+*(:(56
'(5*(,67(5$*(17$86'(0$// 3(55...
29 downloads
601 Views
259KB 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
+*(:(56
'(5*(,67(5$*(17$86'(0$// 3(55<5+2'$17DVFKHQEXFK 3ULQWHGLQ*HUPDQ\ -XQL
$XIGHU(UGHVFKULHEPDQGHQ0lU]GHV-DKUHVDOVGLH$9,&(11$ HLQ/DERUVFKLIIGHU*DODNWLVFKHQ$EZHKUGDV:UDFNHLQHV5DXPVFKLIIHV XQEHNDQQWHU%DXDUWIDQG 'DVHUHLJQHWHVLFKLQXQPLWWHOEDUHU1lKHGHVJDODNWLVFKHQ=HQWUXPV0DMRU 0OHOHGHU.RPPDQGDQWGHVUHODWLYNOHLQHQ6FKLIIHVZXQGHUWHVLFKQLFKWLP JHULQJVWHQGDUEHULQGLHVHU*HJHQGHLQWUHLEHQGHV:UDFN]XILQGHQ+LHU ODJHLQH=RQHYRQ6WUDKOHQ]\NORQHQXQG*UDYLWDWLRQVVWUPHQXQGVFKRQ PDQFKHVJXWH5DXPVFKLIIKDWWHYRQKLHUDXVGHQ:HJ]XUFNQLFKWPHKU DQWUHWHQN|QQHQ 'HQQRFKJODXEWHGHU0DMRUHLQHQDXHUJHZ|KQOLFKHQ)XQGJHPDFKW]X KDEHQ (UNDQQWHVlPWOLFKHFKDUDNWHULVWLVFKHQ0HUNPDOHGHUJDODNWLVFKHQ 6FKLIIVW\SHQ'HVKDOEZXWHHUVRIRUWGDHVVLFKEHLGHP:UDFNZHGHUXP HLQHQWHUUDQLVFKHQDUNRQLGLVFKHQDNRQLVFKHQQRFKVRQVWLJHQ7\SKDQGHOWH (VZDUDXFKNHLQ%OXHVVFKLII(VVFKLHQEHUKDXSWQLFKWYRQHLQHUGHU EHNDQQWHQ5DVVHQHUEDXWZRUGHQ]XVHLQ 0DMRU0OHOHOHLWHWHGDV$QQlKHUXQJVPDQ|YHUHLQ'DQDFKYHUVWlQGLJWHHU GHQ/HLWHUGHU([SHGLWLRQ3URIHVVRU0DF%OLVK 6LHZHUGHQVDJWHHUHUQVWEHL,KUHQ9HUVXFKHQHLQLJH=HLWDXIGHU6WHOOH WUHWHQPVVHQ3URIHVVRU:LUKDEHQGDV:UDFNHLQHV5DXPVFKLIIHV HQWGHFNW 0DF%OLVKHLQIUVHLQHQ5DQJXQJHZ|KQOLFKMXQJHU0DQQPLWEUDQGURWHQ +DDUHQ6RPPHUVSURVVHQXQGWHPSHUDPHQWYROOIXQNHOQGHQ$XJHQQLFNWH 7XQ6LH,KUH3IOLFKWPHLQWHHUJOHLFKPWLJ$EHUKDOWHQ6LHVLFKELWWHQLFKW EHU*HEKUDXI6LHZLVVHQZLUPVVHQQRFKVHFK]HKQ6HNWRUHQDEIOLHJHQ XPXQVHUH([SHULPHQWHEHHQGHQ]XN|QQHQ 0DMRU0OHOHZLHJWHGHQNDQWLJHQ:ROOVFKlGHO ,FKIUFKWHEHLGHUhEOLFKHQ,GHQWLIL]LHUXQJZLUGHVGLHVPDOQLFKWEOHLEHQ 3URIHVVRU(UHUNOlUWHLKPGLH6LWXDWLRQXQGVFKOR'DV,PSHULXPNDQQHV VLFKQLFKWOHLVWHQEHUHLQHQVROFKHQ)DOOKLQZHJ]XJHKHQ'DV6FKLIIHLQHU
QRFKXQEHNDQQWHQ5DVVHLVWVRODQJHHLQH%HGURKXQJELVGDV*HJHQWHLO HUZLHVHQLVW,FKPXDOVRHLQHSHLQOLFKJHQDXH8QWHUVXFKXQJDQRUGQHQ 3URIHVVRU0DF%OLVKVW|KQWHXQGUDQJYHU]ZHLIHOWGLH+lQGH(UZXWHGD VHLQH$XIJDEHZLFKWLJZDUXQGYHUIOXFKWHLQQHUOLFKGHQ=XIDOOGHUVLHLQGLH 1lKHGLHVHV:UDFNVJHIKUWKDWWH 'RFKHVKDOIDOOHVQLFKWV (UVDKQDFKNXU]HUKHIWLJJHIKUWHU'LVNXVVLRQHLQGDQLHPDQG GHQ)XQGLJQRULHUHQGXUIWHDPDOOHUZHQLJVWHQHLQ$QJHK|ULJHU GHU*DODNWLVFKHQ$EZHKU (LQHKDOEH6WXQGHVSlWHUOHJWHGLH$9,&(11$EHLGHP:UDFNDQ =ZHL7DJHVSlWHUEHIDQGVLHVLFKDXIGHP5FNIOXJQDFK$672,9LKUHU %DVLV 0DMRU0OHOHKDWWHHLQJHVHKHQGDHLQHJUQGOLFKH$XVZHUWXQJGHV)XQGHV PLWGHQEHVFKHLGHQHQ0LWWHOQVHLQHV6FKLIIHVXQP|JOLFKZDU'LHELVKHULJHQ 8QWHUVXFKXQJVHUJHEQLVVHDEHUXQWHUUQDXHUWHQVHLQH$QVLFKWYRQGHU :LFKWLJNHLWGHV)XQGHVGHQQVRYLHOZDUDXVGHQWHLOZHLVHEHVFKlGLJWHQ 'DWHQVSHLFKHUQKHUYRUJHJDQJHQGDHVGLH$XIJDEHGHVXQEHNDQQWHQ 6FKLIIHVZDUHLQHQ*HKHLPDJHQWHQDE]XVHW]HQ 'LH8QWHUVXFKXQJHQGHVPHGL]LQLVFKHQ6WDEHVGHU$9,&(11$ZXUGHQDXI HLQHQVSlWHUHQ=HLWSXQNWYHUVFKREHQ)QI0DQQGHU6FKLIIVEHVDW]XQJ EOLHEHQDOV:DFKHLQGHP:UDFN]XUFN6LHZUGHQLQHLQHPKHUPHWLVFK DEJHGLFKWHWHQ5DXPOHEHQXQGZHLWHUH8QWHUVXFKXQJHQDQVWHOOHQELVHLQ )ORWWHQWHQGHUHLQWUDI'DQQZDUHVLKUH$XIJDEHVLFKPLWGHP5HVHUYH +\SHUNRPGHU$9,&(11$EHPHUNEDU]XPDFKHQXQGGLH%HUJXQJ]X HUP|JOLFKHQ =HKQ7DJHVSlWHUWUDIGHU)ORWWHQWHQGHUHLQXQGPLWLKPHLQH YLHUXQG]ZDQ]LJN|SILJH0DQQVFKDIWEHVRQGHUVJHVFKXOWHU6SH]LDOLVWHQ1RFK ZlKUHQGGHU%HUJXQJVDUEHLWHQXQGZlKUHQGGHV7UDQVSRUWVIDQGHQVLHHLQH ZHLWHUHZLFKWLJH7DWVDFKHKHUDXV 'HP*HKHLPDJHQWHQGHU8QEHNDQQWHQZDUDOV2SHUDWLRQVIHOGHLQ 5DXPNXEXV]XJHZLHVHQZRUGHQLQGHPVLFKQLFKWVDQGHUHVDOVHLQNOHLQHU ]ZHLXQGVHFK]LJ.LORPHWHUGXUFKPHVVHQGHU0RQGEHIDQG'LHVHU0RQG XPNUHLVWHZHGHUHLQHQ3ODQHWHQQRFKEHVDHUHLQH6RQQH(UVWDQGDOOHLQLQ GHU'XQNHOKHLWXQG.lOWHGHV5DXPHVRKQH$WPRVSKlUHRKQH:lUPH RKQH/LFKWXQGVFKHLQEDURKQH/HEHQ$EHULQVHLQHPDXVJHK|KOWHQ,QQHUQ EHIDQGVLFKGDV+HU]HLQHUIUGDV,PSHULXPOHEHQVZLFKWLJHQ,QVWLWXWLRQGDV +DXSWTXDUWLHUGHU8QLWHG6WDUV2UJDQLVDWLRQNXU]862JHQDQQW $OODQ'0HUFDQWGHU&KHIGHU*DODNWLVFKHQ$EZHKUVRUJWH GDIUGDGDV862+DXSWTXDUWLHUJHZDUQWZXUGH:HLWHU EUDXFKWHHUQLFKWV]XWXQJODXEWHHUGHQQGDV+4GHU862EHVD HLQHQIlKLJHQLQWHUQHQ6LFKHUKHLWVGLHQVW
$OVHLQH:RFKHVSlWHUGLH1DFKULFKWYRQ4XLQWR&HQWHUGHP+4GHU862 HLQWUDIGDGLHVRIRUWDQJHVWHOOWHQ8QWHUVXFKXQJHQHLQZDQGIUHLGLH/DQGXQJ HLQHVLUJHQGZLHJHDUWHWHQ$JHQWHQDXVVFKO|VVHQVFKLHQGHU)DOOHUOHGLJW]X VHLQ2IIHQEDUKDWWHGDVIUHPGH5DXPVFKLIIVHLQH$XIJDEHQLFKWPHKU GXUFKIKUHQN|QQHQEHYRUHVGLH1DWXUJHZDOWHQ]HUVW|UWHQ 'LH8QWHUVXFKXQJHQDPXQGLP:UDFNDEHUJLQJHQURXWLQHPlLJZHLWHU 8QGDOVQDFKHLQLJHU=HLWVlPWOLFKH(UJHEQLVVHGHUOXQDUHQ3RVLWURQLN 1$7+$1HLQJHJHEHQZXUGHQHUOHEWH$OODQ'0HUFDQWHLQHhEHUUDVFKXQJ 1$7+$1VDJWHQlPOLFKPLWHLQHPJURHQ:DKUVFKHLQOLFKNHLWVJUDGDXVGD HLQNOHLQHV6WFNYRUQ.XUVGHVIUHPGHQ6FKLIIHVUHFKQHULVFKHUPLWWHOW ZHUGHQNRQQWH9HUOlQJHUWHPDQGLHVHQ.XUVJHUDGOLQLJGDQQVWLHPDQ QDFKHLQHUJHZLVVHQ6WUHFNHDXIGLH3RVLWLRQ4XLQWR&HQWHUV 0LWDQGHUHQ:RUWHQDXVJHGUFNWKLHGDVGDVDXWRPDWLVFKIXQNWLRQLHUHQGH 5DXPVFKLIIKDWWHGHQ*HKHLPDJHQWHQEHUHLWVDXI4XLQWR&HQWHUDEJHVHW]W EHYRUHVLPJDODNWLVFKHQ=HQWUXPGDV2SIHUGHU1DWXUJHZDOWHQZXUGH 'LHVH0HOGXQJYHUDQODWH$OODQ'0HUFDQWSHUV|QOLFK]XP(UGWUDEDQWHQ]X IOLHJHQ(UVWHOOWH1$7+$1GLH)UDJHZLHVLFKGDV(UJHEQLVGHUOHW]WHQ %HUHFKQXQJYRQGHU)HKOHUPHOGXQJYRQ4XLQWR&HQWHUYHUHLQEDUWH 1$7+$1ZDUIGLH$QWZRUWQDFK]ZHLHLQKDOE6HNQGHQDXV 'HUIUHPGH$JHQWDUEHLWHWHPLWSDUDSV\FKLVFKHQ0LWWHOQ 'LH)XQNPHOGXQJHUUHLFKWHPLFKZlKUHQGGHV5FNIOXJV]XP=HQWUDOVFKDFKW YRQ4XLQWR&HQWHU =XHUVWK|UWHLFKQXUPLWKDOEHQ2KUKLQ0HLQH*HGDQNHQYHUPRFKWHQVLFK QLFKWYRQGHP(UOHEQLV]XO|VHQGDVLFKNXU]]XYRULQGHQ&DQG\0RXQWDLQV JHKDEWKDWWH 'LH&DQG\0RXQWDLQVVWHOOWHQGDVHLQ]LJHULFKWLJH*HELUJHGHV=ZHUJPRQGHV GDU,KUHQNXULRVHQ1DPHQKDWWHQVLHYRQGHU6WUXNWXUGHU)HOVHQ EHNRPPHQGLHHUVWDUUWHP=XFNHUVFKDXPJOLFKHQ)UPLFKVWHOOWHQGLH *URWWHQ6FKOXFKWHQXQG/DE\ULQWKHGHU&DQG\0RXQWDLQVHLQ3DUDGLHVGDU ,FKZDU9DNXXP6FKZLPPHUDXV/HLGHQVFKDIW1LFKWVUHL]WHPLFKPHKUDOV QDKH]XVFKZHUHORVLP9DNXXPGDKLQ]XJOHLWHQLQEL]DUUH)HOVHQJHELOGH HLQ]XWDXFKHQXQGLPPHUQHXH:XQGHUGHUXQHUVFK|SIOLFKHQ1DWXU]X HQWGHFNHQ'LH&DQG\0RXQWDLQVKDWWHQHLQEHVRQGHUHV:XQGHU EHUHLWJHKDOWHQ (LQVHQNUHFKWLQGLH7LHIHGHV*HELUJHVYHUODXIHQGHU6FKDFKWHLQ.DPLQGLH :lQGHYROOHUVFKLPPHUQGHUVPDUDJGJUQHU.ULVWDOOHKDWWHVLFKSO|W]OLFKYRU PLUDXIJHWDQXQGPLFKPLWVHLQHUXQZLUNOLFKHQ3UDFKWEH]DXEHUW1XUVFKZHU IDQGLFKLQGLH:LUNOLFKNHLW]XUFN
'HU)XQNHUIRUGHUWH]XPGULWWHQPDOHLQH%HVWlWLJXQJGHU0HOGXQJ0LUZXUGH EHZXWGDGLHVIU$OURQ7HOHNHZDU'RNWRUGHU0DWKHPDWLNXQG 3RVLWURQLN3V\FKRORJH(VZDUHUVWYLHU7DJHKHUVHLWLFKPHLQHQHXH6WHOOH DQJHWUHWHQKDWWH,FKZDU&KHIGHV6HNWRUVYRQ$/3+$GHUJLJDQWLVFKHQ 3RVLWURQLNGHV862+DXSWTXDUWLHUV%LWWHZLHGHUKROHQ6LHIRUGHUWHLFK 6WW]SXQNW]HQWUDOHDQ'U$OURQ7HOHNHVFKDOOWHHVXQJHKDOWHQDXVGHP (PSIlQJHUPHLQHV+HOPWHOHNRPV'LH/RFKNDUWHWULIIWLQGUHLLJ0LQXWHQ HLQ 'DQNHHUZLGHUWHLFKODNRQLVFK 8QZLOONUOLFKPXWHLFKOlFKHOQ0LWGHU/RFKNDUWHZDUQLHPDQGDQGHUHV JHPHLQWDOVGHUHUZDUWHWH*HKHLPNXULHU$WODQV(UVROOWH8QWHUODJHQEULQJHQ GLHIUGLH3ODQXQJGHV(LQVDW]HV$$.2YRQHQWVFKHLGHQGHU %HGHXWXQJZDUHQ'DIUGLHVH3ODQXQJGHU6HNWRUYHUDQWZRUWOLFKZDUXQG LFKGLHVH$EWHLOXQJOHLWHWHKDWWHLFKEHLGHU$QNXQIWGHV.XULHUVSHUV|QOLFK ]XJHJHQ]XVHLQ ,FKVFKDOWHWHGHQ$QWLJUDYJHQHUDWRUPHLQHV6FRRWHUVDXIPD[LPDOH/HLVWXQJ 'LH.RQWXUHQGHU0RQGREHUIOlFKHXQWHUPLUEHJDQQHQ]XYHUVFKZLPPHQDOV GLH*HVFKZLQGLJNHLWVLFKHUK|KWH.HLQ/DXWGUDQJDQPHLQH2KUHQDXHU GHPYHUKDOWHQHQ6XPPHQGHU5DXPDQ]XJ$JJUHJDWH )QI0LQXWHQVSlWHUQDKPLFKXQWHUPLUHLQPHWDOOLVFKHV$XIEOLW]HQZDKU 2KQHDXIPHLQH2EHUIOlFKHQNDUWH]XVHKHQZXWHLFKZRLFKPLFKEHIDQG ,QQHUKDOEHLQHVIODFKHQ5LQJZDOOHVODJHQGLH)HXHUVWHOOXQJHQYRQ7) HLQHUGHU]DKOUHLFKHQ$EZHKUIRUWVYRQ4XLQWR&HQWHU,FKZDUIHLQHQ%OLFNDXI PHLQH8KU=XGLHVHU=HLWPXWH0DMRU:ULJKOH\LQGHU)HXHUOHLW]HQWUDOH 'LHQVWWXQ,FKKDWWHGHQ0DMRUEHUHLWVDPHUVWHQ7DJQDFKPHLQHU$QNXQIW NHQQHQJHOHUQWXQGGDHUHEHQVRSDVVLRQLHUWHU9DNXXP6FKZLPPHUZDUZLH LFK)UHXQGVFKDIWPLWLKPJHVFKORVVHQ/HLGHUKDWWHLKPVHLQ'LHQVWELVKHU NHLQH=HLWGD]XJHODVVHQPLFKZlKUHQGPHLQHU)UHL]HLWLQGLH&DQG\ 0RXQWDLQV]XEHJOHLWHQ 3O|W]OLFKYHUVSUWHLFKGHQXQZLGHUVWHKOLFKHQ'UDQJ5DQGR:ULJKOH\YRQ PHLQHU(QWGHFNXQJ]XEHULFKWHQ,FKGURVVHOWHGHQ*HQHUDWRUPHLQHV 6FRRWHUV/DQJVDPZLHHLQH)ODXPIHGHUVDQNLFKDXIGLH2EHUIOlFKHKLQDE %HYRULFKQHEHQGHU7HUNRQLWNXSSHOODQGHWHPHOGHWHLFKPLFKEHU7HOHNRP DQ (LJHQDUWLJHUZHLVHNPPHUWHHVPLFK]XMHQHU=HLWZHQLJRELFKSQNWOLFKLQ GHU6WW]SXQNW=HQWUDOHHLQWUHIIHQZUGH 'RFKHVZDUYLHOVSlWHUDOVPLUGDVHLJHQWOLFKHUVFKLHQ ,ZDQ,ZDQRZLWVFK*RUDWVFKLQVWDQGQHEHQGHP.RPPDQGDQWHQGHU 68&+80,XQGEOLFNWHDXIGHQ%LOGVFKLUPGHU7DVWHURUWXQJ 'HU:HOWUDXPULQJVXPZDUOHHUIDVWOHHU1XULPHOHNWURQLVFKHQ)DGHQNUHX] GHV6FKLUPHVVFKZHEWHHLQNXJHOI|UPLJHVSODQHWHQlKQOLFKHV2EMHNW 8QJHGXOGLJEOLFNWH*RUDWVFKLQDXIGLH%RUGXKU6HLQHEHLGHQ.|SIH EHZHJWHQVLFKJOHLFK]HLWLJHLQVHOWHQHU)DOOYRQhEHUHLQVWLPPXQJ
'HU.RPPDQGDQWKDWWHGLH%HZHJXQJULFKWLJJHGHXWHW (UOlFKHOWH1RFKGUHLLJ0LQXWHQ6LU *RUDWVFKLQZLQNWHDE$XIVHLQHP+DQGUFNHQEOLQNWHQGLHJUQOLFKHQ 6FKXSSHQZLH6PDUDJGH ,FKGUlQJH6LHQLFKW2EHUVW(LQHQ$XIWUDJNDQQPDQVFKOLHOLFKQXU HUOHGLJHQ+DEHQ6LHGHQ6SUXFKYRQ$GPLUDO*UDQWDEJHVHW]W" 9RU]ZHL0LQXWHQ6LU'RUWXQWHQZHUGHQLQ]ZLVFKHQHLQLJH/HXWHLQ $XIUHJXQJJHUDWHQVHLQ -HW]WOlFKHOWH*RUDWVFKLQ(VZDUDOOHUGLQJVQXUGHU.RSIGHU,ZDQKLHDXI GHVVHQ*HVLFKWHLQ/lFKHOQHUVFKLHQ8QGDXFKQXUGHU0XQGGLHVHV.RSIHV DQWZRUWHWH .DXP2EHUVW'LH/HXWHGRUWVLQGDQVRHWZDVJHZ|KQW $QGLFKYLHOOHLFKW%UGHUFKHQHUZLGHUWHGHU0XQGYRQ,ZDQRZLWVFKGHP ]ZHLWHQ.RSI6LHZHUGHQ5HVSHNWEHNRPPHQZHQQVLHYRQPLUK|UHQ (UVWHQVHQWJHJQHWH,ZDQPLOGLVWLKQHQNHLQ1DPHJHPHOGHWZRUGHQXQG ]ZHLWHQVVWUHLWHLFKPLFKQLFKWPHKUPLWGLU ,ZDQRZLWVFKVFKZLHJ 'HU.RPPDQGDQWKDWWHPLWRIIHQHP0XQGGHU8QWHUKDOWXQJGHUEHLGHQ.|SIH JHODXVFKW(UZXWH]ZDUGDGHU'RSSHONRSIPXWDQW,ZDQ*RUDWVFKLQ HLJHQWOLFKDXV]ZHL,QGLYLGXHQEHVWDQGGLHHLQHQJHPHLQVDPHQ.|USHU EHVDHQ(UKDWWH,ZDQXQG,ZDQRZLWVFKDXFKVFKRQPHKUIDFKVWUHLWHQ K|UHQ$EHUMHGHVPDOIDV]LQLHUWHLKQGLHVHU9RUJDQJYRQQHXHP :DVVHKHQ6LHPLFKVRDQ"JUROOWH*RUDWVFKLQPLWGHPOHLFKWYHUOHW]EDUHQ 6WRO]GHV0XWDQWHQ,FKELQHLQ0HQVFKZLH6LH :LUVLQG0HQVFKHQZLH6LHNRUULJLHUWH,ZDQRZLWVFK 9HU]HLKXQJ6LUVDJWHGHU.RPPDQGDQWVFKQHOO,FKKDEHQLHGDUDQ JH]ZHLIHOW *RUDWVFKLQQLFNWHYHUV|KQW 6FKRQJXW2EHUVW,FKJHKHMHW]WLQPHLQH.DELQHXQGKROHGDV*HSlFN 6FKZHUIlOOLJGUHKWHHUVLFKXPXQGVWDSIWHDXIVHLQHQEHLGHQ6lXOHQEHLQHQ ]XP6FKRWW0LWVHLQHQ]ZHLHLQKDOE0HWHUQ.|USHUOlQJHZLUNWHHUZLHHLQ SOXPSHUXQJHVFKODFKWHU5LHVH'RFKWURW]VHLQHVPRQVWU|VHQ$XVVHKHQV ZDUHUHLQ0HQVFKHLQ0HQVFKPLWYRQ1DWXUDXVJXWPWLJHP&KDUDNWHUXQG HLQHPZHLFKHQ+HU]HQ$EHUGLHVHU0HQVFKNRQQWHJDQ]H3ODQHWHQ ]HUVW|UHQZHQQHUZROOWH6REDOGHUGLH*HGDQNHQVWU|PHVHLQHUEHLGHQ .|SIHDXIHLQEHVWLPPWHV=LHONRQ]HQWULHUWHXQGGHQHQWVSUHFKHQGHQ%HIHKO GDFKWHZXUGHHLQSDUDSK\VLNDOLVFKHU,PSXOVIUHLGHULP=LHODXI.DO]LXP XQG.RKOHQVWRIIDWRPHZLUNWHZLHHLQ=QGHUDXIHLQH.DWDO\VH )XVLRQVERPEH'DUXPZXUGH*RUDWVFKLQDOV=QGHUEH]HLFKQHW *HUDGHDOVHUGLH+DQGDXVVWUHFNWHXPVLHDXIGDV7KHUPR6FKORGHV 6FKRWWV]XOHJHQJHVFKDKHV (LQHJLJDQWLVFKH)DXVWVFKLHQGDV5DXPVFKLII]XVFKWWHOQ'LH=HQWUDOH ZXUGHLQEOHQGHQGKHOOHV/LFKWJHWDXFKWEHYRUGLHDXWRPDWLVFKHQ)LOWHU ZLUNVDPZXUGHQ,QGDV+HXOHQGHU$ODUPVLUHQHQPLVFKWHVLFKGDVJHTXlOWH
$XIVW|KQHQ]HUUHLHQGHQ0HWDOOVXQGGDV'RQQHUQGHUYRQGHU1RWDXWRPDWLN KRFKJHVFKDOWHWHQ.UDIWZHUNVPHLOHU *RUDWVFKLQZDUJHJHQGDV6FKRWWJHVFKOHXGHUWZRUGHQ'RFKHV|IIQHWHVLFK QLFKW'LH1RWDXWRPDWLNKDWWHDOOH6FKRWWHQYHUULHJHOW0LWRIIHQHP0XQG ULFKWHWHGHU0XWDQWVLFKDXIXQGVWDUUWHDXIGLH%LOGVFKLUPH :LUZHUGHQDQJHJULIIHQ8QJOlXELJNHLWVFKZDQJLQGHU6WLPPHGHV .RPPDQGDQWHQPLW 'HU]ZHLWH7UDQVIRUPVWUDKOUDVWHKHUDQ 'UHLLJ0LQXWHQQDFKPHLQHP$EIOXJYRQ7)WUDWLFKGXUFKGLHJHZDOWLJHQ 7RUHGHV=HQWUDOHLQJDQJV ,FKWUDWLQHLQHY|OOLJDQGHUH:HOW 'DV/LFKWEOHQGHWHPLFKDOVLFKGHQ+HOPPLWGHU,QIUDURWVFKHLEHDEQDKP XQGGHQ,QIUDURWVFKHLQZHUIHUDXVVFKDOWHWH8Q]lKOLJH7UDQVSRUWElQGHUJOLWWHQ ]ZLWVFKHUQGGDKLQ9HUERUJHQH(QHUJLHHU]HXJHUJUROOWHQ3XPSHQUXPRUWHQ 6FKRWWHQ|IIQHWHQXQGVFKORVVHQVLFKVFKPDW]HQG 'DV,QQHUHGHVHKHPDOLJHQ0RQGHVZDUHLQ=ZLVFKHQGLQJDXV6WDGWXQG )HVWXQJ+LHUOHEWHQXQGDUEHLWHWHQUXQGGUHLLJWDXVHQG:LVVHQVFKDIWOHU 7HFKQLNHU6SH]LDOLVWHQXQG6ROGDWHQ6LHEHQ|WLJWHQ/LFKWXQG:lUPH/XIW XQG:DVVHUXQG1DKUXQJ'LH(QHUJLHHU]HXJXQJVDQODJHQ0DWHULHZDQGOHU K\GURSRQLVFKHQ*lUWHQXQG)DEULNHQGHU]ZHLXQGVHFK]LJ.LORPHWHU GXUFKPHVVHQGHQ:HOWVRUJWHQIUDOOHV4XLQWR&HQWHUZDUDXWDUN6RJDU LUGLVFKH6FKZHUNUDIWZXUGHYRQ*UDYLWDWLRQVJHQHUDWRUHQJHOLHIHUW$EHUGLHVH 6FKZHUNUDIWEOLHEDXIGLH,QQHQZHOWEHVFKUlQNW ,FKPXWHHUVWHLQH:HLOHVXFKHQELVLFKGDV6FKLOGPLWGHU$XIVFKULIW $865h6781*69(5/(,+HQWGHFNWH'LHJURH9HUWHLOHUKDOOHIUGLH 7UDQVSRUWElQGHUZDUVRXQEHUVLFKWOLFKZLHHLQNOHLQHU5DXPKDIHQ'LH %lQGHUZDUHQZHQLJEHOHEWQXUKLQXQGZLHGHUWDXFKWHQHLQ]HOQRGHULQ *UXSSHQGLHJHOEHQ.RPELQDWLRQHQGHU,QJHQLHXUHXQG7HFKQLNHUXQGGLH YLROHWWHQOHJHUHUJHVFKQLWWHQHQ8QLIRUPHQGHU:LVVHQVFKDIWOHUDXI 3ULYDWOHXWHJDEHVKLHUQLFKWQXU$QJHK|ULJHMHQHUULHVLJHQQDKH]XDXWDUNHQ 2UJDQLVDWLRQGLHVLFK862QDQQWHXQG/RUGDGPLUDO$WODQXQWHUVWDQG 1DFKGHPLFKPHLQH9DNXXP6FKZLPP$XVUVWXQJDEJHJHEHQKDWWH ZDQGWHLFKPLFKGHP/LIW]XGHUQHEHQYLHOHQDQGHUHQ]XUPLWWOHUHQ(WDJH YRQ4XLQWR&HQWHUIKUWH =XHUVWIDQGLFKDQGHQEHLGHQLQVFKZDU]H.DPSINRPELQDWLRQHQJHNOHLGHWHQ *HVWDOWHQQLFKWV$XHUJHZ|KQOLFKHV6LHVWDQGHQOLQNVXQGUHFKWVGHV /LIWDXVWULWWVXQGVWDUUWHQVFKHLQEDUXQEHWHLOLJWLQGLH/XIW'RFKDOVLFKEHLGHU QlFKVWHQ%DQGZHLFKHZLHGHUDXI]ZHL3RVWHQVWLHXQGEHLGHU EHUQlFKVWHQDEHUPDOVZXUGHLFKVWXW]LJ 'HU+46LFKHUKHLWVGLHQVWSIOHJWHLPDOOJHPHLQHQQLFKWVRRIIHQ]XDUEHLWHQ DXHULP$ODUPIDOO'DVZDUEHJUHLIOLFKZHQQPDQZXWHGDMHGHUGHUDXI
4XLQWR&HQWHUHLQWUDIHLQEHZlKUWHUXQGPHKUIDFKJHSUIWHU0LWDUEHLWHUGHU 862ZDU 6ROOWHGLHVFKDUIHhEHUZDFKXQJHWZDPLWGHU$QNXQIWGHV*HKHLPNXULHUV ]XVDPPHQKlQJHQ" ,FKNRQQWHPLUGDVQXUVFKZHUYRUVWHOOHQ$XI4XLQWR&HQWHUWUDIHQWlJOLFK *HKHLPNXULHUHHLQ1LHPDQGNPPHUWHVLFKGDUXPDXHUGHQGLUHNWGDYRQ %HWURIIHQHQ $OOPl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|FKWHQ,FKIUDJHDQ ,FKQLFNWHQXU0HLQH*HGDQNHQNUHLVWHQXPGLH)UDJHZDVGHUJDQ]H $XIZDQG]XEHGHXWHQKDEH'LH5HDNWLRQGHV/HXWQDQWVDXIPHLQH)UDJH VFKLHQGDUDXIKLQ]XZHLVHQGDGLH0DQDKPHQGHV+46LFKHUKHLWVGLHQVWHV ]XPLQGHVWHWZDVPLWGHPHUZDUWHWHQ*HKHLPNXULHU$WODQV]XWXQKDWWHQ ,Q]ZLVFKHQPXWHHUVLFKEHUHLWVLQGHU6WW]SXQNW]HQWUDOHEHILQGHQ,FKZDU QXQZLUNOLFKJHVSDQQWDXILKQ 0LWNOLUUHQGHP*HUlXVFKIXKUGDVVFKZHUH3DQ]HUVFKRWWGHV(LQJDQJVLQGLH +|KH 6LHGUIHQSDVVLHUHQ'U7HOHNHVDJWHGHU/HXWQDQWPLWHQWVFKXOGLJHQGHP /lFKHOQ ,FKHUZLGHUWHGDV/lFKHOQHWZDVJHLVWHVDEZHVHQGXQGIROJWHHLQHP +DXSWPDQQGHV6LFKHUKHLWVGLHQVWHVGHUPLFKMHQVHLWVGHU7UHUZDUWHWH 5RWH:DUQOLFKWHUEUDQQWHQLP*DQJ6LHEHZLHVHQPLUGDGLHYHUERUJHQHQ $XWRPDWZDIIHQLQGHQ:lQGHQDNWLYLHUWZDUHQ-HGHUXQDQJHPHOGHWH
%HVXFKHUZUGHYRQ6FKRFNZDIIHQEHWlXEWZHUGHQXQGLP)DOOHHLQHU DJJUHVVLYHQ+DQGOXQJ]|JHUWHQGLH$XWRPDWHQQLFKWVHLQH9HUQLFKWXQJ]X EHIHKOHQ,FKNRQQWHHLQXQDQJHQHKPHV*HIKOLP0DJHQQLFKW XQWHUGUFNHQ 1DFKGHPZLUGLH9HUWHLGLJXQJV]RQHXQGGDQDFKGHQ5LQJGHUVWUDWHJLVFK WDNWLVFKHQ$XVZHUWXQJSDVVLHUWKDWWHQ|IIQHWHVLFKYRUXQVGDV6FKRWW]XP HLJHQWOLFKHQ.RPPDQGREXQNHU'LH0LOLWlUDUFKLWHNWHQGHV/RUGDGPLUDOV KDWWHQGDIUJHVRUJWGDGDV+HU]GHV862+DXSWTXDUWLHUVQLFKWVROHLFKW YHUQLFKWHWZHUGHQNRQQWH6WDUNH7HUNRQLWVWDKOZlQGHZHFKVHOWHQPLW IHGHUQGHQ*ODVSODVWLNPDWWHQYRQ]ZHLELVYLHU0HWHUQ6WlUNHDE $OVLFKKLQWHUGHP+DXSWPDQQGLHJHUlXPLJH+DOOHGHU=HQWUDOHEHWUDW ZDQGWHVLFKHLQLQGHU0LWWHGHV5DXPHVVWHKHQGHU0DQQXP1RFKEHYRU LFKDQVHLQHQ5DQJDE]HLFKHQHUNDQQWHGDHVVLFKXPHLQHQ*HQHUDO KDQGHOWHZXWHLFKGDHUGLHZLFKWLJVWH3HUVRQKLHUZDU 0LWJULPPLJYHU]RJHQHP*HVLFKWNDPHUPLUHQWJHJHQ 8QZLOONUOLFKPXWHLFKVFKOXFNHQ'DQQYHUEDUJLFKPHLQH(PSILQGXQJHQ XQWHUHLQHUXQGXUFKGULQJOLFKHQ0DVNH 'HU*HQHUDOZDUXQJHZ|KQOLFKNOHLQK|FKVWHQV0HWHUVFKlW]WHLFK 'RFKGDVZDUQLFKWGDV8QJHZ|KQOLFKVWHDQLKP$XVHLQHPROLYJUQHQ *HVLFKWEOLFNWHQPLFKEUDXQH$XJHQGXUFKGULQJHQGDQ'HU5XPSIZDUNXU] GLH%HLQHGDIUXPVROlQJHU(UWUXJNHLQH0W]HGHVKDOEILHOPLUGLH DEVFKUHFNHQGH1DFNWKHLWVHLQHVHLI|UPLJHQ6FKlGHOVVRIRUWDXI1XUGLH EXVFKLJHQEHUGHU1DVH]XVDPPHQJHZDFKVHQHQ$XJHQEUDXHQXQGGHU EHUGLH0XQGZLQNHOKlQJHQGH6FKQDX]EDUWEHZLHVHQGDGDV:HVHQ WDWVlFKOLFKHLQHQJHZLVVHQ+DDUZXFKVEHVD,FKVDJHDEVLFKWOLFKGDV :HVHQGHQQGLH]ZLVFKHQGHQ)LQJHUQKHUYRUTXHOOHQGHQ+DXWODSSHQ YHUYROOVWlQGLJWHQGHQ(LQGUXFNGHV8QPHQVFKOLFKHQ $OOHUGLQJVJODXEHLFKQLFKWGDGHU*HQHUDOPLUPHLQHhEHUUDVFKXQJ DQPHUNWH,FKNDQQPHLQH*HIKOHJDQ]JXWYHUEHUJHQZHQQLFKZLOO *HQHUDO%ULHOOHVWHOOWHGHU+DXSWPDQQYRU 8QG6LHVLQG'U$OURQ7HOHNHVDJWHGHU*HQHUDO 6WLPPW6LUHUZLGHUWHLFKOlFKHOQG0HLQ*RWWGDFKWHLFKGDEHLGDVDOVRLVW 5RPDQ%ULHOOHGHU&KHIGHV+46LFKHUKHLWVGLHQVWHV,FKKlWWHPLFKQLFKW JHZXQGHUWZHQQHUJHTXDNWKlWWHZLHHLQ)URVFKRGHUJHVFKQDWWHUWZLHHLQH (QWH$EHUVHLQH6WLPPHZDUHLQZDQGIUHLPHQVFKOLFK'XPPNRSIVFKDOWLFK PLFKVHOEVW'DVLVWHLQ8PZHOWDQJHSDWHUHLQHU:DVVHUZHOW'DUDXIKlWWHVW GXJOHLFKNRPPHQVROOHQ 6LHNRPPHQVSlW'RNWRUVDJWHHUPLWOHLFKWHP7DGHOLQGHU6WLPPH 7XWPLUOHLGEUXPPWHLFKXQGHXWOLFK,FKEHIDQGPLFKJHUDGHGUDXHQ (UZDUIHLQHQVFKQHOOHQ%OLFN]XP+\SHUNRPKLQEHU 1XQ HU LVWVRZLHVRQRFKQLFKWGD6HLQ*HVLFKWYHUGVWHUWHVLFK:HU ZHLREHUEHUKDXSWQRFKNRPPHQNDQQ Ä,FKYHUVWHKHEHUKDXSWQLFKWVHUZLGHUWHLFK
%ULHOOHVDJWHQLFKWVGDUDXI(UIXKUKHUXPDOVGHU+\SHUNRPPHOGHUVXPPWH 0LWVFKQHOOHQ6FKULWWHQZDUHUDP*HUlW)DV]LQLHUWVWDUUWHLFKDXIVHLQH EUHLWHQ)H'LH6WLHIHOGD]XPXWHQJDQ]VLFKHUHLQH6RQGHUDQIHUWLJXQJ VHLQ 'HU*HQHUDOVWDPPWYRQ2XUZDLQHUDXQWHGHU+DXSWPDQQPLU]X'DVLVW HLQH:DVVHUZHOWLP3OHMDGHQ6WHUQKDXIHQ ,FKELPLFKDXIGLH/LSSHQZHLOLFKPHLQH*HIKOHYHUUDWHQKDWWH *RWWVHL'DQNYHUQDKPLFKGLHODXWH6WLPPH%ULHOOHV,VWHUYHUOHW]W" 'LH$QWZRUWNRQQWHLFKQLFKWK|UHQ 0LWJDQ]RIIHQVLFKWOLFKHUOHLFKWHUWHP*HVLFKWNDPGHU*HQHUDO]XPLU]XUFN ,FKELQ,KQHQQRFKHLQH(UNOlUXQJVFKXOGLJ'RNWRU'HUHUZDUWHWH.XULHU PXWHHUVWDXVGHU=HQWUDOHVHLQHV6FKLIIHVKHUDXVJHVFKZHLWZHUGHQ QDFKGHPHLQ6FKOHSSHUHVJHERUJHQKDWWH +DWPDQGDV6FKLIIYHUIROJW6LU"IUDJWHLFKJHVSDQQW 1HLQ(UODFKWHJULPPLJ(VLVWNXU]YRUGHU/DQGXQJYRQHLQHPXQVHUHU HLJHQHQ$EZHKUIRUWV]XVDPPHQJHVFKRVVHQZRUGHQ 0LUZXUGHHVVFKZDU]YRU$XJHQ'DVZDVGHU*HQHUDOPLUGDHEHQ EHULFKWHWKDWWHZDUVFKOHFKWHUGLQJVXQP|JOLFK:LHGXUFK:DWWHK|UWHLFKGLH 6WLPPH%ULHOOHV (VZDUHLQH7UDQVIRUPVWHOOXQJ7) 1DFKHLQHU9LHUWHOVWXQGH:DUWH]HLWEHWUDWHQ]ZHL0lQQHUGLH=HQWUDOH ,FKHUNDQQWHEHLGHVRIRUW'HUHLQHIDVW]ZHL0HWHUJURKQHQKDIWJHEDXW VFKPDOHU/DQJVFKlGHOZHLEORQGH+DDUHZDU$GPLUDO+HOEUXQ*UDQWGHU .RPPDQGDQWGHV862+DXSWTXDUWLHUVXQG$WODQVUHFKWH+DQGEHLDOOHQ 3ODQXQJHQ,KQKDWWHLFKVRIRUWQDFKPHLQHU$QNXQIWYRUYLHU7DJHQ NHQQHQJHOHUQW'HUU|WOLFKH6FKLPPHUGHU$XJlSIHOZLHVGDUDXIKLQGD *UDQWHLQ+DOEDUNRQLGHZDU(UZDUDXVGHU(KHHLQHUDUNRQLGLVFKHQbU]WLQ PLWHLQHPWHUUDQLVFKHQ)ORWWHQRIIL]LHUKHUYRUJHJDQJHQ 'HQ]ZHLWHQ0DQQNDQQWHLFKQLFKWSHUV|QOLFKVRQGHUQQXUYRQ %HVFKUHLEXQJHQ$EHUGLH]ZHLHLQKDOE0HWHUKRKH*HVWDOWGLHJUQOLFK VFKLPPHUQGH6FKXSSHQKDXWXQGGLHEHLGHQ.|SIHGDVDOOHV]XVDPPHQ JDEHVQXUHLQPDOLQGHUEHNDQQWHQ*DOD[LV(VZDU,ZDQ,ZDQRZLWVFK *RUDWVFKLQ'RSSHONRSIPXWDQWXQG6RQGHURIIL]LHUGHV6RODUHQ,PSHULXPV *RUDWVFKLQWUXJQRFKGHQ5DXPDQ]XJ (UPXWH$WODQV.XULHUVHLQ 'LH8QWHUODJHQGLHHUEHUEULQJHQVROOWHHUVFKLHQHQPLUSO|W]OLFKLQHLQHP DQGHUHQ/LFKW:HQQ$WODQHLJHQVGD]XHLQHQGHUIlKLJVWHQ0XWDQWHQYRP *URDGPLQLVWUDWRUDXVJHOLHKHQKDWWHPXWHQVLHEHGHXWHQGZLFKWLJHUVHLQ DOVLFKDQJHQRPPHQKDWWH ,FKZXUGHEODDOVLFKGDUDQGDFKWHGDPDQVHLQ6FKLIIPLW 7UDQVIRUPNDQRQHQEHVFKRVVHQKDWWH
7)5DQGRPXUPHOWHLFKIUGLHDQGHUHQXQK|UEDU,FKVWLHGLH E|VH$KQXQJWLHILQPHLQ8QWHUEHZXWVHLQ :LUZXUGHQHLQDQGHUYRUJHVWHOOW *RUDWVFKLQV$XJHQ]HLJWHQQLFKWVYRQGHU$QJVWGLHHUVLFKHUDXVJHVWDQGHQ KDWWHDOVVHLQ6FKLII]XVDPPHQJHVFKRVVHQZXUGH(UEOLFNWHVLFKPLWHLVLJHU .lOWHLQGHU=HQWUDOHXP :DVKDEHQ6LHLQ]ZLVFKHQIHVWJHVWHOOW*HQHUDO%ULHOOH"IUDJWH$GPLUDO *UDQWEHGlFKWLJ %ULHOOHJHVWLNXOLHUWHKHIWLJ(UZDUKRFKJUDGLJHUUHJW (VZDU7)6LU(VLVWPLUXQYHUVWlQGOLFKZLHVRHWZDVJHVFKHKHQ NRQQWHZDQGWHHUVLFKDQ*RUDWVFKLQ8QVHUH0lQQHUVLQGDEVROXW ]XYHUOlVVLJ *RUDWVFKLQVEHLGH*HVLFKWHUYHU]RJHQVLFK]XHLQHPVS|WWLVFKHQ/lFKHOQ 'LH*HVFKW]HVLQGDOVRYRQVHOEVWORVJHJDQJHQZHQQLFK6LHUHFKW YHUVWDQGHQKDEH*HQHUDO" %ULHOOHHUU|WHWH 1HLQJDEHU]X1DWUOLFKQLFKW(UVFKQDXIWHXQGIXKUVLFKPLWGHU+DQG EHUGLHQDFNWH6FKlGHOGHFNHZREHLGLH+DXWODSSHQ]ZLVFKHQVHLQHQ )LQJHUQVLFKZLH6FKZLPPKlXWHVSUHL]WHQ6LHKDEHQEULJHQV*OFN JHKDEW6LU:HQQQLFKWHLQ7HFKQLNHUGHU(QHUJLHYHUVRUJXQJGHQ6WURPIOX ]X7)JHLVWHVJHJHQZlUWLJJHVSHUUWKlWWH -DHUZLGHUWH*RUDWVFKLQELWWHU,FKKDWWHLQ]ZLVFKHQLQPHLQHU(ULQQHUXQJ JHNUDPWXQGKHUDXVEHNRPPHQGDVWHWVGHU0XQGGHV.RSIHVVSUDFKGHQ PDQ,ZDQGHQbOWHUHQQDQQWH,FKKDEH*OFNJHKDEW5XQG]ZHLKXQGHUW 0DQQGHU68&+80,KDWWHQZHQLJHU*OFN ,FKELQDXHUPLU6LUEHWHXHUWH%ULHOOH6HOEVWYHUVWlQGOLFKKDEHLFKVRIRUW HLQ.RPPDQGRPHLQHU/HXWH]X7)JHVFKLFNW'HURGHUGLH6FKXOGLJHQ ZHUGHQLKUHU6WUDIHQLFKWHQWJHKHQ $GPLUDO*UDQWUlXVSHUWHVLFK,QGHUVFKZHUIlOOLJHQ$UWGLHQLFKWQXU FKDUDNWHULVWLVFKIUVHLQH6SUDFKHZDUZDUIHUHLQ ,FKJODXEH*HQHUDOZLUN|QQHQ6LHMHW]WHQWEHKUHQ%HJHEHQ6LHVLFKVRIRUW ]X7)XQGOHLWHQ6LHGLHZHLWHUHQ8QWHUVXFKXQJHQhEHUHLOHQ6LHQLFKWV VRQGHUQJHEUDXFKHQ6LH,KUHQ9HUVWDQG ,ZDQ*RUDWVFKLQKREGLH+DQG ,FKPDFKHQLFKWJHUQ*HEUDXFKYRQGHQ9ROOPDFKWHQGLHLFKDOV 6RQGHURIIL]LHUGHV,PSHULXPVEHVLW]H'HVKDOEP|FKWHLFKQXUHLQHQ 9RUVFKODJXQWHUEUHLWHQ$GPLUDO(VZlUHVLFKHUYRUWHLOKDIWZHQQZLUDOOH'U 7HOHNHHLQEH]RJHQGHQ2UWGHV9HUEUHFKHQVPLWHLJHQHQ$XJHQ]XVHKHQ EHNlPHQ (LQYHUVWDQGHQ6LUHUZLGHUWH$GPLUDO*UDQWQDFKNXU]HP1DFKGHQNHQ *HQHUDO6LHVRUJHQGDIUGDGHU:HJDEJHVLFKHUWZLUG,FKZQVFKH QLFKWGDlKQOLFKHVVLFKZLHGHUKROW %ULHOOHZDUVLFKWOLFKQLFKWHLQYHUVWDQGHQ0DQVDKHVVHLQHP*HVLFKWDQ (LJHQWOLFKKDWWHHUQLFKWVRXQUHFKW:LUPLVFKWHQXQVLQHLQH$QJHOHJHQKHLW
GHV6LFKHUKHLWVGLHQVWHV$EHUGLH7DWVDFKHGDVLFKGDV8QEHJUHLIOLFKHLP +DXSWTXDUWLHUGHU862HUHLJQHWKDWWHUHFKWIHUWLJWHZRKODOOHDXHUJHZ|KQ OLFKHQ0DQDKPHQ'HU*HQHUDOYHUVFKZDQGPLWILQVWHUHP*HVLFKW ,FKZDUVHKUQDFKGHQNOLFKJHZRUGHQ 0HLQ+HU]NORSIWHELV]XP+DOVDOVZLUGHQ/LIWHUUHLFKWHQGHUYRQGHU REHUVWHQ6RKOH4XLQWR&HQWHUV]XU7UDQVIRUPVWHOOXQJIKUWH 9RUXQGKLQWHUXQVHUHP6FKLHQHQJOHLWHUVSUDQJHQVFKZHUEHZDIIQHWH0lQQHU GHV+46LFKHUKHLWVGLHQVWHVYRQLKUHQ)DKU]HXJHQ,FKKLHOWGLHVH 9RUVLFKWVPDQDKPHIUhEHUWUHLEXQJ*RUDWVFKLQVFKLHQGLHJOHLFKHQ *HIKOH]XKHJHQZLHLFKDQVHLQHQ*HVLFKWHUQHUNDQQWH$EHUHUVDJWH QLFKWV :lKUHQGZLUGHQ/LIWVFKDFKWKLQDXIVFKZHEWHQQDKP$GPLUDO*UDQWVHLQH 0W]HDEXQGVWULFKVLFKEHUGDVVWUDIIJHEUVWHWHODQJH+DDU9HUZXQGHUW XQGHLQZHQLJQHLGLVFKEHPHUNWHLFKGDVHLQH+DDUHY|OOLJWURFNHQZDUHQ ,FKGDJHJHQVFKZLW]WHDPJDQ]HQ.|USHU (LQ5RERWHUNRUGRQHPSILQJXQVGLFKWKLQWHUGHP$XVVWLHJ$XIHLQHQODXWHQ %HIHKOKLQELOGHWHQGLH.DPSIPDVFKLQHQHLQH*DVVHGXUFKGLHZLUVFKULWWHQ *HQHUDO%ULHOOHKDWWHXQVEHUHLWVHUZDUWHW6FKZHLJHQGJLQJHUXQVYRUDXV +LQWHULKPVFKULWW*RUDWVFKLQ'HU0XWDQWZLUNWHYRQKLQWHQZLHHLQNORELJHV 8QJHKHXHU*HJHQLKQZDUVHOEVW$GPLUDO*UDQWHLQ=ZHUJ $OVZLUGLHPLUVRYHUWUDXWH)HXHUOHLW]HQWUDOHYRQ7)EHWUDWHQUDQQHQPLU HLVLJH6FKDXHUGHQ5FNHQKLQDE(VZLPPHOWHYRQVFKZHLJHQGDUEHLWHQGHQ 0lQQHUQGHV6LFKHUKHLWVGLHQVWHV *RUDWVFKLQYHUGHFNWHPLUGHQ%OLFNDXIGDV/HLWSXOW,FKVFKREPLFK]|JHUQG DQLKPYRUEHLXQGHUVWDUUWH 'HU0DQQLQ2IIL]LHUVXQLIRUPGHU]XVDPPHQJHVXQNHQLP6FKZHQNVHVVHO YRUGHP3XOWKRFNWHZDUNHLQDQGHUHUDOV0DMRU5DQGR:ULJKOH\GHU0DQQ GHQLFKNXU]]XYRUQRFKJHVSURFKHQKDWWH 1XQZDUHV*HZLKHLW 1HLQZROOWHLFKVFKUHLHQ1HLQ1LHPDOVNDQQ5DQGD]XHLQHUVROFKHQ7DW IlKLJJHZHVHQVHLQ(UZDUGRFKYRUHLQHU'UHLYLHUWHOVWXQGHQRFKY|OOLJ QRUPDO ,FKXQWHUOLHHVJHQDXVRZLHLFKHVELVKHUXQWHUODVVHQKDWWHPHLQHQ %HVXFKEHL5DQGR:ULJKOH\]XPHOGHQ (UVWVRUHGHWHLFKPLUHLQZHUGHLFKPLUGHQ%HULFKWEHUGLHELVKHULJHQ (UPLWWOXQJHQDQK|UHQ'DQQNDQQLFKLPPHUQRFKVSUHFKHQ ,FKEUDXFKWHQLFKWODQJH]XZDUWHQ *HQHUDO%ULHOOHZLQNWHHLQHQ0DMRUKHUEHL 0DMRU.LWDFKLOHLWHWGLH8QWHUVXFKXQJHQ%LWWHEHULFKWHQ6LHGHQ+HUUHQ 0DMRU 0DMRU.LWDFKLHLQNOHLQHUVWlPPLJHU-DSDQHUPLWNXU]JHVFKRUHQHP *UDXKDDUEOLFNWHXQV]XHUVWSUIHQGDQ'DQQOlFKHOWHHUQLFKWVVDJHQG(U
VFKLHQVLFKQLFKWLPJHULQJVWHQEHU*RUDWVFKLQV$XIWDXFKHQ]XZXQGHUQ $EHUZDKUVFKHLQOLFKKDWWH%ULHOOHLKQEHUHLWVYRUEHUHLWHW ,FKNDQQQXUHLQYRUOlXILJHV(UJHEQLVEHNDQQWJHEHQ7DWVDFKHLVWGD 0DMRU:ULJKOH\PLWHLQHP,PSXOVVWUDKOHUHUVFKRVVHQZXUGHPLWVHLQHP HLJHQHQ,PSXOVVWUDKOHU 6HOEVWPRUG"IUDJWH*RUDWVFKLQ (VVLHKWVRDXVJDE.LWDFKLGLSORPDWLVFK]XUFN(UKLHOWGLH:DIIHLQ VHLQHU+DQG$EHUGDVLVWQDWUOLFKQRFKNHLQ%HZHLVGDIUGDHUDXFK WDWVlFKOLFKVHOEVWDEJHGUFNWKDW (LQHZHLWHUH7DWVDFKHLVWGDGLHYHUKlQJQLVYROOHQ6FKVVHYRQKLHUDXV DXIGLH68&+80,DEJHJHEHQZXUGHQ'LH=LHODXWRPDWLNLVWLPPHUQRFKDXI GLH6WHOOHLP5DXPHLQMXVWLHUWDQGHUVLFKGDV6FKLII]XU=HLWGHV$QVFKODJV EHIDQG'HU7lWHUKDWWHDXI'DXHUIHXHUEHLNRRUGLQLHUWHU=LHOYHUIROJXQJ JHVFKDOWHW:lUHGLH(QHUJLHYHUVRUJXQJGHU*HVFKW]HQLFKWVRUDVFK XQWHUEURFKHQZRUGHQ $XFKVRZDUHVVFKOLQPJHQXJVDJWH*RUDWVFKLQGXPSI:LHLVWHV EHUKDXSWP|JOLFKGDGHU)HXHUOHLWRIIL]LHUHLQHU$EZHKUVWHOOXQJRKQH HQWVSUHFKHQGHQ%HIHKOGDV)HXHUHU|IIQHQNDQQ",FKPHLQH*DEHVNHLQH 6LFKHUXQJHQGDJHJHQ" $GPLUDO*UDQWVFKWWHOWHEHGlFKWLJGHQ.RSI 4XLQWR&&HQWHULVWIUGLH862HLQVREHGHXWVDPHU)DNWRUGDGHU /RUGDGPLUDOXQGLFKDXI.RPPDQGRVSHUUHQRGHUlKQOLFKH6LFKHUXQJHQ YHU]LFKWHWKDEHQ.RPPXQLNDWLRQVJHUlWHN|QQHQYHUVDJHQXQGXQVHUH $EZHKUVWHOOXQJHQVLQGZHLWYHUVWUHXW:LUGXUIWHQQLFKWULVNLHUHQLP$ODUPIDOO GXUFK$XVIDOOGHU)XQNYHUELQGXQJHQZHKUORV]XZHUGHQ8QVHUH 6LFKHUXQJHQEHVWDQGHQLQGHU$XVOHVHGHU)HXHUOHLWRIIL]LHUH0DMRU:ULJKOH\ JLOWDOVDEVROXW]XYHUOlVVLJHU(UXQWHUEUDFKVLFK,FKZROOWHVDJHQJDOWDOV DEVROXW]XYHUOlVVLJHU2IIL]LHU :ULJKOH\ZDUHLQ9HUEUHFKHUVWLH%ULHOOHKHUYRU(UVWDXQWEHPHUNWHLFK GHQ+DLQVHLQHQIXQNHOQGHQ$XJHQ)UGHQ/HLWHUGHV6LFKHUKHLWVGLHQVWHV YRQ4XLQWR&HQWHUVFKLHQGHU*HQHUDOPLU]XXQEHKHUUVFKW]XVHLQ :LUKDEHQQRFKNHLQHQ%HZHLVGD0DMRU:ULJKOH\ZLUNOLFKGHU7lWHUZDU 6LUZDQGWH.LWDFKLHLQ(VEHVWHKWGHU9HUGDFKWGDGHU7lWHULKQ]XHUVW HUVFKRVVHQXQGGDQQGLH6FKDOWXQJHQYRUJHQRPPHQKDW:LUZHUGHQ IHVWVWHOOHQPVVHQZHUVLFKLQQHUKDOEGHUOHW]WHQ6WXQGHLQGHU1lKHGHU )HXHUOHLW]HQWUDOHDXIJHKDOWHQKDW ,FKYHUVFKOXFNWHGDVZDVLFKYRU.LWDFKLVOHW]WHU%HPHUNXQJKDWWHVDJHQ ZROOHQ 1LFKWHWZDGDLFKPLFKYRUHLQHP9HUGDFKWJHIUFKWHWKlWWHDEHUZHQQ PDQPLFKYHUGlFKWLJWHVRIROJHUWHLFKZUGHGHU0|UGHU5DQGRVXQGYRQ ]ZHLKXQGHUW5DXPIDKUHUQP|JOLFKHUZHLVH=HLWEHNRPPHQVHLQH6SXUHQ]X YHUZLVFKHQ
$XHUGHPQDKPLFKPLUIHVWYRUDXIHLJHQH)DXVWQDFKGHP9HUEUHFKHU]X IRUVFKHQ)UPLFKVWDQGIHVWGD5DQGRQLFKWGHU7lWHUZDU ,FKVFKZLHJ ,P$XJHQEOLFNNRQQWHQZHGHU*UDQWQRFK*RUDWVFKLQRGHULFKHWZDV]XU $XINOlUXQJGHV9HUEUHFKHQVWXQ*RUDWVFKLQVFKOXJGHVKDOEYRUPLFKLQ PHLQH$EWHLOXQJYRQ$/3+$]XEHJOHLWHQXQGPLUGLH8QWHUODJHQEHUGHQ (LQVDW]$$.2]XEHUJHEHQ 'DZlUHQRFKHLQHDQGHUH6DFKHVDJWH$GPLUDO*UDQWLQVHLQHUODQJVDPHQ $UW,FKIUFKWHDXVGHU%HDUEHLWXQJGHV(LQVDW]HVZLUGYRUOlXILJQRFK QLFKWV6LU :LHVROOLFKGDVYHUVWHKHQ"IUDJWH*RUDWVFKLQXQJHKDOWHQ 7MD*UDQWULHEVLFKGDV*HQLFN'HU$GPLUDONRQQWHHLQHQ PDQFKPDO]XU9HU]ZHLIOXQJEULQJHQ7MDPHLQWHHUJHGHKQW(V ZLUGZRKOEHVVHUVHLQLFKHU]lKOH,KQHQGDVLQGHU=HQWUDOH ,FKEHPHUNWHGD*RUDWVFKLQHLQHKHIWLJH%HPHUNXQJXQWHUGUFNWH 6FK|QVDJWHHU$EHUGDQQEHHLOHQ6LHVLFKELWWH(UOlFKHOWHIOFKWLJ 9HU]HLKHQ6LHELWWH$GPLUDODEHUHVLVWZLFKWLJGDGLH3ODQXQJIU$$.2 VFKQHOOVWHQVDQOlXIW$XHUGHPKDWGHU*URDGPLQLVWUDWRUEHUHLWV]HKQ DQGHUH$XIWUlJHIUPLFK 1LHPDQGIRUGHUWHPLFK]XP0LWJHKHQDXI(LQZHQLJHQWWlXVFKWVDKLFK *RUDWVFKLQXQG$GPLUDO*UDQWQDFKZLHVLHGXUFKGDV6FKRWWYHUVFKZDQGHQ 'DQQVXFKWHLFKQDFK.LWDFKL 'HU0DMRUZDUVHKUEHVFKlIWLJW,FKZDJWHHVGHQQRFKLKQ]XVW|UHQGHQQ ZHQQLFK]XODQJHZDUWHWHZUGHPDQPLFKDXVGHP5DXPZHLVHQ,FK VWDQGGHQ/HXWHQYRP6LFKHUKHLWVGLHQVWQXULP:HJXQGEHKLQGHUWHLKUH $UEHLW .LWDFKLEOLFNWHDXIDOVLFKPLFKODXWVWDUNUlXVSHUWH.DXPPHUNOLFK]RJHUGLH %UDXQHQ]XVDPPHQ 'U7HOHNH" (QWVFKXOGLJHQ6LHELWWHGLH6W|UXQJ0DMRUVDJWHLFK$EHUGLHJDQ]H $QJHOHJHQKHLWJHKWPLFKIDVWHEHQVRYLHODQZLH*RUDWVFKLQ:HQQGHU $QVFKODJJHOXQJHQZlUHN|QQWHLFKQlPOLFKHLQHVHKUZLFKWLJH$UEHLWQLFKW ZHLWHUIKUHQ .LWDFKLULFKWHWHVLFKDXIXQGPXVWHUWHPLFKLQWHUHVVLHUW 6LHDUEHLWHQLQ$/3+$QLFKWZDKU" ,FKQLFNWH 'DQQKDW*RUDWVFKLQ,KQHQDOVR%HUHFKQXQJVXQWHUODJHQJHEUDFKW+P :HQQGHU/RUGDGPLUDOHLJHQVGD]XGHQ0XWDQWHQVFKLFNWPXHVZLUNOLFK VHKUZLFKWLJVHLQ1XQYHUVWHKHLFKDXFKZDUXPPDQYHUVXFKWHGLH 68&+80,]XYHUQLFKWHQ hEHUUDVFKWEHXJWHLFKPLFKYRU ,FKJHVWHKHGDLFKQLFKWGDUDXIJHNRPPHQZlUH]ZLVFKHQGLHVHQEHLGHQ (UHLJQLVVHQHLQH9HUELQGXQJKHU]XVWHOOHQ$EHUGLHVHU$VSHNWKDWHWZDVIU
