(7$+RIIPDQQ
.UHLVOHULDQD
'HU.DSHOOPHLVWHU.UHLVOHULP:DKQVLQQ %OHLVWLIW]HLFKQXQJ(7$+RIIPDQQV
3')H...
83 downloads
444 Views
883KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
(7$+RIIPDQQ
.UHLVOHULDQD
'HU.DSHOOPHLVWHU.UHLVOHULP:DKQVLQQ %OHLVWLIW]HLFKQXQJ(7$+RIIPDQQV
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ -XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQG LQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ
.UHLVOHULDQD,
,QKDOW
-RKDQQHV.UHLVOHUVGHV.DSHOOPHLVWHUVPXVLNDOLVFKH/HLGHQ 2PEUDDGRUDWD *HGDQNHQEHUGHQKRKHQ:HUWGHU0XVLN %HHWKRYHQV,QVWUXPHQWDOPXVLN +|FKVW]HUVWUHXWH*HGDQNHQ 'HUYROONRPPHQH0DVFKLQLVW .UHLVOHULDQD,,
%ULHIGHV%DURQV:DOOERUQDQGHQ.DSHOOPHLVWHU.UHLVOHU %ULHIGHV.DSHOOPHLVWHUV.UHLVOHUDQGHQ%DURQ:DOOERUQ .UHLVOHUVPXVLNDOLVFKSRHWLVFKHU.OXE 1DFKULFKWYRQHLQHPJHELOGHWHQMXQJHQ0DQQ 'HU0XVLNIHLQG hEHUHLQHQ$XVVSUXFK6DFFKLQLV XQGEHUGHQVRJHQDQQWHQ(IIHNWLQGHU0XVLN -RKDQQHV.UHLVOHUV/HKUEULHI
.UHLVOHULDQD 1U
:RLVWHUKHU"± 1LHPDQGZHLHV± :HUZDUHQVHLQH(OWHUQ"± (V LVWXQEHNDQQW±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|IIHQWOLFKHQ:LUWVWDIHO YRQGHP3ULPR+XRPRYHUlFKWOLFKJHVSURFKHQXQGHLQMXQJHV 0lGFKHQGLHHULP*HVDQJHXQWHUULFKWHWGHU3ULPD'RQQDLQJDQ] DXVVFKZHLIHQGHQZLHZRKOXQYHUVWlQGOLFKHQ5HGHQVDUWHQ YRU]X]LHKHQJHWUDFKWHW MHGRFKVROOHHUGHQ7LWHODOV)UVWOLFK U .DSHOOPHLVWHUEHLEHKDOWHQMDVRJDU]XUFNNHKUHQGUIHQZHQQ HUJHZLVVH(LJHQKHLWHQXQGOlFKHUOLFKH9RUXUWHLOH] %GDGLH ZDKUHLWDOLHQLVFKH0XVLNYHUVFKZXQGHQVHLXVZJlQ]OLFKDEJHOHJW XQGDQGLH9RUWUHIIOLFKNHLWGHV+RISRHWHQGHUDOOJHPHLQIUGHQ ]ZHLWHQ0HWDVWDVLRDQHUNDQQWZLOOLJJODXEH± 'LH)UHXQGH EHKDXSWHWHQGLH1DWXUKDEHEHLVHLQHU2UJDQLVDWLRQHLQQHXHV 5H]HSWYHUVXFKWXQGGHU9HUVXFKVHLPLOXQJHQLQGHPVHLQHP EHUUHL]EDUHQ*HPWHVHLQHUELV]XU]HUVW|UHQGHQ)ODPPH DXIJOKHQGHQ3KDQWDVLH]XZHQLJ3KOHJPDEHLJHPLVFKWXQGVRGDV *OHLFKJHZLFKW]HUVW|UWZRUGHQGDVGHP.QVWOHUGXUFKDXVQ|WLJVHL XPPLWGHU:HOW]XOHEHQXQGLKU:HUNH]XGLFKWHQZLHVLH GLHVHOEHQVHOEVWLPK|KHUQ6LQQHLJHQWOLFKEUDXFKH'HPVHLZLH LKPZROOH± JHQXJ-RKDQQHVZXUGHYRQVHLQHQLQQHUHQ (UVFKHLQXQJHQXQG7UlXPHQZLHDXIHLQHPHZLJZRJHQGHQ0HHU GDKLQ± GRUWKLQJHWULHEHQXQGHUVFKLHQYHUJHEHQVGHQ3RUW]X VXFKHQGHULKPHQGOLFKGLH 5XKHXQG+HLWHUNHLWJHEHQVROOWHRKQH ZHOFKHGHU.QVWOHUQLFKWV]XVFKDIIHQYHUPDJ6RNDPHVGHQQ DXFKGDGLH)UHXQGHHVQLFKWGDKLQEULQJHQNRQQWHQGDHUHLQH .RPSRVLWLRQDXIVFKULHERGHUZLUNOLFKDXIJHVFKULHEHQXQYHUQLFKWHW OLH=XZHLOHQNRPSRQLHUWHHU]XU1DFKW]HLWLQGHUDXIJHUHJWHVWHQ 6WLPPXQJ ± HUZHFNWHGHQ)UHXQGGHUQHEHQLKPZRKQWHXPLKP
DOOHVLQGHUK|FKVWHQ%HJHLVWHUXQJYRU]XVSLHOHQZDVHULQ XQJODXEOLFKHU6FKQHOOHDXIJHVFKULHEHQ± HUYHUJR7UlQHQGHU )UHXGHEHUGDVJHOXQJHQH:HUN± HUSULHVVLFKVHOEVWDOVGHQ JOFNOLFKVWHQ0HQVFKHQDEHUGHQDQGHUQ7DJ± ODJGLHKHUUOLFKH .RPSRVLWLRQLP)HXHU± 'HU*HVDQJZLUNWHEHLQDKHYHUGHUEOLFKDXI LKQZHLOVHLQH3KDQWDVLHGDQQEHUUHL]WZXUGHXQGVHLQ*HLVWLQHLQ 5HLFKHQWZLFKZRKLQLKPQLHPDQGRKQH*HIDKUIROJHQNRQQWH GDJHJHQJHILHOHUVLFKRIWGDULQVWXQGHQODQJDXIGHP)OJHOGLH VHOWVDPVWHQ7KHPDVLQ]LHUOLFKHQNRQWUDSXQNWLVFKHQ:HQGXQJHQ XQG1DFKDKPXQJHQLQGHQNXQVWUHLFKVWHQ3DVVDJHQDXV]XDUEHLWHQ :DULKPGDVHLQPDOUHFKWJHOXQJHQVREHIDQGHUVLFKPHKUHUH7DJH KLQGXUFKLQKHLWHUHU6WLPPXQJXQGHLQHJHZLVVHVFKDONKDIWH,URQLH ZU]WHGDV*HVSUlFKZRPLWHUGHQNOHLQHQJHPWOLFKHQ=LUNHO VHLQHU)UHXQGHHUIUHXWH
$XIHLQPDOZDUHUPDQZXWHQLFKWZLHXQGZDUXPYHUVFKZXQGHQ 9LHOHEHKDXSWHWHQ6SXUHQGHV:DKQVLQQVDQLKPEHPHUNW]X KDEHQXQGZLUNOLFKKDWWHPDQLKQPLW ]ZHLEHUHLQDQGHUJHVWOSWHQ +WHQXQG]ZHL5DVWUDOHQZLH'ROFKHLQGHQURWHQ/HLEJUWHO JHVWHFNWOXVWLJVLQJHQG]XP7RUHKLQDXVKSIHQJHVHKHQZLHZRKO VHLQHQlKHUHQ)UHXQGHQLFKWV%HVRQGHUHVEHPHUNWGDLKP JHZDOWVDPH$XVEUFKHYRQLUJHQGHLQHPLQQHUQ*UDPHU]HXJWDXFK VFKRQVRQVWHLJHQJHZHVHQ$OVQXQDOOH1DFKIRUVFKXQJHQZRHU JHEOLHEHQYHUJHEHQVXQGGLH)UHXQGHVLFKEHUVHLQHQNOHLQHQ 1DFKODDQ0XVLNDOLHQXQGDQGHUQ6FKULIWHQEHULHWHQHUVFKLHQGDV )UlXOHLQYRQ %XQGHUNOlUWHZLHQXULKU DOOHLQHV]XNRPPHGLHVHQ 1DFKODLKUHPOLHEHQ0HLVWHUXQG)UHXQGHGHQVLHNHLQHVZHJV YHUORUHQJODXEH]XEHZDKUHQ,KUEHUJDEHQPLWIUHXGLJHP:LOOHQ GLH)UHXQGHDOOHVZDVVLHYRUJHIXQGHQXQGDOVVLFKDXIGHQZHLHQ 5FNVHLWHQPHKUHUHU1RWHQEOlWWHUNOHLQH JU|WHQWHLOVKXPRULVWLVFKH $XIVlW]HLQJQVWLJHQ$XJHQEOLFNHQPLW%OHLVWLIWVFKQHOO KLQJHZRUIHQEHIDQGHQHUODXEWHGLHWUHXH6FKOHULQGHV XQJOFNOLFKHQ-RKDQQHVGHPWUHXHQ)UHXQGH$EVFKULIWGDYRQ]X QHKPHQXQGVLHDOVDQVSUXFKVORVH(U]HXJQLVVHHLQHU DXJHQEOLFNOLFKHQ$QUHJXQJPLW]XWHLOHQ
-RKDQQHV.UHLVOHUVGHV.DSHOOPHLVWHUV PXVLNDOLVFKH/HLGHQ
6LHVLQGDOOHIRUWJHJDQJHQ± ,FKKlWW HVDQGHP=LVFKHOQ6FKDUUHQ 5lXVSHUQ%UXPPHQGXUFKDOOH7RQDUWHQEHPHUNHQN|QQHQ HVZDU HLQZDKUHV%LHQHQQHVW GDVYRP6WRFNHDE]LHKWXP]XVFKZlUPHQ *RWWOLHEKDWPLUQHXH/LFKWHUDXIJHVWHFNWXQGHLQH)ODVFKH %XUJXQGHUDXIGDV)RUWHSLDQRKLQJHVWHOOW6SLHOHQNDQQLFKQLFKW PHKUGHQQLFKELQJDQ]HUPDWWHW GDUDQLVWPHLQDOWHUKHUUOLFKHU )UHXQGKLHUDXIGHP1RWHQSXOWHVFKXOGGHUPLFKVFKRQZLHGHU HLQPDOZLH0HSKLVWRSKHOHVGHQ)DXVWDXIVHLQHP0DQWHOGXUFKGLH /IWHJHWUDJHQKDWXQGVRKRFKGDLFKGLH0HQVFKOHLQXQWHUPLU QLFKWVDKXQGPHUNWHXQHUDFKWHWVLHWROOHQ/lUPJHQXJJHPDFKW KDEHQP|JHQ± (LQKXQGVI|WWLVFKHUQLFKWVZUGLJYHUJHXGHWHU $EHQG$EHUMHW]WLVWPLUZRKOXQGOHLFKW± +DELFKGRFKJDU ZlKUHQGGHV6SLHOHQVPHLQHQ%OHLVWLIWKHUYRUJH]RJHQXQG6HLWH XQWHUGHPOHW]WHQ6\VWHPHLQSDDUJXWH$XVZHLFKXQJHQLQ=LIIHUQ QRWLHUWPLWGHUUHFKWHQ+DQGZlKUHQGGLH/LQNHLP6WURPHGHU 7|QHIRUWDUEHLWHWH+LQWHQDXIGHUOHHUHQ6HLWHIDKULFKVFKUHLEHQG IRUW,FKYHUODVVH=LIIHUQXQG7|QHXQGPLWZDKUHU/XVWZLHGHU JHQHVHQH.UDQNHGHUQXQQLFKWDXIK|UHQNDQQ]XHU]lKOHQZDVHU JHOLWWHQQRWLHUHLFKKLHUXPVWlQGOLFKGLHK|OOLVFKHQ4XDOHQGHV KHXWLJHQ7HHV$EHUQLFKWIUPLFKDOOHLQVRQGHUQIUDOOHGLHVLFK KLHU]XZHLOHQDQPHLQHP([HPSODUGHU-RKDQQ6HEDVWLDQ%DFKVFKHQ 9DULDWLRQHQIUGDV.ODYLHUHUVFKLHQHQEHL1lJHOLLQ=ULFK HUJ|W]HQXQGHUEDXHQEHLGHP6FKOXGHU 9DULDWLRQPHLQH =LIIHUQILQGHQXQGJHOHLWHWYRQGHPJURHQODWHLQLVFKHQ9HUWH LFK VFKUHLEHVJOHLFKKLQZHQQPHLQH.ODJHVFKULIW]X(QGHLVW GDV %ODWWXPZHQGHQXQGOHVHQ'LHVHHUUDWHQJOHLFKGHQZDKUHQ =XVDPPHQKDQJ VLHZLVVHQGDGHU*HKHLPH5DW5|GHUOHLQKLHUHLQ JDQ]FKDUPDQWHV+DXVPDFKWXQG]ZHL7|FKWHUKDWYRQGHQHQGLH JDQ]HHOHJDQWH:HOWPLW(QWKXVLDVPXVEHKDXSWHWVLHWDQ]WHQZLH GLH*|WWLQQHQVSUlFKHQIUDQ]|VLVFKZLHGLH(QJHOXQGVSLHOWHQXQG VlQJHQXQG]HLFKQHWHQZLHGLH0XVHQ'HU*HKHLPH5DW5|GHUOHLQ LVWHLQUHLFKHU0DQQ HUIKUWEHLVHLQHQYLHUWHOMlKULJHQ'LQpV GLH VFK|QVWHQ:HLQHGLHIHLQVWHQ6SHLVHQDOOHVLVWDXIGHQ HOHJDQWHVWHQ)XHLQJHULFKWHWXQGZHUVLFKEHLVHLQHQ7HHVQLFKW KLPPOLVFKDPVLHUWKDWNHLQHQ7RQNHLQHQ*HLVWXQGYRUQHKPOLFK NHLQHQ6LQQIUGLH.XQVW$XIGLHVHLVWHVQlPOLFKDXFKDEJHVHKHQ
QHEHQGHP7HH3XQVFK:HLQ*HIURUQHQHWFZLUGDXFKLPPHU HWZDV0XVLNSUlVHQWLHUWGLHYRQGHUVFK|QHQ:HOWJDQ]JHPWOLFK VRZLHMHQHVHLQJHQRPPHQZLUG'LH(LQULFKWXQJLVWVR QDFKGHP MHGHU*DVW=HLWJHQXJJHKDEWKDWHLQHEHOLHELJH=DKO7DVVHQ7HH]X WULQNHQXQGQDFKGHP]ZHLPDO3XQVFKXQG*HIURUQHV KHUXPJHJHEHQZRUGHQLVWUFNHQGLH%HGLHQWHQGLH6SLHOWLVFKH KHUDQIUGHQlOWHUHQVROLGHUHQ 7HLOGHU*HVHOOVFKDIWGHUGHP PXVLNDOLVFKHQGDV6SLHOPLW.DUWHQYRU]LHKWZHOFKHVDXFKLQGHU7DW QLFKWVROFKHQXQQW]HQ/lUPPDFKWXQGZRQXUHLQLJHV*HOG HUNOLQJW± $XIGLHV=HLFKHQVFKLHWGHUMQJHUH7HLOGHU*HVHOOVFKDIW DXIGLH)UlXOHLQV5|GHUOHLQ]X HVHQWVWHKWHLQ7XPXOWLQGHPPDQ GLH:RUWHXQWHUVFKHLGHW 6FK|QHV)UlXOHLQYHUVDJHQ6LHXQVQLFKW GHQ*HQX,KUHVKLPPOLVFKHQ7DOHQWV± R VLQJHHWZDVPHLQH*XWH ± 1LFKWP|JOLFK± .DWDUUK± GHUOHW]WH%DOO± QLFKWVHLQJHEW± 2 ELWWHELWWH± ZLUIOHKHQHWF*RWWOLHEKDWXQWHUGHVVHQGHQ)OJHO JH|IIQHWXQGGDV3XOWPLWGHPZRKOEHNDQQWHQ1RWHQEXFKH EHVFKZHUW9RP6SLHOWLVFKKHUEHUUXIWGLHJQlGLJH0DPD ª&KDQWH]GRQFPHVHQIDQWV©'DVLVWGDV6WLFKZRUWPHLQHU 5ROOH LFKVWHOOHPLFKDQGHQ)OJHOXQGLP7ULXPSKZHUGHQGLH5|GHUOHLQV DQGDV,QVWUXPHQWJHIKUW1XQHQWVWHKWZLHGHUHLQH'LIIHUHQ] NHLQHZLOO]XHUVWVLQJHQª'XZHLWOLHEH1DQHWWHZLHHQWVHW]OLFK KHLVHULFKELQ©± ª%LQLFKHVGHQQZHQLJHUOLHEH0DULH"©± ª,FK VLQJHVRVFKOHFKW©± ª2 /LHEHIDQJHQXUDQHWF©0HLQ(LQIDOO LFK KDEHLKQMHGHVPDO EHLGHP|FKWHQPLWHLQHP'XRDQIDQJHQZLUG JHZDOWLJEHNODWVFKWGDV%XFKGXUFKEOlWWHUWGDVVRUJIlOWLJ HLQJHVFKODJHQH%ODWWHQGOLFKJHIXQGHQXQGQXQJHKW VORV ª'ROFH GHOO DQLPDHWF© ± 'DV7DOHQWGHU)UlXOHLQ5|GHUOHLQLVWZLUNOLFK QLFKWGDVJHULQJVWH,FKELQQXQIQI-DKUHKLHUXQGYLHUWHKDOE-DKUH LP5|GHUOHLQVFKHQ+DXVH/HKUHU IUGLHVHNXU]H=HLWKDWHV)UlXOHLQ 1DQHWWHGDKLQJHEUDFKWGDVLHHLQH0HORGLHGLHVLHQXU]HKQPDO LP7KHDWHUJHK|UWXQGDP.ODYLHUGDQQK|FKVWHQVQRFK]HKQPDO GXUFKSURELHUWKDWVRZHJVLQJWGDPDQJOHLFKZHLZDVHVVHLQ VROO)UlXOHLQ0DULHIDWHVVFKRQEHLPDFKWHQ0DOXQGZHQQVLH |IWHUVHLQHQ9LHUWHOVWRQWLHIHUVWHKWDOVGDV3LDQRVRLVWGDVEHL VROFKQLHGOLFKHP*HVLFKWOHLQXQGGHQJDQ]OHLGOLFKHQ5RVHQOLSSHQDP (QGHZRKO]XHUWUDJHQ± 1DFKGHP'XHWWDOOJHPHLQHU %HLIDOOVFKRUXV1XQZHFKVHOQ$ULHWWHQXQG'XHWWLQRVXQGLFK KlPPHUHGDVWDXVHQGPDOJHOHLHUWH$NNRPSDJQHPHQWIULVFKGDUDXI ORV:lKUHQGGHV*HVDQJHVKDWGLH)LQDQ]UlWLQ(EHUVWHLQGXUFK 5lXVSHUQXQGOHLVHV0LWVLQJHQ]XYHUVWHKHQJHJHEHQ ,FKVLQJH DXFK)UlXOHLQ1DQHWWHVSULFKW ª$EHUOLHEH)LQDQ]UlWLQQXQPXW
GXXQVDXFKGHLQHJ|WWOLFKH6WLPPHK|UHQODVVHQ©(VHQWVWHKWHLQ QHXHU7XPXOW6LHKDWGHQ.DWDUUK± VLHNDQQQLFKWVDXVZHQGLJ± *RWWOLHEEULQJW]ZHL$UPHYROO0XVLNDOLHQKHUDQJHVFKOHSSW GDZLUG JHEOlWWHUWXQGJHEOlWWHUW(UVWZLOOVLHVLQJHQª'HU+|OOH5DFKH HWF©GDQQª+HEHVLHKHWF©GDQQª$FKLFKOLHEWHHWF©,QGHU $QJVWVFKODJHLFKYRUª(LQ9HLOFKHQDXIGHU:LHVHHWF©$EHUVLHLVW IUVJURH*HQUHVLHZLOOVLFK]HLJHQHVEOHLEWEHLGHU.RQVWDQ]H± 2 VFKUHLHGXTXLHNHPLDXHJXUJOHVW|KQHlFK]HWUHPXOLHUH TXLQNHOLHUHQXUUHFKWPXQWHU LFKKDEHGHQ)RUWLVVLPR]XJJHWUHWHQ XQGRUJOHPLFKWDXE± 2 6DWDQ6DWDQZHOFKHUGHLQHUK|OOLVFKHQ *HLVWHULVWLQGLHVH.HKOHJHIDKUHQGHUDOOH7|QH]ZLFNWXQG]ZlQJW XQG]HUUW9LHU6DLWHQVLQGVFKRQJHVSUXQJHQHLQ+DPPHULVW LQYDOLG0HLQH2KUHQJHOOHQPHLQ.RSIGU|KQWPHLQH1HUYHQ ]LWWHUQ6LQGGHQQDOOHXQUHLQH7|QHNUHLVFKHQGHU0DUNWVFKUHLHU 7URPSHWHQLQGLHVHQNOHLQHQ+DOVJHEDQQW"± 'DVKDWPLFK DQJHJULIIHQ± LFKWULQNHHLQ*ODV%XUJXQGHU± 0DQDSSODXGLHUWH XQElQGLJXQGMHPDQGEHPHUNWHGLH)LQDQ]UlWLQXQG0R]DUWKlWWHQ PLFKVHKULQV)HXHUJHVHW]W,FKOlFKHOWHPLWQLHGHUJHVFKODJHQHQ $XJHQUHFKWGXPPZLHLFKZRKOPHUNWH1XQHUVWUHJHQVLFKDOOH 7DOHQWHELVKHULP9HUERUJHQHQEOKHQGXQGIDKUHQZLOG GXUFKHLQDQGHU(VZHUGHQPXVLNDOLVFKH([]HVVHEHVFKORVVHQ (QVHPEOHV)LQDOHQ&K|UHVROOHQDXIJHIKUWZHUGHQ'HU.DQRQLNXV .UDW]HUVLQJWEHNDQQWOLFKHLQHQKLPPOLVFKHQ%DZLHGHU7LWXVNRSI GRUWEHPHUNWGHUVHOEVWEHVFKHLGHQDQIKUWHUVHLHLJHQWOLFKQXU HLQ]ZHLWHU7HQRUDEHUIUHLOLFK0LWJOLHGPHKUHUHU6LQJH$NDGHPLHQ 6FKQHOOZLUGDOOHV]XPHUVWHQ&KRUDXVGHPª7LWXV©RUJDQLVLHUW'DV JLQJJDQ]KHUUOLFK'HU.DQRQLNXVGLFKWKLQWHUPLUVWHKHQG GRQQHUWHEHUPHLQHP+DXSWHGHQ%DDOVVlQJ HUPLWREOLJDWHQ 7URPSHWHQXQG3DXNHQLQGHU'RPNLUFKH HUWUDIGLH1RWHQKHUUOLFK QXUGDV7HPSRQDKPHULQGHU(LO IDVWQRFKHLQPDOVRODQJVDP $EHUWUHXEOLHEHUVLFKZHQLJVWHQVLQVRIHUQGDHUGXUFKVJDQ]H 6WFNLPPHUHLQHQKDOEHQ7DNWQDFKVFKOHSSWH'LHEULJHQlXHUWHQ HLQHQHQWVFKLHGHQHQ+DQJ]XUDQWLNHQJULHFKLVFKHQ0XVLNGLH EHNDQQWOLFKGLH+DUPRQLHQLFKWNHQQHQGLP8QLVRQRJLQJ VLH VDQJHQDOOHGLH2EHUVWLPPHPLWNOHLQHQ9DULDQWHQDXV]XIlOOLJHQ (UK|KXQJHQXQG(UQLHGULJXQJHQHWZDXPHLQHQ9LHUWHOVWRQ'LHVH HWZDVJHUlXVFKYROOH3URGXNWLRQHUUHJWHHLQHDOOJHPHLQHWUDJLVFKH 6SDQQXQJQlPOLFKHLQLJHV(QWVHW]HQVRJDUDQGHQ6SLHOWLVFKHQGLH IUGHQ0RPHQWQLFKWVRZLH]XYRUPHORGUDPDWLVFKPLWZLUNHQ NRQQWHQGXUFKLQGLH0XVLNHLQJHIORFKWHQHGHNODPDWRULVFKH6lW]H ] %± $FKLFKOLHEWH± DFKWXQGYLHU]LJ± ZDUVRJOFNOLFK± LFKSDVVH
± NDQQWHQLFKW± :KLVW± GHU/LHEH6FKPHU]± LQGHU)DUEHHWF± (V QDKPVLFKUHFKWDUWLJDXV± ,FKVFKHQNHPLUHLQ 'DVZDUGLH K|FKVWH6SLW]HGHUKHXWLJHQPXVLNDOLVFKHQ([SRVLWLRQ QXQLVW VDXV 6RGDFKW LFKVFKOXJGDV%XFK]XXQGVWDQGDXI'DWULWWGHU%DURQ PHLQDQWLNHU7HQRULVWDXIPLFK]XXQGVDJW ª2 EHVWHU+HUU .DSHOOPHLVWHU6LHVROOHQJDQ]KLPPOLVFKSKDQWDVLHUHQ R SKDQWDVLHUHQ6LHXQVGRFKHLQVQXUHLQZHQLJLFKELWWH©,FK YHUVHW]WHJDQ]WURFNHQGLH3KDQWDVLHVHLPLUKHXWHUHLQ DXVJHJDQJHQ XQGLQGHPZLUVRGDUEHUVSUHFKHQKDWHLQ7HXIHOLQ GHU*HVWDOWHLQHV(OHJDQWVPLW]ZHL:HVWHQLP1HEHQ]LPPHUXQWHU PHLQHP+XWGLH%DFKVFKHQ9DULDWLRQHQDXVJHZLWWHUW GHUGHQNWHV VLQGVR9DULDWL|QFKHQ ª1HOFRUPLQRQSLVHQWR©± ª$KYRXVGLUDL MHPDPDQHWF©XQGZLOOKDEHQLFKVROOGDUDXIORVVSLHOHQ,FK ZHLJHUHPLFK GDIDOOHQVLHDOOHEHUPLFKKHU1XQVRK|UW]XXQG EHUVWHWYRU/DQJZHLOHGHQNLFKXQGDUEHLWHGUDXIORV%HL1UR HQWIHUQWHQVLFKPHKUHUH'DPHQYHUIROJWYRQ7LWXVN|SIHQ'LH 5|GHUOHLQVZHLOGHU/HKUHUVSLHOWHKLHOWHQQLFKWRKQH4XDODXVELV 1UR 1UR VFKOXJGHQ=ZHLZHVWHQ0DQQLQGLH)OXFKW$XV JDQ]EHUWULHEHQHU+|IOLFKNHLWEOLHEGHU%DURQELV1UR XQG WUDQNEORYLHO3XQVFKDXVGHQ*RWWOLHEIUPLFKDXIGHQ)OJHO VWHOOWH,FKKlWWHJOFNOLFKJHHQGHWDEHUGLHVH1UR GDV7KHPD ULPLFKXQDXIKDOWVDPIRUW'LH4XDUWEOlWWHUGHKQWHQVLFKSO|W]OLFK DXV]XHLQHP5LHVHQIROLRZRWDXVHQG,PLWDWLRQHQXQG$XVIKUXQJHQ MHQHV7KHPDVJHVFKULHEHQVWDQGHQGLHLFKDEVSLHOHQPXWH'LH 1RWHQZXUGHQOHEHQGLJXQGIOLPPHUWHQXQGKSIWHQXPPLFKKHU± HOHNWULVFKHV)HXHUIXKUGXUFKGLH)LQJHUVSLW]HQLQGLH7DVWHQ± GHU *HLVWYRQGHPHVDXVVWU|PWHEHUIOJHOWHGLH*HGDQNHQ± GHU JDQ]H6DDOKLQJYROOGLFKWHQ'XIWVLQGHPGLH.HU]HQGVWUHUXQG GVWUHUEUDQQWHQ± ]XZHLOHQVDKHLQH1DVHKHUDXV]XZHLOHQHLQ SDDU$XJHQ DEHUVLHYHUVFKZDQGHQJOHLFKZLHGHU6RNDPHVGD LFKDOOHLQVLW]HQEOLHEPLWPHLQHP6HEDVWLDQ%DFKXQGYRQ*RWWOLHE ZLHYRQHLQHPVSLULWXIDPLOLDULEHGLHQWZXUGH± ,FKWULQNH± 6ROO PDQGHQQHKUOLFKH0XVLNHUVRTXlOHQPLW0XVLNZLHLFKKHXWH JHTXlOWZRUGHQELQXQGVRRIWJHTXlOWZHUGH":DKUKDIWLJPLW NHLQHU.XQVWZLUGVRYLHOYHUGDPPWHU0LEUDXFKJHWULHEHQDOVPLW GHUKHUUOLFKHQKHLOLJHQ0XVLNDGLHLQLKUHP]DUWHQ:HVHQVROHLFKW HQWZHLKWZLUG+DEWLKUZDKUHV7DOHQWZDKUHQ.XQVWVLQQ JXWVR OHUQW0XVLNOHLVWHWZDVGHU.XQVW:UGLJHVXQGJHEWGHP *HZHLKWHQHXHU7DOHQWKLQLPUHFKWHQ0D:ROOWLKURKQHGDV TXLQNHOLHUHQ QXQVRWXW VIU HXFKXQGXQWHUHXFKXQGTXlOWQLFKW GDPLWGHQ.DSHOOPHLVWHU.UHLVOHUXQGDQGHUH± 1XQN|QQWHLFKQDFK
+DXVHJHKHQXQGPHLQHQHXH.ODYLHUVRQDWHYROOHQGHQ DEHUHVLVW QRFKQLFKWHLOI8KUXQGHLQHVFK|QH6RPPHUQDFKW,FKZHWWHQHEHQ PLUEHLP2EHUMlJHUPHLVWHUVLW]HQGLH0lGFKHQDPRIIQHQ)HQVWHU XQGVFKUHLHQPLWNUHLVFKHQGHUJHOOHQGHUGXUFKERKUHQGHU6WLPPH ]ZDQ]LJPDO ª:HQQPLUGHLQ$XJHVWUDKOHW©± DEHULPPHUQXUGLH HUVWH6WURSKHLQGLH6WUDHKLQHLQ6FKUlJEHUPDUWHUWHLQHUGLH )O|WHXQGKDWGDEHL/XQJHQZLH5DPHDXV1HIIHXQGLQODQJHQ ODQJHQ7|QHQPDFKWGHU1DFKEDU+RUQLVWDNXVWLVFKH9HUVXFKH'LH ]DKOUHLFKHQ+XQGHGHU*HJHQGZHUGHQXQUXKLJXQGPHLQHV +DXVZLUWV.DWHUDXIJHUHJWGXUFKMHQHVVH'XHWWPDFKWGLFKW QHEHQPHLQHP)HQVWHU HVYHUVWHKWVLFKGDPHLQPXVLNDOLVFK SRHWLVFKHV/DERUDWRULXPHLQ'DFKVWEFKHQLVW GHU1DFKEDUVNDW]H LQGLHHUVHLWGHP0lU]YHUOLHEWLVWGLHFKURPDWLVFKH6NDOD KLQDXIMDPPHUQG]lUWOLFKH*HVWlQGQLVVH1DFKHLOI8KUZLUGHV UXKLJHU VRODQJHEOHLELFKVLW]HQGDRKQHGLHVQRFKZHLHV3DSLHU XQG%XUJXQGHUYRUKDQGHQYRQGHPLFKJOHLFKHWZDVJHQLHH± (V JLEWZLHLFKJHK|UWKDEHHLQDOWHV*HVHW]ZHOFKHVOlUPHQGHQ +DQGZHUNHUQYHUELHWHWQHEHQ*HOHKUWHQ]XZRKQHQ VROOWHQGHQQ DUPHEHGUlQJWH.RPSRQLVWHQGLHQRFKGD]XDXVLKUHU %HJHLVWHUXQJ*ROGPQ]HQPVVHQXPLKUHQ/HEHQVIDGHQ ZHLWHU]XVSLQQHQQLFKWMHQHV*HVHW]DXIVLFKDQZHQGHQXQGGLH 6FKUHLKlOVHXQG'XGOHUDXVLKUHU1lKHYHUEDQQHQN|QQHQ":DV ZUGHGHU0DOHUVDJHQGHPPDQLQGHPHUHLQ,GHDOPDOWHODXWHU KHWHURJHQH)UDW]HQJHVLFKWHUYRUKDOWHQZROOWH6FKO|VVHHUGLH $XJHQVRZUGHHUZHQLJVWHQVXQJHVW|UWGDV%LOGLQGHU3KDQWDVLH IRUWVHW]HQ%DXPZROOHLQGHQ2KUHQKLOIWQLFKWPDQK|UWGRFKGHQ 0RUGVSHNWDNHO XQGGDQQGLH,GHHVFKRQGLH,GHH MHW]WVLQJHQVLH ± MHW]WNRPPWGDV+RUQHWF± GHU7HXIHOKROWGLHVXEOLPVWHQ *HGDQNHQ± 'DV%ODWWLVWULFKWLJYROOJHVFKULHEHQ DXIGHPYRP7LWHO XPJHVFKODJHQHQZHLHQ6WUHLIHQZLOOLFKQXUQRFKEHPHUNHQ ZDUXPLFKKXQGHUWPDOHVPLUYRUQDKPPLFKQLFKWPHKUEHLGHP *HKHLPHQ5DWTXlOHQ]XODVVHQXQGZDUXPLFKKXQGHUWPDOPHLQHQ 9RUVDW]EUDFK± )UHLOLFKLVWHV5|GHUOHLQVKHUUOLFKH1LFKWHGLHPLFK PLW%DQGHQDQGLHV+DXVIHVVHOWZHOFKHGLH.XQVWJHNQSIWKDW :HUHLQPDOVRJOFNOLFKZDUGLH6FKOXV]HQHGHU*OXFNVFKHQ ª$UPLGD©RGHUGLHJURH6]HQHGHU'RQQD$QQDLPª'RQ*LRYDQQL© YRQ)UlXOHLQ$PDOLHQ]XK|UHQGHUZLUGEHJUHLIHQGDHLQH6WXQGH PLWLKUDP3LDQR+LPPHOVEDOVDPLQGLH:XQGHQJLHWZHOFKHDOOH 0LW|QHGHVJDQ]HQ7DJHVPLUJHTXlOWHPPXVLNDOLVFKHQ 6FKXOPHLVWHUVFKOXJHQ5|GHUOHLQZHOFKHUZHGHUDQGLH 8QVWHUEOLFKNHLWGHU6HHOHQRFKDQGHQ7DNWJODXEWKlOWVLHIU
JlQ]OLFKXQEUDXFKEDUIUGLHK|KHUH([LVWHQ]LQGHU7HHJHVHOOVFKDIW GDVLHLQGLHVHUGXUFKDXVQLFKWVLQJHQZLOOXQGGHQQGRFKZLHGHUYRU JDQ]JHPHLQHQ/HXWHQ] %VLPSOHQ0XVLNHUQPLWHLQHU $QVWUHQJXQJVLQJWGLHLKUJDUQLFKWHLQPDOWDXJW GHQQLKUHODQJHQ JHKDOWHQHQVFKZHOOHQGHQ+DUPRQLNDW|QHZHOFKHPLFKLQGHQ +LPPHOWUDJHQKDWVLHZLH5|GHUOHLQPHLQWRIIHQEDUGHU1DFKWLJDOO DEJHKRUFKWGLHHLQHXQYHUQQIWLJH.UHDWXULVWQXULQ:lOGHUQOHEW XQGYRQGHP0HQVFKHQGHPYHUQQIWLJHQ+HUUQGHU6FK|SIXQJ QLFKWQDFKJHDKPWZHUGHQGDUI6LHWUHLEWLKUH5FNVLFKWVORVLJNHLWVR ZHLWGDVLHVLFK]XZHLOHQVRJDUYRQ*RWWOLHEDXIGHU9LROLQH DNNRPSDJQLHUHQOlWZHQQVLH%HHWKRYHQVFKHRGHU0R]DUWVFKH 6RQDWHQDXVGHQHQNHLQ7HHKHUUXQG:KLVWLNHUNOXJZHUGHQNDQQ DXIGHP3LDQRVSLHOW± 'DVZDUGDVOHW]WH*ODV%XUJXQGHU± *RWWOLHESXW]WPLUGLH/LFKWHUXQGVFKHLQWVLFK]XZXQGHUQEHUPHLQ HPVLJHV6FKUHLEHQ± 0DQKDWJDQ]UHFKWZHQQPDQGLHVHQ*RWWOLHE HUVWVHFK]HKQ-DKUDOWVFKlW]W'DVLVWHLQKHUUOLFKHVWLHIHV7DOHQW :DUXPVWDUEDEHUDXFKGHU3DSD7RUVFKUHLEHUVRIUK XQGPXWH GHQQGHU9RUPXQGGHQ-XQJHQLQGLH/LYHUHLVWHFNHQ"± $OV5RGH KLHUZDUODXVFKWH*RWWOLHELP9RU]LPPHUGDV2KUDQGLH6DDOWUH JHGUFNWXQGVSLHOWHJDQ]H1lFKWH DP7DJHJLQJHUVLQQHQG WUlXPHQGXPKHUXQGGHUURWH)OHFNDPOLQNHQ%DFNHQLVWHLQWUHXHU $EGUXFNGHV6ROLWlUVDP)LQJHUGHU5|GHUOHLQVFKHQ+DQGGLHZLH PDQGXUFKVDQIWHV6WUHLFKHOQGHQVRPQDPEOHQ=XVWDQG KHUYRUEULQJWGXUFKVWDUNHV6FKODJHQJDQ]ULFKWLJHQWJHJHQJHVHW]W ZLUNHQZROOWH1HEVWDQGHUQ6DFKHQKDEHLFKLKPGLH6RQDWHQYRQ &RUHOOLJHJHEHQ GDKDWHUXQWHUGHQ0lXVHQLQGHPDOWHQ 2HVWHUOHLQVFKHQ)OJHODXIGHP%RGHQJHZWHWELVNHLQHPHKU OHEWHXQGPLW5|GHUOHLQV(UODXEQLVDXFKGDV,QVWUXPHQWDXIVHLQ NOHLQHV6WEFKHQWUDQVOR]LHUW± :LUILKQDEGHQYHUKDWHQ %HGLHQWHQURFNHKUOLFKHU*RWWOLHEXQGODPLFKQDFK-DKUHQGLFKDOV GHQZDFNHUQ.QVWOHUDQPHLQ+HU]GUFNHQGHUGXZHUGHQNDQQVW PLWGHLQHPKHUUOLFKHQ7DOHQWPLWGHLQHPWLHIHQ.XQVWVLQQ± *RWWOLHEVWDQGKLQWHUPLUXQGZLVFKWHVLFKGLH7UlQHQDXVGHQ $XJHQDOVLFKGLHVH:RUWHODXWDXVVSUDFK± ,FKGUFNWHLKP VFKZHLJHQGGLH+DQGZLUJLQJHQKLQDXIXQGVSLHOWHQGLH6RQDWHQ YRQ&RUHOOL
2PEUDDGRUDWD
:LHLVWGRFKGLH0XVLNVRHWZDVK|FKVW:XQGHUEDUHVZLHZHQLJ YHUPDJGRFKGHU0HQVFKLKUHWLHIHQ*HKHLPQLVVH]XHUJUQGHQ± $EHUZRKQWVLHQLFKWLQGHU%UXVWGHV0HQVFKHQVHOEVWXQGHUIOOW VHLQ,QQHUHVVRPLWLKUHQKROGVHOLJHQ(UVFKHLQXQJHQGDVHLQ JDQ]HU6LQQVLFKLKQHQ]XZHQGHWXQGHLQQHXHVYHUNOlUWHV/HEHQLKQ VFKRQKLHQLHGHQGHP'UDQJHGHUQLHGHUGUFNHQGHQ4XDOGHV ,UGLVFKHQHQWUHLW"± -DHLQHJ|WWOLFKH.UDIWGXUFKGULQJWLKQXQG PLWNLQGOLFKHPIURPPHQ*HPWHVLFKGHP KLQJHEHQGZDVGHU *HLVWLQLKPHUUHJWYHUPDJHUGLH6SUDFKHMHQHVXQEHNDQQWHQ URPDQWLVFKHQ*HLVWHUUHLFKV]XUHGHQXQGHUUXIWXQEHZXWZLHGHU /HKUOLQJGHULQGHV0HLVWHUV=DXEHUEXFKPLWODXWHU6WLPPHJHOHVHQ DOOHGLHKHUUOLFKHQ(UVFKHLQXQJHQDXVVHLQHP,QQHUQKHUYRUGDVLH LQVWUDKOHQGHQ5HLKHQWlQ]HQGDV/HEHQGXUFKIOLHJHQXQGMHGHQGHU VLH]XVFKDXHQYHUPDJPLWXQHQGOLFKHUXQQHQQEDUHU6HKQVXFKW HUIOOHQ ± :LHZDUPHLQH%UXVWVREHHQJWDOVLFKLQGHQ.RQ]HUWVDDOWUDW:LH ZDULFKVRJHEHXJWYRQGHP'UXFNHDOOHUGHUQLFKWVZUGLJHQ (UElUPOLFKNHLWHQGLHZLHJLIWLJHVVWHFKHQGHV8QJH]LHIHUGHQ 0HQVFKHQXQGZRKOYRU]JOLFKGHQ.QVWOHULQGLHVHPDUPVHOLJHQ /HEHQYHUIROJHQXQGSHLQLJHQGDHURIWGLHVHUHZLJSULFNHOQGHQ 4XDOGHQJHZDOWVDPHQ6WRYRU]LHKHQZUGHGHULKQGLHVHPXQG MHGHPDQGHUQLUGLVFKHQ6FKPHU]HDXILPPHUHQW]LHKW± 'X YHUVWDQGHVWGHQZHKPWLJHQ%OLFNGHQLFKDXIGLFKZDUIPHLQ WUHXHU)UHXQGXQGKXQGHUWIlOWLJVHLHVGLUJHGDQNWGDGXPHLQHQ 3ODW]DP)OJHOHLQQDKPVWLQGHPLFKPLFKLQGHPlXHUVWHQ:LQNHO GHV6DDOV]XYHUEHUJHQVXFKWH:HOFKHQ9RUZDQGKDWWHVWGXGHQQ JHIXQGHQZLHZDUHVGLUGHQQJHOXQJHQGDQLFKW%HHWKRYHQV JURH6LQIRQLHLQF0ROOVRQGHUQQXUHLQHNXU]HXQEHGHXWHQGH 2XYHUWUHLUJHQGHLQHVQRFKQLFKW]XU0HLVWHUVFKDIWJHODQJWHQ .RPSRQLVWHQDXIJHIKUWZXUGH"± $XFKGDIUVHLGLU'DQNJHVDJW DXVGHP,QQHUVWHQPHLQHV+HU]HQV± :DVZlUHDXVPLUJHZRUGHQ
:HUNHQQWQLFKW&UHVFHQWLQLVKHUUOLFKH$ULHª2PEUDDGRUDWD©GLH HU]XGHU2SHUª5RPHRH*LXOLHWWD©YRQ=LQJDUHOOLNRPSRQLHUWHXQG PLWJDQ]HLJHQHP9RUWUDJHVDQJ
ZHQQEHLQDKHHUGUFNWYRQDOOGHPLUGLVFKHQ(OHQGGDVUDVWORVDXI PLFKHLQVWUPWHVHLWNXU]HU=HLWQXQ%HHWKRYHQVJHZDOWLJHU*HLVW DXIPLFK]XJHVFKULWWHQZlUHXQGPLFKZLHPLWPHWDOOQHQJOKHQGHQ $UPHQXPIDWXQGIRUWJHULVVHQKlWWHLQGDV5HLFKGHV8QJHKHXHUQ GHV8QHUPHOLFKHQGDVVLFKVHLQHQGRQQHUQGHQ7|QHQHUVFKOLHW± $OVGLH2XYHUWUHLQDOOHUOHLNLQGLVFKHP-XEHOPLW3DXNHQXQG 7URPSHWHQJHVFKORVVHQKDWWHHQWVWDQGHLQHVWLOOH3DXVHDOVHUZDUWH PDQHWZDVUHFKW:LFKWLJHV'DVWDWPLUZRKOLFKVFKORGLH$XJHQ XQGLQGHPLFKLQPHLQHP,QQHUQDQJHQHKPHUH(UVFKHLQXQJHQ VXFKWHDOVGLHZDUHQGLHPLFKHEHQXPJDEHQYHUJDLFKGDV .RQ]HUWXQGPLWLKPQDWUOLFKHUZHLVHDXFKVHLQHJDQ]H(LQULFKWXQJ GLHPLUEHNDQQWJHZHVHQGDLFKDQGHQ)OJHOVROOWH± =LHPOLFK ODQJHPRFKWHGLH3DXVHJHGDXHUWKDEHQDOVHQGOLFKGDV5LWRUQHOO HLQHU$ULHDQILQJ(VZDUVHKU]DUWJHKDOWHQXQGVFKLHQLQHLQIDFKHQ DEHUWLHILQGDV,QQHUVWHGULQJHQGHQ7|QHQYRQGHU6HKQVXFKW]X UHGHQLQGHUVLFKGDVIURPPH*HPW]XP+LPPHODXIVFKZLQJWXQG DOOHV*HOLHEWHZLHGHUILQGHWZDVLKPKLHQLHGHQHQWULVVHQ± 1XQ VWUDKOWHZLHHLQKLPPOLVFKHV/LFKWGLHJORFNHQKHOOH6WLPPHHLQHV )UDXHQ]LPPHUVDXVGHP2UFKHVWHUHPSRU ª7UDQTXLOORLRVRQRIUDSRFRWHFRVDUzPLDYLWj©
:HUYHUPDJGLH(PSILQGXQJ]XEHVFKUHLEHQGLHPLFKGXUFKGUDQJ± :LHO|VWHVLFKGHU6FKPHU]GHULQPHLQHP,QQHUQQDJWHDXILQ ZHKPWLJH6HKQVXFKWGLHKLPPOLVFKHQ%DOVDPLQDOOH:XQGHQJR ± $OOHVZDUYHUJHVVHQXQGLFKKRUFKWHQXUHQW]FNWDXIGLH7|QH GLHZLHDXVHLQHUDQGHUQ:HOWQLHGHUVWHLJHQGPLFKWU|VWHQG XPILQJHQ ±
(EHQVRHLQIDFKZLHGDV5H]LWDWLYLVWGDV7KHPDGHUIROJHQGHQ$ULH ª2PEUDDGRUDWD©JHKDOWHQ DEHUHEHQVRVHHOHQYROOHEHQVRLQGDV ,QQHUVWHGULQJHQGVSULFKWHVGHQ=XVWDQGGHV*HPWVDXVGDVYRQ GHUVHOLJHQ+RIIQXQJLQHLQHUK|KHUHQEHVVHUHQ:HOWEDOGDOOHVLKP 9HUKHLHQHHUIOOW]XVHKHQVLFKEHUGHQLUGLVFKHQ6FKPHU] KLQZHJVFKZLQJW ± :LHUHLKWVLFKLQGLHVHUHLQIDFKHQ.RPSRVLWLRQ DOOHVVRNXQVWORVVRQDWUOLFKDQHLQDQGHU QXULQGHU7RQLNDXQGLQ GHU'RPLQDQWHEHZHJHQVLFKGLH6lW]HNHLQHJUHOOH$XVZHLFKXQJ NHLQHJHVXFKWH)LJXUGHU*HVDQJIOLHWGDKLQZLHHLQVLOEHUKHOOHU 6WURP]ZLVFKHQOHXFKWHQGHQ%OXPHQ$EHULVWGLHVQLFKWHEHQGHU JHKHLPQLVYROOH=DXEHUGHUGHP0HLVWHU]X*HERWHVWDQGGDHU GHUHLQIDFKVWHQ0HORGLHGHUNXQVWORVHVWHQ6WUXNWXUGLHVH
XQEHVFKUHLEOLFKH0DFKWGHUXQZLGHUVWHKOLFKVWHQ:LUNXQJDXIMHGHV HPSIlQJOLFKH *HPW]XJHEHQYHUPRFKWH",QGHQZXQGHUYROOKHOO XQGNODUW|QHQGHQ0HOLVPHQIOLHJWGLH6HHOHPLWUDVFKHP)LWWLFK GXUFKGLHJOlQ]HQGHQ:RONHQ± HVLVWGHUMDXFK]HQGH-XEHO YHUNOlUWHU*HLVWHU± 'LH.RPSRVLWLRQYHUODQJWZLHMHGHGLHVRWLHI LP,QQHUQYRQGHP0HLVWHUJHIKOWZXUGHDXFKWLHIDXIJHIDWXQG PLWGHP*HPWLFKP|FKWHVDJHQPLWGHUUHLQDXVJHVSURFKHQHQ $KQXQJGHVhEHUVLQQOLFKHQZLHGLH0HORGLHHVLQVLFKWUlJW YRUJHWUDJHQ]XZHUGHQ$XFKZXUGHZLHGHU*HQLXVGHV LWDOLHQLVFKHQ*HVDQJHVHVYHUODQJWVRZRKOLQGHP5H]LWDWLYDOVLQ GHU$ULHDXIJHZLVVH9HU]LHUXQJHQJHUHFKQHW DEHUHVLVWQLFKW VFK|QGDZLHGXUFKHLQH7UDGLWLRQGLH$UWZLHGHU.RPSRQLVWGHU KRKH0HLVWHUGHV*HVDQJHV&UHVFHQWLQLGLH$ULHYRUWUXJXQG YHU]LHUWHIRUWJHSIODQ]WZLUGVRGDHVZRKOQLHPDQGZDJHQGUIWH XQJHVWUDIWZHQLJVWHQVIUHPGDUWLJH6FKQ|UNHOKLQHLQ]XEULQJHQ"± :LHYHUVWlQGLJZLHGDV*DQ]HEHOHEHQGKDW&UHVFHQWLQLGLHVH ]XIlOOLJHQ9HU]LHUXQJHQDQJHEUDFKW± VLHVLQGGHUJOlQ]HQGH 6FKPXFNZHOFKHUGHU*HOLHEWHQKROGHV$QWOLW]YHUVFK|QHUWGDGLH $XJHQKHOOHUVWUDKOHQXQGK|KHUHU3XUSXU/LSSHXQG:DQJHQIlUEW $EHUZDVVROOLFKYRQGLUVDJHQGXKHUUOLFKH6lQJHULQ± 0LWGHP JOKHQGHQ(QWKXVLDVPXVGHU,WDOLHQHUUXIHLFKGLU]X ª'XYRQGHP +LPPHO*HVHJQHWH©
