DUNV HLQNOHLQHV/LFKW0DQKDWWHNOHLQH/DWHUQHQDXIJHVWHOOW.XJHO ODPSHQGLHDXI6WlQGHUQEHIHVWLJWZDUHQ (LQHJURH7UHSSHVDKHQZLU$XIVLHILHOGHU6FKHLQYRQ]ZHL KHOOHQ6WUDKOHUQ6LHOHXFKWHWHQYRQGHU+DXVZDQG'LH7UHSSH KDWWHQLFKWQXUVHKUEUHLWHXQGEHTXHPH6WXIHQVLHZDUDXFKEHU GDFKW1LFKWYRQHLQHP%DOGDFKLQVRQGHUQYRQHLQHP'DFKDXV %HWRQ 'LH*ODVWUZDUJHVFKORVVHQ:LUNRQQWHQKLQGXUFKVFKDXHQXQG VDKHQEHTXHPH6LW]JUXSSHQGLHYRQJURHQ%OXPHQUDEDWWHQHLQ JHUDKPWZDUHQ%OXPHQVWDQGHQDXFKLQGHQ.EHOQ6LHIODQNLHU WHQGLH7UHSSHDQGHU6HLWH 1XU0HQVFKHQVDKLFKQLFKW'DIUMHGRFKHLQH.OLQJHO5HFKWV LQGHU+DXVZDQGhEHUGHU.OLQJHOVFKLPPHUWHQVLOEHUQGLH5LOOHQ HLQHV/DXWVSUHFKHUV ,FKGUFNWHGHQKHOOHQ.QRSI ,P,QQHUQEHJDQQHLQH*ORFNHDQ]XVFKODJHQ:LUK|UWHQVLH QLFKWDEHUZLUVDKHQGLH:LUNXQJ$XVGHP+LQWHUJUXQGGHU +DOOHO|VWHVLFKHLQHZHLEOLFKH3HUVRQGLHPLW]LHOVWUHELJHQ 6FKULWWHQGLH7UDQVWHXHUWH'LH)UDXWUXJHLQHQZHLHQ.LWWHO XQGKDWWHKHOOEORQGH+DDUHGLH]XHLQHP7XUPIULVLHUWZDUHQ 9RPbXHUHQKHUNRQQWHPDQGLHHWZD9LHU]LJMlKULJHDOVHLQH JHSIOHJWH(UVFKHLQXQJEHWUDFKWHQ 6LH|IIQHWHQRFKQLFKWVRQGHUQVFKDXWHXQVGXUFKGLH*ODVWU IUDJHQGDQ ,FKJDELKU=HLFKHQXQGKROWHDXFKPHLQHQ$XVZHLVKHUYRU(U QXW]WHPLUKLHUQLFKWVDEHUHLQDPWOLFKHV'RNXPHQWZDVLPPHU HVDXFKZDUVFKLHQKLHUHEHQIDOOV(LQGUXFN]XPDFKHQGHQQGLH )UDX|IIQHWHGLH7U (LQ6XPPHQHUW|QWHXQGLFKNRQQWHGLHUHFKWH+lOIWHGHU *ODVWUDXIGUFNHQ6LHVFKZDQJQDFKLQQHQ =ZHL6FKULWWHEUDFKWHQPLFKQHEHQGLH)UDX6XNRKLHOWVLFK HWZDV]XUFN(UVFKDXWHVLFKXP ª6LHNHQQHQGLH%HVXFKV]HLWHQZRKOQLFKW"©ZXUGHQZLU EHJUW
,FKOlFKHOWHª(QWVFKXOGLJHQ6LH0DGDPHDEHUZHQQHVQLFKW GULQJHQGZlUHKlWWHQZLU6LHZLUNOLFKQLFKWJHVW|UW© ª:DVZROOHQ6LH"©.KOH$XJHQPXVWHUWHQXQV,FKJODXEWH DXFK$EOHKQXQJXQG0LWUDXHQLQGHP%OLFN]XOHVHQ ª0HLQ1DPHLVW-RKQ6LQFODLU©VDJWHLFKXQGVWHOOWHDXFK6XNR YRUª:LUNRPPHQDXV/RQGRQXQGPVVHQXQEHGLQJWPLW 'U'UXVLDQUHGHQZHQQ6LHJHVWDWWHQ© ,KU/lFKHOQZXUGHVS|WWLVFKª(LQHQRUPDOH=HLWKDEHQ6LHVLFK QLFKWDXVVXFKHQN|QQHQ"© ª1HLQOHLGHUQLFKW:LH6LHZLVVHQVWDPPW'U)UDQFLV'UXVLDQ HEHQIDOOVDXV/RQGRQXQGHVJLEWGDHLQLJH'LQJHEHUGLHLFK XQEHGLQJWPLWLKPUHGHQPX© ª(VLVWQDFK0LWWHUQDFKW© ª'DVZLVVHQZLU0DGDPH:LUKlWWHQ6LHDXFKQLFKWJHVW|UW ZHQQHVVLFKQLFKWXPXQDXIVFKLHEEDUH$QJHOHJHQKHLWHQKDQGHOQ ZUGH'DVPVVHQ6LHYHUVWHKHQ© 6LHVFKDXWHXQVYRQREHQELVXQWHQDQª:HUVLQG6LHEHUKDXSW 0RQVLHXU6LQFODLU"© ,FKQDQQWHPHLQHQ$UEHLWJHEHU ª(QJOLVFKH3ROL]HL"© ª-D0DGDPH© ª'DVYHUVWHKHZHUZLOO,FKMHGHQIDOOVQLFKW$EHUZHQQ6LH ZROOHQZHUGHLFKHVYHUVXFKHQ%LWWHZDUWHQ6LHGRUW©6LHGUHKWH VLFKKDOEXPXQGGHXWHWHDXIHLQH6HVVHOJUXSSH ª'DQNHVHKU© 6XNRXQGLFKQDKPHQ3ODW] ,QGHP/DGHQZDUHVUXKLJ1XUGLH$EVlW]HGHU6W|FNHOVFKXKH HU]HXJWHQHLQKDOOHQGHV(FKRDOVGLH)UDXLQHLQHUNOHLQHQ.DELQH YHUVFKZDQGZRLFKGUHL7HOHIRQHVDKXQGDXFKHLQ3XOWDXIGHP ]DKOUHLFKH/DPSHQHLQJHRPHWULVFKHV0XVWHUELOGHWHQ(LQHQXU OHXFKWHWH 'LH)UDXQDKPKLQWHUGHP3XOW3ODW]XQGGUFNWHHLQSDDU .Q|SIH6LHPXWH.RQWDNWEHNRPPHQKDEHQGHQQZLUVDKHQ GDVLFKLKUH/LSSHQEHZHJWHQ(LQPDOVFKZDQJVLHDXIGHP 'UHKVWXKOKHUXPXQGZDUIXQVHLQHQ%OLFN]X ,FKZDUZLUNOLFKJHVSDQQWREXQV'U'UXVLDQHPSILQJ:HQQ QLFKWPXWHQZLUXQVHLQHQDQGHUHQ:HJHLQIDOOHQODVVHQ=XGHP
NDQQWH'UXVLDQGHQ1DPHQ6LQFODLUVLFKHUOLFK:HQQHUWLHILQGHU )DULDF6DFKHGULQJHVWHFNWKDWWHGDQQPXWHHUUHDJLHUHQ=XGHP EHIDQGHQVLFKGLHGUHL)UDXHQLQVHLQHU*HZDOW,FKZDUGDVLFKHU GDHUVLHNDVVLHUWKDWWH 6XNRVFKDXWHVLFKLPPHUZLHGHUXP ª:DVKDVWGX"© 'HU&KLQHVHKREGLH6FKXOWHUQª,FKGHQNHDQGLH)UDXHQ'LHVH .OLQLNKLHUPDFKWDXIPLFKHLQHQNDOWHQEHLQDKHXQKHLPOLFKHQ (LQGUXFNYHUVWHKVWGX"© ª0|JOLFK© 'LH)UDXOHJWHDXI,FKVDKHVDQLKUHU%HZHJXQJ6LHHUKREVLFK XQGNDPDXIXQV]X,KU/lFKHOQZLUNWHZLHHLQJHIURUHQ$XFKZLU VWDQGHQDXI ª1XQ©VDJWHVLHª(VLVW]ZDUQLFKWEOLFKEHLXQVDEHU6LH KDEHQ*OFN'U'UXVLDQLVWEHUHLW6LH]XHPSIDQJHQ(UZDUQRFK QLFKW]X%HWWJHJDQJHQVRQGHUQDUEHLWHWH:HQQ6LHPLUGDQQELWWH IROJHQZUGHQ0HVVLHXUV© ,FKZDUI6XNRHLQHQNXU]HQ%OLFN]XXQGJULQVWH:LUKDWWHQHLQ JURHV+LQGHUQLVJHVFKDIIW 'LH)UDXJLQJYRUXQVKHU'HUZHLH.LWWHOXPVSDQQWHHQJLKUHQ .|USHU6LHKDWWHHLQHZLUNOLFKJXWH)LJXU0HLQ%OLFNWUDILKUH %HLQH6LHZDUHQJXWJHZDFKVHQ :LUSDVVLHUWHQDEHUPDOVHLQH*ODVWUXQGZDQGWHQXQVQDFK UHFKWV'XUFKHLQHQODQJHQ*DQJVFKULWWHQZLU'LH7UHQDQGHU OLQNHQ6HLWHEHVWDQGHQDXV0DKDJRQLKRO] 9RUHLQHUEOLHEGLH)UDXVWHKHQNORSIWHXQGZDUWHWHGLH $XIIRUGHUXQJDEKHUHLQ]XNRPPHQ 'DQQ|IIQHWHVLH 'UXVLDQVDKLQWHUHLQHPHOHJDQWHQ6FKUHLEWLVFKLQHLQHP5DXP GHUJU|HUZDUDOVLFKDQJHQRPPHQKDWWH(U]RJVLFK]LHPOLFKLQ GLH%UHLWH 'LH)UDXYHUVFKZDQGKLQWHUXQVXQGVFKORGLH7UZlKUHQG VLFK)UDQFLV'UXVLDQHUKRE ,FKKDWWHPLFKVFKRQJHZXQGHUWZHVKDOEVHLQ6FKUHLEWLVFKVR OHHUZDU.HLQH3DSLHUHNHLQH%FKHUQXU7HOHIRQHXQG.Q|SIH 8QGQRFKHLQ*HJHQVWDQGXQGGHQQDKPHUYRQGHU3ODWWH (LQH0DVFKLQHQSLVWROH
%HYRUZLUEHUKDXSWUHDJLHUHQNRQQWHQZLHVGLH0QGXQJ EHUHLWVDXIXQV ª.RPPHQ6LHUXKLJQlKHU0HVVLHXUV©VDJWHHUªGDPLWZLUYRQ %HJLQQDQPLWRIIHQHQ.DUWHQVSLHOHQ© 3DXO0HXULVVHVFKDXWHXQVQDFKELVZLULQGHU'XQNHOKHLWQLFKW PHKU]XVHKHQZDUHQ'DQQOHKQWHHUVLFK]XUFNXQGVFKQLSSWH GLH=LJDUHWWHQNLSSHLQGHQRIIHQHQ$VFKHU ª:DVVDJHQ6LHGD]X&KHI"©IUDJWHGHU)DKUHU ª'LHEHLGHQVLQGPXWLJZLUNOLFK© 'HU!*RULOODQLFNWHª7URW]GHPJHIlOOWHVPLUQLFKW,FKZHL QLFKWZDVVLFKGLHGDEHLGHQNHQ© 0HXULVVHODFKWHª*LOLFKNDQQGHLQH*HGDQNHQHUUDWHQ'X ZLOOVWZDKUVFKHLQOLFKKLQWHUKHU© ª*HQDX© ª8QGZHUKLQGHUWGLFKGDUDQ"© *LOGUHKWHEHUUDVFKWVHLQHQNDQWLJHQ6FKlGHOª6LHKDEHQQLFKWV GDJHJHQ&KHI"© ª:LHVROOWHLFK"© ª'DVLVWJXW©'HU)DKUHUJULQVWH(UJULIIXQWHUGLH-DFNHXQG KROWHHLQHQVFKZHUHQ5HYROYHUKHUYRU(VZDUHLQ&ROW5XJHU$XI GHQ/DXIVFKUDXEWHHUJHODVVHQHLQHQ6FKDOOGlPSIHU 6HLQ%RQLFNWHª$EHUHUVWVFKLHHQZHQQHVXQEHGLQJWQ|WLJ LVWPHLQ-XQJH© ª.ODU&KHI1XUZHQQLFKDEGUFNHGDQQVLW]WGLH%OHLKXPPHO DXFKLP=LHO© ª'DVZLOOLFKPHLQHQ© *LO|IIQHWHGHQ:DJHQVFKODJXQGVWLHJDXV(UQLFNWHVHLQHP &KHIQRFKHLQPDO]XXQGYHUVFKZDQG7URW]VHLQHU.|USHUJU|H XQGVHLQHV*HZLFKWVEHZHJWHHUVLFKODXWORV *LOZDUHLQHUIDKUHQHU.lPSIHU'DVZXWH0HXULVVHXQGHU ZDUHLQ0DQQDXIGHQPDQVLFKYHUODVVHQNRQQWH6FKZHLJVDP XQGLUJHQGZLHYHUVFKORVVHQZLUNHQG 0HXULVVHJULQVWH*LOZUGHVFKRQZLVVHQZDVHU]XWXQKDWWH (UVFKDIIWHHVLPPHUVFKOXJVLFKGXUFKXQGZHQQHUVFKRGDQQ WUDIHUDXFKLQV6FKZDU]H
%HUXKLJW]QGHWHVLFKGHU0DQQYRP*HKHLPGLHQVWHLQH =LJDUHWWHDQ *LOZDU]ZLVFKHQ]ZHL%lXPHQVWHKHQJHEOLHEHQ(UKDWWHVLFK OHLFKWJHGXFNWKLQJHVWHOOWXQGlKQHOWHLQGLHVHU+DOWXQJZLUNOLFK HLQHPVSUXQJEHUHLWHQ*RULOOD'DEHLVFKDXWHHUVLFKHUQGQDFK YRUQXQGODXVFKWHDXIMHGHVXQEHNDQQWH*HUlXVFK(UKDWWHQLFKW LPPHUDOV/HLEZlFKWHUJHDUEHLWHW)UKHUZDUHUEHLGHU )UHPGHQOHJLRQJHZHVHQ(UNDQQWHGHVKDOEGLHKDOEH:HOWXQG ZXWHVLFKLP'VFKXQJHOHEHQVR]XEHZHJHQZLHDXIGHQ6WUDHQ GHU3DULVHU,QQHQVWDGW=XGHPVDJWHPDQLKPQDFKGDHUGLH *HIDKUZLWWHUQZUGH:LHDXFKMHW]W +RUFKHQGVWDQGHUGDXQGKDWWHGHQ.RSIHLQZHQLJJHQHLJW 'LHVHU3DUNVRUXKLJXQGJHSIOHJWHUDXFKXQWHUGHPEODX VFKZDU]HQ1DFKWKLPPHOODJJHILHOLKPQLFKW'LH5XKHHPSIDQG *LODOVWUJHULVFK,UJHQGHWZDVVWLPPWHKLHUQLFKW(UKDWWH]ZDU NHLQHQNRQNUHWHQ9HUGDFKWDEHUHUZDUGDYRQEHU]HXJWGDHU VLFKQLFKWDOOHLQDXIGHP*HOlQGHDXIKLHOW'HVKDOEZXUGHHUQRFK YRUVLFKWLJHU8QGHUKREGHQUHFKWHQ$UPPLWGHUVFKDOOJH GlPSIWHQ:DIIH 'DQQHUVWJLQJHUZHLWHU *LOKLHOWVLFKDXIGHP5DVHQ7URW]VHLQHU6FKZHUHJLQJHUODXW ORV'LH%HZHJXQJHQZDUHQJHVFKPHLGLJXQGYHUULHWHQYLHOYRQ GHU.UDIWGLHLQVHLQHP.|USHUVWHFNWH :HLWHUYRUQVFKLPPHUWH/LFKW'RUWVWDQGGLH6FK|QKHLWVIDUP 'HUKHOOH6WUHLIHQZLUNWHYHUZDVFKHQ )UP|JOLFKH*HJQHUJDEHVJHQJHQG'HFNXQJVP|JOLFKNHLWHQ 'LHDOWHQ%lXPHPLWLKUHQGLFNHQ6WlPPHQERWHQYLHO3ODW]'DV JHILHO*LOQLFKW 6HLQHEHUVHQVLEOHQ1HUYHQZDUHQJHUHL]W(UIKOWHVLFKZLHGHU LQGHQDIULNDQLVFKHQ'VFKXQJHOYHUVHW]WDOVVHLQH/HXWHHLQJH VFKORVVHQZDUHQXQGHUVLHLP$OOHLQJDQJKHUDXVJHKROWKDWWH$FKW *HJQHUKDWWHQLKU/HEHQODVVHQPVVHQ6LHZDUHQODXWORVJH VWRUEHQGHQQ*LOYHUVWDQGHVZLHNHLQDQGHUHUPLWGHP)DOO VFKLUPVSULQJHUPHVVHUXP]XJHKHQ 'HU:DJHQLQGHPVHLQ&KHIZDUWHWHZDUOlQJVWQLFKWPHKU]X VHKHQ'LH'XQNHOKHLWKDWWHLKQYHUVFKOXFNW*LORULHQWLHUWHVLFK QXUQDFKYRUQGDVDOOHLQ]lKOWH
=XVHKHQZDUQLFKWV.HLQ6FKDWWHQNHLQHKXVFKHQGH%H ZHJXQJQLFKWHLQPDOHLQ7LHUGDVEHUGHQ5DVHQOLHI$OOHVEOLHE UXKLJ 8QGWURW]GHP *LOEFNWHVLFKXQGOHJWHVLFK]X%RGHQ6HLQ2KUSUHWHHU JHJHQGLH(UGH(UKDWWHHLQJXWHV*HK|U2IWYHUQDKPHUGHQ *HJQHUZHQQHUVLFKDXIGHVVHQ6FKULWWHNRQ]HQWULHUWH'DNRQQWH GHUDQGHUHQRFKVROHLVHJHKHQ 'LHVH(LJHQVFKDIWKDWWHLKPEHUHLWVGUHLPDOGDV/HEHQJHUHWWHW 'HU5DVHQZDUIHXFKWGDVMHGRFKVW|UWH*LOQLFKW 8QGHUK|UWHHWZDV (VZDUQXUHLQIHLQHVNDXPZDKUQHKPEDUHV*HUlXVFKZREHL VLFK*LOYRUNDPZLHHLQ6HLVPRJUDSKGHUHLQIHUQHV(UGEHEHQ UHJLVWULHUWH'DQQYHUVWXPPWHHV *LOULFKWHWHVLFKDXI(UKDWWHJHQXJJHK|UW'DV*HUlXVFKZDU YRULKPDXIJHNOXQJHQ'RUWPXWHGHU*HJQHUODXHUQ 6HLQH/LSSHQELOGHWHQHLQHQ6WULFKDOVHUGXUFKGLH1DVHHLQ DWPHWH'HUDQGHUHZUGHLKPQLFKWHQWNRPPHQGDVZDUIU*LO VRVLFKHUZLHGDV$PHQLQGHU.LUFKH (UO|VWHVLFKYRQVHLQHP3ODW]XQGOLHIQDFKOLQNV$XIGLHDOWH 8OPH]XGLHYRQ]ZHL%lQNHQXPVWDQGHQZXUGHXQGHLQHQ DXHUJHZ|KQOLFKGLFNHQ6WDPPKDWWH $XIKDOEHU6WUHFNHVDK*LOVHLQHQ*HJQHU(UKDWWHWDWVlFKOLFK KLQWHUGHP6WDPPGHU8OPHJHODXHUW 'HU/HLEZlFKWHUKDWWHVFKRQYLHOHUOHEWGRFKZDVHUQXQVDK NRQQWHHUNDXPIDVVHQ'LHVHU.HUOGHUVLFKKLQWHUGHP %DXPVWDPPKHUYRUJHVFKREHQKDWWHZDUQRFKJU|HUDOVHUXQG DXFKEUHLWHU(UKLHOWHWZDVLQGHU+DQGZDV*LOQLFKWVRIRUWHU NHQQHQNRQQWH $OVGHU0DQQVHLQHQ$UPEHZHJWHVDKHUGLH:DIIH (VZDUHLQ6FKZHUW 8QG*LOVDKGDVHLQ*HJQHUNHLQHQ]ZHLWHQ$UPKDWWH$QGHU OLQNHQ6FKXOWHUZDUQXUHLQ6WXPSI]XHUNHQQHQ (VJLEW]DKOUHLFKH*HERWHZHQQPDQLP'VFKXQJHONULHJEHU OHEHQZLOO'DLVWHLQPDOGDV6LFKYHUODVVHQ.|QQHQDXIGLH HLJHQH6WlUNHXQG]XPDQGHUHQGLH9RUVLFKW0DQGXUIWHQLHHLQHQ *HJQHUXQWHUVFKlW]HQ'DVWDW*LODXFKEHLGHP(LQDUPLJHQQLFKW