VLFK0DMRU'HU(LQVDW]SODQDQGHPLFKDUEHLWHLVWWDWVlFKOLFKOHEHQVZLFKWLJ IUGDV,PSHULXP .LWDFKLOlFKHOWHZLVVHQG ,FKVHKH6LHKDEHQJURHV,QWHUHVVHDQGHU$XINOlUXQJGHV9HUEUHFKHQV 1RUPDOHUZHLVHZUGHLFK,KQHQVDJHQ+DOWHQ6LHGD,KUH)LQJHUKHUDXVGDV LVWDXVVFKOLHOLFK6DFKHGHV6LFKHUKHLWVGLHQVWHV$EHUGDZlUHQRFKHLQH DQGHUH6DFKH ,FKNRQQWHPHLQH%HIULHGLJXQJEHUGHQ/DXIGHU'LQJHQXUVFKZHU YHUEHUJHQ.LWDFKLKDWWHGLHJOHLFKHQ:RUWHJHEUDXFKWZLH]XYRU*UDQWGHP 0XWDQWHQJHJHQEHU=XPLQGHVWHLQLJH/HXWHVFKLHQHQPHKUYRQGHU6DFKH ]XZLVVHQDOVVLHELVKHUGXUFKEOLFNHQOLHHQ .LWDFKLVDKPLFKQDFKGHQNOLFKDQ,FKPHUNWHGDHUPLWHLQHP(QWVFKOX UDQJ'DQQOlFKHOWHHUHUQHXWGLHVPDOQRFKUlWVHOKDIWHUDOV]XYRU .RPPHQ6LHELWWHPLW'RNWRU'RUWLVWHLQH$XVUVWXQJVNDPPHU(UZLHV DXIHLQHKDOERIIHQH7ULQGHUUHFKWHQ6HLWHQZDQG:LHLFKZXWHZXUGHQ GRUW5DXPDQ]JH+DQGZDIIHQXQGhEHUOHEHQVJHUlWHDXIEHZDKUW6LH ZDUHQIUGHQ)DOOJHGDFKWGDHLQ$QJUHLIHUGLH.XSSHOGHU )HXHUOHLW]HQWUDOH]HUVW|UWHRGHUIHLQGOLFKH/DQGHWUXSSHQDQJULIIHQ 0HLQH6SDQQXQJZXFKV6FKZHLJHQGIROJWHLFKGHP0DMRU,P9RUEHLJHKHQ ZDUILFKHLQHQ%OLFNDXI5DQGRV*HVLFKWGDVKHLWLFKZROOWHHVWXQ 6FKHXOLFKQLFKWZDKU"PHLQWH.LWDFKL ,FKVFKOXFNWHXQGQLFNWHVWXPP .LWDFKLVFKORKLQWHUXQVVRUJIlOWLJGLH7U$OVHUVLFKXPGUHKWHZDUGDV /lFKHOQDXVVHLQHP*HVLFKWYHUVFKZXQGHQ%HKXWVDPVHW]WHHUVLFKDXI HLQH6WDKONLVWHPLWGHU$XIVFKULIW9256,&+7$72./(,15$.(7(1,FK QDKPDXIHLQHUJOHLFKHQ.LVWH3ODW]GHP0DMRUJHJHQEHU (UERWPLU=LJDUHWWHQDQXQGHUVWGDZXUGHPLUEHZXWGDLFKVHLWPHLQHP $XVIOXJLQGLH&DQG\0RXQWDLQVQLFKWPHKUJHUDXFKWKDWWH,FKJULII]X'DQQ JDELFK.LWDFKL)HXHU:LUUDXFKWHQHLQH:HLOHVFKZHLJHQGXQGLQKDOLHUWHQLQ WLHIHQ=JHQ(UVWPDOVOLH.LWDFKLVHLQH0DVNHIDOOHQXQG]HLJWHVHLQH (UUHJXQJ ,FKZDUWHWHJHGXOGLJ 'LH$QJHOHJHQKHLWLVWNRPSOL]LHUWHUDOV6LHGHQNHQEHJDQQGHU0DMRU HQGOLFKYLHONRPSOL]LHUWHUVRJDU:LHGHUYHUVWXPPWHHU8QYHUPLWWHOWZDUIHU GLH=LJDUHWWH]X%RGHQXQGWUDWVLHDXV 9RUJHQDXDFKW]HKQ7DJHQDOVDP$SULO(UG]HLWHUUHLFKWHGHQ+4 6LFKHUKHLWVGLHQVWHLQH1DFKULFKW6LHVWDPPWHYRP&KHIGHU*DODNWLVFKHQ $EZHKUSHUV|QOLFKXQGEHVDJWHGD+LQZHLVHGDIUHQWGHFNWZXUGHQGD HLQHIUHPGH0DFKWEHDEVLFKWLJWHHLQHQ$JHQWHQDXI4XLQWR&HQWHU DE]XVHW]HQ6HOEVWYHUVWlQGOLFKJULIIHQZLUGLHVHQ+LQZHLVVRIRUWDXI:LU GXUFKVXFKWHQGHQ+LPPHOVN|USHULQQHQXQGDXHQXQGVHW]WHQUXQG ]HKQWDXVHQG5RERWHUHLQ'DV(UJHEQLVZDUJOHLFK1XOO
1DFKHLQHU:RFKHDQJHVWUHQJWHU6XFKHXQGJUQGOLFKHUhEHUSUIXQJDOOHU DXI4XLQWR&HQWHUVWDWLRQLHUWHQ3HUVRQHQPXWHQZLU0HUFDQWHLQH )HKODQ]HLJHVFKLFNHQ)UGHQ6LFKHUKHLWVGLHQVWXQGDXFKIU$GPLUDO *UDQWVWDQGHLQZDQGIUHLIHVWGDVLFKNHLQ$JHQWLP+DXSWTXDUWLHUEHIDQG (VZDUQLFKWDQGHUV]XHUZDUWHQJHZHVHQ'LH0|JOLFKNHLWHQHLQHQ IHLQGOLFKHQ$JHQWHQLQV86+DXSWTXDUWLHUHLQ]XVFKOHXVHQVLQGVRPLQLPDO GDHLJHQWOLFKQXUMHPDQGGHUJHQDXEHUDOOH6LFKHUKHLWVYRUNHKUXQJHQ LQIRUPLHUWLVWXQDQJHPHOGHWHLQGULQJHQNDQQ0HUFDQWV0HOGXQJVSUDFKYRQ GHP$JHQWHQHLQHUQRFKXQEHNDQQWHQ5DVVH'DVDOOHLQVFKORGLH 0|JOLFKNHLWDXVGDGHULPDJLQlUH$JHQWEHU4XLQWR&HQWHULQIRUPLHUWZDU +HXWHGHQNHLFKDQGHUVGDUEHU (VHUVFKHLQWPLUHLQIDFK]XSOXPSGDMHPDQGHLQHQ$QVFKODJDXIGLH 68&+80,YHUEWKDEHQN|QQWHXQGVLFKGDQDFKVHOEVWXPEUDFKWH:HQQ 0DMRU:ULJKOH\GHU$JHQWZDUQXUXPGHQXQZDKUVFKHLQOLFKHQ)DOOHLQPDO DQ]XQHKPHQGDQQKlWWHHU0|JOLFKNHLWHQJHKDEWGHQ$QVFKODJRKQH *HIlKUGXQJVHLQHU3HUVRQGXUFK]XIKUHQ(UEUDXFKWHVLFKQXUNUDQN]X PHOGHQ]XP=HLWSXQNWGHV(LQWUHIIHQVGHU68&+80,GLH)HXHUOHLW]HQWUDOH DXI]XVXFKHQVHLQHQ9HUWUHWHU]XW|WHQXQGGLH(LQVWHOOXQJHQYRU]XQHKPHQ ,FKDWPHWHLQQHUOLFKDXI -HW]WVHKHLFKNODUHUVDJWHLFK,FKGDFKWHPLUVRIRUWGDGLH$XVIKUXQJ GHU7DWXQORJLVFKVHLZHQQ:ULJKOH\GHU7lWHUZlUH1HKPHQZLUDOVRDQ HLQDQGHUHUKlWWHHVJHWDQ'DQQPXHUQRFKIUHLLP+DXSWTXDUWLHU KHUXPODXIHQ(UNDQQMHGHU]HLWQHXH$QVFKOlJHDXVIKUHQ :DQQVLQG6LHHLJHQWOLFKLP+DXSWTXDUWLHUDQJHNRPPHQ'RNWRU"IUDJWH .LWDFKLJDQ]QHEHQEHL ,FK]XFNWHXQZLOONUOLFK]XVDPPHQ 9HUGlFKWLJHQ6LHHWZDPLFK"IUDJWHLFKPLWEHOHJWHU6WLPPH .LWDFKLODFKWHHWZDV]XKHU]OLFKZLHPLUVFKLHQ 1LFKWPHKUDOVEHLVSLHOVZHLVH$GPLUDO*UDQW6LHYHUVWHKHQ:LUPVVHQ MHGHQYHUGlFKWLJHQVRODQJHVHLQH8QVFKXOGQLFKWHUZLHVHQLVW 9RUYLHU7DJHQDQWZRUWHWHLFK]|JHUQG $OVRDPVLHE]HKQWHQ$SULO,FKZXWHQLFKWZR.LWDFKLPLWVHLQHQ)UDJHQ KLQDXVZROOWH6HKHQ6LHIXKUHUIRUWKHXWHKDEHQZLUGHQ]ZDQ]LJVWHQ $SULO,QGHQYLHU7DJHQN|QQHQ6LH4XLQWR&HQWHUXQP|JOLFKJHQDX NHQQHQJHOHUQWKDEHQ6LHZLVVHQVRJXWZLHQLFKWVNHQQHQNDXPMHPDQGHQ 0HLQHQ6LHQLFKWDXFKGDHVXQWHUGLHVHQ8PVWlQGHQ]ZHFNORVXQG JHIlKUOLFKREHQGUHLQIU6LHZlUHVLFKDQGHU6XFKHQDFKGHP*HLVWHU $JHQWHQ]XEHWHLOLJHQ" 6LHEHUWUHLEHQ0DMRUHUZLGHUWHLFK'HU1DPH*HLVWHU$JHQW LVW EOKHQGHU8QVLQQ9HU]HLKHQ6LHGHQKDUWHQ$XVGUXFN(LQ$JHQWLVW JHQDXVR5HDOLWlWZLH6LHRGHULFK0DQPXQXUDXVGDXHUQGJHQXJVXFKHQ GDQQZLUGPDQLKQDXFKILQGHQ :LH6LHPHLQHQ'U7HOHNHVDJWH.LWDFKLVWHLI$EHULFKNDQQ,KQHQNDXP GDEHLKHOIHQ
,FKVFKWWHOWHGHQ.RSI ,FKKDEHQLFKWGLH$EVLFKWPLFKLQ,KUH(UPLWWOXQJHQHLQ]XPLVFKHQ%HKDOWHQ 6LHUXKLJDOOH*HKHLPQLVVHIUVLFK0LFKLQWHUHVVLHUWDXJHQEOLFNOLFKQXUHLQ 5DQGJHVFKHKHQ8QGGDQQP|FKWHLFKDXFKGHP0DQQHGDQNHQGHU *RUDWVFKLQGDV/HEHQUHWWHWH .LWDFKLEOLFNWHPLFKHLQLJH6HNXQGHQODQJSUIHQGDQ'DQQ]XFNWHHUGLH $FKVHOQ :HQQ6LHZHLWHUQLFKWVZLVVHQZROOHQ'HU7HFKQLNHUGHUGHQ(QHUJLHIOX ]X7)EORFNLHUWHKHLW$OGR*UHHQ6LHILQGHQLKQZHQQHU'LHQVWKDW GUHL6WRFNZHUNHWLHIHULQGHU6FKDOW]HQWUDOHYRQ7) 9LHOHQ'DQN,FKHUKREPLFK .LWDFKLVFKREPLFK]XU7UKLQDXV Ä6LHPVVHQPLFKMHW]WHQWVFKXOGLJHQ'RNWRU8QGVHKHQ6LHVLFKYRU ,FKOlFKHOWHXQGZLQNWHJHULQJVFKlW]LJDE ,FKZUGHPLFKVFKRQYRUVHKHQ.LWDFKLXQWHUVFKl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|USHUGHV0DQQHV(LQHJHZDOWLJH+DNHQQDVHVWLHZLHHLQ*HLHUVFKQDEHO DXVGHPIDOWLJHQURWEUDXQHQ*HVLFKWKHUYRU8QWHUWLHIVFKZDU]HQ%UDXHQ EOLQ]HOWHQNOHLQHOLVWLJH$XJHQ 6LHVLQG0U$OGR*UHHQ" 6LHKWVRDXV6LU(UVSXFNWHDXIGHQEODQNHQ%RGHQ 0HLQHYLROHWWH8QLIRUPIO|WHLKPDQVFKHLQHQGQLFKWGHQJHULQJVWHQ5HVSHNW HLQ8QGZHUVLQG6LH" ,FKELQ'U7HOHNH:LHLFKK|UWHZDUHQ6LHHVGHULPOHW]WHQ$XJHQEOLFNGLH (QHUJLH]XIXKU]X7)VSHUUWH",FKERWLKPHLQH=LJDUHWWHDQXQGQDKP VHOEVWHLQH 'HU7HFKQLNHUUDXFKWH'DEHLPXVWHUWHHUPLFKDXVYHUNQLIIHQHQ$XJHQ 6LHHULQQHUQPLFKDQMHPDQGHQVDJWHHUKDOEODXWZLH]XVLFKVHOEVW ,FK]XFNWHGLH6FKXOWHUQ
(VNRPPWVFKRQYRUGD]ZHL0HQVFKHQVLFKlKQHOQ6LHZHUGHQPLFKPLW HLQHPDQGHUHQYHUZHFKVHOQ 6FKRQP|JOLFKHUZLGHUWHHUJHGHKQW:LHGHUVSXFNWHHUDXIGHQ%RGHQ :DUXPLQWHUHVVLHUHQ6LHVLFKIUGLH6DFKH" 'LH68&+80,KDWWHHWZDVDQ%RUGZDVIUPHLQH$UEHLWYRQJU|WHU :LFKWLJNHLWZDUGDUXP,FKZXWHQLFKWZDUXPDEHUGHU7HFKQLNHUPDFKWH PLFKDOOPlKOLFKQHUY|V +P(UVFKLHQQDFK]XGHQNHQ0LWKDVWLJHQXQNRQ]HQWULHUWHQ=JHQ UDXFKHQG]RJHUVLFKGHQHLQ]LJHQ6HVVHOKHUDQXQGOLHVLFKKLQHLQIDOOHQ 9RQGHQHOHPHQWDUVWHQ5HJHOQGHU+|IOLFKNHLWVFKLHQHUNHLQHEODVVH $KQXQJ]XKDEHQ +PEUXPPWHHUQRFKHLQPDO:DKUVFKHLQOLFKP|FKWHQ6LHZLVVHQZLHLFK GD]XNDPGLH(QHUJLH]XVSHUUHQ (VZDUNHLQH)UDJHJHZHVHQQXUHLQH)HVWVWHOOXQJ'HVKDOEHUZLGHUWHLFK QLFKWVGDUDXI 'DVIUDJHLFKPLFKVHOEVWHUNOlUWHHU]XPHLQHUJU|WHQhEHUUDVFKXQJ 6HKHQ6LH(UGHXWHWHIOFKWLJDXIHLQHQLQGLH6HLWHQZDQGHLQJHEDXWHQ /DXWVSUHFKHU'DV*HUlWLVWPLWGHP$ODUPQHW]GHU5DXPDEZHKU YHUEXQGHQ$OVLFKDPSO|W]OLFKKRFKVFKQHOOHQGHQ(QHUJLHIOXPHUNWHGD HLQLJH*HVFKW]HXQVHUHU6WHOOXQJIHXHUWHQVFKZLHJGHU/DXWVSUHFKHU'DV NDPPLUVRIRUWYHUGlFKWLJYRU(VZDUDOOHVUXKLJJHZHVHQ'LH )XQNYHUELQGXQJHQYRQ4XLQWR&HQWHUPXWHQDOVRLQ2UGQXQJVHLQ'HU )HXHUHU|IIQXQJKlWWHGHPQDFKXQEHGLQJWHLQHQWVSUHFKHQGHU%HIHKOGHU 6WW]SXQNW]HQWUDOHYRUDXVJHKHQPVVHQ'DVDOOHLQZlUHIUPLFKQDWUOLFK NHLQWULIWLJHU*UXQGJHZHVHQGLH(QHUJLH]XVSHUUHQ$EHULFKKDQGHOWHDXFK QLFKWDXV9HUQXQIWJUQGHQVRQGHUQDXVGHPLQVWLQNWLYHQ*HIKOKHUDXVGD HWZDVQLFKWVWLPPWH $OVPLUEHZXWZXUGHZDVLFKJHWDQKDWWHZROOWHLFKGLH(QHUJLH]XIXKU ZLHGHUKHUVWHOOHQ*OFNOLFKHUZHLVHNDPLQGLHVHP$XJHQEOLFNGHU%HIHKOYRQ GHU=HQWUDOHMHJOLFKHQ%HVFKXHLQ]XVWHOOHQ(UHUKREVLFKXQGNDPDXI PLFK]X=LHPOLFKNRPSOL]LHUWGLH6DFKHZLH"0LUWXWQXU0DMRU:ULJKOH\ OHLG(UZDUHLQIHLQHU.HUO9LHOOHLFKWKDWHUQXUGXUFKJHGUHKW 0|JOLFKJDELFK]X'DV(UJHEQLVGHV*HVSUlFKVHQWWlXVFKWHPLFK,FK VDKQLFKWGHQJHULQJVWHQ$QKDOWVSXQNWHLQHU6SXU,PPHUKLQKDEHQ6LHPLU HLQHQJURHQ'LHQVWHUZLHVHQ9LHOHQ'DQN0U*UHHQ,FKVFKWWHOWHLKP GLH+DQG (UZLVFKWHVLFKKLQWHUKHUGLH+DQGIOlFKHDQGHU.RPELQDWLRQDE,FKIDQG VHLQ%HQHKPHQUHLFKOLFKXQJHK|ULJ$EHULFKXQWHUGUFNWHPHLQHQ8QPXW $OVLFKPLFKVFKRQLQGHU7UEHIDQGULHI*UHHQPLFKQRFKHLQPDO]XUFN 'U7HOHNH,FKGUHKWHPLFKODQJVDPXP -D" ,FKK|UWHLQGHU68&+80,KlWWHVLFKHLQ0XWDQWEHIXQGHQ6WLPPWGDV" ,FKQLFNWH
/HEWHUQRFK"8QGZHULVWHV" 0LUHQWJLQJQLFKWGHUY|OOLJYHUlQGHUWH*HVLFKWVDXVGUXFN*UHHQVXQGVHLQH JHVSDQQWH+DOWXQJ$EHULFKVFKREGDVDXIGLH(UUHJXQJGLHGLH$QNXQIW HLQHV0XWDQWHQ]XYHUEUHLWHQSIOHJWH,FKVDKNHLQHQ*UXQGZDUXPLFK *UHHQQLFKWGHQ1DPHQGHV0DQQHVQHQQHQVROOWHGHQHUJHUHWWHWKDWWH (UOHEW6HLQ1DPHLVW,ZDQ*RUDWVFKLQ 6RVRPXUPHOWH*UHHQUlWVHOKDIW$EUXSWZDQGWHHUVLFKZLHGHUGHP &RPSXWHU]X ,FKYHUOLHGLH6FKDOW]HQWUDOHXQGVFKOXJGHQ:HJ]X$/3+$HLQ'DV *HVSUlFKPLW*UHHQKDWWHPHKU9HUZLUUXQJJHVWLIWHWDOV.ODUKHLWJHEUDFKW 9LHOOHLFKWODJGDVDEHUQXUDQGHPVHOWVDPHQ%HQHKPHQGHV7HFKQLNHUV )DVWJODXEWHLFKMHW]WVHOEVWGDUDQGD5DQGR:ULJKOH\GDV)HXHUDXIGLH 68&+80,HU|IIQHWKDWWH ,FKZDUVRLQ*HGDQNHQYHUVXQNHQGDLFKGHQDQGHUHQHUVWEHPHUNWHDOV HUZLHHLQGURKHQGHU6FKDWWHQYRUPLUDXIWDXFKWH ,POHW]WHQ$XJHQEOLFNZLFKHUDXVVRQVWKlWWHLFKLKQXPJHUDQQW 3DVVHQ6LHGRFKDXI (VZDUGHU.ODQJGHU6WLPPHGHUPLFKGD]XYHUDQODWHGHQ.RSI]XKHEHQ XQGGHQDQGHUHQJHQDXHUDQ]XVHKHQ *RUDWVFKLQ 'U7HOHNH (UVFKLHQYRQGHU%HJHJQXQJHEHQVREHUUDVFKW]XVHLQZLHLFK,FKPXWH JULQVHQ %HLQDKHKlWWHQ6LHPLFKXPJHVWRHQVDJWHHUYRUZXUIVYROO6LHVFKHLQHQ PLWRIIHQHQ$XJHQ]XWUlXPHQ 'DQNHJOHLFKIDOOVHUZLGHUWHLFKWURFNHQ'D6LHPLFKHUVWMHW]WHUNHQQHQ KDEHQ6LHRIIHQEDU,KUHU8PZHOWDXFKZHQLJ%HDFKWXQJJHVFKHQNW (UODFKWH(VVDKLUJHQGZLHQDFKGHU6]HQHHLQHV*UXVHOILOPVDXVDOVVLFK GLH*HVLFKWHUVHLQHUEHLGHQ.|SIHYHU]RJHQ (LQV]XQXOOIU6LH'RF:LHGHUZDUHV,ZDQGHUbOWHUHGHUVSUDFK,FK NRPPHVRHEHQDXV,KUHU$EWHLOXQJZROOWH,KQHQGLH8QWHUODJHQEULQJHQ:R ZDUHQ6LHGHQQVRODQJH" ,FKKDEHPLFKHLQZHQLJLQ7)XPJHVHKHQVDJWHLFKPLPXWLJ *RUDWVFKLQODFKWHZLHGHUZXUGHDEHUGDQQVHKUHUQVW :LHLFKEHPHUNHRKQH(UIROJ0LUOlWGLHVH*HVFKLFKWHDXFKNHLQH5XKH 'DLFK6LHQLFKWDQWUDIZROOWHLFKQRFKHLQPDO]X7)]XUFNXQGHLQLJH (UNXQGLJXQJHQHLQ]LHKHQ 9LHO*OFNPXUPHOWHLFK(UVWGDQQILHOPLUHWZDVDXI:RLVW,KUH /HLEZDFKH6LU")DOOV:ULJKOH\QLFKWGHU7lWHUZDUGUIWHHVJHIlKUOLFKVHLQ DOOHLQKHUXP]XODXIHQ ,FKNDQQUHFKWJXWDXIPLFKVHOEVWDXISDVVHQHUZLGHUWH*RUDWVFKLQ$EHU LFKVFKODJHYRUGD6LHPLFKEHJOHLWHQ'RF,FKP|FKWH6LHQLFKWQRFK HLQPDOVXFKHQPVVHQ
,FKYHUVSUWHZHQLJ/XVWQRFKHLQPDO]X7)]XUFN]XJHKHQ=XYLHOH XQDQJHQHKPH(ULQQHUXQJHQZDUHQIUPLFKGDPLWYHUNQSIW$QGHUHUVHLWV VDJWHLFKPLUGDPDQ*RUDWVFKLQYLHOOHLFKWJHQDXHUH$XVNQIWHJHEHQ ZUGHDOVPLUHLQHPHLQIDFKHQ:LVVHQVFKDIWOHU'DVJDEGHQ$XVVFKODJ 1RFKLPPHUEHWUDFKWHWHLFKGLH$XINOlUXQJGHV9HUEUHFKHQVDOVPRUDOLVFKH 9HUSIOLFKWXQJ(UZDULPPHUKLQZHQQVFKRQQLFKWHLQ)UHXQGLP6LQQHGHV :RUWHVVRGRFKHLQJXWHU%HNDQQWHUJHZHVHQGHUMHW]WWRWLP6HVVHOGHU )HXHUOHLW]HQWUDOHODJ .HLQH/XVW"IUDJWH*RUDWVFKLQ ,FKNRPPHPLW6LUVDJWHLFK *RUDWVFKLQEOLHEXQVFKOVVLJYRUGHP/LIWVFKDFKWGHUGULWWHQ6RKOHVWHKHQ (LQH:DFKHVDOXWLHUWH(UEHDFKWHWHHVQLFKW 3O|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lWWHMHPDQGDQGHUHPDOVQXU,KQHQ DOOHLQJHJROWHQ" 'HU0DQQGHUPLFKXPEULQJHQZROOWHLVWWRW ,FKZLQNWHKHIWLJDE ,FKJODXEHQLFKWGDUDQ 6LHVFKHLQHQPHKU]XZLVVHQDOV6LH]XJHEHQZROOHQHUZLGHUWH *RUDWVFKLQODXHUQG ,FKODFKWHOHLVHU(UPDFKWHHVVLFK]XOHLFKW 0DMRU.LWDFKLKDWPLUHLQLJHVHU]lKOWYRUKLQDOV6LHPLWGHP$GPLUDO ZHJJHJDQJHQZDUHQ hEHUGHQ*HLVWHU$JHQWHQ "*RUDWVFKLQV6WLPPHWULHIWHYRU6SRWW 8QVLQQVDJWHLFKUHVSHNWORV,FKJODXEHQLFKWDQ*HVSHQVWHUZLHDQGHUH /HXWHYLHOOHLFKW$EHUHLQ$JHQWLVWHLQ$JHQW 0HLQOLHEHU'RNWRUDQWZRUWHWH*RUDWVFKLQLQVHLQHUVDQIWHQ$UW$GPLUDO *UDQWKDWPLUGLH*HVFKLFKWHYRQGHPLPDJLQlUHQ$JHQWHQWDWVlFKOLFK HU]lKOW$QJHQRPPHQHVJLEWLKQZLUNOLFKVRNDQQHUHVGRFKQLFKWDXI PHLQH3HUVRQDEJHVHKHQKDEHQ'LH0HOGXQJ0HUFDQWVWUDIQlPOLFK]X
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lQGHQZLGHU *RUDWVFKLQOHJWHPLWVHLQHQODQJHQ6lXOHQEHLQHQHLQ0DUVFKWHPSRYRUGDV PLFKIDVW]XP/DXIVFKULWW]ZDQJ7UEEOLQ]HOWHQGLHLQGLH'HFNHHLQJH ODVVHQHQ/HXFKWU|KUHQDXIXQVKHUDE9HU]HUUWH6FKDWWHQKXVFKWHQEHUGHQ %RGHQ (LQKHOOHU/LFKWVWUHLIHQILHOLQGHQ*DQJ 'LH7U]XU6FKDOW]HQWUDOHVWDQGHLQ6WFNRIIHQ ,FKEHHLOWHPLFK*RUDWVFKLQHLQ]XKROHQ0HLQ+HU]KlPPHUWHLQGHQ 6FKOlIHQ,FKDWPHWHWLHIGXUFKXPGHQSO|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lUWV,FKHUKDVFKWHHLQHQ6HLWHQEOLFNDXI *RUDWVFKLQVYHU]HUUWHV*HVLFKWGDV*HVLFKW,ZDQVGHVbOWHUHQ 'DQQVFKRLFK (LQKDUWHU6FKODJVFKOHXGHUWHPHLQH:DIIHGDYRQ 'DVKlWWHQ6LHQLFKWWXQGUIHQVWLH*RUDWVFKLQ]RUQLJKHUYRU )DVVXQJVORVVWDUUWHLFKGHQ0XWDQWHQDQ(UZDUXQYHUOHW]WXQGGDEHLKDWWH LFKJHQDXJHVHKHQGDGHU,PSXOVVWUDKOHUDXVGHP,QQHUQGHU 6FKDOW]HQWUDOHLKQYROOJHWURIIHQKDWWH 6LH6LHVWDPPHOWHLFK -DZRKO,FKOHEHQRFKVDJWH*RUDWVFKLQJULPPLJ,FKWUDJHHLQHQ )HOGVFKLUPJHQHUDWRU:HQQ6LHQLFKWVRYRUHLOLJJHZHVHQZlUHQN|QQWH GLHVHU0DQQGRUWVLFKHUHWZDV:LFKWLJHVHU]lKOHQ ,FKVWDUUWHDXIGHQ7RWHQ'DQQZDQGWHLFKPLFKDE
,FKKDWWHGHQ)LQJHUQLFKWYRP)HXHUNQRSIJHODVVHQELV*RUDWVFKLQPLUGHQ 1DGHOVWUDKOHUDXVGHU+DQGMHVFKODJHQKDWWH$OGR*UHHQGHU7HFKQLNHUZDU NDXPQRFKDOV0HQVFK]XHUNHQQHQ 'DVZXWHLFKQLFKWVDJWHLFKOHLVH 1DWUOLFKQLFKW*RUDWVFKLQV6WLPPHKDOOWHYRQGHQ:lQGHQZLGHU$EHUDQ GHU:LUNXQJGHV,PSXOVVWUDKOHUVKlWWHQ6LHHVVRIRUWHUNHQQHQPVVHQ (UZLQNWHUHVLJQLHUWDE :DVJHVFKHKHQLVWNDQQPDQQLFKWPHKUUFNJlQJLJPDFKHQ7DWVDFKHLVW GDGLHVHU0DQQPLFKHUPRUGHQZROOWH.HQQHQ6LHLKQEULJHQV" ,FKZROOWHVFKRQVDJHQGDLFKLKQHUVWNXU]YRUKHUJHVSURFKHQKDWWH$EHU LFKVFKZLHJ:LHGHUZLHQDFK:ULJKOH\V:DKQVLQQVWDWKDWWHLFKGDV*HIKO VFKZHLJHQ]XPVVHQXPGLH6SXUHQQLFKWQRFKPHKU]XYHUZLUUHQ6R VDJWHLFKQXU 'DVN|QQWH$OGR*UHHQGHU7HFKQLNHUVHLQGHUGLH(QHUJLHIUGLH 7UDQVIRUPJHVFKW]HEORFNLHUWH *RUDWVFKLQIXKUKHUXP)UGHQ%UXFKWHLOHLQHU6HNXQGHWDXFKWHLP +LQWHUJUXQGVHLQHU$XJHQHLQLUUHV)ODFNHUQDXI 'HU" ,FKQLFNWHVWXPP 0HLQ*RWWVW|KQWHHU:HOFKHLQ:LGHUVLQQ:LHNDQQHLQ0HQVFKGHUPLU QRFKYRU]ZHL6WXQGHQGDV/HEHQUHWWHWH]ZHL6WXQGHQVSlWHUPLWHLQHP ,PSXOVEODVWHUDXIPLFKVFKLHHQ" (LQ*HLVWHU$JHQWNDQQDOOHVHUZLGHUWHLFK]\QLVFK'RFKGHUNDOWH 6FKZHLDXIPHLQHU6WLUQEOLHE,FKJHVWDQGPLUHLQGDLFKLQ*HIDKU VFKZHEWHZLUNOLFKDQ*HVSHQVWHU]XJODXEHQ1XUPLWlXHUVWHU :LOOHQVDQVWUHQJXQJIDQGLFK]XQFKWHUQHUhEHUOHJXQJ]XUFN :HQLJVWHQVZLVVHQZLUMHW]WGD:ULJKOH\XQVFKXOGLJLVW*UHHQKDWWHUHODWLY OHLFKWHQ=XJDQJ]XU)HXHUOHLW]HQWUDOH(UHUVFKRGHQ0DMRUVFKDOWHWHGLH )HXHUDXWRPDWLNHLQXQGHLOWHGDQQ]XU6FKDOW]HQWUDOH]XUFNXPGLH (QHUJLHDE]XVFKDOWHQ9HUPXWOLFKYHUNDONXOLHUWHHUVLFKQXUXPHLQHQ HLQ]LJHQ6FKXVRQVWZlUHGLH68&+80,YHUQLFKWHWZRUGHQ 6RN|QQWHHVJHZHVHQVHLQ*RUDWVFKLQQLFNWHQDFKGHQNOLFK ,FKOlFKHOWH 3O|W]OLFKHPSIDQGLFKVRHWZDVZLH%HIULHGLJXQJGDUEHUGDLFKHV JHZHVHQZDUGHU5DQGRV7RGJHUlFKWKDWWH :HGHU*RUDWVFKLQQRFKPLUNDPGDPDOVGHU*HGDQNHGDVLFKDOOHVYLHO]X OHLFKWDXIJHNOlUWKDWWH (VZDUHQQLFKWPHKUDOV]ZHL0LQXWHQQDFKGHP6FKXZHFKVHOYHUJDQJHQ DOVVFKZHUEHZDIIQHWH0lQQHUGHV+46LFKHUKHLWVGLHQVWHVLP*DQJ DXIWDXFKWHQ'DVODXWVWDUNH*HWUDPSHOYLHOHU)HHUVFKROO 0DMRU.LWDFKLZDUGHUHUVWHGHUXQVHUUHLFKWH0LWNHXFKHQGHP$WHPEOLHEHU XQWHUGHU7UVWHKHQ6HLQH$XJHQZXUGHQJURXQGUXQGDOVHUGDV YHUNUPPWHJHVFKZlU]WH%QGHOVDKGDVHLQPDO$OGR*UHHQJHZHVHQZDU
(UVWHFNWHGHQ6FKRFNHULQV+DOIWHU$OOPlKOLFKZLFKGLHKHNWLVFKH5|WHDXV VHLQHP*HVLFKW6HLQHHUVWHbXHUXQJEHZLHVGDHUVFKDUIXQGUDVFK GHQNHQNRQQWH $OGR*UHHQ"(UKDW6LHDQJHJULIIHQ"0LWNQDSSHQ%HIHKOHQYHUWHLOWHHUGLH $XIJDEHQDQVHLQH0lQQHU *RUDWVFKLQEHULFKWHWH $OVHUIHUWLJZDUVDK.LWDFKLPLFKHLJHQWPOLFKDQ Ä6LHKDEHQVHKUVFKQHOOUHDJLHUW'RNWRU7HOHNH ,FK]XFNWHQXUGLH6FKXOWHUQ :DVZDUORV"IUDJWH*HQHUDO%ULHOOHGD]ZLVFKHQ'HU&KHIGHV+4 6LFKHUKHLWVGLHQVWHVZDU]XOHW]WHUVFKLHQHQ'HQQRFKUDQJHUQDFK$WHP :DKUVFKHLQOLFKNRQQWHHUVLFKLP:DVVHUEHVVHUIRUWEHZHJHQDOVDXIGHP /DQGHGDFKWHLFK0LUHUVFKLHQHVUlWVHOKDIWZLHHLQVROFKHUPDHQDP QRUPDOHQ/HEHQEHKLQGHUWHU0DQQVLFKDXIGLHVH3RVLWLRQHPSRUJHDUEHLWHW KDEHQNRQQWH 'LHVPDOEHULFKWHWH0DMRU.LWDFKL $OVHUJHHQGHWKDWWHIXQNHOWH%ULHOOHPLFKZWHQGDQ 6LHKDEHQXQVHLQHQVFKOHFKWHQ'LHQVWJHOHLVWHW 'RNWRU7HOHNH+DEHQ6LHGHQQQLFKWJHVHKHQGD*RUDWVFKLQGXUFKHLQHQ 6FKLUPIHOGSURMHNWRUJHVFKW]WZDU":LHNRPPHQ6LHEHUKDXSWGD]XVLFKLQ XQVHUH$QJHOHJHQKHLWHQ]XPLVFKHQ" (VWXWPLUOHLG6LUVDJWHLFKEHGUFNW *RUDWVFKLQUlXVSHUWHVLFK :DKUVFKHLQOLFKKDW'U7HOHNHHLQHQOHLFKWHQ6FKRFNHUOLWWHQDOVDXIPLFK JHVFKRVVHQZXUGH*HQHUDO%ULHOOH(UZDUKRFKJUDGLJQHUY|VDOVLFKPLFK ]XU6FKDOW]HQWUDOHZDQGWH:DVGLH(LQPLVFKXQJ EHWULIIWVRWULIIWPLFKDOOHLQ GLH6FKXOG,FKEDW'U7HOHNHPLFKKLHUKHU]XEHJOHLWHQ %ULHOOHNDXWHYHUELVVHQDXIVHLQHU8QWHUOLSSH'HUVWUlKQLJH6FKQDX]EDUW ]LWWHUWH'DV*HVLFKWZDU]XHLQHU*ULPDVVHYHU]HUUW)DVWKlWWHPDQDQGHQ .RSIHLQHV6HHKXQGHVGHQNHQN|QQHQEHL%ULHOOHV$QEOLFN 'DVZDUGDVOHW]WHPDOGD6LHVLFKLQ$QJHOHJHQKHLWHQPLVFKHQGLH6LH QLFKWVDQJHKHQVDJWHHUVFKOLHOLFKPLWVFKQHLGHQGHU6WLPPH'U7HOHNH 6LHKDEHQPLFKKRIIHQWOLFKYHUVWDQGHQ ,FKK|UHQLFKWVFKZHUVDJWHLFKOHLVH$EHUGHQNHQ6LHGDUDQGDLFKKLHU ELQXPSURGXNWLYH$UEHLW]XOHLVWHQ*HQHUDO6LHGDJHJHQKDEHQQXUGLH $XIJDEHXQVDOOHYRUVROFKHQ=ZLVFKHQIlOOHQ]XVFKW]HQ $EUXSWGUHKWHLFKPLFKXPXQGJLQJGHQ:HJ]XUFN,FKZXWHGDLFK PHKUJHVDJWKDWWHDOVVHOEVWHLQHP:LVVHQVFKDIWOHUJHJHQEHUHLQHP *HQHUDO]XVWDQG$EHUGLHVHU%ULHOOHILHOPLUDXIGLH1HUYHQVHLWLFKLKQ]XP HUVWHQPDOJHVHKHQKDWWH,FKZDUQLFKWVHLQ8QWHUJHEHQHUXQGLFKZDU JHZLOOWPLFKDXFKQLFKWZLHHLQVROFKHUEHKDQGHOQ]XODVVHQ1DWUOLFKZDU HVPLUNODUGDLFKYHUVDJWKDWWHNODUHUZDKUVFKHLQOLFKDOVLUJHQGHLQHP DQGHUHQ1LHPDOVKlWWHLFKGHQDXIJHEDXWHQ)HOGVFKLUP*RUDWVFKLQV
EHUVHKHQGUIHQ,FKZXWHGDVEHVVHUDOV%ULHOOH*DQ]VLFKHUKlWWHLFKHV DXFKQLFKWEHUVHKHQZHQQGDQLFKW HWZDV JHZHVHQZlUH -DZDVZDUHLJHQWOLFKJHZHVHQ" :RKHUZDUGLHVHXQHUNOlUOLFKH6FKZlFKHJHNRPPHQDOVLFKKLQWHUGHP 0XWDQWHQDXIGLH7U]XOLHI"0LUZDUVRHWZDVQRFKQLH]XJHVWRHQ*HZL LFKZDUXQUXKLJJHZHVHQDEHUYRQ)XUFKWNRQQWHNHLQH5HGHVHLQ:HQQHV VRHWZDVZLH$KQXQJHQJDEGDQQKDWWHLFKVLHQRFKQLHLQGLHVHU6WlUNHDQ PLUYHUVSUW (VJHILHOPLUEHUKDXSWQLFKWGDGLH*HVFKLFKWHYRP*HLVWHU$JHQWHQHLQ (QGHJHIXQGHQKDWWHGDVQRFKVRYLHOH5lWVHORIIHQOLH $OVLFKDXVGHP/LIWWUDWQDKPLFKEHUUDVFKWGDV/LFKWZDKUGDVGXUFKGLH *ODVZDQGVFKLPPHUWH (VZDU8KU:HUKDWWHXPGLHVH=HLWQRFKHWZDVLQPHLQHU$EWHLOXQJ ]XVXFKHQ" :DFKVDPVSlKWHLFKGHQODQJHQVFKPDOHQ.RUULGRUHQWODQJGHUVLFKLQIROJH HLQHUVDQIWHQ5XQGXQJQDFKHWZDVPHKUDOVKXQGHUW0HWHUQYHUORU1LHPDQG ZDU]XVHKHQ1XUGLH'HFNHQEHOHXFKWXQJJORPPXQGLQUHJHOPlLJHQ $EVWlQGHQOHXFKWHWHQVWLOOXQGUXKLJGLHJUQHQ.RQWUROODPSHQGHU :DFKDXWRPDWHQ'XPSIHV6XPPHQHUIOOWHGLH/XIW$/3+$UXKWHQLH 8QVLFKWEDUHIUPHQVFKOLFKH$XJHQXQVLFKWEDUH3RVLWURQHQPHKUDOVGDV EHNDQQWH:HOWDOO6WHUQHEHVDWDQ]WHQLKUHQHZLJHQ5HLJHQEHZHJWHQVLFK LQNRPSOL]LHUWHQ%DKQHQLQGHQHQVLHGDVJHVSHLFKHUWH:LVVHQIHVWKLHOWHQ XQGYHUDUEHLWHWHQ0DVFKLQHQZLH$/3+$EHVDHQHLQ%HZXWVHLQ(V ZDUNHLQPHQVFKOLFKHV%HZXWVHLQDEHUGDVNRQQWHHLQH0DVFKLQHDXFKQLH EHVLW]HQ$EHUVLHZXWHQYRQLKUHU([LVWHQ]XQGVLHNRQQWHQDOOHHUIDWHQ 'DWHQVHOEVWlQGLJYHUDUEHLWHQ 9LHOOHLFKWYHUPRFKWHQVLHVRJDU]XWUlXPHQ (LQKHOOHU7RQVWDKOVLFKLQGLHELVKHUJOHLFKI|UPLJH0HORGLHGHV*HKLUQV(U VFKZROODQXQGVDQNGDQQDELQWLHIHP%UXPPHQHUVWHUEHQG-HPDQG DUEHLWHWHPLW6HNWRU ,FKNRQQWHQLFKWYHUKLQGHUQGDPLUGDV*UDXHQNDOWGHQ5FNHQ KLQDXINURFKVLFKZLHGHUIHXFKWH/HLEHLQHU6FKODQJHJHJHQPHLQ*HQLFN SUHWH0HLQH+DQGIXKULQGLH7DVFKH,FKODFKWHXQVLFKHUXQG]RJGLH+DQG ZLHGHU]XUFN6RUJIlOWLJZLVFKWHLFKGLH,QQHQIOlFKHDQGHPJODWWHQ6WRIIGHU YLROHWWHQ8QLIRUPMDFNHDE 'LH:DFKDXWRPDWHQ :LHNRQQWLFKQXUVRQHUY|VZHUGHQ6RODQJHGLHJUQHQ.RQWUROODPSHQ YROO]lKOLJEUDQQWHQKLHOWVLFKNHLQ8QEHIXJWHUKLHUDXI-HGHPGHULQ$/3+$ DUEHLWHWHZXUGHQGLHLQGLYLGXHOOHQ*HKLUQZHOOHQPXVWHUDEJHQRPPHQ'LH :DFKDXWRPDWHQOLHHQQXUGHQXQJHKLQGHUWSDVVLHUHQGHVVHQ *HKLUQZHOOHQPXVWHUPLWLKUHQ6SHLFKHUGDWHQEHUHLQVWLPPWHQ
/HLVHODFKHQGJLQJLFKDXIGLH7U]X6LHVFKZDQJYRUPLU]XUFN'LH $NWLYLHUXQJVNRQWUROOHQYRQ6HNWRUEOLQNWHQPLUZLHGLHJUQHQ$XJHQHLQHU 5DXENDW]HHQWJHJHQ +DOOR'U$EGXOOD 'HUYLROHWWJHNOHLGHWHXQZDKUVFKHLQOLFKGUUHXQGNQRFKLJH0DQQYRUGHP ODQJHQ6FKDOWSXOWIXKUHUVFKURFNHQKHUXP'DVXQEDUPKHU]LJH/LFKWGHU 'HFNHQOHXFKWHQHQWEO|WHGLH+lOLFKNHLWVHLQHV*HVLFKWHV(LQHKDQGEUHLWH %UDQGQDUEH]RJVLFKYRPOLQNHQ2KU]XP.LQQ6LHVWDFKDXIIlOOLJJHJHQGLH EODXVFKZDU]H+DXWIDUEHDE'U$UDP$EGXOOD0DWKHPDWLNHUXQG)DWDOLVW ZDUPHLQ$VVLVWHQW 'LHZXOVWLJHQ/LSSHQYHU]RJHQVLFK]XHLQHPIUHXQGOLFKHQ*ULQVHQ +DOOR'U7HOHNH*RUDWVFKLQKDW6LHJHVXFKW ,FKZLQNWHDEVHW]WHPLFKDXIGLH/HKQHGHV6HVVHOVXQGEUDQQWHPLUHLQH =LJDUHWWHDQ (UKDWPLFKLQ]ZLVFKHQJHIXQGHQZXUGHDOOHUGLQJVDXIJHKDOWHQ,FKGHQNH DEHUHUZLUGWURW]GHPEDOGKLHUHLQWUHIIHQ $EGXOODULHLQH6\PEROIROLHDXVGHP$XVJDEHVFKOLW]XQGZDUIVLHOlVVLJDXI GDV6FKDOWSXOW'DQQVFKDOWHWHHU6HNWRUDXI/HHUODXI(UEHWUDFKWHWHPLFK QDFKGHQNOLFK 6LHVHKHQDEJHVSDQQWDXV'U7HOHNH .HLQ:XQGHUHUZLGHUWHLFKHLQVLOELJ :DVZDUHLJHQWOLFKORV"ERKUWH$EGXOODZHLWHU6HLQHODQJHQNQRFKLJHQ +lQGH]RJHQHLQHQ6FKHPHOKHUDQ(UVHW]WHVLFK$XI*RUDWVFKLQZXUGH HLQ$QVFKODJYHUEWZLHLFKK|UWH" (LQHU",FKYHUVXFKWH]XODFKHQ=ZHLPHLQ/LHEHU,FKVFKLOGHUWHLKP PHLQ(UOHEQLVLQGHU6FKDOW]HQWUDOHYRQ7) (UQLFNWHEHGlFKWLJ6HLQ*HVLFKWOHJWHVLFKLQHUQVWH)DOWHQ *UHHQHLQ$JHQW0DQVROOWHQLFKWJODXEHQGDHVVRHWZDVLQXQVHUHU IULHGOLFKHQ=HLWEHUKDXSWJLEW 1XQK|UHQ6LHHLQPDO'U$EGXOODEHJDQQLFKSURWHVWLHUHQG (UODFKWHPLFKDQ *DQ]UHFKWGDVZROOWHLFKGDPLWDXVGUFNHQ'U7HOHNH,FKKDEHPLFK JHZXQGHUWVRODQJHLFKLQ4XLQWR&HQWHUDUEHLWHGDHVQRFKQLHHLQHP IHLQGOLFKHQ$JHQWHQJHOXQJHQLVWKLHUHLQ]XGULQJHQ'LH862LVWVFKOLHOLFK NHLQH:RKOWlWLJNHLWVRUJDQLVDWLRQQLFKWZDKU" ,FKKREGLH+DQG :DVKHLWKLHU:RKOWlWLJNHLWVRUJDQLVDWLRQ "6LHGLHQWHLQHPJXWHQ=ZHFN (V 6LHGLHQWGHU0HQVFKKHLWXQGLKUHP,PSHULXPXQWHUEUDFK $EGXOODPLFKVDQIW6HLQHVFKZDU]HQ$XJHQJOKWHQ'HU(LQVDW] GHV$JHQWHQPDJYRP6WDQGSXQNWVHLQHU5DVVHKHUHEHQIDOOV HLQHPJXWHQ=ZHFNJHGLHQWKDEHQ(VJLEWJDUNHLQHLQWHOOLJHQWH 5DVVHGLHQXUYRQVFKOHFKWHQ7ULHEHQJHOHLWHWZLUG'U7HOHNH /HGLJOLFKJLEWHVIHKOHQGHhEHUHLQVWLPPXQJ]ZLVFKHQGHQ
,QWHUHVVHQYHUVFKLHGHQHULQWHOOLJHQWHU5DVVHQ +|UHQ6LHDXIHQWJHJQHWHLFKVFKURII'LHVHU$JHQWKDWWHUXQG ]ZHLKXQGHUW0HQVFKHQDXIGHP*HZLVVHQXQGEHLQDKHZlUHQHVQRFK PHKUJHZHVHQ 'HQQRFKKDWHUVLFKHUGDV%HVWHIUVHLQH5DVVHJHZROOW ,FKJDEPLFKJHVFKODJHQ'LHVHP$UJXPHQWKDWWHLFKQLFKWV HQWJHJHQ]XVHW]HQGHQQHVHQWVSUDQJHLQHU:HOWDQVFKDXXQJGLHGLH 5HDOLWlWHQQLFKWEHUFNVLFKWLJWH'U$EGXOODKDWWHVLFKHUUHFKWPLWVHLQHU VFK|QHQ7KHRULHGRFKGDUDXINRQQWHGLH3UD[LVNHLQH5FNVLFKWQHKPHQ ,FKYHUVXFKWHDE]XOHQNHQ :LHZlUHHV'U$EGXOODZHQQ6LHGLH+HUNXQIWGHV$JHQWHQXQGVHLQH ZDKUHQ$EVLFKWHQPLW+LOIHYRQ$/3+$]XHQWVFKOHLHUQYHUVXFKWHQ" (UOlFKHOWH ,FKKDEHGDPLWEHJRQQHQ0LUIHKOHQQXUQRFKHLQLJH)DNWHQ (VZDUIUKPRUJHQVJHJHQGUHL8KUDOV,ZDQ,ZDQRZLWVFK*RUDWVFKLQXQV YHUOLH.XU]QDFK0LWWHUQDFKWZDUHUJHNRPPHQHLQVLOELJVDFKOLFKRKQH HLQEHUIOVVLJHV:RUW]XYHUOLHUHQ -HW]WZDULFKLQPHLQH8QWHUNXQIW]XUFNJHNHKUW,FKZDUPGH]XP8PIDOOHQ 'HQQRFKYHUPRFKWHLFKODQJH=HLWQLFKWHLQ]XVFKODIHQDOVLFKLP%HWWODJ 1DFKHLQHU6WXQGHXQUXKLJHQ8PKHUZlO]HQVVWDQGLFKQRFKHLQPDODXI,FK KROWHGLH:KLVN\IODVFKHDXVGHP.KOVFKUDQNXQGJRPLUHLQ:DVVHUJODV KDOEYROO'DQQEUDQQWHLFKPLUHLQH=LJDUHWWHDQ ,FKWUDQNLQZLQ]LJHQ6FKOXFNHQLQKDOLHUWHGHQ=LJDUHWWHQUDXFKLQWLHIHQ =JHQVWW]WHGHQ.RSILQGLH+lQGHXQGYHUVXFKWH.ODUKHLWLQGLH (UHLJQLVVHGHVYHUIORVVHQHQ7DJHV]XEULQJHQ =XHUVWKDWWH5DQGR:ULJKOH\GLH68&+80,PLW7UDQVIRUPJHVFKW]HQ EHVFKRVVHQGHUIUFKWHUOLFKVWHQ:DIIHGHV6RODUHQ,PSHULXPVXQGVRZHLW PDQZXWHGHU*DOD[LV 1HLQVDJWHLFKPLU5DQGR:ULJKOH\ZDUXQVFKXOGLJ$OGR*UHHQHLQ 7HFKQLNHUGHU6FKDOW]HQWUDOHYRQ7)ZDUGHU7lWHU*UHHQEHVDGLH 0|JOLFKNHLWLQGLH)HXHUOHLW]HQWUDOHHLQ]XGULQJHQRKQH9HUGDFKW]XHUUHJHQ 5DQGRKDWWHLKQJXWJHNDQQWXQGZDUQLFKWPLWUDXLVFKJHZRUGHQ1XUVR ZDUHV]XHUNOlUHQGD*UHHQ5DQGRPLWVHLQHUHLJHQHQ:DIIHHUVFKLHHQ NRQQWH'DQDFKKDWWHGHU7HFKQLNHUUHODWLYOHLFKWHV6SLHOJHKDEW'LH 7DWVDFKHGDHUGLH(QHUJLHYHUVRUJXQJ]XIUKJHVSHUUWKDWWHEHVWlWLJWH GLHVH7KHRULHQXUQRFK*UHHQPXWHGLH)HXHUOHLW]HQWUDOHYHUODVVHQEHYRU GXUFKGLH)HXHUHU|IIQXQJGLH:DFKHQDODUPLHUWZXUGHQ,QVHLQHU 6FKDOW]HQWUDOHMHGRFKNRQQWHHUQLFKWNRQWUROOLHUHQREGLH68&+80, YHUQLFKWHWZDU(UPXWHDQQHKPHQGDGHUHUVWH6FKXGDV6FKLIIEHUHLWV YHUQLFKWHWKDWWH:lUHGHU=ZLVFKHQIDOOPLWWHQLP5DXPJHVFKHKHQKlWWHHU DXFKUHFKWJHKDEWGDPLW6RDEHUWUDIHQGLH5HWWXQJVVFKLIIHHLQEHYRUGLH 68&+80,JlQ]OLFKDXVHLQDQGHUJHIDOOHQZDU
$OV*UHHQYRP6FKHLWHUQVHLQHV3ODQHVHUIXKUEHVFKORHU*RUDWVFKLQ LQQHUKDOEGHV6WW]SXQNWHV]XHUPRUGHQ ,FK]QGHWHPLWGLHQlFKVWH=LJDUHWWHDQ8QGQDKPQRFKHLQHQ6FKOXFN 8QZLOONUOLFKVFKWWHOWHLFKGHQ.RSI (WZDVNRQQWHQLFKWVWLPPHQLQPHLQHU.DONXODWLRQ (VZDUIDVWXQP|JOLFKIUHLQHQIHLQGOLFKHQ$JHQWHQLQV862+DXSWTXDUWLHU HLQ]XGULQJHQ6HOEVWGLHEHVWH3ODQXQJYHUPRFKWHQLFKWDOOH6FKZLHULJNHLWHQ YRUDXV]XVHKHQ:HQDOVRZUGHMHPDQGVFKLFNHQGHUXPMHGHQ3UHLVHLQHQ $JHQWHQHLQVFKOHXVHQZROOWH" (UUHJWEDOOWHLFKGLH)lXVWH 0DQZUGHGHQEHVWHQ0DQQVFKLFNHQGHQPDQKDWWH +DWWH$OGR*UHHQVLFKEHQRPPHQDOVVHLHUHLQ0HLVWHUDJHQW" $P$QIDQJMDEHDQWZRUWHWHLFKPHLQH)UDJHVHOEVW'HUHUVWH$QVFKODJZDU VRDQJHOHJWGDDXI*UHHQNHLQ9HUGDFKWIDOOHQNRQQWH$EHUGDV]ZHLWH $WWHQWDWDXI*RUDWVFKLQZDUDXVJHVSURFKHQSOXPSXQGVWPSHUKDIW JHZHVHQ*UHHQKDWWHJHVFKRVVHQRKQHVLFKGDYRQ]XEHU]HXJHQGD *RUDWVFKLQDOOHLQZDU(UKDWWHDXHUGHPDQHLQHP2UWJHVFKRVVHQYRQ GHPDXVPDQDXIVHLQH3HUVRQDOV7lWHUVFKOLHHQNRQQWH (VHUVFKLHQPLUPHKUDOVXQZDKUVFKHLQOLFKGDGLHHLQ]LJH$XIJDEHHLQHV $JHQWHQGDULQEHVWDQGHQKDWWH*RUDWVFKLQ]XW|WHQ6HLQH$XIWUDJJHEHU PXWHQZLVVHQGDHVLKQHQYLHOOHLFKWQLHPDOVZLHGHUJHOLQJHQZUGHHLQHQ $JHQWHQQDFK4XLQWR&HQWHUHLQ]XVFKOHXVHQ6LHZUGHQQLFKWJHVWDWWHQGD LKU$JHQWQDFKVRNXU]HU$UEHLWZLHGHUDXVILHO 'LHQlFKVWH(UNHQQWQLVULPLFKYRQPHLQHP6WXKO 1DFK.LWDFKLV$XVVDJHPWHGHUIHLQGOLFKH$JHQWYRUNQDSSYLHU]HKQ 7DJHQDXI4XLQWR&HQWHUJHODQGHWVHLQ$XVGHQ*HVSUlFKHQ]ZLVFKHQGHQ /HXWHQGHV6LFKHUKHLWVGLHQVWHVDEHUKDWWHLFKKHUDXVJHK|UWGD$OGR*UHHQ EHUHLWVVHLWIQI-DKUHQLQGHU6FKDOW]HQWUDOHYRQ7)'LHQVWWDW :LHHLQ$OSGUXFNNDPGLH(UNHQQWQLVEHUPLFKGDGHU)DOOQRFKODQJH QLFKWJHO|VWZDU*UHHQNRQQWHQXUHLQH)LJXUVHLQ'HUZLUNOLFKH$JHQWZDU LP+LQWHUJUXQGJHEOLHEHQ 0LWGLHVHP*HGDQNHQVFKOLHILFKHLQDOVPLUGLH$XJHQXQDEOlVVLJ]XILHOHQ XQGLFKVFKODIWUXQNHQ]XPHLQHP%HWWJHWDXPHOWZDU 'LH:HFNDQODJHULPLFKPLWWHQDXVGHPHUVWHQIHVWHQ6FKODI,FKULFKWHWH PLFKDXIVFKREGLH%HLQHDXVGHP%HWWXQGVFKWWHOWHEHQRPPHQGHQ.RSI 0LWEHLGHQ+lQGHQPDVVLHUWHLFKPHLQ*HQLFNXQGDOOPlKOLFKNDPLFK HLQLJHUPDHQ]XPLU ,FKIURU5DVFKEHJDELFKPLFKLQV%DG,FKGXVFKWHPLFKVRKHLZLHLFKHV JHUDGHQRFKHUWUDJHQNRQQWH'DQDFKOLHLFKPLFKYRQGHU+HLOXIWGXVFKH WURFNQHQZlKUHQGPHFKDQLVFKH$UPHDXVGHU:DQGNURFKHQXQGPHLQHQ .|USHUPDVVLHUWHQ
-DPDQVRUJWHGDIUGDGLH:LVVHQVFKDIWOHUVLFKZRKOIKOWHQDXFKZHQQ VLHLPDXVJHK|KOWHQ,QQHUQHLQHV=ZHUJPRQGHVVWHFNWHQPLWWHQLQGHU GVWHUHQ9HUORUHQKHLWGHV:HOWUDXPV ,FKYHUVSUWHZHQLJ/XVWLQGHU.DQWLQH]XIUKVWFNHQ,FKZROOWHQRFKHLQ ZHQLJPLWPHLQHQ*HGDQNHQDOOHLQVHLQ'HVKDOEOLHLFKPLUGDV)UKVWFN YRP5RKUSRVWDXWRPDWHQVHUYLHUHQ'HUVWDUNH.DIIHHEHOHEWHPHLQHQ .UHLVODXI,FKEUDQQWHPLUHLQH=LJDUHWWHDQXQGYHUVXFKWHPLFKDXIGLH $XIJDEH]XNRQ]HQWULHUHQGLHPLUKHXWHXQGLQGHQQlFKVWHQ7DJHQLQ 6HNWRU]XNDP(VILHOPLUVFKZHU 'DVHUVWHZDVLFKEHPHUNWHDOVLFKDXIGHQ7UDQVSRUWElQGHUQGHP*HKLUQ ]XJOLWWZDUGDV)HKOHQGHU'RSSHOSRVWHQGHV6LFKHUKHLWVGLHQVWHV'LH *lQJH9HUWHLOHUKDOOHQXQG/DGHQVWUDHQODJHQVRIULHGOLFKLP6FKHLQGHU %HOHXFKWXQJZLHYRUGHP$WWHQWDWDXIGLH68&+80,'DVNRQQWHQXU EHGHXWHQGD*HQHUDO%ULHOOHGHQ$ODUP]XVWDQGDXIJHKREHQKDWWH 0LUZDUQLFKWZRKOEHLGHP*HGDQNHQGDUDQGDGHU*HLVWHU$JHQWZHU DXFKLPPHUHVVHLQPRFKWHQXQXQJHKLQGHUWVHLQHQ$XIJDEHQQDFKJHKHQ NRQQWH$POLHEVWHQKlWWHLFKEHL$GPLUDO*UDQWQDFKJHIUDJWZDVGLH (UPLWWOXQJHQGHUOHW]WHQ1DFKWHUJHEHQKDWWHQ'RFKZLHVROOWHLFKPHLQ DXHUJHZ|KQOLFKHV,QWHUHVVHDQGLHVHP)DOOEHJUQGHQ"6ROLHLFKHVVHLQ ,FKIDQG'U$EGXOODKEHUHLWVEHLGHU$UEHLWDOVLFKGHQ$UEHLWVUDXPYRQ 6HNWRUEHWUDW(UOlFKHOWHPLFKYHUOHJHQDQ ,FKKDEHVFKRQHWZDVDQ,KUHP$XIWUDJJHDUEHLWHW'U7HOHNH $QPHLQHP$XIWUDJ",FKYHUVXFKWH]XHUJUQGHQZHOFKHQ$XIWUDJ $EGXOODPHLQWHNDPDEHUQLFKWGDUDXI 6LHEDWHQPLFKHWZDVEHUGHQ$JHQWHQVHLQH+HUNXQIWXQGVHLQH$XIJDEH ]XHUUHFKQHQHULQQHUWH$EGXOODPLFK 2K*HVSDQQWEOLFNWHLFK$EGXOODDQ8QGKDEHQ6LHVFKRQHLQ(UJHEQLV" 1XU=ZLVFKHQUHVXOWDWHHUZLGHUWH$EGXOOD,FKP|FKWHYRUOlXILJQRFK VFKZHLJHQZHQQ6LHJHVWDWWHQ ,FK]XFNWHGLH6FKXOWHUQXQG]RJGLHGQQH.HWWHPLWGHP,PSXOVJHEHUYRP +DOV$EGXOODWDWHVPLUQDFK'HU'7UHVRUOLHVLFKQXU|IIQHQZHQQZLU EHLGHXQVHUH,PSXOVJHEHUJHJHQGLH6FKO|VVHUSUHWHQ $OVLFKGHQHUVWHQ6\PEROVWUHLIHQDXVGHUVLOEULJVFKLPPHUQGHQ 7UDQVSRUWKOVHQDKPXQGLQGHQ(LQJDEHVFKOLW]YRQ6HNWRUVFKRE|IIQHWH VLFKKLQWHUXQVGLH7U *XWHQ0RUJHQPHLQH+HUUHQULHI*RUDWVFKLQ :LUIDQJHQHEHQPLWGHU$UEHLWDQVDJWHLFKYHUGULHOLFKQDFKGHPLFKGHQ *UXHUZLGHUWKDWWH'DQQILHOPLUHWZDVHLQ:LHLFKIHVWVWHOOWHVLQGGLH EHLGHQ$WWHQWDWHJHNOlUW6LU" *RUDWVFKLQV*HVLFKWHUYHU]RJHQVLFKOHLFKW:LHGHUVSUDFK,ZDQGHUbOWHUH 'HU6WUHLW]ZLVFKHQEHLGHQ.|SIHQYRQGHPLFKJHK|UWKDWWHZDU DQVFKHLQHQGHUIXQGHQJHZHVHQ0DQHU]lKOWHVLFKQDFKGHU*HEXUWGHV
