Transformation

+RUVW+RIIPDQQ

75$16)250$7,21

  (LQ7DJZLHMHGHUDQGHUHLQGHU8U]HLW )UHQFK VWDPSIWH GXUFK GHQ GDPSIHQGHQ 0RUDVW ZLH HLQ 5RERWHU QXU GDQQ XQG ZDQQ GHQ %OLFN QDFK OLQNV XQG UHFKWV ZHUIHQG ZHQQ HV NQDFNWH UDXVFKWH RGHU SO|W]OLFK VXPPWH 'HU =HLJHILQJHU GHU UHFKWHQ +DQG ODJ DXI GHP $XVO|VHU GHV .RPELVWUDKOHUVRKQHGD‰VLFKGHUHLQVDPH0DQQGHVVHQEHZX‰WJHZHVHQZlUH(V ZDU5RXWLQH*HQDXVRJXWKlWWHHUHLQHQ6SD]LHUVWRFNKDOWHQN|QQHQ 'DQQ DOOHUGLQJV DXI HLQHU DQGHUHQ :HOW 1LFKW KLHU ZR GLH 6RQQH LPPHU QXU HLQ HWZDVKHOOHUHU)OHFNLPHZLJHQ)HXFKWZDUPJUDXGHVVFKOLHULJHQ+LPPHOVZDU 'HU 5HJHQ KDWWH VFKRQ ZLHGHU DQJHIDQJHQ )UHQFK KDWWH GDV *HIKO XQWHU VHLQHU 0RQWXULQGHUHLJHQHQ6FKZHL‰EUKH]XGQVWHQ'LH6FKZOHEUDFKWHGHQ.|USHU ]XP *OKHQ XQG GHU 5HJHQ ZDU VR ZDUP GD‰ HU HLJHQWOLFK DXI GHU 6WLUQ ZLH DXI HLQHU2IHQSODWWHYHUGDPSIHQPX‰WH9LHOIHKOWHEHVWLPPWQLFKW -DPHV 'RPLQLF )UHQFK KDWWH GDV )OXFKHQ OlQJVW DXIJHJHEHQ (V QW]WH LKP KLHU JHQDXVRZHQLJ ZLH 6HOEVWPLWOHLG (V ZDU SDVVLHUW 6LH NRQQWHQ LKUH /DJH QXU HUWUlJOLFKHU PDFKHQ QLFKW lQGHUQ $EHU VLH NRQQWHQ KRIIHQ VRODQJH GHU 6HQGHU GRUWGUEHQLP:UDFNQRFKDUEHLWHWH 9RQ GRUW NDP GHU JUR‰H VWlPPLJH 0DQQ MHW]W GHULQVHLQHUJUDXHQYHUVFKPLHUWHQ .RPELQDWLRQ HKHU ZLH HLQ 8QJHKHXHUDXVGHP6FKODPPDXVVDKHLQQRFKUHODWLYJXW HUKDOWHQHU DOWHU =RPELH %HYRU HV ³GXQNHO ZXUGH ZROOWH HU GLH 6LHGOXQJ HUUHLFKW KDEHQ (U PDFKWH GLHVHQ :HJ QLFKW ]XP HUVWHQPDO DEHU HU KDWWH GDEHL GDV JOHLFKH EHNOHPPHQGH*HIKOZLHLPPHU 'LH VWLFNLJH IHXFKWH /XIW URFK QDFK *DVHQ hEHUDOO OlQJV GHV :HJHV ² XQG ZDKUVFKHLQOLFK EHUDOO DXI GHQ /DQGPDVVHQ GLHVHU :HOW ² JlUWH HV 3IODQ]OLFKHV *HZHEH ZXUGH VFKQHOO DXIJHEDXW ZXFKV XQG UHLIWH VWUHXWH VHLQH 6SRUHQ DXV XQG KDWWH GDPLW VHLQ 6ROO HUIOOW (V VWDUE ZXUGH YRQ 0LNURRUJDQLVPHQ ]HUVHW]W XQG VFKXI 3ODW] IU QHXHV /HEHQ DXV GHU JOHLFKHQ RUJDQLVFKHQ 6XEVWDQ] DXV GHU HV VHOEVW JHNHLPW ZDU 'HU /HEHQVNUHLVODXI DXI %XVVWRS ZDU HLQIDFK XQG VFKQHOO 1LFKWV OHEWH VHKU ODQJH 9HUKRO]HQGH %lXPH RGHU 6WUlXFKHU JDE HV QRFK QLFKW (V GRPLHUWHQGLH)DUQH6FKDFKWHOKDOPH)OHFKWHQ$OJHQXQGGLHYLHOHQ)RUPHQGLH VLFK PLW QLFKWV %HNDQQWHP YHUJOHLFKHQ OLH‰HQ $OOHV VFKLHQ HLQHP HLQIDFKHQ 3URJUDPP]XIROJHQQDFKGHPVLFKDXVGHQYRUKDQGHQHQ1lKUVWRIIHQDXV:DVVHU XQG /LFKW VR VFKQHOO ZLH P|JOLFK VR YLHO ZLH P|JOLFK DQ =HOOPDVVH ELOGHWH 5LHVHQZDFKVWXPZDUDQGHU7DJHVRUGQXQJ0DQNRQQWHZHQQPDQVLFK=HLWQDKP GLH JOHLFKH 3IODQ]H LQ XQ]lKOLJHQ 9DULDWLRQHQ EHREDFKWHQ  JUR‰ RGHU NOHLQ LQ YLHOHQ )DUEHQ VWDUN RGHU VFKZDFK $OOHV ZDU FKDRWLVFKH (QWVWHKXQJ XQG $XVOHVH XQGPRUJHQVFKRQNRQQWHDOOHVKLHUDQGHUVVHLQ 'HU 3ODQHW ZDU MXQJ 'DV /HEHQ HQWZLFNHOWH VLFK LQ XQ]lKOLJHQ 0XWDWLRQHQ VR XQYRUVWHOOEDU UDVFK XQG YLHOIlOWLJ ZLH GDV YLHOOHLFKW QXU LQ HLQHU %UXWNFKH ZLH KLHU P|JOLFK ZDU 'HU $UWHQH[SORVLRQ GHU 3IODQ]HQ ZUGHQ LUJHQGZDQQ GLH 7LHUH IROJHQGLHQRFKHLQH$UW6FKDWWHQGDVHLQIULVWHWHQ %UXWNFKH GDFKWH )UHQFK PLW HLQHP WURFNHQHQ /DFKHQ 'DV WULIIW HV 8QG HLQH 



*LIWNFKH %XVVWRS ZDU NHLQ 3DUDGLHV 1LFKW IU 0HQVFKHQ (V NRQQWH YLHOOHLFKW HLQPDO HLQV ZHUGHQ DEHU ELV GDKLQ ZDUHQ )UHQFK XQG VHLQH 6FKLFNVDOVJHIlKUWHQ OlQJVWWRWXQGKRIIHQWOLFKDXIHLQHUDQGHUHQ:HOWEHHUGLJWDOVKLHU(VJDEVFKRQ JHQXJ*UlEHUDXI%XVVWRS 'LHGLFNHQZDUPHQ7URSIHQNODWVFKWHQLQGLH3IW]HQXQG%lFKHGLHVLFKDXIGHP 7UDPSHOSIDG XQG UHFKWV XQG OLQNV GDQHEHQ JHELOGHW KDWWHQ )UHQFKV 6WLHIHO ]RJHQ VLFKVFKPDW]HQGDXVGHP6FKODPPXQGVXFKWHQEHLMHGHPQHXHQ6FKULWW+DOW'HU .RPELVWUDKOHU YHUEUDQQWH GLH NQ|FKHOKRKHQ EXQWHQ 0RRVSROVWHU XQG GLH ELHJVDPHQ JUQHQ =ZHLJH GLH LP /DXI HLQHU :RFKH ZLHGHU EHU GHQ :HJ JHNURFKHQZDUHQPLWGLFNHQIOHLVFKLJHQ%OlWWHUQXQGZHL‰HQ.QRWHQGDUDQ(VJDE )UHQFK MHGHVPDO HLQHQ 6WLFK ZHQQ HU DXI GHQ $XVO|VHU GUFNWH DEHU GDV ZDU GDV HLQ]LJH GDV GLH *HVWUDQGHWHQ YRQ GLHVHP 3ODQHWHQ QRFK YHUODQJWHQ GD‰ HU VLH LQ 5XKHOLH‰XQGVLFKJHIlOOLJVWDQGLH$EPDFKXQJKLHOW 6LH ZROOWHQ QLFKWV YRQ LKP DEHU HU VROOWHVLH DXFKQLFKWEHKLQGHUQXQG QLFKW PHKU GXUFKVHLQH0LNUREHQW|WHQQXUZHLOVLHHLQPDOHLQHQ)HKOHUJHPDFKWKDWWHQ $EPDFKXQJ )UHQFKYHUJD‰EHLGHP*HGDQNHQGDUDQIUHLQHQ0RPHQWGLH8PJHEXQJXQGGLH 6WUHFNH GLH HU ELV ]XU 6LHGOXQJ QRFK ]X JHKHQ KDWWH (LQH $EPDFKXQJ MD =ZLVFKHQHLQHP+DXIHQVFKLIIEUFKLJHU0HQVFKHQXQGHLQHP3ODQHWHQ 'DVZDUYHUUFNW -HGHU ZUGH VDJHQ GD‰ HV YHUUFNW ZDU -HGHU 0HQVFK GHV  -DKUKXQGHUWV GHU VLFKVHOEVWIUQRUPDOKLHOW8QGGDVWDWHQGLHPHLVWHQGLH)UHQFKJHNDQQWKDWWH 'HU 3ODQHW OHEWH XQG DXI LUJHQGHLQH :HLVH EHREDFKWHWH HU GLH 0HQVFKHQ GLH VLFK LKQQLFKWDXVJHVXFKWKDWWHQ,UJHQGZLHZX‰WHHUGD‰VLHGDZDUHQXQGQLFKWKLHUKHU JHK|UWHQ )UHQFK ODFKWH LQ VHLQHQ GXQNHOURWHQ %DUW GHU YRU :DVVHU WURII XQG ULHE VLFK PLW GHPOLQNHQ$UPEHUGLH6WLUQ'LH+DDUHNOHEWHQLKPIDVWLQGHQ$XJHQ'HU:HJ ZXUGH EUHLWHU XQG EHVVHU (V ZDU DOV KlWWH GHU 3ODQHW DXI GLH HUKDOWHQHQ :XQGHQ UHDJLHUW (V ZDU HLQ 3DNW (LQ $ENRPPHQ (LQ 9HUWUDJ 7X PLU QLFKWV GDQQ WX LFK GLU QLFKWV'LHJHJHQZlUWLJQRFK0HQVFKHQZDUHQGD]XJH]ZXQJHQKLHU]XOHEHQ ELV YLHOOHLFKW HLQ 6FKLII LKUHQ +LOIHUXI K|UWH XQG NDP XP VLH ]X KROHQ 6LH EHWUDFKWHWHQ VLFK DOV *lVWH MHGHQIDOOV GLH PHLVWHQ YRQ LKQHQ 8QG GDV YHUVXFKWHQ VLHGHP3ODQHWHQ]XYHUVWHKHQ]XJHEHQ (V ZDU GDEHL QLFKW VR GD‰ DXV PRGHUQHQ 0HQVFKHQ GLH VLFK QRFK LPPHU DOV GLH +HUUHQGHU6FK|SIXQJDQVDKHQSO|W]OLFK:HLVHJHZRUGHQZlUHQPLW5HVSHNWYRU MHGHU $UW YRQ 1DWXU 1DWUOLFK NDP GHP 3DNW GLH *HLVWHVKDOWXQJ GHU 6FKLIIEUFKLJHQ HQWJHJHQ GLH GRUW YRQ ZR VLH VWDPPWHQ DOV UHOLJL|VH +LQWHUZlOGOHU YHUODFKW ZRUGHQ ZDUHQ 'HVKDOE KDWWHQ VLH VLFK GDV 6FKLII JHNDXIW XQG GLH 5HLVH DQJHWUHWHQ (V VROOWH HLQH 6XFKH QDFK QHXHQ 8IHUQ ZHUGHQ QDFK HLQHU QHXHQ +HLPDW LUJHQGZR MHQVHLWV GHU *UHQ]HQ YRQ &DUVXDO XQG VHLQHU YLHOIlOWLJHQ9HUELQGXQJHQ (LQ 3ODQHW ZLH GLHVHU KlWWH GLHVH +HLPDW ZHUGHQ N|QQHQ ² KlWWHQ GLH 7DJHVWHPSHUDWXUHQ QLFKW EHL IDVW YLHU]LJ *UDG JHOHJHQ XQG ]ZDU EHL GHU /XIWIHXFKWLJNHLW HLQHU ([WUHPVDXQD XQG KlWWH HV ZHQLJVWHQV QDFKWV HWZDV DEJHNKOW:lUH%XVVWRSHUZDFKVHQHUJHZHVHQXQGQLFKWVRKHLPWFNLVFK 