2EZRKOGHU0DQQVLFKZLUNOLFKQXUPLWHLQHU+DQGYHUWHLGLJHQ NRQQWHZDUHUJHIlKUOLFK*LOKDWWHHVJHOHUQWVHLQH*HJQHUHLQ ]XVFKlW]HQ 'HUDQGHUHKDWWHLKQHEHQIDOOVJHVHKHQ(UEOLHEQLFKWVWHKHQ VRQGHUQNDPQlKHU*HZDOWLJZLUNWHHULUJHQGZLHZLHHLQH:DO]H GLHQLFKWDXI]XKDOWHQZDU *LOZROOWHLKQVWRSSHQ )QI6FKULWWHWUHQQWHQVLHQRFKDOVHUGHQYHUOlQJHUWHQ/DXIGHV 5HYROYHUVDXIGLH%UXVWGHVDQGHUHQULFKWHWH ª%OHLEVWHKHQ©]LVFKWHHU 'HUDQGHUHGDFKWHQLFKWGDUDQ (UNDPQlKHU 1RFKHLQH:DUQXQJVFKOHXGHUWHLKP*LOHQWJHJHQ$OVGLHVH QLFKWIUXFKWHWHVFKRHU 'HU6FKDOOGlPSIHUZDUDXVJH]HLFKQHW'DV*HUlXVFKZDUXP GLH+lOIWHOHLVHUDOVGDV.QDOOHQHLQHV6HNWNRUNHQV'HU 0QGXQJVEOLW]ZXUGHYHUVFKOXFNWXQGGLH.XJHOKLHEJHQDXLQV =HQWUXP 'DVVFKZHUH.DOLEHUKlWWHHLJHQWOLFKHLQ/RFKUHLHQPVVHQ GDVWDWHVMHGRFKQLFKW*LONRQQWHQLFKWHUNHQQHQREGLH.XJHO VWHFNHQJHEOLHEHQRGHUDEJHSUDOOWZDUDXIMHGHQ)DOOULFKWHWHVLH NHLQHQ6FKDGHQDQ /DQJHhEHUOHJXQJHQNRQQWHVLFKHLQ0DQQZLH*LOQLFKWOHLVWHQ 0DQPXWHZHQQHWZDVVFKLHIJHJDQJHQZDUVRIRUWUHDJLHUHQ 8QGHUIHXHUWHHLQ]ZHLWHV0DO $EHUPDOVWUDIHUGLH%UXVW 'HU8QKHLPOLFKHZDQNWHQLFKWHLQPDO,P*HJHQWHLOVHLQ 9RUZlUWVGUDQJZDUQLFKW]XVWRSSHQ:LHHLQJHZDOWLJHU%HUJNDP HUDXIGHQHKHPDOLJHQ/HJLRQlU]X 6FKDXULJDQ]XVHKHQHLQHULHVLJH0DVVH.|USHUXQGRKQH *HVLFKW'DVZXUGHGXUFKLUJHQGHLQHQ*HJHQVWDQGYHUGHFNWGHQ *LODOOHUGLQJVQLFKWLGHQWLIL]LHUHQNRQQWH$XIMHGHQ)DOOVDKHU NHLQ*HVLFKWXQGHUPHUNWH]XPHUVWHQPDOLQVHLQHP/HEHQGD VRHWZDVZLH$QJVWLKQEHUILHO -DHUKDWWH$QJVW 'DVFKOXJGHUDQGHUH]X (VZDUHLQEOLW]VFKQHOOJHIKUWHU6FKODJGHP*LOQXUDXV
ZHLFKHQNRQQWHZHLOHUVRJXWH5HIOH[HEHVD(UK|UWHGDV3IHLIHQ GHU.OLQJHGXFNWHVLFKXQGZDUIVLFKJOHLFK]HLWLJ]XU6HLWHVRGD GHUJHVFKPHLGLJH6WDKODQVHLQHU6FKXOWHUYRUEHLSILII *LOVDKZLHGLH6SLW]HLQGHQ%RGHQKDFNWHXQGGRUWHLQ*UDV EVFKHOKHUDXVIHW]WHGDVZLHHLQ%DOOGXUFKGLH/XIWIORJ 'DQQWUDWHU]X 1LHOlQJHUDOVHLQHKDOEH6HNXQGHDXIGHU6WHOOHEOHLEHQVR KDQGHOWH*LODXFKKLHU6HLQOLQNHV%HLQIORJLQGLH+|KH(UZDULQ .DUDWHJHVFKXOWXQGKlPPHUWHVHLQHQ)XZXFKWLJJHJHQGLH /HLVWHQJHJHQGGHV8QKHLPOLFKHQ 'HUILHO]ZDUQLFKWDEHUHUGUHKWHVLFKDXIGHU6WHOOHZDQGWH*LO GHQ5FNHQ]XXQGNDVVLHUWHGHQQlFKVWHQ+DPPHUWULWWGHULKQ QDFKYRUQZDUI ª+XQG©NHXFKWHGHU)UDQ]RVHXQGZDUIVLFKKLQWHUKHU (UKDWWHQLFKWGDPLWJHUHFKQHWZLHVFKQHOOGHUDQGHUHVHLQ NRQQWH.DXPKDWWHHUGHQ%RGHQEHUKUWGDZDUIHUVLFKDXFK VFKRQKHUXPXQGULGDV6FKZHUWKRFK *LOYHUVXFKWH]ZDUVHLQH)OXJULFKWXQJ]XlQGHUQHUVFKDIIWHHV MHGRFKQLFKWJDQ]'DV6FKZHUWHUZLVFKWHLKQDQGHUOLQNHQ 6FKXOWHU(LQNODIIHQGHU6FKQLWWLQGHU.OHLGXQJ%OXWVSUXGHOWHDXV GHU:XQGHXQGMHW]WEHZLHVGHU)UDQ]RVHZLHKDUWHULQ :LUNOLFKNHLWZDU.HLQ/DXWGUDQJEHUVHLQH/LSSHQREZRKOGHU 6FKPHU]GXUFKVHLQHQ.|USHU]XFNWH*LOSUDOOWH]X%RGHQZDUI VLFKWURW]GHPQRFKKHUXPXQGEUDFKWHVHLQHVFKDOOJHGlPSIWH :DIIHLQ$QVFKODJ (UVFKR 'DEHLKDWWHHUDXIGDV*HVLFKWGHV*HJQHUVJH]LHOWGDVLKPLQ GHU'XQNHOKHLWYRUNDPZLHHLQVFKDWWHQKDIWHV*HELOGH:HQQGHU DQGHUHDP.|USHUHLQHVFKXVLFKHUH:HVWHWUXJGDQQVLFKHUOLFK QLFKWDXFKQRFKLP*HVLFKW 8QGGLH.XJHOWUDI 6LHKlPPHUWHMHGRFKQLFKWLQGDV*HVLFKWKLQHLQVRQGHUQJHJHQ GLH0DVNH(VJDEHLQHQVLQJHQGHQ7RQDOVGDV*HVFKRDESUDOOWH XQGLQGLHGLFNH5LQGHHLQHV%DXPVWDPPVKDFNWH 'DV3IHLIHQGHU.OLQJHHULQQHUWH*LODQ0XVLNDXVGHU+|OOH(U UROOWHVLFKQRFKKHUXPGRFKDXFKHLQ0DQQZLHHUZXUGHGXUFK GHQ6FKPHU]LQGHU6FKXOWHUEHKLQGHUW
)UGHQQlFKVWHQ6FKODJZDUHUHLQIDFK]XODQJVDP'LH.OLQJH WUDILKQGLHVPDODQGHUUHFKWHQ6HLWHXQGKLQWHUOLHHLQH:XQGH YRQGHU+IWHELV]XP2EHUVFKHQNHO $XFKGHU+lUWHVWHXQG7DSIHUVWHZXWHJHQDXZDQQHUYHUORUHQ KDWWHXQGVLFKYLHOOHLFKWQXUGXUFKHLQH)OXFKWUHWWHQNRQQWH6R ZDUHVDXFKEHLGHPHKHPDOLJHQ/HJLRQlU (UPXWHZHJ *LOELGLH=lKQH]XVDPPHQ7URW]VHLQHU6FKPHU]HQJHODQJHV LKPUDVFKDXIGLH%HLQH]XNRPPHQ'DVUHFKWHZROOWHQLFKWVR ULFKWLJ(UNUDFNWHZHJXQG*LOVFKOHLIWHHVQDFKDOVHUYRUGHP 6DPXUDLGHV6DWDQVGDYRQOLHI (UKXPSHOWHEHUGHQ5DVHQ:LHHLQH*OLHGHUSXSSHVFKOHQ NHUWHHUVHLQH$UPHDXVVHLQHP0XQGGUDQJHLQSIHLIHQGHV *HUlXVFK 7RNDWDIROJWHLKPQLFKWHLQPDOVFKQHOO(UZXWHGDLKPGHU 0DQQQLFKWHQWNRPPHQNRQQWHVFKOLHOLFKKDWWHGHU6DPXUDLGHV 6DWDQVQRFKHLQHQ7UXPSILQGHU+LQWHUKDQG 'DVZDU9DPSLURGHOPDU7RNDWDZDUGDVJHOXQJHQZDVHU ZROOWH(UKDWWHGHQHKHPDOLJHQ/HJLRQlUH[DNWLQGLH5LFKWXQJ JHORFNWZR9DPSLURGHOPDUZDUWHWH 'HU0DQQZUGHNHLQH&KDQFHKDEHQ *LOOLHIXQGGUHKWHVLFKXP(UZROOWHVHKHQZDVVHLQ9HUIROJHU XQWHUQDKP 7RNDWDKLHOWGHQ$EVWDQGJOHLFK1XUKDWWHHUVHLQ6FKZHUWMHW]W VRLQGLH+DQGJHQRPPHQZLHHLQHZXUIEHUHLWH/DQ]H'LH6SLW]H ZLHVDXIGHQ5FNHQGHV)OFKWOLQJV 'DVVDKDXFK*LO6HLQH$XJHQZXUGHQJUR(UGUFNWHDEXQG GLHVPDOVFKRHU]XPHUVWHQPDOLQVHLQHP/HEHQGDQHEHQ'LH .XJHOZLVFKWHEHUHLQHQKDOEHQ0HWHUDQGHU6FKXOWHUGHV 9HUIROJHUVYRUEHL 'DV6FKZHUWZDUXQWHUZHJV *LOK|UWHGDV3IHLIHQVDKHVYRUVHLQHQ$XJHQEOLW]HQXQGGDQQ VSUWHHUGHQ6FKODJ ,Q+|KHGHV*UWHOVWUDILKQGDV6FKZHUW'HUHKHPDOLJH /HJLRQlUJODXEWHLQGHU0LWWH]HUWHLOW]XZHUGHQ(UWRUNHOWH ]XUFNVHLQH$XJHQZDUHQZHLWDXIJHULVVHQYRUGHQ/LSSHQ VSUKWH6FKDXP
$OVZUGHHUYRQHLQHP%DQGJH]RJHQVR]LHOVLFKHUEHZHJWHHU VLFKDXIHLQHQ%DXP]X (VZDUHLQH3ODWDQHXQGLQGHUHQ6FKDWWHQKDWWH*HJQHU 1XPPHU]ZHLJHODXHUW 9DPSLURGHOPDU 6HLQYHUZVWHWHV*HVLFKWZXUGHQRFKPHKUGXUFKVHLQ*ULQVHQ HQWVWHOOWDOVHUVDKGD7RNDWDJHWURIIHQKDWWH 8QGGDQQNDPHU /DXWORVH6SUQJHEUDFKWHQLKQKHUDQ(UKDWWHGLH$UPHZHLW YRUJHVWUHFNWGLH+lQGHJH|IIQHWELVVLHGHQ+DOVGHV6FKZHUYHU OHW]WHQXPNODPPHUQNRQQWHQ +DUWGUFNWHGHU6XSHUYDPSLU]X *LOKDWWHGHP*ULIIQLFKWVHQWJHJHQ]XVHW]HQ(UZXUGHYRQ GHUXQKHLPOLFKHQ*HVWDOWJHSDFNWXQG]X%RGHQJHULVVHQ(UODJ SO|W]OLFKDXIGHPZHLFKHQ5DVHQ'LH6FKOHLHUGHV7RGHVGLHLKQ IDVWHUUHLFKWKDWWHQULVVHQLKQQRFKHLQPDOKRFK 0LWHLQHPOHW]WHQGHXWOLFKHQ%OLFNVDKHUGDV*HVLFKWGHUQHXHQ 6FKDXHUJHVWDOW 9DPSLURGHOPDUKDWWHVHLQ0DXODXIJHULVVHQ'LH=lKQH VFKLPPHUWHQZLH6WDKOVWLIWH 'DQQUDPPWHHUVHLQHQ.RSIQDFKXQWHQXQGEHLGH*HVWDOWHQ YHUVFKPRO]HQ]XHLQHU 7RNDWDVWDQGGDQHEHQ(UVFKDXWHDXIVLHQLHGHU6HLQKDOE]HU VW|UWHV*HVLFKWKLQWHUGHU0DVNHEHZHJWHVLFKQLFKW(UZDUWHWHVR ODQJHELV9DPSLURGHOPDUJHVlWWLJWZDU $OVGHUVLFKHUKREXQGVHLQ6FKDWWHQLQV8QHUPHOLFKH]X ZDFKVHQVFKLHQQLFNWH7RNDWD )U9DPSLURGHOPDUZDUHVGDV=HLFKHQ 'LHEHLGHQJLQJHQ =XUFNOLHHQVLHHLQHQ7RWHQNHLQHQ8QWRWHQGHQQ*LOZDU VFKRQJHVWRUEHQEHYRUGHU6XSHUYDPSLUVHLQ%OXWJHWUXQNHQ KDWWH(LQ*HJQHUZDUHUOHGLJWGRFKQDKHGHU6WUDHLQHLQHP $XWRGDZDUWHWHGDV]ZHLWH2SIHU (QWNRPPHQOLHHQGLHEHLGHQNHLQHQ
0LWGLHVHU(LQODGXQJKDWWHQZLUQLFKWJHUHFKQHW9LHOOHLFKWKlWWHQ ZLUGRFKDQGHUVYRUJHKHQVROOHQGRFKGDIUZDUHVMHW]W]XVSlW )UDQFLV'UXVLDQKLHOWVHLQHQ7UXPSILQ)RUPHLQHU0DVFKLQHQ SLVWROHLQGHU+DQG$OVGLH)UDXLKPJHPHOGHWKDWWHZHULKQ VSUHFKHQZROOWHGDKDWWHHUJHZXWZDV]XWXQZDU 'LH0QGXQJKLHOWHUQLFKWUXKLJ(UVFKZHQNWHGLH:DIIH (LQPDOZLHVVLHDXI6XNRLQGHUQlFKVWHQ6HNXQGHZLHGHUDXI PLFK=XGHPVWDQGHQZLULP/LFKWHLQHUEHUGHU7UKlQJHQGHQ /DPSHXQGHULP+DOEGXQNHO ª:ROOHQ6LHXQVHUVFKLHHQ"©IUDJWHLFKQDFKHLQHU:HLOH ª0|JOLFKDEHUHUVWKHEHQ6LHHLQPDOGLH+lQGH© 'DVWDWHQZLUGHQQ'UXVLDQPDFKWHHLQHQYHUGDPPWHQWVFKORV VHQHQ(LQGUXFNDXIXQV 2EZRKOLFKLKQQRFKQLH]XYRUJHVHKHQKDWWHZDUHUPLUYRQ $QIDQJDQXQV\PSDWKLVFK(LQZLGHUOLFKHU7\S)UVHLQ*HVLFKW NDQQHLQ0HQVFKMDQLFKWVDEHUEHL'UXVLDQSDDUWHQVLFK$XVVHKHQ XQG&KDUDNWHU]XHLQHUPLHVHQ9HUELQGXQJ ª6LHVLQGVLFKGDUEHULPNODUHQGDZLUQLFKWDOOHLQKLHUKHU NDPHQ©VDJWHLFK ª1DWUOLFK© 'LH6LFKHUKHLWPLWGHUHUDQWZRUWHWHPDFKWHPLFKVWXW]LJ'HU .HUOKDWWHHWZDVLQGHU+LQWHUKDQG8QGHUJDEPLUDXFKJOHLFKGLH %HVWlWLJXQJ ª1DWUOLFKZHLLFKGD6LHQLFKWDOOHLQJHNRPPHQVLQG6R GXPPELQLFKQLFKW$EHULFKKDEHPHLQH6LFKHUKHLWVYRUNHKU XQJHQJHWURIIHQ,QGHQ%lXPHQOLHLFK.DPHUDVYHUVWHFNWLQVWDO OLHUHQ6LHEHREDFKWHQQLFKWQXUGHQ*DUWHQVRQGHUQDXFKGLH 6WUDHYRUXQGKLQWHUXQVHUHUNOHLQHQ)DUP:LUKDEHQJHVHKHQ ZLH6LHDQNDPHQXQGKDEHQIHUQHUEHREDFKWHWGD]ZHLZHLWHUH 0lQQHULP:DJHQ]XUFNEOLHEHQ(LQHUKDWLKQYHUODVVHQ©-HW]W NLFKHUWH'UXVLDQª:DKUVFKHLQOLFKOHEWHUQLFKWPHKUGHQQLFK KDEHEHVVHUH:lUWHU]XU9HUIJXQJDOVHV%OXWKXQGHMHVHLQ N|QQWHQ'LH1DPHQZHUGHQ,KQHQZDKUVFKHLQOLFKHWZDVVDJHQ 7RNDWDXQG9DPSLURGHOPDU8QGMHW]WVDJHQ6LHPLUZHOFKHU 0HQVFKGLHVHQEHLGHQHQWNRPPHQNDQQ© (UKDWWHGLH:RUWHJXWJHZlKOWXQGLFKZXWHZLUNOLFKNHLQH $QWZRUW*HJHQ9DPSLURGHOPDUXQGDXFKJHJHQGHQ6DPXUDL