0XWDQWHQZlUH]XHUVW,ZDQXQGGDQDFK,ZDQRZLWVFKHUZDFKW'HU*HLVW ,ZDQRZLWVFKVMHGRFKZROOWHQLH]XJHEHQGDHU%UXFKWHLOHHLQHU6HNXQGH MQJHUVHLDOVGHUYRQ,ZDQ'DVJlEHVWHWV$QOD]X6WUHLWHUHLHQ-HW]WDEHU ZDUGDYRQQLFKWV]XVSUHQ 'DV(UPLWWOXQJVHUJHEQLVZLUGHLQHhEHUUDVFKXQJIU6LHVHLQ'U7HOHNH (UOlFKHOWHLURQLVFK'DQDFKLVWQlPOLFK0DMRU:ULJKOH\QLFKWHUVFKRVVHQ ZRUGHQ(UKDWHLQZDQGIUHL6HOEVWPRUGEHJDQJHQ%HLGH:ULJKOH\XQG *UHHQKDEHQGHPQDFKVHOEVWlQGLJJHKDQGHOW%ULHOOHLVWGHU$QVLFKWGD EHLGH$JHQWHQZDUHQXQGGHQ$XIWUDJKDWWHQVLFKQRWIDOOVPLWLKUHP/HEHQ IUHLQEHVWLPPWHV=LHOHLQ]XVHW]HQ 6RVDJWHLFK8QGZHOFKHU0HLQXQJVLQG6LH6LU" *RUDWVFKLQVDKPLFKHLQH:HLOHVFKZHLJHQGDQGDQQVDJWHHUEHGlFKWLJ ,FKKDOWHPLFKDQ7DWVDFKHQ'U7HOHNH ,FKKDOWHPLFKDQ7DWVDFKHQKDWWH*RUDWVFKLQJHVDJW'LHVHUlWVHOKDIW GXQNOH$QWZRUWVSXNWHQRFKLQPHLQHP.RSIKHUXPDOV*RUDWVFKLQOlQJVW JHJDQJHQZDU 7DWVDFKHQ :DVZDUHQGHQQGLH7DWVDFKHQ" -HPDQGKDWWHHLQHQ$QVFKODJDXIGLH68&+80,YHUEWHLQHQ$QVFKODJGHU QLFKWY|OOLJJHOXQJHQZDU0DMRU5DQGR:ULJKOH\ZDUHUPRUGHWZRUGHQLFK KLHOWQRFKLPPHUDQGLHVHUVXEMHNWLYHQ$XIIDVVXQJIHVWREZRKOGLH (UPLWWOXQJHQHLQHQ6HOEVWPRUGEHZLHVHQ'DQDFKKDWWHGHU7HFKQLNHU$OGR *UHHQHLQHQ0RUGDQVFKODJDXI*RUDWVFKLQYHUEW(UZDUGDEHLJHW|WHW ZRUGHQ9RQPLUDEHUGDVZDUQLFKWDXVVFKODJJHEHQG(EHQVRJXWKlWWHLKQ HLQDQGHUHULQ1RWZHKUHUVFKLHHQN|QQHQ 8QGMHW]W" :DUGDV.DSLWHO*HLVWHU$JHQWDEJHVFKORVVHQ" :HQQPDQVLFKDQGLHQFKWHUQHQ7DWVDFKHQKLHOWPXWHPDQGDVDOVVLFKHU DQQHKPHQ ,FKZDUQLFKWLQGHU/DJHGLHJDQ]H$IIlUHORVJHO|VWYRQ*HIKOHQ]X EHWUDFKWHQXQGPHLQ*HIKOVDJWHPLUGDHWZDVQLFKWVWLPPWH :RUDQGHQNHQ6LH'U7HOHNH"IUDJWH$EGXOOD ,FKVFKUDNDXI1XUODQJVDPNHKUWHPHLQ*HLVWLQGLH:LUNOLFKNHLW]XUFN,FK VWDQGYRUGHP(LQJDEHVFKOLW]GHU3RVLWURQLNXQGKLHOWHLQHQY|OOLJ]HUNQOOWHQ 6\PEROVWUHLIHQLQGHU)DXVW ,FKVFKWWHOWHGHQ.RSI ,FKZDUHLQHQ0RPHQWJHLVWHVDEZHVHQG'U$EGXOOD (LQHQ0RPHQW"(UODFKWHJHSUHW6HLW]HKQ0LQXWHQEHREDFKWHLFK6LH ZLH6LHYRUGHU(LQJDEHVWHKHQXQGHLQHQ)ROLHQVWUHLIHQDEZHFKVHOQG ]XVDPPHQGUFNHQXQGZLHGHU]XJOlWWHQYHUVXFKHQ
,FKIXKUPLWGHP+DQGUFNHQEHUPHLQH6WLUQ(UZDUIHXFKWDOVLFKLKQ ]XUFN]RJ 'LHVHJDQ]H*HVFKLFKWHKDWPHLQH1HUYHQPHKUDQJHJULIIHQDOVHVJXWLVW PXUPHOWHLFK,FKEOLFNWHKRFKXQGVDKLQ$EGXOODVNRKOVFKZDU]H$XJHQ,VW GLH6DFKHPLW*UHHQV7RGDEJHVFKORVVHQRGHUQLFKW'U$EGXOOD" $EGXOODV%UDQGQDUEH]XFNWH(UKREGLHNQRFKLJHQ+lQGH)UHLQHQ $XJHQEOLFNVDKHVVRDXVDOVZROOHHUEHWHQ'RFKGDQQOLHHUGLH$UPH NUDIWORVVLQNHQ 1XQ"GUlQJWHLFKDXIHLQH$QWZRUW Ä)UDJHQ6LHPLFKELWWHQLFKWZHLWHU'U7HOHNHHQWJHJQHWHHUVFKPHU]OLFK OlFKHOQG,FKNHQQH]XZHQLJ)DNWHQXPGHU3RVLWURQLNVFKRQMHW]WHLQ (UJHEQLVHQWORFNHQ]XN|QQHQ hEHUUDVFKWEOLFNWHLFKLKQDQ6HLQEODXVFKZDU]HV*HVLFKWEHGHFNWHVLFK SO|W]OLFKPLWHLQHPGLFKWHQ1HW]IHLQHU6FKZHLSHUOHQ 6LHYHUPXWHQHWZDV'U$EGXOOD 9HUPXWXQJHQ$EGXOODODFKWHDEHUHVZDUNHLQIU|KOLFKHV/DFKHQ:DV VLQGVFKRQ9HUPXWXQJHQ"(VJLEW]XYLHOHGDYRQXPVLFKHU]XVHLQZHOFKH GLHULFKWLJHVHLQN|QQWH ,FKDWPHWHDXI 6LHDUEHLWHQZHLWHUDQGHP3UREOHP'U$EGXOOD'DVJHQJWPLU,FKGDFKWH VFKRQLFKDOOHLQKlWWHPLFKLQGLHVH6DFKHYHUELVVHQ $EGXOODV$XJHQEUDXHQ]RJHQVLFK]XVDPPHQ ,FKZHLQLFKWRE6LHVLFKGDUEHUIUHXHQVROOWHQ ,FKKDWWHGLH$EVLFKWJHKDEWDXFKQDFK)HLHUDEHQGDQGHP$XIWUDJ$WODQV ZHLWHU]XDUEHLWHQ'RFKREZRKOLFKZlKUHQGGHVVHFKVVWQGLJHQ $UEHLWVWDJHVNDXPYRUDQJHNRPPHQZDU]RJLFKEHLPHUVWHQ7RQGHV 6XPPHUVGHUGDV(QGHGHU$UEHLWV]HLWDQNQGLJWHPHLQHQZHLVVHQ.LWWHO DXVXQGYHUDEVFKLHGHWHPLFKKDVWLJYRQ'U$EGXOOD $EGXOODVDJWHQLFKWVDEHULFKZXWHHUZUGHQRFKLQ6HNWRUEOHLEHQXQG YHUVXFKHQGLHQXW]ORVHUVFKHLQHQGH$XIJDEH]XO|VHQZHOFKHQ+LQWHUJUXQG GLH$JHQWHQ$IIlUHKDWWH ,FKVHOEVWIKOWHPLFKXQIlKLJGD]XMHGHQIDOOVLQPHLQHPMHW]LJHQ=XVWDQG 9RUGHURIIHQHQ.DQWLQHQWUYHUKDUUWHLFKHLQLJH6HNXQGHQXQVFKOVVLJRE LFKLQGHQYRQ/lUPXQG/DFKHQHUIOOWHQ5DXPHLQWUHWHQVROOWHRGHUQLFKW ,FKHQWVFKLHGPLFKZLHGHULQPHLQHU:RKQXQJ]XVSHLVHQ'RFKDOVLFKLQ GLHQlFKVWH9HUWHLOHUKDOOHNDPZlKOWHLFKQLFKWGDV7UDQVSRUWEDQGGDVPLFK ]XGHQ4XDUWLHUHQGHU$/3+$:LVVHQVFKDIWOHUJHEUDFKWKlWWH1DKH]X XQEHZXWOHQNWHLFKPHLQH6FKULWWHDXIGDV%DQG]X6FKDFKW]Z|OI 1DFKHLQHU'UHLYLHUWHOVWXQGHVFKORVLFKGLHOHW]WH6FKOHXVHYRQ4XLQWR &HQWHUKLQWHUPLU 'DVNDOWHXQGGXQNOH6FKZHLJHQGHUWRWHQ2EHUIOlFKHXPILQJPLFKZLHPLW ODXWORVHQ1DFKWYRJHOVFKZLQJHQ,FKVFKDOWHWHPHLQHQYRUGHU%UXVW
KlQJHQGHQ,QIUDURWVFKHLQZHUIHUDQ'XUFKGLH,QIURURWVLFKWVFKHLEHPHLQHV 'UXFNKHOPVNRQQWHLFKHLQHQNHJHOI|UPLJHQ$XVVFKQLWWGHUWURVWORVHQ 8PJHEXQJVHKHQ3RU|VHUYRQXQ]lKOLJHQIHLQHQ5LVVHQGXUFK]RJHQHU )HOVERGHQGHKQWHVLFKXQHQGOLFKZHLW:LQ]LJHVFKPDOHNHJHOI|UPLJH (UKHEXQJHQUHFNWHQVLFKZLH]XVDPPHQJHVFKPRO]HQH.HU]HQHQGHQLQGDV HLVLJH9DNXXP9HUHLQ]HOWKDWWHQEUHLWH.HWWHQVSXUHQSXOYULJH5LQQHQ ]XUFNJHODVVHQ(VZDUHQGLH6SXUHQGHUHUVWHQ3ODQHWHQLQJHQLHXUHGLHYRU YLHOHQ-DKU]HKQWHQHQWVWDQGHQZDUHQ1LFKWVKDWWHVLHDXVJHO|VFKWNHLQ 5HJHQNHLQ:LQGNHLQ:HFKVHOYRQ+LW]HXQG.lOWH$XIGLHVHP )HOVEURFNHQJDEHVZHGHU7DJQRFK1DFKW ,FKVFKDXGHUWH]XVDPPHQ 0LWDXWRPDWHQKDIWHQ%HZHJXQJHQDNWLYLHUWHLFKGHQ$QWLJUDYJHQHUDWRU PHLQHV6FRRWHUV'HU(LQPDQQ6FRRWHUZDUQLFKWPHKUDOVHLQ]ZHL0HWHU ODQJHVWRUSHGRlKQOLFKHV*HELOGHPLWKDQGEUHLWHQ5DVWHQDP(QGHXQG DUPODQJHQ)ORVVHQGLFKWKLQWHUGHUVWXPSIHQ6FKQDXW]H /HLFKWYLEULHUHQGVWLHJHUDXI,FKGUFNWHGDV+HFNQDFKXQWHQZREHLPHLQH )HGHQ%RGHQYHUORUHQ0LWGHUWUDXPZDQGOHULVFKHQ6LFKHUKHLWGHV JHEWHQ9DNXXP6FKZLPPHUVOHJWHLFKPLFKDXIGHQVLOEULJVFKLPPHUQGHQ 7RUSHGRVWHPPWHGLH)HJHJHQGLH+HFNUDVWHQXQGSDFNWHPLWEHLGHQ +lQGHQGLH%XJIORVVHQ$XIGHQ)ORVVHQODJHQGLHZHQLJHQ6FKDOWWDVWHQGHU XQNRPSOL]LHUWHQ6WHXHUXQJ 'HU6FRRWHUJHKRUFKWHDXIGHQOHLVHVWHQ)LQJHUGUXFN1DFKGHPLFKPLFKDQ GHPIUHPGHQIHUQHQ6WHUQELOGRULHQWLHUWKDWWHOLHLFKGHQ6FRRWHUVWHLOQDFK REHQVFKLHHQ 'HU/LFKWNHJHOGHV,QIUDURWVFKHLQZHUIHUVYHUORUVLFKLQGHU8QHQGOLFKNHLW ,FKEOLFNWHKLQDEXQGVDKQLFKWV'LH2EHUIOlFKH4XLQWR&HQWHUVODJLP 'XQNHOHZLJHU1DFKW1XUHLQPDOJOKWHZHLWXQWHUPLUXQGVFKRQDP +RUL]RQWHLQJHOEURWHV$XJHDXIXQGHUORVFKZLHGHU(LQHGHU +DXSWVFKDFKWVFKOHXVHQKDWWHVLFKJH|IIQHWXQGZLHGHUJHVFKORVVHQ,FKZDU QLFKWPHKUDOOHLQLQGHU6FKZlU]HDEHUGDVZDUPDQHLJHQWOLFKQLH6WlQGLJ SDWURXLOOLHUWHQ5RERWNRPPDQGRV]X)XXQG6ROGDWHQLQ*OHLWHUQGLH 2EHUIOlFKHDE'RFKGLH1DFKWYHUVFKOXFNWHDOOHV%HZHJXQJXQG *HUlXVFKH1LFKWVGHXWHWHGDUDXIKLQGDKLHUQXUWDXVHQG0HWHUXQWHUPLU GDV+HU]GHU8QLWHG6WDUV2UJDQLVDWLRQVFKOXJ ,FKOLHGHQ6FRRWHUELVDXIDFKWWDXVHQG0HWHUVWHLJHQ'DVJHQJWHLKQ]X HLQHPNQVWOLFKHQ6DWHOOLWHQGHV=ZHUJPRQGHVZHUGHQ]XODVVHQ,FKNRQQWH GHQ$QWULHEDEVFKDOWHQ.HLQH$WPRVSKlUHZUGHGHQ6FRRWHUEUHPVHQ(UVW QDFKHLQLJHQ0RQDWHQKlWWHLKQGLH$Q]LHKXQJVNUDIWGHV0RQGHVVRZHLW KHUDEJH]RJHQGDHUDXVGHU.UHLVEDKQJHULHWH$EHUVRODQJHZUGHLFK QLFKWZHJEOHLEHQ
$OVLFKQDFKHLQHP%OLFNDXIGLH,QVWUXPHQWHIHVWVWHOOWHGDGLH&DQG\ 0RXQWDLQVQXUQRFKVHFKV.LORPHWHUYRUDXVODJHQVWLHLFKPLFKEHKXWVDP YRQGHP6FRRWHUDE*HPlFKOLFKHQWIHUQWHLFKPLFKYRQLKPLPPHUQRFKLQ GHU.UHLVEDKQIOLHJHQG,FK]RJPHLQHEHLGHQ5FNVWRSLVWROHQXQGGUFNWH GLH)HXHUNQ|SIH (VZDUHLQ*HIKODOVVWlQGHLPJOHLFKHQ$XJHQEOLFNGHUIHUQH 6WHUQHQKLPPHOVWLOO'DQQEHJDQQLFK]XVWU]HQ ,QHLQHUZHLWHQ.XUYHJOLWWLFKDXIGLHK|FKVWHQ*LSIHOGHU&DQG\0RXQWDLQV ]X)RUWZlKUHQGNRUULJLHUWHLFKPLWNXU]HQ)HXHUVW|HQPHLQHQ.XUV.XU] GDUDXIJHULHWGHU1HHGOH3HDNLQGHQIUQRUPDOH$XJHQXQVLFKWEDUHQ.HJHO PHLQHV,QIUDURWVFKHLQZHUIHUV'LH,QIUDURWRSWLNPHLQHU+HOPVFKHLEHPDFKWH GLH6WUDKOXQJIUPLFKVLFKWEDU:LHHLQHLQ%OXWJHWDXFKWH'ROFKNOLQJH KXVFKWHGHU1HHGOH3HDNDQPLUYRUEHU,FKYHUVHW]WHPLFKPLWGUHLNXU]HQ )HXHUVW|HQLQHLQHVDQIWH'UHKXQJWDXFKWH]ZLVFKHQHLQHPJLJDQWLVFKHQ ]HUEUHFKOLFKDXVVHKHQGHQ)HOVSRUWDOKLQGXUFKXQGILHOLQGLHHUVWHQ$XVOlXIHU GHV/DE\ULQWKHVKLQHLQ ,FKVFKDOWHWHGLH5FNVWRSLVWROHQDEXQGOLHVLHDQGHQNXU]HQ 3ODVWLNVFKODXIHQKlQJHQPLWGHQHQVLHDQPHLQHP*UWHOEHIHVWLJWZDUHQ,Q GHU(QJHGHV/DE\ULQWKHVZDUHQ+lQGHXQG)HLPPHUQRFKGLHEHVWHQ )RUWEHZHJXQJVPLWWHO:LHHLQ7DXFKHUGHUVLFK]ZLVFKHQ.RUDOOHQIHOVHQ IRUWEHZHJWVFKZDPPLFKGXUFKHQJH6SDOWHQNRUULJLHUWHGXUFKWDVWHQGHV $EVWRHQYRQEL]DUUHQ)HOVJHELOGHQPHLQHQ.XUVWDXFKWHLQ VFKODXFKI|UPLJH*URWWHQHLQXQGVFKQHOOWHLQ.DPLQHQHPSRULQGHPLFKGLH )HNUlIWLJJHJHQGHQ%RGHQVWLH (VZDUHLQXQDXIK|UOLFKHV$XIXQG$EHLQEOLW]VFKQHOOHV$XVZHLFKHQYRU QDGHOVFKDUIHQ$XVZFKVHQHLQVFKDUUHQGHV*OHLWHQEHUGHQUDXKHQ%RGHQ HQJHU*URWWHQXQG+|KOHQ0DQFKPDOPXWHLFKEOLW]VFKQHOOHQWVFKHLGHQRE LFKGLHVHRGHUMHQH3DVVDJHQHKPHQVROOWH0DQNRQQWHQLFKWODQJH EHUOHJHQZHQQPDQLQJHVWUHFNWHP)OXJGDKLQVFKR(QWZHGHUPDQ HQWVFKORVLFKVFKQHOOIUHLQHQ:HJRGHUPDQSUDOOWHJHJHQHLQH:DQG XQGOHW]WHUHVNRQQWHJHIlKUOLFKZHUGHQZHJHQGHU]DKOUHLFKHQVSLW]HQ )HOVQDGHOQGLHZLH'ROFKHDXVGHQ:lQGHQUDJWHQXQGRKQHZHLWHUHVHLQHQ 5DXPDQ]XJDXIVFKOLW]HQNRQQWHQ'RFKLPPHUZLHGHUHQWGHFNWHLFK PDUNDQWH*HOlQGHPDUNHQ2EZRKOLFKKHXWHHUVW]XPGULWWHQPDOLP /DE\ULQWKZDUKDWWHLFKPLUDOOHZLFKWLJHQ0HUNPDOHIHVWHLQJHSUlJW (QGOLFKLFKZXWHQLFKWZLHYLHO=HLWYHUJDQJHQZDUGDLFKQLFKWQDFKGHU 8KUKDWWHEOLFNHQN|QQHJORPPYRUPLUHLQIDKOJUQHU6FKLPPHUDXIZLHYRQ HLQHPVWDUNHOOLSWLVFKJHIRUPWHQ6PDUDJG'DVJUQH/HXFKWHQZXUGHUDVFK LQWHQVLYHU ,FKJOLWWGXUFKHLQHQVFKPDOHQHOOLSWLVFKHQ)HOVVSDOWXQGEHIDQGPLFK LQPLWWHQEOHQGHQGHUGLH6LQQHEHUDXVFKHQGHUXQGEHWlXEHQGHU)OOHJUQHQ
/LFKWV(VVWUDKOWHIXQNHOQGXQGIOLPPHUQGYRQGHQ:lQGHQGHV.DPLQVLQ GHQLFKKLQHLQJHWDXFKWZDU,FKEHIDQGPLFKLQQHUKDOEGHV.ULVWDOO.DPLQV .HLQ*HUlXVFKZDUQWHPLFK,FKZDUGHVKDOEY|OOLJEHUUDVFKWDOVHLQLJH NOHLQH)HOVEURFNHQJHJHQPHLQHQ+HOPSUDOOWHQLQZLQ]LJH%UXFKVWFNH ]HUEU|VHOWHQXQGDQPHLQHU6LFKWVFKHLEHYRUEHUJOLWWHQ (LQHQ+HU]VFKODJODQJVFKZHEWHLFK]XYROONRPPHQHU5HJXQJVORVLJNHLW HUVWDUUWDEZlUWV 'DQQUHDJLHUWHLFKPLWGHP,QVWLQNWGHV0DQQHVGHUDQ*HIDKUHQMHJOLFKHU $UWJHZ|KQWLVW,FKVFKDOWHWHPHLQHQ,QIUDURWVFKHLQZHUIHUDEXQGSUHWH PLFKJHJHQGLHPLWJUQHQ.ULVWDOOHQEHGHFNWH:DQG=XVlW]OLFKDNWLYLHUWH LFKPHLQHQ+HOPWHOHNRPGHQLFKELVGDKLQQLFKWHLQJHVFKDOWHWKDWWHXPGLH YROONRPPHQH5XKH]XJHQLHHQ =XHUVWK|UWHLFKQXU]LUSHQGH6W|UJHUlXVFKH'RFKGDQQHUW|QWHEHUGHXWOLFK HLQKDOEODXWKHUYRUJHVWRHQHU)OXFK 8QZLOONUOLFKPXWHLFKOlFKHOQ (VZDUHLQHPHQVFKOLFKH6WLPPHJHZHVHQGLHGDJHIOXFKWKDWWH6LHJHK|UWH RIIHQEDUGHPMHQLJHQGHUGLHUHODWLYKDUPORVH6WHLQODZLQHDXVJHO|VWKDWWH XQGGDVPXWHHLQ$QJHK|ULJHUGHU6WW]SXQNWEHVDW]XQJVHLQGHQQPHLQ (PSIlQJHUZDUDXIGLH)UHTXHQ]HLQJHVWHOOWGLHIUGHQ$XIHQWKDOWDXIGHU 2EHUIOlFKHYRUJHVFKULHEHQZDU ,FKIKOWHPLFKHUOHLFKWHUW'HQQRFKEHJUWHLFKGDV$XIWDXFKHQHLQHV DQGHUHQ0HQVFKHQQLFKW,FKZDUKLHUKHUJHNRPPHQXPDOOHLQVHLQ]X N|QQHQ'DPLWZDUHVQXQYRUEHL 'HU/LFKWVWUDKOHLQHV,QIUDURWVFKHLQZHUIHUVVFKRDQPLUYRUEHLXQGYHUORU VLFKLQGHUXQHUJUQGOLFKHQ7LHIHGHV.DPLQV9RUVLFKWLJKRELFKGHQ.RSI 'HU1HXDQN|PPOLQJZDU]ZDUQLFKWEHOHXFKWHWDEHUVHLQ5DXPDQ]XJ VDQGWHJHQJHQG:l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|USHUVLFK]XGUHKHQ'HU'UXFNKHOPSUDOOWHJHJHQGLH:DQGXQGHLQ 5HJHQIOLPPHUQGHU.ULVWDOOHULHVHOWHZLH6FKQHHGHQ.DPLQKLQDE ,FKSDFNWH]XEHNDP%ULHOOHV$UP]XIDVVHQXQGZXUGHLQGLH 'UHKEHZHJXQJKLQHLQJHULVVHQ'XUFKDXVJOHLFKHQGH%HZHJXQJHQEUDFKWH
LFKXQVEHLGHMHGRFKEDOG]XP6WLOOVWDQG8QVJHJHQVHLWLJLQGLHKLQWHUGHQ +HOPVFKHLEHQOLHJHQGHQ*HVLFKWHUVWDUUHQGVDQNHQZLULQGLH7LHIH %ULHOOHILQJVLFKVHKUVFKQHOOZLHGHU)DVWVFKLHQHVPLUDOVZlUHHUQLFKW EHUUDVFKWPLFKKLHU]XILQGHQ (UKDWPLUQDFKVSLRQLHUW]XFNWHHVGXUFKPHLQ*HKLUQ (LQHQVFK|QHQJXWHQ$EHQG6LUVDJWHLFKYROOHU,URQLH:HOFKHLQ=XIDOO GDZLUXQVDXVJHUHFKQHWKLHUWUHIIHQPXWHQ (UOlFKHOWHPDVNHQKDIWXQGDXVGUXFNVORV *XWHQ$EHQG'U7HOHNH:LHLFKVHKHVLQG6LHHEHQIDOOV 9DNXXP6FKZLPPHU ,FKEHZXQGHUH,KUHQ6FKDUIEOLFN6LUHUZLGHUWHLFKNDOW0LUZDUHQGLH ILVFKDUWLJVWDUUHQ$XJHQGHV*HQHUDOV]XZLGHU$XHUGHPZDUVHLQH bXHUXQJDXVJHVSURFKHQGXPP(UPXWHDXVPHLQHU3HUVRQDODNWHZLVVHQ GDLFK9DNXXP6FKZLPPHQDOV+REE\EHWULHE/HXWHGLHQDFK4XLQWR &HQWHUNDPHQZDUHQELVLQVOHW]WH'HWDLOLKUHV3ULYDWOHEHQVEHUSUIW ,FKEUHPVWHXQVHUHQ)DOOPLWGHQ)HQDEXQGKLHOWPLFKDQHLQHPZLQ]LJHQ 6SDOWIHVWLQGHPLFKGLH+DQGKLQHLQVFKRE,QIROJHGHUJHULQJHQ6FKZHUNUDIW 4XLQWR&HQWHUVNRQQWHLFKPKHORVXQVEHLGHKDOWHQ ,FKOLH%ULHOOHORV6RIRUWVDFNWHHUDE +DOWHQ6LHVLFKIHVW6LUULHILFKLKPQDFK2GHUGDFKWHQ6LHLFKZUGH ZHLWHUKLQ.LQGHUPlGFKHQVSLHOHQ" %ULHOOHVWUDPSHOWHPLW$UPHQXQG%HLQHQ'DVEHZLHVPLUGDHUNHLQHVIDOOV HLQJHEWHU9DNXXP6FKZLPPHUZDUZLHHUPLUPLWVHLQHUHUVWHQ%HPHUNXQJ KDWWHZHLVPDFKHQZROOHQ(QGOLFKJHODQJHVLKPVLFKDE]XVWRHQ/DQJVDP VWLHJHULQGHU.DPLQU|KUHKHUDXIXQGHUIDQGVRJDUHLQHQ6SDOWLQGHPHU VLFKIHVWNUDOOHQNRQQWH $OVHUPLUVHLQ*HVLFKW]XZDQGWHZDUHVJHU|WHWYRU$QVWUHQJXQJXQGVLFKHU DXFKYRU=RUQ :DVWXQ6LHKLHU"VWLHHUKHUYRU ,FKJULQVWHEUHLW (LQHXQJODXEOLFKVFKDUIVLQQLJH)UDJH6LU*HVWDWWHQ6LHGDLFK]XHUVWHLQH *HJHQIUDJHVWHOOH6SUHFKHQ6LH]XPLUSULYDWRGHULQ,KUHU(LJHQVFKDIWDOV &KHIGHV6LFKHUKHLWVGLHQVWHV" 3ULYDWNQXUUWHHU9RUOlXILJMHGHQIDOOVQRFK 6FK|Q,FKQLFNWH$OVRKDEHQVLFK]ZHL3ULYDWOHXWHJHWURIIHQGHQQDXFK LFKELQQLFKWGLHQVWOLFKKLHU6LHJODXEHQJDUQLFKWZLHVHKULFKPLFKGDUEHU IUHXH$XIHLQHGLHQVWOLFKH)UDJHKlWWHLFKDQWZRUWHQPVVHQ'D6LHPLFK MHGRFKSULYDWIUDJHQGDUILFK,KQHQGLH$QWZRUWVFKXOGLJEOHLEHQ ,FKILQGHGDV]XPLQGHVWXQK|IOLFKVDJWH%ULHOOH 8QGLFKILQGH,KUH)UDJHQDLYJDELFKXQJHZROOWVFKDUI]XUFN:DV GDFKWHQ6LHHLJHQWOLFKZDUXPHLQ9DNXXP6FKZLPPHUVLFKLQGHQ&DQG\ 0RXQWDLQVDXIKlOW" %ULHOOH]XFNWHGLH6FKXOWHUQXQGKlWWHEHLQDKHGDV*OHLFKJHZLFKWYHUORUHQ
,FKGDFKWHPLUEHUKDXSWQLFKWVGDEHLVDJWHHUPKVDPEHKHUUVFKW -HGHQIDOOVQLFKWVEHYRULFK6LHLQGLHVHUVHOWVDPHQ+|KOHIDQG ,FKODFKWHYHUlFKWOLFK :DV6LHVHOWVDPILQGHQGDVILQGHLFKVFK|Q$EHUODVVHQZLUGDV.DW]XQG 0DXVVSLHO6LU6LHKDEHQEHUKDXSWNHLQHQ6LQQIUGLH6FK|QKHLWHQGHU 1DWXU6LHVLQGDOVRDXFKNDXPKLHUKHUJHNRPPHQXP(QWVSDQQXQJ]X VXFKHQ:HVKDOEDOVRVSLRQLHUHQ6LHPLUQDFK" *XWHUZLGHUWH%ULHOOH6HLQH6WLPPHNODQJNDOWXQGVFKQHLGHQG'LH (UPLWWOXQJHQEHUGLHP\VWHUL|VHQ$QVFKOlJHVLQG]ZDURIIL]LHOO DEJHVFKORVVHQ$EHUGDVZDUQLFKWVDOVQRWZHQGLJH7DNWLN,FKKRIIWHGHU HLJHQWOLFKH$JHQWZUGHGDUDXIKHUHLQIDOOHQXQGVLFKYHUUDWHQ0HLQHU 0HLQXQJQDFKPXHLQ$JHQWGLH0|JOLFKNHLWKDEHQPLWVHLQHQ $XIWUDJJHEHUQLQ9HUELQGXQJ]XWUHWHQ(UVHOEVWNDQQQLFKWGDPLWUHFKQHQ 4XLQWR&HQWHUMHPDOVXQHUNDQQW]XYHUODVVHQ %ULHOOHVFKZLHJHLQH:HLOHXQGVDKPLFKSUIHQGDQ 8QGLFKILQGHHLQH+|KOHZLHGLHVHLVWYRUWUHIIOLFKJHHLJQHWZLFKWLJH*HUlWH ]XYHUEHUJHQ (UVWLQGLHVHP$XJHQEOLFNHQWGHFNWHLFKGLHXQJHZ|KQOLFKH)RUPGHU8KU GLH%ULHOOHDPOLQNHQ+DQGJHOHQNWUXJ6LHZDU]XVWDUNJHZ|OEWXPHLQH JHZ|KQOLFKH9DNXXP8KUVHLQ]XN|QQHQXQGVLHEHVWDQGDXHUGHPDXV 9RJDWLXPHLQHP0HWDOOGDVYRQGHQJURHQUDXPHUIDKUHQHQ5DVVHQGHU *DOD[LVIUGLH+OOHQDQWHQQHQYRQ0LQLDWXUVHQGHUQXQGHPSIlQJHUQ EHQXW]WZLUG3O|W]OLFKZXWHLFKZLHVR%ULHOOHPLFKVRVFKQHOOJHIXQGHQ KDWWH'LH8KUZDULQ:LUNOLFKNHLWNHLQH8KUVRQGHUQRIIHQEDUHLQ3V\FKR 6SUJHUlWPLWGHPPDQGLH0HQWDOVFKZLQJXQJHQHLQHV0HQVFKHQRUWHQ NRQQWH9RUDXVVHW]XQJGDIUZDUDOOHUGLQJVGDPDQGLHLQGLYLGXHOOH 6FKZLQJXQJVIUHTXHQ]GHVJHVXFKWHQ0HQVFKHQNDQQWHXQGGDV6SUJHUlW GDUDXIHLQVWHOOWH %ULHOOHKDWWHPLFKJHIXQGHQ'HU6FKOXZDUHLQIDFK(UKDWWHPLFKJHVXFKW XQG]ZDUQXUPLFK 6LH'U$OURQ7HOHNHVWHKHQLQGHPGULQJHQGHQ9HUGDFKW$JHQWHLQHU IUHPGHQ0DFKW]XVHLQVDJWH%ULHOOHODQJVDPDOVZROOHHUMHGHHLQ]HOQH 6LOEHEHVRQGHUVEHWRQHQ 0HLQHHUVWH5HDNWLQEHVWDQGGDULQGDLFK%ULHOOHIDVVXQJVORVDQVWDUUWH 'RFKGHU6FKRFNGHQ%ULHOOHVOHW]WH%HPHUNXQJDXVJHO|VWKDWWHOLHVR HWZDVZLHHLQHQGXQNOHQGUFNHQGHQ6FKDWWHQYRQPHLQHP%HZXWVHLQ ZHLFKHQHLQHQ6FKDWWHQGHQLFKELVKHUQLFKWZDKUJHQRPPHQKDWWH0HLQ *HLVWDUEHLWHWHPLWGHU3Ul]LVLRQHLQHU3RVLWURQLNXQGLQSO|W]OLFKHU.ODUKHLW HUKDVFKWHHUHLQHQ%OLFNDXIGDV*HKHLPQLVYRQ4XLQWR&HQWHU $EHULPQlFKVWHQ$XJHQEOLFNVDQNGHU6FKDWWHQZLHGHUKHUDE0HLQH *HGDQNHQYHUZLUUWHQVLFKXQGGDVZDVLFKKDWWHVDJHQZROOHQEOLHE XQDXVJHVSURFKHQ
,FKVFKWWHOWHKHIWLJGHQ.RSIXPGHQ'UXFNDE]XVFKWWHOQGHUZLHHLQ VWlKOHUQHU5LQJPHLQHQ6FKlGHO]XVDPPHQSUHWH 6LHVLQGYHUUFNWVW|KQWHLFK ,Q%ULHOOHV$XJHQWUDWHLQHJOlVHUQH6WDUUH :LUZHUGHQ]XVDPPHQGLHVH+|KOHXQWHUVXFKHQ'U7HOHNHVDJWHHU HLJHQDUWLJWRQORV6LHJHKHQYRUDXV,FKZHUGH,KQHQIROJHQ9HUVXFKHQ6LH QLFKW]XIOLHKHQ(U]RJHLQHQ,PSXOVVWUDKOHUDXVGHP*UWHOKDOIWHUXQG ULFKWHWHGLH0QGXQJDXIPHLQH%UXVW'HXWOLFKNRQQWHLFKGDV)OLPPHUQGHU DNWLYLHUWHQ/DGXQJZDKUQHKPHQ %ULHOOHPXWHWDWVlFKOLFKGHQ9HUVWDQGYHUORUHQKDEHQ0LUHUVFKHLQWHV XQIDEDUGDHUJODXEHQNRQQWHPLWHLQHP6FKXQXUPLFK]XW|WHQ,QGHP HQJHQ.DPLQZUGHQZLUZDKUVFKHLQOLFKDOOHEHLGHXPNRPPHQZHQQ%ULHOOH WDWVlFKOLFKGHQ)HXHUNQRSIGHV%ODVWHUVGUFNWH *HKHQ6LHYRUDXVEHIDKO%ULHOOHHUQHXW ,FK]XFNWHHUJHEHQGLH6FKXOWHUQ9HUJHEOLFKYHUVXFKWHLFKPHLQH6WLPPH VS|WWLVFKNOLQJHQ]XODVVHQDOVLFKDQWZRUWHWH ,FKZHUGHYRUDXVVFKZLPPHQZHQQ6LHPLUVDJHQLQZHOFKHU5LFKWXQJLFK PLFKEHZHJHQVROO *HKHQ6LHQDFKXQWHQ +|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lVVLJ:LUEHILQGHQXQVQLFKWDXIHLQHU6WUDH VRQGHUQLQHLQHPVHQNUHFKWYHUODXIHQGHQ.DPLQ %ULHOOHUHDJLHUWHQLFKWGDUDXI ,FKKROWHWLHI/XIW(LQHQ$XJHQEOLFNODQJZDULFKYHUVXFKWPLFKDXIGHQ 0DQQ]XVWU]HQ$EHUGLH0QGXQJGHV1DGHOVWUDKOHUVYROO]RJMHGHPHLQHU %HZHJXQJHQPLWXQGEOLHEDXIPHLQH%UXVWJHULFKWHW 0LWHLQHP)OXFKOLHLFKPLFKLQGLH7LHIHVLQNHQ %ULHOOHIROJWHPLULP$EVWDQGYRQHWZDGUHL0HWHUQ (VZDUHLQPHKUDOVXQDQJHQHKPHV*HIKOLP5FNHQGLH0QGXQJHLQHV DNWLYLHUWHQ6WUDKOHUV]XZLVVHQ,FKNDQQWHGLH%HVWLPPXQJHQGLHGHQ *HEUDXFKHLQHUW|GOLFKHQ:DIIHIU$QJHK|ULJHHLQHV6LFKHUKHLWVGLHQVWHV GHV6RODUHQ,PSHULXPVUHJHOWHQ$EHULFKZXUGHGLH(PSILQGXQJQLFKWORV
GD5RPDQ%ULHOOHVLFKQLFKWDQGLH%HVWLPPXQJHQKDOWHQZUGH(UVFKLHQ PLFK]XKDVVHQREJOHLFKDOOH8QVWLPPLJNHLWHQ]ZLVFKHQXQVGLHVHQ+D QLFKWHUNOlUHQNRQQWHQ $OOPlKOLFKZXUGHDXFKLFKYRQHLQHU:RJHSXUHQ+DVVHVEHUVFKZHPPW,FK ZHKUWHPLFKZLHHLQ(UWULQNHQGHUGDJHJHQDEHUQDFKXQGQDFK]HUEU|FNHOWH GLH0DXHUGLHPHLQ:LOOHHUULFKWHWKDWWH ,FKWDXPHOWHKLOIORVGHQVFKHLQEDUXQHQGOLFKHQ6FKDFKWKLQDE$EZHFKVHOQG VWLHLFKPLWDOOHQ.|USHUWHLOHQJHJHQGLHJUQVFKLOOHUQGH:DQGXQJ1XUHLQ ZLQ]LJHU5HVW9HUQXQIWKLHOWPLFKQRFKGDYRQDEPLFKXP]XZHQGHQXQG %ULHOOHDQ]XJUHLIHQ'LHVHUZLQ]LJH5HVWIODFNHUQGZLHHLQH.HU]HQIODPPHLP 6WXUPVDJWHPLUGDMHGHDJJUHVVLYH%HZHJXQJYRQPLUPHLQ7RGVHLQ ZUGH,QVWLQNWLYDKQWHLFKGD%ULHOOHQXUGDUDXIZDUWHWHGHQ$XVO|VHU EHWlWLJHQ]XN|QQHQ 'HU/LFKWNHJHOYRQ%ULHOOHV,QIUDURWVFKHLQZHUIHUKOOWHPLFKHLQXQG EHOHXFKWHWHJOHLFK]HLWLJPHLQHQ:HJ'HQQRFKVDKLFKGHQ*UXQGGHV .DPLQVYLHO]XVSlW0HLQH)HSUDOOWHQDXI,FKZXUGH]XUFNJHZRUIHQ,P OHW]WHQ$XJHQEOLFNNRQQWHLFKPLFKDQGHU:DQGDEVWRHQ/DQJVDPVDQN LFKZLHGHUWLHIHU $OVPHLQH)HHUQHXWIHVWHQ%RGHQEHUKUWHQJLQJLFKLQGLH.QLH,P =HLWOXSHQWHPSRULFKWHWHLFKPLFKZLHGHUDXI'DEHLILHOPHLQ%OLFNDXIGHQ *UXQGGHV.DPLQV(UEHVWDQGDXVGHPJOHLFKHQSRU|VHQ0DWHULDOGHUGHQ &DQG\0RXQWDLQVLKUHQ1DPHQJHJHEHQKDWWH1XULQGHU0LWWHGHU NUHLVUXQGHQ)OlFKHVFKLPPHUWHHVOHXFKWHQGJUQ'DVZDVDQGHQ .DPLQZlQGHQQXULQ)RUPYRQ.ULVWDOOHQ]XVHKHQZDUODJKLHUHLQJHEHWWHW LQGHQVFKDXPLJHQ)HOVDOVIHVWHUNRPSDNWHU.OXPSHQYRQPHKUDOV .RSIJU|H ,FKZDUVRJHEDQQWYRQGLHVHP$QEOLFNGDLFKHUVWQDFKJHUDXPHU=HLW %ULHOOHVPRQRWRQNOLQJHQGH6WLPPHLP+HOPHPSIlQJHUYHUQDKP 1RFKOlQJHUGDXHUWHHVELVLFKYHUVWDQGZDVHUPHLQWH 'DVLVWGHU%HZHLV7HOHNH,FKDKQWHVFKRQODQJHGD6LHGHU$JHQWVLQG GHUKLQWHUGHQP\VWHUL|VHQ$WWHQWDWHQVWHKW-HW]WZHLLFKHV'DV*HUlWDXI GHP6LHVWHKHQLVW]ZHLIHOORVHLQ6HQGHUZHQQDXFKHLQVHKUJHVFKLFNW JHWDUQWHUXQGGLH.ULVWDOOHVLQGQLFKWVDQGHUHVDOVHLQH$QWHQQH7HXIOLVFK DXVJHGDFKW7HOHNH$EHUQXQLVW6FKOXGDPLW ,FKEOLFNWHLQ%ULHOOHV$XJHQ -lKEHJULIILFKZDVHUPLWPLUYRUKDWWH(UZROOWHPLFKW|WHQ,FKVDKZLHGLH 0QGXQJGHV1DGHOVWUDKOHUVVLFKDXIPHLQ*HVLFKWULFKWHWH 6REDOGGLHTXlOHQGODQJVDPH%HZHJXQJDXIK|UWHZUGHLFKVWHUEHQ 0LWGHP0XWGHQQXUlXHUVWH9HU]ZHLIOXQJYHUOHLKWVWLHLFKPLFKYRP %RGHQDE(LQODXWORVHU%OLW]UDVWHDQPHLQHU+HOPVFKHLEHYRUEHLXQG EOHQGHWHPLFK,FKWUDWPLWDOOHU.UDIW]XDOVLFKJODXEWH%ULHOOHHUUHLFKW]X KDEHQ
,QPHLQHP+HOPHPSIlQJHUNQDOOWHHVDOVZUGHHLQH6SUHQJODGXQJ GHWRQLHUHQ'DQDFKWUDW6WLOOHHLQ ,FKVFKRQRFKLPPHULQGHPHQJHQ.DPLQQDFKREHQ$EHUDOOPlKOLFK EUHPVWHPLFKGLH6FKZHUNUDIWXQG]RJPLFKZLHGHUKLQDE ,FKVFKDOWHWHPHLQHQ,QIUDURWVFKHLQZHUIHUHLQXQGYHUVXFKWHHWZDV]X HUNHQQHQ1DFKXQGQDFKYHUPRFKWHQPHLQHJHEOHQGHWHQ$XJHQZLHGHUGLH 8PZHOWZDKU]XQHKPHQ -HWLHIHULFKVDQNXPVRGHXWOLFKHUHUNDQQWHLFKGDGLH ]XVDPPHQJHNUPPWH*HVWDOWDXIGHP*UXQGVLFKQLFKWPHKUUKUWH6LHZDU QXUYHUVFKZRPPHQ]XHUNHQQHQGHQQHLQH:RONHZHLVFKLPPHUQGHU .ULVWDOOHZRJWHXPVLHKHUXPXQGVHQNWHVLFKDOOPlKOLFKDXIGHQ%RGHQ (UVWDOVLFKQHEHQ%ULHOOHVWDQGZXWHLFKGDHUWRWZDU0HLQ6WLHIHOKDWWH GLH6LFKWVFKHLEHVHLQHV+HOPHV]HUWUPPHUW'LHZHLVFKLPPHUQGH .ULVWDOOZRONHZDUQLFKWVDQGHUHVDOVJHIURUHQH$WHPOXIWGLHH[SORVLRQVDUWLJ DXV%ULHOOHV5DXPDQ]XJHQWZLFKHQZDU ,FKVWDUUWHDXIGDVZDVHLQPDO%ULHOOHV*HVLFKWJHZHVHQZDU0HLQ*HKLUQ YHUDUEHLWHWHGLH(LQGUFNHRKQHGLHJHULQJVWHJHIKOVPlLJH5HJXQJ(V ZDUDOVVWQGHLFKKLQWHUHLQHU*ODVZDQGXQGEHREDFKWHWHPLFKVHOEVW 0HFKDQLVFKQDKPLFKGHQ1DGHOVWUDKOHUDXV%ULHOOHV]XVDPPHQJHNUDPSIWHU )DXVW,FKSUIWHGLH/DGXQJGDQQULFKWHWHLFKGLH0QGXQJJHJHQGLH 6HLWHQZDQGGHV6FKDFKWHV'HUVFKDXPLJH)HOVO|VWHVLFKVRVFKQHOOXQWHU GHU:LUNXQJGHV*OXWVWUDKOHUVDXIZLH=XFNHUZDWWHXQWHUGHU+LW]HHLQHV %XQVHQEUHQQHUV (LQH1LVFKHYRQGUHL0HWHUQ7LHIHHQWVWDQG'HU.|USHU%ULHOOHVZRJEHL HLQHP+XQGHUWVWHOGHULUGLVFKHQ6FKZHUNUDIWQLFKWPHKUDOVDXIGHU(UGHHLQ %HXWHOPLW)HGHUQ(VEHUHLWHWHPLUNHLQH0KHLKQLQGLH1LVFKH]X VFKLHEHQ9RUKHUMHGRFKHQWIHUQWHLFKGHQ3V\FKR6SUHUYRQVHLQHP +DQGJHOHQNXQGVFKREGDV*HUlWXQEHVHKHQLQHLQH7DVFKHPHLQHV 5DXPDQ]XJV 'DVNUHLVUXQGH)HOVVWFNGDVLFK]XHUVWDXVGHU:DQGJHVFKQLWWHQKDWWH SDWHJHQDXLQGLHgIIQXQJGHU1LVFKH1DFKGHPLFKHVHLQJHVHW]WKDWWH ZDUYRQ*HQHUDO5RPDQ%ULHOOHNHLQH6SXUPHKU]XVHKHQ(LQLJH6SOLWWHU DXVGHU6LFKWVFKHLEHVHLQHV'UXFNKHOPVWUDWLFKPLWGHQ)HQLQGHQ EU|FNHOLJHQ%RGHQ'DEHLEHPHUNWHLFKGDGLH6WHOOHXPGHQ JUQVFKLPPHUQGHQ.OXPSHQHUKHEOLFKIHVWHUZDUDOVGLHEULJHQ6WHOOHQGHU )HOVZDQGXQGGHV%RGHQV'RFKPDFKWHLFKPLUNHLQH*HGDQNHQGDUEHU hEHUKDXSWKDQGHOWHLFKZLHLQHLQHP7UDXPLQGHP8QJHZ|KQOLFKHVDOV 6HOEVWYHUVWlQGOLFKNHLWHUVFKHLQW8QGZLHPDQEHLP$XIZDFKHQRIWGDV *HWUlXPWHYHUJLWVRYHUVFKZDQGGLH(ULQQHUXQJDQGDV*HVFKHKHQH LPPHUPHKUDXVPHLQHP*HGlFKWQLVMHZHLWHULFKPLFKYRP2UWGHV *HVFKHKHQVHQWIHUQWH
0LWUXKLJHQ%HZHJXQJHQVWLHLFKPLFKYRQGHQ:lQGHQDEXQGJOLWWKLQDXI GHU0QGXQJGHV.DPLQVHQWJHJHQ,FKKDWWHEHUHLWVYHUJHVVHQZDVVLFK DXIGHP*UXQGGHV6FKDFKWHVDEJHVSLHOWKDWWHDOVVLFKSO|W]OLFKEOHLHUQH 0GLJNHLWEHUPLFKVHQNWHZLHHLQGXQNOHV7XFK ,FKPHUNWHHVHUVWDOVLFKDOOPlKOLFKZLHGHUQDFKXQWHQVDQN9HUZLUUWVWDUUWH LFKGHQJUQHQ.ULVWDOOEHU]XJGHU:lQGHDQ6FKODIIKLQJHQGLH*OLHGHUPLU DP.|USHUKHUDE'LH.ULVWDOOHEOLQNWHQXQGJOLW]HUWHQZLH0LOOLDUGHQJUQHU .DW]HQDXJHQ(VVFKLHQDOVYHUK|KQWHQVLHPLFKREPHLQHU2KQPDFKW 'HU:XQVFKVRVFKQHOOZLHP|JOLFKDXVGHP.DPLQKHUDXV]XNRPPHQ ZXUGHLPPHUVWlUNHU(VZDUDOVJULIIHQHLVNDOWH.UDOOHQGXUFKGHQ 5DXPDQ]XJQDFKPHLQHP+HU]HQVFKO|VVHQVLFKXPGHQSXOVLHUHQGHQ 0XVNHOXQGSUHWHQLKQPHKUXQGPHKU]XVDPPHQ,FKUDQJQDFK$WHPZLH HLQ(UWULQNHQGHU,PPHUODQJVDPHUVWU|PWHGDV%OXWGXUFKPHLQH$GHUQ ,FKZXWHQLFKWPHKUZDVPLWPLUJHVFKDKDXHUGDLFKVWHUEHQZUGH ZHQQLFKQRFKOlQJHU]|JHUWH 'LH7RGHVDQJVWEHUILHOPLFKPLWHOHPHQWDUHU:XFKW 0HLQH+lQGHIXKUHQ]XGHQ5FNVWRSLVWROHQGUFNWHQVLHQDFKXQWHQELV GLH+DOWHVFKODXIHQVLFKVWUDIIWHQ'DQQSUHWHLFKGLH=HLJHILQJHUDXIGLH )HXHUNQ|SIH :LHLQHLQHP7ULFNILOPKXVFKWHGLHJUQH:DQGGHV.ULVWDOO.DPLQVYRU PHLQHP*HVLFKWYRUEHL'DQQGHKQWHVLFKGDV*HVLFKWVIHOGZLHXQWHUGHU :LUNXQJHLQHU([SORVLRQ'LHIXQNHOQGHQ.ULVWDOOHHEHQQRFKJUHLIEDU1DKH IORKHQLQXQPHEDUH)HUQH9RQGRUWDXVJOLW]HUWHQVLHJOHLFK'LDPDQWHQDXI HLQHPVFKZDU]VDPWHQHQ7HSSLFKK|KQLVFKDXIPLFKKHUDE (VGDXHUWHODQJHELVLFKHUNDQQWHZRLFKPLFKEHIDQGIDVW]XODQJH ,FKVFKRJHWULHEHQYRQGHQLPPHUQRFKIHXHUQGHQ5FNVWRSLVWROHQ XQDXIKDOWVDPLQGHQ:HOWUDXPKLQDXV 'LHJHULQJH$Q]LHKXQJVNUDIW4XLQWR&HQWHUVZUGHPLFKQLFKWIHVWKDOWHQ N|QQHQ,FKZUGHZHLWHUIOLHJHQELVGLH/DGXQJHQPHLQHU5FNVWRSLVWROHQ DXIJHEUDXFKWZDUHQXQGDXFKGDQQZUGHLFKQLFKWDQKDOWHQ 0HLQH5HLVHZUGHDEUXSWHQGHQZHQQLFKLQGHQ2UWXQJVEHUHLFKGHU 5DXPIRUWVJHODQJWH'LH3RVLWURQLNHLQHUGLHVHU)HVWXQJHQZUGHIHVWVWHOOHQ GDHLQXQDQJHPHOGHWHU5DXPIOXJN|USHU4XLQWR&HQWHUYHUODVVHQZROOWH6LH ZUGHDOOH'DWHQGLHVHV.|USHUVVSHLFKHUQXQGDQGLH$EZHKU]HQWUDOHDXI 4XLQWR&HQWHUZHLWHUOHLWHQ*OHLFK]HLWLJDEHUZUGHVLHHLQHPDXWRPDWLVFKHQ 6WUDKOJHVFKW]GHQ)HXHULPSXOVJHEHQGHQQDOOHVZDVGDV+DXSWTXDUWLHU GHU862LOOHJDODQIOLHJHQRGHUYHUODVVHQZLOOLVWDOV)HLQG]XEHWUDFKWHQXQG ]XYHUQLFKWHQ %HLPHLQHUUHODWLYJHULQJHQ*HVFKZLQGLJNHLWZUGHLFKGLH9HUQLFKWXQJNDXP QRFKHUOHEHQ/DQJHYRUKHUZUGHPHLQ/XIWYRUUDW]XU1HLJHJHKHQXQGGHU W|GOLFKH6WUDKOZUGHQXUQRFKHLQH/HLFKHDWRPLVLHUHQ
.RVWEDUH6HNXQGHQYHUJLQJHQEHYRULFKEHJULIIGDLFKGDEHLZDUDXI K|FKVWGUDPDWLVFKH$UWXQG:HLVH6HOEVWPRUG]XEHJHKHQ 0LWGHP%HJUHLIHQJHZDQQLFKGLH+HUUVFKDIWEHU*HLVWXQG.|USHU]XUFN $OOHUGLQJVYHUVWDQGLFKQLFKWZDUXPLFKHWZDVGHUDUW,UUVLQQLJHV]XWXQLP %HJULIIHZDU$EHUZHQLJVWHQVYHUPRFKWHLFKZLHGHU]XKDQGHOQZLHHV HLQHPNODUGHQNHQGHQ0HQVFKHQ]XNRPPW ,FKULFKWHWHGLH0QGXQJHQPHLQHU5FNVWRSLVWROHQJHJHQGLH)OXJULFKWXQJ 'DQQVFKDOWHWHLFKGLHYRUEHUJHKHQGGHVDNWLYLHUWHQ*HUlWHZLHGHUHLQ %HlQJVWLJHQGODQJVDPYHUULQJHUWHVLFKPHLQH*HVFKZLQGLJNHLW'LH ,PSXOVVWUDKOHQNURFKHQDOOPlKOLFKZHLWHUDXVGHQ0QGXQJHQKHUDXVXQG VWDFKHQHQGOLFKJOHLFKIHXULJHQ/DQ]HQWLHILQGLHQDFKWGXQNOH6FKZlU]H KLQHLQ 1DFK]ZDQ]LJ0LQXWHQEHJDQQLFKZLHGHUDXI4XLQWR&HQWHU]X]XIDOOHQ 'RFKGDVZDUQRFKODQJHQLFKWGLH5HWWXQJ:HQQGLH/DGXQJHQGHU3LVWROHQ QLFKWPLQGHVWHQVQRFKHLQHKDOEH6WXQGHYRUKLHOWHQZUGHLFKOHGLJOLFKHLQH ZHLWH.UHLVEDKQXP4XLQWR&HQWHUHLQVFKODJHQELV]XP(QGHGHU(ZLJNHLW .DXPKDWWHLFKGLHVHQ*HGDQNHQ]X(QGHJHGDFKWEHJDQQGDV,PSXOVIHXHU ]XIODFNHUQ8QDXIKDOWVDPNURFKHVLQGLH0QGXQJHQ]XUFNEODNWHQRFK HLQPDONXU]DXIXQGHUORVFKHQGJOWLJ $FKWWDXVHQG0HWHUXQWHUPLUQXUDQJH]HLJWGXUFKPHLQH0HJHUlWHKLQJ 4XLQWR&HQWHU )DVWJUHLIEDUQDKHZDUGLH5HWWXQJXQGGRFKXQHUUHLFKEDU ,FKVFKLHQDQHLQHP3XQNWGHV5DXPHVIHVWJHQDJHOW]XVHLQ1XUGLH 6WHUQELOGHUXPWDQ]WHQPLFKLQQLFKWHQGHQZROOHQGHP5HLJHQ$EHUXQWHU PHLQHQ)HQVFKZDPPHLQNUHLVI|UPLJHU6FKDWWHQZLHHLQ/RFKLP 6WHUQHQYRUKDQJ'LHVHUILQVWHUH6FKOXQGEHZHJWHVLFKVFKHLQEDUEHUGHQ 6WHUQHQKLPPHOJOHLFKPlLJPRQRWRQZLHGHU6FKDWWHQHLQHV8KU]HLJHUV 8QGGLH8KU]lKOWHXQHUELWWOLFKGLH6HNXQGHQ0LQXWHQXQG6WXQGHQGLHLFK QRFK]XOHEHQKDWWH 9RQ=HLW]X=HLWEOLW]WHHVLQGHU1lKHGHV6FKDWWHQVJUHOODXI'DVZDUHQGLH 7ULHEZHUNHYRQ5DXPVFKLIIHQGLHYRQGHQ$QWLJUDYSURMHNWRUHQLQGHQ5DXP JHKREHQZXUGHQZRVLHDXI3ODVPDDQWULHEXPVFKDOWHWHQ'DQQZLHGHU QlKHUWHVLFKHLQHIHXULJH6SXUZLHGHU6FKZHLIHLQHV.RPHWHQGHP ZDQGHUQGHQ6FKDWWHQXQGHUORVFKEHYRUHUVLFKKHUDEVHQNWHDXIGDVLKP ]XJHZLHVHQH/DQGHIHOG )UDOOHGLH0HQVFKHQLQGHQVWDUWHQGHQXQGODQGHQGHQ5DXPVFKLIIHQDXI GHQ5DXPKlIHQLQGHQ/HLW]HQWUDOHQXQGGHQ*lQJHQXQG+DOOHQGHV862 +DXSWTXDUWLHUVZUGHGLH/HEHQVXKUZHLWHUODXIHQZHQQVLHPLUOlQJVWGLH OHW]WH6WXQGHJHVFKODJHQKDWWH
(VZUGHQLFKWPHKUODQJHGDXHUQ(LQ%OLFNDXIGLH8KU]HLJWHPLUGDPHLQ /XIWYRUUDWQRFKIUYLHU]LJ0LQXWHQDXVUHLFKWH 7URW]GHU1lKHGHV7RGHVZDULFKQLFKWYHU]ZHLIHOW,UJHQGZLHGUDQJGDV %HZXWVHLQGHU*HIDKUQLFKWLQGLH*HIKOVVSKlUHPHLQHV(JRVHLQ5HLQ VDFKOLFKQXUUHJLVWULHUWHLFKGLH'LQJHXPPLFKKHUXPGDV:DQGHUQGHV 6FKDWWHQVXQGGHU6WHUQELOGHU,FKZXWHGDGHU6FKDWWHQMHQHV VFKHLQEDUH/RFKLP8QLYHUVXPQLFKWVDQGHUHVZDUDOV4XLQWR&HQWHUGHU =ZHUJPRQGGHUGHQ%OLFNDXIGLH6WHUQHYHUGHFNWH,FKZXWHDXFKGDLFK HVZDUGHUVLFKEHZHJWHGDPHLQH%DKQPLFKKLQDXVVFKOHXGHUQZROOWHLQ GHQVFKZHLJHQGHQ$EJUXQGGDGLHVFKZDFKH$Q]LHKXQJVNUDIWGHV0RQGHV DEHULPPHUZLHGHUGDIUVRUJWHGDPHLQH%DKQQLHPDOVHLQH*HUDGH ZXUGH 'DVDOOHVEHUKUWHPLFKQLFKWELVSO|W]OLFKHLQVFKZDFKHV:LVSHUQLQ PHLQHP+HOPHPSIlQJHUDXIWDXFKWH ,FKODXVFKWHJOHLFKJOWLJ'RFKMlKOLQJVGXUFKIXKUHVPLFKZLHHLQHOHNWULVFKHU 6FKODJ'HU6FRRWHU 'HUZLQ]LJH6HQGHUPHLQHV(LQPDQQ6FRRWHUVJDEXQDEOlVVLJ3HLOVLJQDOH YRQVLFK$QGHUVKlWWHLFKLKQQLHPDOVZLHGHUJHIXQGHQ(VZDUEOLFKXQWHU 9DNXXP6FKZLPPHUQGDVLHLKUHQ6FRRWHULQHLQHQ2UELWVFKLFNWHQZHQQ HUVLHLQGLH1lKHLKUHV=LHOHVJHEUDFKWKDWWH:ROOWHQVLHGDQQ ]XUFNNHKUHQSHLOWHQVLHVHLQHQ6HQGHUDQXQGIDQGHQLKQPLWGLHVHU 0HWKRGHHLQZDQGIUHLZLHGHU,FKKDWWHHVELVKHUVWHWVHEHQVRJHKDOWHQ1XU EUDXFKWPDQXPGLH4XHOOHGHU3HLOVLJQDOHHUUHLFKHQ]XN|QQHQ 5FNVWRSLVWROHQPLWDXVUHLFKHQGHU/DGXQJVUHVHUYH 'DVZDUHVZDVPHLQHELVKHULJH*OHLFKJOWLJNHLW]HUEUDFK-lK DXIIODPPHQGH+RIIQXQJXQGZLHGHU+RIIQXQJVORVLJNHLW,UJHQGZRLQGHU 1lKHNUHLVWHPHLQH5HWWXQJZLHPLUMHW]WHLQILHOVRJDULQGHUJOHLFKHQ 2UELWK|KH$EHUHLQH%DKQGLIIHUHQ]YRQHLQHP0HWHUZUGHJHQJHQVLHIU HZLJXQHUUHLFKEDUEOHLEHQ]XODVVHQ 1DFKGHQNOLFKUXQ]HOWHLFKGLH6WLUQ :DUXPKDWWHLFKGLH3HLO]HLFKHQQLFKWVRIRUWJHK|UWDOVLFKPHLQHQ2UELW HUUHLFKWH" (VJDEHLQIDFKNHLQH(UNOlUXQJGDIU(LQHVWDELOH.UHLVEDKQNDQQVLFKQXU GXUFK(LQZLUNXQJlXHUHU8PVWlQGHlQGHUQ'DVDEHUZDUEHLPLUQLFKW JHJHEHQ (VVHLGHQQ 0LUVWRFNWHGHU$WHPDOVLFKDQGLHHLQ]LJHDQGHUH0|JOLFKNHLW GDFKWH$EHUHVZDUQLFKW6FKUHFNVRQGHUQ)UHXGHGLHPLFK HUVWDUUHQOLH :HQQLFKPLFKVRPLQLPDOEHZHJWKDWWHGDHLQHUVHLWVNHLQHPHUNEDUH $EZHLFKXQJYRQGHU.UHLVEDKQDXIWUDWDQGHUHUVHLWVDEHUHLQHDOOPlKOLFKH