)UHQFK ODFKWH QLFKW PHKU DOV HU DQ GLH 2SIHU GDFKWH 8QG LKP ZXUGH ZLHGHU HLQPDO NODU ZLH VLQQORV XQG GXPP GDV JDQ]H *HUHGH YRQ HLQHP 3DNW HLQHP 6WLOOKDOWHDENRPPHQRGHUHLQHP9HUWUDJLQ:LUNOLFKNHLWZDU :HQQHVVRHWZDVJDEGDQQZDUHVYHUGDPPWHLQVHLWLJ 'HQQ GHU 3ODQHW KDWWH LQ GHQ GUHL 0RQDWHQ VHLW GHU 1RWODQGXQJ ]ZHL 'ULWWHO GHU *HVWUDQGHWHQGDKLQJHUDIIW 1HLQHVZDUNHLQEHLGHUVHLWLJHV*HEHQRGHU6WLOOKDOWHQ (VZDUHLQHLQVHLWLJHV.XVFKHQGHU0HQVFKHQ$EHUDOOHVDQGHUHZlUH6HOEVWPRUG JHZHVHQ.HLQHUNRQQWHHVEHZHLVHQ$EHUMHGHUVSUWHHV  6WDQGDUGMDKU$EVFKLHGYRP8QLYHUVXP 'LH -$&48(6 52866($8 ZDU DQ GHP 7DJ YRQ (OPVWUDG JHVWDUWHW DOV GLH HKHPDOLJH .RORQLH GHV 6RODUHQ ,PSHULXPV ZLHGHU HLQPDO GHQ -DKUHVWDJ GHV JORUUHLFKHQ $QVFKOXVVHV DQ GDV ,PSHULXP 'DEULID XQG VHLQH GUHL 'LNWDWRUHQ IHLHUWH-DPHV )UHQFK XQG VHLQH  *HVLQQXQJVJHQRVVHQ KDWWHQZDKUKDIWLJODQJH JHQXJXPGLH&KDQFHJHNlPSIWGLH:HOW]XYHUODVVHQGLHQLFKWPHKUGLHLKUHZDU XQGLKUHhEHU]HXJXQJHQLUJHQGZRGUDX‰HQLPQRFKXQHUIRUVFKWHQ7HLOGHV:HOWDOOV ]XYHUZLUNOLFKHQ (VZDUZLHHLQ +RKQ GD‰DXVJHUHFKQHWGLH GUHL 'LNWDWRUHQ9LJHODQG6KLOWHUXQG )UDVFDWL LKQHQ GDV 6WDUWIHQVWHU LQ GLH )UHLKHLW |IIQHWHQ LP 5DKPHQ HLQHU ³$PQHVWLH IU 8QEHOHKUEDUH GLH VLFK LKUHU 3ROLWLN JHJHQ 7HUUD XQG LP ,QQHUQ GHV %XQGHVQLFKWDQVFKOLH‰HQZROOWHQ 1DWUOLFK ZDU GDV *DQ]H QXU 6FKDX 0LW GHU 52866($8 VWDUWHWHQ JOHLFK]HLWLJ VHFKV DQGHUH $XVVLHGOHUVFKLIIH $OOH .206WDWLRQHQ YRQ (OPVWUDG XQG YLHOHU DQGHUHU :HOWHQ EHUWUXJHQ GDV 6FKDXVSLHO XQG LQ GHQ .RPPHQWDUHQ GHU YRP 6\VWHP EH]DKOWHQ +RIEHULFKWHUVWDWWHU ZDUHQ VLH NHLQH SROLWLVFK RGHU UHOLJL|V 9HUIROJWHQ VRQGHUQ GHU OHEHQGH %HZHLV GDIU GD‰ &DUVXDO HV PLW MHGHP DQGHUHQ YRQ 0HQVFKHQ EHKHUUVFKWHQ 5HLFK DXIQHKPHQ NRQQWH ZDV GLH YLHO]LWLHUWH )UHLKHLW VHLQHU%UJHUXQGGLH5HFKWHGHU0LQGHUKHLWHQEHWUDI )UHQFKXQGVHLQH*HIlKUWHQVDKHQVLFK]X3LRQLHUHQKRFKVWLOLVLHUW]X+HOGHQVRJDU 2E HV LKQHQ SD‰WH RGHU QLFKW VROOWHQ VLH GHU *DOD[LV GHPRQVWULHUHQ ZLH HUIXQGHQ DOOH %HULFKWH ZDUHQ GLH YRQ VWDDWOLFKHU %HYRUPXQGXQJ YRQ ,QWHUQLHUXQJVODJHUQ RGHUJDUYRQ)ROWHUXQGYRQ/HXWHQZLVVHQZROOWHQGLHSO|W]OLFKYHUVFKZDQGHQ 'LH 5HDOLWlW GHPRQVWULHUWHQ GLH IQI .ULHJVVFKLIIH GLH NXU] QDFK GHP 9HUODVVHQ GHV (OPVWUDG2UELWV XQG GHP (QGH GHU %HULFKWHUVWDWWXQJ JHRUWHW ZXUGHQ XQG GLH 52866($8ELV]XGHQ*UHQ]HQGHV6\VWHPVLPPHUDXIGULQJOLFKHUEHJOHLWHWHQ )UHQFK KlWWH NHLQH :HWWH JHKDOWHQ GD‰ ³VHLQ 6FKLII GLH QlFKVWHQ GUHL 6WXQGHQ RKQH,PSXOVVDOYHEHUVWHKHQZUGH(UKlWWHHVEHVVHUJHWDQ 'LH .ULHJVVFKLIIH GHV &DUVXDOLVFKHQ %XQGHV GUHKWHQ DE DOV GLH 52866($8 DXI /LQHDUIDKUWJLQJ,QGLHVHP$XJHQEOLFNZX‰WHQGLHMHQLJHQGLHGLH(VNRUWHJHVWHOOW KDWWHQGD‰GLH4XHUGHQNHUQLHZLHGHU6FKZLHULJNHLWHQPDFKHQZUGHQ $Q%RUGGHV6FKLIIHVEHIDQGHQVLFKJHQDX]ZHLKXQGHUW0lQQHUXQG)UDXHQYRQ ELV-DKUHQGLHVLFKDOVGLH³(QNHOGHU6FK|SIXQJEH]HLFKQHWHQ6LHK|UWHQGHQ $XVGUXFN 6HNWH QLFKW JHUQH HU KDWWH HLQHQ ELWWHUHQ XQG IDGHQ %HLJHVFKPDFN 6LH ZDUHQ NHLQH YHUVSRQQHQHQ :HOWYHUEHVVHUHU RGHU 6XFKHU QDFK HLQHU K|KHUHQ :HLVKHLW6LHJHK|UWHQHLQ]LJXQGDOOHLQ]XHLQHUJU|‰HUHQ*UXSSHYRQ0HQVFKHQ 