'HQQZRKOLVWHVGHU6HJHQGHV+LPPHOV GHUGHLQHPIURPPHQLQQLJHQ*HPWHYHUJ|QQWGDVLP,QQHUVWHQ (PSIXQGHQHKHOOXQGKHUUOLFKNOLQJHQGHUW|QHQ]XODVVHQ± :LH KROGH*HLVWHUKDEHQPLFKGHLQH7|QHXPIDQJHQXQGMHGHUVSUDFK ª5LFKWHGHLQ+DXSWDXIGX*HEHXJWHU=LHKHPLWXQV]LHKHPLWXQV LQGDVIHUQH/DQGZRGHU6FKPHU]NHLQHEOXWHQGH:XQGHPHKU VFKOlJWVRQGHUQGLH%UXVWZLHLPK|FKVWHQ(QW]FNHQPLW XQQHQQEDUHU6HKQVXFKWHUIOOW© ±
8QVHUHUGHXWVFKHQ6lQJHULQ+lVHUGLHVLFKQXQOHLGHUGHU.XQVW JDQ]HQW]RJHQULHIHQGLH,WDOLHQHU]X ª&KHVHLEHQHGHWWDGDO FLHOR©
,FKZHUGHGLFKQLHPHKUK|UHQ DEHUZHQQGLH1LFKWVZUGLJNHLWDXI PLFK]XWULWWXQGPLFKIULKUHVJOHLFKHQKDOWHQGGHQ.DPSIGHV *HPHLQHQPLWPLUEHVWHKHQZHQQGLH$OEHUQKHLWPLFKEHWlXEHQ GHV3|EHOVHNHOKDIWHU+RKQPLFKPLWJLIWLJHP6WDFKHOYHUOHW]HQZLOO GDQQZLUGLQGHLQHQ 7|QHQPLUHLQHWU|VWHQGH*HLVWHUVWLPPH ]XOLVSHOQ ª7UDQTXLOORLRVRQRIUDSRFRWHFRVDUzPLDYLWj©
,QHLQHUQLHJHIKOWHQ%HJHLVWHUXQJHUKHEHLFK PLFKGDQQPlFKWLJHQ )OXJHVEHUGLH6FKPDFKGHV,UGLVFKHQ DOOH7|QHGLHLQGHU ZXQGHQ%UXVWLP%OXWHGHV6FKPHU]HVHUVWDUUWOHEHQDXIXQG EHZHJHQXQGUHJHQVLFKXQGVSUKHQZLHIXQNHOQGH6DODPDQGHU EOLW]HQGHPSRU XQGLFKYHUPDJVLH]XIDVVHQ]XELQGHQGDVLH ZLHLQHLQHU)HXHUJDUEH]XVDPPHQKDOWHQG]XPIODPPHQGHQ%LOGH ZHUGHQGDVGHLQHQ*HVDQJ± GLFK± YHUNOlUWXQGYHUKHUUOLFKW
*HGDQNHQEHUGHQKRKHQ:HUWGHU0XVLN
(VLVWQLFKW]XOHXJQHQGDLQQHXHUHU=HLWGHP+LPPHOVHL V JHGDQNWGHU*HVFKPDFNDQGHU0XVLNVLFKLPPHUPHKUYHUEUHLWHW VRGDHVMHW]WJHZLVVHUPDHQ]XUJXWHQ(U]LHKXQJJHK|UWGLH .LQGHUDXFK0XVLNOHKUHQ]XODVVHQZHVKDOEPDQGHQQLQMHGHP +DXVHGDVQXULUJHQGHWZDVEHGHXWHQZLOOHLQ.ODYLHUZHQLJVWHQV HLQH*LWDUUHILQGHW1XUZHQLJH9HUlFKWHUGHUJHZLVFK|QHQ.XQVW JLEWHVQRFKKLHXQGGDXQGGLHVHQHLQHWFKWLJH/HNWLRQ]XJHEHQ GDVLVWMHW]WPHLQ9RUVDW]XQG%HUXI
'HU=ZHFNGHU.XQVWEHUKDXSWLVWGRFKNHLQDQGHUHUDOVGHP 0HQVFKHQHLQHDQJHQHKPH8QWHUKDOWXQJ ]XYHUVFKDIIHQXQGLKQVR YRQGHQHUQVWHUQRGHUYLHOPHKUGHQHLQ]LJHQLKPDQVWlQGLJHQ *HVFKlIWHQQlPOLFKVROFKHQGLHLKP%URWXQG(KUHLP6WDDW HUZHUEHQDXIHLQHDQJHQHKPH$UW]X]HUVWUHXHQVRGDHUQDFKKHU PLWJHGRSSHOWHU$XIPHUNVDPNHLWXQG$QVWUHQJXQJ]XGHP HLJHQWOLFKHQ=ZHFNVHLQHV'DVHLQV]XUFNNHKUHQG KHLQWFKWLJHV .DPPUDGLQGHU:DONPKOHGHV6WDDWVVHLQXQG LFKEOHLEHLQGHU 0HWDSKHU KDVSHOQXQGVLFKWULOOHQODVVHQNDQQ1XQLVWDEHUNHLQH .XQVW]XU(UUHLFKXQJGLHVHV=ZHFNVWDXJOLFKHUDOVGLH0XVLN'DV /HVHQHLQHV5RPDQVRGHU*HGLFKWVVROOWHDXFKGLH:DKOVRJOFNOLFK DXVIDOOHQGDHVGXUFKDXVQLFKWVSKDQWDVWLVFK$EJHVFKPDFNWHVZLH PHKUHUHGHUDOOHUQHXHVWHQHQWKlOWXQGDOVRGLH3KDQWDVLHGLH HLJHQWOLFKGHUVFKOLPPVWHXQGPLWDOOHU 0DFKW]XHUW|WHQGH7HLO XQVHUHU(UEVQGHLVWQLFKWLPPLQGHVWHQDQUHJW± GLHVHV/HVHQ PHLQHLFKKDWGRFKGDV8QDQJHQHKPHGDPDQJHZLVVHUPDHQ JHQ|WLJWZLUGDQGDV]XGHQNHQZDVPDQOLHVW GLHVLVWDEHU RIIHQEDUGHP=ZHFNGHU=HUVWUHXXQJHQWJHJHQ'DVVHOEHJLOWYRQ GHP9RUOHVHQLQGHU $UWGDGLH$XIPHUNVDPNHLWJDQ]GDYRQ DEZHQGHQGPDQVHKUOHLFKWHLQVFKOlIWRGHULQHUQVWH*HGDQNHQVLFK YHUWLHIWGLHQDFKGHUYRQMHGHPRUGHQWOLFKHQ*HVFKlIWVPDQQH]X EHREDFKWHQGHQ*HLVWHVGLlW]\NOLVFKHLQH:HLOHUXKHQPVVHQ'DV %HVFKDXHQHLQHV*HPlOGHVNDQQQXUVHKUNXU]GDXHUQ GHQQGDV ,QWHUHVVHLVWMDGRFKYHUORUHQVREDOGPDQHUUDWHQKDWZDVHV YRUVWHOOHQVROO± :DVQXQDEHUGLH0XVLNEHWULIIWVRN|QQHQQXU MHQHKHLOORVHQ9HUlFKWHUGLHVHUHGHOQ.XQVWOHXJQHQGDHLQH JHOXQJHQH.RPSRVLWLRQG KHLQHVROFKHGLHVLFKJHK|ULJLQ 6FKUDQNHQKlOWXQGHLQHDQJHQHKPH0HORGLHQDFKGHUDQGHUQIROJHQ
OlWRKQH]XWREHQRGHUVLFKLQDOOHUOHLNRQWUDSXQNWLVFKHQ*lQJHQ XQG$XIO|VXQJHQQlUULVFK]XJHElUGHQHLQHQZXQGHUEDUEHTXHPHQ 5HL]YHUXUVDFKWEHLGHPPDQGHV'HQNHQVJDQ]EHUKREHQLVW RGHUGHUGRFKNHLQHQHUQVWHQ*HGDQNHQDXINRPPHQVRQGHUQ PHKUHUHJDQ]OHLFKWHDQJHQHKPH± YRQGHQHQPDQQLFKWHLQPDO VLFKEHZXWZLUGZDVVLHHLJHQWOLFKHQWKDOWHQJDUOXVWLJZHFKVHOQ OlW0DQNDQQDEHUZHLWHUJHKHQXQGIUDJHQ ZHPLVWHVYHUZHKUW DXFKZlKUHQGGHU0XVLNPLWGHP1DFKEDUHLQ*HVSUlFKEHUDOOHUOHL *HJHQVWlQGHGHUSROLWLVFKHQXQGPRUDOLVFKHQ:HOWDQ]XNQSIHQXQG VRHLQHQGRSSHOWHQ=ZHFNDXIHLQHDQJHQHKPH:HLVH]XHUUHLFKHQ" ,P*HJHQWHLOLVWGLHVJDUVHKUDQ]XUDWHQGDGLH0XVLNZLHPDQLQ DOOHQ.RQ]HUWHQXQGPXVLNDOLVFKHQ=LUNHOQ]XEHPHUNHQ*HOHJHQKHLW KDEHQZLUGGDV6SUHFKHQXQJHPHLQHUOHLFKWHUW,QGHQ3DXVHQLVW DOOHVVWLOODEHUPLWGHU0XVLNIlQJWGHU6WURP GHU5HGHDQ]X EUDXVHQXQGVFKZLOOWPLWGHQ7|QHQGLHKLQHLQIDOOHQLPPHUPHKU XQGPHKUDQ0DQFKHV)UDXHQ]LPPHUGHUHQ5HGHVRQVWQDFK MHQHP$XVVSUXFK -DMDXQG 1HLQQHLQLVWJHUlWZlKUHQGGHU 0XVLNLQGDVEULJHZDVQDFKGHPVHOEHQ$XVVSUXFK]ZDUYRPhEHO VHLQVROOKLHUDEHURIIHQEDUYRP*XWHQLVWGDLKUGHVKDOEPDQFKPDO HLQ/LHEKDEHURGHUJDUHLQ(KHJHPDKOYRQGHU6LJNHLWGHU XQJHZRKQWHQ5HGHEHUDXVFKWLQV*DUQIlOOW± +LPPHOZLH XQDEVHKEDUVLQGGLH9RUWHLOHHLQHUVFK|QHQ0XVLN± (XFKLKU KHLOORVHQ9HUlFKWHUGHUHGOHQ.XQVWIKUHLFKQXQLQGHQKlXVOLFKHQ =LUNHOZRGHU9DWHUPGHYRQGHQHUQVWHQ*HVFKlIWHQGHV7DJHV LP6FKODIURFNXQGLQ3DQWRIIHOQIU|KOLFKXQGJXWHQ0XWV]XP0XUNL VHLQHVlOWHVWHQ6RKQHVVHLQH3IHLIHUDXFKW+DWGDVHKUOLFKH5|VFKHQ QLFKWEORVHLQHWZHJHQGHQ'HVVDXHU0DUVFKXQGª%OKHOLHEHV 9HLOFKHQ©HLQVWXGLHUWXQGWUlJWVLHHVQLFKWVRVFK|QYRUGDGHU 0XWWHUGLHKHOOHQ)UHXGHQWUlQHQDXIGHQ6WUXPSIIDOOHQGHQVLH HEHQVWRSIW":UGHLKPQLFKWHQGOLFKGDVKRIIQXQJVYROOHDEHU lQJVWOLFKH*HTXlNHGHVMQJVWHQ6SU|OLQJVEHVFKZHUOLFKIDOOHQ ZHQQQLFKWGHU.ODQJGHUOLHEHQ.LQGHUPXVLNGDV*DQ]HLP7RQXQG 7DNWKLHOWH"± ,VWGHLQ6LQQDEHUJDQ]GLHVHUKlXVOLFKHQ,G\OOHGHP 7ULXPSKGHUHLQIDFKHQ1DWXUYHUVFKORVVHQ VRIROJHPLULQMHQHV +DXVPLWKHOOHUOHXFKWHWHQ6SLHJHOIHQVWHUQ'XWULWWVWLQGHQ6DDO GLH GDPSIHQGH7HHPDVFKLQHLVWGHU%UHQQSXQNWXPGHQVLFKGLH HOHJDQWHQ+HUUHQXQG'DPHQEHZHJHQ6SLHOWLVFKHZHUGHQJHUFNW DEHUDXFKGHU'HFNHOGHV)RUWHSLDQRIOLHJWDXIXQGDXFKKLHUGLHQW GLH0XVLN]XUDQJHQHKPHQ8QWHUKDOWXQJXQG=HUVWUHXXQJ*XW JHZlKOWKDWVLHGXUFKDXVQLFKWV6W|UHQGHVGHQQVHOEVWGLH .DUWHQVSLHOHUREVFKRQPLWHWZDV+|KHUHPPLW*HZLQQXQG9HUOXVW
EHVFKlIWLJWGXOGHQVLHZLOOLJ± :DVVROOLFKHQGOLFKYRQGHQJURHQ |IIHQWOLFKHQ.RQ]HUWHQVDJHQGLHGLHKHUUOLFKVWH*HOHJHQKHLWJHEHQ PXVLNDOLVFKEHJOHLWHWGLHVHQRGHUMHQHQ)UHXQG]XVSUHFKHQRGHU LVWPDQQRFKLQGHQ-DKUHQGHVhEHUPXWVPLWGLHVHURGHUMHQHU 'DPHVH:RUWH]XZHFKVHOQ± ZR]XMDVRJDUGLH0XVLNQRFKHLQ VFKLFNOLFKHV7KHPDJHEHQNDQQ'LHVH.RQ]HUWHVLQGGLHZDKUHQ =HUVWUHXXQJVSOlW]HIUGHQ*HVFKlIWVPDQQXQGGHP7KHDWHUVHKU YRU]X]LHKHQGDGLHVHV]XZHLOHQ9RUVWHOOXQJHQJLEWGLHGHQ*HLVW XQHUODXEWHUZHLVHDXIHWZDVJDQ]1LFKWLJHVXQG8QZDKUHVIL[LHUHQ VRGDPDQ*HIDKUOlXIWLQGLH3RHVLHKLQHLQ]XJHUDWHQZRYRUVLFK GHQQGRFKMHGHUGHPVHLQHEUJHUOLFKH(KUHDP+HU]HQOLHJWKWHQ PX± .XU]HVLVWZLHLFKJOHLFKDQIDQJVHUZlKQWHHLQ HQWVFKHLGHQGHV=HLFKHQZLHVHKU PDQMHW]WGLHZDKUH7HQGHQ]GHU 0XVLNHUNHQQWGDVLHVRIOHLLJXQGPLWVRYLHOHP(UQVWJHWULHEHQ XQGJHOHKUWZLUG:LH]ZHFNPlLJLVWHVQLFKWGDGLH.LQGHU VROOWHQVLHDXFKQLFKWGDVPLQGHVWH7DOHQW]XU.XQVWKDEHQZRUDXI HVMDDXFKHLJHQWOLFKJDU QLFKWDQNRPPWGRFK]XU0XVLNDQJHKDOWHQ ZHUGHQXPVRZHQQVLHVRQVWQRFKQLFKWREOLJDWLQGHU*HVHOOVFKDIW ZLUNHQGUIHQGRFKZHQLJVWHQVGDV,KULJH]XU8QWHUKDOWXQJXQG =HUVWUHXXQJEHLWUDJHQ]XN|QQHQ± :RKOHLQJOlQ]HQGHU9RU]XJGHU 0XVLNYRUMHGHUDQGHUQ.XQVWLVWHVDXFKGDVLHLQLKUHU5HLQKHLW RKQH(LQPLVFKXQJGHU3RHVLH GXUFKDXVPRUDOLVFKXQGGDKHULQ NHLQHP)DOOYRQVFKlGOLFKHP(LQIOXDXIGLH]DUWH-XJHQGLVW-HQHU 3ROL]HLGLUHNWRUDWWHVWLHUWHNHFNGHP(UILQGHUHLQHVQHXHQ ,QVWUXPHQWVGD GDULQQLFKWVJHJHQGHQ6WDDWGLH5HOLJLRQXQGGLH JXWHQ6LWWHQHQWKDOWHQVHL PLWGHUVHOEHQ.HFNKHLWNDQQMHGHU 0XVLNPHLVWHUGHP3DSDXQGGHU0DPDLPYRUDXVYHUVLFKHUQGLH QHXH6RQDWHHQWKDOWHQLFKWHLQHQ XQPRUDOLVFKHQ*HGDQNHQ:HUGHQ GLH.LQGHUlOWHU VRYHUVWHKWHVVLFKYRQVHOEVWGDVLHYRQGHU $XVEXQJGHU.XQVWDEVWUDKLHUHQPVVHQGDIUHUQVWH0lQQHUVR HWZDVVLFKQLFKWZRKOVFKLFNHQZLOOXQG'DPHQGDUEHUVHKUOHLFKW K|KHUH3IOLFKWHQGHU*HVHOOVFKDIWHWFYHUVlXPHQN|QQHQ'LHVH JHQLHHQGDQQGDV9HUJQJHQGHU0XVLNQXUSDVVLYLQGHPVLHVLFK YRQ.LQGHUQRGHU.QVWOHUQYRQ3URIHVVLRQYRUVSLHOHQODVVHQ± $XV GHUULFKWLJDQJHJHEHQHQ7HQGHQ]GHU.XQVWIOLHWDXFKYRQVHOEVW GDGLH.QVWOHUG KGLHMHQLJHQ3HUVRQHQZHOFKH IUHLOLFKW|ULFKW JHQXJ LKUJDQ]HV/HEHQHLQHPQXU]XU(UKROXQJXQG=HUVWUHXXQJ GLHQHQGHQ*HVFKlIWHZLGPHQDOVJDQ]XQWHUJHRUGQHWH6XEMHNWH]X EHWUDFKWHQXQGQXUGDUXP]XGXOGHQVLQGZHLOVLHGDVPLVFHUHXWLOL GXOFHLQ$XVEXQJEULQJHQ.HLQ0HQVFKYRQJHVXQGHP9HUVWDQGH XQGJHUHLIWHQ(LQVLFKWHQZLUGGHQEHVWHQ.QVWOHUVRKRFKVFKlW]HQ
DOVGHQZDFNHUQ.DQ]HOLVWHQMDGHQ+DQGZHUNVPDQQGHUGDV 3ROVWHUVWRSIWHZRUDXIGHU5DWLQGHU6FKRVWXEHRGHUGHU .DXIPDQQLP&RPSWRLUVLW]WGDKLHUGDV1RWZHQGLJHGRUWQXUGDV $QJHQHKPHEHDEVLFKWLJWZLUG:HQQPDQGDKHUPLWGHP.QVWOHU K|IOLFKXQGIUHXQGOLFKXPJHKWVRLVWGDVQXUHLQH)ROJHXQVHUHU .XOWXUXQGXQVHUHU%RQKRPPLHGLHXQVMDDXFKPLW.LQGHUQXQG DQGHUQ3HUVRQHQGLH6SDPDFKHQVFK|QWXQXQGWlQGHOQOlW 0DQFKHYRQGLHVHQXQJOFNOLFKHQ6FKZlUPHUQVLQG]XVSlWDXV LKUHP,UUWXPHUZDFKWXQGGDUEHUZLUNOLFKLQHLQLJHQ:DKQVLQQ YHUIDOOHQZHOFKHVPDQDXVLKUHQbXHUXQJHQEHUGLH.XQVWVHKU OHLFKWDEQHKPHQNDQQ6LHPHLQHQQlPOLFKGLH.XQVWOLHHGHP 0HQVFKHQVHLQK|KHUHV3ULQ]LSDKQHQXQGIKUHLKQDXVGHP W|ULFKWHQ7XQXQG7UHLEHQGHVJHPHLQHQ/HEHQVLQGHQ,VLVWHPSHO ZRGLH1DWXULQKHLOLJHQQLHJHK|UWHQXQGGRFKYHUVWlQGOLFKHQ /DXWHQPLWLKPVSUlFKH9RQGHU0XVLNKHJHQGLHVH:DKQVLQQLJHQ QXQYROOHQGVGLHZXQGHUOLFKVWHQ0HLQXQJHQ VLHQHQQHQVLHGLH URPDQWLVFKVWHDOOHU.QVWHGDLKU9RUZXUIQXUGDV8QHQGOLFKHVHL GLHJHKHLPQLVYROOHLQ7|QHQDXVJHVSURFKHQH6DQVNULWDGHU1DWXU GLHGLH%UXVWGHV0HQVFKHQPLWXQHQGOLFKHU6HKQVXFKWHUIOOHXQG QXULQLKUYHUVWHKHHU GDVKRKH/LHGGHU± %lXPHGHU%OXPHQGHU 7LHUHGHU6WHLQHGHU*HZlVVHU± 'LHJDQ]XQQW]HQ6SLHOHUHLHQ GHV.RQWUDSXQNWVGLHGHQ=XK|UHUJDUQLFKWDXIKHLWHUQXQGVRGHQ HLJHQWOLFKHQ=ZHFNGHU0XVLNJDQ]YHUIHKOHQQHQQHQVLH VFKDXHUOLFKJHKHLPQLVYROOH.RPELQDWLRQHQXQGVLQGLPVWDQGHVLH PLWZXQGHUOLFKYHUVFKOXQJHQHQ0RRVHQ.UlXWHUQXQG%OXPHQ]X YHUJOHLFKHQ'DV7DOHQWRGHULQGHU6SUDFKHGLHVHU7RUHQGHU *HQLXVGHU0XVLNJOKHVDJHQVLHLQGHU%UXVWGHVGLH.XQVW EHQGHQXQGKHJHQGHQ0HQVFKHQXQGYHU]HKUHLKQZHQQGDV JHPHLQHUH3ULQ]LSGHQ)XQNHQNQVWOLFKEHUEDXHQRGHUDEOHLWHQ ZROOHPLWXQDXVO|VFKOLFKHQ)ODPPHQ'LHMHQLJHQZHOFKHGHQQ GRFKZLHLFKHVHUVWDXVJHIKUWKDEHJDQ]ULFKWLJEHUGLHZDKUH 7HQGHQ]GHU.XQVWXQGGHU0XVLNLQVEHVRQGHUHXUWHLOHQQHQQHQVLH XQZLVVHQGH)UHYOHUGLHHZLJYRQGHP+HLOLJWXPGHVK|KHUQ6HLQV DXVJHVFKORVVHQEOHLEHQPWHQXQGEHXUNXQGHQGDGXUFKLKUH 7ROOKHLW'HQQLFKIUDJHPLW5HFKW ZHULVWEHVVHUGDUDQGHU 6WDDWVEHDPWHGHU.DXIPDQQGHUYRQVHLQHP*HOGH/HEHQGHGHU JXWLWXQGWULQNWJHK|ULJVSD]LHUHQIlKUWXQGGHQDOOH0HQVFKHQ PLW(KUIXUFKWJUHQRGHUGHU.QVWOHUGHUVLFKJDQ]NPPHUOLFK LQVHLQHUSKDQWDVWLVFKHQ:HOWEHKHOIHQPX"=ZDUEHKDXSWHQMHQH 7RUHQGDHVHLQHJDQ]EHVRQGHUH6DFKHXPGLHSRHWLVFKH (UKHEXQJEHUGDV*HPHLQHVHLXQGPDQFKHV(QWEHKUHQVLFKGDQQ
XPZDQGWHLQ*HQX DOOHLQGLH.DLVHUXQG.|QLJHLP,UUHQKDXVHPLW GHU6WURKNURQHDXIGHP+DXSWVLQGDXFKJOFNOLFK'HUEHVWH %HZHLVGDDOOHMHQH)ORVNHOQQLFKWVLQVLFKWUDJHQVRQGHUQQXUGHQ LQQHUQ9RUZXUIQLFKWQDFKGHP6ROLGHQJHVWUHEW]XKDEHQ EHVFKZLFKWLJHQVROOHQLVWGLHVHUGDEHLQDKHNHLQ.QVWOHUHVDXV UHLQHUIUHLHU:DKOZXUGHVRQGHUQVLHHQWVWDQGHQXQGHQWVWHKHQ QRFKLPPHUDXVGHUlUPHUQ.ODVVH9RQXQEHJWHUWHQREVNXUHQ (OWHUQRGHUZLHGHUYRQ.QVWOHUQJHERUHQPDFKWHVLHGLH1RWGLH *HOHJHQKHLWGHU0DQJHODQ$XVVLFKWDXIHLQ*OFNLQGHQ HLJHQWOLFKHQQW]OLFKHQ.ODVVHQ]XGHPZDVVLHZXUGHQ'LHVZLUG GHQQDXFKMHQHQ3KDQWDVWHQ]XP7URW]HZLJVREOHLEHQ6ROOWH QlPOLFKHLQHEHJWHUWH)DPLOLHK|KHUHQ6WDQGHVVRXQJOFNOLFKVHLQ HLQ.LQG]XKDEHQGDVJDQ]EHVRQGHUV]XU.XQVWRUJDQLVLHUWZlUH RGHUGDVQDFKGHPOlFKHUOLFKHQ$XVGUXFNMHQHU:DKQZLW]LJHQGHQ J|WWOLFKHQ)XQNHQGHULP:LGHUVWDQGHYHU]HKUHQGXP VLFKJUHLIWLQ GHU%UXVWWUJHVROOWHHVZLUNOLFKLQV3KDQWDVLHUHQIU.XQVWXQG .QVWOHUOHEHQJHUDWHQ± VRZLUGHLQJXWHU(U]LHKHUGXUFKHLQHNOXJH *HLVWHVGLlW] %GXUFKGDVJlQ]OLFKH(QW]LHKHQDOOHU SKDQWDVWLVFKHQEHUWUHLEHQGHQ.RVW 3RHVLHQXQGVRJHQDQQWHU VWDUNHU.RPSRVLWLRQHQYRQ0R]DUW%HHWKRYHQXVZ VRZLHGXUFK GLHIOHLLJZLHGHUKROWH9RUVWHOOXQJGHUJDQ]VXERUGLQLHUWHQ7HQGHQ] MHGHU.XQVWXQGGHVJDQ]XQWHUJHRUGQHWHQ6WDQGHVGHU.QVWOHU RKQHDOOHQ5DQJ7LWHOXQG5HLFKWXPVHKUOHLFKWGDVYHULUUWHMXQJH 6XEMHNWDXIGHQUHFKWHQ:HJEULQJHQVRGDHVDP(QGHHLQH UHFKWH9HUDFKWXQJJHJHQ.XQVWXQG.QVWOHUVSUWGLHDOVZDKUHV 5HPHGLXPJHJHQMHGH([]HQWUL]LWlWQLHZHLWJHQXJJHWULHEHQ ZHUGHQNDQQ± 'HQDUPHQ.QVWOHUQGLHQRFKQLFKWLQGHQREHQ EHVFKULHEHQHQ:DKQZLW]YHUIDOOHQVLQGJODXEHLFKZLUNOLFKQLFKW EHO]XUDWHQZHQQLFKLKQHQXPVLFKGRFKQXUHWZDVDXVLKUHU ]ZHFNORVHQ7HQGHQ]KHUDXV]XUHLHQYRUVFKODJHQRFKQHEHQKHU LUJHQGHLQOHLFKWHV+DQGZHUN]XHUOHUQHQ VLHZHUGHQJHZL GDQQ VFKRQDOVQW]OLFKH0LWJOLHGHUGHV6WDDWVHWZDVJHOWHQ0LUKDWHLQ .HQQHUJHVDJWLFKKlWWHHLQHJHVFKLFNWH+DQG]XP 3DQWRIIHOPDFKHQXQGLFKELQQLFKWDEJHQHLJWPLFKDOV3URWRW\SXVLQ GLH/HKUHEHLGHPKLHVLJHQ3DQWRIIHOPDFKHUPHLVWHU6FKQDEOHUGHU QRFKGD]XPHLQ+HUU3DWHLVW]XEHJHEHQ± 'DVEHUOHVHQGZDV LFKJHVFKULHEHQILQGHLFKGHQ:DKQZLW]PDQFKHU0XVLNHUVHKU WUHIIHQGJHVFKLOGHUWXQGPLWHLQHPKHLPOLFKHQ*UDXVHQIKOHLFK PLFKPLWLKQHQYHUZDQGW'HU6DWDQUDXQWPLULQV2KUGDLKQHQ PDQFKHVVRUHGOLFK*HPHLQWHZRKOJDUDOVKHLOORVH,URQLHHUVFKHLQHQ N|QQH DOOHLQLFKYHUVLFKHUHQRFKPDOV JHJHQHXFKLKU9HUlFKWHU
GHU0XVLNGLHLKUGDVHUEDXOLFKH6LQJHQXQG6SLHOHQGHU.LQGHU XQQW]HV4XLQNHOLHUHQQHQQWXQGGLH0XVLNDOVHLQHJHKHLPQLVYROOH HUKDEHQH.XQVWQXULKUHUZUGLJK|UHQZROOWJHJHQHXFKZDUHQ PHLQH:RUWHJHULFKWHWXQGPLWHUQVWHU:DIIHLQGHU+DQGKDEHLFK HXFKEHZLHVHQGDGLH0XVLNHLQHKHUUOLFKHQW]OLFKH(UILQGXQJGHV DXIJHZHFNWHQ7XEDONDLQVHLZHOFKHGLH0HQVFKHQDXIKHLWHUH ]HUVWUHXHQXQGGDVLHVRGDVKlXVOLFKH*OFNGLHHUKDEHQVWH 7HQGHQ]MHGHVNXOWLYLHUWHQ0HQVFKHQDXIHLQHDQJHQHKPH EHIULHGLJHQGH:HLVHEHI|UGHUH
%HHWKRYHQV,QVWUXPHQWDOPXVLN
6ROOWHZHQQYRQGHU0XVLNDOVHLQHUVHOEVWlQGLJHQ.XQVWGLH5HGH LVWQLFKWLPPHUQXUGLH,QVWUXPHQWDOPXVLNJHPHLQWVHLQZHOFKH MHGH+LOIHMHGH%HLPLVFKXQJHLQHUDQGHUQ.XQVW GHU3RHVLH YHUVFKPlKHQGGDVHLJHQWPOLFKHQXULQLKU]XHUNHQQHQGH:HVHQ GLHVHU.XQVWUHLQDXVVSULFKW"± 6LHLVWGLHURPDQWLVFKVWHDOOHU .QVWHEHLQDKHP|FKWHPDQVDJHQDOOHLQHFKWURPDQWLVFKGHQQ QXUGDV8QHQGOLFKHLVWLKU9RUZXUI± 2USKHXV /\UD|IIQHWHGLH7RUH GHV2UNXV'LH0XVLNVFKOLHWGHP0HQVFKHQHLQXQEHNDQQWHV5HLFK DXIHLQH:HOWGLHQLFKWVJHPHLQKDWPLWGHUlXHUQ6LQQHQZHOWGLH LKQXPJLEWXQGLQGHUHUDOOHEHVWLPPWHQ *HIKOH]XUFNOlWXP VLFKHLQHUXQDXVVSUHFKOLFKHQ6HKQVXFKWKLQ]XJHEHQ +DEWLKUGLHVHLJHQWPOLFKH:HVHQDXFKZRKOQXUJHDKQWLKUDUPHQ ,QVWUXPHQWDONRPSRQLVWHQGLHLKUHXFKPKVDPDETXlOWHW EHVWLPPWH(PSILQGXQJHQMDVRJDU%HJHEHQKHLWHQGDU]XVWHOOHQ"± :LHNRQQWHHVHXFKGHQQQXUHLQIDOOHQGLHGHU3ODVWLNJHUDGH]X HQWJHJHQJHVHW]WH.XQVWSODVWLVFK]XEHKDQGHOQ"(XUH 6RQQDXIJlQJHHXUH*HZLWWHUHXUH%DWDLOOHVGHVWURLV(PSHUHXUV XVZZDUHQZRKOJHZLJDUOlFKHUOLFKH9HULUUXQJHQXQGVLQG ZRKOYHUGLHQWHUZHLVHPLWJlQ]OLFKHP9HUJHVVHQEHVWUDIW
,QGHP*HVDQJHZRGLH3RHVLHEHVWLPPWH$IIHNWHGXUFK:RUWH DQGHXWHWZLUNWGLHPDJLVFKH.UDIWGHU0XVLNZLHGDVZXQGHUEDUH (OL[LHUGHU:HLVHQYRQGHPHWOLFKH7URSIHQMHGHQ7UDQNN|VWOLFKHU XQGKHUUOLFKHUPDFKHQ-HGH/HLGHQVFKDIW± /LHEH± +D± =RUQ± 9HU]ZHLIOXQJHWFZLHGLH2SHUVLHXQVJLEWNOHLGHWGLH0XVLNLQGHQ 3XUSXUVFKLPPHUGHU5RPDQWLNXQGVHOEVWGDVLP/HEHQ (PSIXQGHQHIKUWXQVKLQDXVDXVGHP/HEHQLQGDV5HLFKGHV 8QHQGOLFKHQ 6RVWDUNLVWGHU=DXEHUGHU0XVLNXQGLPPHUPlFKWLJHUZHUGHQG PXWHHUMHGH)HVVHOHLQHUDQGHUQ.XQVW]HUUHLHQ
*HZLQLFKWDOOHLQLQGHU(UOHLFKWHUXQJGHU$XVGUXFNVPLWWHO 9HUYROONRPPQXQJGHU,QVWUXPHQWHJU|HUH9LUWXRVLWlWGHU 6SLHOHU VRQGHUQLQGHPWLHIHUHQLQQLJHUHQ(UNHQQHQGHV HLJHQWPOLFKHQ:HVHQVGHU0XVLNOLHJWHVGDJHQLDOH.RPSRQLVWHQ GLH,QVWUXPHQWDOPXVLN]XGHUMHW]LJHQ+|KHHUKREHQ
0R]DUWXQG+D\GQGLH6FK|SIHUGHUMHW]LJHQ,QVWUXPHQWDOPXVLN ]HLJWHQXQV]XHUVWGLH.XQVWLQLKUHUYROOHQ*ORULH ZHUVLHGDPLW YROOHU/LHEHDQVFKDXWHXQGHLQGUDQJLQLKULQQLJVWHV:HVHQLVW± %HHWKRYHQ± 'LH,QVWUXPHQWDONRPSRVLWLRQHQDOOHUGUHL0HLVWHU DWPHQHLQHQJOHLFKHQURPDQWLVFKHQ*HLVWZHOFKHVLQGHPJOHLFKHQ LQQLJHQ(UJUHLIHQGHVHLJHQWPOLFKHQ:HVHQVGHU.XQVWOLHJW GHU &KDUDNWHULKUHU.RPSRVLWLRQHQXQWHUVFKHLGHWVLFKMHGRFKPHUNOLFK± 'HU$XVGUXFNHLQHVNLQGOLFKHQKHLWHUQ*HPWVKHUUVFKWLQ+D\GQV .RPSRVLWLRQHQ6HLQH6LQIRQLHQIKUHQXQVLQXQDEVHKEDUHJUQH +DLQHLQHLQOXVWLJHVEXQWHV*HZKOJOFNOLFKHU0HQVFKHQ -QJOLQJHXQG0lGFKHQVFKZHEHQLQ5HLKHQWlQ]HQYRUEHU ODFKHQGH.LQGHUKLQWHU%lXPHQKLQWHU5RVHQEVFKHQODXVFKHQG ZHUIHQVLFKQHFNHQGPLW%OXPHQ(LQ/HEHQYROO/LHEHYROO6HOLJNHLW ZLHYRUGHU6QGHLQHZLJHU-XJHQG NHLQ/HLGHQNHLQ6FKPHU] QXUHLQVHVZHKPWLJHV9HUODQJHQQDFKGHUJHOLHEWHQ*HVWDOW GLHLQGHU)HUQHLP*ODQ]GHV$EHQGURWHVGDKHUVFKZHEWQLFKWQlKHU NRPPWQLFKWYHUVFKZLQGHWXQGVRODQJHVLHGDLVWZLUGHVQLFKW 1DFKWGHQQVLHVHOEVWLVWGDV$EHQGURWYRQGHP%HUJXQG+DLQ HUJOKHQ± ,QGLH7LHIHQGHV*HLVWHUUHLFKVIKUWXQV0R]DUW)XUFKW XPIlQJWXQVDEHURKQH0DUWHULVWVLHPHKU$KQXQJGHV 8QHQGOLFKHQ /LHEHXQG:HKPXWW|QHQLQKROGHQ*HLVWHUVWLPPHQ GLH 1DFKWJHKW DXILQKHOOHP3XUSXUVFKLPPHUXQGLQXQDXVVSUHFKOLFKHU6HKQVXFKW ]LHKHQZLUQDFKGHQ*HVWDOWHQGLHIUHXQGOLFKXQVLQLKUH5HLKHQ ZLQNHQGLQHZLJHP6SKlUHQWDQ]HGXUFKGLH:RONHQIOLHJHQ 0R]DUWV6LQIRQLHLQ(V'XUXQWHUGHP1DPHQGHV 6FKZDQHQJHVDQJHVEHNDQQW
6R|IIQHWXQVDXFK%HHWKRYHQV,QVWUXPHQWDOPXVLNGDV5HLFKGHV 8QJHKHXHUQXQG8QHUPHOLFKHQ*OKHQGH6WUDKOHQVFKLHHQGXUFK GLHVHV5HLFKHVWLHIH1DFKWXQGZLUZHUGHQ5LHVHQVFKDWWHQJHZDKU GLHDXI XQGDEZRJHQHQJHUXQGHQJHUXQVHLQVFKOLHHQXQGXQV YHUQLFKWHQDEHUQLFKWGHQ6FKPHU]GHUXQHQGOLFKHQ6HKQVXFKWLQ ZHOFKHUMHGH/XVWGLHVFKQHOOLQMDXFK]HQGHQ7|QHQ
HPSRUJHVWLHJHQKLQVLQNWXQGXQWHUJHKWXQGQXULQGLHVHP 6FKPHU]GHU/LHEH+RIIQXQJ)UHXGHLQVLFKYHU]HKUHQGDEHU QLFKW ]HUVW|UHQGXQVHUH%UXVWPLWHLQHPYROOVWLPPLJHQ=XVDPPHQNODQJH DOOHU/HLGHQVFKDIWHQ]HUVSUHQJHQZLOOOHEHQZLUIRUWXQGVLQG HQW]FNWH*HLVWHUVHKHU ± 'HUURPDQWLVFKH*HVFKPDFNLVWVHOWHQQRFKVHOWHQHUGDV URPDQWLVFKH7DOHQWGDKHUJLEWHVZRKOVRZHQLJHGLHMHQH/\UD GHUHQ7RQGDVZXQGHUYROOH5HLFKGHV5RPDQWLVFKHQDXIVFKOLHW DQ]XVFKODJHQYHUP|JHQ
+D\GQIDWGDV0HQVFKOLFKHLPPHQVFKOLFKHQ/HEHQURPDQWLVFKDXI HULVWNRPPHQVXUDEOHUIDOLFKHUIUGLH0HKU]DKO
0R]DUWQLPPWPHKUGDVhEHUPHQVFKOLFKHGDV:XQGHUEDUHZHOFKHV LPLQQHUQ*HLVWHZRKQWLQ$QVSUXFK %HHWKRYHQV0XVLNEHZHJWGLH+HEHOGHU)XUFKWGHV6FKDXHUVGHV (QWVHW]HQVGHV6FKPHU]HVXQGHUZHFNWHEHQMHQHXQHQGOLFKH 6HKQVXFKWZHOFKHGDV:HVHQGHU5RPDQWLNLVW(ULVWGDKHUHLQUHLQ URPDQWLVFKHU.RPSRQLVWXQGPDJHVQLFKWGDKHUNRPPHQGDLKP 9RNDOPXVLNGLHGHQ&KDUDNWHUGHVXQEHVWLPPWHQ6HKQHQVQLFKW ]XOlWVRQGHUQQXUGXUFK:RUWHEHVWLPPWH$IIHNWHDOVLQGHP 5HLFKHGHV8QHQGOLFKHQHPSIXQGHQGDUVWHOOWZHQLJHUJHOLQJW"
'HQPXVLNDOLVFKHQ3|EHOGUFNW%HHWKRYHQVPlFKWLJHU*HQLXV HU ZLOOVLFKYHUJHEHQVGDJHJHQDXIOHKQHQ± $EHUGLHZHLVHQ5LFKWHU PLWYRUQHKPHU0LHQHXPVLFKVFKDXHQGYHUVLFKHUQPDQN|QQHHV LKQHQDOV0lQQHUYRQJURHP9HUVWDQGHXQGWLHIHU(LQVLFKWDXIV :RUWJODXEHQHVIHKOHGHPJXWHQ %QLFKWLPPLQGHVWHQDQHLQHU VHKUUHLFKHQOHEHQGLJHQ3KDQWDVLHDEHUHUYHUVWHKHVLHQLFKW]X ]JHOQ'DZlUHGHQQQXQYRQ$XVZDKOXQG)RUPXQJGHU*HGDQNHQ JDUQLFKWGLH5HGHVRQGHUQHUZHUIHQDFKGHUVRJHQDQQWHQJHQLDOHQ 0HWKRGHDOOHVVRKLQZLHHVLKPDXJHQEOLFNOLFKGLHLP)HXHU DUEHLWHQGH3KDQWDVLHHLQJHEH:LHLVWHVDEHUZHQQQXUHXUHP VFKZDFKHQ%OLFNGHULQQHUHWLHIH=XVDPPHQKDQJMHGHU %HHWKRYHQVFKHQ.RPSRVLWLRQHQWJHKW":HQQHVQXUDQHXFK OLHJW GDLKUGHV0HLVWHUVGHP*HZHLKWHQYHUVWlQGOLFKH6SUDFKHQLFKW YHUVWHKWZHQQHXFKGLH3IRUWHGHVLQQHUVWHQ+HLOLJWXPV YHUVFKORVVHQEOLHE"± ,Q:DKUKHLWGHU0HLVWHUDQ%HVRQQHQKHLW +D\GQXQG0R]DUWJDQ]DQGLH6HLWH]XVWHOOHQWUHQQWVHLQ,FKYRQ GHPLQQHUQ5HLFKGHU7|QHXQGJHELHWHWGDUEHUDOV
XQXPVFKUlQNWHU+HUUbVWKHWLVFKH0HNQVWOHUKDEHQRIWLP 6KDNHVSHDUHEHUJlQ]OLFKHQ0DQJHOLQQHUHU(LQKHLWXQGLQQHUHQ =XVDPPHQKDQJHVJHNODJWLQGHPGHPWLHIHUHQ%OLFNHLQVFK|QHU %DXP%OlWWHU%OWHQXQG)UFKWHDXVHLQHP.HLPWUHLEHQG HUZlFKVW VRHQWIDOWHWVLFKDXFKQXUGXUFKHLQVHKUWLHIHV(LQJHKHQ LQ%HHWKRYHQV,QVWUXPHQWDOPXVLNGLHKRKH%HVRQQHQKHLWZHOFKH YRPZDKUHQ*HQLHXQ]HUWUHQQOLFKLVWXQGYRQGHP6WXGLXPGHU .XQVWJHQlKUWZLUG:HOFKHV,QVWUXPHQWDOZHUN%HHWKRYHQVEHVWlWLJW GLHVDOOHVZRKOLQK|KHUP*UDGHDOVGLHEHUDOOH0DHQKHUUOLFKH WLHIVLQQLJH6LQIRQLHLQF0ROO:LHIKUWGLHVHZXQGHUYROOH .RPSRVLWLRQLQHLQHPIRUWXQGIRUWVWHLJHQGHQ.OLPD[GHQ=XK|UHU XQZLGHUVWHKOLFKIRUWLQGDV*HLVWHUUHLFKGHV8QHQGOLFKHQ1LFKWV NDQQHLQIDFKHUVHLQDOVGHUQXUDXV]ZHL7DNWHQEHVWHKHQGH +DXSWJHGDQNHGHVHUVWHQ$OOHJURVGHUDQIDQJVLP8QLVRQRGHP =XK|UHUQLFKWHLQPDOGLH7RQDUWEHVWLPPW'HQ&KDUDNWHUGHU lQJVWOLFKHQXQUXKYROOHQ6HKQVXFKWGHQGLHVHU6DW]LQ VLFKWUlJW VHW]WGDVPHORGL|VH1HEHQWKHPDQXUQRFKPHKULQVNODUH± 'LH %UXVWYRQGHU$KQXQJGHV8QJHKHXHUQ9HUQLFKWXQJ'URKHQGHQ JHSUHWXQGEHlQJVWHWVFKHLQWVLFKLQVFKQHLGHQGHQ/DXWHQ JHZDOWVDP/XIWPDFKHQ]XZROOHQDEHUEDOG]LHKWHLQHIUHXQGOLFKH *HVWDOWJOlQ]HQGGDKHUXQGHUOHXFKWHWGLHWLHIHJUDXHQYROOH1DFKW 'DVOLHEOLFKH7KHPDLQ*'XUGDVHUVWYRQGHP+RUQLQ(V'XU EHUKUWZXUGH ± :LHHLQIDFK± QRFKHLQPDOVHLHVJHVDJW± LVWGDV 7KHPDGDVGHU0HLVWHUGHP*DQ]HQ]XP*UXQGHOHJWHDEHUZLH ZXQGHUYROOUHLKHQVLFKLKPDOOH1HEHQ XQG=ZLVFKHQVlW]HGXUFKLKU UK\WKPLVFKHV9HUKlOWQLVVRDQGDVLHQXUGD]XGLHQHQGHQ &KDUDNWHUGHV$OOHJURVGHQMHQHV+DXSWWKHPDQXUDQGHXWHWH LPPHUPHKUXQGPHKU]XHQWIDOWHQ$OOH6lW]HVLQGNXU]EHLQDKH DOOHQXUDXV]ZHLGUHL7DNWHQEHVWHKHQGXQGQRFKGD]XYHUWHLOWLQ EHVWlQGLJHP:HFKVHOGHU%ODV XQGGHU6DLWHQLQVWUXPHQWH PDQ VROOWHJODXEHQGDDXVVROFKHQ(OHPHQWHQQXUHWZDV=HUVWFNHOWHV 8QIDEDUHVHQWVWHKHQN|QQHDEHUVWDWWGHVVHQLVWHVHEHQ MHQH (LQULFKWXQJGHV*DQ]HQVRZLHGLHEHVWlQGLJHDXIHLQDQGHUIROJHQGH :LHGHUKROXQJGHU6lW]HXQGHLQ]HOQHU$NNRUGHGLHGDV*HIKOHLQHU XQQHQQEDUHQ6HKQVXFKWELV]XPK|FKVWHQ*UDGHVWHLJHUW*DQ] GDYRQDEJHVHKHQGDGLHNRQWUDSXQNWLVFKH%HKDQGOXQJYRQGHP WLHIHQ6WXGLXPGHU.XQVW]HXJWVRVLQGHVDXFKGLH=ZLVFKHQVlW]H GLHEHVWlQGLJHQ$QVSLHOXQJHQDXIGDV+DXSWWKHPDZHOFKHGDUWXQ ZLHGHUKRKH0HLVWHUGDV*DQ]HPLWDOOHQGHQOHLGHQVFKDIWOLFKHQ =JHQLP*HLVWDXIIDWHXQGGXUFKGDFKWH± 7|QWQLFKWZLH HLQH KROGH*HLVWHUVWLPPHGLHXQVUH%UXVWPLW+RIIQXQJXQG7URVWHUIOOW