GHV6DWDQVKDWWHNDXPHLQHUHLQH&KDQFHZHQQHUQLFKWGLH:DIIHQ EHVDGLHIUHLQH'lPRQHQEHNlPSIXQJXQHUOlOLFKZDUHQ(U NRQQWHVHLQHQ7RGQRFKKLQDXV]|JHUQYHUKLQGHUQNRQQWHHULKQ QLFKW ª*HIlOOW,KQHQQLFKWZLH"© ª,FKZUGHOJHQZHQQLFK,KUH)UDJHYHUQHLQWH© ª.DQQLFKPLUGHQNHQ$EHUGDVLVWQRFKQLFKWDOOHV,FK KDEH© ªDXFKGLH)UDXHQ©'DVVDJWH6XNR(UKDWWHVLFKQLFKW]XUFN KDOWHQN|QQHQ )UDQFLV'UXVLDQQLFNWHª-D6LHKDEHQUHFKW'LHGUHL)UDXHQ EHILQGHQVLFKLQPHLQHU*HZDOW8QGHVJHKWLKQHQGHQ 8PVWlQGHQHQWVSUHFKHQG©(UQLFNWHEHLVHLQHQ:RUWHQRKQH MHGRFKGLH0QGXQJGHU0DVFKLQHQSLVWROH]XU6HLWH]XGUHKHQ ª6LHN|QQHQ,KUH)UHXQGLQQHQVRJDUVHKHQ©IXKUHUIRUWXQGJLQJ ZlKUHQGGLHVHU:RUWHHLQHQ6FKULWW]XU6HLWHGDPLWHUDQGLH 6FKUHLEWLVFKHFNHJHODQJWHª3DVVHQ6LHDXI© (UKDWWHGDVUHFKWH%HLQOHLFKWDQJH]RJHQXQGPXWHPLWGHP .QLHHLQHQ.RQWDNWXQWHUGHU6FKUHLEWLVFKNDQWHEHUKUWKDEHQ $XIMHGHQ)DOOHUVFKLHQOLQNVYRQXQVDXIHLQHUJUDXZHLHQ)OlFKH HLQ)OLPPHUQ :LUVDKHQGLFKWYRUGHU:DQGHLQHQGLHVHUJURHQ)HUQVHK VFKLUPHIDVWVFKRQZLHHLQH.LQROHLQZDQG8QGGLHVHU%LOGVFKLUP JDEGHQ%OLFNLQHLQHQ]HOOHQDUWLJHQ5DXPIUHLLQGHPVLFKGLH JHIHVVHOWH-DQH&ROOLQVEHIDQG 6LHKRFNWHLQGHU(FNHXQGVFKDXWHLQGLH.DPHUD'HXWOLFKVDK LFKGLH$QJVWDXILKUHP*HVLFKW,QPLUYHUHLVWHHWZDVLFKIKOWH GHQGLFNHQ.ORLQGHU.HKOHXQGGHUYHUJU|HUWHVLFKQRFKDOV GLH7UJH|IIQHWZXUGHXQGMHPDQGGHQ5DXPEHWUDWGHQLFK EHUKDXSWQLFKWPRFKWH /DG\; 6LHOlFKHOWHVFKDXWHHEHQIDOOVLQGLH.DPHUDXQGZLUEHLGH VDKHQGLH9DPSLU]lKQHDXVLKUHP2EHUNLHIHUZDFKVHQ /DG\;ZDU]XHLQHU%OXWVDXJHULQJHZRUGHQGLHVLFKMHW]WODQJ VDPGHUJHIHVVHOWHQ-DQH&ROOLQVQlKHUWH
-DQHKRFNWHLQGHU(FNHXQGEOLFNWHKRFKLQGLH.DPHUD/DG\; KDWWHVLHLQGLHVHQNDKOHQ5DXPJHVSHUUWXQGZDUYHUVFKZXQGHQ %HIUHLHQNRQQWHVLFK-DQHQLFKW(UVWHQVZDUVLHJHIHVVHOW]ZHLWHQV KDWWHGHU5DXPZHGHU)HQVWHUQRFKHLQHQQRUPDOHQ$XVJDQJQXU GLHGLFNH6WDKOWU (VZDUYRQ3DPHOD6FRWWSV\FKRORJLVFKJHQDXGXUFKGDFKWGD VLH-DQHDOOHLQJHODVVHQKDWWH6RZUGHVLFKGLH$QJVWGHU *HIDQJHQHQYRQ6HNXQGH]X6HNXQGHYHUJU|HUQGLH8QJH ZLKHLWZDQQGLH8QWRWH]XUFNNRPPHQZUGHVWHLJHUWHVLFK ZHLWHU $EHU-DQH&ROOLQVZDUHLQH)UDXGLHVLFKQLFKW]XPHUVWHQPDOLQ HLQHUOHEHQVEHGURKOLFKHQ/DJHEHIDQG6LHKDWWHYRUDOOHQ'LQJHQ JHOHUQWQLHPDOVDXI]XJHEHQZHQQVLHVLFKLQHLQHUVFKZLHULJHQ 6LWXDWLRQEHIDQGVRQGHUQLPPHUGDV%HVWHGDUDXV]XPDFKHQ $XFKKLHUYHUVXFKWHVLHHV $OVJURHU1DFKWHLOHUZLHVHQVLFKGLH)HVVHOQ1LFKWQXUZHLO LKUH+lQGHJHEXQGHQZDUHQ]XGHPKDWWHPDQLKUH$UPHQRFK DXIGHQ5FNHQJHGUHKWZDVIU-DQH&ROOLQVHLQH7RUWXUZDU :HQQ/DG\;VLHEHLHQZROOWHGDQQPXWHXQGZUGHVLHVLFK QDWUOLFKZHKUHQXQGPLWDXIGHP5FNHQJHIHVVHOWHQ+lQGHQ ZDUGDVPHKUDOVVFKZLHULJ 'HVKDOEPXWHVLHLKUH$UPHYRUGHQ.|USHUEHNRPPHQ'DV JLQJPDQPXWHQXUHLQHQ.|USHUDXV*XPPLKDEHQRGHUVHKU JHOHQNLJVHLQ/HW]WHUHVZDU-DQH $OVWUDLQLHUWH-XGRNlPSIHULQNRQQWHVLHVLFKEHZHJHQ=ZDU QLFKWZLHHLQH6FKODQJHDEHUZLHHLQJXWHU7XUQHUZDVLKUQXQ VHKUHQWJHJHQNDP -DQHKRFNWHDXIGHPNDKOHQ%RGHQXQGPXWHSUDNWLVFKPLW GHP.|USHUGXUFKGHQ=ZLVFKHQUDXPGHUJHIHVVHOWHQ$UPH UXWVFKHQ(LQHYHUGDPPWNLW]OLJH6DFKH 6LHYHUVXFKWHHV 'DEHLKDWWH-DQHGDV*HIKOLKUH*HOHQNHZUGHQDXVJHUHQNW 6LHPHUNWHSO|W]OLFKZLHVWHLIVLHHLJHQWOLFKZDU$XIGHU%KQH IKUWHQGLH.QVWOHUXQG$UWLVWHQVRHWZDVLQQHUKDOEYRQ 6HNXQGHQYRU-DQHEUDXFKWHGD]X0LQXWHQZHQQQLFKWVRJDU QRFKOlQJHU8QGVLHJHULHWLQV6FKZLW]HQ'DEHLOHJWHVLHVLFKDXI GHQ%RGHQNLSSWH]XU6HLWH]RJGLH%HLQHVRZHLWDQZLHHVJLQJ
GUHKWHGHQ.|USHUIOXFKWHMDPPHUWHNHXFKWHXQGVFKLPSIWHLQ HLQHP -DQHJDEQLFKWDXI'XUFK5FNVFKOlJHOLHVLHVLFKQLFKWHUVFKW WHUQXQGVWHOOWHIHVWGDHVQDFKGHPIQIWHQ9HUVXFKVFKRQ EHVVHUNODSSWHDOVEHLPYLHUWHQ %HLPVLHEHQWHQ0DOSDFNWHVLHHVZLUNOLFK 3O|W]OLFKEHIDQGHQVLFKLKUHJHIHVVHOWHQ+lQGHQLFKWPHKUDXI GHP5FNHQVRQGHUQYRULKUHP.|USHU 'LH'HWHNWLYLQDWPHWHDXI'HU6FKZHLUDQQEHULKU*HVLFKW 'LH.OHLGXQJNOHEWHDP.|USHUGRFKGDVVW|UWHVLHQLFKWPHKU +DXSWVDFKHVLHKDWWHLKU9RUKDEHQGXUFKJHIKUW (UVFK|SIWEOLHEVLHOLHJHQ(VGDXHUWHHLQLJH0LQXWHQELVVLFKLKU $WHPEHUXKLJWXQGVLFKGHU+HU]VFKODJQRUPDOLVLHUWKDWWH6LH UXWVFKWHDXIGLH:DQG]XELVVLHPLWGHP5FNHQ.RQWDNWKDWWH XQGVWHPPWHVLFKGDQQLQGLH+|KH 6FKOLHOLFKEOLHEVLHVLW]HQ6LHZXWHQLFKWZDQQ/DG\;HU VFKHLQHQZUGHDEHUDXIJHEHQZROOWHVLHQLFKW ,KU%OLFNIORJKRFK]XU.DPHUD'HUURWH3XQNWJOKWHGRUWQRFK LPPHU(UZLUNWHZLHHLQZLQ]LJHV$XJHGDV-DQH&ROOLQVLPPHU XQWHU%HREDFKWXQJKLHOW 2EDXFKGLHDQGHUHQXQWHU.RQWUROOHVWDQGHQ":LHZDUHVLKQHQ HUJDQJHQ":RKDWWHPDQVLHKLQJHVFKDIIW" -DQHGDFKWHDQGLHJHIlKUOLFKHQ3LOOHQGLH6KDRXQG6KHLOD]X VLFKQHKPHQVROOWHQ:HQQGLHVH$UW0HGL]LQDQVFKOXJGDQQVDK HVVFKOLPPDXV 'LH6FKULWWHGUDXHQK|UWHVLHQLFKWDEHUVLHVDKZLHVLFKGLH .OLQNHQDFKXQWHQEHZHJWHXQGGLH7UDXIJHGUFNWZXUGH /DG\;EHWUDWGDV9HUOLHV6LHEOLHEIUHLQHNXU]H=HLWVSDQQHDQ GHU7UVWHKHQOlFKHOWHHLVLJXQG]HLJWHLKUHJHIlKUOLFKHQ 9DPSLU]lKQH'DQQVHW]WHVLHVLFKLQ%HZHJXQJXQGWUDWODQJVDP DXIGLHDP%RGHQKRFNHQGH-DQH&ROOLQV]X 'LH'HWHNWLYLQZXWHGDLKUHLQ.DPSIDXI/HEHQXQG7RG EHYRUVWDQG
0LUEOLHEIDVWGDV+HU]VWHKHQ (LQHJHIHVVHOWH-DQH&ROOLQVHLQJHVSHUUWLQHLQHP9HUOLHV8QG EHLLKU/DG\;GLH]XHLQHP9DPSLUJHZRUGHQZDU 'DVZDUHLQ$OSWUDXP ,FKK|UWH6XNRQHEHQPLUVFKZHUDWPHQ,FKZXWHZDVLQLKP YRUJLQJ$POLHEVWHQKlWWHQZLUXQVEHLGHDXI)UDQFLV'UXVLDQ JHVWU]WGRFKGDZDUGLH0DVFKLQHQSLVWROHGLHXQVGLHVHQ:HJ YHUZHKUWH:HGHU6XNRQRFKLFKZDUHQNXJHOIHVW ª'DVLVWGRFKQHWWQLFKWZDKU"©K|KQWHXQVHU*HJQHUXQG OlFKHOWHGLDEROLVFKª(XUH&KDQFHQVLQNHQLPPHUZHLWHU,KUKlWWHW LQ/RQGRQEOHLEHQVROOHQHXUHQ7RGKDEWLKUVHOEVWYHUVFKXOGHW© ,FKK|UWHGLH:RUWHDEHULFKDFKWHWHDXFKDXIGDV%LOGDXIGHP OHLFKWJHERJHQHQ6FKLUPZRVLFKGLH6FRWWLPPHUQlKHUDXI-DQH &ROOLQV]XVFKREGLHMHW]WPLWHLQHP5XFNYHUVXFKWHDXIGLH%HLQH ]XJHODQJHQ6LHVFKDIIWHHVDXFKXQGILHOELVJHJHQGLH/lQJV ZDQG 'RUWHUZDUWHWHVLH/DG\; ª:ROOWLKUZHLWHU]XVHKHQ"©K|UWHQZLUGLH6WLPPHGHV0DQQHV ª6WRSSHQ6LHGLH6FRWW©YHUODQJWHLFK ª6LHPDFKHQPLU6SD6LQFODLU© ª1RFKLVWHV=HLW:LUNOLFK:HQQZLU]XVDPPHQDUEHLWHQ NRPPHQ6LHPLWHLQHPEODXHQ$XJHGDYRQ$OVREHUOHJHQ6LHHV VLFKJXW'UXVLDQ0DFKHQ6LHNHLQHQ8QVLQQ© ª,KUVHLGHXFKZRKOQLFKWGDUEHULPNODUHQXPZDVHVKLHU ZLUNOLFKJHKW©NQLUVFKWHGHU.OLQLNFKHIª,FKZLOOQLFKWQXUHXUH 9HUQLFKWXQJVRQGHUQDXFKGLHGHUDQGHUHQ'DV6LQFODLU7HDP PXVWHUEHQYHUVWDQGHQ"© ª+|UHQ6LHDXI© 8QGGDQQYHUVFKZDQGGDV%LOG$EHUPDOVKDWWH'UXVLDQHLQHQ .RQWDNWXQWHUGHU.DQWHEHUKUW:LUVFKDXWHQDXIGHQJUDX ZHLHQXQGOHHUHQ%LOGVFKLUP 'UXVLDQODFKWHPHFNHUQGª.HLQH$QJVWLKUZHUGHWQRFKJHQXJ ]XVHKHQEHNRPPHQZLUNOLFK,FKVFKDOWHZLHGHUHLQZHQQHXUH )UHXQGLQ]XHLQHP%OXWVDXJHUJHZRUGHQLVW'DUDXIN|QQWLKU HXFKYHUODVVHQ© %HYRULFKHLQH$QWZRUWJHEHQNRQQWHHUVFKLHQHLQDQGHUHV%LOG DXIGHP6FKLUP
:DUGDVHUVWHELVDXI]ZHL3HUVRQHQOHHUJHZHVHQVR]HLJWH GLHVHVHLQJDQ]DQGHUHV0RWLY :LUVDKHQHOI)UDXHQ 6LHKRFNWHQLQHLQHU5HLKHDXIJOlVHUQHQ6WKOHQRGHU .XQVWVWRIIP|EHOQ,FKNDQQWHVLHDOOH'LHVHFKVlOWHUHQ)UDXHQ ZDUHQHEHQVRDXIGHU0RGHQVFKDXJHZHVHQZLHGLHIQIMQJHUHQ 8QGXQWHUGHQMQJHUHQEHIDQGHQVLFK]ZHLGLHXQVDQV+HU] JHZDFKVHQZDUHQ 6KHLOD&RQROO\XQG6KDR 6LHVDHQJDQ]DXHQKDWWHQGHQ.RSILQGHQ1DFNHQJHZRUIHQ XQGWURW]LJGLH/LSSHQ]XVDPPHQJHSUHW%HLGHVDKHQDXVDOV KlWWHPDQVLHJHVFKODJHQMHGHQIDOOV]HLJWHQLKUH*HVLFKWHU)OHFNHQ 'DVZDUDXFKEHL6KDR]XHUNHQQHQREZRKOHLQ7HLOLKUHUGXQNOHQ +DDUHZLHHLQ9RUKDQJYRULKU*HVLFKWILHO 'HU5DXPLQGHPGLH)UDXHQVDHQZDUJHIOLHVW'LH.DFKHOQ VFKLPPHUWHQJUQOLFK:LUVDKHQDXFKHLQHQ/DERUWLVFKDXIGHP ]DKOUHLFKH)ODVFKHQ7LHJHO.ROEHQXQG%UHQQHUPLWGHQQ|WLJHQ *DVDQVFKOVVHQVWDQGHQ 8QG]ZHL0lQQHUVDKHQZLU .OHLGHUVFKUDQNEUHLWH.HUOHLQJUDXHQ.LWWHOQ(LQHUYRQLKQHQ KLHOWHLQH*ODVIODVFKHLQGHU+DQG'XUFKHLQHQHEHQIDOOVJOlVHU QHQ6W|SVHOZDUGLH)ODVFKHYHUVFKORVVHQ ,QGHU)ODVFKHVFKLPPHUWHHWZDV,FKVDKQXUHLQHURWH0DVVH PHKUNRQQWHLFKQLFKWHUNHQQHQ )UDQFLV'UXVLDQKDWWHEHZXWQLFKWVJHVDJWGDPLWZLUGDV%LOG LQXQVDXIQHKPHQNRQQWHQ-HW]WDEHUNRQQWHHUVLFKQLFKWOlQJHU ]XUFNKDOWHQ ª1DNRPPHQHXFKGLHEHLGHQDXIGHQlXHUHQ6WKOHQEHNDQQW YRU"© ª'X6FKZHLQ©NQLUVFKWH6XNRª'XYHUGDPPWHV© 3O|W]OLFKEOLW]WHHVYRUGHU0QGXQJGHU03LDXI'UXVLDQKDWWH JHVFKRVVHQ(VJLQJVRVFKQHOOGDZLUJDUQLFKWKlWWHQDXVZHL FKHQN|QQHQ(UZROOWHXQVDXFKQLFKWWUHIIHQVRQGHUQMDJWHGLH *DUEHYRUXQVLQGHQ%RGHQZRGLH*HVFKRVVHGHQ7HSSLFKGHV %URVDXIKDFNWHQ)DVWKlWWHXQVQRFKHLQ4XHUVFKOlJHUJHWURIIHQ ª%HLPQlFKVWHQPDOVFKLHHLFKHXFKGLH6FKlGHODE©GURKWHHU 'DVZDUEHVWLPPWNHLQHOHHUH9HUVSUHFKXQJ
6XNREHKHUUVFKWHVLFK 0HLQ)UHXQGZDUZLUNOLFKHLQ0HQVFKGHUHLJHQWOLFKQLHGLH 5XKHYHUORU'DUXPKDWWHLFKLKQLPPHUEHQHLGHW$EHUZHQQHV XP6KDRJLQJVDK6XNRURW 6RZLHMHW]W ª5HLGLFK]XVDPPHQ©]LVFKWHLFK 'UXVLDQKDWWHPHLQH:RUWHYHUQRPPHQª,KU)UHXQGKDWUHFKW &KLQHVH6HKHQ6LHOLHEHU]XZDVPLW,KUHU)UHXQGLQJHVFKLHKW :LUKDEHQPLWLKUXQGGHQDQGHUHQ)UDXHQQRFK*URHVYRUGHQQ VLHVLQGGLHHUVWHQGLHGDVQHXH3UlSDUDW]XVFKOXFNHQEHNRPPHQ 8QGZLWLKUZDVLFKKHUJHVWHOOWXQGEHUHLWV]XU6HULHQUHLIH SURGX]LHUWKDEH"© :LUVFKZLHJHQ ª,FKZLOOHVHXFKYHUUDWHQ,Q/RQGRQZXUGHLFKEHLPHLQHQ )RUVFKXQJHQJHVW|UWGRFKKLHULQ3DULVKDEHLFKVLHZHLWHUIKUHQ N|QQHQRKQHGDPLUMHPDQGGD]ZLVFKHQUHGHWH,FKKDEHPLFK LPPHUJHIUDJWZDUXPHVQLFKWP|JOLFKVHLQVROOWH9DPSLUEOXW KHU]XVWHOOHQ6\QWKHWLVFKPHLQHLFK,FKKDWWHGDV)DULDFVFKH%OXW ]XU8QWHUVXFKXQJGD,FKKDEHHVJHQDXDQDO\VLHUWXQGHVLVWPLU JHOXQJHQYRQGLHVHU$QDO\VHZLHGHUHLQH6\QWKHVH]XPDFKHQ 0LWDQGHUHQ:RUWHQ,FKKDEHGDV9DPSLUEOXWNQVWOLFKKHU JHVWHOOWXQG]ZDUQLFKWDXIIOVVLJHU%DVLVVRQGHUQDOVJDQ]QRU PDOH3LOOH$OOHUGLQJVJHEHLFKJHUQ]XGDVLFKLP,QQHUQGHU 3LOOHHLQIOVVLJHU6WRIIEHILQGHWGHUHLQZHQLJQDFK%OXWVFKPHFNW ZHQQVLFKGHU=XFNHUUDQGHUVWJHO|VWKDW8QGIUGLHVH3LOOHQ EUDXFKWHLFK0HQVFKHQ:LUKDEHQVLHXQVJHKROW'RUWVLW]HQVLH PHLQH+HUUHQ8QGZDVGHU$XISDVVHULQGHU+DQGKlOWGDVLVW HLQH)ODVFKHPLWGLHVHQ9DPSLUSLOOHQ© ,FKVWDUUWH'UXVLDQDQª6LHVLQGHLQYHUGDPPWHU7HXIHO© VFKPHWWHUWHLFKLKPLQV*HVLFKW ª9LHOOHLFKWDEHUDXFKHLQ*HQLH'DVKlWWHNHLQDQGHUHU JHVFKDIIWJODXEHQ6LHPLU© ,FKVFKZLHJ ª'DVHKHQ6LHGRFKMHW]WEHNRPPWGLHHUVWH)UDXGLH3LOOH(VLVW HLQHlOWHUH0DOVFKDXHQZLHVLHUHDJLHUW© 'LHVHU'UXVLDQZDUSO|W]OLFKZLHDXVJHZHFKVHOW:DKUVFKHLQOLFK ZlUHHUVHOEVWJHUQGDEHLJHZHVHQDEHUHUPXWHDXIXQVDFKW