GHQHQ GLH 0DFKWJHOVWH LKUHU 5HJLHUXQJHQ XQG GLH $XVEHXWXQJ YRQ 3ODQHWHQ ]XP +DOVKHUDXVKLQJHQ ,KUH $QVFKDXXQJHQ ZDUHQ OHLFKW ]X GHILQLHUHQ 6LH ZROOWHQ GLH PHQVFKOLFKH $UW YHUEUHLWHQ6LHZROOWHQHVEHUDOOLP.RVPRVDEHUVLHZROOWHQNHLQH5DXPVFKLIIH GLH QHXH 3ODQHWHQ HUVW IU 0HQVFKHQ HLQULFKWHWHQ ² PLW /DVHUQ XQG 'HVLQWHJUDWRUHQ .HLQH %XOOGR]HU XQG NHLQH )ODPPHQZHUIHU6LHZROOWHQEHZHLVHQ GD‰GHU0HQVFKLQ+DUPRQLHPLWMHGHUQHXHQ8PJHEXQJOHEHQNRQQWH²GD‰HUVLFK DQ]XSDVVHQYHUPRFKWH'DVZDULQLKUHQ$XJHQGHUZLUNOLFKH6LQQGHUWHUUDQLVFKHQ ([SDQVLRQ LP $OO 1DFKEDUVFKDIW XQG KDUPRQLVFKH .RH[LVWHQ] YRQ PHQVFKOLFKHQ :HVHQXQG$QGHUVJHDUWHWHQ 1DWUOLFKJDEHVDXFKKLHUYHUVFKLHGHQH6WU|PXQJHQDEHUVLHNDPHQGDPDOVQRFK  XQWHU HLQHQ +XW GXUFK GLH %HVLHGOXQJVSROLWLN YLHOHU PHQVFKOLFKHU 5HLFKH YRU DOOHP YRQ&DUVXDO 8PDQHWZDV]XJODXEHQRGHUXPHWZDVVHKUVFK|Q]XILQGHQXPYRQHLQHUDQGHUHQ $UWXQG:HLVHGHU+DUPRQLHLP.RVPRV]XWUlXPHQGD]XPX‰WHPDQNHLQ6HNWLHUHU VHLQ'DFKWHQ)UHQFKXQGVHLQH)UHXQGH6LHPX‰WHQHVDEHUGRFKZHLOVLHLQHLQHU :HOWDXIJHZDFKVHQZDUHQLQGHUHVQXUZHQLJH]XJHODVVHQH0HLQXQJHQJDE 'LH.ULHJVVFKLIIHYRQGHQHQGLHgIIHQWOLFKNHLWQLHHWZDVHUIXKUKDWWHQDEJHGUHKW QDWUOLFK (V ZDU VR QDWUOLFK ZLH GLH (QWGHFNXQJ GD‰ GLH 3RVLWURQLNHQ GHU 52866($8 YRU GHP 6WDUW YRP &DUVXDOVFKHQ *HKHLPGLHQVW XQNRUULJLHUEDU PDQLSXOLHUW ZRUGHQ ZDUHQ 'DV 6FKLII KDWWH NHLQHUOHL %HZHJXQJVIUHLKHLW 'HU *HKHLPGLHQVWKDWWHJXWH$UEHLWJHOHLVWHWZLHLPPHU'HUYRQLKPHLQSURJUDPPLHUWH .XUVIKUWHLQGHQ6WHUQKDXIHQ0LP+DORGHU*DOD[LVXQGNHLQ/LFKWMDKUZHLWHU $XVJHUHFKQHW0(VZDUNHLQ=XIDOOGD‰GLHVH%DOOXQJYRQHLQHUKDOEHQ0LOOLRQ 6RQQHQ LP 6WHUQELOG GHU -DJGKXQGH QRFK VR JXW ZLH XQHUIRUVFKW ZDU REZRKO GLH (QWIHUQXQJYRQ7HUUDPLW/LFKWMDKUHQHKHUGDV*HJHQWHLOQDKHOHJWH6FKRQ GLH DOWHQ $UNRQLGHQ KDWWHQ VLFK GLH =lKQH DQ GHP .XJHOVWHUQKDXIHQ DXVJHELVVHQ ,KUH ([SHGLWLRQHQ KDWWHQ YLHOH 2SIHU JHNRVWHW XQG OHW]WOLFK EHVFKOR‰ PDQ IUXVWULHUW 0  VHLQH *HKHLPQLVVH ]X ODVVHQ PDQ WU|VWHWH VLFK PLW GHU $QQDKPH GD‰ GHU +DXIHQ DXIJUXQG VHLQHU EHUDOWHUWHQ 6WHUQSRSXODWLRQHQ QLH K|KHUHV /HEHQ KHUYRUJHEUDFKWKDEH 'LH(WDSSHQZDUHQVRZRKOLP.XUVDOVDXFKLQGHU/lQJHJHQDXIHVWJHOHJWZRUGHQ DOVGLHXQWHU2SIHUQ]XVDPPHQJHNDXIWH52866($8LP+DIHQVWDQG(VJDENHLQH 8PNHKU XQG NHLQ /LFKWMDKU ZHLWHU DOV GDV ZDV LQ HLQHP 0HQVFKHQOHEHQ PLW GHP 1RUPDODQWULHE]XVFKDIIHQZDU8QGDXFKGDKDWWHQGLH$JHQWHQGHV%XQGHVQRFK YRUJHVRUJWGD‰IUJU|‰HUH0DQ|YHUNHLQ*UDPP7UHLEVWRII]XYLHO]XU9HUIJXQJ VWDQG ³6LHKDEHQGRFKQRFKHLQHOHW]WH6SXUYRQ0HQVFKOLFKNHLWKDWWHGDPDOVMHPDQGPLW YLHO *DOJHQKXPRU JHVDJW ³6LH KlWWHQ XQV MD DXFK HLQIDFK LQ GLH QlFKVWH 6RQQH OHQNHQN|QQHQ 'DVZDUHVQLFKW 8QEHTXHPH .ULWLNHU GHV 6\VWHPV KlWWH PDQ VFKQHOO ORVZHUGHQ N|QQHQ ZHQQ HV QLFKW]XIUK]XP/RVVFKODJHQJHJHQGDV6RODUH,PSHULXPXQGGHUYHUWUDXHQVYROOHQ 3ROLWLN JHJHQEHU GHQ EHLGHQ DQGHUHQ PlFKWLJHQ DEJHIDOOHQHQ 6WHUQHQUHLFKHQ JHZHVHQZlUHGHU=HQWUDOJDODNWLVFKHQ8QLRQXQGGHP,PSHULXP'DEULIDYRQGHQ 6SOLWWHUUHLFKHQHLQPDOJDQ]DEJHVHKHQ 



,Q GLHVHU =HLW GHU JDODNWRSROLWLVFKHQ ,QVWDELOLWlW GHV ZDFKVHQGHQ 0L‰WUDXHQV GHU 0HQVFKHQXQG0HQVFKHQDEN|PPOLQJH XQWHUHLQDQGHU ZlUH MHGH )RUPYRQRIIHQHU *HZDOW VFKlGOLFK JHZHVHQ 6HOEVW GLH JHIUFKWHWHQ *HKHLPGLHQVWH GHU 'LNWDWRUHQ ZDUHQGD]XJH]ZXQJHQPDQFKPDOGHQ6FKHLQ]XZDKUHQ 'LH )XQNDQODJH GHU 52866($8 ZDU QDWUOLFK DXFK QDFK GHP HUVWHQ /LQHDUUDXPHLQWULWW DXVJHIDOOHQ (UVW YLHO VSlWHU DXI %XVVWRS NRQQWHQ GLH *HVWUDQGHWHQVLHZLHGHULQ%HWULHEVHW]HQ 'HU +\SHUIXQN GHU 52866($8 KDWWH ]ZDU QXU HLQH JHULQJH 5HLFKZHLWH DEHU HLQ DXIJHIDQJHQHU 1RWUXI QDFKGHP GLH ³(QNHO GHQ %HWUXJ DQ LKQHQ HQWGHFNW KDWWHQ KlWWH GLH WRGVLFKHUH (QGO|VXQJ GHU 6HNWLHUHUIUDJH LQ GHQ $XJHQ GHU &DUVXDO 9HUDQWZRUWOLFKHQ ]XHLQHP%XPHUDQJJHPDFKW0DQZDUJDQ]DXI1XPPHU6LFKHU JHJDQJHQ(LQ6WXU]GHV6FKLIIHVLQHLQH6RQQHKlWWHDXFKHUNOlUWZHUGHQN|QQHQ² DEHUVHKUVFKZHUZHQQPDQZX‰WHGD‰VLFKDQ%RUGHLQKRFKEHJDEWHU.RVPRQDXW EHIDQGGHUGLH52866($8]XQDYLJLHUHQYHUVWDQG &KXRMROHEWHQLFKWPHKU 9LHOHJDEHVQLFKWPHKU 'LH JHVDPWH %HVDW]XQJ GHU -$&48(6 52866($8 KDWWH GLH SURJUDPPLHUWH 7RGHVIDKUWEHUOHEWDEHUQXUGHVKDOEZHLOVLFKLQJHUDGHQRFKHUUHLFKEDUHU1lKH GHV OHW]WHQ XQG HQGJOWLJHQ /LQHDUUDXPDXVWULWWV LP .XJHOVWHUQKDXIHQ 0  HLQ 6RQQHQV\VWHP PLW HLQHP 3ODQHWHQ JHIXQGHQ KDWWH GHQ PDQ PLW GHQ YRUKDQGHQHQ 0LWWHOQ DQIOLHJHQ NRQQWH 8QG GD‰ HV VLFK  HQWJHJHQ DOOHQ (UZDUWXQJHQ ² XP HLQH MXQJH :HOW PLW DWHPEDUHU $WPRVSKlUH KDQGHOWH KDWWH GLH ]ZHLKXQGHUW 9HU]ZHLIHOWHQZLHGHUDQHLQHK|KHUH*HUHFKWLJNHLWXQGHLQH=XNXQIWJODXEHQODVVHQ $EHUGDVZDUYRUGUHL0RQDWHQJHZHVHQ 6HLWGHPKDWWHVLFKYLHOHVYHUlQGHUW$XFKGLH0HQVFKHQXQGLKUH,GHDOH  7ULFDQD )UHQFK NDP QRFK LQ GHU 6LHGOXQJ DQ EHYRU GHU +LPPHO ODQJVDP GXQNOHU ZXUGH 6FKZDU] ZDU HU QLH :LH EHL GHQ 7HPSHUDWXUHQ JDE HV DXI %XVVWRS NHLQH JUR‰HQ 8QWHUVFKLHGH ]ZLVFKHQ GHP /LFKW DP 7DJ XQG GHP /LFKW LQ GHU 1DFKW 6REDOG GLH 6RQQH DXI GLH DQGHUH 6HLWH GHU 3ODQHWHQKDOENXJHO JHZDQGHUW ZDU WDXFKWHQ GLH 6WHUQHLQ LKUHU XQJODXEOLFKHQ 'LFKWH GHQGLFNHQ'XQVWVFKOHLHUGHV +LPPHOVLQLKU GLIIXVHV PLOFKLJHV /LFKW RKQH GD‰ DXFK QXU HLQ HLQ]LJHU MH ]X VHKHQ ZDU (LQHQ 0RQGEHVD‰%XVVWRSQLFKW 'LH 1DFKW ZDU VR JHVHKHQ QLFKW YLHO DQGHUV DOV GHU 7DJ DEHU HV JDE DQGHUH 8QWHUVFKLHGH 6ROFKH GLH HLQ 0HQVFKHQJHKLUQ QLFKW JHQDX IDVVHQ QLFKW ORJLVFK DQDO\VLHUHQXQGHUNHQQHQNRQQWH0DQIKOWHHV0DQZX‰WHHVDXIHLQHVRLUUDWLRQDOH $UW XQG :HLVH ZLH DOOHV DXI %XVVWRS LUUDWLRQDO ZDU 'HU 3ODQHW VFKOLHI HLQ :HQQ GLH )DUQH XQG 6FKDFKWHOKDOPH LP :LQG JHEHXJW ZXUGHQ XQG LKUH 6WHQJHO DQHLQDQGHUULHEHQGDQQIOVWHUWHQVLHVLFKLKUH7UlXPH]X 'HUHUVWHGHUGDVVRIRUPXOLHUWKDWWHZDUVHOEVWYRQGHQ3XULVWHQXQWHUGHQ(QNHOQ GDPDOV IU YHUUFNW HUNOlUW ZRUGHQ (U ZDU HV DXFK JHZHVHQ GHU GLH $QSDVVXQJVWKHRULH HQWZLFNHOW KDWWH)UHQFKHULQQHUWH VLFKQRFKJHQDXDQGHQ7DJ DOV3URIHVVRU-XOV/XQGJUHQDP)LHEHUVWDUEXQGPLWHLQHPJOFNOLFKHQ/lFKHOQLP DXVJH]HKUWHQ *HVLFKW HLQVFKOLHI 6HLQH OHW]WHQ JHKDXFKWHQ :RUWH ZDUHQ )UHQFK VR YRUJHNRPPHQZLHHLQHWURW]LJH$QWZRUWDQGLH$GUHVVHDOOHU=ZHLIOHUXQG6S|WWHU 