GDVOLHEOLFKH7KHPDGHV$QGDQWHFRQPRWRLQ$V'XU"± $EHUDXFK KLHUWULWWGHUIXUFKWEDUH*HLVWGHULP$OOHJURGDV*HPWHUJULIIXQG lQJVWHWHMHGHQ$XJHQEOLFNGURKHQGDXVGHU:HWWHUZRONHKHUYRULQ GHUHUYHUVFKZDQGXQGYRUVHLQHQ%OLW]HQHQWIOLHKHQVFKQHOOGLH IUHXQGOLFKHQ*HVWDOWHQGLHXQVXPJDEHQ± :DVVROOLFKYRQGHU 0HQXHWWVDJHQ"± +|UWGLHHLJQHQ0RGXODWLRQHQGLH6FKOVVHLQ GHPGRPLQDQWHQ$NNRUGH'XU± GHQGHU%DDOV7RQLNDGHV IROJHQGHQ7KHPDVLQ0ROODXIJUHLIW± GDVLPPHUVLFKXPHLQLJH 7DNWHHUZHLWHUQGH7KHPDVHOEVW(UJUHLIWHXFKQLFKWZLHGHUMHQH XQUXKYROOHXQQHQQEDUH6HKQVXFKWMHQH$KQXQJGHVZXQGHUEDUHQ *HLVWHUUHLFKVLQZHOFKHPGHU0HLVWHUKHUUVFKW"$EHUZLH EOHQGHQGHV6RQQHQOLFKWVWUDKOWGDVSUlFKWLJH7KHPDGHV 6FKOXVDW]HVLQGHPMDXFK]HQGHQ-XEHOGHVJDQ]HQ2UFKHVWHUV± :HOFKHZXQGHUEDUHNRQWUDSXQNWLVFKH9HUVFKOLQJXQJHQYHUNQSIHQ VLFKKLHUZLHGHU]XP*DQ]HQ:RKOPDJPDQFKHPDOOHV YRUEHUUDXVFKHQZLHHLQH JHQLDOH5KDSVRGLHDEHUGDV*HPWMHGHV VLQQLJHQ=XK|UHUVZLUGJHZLYRQHLQHP*HIKOGDVHEHQMHQH XQQHQQEDUHDKQXQJVYROOH6HKQVXFKWLVWWLHIXQGLQQLJHUJULIIHQXQG ELV]XP6FKOXDNNRUGMDQRFKLQGHQ0RPHQWHQQDFKGHPVHOEHQ ZLUGHUQLFKWKHUDXVWUHWHQN|QQHQDXVGHPZXQGHUEDUHQ *HLVWHUUHLFKHZR6FKPHU]XQG/XVWLQ7|QHQJHVWDOWHWLKQ XPILQJHQ± 'LH6lW]HLKUHULQQHUQ(LQULFKWXQJQDFKLKUH $XVIKUXQJ,QVWUXPHQWLHUXQJGLH$UWZLHVLHDQHLQDQGHUJHUHLKW VLQGDOOHVDUEHLWHWDXIHLQHQ3XQNWKLQDXV DEHUYRU]JOLFKGLH LQQLJH9HUZDQGWVFKDIWGHU7KHPDVXQWHUHLQDQGHULVWHVZHOFKHMHQH (LQKHLWHU]HXJWGLHQXUDOOHLQYHUPDJGHQ=XK|UHULQHLQHU 6WLPPXQJIHVW]XKDOWHQ2IWZLUGGLHVH9HUZDQGWVFKDIWGHP=XK|UHU NODUZHQQHUVLHDXVGHU9HUELQGXQJ]ZHLHU6lW]HKHUDXVK|UWRGHU LQGHQ]ZHLYHUVFKLHGHQHQ6lW]HQJHPHLQHQ*UXQGEDHQWGHFNW DEHUHLQHWLHIHUH9HUZDQGWVFKDIWGLHVLFKDXIMHQH$UWQLFKWGDUWXW VSULFKWRIWQXUDXVGHP*HLVWH]XP*HLVWHXQGHEHQGLHVHLVWHV ZHOFKHXQWHUGHQ6lW]HQGHUEHLGHQ$OOHJURVXQGGHU0HQXHWW KHUUVFKWXQGGLHEHVRQQHQH*HQLDOLWlWGHV0HLVWHUVKHUUOLFK YHUNQGHW ± :LHWLHIKDEHQVLFKGRFKGHLQHKHUUOLFKHQ)OJHO.RPSRVLWLRQHQGX KRKHU0HLVWHUPHLQHP*HPWHHLQJHSUlJW ZLHVFKDOXQG QLFKWVEHGHXWHQGHUVFKHLQWPLUGRFKQXQDOOHVZDVQLFKWGLUGHP VLQQLJHQ0R]DUWXQGGHPJHZDOWLJHQ*HQLXV6HEDVWLDQ%DFK DQJHK|UW± 0LWZHOFKHU/XVWHPSILQJLFKGHLQVLHE]LJVWHV:HUNGLH EHLGHQKHUUOLFKHQ7ULRVGHQQLFKZXWHMDZRKOGDLFKVLHQDFK
ZHQLJHUhEXQJEDOGJDUKHUUOLFKK|UHQZUGH8QGVRJXWLVWHVPLU MDGHQQKHXWHDEHQGJHZRUGHQVRGDLFKQRFKMHW]WZLHHLQHUGHU LQGHQPLWDOOHUOHLVHOWHQHQ%lXPHQ*HZlFKVHQXQGZXQGHUEDUHQ %OXPHQXPIORFKWHQHQ,UUJlQJHQHLQHVSKDQWDVWLVFKHQ3DUNVZDQGHOW XQGLPPHUWLHIHUXQGWLHIHUKLQHLQJHUlWQLFKWDXVGHQZXQGHUYROOHQ :HQGXQJHQXQG9HUVFKOLQJXQJHQGHLQHU7ULRVKHUDXV]XNRPPHQ YHUPDJ'LHKROGHQ6LUHQHQVWLPPHQGHLQHULQEXQWHU 0DQQLJIDOWLJNHLWSUDQJHQGHQ6lW]HORFNHQPLFKLPPHUWLHIHUXQG WLHIHUKLQHLQ± 'LHJHLVWUHLFKH'DPHGLHKHXWHPLUGHP .DSHOOPHLVWHU.UHLVOHUUHFKWHLJHQWOLFK]X(KUHQGDV7ULR1UR JDU KHUUOLFKVSLHOWHXQGYRUGHUHQ)OJHOLFKQRFKVLW]HXQGVFKUHLEHKDW HVPLFKUHFKWGHXWOLFKHLQVHKHQODVVHQZLHQXUGDVZDVGHU*HLVW JLEW]XDFKWHQDOOHVEULJHDEHUYRPhEHOLVW ± (EHQMHW]WKDEHLFKDXVZHQGLJHLQLJHIUDSSDQWH$XVZHLFKXQJHQGHU EHLGHQ7ULRVDXIGHP)OJHOZLHGHUKROW± (VLVWGRFKZDKUGHU )OJHO )OJHO3LDQRIRUWH EOHLEWHLQPHKUIUGLH+DUPRQLHDOVIU GLH0HORGLHEUDXFKEDUHV,QVWUXPHQW'HUIHLQVWH$XVGUXFNGHVVHQ GDV,QVWUXPHQWIlKLJLVWJLEWGHU0HORGLHQLFKWGDVUHJVDPH/HEHQ LQWDXVHQGXQGWDXVHQG1XDQFLHUXQJHQGDVGHU%RJHQGHV*HLJHUV GHU+DXFKGHV%OlVHUVKHUYRU]XEULQJHQLPVWDQGHLVW'HU6SLHOHU ULQJWYHUJHEHQVPLWGHUXQEHUZLQGOLFKHQ6FKZLHULJNHLWGLHGHU 0HFKDQLVPGHUGLH6DLWHQGXUFKHLQHQ6FKODJYLEULHUHQXQGHUW|QHQ OlWLKPHQWJHJHQVHW]W'DJHJHQJLEWHV GLHQRFKLPPHUZHLW EHVFKUlQNWHUH+DUIHDEJHUHFKQHW ZRKONHLQ,QVWUXPHQWGDVVRZLH GHU)OJHOLQYROOJULIILJHQ$NNRUGHQGDV5HLFKGHU+DUPRQLHXPIDW XQGVHLQH6FKlW]HLQGHQZXQGHUEDUVWHQ)RUPHQXQG*HVWDOWHQGHP .HQQHUHQWIDOWHW+DWGLH3KDQWDVLHGHV0HLVWHUVHLQJDQ]HV 7RQJHPlOGHPLWUHLFKHQ*UXSSHQKHOOHQ/LFKWHUQXQGWLHIHQ 6FKDWWLHUXQJHQHUJULIIHQVRNDQQHUHVDP)OJHOLQV/HEHQUXIHQ GDHVDXVGHULQQHUQ:HOWIDUEHFKWXQGJOlQ]HQGKHUYRUWULWW'LH YROOVWLPPLJH3DUWLWXUGLHVHVZDKUHPXVLNDOLVFKH=DXEHUEXFKGDVLQ VHLQHQ=HLFKHQDOOH:XQGHUGHU7RQNXQVWGHQJHKHLPQLVYROOHQ&KRU GHUPDQQLJIDOWLJVWHQ,QVWUXPHQWHEHZDKUWZLUGXQWHUGHQ+lQGHQ GHV0HLVWHUVDP)OJHOEHOHEWXQGHLQLQGLHVHU$UWJXWXQG YROOVWLPPLJYRUJHWUDJHQHV6WFNDXVGHU3DUWLWXUP|FKWHGHP ZRKOJHUDWQHQ.XSIHUVWLFKGHUHLQHPJURHQ*HPlOGHHQWQRPPHQ ]XYHUJOHLFKHQVHLQ=XP3KDQWDVLHUHQ ]XP9RUWUDJHQDXVGHU 3DUWLWXU]XHLQ]HOQHQ6RQDWHQ$NNRUGHQXVZLVWGDKHUGHU)OJHO YRU]JOLFKJHHLJQHWVRZLHQlFKVWGHP7ULRV4XDUWHWWHQ4XLQWHWWHQ HWFZRGLHJHZ|KQOLFKHQ6DLWHQLQVWUXPHQWHKLQ]XWUHWHQVFKRQ
GHVKDOEJDQ]LQGDV5HLFKGHU)OJHONRPSRVLWLRQJHK|UHQZHLOVLQG VLHLQGHUZDKUHQ$UWG KZLUNOLFKYLHUVWLPPLJIQIVWLPPLJXVZ NRPSRQLHUWKLHUHVJDQ]DXIGLHKDUPRQLVFKH$XVDUEHLWXQJ DQNRPPWGLHGDV+HUYRUWUHWHQHLQ]HOQHU,QVWUXPHQWHLQJOlQ]HQGHQ 3DVVDJHQYRQVHOEVWDXVVFKOLHW (LQHQZDKUHQ:LGHUZLOOHQKHJHLFKJHJHQDOOGLHHLJHQWOLFKHQ )OJHONRQ]HUWH 0R]DUWVFKHXQG%HHWKRYHQVFKHVLQGQLFKWVRZRKO .RQ]HUWHDOV6LQIRQLHQPLWREOLJDWHP)OJHO +LHUVROOGLH9LUWXRVLWlW GHVHLQ]HOQHQ6SLHOHUVLQ3DVVDJHQXQGLP$XVGUXFNGHU0HORGLH JHOWHQGJHPDFKWZHUGHQ GHUEHVWH6SLHOHUDXIGHPVFK|QVWHQ ,QVWUXPHQWHVWUHEWDEHUYHUJHEHQVQDFKGHPZDV] %GHU9LROLQLVW PLWOHLFKWHU0KHHUULQJW -HGHV6RORNOLQJWQDFKGHPYROOHQ7XWWLGHU*HLJHUXQG%OlVHUVWHLI XQGPDWWXQGPDQEHZXQGHUWGLH)HUWLJNHLWGHU)LQJHUX GHUJO RKQHGDGDV*HPWUHFKWDQJHVSURFKHQZLUG :LHKDWGRFKGHU0HLVWHUGHQHLJHQWPOLFKVWHQ*HLVWGHV ,QVWUXPHQWVDXIJHIDWXQGLQGHUGDIUJHHLJQHWVWHQ$UWJHVRUJW
(LQHLQIDFKHVDEHUIUXFKWEDUHV]XGHQYHUVFKLHGHQVWHQ NRQWUDSXQNWLVFKHQ:HQGXQJHQ$ENU]XQJHQXVZWDXJOLFKHV VLQJEDUHV7KHPDOLHJWMHGHP6DW]H]XP*UXQGHDOOHEULJHQ 1HEHQWKHPDWDXQG)LJXUHQVLQGGHP+DXSWJHGDQNHQLQQLJ YHUZDQGWVRGDVLFKDOOHV]XUK|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±
1XUGHU .RPSRQLVWGUDQJZDKUKDIWLQGLH*HKHLPQLVVHGHU+DUPRQLH HLQGHUGXUFKVLHDXIGDV*HPWGHV0HQVFKHQ]XZLUNHQYHUPDJ LKPVLQGGLH=DKOHQSURSRUWLRQHQZHOFKHGHP*UDPPDWLNHURKQH *HQLXVQXUWRWHVWDUUH5HFKHQH[HPSHOEOHLEHQPDJLVFKH 3UlSDUDWHGHQHQHUHLQH=DXEHUZHOWHQWVWHLJHQOlW 8QHUDFKWHWGHU*HPWOLFKNHLWGLHYRU]JOLFKLQGHPHUVWHQ7ULR VHOEVWGDVZHKPXWVYROOH/DUJRQLFKWDXVJHQRPPHQKHUUVFKWEOHLEW GRFKGHU%HHWKRYHQVFKH*HQLXVHUQVWXQGIHLHUOLFK(VLVWDOV PHLQWHGHU0HLVWHUPDQN|QQHYRQWLHIHQJHKHLPQLVYROOHQ'LQJHQ VHOEVWZHQQGHU*HLVWPLWLKQHQLQQLJYHUWUDXWVLFKIUHXGLJXQG IU|KOLFKHUKREHQIKOWQLHLQJHPHLQHQVRQGHUQQXULQHUKDEHQHQ KHUUOLFKHQ:RUWHQUHGHQ GDV7DQ]VWFNGHU,VLVSULHVWHUNDQQQXU HLQKRFKMDXFK]HQGHU+\PQXVVHLQ
'LH,QVWUXPHQWDOPXVLNPXGDZRVLHQXUGXUFKVLFKDOV0XVLN ZLUNHQXQGQLFKWYLHOOHLFKWHLQHPEHVWLPPWHQGUDPDWLVFKHQ=ZHFN GLHQHQVROODOOHVXQEHGHXWHQG6SDKDIWHDOOHWlQGHOQGHQ/D]]L YHUPHLGHQ(VVXFKWGDVWLHIH*HPWIUGLH$KQXQJHQGHU )UHXGLJNHLWGLHKHUUOLFKHUXQGVFK|QHUDOVKLHULQGHUEHHQJWHQ :HOWDXVHLQHPXQEHNDQQWHQ/DQGHKHUEHUJHNRPPHQHLQ LQQHUHVZRQQHYROOHV/HEHQLQGHU%UXVWHQW]QGHWHLQHQK|KHUHQ $XVGUXFNDOVLKQJHULQJH:RUWHGLHQXUGHUEHIDQJHQHQLUGLVFKHQ /XVWHLJHQJHZlKUHQN|QQHQ6FKRQGLHVHU(UQVWDOOHU %HHWKRYHQVFKHQ,QVWUXPHQWDO XQG)OJHOPXVLNYHUEDQQWDOOHGLH KDOVEUHFKHQGHQ3DVVDJHQDXIXQGDEPLWEHLGHQ+lQGHQDOOHGLH VHOWVDPHQ6SUQJHGLHSRVVLHUOLFKHQ&DSULFFLRVGLHKRFKLQGLH/XIW JHEDXWHQ1RWHQPLWIQI XQGVHFKVVWULFKLJHP)XQGDPHQWYRQ GHQHQGLH)OJHONRPSRVLWLRQHQQHXHVWHU$UWHUIOOWVLQG± :HQQYRQ EORHU)LQJHUIHUWLJNHLWGLH5HGHLVWKDEHQGLH)OJHONRPSRVLWLRQHQ GHV0HLVWHUVJDUNHLQHEHVRQGHUH6FKZLHULJNHLWGDGLHZHQLJHQ /lXIH7ULROHQILJXUHQX G PZRKOMHGHUJHEWH6SLHOHULQGHU+DQG KDEHQPX XQGGRFKLVWLKU9RUWUDJEHGLQJWUHFKWVFKZHU0DQFKHU VRJHQDQQWH9LUWXRVHYHUZLUIWGHV0HLVWHUV)OJHONRPSRVLWLRQLQGHP HUGHP9RUZXUIH VHKUVFKZHUQRFKKLQ]XIJW XQGVHKU XQGDQNEDU± :DVQXQGLH6FKZLHULJNHLWEHWULIIWVRJHK|UW]XP ULFKWLJHQEHTXHPHQ9RUWUDJ%HHWKRYHQVFKHU.RPSRVLWLRQQLFKWV *HULQJHUHVDOVGDPDQLKQEHJUHLIHGDPDQWLHILQVHLQ:HVHQ HLQGULQJHGDPDQLP%HZXWVHLQHLJQHU:HLKHHVNKQZDJHLQ GHQ.UHLVGHUPDJLVFKHQ(UVFKHLQXQJHQ]XWUHWHQGLHVHLQ PlFKWLJHU=DXEHUKHUYRUUXIW:HUGLHVH:HLKHQLFKWLQVLFKIKOW
ZHUGLHKHLOLJH0XVLNQXUDOV6SLHOHUHLQXU]XP =HLWYHUWUHLELQ OHHUHQ6WXQGHQ]XPDXJHQEOLFNOLFKHQ5HL]VWXPSIHU2KUHQRGHU]XU HLJQHQ2VWHQWDWLRQWDXJOLFKEHWUDFKWHWGHUEOHLEHMDGDYRQ1XU HLQHPVROFKHQVWHKWDXFKGHU9RUZXUI XQGK|FKVWXQGDQNEDU]X 'HUHFKWH.QVWOHUOHEWQXULQGHP:HUNHGDVHULQGHP6LQQHGHV 0HLVWHUVDXIJHIDWKDWXQGQXQYRUWUlJW(UYHUVFKPlKWHVDXI LUJHQGHLQH:HLVHVHLQH3HUV|QOLFKNHLWJHOWHQG]XPDFKHQXQGDOO VHLQ'LFKWHQXQG7UDFKWHQJHKWQXUGDKLQDOOHGLHKHUUOLFKHQ KROGVHOLJHQ%LOGHUXQG(UVFKHLQXQJHQGLHGHU0HLVWHUPLWPDJLVFKHU *HZDOWLQVHLQ:HUNYHUVFKORWDXVHQGIDUELJJOlQ]HQGLQVUHJH /HEHQ]XUXIHQGDVLHGHQ0HQVFKHQLQOLFKWHQIXQNHOQGHQ.UHLVHQ XPIDQJHQXQGVHLQH3KDQWDVLHVHLQLQQHUVWHV*HPWHQW]QGHQG LKQUDVFKHQ)OXJHVLQGDVIHUQH*HLVWHUUHLFKGHU7|QHWUDJHQ
+|FKVW]HUVWUHXWH*HGDQNHQ
6FKRQDOVLFKQRFKDXIGHU6FKXOHZDUKDWWHLFKGLH*HZRKQKHLW PDQFKHVZDVPLUEHLGHP/HVHQHLQHV%XFKVEHLGHP$QK|UHQ HLQHU0XVLNEHLGHP%HWUDFKWHQHLQHV*HPlOGHVRGHUVRQVWJHUDGH HLQILHORGHUDXFKZDVPLUVHOEVW0HUNZUGLJHVEHJHJQHW DXI]XVFKUHLEHQ,FKKDWWHPLUGD]XHLQNOHLQHV%XFKELQGHQODVVHQ XQGGHQ7LWHOYRUJHVHW]W =HUVWUHXWH*HGDQNHQ± 0HLQ9HWWHUGHU PLWPLUDXIHLQHU6WXEHZRKQWHXQGPLWZDKUKDIWERVKDIWHU,URQLH PHLQHlVWKHWLVFKHQ%HPKXQJHQYHUIROJWHIDQGGDV%FKHOFKHQ XQGVHW]WHDXIGHP7LWHOGHP:RUWH =HUVWUHXWHGDV:|UWOHLQ +|FKVWYRU=XPHLQHPQLFKWJHULQJHQ9HUGUXVVHIDQGLFKDOVLFK PLFKEHUPHLQHQ9HWWHULPVWLOOHQVDWWJHlUJHUWKDWWHXQGGDVZDV LFKJHVFKULHEHQQRFKHLQPDOEHUODVPDQFKHQ]HUVWUHXWHQ *HGDQNHQZLUNOLFKXQGLQGHU7DWK|FKVW ]HUVWUHXWZDUIGDVJDQ]H %XFKLQV)HXHUXQGJHOREWHQLFKWVPHKUDXI]XVFKUHLEHQVRQGHUQ DOOHVLP,QQHUQGLJHULHUHQXQGZLUNHQ]XODVVHQZLHHVVROOWH± $EHULFKVHKHPHLQH0XVLNDOLHQGXUFKXQGILQGH]XPHLQHPQLFKW JHULQJHQ6FKUHFNGDLFKGLHEOH*HZRKQKHLWQXQLQYLHOVSlWHUHQ XQGZLHPDQGHQNHQP|FKWHZHLVHUHQ-DKUHQVWlUNHUDOVMHWUHLEH 'HQQVLQGQLFKWEHLQDKHDOOHOHHUH%OlWWHUDOOH8PVFKOlJHPLW K|FKVW]HUVWUHXWHQ*HGDQNHQEHNULW]HOW"± 6ROOWHQXQHLQPDOELQLFK DXIGLHVHRGHUMHQH$UWGDKLQJHVFKLHGHQHLQWUHXHU)UHXQGGLHVHQ PHLQHQ1DFKODRUGHQWOLFKIUZDVKDOWHQRGHUJDU ZLHHVGHQQ ZRKOPDQFKPDO]XJHVFKHKHQSIOHJW PDQFKHVGDYRQDEVFKUHLEHQ XQGGUXFNHQODVVHQVRELWWHLFKLKQXPGLH%DUPKHU]LJNHLWRKQH %DUPKHU]LJNHLWGLHK|FKVW ]HUVWUHXWHQ*HGDQNHQGHP)HXHU]X EHUJHEHQXQGUFNVLFKWVGHUEULJHQHVJHZLVVHUPDHQDOV FDSWDWLREHQHYROHQWLDHEHLGHUVFKOHUKDIWHQ$XIVFKULIWQHEVWGHP ERVKDIWHQ=XVDW]HGHV9HWWHUVEHZHQGHQ]XODVVHQ
0DQVWULWWKHXWHYLHOEHUXQVHUQ6HEDVWLDQ%DFKXQGEHUGLHDOWHQ ,WDOLHQHUPDQNRQQWHVLFKGXUFKDXVQLFKWYHUHLQLJHQZHP GHU 9RU]XJJHEKUH'DVDJWHPHLQJHLVWUHLFKHU)UHXQG ª6HEDVWLDQ %DFKV0XVLNYHUKlOWVLFK]XGHU0XVLNGHUDOWHQ,WDOLHQHUHEHQVRZLH GHU0QVWHULQ6WUDEXUJ]XGHU3HWHUVNLUFKHLQ5RP© :LHWLHIKDWPLFKGDVZDKUHOHEHQGLJH%LOGHUJULIIHQ± ,FKVHKHLQ %DFKVDFKWVWLPPLJHQ0RWHWWHQGHQNKQHQZXQGHUYROOHQ URPDQWLVFKHQ%DXGHV0QVWHUVPLWDOOGHQSKDQWDVWLVFKHQ 9HU]LHUXQJHQGLHNQVWOLFK]XP*DQ]HQYHUVFKOXQJHQVWRO]XQG SUlFKWLJLQGLH/IWHHPSRUVWHLJHQ VRZLHLQ%HQHYROLVLQ3HUWLV IURPPHQ*HVlQJHQGLHUHLQHQJUDQGLRVHQ9HUKlOWQLVVHGHU 3HWHUVNLUFKHGLHVHOEVWGHQJU|WHQ0DVVHQGLH.RPPHQVXUDELOLWlW JHEHQXQGGDV*HPWHUKHEHQLQGHPVLHHVPLWKHLOLJHP6FKDXHU HUIOOHQ
1LFKWVRZRKOLP7UDXPHDOVLP=XVWDQGHGHV'HOLULHUHQVGHUGHP (LQVFKODIHQYRUKHUJHKWYRU]JOLFKZHQQLFKYLHO0XVLNJHK|UWKDEH ILQGHLFKHLQHhEHUHLQNXQIWGHU)DUEHQ7|QHXQG'IWH(VN|PPW PLUYRUDOVZHQQDOOHDXIGLHJOHLFKHJHKHLPQLVYROOH:HLVHGXUFK GHQ/LFKWVWUDKOHU]HXJWZUGHQXQGGDQQVLFK]XHLQHP ZXQGHUYROOHQ.RQ]HUWHYHUHLQLJHQPWHQ± 'HU'XIWGHU GXQNHOURWHQ1HONHQZLUNWPLWVRQGHUEDUHU PDJLVFKHU*HZDOWDXI PLFK XQZLOONUOLFKYHUVLQNHLFKLQHLQHQWUlXPHULVFKHQ=XVWDQGXQG K|UHGDQQZLHDXVZHLWHU)HUQHGLHDQVFKZHOOHQGHQXQGZLHGHU YHUIOLHHQGHQWLHIHQ7|QHGHV%DVVHWWKRUQV
(VJLEW$XJHQEOLFNH± YRU]JOLFKZHQQLFKYLHOLQGHVJURHQ 6HEDVWLDQ%DFKV:HUNHQJHOHVHQ ±LQGHQHQPLUGLHPXVLNDOLVFKHQ =DKOHQYHUKlOWQLVVHMDGLHP\VWLVFKHQ5HJHOQGHV.RQWUDSXQNWVHLQ LQQHUHV*UDXHQHUZHFNHQ± 0XVLN± PLWJHKHLPQLVYROOHP6FKDXHU MDPLW*UDXVHQQHQQHLFKGLFK± 'LFKLQ7|QHQDXVJHVSURFKHQH 6DQVNULWDGHU1DWXU± 'HU8QJHZHLKWHODOOWVLHQDFKLQNLQGLVFKHQ /DXWHQ± GHUQDFKlIIHQGH)UHYOHUJHKWXQWHULPHLJQHQ+RKQ
9RQJURHQ0HLVWHUQZHUGHQKlXILJ$QHNG|WFKHQDXIJHWLVFKWGLHVR NLQGLVFKHUIXQGHQRGHUPLWVRDOEHUQHU8QZLVVHQKHLWQDFKHU]lKOW VLQGGDVLHPLFKLPPHUZHQQLFKVLHDQK|UHQPXNUlQNHQXQG lUJHUQ6RLVW] %GDV*HVFKLFKWFKHQYRQ0R]DUWV2XYHUWUH]XP ª'RQ-XDQ©VRSURVDLVFKWROOGDLFKPLFKZXQGHUQPXZLHVLH VHOEVW0XVLNHUGHQHQPDQHLQLJHV(LQVHKHQQLFKWDEVSUHFKHQPDJ LQGHQ0XQGQHKPHQN|QQHQZLHHVQRFKKHXWHJHVFKDK± 0R]DUW VROOGLH.RPSRVLWLRQGHU2XYHUWUHDOVGLH2SHUOlQJVWIHUWLJZDU YRQ7DJH]X7DJHYHUVFKREHQKDEHQXQGQRFKGHQ7DJYRUGHU $XIIKUXQJDOVGLHEHVRUJWHQ)UHXQGHJODXEWHQQXQVlHHUDP 6FKUHLEWLVFKHJDQ]OXVWLJVSD]LHUHQJHIDKUHQVHLQ(QGOLFKDP7DJH GHU$XIIKUXQJDPIUKHQ0RUJHQKDEHHULQZHQLJHQ6WXQGHQGLH 2XYHUWUHNRPSRQLHUWVRGDGLH3DUWLHQQRFKQDLQGDV7KHDWHU JHWUDJHQZlUHQ1XQJHUlWDOOHVLQ(UVWDXQHQXQG%HZXQGHUXQJ ZLH0R]DUWVRVFKQHOONRPSRQLHUWKDWXQGGRFKNDQQPDQMHGHP UVWLJHQVFKQHOOHQ1RWHQVFKUHLEHUHEHQGLHVHOEH%HZXQGHUXQJ ]ROOHQ± *ODXEWLKUGHQQQLFKWGDGHU0HLVWHUGHQª'RQ-XDQ© VHLQWLHIVWHV:HUNGDVHUIUVHLQH)UHXQGHG KIUVROFKHGLHLKQ LQVHLQHP,QQHUVWHQYHUVWDQGHQNRPSRQLHUWHOlQJVWLP*HPWH WUXJGDHULP*HLVWGDV*DQ]HPLWDOOHQVHLQHQKHUUOLFKHQ FKDUDNWHUYROOHQ=JHQRUGQHWHXQGUQGHWHVRGDHVZLHLQHLQHP IHKOHUIUHLHQ*XVVHGDVWDQG"± *ODXEWLKUGHQQQLFKWGDGLH 2XYHUWUHDOOHU2XYHUWUHQLQGHUDOOH0RWLYHGHU2SHUVFKRQVR KHUUOLFKXQGOHEHQGLJDQJHGHXWHWVLQGQLFKWHEHQVRJXWIHUWLJZDU DOVGDVJDQ]H:HUNHKHGHUJURH0HLVWHUGLH)HGHU]XP $XIVFKUHLEHQDQVHW]WH"± ,VWMHQH$QHNGRWHZDKUVRKDW0R]DUW ZDKUVFKHLQOLFKVHLQH)UHXQGHGLHLPPHUYRQGHU.RPSRVLWLRQ GHU 2XYHUWUHJHVSURFKHQKDWWHQPLWGHP9HUVFKLHEHQGHV $XIVFKUHLEHQVJHQHFNWGDLKUH%HVRUJQLVHUP|FKWHGLHJQVWLJH 6WXQGH]XGHPQXQPHKUPHFKDQLVFKJHZRUGHQHQ*HVFKlIWQlPOLFK GDVLQGHP$XJHQEOLFNGHU:HLKHHPSIDQJHQHXQGLP,QQHUQ DXIJHIDWH:HUNDXI]XVFKUHLEHQQLFKWPHKUILQGHQLKPOlFKHUOLFK HUVFKHLQHQPXWH± 0DQFKHKDEHQLQGHP$OOHJURGHVEHUZDFKWHQ 0R]DUWV$XIIDKUHQDXVGHP6FKODIHLQGHQHUNRPSRQLHUHQG XQZLOONUOLFKYHUVXQNHQILQGHQZROOHQ± (VJLEWQlUULVFKH/HXWH± ,FKHULQQHUHPLFKGDEHLGHU$XIIKUXQJGHVª'RQ-XDQ©HLQHU HLQPDOPLUELWWHUNODJWHGDVVHLGRFKHQWVHW]OLFKXQQDWUOLFKPLWGHU 6WDWXHXQGPLWGHQ7HXIHOQ,FKDQWZRUWHWHLKPOlFKHOQGREHU GHQQQLFKWOlQJVWEHPHUNWKlWWHGDLQGHPZHLHQ0DQQHLQJDQ] YHUIOXFKWSILIILJHU3ROL]HLNRPPLVVDUVWHFNHXQGGDGLH7HXIHOQLFKWV
ZlUHQDOVYHUPXPPWH*HULFKWVGLHQHU GLH+|OOHZlUHDXFKZHLWHU QLFKWVDOVGDV6WRFNKDXVZR'RQ-XDQVHLQHU9HUJHKXQJHQZHJHQ HLQJHVSHUUWZHUGHQZUGHXQGVRGDV*DQ]HDOOHJRULVFK]X QHKPHQ± 'DVFKOXJHUJDQ]YHUJQJWHLQ6FKQLSSFKHQQDFKGHP DQGHUQXQGODFKWHXQGIUHXWHVLFKXQGEHPLWOHLGHWHGLHDQGHUQGLH VLFKVRJUREWlXVFKHQOLHHQ± 1DFKKHUZHQQYRQGHQ XQWHULUGLVFKHQ0lFKWHQGLH0R]DUWDXVGHP2UNXVKHUYRUJHUXIHQ KDEHJHVSURFKHQZXUGHOlFKHOWHHUPLFKEHUDXVSILIILJDQ ZHOFKHVLFKLKPHEHQVRHUZLGHUWH ±
(UGDFKWH :LUZLVVHQZDVZLUZLVVHQXQGHUKDWWHZDKUOLFKUHFKW
6HLWODQJHU=HLWKDEHLFKPLFKQLFKWVRUHLQHUJ|W]WXQGHUIUHXWDOV KHXWHDEHQG± 0HLQ)UHXQGWUDWMXELOLHUHQG]XPLULQGDV=LPPHU XQGYHUNQGHWHGDHULQHLQHU6FKHQNHGHU9RUVWDGWHLQHQ .RP|GLDQWHQ7UXSSDXVJHZLWWHUWKDEHGHUMHGHQ$EHQGYRUGHQ DQZHVHQGHQ*lVWHQGLHJU|WHQ6FKDX XQG7UDXHUVSLHOHDXIIKUH :LUJLQJHQJOHLFKKLQXQGIDQGHQDQGHU7UHGHU:LUWVVWXEHHLQHQ JHVFKULHEHQHQ=HWWHODQJHNOHEWZRULQHVQlFKVWGHUGH XQG ZHKPWLJHQ(PSIHKOXQJGHUZUGLJHQ6FKDXVSLHOHUJHVHOOVFKDIW KLHGDGLH:DKOGHV6WFNVMHGHVPDOYRQGHPYHUVDPPHOWHQ YHUHKUXQJVZUGLJHQ3XEOLNXPDEKLQJHXQGGDGHU:LUWVLFK EHHLIHUQZHUGHGLHKRKHQ*lVWHDXIGHPHUVWHQ3ODW]PLWJXWHP %LHUXQG7DEDN]XEHGLHQHQ'LHVPDOZXUGHDXIGHQ9RUVFKODJGHV +HUUQ'LUHNWRUVª-RKDQQDYRQ0RQWIDXFRQ©JHZlKOWXQGLFK EHU]HXJWHPLFKGDVR GDUJHVWHOOWGDV6WFNYRQ XQEHVFKUHLEOLFKHU:LUNXQJLVW'DVLHKWPDQMDGHXWOLFKZLHGHU 'LFKWHUHLJHQWOLFKGLH,URQLHGHV3RHWLVFKHQEH]ZHFNWHRGHUYLHOPHKU GHQIDOVFKHQ3DWKRVGLH3RHVLHGLHQLFKWSRHWLVFKLVWOlFKHUOLFK PDFKHQZROOWHXQGLQGLHVHU+LQVLFKWLVWGLHª-RKDQQD©HLQHGHU HUJ|W]OLFKVWHQ3RVVHQGLHHUMHJHVFKULHEHQ'LH6FKDXVSLHOHUXQG 6FKDXVSLHOHULQQHQKDWWHQGLHVHQWLHIHQ6LQQGHV6WFNVVHKUJXW DXIJHIDWXQGGLH6]HQHULHOREHQVZHUWDQJHRUGQHW:DUHVQLFKW ] % HLQHJOFNOLFKH,GHHGDEHLGHQLQNRPLVFKHU9HU]ZHLIOXQJ KHUDXVJHIORVVHQHQ:RUWHQGHU-RKDQQD ª(VPXEOLW]HQ©GHU 'LUHNWRUGLH$XVODJHIU.RORSKRQLXPQLFKWJHVFKHXWKDWWHVRQGHUQ ZLUNOLFKHLQSDDUPDOEOLW]HQOLH"$XHUGHPNOHLQHQ8QIDOOGDLQ GHUHUVWHQ6]HQHGDVXQJHIlKUVHFKV)XKRKH6FKORZLHZRKOYRQ 3DSLHUJHEDXWRKQHVRQGHUOLFKHV*HUlXVFKHLQILHOXQGHLQH
%LHUWRQQHVLFKWEDUZXUGHYRQGHUKHUDEQXQDQVWDWWYRP%DONRQ RGHU]XP)HQVWHUKHUDXV-RKDQQDUHFKWKHU]OLFKPLWGHQJXWHQ /DQGOHXWHQVSUDFKZDUHQVRQVWGLH'HNRUDWLRQHQYRUWUHIIOLFKXQG YRU]JOLFKGLH6FKZHL]HU*HELUJHHEHQVRLP6LQQHGHV6WFNVPLW JOFNOLFKHU,URQLHEHKDQGHOW(EHQVRGHXWHWHDXFKGDV.RVWPVHKU JXWGLH/HKUHDQGLHGHU'LFKWHUGXUFKGLH'DUVWHOOXQJVHLQHU +HOGHQ GHQ$IWHUGLFKWHUQJHEHQZLOOª6HKW©ZLOOHUQlPOLFKVDJHQ ªVRVLQGHXUH+HOGHQ± 6WDWWGHUNUlIWLJHQUVWLJHQ5LWWHUGHU VFK|QHQ9RU]HLWVLQGHVZHLQHUOLFKHHUElUPOLFKH:HLFKOLQJHGHV =HLWDOWHUVGLHVLFKXQJH]LHPOLFKJHElUGHQXQGGDQQJODXEHQGDPLW VHLHVJHWDQ©± $OOHDXIWUHWHQGH5LWWHUGHU(VWDYDMHOOGHU/DVDUUD HWFJLQJHQLQJHZ|KQOLFKHQ)UDFNVXQGKDWWHQQXU)HOGELQGHQ GDUEHUJHKlQJWVRZLHHLQSDDU)HGHUQDXIGHQ+WHQ± (LQHJDQ] KHUUOLFKH(LQULFKWXQJGLHYRQJURHQ%KQHQQDFKJHDKPW]X ZHUGHQYHUGLHQWHIDQGDXFKQRFKVWDWW± ,FKZLOOVLHKHUVFKUHLEHQ GDPLWLFKVLHQLHDXVGHP*HGlFKWQLVYHUOLHUH± 1LFKWJHQXJNRQQWH LFKPLFKQlPOLFKEHUGLHJURH3Ul]LVLRQLP$XIWUHWHQXQG $EJHKHQEHUGHQ(LQNODQJGHV*DQ]HQZXQGHUQGDGRFKGLH:DKO GHV6WFNVGHP3XEOLNXPEHUODVVHQGLH*HVHOOVFKDIWGDKHURKQH VRQGHUOLFKH9RUEHUHLWXQJDXIHLQH0HQJHYRQ6WFNHQJHIDWVHLQ PXWH(QGOLFKDQHLQHUHWZDVSRVVLHUOLFKHQXQGZLHHVVFKLHQ JDQ]XQZLOONUOLFKHQ%HZHJXQJHLQHV6FKDXVSLHOHUVLQGHU.XOLVVH EHPHUNWHLFKPLWEHZDIIQHWHP$XJHGDYRQGHQ)HQGHU 6FKDXVSLHOHUXQG6FKDXVSLHOHULQQHQIHLQH6FKQUHLQGHQ 6RXIIOHXUNDVWHQOLHIHQGLHDQJH]RJHQZXUGHQZHQQVLHNRPPHQ RGHUJHKHQVROOWHQ± (LQJXWHU'LUHNWRUGHUYRU]JOLFKZLOOGD DOOHVQDFKVHLQHQHLJHQHQLQGLYLGXHOOHQ(LQ XQG$QVLFKWHQDXIGHP 7KHDWHUJHKHQVROON|QQWHGDVQXQZHLWHUWUHLEHQ± HUN|QQWHVR ZLHPDQEHLGHU5HLWHUHL]XGHQYHUVFKLHGHQHQ0DQ|YHUV VRJHQDQQWH5XIH 7URPSHWHQVW|H KDWGHQHQVRJDUGLH3IHUGH DXJHQEOLFNOLFKIROJHQHEHQVRIUGLHYHUVFKLHGHQVWHQ3RVLWXUHQ± $XVUXIH± 6FKUHLH± +HEHQ ± 6LQNHQODVVHQGHU6WLPPHXVZ± YHUVFKLHGHQH=JHHUILQGHQXQGVLHQHEHQGHP6RXIIOHXUVLW]HQG PLW1XW]HQDSSOL]LHUHQ
'DVJU|WHPLWDXJHQEOLFNOLFKHU(QWODVVXQJDOVGHP]LYLOHQ7RGH]X EHVWUDIHQGH9HUVHKHQHLQHV6FKDXVSLHOHUVZlUHGDQQZHQQGHU 'LUHNWRULKPPLW5HFKWYRUZHUIHQN|QQWHHUKDEHEHUGLH6FKQXU JHKDXHQXQGGDVJU|WH/REHLQHUJDQ]HQ'DUVWHOOXQJHVVHLDOOHV UHFKWQDFKGHU6FKQXUJHJDQJHQ
*URH'LFKWHU XQG.QVWOHUVLQGDXFKIUGHQ7DGHOXQWHUJHRUGQHWHU 1DWXUHQHPSILQGOLFK± 6LHODVVHQVLFKJDU]XJHUQOREHQDXI +lQGHQWUDJHQKlWVFKHOQ± *ODXEWLKUGHQQGDGLHMHQLJH(LWHONHLW YRQGHULKUVRRIWEHIDQJHQLQKRKHQ*HPWHUQZRKQHQN|QQH"± $EHUMHGHVIUHXQGOLFKH:RUWMHGHVZRKOZROOHQGH%HPKHQ EHVFKZLFKWLJWGLHLQQHUH6WLPPHGLHGHPZDKUHQ.QVWOHU XQDXIK|UOLFK]XUXIH ª:LHLVWGRFKGHLQ)OXJQRFKVRQLHGULJQRFK VRYRQGHU.UDIWGHV,UGLVFKHQJHOlKPW± UWWOHIULVFKGLH)LWWLFKH XQGVFKZLQJHGLFKDXI]XGHQOHXFKWHQGHQ6WHUQHQ©± 8QGYRQGHU 6WLPPHJHWULHEHQLUUWGHU.QVWOHURIWXPKHUXQGNDQQVHLQH +HLPDWQLFKWZLHGHUILQGHQELVGHU)UHXQGH=XUXILKQZLHGHUDXI :HJXQG6WHJOHLWHW
:HQQLFKLQ)RUNHOVPXVLNDOLVFKHU%LEOLRWKHNGLHQLHGULJH VFKPlKHQGH%HXUWHLOXQJYRQ*OXFNVª,SKLJHQLDLQ$XOLV©OHVHZLUG PHLQ*HPWYRQGHQVRQGHUEDUVWHQ(PSILQGXQJHQLP,QQHUVWHQ EHZHJW:LHPDJGHUJURHKHUUOLFKH0DQQODVHUMHQHVDEVXUGH *HVFKZlW]GRFKHEHQYRQGHPXQEHKDJOLFKHQ*HIKOHUJULIIHQ ZRUGHQVHLQZLHHLQHUGHULQHLQHPVFK|QHQ3DUN]ZLVFKHQ %OXPHQXQG%OWHQOXVWZDQGHOQGYRQVFKUHLHQGHQEHOOHQGHQ .OlIIHUQDQJHIDOOHQZLUGGLHRKQHLKPQXUGHQPLQGHVWHQ EHGHXWHQGHQ6FKDGHQ]XIJHQ]XN|QQHQLKPGRFKDXIGLH XQHUWUlJOLFKVWH:HLVHOlVWLJVLQG$EHUZLHPDQLQGHU=HLWGHV HUIRFKWHQHQ6LHJHVJHUQYRQGHQLKPYRUKHUJHJDQJHQHQ %HGUlQJQLVVHQXQG*HIDKUHQK|UWHEHQGDUXPZHLOVLHVHLQHQ *ODQ]QRFKHUK|KHQVRHUKHEWHVDXFK6HHOHXQG*HLVWQRFKGLH 8QJHWPH]XEHVFKDXHQEHUGLHGHU*HQLXVVHLQ6LHJHVSDQLHU VFKZDQJGDVLHXQWHUJLQJHQLQLKUHUHLJQHQ6FKPDFK± 7U|VWHW HXFK± LKU8QHUNDQQWHQLKUYRQGHP/HLFKWVLQQYRQGHU8QELOOGHV =HLWJHLVWHV*HEHXJWHQ HXFK LVWJHZLVVHU 6LHJYHUKHLHQXQGGHU LVWHZLJGDHXHUHUPGHQGHU.DPSI QXUYRUEHUJHKHQGZDU
0DQHU]lKOWQDFKGHPGHU6WUHLWGHU*OXFNLVWHQXQG3LFFLQLVWHQVLFK HWZDVDEJHNKOWKDWWHVHLHVLUJHQGHLQHPYRUQHKPHQ9HUHKUHUGHU .XQVWJHOXQJHQ*OXFNXQG3LFFLQLLQHLQHU$EHQGJHVHOOVFKDIW ]XVDPPHQ]XEULQJHQXQGQXQKDEHGHURIIHQH7HXWVFKH]XIULHGHQ HLQPDOGHQE|VHQ6WUHLWJHHQGHW]XVHKHQLQHLQHUIU|KOLFKHQ :HLQODXQHGHP,WDOLHQHUVHLQHQJDQ]HQ0HFKDQLVPXVGHU .RPSRVLWLRQVHLQ*HKHLPQLVGLH0HQVFKHQXQGYRU]JOLFKGLH YHUZ|KQWHQ)UDQ]RVHQ]XHUKHEHQXQG]XUKUHQHQWGHFNW ± 0HORGLHQLQDOWIUDQ]|VLVFKHP6WLO± WHXWVFKH$UEHLWGDULQVROOWHHV OLHJHQ$EHUGHUVLQQLJHJHPWOLFKHLQVHLQHU$UWJURH3LFFLQL GHVVHQ&KRUGHU3ULHVWHUGHU1DFKWLQGHUª'LGR©LQPHLQHP ,QQHUVWHQPLWVFKDXHUOLFKHQ7|QHQZLGHUKDOOWKDWGRFKNHLQH ª$UPLGD©NHLQHª,SKLJHQLD©ZLH*OXFNJHVFKULHEHQ± %HGUIWHHV GHQQQXUJHQDX]XZLVVHQZLH5DIIDHOVHLQH*HPlOGHDQOHJWHXQG DXVIKUWHXPVHOEVWHLQ5DIIDHO]XVHLQ"
.HLQ*HVSUlFKEHUGLH.XQVWNRQQWHKHXWHDXINRPPHQ± QLFKW HLQPDOGDVKLPPOLVFKH*HVFKZlW]XPQLFKWVEHUQLFKWVGDVLFKVR JHUQPLW)UDXHQ]LPPHUQIKUHZHLOPLUHVGDQQQXUZLHGLH]XIlOOLJ EHJOHLWHQGH6WLPPH]XHLQHUJHKHLPHQDEHUYRQMHGHUGHXWOLFK JHDKQWHQ0HORGLHYRUNRPPWZROOWHUHFKWIRUW DOOHVJLQJXQWHULQ GHU3ROLWLN ± 'DVDJWHMHPDQGGHU0LQLVWHU±U± KDEHGHQ 9RUVWHOOXQJHQGHV±V± +RIHVNHLQ*HK|UJHJHEHQ1XQZHLLFKGD MHQHU0LQLVWHUZLUNOLFKDXIHLQHP2KUHJDUQLFKWK|UWXQGLQGHP $XJHQEOLFNVWDQGHLQ%LOGLQJURWHVNHQ=JHQPLUYRU$XJHQ ZHOFKHVPLFKGHQJDQ]HQ$EHQGQLFKWZLHGHUYHUOLH± ,FKVDK QlPOLFKMHQHQ0LQLVWHULQGHU0LWWHGHV=LPPHUVWHLIGDVWHKHQ± GHU ±VFKH8QWHUKlQGOHUEHILQGHWVLFKXQJOFNOLFKHUZHLVHDQGHUWDXEHQ 6HLWHGHUDQGHUHDQGHUK|UHQGHQ± 1XQZHQGHQEHLGHDOOHQXU HUVLQQOLFKHQ0LWWHO5lQNHXQG6FKZlQNHDQHLQHUGDGLH ([]HOOHQ]VLFKXPGUHKHGHUDQGHUHGDGLH([]HOOHQ]VWHKHQEOHLEH GHQQQXUGDYRQKlQJWGHU(UIROJGHU6DFKHDE DEHUGLH([]HOOHQ] EOHLEWZLHHLQHWHXWVFKH(LFKHIHVWHLQJHZXU]HOWDXILKUHU6WHOOHXQG GDV*OFNLVWGHPJQVWLJGHUGLHK|UHQGH 6HLWHWUDI
:HOFKHU.QVWOHUKDWVLFKVRQVWXPGLHSROLWLVFKHQ(UHLJQLVVHGHV 7DJHVEHNPPHUW± HUOHEWHQXULQVHLQHU.XQVWXQGQXULQLKU VFKULWWHUGXUFKGDV/HEHQ DEHUHLQHYHUKlQJQLVYROOHVFKZHUH=HLW KDWGHQ 0HQVFKHQPLWHLVHUQHU)DXVWHUJULIIHQXQGGHU6FKPHU] SUHWLKP/DXWHDXVGLHLKPVRQVWIUHPGZDUHQ
0DQVSULFKWVRYLHOYRQGHU%HJHLVWHUXQJGLHGLH.QVWOHUGXUFKGHQ *HQXVWDUNHU*HWUlQNHHU]ZLQJHQ± PDQQHQQW0XVLNHUXQG 'LFKWHUGLHQXUVRDUEHLWHQN|QQHQ GLH0DOHUVLQGYRQGHP 9RUZXUIHVRYLHOLFKZHLIUHLJHEOLHEHQ ± ,FKJODXEHQLFKWGDUDQ± DEHUJHZLLVWHVGDHEHQLQGHUJOFNOLFKHQ6WLPPXQJLFK P|FKWHVDJHQLQGHUJQVWLJHQ.RQVWHOODWLRQZHQQGHU*HLVWDXV GHP%UWHQ LQGDV6FKDIIHQ EHUJHKWGDVJHLVWLJH*HWUlQNGHQ UHJHUHQ8PVFKZXQJGHU,GHHQEHI|UGHUW± (VLVWJHUDGHNHLQHGOHV %LOGDEHUPLUNRPPWGLH3KDQWDVLHKLHUYRUZLHHLQ0KOUDG ZHOFKHVGHUVWlUNHUDQVFKZHOOHQGH6WURPVFKQHOOHUWUHLEW± GHU 0HQVFKJLHW:HLQDXIXQGGDV*HWULHEHLP,QQHUQGUHKWVLFK UDVFKHU± (VLVWZRKOKHUUOLFKGDHLQHHGOH)UXFKWGDV*HKHLPQLV LQVLFKWUlJWGHQPHQVFKOLFKHQ*HLVWLQVHLQHQHLJHQVWHQ$QNOlQJHQ DXIHLQHZXQGHUEDUH:HLVH]XEHKHUUVFKHQ± $EHUZDVLQGLHVHP $XJHQEOLFNHGDYRUPLULP*ODVHGDPSIWLVWMHQHV*HWUlQNGDV QRFKZLHHLQJHKHLPQLVYROOHU)UHPGHUGHUXPXQHUNDQQW]X EOHLEHQEHUDOOVHLQHQ1DPHQZHFKVHOWNHLQHDOOJHPHLQH %HQHQQXQJKDWXQGGXUFKGHQ 3UR]HHU]HXJWZLUGZHQQPDQ .RJQDN$UUDNRGHU5XPDQ]QGHWXQGDXIHLQHP5RVWGDUEHU JHOHJWHQ=XFNHUKLQHLQWU|SIHOQOlW± 'LH%HUHLWXQJXQGGHUPlLJH *HQXGLHVHV*HWUlQNHVKDWIUPLFKHWZDV:RKOWlWLJHVXQG (UIUHXOLFKHV± :HQQVRGLHEODXH)ODPPHHPSRU]XFNWVHKHLFKZLH GLH6DODPDQGHUJOKHQGXQGVSUKHQGKHUDXVIDKUHQXQGPLWGHQ (UGJHLVWHUQNlPSIHQGLHLP=XFNHUZRKQHQ'LHVHKDOWHQVLFK WDSIHU VLHNQLVWHUQLQJHOEHQ/LFKWHUQGXUFKGLH)HLQGHDEHUGLH 0DFKWLVW]XJURVLHVLQNHQSUDVVHOQGXQG]LVFKHQGXQWHU± GLH :DVVHUJHLVWHUHQWIOLHKHQVLFKLP'DPSIHHPSRUZLUEHOQGLQGHPGLH (UGJHLVWHUGLHHUVFK|SIWHQ6DODPDQGHUKHUDE]LHKHQXQGLPHLJQHQ 5HLFKHYHU]HKUHQ DEHUDXFKVLHJHKHQXQWHUXQGNHFNH QHXJHERUQH*HLVWHUFKHQVWUDKOHQLQJOKHQGHP5RWKHUDXIXQGZDV 6DODPDQGHUXQG(UGJHLVWLP.DPSIHXQWHUJHKHQGJHERUHQKDWGHV
