HOWHU9HUODJ
5LFN0DVWHUVXQGGHU3KDQWRPP|UGHU $QGUHZ+DWKDZD\
*HLVWHU.ULPL1U$XIODJH RGHU1U...
30 downloads
508 Views
728KB 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
.HOWHU9HUODJ
5LFN0DVWHUVXQGGHU3KDQWRPP|UGHU $QGUHZ+DWKDZD\
*HLVWHU.ULPL1U$XIODJH RGHU1U$XIODJH 9E\'XPPH3XWH
'LH +LQULFKWXQJ 3DXO 0DOORZV JHQDQQW GHU ª3KDQWRPP|U GHU© ZDU IU GHQ 1RYHPEHU VLHEHQ 8KU PRUJHQV IHVWJHVHW]W )QI0LQXWHQYRUGHU =HLWZDUHQVLH DOOH YROO]lKOLJ YHUVDP PHOW ,P WUEHQ EOHLFKHQ 0RUJHQOLFKW GDV QXU ]|JHUQG EHU /RQGRQKHUDXIGlPPHUWHKDWWHQVLHVLFKHLQJHIXQGHQ5LFKWHU $QZlOWH *HVFKZRUHQH .ULPLQDOEHDPWH GHU =XFKWKDXVGLUHN WRU²XQGGHU+HQNHU ª(QGOLFK ZLUG GHP 6FKUHFNHQ YRQ /RQGRQ HLQ (QGH EHUHLWHW© VDJWH OHLVH HLQHU GHU *HVFKZRUHQHQ ]X GHP QHEHQ LKP VWHKHQGHQ 0DQQ ª'HU 3KDQWRPP|UGHU ILQGHW VHLQH JHUHFKWH6WUDIH© 'HU $QJHVSURFKHQH VFKWWHOWH GHQ .RSI ª,FK ELQ JHJHQ GLH 7RGHVVWUDIH6RDPHVGDVZLVVHQ6LHGRFK© ª9LHU *LIWPRUGH© HUHLIHUWH VLFK GHU *HVFKZRUHQH ª9LHU *LIWPRUGH PLW HLQHP ELVKHU XQEHNDQQWHQ 7HXIHOV]HXJ KDW HU EHJDQJHQGLHVHUXQPHQVFKOLFKH«© (UEUDFKDEZHLOGHU9HUXUWHLOWHDXIGHQ+RIGHV=XFKWKDXVHV JHIKUW ZXUGH 6HLQ *HVLFKW ZDU EOD YRQ HLQHU ODQJHQ +DIW GRFKQLFKWHLQ0XVNHO]XFNWHGDULQDOVHUGHQHLJHQVIUVHLQH +LQULFKWXQJ JHEDXWHQ *DOJHQ HUEOLFNWH 6HLQH GXQNOHQ $XJHQ
JOLWWHQ EHU GLH +RO]EDONHQ GLH 6FKOLQJH EOLHEHQ DQ GHP EHUHLWVWHKHQGHQ+HQNHUXQGVHLQHP*HKLOIHQKlQJHQ 'LH OHW]WHQ 6FKULWWH PDFKWH VLFK GHU 3KDQWRPP|UGHU YRQ VHLQHQ%HZDFKHUQIUHL 5DVFKVWLHJHUGLH6WXIHQKLQDXIDXIGDV%OXWJHUVW (V ZDU JHQDX VLHEHQ 8KU DOV GHU +HQNHU GHP 9HUXUWHLOWHQ GLH +lQGH JHIHVVHOW XQG GLH VFKZDU]H .DSX]H EHUJHVWUHLIW KDWWHXQGQDFKGHU6FKOLQJHJULII ,Q GLHVHP $XJHQEOLFN VWLH GHU +HQNHU HLQHQ JHOOHQGHQ 6FKUHL DXV WDXPHOWH HLQHQ 6FKULWW ]XUFN WUDW EHU GHQ 5DQG GHU3ODWWIRUPXQGVWU]WHDXIGHQ%RGHQGHV+RIV 0LW YRU 6FKUHFN DXV GHQ +|KOHQ WUHWHQGHQ $XJHQ VWDUUWH HU DXI GHQ 0DQQ GHU DXV GHP 1LFKWV NRPPHQG QHEHQ GHP 9HUXUWHLOWHQHUVFKLHQHQZDU
'DV +DXSWDXJHQPHUN GHU =HXJHQ MHQHU GHQNZUGLJHQ +LQULFKWXQJ LP -DKUH ZDU DXI GHQ +HQNHU JHULFKWHW GHU GXUFK VHLQHQ 6FKUHL XQG GHQ QDFKIROJHQGHQ 6WXU] GLH $XIPHUNVDPNHLW DXI VLFK JH]RJHQ KDWWH )UDJHQ VFKZLUUWHQ GXUFKHLQDQGHUWUDIHQGHQDXIGHP%RGHQOLHJHQGHQYHUVW|UWHQ 0DQQ ª'DVHKWGRFK©VFKULHHUXQG]HLJWHKLQDXI]XP*DOJHQ 'LH %OLFNH IROJWHQ GHU DQJHJHEHQHQ 5LFKWXQJ GRFK GD ZDU QLFKWV ]X VHKHQ DXHU GHP 9HUXUWHLOWHQ GHU GLUHNW XQWHU GHU 6FKOLQJH VWDQG GLH .DSX]H XQYHUlQGHUW EHU GHP .RSI GLH +lQGHDXIGHP5FNHQJHIHVVHOW 'HU*HKLOIHGHV+HQNHUVKDWWHGLHVHPELV]XOHW]WGDV*HVLFKW ]XJHZDQGWVRGDDXFKHUQLFKWVKDWWHVHKHQN|QQHQ 'HU *HIlQJQLVGLUHNWRU OLHI ]X GHP JHVWU]WHQ +HQNHU XQG ]LVFKWHLKPHLQH)UDJH]X ª,FK KDEH LKQ JDQ] GHXWOLFK JHVHKHQ© VWLH GHU +HQNHU KHUYRU ª1HEHQ 0DOORZ VWDQG SO|W]OLFK HLQ 0DQQ QRFK MXQJ
EORQGH+DDUHKHOOEUDXQH$XJHQ (U ZDU VFKODQN XQG JUR XQG KDWWH HLQH IUHPGDUWLJH .OHLGXQJ KHOOJHOEHV /HGHU HLQH -DFNH GD]X VHOWVDPH EODXH +RVHQ,FK«© ª7XQ6LH ,KUH3IOLFKW+HQNHU© IDXFKWHGHU'LUHNWRULKQDQ DP5DQGVHLQHU1HUYHQNUDIWDQJHODQJWª3KDQWDVLHUHQ6LHQLFKW KHUXP:RUDXIZDUWHQ6LHQRFK"© 'HU +HQNHU VFKDXWH LKQ HLQHQ $XJHQEOLFN ODQJ IDVVXQJVORV DQGDQQUDIIWHHUVLFKHLOLJDXIKDVWHWHGLH7UHSSHKLQDXI]XP *DOJHQ 'LH +DQGJULIIH IXQNWLRQLHUWHQ ZLH LP 6FKODI =ZHL 0LQXWHQ VSlWHUZDUDOOHVYRUEHU ª'HU 3KDQWRPP|UGHU LVW WRW© VHXI]WH HLQHU GHU *HVFKZRUH QHQHUOHLFKWHUWDXI .HLQHU GHU GDPDOLJHQ $XJHQ]HXJHQ MHQHU PHUNZUGLJHQ +LQULFKWXQJZXUGHDOWJHQXJXPGDV*UDXHQPLW]XHUOHEHQGDV EHUKXQGHUW-DKUHVSlWHUEHU/RQGRQKHUHLQEUDFK
-HQQ\$OOHQJULII]XVSlWHLQ 6LHNRQQWHQLFKWPHKUYHUKLQGHUQGD5LFN0DVWHUVPLW GHU +DQGJHJHQVHLQ%LHUJODVVFKOXJXQGHVXPVWLH ª3DGRFKDXI©]LVFKWH-HQQ\$OOHQLKUHPQHXHQ)UHXQG]X GRFK5LFN0DVWHUVPHUNWH EHUKDXSW QLFKWV GDYRQ GD HU GDV %LHU YHUVFKWWHW KDWWH 0LW DXVGUXFNVORVHP *HVLFKW VD HU QHEHQ-HQQ\LP5HVWDXUDQWLQGHU/RQGRQHU&LW\ (UIKOWHQLFKWHLQPDOGDVHLQH+DQGLQHLQHU%LHUODFKHODJ ª5LFN© -HQQ\ VFKWWHOWH LKQ OHLFKW DQ GHU 6FKXOWHU ª5LFN :DFKDXI7UlXPVWGX"© 5LFN 0DVWHUV VFKUHFNWH ]XVDPPHQ XQG OlFKHOWH VHLQH )UHXQGLQ YHUOHJHQ DQ ª(QWVFKXOGLJH KDVW GX HWZDV JHVDJW"© IUDJWHHUYHUZLUUWIKOWHGLH1lVVHDXIGHP7LVFKWXFKXQG]RJ GLH +DQG ZHJ ª3IXL 7HXIHO ZLHVR LVW GHQQ GDV %LHU YHU
VFKWWHW"©IUDJWHHUXQGKROWHHLQ7DVFKHQWXFKDXVVHLQHQ%OXH -HDQVXPVLFKGLH+DQG]XWURFNQHQ ª6DJ PDO KDVW GX GDV |IWHU"© HUNXQGLJWH VLFK -HQQ\ $OOHQ UDWORV ª'X KDVW PLW HLQHU KHIWLJHQ +DQGEHZHJXQJ GHLQ *ODV XPJHVWRHQXQGZDUVWYROONRPPHQZHJJHWUHWHQ© ª9HUVWHKH LFK QLFKW© 5LFN 0DVWHUV VFKWWHOWH GHQ .RSI (U UFNWH VHLQH KHOOJHOEH /HGHUMDFNH ]XUHFKW XQG VWULFK VLFK IOFKWLJ EHU GLH EORQGHQ +DDUH 6HLQH KHOOEUDXQHQ $XJHQ ZDQGHUWHQ ]ZLVFKHQ GHP QDVVHQ 7LVFKWXFK XQG VHLQHU )UHXQGLQGLHHUHUVWVHLWHLQSDDU:RFKHQNDQQWHKLQXQGKHU ª%LVKHU KDWWH LFK QRFK QLH :DFKWUlXPH DEHU GLHVPDO « (V ZDUVROHEKDIWDOVZlUHLFKZLUNOLFKGDEHLJHZHVHQ© ª:R GDEHLJHZHVHQ"© ZROOWH -HQQ\ $OOHQ ZLVVHQ HUKLHOW MHGRFKNHLQH$QWZRUWGDGHU.HOOQHU DQ LKUHQ 7LVFK NDP XQG GDV7LVFKWXFKDXVZHFKVHOWH5LFNEHVWHOOWHHLQQHXHV%LHU ª$OVR© GUlQJWH -HQQ\ DOV GHU .HOOQHU JHJDQJHQ ZDU ª:R KDWWHVWGXGDV*HIKOGDEHL]XVHLQ"© 5LFN]QGHWHVLFKHLQH=LJDUHWWHDQXQGVWDUUWHDXIGLH*OXW ª%HLHLQHU+LQULFKWXQJ©VDJWHHUNQDSS
'DV /lFKHOQ DXI -HQQ\ $OOHQV *HVLFKW ILHO ]LHPOLFK XQJOlXELJDXVZHVKDOEVLFK5LFN0DVWHUVEHHLOWH(LQ]HOKHLWHQ ]XVFKLOGHUQ ª,FK KDWWH JDQ] SO|W]OLFK GDV *HIKO QHEHQ HLQHU )DOOWU ]X VWHKHQ©HU]lKOWHHU ª(V ZDU VHKU PHUNZUGLJ 'DV %OXWJHUVW ZDU DXI HLQHP JURHQ+RIDXIJHEDXWULQJVKHUXPGVWHUH*HElXGH© ª(LQ*HIlQJQLVKRI"©ILHO-HQQ\HLQ 5LFN 0DVWHUV QLFNWH ª8QWHQ YRU GHP *DOJHQ VWDQGHQ ]DKOUHLFKH 0lQQHU DOOH LQ DOWPRGLVFKHQ $Q]JHQ XQG PLW =\OLQGHUQ 'LUHNW QHEHQ PLU MHGRFK VWDQG HLQ ]XP 7RGH 9HUXUWHLOWHUEHUHLWVGLHVFKZDU]H.DSX]HEHUGHQ.RSIJH]R
JHQ XQG GLH +lQGH DXI GHP 5FNHQ JHIHVVHOW 8QG GDV 0HUNZUGLJVWH «© +LHU XQWHUEUDFK VLFK 5LFN 0DVWHUV XQG VFKWWHOWH GHQ .RSI DOV N|QQH HU VHOEVW QLFKW JODXEHQ GD HU GDV DOOHV ªJHWUlXPW© KDEHQ VROOWH ª'HU +HQNHU GHU VRHEHQ GHP9HUXUWHLOWHQGLH6FKOLQJHEHUGHQ.RSI]LHKHQZROOWHILHO YRU6FKUHFNVFKUHLHQGYRQGLHVHP*HUVWKHUXQWHU*OHLFKGDU DXIZDFKWHLFKZLHGHUDXI,VWGRFKVHOWVDPQLFKWZDKU"© ª6HLW-DKUHQJLEWHVNHLQH+LQULFKWXQJPHKULQ*UREULWDQQL HQ© HUZLGHUWH 5LFNV )UHXQGLQ QFKWHUQ ª$XHUGHP ZXUGHQ +LQULFKWXQJHQLPPHULQHLQHUHLJHQHQ7RGHV]HOOHXQGQLFKWDXI GHP *HIlQJQLVKRI YROO]RJHQ IUKHU PHLQH LFK© IJWH VLH HUNOlUHQGKLQ]X ª'DV VFKRQ© JDE 5LFN ]X ªDEHU GHU .OHLGXQJ GHU =HXJHQ QDFK]XXUWHLOHQZDUGDVHLQHVHKUIUKH+LQULFKWXQJYLHOOHLFKW QRFKLPYRULJHQ-DKUKXQGHUW© -HQQ\ $OOHQ EHWUDFKWHWH 5LFN DXV ]XVDPPHQJHNQLIIHQHQ $XJHQ GDQQ OlFKHOWH VLH VWUDKOHQG XQG ZDUI LKUH ODQJHQ EORQGHQ+DDUHLQGHQ1DFNHQ ª:HLW GX ZDV 5LFN"© IUDJWH VLH ODFKHQG ª'DV LVW GLH PHUNZUGLJVWH$XVUHGHGLHLFKMHYRQMHPDQGHPJHK|UWKDEH GHUVHLQH8QDFKWVDPNHLWHQWVFKXOGLJHQZROOWH© 5LFN0DVWHUVVWXW]WHGDQQPHUNWHHUGDLKPVHLQH)UHXQGLQ NHLQ :RUW JODXEWH XQG DQQDKP HU VFKlPH VLFK VHLQHU 8QJHVFKLFNOLFKNHLW $FKVHO]XFNHQG YHU]LFKWHWH HU GDUDXI VHLQHQ :DFKWUDXP ]X YHUWHLGLJHQ :DV EUDFKWH HV LKP VFKOLHOLFK HLQ RE -HQQ\ GDUDQ JODXEWH ZDV VLFK LQ VHLQHU 3KDQWDVLHDEJHVSLHOWKDWWH 'HQQ HV ZDU VHOEVWYHUVWlQGOLFK QXU HLQ $XVZXFKV VHLQHU 3KDQWDVLHZDVGHQQVRQVW ª'X NDQQVW QXU IURK VHLQ© IXKU -HQQ\ XQEHNPPHUW IRUW ªGDGXGLUGDV%LHUQLFKWEHUGHQbUPHOJHNLSSWKDVW'HLQH QHXHJHOEH/HGHUMDFNHKlWWHHLQHQVFK|QHQ)OHFNEHNRPPHQ© ª'X KDVW UHFKW ZLH LPPHU© QLFNWH 5LFN XQG YHUVXFKWH HEHQIDOOVHLQ/lFKHOQ
(V JHODQJ QLFKW JDQ] GD LKP GLH (ULQQHUXQJ DQ GLHVHV SKDQWDVWLVFKH(UOHEQLVQRFK]XIULVFKLQGHQ.QRFKHQVWHFNWH 1HEHQGHP9HUXUWHLOWHQXQWHUGHP*DOJHQ]XVWHKHQGDVZDU DXFKDOV:DFKWUDXPEHNOHPPHQGXQGIXUFKWHLQIO|HQG 5LFN 0DVWHUV HQWVFKOR VLFK GLHVHQ JDQ]HQ 9RUIDOO VR UDVFK ZLHP|JOLFK]XYHUJHVVHQ -HQQ\KDOILKPGDEHLLQGHPVLHVLFKOHLFKWJHJHQLKQOHKQWH GDHUGHQ'XIWLKUHU+DDUHURFKXQGOHLVHIOVWHUWH ª.RPP5LFNZLUIDKUHQ ]X GLU QDFK +DXVH ,FK KDEH QRFK YLHO=HLW«©
ª1RFK YRU ]HKQ -DKUHQ KlWWHQ ZLU XQVHUH 5XKH JHKDEW ZHQLJVWHQV LQ HLQHP )LUVW &ODVV 5HVWDXUDQW© PXUUWH 1LFKRODV .\QDVWRQ(UEHVFKZHUWHVLFKEHLVHLQHP7LVFKJHIlKUWHQGHULQ GLH5LFKWXQJVFKDXWHLQGLH.\QDVWRQV)LQJHUGHXWHWH ª=ZHL 6FKQIIOHU YRP 6HFUHW 6HUYLFH© IXKU 1LFKRODV .\QDVWRQ IRUW ª1XU ZHLO LFK $EJHRUGQHWHU GHV 8QWHUKDXVHV ELQXQGZHJHQHLQHU5HGHHLQLJHDQRQ\PH'URKXQJHQHUKDOWHQ KDEH KlQJHQ PLU GLH 6LFKHUKHLWVOHXWH VWlQGLJ DXI GHQ )HUVHQ 6LHN|QQHQPLUGHQ$SSHWLWYHUGHUEHQ© 'LHEHLGHQ0lQQHUDQHLQHPGHU1HEHQWLVFKHYHUKLHOWHQVLFK DEVROXW XQDXIIlOOLJ DEJHVHKHQ GDYRQ GD LKUH %OLFNH IDVW VWlQGLJ DQ .\QDVWRQ XQG VHLQHU XQPLWWHOEDUHQ 8PJHEXQJ KLQJHQ ª%HLGHQYLHOHQ7HUURUEHUIlOOHQ«©VHW]WHGHU%HJOHLWHUGHV $EJHRUGQHWHQDQZXUGHMHGRFKYRQ.\QDVWRQXQWHUEURFKHQ ª:HQQ PLFK HLQHU EHU GHQ +DXIHQ VFKLHHQ ZLOO WXW HU HV PLWRGHURKQH%OXWKXQGH©VFKLPSIWHHU ª8QG ZHQQ PLFK HLQHU PLW HLQHU %RPEH KRFKMDJHQ ZLOO WXW HUHVHEHQIDOOV$FKGDNRPPWHQGOLFKGHU6KHUU\© 'HU .HOOQHU VWHOOWH GLH *OlVHU YRU GLH EHLGHQ 0lQQHU GLH HLQDQGHU ]XSURVWHWHQ XQG GDQQ HLQH SROLWLVFKH 'LVNXVVLRQ
EHJDQQHQ 'LH 9RUVSHLVH NDP RKQH GD VLFK HWZDV HUHLJQHW KlWWH'HU+DXSWJDQJIROJWH 'LH EHLGHQ %HZDFKHU YRP *HKHLPGLHQVW YHUKLHOWHQ VLFK ZHLWHUKLQXQDXIIlOOLJXQGQXUGLH.HOOQHUUPSIWHQGLH1DVHQ ZHLO VLH GLH ELOOLJVWHQ 6SHLVHQ XQG *HWUlQNH DXI GHU .DUWH EHVWHOOWHQ 'LH .HOOQHU NRQQWHQ VFKOLHOLFK QLFKW ZLVVHQ GD DXFK GHU 6SHVHQHWDW GHV 6HFUHW 6HUYLFH LP =XJH GHU DOOJHPHLQHQ6SDUPDQDKPHQGUDVWLVFKJHNU]WZRUGHQZDU 1LFKRODV .\QDVWRQ XQWHUEUDFK GLH 'DUVWHOOXQJ VHLQHU SROLWLVFKHQ$QVLFKWHQDOV.DIIHHXQG.RJQDNVHUYLHUWZXUGHQ ª,Q GLHVHU +LQVLFKW KDOWH LFK HV PLW GHQ /HXWHQ YRP .RQWLQHQW©YHUULHWHUVHLQHP%HJOHLWHUª'LHVHU.RJQDN«© (U OLH GLH JROGEUDXQH )OVVLJNHLW LP *ODV NUHLVHQ URFK JHQLHHULVFK GDUDQ XQG UXQ]HOWH ZWHQG GLH 6WLUQ DOV HLQ 6FKDWWHQDXIVHLQHQ7LVFKILHO $OV HU KRFKVFKDXWH VDK HU GLH EHLGHQ 0lQQHU YRP 6HFUHW 6HUYLFHYRUVLFK ª9HU]HLKXQJ 6LU© VDJWH GHU HLQH YRQ LKQHQ OHLVH ª'LH *HVFKlIWVOHLWXQJ KDW XQV K|IOLFK DEHU PLW 1DFKGUXFN JHEHWHQ XQVHUHQ7LVFK]XUlXPHQ'UIHQZLUXQV]X,KQHQVHW]HQ"© ª$XVJHVFKORVVHQ NRPPW JDU QLFKW LQ )UDJH© ZHWWHUWH .\QDVWRQ]RUQLJª,FKZLOOHQGOLFKPHLQH5XKHKDEHQ :DUWHQ 6LH GUDXHQ LP :DJHQ RGHU IDKUHQ 6LH QDFK +DXVH 1XUODVVHQ6LHPLFKXP+LPPHOVZLOOHQLQ5XKH© 0LW EHWUHWHQHQ *HVLFKWHUQ ]RJHQ GLH *HKHLPGLHQVWOHXWH DE (LQHQ 6NDQGDO ZROOWHQ VLH QLFKW ULVNLHUHQ ZHVKDOE VLH JHJHQ LKUH 'LHQVWYRUVFKULIW KDQGHOWHQ XQG GHQ $EJHRUGQHWHQ GHV 8QWHUKDXVHVRKQH%HDXIVLFKWLJXQJOLHHQ ª(QGOLFK DOOHLQ© VHXI]WH 1LFKRODV .\QDVWRQ HUOHLFKWHUW KRE VHLQ*ODVXQGWUDQN ª(LQZDKUHU*HQXZHQQPDQ«© 6HLQ%HJOHLWHUGHUELVKHUQLFKWYLHO]X:RUWJHNRPPHQZDU ZDUWHWH YHUJHEOLFK DXI HLQH )RUWVHW]XQJ GHV 6DW]HV (UVWDXQW EOLFNWHHUGHP$EJHRUGQHWHQLQGLH$XJHQGLH HLQHQ JODVLJHQ
$XVGUXFNDQJHQRPPHQKDWWHQ ª1D 0U .\QDVWRQ IKOHQ 6LH VLFK QLFKW ZRKO"© IUDJWH GHU 0DQQEHVRUJWª0U.\QDVWRQ"© 'HU $EJHRUGQHWH JULII VLFK U|FKHOQG DQ GHQ +DOV 6HLQ *HVLFKWHUVWDUUWHVHLQH+lQGHNUDOOWHQVLFKDQVHLQHP HLJHQHQ +DOVIHVWDOVZROOHHUVLFKHUZUJHQ$XVVHLQHP0XQGGUDQJ HLQ ZLPPHUQGHV .HXFKHQ GDV LQ HLQ VFKPHU]OLFKHV 6W|KQHQ EHUJLQJ 'HUXQWHUVHW]WH0DQQEHJDQQDPJDQ]HQ.|USHU]X]LWWHUQHU VFKZDQNWH GDQQ IXKU HU KDOE YRQ VHLQHP 6WXKO KRFK XQG ILHO QDFKYRUQDXIGHQ7LVFK $OVGLHEHLGHQ0lQQHUYRP6HFUHW6HUYLFHGXUFKGLH6FKUHLH GHU HQWVHW]WHQ *lVWH DODUPLHUW LQ GDV 5HVWDXUDQW VWU]WHQ ZDU 1LFKRODV.\QDVWRQEHUHLWVWRW
5LFN 0DVWHUV VFKDXWH OlFKHOQG DXI GDV 0lGFKHQ KHUXQWHU -HQQ\$OOHQKDWWHVLFKQDFNWZLH(YDLP3DUDGLHVDXIVHLQHP %HWW]XVDPPHQJHUROOWXQGNXVFKHOWHVLFKHQJDQLKQ (UVDDXIUHFKWXQGUDXFKWHGDHUYRULKUZLHGHUDXIJHZDFKW ZDU 6LHKDWWHZLUNOLFKYLHO=HLWIULKQ JHKDEW9RUGHQ )HQVWHUQ YRQ5LFNV:RKQEURLQGHU&LW\YRQ /RQGRQKLQJ EHUHLWV GLH $EHQGGlPPHUXQJ LP =LPPHU NRQQWH PDQ QXU PHKU GLH 8PULVVHGHUHLQ]HOQHQ*HJHQVWlQGHHUNHQQHQ 5LFN VWUHLIWH VHLQH =LJDUHWWH LP $VFKHQEHFKHU DXI GHP 1DFKWWLVFKFKHQDEXQGZDUIHLQHQ%OLFNDXIGDV7HOHIRQ .XU]HQWVFKORVVHQ ]RJ HU HV ]X VLFK KHUDQ VWHOOWH HV DXI GDV %HWWXQGZlKOWHGLH1XPPHUYRQ6FRWODQG
5LFN YHUODQJWH GHQ &KHILQVSHNWRU XQG QDFK ZHQLJHQ 0LQXWHQZDU+HPSVKDZEHUGLH+DXSWVSUHFKDQODJHJHIXQGHQ XQG PLW 5LFN YHUEXQGHQ ª%LQ EHL 'U 6WHUOLQJ© PHOGHWH VLFK GHU&KHILQVSHNWRUª:DVJLEWHV5LFN"© ª1LFKWV©DQWZRUWHWH0DVWHUV ª:HVKDOE UXIW GDQQ HLQ NOHLQHU 3ULYDWGHWHNWLY EHL 6FRWODQG
VDJHQ'DVYHUVWHKHQ6LHGRFKKRIIHQWOLFK"© -HQQ\HUZDFKWHXQGJlKQWHZLHHLQHVDWWH.DW]H6LHGUlQJWH VLFKQRFKHQJHUDQ5LFN0DVWHUVGHUSO|W]OLFK/XVWYHUVSUWH GDV*HVSUlFKPLW+HPSVKDZNXU]]XKDOWHQ ª1DWUOLFK YHUVWHKH LFK .HQQHWK© EHUXKLJWH HU VHLQHQ )UHXQG ª*UHQ 6LH 'U 6WHUOLQJ XQG EHUDUEHLWHQ 6LH VLFK QLFKW© ª6LH DXFK QLFKW© ODFKWH GHU &KHILQVSHNWRU ª8QG QRFK YLHO 6SD5LFN© ª+HOOVHKHU©DQWZRUWHWHGHU3ULYDWGHWHNWLYXQGOHJWHDXI ª:HUZDU GDV"© IUDJWH -HQQ\ PLW XQYHUNHQQEDUHU (LIHUVXFKW LQGHU6WLPPH ª(LQEXOOLJHU&KHILQVSHNWRUPLWLPPHUJULPPLJHP*HVLFKW© DQWZRUWHWH5LFN ª'X/JQHU©-HQQ\NUDW]WHLKQEHUGLH%UXVW ª)DXOH$XVUHGH© ª:HQQ PDQ VFKRQ HLQPDO GLH :DKUKHLW VDJW© VHXI]WH 5LFN ªJODXEWHLQHPNHLQ0HQVFK© -HQQ\V3URWHVWH HUVWLFNWHHU PLW HLQHP ODQJHQ KHIWLJHQ .X ELVLKUH/HLGHQVFKDIWHUQHXWDXIIODPPWH &KHILQVSHNWRU +HPSVKDZV )DOO YHUJD 5LFN 0DVWHUV VHKU UDVFKLQ-HQQ\V$UPHQ
ª:LU N|QQHQ IURK VHLQ GD XQV GHU &KHI QDFK GHU OHW]WHQ 3OHLWH QLFKW LQ GLH :VWH JHVFKLFNW KDW© VHXI]WH GHU JUR JHZDFKVHQH EUHLWVFKXOWULJH 0DQQ GHQ DOOH QXU XQWHU GHP 1DPHQ.HQNDQQWHQ 6HLQ.ROOHJH-HIIQLFNWH]XVWLPPHQG ª:LU KlWWHQ GHQ 7RG .\QDVWRQV DEHU DXFK QLFKW YHUKLQGHUQ N|QQHQ ZHQQ ZLU GDV 5HVWDXUDQW QLFKW YHUODVVHQ KlWWHQ ,PPHUKLQVLQGVHLW.\QDVWRQV(UPRUGXQJGUHL7DJHYHUJDQJHQ GLH 3ROL]HL KDW QRFK LPPHU NHLQH 6SXU JHIXQGHQ XQG VRJDU
XQVHUH/HXWHWDSSHQLPGXQNOHQ© ª'DVLVWDXFKNHLQ7URVW© .HQ GHU JHPHLQVDP PLW -HII GHQ $EJHRUGQHWHQ ]XP 8QWHUKDXV EHUZDFKW KDWWH UXQ]HOWH ZWHQG GLH 6WLUQ ª:LU KDEHQ XQVHUHQ GXQNOHQ 3XQNW ZHJ GDUDQ LVW QLFKWV PHKU ]X lQGHUQ(LQKDUPORVHU'LSORPDWHQHPSIDQJGDVLVWDOOHVZR]X PDQXQVQRFKKHUDQ]LHKW© -HII VFKDXWH VLFK LQ GHP JOLW]HUQGHQ IXQNHOQGHQ *HSUlQJH YRQ .HU]HQOHXFKWHUQ 6SLHJHOQ $EHQGNOHLGHUQ -XZHOHQ XQG &KDPSDJQHUJOlVHUQXP ª:RUEHU EHVFKZHUVW GX GLFK HLJHQWOLFK"© PHLQWH HU JHODVVHQ ª+LHU JLEW HV JHQJHQG HLQIOXUHLFKH XQG ZLFKWLJH 3HUV|QOLFKNHLWHQ,FKMHGHQIDOOVIKOHPLFKKLHUULFKWLJ*HJHQ GLHVH/HXWHZDU.\QDVWRQGRFKQXUHLQNOHLQHU)LVFK© .HQVFKDXWHXQJHGXOGLJDXIVHLQH$UPEDQGXKU(VZDUVFKRQ QDFK 0LWWHUQDFKW GRFK VHLQH $XIPHUNVDPNHLW OLH NHLQH 6HNXQGHODQJQDFK ª(LQH]ZHLWH3OHLWHGUIHQ ZLUQLFKWPHKU HUOHEHQ VRQVW VLQG ZLU JHOLHIHUW© VDJWH HU OHLVH ]X VHLQHP .ROOHJHQ ª9HUWHLOHQZLUXQVXQGPDFKHQZLUHLQHQ.RQWUROOJDQJGXUFK GDV+DXV© ª(LQYHUVWDQGHQ© QLFNWH -HII XQG PLVFKWH VLFK XQDXIIlOOLJ XQWHUGLH*lVWHGHV(PSIDQJV0LQGHVWHQVGLH+lOIWHGHU/HXWH ZDUHQDXVOlQGLVFKH'LSORPDWHQPLWLKUHQ)DPLOLHQGLHDQGHUH +lOIWH VHW]WH VLFK DXV ZLFKWLJHQ 3ROLWLNHUQ *UREULWDQQLHQV ]XVDPPHQ $QGLH0|JOLFKNHLWHLQHV$QVFKODJVLUJHQGZHOFKHU([WUHPL VWHQ ZDJWH .HQ QLFKW ]X GHQNHQ (U IDQG DXFK JDU NHLQH =HLW GD]X GHQQ NDXP KDWWH HU HLQH NOHLQH *UXSSH SDVVLHUW DOV HU KLQWHUVLFKHLQHQOHLVHQ$XIVFKUHLHLQHQGXPSIHQ)DOOXQGHLQ KHOOHV.OLUUHQK|UWH 'HU $JHQW GHV 6HFUHW 6HUYLFH ZLUEHOWH KHUXP 6HLQH $XJHQ VDXJWHQ VLFK DQ HLQHP DXI GHP %RGHQ OLHJHQGHQ 0DQQ IHVW HLQHPKRKHQDXVOlQGLVFKHQ'LSORPDWHQGHQ HUDXIGHQ HUVWHQ
%OLFNHUNDQQWH (EHQIDOOVDXIGHQHUVWHQ%OLFNVDKHUGDGHU0DQQWRWZDU 6HLQH XQQDWUOLFK JHZHLWHWHQ $XJHQ KDWWHQ VLFK VR ZHLW YHUGUHKWGDQXUPHKUGDV:HLHGDULQ]XVHKHQZDU 6HLQ0XQGVWDQGRIIHQHLQVFKPDOHU%OXWIDGHQVLFNHUWHEHU GLH/LSSHQ 6HLQH +DXW KDWWH GLH %OlVVH GHV 7RGHV DQJHQRPPHQ 1HEHQ LKPODJHQGLH6SOLWWHUHLQHV6HNWJODVHV 'LH*lVWHGLHVRHEHQQRFKPLWGHP'LSORPDWHQJHVSURFKHQ KDWWHQ ZDUHQ HQWVHW]W HLQLJH 6FKULWWH ]XUFNJHZLFKHQ XQG ELOGHWHQHLQHQ+DOENUHLVXPGLH/HLFKH 0LWWHQ LQ GLH DWHPORVH 6WLOOH KLQHLQ K|UWHQ DOOH GLH KDVWLJHQ 6FKULWWH -HIIV GHV ]ZHLWHQ *HKHLPDJHQWHQ GHU VHLQHP .ROOHJHQ]X+LOIHNRPPHQZROOWH1XUJDEHVKLHUOHLGHUNHLQH +LOIHPHKU 'HQ YHU]ZHLIHOWHQ 6LFKHUKHLWVOHXWHQ EOLHE QLFKWV DQGHUHV EULJDOVGHQ7DWRUWDE]XVSHUUHQXQG$ODUP]XJHEHQ ª'HU]ZHLWH7RWHLQQHUKDOEZHQLJHU7DJH©VDJWH.HQGVWHU ]X-HIIª'DVJLEWHLQHQ6NDQGDOZLHHUQRFKQLHGDZDU© (U EHKLHOW UHFKW PLW VHLQHU SHVVLPLVWLVFKHQ 3URSKH]HLXQJ DXFK ZHQQ HV JDQ] DQGHUV NRPPHQ VROOWH DOV HU HV VLFK YRU VWHOOWH
*HUDGH DOV GHU .ULPL DP VSDQQHQGVWHQ ZXUGH VR GD 5LFN 0DVWHUVJHEDQQWDXIGLHIDUELJOHXFKWHQGH0DWWVFKHLEHVWDUUWH VFKULOOWHGDV7HOHIRQ )OXFKHQG ]XFNWH GHU 3ULYDWGHWHNWLY ]XVDPPHQ (U ZROOWH EHUHLWV GHQ DXWRPDWLVFKHQ $QUXIEHDQWZRUWHU HLQVFKDOWHQ XP ZHLWHUKLQ XQJHVW|UW IHUQVHKHQ ]X N|QQHQ DOV LKQ HLQH LQQHUH 6WLPPH]XP$EKHEHQGUlQJWH ª,FKIUFKWHWHVFKRQ6LHZlUHQQLFKW]X+DXVH5LFN© NDP GLH HUOHLFKWHUW NOLQJHQGH 6WLPPH YRQ &KHILQVSHNWRU
+HPSVKDZ ª(LQHQ XQJQVWLJHUHQ =HLWSXQNW NRQQWHQ 6LH VLFK QLFKW DXVVXFKHQ©PXUUWH5LFN ª:LHVR",VW,KUH)UHXQGLQZLHGHUGD"© +HPSVKDZKDWWHVFKRQYRQ-HQQ\$OOHQJHK|UW ª1HLQDEHU«YHUGDPPWMHW]WKDEHLFKGLH/|VXQJYHUSDW .ULPLLP)HUQVHKHQ©IJWHGHU3ULYDWGHWHNWLYKLQ]X ª:HQQ HV RKQHGLHV YRUEHL LVW N|QQHQ 6LH JOHLFK NRPPHQ 5LFNMD"©GUlQJWHGHU&KHILQVSHNWRU ª,FKKDEH GD HLQHQ VHKU LQWHUHVVDQWHQ)DOOGHUEHVWLPPWDXFKHWZDVIU6LHLVW© ª1DVFK|Q©VWLPPWH5LFN0DVWHUV]Xª:RVLQG6LH"© ª/HLFHVWHU6TXDUH6LHILQGHQPLFKVFKRQ© +HPSVKDZ KlQJWH NRPPHQWDUORV HLQ ZDV 5LFN 0DVWHUV ZXQGHUWH ZHLO VHLQ )UHXQG QLFKW HLQPDO JHVDJW KDWWH ZRUXP HV JLQJ 5LFN VROOWH DEHU QRFK PHKU *UXQG ]XP :XQGHUQ EHNRPPHQ $OVHUQlPOLFKPLWVHLQHP0RUJDQHLQHPRIIHQHQ6SRUWZD JHQLP2OGWLPHUORRNDXIGHP/HLFHVWHU6TXDUHHLQWUDIIDQGHU GLH0RUGNRPPLVVLRQXQWHUGHU /HLWXQJ GHV &KHILQVSHNWRUV DQ GHU$UEHLWGLFKWXPGUlQJWYRQ5HSRUWHUQ :HU +HPSVKDZV 3UHVVHIHLQGOLFKNHLW NDQQWH ² XQG VLH ZDU XQWHU GHQ /RQGRQHU =HLWXQJVOHXWHQ IDVW VFKRQ VSULFKZ|UWOLFK ² GHU NRQQWH VLFK QXU QRFK ZXQGHUQ GD GHU &KHILQVSHNWRU NHLQHQ GRSSHOWHQ .RUGRQ DXV 3ROL]LVWHQ XP GHQ 7DWRUW KDWWH ]LHKHQ ODVVHQ XP DXI GLHVH :HLVH GLH LKP OlVWLJHQ 5HSRUWHU IHUQ]XKDOWHQ 'DPLWDEHUQRFKQLFKWJHQXJGHV6HOWVDPHQ 5LFN IDQG WDWVlFKOLFK GHQ &KHILQVSHNWRU VHKU VFKQHOO ZXUGH YRQ GLHVHP IUHXQGVFKDIWOLFK EHJUW ZREHL DXFK VHLQ 1DPH PHKUPDOVILHO ª6ROOHQ GHQQ DOOH 5HSRUWHU ZLVVHQ GD LFK PLFK XP GLHVHQ )DOO KLHU NPPHUH"© IUDJWH 5LFN JHUHL]W IDQG EHL +HPSVKDZ MHGRFKNHLQ(FKR ª6LH ZHUGHQ VHKHQ 5LFN© VDJWH GHU &KHILQVSHNWRU PLW