³,FK ELQ MHW]W EHUHLW KDWWH HU JHIOVWHUW ³$VFKH ]X $VFKH 1LPP PLFK 8QG JLE LKQHQGDIU6FKOLH‰HGHQ.UHLVODXI  'HU3URIHVVRUKDWWHGDVQLFKW]XHLQHPGHU0HQVFKHQJHVDJW 'LH3IODQ]HQIOVWHUQVLFKLKUH7UlXPH]XGDFKWH)UHQFKDOVHUGDV7RULP=DXQ |IIQHWH GHU XP GLH 6LHGOXQJ JH]RJHQ ZDU XQG KLQWHU VLFK VFKOR‰ (V KDWWH ]X UHJQHQ DXIJHK|UW XQG ZLH LPPHU XP GLHVH 7DJHV]HLW ZHKWH GLHVHU OHLFKWH :LQG GHU NHLQ EL‰FKHQ .KOXQJ EUDFKWH 8QG RIW PX‰WH )UHQFK GDQQ DQ GLH :RUWH GHV DOWHQ 0DQQHV GHQNHQ GHQ HU EHZXQGHUW XQG YHUHKUW KDWWH 8QG RIW IJWH HU LQ VHLQHQ*HGDQNHQKLQ]X8QGVLHWUlXPHQDXFKYRQXQV6LHUHGHQEHUXQV (VZDUYHUUFNWVRYHUUFNWZLHGLH,GHHYRQGHU$EPDFKXQJ'HU3ODQHWPDFKWH HV GHQ 0HQVFKHQ QLFKW OHLFKW LKUHQ 9HUVWDQG ]X EHKDOWHQ 9LHOOHLFKW ODJ HV DP /LFKWDQGHU6FKZOHDQXQEHNDQQWHQ(UUHJHUQRGHUDQHWZDVLQGHU/XIWGDVZLH HLQ+DOOX]LQRJHQZLUNWH 9LHOOHLFKW VWHFNWH DXFK :DKUKHLW GDKLQWHU )UHQFK KDWWH GDUDXI NHLQH $QWZRUW XQG ZROOWH DXFK NHLQH 1LFKW MHW]W 1LFKW KHXWH (U KDWWH GHQ :HJ KLQWHU VLFK GHQ HU MHGHVPDO IUFKWHWH 6HQGHWH GLH $QODJH QRFK" +DWWH GHU DXWRPDWLVFKH $XI]HLFKQHU HLQHQHPSIDQJHQHQ$QWZRUWVSUXFKQRWLHUW":DUGRFKQRFK+LOIHXQWHUZHJV" 2GHU KDWWH GLH )XQNDQODJH GHQ *HLVW DXIJHJHEHQ" 9RQ 0LNUREHQ ]HUVHW]W 'XUFKJHURVWHW2KQH(QHUJLH 'HU :HJ ZDU KDUW DEHU YRU DOOHP ZHJHQ GLHVHU 8QJHZL‰KHLW .|USHUOLFK IKOWH )UHQFKVLFKLPPHUQRFKJXWJHQXJXPLKQQRFKKXQGHUWPDO]XJHKHQ(VODJQLFKWDQ GHU 6FKZHUNUDIW YRQ QXU  *UDYRV 'LHVHU :HUW JDOW MD VFKRQ EHYRU )UHQFK DOV HUVWHU0HQVFKVHLQHQ)X‰DXIGHQVXPSILJHQ%RGHQYRQ%XVVWRSJHVHW]WKDWWH )UHQFK PDUVFKLHUWH DXI GDV +DXV LQ GHU 0LWWH GHU DXVIQI (LQKHLWHQ EHVWHKHQGHQ *HElXGHUHLKH ]X ,Q MHGHP ZRKQWH HWZD GLH JOHLFKH $Q]DKO YRQ 0HQVFKHQ -HGH )DPLOLH MHGHV 3DDU RGHU MHGHU $OOHLQVWHKHQGH KDWWH HLQ HLJHQHV 4XDUWLHU ,Q]ZLVFKHQ ZDU DXFK GDV 3UREOHP GHU 6FKDOOGlPSIXQJ JHO|VW 0DQ KDWWH VHLQH 3ULYDWVSKlUH XQG OHJWH :HUW GDUDXI +HXWH ZDU HV NDXP QRFK YRUVWHOOEDU GD‰ GLH *HVWUDQGHWHQ GLH %DXWHLOH 6WFN IU 6WFN XQG RKQH YLHOH +LOIVPLWWHO DXV GHU 52866($8JHKROWXQG]XVWDELOHQ(LQKHLWHQ]XVDPPHQJHIJWKDWWHQ $P$QIDQJKDWWHHV5DXPQRWJHJHEHQ,Q]ZLVFKHQZDUYLHO3ODW]GDXQGPLWMHGHP 7RWHQZXUGHHVPHKU 'LH +lXVHU ELOGHWHQ VR HWZDV ZLH HLQH $FKVHGHQ 'XUFKPHVVHUHLQHV.UHLVHVGHU GXUFK GHQ =DXQ PDUNLHUW ZDU +LQWHU LKQHQ IOOWHQ 7HLOH GHV 6FKLIIHV GHQ .UHLV DXV GLH VLFKHU QRFK LUJHQGZLH YHUZHQGHW ZHUGHQ NRQQWHQ XQG YRU GHQ +lXVHUQ VWDQGHQ SULPLWLYVWH 6FKXSSHQ XQG ZDUHQ 3ODVWLNSODQHQ EHU 3IHLOHU JHVSDQQW +LHU ODJHUWHQ GLH OHW]WHQ 9RUUlWH DXV GHQ .KOGHFNV GHU 52866($8 XQG EOLHEHQ JHIURUHQVRODQJHGLHOHW]WHQ%DWWHULHQQRFKDUEHLWHWHQ 'LH 6FKLIIEUFKLJHQ KDWWHQ VR ]LHPOLFK DOOHV DXVJHEDXW ZDV VLFK WUDJHQ VFKLHEHQ RGHUUROOHQOLH‰²RGHULPJQVWLJVWHQ)DOOPLWHLQHU$QWLJUDYSODWWHWUDQVSRUWLHUHQ 'LHEHLGHQ%HLERRWHZDUHQYRQ$QIDQJDQIXQNWLRQVXQWDXJOLFKJHZHVHQDXFKHLQ QHWWHU$EVFKLHGVJUX‰YRQ)UDVFDWL6KLOWHUXQG9LJHODQG 'LH 52866($8 ZDU GDQN HLQHV SKDQWDVWLVFKHQ 3LORWHQ WURW] DXVJHKHQGHU 7UHLEVWRIIUHVHUYHQ DXVIDOOHQGHU ,QVWUXPHQWH XQG HLQHU WHLOZHLVH K\VWHULVFKHQ %HVDW]XQJ JXW DXI %XVVWRS KHUXQWHUJHNRPPHQ 6LH KDWWH PLW LKUHP OHW]WHQ $WHP]XJHLQHQ.RQWLQHQWHUUHLFKWXQGVLFKLPGLFKWHQ6XPSIGVFKXQJHO]XUHZLJHQ 