6DODPDQGHUV*OXWXQGGHV(UGJHLVWHVJHKDOWLJH.UDIW± 6ROOWHHV ZLUNOLFKJHUDWHQVHLQGHPLQQHUQ3KDQWDVLH5DGH*HLVWLJHV DXI]XJLHHQ ZHOFKHVLFKGRFKPHLQHGDHVGHP.QVWOHUQlFKVW GHPUDVFKHUHQ6FKZXQJHGHU,GHHQHLQHJHZLVVH%HKDJOLFKNHLWMD )U|KOLFKNHLWJLEWGLHGLH$UEHLWHUOHLFKWHUW VRN|QQWHPDQ RUGHQWOLFKUFNVLFKWVGHU*HWUlQNHJHZLVVH3ULQ]LSHDXIVWHOOHQ6R ZUGHLFK] %EHLGHU.LUFKHQPXVLNDOWH5KHLQ XQG)UDQ]ZHLQH EHLGHUHUQVWHQ2SHUVHKUIHLQHQ%XUJXQGHUEHLGHUNRPLVFKHQ2SHU &KDPSDJQHUEHL.DQ]RQHWWHQLWDOLHQLVFKHIHXULJH:HLQHEHLHLQHU K|FKVWURPDQWLVFKHQ.RPSRVLWLRQZLHGLHGHVª'RQ-XDQ©LVWDEHU HLQPlLJHV*ODVYRQHEHQGHPYRQ6DODPDQGHUXQG(UGJHLVW HU]HXJWHQ*HWUlQNDQUDWHQ± 'RFKEHUODVVHLFKMHGHPVHLQH LQGLYLGXHOOH0HLQXQJXQGILQGHQXUQ|WLJIUPLFKVHOEVWLPVWLOOHQ]X EHPHUNHQGDGHU*HLVWGHUYRQ/LFKWXQGXQWHULUGLVFKHP)HXHU JHERUHQVRNHFNGHQ0HQVFKHQEHKHUUVFKWJDUJHIlKUOLFKLVWXQG PDQVHLQHU)UHXQGOLFKNHLWQLFKWWUDXHQGDUIGDHUVFKQHOOGLH0LHQH lQGHUWXQGVWDWWGHVZRKOWXHQGHQEHKDJOLFKHQ)UHXQGHV]XP IXUFKWEDUHQ7\UDQQHQZLUG
(VZXUGHKHXWHGLHEHNDQQWH$QHNGRWHYRQGHPDOWHQ5DPHDX HU]lKOWGHU]XGHP*HLVWOLFKHQZHOFKHULKQLQGHU7RGHVVWXQGHPLW DOOHUOHLKDUWHQXQIUHXQGOLFKHQ:RUWHQ]XU%XHHUPDKQWHXQGQLFKW DXIK|UHQNRQQWH]XSUHGLJHQXQG]XVFKUHLHQHUQVWOLFKVDJWH ª$EHU ZLHP|JHQ(Z +RFKZUGHQGRFKVRIDOVFKVLQJHQ©± ,FKKDEH QLFKWLQGDVODXWH*HOlFKWHUGHU*HVHOOVFKDIWHLQVWLPPHQN|QQHQ GHQQIUPLFKKDWGLH*HVFKLFKWHHWZDVXQJHPHLQ5KUHQGHV± :LH KDWWHGDGHUDOWH0HLVWHUGHU7RQNXQVWEHLQDKHVFKRQDOOHV,UGLVFKH DEJHVWUHLIWVLFKVHLQ*HLVWVRJDQ]XQGJDUGHUJ|WWOLFKHQ0XVLN ]XJHZHQGHWGDMHGHUVLQQOLFKH(LQGUXFNYRQDXHQKHUQXUHLQ 0LNODQJZDUGHUGLHUHLQHQ+DUPRQLHQYRQGHQHQVHLQ,QQHUHV HUIOOWXQWHUEUHFKHQGLKQTXlOWHXQGVHLQHQ)OXJ]XU/LFKWZHOW KHPPWH
,QNHLQHU.XQVWLVWGLH7KHRULHVFKZlFKHUXQGXQ]XUHLFKHQGHUDOVLQ GHU0XVLNGLH5HJHOQGHV.RQWUDSXQNWVEH]LHKHQVLFK QDWUOLFKHUZHLVHQXUDXIGLHKDUPRQLVFKH6WUXNWXUXQGHLQGDQDFK ULFKWLJDXVJHDUEHLWHWHU6DW]LVWGLHQDFKGHQEHVWLPPWHQ5HJHOQGHV
9HUKlOWQLVVHVULFKWLJHQWZRUIHQH=HLFKQXQJGHV0DOHUV$EHUEHL GHP.RORULWLVWGHU0XVLNHUJDQ]YHUODVVHQ GHQQGDV LVWGLH ,QVWUXPHQWLHUXQJ± 6FKRQGHUXQHUPHOLFKHQ9DULHWlW PXVLNDOLVFKHU6lW]HZHJHQLVWHVXQP|JOLFKKLHUQXUHLQH5HJHO ]X ZDJHQDEHUDXIHLQHOHEHQGLJHGXUFK(UIDKUXQJJHOlXWHUWH 3KDQWDVLHJHVWW]WNDQQPDQZRKO$QGHXWXQJHQJHEHQXQGGLHVH ]\NOLVFKJHIDWZUGHLFK0\VWLNGHU,QVWUXPHQWHQHQQHQ'LH .XQVWJHK|ULJHQ2UWVEDOGPLWGHPYROOHQ2UFKHVWHUEDOGPLW HLQ]HOQHQ,QVWUXPHQWHQ]XZLUNHQLVWGLHPXVLNDOLVFKH3HUVSHNWLYH VRZLHGLH0XVLNGHQYRQGHU0DOHUHLLKUHQWOHKQWHQ$XVGUXFN7RQ ZLHGHU]XUFNQHKPHQXQGLKQYRQ7RQDUW XQWHUVFKHLGHQNDQQ,P ]ZHLWHQK|KHUHQ6LQQZlUHGDQQ7RQHLQHV6WFNV GHUWLHIHUH &KDUDNWHUGHUGXUFKGLHEHVRQGHUH%HKDQGOXQJGHV*HVDQJHVGHU %HJOHLWXQJGHUVLFKDQVFKPLHJHQGHQ)LJXUHQXQG0HOLVPHQ DXVJHVSURFKHQZLUG
(VLVWHEHQVRVFKZHUHLQHQJXWHQOHW]WHQ$NW]XPDFKHQDOVHLQHQ WFKWLJHQ.HUQVFKOX± %HLGHVLQGJHZ|KQOLFKPLW)LJXUHQ EHUKlXIWXQGGHU9RUZXUI HUNDQQQLFKW]XP6FKOXNRPPHQLVW RIWQXU]XJHUHFKW)U'LFKWHUXQG0XVLNHULVWHVNHLQEOHU 9RUVFKODJEHLGHGHQOHW]WHQ$NWXQGGDV)LQDOH]XHUVW ]XPDFKHQ 'LH2XYHUWUHVRZLHGHU3URORJXVPXXQEHGLQJW]XOHW]WJHPDFKW ZHUGHQ
'HUYROONRPPHQH0DVFKLQLVW
$OVLFKQRFKLQ
GLH2SHUGLULJLHUWHWULHEHQPLFKRIW/XVWXQG /DXQHDXIGDV7KHDWHU LFKEHNPPHUWHPLFKYLHOXPGDV 'HNRUDWLRQV XQG0DVFKLQHQZHVHQXQGLQGHPLFKODQJH=HLWJDQ] LPVWLOOHQEHUDOOHVZDVLFKVDK%HWUDFKWXQJHQDQVWHOOWH HU]HXJWHQVLFKPLU5HVXOWDWHGLHLFK]XP1XW]XQG)URPPHQGHU 'HNRUDWHXUVXQGGHU0DVFKLQLVWHQVRZLHGHVJDQ]HQ3XEOLNXPVJHUQ LQHLQHPHLJQHQ7UDNWlWOHLQDQV/LFKWVWHOOHQP|FKWHXQWHUGHP 7LWHO ª-RKDQQHV.UHLVOHUVYROONRPPHQHU0DVFKLQLVWXVZ©$EHUZLH HVLQGHU:HOW]XJHKHQSIOHJWGHQVFKlUIVWHQ:LOOHQVWXPSIWGLH =HLWDEXQGZHUZHLREEHLJHK|ULJHU0XHGLHGDVZLFKWLJH WKHRUHWLVFKH:HUNHUIRGHUWPLUDXFKGLH/DXQHNRPPHQZLUGHV ZLUNOLFK]XVFKUHLEHQ8PQXQGDKHUZHQLJVWHQVGLHHUVWHQ3ULQ]LSH GHUYRQPLUHUIXQGHQHQKHUUOLFKHQ7KHRULHGLHYRU]JOLFKVWHQ,GHHQ YRP8QWHUJDQJH]XUHWWHQVFKUHLEHLFKVRYLHOLFKYHUPDJQXUDOOHV UKDSVRGLVFKKLQXQGGHQNHDXFKGDQQ 6DSLHQWLVDW )UVHUVWHYHUGDQNHLFKHVPHLQHP$XIHQWKDOWHLQ
GDLFKYRQ PDQFKHPJHIlKUOLFKHQ,UUWXPLQGHQLFKELVKHUYHUVXQNHQJlQ]OLFK JHKHLOWZRUGHQVRZLHLFKDXFKGLHNLQGLVFKH$FKWXQJIU3HUVRQHQ GLHLFKVRQVWIUJURXQGJHQLDOJHKDOWHQJlQ]OLFKYHUORUHQ1lFKVW HLQHUDXIJHGUXQJHQHQDEHUVHKUKHLOVDPHQ*HLVWHVGLlWEHZLUNWH PHLQH*HVXQGKHLWGHUPLUDQJHUDWHQHIOHLLJH*HQXGHVlXHUVW NODUHQUHLQHQ:DVVHUVGDVLQDXVYLHOHQ4XHOOHQYRU]JOLFKEHL GHP7KHDWHU± QLFKWVSUXGHOW"± QHLQ± VRQGHUQVDQIWXQGOHLVH GDKHUULQQW 6RGHQNHLFKQRFKPLWZDKUHULQQHUHU6FKDPDQGLH$FKWXQJMDGLH NLQGLVFKH9HUHKUXQJGLHLFKIUGHQ'HNRUDWHXUVRZLHIUGHQ 0DVFKLQLVWHQGHVU7KHDWHUVKHJWH%HLGHJLQJHQYRQGHP W|ULFKWHQ*UXQGVDW]DXV'HNRUDWLRQHQXQG0DVFKLQHQPWHQ XQPHUNOLFKLQGLH'LFKWXQJHLQJUHLIHQXQGGXUFKGHQ7RWDOHIIHNW PWHGDQQGHU=XVFKDXHUZLHDXIXQVLFKWEDUHQ)LWWLFKHQJDQ]DXV GHP7KHDWHUKHUDXVLQGDVSKDQWDVWLVFKH/DQGGHU3RHVLHJHWUDJHQ ZHUGHQ6LHPHLQWHQQLFKWJHQXJZlUHHVGLH]XUK|FKVWHQ ,OOXVVLRQPLWWLHIHU.HQQWQLVXQGJHUHLQLJWHP*HVFKPDFN DQJHRUGQHWHQ'HNRUDWLRQHQGLHPLW]DXEHULVFKHUGHP=XVFKDXHU XQHUNOlUEDUHU.UDIWZLUNHQGHQ0DVFKLQHQDQ]XZHQGHQVRQGHUQ
JDQ]YRU]JOLFKNlPHHVDXFKGDUDXIDQDOOHVDXFKGDV*HULQJVWH ]XYHUPHLGHQZDVGHPEHDEVLFKWLJWHQ7RWDOHIIHNWHQWJHJHQOLHIH 1LFKWHLQHZLGHUGHQ6LQQGHV'LFKWHUVJHVWHOOWH'HNRUDWLRQQHLQ± RIWQXUHLQ]XU8Q]HLWKHUYRUJXFNHQGHU%DXP± MDHLQHLQ]LJHU KHUYRUKlQJHQGHU6WULFN]HUVW|UHDOOH7lXVFKXQJ± (VVHLJDU VFKZHUVDJWHQVLHIHUQHUGXUFKJUDQGLRVJHKDOWHQH9HUKlOWQLVVH GXUFKHLQHHGOH(LQIDFKKHLWGXUFKGDVNQVWOLFKH%HUDXEHQMHGHV 0HGLXPVGLHHLQJHELOGHWHQ *U|HQGHU'HNRUDWLRQPLWZLUNOLFKHQ ] %PLWGHQDXIWUHWHQGHQ3HUVRQHQ ]XYHUJOHLFKHQXQGVRGHQ 7UXJ]XHQWGHFNHQGXUFKJlQ]OLFKHV9HUEHUJHQGHV0HFKDQLVPXV GHU0DVFKLQHQGHQ=XVFKDXHULQGHULKPZRKOWXHQGHQ7lXVFKXQJ]X HUKDOWHQ+lWWHQGDKHUVHOEVW'LFKWHUGLHGRFKVRQVWJHUQLQGDV 5HLFKGHU3KDQWDVLHHLQJHKHQJHUXIHQ ª*ODXEWLKUGHQQGDHXUH OHLQZDQGHQHQ%HUJHXQG3DOlVWHHXUHVWU]HQGHQEHPDOWHQ%UHWWHU XQVQXUHLQHQ0RPHQWWlXVFKHQN|QQHQLVWHXHU3ODW]DXFKQRFKVR JUR"©± VRKDEHHVLPPHUDQGHU(LQJHVFKUlQNWKHLWGHU 8QJHVFKLFNOLFKNHLWLKUHUPDOHQGHQXQGEDXHQGHQ.ROOHJHQJHOHJHQ GLHVWDWWLKUH$UEHLWHQLPK|KHUQSRHWLVFKHQ6LQQDXI]XIDVVHQGDV 7KHDWHUVHLHVDXFKQRFKVRJURJHZHVHQZRUDXIHVQLFKWHLQPDO VRVHKUZLHPDQJODXEHDQNRPPH]XPHUElUPOLFKHQ*XFNNDVWHQ KHUDEJHZUGLJWKlWWHQ,QGHU7DWZDUHQDXFKGLHWLHIHQ VFKDXHUOLFKHQ:lOGHUGLHXQDEVHKEDUHQ.RORQQDGHQGLHJRWLVFKHQ 'RPHMHQHV'HNRUDWHXUVYRQKHUUOLFKHU:LUNXQJ± PDQGDFKWH JHZLQLFKWDQ0DOHUHLXQG/HLQZDQG GHV0DVFKLQLVWHQ XQWHULUGLVFKH'RQQHUVHLQH(LQVWU]HKLQJHJHQHUIOOWHQGDV*HPW PLW*UDXVHQXQG(QWVHW]HQXQGVHLQH)OXJZHUNHVFKZHEWHQOXIWLJ XQGGXIWLJYRUEHU± +LPPHOZLHKDWWHQGRFKGLHVHJXWHQ/HXWH WURW]LKUHV:HLVKHLWVNUDPVHLQHVRJlQ]OLFK IDOVFKH7HQGHQ]± 9LHOOHLFKWODVVHQVLHZHQQVLHGLHVHVOHVHQVROOWHQYRQLKUHQ RIIHQEDUVFKlGOLFKHQ3KDQWDVWHUHLHQDEXQGNRPPHQVRZLHLFK]X HLQLJHU9HUQXQIW± ,FKZLOOPLFKQXQOLHEHUJOHLFKDQVLHVHOEVW ZHQGHQXQGYRQGHU*DWWXQJWKHDWUDOLVFKHU'DUVWHOOXQJHQUHGHQLQ GHULKUH.QVWHDPPHKUVWHQLQ$QVSUXFKJHQRPPHQZHUGHQ± LFK PHLQHGLH2SHU± =ZDUKDEHLFKHVHLJHQWOLFKQXUPLWGHP 0DVFKLQLVWHQ]XWXQDEHUGHU'HNRUDWHXUNDQQDXFKVHLQ7HLOGDUDXV OHUQHQ$OVR 0HLQH+HUUHQ
+DEHQ6LHHV QLFKWYLHOOHLFKWVFKRQVHOEVWEHPHUNWVRZLOOLFKHV ,KQHQKLHUPLWHU|IIQHQGDGLH'LFKWHUXQG0XVLNHUVLFKLQHLQHP K|FKVWJHIlKUOLFKHQ%XQGHJHJHQGDV3XEOLNXPEHILQGHQ6LHKDEHQ HVQlPOLFKDXIQLFKWV*HULQJHUHVDEJHVHKHQDOVGHQ=XVFKDXHUDXV GHUZLUNOLFKHQ:HOWZRHVLKPGRFKUHFKWJHPWOLFKLVW KHUDXV]XWUHLEHQXQGZHQQVLHLKQYRQDOOHPLKPVRQVW%HNDQQWHQ XQG%HIUHXQGHWHQJlQ]OLFKJHWUHQQWLKQPLWDOOHQQXUP|JOLFKHQ (PSILQGXQJHQXQG/HLGHQVFKDIWHQGLHGHU*HVXQGKHLWK|FKVW QDFKWHLOLJ]XTXlOHQ'DPXHUODFKHQ± ZHLQHQ± HUVFKUHFNHQ VLFKIUFKWHQVLFKHQWVHW]HQZLHVLHHVQXUKDEHQZROOHQNXU]ZLH PDQLP6SULFKZRUW]XVDJHQSIOHJWJDQ]QDFKLKUHU3IHLIHWDQ]HQ 1XU]XRIWJHOLQJWLKQHQLKUHE|VH$EVLFKWXQGPDQKDWVFKRQRIW GLHWUDXULJVWHQ)ROJHQLKUHUIHLQGVHOLJHQ(LQZLUNXQJHQJHVHKHQ+DW GRFKVFKRQPDQFKHULP7KHDWHUDXJHQEOLFNOLFKDQGDVSKDQWDVWLVFKH =HXJLQGHU7DWJHJODXEW HVLVWLKPQLFKWHLQPDODXIJHIDOOHQGD GLH0HQVFKHQQLFKWUHGHQZLHDQGHUHHKUOLFKH/HXWHVRQGHUQ VLQJHQXQGPDQFKHV0lGFKHQKDWQRFKQDFKWVGDUDXIMDHLQSDDU 7DJHKLQGXUFKDOOHGLH(UVFKHLQXQJHQZHOFKH'LFKWHUXQG0XVLNHU RUGHQWOLFKKHUYRUJH]DXEHUWKDWWHQQLFKWDXV6LQQXQG*HGDQNHQ EULQJHQXQGNHLQ6WULFN RGHU6WLFNPXVWHUJHVFKHLWDXVIKUHQ N|QQHQ:HUDEHUVROOGLHVHP8QIXJYRUEHXJHQZHUVROOEHZLUNHQ GDGDV7KHDWHUHLQHYHUQQIWLJH(UKROXQJGDDOOHVVWLOOXQGUXKLJ EOHLEHGDNHLQHSV\FKLVFKXQGSK\VLVFKXQJHVXQGH/HLGHQVFKDIW HUUHJWZHUGH"± ZHUVROOGDVWXQ".HLQDQGHUHUDOV6LHPHLQH +HUUHQ,KQHQOLHJWGLHVH3IOLFKWDXI]XP%HVWHQGHUJHELOGHWHQ 0HQVFKKHLWJHJHQGHQ'LFKWHUXQG0XVLNHUVLFK]XYHUELQGHQ± .lPSIHQ6LHWDSIHUGHU6LHJLVWJHZL6LHKDEHQGLH0LWWHO EHUUHLFKOLFKLQ+lQGHQ± 'HUHUVWH*UXQGVDW]YRQGHP6LHLQ DOOHQ,KUHQ%HPKXQJHQDXVJHKHQPVVHQLVW .ULHJGHP'LFKWHU XQG0XVLNHU± =HUVW|UXQJLKUHUE|VHQ$EVLFKWGHQ=XVFKDXHUPLW 7UXJELOGHUQ]XXPIDQJHQXQGLKQDXVGHUZLUNOLFKHQ:HOW]XWUHLEHQ +LHUDXVIROJWGDLQHEHQGHP*UDGHDOVMHQH3HUVRQHQDOOHVQXU P|JOLFKHDQZHQGHQGHQ=XVFKDXHUYHUJHVVHQ]XODVVHQGDHULP 7KHDWHUVHL6LHGDJHJHQGXUFK]ZHFNPlLJH$QRUGQXQJGHU 'HNRUDWLRQHQXQG0DVFKLQHULHQLKQEHVWlQGLJDQGDV7KHDWHU HULQQHUQPVVHQ± 6ROOWHQ6LHPLFKQLFKWVFKRQMHW]WYHUVWHKHQ VROOWHHVGHQQQ|WLJVHLQ,KQHQQRFKPHKU]XVDJHQ"± $EHULFK ZHLHV6LHVLQGLQ,KUH3KDQWDVWHUHLHQVRKLQHLQJHUDWHQGDVHOEVW LQGHP)DOOZHQQ6LHPHLQHQ*UXQGVDW]IUULFKWLJDQHUNHQQHQ6LH GLHJHZ|KQOLFKVWHQ0LWWHOZHOFKHKHUUOLFK]XGHPEHDEVLFKWLJWHQ =ZHFNIKUHQQLFKWEHLGHU+DQGKDEHQZUGHQ,FKPX,KQHQ
GDKHUVFKRQZLHPDQ]XVDJHQSIOHJWZDVZHQLJHVDXIGLH6SUQJH KHOIHQ6LHJODXEHQ] %QLFKWYRQZHOFKHUXQZLGHUVWHKOLFKHQ :LUNXQJRIWVFKRQHLQHHLQJHVFKREHQHIUHPGH.XOLVVHLVW(UVFKHLQW VRHLQ6WXEHQ RGHU6DDOIUDJPHQWLQHLQHUGVWHUQ*UXIWXQGNODJW GLH3ULPD'RQQDLQGHQUKUHQGVWHQ7|QHQEHU*HIDQJHQVFKDIW XQG.HUNHUVRODFKWLKUGRFKGHU=XVFKDXHULQV)lXVWFKHQGHQQHU ZHLMDGHU0DVFKLQLVWGDUIQXUVFKHOOHQXQGHVLVWPLWGHP.HUNHU YRUEHLGHQQKLQWHQVWHFNWMDVFKRQGHUIUHXQGOLFKH6DDO1RFK EHVVHUVLQGDEHUIDOVFKH6RIILWWHQXQGREHQKHUDXVJXFNHQGH 0LWWHOYRUKlQJHLQGHPVLHGHUJDQ]HQ'HNRUDWLRQGLHVRJHQDQQWH :DKUKHLWGLHDEHUKLHUHEHQGHUVFKlQGOLFKVWH7UXJLVWEHQHKPHQ (VJLEWDEHUGRFK)lOOHZR'LFKWHUXQG0XVLNHUPLWLKUHQK|OOLVFKHQ .QVWHQGLH=XVFKDXHUVR]XEHWlXEHQZLVVHQGDVLHDXIDOOHVGDV QLFKWPHUNHQVRQGHUQJDQ]KLQJHULVVHQZLHLQHLQHUIUHPGHQ:HOW VLFKGHUYHUIKUHULVFKHQ/RFNXQJGHV3KDQWDVWLVFKHQKLQJHEHQ HV ILQGHWGLHVHVYRU]JOLFKEHLJURHQ6]HQHQYLHOOHLFKWJDUPLW HLQZLUNHQGHQ&K|UHQVWDWW,QGLHVHUYHU]ZHLIOXQJVYROOHQ/DJHJLEW HVHLQ0LWWHOGDVLPPHUGHQEHDEVLFKWLJWHQ=ZHFNHUIOOHQZLUG6LH ODVVHQGDQQJDQ]XQHUZDUWHW] %PLWWHQLQHLQHPOJEUHQ&KRU GHUVLFKXPGLHLP0RPHQWGHVK|FKVWHQ$IIHNWVEHJULIIHQHQ +DXSWSHUVRQHQJUXSSLHUWSO|W]OLFKHLQHQ0LWWHOYRUKDQJIDOOHQGHU XQWHUDOOHQVSLHOHQGHQ3HUVRQHQ%HVWU]XQJYHUEUHLWHWXQGVLH DXVHLQDQGHUWUHLEWVRGDPHKUHUHLP+LQWHUJUXQGHYRQGHQLP 3URV]HQLXPEHILQGOLFKHQWRWDODEJHVFKQLWWHQZHUGHQ,FKHULQQHUH PLFKLQHLQHP%DOOHWWGLHVHV0LWWHO]ZDUZLUNXQJVYROODEHUGRFK QLFKWJDQ]ULFKWLJDQJHZDQGWJHVHKHQ]XKDEHQ'LH3ULPD%DOOHULQD IKUWHHEHQLQGHPGHU&KRUGHU)LJXUDQWHQVHLWZlUWVJUXSSLHUWZDU HLQVFK|QHV6RORDXV HEHQDOVVLHLP+LQWHUJUXQGHLQHLQHU KHUUOLFKHQ6WHOOXQJYHUZHLOWHXQGGLH=XVFKDXHUQLFKWJHQXJ MDXFK]HQXQGMXEHOQNRQQWHQOLHGHU0DVFKLQLVWSO|W]OLFKHLQHQ 0LWWHOYRUKDQJYRUIDOOHQGHUVLHPLWHLQHP0DOHGHQ$XJHQGHV 3XEOLNXPVHQW]RJ$EHUXQJOFNOLFKHUZHLVHZDUHVHLQH6WXEHPLW HLQHUJURHQ7ULQGHU0LWWH HKHPDQVLFK VYHUVDKNDPGDKHUGLH HQWVFKORVVHQH7lQ]HULQJDUDQPXWLJGXUFKGLH7UKHUHLQJHKSIW XQGVHW]WHLKU6RORIRUWZRUDXIGHQQGHU0LWWHOYRUKDQJ]XP7URVW GHU)LJXUDQWHQZLHGHUDXIJLQJ/HUQHQ6LHKLHUDXVGDGHU 0LWWHOYRUKDQJNHLQH7UKDEHQEULJHQVDEHUPLWGHUVWHKHQGHQ 'HNRUDWLRQJUHOODEVWHFKHQPX,QHLQHUIHOVLFKWHQ(LQ|GHWXWHLQ 6WUDHQSURVSHNWLQHLQHP7HPSHOHLQILQVWHUHU:DOGVHKUJXWH 'LHQVWH6HKUQW]OLFKLVWHVDXFKYRU]JOLFKLQ0RQRORJHQRGHU NXQVWYROOHQ$ULHQZHQQHLQH6RIILWWHKHUXQWHU]XIDOOHQRGHUHLQH
.XOLVVHLQGDV7KHDWHU]XVWU]HQGURKWRGHUZLUNOLFKVWU]W GHQQ DXHUGHPGDGLH$XIPHUNVDPNHLWGHU=XVFKDXHUJDQ]YRQGHU 6LWXDWLRQGHV*HGLFKWVDEJH]RJHQZLUGVRHUUHJWDXFKGLH3ULPD 'RQQDRGHUGHU3ULPR+XRPRGHUYLHOOHLFKWHEHQDXIGHP7KHDWHU ZDUXQGKDUWEHVFKlGLJW]XZHUGHQ*HIDKUOLHIGLHJU|HUHUHJHUH 7HLOQDKPHGHV3XEOLNXPVXQGZHQQEHLGHQDFKKHUQRFKVRIDOVFK VLQJHQVRKHLWHV ª'LHDUPH)UDXGHUDUPH0HQVFKGDVNRPPW YRQGHUDXVJHVWDQGHQHQ$QJVW©XQGPDQDSSODXGLHUWJHZDOWLJ 0DQNDQQDXFK]XU(UUHLFKXQJGLHVHV=ZHFNVQlPOLFKGHQ =XVFKDXHUYRQGHQ3HUVRQHQGHV*HGLFKWVDEXQGDXI GLH 3HUV|QOLFKNHLWGHU6FKDXVSLHOHU]XOHQNHQPLW1XW]HQJDQ]HDXI GHP7KHDWHUVWHKHQGH*HUVWHHLQVWU]HQODVVHQ6RHULQQHUHLFK PLFKGDHLQPDOLQGHUª&DPLOOD©GHUSUDNWLNDEOH*DQJXQGGLH 7UHSSH]XUXQWHULUGLVFKHQ*UXIWLQGHP$XJHQEOLFNHDOVHEHQ DOOH]X &DPLOODV5HWWXQJKHUEHLHLOHQGHQ3HUVRQHQGDUDXIEHILQGOLFKZDUHQ HLQVWU]WH± 'DVZDUHLQ5XIHQ± HLQ6FKUHLHQ± HLQ%HNODJHQLP 3XEOLNXPXQGDOVQXQHQGOLFKYRP7KHDWHUKHUDEYHUNQGLJWZXUGH HVKDEHQLHPDQGEHGHXWHQGHQ6FKDGHQJHQRPPHQXQGPDQZHUGH IRUWVSLHOHQPLWZHOFKHU7HLOQDKPHZXUGHQXQGHU6FKOXGHU2SHU JHK|UWGLHDEHUZLHHVDXFKVHLQVROOWHQLFKWPHKUGHQ3HUVRQHQ GHV6WFNVVRQGHUQGHQLQ$QJVWXQG6FKUHFNHQJHVHW]WHQ 6FKDXVSLHOHUQJDOW'DJHJHQLVWHVXQUHFKWGLH6FKDXVSLHOHUKLQWHU GHQ.XOLVVHQLQ*HIDKU]XVHW]HQGHQQDOOH:LUNXQJIlOOWMDYRQ VHOEVWZHJZHQQHVQLFKWYRUGHQ$XJHQGHV3XEOLNXPVJHVFKLHKW 'LH+lXVHUDXVGHUHQ)HQVWHUQJHJXFNWGLH%DONRQVYRQGHQHQ KHUDEGLVNXWLHUWZHUGHQVROOPVVHQGDKHUVRQLHGULJ DOVP|JOLFK JHPDFKWZHUGHQGDPLWHVNHLQHUKRKHQ/HLWHURGHUNHLQHVKRKHQ *HUVWHV]XP+LQDXIVWHLJHQEHGDUI*HZ|KQOLFKNRPPWGHUGHU HUVWREHQGXUFKGDV)HQVWHUJHVSURFKHQGDQQXQWHQ]XU7U KHUDXVXQGXP,KQHQPHLQH%HUHLWZLOOLJNHLW]X]HLJHQZLHJHUQLFK PLWDOOHQPHLQHQJHVDPPHOWHQ.HQQWQLVVHQ]X,KUHP%HVWHQ KHUDXVUFNHVHW]HLFK,KQHQGLH'LPHQVLRQHQHLQHVVROFKHQ SUDNWLNDEOHQ+DXVHVPLW)HQVWHUXQG7UKHUZLHLFKVLHYRQGHQ 7KHDWHUQLQ
HQWQRPPHQ+|KHGHU7U )X=ZLVFKHQUDXPELV ]XP )HQVWHUò )+|KHGHV)HQVWHUV )ELV]XP'DFKHó ) 'DFKò )0DFKW]XVDPPHQ ó ):LUKDWWHQHLQHQHWZDVJURHQ 6FKDXVSLHOHUGHUGXUIWHZHQQHUGHQ%DUWKRORLPª%DUELHUYRQ 6HYLOLHQ©VSLHOWHQXUDXIHLQH)XEDQNVWHLJHQXPDXVGHP)HQVWHU ]XJXFNHQXQGDOVHLQPDO]XIlOOLJXQWHQGLH7UDXIJLQJVDKPDQ GLHODQJHQURWHQ%HLQHXQGZDUQXUEHVRUJWZLHHUHVPDFKHQ ZUGHXPGXUFKGLH7U]XNRPPHQ6ROOWHHVQLFKWQW]OLFKVHLQ
GHQ6FKDXVSLHOHUQGLHSUDNWLNDEHOQ+lXVHU7UPH%XUJYHVWHQ DQ]XPHVVHQ"± (VLVWVHKUXQUHFKWGXUFKHLQHQSO|W]OLFKHQ'RQQHU GXUFKHLQHQ6FKXRGHUGXUFKHLQDQGHUHVSO|W]OLFKHV*HW|VHGLH =XVFKDXHU]XHUVFKUHFNHQ,FKHULQQHUHPLFKQRFKUHFKWJXW,KUHV YHUGDPPWHQ'RQQHUVPHLQ+HUU0DVFKLQLVWGHUGXPSIXQG IXUFKWEDUZLHLQWLHIHQ*HELUJHQUROOWHDEHUZDVVROOGDV"± ZLVVHQ 6LHGHQQQLFKWGDHLQLQHLQHQ5DKPHQJHVSDQQWHV.DOEIHOODXI GHPPDQPLWEHLGHQ)lXVWHQKHUXPWURPPHOWHLQHQJDUDQPXWLJHQ 'RQQHUJLEW"6WDWWGLHVRJHQDQQWH.DQRQHQPDVFKLQHDQ]XZHQGHQ RGHUZLUNOLFK]XVFKLHHQZLUIWPDQVWDUNGLH*DUGHUREHQWU]X GDUEHUZLUGQLHPDQG]XVHKUHUVFKUHFNHQ$EHUXPGHQ=XVFKDXHU DXFKYRUGHPPLQGHVWHQ6FKUHFN]XEHZDKUHQZHOFKHV]XGHQ K|FKVWHQKHLOLJVWHQ0LWWHOQGHV0DVFKLQLVWHQJHK|UWLVWIROJHQGHV 0LWWHOJDQ]XQWUJOLFK)lOOWQlPOLFKHLQ6FKXRGHUHQWVWHKWHLQ 'RQQHUVRKHLWHVDXIGHP7KHDWHUJHZ|KQOLFK ª:DVK|ULFK± ZHOFK*HUlXVFK± ZHOFK*HW|VH©± 1XQPXGHU0DVFKLQLVWDOOHPDO HUVWGLHVH:RUWHDEZDUWHQXQGGDQQVFKLHHQRGHUGRQQHUQODVVHQ ± $XHUGHPGDGDV3XEOLNXPGXUFKMHQH:RUWHJHK|ULJJHZDUQW ZRUGHQKDWHVDXFKGLH%HTXHPOLFKNHLWGDGLH7KHDWHUDUEHLWHU UXKLJ]XVHKHQN|QQHQXQGNHLQHVEHVRQGHUQ=HLFKHQV]XUQ|WLJHQ 2SHUDWLRQEHGUIHQVRQGHUQLKQHQGHU$XVUXIGHV6FKDXVSLHOHUV RGHU6lQJHUV]XP=HLFKHQGLHQWXQGVLHGDQQQRFK]XUHFKWHU=HLW GLH*DUGHUREHQWU]XZHUIHQRGHUPLWGHQ)lXVWHQGDV.DOEIHOO EHDUEHLWHQN|QQHQ'HU'RQQHUJLEWDOOHPDOGHP$UEHLWHUGHUDOV -XSLWHUIXOJXUDQVPLWGHU%OHFKWURPSHWHLQ%HUHLWVFKDIWVWHKWGDV =HLFKHQ]XP%OLW]HQ GLHVHUPXGDDXIGHP6FKQUERGHQGRFK OHLFKWVLFKHWZDVHQW]QGHQNDQQXQWHQLQGHU.XOLVVHVRZHLW YRUVWHKHQGDGDV3XEOLNXPKEVFKGLH)ODPPHXQGZRP|JOLFK DXFKGLH7URPSHWHVLHKWXPQLFKWLQXQQ|WLJHP=ZHLIHO]XEOHLEHQ ZLHXPV+LPPHOVZLOOHQGHQQQXUGDV'LQJPLWGHP%OLW]JHPDFKW ZLUG:DVLFKREHQYRP6FKXJHVDJWJLOWDXFKYRQ 7URPSHWHQVW|HQHLQWUHWHQGHU0XVLNXVZ,FKKDEHVFKRQYRQ ,KUHPOXIWLJHQGXIWLJHQ)OXJZHUNJHVSURFKHQPHLQ+HUU 0DVFKLQLVW± ,VWHVGHQQQXQZRKOUHFKWVRYLHO1DFKGHQNHQVR YLHO.XQVWDQ]XZHQGHQXPGHP7UXJVRGHQ6FKHLQGHU:DKUKHLW ]XJHEHQGDGHU=XVFKDXHUXQZLOONUOLFKDQGLHKLPPOLVFKH (UVFKHLQXQJGLHLP1LPEXVJOlQ]HQGHU:RONHQKHUDEVFKZHEW JODXEW"± $EHUVHOEVW0DVFKLQLVWHQGLHYRQULFKWLJHUHQ*UXQGVlW]HQ DXVJHKHQVROOHQIDOOHQLQHLQHQDQGHUHQ)HKOHU6LHODVVHQ]ZDU JHK|ULJ6WULFNHVHKHQDEHUVRVFKZDFKGDGDV3XEOLNXPLQ WDXVHQG$QJVWJHUlWGLH*RWWKHLWGHU*HQLXVHWFZHUGHQ
KHUDEVWU]HQXQG$UPXQG%HLQHEUHFKHQ± 'HU:RONHQZDJHQRGHU GLH:RONHPXGDKHULQYLHUUHFKWGLFNHQVFKZDU]DQJHVWULFKHQHQ 6WULFNHQKlQJHQXQGUXFNZHLVHLPODQJVDPVWHQ7HPSR KHUDXIJH]RJHQRGHUKHUDEJHODVVHQZHUGHQ GHQQVRZLUGGHU =XVFKDXHUGHUGLH6LFKHUKHLWVDQVWDOWHQDXFKYRPHQWIHUQWHVWHQ 3ODW]HGHXWOLFKVLHKWXQGLKUH+DOWEDUNHLWJHK|ULJEHXUWHLOHQNDQQ EHUGLHKLPPOLVFKH)DKUWJDQ]EHUXKLJW± 6LHKDEHQVLFKDXI,KUH ZHOOHQVFKODJHQGHVFKlXPHQGH0HHUHDXI,KUH6HHQPLWGHQ RSWLVFKHQ:LGHUVFKHLQHQUHFKWZDVHLQJHELOGHWXQG6LHJODXEWHQ JHZLHLQHQ7ULXPSK,KUHU.XQVW]XIHLHUQDOVHV,KQHQJHODQJ EHUGLH%UFNHGHV6HHVZDQGHOQGH3HUVRQHQHEHQVR YRUEHUJHKHQGDE]XVSLHJHOQ"± :DKULVWHVGDV/HW]WHKDW,KQHQ HLQLJH%HZXQGHUXQJYHUVFKDIIW LQGHVVHQZDUGRFKZLHLFKVFKRQ EHZLHVHQ,KUH7HQGHQ]JUXQGIDOVFK± (LQ0HHUHLQ6HH± HLQ)OX NXU]MHGHV:DVVHUZLUGDPEHVWHQDXIIROJHQGH$UWGDUJHVWHOOW0DQ QLPPW]ZHL%UHWWHUVRODQJDOVGDV7KHDWHUEUHLWLVWOlWVLHDQGHU REHUVWHQ6HLWHDXV]DFNHQPLWNOHLQHQ:HOOFKHQEODXXQGZHL EHPDOHQXQG KlQJWVLHHLQVKLQWHUGHPDQGHUQLQ6FKQUHQVRDXI GDLKUHXQWHUH6HLWHQRFKHWZDVGHQ%RGHQEHUKUW'LHVH%UHWWHU ZHUGHQQXQKLQXQGKHUEHZHJWXQGGDVNQDUUHQGH*HUlXVFK ZHOFKHVVLHGHQ%RGHQVWUHLIHQGYHUXUVDFKHQEHGHXWHWGDV 3OlWVFKHUQGHU:HOOHQ± :DVVROOLFKYRQ,KUHQVFKDXHUOLFKHQ KHLPOLFKHQ0RQGJHJHQGHQVDJHQ+HUU'HNRUDWHXUGDMHGHQ 3URVSHNWHLQJHVFKLFNWHU0DVFKLQLVWLQHLQH0RQGJHJHQGXPZDQGHOW (VZLUGQlPOLFKLQHLQYLHUHFNLJHV%UHWWHLQUXQGHV/RFKJHVFKQLWWHQ PLW3DSLHUYHUNOHEWXQGLQGHQKLQWHUGHPVHOEHQEHILQGOLFKHQURW DQJHVWULFKHQHQ.DVWHQHLQ/LFKWJHVHW]W'LHVH9RUULFKWXQJZLUGDQ ]ZHLVWDUNHQVFKZDU]DQJHVWULFKHQHQ6FKQUHQKHUDEJHODVVHQXQG VLHKHGDHVLVW0RQGVFKHLQ± :lUHHVQLFKWDXFKJDQ]GHP YRUJHVHW]WHQ=ZHFNJHPlZHQQEHL]XJURHU5KUXQJLP 3XEOLNXPGHU0DVFKLQLVWGLHVHQRGHUMHQHQGHUJU|WHQhEHOWlWHU XQZLOONUOLFKYHUVLQNHQOLHHXQGLKPVRMHGHQ7RQGHUGHQ =XVFKDXHUQRFKLQK|KHUH([WUDYDJDQ]VHW]HQN|QQWHPLWHLQHP 0DOHDEVFKQLWWH"± 5FNVLFKWV GHU9HUVHQNXQJHQZLOOLFKDEHUVRQVW EHPHUNHQGDGHU6FKDXVSLHOHUQXULQMHQHPlXHUVWHQ)DOOZHQQ HVQlPOLFKGDUDXIDQNRPPWGDV3XEOLNXP]XUHWWHQLQ*HIDKU]X VHW]HQLVW6RQVWPXPDQLKQDXIDOOHQXUP|JOLFKH$UWVFKRQHQ XQGHUVWGDQQGLH9HUVHQNXQJJHKHQODVVHQZHQQHUVLFKLQ JHK|ULJHU6WHOOXQJXQG%DODQFHEHILQGHW'DGLHVHVDEHUQXQ QLHPDQGZLVVHQNDQQDOVGHU6FKDXVSLHOHUVHOEVWVRLVWHVXQUHFKW GDV=HLFKHQYRP6RXIIOHXUPLWGHU6RXWHUUDLQV*ORFNHJHEHQ]X
ODVVHQYLHOPHKUPDJGHU6FKDXVSLHOHUVROOHQLKQXQWHULUGLVFKH 0lFKWHYHUVFKOLQJHQRGHUVROOHUDOV*HLVWYHUVFKZLQGHQVHOEVW GXUFKGUHLRGHUYLHUKDUWH)XVW|HDXIGHQ%RGHQGDV=HLFKHQ JHEHQXQGGDQQODQJVDPXQGVLFKHULQGLH$UPHGHUXQWHQ SDVVHQGHQ7KHDWHUDUEHLWHUVLQNHQ± ,FKKRIIH6LHKDEHQPLFKQXQ JDQ]YHUVWDQGHQXQGZHUGHQGDMHGH9RUVWHOOXQJWDXVHQGPDO *HOHJHQKHLWJLEWGHQ.DPSIPLWGHP'LFKWHUXQG0XVLNHU]X EHVWHKHQJDQ]QDFKGHUULFKWLJHQ7HQGHQ]XQGQDFKGHQYRQPLU DQJHIKUWHQ%HLVSLHOHQKDQGHOQ
,KQHQPHLQ+HUU'HNRUDWHXUUDWHLFKQRFKLP9RUEHLJHKHQGLH .XOLVVHQQLFKWDOVHLQQRWZHQGLJHVhEHOVRQGHUQDOV+DXSWVDFKH XQGMHGHVRYLHOP|JOLFKDOVHLQIUVLFKEHVWHKHQGHV*DQ]H DQ]XVHKHQDXFKUHFKWYLHO'HWDLOVGDUDXI]XPDOHQ,QHLQHP 6WUDHQSURVSHNWVROO] %MHGH.XOLVVHHLQKHUYRUVSULQJHQGHVGUHL RGHUYLHUVW|FNLJHV+DXVELOGHQ ZHQQGHQQQXQGLH)HQVWHUFKHQXQG 7UFKHQGHU+lXVHULP3URV]HQLXPVRNOHLQVLQGGDPDQRIIHQEDU VLHKWNHLQHGHUDXIWUHWHQGHQ3HUVRQHQGLHEHLQDKHELVLQGHQ ]ZHLWHQ6WRFNUDJHQ N|QQHGDULQZRKQHQVRQGHUQQXUHLQ OLOLSXWDQLVFKHV*HVFKOHFKWLQGLHVH7UHQHLQJHKHQXQGDXVGLHVHQ )HQVWHUQJXFNHQVRZLUGGXUFKGLHVHV$XIKHEHQDOOHU,OOXVLRQGHU JURH=ZHFNGHUGHP'HNRUDWHXULPPHUYRUVFKZHEHQPXDXIGLH OHLFKWHVWHXQGDQPXWLJVWH:HLVHHUUHLFKW
6ROOWHZLGHUDOOHV9HUPXWHQ,KQHQPHLQH+HUUHQGDV3ULQ]LSDXI GHPLFKPHLQHJDQ]H7KHRULHGHV'HNRUDWLRQV XQG 0DVFKLQHQZHVHQVEDXHQLFKWHLQJHKHQVRPXLFK6LHQXUKLHPLW GDUDXIDXIPHUNVDPPDFKHQGDVFKRQYRUPLUHLQlXHUVW DFKWEDUHUZUGLJHU0DQQGLHVHOEHLQQXFHYRUJHWUDJHQ± ,FKPHLQH QLHPDQGHQDQGHUVDOVGHQJXWHQ:HEHUPHLVWHU=HWWHOGHUDXFKLQ GHUK|FKVWWUDJLVFKHQ7UDJ|GLHª3\UDPXVXQG7KLVEH©GDV3XEOLNXP YRUMHGHU$QJVW)XUFKWHWFNXU]YRUMHGHU([DOWDWLRQYHUZDKUW ZLVVHQZLOO QXUVFKLHEWHUDOOHVGDVZR]X6LHKDXSWVlFKOLFK EHLWUDJHQPVVHQGHP3URORJXVDXIGHQ+DOVGHUJOHLFKVDJHQVROO GDGLH6FKZHUWHUNHLQHQ6FKDGHQWlWHQGD3\UDPXVQLFKWZLUNOLFK WRWJHPDFKWZHUGHXQGGDHLJHQWOLFK3\UDPXVQLFKW3\UDPXV VRQGHUQ=HWWHOGHU:HEHUVHL± /DVVHQ6LHVLFKGHVZHLVHQ=HWWHOV JROGQH:RUWHMDUHFKW]X+HU]HQJHKHQZHQQHUYRQ6FKQRFNGHP 6FKUHLQHUGHUHLQHQJUHXOLFKHQ/|ZHQUHSUlVHQWLHUHQVROO IROJHQGHUPDHQVSULFKW
ª-DLKUPWVHLQHQ1DPHQQHQQHQXQGVHLQ*HVLFKWPXGXUFK GHV/|ZHQ+DOVJHVHKHQZHUGHQXQGHUVHOEVWPXGXUFKVSUHFKHQ XQGVLFKVRRGHUXQJHIlKUVRDSSOL]LHUHQ ¾*QlGLJH)UDXHQRGHU VFK|QHJQlGLJH)UDXHQLFKZROOWHZQVFKHQRGHULFKZROOWH HUVXFKHQRGHULFKZROOWHJHEHWHQKDEHQIUFKWHQ6LHQLFKWV]LWWHUQ 6LHQLFKWVR PHLQ/HEHQIUGDV,KULJHZHQQ6LHGlFKWHQLFKNlPH KLHKHUDOVHLQ/|ZHVRGDXHUWHPLFKQXUPHLQH+DXW1HLQLFKELQ QLFKWVGHUJOHLFKHQ LFKELQHLQ0HQVFKZLHDQGUHDXFK½± XQGGDQQ ODWLKQQXUVHLQHQ1DPHQQHQQHQXQGLKQHQUXQGKHUDXVVDJHQGD HU6FKQRFNGHU6FKUHLQHULVW© 6LHKDEHQZLHLFKYRUDXVVHW]HQGDUIHLQLJHQ6LQQIUGLH$OOHJRULH XQGZHUGHQGDKHUOHLFKWGDV0HGLXPILQGHQGHUYRQ=HWWHOGHP :HEHUDXVJHVSURFKHQHQ7HQGHQ]DXFKLQ,KUHU.XQVW]XIROJHQ'LH $XWRULWlWDXIGLHLFKPLFKJHVWW]WEHZDKUWPLFKYRUMHGHP 0LYHUVWDQGHXQGVRKRIIHLFKHLQHQJXWHQ6DPHQJHVWUHXW]X KDEHQGHPYLHOOHLFKWHLQ%DXPGHV(UNHQQWQLVVHVHQWVSULHW
.UHLVOHULDQD