VFKDOOHQGHU6WLPPHªHVLVWHLQHLQWHUHVVDQWH6DFKH© (U SDFNWH GHQ MXQJHQ 3ULYDWGHWHNWLY DP $UP XQG IKUWH LKQ LQ HLQH PHKUVW|FNLJHV :RKQKDXV $P )X GHU 7UHSSH ODJ HLQ 0DQQ²WRWRIIHQEDUGDV*HQLFNJHEURFKHQ ª(ULVWQDFKHLQHP6WUHLWPLW1DFKEDUQGLH7UHSSHKHUXQWHU JHVWU]W5LFN©HUNOlUWHGHU&KHILQVSHNWRU ª'HU 0DQQ ZDU YROONRPPHQ EHWUXQNHQ DOV HU QDFK +DXVH NDP© 5LFN EOLHE VWHKHQ XQG VFKDXWH GHQ &KHILQVSHNWRU VR HQWJHLVWHUW DQ ZLH QRFK QLH ª.HQQHWK VLQG 6LH QRFK ]X UHWWHQ"©IUDJWHHUJHGlPSIWª:HVKDOEKROHQ6LHPLFK]XHLQHP %HWUXQNHQHQGHUVLFKDXIGHU7UHSSHGDV*HQLFNEULFKW"© ª'HU 0DQQ ZDU GHU 3ROL]HL DOV (LQEUHFKHU EHNDQQW© HUZLGHUWH+HPSVKDZ ª(LQEUHFKHU"©HFKRWH5LFN0DVWHUV ª.HQQHWKGDVLVWDOOHV«© ª.RPPHQ 6LH HV VFKDXW NHLQHU KHU© IOVWHUWH +HPSVKDZ SO|W]OLFK XQG ]RJ 5LFN 0DVWHUV KDVWLJ PLW VLFK ,Q GHU HUVWHQ h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lFKVWHQ $XJHQEOLFN VSUDQJ GHU 0RWRU NQDWWHUQG DQ 'DV 9HKLNHO VHW]WH VLFK PLW HLQHPKDUWHQ5XFNLQ%HZHJXQJ 9RUVLFKWVKDOEHU OHJWH +HPSVKDZ VHLQHP %HJOHLWHU GLH +DQG
DXI GHQ 0XQG DOV VLH GHQ .RUGRQ DXV =HLWXQJVOHXWHQ SDVVLHUWHQ 'LH 6WLPPHQ YHUNODQJHQ XQG ZXUGHQ YRQ GHP HLQW|QLJHQ 9HUNHKUVJHUlXVFK GHU *URVWDGW DEJHO|VW ª6R XQG MHW]W ODVVHQ 6LH GLH .DW]H DXV GHP 6DFN .HQQHWK© YHUODQJWH 5LFN0DVWHUV ª'DVJUHQ]WMDVFKRQDQ(QWIKUXQJ© ª:DUWHQ 6LH HV DE© HUZLGHUWH GHU &KHILQVSHNWRU ZRUWNDUJ ª:HQQ 6LH HUVW GLH :DKUKHLW HUIDKUHQ EOHLEW ,KQHQ GHU 0XQG YRU6WDXQHQRIIHQVWHKHQ© 6RZDUHVGDQQDXFKDOVVLHHLQHKDOEH6WXQGHVSlWHUHLQHQLQ VWUDKOHQGHV/LFKWJHWDXFKWHQ)HVWVDDOEHWUDWHQ 5LFN 0DVWHUV VW|UWHQ DQ GHP SUXQNYROOHQ $QEOLFN QXU ]ZHL 'LQJH « GLH /HLFKH XQG GLH ]DKOUHLFKHQ $JHQWHQ GHV 6HFUHW 6HUYLFH
ª%HJUHLIHQ 6LH HQGOLFK ZRUXP HV JHKW"© &KHILQVSHNWRU +HPSVKDZ PDFKWH HLQ VR HUQVWHV *HVLFKW DOV ZlUH GLH EULWLVFKH,QVHO]XU+lOIWHLP0HHUYHUVXQNHQ ª1HLQ LFK EHJUHLIH JDU QLFKWV© EHNDQQWH 5LFN 0DVWHUV ZDKUKHLWVJHPl $EHU ZLH LFK 6LH NHQQH ZHUGHQ 6LH HV PLU JOHLFKHUNOlUHQQLFKWZDKU"© ª'DQQGHU5HLKHQDFK©VHXI]WH&KHILQVSHNWRU+HPSVKDZ ª9RU GUHL 7DJHQ VWDUE GHU 3DUODPHQWVDEJHRUGQHWH 1LFKRODV .\QDVWRQ ZlKUHQG HLQHV (VVHQV LQ HLQHP )LUVW &ODVV 5HVWDXUDQW© ª,FK KDEH GDYRQ LQ GHU =HLWXQJ JHOHVHQ© QLFNWH 5LFN 0DVWHUVª(VZDUHLQ+HU]VFKODJ© ª9RQZHJHQ©+HPSVKDZODFKWHZWHQGDXI ª'DVZDUGHU)DOOGHQLFKDP7HOHIRQHUZlKQWHXQGEHUGHQ LFKQLFKWVSUHFKHQGXUIWH.\QDVWRQZXUGHYHUJLIWHW© 5LFN0DVWHUVSILIINXU]XQGUHVSHNWORVGXUFKGLH=lKQH ª'DV *LIW EHIDQG VLFK LQ .\QDVWRQV .RJQDN ZLH ZLU
IHVWVWHOOWHQ© IXKU GHU &KHILQVSHNWRU XQJHUKUW IRUW ª0HKU NRQQWHQZLUDEHUDXFKQLFKWIHVWVWHOOHQ:LUZDUHQPLWXQVHUHU :HLVKHLW DP (QGH $XFK GLH EHLGHQ $JHQWHQ GHV 6HFUHW 6HUYLFH GLH ]XU %HZDFKXQJ .\QDVWRQV DEJHVWHOOW ZDUHQ NRQQWHQXQVQLFKWZHLWHUKHOIHQ© ª6HFUHW6HUYLFH"©5LFNKRUFKWHDXI ª:DUXP GHQQ JOHLFK /HXWH YRQ GLHVHP 9HUHLQ IU HLQHQ $EJHRUGQHWHQ"© ª.\QDVWRQKDWWHLQGHUOHW]WHQ=HLWHLQLJH5HGHQJHKDOWHQGLH YLHO:LQGPDFKWHQ'HU6HFUHW6HUYLFH KRIIWH ([WUHPLVWHQ ]X IDVVHQGLHVLFKDQ.\QDVWRQYHUJUHLIHQZROOWHQ'DUDXVZXUGH QLFKWV© 5LFN 0DVWHUV HUNDQQWH XQWHU GHQ 0lQQHUQ GLH PLW GHU 6SXUHQVLFKHUXQJ XQG GHU 8QWHUVXFKXQJ DP 7DWRUW EHVFKlIWLJW ZDUHQ 'U 6WHUOLQJ GHQ DOWHQ 3ROL]HLDU]W DXV +HPSVKDZV .RPPLVVLRQ (U ZLQNWH 6WHUOLQJ ]X GHU $U]W DQWZRUWHWH QXU PLWHLQHPNXU]HQ.RSIQLFNHQ2IIHQVLFKWOLFKZDUHUPLWHLQHP JURHQ3UREOHPEHVFKlIWLJW5LFNV1HXJLHUVWLHJ ª:LU EHILQGHQ XQV KLHU LQ HLQHP 3DODVW GHU GHP )RUHLJQ 2IILFHJHK|UW©IXKUGHU&KHILQVSHNWRUIRUW ª,QGLHVHP)HVWVDDOIDQGHLQ(PSIDQJVWDWW]XGHPIDVWDOOH ZLFKWLJHQ 'LSORPDWHQ JHODGHQ ZDUHQ 1DWUOLFK PLVFKWH VLFK GHU6HFUHW6HUYLFHZLHGHUHLQNRQQWHMHGRFKQLFKWYHUKLQGHUQ GD «© +HPSVKDZ OLH GHQ 6DW] LQ GHU /XIW KlQJHQ XQG GHXWHWHDXIGLH/HLFKH ª:HULVWGDV"©ZROOWH5LFNZLVVHQ ª(LQHU GHU HLQIOXUHLFKVWHQ 'LSORPDWHQ GLH ZLU LQ /RQGRQ EHUKDXSWKDEHQ© +HPSVKDZ ZLUNWH JHEURFKHQ ª:HQQ ZLU QLFKW VFKQHOOVWHQV VHLQHQ 7RG DXINOlUHQ N|QQHQ JLEW HV ZRP|JOLFK QRFK HUQVWH 9HUZLFNOXQJHQ PLW VHLQHP +HLPDWODQG ]X GHP *UREULWDQQL HQRKQHGLHVHLQ]LHPOLFKJHVSDQQWHV9HUKlOWQLVKDW© ª(V LVW HLQZDQGIUHL 0RUG"© 5LFN QlKHUWH VLFK GHU /HLFKH EHUGLHVLFK'U6WHUOLQJEHXJWH
ª(LQZDQGIUHL0RUG©EHVWlWLJWHGHU&KHILQVSHNWRU 'HUDOWH3ROL]HLDU]WGHUQHEHQGHU/HLFKHNQLHWHULFKWHWHGHQ 2EHUN|USHU DXI XQG EOLQ]HOWH GLH EHLGHQ 0lQQHU GXUFK VHLQH GLFNHQ%ULOOHQJOlVHUDQ ª1LFKW QXU HLQZDQGIUHL 0RUG© HUJlQ]WH HU +HPSVKDZV $XVIKUXQJHQ ªVRQGHUQ DXFK ZLHGHU HLQZDQGIUHL GDVVHOEH *LIWGDVEHL.\QDVWRQYHUZHQGHWZXUGH© ª9HUVWHKHQ 6LH QXQ XQVHUH 8QUXKH XQG DXFK GLH 0HWKRGH ZLH LFK 6LH KHUEUDFKWH 5LFN"© +HPSVKDZ ZLVFKWH VLFK PGH EHU GDV VFKODIIH *HVLFKW (U VDK DXV DOV KlWWH HU GUHL 7DJH ODQJ QLFKW JHVFKODIHQ ª:LU EDXVFKWHQ GHQ 7RG GHV %HWUXQNH QHQDXIGHUEHU GLH7UHSSH JHIDOOHQZDUGDGLHgIIHQWOLFK NHLW JODXEHQ PX HV ZlUH HLQ ZLFKWLJHU )DOO ,FK VHOEVW LQIRUPLHUWHGLH3UHVVH© ª$EHUZR]XGHQQ"©ZXQGHUWHVLFKGHU3ULYDWGHWHNWLY ª'LH %XUVFKHQ YRP 6HFUHW 6HUYLFH NHQQW QLHPDQG LQ GHU gIIHQWOLFKNHLW XQV DEHU VFKRQ 6LH HLQJHVFKORVVHQ© +HPSVKDZVWDUUWHYHU]ZHLIHOWDXIGHQWRWHQ'LSORPDWHQ ª-HW]W JODXEHQ GLH =HLWXQJVOHXWH 6LH ZUGHQ VLFK IU GHQ WRWHQ %HWUXQNHQHQ LQWHUHVVLHUHQ XQG GDV JOHLFKH JLOW IU 'U 6WHUOLQJ XQG PLFK :R LPPHU ZLU GUHL LQ GHU QlFKVWHQ =HLW DXIWDXFKHQZLUGPDQ HV PLW GHP %HWUXQNHQHQ LQ 9HUELQGXQJ EULQJHQ© 5LFN 0DVWHUV ZXUGH ODQJVDP XQJHGXOGLJ ª$OOHV VFK|Q XQG JXW©ULHIHUKHIWLJDXV ª:HVKDOE JHQJW DEHU GHU 6HFUHW 6HUYLFH QLFKW" :HVKDOE NPPHUW VLFK QLFKW GLH 0RUGNRPPLVVLRQ YRQ 6FRWODQG
VLFK'U6WHUOLQJHLQ ª5LFN KHOIHQ 6LH XQV :LU VLQG PLW XQVHUHU :HLVKHLW DP (QGH©
5LFN 0DVWHUV EHUOHJWH QLFKW ODQJH ª,Q 2UGQXQJ© VDJWH HU PLW HLQHP ]XVWLPPHQGHQ 1LFNHQ ª,FK PDFKH PLW $EHU HUVW P|FKWH LFK HWZDV PLW GHQ %XUVFKHQ YRP 6HFUHW 6HUYLFH NOlUHQ© (U EUDXFKWH QLFKW ODQJH ZDUWHQ ELV HU GLH JHZQVFKWH $XVVSUDFKH EHNDP =ZLVFKHQ GHQ ]DKOUHLFK YHUWUHWHQHQ $JHQWHQ HQWGHFNWH HU 5HG 6R KLH IU $XHQVWHKHQGH GHU EXOOLJH URWKDDULJH *HKHLPDJHQW GHU EHUHLWV HLQ SDDUPDO LQ IUKHUHQ)lOOHQHLQHQ.RQWDNW]ZLVFKHQ5LFN0DVWHUVXQGGHP 6HFUHW6HUYLFHYHUPLWWHOWKDWWH ª1D0DVWHUV]LHKHQZLUZLHGHUHLQPDODPJOHLFKHQ6WULFN"© JULQVWH 5HG EUHLW EHU VHLQ VRPPHUVSURVVLJHV *HVLFKW DOV HU GHQ'HWHNWLYHUEOLFNWH ª)U6LHLPPHUQRFK0LVWHU0DVWHUV©PXUUWH5LFN ª2ND\0DVWHUVVHLHQ6LHQLFKWVRHPSILQGOLFK©5HG]XFNWH GLH6FKXOWHUQª.PPHUQ6LHVLFKXPGLH6DFKH"© 5LFNPDFKWHPLW]ZHL)LQJHUQGLH*HVWHGHV*HOG]lKOHQVGLH HEHQVRLQWHUQDWLRQDOZDUZLH*HKHLPGLHQVWH 6HXI]HQG KROWH 5HG HLQHQ EHUHLWV DXVJHVWHOOWHQ 6FKHFN DXV VHLQHU%ULHIWDVFKH ª,FKUHFKQHWHVFKRQ PLW ,KUHU *HOGJLHU© VDJWH HU XQG VFKRE 5LFNGHQ6FKHFN]Xª6WHXHUIUHLZLHLPPHU© ª,Q 2UGQXQJ 5HG© QLFNWH 0DVWHUV ª,FK P|FKWH DOOHV ZLVVHQZDV6LHELVKHUKHUDXVJHIXQGHQKDEHQ© 5HG VFKDXWH LKQ PLW HLQHU 0LVFKXQJ DXV %HOXVWLJXQJ XQG 9HUELWWHUXQJDQª:LUZLVVHQEHUKDXSWQLFKWV©JHVWDQGHU ª'DVVROOLFK,KQHQJODXEHQ"© 'HU3ULYDWGHWHNWLY]RJHLQVNHSWLVFKHV*HVLFKW
ª0VVHQ6LHZRKO©NRQWHUWH5HG ª:LU NHQQHQ GLH 1DPHQ GHU 2SIHU XQG ZLVVHQ LQ ZHOFKHQ *HWUlQNHQ VLH GDV *LIW EHNDPHQ :LU ZLVVHQ VRQVW JDU QLFKWV 1LFKW HLQPDO GLH =XVDPPHQVHW]XQJ GHV *LIWHV RGHU ZLH HV LQ GLH *HWUlQNH NDP 5HLQ WKHRUHWLVFK KlWWHQ GLHVH 0RUGH QLFKW VWDWWILQGHQN|QQHQGDHVNHLQVROFKHV*LIWJLEWGDVLQ6HNXQ GHQVFKQHOOH GDV PHQVFKOLFKH *HKLUQ YHUQLFKWHW 'lPPHUW HV ,KQHQEHUHLWV0DVWHUVZRUDXI6LHVLFKHLQJHODVVHQKDEHQ"© ª$XI MHGHQ )DOO KDEH LFK PLFK DXI HLQHQ 3DNW PLW HLQHP XQK|IOLFKHQ /PPHO HLQJHODVVHQ© ]LVFKWH 5LFN GUHKWH VLFK XP XQG OLH GHQ *HKHLPGLHQVWPDQQ VWHKHQ GHQ HU QRFK QLH JHPRFKWKDWWH 'LH/HLFKHZDULQ]ZLVFKHQDEWUDQVSRUWLHUWZRUGHQ $XFKGLHEULJHQ6SXUHQGHV0RUGHVKDWWHPDQEHVHLWLJW ª:LU XQWHUVXFKHQ QDWUOLFK DXFK GLHVHV 2SIHU JUQGOLFKVW© VDJWH'U6WHUOLQJGHUXQEHPHUNWQHEHQ5LFN0DVWHUVJHWUHWHQ ZDUª$EHULFKZHLMHW]WVFKRQZDVGDEHLKHUDXVNRPPW©(U UFNWHVHLQHGLFNH%ULOOH]XUHFKWXQG]HLJWHVHLQH*ROG]lKQH ª:LUZHUGHQHLQLJHYHUERUJHQH.UDQNKHLWHQGHV'LSORPDWHQ HQWGHFNHQ GHU KLHU GDV =HLWOLFKH JHVHJQHW KDW PHKU DEHU QLFKW© ª6LH VLQG LPPHU VR KHU]HUIULVFKHQG PDNDEHU 'RNWRU© VHXI]WH 5LFN ª,FK NRPPH PRUJHQ YRUPLWWDJ ]X ,KQHQ LQ GHQ
VSH]LDOLVLHUW]XVHLQLQGHQHQPDQPLWQDWUOLFKHQ0LWWHOQQLFKW DQV=LHONDP :RUDXI HU VLFK GLHVPDO HLQJHODVVHQ KDWWH ZXWH 5LFN 0DVWHUV QLFKW DOV HU VHLQH JHOEH /HGHUMDFNH HQJHU XP GLH 6FKXOWHUQ]RJXQGLQGLHNKOH1DFKWOXIWKLQDXVWUDW 1DFKGHQNOLFK VFKDXWH HU DXI GDV JHOEH /HGHU (U KDWWH GDV *HIKODOVVROOH HU VLFK DQ HWZDV :LFKWLJHV HULQQHUQ GRFK HV ILHOLKPQLFKWHLQ(WZDV:LFKWLJHVXQG]XJOHLFK6FKDXULJHV« .RSIVFKWWHOQGPDFKWHHUVLFKDXIGLH6XFKHQDFKHLQHP7D[L $OV HU HLQH KDOEH 6WXQGH VSlWHU LQ VHLQHP %HWW ODJ XQG ODQJVDPLQHLQHQXQUXKLJHQ6FKODIILHOZLUEHOWHQVHLQH*HGDQ NHQGXUFKHLQDQGHU *HOEH /HGHUMDFNH ² %OXH -HDQV ² XQEHNDQQWHV *LIW ² ]HUIUHVVHQH PHQVFKOLFKH *HKLUQH ² WRWH 'LSORPDWHQ ² *H KHLPGLHQVW²*DOJHQ« :LHSDWHGDVDOOHV]XVDPPHQ"
$P QlFKVWHQ 0RUJHQ KDWWH 5LFN 0DVWHUV HLQHQ .DW]HQMDP PHU RKQH HLQHQ 6FKOXFN $ONRKRO JHWUXQNHQ ]X KDEHQ 0LW VFKZHUHP .RSI XQG VFKPHU]OLFK JHVFKORVVHQHQ $XJHQ WDSSWH HUXQWHUGLH'XVFKHXQGHUVWQDFKHLQHU%HKDQGOXQJPLWHLQHP HLVNDOWHQ:DVVHUVWUDKONDPHUHLQLJHUPDHQ]XVLFKXQGNRQQWH VLFKDXFKDQHLQ9HUVSUHFKHQHULQQHUQGDVHUDP9RUWDJVHLQHU )UHXQGLQ-HQQ\$OOHQJHJHEHQKDWWH ª1D LFK GDFKWH VFKRQ GX :UGHVW GHQ JDQ]HQ 7DJ YHUVFKODIHQ©ODFKWH-HQQ\DOVHUVLHDQULHI ª,FK KDEH PHLQHQ .RVPHWLNVDORQ YRU HLQHU 6WXQGH DXIJH VSHUUW© ª,VW GRFK QLFKW PHLQH 6FKXOG ZHQQ GX PLWWHQ LQ GHU 1DFKW PLWGHU$UEHLWEHJLQQVW©DQWZRUWHWH5LFNXQGHXWOLFK ª:DVLVWGHQQ"©ZXQGHUWHVLFK-HQQ\ ª+DVWGXJHVWHUQDEHQGQRFKJHIHLHUW"2KQHPLFK"©
ª'HLQH (LIHUVXFKW LVW EHUIOVVLJ© ZHKUWH 5LFN VRIRUW DE ª,FK KDEH ]ZHL 0RUGIlOOH DP +DOV DOVR EOHLEW PLU QLFKW YLHO =HLW]XP)HLHUQ© ª$FKVR©'DVNODQJ]LHPOLFKHQWWlXVFKW ª8QGZDVZLUGDXVXQV"+DVWGXDXFKIUPLFKNHLQH=HLW"© 6HXI]HQG HULQQHUWH VLFK 5LFN DQ GLH ]DKOUHLFKHQ )UHXQG VFKDIWHQGLHGHVKDOE]HUEURFKHQZDUHQZHLOHVNHLQ0lGFKHQ DXI GLH 'DXHU DXVKLHOW PHKU (QWVFKXOGLJXQJHQ DOV /LHEHVJH IOVWHU ]X K|UHQ 5LFN VWHOOWH VLFK VHOEVW JHUQ DOV 2SIHU VHLQHV %HUXIV GDU ZDV HU DXFK ZLUNOLFK ZDU (U NQLHWH VLFK PLW DOOHU .UDIW LQ MHGHQ )DOO VR GD HU DOOHV DQGHUH YHUJD ª,FK ZHUGH IUGLFK=HLWKDEHQGDVYHUVSUHFKHLFKGLU©VFKZRU5LFNXQG HUPHLQWHHVGLHVPDOZLUNOLFKHUQVW(UZROOWHQLFKWDXFK-HQQ\ VHLQHV%HUXIVZHJHQYHUOLHUHQ ª,FK UXIH GLFK DQ VREDOG LFK PLFK IUHLPDFKHQ NDQQ (LQYHUVWDQGHQ"© ª(LQYHUVWDQGHQ© HUZLGHUWH VLH ,Q EHVWHP (LQYHUVWlQGQLV EHHQGHWHQVLHGDV*HVSUlFKXQG5LFN0DVWHUVQDKPVLFKYRU DOOHVLQVHLQHU0DFKW6WHKHQGH]XWXQXPGLHVHV(LQYHUVWlQG QLVQLFKW]XWUEHQ (LQHQ$QUXIEHL6FRWODQG
ª1XQ LFK GDFKWH GDV ZlUH MHW]W EHL 6FRWODQG
3HUVRQHQ EHUSUIW" 7HUURULVWHQ ([WUHPLVWHQ /LQNV XQG 5HFKWVUDGLNDOH"© ª$OOH© +HPSVKDZ VFKWWHOWH QXU GHQ .RSI XP GHQ 0LHUIROJDQ]XGHXWHQ ª:LUPVVHQIHVWVWHOOHQZHOFKH*HPHLQVDPNHLWHV]ZLVFKHQ GHQ EHLGHQ 2SIHUQ GHV XQEHNDQQWHQ *LIWP|UGHUV JLEW© VDJWH 5LFN ODQJVDP ª(LQH *HPHLQVDPNHLW KDEHQ ZLU NODU DXI GHU +DQG YRU XQV OLHJHQ %HLGH ZDUHQ LQ GHU 3ROLWLN WlWLJ EHLGH ZXUGHQDXIGLHVHOEH$UWJHW|WHW© ª'DV LVW DEHU DXFK VFKRQ DOOHV© HUJlQ]WH +HPSVKDZ XQG NUDW]WH VLFK KLQWHU GHP UHFKWHQ 2KU ª6HKHQ 6LH 5LFN VHLW HV IU 3ROLWLNHU LPPHU JHIlKUOLFKHU ZLUG VLQG 3ROL]HL XQG ]XP 7HLO DXFK 6HFUHW 6HUYLFH ]XP 6FKXW] EHVRQGHUV EHGURKWHU 3HUV|QOLFKNHLWHQ HLQJHVHW]W ,FK JODXEH QLFKW GD HV GLHVHQ /HXWHQ HQWJDQJHQ ZlUH ZHQQ VLFK HWZDV $XIIlOOLJHV HUHLJQHW KlWWH© ª=XP%HLVSLHOGLH.HOOQHU©PXUPHOWH5LFNXQGEOLFNWHUDVFK DXIª-DGDVZlUHHLQH0|JOLFKNHLW© ª,FKYHUVWHKHNHLQ:RUW©EUXPPWH+HPSVKDZ ª'LH)UDJHLVWZLHNDPGDV*LIWLQGHQ.|USHUGHU2SIHU© ª'HU 3DUODPHQWVDEJHRUGQHWH ZXUGH GXUFK HLQHQ .RJQDN YHUJLIWHW© ZLHGHUKROWH GHU &KHILQVSHNWRU VHLQH IUKHUHQ $QJDEHQ ª'HP 'LSORPDWHQ EUDFKWH PDQ GDV *LIW GXUFK &KDPSDJQHU EHL© ª6HKHQ6LH©WULXPSKLHUWH5LFNXQGDOV+HPSVKDZRIIHQEDU QLFKWV VDK IXKU HU IRUW ª%HLGHV VLQG *HWUlQNH DQ HLQHP YRQ ]DKOUHLFKHQ 3HUVRQHQ EHVXFKWHQ 2UW VHUYLHUW $OVR ZXUGHQ VLH YRQ MHPDQGHP VHUYLHUW ² YRQ HLQHP .HOOQHU :HOFKH /HXWH EHWUHXWHQGLHVHQIHVWOLFKHQ(PSIDQJGHV)RUHLJQ2IILFH"© ª.HLQH $KQXQJ 5LFN GDV PWH LFK HUVW LQ (UIDKUXQJ EULQJHQ©VDJWH+HPSVKDZNRSIVFKWWHOQG ª7XQ 6LH GDV© 5LFN ZDU YRQ VHLQHU ,GHH EHJHLVWHUW ª%HVFKDIIHQ6LHHLQH/LVWHDOOHU3HUVRQHQGLHVLFKEHLPHUVWHQ
0RUG LQ GHP 5HVWDXUDQW DXIKLHOWHQ DOOHU 7HLOQHKPHU DP (PSIDQJGHV)RUHLJQ2IILFHDOOHU.HOOQHUGHV5HVWDXUDQWVXQG DOOHU%HGLHQVWHWHQEHLP(PSIDQJ'DQQVHKHQZLUZHLWHU© ª=XP *OFN KDEH LFK PHLQH /HXWH GLH GLHVH $UEHLW EHUQHKPHQ©VHXI]WH+HPSVKDZ 1RFK ZlKUHQG 5LFN ]XU 7U JLQJ JULII HU EHUHLWV ]XP 7HOHIRQ XP GLH JHZQVFKWHQ /LVWHQ DQ]XIRUGHUQ ª:DV PDFKHQ6LH5LFN"© ª,FK KDEH JHVHOOVFKDIWOLFKH 9HUSIOLFKWXQJHQ© JULQVWH GHU MXQJH3ULYDWGHWHNWLYRKQHPHKU]XYHUUDWHQ (V JLQJ +HPSVKDZ VFKOLHOLFK QLFKWV DQ ZHQQ HU GDIU VRUJWH GD VHLQ 3ULYDWOHEHQ QLFKW ZLHGHU XQWHU HLQHP QHXHQ )DOOOLWW )QI 0LQXWHQ VSlWHU QDKP GHU GXQNHOJUQH 0RUJDQ 5LFNV EHUHLWV.XUVDXI-HQQ\$OOHQV.RVPHWLNVDORQ
0U &ODQGRQ EHWUDW VHLQH :RKQXQJ LQ GHU VHLW VHLQHU 6FKHLGXQJ VWl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
$XIMHGHP(WLNHWWSUDQJWHHLQJUHOOOHXFKWHQGHU7RWHQNRSI ª0HLQ*RWW©PXUPHOWHHUHUVFKWWHUW ª'DVUHLFKWDXVXPKDOE/RQGRQXP]XEULQJHQ© (U YHUVWDQG QLFKWV YRQ *LIWHQ GRFK GLH VWXPP JULQVHQGHQ 7RWHQN|SIHDXIGHQ)ODVFKHQVSUDFKHQHLQHHLJHQH6SUDFKH +DVWLJ NODSSWH 0U &ODQGRQ GLH 7U GHU +DXVEDU ZLHGHU ]X XQGZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQ (VOLHILKPHLVNDOWEHUGHQ5FNHQ :LH XP DOOHV LQ GHU :HOW ZDU GLHVHV +|OOHQ]HXJ LQ VHLQH :RKQXQJXQGVHLQHQ%DUVFKUDQNJHODQJW" 6ROOWH HV VLFK YLHOOHLFKW XP HLQHQ PDNDEUHQ 6FKHU] LUJHQG ZHOFKHU %HNDQQWHU KDQGHOQ XQG HQWKLHOWHQ GLH )ODVFKHQ JDU NHLQ*LIW" *DQ]YRUVLFKWLJKROWH&ODQGRQHLQHGHU)ODVFKHQDXVGHU%DU XQG |IIQHWH VLH 'HU lW]HQGH VWHFKHQGH *HUXFK GHU GXQNHO EODXHQ )OVVLJNHLW EHU]HXJWH LKQ UDVFK GD HV VLFK EHVWLPPW QLFKWXPHLQHQ6FKQDSVKDQGHOWH (V ZDU DOVR MHPDQG LQ VHLQHU :RKQXQJ JHZHVHQ 6\VWHPD WLVFKEHJDQQ0U&ODQGRQVHLQH:RKQXQJ]XGXUFKVXFKHQXQG YRUDOOHP)HQVWHUXQG7UHQ]XEHUSUIHQ 1DFK HLQHU KDOEHQ 6WXQGH ZDU HU PLW VHLQHU 8QWHUVXFKXQJ IHUWLJXQGKLHOWYHUZLUUWLQQH 1LHPDQG ZDU JHZDOWVDP HLQJHGUXQJHQ 1LHPDQG EHVD HLQHQ6FKOVVHO(VJDEQXUHLQHHLQ]LJH0|JOLFKNHLW (U VHOEVW KDWWH GDV *LIW EHVFKDIIW XQG KLHU YHUVWHFNW (U NRQQWHVLFKMHGRFKDEVROXWDQQLFKWVHULQQHUQ« )DVVXQJVORVOLHVLFK0U&ODQGRQLQHLQHQ6HVVHOVLQNHQ0LW ]LWWHUQGHQ +lQGHQ ZROOWH HU VLFK HLQH =LJDUHWWH DQVWHFNHQ PXWH MHGRFK GUHLPDO HLQHQ $QODXI QHKPHQ HKH HU GDV )HXHU]HXJDQGLH6SLW]HGHU=LJDUHWWHKDOWHQNRQQWHVRQHUY|V ZDUHU =XP*OFNVWDQGHQQLFKWDOOH:KLVN\IODVFKHQLQGHU%DU(U KlWWHNHLQHQ6FKOXFNQHKPHQN|QQHQ $XV GHU .FKH KROWH HU HLQH XQDQJHEURFKHQH )ODVFKH JR
VLFK HLQHQ NUlIWLJHQ 6FKOXFN HLQ XQG WUDQN GDV *ODV LQ HLQHP =XJOHHU6RIUKDP7DJWUDQNHUVRQVWQLHGRFKMHW]WNRQQWH HUHVGULQJHQGEUDXFKHQ 1DFKGHP HU GLH =LJDUHWWH ]X (QGH JHUDXFKW KDWWH ZDU HU ]X HLQHP (QWVFKOX JHNRPPHQ 'HQ XQKHLPOLFKHQ )XQG ]X YHUWXVFKHQ KDWWH NHLQHQ 6LQQ :HQQ GLH 3ROL]HL IUKHU RGHU VSlWHU GDKLQWHUNDP EHGHXWHWH HV QXU QRFK JU|HUH 6FKZLH ULJNHLWHQIULKQ 2EZRKO HV &ODQGRQ VFKZHUILHO JULII HU QDFK GHP 7HOHIRQ XQGKLHOWGHQ+|UHUDQV2KU (U VFKOXFNWH KHIWLJ GDQQ VWUHFNWH HU GLH +DQG DXV XP GLH 3ROL]HLDQ]XUXIHQ &ODQGRQV $XJHQ QDKPHQ SO|W]OLFK HLQHQ JHLVWHVDEZHVHQGHQ $XVGUXFN DQ 6HLQ *HVLFKW HQWVSDQQWH VLFK VHLQH )LQJHU ZXUGHQVFKODII|IIQHWHQVLFKXQGJDEHQGHQ+|UHUIUHL 2KQHGDHWZDV6LFKWEDUHVGHQ+|UHUEHUKUWKlWWHVFKZHEWH GLHVHU]XUFNDXIGDV7HOHIRQXQGXQWHUEUDFKGLH9HUELQGXQJ 0U &ODQGRQ PHUNWH QLFKWV YRQ DOO GHP (V VDK VR DXV DOV ZROOH HU HLQHQ 9HUVXFK PDFKHQ GRFK QRFK ]X WHOHIRQLHUHQ DEHU GDQQ HUKRE HU VLFK JLQJ PLW VFKOXUIHQGHQ NUDIWORVHQ 6FKULWWHQ]XU+DXVEDUXQGKROWHGLH*LIWIODVFKHQKHUDXV 'DQDFKOHQNWHHUVHLQH6FKULWWHLQGDV6FKODI]LPPHU|IIQHWH HLQHQ DXI GHP 6FKUDQN VWHKHQGHQ .RIIHU YHUVWDXWH GDULQ GLH JHIlKUOLFKHQ )ODVFKHQ XQG VFKRE GHQ .RIIHU ]XUFN DXI GHQ 6FKUDQN ,Q XQYHUlQGHUWHU +DOWXQJ VFKOXUIWH HU LQ GDV :RKQ]LPPHU ]XUFN VFKDOWHWH GHQ )HUQVHKHU HLQ XQG VHW]WH VLFK LQ GHQ EHTXHPHQ 6HVVHO YRQ GHP DXV HU LPPHU VHLQH /LHEOLQJVSUR JUDPPHYHUIROJWH $OV GDV $XWRUHQQHQ EHJDQQ VFKUHFNWH HU KRFK ª:RKO HLQJHVFKODIHQ©PXUPHOWHHUVWHFNWHVLFKHLQH=LJDUHWWHDQXQG YHUIROJWHLQWHUHVVLHUWGDV5HQQHQ $Q GHQ JHIlKUOLFKHQ ,QKDOW GHV .RIIHUV LQ VHLQHP 6FKODI ]LPPHUNRQQWHVLFK0U&ODQGRQQLFKWPHKUHULQQHUQ
(UILHOLKPDXFKQLFKWHLQDOVHUVLFKDXVGHU+DXVEDU HLQHQ :KLVN\KROWH
ª*UHQ 6LH MD QLFKW ZLUG HU DXI DUDELVFK© IDXFKWH &KHILQ VSHNWRU +HPSVKDZ VRIRUW DOV HU GHQ 3ULYDWGHWHNWLY HUNDQQWH GHU ZLH LPPHU RKQH DQ]XNORSIHQ LQ VHLQ %UR VWUPWH ª,FK EULQJH6LHVRQVWDXIGHU6WHOOHXP© ª:HOFK IUHYHOKDIWH :RUWH IU HLQHQ YHUGLHQVWYROOHQ .ULPLQDOLVWHQ©JDE5LFNELVVLJ]XUFN ª6LHVFKHLQHQVLFKEULJHQVQLHDXV,KUHP%URZHJ]XUKUHQ 6RRIW LFK NRPPH ODXHUQ 6LH DXI PLFK KLQWHU ,KUHP 6FKUHLE WLVFK.HQQHWK© ª,FK ZDU ]XP 0LWWDJHVVHQ LQ GHU .DQWLQH© PXUPHOWH +HPSVKDZPLJHODXQW ª8QG LFK LP 3DODGLXP HLQHP H[TXLVLWHQ )HLQVFKPHFNHUOR NDOLQGHPPDQGLHKHUUOLFKVWHQ7UXWKlKQH«© ª+DOWHQ 6LH GHQ 0XQG© VFKULH GHU &KHILQVSHNWRU ORV ª6LH N|QQHQ PLU GHQ OHW]WHQ 1HUY W|WHQ ,FK ELQ HLQ NOHLQHU 6WDDWVEHDPWHU GHU VLFK HKUOLFK VHLQ *HOG YHUGLHQHQ PX )U PLFKUHLFKWGLH.DQWLQHLFKEUDXFKHNHLQ/X[XVUHVWDXUDQW© ª$SURSRV 5HVWDXUDQW© JULQVWH 5LFN QLHGHUWUlFKWLJ ª$XFK -HQQ\KDWHVVHKUJXWJHVFKPHFNW6LHOlW6LHVFK|QJUHQ© 6RIRUWOlFKHOWH+HPSVKDZJHVFKPHLFKHOW ª7DWVlFKOLFK"9LHOHQ'DQN© ª-D©IXKU5LFNPLWQRFKEUHLWHUHP*ULQVHQIRUWª6LHPHLQWH LFKVROOHGHQ%XOOHQJUHQGHULPPHUVRVFKUHLWGDPDQHV LQJDQ]/RQGRQK|UW© +HPSVKDZKROWHWLHI/XIWXQWHUOLHGDVEHDEVLFKWLJWH*HEUOO MHGRFKXQGOLHIQXUURWDQ ª%HKHUUVFKXQJ LVW DOOHV .HQQHWK© VHW]WH 5LFN GHU 8QYHU VFKlPWKHLWGLH.URQHDXI ª'D ZLU VR QHWW EHU 5HVWDXUDQWV SODXGHUQ ZLH VLHKW HV PLW
GHUJHZQVFKWHQ/LVWHDXV"© +HPSVKDZNQDOOWHLKPYLHU%OlWWHUDXIGHQ6FKUHLEWLVFKGLH GHU 3ULYDWGHWHNWLY IOFKWLJ EHUIORJ ª:DV EHGHXWHQ GLH .UHX]H.HQQHWK"© ª'LHVHU 0DQQ HUVFKHLQW DXI ]ZHL /LVWHQ© HUNOlUWH GHU &KHILQVSHNWRU GHU 5LFN QLFKWV QDFKWUXJ ª'LH HUVWH /LVWH XPIDWGLH1DPHQGHU*lVWHGHV5HVWDXUDQWVLQGHP.\QDVWRQ VWDUE 'LH ]ZHLWH /LVWH GDV LVW GDV 3HUVRQDO GHV 5HVWDXUDQWV 'LH GULWWH /LVWH IKUW GLH 7HLOQHKPHU GHV GLSORPDWLVFKHQ (PSIDQJVDXIGLHYLHUWHXPIDWGDV3HUVRQDOGHV(PSIDQJV© ª9HUVWHKH© QLFNWH 5LFN ª'HPQDFK VWHKW QXU HLQ 1DPH DXI ]ZHL/LVWHQ-RKQ+DUWKDP© ª+DUWKDP LVW .HOOQHU XQG EHGLHQWH GHQ $EJHRUGQHWHQ .\QDVWRQNXU]YRUGHVVHQ7RG©VDJWHGHU&KHILQVSHNWRUª)U GHQ(PSIDQJOLHGDV)RUHLJQ2IILFH3HUVRQDODXVYHUVFKLHGH QHQ /RQGRQHU /X[XVUHVWDXUDQWV DQZHUEHQ HUVWNODVVLJH )DFKNUlIWH-RKQ+DUWKDPJHK|UWHGD]X(ULVWGLHHLQ]LJH6SXU GLHZLUKDEHQ© ª(LQH PDJHUH 6SXU DEHU LPPHUKLQ HLQH© PXWH 5LFN ]XJHVWHKHQª+DEHQ6LHVLFKVFKRQXP+DUWKDPJHNPPHUW"© ª(V ZDU QRFK QLHPDQG EHL LKP ZHQQ 6LH GDV PHLQHQ© +HPSVKDZ PDFKWH VLFK JDU QLFKW GLH 0KH LQ VHLQHQ 8QWHUODJHQ QDFK]XVFKDXHQ ª'HU 0DQQ LVW HLQ DEVROXW XQEHVFKULHEHQHV %ODWW XQG JHQLHW LQ GHU %UDQFKH HLQHQ GHQNEDU JXWHQ 5XI ,FK NDQQ PLU QLFKW YRUVWHOOHQ GD HU ]XP *LIWP|UGHUJHZRUGHQLVW© ª9LHOOHLFKWZLUGHUHUSUHWYLHOOHLFKWLVWHUHLQKHUYRUUDJHQG JHWDUQWHU $JHQW© 5LFN 0DVWHUV QRWLHUWH VLFK GLH $GUHVVH LQ HLQHU HLQIDFKHQ :RKQJHJHQG ª,FK EUDXFKH ,KQHQ QLFKW DOOH 0|JOLFKNHLWHQ DXI]lKOHQ GLH IU GLHVHQ +DUWKDP SDVVHQ RGHU"© ª8P+LPPHOVZLOOHQQHLQ©VW|KQWH+HPSVKDZLQJHVSLHOWHU 9HU]ZHLIOXQJªhEHUQHKPHQ6LHLKQ"© ª'DPLW6FRWODQG