5XKHJHOHJW )U VLH ZDU GHU $OSWUDXP GDPLW EHUVWDQGHQ  IDOOV LKUH SRVLWURQLVFKH 6HHOH VR HWZDV ZLH 7UDXHU $QJVW XQG (QWVHW]HQ HPSILQGHQ NRQQWH 0DQFKPDO EHL GHQ XQJH]lKOWHQ*HVSUlFKHQPLWLKUKDWWH)UHQFKZLUNOLFKIDVWGHQ(LQGUXFNJHKDEW )UGLHhEHUOHEHQGHQKDWWHGHU$OSWUlXPEHJRQQHQ (LQLJH KDWWHQ GLH HUVWHQ 7DJH QXU PLW +LOIH YRQ 3V\FKRSKDUPDND EHUVWDQGHQ ² 6WLPXODQ]LHQ 7UDQTXLOL]HU XQG ZHQQ VRQVW QLFKWV PHKU KDOI PLW $ONRKRO XQG 0RUSKLQHQ ,KU 7UDXP ZDU JHSODW]W $OOHV DXV 6R KDWWHQ VLH VLFK LKUH LGHDOH :HOW QLFKW YRUJHVWHOOW 5HVLJQDWLRQ WUDW DQ GLH 6WHOOH GHU JUR‰HQ $XIEUXFKVWLPPXQJ IUKHUHU 7DJH %LV)UHQFKVLFKDXIUDIIWHXQGGLHWHFKQLVFK%HJDEWHQQLFKW]XU5XKHNRPPHQOLH‰ ELV VLH GDV )XQNJHUlW UHSDULHUW KDWWHQ XQG GHQ 1RWUXI LQV $OO MDJWHQ GHU GDQDFK VWlQGLJZLHGHUKROWZXUGH 'DQDFK VSRUQWH HU GLH *HVWUDQGHWHQ LQ HLQHU IODPPHQGHQ 5HGH DQ LKUH VHOEVWP|UGHULVFKH /HWKDUJLH ]X EHUZLQGHQ XQG DOOHV ]XP hEHUOHEHQ ]X WXQ 6LH WDWHQ DXFK HWZDV (U KDWWH HV PLW]XYHUDQWZRUWHQ 8QG HV KDWWH VLFK DOV YHUKlQJQLVYROOHU)HKOHUHUZLHVHQGHQDEHUQLHPDQGYRUKHUDKQHQNRQQWH1HLQVLH PX‰WHQHVVLFKQLFKWYRUZHUIHQ(VJHQJWHZHQQVLH7DJIU7DJGDIUEH]DKOHQ PX‰WHQ *HUDGH )UHQFK KDWWH GLH (QWWlXVFKXQJ WLHI LQ GHQ .QRFKHQ VWHFNHQ (U KDWWH HV QLFKW XPVRQVW PLW DOO GHQ /HXWHQ YHUGRUEHQ GLH DXI (OPVWUDG 0DFKW XQG (LQIOX‰ EHVD‰HQ (U ZDU HLQPDO HLQ KDUWHU *HVFKlIWVPDQQ JHZHVHQ XQG KDWWH GDUDXV .DSLWDOVFKODJHQN|QQHQ(UKROWHVLFKGLH.UHGLWHGLHHUIUGLH*UXSSHXQGGDV 6FKLII EUDXFKWH (U WDW DOOHV XQG JDE YLHOHV DXI XP VLFK XQG VHLQHQ *ODXEHQVJHIlKUWHQ6FKULWWFKHQIU 6FKULWWFKHQZHLWHU]XKHOIHQ²DXIGHPVWHLQLJHQ :HJ]XPJUR‰HQ=LHO (UJDEVRJDUVHLQH)DPLOLHDXI (VJDEGDHLQH)UDXQDPHQV


QLFKWVLH:LFKWLJZDUGDV9HUWUDXHQGDVHUWURW]DOOHPQRFKLQVLHVHW]WH6LHKlWWH LKQXQGVHLQH*HVLQQXQJVJHQRVVHQQLHPDOVDQLKUHQQHXHQ*|QQHUYHUUDWHQ 'D‰ GLHVHU +HUU GLH 52866($8 MHW]W ]ZLVFKHQ IHUQHQ 6WHUQHQ DOV *HLVWHUVFKLII YHUORUHQ XQG LKUH %HVDW]XQJ IU WRW JODXEWH WDW )UHQFK QLFKW JHUDGH ZHK (V ZDU VRJDUHLQH$UW/HEHQVYHUVLFKHUXQJIUGLHGLHQRFKOHEWHQ -DPHV'RPLQLF)UHQFKZDU-DKUHDOWIUGLHVHV=HLWDOWHUGDPLWVRJDUQRFKMXQJ 6HLQ NDQWLJHV *HVLFKW KDWWH ]ZDU HLQLJH )DOWHQ EHNRPPHQ GRFK GLH KHOOEODXHQ $XJHQYHUVSUKWHQQRFKLPPHUHLQ)HXHUGDVVLFKPDQFK-QJHUHUJHUQHJHZQVFKW KlWWH 'HU %DUW ZDU DXI HLQH +DQGEUHLWH JHVWXW]W XQG GLH EORQGHQ +DDUH ZDUHQ ORFNLJ XQG ODQJ (U WUXJ VLH RIIHQ ELV DXI GLH 6FKXOWHUQ RGHU PLW HLQHP %DQG LP 1DFNHQ]XVDPPHQJHKDOWHQ)UHQFKVDKDXVZLHHLQPRGHUQHU:LNLQJHU (U KDWWH ]ZHL 6WXGLHQ KLQWHU VLFK XQG ]ZHL 'LSORPH LQ GHU 7DVFKH  .RORQLDO|NRQRPLH XQG 5HFKWVZLVVHQVFKDIWHQ 6HLQ *HOG XQG VHLQ :LVVHQ XP GLH *HVHW]HXQGGHUHQ/FNHQKDWWHQLKQ]ZDU]XP:RUWXQG$QIKUHUGHU$XVUHL‰HU JHPDFKWDEHUKLHUDXI%XVVWRSQW]WHLKPGDVQLFKWVPHKU 6SlWHVWHQVMHW]WVROOWHHUZlKQWZHUGHQZDUXPGHUYLHUWHGHU]ZDQ]LJ3ODQHWHQGHU JHOEHQ *6RQQH LQ GHUHQ 6\VWHP GLH 5HLVH GHU 52866($8 HQGHWH DXI GLHVHQ 1DPHQJHWDXIWZRUGHQZDU'LH*HVWUDQGHWHQVDKHQQDFKGHP$EIODXHQGHUHUVWHQ +RIIQXQJHQ LQ LKP HQGJOWLJ QLFKW PHKU GLH P|JOLFKH +HLPDW DXI GHU VLH LKUH 9RUVWHOOXQJHQ YRQ HLQHP KDUPRQLVFKHQ 0LWHLQDQGHU YRQ 0HQVFK XQG 1DWXU YHUZLUNOLFKHQNRQQWHQ(LQLJHVDKHQGHQ3ODQHWHQDOV+HUDXVIRUGHUXQJDQ$QGHUH² GLH3XULVWHQ²VSUDFKHQYRQGHU3UIXQJGXUFKLUJHQGZHOFKH*|WWHUYRQHLQHU6WUDIH IUDOOHVZDVGHU0HQVFKGLHVHP8QLYHUVXPVFKRQDQJHWDQKDWWH'LH%HUHLWVFKDIW ]XP$EHUJODXEHQZDULQGHU1RWXQGGHU([LVWHQ]DQJVWSO|W]OLFKZLHGHUVHKUJUR‰ $EHUIDVWDOOHKRIIWHQVLHLPVWLOOHQLPPHUQRFKGD‰GHUXQXQWHUEURFKHQDEJHVWUDKOWH +LOIHUXI DXV GHP :UDFN HLQHV 7DJHV JHK|UW ZHUGHQ ZUGH ² VHOEVW KLHU LQ 0  'DV5LVLNRGD‰HLQ&DUVXDO6FKLIIGHQ+LOIHUXIDXIILQJZXUGHLQIDVWVFKL]RSKUHQHU 5HWWXQJVJOlXELJNHLW HLQIDFK QLFKW JHVHKHQ %XVVWRS EHGHXWHWH +DOWHVWHOOH =ZLVFKHQVWDWLRQ   )UHQFK VWDPSIWH PGH XQG KXQJULJ GLH PHWDOOHQHQ 6WXIHQ ]XP +DXV KLQDXI XQG ZDUWHWH ELV GLH 6HQVRUHQ GHU 5HLQLJXQJV XQG 'HVLQIHNWLRQVDXWRPDWLN HQGOLFK GLH %UDXVHQGD]XYHUDQOD‰WHQGHQWRWDOYHUGUHFNWHQ0DQQGDXQWHULKQHQVRJUQGOLFK HLQ]XVFKlXPHQ XQG GDQDFK PLW NODUHP :DVVHU ZLHGHU DE]XVSUKHQ GD‰ HU VLFK IULVFKXQGILWJHQXJIKOWHVRJDUVHLQHU6FKZLHJHUPXWWHUXQWHUGLH$XJHQ]XWUHWHQ 'HU NXU]H +HL‰OXIWVWXUP DXV ]ZHL 9HQWLODWRUJHEOlVHQ WURFNQHWH ZHQLJVWHQV GLH 0RQWXUKDOEZHJVDXV )UHQFKKDWWHNHLQH)UDXDOVRDXFKNHLQH6FKZLHJHUPXWWHUPHKU$EHUHUZDUQLFKW ]XP0|QFKJHZRUGHQ 'LH GHU *UXQG GDIU ZDU GLH HUZDUWHWH LKQ VR EDQJH DOV NlPH HU KHXWH ]XP HUVWHQPDOYRQGHU52866($8]XUFN 6LH KLH‰ 7ULFDQD 7ODK DEHU MHGHU QDQQWH VLH QXU 7UL 6LH ZDU QLFKW YLHO lOWHU DOV )UHQFKVHUVWHU6RKQXQGVLHZDUZLUNOLFKVFK|Q7ULFDQDVWDPPWH]ZDUZLHHUYRQ (OPVWUDG DEHU VLH VDK DXV ZLH HLQH 7HUUDJHERUHQH DXV GHP %HUHLFK 6GHXURSD 6SDQLHQ 1XU GLH IDVW ZHL‰H +DXW SD‰WH QLFKW GD]X ,KUH ODQJHQ VFKZDU]HQ +DDUH NUlXVHOWHQ VLFK YHUVSLHOW XP LKUH 6WLUQ GLH 2KUHQ XQG GLH JHUDGHQ 6FKXOWHUQ ,KUH 