'HU+HUDXVJHEHUGLHVHU%OlWWHUWUDILP+HUEVWY -PLWGHP ULWWHUOLFKHQ'LFKWHUGHVª6LJXUG©GHVª=DXEHUULQJHV©GHU ª8QGLQH©GHUª&RURQD©HWFLQ%HUOLQDXIGDVHUIUHXOLFKVWH ]XVDPPHQ0DQVSUDFKYLHOYRQGHPZXQGHUOLFKHQ-RKDQQHV .UHLVOHUXQGHVPLWWHOWHVLFKDXVGDHUDXIHLQHK|FKVW PHUNZUGLJH:HLVHLQGLH1lKHHLQHVLKPLQQLJVWYHUZDQGWHQ *HLVWHVGHUQXUDXIDQGHUH:HLVHLQVlXHUH/HEHQWUDWJHNRPPHQ VHLQPXWH± 8QWHUGHQQDFKJHODVVHQHQ3DSLHUHQGHV%DURQV :DOOERUQHLQHVMXQJHQ'LFKWHUVGHULQYHUIHKOWHU/LHEHGHQ :DKQVLQQIDQGXQG DXFKGHQOLQGHUQGHQ7RGXQGGHVVHQ*HVFKLFKWH GHOD0RWWH)RXTXpLQHLQHU1RYHOOHª,[LRQ©JHKHLHQIUKHU EHVFKULHEZDUQlPOLFKHLQ%ULHIDXIJHIXQGHQZRUGHQGHQ:DOOERUQ DQGHQ.UHLVOHUJHVFKULHEHQDEHUQLFKWDEJHVHQGHWKDWWH± $XFK .UHLVOHUOLHYRUVHLQHU(QWIHUQXQJHLQHQ%ULHI]XUFN(VKDWWHGDPLW IROJHQGH%HZDQGWQLV± 6FKRQODQJHJDOWGHUDUPH-RKDQQHV DOOJHPHLQIUZDKQVLQQLJXQGLQGHU7DWVWDFKDXFKVHLQJDQ]HV7XQ XQG7UHLEHQYRU]JOLFKVHLQ/HEHQLQGHU.XQVWVRJUHOOJHJHQDOOHV DEZDVYHUQQIWLJXQGVFKLFNOLFKKHLWGDDQGHULQQHUQ =HUUWWXQJVHLQHV*HLVWHVNDXP]X]ZHLIHOQZDU,PPHU H[]HQWULVFKHULPPHUYHUZLUUWHUZXUGHVHLQ,GHHQJDQJ VR] % VSUDFKHUNXU]YRUVHLQHU)OXFKWDXVGHP2UWHYLHOYRQGHU XQJOFNOLFKHQ/LHEHHLQHU1DFKWLJDOO]XHLQHU3XUSXUQHONHGDV*DQ]H VHLDEHU PHLQWHHU QLFKWVDOVHLQ$GDJLRXQGGLHVQXQZLHGHU HLJHQWOLFKHLQHLQ]LJHUODQJDXVJHKDOWHQHU7RQ-XOLHQVDXIGHP 5RPHRLQGHQK|FKVWHQ+LPPHOYROO/LHEHXQG6HOLJNHLW KLQDXIVFKZHEH(QGOLFKJHVWDQGHUPLUZLHHUVHLQHQ7RG EHVFKORVVHQXQGVLFKLPQlFKVWHQ:DOGHPLWHLQHUEHUPlLJHQ 4XLQWHHUGROFKHQZHUGH6RZXUGHRIWVHLQK|FKVWHU6FKPHU]DXI HLQHVFKDXHUOLFKH:HLVHVNXUULO1RFKLQGHU1DFKWDOVHUDXILPPHU VFKLHGEUDFKWHHUVHLQHPLQQLJVWHQ )UHXQGH+RIIPDQQHLQHQ VRUJIlOWLJYHUVLHJHOWHQ%ULHIPLWGHUGULQJHQGHQ%LWWHLKQJOHLFKDQ GLH%HK|UGHDE]XVHQGHQ'DVZDUDEHUQLFKWZRKOWXQOLFKGDGHU %ULHIGLHZXQGHUOLFKH$GUHVVHKDWWH
$QGHQ)UHXQGXQG*HIlKUWHQLQ/LHEH/HLGXQG7RG
FLWR SDUERQWp
$E]XJHEHQLQGHU:HOWGLFKW DQGHUJURHQ'RUQHQKHFNH GHU*UHQ]HGHU9HUQXQIW
9HUVFKORVVHQZXUGHGHU%ULHIDXIEHZDKUWXQGHVGHP=XIDOO EHUODVVHQHLQHQ)UHXQGXQG*HIlKUWHQQlKHU]XEH]HLFKQHQ(V WUDIHLQ'HU:DOOERUQLVFKH%ULHIJWLJVWYRQGHOD0RWWH)RXTXp PLWJHWHLOWVHW]WHHVQlPOLFKDXHUDOOHQ=ZHLIHOGD.UHLVOHUXQWHU MHQHP)UHXQGHQLHPDQGDQGHUVDOVGHQ%DURQ:DOOERUQJHPHLQW KDWWH%HLGH%ULHIHZXUGHQPLW9RUZRUWYRQ)RXTXpXQG+RIIPDQQLQ GHPGULWWHQXQGOHW]WHQ+HIWGHUª0XVHQ©DEJHGUXFNWVLHGUIHQ DEHUZRKODXFKKLHUVFKLFNOLFKGHQ.UHLVOHULDQLVGLHGHUOHW]WH%DQG GHUª3KDQWDVLHVWFNH©HQWKlOWYRUDQJHKHQGDGDVHLJQH =XVDPPHQWUHIIHQ:DOOERUQVXQG.UHLVOHUVGHPJHQHLJWHQ/HVHU LQVRIHUQHUGHPZXQGHUOLFKHQ-RKDQQHVQXUHLQLJHUPDHQZRKOZLOO QLFKWJOHLFKJOWLJVHLQNDQQ 6RZLHEULJHQV:DOOERUQLQYHUIHKOWHU/LHEHGHQ:DKQVLQQIDQGVR VFKHLQWDXFK.UHLVOHUGXUFKHLQHJDQ]SKDQWDVWLVFKH/LHEH]XHLQHU 6lQJHULQDXIGLHK|FKVWH6SLW]HGHV:DKQVLQQVJHWULHEHQZRUGHQ]X VHLQZHQLJVWHQVLVWGLH$QGHXWXQJGDUEHULQHLQHPYRQLKP QDFKJHODVVHQHQ$XIVDW]EHUVFKULHEHQª'LH/LHEHGHV.QVWOHUV© HQWKDOWHQ'LHVHU$XIVDW]VRZLHPHKUHUHDQGHUHGLHHLQHQ=\NOXV GHV5HLQ*HLVWLJHQLQGHU0XVLNELOGHQN|QQWHQYLHOOHLFKWEDOG XQWHU GHP7LWHOª/LFKWH6WXQGHQHLQHVZDKQVLQQLJHQ0XVLNHUV©LQHLQ %XFKJHIDWHUVFKHLQHQ
%ULHIGHV%DURQV:DOOERUQDQGHQ .DSHOOPHLVWHU.UHLVOHU
(Z:RKOJHERUHQEHILQGHQVLFKZLHLFKYHUQHKPHVHLWJHUDXPHU =HLWPLWPLULQHLQHPXQGGHPVHOEHQ)DOOH0DQKDWQlPOLFK 'LHVHOEHQODQJHVFKRQLP9HUGDFKWHGHU7ROOKHLWJHKDEWHLQHU .XQVWOLHEHZHJHQGLHHWZDVDOO]XPHUNOLFKEHUGHQ/HLVWHQ KLQDXVJHKWZHOFKHQGLHVRJHQDQQWHYHUVWlQGLJH:HOWIU GHUJOHLFKHQ0HVVXQJHQDXIEHZDKUW(VIHKOWHQXUQRFKHLQVXPXQV EHLGHJlQ]OLFK]X*HIlKUWHQ]XPDFKHQ(Z :RKOJHERUHQZDUHQ VFKRQIUKHUGHUJDQ]HQ*HVFKLFKWHEHUGUVVLJJHZRUGHQXQG KDWWHQVLFKHQWVFKORVVHQGDYRQ]XODXIHQLFKKLQJHJHQEOLHEXQG EOLHEXQGOLHPLFKTXlOHQXQGYHUK|KQHQMDZDVVFKOLPPHULVW PLW5DWVFKOlJHQERPEDUGLHUHQXQGIDQGZlKUHQGGLHVHUJDQ]HQ =HLWLP*UXQGHPHLQHEHVWH(UTXLFNXQJLQ,KUHQ]XUFNJHODVVHQHQ 3DSLHUHQGHUHQ$QVFKDXXQJPLUGXUFK)UlXOHLQYRQ %R 6WHUQELOG LQGHU1DFKW± ELVZHLOHQYHUJ|QQWZDUG'DEHLILHOPLUHLQLFK PVVH'LHVHOEHQVFKRQIUKHUHLQPDOLUJHQGZRJHVHKHQKDEHQ 6LQG(Z :RKOJHERUHQQLFKWHLQNOHLQHUZXQGHUOLFKHU0DQQPLW HLQHU3K\VLRJQRPLHZHOFKHPDQLQHLQLJHU+LQVLFKWGHPYRQ $OFLELDGHVEHOREWHQ6RNUDWHVYHUJOHLFKHQNDQQ"QlPOLFKZHLOGHU *RWWLP *HKlXVHVLFKYHUVWHFNWKLQWHUHLQHZXQGHUOLFKH0DVNHDEHU GHQQRFKKHUYRUVSUKWPLWJHZDOWLJHP%OLW]HQNHFNDQPXWLJXQG IXUFKWEDU3IOHJHQ(Z :RKOJHERUHQQLFKWHLQHQ5RFN]XWUDJHQ GHVVHQ)DUEHPDQGLHDOOHUVHOWVDPVWHQHQQHQN|QQWHZlUHGHU .UDJHQGDUDXIQLFKWYRQHLQHUQRFKVHOWVDPHUQ"8QGLVWPDQQLFKW EHUGLH)RUPGLHVHV.OHLGHV]ZHLIHOKDIWREHVHLQ/HLEURFNLVWGHU ]XPhEHUURFNZHUGHQZLOORGHUHLQhEHUURFNGHUVLFK]XP/HLEURFN XPJHVWDOWHWKDW"(LQVROFKHU0DQQZHQLJVWHQVVWDQGHLQVWPDOV QHEHQPLULP7KHDWHUDOVMHPDQGHLQLWDOLHQLVFKHU%XIIRVHLQZROOWH XQGQLFKWNRQQWHDEHUYRUPHLQHV1DFKEDUV:LW]XQG/HEHQVIHXHU ZDUGPLUGDV-DPPHUVSLHOGHQQRFK]XP/XVWVSLHO(UQDQQWHVLFK DXI%HIUDJHQ'U 6FKXO]DXV5DWKHQRZDEHULFKJODXEWHJOHLFKQLFKW GDUDQHLQHVVHOWVDPHQVNXUULOHQ/lFKHOQVKDOEHUGDVGDEHLXP (Z :RKOJHERUHQ0XQG]RJ GHQQ6LHZDUHQHVRKQH=ZHLIHO =XY|UGHUVWODVVHQ6LHPLFK,KQHQDQ]HLJHQGDLFK,KQHQVHLW NXU]HPQDFKJHODXIHQELQXQG]ZDUDQGHQVHOEHQ2UWG KLQGLH ZHLWH:HOWZRZLUXQVGHQQDXFK]ZHLIHOVRKQHVFKRQDQWUHIIHQ
ZHUGHQ'HQQREJOHLFKGHU5DXPEUHLWVFKHLQHQP|FKWHVRZLUGHU GRFKIUXQVHUVJOHLFKHQGXUFKGLHYHUQQIWLJHQ/HXWHUHFKW IXUFKWEDUOLFKHQJHJHPDFKWVRGDZLUGXUFKDXVLUJHQGZR DQHLQDQGHUUHQQHQPVVHQZlUHHVDXFKQXUZHQQVLFKMHGHUYRQ XQVYRUHLQHPYHUVWlQGLJHQ0DQQHDXIlQJVWOLFKHU)OXFKWEHILQGHW RGHUJDUYRUGHQREHQHUZlKQWHQ5DWVFKOlJHQZHOFKHPDQEHLOlXILJ JHVDJWZRKOEHVVHUXQGNU]HUJHUDGH]XXQGRKQH8PVFKUHLEXQJ 5DGVFKOlJHQHQQHQN|QQWH
)UMHW]WJHKWPHLQ%HVWUHEHQGDKLQ(Z:RKOJHERUHQHLQHQNOHLQHQ %HLWUDJ]XGHQYRQ,KQHQDXIJH]HLFKQHWHQPXVLNDOLVFKHQ/HLGHQ]X OLHIHUQ ,VWHV'HQHQVHOEHQQRFKQLHEHJHJQHWGD6LHXPLUJHQGHWZDV 0XVLNDOLVFKHVYRU]XWUDJHQRGHUYRUWUDJHQ]XK|UHQVHFKVELVVLHEHQ =LPPHUZHLWYRQGHUVSUHFKHQGHQ*HVHOOVFKDIWIRUWJLQJHQGDDEHU GLHVHGHVVHQXQJHDFKWHWKLQWHQGUHLQJHUDQQWNDPXQG]XK|UWHG K QDFKP|JOLFKVWHQ.UlIWHQVFKZDW]WH":DVPLFKEHWULIIWLFKJODXEH GHQ/HXWHQLVW]XGLHVHP=ZHFNHNHLQ:HJHLQ8PZHJNHLQ*DQJ ]XZHLWNHLQH7UHSSHMDNHLQ*HELUJH]XVWHLOXQG]XKRFK 6RGDQQ KDEHQ(Z:RKOJHERUHQQLFKWYLHOOHLFKWVFKRQEHPHUNW GDHVNHLQHWFKWLJHUH9HUlFKWHUGHU0XVLNJLEWMDVRJDU IHLQGVHOLJHUH$QWLSRGHQGHUVHOEHQDOV DOOHHFKWH%HGLHQWH"5HLFKW ZRKOLUJHQGHLQJHJHEHQHU%HIHKOKLQVLHGLH7UHQQLFKWVFKPHLHQ ]XODVVHQRGHUJDUOHLVH]XJHKHQRGHUDXFKQXUHEHQQLFKWV KLQ]XZHUIHQZRVLHJHUDGHLP=LPPHUVLQGXQGVLFKLUJHQGHLQ EHVHOLJHQGHU.ODQJDXV,QVWUXPHQWRGHU6WLPPHHUKHEW"$EHUVLH WXQPHKU6LHVLQGGXUFKHLQHQJDQ]EHVRQGHUQ+|OOHQJHQLXV DQJHZLHVHQJHUDGHGDQQKHUHLQ]XNRPPHQZHQQGLH6HHOHLQGHQ :RJHQGHU7|QHVFKZLOOWXPHWZDV]XKROHQRGHU]XIOVWHUQRGHU ZHQQVLHWlSSLVFKVLQGPLWURKHUIUHFKHU*HPHLQKHLWRUGHQWOLFK OXVWLJGUHLQ]XIUDJHQ8QG]ZDUQLFKWHWZDZlKUHQGHLQHV =ZLVFKHQVSLHOHVRGHULQLUJHQGHLQHPPLQGHUZLFKWLJHQ$XJHQEOLFNH QHLQDXIGHP*LSIHODOOHU+HUUOLFKNHLWZRPDQVHLQHP$WHP JHELHWHQP|FKWHVWLOO]XVWHKHQXPQLFKWVYRQGHQJROGQHQ.OlQJHQ IRUW]XKDXFKHQZRGDV3DUDGLHVDXIJHKWOHLVHJDQ]OHLVHYRUGHQ W|QHQGHQ$NNRUGHQ± GDMXVWGD± 2 +HUUGHV+LPPHOVXQGGHU (UGHQ
'RFKLVWQLFKW]XYHUVFKZHLJHQGDHVYRUWUHIIOLFKH.LQGHUJLEWGLH YRPUHLQVWHQ%HGLHQWHQJHLVWEHVHHOWGLHVHOEH5ROOHLQ(UPDQJHOXQJ MHQHU6XEMHNWHPLWJOHLFKHU9RUWUHIIOLFKNHLWXQGJOHLFKHP*OFN DXV]XIKUHQLPVWDQGHVLQG$FKXQG.LQGHUZLHYLHOJHK|UWGD]X HXFK]XVROFKHQ%HGLHQWHQ]XPDFKHQ± (VZLUGPLUHUQVWVHKU HUQVWKLHUEHL]X6LQQHXQGQXUNDXPYHUPDJLFKQRFK]X EHPHUNHQGDGHP9RUOHVHUGLHJOHLFKHQDQPXWLJHQ:HVHQJOHLFK HUKHEHQGXQGJQVWLJVLQG 8QGJDOWGHQQGLH7UlQHGLHMHW]WJHJHQPHLQ$XJHKHUDXIGHU %OXWVWURSIHQGHUPLUVWHFKHQGDQV+HU]GUDQJ± JDOWHQVLHQXUGHQ .LQGHUQDOOHLQ"
$FKHVJHVFKDK(XFKYLHOOHLFKWQRFKQLHGD,KULUJHQGHLQ/LHG VLQJHQZROOWHWYRU$XJHQGLH(XFKDXVGHP+LPPHOKHUDE DQ]XEOLFNHQVFKLHQHQGLH(XHUJDQ]HVEHVVHUHV6HLQYHUVFK|QWDXI (XFKKHUQLHGHUVWUDKOWHQXQGGD,KUDXFKZLUNOLFKDQILQJWXQG JODXEWHWR -RKDQQHVQXQKDEH(XHU/DXWGLHJHOLHEWH6HHOH GXUFKGUXQJHQXQGQXQHEHQQXQZHUGHGHV.ODQJHVK|FKVWHU 6FKZXQJ7DXSHUOHQXPMHQH]ZHL6WHUQH]LHKHQPLOGHUQGXQG VFKPFNHQGGHQVHOLJHQ*ODQ]± XQGGLH6WHUQHZDQGWHQVLFK JHUXKLJQDFKLUJHQGHLQHU/lSSHUHLKLQHWZDQDFKHLQHUJHIDOOHQHQ 0DVFKHXQGGLH(QJHOVOLSSHQYHUNQLIIHQXQKROGOlFKHOQGHLQ EHUPlFKWLJHV*lKQHQ± XQG+HUUHVZDUZHLWHUQLFKWVDOV,KU KDWWHWGLHJQlGLJH)UDXHQQXLHUW
/DFKWQLFKWOLHEHU-RKDQQHV*LEWHVGRFKQLFKWV6FKPHU]OLFKHUHVLP /HEHQQLFKWVIXUFKWEDUHU=HUVW|UHQGHVDOVZHQQGLH-XQR]XU:RONH ZLUG $FK:RONH:RONH6FK|QH:RONH
8QGLP9HUWUDXHQ+HUUKLHUOLHJWGHU*UXQGZDUXPLFKGDV JHZRUGHQELQZDVGLH/HXWHWROOQHQQHQ± $EHULFKELQQXUVHOWHQ ZLOGGDEHL0HLVWZHLQHLFKJDQ]VWLOO)UFKWH'LFKDOVRQLFKWYRU PLU-RKDQQHVDEHUODFKHQPXW'XDXFKQLFKW8QGVRZROOHQZLU OLHEHUYRQDQGHUQ'LQJHQVSUHFKHQXQGGRFKYRQQDKYHUZDQGWHQ GLHPLULQQLJIU'LFKDXVGHP+HU]HQKHUDXIGULQJHQ
6LHK-RKDQQHV'XNRPPVWPLUPLWGHPZDV'XJHJHQDOOH XQJHQLDOH0XVLNHLIHUVWELVZHLOHQVHKUKDUWYRU*LEWHVGHQQ DEVROXWXQJHQLDOH0XVLN"8QGZLHGHUYRQGHUDQGHUQ6HLWHJLEWHV GHQQDEVROXWYROONRPPQH0XVLNDOVEHLGHQ(QJHOQ"(VPDJZRKO PLWGDKHUNRPPHQGDPHLQ2KUZHLWPLQGHUVFKDUIXQGYHUOHW]EDU LVWDOV'HLQHVDEHULFKNDQQ'LUPLWYROOHU:DKUKHLWVDJHQGDDXFK GHUVFKOHFKWHVWH.ODQJHLQHUYHUVWLPPWHQ*HLJHPLUOLHEHULVWDOVJDU NHLQH0XVLN'XZLUVWPLFKKRIIHQWOLFKGHVZHJHQQLFKWYHUDFKWHQ (LQHVROFKH'XGHOHLKHLHVLHQXQ7DQ]RGHU0DUVFKHULQQHUWDQ GDV+|FKVWHZDVLQXQVOLHJWXQGUHLWPLFKPLWVHQ/LHEHV RGHU .ULHJHVW|QHQOHLFKWEHUDOOH0DQJHOKDIWLJNHLWLQLKUVHOLJHV8UELOG KLQDXV0DQFKHYRQGHQ*HGLFKWHQGLHPDQPLUDOVJHOXQJHQ JHUKPWKDW± W|ULFKWHU$XVGUXFN± QHLQGLHYRQ+HU]HQ]X+HU]HQ JHGUXQJHQVLQGYHUGDQNHQGHQHUVWHQ$QNODQJLKUHV'DVHLQVVHKU XPJHVWLPPWHQ6DLWHQVHKUXQJHEWHQ)LQJHUQVHKUPLJHOHLWHWHQ .HKOHQ 8QGGDQQOLHEHU-RKDQQHVLVWQLFKWGHUEORH:XQVFK]X PXVL]LHUHQVFKRQHWZDVZDKUKDIW5KUHQGHVXQG(UIUHXOLFKHV"8QG YROOHQGVGDVVFK|QH9HUWUDXHQZHOFKHVGLHKHUXP]LHKHQGHQ 0XVLNDQWHQLQ(GHOKRIXQG+WWHOHLWHWGDV9HUWUDXHQ.ODQJXQG 6DQJPDFKHDOOZlUWV%DKQZRULQVLHDXFKLP*UXQGHQXUVHOWHQ JHVW|UWZHUGHQGXUFKPUULVFKDXIJHNOlUWH+HUUVFKDIWHQXQGJUREH +XQGH,FKP|FKWHHEHQVRJHUQLQHLQ%OXPHQEHHWVFKODJHQDOV GXUFKHLQHQEHJLQQHQGHQ:DO]HUVFKUHLHQ ª3DFNWHXFKDXVGHP +DXVH©± 'D]XKDEHQVLFKGDQQVFKRQLPPHUOlFKHOQGH.LQGHU XPKHUJHVWHOOWDXVDOOHQ+lXVHUQZRKLQGDV.OLQJHQUHLFKHQNRQQWH JDQ]DQGHUH.LQGHUDOVGLHREHQHUZlKQWHQ%HGLHQWHQ1DWXUHQXQG EHZlKUHQGXUFKLKUHKRIIHQGHQ(QJHOVPLHQHQ GLH0XVLNDQWHQ KDEHQUHFKW (WZDVVFKOLPPHUVLHKWHVIUHLOLFKRIWPDOVPLWGHPVRJHQDQQWHQ ª0XVLNPDFKHQ©LQHOHJDQWHQ=LUNHOQDXVDEHUDXFKGRUW± NHLQH 6DLWHQ)O|WHQ XQG6WLPPHQNOlQJHVLQGRKQHJ|WWOLFKHQ+DXFKXQG DOOHEHVVHUDOVGDVP|JOLFKH*HUHGHZHOFKHPVLHGRFKLPPHU HLQLJHUPDHQGHQ%DDEVFKQHLGHQ
8QG.UHLVOHUZDV'XQXQ YROOHQGVYRQGHU/XVWVDJVWZHOFKH9DWHU XQG0XWWHULQGHUVWLOOHQ+DXVKDOWXQJDP.ODYLHUNOLPSHUQXQG *HVDQJHVVWPSHUQLKUHU.LQGOHLQHPSILQGHQ± LFKVDJH'LU -RKDQQHVGDODXWHWZDKUXQGZDKUKDIWLJHLQZHQLJ(QJHOVKDUPRQLH GDUDXVKHUYRUDOOHQXQUHLQHQ (UGHQW|QHQ]XP7URW]
,FKKDEHZRKOPHKUJHVFKULHEHQDOVLFKVROOWHXQGP|FKWHPLFK QXQJHUQDXIGLHYRUKLQDQJHIDQJHQHVLWWOLFKH:HLVHHPSIHKOHQ'DV JHKWDEHUQLFKW6RQLPPGHQQIUOLHE-RKDQQHVXQG*RWWVHJQH 'LFKXQGVHJQHPLFKXQGHQWIDOWHJQlGLJVWDXVXQVEHLGHQZDVHU LQXQVJHOHJWKDW]XVHLQHP3UHLVXQGXQVHUHU1HEHQPHQVFKHQ/XVW 'HUHLQVDPH:DOOERUQ
%ULHIGHV.DSHOOPHLVWHUV.UHLVOHUDQGHQ %DURQ:DOOERUQ
(Z+RFK XQG:RKOJHERUHQPXLFKQXUJOHLFKQDFKGHPLFKDXV GHP.RP|GLHQKDXVHLQPHLQHP6WEFKHQDQJHODQJWXQGPLWYLHOHU 0KH/LFKWDQJHVFKODJHQUHFKWDXVIKUOLFKVFKUHLEHQ1HKPHQ (Z +RFK XQG:RKOJHERUHQHVDEHUGRFKMDQLFKWEHOZHQQLFK PLFKVHKUPXVLNDOLVFKDXVGUFNHQVROOWHGHQQ6LHZLVVHQHVMDZRKO VFKRQGDGLH/HXWH EHKDXSWHQGLH0XVLNGLHVRQVWLQPHLQHP ,QQHUQYHUVFKORVVHQVHL]XPlFKWLJXQGVWDUNKHUDXVJHJDQJHQXQG KDEHPLFKVRXPVSRQQHQXQGHLQJHSXSSWGDLFKQLFKWPHKU KHUDXVN|QQHXQGDOOHVDOOHVVLFKPLUZLH0XVLNJHVWDOWH± XQGGLH /HXWHP|JHQZLUNOLFKUHFKWKDEHQ'RFKZLHHVQXQDXFKJHKHQ PDJLFKPXDQ(Z+RFK XQG:RKOJHERUHQVFKUHLEHQGHQQZLH VROOLFKDQGHUVGLH/DVWGLHVLFKVFKZHUXQGGUFNHQGDXIPHLQH %UXVWJHOHJWLQGHP$XJHQEOLFNDOVGLH*DUGLQHILHOXQG(Z +RFK XQG:RKOJHERUHQDXIXQEHJUHLIOLFKH:HLVHYHUVFKZXQGHQZDUHQORV ZHUGHQ
:LHYLHOKDWWHLFKQRFK]XVDJHQXQDXIJHO|VWH'LVVRQDQ]HQVFKULHHQ UHFKWZLGULJLQPHLQ,QQHUHVKLQHLQDEHUHEHQDOVDOOGLH VFKODQJHQ]QJLJHQ6HSWLPHQKHUDEVFKZHEHQZROOWHQLQHLQHJDQ]H OLFKWH:HOWIUHXQGOLFKHU7HU]HQGDZDUHQ(Z +RFK XQG :RKOJHERUHQIRUW± IRUW± XQGGLH6FKODQJHQ]XQJHQVWDFKHQXQG VWDFKHOWHQPLFKVHKU(Z +RFK XQG:RKOJHERUHQGHQLFKMHW]WPLW DOOMHQHQIUHXQGOLFKHQ7HU]HQDQVLQJHQZLOOVLQGGRFKNHLQDQGHUHU DOVGHU%DURQ:DOOERUQGHQLFKOlQJVWVRLQPHLQHP,QQHUQ JHWUDJHQGDHVPLUZHQQDOOHPHLQH0HORGLHQVLFKZLHHU JHVWDOWHWHQXQGQXQNHFNXQGJHZDOWLJKHUYRUVWU|PWHQRIWVFKLHQ LFKVHLMDHEHQHUVHOEVW± $OVKHXWHLP7KHDWHUHLQHNUlIWLJH MXJHQGOLFKH*HVWDOWLQ8QLIRUPGDVNOLUUHQGH6FKZHUWDQGHU6HLWH UHFKWPDQQOLFKXQGULWWHUKDIWDXIPLFK]XWUDWGDJLQJHVVRIUHPG XQGGRFKVREHNDQQWGXUFKPHLQ,QQHUHVXQGLFKZXWHVHOEVW QLFKWZHOFKHUVRQGHUEDUH$NNRUGZHFKVHOVLFK]XUHJHQXQGLPPHU K|KHUXQGK|KHUDQ]XVFKZHOOHQDQILQJ'RFKGHUMXQJH5LWWHU JHVHOOWHVLFKLPPHUPHKUXQGPHKU]XPLUXQGLQVHLQHP$XJHJLQJ PLUHLQHKHUUOLFKH:HOWHLQJDQ]HV(OGRUDGRVHUZRQQHYROOHU 7UlXPHDXI± GHUZLOGH$NNRUGZHFKVHO]HUIORLQ]DUWH (QJHOVKDUPRQLHQGLHJDUZXQGHUEDUOLFKYRQGHP6HLQXQG/HEHQ
GHV'LFKWHUVVSUDFKHQXQGQXQZXUGHPLUGDLFKZLH(Z +RFK XQG:RKOJHERUHQYHUVLFKHUWVHLQN|QQHQHLQWFKWLJHU3UDNWLNXVLQ GHU0XVLNELQGLH7RQDUWDXVGHUGDV*DQ]HJLQJJOHLFKNODU,FK PHLQHQlPOLFKGDLFKLQGHP MXQJHQ5LWWHUJOHLFK(Z +RFK XQG :RKOJHERUHQGHQ%DURQ:DOOERUQHUNDQQWH± $OVLFKHLQLJH $XVZHLFKXQJHQYHUVXFKWHXQGDOVPHLQHLQQHUH0XVLNOXVWLJXQG VLFKUHFKWNLQGLVFKXQGNLQGOLFKIUHXHQGLQDOOHUOHLPXQWHUHQ 0HORGLHQHUJ|W]OLFKHQ0XUNLVXQG:DO]HUQKHUYRUVWU|PWHGDILHOHQ (Z +RFK XQG:RKOJHERUHQEHUDOOLQ7DNWXQG7RQDUWVRULFKWLJ HLQGDLFKJDUNHLQHQ=ZHLIHOKHJHZLH6LHPLFKDXFKDOVGHQ .DSHOOPHLVWHU-RKDQQHV.UHLVOHUHUNDQQWXQGVLFKQLFKWDQGHQ6SXN JHNHKUWKDEHQZHUGHQGHQKHXWH DEHQGGHU*HLVW'UROOQHEVW HLQLJHQVHLQHU.RQVRUWHQPLWPLUWULHE± ,QVROFKHLJQHU/DJHZHQQ LFKQlPOLFKLQGHQ.UHLVLUJHQGHLQHV6SXNVJHUDWHQSIOHJHLFKZLH LFKZRKOZHLHLQLJHEHVRQGHUH*HVLFKWHU]XVFKQHLGHQDXFKKDWWH LFKJHUDGHHLQ.OHLGDQGDVLFKHLQVWLPK|FKVWHQ8QPXWEHUHLQ PLOXQJHQHV7ULRJHNDXIWXQGGHVVHQ)DUEHLQFLV0ROOJHKW ZHVKDOELFK]XHLQLJHU%HUXKLJXQJGHU%HVFKDXHUHLQHQ.UDJHQDXV ('XU)DUEHGDUDXIVHW]HQODVVHQ(Z +RFK XQG:RKOJHERUHQZLUG GDVGRFKZRKOQLFKWLUULWLHUWKDEHQ± =XGHPKDWWHPDQPLFKDXFK MDKHXWHDEHQGDQGHUVYRUJH]HLFKQHW LFKKLHQlPOLFK'RNWRU 6FKXO]DXV5DWKHQRZZHLOLFKQXUXQWHUGLHVHU9RU]HLFKQXQJGLFKW DP)OJHOVWHKHQGGHQ*HVDQJ]ZHLHU6FKZHVWHUQDQK|UHQGXUIWH± ]ZHLLP:HWWJHVDQJNlPSIHQGH1DFKWLJDOOHQDXVGHUHQWLHIVWHU %UXVWKHOOXQGJOlQ]HQGGLHKHUUOLFKVWHQ7|QHDXIIXQNHOWHQ± 6LH VFKHXWHQGHV.UHLVOHUVWROOHQ6SOHHQDEHUGHU'RNWRU6FKXO]ZDULQ GHPPXVLNDOLVFKHQ(GHQGDVLKPGLH6FKZHVWHUQHUVFKORVVHQPLOG XQGZHLFKXQGYROO(QW]FNHQXQGGLH6FKZHVWHUQZDUHQYHUV|KQW PLWGHP.UHLVOHUDOVLQLKQ VLFKGHU'RNWRU6FKXO]SO|W]OLFK XPJHVWDOWHWH± $FK%DURQ:DOOERUQDXFK,KQHQELQLFKZRKOYRP +HLOLJVWHQVSUHFKHQGZDVLQPLUJOKW]XKDUW]X]RUQLJ HUVFKLHQHQ$FK%DURQ:DOOERUQ± DXFKQDFKPHLQHU.URQHJULIIHQ IHLQGVHOLJH+lQGHDXFKPLU]HUUDQQLQ1HEHOGLHKLPPOLVFKH *HVWDOWGLHLQPHLQWLHIVWHV,QQHUVWHVJHGUXQJHQGLHJHKHLPVWHQ +HU]HQVIDVHUQGHV/HEHQVHUIDVVHQG± 1DPHQORVHU6FKPHU] ]HUVFKQLWWPHLQH%UXVWXQGMHGHUZHKPXWVYROOH6HXI]HUGHUHZLJ GUVWHQGHQ6HKQVXFKWZXUGH]XPWREHQGHQ6FKPHU]GHV=RUQV GHQGLHHQWVHW]OLFKH4XDOHQWIODPPWKDWWH± $EHU%DURQ:DOOERUQ JODXEVW'XQLFKWDXFKVHOEVWGDGLHYRQGlPRQLVFKHQ.UDOOHQ ]HUULVVHQHEOXWHQGH%UXVWDXFKMHGHV7U|SIFKHQOLQGHUQGHQ%DOVDPV VWlUNHUXQGZRKOWlWLJHUIKOW"± 'XZHLW%DURQ:DOOERUQGDLFK
PHKUHQWHLOVEHUGDV0XVLNWUHLEHQGHV3|EHOV]RUQLJXQGWROOZXUGH DEHULFKNDQQHV'LUVDJHQGDZHQQLFKRIWYRQKHLOORVHQ%UDYRXU $ULHQ.RQ]HUWHQXQG6RQDWHQRUGHQWOLFK]HUVFKODJHQXQG]HUZDONW ZRUGHQRIWHLQHNOHLQHXQEHGHXWHQGH0HORGLHYRQPLWWHOPlLJHU 6WLPPHJHVXQJHQRGHUXQVLFKHUXQGVWPSHUKDIWJHVSLHOWDEHU WUHXOLFKXQGJXWJHPHLQWXQGUHFKWDXVGHP,QQHUQKHUDXV HPSIXQGHQPLFKWU|VWHWHXQG KHLOWH%HJHJQHVW'XGDKHU%DURQ :DOOERUQVROFKHQ7|QHQXQG0HORGLHQDXI'HLQHP:HJHRGHUVLHKVW 'XVLHZHQQ'X]X'HLQHU:RONHDXIVFKZHEVWXQWHU'LUZLHVLHLQ IURPPHU6HKQVXFKWQDFK'LUDXIEOLFNHQVRVDJHLKQHQ'XZROOWHVW VLHZLHOLHEH.LQGOHLQKHJHQXQGSIOHJHQXQG'XZlUVWNHLQDQGHUHU DOVGHU.DSHOOPHLVWHU-RKDQQHV.UHLVOHU± 'HQQ6LHK%DURQ :DOOERUQLFKYHUVSUHFKHHV'LUKLHPLWKHLOLJGDLFKGDQQ'X VHLQ ZLOOXQGHEHQVRYROO/LHEH0LOGHXQG)U|PPLJNHLWZLH'X$FKLFK ELQHVMDZRKORKQHGHP± 0DQFKHVOLHJWEORDQGHP6SXNGHQRIW PHLQHHLJQHQ1RWHQWUHLEHQ GLHZHUGHQRIWOHEHQGLJXQGVSULQJHQ ZLHNOHLQHVFKZDU]HYLHOJHVFKZlQ]WH7HXIHOFKHQHPSRUDXVGHQ ZHLHQ%OlWWHUQ± VLHUHLHQPLFKIRUWLPZLOGHQXQVLQQLJHQ'UHKHU XQGLFKPDFKHJDQ]XQJHPHLQH%RFNVSUQJHXQGVFKQHLGH XQ]LHPOLFKH*HVLFKWHUDEHUHLQHLQ]LJHU7RQDXVKHLOLJHU*OXW VHLQHQ6WUDKOVFKLHHQGO|VWGLHVHQ:LUUZDUUXQGLFKELQIURPP XQGJXWXQGJHGXOGLJ± 'XVLHKVW%DURQ:DOOERUQGDGDVDOOHV ZDKUKDIWH7HU]HQVLQGLQGLHDOOH6HSWLPHQYRUVFKZHEHQ XQGGDPLW 'XGLHVH7HU]HQUHFKWGHXWOLFKYHUQHKPHQP|FKWHVWGHVKDOE VFKULHELFK'LU ± *RWWJHEHGDVRZLHZLUXQVVFKRQVHLWODQJHU=HLWLP*HLVWH JHNDQQWXQGJHVFKDXWZLUDXFKQRFKRIWZLHKHXWHDEHQGOHLEOLFK ]XVDPPHQWUHIIHQP|JHQGHQQ'HLQH%OLFNH%DURQ:DOOERUQIDOOHQ UHFKWLQPHLQ,QQHUVWHVXQGRIWVLQGMDGLH%OLFNHVHOEVWKHUUOLFKH :RUWHGLHPLUZLHHLJHQHLQWLHIHU%UXVWHUJOKWH0HORGLHQW|QHQ 'RFKWUHIIHQZHUGHLFK'LFKQRFKRIWGDLFKPRUJHQHLQHJURH 5HLVHQDFKGHU:HOWDQWUHWHQZHUGHXQGGDKHUVFKRQQHXH6WLHIHOQ DQJH]RJHQ ± *ODXEVW'XQLFKW%DURQ:DOOERUQGDRIW'HLQ:RUWPHLQH0HORGLH XQGPHLQH0HORGLH'HLQ:RUWVHLQN|QQWH"± ,FKKDEHLQGLHVHP $XJHQEOLFN]XHLQHPVFK|QHQ/LHGHGLH1RWHQDXIJHVFKULHEHQ GHVVHQ:RUWH'XIUKHUVHW]WHVWXQHUDFKWHWHVPLUVRLVWDOVKlWWH LQGHPVHOEHQ$XJHQEOLFNGDGDV/LHGLQ'HLQHP,QQHUQDXIJLQJ DXFKLQPLUGLH0HORGLHVLFKHQW]QGHQPVVHQ± =XZHLOHQNRPPW
HVPLUYRUDOVVHLGDV/LHGHLQHJDQ]H 2SHU± -D± *RWWJHEHGD LFK'LFK'XIUHXQGOLFKHUPLOGHU5LWWHUEDOGZLHGHUPLWPHLQHQ OHLEOLFKHQ$XJHQVRVFKDXHQP|JHZLH'XVWHWVYRUPHLQHQ JHLVWLJHQOHEHQGLJVWHKVWXQGJHKVW*RWWVHJQH'LFKXQGHUOHXFKWH GLH0HQVFKHQGDVLH'LFKJHQXJVDPHUNHQQHQP|JHQLQ'HLQHP KHUUOLFKHQ7XQXQG7UHLEHQ'LHVVHLGHUKHLWUHEHUXKLJHQGH6FKOX $NNRUGLQGHU7RQLND
-RKDQQHV.UHLVOHU .DSHOOPHLVWHUZLHDXFKYHUUFNWHU 0XVLNXVSDUH[FHOOHQFH
.UHLVOHUVPXVLNDOLVFKSRHWLVFKHU.OXE
$OOH8KUHQ VHOEVWGLHWUlJVWHQKDWWHQVFKRQDFKWJHVFKODJHQGLH /LFKWHUZDUHQDQJH]QGHWGHU)OJHOVWDQGJH|IIQHWXQGGHV +DXVZLUWV7RFKWHUGLHGHQNOHLQHQ'LHQVWEHLGHP.UHLVOHUEHVRUJWH KDWWHVFKRQ]ZHLPDOLKPYHUNQGHWGDGDV7HHZDVVHUEHUPlLJ NRFKH(QGOLFKNORSIWHHVDQGLH7UXQGGHUWUHXH)UHXQG WUDWPLW GHP%HGlFKWLJHQ KHUHLQ,KQHQIROJWHQEDOGGHU8Q]XIULHGHQHGHU MRYLDOHXQGGHU*OHLFKJLOWLJH'HU.OXEZDUEHLVDPPHQXQG.UHLVOHU VFKLFNWHVLFKDQZLHJHZ|KQOLFKGXUFKHLQHV\PSKRQLHPlLJH 3KDQWDVLHDOOHVLQ7RQXQG7DNW]XULFKWHQMDZRKOVlPWOLFKH .OXELVWHQGLHHLQHQJDUPXVLNDOLVFKHQ*HLVWLQVLFKKHJWHQVRYLHO Q|WLJDXVGHPVWDXELJHQ.HKULFKWLQGHPVLHGHQ7DJEHU KHUXP]XWUHWHQJHQ|WLJWJHZHVHQHLQLJH.ODIWHUK|KHUKLQDXILQ UHLQHUH/XIW]XHUKHEHQ'HU%HGlFKWLJHVDKVHKUHUQVWKDIWEHLQDKH WLHIVLQQLJDXVXQGVSUDFK ª:LHEHOZXUGHGRFKQHXOLFK(XHU6SLHO OLHEHU.UHLVOHUGXUFKGHQVWRFNHQGHQ+DPPHUXQWHUEURFKHQKDEW ,KUGHQVHOEHQUHSDULHUHQODVVHQ"©± ª,FKGHQNHMD©HUZLGHUWH .UHLVOHUª'DYRQPVVHQZLUXQVEHU]HXJHQ©IXKUGHU%HGlFKWLJH IRUWXQGGDPLWVWHFNWHHUDXVGUFNOLFKGDV/LFKWDQZHOFKHVVLFK DXIGHPEUHLWHQ6FKUHLEHOHXFKWHUEHIDQGXQGIRUVFKWHLKQEHUGLH 6DLWHQKDOWHQGVHKUEHGlFKWLJQDFKGHPLQYDOLGHQ+DPPHU'DILHO DEHUGLHVFKZHUHDXIGHP/HXFKWHUOLHJHQGH/LFKWVFKHUHKHUDE XQGLPJUHOOHQ7RQDXIUDXVFKHQGVSUDQJHQ]Z|OIELVIQI]HKQ 6DLWHQ'HU%HGlFKWLJHVDJWHEOR ª(LVHKWGRFK©.UHLVOHUYHU]RJ GDV*HVLFKWDOVZHQQPDQLQHLQH=LWURQHEHLWª7HXIHO7HXIHO© VFKULHGHU8Q]XIULHGHQHªJHUDGHKHXWHKDEHLFKPLFKVRDXI .UHLVOHUV3KDQWDVLHJHIUHXW± JHUDGHKHXWH± LQPHLQHPJDQ]HQ /HEHQELQLFKQLFKWVRDXI0XVLNHUSLFKWJHZHVHQ©ª,P*UXQGH© ILHOGHU*OHLFKJLOWLJHHLQªOLHJWVRVHKUYLHOQLFKW GDUDQREZLUPLW 0XVLNDQIDQJHQRGHUQLFKW©'HUWUHXH)UHXQGPHLQWHVFKDGHVHLHV DOOHUGLQJVGD.UHLVOHUQXQQLFKWVSLHOHQN|QQHDOOHLQPDQPVVH GDGXUFKVLFKQLFKWDXHU)DVVXQJEULQJHQODVVHQª6SDZHUGHQZLU RKQHKLQJHQXJKDEHQ©VDJWHGHU-RYLDOHQLFKWRKQHHLQHJHZLVVH %HGHXWXQJLQVHLQH:RUWH]XOHJHQª8QGLFKZLOOGRFK SKDQWDVLHUHQ©ULHI.UHLVOHUªLP%DLVWDOOHVJDQ]JHEOLHEHQXQG GDVVROOPLUJHQXJVHLQ© ±
1XQVHW]WH.UHLVOHUVHLQNOHLQHVURWHV0W]FKHQDXI]RJVHLQHQ FKLQHVLVFKHQ6FKODIURFNDQXQGEHJDEVLFKDQV,QVWUXPHQW'LH .OXELVWHQPXWHQ3ODW]QHKPHQDXIGHP6RIDXQGDXIGHQ6WKOHQ XQGGHUWUHXH)UHXQGO|VFKWHDXI.UHLVOHUV*HKHLVlPWOLFKH/LFKWHU DXVVRGDPDQVLFKLQGLFNHUVFKZDU]HU)LQVWHUQLVEHIDQG.UHLVOHU JULIIQXQSLDQLVVLPR PLWJHKREHQHQ'lPSIHUQLP%DGHQYROOHQ$V 'XU$NNRUG6RZLHGLH7|QHYHUVlXVHOWHQVSUDFKHU
ª:DVUDXVFKWGHQQVRZXQGHUEDUVRVHOWVDPXPPLFKKHU"± 8QVLFKWEDUH)LWWLFKHZHKHQDXIXQGQLHGHU± LFKVFKZLPPHLP GXIWLJHQbWKHU± $EHUGHU 'XIWHUJOlQ]WLQIODPPHQGHQ JHKHLPQLVYROOYHUVFKOXQJHQHQ.UHLVHQ+ROGH*HLVWHUVLQGHVGLHGLH JROGQHQ)OJHOUHJHQLQEHUVFKZHQJOLFKKHUUOLFKHQ.OlQJHQXQG $NNRUGHQ DV0ROO$NNRUG PH]]RIRUWH
$FK± VLHWUDJHQPLFKLQV/DQGGHUHZLJHQ6HKQVXFKW DEHUZLHVLH PLFKHUIDVVHQHUZDFKWGHU6FKPHU]XQGZLOODXVGHU%UXVW HQWIOLHKHQLQGHPHUVLHJHZDOWVDP]HUUHLW ('XU6H[WHQ$NNRUG DQFRUDSLIRUWH
+DOWGLFKVWDQGKDIWPHLQ+HU]± EULFKQLFKWEHUKUWYRQGHP VHQJHQGHQ6WUDKOGHUGLH%UXVWGXUFKGUDQJ± )ULVFKDXIPHLQ ZDFNUHU*HLVW± UHJHXQGKHEHGLFKHPSRULQGHP(OHPHQWGDV GLFKJHEDUGDVGHLQH+HLPDWLVW ('XU7HU]$NNRUG IRUWH
± 6LHKDEHQPLUHLQHKHUUOLFKH.URQHJHUHLFKWDEHUZDVLQGHQ 'LDPDQWHQVREOLW]WXQGIXQNHOWGDVVLQG GLHWDXVHQG7UlQHQGLH LFKYHUJRXQGLQGHP*ROGHJOHLHQGLH)ODPPHQGLHPLFK YHU]HKUWHQ± 0XWXQG0DFKW± 9HUWUDXHQXQG6WlUNHGHPGHU]X KHUUVFKHQEHUXIHQLVWLP*HLVWHUUHLFK
D0ROO KDUSHJJLDQGRGROFH
:DUXPIOLHKVWGXKROGHV0lGFKHQ"9HUPDJVWGXHVGHQQGDGLFK EHUDOOXQVLFKWEDUH%DQGHIHVWKDOWHQ"'XZHLWHVQLFKW]XVDJHQ QLFKW]XNODJHQZDVVLFKVRLQGHLQH%UXVWJHOHJWKDWZLHHLQ QDJHQGHU6FKPHU]XQGGLFKGRFKPLWVHU/XVWGXUFKEHEW"$EHU DOOHVZLUVWGXZLVVHQZHQQLFKPLWGLUUHGHPLWGLUNRVHLQGHU *HLVWHUVSUDFKHGLHLFK]XVSUHFKHQYHUPDJXQGGLHGXVRZRKO YHUVWHKVW )'XU
+DZLHJHKWGDV+HU]GLUDXILQ6HKQVXFKWXQG/LHEHZHQQLFKGLFK YROOJOKHQGHP(QW]FNHQPLW0HORGLHQZLHPLWOLHEHQGHQ$UPHQ XPIDVVH± 'XPDJVW QLFKWPHKUZHLFKHQYRQPLUGHQQMHQH JHKHLPH$KQXQJHQGLHGHLQH%UXVWEHHQJWHQVLQGHUIOOW'HU7RQ VSUDFKZLHHLQWU|VWHQGHV2UDNHODXVPHLQHP,QQHUQ]XGLU %'XU DFFHQWXDWR
± :HOFKOXVWLJHV/HEHQLQ)OXUXQG:DOGLQKROGHU)UKOLQJV]HLW± $OOH )O|WHQXQG6FKDOPHLHQGLH:LQWHUVEHULQVWDXELJHQ:LQNHOQ ZLH]XP7RGHHUVWDUUWODJHQVLQGZDFKZRUGHQXQGKDEHQVLFKDXI DOOH/LHEOLQJVVWFNFKHQEHVRQQHQGLHVLHQXQOXVWLJWULOOHULHUHQ JOHLFKGHQ9|JHOHLQLQGHQ/IWHQ %'XUPLWGHUNOHLQHQ6HSWLPH VPDQLRVR
(LQODXHU:HVWJHKWZLHHLQGVWHUHV*HKHLPQLVGXPSINODJHQG GXUFKGHQ:DOGXQGZLHHUYRUEHUVWUHLIWIOVWHUQGLH)LFKWHQ± GLH %LUNHQXQWHUHLQDQGHU ¾:DUXPLVWXQVHU)UHXQGVRWUDXULJZRUGHQ" ± +RUFKVWGXDXILKQKROGH6FKlIHULQ"½
(V'XU IRUWH
=LHKLKPQDFK± ]LHKLKPQDFK± *UQLVWVHLQ.OHLGZLHGHUGXQNOH :DOG± VHU+|UQHUNODQJVHLQVHKQHQGHV:RUW± +|UVWGXHV UDXVFKHQKLQWHUGHQ%VFKHQ"+|UVWGXHVW|QHQ"± +|UQHUWRQYROO /XVWXQG:HKPXW± (ULVW V± DXILKPHQWJHJHQ '7HU]4XDUW6H[W$NNRUG SLDQR
'DV/HEHQWUHLEWVHLQQHFNHQGHV6SLHODXIDOOHUOHL:HLVH± :DUXP ZQVFKHQ± ZDUXPKRIIHQ± ZDUXPYHUODQJHQ" &'XU7HU]$NNRUG IRUWLVVLPR
$EHULQWROOHUZLOGHU/XVWODWXQVEHUGHQRIIQHQ*UlEHUQWDQ]HQ ± /DWXQVMDXFK]HQ± GLHGDXQWHQK|UHQHVQLFKW± +HLVD± +HLVD ± 7DQ]XQG-XEHOGHU7HXIHO]LHKWHLQPLW3DXNHQXQG7URPSHWHQ F0ROO$NNRUGH IRUWLVVLPR KLQWHUHLQDQGHUIRUW