$QQlKHUXQJDQGHQ6FRRWHUHUIROJWHGDQQJDEHVQXUHLQH8UVDFKHGDIU 0HLQH'UXFNIODVFKHQKDWWHQHLQZLQ]LJHV/HFN(VNRQQWHNHLQULFKWLJHV/RFK VHLQGHQQGDQQZlUHGLHNRVWEDUH$WHPOXIWOlQJVWDXVJHVWU|PWHKHU KDQGHOWHHVVLFKXPHLQHSRU|VH6WHOOHGXUFKGLHHLQEHVWlQGLJHU 0ROHNOVWURPVLFNHUWH 8QGZDVHLQH]XIlOOLJH:LUNXQJZDUNRQQWHHEHQVRJXW]XJHZROOWHU JHVWHXHUWHU:LUNXQJZHUGHQ $OOHUGLQJVZlUHLFKDXIGLHVH0|JOLFKNHLWQLHPDOVYHUIDOOHQKlWWHLFKPLFK QLFKWLQHLQHUGHUDUWLJDXVZHJORVHQ/DJHEHIXQGHQ'LH'XUFKIKUXQJZDU QDPOLFKQLFKWQXUVFKZLHULJVRQGHUQLQKRKHP0DHJHIlKUOLFK,FKPXWH GHQIODFKHQ5FNHQWRUQLVWHUPLWGHP$WHPJHUlWXQGGHQ6XSHU .RPSUHVVLRQVIODVFKHQDEQHKPHQRKQHGLH/XIW]XIKUXQJ]XP+HOP]X EHVFKlGLJHQ'RFKGDVZDUNHLQHVZHJVGDV6FKOLPPVWH9LHOVFKOLPPHUZDU HVGDLFKXPHLQHQUHJXOLHUEDUHQ$QWULHE]XHUKDOWHQYRU%HJLQQGHV HLJHQWOLFKHQ([SHULPHQWVGLHEHLGHQ9HUELQGXQJVVFKOlXFKHDENXSSHOQ PXWH'DQDFKYHUEOLHEHQPLUHWZDYLHU0LQXWHQ=HLWGHQ6FRRWHU]XILQGHQ ]XHUUHLFKHQXQGGLH9HUELQGXQJ]XP$WHPJHUlWZLHGHUKHU]XVWHOOHQ:HQQ LFKGLHVH)ULVWEHUVFKULWWZUGHLFKJHQDXVRDQ6DXHUVWRIIPDQJHOVWHUEHQ DOVZHQQLFKJDUQLFKWVXQWHUQDKP $EHUZDVKDWWHLFKGHQQVFKRQ]XYHUOLHUHQ 'HQ7RUQLVWHUDE]XQHKPHQHUZLHVVLFKDOVUHODWLYOHLFKW,FKKLHOWLKQVWHWVPLW HLQHU+DQGIHVWXQGYHUKLQGHUWHVRGDHUGDYRQWULHE%HYRULFKGLH 9HUELQGXQJVVFKOlXFKHDENXSSHOWHHUK|KWHLFKGHQ'UXFNGHU/XIW]XIXKUXP GLH$Q]XJUHVHUYH]XHUK|KHQ'DQDFKPXWHDOOHVVHKUVFKQHOOJHKHQ 1DFKHLQDQGHUHQWULHJHOWHLFKGLH6FKODXFKNXSSOXQJHQQDFKGHPLFKGLH /XIW]XIXKUXQWHUEURFKHQKDWWH'LHEHLGHQ6FKOlXFKHILHOHQYRP+HOPDE 'LH(LQWULWWV|IIQXQJHQZXUGHQDXJHQEOLFNOLFKYHUVFKORVVHQLQGHPGLH 3ODVWLNYHQWLONODSSHQYRP6RJGHV9DNXXPVGDJHJHQJHSUHWZXUGHQ (VZDUHLQHNHOKDIWHV*HIKOYRQGHPOHEHQVHUKDOWHQGHQ/XIWVWURP DEJHVFKQLWWHQ]XVHLQ(LQHQ+HU]VFKODJODQJJODXEWHLFKHUVWLFNHQ]X PVVHQ 'RFKGDQQIDWHLFKPLFKZLHGHU ,FKSHLOWHGHQ6HQGHUPHLQHV6FRRWHUVHUQHXWDQ(UODJVFKUlJYRUPLU +DVWLJVFKRELFKGLH6FKODXFKHQGHQKLQWHUPHLQHQ*UWHONOHPPWHGHQ HLQHQ6FKODXFKYRP$WHPJHUlWDEZlKUHQGLFKGDV(QGHGHVDQGHUHQLQGLH +DQGQDKP 'DQDFK|IIQHWHLFKGDV9HQWLOIU/XIW]XIXKU :HLOLFKHU1HEHOVFKRDXVGHU6FKODXFKPQGXQJ,QGDV.UHLVHQGHU 6WHUQELOGHUJHULHW8QRUGQXQJ 6FKZHLWURSIHQUDQQHQPLULQGLH$XJHQDOVLFKPLWK|FKVWHU.RQ]HQWUDWLRQ DXIGDV:LVSHUQLQPHLQHP(PSIlQJHUODXVFKWH1XUQDFKGHU7RQK|KH NRQQWHLFKPLFKRULHQWLHUHQ
'DV:LVSHUQZXUGH]XHLQHPVFKULOOHQ:LPPHUQ,FKEHIDQGPLFKDXIGHP ULFKWLJHQ.XUV$EHUZUGHLFKHVLQGHUNXU]HQ)ULVWVFKDIIHQ" 0HLQH.HKOHZXUGHLPPHUWURFNHQHU,FK]ZDQJPLFKGD]XQLFKWDXIGLH8KU ]XVHKHQ'DVKlWWHPLFKQXUDEJHOHQNW%HLDOOHP7XQDEHUKHW]WHPLFKGLH )XUFKWGHUNDUJH/XIWYRUUDWN|QQWHQLFKWDXVUHLFKHQ $EHUGDQQWDXFKWHHLQVFKODQNHUVFKZDU]HU6FKDWWHQYRUPLUDXI,P JOHLFKHQ$XJHQEOLFNVWLHLFKPLWGHP.QLHJHJHQGDV+HFNGHV6FRRWHUV 6RIRUWVFKDOWHWHLFKGLH/XIW]XIXKUDE,FKSUHWHGLH6FKHQNHOJHJHQGDV ZLQ]LJH6WFN0HWDOOGDVPLUGDV/HEHQUHWWHQVROOWH0LWEHLGHQ+lQGHQ DUEHLWHWHLFKGDUDQGLH/XIWVFKOlXFKHZLHGHUPLWGHP+HOP]XYHUELQGHQ (QGOLFKLFKEHJDQQEHUHLWVXQWHU$WHPQRW]XOHLGHQXQWHUWDWVlFKOLFKHU $WHPQRWGLHVPDOZDUHVJHVFKDIIW 0LWKHLVHUHP5|FKHOQGDVHLJHQWOLFKHLQWULXPSKLHUHQGHU6FKUHLKDWWH ZHUGHQVROOHQ|IIQHWHLFKGLH9HQWLOH 6FKZDFKHV=LVFKHQGUDQJZLH0XVLNDQPHLQH2KUHQXQGYHUHEEWHZLHGHU ,QSO|W]OLFKHU(UQFKWHUXQJEOLFNWHLFKDXIGHQ'UXFNPHVVHU 'HU=HLJHUIUGLH.RPSUHVVLRQVIODVFKHQVWDQGDXI1XOO ,FKYHUVXFKWHPLWOHW]WHUYHU]ZHLIHOWHU$QVWUHQJXQJGHQ$QWULHEGHV 6FRRWHUV]XDNWLYLHUHQ,FKZROOWHIRUWYRQGHP2UWDQGHPLFKVWDUE 'RFKDXFKGDVJHODQJQLFKWPHKU6FKZLQGHOSDFNWHPLFKXQGZDUIPLFKLQ HLQHQVFKZDU]HQJlKQHQGHQ$EJUXQG 6HOEVWYHUVWlQGOLFKLVWGDV'U7HOHNH 'LH6WLPPHNDPPLUEHNDQQWYRUREZRKOVLHZLHGXUFKHLQ0HHU]lKHU )OVVLJNHLWGUDQJ,FKYHUVXFKWHGLH$XJHQ]X|IIQHQ(VJHODQJ ,FKEOLFNWHLQHLQEODXVFKZDU]HVYRQHLQHUKlOLFKHQ%UDQGQDUEHHQWVWHOOWHV *HVLFKW'U$UDP$EGXOODNDPPLUGLH(ULQQHUXQJ 'LHGXQNOHQ$XJHQJOKWHQDXI (UNRPPW]XVLFK'RF
:DVGDFKWHQ6LHGHQQ'U$EGXOODYHUVXFKWHLFK]XVSRWWHQ0HLQH 6WLPPHNODQJVRYHUlQGHUWGDLFKLPHUVWHQ0RPHQWJODXEWHHLQ)UHPGHU KlWWHJHVSURFKHQ 'U$EGXOODODFKWHHUOHLFKWHUW 6LHNUlKHQZLHHLQYHUURVWHWHU+DKQ'U7HOHNH 8QIXJPXUPHOWHLFKVFKZDFK6HLWZDQQURVWHWHLQ+DKQ" (LQHIHVWH+DQGSDFNWHPHLQ+DQGJHOHQN(LQURVLJHV*HVLFKWVFKREVLFKLQ PHLQ%OLFNIHOG(LQSDDUNOXJHEUDXQH$XJHQOlFKHOWHQPLUDXIPXQWHUQG]X 1DFKHLQHU:HLOHOLHGLH+DQGYRQPLUDE 6LHKDEHQHLQHDEQRUPDONUlIWLJH.RQVWLWXWLRQ'U7HOHNHVDJWHGHU 5RVLJH0HLQ1DPHLVWEULJHQV'U.UHLVNL
,FKULFKWHWHPLFKDXIXQGVFKORGLH$XJHQDOVGDVURVLJH*HVLFKW'U .UHLVNLVLQURWH5LQJH]HUIOR$OVLFKVLHZLHGHU|IIQHWHZDUGHU 6FKZLQGHODQIDOOYRUEHU :RELQLFK"IUDJWHLFK (UVWH+LOIH6WDWLRQDFKW]HKQ'U7HOHNHHUZLGHUWHGHU$U]W 8QGZLHNRPPHLFKKLHUKHU" $XI(QJHOVIOJHOQ'U$EGXOODODFKWHYROOHU,URQLH1DFKGHP6LHJHVWRUEHQ ZDUHQZXUGHQ6LHYRQHLQLJHQPLWOHLGLJHQ(QJHOQKLHUDEJHOLHIHUW9LHOOHLFKW DEHUZROOWHPDQLP-HQVHLWVYRQ,KQHQQXUQLFKWVZLVVHQ ,FKZROOWHVFKRQHLQHKHIWLJH$QWZRUWJHEHQDOVPLFKGLH(ULQQHUXQJMlKOLQJV SDFNWH :LHKDWPDQPLFKJHIXQGHQ"IUDJWHLFK $EGXOODV*HVLFKWZXUGHHUQVW 6LHKDEHQHLQH96$XVUVWXQJDXVJHOLHKHQ'U7HOHNH'HU 0DJD]LQYHUZDOWHUVWHOOWHIHVWGD6LHOlQJHUDXVEOLHEHQDOVGLH YRUJHVFKULHEHQH6LFKHUKHLWVVSDQQHHV]XOLH(UHUVWDWWHWH0HOGXQJ'HU 5HWWXQJVWUXSSVXFKWHQDWUOLFK]XHUVW,KUHQ6FRRWHU*OFNOLFKHUZHLVHODJHQ 6LHDXI,KUHP9DNXXP7RUSHGR0DQEUDFKWH6LHKLHUKHUXQG'RF.UHLVNL ULHI6LHZLHGHULQV/HEHQ]XUFN'DVDQGHUHZLVVHQ6LHVHOEVW ,FKVFKWWHOWHPLFK :DULFKZLUNOLFKWRW" 'U.UHLVNLVFKWWHOWHGHQ.RSI 6LHEHZHJWHQVLFKQRFKDOVPDQ6LHIDQG'LH/HXWHGHV5HWWXQJVWUXSSV VFKORVVHQVRIRUWHLQQHXHV$WHPJHUlWDQ'DVDOOHVLVWHUVWHLQHKDOEH 6WXQGHKHU,KU.ROOHJH'U$EGXOODZDUJHUDGHHLQJHWURIIHQXP6LH]X LGHQWLIL]LHUHQ+lWWHLFKJHZXWGD6LHVRVFKQHOOZLHGHU]XVLFKNRPPHQ ZlUHGDVQLFKWQ|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lUHLFKLKPNXU]YRUPHLQHP $XVIOXJ]XP.ULVWDOO.DPLQEHJHJQHW (UZLUG6LHVFKRQQLFKWDXIIUHVVHQYHUVXFKWH'U$EGXOODPLFK]XWU|VWHQ ,FKOlFKHOWHXQVLFKHU 1DVFK|Q*HKHQZLU]XHUVW]X%ULHOOH
0LFKJHKWHVHLJHQWOLFKQLFKWVDQVDJWH'U$EGXOODQDFKGHPZLUGLH(UVWH +LOIH6WDWLRQYHUODVVHQKDWWHQXQGDXIHLQHPEUHLWHQ5ROOEDQG]XU9HUZDOWXQJ GHV6LFKHUKHLWVGLHQVWHVIXKUHQDEHUHVLQWHUHVVLHUWPLFKWURW]GHPZLH6LH LQGLHVHJHIlKUOLFKH/DJHNDPHQ :LHPHLQHQ6LHGDV"IUDJWHLFKXP=HLW]XJHZLQQHQ'U$EGXOODV)UDJH KDWWHPLFKPLWWHQLQNRPSOL]LHUWHQ*HGDQNHQJlQJHQEHUUDVFKWXQGLFK PXWHHUVWHLQPDOEHUOHJHQZDVLFKLKPEHUKDXSWDQWZRUWHQVROOWH9RU DOOHQ'LQJHQZDULFKVHOEVWPLUQRFKQLFKWUHFKWNODUGDUEHUZDUXPLFK PLWWHQLQGHP.ULVWDOO.DPLQYRQVROFKHU3DQLNJHSDFNWZRUGHQZDUGDLFK Y|OOLJXQEHUOHJWDXIGLH)HXHUNQ|SIHPHLQHU5FNVWRSLVWROHJHGUFNWKDWWH 9HUJHEOLFKYHUVXFKWHLFKPLFK]XHULQQHUQZDVGHU3DQLNYRUDXVJHJDQJHQ ZDU 'U$EGXOODZDUIPLUHLQHQHUVWDXQWHQ%OLFN]X :LHLFKGDVPHLQH"$EHU'U7HOHNH(VLVWGRFKJHZLQLFKW VHOEVWYHUVWlQGOLFKGDPDQ6LHPLWOHHUHQ/XIWWDQNVDXI,KUHP6FRRWHU VLW]HQGILQGHW:DUXPXPDOOHVLQGHU:HOWKDEHQ6LHNHLQHQ1RWUXI JHVHQGHW" ,FKELPLFKDXIGLH/LSSHQ 'DVZDUHQGLH)UDJHQYRUGHQHQLFKPLFKJHIUFKWHWKDWWH'DV6FKOLPPVWH ZDUGDPLUHUVWGXUFK$EGXOODVOHW]WH)UDJHHLQILHOZDVLFKYHUVlXPWKDWWH (UKDWWHYROONRPPHQUHFKW:DUXPKDWWHLFKNHLQHQ1RWUXIJHVHQGHW"'DV ZDUQLFKWQRUPDOJHZHVHQ:DV]XP7HXIHOVROOWHLFKDQWZRUWHQ" :DULFKYLHOOHLFKWQLFKWPHKUQRUPDO" 'LH:DKUKHLW"'LHZUGHPLUQLHPDQGDEQHKPHQXQGZHQQGDQQVFKLFNWH PDQPLFKJHZL]XP3V\FKLDWHU8QGGDVNRQQWHLFKPLUMHW]WQLFKWOHLVWHQ ,FKKDWWHDXI4XLQWR&HQWHUQRFKHLQHZLFKWLJH$XIJDEH]XO|VHQ 6LHVLQGNHLQ9DNXXP6FKZLPPHU'U$EGXOOD"IUDJWHLFK]XUFN 1HLQ:DUXP" 6HKHQ6LHQLFNWHLFKXQGYHUVXFKWH]XOlFKHOQ2IIHQEDUKDEHQ6LHDXFK GHQ8QWHUZDVVHUVSRUWQLHPDOVDXVJHEW" 'U$EGXOODVFKWWHOWHGHQ.RSI ,FKYHUVWHKHQLFKWZDUXP 6LHZHUGHQHVJOHLFKYHUVWHKHQXQWHUEUDFKLFKLKQ%HLEHLGHQ6SRUWDUWHQ LVWQLFKWHWZDGDV0HGLXPLQGHPVLHEHWULHEHQZHUGHQGLHJU|WH*HIDKU DXFKQLFKWWHFKQLVFKH0lQJHOVRQGHUQGHU0HQVFKVHOEVW%HLP 8QWHUZDVVHUVSRUWLVWHVGHU7LHIHQUDXVFKEHLP9DNXXP6FKZLPPHUGHU 8QWHUGUXFNUDXVFKGHU]XU*HIDKUIUGHQ0HQVFKHQZHUGHQNDQQ=XKRKHU XQG]XQLHGULJHU'UXFNEHHLQIOXVVHQGHQ.UHLVODXINRPPWGDQQQRFKHLQH JHULQJIJLJH(UK|KXQJGHU6DXHUVWRII]XIXKUGD]XZLUGGHU%HWURIIHQH OHLFKWVLQQLJ(UNHQQWSO|W]OLFKGLHLKQXPJHEHQGHQ*HIDKUHQQLFKWPHKUXQG KDWQXUQRFKGHQHLQHQ:XQVFKLQVHLQHU8PJHEXQJ]XEOHLEHQ(UDFKWHW DXFKQLFKWPHKUDXIVHLQHQ/XIWYRUUDWRGHUZLHLQPHLQHP)DOOHDXI
/XIWYRUUDWXQG/DGXQJGHU5FNVWRSLVWROHQ%HLGHVHUVFK|SIWHVLFKXQGLFK HUNDQQWHHVHUVWDOVHV]XHLQHU5FNNHKUXQG]XHLQHP1RWUXI]XVSlWZDU 'U$EGXOODEHWUDFKWHWHPLFKEHVRUJW +RIIHQWOLFKLVWNHLQGDXHUQGHU6FKDGHQHQWVWDQGHQ'U7HOHNH ,FKKLHOWLKPHLQHQNOHLQHQZLVVHQVFKDIWOLFKHQ9RUWUDJEHUGLHVHV3UREOHP XPLKQ]XEHUXKLJHQ(UVWDOVLFKGDPLWIHUWLJZDUEHPHUNWHLFKGLH /DFKIlOWFKHQXP$EGXOODV$XJHQ(UKDWWHPLFKDOVRQXU]XPEHVWHQ JHKDOWHQ ,FKVHXI]WH 6LHKDEHQHLQH$UW+XPRUGLHEHVWLPPWQLFKWMHGHUYHUWUDJHQNDQQ'U $EGXOOD (UODFKWH 'DVLVWDXFKQLFKWQ|WLJ6LHQHKPHQHVPLUGRFKJHZLQLFKWEHO'U 7HOHNH" 1HLQHUZLGHUWHLFKXQGOlFKHOWHGDEHL*OHLFKGDUDXIDEHUZXUGHLFKZLHGHU HUQVW:LUZDUHQZlKUHQGXQVHUHV*HVSUlFKHVHLQHQ$QWLJUDYVFKDFKW KLQDEJHVFKZHEW1XQWUDWHQZLUGXUFKGLH$XVVWLHJV|IIQXQJ9RUXQVVWDQGHQ HLQ6HUJHDQWGHV6WW]SXQNWVLFKHUKHLWVGLHQVWHVXQGHLQ.DPSIURERWHU6LH EHZDFKWHQGHQ(LQJDQJ]XU9HUZDOWXQJGHV6LFKHUKHLWVGLHQVWHV 6RIRUWWDXFKWHYRUPHLQHPJHLVWLJHQ$XJHZLHGHUGDV*HVLFKW5RPDQ %ULHOOHVDXI:LHGHUZDUPLUDOVKlWWHLFKLKQNXU]YRUPHLQHP$XVIOXJQDFK GUDXHQJHVHKHQ$EHUPHKUDOVGLHVHYDJH9HUPXWXQJEHVDLFKQLFKW 0HLQ*HGlFKWQLVVDJWHPLUGDLFK%ULHOOHKHXWHEHUKDXSWQRFKQLFKW JHVHKHQKDWWH0HLQ8QWHUEHZXWVHLQPXWHPLUHLQHQ6WUHLFKVSLHOHQ2GHU KDWWHGHU8QWHUGUXFNUDXVFKGRFKSV\FKLVFKH6FKlGHQKLQWHUODVVHQ",FK EHPKWHPLFKQLFKWPHKUGDUDQ]XGHQNHQ 'HU6HUJHDQWVDOXWLHUWH =XZHPP|FKWHQ6LHELWWHPHLQH+HUUHQ"IUDJWHHUK|IOLFK =X,KUHP&KHIHUZLGHUWHLFKVFKQHOO,FKYHUVSUWHGHQ'UDQJGDVJHZL XQDQJHQHKPH*HVSUlFKPLW%ULHOOHVRVFKQHOOZLHP|JOLFKKLQWHUPLFK]X EULQJHQ =X*HQHUDO%ULHOOH"'HU6HUJHDQWZ|OEWHYHUZXQGHUWGLH%UDXHQ,FK ZHLQLFKWREGHU*HQHUDOLP$XJHQEOLFN=HLWIU6LHKDW :LUVLQGEHVWHOOWVDJWHLFK 2K'DVLVWHWZDVDQGHUHV'HU6HUJHDQWVFKDOWHWHGDVLQGLH:DQG HLQJHODVVHQH9LVLSKRQHLQXQGYHUODQJWHGDV&KHIEUR$OVHUVLFKZLHGHU XPZDQGWHZDUHLQ=XJYRQ8QVLFKHUKHLWLQVHLQHP*HVLFKW (VWXWPLUOHLG6LU
VDJWHHU]XPLU'HU*HQHUDOLVW]XU=HLWDEZHVHQG :QVFKHQ6LHHLQH1DFKULFKWIULKQ]XKLQWHUODVVHQ" 1HLQ'DQNHHUZLGHUWHLFK,FKGHQNHHUZLUGVLFKYRQVHOEVWZLHGHU PHOGHQVREDOGHU]XUFNLVW (LQH9LHUWHOVWXQGHVSlWHUDOVZLUQDFKHLQHULQQDFKGHQNOLFKHP6FKZHLJHQ YHUODXIHQHQ)DKUWYRUXQVHUHQ4XDUWLHUHQDQNDPHQVDJWH'U$EGXOODOHLVH
6LHKDEHQJHK|UWZDVIUHLQH$XVNXQIWGHU6HUJHDQWHUKDOWHQKDW" ,FKQLFNWH -DPDQVXFKWGHQ*HQHUDORIIHQEDUVFKRQVHLW6WXQGHQ 6RQGHUEDUVDJWH'U$EGXOODJHGHKQW0HLQHQ6LHQLFKWDXFK'U 7HOHNH" ,FK]XFNWHGLH6FKXOWHUQ (VLVWQLFKWXQVHUH6DFKHZHQQHUVLFKQLFKWEOLFNHQOlW$XFKHLQ&KHIGHV 6LFKHUKHLWVGLHQVWHVKDWVFKOLHOLFKSULYDWH$QJHOHJHQKHLWHQLQGLHHUVLFK QLFKWKLQHLQEOLFNHQODVVHQP|FKWH $EGXOODEOLFNWHPLFKQXUVHOWVDPDQ:LUYHUDEVFKLHGHWHQXQV .DXPKDWWHLFKPHLQ:RKQ]LPPHUEHWUHWHQOLHLFKPLFKLQHLQHQ6HVVHO IDOOHQXQGULGHQ.UDJHQDXI 9RUZHQLJHQ6HNXQGHQKDWWHLFKQRFKJHJODXEWZDVLFK'U$EGXOODEHU %ULHOOHJHVDJWKDWWH'RFKMHW]WIKOWHLFKHLQHXQHUNOlUOLFKH8QUXKHLQPLUGLH VLFKXPVRPHKUVWHLJHUWHMHPHKULFKPLUHLQ]XUHGHQYHUVXFKWH*HIKOH ZlUHQHWZDV,UUHDOHVGHPPDQQLFKWWUDXHQGUIH ,FKKDWWHHLQHQHLJHQDUWLJHQ7UDXP ,FKPDUVFKLHUWHGXUFKGLHURVWIDUEHQHQPDQQVKRKHQ*UlVHUHLQHUIUHPGHQ 6DYDQQHXQWHUHLQHPIUHPGHQ+LPPHO +HLVWDFKGLH6RQQHDXIPLFKKHUDE.HLQ/IWFKHQUHJWHVLFKNHLQ%DXP VWDQGZHLWXQGEUHLWXQGYHUVSUDFKNKOHQGHQ6FKDWWHQ,FKKLHOWGDVPLW KRFKH[SORVLYHQ*HVFKRVVHQJHODGHQH-DJGJHZHKULQGHU$UPEHXJHGHQQ MHGHU]HLWPRFKWHDXVGHPKDUWHQWURFNHQHQ*UDVGVFKXQJHOHLQH DQJULIIVOXVWLJH%HVWLHKHUYRUEUHFKHQ 0HLQHQRIIHQHQ-DJGJOHLWHUKDWWHLFKLQGHURIIHQHQ6DYDQQH]XUFNODVVHQ PVVHQGDGLH6SHLFKHUEDWWHULHQQLFKWPHKUPLWPDFKHQZROOWHQ,FK EHVFKORPLWGHP9HUZDOWHUGHU*OHLWHU0LHWHU]HQWUDOHHLQHUQVWHV:RUW]X UHGHQVREDOGLFKZLHGHULQ5HGIRUGZDU6RHLQH3DQQHGXUIWHDXINHLQHQ )DOOYRUNRPPHQZHQQHLQ)DKU]HXJUHJHOPl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lFKWLJUDVFKHOWHEOLHELFKZLHDQJHZXU]HOWVWHKHQ XQGKREGDV*HZHKU(LQHVFKHQNHOGLFNH6FKODQJHURWXQGVFKZDU]
JHVWUHLIWJOLWWPLWE|VDUWLJHP=LVFKHQGDYRQ:DKUVFKHLQOLFKKDWWHLFKVLHLQ LKUHU0LWWDJVUXKHJHVW|UW,FKJULQVWHHUOHLFKWHUWXQGVHW]WHPHLQHQ:HJIRUW %DOGEUDQQWHQPLUGLH)H%HLMHGHP6FKULWWIXKUHLQ6WLFKKLQGXUFKZLH JOKHQGHV(LVHQ,FKVFKLPSIWHOHLVHDXIGLH0LHW]HQWUDOH:HQQGLH%DWWHULHQ QLFKWUHVWORVYHUGRUEHQJHZHVHQZlUHQKlWWHLFKZHQLJVWHQVHLQHQ )XQNQRWUXIDEVWUDKOHQXQGDXIHLQHQ%HUJXQJVJOHLWHUZDUWHQN|QQHQ$EHUHV ZDUNHLQHLQ]LJHV:DWW6WURPPHKUYHUIJEDUJHZHVHQ 3O|W]OLFKVWXW]WHLFK (LQEUHQ]OLJHU*HUXFKZHKWHKHUDQ*OHLFK]HLWLJEHPHUNWHLFKGDHLQ OHLFKWHU:LQGVLFKHUKREHQKDWWH,FK]RJSUIHQGGLH/XIWHLQ%UDQGJHUXFK ,FKHUEOHLFKWH:HQQGDV]XQGHUWURFNHQH*UDVGHU6DYDQQHVLFKHQW]QGHW KDWWHPXWHVLFKEDOGHLQH)HXHUZDO]HQDKHQJHWULHEHQYRQGHPVWHWLJ ]XQHKPHQGHQ:LQGXQGJHQlKUWYRQ8QPHQJHQWURFNHQHQ*UDVHV ,FKZDQGWHPLFKXPXQGHUEOLFNWHDP+RUL]RQWHLQZLQ]LJHVGXQNOHV :|ONFKHQ(VVDKUHFKWKDUPORVDXVGRFKLFKZXWHGDHVGDVNHLQHVIDOOV ZDU9RUGHQ)ODPPHQJDEHVNHLQH5HWWXQJDXHUVFKQHOOHU)OXFKWXQG GD]XLVWHLQ0HQVFKOHLGHUQLFKWEHVRQGHUVJXWJHHLJQHW'HQQRFKVHW]WHLFK PLFKVRIRUWLQ%HZHJXQJ:HQQLFKQRFKYLHUELVIQI.LORPHWHUGXUFKKLHOW ZDULFKJHUHWWHW,QGLHVHU(QWIHUQXQJHWZDODJGHUEUHLWHDEHUQXUZHQLJ :DVVHUIKUHQGH)OXGHUVFKODQJHQI|UPLJGLH6DYDQQHGXUFK]RJ'DKLQWHU EHJDQQHLQ]ZHL.LORPHWHUEUHLWHU:VWHQVWUHLIHQDXIGHPGDV)HXHUNHLQH 1DKUXQJILQGHQZUGH 1DFK]HKQ0LQXWHQEHJDQQGHU%RGHQ]XGU|KQHQ,FKEHVFKOHXQLJWH PHLQHQ/DXI:HQQPHLQH9HUPXWXQJVWLPPWHVWDPPWHGHU/lUPYRQGHQ WURPPHOQGHQ)HQHLQHUIOFKWHQGHQ6DXULHUKHUGH,FKYHUVSUWHZHQLJ /XVW]HUWUDPSHOW]XZHUGHQ 1XU]ZHL0LQXWHQVSlWHUVWUPWHQGLHHUVWHQ6DXULHUOLQNVXQGUHFKWVDQPLU YRUEHL(VKDQGHOWHVLFKXPHOHIDQWHQJURHDEHUEHGHXWHQGVFKODQNHUH 6DXULHUPLWGHQ6FKlGHOQJLJDQWLVFKHU)OXSIHUGH)ORFNLJHUJHOEHU6FKDXP IORJYRQGHQEUHLWHQ0lXOHUQ6LHVWDPSIWHQRKQHHLQHQ6FKUHLDQPLU YRUEHUDEHUVLHZLFKHQVWHWVNXU]KLQWHUPLUQDFKOLQNVXQGUHFKWVDXVXQG YHUHLQLJWHQVLFKZLHGHU]XHLQHP6WURPEODXJUDXHU/HLEHUQDFKGHPVLHPLFK EHUKROWKDWWHQ 1DFKGHQ6DXULHUQNDPHQJDQ]H5XGHOU|WOLFKHUKXQGHlKQOLFKHU7LHUH$XFK VLHKXVFKWHQVFKZHLJHQGDQPLUYRUEHU0LWWHQ]ZLVFKHQLKQHQWDXFKWHQ JURHJHVWUHLIWH7LJHUHFKVHQDXI6LHHLOWHQPLWJURHQIODFKHQ6SUQJHQ EHUGLH6DYDQQHXQGIDXFKWHQPDQFKPDOlUJHUOLFKZHQQGLH+XQGHQLFKW UDVFKJHQXJDXVZLFKHQ $OVPLFKGLHHUVWHQ6FKODQJHQEHUKROWHQQDKPGLH)ODPPHQZDQGEHUHLWV GHQJDQ]HQUFNZlUWLJHQ+RUL]RQWHLQ,FKK|UWHGDV)DXFKHQXQG3UDVVHOQ
GHV)HXHUV'HU]XP6WXUPDQJHZDFKVHQH:LQGWULHEEHLHQGHQ5DXFKYRU GHU)HXHUZDQGKHU 6FKRQJODXEWHLFKHUVWLFNHQ]XPVVHQVFKRQVSUWHLFKGLHVHQJHQGH*OXW GHU)ODPPHQZDQGVFKPHU]KDIWLQPHLQHP5FNHQGDWDXFKWHGHU)OXYRU PLUDXI hEHUDOOXPPLFKKHUXPVWDPSIWHQVSUDQJHQKXVFKWHQXQGJOLWWHQIOLHKHQGH 7LHUHVFKZHLJHQGRGHUEUOOHQGYRU7RGHVIXUFKW6LHVWU]WHQVLFK EHGHQNHQORVLQGDV:DVVHUHUUHLFKWHQGDVMHQVHLWLJH8IHUXQGZDUHQ JHUHWWHW ,FKVHW]WH]XP6SUXQJDQGHUPLFKYRPHUK|KWHQ8IHULQGDV]ZHL0HWHU WLHIHUHYRU/HEHQEURGHOQGH:DVVHUEULQJHQZUGH 'RFKSO|W]OLFK]|JHUWHLFK 0LWWHQLQGLHSDQLVFKH$QJVWKLQHLQVFKOLFKVLFKGLH(UNHQQWQLVGDDOOHVQXU HLQ7UDXPVHL0LWEHLVSLHOORVHU.ODUKHLWZXWHLFKSO|W]OLFKGDGLHVHU 3ODQHWGLH6DYDQQHGLH7LHUHGDV)HXHUEHUKDXSWQLFKWZLUNOLFKZDUHQ 6LHZDUHQ%LOGHUHLQHV$OSWUDXPVGHQQLFKEHIDQGPLFKDXI4XLQWR&HQWHU XQGLFKKDWWHHLQH$XIJDEH]XO|VHQGLHZLFKWLJHUZDUDOVHLQ-DJGDXVIOXJ DXIHLQHUIUHPGHQ:HOW 'RFKGDZDULPPHUQRFKGDV)HXHU'DZDUGHUEHLHQGH5DXFKGHUGLH $XJHQ]XPhEHUODXIHQEUDFKWH'DZDUGLH*OXWVWUDKOXQJGHUDOOHV YHUVFKOLQJHQGHQ)ODPPHQZDQGGLHXQDXIKDOWVDPKHUDQUDVWH 8QGGHQQRFKWUlXPHLFKQXUVDJWHLFKPLUPLW]XVDPPHQJHELVVHQHQ =lKQHQ 'XZLUVWXPNRPPHQZHQQGXQLFKWVRIRUWVSULQJVWGUlQJWHGLHNUHDWUOLFKH )XUFKWYRUGHP)HXHU ,FKZHKUWHPLFKJHJHQGLH)XUFKWXQGEHUZDQGVLHVFKOLHOLFK 'HQQRFKVFKULHLFKXQZLOONUOLFKDOVGLH)ODPPHQPLFKXPKOOWHQXQG HUZDFKWH %HIUHPGHWPHUNWHLFKGDLFKQLFKWHWZDLQPHLQHP%HWWODJVRQGHUQGD LFKVWDQG,FKVDKQLFKWVGHQQHVZDUILQVWHU1XUYRQOLQNVXQGUHFKWVNDP HLQVFKZDHKHUEOlXOLFKHU/LFKWVFKLPPHU ,QVWLQNWLYIKOWHLFKGLH*HIDKUYRUPLU9RUVLFKWLJWUDWLFKHLQHQ6FKULWW]XUFN ,FKHUVFKUDN /LQNVXQGUHFKWVYRQPLUHUVWUHFNWHVLFKGHU)OXUQXUHUKHOOWYRQGHU VFKZDFKHQ%HOHXFKWXQJGHU1DFKWVWXQGHQ$EHUPLWGHP(OOHQERJHQZDULFK JHJHQHLQ*LWWHUJHVWRHQGDVQXQOHLVHVFKDUUHQG]XUFNVFKZDQJ 9RUPLUMHGRFKJlKQWHGHUILQVWHUH6FKOXQGHLQHV$QWLJUDYVFKDFKWHV,FK EUDXFKWHQLFKWHUVWGLHURWH:DUQODPSH]XHQWGHFNHQXP]XZLVVHQGDHU DXHU%HWULHEZDU ,FKIU|VWHOWHWURW]GHUZDUPHQ/XIWGLHDXVGHQ/IWXQJV|IIQXQJHQVWU|PWH :HQQLFKGDUDQGDFKWHZLHOHLFKWLFKZlKUHQGPHLQHV7UDXPHVKlWWHLQGHQ 7RGVSULQJHQN|QQHQEUDFKPLUGHU6FKZHLDXV)DVVXQJVORVEHWUDFKWHWH LFKGDV0DJQHWVFKORGHV*LWWHUV,FKKDWWHHVKHUDXVJHULVVHQDOVLFKGDV
6LFKHUKHLWVJLWWHU|IIQHQZROOWH'D]XJHK|UWHIUHLOLFKQLFKWDOO]XYLHO.UDIW,P 862+DXSWTXDUWLHUEHIDQGHQVLFKQXU(UZDFKVHQHXQGPDQEUDXFKWH GHVKDOEGLH*LWWHUQLFKWJHJHQ*HZDOWDQZHQGXQJDE]XVLFKHUQ6LHVROOWHQ QXUDXIGLH*HIDKUKLQZHLVHQIDOOVMHPDQGGLHURWH:DUQODPSHZLGHU (UZDUWHQEHUVDK'HQQRFKHUVFKLHQHVPLUHLJHQDUWLJGDLFKLP6FKODI]X MHQHU]LHOJHULFKWHWHQ$QVWUHQJXQJIlKLJJHZHVHQZDUGLH]XPgIIQHQGHV YRQGHU6LFKHUKHLWVDXWRPDWLNJHVFKORVVHQHQ6FKXW]JLWWHUVJHK|UWH 'LH$QJVWVFKWWHOWHPLFKGLH$QJVWYRUGHU(UNHQQWQLVGDLFKSV\FKLVFK NUDQNVHLQN|QQWH,FKIDQGNHLQHDQGHUH(UNOlUXQJIUPHLQH3DQLNLP .ULVWDOO.DPLQXQGGLHVHQ$QIDOOYRQ6RPQDPEXOLVPXVGHUPLFKEHLQDKHLQ GHQ7RGJHIKUWKlWWH 3O|W]OLFKVWUlXEWHQVLFKPLUGLH+DDUH 'HXWOLFKYHUQDKPLFKLQGHPOHHUHQ)OXUGHQ:LGHUKDOOHLOLJHU6FKULWWH 'RFKGHU6FKUHFNZLFKVRIRUWDOVLFKPHUNWHGDGLH6FKULWWHVLFKQLFKW QlKHUWHQVRQGHUQVLFKHQWIHUQWHQ2KQHGDUDXI]XDFKWHQGDLFKPLFKLP 6FKODIDQ]XJEHIDQGVWUPWHLFKDXIQDFNWHQ6RKOHQGHQ)OXUKLQDEGHQVLFK HQWIHUQHQGHQ6FKULWWHQQDFK 'LHJDQ]HSDQLNDUWLJH6SDQQXQJGLHPLFKELVGDKLQHUIOOWKDWWHHQWOXGVLFK QXQPHKULQGHPZWHQGHQ(LIHUGHQ)OLHKHQGHQ]XHUJUHLIHQ,FKZDUPLU GDUEHUNODUGDHVLQ4XLQWR&HQWHUNHLQ$XVJHKYHUERWJDE-HGHUPDQQ DXHUHUZDU6ROGDWGXUIWHVLFKZlKUHQGVHLQHU)UHL]HLWEHZHJHQZDQQXQG ZRKLQHUZROOWH'RFKMHPDQGGHUGXUFKGLH+HLPOLFKNHLWVHLQHV$XIWUHWHQV XQGGXUFKVHLQH)OXFKW9HUGDFKWHUUHJWHPXWHHLQVFKOHFKWHV*HZLVVHQ KDEHQ ,FKIUDJWHPLFKZlKUHQGLFKGHQ)OLHKHQGHQYHUIROJWHZDVLKQGD]X JHWULHEHQKDEHQPRFKWHEHLPHLQHP$QEOLFNGLH)OXFKW]XHUJUHLIHQ(UKlWWH HEHQVRJXWDXIPLFK]XJHKHQXQGDQPLUYRUEHUJHKHQN|QQHQRKQHPHKU DOVHLQ*HIKOGHU9HUOHJHQKHLWLQPLUZDFK]XUXIHQ 2GHUGRFKQLFKW" *DEHVHWZDVDQLKPGDVLKQLQPHLQHQ$XJHQVRIRUWYHUGlFKWLJJHPDFKW KDEHQZUGH"(VPXWHZRKOVRVHLQQXUNDPLFKQLFKWGDUDXIZDVPLU YHUGlFKWLJHUHUVFKLHQHQZlUHDOVGLHVH)OXFKW $OVLFKPHLQH*HVFKZLQGLJNHLWYHUPLQGHUWHXPHLQHVFKDUIH%LHJXQJGHV )OXUHV]XQHKPHQEUDFKGDV*HUlXVFKGHU6FKULWWHDE =XHUVWJODXEWHLFKGHU)OLHKHQGHZlUHLQHLQHUGHU:RKQXQJHQ YHUVFKZXQGHQ'RFKGDQQVDKLFKGDV*UQOLFKWEHUGHPHLQ]LJHQ1DFKWOLIW GLHVHV:RKQVHNWRUV ,FKYHUGRSSHOWHPHLQH$QVWUHQJXQJHQ:HQQHVGHP9HUIROJWHQJHODQJDXV PHLQHU6LFKWZHLWH]XNRPPHQQDFKGHPHUGHQ/LIWVFKDFKWZLHGHUYHUODVVHQ KDWWHZDUHUVRJXWZLHLQ6LFKHUKHLW,FKZXWHGDQQQLFKWQDFKZHOFKHU 6HLWHHUVLFKJHZDQGWKDWWH(UEUDXFKWHQXUVWLOO]XVWHKHQXQGVLFKGXUFKNHLQ *HUlXVFK]XYHUUDWHQ
,QGLHVHP$XJHQEOLFNHUUHLFKWHLFKGHQ/LIWHLQVWLHJ$EHULFKVSUDQJQLFKW KLQHLQVRQGHUQEUHPVWHPHLQHQ/DXILQGHPLFKPLFKPLWDXVJHVWUHFNWHQ $UPHQDQEHLGHQ6HLWHQIHVWKLHOW6FKZHUDWPHQGVWLHLFKPLFKDEWDXPHOWH HLQHQ6FKULWWQDFKKLQWHQXQGOLHPLFKGDQQDXIGLH.QLHIDOOHQ ,FKZDUWHWH (VZDUWRWHQVWLOOULQJVXPELVGLH6WLOOHMlKOLQJVGXUFKGLHGRQQHUQGH (QWODGXQJHLQHV,PSXOVEODVWHUV]HUULVVHQZXUGH (LQEODXZHLHU%OLW]VWUDKOUDVWHHLQHQ9LHUWHOPHWHUYRQPLUHQWIHUQWDQGHU 6FKDFKW|IIQXQJYRUEHUXQGHQWOXGVLFKNUDFKHQGLUJHQGZRDPREHUHQ(QGH GHV6FKDFKWHV 'LH/XIWLP6FKDFKWZDUQRFKEUKHLDOVLFKPLFKKLQHLQVFKZDQJ$EHUGLH YHUJLWWHUWHQ9HQWLODWRUHQGHU/XIWHUQHXHUXQJVDQODJHVDXJWHQPLWVFKULOOHP -DXOHQGLHHUKLW]WH/XIWDEXQGHUVHW]WHQVLHGXUFKIULVFKH 'HQQRFKNDPLFK]XVSlW 'DHUKLW]WH/XIWQXUQDFKREHQVWU|PWDEHUQLFKWQDFKXQWHQIDQGLFKGLH (WDJHUDVFKYRQGHUDXVGHUKHLPWFNLVFKH0|UGHUVHLQHQ6FKX DEJHJHEHQKDWWH(VZDUDOVWDXFKWHLFKYRQHLQHUZDUPHQ:DVVHUVFKLFKWLQ HLQHHLVNDOWH6WU|PXQJHLQ6FKQHOOVSUDQJLFKDXVGHP6FKDFKWXQGVDK PLFKXP 'UHL*lQJH]ZHLJWHQYRQKLHUDXVDE.HLQ/DXWYHUULHWPLUZRKLQGHU 0|UGHUVLFKJHZDQGWKDWWHGHQQKLHUJOLWWHQEHUHLWV5ROOElQGHUXQG HUVSDUWHQGHP*HIORKHQHQGLHYHUUlWHULVFKHQ6FKULWWH ,FKOHKQWHPLFKDQGLH:DQGXQGEHUOHJWH )DVWZlUHGHP$WWHQWlWHUGHUWHXIOLVFKH3ODQJHJOFNW1XUZHLOPLU HLQJHIDOOHQZDUGDHUVLFKOHGLJOLFKGXUFKVHLQH)OXFKWYHUUDWHQKDWWHZDU LFKQLFKWVRIRUWLQGHQ/LIWVFKDFKWJHVSUXQJHQ+lWWHLFKGLH)DOOHHLQH 6HNXQGHVSlWHUHUNDQQWZlUHLFKQLFKWPHKUDP/HEHQ ,FK]XFNWH]XVDPPHQDOVHLQH7ULOOHUSIHLIHVFKULOOWH 8QZLOONUOLFKIXKUPHLQH5HFKWHGRUWKLQZRLFKVRQVWPHLQH:DIIHWUXJ$EHU LP6FKODIDQ]XJWUlJWPDQIUJHZ|KQOLFKNHLQH:DIIH 0HLQH6RUJHZDUMHGRFKXQEHJUQGHWGHQQMHW]WVDKLFKGHQ0DQQGHU JHSILIIHQKDWWH(UJOLWWDXIHLQHP*OHLWEDQGKHUDQXQGPXVWHUWHPLFK PLWUDXLVFKZlKUHQGHUVHLQHQ%ODVWHUDXIPLFKJHULFKWHWKLHOW 1RFKEHYRUHUPLFKHUUHLFKWHWDXFKWHQ]ZHLZHLWHUH%HZDIIQHWHDXI6LH WUXJHQJHQDXZLHGHUHUVWHGLHVFKZDU]H8QLIRUPGHV +46LFKHUKHLWVGLHQVWHV 'HUHUVWHVSUDQJNXU]YRUPLUYRP%DQG +DOORVWLHHU]ZLVFKHQGHQ=lKQHQKHUYRU:DVWXQ6LHKLHUZHQQLFK IUDJHQGDUI"(UKLHOWVHLQH:DIIHLPPHUQRFKDXIPLFKJHULFKWHW ,FK]XFNWHGLH6FKXOWHUQXQGVWDUUWHDXIPHLQHQDFNWHQ)H:DVVROOWHLFK GHP0DQQVFKRQHU]lKOHQ"
Ä+DWHUGHQ6FKXDEJHJHEHQ"IUDJWHHLQHUGHUEHLGHQ8QLIRUPLHUWHQ ZlKUHQGHUHEHQIDOOVGDV*OHLWEDQGYHUOLH ,FKGHQNHVFKRQEUXPPWHGHUHUVWHPUULVFK:HUVROOHVVRQVWJHZHVHQ VHLQ" 'DVLQG6LHLP,UUWXPVDJWHLFK,FKELQ'U7HOHNH&KHIGHV6HNWRUV YRQ$/3+$,FKZDUHVGHPGHU6FKXJDOWXQGLFKZUGHYRUVFKODJHQ QXQGDZLUYLHU0DQQVLQGDOOHYRQKLHUDXVJHKHQGHQ*lQJHQDFKGHP 6FKW]HQDE]XVXFKHQ 'DVN|QQWH,KQHQVRSDVVHQ'HUGULWWH0DQQHLQ6HUJHDQWODFKWH K|KQLVFK8QWHUGHVVHQYHUVFKZLQGHQ6LHVDQJXQGNODQJORVZLH" 8QVLQQEUDXVWHLFKDXI$XV4XLQWR&HQWHUNDQQQLHPDQGYHUVFKZLQGHQ :DUXPZROOHQ6LHGDQQ,KUHPXQVLFKWEDUHQ6FKW]HQQDFKODXIHQ":HQQHV LKQJLEWZHUGHQZLULKQDXFKIDVVHQ ,FKVHXI]WH :DVVROOWHLFKJHJHQGLHVHQDLYH/RJLNDXVULFKWHQ" /RV6LHNRPPHQHUVWHLQPDOPLWKHUUVFKWHGHU6HUJHDQWPLFKDQ 6R"IUDJWHLFKXQGGHXWHWHDXIPHLQH.OHLGXQJ 'HU6HUJHDQWJULQVWH .HLQH6RUJH6LHHUNlOWHQVLFKQLFKW'LH/XIWWHPSHUDWXUZLUGVWlQGLJDXI ]ZHLXQG]ZDQ]LJ*UDG&HOVLXVJHKDOWHQ:HQQ6LHDOOHUGLQJV6FKZLHULJNHLWHQ PDFKHQZROOHQ(U]RJHLQ3DDU+DQGVFKHOOHQKHUYRUXQGKLHOWVLHPLU GHPRQVWUDWLYXQWHUGLH1DVH (UJHEHQ]XFNWHLFKGLH6FKXOWHUQ 6FKZLHULJNHLWHQZHUGHQ6LHVRRGHUVREHNRPPHQ6HUJHDQW'XUFK,KUH 6FKXOGHQWNRPPWHLQ0|UGHU*HQHUDO%ULHOOHZLUGQLFKWVHKUHUIUHXWGDUEHU VHLQ 'HU6HUJHDQW]RJQXUGLH%UDXHQKRFKHQWJHJQHWHDEHUQLFKWV(UEHIDKO VHLQHQ%HJOHLWHUQGHQ7DWRUWQDFKGHU:DIIHXQGQDFK6SXUHQDE]XVXFKHQ XQGEHGHXWHWHPLUGDQQPLWHLQHUGURKHQGHQ*HVWHYRULKPKHU]XJHKHQ (UGLULJLHUWHPLFK]XUQlFKVWHQ6WDWLRQGHV6LFKHUKHLWVGLHQVWHVXQGVFKRE PLFKLQHLQNOHLQHV%UR]LPPHU'DQQJLQJHUXPGHQ6FKUHLEWLVFKKHUXP VFKDOWHWHHLQH7RQVSXOHHLQXQGEHJDQQVHLQ9HUK|U 1DFKGHPHU]XP]ZHLWHQ0DOPHLQHQ1DPHQXQGPHLQH'LHQVWVWHOOXQJ HUIDKUHQKDWWHERWHUPLUMRYLDOHLQHQ3ODW]DQ(UOHJWHGLH$UPHDXIGLH 6FKUHLEWLVFKSODWWHXQGVDKPLFKVWUHQJDQ $OVR'U7HOHNH:DVKDEHQ6LHPLU]XVDJHQ" 1LFKWVHQWJHJQHWHLFKNXU]DQJHEXQGHQ :DUXPKDEHQ6LHJHVFKRVVHQ"IUDJWHHUXQEHLUUWZHLWHU ,FKKDEHQLFKWJHVFKRVVHQ :RKDEHQ6LHGLH:DIIHKLQJHZRUIHQ" .|QQHQ6LHQLFKWK|UHQ"HUZLGHUWHLFKHUERVW,FKKDEHQLFKWJHVFKRVVHQ (UWURPPHOWHPLWGHQ)LQJHUQDXIGHU7LVFKSODWWH 6RNRPPHQZLUQLFKWZHLWHU'RNWRU
:LUZlUHQZHLWHUJHNRPPHQZHQQ6LHPHLQHQ5DWEHIROJWXQGGHQ 6FKW]HQYHUIROJWKlWWHQVDJWHLFKHUELWWHUW,FKZHLJHUHPLFK,KQHQGLH JDQ]H*HVFKLFKWH]XHU]lKOHQ6LHZUGHQPLUGRFKQLFKWJODXEHQ,FKZHUGH QXUVSUHFKHQZHQQ0U*RUDWVFKLQDQZHVHQGLVW 'HU6HUJHDQWULGLH$XJHQZHLWDXI(UEHXJWHVLFKEHUGHQ6FKUHLEWLVFK :RKHUZLVVHQ6LHGD0U*RUDWVFKLQKLHULVW" ,FKOlFKHOWHYHUlFKWOLFK :HLO/RUGDGPLUDO$WODQLKQ]XPLUJHVFKLFNWKDW6HUJHDQW8QGLFKZHLJHUH PLFKGHVKDOE,KQHQDOOHLQGLHEHZXWH*HVFKLFKWH]XHU]lKOHQZHLO6LHGLH =XVDPPHQKlQJHQLFKWNHQQHQ*RUDWVFKLQGDJHJHQRGHUDXFK*HQHUDO %ULHOOHZUGHPLUJODXEHQ6LHQLFKW 3O|W]OLFKHUVFKLHQHQIHLQH6FKZHLSHUOHQDXIGHP*HVLFKWGHV6HUJHDQWHQ (U]QGHWHVLFKPLWIDKULJHQ%HZHJXQJHQHLQH=LJDUHWWHDQ1DFKGHQNOLFK KLHOWHUGLH3DFNXQJLQGHU+DQGGDQQUHLFKWHHUVLHPLUKHUEHU(UVWDQG VRJDUDXIGDEHLXQGJDEPLUDXFK)HXHU ,FKIUFKWHDOOPlKOLFKGDLFKXQEHVRQQHQKDQGHOWH$EHUZHUNRQQWHGHQQ ZLVVHQ,FKZLQNWHDE /DVVHQZLUGDVMHW]W6HUJHDQW:LFKWLJHUHUVFKHLQWPLUGDHQWZHGHU%ULHOOH RGHU*RUDWVFKLQVFKQHOOVWHQVYRQGHP=ZLVFKHQIDOOHUIDKUHQ :LHVWHOOHQ6LHVLFKGDVYRU"PXUPHOWHHUXQVLFKHU ,FKNDQQGRFKQLFKWPLWWHQLQGHU1DFKWPHLQHQ&KHIRGHU0U*RUDWVFKLQ DXVGHP%HWWKROHQODVVHQ ,FKEHUQHKPHGLH9HUDQWZRUWXQJ 'HU6HUJHDQWHUU|WHWH9HUOHJHQUlXVSHUWHHUVLFK 1HLQQHLQ'RNWRU6RZDUGDVQLFKWJHPHLQW,FKZLOOPLFKQLFKWXPGLH 9HUDQWZRUWXQJGUFNHQ'DVZDVLFKWXHPXLFKVHOEVWYHUDQWZRUWHQ(U VDKPLFKQRFKHLQPDOQDFKGHQNOLFKDQGDQQJULIIHU]XU6FKDOWOHLVWHGHV 9LVLSKRQV,FKZHUGHYHUVXFKHQPHLQHQ&KHI]XHUUHLFKHQ (UYHUVXFKWHHV]XHUVWLQGHU=HQWUDOHGHV6LFKHUKHLWVGLHQVWHV 1HLQ6HUJHDQWK|UWHLFKGLH6WLPPHHLQHV/HXWQDQWVNODUXQGGHXWOLFKDXV GHP/DXWVSUHFKHUNRPPHQ'HU*HQHUDOLVWDXJHQEOLFNOLFKQLFKW]X HUUHLFKHQ(ULVWDXFKQLFKWLQVHLQHU:RKQXQJ:LUKDEHQHLQH1DFKULFKWIU LKQGRUWKLQWHUODVVHQXQGHUKlWWHVLFKVRIRUWJHPHOGHWZHQQHU ]XUFNJHNRPPHQZlUH .RPLVFKVDJWHGHU6HUJHDQW]XPLUQDFKGHPHUGDV*HVSUlFKEHHQGHW KDWWH6HLWZDQQZLVVHQGLHLQGHU=HQWUDOHQLFKWZRGHU&KHI]XILQGHQLVW" 2GHUVWHFNWGDHLQHJHKHLPH6DFKHGDKLQWHU" ,FKIKOWHPLFKZLHJHOlKPW'DV9HUVFKZLQGHQGHV*HQHUDOVNDPPLU XQKHLPOLFKYRULFKZXWHGDGDKLQWHUNHLQHJHKHLPH6DFKHVWHFNWHGHQQ %ULHOOHZDUVFKRQDP$EHQGQLFKWIUPLFK]XVSUHFKHQJHZHVHQREZRKOHU PLFK]XVLFKEHVWHOOWKDWWH
'DVEHVWHZLUGVHLQ6LHYHUVXFKHQHVEHL0U*RUDWVFKLQVDJWHLFKPLW EHOHJWHU6WLPPH *XWHU*RWWGDFKWHLFKEHLPLU+RIIHQWOLFKLVW*RUDWVFKLQQLFKWDXFK YHUVFKZXQGHQ *RUDWVFKLQZDUQLFKWYHUVFKZXQGHQ(UWUDIHLQH9LHUWHOVWXQGHQDFKGHU %HQDFKULFKWLJXQJHLQ2IIHQEDUZDUHUQRFKZDFKJHZHVHQVRQVWKlWWHHU QLFKWVRVFKQHOOKLHUVHLQN|QQHQ ,FKHU]lKOWHLKPGLHJDQ]H*HVFKLFKWH$OOHUGLQJVOLHLFKPHLQHQ7UDXPXQG PHLQ(UZDFKHQYRUGHPWRWHQ/LIWVFKDFKWZHJ,FKEHKDXSWHWHGXUFKHLQ YHUGlFKWLJHV*HUlXVFKDQPHLQHU7UZDFKJHZRUGHQ]XVHLQ *RUDWVFKLQV*HVLFKWHUGUFNWHQ0LWUDXHQDXV$EHUGLHEHLGHQ/HXWHGLH GHU6HUJHDQWPLWGHU8QWHUVXFKXQJGHV7DWRUWHVEHDXIWUDJWKDWWHZDUHQ LQ]ZLVFKHQ]XUFNJHNHKUWXQGHUNOlUWHQYRQHLQHU:DIIHNHLQH6SXU JHIXQGHQ]XKDEHQ6LHKDWWHQDXFKGLH*OHLWElQGHUDEJHVXFKWLQGHU YHUJHEOLFKHQ+RIIQXQJGLHZHJJHZRUIHQH:DIIHDQGHQQlFKVWHQ %DQGZHLFKHQ]XILQGHQ'RUWKlWWHQDXIMHGHQ)DOOGLH hEHUZDFKXQJVDXWRPDWHQGHQ)UHPGN|USHUIHVWJHVWHOOWXQGPLWHLQHP =XJVWUDKODQGHQ5DQGEHI|UGHUW'RFKKDWWHHVQLFKWVJHJHEHQZDVVLH YRP%DQGKlWWHQHQWIHUQHQN|QQHQ 1XQ"IUDJWHLFKVDUNDVWLVFK*ODXEHQ6LHPLUMHW]W0U*RUDWVFKLQ" (U]XFNWHGLHEUHLWHQ6FKXOWHUQ :DVEOHLEWPLUDQGHUVEULJ'U7HOHNH(KUOLFKJHVDJWNDPPLU,KUH *HVFKLFKWHHWZDVNRQVWUXLHUWYRU]XPLQGHVWZDVGLH$UWXQG:HLVHEHWULIIW ZLHPDQ6LHDXV,KUHU:RKQXQJJHORFNWKDW$EHULFKIDQGNHLQHQ YHUQQIWLJHQ*UXQGGDIUZHVKDOE6LHHLQHQ6FKXLQGHQOHHUHQ $QWLJUDYVFKDFKWDEJHEHQXQGGDQQDXIGLHDODUPLHUWH:DFKHKlWWHQZDUWHQ VROOHQ'DDQGHUHUVHLWVJHQJHQG6SXUHQEHZHLVHQGDWDWVlFKOLFKHLQ %ODVWHUVFKXDEJHJHEHQZXUGHWUDFKWHWPDQ,KQHQZDKUVFKHLQOLFKQDFK GHP/HEHQ ,FKQHKPHDQZLUVLQGXQVGDUEHUNODUZHUPLUQDFKGHP/HEHQWUDFKWHW" IUDJWHLFKYRUVLFKWLJ 9RUGHQ/HXWHQKLHUN|QQHQZLUGHQNHLFKRIIHQGDUEHUVSUHFKHQ HUZLGHUWH*RUDWVFKLQ6LHYHUGlFKWLJHQQDWUOLFKGHQ*HLVWHU$JHQWHQ $EHU *HQHUDO%ULHOOHZLUGLQGLH/XIWJHKHQZHQQHUGDYRQHUIlKUW(UKDW%HZHLVH GDHVGHQEHZXWHQ$JHQWHQQLFKWPHKUJLEW6LHZLVVHQGDVMD,FKQLFNWH ,FKKDEHYRQ$QIDQJDQQLFKWDQ%ULHOOHV%HZHLVHJHJODXEW6LU'HU 7HFKQLNHUNDQQQLFKWGHU$JHQWJHZHVHQVHLQ'D]XLVWHU]XQDLY YRUJHJDQJHQ ,FKELQEHU]HXJWGDYRQ6LHKlWWHQHVEHVVHUJHPDFKWVDJWH*RUDWVFKLQ VDQIW 6LHDXFK6LUJDELFKWURFNHQ]XUFN *RUDWVFKLQODFKWH
6DJHQ6LHGDGHP*HQHUDO'RNWRU ,FKZUGHHVLKPVDJHQHQWJHJQHWHLFKHUQVW$EHUNHLQ0HQVFKZHLZR %ULHOOHVWHFNW'DVZDUDXFKGHU*UXQGZDUXPZLU6LHJHUXIHQKDEHQ6LU *RUDWVFKLQOlFKHOWHXQJOlXELJ :DUXPKDEHQ6LHQLFKWLQGHU6LFKHUKHLWV]HQWUDOHQDFKJHIUDJW"'RUWZHL PDQZRGHU*HQHUDOVLFKDXIKlOW4XLQWR&HQWHULVWMDZLUNOLFKQLFKWJUR 6LHZHUGHQODFKHQVDJWHLFKJULPPLJ$EHUZHGHUJHVWHUQDEHQGQRFK MHW]WZHLPDQLQGHU6LFKHUKHLWV]HQWUDOHHWZDVYRQ%ULHOOH *RUDWVFKLQZXUGHEOD 'DVLVWXQP|JOLFK'U7HOHNH6LHPVVHQVLFKLUUHQ ,FKZROOWHHVZlUHVR6LU 1HLQ*RUDWVFKLQYHUORUIUGHQ%UXFKWHLOHLQHU6HNXQGHGLH %HKHUUVFKXQJ6HLQH*HVLFKWHUJOLFKHQSO|W]OLFKGl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lFKHOQG(UHLOWH]XP9LVLSKRQXQG HUWHLOWHYRQGRUWDXVVHLQH%HIHKOH ,FKKDEHVHOEVWYHUVWlQGOLFKHLQHJHKHLPH)DKQGXQJQDFK*HQHUDO%ULHOOH HLQJHOHLWHWVDJWHHUDOVHU]XUFNNDP$EHULFKNDQQPLUQLFKWGHQNHQGD GHU*HQHUDOVLFKYHUVWHFNWKlOW ,FKDXFKQLFKWHQWJHJQHWH*RUDWVFKLQ8PVRVFKOLPPHULVWVHLQ 9HUVFKZLQGHQ 0HLQHQ6LH6LUZDUILFKHLQLKPN|QQWHHWZDV]XJHVWRHQVHLQ" ,FKYHUVWHKH,KUH)UDJHQLFKW*RUDWVFKLQEOLFNWHYHUZXQGHUWDXIPLFK KHUDE$XI6LHZXUGHZDKUVFKHLQOLFKHLQ$QVFKODJYHUEWZHLO6LHVLFK]X
VHKUIUGHQ*HLVWHU$JHQWHQ LQWHUHVVLHUWHQ)U%ULHOOHWULIIWGDVGRFKLQYLHO JU|HUHP0DH]X 6LHYHUJHVVHQHLQV6LUZDQGWHLFKHLQ%ULHOOHJODXEWHGLH$IIlUH*HLVWHU $JHQW VHLPLW*UHHQV7RGHUOHGLJW(UVWHOOWHGHVKDOEIUHLQHQ$JHQWHQNHLQH *HIDKUPHKUGDU:DUXPDOVRVROOWHPDQLKQEHVHLWLJHQ" 'LHVHV$UJXPHQWKDWHWZDVIUVLFKVDJWH.LWDFKL*HQHUDO%ULHOOHKLHOW GHQ)DOOWDWVlFKOLFKIUDEJHVFKORVVHQXQGGLH(UPLWWOXQJVHUJHEQLVVH VFKLHQHQGDVHLQGHXWLJ]XEHZHLVHQ 6FKLHQHQ"IUDJWH*RUDWVFKLQYHUZXQGHUW 0DMRU.LWDFKL]XFNWHGLH6FKXOWHUQ 0LUJHILHOGLHVHXQNRPSOL]LHUWH/|VXQJQLFKW,FKHUZlKQWHHVDXFKGHP *HQHUDOJHJHQEHU$EHUZDVVROOWHLFKVRQVWQRFKWXQ"(VVWHKWHLQGHXWLJ IHVWGD0DMRU:ULJKOH\GLH)HXHUNQ|SIHLQ7)VHOEVWEHGLHQWKDW:LU IDQGHQVHLQH)LQJHUDEGUFNH(VLVWDXFKEHZLHVHQGDHUVLFKGDQDFK VHOEVWGDV/HEHQQDKPXQGEHL$OGR*UHHQJDEHVVRJDU]ZHL=HXJHQ6LH 0U*RUDWVFKLQXQG6LH'U7HOHNH :HUZXWHYRQ%ULHOOHV0HLQXQJ"IUDJWH*RUDWVFKLQ 'LHKDOEH6LFKHUKHLWV]HQWUDOH6LU'DQQ6LHVHOEVWGHU$GPLUDOXQGVLFKHU DXFKGHU6WDEGHV$GPLUDOV:DUXPIUDJHQ6LHGDQDFK6LU"'LHVH/HXWH KlWWHQGRFKNHLQ0RWLYGDIUJHKDEWGHQ*HQHUDOYHUVFKZLQGHQ]XODVVHQ (EHQVDJWH*RUDWVFKLQ'HVKDOEVFKHLGHQDOOHGLHVH/HXWHDXV'D]X NRPPHQQRFK'U7HOHNHXQGVHLQ.ROOHJH'U$EGXOODGLHHVYRQPLU ZLVVHQ ,QGLHVHP$XJHQEOLFNWUDW$GPLUDO*UDQWHLQ 2KQHHLQH0LHQH]XYHU]LHKHQK|UWHHUVLFK*RUDWVFKLQVXQGPHLQHQ%HULFKW DQ (LQHGXPPH6DFKHNRPPHQWLHUWHHUXQVHUH%HULFKWH ,FKJHZDQQLPPHUPHKUGLHhEHU]HXJXQJGD$GPLUDO*UDQW]XMHQHQ ZHQLJHQ0HQVFKHQJHK|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