$XJHQYHUVSUKWHQVFKZDU]HV)HXHUXQGGLHNOHLQH1DUEHDQGHUUHFKWHQ6FKOlIHZDU GHU HLQ]LJH VLFKWEDUH %HZHLV GDIU GD‰ GLH LQWHOOLJHQWH (QGYLHU]LJHULQ PLW GHU )RWRPRGHOOILJXUNHLQH*|WWLQZDU 'LH ]ZHLIDFK SURPRYLHUWH 3V\FKRORJLQ WDW GDV ZDV VLH LPPHU WDW 6LH ]HUUWH )UHQFK QDFKVHLQHU'XVFKHLQV+DXVXQGLQLKUHJHPHLQVDPH:RKQHLQKHLWEHYRUGLHDQGHUHQ %HZRKQHU LKQ PLW LKUHQ )UDJHQ EHUVFKWWHQ NRQQWHQ 6LH ]RJ LKP GLH IHXFKWH .RPELQDWLRQ YRP /HLE VFKXEVWH LKQ DXI GLH &RXFK XQG WURFNQHWH LKQ PLW HLQHP ZHLFKHQ)RWWLHUWXFKDE (UKDWWHQLHVDJHQN|QQHQZDVLKPOLHEHUZDUGLHDQJHQHKPHWURFNHQH:lUPHLP +DXVRGHUGHU7HHGHUVFKRQIULKQEHUHLWVWDQGRGHUGLH$UWXQG:HLVHZLH7ULLKQ WURFNHQULHE ³:RPLW KDEH LFK VR HWZDV ZLH GLFK QXU YHUGLHQW" VHXI]WH HU XQWHU GHU NOHLQHQ 5DXPVRQQH GLH VLFK LQ )DUEH :lUPH XQG +HOOLJNHLW MHGHU 6WLPPXQJ DQSD‰WH XQG GDEHL HLQHP ZLQ]LJHQ 3RVLWURQLN%DXVWHLQ DXV GHU 52866($8 JHKRUFKWH GHU ZLHGHUXP DXI GHQ .ODQJ YRQ 6WLPPHQ UHDJLHUWH 7ULV 6RKQ +H\PDO ZDU GHU ([SHUWH GHU 6LHGOXQJ LQ 6DFKHQ :HUNHOQ XQG .RQVWUXLHUHQ 9RQ LKP VWDPPWHQ QRFK HLQH JDQ]H 5HLKH DQGHUHU 'LQJH GLH GDV /HEHQ ZHQLJVWHQV HWZDV HUWUlJOLFKHU PDFKWHQ $EHU GDV IXQNWLRQLHUWH QDWUOLFK DOOHV QXU VRODQJH HV QRFK %DWWHULHVWURP DXV GHQ 5HVHUYHQGHV6FKLIIHVJDEXQGGDVZDUHLQHYRQ)UHQFKVJU|‰WHQ6RUJHQ$XIMHGHQ )DOO YHUVWDQG +H\PDO PHKU YRQ 7HFKQLN DOV MHGHU DQGHUH hEHUOHEHQGH GHU 52866($8 7ULFDQD DQWZRUWHWH ZLH LPPHU PLW HLQHP 6FKPXQ]HOQ ³:HL‰ QLFKW DEHU GX ZLUVW PLFKMHW]WQLHPHKUORVXQGGDVKDVWGXGDYRQ8QGVLHIUDJWHZLHLPPHU³(WZDV 1HXHVEHLP6FKLII" ³1LFKWV6FKDW]DX‰HUHLQSDDUQHXHQ5RVWEHXOHQ8QGGLH3IODQ]HQKDEHQGUHLZHLWHUH 'HFNV EHUZXFKHUW %DOG ZHUGH LFK QXU QRFK PLW GHP 6WUDKOHU ]XU =HQWUDOH KRFKNRPPHQ(UODFKWHELWWHU³,FKKRIIHGHU3ODQHWZHL‰GDVXQGLVWYHUQQIWLJ )UHQFKVWUHFNWHVLFKXQGVFKOR‰GLH$XJHQ'UDX‰HQDXIGHP*DQJ]ZLVFKHQ+DXV XQG:RKQXQJVWUZDUHQ6FKULWWH]XK|UHQ-HGHUZDUQDWUOLFKJHVSDQQWGDUDXIRE )UHQFK1HXLJNHLWHQYRP:UDFNKDWWHDEHUHUVDKNHLQHQ*UXQGYRUGHUPRUJLJHQ 5DWVVLW]XQJHWZDV]XVDJHQZHQQHVRKQHKLQQLFKWV]XVDJHQJDE 9RQ LUJHQGZRKHU NDP OHLVH 0XVLN 6LH ZDU VFK|Q XQG HQWVSDQQHQG DEHU )UHQFK ZXUGHZLHGHUNODUGD‰HUXQGVHLQH*HVLQQXQJVJHQRVVHQKLHUDXI%XVVWRSVROHEWHQ ZLH VLH HV DQGHUHQ /HXWHQ LPPHU YRUJHZRUIHQ KDWWHQ DXI .RVWHQ GHU :HOW GLH LKQHQGLH5RKVWRIIHIULKU+HUUHQGDVHLQDEJHEHQPX‰WH =XJHJHEHQ VLH OHEWHQ KLHU QRFK YRQ GHQ $EJDEHQ DQGHUHU :HOWHQ $XI %XVVWRS JDEHVQRFKQLFKWVGDVVLH]XU(QHUJLHJHZLQQXQJEHQXW]WHQ6SlWHUYLHOOHLFKWZHQQ GLH %DWWHULHQ DXV GHP 6FKLII XQG DOOH DQGHUHQ 0|JOLFKNHLWHQ DXVJHVFK|SIW ZDUHQ XQGZHQQLKUH+RIIQXQJHQDXI5HWWXQJXQHUIOOWEOLHEHQPX‰WHQVLHVLFKGDUEHU QHXH*HGDQNHQPDFKHQ 7ULKDWWHHLQH1DFKULFKWIULKQ ³:LU KDEHQ YLHU QHXH 7RGHVIlOOH -LP 8QG VLHEHQ YRQ XQV KDEHQ GDV )LHEHU %HL IQI ZHLWHUHQ IDQJHQ GLH +DOOX]LQDWLRQHQ DQ :LU NRPPHQ KLHU QLFKW PHKU ZHJ -LP )UHQFKVFKZDQJGLH%HLQHYRQGHU&RXFKKHUXQWHUXQGVWDUUWHGLH)UDXDQGLHVHLW JXWHLQHP-DKUVHLQH/HEHQVJHIlKUWLQZDU 



³6DJ GDV QRFK HLQPDO IRUGHUWH HU VLH DXI 'DQQ ZLQNWH HU DE ³1HLQ ELWWH QLFKW (V JLQJ MHW]W IDVW ]ZHL :RFKHQ ODQJ JXW .HLQH (UNUDQNXQJHQ PHKU NHLQH 7RWHQ NHLQH YHUGDPPWHQ +DOOX]LQDWLRQHQ XQG NHLQH :DKQVLQQLJHQ 'DV $ENRPPHQ :DVKDEHQZLUGHQQMHW]WZLHGHUIDOVFKJHPDFKW"(UODFKWHUDXKXQGWUDQN.XU] GDFKWH HU DQ GLH 3IODQ]HQ GLH HU JHW|WHW KDWWH XP VLFK GHQ :HJ ]XP :UDFN IUHL]XVFKLH‰HQ :DU HV GDV" $EHU VR VFKQHOO NRQQWH VHOEVW GLHVHU 3ODQHW QLFKW UHDJLHUHQ)UHQFKVDJWHRKQHhEHU]HXJXQJ³,FKKDEHVFKRQYHUVWDQGHQ ³:LUNOLFK"IUDJWH7UL6LHKRFNWHVLFK]XLKPXQGVFKRELKUH+DQGXQWHUVHLQ+DDU ³-LPHVJHKWQLFKWPHKUZHLWHU:LUEHWUJHQXQVVHOEVW:LUZHUGHQQLFKWDEJHKROW +LHU JLEW HV NHLQH 6FKLIIH  NHLQH WHUUDQLVFKHQ XQG NHLQH DQGHUHQ LQ GHQHQ 0HQVFKHQVLW]HQ:LUEHOJHQXQV:LUKDWWHQQLHHLQHDQGHUH&KDQFHDOVGLH 6LHVSUDFKQLFKWZHLWHU)UHQFKQDKPLKUH+DQGXQGEHXJWHVLFKQDFKYRUQH ³'X PHLQVW GD‰ ZLU XQV GDPLW DEILQGHQ DXI %XVVWRS ]X EOHLEHQ YROOHQGHWH HU LKUHQ 6DW](U]XFNWHPLWGHQ6FKXOWHUQXQGYHUVXFKWHZHQLJVWHQVlX‰HUOLFKGHUUXKLJH0DQQ]X EOHLEHQGHUELVKHXWHQRFKHLQHDXVVFKODJJHEHQGH6WLPPHEHLGHQ%HVFKOVVHQGHV5DWHV KDWWH ³(VJLEWNHLQHDQGHUH=XNXQIWIUXQVVDJWHVLHRKQHLKQDQ]XEOLFNHQ³8QGGXZHL‰WHV VRJXWZLHLFK -DHUZX‰WHHV ,P*UXQGHZX‰WHHUHVMHGHVPDOZHQQHUDOOH]HKQ7DJHVHLQHQ*DQJ]XP:UDFN PDFKWH XQG PLW OHHUHQ +lQGHQ ]XUFNNDP (U ZX‰WH HV REZRKO HU LP 5DW QRFK LPPHUDXIGHU6HLWHGHUMHQLJHQVWDQGGLHGLH*DVW7KHRULHDXI%XVVWRSSUHGLJWHQ XQG QLFKW DXI GHU 6HLWH GHUDQGHUHQGLHVLFKPLWLKUHP6FKLFNVDOVFKRQDEJHIXQGHQ KDWWHQ (UZX‰WHHVPLWVHLQHP9HUVWDQGDEHUHUUHGHWHQRFKQDFKVHLQHP*HIKO(UNDP QLFKWPHKUPLWVLFKVHOEVW]XUHFKW+DWWHHUVLFKZLUNOLFKQLFKWVYRU]XZHUIHQ"'DV %LOGGHVDEJHNOlUWHQHLVHUQHQ0DQQHVZDU)DVVDGH7ULZX‰WHHVDOVHLQ]LJHXQG VLHZX‰WHHVEHVVHUDOVHU6LHKDWWHQYHUORUHQZHQQQLFKWLQQHUKDOENU]HVWHU=HLW HLQH $QWZRUW LQ GHQ (PSIlQJHUQ GHU 52866($8 HLQJLQJ $EHU VLH ZDUHQ QXU GHVKDOEYHUORUHQZHLOGLHVHUYHUGDPPWH3ODQHWGDV6SLHOQLFKWPLWVSLHOWH(UKlWWH VLHHUQlKUHQN|QQHQZHQQVLHYRQVHLQHU6XEVWDQ]JHQRPPHQKlWWHQ $EHU GDV ZROOWHQ VLH MD JHUDGH QLFKW ,KU *ODXEH EHVDJWH GD‰ MHGH )RUP YRQ 6FK|SIXQJ XQDQWDVWEDU ZDU 6LH KDWWHQ 6DPHQ DQ %RUG GHU 52866($8 JHKDEW 0LOOLRQHQYRQYHUVFKLHGHQHQ 6DPHQXQG VLHKDWWHQVLHLQHLQHP OlFKHUOLFKNOHLQHQ JHURGHWHQ 6WFN8UZDOG DXVJHEUDFKWJHJHQGHQKHIWLJHQ3URWHVWGHU3XULVWHQ6LH KDWWHQ QLFKWV QHKPHQ ZROOHQ ZDV LKQHQ QLFKW JHK|UWH $OOHV ZRUXP VLH GHQ 3ODQHWHQJHEHWHQKDWWHQZDUHLQEL‰FKHQ3ODW]IUVLFK 'LHVHU XQJODXEOLFKH 3ODQHW KDWWH GRSSHOW ]XUFNJHVFKODJHQ (U KDWWH GLH 6DPHQ QLFKW NHLPHQ ODVVHQ XQG HU KDWWH IU GLH EHL GHU 5RGXQJ JHW|WHWHQ 3IODQ]HQ 0HQVFKHQ GXUFK GDV )LHEHU XPJHEUDFKW 1LHPDQG NRQQWH )UHQFK VDJHQ GD‰ HV DQGHUVZDU 8QG KLHU VROOWHQ VLH VLFK LKUHQ 7UDXP YRQ HLQHP /HEHQ RKQH $XVEHXWXQJ XQG LP (LQNODQJ PLW GHU 1DWXU HUIOOHQ" 'LH /HXWH YRQ GHU 52866($8 ZDUHQ GD]X EHUHLW DEHU GHU 3ODQHW ZDU HV QLFKW 'HQ EHVWHQ %HZHLV KDWWH HU KHXWH ZLHGHU JHOLHIHUW 3DNW $ENRPPHQ (LQPDO PX‰WH 6FKOX‰ PLW GHP 6HOEVWEHWUXJ VHLQ ² VRZRKO ZDV GLH XQUHDOLVWLVFKH 5HWWXQJ EHWUDI DOV DXFK PLW GHP *ODXEHQ DQ GLH 