JHEHQ*OHLFK]HLWLJZROOWHHUVHKHQZDVVLFKDXIGHP%LOGVFKLUP DEVSLHOWH8QG]ZHL'LQJH]XUVHOEHQ=HLWN|QQHQQXUGLHZHQLJ VWHQ0HQVFKHQNRQ]HQWULHUWGXUFKIKUHQ )UDQFLV'UXVLDQJHK|UWHQLFKWGD]X 'DVPHUNWHLFK$XFK6XNRZDUQLFKWHQWJDQJHQGDGLH%OLFNH GHV0DQQHV]ZLVFKHQGHP%LOGVFKLUPXQGXQVKLQXQGKHU ZLHVHOWHQ ,FKVFKDXWH6XNRDQ 'HU&KLQHVHQLFNWHXQPHUNOLFK,FKZXWHZLHHUHVYHUVXFKHQ ZROOWH$QJUHLIHQNRQQWHQZLU'UXVLDQQLFKW'LH'LVWDQ] ]ZLVFKHQXQVXQGLKPZDUVRGDHLQH.XJHOJDUEHLPPHU VFKQHOOHUZDUDOVZLU 'HQUHFKWHQ$UPKDWWH6XNREHUHLWVDQJHZLQNHOW'LH)LQJHU GHUDXVJHVWUHFNWHQ+DQGZLHVHQVFKUlJQDFKXQWHQDXIGLH -DFNHQ|IIQXQJ,QGHU,QQHQWDVFKHEHIDQGVLFKHLQHZLFKWLJH :DIIH'HUYRQ%XGGKDHUHUEWH6WDE:HQQ6XNRLKQLQGLH+DQG QDKPEUDXFKWHHUQXUHLQ:RUW]XUXIHQVRGDHUGLH=HLWIU JHQDXIQI6HNXQGHQDQKDOWHQNRQQWH /lQJHUQLFKW ª'D©VDJWH'UXVLDQªVHKWMHW]WEHNRPPWGLH)UDXGLHHUVWH 3LOOH©(UIUHXWHVLFK ,FKVFKDXWHKLQ 'LHlOWHUH)UDXZDUJHIHVVHOW6LHWUXJHLQKHOOHV.OHLGGDV]DKO UHLFKH)DOWHQZDUIXQGMHW]WHLQLJH6FKPXW]IOHFNHDXIZLHV$XI LKUHP*HVLFKWVWDQGGLHLQQHUH$EZHKUZLHLQHLQHP%XFK]X OHVHQ 6LHZROOWHQLFKW 0DQ]ZDQJVLH 'HU]ZHLWH.HUOLPJUDXHQ.LWWHOQDKPNHLQH5FNVLFKW :lKUHQGGHUHUVWHGLH)ODVFKH|IIQHWHXQGHLQHURWH3LOOHDXIVHLQH +DQGIOlFKHUROOHQOLHSUHWHGHUDQGHUH0DQQVHLQH+DQGLQGDV *HVLFKWGHU)UDXXQG|IIQHWHPLWHLQHPJHVFKLFNWHQ*ULIIGHUHQ 0XQG'DEHLJULQVWHHUXQGVDJWHLUJHQGHWZDV]XVHLQHP .XPSDQZDVZLUDQGHQ0XQGEHZHJXQJHQHUNDQQWHQ 'HU]ZHLWHVFKREGHU)UDXGLH3LOOHLQGHQ0XQG 'UXVLDQODFKWHª*HVFKDIIW©MXEHOWHHUª*HVFKDIIW© )HKOWHQXUQRFKGDHUJHUXIHQKlWWHª'DVLVW6SLW]H©
6RZHLWNDPHVQLFKW'D]XWUXJDXFK6XNREHLGHQQPLWHLQHU VFKODQJHQJOHLFKHQ%HZHJXQJYHUVFKZDQGVHLQH+DQGLP $XVVFKQLWWGHV-DFNHWWV 8QGSO|W]OLFKKLHOWHUGHQ6WDEGDULQ ª7RSDU©ULHIHU 1DWUOLFKKDWWH-DQH$QJVW-HGHU0HQVFKKDW$QJVWZHQQHU HLQHP%OXWVDXJHUJHJHQEHUVWHKW+LQ]XNDPQRFK-DQHVUDIIL QLHUWH)HVVHOGLHLKU]ZDUHLQZHQLJ%HZHJXQJVIUHLKHLWOLHDEHU QLFKWVRYLHOZLHVLHEUDXFKWH /DG\;ZROOWHLKU%OXW 6LHNDPQlKHU'LH$XJHQOHXFKWHWHQ'LH0DVFKLQHQSLVWROHWUXJ VLHQLFKWEHLVLFKHLJHQWOLFKHWZDV8QJHZ|KQOLFKHVDQLKUGRFK MHW]WDOV%OXWVDXJHULQZROOWHVLHLKUH2SIHUOHEHQGQLFKWWRW ª.HLQH&KDQFH©IOVWHUWHVLHª'XKDVWNHLQH&KDQFH-DQH &ROOLQV© 'LH'HWHNWLYLQJDENHLQH$QWZRUW6LHZLFKQXU]XUFNELVVLH GLH:DQGDOV'HFNXQJLQLKUHP5FNHQVSUWH'LH$UPHKDWWHVLH YRUJHVWUHFNWGLH+lQGHVRZHLWDXVHLQDQGHUJHEUHLWHWZLHGLH )HVVHOHVLKUHUODXEWH -DQHZDUIHVWHQWVFKORVVHQVLFKELV]XPOHW]WHQ]XYHUWHLGLJHQ /HLFKWZROOWHVLHHV/DG\;QLFKWPDFKHQ ª$QJVW"©K|KQWHGLH6FRWW ,KU*HVLFKWZDUVHOWVDPEOHLFKGLH=JHYHU]HUUW9RQ6FK|QKHLW ZDUQLFKWVPHKU]XVHKHQ5HLQH%RVKDIWLJNHLWEHVWLPPWHGDV $XVVHKHQGHUHKHPDOLJHQ7HUURULVWLQ 'DVSUDQJ-DQHYRU6LHKDWWHLKUH)lXVWHDQHLQDQGHUJHOHJWXQG ZROOWHVLHLQGDV*HVLFKWGHU9DPSLULQUDPPHQ%HYRUVLFK/DG\; DXI-DQHVWU]WHVROOWHHVXPJHNHKUWVHLQ )DVWKlWWHGLH'HWHNWLYLQHVJHVFKDIIW$EHUHEHQQXUIDVW1XQ ]HLJWHVLFKGDGLH6FRWWQLFKWVYHUOHUQWKDWWH$OV7HUURULVWLQZDU VLHGXUFKHLQHKDUWH6FKXOHJHJDQJHQ0DQKDWWHLKUEHLJHEUDFKW VLFK]XYHUWHLGLJHQLKUH5HIOH[HZDUHQKXQGHUWSUR]HQWLJLQ 2UGQXQJXQGEHYRU-DQHGD]XNDPHLQHQ6FKODJ]XODQGHQKDWWH VLHVFKRQJHNRQWHUW0LWJHVWUHFNWHP$UPXQGJHNUPPWHU +DQGNDQWH'HU6FKODJVFKWWHOWHGLH'HWHNWLYLQGXUFKREZRKOHU
VLHQXUDQGHU6FKXOWHUJHWURIIHQKDWWH-DQHJLQJ]X%RGHQYHUEL GHQ6FKPHU]XQGEHUUROOWHVLFK /DG\;ODFKWH6LHZDUVLHJHVVLFKHUXQGVSUDQJPLWEHLGHQ %HLQHQYRUDQDXI-DQH]X 'LHUHDJLHUWHHLVNDOW3O|W]OLFKIORJGLH9DPSLULQGXUFKGLH/XIW GHQQPLWLKUHQ%HLQHQKDWWH-DQHGLHGHU6FRWWQRFKLP6SUXQJ ZHJJHVlEHOW /DG\;ILHO *HZDQGWZLHHLQH.DW]HUROOWHVLHVLFKKHUXPDEHUGDVWDQG-DQH ZLHGHUDXIGHQ)HQ 6LHJOLFKMHW]WHLQHUIDXFKHQGHQ.DW]HGLHHLQ+XQGJHUHL]W KDWWHª.RPPQXU©IOVWHUWHVLHª.RPPQXUKHUGXYHUGDPPWH %OXWVDXJHULQ,FKPDFKHGLFKIHUWLJ© 'LH*HJQHULQQHQVFKOLFKHQXPHLQDQGHUKHUXP*HGXFNWEUHLW EHLQLJ-HGHEHODXHUWHGLHDQGHUH1LHPDQGZROOWHVLFKHLQH%O|H JHEHQ'LH6FRWWYHU]RJGLH/LSSHQ,QLKUHQGXQNOHQ$XJHQ QLVWHWHGHU+D'LH1DVHQIOJHOEHEWHQDXVGHP2EHUNLHIHU OXJWHQGLHEHLGHQ9DPSLU]lKQH3DUGRQZROOWHVLHQLFKWJHEHQ ª,FKNULHJHGLFK©NHXFKWHVLHª'DUDXIKDEHLFKVFKRQODQJH JHZDUWHW'XHQWNRPPVWPLUQLFKWGDVVFKZ|UHLFKGLU© 'LH8QWRWHZDUYHUEOHQGHWXQGVLHZROOWH%OXW$OV0HQVFK KDWWHVLHVLFKWURW]DOOHPEHVVHUXQWHU.RQWUROOHJHKDOWHQDOV 9DPSLUJHKRUFKWHVLHQXUGHP7ULHE (LQHQ0HQVFKHQVDKVLHQXUDOV1DKUXQJDQ 'DVDOOHVZXWH-DQH&ROOLQV6LHKDWWHNHLQ,QWHUHVVHGDUDQVLFK DXIHLQHQODQJHQ.DPSIPLWGHU%OXWVDXJHULQHLQ]XODVVHQ'HQQ EHUHLQH]HLWOLFKJURH'LVWDQ]NRQQWHVLHQLFKWJHZLQQHQ :lKUHQGLKUH.UlIWHHUODKPWHQNRQQWHPDQGDVYRQGHQHQGHU 8QWRWHQQLFKWEHKDXSWHQ)UVLHJDEHVVRHWZDVQLFKWPHKU -DQHVDKLKUH&KDQFH $OOHUGLQJVQLFKWLQGHPVLH/DG\;EHUZlOWLJWHVRQGHUQLQGHU )OXFKW6LHKDWWHJHQDXDFKWJHJHEHQXQGGDEHLIHVWJHVWHOOWGD GLH6FRWWQDFKLKUHP(LQWULWWGLH7UQLFKWZLHGHUYHUVFKORVVHQ KDWWH-DQHNRQQWHDOVRQRFKIOLHKHQIDOOVHVLKUJHODQJGLH7U ]XHUUHLFKHQ +RIIHQWOLFKDKQWHGLH8QWRWHQLFKWVYRQLKUHQ*HGDQNHQ /DQJVDPJLQJ-DQH]XUFN'DEHLZDQGWHVLHQRFKHLQHQ7ULFNDQ
=XHUVWHLQPDOZHJYRQGHU7U/DG\;LQGLHDQGHUH(FNHORFNHQ XQGGDQQYLHOOHLFKW ,KUH*HGDQNHQZXUGHQGXUFKHLQHQ$QJULIIXQWHUEURFKHQ'LH 8QWRWHNDPPLWJURHU:XFKW6LHODJLQGHU/XIWHLQZLUNOLFK JHNRQQWHUXQGJHZDJWHU6SUXQJHLQ%HLQYRUJHVWUHFNWGDV DQGHUHOHLFKWDQJH]RJHQZREHLGLH$UPHIDVWGLHJOHLFKH6WHOOXQJ HLQQDKPHQ .DUDWHGHU6SLW]HQNODVVH -DQHZROOWHZHJ6LHVFKDIIWHHVQXUKDOEZHLOVLHPLWGHQ$UPHQ GDEHLGDV*OHLFKJHZLFKWVWHXHUQPXWH'DVJHODQJQLFKWZHJHQ GHUJHIHVVHOWHQ+lQGH'HU7ULWWWUDIVLHGLFKWXQWHUGHP+DOV VFKOHXGHUWHVLH]XUFNXQGVLHNUDFKWHJHJHQGLH:DQG =XHUVWSUDOOWHGHU5FNHQGDJHJHQGDQQGHU+LQWHUNRSI-DQHV *HVLFKWYHU]HUUWHVLFK:LH3XGGLQJEHZHJWHVLFKGLH*HVLFKWV KDXWDOVVLHGXUFKJHVFKWWHOWZXUGHXQGGLH9DPSLULQKHXOWHYRU )UHXGHDXI 6LHZDUGLFKWYRU-DQHJHODQGHWXQGWUDWGLHVPDOQLFKW]X VRQGHUQKlPPHUWHPLWGHU+DQGNDQWH (VZDUHLQ9HUQLFKWXQJVVFKODJ-DQHZXWHVHOEVWQLFKWZLHVLH DXVGHPXQPLWWHOEDUHQ*HIDKUHQEHUHLFKJHWDXFKWZDUDXIMHGHQ )DOONDPVLHZHJ 6LHVSUWHQRFKGHQ/XIW]XJVRGLFKWZLVFKWHGLH+DQGDQLKUHP .RSIYRUEHLXQGGDQQZXFKWHWHVLHJHJHQGLH%HWRQZDQG -DQH&ROOLQVZXWHQLFKWREVLFK/DG\;GLH+DQGJHEURFKHQ KDWWHHVZDULKUY|OOLJHJDO6LHYHUSDWHGHU8QWRWHQQRFKHLQHQ 5XQGVFKODJKDWWHGDQDFK/XIWXQGVSXUWHWH]XU7U$XIGHQ 6FKPHU]LQLKUHP+LQWHUNRSIDFKWHWHVLHQLFKWGLH)OXFKWXQGLKU /HEHQZDUHQZLFKWLJ 0LWEHLGHQ+lQGHQXPIDWHVLHGLH.OLQNHGUFNWHVLHQDFK XQWHQXQGULGLH7UDXI 0LWHLQHPJHZDOWLJHQ6SUXQJKDWWH-DQHGLH6FKZHOOHKLQWHUVLFK JHEUDFKWXQGIDQGVLFKLQHLQHPODQJHQ*DQJZLHGHU :RKLQ"5HFKWVRGHUOLQNV" -DQHHQWVFKLHGVLFKIUOLQNVGHQQDP(QGHGHV*DQJHVZXUGH HVKHOOHU 6LHUDQQWH/HLGHUNRQQWHVLHPLWGHQJHIHVVHOWHQ+lQGHQQLFKW VRHLQHQ6SXUWKLQOHJHQZLHVLHHVJHUQJHWDQKlWWH'DZDUHQ
LPPHUGLH6FKZLHULJNHLWHQPLWGHP*OHLFKJHZLFKWGDV-DQHQXU VFKZHUOLFKKDOWHQNRQQWH(LQPDOJHULHWVLHDXVGHP7ULWWXQGILHO JHJHQGLH:DQGUDQQWHDEHUZHLWHU 6LHZDUIDXFKHLQHQ%OLFNEHUGLH6FKXOWHU /DG\;ZDULKUDXIGHQ)HUVHQ'DV/DFKHQVFKDOOWHGXUFKGHQ HQJHQ*DQJª,FKNULHJHGLFK©VFKULHVLHª+LHUNDQQVWGXQLFKW IOLHKHQ© -DQHVFKDXWHQLFKWPHKU]XUFNQXUQRFKQDFKYRUQ'HU /LFKWVFKLPPHUZDUGHXWOLFKHUJHZRUGHQXQGGLH'HWHNWLYLQVDK PLWWHQLP*DQJHLQ*LWWHU(VKLHOWGHQ9HUJOHLFKPLWHLQHU7U GXUFKDXVVWDQGGHQQHVOLHIDXIHLQHU6FKLHQHXQGNRQQWHEHUGLH %UHLWHGHV.RUULGRUVHLQH6SHUUHHUULFKWHQ -HW]WZDUHVRIIHQ 8QGGRFKJDEHVHLQH6FKZLHULJNHLW+LQWHUGHP*LWWHUZXUGH GHU*DQJQLFKWQXUEUHLWHUGRUWEHIDQGVLFKDXFKGHU6WXKOHLQHV :lFKWHUV'HUZDU]ZDUDXJHQEOLFNOLFKOHHUDEHUDXVHLQHP VRHEHQKDOWHQGHQ$XI]XJWUDWHLQ0DQQLPJUDXHQ.LWWHO $XFK/DG\;KDWWHLKQJHVHKHQ ª+DOWHVLHIHVW©EUOOWHGLH9DPSLULQ 'HU0DQQZDUEHUUDVFKWVFKDXWHQDFKOLQNVQDFKUHFKWVXQG EHNDP-DQHV+LHEVFKUlJJHJHQGDV.LQQ'HU6FKODJZDUVR JHZDOWLJGDHU]X%RGHQJHULVVHQZXUGHXQGVLFKGRUWEHU VFKOXJ -DQHEFNWHVLFK'HU.LWWHOGHV0DQQHVZDUDXIJHNODSSW'LH 'HWHNWLYLQKDWWHJHVHKHQGDGHU.HUOLP+RVHQEXQGHLQH:DIIH WUXJ'LHUL-DQHDQVLFK *HGXFNWIXKUVLHKHUXPGLH/XJHU3LVWROHGDEHLLQEHLGHQ +lQGHQKDOWHQG 'DQQIHXHUWHVLH 6FKLHHQNRQQWH-DQHXQGVLHMDJWHGUHL.XJHOQLQGHQYRULKU OLHJHQGHQ*DQJ'DEHLVWUHXWHVLHHWZDVGHQQVLHZROOWH/DG\; XQEHGLQJWHUZLVFKHQ ,QVWLQNWLYKDWWHVLFKGLHHKHPDOLJH7HUURULVWLQ]X%RGHQIDOOHQ ODVVHQ'LHVH5HDNWLRQZDULKUHLQJHLPSIWZRUGHQ6LHKDWWHVLH DXFKDOV9DPSLULQQLFKWYHUORUHQ =ZHL*HVFKRVVHIHKOWHQGDVGULWWHULHLQHODQJH)XUFKHLQGDV )OHLVFKDP+DOV