-DVRPWHQZLUHVDQIDQJHQ,UJHQGMHPDQGKDWGHQ*HQHUDO]XOHW]W JHVHKHQ 0DMRU.LWDFKLUlXVSHUWHVLFK 'DUILFKGD]XEHPHUNHQ6LUGDPHLQH/HXWHGHQ$XIWUDJKDEHQQDFK GLHVHPEHZXWHQ-HPDQG]XVXFKHQ 7FKWLJ7FKWLJVDJWH*UDQW+DEHQ6LHVFKRQHLQ(UJHEQLV0DMRU" .LWDFKL]RJHLQH/LVWHKHUYRU /HXWQDQW.DPRWHZ'LHQVWEHVSUHFKXQJPLW*HQHUDO%ULHOOHYRQHWZD VHFK]HKQ8KUELVVHFK]HKQ8KUGUHLLJ 6HUJHDQW8OOD0LFKDLORZD'LNWDWDXIJHQRPPHQYRQHWZDDFKW]HKQ8KU]HKQ ELVDFKW]HKQ8KUIQIXQGYLHU]LJ /HXWQDQW7DWHKDWXPHWZDQHXQ]HKQ8KU*HQHUDO%ULHOOHGHQ$XVJDQJ SDVVLHUHQODVVHQ 'U+HLVWHU3K\VLNHUZXUGHJHJHQQHXQ]HKQ8KU]ZDQ]LJYRQ*HQHUDO %ULHOOHDXIJHVXFKW'HU*HQHUDOYHUOLHLKQQDFKIQI0LQXWHQZLHGHU'DVLVW DOOHVELVKHU6LU :HQLJVWHQVHWZDVVDJWHGHU$GPLUDO'U+HLVWHUDOVRKDWLKQ]XOHW]W JHVHKHQ+P:DVKDOWHQ6LHGDYRQLKQKLHUKHU]XEHVWHOOHQ0DMRU" ,FKZHUGHHVVRIRUWHUOHGLJHQ6LUHUZLGHUWH0DMRU.LWDFKLHLIULJ 'RFKHUNDPQLFKWPHKUGD]X'DV9LVLSKRQPHOGHWHVLFK.LWDFKLHLOWHDQ GHQ$SSDUDW =HUKDFNHU*=EHQXW]HQELWWHWVFKDOOWHHVDXVGHP(PSIlQJHU'HU %LOGVFKLUPEOLHEGXQNHO .LWDFKLQDKPHLQLJH6FKDOWXQJHQYRU:LUEHREDFKWHWHQJHVSDQQWGHQ %LOGVFKLUPDXIGHPDXVZLUEHOQGHQ6FKOHLHUQGDV%LOGHLQHV/HXWQDQWV DXIWDXFKWH $4KLHU6LUPHOGHWHHUVLFK 6SUHFKHQ6LHEHIDKO.LWDFKL 6LU'LH6WLPPHGHV/HXWQDQWVYLEULHUWHYRUXQWHUGUFNWHU(UUHJXQJ,FK JODXEHHLQH6SXUYRP*HQHUDOJHIXQGHQ]XKDEHQ'HU9HUZDOWHUGHV $XVUVWXQJV9HUOHLKVEHL6FKDFKW]Z|OIVDJWHDXVGD*HQHUDO%ULHOOHVLFK $XVUVWXQJ1UJHEHQOLH'DVLVWGLH$XVUVWXQJ]XP9DNXXP 6FKZLPPHQ .LWDFKLV6WLPPHNODQJSO|W]OLFKKHLVHUDOVHUIUDJWH :DQQZDUGDV$4" *HQDXXP]ZDQ]LJ8KUQHXQ6LU'HU0DQQZHLGDVGHVKDOEVRJHQDX ZHLOGLH$XVJDEHHLQHU$XHQ$XVUVWXQJDXV6LFKHUKHLWVJUQGHQJHQDX NRQWUROOLHUWZLUG :XUGHGLH$XVUVWXQJ]XUFNJHJHEHQ"IUDJWH.LWDFKLZHLWHU 1HLQ6LU'HU%HUJXQJVWUXSSLVWDEHUQRFKGUDXHQ 9LHOHQ'DQN/HXWQDQW6HW]HQ6LHVLFKPLWGHP%HUJXQJVWUXSSLQ 9HUELQGXQJ
,FKELQHUVWDXQWVDJWH$GPLUDO*UDQWDOV.LWDFKLGDV*HVSUl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lQJVW]X(QGHJHJDQJHQVHLQ :LHHLQH9LVLRQWDXFKWHYRUPLUHLQ'UXFNKHOPPLW]HUVFKPHWWHUWHU 6LFKWVFKHLEHDXIDXVGHPJHIURUHQH/XIWZLHN|UQLJHU6FKQHHZLUEHOWH'RFK GLH9LVLRQVFKZDQGEHYRULFKPLFKGDUDXINRQ]HQWULHUWKDWWH 8QZLOOLJVFKWWHOWHLFKGHQ.RSI $GPLUDO*UDQWIDWHHVDQGHUVDXI ,FKYHUELHWHHV,KQHQQDWUOLFKQLFKW'U7HOHNH$EHU6LHVROOWHQZHQLJVWHQV QLFKWDOOHLQKLQDXVJHKHQ :DUXP"VDJWHLFKYHUZXQGHUW :HLOHUZLGHUWHDQ*UDQWV6WHOOH*RUDWVFKLQGRUWGUDXHQHWZDVLVWGDV ZLUQLFKWNHQQHQ:LUZLVVHQQXUGDHVIHLQGOLFKLVWXQGGDZLUHVQLFKW XQWHUVFKlW]HQVROOWHQ,FKNRPPHPLW'U7HOHNH ,ZDQ,ZDQRZLWVFK*RUDWVFKLQXQGLFKVFKZLHJHQDOVZLUXQVEHU *OHLWElQGHUXQGGXUFK$QWLJUDYVFKlFKWHGHUREHUHQ(WDJHYRQ6FKDFKW]Z|OI Ql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lQGHEHUKDXSWQLFKWLP6SLHOJHKDEW0HLQHLJHQHV(UOHEQLVKDWWHPLU GHXWOLFKJHQXJJH]HLJWZLHVFKQHOOVHOEVWHLQHUIDKUHQHU9DNXXP 6FKZLPPHUGXUFKHLQHQ6DXHUVWRIIUDXVFK]XPKLOIORVHQ:HUN]HXJVHLQHU HLJHQHQ+DOOX]LQDWLRQHQZHUGHQNDQQ
8QG*HQHUDO%ULHOOHZDUQLFKWHLQPDOHLQHUIDKUHQHU9DNXXP6FKZLPPHU 3O|W]OLFKVWXW]WHLFK :LHNDPLFKDXIGHQ*HGDQNHQ%ULHOOHN|QQWHNHLQHUIDKUHQHU9DNXXP 6FKZLPPHUVHLQ" 'DZDUVLHZLHGHUGLH$QJVWYRUGHPZDVDXVPHLQHP*HGlFKWQLV HQWVFKZXQGHQZDU,FKIUFKWHWHPLFKGDYRUPLFK]XHULQQHUQXQG JOHLFK]HLWLJGDYRUPLFKQLFKW]XHULQQHUQ,FKDKQWHGDLFKLQPHLQHP 8QWHUEHZXWVHLQGHQ6FKOVVHO]XGHP*HKHLPQLVYRQ4XLQWR&HQWHULQGHU +DQGKLHOW$EHULFKDKQWHDXFKGDHVHWZDV6FKUHFNOLFKHV )XUFKWHUUHJHQGHVZDUGDVVLFKYRUPHLQHP%HZXWVHLQYHUEDUJ*OHLFK VLQGZLUGD *RUDWVFKLQV6WLPPHULPLFKLQGLH:LUNOLFKNHLW]XUFN,FKEHPKWHPLFK PLUQLFKWVYRQGHU(UUHJXQJDQPHUNHQ]XODVVHQGLHLQPHLQHP,QQHUQWREWH 'RFK*RUDWVFKLQVFKLHQPHLQH*HLVWHVDEZHVHQKHLWEHUHLWVDXIJHIDOOHQ]X VHLQ1XUOHJWHHUVLHDQGHUVDXV 6LHN|QQHQLPPHUQRFK]XUFNEOHLEHQ'U7HOHNH(UEOLFNWHPLUSUIHQG LQV*HVLFKW6LHVHKHQJDUQLFKWJXWDXV9LHOOHLFKWVROOWHQ6LHHUVWHLQLJH 6WXQGHQVFKODIHQEHYRU6LHHWZDVXQWHUQHKPHQ 1HLQ6LU,FKVFKWWHOWHKHIWLJGHQ.RSI,FKIKOHPLFKYROONRPPHQIULVFK 1XQGDQDFKVHKHQ6LHPLUDEHUJDUQLFKWDXVEUXPPWH*RUDWVFKLQ JXWPWLJEHVRUJW Ä/DVVHQ6LHXQVHUVWGUDXHQVHLQHUZLGHUWHLFKEHPKWPHLQHU6WLPPH HLQHQVFKHU]KDIWHQ.ODQJ]XJHEHQ'DV9DNXXPLVWPHLQ(OHPHQW'RUW ZHUGHLFKZDFKZHUGHQ 'LH7UPLWGHU$XIVFKULIW$865h6781*69(5/(,+6JOLWWODXWORVYRU XQV]XUFN'LHJURHKHOOHUOHXFKWHWH+DOOHPLWGHQXQ]lKOLJHQ*HVWHOOHQ XQG5HJDOHQQDKPXQVDXI6lXEHUOLFKJHRUGQHWXQGQXPHULHUWKLQJHQKLHU OHLFKWHELVVFKZHUH5DXPDQ]JHEHUVFKZHUH5DXPSDQ]HUNOHLQH HLQVLW]LJH6FKZHEHUXQGYROOVWlQGLJH9DNXXP6FKZLPP$XVUVWXQJHQ$OOH GLHVH'LQJHGLHQWHQGHP3ULYDWYHUJQJHQGHULQ4XLQWR&HQWHUVWDWLRQLHUWHQ 0HQVFKHQ+LHUNRQQWHQ0DVFKLQLVWHQGLHVLFKSULYDWIU*HRORJLH LQWHUHVVLHUWHQNRVWHQORVNRPSOHWWH([SHGLWLRQVDXVUVWXQJHQHPSIDQJHQ 0HGL]LQHUGLHVLFKIUSK\VLNDOLVFKH9DNXXP([SHULPHQWHEHJHLVWHUWHQ IDQGHQKLHUDOOHQRWZHQGLJHQ*HUlWHGDIUXQG9DNXXP6FKZLPPHUZXUGHQ PLW6FRRWHUQOHLFKWHQ5DXPDQ]JHQXQG5FNVWRSLVWROHQYHUVHKHQ +LQWHUGHUOHLFKWQDFKLQQHQJHVFKZXQJHQHQ7KHNHVDGHUGLHQVWKDEHQGH 0DJD]LQYHUZDOWHU (UVDKYRQHLQHP%XFKILOPDXIDOVZLUHLQWUDWHQXQGZROOWHXQVPLWHLQHP IUHXQGOLFKHQ/lFKHOQEHGHQNHQ$EHUHVNDPQLFKWGD]X0LW ZHLWDXIJHULVVHQHQ$XJHQVWDUUWHHU*RUDWVFKLQV]ZHL.|SIHDQ(UVWLH HLQHQJXUJHOQGHQ6FKUHLDXV6HLQH+DQGIXKUQDFKGHP$ODUPNQRSI /DVVHQ6LHGLH)LQJHUGDYRQELWWHVDJWH*RUDWVFKLQ(LQELWWHUHV/lFKHOQ JUXEVLFKXPVHLQH0XQGZLQNHO'LHVHU0DQQZDUZRKOVFKRQVHKURIWDOV
0RQVWUXPDQJHVHKHQZRUGHQ]XRIWXPQRFKhEHUUDVFKXQJGDUEHU]X ]HLJHQ 'LH+DQGGHV0DJD]LQYHUZDOWHUVYHUKDUUWH]LWWHUQGEHUGHP$ODUPNQRSI 6HLQ0XQGVWDQGYRU$QJVWKDOERIIHQ 6LHNHQQHQZRKOGLH8QLIRUPGHV6RODUHQ,PSHULXPVQLFKWVDJWHLFKVFKDUI 6HKHQ6LHQLFKWGD0U*RUDWVFKLQGLH5DQJDE]HLFKHQHLQHV 6RQGHURIIL]LHUVXQGGDV6\PEROGHV0XWDQWHQNRUSVWUlJW" 'LH+DQGHQWIHUQWHVLFKODQJVDPYRQGHP.QRSI$EHUVLH]LWWHUWHLPPHU QRFK 0U*RUDWVFKLQLVWHLQ0HQVFKZLH6LHXQGLFKDXFKZHQQHUHLQZHQLJ DQGHUVDXVVLHKWIXKULFKGHQYHUlQJVWLJWHQ0DQQDQ6FKlPHQ6LHVLFK 99HU]HLKXQJ6LUVWDPPHOWHHU$OOPlKOLFKNHKUWHZLHGHUHWZDV)DUEHLQ VHLQ*HVLFKW]XUFN 6FKRQJXWVDJWH*RUDWVFKLQ6HLQH6WLPPHNODQJUDXKPLWHLQHP7RQIDOO GHUHLQZHQLJ7UDXULJNHLWYHUULHW:LUEUDXFKHQ]ZHLNRPSOHWWH$XVUVWXQJHQ GHU.DWDORJQXPPHU(LQHGDYRQLQhEHUJU|H -DZRKO6LUVRIRUWHUZLGHUWHGHU9HUZDOWHUKDVWLJ(UZDUURWJHZRUGHQ 6LFKHUEHJULIIHUMHW]WZDVHUPLWVHLQHPGXPPHQ(UVFKUHFNHQDQJHULFKWHW KDWWHXQGDQVFKHLQHQGYHUVWDQGHUDXFKZLHZHQLJDQJHEUDFKWZRUWUHLFKH (QWVFKXOGLJXQJHQJHZHVHQZlUHQ(UGUFNWHHLQHQ.QRSIVHLQHV 6LFKWJHUlWHV'DQQQLFNWHHU 9RUKDQGHQPXUPHOWHHU]XVLFKVHOEVW(UKDWWHZRKOHUVWIHVWJHVWHOOW ZLHYLHO$XVUVWXQJHQGHU1XPPHUJUHLIEDUZDUHQ-HW]WEHWlWLJWHHUGLH :lKOWDVWHQHLQHV.RPPDQGRJHUl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lKOLFKGlPPHUWHEHLPLU GLH(UNHQQWQLVGD*RUDWVFKLQNHLQ9DNXXP6FKZLPPHUZDU :DVLVWORV"IUDJWHHUPLFKXQZLUVFKRIIHQEDUGXUFKPHLQ$QVWDUUHQLUULWLHUW
6LHVLQGNHLQ9DNXXP6FKZLPPHU6LUVDJWHLFKYRUZXUIVYROO*RUDWVFKLQ ODFKWH $OOHUGLQJVQLFKWZHQQ6LHGLH6SRUWDUWPHLQHQ'RNWRU$EHULFKKDEHPLFK VRRIWLP9DNXXPEHZHJHQPVVHQXQGQLFKWQXU]XP6SDGD6LH ZLUNOLFKNHLQH6RUJH]XKDEHQEUDXFKHQ ,FK]XFNWHGLH6FKXOWHUQ .|QQHQ6LHGHQQPLW5FNVWRSLVWROHQXPJHKHQ6LU" :HWWHQGDLFKHVQLFKWVFKOHFKWHUNDQQDOV6LH" 'DQNHLFKZHWWHQLFKWHQWJHJQHWHLFKVNHSWLVFK6LHPVVHQMDZLVVHQ ZDV6LHWXQ6LU,FKNDQQ,KQHQNHLQH9RUVFKULIWHQPDFKHQ$EHUZHQQHV QDFKPLUJLQJHNlPHQ6LHQLFKWPLW 'DQQLVWHVQXUJXWGDHVQLFKWQDFK,KQHQJHKW(UVWUHLIWHVLFKGHQ 5DXPDQ]XJEHUVHW]WHGHQEHUJURHQ+HOPDXIXQGQDKPGLH YRUJHVFKULHEHQHQ.RQWUROOHQYRU,FKEHHLOWHPLFKHVLKPQDFK]XWXQ 'LH$UWPLWGHUHUGLH5FNVWRSLVWROHQEHUSUIWHXQGDQGHQ.RQWUROOHQGHV 6FRRWHUVPDQLSXOLHUWHEHUXKLJWHPLFKZLHGHU(UWDWNHLQHQEHUIOVVLJHQ +DQGJULII ,KUH1DPHQELWWHPHOGHWHVLFKGHU9HUZDOWHUYRQVHLQHP6HVVHO ,FKQDQQWHVLHLKPXQGHUJDEVLHGHUHOHNWURQLVFKHQ.DUWHLHLQ 3O|W]OLFKIODPPWHHLQURWHV:DUQOLFKWDQVHLQHP5HJLVWULHUJHUlWDXI'HU 9HUZDOWHUEHXJWHVLFK]XP,QIRUPDWLRQV%LOGVFKLUPKLQDEXQGWDXFKWHPLW KRFKURWHP*HVLFKWZLHGHUDXI 'U7HOHNH -D":DVLVW"PXUPHOWHLFKXQZLUVFKXQGOLHGHQ6FRRWHUGHQLFKHEHQ DQJHKREHQKDWWHZLHGHUVLQNHQ ,FKKDEHKLHUHLQHlK,QIRUPDWLRQYRUOLHJHQ6LUTXHWVFKWHHU]ZLVFKHQ GHQ=lKQHQKHUYRU'DQDFKGDUIDQ6LHNHLQH9DNXXP$XVUVWXQJPHKU DXVJHOLHKHQZHUGHQMHGHQIDOOVQLFKWEHYRU6LHVLFKHLQHU (LJQXQJVXQWHUVXFKXQJXQWHU]RJHQKDEHQ :LHELWWH",FKVWDUUWHGHQ9HUZDOWHUIDVVXQJVORVDQ:HUKDWGDV DQJHRUGQHW" 'LHQlFKVWOLHJHQGH(UVWH+LOIH6WDWLRQ6LU9HUOHJHQEOLFNWHHU]X%RGHQ 6LHZDUHQLQGHUYHUJDQJHQHQ1DFKWPLWHLQHU96$XVUVWXQJGUDXHQXQG PXWHQYRQHLQHP5HWWXQJVWUXSSJHERUJHQZHUGHQ'DGLH8PVWlQGHGLH ]X,KUHU1RWODJHIKUWHQQRFKQLFKWJHNOlUWZXUGHQZHUGHQ6LHJHEHWHQ XPJHKHQGEHLP&KHIDU]WGHU6WDWLRQYRU]XVSUHFKHQ ,FKVSUWHZLHPLUGDV%OXWLQV*HVLFKWVFKR *RUDWVFKLQVDKPLFKPLWHLQHPVRQGHUEDUHQ$XVGUXFNDQVDJWHMHGRFK QLFKWV]XPLU'DIUZDQGWHHUVLFKDQGHQ9HUZDOWHU :DQQKDW'U7HOHNH]XOHW]WHLQH96$XVUVWXQJDXVJHOLHKHQ" 'HU9HUZDOWHUEHXJWHVLFKZLHGHU]XVHLQHP,QIRUPDWLRQV%LOGVFKLUP (UYHUOLHGDV0DJD]LQXP]ZDQ]LJ8KUIQI6LU
:LHGHUVDK*RUDWVFKLQPLFKVHOWVDPDQ'DQQPHLQWHHUPLWJHVSLHOWHP *OHLFKPXW :LUN|QQHQOHLGHUQLFKWZDUWHQELV'U7HOHNHXQWHUVXFKWZRUGHQLVW*HEHQ 6LHELWWHVHLQH$XVUVWXQJDXIPHLQH9HUDQWZRUWXQJDXV $EHUGHU&KHIDU]WZROOWHGHU9HUZDOWHUSURWHVWLHUHQ *RUDWVFKLQZLQNWHDE +LHUJHKWHVXPPHKUDOVXPGLH(LQKDOWXQJHLQHV3DUDJUDSKHQ,FKEHIHKOH ,KQHQ'U7HOHNHQLFKWDXI]XKDOWHQ -DZRKO6LU'HU9HUZDOWHUEHXJWHVLFKVHXI]HQGEHUGDV5HJLVWULHUJHUlW XQGVSUDFKXQVHUH'DWHQXQGGLH=HLWKLQHLQ $OVZLUGDV0DJD]LQYHUODVVHQKDWWHQKLHOW*RUDWVFKLQDEUXSWDQXQGVDJWH HUQVW 6LHKLHOWHQVLFKHWZD]XUJOHLFKHQ=HLWGUDXHQDXIZLH*HQHUDO%ULHOOH :DUXPKDEHQ6LHGDVQLFKWOlQJVWJHVDJW" ,FKVWDUUWH*RUDWVFKLQDQ -DZDUXPKDWWHLFKHVQLFKWJHVDJWDOVZLUHUIXKUHQGD%ULHOOHNXU]QDFK PLUDQGLH2EHUIOlFKHJHJDQJHQZDU" 3O|W]OLFKKDWWHLFKGDVXQEHVWLPPWH*HIKOGHP*HQHUDOGUDXHQEHJHJQHW ]XVHLQ (VWXWPLUOHLG6LUHQWJHJQHWHLFKOHLVH$EHUZDVKlWWHHV,KQHQFKRQ JHKROIHQZHQQLFKGDVJHVDJWKlWWH" 6LHVLQGUHLFKOLFKQDLY'U7HOHNHVDJWH*RUDWVFKLQJHGHKQW2GHU6LHWXQ QXUVR,FKZHLZLUNOLFKQLFKWIUZHOFKHGHUEHLGHQ0|JOLFKNHLWHQLFKPLFK HQWVFKHLGHQVROO $EHUGDVLVWGRFK8QVLQQHQWIXKUHVPLUDOVLFKEHJULIIZDV*RUDWVFKLQ DQGHXWHQZROOWH'DVJODXEHQ6LHGRFKQLFKWLP(UQVW"(U]XFNWHGLH EUHLWHQ6FKXOWHUQ (VJHKWKLHUQLFKWGDUXPZDVLFKSHUV|QOLFKJODXEH'U7HOHNH$EHU6LH VFKHLQHQQLFKW]XEHJUHLIHQGDZLUGHQMHQLJHQVXFKHQGHUGHQ*HQHUDO ]XOHW]WJHVHKHQKDWRGHU]XOHW]WJHVHKHQKDEHQN|QQWH6LHN|QQHQLKQ ]XOHW]WJHVHKHQKDEHQGUDXHQ ,FKZHLGDLFKLKQQLFKWJHVHKHQKDEH $EHUZHLLFKGDVZLUNOLFK"IUDJWHHLQHLQQHUH6WLPPHLQPLU :DVGHQQVRQVWHUZLGHUWHLFKKHIWLJ :LHELWWH"*RUDWVFKLQEOLFNWHPLFKDQXQGLP+LQWHUJUXQGVHLQHU$XJHQ JORPPHLQ)XQNHGHV1LFKWYHUVWHKHQV0LWZHPKDEHQ6LHHEHQ JHVSURFKHQ" ,FKOlFKHOWHYHUNUDPSIW 0LWPLUVHOEVW,FKGDFKWHGDUDQZLHYLHOH0HQVFKHQVWlQGLJGRUWGUDXHQ VLQGXQGZLHVHOWHQVLHHLQDQGHUEHJHJQHQ'LH,QIUDURWVFKHLQZHUIHUUHLFKHQ QLFKWZHLWXQGQXUGLH3DWURXLOOHQIKUHQ2UWXQJVJHUlWHPLWVLFK *RUDWVFKLQVFKLHQ]XHLQHP(QWVFKOX]XNRPPHQ ,FKJODXEHHVJLEWQRFKHLQH0HQJH'LQJH]XNOlUHQ'U7HOHNH'RFK ZDUWHQZLUGDPLWELVZLU*HQHUDO%ULHOOHJHIXQGHQKDEHQ(UGUHKWHVLFKXP
XQGVWDSIWHPLWVHLQHQ6lXOHQEHLQHQDXIGHQ$QWLJUDYVFKDFKW]XGHUXQVDQ GLH2EHUIOlFKHEULQJHQVROOWH,FKIROJWHLKPVFKZHLJHQG $OOPlKOLFKZXUGHLFKZLHGHUUXKLJHU0RFKWH*RUDWVFKLQGHQNHQZDVHU ZROOWHLFKVDKQLFKWHLQZLHGDV9HUVFKZHLJHQPHLQHVOHW]WHQ$XVIOXJVPLFK HUQVWOLFKEHODVWHQN|QQWH1LHPDQGNRQQWHPLUQDFKVDJHQLFKKlWWHHV DEVLFKWOLFK]XYHUKHLPOLFKHQYHUVXFKW0DQKDWWHYRQPLUQLFKWYHUODQJWEHU PHLQH)UHL]HLWEHVFKlIWLJXQJ5HFKHQVFKDIWDE]XOHJHQIROJOLFKKDWWHLFKQLFKW ]XDQWZRUWHQEUDXFKHQ :DVGHQ&KHIDU]WGHU(UVWH+LOIH6WDWLRQDQJLQJVRHPS|UWHPLFKVHLQ 9HUKDOWHQ:LHNDPHUGD]XPLFKDXVGHU%HKDQGOXQJ]XHQWODVVHQRKQH PLUHWZDVEHUGDV$XVJHKYHUERW]XVDJHQ"+DWWHHUPLUHWZD EHOJHQRPPHQGDLFKLKPGLH%HKDQGOXQJQLFKWEH]DKOWH"$EHUVRHWZDV JDEHVGRFKJDUQLFKW,FK]XP%HLVSLHOZlUHEHOHLGLJWJHZHVHQKlWWH MHPDQGPLUIUGLH/|VXQJHLQHVN\EHUQHWLVFKHQ3UREOHPV*HOGJHERWHQ,FK ZXUGHYRQGHU862JXWEH]DKOWXQGDUEHLWHWHLPEULJHQDXV,QWHUHVVHDQ GHU6DFKH6RYLHOLFKZXWHQDKPPDQLQ4XLQWR&HQWHUQXUVROFKH :LVVHQVFKDIWOHUXQG6SH]LDOLVWHQGLHLKUHQ%HUXIHUJULIIHQKDWWHQZHLOVLH RKQHLKQQLFKWOHEHQNRQQWHQ $EHUZHOFKHV0RWLYKlWWHGHQ$U]WVRQVW]XGHUVHOWVDPHQXQG EHIUHPGHQGHQ$UEHLWVZHLVHYHUDQODVVHQN|QQHQKLQWHUPHLQHP5FNHQ HLQH$QRUGQXQJ]XWUHIIHQGLHLQPHLQ3ULYDWOHEHQHLQVFKQHLGHQGHLQJULII" ,FKZDUJHZLOOWLKQGDURE]XU5HGH]XVWHOOHQ 1DFKGHPZLUGLHOHW]WH6FKOHXVHSDVVLHUWKDWWHQVWDQGHQZLU]LHPOLFK YHUORUHQLQGHUILQVWHUHQ/HHUH ,FKEHUVFKOXJLP.RSIGLH*U|HGHU2EHUIOlFKHGHV]ZHLXQGVHFK]LJ .LORPHWHUGXUFKPHVVHQGHQ0RQGHV (WZD]Z|OIWDXVHQG4XDGUDWNLORPHWHUZHQQPDQGLH$EZHLFKXQJYRQGHU LGHDOHQ.XJHOIRUPXQGGLH%RGHQXQHEHQKHLWHQQLFKWPLWUHFKQHW:LH VROOHQZLUGDHLQHQHLQ]HOQHQ0HQVFKHQVXFKHQ" 6LHKDEHQUHFKWNODQJ*RUDWVFKLQV6WLPPHDXVPHLQHP+HOPHPSIlQJHU 2KQHHLQHQ$QKDOWVSXQNWLVWGDVIU]ZHL0lQQHUXQP|JOLFK 8QGGDZLUNHLQHUOHL$QKDOWVSXQNWHKDEHQPVVHQZLUDXIV*HUDWHZRKO VXFKHQIXKULFKIRUW 6LQQORVNRPPHQWLHUWH*RUDWVFKLQ:LUQHKPHQHLQIDFKHLQHQ $QKDOWVSXQNWDQ,FKVFKODJHYRUZLUVXFKHQDXIGHU6WUHFNHGLHVLHEHL LKUHPQlFKWOLFKHQ$XVIOXJJHQRPPHQKDEHQ:LHGHQNHQ6LHGDUEHU'U 7HOHNH" 6HLQH6WLPPHNODQJODXHUQGXQGVHLQ9RUVFKODJHLQS|UWHPLFK
:HQQ6LHPLFKYHUGlFKWLJHQ%ULHOOHEHVHLWLJW]XKDEHQJHKHQ6LHHLQHU IDOVFKHQ6SXUQDFK6LU,QGLHVHP)DOOHZHLJHUHLFKPLFKPLWLKQHQ ]XVDPPHQ]XDUEHLWHQ +DUWH:RUWHVSRWWHWHGHU0XWDQW0DQQ1HKPHQ6LHGRFK9HUQXQIWDQ,FK YHUGlFKWLJH6LHSHUV|QOLFKQLFKW$EHUVHOEVWYHUVWlQGOLFKPXMHGHUGHU]XU JOHLFKHQ=HLWZLH%ULHOOHGUDXHQZDULQGHQ.UHLVGHU9HUGlFKWLJHQ HLQEH]RJHQZHUGHQ(VLVW,KU3HFKGD6LHGD]XJHK|UHQ$EHULFKQHKPH DQGD,KUH8QVFKXOGEHZLHVHQZHUGHQNDQQVREDOGZLU%ULHOOHRGHUVHLQH /HLFKHJHIXQGHQKDEHQ9RQPLUDXVVFKODJHQ6LHHLQHDQGHUH5RXWHYRU ZHQQ6LHHLQHZLVVHQ 6FKRQJXWHUZLGHUWHLFKUHVLJQLHUHQG:LUQHKPHQPHLQH5RXWH:HQQLFK GHU*HLVWHU$JHQW ZlUHZUGHQ6LHVRZLHVRQLFKWOHEHQG]XUFNNRPPHQ +DEHQ6LHGDVEHGDFKW6LU" 6HOEVWYHUVWlQGOLFK*RUDWVFKLQODFKWHOHLVH:HQQLFKGHQ *HLVWHU $JHQWHQ XQWHUVFKlW]HPWHLFK]XUJOHLFKHQ6FKOXIROJHUXQJNRPPHQZLH 6LH$EHUDQJHQRPPHQ6LHZlUHQHVZLUNOLFKZUGHQ6LHGLH)LQJHUYRQPLU ODVVHQ=XYLHOH/HXWHZLVVHQGDZLU]XVDPPHQKLHUVLQG ,FKJHEHPLFKJHVFKODJHQ6LU8QZLOONUOLFKPXWHLFKHEHQIDOOVODFKHQ 6LHEHUVHKHQZRKOQLHPDOVHWZDVZLH" 'RFKHQWJHJQHWHHUWURFNHQ$EHUMHOlQJHUPDQOHEWGHVWRNOJHUZLUG PDQ(VJLEW]XYLHOH6LWXDWLRQHQGLHVLFKLPPHUXQGLPPHUZLHGHUKROHQ 'DVHULQQHUWHPLFKGDUDQGD*RUDWVFKLQ]XGHPNOHLQHQ.UHLVYRQ 3HUVRQHQJHK|UWHGHQHQHLQ=HOODNWLYDWRUUHODWLYH8QVWHUEOLFKNHLWYHUOLHK 6RYLHOLFKZXWHPXWH*RUDWVFKLQLQ]ZLVFKHQHWZDYLHUKXQGHUW-DKUHDOW VHLQ(UKDWWHGDV6RODUH,PSHULXPPLWDXIEDXHQKHOIHQEHYRUHVVLFKEHU GDVKHLPDWOLFKH6RQQHQV\VWHPDXVJHEUHLWHWKDWWH 1HLGLVFK"IUDJWH*RUDWVFKLQDOVN|QQWHHUPHLQH*HGDQNHQHUUDWHQ'DV ZDULKPQDWUOLFKXQP|JOLFKGHQQHUZDUNHLQ7HOHSDWK ,FKZHLHVQLFKW6LU:LHIKOWPDQVLFKHLJHQWOLFKDOV8QVWHUEOLFKHU" 'DVNDQQPDQZHQQEHUKDXSWQLFKWPLWZHQLJHQ:RUWHQEHVFKUHLEHQ'U 7HOHNH$P$QIDQJLVWHLQEHUDXVFKHQGHV*HIKOGDDEHUHVKlOWQLFKWODQJH YRU,FKJODXEHHLQHV7DJHVZHUGHLFKGHQ:XQVFKKDEHQVWHUEHQ]X N|QQHQ8QVWHUEOLFKNHLWNDQQ]XU/DVWZHUGHQ'U7HOHNH 8QGZDVZLUGGDQQ" -DZDVZLUGGDQQ"*RUDWVFKLQVHXI]WH,FKGHQNHGDEHLQLFKWDQPLFK VRQGHUQGDUDQGDXQVHUH7HFKQLNHVHLQHV7DJHVIHUWLJEULQJHQN|QQWHDOOH 0HQVFKHQ]XUHODWLY8QVWHUEOLFKHQ]XPDFKHQ'RFKZHQQHVVRZHLWLVW ILQGHWVLFKDXFKHLQHEHVVHUH/|VXQJDOVGHU7RG-HGHV3UREOHPIRUGHUW EHNDQQWOLFKHLQH/|VXQJKHUDXV (UUlXVSHUWHVLFK :LUYHUJHVVHQGLH*HJHQZDUW'U7HOHNH)OLHJHQ6LHYRUDQ,FKZHUGH ,KQHQIROJHQ ,FKNOHWWHUWHDXIPHLQHQ6FRRWHUXQGOLHLKQDXI]HKQ0HWHUVWHLJHQ
,FKELQ]ZDUGDPDOVLQDFKW.LORPHWHU+|KHJHIORJHQVSUDFKLFKLQPHLQ 0LNURSKRQDEHULFKGHQNHZLUEOHLEHQGLFKWEHUGHP%RGHQ'RUWREHQ N|QQHQZLUNDXPHWZDVILQGHQZDVGHU5HWWXQJVWUXSSQLFKWVFKRQOlQJVW JHIXQGHQKlWWH (LQYHUVWDQGHQHUZLGHUWH*RUDWVFKLQ ,FKZDQGWHPLFKQDFK]ZHL0LQXWHQXP'HU0XWDQWIROJWHJHQDXDXIPHLQHP .XUV,KPVFKLHQGLH%HGLHQXQJGHV6FRRWHUVNHLQH6FKZLHULJNHLWHQ]X EHUHLWHQREZRKOHUNHLQ9DNXXP6FKZLPPHUZDU 0LUZDUDOVILHOHHLQVFKZDFKHU/LFKWVFKLPPHUDXIGHQ%RGHQGRUWZRVLFK HWZDGLH6FKDFKWVFKOHXVHEHILQGHQPXWH(QWZHGHUYHUOLHMHPDQGGLH ,QQHQZHOWRGHUHVNHKUWHMHPDQG]XUFN ,FKWHLOWH*RUDWVFKLQPHLQH%HREDFKWXQJPLW .|QQWHHVVHLQIUDJWHLFKGDPDQ%ULHOOHLQ]ZLVFKHQJHIXQGHQKDW" 9LHOOHLFKWVROOWHQZLUEHL0DMRU.LWDFKLDQIUDJHQ 1LFKWQ|WLJHUZLGHUWH*RUDWVFKLQ.LWDFKLKlWWHPLFKOlQJVWEHQDFKULFKWLJW ZHQQ%ULHOOHJHIXQGHQZRUGHQZlUH,FKKDEHLKPHLQHQHQWVSUHFKHQGHQ %HIHKOHUWHLOW ,FKVFKOXJGLH5LFKWXQJ]XGHQ&DQG\0RXQWDLQVHLQ%DOGWDXFKWHQLP ,QIUDURWOLFKWXQVHUHU6FKHLQZHUIHUGLHHUVWHQEL]DUUHQ)HOVQDGHOQDXI 'XPHLQH*WHVWLH*RUDWVFKLQKHUYRUDOVZLUXQVLQODQJVDPHP)OXJ GXUFKGDV*HZLUUZDQGHQ+LHUN|QQHQZLUZHQLJH0HWHUDQ%ULHOOH YRUEHLIOLHJHQRKQHLKQ]XVHKHQ ,FKHUZLGHUWHQLFKWVGDUDXI:DVVROOWHLFKDXFKGD]XVDJHQ"0LUZDUHV Y|OOLJNODUGD%ULHOOHQXUGXUFKHLQHQJOFNOLFKHQ=XIDOOJHIXQGHQZHUGHQ NRQQWH,FKZXQGHUWHPLFKQXUGDUEHUGD$GPLUDO*UDQWQLFKWGLHKDOEH *DUQLVRQYRQ4XLQWR&HQWHUDXIGLH6XFKHJHVFKLFNWKDWWH)QI]HKQWDXVHQG 6ROGDWHQXQGIQIXQG]ZDQ]LJWDXVHQG.DPSIURERWHUKlWWHQHLQHHFKWH &KDQFHJHKDEWREZRKOGDV%ULHOOHDXFKQLFKWVPHKUQXW]HQZUGH6HLQ /XIWYRUUDWPXWHOlQJVWDXIJHEUDXFKWVHLQ 0LWGHPXQWUJOLFKHQ2ULHQWLHUXQJVVLQQHLQHVSDVVLRQLHUWHQ9DNXXP 6FKZLPPHUVIDQGLFKGHQ(LQJDQJ]XMHQHP/DE\ULQWKGDV]XP.ULVWDOO .DPLQIKUWH 'RFKLFKVWHXHUWHGDUDQYRUEHL (UVWKLQWHUKHUGDFKWHLFKGDUEHUQDFKZHVKDOELFKGDVJHWDQKDWWH(VZDU LQVWLQNWLYH)XUFKWJHZHVHQ)XUFKWZLHGHULQGHQ=XVWDQG VHOEVWP|UGHULVFKHU3DQLN]XJHUDWHQGHUPLFKLQGHU1DFKWEHLQDKHGDV /HEHQJHNRVWHWKlWWH$XFKMHW]WNRQQWHLFKPLFKQLFKWHQWVFKOLHHQ]XP (LQJDQJGHV/DE\ULQWKHV]XUFN]XNHKUHQ,FKEHVFKOHXQLJWHXQGUDVWHPLW JHIlKUOLFKHU*HVFKZLQGLJNHLWLP=LFN]DFN]ZLVFKHQQDGHOVFKDUIHQ)HOVHQ XQGPHVVHUVFKDUIHQ*UDWHQGDKLQ
(QGOLFKHQWGHFNWHLFKGHQ(LQJDQJ]XHLQHPDQGHUHQ/DE\ULQWK ,FKOLHGHQ6FRRWHUODQJVDP]X%RGHQJOHLWHQVWLHJDEXQGZDUWHWHDXI *RUDWVFKLQ 'HU0XWDQWODQGHWHGLFKWQHEHQPLU 6LHIOLHJHQMDDOVVHLGHU7HXIHOKLQWHU,KQHQKHU(UNHXFKWH%HLQDKH KlWWHLFK6LHDXVGHQ$XJHQYHUORUHQ ,FKODFKWHJHSUHW 6FKDOWHQ6LHGHQ)HOGJHQHUDWRU,KUHV6FRRWHUVDE6LU:LUPVVHQGHQ UHVWOLFKHQ:HJIOLHJHQ )OLHJHQ"6LQGZLUQLFKWGLHJDQ]H=HLWEHUJHIORJHQ" 0LWGHP6FRRWHUHUZLGHUWHLFK'DVZDVZLUMHW]WWXQLVWGDVHLJHQWOLFKH 9DNXXP6FKZLPPHQ%HREDFKWHQ6LHJHQDXZDVLFKWXH6LU%HQXW]HQ6LH ,KUH5FNVWRSLVWROHQOLHEHUHLQPDO]XZHQLJDOV]XYLHO'LH/DE\ULQWKHKLHU KDEHQHLQH0HQJHPHVVHUVFKDUIHU.DQWHQXQG6SLW]HQGLHRKQHZHLWHUHV HLQHQ5DXPDQ]XJDXIVFKOLW]HQN|QQHQ (LQHQ9RUJHVFKPDFNGDYRQKDEHLFKVFKRQEHNRPPHQ*RUDWVFKLQ EHUOHJWH+|UHQ6LH'U7HOHNH,VWHVQLFKWXQP|JOLFKGD*HQHUDO%ULHOOH GXUFKHLQHQJDQ]VLPSOHQ8QIDOOJHW|WHWZXUGH"(UN|QQWHVHLQHQ 5DXPDQ]XJDQHLQHU.DQWHDXIJHVFKOLW]WKDEHQ 0|JOLFKLVWDOOHV6LUJDELFKODNRQLVFK]XUFN$EHULFKZUGHDQHLQHQ 8QIDOOJODXEHQZHQQLFKQLFKWZWHGDHVLQ4XLQWR&HQWHUHLQHQ IHLQGOLFKHQ$JHQWHQJLEW :HQQ6LHQLFKWZWHQZLHGHUKROWH*RUDWVFKLQ$EHUZLVVHQ6LHHV GHQQWDWVl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lWWHLFKPHLQHQ'UDQJGHQ$JHQWHQ]XHQWODUYHQ JHJHQEHUDQGHUHQQLFKWEHJUQGHQN|QQHQ,FKZDU0DWKHPDWLNHUXQGDOV VROFKHUKlWWHLFKDQGHUH,QWHUHVVHQKDEHQVROOHQDOVGLHPLFKDOV.ULPLQDOLVW ]XEHWlWLJHQ,FKYHUVXFKWHPLU]ZDUHLQ]XUHGHQGD:ULJKOH\V7RGPHLQ 9HUKDOWHQEHVWLPPWHDEHU:ULJKOH\ZDUHLQGHXWLJGHU+HOIHUGHV *HLVWHU$JHQWHQJHZHVHQ'DVKlWWHGLH]ZLVFKHQXQVHLQPDOEHVWDQGHQH )UHXQGVFKDIWHLJHQWOLFK]HUVW|UHQVROOHQ ,FKZXUGHYRQHLQHUXQEH]lKPEDUHQ8QJHGXOGYRUZlUWVJHWULHEHQ1XUDE XQG]XHQWVDQQLFKPLFKGHU7DWVDFKHGD*RUDWVFKLQNHLQ9DNXXP
6FKZLPPHUZDU'DQQEOLFNWHLFKPLFKXPGDUDXIJHIDWGDGHU0XWDQW ZHLW]XUFNJHEOLHEHQZDU-HGHVPDOZXUGHLFKDQJHQHKPHQWWlXVFKW(UKLHOW QLFKWQXUGDVZDKQZLW]LJH7HPSRPLWVRQGHUQEHZHJWHVLFK]XGHPQRFKPLW HLQHU6LFKHUKHLWXQG(OHJDQ]GLHLFKVHLQHPSOXPSHQ.|USHUQLFKW]XJHWUDXW KlWWH'LHVHU0DQQVFKLHQLP9DNXXPPHKU]X+DXVH]XVHLQDOVDXIIHVWHP %RGHQ :LUVFKRVVHQJOHLFK7LHIVHHILVFKHQDXVGHP/DE\ULQWKKHUDXVXQG EHUTXHUWHQHLQHIODFKH)HOVVFKVVHODOVLFKSO|W]OLFKGDVXQWUJOLFKH*HIKO GURKHQGHU*HIDKUYHUVSUWH ,FKGUHKWHPLFKZLHHLQ'HOSKLQDXIGHQ5FNHQZlKUHQGLFK ZHLWHUVFKZDPPXQGQXUGDGXUFKHQWGHFNWHLFKLP:lUPHNHJHOPHLQHV ,QIUDURWVFKHLQZHUIHUVGHQHLI|UPLJHQ*HJHQVWDQGGHUWDXPHOQG]ZLVFKHQ *RUDWVFKLQXQGPLUKHUQLHGHUILHO ,FKUHDJLHUWHUHLQLQVWLQNWLY 1DFKREHQEUOOWHLFKLQGDV0LNURSKRQPHLQHU+HOPIXQNDQODJH *OHLFK]HLWLJULLFKGLHEHLGHQLQGHQ+DOWHVFKODXIHQEDXPHOQGHQ 5FNVWRSLVWROHQDQPLFKKHUDQXQGGUFNWHDEDOVGLH0QGXQJHQQDFK XQWHQZLHVHQ :lKUHQGLFKZLHHLQH5DNHWHKRFKVFKRQDKPLFKDXVGHQ$XJHQZLQNHOQ GLH)ODPPHQVWUDKOHQYRQ*RUDWVFKLQV5FNVWRSLVWROHQZDKU,FKZXWH QLFKWREHUGLH*HIDKUHEHQIDOOVHUNDQQWKDWWH0LUJHQJWHHV]XVHKHQGD HUPLUIROJWH(UIROJWHPLUDXFKQRFKDOVLFKLQWDXVHQG0HWHUQ+|KHLQHLQH +RUL]RQWDOHHLQVFKZHQNWH 'DVZDUVHLQ*OFN :LUKDWWHQXQVNDXPDXVGHP6LFKWEHUHLFKGHU)HOVVFKVVHOHQWIHUQWDOV HLQHYLROHWWH(QHUJLHEODVHVLFKPLWWHQ]ZLVFKHQGHQ)HOVHQHUKRE6LHVWDQG YLHOOHLFKW]ZHLRGHUGUHL6HNXQGHQXQEHZHJOLFKGDZlKUHQGDXILKUHU 2EHUIOlFKHHLQEXQWVFKLOOHUQGHV)DUEHQVSLHOWREWH'DQQILHOVLHLQVLFK ]XVDPPHQ$QLKUHU6WHOOHVFKRHLQHJOKHQGH:RONHHPSRUGLHVLFKUDVFK ]XGHUIU$WRPH[SORVLRQHQW\SLVFKHQ3LO]IRUPEDOOWH ,FKVWLHGLH5FNVWRSLVWROHQJHJHQGLH6FKZlU]HGHV:HOWUDXPV 0LWVFKPHU]KDIWHP5XFNZXUGHLFKQDFKXQWHQJHSUHW1XUNQDSSNDPLFK DQHLQHPW|GOLFKHQ$XIVFKODJYRUEHLLQGHPLFKGLH0QGXQJHQGHU3LVWROHQ ZLHGHUQDFKXQWHQULFKWHWH *RUDWVFKLQODQGHWHQLFKWZHQLJHUKHIWLJDOVLFK ,FKVDKGDHUVRIRUWLQ'HFNXQJJLQJ,FKSUHWHPLFKHEHQIDOOVLQHLQH )HOVVSDOWHNHLQHQ$XJHQEOLFN]XIUK
(LQHJLJDQWLVFKH:RJH6WDXEXQG*HU|OOVFKRJHVSHQVWLVFKODXWORVEHU XQVHUH'HFNXQJHQKLQZHJ(PSRUKXVFKHQGH6WDXEVlXOHQ]HXJWHQYRP (LQVFKODJJU|HUHU%URFNHQ 'DQQZXUGHGHU+LPPHOZLHGHUNODU0DQNRQQWHGLH6WHUQHVHKHQXQGGHQ ([SORVLRQVSLO]GHUYRQNHLQHU/XIWVWU|PXQJYHUZHKWZXUGH :DVZDUGDV"JUROOWH*RUDWVFKLQVWLHIH6WLPPHLQPHLQHP+HOPHPSIlQJHU DXI ,FKODFKWHK\VWHULVFK 'DVVDJWHLFKODQJVDPZDUGDVHUVWH$Q]HLFKHQIUGLHEHJLQQHQGH 1HUYRVLWlWGHV*HLVWHU$JHQWHQ 6LHKDEHQPLUGDV/HEHQJHUHWWHW *RUDWVFKLQVWDSIWHVFKZHUIlOOLJGXUFK6WDXEXQG)HOVJHU|OODXIPLFK]XXQG SUHWHPHLQH+DQG 1LFKWGHU5HGHZHUW6LUHUZLGHUWHLFKJULQVHQG 2EZRKOHUPHLQ*ULQVHQQLFKWVHKHQNRQQWHGURKWHHUPLUPLWGHP)LQJHU ,FKZLOOPHLQHQ:HUWQLFKWEHUVFKlW]HQDEHULFKQHKPHDQGDPHLQ7RG IUGDV,PSHULXPGRFKHLQHQJHZLVVHQ9HUOXVWGDUJHVWHOOWKlWWH(VJLEW NHLQHQ]ZHLWHQ=QGHU LPEHNDQQWHQ8QLYHUVXP :LUEHQDKPHQXQVVRUKUVHOLJDOEHUQZLH0HQVFKHQHVRIWWXQZHQQLKQHQ GXUFKHLQHQJOFNOLFKHQ=XIDOOGDV/HEHQQHXJHVFKHQNWZXUGH $EHUGLHHUUHJWHQ5XIHGLHSO|W]OLFKLQXQVHUHQ+HOPHPSIlQJHUQ]XK|UHQ ZDUHQHUQFKWHUWHQXQVEDOGZLHGHU 5XKHEHUW|QWHHLQH6WLPPHDOOHDQGHUHQ+LHUVSULFKW0DMRU.LWDFKLYRQ +46LFKHUKHLWVGLHQVW,FKELWWHXP)XQNVWLOOH0U*RUDWVFKLQXQG'U7HOHNH %LWWHPHOGHQ6LHVLFK *RUDWVFKLQPHOGHWHVLFK :DVZDUGDVIUHLQH([SORVLRQGRUWGUDXHQ"VFKULH.LWDFKL(VZXUGH HLQH)XVLRQVHQWODGXQJJHULQJHU6WlUNHUHJLVWULHUW )UXQVKlWWHVLHJHQJWHUZLGHUWH*RUDWVFKLQWURFNHQ0DMRU%HYRULFK ZHLWHUH)UDJHQEHDQWZRUWHVRUJHQ6LHVRIRUWGDIUGDMHGHUGHUYRQ GUDXHQNRPPWLQ*HZDKUVDPJHQRPPHQZLUG(LQHUGDYRQPXGHU$JHQW VHLQ(UZDUIHLQHNOHLQH)XVLRQVERPEHDXIXQVZDKUVFKHLQOLFKDXVJURHU +|KH+lWWH'U7HOHNHGLH%RPEHQLFKWHQWGHFNWXQGDXIGLHHLQ]LJH$UWXQG :HLVHGDUDXIUHDJLHUWN|QQWHLFKMHW]WQLFKW]X,KQHQVSUHFKHQ ,FKZHUGH,KUH$QZHLVXQJVRIRUWZHLWHUJHEHQ6LUVDJWH.LWDFKL%LWWH ODVVHQ6LH,KU+HOPJHUlWHLQJHVFKDOWHW 6RVDJWH*RUDWVFKLQEHIULHGLJW'HU%XUVFKHNDQQXQVMHW]WQLFKWPHKU HQWJHKHQ
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lKUWPXHUMD GHQNHQDXIXQV7HUUDQHUVHLNHLQ9HUODPHKU ,FKGDFKWHEHU*RUDWVFKLQV:RUWHQDFK3O|W]OLFKEHGHFNWHVLFKPHLQH6WLUQ PLWNDOWHP6FKZHL,FKNRQQWHPLUHEHQVRZHQLJZLH*RUDWVFKLQYRUVWHOOHQ GDHLQIHLQGOLFKHU$JHQWXQWHUGHU(OLWHGHU0HQVFKKHLWQDKH]XPKHORV PHKUDOVHLQHQ9HUUlWHUILQGHQNRQQWH 8QGGRFKVFKLHQHQGLH7DWVDFKHQJHQDXGDV]XEHZHLVHQ (VJDEZROOWHPDQQLFKWDQGHU0HQVFKKHLWYHU]ZHLIHOQQXUHLQHQHLQ]LJHQ 6FKOXGHQPDQGDUDXV]LHKHQNRQQWH 'HU*HJQHUYHUIJWHEHUSDUDSV\FKLVFKH)lKLJNHLWHQ :LUNHKUHQ]XUFNVDJWH*RUDWVFKLQEHVWLPPW -HW]W"IUDJWHLFK6ROOWHQZLUQLFKWOLHEHUZHLWHUQDFK%ULHOOHVXFKHQ" 1HLQHUZLGHUWH*RUDWVFKLQ,FKKDEHGDVVLFKHUH*HIKOZLUZUGHQ YHUJHEOLFKVXFKHQ(VJLEW]XYLHOH9HUVWHFNHDXIGHU2EHUIOlFKHYRQ4XLQWR &HQWHU$XHUGHPWUHLEWVLFKLPPHUQRFKGHU0DQQKLHUGUDXHQKHUXPGHU HVDXIXQVDEJHVHKHQKDW hEHUUDVFKWEOLFNWHLFKDXI,FKYHUVXFKWHYHUJHEOLFKGXUFKGLH+HOPVFKHLEH HLQHQ%OLFNDXI*RUDWVFKLQV*HVLFKWHU]XHUKDVFKHQ$EHUGD]XZDUHQGLH 6FKHLEHQQLFKWJHVFKDIIHQ6LHOLHHQVLFKQLFKWYRQ,QIUDURWVWUDKOHQYRQ DXHQGXUFKGULQJHQ$XHUGHPZDUHQ*RUDWVFKLQVEHLGH.|SIHWURW]GHV EHUJURHQ+HOPHV]XVHKU]XVDPPHQJHGUlQJWDOVGDPDQ*HQDXHUHV KlWWHVHKHQN|QQHQDXFKEHL7DJHVOLFKWQLFKW *RUDWVFKLQHUULHWPHLQH*HGDQNHQ 1HLQ'U7HOHNH,FKIUFKWHPLFKQLFKWYRUHLQHPQHXHQ$QVFKODJ8QVHU *HJQHUKDWYRUGHU$WRPH[SORVLRQJHQDXVRIOFKWHQPVVHQZLHZLU(V QW]WLKPQLFKWVGDHULQ]ZLVFKHQGXUFK$EK|UHQGHV7HOHNRPYHUNHKUV YRP6FKHLWHUQVHLQHV$QVFKODJVZHL+LHUGUDXHQN|QQWHHUXQVQXUGXUFK HLQHQ=XIDOOZLHGHUILQGHQ 'DUDXIZLUGHUVLFKQDWUOLFKQLFKWYHUODVVHQ,FKQHKPHDQHUZHLJHQDX GXUFKZHOFKHQ6FKDFKWZLUGHQ6WW]SXQNWYHUODVVHQKDEHQ(UZLUGDXFK ZLVVHQGDZLUGXUFKGHQJOHLFKHQ6FKDFKWZLHGHUKLQHLQJHKHQPVVHQGD GDVGHUNU]HVWH:HJLVWXQVHUH$XVUVWXQJ]XUFN]XJHEHQ $OVRZLUGHUXQVYRU6FKDFKW]Z|OIHUZDUWHQVFKORLFK
'DVLVWDQ]XQHKPHQ:LUPVVHQQXUDXISDVVHQZHUQDFKXQVGHQ6FKDFKW EHWULWW9LHOHN|QQHQHVQLFKWVHLQDOVREUDXFKHQZLUQXUXQWHUZHQLJHQ /HXWHQDXV]XZlKOHQ ,FKQLFNWH 'HQQRFKZDULFKQLFKWEHU]HXJW:HQQPHLQH9HUPXWXQJ]XWUDIXQGGHU *HLVWHU$JHQWEHUSDUDSV\FKLVFKH)lKLJNHLWHQYHUIJWHZUGHHUXQVHUH $EVLFKWHUUDWHQXQGVLFKKWHQGHQ6WW]SXQNWGXUFK6FKDFKW]Z|OI]X EHWUHWHQ$OOHUGLQJVEUDFKWHLFKHVQLFKWEHUPLFK*RUDWVFKLQPHLQHQ 9HUGDFKWPLW]XWHLOHQ)DOOVGHU9HUGDFKW]XWUDIGXUIWHQP|JOLFKVWZHQLJ /HXWHGDYRQZLVVHQVRQVWZUGHGHU$JHQWHVVFKQHOOHUIDKUHQ :LUNHKUWHQDXIHLQHP8PZHJ]XXQVHUHQ6FRRWHUQ]XUFN 'DEHLIORJHQZLUDP5DQGGHV.UDWHUVHQWODQJGHQGLH([SORVLRQGHU $WRPODGXQJJHULVVHQKDWWH2EZRKOHVVLFKQXUXPHLQHVRJHQDQQWH%DE\ %RPEHJHKDQGHOWKDWWHGXUFKPDGHUJODVLHUWH.UDWHUPLQGHVWHQVKXQGHUW 0HWHU9RQGHU)HOVVFKVVHOGLHZLUNXU]YRUGHU([SORVLRQEHUIORJHQ KDWWHQZDUQLFKWVPHKU]XVHKHQ5LQJVXPGHQ.UDWHUWUPWHQVLFK)HOV XQG6WDXEZlOOHDXI 3O|W]OLFKVWLHHLQ*OHLWHUZLHHLQ5DXEYRJHODXIXQVKHUDE(UNDPPLWWHQ DXVGHU'XQNHOKHLWGHV5DXPHV:LUHQWGHFNWHQLKQHUVWDOVZLULP.HJHO HLQHV,QIUDURWVFKHLQZHUIHUVJHEDGHWZXUGHQ $XVGDFKWHLFK 'DIXQNWHPDQXQVYRP*OHLWHUDXVDQ 5DVFKVWHOOWHVLFKKHUDXVGDHVVLFKEHLGHU%HVDW]XQJXPHLQHQ0HWUXSS KDQGHOWHGHUGXUFK0HVVXQJHQGLH$UWGHVYHUZHQGHWHQ6SUHQJN|USHUV IHVWVWHOOHQVROOWH0DMRU.LWDFKLKDWWHLKQJHVFKLFNW,FKWHLOWHGHQ/HXWHQPLW ZDVLFKEHUGLH*U|HXQG)RUPGHU%DE\%RPEHZXWH6LHEHGDQNWHQ VLFKHUIUHXWEHUGHQ$QKDOWVSXQNW (LQHYHUWHXIHOWH:HOWPXUPHOWH*RUDWVFKLQDOVZLUZHLWHUIORJHQ:HQQGDV GHU$JHQWJHZHVHQZDUHKlWWHHUXQVLQDOOHU5XKHDXVO|VFKHQN|QQHQ ,FKZLOOKRIIHQGDGHU$JHQWQLFKWDQHLQHQ*OHLWHUKHUDQNDP $QGLH%RPEHLVWHUDXFKJHNRPPHQHUZLGHUWH*RUDWVFKLQGVWHU,FK P|FKWHEHUKDXSWZLVVHQZLHHUGDVJHPDFKWKDW'LH:DIIHQODJHUZHUGHQ GRFKVFKDUIEHZDFKW (LQZHLWHUHU%HZHLVGXUFK]XFNWHHVPLFK:HUSDUDSV\FKLVFKEHJDEWLVW NDQQGXUFKNHLQHPHQVFKOLFKH:DFKHDXIJHKDOWHQZHUGHQ ,FKELQZLUNOLFKJHVSDQQWZDV.LWDFKLGDUEHUKHUDXVEHNRPPWVDJWHLFK 8QVHUH6FRRWHUIDQGHQZLUXQYHUVHKUWDP(LQJDQJGHV/DE\ULQWKV,FK XQWHUVXFKWHVLHWURW]GHPJHQDXHVWHQVGHQQOHLFKWKlWWHMHPDQGZlKUHQG XQVHUHU$EZHVHQKHLWHLQH6SUHQJODGXQJHLQEDXHQN|QQHQGLHEHLP $NWLYLHUHQGHV)HOGJHQHUDWRUVKRFKJHJDQJHQZDUH 'RFKLFKIDQGQLFKWV