HLJHQH6FKXOGYRUGHP8QLYHUVXPXQGGHU%X‰HZLH3UHQWLVVHVSUHGLJWH ³:LUPVVHQHVGHQDQGHUHQVDJHQGUlQJWH7UL³0RUJHQEHLGHU6LW]XQJ )UHQFKVFKWWHOWHGHQ.RSI ³:LU KDEHQ GRFK NHLQH &KDQFH DQWZRUWHWH HU ³'LH 3XULVWHQ KDEHQ VFKRQ JHQXJ =XODXI LP 5DW 7UL 3UHQWLVV ZDUWHW MD QXU GDUDXI GD‰ ZLU XQVHUH 1HXWUDOLWlW DXIJHEHQ'DQQNDQQHUXQVHQGOLFKRIIHQDQJUHLIHQ 7ULSUH‰WHGLH/LSSHQ]XVDPPHQ ³6RZHLWLVWHVPLWXQVVFKRQJHNRPPHQ-LP:LUZDUHQHLQPDOHLQH*HPHLQVFKDIW LQGHUGHUHLQHIUGHQDQGHUHQHLQVWDQG(VLVWJHUDGHGUHL0RQDWHKHU (UDQWZRUWHWHQLFKW )HQQLQJ3UHQWLVVZDUHLQDOWHUYHUELWWHUWHU0DQQGHVVHQZDKUHU&KDUDNWHUVLFKHUVW KLHU DXI %XVVWRS RIIHQEDUW KDWWH (U NDP PLW VLFK VHOEVW QLFKW ]XUHFKW XQG JODXEWH GD‰ DXFK NHLQ DQGHUHU GDV 5HFKW DXI =XIULHGHQKHLW PLW VLFK XQG GHU :HOW EHVD‰ :DKUVFKHLQOLFKZDUGDVDXFKGHUZDKUH*UXQGGDIUJHZHVHQGD‰HUDXI(OPVWUDG]X GHQ (QNHOQ NDP (U ZDU WDWVlFKOLFK HLQ 6HNWLHUHU XQG KlWWH VLFK LQ MHGHU DQGHUHQ 2SSRVLWLRQZRKOJHIKOW $EHUOHLGHUZDUGLHV)UHQFKHUVWYLHO]XVSlWNODUJHZRUGHQ3UHQWLVVNRQQWHUHGHQXQG GLH /HXWH EHHLQGUXFNHQ (U XQG VHLQH $QKlQJHU LP 5DW QDQQWHQ VLFK GLH 3XULVWHQ ZHLOVLHGLH³UHLQH3KLORVRSKLHGHU(QNHOGHU6FK|SIXQJSUHGLJWHQ'DVQDKPHQVLH MHGHQIDOOVIUVLFKLQ$QVSUXFK 'LH DQGHUH *UXSSH XP 'DQD 6DQGHU GLH IU GLH $XVHLQDQGHUVHW]XQJ PLW GHP 3ODQHWHQZDUKLH‰HQIUVLHHLQIDFKGLH³3UDJPDWLVWHQ:HQQNHLQ6FKLIINDPJDE HVIUGLH3XULVWHQQXUHLQH=XNXQIW²QlPOLFKJDUNHLQH 6LH ZDUHQ DOOHQ (UQVWHV EHUHLW OLHEHU JHPHLQVDP LQ GHQ 7RG ]X JHKHQ VWDWW LKUHP JUR‰HQ ,GHDO DE]XVFKZ|UHQ GDV ]XU /lFKHUOLFKNHLW YHUNRPPHQ ZDU (LQ 6FKDFKWHOKDOP ZDU PHKU ZHUW DOV HLQ 0HQVFKHQOHEHQ  GDV ZDU QLFKW GLH $UW YRQ 8WRSLHGLHGLH(QNHOGHU6FK|SIXQJ]XVDPPHQJHIKUWKDWWH ³9LHOOHLFKWPDFKHQZLUDOOHHLQHQ)HKOHUK|UWH)UHQFK7ULFDQDVDJHQ(UEOLFNWHVLH IUDJHQGDQXQGVLHQLFNWH ³9LHOOHLFKW UHDJLHUW GHU 3ODQHW WDWVlFKOLFK ZLH HLQ 2UJDQLVPXV DXI XQV ,FK PHLQH GDVMHW]WHUQVW-LP(VJLEWRGHUJDEDXIGHU(UGH]XP%HLVSLHO3IODQ]HQGLHVHKU HPSILQGOLFKZDUHQXQGJHQDXVSUWHQREMHPDQG6\PSDWKLHIUVLHHPSIDQGRGHU QLFKW'HU1DPHGLHVHU3IODQ]HQZDU0LPRVHQ ³:HUVDJWGDV" ³'DQD$OV([RELRORJLQKDWVLHDXFKGLH3IODQ]HQZHOW7HUUDVVWXGLHUHQPVVHQVHKU LQWHQVLYVRJDU ³,FK PHLQH IXKU 7ULFDQD IRUW ³ZLU KDEHQ GHP 3ODQHWHQ GRFK YRQ $QIDQJ DQ JH]HLJWGD‰ZLULKQQLFKWP|JHQXQGHVNDXPHUZDUWHQN|QQHQZLHGHUYRQKLHU]X YHUVFKZLQGHQRGHU"6LHODFKWH³,FKZHL‰-LPHVNOLQJWYHUUFNW$EHU  ³$EHU ZLU VROOWHQ LKP VDJHQ GD‰ ZLU LKQ DN]HSWLHUHQ VR ZLH HU LVW XQWHUEUDFK )UHQFK GLH 3V\FKRORJLQ ³:LU VROOHQ QLFKW HUZDUWHQ GD‰ HU VLFK XQVHUHU ,GHDOYRUVWHOOXQJYRQHLQHUQHXHQ:HOWDQSD‰WVRQGHUQZLUVROOHQXQVLKPDQSDVVHQ VROHEHQVIHLQGOLFKHUVLFKXQVDXFKGDUVWHOOW)UHQFK]RJGLH%UDXHQ]XVDPPHQXQG EOLFNWH7ULHUQVWDQ³'LH7KHRULHGHV3URIHVVRUV 7ULFDQDQLFNWHKHIWLJ6LHODFKWHKLOIORV ³:LU N|QQHQ HV YHUVXFKHQ RGHU" 'D NHLQ :XQGHU JHVFKHKHQ XQG NHLQ 6FKLII 