GD]XKHUDEODVVHQ©WDW5LFN0DVWHUVJUR]JLJXQGPDFKWHVLFK DXIGHQ:HJ1RFKGUDXHQDXIGHP)OXUK|UWHHUGLHZWHQGH 6WLPPHYRQ&KHILQVSHNWRU+HPSVKDZGHULKPGLH3HVWDQGHQ +DOVZQVFKWH 'HU :XQVFK JLQJ EHLQDKH LQ (UIOOXQJ DXFK ZHQQ HV QLFKW GLH3HVWZDU'RFKYLHOKDUPORVHUVROOWHHVDXFKQLFKWZHUGHQ :lKUHQG GHU JHVDPWHQ hEHUWUDJXQJ GHV $XWRUHQQHQV ZDU 0U &ODQGRQ YROO EHL GHU 6DFKH IKOWH VLFK JDQ] QRUPDO XQG ZXWHJHQDXZDVHUWDW'DQDFKVROOWHHLQ6SLHOILOPNRPPHQ GHULKQQLFKWLQWHUHVVLHUWH*lKQHQGVWDQGHUDXIXQGZROOWHGHQ )HUQVHKHU DEVFKDOWHQ GRFK DXI KDOEHP :HJ ]ZLVFKHQ VHLQHP 6HVVHOXQGGHP*HUlWEOLHEHUZLHIHVWJHQDJHOWVWHKHQ ,KPZDUDOVKDEHLKQHLQH+DQGDP$UPEHUKUWHLQHHLVLJ NDOWH+DQGGRFKHVZDUQLFKWVXQGQLHPDQG]XVHKHQ 'LH )HQVWHU VHLQHU :RKQXQJ ZDUHQ JHVFKORVVHQ VR GD LKQ DXFKNHLQNKOHU/XIWKDXFKKDWWHWUHIIHQN|QQHQ .RSIVFKWWHOQG JLQJ &ODQGRQ ]XP )HUQVHKHU XQG VFKDOWHWH DE ,FK ELQ ZDKUVFKHLQOLFK EHUDUEHLWHW GDFKWH HU 9LHOOHLFKW NRQQWHHUDXHUGHU5HLKHHLQHQNXU]HQ8UODXEHUKDOWHQ*OHLFK DPQlFKVWHQ7DJZROOWHHUPLWVHLQHP&KHIGDUEHUVSUHFKHQ (UVWHXHUWH ZLHGHU GHQ 6HVVHO DQ XP =HLWXQJ ]X OHVHQ JLQJ MHGRFK DQ GHP 0|EHOVWFN YRUEHL XQG EHWUDW VHLQ 6FKODI]LP PHU 6HLQH %HZHJXQJHQ KDWWHQ ZLHGHU MHQHV 3XSSHQKDIWH 6WHLIH DQJHQRPPHQ DOV ZUGH HU YRQ HLQHU ULHVLJHQ +DQG JHOHLWHW XQG JHOHQNW 6HLQH $XJHQ EOLFNWHQ VWXPSI XQG DXVGUXFNVORV LQV /HHUH ZlKUHQG HU GHQ .RIIHU YRP 6FKUDQN KROWH|IIQHWHXQGGLH)ODVFKHQKHUDXVQDKPGLHHUKLHUYRUVLFK VHOEVWYHUERUJHQKDWWH 0LW GHQ *HIlHQ XQWHU GHP $UP JLQJ &ODQGRQ LQ VHLQ %DGH]LPPHU VWHOOWH GLH )ODVFKHQ QHEHQHLQDQGHU DXI XQG JULII ]XHLQHU6FKDOHLQGHUHUVRQVW5DVLHUVFKDXPVFKOXJ 'UHL 7URSIHQ :DVVHU ZDUHQ LQ GHU 6FKDOH (U ZLVFKWH VLH KHUDXV GDQQ EHJDQQ HU GLH HLQ]HOQHQ KRFKJLIWLJHQ )OV VLJNHLWHQ]XPLVFKHQ
(U NDQQWH NHLQ HLQ]LJHV 5H]HSW XQG GRFK JLQJ HU VR VDFKNXQGLJPLWGHQJHIlKUOLFKHQ)OVVLJNHLWHQXPDOVKDEHHU VHLQJDQ]HV/HEHQODQJQLFKWVDQGHUHVJHWDQ 1DFK HLQHU KDOEHQ 6WXQGH KDWWH HU VHLQ XQKHLPOLFKHV :HUN YROOHQGHW ,Q GHU 6FKDOH YHUEUHLWHWH HLQH GXQNOH )OVVLJNHLW HLQHQhEHONHLWHUUHJHQGHQ*HUXFK&ODQGRQVW|UWHHVQLFKW(U KROWH DXV HLQHP )OlVFKFKHQ GDV HU ELVKHU QRFK QLFKW EHQXW]W KDWWH HLQLJH 7URSIHQ KHUDXV XQG OLH VLH ]XVlW]OLFK LQ GLH 6FKDOHIDOOHQ 'LH )OVVLJNHLW EHJDQQ ]X EURGHOQ XQG ]X ZDOOHQ &ODQGRQ |IIQHWHGDV)HQVWHUVFKOXUIWHLQVHLQ:RKQ]LPPHU]XUFNXQG OLHVLFKLQHLQHQ6HVVHOIDOOHQ 9RQ LKP XQEHREDFKWHW VXUUWH HLQH GLFNH )OLHJH LQV %DG VHW]WH VLFK DXI GHQ 5DQG GHU 6FKDOH XQG QDVFKWH YRQ GHU )OVVLJNHLW6LHKDWWHNDXPLKUHQ6DXJUVVHOLQ %HUKUXQJPLW GHU 2EHUIOlFKH GHV *LIWV JHEUDFKW DOV VLH ZLH YRP %OLW] JHWURIIHQWRWXPILHO &ODQGRQNHKUWHQDFKHLQHUKDOEHQ6WXQGHLQGDV%DGH]LPPHU ]XUFN 'LH )OVVLJNHLW KDWWH VLFK GXUFK GHQ OHW]WHQ =XVDW] LQ IHLQH.ULVWDOOHYHUZDQGHOW 9RUVLFKWLJ KRE GHU 0DQQ HLQHQ GHU JU|HUHQ .ULVWDOOH ]ZLVFKHQ]ZHL)LQJHUQKRFKXQGKLHOWLKQJHJHQGDV/LFKW(U YHUEUHLWHWH HLQHQ WLHIEODXHQ 6FKLPPHU XQG IXQNHOWH ZLH HLQ KHUUOLFKHU6DSKLU (V ZDU MHGRFK NHLQ (GHOVWHLQ VRQGHUQ GHU 7RG LQ HLQHU EHVRQGHUVJUlOLFKHQ)RUP &ODQGRQ OLH GLH .ULVWDOOH LQ HLQH OHHUH )ODVFKH IDOOHQ 1XU GHQ HLQHQ .ULVWDOO EDUJ HU LQ HLQHU 3KLROH GLH LQ VHLQHU +HPGWDVFKHYHUVFKZDQG 6RUJIlOWLJEHVHLWLJWHHUDOOH6SXUHQGLHDXIVHLQHPHUNZUGL JH7lWLJNHLWKLQZLHVHQ 'LH3KLROHLQVHLQHU%UXVWWDVFKHZDUVRNOHLQGDHUVLH JDU QLFKWVSUWH $OV HU ZHQLJH 0LQXWHQ VSlWHU ]X VLFK NDP XQG ZLHGHU +HUU
EHU VHLQH 6LQQH ZDU HULQQHUWH LKQ QLFKWV PHKU GDUDQ ZLH HU GLH OHW]WH 6WXQGH YHUEUDFKW KDWWH (U EOLFNWH QXU HUVWDXQW DXI GLH8KUXQGPXUPHOWHª6FKRQZLHGHUHLQJHQLFNW"© 0U &ODQGRQ VFKRE GLHVH *HGlFKWQLVOFNHQ DXI VHLQH 0GLJNHLWVHLQHhEHUDUEHLWXQJ +lWWH HU GLH ZDKUHQ =XVDPPHQKlQJH GXUFKVFKDXW KlWWH HU YRU*UDXHQDQVHLQHP9HUVWDQGJH]ZHLIHOW
5LFN 0DVWHUV ZDU HUOHLFKWHUW GDUEHU GD ELVKHU QRFK QLHPDQG EHL -RKQ +DUWKDP JHZHVHQ ZDU 1LFKW GD HU GHQ /HXWHQ YRQ 6FRWODQG
YRU]RJ GRFK HU NDQQWH *HJHQGHQ ZLH GLHVH +LHU ZRKQWHQ DQVWlQGLJH /HXWH XQWHU GHQHQ QLHPDQG GHU EHL HLQLJHUPDHQ NODUHP9HUVWDQGZDUHLQHQ0|UGHURGHU6SLRQYHUPXWHWKlWWH 9LHOOHLFKWZDU+DUWKDPJHUDGHGHVKDOEYHUGlFKWLJ« $XI 5LFNV .OLQJHOQ |IIQHWH HLQH )UDX LQ GHQ 9LHU]LJHUQ PLW HLQHP V\PSDWKLVFKHQ *HVLFKW EHU GHP HLQ 6FKOHLHU YRQ 6RUJHQ ODJ ª6LH ZQVFKHQ"© IUDJWH VLH OHLVH ª:LU NDXIHQ QLFKWV«© ª,FK ELQ NHLQ 9HUWUHWHU© XQWHUEUDFK 5LFN VLH VFKQHOO ª6LQG 6LH0UV+DUWKDP"0HLQ1DPHLVW5LFN0DVWHUV© ª-D LFK ELQ (OLVD +DUWKDP© QLFNWH GLH )UDX ª6LH ZQ VFKHQ"©ZLHGHUKROWHVLHLKUH)UDJH ª-D GDV LVW VR© VWRWWHUWH GHU 3ULYDWGHWHNWLY KHUXP ZHLO HU YHUJHVVHQ KDWWH VLFK UHFKW]HLWLJ HLQH KDUPORVH $XVUHGH HLQIDOOHQ]XODVVHQ ª(V JHKW XP GDV )HVWEDQNHWW GHV )RUHLJQ 2IILFH© ZLFK HU HLQHUGLUHNWHQ%HDQWZRUWXQJLKUHU)UDJHDXV 0UV +DUWKDP ZXUGH EOD 5LFN UHJLVWULHUWH HV RKQH HWZDV GD]X ]X VDJHQ ,KUH $XJHQ IODFNHUWHQ XQUXKLJ QHUY|V ZLVFKWH VLHLKUH+lQGHDQGHU6FKU]HDE ª0HLQ0DQQVFKOlIWZLVVHQ6LH0U0DVWHUV©IOVWHUWHVLH ª(V LVW PLU VR XQDQJHQHKP )HVWEDQNHWW VDJWHQ 6LH"© 9RU $XIUHJXQJNRQQWHVLHGDV:RUWNDXPDXVVSUHFKHQ ª:HULVWGHQQGD(OLVD"©HUNODQJYRQGULQQHQHLQH0lQQHU VWLPPH ª'D ,KU 0DQQ DXIJHZDFKW LVW GDUI LFK ZRKO© EHUUXPSHOWH 5LFN0UV+DUWKDPXQGWUDWUDVFKHLQ 9HUEOIIWEOLHEHUVWHKHQ -RKQ+DUWKDPZDUJURXQGKDJHUPLWVFKWWHUHQ+DDUHQXQG GHPYHUNQLIIHQHQ*HVLFKWGHV0DJHQNUDQNHQ(VZDULQNHLQHU :HLVHHWZDV%HPHUNHQVZHUWHVDQLKP ² DEJHVHKHQ YRQ GHP VFKQHHZHLHQ*LSVYHUEDQGDQVHLQHPUHFKWHQ%HLQ ª-D6LHZQVFKHQ"©IUDJWH-RKQ+DUWKDPQLFKWXQIUHXQGOLFK REZRKO 5LFN LKP GHXWOLFK DQPHUNWH ZLH VHKU HU EHU GDV
(LQGULQJHQHLQHV)UHPGHQVWDXQWH ª0DVWHUV© VWHOOWH VLFK GHU 3ULYDWGHWHNWLY YHUOHJHQ YRU ª,FK NRPPHZHJHQGHV«© ª:HJHQ GHV )HVWEDQNHWWV GHV )RUHLJQ 2IILFH© ULHI 0UV +DUWKDP GLH JOHLFK KLQWHU 5LFN LQV :RKQ]LPPHU JHNRPPHQ ZDU ª0HLQ*RWW6LHN|QQHQPHLQHP0DQQGRFKNHLQH9RUZUIH PDFKHQ© ª'DVYHUVWHKHLFKQLFKWJDQ]©PXUPHOWH5LFNYHUZLUUW ª,FK ZHL GD LFK PLFK ]X VSlW EHLP 9HUDQVWDOWHU GHV %DQNHWWV HQWVFKXOGLJW KDEH© HUJULII -RKQ +DUWKDP GDV :RUW ª$EHU LFK ZXUGH VR ODQJH LP .UDQNHQKDXV IHVWJHKDOWHQ ,FK ZDU VFKRQ DXI GHP :HJ ]XP )RUHLJQ 2IILFH DOV GDV KLHU SDVVLHUWH© (U GHXWHWH DXI VHLQ %HLQ ª,FK NLSSWH DQ GHU EHUVWHKHQGHQ .DQWH HLQHV .DQDOGHFNHOV XP 'DV ZDU JHQDX DXI GHP 7UDIDOJDU 6TXDUH (LQ .UDQNHQZDJHQ EUDFKWH PLFK DXI GLH 8QIDOOVWDWLRQ,FKVDJWHGHPEHKDQGHOQGHQ$U]WLPPHUZLHGHU GD LFK GDV )RUHLJQ 2IILFH YHUVWlQGLJHQ PVVH ZHLO LFK GRUW ]X DUEHLWHQ KlWWH DEHU HU PHLQWH PHLQH *HVXQGKHLW VHL ZLFKWLJHUDOVGLH$UEHLW(UVWDOVPDQPLFKZLHGHUQDFK+DXVH JHEUDFKWKDWWHNRQQWHLFKWHOHIRQLHUHQ© 5LFN PXVWHUWH GHQ .HOOQHU XQG VHLQ *LSVEHLQ PLW VHKU JHPLVFKWHQ *HIKOHQ (LQHUVHLWV WDW LKP GHU 0DQQ OHLG DQGH UHUVHLWV ZDU VRHEHQ 5LFNV HLQ]LJHU $QKDOWVSXQNW LQ GLHVHP JHKHLPQLVYROOHQ0RUGIDOO]HUIORVVHQXQGKDWWHVLFKDXIJHO|VW ª1XQ GDQQ KDQGHOW HV VLFK ZRKO XP HLQHQ ,UUWXP© HUNOlUWH GHU 3ULYDWGHWHNWLY ª(LQ *LSVEHLQ HQWVFKXOGLJW QDWUOLFK DOOHV ,FK JODXEH PDQ KDW VLFK DXFK PHKU 6RUJHQ XP 6LH JHPDFKW DOV GD HV HLQ 9RUZXUI VHLQ VROOWH GD PDQ PLFK ]X ,KQHQ VFKLFNWH *XWH %HVVHUXQJ 0U +DUWKDP $XI :LHGHUVHKHQ 0UV+DUWKDP© 5LFNEHHLOWHVLFKGDV+DXV]XYHUODVVHQ 'HQ EHLGHQ ZDU HV GHXWOLFKDQ]XVHKHQZLHHUOHLFKWHUWVLHGDUEHUZDUHQGD0U
+DUWKDP NHLQH 6FKZLHULJNHLWHQ GDUDXV HQWVWDQGHQ GD HU GLH 9HUSIOLFKWXQJ EHLP 'LSORPDWHQHPSIDQJ QLFKW HLQJHKDOWHQ KDWWH ª)HKODQ]HLJH© PHOGHWH 5LFN HLQH 6WXQGH VSlWHU GHP &KHILQVSHNWRU ª1DWUOLFK PVVHQ 6LH QRFK EHUSUIHQ RE +DUWKDPV$QJDEHQVWLPPHQGRFKGDVZLUGQLFKWVFKZHUVHLQ© (LQHKDOEH6WXQGHQDFK5LFNV(LQWUHIIHQNDPGLH%HVWlWLJXQJ EHU7HOHIRQ ª$OOHVNODU©QLFNWH+HPSVKDZQDFKGHP HU DXIJHOHJW KDWWH ª+DUWKDPKDWWHVFKRQDPIUKHQ9RUPLWWDJGHQ8QIDOOZXUGH ELVQDFKPLWWDJVXP]ZHL8KUEHKDQGHOWXQGWUDIJHJHQGUHL8KU LQ VHLQHP +DXV HLQ ,FK KDEH DXFK PLW GHP $U]W JHVSURFKHQ GHU GHQ %UXFK HLQULFKWHWH (U EHVWlWLJWH PLU GD +DUWKDP XQP|JOLFK JHKHQ NRQQWH (U KlWWH YRU 6FKPHU]HQ EUOOHQ PVVHQ© ª'DPLW VFKHLGHW XQVHU +DXSWYHUGlFKWLJHU DXV© VHXI]WH 5LFN 0DVWHUVª+DXSWYHUGlFKWLJHUZHLOZLUNHLQHQDQGHUHQKDEHQ© ª:DV MHW]W"© +HPSVKDZ EOLFNWH GHQ 3ULYDWGHWHNWLY HUZDU WXQJVYROO DQ DOV PVVH 5LFN HLQH 3DWHQWO|VXQJ LQ GHU -DFNHQWDVFKHEHUHLWKDOWHQ ª,FK ZHL HV DXFK QLFKW© VHXI]WH 5LFN ª9LHOOHLFKW EULQJW PLFKHLQ*HVSUlFKPLW'U6WHUOLQJZHLWHU© (U VXFKWH GHQ 3ROL]HLDU]W LQ VHLQHP /DERU DXI OLH VLFK DXVIKUOLFK EHU GLH IUFKWHUOLFKH :LUNXQJ GHV XQEHNDQQWHQ *LIWV EHULFKWHQ XQG EHVSUDFK PLW 6WHUOLQJ GHQ )DOO YRQ DOOHQ 6HLWHQ GXUFK 'HU $U]W ]HLJH VWHWV QLFKW QXU IU GLH PHGL]LQL VFKH 6HLWH HLQHV 9HUEUHFKHQV ,QWHUHVVH VRQGHUQ DXFK IU GLH NULPLQDOLVWLVFKH 1LFKW VHOWHQ ZDUHQ GLH EHVWHQ ,GHHQ YRQ LKP JHNRPPHQ ª'LHVPDO PX LFK 6LH OHLGHU HQWWlXVFKHQ 5LFN© PHLQWH 'U 6WHUOLQJ PLW HLQHP EHGDXHUQGHQ $FKVHO]XFNHQ ª,FK ELQ HEHQIDOOVPLWPHLQHU:HLVKHLWDP(QGH'HUHLQ]LJHQW]OLFKH 7LSGHQLFK,KQHQJHEHQNDQQEH]LHKWVLFKDXI ,KUHKHOOJHOEH /HGHUMDFNH©
ª0HLQH/HGHUMDFNH"©HFKRWH5LFNYHUEOIIWª:DVKDWVLHPLW GHP)DOO]XWXQ"© ª1LFKWV© HUZLGHUWH'U6WHUOLQJXQGEOLQ]HOWHGHP3ULYDWGH WHNWLYGXUFKVHLQHGLFNHQ%ULOOHQJOlVHU]Xª$EHUZHQQ6LHVLFK HLQHQ)OHFNLQGLH-DFNHPDFKHQGDQQNRPPHQ6LH]XPLU,FK NHQQH GD HLQ NOHLQHV :XQGHUUH]HSW ZLH LFK GHQ )OHFN ZLHGHU HQWIHUQHQNDQQ© ª9LHOHQ'DQN'RNWRU©QLFNWH5LFN]HUVWUHXWXQGVFKDXWHDXI VHLQH 8KU ª9RU HLQLJHQ 7DJHQ ZlUH RKQHGLHV EHLQDKH HLQ 8QJOFNPLWGHU-DFNHSDVVLHUW,FKKlWWHPLUIDVW%LHUEHUGHQ bUPHOJHVFKWWHW'DVLVWEULJHQVHLQHVHKUPHUNZUGLJHIDVW HLQHXQKHLPOLFKH*HVFKLFKWH© ª3KDQWDVWLVFK©ULHIGHUDOWH3ROL]HLDU]Wª,FKOLHEHXQKHLPOL FKH*HVFKLFKWHQ5LFN)DQJHQ6LHDQ© 'RFK5LFN0DVWHUVZLQNWHDE ª(LQDQGHUPDO'RNWRU,FKKDEHHLQH9HUDEUHGXQJ© ª$KD PLW -HQQ\© QLFNWH 'U 6WHUOLQJ ª6R JXW ZLH ,KQHQ VROOWHHVPLUDXFKHLQPDOJHKHQ© (UKlWWH5LFN0DVWHUVEHVWLPPWQLFKWEHQHLGHWKlWWHHUHLQHQ %OLFNLQGLH=XNXQIWWXQN|QQHQ
'DHUHVQLFKWOLHEWHVLFKEHLHLQHU9HUDEUHGXQJDE]XKHW]HQ PDFKWHVLFK5LFN0DVWHUVUHFKW]HLWLJDXIGHQ:HJ]X-HQQ\(U VROOWH VLH LQ LKUHP .RVPHWLNVDORQ DEKROHQ 'DQQ ZROOWHQ VLH GHQ$EHQGJHPHLQVDPYHUEULQJHQ 5LFNZDUIHLQHQ%OLFN DXIGLH8KULP$UPDWXUHQEUHWWVHLQHV 0RUJDQV (V JLQJ DXI YLHU =HLW JHQXJ 6FKRQ ERJ HU LQ GLH 6WUDHLQGHU-HQQ\$OOHQV.RVPHWLNVDORQODJDOVHVJHVFKDK (U IXKU LQ PlLJHP 7HPSR GXUFK GLH JHUDGH YHUODXIHQGH 6WUDHDOVGDV%LOGSO|W]OLFKZLHZHJJHZLVFKWZDU (UVDKQLFKWPHKUGLHYRUDQIDKUHQGHQ$XWRVGLH)XJlQJHU GLH+lXVHU'LH6WUDHZDUIULKQYHUVFKZXQGHQ
6WDWW GHVVHQ XPJDE LKQ GDV GlPPULJH /LFKW HLQHV WUEHQ +HUEVWPRUJHQV*UDXHKRKH0DXHUQLQGLHYHUJLWWHUWH)HQVWHU HLQJHODVVHQZDUHQJUHQ]WHQVHLQHQ%OLFNHLQ 9RUVLFKVDK5LFNHLQHQ0DQQVWHKHQGHUEHLVHLQHP$QEOLFN DXIVFKULHXQGUFNOLQJVLQGLH7LHIHILHO 1HEHQ LKP VWDQG HLQ DQGHUHU 0DQQ HLQH VFKZDU]H .DSX]H EHUGHQ.RSIJH]RJHQGLH+lQGHDXIGHQ5FNHQJHIHVVHOW hEHUVHLQHP.RSIVFKZHEWHHLQH+HQNHUVVFKOLQJH *UHOOH 6FKUHLH ULVVHQ 5LFN 0DVWHUV LQ GLH :LUNOLFKNHLW ]XUFN0LWHLQHP6FKODJZDUGLH6WUDHZLHGHU]XVHKHQGLH $XWRVXQGGLH)XJlQJHU (LQ .LQG OLHI XQDFKWVDP EHU GLH 6WUDH WDXFKWH GLUHNW YRU GHUODQJJHVWUHFNWHQ.KOHUKDXEHYRQ5LFNV0RUJDQDXI 0LW DOOHU .UDIW VWLHJ GHU 3ULYDWGHWHNWLY DXI GLH %UHPVH .UHLVFKHQGXQGVFKOHXGHUQGNDPVHLQ:DJHQ]XP6WHKHQ 1XUZHQLJH=ROOKDWWHQJHIHKOWGDQQZlUHGHU-XQJHYRQGHU 6WRVWDQJHHUIDWZRUGHQ :HLQHQGIOFKWHWHHU]XUFNDXIGHQ%UJHUVWHLJYRQGHPHU KHUXQWHUJHODXIHQZDUXPHLQHQ%DOO]XIDQJHQ 5LFN EOLFNWH LQ GLH VFKUHFNHQVEOHLFKHQ *HVLFKWHU GHU (OWHUQ XQG GHV -XQJHQ 2KQH HLQ :RUW ]X VDJHQ QDKPHQ GLH /HXWH LKUHQ6RKQDQGHQ+lQGHQXQGYHUVFKZDQGHQPLWLKPXPGLH QlFKVWH +lXVHUHFNH 6LH KDWWHQ RIIHQEDU HLQ VFKOHFKWHV *HZLVVHQ ZHLO VLH QLFKW RUGHQWOLFK DXI LKU .LQG DXIJHSDW KDWWHQ 'RFK DXFK LQ 5LFN 0DVWHUV QDJWH HLQH LQQHUH 6WLPPH GLH LKP LPPHU ZLHGHU YRUVDJWH GD QLFKW YLHO ]X HLQHP IROJHQ VFKZHUHQ 8QIDOO JHIHKOW KlWWH 8QG GDUDQ ZDU QXU GLHVHV VHOWVDPH%LOGVFKXOGGDVHUVFKRQHLQPDOJHVHKHQKDWWH :DV VROOWH HV EHGHXWHQ GD HU QXQ VFKRQ ]XP ]ZHLWHQPDO GLHVH+LQULFKWXQJVV]HQHHUOHEWH" :LHVRVDKHUHLQHQ]XP7RGH9HUXUWHLOWHQXQWHUGHP*DOJHQ VWHKHQ GLH 6FKOLQJH EHUHLWV EHU GHP +DXSW" :HU ZDU GHU 0DQQGHUVFKUHLHQGYRP3RGLXPKHUXQWHUILHO"'HU+HQNHU"
:HQQ HV VLFK XP HLQH $UW YRQ :DFKWUDXP KDQGHOWH ZLHVR NRQQWHGLHVHU0DQQGDQQEHU5LFNV$XIWDXFKHQHUVFKUHFNHQ" 'HXWOLFK IKOWH GHU 3ULYDWGHWHNWLY GD PHKU KLQWHU GLHVHU PHUNZUGLJHQ$QZDQGOXQJVWHFNHQPXWHGRFKHUIDQGNHLQH =HLWOlQJHUGDUEHUQDFK]XJUEHOQ ª+DW HV GLU GLH (UQWH YHUKDJHOW"© K|UWH HU QHEHQ VLFK GLH IULVFKH6WLPPH-HQQ\$OOHQV ,KUOlFKHOQGHV*HVLFKWZXUGHUDVFKHUQVWDOVVLHLKQJHQDXHU EHWUDFKWHWHª5LFN(VLVWGRFKQLFKWVJHVFKHKHQRGHU"© ª.RPP VWHLJ HLQ© VDJWH HU WRQORV ª,FK PX GLU HWZDV HU]lKOHQ© 6LHIXKUHQQLFKWZHLW5LFNKLHOWYRUHLQHU7HHVWXEHXQGEHL HLQHU 7DVVH GHV EULWLVFKHQ 1DWLRQDOJHWUlQNV HU]lKOWH HU -HQQ\ ZLHHVNXU]YRULKUHP(LQWUHIIHQEHLQDKH]XHLQHU.DWDVWURSKH JHNRPPHQZlUH$OV5LFNVFKZLHJVDVLHODQJHQDFKGHQNOLFK QHEHQLKP ª'X VROOWHVW ]X HLQHP $U]W JHKHQ 5LFN© VDJWH VLH HQGOLFK ª,UJHQGZLH PX VLFK GLHVH +LQULFKWXQJVV]HQH LQ GHLQHP *HGlFKWQLV IHVWJHVHW]W KDEHQ (V NRPPW RIW YRU GD MHPDQG LPPHU ZLHGHU DQ HWZDV %HVWLPPWHV GHQNW DEHU HV LVW VHKU VHOWHQGDHUGDEHLDOOHVXPVLFKKHUXPYHUJLW© ª'X PHLQVW LFK VROO PLFK YRQ HLQHP 3V\FKRORJHQ XQWHUVX FKHQ ODVVHQ"© 5LFN YHU]RJ GDV *HVLFKW (V ZDU LKP GHXWOLFK DQ]XPHUNHQGDLKPGLH9RUVWHOOXQJQLFKWEHKDJWH ª,FK VHKH NHLQH DQGHUH 0|JOLFKNHLW© EHKDUUWH -HQQ\ $OOHQ DXI LKUHU 0HLQXQJ ª'LHVH HLQJHELOGHWHQ 6]HQHQ VLQG EHL GLU EHUHLWV VR VWDUN GD GX QLFKW PHKU +HUU EHU GLFK VHOEVW ELVW 'XPXWHWZDVGDJHJHQXQWHUQHKPHQHKHHV]XVSlWLVW© 5LFNNDXWHZWHQGDQVHLQHU8QWHUOLSSH(VILHOLKPVFKZHU HLQH(QWVFKHLGXQJ]XWUHIIHQ ª$OVR JXW© QLFNWH HU HQGOLFK ª,FK ZHUGH PLU YRQ 'U 6WHUOLQJ HLQHQ JXWHQ 3V\FKRORJHQ XQG *HKLUQNOHPSQHU HPS IHKOHQODVVHQ© ª(VZLUGVFKRQZLHGHULQ2UGQXQJNRPPHQ©OlFKHOWH-HQQ\
DXIPXQWHUQGXQGOHJWHLKUH+DQGDXIGHQbUPHOVHLQHUJHOEHQ /HGHUMDFNH ª+RIIHQZLUHV©PXUPHOWH5LFN :HQQ HU GDUDQ GDFKWH ZDV LKP QRFK DOOHV EHYRUVWDQG EHUILHOLKQHLQOHLFKWHV)U|VWHOQ
(U ZDU VLFK GHVVHQ EHZXW GD HU DQ GLHVHP $EHQG GDV JU|WH5LVLNRHLQJLQJ &ODQGRQ EOLFNWH VLFK YRUVLFKWLJ LQ GHU LQWLPHQ %DU PLW GHU WHXUHQ(LQULFKWXQJXP $QVWHOOH GHU .HOOQHU VHUYLHUWHQ OHLFKWEHNOHLGHWH DEHU QRFK LPPHU VHKU GH]HQW ZLUNHQGH 0lGFKHQ GLH 'ULQNV YRQ GHQHQ MHGHUVRYLHONRVWHWHZLHHLQQRUPDOHV0LWWDJHVVHQ9RQVHLQHP EHVFKHLGHQHQ *HKDOW NRQQWH VLFK &ODQGRQ QLHPDOV HLQHQ %HVXFKLQHLQHUVROFKHQ%DUHUODXEHQ 'DVKLHUDEHUZDUHWZDVDQGHUHV(LQHLQQHUH6WLPPH]ZDQJ LKQGD]XVLFKXQWHUGLH*lVWH]XPLVFKHQXQGZLHHLQH6SLQQH LP1HW]DXIVHLQ2SIHU]XODXHUQ 1RFK ZXWH HU QLFKW JHQDX ZHU LKP GLHVPDO LQ GLH +lQGH IDOOHQZUGHGRFKZLHEHLGHQlQGHUQEHLGHQ0DOHQNRQQWHHU VLFK DXI GLH (LQJHEXQJ YHUODVVHQ GLH VHLQH +DQG OHQNHQ ZUGHGDPLWVLHHLQHP0DQQGHQ7RGEUDFKWH 6RHEHQEHWUDWHQQHXH*lVWHGLH%DU(VZDUHQHLQLJH+HUUHQ LQ GXQNOHQ $Q]JHQ XQG 'DPHQ LQ ODQJHQ $EHQGNOHLGHUQ PLW NRVWEDUHP 6FKPXFN &ODQGRQ EHUVFKOXJ LP .RSI ZLH YLHOH -DKUHHUDOOHLQIUGDV'LDPDQWHQGLDGHPKlWWHDUEHLWHQPVVHQ GDVGLHMQJVWHGHU)UDXHQLP+DDUWUXJ (V ZDU QLFKW 1HLG GHU &ODQGRQ ]X VHLQHP 0RUG WULHE VRQGHUQHLQLQQHUHU %HIHKO(UZDUQLFKWPHKU +HUU EHU VLFK DOV HU VHLQH +DQG XQWHU GDV -DFNHWW JOHLWHQ XQG LQ GLH %UXVWWDVFKH VHLQHV +HPGHV WDXFKHQ OLH *DQ] UXKLJ ZDUHQ VHLQH )LQJHU VLH ]LWWHUWHQ QLFKW DOV VLH VLFK XP GLH ZLQ]LJH
3KLROHVFKO|VVHQGLHGHQ7RGLQVLFKEDUJ &ODQGRQKDWWHVHLQ2SIHUHUEOLFNW (V ZDU HLQ ZHLKDDULJHU XQJHIlKU IQI]LJMlKULJHU 0DQQ GHVVHQIULVFKHVVWUDIIHV*HVLFKWLQHLQHPNUDVVHQ*HJHQVDW]]X VHLQHU+DDUIDUEHVWDQG 6HLQJDQ]HV$XIWUHWHQYHUULHWGHQ:HOWPDQQ &ODQGRQ NDQQWH GLHVHQ :HLKDDULJHQ YRQ ]DKOUHLFKHQ :DKOUHGHQKHU(UVWYRUZHQLJHQ0RQDWHQKDWWHHUVLFKDXVGHU DNWLYHQ 3ROLWLN ]XUFNJH]RJHQ ZHVKDOE HU DXFK NHLQH /HLEZDFKHLQVHLQHU1lKHKDWWH'LHVPDOZUGHHVIU&ODQGRQ QRFKOHLFKWHUVHLQVHLQH7DWDXV]XIKUHQDOVHVELVKHUGHU)DOO JHZHVHQZDU (V JDE NHLQH JHIlKUOLFKHQ =HXJHQ GLH GLHVH ZLQ]LJH +DQGEHZHJXQJEHREDFKWHQNRQQWHQGXUFKGLHHUGHQ7RGYHU DEIROJWH 'LH 3KLROH JOLWW ]ZLVFKHQ VHLQH )LQJHU /DXWORV HQWIHUQWH &ODQGRQGHQ9HUVFKOX'HU.ULVWDOOODJIUHL $OV HLQ /LFKWVWUDKO DXI VHLQH 2EHUIOlFKH WUDI IXQNHOWH GHU ZLQ]LJH6WHLQZLHHLQKHUUOLFKHU6DSKLUDXI 1LHPDQGVDKHV =ZHLGHU6HUYLHUPlGFKHQEUDFKWHQGLH*HWUlQNHDQGHQ7LVFK GHV :HLKDDULJHQ 'LH XP LKQ YHUVDPPHOWHQ /HXWH ZDUHQ EOHQGHQGHU/DXQH6LHSURVWHWHQHLQDQGHU]XXQGDFKWHWHQQLFKW DXIGHQ0DQQGHUKLQWHUGHP:HLKDDULJHQYRUEHLJLQJ 'LH +DQG GHV VFKHLQEDU KDUPORVHQ *DVWHV ]XFNWH QXU JDQ] NXU]'HUZLQ]LJHEODXH.ULVWDOOZlUHQXUHLQHPVHKUVFKDUIHQ %HREDFKWHUDXIJHIDOOHQ =LHOVLFKHUODQGHWHHULP*ODVGHV:HLKDDULJHQXQGO|VWHVLFK DXJHQEOLFNOLFKDXI'HU7RGODXHUWHDXIVHLQ2SIHU
$PEURV 5DYHQ KDWWH VLFK YRUJHQRPPHQ GLHVHQ $EHQG DXVJLHELJ ]X IHLHUQ 'D]X KDWWH HU VHLQH SHUV|QOLFKHQ )UHXQGH
HLQJHODGHQYRQGHQHQNHLQHUDEVDJWH :HQQ 5DYHQ HLQH )HWH YHUDQVWDOWHWH OLH HU VLFK QLFKW OXPSHQVRGDMHGHUDXIVHLQH5HFKQXQJNDP 5DYHQ HQWWlXVFKWH QLFKW GLH (UZDUWXQJHQ GLH LQ LKQ JHVHW]W ZXUGHQ 'DV 7URFDGHUR ZDU DXJHQEOLFNOLFK JHUDGH LQ 0RGH XQG HV ERW GHQ 5DKPHQ YRQ /X[XV GHQ HU IU GLHVHQ $EHQG VXFKWH 6WLPPXQJ KDWWHQ HU XQG VHLQH *l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lKOW XQG HLQHQ JURHQ +HLWHUNHLWVHUIROJ HU]LHOW XQG QDKP MHW]W HLQHQ 6FKOXFN DXV VHLQHP *ODV 'LH )OVVLJNHLW KDWWH VHLQHQ 0DJHQ NDXP HUUHLFKWDOVHUGLH]HUVW|UHQGH:LUNXQJIKOWH ,QQHUKDOE YRQ 6HNXQGHQEUXFKWHLOHQ HUNDQQWH $PEURV 5DYHQ PLWXQHUELWWOLFKHU'HXWOLFKNHLWGDHUYHUORUHQZDU (UZXWHGDHUVWHUEHQPXWH (LQ VWHFKHQGHU 6FKPHU] UDVWH YRQ VHLQHP 0DJHQ KLQDXI ]X VHLQHP .RSI EUHLWHWH VLFK GDULQ DXV ELV 5DYHQ GDV *HIKO KDWWH LQ VHLQHP 6FKlGHO NRFKH IOVVLJH /DYD ,QPLWWHQ GHV IHXULJHQ %UHQQHQV ]RJHQ EOLW]VFKQHOO %LOGHU DE GLH HU QLH ]XYRUHUOHEWKDWWH (V HUJLQJ LKP QLFKW VR ZLH PDQFKHQ /HXWHQ GLH DQJHEOLFK NQDSS YRU LKUHP 7RG LKU JDQ]HV /HEHQ QRFK HLQPDO YRU VLFK VHKHQ VRQGHUQ LKP VFKZHEWHQ 6]HQHQ YRU GLH LKP IUHPG ZDUHQ (LQH +LQULFKWXQJ -HPDQG ZXUGH DXI HLQHP LP JUDXHQ
0RUJHQOLFKWGDOLHJHQGHQ*HIlQJQLVKRIJHKlQJW 'DQQ IOLUUWHQ XQGHXWOLFK GLH *HVLFKWHU YRQ DOWPRGLVFK JHNOHLGHWHQ 0lQQHUQ LQPLWWHQ GHV 0HHUHV GHU 6FKPHU]HQ LQ GDV$PEURV5DYHQJOLWW (LQHP XQZLGHUVWHKOLFKHQ =ZDQJ IROJHQG GUHKWH VLFK GHU 6WHUEHQGHXP)HXULJH1HEHOKLQJHQYRUVHLQHQ$XJHQVRGD HUVHLQH8PJHEXQJQLFKWPHKUZDKUQHKPHQNRQQWH 1XUHLQ*HVLFKWVFKlOWHVLFKDXVGHPEOXWURWHQ)DUEHQUDXVFK KHUDXV GDV *HVLFKW HLQHV 0DQQHV GHU LQ HLQLJHU (QWIHUQXQJ YRQLKPDQHLQHP7LVFKVDXQGLKQJHEDQQWDQVWDUUWH 9LHOH DQGHUH *lVWH GHV 7URFDGHUR VDKHQ HEHQIDOOV GHQ DQ HLQHP 7LVFK DOOHLQ VLW]HQGHQ 0DQQ GRFK QXU $PEURV 5DYHQ ZXWHGDHVVHLQ0|UGHUZDU (UNRQQWHHVQLHPDQGHPPHKUYHUUDWHQ $OV HU PLW HLQHP $XIVFKUHL YRQ VHLQHP 6LW] KRFKIXKU XQG UFNOLQJV LQ HLQHU VSLUDOHQI|UPLJHQ %HZHJXQJ DXI GHQ 7LVFK ILHO EUDFK GLH 0XVLN PLW HLQHP 0LWRQ DE 'LH *HVSUlFKH YHUVWXPPWHQ $PEURV 5DYHQV JHEURFKHQH $XJHQ VWDUUWHQ DXVGUXFNVORV LQ GLHIDUELJHQ6FKHLQZHUIHUGLHGDV7URFDGHUREHOHXFKWHWHQ (LQHLQ]HOQHU0DQQYHUOLHXQEHPHUNWGDV/RNDO