'HUZHLWHUH)OXJYHUOLHIUHLEXQJVORV 1DFKHLQHUJXWHQ9LHUWHOVWXQGHJLQJHQZLUDP(LQJDQJYRQ6FKDFKW]Z|OI QLHGHU 8QJHKLQGHUWNDPHQZLUGXUFKGLH6FKOHXVH 'DQDFKDOOHUGLQJVXPULQJWHQXQVPLQGHVWHQV]HKQ0DQQYRP +46LFKHUKHLWVGLHQVW ,FKJULQVWHVLHDQ 6HKWHXFKELWWHYRU/HXWH0DQKDWHVDXIXQVDEJHVHKHQXQGHVN|QQWH JHIlKUOLFKIUDOOHZHUGHQGLHVLFKLQXQVHUHU1lKHDXIKDOWHQ:HQQKLHUHLQH %DE\%RPEHH[SORGLHUWEOHLEWQLFKWVPHKUEULJ +DOORVDJWHHLQ/HXWQDQW6LHVLQG0U*RUDWVFKLQXQG'U7HOHNH" *RUDWVFKLQNODSSWHVHLQHQEHUGLPHQVLRQDOHQ+HOP]XUFN (LQLJH/HXWHZXUGHQEODDOVVLHGLHEHLGHQ.|SIHGHV0XWDQWHQVDKHQ 'DQNH6LUVDJWHGHU/HXWQDQWPLWUDXKHU6WLPPH'DVJHQJW0DMRU .LWDFKLJDEPLUGHQ%HIHKOPLFKQDFK,KUHQ$QZHLVXQJHQ]XULFKWHQIDOOV 6LHDXIWDXFKHQVROOWHQ *RUDWVFKLQEOLFNWHLKQIUHXQGOLFKDQ 6LHKDEHQZHLWHUQLFKWV]XWXQDOVDOOHGLHQDFKXQVDXVGHU6FKOHXVH NRPPHQ]XYHUKDIWHQ$EHUVHLHQ6LHELWWHYRUVLFKWLJ(LQHUYRQLKQHQPWH GHU*HLVWHU$JHQW VHLQZHQQLFKPLFKQLFKWLUUH 'HU/HXWQDQWVDOXWLHUWH $EHUGDQQZXUGHVHLQ%OLFNVWDUU :LUIROJWHQGHP%OLFNXQGVDKHQDQGHUURWHQ.RQWUROODPSHGDMHPDQGGDV lXHUH6FKOHXVHQVFKRWW|IIQHWH +DOWHQ6LHVLFKEHUHLW/HXWQDQWIOVWHUWH*RUDWVFKLQ'HU0XWDQWSDFNWH PLFKDP$UPXQG]RJPLFKPLWVLFKIRUW+LQWHUGHUQlFKVWHQ*DQJELHJXQJ YHUVWHFNWHQZLUXQV .XU]GDUDXIGUDQJHLQVFKDUUHQGHV*HUlXVFK]XXQV'DV,QQHQVFKRWWGHU 6FKOHXVHKDWWHVLFKJH|IIQHW,FKKLHOWXQZLOONUOLFKGHQ$WHPDQ :LUK|UWHQGHQ/HXWQDQWHLQHQ%HIHKOVFKUHLHQ6FKULWWHSROWHUWHQEHUGHQ %RGHQGDQQHUVFKDOOWHHLQH]RUQLJH6WLPPH +DOWHQ6LHXQVQLFKWDXI6LHVHKHQGRFKGDGHU0DQQYHUOHW]WLVW(UPX VRIRUWEHKDQGHOWZHUGHQ 6WLPPHQPXUPHOWHQ *RUDWVFKLQXQGLFKEOLFNWHQXQVEHWURIIHQDQ*OHLFK]HLWLJ]RJHQZLUXQVHUH :DIIHQ-HGHUKLHOWHLQHQ1DGHOVWUDKOHULQGHU+DQGHLQHQ HOHNWURPDJQHWLVFKHQ*HQHUDWRUGHU6WUDKOXQJLP:HOOHQEHUHLFK]ZLVFKHQ IQIXQG]ZDQ]LJ0LNURQVFKDUIJHEQGHOWXQGPLWVROFKHU,QWHQVLWlW HU]HXJWHGDHUHLQHPHWHUGLFNH6WDKOSODWWHQRFKLQKXQGHUW0HWHUQ (QWIHUQXQJDXVHLQDQGHUVFKQHLGHQNRQQWH ,PJOHLFKHQ$XJHQEOLFNLQGHPZLUXPGLH(FNHERJHQ|IIQHWHVLFKGHU .RUGRQGHU6LFKHUKHLWVOHXWH(LQHRYDOH$QWLJUDYSODWWHZXUGHVLFKWEDU$XILKU
ODJUHJORVHLQ0DQQLP5DXPDQ]XJ'LULJLHUWZXUGHGLH3ODWWHYRQ]ZHL 0lQQHUQLQGHQVWUDKOHQGZHLHQ5DXPDQ]JHQGHV(UVWH+LOIH.RUSV(LQHU WUXJGLH$E]HLFKHQHLQHV6DQLWl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lKQHNQLUVFKHQGIROJWHLFKLKP=X JHUQKlWWHLFKGHP$U]WPHLQH0HLQXQJJHVDJWDEHULFKHUNDQQWHGDGHU 9HUOHW]WHHLQHQILQJHUODQJHQ5LLP5DXPDQ]XJKDWWH:DKUVFKHLQOLFKJLQJ HVKLHUXP6HNXQGHQ1LHPDQGKDWWHHLQ5HFKWHLQHQ$U]WYRQ OHEHQVZLFKWLJHU+LOIHOHLVWXQJDE]XKDOWHQ ,QKDOVEUHFKHULVFKHU)DKUWIHJWHGLH3ODWWIRUPXPGLH%LHJXQJXQGGHQ*DQJ ]XU(UVWH+LOIH6WDWLRQHQWODQJ ,FKZROOWHQRFKHWZDVVDJHQ'RFKGDOHXFKWHWHVFKRQZLHGHUGLHURWH .RQWUROODPSH (UQHXWYHUVFKZDQGHQ*RUDWVFKLQXQGLFKKLQWHUGHU%LHJXQJ :LHGHUHUUHLFKWHQXQVODXWH6WLPPHQ 'DQQULHIGHU/HXWQDQWQDFKPLU ,FKWUDWKHUYRU 'U7HOHNHGHU0DQQEHKDXSWHW,KU0LWDUEHLWHU]XVHLQ 'HU/HXWQDQWWUDWEHLVHLWH ,FKEOLFNWHLQGDVEODVVH*HVLFKWYRQ'U$UDP$EGXOOD (LQLJH6HNXQGHQVWDUUWHQZLUXQVZRUWORVDQ'U$EGXOODWUXJGLHYROOVWlQGLJH $XVUVWXQJHLQHV9DNXXP6FKZLPPHUV'DEHLKDWWHHUPLUJHJHQEHU HLQPDOEHKDXSWHWLKQN|QQWHGLHVHU6SRUWQLFKWUHL]HQ ,FKVFKDOWPLFKHLQHQ1DUUHQGHVKDOE'U$EGXOOD]XYHUGlFKWLJHQGHU *HLVWHU$JHQWRGHUHLQHUVHLQHU+HOIHU]XVHLQ$EHULFKNRQQWHPLFKGHQ 7DWVDFKHQQLFKWYHUVFKOLHHQ'U$EGXOODZDUNHLQ9DNXXP6FKZLPPHU 'HQQRFKZDUHUPLWHLQHU96$XVUVWXQJDQGLH2EHUIOlFKHJHJDQJHQ]XU JOHLFKHQ=HLWLQGHU*RUDWVFKLQXQGLFKDXFKGUDXHQZDUHQ 8QGHUZDUIDVWXQPLWWHOEDUQDFKXQV]XUFNJHNHKUW]X6FKOHXVH]Z|OIZLH PDQHVYRQGHP$WWHQWlWHUHUZDUWHWH
:DVKDWWHQ6LHGUDXHQ]XVXFKHQ"IUDJWH*RUDWVFKLQLQGHPVDQIWHQ7RQ GHUMHGHQXQZLOONUOLFKHUVFKDXHUQOLH 6LHXQG'U7HOHNHHUZLGHUWH'U$EGXOOD,PPHUQRFKVWDUUWHHUPLFKGDEHL DQ 6LHKDWWHQQLFKW]XIlOOLJHLQH%DE\%RPEHEHLVLFKDOV6LHGHQ6WW]SXQNW YHUOLHHQ"IUDJWH*RUDWVFKLQZHLWHU 'U$EGXOODVFKWWHOWHGHQ.RSI :DUXPVHKHQ6LHPLFKDQZLHHLQHQ*HLVW"IUDJWHLFK:XQGHUQ6LHVLFK GDLFKQRFKOHEH" %DOGZXQGHUHLFKPLFKEHUJDUQLFKWVPHKU'U$EGXOODOlFKHOWHGQQ(U ZDQGWHVLFKDQ*RUDWVFKLQ=XIlOOLJKDEHLFK,KU*HVSUlFKPLW0DMRU.LWDFKL JHK|UW6LU,FKZXWHQLFKWZDVLFKGDYRQKDOWHQVROOWH(UELVLFKDXIGLH /LSSHQDOVKlWWHHUHWZDVDQJHGHXWHWZDVHUOLHEHUJHKHLPJHKDOWHQKlWWH :DUXPZXWHQ6LHQLFKWZDV6LHGDYRQKDOWHQVROOWHQ"VWLH*RUDWVFKLQ VRIRUWQDFK 'U$EGXOOD]XFNWHGLH6FKXOWHUQ ,FKKDWWHQLFKWVYRQHLQHU([SORVLRQEHPHUNW6LU(VK|UWHVLFKDQZLHHLQ 7ULFN$EHU6LHKDEHQXQUHFKWPLW,KUHP9HUGDFKW,FKNDQQEHZHLVHQGD LFKPLFKQLFKWLQGHU1lKHGHU([SORVLRQDXIKLHOW)ROJOLFKNRPPHLFKZRKO NDXPDOV$WWHQWlWHULQ)UDJHQLFKWZDKU" :HQQ6LHHVEHZHLVHQN|QQHQHUZLGHUWH*RUDWVFKLQ$EHUGDVVROOWHQ 6LHUDVFKWXQ'U$EGXOOD 'U$EGXOODQLFNWH(UULDQHLQHP6LHJHOGDVVLFKXQWHUKDOEVHLQHUUHFKWHQ 6FKXOWHUEHIDQG(LQIODFKHUJUDXHU*HJHQVWDQGO|VWHVLFK(UEHVDGLH JOHLFKH)DUEHZLHGHU5DXPDQ]XJXQGZDUPLUGHVKDOEQLFKWYRUKHU DXIJHIDOOHQ (LQ3RVLWLRQV=HLW'LDJUDPP6LUVDJWH'U$EGXOODOlFKHOQGXQGUHLFKWH *RUDWVFKLQGHQ*HJHQVWDQG 'RFKEHYRU*RUDWVFKLQ]XJUHLIHQNRQQWHKDWWHLFKGLHIODFKH.XQVWVWRIIKOVH DXV$EGXOODV)LQJHUQJHULVVHQ :DVVROOGDV'U7HOHNH'U$EGXOODV$XJHQIXQNHOWHQHPS|UW(UZROOWH HLQHQ6FKULWWDXIPLFK]XPDFKHQGRFKGHU/HXWQDQWYHUWUDWLKPGHQ:HJ ,Q]ZLVFKHQKDWWHLFKGLH.XQVWVWRIIKOVHXQWHUVXFKWXQGEHKXWVDPJH|IIQHW (QWVFKXOGLJHQ6LH'U$EGXOOD,FK]XFNWHGLH6FKXOWHUQ6LHPVVHQPHLQ 0LWUDXHQYHUVWHKHQ-HPDQGVFKHLQWHVIXUFKWEDUHLOLJ]XKDEHQ0U *RUDWVFKLQXQGPLFKLQV-HQVHLWV]XEHI|UGHUQ:LUPVVHQSUDNWLVFKDOOHV XQGMHGHQYHUGlFKWLJHQ'LHVPDOKDEHLFKGDQHEHQJHWLSSW'U$EGXOOD$EHU LFKIUHXHPLFKGDUEHU 6RNQXUUWH$EGXOODXQIUHXQGOLFK6LHPVVHQMHGHQYHUGlFKWLJHQ +RIIHQWOLFKWXQ6LHGDVDXFKNRQVHTXHQWJHQXJ ,FKZXWHQLFKWZDVLFKGDUDXIDQWZRUWHQVROOWH'U$EGXOODV%HPHUNXQJ HUVFKLHQPLUHLQZHQLJRUDNHOKDIWXQGVLQQORV)DVWKlWWHVLFKLQPLUHUQHXW GHU9HUGDFKWJHUHJW 'RFKGDODFKWH*RUDWVFKLQDPVLHUWDXI
:LUVFKHLQHQNHLQ*OFN]XKDEHQ'U7HOHNH'HQ$U]WKDEHQZLUQLFKW KDOWHQN|QQHQXQGEHL'U$EGXOODZLUGHVQLFKWDQGHUVVHLQ'DV3= 'LDJUDPPEHZHLVWZLUNOLFKHLQGHXWLJGD'U$EGXOODVLFKDXIGHUXQVHUHU 3RVLWLRQHQWJHJHQJHVHW]WHQ6HLWHYRQ4XLQWR&HQWHUDXIJHKDOWHQKDW 'DUILFKMHW]WJHKHQ"IUDJWH'U$EGXOOD *RUDWVFKLQJDELKPGDV'LDJUDPP]XUFN 6LHGUIHQ9HU]HLKHQ6LHELWWHXQVHU0LWUDXHQ'U$EGXOOD 'U$EGXOODQLFNWHEHYRUHUJLQJ$QGHU%LHJXQJGUHKWHHUVLFKQRFKHLQPDO XP 0DQNDQQQLHPLWUDXLVFKJHQXJVHLQ6LU :DUXPUHGHWHUVRYLHOLQ5lWVHOQ"VDJWH*RUDWVFKLQXQGVDKGDEHLKLQWHU 'U$EGXOODKHU (LJHQWOLFKKDWHUGDVVFKRQLPPHUJHUQJHWDQHUZLGHUWHLFK(VLVWPLU SHLQOLFKGDLFKLKQVRXQK|IOLFKEHKDQGHOQPXWH$EHUZDVEOLHEPLU DQGHUHVEULJ" 1HLQVDJWH*RUDWVFKLQ6LHKDEHQVFKRQULFKWLJJHKDQGHOW'U$EGXOOD ZLUGGDVVLFKHUHLQVHKHQ(ULVWGRFKHLQYHUQQIWLJHU0HQVFK 8QGDOV0LWDUEHLWHUXQEHUWURIIHQ6LU$EHUHKUOLFKJHVDJWLFKPWHMHW]W ]XPHLQHU$UEHLW]XUFN6LHZDUWHQMDDXIGLH$XVZHUWXQJ,KUHV0DWHULDOV $OOHUGLQJVHUZLGHUWH*RUDWVFKLQ(UVHXI]WH(VZLUGPLUZRKOQLFKWV DQGHUHVEULJEOHLEHQDOVHLQZHQLJOlQJHUGDUDXI]XZDUWHQ0DMRU.LWDFKL ZLUG6LHLQGHUQlFKVWHQ=HLWEHUUHLFKOLFKEHDQVSUXFKHQ-HW]WZR6LH HLQPDOVRWLHILQGHU$QJHOHJHQKHLWGULQVWHFNHQVLQG6LHHLQHUGHU ZLFKWLJVWHQ0lQQHUGHV)DOOHV*HLVWHU$JHQW JHZRUGHQ ,FKYHU]RJGDV*HVLFKW]XHLQHUYHUGULHOLFKHQ*ULPDVVH'HU$XVGUXFN *HLVWHU$JHQWEHKDJWHPLULPPHUQRFKQLFKW(UKHURLVLHUWHGLH3HUVRQGHV KHLPWFNLVFKHQ0|UGHUVYRQ4XLQWR&HQWHULQHLQHU:HLVHGLHLKPQLFKW ]XVWDQG$EHUJHJHQHLQPDOJHSUlJWH1DPHQYHUPDJGLH9HUQXQIWQLFKWV DXV]XULFKWHQ :LUZDUWHWHQQRFK]ZDQ]LJ0LQXWHQ 'RFKGLHHLQ]LJHQGLHGXUFKGLH6FKOHXVHYRQ6FKDFKW]Z|OINDPHQZDUHQ ]ZHL*UXSSHQGHV6LFKHUKHLWVGLHQVWHV 'DQQULHI0DMRU.LWDFKLXQVDQXQGEDWXQV]XVLFK 6RVFKQHOOHVJLQJOLHIHUWHQZLUXQVHUH9DNXXP6FKZLPP$XVUVWXQJHQ ZLHGHULP0DJD]LQDE'DQQQDKPHQZLUHLQHGHU6FKQHOOYHUELQGXQJHQ]XP +46LFKHUKHLWVGLHQVW(VKDQGHOWHVLFKGDEHLXPHLQHQWURSIHQI|UPLJHQ (LQVFKLHQHQJOHLWHUGHUYRQ6SHLFKHUEDWWHULHQJHWULHEHQZXUGHXQGVHLQHQ :HJXQWHU8PJHKXQJGHU%DQGVWUDHQXQG/LIWVLQHLQHUHQJHQ5|KUH YHUIROJWH (VGDXHUWHQXUYLHU0LQXWHQGDQQEUHPVWHGHU*OHLWHUNUHLVFKHQGLQHLQHU +DOOH+LHUPQGHWHQQRFKHWZDDFKW]HKQ*OHLWHUU|KUHQHLQ9LHU*OHLWHU VWDQGHQGXQNHOXQGRKQH%HOHXFKWXQJDXILKUHQ6FKLHQHQ(LQ:DFKWSRVWHQ HPSILQJXQVXQGIKUWHXQV]XP+LQWHUHLQJDQJGHU6LFKHUKHLWVGLHQVW ]HQWUDOH
0DMRU.LWDFKLHUZDUWHWHXQVLP%URGHVYHUVFKZXQGHQHQ*HQHUDOV(UZDU NRPPLVVDULVFKHU&KHIGHV+46LFKHUKHLWVGLHQVWHVJHZRUGHQ 6HLQH0LHQH]HXJWHYRQVFKOHFKWHU/DXQH'DVZROOWHEHL.LWDFKLHWZDV KHLHQGHQQQRUPDOHUZHLVHYHUEDUJHU*HIKOVUHJXQJHQKLQWHUHLQHUHZLJ OlFKHOQGHQ0DVNH (VLVW]XP9HUUFNWZHUGHQVWLHHU]ZLVFKHQGHQ=lKQHQKHUYRUQDFKGHP HUXQVEHJUWKDWWH'LH2UJDQLVDWLRQDUEHLWHWDXI+RFKWRXUHQ(VVWHKW HLQZDQGIUHLIHVWGDVLFKDXHU%ULHOOHNHLQ0HQVFKPHKUGUDXHQ DXIKlOW 'DVLVWGRFKJQVWLJZDUILFKHLQ'DQQPWHGHU$WWHQWlWHUXQWHUGHQ /HXWHQVHLQGLH,KUH/HXWHDQGHQ6FKOHXVHQLQ(PSIDQJJHQRPPHQ KDEHQ 0WHVDJWH.LWDFKLZHJZHUIHQG)UHLOLFKPWHHVVRVHLQ$EHUMHGHU NRQQWHHLQ$OLELEHLEULQJHQ'LH3DWURXLOOHQZDUHQQLHXQWHUVHFKV0DQQ6LH VFKHLGHQDOVRDXV'LH6XFKWUXSSVEHVWDQGHQHEHQIDOOVDXVJU|HUHQ *UXSSHQ6LHEOLHEHQVWHWV]XVDPPHQVRGDNHLQHUVLFKXQEHPHUNW HQWIHUQHQXQGGLH%RPEHZHUIHQNRQQWH%OLHEHQQRFKGHU$U]WGHU6DQLWlWHU XQG'U$EGXOOD'HU$U]WXQGGHU6DQLWlWHUUHWWHWHQHLQHQ 9DNXXP6FKZLPPHUGHUVLFKGHQ5DXPDQ]XJDQHLQHU)HOVQDGHO DXIJHVFKOLW]WKDWWH'U$EGXOODEHVLW]WHLQHLQZDQGIUHLHV3='LDJUDPP +P(UEOLFNWHPLFKGXUFKGULQJHQGDQ 'DV3='LDJUDPPLVWGDVHLQ]LJHGDVPLFKVW|UW1RUPDOHUZHLVHZHUGHQ QXUGLH3DWURXLOOHQGDPLWDXVJHVWDWWHW3ULYDWSHUVRQHQEUDXFKHQNHLQHQ 1DFKZHLV]XZHOFKHU=HLWVLHVLFKDQZHOFKHP2UWDXIJHKDOWHQKDEHQ DXHUVLHOHJHQ:HUWDXIHLQOFNHQORVHV$OLEL ,FKVFKWWHOWHGHQ.RSI (LQ3RVLWLRQV=HLW'LDJUDPPLVWXQEHVWHFKOLFK0DMRU(VLVWDOVRVLQQORV'U $EGXOODQRFKOlQJHU]XYHUGlFKWLJHQ (EHQGDVVW|UWPLFKHQWJHJQHWHGHU0DMRUKDUWQlFNLJ:RKHUZXWH'U $EGXOODGDHUHLQOFNHQORVHV$OLELEUDXFKHQZUGH"'DLVWGRFKHWZDVI DXO :HQQ6LHHVZQVFKHQIUDJHLFKLKQGDQDFK0DMRU :R]X"VDJWH*RUDWVFKLQ$QGHU7DWVDFKHGHV$OLELVlQGHUWGDVGRFK QLFKWV (VLVW]XP9HU]ZHLIHOQ.LWDFKLVW|KQWH:HQQLFKQDFKGHQ(UPLWWOXQJHQ JLQJHPWHLFKEHKDXSWHQGD6LHPLFKEHORJHQKDEHQ'DQLHPDQG YHUGlFKWLJWZHUGHQNDQQKDWDXFKQLHPDQGGLH%RPEHJHZRUIHQ9HUVWHKHQ 6LHZDVLFKPHLQH" ,FKYHUVWHKH6LHUHFKWJXWHUZLGHUWH*RUDWVFKLQ$EHUGDGDV$WWHQWDWDXI XQVNHLQH3KDQWDVLHLVWEOHLEWQXUHLQ6FKOXEULJ 8QGGHUZlUH" ,UJHQGHLQ$OLELWDXJWQLFKWV0DMRU
,FKZROOWH*RUDWVFKLQJHUDGHYRUKDOWHQGDHVVRJXWZLHXQP|JOLFKVHL KHUDXV]XEHNRPPHQZHOFKHV$OLELZHUWORVZDUGDVFKQDUUWHGHU7UVXPPHU :DVJLEWHV"ULHI0DMRU.LWDFKLXQJHKDOWHQ 'HU/DXWVSUHFKHUEHUGHU7UNQDFNWH'DQQPHOGHWHVLFKGHU:DFKWSRVWHQ (LQ'U+HLVWHUP|FKWH6LHGULQJHQGVSUHFKHQ6LU .LWDFKLUXQ]HOWHGLH6WLUQ 'U+HLVWHU",FKNHQQHGHQ0DQQQLFKW+DEHQ6LHLKPQLFKWJHVDJWGD ZLUQXUGHQ)DOO*HLVWHU$JHQW EHKDQGHOQ" -DZRKO6LUVFKDOOWHGLH$QWZRUWDXVGHP/DXWVSUHFKHU$EHU'U+HLVWHU EHKDXSWHWHLQHQZLFKWLJHQ+LQZHLVLQGLHVHU$QJHOHJHQKHLWJHEHQ]X N|QQHQ 0DMRU.LWDFKLKROWHWLHI/XIW'DQQEHIDKOHUNQDSS )KUHQ6LHLKQKHUHLQ *OHLFKGDUDXI|IIQHWHVLFKGLH7U'HUVHOEH:DFKWSRVWHQGHUXQVLP*OHLWHU %DKQKRIHPSIDQJHQKDWWHWUDWPLWPLOLWlULVFKHP6FKULWWHLQXQGVDOXWLHUWH VWUDPP 'U+HLVWHU6LU (UPDFKWHNHKUWXQGPDUVFKLHUWH]XUFN,QGHU7UHUVFKLHQHLQURWZDQJLJHU 5LHVHYRQHQRUPHP/HLEHVXPIDQJ(UWUXJGLH.OHLGXQJGHU:LVVHQVFKDIWOHU YRQ4XLQWR&HQWHUDEHUHVPXWHHLQH6SH]LDODQIHUWLJXQJVHLQGHQQGLH QRUPDOH8QLIRUPKlWWHQXHHLQH+lOIWHYRQLKPEHGHFNW 0DMRU.LWDFKLJLQJLKPHQWJHJHQ(UPXWH]XGHP5LHVHQDXIEOLFNHQDOVHU YRULKPVWDQG$OVHULKPGLH+DQG]XU%HJUXQJUHLFKWHYHUVFKZDQGVLHLQ GHUURVLJHQ3UDQNHGHV:LVVHQVFKDIWOHUV ,FKELQ0DMRU.LWDFKL'U+HLVWHU(UVWHOOWH*RUDWVFKLQXQGPLFKHEHQIDOOV YRU $QJHQHKPJUROOWH'U+HLVWHUPLWXQZDKUVFKHLQOLFKWLHIHU6WLPPH 0DMRU.LWDFKLERWLKPHLQHQ6HVVHODQ9RUVLFKWLJOLHGHU5LHVHVLFK KLQHLQVLQNHQ'LH6WDKOEHLQHGHV6LW]P|EHOVNQLUVFKWHQEHGHQNOLFKDEHUVLH KLHOWHQ:LUQDKPHQHEHQIDOOV3ODW] 'HU0DMRUERW=LJDUHWWHQDQ*RUDWVFKLQOHKQWHDE'U+HLVWHUMHGRFKJULII]X XQGSDIIWHEHlQJVWLJHQGGUDXIORVQDFKGHPLFK)HXHUDQJHERWHQKDWWH,FK UDXFKWHHEHQIDOOV 0DMRU.LWDFKLEOLHVGHQ5DXFKZHLWYRQVLFK(UEHXJWHVLFKYRUXQGEOLFNWH GHQ:LVVHQVFKDIWOHUVFKDUIDQ :DVZLVVHQ6LHEHUGHQ*HLVWHU$JHQWHQ 'U+HLVWHU" 'U+HLVWHUUROOWHHUVWDXQWPLWGHQ$XJHQ 1LFKWV0DMRU,FKELQVFKOLHOLFKQXUHLQHLQIDFKHU3K\VLNHU:DVVROOWHLFK VFKRQYRQHLQHP*HLVWHU$JHQWHQ ZLVVHQ" .LWDFKLVFKQDSSWHK|UEDUQDFK/XIW $EHU6LHKDEHQGHP3RVWHQJHJHQEHUEHKDXSWHW $FKZDV'U+HLVWHUIKUPLWVHLQHUJURHQIOHLVFKLJHQ+DQGGXUFKGLH /XIW,FKKDEHQXUJHVDJWGDLFKHWZDVEHU*HQHUDO%ULHOOHVDJHQN|QQWH
.LWDFKLIXKUDXI 'DEHLVWLHHUIDVWVHLQHQ6HVVHOXP $EHUGDVLVWGRFKHLQXQGGDVVHOEH'RNWRU 'U+HLVWHU]XFNWHGLH6FKXOWHUQ 6ROOPLUDXFKUHFKWVHLQ0DMRU,FKZXWHHVQLFKW,FKK|UWHQXUGDPDQ QDFK,KUHP&KHIVXFKW1XQYLHOOHLFKWNDQQLFK,KQHQHLQHQNOHLQHQ+LQZHLV JHEHQ .LWDFKLVHW]WHVLFKZLHGHU(UZDUWXQJVYROOOHKQWHLFKPLFK]XUFN,FKZDU JHVSDQQWZDVMHW]WNRPPHQZUGH ,FKELQ3V\FKR3K\VLNHUHUOlXWHUWH'U+HLVWHU0HLQH6SH]LDOLWlWLVWGLH (LQVWLPPXQJXQG3URJUDPPLHUXQJYRQVRJHQDQQWHQ36*3V\FKR 6SUJHUlWHQGLHDXIGLH+LUQZHOOHQIUHTXHQ]HLQHVEHVWLPPWHQ0HQVFKHQ HLQJHVWHOOWZHUGHQN|QQHQXPXQDXIIlOOLJVHLQH6SXUYHUIROJHQ]XN|QQHQ *HQHUDO%ULHOOHJDEPLUVHLWODQJHP$XIWUlJHZHQQHVVLFKGDUXPKDQGHOWH HLQHQIHLQGOLFKHQ$JHQWHQULVLNRORV]XEHVFKDWWHQXQGVHLQH$XIWUDJJHEHU DXI]XVSUHQ6RDXFKJHVWHUQQDFKPLWWDJ(UEUDFKWHPLUZLHEOLFKHLQ 3V\FKRJUDPPXQGEDWPLFKGDQDFKELVJHJHQVLHE]HKQ8KUHLQ36* HLQ]XVWLPPHQ.XU]QDFKVLHE]HKQ8KUHUVFKLHQHUXQGLFKKlQGLJWHLKP GDV*HUlWDXV:DVHUGDPLWYRUKDWWHZHLLFKQDWUOLFKQLFKW'HU 9HUZHQGXQJV]ZHFNEOHLEWLPPHUJHKHLPELVDXIGHQGDHVVLFKXPGDV $XIVSUHQHLQHV0HQVFKHQKDQGHOW (UWDWQRFKHLQHQ=XJXQGZDUIGDQQGHQ=LJDUHWWHQUHVWLQGHQ$VFKHQEHFKHU DXIGHU6HVVHOOHKQH *RUDWVFKLQXQGLFKVDKHQXQVXQZLOONUOLFKDQ 'DKDEHQZLUDOVRGDV0RWLYIUVHLQ9HUVFKZLQGHQVDJWH*RUDWVFKLQ HUUHJW(UJODXEWHJDUQLFKWZLUNOLFKDQGDVZDVHUXQVZHLVPDFKHQZROOWH GDQlPOLFKGLH$JHQWHQ$IIlUHPLW:ULJKOH\VXQG*UHHQV7RG DEJHVFKORVVHQVHL 8QGGHUZLUNOLFKH$JHQWZXWHGDYRQIJWHLFKKLQ]X (LQHQ$XJHQEOLFNELWWHVDJWH0DMRU.LWDFKL6LHPHLQWHQZDQGWHHUVLFK ZLHGHUDQ'U+HLVWHUHVKDQGHOWHVLFKXPGDV$XIVSUHQHLQHV0HQVFKHQ ,VWGDVZ|UWOLFK]XYHUVWHKHQ",FKPHLQHZDUHVGDV3V\FKRJUDPPHLQHV PHQVFKOLFKHQ:HVHQVGDV*HQHUDO%ULHOOH,KQHQDXVKlQGLJWH" -DDEHUVHOEVWYHUVWlQGOLFK0DMRUHUZLGHUWHGHU3K\VLNHUYHUZXQGHUW 'DVLVWGXUFKDXVQLFKWVHOEVWYHUVWlQGOLFKJDEGHU0DMRUPLWXQJHZRKQWHU 6FKlUIH]XUFN 'RFKEHKDXSWHWH'U+HLVWHU,FKELQEHUKDXSWQLFKWLQGHU/DJHPLWGHQ 0LWWHOQPHLQHV/DERUVQLFKWPHQVFKOLFKH3V\FKRJUDPPH]XYHUDUEHLWHQ 'DQQDOOHUGLQJVVDJWH.LWDFKLXQGVHLQ*HVLFKWVWUDKOWHSO|W]OLFKHLWHO )UHXGHXQG=XYHUVLFKWDXV'DQQKlWWHQZLUZHLWHUQLFKWV]XWXQDOVGDV EHWUHIIHQGH3V\FKRJUDPPPLWGHQ3V\FKRJUDPPHQDOOHU
6WW]SXQNWDQJHK|ULJHQ]XYHUJOHLFKHQ0LW+LOIHGHU3RVLWURQLNNDQQGDVLQ ZHQLJHQ0LQXWHQHUOHGLJWVHLQ'DQQZLVVHQZLUZHUGHU*HLVWHU$JHQW LVW 2GHUDXFKQLFKWVDJWHLFKWURFNHQ .LWDFKLEOLFNWHPLFKLUULWLHUWDQ ,FKHULQQHUH6LHDQGDVZDV6LHPLUEHU0HUFDQWV0HOGXQJJHVDJWKDEHQ HUNOlUWHLFK'DQDFKPWHGHU*HLVWHU$JHQW HLQHUQRFKY|OOLJ XQEHNDQQWHQ5DVVHDQJHK|UHQ6HOEVWZHQQZLUGHQDEVXUGHQ)DOO DQQHKPHQZROOWHQGDGLH$QJHK|ULJHQGLHVHU5DVVHlKQOLFKH 3V\FKRJUDPPHKDEHQZLHZLU0HQVFKHQNDQQGHU*HQHUDOGRFKQLFKWDQ HLQVROFKHV3V\FKRJUDPPJHODQJWVHLQ(VVHLGHQQHUKlWWHGHQ *HLVWHU$JHQWHQ YRUKHUGD]XEHZRJHQVLFKIUHLQHHQWVSUHFKHQGH3V\FKR $XIQDKPH]XU9HUIJXQJ]XVWHOOHQ :LUDOOHVFKDXWHQYHUEOIIWKRFKDOV'U+HLVWHUSO|W]OLFKVFKDOOHQGODFKWH 1HLQEUOOWHHUXQGKLHOWVLFKPLWEHLGHQ+lQGHQVHLQHQ%DXFK1HLQ :HQQLFKPLUGDVELOGOLFKYRUVWHOOH +DOWHQ6LHGHQ0XQGIXKU.LWDFKLLKQDQ 'U+HLVWHUYHUVWXPPWHVRIRUW ,PPHUKLQNHXFKWHHUPVVHQ6LHGRFK]XJHEHQGD'U7HOHNHUHFKWKDW :R]XKlWWHGHU*HQHUDOHLQ3V\FKRJUDPPJHEUDXFKWZHQQHUGHQ$JHQWHQ EHUHLWVLQVHLQHU*HZDOWKDWWH"'RFKDEJHVHKHQGDYRQLFKNDQQ EHVFKZ|UHQGDHVVLFKXPHLQW\SLVFKPHQVFKOLFKHV3V\FKRJUDPP KDQGHOWH 1XQJXWVDJWH*RUDWVFKLQJHODVVHQ(VZDUHLQPHQVFKOLFKHV 3V\FKRJUDPP'HPQDFKNDQQWH*HQHUDO%ULHOOHHLQHQ+HOIHUGHV*HLVWHU $JHQWHQ GRFKQLFKWGHQ$JHQWHQVHOEHU:DVODJQlKHUDOVMHGHQ:HJGHV +HOIHUVPLWWHOV36*]XYHUIROJHQXPGDGXUFKDXIGLH6SXUGHVHLJHQWOLFKHQ $JHQWHQ]XNRPPHQ" 0DMRU.LWDFKLKDWWHVLFKZLHGHUY|OOLJEHUXKLJW-HW]WGDHQGOLFKHLQH6SXU DXIJHWDXFKWZDUVFKLHQHUZLHGHUGHUNKOHEHVRQQHQH2IIL]LHU]XZHUGHQ DOVGHQLFKLKQDQIlQJOLFKNHQQHQJHOHUQWKDWWH *HQHUDO%ULHOOHKDW]ZHLIHOORVJHJHQGLH9RUVFKULIWJHKDQGHOWDOVHUGHQ 1DPHQGHV$JHQWHQEH]LHKXQJVZHLVHVHLQHV+HOIHUVIUVLFKEHKLHOW8QG HEHQVR]ZHLIHOORVNRVWHWHLKQGDVGDV/HEHQ$EHUGDUDQLVWOHLGHUQLFKWV PHKU]XlQGHUQ)UXQVEOHLEWGLH$XIJDEHGLH6SXUELV]XP(QGH]X YHUIROJHQ'U+HLVWHU:RLVWGDV3V\FKRJUDPPGDV6LH]XU(LQVWLPPXQJ GHV36*YRQ*HQHUDO%ULHOOHHUKLHOWHQ" ,QPHLQHP7UHVRU:RVRQVW"HUZLGHUWH'U+HLVWHUDOVKlWWHLKQMHPDQG QDFKHLQHP)RUPHOEXFKJHIUDJW 6ROOLFKHVKROHQ" +ROHQ6LHHVVFKQHOOEHIDKO.LWDFKL(UEOLFNWHIOFKWLJDXIVHLQH8KU,FK ZHUGHLQ]ZLVFKHQPHLQHEHVWHQ/HXWHKLHUKHUEHVWHOOHQGDPLWZLUVRIRUWQDFK ,KUHU5FNNHKUORVVFKODJHQN|QQHQ +DOWULHILFKDOV'U+HLVWHUVLFKHUKREXQGDXIGLH7U]XHLOWH
*RUDWVFKLQXQG.LWDFKLVDKHQPLFKYHUZXQGHUWDQ'U+HLVWHUGUHKWHVLFK ODQJVDPXPXQGEOLFNWHPLELOOLJHQGDXIPLFKKHUDE ,FKYHUVWHKH,KUHQ/HLFKWVLQQQLFKWVDJWHLFK]X.LWDFKL'U+HLVWHUVROO GDVZLFKWLJVWH'RNXPHQWGLHVHVJDQ]HQ)DOOHVKROHQ:DVJHVFKLHKWZHQQ GHU*HLVWHU$JHQW VRHWZDVDKQW"(URGHUVHLQ+HOIHUPXGRFKGHQ 3V\FKR6SUHUEHL%ULHOOHJHIXQGHQKDEHQ,FKELWWHGDUXP'U+HLVWHU EHJOHLWHQ]XGUIHQ6LHN|QQHQVLFKGDUDXIYHUODVVHQGDLFKPLWPHLQHP 1DGHOVWUDKOHUUHFKWJXWXPJHKHQNDQQ 'DVKDEHLFKLP)DOO*UHHQJHVHKHQJDE.LWDFKLNQXUULJ]XUFN 0HLQHWZHJHQN|QQHQ6LH'U+HLVWHUEHJOHLWHQ3DVVHQ6LHDEHUDXI6FKRQ VRPDQFKHUGHUVHLQH1DVHLQ'LQJHVWHFNWHGLHLKQQLFKWVDQJLQJHQKDW QDFKKHUNHLQH=HLWPHKU]XP%HUHXHQJHKDEW,FKZLQNWHQXUOlVVLJDE (UVWDOVLFKPLW'U+HLVWHU]XVDPPHQGLH5DPSHYRUHLQHPGHU 6FKLHQHQJOHLWHUEHWUDWPHUNWHLFKZLHEODGHU.RORJHZRUGHQZDU(UOLHI DOVEHVWQGHQVHLQH.QLHJHOHQNHDXV:HLFKSODVWLN .HLQH%DQJHVDJWHLFKWU|VWHQGXQGNORSIWHLKPDXIGHQ5FNHQ:HQQ LFKGDEHLELQNDQQEHUKDXSWQLFKWVSDVVLHUHQ (UKROWHXPVWlQGOLFKHLQEOWHQZHLHV7DVFKHQWXFKKHUYRUXQGVFKQHX]WH VLFKODXW (VWXWPLUOHLG'U7HOHNH$EHULFKKDEHQLFKWGLHJHULQJVWH$KQXQJZLH PDQPLWIHLQGOLFKHQ$JHQWHQXPJHKW 6RVDJWHLFKXQGULPHLQHQ1DGHOVWUDKOHUKHUDXV6FKQHOOHUVHLQDOVGHU DQGHUH/RVQXQVWHLJHQ6LHVFKRQHLQ,FKVFKRELKQXQVDQIWGXUFKGLH7U GHV*OHLWHUV(USDWHJHUDGHQRFKKLQHLQ,FKZDUIURKGDPDQGLH YROODXWRPDWLVLHUWHQ:DJHQQLFKWVHOEVWVWHXHUQPXWH'LHPDVVLJH*HVWDOW 'U+HLVWHUVKlWWHNHLQHQ3ODW]IUGLH9HUULFKWXQJHQHLQHV)DKUHUVJHODVVHQ ,QQXUGUHL0LQXWHQEUDFKWHXQVGHU*OHLWHU]XGHP6HNWRUYRQ4XLQWR&HQWHU GHQ'U+HLVWHUDXIGHU=LHOVNDODGHV*OHLWHUVJHZlKOWKDWWH 'LHUDVHQGH)DKUWGXUFKY|OOLJH'XQNHOKHLWEHUXKLJWHPLFKHWZDV1LHPDQG NRQQWHXQVHWZDVDQKDEHQVRODQJHZLUIXKUHQ'LH*OHLWHUU|KUHQZDUHQ KHUPHWLVFKJHJHQGLH8PZHOWDEJHVFKORVVHQ1XUDP6WDUWRGHUDP=LHO NRQQWHPDQHWZDVJHJHQXQVXQWHUQHKPHQ,FKJODXEWHMHGRFKQLFKWGDUDQ 'HU6HNWRULQGHP'U+HLVWHUV/DERUODJZLPPHOWHXPGLHVH7DJHV]HLWYRQ :LVVHQVFKDIWOHUQ(LQhEHUIDOOZUGHQLFKWXQEHPHUNWEOHLEHQ(VZDU XQGHQNEDUGDGHU*HJQHUGLHVHV5LVLNRHLQJHKHQVROOWH 0HLQH9HUPXWXQJWlXVFKWHPLFKQLFKW8QDQJHIRFKWHQJHODQJWHQZLULQ'U +HLVWHUV/DERU(U|IIQHWHGHQ7UHVRUXQGHQWQDKPGHPXQWHUVWHQ)DFKHLQH VFKPDOH0HWDOOKOVH ,VWGDVHLQ3V\FKRJUDPP"IUDJWHLFK (UQLFNWH ,QGHU+OVHEHILQGHWVLFKGHU6SHLFKHUNULVWDOOPLWGHP3V\FKRJUDPP(V ZLUGYLHOOHLFKWEHVVHUVHLQZHQQ6LHHVHLQVWHFNHQ
,FKODFKWH :R]X"$EHUPHLQHWZHJHQ*HEHQ6LHHVKHUZHQQHV6LHEHUXKLJW $FKWORVOLHLFKHVLQHLQHU7DVFKHPHLQHU8QLIRUPMDFNHYHUVFKZLQGHQ,P JOHLFKHQ$XJHQEOLFNIXKULFKZLHHOHNWULVLHUW]XVDPPHQ0HLQH+DQGKDWWH HWZDVHUWDVWHWZDVQLFKWLQPHLQH7DVFKHJHK|UWH,FK]RJHVKHUYRU (VZDUHLQH8KU-HGHQIDOOVVDKHVDXIGHQHUVWHQ%OLFNDXVZLHHLQH VRJHQDQQWH9DNXXP8KU$EHUQDFKJHQDXHUHP+LQVHKHQHUNDQQWHLFK PHLQHQ,UUWXP'DV'LQJZDUYLHO]XVWDUNJHZ|OEWDOVGDHVHLQH8KUKlWWH VHLQN|QQHQ :DVKDEHQ6LH'U7HOHNH"IUDJWH'U+HLVWHU ,PQlFKVWHQ$XJHQEOLFNZXUGHHUXPHLQHQ6FKHLQEODVVHU (LQ3V\FKR6SUJHUlW:LHNRPPHQ6LHGDUDQ" (LQ3V\FKR6SUJHUlW ,FKVFKORGLH$XJHQ'U+HLVWHUV)UDJHZDUPHKUDOVEHUHFKWLJW$OV 0DWKHPDWLNHUKDWWHLFKQLFKWGDVJHULQJVWHPLW36*]XWXQ,FKNRQQWHPLFK DXFKQLFKWHQWVLQQHQZLHGDV*HUlWLQPHLQH7DVFKHJHNRPPHQZDU-D HLJHQWOLFKVDJWHLFKPLUGXUIWHHLQHLQIDFKHU0DWKHPDWLNHUQLFKWHLQPDO ZLVVHQZDVHLQ3V\FKR6SXUJHUlWZDU1XU$EZHKUGLHQVWVWHOOHQEHQXW]WHQ GLHVH*HUl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|W]OLFKGLFNH 6FKZHLWURSIHQ(U]LWWHUWH ,FKEHJULIIVHLQH5HDNWLRQQLFKW*HZLDXFKLFKZDUYHUEOIIW$EHUGHVKDOE YRU$QJVWGLH)DVVXQJYHUOLHUHQ" *HKHQZLU]XUFNVDJWHLFK%HQHKPHQ6LHVLFKQLFKWZLHHLQNOHLQHV .LQG'U+HLVWHU6LHVLQGVFKOLHOLFKHLQKHUYRUUDJHQGHU:LVVHQVFKDIWOHU VRQVWZlUHQ6LHQLFKWLQ4XLQWR&HQWHU ,FKLFKZHLQLFKWHUZLGHUWHGHU5LHVHNOlJOLFK6RJURHUYRQ*HVWDOW ZDUVRNOHLQVFKLHQVHLQ0XW]XVHLQ ,FKDWPHWHHUVWZLHGHUDXIDOVZLUXQVLQQHUKDOEGHV6FKLHQHQJOHLWHUV EHIDQGHQ:HQQGHU*HLVWHU$JHQWRGHUVHLQ+HOIHUXQVYRUKLQEHUIDOOHQ
KlWWHDOV'U+HLVWHUGLH1HUYHQYHUORUZlUHHVLKPHLQOHLFKWHVJHZHVHQ XQVEHLGH]XEHUZlOWLJHQ,FKIKOWHHLQHXQElQGLJH:XWDXIGHQ3K\VLNHULQ PLUZHQQLFKGDUDQGDFKWH6ROFKH/HXWHVROOWHPDQZLUNOLFKQLFKWLP 862+DXSWTXDUWLHUDXIQHKPHQ 'HU*OHLWHUUXFNWHDQDOVZLUXQVLQGHQZHLFKHQ6HVVHOQQLHGHUJHODVVHQ KDWWHQ'LH3ROVWHUXQJZDUDXFKQRWZHQGLJGHQQLQGLHVHPUHODWLYNOHLQHQ )DKU]HXJJDEHVNHLQHQ$QGUXFN$EVRUEHU:LUZXUGHQWLHILQGLH6LW]H JHSUHW ,FKZHLQLFKWREGHU*OHLWHU]XVFKQHOODQJHIDKUHQZDU-HGHQIDOOV YHUVFKZDPPHQSO|W]OLFKGLH.RQWXUHQGHU.DELQHYRUPHLQHQ$XJHQ,FK NRQQWHVHNXQGHQODQJQLFKWVPHKUHUNHQQHQ $OVLFKZLHGHUVHKHQNRQQWHZDUHVIDVW]XVSlW ,PHUVWHQ$XJHQEOLFNVFKLHQDOOHVQRUPDO]XVHLQ'HU*OHLWHUEHZHJWHVLFK PLWUDVHQGHU*HVFKZLQGLJNHLWGXUFKGLH7UDQVSRUWU|KUHZLHPLUGHUUDVFK YRQOLQNVQDFKUHFKWVZHFKVHOQGH$QGUXFNEHZLHVZHQQGLH5|KUHQHLQH .XUYHEHVFKULHE 'RFKGDQQQDKPLFKGDVVFKULOONUHLVFKHQGH*HUlXVFKZDKU(VNRQQWHVLFK QLFKWXPGDV$UEHLWVJHUlXVFKGHV(OHNWURPRWRUVKDQGHOQGD]XZDUHV]X ODXW 8QGGDQQJULIIGLH+LW]HZLHPLWIODPPHQGHQ$UPHQQDFKPLU 'HU*OHLWHUEUDQQWH ,FKZROOWHDXIVSULQJHQ$EHUGDYHUVFKZDPPHQSO|W]OLFKGLH.RQWXUHQPHLQHU 8PJHEXQJ1XUGDV.QLVWHUQ.UDFKHQXQG.UHLVFKHQGHU)ODPPHQ]HXJWH QRFKYRQGHU*HIDKU,FKELGLH=lKQH]XVDPPHQXQGVWLHPLFKPLWGHQ $UPHQDE=LHOORVXQGEOLQGWDXPHOWHLFKGXUFKGLH.DELQH,FKVSUWHGD LFKHUVWLFNHQPXWHZUGHLFKPLFKQLFKWLQQHUKDOEGHUQlFKVWHQ6HNXQGH DXVGHPEUHQQHQGHQ*OHLWHUEHIUHLHQ ,FKEUDXFKWHQLFKW]XEHUOHJHQ-HGHU6FKLHQHQJOHLWHUEHVDHLQH .DWDVWURSKHQDXWRPDWLN'HQ6FKDOWHUGLHVHU$XWRPDWLNJDOWHV]XILQGHQ,FK WDSSWHZDKOORVDXIDOOHQHUUHLFKEDUHQ6FKDOWNQ|SIHQKHUXP 'HUMlKH5XFNEHUUDVFKWHPLFKYROONRPPHQ 0LWIUFKWHUOLFKHU:XFKWZXUGHLFKQDFKYRUQJHVFKOHXGHUWXQGYHUORU DXJHQEOLFNOLFKGDV%HZXWVHLQ 'DVHUVWHZDVLFKEHPHUNWHDOVLFK]XPLUNDPZDUGHUUDVHQGH .RSIVFKPHU] (UVWDFKZLHPLWWDXVHQG1DGHOQXQGSHLQLJWHPLFKGHUDUWGDLFKGHQ0XQG ]XHLQHP6FKUHL|IIQHWH$EHULFKHUIXKUQLHPDOVRELFKWDWVlFKOLFKJHVFKULHQ KDWWH'LHKHLH'UXFNZHOOHHLQHU([SORVLRQOLHPLFKHUQHXWLQGHP VFKZDU]HQ$EJUXQGGHU2KQPDFKWYHUVLQNHQ
2IIHQEDUZDULFKQLFKWODQJHRKQH%HZXWVHLQJHZHVHQGHQQDOVLFKHUQHXW ]XPLUNDPEOLFNWHLFKJHJHQJODWWHV0HWDOOLQGHPVLFKGLH]QJHOQGHQ )ODPPHQGHVEUHQQHQGHQ6FKLHQHQJOHLWHUVVSLHJHOWHQ 'HU.RSIVFKPHU]MHGRFKZDUYHUVFKZXQGHQ'LH8UVDFKHGDIUHUNDQQWHLFK LPQlFKVWHQ$XJHQEOLFNhEHUPLUWDXFKWHGHU.RSIHLQHV0HGR5RERWVDXI 6WDUNH$UPHSDFNWHQPLFKXQGVFKREHQPLFKEHKXWVDPDXIHLQH VFKZDQNHQGH8QWHUODJH $OOPlKOLFKNHKUWHGDV*HK|UZLHGHU]XUFN6FKZDFKYHUQDKPLFK6WLPPHQ 6LHKDOOWHQGXPSILQGHUHQJHQ5|KUHGHV*OHLWHUWXQQHOV'D]ZLVFKHQ PLVFKWHVLFKLQWHUYDOODUWLJDQXQGDEVFKZHOOHQGHV=LVFKHQ1DFKXQGQDFK YHUGXQNHOWHVLFKGDV6SLHJHOELOGGHU]XFNHQGHQ)ODPPHQELVHVVFKOLHOLFK JDQ]HUORVFK'DIUVWDFKHQJUHOOH6FKHLQZHUIHUNHJHOGXUFKGLH'XQNHOKHLW ,FKZROOWHPLFKDXIULFKWHQ'RFKHVJHODQJPLUQLFKW,FKIKOWHPLFKZLH JHOlKPW9HUPXWOLFKKDWWHGHU0HGR5RERWPLUHLQVWDUNHV%HWlXEXQJVPLWWHO LQML]LHUWXPPHLQH6FKPHU]HQ]XOLQGHUQ ,FKYHUVXFKWHPLFKDQGLH(UHLJQLVVHLP*OHLWHU]XHULQQHUQ'RFKDOOHVZDV PLUEUXFKVWFNKDIWZLHGHUHLQILHOZDUGDLFKYHUVXFKWKDWWHPLFKLQGHP 5DXFKGHVEUHQQHQGHQ*OHLWHUV]XP6FKDOWHUGHU.DWDVWURSKHQDXWRPDWLN YRU]XWDVWHQ$QVFKHLQHQGZDUHVPLULPOHW]WHQ$XJHQEOLFNJHOXQJHQGHQ 6FKDOWHU]XEHWlWLJHQ'DUDXIKLQZDUGDV9RUGHUWHLOGHV*OHLWHUV DXIJHVSUHQJWZRUGHQZlKUHQGJOHLFK]HLWLJGLH1RWEUHPVHDNWLYLHUWZXUGH 'HU*OHLWHUZDUVWHKHQJHEOLHEHQDEHUGLH0DVVHQWUlJKHLWKDWWHPLFKDXV LKPKLQDXVNDWDSXOWLHUWGXUFKGLHgIIQXQJGLHGLHDEJHVSUHQJWH%XJZDQG KLQWHUODVVHQKDWWH 8QG+HLVWHU":DVZDUPLWGHP3V\FKR3K\VLNHUJHVFKHKHQ" ,FKZROOWHUXIHQ'RFKGDPHUNWHLFKGDLFKPLFKLQ%HZHJXQJEHIDQG'HU 0HGR5RERWVFKZDQNWHDQPHLQHP)XHQGHKLQXQGKHU,FKHUNDQQWHGD LFKDXIHLQHU$QWLJUDYWUDJHDEWUDQVSRUWLHUWZXUGH 6FKUHFNGXUFK]XFNWHPLFK :DULFKVRVFKZHUYHUOHW]WGDLFKQLFKWDOOHLQJHKHQNRQQWH" $EHUGDV1DFKGHQNHQKDWWHPLFKDQJHVWUHQJW,FKVSUWHZLHGLH.UlIWH PLFKYHUOLHHQXQGGLHVPDOHPSIDQGLFKGLH2KQPDFKWDOV:RKOWDW $OVLFK]XPGULWWHQPDOHUZDFKWHIKOWHLFKPLFKEHGHXWHQGEHVVHUXQG NUlIWLJHUDOVYRUKHU ,FKZDQGWHGHQ.RSI'LHVPDOVWUHQJWHHVPLFKQLFKWLPJHULQJVWHQDQ,P *HJHQWHLO0LUVFKLHQDOVEHVlHPHLQ.RSINHLQ*HZLFKW,FKEHZHJWHGLH $UPH6DQIWEHJDQQLFKQDFKREHQ]XVFKZHEHQ6FKRQ]RJLFKGHQ.RSI HLQLQ(UZDUWXQJHLQHVKHIWLJHQ$QSUDOOVJHJHQGLHZHLH'HFNHGHV =LPPHUVGDVDQNLFKDOOPlKOLFKZLHGHUKHUDE'DV%HWWDXIGDVLFKVDQN IKOWHVLFKOHLFKWDQZLH/XIW 8QGDOVLFKGHQ.RSIZHLWJHQXJGUHKWHHUNDQQWHLFKGDLFKWDWVlFKOLFKDXI /XIWODJ'DVKHLWLFKVFKZHEWHLQGHU/XIWHWZD]ZDQ]LJ=HQWLPHWHUEHU HLQHUEOLQNHQGHQ0HWDOOSODWWHDXVGHUVFKZDFKHVNDXPK|UEDUHV6XPPHQ
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lFKWOLFKGDV*HVLFKWDOVLFKGDUDQGDFKWHZLHXQZLFKWLJHLQH *HKLUQHUVFKWWHUXQJLP9HUJOHLFK]XU([LVWHQ]GHV*HLVWHU$JHQWHQZDU =ZHLIHOORVZDUGHU=ZLVFKHQIDOOPLWGHP*OHLWHUHLQQHXHV$WWHQWDWGHV $JHQWHQJHZHVHQ +HLHU6FKUHFNGXUFKIXKUPLFKDOVLFKDQGDV3V\FKRJUDPPGDFKWHGDVLFK EHLPLUJHWUDJHQKDWWH :DVZDUDXVGHP3V\FKRJUDPPJHZRUGHQ" 3O|W]OLFKZXWHLFKGDLFKQLFKWOlQJHUKLHUOLHJHQGXUIWH,PPHUZLHGHUZDU HVGHP*HLVWHU$JHQWJHOXQJHQDXVGHP'XQNHOKHUDXV]X]XVFKODJHQ *HZLKDWWHHUQLFKWDOOHVHUUHLFKWZDVHUZROOWHDEHUHUKDWWHVLFKDXFK QLFKWHLQVFKFKWHUQODVVHQ'DVVFKLHQ]XEHZHLVHQGDHUVLFKLPPHUQRFK VLFKHUIKOWH :LHGHUNDPPLUGHU*HGDQNHDQGLHHLQ]LJH(UNOlUXQJIUGLHYHUEOIIHQGHQ (UIROJHGLHGHU*HJQHULQQHUKDOEGHV862+DXSWTXDUWLHUVIDVWPKHORV HUUHLFKWKDWWH(UPXWHPLWSDUDSV\FKLVFKHQ0LWWHOQDUEHLWHQ(LQH=HLWODQJ KDWWHLFKQLFKWPHKUDQGLHVH0|JOLFKNHLWJHGDFKW:LHOHLFKWVLQQLJZDULFK GRFKJHZHVHQ,FKKDWWHGDUDXIYHUWUDXWPLWHLQHP1DGHOVWUDKOHUMHGHP $QJULIIGHV*HJQHUVHUIROJUHLFKEHJHJQHQ]XN|QQHQ$EHUJHJHQ SDUDSV\FKLVFKH.UlIWHQW]WHNHLQ1DGHOVWUDKOHUHWZDV-lKZXUGHQPLUQRFK PHKU=XVDPPHQKlQJHNODU'HU*HLVWHU$JHQWEUDXFKWHMDQLFKWHLQPDO HLQHQ0HQVFKHQ]XEHVWHFKHQXPLKQDOVZLOOLJHQ+HOIHU]XJHZLQQHQ(LQ 6XJJHVWLYEORFNJHQJWHYRUDXVJHVHW]WGHU*HJQHUYHUIJWHWDWVlFKOLFKEHU SDUDSV\FKLVFKH.UlIWH ,QPLUEHJDQQVLFKZLHGHUGHU=ZHLIHO]XUHJHQ :LHKlWWHLFKJHKDQGHOWZHQQLFKGHU*HLVWHU$JHQWZlUH"+lWWHLFK%ULHOOH YHUVFKZLQGHQODVVHQ"+lWWHLFKYHUVXFKWGHQKDUWQlFNLJHQ'U7HOHNHGXUFK 0RUGDXV]XVFKDOWHQ" 'LH$QWZRUWZDUHLQNODUHVHLQGHXWLJHV1HLQ
(LQPLWSDUDSV\FKLVFKHQ.UlIWHQDXVJHVWDWWHWHVLQWHOOLJHQWHV:HVHQKlWWH VLFKQLHPDOVVRDXIIlOOLJEHQRPPHQ:DUXPDXFK(VZlUHY|OOLJ DXVUHLFKHQGJHZHVHQ%ULHOOHXQGPLFKXQGYLHOOHLFKWQRFKHLQLJHDQGHUH /HXWHPLWHLQHPVWDUNHQ6XJJHVWLYEORFN]XYHUVHKHQ ,FKEHUOHJWHDQJHVWUHQJW'DQQVWDKOVLFKHLQ]XIULHGHQHV/lFKHOQDXIPHLQH /LSSHQ'HU6FKOXGHQLFKDXVPHLQHQ+\SRWKHVHQXQGGHQ7DWVDFKHQ ]RJJDEPLUZLHGHU+RIIQXQJ ,FKJODXEWHQRFKLPPHUGDUDQGDGHU*HJQHUSDUDSV\FKLVFKEHJDEWZDU DEHUDXVLUJHQGHLQHP*UXQGHZDUHULQGHU$QZHQGXQJVHLQHU)lKLJNHLW JHKHPPW(UNRQQWHQLFKWHLQIDFKWXQXQGODVVHQZDVLKPEHOLHEWHVRQGHUQ PXWHVLFK]XPJURHQ7HLODXIGLH$QZHQGXQJSK\VLVFKHU*HZDOW YHUODVVHQ 8QGHLQVROFKHU*HJQHUEHJLQJ)HKOHUGLHVFKOLHOLFK]XVHLQHU(QWODUYXQJ IKUHQPXWHQ ,QHLQHUVROFKHQ6LWXDWLRQDEHUGXUIWHLFKQLFKWUXKLJLQPHLQHP *UDYLWDWLRQVEHWWOLHJHQEOHLEHQ ,FKULFKWHWHPLFKEHKXWVDPDXIXQGYHUVXFKWHPLFKDXVGHPVDQIWHQ *HIlQJQLV]XO|VHQGDVGXUFKGLH:HFKVHOZLUNXQJYRQ6FKZHUHORVLJNHLW XQG=XJIHOGHUQ]XHLQHU)DOOHJHZRUGHQZDU 1DFKHLQHUKDOEHQ6WXQGHKDWWHLFKPLFKEHIUHLW(VZDUQLFKWOHLFKWJHZHVHQ (LQ*UDYLWDWLRQVEHWWLVW]ZDUQLFKWDOV*HIlQJQLVJHGDFKWDEHUHVJLEWGRFK JHZLVVH9RUULFKWXQJHQGLHGHU6LFKHUKHLWGHV3DWLHQWHQGLHQHQVROOHQ ,FKZLVFKWHPLUGHQ6FKZHLDXVGHQ$XJHQXQGULHEPLUGLHDQJHVFKOD JHQHQ.QLH1XUGXUFKEHVWlQGLJHV+LQXQG+HUUROOHQZDUHVPLUJHOXQJHQ PLFKGXUFKGHQVFKPDOHQ6SDOW]X]ZlQJHQGHU]ZLVFKHQGHQEHLGHQ 6WDELOIHOGHUQIUHLJHODVVHQZDU'DVK|UWHVLFKOHLFKWDQZDUHVDEHU NHLQHVZHJV,FKKDWWHSUDNWLVFKLQHLQHU0XOGHGHVXQWHUHQ6WDELOIHOGV JHOHJHQ:ROOWHLFKEHUGHQ5DQGUROOHQPXWHLFKPHLQHP.|USHU 6FKZXQJJHEHQLQGHPLFKPLFKLQUDVFKHU)ROJHQDFKOLQNVXQGQDFKUHFKWV ZlO]WH'DEHLJHULHWLFKLQIROJHGHUIHKOHQGHQ6FKZHUNUDIWDXVGHU0XOGH KHUDXVXQGVWLHJHJHQGDVREHUH6WDELOIHOG $OVLFKVFKRQQLFKWPHKUDQHLQHQ(UIROJJODXEWHUROOWHLFK]LHPOLFK XQYHUKRIIWGXUFKGLH/FNHXQGIDQGPLFKXQVDQIWDXIGHP)XERGHQ DEJHVHW]W1XQPXWHLFKVRVFKQHOOZLHP|JOLFKDQPHLQH.OHLGHU JHODQJHQ
,FKIDQGVLHYROOVWlQGLJLQGHPHLQ]LJHQ6FKUDQNGHV=LPPHUV$EHUVLH VDKHQQLFKWJXWDXV+RVHQEHLQHXQGbUPHOGHU8QLIRUPZDUHQ]HUULVVHQXQG ZLHVHQJURHQ%UDQGO|FKHUXQG%UDQGIOHFNHQDXI6RNRQQWHLFKPLFK XQP|JOLFKVHKHQODVVHQ,FKEHIDQGPLFK]ZHLIHOORVLQGHU=HQWUDONOLQLNYRQ 4XLQWR&HQWHU1DFKZHQLJHQ0LQXWHQZUGHLFKDXIHLQHPGHU)OXUHHLQHP $U]WRGHUHLQHU.UDQNHQVFKZHVWHUEHJHJQHQXQGIHVWJHKDOWHQZHUGHQ *OFNOLFKHUZHLVHIDQGLFKDXIGHP%RGHQGHV6FKUDQNHVHLQHQ ]XVDPPHQJHOHJWHQZHLHQ.LWWHO,FK]RJLKQEHUGLH8QLIRUPXQGVDKQXQ ZLHHLQKDOEZHJV]LYLOLVLHUWHU0HQVFKDXV=ZDUZDUPHLQOLQNHU6FKXKYRUQ DXIJHULVVHQDEHUYLHOOHLFKWILHOGDVQLFKWHLQPDODXI ,FKEHWUDFKWHWHPLFKQRFKHLQPDOLP6SLHJHONQ|SIWHGHQ0DQWHOELVREHQKLQ ]XGDQQYHUOLHLFKGDV.UDQNHQ]LPPHU 8QJHKLQGHUWJHODQJWHLFKLQGHQ)OXUXQGELV]XUQlFKVWHQ%LHJXQJ'HU ZHLFKH6FKDXPVWRIIEHODJVFKOXFNWHGDV*HUlXVFKPHLQHU6FKULWWHY|OOLJ $EHUDOVLFKXPGLHQl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lFKVWEHVWHQ)OXUHQWODQJ0DQKDWWHPLFKQRFKQLFKWJHVHKHQGDVZDU PHLQ9RUWHLODEHULQZHQLJHUDOV]ZHL0LQXWHQZUGHPDQGDVOHHUH=LPPHU HQWGHFNHQ)UGHQ$U]WZDUHVGDQQQLFKWVFKZHUPHLQH)OXFKWULFKWXQJ]X HUUDWHQ,FKNRQQWHQRFKQLFKWZHLWVHLQVRQVWZlUHGHU$ODUPGHV5RERWHUV IUKHUJHNRPPHQ,QGLH5LFKWXQJDXVGHUGHU$U]WXQGGLH6FKZHVWHU NDPHQNRQQWHLFKQLFKWJHIORKHQVHLQVRQVWKlWWHQVLHPLFKHQWGHFNW%OLHE QXUGLHHLQH5LFKWXQJGLHLQGHULFKPLFKMHW]WEHZHJWH 6RZHLWPLWPHLQHQ*HGDQNHQJHNRPPHQIDWHLFKHLQHQDQGHUHQ3ODQ,FK EOLHEKLQWHUGHUQlFKVWHQ%LHJXQJVWHKHQ*HGXOGLJZDUWHWHLFK,FKVSlKWH XPGLH(FNHKRIIHQGGDQLFKWDXVJHUHFKQHWMHW]WMHPDQGYRQKLQWHQNDP XQGPLFKEHUUDVFKWH %HLQDKHLP/DXIVFKULWWERJHQ$U]WXQG6FKZHVWHUXPGLHOHW]WH%LHJXQJYRU LKUHP=LHOXQGYHUVFKZDQGHQLQPHLQHP=LPPHU -HW]WVSXUWHWHLFKORV