.HQQWLKULKQQLFKW"± .HQQWLKULKQQLFKW"± 6HKWHUJUHLIWPLW JOKHQGHU.UDOOHQDFKPHLQHP+HU]HQ± HUPDVNLHUWVLFKLQDOOHUOHL WROOH)UDW]HQ± DOV)UHLMlJHU± .RQ]HUWPHLVWHU± :XUPGRNWRU± ULFFR PHUFDQWH± HUVFKPHLWPLU/LFKWVFKHUHQLQGLH6DLWHQGDPLWLFKQXU QLFKWVSLHOHQVROO± .UHLVOHU± .UHLVOHUUDIIHGLFKDXI± 6LHKVWGXHV ODXHUQGDVEOHLFKH*HVSHQVWPLWGHQURWIXQNHOQGHQ$XJHQ± GLH NUDOOLFKWHQ.QRFKHQIlXVWHDXVGHP]HUULVVHQHQ0DQWHOQDFKGLU DXVVWUHFNHQG"± GLH6WURKNURQHDXIGHPNDKOHQJODWWHQ6FKlGHO VFKWWHOQG± (VLVWGHU:DKQVLQQ± -RKDQQHVKDOWHGLFKWDSIHU± 7ROOHUWROOHU/HEHQVVSXNZDVUWWHOVWGXPLFKVRLQGHLQHQ.UHLVHQ" .DQQLFKGLUQLFKWHQWIOLHKHQ"± .HLQ6WlXEFKHQLP8QLYHUVXPDXI GDVLFK]XU0FNHYHUVFKUXPSIWYRUGLUJUDXVLJHU4XlOJHLVWPLFK UHWWHQN|QQWH"± /DDEYRQPLU± LFKZLOODUWLJVHLQLFKZLOO JODXEHQGHU7HXIHOVHLHLQ*DODQWKXRPRYRQGHQIHLQVWHQ6LWWHQ± KRQ\VRLWTXLPDO\SHQVH± LFKYHUIOXFKHGHQ*HVDQJGLH0XVLN± LFKOHFNHGLUGLH)HZLHGHUWUXQNHQH.DOLEDQ± QXUHUO|VHPLFK YRQGHU4XDO± KHLKHL9HUUXFKWHU GXKDVWPLUDOOH%OXPHQ ]HUWUHWHQ± LQVFKDXHUOLFKHU:VWHJUQWNHLQ+DOPPHKU± WRW± WRW ± WRW ±©
+LHUNQLVWHUWHHLQNOHLQHV)OlPPFKHQDXI± GHUWUHXH)UHXQGKDWWH VFKQHOOHLQFKHPLVFKHV)HXHU]HXJKHUYRUJH]RJHQXQG]QGHWHEHLGH /LFKWHUDQXPVRGHP.UHLVOHUDOOHVZHLWHUH3KDQWDVLHUHQ DE]XVFKQHLGHQGHQQHUZXWHZRKOGD.UHLVOHUVLFKQXQJHUDGH DXIHLQHP3XQNWEHIDQGYRQGHPHUVLFKJHZ|KQOLFKLQHLQHQ GVWHUQ$EJUXQGKRIIQXQJVORVHU.ODJHQVWU]WH,QGHP$XJHQEOLFN EUDFKWHDXFKGLH:LUWVWRFKWHUGHQGDPSIHQGHQ7HHKHUHLQ.UHLVOHU VSUDQJYRP)OJHODXI± ª:DVVROOGHQQGDVQXQDOOHV©VSUDFKGHU 8Q]XIULHGHQHªHLQJHVFKHLWHV$OOHJURYRQ+D\GQLVWPLUOLHEHUDOVDOO GHUWROOH6FKQLFNVFKQDFN©± ª$EHUQLFKWJDQ]EHOZDUHVGRFK© ILHOGHU*OHLFKJLOWLJHHLQª1XU]XGVWHUYLHO]XGVWHU©QDKPGHU -RYLDOHGDV:RUWªHVWXWQRWXQVHU*HVSUlFKKHXWLQV/XVWLJH /XIWLJHKLQDXV]XWUHLEHQ©± 'LH.OXELVWHQEHPKWHQVLFKGHQ5DW GHV-RYLDOHQ]XEHIROJHQDEHUZLHHLQIHUQHVGXPSIHV(FKRW|QWHQ .UHLVOHUVVFKDXHUOLFKH$NNRUGH± VHLQHHQWVHW]OLFKHQ:RUWHQDFKXQG HUKLHOWHQGLHJHVSDQQWH6WLPPXQJLQGLH.UHLVOHUDOOHYHUVHW]W KDWWH'HU8Q]XIULHGHQHLQGHU7DWK|FKVWXQ]XIULHGHQPLWGHP $EHQGGHQZLHHUVLFKDXVGUFNWH.UHLVOHUVW|ULFKWH3KDQWDVWHUHL YHUGDUEEUDFKDXIPLWGHP%HGlFKWLJHQ,KQHQIROJWHGHU-RYLDOH XQGQXUGHUUHLVHQGH(QWKXVLDVWXQGWUHXH)UHXQG EHLGHVLQGZLH HVKLHUDXVGUFNOLFKEHPHUNWZLUGLQHLQHU3HUVRQYHUHLQLJW EOLHE QRFKEHLGHP.UHLVOHU]XUFN'LHVHUVDVFKZHLJHQGPLW YHUVFKUlQNWHQ$UPHQDXIGHP6RIDª,FKZHLQLFKW©VSUDFKGHU WUHXH)UHXQGªZLHGXPLUKHXWHYRUNRPPVW.UHLVOHU± 'XELVWVR DXIJHUHJWXQGGRFKRKQHDOOHQ+XPRUJDUQLFKWVRZLHVRQVW©± ª$FK)UHXQG©HUZLGHUWH.UHLVOHUªHLQGVWUHU:RONHQVFKDWWHQ JHKWEHUPHLQ/HEHQKLQ± *ODXEVWGXQLFKWGDHVHLQHUDUPHQ XQVFKXOGLJHQ0HORGLHZHOFKHNHLQHQ± NHLQHQ3ODW]DXIGHU(UGH EHJHKUWYHUJ|QQWVHLQGUIWHIUHLXQGKDUPORVGXUFKGHQZHLWHQ +LPPHOVUDXP]X]LHKHQ"± (LLFKP|FKWHQXUJOHLFKDXIPHLQHP FKLQHVLVFKHQ6FKODIURFNZLHDXIHLQHP0HSKLVWRSKHOHVPDQWHO KLQDXVIDKUHQGXUFKMHQHV)HQVWHUGRUW©± ª$OVKDUPORVH0HORGLH"© ILHOGHUWUHXH)UHXQGOlFKHOQGHLQª2GHUDOVEDVVRRVWLQDWRZHQQ GXOLHEHUZLOOVW©HUZLGHUWH.UHLVOHUªDEHUIRUWPXLFKEDOGDXI LUJHQGHLQH:HLVH©(VJHVFKDKDXFKEDOGZLHHUJHVSURFKHQ
1DFKULFKWYRQHLQHPJHELOGHWHQMXQJHQ0DQQ
(VLVWKHU]HUKHEHQGZHQQPDQJHZDKUZLUGZLHGLH.XOWXULPPHU PHKUXPVLFKJUHLIWMDZLHVHOEVWDXV*HVFKOHFKWHUQGHQHQVRQVW GLHK|KHUH%LOGXQJYHUVFKORVVHQVLFK7DOHQWH]XHLQHUVHOWHQHQ +|KHDXIVFKZLQJHQ,QGHP+DXVHGHV*HKHLPHQ .RPPHU]LHQUDWV 5OHUQWHLFKHLQHQMXQJHQ0DQQNHQQHQGHUPLW GHQDXHURUGHQWOLFKVWHQ*DEHQHLQHOLHEHQVZUGLJH%RQKRPPLH YHUELQGHW$OVLFKHLQVW]XIlOOLJYRQGHPIRUWGDXHUQGHQ%ULHIZHFKVHO VSUDFKGHQLFKPLWPHLQHP)UHXQGH&KDUOHV(ZVRQLQ3KLODGHOSKLD XQWHUKDOWHEHUJDEHUPLUYROO=XWUDXHQHLQHQRIIHQHQ%ULHIGHQHU DQVHLQH)UHXQGLQJHVFKULHEHQKDWWH]XU%HVWHOOXQJ± 'HU%ULHILVW DEJHVHQGHW DEHUPXWH LFKQLFKWOLHEHQVZUGLJHU-QJOLQJGHLQ 6FKUHLEHQDEVFKULIWOLFKDOVHLQ'HQNPDOGHLQHUKRKHQ:HLVKHLWXQG 7XJHQGGHLQHVHFKWHQ.XQVWJHIKOVEHZDKUHQ"± 1LFKWYHUKHKOHQ NDQQLFKGDGHUVHOWHQHMXQJH0DQQVHLQHU*HEXUWXQG XUVSUQJOLFKHQ3URIHVVLRQQDFKHLJHQWOLFK± HLQ$IIHLVWGHULP +DXVHGHV.RPPHU]LHQUDWVVSUHFKHQOHVHQVFKUHLEHQPXVL]LHUHQ XVZOHUQWHNXU]HVLQGHU.XOWXUVRZHLWEUDFKWHGDHUVHLQHU .XQVWXQG:LVVHQVFKDIWVRZLHGHU$QPXWVHLQHU6LWWHQZHJHQVLFK HLQH0HQJH)UHXQGHHUZDUE XQGLQDOOHQJHLVWUHLFKHQ=LUNHOQJHUQ JHVHKHQZLUG%LVDXI.OHLQLJNHLWHQ] %GDHUEHLGHQ7KpV GDQVDQWV LQGHQ+RSV$QJORLVHQ]XZHLOHQHWZDVVRQGHUEDUH6SUQJH DXVIKUWGDHURKQHJHZLVVHLQQHUH%HZHJXQJQLFKWZRKOPLW 1VVHQNODSSHUQK|UHQNDQQVRZLH GRFKGLHVPDJLKPYLHOOHLFKW QXUGHU1HLGGHUDOOH*HQLHVYHUIROJWQDFKVDJHQ GDHUGHU +DQGVFKXKHXQHUDFKWHWGLH'DPHQEHLP+DQGNXHWZDVZHQLJHV NUDW]WPHUNWPDQDXFKQLFKWGDVPLQGHVWHYRQVHLQHUH[RWLVFKHQ +HUNXQIWXQGDOOHGLHNOHLQHQ6FKHOPHUHLHQGLHHUVRQVWLQMQJHUHQ -DKUHQDXVEWHZLH] %ZHQQHUGHQLQV+DXV(LQWUHWHQGHQVFKQHOO GLH+WHYRP.RSIHULXQGKLQWHUHLQ=XFNHUIDVSUDQJVLQGMHW]W ]XJHLVWUHLFKHQ%RQPRWVJHZRUGHQZHOFKHPLWMDXFK]HQGHP%HLIDOO EHNODWVFKWZHUGHQ± +LHULVWGHUPHUNZUGLJH%ULHILQGHPVLFK 0LORVVFK|QH6HHOHXQGKHUUOLFKH%LOGXQJJDQ]DXVVSULFKW 6FKUHLEHQ0LORVHLQHVJHELOGHWHQ$IIHQDQVHLQH)UHXQGLQ3LSLLQ 1RUGDPHULND
0LWHLQHU$UWYRQ(QWVHW]HQGHQNHLFKQRFKDQGLHXQJOFNVHOLJH =HLW DOVLFK'LUJHOLHEWH)UHXQGLQGLH]lUWOLFKVWHQ*HVLQQXQJHQ PHLQHV+HU]HQVQLFKWDQGHUVDOVGXUFKXQVFKLFNOLFKHMHGHP *HELOGHWHQXQYHUVWlQGOLFKH/DXWHDXV]XGUFNHQYHUPRFKWH:LH NRQQWHGRFKGDVPLW|QHQGHZHLQHUOLFKHª$H$H©GDVLFK GDPDOVZLHZRKO YRQPDQFKHP]lUWOLFKHQ%OLFNEHJOHLWHWDXVVWLH QXULPPLQGHVWHQGDVWLHIHLQQLJH*HIKOGDVVLFKLQPHLQHU PlQQOLFKHQZRKOEHKDDUWHQ%UXVWUHJWHDQGHXWHQ"8QGVHOEVW PHLQH/LHENRVXQJHQGLH'XNOHLQHVH)UHXQGLQGDPDOVPLW VWLOOHU(UJHEXQJGXOGHQPXWHVWZDUHQVRXQEHKLOIOLFKGDLFK MHW]WGDLFKHVLQGHP3XQNWGHPEHVWHQSULPRDPRURVR JOHLFKWXH XQGjOD'XSRUWGLH+DQGNVVHURWGDUEHUZHUGHQN|QQWHZHQQ QLFKWHLQJHZLVVHUUREXVWHU7HLQWGHUPLUHLJHQGHUJOHLFKHQ YHUKLQGHUWH8QHUDFKWHW GHV*OFNVGHUK|FKVWHQLQQHUQ 6HOEVW]XIULHGHQKHLWGLHMHQHXQWHUGHQ0HQVFKHQHUKDOWHQH%LOGXQJ LQPLUHU]HXJWKDWJLEWHVGHQQRFK6WXQGHQLQGHQHQLFKPLFK UHFKWDEKlUPHZLHZRKOLFKZHLGDGHUJOHLFKHQ$QZDQGOXQJHQ JDQ]GHPVLWWOLFKHQ&KDUDNWHUGHQPDQGXUFKGLH.XOWXUHUZLUEW ]XZLGHUQRFKDXVGHPURKHQ=XVWDQGHKHUUKUHQGHUPLFKLQHLQHU .ODVVHYRQ:HVHQIHVWKLHOWGLHLFKMHW]WXQEHVFKUHLEOLFKYHUDFKWH ,FKELQQlPOLFKGDQQW|ULFKWJHQXJDQXQVHUHDUPHQ9HUZDQGWHQ ]XGHQNHQGLHQRFKLQGHQZHLWHQXQNXOWLYLHUWHQ:lOGHUQDXIGHQ %lXPHQKHUXPKSIHQVLFKYRQURKHQQLFKWHUVWGXUFK.XQVW VFKPDFNKDIWJHZRUGHQHQ)UFKWHQQlKUHQXQGYRU]JOLFKDEHQGV JHZLVVH+\PQHQDQVWLPPHQLQGHQHQNHLQ7RQULFKWLJXQGDQ LUJHQGHLQHQ7DNWVHLHVDXFKGHUQHXHUIXQGHQH RGHU 7DNW JDUQLFKW]XGHQNHQLVW$QGLHVH$UPHQGLHPLFKGRFKHLJHQWOLFK QXQJDUQLFKWVPHKUDQJHKHQGHQNHLFKGDQQXQGHUZHKUHPLFK NDXPHLQHVWLHIHQ0LWOHLGVPLWLKQHQ9RU]JOLFKOLHJWPLUQRFK ]XZHLOHQXQVHUDOWHU2QNHO QDFKPHLQHQ(ULQQHUXQJHQPXHVHLQ 2QNHOYRQPWWHUOLFKHU6HLWHJHZHVHQVHLQ LP6LQQGHUXQVQDFK VHLQHUGXPPHQ:HLVHHU]RJXQGDOOHVQXUP|JOLFKHDQZDQGWHXQV YRQDOOHPZDVPHQVFKOLFKHQWIHUQW]XKDOWHQ(UZDUHLQHUQVWHU 0DQQGHUQLHPDOV6WLHIHOQDQ]LHKHQZROOWHXQGLFKK|UHQRFKVHLQ ZDUQHQGHVlQJVWOLFKHV*HVFKUHLDOVLFKPLWOVWHUQHP9HUODQJHQ GLHVFK|QHQQHXHQ.ODSSVWLHIHOQDQEOLFNWHGLHGHUVFKODXH-lJHU XQWHUGHP%DXPVWHKHQODVVHQDXIGHPLFKJHUDGHPLWYLHOHP $SSHWLWHLQH.RNXVQXYHU]HKUWH,FKVDKQRFKLQGHU(QWIHUQXQJ GHQ-lJHUJHKHQGHPGLHGHQ]XUFNJHODVVHQHQJDQ]lKQOLFKHQ .ODSSVWLHIHOQKHUUOLFKVWDQGHQ'HUJDQ]H0DQQHUKLHOWHEHQQXU GXUFKGLHZRKOJHZLFKVWHQ6WLHIHOQIUPLFKVRHWZDV*UDQGLRVHVXQG
,PSRVDQWHV± QHLQLFKNRQQWHQLFKWZLGHUVWHKHQ GHU*HGDQNH HEHQVRVWRO]ZLHMHQHULQQHXHQ6WLHIHOQHLQKHU]XJHKHQ EHPlFKWLJWHVLFKPHLQHVJDQ]HQ:HVHQVXQGZDUHVQLFKWVFKRQ HLQ%HZHLVGHUKHUUOLFKHQ$QODJHQ]XU:LVVHQVFKDIWXQG.XQVWGLH LQPLUQXUJHZHFNWZHUGHQGXUIWHQGD LFKYRP%DXP KHUDEJHVSUXQJHQOHLFKWXQGJHZDQGWDOVKlWWHLFK]HLWOHEHQV 6WLHIHOQJHWUDJHQPLWGHQVWlKOHUQHQ6WLHIHODQ]LHKHUQGHQ VFKODQNHQ%HLQHQGLHXQJHZRKQWH%HNOHLGXQJDQ]X]ZlQJHQPXWH" 'DLFKIUHLOLFKQDFKKHUQLFKWODXIHQNRQQWHGDGHU-lJHUQXQDXI PLFK]XVFKULWWPLFKRKQHZHLWHUHVEHLP.UDJHQQDKPXQG IRUWVFKOHSSWHGDGHUDOWH2QNHOHUElUPOLFKVFKULHXQGXQV .RNXVQVVHQDFKZDUIZRYRQPLFKHLQHUHFKWKDUWDQVKLQWHUHOLQNH 2KUWUDIZLGHUGHQ:LOOHQGHVE|VHQ$OWHQDEHUYLHOOHLFKWKHUUOLFKH QHXH2UJDQH]XU5HLIHJHEUDFKWKDW DOOHVGLHVHVZHLW'X+ROGH GD'XVHOEVWMDKHXOHQGXQGMDPPHUQG'HLQHP*HOLHEWHQQDFKOLHIHVW XQGVRDXFKIUHLZLOOLJ'LFKLQGLH*HIDQJHQVFKDIWEHJDEVW± :DV VDJHLFK*HIDQJHQVFKDIW+DWGLHVH*HIDQJHQVFKDIWXQVQLFKWGLH JU|WH)UHLKHLWJHJHEHQ",VWHWZDVKHUUOLFKHUDOVGLH$XVELOGXQJGHV *HLVWHVGLHXQVXQWHUGHQ0HQVFKHQJHZRUGHQ"± ,FK]ZHLIOH QlPOLFKQLFKWGD'XOLHEH3LSLEHL'HLQHUDQJHERUQHQ /HEKDIWLJNHLWEHL'HLQHU)DVVXQJVJDEH'LFKDXFKHWZDVZHQLJHVDXI GLH.QVWHXQG:LVVHQVFKDIWHQJHOHJWKDEHQZLUVWXQGLQGLHVHP 9HUWUDXHQXQWHUVFKHLGHLFK'LFKDXFKJDQ]YRQGHQE|VHQ 9HUZDQGWHQLQGHQ:lOGHUQ+DXQWHULKQHQKHUUVFKWQRFK 6LWWHQORVLJNHLWXQG%DUEDUHLLKUH$XJHQVLQGWURFNHQXQGVLHVLQG JlQ]OLFKRKQH7LHIHGHV*HPWV)UHLOLFKNDQQLFKZRKO YRUDXVVHW]HQGD'XLQGHU%LOGXQJQLFKWVRZHLWYRUJHVFKULWWHQ VHLQZLUVWDOVLFKGHQQLFKELQQXQPHKUZLHPDQ]XVDJHQSIOHJW HLQJHPDFKWHU0DQQ LFKZHLGXUFKDXVDOOHVELQGDKHUHEHQVRZLH HLQ2UDNHOXQGKHUUVFKHLP5HLFKGHU:LVVHQVFKDIWXQG.XQVWKLHU XQXPVFKUlQNW'XZLUVWJHZLJODXEHQVH.OHLQHGDHVPLFK XQHQGOLFKYLHO0KHJHNRVWHWKDEHDXIGLHVHKRKH6WXIHGHU.XOWXU ]XJHODQJHQLP*HJHQWHLONDQQLFK'LFKYHUVLFKHUQGDPLUQLFKWV LQGHU:HOWOHLFKWHUJHZRUGHQDOVGDV MDLFKODFKHRIWGDUEHUGD LQPHLQHUIUKHQ-XJHQGPLUGLHYHUGDPPWHQ6SULQJEXQJHQYRQ HLQHP%DXP]XPDQGHUQPDQFKHQ6FKZHLWURSIHQDXVJHSUHW ZHOFKHVLFKEHLGHP*HOHKUW XQG:HLVHZHUGHQQLHYHUVSUWKDEH 'DV KDWVLFKYLHOPHKUVRJDQ]OHLFKWYRQVHOEVWJHIXQGHQXQGHV ZDUEHLQDKHVFKZHUHU]XU(UNHQQWQLV]XJHODQJHQLFKVlHQXQ ZLUNOLFKVFKRQDXIGHUREHUVWHQ6WXIHDOVKLQDXI]XNOHWWHUQ'DQNVHL HVPHLQHPKHUUOLFKHQ,QJHQLRXQGGHPJOFNOLFKHQ:XUIGHV2QNHOV
± 'XPXWQlPOLFKZLVVHQOLHEH3LSLGDGLHJHLVWLJHQ$QODJHQXQG 7DOHQWHZLH%HXOHQDP.RSIHOLHJHQXQGPLW+lQGHQ]XJUHLIHQVLQG PHLQ+LQWHUKDXSWIKOWVLFKDQZLHHLQ%HXWHOPLW.RNXVQVVHQXQG MHQHP:XUILVWYLHOOHLFKWQRFKPDQFKHV%HXOFKHQXQGPLWLKPHLQ 7DOHQWFKHQHQWVSURVVHQ,FKKDEHVLQGHU7DWUHFKWGLFNKLQWHUGHQ 2KUHQ± -HQHU1DFKDKPXQJVWULHEGHUXQVHUP*HVFKOHFKWHLJHQ XQGGHUJDQ]XQJHUHFKWHUZHLVHYRQGHQ0HQVFKHQVRRIWEHODFKW ZLUGLVWQLFKWVZHLWHUDOVGHUXQZLGHUVWHKOLFKH'UDQJQLFKWVRZRKO .XOWXU]XHUODQJHQDOVGLHXQVVFKRQLQZRKQHQGH]X]HLJHQ 'DVVHOEH3ULQ]LSLVWEHLGHQ0HQVFKHQOlQJVWDQJHQRPPHQXQGGLH ZDKUKDIW:HLVHQGHQHQLFKLPPHUQDFKJHVWUHEWPDFKHQHVLQ IROJHQGHU$UW(VYHUIHUWLJWLUJHQGMHPDQGHWZDVVHL HVHLQ .XQVWZHUNRGHUVRQVW DOOHVUXIW ª'DVLVWYRUWUHIIOLFK© JOHLFKPDFKW GHU:HLVHYRQLQQHUP%HUXIEHVHHOWHVQDFK=ZDUZLUGHWZDV DQGHUVGDUDXVDEHUHUVDJW ª6RLVWHVHLJHQWOLFKUHFKWXQGMHQHV :HUNGDVLKUIUYRUWUHIIOLFKKLHOWHWJDEPLU QXUGHQ6SRUQGDV ZDKUKDIW9RUWUHIIOLFKHDQV7DJHVOLFKW]XI|UGHUQGDVLFKOlQJVWLQ PLUWUXJ©(VLVWXQJHIlKUVROLHEH3LSLDOVZHQQHLQHUXQVHUHU 0LWEUGHUVLFKEHLP5DVLHUHQ]ZDULQGLH1DVHVFKQHLGHWGDGXUFK DEHUGHP6WXW]EDUWHLQHQJHZLVVHQRULJLQHOOHQ6FKZXQJJLEWGHQ GHU0DQQGHPHUHVDEVDKQLHPDOVHUUHLFKW(EHQMHQHU 1DFKDKPXQJVWULHEGHUPLUYRQMHKHUJDQ]EHVRQGHUVHLJHQ EUDFKWHPLFKHLQHP3URIHVVRUGHUbVWKHWLNGHPOLHEHQVZUGLJVWHQ 0DQQYRQGHU:HOWQlKHUYRQGHPLFKQDFKKHUGLHHUVWHQ $XINOlUXQJHQEHUPLFKVHOEVWHUKLHOWXQGGHUPLUDXFKGDV 6SUHFKHQEHLEUDFKWH1RFKHKHLFKGLHVHV7DOHQWDXVJHELOGHWZDU LFKRIWLQDXVHUOHVHQHU*HVHOOVFKDIWZLW]LJHUJHLVWUHLFKHU0HQVFKHQ ,FKKDWWHLKUH0LHQHQXQG*HElUGHQJHQDXDEJHVHKHQGLH LFK JHVFKLFNWQDFK]XDKPHQZXWH GLHVXQGPHLQHDQVWlQGLJH .OHLGXQJPLWGHUPLFKPHLQGDPDOLJHU3ULQ]LSDOYHUVHKHQ|IIQHWH PLUQLFKWDOOHLQMHGHU]HLWGLH7UVRQGHUQLFKJDOWDOOJHPHLQIU HLQHQMXQJHQ0DQQYRQIHLQHP:HOWWRQ:LHVHKQOLFKZQVFKWHLFK VSUHFKHQ]XN|QQHQ DEHULP+HU]HQGDFKWHLFK 2+LPPHOZHQQ GXQXQDXFKVSUHFKHQNDQQVWZRVROOVWGXDOOGLHWDXVHQG(LQIlOOH XQG*HGDQNHQKHUQHKPHQGLHGHQHQGDYRQGHQ/LSSHQVWU|PHQ" :LHVROOVWGXHVDQIDQJHQYRQGHQWDXVHQG'LQJHQ]XVSUHFKHQGLH GXNDXPGHP1DPHQQDFKNHQQVW":LHVROOVWGXEHU:HUNHGHU :LVVHQVFKDIWXQG.XQVWVREHVWLPPWXUWHLOHQZLHMHQHGDRKQHLQ GLHVHP*HELHWHHLQKHLPLVFK]XVHLQ"± 6RZLHLFKQXUHLQLJH:RUWH ]XVDPPHQKlQJHQGKHUDXVEULQJHQNRQQWHHU|IIQHWHLFKPHLQHP OLHEHQ/HKUHUGHP3URIHVVRUGHUbVWKHWLNPHLQH=ZHLIHOXQG
%HGHQNHQ GHUODFKWHPLUDEHULQV*HVLFKWXQGVSUDFK ª:DV JODXEHQ6LHGHQQOLHEHU0RQVLHXU0LOR"6SUHFKHQVSUHFKHQ VSUHFKHQPVVHQ6LHOHUQHQDOOHVEULJHILQGHWVLFKYRQVHOEVW *HOlXILJJHZDQGWJHVFKLFNWVSUHFKHQGDVLVWGDVJDQ]H *HKHLPQLV6LHZHUGHQVHOEVWHUVWDXQHQZLH,KQHQLP6SUHFKHQGLH *HGDQNHQNRPPHQZLH,KQHQGLH:HLVKHLWDXIJHKWZLHGLH J|WWOLFKH6XDGD6LHLQDOOH7LHIHQGHU:LVVHQVFKDIWXQG.XQVW KLQHLQIKUWGD6LHRUGHQWOLFKLQ,UUJlQJHQ]XZDQGHOQJODXEHQ2IW ZHUGHQ6LHVLFKVHOEVWQLFKWYHUVWHKHQ GDQQEHILQGHQ6LHVLFKDEHU JHUDGHLQGHUZDKUHQ%HJHLVWHUXQJGLHGDV6SUHFKHQKHUYRUEULQJW (LQLJHOHLFKWH/HNWUHNDQQ,KQHQEULJHQVZRKOQW]OLFKVHLQXQG ]XU+LOIHPHUNHQ 6LHVLFKHLQLJHDQJHQHKPH3KUDVHQGLHEHUDOO YRUWHLOKDIWHLQJHVWUHXWZHUGHQXQGJOHLFKVDP]XP5HIUDLQGLHQHQ N|QQHQ5HGHQ6LHYLHOYRQGHQ7HQGHQ]HQGHV=HLWDOWHUV± ZLHVLFK GDVXQGMHQHVUHLQDXVVSUHFKH± YRQ7LHIHGHV*HPWV± YRQ JHPWYROOXQGJHPWORVXVZ©± 2 PHLQH3LSLZLHKDWWHGHU0DQQ UHFKWZLHNDPPLUPLWGHU)HUWLJNHLWGHV6SUHFKHQVGLH:HLVKHLW± 0HLQJOFNOLFKHV0LHQHQVSLHOJDEPHLQHQ:RUWHQ*HZLFKWXQGLQ GHP6SLHJHOKDEHLFKJHVHKHQZLHVFK|QPHLQHYRQ1DWXUHWZDV JHUXQ]HOWH6WLUQVLFKDXVQLPPWZHQQLFKGLHVHPRGHUMHQHP 'LFKWHUGHQLFKQLFKWYHUVWHKHZHVKDOEHUGHQQXQP|JOLFKZDV WDXJHQNDQQ7LHIHGHV*HPWVUHLQDEVSUHFKHhEHUKDXSWLVWGLH LQQHUHhEHU]HXJXQJGHUK|FKVWHQ.XOWXUGHU5LFKWHUVWXKOGHPLFK EHTXHPMHGHV:HUNGHU:LVVHQVFKDIWXQG.XQVWXQWHUZHUIHXQG GDV8UWHLOLQIDOOLEHOZHLOHVDXVGHP,QQHUQYRQVHOEVWZLHHLQ 2UDNHOHQWVSULHW± 0LWGHU.XQVWKDEHLFKPLFKYLHOIDFK EHVFKlIWLJW± HWZDV0DOHUHL%LOGKDXHUNXQVWPLWXQWHU0RGHOOLHUHQ± 'LFKVH.OHLQHIRUPWHLFKDOV'LDQDQDFKGHU$QWLNH ± DEHUDOO GHQ.ULPVNUDPVKDWWHLFKEDOGVDWW QXUGLH0XVLN]RJPLFKYRU DOOHQ'LQJHQDQZHLOVLH*HOHJHQKHLWJLEWVRHLQHJDQ]H0HQJH 0HQVFKHQPLUQLFKWVGLUQLFKWVLQ(UVWDXQHQXQG%HZXQGHUXQJ]X VHW]HQXQGVFKRQPHLQHUQDWUOLFKHQ2UJDQLVDWLRQZHJHQZXUGH EDOGGDV)RUWHSLDQRPHLQ/LHEOLQJVLQVWUXPHQW'XNHQQVWPHLQH 6HGLHHWZDVOlQJOLFKHQ)LQJHUZHOFKHPLUGLH1DWXUYHUOLHKHQ PLWGHQHQVSDQQHLFKQXQ4XDUWGH]LPHQMD]ZHL2NWDYHQXQGGLHV QHEVWHLQHUHQRUPHQ )HUWLJNHLWGLH)LQJHU]XEHZHJHQXQG]X UKUHQLVWGDVJDQ]H*HKHLPQLVGHV)RUWHSLDQRVSLHOV7UlQHQGHU )UHXGHKDWGHU0XVLNPHLVWHUEHUGLHKHUUOLFKHQQDWUOLFKHQ $QODJHQVHLQHV6FKRODUHQYHUJRVVHQGHQQLQNXU]HU=HLWKDEHLFKHV VRZHLWJHEUDFKWGDLFKPLWEHLGHQ+lQGHQLQ]ZHLXQGGUHLLJ± YLHUXQGVHFK]LJ± HLQKXQGHUWXQGDFKWXQG]ZDQ]LJ7HLOHQRKQH$QVWR
DXI XQGDEODXIHPLWDOOHQ)LQJHUQJOHLFKJXWH7ULOOHUVFKODJHGUHL YLHU2NWDYHQKHUDXIXQGKHUDEVSULQJHZLHHKHPDOVYRQHLQHP %DXP]XPDQGHUQ XQGELQKLHUQDFKGHUJU|WH9LUWXRVGHQHV JHEHQNDQQ0LUVLQGDOOHYRUKDQGHQH)OJHONRPSRVLWLRQHQQLFKW VFKZHUJHQXJ LFKNRPSRQLHUHPLUGDKHUPHLQH6RQDWHQXQG .RQ]HUWHVHOEVW LQOHW]WHUQPXMHGRFKGHU0XVLNPHLVWHUGLH7XWWL PDFKHQ GHQQZHUNDQQVLFKPLWGHQYLHOHQ,QVWUXPHQWHQXQGGHP XQQW]HQ=HXJHEHUKDXSWEHIDVVHQ'LH7XWWLGHU.RQ]HUWHVLQGMD RKQHGLHVQXUQRWZHQGLJHhEHOXQGQXUJOHLFKVDP3DXVHQLQGHQHQ VLFKGHU6RORVSLHOHUHUKROWXQG]XQHXHQ6SUQJHQUVWHW± 1lFKVWGHPKDEHLFKPLFKVFKRQPLWHLQHP,QVWUXPHQWHQPDFKHU EHVSURFKHQZHJHQHLQHV)RUWHSLDQRYRQQHXQELV]HKQ2NWDYHQ GHQQNDQQVLFKZRKOGDV*HQLHEHVFKUlQNHQDXIGHQHOHQGHQ 8PIDQJYRQHUElUPOLFKHQVLHEHQ2NWDYHQ"$XHUGHQJHZ|KQOLFKHQ =JHQGHUWUNLVFKHQ7URPPHOXQG%HFNHQVROOHUQRFKHLQHQ 7URPSHWHQ]XJVRZLHHLQ)ODJHROHWWUHJLVWHUGDVVRYLHOP|JOLFKGDV *H]ZLWVFKHUGHU9|JHOQDFKDKPWDQEULQJHQ'XZLUVWJHZDKUOLHEH 3LSLDXIZHOFKHVXEOLPH*HGDQNHQHLQ0DQQYRQ*HVFKPDFNXQG %LOGXQJJHUlW± 1DFKGHPLFKPHKUHUH6lQJHUJURHQ%HLIDOO HLQHUQWHQJHK|UWZDQGHOWHPLFKDXFKHLQHXQEHVFKUHLEOLFKH/XVW DQHEHQIDOOV]XVLQJHQQXUVFKLHQHVPLUOHLGHUDOVKDEHPLUGLH 1DWXUMHGHV2UJDQGD]XVFKOHFKWHUGLQJVYHUVDJW GRFKNRQQWHLFK QLFKWXQWHUODVVHQHLQHPEHUKPWHQ6lQJHUGHUPHLQLQWLPVWHU )UHXQGJHZRUGHQPHLQHQ:XQVFK]XHU|IIQHQXQG]XJOHLFKPHLQ /HLGZHJHQGHU6WLPPH]XNODJHQ'LHVHUVFKORPLFKDEHULQGLH $UPHXQGULHIYROO(QWKXVLDVPXV ª*OFNVHOLJHU0RQVLHXU6LHVLQG EHL,KUHQPXVLNDOLVFKHQ)lKLJNHLWHQXQGGHU*HVFKPHLGLJNHLW,KUHV 2UJDQVGLHLFKOlQJVWEHPHUNW]XPJURHQ6lQJHUJHERUHQ GHQQ GLHJU|WH6FKZLHULJNHLWLVWEHUHLWVEHUZXQGHQ1LFKWVLVWQlPOLFK GHUZDKUHQ6LQJNXQVWVRVHKUHQWJHJHQDOVHLQHJXWHQDWUOLFKH 6WLPPHXQGHVNRVWHWQLFKWZHQLJ0KHEHLMXQJHQ6FKRODUHQGLH ZLUNOLFK6LQJVWLPPHKDEHQGLHVH6FKZLHULJNHLWDXVGHP:HJH]X UlXPHQ*lQ]OLFKHV9HUPHLGHQDOOHUKDOWHQGHQ7|QHIOHLLJHVhEHQ GHUWFKWLJVWHQ5RXODGHQGLHGHQJHZ|KQOLFKHQ8PIDQJGHU PHQVFKOLFKHQ6WLPPHZHLWEHUVWHLJHQXQGYRUQHKPOLFKGDV DQJHVWUHQJWH+HUYRUUXIHQGHV)DOVHWWVLQGHPGHUZDKUKDIW NQVWOLFKH*HVDQJVHLQHQ6LW]KDWKLOIWDEHUJHZ|KQOLFKQDFKHLQLJHU =HLW GLHUREXVWHVWH6WLPPHZLGHUVWHKWVHOWHQODQJHGLHVHQHUQVWHQ %HPKXQJHQ DEHUEHL,KQHQ*HHKUWHVWHULVWQLFKWVDXVGHP:HJH ]XUlXPHQ LQNXU]HU=HLWVLQG6LHGHUVXEOLPVWH6lQJHUGHQHV JLEW©± ± 'HU0DQQKDWWHUHFKWQXUZHQLJHUhEXQJEHGXUIWHHVXP
HLQKHUUOLFKHV)DOVHWWXQGHLQH)HUWLJNHLW]XHQWZLFNHOQKXQGHUW 7|QHLQHLQHP$WHPKHUDXV]XVWRHQZDVPLUGHQQGHQ XQJHWHLOWHVWHQ%HLIDOOGHUZDKUHQ.HQQHUHUZDUEXQGGLHDUPVHOLJHQ 7HQRULVWHQZHOFKHVLFKDXILKUH%UXVWVWLPPHZXQGHUZDV]XJXWH WXQXQHUDFKWHWVLHNDXPHLQHQ0RUGHQWKHUDXVEULQJHQLQ6FKDWWHQ VWHOOWH0HLQ0DHVWUROHKUWHPLFKJOHLFKDQIlQJOLFKGUHL]LHPOLFK ODQJH0DQLHUHQLQZHOFKHQDEHUGLH4XLQWHVVHQ]DOOHU:HLVKHLWGHV NQVWOLFKHQ*HVDQJHVVWHFNWVRGDPDQVLHEDOGVREDOGDQGHUV JHZHQGHWJDQ]RGHUVWFNZHLVHXQ]lKOLJHPDOZLHGHUEULQJHQMD]X GHP*UXQGEDGHUYHUVFKLHGHQVWHQ$ULHQ VWDWWGHUYRQGHP .RPSRQLVWHQLQWHQGLHUWHQ0HORGLHQXUMHQH0DQLHUHQDXIDOOHUOHL :HLVHVLQJHQNDQQ:HOFKHUUDXVFKHQGH%HLIDOOPLUVFKRQHEHQGHU $XVIKUXQJGLHVHU0DQLHUHQZHJHQJH]ROOWZRUGHQPHLQH6H NDQQLFK'LUQLFKWEHVFKUHLEHQXQG'XEHPHUNVWEHUKDXSWZLH DXFKLQGHU0XVLNGDVQDWUOLFKHPLULQZRKQHQGH,QJHQLXPPLU DOOHVVRKHU]OLFKOHLFKWPDFKWH± 9RQPHLQHQ.RPSRVLWLRQHQKDEH LFKVFKRQJHVSURFKHQDEHUJHUDGHGDVOLHEH.RPSRQLHUHQ± PX LFKHVQLFKWXPQXUPHLQHP*HQLHLKPZUGLJH:HUNH]X YHUVFKDIIHQVREHUODVVHLFKHVJHUQGHQXQWHUJHRUGQHWHQ 6XEMHNWHQGLHQXQHLQPDOGD]XGDVLQGXQV9LUWXRVHQ]XGLHQHQ G K:HUNHDQ]XIHUWLJHQLQGHQHQZLUXQVHUH9LUWXRVLWlW]HLJHQ N|QQHQ± ,FKPXJHVWHKHQGDHVHLQHLJHQ'LQJPLWDOOGHP =HXJHLVWGDVGLH3DUWLWXUDQIOOW'LHYLHOHQ,QVWUXPHQWHGHU KDUPRQLVFKH=XVDPPHQNODQJ± VLHKDEHQRUGHQWOLFKH5HJHOQ GDUEHU DEHUIUHLQ*HQLHIUHLQHQ9LUWXRVHQLVWGDVDOOHVYLHO]X DEJHVFKPDFNWXQGODQJZHLOLJ1lFKVWGHPGDUIPDQXPVLFKYRQ MHGHU6HLWHLQ5HVSHNW]XKDOWHQZRULQGLHJU|WH/HEHQVZHLVKHLW EHVWHKWDXFKQXUIUHLQHQ.RPSRQLVWHQJHOWHQ GDVLVWJHQXJ +lWWHLFK] %LQHLQHU*HVHOOVFKDIWLQHLQHU$ULHGHVJHUDGH DQZHVHQGHQ.RPSRQLVWHQUHFKWYLHOHQ%HLIDOOHLQJHHUQWHWXQGZDU PDQ LP%HJULIIHLQHQ7HLOGLHVHV%HLIDOOVGHP$XWRU]X]XZHQGHQVR ZDUILFKPLWHLQHPJHZLVVHQILQVWHUQWLHIVFKDXHQGHQ%OLFNGHQLFK EHLPHLQHUFKDUDNWHUYROOHQ3K\VLRJQRPLHEHUDXVJXW]XPDFKHQ YHUVWHKHJDQ]OHLFKWKLQ ª-DZDKUKDIWLJLFKPXQXQDXFKPHLQH QHXH2SHUYROOHQGHQ©XQGGLHVHbXHUXQJULDOOHV]XQHXHU %HZXQGHUXQJKLQVRGDGDUEHUGHU.RPSRQLVWGHUZLUNOLFK YROOHQGHWKDWWHJDQ]YHUJHVVHQZXUGHhEHUKDXSWVWHKWHVGHP *HQLHZRKODQVLFKVRJHOWHQG]XPDFKHQDOVP|JOLFK XQGHVGDUI QLFKWYHUVFKZHLJHQZLHLKPDOOHVGDVZDVLQGHU.XQVWJHVFKLHKW VRNOHLQXQGHUElUPOLFKYRUNRPPWJHJHQGDVZDVHVLQDOOHQ7HLOHQ GHUVHOEHQXQGGHU:LVVHQVFKDIWSURGX]LHUHQN|QQWHZHQQHVQXQ
JHUDGHZROOWHXQGGLH0HQVFKHQGHU$QVWUHQJXQJZHUWZlUHQ± *lQ]OLFKH9HUDFKWXQJDOOHV%HVWUHEHQVDQGHUHUGLHhEHU]HXJXQJ DOOHGLHJHUQVFKZHLJHQXQGQXULPVWLOOHQVFKDIIHQRKQHGDYRQ]X VSUHFKHQZHLWZHLW]XEHUVHKHQGLHK|FKVWH6HOEVW]XIULHGHQKHLW PLWDOOHPZDVQXQVRRKQHDOOH$QVWUHQJXQJGLHHLJHQH.UDIW KHUYRUUXIW GDVDOOHVVLQGXQWUJOLFKH=HLFKHQGHVK|FKVWNXOWLYLHUWHQ *HQLHVXQGZRKOPLUGDLFKDOOHVGDVWlJOLFKMDVWQGOLFKDQPLU EHPHUNH± 6RNDQQVW'X'LUQXQVH)UHXQGLQJDQ]PHLQHQ JOFNOLFKHQ=XVWDQGGHQLFKGHUHUODQJWHQKRKHQ%LOGXQJYHUGDQNH YRUVWHOOHQ± $EHUNDQQLFK'LUGHQQQXUGDVPLQGHVWHZDVPLUDXI GHP+HU]HQOLHJWYHUVFKZHLJHQ"± 6ROOLFKHV'LU+ROGHQLFKW JHVWHKHQGDQRFK|IWHUVJHZLVVH$QZDQGOXQJHQGLHPLFKJDQ] XQYHUVHKHQVEHUIDOOHQPLFKDXVGHPJOFNOLFKHQ%HKDJHQUHLHQ GDVPHLQH7DJHYHUVW"± 2 +LPPHOZLHLVWGRFKGLHIUKHVWH (U]LHKXQJVRYRQZLFKWLJHP(LQIOXDXIGDVJDQ]H/HEHQXQGPDQ VDJWZRKOPLW5HFKWGDVFKZHU]XYHUWUHLEHQVHLZDVPDQPLWGHU 0XWWHUPLOFKHLQVDXJH:LHLVWPLUGHQQGRFKPHLQWROOHV +HUXPVFKZlUPHQLQ%HUJHQXQG:lOGHUQVRVFKlGOLFKJHZRUGHQ 1HXOLFKJHKHLFKHOHJDQWJHNOHLGHWPLWPHKUHUHQ)UHXQGHQLQGHP 3DUNVSD]LHUHQ SO|W]OLFKVWHKHQZLUDQHLQHPKHUUOLFKHQ KLPPHOKRKHQVFKODQNHQ1XEDXP HLQHXQZLGHUVWHKOLFKH%HJLHUGH UDXEWPLUDOOH%HVLQQXQJ± HLQLJHWFKWLJH6lW]HXQG± LFKZLHJH PLFKKRFKLQGHQ:LSIHOQGHUbVWHQDFKGHQ1VVHQKDVFKHQG(LQ 6FKUHLGHV(UVWDXQHQVGHQGLH*HVHOOVFKDIWDXVVWLHEHJOHLWHWPHLQ :DJHVWFN$OVLFKPLFKZLHGHUEHVLQQHQGDXIGLHHUKDOWHQH.XOWXU GLHGHUJOHLFKHQ([WUDYDJDQWHVQLFKWHUODXEWKLQDENOHWWHUWHVSUDFK HLQMXQJHU0HQVFKGHUPLFKVHKUHKUW ª(LOLHEHU0RQVLHXU0LOR ZLHVLQG6LHGRFKVRIOLQNDXIGHQ%HLQHQ©$EHULFKVFKlPWHPLFK VHKU± 6RNDQQLFKDXFKRIWNDXPGLH/XVWXQWHUGUFNHQPHLQH *HVFKLFNOLFKNHLWLP:HUIHQGLHPLUVRQVWHLJHQ]XEHQ XQG NDQQVW'X'LU VGHQNHQKROGH.OHLQHGDPLFKQHXOLFKEHLHLQHP 6RXSHUMHQH/XVWVRVHKUEHUPDQQWHGDLFKVFKQHOOHLQHQ$SIHO GHPJDQ]DPDQGHUQ(QGHGHV7LVFKHVVLW]HQGHQ .RPPHU]LHQUDW PHLQHPDOWHQ*|QQHULQGLH3HUFNHZDUIZHOFKHVPLFKEHLQDKHLQ WDXVHQG8QJHOHJHQKHLWHQJHVWU]WKlWWH"± 'RFKKRIIHLFKLPPHU PHKUXQGPHKUDXFKYRQGLHVHQhEHUEOHLEVHOQGHVHKHPDOLJHQ URKHQ=XVWDQGHVPLFK]XUHLQLJHQ± 6ROOWHVW'XLQGHU.XOWXUQRFK QLFKWVRZHLWYRUJHUFNWVHLQVH)UHXQGLQXPGLHVHQ%ULHIOHVHQ ]XN|QQHQVRP|JHQ'LUGLHHGOHQNUlIWLJHQ=JH'HLQHV*HOLHEWHQ HLQH$XIPXQWHUXQJOHVHQ]XOHUQHQXQGGDQQGHU,QKDOWGLH ZHLVKHLWVYROOH/HKUHVHLQZLH'XHVDQIDQJHQ PXWXP]XGHU
LQQHUQ5XKHXQG%HKDJOLFKNHLW]XJHODQJHQGLHQXUGLHK|FKVWH .XOWXUHU]HXJWZLHVLHDXVGHPLQQHUQ,QJHQLRXQGGHP8PJDQJ PLWZHLVHQJHELOGHWHQ0HQVFKHQHQWVSULQJW± 1XQWDXVHQGPDOOHEH ZRKOVH)UHXQGLQ
'HLQ *HWUHXHUELVLQGHQ7RG 0LOR HKHPDOV$IIHMHW]WSULYDWLVLHUHQGHU .QVWOHUXQG*HOHKUWHU
ª=ZHLIOHDQGHU6RQQH.ODUKHLW =ZHLIOHDQGHU6WHUQH/LFKW =ZHLIO REOJHQNDQQGLH:DKUKHLW 1XUDQPHLQHU/LHEHQLFKW©
'HU0XVLNIHLQG
(VLVWZRKOHWZDV+HUUOLFKHVVRGXUFKXQGGXUFKPXVLNDOLVFK]X VHLQGDPDQZLHPLWEHVRQGHUHU.UDIWDXVJHUVWHWGLHJU|WHQ PXVLNDOLVFKHQ0DVVHQGLHGLH0HLVWHUPLWHLQHUXQ]lKOLJHQ0HQJH 1RWHQXQG7|QHGHUYHUVFKLHGHQVWHQ,QVWUXPHQWHDXIJHEDXHWOHLFKW XQGOXVWLJKDQGKDEWLQGHPPDQVLHRKQHVRQGHUOLFKH *HPWVEHZHJXQJRKQHGLHVFKPHU]KDIWHQ6W|HGHV OHLGHQVFKDIWOLFKHQ(QW]FNHQVGHUKHU]]HUUHLHQGHQ:HKPXW]X VSUHQLQ6LQQXQG*HGDQNHQDXIQLPPW± :LHKRFKNDQQPDQVLFK GDQQDXFKEHUGLH9LUWXRVLWlWGHU6SLHOHU LP,QQHUQHUIUHXHQMD GLHVH)UHXGHGLHYRQLQQHQKHUDXVVWUHEWUHFKWODXWZHUGHQODVVHQ RKQHDOOH*HIDKU$QGLH*OFNVHOLJNHLWVHOEVWHLQ9LUWXRV]XVHLQ ZLOOLFKJDUQLFKWGHQNHQ GHQQQRFKYLHOWLHIHUZLUGGDQQPHLQ 6FKPHU]GDPLUDOOHU6LQQIU 0XVLNVRJDQ]XQGJDUDEJHKW ZRKHUGHQQDXFKPHLQHXQEHVFKUHLEOLFKH8QEHKROIHQKHLWLQGHU $XVEXQJGLHVHUKHUUOLFKHQ.XQVWGLHLFKOHLGHUYRQ.LQGKHLWDXI JH]HLJWUKUHQPDJ± 0HLQ9DWHUZDUJHZLHLQWFKWLJHU0XVLNXV HUVSLHOWHIOHLLJDXIHLQHPJURHQ)OJHORIWELVLQGLHVSlWH1DFKW KLQHLQXQGZHQQHVHLQPDOHLQ.RQ]HUWLQXQVHUP+DXVHJDEGDQQ VSLHOWHHUVHKUODQJH6WFNHZR]XLKQGLHDQGHUQDXI9LROLQHQ %lVVHQDXFKZRKO)O|WHQXQG:DOGK|UQHUQJDQ]ZHQLJEHJOHLWHWHQ :HQQVROFKHLQODQJHV6WFNHQGOLFKKHUDXVZDUGDQQVFKULHHQDOOH VHKUXQGULHIHQ ª%UDYR%UDYRZHOFKHLQVFK|QHV.RQ]HUWZLH IHUWLJZLHUXQGJHVSLHOW©XQGQDQQWHQPLW(KUIXUFKWGHQ1DPHQ (PDQXHO%DFK± 'HU9DWHUKDWWHDEHUVRYLHOKLQWHUHLQDQGHU JHKlPPHUWXQGJHEUDXVHWGDHVPLULPPHUYRUNDPDOVVHLGDV ZRKONDXP0XVLNZRUXQWHULFKPLUVRUHFKWDQV+HU]JHKHQGH 0HORGLHQGDFKWHVRQGHUQHUWXHGLHVQXU]XP6SDXQGGLHDQGHUQ KlWWHQDXFKZLHGHULKUHQ6SDGDUDQ± ,FKZDUEHLVROFKHQ *HOHJHQKHLWHQLPPHULQPHLQ6RQQWDJVU|FNFKHQJHNQ|SIWXQG PXWHDXIHLQHPKRKHQ6WXKOQHEHQGHU0XWWHUVLW]HQXQG]XK|UHQ RKQHPLFKYLHO]XUHJHQXQG]XEHZHJHQ'LH=HLWZXUGHPLU HQWVHW]OLFKODQJXQGLFKKlWWHZRKOJDUQLFKWDXVGDXHUQN|QQHQ ZHQQLFKPLFKQLFKWDQGHQEHVRQGHUQ*ULPDVVHQXQGNRPLVFKHQ %HZHJXQJHQGHU6SLHOHUHUJ|W]WKlWWH9RU]JOLFKHULQQHUHLFKPLFK QRFKHLQHVDOWHQ$GYRNDWHQGHULPPHUGLFKWEHLPHLQHP9DWHUGLH *HLJHVSLHOWHXQGYRQGHPVLHLPPHUVDJWHQHUZlUHHLQJDQ] EHUWULHEHQHU(QWKXVLDVWXQGGLH0XVLNPDFKHLKQKDOEYHUUFNWVR