6RHWZDVPDFKWH/DG\;QLFKWVPHKU6LHVSUDQJDXI -DQHDEHUVDKGHQ)DKUVWXKO6LHVFKRKRFKXQGULPLWLKUHQ JHIHVVHOWHQ+lQGHQGLH7UDXI 'RFKVLHKDWWHGLH6FKQHOOLJNHLWGHU8QWRWHQXQWHUVFKlW]W0LW HLQHP6DW]EHUZDQGVLHHLQH'LVWDQ]YRQPHKUDOVGUHL0HWHUQ 8QG/DG\;KDWWH*OFNVLHEHNDP-DQH]XSDFNHQEHYRUGLHVHLP $XI]XJYHUVFKZLQGHQNRQQWH %HLGH+lQGHVFKOXJGLHHKHPDOLJH7HUURULVWLQXP-DQHV+DQG JHOHQN(VZDUGDVUHFKWHLQGHPVLHGLH/XJHUKLHOW/DG\; ZROOWHGHQ$UPKRFKNDQWHQVRGD-DQHGLH:DIIHIDOOHQODVVHQ PXWH ª6R©NHXFKWHGLH8QWRWHªKDELFKGLFKGRFK© 'DWUDW-DQH&ROOLQV]X,KU)XZXFKWHWHJHJHQGLH%UXVWGHU 6FRWWXQGVFKOHXGHUWHVLH]XUFN'LH+lQGHGHUEOXWVDXJHQGHQ %HVWLHUXWVFKWHQDE/DG\;ILHO]X%RGHQXQG-DQH&ROOLQVKDWWH IUHLH%DKQ6LHUDPPWHGLH7UGHV$XI]XJV]XXQGKLHELKUH +DQGEDOOHQDXIGHQREHUVWHQ.QRSI $OVGHU/LIWDQIXKUZDUIVLFKGLH9DPSLULQJHJHQGLH7U6LH ZROOWHVLHQRFKDXIUHLHQGRFKGLH9HUNOHLGXQJKLHOW -DQHVFKZHEWHQDFKREHQ *HUHWWHW" 9LHOOHLFKW %HVWLPPWKDWWH)UDQFLV'UXVLDQQRFKVFKLHHQZROOHQGRFKGHU 5XINDP]XEHUUDVFKHQG )UIQI6HNXQGHQZXUGHGLH=HLWDQJHKDOWHQ 'DVUHLFKWH :lKUHQG'UXVLDQXQGLFK]XU%HZHJXQJVORVLJNHLWHUVWDUUWHQ KDQGHOWH6XNR'LH'LVWDQ]]ZLVFKHQLKPXQGGHP.OLQLNER NRQQWHHULQGLHVHU=HLWOHLFKWEHUZLQGHQ 'UHL6SUXQJHUHLFKWHQ $OV6XNRYRUGHP0DQQVWDQGULHULKPGLH03LDXVGHQ +lQGHQ (UNRQQWHQRFKHLQH6HNXQGHZDUWHQGDQQZDUGLH=HLWXP $OOHVOLHIZLHGHUQRUPDODE,FKNRQQWHPLFKEHZHJHQXQGDXFK 'UXVLDQGHUSO|W]OLFKGHQ0XQGDXIULGDEHLVFKULHXQGVRJDU
QRFKGHQ=HLJHILQJHUEHZHJWH(UKDWWHWDWVlFKOLFKVFKLHHQ ZROOHQ 1LFKWVJHVFKDK 'DIUODFKWH6XNROHLVH 'HU&KLQHVHVWDQGQHEHQ'UXVLDQXQGGHU.OLQLNFKHIHUZDFKWH ZLHDXVHLQHPWLHIHQ6FKODI(UGUHKWHGHQ.RSIVDK6XNRXQG DXFKGLH0DVFKLQHQSLVWROH ª1HLQ©NHXFKWHHUXQGZLFK]XUFNELVHUJHJHQGHQ 6FKUHLEWLVFKVWLH ª'RFK©HUZLGHUWHGHU&KLQHVHOlFKHOQGª,FKKDEH,KUH:DIIH PHLQ/LHEHU© 'UXVLDQVFKWWHOWHGHQ.RSIª$EHUGDVLVWGRFKGDVLVWHLQIDFK XQP|JOLFK© ª:LHVR"©6XNROlFKHOWHXQGKREGLH0QGXQJHLQZHQLJDQ ª,FKKDEH,KUH:DIIHXQGGDVPXIU6LHUHLFKHQ6RXQGMHW]W ZLOOLFKZLVVHQZR6LHGLH)UDXHQYHUVWHFNWKDOWHQ© ª:HOFKH"© ª5HGHQ6LHQLFKWGUXPKHUXP©]LVFKWH6XNR 3O|W]OLFKVSUWHGHU.OLQLNFKHIGHQ'UXFNGHU0QGXQJDXIVHL QHU%UXVW(UERJVHLQHQ2EHUN|USHU]XUFNXQGILHOEHUGHQ 6FKUHLEWLVFK$QJVWVWDKOVLFKLQVHLQH$XJHQ1LFKWVZDUPHKUYRQ VHLQHUXUVSUQJOLFKHQ6LFKHUKHLW]XVSUHQ'HU0DQQZDULP *UXQGHVHLQHV:HVHQVIHLJH ª:R"© ª8QWHQ©IOVWHUWH'UXVLDQUDXKª8QWHQLP.HOOHUVLQGGLH /DERUV© ª8QGGLHDQGHUHQ*lVWH"© ª(VVLQGNHLQHGD:LUKDEHQJHVFKORVVHQ)UHLQHQ0RQDW RIIL]LHOO'DVKlWWHQZLUDXFKGHQMHQLJHQJHVDJWGLHVLFKJHPHOGHW KDWWHQZHLOMD:HUEXQJJHPDFKWZXUGH,FKZROOWH=HLWIUPHLQH 9HUVXFKHKDEHQZLVVHQ6LH© ª'DQQEHILQGHQVLFKDOVRNHLQH8QVFKXOGLJHQKLHU"©'LHVH)UDJH VWHOOWHLFK,FKKDWWHPLFKLQ]ZLVFKHQZLHGHU]XPHLQHP3DUWQHU JHVHOOWXQGVFKDXWHDXIGHQLPPHUQRFKLQXQEHTXHPHU+DOWXQJ OLHJHQGHQ'UXVLDQKLQDE ª1XUGLH*HIDQJHQHQ© ª8QG-DQH&ROOLQV"©
ª,VWLQHLQHP([WUDUDXPDXFKLP.HOOHU© ª:HOFKH6LFKHUXQJHQ"© ª.HLQH© ,FKZXWHQLFKWRELFKLKPJODXEHQNRQQWHKDWWHDOOHUGLQJV DXFKNHLQH=HLWGLHVQDFK]XSUIHQ:LUPXWHQXQVVFKRQDXILKQ YHUODVVHQ 6XNRXQGLFKWDXVFKWHQHLQHQNXU]HQ%OLFN8QVHUJHJHQVHLWLJHV (LQYHUVWlQGQLVJDEHQZLUGXUFKHLQNXU]HV.RSIQLFNHQEHNDQQW 'HU&KLQHVHZXWHJHQDXZDVHU]XWXQKDWWH (UVFKOXJ]X (VZDUHLQ+LHEPLWGHP/DXIGHU0DVFKLQHQSLVWROH8QGHUWUDI 'UXVLDQVHLWOLFKDQGHU6WLUQZRHUHLQHGLFNH6FKUDPPH KLQWHUOLHDOVGHU/DXIEHUGLH+DXWVWULFK 'HU.OLQLNFKHI]XFNWH]XVDPPHQ(VVDKDXVDOVZROOWHHUXQV HQWJHJHQVSULQJHQGDQQDEHUZXUGHHUEODYHUGUHKWHGLH$XJHQ VDFNWHDXIGHP6FKUHLEWLVFK]XVDPPHQXQGILHO]X%RGHQ 9HUNUPPWEOLHEHUOLHJHQ ª'DVZDU V©VDJWHGHU&KLQHVHXQGVFKOXJPLUDXIGLH6FKXOWHU ª$XIJHKW V© :LHGHUHLQPDOKLQJGLHXQYHUPHLGOLFKH6FKZDU]H]ZLVFKHQGHQ /LSSHQGHV$JHQWHQ3DXO0HXULVVHKRFNWHKLQWHUGHP/HQNUDG KDWWHGLH6FKHLEH]XU+lOIWHKHUXQWHUIDKUHQODVVHQXQGTXDOPWH 'HQVFKDUIHQ5DXFKEOLHVHUGXUFKGLH0XQGZLQNHODXVHLQPDO QDFKUHFKWVHLQPDOQDFKOLQNV6RSDIIWHHUVLFKULFKWLJHLQ $OOHUGLQJVYHUJDHUQLFKWVHLQH$XIJDEH6RVFKOlIULJ0HXULVVH DXFKZLUNWHHUWDUQWHVLFKQXU7DWVlFKOLFKDEHUZDUHUKHOOZDFK XQGSDWHJHQDXDXI (UKDWWHDXFKUHJLVWULHUWGD*LOVHLQHU0HLQXQJQDFKVFKRQYLHO ]XODQJHZHJZDU6LHKDWWHQDEJHVSURFKHQGDHUVLFKPHOGHWH ZHQQHUHWZDV8QJHZ|KQOLFKHVHQWGHFNWH'DVZDUELVKHUQLFKW JHVFKHKHQ0HXULVVHZDUQLFKWEHVRUJWVRQGHUQQXUHLQZHQLJ EHXQUXKLJW=XP*OFNNRQQWHHUVLFKDXI*LOYHUODVVHQ'HQKDWWH QRFKQLHPDQGJHVFKDIIW:HQQHUGDUDQGDFKWHZDV*LODOOHV KLQWHUVLFKKDWWHGDVZDUZLUNOLFKVDJHQKDIW(VJDEQXUVHKU ZHQLJH0lQQHUGLHVRHWZDVDXVKLHOWHQ
0HXULVVHOIWHWHQRFKHLQPDOGXUFKXQGVFKDXWHLQGLH5XQGH 'XQNHOKHLWXPJDELKQ+LQ]XNDPGLH6WLOOHGLHVFKRQLUJHQGZLH EHGUFNHQGZLUNWH :HQQHUVHKUJHQDXKLQVDKGDQQJODXEWHHUKLQWHUGHQ%lXPHQ LP3DUNHLQHQKHOOHQ6FKLPPHU]XHUNHQQHQ'DV/LFKWEUDQQWH DOVRQRFKLQGHU.OLQLNXQG0HXULVVHGDFKWHZLHGHUDQVHLQHQ /HLEZlFKWHU2E*LOYLHOOHLFKWLQGHQ%DXHLQJHGUXQJHQZDU"'HQ $XIWUDJGD]XKDWWHHUQXQQLFKWJHKDEW(UVROOWHVLFKQXUDXIGHP *HOlQGHXPVFKDXHQPHKUQLFKW 0HXULVVHOLHGDV)HQVWHURIIHQ:HQQ*LODXI*HJQHUJHWURIIHQ ZDUGDQQK|UWHHUYLHOOHLFKWGLH.DPSIJHUlXVFKHDEHUYHUUlWH ULVFKH/DXWHHUUHLFKWHQVHLQ2KUQLFKW 6HOWVDPZDUGDVVFKRQ(UKRFNWHLP:DJHQXQGEHREDFKWHWH HLQH6FK|QKHLWVIDUPZLHHVVLHPHKUDOVHLQPDOLQ)UDQNUHLFKJDE 0DQKDWWHGDUEHUJHOlFKHOWXQG)UDXHQGLHGDVQ|WLJH.OHLQJHOG EHVDHQEHVXFKWHQVLH|IWHU6LHQDKPHQGLHVH)DUPHQVHKUHUQVW GRFKGDKLQWHUGHQ0DXHUQVROFKHU.OLQLNHQ9HUEUHFKHQVWDWW IDQGHQGDYRQKDWWH0HXULVVHQRFKQLFKWVJHK|UW 0|JOLFKZDUDOOHV 3O|W]OLFK]XFNWHHU]XVDPPHQ'HU$JHQWJODXEWH]ZLVFKHQ ]ZHL%lXPHQHLQH%HZHJXQJZDKUJHQRPPHQ]XKDEHQ(LQ 6FKDWWHQGHUMHW]WQLFKWPHKU]XVHKHQZDU .HKUWH*LO]XUFN" 0HXULVVHEOLFNWHZHLWHUKLQDQJHVWUHQJWLQGLH5LFKWXQJNRQQWH QLFKWVVHKHQXQGVFKLPSIWHEHUGLH'XQNHOKHLW'LHQlFKVWH /DWHUQHODJLUJHQGZRLP3DUNYHUVWHFNWHLQH/LFKWLQVHOGHUHQ +HOOLJNHLWOlQJVWYHUVFKOXFNWZXUGH 0HXULVVHHLQPDOPLWUDXLVFKJHZRUGHQZROOWHHVJHQDXZLVVHQ ,KQKLHOWQLFKWVPHKULP)DKU]HXJ(UQDKPGLH7DVFKHQODPSHXQG |IIQHWHGHQ:DJHQVFKODJ 9RUVLFKWLJVWLHJHUDXV'LH/DPSHKLHOWHULQGHUOLQNHQ+DQGLQ GHUUHFKWHQVHLQH'LHQVWSLVWROHGLHHUDXVGHP+ROVWHUJH]RJHQ KDWWH (UZROOWHVLFK]XPLQGHVWZHKUHQN|QQHQ 'HU$JHQWNQLSVWHGLH/DPSHDQ (LQOLFKWVWDUNHU]LHPOLFKEUHLWHU)LQJHUGXUFKVFKQLWWGLH 'XQNHOKHLW$OV0HXULVVHGLH/DPSHVFKZHQNWHWDQ]WHGHU6WUDKO
EHUGHQ5DVHQEHUKUWHHLQLJH%DXPVWlPPHXQGOLHGDVEXQWH /DXEDQGHQ=ZHLJHQKHOOVFKLPPHUQ 9RQHLQHU*HVWDOWVDKHUQLFKWV +DWWHHUVLFKGRFKJHWlXVFKW" 'DVZLHGHUXPZROOWH3DXO0HXULVVHQLFKWJODXEHQ%LVKHUKDWWH HUVLFKDXIVHLQH$XJHQYHUODVVHQN|QQHQXQGHUZDUVLFKHUGLH %HZHJXQJJHVHKHQ]XKDEHQ (UJLQJHLQSDDU6FKULWWHQDFKYRUQXQGEOLHEGRUWVWHKHQZRGLH 3DUNWDVFKH]X(QGHZDU$EHUPDOVVFKZHQNWHHUGHQ$UPPLWGHU /DPSH*HLVWHUKDIWKXVFKWHGHUKHOOH)LQJHUEHU%VFKHXQG %lXPH0HXULVVHVDK]ZLVFKHQ=ZHLJHQKlQJHQGH6SLQQZHEHQ VLOEULJEOLW]HQDEHUZDVHUHQWGHFNHQZROOWHGDVVDKHUQLFKW :RVWHFNWH*LO" :HQQHUVLFKZLUNOLFKLP3DUNDXIKLHOWGDQQPXWHHUGHQ /LFKWVFKHLQJHVHKHQKDEHQXQGMHW]W]XUFNNRPPHQ'DGLHV QLFKWJHVFKDKPDFKWHVLFK3DXO0HXULVVHHFKWH6RUJHQ(UKDWWH DXIHLQPDOGDV*HIKOGDLUJHQGHWZDVPLW*LOJHVFKHKHQZDU 6LHPXWHQLKQHUZLVFKWKDEHQXQGHUZDULUJHQGZLHDXVJH VFKDOWHWZRUGHQ(LQHDQGHUH/|VXQJJDEHVIU0HXULVVHQLFKW :lKUHQGHUQRFKQDFKGDFKWHJHVFKDKHV 3O|W]OLFKVDKHUGHQ)UHPGHQ 6HOEVWGHUDEJHEUKWH0HXULVVHHUVFKUDNDOVHUGLH*HVWDOWGHV 8QKHLPOLFKHQVDK9ROOZXUGHVLHYRPJHIlFKHUWHQ/LFKWVWUDKOGHU /DPSHJHWURIIHQ 'DVZDUHLQ0RQVWHU (LQHQ.|USHUVDK0HXULVVHXQGDXFKHLQHQ$UPXQGLQGHU +DQGKLHOWGHU8QKHLPOLFKHHLQ6FKZHUWDXIGHVVHQ.OLQJHVLFK GDV/LFKWGHU/DPSHEUDFK 7LHIDWPHWH0HXULVVHHLQ (UZROOWHVHLQHQ$XJHQQLFKWWUDXHQGHQQVRHLQHQ0HQVFKHQ KDWWHHUQRFKQLHJHVHKHQ 1XUZDUHVEHUKDXSWHLQ0HQVFK"+DWWHQ6LQFODLUXQGGLHVHU &KLQHVHQLFKWYRQGlPRQLVFKHQ:HVHQJHVSURFKHQGLHVLFKDXI GHU)DUPHLQJHQLVWHWKDWWHQ" 'DVZDUHV (UKDWWHNHLQHQ0HQVFKHQYRUVLFKVRQGHUQLUJHQGHLQH 0XWDWLRQHLQH*HVWDOWGHU+|OOHEHVHVVHQYRP7ULHEGLH
0HQVFKHQHUEDUPXQJVORV]XW|WHQ 8QG*LOZDUGLHVHU%HVWLHZDKUVFKHLQOLFK]XP2SIHUJHIDOOHQ 'HVKDOEKDWWHHUQLFKWVPHKUYRQVLFKK|UHQODVVHQ 3DXO0HXULVVHZXUGHQXQDOOHVNODU(UIKOWHZLHHULQQHUOLFK YHUHLVWHXQGHUVDKZLHVLFKGLH*HVWDOWLQ%HZHJXQJVHW]WH ZREHLVLHVLFKLKQDOV=LHODXVJHVXFKWKDWWH 0HXULVVH]|JHUWHQLFKWOlQJHU'DHUQLFKWDQJVWVFKUHLHQG GDYRQOLHI]HXJWHGDYRQZLHDEJHEUKWXQGNDOWHUWDWVlFKOLFK ZDU,KQPDFKWHPDQQLFKWVROHLFKWIHUWLJXQGHUEHKLHOWGLH *HVWDOWLP.HJHOVHLQHU/DPSH 'HU/LFKWVFKHLQWUDIYROOGLH%UXVWGHV8QKHLPOLFKHQGLHIU 0HXULVVHJOHLFK]HLWLJ=LHOIOlFKHZDU (UIHXHUWH +HOOSHLWVFKWHQGLH6FKVVHGXUFKGLH1DFKW*HQDXVDK 0HXULVVHGDHUVHLQ=LHOJHWURIIHQKDWWH 'LH*HVFKRVVHNODWVFKWHQLQGLHEUHLWH%UXVWGHV0RQVWHUVXQG HLJHQWOLFKPXWHHUIDOOHQ'RFKGDVJHVFKDKQLFKW 7RNDWDGHU6DPXUDLGHV6DWDQVEOLHEDXIGHQ%HLQHQ(U VFKOXFNWHGLHQRUPDOHQ*HVFKRVVH =ZHL6HNXQGHQEUDXFKWH0HXULVVHXPGLHV]XEHJUHLIHQ $XHUGHPEHJULIIHUDXFKGDHUJHJHQGLHVHQ*HJQHUDXIYHU ORUHQHP3RVWHQVWDQG'HUZDUHLQIDFK]XPlFKWLJ 0HXULVVHWDWGDVHLQ]LJ5LFKWLJH(UZDUIVLFKKHUXPXPPLW VHLQHP:DJHQ]XIOLHKHQ .DXPKDWWHHUNHKUWJHPDFKWGDVDKHUGHQDQGHUHQ :lKUHQGVLFK0HXULVVHDXI7RNDWDNRQ]HQWULHUWKDWWHZDU 9DPSLURGHOPDUODXWORVDQJHVFKOLFKHQ(UPDFKWHDXI0HXULVVH HLQHQHEHQVRVFKDXULJHQ(LQGUXFNZLHGHU6DPXUDLGHV6DWDQV XQGHUQlKHUWHVLFKGHP:DJHQQLFKWYRQGHU6HLWHKHUVRQGHUQ YRQKLQWHQ1XUQRFKZHQLJH6FKULWWHGDQQNRQQWHHUGDV+HFN GHV&LWURHQPLWEHLGHQ+lQGHQDQIDVVHQ :LHGHUVFKR0HXULVVH 'LH.XJHOQSILIIHQEHUGDV:DJHQGDFKXQGWUDIHQGLHEUHLWH %UXVWGHV6XSHUYDPSLUV 3DXO0HXULVVHK|UWHVRJDUGLH(LQVFKOlJHXQGHUYHUQDKPDXFK GDVIDVWXQZLUVFKNOLQJHQGH6FKQDXEHQGHV0RQVWHUV:LHGHU ZXUGHLKPNODUGDHUWURW]VHLQHU:DIIHKLOIORVZDU