$P$EHQGKDWWH-HQQ\$OOHQNHLQH=HLWIU5LFNZHVKDOEGHU 3ULYDWGHWHNWLY DXVQDKPVZHLVH YRU 0LWWHUQDFKW ]XP 6FKODIHQ NDP 1DFK HLQHU HUHLJQLV XQG WUDXPORVHQ 1DFKW HUZDFKWH HU JHJHQ DFKW 8KU PRUJHQV DXVJHUXKW XQG EHUHLW PLW HLQLJHP 1DFKGUXFN GLH (UPLWWOXQJHQ LQ GHQ EHLGHQ *LIWPRUGIlOOHQ YRUDQ]XWUHLEHQ (QWJHJHQ VHLQHU VRQVWLJHQ *HZRKQKHLW GDV )UKVWFN ]X EHUVSULQJHQ RGHU DXI HLQH 7DVVH .DIIHH HLQ]XVFKUlQNHQ ZROOWHHUVLFKDQGLHVHP0RUJHQHLQDXVJLHELJHV)UKVWFNPLW DOOHP ZDV GD]XJHK|UW J|QQHQ XQG HLQPDO ZHQLJVWHQV LQ
GLHVHP 3XQNW HLQ ULFKWLJHU (QJOlQGHU VHLQ (U KDWWH NDXP GHQ :DVVHUNHVVHODXIJHVHW]WDOVGDV7HOHIRQNOLQJHOWH 5LFN PD HV PLW HLQHP PRUGJLHULJHQ %OLFN XQG EHUOHJWH VLFKREHUHVHLQIDFKNOLQJHOQODVVHQRGHU]HUWUPPHUQVROOWH (U NRQQWH VLFK ]X NHLQHU GHU EHLGHQ YHUORFNHQGHQ 0|JOLFK NHLWHQ GXUFKULQJHQ VRQGHUQ VWHOOWH GDV :DVVHU ZLHGHU QHEHQ GHQ+HUGXQGOLHILQV:RKQ]LPPHUKLQEHU ª1D HQGOLFK LFK GDFKWH VFKRQ 6LH ZDFKHQ EHUKDXSW QLFKW PHKUDXI©EUXPPWH&KHILQVSHNWRU+HPSVKDZXQJQlGLJ ª,FKELQVHLWHLQHUKDOEHQ6WXQGHDXIGHQ%HLQHQ©EUXPPWH 5LFN]XUFNª:DUXPVW|UHQ6LHPLFK"© ª'HUGULWWH*LIWPRUG©VDJWH+HPSVKDZNQDSS 5LFNKROWHVFKDUI/XIW (U VDK VHLQ HQJOLVFKHV )UKVWFN LQ IHUQHU :HLWH (V NRQQWH VLFK DXFK LQ ZHLWHU )HUQH EHILQGHQ VR JHQDX ZDU GDV QLFKW IHVW]XVWHOOHQ$XIMHGHQ)DOOODQJWHHVK|FKVWHQV]XHLQHU7DVVH O|VOLFKHQ.DIIHHV ª1lKHUH (LQ]HOKHLWHQ"© EHVFKUlQNWH VLFK 5LFN 0DVWHUV DXI GLHJOHLFKH.QDSSKHLWZLHGHU&KHILQVSHNWRU ª(UIDKUHQ 6LH VREDOG 6LH KLHU VLQG© +HPSVKDZV 7RQ ZDU HQGJOWLJ(UZROOWHQLFKWDP7HOHIRQGDUEHUVSUHFKHQGXUIWH HVZDKUVFKHLQOLFKDXFKJDUQLFKW ª,FKEHHLOHPLFKZLHLPPHU©YHUVSUDFK5LFN 'HU .DIIHH ZDU QXU ODXZDUP VHLQ 0DJHQ NQXUUWH XQG YRQ GHU =LJDUHWWH EHNDP HU 6RGEUHQQHQ $OVR ZDUI HU VLH DXI GLH 6WUDHZlKUHQGHUVHLQHQ0RUJDQDXVGHU*DUDJHKROWH 'LH6WUHFNH]XP
HUIDKUHHUVWMHW]WGDYRQ"©UHJWHVLFK5LFNDXI ª:HLO LFK DXFK HUVW MHW]W GDYRQ HUIDKUHQ KDEH© HUZLGHUWH +HPSVKDZª0DQJODXEWH]XHUVWDQHLQHQ+HU]LQIDUNWGDQQDQ HLQHQ JHZ|KQOLFKHQ *LIWPRUG (LQH DQGHUH 0RUGNRPPLVVLRQ ZXUGH PLW GHU .OlUXQJ EHDXIWUDJW XQG HUVW GXUFK GLH 2EGXNWLRQ«© ª-DVFKRQJXW©XQWHUEUDFKLKQ5LFNKDVWLJª6WDQGGDV2SIHU HEHQIDOOVXQWHUhEHUZDFKXQJ"© ª'DV QLFKW© +HPSVKDZ NUDW]WH VLFK PLW XQJOFNOLFKHP *HVLFKWVDXVGUXFNDPVWRSSHOLJHQ.LQQ2IIHQEDUKDWWHPDQLKQ HEHQVREHUVWU]WYRQ]X+DXVHZHJJHKROWZLH5LFN ª$PEURV5DYHQZXUGHYRQNHLQHQ/HLEZlFKWHUQEHJOHLWHW© ª(U KlWWH VLH RIIHQVLFKWOLFK Q|WLJ JHKDEW© 5LFN ]XFNWH GLH 6FKXOWHUQ GDQQ VWXW]WH HU ª6DJWHQ 6LH $PEURV 5DYHQ" 'HU $PEURV5DYHQ"© ª*HQDX GHU© QLFNWH +HPSVKDZ XQG MHW]W EHNDP VHLQH 6WLPPH HLQHQ QHUY|VHQ JUROOHQGHQ 8QWHUWRQ ª:HQLJH 6WXQGHQYRUVHLQHP7RGVFKOR5DYHQHLQHQQHXHQ9HUWUDJPLW GHU5HJLHUXQJ(UZROOWHGDVJXWH*HVFKlIWPLW)UHXQGHQIHLHUQ ²HEHQLP7URFDGHURZRHVLKQGDQQHUZLVFKWH© ª1LFKWV©DQWZRUWHWHGHU&KHILQVSHNWRUª:LUNHQQHQQXUGLH 7DWVDFKHQVRQVWDEHUDXFKJDUQLFKWV© ª'DVLVWQLFKWJHUDGHYLHO©5LFNVFKOXJGLH%HLQHEHUHLQDQ GHU XQG ZROOWH QRFK HWZDV VDJHQ LP JOHLFKHQ $XJHQEOLFN MHGRFK ZXUGHQ VHLQH $XJHQ VWDUU 'LH /LSSHQ KDOE JH|IIQHW KLHOWHUGHQ.RSIOHLFKWJHQHLJWDOVODXVFKHHUDXIHWZDV ª5LFN© ULHI &KHILQVSHNWRU +HPSVKDZ ª$XIZDFKHQ 5LFN +DOORZDVLVWGHQQ"© 'RFK5LFN0DVWHUVVDKXQGK|UWHQLFKWVXPVLFKKHUXP6HLQ .|USHUZDULQHLQHQ6WDUUNUDPSIYHUIDOOHQ(UVHOEVWZDUQLFKW PHKU +HUU EHU VHLQHQ *HLVW =ZHL 6HNXQGHQ VSlWHU JDE HV $ODUPLQ6FRWODQG
,Q GHP 0RPHQW LQ GHP 'U 6WHUOLQJ LQ +HPSVKDZV %UR NHXFKWH HUZDFKWH 5LFN 0DVWHUV ZLHGHU DXV GHU XQQDWUOLFKHQ 6WDUUHLQGHUHUPHKUHUH0LQXWHQYHUKDUUWKDWWH ª:DVZDUGHQQEHUKDXSWGD6LH$ODUPJDEHQ.HQQHWK"© HUNXQGLJWH VLFK 'U 6WHUOLQJ NXU]DWPLJ ª,Q PHLQHP $OWHU XQWHUQLPPW PDQ QLFKW PHKU JHUQ 5HNRUGOlXIH ZHQQ VLH JDQ] XPVRQVWVLQG© ª5LFNZDUSO|W]OLFKZHJJHWUHWHQ©HU]lKOWHGHU&KHILQVSHNWRU ª6HLQ .|USHU ZXUGH VWHLI XQG XQEHZHJOLFK HU UHDJLHUWH DXI QLFKWVPHKU© 'U 6WHUOLQJ WUDW UDVFK DQ GHQ 3ULYDWGHWHNWLY KHUDQ XQG XQWHUVXFKWHLKQIOFKWLJª$XI GHQ HUVWHQ %OLFN LVW QLFKWV IHVW ]XVWHOOHQ© NRQVWDWLHUWH HU HQGOLFK ª6LH VFKDXHQ VR QDFKGHQN OLFKGUHLQ5LFN,VW,KQHQQLFKWJXW"© ª,FK NDQQ PLFK ZLHGHU HULQQHUQ ZRGXUFK GLHVH 6WDUUH DXVJHO|VWZXUGHYRQGHU.HQQHWKVSUDFK©VDJWH5LFNJHSUHW ª(V IlOOW PLU QLFKW OHLFKW DEHU LFK PX JHVWHKHQ GD LFK JHVWHUQEHLQDKHHLQHQ9HUNHKUVXQIDOOYHUXUVDFKWKlWWHZHLOLFK DP6WHXHULQHLQHlKQOLFKH6WDUUHYHUILHO© ª'DV PVVHQ 6LH PLU JHQDXHU VFKLOGHUQ© YHUODQJWH 6WHUOLQJ XQG]RJVLFKHLQHQ6WXKOKHUDQ ª-HQQ\ DOVR 0L $OOHQ PHLQWH VRJDU LFK VROOWH PLFK YRQ HLQHP3V\FKRORJHQEHKDQGHOQODVVHQZHLOLFK²YRUKLQZDUHV ]XP GULWWHQPDO ² LPPHU ZLHGHU HLQH +LQULFKWXQJVV]HQH HUOHEH ,FK VWHKH QHEHQ GHP ]XP 7RG 9HUXUWHLOWHQ DXI GHP %OXWJHUVW GHU +HQNHU P|FKWH LKP JHUDGH GLH 6FKOLQJH EHU GHQ .RSI PLW GHU VFKZDU]HQ .DSX]H ]LHKHQ VLHKW PLFK DEHU XQGIlOOWVFKUHLHQGKLQXQWHUDXIGHQ*HIlQJQLVKRI© ª6LQG 6LH YLHOOHLFKW EHUDUEHLWHW 5LFN"© IUDJWH +HPSVKDZ GRFK'U6WHUOLQJZLQNWHEHUUDVFKHQGKHIWLJDE ª/DVVHQ 6LH LKQ DXVUHGHQ .HQQHWK© YHUODQJWH HU ª5LFN EHVFKUHLEHQ 6LH GRFK JHQDX ZDV 6LH LQ ,KUHQ :DFKWUlXPHQ
VHKHQMHGH(LQ]HOKHLW© ª:DUXPLQWHUHVVLHUW6LHGDV"©PLVFKWHVLFK+HPSVKDZVFKRQ ZLHGHUHLQ ª,FK ELQ VFKOLHOLFK $U]W© HUZLGHUWH 6WHUOLQJ NXU] DQJHEXQ GHQª$OVR5LFN© 5LFNHUIOOWHGHQ:XQVFKGHVDOWHQ3ROL]HLDU]WHVEHUHLWZLOOLJ :lKUHQG HU HU]lKOWH ILHO LKP DXI ZLH IDV]LQLHUW 'U 6WHUOLQJ DXIMHGHV:RUWODXVFKWH 5LFN NDQQWH GHQ DOWHQ 0DQQ JXW JHQXJ XP ]X ZLVVHQ GD 'U 6WHUOLQJ QLFKW QXU GHVKDOE VR JURHQ $QWHLO DQ GHU *HVFKLFKWHQDKPZHLOHVVLFKXPLKQ5LFNKDQGHOWHVRQGHUQ GDHUQRFKHLQHQDQGHUHQ*UXQGKDEHQPXWH ª:ROOHQ6LHPLUQLFKWYHUUDWHQZDV6LHVRGDUDQLQWHUHVVLHUW 'RNWRU"© HUNXQGLJWH HU VLFK DOV HU PLW VHLQHU 6FKLOGHUXQJ IHUWLJZDUGRFK6WHUOLQJZLQNWHDE ª9LHOOHLFKW EUDXFKHQ 6LH JDU NHLQH 8QWHUVXFKXQJ 5LFN© VDJWH HU QXU ª,FK ZHUGH PLFK XP ,KU 3UREOHP NPPHUQ XQG JHEHQ,KQHQGDQQ%HVFKHLGVREDOGLFKHWZDVZHL© 'DPLW VWDQG HU DXI XQG YHUOLH RKQH HLQHQ ZHLWHUHQ .RP PHQWDUGDV%UR &KHILQVSHNWRU +HPSVKDZ XQG 5LFN 0DVWHUV VFKDXWHQ LKP YHUEOIIW QDFK VDKHQ GDQQ HLQDQGHU DQ XQG ]XFNWHQ JOHLFK]HLWLJGLH6FKXOWHUQ 6LH GDFKWHQ EHLGH GDVVHOEH XQG &KHILQVSHNWRU +HPSVKDZ VSUDFKHVDXVª'HUDOWH)XFKVLVWDXIHLQHU)lKUWH© ª,FKZROOWHLFKKlWWHDXFKHLQH)lKUWHJHIXQGHQGLHPLFKDQ GHQ*LIWP|UGHUKHUDQEULQJW©VHXI]WH5LFN0DVWHUV ª:LVVHQ 6LH VFKRQ ZDV 6LH XQWHUQHKPHQ ZHUGHQ"© VWHOOWH GHU&KHILQVSHNWRUGLHHZLJJOHLFKH)UDJH 5LFNVWDQGDXI(UPXWHVHLQH*HGDQNHQNRQ]HQWULHUHQGDHU VLFK QRFK ]XYLHO PLW 'U 6WHUOLQJ EHVFKlIWLJWH ª,FK JODXEH© VDJWHHUHQGOLFKªGDHV=HLWLVWGDLFKPLFKDXVIKUOLFKPLW GHQ /HXWHQ YRP *HKHLPGLHQVW XQWHUKDOWH 'HU 6HFUHW 6HUYLFH VSLHOWHLQH5ROOHGLHPLUQLFKWJHIlOOW©
ª'HU 6HFUHW 6HUYLFH VSLHOW HLQH 5ROOH GLH PLU QLFKW JHIlOOW© VDJWH 5LFN 0DVWHUV HLQH 6WXQGH VSlWHU DXFK ]X 5HG VHLQHP .RQWDNWPDQQ ]X GHU VRHEHQ YRQ LKP DQJHJULIIHQHQ *HKHLPGLHQVWRUJDQLVDWLRQ ª,FK YHUVLFKHUH ,KQHQ ZLU ZLVVHQ QLFKWV EHU GLH *LIWPRU GH©EHVFKZRULKQ5HG 6LHJLQJHQDQGHU7KHPVHVSD]LHUHQ]ZHLVFKHLQEDU]XIlOOLJ LQV*HVSUlFKJHUDWHQH0lQQHU ª5HG© 5LFN EOLHE VWHKHQ XQG PXVWHUWH GHQ DQGHUHQ PLW NDOWHQ $XJHQ ª.\QDVWRQ XQG GHU DXVOlQGLVFKH 'LSORPDW ZXUGHQYRQ/HXWHQGHV6HFUHW6HUYLFHEHUZDFKWZHLOPDQVLH LQ /HEHQVJHIDKU JODXEWH $PEURV 5DYHQ ZXUGH ]ZDU QLFKW EHUZDFKW DEHU HU VSLHOW IU GLH 5VWXQJVLQGXVWULH HLQH JURH 5ROOH© ª6SLHOWH©YHUEHVVHUWHLKQGHU*HKHLPGLHQVWPDQQ ª9HUVXFKHQ 6LH QLFKW PLFK DXV GHU )DVVXQJ ]X EULQJHQ© VDJWH 5LFN VFKDUI ª7ULFNV ]LHKHQ EHL PLU QLFKW 2GHU ZROOHQ 6LHULVNLHUHQGDLFK,KQHQGHQ)DOO]XUFNJHEH"© ª%OHLEHQ6LHIULHGOLFK0DVWHUV©EHVFKZLFKWLJWHLKQ5HGGHU VHLQ7HPSHUDPHQWNDQQWH ª'LHVH GUHL /HXWH ZHUGHQ HUPRUGHW© IXKU 5LFN IRUW ªRKQH GD GHU 6HFUHW 6HUYLFH HWZDV ZHL" 0LW HLQHP *LIW GDV LQ VHLQHUJDQ]HQ:LUNXQJVZHLVHXQG=XVDPPHQVHW]XQJDXIHLQHQ JHJQHULVFKHQ *HKHLPGLHQVW JHUDGH]X VFKUHLHQG KLQZHLVW" 'DV N|QQHQ6LHPLUQLFKWDXIELQGHQ© ª7URW]GHPLVWHVVR©EHKDUUWH5HGDXIVHLQHP6WDQGSXQNW ª+DOWHQ 6LH PLFK IU YHUUFNW"© IDXFKWH 5LFN GHU ODQJVDP GLH1HUYHQYHUORU ª0|JOLFKHUZHLVHVLQG6LHHV© 'LHVH $QWZRUW GLH LQ OHLGHQVFKDIWVORVHP 7RQ JHJHEHQ ZXUGHWUDI5LFNZLHHLQ)DXVWVFKODJ
ª(LQHVVDJHLFK,KQHQ5HG©]LVFKWHHUPLWYHUKDOWHQHU:XW ª6DJHQ 6LH HV ,KUHQ 9RUJHVHW]WHQ ,FK KDEH ,KUHQ 6FKHFN NDVVLHUWXQG GDIU ZHUGH LFK QRFK HLQPDO JXWH $UEHLW OHLVWHQ ZLH ELVKHU DXFK $EHU GDQDFK ² XQG MHW]W SDVVHQ 6LH JXW DXI ²GDQDFKNRPPHQ6LHPLUQLFKWPHKUXQWHUGLH$XJHQVRQVW JHVFKLHKW HWZDV GDV ZHGHU ,KQHQ QRFK GHP 6HFUHW 6HUYLFH JHIlOOW© (UGUHKWHVLFKVFKDUIXPXQGOLH5HGVWHKHQ(UVFKDXWHVLFK DXFK QLFKW HLQ HLQ]LJHV 0DO XP (V ZDU QLFKW JXW GHQ 6HFUHW 6HUYLFH]XP*HJQHU]XKDEHQXQGQDFKGLHVHU(UNOlUXQJKDWWH HUGHQ*HKHLPGLHQVWJHJHQVLFK 'RFK 5HGV 8QYHUVFKlPWKHLW ZROOWH XQG NRQQWH 5LFN VLFK QLFKWELHWHQODVVHQ :DU HV ZLUNOLFK HLQH 8QYHUVFKlPWKHLW" 2GHU HQWKLHOW VHLQH $QVFKXOGLJXQJHLQHQ.HUQ:DKUKHLW"
'LHVH TXlOHQGH 8QJHZLKHLW PDFKWH 5LFN ODQJVDP DEHU VLFKHU LPPHU QHUY|VHU $OV HU YRQ VHLQHP =XVDPPHQWUHIIHQ PLWGHP*HKHLPGLHQVWPDQQ5HGQDFK+DXVHLQVHLQ:RKQEUR LQ GHU /RQGRQHU &LW\ IDKUHQ ZROOWH PXWH HU VLFK ]X VDPPHQUHLHQ XP VLFK DXI GHQ 9HUNHKU ]X NRQ]HQWULHUHQ 3O|W]OLFK YHUVSUWH HU GDV GULQJHQGH %HGUIQLV VLFK PLW MH PDQGHPDXV]XVSUHFKHQ (U lQGHUWH GLH 5LFKWXQJ XQG ZROOWH -HQQ\V .RVPHWLNVDORQ DQVWHXHUQDOVHLQNUlIWLJHV6XPPHQLP$UPDWXUHQEUHWWHUW|QWH 0LWHLQHPJHVFKLFNWHQ+DQGJULII|IIQHWH5LFNGLHPLWHLQHP *HKHLPYHUVFKOXYHUVHKHQH.ODSSHGHV+DQGVFKXKIDFKHVXQG KROWHGHQ+|UHUGHV)XQNJHUlWVKHUDXV 'LH/HLW]HQWUDOHYRQ6FRWODQG
IUHXQGOLFK ª'RNWRUIDQJHQ6LHQLFKWLQGLHVHP,UUHQKDXVWRQPLWPLU]X VSUHFKHQDQ©IDXFKWH5LFNJHUHL]Wª6LHOHUQHQPLFKVRQVWYRQ HLQHUDQGHUHQ6HLWHNHQQHQ© ª6FKOHFKWH /DXQH"© $XV GHP +|UHU GUDQJ GDV VS|WWLVFKH .LFKHUQ 'U 6WHUOLQJV ª0DFKW QLFKWV ,FK KDEH HWZDV ZRPLW LFK ,KUH /DXQH VFKODJDUWLJ YHUEHVVHUQ NDQQ .RPPHQ 6LH VRIRUW]XPLUJDQ]JOHLFKZDV6LHYRUKDEHQ© 5LFN |IIQHWH VFKRQ GHQ 0XQG XP 6WHUOLQJ ]XP 7HXIHO ]X ZQVFKHQ GD HU VLFK PLW -HQQ\ XQWHUKDOWHQ ZROOWH GRFK GDQQ PHLQWHHUª*XWLFKNRPPH©XQGXQWHUEUDFKGLH9HUELQGXQJ 'U 6WHUOLQJ PDFKWH NHLQH OHHUHQ 6SUFKH :HQQ HU VR GULQJHQGQDFK5LFNYHUODQJWHZDUHVDXFKZLUNOLFKZLFKWLJ =XP ]ZHLWHQPDO ZlKUHQG GLHVHU )DKUW lQGHUWH GHU GXQNHO JUQHRIIHQH6SRUWZDJHQGHQ.XUVXQGUROOWHHLQH9LHUWHOVWXQ GH VSlWHU EHL VWUDKOHQGHP 6RQQHQVFKHLQ LQ GHQ +RI YRQ 6FRWODQG
0DQQLQJHOEHU/HGHUMDFNHXQGEODXHU+RVHDXIWDXFKWH© 5LFN 0DVWHUV VWDUUWH GHQ $U]W PLW RIIHQHP 0XQG DQ 9RU VHLQHQ$XJHQIOLPPHUWHHVVRXQJHKHXHUOLFKZDUGDVZDVLKP 'U 6WHUOLQJ VRHEHQ HU]lKOW KDWWH 0LW HLQHU XQEHKHUUVFKWHQ %HZHJXQJ UL HU GDV %XFK DQ VLFK XQG ODV DWHPORV GLH %HVFKUHLEXQJ GHV +HQNHUV GHU VLFK LQ VHLQHP 7DJHEXFK GDUEHUEHVFKZHUWHGDLKPQLHPDQGJHJODXEWKDWWH 1DFK GLHVHU +LQULFKWXQJ ZDU HU LQ 3HQVLRQ JHJDQJHQ EHYRU PDQ LKQ DOV +HQNHU HQWODVVHQ NRQQWH 2IIHQEDU KDWWHQ VHLQH =HLWJHQRVVHQJHJODXEWHUZlUHGHUQHUYOLFKHQ %HODVWXQJHLQHU +LQULFKWXQJQLFKWPHKUJHZDFKVHQXQGVlKH*HVSHQVWHU 5LFN ODV GLH %HVFKUHLEXQJ EHU GHQ QXU IU JDQ] ZHQLJH 6HNXQGHQQHEHQGHP9HUXUWHLOWHQDXIJHWDXFKWHQ0DQQGUHLPDO GXUFK'DQQVFKDXWHHUKRFKXQGEOLFNWH'U6WHUOLQJPLWHLQHP OHHUHQ%OLFNDQª'DVSDWKDDUJHQDXDXIPLFK©VDJWHHUOHLVH ª(EHQ© QLFNWH'U6WHUOLQJ ª*HOEH /HGHUMDFNH %OXH-HDQV GDPDOVQRFKXQEHNDQQWXQGGDKHULQGLHVHP%HULFKWDOVEODXH +RVH EH]HLFKQHW $XFK GLH +DDUIDUEH $XJHQ XQG VR ZHLWHU DOOHV VWLPPW 'HU +HQNHU KDW LP -DKUH ² 6LH JHVHKHQ 5LFN© 'HU 3ULYDWGHWHNWLY VFKWWHOWH IDVVXQJVORV GHQ .RSI ª$EHU DEHUZLHVR"©VWDPPHOWHHUª'DVJLEWHVGRFKQLFKW© ª2IIHQEDU GRFK© 'U 6WHUOLQJ ]XFNWH GLH 6FKXOWHUQ ª,FK NDQQ HV ,KQHQ DXFK QLFKW HUNOlUHQ 5LFN DEHU LFK ELQ EHU ]HXJW GD ,KUH 9LVLRQHQ PLW GHU GDPDOLJHQ +LQULFKWXQJ ]XVDPPHQKlQJHQ© ª'DIUJLEWHVNHLQHQ%HZHLV©EHKDXSWHWHGHU3ULYDWGHWHNWLY ª,FK JODXEH GRFK© 'U 6WHUOLQJ JULII ]XP 7HOHIRQ OLH VLFK PLW +HPSVKDZ YHUELQGHQ XQG EDW GHQ &KHILQVSHNWRU ]X LKP ]X NRPPHQ (KH +HPSVKDZ QLFKW HLQJHWURIIHQ ZDU VDJWH HU NHLQ:RUWPHKUXQGQLSSWHQXUVFKZHLJHQGDQVHLQHP:KLVN\ &KHILQVSHNWRU+HPSVKDZODVZRUWORVGHQ%HULFKWGDQQVDJWH HU lKQOLFK ZLH ]XYRU 5LFN ª(V JLEW NHLQHQ %HZHLV IU HLQHQ =XVDPPHQKDQJ©
'U6WHUOLQJVFKOXJHLQHDQGHUH6HLWHGHV%XFKHVDXIGDVGLH SHUV|QOLFKHQ $XI]HLFKQXQJHQ GHV +HQNHUV HQWKLHOW WLSSWH DXI HLQH 6WHOOH XQG VDJWH PLW PHUNZUGLJ JHVSDQQWHU 6WLPPH ª+LHU KDEHQ 6LH ,KUHQ %HZHLV /HVHQ 6LH GLH *HVFKLFKWH GHV 3KDQWRPP|UGHUV©
ª)DVVHQ6LHGLHZLFKWLJVWHQ3XQNWH]XVDPPHQ'RNWRU©EDW &KHILQVSHNWRU +HPSVKDZ ª:LU ZROOHQ NHLQH =HLW YHUOLHUHQ XQG 6LH KDEHQ GHQ %HULFKW EHVWLPPW VFKRQ DXIPHUNVDP JHOHVHQ© ª1DWUOLFK EHIDWH VLFK GHU +HQNHU© VHW]WH 'U 6WHUOLQJ DXVHLQDQGHU ªQDFKGHP GLHVHU =ZLVFKHQIDOO SDVVLHUW ZDU EHVRQGHUV DXVIKUOLFK PLW GHU *HVFKLFKWH GHV 0DQQHV GHQ HU DQVFKOLHHQG KLQJHULFKWHW KDW 'HU 9HUXUWHLOWH ZDU GHU 3KDQWRPP|UGHU3DXO0DOORZ(LQ*LIWPLVFKHU© 'U 6WHUOLQJ QLFNWH ]XIULHGHQ DOV VHLQH EHLGHQ =XK|UHU LKQ HUVWDXQWXQGEHUUDVFKWDQEOLFNWHQ ª'HU 3KDQWRPP|UGHU KDWWH YLHU 0HQVFKHQ PLW HLQHP *LIW JHW|WHW© IXKU HU IRUW ªGDV PDQ QLFKW NDQQWH XQG GHVVHQ =XVDPPHQVHW]XQJ HU PLW VLFK LQV *UDE QDKP 'LH bU]WH NRQQWHQ GDV *LIW QLFKW EHVWLPPHQ GLH GDPDOLJHQ &KHPLNHU DXFK QLFKW (V ZXUGH QXU HLQHV IHVWJHVWHOOW 'DV *LIW GHV 3KDQWRPP|UGHUV KDWWH GLH *HKLUQH VHLQHU 2SIHU YROOVWlQGLJ ]HUIUHVVHQ© 0LQXWHQODQJ EOLHE HV WRWHQVWLOO LQ GHP NOHLQHQ $UEHLWVUDXP GDQQVDJWH&KHILQVSHNWRU+HPSVKDZ ª-HW]WEUDXFKHLFKDXFKHLQHQ:KLVN\© 'U6WHUOLQJKROWHHLQGULWWHV*ODV5LFN0DVWHUVVFKHQNWHHLQ 'HPDOWHQ3ROL]HLDU]WGDXHUWHGDV6FKZHLJHQ]XODQJH ª$OVR*HQWOHPHQ"©IUDJWHHUDXIJHNUDW]Wª:DVVDJHQ6LH]X GHU6DFKH"© +HPSVKDZ ZDUI 5LFN HLQHQ VFKLHIHQ %OLFN ]X ª6LH JODXEHQ
VLFKHUOLFK ZLHGHU DQ HWZDV hEHUQDWUOLFKHV DQ HLQH =HLWYHUVFKLHEXQJRGHUGLH%RWVFKDIWHLQHV7RWHQRGHUHWZDVLQ GLHVHU$UW© ª,FK VXFKH QLFKW QDFK HLQHU (UNOlUXQJ ZLHVR LFK GLH GDPDOLJH +LQULFKWXQJ GHV 3KDQWRPP|UGHUV KHXWH PLWHUOHEHQ NDQQXQGZLHVRPLFKYRUPHKUDOVKXQGHUW-DKUHQGHU+HQNHU JHQDXVRVDKZLHLFKKHXWHDXVVHKH,FKIUDJHDXFKQLFKWZLHVR LQ XQVHUHQ 7DJHQ RIIHQEDU GDV JOHLFKH *LIW YHUZHQGHW ZHUGHQ NDQQZLHHVGDPDOVGHU3KDQWRPP|UGHUJHEUDXFKWH,FKULFKWH PLFKQXUGDQDFK© ª$KD©ULHIGHU&KHILQVSHNWRUWULXPSKLHUHQG ª6LHJHEHQDOVRVHOEVW]XGDHVVLFKXPNHLQEHUQDWUOLFKHV 3KlQRPHQKDQGHOW© ª1LFKWV JHEH LFK ]X© HUZLGHUWH 5LFN XQJHUKUW ª,FK VDJWH QXU GD LFK QLFKW QDFK GHU 8UVDFKH IRUVFKHQ ZHUGH VRQGHUQ OHGLJOLFK GLH $XVZLUNXQJHQ EHUFNVLFKWLJH 'DV LVW HLQ JHZDOWLJHU 8QWHUVFKLHG 'D ZLU HV PLW HLQHU EHUQDWUOLFKHQ (UVFKHLQXQJ ]X WXQ KDEHQ GDYRQ ELQ LFK EHU]HXJW GDYRQ ZHUGHLFK6LHDOWHQ6NHSWLNHUDEHUQLFKWEHU]HXJHQN|QQHQ© ª6HKUULFKWLJ©QLFNWH+HPSVKDZ ª,FK ZHUGH VRIRUW PHLQH (UPLWWOXQJHQ DXIQHKPHQ XQG QDFK HLQHU 3HUVRQ IRUVFKHQ ODVVHQ GLH VLFK GLH =XVDPPHQVHW]XQJ GHV W|GOLFKHQ *LIWHV EHVFKDIIHQ NRQQWH (V PVVHQ JHKHLPH $XI]HLFKQXQJHQ GHV 3KDQWRPP|UGHUV ELV LQ XQVHUH =HLW H[LVWLHUHQGLHVLFKXQVHU0|UGHU]XQXW]HPDFKW© (U VSUDQJ KHIWLJ DXI XQG VWDPSIWH DXV 'U 6WHUOLQJV $UEHLWV UDXP 'LH =XUFNJHEOLHEHQHQ VFKDXWHQ LKP PLW HLQHP VFKZDFKHQ/lFKHOQQDFK
'LH /DXQH GHV MXQJHQ 3ULYDWGHWHNWLYV VFKZDQNWH ]ZLVFKHQ PLVHUDEHOXQGJHVSDQQWDOVHUGLH6WDGWELEOLRWKHNEHWUDW (U KDWWH PLW -HQQ\ WHOHIRQLHUW XQG LKU IU GDV JHSODQWH
JHPHLQVDPH0LWWDJHVVHQDEJHVDJW-HQQ\V$QWZRUWZDUIUGHQ PLVHUDEOHQ 7HLO VHLQHU /DXQH ]XVWlQGLJ IU GLH $QVSDQQXQJ VRUJWHGLH,GHHGHUHUQDFKJLQJ (LQH VHKU DWWUDNWLYH JHSIOHJWH )UDX XP GLH 9LHU]LJ QDKP 5LFNV :QVFKH HQWJHJHQ ª,FK NDQQ ,KQHQ KHOIHQ 6LU© VDJWH VLH IUHXQGOLFK ª(V LVW PHKU HLQ =XIDOO GD LFK JHQDX GDV ULFKWLJH %XFK ZHL GDV 6LH EUDXFKHQ (V ILHO PLU YRU HLQLJHQ 7DJHQLQGLH+lQGHDOVLFKQDFKHWZDVDQGHUHPVXFKWH%LVKHU ZXUGHHVQRFKQLHYHUODQJW© 5LFN QDKP GHQ HUVWHQ %DQG HLQHU ª(Q]\NORSlGLH GHV 9HUEUHFKHQV LQ *UREULWDQQLHQ© HQWJHJHQ XQG EDW GLH %LEOLRWKHNDULQLKPGLHUHVWOLFKHQ%lQGHKHUDXV]XVXFKHQ 6\VWHPDWLVFKPDFKWHHUVLFKDQGLH$UEHLWGHVFKURQRORJLVFK DQJHRUGQHWHQ %XFKHV $OOH *LIWPRUGH EHUSUIWH HU XQG PDFKWHVLFK1RWL]HQ 1DFKHLQHU6WXQGHNDPGLH%LEOLRWKHNDULQXQGVFKOHSSWHQDFK XQG QDFK YLHU]HKQ %lQGH DQ 5LFN VWDUUWH YRQ HLQHP OHLFKWHQ *UDXHQ JHVFKWWHOW DXI GLH %FKHU 'HU NDOWH 6FKZHL EUDFK LKP DXV ZHQQ HU DQ GLH $UEHLW GDFKWH GLH LKP EHYRUVWDQG GRFKHUPXWHVHLQHU,GHHQDFKJHKHQ ª:LU VFKOLHHQ XP VLHEHQ 8KU DEHQGV© HUOlXWHUWH GLH %LEOLRWKHNDULQ GLH ZRKO VHLQH *HGDQNHQ HUUDWHQ KDWWH ª6LH N|QQHQQDWUOLFKPRUJHQZLHGHUNRPPHQ© ª,FK JODXEH LFK ZHUGH LP /DXIH GHU QlFKVWHQ 0RQDWH GHV |IWHUHQZLHGHUNRPPHQPVVHQ©VHXI]WH5LFNXQGVHW]WHVHLQH $UEHLWIRUW (U KDWWH *OFN %HUHLWV QDFK GUHL 6WXQGHQ VWXW]WH HU EHLP hEHUIOLHJHQ HLQHV %HULFKWV HLQHU *LIWPRUGVHULH GLH XP /RQGRQLQ$WHPJHKDOWHQKDWWH 6FRWODQG
JHOHVHQ ]X KDEHQ (U EOlWWHUWH ]XUFN ]X GHP $EVFKQLWW GHV 3KDQWRPP|UGHUVXQGHUVWDUUWH 6HLQH 7KHRULH VWLPPWH 'HU 5LFKWHU YRQ GHP GHU 3KDQ WRPP|UGHU ]XP 7RGH YHUXUWHLOW ZRUGHQ ZDU KDWWH 6LU -RKQ *HOODWO\JHKHLHQ1RUPDQ*HOODWO\GHU*LIWP|UGHUYRQ ZDUVHLQ6RKQ +DVWLJ VXFKWH 5LFN ZHLWHU QDFK HLQHU ]XVlW]OLFKHQ %HVWlWL JXQJ VHLQHU 7KHRULH $OV HU EHLP -DKU DQJHODQJW ZDU KDWWHHUVLHVFKZDU]DXIZHLYRUVLFKOLHJHQ +LHU ZDU GLH 5HGH YRQ HLQHU 5HLKH YRQ JUlOLFKHQ *LIWPRU GHQ LQ GHU 5R\DO $LU )RUFH 'HU PXWPDOLFKH 7lWHU ZDU NXU] YRUVHLQHU9HUKDIWXQJVSXUORVYHUVFKZXQGHQ 6HLQ1DPH3HWHU*HOODWO\ 5LFN JODXEWH ]X ZLVVHQ GD HV QXU PHKU HLQH )UDJH YRQ 0LQXWHQZDUELVHUGHQ*LIWP|UGHUGHU*HJHQZDUW]XPLQGHVW QDPHQWOLFKNDQQWH
0U &ODQGRQ KDWWH VHLQHQ IUHLHQ 7DJ 8UVSUQJOLFK KDWWH HU HLQHQ $XVIOXJ QDFK :LQGVRU &DVWOH JHSODQW GRFK WURW] GHV KHUUOLFKHQ6RPPHUZHWWHUVYHUVSUWHHUQLFKWGLHJHULQJVWH/XVW ]X HLQHU $XVIDKUW (U ZDU PGH XQG ]HUVFKODJHQ XQG YHUEUDFKWH GHQ JDQ]HQ 7DJ LQ VHLQHU :RKQXQJ DEZHFKVHOQG YRU VLFK KLQGlPPHUQG XQG VWXSLGH DXI GLH 0DWWVFKHLEH GHV )HUQVHKHUVVWDUUHQG ,QGHQ1DFKULFKWHQNDPHLQHNXU]H0HOGXQJEHUGHQ0RUG DQ$PEURV5DYHQGHPEHNDQQWHQ*URLQGXVWULHOOHQ &ODQGRQQDKPHV]XU.HQQWQLVGRFKVHLQH(ULQQHUXQJVSUDFK QLFKW DQ (U KDWWH NHLQH $KQXQJ GD HU VHOEVW GLHVHQ 0DQQ JHW|WHW KDWWH JHQDXVRZHQLJ ZLH HU ZXWH ZHOFKH 0HQJHQ HLQHVWFNLVFKHQ*LIWHVHULQVHLQHU:RKQXQJDXIEHZDKUWH 9RU GHQ )HQVWHUQ YHUVFKZDQG GHU 6RQQHQVFKHLQ GLH HUVWHQ 6FKDWWHQQLVWHWHQVLFKLQGHQ(FNHQGHV=LPPHUVHLQ