GDHULQGHUZDKQVLQQLJHQ([DOWDWLRQ]XGHULKQ(PDQXHOV%DFKV RGHU:ROIVRGHU%HQGDV*HQLXVKLQDXIVFKUDXEHZHGHUUHLQJUHLIH QRFK7DNWKDOWH± 0LUVWHKWGHU0DQQQRFKJDQ]YRU$XJHQ(UWUXJ HLQHQSIODXPIDUEHQHQ5RFNPLWJROGEHVSRQQHQHQ.Q|SIHQHLQHQ NOHLQHQVLOEHUQHQ'HJHQXQGHLQHU|WOLFKHQXUZHQLJJHSXGHUWH 3HUFNHDQGHUKLQWHQHLQNOHLQHUUXQGHU+DDUEHXWHOKLQJ(UKDWWH HLQHQXQEHVFKUHLEOLFKHQNRPLVFKHQ(UQVWLQDOOHPZDVHUEHJDQQ ª$GRSXV©SIOHJWHHU]XUXIHQZHQQGHU9DWHUGLH0XVLNEOlWWHUDXI GLH3XOWHYHUWHLOWH'DQQHUJULIIHUPLWGHUUHFKWHQ+DQGGLH*HLJH PLWGHUOLQNHQDEHUGLH3HUFNHGLHHUDEQDKPXQGDQHLQHQ1DJHO KLQJ1XQKREHUDQVLFKLPPHUPHKUXQGPHKUEHUV%ODWW EHXJHQG]XDUEHLWHQGDGLHURWHQ$XJHQJOlQ]HQGKHUDXVWUDWHQ XQG6FKZHLWURSIHQDXIGHU6WLUQVWDQGHQ(VJHVFKDKLKP]XZHLOHQ GDHUIUKHUIHUWLJZXUGHDOVGLHEULJHQZRUEHUHUVLFKGHQQ QLFKWZHQLJZXQGHUWHXQGGLHDQGHUQJDQ]E|VHDQVFKDXWH2IWZDU HVPLUDXFKDOVEUlFKWHHU7|QHKHUDXVGHQHQlKQOLFKGLH 1DFKEDUV3HWHUPLWQDWXUKLVWRULVFKHP6LQQGLHYHUERUJHQHQ PXVLNDOLVFKHQ7DOHQWHGHU.DW]HQHUIRUVFKHQGXQVHUP+DXVNDWHU DEORFNWHGXUFKVFKLFNOLFKHV(LQNOHPPHQGHV6FKZDQ]HVXQGVRQVW ZHVKDOEHU]XZHLOHQYRQGHP9DWHUHWZDVJHSUJHOWZXUGH± QlPOLFKGHU3HWHU ± .XU]GHUSIODXPIDUEHQH$GYRNDW± HUKLH 0XVHZLXV± KLHOWPLFKJDQ]IUGLH3HLQGHV6WLOOVLW]HQVVFKDGORV LQGHPLFKPLFKDQVHLQHQ*ULPDVVHQDQVHLQHQNRPLVFKHQ 6HLWHQVSUQJHQMDZRKOJDUDQVHLQHP4XLQNHOLHUHQK|FKOLFK HUJ|W]WH± (LQPDOPDFKWHHUGRFKHLQHYROONRPPHQH6W|UXQJLQGHU 0XVLNVRGDPHLQ9DWHUYRP)OJHODXIVSUDQJXQGDOOHDXILKQ ]XVWU]WHQHLQHQE|VHQ=XIDOOGHULKQHUJULIIHQEHIUFKWHQG(U ILQJQlPOLFKDQHUVWHWZDVZHQLJHVPLWGHP.RSIH]XVFKWWHOQ GDQQDEHULQHLQHPIRUWVWHLJHQGHQ&UHVFHQGRLPPHUVWlUNHUXQG VWlUNHUGHQ.RSIKLQXQGKHU]XZHUIHQZR]XHUJUlOLFKPLWGHP %RJHQEHUGLH6DLWHQKLQXQGKHUIXKUPLWGHU=XQJHVFKQDO]WH XQGPLWGHP)XVWDPSIWH(VZDUDEHUQLFKWVDOVHLQHNOHLQH IHLQGVHOLJH)OLHJHGLHKDWWHLKQPLWEHKDUUOLFKHP(LJHQVLQQLQ GHPVHOEHQ.UHLVHEOHLEHQGXPVXPPWXQGVLFKWDXVHQGPDOYHUMDJW LPPHUZLHGHUDXIGLH1DVHJHVHW]W'DVKDWWHLKQLQZLOGH 9HU]ZHLIOXQJJHVWU]W± 0DQFKPDOJHVFKDKHVGDGLH6FKZHVWHU PHLQHU0XWWHUHLQH$ULHVDQJ$FKZLHIUHXWHLFKPLFKLPPHU GDUDXI,FKOLHEWHVLHVHKU VLHJDEVLFKYLHOPLWPLUDEXQGVDQJPLU RIWPLWLKUHUVFK|QHQ6WLPPHGLHVRUHFKWLQPHLQ,QQHUVWHVGUDQJ HLQH0HQJHKHUUOLFKHU/LHGHUYRUGLHLFKVR LQ6LQQXQG*HGDQNHQ WUDJHGDLFKVLHQRFKIUPLFKOHLVH]XVLQJHQYHUPDJ± (VZDU
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± (LQHQYRU]JOLFKHQ*UXQGQLFKWDOOHLQPLFK]XYHUWHLGLJHQ VRQGHUQDXFKVRJDUPLUHLQHQWLHIYHUERUJHQHQPXVLNDOLVFKHQ6LQQ ]X]XVFKUHLEHQQDKPPHLQH7DQWHDXVGHP8PVWDQGHKHUGDLFK RIWZHQQGHU9DWHU]XIlOOLJGHQ)OJHOQLFKW]XJHVFKORVVHQPLFK VWXQGHQODQJGDPLWHUJ|W]HQNRQQWHDOOHUOHL ZRKONOLQJHQGH$NNRUGH DXI]XVXFKHQXQGDQ]XVFKODJHQ+DWWHLFKQXQPLWEHLGHQ+lQGHQ GUHLYLHUMDZRKOVHFKV7DQJHQWHQJHIXQGHQGLHDXIHLQPDO QLHGHUJHGUFNWHLQHQJDUZXQGHUEDUHQOLHEOLFKHQ=XVDPPHQNODQJ K|UHQOLHHQGDQQZXUGHLFKQLFKWPGHVLHDQ]XVFKODJHQXQG DXVW|QHQ]XODVVHQ,FKOHJWHGHQ.RSIVHLWZlUWVDXIGHQ'HFNHOGHV ,QVWUXPHQWV LFKGUFNWHGLH$XJHQ]X LFKZDULQHLQHUDQGHUQ :HOW DEHU]XOHW]WPXWHLFKZLHGHUELWWHUOLFKZHLQHQRKQH]X ZLVVHQREYRU/XVWRGHUYRU6FKPHU]0HLQH7DQWHKDWWHPLFKRIW EHODXVFKWXQGLKUH)UHXGHGDUDQJHKDEWZRJHJHQPHLQ9DWHUGDULQ QXUNLQGLVFKH3RVVHQIDQGhEHUKDXSWVFKLHQHQVLHVRZLHEHU PLFKDXFKUFNVLFKWOLFKDQGHUHU*HJHQVWlQGHYRU]JOLFKGHU0XVLN JDQ]XQHLQV]XVHLQLQGHPPHLQH7DQWHRIWDQPXVLNDOLVFKHQ 6WFNHQYRU]JOLFKZHQQVLHYRQLWDOLHQLVFKHQ0HLVWHUQJDQ] HLQIDFKXQGSUXQNORVNRPSRQLHUWZDUHQHLQJURHV:RKOJHIDOOHQ IDQGPHLQ9DWHUDEHUGHUHLQKHIWLJHU0DQQZDUGHUJOHLFKHQ0XVLN HLQ'XGHOGXPGHLQDQQWHGDVGHQ9HUVWDQGQLH EHVFKlIWLJHQN|QQH 0HLQ9DWHUVSUDFKLPPHUYRP9HUVWDQGHPHLQH7DQWHLPPHUYRQ *HIKO± (QGOLFKVHW]WHVLHHVGRFKGXUFKGDPHLQ9DWHUPLFK GXUFKHLQHQDOWHQ.DQWRUGHULQGHQ)DPLOLHQNRQ]HUWHQJHZ|KQOLFK GLH9LROHVWULFKLP.ODYLHUVSLHOHQXQWHUULFKWHQOLH$EHUGXOLHEHU +LPPHOGD]HLJWHHVVLFKGHQQEDOGGDGLH7DQWHPLUYLHO]XYLHO ]XJHWUDXWGHU9DWHUGDJHJHQUHFKWKDWWH$Q7DNWJHIKOVRZLHDP
$XIIDVVHQHLQHU0HORGLHIHKOWHHVPLUZLHGHU.DQWRUEHKDXSWHWH NHLQHVZHJV DEHUPHLQHJUHQ]HQORVH8QEHKLOIOLFKNHLWYHUGDUEDOOHV 6ROOWHLFKHLQhEXQJVVWFNIUPLFKH[HU]LHUHQXQGVHW]WHPLFKPLW GHPEHVWHQ9RUVDW]UHFKWIOHLLJ]XVHLQDQGDV.ODYLHUVRYHUILHO LFKXQZLOONUOLFKEDOGLQMHQH6SLHOHUHLGHV$NNRUGVXFKHQVXQGVR NDPLFKQLFKWZHLWHU0LWYLHOHUXQVlJOLFKHU0KHKDWWHLFKPLFK GXUFKPHKUHUH7RQDUWHQGXUFKJHDUEHLWHWELV]XGHUYHU]ZHLIHOWHQ GLHYLHU.UHX]HYRUJH]HLFKQHWKDWXQGZLHLFKMHW]WQRFKJDQ] EHVWLPPWZHL('XUJHQDQQWZLUGhEHUGHP6WFNVWDQGPLW JURHQ%XFKVWDEHQ6FKHU]DQGR3UHVWRXQGDOVGHU.DQWRUHVPLU YRUVSLHOWHKDWWHHVVRZDV+SIHQGHV6SULQJHQGHVGDVPLUVHKU PLILHO$FKZLHYLHO7Ul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lFKVWODJHQ]XVSLHOHQ YHUVXFKWH HVJHODQJPLUGDVJDQ]H6WFNZDUOHLFKWHUJHZRUGHQ XQGLFKYHUIHKOWHNHLQH1RWHQXUDXIDQGHUQ7DQJHQWHQXQGPLU NDPHVYRUDOVNOlQJHGDV6WFNVRJDUYLHOEHVVHUDOVVRZLHHVPLU GHU.DQWRUYRUJHVSLHOWKDWWH1XQZDUPLUIURKXQGOHLFKW]XPXWH LFKVHW]WHPLFKGHQDQGHUQ7DJNHFNDQGHQ)OJHOXQGKlPPHUWH PHLQH6WFNFKHQIULVFKGDUDXIORVXQGPHLQ9DWHUULHIHLQPDOEHU GDVDQGHUH ª'DVKlWWHLFKQLFKWJHGDFKW©± $OVGDV6FKHU]R]X (QGHZDUVDJWHGHU.DQWRUJDQ]IUHXQGOLFKª'DVZDUGLHVFKZHUH 7RQDUW('XU©XQGPHLQ9DWHUZDQGWHVLFK]XHLQHP)UHXQGH VSUHFKHQGª6HKHQ6LHZLHIHUWLJGHU-XQJHGDVVFKZHUH('XU KDQGKDEW©± ª(UODXEHQ6LH9HUHKUWHVWHU©HUZLGHUWHGLHVHUªGDV ZDUMD)'XU©± ª0LWQLFKWHQPLWQLFKWHQ©VDJWHGHU9DWHUª(LMD GRFK©YHUVHW]WHGHU)UHXQG± ªZLUZROOHQHVJOHLFKVHKHQ©%HLGH WUDWHQDQGHQ)OJHOª6HKHQ6LH©ULHIPHLQ9DWHUWULXPSKLHUHQG LQGHPHUDXIGLHYLHU.UHX]HZLHVª8QGGRFKKDWGHU.OHLQH)'XU JHVSLHOW©VDJWHGHU)UHXQG± ,FKVROOWHGDV6WFNZLHGHUKROHQ,FK WDWHVJDQ]XQEHIDQJHQLQGHPHVPLUQLFKWHLQPDOUHFKWGHXWOLFK ZDUZRUEHUVLHVRHUQVWOLFKVWULWWHQ0HLQ9DWHUVDKLQGLH7DVWHQ NDXPKDWWHLFKDEHUHLQLJH7|QHJHJULIIHQDOVPLUGHV9DWHUV+DQG XPGLH2KUHQVDXVWHª9HUWUDFNWHUGXPPHU-XQJH©VFKULHHULP
K|FKVWHQ=RUQ:HLQHQGXQGVFKUHLHQGOLHILFKGDYRQXQGQXQZDU HVPLWPHLQHPPXVLNDOLVFKHQ8QWHUULFKWDXILPPHUDXV'LH7DQWH PHLQWH]ZDUJHUDGHGDHVPLUP|JOLFKJHZRUGHQGDVJDQ]H6WFN ULFKWLJQXULQHLQHPDQGHUQ 7RQ]XVSLHOHQ]HLJHYRQZDKUHP PXVLNDOLVFKHQ7DOHQW DOOHLQLFKJODXEHMHW]WVHOEVWGDPHLQ9DWHU UHFKWKDWWHHVDXI]XJHEHQPLFKDXILUJHQGHLQHP,QVWUXPHQWH XQWHUULFKWHQ]XODVVHQGDPHLQH8QEHKROIHQKHLWGLH6WHLIKHLWXQG 8QJHOHQNLJNHLWPHLQHU)LQJHUVLFKMHGHP6WUHEHQHQWJHJHQJHVHW]W KDEHQZUGH± $EHUHEHQGLHVH8QJHOHQNLJNHLWVFKHLQWVLFK UFNVLFKWOLFKGHU0XVLNDXFKDXIPHLQJHLVWLJHV9HUP|JHQ]X HUVWUHFNHQ6RKDEHLFKQXU]XRIWEHLGHP6SLHODQHUNDQQWHU 9LUWXRVHQZHQQDOOHVLQMDXFK]HQGH%HZXQGHUXQJDXVEUDFK /DQJHZHLOH(NHOXQGhEHUGUXHPSIXQGHQXQGPLFKQRFKGD]XGD LFKQLFKWXQWHUODVVHQNRQQWHPHLQH0HLQXQJHKUOLFKKHUDXV]XVDJHQ RGHUYLHOPHKUPHLQLQQHUHV*HIKOGHXWOLFKDXVVSUDFKGHP *HOlFKWHUGHUJHVFKPDFNYROOHQYRQGHU0XVLNEHJHLVWHUWHQ0HQJH SUHLVJHJHEHQ*LQJHVPLUQLFKWQRFKYRUNXU]HU=HLWJDQ]VRDOV HLQEHUKPWHU.ODYLHUVSLHOHUGXUFKGLH6WDGWUHLVWHXQGVLFKEHL HLQHPPHLQHU)UHXQGHK|UHQOLH"ª+HXWH7HXHUVWHU©VDJWHPLU GHU)UHXQGªZHUGHQ6LHJHZLYRQ,KUHU0XVLNIHLQGVFKDIWJHKHLOW GHUKHUUOLFKH <ZLUG6LHHUKHEHQ± HQW]FNHQ©,FKPXWHPLFK ZLGHUPHLQHQ:LOOHQGLFKWDQGDV3LDQRIRUWHVWHOOHQ GDILQJGHU 9LUWXRVDQGLH7|QHDXIXQGQLHGHU]XUROOHQXQGHUKREHLQ JHZDOWLJHV*HEUDXVHXQGDOVGDVLPPHUIRUWGDXHUWHZXUGHPLU JDQ]VFKZLQGHOLJXQGVFKOHFKW]XPXWHDEHUEDOGULHWZDVDQGHUHV PHLQH$XIPHUNVDPNHLWKLQXQGLFKPDJZRKODOVLFKGHQ6SLHOHU JDUQLFKWPHKUK|UWHJDQ]VRQGHUEDULQGDV3LDQRIRUWH KLQHLQJHVWDUUWKDEHQ GHQQDOVHUHQGOLFKDXIJHK|UWKDWWH]X GRQQHUQXQG]XUDVHQHUJULIIPLFKGHU)UHXQGEHLP$UPXQGULHI ª1XQ6LHVLQGMDJDQ]YHUVWHLQHUW+H)UHXQGFKHQHPSILQGHQ6LH QXQHQGOLFKGLHWLHIHIRUWUHLHQGH:LUNXQJGHUKLPPOLVFKHQ0XVLN"© ± 'DJHVWDQGLFKHKUOLFKHLQZLHLFKHLJHQWOLFKGHQ6SLHOHUZHQLJ JHK|UWVRQGHUQPLFKYLHOPHKUDQGHPVFKQHOOHQ$XI XQG $EVSULQJHQ± XQGGHPJOLHGHUZHLVHQ/DXIIHXHUGHU+lPPHU K|FKOLFKHUJ|W]WKDEH ZRUEHUGHQQDOOHVLQHLQVFKDOOHQGHV *HOlFKWHUDXVEUDFK± :LHRIWZHUGHLFKHPSILQGXQJVKHU] JHPWORVJHVFKROWHQZHQQLFKXQDXIKDOWVDPDXVGHP=LPPHU UHQQHVREDOGGDV)RUWHSLDQRJH|IIQHWZLUGRGHUGLHVHXQGMHQH 'DPHGLH*LWDUUHLQGLH+DQGQLPPWXQGVLFK]XP6LQJHQUlXVSHUW GHQQLFKZHLVFKRQGDEHLGHU0XVLNGLHVLHJHZ|KQOLFKLQGHQ +lXVHUQYHUIKUHQPLUEHOXQGZHKZLUGXQGLFKPLURUGHQWOLFK
SK\VLVFKGHQ0DJHQYHUGHUEH± 'DVLVWDEHUHLQUHFKWHV8QJOFN XQGEULQJWPLU9HUDFKWXQJGHUIHLQHQ:HOW]XZHJH,FKZHLZRKO GDHLQHVROFKH6WLPPHHLQVROFKHU*HVDQJZLHGHUPHLQHU7DQWH VRUHFKW LQPHLQ,QQHUVWHVGULQJWXQGVLFKGD*HIKOHUHJHQIUGLH LFKJDUNHLQH:RUWHKDEH HVLVWPLUDOVVHLGDVHEHQGLH6HOLJNHLW ZHOFKHVLFKEHUGDV,UGLVFKHKHEWXQGGDKHUDXFKLP,UGLVFKHQ NHLQHQ$XVGUXFN]XILQGHQYHUPDJ DEHUHEHQGHVKDOELVWHVPLU JDQ]XQP|JOLFKK|UHLFKHLQHVROFKH6lQJHULQLQGLHODXWH %HZXQGHUXQJDXV]XEUHFKHQZLHGLHDQGHUQ LFKEOHLEHVWLOOXQG VFKDXHLQPHLQ,QQHUHVZHLOGDQRFKDOOHGLHDXHQYHUNOXQJHQHQ 7|QHZLGHUVWUDKOHQXQGGDZHUGHLFKNDOWHPSILQGXQJVORVHLQ 0XVLNIHLQGJHVFKROWHQ± 0LUVFKUlJEHUZRKQWGHU.RQ]HUWPHLVWHU ZHOFKHUMHGHQ'RQQHUVWDJHLQ4XDUWHWWEHLVLFKKDWZRYRQLFK]XU 6RPPHUV]HLWGHQOHLVHVWHQ7RQK|UHGDVLHDEHQGVZHQQHVVWLOO DXIGHU6WUDHJHZRUGHQEHLJH|IIQHWHQ)HQVWHUQVSLHOHQ'DVHW]H LFKPLFKDXIV6RIDXQGK|UHPLWJHVFKORVVHQHQ$XJHQ]XXQGELQ JDQ]YROOHU:RQQH± DEHUQXUEHLGHPHUVWHQ EHLGHP]ZHLWHQ 4XDUWHWWYHUZLUUHQVLFKVFKRQGLH7|QHGHQQQXQLVWHVDOVPWHQ VLHLP,QQHUQPLWGHQ0HORGLHQGHVHUVWHUHQGLHQRFKGDULQ ZRKQHQNlPSIHQ XQGGDVGULWWHNDQQLFKJDUQLFKWPHKU DXVKDOWHQ'DPXLFKIRUWUHQQHQXQGRIWKDWGHU.RQ]HUWPHLVWHU PLFKVFKRQDXVJHODFKWGDLFKPLFKYRQGHU0XVLNVRLQGLH)OXFKW VFKODJHQOLHH± 6LHVSLHOWHQZRKOZLHLFKJHK|UWKDEHDQVHFKV DFKWVROFKH4XDUWHWWVXQGLFKEHZXQGHUHLQGHU7DWGLH DXHURUGHQWOLFKH*HLVWHVVWlUNHGLHLQQHUHPXVLNDOLVFKH.UDIW ZHOFKHGD]XJHK|UWVRYLHO0XVLNKLQWHUHLQDQGHUDXI]XIDVVHQXQG GXUFKGDV$EVSLHOHQDOOHVVRZLHLP,QQHUVWHQHPSIXQGHQXQG JHGDFKWLQVOHEHQGLJH/HEHQDXVJHKHQ]XODVVHQ± (EHQVRJHKWHV PLUPLWGHQ.RQ]HUWHQZRRIWVFKRQGLHHUVWH6\PSKRQLHVROFK HLQHQ7XPXOWLQPLUHUUHJWGDLFKIUDOOHVEULJHWRWELQ-DRIW KDWPLFKHEHQGHUHUVWH6DW]VRDXIJHUHJWVRJHZDOWVDP HUVFKWWHUWGDLFKPLFKKLQDXVVHKQHXPDOOGLHVHOWVDPHQ (UVFKHLQXQJHQYRQGHQHQLFKEHIDQJHQGHXWOLFKHU]XVFKDXHQMD PLFKLQLKUHQZXQGHUEDUHQ7DQ]]XYHUIOHFKWHQGDLFKXQWHU LKQHQLKQHQJOHLFKELQ(VNRPPWPLUGDQQYRUDOVVHLGLHJHK|UWH 0XVLNLFKVHOEVW± ,FKIUDJHGDKHUQLHPDOVQDFKGHP0HLVWHU GDV VFKHLQWPLUJDQ]JOHLFKJOWLJ(VLVWPLUVRDOVZHUGHDXIGHP K|FKVWHQ3XQNWQXUHLQHSV\FKLVFKH0DVVHEHZHJWXQGDOVKDEHLFK LQGLHVHP6LQQHYLHO+HUUOLFKHVNRPSRQLHUW± ,QGHPLFKGLHVHVVR IUPLFKQLHGHUVFKUHLEHZLUGPLUDQJVWXQGEDQJHGDHVHLQPDOLQ PHLQHUDQJHERUHQHQXQEHIDQJHQHQ$XIULFKWLJNHLWPLUEHUGLH
/LSSHQIOLHKHQN|QQWH:LHZUGHLFKDXVJHODFKWZHUGHQ6ROOWHQ QLFKWPDQFKHZDKUKDIWLJHPXVLNDOLVFKH%UDYRVDQGHU*HVXQGKHLW PHLQHV*HPWV]ZHLIHOQ"± :HQQLFKRIWQDFKGHUHUVWHQ6\PSKRQLH DXVGHP.RQ]HUWVDDOHLOHVFKUHLHQVLHPLUQDFK ª'DOlXIWHUIRUW GHU0XVLNIHLQG©XQGEHGDXHUQPLFKGDMHGHU*HELOGHWHMHW]WPLW 5HFKWYHUODQJWGDPDQQlFKVWGHU.XQVWVLFKDQVWlQGLJ]X YHUEHXJHQXQGHEHQVRDXFKEHUGDVZDVPDQQLFKWZHL]X UHGHQDXFKGLH0XVLNOLHEHXQGWUHLEH'DLFKQXQHEHQYRQ GLHVHP7UHLEHQVRRIWJHWULHEHQZHUGHKLQDXVLQGLH(LQVDPNHLWZR GLHHZLJZDOWHQGH0DFKWLQGHP5DXVFKHQGHU(LFKHQEOlWWHUEHU PHLQHP+DXSWHLQGHP3OlWVFKHUQGHU4XHOOHZXQGHUEDUH7|QH DQUHJWGLHVLFKJHKHLPQLVYROOYHUVFKOLQJHQPLWGHQ/DXWHQGLHLQ PHLQHP,QQHUQUXKHQXQGQXQLQKHUUOLFKHU0XVLNKHUYRUVWUDKOHQ± MDGDVLVWHEHQPHLQ8QJOFN± 'LHHQWVHW]OLFKHSHLQOLFKH 6FKZHUIlOOLJNHLWLP$XIIDVVHQGHU0XVLNVFKDGHWPLUDXFKUHFKWLQ GHU2SHU± 0DQFKPDOIUHLOLFKLVWHVPLUDOVZUGHQXUGDQQXQG ZDQQHLQVFKLFNOLFKHVPXVLNDOLVFKHV*HUlXVFKJHPDFKWXQGPDQ YHUMDJHGDPLWVHKU]ZHFNPlLJGLH/DQJHZHLOHRGHUQRFKlUJHUH 8QJHWPHVRZLHYRUGHQ.DUDZDQHQ=LPEHOQXQG3DXNHQWROOXQG ZLOGGXUFKHLQDQGHUJHVFKODJHQZHUGHQXPGLHZLOGHQ7LHUH DE]XKDOWHQ DEHUZHQQHVRIWVRLVWDOVN|QQWHQGLH3HUVRQHQQLFKW DQGHUVUHGHQDOVLQGHQJHZDOWLJHQ$N]HQWHQGHU0XVLNDOVJLQJH GDV5HLFKGHV:XQGHUEDUHQDXIZLHHLQIODPPHQGHU6WHUQ± GDQQ KDEHLFK0KHXQG1RWPLFKIHVW]XKDOWHQLQGHP2UNDQGHUPLFK HUIDWXQGLQGDV8QHQGOLFKH]XVFKOHXGHUQGURKW± $EHULQVROFK HLQH2SHUJHKHLFKLPPHUXQGLPPHUZLHGHUXQGNODUHUXQG OHXFKWHQGHUZLUGHVLP,QQHUQXQGDOOH*HVWDOWHQWUHWHQKHUDXVDXV GHPGVWHUQ1HEHOXQGVFKUHLWHQDXIPLFK]XXQGQXQHUNHQQHLFK VLHZLHVLHVRIUHXQGOLFKPLUEHIUHXQGHWVLQGXQGPLWPLU GDKLQZDOOHQLPKHUUOLFKHQ/HEHQ± ,FKJODXEH*OXFNVª,SKLJHQLD© JHZLIXQI]LJPDOJHK|UW]XKDEHQ'DUEHUODFKHQDEHUPLW5HFKW GLHHFKWHQ0XVLNHUXQGVDJHQ ª%HLPHUVWHQPDOKDWWHQZLUDOOHV ZHJXQGEHLPGULWWHQVDWW©± (LQE|VHU'lPRQYHUIROJWPLFKDEHU XQG]ZLQJWPLFKXQZLOONUOLFKNRPLVFK]XVHLQXQG.RPLVFKHV]X YHUEUHLWHQUFNVLFKWOLFKPHLQHU0XVLNIHLQGVFKDIW6RVWHKHLFK QHXOLFKLP6FKDXVSLHOKDXVHZRKLQLFKDXV*HIlOOLJNHLWIUHLQHQ IUHPGHQ)UHXQGJHJDQJHQXQGELQJDQ]YHUWLHIWLQ*HGDQNHQDOV VLHJHUDGH HVZXUGHHLQH2SHUJHJHEHQ VRHLQHQQLFKWVVDJHQGHQ PXVLNDOLVFKHQ/lUPPDFKHQ'DVW|WPLFKGHU1DFKEDUDQ VSUHFKHQG ª'DVLVWHLQHJDQ]YRU]JOLFKH6WHOOH©,FKGDFKWHXQG NRQQWHLQGHP$XJHQEOLFNQLFKWVDQGHUHVGHQNHQDOVGDHUYRQGHU
6WHOOHLP3DUWHUUHVSUlFKHZRZLUXQVJHUDGHEHIDQGHQXQG DQWZRUWHWHJDQ]WUHXKHU]LJ ª-DHLQHJXWH6WHOOHDEHUHLQELFKHQ =XJZHKWGRFK©± 'DODFKWHHUVHKUXQGDOV$QHNGRWHYRQGHP 0XVLNIHLQGZXUGHHVYHUEUHLWHWLQGHUJDQ]HQ6WDGWXQGEHUDOO QHFNWHPDQPLFKPLWPHLQHU=XJOXIWLQGHU2SHUXQGLFKKDWWHGRFK UHFKW ± 6ROOWHPDQHVZRKOJODXEHQGDHVGHVVHQXQJHDFKWHWHLQHQHFKWHQ ZDKUHQ0XVLNHUJLEWGHUQRFKMHW]WUFNVLFKWOLFKPHLQHV PXVLNDOLVFKHQ6LQQHVGHU0HLQXQJPHLQHU7DQWHLVW"± )UHLOLFKZLUG QLHPDQGYLHOGDUDXIJHEHQZHQQLFKJHUDGHKHUDXVVDJHGDGLHV NHLQDQGHUHULVW DOVGHU.DSHOOPHLVWHU-RKDQQHV.UHLVOHUGHUVHLQHU 3KDQWDVWHUHLZHJHQEHUDOOYHUVFKULHHQJHQXJLVWDEHULFKELOGHPLU QLFKWZHQLJGDUDXIHLQGDHUHVQLFKWYHUVFKPlKWPLUUHFKWQDFK PHLQHPLQQHUQ*HIKOVRZLHHVPLFKHUIUHXWXQGHUKHEW YRU]XVLQJHQXQGYRU]XVSLHOHQ± 1HXOLFKVDJWHHUDOVLFKLKPPHLQH PXVLNDOLVFKH8QEHKROIHQKHLWNODJWHLFKVHLPLWMHQHP/HKUOLQJLQ GHP7HPSHO]X6DLV]XYHUJOHLFKHQGHUXQJHVFKLFNWVFKHLQHQGLP 9HUJOHLFKGHUDQGHUQ6FKOHUGRFKGHQZXQGHUEDUHQ6WHLQIDQG GHQGLHDQGHUQPLWDOOHP)OHLYHUJHEOLFKVXFKWHQLFKYHUVWDQGLKQ QLFKWZHLOLFK1RYDOLV 6FKULIWHQQLFKWJHOHVHQDXIGLHHUPLFK YHUZLHV,FKKDEHKHXWHLQGLH/HLKELEOLRWKHNJHVFKLFNWZHUGHGDV %XFKDEHUZRKOQLFKWHUKDOWHQGDHVKHUUOLFKVHLQVROOXQG DOVRVWDUN JHOHVHQZLUG± 'RFKQHLQ HEHQHUKDOWHLFKZLUNOLFK1RYDOLV 6FKULIWHQ]ZHL%lQGFKHQXQGGHU%LEOLRWKHNDUOlWPLUVDJHQPLW GHUJOHLFKHQN|QQHHULPPHUDXIZDUWHQGDHVVWHWV]X+DXVHVHL QXUKDEHHUGHQ1RYDOLVQLFKWJOHLFKILQGHQN|QQHQ GDHULKQJDQ] XQGJDUDOVHLQ%XFKQDFKGHPQLHPDOVJHIUDJWZUGH ]XUFNJHVWHOOW± 1XQZLOOLFKGRFKJOHLFKVHKHQZDVHVPLWGHQ /HKUOLQJHQ]X6DLVIUHLQH%HZDQGWQLVKDW
hEHUHLQHQ$XVVSUXFK6DFFKLQLV XQGEHUGHQVRJHQDQQWHQ(IIHNWLQGHU 0XVLN
,Q*HUEHUV7RQNQVWOHU/H[LNRQZLUGYRQGHPEHUKPWHQ6DFFKLQL IROJHQGHVHU]lKOW$OV6DFFKLQLHLQVW]X/RQGRQEHL+HUUQOH %UQ GHPEHUKPWHQ+RERLVWHQ]X0LWWDJVSHLVWHZLHGHUKROWHPDQLQ VHLQHU*HJHQZDUWGLH%HVFKXOGLJXQJGLHPDQFKPDOGLH'HXWVFKHQ XQGGLH)UDQ]RVHQGHQLWDOLHQLVFKHQ.RPSRQLVWHQPDFKHQGDVLH QLFKWJHQXJPRGXOLHUHQª:LUPRGXOLHUHQLQGHU.LUFKHQPXVLN© VDJWHHUªGDNDQQGLH$XIPHUNVDPNHLWZHLOVLHQLFKWGXUFKGLH 1HEHQVDFKHQGHV6FKDXVSLHOVJHVW|UWZLUGOHLFKWHUGHQPLW.XQVW YHUEXQGHQHQ9HUlQGHUXQJHQGHU7|QHIROJHQ DEHUDXIGHP7KHDWHU PXPDQGHXWOLFKXQGHLQIDFKVHLQPDQPXPHKUGDV+HU]UKUHQ DOVLQ(UVWDXQHQVHW]HQPDQPXVLFKVHOEVWPLQGHUJHEWHQ2KUHQ EHJUHLIOLFKPDFKHQ'HUZHOFKHURKQHGHQ7RQ]XlQGHUQ DEJHlQGHUWH*HVlQJHGDUVWHOOW]HLJWZHLWPHKU7DOHQWDOVGHU ZHOFKHULKQDOOH$XJHQEOLFNHlQGHUW© ±
'LHVHUPHUNZUGLJH$XVVSUXFK6DFFKLQLVOHJWGLHJDQ]H7HQGHQ]GHU LWDOLHQLVFKHQ2SHUQPXVLNGDPDOLJHU=HLWDQGHQ7DJXQGLP ZHVHQWOLFKHQLVWVLHDXFKZRKOELVDXIGLHMHW]LJH=HLWGLHVHOEH JHEOLHEHQ'LH,WDOLHQHUHUKREHQVLFKQLFKW]XGHU$QVLFKWGDGLH 2SHULQ:RUW+DQGOXQJXQG0XVLNDOVHLQ*DQ]HVHUVFKHLQHQXQG GLHVHVXQWUHQQEDUH*DQ]HLP7RWDOHLQGUXFNDXIGHQ=XK|UHUZLUNHQ PVVH GLH0XVLNZDULKQHQYLHOPHKU]XIlOOLJH%HJOHLWHULQGHV 6FKDXVSLHOVXQGGXUIWHQXUKLQXQGZLHGHUDOVVHOEVWlQGLJH.XQVW XQGGDQQIUVLFKDOOHLQZLUNHQGKHUYRUWUHWHQ6RNDPHVGDLP HLJHQWOLFKHQ)RUWVFKUHLWHQGHU+DQGOXQJDOOH0XVLNIODFKXQG XQEHGHXWHQGJHKDOWHQZXUGHXQGQXUGLH3ULPD'RQQDXQGGHU 3ULPR+XRPRLQLKUHQVRJHQDQQWHQ6]HQHQLQEHGHXWHQGHURGHU YLHOPHKUZDKUHU0XVLNKHUYRUWUHWHQGXUIWHQ+LHUJDOWHVDEHUGDQQ ZLHGHURKQH5FNVLFKWDXIGHQ0RPHQWGHU+DQGOXQJQXUGHQ *HVDQJMDRIWDXFKQXUGLH.XQVWIHUWLJNHLWGHU6lQJHULPK|FKVWHQ *ODQ]H]X]HLJHQ 6DFFKLQLYHUZLUIWLQGHU2SHUDOOHV6WDUNH(UVFKWWHUQGHGHU0XVLN ZHOFKHVHULQGLH.LUFKHYHUZHLVW HUKDWHVLP7KHDWHUQXUPLW DQJHQHKPHQRGHUYLHOPHKUQLFKWWLHIHLQJUHLIHQGHQ(PSILQGXQJHQ
]XWXQ HU ZLOOQLFKW(UVWDXQHQQXUVDQIWH5KUXQJHUUHJHQ$OV ZHQQGLH2SHUGXUFKGLH9HUELQGXQJGHULQGLYLGXDOLVLHUWHQ6SUDFKH PLWGHUDOOJHPHLQHQ6SUDFKHGHU0XVLNQLFKWHEHQGLHK|FKVWHGDV ,QQHUVWHWLHIHUJUHLIHQGH:LUNXQJDXIGDV*HPWVFKRQLKUHU1DWXU QDFKEHDEVLFKWLJHQPVVH(QGOLFKZLOOHUGXUFKGLHJU|WH (LQIDFKKHLWRGHUYLHOPHKU0RQRWRQLHDXFKGHPXQJHEWHQ2KU YHUVWlQGOLFKZHUGHQ DOOHLQGDVLVWMDHEHQGLHK|FKVWHRGHU YLHOPHKUGLHZDKUH.XQVWGHV.RPSRQLVWHQGDHUGXUFKGLH :DKUKHLWGHV$XVGUXFNVMHGHQUKUWMHGHQHUVFKWWHUWZLHHVGHU 0RPHQWGHU+DQGOXQJHUIRGHUWMDGLHVHQ0RPHQWGHU+DQGOXQJ VHOEVWVFKDIIWZLHGHU'LFKWHU$OOH0LWWHOGLHGHUXQHUVFK|SIOLFKH 5HLFKWXPGHU7RQNXQVWLKPGDUELHWHWVLQGVHLQHLJHQXQGHU EUDXFKWVLHVRZLHVLH]XMHQHU:DKUKHLWDOVQRWZHQGLJHUVFKHLQHQ 6RZLUG] %GLHNQVWOLFKVWH0RGXODWLRQLKUVFKQHOOHU:HFKVHODQ UHFKWHU6WHOOHGHPXQJHEWHVWHQ2KULQK|KHUHU5FNVLFKW YHUVWlQGOLFKVHLQGDVKHLW QLFKWGLHWHFKQLVFKH6WUXNWXUHUNHQQW GHU/DLHZRUDXI HVDXFKJDUQLFKWDQNRPPWVRQGHUQGHU0RPHQW GHU+DQGOXQJLVWHVGHULKQJHZDOWLJHUJUHLIW:HQQLPª'RQ-XDQ© GLH6WDWXHGHV.RPPDQGDQWHQLP*UXQGWRQ (LKUIXUFKWEDUHVª-D© HUW|QHQOlWQXQDEHUGHU.RPSRQLVWGLHVHV (DOV7HU]YRQ & DQQLPPWXQGVRLQ &'XUPRGXOLHUWZHOFKH7RQDUW/HSRUHOOR HUJUHLIWVRZLUGNHLQ/DLHGHU0XVLNGLHWHFKQLVFKH6WUXNWXUGLHVHV hEHUJDQJHVYHUVWHKHQDEHULP,QQHUVWHQPLWGHP/HSRUHOOR HUKHEHQXQGHEHQVRZHQLJZLUGGHU0XVLNHUGHUDXIGHUK|FKVWHQ 6WXIHGHU%LOGXQJVWHKWLQGHP$XJHQEOLFNGHUWLHIVWHQ$QUHJXQJDQ MHQH6WUXNWXUGHQNHQGHQQLKPLVWGDV*HUVWHOlQJVWHLQJHIDOOHQ XQGHUWULIIWZLHGHUPLWGHP/DLHQ]XVDPPHQ
'LHZDKUH.LUFKHQPXVLNQlPOLFKGLHMHQLJHGLHGHQ.XOWXVEHJOHLWHW RGHUYLHOPHKUVHOEVW.XOWXVLVWHUVFKHLQWDOVEHULUGLVFKH± DOV 6SUDFKHGHV+LPPHOV'LH$KQXQJHQGHVK|FKVWHQ:HVHQVZHOFKH GLHKHLOLJHQ7|QHLQGHV0HQVFKHQ%UXVWHQW]QGHQVLQGGDV K|FKVWH:HVHQVHOEVWZHOFKHVLQGHU0XVLNYHUVWlQGOLFKYRQGHP EHUVFKZHQJOLFKKHUUOLFKHQ5HLFKHGHV*ODXEHQVXQGGHU/LHEH UHGHW'LH:RUWHGLHVLFKGHP*HVDQJHEHLJHVHOOHQVLQGQXU ]XIlOOLJXQGHQWKDOWHQDXFKPHLVWHQVQXUELOGOLFKH$QGHXWXQJHQZLH ] %LQGHU0LVVD,QGHPLUGLVFKHQ/HEHQGHPZLUXQV HQWVFKZXQJHQEOLHEGHU*lUXQJVVWRIIGHV%|VHQ]XUFNGHUGLH /HLGHQVFKDIWHQHU]HXJWHXQGVHOEVWGHU6FKPHU]O|VWHVLFKDXILQ GLHLQEUQVWLJH6HKQVXFKWGHUHZLJHQ/LHEH)ROJWQLFKWDEHUKLHUDXV YRQVHOEVWGDGLHHLQIDFKHQ0RGXODWLRQHQGLHGHQ$XVGUXFNHLQHV
]HUULVVHQHQEHlQJVWHWHQ*HPWVLQVLFKWUDJHQHEHQDXVGHU .LUFKH]XYHUEDQQHQVLQGZHLOVLHJHUDGHGRUW]HUVWUHXHQXQGGHQ *HLVWEHIDQJHQPLWZHOWOLFKHPLUGLVFKHP7UHLEHQ"6DFFKLQLV $XVVSUXFKLVWGDKHUJHUDGHXP]XNHKUHQZLHZRKOHUGDHUVLFK DXVGUFNOLFKDXIGLH0HLVWHUVHLQHV/DQGHV EH]LHKWXQGJHZLGLH lOWHUHQLP6LQQHKDWWHXQWHUGHPKlXILJHUHQ0RGXOLHUHQLQGHU .LUFKHQPXVLNQXUGHQJU|HUQ5HLFKWXPGHVKDUPRQLVFKHQ6WRIIV PHLQWH5FNVLFKWOLFKGHU2SHUQPXVLNlQGHUWHHUDXFK ZDKUVFKHLQOLFKVHLQH0HLQXQJDOVHU*OXFNV:HUNHLQ3DULVJHK|UW KDWWHGHQQVRQVWZUGHHUGHPYRQLKPVHOEVWDXIJHVWHOOWHQ 3ULQ]LS]XZLGHUQLFKWGLHVWDUNHKHIWLJHUJUHLIHQGH)OXFKV]HQHLP ªgGLSDXI&RORQRV©JHVHW]WKDEHQ ±
-HQH:DKUKHLWGDGLH2SHULQ:RUW+DQGOXQJXQG0XVLNDOVHLQ *DQ]HVHUVFKHLQHQPVVHVSUDFK*OXFN]XHUVWLQVHLQHQ:HUNHQ GHXWOLFKDXV DEHUZHOFKH:DKUKHLWZLUGQLFKWPLYHUVWDQGHQXQG YHUDQODWVRGLHVRQGHUEDUVWHQ0LJULIIH:HOFKH0HLVWHUZHUNH HU]HXJWHQQLFKWLQEOLQGHU1DFKDKPHUHLGLHOlFKHUOLFKVWHQ3URGXNWH 'HPEO|GHQ$XJH HUVFKHLQHQGLH:HUNHGHVKRKHQ*HQLHVGLHHV QLFKWYHUPRFKWHLQHLQHP%UHQQSXQNWDXI]XIDVVHQZLHHLQ GHIRUPLHUWHV*HPlOGHXQGGLHVHV*HPlOGHV]HUVWUHXWH=JH ZXUGHQJHWDGHOWXQGQDFKJHDKPW*RHWKHVª:HUWKHU©YHUDQODWH GLHZHLQHUOLFKHQ(PSILQGHOHLHQMHQHU=HLW VHLQª*|W]YRQ %HUOLFKLQJHQ©VFKXIGLHXQJHVFKODFKWHQOHHUHQ+DUQLVFKHDXV GHQHQGLHKRKOHQ6WLPPHQGHUELGHUEHQ*UREKHLWXQGGHVSURVDLVFK WROOHQ8QVLQQVHUNODQJHQ*RHWKHVHOEVWVDJW ª$XVPHLQHP/HEHQ© 'ULWWHU7HLO GLH:LUNXQJMHQHU:HUNH VHLPHLVWHQVVWRIIDUWLJ JHZHVHQXQGVRNDQQPDQDXFKEHKDXSWHQGDGLH:LUNXQJYRQ *OXFNVXQG0R]DUWV:HUNHQDEJHVHKHQYRQGHP7H[WLQUHLQ PXVLNDOLVFKHU+LQVLFKWQXUVWRIIDUWLJZDU$XIGHQ6WRIIGHV PXVLNDOLVFKHQ*HElXGHVZXUGHQlPOLFKGDV$XJHJHULFKWHWXQGGHU K|KHUH*HLVWGHPGLHVHU6WRIIGLHQHQPXWHQLFKWHQWGHFNW0DQ IDQGEHLGLHVHU%HWUDFKWXQJYRU]JOLFKEHL0R]DUWGDDXHUGHU PDQQLJIDFKHQIUDSSDQWHQ0RGXODWLRQDXFKGLHKlXILJH$QZHQGXQJ GHU%ODVLQVWUXPHQWHGLHHUVWDXQOLFKH:LUNXQJVHLQHU:HUNH KHUYRUEULQJHQP|JH XQGGDYRQVFKUHLEWVLFKGHU8QIXJGHU EHUODGHQHQ,QVWUXPHQWLHUXQJXQGGHVEL]DUUHQXQPRWLYLHUWHQ 0RGXOLHUHQVKHU(IIHNWZXUGHGDV/RVXQJVZRUWGHU.RPSRQLVWHQ XQG(IIHNW]XPDFKHQNRVWHHVZDVHVZROOHGLHHLQ]LJH7HQGHQ] LKUHU%HPKXQJHQ$EHUHEHQGLHVHV%HPKHQQDFKGHP(IIHNW EHZHLVHWGDHUDEZHVHQGLVWXQGVLFKQLFKWZLOOLJILQGHQOlWGD