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lQGHDXVJHVWUHFNWXPGLH 7UQRFKIHVW]XKDOWHQGRFKVLHUXWVFKWHLKPDXVGHQ.ODXHQ 0HXULVVHZDU]XVFKQHOOJHZHVHQ (UVWHU*DQJ(UIXKUDQ 'DHUVFKLHQGHU6FKDWWHQYRUGHUODQJHQ.KOHUVFKQDX]HGHV &LWURHQ7RNDWDZDUGD'LHEHLGHQ6FKHLQZHUIHUOHXFKWHWHQLKQ XQGVHLQ6FKZHUWDQGDVPLWXQJHKHXUHU:XFKWQDFKXQWHQ VDXVWHXQGLQGDV%OHFKGHU.KOHUVFKQDX]HKLHE 0HXULVVHYHUQDKPGDVUHLHQGHNUHLVFKHQGH*HUlXVFKDOVGDV 0HWDOO]HUVW|UWZXUGHXQGHUVDKZLHGHUUHFKWH$UPGHV 8QKHLPOLFKHQZLHGHULQGLH+|KHVFKZDQJZHLOHU]XHLQHP QHXHQ6FKODJDXVKROWH 'DJDE0HXULVVH*DV (UVHW]WHDOOHVDXIHLQH.DUWH'HUVFKZHUH:DJHQZXFKWHWHDXI 7RNDWD]XGHUQLFKWPHKUGD]XNDPPLWHLQHP]ZHLWHQ6FKODJGLH 0RWRUKDXEHY|OOLJ]X]HUWUPPHUQGHQQGLHJHEDOOWH6WRNUDIW GHV)DKU]HXJVULLKQYRQGHQ%HLQHQ 7RNDWDNUDFKWH]X%RGHQ 0HXULVVHJULQVWHVFKLHI'DV+LQGHUQLVZDUDXVGHP:HJJH UlXPW6HLQH+lQGHXPNUDPSIWHQGDV/HQNUDGGLH$XJHQEOLFN WHQVWDUUQDFKYRUQDEHUHUKDWWH9DPSLURGHOPDUYHUJHVVHQXQG GHUJDEQLFKWDXI 0HXULVVHPHUNWHQRFKZLHGLH5lGHUEHUGDVDP%RGHQ OLHJHQGH0RQVWHUKLQZHJUROOWHQGDQQ]HUSODW]WHSO|W]OLFKGLH +HFNVFKHLEHGHV:DJHQV
9DPSLURGHOPDUKDWWH]XJHVFKODJHQ 'HU)DKUHUK|UWHGDV*HUlXVFKXQGWUDWYRU6FKUHFNDXIGLH %UHPVH%LVKHUKDWWH0HXULVVHVHLQH1HUYHQXQG%HZHJXQJHQ QRFKHLQLJHUPDHQXQWHU.RQWUROOHJHKDEWGRFKMHW]WZDUHVDXV (UULVNLHUWHHLQHQ%OLFNEHUGLH6FKXOWHUXQGVDKKLQWHUGHU]XP 7HLO]HUVW|UWHQ+HFNVFKHLEHGDVVFKUHFNOLFKH*HVLFKWGHV6XSHU YDPSLUV'LH+HL]VWlEHGHU6FKHLEHKLQJHQZLHGLHORVHQ6DLWHQ HLQHU*LWDUUHLQDOOH5LFKWXQJHQ9DPSLURGHOPDUKDWWHVLH]HU VW|UW0LWVHLQHQ+lQGHQNODPPHUWHHUVLFKDP6FKHLEHQUDKPHQ IHVWZlKUHQGGHUJU|WH7HLOVHLQHV2EHUN|USHUVDXIGHP+HFNODJ XQGGLH%HLQHEHUGHQ%RGHQVFKOHLIWHQ 0HXULVVHJDE*DV$XFKLKQKDWWHGLH3DQLNHUIDW(UZROOWHQXU ZHJGDVZDUDOOHVQXUQLFKWKLHUEOHLEHQGHQQGLHVH0RQVWHU ZUGHQLKQJQDGHQORVXPEULQJHQ 'LH5HLIHQGHV&LWURHQGUHKWHQVLFKDXIGHU6WHOOHGDQQEHNDP GHU:DJHQ6FKXEXQGUDVWHGDYRQ 0HXULVVH]LWWHUWHXQGEHEWH(UKRIIWHLQVWlQGLJGDHUHV VFKDIIHQZUGHXQGHUJULIIWURW]VHLQHU3DQLN]XHLQHP7ULFN :HQQHUGLHVHV0RQVWHUORVZHUGHQZROOWHGDQQPXWHHUYHU VXFKHQ6FKODQJHQOLQLHQ]XIDKUHQ 'DVWDWHUDXFK 0HXULVVHULGDV6WHXHUHLQPDOQDFKUHFKWVGDQQZLHGHUQDFK OLQNV6RMDJWHHUEHUGHQ:HJYHUWUDXWHDXIGLH)OLHKNUDIWXQG KRIIWHGDVLHGHQ8QKHLPOLFKHQYRQVHLQHP3ODW]UHLHQZUGH 1RFKQLHLQVHLQHP/HEHQKDWWH0HXULVVHGLHVH$QJVWYHUVSUW %LVKHUKDWWHHULPPHUJHJHQ0HQVFKHQJHNlPSIWGLHZLHHUDXV )OHLVFKXQG%OXWEHVWDQGHQDEHUGLHVHEHLGHQGDVZDUHQ0RQVWHU 'lPRQHQ+|OOHQJHVFK|SIH :LHUHFKWGLHVHU6LQFODLUGRFKJHKDEWKDWWH8QGHU0HXULVVH KDWWHHVQLFKWJODXEHQZROOHQ :LHGHUHLQ6FKZHQNQDFKUHFKWV 'HU:DJHQVFKOHXGHUWH$QEHLGHQ6HLWHQGHU6WUDHZXFKVHQ DOWH%lXPH0HXULVVHVDKEHUJURHLQHQ6WDPPDXIVLFK]XUDVHQ XQGPLWHLQHUZLOGHQ%HZHJXQJULHUGDV/HQNUDGQDFKOLQNV KHUXP 6HOEVWGDV0RWRUHQJHUlXVFKXQGGHU)DKUWZLQGNRQQWHQGDV .ODWVFKHQQLFKWEHUW|QHQGDVHQWVWDQGDOV9DPSLURGHOPDUPLW
GHP%DXPVWDPPNROOLGLHUWH'LH)OLHKNUDIWKDWWHLKQKDOEKRFK JHKREHQXQGGDQQJHJHQGHQ%DXPJHVFKOHXGHUW (UOLHORV (LQ0HQVFKZl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|SIWXQGDXVJHODXJWEOLHEHU VHNXQGHQODQJKLQWHUGHP/HQNUDGVLW]HQ$XWRPDWLVFKJULIIHU QDFKGHQ6FKZDU]HQ$OVHUGLH6FKDFKWHOLQGHU+DQGKLHOW]LWWHU WHQVHLQH)LQJHUVRVHKUGDGLH=LJDUHWWHQ]X%RGHQILHOHQ (UOLHVLHOLHJHQ 'DQQVWLHJHUDXV8PQLFKWKLQ]XIDOOHQPXWHHUVLFKDP :DJHQGDFKIHVWKDOWHQ'HU6FKRFNKDWWHLKQKDUWJHWURIIHQ 0HXULVVHNRQQWHVLFKQLFKWOHLVWHQKLHUDXIGHU6WUDHVWHKHQ]X EOHLEHQ(UPXWHHWZDVXQWHUQHKPHQ 6HLQ%OLFNILHODXIGLH0RWRUKDXEH 'DV6FKZHUWKDWWHVLHWDWVlFKOLFK]HUVW|UW$XIGHU/lQJVVHLWH ]HLJWHVLFKHLQJHZDOWLJHU5LGHUIDVWDQGHU)URQWVFKHLEHEHJDQQ XQGHUVWGRUWDXIK|UWHZRGLH0RWRUKDXEHDEIODFKWH 0LWWOHUZHLOHKDWWHHUGHQ6FKRFNEHUZXQGHQ(UQDKPKLQWHU GHP/HQNUDG3ODW]XQG]QGHWHVLFKMHW]WGRFKHLQH6FKZDU]HDQ 'DQQQDKPHUGHQ+|UHUGHV7HOHIRQVULHILQGHU=HQWUDOHDQ 3DXO0HXULVVHKDWWHGLH*HIDKUHUNDQQWXQGIULKQJDEHVQXU HLQH5HDNWLRQGDUDXI *URDODUP
-DQH&ROOLQVWDXPHOWHJHJHQGLH,QQHQZDQGGHV/LIWV'LH 'HWHNWLYLQNRQQWHVLFKQXUVFKZHUDXIGHQ%HLQHQKDOWHQXQG ZROOWHQRFKQLFKWEHJUHLIHQGDVLHHVEHUVWDQGHQKDWWH6LHZDU GLHVHUYHUGDPPWHQ%OXWVDXJHULQWDWVlFKOLFKHQWNRPPHQ (LQNOHLQHV:XQGHU -DQH&ROOLQVKDWWHVLFKGLHQlFKVWHQ6FKULWWHEHUHLWVEHUOHJW6LH PXWHYRUDOOHQ'LQJHQ+LOIHKROHQ:RVLFK-RKQ6LQFODLUEHIDQG GDVZXWHVLHQLFKW:HQQHUQLFKWHLQJUHLIHQNRQQWHGDQQPXWH HVGLH3ROL]HLYHUVXFKHQ(LOHZDUJHERWHQ6FKOLHOLFKKDWWH-DQH &ROOLQVVHOEVWJHK|UWZDVGLHVH9HUEUHFKHUPLWGHQJHNLGQDSSWHQ 3HUVRQHQDOOHVYRUKDWWHQ 'HU/LIWKLHOW /DQJVDPVFKREVLFKGLH7U]XU6HLWHXQG-DQHIUDJWHVLFKZDV VLHZRKOMHW]WHUZDUWHQZUGH ,KU%OLFNILHOLQGLHJURH(LQJDQJVKDOOH6LHZDUSRPS|VHLQJH ULFKWHWXQGZHUGXUFKGLHQRUPDOH7UGLH.OLQLNEHWUDWZUGH ZRKOQLHDXIGHQ*HGDQNHQNRPPHQHVKLHUPLWHLQHP9HU EUHFKHUQHVW]XWXQ]XKDEHQ (VKHUUVFKWHHLQHQDKH]XJHVSHQVWLVFKH5XKHLQGHUJURHQ(LQ JDQJVKDOOH :DUVLHDXFKPHQVFKHQOHHU" 1HLQ-DQH&ROOLQVVDKHLQHEORQGH)UDXGLHQHUY|VDXIXQG DEVFKULWW'LHWUXJ6FKXKHPLWKRKHQ$EVlW]HQGLHEHLMHGHP 6FKULWWKDUWNODFNWHQ -DQH&ROOLQVKDWWHLP/DXIGHU-DKUHHLQHQJHZLVVHQ,QVWLQNWHQW ZLFNHOWXQGGLHVHU,QVWLQNWVDJWHLKUGDGLH)UDXGRUWQLFKW]X LKUHQ)UHXQGHQ]lKOWH 'LH'HWHNWLYLQVWXIWHVLHDOV*HJQHULQHLQ 8QGDQGLHVHU%ORQGHQPXWHVLHYRUEHLZHQQVLHGLH(LQ JDQJVKDOOHYHUODVVHQZROOWH 'DVZDUQLFKWHLQIDFK -DQHZDUZDIIHQORVXQGJHIHVVHOW:HQQGLHDQGHUHHLQH3LVWROH RGHUHLQHQ5HYROYHUKDWWHPXWHVLFKGLH'HWHNWLYLQHWZDV HLQIDOOHQODVVHQ6LHOLHGLH)UDXQLFKWDXVGHQ$XJHQ'LH%ORQGH WUXJHLQHQZHLHQ.LWWHOGHURIIHQVWDQG6LHVFKLHQQHUY|V]XVHLQ GHQQVLHJLQJYRULKUHU(PSIDQJVORJHXQUXKLJDXIXQGDE 3O|W]OLFKEOLHEVLHVWHKHQ
6LHKDWWH-DQH&ROOLQVHQWGHFNW 9LHOOHLFKW]HKQ6FKULWWHWUHQQWHQGLHEHLGHQ)UDXHQXQG-DQH ZDUQHEHQHLQHPGHUQLHGULJHQ7LVFKHVWHKHQJHEOLHEHQGLHYRQ 6HVVHOQXPUDQGHWZXUGHQ,KUH%OLFNHIUDHQVLFKLQHLQDQGHUGLH )UDXHQIL[LHUWHQVLFKXQGHVVDKQLFKWVRDXVDOVZlUHQVLH )UHXQGLQQHQ'LH%ORQGHDWPHWHWLHIHLQZREHLVLFKLKU%XVHQKRE 'DQQVFKOHQGHUWHVLHQlKHU6RJDUHLQ/lFKHOQVFKDIIWHVLHDEHU -DQH&ROOLQVOLHVLFKGDYRQQLFKWWlXVFKHQ ª:RNRPPHQ6LHKHU"©IUDJWHGLH%ORQGH ª$XVGHP/LIW© 'DV*HVLFKWGHU)UDXYHUVFKORVLFKª8QGZDVZROOHQ6LHKLHU"© ª'LH.OLQLNYHUODVVHQ© ª1HLQ© 6FKDUIVWLHGLH)UDXGLHVHVHLQH:RUWDXV8QGHVVDJWH-DQH &ROOLQVJHQXJ'LH%ORQGHGDFKWHJDUQLFKWGDUDQVLHDXVGHU .OLQLN]XODVVHQ6LHKDWWHVLFKHUOLFKLKUH%HIHKOHGLHVLHXQWHUDOOHQ 8PVWlQGHQDXVIKUHQZUGH ª'DVLVW,KUOHW]WHV:RUW"©IUDJWH-DQH ª1DWUOLFK© ª,FKZHUGHWURW]GHPJHKHQ© ª9HUVXFKHQ6LHHV© 1DFKGLHVHU$QWZRUWZXWH-DQH&ROOLQVGDHVZLUNOLFKNHLQH IULHGOLFKH/|VXQJJDE6LHPXWHGLHDQGHUHHUVWEHUZlOWLJHQ ZHQQVLHYRUEHLZROOWH -DQHPDFKWHHLQHQJOHLWHQGHQ6FKULWWQDFKUHFKWVXQGJHODQJWHVR KLQWHUHLQHQGHU6HVVHO ª,FKKDEH,KQHQGRFKJHVDJWGDLFK6LHQLFKWKLHUUDXVODVVH© ]LVFKWHGLH$XISDVVHULQXQGEHZHJWHVLFKQDFKOLQNVVRGDVLH ZLHGHUYRUGHU'HWHNWLYLQVWDQG 'DVKDWWH-DQHJHZROOW6LHJDEGHP6HVVHOHLQHQ7ULWWZXFKWHWH LKQYRUXQGGDV6LW]P|EHOIORJDXIGLH)UDX]X'DPLWKDWWHVLH QLFKWJHUHFKQHWVLHZXUGHJHWURIIHQXQGIUHLQHQ0RPHQW VFKLHQHVDOVZUGHVLHIDOOHQ%XFKVWlEOLFKLPOHW]WHQ$XJHQEOLFN VFKDIIWHVLHHVVLFKDXIGHQ%HLQHQ]XKDOWHQ 6LHNUHLVFKWHGDEHLXQGPXWHPLWDQVHKHQZLH-DQHDQLKU YRUEHLKXVFKWH ª'X%LHVW©VFKULHVLH
'LH)UDXJDEQLFKWDXI-DQHZDUIHLQHQUDVFKHQ%OLFNEHULKUH 6FKXOWHUXQGVDKGLH%ORQGHGLFKWKLQWHUVLFK 'DJULII-DQH]XHLQHP7ULFN8USO|W]OLFKEOLHEVLHVWHKHQEFNWH VLFKGLH%ORQGHNRQQWHQLFKWPHKUVWRSSHQXQGOLHIDXI'HU HLJHQH6FKZXQJZXUGHGXUFKGHQJHNUPPWHQ5FNHQQRFK YHUOlQJHUW'LH%ORQGHYROOIKUWHHLQHQKDOEHQ6DOWRXQGNLSSWH EHU-DQHV6FKXOWHU6LHSUDOOWHDXIGHQ6WHLQERGHQXQGUXWVFKWH QRFKZHLWHUYRU -DQHGDFKWHLPHUVWHQ$XJHQEOLFNGDUDQGLH)UDXLQV5HLFKGHU 7UlXPH]XVFKLFNHQGDVMHGRFKKlWWHVLHQXUDXIJHKDOWHQ6LH ZROOWHVRUDVFKZLHP|JOLFKGLH3ROL]HLDODUPLHUHQ(LQ7HOHIRQJDE HVVLFKHUOLFKLQGHUNOHLQHQ*ODVORJHXQG-DQH&ROOLQVKHW]WH GDUDXI]X 'LH7UZDUYHUVFKORVVHQ$OV-DQHVLHDXIUHLHQZROOWHNQDOOWH VLHJHJHQGDV*ODV ,QLKUHP5FNHQK|UWHVLHGDV/DFKHQGHU%ORQGHQ'LHZDU LQ]ZLVFKHQDXIJHVWDQGHQVWW]WHVLFKDXIGHU5FNHQOHKQHHLQHV 6HVVHOVDEXQGJULQVWHEUHLW ª'HQ6FKOVVHOKDEHLFK© ª'DQQJHEHQ6LHLKQKHU© ª1HLQ© 0LW:RUWHQZDUEHLGLHVHU3HUVRQQLFKWV]XHUUHLFKHQ-DQH PXWHDEHUPDOV]XKlUWHUHQ0LWWHOQJUHLIHQ6LHUDQQWHDXIGLH %ORQGH]XGLHLKUH$XJHQHUVFKUHFNWDXIUL 'DPLWKDWWHVLHQLFKWJHUHFKQHWXQGDXFKQLFKWPLWGHP6FKODJ GHU]XVDPPHQJHOHJWHQ+lQGHGHUVLH]ZLVFKHQ6FKXOWHUXQG2KU WUDI(LQ%OLW]VFKLHQGXUFKGHQ.|USHUGHU)UDX]X]XFNHQGDQQ VDFNWHVLHLQGLH.QLHXQGEUDFK]XVDPPHQ -DQHDWPHWHDXI'LHVHV+LQGHUQLVZlUHJHVFKDIIW6LHEFNWHVLFK XQGJULIIEHLGKlQGLJLQGLH.LWWHOWDVFKHGLHGXUFKHLQ*HZLFKWHLQ ZHQLJDXVJHEHXOWZDU -DQHIDQGGHQ6FKOVVHO(VKLQJHQMHGRFKPHKUHUHDP%XQG XQGGUHLGDYRQVDKHQVRDXVDOVREVLHLQGDV6FKORGHU*ODVORJH SDVVHQNRQQWHQ -DQHSURELHUWHVLHGXUFK%HLP]ZHLWHQ6FKOVVHOKDWWHVLH*OFN (UIXKUJODWWXQGVLFKHULQGDV6FKORXQG-DQHNRQQWHLKQGUHKHQ 'LH7UVFKZDQJQDFKLQQHQ