&ODQGRQ VFKDXWH QRFK LPPHU WHLOQDKPVORV HLQHP )LOP LP )HUQVHKHQ]XDOVHUSO|W]OLFKXQUXKLJZXUGH (U YHUVSUWH HLQ ]LHKHQGHV *HIKO LP 1DFNHQ DOV ZUGH MHPDQG KLQWHU LKP VWHKHQXQGDXIVHLQHQ.RSIVWDUUHQ 5XFNDUWLJGUHKWH&ODQGRQVLFKXP²GRFKQLHPDQGZDUGD (U YHUILHO ZLHGHU LQ GDV VWXPSIH 'DKLQEUWHQ ELV VLFK GDV XQDQJHQHKPH *HIKO QDFK HLQLJHQ 0LQXWHQ ZLHGHUKROWH &ODQGRQIXKUKHUXPXQGGLHVPDOVFKULHHUDXIYRU6FKUHFN 'HXWOLFKVDKHU]ZHL0lQQHUYRUVLFKYHUVFKLHGHQJHNOHLGHW 'HUHLQHWUXJHLQHQGXQNOHQ$Q]XJXQGKDWWHGDVbXHUHHLQHV *HQWOHPDQVGHU-DKUKXQGHUWZHQGH 'HU ]ZHLWH )UHPGH VWHFNWH LQ HLQHU 8QLIRUP GHU 5R\DO $LU )RUFHDXFKZHQQVLHHWZDVYHUDOWHWZLUNWH ,P QlFKVWHQ $XJHQEOLFN ZDUHQ GLH EHLGHQ *HVWDOWHQ ZLHGHU YHUVFKZXQGHQ&ODQGRQZLVFKWHVLFKEHUGLH$XJHQ+DWWHHU HEHQJHWUl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lQJHU DXVKDNHQ ]X N|QQHQ DOV GDV %LOG ]XP GULWWHQPDO ZHFKVHOWH $XI GHP %RGHQ ODJHQ ZLHGHUXP ]XFNHQGH 2SIHU PLW]HUIUHVVHQHQ*HKLUQHQ 'HU 0DQQ GHU LKQHQ GLH EODXHQ .ULVWDOOH HLQJHJHEHQ KDWWH
ZDUMHGRFK&ODQGRQVHOEVW 8QGLQGLHVHP0RPHQWILHOHVGHP*LIWP|UGHUZLH6FKXSSHQ YRQ GHQ $XJHQ .HXFKHQG VDFNWH HU LQ VHLQHP 6HVVHO ]XVDPPHQ 0|UGHUVFKULHHVLQVHLQHP.RSI*LIWP|UGHU 2KQPlFKWLJUROOWHHUDXIGHQ%RGHQ
5LFN 0DVWHUV KDWWH &KHILQVSHNWRU +HPSVKDZ XQG 'U 6WHUOLQJ EHUHLWV DXI GHU )DKUW YRQ GHU 6WDGWELEOLRWKHN LQ GHQ
*HOODWO\ZDUGHU6RKQGHV5LFKWHUVGHUGHQ3KDQWRPP|UGHUDQ GHQ*DOJHQVFKLFNWH© 5LFNDFKWHWHQLFKWDXIGLHHUVWDXQWHQ$XVUXIHYRQ+HPSVKDZ XQG6WHUOLQJVRQGHUQIXKULQVHLQHP%HULFKWIRUW ªYHUEWHHLQ$QJHK|ULJHUGHU5R\DO$LU)RUFHPHKUHUH 0RUGH HEHQIDOOV QDFK GHP 0XVWHU GHV 3KDQWRPP|UGHUV 6HLQ 1DPHZDU3HWHU*HOODWO\(QNHOGHV5LFKWHUV© ª(QGOLFKYHUVWHKHLFKZRUDXI6LHKLQDXVZROOHQ©+HPSVKDZ VFKOXJ PLW GHU )DXVW DXI GHQ 6FKUHLEWLVFK GD DOOH GDUDXI EHILQGOLFKHQ*HJHQVWlQGHWDQ]WHQ ª6LH PHLQHQ GD GHU 6RKQ GLHVHV 3HWHU *HOODWO\ XQVHU 0|UGHULVWGHUHLQHPLQQHUHQ=ZDQJIROJHQGKDQGHOW© ª6HKU ULFKWLJ© QLFNWH 5LFN 0DVWHUV ª,FK ELQ DXHUGHP GHU 0HLQXQJ GD GLHVHU LQQHUH =ZDQJ GLH 5DFKH GHV 3KDQ WRPP|UGHUV DQ VHLQHP 5LFKWHU LVW DEHU GDV VSLHOW LQV hEHUQDWUOLFKHXQGZLUGYRQ,KQHQQLFKWDQHUNDQQW.HQQHWK© &KHILQVSHNWRU +HPSVKDZ EHUK|UWH DEVLFKWOLFK GLH 6SLW]H JHJHQVHLQHQVWlQGLJHQ8QJODXEHQ ª:LHKHLWGHU6RKQYRQ3HWHU*HOODWO\"©IUDJWHHUJHVSDQQW ZHLOHUEHU]HXJWZDUMHGHQ0RPHQWGHQ1DPHQGHV0DQQHV ]XHUIDKUHQGHQHUYHUKDIWHQPXWH 5LFN 0DVWHUV ]XFNWH GLH 6FKXOWHUQ ª3HWHU *HOODWO\ VWDUE NLQGHUORV©VDJWHHUQLHGHUJHVFKODJHQ (LQHQ 0RPHQW VWDUUWH LKQ GHU &KHILQVSHNWRU YHUGXW]W DQ GDQQEHJDQQHUZWHQG]XNQXUUHQZLHHLQELVVLJHU+XQG ª8QG GHVKDOE PDFKHQ 6LH XQV YHUUFNW XQG VLQJHQ XQV GLH 2KUHQPLW,KUHUZXQGHUYROOHQ7KHRULHYROO"©EUOOWHHUORV ª/DQJVDP .HQQHWK© EUHPVWH LKQ 5LFN ª:HU VDJW ,KQHQ GHQQGD3HWHU*HOODWO\QLFKWGRFK.LQGHUKDWWH"© ª6LHVDJWHQGRFKHEHQ«© ª9LHOOHLFKW VLQG GLH 8QWHUODJHQ QLFKW OFNHQORV© ZDUI 'U 6WHUOLQJ HLQ ª9LHOOHLFKW lQGHUWH HLQ 6RKQ RGHU HLQH 7RFKWHU GHQ 1DPHQ XP QLFKW VWlQGLJ PLW GHU YHUEUHFKHULVFKHQ 9HU JDQJHQKHLW GHU )DPLOLH NRQIURQWLHUW ]X ZHUGHQ" :DV ZXUGH
EULJHQV DXV GHQ EHLGHQ 0|UGHUQ LQ GHU )DPLOLH *HOODWO\ 5LFN"© ª%HLGH YHUVFKZDQGHQ VSXUORV NQDSS YRU LKUHU 9HUKDIWXQJ© VDJWH5LFN0DVWHUV ª:DV HYHQWXHOOH 1DFKNRPPHQ YRQ 3HWHU *HOODWO\ EHWULIIW .HQQHWK PWHQ 6LH DOOH 5HJLVWHU YRQ 6FRWODQG
HLQ]LJH&KDQFHZHLWHUHV8QKHLO]XYHUPHLGHQLVWHVGHQ7lWHU VRUDVFKZLHP|JOLFK]XIDVVHQ6FKXW]PDQDKPHQDXFKQRFK VRXPIDQJUHLFKHKDEHQNDXPHLQHQ6LQQ© ª'HU QlFKVWH 6FKULWW OLHJW EHL ,KQHQ .HQQHWK© JDE 5LFN ]X EHGHQNHQ ª(UPLWWHOQ6LHGLUHNWH1DFKNRPPHQYRQ3HWHU*HOODWO\GDQQ VLQGZLUIDVWVFKRQDP=LHO© ª+DOWHQ 6LH XQV GHQ 'DXPHQ GD HV NODSSW© +HPSVKDZ NORSIWHDXI+RO] (V YHUJLQJHQ 6WXQGHQ ELV VLFK &ODQGRQ YRQ GHP 6FKRFN HUKROWHGHQVHLQXQKHLPOLFKHV(UOHEQLVEHLLKPDXVJHO|VWKDWWH ,UJHQG HWZDV )UHPGHV 8QHUNOlUOLFKHV YHUVXFKWH VHLQ *HGlFKWQLV ]X VSHUUHQ XQG DXV VHLQHP %HZXWVHLQ DXV]X O|VFKHQGDHUHLQ0|UGHUZDU&ODQGRQMHGRFKOLHVLFKQLFKW PHKUEHHLQIOXVVHQ =ZHL 'LQJH VWDQGHQ IU LKQ IHVW ² HU ZDU HLQ GUHLIDFKHU 0|UGHUDEHUHUKDWWHQLFKWIUHLZLOOLJJHPRUGHW 'LH)ROJHQVHLQHU7DWHQZDUHQLKPHEHQIDOOVNODU(LQLJH=HLW VFKZDQNWH HU RE HU VLFK GHU 3ROL]HL VWHOOHQ VROOWH RGHU QLFKW (QGOLFKHQWVFKLHGHUVLFKGDJHJHQ (U KDWWH QLFKW EHUOHJW JHPRUGHW VRQGHUQ ZDU GXUFK HLQH XQVLFKWEDUH0DFKWGD]XJHWULHEHQZRUGHQ &ODQGRQ PXWH GDIU VRUJHQ GD HV LQ =XNXQIW QLH PHKU GD]XNRPPHQNRQQWHGDGLHVHIUHPGH0DFKW%HVLW]YRQLKP HUJULIIXQGLKQ]XHLQHPZHLWHUHQ9HUEUHFKHQ]ZDQJ(UPXWH KHUDXVILQGHQZHURGHUZDVHVZDUGDVDXVHLQHPDQVWlQGLJHQ 0HQVFKHQHLQHQ*LIWP|UGHUJHPDFKWKDWWH 'HU 0DQQ ZXWH DXFK VFKRQ ZLH HU YRUJHKHQ NRQQWH 'HXWOLFKVDKHUQRFKGLH*HVLFKWHUGHUEHLGHQDQGHUHQYRUVLFK GLH HU LQ GLHVHU XQHUNOlUOLFKHQ (UVFKHLQXQJ JOHLFKIDOOV DOV *LIWPLVFKHU EHREDFKWHW KDWWH %HVRQGHUV GLH =JH GHV DOV 6ROGDW *HNOHLGHWHQ ZDUHQ LKP EHNDQQW YRUJHNRPPHQ VR DOV KDEH HU GLHVHV *HVLFKW VFKRQ HLQPDO JHVHKHQ &ODQGRQ ZDU VRJDU VLFKHU LUJHQGZR XQWHU VHLQHQ DOWHQ (ULQQHUXQJVVWFNHQ
HLQHQ+LQZHLVDXIGLHVHQ0DQQ]XEHVLW]HQ (VZDUGUDXHQEHUHLWVGXQNHO ,Q GDV :RKQKDXV LQ GHP &ODQGRQ HLQ $SDUWPHQW JHPLHWHW KDWWH ZDU 5XKH HLQJHNHKUW 1LHPDQG EHJHJQHWH LKP DXI VHLQHP :HJ KLQDXI DXI GHQ 'DFKERGHQ ZR HU HLQHQ HLJHQHQ 9HUVFKODJEHVD 0LW]LWWHUQGHQ+lQGHQVSHUUWHHUGLH%UHWWHUWUDXIVFKDOWHWH GDVHOHNWULVFKH /LFKWHLQXQGWUDWDQGLHVWDXELJH7UXKHKHUDQ LQ GHU HU DOOHV DXIEHZDKUWH ZDV HLQPDO YRQ %HGHXWXQJ JHZHVHQZDUXQGLQGHU:RKQXQJNHLQHQ3ODW]PHKUKDWWH (LQH6WXQGHYHUJLQJHLQH]ZHLWH 9RU &ODQGRQV $XJHQ IOLPPHUWH HV EHUHLWV 8Q]lKOLJH %ULHIH XQG )RWRV KDWWH HU GXUFKJHVHKHQ RKQH HLQHQ $QKDOWVSXQNW ]X ILQGHQ (QGOLFKVWLHHUDXIHLQHQ6WDSHO%ULHIHGHUPLWHLQHPEODXHQ %DQG]XVDPPHQJHKDOWHQZDU %ULHIHVHLQHU0XWWHU%ULHIHDQVHLQH0XWWHU8QG)RWRV +DVWLJ EOlWWHUWH HU VLH GXUFK RKQH DXFK QXU HLQH =HLOH ]X OHVHQ(UVWMHW]WNDPLKP]XP%HZXWVHLQGDHUGLHVH%ULHIH XQG )RWRV QLH DQJHVHKHQ KDWWH VHLW VHLQH 0XWWHU VLH LKP YRU YLHOHQ-DKUHQEHUJHEHQKDWWH 6FKRQZROOWHHUDXFKGLHVH3DSLHUHHQWWlXVFKW]XU6HLWHOHJHQ DOV VHLQ %OLFN DXI HLQ )RWR ILHO GDV DXV HLQHP GHU %ULHIH KHUYRUVFKDXWH(U]RJHVDXVGHP8PVFKODJ²XQGZXWHZHU GLH EHLGHQ 0lQQHU ZDUHQ GLH HU ]XYRU LQ HLQHU 9LVLRQ DOV *LIWPLVFKHUJHVHKHQKDWWH 6HLQ9DWHUXQGVHLQ*URYDWHU
ª$XI MHGHQ )DOO NDQQVW GX GLFK QLFKW EHVFKZHUHQ GD LFK GLFKYHUQDFKOlVVLJH©VDJWH5LFN0DVWHUVDPQlFKVWHQ0RUJHQ ]X-HQQ\(UZDUWHWHDXIHLQ/RELKUHUVHLWVGRFKVLHVFKREQXU PLW HLQHU YHUVFKODIHQHQ +DQGEHZHJXQJ LKUH ODQJHQ EORQGHQ
+DDUHDXVGHP*HVLFKWXQGIUDJWHª:REOHLEWGDV)UKVWFN"© 5LFN]RJHLQVlXHUOLFKHV*HVLFKWª'DVLVWDOOHV"©EHVFKZHUWH HUVLFKª$QVWDWWGDGXLQ%HJHLVWHUXQJDXVEULFKVW«© ª,FK KDEH +XQJHU© VFKQLWW LKP -HQQ\ GDV :RUW DE XQG ]HUVW|UWHGDPLWUHVWORVVHLQH+RFKVWLPPXQJ %UXPPHQG XQG PXUUHQG ZROOWH GHU MXQJH 3ULYDWGHWHNWLY LQ GLH .FKH JHKHQ DOV GDV 7HOHIRQ LKQ YRU GHQ KDXVIUlXOLFKHQ 3IOLFKWHQEHZDKUWH ª*XWHQ 0RUJHQ .HQQHWK© ULHI 5LFN DOV HU GLH 6WLPPH DP DQGHUHQ(QGHGHU/HLWXQJHUNDQQWH ª6FKOHFKWHU 0RUJHQ 5LFN HV LVW HLQ VHKU VFKOHFKWHU 0RUJHQ© +HPSVKDZ VSUDFK ZLH EHL HLQHU %HHUGLJXQJ ª:LU KDEHQHLQH)HKODQ]HLJHDXIGHUJDQ]HQ/LQLH© ª:ROOHQ 6LH VDJHQ GD DXFK 6FRWODQG
YRUVFKODJHQGDGXHUVWHLQPDOHLQH'XVFKHQLPPVWXQGGLFK DQNOHLGHVW© 5LFNVFKDXWHDQVLFKKLQXQWHU ª+DWWHLFKJDQ]YHUJHVVHQ©JULQVWHHUOLHILQV%DGXQGVWHOOWH VLFK XQWHU GHQ KHLHQ :DVVHUVWUDKO $OV HU VLFK DEJHWURFNQHW KDWWH XQG IHUWLJ DQJH]RJHQ LQV :RKQ]LPPHU NDP VWDQG HLQ SHUIHNWHV)UKVWFNDXIGHP7LVFK ª1D ZLH KDEH LFK GDV JHPDFKW"© VWUDKOWH LKP -HQQ\ HQWJHJHQ ª:XQGHUEDU©OREWH5LFNZDKUKHLWVJHPl *HPHLQVDPPDFKWHQVLHVLFKEHUGLHVRUJIlOWLJDXIJHEDXWHQ .|VWOLFKNHLWHQKHUELV-HQQ\GLH5XKHXQWHUEUDFK ª:RUEHU]HUEUHFKWLKUHXFKHLJHQWOLFKGHQ.RSIGXXQGGHU &KHILQVSHNWRU"© HUNXQGLJWH VLH VLFK PLW YROOHP 0XQG ª9LHOOHLFKWNDQQLFKHXFKKHOIHQ© 5LFN ]XFNWH GLH 6FKXOWHUQ ZlKUHQG HU %XWWHU DXI VHLQ %URW VWULFKª'LH*HVFKLFKWHKDEHLFKGLUVFKRQHU]lKOW©DQWZRUWHWH HU]ZLVFKHQ]ZHL6FKOXFNHQ7HH ª(VJHKWGDUXPHLQHQ6RKQ RGHU HLQH 7RFKWHU GLHVHV 3HWHU *HOODWO\ ]X ILQGHQ 2IIL]LHOO LVW DEHUQLFKWVYRQ1DFKNRPPHQEHNDQQW© ª(U ZDU GRFK YHUKHLUDWHW QLFKW ZDKU"© -HQQ\ EHJDQQ HUVWDXQWXQGDPVLHUW]XOlFKHOQª:DUXPIUDJVWGXQLFKWVHLQH )UDX²IDOOVVLHQRFKOHEW"© ª1DWUOLFKOHEWVLHQRFK©QLFNWH5LFNKHIWLJª'DVKDEHQZLU JHVWHUQEHUHLWVIHVWJHVWHOOW'XPHLQVWZLUVROOHQ«© ª1DWUOLFK )DOOV 3HWHU *HOODWO\ .LQGHU PLW HLQHU DQGHUHQ )UDX KDWWH ZLUG DP HKHVWHQ VHLQH HLJHQH (KHIUDX GDUEHU %HVFKHLG ZLVVHQ )DKUHQ ZLU JOHLFK QDFK GHP )UKVWFN ]X LKU"© ª:LHVRZLU"©VWDXQWH5LFN ª1DHVLVWVFKOLHOLFKPHLQH,GHH©-HQQ\]RJGDV%DGHWXFK HQJHU ]XVDPPHQ GDV DQ GHU %UXVW DXINODIIWH ,KUH +DXW VFKLPPHUWH ZLH (OIHQEHLQ XQG GXIWHWH QDFK HLQHU GH]HQW SDUIPLHUWHQ 6HLIH ª,FK ZHUGH GLFK QLFKW VW|UHQ 5LFN
(KUHQZRUW1LPPPLFKPLW©EHWWHOWHVLH ª6HOEVWYHUVWlQGOLFK ZHQQ GX P|FKWHVW"© 5LFN GHXWHWH DXI GDV %DGHWXFK GDV MHW]W EHUHLWV ]XP ]ZHLWHQPDO EHU LKUH 6FKXOWHUQQDFKXQWHQUXWVFKWHª$EHUQLFKWLQGLHVHP$XI]XJ© VDJWHHUODFKHQGª:LUZUGHQDXIGHU6WUDH]XYLHO$XIVHKHQ HUUHJHQ© -HQQ\IROJWHVHLQHP5DWVRGDVLHEHLGHGHQ$QVWDQGVUHJHOQ HQWVSUHFKHQG JHNOHLGHW ZDUHQ DOV VLH 0UV *HOODWO\V +DXV EHWUDWHQQDFKGHPVLHVLFKWHOHIRQLVFKDQJHPHOGHWKDWWHQ ª6LH VDJWHQ 6LH ZROOWHQ PLW PLU EHU PHLQHQ YHUVWRUEHQHQ 0DQQVSUHFKHQ0L$OOHQ0U0DVWHUV"© 'LHDOWH'DPHERWLKQHQ3ODW]DQLQLKUHP:RKQ]LPPHUGDV ZLHHLQ6DORQDXVYLNWRULDQLVFKHU=HLWDQPXWHWHª'DVDOOHVLVW ODQJHKHULFKZHLQLFKWRELFK,KQHQEHUKDXSWHLQH$XVNXQIW JHEHQNDQQ© ª(V GUHKW VLFK XP HLQHQ JDQ] EHVWLPPWHQ 3XQNW© EHJDQQ 5LFN ]X HUNOlUHQ ª8P HLQHQ VHKU KHLNOHQ LFK P|FKWH IDVW VDJHQSHLQOLFKHQ3XQNW© ª)UDJHQ 6LH© IRUGHUWH LKQ 0UV *HOODWO\ OHLVH DXI ª'D 6LH GLH *HVFKLFKWH PHLQHV 0DQQHV NHQQHQ ZHUGHQ 6LH ZLVVHQ ZLHYLHO LFK VHLQHWZHJHQ GXUFKPDFKHQ PXWH 'D NDQQ PLFK IDVWQLFKWVPHKUHUVFKWWHUQ© ª:DU ,KQHQ ,KU 0DQQ WUHX 0UV *HOODWO\"© SODW]WH -HQQ\ $OOHQ KHUDXV 'LH :LWZH 3HWHU *HOODWO\V ZDU PLQGHVWHQV HEHQVREHUUDVFKWZLH5LFN0DVWHUV ª/LHEH0L$OOHQ©OlFKHOWH0UV*HOODWO\QDFKHLQHU:HLOH ª:lKUHQG PHLQHU NXU]HQ (KH PLW 3HWHU ZDUHQ ZLU PHKU YRQHLQDQGHUJHWUHQQWDOVYHUHLQW6FKOLHOLFKKHUUVFKWH.ULHJ© ª,FK YHUVWHKH ZDV 6LH DQGHXWHQ P|FKWHQ© YHUVXFKWH 5LFN VLFK VR YRUVLFKWLJ ZLH P|JOLFK DXV]XGUFNHQ XP GLH DOWH 'DPH QXU QLFKW ]X YHUOHW]HQ ª(LQH NRQNUHWH )UDJH ,VW ,KQHQ HWZDVYRQGLUHNWHQ1DFKNRPPHQ,KUHV0DQQHVEHNDQQW"© :DU HV GLH ODQJH =HLW GLH VHLW GHP 9HUVFKZLQGHQ LKUHV 0DQQHVYHUJDQJHQZDURGHUVSLHOWHLKU$OWHUHLQH5ROOHGXUFK
GDVVLH$EVWDQG]XGHQGDPDOLJHQ(UHLJQLVVHQJHIXQGHQKDWWH 0UV*HOODWO\YHUORUMHGHQIDOOVQLFKWLKUH5XKH ª,FK ZWH QLFKWV© VDJWH VLH K|IOLFK DEHU PLW 1DFKGUXFN ªZDV,KQHQZHLWHUKLOIW0U0DVWHUV:LHJHVDJWHVZDU.ULHJ «© ª9LHOHQ 'DQN 0UV *HOODWO\ GD 6LH VR KLOIVEHUHLW ZDUHQ© VDJWH-HQQ\IUHXQGOLFK 6LHYHUDEVFKLHGHWHVLFKYRQ0UV*HOODWO\VRGDDXFK5LFN QLFKWVDQGHUHVEULJEOLHEDOVVLFKHEHQIDOOV]XUFN]X]LHKHQ $OV VLH ZLHGHU LQ VHLQHP 0RUJDQ VDHQ VFKDXWH HU -HQQ\ YRUZXUIVYROO DQ ª:HU ZHL ZDV VLH XQV DOOHV YHUVFKZLHJHQ KDW'XKlWWHVWGDV*HVSUlFKQLFKWDEEUHFKHQGUIHQ© ª6LHZXWHZLUNOLFKQLFKWV©HUNOlUWH-HQQ\ ª:RKHUZLOOVWGXGDVZLVVHQ"© 5LFN NRQQWH VHLQH 8QJHGXOG NDXPQRFKEHKHUUVFKHQ ª'DVIKOWPDQ²LFKIKOHHVZHQLJVWHQV6LHZXWHQLFKWV DOVR KDWWH HV NHLQHQ 6LQQ VLH QRFK ZHLWHU PLW GHQ DOWHQ (ULQQHUXQJHQ]XTXlOHQ© ª6FK|Q ZHQQ GX PHLQVW© OHQNWH 5LFN 0DVWHUV HLQ ª'LH )UDJHLVWQXUZLHLFKMHW]WZHLWHUPDFKHQVROO"© ª$Q GHLQHU 6WHOOH ZUGH LFK PLU HUVW HLQPDO HLQ %LOG 3HWHU *HOODWO\VEHVFKDIIHQ©VFKOXJ-HQQ\YRUª,QGHU6WDGWEFKHUHL JLEWHVGRFKGLH%FKHUGLHGXJHVWHUQ«© ª,FKZHLVFKRQ©XQWHUEUDFK5LFNVLH ª:DVPDFKVWGXLQGHU=ZLVFKHQ]HLW"© ª$UEHLWHQZDVGHQQVRQVW"©-HQQ\$XJHQEOLW]WHQLKQOXVWLJ DQª'HU.RVPHWLNVDORQOlXIW]ZDUJXWDEHUGRFKEHVVHUZHQQ LFKVHOEVWGRUWELQ© ª.DQQLFKYHUVWHKHQ©EHPHUNWH5LFNHLIHUVFKWLJ ª,Q PHLQHP .RVPHWLNVDORQ YHUNHKUHQ QXU )UDXHQ© ODFKWH -HQQ\ KHOO DXI 5LFN ZXUGH URW ZHLO VLH LKQ GHU (LIHUVXFKW EHUIKUWKDWWH (UVHW]WHVLHYRULKUHP /DGHQDEXQG IXKU]XU %FKHUHLZHLWHU=X0LWWDJZROOWHQVLHVLFKZLHGHUWUHIIHQ%LV GDKLQZUGHMHGRFKQRFKYLHOJHVFKHKHQ
'LH %LEOLRWKHNDULQ VFKDXWH GHQ YRU LKU VWHKHQGHQ 0DQQ VR EHUUDVFKW DQ DOV KDEH HU LKU HLQHQ +HLUDWVDQWUDJ JHPDFKW 'DEHLKDWWH&ODQGRQOHGLJOLFKHLQJDQ]EHVWLPPWHV1DFKVFKOD JHZHUNEHU9HUEUHFKHQYHUODQJW 8QWHU GHP IRUVFKHQGHQ XQG QHXJLHULJHQ %OLFN GHU )UDX VFKDXGHUWH&ODQGRQ]XVDPPHQ (U NRQQWH HV VLFK QLFKW HUNOlUHQ DEHU LUJHQGZR PXWH VLH %HVFKHLG ZLVVHQ 'DV JODXEWH HU ]XPLQGHVW :DUXP KlWWH VLH LKQVRQVWVRHLQGULQJOLFKPXVWHUQVROOHQ" ª'DV LVW DEHU HLQ =XIDOO 6LU ELWWH NRPPHQ 6LH PLW© 'LH %LEOLRWKHNDULQ JLQJ YRUDXV XQG WDXFKWH ]ZLVFKHQ VFKHLQEDU HQGORVHQ5HLKHQYRQ5HJDOHQHLQª-DKUHODQJKDWVLHNHLQHUXP GLHVHV :HUN JHNPPHUW XQG MHW]W ZLUG HV JOHLFK ]ZHLPDO KLQWHUHLQDQGHUYHUODQJW© &ODQGRQ DWPHWH XQHQGOLFK HUOHLFKWHUW DXI 6LH KDWWH DOVR NHLQHQ 9HUGDFKW JHVFK|SIW VRQGHUQ ZXQGHUWH VLFK OHGLJOLFK EHUHLQHQ=XIDOO =XIDOO" :DU HV ZLUNOLFK HLQ =XIDOO" (LQ WURFNHQHV :UJHQ VWLHJLQ&ODQGRQV.HKOHKRFK ª9HU]HLKXQJ© VDJWH HU XQG PXWH VLFK UlXVSHUQ HKH HU ZHLWHUVSUHFKHQ NRQQWH ª:LHVR ]ZHLPDO KLQWHUHLQDQGHU" :HU KDWVLFKVRQVWQRFKGDIULQWHUHVVLHUW"© 'LH %LEOLRWKHNDULQ EHJDQQ YRU &ODQGRQ DXI HLQHP 7LVFK GLH ]DKOUHLFKHQ %lQGH GHV 1DFKVFKODJHZHUNV DXI]XEDXHQ ª$FK JHVWHUQ ZDU HLQ 3ULYDWGHWHNWLY KLHU 0DVWHUV KLH HU ,FK KDEH VHLQ%LOGVFKRQHLQSDDUPDOLQGHQ=HLWXQJHQJHVHKHQ(LQVHKU WFKWLJHU MXQJHU 0DQQ PVVHQ 6LH ZLVVHQ (U DUEHLWHWH VWXQGHQODQJEHUGLHVHQ%FKHUQ ,FK KRIIH VLH ZHUGHQ ,KQHQ HEHQIDOOVZHLWHUKHOIHQ© 'DPLWOLHVLH &ODQGRQ PLW GHQ DOWHQ :lO]HUQ DOOHLQ +DVWLJ PDFKWHVLFKGHU0DQQDQGLH$UEHLW
(UNDQQWH5LFN0DVWHUVHEHQIDOOV,QGHQ=HLWXQJHQKDWWHRIW JHQXJ JHVWDQGHQ GD 0DVWHUV PLW 6FRWODQG
ª$FKJXWHQ0RUJHQ0U0DVWHUV©EHJUWHGLH%LEOLRWKHND ULQGHU6WDGWEFKHUHLGHQMXQJHQ3ULYDWGHWHNWLY ª:LH"© PDFKWH 5LFN YHUEOIIW ª$FK VR JXWHQ 0RUJHQ :RKHUNHQQHQ6LHPLFK",FKKDEHJHVWHUQPHLQHQ1DPHQQLFKW JHQDQQW© ª,FKKDEH,KU%LOGLQGHU=HLWXQJJHVHKHQ©'LH%LEOLRWKHND ULQ VWUDKOWH 5LFN DQ DOV ZlUH HU HLQ +ROO\ZRRGVFKDXVSLHOHU ª/HLGHUHULQQHUWHLFKPLFKHUVWZLHGHUDQ,KUHQ1DPHQDOV6LH
VFKRQZHJZDUHQ© ª$FKVR©QLFNWH5LFN]HUVWUHXW0LWGHU+DQGWDVWHWHHUQDFK GHU0LQLDWXUNDPHUDPLWGHUHU$XIQDKPHQYRQ3HWHU*HOODWO\V )RWRVLQGHP1DFKVFKODJHZHUNKHUVWHOOHQZROOWH ª.|QQWH LFK QRFK HLQPDO GLH %lQGH VHKHQ GLH LFK JHVWHUQ EHDUEHLWHWH"©JLQJHUDXIGHQ*UXQGVHLQHV%HVXFKVORV ª1HLQ VR HLQ =XIDOO© 'LH %LEOLRWKHNDULQ KDWWH NHLQH $KQXQJ LQ ZHOFKHQ )DOO VLH YHUZLFNHOW ZRUGHQ ZDU ª=XP GULWWHQPDOZHUGHQGLH%FKHUYHUODQJW© ª=XPGULWWHQPDO"©HFKRWH5LFNª:HU«© ª(LQ+HUUKDWVLHYRUHLQHUKDOEHQ6WXQGHYHUODQJW©HUNOlUWH GLH)UDXXQGJLQJYRUDQª(UKDWVLHQRFKQLFKW]XUFNJHJHEHQ DOVRZLUGHUQRFKPLWGHU/HNWUHEHVFKlIWLJWVHLQ© 'LH /HLWHULQ GHU %LEOLRWKHN EOLHE YHUEOIIW VWHKHQ 5LFN VFKDXWH EHU LKUH 6FKXOWHU NRQQWH DEHU QXU HLQHQ ODQJJH VWUHFNWHQ 7LVFK PLW HLQLJHQ %FKHUVWDSHOQ VHKHQ $QVRQVWHQ ILHOLKPQLFKWVDXI ª:RLVWHUGHQQ"©IUDJWHVLHXQGWUDWQlKHU ª2IIHQEDULVWHU GRFK VFKRQ ZHJJHJDQJHQ RKQH GLH %FKHU ]XUFN]XJHEHQ 1HLQ© ,KU HPS|UWHU $XIVFKUHL DODUPLHUWH 5LFN ª'DV LVW EDUEDULVFK:LHNDQQPDQQXU© -HW]W EHPHUNWH DXFK GHU 3ULYDWGHWHNWLY GD DXV HLQHP GHU %FKHU%OlWWHUKHUDXVJHULVVHQZRUGHQZDUHQ 6HLQ %OLFN ILHO DXI GLH -DKUHV]DKO XQG HLQ IUFKWHUOLFKHU 9HUGDFKWVWLHJLQLKPDXI ² GDV -DKU LQ GHP 3HWHU *HOODWO\V 0RUGH DXIJHGHFNW ZXUGHQ 5LFN UL GHU %LEOLRWKHNDULQ GDV %XFK DXV GHU +DQG XQG EOlWWHUWH EOLW]VFKQHOO KLQ XQG KHU ELV HU VLFK GDYRQ EHU]HXJW KDWWH GD WDWVlFKOLFK DOOH LKQ LQWHUHVVLHUHQGHQ %OlWWHU KHUDXVJHULVVHQ ZRUGHQ ZDUHQ 2KQH VLFK XP GHQ 3URWHVW GHU )UDX ]X NPPHUQ GLH VLFK EHU VHLQ VRQGHUEDUHV %HQHKPHQlUJHUWHVFKOXJHUGDV-DKUDXI(VZDUVRZLH HU HV HUZDUWHW KDWWH DXFK KLHU IHKOWHQ GLH 6HLWHQ GLH EHU GLH )DPLOLH*HOODWO\EHULFKWHWHQ
5LFN0DVWHUVOLHGLHVFKLPSIHQGHXQG EHU VR YLHO 5RKKHLW ZWHQGH%LEOLRWKHNDULQQLFKWZHLWHUUHGHQ ª%HVFKUHLEHQ6LHPLUGHQ0DQQHVLVWZLFKWLJ©YHUODQJWHHU ª'LHVHU0DQQZLUGYRQGHU3ROL]HLJHVXFKW$OVRVWUHQJHQ6LH ,KU*HGlFKWQLVDQ© 5LFN HUKLHOW WDWVlFKOLFK HLQH JHQDXH %HVFKUHLEXQJ GLH VLFK DXIMHGH(LQ]HOKHLWEH]RJ 'HQQRFK YHUOLH HU QLHGHUJHVFKODJHQ GLH %LEOLRWKHN 'HU %HVFKUHLEXQJ QDFK ZXWH HU MHW]W GD GHU YRQ LKP JHVXFKWH 0DQQ VR GXUFKVFKQLWWOLFK ZLH QXU LUJHQG P|JOLFK ZDU -HGHU ]ZHLWHGHULKPDXIGHU6WUDHEHJHJQHWHKlWWHGHU0|UGHUVHLQ N|QQHQ 5LFN0DVWHUVMDJWHHLQHQ3KDQWRPP|UGHU
ª6LH VLQG ZLHGHU HLQPDO PHLQH OHW]WH +RIIQXQJ .HQQHWK© ULHI 5LFN 0DVWHUV NQDOOWH VFKZXQJYROO +HPSVKDZV %URWU KLQWHU VLFK ]X XQG OLH VLFK DXI GHQ YRU GHP 6FKUHLEWLVFK VWHKHQGHQ6WXKOIDOOHQ ª$QGHP7DJDQGHP6LHGDV$QNORSIHQOHUQHQ5LFNVWLIWH LFK GHQ *UXQGVWHLQ IU HLQ QHXHV
KDZª:LUVLQGEHU]HXJWGDHVNHLQHQJLEW© ª8QG LFK KDEH GHQ *HJHQEHZHLV© WULXPSKLHUWH 5LFN (U VFKLOGHUWHGHQ9RUIDOOLQGHU6WDGWEFKHUHL ª0HLQHQ 6LH ZLUNOLFK GD 6LH GHQ 3KDQWRPP|UGHU QXU VR NQDSSYHUIHKOWHQ"© +HPSVKDZULHEVLFKQDFKGHQNOLFKGDV .LQQ ª0|JOLFK ZlUH HVQDWUOLFK$OVRZDVZROOHQ6LH"© ª)DKUHQ 6LH PLW ,KUHQ 6SH]LDOLVWHQ LQ GLH %LEOLRWKHN TXHWVFKHQ 6LH GLH %LEOLRWKHNDULQ QDFK DOOHQ 5HJHOQ GHU .XQVW DXV© 5LFN 0DVWHUV VWDQG VFKRQ DQ GHU 7U ª/DVVHQ 6LH HLQ 3KDQWRPELOG DQIHUWLJHQ 6LH KDEHQ QLFKW XPVRQVW GLH EHVWHQ =HLFKQHUEHLP
ª$FKQHLQGDVLVWMDWROO©-HQQ\$OOHQJHQRVLFKWOLFKLKUHQ 7ULXPSK6LHKDWWHLKUH.XQGLQQHQGHQ$QJHVWHOOWHQEHUODVVHQ XQG VLFK PLW 5LFN LQ LKU %UR QHEHQ GHP .RVPHWLNVDORQ ]XUFNJH]RJHQ ª=XHUVWPDFKVWGXGLFKGDUEHUOXVWLJGDLFKPLFKLQGHLQH KRFKKHLOLJHQ(UPLWWOXQJHQHLQPLVFKHGDQQNRPPVWGX]XPLU XPHLQHQ5DWZDVGXMHW]WWXQVROOVW© ª1XQ LFK PHLQWH© GUXFNVWH 5LFN KHUXP ª(V ZDU VFKRQ ULFKWLJZDVGXEHL0UV*HOODWO\VDJWHVW,FKPX]XJHEHQGD GHLQH%HREDFKWXQJVJDEHXQGGHLQHZHLEOLFKH,QWXLWLRQ«© ª*HQXJ /RE© ZHKUWH -HQQ\ JUR]JLJ DE ª$OVR GX ZHLW
QLFKWZHLWHUXQGZHLOZLUGDV-DKUGHU)UDXKDEHQ«© ª+|U EOR GDPLW DXI© VW|KQWH 5LFN 0DVWHUV ª'DV NDQQ LFK QLFKWPHKUK|UHQ© ª,FKDXFKQLFKW©JHVWDQG-HQQ\ª7URW]GHPLVWHVVFK|QGD GX PLFK QLFKW QXU DOV 6H[REMHNW EHWUDFKWHVW VRQGHUQ DXFK PHLQHQ*HLVWVFKlW]W© ª,FK VFKlW]H LKQ YRU DOOHP ZHQQ GX PLU HLQHQ 7LS JLEVW© 5LFNVWHFNWHIUVLHEHLGH=LJDUHWWHQDQXQGIXKUIRUWª,FKPX KHUDXVILQGHQ ZDQQXQGPLW ZHP 3HWHU *HOODWO\ .LQGHU LQ GLH :HOW JHVHW]W KDW 'D HU GDV JHWDQ KDW VFKHLQW PLU QDFK GHP =ZLVFKHQIDOOLQGHU%LEOLRWKHNEHZLHVHQ© ª0LUDXFK©QLFNWH-HQQ\HUQVWZHUGHQGª:DQQYHUVFKZDQG HUVSXUORV"© ª(UZDUGDPDOVEHLGHU5R\DO$LU)RUFHXQG«© ª'DV LVW HV© -HQQ\ QLFNWH VR KHIWLJ GD LKU GLH ODQJHQ EORQGHQ+DDUHZLHHLQ6FKOHLHUYRUGDV*HVLFKWILHOHQ:HOFKHU 6ROGDW SUDKOW QLFKW EHL VHLQHQ .DPHUDGHQ PLW VHLQHQ (UIROJHQ EHL)UDXHQ© 5LFNVFKDXWHVHLQH)UHXQGLQVRYHUVWlQGQLVORVDQDOVKlWWHVLH LQHLQHULKPY|OOLJIUHPGHQ6SUDFKHJHVSURFKHQ ª'LH 3ROL]HL ILQGHW NHLQH 6SXU HLQHV .LQGHV YRQ 3HWHU *HOODWO\ DEHU GX KDVW HLQH &KDQFH© UHGHWH -HQQ\ HLIULJ DXI 5LFN HLQ ª'X PXW GLH HKHPDOLJHQ .ULHJVNDPHUDGHQ DXV *HOODWO\V7UXSSHILQGHQ6LH N|QQHQ GLU DP HKHVWHQ HLQHQ 7LS JHEHQ© 5LFNVWDUUWH-HQQ\HLQLJH6HNXQGHQODQJHQWJHLVWHUWDQGDQQ VSUDQJHUDXIXQGOLHIDQV7HOHIRQ 'DQNVHLQHUJXWHQ%H]LHKXQJHQNDPHUIQI0LQXWHQGDQDFK PLWHLQHPEHVFKULHEHQHQ=HWWHO]XVHLQHU)UHXQGLQ]XUFN ª1DPH XQG $GUHVVH GHV GDPDOLJHQ 9RUJHVHW]WHQ YRQ *HOODWO\© VWUDKOWH HU ª'HU &DSWDLQ ZLUG XQV ZHLWHUKHOIHQ N|QQHQ© ª8QV"© VWDXQWH -HQQ\ ª,FK KDEH PLFK ZRKO YHUK|UW 'LU PHLQ%HVWHULFKKDEHNHLQH=HLW©