HLQ]XNHKUHQZRGHU.RPSRQLVWZQVFKWGDHUDQ]XWUHIIHQVHLQ P|JH± 0LWHLQHP:RUW GHU.QVWOHUPXXPXQV]XUKUHQXP XQVJHZDOWLJ]XHUJUHLIHQVHOEVWLQHLJQHU%UXVWWLHIGXUFKGUXQJHQ VHLQXQGQXUGDVLQGHU(NVWDVHEHZXWORVLP,QQHUQ(PSIDQJHQH PLWK|KHUHU.UDIWIHVW]XKDOWHQLQGHQ+LHURJO\SKHQGHU7|QH GHQ 1RWHQ LVWGLH.XQVWZLUNXQJVYROO]XNRPSRQLHUHQ)UDJWGDKHUHLQ MXQJHU.QVWOHUZLHHUHVDQIDQJHQVROOHHLQH2SHUPLWUHFKW YLHOHP(IIHNW]XVHW]HQVRNDQQPDQLKPQXUDQWZRUWHQ ª/LHVGDV *HGLFKWULFKWHPLWDOOHU.UDIWGHQ*HLVWGDUDXIJHKHHLQPLWDOOHU 0DFKWGHLQHU3KDQWDVLHLQGLH0RPHQWHGHU+DQGOXQJ GXOHEVWLQ GHQ3HUVRQHQGHV*HGLFKWVGXELVWVHOEVWGHU7\UDQQGHU+HOGGLH *HOLHEWH GXIKOVWGHQ6FKPHU]GDV(QW]FNHQGHU/LHEHGLH 6FKPDFKGLH)XUFKWGDV(QWVHW]HQMDGHV7RGHVQDPHQORVH4XDO GLH:RQQHVHOLJHU9HUNOlUXQJ GX]UQHVWGXZWHVWGXKRIIHVWGX YHU]ZHLIHOVW GHLQ%OXWJOKWGXUFKGLH$GHUQKHIWLJHUVFKODJHQ GHLQH3XOVH LQGHP)HXHUGHU%HJHLVWHUXQJGDVGHLQH%UXVW HQWIODPPWHQW]QGHQVLFK7|QH0HORGLHQ$NNRUGHXQGLQGHU ZXQGHUYROOHQ6SUDFKHGHU0XVLNVWU|PWGDV*HGLFKW DXVGHLQHP ,QQHUQKHUYRU'LHWHFKQLVFKHhEXQJGXUFK6WXGLXPGHU+DUPRQLN GHU:HUNHJURHU0HLVWHUGXUFK6HOEVWVFKUHLEHQEHZLUNWGDGX LPPHUGHXWOLFKHUXQGGHXWOLFKHUGHLQHLQQHUH0XVLNYHUQLPPVW NHLQH0HORGLHNHLQH0RGXODWLRQNHLQ,QVWUXPHQWHQWJHKWGLUXQG VRHPSIlQJVWGXPLWGHU:LUNXQJDXFK]XJOHLFKGLH0LWWHOGLHGX QXQZLHGHLQHU0DFKWXQWHUZRUIHQH*HLVWHULQGDV=DXEHUEXFKGHU 3DUWLWXUEDQQVW©± )UHLOLFKKHLWGDVDOOHVQXUVRYLHODOV ª6HLVR JXW/LHEHUXQGVRUJHQXUGDIUHLQUHFKWPXVLNDOLVFKHU*HQLXV]X VHLQ GDVDQGHUHILQGHWVLFKGDQQYRQVHOEVW$EHUHVLVWGHP ZLUNOLFKVRXQGQLFKWDQGHUV© 'HVVHQXQJHDFKWHWOlWVLFKGHQNHQGDPDQFKHUGHQZDKUHQ )XQNHQGHQHULQVLFKWUlJWEHUEDXWLQGHPHUGHUHLJHQHQ.UDIW PLWUDXHQG GHQDXVGHP,QQHUQNHLPHQGHQ*HGDQNHQYHUZHUIHQG lQJVWOLFKDOOHVZDVHULQGHQ:HUNHQJURHU0HLVWHUDOVHIIHNWYROO DQHUNDQQW]XEHQXW]HQVWUHEWXQGVRLQ1DFKDKPHUHLGHU)RUP JHUlWGLHQLHGHQ*HLVWVFKDIIWGDQXUGHU*HLVWVLFKGLH)RUP ELOGHW'DV HZLJH6FKUHLHQGHU7KHDWHUGLUHNWRUHQGLHQDFKGHPDXI GHQ%UHWWHUQNXUVLHUHQGHQ$XVGUXFNGDV3XEOLNXPJHSDFNWKDEHQ ZROOHQ ª1XU(IIHNW(IIHNW©XQGGLH)RUGHUXQJHQGHUVRJHQDQQWHQ HNHOQ.HQQHUGHQHQGHU3IHIIHUQLFKWPHKUJHSIHIIHUWJHQXJLVW UHJHQRIWGHQ0XVLNHUDQLQHLQHU$UWYHU]DJWHU9HU]ZHLIOXQJ ZRP|JOLFKMHQH0HLVWHUQRFKLP(IIHNW]XEHUELHWHQXQGVR
HQWVWHKHQGLHZXQGHUOLFKHQ.RPSRVLWLRQHQLQGHQHQRKQH0RWLYH± GDVKHLWRKQHGDGLH0RPHQWHGHV*HGLFKWVQXULUJHQGGHQ$QOD GD]XLQVLFKWUDJHQVROOWHQ± JUHOOH$XVZHLFKXQJHQPlFKWLJH $NNRUGHDOOHUQXUP|JOLFKHQ%ODVLQVWUXPHQWHDXIHLQDQGHUIROJHQZLH EXQWH)DUEHQGLHQLH]XP%LOGHZHUGHQ'HU.RPSRQLVWHUVFKHLQW ZLHHLQ6FKODIWUXQNHQHUGHQMHGHQ$XJHQEOLFNJHZDOWLJH +DPPHUVFKOlJHZHFNHQXQGGHULPPHUZLHGHULQGHQ6FKODI ]XUFNIlOOW7RQGLFKWHUGLHVHU$UWVLQGK|FKOLFKYHUZXQGHUWZHQQLKU :HUNWURW]GHQ%HPKXQJHQZRPLWVLHVLFKJHTXlOWGXUFKDXVQLFKW GHQ(IIHNWZLHVLHVLFKLKQYRUJHVWHOOWPDFKHQZLOOXQGGHQNHQ JHZLQLFKWGDUDQGDGLH0XVLNZLHVLHLKULQGLYLGXHOOHU*HQLXV VFKXIZLHVLHDXVLKUHP,QQHUQVWU|PWHXQGGLHLKQHQ]XHLQIDFK]X OHHUVFKLHQYLHOOHLFKWXQHQGOLFKPHKUJHZLUNWKDEHQZUGH,KUH lQJVWOLFKH9HU]DJWKHLWYHUEOHQGHWHVLHXQGUDXEWHLKQHQGLHZDKUH (UNHQQWQLVMHQHU0HLVWHUZHUNHGLHVLHVLFK]XP0XVWHUQDKPHQ XQGQXQDQGHQ0LWWHOQDOVGHPMHQLJHQKlQJHQEOLHEHQZRULQGHU (IIHNW]XVXFKHQVHL$EHUZLHVFKRQREHQJHVDJWHVLVWMDQXUGHU *HLVWGHUGLH0LWWHOLQIUHLHU:LOONUEHKHUUVFKHQGLQMHQHQ:HUNHQ GLHXQZLGHUVWHKOLFKH*HZDOWDXVEW QXUGDV7RQJHGLFKWGDVZDKU XQGNUlIWLJDXVGHP,QQHUQKHUYRUJLQJGULQJWZLHGHUHLQLQGDV ,QQHUHGHV=XK|UHUV'HU*HLVWYHUVWHKWQXUGLH6SUDFKHGHV *HLVWHV
5HJHOQ]XJHEHQZLHPDQGHQ(IIHNWLQGHU0XVLNKHUYRUEULQJHQ VROOHLVWGDKHUZRKOXQP|JOLFK DEHUOHLWHQGH:LQNHN|QQHQGHQPLW VLFKVHOEVWXQHLQVJHZRUGHQHQ7RQGLFKWHUGHUVLFKZLHYRQ ,UUOLFKWHUQJHEOHQGHWDEZlUWVYHULUUWHZLHGHUDXI:HJXQG6WHJ ]XUFNEULQJHQ 'DV(UVWHXQG9RU]JOLFKVWHLQGHU0XVLNZHOFKHVPLWZXQGHUEDUHU =DXEHUNUDIWGDVPHQVFKOLFKH*HPWHUJUHLIWLVWGLH0HORGLH± 1LFKW JHQXJ]XVDJHQLVWHVGDRKQHDXVGUXFNVYROOHVLQJEDUH0HORGLH MHGHU6FKPXFNGHU,QVWUXPHQWHXVZQXUHLQJOlQ]HQGHU3XW]LVW GHUNHLQHQOHEHQGHQ.|USHU ]LHUHQGZLHLQ6KDNHVSHDUHVª6WXUP© DQGHU6FKQXUKlQJWXQGQDFKGHPGHUGXPPH3|EHOOlXIW6LQJEDU LVWLPK|KHUQ6LQQJHQRPPHQHLQKHUUOLFKHV3UlGLNDWXPGLH ZDKUH0HORGLH]XEH]HLFKQHQ'LHVHVROO*HVDQJVHLQIUHLXQG XQJH]ZXQJHQXQPLWWHOEDUDXVGHU%UXVWGHV0HQVFKHQVWU|PHQGHU VHOEVWGDV,QVWUXPHQWLVWZHOFKHVLQGHQZXQGHUEDUVWHQ JHKHLPQLVYROOVWHQ/DXWHQGHU1DWXUHUW|QW'LH0HORGLHGLHDXI GLHVH:HLVHQLFKWVLQJEDULVWNDQQQXUHLQH5HLKHHLQ]HOQHU7|QH
EOHLEHQGLHYHUJHEHQVGDQDFKVWUHEHQ0XVLN]XZHUGHQ(VLVW XQJODXEOLFKZLHLQQHXHUHU=HLWYRU]JOLFKDXIGLH$QUHJXQJHLQHV PLYHUVWDQGHQHQ0HLVWHUV &KHUXELQLV HEHQGLH0HORGLH YHUQDFKOlVVLJWZRUGHQXQGDXVGHP$ETXlOHQLPPHURULJLQHOOXQG IUDSSDQW]XVHLQGDVJlQ]OLFK8QVLQJEDUHPHKUHUHU7RQJHGLFKWH HQWVWDQGHQLVW:LHNRPPWHVGHQQGDGLHHLQIDFKHQ*HVlQJHGHU DOWHQ,WDOLHQHURIWQXUYRP%DEHJOHLWHWGDV*HPWVR XQZLGHUVWHKOLFKUKUHQXQGHUKHEHQ"/LHJWHVQLFKWOHGLJOLFKLQGHP KHUUOLFKHQZDKUKDIWVLQJHQGHQ*HVDQJH"hEHUKDXSWLVWGHU*HVDQJ HLQZRKOXQEHVWULWWHQHVHLQKHLPLVFKHV(LJHQWXPMHQHVLQ0XVLN HUJOKWHQ9RONVXQGGHU'HXWVFKHPDJLVWDXFKHU]XK|KHUQRGHU YLHOPHKU]XUZDKUHQ$QVLFKWGHU2SHUJHODQJWGRFKDXIMHGHLKP QXUP|JOLFKH:HLVHVLFKPLWMHQHQ*HLVWHUQ EHIUHXQGHQGDPLWVLH HVQLFKWYHUVFKPlKHQZLHPLWJHKHLPHUPDJLVFKHU.UDIW HLQ]XJHKHQLQVHLQ,QQHUHVXQGGLH0HORGLH]XHQW]QGHQ(LQ KHUUOLFKHV%HLVSLHOGLHVHULQQLJVWHQ%HIUHXQGXQJJLEWGHUKRKH 0HLVWHUGHU.XQVW0R]DUWLQGHVVHQ%UXVWGHULWDOLHQLVFKH*HVDQJ HUJOKWH:HOFKHU.RPSRQLVWVFKULHEVLQJEDUHUDOVHU"$XFKRKQH GHQ*ODQ]GHV2UFKHVWHUVGULQJWMHGHVHLQHU0HORGLHQWLHILQGDV ,QQHUHXQGGDULQOLHJWMDVFKRQGLHZXQGHUEDUH:LUNXQJVHLQHU .RPSRVLWLRQHQ ±
:DVQXQGLH0RGXODWLRQHQEHWULIIWVRVROOHQQXUGLH0RPHQWHGHV *HGLFKWVGHQ$QODGD]XJHEHQ VLHJHKHQDXVGHQYHUVFKLHGHQHQ $QUHJXQJHQGHVEHZHJWHQ*HPWVKHUYRUXQGVRZLHGLHVHVDQIW VWDUNJHZDOWLJDOOPlKOLFKHPSRUNHLPHQGSO|W]OLFKHUJUHLIHQGVLQG ZLUGDXFKGHU.RPSRQLVWLQ GHPGLHZXQGHUEDUH.XQVWGHU +DUPRQLNDOVHLQHKHUUOLFKH*DEHGHU1DWXUOLHJWVRGDLKPGDV WHFKQLVFKH6WXGLXPQXUGDVGHXWOLFKH%HZXWVHLQGDUEHU YHUVFKDIIWEDOGLQYHUZDQGWHEDOGLQHQWIHUQWH7RQDUWHQEDOG DOOPlKOLFKEHUJHKHQEDOGPLWHLQHPNKQHQ5XFNDXVZHLFKHQ'HU HFKWH*HQLXVVLQQWQLFKWGDUDXI]XIUDSSLHUHQGXUFKHUNQVWHOWH .QVWOLFKNHLWGLH]XUDUJHQ8QNXQVWZLUG HUVFKUHLEWHVQXUDXI ZLHVHLQLQQHUHU*HLVWGLH0RPHQWHGHU+DQGOXQJLQ7|QHQ DXVVSUDFKXQGP|JHQGDQQGLHPXVLNDOLVFKHQ 5HFKHQPHLVWHU]X QW]OLFKHUhEXQJDXVVHLQHQ:HUNHQLKUH([HPSHO]LHKHQ=XZHLW ZUGHHVIKUHQKLHUEHUGLHWLHIH.XQVWGHU+DUPRQLN]X VSUHFKHQZLHVLHLQXQVHUP,QQHUQEHJUQGHWLVWXQGZLHVLFKGHP VFKlUIHU(LQGULQJHQGHQJHKHLPQLVYROOH*HVHW]HRIIHQEDUHQGLHNHLQ /HKUEXFKHQWKlOW1XUXPHLQHHLQ]HOQH(UVFKHLQXQJDQ]XGHXWHQVHL HVEHPHUNWGDGLHJUHOOHQ$XVZHLFKXQJHQQXUGDQQYRQWLHIHU
:LUNXQJVLQGZHQQXQHUDFKWHWLKUHU+HWHURJHQHLWlWGLH7RQDUWHQ GRFKLQJHKHLPHUGHP*HLVWGHV0XVLNHUVNODUJHZRUGHQHU %H]LHKXQJVWHKHQ0DJGLHDQIDQJVHUZlKQWH6WHOOHGHV'XHWWVLP ª'RQ-XDQ©DXFKKLHU]XP%HLVSLHOGLHQHQ± +LHKHUJHK|UHQDXFK GLHZHJHQGHV0LEUDXFKVRIWEHVS|WWHOWHQHQKDUPRQLVFKHQ $XVZHLFKXQJHQGLHHEHQMHQHJHKHLPH%H]LHKXQJLQVLFKWUDJHQ XQGGHUHQRIWJHZDOWLJH:LUNXQJVLFKQLFKWEH]ZHLIHOQOlW(VLVW DOVREHLQJHKHLPHVV\PSDWKHWLVFKHV%DQGRIWPDQFKHHQWIHUQW OLHJHQGH7RQDUWHQYHUElQGH XQGREXQWHUJHZLVVHQ8PVWlQGHQ HLQHXQEH]ZLQJEDUH,GLRV\QNUDVLHVHOEVWGLHQlFKVWYHUZDQGWHQ 7RQDUWHQWUHQQH'LHJHZ|KQOLFKVWHQKlXILJVWH0RGXODWLRQQlPOLFK DXVGHU7RQLNDLQGLH'RPLQDQWHXQGXPJHNHKUWHUVFKHLQW]XZHLOHQ XQHUZDUWHWXQGIUHPGDUWLJRIWGDJHJHQZLGULJXQGXQDXVVWHKOLFK ±
,QGHU,QVWUXPHQWLHUXQJOLHJWIUHLOLFKHEHQIDOOVHLQJURHU7HLOGHU HUVWDXQOLFKHQ:LUNXQJYHUERUJHQGLHRIWGLHJHQLDOHQ:HUNHKRKHU 0HLVWHUKHUYRUEULQJHQ+LHUP|FKWHHVDEHUZRKONDXPP|JOLFK VHLQDXFKQXUHLQHHLQ]LJH5HJHO]XZDJHQ GHQQHEHQGLHVHU7HLO GHUPXVLNDOLVFKHQ.XQVWLVWLQP\VWLVFKHV'XQNHOJHKOOW-HGHV ,QVWUXPHQWWUlJWUFNVLFKWOLFKGHU9HUVFKLHGHQKHLWVHLQHU:LUNXQJ LQHLQ]HOQHQ)lOOHQKXQGHUWDQGHUHLQVLFKXQGHVLVW] %HLQ W|ULFKWHU:DKQGDQXULKU=XVDPPHQZLUNHQXQEHGLQJWGDV6WDUNH GDV0lFKWLJHDXV]XGUFNHQLPVWDQGHVHLQVROOWH(LQHLQ]HOQHUYRQ GLHVHPRGHUMHQHP,QVWUXPHQWHDXVJHKDOWHQHU7RQEHZLUNWRIW LQQHUHV(UEHEHQ+LHUYRQJHEHQYLHOH6WHOOHQLQ*OXFNVFKHQ2SHUQ DXIIDOOHQGH%HLVSLHOHXQGXPMHQH9HUVFKLHGHQKHLWGHU:LUNXQJ GHUHQMHGHV,QVWUXPHQWIlKLJLVWUHFKWHLQ]XVHKHQGHQNHPDQQXU GDUDQPLWZHOFKHPKHWHURJHQHQ(IIHNW0R]DUWGDVVHOEH,QVWUXPHQW EUDXFKW± ZLH] %GLH+RERH± +LHUVLQGQXU$QGHXWXQJHQP|JOLFK ± ,QGHP*HPWGHV.QVWOHUVZLUGXPLQGHP9HUJOHLFKGHU0XVLN PLWGHU0DOHUHL]XEOHLEHQGDV7RQJHGLFKWZLHHLQYROOHQGHWHV *HPlOGHHUVFKHLQHQXQGHULP$QVFKDXHQMHQHULFKWLJH 3HUVSHNWLYHRKQHZHOFKHNHLQH:DKUKHLWP|JOLFKLVWYRQVHOEVW ILQGHQ± =XGHU,QVWUXPHQWLHUXQJJHK|UHQDXFKGLHYHUVFKLHGHQHQ )LJXUHQGHUEHJOHLWHQGHQ,QVWUXPHQWH XQGZLHRIWHUKHEWHLQH VROFKHULFKWLJDXVGHP,QQHUQDXIJHIDWH)LJXUGLH:DKUKHLWGHV $XVGUXFNVELV]XUK|FKVWHQ.UDIW:LHWLHIHUJUHLIHQGLVWQLFKW] % GLHLQ2NWDYHQIRUWVFKUHLWHQGH)LJXUGHU]ZHLWHQ9LROLQHXQGGHU 9LRODLQ0R]DUWV$ULHª1RQPLGLUEHOLGRO PLRHWF©$XFK UFNVLFKWOLFKGHU)LJXUHQOlWVLFKQLFKWVNQVWOLFKHUVLQQHQQLFKWV KLQ]XPDFKHQ GLHOHEHQGLJHQ)DUEHQGHV7RQJHGLFKWVKHEHQGDV
NOHLQVWH'HWDLOJOlQ]HQGKHUYRUXQGMHGHUIUHPGH6FKPXFNZUGH QXUHQWVWHOOHQVWDWW]X]LHUHQ(EHQVRLVWHVPLWGHU:DKOGHU 7RQDUWPLWGHP)RUWHXQG3LDQRGDVDXVGHPWLHIHQ&KDUDNWHUGHV 6WFNVKHUYRUJHKHQXQGQLFKWHWZDGHU$EZHFKVHOXQJZHJHQ GDVWHKHQVROOXQGPLWDOOHQEULJHQXQWHUJHRUGQHWHQ $XVGUXFNVPLWWHOQGLHVLFKGHP0XVLNHUGDUELHWHQ
'HQ]ZHLIHOKDIWHQQDFK(IIHNWULQJHQGHQPLPXWLJHQ7RQGLFKWHU ZRKQWQXUGHU*HQLXVLQLKPNDQQPDQXQEHGLQJWGDPLWWU|VWHQ GDVHLQZDKUHVWLHIHV(LQJHKHQLQGLH:HUNHGHU0HLVWHULKQEDOG PLWGHP*HLVWHGLHVHUVHOEVWLQHLQHQJHKHLPQLVYROOHQ5DSSRUW EULQJHQXQGGDGLHVHUGLHUXKHQGH.UDIWHQW]QGHQMDGLH(NVWDVH KHUEHLIKUHQZHUGHLQGHUHUZLHDXVGXPSIHP6FKODIH]XPQHXHQ /HEHQHUZDFKWXQGGLHZXQGHUEDUHQ/DXWHVHLQHULQQHUQ0XVLN YHUQLPPW GDQQJLEWLKPVHLQ6WXGLXPGHU+DUPRQLNVHLQH WHFKQLVFKHhEXQJGLH.UDIWMHQH0XVLNGLHVRQVWYRUEHUUDXVFKHQ ZUGHIHVW]XKDOWHQXQGGLH%HJHLVWHUXQJZHOFKHGDV:HUNJHEDU ZLUGLQZXQGHUEDUHP1DFKNODQJHGHQ=XK|UHUPlFKWLJHUJUHLIHQVR GDHUGHU6HOLJNHLWWHLOKDIWLJZLUGGLHGHQ0XVLNHULQMHQHQ 6WXQGHQGHU:HLKHXPILQJ'LHVLVWDEHUGHUZDKUKDIWLJH(IIHNWGHV DXVGHP,QQHUQKHUYRUJHJDQJHQHQ7RQJHGLFKWV ±
-RKDQQHV.UHLVOHUV/HKUEULHI
'D'XPHLQOLHEHU-RKDQQHVPLUQXQZLUNOLFKDXVGHU/HKUHODXIHQ XQGDXI'HLQHHLJHQH:HLVHLQGHUZHLWHQ:HOWKHUXPKDQWLHUHQ ZLOOVWVRLVWHVELOOLJGDLFKDOV'HLQ0HLVWHU'LUHLQHQ/HKUEULHILQ GHQ6DFNVFKLHEHGHQ'XVlPWOLFKHQPXVLNDOLVFKHQ*LOGHQXQG ,QQXQJHQDOV3DVVHSRUWYRU]HLJHQNDQQVW'DVN|QQWHLFKQXQRKQH DOOHZHLWHUH8PVFKZHLIHWXQLQGHPLFK'LFKDEHULP6SLHJHO DQVFKDXHIlOOWHVPLUUHFKWZHKPWLJLQV+HU],FKP|FKWH'LUQRFK HLQPDODOOHVVDJHQZDVZLU]XVDPPHQJHGDFKWXQGHPSIXQGHQ ZHQQVRLQGHQ/HKUMDKUHQJHZLVVH0RPHQWHHLQWUDWHQ'XZHLW VFKRQZDVLFKPHLQH'DZLUEHLGHDEHUGDVHLJHQKDEHQGD ZHQQGHUHLQHVSULFKWGHUDQGHUHGDV0DXOQLFKWKDOWHQNDQQVRLVW HVZRKOEHVVHULFKVFKUHLEHZHQLJVWHQVHLQLJHVGDYRQDXI JOHLFKVDPDOV2XYHUWUHXQG'XNDQQVWHVGHQQPDQFKPDOOHVHQ]X 'HLQHP1XW]XQG)URPPHQ± $FKOLHEHU-RKDQQHVZHUNHQQW'LFK EHVVHUDOVLFKZHUKDWVRLQ'HLQ,QQHUHVMDDXV'HLQHP,QQHUQ VHOEVWKHUDXVJHEOLFNWDOVLFK"± 'DIUJODXEHLFKDXFKGD'XPLFK YROONRPPHQNHQQVWXQGGDHEHQDXVGLHVHP*UXQGHXQVHU 9HUKlOWQLVLPPHUOHLGOLFKZDUZLHZRKOZLUGLHYHUVFKLHGHQVWHQ 0HLQXQJHQEHUXQVZHFKVHOWHQGDZLUXQVPDQFKPDO DXHURUGHQWOLFKZHLVHMDJHQLDOGDQQDEHUZLHGHUKLQOlQJOLFK DOEHUQXQGW|OSHOKDIWMDDXFKZDVZHQLJHVGlPLVFKGQNWHQ6LHK WHXUHU6NRODULQGHPLFKLQYRUVWHKHQGHQ3HULRGHQGDV:|UWOHLQ ªXQV©JHEUDXFKWNRPPWHVPLUYRUDOVKlWWHLFKLQYRUQHKPHU %HVFKHLGHQKHLWGHQ3OXUDOEUDXFKHQGGRFKQXUYRQPLUDOOHLQLP 6LQJXODUJHVSURFKHQMDDOVREZLUEHLGHDP(QGHDXFKQXUHLQHU ZlUHQ5HLHQZLUXQVYRQGLHVHUWROOHQ(LQELOGXQJORV$OVRQRFK HLQPDOOLHEHU-RKDQQHV± ZHUNHQQW'LFKEHVVHUDOVLFKXQGZHU YHUPDJGDKHUPLWEHVVHUP)XJXQG5HFKW]XEHKDXSWHQGD'X MHW]WGLHMHQLJH0HLVWHUVFKDIWHUODQJWKDVWZHOFKHQ|WLJLVWXPHLQ VFKLFNOLFKHVJHK|ULJHV/HUQHQ]XEHJLQQHQ
:DVGD]XKDXSWVlFKOLFKQRWZHQGLJVFKHLQWLVW'LUZLUNOLFKHLJHQ ZRUGHQ'XKDVWQlPOLFK'HLQ+|URUJDQVRJHVFKlUIWGD'X ELVZHLOHQGLH6WLPPHGHVLQ'HLQHP,QQHUQYHUVWHFNWHQ3RHWHQ XP PLW6FKXEHUW]XUHGHQ YHUQLPPVWXQGZLUNOLFKQLFKWJODXEVW'X VHLVWHVQXUGHUJHVSURFKHQVRQVWQLHPDQG± ,QHLQHUODXHQ -XOLXVQDFKWVDLFKHLQVDPDXIGHU0RRVEDQNLQMHQHU-DVPLQODXEH GLH'XNHQQVWGDWUDWGHUVWLOOHIUHXQGOLFKH-QJOLQJGHQZLU &KU\VRVWRPXVQHQQHQ]XPLUXQGHU]lKOWHDXVVHLQHUIUKHQ -XJHQG]HLWZXQGHUEDUH'LQJHª'HUNOHLQH*DUWHQPHLQHV9DWHUV© VRVSUDFKHUªVWLHDQHLQHQ:DOGYROO7RQXQG*HVDQJ-DKUDXV MDKUHLQQLVWHWHGRUWHLQH1DFKWLJDOODXIGHPDOWHQKHUUOLFKHQ%DXP DQGHVVHQ)XHLQJURHUPLWDOOHUOHLZXQGHUEDUHQ0RRVHQXQG U|WOLFKHQ$GHUQGXUFKZDFKVHQHU6WHLQODJ(VNODQJZRKOUHFKW IDEHOKDIWZDVPHLQ9DWHUYRQGLHVHP6WHLQHU]lKOWH9RUYLHOHQ YLHOHQ-DKUHQKLHHVNDPHLQXQEHNDQQWHUVWDWWOLFKHU0DQQDXI GHV-XQNHUV%XUJVHOWVDPOLFKJHELOGHWXQGJHNOHLGHW-HGHPNDP GHU)UHPGHVHKUZXQGHUOLFK YRUPDQNRQQWHLKQQLFKWODQJHRKQH LQQHUHV*UDXHQDQEOLFNHQXQGGDQQGRFKQLFKWZLHGHUGDV IHVWJHEDQQWH$XJHYRQLKPDEZHQGHQ'HU-XQNHUJHZDQQLKQLQ NXU]HU=HLWVHKUOLHEZLHZRKOHURIWJHVWDQGGDLKPLQVHLQHU *HJHQZDUWVRQGHUEDU]XPXWHZUGHXQG HLVNDOWH6FKDXHULKQ DQZHKWHQZHQQGHU)UHPGHEHLPYROOHQ%HFKHUYRQGHQYLHOHQ IHUQHQXQEHNDQQWHQ/lQGHUQXQGVRQGHUEDUHQ0HQVFKHQXQG 7LHUHQHU]lKOHGLHLKPDXIVHLQHQZHLWHQ:DQGHUXQJHQEHNDQQW ZRUGHQXQGGDQQVHLQH6SUDFKHLQHLQZXQGHUEDUHV7|QHQ YHUKDOOH LQGHPHURKQH:RUWHXQEHNDQQWHJHKHLPQLVYROOH'LQJH YHUVWlQGOLFKDXVVSUHFKH± .HLQHUNRQQWHVLFKYRQGHP)UHPGHQ ORVUHLHQMDQLFKWRIWJHQXJVHLQH(U]lKOXQJHQK|UHQGLHDXI XQEHJUHLIOLFKH:HLVHGXQNOHVJHVWDOWORVHV$KQHQLQ/LFKWHU HUNHQQWQLVIlKLJHU)RUPYRUGHV*HLVWHV$XJHEUDFKWHQ6DQJQXQ GHU)UHPGHYROOHQGV]XVHLQHU/DXWHLQXQEHNDQQWHU6SUDFKHDOOHUOHL ZXQGHUEDUW|QHQGH/LHGHUVRZXUGHQDOOHGLHLKQK|UWHQZLHYRQ EHULUGLVFKHU0DFKWHUJULIIHQXQGHVKLHGDVN|QQHNHLQ0HQVFK GDVPVVHHLQ(QJHOVHLQGHUGLH7|QHDXVGHPKLPPOLVFKHQ .RQ]HUWGHU&KHUXELPXQG6HUDSKLPDXIGLH(UGHJHEUDFKW'DV
6FKXEHUWV6\PEROLNGHV7UDXPHV©
VFK|QHEOXWMXQJH%XUJIUlXOHLQXPVWULFNWHGHU)UHPGHJDQ]PLW JHKHLPQLVYROOHQXQDXIO|VOLFKHQ%DQGHQ6LHZXUGHQGDHUVLHLP *HVDQJHXQG/DXWHQVSLHOXQWHUULFKWHWHELQQHQNXU]HU=HLWJDQ] YHUWUDXWPLWHLQDQGHUXQGRIWVFKOLFKGHU)UHPGHXP0LWWHUQDFKW]X GHPDOWHQ%DXPZRGDV)UlXOHLQVHLQHUVFKRQKDUUWH'DQQK|UWH PDQDXVZHLWHU)HUQHLKUHQ*HVDQJXQGGLHYHUKDOOHQGHQ7|QHGHU /DXWHGHV)UHPGHQDEHUVRVHOWVDPVRVFKDXHUOLFKNODQJHQGLH 0HORGLHQGDQLHPDQGHVZDJWHQlKHUKLQ]XJHEHQRGHUJDUGLH /LHEHQGHQ]XYHUUDWHQ$QHLQHP0RUJHQZDUGHU)UHPGHSO|W]OLFK YHUVFKZXQGHQXQGYHUJHEHQVVXFKWHPDQGDV)UlXOHLQLPJDQ]HQ 6FKORVVH9RQIROWHUQGHU$QJVWYRQGHU$KQXQJGHV(QWVHW]OLFKHQ HUJULIIHQVFKZDQJVLFKGHU9DWHUDXIGDV3IHUGXQGVSUHQJWHQDFK GHP:DOGHGHQ1DPHQVHLQHV.LQGHVLQWURVWORVHP-DPPHUODXW UXIHQG$OVHU]XGHP6WHLQNDP ZRGHU)UHPGHVRRIWPLWGHP )UlXOHLQXP0LWWHUQDFKWVDXQGNRVWHVWUlXEWHQVLFKGLH0lKQHQ GHVPXWLJHQ3IHUGHVHVVFKQDXEWHXQGSUXVWHWHZLHIHVWJH]DXEHUW YRQHLQHPK|OOLVFKHQ*HLVWHZDUHVQLFKWYRQGHU6WHOOH]XEULQJHQ 'HU-XQNHUJODXEWHGDV3IHUGVFKHXHVLFKYRUGHUZXQGHUOLFKHQ )RUPGHV6WHLQHVHUVWLHJGDKHUDEXPHVYRUEHU]XIKUHQDEHU LP6WDUUNUDPSIGHV(QWVHW]HQVVWRFNWHQVHLQH3XOVHXQGHUVWDQG UHJXQJVORVDOVHUGLHKHOOHQ%OXWVWURSIHQHUEOLFNWHGLHGHP6WHLQ KlXILJHQWTXROOHQ:LH YRQHLQHUK|KHUHQ0DFKWJHWULHEHQVFKREHQ GLH-lJHUVOHXWHXQG%DXHUQGLHGHP-XQNHUJHIROJWZDUHQGHQ 6WHLQPLWYLHOHU0KH]XU6HLWHXQGIDQGHQGDUXQWHUGDVDUPH )UlXOHLQPLWYLHOHQ'ROFKVWLFKHQHUPRUGHWXQGYHUVFKDUUWGLH/DXWH GHV)UHPGHQDEHUQHEHQLKU]HUWUPPHUW6HLWGHU=HLWQLVWHW DOOMlKUOLFKDXIGHP%DXPHLQH1DFKWLJDOOXQGVLQJWXP0LWWHUQDFKWLQ NODJHQGHQGDV,QQHUVWHGXUFKGULQJHQGHQ:HLVHQ DXVGHP%OXWH HQWVWDQGHQDEHUGLHZXQGHUOLFKHQ0RRVHXQG.UlXWHUGLHMHW]WDXI GHP6WHLQHLQVHOWVDPOLFKHQ)DUEHQSUDQJHQ± ,FKGXUIWHGDLFK QRFKHLQJDUMXQJHU.QDEHZDURKQHGHV9DWHUV(UODXEQLVQLFKWLQ GHQ:DOGJHKHQDEHUGHU%DXPXQGYRU]JOLFKGHU6WHLQ]RJHQ PLFKXQZLGHUVWHKOLFKKLQ6RRIWGDV3I|UWFKHQLQGHU*DUWHQPDXHU QLFKWYHUVFKORVVHQ ZDUVFKOSIWHLFKKLQDXV]XPHLQHPOLHEHQ6WHLQ DQGHVVHQ0RRVHQXQG.UlXWHUQGLHGLHVHOWVDPVWHQ)LJXUHQ ELOGHWHQLFKPLFKQLFKWVDWWVHKHQNRQQWH2IWJODXEWHLFKGLH =HLFKHQ]XYHUVWHKHQXQGHVZDUPLUDOVVlKHLFKDOOHUOHL DEHQWHXHUOLFKH*HVFKLFKWHQZLHVLHGLH0XWWHUPLUHU]lKOWKDWWH GDUDXIDEJHELOGHWPLW(UNOlUXQJHQGD]X'DQQPXWHLFKGHQ6WHLQ EHVFKDXHQGZLHGHUJDQ]XQZLOONUOLFKDQGDVVFK|QH/LHGGHQNHQ
ZHOFKHVGHU9DWHUEHLQDKHWlJOLFKVDQJVLFKDXIHLQHP.ODYL]HPEDO EHJOHLWHQGXQGZHOFKHVPLFKLPPHUVRLQQLJUKUWHGDLFKGLH OLHEVWHQ.LQGHUVSLHOHYHUJHVVHQGPLWKHOOHQ7UlQHQLQGHQ$XJHQ QXU]XK|UHQPRFKWH(EHQEHLGHP$QK|UHQGHV/LHGHVNDPHQPLU GDQQZLHGHUPHLQHOLHEHQ0RRVHLQGHQ6LQQVRGDEHLGHVPLU EDOGQXUHLQVVFKLHQXQGLFKHVLQ*HGDQNHQNDXPYRQHLQDQGHU]X WUHQQHQYHUPRFKWH=XGHU =HLWHQWZLFNHOWHVLFKPHLQH1HLJXQJ]XU 0XVLNPLWMHGHP7DJHVWlUNHUXQGPHLQ9DWHUVHOEVWHLQJXWHU 0XVLNXVOLHHVVLFKUHFKWDQJHOHJHQVHLQPLFKVRUJIlOWLJ]X XQWHUULFKWHQ(UJODXEWHQLFKWDOOHLQHLQHQZDFNHUQ6SLHOHUVRQGHUQ DXFKZRKOHLQHQ.RPSRQLVWHQDXVPLU]XELOGHQZHLOLFKVRHLIULJ GDUEHUKHUZDUDXIGHP.ODYLHU0HORGLHQXQG$NNRUGH]XVXFKHQ GLHELVZHLOHQYLHO$XVGUXFNXQG=XVDPPHQKDQJKDWWHQ$EHURIW KlWWHLFK ELWWHUOLFKZHLQHQMDLQYHU]DJWHU7URVWORVLJNHLWQLHPHKU GDV.ODYLHUDQUKUHQP|JHQGHQQLPPHUZXUGHHVLQGHPLFKGLH 7DVWHQEHUKUWHHWZDVDQGHUHVDOVLFKZROOWH8QEHNDQQWH *HVlQJHGLHLFKQLHJHK|UWGXUFKVWU|PWHQPHLQ,QQHUHVXQGHV ZDUPLUGDQQQLFKWGHV9DWHUV/LHGVRQGHUQHEHQMHQH*HVlQJH GLHPLFKZLH*HLVWHUVWLPPHQXPW|QWHQZlUHQLQGHQ0RRVHQGHV 6WHLQVZLHLQJHKHLPHQZXQGHUYROOHQ=HLFKHQDXIEHZDKUWXQG ZHQQPDQVLHUHFKWPLWYROOHU/LHEHDQVFKDXHPWHQGLH/LHGHU GHV)UlXOHLQV LQGHQOHXFKWHQGHQ7|QHQLKUHUDQPXWLJHQ6WLPPH KHUYRUJHKHQ:LUNOLFKJHVFKDKHVDXFKGDGHQ6WHLQEHWUDFKWHQG LFKRIWLQHLQKLQEUWHQGHV7UlXPHQJHULHWXQGGDQQGHQKHUUOLFKHQ *HVDQJGHV)UlXOHLQVYHUQDKPGHUPHLQH%UXVWPLWZXQGHUEDUHP ZRQQHYROOHQ6FKPHU]HUIOOWH$EHUVRZLHLFKVHOEVWGDVQDFKVLQJHQ RGHUDXIGHP.ODYLHUQDFKVSLHOHQZROOWHJLQJDOOHVVRGHXWOLFK *HK|UWHXQWHULQHLQGXQNOHVYHUZRUUHQHV$KQHQ,PNLQGLVFKHQ DEHQWHXHUOLFKHQ%HJLQQHQYHUVFKORLFKRIWGDV,QVWUXPHQWXQG KRUFKWH REQXQQLFKWGHXWOLFKHUXQGKHUUOLFKHUGLH*HVlQJH KHUDXVKDOOHQZUGHQGHQQLFKZXWHMDZRKOGDGDULQZLH YHU]DXEHUWGLH7|QHZRKQHQPWHQ,FKZXUGHJDQ]WURVWORVXQG ZHQQLFKQXQYROOHQGVGLH/LHGHUXQGhEXQJVVWFNHPHLQHV9DWHUV VSLHOHQVROOWHGLHPLUZLGULJXQGXQDXVVWHKOLFKJHZRUGHQZROOWHLFK YHUJHKHQYRU8QJHGXOG6RNDPHVGHQQGDLFKDOOHVWHFKQLVFKH 6WXGLXPGHU0XVLNYHUQDFKOlVVLJWHXQGPHLQ9DWHUDQPHLQHU )lKLJNHLWYHU]ZHLIHOQGGHQ8QWHUULFKWJDQ]DXIJDE,QVSlWHUHU=HLW DXIGHP/\]HXPLQGHU6WDGWHUZDFKWHPHLQH/XVW]XU0XVLNDXI DQGHUH:HLVH'LHWHFKQLVFKH)HUWLJNHLWPHKUHUHU6FKOHUWULHEPLFK DQLKQHQJOHLFK]XZHUGHQ,FKJDEPLUYLHOH0KHDEHUMHPHKU LFKGHV0HFKDQLVFKHQ+HUUZXUGHGHVWRZHQLJHUZROOWHHVPLU
JHOLQJHQMHQH7|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lQHQGHV8QPXWVYHUJRVVHQ$XFKGHQ ZXQGHUEDUHQ6WHLQVDKLFKZLHGHUDEHUVHKUNOXJJHZRUGHQODFKWH LFKEHUPHLQHQNLQGLVFKHQ :DKQZLW]DXVGHQ0RRVHQ0HORGLHQ KHUDXVVHKHQ ]XZROOHQ'RFKNRQQWHLFKHVPLUVHOEVWQLFKW DEOHXJQHQGDGHUHLQVDPHJHKHLPQLVYROOH2UWXQWHUGHP%DXP PLFKPLWZXQGHUYROOHQ$KQXQJHQXPILQJ-D± LP*UDVHOLHJHQGDQ GHQ6WHLQJHOHKQWK|UWHLFKRIWZHQQGHU:LQGGXUFKGHV%DXPHV %OlWWHUUDXVFKWHHVZLHKROGHKHUUOLFKH*HLVWHUVWLPPHQHUW|QHQ DEHUGLH0HORGLHQZHOFKHVLHVDQJHQKDWWHQMDOlQJVWLQPHLQHU %UXVWJHUXKWXQGZXUGHQQXQZDFKXQGOHEHQGLJ± :LHVFKDOZLH DEJHVFKPDFNWNDPPLUDOOHVYRUZDVLFKJHVHW]WKDWWHHVVFKLHQ PLUJDUNHLQH0XVLN]XVHLQPHLQJDQ]HV6WUHEHQGDVXQJHUHLPWH :ROOHQHLQHVQLFKWLJHQ1LFKWV± 'HU7UDXPHUVFKORPLUVHLQ VFKLPPHUQGHVKHUUOLFKHV5HLFKXQGLFKZXUGHJHWU|VWHW,FKVDK GHQ6WHLQ± VHLQHURWHQ$GHUQJLQJHQDXIZLHGXQNOH1HONHQGHUHQ 'IWHVLFKWEDUOLFKLQKHOOHQW|QHQGHQ6WUDKOHQHPSRUIXKUHQ,QGHQ ODQJHQDQVFKZHOOHQGHQ7|QHQGHU1DFKWLJDOOYHUGLFKWHWHQVLFKGLH 6WUDKOHQ]XU*HVWDOWHLQHVZXQGHUYROOHQ:HLEHVDEHUGLH*HVWDOW ZDUZLHGHUKLPPOLVFKH KHUUOLFKH0XVLN© ± ±
'LH*HVFKLFKWHXQVHUHV&KU\VRVWRPXVKDWZLH'XOLHEHU-RKDQQHV HLQVLHKVWLQGHU7DWYLHO%HOHKUHQGHVZHVKDOEVLHLQGHP/HKUEULHI GHQZUGLJHQ3ODW]ILQGHW:LHWUDWGRFKVRVLFKWEDUOLFKDXVHLQHU IUHPGHQIDEHOKDIWHQ=HLWGLHKRKH0DFKWLQVHLQ/HEHQGLHLKQ HUZHFNWH± 8QVHU5HLFKLVWQLFKWYRQGLHVHU:HOWVDJHQGLH 0XVLNHUGHQQZRILQGHQZLULQGHU1DWXUVRZLHGHU0DOHUXQGGHU 3ODVWLNHUGHQ3URWRW\SXVXQVHUHU.XQVW"± 'HU7RQZRKQWEHUDOO GLH7|QHGDVKHLWGLH0HORGLHQZHOFKHGLHK|KHUH6SUDFKHGHV *HLVWHUUHLFKVUHGHQUXKHQQXULQGHU%UXVWGHV0HQVFKHQ± $EHU JHKWGHQQQLFKWVRZLHGHU*HLVWGHV7RQVDXFKGHU*HLVWGHU0XVLN GXUFKGLHJDQ]H1DWXU"'HUPHFKDQLVFKDIIL]LHUWHW|QHQGH.|USHU
VSULFKWLQV/HEHQJHZHFNWVHLQ'DVHLQDXVRGHUYLHOPHKUVHLQ LQQHUHU2UJDQLVPXVWULWWLP%HZXWVHLQKHUYRU:LHZHQQHEHQVR GHU*HLVWGHU0XVLNDQJHUHJWYRQGHP*HZHLKWHQLQJHKHLPHQQXU GLHVHPYHUQHKPEDUHQ$QNOlQJHQVLFKPHORGLVFKXQGKDUPRQLVFK DXVVSUlFKH"'HU0XVLNHUGDVKHLWGHULQGHVVHQ,QQHUHPGLH 0XVLNVLFK]XPGHXWOLFKHQNODUHQ%HZXWVHLQHQWZLFNHOWLVWEHUDOO YRQ0HORGLHXQG+DUPRQLHXPIORVVHQ(VLVWNHLQOHHUHV%LOGNHLQH $OOHJRULHZHQQGHU0XVLNHUVDJWGDLKP)DUEHQ'IWH6WUDKOHQ DOV7|QHHUVFKHLQHQXQGHULQLKUHU9HUVFKOLQJXQJHLQZXQGHUYROOHV .RQ]HUWHUEOLFNW6RZLHQDFKGHP$XVVSUXFKHLQHVJHLVWUHLFKHQ 3K\VLNHUV+|UHQHLQ6HKHQYRQLQQHQLVWVRZLUGGHP0XVLNHUGDV 6HKHQHLQ+|UHQYRQLQQHQQlPOLFK]XPLQQHUVWHQ%HZXWVHLQGHU 0XVLNGLHPLWVHLQHP*HLVWHJOHLFKPlLJYLEULHUHQGDXVDOOHP HUW|QWZDVVHLQ$XJHHUIDW6RZUGHQGLHSO|W]OLFKHQ$QUHJXQJHQ GHV0XVLNHUVGDV(QWVWHKHQGHU0HORGLHQLP,QQHUQGDV EHZXWORVHRGHUYLHOPHKUGDVLQ:RUWHQQLFKWGDU]XOHJHQGH (UNHQQHQXQG$XIIDVVHQGHUJHKHLPHQ0XVLNGHU1DWXUDOV3ULQ]LS GHV/HEHQVRGHUDOOHV:LUNHQVLQGHPVHOEHQVHLQ'LHK|UEDUHQ /DXWHGHU1DWXUGDV6lXVHOQGHV:LQGHVGDV*HUlXVFKGHU4XHOOHQ X D PVLQGGHP0XVLNHUHUVWHLQ]HOQHDXVJHKDOWHQH$NNRUGHGDQQ 0HORGLHQPLWKDUPRQLVFKHU%HJOHLWXQJ0LWGHU(UNHQQWQLVVWHLJWGHU LQQHUH:LOOHXQGPDJGHU0XVLNHUVLFKGDQQQLFKW]XGHULKQ XPJHEHQGHQ1DWXUYHUKDOWHQZLHGHU0DJQHWLVHXU]XU6RPQDPEXOH LQGHPVHLQOHEKDIWHV:ROOHQGLH)UDJHLVWZHOFKHGLH1DWXUQLH XQEHDQWZRUWHWOlW"± -HOHEKDIWHUMHGXUFKGULQJHQGHUGLH (UNHQQWQLVZLUGGHVWRK|KHUVWHKWGHU0XVLNHUDOV.RPSRQLVWXQG GLH)lKLJNHLWMHQH$QUHJXQJHQZLHPLWHLQHUEHVRQGHUHQJHLVWLJHQ .UDIWIHVW]XKDOWHQXQGIHVW]XEDQQHQLQ=HLFKHQXQG6FKULIWLVWGLH .XQVWGHV.RPSRQLHUHQV'LHVH0DFKWLVWGDV(U]HXJQLVGHU PXVLNDOLVFKHQNQVWOLFKHQ$XVELOGXQJGLHDXIGDVXQJH]ZXQJHQH JHOlXILJH9RUVWHOOHQGHU=HLFKHQ 1RWHQ KLQDUEHLWHW%HLGHU LQGLYLGXDOLVLHUWHQ6SUDFKHZDOWHWVROFKLQQLJH9HUELQGXQJ]ZLVFKHQ 7RQXQG:RUWGDNHLQ*HGDQNHLQXQVVLFKRKQHVHLQH+LHURJO\SKH GHQ%XFKVWDEHQGHU6FKULIW HU]HXJWGLH0XVLNEOHLEWDOOJHPHLQH 6SUDFKHGHU1DWXULQZXQGHUEDUHQJHKHLPQLVYROOHQ$QNOlQJHQ VSULFKWVLH]XXQVYHUJHEOLFKULQJHQZLUGDQDFKGLHVHLQ=HLFKHQ IHVW]XEDQQHQXQGMHQHVNQVWOLFKH$QUHLKHQGHU+LHURJO\SKHHUKlOW XQVQXUGLH$QGHXWXQJGHVVHQZDVZLUHUODXVFKW± 0LWGLHVHQ ZHQLJHQ6SUFKHQVWHOOHLFK'LFKQXQPHKUOLHEHU-RKDQQHVDQGLH 3IRUWHQGHV,VLVWHPSHOVGDPLW'XIOHLLJIRUVFKHQP|JHVWXQG'X ZLUVWQXQZRKO UHFKWOHEKDIWHLQVHKHQZRULQLFK'LFKIUIlKLJKDOWH
ZLUNOLFKHLQHQPXVLNDOLVFKHQ.XUVXV]XEHJLQQHQ=HLJHGLHVHQ /HKUEULHIGHQHQYRUGLHRKQHHVYLHOOHLFKWGHXWOLFK]XZLVVHQPLW 'LUDQMHQHQ3IRUWHQVWHKHQXQGHUOlXWHUHHEHQIDOOVGHQHQGLHPLW GHU*HVFKLFKWHYRPE|VHQ)UHPGHQXQGGHP%XUJIUlXOHLQQLFKWV 5HFKWHVDQ]XIDQJHQZLVVHQGLH6DFKHGDKLQGDGDVZXQGHUOLFKH $EHQWHXHUGDVVRLQGDV/HEHQGHV&KU\VRVWRPXVHLQZLUNWHHLQ WUHIIHQGHV%LOGVHLGHVLUGLVFKHQ8QWHUJDQJHVGXUFKE|VHV:ROOHQ HLQHUIHLQGOLFKHQ0DFKWGlPRQLVFKHU0LEUDXFKGHU0XVLNDEHU GDQQ$XIVFKZXQJ]XP+|KHUHQ9HUNOlUXQJLQ7RQXQG*HVDQJ
8QGQXQ,KUJXWHQ0HLVWHUXQG*HVHOOHQGLH,KU(XFKDQGHQ7RUHQ GHUJURHQ:HUNVWDWWYHUVDPPHOWKDEWQHKPWGHQ-RKDQQHV IUHXQGOLFKLQ(XUH0LWWHDXIXQGYHUDUJWHVLKPQLFKWGDLQGHP,KU QXUODXVFKHQP|JHWHUYLHOOHLFKWGDQQXQGZDQQDQGDV7RUPLW OHLVHQ6FKOlJHQ]XSRFKHQZDJHW1HKPWHVDXFKQLFKWEHOGD ZHQQ,KUVDXEHUXQGQHWW(XUH+LHURJO\SKHQVFKUHLEVWHUHLQLJH .UDNHOIHPLWHLQPLVFKHWLP6FK|QVFKUHLEHQZLOOHUMDHEHQQRFK YRQ(XFKSURILWLHUHQ ± *HKDE 'LFKZRKOOLHEHU-RKDQQHV.UHLVOHU± HVLVWPLUVRDOV ZUGHLFK'LFKQLFKWZLHGHUVHKHQ± 6HW]HPLUZHQQ'XPLFKJDU QLFKWPHKUILQGHQVROOWHVWQDFKGHP'XXPPLFKVRZLH+DPOHWXP GHQVHOLJHQ
'LHVHV.UHX]GLHQW]XJOHLFK]XPJURHQ,QVLHJHOPHLQHV/HKUEULHIHV XQGVRXQWHUVFKUHLEHLFKPLFKGHQQ ± ,FKZLH'X
-RKDQQHV.UHLVOHU FLGHYDQW.DSHOOPHLVWHU