,FKZXWHGDLFKQXUZHQLJH6HNXQGHQ=HLWKDWWHELVGLHEHLGHQZLHGHUDXI GHP)OXUHUVFKLHQHQ $EHULFKVFKDIIWHHV ,FKK|UWHLKUHHUUHJWHQ6WLPPHQDOVLFKHEHQDXVLKUHP%OLFNIHOGHQWNRPPHQ ZDU'DV+HU]NORSIWHPLUELV]XP+DOVH0HLQ.RSIGU|KQWH 2IIHQEDUKDWWHLFKGRFKHLQH*HKLUQHUVFKWWHUXQJ 'RFKMHW]WZDUQLFKWGLH=HLWDQPHLQH*HVXQGKHLW]XGHQNHQ,FKVSUDQJLQ GHQQlFKVWHQ$QWLJUDYVFKDFKWXQGVDQNODQJVDPQDFKXQWHQ:LHGHUHLQPDO KDWWHLFKJURHV*OFN,FKNDPGLUHNWYRUHLQHPGHU$XVJlQJHGHU =HQWUDONOLQLNKHUDXV'HUDXWRPDWLVFKH3RUWLHUVXPPWHQXUOHLVHDOVLFKDQ LKPYRUEHUJLQJ(UZDUMDDXFKQLFKWDOV:lFKWHUJHGDFKWVRQGHUQQXU]XU $QPHOGXQJIUHPGHU3HUVRQHQXQG]XU(UWHLOXQJYRQ$XVNQIWHQ 9RQQXQDQJLQJDOOHVUHODWLYOHLFKW,FKZDUNHLQHQWIORKHQHU*HIDQJHQHU VRQGHUQHLQ3DWLHQWGHURKQH(UODXEQLVGDV.UDQNHQKDXVYHUODVVHQKDWWH 'HU6WDWLRQVDU]WZUGHHLQH%HVFKZHUGHDQPHLQHQ9RUJHVHW]WHQVFKLFNHQ XQGLFKZUGHDXIJHIRUGHUWZHUGHQGLH.OLQLNXPJHKHQGZLHGHU DXI]XVXFKHQ,FKKDWWHQLHGLH$EVLFKWGLHVHU$XIIRUGHUXQJ]XIROJHQ(VJDE :LFKWLJHUHV]XWXQ 2KQHHLQHLQ]LJHV0DODXIJHKDOWHQ]XZHUGHQHUUHLFKWHLFKGHQ:RKQWUDNW GHU$/3+$:LVVHQVFKDIWOHU,FK]RJGHQHOHNWURQLVFKHQ6FKOVVHODXV PHLQH7DVFKH0DQKDWWHLKQPLUJHODVVHQHEHQVRZLHDOOHVDQGHUHZDV PDQIUPHLQSULYDWHV(LJHQWXPKLHOWGDUXQWHUDXFKGHQDOV9DNXXP8KU JHWDUQWHQ3V\FKR6SUHU1DWUOLFKIHKOWHGLH+OVHPLWGHP3V\FKRJUDPP 'LHZUGH0DMRU.LWDFKLDQVLFKJHQRPPHQKDEHQ ,FKZDULQGHQOHW]WHQ0LQXWHQDOO]XVRUJORVJHZRUGHQ /HLGHUPHUNWHLFKGDVHUVWDOVLFKEHUHLWVGLFKWYRUPHLQHU:RKQXQJVWU VWDQG,FKKLHOWGHQ.RSIJHVHQNW0HLQ%OLFNILHOSO|W]OLFKDXIHLQ3DDUULHVLJH KDOEKRKH:DGHQVWLHIHOZLHVLHGLH5DXPIDKUHU]XWUDJHQSIOHJHQ9RQGRUW JOLWWHUDQ]ZHLPlFKWLJHQVlXOHQI|UPLJHQ%HLQHQKLQDXIXQGEOLHEDQ]ZHL ILQVWHUGUHLQVFKDXHQGHQ*HVLFKWHUQKlQJHQ *XWHQ7DJ'U7HOHNHVDJWH*RUDWVFKLQJHGHKQW:LHLFKVHKHIKOHQ 6LHVLFKLQGHU.OLQLNQLFKWZRKO" 9HUZXQGHUWVWDUUWHLFKGHQ0XWDQWHQDQ,QVHLQHQEHLGHQ$XJHQSDDUHQZDU QLFKWVPHKUYRQGHUVRQVWGRPLQLHUHQGHQ*XWPWLJNHLW :DVKDWWH*RUDWVFKLQQXU"(LQHLVLJHV*HIKOOHJWHVLFKZLHHLQ5LQJXP PHLQH%UXVW:DUHVGHP*HLVWHU$JHQWHQHWZDJHOXQJHQGHQ0XWDQWHQ ]XEHUQHKPHQ" *RUDWVFKLQUlXVSHUWHVLFK 6FKOLHHQ6LHELWWHDXIEHIDKOHUUDXK,FKKDEHPLW,KQHQ]XUHGHQ ,FKERW*RUDWVFKLQHLQHQ3ODW]DQ$EHUHUEOLHEVWHKHQ$OVREOLHELFK HEHQIDOOVVWHKHQ
,QGHQZHQLJHQ6HNXQGHQGLHLFK]XPgIIQHQGHU7UXQG]XP%HWUHWHQ PHLQHU:RKQXQJJHEUDXFKWKDWWHZDULFKGDUDQJHJDQJHQGLH/LQLHPHLQHV 9HUKDOWHQVJHJHQEHUGHP0XWDQWHQIHVW]XOHJHQ:HQQHUZDVGXUFKDXV LP%HUHLFKGHV0|JOLFKHQODJYRQGHP*HLVWHU$JHQWHQSUlSDULHUWZRUGHQ ZDUZUGHHVVLQQORVXQGJHIlKUOLFKVHLQLKPGDVDXIGHQ.RSI]X]XVDJHQ ,FKPXWHYHUVXFKHQLKQVR]XEHKDQGHOQDOVZlUHDOOHVLQEHVWHU2UGQXQJ 7URW]PHLQHULPPHUKHIWLJHUZHUGHQGHQ.RSIVFKPHU]HQEUDFKWHLFKHLQ /lFKHOQ]XZHJH ,FKIUHXHPLFK6LH]XVHKHQ6LU:DVJLEWHV1HXHV" *RUDWVFKLQV*HVLFKWHUEHKLHOWHQGHQILQVWHUHQ$XVGUXFN 1LFKWV(UIUHXOLFKHV'U7HOHNH(UGHKQWHDXIIlOOLJPHLQHQ1DPHQ'HU Ä*HLVWHU$JHQW GQNWVLFK]LHPOLFKVFKODX ,FKZ|OEWHGLH%UDXHQ (UKDWZLHGDVZLVVHQ6LHVLFKHUEHVVHUDOVLFKYRQGHP9RUKDQGHQVHLQ GHV3V\FKRJUDPPVHUIDKUHQ,QORJLVFKHU.RQVHTXHQ]VRUJWHHUGDIUGD HUGDEHLZDUDOVGDV3V\FKRJUDPPJHKROWZXUGH(UW|WHWH'U+HLVWHUXQG ]QGHWHHLQH%UDQGERPEHLQQHUKDOEGHV6FKLHQHQJOHLWHUV6HKUUDIILQLHUW'U 7HOHNH$EHUQLFKWUDIILQLHUWJHQXJ:RKDEHQ6LHGDV3V\FKRJUDPP" 6LHVLQGYHUUFNWVWLHLFKKHUYRUQDFKGHPLFKEHJULIIHQKDWWHZRUDXI *RUDWVFKLQKLQDXVZROOWH 1LFKWYHUUFNWJHQXJXPDXI,KUWHXIOLVFKHV6SLHOKHUHLQ]XIDOOHQ'U7HOHNH RGHUZLHLPPHU6LHZLUNOLFKKHLHQ*RUDWVFKLQOlFKHOWHYHUlFKWOLFK,FK KDEHIHVWJHVWHOOWZDV6LHDOOHVJHWULHEHQKDEHQVHLWGHU=HLWNXU]YRUGHP $QVFKODJDXIGLH68&+80, 6LHPHOGHWHQVLFKDXIHLQH%HQDFKULFKWLJXQJGHU=HQWUDOHYRQHLQHP3XQNW GHU2EHUIOlFKHDXV$QJHEOLFKEHIDQGHQ6LHVLFKDXIGHP5FNZHJYRQ HLQHP$XVIOXJLQGLH&DQG\0RXQWDLQV.XU]QDFKGLHVHP)XQNJHVSUlFK HU|IIQHWH7)GDV)HXHUDXIGLH68&+80, 8QG,KU.XUVYRQGHP2UWDQGHPGLH)XQNQDFKULFKW6LHHUUHLFKWHELV]XP +DXSWVFKDFKWGXUFKGHQ6LH4XLQWR&HQWHUEHWUDWHQIKUWHJHQDXEHU7) KLQZHJ$EHUGDVLVWQLFKWDOOHV6LHNDPHQYHUVSlWHWLQGHU=HQWUDOHDQ 'LH9HUVSlWXQJHQWVSULFKWHWZDGHU=HLWGLH6LHJHEUDXFKWKlWWHQXPHLQH =ZLVFKHQODQGXQJEHL7)YRU]XQHKPHQ (VJHKWQRFKZHLWHU 6LHYHUVXFKWHQPLFKYRQHLQHP%HVXFKEHLGHP7HFKQLNHU*UHHQ DE]XEULQJHQ$OV,KQHQGDVQLFKWJHODQJIDWHQ6LHGHQ3ODQ*UHHQ]X W|WHQ'HU7HFKQLNHUNRQQWHJHVHKHQKDEHQGD6LHGLH)HXHUOHLW]HQWUDOH YRQ7)EHWUDWHQXQGZLHGHUYHUOLHHQ:DKUVFKHLQOLFKDEHUZDUHUVRJDU ,KU.RPSOL]H$OVLFKHUVFKLHQHU|IIQHWHHUGDV)HXHUZHLOHUVLFKHQWODUYW JODXEWH6LHQXW]WHQGLH*HOHJHQKHLWLKQ]XW|WHQ $QVFKHLQHQGGXUFKVFKDXWHQ6LHVHKUEDOG%ULHOOHVZLUNOLFKH$XIIDVVXQJGHU $QJHOHJHQKHLW$PQlFKVWHQ$EHQGEHIDQGHQ6LHVLFKDXIGHU2EHUIOlFKH
4XLQWR&HQWHUV$OV%ULHOOHHEHQIDOOV]XU2EHUIOlFKHJLQJLFKQHKPHDQXP 6LH]XEHUZDFKHQW|WHWHQ6LHLKQ 6LHZXWHQQXUQLFKWGD%ULHOOH,KU3V\FKRJUDPPEHQXW]WKDWWHXP'U +HLVWHUHLQHQ$XIWUDJ]XHUWHLOHQ$OV6LHGDYRQHUIXKUHQGDGDV 3V\FKRJUDPPGHVYHUPXWOLFKHQ$JHQWHQ,KU3V\FKRJUDPP'U7HOHNHVLFK LQ'U+HLVWHUV7UHVRUEHIDQGEHVFKORVVHQ6LHGLHVHOHW]WH6SXU]X YHUZLVFKHQ6LHHUERWHQVLFK'U+HLVWHU]XEHJOHLWHQ]XVHLQHP6FKXW] ZLH6LHEHKDXSWHWHQ $XIGHU5FNIDKUWW|WHWHQ6LHLKQXQG]QGHWHQHLQH%UDQGERPEH8PGLH 6DFKHHFKWZLUNHQ]XODVVHQZDUWHWHQ6LHELV]XPOHW]WHQ$XJHQEOLFNEHYRU 6LHGLH.DWDVWURSKHQDXWRPDWLNEHWlWLJWHQ *RUDWVFKLQVFKZLHJXQGEOLFNWHPLFKGXUFKERKUHQGDQ :DVKDEHQ6LHGHPHQWJHJHQ]XVHW]HQ'U7HOHNH" :lKUHQG*RUDWVFKLQVSUDFKZDULFKLPPHUHUUHJWHUJHZRUGHQ$OOHGLH $QVFKXOGLJXQJHQGLHHUJHJHQPLFKYRUEUDFKWHZDUHQQDWUOLFKEODQNHU 8QVLQQ6LHVWLPPWHQQXULQVRZHLWDOVLFKWDWVlFKOLHKHLQH=ZLVFKHQODQ GXQJEHL7)YRUJHQRPPHQKDWWHXP:ULJKOH\]XEHVXFKHQ,FKNRQQWH PLUQLFKWYRUVWHOOHQGDHLQVRHUIDKUHQHUXQGLQWHOOLJHQWHU0DQQZLH *RUDWVFKLQUHLQH9HUPXWXQJHQXQG=HLWEHUHFKQXQJHQDOV%HZHLVH PHLQHU6FKXOGDQVDK (VJDEQXU]ZHL0|JOLFKNHLWHQ(QWZHGHUZROOWH*RUDWVFKLQQXUEOXIIHQXP 6FKXOGRGHU8QVFKXOGDXIUDGLNDOH$UWXQG:HLVHIHVW]XVWHOOHQRGHUHU KDQGHOWHXQWHUHLQHP6XJJHVWLY]ZDQJXQGPLWGHP=LHOPLFKDXVGHP6SLHO GHV*HLVWHU$JHQWHQDXV]XVFKDOWHQ ,FKZDUJHZLOOWPLUXQYHU]JOLFK.ODUKHLW]XYHUVFKDIIHQ ,FKYHUVXFKWHHLQUHVLJQLHUHQGHV/lFKHOQXQGLFKJODXEHHVJHODQJPLU UHFKWJXW ,FKJHEHPLFKJHVFKODJHQ0U*RUDWVFKLQ6LHKDEHQGLH)lGHQPHLQHV 3ODQHV]HUVFKQLWWHQ,FKELQRGHUZDUGHU*HLVWHU$JHQW )ODPPHQGHU=RUQVWLHJLQ*RUDWVFKLQV$XJHQ(U]RJGHQ6WUDKOHUDXVGHP *UWHOKDOIWHUXQGULFKWHWHGLH0QGXQJDXIPHLQH%UXVW $OV6RQGHURIIL]LHUGHV6RODUHQ,PSHULXPVYHUKDIWHLFK6LHKLHUPLWZHJHQ YLHOIDFKHQ0RUGHVXQG=HUVW|UXQJHLQHV5DXPNUHX]HUVGHV,PSHULXPV ,FKZDUYHUEOIIW.RQQWHHLQHVXJJHVWLYH%HHLQIOXVVXQJGLHVHQHKUOLFKHQ =RUQHU]HXJHQ",FKEH]ZHLIHOWHHV:HQQ*RUDWVFKLQXQJOlXELJ GUHLQJHVFKDXWKlWWHZlUHLFKVLFKHUJHZHVHQHLQZLOOHQORVHV:HUN]HXJGHV *HJQHUVYRUPLU]XKDEHQ$EHUVR 6LH1DUUVFKULHLFKUHVSHNWORV*ODXEHQ6LHZLUNOLFKZHQQLFKGHU *HLVWHU$JHQW ZlUHZUGHLFKGDV]XJHEHQ"8QGGHQNHQ6LHGDLFKPLFK
YRQ,KQHQKlWWHEHUUDVFKHQODVVHQDOVLFK]XPHLQHU:RKQXQJ ]XUFNNHKUWH" :DUXPJODXEHQ6LHELQLFKDXVGHU.OLQLNJHIORKHQ"$OV*HLVWHU$JHQW KlWWH LFKEHVWLPPWYHUPLHGHQPLFKLUJHQGZLHYHUGlFKWLJ]XPDFKHQ,FKKlWWH KEVFKUXKLJLQPHLQHP%HWWDEJHZDUWHWZLHVLFKGLH'LQJHHQWZLFNHOQXQG ZLHPDQYHUJHEOLFKQDFKGHP$JHQWHQVXFKWH :LH"IUDJWH*RUDWVFKLQKHLVHU:ROOHQ6LHGDPLWEHKDXSWHQGD,KU *HVWlQGQLVQXUHLQ6FKHU]ZDU"'DQQZDUHVMHGHQIDOOVHLQVFKOHFKWHU 6FKHU] 1LFKWVFKOHFKWHUDOVGHU6FKHU]PLFKGHU,GHQWLWlWPLWGHP*HLVWHU$JHQWHQ ]XYHUGlFK WLJHQ *RUDWVFKLQUlXVSHUWHVLFK$EHUGLHVPDONODQJVHLQH9HUOHJHQKHLW GHXWOLFKKHUDXV 'HQQRFKN|QQHQ6LHQLFKWEHVWUHLWHQGDGLH,QGL]LHQJHJHQ6LHVSUHFKHQ 'U7HOHNH :HOFKH,QGL]LHQ"IUDJWHLFKYROOHU6DUNDVPXV6LHKDEHQQLFKWVDOV 9HUPXWXQJHQ6LU,FKJHEH]XGDVLFKGDUDXVHLQJHZLVVHU9HUGDFKW JHJHQPLFKNRQVWUXLHUHQOlWDEHUQXUGDQQZHQQPDQGLH'LQJHDXVGHP =XVDPPHQKDQJUHLW 2GHUKDEHQ6LHYHUJHVVHQGDMHPDQG]XU1DFKW]HLWPLWHLQHP ,PSXOVEODVWHUDXIPLFKVFKR"1LHPDQGNDQQEHKDXSWHQLFKKlWWHGHQ 6FKXVHOEVWDEJHJHEHQGHQQZRVROOWHLFKLQGLHVHP)DOOGLH:DIIH JHODVVHQKDEHQ 8QGDOVZLUGUDXHQZDUHQ6LUZXUGHHLQ%RPEHQDWWHQWDWDXIXQVYHUEW :lUHHVJHOXQJHQZUGHQZLUEHLGHQLFKWPHKUOHEHQ1DWUOLFKN|QQWHQ6LH EHKDXSWHQLFKKlWWHGLH%RPEHVHOEVWJHZRUIHQ$EHULFKIUDJH6LHZDUXP LFKGDVKlWWHWXQVROOHQ"9LHOOHLFKWXP]XEHZHLVHQGDLFKQLFKWGHU$JHQW VHL"'DQQZlUHLFKHLQJURHV5LVLNRHLQJHJDQJHQ$QJHQRPPHQ6LH KlWWHQQLFKWVRVFKQHOOUHDJLHUWZLHLFKXQGZlUHQXPJHNRPPHQ:lUHGDQQ QLFKWGHUHUVWH9HUGDFKWDXIPLFKJHIDOOHQ" +PPDFKWH*RUDWVFKLQ(VNODQJUHLFKOLFKXQVLFKHU,FKZHLGD6LHGLH %RPEHQLFKWJHZRUIHQKDEHQN|QQHQ'U7HOHNHGHQQLFKKDWWHPLFKZHLO LFKPLFKGRUWGUDXHQQLFKWDXVNDQQWHVRDXI6LHNRQ]HQWULHUWGDLFKNHLQH %HZHJXQJEHUVDK (UVFKREGHQ%ODVWHUPLWHLQHUYHUOHJHQHQ%HZHJXQJLQV+DOIWHU]XUFN ,FKKDEHJHEOXIIWXQGYHUORUHQ'U7HOHNH,FKELWWH6LHPLUGLHVHHWZDV UDXKH+DQGOXQJVZHLVH]XYHU]HLKHQ$EHULFKPXWHXQEHGLQJWZLVVHQZDV LFKYRQ,KQHQ]XKDOWHQKDEH,PPHUKLQLVWHVXQJHZ|KQOLFKGDHLQ 0DWKHPDWLNHUVLFKPLWVROFKHU(QHUJLHZLH6LHLQHLQHQ)DOOVWU]WGHU HLJHQWOLFKQXUGHQ6LFKHUKHLWVGLHQVWHWZDVDQJHKW
'DVLVWP|JOLFKJDELFK]X'HQQRFKELQLFKGHU$XIIDVVXQJGDMHGHU VLFKDQVWUHQJHQVROOWHXPGHP6LFKHUKHLWVGLHQVW]XKHOIHQ*RUDWVFKLQ QLFNWH 9LHOOHLFKWVROOWHQDOOHVRGHQNHQZLH6LH'U7HOHNH(UOlFKHOWHYHUOHJHQ XQGVHXI]WHGDQQ:DVJHGHQNHQ6LHMHW]W]XWXQ",FKEOLFNWHDXIGLH8KU :HQQ6LHZROOHQN|QQHQ6LHKLHUZDUWHQ6LU,FKP|FKWHHUVWHWZDVHVVHQ 0LULVWVFKRQJDQ]IODXLP0DJHQ'DQDFKZROOWHLFK]X0DMRU.LWDFKLJHKHQ *RUDWVFKLQEHUOHJWH'DQQVFKWWHOWHHUGHQ.RSI ,FKJHKHVFKRQYRUDXV6LHILQGHQPLFKEHL.LWDFKL $OVHUJHJDQJHQZDU]RJLFKGHQ3V\FKR6SUHUDXVGHU7DVFKH 'DV*HUlWHQWKLHOWYLHOOHLFKWGHQ6FKOVVHO]XP*HKHLPQLVGHV *HLVWHU$JHQWHQ:HQQLFKQXUZWHZLHHVLQPHLQH7DVFKHJHNRPPHQ ZDU 8QOXVWLJNDXWHLFKDXIGHP6WHDNKHUXPGDVLFKPLUGXUFKGLH5RKUSRVW KDWWHNRPPHQODVVHQ'DUDQZDUHQQLFKWQXUPHLQHDQKDOWHQGHQ .RSIVFKPHU]HQVFKXOGVRQGHUQDXFKGDVDXIXQHUNOlUOLFKH:HLVHLQPHLQHU 7DVFKHDXIJHWDXFKWH3V\FKR6SUJHUlW ,FKVFKREGHQ3ODVWLNWHOOHUPLWGHP6WHDNYRQPLUEHYRULFKGLH+lOIWHGDYRQ JHJHVVHQKDWWH'DQDFK|IIQHWHLFKGHQ7KHUPRVEHKlOWHUXQGJRPLUHLQHQ %HFKHUKHLHQVWDUNHQ.DIIHHHLQ 1DFKXQGQDFKZXUGHPLUEHVVHU,FK]QGHWHHLQH=LJDUHWWHDQXQGJULII QDFKGHPYRUPLUOLHJHQGHQ36* :HQQLFKQXUZWHDXIZHVVHQ3V\FKRJUDPPHVHLQJHVWHOOWZDU 3O|W]OLFKEHJDQQHQPHLQH+lQGH]X]LWWHUQ:DUXPEHQXW]WHLFKHVQLFKWXP GDVKHUDXV]XILQGHQ" +DVWLJVFKQDOOWHLFKHVXP'DV0HWDOOEDQGOHJWHVLFKNKOXPPHLQ +DQGJHOHQN,FKYHUVWDQGPLWHLQHPPDOQLFKWGDLFKGHQ9HUVXFKQLFKW OlQJVWXQWHUQRPPHQKDWWH(LQ36*IXQNWLRQLHUWHQXUGDQQZHQQHV.RQWDNW PLWGHPPHQVFKOLFKHQ.|USHUKDWWH'DQDFKEUDXFKWHPDQVLFKQXUYRQGHQ YRP36*DXVJHKHQGHQ0HQWDOVFKZLQJXQJHQOHLWHQ]XODVVHQ6LHHU]HXJWHQ RKQHGDGLH2KUHQHLQ*HUlXVFK]XK|UHQEHNDPHQLP+|U]HQWUXPGHV *HKLUQVHLQHQ6XPPWRQGHUXPVRKHOOHUZXUGHMHQlKHUPDQGHP 0HQVFKHQNDPDXIGHVVHQ3V\FKRJUDPPGDV36*HLQJHVWLPPWZRUGHQ ZDU 'HU9HUVFKOXGHV$UPEDQGHVVFKQDSSWHK|UEDUHLQ )DVWLPVHOEHQ$XJHQEOLFNYHUQDKPLFKHLQVFKULOOHV3IHLIHQ :LHHOHNWULVLHUWIXKULFKKHUXP (LQ3IHLIWRQEHGHXWHWHGDGDVPLWGHP3V\FKRJUDPPLGHQWLVFKH*HKLUQLQ XQPLWWHOEDUHU1lKHZDU 0HLQ.|USHUUHDJLHUWHVFKQHOOHUDOVPHLQ9HUVWDQG,FKIDQGPLFKKLQWHUGHP /HGHUVHVVHOZLHGHUGHQ1DGHOVWUDKOHUVFKXEHUHLWLQGHU)DXVW,PPHUQRFK
KHXOWHGHU3IHLIWRQLQPHLQHP*HKLUQ'LH.RSIVFKPHU]HQVWHLJHUWHQVLFKLQV 8QHUWUlJOLFKH ,FKVFKREPLFKYRUVLFKWLJXPGHQ6HVVHOKHUXPXQGVSlKWHLQPHLQHP :RKQ]LPPHUXPKHU'HU*HLVWHU$JHQWLFK]ZHLIHOWHNHLQH6HNXQGH GDUDQGDGDV36*DXIVHLQ3V\FKRJUDPPDEJHVWLPPWZDUPXWHVLFKLQ GLHVHP=LPPHUEHILQGHQ $EHUPHLQ=LPPHUZDUREZRKOEHTXHPVRGRFKlXHUVWVSDUVDPP|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|WHWH $XIDOOHVJHIDWHUKRELFKPLFKXQGWUDWKLQWHUPHLQHU'HFNXQJKHUYRU 1LFKWVJHVFKDK 1XUGDVPDUWHUQGH3IHLIHQEOLHE ,FKZDUQDKHGDUDQGHQ3V\FKR6SUHUYRQPHLQHP+DQGJHOHQN]XUHLHQ 'RFKHVEOLHELPPHUQRFKHLQHJHULQJH0|JOLFKNHLW0LWGHP)XVWLHLFK GLH7U]XP6FKODI]LPPHUDXIXQGWUDWHLQHQ6FKULWW]XUFN$OVHVLPPHU QRFKUXKLJEOLHEVFKRELFKPLFKODQJVDPYRUZlUWVXQGZDUIPLFKGDQQPLW HLQHPJURHQ6DW]LQV=LPPHUKLQHLQ'HQ)LQJHUDXIGHP)HXHUNQRSI GUHKWHLFKPLFKHLQPDOXPPLFKVHOEVW'DQQZDUILFKPLFK]X%RGHQEOLFNWH XQWHUGDV%HWW1LFKWV,FKULGHQ.OHLGHUVFKUDQNDXI(EHQIDOOVQLFKWV'DV JOHLFKH0DQ|YHUYROOIKUWHLFKPLWGHP%DGH]LPPHUPLWGHPJOHLFKHQ 5HVXOWDW ,QPHLQHU:RKQXQJEHIDQGVLFKNHLQOHEHQGHV:HVHQDXHUPLU (VGDXHUWHIDVW]ZHL0LQXWHQHKHLFKEHJULIIZDVGDVEHGHXWHWH 'DV3V\FKR6SUJHUlWZDUQLFKWDXIGHQ*HLVWHU$JHQWHQDEJHVWLPPW VRQGHUQDXIPLFK :LHLQHLQHP.DOHLGRVNRS]RJHQGLH6]HQHQDQPLUYRUEHU6]HQHQGLHPLU SO|W]OLFKLQPDNDEUHU:HLVHGLH$XJHQ|IIQHWHQ,FKDKQWHPLWHLQHPPDOZLH
HVGHU*HLVWHU$JHQWIHUWLJJHEUDFKWKDWWHPLWWHQLQHLQHPDEJHVLFKHUWHQ 6WW]SXQNWGHU862LPPHUXQGLPPHUZLHGHU]X]XVFKODJHQ 8QGHUVWMHW]WEHJULIILFKGLHXQJHKHXHUH*HIDKULQGHUGDV+DXSWTXDUWLHUGHU 862VFKZHEWHMHW]WGDLFKGLHEHLQDKHXQEHJUHQ]WHQ0|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|W]OLFK KLHOWLFKHLQHNXU]OlXILJHSOXPSHJUDXH:DIIHLQGHU+DQGHLQHQ6FKRFNHU ,UULWLHUWEHWUDFKWHWHLFKGLH:DIIH,FKNRQQWHPLUQLFKWHUNOlUHQZLHVLHLQ PHLQH.RPELQDWLRQJHNRPPHQZDU$EHUVLHPXWHYRQ$QIDQJDQ GDJHZHVHQVHLQGHQQVLHKDWWHLQHLQHPVRJHQDQQWHQ7DUQKDOIWHUJHVWHFNW .RSIVFKWWHOQGGUHKWHLFKGLH:DIIHKLQXQGKHU'LH%HVFKULIWXQJDP.ROEHQ HUUHJWHPHLQH$XIPHUNVDPNHLW 6%$1(6.263(=,$/ZDUGRUWXQDXIIlOOLJHLQJHVWDQ]WGD]XGLH1XPPHU ( ,FK|IIQHWHGLH0DJD]LQNDPPHUXPGLH/DGXQJ]XEHUSUIHQ'DEHL|IIQHWH VLFKGHU6FKOLW]HLQHUYRUKHUXQVLFKWEDUHQ=XVDW]NDPPHU(LQHUHFKWHFNLJH EODXZHLVFKLPPHUQGHGQQH0HWDOOSODWWHILHOPLULQGLHJH|IIQHWH+DQG 1HXJLHULJEHWUDFKWHWHLFKVLH,FKKDWWHQLH]XYRUHWZDV'HUDUWLJHVJHVHKHQ 6RJODXEWHLFKMHGHQIDOOV:LHGHUHQWGHFNWHLFKGLH%HVFKULIWXQJZLHVLHPLU EHUHLWVDP.ROEHQGHV6FKRFNEODVWHUVDXIJHIDOOHQZDU1XUZDUVLHKLHUHLQ ZHQLJDEJHlQGHUW $1(6.2VWDQGHEHQIDOOVGRUWGRFK]XYRUNDPHQ]ZHLURWOHXFKWHQGH %XFKVWDEHQXQGGDUXQWHUHEHQIDOOV *$$1(6.2 0&
,FKNRQQWHPLWGHQ=HLFKHQQLFKWVDQIDQJHQ$EHUHVIHKOWHPLUGLH=HLWPLFK OlQJHUPLWGLHVHPZLHLFKJODXEWHQHEHQVlFKOLFKHQ3UREOHPDE]XJHEHQ 5DVFKVFKRELFKGLH0HWDOOSODWWH]XUFNYHUVWDXWHGHQ6FKRFNEODVWHUZLHGHU LP7DUQKDOIWHUXQGVWHFNWHPHLQHQ1DGHOVWUDKOHULQGLHOLQNH%HLQWDVFKHGHU .RPELQDWLRQ $OVLFKPHLQ:RKQ]LPPHUGXUFKTXHUWHVXPPWHGHU0HOGHUGHV9LVLSKRQV 8QZLOOLJNHKUWHLFKXPXQGVFKDOWHWHGDV*HUlWHLQ $XIGHU%LOGVFKHLEHHUVFKLHQ*RUDWVFKLQV'RSSHOJHVLFKW 'HU0XWDQWOlFKHOWHPLU]XPLWHLQHU0LVFKXQJDXV+RIIQXQJ8QVLFKHUKHLW XQG0LWUDXHQZLHPLUVFKLHQ :LUZDUWHQDXI6LH'U7HOHNHVDJWHHUVDQIW$GPLUDO*UDQWLVWHEHQIDOOV KLHU,FKQLFNWHLKPIOFKWLJ]X ,FKZROOWHJHUDGHJHKHQ6LU(VGDXHUWDOOHUGLQJVHLQLJH0LQXWHQOlQJHUELV LFKGRUWELQ,FKPXQRFKHLQPDOHEHQ]X$QWRQRZ $QWRQRZ"*RUDWVFKLQGHKQWHGHQ1DPHQVRGDLFKEHJULIIHUNDQQWH LKQQLFKW'DVZXQGHUWHPLFK 2EHUVW$QWRQRZ&KHIGHU5RERWOHLW]HQWUDOHHUOlXWHUWHLFK$EHULFKKDOWH PLFKQLFKWDXI6LU 'DUXPZROOWHLFK6LHQRFKELWWHQ'U7HOHNH$GPLUDO*UDQWLVWEHUHLWV XQJHKDOWHQ:DVZROOHQ6LHEHUKDXSWEHL$QWRQRZ" ,FKVHXI]WHXQGEOLFNWHRVWHQWDWLY]XU8KU 1DVFK|QVDJWH*RUDWVFKLQVFKQHOO6DJHQ6LHHVPLUQDFKKHU ,FKVFKDOWHWHDEXQGHLOWHDXVGHP=LPPHU ,FKKDWWHZHGHUGLH$EVLFKW*RUDWVFKLQQDFKKHU]XHU]lKOHQZDVLFKYRQ $QWRQRZZROOWHQRFKLQGHQQlFKVWHQEHLGHQ6WXQGHQGLH=HQWUDOHGHV+4 6LFKHUKHLWVGLHQVWHVDXI]XVXFKHQ 2EHUVW$QWRQRZZDUHLQYLHUVFKU|WLJHUEUDXQJHEUDQQWHU0DQQYRQHWZD DFKWXQGGUHLLJ-DKUHQ6HLQEUHLWHV*HVLFKWZLUNWHKDUWHEHQVRVHLQH HFNLJHQ%HZHJXQJHQ (USDW]XGHQ5RERWHUQGDFKWHLFK'RFKGDQQILHOPLUHLQGDHUJDUQLFKW GLUHNWPLWLKQHQ]XWXQKDWWH,KPREODJQXUGLH9HUDQWZRUWXQJEHUGHQ (LQVDW]GHU.DPSIURERWHU9RQVHLQHP%URGDVYHUEOIIHQGHbKQOLFKNHLWPLW GHU=HQWUDOHHLQHV.OHLQUDXPVFKLIIHVEHVDNRQQWHHUGLHIQI]LJWDXVHQG .DPSIURERWHUGHV862+DXSWTXDUWLHUVIHUQVWHXHUQXQGVRJDUEHUHLQHQ 6SHUUNDQDOXPSURJUDPPLHUHQ (UVFKWWHOWHVHLQHQZHLEORQGHQ6FKlGHOQDFKGHPLFKLKPPHLQ$QOLHJHQ YRUJHWUDJHQKDWWH ,FKPX6LHOHLGHUHQWWlXVFKHQ'U7HOHNH'LH9RUVFKULIWHQ YHUELHWHQPLUVWULNWHLQHQ.DPSIURERWHUIUSULYDWH=ZHFNH DXV]XOHLKHQ:DVZROOHQ6LHEHUKDXSWGDPLW" ,FKKDWWHPLUHLQH%HJUQGXQJ]XUHFKWJHOHJWGLHZLHLFKJODXEWHNHLQ 0LWUDXHQHUUHJHQZUGHGLHDQGHUHUVHLWVMHGRFKYDJHJHQXJZDUXPHLQH 5FNIUDJHYRQ$QWRQRZV6HLWH]XYHUKLQGHUQ
'LH6DFKHLVWVWUHQJJHKHLPVDJWHLFK,FKGDUIQXUVRYLHOYHUUDWHQGD LFKLQ$/3+$HLQHQZLFKWLJHQ$XIWUDJEHDUEHLWH,FKN|QQWHQDFKGHPGDV YRUOlXILJH(UJHEQLVIHVWVWHKWUHFKWJXWHLQHQ.DPSIURERWHUIUHLQLJH ([SHULPHQWHJHEUDXFKHQ2EHUVW(VKDQGHOWVLFKXPHLQH$UW3ODQVSLHOXP GLH(USUREXQJHLQHUSRVLWURQLVFKHQ7KHRULH $QWRQRZVWDUUWHPLFKDQDOVKLHOWHHUPLFKIUYHUUFNW 3ODQVSLHO"(UlFK]WH(USUREXQJ"0DQQ9HU]HLKXQJ:RIUKDOWHQ 6LHPLFKHLJHQWOLFK'U7HOHNH",FKELQ&KHIGHU5RERWOHLW]HQWUDOH,FKZHL ZDVHLQ.DPSIURERWHUDQULFKWHQNDQQZHQQDQLKPKHUXPJHVSLHOWZLUG 1HLQHVWXWPLUOHLG6LHEHNRPPHQNHLQHQ.DPSIURERWHUYRQPLUHVVHL GHQQ$GPLUDO*UDQWHUWHLOWPLUHLQHQNODUHQ%HIHKOGD]X ,FKIXKUQHUY|VGXUFKPHLQH+DDUH(LQSDDUJUQVFKLOOHUQGH6WlXEFKHQ VFKZHEWHQGDYRQ2EHUVW$QWRQRZEOLHVJHGDQNHQORVGDQDFKDOVHLQV GDYRQVLFKDXIVHLQH1DVHVHW]WH(VWDXPHOWHGDYRQXQGYHUVFKZDQGLQ VHLQHP8QLIRUPNUDJHQ ,FK]XFNWHUHVLJQLHUWGLH6FKXOWHUQ 'DQQPXLFKHEHQRKQH5RERWHUIHUWLJZHUGHQ:HQQLFKHLQHQ%HIHKOYRQ $GPLUDO*UDQWEHNRPPHQZROOWHPWHLFKPLFKHUVWPLWGHP/RUGDGPLUDOLQ 9HUELQGXQJVHW]HQ'D]XIHKOWGLH=HLW 2EHUVW$QWRQRZNORSIWHPLUEHJWLJHQGDXIGLH6FKXOWHU 6HLHQ6LHPLUQLFKWE|VH'U7HOHNH$EHUJHQDXVRZLH6LHVLFKDQ,KUH 9RUVFKULIWHQKDOWHQPVVHQPXLFKHVDXFK9LHOOHLFKWLVWHVJDQ]JXWVR *ODXEHQ6LHPLUHVLVWJHIlKUOLFKPLW5RERWHUQ]XH[SHULPHQWLHUHQYRU DOOHPPLW.DPSIURERWHUQ ,FKOlFKHOWHREZRKOPLUQLFKWGDQDFK]XPXWHZDU 'DNDQQPDQQLFKWVPDFKHQ2EHUVW,FKPXHEHQRKQH5RERWHU ]XUHFKWNRPPHQ $OVLFK$QWRQRZV%URYHUODVVHQKDWWHVWLHJLFKDXIGDVVFKQHOOVWH 7UDQVSRUWEDQG%HYRULFKPLWPHLQHP([SHULPHQWEHJDQQPXWHLFK QRFKHLQPDOPHLQHQ6HNWRUYRQ$/3+$DXIVXFKHQ,FKKDWWH'U $EGXOODHLQHQJDQ]EHVWLPPWHQ$XIWUDJHUWHLOWXQGKRIIWHYRQLKP HLQLJHQHXH$QKDOWVSXQNWHIUPHLQH7KHRULH]XHUKDOWHQ $EHUQRFKEHYRULFKGLHQlFKVWH%DQGZHLFKHEHWUDWJHVFKDKHWZDVPLWGHP LFK]ZDUJHUHFKQHWKDWWHDEHUQRFKQLFKW]XGLHVHP=HLWSXQNW 'HU$ODUPJHOOWHGXUFKDOOH*lQJH4XLQWR&HQWHUV 'LH7RQPRGXODWLRQEHZLHVPLUGDGLH6LUHQHQGLHK|FKVWH$ODUPVWXIH YHUNQGHWHQHLQH$ODUPVWXIHGLHHLJHQWOLFKQXUIUGHQ)DOOHLQHVGLUHNWHQ $QJULIIVDXIGDV862+DXSWTXDUWLHUJDOW $XVGHQ/DXWVSUHFKHUQVFKDOOWHHLQHWLHIHYRU(UUHJXQJYLEULHUHQGH6WLPPH *RUDWVFKLQV6WLPPH +LHUVSULFKW6RQGHURIIL]LHU*RUDWVFKLQ0LWVRIRUWLJHU:LUNXQJEHUQHKPHLFK GLH.RPPDQGRJHZDOWEHU4XLQWR&HQWHU'DV+DXSWTXDUWLHUZLUG DQJHJULIIHQ$OOHIQI]LJWDXVHQG.DPSIURERWHUKDEHQYRUHLQHUKDOEHQ0LQXWH PLWGHP$XIVWDQGEHJRQQHQXQGGLH+\SHUIXQNVWDWLRQVRZLHGLH
*URWUDQVPLWWHUEHVHW]W:LUVLQGDEJHVFKQLWWHQ'LH/DJHLVWJHIlKUOLFK,FK YHUSIOLFKWHMHGHQ0DQQXQGMHGH)UDXYRQ4XLQWR&HQWHUPLWGHU:DIIHLQGHU +DQGGHQ5RERWDXIVWDQG]XEHNlPSIHQXQGGLH5RERWOHLW]HQWUDOH ]XUFN]XHUREHUQ:HQQMHPDQGDXIGHQ$JHQWHQGHV)HLQGHVHLQHQ JHZLVVHQ'U7H (VNUDFKWHSO|W]OLFKLQGHQ/DXWVSUHFKHUQ'DQDFKZDUHVVWLOO 7UlQHQGHV=RUQVWUDWHQPLULQGLH$XJHQ :DVKDWWHQGLH.DPSIURERWHUPLW*RUDWVFKLQJHPDFKW" (VVFKLHQPLUZLHEODQNHU+RKQGDGHU5RERWDXIVWDQGPLUGHQOHW]WHQ IHKOHQGHQ+LQZHLVIUPHLQH7KHRULHJHOLHIHUWKDWWHMHW]WZRHVEHLQDKH]X VSlWZDU 6FKRQVRIRUWQDFKGHP(LQVHW]HQGHV6LUHQHQJHKHXOVZDULFKDXIHLQ DQGHUHV%DQGEHUJHZHFKVHOW$QGHUQlFKVWHQ%DQGZHLFKHJHULHWLFK GDGXUFKDXWRPDWLVFKDXIGDV%DQG]X6FKDFKW]Z|OI ,FKZXWHQLFKWLQZLHZHLWGLHPHQVFKOLFKH%HVDW]XQJYRQ4XLQWR&HQWHU QRFKGLH/DJHEHKHUUVFKWH$EHUZHQQGLH/HXWHGHV6LFKHUKHLWVGLHQVWHVGLH $XVJlQJHEHVHW]WKLHOWHQZUGHQVLHDXIPLFKDFKWHQ'LH$XIIRUGHUXQJGLH GHU/DXWVSUHFKHUQLFKWPHKUYROOVWlQGLJJHEUDFKWKDWWHZDUYRUKHUJHZL EHU,QWHUNRPXQG7HOHNRPDQDOOH%HZDIIQHWHQHUJDQJHQGLH $XIIRUGHUXQJHLQHQJHZLVVHQ'U7HOHNH]XYHUKDIWHQ 0DQZUGHPLFKDQDOOHQ$XVJlQJHQHUZDUWHQQXUQLFKWDQ6FKDFKW]Z|OI 1LHPDQGZUGHPLUGLH'XPPKHLW]XWUDXHQGHQJOHLFKHQ$XVJDQJZLH VRQVWLPPHU]XEHQXW]HQ'HVKDOEUHFKQHWHLFKPLUJHUDGHGRUWGLHJU|WHQ &KDQFHQDXV ,UJHQGZRNUDFKWHQGXPSIH([SORVLRQHQDOVLFKGHQOHW]WHQ/LIWVFKDFKW HPSRUVFKZHEWH 'HU.DPSIXP4XLQWR&HQWHUKDWWHEHJRQQHQ ,FKPXWHPLFKEHHLOHQGHQQ]ZHLIHOORVKDWWHQGLH5RERWHUGHQJOHLFKHQ %HIHKOHUKDOWHQZLHGLH6LFKHUKHLWVGLHQVWOHXWHXQGGLH6ROGDWHQ,FKZDUGHU HLQ]LJHGHUGHP*HLVWHU$JHQWHQQRFKJHIlKUOLFKZHUGHQNRQQWH$EHU NRQQWHLFKGDVZLUNOLFK" ,FKVFKWWHOWHGLH=ZHLIHOJHZDOWVDPDE:HQQLFKHVQLFKWVFKDIIWHZUGHHV QLHPHKU-HPDQGVFKDIIHQN|QQHQ'LH)ORWWHGHV,PSHULXPVZUGH4XLQWR &HQWHU]ZDU]XUFNHUREHUQDEHUGLHVHU6LHJZUGHHLQ3\UUKXVVLHJVHLQ 'HU*HLVWHU$JHQWEHNlPHGDGXUFK=XWULWW]XDOOHQ:HOWHQGHV6RODUHQ ,PSHULXPVXQGYLHOOHLFKW]XGHQPHLVWHQ]LYLOLVLHUWHQ:HOWHQGHU*DOD[LV ,FKKDWWH*OFN 1XUGHU0DJD]LQYHUZDOWHUEHIDQGVLFKLQGHUJURHQ+DOOHGHV $865h6781*69(5/(,+6,FKVWUHFNWHLKQGXUFKHLQHQ6FKXDXVGHP 6FKRFNEODVWHUQLHGHUEHYRUHUEHUKDXSWGD]XNDP]XHUVFKUHFNHQ,Q ZHQLJHQ0LQXWHQKDWWHLFKPLUHLQH9DNXXP6FKZLPP$XVUVWXQJ DXVJHVXFKWXQGGHQ5DXPDQ]XJEHUGLH.RPELQDWLRQJHVWUHLIW
'HQ(LQPDQQ6FRRWHUXQWHUGHP$UPHLOWHLFKGXUFKGLH*lQJH]XPOHW]WHQ /LIWGHUPLFK]XP$XVJDQJWUDJHQVROOWH $OVLFKDXVGHP/LIWLQGHQ9RUUDXP]XU6FKOHXVHVSUDQJ]LVFKWHHLQ +LW]HVWUDKOGLFKWDQPHLQHP.RSIYRUEHL:HQQLFKGHQ+HOPQLFKWEHUHLWV JHVFKORVVHQKlWWHZlUHHVDXVJHZHVHQ $OOHVDXIHLQH.DUWHVHW]HQGVWUPWHLFKYRUZlUWVPLWPHLQHP6FKRFNEODVWHU GLH*UXSSHVFKZDU]JHNOHLGHWHU%HZDIIQHWHUEHVWUHLFKHQGGLHPLUGHQ:HJ YHUVSHUUWH 'LH/HXWHZDUHQXQVLFKHUJHZRUGHQ'DVYHUVFKDIIWHPLUHLQHQ9RUWHLO(V ILHOQXUQRFKHLQHLQ]LJHU6FKXGRFKGHUIDXFKWHZHLWEHUPHLQHQ.RSI KLQZHJ'DQQODJHQIQI0DQQVWHLIXQGVHOWVDPYHUUHQNWYRUGHP ,QQHQVFKRWW $EHUMHW]W]LWWHUWHQPLUGLH+lQGH,FKZXWHGDLFKQRFKODQJHQLFKW JHZRQQHQKDWWH0HLQJHIlKUOLFKVWHU*HJQHUZDUQLFKWGHU0HQVFKVRQGHUQ GDVJHKHLPQLVYROOH:HVHQGDVPDQ*HLVWHU$JHQWJHQDQQWKDWWH:HQQHU PHLQHQ3ODQHUULHWRGHUZHQQGLH5RERWHUPLFKQDFKGUDXHQJHKHQVDKHQ ZUGHLFKQXUQRFKZHQLJH0LQXWHQ]XOHEHQKDEHQ ,FKDWPHWHHUVWDXIDOVVLFKGDV$XHQVFKRWWODXWORVKLQWHUPLUVFKOR9RU PLUODJGLH'XQNHOKHLWGHV:HOWUDXPV*DQ]IHUQHIOLPPHUWHQGLH6WHUQH ,UJHQGZRGRUWGUDXHQVWDQGHQGLH)ORWWHQGHV6RODUHQ,PSHULXPVGRUW ZDUHQDXFK3HUU\5KRGDQGHU*URDGPLQLVWUDWRUXQG$WODQGHU /RUGDGPLUDOXQG&KHIGHU862.HLQHUGLHVHUPlFKWLJHQ0lQQHUNRQQWHPLU MHW]WKHOIHQ ,FKDNWLYLHUWHGHQ$QWLJUDYGHV6FRRWHUVXQGVFKRNXU]GDUDXIEHUGLHWRWH 2EHUIOlFKH4XLQWR&HQWHUV'HQ,QIUDURWVFKHLQZHUIHUKDWWHLFKQLFKW HLQJHVFKDOWHWXPPLFKQLFKW]XYHUUDWHQ$XVGHPJOHLFKHQ*UXQGEOLHELFK GLFKWEHUGHP%RGHQ$OOHVKLQJGDYRQDEGDPDQPLFKQLFKW]XIUK HQWGHFNWH $EHUHVVFKLHQDOVKlWWHGHUXQVLFKWEDUH*HJQHUPLFKXQWHUVFKlW]W ,FKWDXFKWHLQGDV/DE\ULQWKHLQGDV]XP.ULVWDOO.DPLQIKUWH 'LHVPDOOLHLFKGHQ6FRRWHUHUVW]XUFNDOVGDV/DE\ULQWK]XHQJZXUGH(V ZlUH]XXPVWlQGOLFKJHZHVHQDXFKQRFKDXIGDV)DKU]HXJDXI]XSDVVHQ ,FKKDWWHJHQXJGDPLW]XWXQPLFKVHOEVWGXUFKGLHVFKPDOVWHQ6WHOOHQ KLQGXUFK]X]ZlQJHQ $OVLFKYRQZHLWHPGHQRYDOHQ5LDXIWDXFKHQVDKGHUGDV/DE\ULQWKPLW GHP.ULVWDOO.DPLQYHUEDQGSDFNWHPLFKZLHGHUGLH$QJVW'HUJUQOLFKH 6FKLPPHUGHUPLFKHLQVW]XEHZXQGHUQGHP6WDXQHQKLQJHULVVHQKDWWH HUVFKLHQPLUMHW]WZLHGDVWFNLVFKH*OKHQHLQHV8QJHKHXHUV0HLQ+HU] NORSIWHVFKQHOOHU:LHZHQQLFKZLHGHUYRQGHU3DQLNJHSDFNWZUGHZLH GDPDOV"
(LQLJH6HNXQGHQODQJ]|JHUWHLFKYHUKLHOWIDVWEHZHJXQJVORV]ZLVFKHQ EL]DUUHQ)HOVJHELOGHQ'DQQZDUHVPLUJHOXQJHQGLH)XUFKW]X XQWHUGUFNHQ%HKXWVDPVWLHLFKPLFKPLW+lQGHQXQG)HQDEXQG VFKZDPPDXIGHQVWUDKOHQGHQ(LQJDQJ]X 0LWDQJHKDOWHQHP$WHPWDXFKWHLFKGXUFKGHQ)HOVVSDOW ,PVHOEHQ$XJHQEOLFNILHOHWZDVGDVXQVLFKWEDUIUPHLQH$XJHQZDUEHU PHLQHQ*HLVWKHU3DQLNGURKWHPLFK]XEHUVFKZHPPHQZLHHLQHURWH)OXW ,FKELGLH=lKQH]XVDPPHQXQG]ZDQJPLFKGD]XUXKLJXQGJOHLFKPlLJ ]XDWPHQ 'DV:XQGHUJHVFKDK =ZDUZDUHVPLULPPHUQRFKDOV]HUULVVHQXQVLFKWEDUH.UDOOHQPHLQ*HKLUQ DEHUGLH3DQLNZDUEHVLHJW ,FKIKUWHPHLQHQ6LHJGDUDXI]XUFNGDGHUIUHPGH(LQIOXPLFKGLHVPDO QLFKWEHUUDVFKWKDWWH,FKZDUGDUDXIJHIDWJHZHVHQ$OOPlKOLFKOLHDXFK GHU.RSIVFKPHU]QDFK,FKYHUPRFKWHZLHGHUNODU]XEHUOHJHQ 'HUJHLVWLJHhEHUIDOOLP.ULVWDOO.DPLQKDWWHPHLQH7KHRULHEHVWlWLJW,FK EHVD*HZLKHLWEHUGLH$UEHLWVZHLVHGHV*HLVWHU$JHQWHQ 'RFKHVZDUHLQH*HZLKHLWGLHPLFKEHLQDKHXPGHQ9HUVWDQGEUDFKWH ,FKZXWHZLHHVEHJRQQHQKDWWH 'HU*HLVWHU$JHQWEHVDVHLQHQ1DPHQ]X5HFKW(UZDUZHGHUHLQ 0HQVFKQRFKHLQDQGHUHVLQWHOOLJHQWHV/HEHZHVHQMHGHQIDOOVQLFKWHLQHVYRQ EHNDQQWHU)RUP 9LHOOHLFKWH[LVWLHUWHHUQLFKWHLQPDOLQGHU(LQ]DKOREZRKOLFKGDVKRIIWH $OOHGLH0LOOLDUGHQJUQVFKLPPHUQGHU.ULVWDOOHGLHGLH:lQGHGHV.DPLQV EHGHFNWHQDOOHVGDVZDUGHU*HLVWHU$JHQW-HPDQGGHUVLFKLP.ULVWDOO .DPLQDXIKLHOWVWUHLIWHPLW6LFKHUKHLWHLQLJHGHU.ULVWDOOHYRQGHQ:lQGHQDE 6LHEOLHEHQDQVHLQHU.OHLGXQJKDIWHQ6LHZUGHQLKQEHJOHLWHQZHQQHUGHQ .DPLQZLHGHUYHUOLHXQGHUZUGHQLFKWDXIGLHXQEHGHXWHQGHQHLQ]HOQ NDXPVLFKWEDUHQ6WlXEFKHQDFKWHQ(LQLJHYRQLKQHQZUGHQ]ZHLIHOORVDXI VHLQHP5DXPDQ]XJKlQJHQEOHLEHQ$QGHUHDEHUZUGHQEHLP8PNOHLGHQ DXIVHLQH+lQGHVHLQHQRUPDOH.OHLGXQJVHLQ+DDUEHUZHFKVHOQ -HPDQGGHUPLWGHP7UlJHUGHU.ULVWDOOHLQ%HUKUXQJNDPEHIDQGVLFKLQ GHU*HZDOWGHV*HLVWHU$JHQWHQ /HLGHUZDUPLUGDVQRFKQLFKWLQVHLQHUJDQ]HQ7UDJZHLWHEHZXWJHZHVHQ DOVLFK2EHUVW$QWRQRZDXIVXFKWH(UVWDOVGHU2EHUVWGLH.DPSIURERWHUGHV 6WW]SXQNWHVUHEHOOLHUHQOLHZDUGLH%HZHLVNHWWHY|OOLJJHVFKORVVHQ ZRUGHQ ,FKZXWHVRXQGQLFKWDQGHUVZDUHVPLW0DMRU:ULJKOH\JHZHVHQVSlWHU PLW$OGR*UHHQXQGZDKUVFKHLQOLFKDXFKPLW'U+HLVWHU0LFKEHGUFNWH GDV%HZXWVHLQGDLFKHVJHZHVHQZDUGHUGLHDQGHUHQLQIL]LHUWKDWWH $QGHUHUVHLWVVDJWHLFKPLUGDLFKGHQ.ULVWDOO.DPLQGXUFK=XIDOOHQWGHFNW KDWWH(EHQVRJXWKlWWHLKQHLQDQGHUHUHQWGHFNHQN|QQHQGDQQZlUHHUGHU hEHUWUlJHUJHZHVHQ1XUHLQHVZDUPLUQLFKWNODU
:DUXPKDWWHLFK]ZDUGLHSDUDSV\FKLVFKZLUNHQGHQ.ULVWDOOHDXIGLHDQGHUHQ 2SIHUGHV*HLVWHU$JHQWHQEHUWUDJHQDEHUZDUVHOEVWQLFKW]XVHLQHP :HUN]HXJJHZRUGHQ" ,FKKlWWHGRFKGDVHUVWH2SIHUVHLQPVVHQ" $QGHUHUVHLWVZXWHLFKGDGLH3DQLNGLHPLFKGDPDOVLP.ULVWDOO.DPLQ HUJULIIHQKDWWHHLQH)ROJHSDUDSV\FKLVFKHU%HHLQIOXVVXQJJHZHVHQZDU (UODJLFKGLHVHP(LQIOXQXUZHQQLFKPLFKLQXQPLWWHOEDUHU1l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lKQHOQGHQ0DWHULDODXVGHP GLH&DQG\0RXQWDLQVZDUHQ1XULQGHU0LWWHGHUNUHLVUXQGHQ%RGHQIOlFKH VFKLPPHUWHHLQOHXFKWHQGJUQHUNRSIJURHU)OHFNHLQLQGHQ%RGHQ HLQJHEHWWHWHU.OXPSHQGHUJOHLFKHQ6XEVWDQ]DXVGHUDXFKGLH.ULVWDOOH EHVWDQGHQ 0HLQ%OLFNJOLWWDQGHU:DQGHQWODQJQDFKREHQ$XIHLQHP)OHFNLQ+IWK|KH EOLHEHUKlQJHQ,FKEHUOHJWHIDVWHLQH0LQXWHODQJZDVDQGHPEHLQDKH NUHLVI|UPLJHQ)OHFNPHLQH$XIPHUNVDPNHLWHUUHJWH(UVWGDQQNDPLFK GDUDXI(UVDKDQGHUVDXVDOVGLHNULVWDOOEHU]RJHQH:DQGULQJVXP,QGHU .ULVWDOOVFKLFKWEHIDQGHQVLFK)OHFNHQGLHQXUPDWWVFKLPPHUWHQVRDOVKlWWH MHPDQGGDUEHUJHZLVFKWXQGGHQJU|WHQ7HLOGHU.ULVWDOOHDEJHVWUHLIW 'DVVWLPPWHPLWPHLQHU7KHRULHQLFKWEHUHLQ,FKQDKPDOVVLFKHU DQGDGHU*HLVWHU$JHQWDOVNRPSDNWH.ULVWDOOPDVVH PHWHRUJOHLFKLQGLH&DQG\0RXQWDLQVHLQJHVFKODJHQZDU,QIROJH GHUVFKDXPLJ]HUEUHFKOLFKHQ6WUXNWXUGHV)HOVHQVKDWWHGHU .ULVWDOOPHWHRUVLFKWLHILQGDV*HELUJHKLQHLQJHERKUWXQGGHQHWZD GUHLKXQGHUWRGHUYLHUKXQGHUW0HWHUWLHIHQ6FKDFKWJHVFKDIIHQ 'DEHLZDUHLQ7HLOVHLQHU0DVVHDOVNULVWDOOHQHUhEHU]XJDQGHQ 6FKDFKWZlQGHQKlQJHQJHEOLHEHQ'LH:lQGHPXWHQ XUVSUQJOLFKJOHLFKPlLJGLFNPLWGHQ.ULVWDOOHQEHGHFNWJHZHVHQ VHLQ 1XUGLHVHHLQHNUHLVI|UPLJH6WHOOHQLFKW
,FKIKOWHZLHGDV1DFKGHQNHQPLFKDQVWUHQJWH6FKZHLSHUOWHEHUPHLQ *HVLFKW$EHUDXFKHLQJXWHU7HLOXQHUNOlUOLFKHU)XUFKWZDUGDEHLGLH)XUFKW YRUGHPZDVVLFKYLHOOHLFKWKLQWHUGHPNUHLVUXQGHQ)OHFNYHUEDUJ ,FKELGLH=lKQH]XVDPPHQXQGIKUWHPLWGHP.ROEHQPHLQHV 6FKRFNEODVWHUVHLQHQ6FKODJJHJHQGHQ5DQGGHV)OHFNV (LQLJH)HOVVWFNHEUDFKHQKHUDXV ,FKULFKWHWHGHQ6WUDKOPHLQHU,QIUDURWODPSHJHJHQGLHHQWVWDQGHQH/FNH XQGHQWGHFNWHGDKLQWHUHLQHQ+RKOUDXP :LHUDVHQGVFKOXJLFKZHLWHUH6WFNHVFKDXPLJEUFKLJHQ)HOVHQVDXVGHU :DQG'DQQZDUILFKGHQ6FKRFNEODVWHU]XU6HLWHXQGJULIIPLWGHQ EHKDQGVFKXKWHQ)LQJHUQLQGHQILQJHUEUHLWHQ6FKOLW](LQNUlIWLJHU5XFNXQG LFKKLHOWHLQHUXQGH)HOVSODWWHLQGHU+DQG ,QGHPHQWVWDQGHQHQ/RFKWDXFKWHQ]ZHL6WLHIHODXI6FKZLQGHOJHIKOHUJULII PLFKDOVLFKVLHVDK$EHULFKDUEHLWHWHZHLWHU0LWEHLGHQ+lQGHQSDFNWHLFK GLH6WLHIHOXQG]RJGDUDQ 1DFKXQGQDFKWDXFKWHQHLQSDDUYRQGHU+OOHHLQHV5DXPDQ]XJVEHGHFNWH %HLQHDXIPHQVFKOLFKH%HLQH,KQHQIROJWHGHU5XPSIHLQHVPHQVFKOLFKHQ .|USHUVXQGGDQQGHU.RSI 'LH6LFKWVFKHLEHGHV+HOPVZDU]HUWUPPHUWXQGZDVGDKLQWHUZDUVDKVR JUDXVLJ]XJHULFKWHWDXVGDPLUEHOZXUGH ,FKOHJWHGHQEUHWWVWHLIHQ.|USHUDXIGHQ%RGHQGHV6FKDFKWHVXQGGUHKWH LKQXP0HLQ%OLFNILHODXIGDV1DPHQVVFKLOGDQGHU%UXVW 520$1%5,(//(*(1(5$/ 0LQGHVWHQV]HKQ0LQXWHQODQJKRFNWHLFKZLHEHWl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|VWHOWHZHQQLFKGDUDQGDFKWH