ª8QGZLHZDUGDVKHXWHYRUPLWWDJ"© 5LFNJULQVWHLKUXQYHUVFKlPWLQV*HVLFKWª'DNRQQWHQGHLQH .XQGHQ RKQH GLFK DXVNRPPHQ 'DV ZLUG MHW]W DXFK P|JOLFK VHLQ &DSWDLQ %ORRPILHOG HUZDUWHW XQV EHUHLWV LFK KDEH XQV WHOHIRQLVFKDQJHVDJW© -HQQ\KDOINHLQ3URWHVWLHUHQ5LFNVFKOHSSWHVLHPLWVLFK'HU &DSWDLQ HLQ *HQWOHPDQ DQ GLH DFKW]LJ NDP LKQHQ UVWLJ HQWJHJHQDOVVLHDQVHLQHU*DUWHQWUVFKHOOWHQ(UKDWWHDXIGHU 7HUUDVVH VHLQHV NOHLQHQ +DXVHV DXFK HLQH (UIULVFKXQJ YRUEHUHLWHWª*HOODWO\"©ULHIHUEHUUDVFKWDXVDOV5LFNLKQQDFK VHLQHP HKHPDOLJHQ 8QWHUJHEHQHQ EHL GHU 5$) IUDJWH ª1DWUOLFK HULQQHUH LFK PLFK 0U 0DVWHUV LFK KDEH HLQ VHKU JXWHV *HGlFKWQLV *HOODWO\ YHUVFKZDQG DXI P\VWHUL|VH :HLVH DOV HU ZHJHQ PHKUIDFKHQ *LIWPRUGHV YHUKDIWHW ZHUGHQ VROOWH :LUNRQQWHQLKQQLFKWDXIILQGHQ© 'D VLFK -HQQ\ GLHVPDO VFKZHLJVDP JDE EHUQDKP 5LFN GLH )UDJHQ ª&DSWDLQ %ORRPILHOG EHU GLH 0RUGH ZHL LFK %HVFKHLG(VJHKWXPHWZDVDQGHUHV:LUVXFKHQ1DFKNRPPHQ YRQ3HWHU*HOODWO\DEHUGLHEOLFKHQ0HWKRGHQKDEHQYHUVDJW 0LWVHLQHU)UDXKDWWHHUNHLQH.LQGHU© ª(U VSUDFK QXU VFKOHFKW YRQ VHLQHU )UDX© HULQQHUWH VLFK GHU DOWH 2IIL]LHU ª:LVVHQ 6LH *HOODWO\ ZDU HLQ QHWWHU 0HQVFK REZRKOVHLQ9DWHUHEHQIDOOVDOV*LIWP|UGHUJHVXFKWZXUGH:LU NDPHQ LPPHU JXW PLW LKP DXV HV JDE QLH 6FKZLHULJNHLWHQ 'HVKDOE ZDUHQ ZLU DXFK VR HUVWDXQW DOV HU SO|W]OLFK YHUKDIWHW ZHUGHQVROOWH© ª-D MD© ZHKUWH 5LFN OHLFKW XQJHGXOGLJ DE ª:DV XQV VHKU LQWHUHVVLHUWGDVVLQG*HOODWO\V%H]LHKXQJHQ]X)UDXHQ© ª)UDXHQ"© 'HU 2IIL]LHU ODFKWH GU|KQHQG ª*HOODWO\ ZDU HLQ :LQGKXQG (U KDWWH DQ MHGHP )LQJHU HLQ 'XW]HQG )UHXQGLQ QHQ© ª'DVNDQQMDKHLWHUZHUGHQ©VHXI]WH-HQQ\$OOHQ 5LFNQDJWHYHUGURVVHQDQVHLQHU8QWHUOLSSHGDQQKDWWHHUVLFK HLQH )UDJH ]XUHFKWJHOHJW ª.|QQHQ 6LH VLFK DQ HLQH YRQ
*HOODWO\V )UHXQGLQQHQ HULQQHUQ GLH P|JOLFKHUZHLVH YRQ LKP HLQ .LQG EHNDP" &DSWDLQ HV PWH VLFK GRFK HWZDV KHUXPJHVSURFKHQ KDEHQ 6RYLHO LFK ZHL ZDU ,KUH (LQKHLW GDPDOVLQHLQHPNOHLQHQ'RUIVWDWLRQLHUW© 'HU SHQVLRQLHUWH 2IIL]LHU EHUOHJWH ODQJH 5LFN XQG -HQQ\ WDXVFKWHQHLQHQKRIIQXQJVYROOHQ%OLFN :HQQ VLFK GHU &DSWDLQ HULQQHUWH HUVSDUWHQ VLH VLFK HLQH PKVHOLJH %HIUDJXQJ DOOHU QRFK OHEHQGHQ HKHPDOLJHQ 5HJLPHQWVNDPHUDGHQGHV0|UGHUV ª1DPHQ ZHL LFK QLFKW PHKU© VDJWH &DSWDLQ %ORRPILHOG QDFK HLQHU :HLOH ª$EHU HV JDE NXU] YRU *HOODWO\V 9HU VFKZLQGHQ HLQ *HUFKW « 1XQ LFK ZLOO QLFKW QDFKWUlJOLFK MHPDQGHQLQ6FKZLHULJNHLWHQEULQJHQGRFKPDQPXQNHOWHEHU GLH 7RFKWHU GHV GDPDOLJHQ %UJHUPHLVWHUV GLHVHV 'RUIHV 'DV 'RUI KLH (OWRQ GHQ 1DPHQ GHV %UJHUPHLVWHUV KDEH LFK YHUJHVVHQ© ª'DV ZLUG VLFK IHVWVWHOOHQ ODVVHQ© VDJWH 5LFN VFKQHOO EHGDQNWHVLFKEHLGHPDOWHQ0DQQXQGKDWWHHVVHKUHLOLJ ª,FK PX ]XUFN LQ GHQ 6DORQ© YHUODQJWH -HQQ\ DOV VLH ZLHGHULQ5LFNV:DJHQVDHQ ª:LUIDKUHQQDFK(OWRQ©DQWZRUWHWHGHU3ULYDWGHWHNWLYª8QG GX PHLQ (QJHO ZLUVW PLFK EHJOHLWHQ GD LFK GHLQH +LOIH EUDXFKH© ª$EHULFK«© ª9LHOHQ 'DQN -HQQ\ GD GX PLU IUHLZLOOLJ KLOIVW© 5LFN KDXFKWHLKUHLQHQ.XDXIGLH:DQJHª'DVHUVSDUWHVPLUGLFK PLW*HZDOWPLW]XVFKOHSSHQ© -HQQ\K|UWHDXIPLW)lXVWHQDXI5LFNHLQ]XVFKODJHQDOVGHU :DJHQ DQ )DKUW JHZDQQ 6FKOLHOLFK ZROOWH VLH NHLQHQ 8QIDOO ULVNLHUHQ ª'DVEWGXPLU©NQLUVFKWHVLHUDFKHGXUVWLJ ª'X ZLUVWGLU QRFKZQVFKHQPLFKQLHNHQQHQJHOHUQW]XKDEHQ© 5LFN ZDUI HLQHQ NXU]HQ 6HLWHQEOLFN DXI LKUH DXI GHQ 1HEHQVLW]KLQJHJRVVHQH*HVWDOW
ª,FK JODXEH GHU 0RPHQW LVW QRFK IHUQ© VWHOOWH HU ]XIULHGHQ IHVWXQGWUDWGDV*DVSHGDOGXUFK
&ODQGRQ GHU OHW]WH 1DFKNRPPH GHV 5LFKWHUV GHU LP -DKUH GHQ3KDQWRPP|UGHUDQGHQ*DOJHQJHVFKLFNWKDWWHIKOWH HLQH:DQGOXQJLQVLFKYRUJHKHQ+DWWHHU]XHUVWXQZLVVHQWOLFK XQG HLQHP JHKHLPHQ =ZDQJ IROJHQG JHPRUGHW XQG DQVFKOLH HQG YHUVXFKW JHJHQ GLHVHQ XQKHLOYROOHQ (LQIOX DQ]XNlPS IHQVRYHUILHOHUMHW]WPHKUXQGPHKUGHP%OXWUDXVFKXQGGHP %HZXWVHLQYRQ0DFKWGLHHUEHUDQGHUH0HQVFKHQDXVEWH .DXP KDWWH HU GLH 6WDGWELEOLRWKHN KHLPOLFK YHUODVVHQ DOV HU 5LFN 0DVWHUV HQWGHFNWH GHU GLH 6WUDH YRU GHP %L EOLRWKHNVJHElXGHTXHUWHXQGDXIGHQ(LQJDQJ]XKLHOW 5DVFK ZDU &ODQGRQ KLQWHU HLQHU 6lXOH YHUVFKZXQGHQ 'DV KlWWH QRFK JHIHKOW GD GHU 3ULYDWGHWHNWLY LKQ KLHU IDQG 'DV ZlUH IDVW JHQDXVR VFKOLPP JHZHVHQ ZLH ZHQQ HU VLFK VRIRUW GHU3ROL]HLJHVWHOOWKlWWH 0HKUGHQQMHZDU&ODQGRQHQWVFKORVVHQQLFKWIUGLHVHGUHL 0RUGH ]X EHQ GLH HU JHJHQ VHLQHQ :LOOHQ EHJDQJHQ KDWWH 'XUFKGDV6WXGLXPGHU %HULFKWHEHUVHLQHQ9DWHUXQGVHLQHQ *URYDWHUVRZLHGHVVHQ9DWHUZDULKPHLQLJHVNODUJHZRUGHQ 2IIHQEDU KDWWH VLFK GHU *HLVW GHV KLQJHULFKWHWHQ 3KDQWRPP|UGHUV GDGXUFK DQ VHLQHP 5LFKWHU JHUlFKW GD HU GHVVHQ 6RKQ GUHLLJ -DKUH QDFK GHU +LQULFKWXQJ ]X HEHQVRO FKHQ *LIWPRUGHQ JH]ZXQJHQ KDWWH ZLH VLH LKP DQJHODVWHW ZRUGHQZDUHQ'HQGDPDOVEHUHLWVSHQVLRQLHUWHQ 5LFKWHU KDWWH HVVRVFKZHUJHWURIIHQGDHUVLFKXPEUDFKWH 'DQDFK ZDU HV ZLH HLQ )OXFK JHZHVHQ GHU DXI GHU )DPLOLH *HOODWO\ ODVWHWH 'HU 6RKQ GHV 5LFKWHUV ZDU ]XP *LIWP|UGHU JHZRUGHQ GHVVHQ 6RKQ ZLHGHUXP KDWWH JOHLFKDUWLJH 9HUEUHFKHQYHUEW 8QGMHW]WHUVHOEVW
&ODQGRQ KDWWH ELVKHU QLH DQ hEHUQDWUOLFKHV JHJODXEW DQ HLQHQ(LQIOXGHV-HQVHLWVDXIGLH:HOWGHU0HQVFKHQ 1XQPHKU KDWWH HU GHQ *HJHQEHZHLV 'HU *HLVW GHV 3KDQ WRPP|UGHUV ]ZDQJ QLFKW QXU VHLQH 2SIHU ]XP 0RUGHQ HU YHUPLWWHOWHLKQHQDXFKGDV:LVVHQHLQEHVRQGHUVVFKUHFNOLFKHV *LIWKHU]XVWHOOHQ *HQDX GDJHJHQ KDWWH VLFK &ODQGRQ ZHKUHQ ZROOHQ GRFK SO|W]OLFK HUNDQQWH HU GD HU YRQ GHQ (UHLJQLVVHQ EHUUROOW ZXUGH :ROOWH HU QLFKW IU GHQ 5HVW VHLQHV /HEHQV KLQWHU *LWWHU ZDQGHUQ PXWH HU VLFK GHU +LOIH GHV 3KDQWRPP|UGHUV EH GLHQHQXP VHLQHQ ELVKHU JHIlKUOLFKVWHQ *HJQHU DXV GHP :HJ ]XUlXPHQ 5LFN0DVWHUV
%LV ]X LKUHU $QNXQIW LQ GHP ]ZDQ]LJ 0HLOHQ YRQ /RQGRQ HQWIHUQWHQ2UW(OWRQKDWWH-HQQ\$OOHQHLQJHVHKHQGD5LFNVLH ZLUNOLFKEUDXFKWH ª$OVRJXW©VWLPPWHVLHYHUV|KQOLFK]X ªLFKYHU]HLKHGLUGLH (QWIKUXQJ 6ROO LFK ZLUNOLFK DOOHLQ PLW GHU 7RFKWHU GHV %U JHUPHLVWHUV VSUHFKHQ ² YRUDXVJHVHW]W VLH OHEW QRFK XQG YRU DOOHPKLHULQ(OWRQ"© ª:HQQ GLHVH )UDX GDPDOV WDWVlFKOLFK HLQ .LQG YRQ *HOODWO\ EHNDP ZLUG HV LKU ZDKUVFKHLQOLFK OHLFKWHU IDOOHQ PLW GLU GDUEHU]XVSUHFKHQDOVPLWPLU© ª'XHQWZLFNHOVWHLQXQHUK|UWHV9HUVWlQGQLVIUGLHZHLEOLFKH 6HHOH©VS|WWHOWH-HQQ\ ª(UNXQGLJHQ ZLU XQV EHLP MHW]LJHQ %UJHUPHLVWHU© VFKOXJ 5LFNYRU'DVWDWHQVLHDXFKXQGHUIXKUHQGDGLH7RFKWHUGHV 0DQQHV GHU ZlKUHQG GHV .ULHJHV %UJHUPHLVWHU YRQ (OWRQ JHZHVHQZDUKHXWHQRFKLP'RUIOHEWHXQGIUKHU/HKUHULQDQ GHU|UWOLFKHQ6FKXOHJHZHVHQZDU
6LHHUKLHOWHQDXFKGLH$GUHVVH ,POHW]WHQ+DXVDQGHU6WUDHGDVIDVWXQWHUHLQHU(IHXUDQNH YHUVFKZDQGDUEHLWHWHHLQHHWZDVLHE]LJMlKULJH)UDXLP*DUWHQ GHUHLQHLQ]LJHV%OXPHQPHHUGDUVWHOOWH 5LFN VWHOOWH GHQ :DJHQ LP 6FKDWWHQ DE VFKDOWHWH GDV 5DGLR HLQXQGPDFKWHHLQHDXIIRUGHUQGH+DQGEHZHJXQJ ª'DUOLQJ0L0RRUJDWHJHK|UWGLU© -HQQ\ VHW]WH ]X HLQHU KHIWLJHQ (QWJHJQXQJ DQ VFKOXFNWH VLH MHGRFKXQGVWLHJDXV5LFNEHREDFKWHWHVHLQH)UHXQGLQZLHVLH GHQ *DUWHQ GHU HKHPDOLJHQ /HKUHULQ EHWUDW DXI GLH DOWH )UDX ]XJLQJXQGPLWLKU]XVSUHFKHQEHJDQQ 'LH EHLGHQ )UDXHQ ]RJHQ VLFK LQ .RUEVWKOH YRU GHP +DXV ]XUFN (LQH KDOEH 6WXQGH GDXHUWH GDV *HVSUlFK LQ GHVVHQ 9HUODXI 0L0RRUJDWHGLH7RFKWHU GHV IUKHUHQ %UJHUPHLVWHUV JDQ] UXKLJ EOLHE 5LFN EHZXQGHUWH -HQQ\V *HVFKLFN PLW GHU DOWHQ /HKUHULQ XP]XJHKHQ GHQQ VFKOLHOLFK GUHKWH VLFK GDV *HVSUlFKXPHLQVHKUKHLNOHV7KHPD $OV -HQQ\ HQGOLFK ]X LKP ]XUFNNDP ZLUNWH VLH PGH XQG DEJHNlPSIW DEHU WULXPSKLHUHQGHV /HXFKWHQ LQ LKUHQ $XJHQ GHXWHWHDQGDVLHHUIROJUHLFKJHZHVHQZDU ª)DKUVFKRQ©YHUODQJWHVLHª,FKP|FKWHGLHDOWH'DPHQLFKW OlQJHUVHKHQ,FKNRPPHPLURKQHGLHVVFKRQHUElUPOLFKJHQXJ YRU© 5LFNYHUVWDQGGDVQLFKWXQGHUVDJWHHVDXFK ª0HLQ *RWW GX YHUVWHKVW DEHU ZLUNOLFK QLFKW YLHO YRQ )UDXHQ© IDXFKWH VLH VW|UWH VLFK QLFKW DQ 5LFNV EHOHLGLJWHP *HVLFKW XQG IXKU IRUW ª:LU ZROOHQ LKUHQ 6RKQ DOV 0|UGHU HQWODUYHQXQGLFKPXLKUHLQHDEHQWHXHUOLFKH*HVFKLFKWHYRU OJHQ© ª6LH KDW DOVR HLQHQ 6RKQ YRQ *HOODWO\ EHNRPPHQ"© IUDJWH 5LFNJHVSDQQW ª-D GRFK© -HQQ\ ]QGHWH VLFK QHUY|V HLQH =LJDUHWWH DQ ª1DFK *HOODWO\V VSXUORVHP 9HUVFKZLQGHQ NDP GHU -XQJH ]XU
:HOW ,KU 9DWHU EHVWDQG GDUDXI GD VLH IU HLQLJH =HLW QDFK /RQGRQ JLQJH GDPLW GLH VRJHQDQQWH 6FKDQGH QLFKW EHNDQQW ZHUGH5FNVWlQGLJHV9RUXUWHLO©VFKLPSIWHVLH ª:HLWHU©GUlQJWH5LFNZlKUHQGHUGHQ:DJHQ]XUFNQDFK /RQGRQVWHXHUWH ª0L 0RRUJDWH WUHQQWH VLFK YRQ LKUHP .LQG XP ZLHGHU LQ LKUHP +HLPDWRUW OHEHQ ]X N|QQHQ© HU]lKOWH -HQQ\ WRQORV ª+HXWHPDFKWVLHVLFKGLHELWWHUVWHQ9RUZUIHGHVKDOEDEHUHV LVWQLFKWPHKUUFNJlQJLJ]XPDFKHQ6LHKDWPLFKJHEHWHQVLH PLW LKUHP 6RKQ ]XVDPPHQ]XIKUHQ VREDOG ZLU LKQ ILQGHQ 9HUGDPPW© IOXFKWH VLH XQG NlPSIWH JHJHQ GLH DXIVWHLJHQGHQ 7UlQHQDQª6LHOLHGHQ.OHLQHQDGRSWLHUHQ© ª:LHGHUDOOHVXPVRQVW©VW|KQWH5LFN0DVWHUVª:LUHUIDKUHQ QLHPDOV GHQ 1DPHQ GHU $GRSWLYHOWHUQ 'LH %HK|UGHQ ZHUGHQ ZLHLPPHULQVROFKHQ)lOOHQHLVHUQVFKZHLJHQ© ª8QVJHJHQEHUMDDEHUQLFKWZHQQ6FRWODQG
ª,FK NDQQ GLFK YHUVWHKHQ© VDJWH HU PLW VSU|GHU 6WLPPH ª6R JLQJ HV PLU DXFK DOV LFK ]XP HUVWHQPDO HLQHP XQVFKXOGLJHQ 0HQVFKHQ JUDXVDPHQ 6FKPHU] ]XIJHQ PXWH XP HLQ 9HUEUHFKHQNOlUHQ]XN|QQHQ© -HQQ\]ZDQJVLFK WDSIHU ]X HLQHP NOHLQHQ /lFKHOQ ª'DV LVW PLU QXU OHLGHU NHLQ 7URVW 5LFN $EHU YLHOHQ 'DQN GD GX HV ZHQLJVWHQVYHUVXFKWKDVW©
2EZRKO &ODQGRQ QLFKW JHQDX ZXWH ZLH ZHLW 5LFN 0DVWHUV LQ]ZLVFKHQ JHNRPPHQ ZDU EHJLQJ HU QLFKW GHQ )HKOHU GHQ 3ULYDWGHWHNWLY ]X XQWHUVFKlW]HQ (LQ /HEHQ KLQWHU =XFKWKDXV PDXHUQZDUIULKQNHLQ/HEHQ/LHEHUZROOWHHUVHOEVWVWHUEHQ ²RGHUPRUGHQ -D HU ZDU VRZHLW GD HU GLHVPDO IUHLZLOOLJ HLQHQ 0RUG EHJHKHQZROOWHXQG]ZDUHLQHQ0RUGDQ5LFN0DVWHU&ODQGRQ VFKZHOJWH LQ GHP XQVLQQLJHQ *ODXEHQ PLW HLQHU ZHLWHUHQ *HZDOWWDW MHGH GURKHQGH (QWGHFNXQJ YRQ VLFK DEZHQGHQ ]X N|QQHQ 'D HU VHOEVW MHGRFK YRQ *LIWHQ QLFKW GLH JHULQJVWH $KQXQJ KDWWHXQG0DVWHUVDXINHLQHDQGHUH:HLVHW|WHQZROOWHZLHGHU 3KDQWRPP|UGHU VHOEVW PXWH HU GLH +LOIH HLQHV *HLVWHV LQ $QVSUXFK QHKPHQ &ODQGRQ IXKU DXI GLUHNWHP :HJ YRQ GHU %LEOLRWKHNLQVHLQH:RKQXQJ .HXFKHQG VFKOR HU KLQWHU VLFK GLH 7U XQG OHKQWH VLFK VFKZHUDWPHQGJHJHQGDV+RO] 9RU VHLQHQ $XJHQ IOLPPHUWH HV GRFK GDV ZDU ZHGHU N|USHUOLFKH(UVFK|SIXQJQRFK$Q]HLFKHQGDHUDXIV1HXHLQ GLH*HZDOWGHV 8QKHLPOLFKHQYHUILHO(VNDPYRQGHULQQHUHQ $QVSDQQXQJREVHLQ8QWHUQHKPHQJOFNHQZUGHRGHUQLFKW (UJDEVLFKHLQHQ5XFNXQGVFKOHSSWHVLFKLQV6FKODI]LPPHU KROWH GHQ .RIIHU YRP 6FKUDQN KHUXQWHU XQG |IIQHWH LKQ 2UGHQWOLFK DXIJHUHLKW VWDQGHQ QHEHQHLQDQGHU GLH HLQ]HOQHQ
*LIWIODVFKHQ &ODQGRQ WUXJ DOOHV LQV :RKQ]LPPHU VWHOOWH GLH ]XU%HUHLWXQJGHVW|GOLFKHQ*LIWHVQ|WLJHQ'LQJHYRUVLFKXQG OLHVLFKDXIHLQHQ6WXKOIDOOHQ &ODQGRQKDWWHNHLQH$KQXQJZLHHUGLH9HUELQGXQJ]XGHP *HLVWGHV3KDQWRPP|UGHUVDXIQHKPHQVROOWH (U ZROOWH HV ]XHUVW GDGXUFK YHUVXFKHQ GD HU VLFK LQ *HGDQNHQ PLW GHU =XEHUHLWXQJ GHV WHXIOLVFKHQ 0LWWHOV EHVFKlIWLJWH 'HU 0|UGHU EUDXFKWH NHLQHQ ]ZHLWHQ 9HUVXFK ]X XQWHUQHK PHQ(VNODSSWH JOHLFKEHLPHUVWHQPDO(VEHUNDPLKQRKQH GDHUHLQHlXHUOLFKH9HUlQGHUXQJPHUNWH 3O|W]OLFK YHUIJWH HU EHU HLQ :LVVHQ GDV HU VLFK QLHPDOV VHOEVWDQJHHLJQHWKDWWH :LH YRQ HLQHP $XWRPDWHQ JHVWHXHUW EHZHJWHQ VLFK VHLQH +lQGH PLVFKWHQ VLH GLH HLQ]HOQHQ 7LQNWXUHQ JDEHQ 3XOYHU GD]X ZRJHQ VLH GLH JHQDXHQ 0HQJHQ DE ,QQHUKDOE HLQHU NQDSSHQ 6WXQGH ZDU HV EHUHLW ² GDV IUFKWHUOLFKH *LIW GHV 3KDQWRPP|UGHUV:LHGLHKHUUOLFKVWHQ(GHOVWHLQHIXQNHOWHQGLH EODXHQ.ULVWDOOH &ODQGRQ VWLHUWH ODQJH DXI GDV EODXH *OLW]HUQ GDQQ VWDQG HU DEUXSWDXI1RFKKDWWHHUQLFKWDOOH6NUXSHOEHUZXQGHQQRFK KDWWH HU VLFK HLQHQ 5HVW YRQ *HZLVVHQ HUKDOWHQ GHU LKQ ]XU 9HUQXQIWPDKQWH (UZROOWHVHLQHQ3ODQlQGHUQ&ODQGRQOHQNWHVHLQH6FKULWWHLQ GHQ.HOOHUGHV:RKQKDXVHV
1DFKGHPVLHVLFK HLQZHQLJLQ5LFNV:RKQXQJHUKROW KDWWH VFKLHQ -HQQ\ $OOHQ GDV =XVDPPHQWUHIIHQ PLW 0L 0RRUJDWH GHU DKQXQJVORVHQ 0XWWHU GHV PXWPDOLFKHQ *LIWP|UGHUV EHUZXQGHQ]XKDEHQ :HQLJVWHQV]HLJWHVLHlXHUOLFKQLFKWPHKUGDHVLKUHWZDV DXVPDFKWH5LFNGHUVLHPLWWOHUZHLOHJXWNDQQWHZXWHMHGRFK
GD GLHVH %HJHJQXQJ ZHLWHUKLQ LQ LKU IUD +HOIHQ NRQQWH HU VHLQHU)UHXQGLQQLFKWHUNRQQWHVLHQXUHLQZHQLJDEOHQNHQ 'DKHUEHJOHLWHWHHU VLH DXFK DOV VLH LQ LKUHP .RVPHWLNVDORQ QDFKVHKHQ ZROOWH RE DXFK RKQH GLH &KHILQ DOOHV JXW OLHI $QVFKOLHHQGEXPPHOWHQVLHGXUFKGLH&DUQDE\6WUHHWWUDQNHQ HLQH 7DVVH 7HH XQG NHKUWHQ LQ 5LFNV :RKQEUR ]XUFN GDV REHUKDOEGHVlOWHVWHQ&DIpVGHU&LW\ODJ ª0LUJHIlOOWGHLQH:RKQXQJ©VDJWH-HQQ\ZlKUHQG5LFNLQ GHU .FKH .DIIHH PLW HLQHU DXWRPDWLVFKHQ )LOWHUPDVFKLQH ]XEHUHLWHWH ª(V LVW ZXQGHUEDU VR PLWWHQ LQ GHU 6WDGW ]X ZRKQHQ© ª.DIIHHLVWJOHLFKIHUWLJ©ULHI5LFNDXVGHU.FKH'XUFKGDV 6XPPHQGHU0DVFKLQHKDWWH HUQLFKWGHXWOLFKYHUVWDQGHQ ZDV -HQQ\VDJWH (VNORSIWHDQGHU:RKQXQJVWU hEHUUDVFKWGDGHU%HVXFKHUQLFKWGLH.OLQJHOEHQW]WHJLQJ -HQQ\ KLQ XQG |IIQHWH 1LHPDQG ZDU ]X VHKHQ 6FKRQ ZROOWH GLHMXQJH)UDXNRSIVFKWWHOQGGLH7UZLHGHUVFKOLHHQDOVLKU %OLFN DXI HLQ NOHLQHV LQ EUDXQHV 3DSLHU HLQJHVFKODJHQHV 3lFNFKHQILHOGDVGLUHNWYRUGHU6FKZHOOHODJ6LHEFNWHVLFK KREHVDXIXQGEUDFKWHHVLQGLH:RKQXQJ ª+LHU LVW HLQ 3lFNFKHQ 5LFN© ULHI VLH ]XU .FKH KLQ ª6ROO LFKHVIUGLFK|IIQHQ"© 5LFN0DVWHUVKlWWHQLHPDOVXQYRUVLFKWLJHUZHLVHHLQ3lFNFKHQ DQJHQRPPHQGDVYRUVHLQHU7UODJXQGVFKRQJDUQLFKWKlWWH HU]XJHODVVHQGD-HQQ\HLQVROFKHV3lFNFKHQ|IIQHWH 'DGLH.DIIHHPDVFKLQHDEHUQRFKLPPHUVRODXW]LVFKWHGD HU QLFKWV YHUVWDQG ULHI HU QXU ]XUFN -HQQ\ VROOH HLQHQ 0RPHQWZDUWHQHUNRPPHJOHLFK 6HLQH )UHXQGLQ MHGRFK YHUVWDQG LKQ IDOVFK 6LH O|VWH GHQ .QRWHQXQGVFKOXJGDV3DSLHUDXVHLQDQGHU 1HXJLHULJ KRE VLH GHQ 'HFNHO GHU 6FKDFKWHO DE XQG ZDUI HLQHQ%OLFNDXIGHQ,QKDOW 5LFN OLH YRU 6FKUHFN GLH .DIIHHWDVVHQ IDOOHQ DOV -HQQ\V
6FKUHLGXUFKGLH:RKQXQJJHOOWH 0LWHLQHP6SUXQJVHW]WHHUEHUGLH3IW]HXQGGLH6FKHUEHQ KLQZHJXQGVDXVWHLQV:RKQ]LPPHU 9RU-HQQ\VWDQGDXIGHP7LVFKHLQHJH|IIQHWH6FKDFKWHO6LH NRQQWH LKUHQ %OLFN QLFKW GDYRQ O|VHQ ,KU *HVLFKW ZDU OHLFKHQEODLQLKUHQ$XJHQIODFNHUWHGLH$QJVW 0LW ]ZHL ODQJHQ 6FKULWWHQ KDWWH 5LFN GHQ 7LVFK HUUHLFKW GLH 6FKDFKWHODQVLFKJHULVVHQXQGGHQ,QKDOWHUNDQQW(VZDUHLQH WRWH5DWWH +DVWLJ OHJWH HU ZLHGHU GHQ 'HFNHO DXI VHW]WH VLFK QHEHQ -HQQ\XQGQDKPVLHLQGLH$UPH 6LH ]LWWHUWH XQG ZDU Y|OOLJ YHUNUDPSIW GRFK XQWHU VHLQHP VDQIWHQ=XUHGHQO|VWHVLFKEDOGLKUH(UVWDUUXQJ ª=XGXPP©SUHWHVLHHQGOLFKPLWHLQHPPKVDPHQ/lFKHOQ KHUYRU ª:lUHQ PHLQH 1HUYHQ QLFKW RKQHGLHV VFKRQ PLWJHQRPPHQ KlWWH LFK QLHPDOV HLQ VROFKHV 7KHDWHU DXIJHIKUW© ª,FK IUFKWH GX KDVW GLU GHQ IDOVFKHQ )UHXQG DXVJHVXFKW© DQWZRUWHWH5LFNXQGUHLFKWHLKUHLQHEUHQQHQGH=LJDUHWWHª0LW VROFKHQ hEHUUDVFKXQJHQ PXW GX EHL PLU OHLGHU MHGHU]HLW UHFKQHQ.DIIHHJLEWHVDXFKNHLQHQGHUOLHJWLQGHU.FKHDXI GHP%RGHQ© ª,FK PDFKH QHXHQ© VFKOXJ -HQQ\ YRU XQG KDWWH GDV :RKQ]LPPHU EHUHLWV YHUODVVHQ HKH 5LFN HWZDV GD]X VDJHQ NRQQWH(UK|UWHVLHLQGHU.FKHGLH6FKHUEHQZHJUlXPHQ 5LFNHQWIHUQWHGHQ'HFNHOGHU6FKDFKWHOXQGPXVWHUWHGLHWRWH 5DWWH$XIGHQHUVWHQ%OLFNZDUQLFKWVIHVW]XVWHOOHQGDVHLQHQ $QKDOWVSXQNW JHJHEHQ KlWWH (UVW DOV 5LFN GLH 6FKDFKWHO KLQ XQG KHU GUHKWH ILHO LKP HLQ ZXQGHUEDUHV EODXHV )XQNHOQ DXI (VZDUHLQDXIGHP%RGHQGHV%HKlOWHUVOLHJHQGHU.ULVWDOOLQ GHPVLFKGDV/LFKWGHU'HFNHQODPSHEUDFK 'HU3ULYDWGHWHNWLYEHXJWHVLFKZHLWHUYRUXPGLHVHQ.ULVWDOO JHQDXHU]XEHWUDFKWHQGRFKLQGLHVHP$XJHQEOLFNJLQJPLWGHU WRWHQ5DWWHHLQHVFKUHFNOLFKH9HUlQGHUXQJYRUVLFK
5LFN0DVWHUVKLHOWGHQ$WHPDQ (LQH *lQVHKDXW OLHI EHU VHLQHQ 5FNHQ DOV VWULFKH HLQH HLVLJH+DQGVHLQ5FNJUDWHQWODQJ 'DVVSLW]H0DXOGHU5DWWHIODFKWHDEGLH$XJHQYHUJU|HUWHQ VLFK 'LH 6FKQDX]H YHUVFKZDQG YROOVWlQGLJ GDV )HOO ILHO DXV 'LHQDFNWH+DXWZXUGHKHOOHUXQGKHOOHUGLH2KUHQ]RJHQVLFK LQGHQ.RSI]XUFN ,QQHUKDOEZHQLJHU6HNXQGHQKDWWHVLFKGHU6FKlGHOGHUWRWHQ 5DWWH LQ HLQHQ PHQVFKOLFKHQ .RSI YHUZDQGHOW NOHLQ ZLH HLQ 6FKUXPSINRSIDEHUJDQ]GHXWOLFK]XHUNHQQHQ 5LFN0DVWHUVVWDUUWHDXIVHLQHLJHQHV$EELOG
1RFKZlKUHQG5LFN0DVWHUVGDVWRWH7LHUEHWUDFKWHWHGHVVHQ 6FKlGHO VLFK VR YHUZDQGHOW KDWWH GD HU HLQH YHUNOHLQHUWH .RSLHYRQ5LFNV.RSIJHZRUGHQZDUNOLQJHOWHGDV7HOHIRQ 0LW HLQHU PHFKDQLVFKHQ %HZHJXQJ ODQJWH 5LFN QDFK GHP +|UHUXQGPHOGHWHVLFK =XHUVW EOLHE HV VWLOO GDQQ K|UWH GHU 3ULYDWGHWHNWLY ODXWH $WHP]JH(LQ9HUGDFKWVHW]WHVLFKLQLKPIHVWXQGZXUGH]XU *HZLKHLW ª6LQG 6LH GHU HGOH 6SHQGHU GHU 5DWWH"© IUDJWH HU KDOEODXW GDPLW-HQQ\LQGHU.FKHQLFKWVGDYRQPLWEHNDP(UZROOWHVLH LP0RPHQWQLFKWXQEHGLQJWQRFKPHKUHUVFKUHFNHQ ª'DQQ P|FKWH LFK ,KQHQ QXU HLQHV VDJHQ (V ZDU HLQH ]DXEHUKDIWH ,GHH PLU GDV WRWH 1DJHWLHU YRU GLH :RKQXQJ ]X OHJHQDEHUGHQWROOVWHQ*DJKDEHQQLFKW6LHJHVFKDIIWGDVZDU HLQ DQGHUHU© $EVLFKWOLFK VFKOXJ 5LFN GLHVHQ 7RQ DQ XP GHQ $QUXIHUDXVGHU5HVHUYH]XORFNHQ (U ZROOWH GLH 6WLPPH K|UHQ XP VLH YLHOOHLFKW VSlWHU ZLHGHUHUNHQQHQ]XN|QQHQ (V JLQJ QDFK :XQVFK GRFK NODSSWH HV OHLGHU QLFKW VR JDQ] 'HU$QUXIHUIUDJWHQXUª:LHVR"©:HQLJVWHQVZXWH5LFNGD
HVHLQ0DQQZDUVRQVWDEHUQLFKWV ª9LHOOHLFKW ZLVVHQ 6LH VHOEVW QLFKWV GDYRQ© VSUDFK GHU 3ULYDWGHWHNWLY ZHLWHU ª-HGHQIDOOV LVW GHU .RSI GHU 5DWWH YHUZDQGHOW (U VLHKW MHW]W JHQDX VR DXV ZLH PHLQ ² HLJHQHU VFK|QHU&KDUDNWHUNRSI6HKUPHUNZUGLJQLFKWZDKU"© 'LH5HDNWLRQGHVDQRQ\PHQ $QUXIHUVEHU]HXJWHLKQGDYRQ GD GHU 0DQQ YRQ GLHVHU 9HUZDQGOXQJ NHLQH $KQXQJ JHKDEW KDWWH0LWHLQHPHUVWDXQWHQ$XVUXIOHJWHHUQlPOLFKDXI 5LFNOLHGHQ+|UHUODQJVDPZLHGHUDXIGHQ$SSDUDWJOHLWHQ XQGYHUVXFKWHVHLQH*HGDQNHQ]XRUGQHQ:HQQ HU VLFK QLFKW WlXVFKWH GDQQ KDWWH HU VRHEHQ PLW GHP OHW]WHQ 1DFKNRPPHQ GHU )DPLOLH *HOODWO\ JHVSURFKHQ 'LHVHU 0DQQ GHU PHKUHUH *LIWPRUGH EHJDQJHQ KDWWH ZROOWH 5LFN GXUFK GLH WRWH 5DWWH ZDUQHQ XQG GDYRQ DEKDOWHQ VHLQH 1DFKIRUVFKXQJHQ IRUW]XVHW]HQ (U KDWWH MHGRFK QLFKW JHDKQW ZLH VLFK GLH 5DWWH YHUlQGHUQ ZUGH $OVR ZDU HLQ DQGHUHU GDIU YHUDQWZRUWOLFK HLQH EHUQDWUOLFKH0DFKW 'HU3KDQWRPP|UGHU 'HU3KDQWRPP|UGHUVHOEVW²RGHUEHVVHUVHLQ*HLVW²KDWWH 5LFNHLQH]XVlW]OLFKH:DUQXQJHUWHLOW )U|VWHOQGVFKDXWHGHU3ULYDWGHWHNWLYLQGLH6FKDFKWHO 'LH 5DWWH KDWWH ZLHGHU LKU XUVSUQJOLFKHV $XVVHKHQ DQJHQRPPHQ XQG ZDU IDVW YROOVWlQGLJ ]HUIDOOHQ 5DVFK GHFNWH 5LFNGDV3DSLHUEHUGLH6FKDFKWHOPLWLKUHPJUDXVLJHQ,QKDOW 'DQQJULIIHU]XP7HOHIRQ
,UJHQGZDQQKDWDXFKHLQPDOHLQ&KHILQVSHNWRUYRQ6FRWODQG