6RIRUWVDKGLH'HWHNWLYLQGDV7HOHIRQXQGDXFKGLHEULJH $QODJHPLWLKUHQ.Q|SIHQXQG6FKDOWHUQ'DV7HOHIRQVWDQGGDU DXI-DQHEUDXFKWHQXUGHQ+|UHUDE]XKHEHQ 9RQGHU3RUWLHUORJHDXVKDWWHGLH'HWHNWLYLQDXFKHLQHQ%OLFNLQ GHQ3DUN'HQHUP|JOLFKWHQLKUGLHJURHQ*ODVVFKHLEHQ(LJHQW OLFKXQEHZXWVFKDXWHVLHKLQDXVXQGVDKLQGHU'XQNHOKHLWHLQH VFKDWWHQKDIWH%HZHJXQJGLFKWYRUGHP)HQVWHU 'DZDUMHPDQG -DQH&ROOLQV]XFNWH]XVDPPHQGHQQSO|W]OLFKZXUGHGHU 6FKDWWHQGHXWOLFKHU (LQ*HVLFKWHUVFKLHQ 6FKUHFNOLFKHQWVWHOOW]HUULVVHQPLW*HVFKZUHQXQG1DUEHQ %OXWYHUVFKPLHUWGDV0DXO=lKQHGLHZLH6WDKOVWLIWHOHXFKWHWHQ (VJDEQXUHLQHQGHUVRDXVVDK 9DPSLURGHOPDU 'LHEHLGHQ0lQQHULPJUDXHQ.LWWHOJULQVWHQWHXIOLVFK6LHZDUHQ LQGHQ3ODQHLQJHZHLKWZRUGHQXQGHVPDFKWHLKQHQ6SDGHQ ZHKUORVHQ)UDXHQGLH3LOOHQ]XYHUDEUHLFKHQ (LQH)UDXKDWWHVLHELVKHUJHVFKOXFNW %HYRUGLHDQGHUHQDQGLH5HLKHNDPHQVROOWHQGLH0lQQHUDXI %HIHKOGHV&KHIVHUVWGLH:LUNXQJDEZDUWHQ6LHZROOWHQVHKHQ ZDVVLFKWDW'UXVLDQKLHOWVLFKLQHLQHPDQGHUHQ5DXPDXIZRGDV :LHGHUJDEHJHUlWVWDQGGDVGLH6]HQHQGLHVLFKKLHULP.HOOHU DEVSLHOWHQ]HLJWH 6KHLODXQG6KDRVDHQDOVOHW]WHLQGHU5HLKH(VZUGHHWZDV GDXHUQELVVLHGUDQZDUHQ 6KHLODELOGHWHGDV(QGH6LHKDWWHZLH6KDRYHUVXFKWGLH)HVVHOQ ]XORFNHUQ'DZDUQLFKWV]XPDFKHQ'LH0lQQHUYHUVWDQGHQLKU +DQGZHUN0LWGHQGQQHQ6HLOHQZDUHQGLH)UDXHQDQGLH6WKOH JHEXQGHQXQGGLHVHZLHGHUXPZDUHQIHVWLP%RGHQYHUDQNHUWVR GDVLHQLFKWVWU]HQNRQQWHQ (LQHWHXIOLVFKH0HWKRGH (VKHUUVFKWHHLQH]LHPOLFKH5XKHLQGHP5DXP'LH$QJVW GUFNWH]XVHKUDXIGLH6WLPPXQJ$EHUGLHVH5XKHZXUGHSO|W] OLFKGXUFKHLQHQ6FKUHLXQWHUEURFKHQ
'LHlOWHUH)UDXKDWWHLKQDXVJHVWRHQGHUPDQ]XHUVWGLH 9DPSLUSLOOHJHJHEHQKDWWH6LHElXPWHVLFKLQLKUHQ)HVVHOQDXI 'HU0XQGVWDQGRIIHQ5|WOLFKHU6FKDXPVSUKWHYRQGHQ/LSSHQ XQGLKUH6FKUHLHKDOOWHQGXUFKGHQ.HOOHU 6LHZDUHQJUDXHQHUUHJHQGKDWWHQNDXPHWZDV0HQVFKOLFKHVDQ VLFKXQGHULQQHUWHQDQGDVZLOGH.UHLVFKHQYRQIOLHKHQGHQ$IIHQ ª-DHVNODSSW©ODFKWHHLQHUGHU.HUOHª6LHZLUG]XP9DPSLU :LUKDEHQJHZRQQHQ© (UVFKDXWHVHLQHQ3DUWQHUDQGHUIDV]LQLHUWDXIGLH)UDXEOLFNWH GHUHQ6FKUHLHQYHUVWXPPWZDUXQGGLHMHW]WLQLKUHQ)HVVHOQ ]XFNWH 'HU0DQQGHULKUGLH3LOOHQ]XVFKOXFNHQJHJHEHQKDWWHJLQJ YRU(UOHJWH]ZHL)LQJHUXQWHULKU.LQQXQGKREHVDQ 'DHUZDFKWHGLH*HIHVVHOWHDXVLKUHU(UVWDUUXQJ6LHIDXFKWHGHQ 0DQQDQXQGVSLHLKPJOHLFK]HLWLJLQV*HVLFKW ª9HUGDPPWHV:HLE©'HU.HUOVFKOXJLKUNODWVFKHQGLQV*HVLFKW GRFKGLH%HVHVVHQHODFKWHQXU -DVLHZDUEHVHVVHQDEHUVLHZDUQLFKW]XHLQHP9DPSLUJH ZRUGHQZLHGLH0lQQHUHUKRIIWKDWWHQ,KUIHKOWHGDVZLFKWLJVWH 0HUNPDOGLHEHLGHQ=lKQH ª(VKDWQLFKWJHNODSSW©]LVFKWHGHU0DQQGHUGLHNOHLQH)ODVFKH LQGHU+DQGKLHOWª9HUGDPPWHVKDWQLFKWJHNODSSW© ª9HUVXFKHQZLUHVEHLHLQHU-QJHUHQ©VFKOXJVHLQ.XPSDQYRU 'HU.RSIGHVDQGHUHQUXFNWHKHUXP(LQ/lFKHOQ]RJVHLQH /LSSHQLQGLH%UHLWHª-D©IOVWHUWHHUªGHU9RUVFKODJLVWJXW'HU LVWVRJDUDXVJH]HLFKQHW©(UODFKWHª:LUZHUGHQGLH.OHLQHPLW GHQVFK|QHQEORQGHQ+DDUHQQHKPHQ© 'DPLWZDU6KHLODJHPHLQW 6LHZXWHHVDXFKXQGVLHYHUNUDPSIWHVLFKDXILKUHPIHVWDQJH VFKUDXEWHQ6WXKO 6KDRZDUILKUHLQHQVFKQHOOHQ%OLFN]Xª1LPPGLH3LOOHQLFKW 6KHLOD©]LVFKWHVLHª%LWWH© ª+DOWGHLQ0DXO©IXKUGHU.HUOPLWGHU)ODVFKHVLHDQª6RQVW EHNRPPVWGXVLH]XHUVW© 'LHEHLGHQ0lQQHUZDUHQYRU6KHLODXQG6KDRVWHKHQJHEOLHEHQ 7FNLVFKJOlQ]WHQLKUH$XJHQ.HLQ(UEDUPHQVWUDKOWHDXVGHQ 3XSLOOHQVLHZROOWHQXQGZUGHQLKUHQ$XIWUDJDXVIKUHQ
'LH)ODVFKHZXUGHJHNLSSW*OHLFK]ZHLURWH3LOOHQUROOWHQDXV GHUgIIQXQJ 'HU0DQQUXQ]HOWHGLH6WLUQª$XVJH]HLFKQHW©OREWHHUVLFK VHOEVWª'DN|QQHQZLULKUMDGLUHNW]ZHLXQVHUHU=XFNHUSLOOFKHQ YHUSDVVHQ©(UVWUHFNWHGHQ$UPDXVª0DFKGHLQ0DXODXI6H© IXKUHU6KHLODDQ 'LHVFKWWHOWHGHQ.RSI 'DKROWHGHU]ZHLWH.HUODXV 0DQKDWWHGHQ)UDXHQQXUGHQ2EHUN|USHUJHIHVVHOWQLFKWGLH %HLQH'LHVH&KDQFHQXW]WH6KDR%HLGH%HLQHKREVLHKRFK ZLQNHOWHVLHDQXQGVWLHVLHYRU'LHVJHVFKDKVRVFKQHOOGDGHU 0DQQPLWGHU)ODVFKHYRQGHP7ULWWYROOJHWURIIHQZXUGH]XUFN ZDQNWHXQGYRUODXWHU6FKUHFNGLH)ODVFKHORVOLH 6LHEHVWDQGDXV*ODVILHO]X%RGHQXQG]HUVSUDQJ'LH3LOOHQ UROOWHQZLH(UEVHQEHUGLH)OLHVHQXQGGLHHUVWVRVWDUUHQXQG DXFKXQJOlXELJHQ*HVLFKWHUGHUEHLGHQ+HOIHUYHU]HUUWHQVLFK]X *ULPDVVHQGHU:XW ª'DVKDEWLKUQLFKWXPVRQVWJHWDQ©EUOOWHGHUDWWDFNLHUWH7\S ª'DVQLFKW%LVKHUZDUHQZLUQHWW]XHXFKDEHUGDVZLUGVLFK lQGHUQ©(UJULIILQGLH7DVFKHXQGKROWHHWZDVKHUYRUGDVGHQ EHLGHQ)UDXHQGDVNDOWH(QWVHW]HQGXUFKGHQ.|USHUWULHE (VZDUHLQ6FKODJULQJ*HODVVHQVWUHLIWHLKQVLFKGHU0DQQEHU GLH+DQG ª6R©VDJWHHUXQGKROWHDXVZlKUHQGGLHEULJHQ)UDXHQYRU $QJVWVWXPPZDUHQXQGQXUGLHlOWHUHYRUVLFKKLQODOOWH ,QGLHVHP0RPHQWIORJGLH7UDXI6RZXFKWLJGDVLHELV JHJHQGLH:DQGNQDOOWH]XUFNVFKZDQJXQGYRQHLQHP)XJH VWRSSWZXUGH 'HU)XJHK|UWH-RKQ6LQFODLU ,FKEHUVDKPLWHLQHP%OLFNGLH6LWXDWLRQ$XFKGLH0lQQHULQGHQ JUDXHQ.LWWHOQUHDJLHUWHQ6LHZLUEHOWHQKHUXPXQGVFKDXWHQXQV DQZLH*HLVWHU ª-RKQ6XNR©VFKULHQGLHEHLGHQ)UDXHQ 'DZDUHQZLUVFKRQXQWHUZHJV,FKKDWWHYRUGHP&KLQHVHQ JHVWDQGHQXQGZDUGHVKDOEVFKQHOOHU
'HU7\SPLWGHP6FKODJULQJOLHIPLUHQWJHJHQ'HUNDPPLU JHUDGHULFKWLJ $OVHU]XKlPPHUWHXQGPLUGDV*HVLFKW]HUVFKODJHQZROOWH WDXFKWHLFKZHJXQGUDPPWHLKQPLWGHU6FKXOWHU(UYHUIHKOWH PLFKXQGZXUGHYRQPHLQHP6WR]X%RGHQEHI|UGHUW (UILHODXIVHLQ+LQWHUWHLOVFKZDQJVLFKDEHUVRIRUWZLHGHUKRFK ,FKWUDW]X :LUNOLFKLFKWDWHVQLFKWJHUQDEHUHUKlWWHPLFKPLWHLQHP 6FKODJW|WHQN|QQHQXQGKLHUJLQJHVXP7RGRGHU/HEHQ'HQ 7ULWWPXWHHUYROOQHKPHQ6HLQ.RSI]LWWHUWHSO|W]OLFKGDQQILHO HUQDFKKLQWHQXQGEOLHEEHZXWORVOLHJHQ %OLHEQRFKGHU]ZHLWH'HUILQJHUWHLQVHLQHU7DVFKHKHUXPXQG ZROOWHHLQH:DIIH]LHKHQ 3O|W]OLFKKXVFKWHHLQ6FKDWWHQDQPLUYRUEHL 6XNRZDUHV (UKDWWHVLFKGHQ]ZHLWHQ0DQQDXVJHVXFKW)ULKQEUDXFKWH HUNHLQH:DIIHQREZRKOPDQ6XNRV)lXVWHDXFKDOVVROFKHEH ]HLFKQHQNRQQWH $OVGLH*HVWDOWGHV&KLQHVHQLPPHUPHKUDQZXFKVQDKPGDV *HVLFKWGHV0DQQHVHLQHQHUVFKUHFNWHQ$XVGUXFNDQ 8QGGDQQNDVVLHUWHHUGHQ+LHE (VZDUHLQ7UHIIHUGHULKQIDVWDXVGHQ6FKXKHQKRE'DHUVLFK LQGHU/XIWQLFKWEHUVFKOXJZDUDOOHV'DEHLGUHKWHHUVLFKQRFK XQGNQDOOWHYROOJHJHQGHQ/DERUWLVFKZRHUPLWHLQHUIDKULJHQ $UPEHZHJXQJHLQLJH7LHJHOXQG*OlVHUKHUXQWHUKROWHGLHDP %RGHQVSOLWWHUQG]HUEUDFKHQ 6XNRGUHKWHVLFKQLFKWPHKUQDFKLKPXP(UNDQQWHGLH :LUNXQJVHLQHU6FKOlJH:LFKWLJZDUIULKQQXU6KDR 'DV0HVVHUKLHOWHULQGHU+DQG$OV6XNRGLH6WULFNHGXUFK WUHQQWHVFKLPPHUWHQLQ6KDRV$XJHQ7UlQHQ ,FKEHIUHLWH6KHLOD$XFKVLH]LWWHUWHXQGVWHOOWHHLQHHUVWH)UDJH ª:RLVW-DQH"© ª:LUPVVHQVLHQRFKVXFKHQ$OVZLUVLHDXIGHP%LOGVFKLUP VDKHQZDUVLHPLW/DG\;]XVDPPHQ,UJHQGZRKLHULP.HOOHU© ª0HLQ*RWW© ,FKOLHPLFKQLFKWPHKUDXIKDOWHQVRQGHUQGXUFKWUHQQWHDXFK GLH)HVVHOQGHUDQGHUHQ)UDXHQ
'LH0HQVFKHQZDUHQIHUWLJHUVFK|SIWPLWLKUHQ1HUYHQVR]LHP OLFKDP(QGH6LHNRQQWHQHVNDXPIDVVHQGDVLHIUHLZDUHQXQG VLHVDQNHQDXILKUHQ6WKOHQ]XVDPPHQ(LQLJHVFKDIIWHQHVQLFKW PHKUVLFK]XKDOWHQ6LHILHOHQQDFKYRUQXQGEOLHEHQDXIGHQ NDOWHQ%RGHQIOLHVHQOLHJHQ 6KHLODXQG6KDRKDWWHQGLH*HIDQJHQVFKDIWDPEHVWHQGXUFK VWDQGHQ6LHKDOIHQXQVGLH)UDXHQZLHGHUDXI]XULFKWHQ'HQQZLU PXWHQKLHUUDXV:LUZDUHQ]ZDUYRUOlXILJJHUHWWHWDEHUQRFK EHIDQGHQZLUXQVQLFKWLQ6LFKHUKHLW 6FKOLHOLFKEHZHJWHQZLUXQVDXIIHLQGOLFKHP*HELHWZHQQLFK GDVPDOVRVDJHQGDUI ª$OOHVNODU"©,FKZDUI6XNRHLQHQ%OLFN]X 'HU&KLQHVHQLFNWH ª8QG-DQH"©IUDJWH6KDR ª'LHVXFKHLFKMHW]W© ª$OOHLQ"© ª-D6XNRZLUGHXFKQDFKGUDXHQEULQJHQ,FKYHUVXFKHDXFK PLW0HXULVVH.RQWDNWDXI]XQHKPHQ-HW]WEUDXFKHQZLUVHLQH(LQ VDW]UHVHUYH© ª*HKWNODU-RKQ9LHO*OFN© ª'DQNH© $QGHU7UWUHQQWHQZLUXQV /DG\;WREWH (LQVLFKHUJHJODXEWHV2SIHUZDULKULPOHW]WHQ0RPHQWHQW ZLVFKW'DVKDWWHVLHVFKRQDOV0HQVFKQLFKWYHUWUDJHQN|QQHQ XQGHUVWUHFKWQLFKWDOV9DPSLU 8QGGDEHLZXUGHVLHGDVXQWUJOLFKH*HIKOQLFKWORVGDVLFK GLH/DJHZHLWHU]XLKUHQ8QJXQVWHQYHUlQGHUWH6LHPXWHXQEH GLQJWPLW'UXVLDQUHGHQGHQQHUKLHOWGLH)lGHQLQGHU+DQG (VJDEPHKUHUH/LIWVLP.HOOHU6LHIXKUPLWHLQHPDQGHUHQKRFK DOV-DQH&ROOLQVXQGVLHKDWWHGDEHLGDVXQZDKUVFKHLQOLFKH*OFN GDVLH6XNRXQGPLFKYHUIHKOWHGHQQDOVZLULQGHQ.HOOHU IXKUHQJRQGHOWH/DG\;QDFKREHQ 6RZXWHGLHHLQHQLFKWVYRQGHQDQGHUHQXQGGDV6FKLFNVDO QDKPHLQHQY|OOLJDQGHUHQ/DXI
6HOWHQKDWWHGLH6FRWWVRUDVFKHLQHQ)DKUVWXKOYHUODVVHQ6LH KHW]WHGXUFKGHQ*DQJXQGUDPPWHGLH7U]X)UDQFLV'UXVLDQV %URDXI.HLQHQ6FKULWWWDWVLHEHUGLH6FKZHOOH:LHDQJH ZDFKVHQEOLHEVLHVWHKHQXQGVFKDXWHDXIGDVZDVVLFKLKUHQ $XJHQERW 'UXVLDQODJDP%RGHQ (UZDUQLFKWWRWDEHUEHZHJHQNRQQWHHUVLFKDXFKQLFKWGHQQ HLQ6FKODJKDWWHLKPGLH%HVLQQXQJJHUDXEW0LWZHQLJHQ6FKULWWHQ ZDU/DG\;EHLLKPXQGVLHZXWHDXFKVRIRUWZHPVLHGDV]X YHUGDQNHQKDWWHGD'UXVLDQKLHUODJ ª6LQFODLU©NQLUVFKWHVLH +DVWLJVFKDXWHVLHVLFKXP'LH)HOOHVFKZDPPHQLKUODQJVDP GDYRQ6LHPXWH]XVHKHQGDVLH7RNDWDXQG9DPSLURGHOPDU XQWHU.RQWUROOHEHNDPXQGYHUKLQGHUQGDGDV:HUNGHV)UDQFLV 'UXVLDQLQIUHPGH+lQGHJHULHW/DG\;ZXWHZRHUVHLQH )RUVFKXQJVXQWHUODJHQDXIEHZDKUWH,QHLQHPYHUVWHFNWHQ6DIH GHU]LHPOLFKOHLFKW]X|IIQHQZDU'UXVLDQZDUHLQ3HGDQW/DG\; IDQGGLH)RUPHOQXQG%HUHFKQXQJHQLQHLQHUJUQHQ0DSSHGLH VLH]XVDPPHQNQLFNWHXQGXQWHULKUH/HGHUNOHLGXQJVWHFNWH 'DQQVDKVLHGLHEHLGHQ)ODVFKHQLQGHP7UHVRU6LHHQWKLHOWHQ 1LWURJO\]HULQ(LQWHXIOLVFKHV/lFKHOQXPVSLHOWHGLH/LSSHQGHU 9DPSLULQ :HQQVLHKLHUVFKRQGDV)HOGUlXPHQPXWHGDQQVRGDQLFKWV PHKUEULJEOLHE6LHQDKPHLQH)ODVFKHEHKXWVDPKHUYRUXQGKRE DXFKGLH0DVFKLQHQSLVWROHDXIGLHQHEHQ'UXVLDQODJ$QLKQ VHOEVWYHUVFKZHQGHWHVLHNHLQHQ*HGDQNHQ(UKDWWHYHUVDJWGDPLW ZDUIU/DG\;GLH6DFKHHUOHGLJW 6LHVFKOLFK]XU7U'LH03LKDWWHVLHVLFKXQWHUGHQOLQNHQ$UP JHNOHPPWGHQUHFKWHQ$UPKLHOWVLHDXVJHVWUHFNWGLH)LQJHU XPNODPPHUWHQGLH*ODVIODVFKH 'DQQVWDQGVLHDQGHU7U (LQOHW]WHU%OLFNXQGLPQlFKVWHQ$XJHQEOLFNVFKOHXGHUWHVLH GLH)ODVFKH6LHVFKOXJHLQHQ%RJHQSUDOOWH]X%RGHQDEHUGDKDWWH GLH8QWRWHEHUHLWVGLH7U]XJH]RJHQ 'LH([SORVLRQIHJWHGXUFKGHQ*DQJ'HU'RQQHUKDOOWH 6SOLWWHUQ.UDFKHQHVZDUGDVUHLQH&KDRV /DG\;UDQQWHXQGKDWWH*OFNGHQQGLH7UZXUGHDXVGHP