,FKIUDJWHPLFKZDUXPGDVDOOHVJHVFKHKHQZDU:DUXPZDU%ULHOOHPLU JHIROJW":DUXPKDWWHHUVLQQORVH$QVFKXOGLJXQJHQJHJHQPLFK DXVJHVWRHQ":DUXPKDWWHHUPLFKW|WHQZROOHQ" $OVLFKGLH:DKUKHLW]XDKQHQEHJDQQZROOWHVLFKHUQHXWGLH)XUFKWLQ PHLQHQ*HLVWVFKOHLFKHQ %ULHOOHZDUDOVHUPLUIROJWHVFKRQQLFKWPHKUHUVHOEVWJHZHVHQ$OV :HUN]HXJGHV*HLVWHU$JHQWHQKDWWHHUGHQ$XIWUDJJHKDEWPLFK DXV]XO|VFKHQ ,FKJODXEWHQLFKWGDGHU*HLVWHU$JHQWRKQHWULIWLJHQ*UXQGVRJHKDQGHOW KDWWH,FKPXWHHLQH*HIDKUIULKQEHGHXWHWKDEHQ:DUXP" $OVLFKHVHUNDQQWHJHZDQQLFKPHLQ6HOEVWYHUWUDXHQ]XUFN ,FKZDULPPXQJHJHQGLHSDUDSV\FKLVFKHQ.UlIWHGHV*HLVWHU$JHQWHQ(U NRQQWHPLFKQXUEHHLQIOXVVHQZHQQLFKPLFKGRUWEHIDQGZRVHLQH.UlIWH VLFKNRQ]HQWULHUWHQLP.ULVWDOO.DPLQXQGDXFKQXUGDQQZHQQLFK DKQXQJVORVZDU 8QGHUNRQQWHPLFKEHHLQIOXVVHQZHQQLFKVFKOLHI0HLQJHIlKUOLFKHU7UDXP LQGHPLFKPLFKEHLQDKHLQHLQHQGHVDNWLYLHUWHQ/LIWVFKDFKWJHVWU]WKDWWH ZDUPLUQRFKLQJXWHU(ULQQHUXQJ ,FKZXWHZDVLFK]XWXQKDWWH,FKPXWHGLH.RQ]HQWUDWLRQGHU.ULVWDOOH YHUQLFKWHQ $EHUZUGHLFKGDPLW(UIROJKDEHQ"'DVVRVDJWHLFKPLUNDPGDUDXIDQRE GHUHLQ]HOQH.ULVWDOOIUVLFKDOOHLQZLUNVDPZDURGHUREHUYRQGHU0DVVHLP .ULVWDOO.DPLQJHVWHXHUWZXUGH 1DFKGHQNOLFK]RJLFKPHLQHQ1DGHOVWUDKOHU,FKEHWUDFKWHWHLKQHLQH:HLOH GDQQVFKWWHOWHLFKUHVLJQLHUWGHQ.RSI'LH/DGXQJGHV1DGHOVWUDKOHUV ZUGHQLFKWDXVUHLFKHQDXFKQXUGLH+lOIWHGHU.ULVWDOOH]XYHUQLFKWHQ 0LUEOLHEQXUHLQHHLQ]LJH0|JOLFKNHLW ,FKPXWHZLHGHUKLQHLQLQGHQ6WW]SXQNWXQGHLQH%DE\%RPEHVWHKOHQ ,FKZXWHHVZUGHPLUQLFKWJHOLQJHQ)QI]LJWDXVHQG5RERWHULQGLUHNWYRP *HLVWHU$JHQWHQEHKHUUVFKWKDWWHQ4XLQWR&HQWHULQLKUH*HZDOWJHEUDFKW $QGHUVNRQQWHHVNDXPVHLQGHQQGHU5RERWHUDXIVWDQGZDUYLHO]X EHUUDVFKHQGORVJHEURFKHQDOVGDGLH0HQVFKHQZLUNVDPH *HJHQPDQDKPHQKlWWHQHUJUHLIHQN|QQHQ $EHULFKPXWHKLQHLQ 6RLVWGDVDOVRVDJWHHLQH6WLPPHLQPHLQHP+HOPHPSIlQJHU ,FKIXKUKHUXP +LQWHUPLUGLFKWDQGHU:DQGVWDQG*RUDWVFKLQ.HLQ=ZHLIHOHVPXWHGHU 0XWDQWVHLQ,FKHUNDQQWHLKQDQGHUXQJHZ|KQOLFKHQ.|USHUJU|H+DOEYRQ LKPYHUGHFNWQDKPLFKHLQH]ZHLWH*HVWDOWZDKU /DVVHQ6LHGHQ6WUDKOHUIDOOHQXQGKHEHQ6LHGLH+lQGHKRFKEHIDKO *RUDWVFKLQ
,FKJHKRUFKWH:DVEOLHEPLUDQGHUHVEULJ1XUIUDJWHLFKPLFKZLH *RUDWVFKLQWURW]GHU5RERWHUDXV4XLQWR&HQWHUKHUDXVJHNRPPHQZDU 'LHVPDOHQWNRPPHQ6LHPLUQLFKWVDJWH*RUDWVFKLQ,QVHLQHU6WLPPH VFKZDQJ7UDXULJNHLWPLW-HW]WN|QQHQ6LHVLFKQLFKWPHKUKHUDXVUHGHQ 6LHLUUHQVLFKULHILFKYHU]ZHLIHOW1LFKWLFKELQGHU$JHQWVRQGHUQ +DOWHQ6LHGHQ0XQGNUDFKWHHLQHDQGHUH6WLPPHLQGHP(PSIlQJHU0U *RUDWVFKLQODVVHQ6LHVLFKQLFKWKLQKDOWHQ,FKZUGHLKQDPOLHEVWHQVRIRUW QLHGHUVFKLHHQ ,FK]HUPDUWHUWHPHLQ*HGlFKWQLV'LH6WLPPHGHV]ZHLWHQ0DQQHVNDPPLU HEHQIDOOVEHNDQQWYRU 8QGSO|W]OLFKZXWHLFKZHUHVZDU'HU$U]WGHUPLFKGDPDOVLQGHU(UVWH +LOIH6WDWLRQEHKDQGHOWKDWWHXQGGHUGLH$QZHLVXQJHUWHLOWKDWWHPLUNHLQH 9DNXXP6FKZLPP$XVUVWXQJPHKUDXV]XOHLKHQ ,FKEHJDQQ]XDKQHQZHOFKH5ROOHGHU$U]WVSLHOWHDOV*RUDWVFKLQWDXPHOWH XQGJOHLFKGDQDFKNUDIWORVJHJHQGLHJUQVFKLOOHUQGH:DQGVDQN 6LHPVVHQ UDXVKLHUVFKULHLFK*RUDWVFKLQDQ6FKQHOORGHUGHU*HLVWHU $JHQW EHNRPPW6LHLQVHLQH*HZDOW *RUDWVFKLQJDENHLQHQ/DXWYRQVLFK 'HU$U]WODFKWHK|KQLVFK =XVSlWPHLQ)UHXQG=XVSlWIU6LHXQG]XVSlWIU,KUH5DVVH *RUDWVFKLQLVWQLFKWPHKU+HUUEHUVLFKVHOEVWXQGHUZLUGVLFKVSlWHUDQ QLFKWVPHKUHULQQHUQDXFKQLFKWZLH6LH'U7HOHNHJHVWRUEHQVLQG =XP7HXIHOVDJWHLFKXQJHKDOWHQ,FKKDEH%ULHOOHLQ1RWZHKUJHW|WHW ,FKZHLHUZLGHUWHGHU$U]W%ULHOOHZLH6LHGHQ7RWHQQHQQHQHUKLHOWGHQ $XIWUDJ6LH]XW|WHQ/HLGHUZDUHQ6LHVFKQHOOHUDOVHU'DVZDUVHLQ3HFK 'UHLPDOVLQG6LHVHLWGHPQRFKHQWNRPPHQDEHUMHW]WLVWHVDXVPLW,KQHQ (LQHLVNDOWHU6FKDXHUOLHIEHUPHLQHQ5FNHQ'HUGHUGDDXVGHP0XQGH GHV$U]WHVVSUDFKZDUNHLQ0HQVFK(VZDUGHU*HLVWHU$JHQWVHOEVW (VZLUG,KQHQQLFKWJHOLQJHQGLH0HQVFKKHLW]XXQWHUMRFKHQVDJWHLFK YROOHU+D(VJLEW0HQVFKHQGLH,KUHPPHQWDOHQ$QJULIIQLFKWHUOLHJHQ ZHUGHQXQGHLQHV7DJHVZLUGGDV6RODUH,PSHULXP,KUH+HLPDWZHOW ]HUVW|UHQHVVHLGHQQ,KUH5DVVH]LHKWHLQIULHGOLFKHV 1HEHQHLQDQGHUEHVWHKHQYRU 'HU$U]WODFKWH *HEHQ6LHVLFKNHLQHQXQHUIOOEDUHQ+RIIQXQJHQKLQ'U7HOHNH'DVZDV DXI4XLQWR&HQWHUJHVFKLHKWLVWQXUHLQ([SHULPHQW(VLVWJHOXQJHQ6REDOG PHLQ6FKLIIPLWGLHVHU1DFKULFKW]XUFNNHKUWZLUGGHUHLJHQWOLFKH$QJULII EHJLQQHQ $EHUZDUXP"VDJWHLFK:DUXPZROOWLKUGLH0HQVFKKHLWDQJUHLIHQ"(VJLEW LQGHU*DOD[LVQRFK0LOOLDUGHQXQEHVLHGHOWHU:HOWHQ:HQQLKU/HEHQVUDXP VXFKWILQGHWLKUEHUJHQXJ
'DUXPJHKWHVQLFKWJDEGHU*HLVWHU$JHQWDXVGHP0XQGHGHV$U]WHV ]XUFN8QVJHKWHVGDUXPGHQ([SDQVLRQVGUDQJ,KUHU5DVVH]XVWRSSHQ :LUEHREDFKWHQHXHU,PSHULXPVHLWODQJHPXQGZLUZLVVHQGDLKUHLQHV 7DJHVEHUGLH*UHQ]HQHXUHU*DOD[LVKLQDXVODQJHQZHUGHW(XHUHUVWHV=LHO N|QQWHXQVHUH*DOD[LVVHLQ ,FKOHFNWHEHUPHLQH/LSSHQ0HLQ0XQGXQGPHLQ+DOVZDUHQSO|W]OLFK WURFNHQYRU(UUHJXQJ ,KUNRPPWYRQ$QGURPHGD" 1HLQ8QVHUH*DOD[LVZLUGYRQHXFKPLWGHP1DPHQ0$*(//$1 EH]HLFKQHW6LHOLHJW]ZLVFKHQHXUHU*DOD[LVXQG$QGURPHGD$EHUVLHLVW $QGURPHGDQlKHUDOVHXFK6FKRQHLQPDOZROOWHHLQH5DVVHLQXQVHUHQ /HEHQVUDXPYRUVWRHQ:LUNRQQWHQGLH,QYDVRUHQYRQ$QGURPHGD DXIKDOWHQ6HLWGHPPHLGHQGLH0HLVWHU XQVHUHNOHLQH*DOD[LV,KUVHLGJHJHQ VLHXQWHUHQWZLFNHOWH:LOGH$OOHUGLQJVEHVLW]WLKUHWZDVZDVGLH0HLVWHU OlQJVWYHUORUHQKDEHQXQEH]lKPEDUHQ:LVVHQVGXUVW'HVKDOEZHUGHQZLU HXFKYHUQLFKWHQ 0HLQH5DVVHLVWIULHGOLFKVDJWHLFK,KUN|QQWHWHXFKPLWLKUHLQLJHQ 'HU)UHPGHLQGHP$U]WODFKWHK|KQLVFK ,KUVHLG]XQHXJLHULJGHVKDOEPWLKUVWHUEHQ (UKREGLH+DQGPLWGHP1DGHOVWUDKOHUHWZDVK|KHU'LH0QGXQJ]HLJWH JHQDXDXIPHLQHQ.RSI,FKZXWHGDLFKNHLQH&KDQFHJHJHQLKQKDWWH 1RFKHLQPDOZUGHPLUGHU7ULFNQLFKWJHOLQJHQGHQLFKEHL%ULHOOHHUIROJUHLFK DQJHZDQGWKDWWH ,FKVWDUUWHXQYHUZDQGWDXIGHQ$U]W :HQQLFKLKQQXULUJHQGZLHDEOHQNHQN|QQWH9LHOOHLFKWDEHUHVZDU VLQQORV ,FKVDKJHQDXPLWHLQHU.ODUKHLWGLHZDKUVFKHLQOLFKQXUGLHXQPLWWHOEDUH 1lKHGHV7RGHVYHUOHLKWZLHGHU)LQJHUVLFKGHP)HXHUNQRSI HQWJHJHQNUPPWH 3O|W]OLFK]XFNWHGHU$U]W]XVDPPHQ6HLQ.RSIIXKUKHUXP(UVWDUUWHQDFK REHQDOVKlWWHHUHLQYHUGlFKWLJHV*HUlXVFKZDKUJHQRPPHQ 'RFKLPQlFKVWHQ$XJHQEOLFNZDQGWHHUVLFKZLHGHUPLU]X $EHULFKKDWWHGLHVHHLQH6HNXQGHJHQXW]W$OVGLH:DIIHGHV$U]WHVZLHGHU ]XPLUKHUXPVFKZHQNWHKLHOWLFKGHQ6FKRFNHULQGHU+DQG 'HU6WUDKOGHV1DGOHUVEOHQGHWHPLFK$EHUHUIDXFKWHKDUPORVLQGLH NULVWDOOHQH:DQG6WRFNVWHLIVWU]WHGHU$U]W]X%RGHQ6HLQ'UXFNKHOP SUDOOWHJHJHQPHLQH)H ,FKZDUVRYHUEOIIWGDLFKLQGHQQlFKVWHQ6HNXQGHQQLFKWVZHLWHUWDWDOV XQYHUZDQGWDXIGLHJHOlKPWH*HVWDOWGHV$U]WHV]XVWDUUHQ
:DUXPKDWWHGHU$U]WQDFKREHQJHVWDUUWGRUWKLQZRQLFKWVDQGHUHVZDUDOV GLHYRQJUQHP*OKHQHUIOOWH/HHUHGHV6FKDFKWHV"0HLQEORHU:XQVFK HUP|JHDEJHOHQNWZHUGHQNRQQWHGDVXQP|JOLFKEHZLUNWKDEHQ (VVHLGHQQ 9RQHLQHUYDJHQ$KQXQJJHSDFNWULLFKGDV0DJD]LQPHLQHV 6FKRFNEODVWHUVDXI=XP]ZHLWHQPDOEHWUDFKWHWHLFKGLH]XP9RUVFKHLQ NRPPHQGH0HWDOOSODWWHPLWGHQJHKHLPQLVYROOHQ%XFKVWDEHQ 8QGPLWHLQHPPDOHUVFKLHQHQVLHPLUQLFKWPHKUJHKHLPQLVYROO ,FKNDQQWHLKUH%HGHXWXQJ'LH(UNHQQWQLVOLHPLFKWDXPHOQ,FKZDU EHVWLPPWJHZHVHQGLH*HIDKUDE]XZHQGHQXQGIDVWKlWWHLFKVLHHUVW ZLUNVDPZHUGHQODVVHQ1HLQ,FKKDWWHVLHZLUNVDPZHUGHQODVVHQ$EHULFK EHVDDXFKGLH)l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lIWHQ]XHLQHP0RUG]X]ZLQJHQ:HQQ6LHPLFKW|WHQ YHUQLFKWHQ6LHGLHOHW]WH&KDQFHGHU0HQVFKKHLW *RUDWVFKLQVW|KQWHGXPSI :DVLVWORV":HU]ZLQJWPLFK]XHLQHP0RUG"6LQG6LH'U7HOHNH" 'HU6FKZHLOLHILQ6WU|PHQEHUPHLQ*HVLFKWXQGULHIHLQHQXQHUWUlJOLFKHQ -XFNUHL]KHUYRU)DVWKlWWHLFK*RUDWVFKLQVOHW]WH)UDJHXQEHVRQQHQEHMDKW 6SlWILHOPLUHLQGDGHU1DPH7HOHNHGDV6WLFKZRUWVHLQNRQQWHDXIGDV *RUDWVFKLQQDFKGHP:LOOHQGHV*HLVWHU$JHQWHQUHDJLHUHQZUGH 1HLQVDJWHLFK 6LHVLQGHVQLFKW"$EHULFKPX7HOHNHW|WHQ*RUDWVFKLQV:RUWHZDUHQYRQ TXDOYROOHP5|FKHOQEHJOHLWHW ,QHLQHPMlKHQ,PSXOVVWUHFNWHLFKGLH+DQGPLWGHP%OHFKVFKLOGDXVXQGWUDW HLQHQ6FKULWWQlKHUDQ*RUDWVFKLQKHUDQ /HVHQ6LHGDVEHIDKOLFK *RUDWVFKLQWDXPHOWH$EHUHUEUDFKWHHVGRFKIHUWLJVLFKVRYRU]XEHXJHQ GDHUGLH%HVFKULIWXQJDXIGHP6FKLOGOHVHQNRQQWH 5XFNDUWLJIXKUHQVHLQH.|SIHKRFK 0DMRU(GZDUGV" -DZRKOVDJWHLFKHLQGULQJOLFK,FKELQ0DMRU*OHQQ(GZDUGVYRQGHU *DODNWLVFKHQ$EZHKU$1(6.2KHLW$QWL(VS.RUSV 'LH%XFKVWDEHQ0&
EHGHXWHQGD$OODQ'0HUFDQWPLFKPLWJU|WHU9ROOPDFKWDXVJHVWDWWHWKDW 3UDNWLVFKNDQQLFKGDGXUFKGLH%HIROJXQJPHLQHU%HIHKOHLPJOHLFKHQ0DH YHUODQJHQZLH0HUFDQWVHOEVW *RUDWVFKLQ]XFNWHZLHXQWHUKHIWLJHP6FKPHU]]XVDPPHQ 6FKQHOOIOVWHUWHHU(GZDUGV%ULQJHQ6LHPLFKKLHUKHUDXV(WZDVJUHLIW QDFKPHLQHP*HLVW,FK5|FKHOQGEUDFKHU]XVDPPHQ *RUDWVFKLQVFKULHLFKYHU]ZHLIHOW6WHKHQ6LHDXI ,FK]HUUWHDQGHP0XWDQWHQ%HLGHUJHULQJHQ*UDYLWDWLRQ4XLQWR&HQWHUVZRJ *RUDWVFKLQQXUZHQLJH.LORJUDPP,FKKlWWHLKQPKHORVWUDJHQN|QQHQ $EHUGDZDUQRFKGHU$U]W,KQNRQQWHLFKQLFKWDXFKQRFKWUDJHQ*DQ] EHVWLPPWZUGHLFKQLFKWEHLGH0lQQHUGXUFKGDVHQJH/DE\ULQWK KLQGXUFKEXJVLHUHQN|QQHQ$QJHVLFKWVGHVVHQZDVLFKYRUKDWWHGXUIWHLFK DEHUGHQ$U]WQLFKWLP.ULVWDOO.DPLQ]XUFNODVVHQ(VVSLHOWHNHLQH5ROOH GDHUPLFKKDWWHW|WHQZROOHQ'DVKDWWHHUQXUXQWHUVXJJHVWLYHP=ZDQJ YHUVXFKWXQGHLJHQWOLFKWUXJLFKHLQHQ7HLO6FKXOGGDUDQGHQQLFKZDUHV JHZHVHQGHULKQPLW.ULVWDOOVWDXELQIL]LHUWHZlKUHQGHUPLFKEHKDQGHOWH ,FKEDOOWHGLH)lXVWHLQ]RUQLJHU9HU]ZHLIOXQJ 'RFKGDQQ]ZDQJLFKPLFK]XUXKLJHUhEHUOHJXQJ'HU0XWDQWZDURIIHQEDU HUVWLQQHUKDOEGHV.DPLQVEHHLQIOXWZRUGHQ%HZLHVGDVQLFKWGDVHLQ *HKLUQQZLGHUVWDQGVIlKLJHUDOVGDVHLQHVQRUPDOHQ0HQVFKHQZDU" 9LHOOHLFKWUHDJLHUWHHUlKQOLFKZLHLFK:HQQHVVRZDUGDQQZUGHHUGLH +HUUVFKDIWEHUVLFKVHOEVW]XUFNJHZLQQHQZHQQHUHUVWHLQPDODXVGHP .ULVWDOO.DPLQKHUDXVZDU ,FKZDUPLUGHVVHQGXUFKDXVQLFKWVLFKHUDEHUHLQ9HUVXFKNRQQWHJHZL QLFKWVFKDGHQ,FKKDWWHQLFKWVPHKU]XYHUOLHUHQ ,FKSDFNWH*RUDWVFKLQVVFKODIIHQ.|USHUXQGVWLHLKQQDFKREHQ(UVWLHJ SHQGHOQGLQGHP6FKDFKWHLQSRU5DVFKVFKOHXGHUWHLFKGHQVWHLIHQ.|USHU GHV$U]WHVKLQWHUKHU'DQQVWLHLFKPLFKVHOEVWDE(WZD]HKQ0HWHUZHLWHU REHQKROWHLFKGHQ$U]WHLQ(UVWDQGIDVWVWLOOXQGYRQREHQVDQN *RUDWVFKLQV.|USHUDOOPlKOLFKZLHGHUKHUDE ,FKDNWLYLHUWHPHLQH5FNVWRSLVWROHQXQGNUPPWHPHLQHQ5FNHQ0LW.RSI XQG6FKXOWHUQVFKRELFK*RUDWVFKLQXQGGHQ$U]WLP6FKDFKWHPSRU ZlKUHQGGHU.RUSXVNHOVWUDKOGHU3LVWROHQPLFKXQEHLUUEDUQDFKREHQ GUFNWH $OVLFKDQGHURYDOHQgIIQXQJYRUEHLJOLWWGLHLQV/DE\ULQWKIKUWHVFKDOWHWH LFKGLH3LVWROHQDXV,FKNODPPHUWHPLFKDQHLQHU8QHEHQKHLWGHUgIIQXQJ IHVWXQGHUZDUWHWHGHQODQJVDPDEVLQNHQGHQ.|USHUGHV$U]WHV 0LUEUDFKGHU$QJVWVFKZHLDXVDOOHQ3RUHQDOVLFKLKQGXUFKGLHgIIQXQJ LQV/DE\ULQWKKLQHLQVWLH:HQQVHLQ5DXPDQ]XJVLFKDQHLQHUVSLW]HQ )HOVQDGHOYHUILQJXQGDXIUL,FKELGLH=lKQH]XVDPPHQ'DUDQGXUIWH LFKLQGLHVHU/DJHQLFKWGHQNHQ
%HL*RUDWVFKLQZDUHVHLQIDFKHU,FKNRQQWHLKQXQWHUGHQ$UPHQSDFNHQXQG KLQWHUPLUKHU]LHKHQZl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|QQHQZLUXQVIUHLEHZHJHQ )UPLFKWULIIWGDVJDQ]VLFKHUQLFKW]X6LU,FKVFKWWHOWHGHQ.RSI0LFK ZHUGHQGLH5RERWHUVRIRUWW|WHQZHQQVLHPLFKVHKHQ0LFKZXQGHUWQXU GDPDQNHLQH5RERWHUKLHUKHUGLULJLHUWKDW 5RERWHUZHUGHQGHP*HLVWHU$JHQWHQ ]XJHIlKUOLFKVHLQVDJWH*RUDWVFKLQ QDFKGHQNOLFK(UNDQQVLHQLFKWGLUHNWEHHLQIOXVVHQGHVKDOEPVVHQVLHLKP XQKHLPOLFKHUVFKHLQHQXQGHUKlOWVLHYRQVHLQHP$NWLRQV]HQWUXPIHUQ$EHU ZDV6LHEHWULIIWN|QQWHQ6LHUHFKWKDEHQ,FKZHUGHDOVRDOOHLQLQGHQ 6WW]SXQNWJHKHQ 'DVJHIlOOWPLUQLFKW6LU (VLVWXQVHUHHLQ]LJH0|JOLFKNHLW ,FK]XFNWHGLH6FKXOWHUQ 9HUVXFKHQZLUHV)OLHJHQ6LHELWWHPLWGHP$U]WKLQWHUPLUKHU,FKZHUGH VHKHQREGHU:HJIUHLLVW 'LHVPDOQDKPLFKZLHGHUGHQ1DGHOVWUDKOHU]XU+DQG,FKDKQWHGDOlQJVW QRFKQLFKWDOOH6FKZLHULJNHLWHQEHUZXQGHQZDUHQ'HU*HLVWHU$JHQW ZUGHVLFKQLFKWVROHLFKWJHVFKODJHQJHEHQ ,FKKlWWHPLFKHLJHQWOLFKIUHXHQVROOHQ6WDWWGHVVHQNDPHVPLUXQKHLPOLFK YRUGDZLUQLFKWEHOlVWLJWZXUGHQZlKUHQGZLUXQVGXUFKGDV/DE\ULQWK ZDQGHQ ,FKNRQQWHPLUGLH5XKHQLFKWDQGHUVHUNOlUHQDOVGDGHU*HLVWHU$JHQW VLFKLPPHUQRFKVLFKHUIKOWH(UPXWHHLQHQ3ODQJHIDWKDEHQZLHHUXQV DXVVFKDOWHQNRQQWHXQGGDV*HIlKUOLFKVWHGDUDQZDUGDZLUNHLQH$KQXQJ YRQGLHVHP3ODQKDWWHQ
,FKDWPHWHHUVWDXIDOVZLUGDV(QGHGHV/DE\ULQWKVHUUHLFKWHQ9RUPLUHWZD QRFK]HKQ6FKULWWHHQWIHUQWODJHQGLHEHLGHQ6FRRWHUPLWGHQHQ*RUDWVFKLQ XQGGHU$U]WJHNRPPHQZDUHQ0HLQHQ6FRRWHUKDWWHLFKLP/DE\ULQWK ]XUFNJHODVVHQ:LUZUGHQDXFKGLHEHLGHQDQGHUHQ6FRRWHU]XUFNODVVHQ PVVHQGHQQGLH6WUHXVWUDKOXQJLKUHU$QWLJUDYJHQHUDWRUHQNRQQWHXQVJDU ]XOHLFKWYHUUDWHQ 8QVHUH+HOPVHQGHUKDWWHQZLUDXIJHULQJVWH,QWHQVLWlWJHVFKDOWHWVRGDZLU DXIZHQLJH6FKULWWH(QWIHUQXQJNDXPQRFKHWZDVYHUVWHKHQNRQQWHQ :LUZHQGHQXQVQDFKOLQNVVDJWHLFK'RUWJLEWHVHLQHWLHIHLQJHVFKQLWWHQH 6FKOXFKWGLHHUVWDFKW]LJ.LORPHWHUYRU7(HQGHW,FKJODXEHNDXPGD 6LHGXUFKGHQ+DXSWVFKDFKWKLQHLQNRPPHQ9LHOOHLFKWKDEHQ6LHHVEHLGHU 7UDQVIRUPVWHOOXQJOHLFKWHU *XWVDJWH*RUDWVFKLQNQDSSEHHLOHQ6LHVLFK(GZDUGV ,FKVWLHPLFKNUlIWLJDE,QNQDSS]ZHL0HWHUQ+|KHVHJHOWHLFKEHUGDV *HU|OOGHV7DONHVVHOVGHUXQVYRQGHU6FKOXFKWWUHQQWH$OVLFK ]XUFNEOLFNWHVDKLFKZLH*RUDWVFKLQPLUIROJWH'HQ$U]WKDWWHHUVLFKEHU GHQ5FNHQJHOHJW,FKEUDXFKWHGHQ,QIUDURWVFKHLQZHUIHUQLFKW HLQ]XVFKDOWHQXP*RUDWVFKLQ]XHUNHQQHQ$XIGLHVH(QWIHUQXQJJHQJWH GLHJHULQJH:lUPHDXVVWUDKOXQJVHLQHV5DXPDQ]XJVXPLKQPLWPHLQHU ,QIUDURWVLFKWVFKHLEH]XHUNHQQHQ 3O|W]OLFKHQWGHFNWHLFKKLQWHU*RUDWVFKLQHLQH%HZHJXQJ6FKZDFKLP ,QIUDURWEHUHLFKVWUDKOHQGH.|USHUVFKREHQVLFK]ZLVFKHQ*RUDWVFKLQXQGGLH 0QGXQJGHV/DE\ULQWKV 5RERWHU 5RERWHUKDWWHQXQVYRP/DE\ULQWKDEJHULHJHOW 6FKQHOOHU6LUVFKULHLFKLQPHLQ0LNURSKRQ*OHLFK]HLWLJVWLHLFKPLFKPLW GHQ)HQDQHLQHP)HOVEURFNHQDE0LWHUK|KWHU*HVFKZLQGLJNHLWWDXFKWH LFKLQGLH6FKOXFKWHLQ'RUWGUHKWHLFKPLFKXPXQGVDKGD*RUDWVFKLQPLU HEHQVRVFKQHOOIROJWHREZRKOHUGHQ*UXQGGDIUZDKUVFKHLQOLFKQRFKQLFKW NDQQWH$EHUHUOHUQWHLKQLPQlFKVWHQ$XJHQEOLFNNHQQHQ .DXPEHIDQGHQZLUXQVLQGHUUHODWLYHQ6LFKHUKHLWGHU6FKOXFKWHQWVWDQGDP 6FKOXFKWHLQJDQJHLQJUHOOHV)HXHUZHUNEODXZHLHU(QHUJLHEDKQHQ7UHIIHU VFKPRO]HQGDV*HVWHLQXQGOLHHQ*OXWIRQWlQHQQDFKDOOHQ6HLWHQVSUKHQ *RUDWVFKLQ]QGHWHVHLQH5FNVWRSLVWROHQLPVHOEHQ$XJHQEOLFNZLHLFK $XFKHUVFKLHQEHJULIIHQ]XKDEHQGDZLUQLFKWOlQJHU]|JHUQGXUIWHQ'LH 5RERWHUKDWWHQXQVRKQHKLQHQWGHFNW *OHLFK5DNHWHQVFKRVVHQZLUGXUFKGLHVFKQXUJHUDGHYHUODXIHQGH6FKOXFKW 7URW]XQVHUHV9RUVSUXQJVZXWHLFKGDZLUGDV6SLHOYHUORUHQKDWWHQ'HU $JHQWYRP0DJHOODQZDUQXUGDUDXIEHGDFKWJHZHVHQXQVDXVGHP
/DE\ULQWKHQWNRPPHQ]XODVVHQZHLOHUNHLQH5RERWHULQVHLQHU1lKHKDEHQ ZROOWH-HW]WGDZLUQLFKWPHKULQVHLQH1lKH]XUFNNRQQWHQOLHHUXQV MDJHQ(UJLQJGDPLWNHLQ5LVLNRHLQ6HOEVWZHQQGLH5RERWHUXQVQLFKW]X IDVVHQYHUPRFKWHQZDUHQZLUYHUORUHQ'HQ6WW]SXQNWDE]XULHJHOQ EHGHXWHWHNHLQ3UREOHP(LQPDOZUGHQVLFKGLH(QHUJLHODGXQJHQXQVHUHU 5FNVWRSLVWROHQHUVFK|SIHQ'DQQZXUGHQZLUHLQHOHLFKWH%HXWHIUGLH 5RERWHU$EHUDXFKZHQQZLUXQVYHUVWHFNHQNRQQWHQZUGHQZLUVWHUEHQ 8QVHU/XIWYRUUDWUHLFKWHQXUQRFKIUGUHL6WXQGHQ $OVGLHHUVWHQ6WUDKOVFKVVHXQVEHUKROWHQVFKZHQNWHQZLUDEXQGIORJHQ DXVGHU6FKOXFKWKHUDXV+LQWHUXQVEUDFKHLQH:DQGGHU6FKOXFKWODXWORV XQGJOKHQG]XVDPPHQ :LUPVVHQ]XP.ULVWDOO.DPLQ]XUFNULHI*RUDWVFKLQPLU]X ,FKODFKWH]RUQLJ :DVZROOHQZLUGRUW"0HLQHQ6LHZLUN|QQWHQDXFKQXUGLH+lOIWHGHV .ULVWDOO$JHQWHQPLWXQVHUHQ1DGHOVWUDKOHUQ]HUVW|UHQ" 8QVLQQ*RUDWVFKLQNHXFKWH,FKELQVFKOLHOLFKHLQ=QGHU0XWDQW,FK VWLHHLQHQ)OXFKDXV :HVKDOEZDULFKQLFKWIUKHUGDUDXIJHNRPPHQ:LUKlWWHQGHQ5FNZHJ ]XP6WW]SXQNWEHUKDXSWQLFKWDQ]XWUHWHQEUDXFKHQ0LWVHLQHU)lKLJNHLW 0DWHULHLQGHQ.HUQIXVLRQVSUR]H]X]ZLQJHQNRQQWH*RUDWVFKLQHLQJDQ]HV $UVHQDOYRQ$WRPERPEHQHUVHW]HQ :DUXPKDEHQ6LHGDVQLFKWIUKHUJHVDJW"IUDJWHLFKZlKUHQGLFKHLQHP EL]DUUHQ)HOVWXUPDXVZLFK ,P.DPLQXQGLQGHVVHQ1lKHKlWWHLFKPLFKRKQHKLQQLFKWNRQ]HQWULHUHQ N|QQHQJDE*RUDWVFKLQ]XUFN8QGGDLFKPHLQ=LHOVHKHQPXEHYRULFK HV]QGHQ NDQQZDULFKLP/DE\ULQWKHEHQIDOOVVRJXWZLHDXVJHVFKDOWHW 8QGMHW]WN|QQHQZLUQLFKWPHKU]XP.DPLQ]XUFNVDJWHLFKPLW%LWWHUNHLW LQGHU6WLPPH (LQ*OXWVWUDKOGHUGLFKWQHEHQXQVHLQH)HOVQDGHO]XP(LQVWXU]EUDFKWH HUKlUWHWHPHLQH0HLQXQJ ,FKVWHXHUWHLQHLQHVFKPDOH)HOVVSDOWHKLQHLQ$EHUVFKRQQDFKZHQLJHQ 0HWHUQJLQJHVQLFKWZHLWHU-HGHQ$XJHQEOLFNPXWHQGLH5RERWHUGLHXQV GHQ:HJYHUOHJWKDWWHQYRUGHU6SDOWHDXIWDXFKHQ:LUZDUHQVRJXWZLH YHUORUHQ 0LWGHP0XWGHU9HU]ZHLIOXQJULFKWHWHLFKGLH0QGXQJHQPHLQHU 5FNVWRSLVWROHQQDFKXQWHQXQGGUFNWHDXIGLH)HXHUNQ|SIH,FKVFKR DXVGHU6SDOWHKHUDXVZHLWLQGHQ+LPPHOKLQHLQ8QWHUPLUHUNDQQWHLFKGLH ,QIUDURWVWUDKOXQJGUHLHU.DPSIURERWHU,FKOLHGLH5FNVWRSLVWROHQIDKUHQ XQG]RJPHLQHQ1DGHOVWUDKOHU 'HUKDXFKGQQH(QHUJLHVWUDKOWUDIHLQHQGHU5RERWHWDP.RSI:LGHU (UZDUWHQH[SORGLHUWHGLH.DPSIPDVFKLQHLQHLQHPJUHOOHQ/LFKWEOLW]6RIRUW QDKPLFKGHQQlFKVWHQ5RERWHUXQWHU)HXHU$EHUGLHVPDOJOLWWGHU (QHUJLHVWUDKOXQVFKlGOLFKYRUGHP5RERWHU]XU6HLWH
'LH0DVFKLQHQKDWWHQLKUH6FKXW]VFKLUPHHLQJHVFKDOWHW'DJHJHQNDPGHU NOHLQH1DGOHUQDWUOLFKQLFKWDQ6FKRQKXVFKWHGHUHUVWH(QHUJLHVWUDKOGLFKW DQPLUYRUEHL,FKIHXHUWHPHLQH5FNVWRSLVWROHDEXQGIORKLQGHU5LFKWXQJ GHV+DXSWVFKDFKWHV (LQLJHEDQJH$XJHQEOLFNHVFKZHEWHLFKLQ8QJHZLKHLW'DQQJOKWHQGLH 5FNVWRDJJUHJDWHGHU5RERWHUDXI6LHIROJWHQPLU ,FKKRIIWHGD*RUDWVFKLQPHLQHQ3ODQGXUFKVFKDXWH:HQQLFKODQJHJHQXJ GXUFKKLHOWKDWWHHUHLQHNOHLQH&KDQFHVLFKXQEHPHUNWGHP.ULVWDOO.DPLQ ]XQlKHUQ%HLGH]XVDPPHQKlWWHQZLUHVQLHJHVFKDIIWGHQQGD*RUDWVFKLQ VHLQH)lKLJNHLWQXUHLQVHW]HQNRQQWHZHQQHUGDV=LHORSWLVFKHUIDWH PXWHHUYRQREHQDXVGHP5DXPKHUDQJUHLIHQ $EHUHVVDKVFKRQQDFKHLQHUKDOEHQ0LQXWHQLFKWVRDXVDOVZUGHLFKPLFK ODQJHJHQXJKDOWHQN|QQHQ'LH5FNVWRDJJUHJDWHGHU.DPSIURERWHU HQWZLFNHOWHQHLQHQEHGHXWHQGK|KHUHQ6FKXEDOVPHLQH3LVWROHQ,PPHU PHKUKROWHQGLH5RERWHUDXI6LHZDUHQVLFKLKUHV(UIROJHVVRJDUVRVLFKHU GDVLHQLFKWVFKRVVHQMHGHQIDOOVYRUOlXILJQRFKQLFKW ,FKHQWVDQQPLFKHLQHV/DE\ULQWKVGDVQLFKWZHLWYRQKLHUODJ$EHULQIROJH GHUEHUVWU]WHQ)OXFKWKDWWHLFKGLH2ULHQWLHUXQJYHUORUHQ,FKZXWHQLFKW JHQDXZRLFKPLFKEHIDQG1XUGHQ+DXSWVFKDFKWNRQQWHLFKPLWGHP +HOPVXFKJHUlWDQSHLOHQ (VHUVFKLHQPLUZLHHLQ:XQGHUGDQDFKZHQLJHQ0LQXWHQSO|W]OLFKHLQH JHERJHQH)HOVQDGHOYRUPLUDXIWDXFKWH,KUH)RUPZDUGLHEHVWH *HOlQGHPDUNLHUXQJGLHPDQVLFKGHQNHQNRQQWHGHQQDQLKUHP)XODJGHU (LQJDQJ]XGHPJHVXFKWHQ/DE\ULQWK 'LH5RERWHUEHJULIIHQ]XVSlWZDVLFKYRUKDWWH,FKEHIDQGPLFKEHUHLWV]HKQ 0HWHUWLHILQHLQHPVFKUlJQDFKXQWHQIKUHQGHQ*DQJDOVLKUH 6WUDKOVFKVVHGHQ)HOVHU]LWWHUQOLHHQ)URKORFNHQGVWHOOWHLFKIHVWGDVLH LQLKUHU9HUZLUUXQJGHQ(LQJDQJGHV/DE\ULQWKV]HUVFKRVVHQKDWWHQ 6RVFKQHOOLFKNRQQWHKDVWHWHLFKYRUZlUWV'LHVHV/DE\ULQWKEHVDPHKU 7FNHQDOVMHGHVDQGHUHDXI4XLQWR&HQWHU'HVKDOEZDULFKGDPDOVQLFKW ZHLWHLQJHGUXQJHQDOVLFKHVHQWGHFNWKDWWH 'DVUlFKWHVLFKMHW]WLQVRIHUQDOVLFKQLFKWZXWHRELFKQLFKWLQHLQH)DOOH JHJDQJHQZDU$EHUQRFKNDPLFKJXWYRUDQ,FKEHDFKWHWHYRUOlXILJGLH $E]ZHLJXQJHQQLFKWVRQGHUQVWUHEWHJHUDGHDXVYRUZlUWVXPVRVFKQHOOZLH P|JOLFKHLQHJURH6WUHFNH]ZLVFKHQGLH5RERWHUXQGPLFK]XEULQJHQ6LH ZUGHQVLFKGXUFKGHQHLQJHVWU]WHQ(LQJDQJQLFKWODQJHDXIKDOWHQODVVHQ EUDXFKWHQVLHGRFKNHLQH$QJVWYRUVFKDUIHQ*UDWHQXQGVSLW]HQ)HOVQDGHOQ ]XKDEHQZLHLFK (UVWDOVHLQ6WUDKOVFKXGLFKWEHUPLFKKLQZHJIXKUXQGYRUPLUGLH'HFNH GHV*DQJHV]XP(LQVWXU]EUDFKWHVFKOSIWHLFKLQHLQH$E]ZHLJXQJKLQHLQ
9RQGDDQEHQXW]WHLFKMHGH$E]ZHLJXQJXPGLH5RERWHUYRQPHLQHU6SXU DE]XEULQJHQ ,FKKDWWHGHQ(LQGUXFNDOVZlUHPLUGDVJHOXQJHQ'RFKGDQQHQGHWHGHU *DQJGHQLFKHEHQHLQJHVFKODJHQKDWWHLQHLQHPVWHLOQDFKREHQIKUHQGHQ 6FKDFKW 5DVFKZDQGWHLFKPLFKXP9LHOOHLFKWJHODQJHVPLUELV]XHLQHUDQGHUHQ $E]ZHLJXQJ]XUFN]XNHKUHQ $EHUGDEOHQGHWHPLFKGHU.HJHOHLQHVVWDUNHQ,QIUDURWVFKHLQZHUIHUV $OOHVZDUYHUJHEHQVJHZHVHQ'LH5RERWHUZDUHQPLUVWHWVGLFKWDXIGHQ )HUVHQJHEOLHEHQXQGQXQKDWWHQVLHPLFKJHVWHOOW'HUQDFKREHQIKUHQGH 6FKDFKWERWNHLQH6LFKHUKHLW(UPQGHWHJHZLDQGHU2EHUIOlFKHXQGLP )UHLHQZUGHQGLH5RERWHUPLFKLQQHUKDOEZHQLJHU0LQXWHQHLQJHNUHLVW KDEHQ 'HQQRFKULFKWHWHLFKGLH5FNVWRSLVWROHQQDFKXQWHQXQGOLHPLFKQDFK REHQWUHLEHQ:HQLJVWHQVZUGHQGLH5RERWHUPLUVRODQJHQLFKWIROJHQ N|QQHQZLHGDV'VHQIHXHUGHQ6FKDFKWDXVIOOWH 'DVHUVWHZDVLFKVDKDOVLFKDXVGHP6FKDFKWDXIWDXFKWHZDUHQ XQ]lKOLJHJOKHQGH3XQNWH6LHZDUHQQRFKZHLWYRQPLUHQWIHUQW$EHULFK EHPHUNWHUDVFKGDVLHHLQHQ.UHLVXPPHLQH3RVLWLRQELOGHWHQXQG DOOPlKOLFKKHOOHUXQGKHOOHUZXUGHQ (VZDUHQIODPPHQGH5FNVWRDJJUHJDWHYRQHLQLJHQKXQGHUW5RERWHUQGLH PLFKHLQJHNUHLVWKDWWHQ ,FKZXWHGDLFKVWHUEHQZUGH0HLQHHLQ]LJH+RIIQXQJZDU*RUDWVFKLQ (UPXWHGHQ.ULVWDOO.DPLQLQ]ZLVFKHQHUUHLFKWKDEHQ 'DNUDFKWHHVSO|W]OLFKODXWLQPHLQHP+HOPHPSIlQJHU(LQH6WLPPHEHJDQQ ]XVSUHFKHQKDVWLJXQGDEJHKDFNW +LHU*RUDWVFKLQ(GZDUGVGLH5RERWHUKDEHQPLFKJHVWHOOW,FKNDQQQLFKWV PHKUWXQ)OLHJHQ6LH]XP 2KUHQEHWlXEHQGHV'RQQHUQO|VFKWHGLH6WLPPHDXV (UVWMHW]WJODXEWHLFKGDDOOHVYHUORUHQZDU ,FKKDWWHPLFKKLQWHUHLQHPQDWUOLFKHQ7RUERJHQLQ'HFNXQJEHJHEHQ 6FKXDXI6FKXSHLWVFKWHDXVPHLQHP1DGHOVWUDKOHU,FKNRQQWHNHLQHQ HLQ]LJHQ5RERWHUGDPLWYHUQLFKWHQ:HQLJVWHQVDEHUZXUGHQVLHGXUFKGLH $XIWUHIIZXFKWGHUVFKDUIJHEQGHOWHQ6WUDKOHQLPPHUZLHGHU ]XUFNJHVFKOHXGHUW 1RFKZDULKU)HXHUVFKOHFKWJH]LHOWDEHULFKPDFKWHPLUNHLQH,OOXVLRQHQ PHKU,FKNlPSIWHQLFKWPHKUXPGLH0HQVFKKHLWVRQGHUQQXUQRFKXPHLQH NOHLQH)ULVW/HEHQ*RUDWVFKLQZDUWRWYLHOOHLFKWDXFKQXUJHVFKRFNW(V VSLHOWHNHLQH5ROOHPHKU,FKZQVFKWHHUKlWWHJDQ]4XLQWR&HQWHULQGLH
/XIWJHVSUHQJW(VZlUHEHVVHUIUGLH0HQVFKKHLWJHZHVHQ$EHUGD]XZDU HV]XVSl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|ULJHQGHULQWHOOLJHQWHQ5DVVHYRP0DJHOODQ DXVVHKHQPRFKWHQ$XINHLQHQ)DOONRQQWHQVLHLGHQWLVFKPLWGHQ.ULVWDOOHQ VHLQ'LH.ULVWDOOHZDUHQPHLQHU0HLQXQJQDFK+\SQRVHVHQGHUZLQ]LJH 5RERWHUGLHLKU9RUJHKHQNRRUGLQLHUWHQ ,FKIHXHUWHDXIHLQHQ5RERWHUGHUSO|W]OLFKVFKUlJYRQREHQKHUDXIPLFK ]XIORJ(UZXUGHDXVGHP.XUVJHULVVHQ'DIUWDXFKWHQGUHLGHU .DPSIPDVFKLQHQEHLGHUQlFKVWHQ)HOVQDGHODXI,FKZHFKVHOWHGLH6WHOOXQJ NHLQHQ$XJHQEOLFN]XIUK8QWHUGUHLJOHLHQGHQ(QHUJLHEDKQHQVFKPRO] GHUVWHLQHUQH7RUERJHQDEXQGEUDFKJOXWVSUKHQG]XVDPPHQ ,FKPXWHDXVZHLFKHQ9|OOLJRKQH'HFNXQJVWDQGLFKGD'LHGUHL5RERWHU NDPHQQlKHU,FKKREHUQHXWGLH:DIIHXQGGUFNWHDXIGHQ)HXHUNQRSI .HLQ6FKXO|VWHVLFK 'DV0DJD]LQZDUOHHU ,FKVFKOHXGHUWHGLH:DIIHIRUWXQGEOLFNWHGHQ5RERWHUQHQWJHJHQ6LHNDPHQ YRQDOOHQ6HLWHQ*OHLFKZUGHVLFKGHUW|GOLFKH6FKXO|VHQ,FKEHPKWH PLFKGLH7RGHVDQJVW]XXQWHUGUFNHQ2EZRKO.DPSIURERWHUQGLHW\SLVFK PHQVFKOLFKHQ%HJULIIH)HLJKHLWXQG7DSIHUNHLWXQEHNDQQWVLQGZROOWHLFK LKQHQQLFKWGDV%LOGHLQHV)HLJOLQJVELHWHQ ,FKVFKORGLH$XJHQDOVGLH5RERWHUVWHKHQEOLHEHQ'HU7RGGXUFKHLQH (QHUJLHZDIIHYRQGHU,QWHQVLWlWGHU5RERWZDIIHQZUGHVFKPHU]ORVXQG VFKQHOOVHLQ 'XUFKGLHJHVFKORVVHQHQ$XJHQOLGHUKLQGXUFKGUDQJGLHEOHQGHQGH +HOOLJNHLW ,FKKDWWHGDV*HIKOLQGHQ:HOWUDXPJHVFKOHXGHUW]XZHUGHQ 'DQQVSUWHLFKQLFKWVPHKU 9RQLUJHQGZRKHUDXVGHP1HEHONDPGXPSIHV*UROOHQDOVVFKOJHQ 7DXVHQGHYRQ6FKOHJHOQDXIJURHQ7URPPHOQ8QPHORGLVFKHV3IHLIHQ PLVFKWHVLFKGDUHLQ'HU%RGHQ]LWWHUWHDOVVWDPSIWHQYLHOHQDFNWH)HGHQ 7DNWGHQGLH7URPPHOQVFKOXJHQ
(LQHEOHFKHUQH6WLPPHYHUNQGHWHHLQHXQYHUVWlQGOLFKH1DFKULFKW ,FKKRUFKWHDXIYHUVXFKWHGHQ6LQQDXVGHQVFKHLQEDUVLQQORVHQ:RUWHQ KHUDXV]XK|UHQ 'LH6WLPPHEUDFKDE 'DV7URPPHOQYHUVWXPPWH :LHGHUHUVFKDOOWHGLHEOHFKHUQH6WLPPH /DQGHPDQ|YHUEHHQGHWYHUVWDQGLFK 'RFKLFKEHJULIIQLFKWZDVGLH6WLPPHGDPLWPHLQWH:DVIUHLQ /DQGHPDQ|YHUVROOWHEHHQGHWVHLQ":DULFKQLFKWOlQJVWWRW" ,FKODXVFKWHDQJHVWUHQJW$EHUGLHOHW]WHQ*HUlXVFKHHUVWDUEHQQDFKXQG QDFKY|OOLJ$XFKGLH6WLPPHNDPQLFKWZLHGHU1XUGLH1HEHOYRUPHLQHQ $XJHQZDUHQGLFKWHUJHZRUGHQ .XU]GDUDXIKDWWHLFKGHQ(LQGUXFNDOVOlJHLFKDXIGHP'HFNHLQHV 6HJHOERRWHVGDVVDQIWDXIGHQ:HOOHQVFKDXNHOWH(VZDUHLQDQJHQHKPHV *HIKOVRDQJHQHKPGDLFKGDYRQHLQJHVFKOlIHUWZXUGH $OVLFKHUZDFKWHZDUGHU1HEHOYHUVFKZXQGHQ,FKEOLFNWHJHJHQKHOOEODXH :lQGHXQGGXUFKHLQ)HQVWHUKLQGXUFKVDKLFK]ZLVFKHQ3DOPHQHLQHQ KHOOHQ6WUDQGXQGHLQHQEODXHQ2]HDQXQWHUEODXHP+LPPHO,FKVHXI]WH VHKQVFKWLJ ,PQlFKVWHQ$XJHQEOLFNYHUQDKPLFKHLQKDUWHV.OLFNHQ 'DV*HUlXVFKYHUVFKHXFKWHGLH,OOXVLRQ,FKULFKWHWHPLFKYRUVLFKWLJDXIXQG VWDUUWHDXIGDV)HQVWHU'LH3DOPHQZLHJWHQZLHVDQIWLP:LQGLQHLQHP :LQGYRQGHLQLFKQLFKWGDVJHULQJVWHVSUWH'HU$XVEOLFNZDUQLFKWVZHLWHU DOVHLQH9LGHR)LNWLRQ $OVLFKEHUPLUGLH%HREDFKWXQJVOLQVHQHLQHV$XWRPDWHQVDKZXWHLFK DXFKZDVDQGHP.OLFNHQPLUVREHNDQQWYRUJHNRPPHQZDU(VZDUQLFKWV DQGHUHVJHZHVHQDOVHLQ$UEHLWVJHUlXVFKGHUDXWRPDWLVFKHQ .UDQNHQVFKZHVWHULFKEHIDQGPLFKLP%HWWHLQHV.OLQLN]LPPHUV 0LWVFKDUUHQGHP*HUlXVFK|IIQHWHVLFKGLH7U ,FKVDK]XHUVWQXUGHQZHLHQ.LWWHOHLQHV$U]WHV'DKLQWHUDEHUHUVFKLHQ HLQHYHUWUDXWH*HVWDOW'U$UDP$EGXOOD +DOOR'U7HOHNHVDJWHHUXQGJULQVWHPLFKYHUVFKPLW]WDQ +DOORNUlFK]WHLFKVFKZDFK 'HU$U]WGUFNWHPLFKVDQIW]XUFNXQGIKOWHQDFKPHLQHP3XOVHLQHUHLQH *HVWHGHQQGHU$XWRPDWZUGHPHLQHQ=XVWDQGOlQJVWYLHOEHVVHUDQDO\VLHUW KDEHQ 6LHKDEHQHVJHVFKDIIWVDJWHHUIUHXQGOLFK(UQLFNWHPHLQHP$VVLVWHQWHQ ]XXQGYHUVFKZDQG :DVKDEHLFKJHVFKDIIW"PXUPHOWHLFKYHUVWlQGQLVORV,FKGHQNHGLH 5RERWHUKDEHQPLFKHUVFKRVVHQ 'U$EGXOODWUDWQlKHUXQGVFKWWHOWHGHQ.RSI
$EHULFKKDEHGRFKQRFKGLH+HOOLJNHLWGHV6WUDKOVFKXVVHVYHUVSUWXQG GDQDFKZDUHVPLUDOVILHOHLFKLQGHQ:HOWUDXP 'U$EGXOODOlFKHOWHYHUOHJHQ :DV6LHVDKHQZDUQLFKWVZHLWHUDOVGLH([SORVLRQHLQHU)XVLRQVERPEH $OOHUGLQJVZXUGHQ6LHWDWVlFKOLFKLQGHQ:HOWUDXPKLQDXVJHVFKOHXGHUWYRQ GHU'UXFNZHOOHQlPOLFK 6SUHFKHQ6LHQLFKWLQ5lWVHOQ'U$EGXOOD
IRUGHUWHLFKLKQXQJHGXOGLJDXI ,FKQHKPH]XU.HQQWQLVGDLFKQRFKOHEH'DUDXVVROOWHPDQVFKOLHHQ GDGHU$JHQWYRP0DJHOODQYHUQLFKWHWLVW$QGHUHUVHLWVNDQQLFKPLUGDV VFKZHUYRUVWHOOHQ*RUDWVFKLQZXUGHGRFKYRQ5RERWHUQEHUZlOWLJW:DVLVW EHUKDXSWPLWLKP" *RUDWVFKLQZXUGHQXUJHVFKRFNWHUNOlUWH'U$EGXOOD'HQQRFKKDWHUGHQ $JHQWHQQDWUOLFKQLFKWYHUQLFKWHQN|QQHQ 'U$EGXOODUlXVSHUWHVLFK 6LHHULQQHUQVLFKGD6LHPLUGHQ$XIWUDJHUWHLOWHQUHFKQHULVFKGHQ *HLVWHU$JHQWHQ ]XHUPLWWHOQ" ,FKQLFNWH (VZDUQLFKWOHLFKWIXKU'U$EGXOODIRUW6LHKDWWHQPLUQLFKWDOOHVHU]lKOW ZDV6LHZXWHQ'HVKDOEGDXHUWHHVHWZDVOlQJHUELVLFKHLQ(UJHEQLV EHNDP'LH3RVLWURQLNEUDFKWHGLH(QWGHFNXQJGHV.ULVWDOO.DPLQVGXUFK6LH LQ=XVDPPHQKDQJPLWGHQGDUDXIIROJHQGHQ(UHLJQLVVHQZHLOVLHQDFK HLQHPVRJHQDQQWHQ6FKOVVHO(UHLJQLV VXFKWH'DPDOVKDWWHLFKQRFK6LH SHUV|QOLFKLP9HUGDFKW6LHZDUHQHUVWYRUNXU]HPQDFK4XLQWR&HQWHU JHNRPPHQXQGEDOGGDUDXIEHJDQQGLH7l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lFKH,FKQDKPHLQH*HRORJHQDXVUVWXQJPLW'D]XJHK|UWH DXFKHLQNOHLQHU*UDYRJOHLWHUXQG6SUHQJPDWHULDO/HLGHUVXFKWHLFK YHUJHEOLFKQDFKGHP.ULVWDOO.DPLQ,FKKDWWHQLFKWEHGDFKWGDHLQVR NOHLQHV2EMHNWQXUGXUFK=XIDOOJHIXQGHQZHUGHQNDQQ 'DQQNDPGHU$ODUP'LH0HOGXQJHQGLHLFKDXIILQJZDUHQXQYROOVWlQGLJ 'HQQRFKHUNDQQWHLFKGDGHU)HLQG]XPHQWVFKHLGHQGHQ6FKODJDXVJHKROW KDWWH,FKNRQQWHQLFKWVGDJHJHQWXQ8PQLFKWJHRUWHW]XZHUGHQEHJDELFK PLFKPLWGHP*OHLWHUDXIHLQH]LHPOLFKZHLWH.UHLVEDKQXP4XLQWR&HQWHU
'DVZDUEHLGHUJHULQJHQ6FKZHUNUDIWGHV=ZHUJPRQGHVQLFKWVFKZHU REZRKOHLQ*OHLWHUDQXQGIUVLFKQLFKWGDIUNRQVWUXLHUWLVW 'DPLWEHJDQQEHUHLWVGLH(QWVFKHLGXQJ :lKUHQGGUHLHU8PNUHLVXQJHQNRQQWHLFKMHGHVPDODQGHUJOHLFKHQ6WHOOH GHU2EHUIOlFKHHLQHQ6HQGHUDQSHLOHQGHUDXIHLQHUJDQ]XQJHZ|KQOLFKHQ :HOOHQOlQJHVHQGHWH$EHUHUVWEHLGHUYLHUWHQ8PNUHLVXQJVSUWHLFKGD YRQGHU6HQGXQJHLQK\SQRWLVFKHU(LQIOXDXVJLQJ1XUZDUHUDXIGLHJURH (QWIHUQXQJQLFKWVWDUNJHQXJPLFKXQWHUVHLQHQ:LOOHQ]X]ZLQJHQ ,FKEHVFKORGHQ9HUVXFK]XZDJHQXQGGHQ6HQGHU]XYHUQLFKWHQ+lWWH LFKPLUQRFKHLQH&KDQFHIUGLHPHQVFKOLFKH%HVDW]XQJYRQ4XLQWR&HQWHU DXVJHUHFKQHWZlUHLFKYRUGLHVHU7DW]XUFNJHVFKUHFNW$EHUGDVY|OOLJH 9HUVWXPPHQGHU=HQWUDOHEHU]HXJWHPLFKGDYRQGDGLH5RERWHUVFKRQ JHZRQQHQKDWWHQ $XVGHQZLQ]LJHQ)XVLRQVVSUHQJODGXQJHQGLH]XPHLQHU$XVUVWXQJ JHK|UWHQEDVWHOWHLFKHLQHQ6SUHQJN|USHUYRQGHU:LUNXQJHLQHU%DE\ %RPEH%HLGHUVHFKVWHQ8PNUHLVXQJVWHXHUWHLFKGHQ*OHLWHUDXIGLH4XHOOH GHUK\SQRWLVFKHQ6HQGXQJ]XXQGZDUIGLH%RPEHJHQDXLQHLQHQ JUQVFKLPPHUQGHQ6FKDFKW :LHLFKKLQWHUKHUHUIXKUK|UWHGDPLWVFKODJDUWLJGLHJHLVWLJH%HHLQIOXVVXQJ GHU0HQVFKHQDXI2EHUVW$QWRQRZQDKPVRIRUW*HJHQVFKDOWXQJHQYRU'LH 5RERWHUNHKUWHQLQLKUH/DJHUUlXPH]XUFN *RUDWVFKLQZXUGHLQJHVFKRFNWHP=XVWDQGYRQGHQ5RERWHUQ]XU.OLQLN JHEUDFKW6LHGDJHJHQNRQQWHQHUVWYRQHLQHP5DXPVFKLIIDXIJHILVFKW ZHUGHQ'LH([SORVLRQKDWWH6LHLQGHQ:HOWUDXPJHVFKOHXGHUW 'U$EGXOODKDWWHVLFKLQ(UUHJXQJJHUHGHW-HW]WZLVFKWHHUVLFKGHQ6FKZHL YRQGHU6WLUQXQGVDKPLFKHUQVWDQ (LQVEHJUHLIHLFKQLFKW*RUDWVFKLQEHKDXSWHW6LHZlUHQHLQ$JHQWGHU *DODNWLVFKHQ$EZHKU:DUXPKDEHQ6LHGDVQLFKWJHVDJWDOVHU6LHLQ,KUHP =LPPHUGHU,GHQWLWlWPLWGHP*HLVWHU$JHQWHQ EH]LFKWLJWH" ,FKZLQNWHDE ,FKZXWHQLFKWVGDYRQ'U$EGXOOD=ZDUNRQQWHGHU$JHQWPLFKQLFKWXQWHU VHLQHQ:LOOHQ]ZLQJHQDEHUHUYHUPRFKWHPHLQ%HZXWVHLQVR]XWUEHQ GDLFKQLFKWVPHKUYRQPHLQHUZLUNOLFKHQ$XIJDEHZXWH-HW]WLVWPLUDOOHV ZLHGHUNODU 6RODUPDUVFKDOO0HUFDQWVFKLFNWHPLFKHLJHQVQDFK4XLQWR&HQWHUZHLOHU JODXEWHGDKLHUHLQIHLQGOLFKHU$JHQWJHODQGHWZDUGHUEHU SDUDSV\FKLVFKH0LWWHOYHUIJWH (VLVWHLQH,URQLHGHV6FKLFNVDOVGDLFKGHVKDOE]XPhEHUWUlJHUGHV .ULVWDOOVWDXEVZXUGHZHLOHUPLFKQLFKWEHHLQIOXVVHQNRQQWH,FKELQHLQ VRJHQDQQWHU$QWL(VSHU0LFKNDQQNHLQ0XWDQWSDUDSV\FKLVFKEHHLQIOXVVHQ
XQGGHVKDOEZXUGHLFKIUGLHVH$XIJDEHDXVJHZlKOW(LQDQGHUHU$JHQW ZlUHVRIRUWEHHLQIOXWZRUGHQXQGJHQDXVRDXVJHVFKLHGHQZLH:ULJKOH\ RGHU*UHHQ0HUFDQWKlWWHGDYRQHUIDKUHQXQGHLQH*URDNWLRQJHVWDUWHW 3UDNWLVFKLVWPHLQH,PPXQLWlWJHJHQ3DUDIlKLJNHLWHQVFKXOGDQGHQ(UIROJHQ GHV0DJHOODQHQ 'DVZUGHLFKQLFKWVDJHQVFKDOOWHHLQHEHNDQQWH6WLPPHYRQGHU7UKHU *RUDWVFKLQWUDWLQV=LPPHUXQGVFKWWHOWHPLUGLH+DQG ,KUH,PPXQLWlWKDWGHQ$JHQWHQHUVWQHUY|VJHPDFKW6RQVWZlUHHU P|JOLFKHUZHLVHGRFK6LHJHUJHEOLHEHQ$EHUZDVPLU6RUJHEHUHLWHWLVWGLH 9HUPXWXQJGDGHU$JHQWLUJHQGZRLQXQVHUHU*DOD[LVHLQHQ6WW]SXQNW EHVHVVHQKDEHQPX 'LH6RUJHLVWXQEHJUQGHW6LUHUZLGHUWHLFK0HUFDQWZXUGHEHUKDXSW HUVWDXIPHUNVDPZHLOGDV6FKLIIVZUDFNJHIXQGHQZXUGHGDVHLQPDOGLH %DVLVGHV$JHQWHQYRP0DJHOODQZDU,FKJODXEHNDXPGDGLH0DJHOODQHQ QDFKGHP6FKHLWHUQLKUHVHUVWHQ9HUVXFKHVQRFKHLQPDOLQXQVHUHU*DOD[LV DXIWDXFKHQZHUGHQ :LUKDEHQNHLQH6HKQVXFKWQDFKLKQHQIJWH'U$EGXOODKLQ]X (UVSUDFKGDVDXVZDVZLUDOOHHPSIDQGHQ (1'(