XPGLH6DFKH]XNPPHUQ -HQQ\ NDP DXV GHU .FKH ]XUFN XQG EUDFKWH DXI HLQHP 7DEOHWW.DIIHHXQG]ZHL7DVVHQ5LFNVWHOOWHGLH6FKDFKWHODXI GHQ %RGHQ GDPLW LKU $QEOLFN VHLQH )UHXQGLQ QLFKW QRFK QHUY|VHU PDFKWH ª,FK KROH QRFK HLQH GULWWH 7DVVH© VDJWH HU ª+HPSVKDZ NRPPW JOHLFK XQG XQWHUVXFKW XQVHU VFK|QHV *HVFKHQN© ª6FKRQ GDUDQ JHGDFKW© -HQQ\ GHXWHWH DXI GLH GULWWH 7DVVH GLHVLHDXIGHP7DEOHWWDXIJHEDXWKDWWH ª,FKYHUPXWHWHGDGXGHQ&KHILQVSHNWRUDQUXIHQZLUVW© 6FKZHLJHQGWUDQNHQVLH.DIIHH(LQ*HVSUlFKZROOWHQLFKWLQ *DQJ NRPPHQ XQG QDFK HLQHU KDOEHQ 6WXQGH NOLQJHOWH HV +HPSVKDZ KDWWH WHOHIRQLVFK GLH /HXWH YRQ GHU 6SXUHQVLFKH UXQJ LQ 5LFNV :RKQXQJ EHVWHOOW XQG VLFK PLW LKQHQ YRU GHP +DXV JHWURIIHQ :RUWORV PDFKWHQ VLFK GLH 0lQQHU DQ GLH $UEHLW QDFKGHP 5LFN LKQHQ YRQ GHP EODXHQ .ULVWDOO HU]lKOW KDWWH ª:LU VLQG LQ]ZLVFKHQ GHU 6SXU GHV 6RKQHV YRQ 0L 0RRUJDWH QDFKJHJDQJHQ© EHULFKWHWH &KHILQVSHNWRU +HPS VKDZZlKUHQGVHLQH([SHUWHQDQGHU$UEHLWZDUHQ ª5HGHQ 6LH VFKRQ© GUlQJWH 5LFN XQJHGXOGLJ XQG DXFK -HQQ\$OOHQODV+HPSVKDZGLH:RUWHYRQGHQ/LSSHQDE ª)HKODQ]HLJH©EUXPPWHGHU&KHILQVSHNWRUQXUXQGHU]HXJWH GDPLWHLQHQ'RSSHOVHXI]HUGHU(QWWlXVFKXQJ ª(V VWLPPW ]ZDU GD GLHVHU 6RKQ JOHLFK QDFK GHU *HEXUW DGRSWLHUW ZXUGH GRFK ZLU NRQQWHQ NHLQH 8QWHUODJHQ PHKUILQGHQ6LHPVVHQLUJHQGZLHLQGHP'XUFKHLQDQGHUGHU .ULHJVMDKUH YHUVFKROOHQ VHLQ 'LH 6SXU LVW DOVR HEHQIDOOV LP 6DQGYHUODXIHQ© ª%HVWHKW EHUKDXSW QRFK +RIIQXQJ GHQ 1DPHQ GLHVHV 0DQQHVKHUDXV]XILQGHQ"©IUDJWH-HQQ\]|JHUQG &KHILQVSHNWRU+HPSVKDZ VFKWWHOWH SHVVLPLVWLVFK GHQ .RSI ª.HLQHHLQ]LJH©VDJWHHUEUXPPLJ ª(V ZlUH VFKRQ HLQ DXHUJHZ|KQOLFKHU =XIDOO© PXWH DXFK
5LFN0DVWHUV]XJHEHQ 'LH6SXUHQIDFKOHXWHZDUHQ PLW LKUHQ 8QWHUVXFKXQJHQ IHUWLJ 6LH KDWWHQ GLH WRWH 5DWWH JHERUJHQ XQG ]HLJWHQ HLQHQ NOHLQHQ *ODVEHKlOWHUYRULQGHPHLQEODXHU.ULVWDOOODJ ª6RZHLW ZLU GDV MHW]W VFKRQ IHVWVWHOOHQ N|QQHQ© VDJWH HLQHU YRQ LKQHQ ªKDEHQ ZLU HQGOLFK GDV *LIW JHIXQGHQ GDV XQV LQ GHQOHW]WHQ7DJHQVRYLHOH6FKZLHULJNHLWHQEHUHLWHWKDW'LHVHU EODXH .ULVWDOO PWH UHLFKHQ XP PLQGHVWHQV ]HKQ 0HQVFKHQ GDV *HKLUQ ]X ]HUIUHVVHQ $XFK GLH 5DWWH ZXUGH PLW GLHVHP *LIWJHW|WHW© ª:RUDXI ZDUWHQ 6LH GDQQ QRFK"© VFKULH +HPSVKDZ XQG VSUDQJ WURW] VHLQHV PDVVLJHQ .|USHUV EOLW]VFKQHOO KRFK ª/RV DELQV/DERUGDPLW:lUHGRFKJHODFKWZHQQXQVHUH&KHPLNHU QLFKW GRFK HQGOLFK KLQWHU GLH =XVDPPHQVHW]XQJ GLHVHV *LIWHV NlPHQ© +HPSVKDZ EOLHE GHQ JDQ]HQ $EHQG EHU EHL 5LFN 0DVWHUV XQG -HQQ\ $OOHQ VR GD GLH EHLGHQ PLWEHNDPHQ GD +HPSVKDZV2SWLPLVPXVYHUIUKWJHZHVHQZDU 1LHPDQGIDQGKHUDXVZDVGLHVHUEODXH.ULVWDOOZLUNOLFKZDU REZRKODOOHZXWHQGDVLHGDV*LIWGHV3KDQWRPP|UGHUVYRU VLFKKDWWHQ 'HU HLQ]LJH GHU GDIU HLQH (UNOlUXQJ KDWWH ZDU 5LFN 0DVWHUV (U KDWWH PLW QLHPDQGHP EHU GLH 9HUZDQGOXQJ GHV 5DWWHQVFKlGHOV LQ HLQ (EHQELOG VHLQHV HLJHQHQ .RSIHV JHVSURFKHQ ZHLO HV GDIU NHLQHQ %HZHLV PHKU JDE XQG VRJDU +HPSVKDZWURW]VHLQHU(UIDKUXQJLKPQLFKWJHJODXEWKlWWH )U 5LFN 0DVWHUV MHGRFK VWDQG HLQZDQGIUHL IHVW GD HV VLFK EHL GHP NULVWDOOLVLHUWHQ *LIW HEHQVR ZLH EHL GHU 9HUZDQGOXQJ GHU 5DWWH XP HLQ EHUQDWUOLFKHV 3KlQRPHQ KDQGHOWH HLQH VSlWH5DFKHGHV3KDQWRPP|UGHUV
(V ZDU QLFKW 5LFNV $UW VLFK LUJHQGZHOFKH ,OOXVLRQHQ ]X
PDFKHQ (U PXWH VLFK HLQJHVWHKHQ GD GLH (UPLWWOXQJHQ DXI HLQHP WRWHQ 3XQNW DQJHODQJW ZDUHQ 'DV HLQ]LJH GDV VLFK ELVKHU HUJHEHQ KDWWH ZDU GLH %HVWlWLJXQJ YRQ 5LFNV 7KHRULH GHU 3KDQWRPP|UGHU ]ZLQJH HLQHQ 8UHQNHO VHLQHV GDPDOLJHQ 5LFKWHU]X*LIWPRUGHQ²VRQVWQLFKWV (LQPHKUDOVPDJHUHV(UJHEQLVGDFKWHGHU3ULYDWGHWHNWLYDOV HUDPQlFKVWHQ0RUJHQDXIVWDQG -HQQ\ ZDU EHUHLWV JHJDQJHQ XP VLFK ZLHGHU LQ LKUHP .RVPHWLNVDORQ]X]HLJHQGHUMDGRFKEHVVHUOLHIZHQQVLHSHU V|QOLFKDQZHVHQGZDU (LQ $QUXI EHL 6FRWODQG
+HPSVKDZVWXW]WHGDQQODFKWHHUGU|KQHQGª,FKP|FKWH6LH IU KHXWH DEHQG HLQODGHQ 5LFN© ULHI HU GDQQ ª(V ZLUG HLQ WROOHV)HVW,FKELQVLFKHUGD6LHVLFKQLFKWODQJZHLOHQ© ª'DLVWGRFKHLQ+DNHQGDEHL©HUNXQGLJWHVLFKGHU3ULYDWGH WHNWLYPLWUDXLVFK ª1DWUOLFK RGHU JODXEHQ 6LH GD LFK 6LH ]XP 9HUJQJHQ HLQODGH"© +HPSVKDZ UlXVSHUWH VLFK GDQQ IXKU HU LQ VDFK OLFKHP IDVW GLHQVWOLFKHP 7RQ IRUW ª+HXWH DEHQG YHUDQVWDOWHW HLQ 0LWJOLHG XQVHUHU 5HJLHUXQJ HLQ 0LQLVWHU HLQH )HLHU ]X VHLQHP*HEXUWVWDJ1DPHQWXQEHU)XQNQLFKWV]XU6DFKH'LH JDQ]H3URPLQHQ]WULIIWVLFK© ª$FK MD© QLFNWH 5LFN GHU EHJULIIHQ KDWWH ª8QG GD 6LH IUFKWHQ GD HLQLJH NOHLQH EODXH .ULVWDOOH PLW YRQ GHU 3DUWLH VHLQN|QQWHQP|FKWHQ6LHGDLFKPLWPLVFKHVWLPPW V"© ª(UUDWHQ© hEHU )XQN NDP IUHQHWLVFKHU $SSODXV HLQHU HLQ]LJHQ 3HUVRQ ª6HKU ULFKWLJ 5LFN 6LH HQWZLFNHOQ PLW GHU =HLWGRFKVRHWZDVZLHHLQHQNULPLQDOLVWLVFKHQ6SUVLQQ© ª9RUOlXILJ NDQQ LFK QRFK IHLQ EOHLEHQ .HQQHWK© ZDUQWH 5LFN 0DVWHUV ªDEHU ZHQQ 6LH VR ZHLWHUPDFKHQ YHUJHVVH LFK PLFK© ª7XQ 6LH GDV© HUPXQWHUWH LKQ +HPSVKDZ ª$EHU YHUJHVVHQ 6LH QLFKW SQNWOLFK XP DFKW 8KU ]XU 6WHOOH ]X VHLQ .RPPHQ 6LHLQGHQ
'DV )HVW IDQG LP +DXVH HLQHV )UHXQGHV GHV 0LQLVWHUV VWDWW 5LFN 0DVWHUV LQIRUPLHUWH VLFK YRUKHU LP
ZDFKVDP IXQNHOQGHQ $XJHQ YHUULHWHQ GD VLH YROO EHL GHU 6DFKHZDUXQGVLFKNHLQ:RUWHQWJHKHQOLH ª'DV +DXV KDW HLQHQ QLFKW VHKU JURHQ *DUWHQ© VHW]WH GHU &KHILQVSHNWRU DXVHLQDQGHU ª'DGXUFK ZLUG GLH hEHUZDFKXQJ GHV *HElXGHV JHVLFKHUW 'HQ lXHUHQ .RUGRQ ]LHKHQ ZLU PLW XQVHUHQ/HXWHQYRP
VFKHU]KDIWHQ'URKHQ]XU2UGQXQJULHI )HGHUQGVSUDQJVLHDXVGHP:DJHQDOVVLHYRUGHUPlFKWLJHQ DOWHQ9LOODKLHOWHQ+RFKDXIJHULFKWHWZLHHLQ.|QLJLQVFKULWWVLH GLH7UHSSHKLQDXI +HPSVKDZ KDWWH DOOHV DUUDQJLHUW VR GD 5LFN XQG -HQQ\ DQVWDQGVORVSDVVLHUHQNRQQWHQ ,P*DUWHQZLPPHOWHHVYRQ
ª8QGLFKELQHLQIUHLHU0HQVFKXQGNDQQWXQZDVLFKZLOO© ILHO -HQQ\ 5DVFK HLQ ª8QG LFK ZLOO GD GLHVHU &KDPSDJQHU QLFKWZDUPZLUG© 6LH KREHQ GLH *OlVHU IKUWHQ VLH DQ GHQ 0XQG ² XQG LP QlFKVWHQ $XJHQEOLFN VFKOXJ -HQQ\ PLW YROOHU :XFKW GHP 0L QLVWHUGDV*ODVDXVGHU+DQG
(U KDWWH DOOHV ZLH LQ HLQHP 7UDXP HUOHEW RKQH ULFKWLJ ZDKU]XQHKPHQZDVPLWLKPJHVFKDKRGHUZDVHUWDW9RQGHP )HVWKDWWHHUHUVWDQGLHVHP0RUJHQ HUIDKUHQXQGDXFKGDYRQ GDHUGDUDQWHLOQHKPHQVROOWH6HOEVWYHUVWlQGOLFKKDWWHHUQLFKW DEJHVDJW ZHLO HU VLFK VRQVW P|JOLFKHUZHLVH YHUGlFKWLJ JHPDFKW KlWWH =ZDU KDWWH LKQ HLQ VRQGHUEDUHV *HIKO EHVFKOLFKHQ DOV HU K|UWH ZHU DOOHV NRPPHQ ZUGH GRFK GDGXUFK ZXUGH VHLQ (QWVFKOX DXFK QLFKW PHKU JHlQGHUW (U ZUGH]XGHP)HVWJHKHQ :lKUHQGHU]XGHU9LOODJHIDKUHQZDUKDWWHHUVLFKEHUOHJW ZLHHUGHQ7DJYHUEUDFKWKDWWH'LH(ULQQHUXQJIHKOWH ,P+DXVKHUUVFKWHYLHO%HWULHE0HQVFKHQVSUDFKHQPLWLKP ]HLJWHQ LKP HWZDV (U QLFNWH ]X DOOHP XQG EHPKWH VLFK XQDXIIlOOLJ]XZLUNHQ (V JHODQJ &ODQGRQ DXFK NHLQ $XIVHKHQ ]X HUUHJHQ XQG HU VHOEVW ZROOWH VFKRQ HUOHLFKWHUW DXIDWPHQ DOV HU SO|W]OLFK GLH EHUHLWVEHNDQQWHQ$Q]HLFKHQYHUVSUWH $OVHUVLFKGXUFKVHLQH:LOOHQVNUDIWGDJHJHQZHKUHQZROOWH ZDUHVEHUHLWV]XVSlW 'LH IUHPGH 0DFKW GHU *HLVW GHV 3KDQWRPP|UGHUV KDWWH %HVLW]YRQLKPHUJULIIHQ'DV/HW]WHGDVHUEHZXWZDKUQDKP ZDU GLH %HUKUXQJ VHLQHU )LQJHU PLW HLQHP NKOHQ JODWWHQ *HJHQVWDQG LQ VHLQHU 5RFNWDVFKH 6HLQH +DQG VFKOR VLFK XP GLH3KLROHPLWGHQW|GOLFKHQEODXHQ.ULVWDOOHQ 'DQQ EHUQDKP GHU 3KDQWRPP|UGHU GLH .RQWUROOH EHU
VHLQHQ.|USHUXQGVHLQHQ*HLVW (U VFKUHFNWH HUVW ZLHGHU DXV VHLQHU %HWlXEXQJ DXI DOV HLQ KHOOHV.OLUUHQGLH*HVSUlFKHLP5DXPYHUVWXPPHQOLH -HQQ\ $OOHQKDWWHVRHEHQGHP0LQLVWHU GDV 6HNWJODV DXV GHU +DQGJHVFKODJHQ 'D ZXWH &ODQGRQ ZDV JHVFKHKHQ ZDU 8QG HU VDK VLFK YHUORUHQ
'DV/lFKHOQDXIGHP*HVLFKWGHV0LQLVWHUVJHIURUHVZXUGH ]XU *ULPDVVH (U ZDU VR EHUUXPSHOW GD HU ZLH HLQH 3XSSH GLH +DQG QRFK LPPHU VR KLHOW DOV ZROOH HU DXV HLQHP *ODV WULQNHQ6HLQH$XJHQVFKLHQHQGXUFK-HQQ\KLQGXUFK]XVHKHQ %HL GHP .OLUUHQ GHV *ODVHV ZDUHQ DOOH *HVSUlFKH LQ GHP JURHQ 6DORQ LQ GHP VLFK GLH PHLVWHQ /HXWH DXIKLHOWHQ YHUVWXPPW'LHNOHLQH*UXSSHXPGHQ0LQLVWHUVWDQGSO|W]OLFK LP0LWWHOSXQNW 5LFN 0DVWHUV UHJLVWULHUWH HLQH 0HQJH YRQ (LQGUFNHQ JOHLFK]HLWLJXQGYHUDUEHLWHWHVLHUDVHQGVFKQHOO ª%ODXHU .ULVWDOO DP *ODVUDQG© ]LVFKWH LKP -HQQ\ ]X NDXP GDGHU6HNWNHOFKDXIGHP%RGHQ]HUVSUXQJHQZDU 'HU 0LQLVWHU EHZHJWH VLFK QLFKW DXFK GLH DQGHUHQ *lVWH VWDQGHQVWDUU ,P0RPHQWKHUUVFKWHDOVRQLFKWGLH*HIDKUGD 6SXUHQYHUZLVFKWZXUGHQ 'LH *HKHLPGLHQVWPlQQHU ZROOWHQ VLFK DXI GHQ 0LQLVWHU VWU]HQ XP LKQ DE]XVFKLUPHQ GRFK 5LFN KLHOW VLH PLW HLQHU VFKDUIHQ*HElUGH]XUFN'DVLHLKQXQGVHLQH5ROOHLQGLHVHP )DOO NDQQWHQ EHIROJWHQ VLH VHLQH $QZHLVXQJ YRUOlXILJ QLFKW HLQ]XJUHLIHQ 5LFN ZDU VLFK GHVVHQ EHZXW GD HU HLQ JURHV 5LVLNR HLQJLQJ (U PXWH VLFK JDQ] DXI -HQQ\ YHUODVVHQ XQG GDUDXI GD VLH ULFKWLJ EHREDFKWHW KDWWH :HQQ HU QlPOLFK MHW]W KDQGHOWH XQG HV VWHOOWH VLFK KLQWHUKHU KHUDXV GD GHU
&KDPSDJQHU GHV 0LQLVWHUV QLFKW YHUJLIWHW ZDU NDP HU LQ 7HXIHOV.FKHXQGNRQQWHVLFKLQ$XVWUDOLHQDOV7HOOHUZlVFKHU EHZHUEHQ 'HQQRFK ]|JHUWH 5LFN NHLQH 6HNXQGH ODQJ 6HLQH +DQG WDXFKWH LQ GLH ,QQHQWDVFKH VHLQHV $EHQGDQ]XJHV XQG NDP PLW HLQHU7ULOOHUSIHLIHZLHGHU]XP9RUVFKHLQ 'UHL VFKDUIH 3ILIIH JHOOWHQ GXUFK GDV +DXV XQG GHQ *DUWHQ 'DPLW KDWWH 5LFN 0DVWHUV GDV PLW DOOHQ ]XU $EVLFKHUXQJ HLQJHVHW]WHQ3HUVRQHQYHUDEUHGHWH=HLFKHQ JHJHEHQ 'LH)DOOH NODSSWH]X 9RQ MHW]W DQ NRQQWH DXVQDKPVORV QLHPDQG PHKU GDV *UXQGVWFNYHUODVVHQHKHGLH6SHUUHQLFKWZLHGHUDXIJHKREHQ ZXUGH+|FKVWZDKUVFKHLQOLFKEHIDQGVLFKGHU*LIWP|UGHUQRFK LP +DXV RGHU LP *DUWHQ XQG VD IHVW 'LHVPDO PXWH HV NODSSHQ &KHILQVSHNWRU +HPSVKDZ WDXFKWH LP JURHQ 6DORQ DXI EOLFNWH VLFK UDVFK XP XQG DWPHWH HUOHLFKWHUW DXI ª1LFKWV SDV VLHUW"©ULHIHUª,FKGDFKWHVFKRQ«© (UEUDFKDE5LFNZXWHGD+HPSVKDZEHIUFKWHWKDWWHHLQ /HLFKHYRUILQGHQ ª&KDPSDJQHU XQG *ODV XQWHUVXFKHQ ODVVHQ© VDJWH GHU 3ULYDWGHWHNWLYXQJHZ|KQOLFKNXU]DQJHEXQGHQ +HPSVKDZ EUDXFKWH VHLQH /HXWH JDU QLFKW HUVW ]X UXIHQ VLH ZDUHQLKPDXIGHP)XJHIROJW'U6WHUOLQJXQGHLQ&KHPLNHU GHV
ª:LU YHUPXWHQ GD HLQ *LIWDQVFKODJ YHUEW ZXUGH© VDJWH 5LFN0DVWHUV(UVFKDXWH]X-HQQ\XQGVDKGDVLHVHKUEOHLFK ZDUXQGDXILKUH/LSSHEL2IIHQEDUKDWWHVLH$QJVWVLFKGRFK JHWlXVFKW]XKDEHQ'LHVH$QJVWKDWWH5LFNDXFKQXU]HLJWHHU HVQLFKW 'HU0LQLVWHUYHUIlUEWH VLFK 1DWUOLFK KDWWH DXFK HU YRQ GHQ $QVFKOlJHQ JHK|UW GLH LQ GHQ OHW]WHQ 7DJHQ VWDWWJHIXQGHQ KDWWHQXQGGHQHQGUHL0HQVFKHQ]XP2SIHUJHIDOOHQZDUHQ ,P *DUWHQ HQWVWDQG /lUP 6FKUHLH KDOOWHQ LQV +DXV KHUHLQ GDQQ GLH *HUlXVFKH HLQHV NXU]HQ .DPSIHV +HPSVKDZ OLHI QDFK GUDXHQ ZlKUHQG 5LFN KLHUEOLHE REZRKO HV LKP VFKZHUILHO $EHU HU ZROOWH GHQ XQPLWWHOEDUHQ 7DWRUW QLFKW XQEHDXIVLFKWLJWODVVHQ =ZHL 0LQXWHQ VSlWHU NHKUWH +HPSVKDZ ]XUFN =ZHL VHLQHU 0lQQHU VFKOHSSWHQ HLQHQ VLFK VWUlXEHQGHQ 0DQQ LQ HLQHU ZHLHQ-DFNH]ZLVFKHQVLFK ª$FK QHLQ© HQWIXKU HV GHP HUVWDXQWHQ 5LFN 0DVWHUV $XI GHQ HUVWHQ %OLFN HUNDQQWH HU GHQ .HOOQHU YRQ GHVVHQ 7DEOHWW GHU0LQLVWHUGLHEHLGHQ6HNWNHOFKHJHQRPPHQKDWWH ª(U ZROOWH IOLHKHQ© EHULFKWHWH +HPSVKDZ ª,FK JODXEH ZLU KDWWHQ(UIROJ© ª%HIXQG SRVLWLY© PHOGHWH LQ GLHVHP 0RPHQW GHU &KHPLNHU GHV
LQ GHP 0LQLVWHU YRU VLFK JLQJ 6FKOLHOLFK ZDU HU QXU XP +DDUHVEUHLWHGHP7RGHQWNRPPHQ ª0HLQH 'DPHQ XQG +HUUHQ© ZDQGWH VLFK 5LFN 0DVWHUV PLW VFKDOOHQGHU 6WLPPH DQ DOOH *lVWH GLH VLFK QDFK XQG QDFK LP JURHQ 6DORQ YHUVDPPHOW KDWWHQ ª%LWWH KDEHQ 6LH 9HUVWlQG QLVDEHUZLUPVVHQMHGHQHLQ]HOQHQYRQ,KQHQEHUSUIHQXQG HLQHU JHQDXHQ 'XUFKVXFKXQJ XQWHU]LHKHQ (V NDQQ DEVROXW NHLQH$XVQDKPHJHEHQ© ª6LQG 6LH ZDKQVLQQLJ© ]LVFKWH LKP +HPSVKDZ ]X ª'DV NRVWHWPLFKGHQ.RSI :HQQ VLFK HLQHU YRQ GHQHQ EHVFKZHUW ELQLFKPHLQHQ3RVWHQORV© 'RFK HU EHNDP XQHUZDUWHWH +LOIH $OV GLH *lVWH ]X PXUUHQ EHJDQQHQ XQG VLFK EHU GLH XQYHUVFKlPWH %HKDQGOXQJ EH VFKZHUHQZROOWHQWUDWGHU0LQLVWHUYRUXQGHUNOlUWHODXW ª,FK VHOEVW VWHOOH PLFK IUHLZLOOLJ GHU 3ROL]HLPDQDKPH GLH LFK IU ULFKWLJ KDOWH %LWWH VFKOLHHQ 6LH VLFK PHLQHP %HLVSLHO DQ PHLQH)UHXQGH© 'DVJDEGHQ$XVVFKODJ$OOHZDUHQHLQYHUVWDQGHQ 'DPLWEHJDQQGHU.DPSIJHJHQGHQ3KDQWRPP|UGHUGHVVHQ *HLVWHLQHPLP+DXVEHILQGOLFKHQ0HQVFKHQYHUVNODYWKDWWH
,FK KlWWH GLHVHQ 0DVWHUV GRFK XPEULQJHQ VROOHQ GDFKWH &ODQGRQYHU]ZHLIHOW+lWWHLFKGRFKLKPDQVWHOOHGHU5DWWHGDV *LIWJHJHEHQGDQQZlUHGDVKLHUQLFKWSDVVLHUW ,QVHLQHU3DQLNGDFKWHHUQLFKWGDUDQGD]ZDU5LFN0DVWHUV GLH %HIHKOH ]XU 'XUFKVXFKXQJ DOOHU $QZHVHQGHQ DXVJH VSURFKHQ KDWWH GD GLHV DEHU HUVW GXUFK GLH =XVDPPHQDUEHLW YRQ6FRWODQG
W|WHWH ZDU HU YHUORUHQ :HQQ HU LKQ QLFKW W|WHWH XQG QLFKWV XQWHUQDKPZDUHUHEHQIDOOVYHUORUHQ &ODQGRQ ]HUPDUWHUWH VLFK GHQ .RSI ZLH HU GLH GURKHQGH *HIDKUDEZHQGHQN|QQH%HLHLQHU/HLEHVYLVLWDWLRQPXWHQVLH DXI GLH *ODVSKLROH LQ VHLQHU 7DVFKH VWRHQ GLH QRFK ZHLWHUH YRQGLHVHQWHXIOLVFKHQEODXHQ.ULVWDOOHQHQWKLHOW$OVRPXWHHU VLFK VR UDVFK ZLH P|JOLFK YRQ GHP EHODVWHQGHQ %HZHLVVWFN WUHQQHQ 'DV ZDU DEHU OHLFKWHU JHVDJW DOV JHWDQ (U GXUIWH VLFK QLFKW DXIIlOOLJ LP +DXV EHZHJHQ XQG HV JDE NHLQHQ 5DXP LQ GHP QLFKW LUJHQG MHPDQG ZDU HQWZHGHU $QJHK|ULJH YRQ 6FRWODQG
:LHGHUKLQJHLQ$XJHQSDDUDQ&ODQGRQRKQHGDHUHVVDK (UULFKWHWHVHLQHJDQ]H$XIPHUNVDPNHLWDXIGHQ&KHILQVSHNWRU GHU VLFK ]X VHLQHP 8QWHUJHEHQHQ LQ GLH 7RLOHWWH GUlQJWH XQG QXQVHLQHUVHLWVQDFK5LFN0DVWHUVULHI &ODQGRQYHUORUSO|W]OLFKGLH1HUYHQ(UZDUIVLFKKHUXPXQG ZROOWHIOLHKHQ'DEHLNDPHUGLFKW DQGHP.HOOQHUYRUEHLGHU GHQ YHUJLIWHWHQ &KDPSDJQHU VHUYLHUW KDWWH XQG YRQ HLQHP 3ROL]LVWHQ EHZDFKW ZXUGH 'LH EHLGHQ 0lQQHU ZDUHQ PLW +DQGVFKHOOHQDQHLQDQGHUJHNHWWHW 'LHVHU .HOOQHU ZDU HV GHU &ODQGRQ GLH JDQ]H =HLW EHU EHREDFKWHW KDWWH =XHUVW KDWWH HU HV QXU JHWDQ XP VLFK YRQ VHLQHU PLOLFKHQ /DJH DE]XOHQNHQ GDQQ ZDU 0LWUDXHQ GD]XJHNRPPHQ8QGGXUFKGHQ)OXFKWYHUVXFKGHV0DQQHVZDU HUJDQ]VLFKHUGHQ7lWHUYRUVLFK]XKDEHQ 'HU.HOOQHUZXWHQLFKWZDVLQGHU7RLOHWWH JHVFKHKHQZDU GDGLH3ROL]HLVRJURHV,QWHUHVVH]HLJWHGRFKGDVNPPHUWH LKQDXFKQLFKW0LWDXVJHVWUHFNWHP$UP]HLJWHHUDXI&ODQGRQ XQGVFKULH ª'HUZDULQGHU7RLOHWWH+DOWHWLKQIHVW© 'HU0|UGHUUDQQWHORV
5LFN 0DVWHUV VFKDXWH EHU &KHILQVSHNWRU +HPSVKDZV 6FKXOWHU 2IIHQEDU KDWWH VLFK GHU 0|UGHU DOV GLH 5HGH YRQ /HLEHVYLVLWDWLRQ JHZHVHQ ZDU YRQ GHP YHUUlWHULVFKHQ *LIW JHWUHQQW'HXWOLFKZDUHQGLHEODXHQ.ULVWDOOHXQGXQWHU:DVVHU GLH 3KLROH ]X HUNHQQHQ LQ ZHOFKHU GDV *LIW DXIEHZDKUW JHZHVHQ ZDU 'HU 0|UGHU KDWWH YHUJHVVHQ GLH 6SOXQJ ]X ]LHKHQ 1RFK HKH VLFK 5LFN EHU GLH %HGHXWXQJ GHV )XQGHV NODU ZXUGHK|UWHHUKLQWHUVLFKHLQHQODXWHQ$XIVFKUHL ª(UZDULQGHU7RLOHWWH+DOWHWLKQIHVW© 5LFN 0DVWHUV ZLUEHOWH KHUXP 'HU .HOOQHU GHU YRU ZHQLJHQ
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lPSIWH HLQLJH 6HNXQGHQ GDUXPZLHGHUIUHL]XNRPPHQGDQQVHW]WHHUGLH-DJGIRUW ,Q]ZLVFKHQ KDWWH GHU 0DQQ GLH 7UHSSH HUUHLFKW GLH LQ GLH REHUHQ 6WRFNZHUNH IKUWH 'RUW REHQ VWDQG NHLQ 3ROL]LVW HLQ )HKOHUGHU5LFNHUVWMHW]WHLQILHO &KHILQVSHNWRU+HPSVKDZSILII$ODUP,QQHUKDOEYRQZHQLJHU DOV HLQHU 0LQXWH ZUGHQ DXFK GLH REHUHQ 6WRFNZHUNH YRQ 6FRWODQG
ª'DQQ LVW DOOHV YRUEHU© VDJWH HU HUOHLFKWHUW ª'DV LVW HLQH $EVWHOONDPPHU RKQH ]ZHLWHQ $XVJDQJ XQG RKQH )HQVWHU (U NDQQQLFKWPHKUHQWNRPPHQ©
5LFN 0DVWHUV XQG &KHILQVSHNWRU +HPSVKDZ VFKDXWHQ HLQDQGHU DQ $XFK DXI LKUHQ *HVLFKWHUQ ]HLJWH VLFK GLH (U OHLFKWHUXQJ GDUEHU GD VLFK GHU 0|UGHU IUHLZLOOLJ LQ HLQHU )DOOHJHIDQJHQKDWWHYRQGHUHQ([LVWHQ]VLHJDUNHLQH$KQXQJ JHKDEWKDWWHQ ª:LU GUIHQ GLH 7U DXIEUHFKHQ"© YHUVLFKHUWH VLFK GHU &KHILQVSHNWRUREZRKOVLHGDVDXIMHGHQ)DOOJHWDQKDWWHQ ª$EHU VHOEVWYHUVWlQGOLFK© YHUVLFKHUWH GHU +DXVKHUU ª,FK ODVVH,KQHQHLQ%UHFKHLVHQEULQJHQ© (U EHDXIWUDJWH HLQHQ VHLQHU +DXVDQJHVWHOOWHQ GDV YHUODQJWH :HUN]HXJ]XKROHQ =ZHL 0LQXWHQ VSlWHU NRQQWHQ HV ]ZHL 3ROL]LVWHQ DQVHW]HQ QDFKGHP GHU (LQJHVFKORVVHQH DXI LKUH 5XIH QLFKW JHDQWZRUWHW KDWWH (V NQDFNWH XQG NUDFKWH GDQQ IORJ GLH 7U DXI 'XQNHOKHLW KHUUVFKWHLQGHPGDKLQWHUOLHJHQGHQ5DXP 5LFN0DVWHUVNQLSVWHGDV/LFKWDQ(LQH/DPSHDQGHU'HFNH IODPPWHDXI 'HU5DXPHQWKLHOWNHLQH0|EHOQLFKWV(UKDWWHDXFKNHLQHQ DQGHUHQ$XVJDQJXQGDXFKNHLQ)HQVWHU 'HQQRFKZDUGHU0|UGHUVSXUORVYHUVFKZXQGHQ .HLQHU GHU 0lQQHU GLH HLQHQ %OLFN LQ GHQ OHHUHQ 5DXP ZDUIHQ EOLHE GLH hEHUUDVFKXQJ JHSDDUW PLW (UVFKUHFNHQ HU VSDUW1XUZDUVLHEHL5LFN0DVWHUVDPVFKZlFKVWHQ (U GHU YRQ $QIDQJ DQ LPPHU ZLHGHU YHUPXWHW KDWWH GD EHUQDWUOLFKH .UlIWH LP 6SLHO ZDUHQ VWDQG YRU HLQHP 3KlQRPHQGDVHUVLFKGDQNVHLQHUEHVRQGHUHQ.HQQWQLVVH DXI GLHVHP*HELHWVHKUJXWHUNOlUHQNRQQWH
$QGHUV KLQJHJHQ GLH .ULPLQDOLVWHQ YRQ 6FRWODQG
ª1D .HQQHWK"© IUDJWH GHU 3ULYDWGHWHNWLY QLFKW RKQH 6FKDGHQIUHXGHEHLGHULKP-HQQ\KDOI 6LH VWDQG GDQHEHQ XQG VWUDKOWH +HPSVKDZ DQ ª:DV KDOWHQ 6LHMHW]WYRQGHU6DFKH"/HKQHQ6LHPHLQH7KHRULHGDXQVHU *LIWP|UGHU PLW GHP *HLVW GHV 3KDQWRPP|UGHUV ]XVDPPHQDU EHLWHW RGHU VRJDU YRQ LKP EHKHUUVFKW ZLUG QRFK LPPHU DOV EODQNHQ8QVLQQDE"© &KHILQVSHNWRU +HPSVKDZ EOLW]WH LKQ ZWHQG DXV VFKPDOHQ $XJHQ DQ GDQQ VFKWWHOWH HU VHLQHQ NDQWLJHQ 6FKlGHO XQG EUXPPWHª*HKHQ6LHGRFK]XP7HXIHO5LFNXQGQHKPHQ6LH ,KUHEORQGH+H[HPLW© 'DPLWOLHHUGLHEHLGHQVWHKHQ ª$UPHU .HQQHWK© DPVLHUWH VLFK 5LFN ª6HLQH 3ROL]HLPH WKRGHQ YHUVDJHQ ZLHGHU HLQPDO DEHU HU ZUGH VLFK OLHEHU GLH =XQJH DEEHLHQ DOV HLQ]XJHVWHKHQ GD WDWVlFKOLFK HWZDV hEHUVLQQOLFKHVJHVFKHKHQLVW© ª:DUXP ZROOWH HLJHQWOLFK GLHVHU .HOOQHU IOLHKHQ"© OHQNWH -HQQ\VHLQH$XIPHUNVDPNHLWZLHGHUDXILUGLVFKHUH3UREOHPH ª'DVN|QQHQZLUJOHLFKIHVWVWHOOHQ©PHLQWHGHU3ULYDWGHWHN WLYXQGIKUWHVHLQH)UHXQGLQ]XGHP.HOOQHUGHUQRFKLPPHU PLW +DQGVFKHOOHQ DQ VHLQHP %HZDFKHU YRQ 6FRWODQG
ª0LGHU0LQLVWHUQDKPVHLQ*ODVYRQPHLQHP7DEOHWW©'HU .HOOQHU KRE GLH 6FKXOWHUQ GD GLH .HWWH GHU +DQGVFKHOOHQ UDVVHOWHª$OVRZlUHGHU9HUGDFKWGRFKLQHUVWHU/LQLHDXIPLFK JHIDOOHQ 1DFK PHLQHU )OXFKW QDWUOLFK QRFK PHKU DEHU GDUDQ GDFKWH LFK LP $XJHQEOLFN QLFKW ,FK ZROOWH QXU HLQIDFK ZHJ :DU8QVLQQJHEHLFK]XDEHUQXQLVWHVHEHQJHVFKHKHQ© 5LFN 0DVWHUV XQG -HQQ\ $OOHQ VFKDXWHQ HLQDQGHU DQ GDQQ QLFNWHQ VLH ª:LU JODXEHQ ,KQHQ© VDJWH 5LFN ª7URW]GHP PVVHQ 6LH PLW QDFK 6FRWODQG
'HU0|UGHUVDKLQ5LFN0DVWHUVEHUHLWVGLHJU|WH%HGURKXQJ VHLQHU6LFKHUKHLWGRFKKlWWHHUJHZXWGDGHU3ULYDWGHWHNWLY DXFKGLH9HUELQGXQJ]XGHUXQEHNDQQWHQ0DFKW]XGHP*HLVW DXIJHVSUWKDWWHZlUHHUYHUPXWOLFKLQ3DQLNJHUDWHQ &ODQGRQYHUGDQNWHHVRKQHGLHVQXUVHLQHUHLVHUQHQ6HOEVWEH
KHUUVFKXQJGDHUVLFKQRFKHLQPDOPLWKHLOHU+DXWDXVGLHVHU JHIlKUOLFKHQ 6LWXDWLRQ KDWWH UHWWHQ N|QQHQ 8P HLQ +DDU ZlUH HVVFKLHIJHJDQJHQ :LH KDWWH HU DEHU DXFK DKQHQ N|QQHQ GD HU LQ VHLQHP 7UDQFH]XVWDQG GHQ *LIWNULVWDOO QLFKW ULFKWLJ LQ GDV *ODV KDWWH IDOOHQODVVHQVRGDHUDP5DQGNOHEWH"8QGGLHVH-HQQ\$OOHQ PLWLKUHQVFKDUIHQ$XJHQKDWWHGDVEODXH)XQNHOQHQWGHFNW &ODQGRQ ]LWWHUWH MHW]W QRFK ZHQQ HU DQ GHQ IUFKWHUOLFKHQ )HKOHUGDFKWHGHQHULQGHU7RLOHWWHEHJDQJHQKDWWH8QGVHLQH QDFKIROJHQGH )OXFKW ZlUH ]X HLQHU .DWDVWURSKH JHZRUGHQ KlWWH QLFKW ZLHGHU GLHVH 0DFKW DXV GHP -HQVHLWV HLQJHJULIIHQ GLHLKQDXFK]XGHQ0RUGHQJH]ZXQJHQKDWWH 'HU 3KDQWRPP|UGHU ZDU GDUDQ LQWHUHVVLHUW VHLQ 0HGLXP ]X HUKDOWHQ GXUFK GDV HU ZHLWHUKLQ PRUGHQ NRQQWH 1XU GHVKDOE ²XQGGDUEHUZDUVLFK&ODQGRQUHVWORVLP.ODUHQ²KDWWHHU VHLQ0HGLXPDXVMHQHU)DOOHKHUDXVJHKROW&ODQGRQKDWWHNHLQH $KQXQJZDVZLUNOLFKPLWLKPJHVFKHKHQZDU (U ZXWH QXU GD HU PLW (QWVHW]HQ GLH $XVVLFKWVORVLJNHLW VHLQHU /DJH HUNDQQW KDWWH VREDOG HU VDK GD HV NHLQHQ $XV JDQJ DXV GLHVHP $EVWHOOUDXP JDE DOV GLH 7U GLH EHUHLWV YRQ GHU3ROL]HLEHUDQQWZXUGH 3O|W]OLFK KDWWH HU HLQ VHOWVDPHV =LHKHQ JHIKOW DOOHV XP LKQ KHUXPZDUYHUVFKZRPPHQ²XQGLPQlFKVWHQ0RPHQWZDUHU LQ HLQHP .RUULGRU GHV (UGJHVFKRVVHV ZLHGHU ]X VLFK JHNRPPHQ 1LHPDQGZDULQVHLQHU1lKHVRGDVLFKDXFKQLHPDQGEHU VHLQXQHUZDUWHWHV$XIWDXFKHQZXQGHUQNRQQWH .HLQ9HUGDFKWGHUDXILKQILHO(UZDUJHUHWWHWGDHUEHLGHU hEHUSUIXQJGHU$QZHVHQKHLWVOLVWHQLFKWIHKOWH'HQQRFK« &ODQGRQ GXUIWH QLFKW OlQJHU ]XVHKHQ ZLH VLFK GLH 6FKOLQJH XPVHLQHQ+DOVLPPHUHQJHU]RJ (U PXWH GLH 3HUVRQHQ DXVVFKDOWHQ GLH LKP DP JHIlKUOLFK VWHQZDUHQ 'LHVPDOVWDQGVHLQ(QWVFKOXHLVHUQIHVW(VZDUHQWVFKLHGHQ