5DKPHQJHIHJWXQGHLQH)HXHUVlXOHORGHUWHDXVGHP5DXP ,PVHOEHQ$XJHQEOLFNKLHOWGHP)HXHUJHJHQEHUHLQ/LIW (LQ0DQQHUVFKLHQ -RKQ6LQFODLU ª1HLQ© $XFK-DQH&ROOLQVNRQQWHQLFKWPHKU'HU$QEOLFNVFKWWHOWHVLH GXUFKXQGGHU7HOHIRQK|UHUUXWVFKWHLKUDXVGHQJHIHVVHOWHQ +lQGHQ6LHZDUQLFKWPHKUGD]XJHNRPPHQGLH3ROL]HLDQ]X UXIHQGHU$QEOLFNGHV6XSHUYDPSLUVKDWWHVLHJHVFKRFNW 8QGKLQWHU9DPSLURGHOPDUWDXFKWHHLQ]ZHLWHV0RQVWHUDXI *HIlKUOLFKJHZDOWLJXQGYRQXQPHQVFKOLFKHU%UXWDOLWlWZLHHV QXU7RNDWDGHU6DPXUDLGHV6DWDQVZDU (UVFKOXJVRIRUWPLWVHLQHP6FKZHUW]X 'HULQGHU+|OOHJHVFKPLHGHWHQ.OLQJHKDWWHGDV*ODVQLFKWVHQW JHJHQ]XVHW]HQ(VZXUGHZLHIHVWHU=XFNHUJXDXVHLQDQGHUJH KDXHQ-DQHK|UWHGDV.OLUUHQXQGVDKDXFKGLHULHVLJHQ6SOLWWHU GLHLQGHQ5DXPXQGGDPLWLQGLH/RJHILHOHQZLHHLQJHIlKUOLFKHU JOlVHUQHU+DJHOGHUVLHEHUVFKWWHQZROOWH -DQH&ROOLQVZLFK]XUFN,QGHU/RJHNRQQWHVLHQLFKWOlQJHU EOHLEHQ'LHEHLGHQ0RQVWHUZUGHQHLQGULQJHQXQGVLHIHUWLJ PDFKHQ(UEDUPXQJVORVW|WHQ -DQHHUUHLFKWHGLH7UPLWQXU]ZHLNOHLQHQ6FKULWWHQ6LHUL VLHDXIDOV7RNDWDXQG9DPSLURGHOPDU]XP]ZHLWHQPDO]X VFKOXJHQ6RYHUVFKDIIWHQVLHVLFKGHQ:HJ]XLKUHQ2SIHUQ -DQHKHW]WHLQGLH+DOOH 7RNDWDEHIDQGVLFKMHW]WDQGHU7UVRQDKHGDHUPLWWHQLP /LFKWVWDQG(VOLHVHLQH.RQWXUHQMHGRFKQLFKWZHLFKRGHU IOLHHQGHUVFKHLQHQGDV*HJHQWHLOZDUGHU)DOO'DVDXILKQ IDOOHQGH/LFKWKREVHLQHJHVDPWH6FKHXOLFKNHLWKHUYRUGLHGHQ 6DPXUDLGHV6DWDQVDXV]HLFKQHWH-DQHVDKKLQWHUGHU0DVNHHWZDV +HOOHVVFKLPPHUQ*HEHLQHGHUHQVFKDUIH.DQWHQXQG6SOLWWHUGLH SHUJDPHQWDUWLJH+DXWDXIJHULVVHQXQG]HUVW|UWKDWWHQ 'LHVPDOZDUGLH7UDQGHU5HLKH 6FKUlJYRQREHQQDFKXQWHQ]RJGHU6DPXUDLGHV6DWDQVVHLQ JHIlKUOLFKHV6FKZHUWXQGGLHVFKZHUH*ODVWUZXUGHGXUFKGLH
P|UGHULVFKH:XFKWJHVSUHQJW'LHJHZDOWLJHQ*ODVVWFNHIORJHQ ZLHJURH(LVVFKROOHQQDFKLQQHQXQG-DQH&ROOLQVPXWHLQ 'HFNXQJJHKHQZHQQVLHQLFKWJHWURIIHQZHUGHQZROOWH 6LHGDFKWHQLFKWQXUDQVLFKXQG]RJGLHEHZXWORVHEORQGH)UDX HEHQIDOOVKLQWHUHLQHQ6HVVHOLQ6LFKHUKHLWGLHDOOHUGLQJVPHKUDOV WUJHULVFKZDU :RKLQ" 1DFKYRUQNRQQWH-DQHQLFKW'LHEHLGHQJHIl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lUWV$QGHU/HXFKWVNDOD HUNDQQWH-DQHGDVLHVWRSSWHQ 6RIRUWUDQQWHGLH'HWHNWLYLQDXIHLQHQ]X 'DJOLWWGLH7UEHUHLWVDXIXQGDXFKGLH7UGHV]ZHLWHQ |IIQHWHVLFK -DQHV$XJHQZHLWHWHQVLFKYRU6FKUHFN+HUDXVWUDWHQ)UDXHQ -QJHUHlOWHUH6LHVDK6KHLODXQG6KDRVLHHUNDQQWH6XNR,P VHOEHQ$XJHQEOLFNZXWHVLHGDGLH)OFKWHQGHQYRP5HJHQLQ GLH7UDXIHJHUDWHQZDUHQGHQQVLHNRQQWHPDQDOV2SIHUIU 7RNDWDXQG9DPSLURGHOPDUEH]HLFKQHQ ,FKKHW]WHGXUFKGHQ.HOOHU :RNRQQWHLFK-DQH&ROOLQVILQGHQ":HQQLFKVLHMHIDQGZDU VLHYLHOOHLFKW]XHLQHP9DPSLUJHZRUGHQXQG/DG\;KDWWHLKUH JUDXVDPH5DFKHYROOHQGHQN|QQHQ 0HLQ.UHX]KLQJLQ]ZLVFKHQYRUPHLQHU%UXVW,FKZDUKRFK
JUDGLJHUUHJWVWDQGJHZLVVHUPDHQXQWHU6WURP .HLQH7UZDUDEJHVFKORVVHQhEHUDOONRQQWHLFKKLQHLQ QLHPDQGVW|UWHPLFKRGHUKLHOWPLFKDXI 9RQ-DQH&ROOLQVVDKLFKQLFKWVDXFKGLH6FRWWOLHIPLUQLFKWEHU GHQ:HJ 0LQXWHQZDUHQYHUJDQJHQVRGDLFKGDPLWUHFKQHQPXWH /DG\;QLFKWPHKU]XILQGHQ 9LHOOHLFKWREHQ" ,FKHQWHUWHHLQHQ/LIW9LHO]XODQJHGDXHUWHPLUGLH)DKUW 6HNXQGHQZXUGHQ]X(ZLJNHLWHQ(QGOLFKVWRSSWHHU 'LH7UJOLWWDXI,FKVFKDXWHLQHLQHQ*DQJXQGVDKDXFKGLH7U ]X)UDQFLV'UXVLDQV%UR (VZDUHLQ$QEOLFNGHQLFKQXUIUK|FKVWHQVHLQH=HKQWHO VHNXQGHLQPLFKDXIVDXJHQNRQQWHGHQQLPQlFKVWHQ$XJHQEOLFN VFKLHQYRQLQQHQKHUHLQH5LHVHQIDXVWJHJHQGLH7U]XVFKPHW WHUQ,FKK|UWHJOHLFK]HLWLJGLH([SORVLRQGLH7UIORJDXVGHP 5DKPHQPLUHQWJHJHQXQGGDQQIDXFKWHDXFKGLHJHZDOWLJH )HXHUZDQGKHUYRU (VZDUZLHHLQ6WXUPZLQGXQGGLHVPDOKDWWHLFKZLUNOLFKYHU GDPPWYLHO*OFN 'LHVFKZHUH%URWUGHFNWHPLFK]XP7HLOJHJHQGLHVHQP|UGH ULVFKHQ)ODPPHQVWXUPDE 7URW]GHPNRQQWHLFKKLHUQLFKWEOHLEHQ,FKZXWHQLFKWZLH VWDUNGDV)HXHUZDUDEHULUJHQGZDQQKlWWHHVPLFKYHUQLFKWHW 8QGDXFKLQGHQ.HOOHUNRQQWHLFKQLFKWZLHGHUGHU5FNZHJ ZlUHPLUYRQGHQ)ODPPHQYHUVSHUUWJHZHVHQ 1RFKHLQH&KDQFHEOLHEPLU 5HLQLQGHQ*DQJ ,FKUDQQWHQDFKOLQNVVFKOHXGHUWHGLH+RO]WUYRQPLUXQG VSUWHGHQKHLHQ+DXFKGHU)ODPPHQGHUPLFKZLHHLQH.ODXH VWUHLIWHXQGKLQHLQ]LHKHQZROOWHLQGLHIHXULJH+|OOH ,FKUDQQWHKLQGXUFKK|UWHKLQWHUPLUHLQ.UDFKHQXQGVDKYRU PLUHLQH*HVWDOW /DG\; 'DVWDQGVLH9RP:LGHUVFKHLQGHU)ODPPHQXPORGHUW9HU]HUUW GDV*HVLFKWGLHEHLGHQ9DPSLU]lKQHJHEOHFNWGLH:DIIHGLHYHU GDPPWH0DVFKLQHQSLVWROHLP$QVFKODJ
,FKVFKRVLHVFKR %HLGHWUDIHQZLUQLFKW'LH6LOEHUNXJHOIHKOWHXQGDXFKGHUNXU]H )HXHUVWRDXVGHU03L(UKDFNWHDQGHQ:lQGHQHQWODQJ%HYRU LFKHLQHQ]ZHLWHQ6FKXDEJHEHQXQGDXFK/DG\;ZLHGHUIHXHUQ NRQQWHEHJDQQGHU=XVDPPHQEUXFKGHU6FK|QKHLWVIDUP'DV )HXHUPXWHVLFKPLWUDVHQGHU6FKQHOOHDXVJHEUHLWHWKDEHQGHQQ DQGHUH7UHQZXUGHQDXIJHULVVHQSODW]WHQZHJDOVEHVWQGHQVLH DXV3DSLHU,FKZDUSO|W]OLFKHLQJHVFKORVVHQLQGHUIDXFKHQGHQ +|OOHXQGLFKK|UWHQXUQRFKGDV/DFKHQGHU/DG\; 'XUFKGLH)ODPPHQ (LQHQDQGHUHQ:HJVDKLFKQLFKW 8QGLFKZDJWHHV ª)HXHU© 'HU6FKUHLGHU)UDXJHOOWHZLHHLQH6LUHQHXQGULDXFKGLHDQGH UHQ0HQVFKHQDXVLKUHU(UVWDUUXQJ%LVKHUKDWWHVLHVLFKDXI7RNDWD XQG9DPSLURGHOPDUNRQ]HQWULHUWDXIGLHEHLGHQ*HVFK|SIHGHV *UDXHQVMHW]WNDPQRFKHLQGULWWHV(UHLJQLVKLQ]X 'DV)HXHU 6XNR-DQH6KDRXQG6KHLODZDUNODUGDVLHKLHUUDXVPXWHQ $EHUGDVWDQGHQGLHEHLGHQ0LWJOLHGHUGHU0RUGOLJD6LHZUGHQ VLHQLFKWGXUFKODVVHQ 7RNDWDKDWWHVHLQ6FKZHUWJH]RJHQ(UKLHOWHVVFKUlJXQGWUDW ]XU6HLWHZDVLKPLP:HJVWDQG (UVWH5DXFKVFKZDGHQNURFKHQYRQGHP*DQJKHULQGLH+DOOH UHL]WHQ]XP+XVWHQELVVHQLQGLH$XJHQ ª7XQVLHGRFKZDV©VFKULHHLQH)UDXXQGUDQQWHYRU1LHPDQG NRQQWHVLHDXIKDOWHQ (VZDU6XNRV7ULWWGHUVLHYRQGHQ%HLQHQKROWH'HU&KLQHVH VSUDQJDXVGHP6WDQGHLQJHNRQQWHU.DUDWHVSUXQJXQGGLH)UDX EUDFK]XVDPPHQ6LHZDUEHZXWORV 'HU&KLQHVHKDWWHGLH'lPRQHQSHLWVFKHJH]RJHQXQGDXFKGLH 6LOEHUNXJHO%HUHWWD(UGUFNWH-DQH&ROOLQVGLH3LVWROHLQGLH +DQG6LHNRQQWHDPEHVWHQGDPLWXPJHKHQ (UJLQJDOOHLQDXI7RNDWDXQG9DPSLURGHOPDU]X 1LHNRQQWHHUGHQ.DPSIJHZLQQHQGDVZXWH6XNRDEHUHU
ZUGHGLHEHLGHQYLHOOHLFKWDEOHQNHQGDPLWGLH0HQVFKHQHLQH &KDQFHHUKLHOWHQGLH6FK|QKHLWVIDUP]XYHUODVVHQ 'XUFKGLH]HUVW|UWH7USILIIGHU:LQGHUIXKULQGLH+DOOHDXFK LQGHQ*DQJXQGIDFKWHGLH)ODPPHQQRFKPHKUDQ 3O|W]OLFKK|UWH6XNRHLQHVLFKEHUVFKODJHQGH)UDXHQVWLPPH ª7RNDWD9DPSLURGHOPDU© 'HU&KLQHVHVFKDXWHQDFKOLQNV :RGHU4XDOPDXVGHP*DQJGUDQJXQGVLFKPLWVSUKHQGHQ )XQNHQYHUPLVFKWHHUVFKLHQHLQHJDQ]LQ6FKZDU]JHNOHLGHWH )UDX /DG\; 6LHKHW]WHDXIGLHEHLGHQDQGHUHQ0LWJOLHGHUGHU0RUGOLJD]X XQGEUHLWHWHLKUH$UPHDXVZREHLVLHLQHLQHU+DQGQRFKGLH 0DVFKLQHQSLVWROHKLHOW 8QGLQGHUDQGHUHQ" 'HQPDJLVFKHQ:UIHO 'U7RGKDWWHLKQLKUJHOLHKHQ'LHVHU:UIHOZDUPDQLSXOLHUEDU PDQNRQQWHLKQDXFKDOVPDJLVFKHV=DXEHUREMHNWEHWUDFKWHQ(U KDWWHGHQ7RGHVQHEHOSURGX]LHUWXQGHUEHZLHVSO|W]OLFKZHOFK HLQHXQKHLPOLFKH.UDIWLQLKPVWHFNWH 'LHGUHL*HVWDOWHQO|VWHQVLFKDXI 6XNRXQG-DQHEHLGHPLW:DIIHQYHUVHKHQZDUHQ]XEHUUDVFKW XPQRFKVFKLHHQ]XN|QQHQ9RQHLQHU6HNXQGH]XUDQGHUHQ KDWWHGLH6FRWWGHQ:UIHODNWLYLHUW hEHUGLHGUHL0LWJOLHGHUGHU0RUGOLJDOHJWHVLFKHLQ6FKOHLHU XQGGDQQZDUHQVLHYHUVFKZXQGHQ 6RDOVKlWWHHVVLHQLH]XYRUJHJHEHQ ª8QG-RKQ"©IUDJWH-DQH&ROOLQVOHLVH 6XNRZLUEHOWHKHUXP 'DVDKHUGLHUXJHVFKZlU]WH*HVWDOWKHUDQWRUNHOQ ,FKKXVWHWHPLUGLH/XQJHEDOGDXVGHP/HLEZDQNWHLQGLH +DOOHXQGEHNDPHQGOLFKIULVFKHUH/XIWLQPHLQH$WHPZHJH 3O|W]OLFKXPVFKODQJHQPLFK]ZHL$UPHXQGKREHQPLFKKRFK 'DQQIORKHQZLU +LQWHUXQVOLHHQZLUHLQ,QIHUQR
(LQH6WXQGHVSlWHU ,FKKXVWHWHQRFKLPPHU]XGHPZDUPLUEHODEHUZLUKDWWHQHV JHVFKDIIW:LUZDUHQXPULQJWYRQ3ROL]HLXQG)HXHUZHKUZDJHQ 3DXO0HXULVVHKDWWHGHQ*URDODUPDXVJHO|VW'LH0lQQHUGHU %UDQGEHNlPSIXQJJDEHQLKU%HVWHV6LHYHUVXFKWHQ]XUHWWHQZDV QRFK]XUHWWHQZDU9LHOZUGHHVQLFKWVHLQ 9RQDOOHQ6HLWHQHUJRVVHQVLFKEHLQGLFNH:DVVHUVWUDKOHQLQGLH ORGHUQGH+|OOHGLHYRQHLQHP)XQNHQUHJHQEHUZHKWZXUGH,FK JDEGHQ)HXHUZHKUPlQQHUQNHLQH&KDQFHGDV)HXHUZDUVWlUNHU XQGGLH+DSS\+HDOWK\%HDXW\IDUPZUGHUHVWORVQLHGHUEUHQQHQ GDYRQZDULFKEHU]HXJW 0DQKDWWHXQV.ODSSVWKOHJHJHEHQGDUDXIKRFNWHQZLUXQG VFKDXWHQLQGDV)HXHU (VKDWWHVLFKHLQLJHVJHWDQ/DG\;ZDU]XHLQHU%OXWVDXJHULQ JHZRUGHQ,FKKlWWHJHUQ6ROR0RUDVVRV5HDNWLRQJHVHKHQ/HLGHU ZDUPLUGDVQLFKWYHUJ|QQW :LUKDWWHQHLQHQ6WW]SXQNWYHUQLFKWHW1LFKWPHKUXQGQLFKW ZHQLJHU8QGGDVZXUPWHPLFK 'UXVLDQKDWWHQZLUQLFKWPHKUDXVGHU+|OOHKROHQN|QQHQXQG DXFKQLFKWGLHGUHL0DQQHTXLQVGLHQRFKEULJJHEOLHEHQZDUHQ :LUNRQQWHQZLUNOLFKQXUKRIIHQGDGDV)HXHUVLHYHUQLFKWHW KDWWH 'HU0HLQXQJZDUHQDXFK6KHLOD6KDRXQG6XNR:RGLHGUHL JHEOLHEHQZDUHQZXWHNHLQHUYRQXQV,P.HOOHUKDWWHLFKVLH QLFKWJHVHKHQ $XFKYRQGHQ9DPSLUSLOOHQZUGHQZLUQLFKWVILQGHQ'RFKHV KDWWHVLHJHJHEHQXQGGDVEHUHLWHWHPLU6RUJHQZHLOGDVXQVHOLJH (UEHGHU)DULDFVQRFKLPPHUQLFKWYHUQLFKWHWZDU 3DXO0HXULVVHKDWWHVHLQH0HLQXQJDXFKJHlQGHUW(UZDUQRFK VRHEHQPLWGHP/HEHQGDYRQJHNRPPHQVHLQ/HLEZlFKWHU*LOODJ OlQJVWLQHLQHU=LQNZDQQH(UZDUWRWLP3DUNJHIXQGHQZRUGHQ ,UJHQGZDQQZDUGDV)HXHUJHO|VFKW8QGLUJHQGZDQQ]RJDXFK GLH'lPPHUXQJKHUDQ 'DQQGXUFKVXFKWHQ0lQQHULQ6SH]LDODQ]JHQGDV*HOlQGH 9RQ'UXVLDQZDUNHLQH6SXU]XILQGHQDEHUPDQHQWGHFNWH5HVWH GHV1LWURV-HW]WZDUXQVNODUZLHVRVLFKGDV)HXHUVRUDVFKKDWWH DXVEUHLWHQN|QQHQ
6FKOLPPZDUDXFKGD'U7RGPLWWOHUZHLOHJHOHUQWKDWWHGHQ :UIHO]XEHKHUUVFKHQ'DVZUGH$VPRGLQDVLFKHUOLFKQLFKW SDVVHQ'DPLWZXUGH0RUDVVRVHKUPlFKWLJ =XPlFKWLJIUPHLQHQ*HVFKPDFN $EHUNRQQWHQZLULKQVWRSSHQ"+HXWHEHVWLPPWQLFKWXQG PRUJHQDXFKQLFKW9LHOOHLFKWEHUPRUJHQ (1'(