5LFN0DVWHUVXQG-HQQ\$OOHQPXWHQVWHUEHQ 1RFKEHYRUGLHEHLGHQGDV+DXVYHUOLHHQHQWIHUQWHVLFKGHU *LIWP|UGHU
ª)U KHXWH ODQJW HV PLU© VW|KQWH -HQQ\ $OOHQ DOV VLH GXUFK GLH YRQ 5LFN DXIJHKDOWHQH 7U LQ VHLQH :RKQXQJ VWROSHUWH ª,FKWUlXPHQXUPHKUYRQHLQHPVFK|QHQZHLFKHQ%HWW© ª,FKDXFK©EHPHUNWH5LFNPLW8QVFKXOGVPLHQH ª/VWOLQJ© -HQQ\ OLH VLFK LQ HLQHQ GHU 6HVVHO IDOOHQ XQG VFKLFNWH 5LFN HLQHQ VFKPHO]HQGHQ IOHKHQGHQ %OLFN ]X ª'DU OLQJHLQ.DIIHHZlUHMHW]WJHQDXGDVULFKWLJHIUPLFK© ª'DQQ NDQQVW GX ZLHGHU VWXQGHQODQJ QLFKW VFKODIHQ© JDE 5LFN]XEHGHQNHQ ª:HUVDJWGDLFKVFKODIHQZLOO"© 'LHVPDO VFKLFNWH -HQQ\ HLQHQ YHUKHLXQJVYROOHQ %OLFN DXV LKUHQ JUQHQ $XJHQ DXI GHQ MXQJHQ 3ULYDWGHWHNWLY GD 5LFN HLQHPLWWOHUH+LW]HZHOOHEHUOLHI ª,FK PDFKH GHQ .DIIHH GRSSHOW VWDUN© YHUVSUDFK HU XQG YHUVFKZDQGLQGHU.FKH -HQQ\ VWUHFNWH VLFK PLWWOHUZHLOH EHTXHP EHU GHQ 6HVVHO UXWVFKWH VR WLHI KLQHLQ GD VLH GHQ .RSI DXI GLH HLQH 6HL WHQOHKQH OHJHQ NRQQWH XQG OLH GLH %HLQH EHU GLH ]ZHLWH 6HLWHQOHKQHKlQJHQ ,Q GHU .FKH NODSSHUWHQ 7DVVHQ VXUUWH GDV :DVVHU LQ GHU .DIIHHPDVFKLQH YHUOLHK 5LFNV 1lKH GHU MXQJHQ )UDX HLQ *H IKOGHU6LFKHUKHLW)OFKWLJGDFKWHVLHDQGDV(UOHEQLVPLWGHU WRWHQ 5DWWH XQG DQ GLH 9RUIlOOH DXI GHU PLJOFNWHQ *H EXUWVWDJVIHLHUGHV0LQLVWHUV 0LW HLQHU XQZLOOLJHQ +DQGEHZHJXQJ VFKLHQ -HQQ\ GLHVH XQDQJHQHKPHQ *HGDQNHQ YHUVFKHXFKHQ ]X ZROOHQ GRFK JDQ] JHODQJHVLKUQLFKW(LQOHLFKWHV)U|VWHOQEHILHOVLH ª5LFN EUDXFKVW GX QRFK ODQJH"© ULHI VLH XQG EHPKWH VLFK
HLQ=LWWHUQLQLKUHU6WLPPH]XXQWHUGUFNHQ ª*OHLFKIHUWLJ©NDPGLH$QWZRUW %DOGGDUDXIHUVFKLHQ5LFN0DVWHUVPLWHLQHP7DEOHWW ,Q VHLQHQ $XJHQ VWDQG HLQ EHJHKUOLFKHV )XQNHOQ DOV HU GHQ VFKODQNHQ0lGFKHQN|USHUVDKGHUZLHKLQJHJRVVHQ TXHU EHU GHP 6HVVHO ODJ 'DV .OHLG VWUDIIWH VLFK EHU -HQQ\V %UXVW EHWRQWH LKUHQ IODFKHQ %DXFK VFKPLHJWH VLFK ]ZLVFKHQ LKUH 6FKHQNHOXQG ,PQlFKVWHQ$XJHQEOLFNODJ5LFNDXIGHP%RGHQ -HQQ\ NRQQWH VLFK QLFKW KHOIHQ VLH VFKULH IDVW YRU /DFKHQ ª'DV« GDV NRPPW GDYRQ© NHXFKWH VLH DWHPORV XQG ZLVFKWH VLFKGLH/DFKWUlQHQDXVGHQ$XJHQª'XVROOWHVW«© 6LHEUDFKDE$OV5LFNVLHDOO]XJHQDXEHWUDFKWHWKDWWHZDUHU EHU GLH 7HSSLFKNDQWH JHVWROSHUW XQG GHU /lQJH QDFK KLQJHIDOOHQ 'DV 7DEOHWW IORJ GXUFK GLH /XIW .DIIHHNDQQH =XFNHUGRVHXQG7DVVHQDOOHVODQGHWHDXIGHPGLFKWHQ7HSSLFK (LQ JHIlKUOLFKHV =LVFKHQ ZLH YRQ HLQHU *LIWVFKODQJH EHUW|QWHVRJDU-HQQ\V/DFKHQ $OV VLH HUVFKURFNHQ YHUVWXPPWH VWDQG GDV =LVFKHQ W|GOLFK ODXWLP5DXP 5LFN ULFKWHWH VLFK DXI 6HLQ %OLFN KLQJ HEHQVR ZLH -HQQ\V $XJHQ HQWVHW]W DQ GHP ULHVLJHQ .DIIHHIOHFN LP 7HSSLFK :R GLH)OVVLJNHLWYRQGHPIODXVFKLJHQ/lXIHUDXIJHVRJHQZRUGHQ ZDU ELOGHWHQ VLFK %ODVHQ YHUGLFKWHWHQ VLFK ]X 6FKDXP XQG ]HUSODW]WHQNQDOOHQG ,QQHUKDOEZHQLJHU6HNXQGHQZDULQGHQ7HSSLFKHLQULHVLJHV /RFK JHIUHVVHQ ² YRQ GHP .DIIHH GHQ VLH EHLGH KDWWHQ WULQNHQZROOHQ
:LHHLQ7UDXPZDQGOHU HUKREVLFK5LFN0DVWHUVYRP%RGHQ XQGVHW]WHVLFK]X-HQQ\DXIGLH.DQWHGHV6HVVHOV ª(VOHEHGHU6H[©VWLHHUNHXFKHQGKHUYRU
-HQQ\VWDUUWHLKQDQDOVKDEHHUGHQ9HUVWDQGYHUORUHQª:DV VROO GHU %O|GVLQQ"© VFKQDSSWH VLH JHUHL]W ,KUH 1HUYHQ ZDUHQ DP=HUUHLHQ ª+lWWH PLFK GHLQ $QEOLFN QLFKW VR IDV]LQLHUW ZlUH LFK QLFKW EHU GHQ 7HSSLFK JHVWROSHUW XQG KlWWH GHQ N|VWOLFKHQ .DIIHH QLFKW DXI PHLQHQ IDVW QHXHQ 7HSSLFK JHNLSSW© (U VFKDXWH -HQQ\ YROO LQ LKUH JUQHQ YRU $QJVW GXQNHO VFKLPPHUQGHQ $XJHQ ª8QG ZLU EHLGH PHLQ NOHLQHU /LHEOLQJ KlWWHQ MHW]W HLQLJH/RW*LIWLP0DJHQ© ª9LHOOHLFKWVROOWHQZLULQ=XNXQIWGRFKEHVVHUQXUQRFK&ROD DXVYHUVLHJHOWHQ)ODVFKHQWULQNHQ©YHUVXFKWH-HQQ\DXIVHLQHQ JHNQVWHOW VFKQRGGHULJHQ 7RQ HLQ]XJHKHQ GRFK HV JHODQJ LKU QLFKW 3O|W]OLFK ZXUGH VLH YRQ HLQHP :HLQNUDPSI JHVFKWWHOW 'LH$QVSDQQXQJGHUOHW]WHQ7DJHEUDFKVLFK%DKQ 5LFN OLH VLFK WLHIHU LQ GHQ 6HVVHO JOHLWHQ XQG QDKP VHLQH )UHXQGLQ VFKW]HQG LQ GLH $UPH -HQQ\ YHUNUDPSIWH VLFK SUHWH VLFK DEHU QDFK HLQLJHU =HLW DQ LKQ 1DFK HLQ SDDU 0LQXWHQ ZXUGH VLH HQGOLFK UXKLJHU 6LH ZHLQWH QXU PHKU OHLVH YRUVLFKKLQ ª,VW PHLQH 6FKXOG© PXUPHOWH 5LFN ª,FK KlWWH IUKHU GDUDQ GHQNHQ PVVHQ XQG GLFK JDQ] DXV PHLQHP SULYDWHQ /HEHQVNUHLVKHUDXVKDOWHQVROOHQ© -HQQ\ KDWWH VLFK VRZHLW JHIDW GD VLH VLFK DXIVHW]WH XQG HQHUJLVFKHUZLGHUWHª'HLQ3ULYDWOHEHQJHK|UW]XGLUXQGZHQQ LFKGLFKDN]HSWLHUHPXLFKPLFKDXFKPLWGHLQHP3ULYDWOHEHQ XQGGHUGDPLWYHUEXQGHQHQ*HIDKUDEILQGHQ© ª7DSIHU JHGDFKW.OHLQHV© VDJWH5LFNPLWHLQHPVFKZDFKHQ /lFKHOQXQGGHXWHWHDXIGDVJURH/RFKLP7HSSLFK ª$EHUGHLQH +DOWXQJZUGH GLU QLFKWV QW]HQ ZHQQ GX MHW]W GLHVHV =HXJ LP 0DJHQ KlWWHVW ,FK P|FKWH QXU ZLVVHQ «© (U EUDFKDEXQGVFKLHQDOOHVXPVLFKKHUXP]XYHUJHVVHQ ª,VWGRFKNODU© -HQQ\SXW]WHVLFKGLH1DVHGDQQVSUDFKVLHGHXWOLFKXQGPLW IHVWHU 6WLPPH ZHLWHU ª'HU 0|UGHU ZDU VLFKHU GD GX LKP
JHIlKUOLFK ZLUVW 8QG PLFK ZROOWH HU EHVHLWLJHQ ZHLO LFK GDV *LIW LP *ODV GHV 0LQLVWHUV HQWGHFNWH (U ZDUWHWH DE ELV GLH /LVWH DOOHU $QZHVHQGHQ EHUSUIW ZDU GDQQ YHUOLH HU GDV +DXVIXKUKLHUKHUXQGSUlSDULHUWH«MDZDVHLJHQWOLFK"© 5LFN YHUVWDQG VRIRUW ZDV VLH PHLQWH ª(QWZHGHU GHQ .DIIHH RGHU GDV :DVVHU LQ GHU .DIIHHPDVFKLQH© VFKOR HU ª'DV ZHUGHQ ZLU EDOG ZLVVHQ 6FKOLHOLFK P|FKWH LFK QRFK LUJHQGZDQQLQPHLQHP/HEHQ.DIIHHWULQNHQRKQHGDHVPHLQ OHW]WHUZLUG© (U ]RJ VLFK GDV 7HOHIRQ KHUDQ XQG ZlKOWH 6FRWODQG
]XHUVW'DPHQKDEHQLQGLHVHP)DOOGDV5HFKWHUVWDQ]ZHLWHU 6WHOOH]XNRPPHQ© ª'UFNHQ 6LH VLFK NODU DXV© YHUODQJWH +HPSVKDZ QXQ VFKRQEHGHXWHQGUXKLJHU ª'HU *LIWP|UGHU KDW XQV HLQHQ .DIIHH EHUHLWHW GHU PHLQHQ 7HSSLFKDXIIUD.HQQHWK©5LFNVFKDXGHUWHMHW]WQRFKEHLGHP *HGDQNHQ ZDV SDVVLHUW ZlUH ZHQQ « ª6FKLFNHQ 6LH ,KUH 6SUKXQGHGDPLWZLUZLVVHQZDVZLUWULQNHQGUIHQXQGZDV QLFKW© ª:LUNRPPHQ©VDJWH+HPSVKDZQXUXQGDOV5LFNDXIOHJWH ZXWHHUGDHV$ODUPEHL6FRWODQG
6LH ZDUHQ HLQHV YRQ XQ]lKOLJHQ DOWHQ (KHSDDUHQ LQ JDQ] *UREULWDQQLHQ XQG GRFK XQWHUVFKLHG VLH HWZDV YRQ GHQ DQ GHUHQ,KU7RGZDUEHUHLWV6WXQGHQYRUGHP(QGHHQWVFKLHGHQ 6LH KDWWHQ QLFKWV 6FKOHFKWHV JHWDQ HLQ HLQIDFKHV XQG PLW $UEHLW DXVJHIOOWHV /HEHQ KLQWHU VLFK JHEUDFKW XQG QXU GHQ :XQVFKHLQHQUXKLJHQ/HEHQVDEHQG]XYHUEULQJHQ*HQDXGDV ZDULKQHQQLFKWYHUJ|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|V JHZHVHQ ZLHZlKUHQGGHU%DKQIDKUWYRQ/RQGRQQDFK*ODVJRZ (U VWDQG QLFKW XQWHU GHP (LQIOX GHV 3KDQWRPP|UGHUV VRQGHUQ KDWWH VLFK DXV HLJHQHP $QWULHE GD]X HQWVFKORVVHQ VHLQH$GRSWLYHOWHUQ]XW|WHQ(VPXWHVHLQ:LHOHLFKWNRQQWH HV JHVFKHKHQ GD 5LFN 0DVWHUV GXUFK =XIDOO DXI GLH DOWHQ &ODQGRQVVWLHXQGYRQLKQHQHUIXKUZRLKU$GRSWLYVRKQOHEWH XQGYRUDOOHPZLHHUKLH &ODQGRQZDJWHQLFKWHLQ7D[LYRP%DKQKRI]XP+DXVVHLQHU $GRSWLYHOWHUQ ]X QHKPHQ XP NHLQHQ =HXJHQ ]X KDEHQ (U EHQXW]WHGHQ%XV9HUWUDXWH6WUDHQWDXFKWHQDXIGDQQVWDQGHU YRUGHP+DXV (U KDWWH VLFK HLQHQ JHQDXHQ 3ODQ ]XUHFKWJHOHJW 'LH EHLGHQ DOWHQ /HXWH YRQ $QJHVLFKW ]X $QJHVLFKW ]X W|WHQ VFKDIIWH HU QLFKW (U ZROOWH ZDUWHQ ELV VLH VFKOLHIHQ GDQQ GHQ YRU GHP +DXV EHILQGOLFKHQ :DVVHUVFKDFKW |IIQHQ GLH 7ULQNZDVVHUOHL WXQJ DQERKUHQ XQG HLQLJH GHU *LIWNULVWDOOH LQ GLH /HLWXQJ
SUDNWL]LHUHQ'HU7RGZUGHVFKPHU]IUHLNRPPHQ« 'RFKDOVHUYRUGHP+DXVVWDQGIKOWH&ODQGRQPLW*UDXHQ ZLHHVZLHGHUEHULKQNDP'HU3KDQWRPP|UGHUEHUQDKPGLH .RQWUROOH EHU LKQ XQG QDKP LKP VHLQHQ HLJHQHQ :LOOHQ 'HU *HLVW GHV KLQJHULFKWHWHQ 0|UGHUV ZROOWH GLHVH 7DW QXU GXUFK &ODQGRQDXVIKUHQODVVHQ 'HU0DQQOLWWDOVLKQVHLQH$GRSWLYHOWHUQPLWJURHU)UHXGH EHJUWHQ LQV +DXV IKUWHQ XQG PLW .DIIHH XQG .XFKHQ EHZLUWHWHQ+lWWHHUVLFKMHW]WIUHLHQWVFKHLGHQN|QQHQHUKlWWH DXIGHQ0RUGSODQYHU]LFKWHWGRFKGDVZDUQLFKWPHKUP|JOLFK :LOOHQORV IKUWH HU GLH +DQGJULIIH DXV GLH LKP GHU *HLVW GHV 3KDQWRPP|UGHUVDXI]ZDQJ (V ZDU QLFKW VFKZHU MH HLQHQ .ULVWDOO LQ GLH 7DVVHQ VHLQHU $GRSWLYHOWHUQIDOOHQ]XODVVHQ6LHVDKHQVFKRQVFKOHFKWVRGD HUQLFKWHLQPDOYRUVLFKWLJVHLQPXWH 'HU7RGWUDIVLHEOLW]DUWLJXQGLPJOHLFKHQ0RPHQW ,Q GHUVHOEHQ 6HNXQGH ZXUGH &ODQGRQ ZLHGHU IUHL YRQ GHP (LQIOXGHV3KDQWRPP|UGHUV +DVWLJ YHUZLVFKWH &ODQGRQ DOOH 6SXUHQ VHLQHU $QZHVHQKHLW 1DFKNXU]HP6XFKHQIDQGHUGDV)DPLOLHQDOEXP(VZXUGHHLQ 5DXEGHU)ODPPHQ 'HU 0|UGHU JODXEWH GDPLW DOOH 6SXUHQ YHUZLVFKW ]X KDEHQ GLHDXILKQKLQZLHVHQ %HUHLWVZHQLJH6WXQGHQQDFKVHLQHU$QNXQIWLQ*ODVJRZVD HUZLHGHULP=XJQDFK/RQGRQ 'HU *HLVW GHV 3KDQWRPP|UGHUV KDWWH LKP JHKROIHQ GDV SHUIHNWH9HUEUHFKHQ]XEHJHKHQ«
ª1HLQ QHLQ© ZHKUWH VLFK 5LFN 0DVWHUV KHIWLJ JHJHQ HLQ $UJXPHQW GDV VRHEHQ &KHILQVSHNWRU +HPSVKDZ YRUJHEUDFKW KDWWH ª,FK KDEH HLQH DQGHUH (UNOlUXQJ GDIU GD GHU 0|UGHU VHLW7DJHQQLFKWVPHKUYRQVLFKK|UHQOlW©
ª'DELQLFKDEHUJHVSDQQW©EUXPPWHGHU&KHILQVSHNWRUXQG ZDUI -HQQ\ $OOHQ HLQHQ LQ GLHVHU 6LWXDWLRQ XQSDVVHQG EH ZXQGHUQGHQ%OLFN]X6HLWHLQHUKDOEHQ6WXQGHGLVNXWLHUWHQVLH EHUHLWV LQ 5LFNV :RKQXQJ EHU GLH )UDJH RE GHU 0|UGHU EHUKDXSW QRFK OHEH XQG ZHQQ MD RE HU QRFK HLQPDO WlWLJ ZHUGHQ ZUGH ª,FK JODXEH QLFKW VHW]WH 5LFN DXVHLQDQGHU ªGD GHU *LIWP|UGHU QXU HLQIDFK DEZDUWHW ELV VLFK GHU 6WXUP JHOHJWKDW=XJHJHEHQZLUZDUHQLKPDXIGHU*HEXUWVWDJVIHLHU GHV0LQLVWHUVGLFKWDXIGHQ)HUVHQDEHUGDVNDQQLKQQLFKWDE VFKUHFNHQ ,FK GHQNH YLHOPHKU DQ GDV 6FKLFNVDO VHLQHV 9DWHUV XQG*URYDWHUV6LHYHUVFKZDQGHQVSXUORVEHYRUVLHYHUKDIWHW ZHUGHQNRQQWHQ© ªXQG GX PHLQVW GDV ZlUH DXFK PLW GLHVHP 0|UGHU JHVFKH KHQ"© IUDJWH -HQQ\ ª6FKRQ P|JOLFK GRFK ZLH HUNOlUVW GX DQGHUHUVHLWVGDVVSXUORVH9HUVFKZLQGHQ"© ª$XFK ZHQQ XQVHU JXWHU .HQQHWK HV QLFKW ]XJLEW© OlFKHOWH GHU MXQJH 3ULYDWGHWHNWLY ªVR VLQG GRFK EHUQDWUOLFKH .UlIWH LP6SLHO0HLQH9LVLRQYRQGHU+LQULFKWXQJGHV3KDQWRPP|U GHUVEHZHLVWGDVGHU%HULFKWGHVGDPDOLJHQ+HQNHUVEHZHLVWHV HEHQIDOOV 'HU HLQGUXFNVYROOVWH %HZHLV .HQQHWK ZDU GLH )OXFKW GHV 0|UGHUV DXV GHU $EVWHOONDPPHU RKQH ]ZHLWHQ $XVJDQJ© ª:LH VWHKW HV PLW GHP VSXUORVHQ 9HUVFKZLQGHQ"© EHUJLQJ +HPSVKDZUDVFKGLHVHQ3XQNW ª(LQPDO YHUVFKZDQG GHU 0|UGHU EHUHLWV ZDUXP VROOWH GDV QLFKWDXFKHLQ]ZHLWHV0DOJHVFKHKHQ"© 5LFN EOLFNWH EHLIDOOKHLVFKHQG LQ GLH DXV GUHL 3HUVRQHQ EHVWHKHQGH 5XQGH XQG VWXW]WH :lKUHQG -HQQ\ VLFKWOLFK YRQ VHLQHQ$UJXPHQWHQEHHLQGUXFNWZDUOHJWHVLFKDXI+HPSVKDZV *HVLFKWHLQQLHGHUWUlFKWLJHV*ULQVHQ 'HU &KHILQVSHNWRU JULII LQ VHLQH %UXVWWDVFKH XQG KROWH GHQ ]XVDPPHQJHIDOWHWHQ %RJHQ HLQHV )HUQVFKUHLEHQV KHUYRU :RUWORV UHLFKWH HU LKQ GHP 3ULYDWGHWHNWLY GHU LKQ HQWIDOWHWH EHUIORJXQGPLWVDXUHP*HVLFKWDQ-HQQ\ZHLWHUUHLFKWH
ª'DVLVWQLFKWIDLU.HQQHWK©EHVFKZHUWHVLFK5LFN ª/DLKQGRFK©ZDUI-HQQ\HLQGLHHEHQIDOOVGDV)HUQVFKUHL EHQJHOHVHQKDWWHª$XFKHLQ3ROL]LVWEUDXFKWPDOHLQHQNOHLQHQ 7ULXPSK© ª$OVR .HQQHWK ZDV LVW PLW GLHVHP (KHSDDU &ODQGRQ LQ *ODVJRZ"©IUDJWH5LFNGHQYHUOHJHQHQ&KHILQVSHNWRU ª1XQ MD LFK ZROOWH ,KQHQ QXU ]HLJHQ GD DXFK GLH 3ROL]HL QLFKW VR GXPP LVW ZLH 6LH PDQFKPDO PHLQHQ© UHGHWH VLFK +HPSVKDZKHUDXV ª'LH /HLFKHQ ZXUGHQ HUVW ]ZHL 7DJH QDFK GHP 0RUG JHIXQGHQ XQG DXFK GDQQ JODXEWHQ GLH .ROOHJHQ LQ *ODVJRZ ]XHUVW GDUDQ GD GLH EHLGHQ DOWHQ /HXWH DQ +HU]VFKODJ JHVWRUEHQ ZlUHQ (V ZlUH P|JOLFK JHZHVHQ GD HLQHUYRQLKQHQVWDUEXQGGHUDQGHUHVLFKVRGDUEHUDXIUHJWH GDDXFKHU«© ª-D VFKRQ JXW GDV NDQQ YRUNRPPHQ© XQWHUEUDFK LKQ 5LFN XQJHGXOGLJª:LHJLQJHVZHLWHU"© ª(LQH URXWLQHPlLJ GXUFKJHIKUWH 2EGXNWLRQ EUDFKWH GLH ULFKWLJH 6SXU (V ZDU 0RUG DXVJHIKUW PLW GHP EHUFKWLJWHQ *LIW GHVVHQ =XVDPPHQVHW]XQJ ZLU QRFK LPPHU QLFKW KHUDXVILQGHQNRQQWHQ© ª(LQDOWHV(KHSDDULQ*ODVJRZ©PXUPHOWH -HQQ\ QDFKGHQN OLFK ª:DUXP XP DOOHV LQ GHU :HOW KDW GHU 0|UGHU GLHVH EHLGHQXPJHEUDFKW"© ª(KH LFK HV YHUJHVVH 5LFN© VDJWH GHU &KHILQVSHNWRU LQ GLHVHP0RPHQWXQGEUDFKWH-HQQ\GDPLWDXVGHUhEHUOHJXQJ ª+HXWH DEHQG ILQGHW HLQH .RQIHUHQ] VWDWW (V LVW ZLHGHU HLQ 0LQLVWHUGDEHLDOVRIUFKWHQZLU«© ª« GD DXFK GHU 0|UGHU DNWLY ZHUGHQ N|QQWH© HUJlQ]WH 5LFN ª6FKRQ YHUVWDQGHQ .HQQHWK ,FK ZHUGH EHL GHU .RQIHUHQ]GDEHLVHLQ© ª:LU ZHUGHQ GDEHL VHLQ© YHUEHVVHUWH LKQ -HQQ\ $OOHQ ª:LU©
'LHVPDOHUVFKLHQHVXQP|JOLFKGDHWZDVJHVFKDK6FRWODQG
1LFKWZHLOGLH5HGHVLHEHVRQGHUVLQWHUHVVLHUWHVRQGHUQZHLO GHU$XJHQEOLFNGHU(QWVFKHLGXQJJHNRPPHQZDU ª0HLQH 'DPHQ XQG +HUUHQ© EHJDQQ GHU 0LQLVWHU PDFKWH HLQHXQJHVFKLFNWH+DQGEHZHJXQJXQGVWLHGDV *ODV PLW GHP EOLFKHQ7ULQNZDVVHUDP5HGQHUSXOWXP 6RIRUW HLOWH HLQHU GHU 6DDOGLHQHU ]X LKP VWHOOWH GDV *ODV ZLHGHUDXIXQGIOOWHHVDXVHLQHU.DUDIIH ª'DQNH©VDJWHGHU0LQLVWHUPLWHLQHPOHLFKWHQ/lFKHOQXQG ZROOWHHLQHQ6FKOXFNQHKPHQ (UNDPQLFKWGD]X(LQ0DQQVSUDQJ ]X LKP XQG KLHOW VHLQH +DQGIHVWª9HU]HLKXQJGDV:DVVHUPXHUVWJHSUIWZHUGHQ© VDJWHGHU6LFKHUKHLWVEHDPWHGHV*HKHLPGLHQVWHVXQGQDKPGDV *ODVDQVLFK ,P QlFKVWHQ 0RPHQW IKOWH .HQ &ODQGRQ HLQH +DQG DXI VHLQHU6FKXOWHU(U ZLUEHOWH KHUXP ² XQG VWDQG 5LFN 0DVWHUV JHJHQEHU
*HLVWHVJHJHQZlUWLJQDKP-HQQ\GHP*HKHLPGLHQVWPDQQGDV *ODVDXVGHU+DQG ª+LHULVWHUGHU.ULVWDOO©ULHIVLHWULXPSKLHUHQGDXVª(UKDW VLFKQRFKQLFKWYROOVWlQGLJDXIJHO|VW© ª'HU6DDOGLHQHU«©VDJWH&ODQGRQODKP 5LFN 0DVWHUV VFKWWHOWH ODQJVDP GHQ .RSI ª1LFKW GHU 6DDOGLHQHU© VDJWH HU EHWRQW ª6RQGHUQ 6LH 0U &ODQGRQ 6LH ZROOWHQ GHQ 0LQLVWHU YHUJLIWHQ ZLH 6LH GLH DQGHUHQ DOOH YHUJLIWHWKDEHQ© 'HU 0DQQ GHV 6HFUHW 6HUYLFH ZDQNWH ª:LHVR « ZRKHU ZLVVHQ«© ª&ODQGRQ (V ZDU HLQ )HKOHU GD 6LH ,KUH $GRSWLYHOWHUQ W|WHWHQ© VFKOHXGHUWH 5LFN LKP LQV *HVLFKW ª+lWWHQ 6LH GDV QLFKWJHWDQZlUHQZLUQLHDXI6LHJHNRPPHQ© ª(V ZDU NHLQ )HKOHU© .HQ &ODQGRQV *HVLFKW YHU]HUUWH VLFK
ª,FK PXWH HV WXQ VRQVW KlWWHQ GLH %LOGHU LP )DPLOLHQDOEXP «© ª'LH 6SXU ]X ,KQHQ K|UWH EHL ,KUHU ZLUNOLFKHQ 0XWWHU DXI© ZLQNWH 5LFN 0DVWHUV DE ZlKUHQG GLH .RQIHUHQ]WHLOQHKPHU YHUVWlQGQLVORV]XVDKHQ6LHZXWHQEHUKDXSWQLFKWZRUXPHV JLQJ DXFK QLFKW GHU 0LQLVWHU GHU QXU DXI 5LFNV GULQJHQGHV (UVXFKHQGDV:DVVHUJODVXPJHVWRHQKDWWH ª'LH 8QWHUODJHQ EHU ,KUH $GRSWLRQ ZDUHQ YHUORUHQJHJDQ JHQ 6WXW]LJ ZXUGHQ ZLU HUVW ZHLO HLQ (KHSDDU &ODQGRQ LQ *ODVJRZHUPRUGHWZXUGH8QG]ZDUPLWGHP*LIWGDVKLHULQ /RQGRQ YHUZHQGHW ZXUGH :DUXP ZRKO" 0LW GHP 3KDQ WRPP|UGHU KDWWH GDV QLFKWV ]X WXQ ZRKO DEHU PLW GHP MHW]W OHEHQGHQ0|UGHU© ª$OV ZLU DXI GHU /LVWH GHU LQ GLHVHP 5DXP DQZHVHQGHQ 3HUVRQHQ ,KUHQ 1DPHQ XQWHU GHU 5XEULN 6HFUHW 6HUYLFH IDQGHQ© VSUDFK -HQQ\ DQ 5LFNV 6WHOOH ZHLWHU ªZXWHQ ZLU %HVFKHLG &ODQGRQ LQ *ODVJRZ ² &ODQGRQ KLHU LP 6DDO 'DV ZDUNHLQ=XIDOO© ª'LHDOWHQ&ODQGRQVLQ*ODVJRZZDUHQGLH$GRSWLYHOWHUQYRQ 3HWHU*HOODWO\VHLQ]LJHP1DFKNRPPHQDXIGHPGHU)OXFKGHV 3KDQWRPP|UGHUV HEHQVR ODVWHWH ZLH DXI VHLQHP 9DWHU XQG *URYDWHU©HUJlQ]WH5LFN0DVWHUV &ODQGRQVFKDXWHVLFKJHKHW]WXP ª6LH HQWNRPPHQ QLFKW© VDJWH 5LFN NDOW ª6FRWODQG
ª'DV ZHUGHQ 6LH DOOHV IUK JHQXJ HUIDKUHQ© ZLQNWH 5LFN 0DVWHUVDEª(LJHQWOLFKKlWWHQZLUVFKRQIUKHUDXI6LHWLSSHQ PVVHQ ZHQQ ZLU GDUDQ JHGDFKW KlWWHQ GD HLQ $QJHK|ULJHU GHV 6HFUHW 6HUYLFH LQ %HWUDFKW NRPPW 6LH KDEHQ GHQ $EJHRUGQHWHQ.\QDVWRQEHZDFKW6LHZDUHQIUGHQ6FKXW]GHV DXVOlQGLVFKHQ 'LSORPDWHQ YHUDQWZRUWOLFK 6LH ZDUHQ DXFK EHL GHP*HEXUWVWDJVIHVWGHV0LQLVWHUVGDEHL,FKJODXEHZHQQZLU ,KU %LOG LQ GHU %DU 7URFDGHUR KHUXPJH]HLJW KlWWHQ LUJHQG MHPDQG KlWWH VLFK DQ 6LH HULQQHUW ZLH VLH VLFK DQ GHQ 5VWXQJVLQGXVWULHOOHQ5DYHQKHUDQPDFKWHQ©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lQQHU GHV 6HFUHW 6HUYLFH DXI &ODQGRQ]XGRFKGLHVHUULVHLQH'LHQVWZDIIHDXVGHP6FKXO WHUKDOIWHU (KH HV MHPDQG YHUKLQGHUQ NRQQWH VWDQG HU KLQWHU GHP0LQLVWHUXQGGUFNWHLKPGLH:DIIHLQV*HQLFN
5LFN0DVWHUVHUVWDUUWHPLWWHQLQGHU%HZHJXQJXQGDXFKGLH 6LFKHUKHLWVEHDPWHQ EOLHEHQ VWHKHQ &KHILQVSHNWRU +HPSVKDZ ZLQNWH VHLQHQ HLQGULQJHQGHQ /HXWHQ HEHQIDOOV ]X QLFKW ZHLWHU ]XNRPPHQXPGDV/HEHQGHV0LQLVWHUVQLFKW]XJHIlKUGHQ ª&ODQGRQ© ZROOWH 5LFN GHP 0|UGHU ]XUHGHQ ª6R NRPPHQ 6LHQLFKWZHLWHU*HEHQ6LHDXI©
&ODQGRQV *HVLFKW ZDU KDUW ZLH *UDQLW ª(QWZHGHU LKU ODW PLFK IUHL RGHU ©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lW 'HU 3ULYDWGHWHNWLY VWLH GHQ 0LQLVWHUDXVGHU6FKXOLQLHXQGVFKOXJ&ODQGRQGLH:DIIHDXV GHU+DQG'HU*HKHLPGLHQVWPDQQKDWWHGDV*LIWMHGRFKVFKRQ LP.|USHUXQGHVZLUNWHLQ6HNXQGHQVFKQHOOH 6FKUHLHQGWRUNHOWH.HQ&ODQGRQGXUFKGHQ6DDOEHLGH+lQGH JHJHQGHQ.RSIJHSUHW 1RFKHLQPDOHUOHEWH5LFNGLH6]HQHDXIGHP%OXWJHUVWQRFK HLQPDO VWDQG HU LP *HLVW QHEHQ GHP ]XP 7RG 9HUXUWHLOWHQ XQWHUGHU+HQNHUVVFKOLQJH(UVDKDXFKZLHGHUGHQ+HQNHUYRU VLFK GHU YRU (QWVHW]HQ EHU VHLQ XQHUZDUWHWHV (UVFKHLQHQ UFNOLQJVDXIGHQ%RGHQGHV*HIlQJQLVKRIVILHO 'RFK GLHVPDO KDWWH GHU 9HUXUWHLOWH NHLQH VFKZDU]H .DSX]H EHU GHQ .RSI JH]RJHQ VRQGHUQ ]HLJWH GLH =JH YRQ .HQ &ODQGRQ 5LFN VFKUHFNWH KRFK 'LFKW YRU LKP EUDFK .HQ &ODQGRQ ]XVDPPHQ ZDQG VLFK QRFK HLQPDO ]XFNHQG DXI GHP %RGHQ 'LH 8PULVVH VHLQHV .|USHUV EHJDQQHQ ]X IOLPPHUQ ELV LKU $QEOLFN6FKPHU]HQLQGHQ$XJHQHU]HXJWH &ODQGRQV /HLFKH ZXUGH GXUFKVLFKWLJ YHUVFKZDPP XQG ZDU SO|W]OLFKYHUVFKZXQGHQ
6LH VDHQ LQ 5LFNV :RKQXQJ XQG WUDQNHQ .DIIHH -HQQ\ YHUPLHGHVGDEHLDXIGHQQRFKQLFKWDXVJHZHFKVHOWHQ7HSSLFK ]X VFKDXHQ LQ GHP GDV ULHVLJH /RFK NODIIWH GDV YRQ GHP VFKUHFNOLFKHQ*LIWJHIUHVVHQZRUGHQZDU ª5LFN© VDJWH VLH OHLVH ª,Q GLHVHP )DOO JLEW HV QXU HLQHQ 3XQNWEHUGHQLFKPLFKIUHXH© ª8QG GHU ZlUH© IUDJWH GHU MXQJH 3ULYDWGHWHNWLY XQG OHJWH VHLQHQ$UPXP-HQQ\ ª'LHDOWH0L0RRUJDWHZLUGQLHHUIDKUHQZDV ZLUNOLFKDXV LKUHP 6RKQ JHZRUGHQ LVW© VDJWH VLH ª&KHILQVSHNWRU +HPSVKDZ KDW PLU YHUVSURFKHQ GLH ZDKUH ,GHQWLWlW &ODQGRQV QLFKW]XOIWHQ© ª,FKILQGHGDVVHKUQHWWYRQ.HQQHWK©QLFNWH5LFNª$EHUGX KDVWMHW]WVLFKHUJHQXJGDYRQ3ULYDWGHWHNWLYLQ]XVSLHOHQ© ª:HU LFK"© VWDXQWH -HQQ\ XQG VHW]WH LKUH .DIIHHWDVVH DE ª'DVLVWGRFKGLH+|KH© ª1D LFK GDFKWH© PHLQWH 5LFN 0DVWHUV ODKP 6HLQ %OLFN VFKZHQNWH]XGHP/RFKLP7HSSLFK ª$FK GDV© VDJWH -HQQ\ ZHJZHUIHQG ª6R VFK|Q ZDU GHU 7HSSLFK QXQ DXFK ZLHGHU QLFKW ,FK IUHXH PLFK MHGHQIDOOV DXI GHQQlFKVWHQJHPHLQVDPHQ)DOO© ²(1'(²
0DUWLQ.HOWHU9HUODJ*PE+ &R +DPEXUJ0KOHQVWLHJ3RVWIDFK 7HOHIRQ 6D1U 7HOH[ 7HOHID[ $XVOLHIHUXQJ LQ gVWHUUHLFK3UHVVHJURYHUWULHE6DO]EXUJ6DO]EXUJ$QLI1LHGHUDOP7HOHIRQ 7HOH[ SJV D $XVOLHIHUXQJ LQ ,WDOLHQ 0HVVDJJHULH ,QWHUQD]LRQDOH 0DLODQG $XVOLHIHUXQJLQGHU6FKZHL]6FKPLGW$JHQFH$*$]HG%DVHO.LRVN$*%HUQ1DYLOOL &LH 6$ *HQI $Q]HLJHQYHUZDOWXQJ %WWQHU 0HGLHQ *PE+ )UDQNIXUW :HVWHQGVWUDH 7HOHIRQ7HOH[7HOHID[]=JOWLJH$Q]HLJHQSUHLVOLVWH 1U 3ULQWHG LQ *HUPDQ\ E\ 0HUR'UXFN 2WWR 0HOFKHUW *PE+ &R .* *HHVWKDFKW 5RPDQH XQG 5lWVHO GUIHQ QLFKW YHUOLHKHQ RGHU ]X JHZHUEVPlLJHP 8PWDXVFK YHUZHQGHW ZHUGHQ )KUXQJ LQ /HVHPDSSHQ QXU PLW *HQHKPLJXQJ GHV 9HUODJHV )U XQYHUODQJW HLQJHVDQGWH 0DQXVNULSWH XQG %LOGYRUODJHQ EHUQLPPW GHU 9HUODJ NHLQH *HZlKU 'LHVHU 5RPDQ LVW XQWHU %HUFNVLFKWLJXQJ GHV *HVHW]HV EHU GLH 9HUEUHLWXQJ MXQJHQGJHIlKUGHQGHU 6FKULIWHQJHZLVVHQKDIWJHSUIWZRUGHQ,P9HUNDXIVSUHLVLVWGLHJHVHW]OLFKH0:6WHQWKDOWHQ 'DUJHVWHOOWH3HUVRQHQDXIGHQ7LWHOELOGHUQVWHKHQPLWGHP5RPDQLQNHLQHP=XVDPPHQKDQJ