NRPPHQZLUGKDEHQZLUQXUGLHVH&KDQFH²RGHUHLQH]ZHLWH ³8QGGLHZlUH"IUDJWH)UHQFK ³.lPSIHQ VDJWH 7UL ³8P XQVHU /HEHQ NlPSIHQ -LP +lUWHU DOV 'DQD XQG LKUH $QKlQJHUHVVLFKYRUVWHOOHQ0LW)HXHUXQG(LVHQXQGDOOHPZDVZLUKDEHQ  +DOOX]LQDWLRQ ,Q GLHVHU 1DFKW KDWWH 7ULFDQD LKUH HUVWH +DOOX]LQDWLRQ 6LH EHUILHO VLH YRU GHP (LQVFKODIHQ ZLH HLQ :DFKWUDXP XQG VLH NRQQWH VLFK QLFKW GDJHJHQ ZHKUHQ 'LH %LOGHU XQG GLH 6WLPPHQ VFKREHQ VLFK JDQ] VDQIW LQ LKU %HZX‰WVHLQ XQG OlKPWHQ VLH Y|OOLJ6LHNRQQWH-LPQLFKWHLQPDOGXUFKHLQH%HUKUXQJDXIZHFNHQ 6LHODJPLWWHQDXIHLQHUJUQHQ:LHVH6LHZDUY|OOLJQDFNWXQGODJDXIGHP5FNHQ XQG KDWWH GLH $XJHQ VWDUU LQ GHQ +LPPHO JHULFKWHW 'HQQRFK VDK VLH ZLH GXUFK HLQ H[WUHPHV:HLWZLQNHOREMHNWLYDOOHVZDVXPVLHKHUXPZDU 'LH:LHVHZDUQLFKWVHKUJUR‰XQGUXQGYLHOOHLFKWIQI]LJ0HWHULP'XUFKPHVVHU 6LHZDUXPJHEHQYRQKRKHQ%lXPHQHLQHUDEVWUXVHQ0LVFKXQJDXV%LUNHXQG)DUQ 'HU:DOGZDUQLFKWK|KHUDOV]HKQ0HWHUXQGHUEHVD‰NHLQH%VFKHRGHUVRQVWLJHV 8QWHUKRO]:RGLH:LHVHXQWHUGHQ/DXENURQHQDXIK|UWHZDUQLFKWVDOV'XQNHOKHLW $EHULUJHQGHWZDVVWHFNWHLQGLHVHU'XQNHOKHLW)U7ULFDQDZDUHVXQVLFKWEDU6LH IKOWHHVQXUGRFKVLHZX‰WHGD‰HVGDIUVLHJDQ]JHQDXVDK (V IOVWHUWH (V IOVWHUWH EHU VLH (V ZDUHQ 6WLPPHQ ZLHGDV5DXVFKHQGHV:LQGHV ZLH 3OlWVFKHUQ YRQ :DVVHU ZLH ZLH GLH *HUlXVFKH ZHQQ VLFK GUDX‰HQ GLH 6FKDFKWHOKDOPVWHQJHODQHLQDQGHUULHEHQ ,UJHQGZLHNRQQWH7ULFDQDGLHVHQ*HGDQNHQNODUGHQNHQXQGVLHZX‰WHDXFKZHUVLH ZDUXQGGD‰VLHMHW]WLQ:LUNOLFKNHLWLQHLQHP+DXVDXV:UDFNWHLOHQODJXQGWLHIVFKOLHI 8QGWURW]GHPVFKUDNVLHQLFKWVFKZHL‰JHEDGHWXQGVFKUHLHQGDXVGLHVHP7UDXPDXI :DUXPDXFK"6LHIKOWHVLFKJXWXQGZDUP'LH6FKDWWHQXQWHUGHQ%lXPHQZDUHQ LKU XQKHLPOLFK ZHLO VLH VLH QLFKW VHKHQ NRQQWH $EHU VLH KDWWH GHVKDOE NHLQH $QJVW YRULKQHQ 6LHZDUWHWH 'HU +LPPHO ZDU JUDX KLHU PLW HLQHP JHOEHQ GD PLW HLQHP JUQHQ 7XSIHU (LQ KHOOHUHU)OHFNZDQGHUWHYRQHLQHP(QGH]XPDQGHUHQXQGZLHGHU]XUFN:HQQHVGLH 6RQQH ZDU GHUHQ /LFKW YHUJHEOLFK GDUXPNlPSIWHGLH :RONHQGHFNHGHV3ODQHWHQ ]X GXUFKEUHFKHQ GDQQ VFKLHQ VLH XQHQWVFKORVVHQ ]X VHLQ RE VLH GHQ 7DJ DEKDNHQ RGHU ZLHGHUKROHQ VROOWH 9LHOOHLFKW ZDU VLH QRFK QLFKW ]XIULHGHQ PLW GHP ZDV VLH JHVHKHQKDWWH 7ULFDQDPX‰WHEHLGLHVHP*HGDQNHQOlFKHOQ1HLQVLHODFKWHODXWXQGVLHK|UWHHV 'DV )OVWHUQ XQWHU GHQ %lXPHQ HUVWDUE IU HLQH :HLOH XQG HLQH YROONRPPHQH 6WLOOHWUDWHLQ 8QGGDQQNDPHQVLH 7ULFDQD KDWWH HV VFKRQ NXU] YRUKHU JHZX‰W 1LFKW JHDKQW VRQGHUQ JHZX‰W 6LH NDPHQ]X'XW]HQGHQDXVGHQ6FKDWWHQXQGQlKHUWHQVLFKLKUYRUVLFKWLJ 6LH NRQQWH]ZDU MHW]W HWZDVVHKHQ DEHU LPPHU QRFK QLFKWV .ODUHV HUNHQQHQ :DV GDDXIVLH]XNDPZDUHQVWlQGLJYHUIOLH‰HQGH*HVWDOWHQYRQXQEHVWLPPEDUHU)RUP 0HQVFKHQ"9LHOOHLFKW3IODQ]HQ"$XFKGDVVFKLHQP|JOLFK2GHU7LHUH" ,UJHQGZLH ZDUHQ GLH IOLH‰HQGHQ *HVWDOWHQ HWZDV YRQ DOOHP HLQPDO JUDX HLQPDO JUQHLQPDOHUGIDUEHQ 



-HW]WEOLHEHQVLHVWHKHQ²RGHUK|UWHQDXI]XVFKZHEHQRGHUDXI7UL]X]XIOLH‰HQ6LH ELOGHWHQ HLQHQ JHVFKORVVHQHQ .UHLV XP GLH QDFNWH )UDX (V JDE NHLQH /FNH 7UL NRQQWH QLFKW HUNHQQHQ RE GLH :HOW KLQWHU GHQ *HVWDOWHQ QRFK GLH JOHLFKH ZDU ZLH YRUKLQ =XPHUVWHQPDOHPSIDQGVLH%HNOHPPXQJ 'LH *HVWDOWHQ EHVWDQGHQ DXV ODXWHU 3XQNWHQ MHW]W VDK VLH HV GHXWOLFK 'LH 3XQNWH ZXUGHQ JU|‰HU ZXUGHQ ]X $XJHQ ]X 7DXVHQGHQ YRQ $XJHQ GLH 7UL SO|W]OLFK XPVFKZLUUWHQ ZLH HLQ %LHQHQVFKZDUP (LQLJH ODQGHWHQ DXI LKU XQG ELOGHWHQ IHLQH )KOHUDXVGLHVLHDQJHQHKPZDUPEHUKUWHQ $EHU 7UL KDWWH GDV *HIKO DOV ERKUWHQ VLFK GLH )KOHU ELV LQ LKU ,QQHUVWHV XQG HUWDVWHWHQMHGHHLQ]HOQH=HOOH =XPHUVWHQPDOZDULKUQDFK6FKUHLHQ]XPXWHDEHUVLHKDWWHNHLQH6WLPPHPHKU )U TXlOHQGH 0LQXWHQ RGHU 6WXQGHQ"  EOLHE GDV VR 6LH ZXUGH YRQ GHQ $XJHQ GXUFKOHXFKWHW GXUFKWDVWHW XQG JHVWUHLFKHOW 6LH HUWUXJ HV ZHLO VLH HV PX‰WH 6LH NRQQWH QLFKW HLQPDO QDFK GHP $XJHQVFKZDUP VFKODJHQ 6LH OLWW XQG JODXEWH GHQ 9HUVWDQG]XYHUOLHUHQ 'RFK 7UL EHUVWDQG HV 6LH HUOHEWH ZLH GLH $XJHQ YRQ LKU DEOLH‰HQ XQG VLFK ]XUFN]RJHQ $OV RE HLQ )LOP ]XUFNJHVSXOW ZUGH VFKUXPSIWHQ VLH ZLHGHU ]X ZLQ]LJHQ 3XQNWHQ GLH DP (QGH ZLHGHU GLH IOLH‰HQGH 0HQVFK7LHU3IODQ]H *HVWDOWHQELOGHWHQ 8QG GLH *HVWDOWHQ HQWIHUQWHQ VLFK YRQ LKU 6LH JLQJHQ UFNZlUWV YRQ 7UL IRUW XQG ZLHGHU DXI GLH %lXPH ]X 'DEHL ORFNWHQ VLH VLH PLW +lQGHQ GLH SO|W]OLFK DOV PHQVFKOLFKH*OLHGPD‰HQ]XHUNHQQHQZDUHQ 8QGDXVHEHQVRNODUKHUYRUWUHWHQGHQ0QGHUQUDXQWHHV.RPP.RPP]XXQV (LQHXQJHKHXUH9HUORFNXQJODJLQGLHVHP5DXQHQ(VNODQJQDFKGHU9HUKHL‰XQJ YRQ *HERUJHQKHLW XQG 6RUJORVLJNHLW ELV DQV (QGH HLQHV /HEHQV GDV JDU NHLQ ULFKWLJHV(QGHPHKUKDWWH 7ULVDKVLFKDXIVWHKHQXQGODQJVDPGHQ6FKDWWHQJHVWDOWHQIROJHQ,KU.|USHUWDWHV RKQH :LOOHQVEHIHKO 7UL VDK VLFK VHOEVW VR ZLH HLQ )RWRJUDI VLH JHVHKHQ KlWWH HLQ .DPHUDPDQQHLQ]XIlOOLJHU%HREDFKWHUGHUJHUDGHMHW]WDXIGHU/LFKWXQJHUVFKLHQ -DPHV)UHQFK]XP%HLVSLHO 3O|W]OLFK ZDU VHLQ %LOG LQ 7ULV %HZX‰WVHLQ (V ZDU GHU $XJHQEOLFN LQ GHP VLH DXIVFKULH 6LHVFKULHZLUNOLFKXQG-LPIXKUQHEHQLKUDXVGHP%HWWKRFK(USDFNWHVLHDQGHQ 6FKXOWHUQDOVVLHEHEWHXQG]XFNWH(UUHGHWHDXIVLHHLQELVVLHLQGLH:LUNOLFKNHLW ]XUFNIDQG(UZXVFKLKUGHQ6FKZHL‰DEDOVVLHDP(QGHVFKODIIDXIGHP5FNHQ ODJGHQ%OLFNVWDUUJHJHQGLH'HFNHJHULFKWHWIDVWZLHDXIGHU:LHVH ³'RFK QLFKW GLH GLH +DOOX]LQDWLRQ" IUDJWH )UHQFK HQWVHW]W DOV LKU %OLFN LKQ ZLHGHU IDQG ³7UL VDJ ELWWH QLFKW GD‰ HV MHW]W DXFK EHL GLU DQIlQJW 1LFKW MHW]W VFKRQ $XVVHLQHU6WLPPHNODQJGLHVFKUHFNOLFKH$QJVWGDVHLQ]LJH]XYHUOLHUHQGDVLKP GDV6FKLFNVDOQRFKJHODVVHQKDWWH:HUHUVWHLQPDOGLH+DOOX]LQDWLRQKDWWHEHNDP GDQQPHLVWHQVDXFKEDOGGDV)LHEHU6SlWHVWHQVGDQQNDPGHU,UUVLQQZHQQQLFKW VFKRQYRUKHU 7ULFDQD]ZDQJHLQ/lFKHOQDXILKU*HVLFKWXQGVWULFKLKPHLQH/RFNHDXVGHU6WLUQ $XFK)UHQFKVFKZLW]WHWURW]GHV9HQWLODWRUVDQGHU'HFNH 



³(VZDUQXUHLQ7UDXP-LPVDJWHVLHOHLVH³:LUNOLFK(LQVFKOLPPHU7UDXPDEHU MHW]WLVWHUYRUEHL 6HLQ%OLFNYHUULHWVHLQH=ZHLIHO(UN‰WHVLHXQGOHJWHVLFKQHEHQLKUDXIGLH6HLWH 6LH VDKHQ HLQDQGHU LQ GLH $XJHQ XQG 7ULFDQD VDK VHLQH 6RUJH XQG HLQH $UW YRQ 7UDXHUGDULQGLHVLHVFKDXGHUQOLH‰ 6LH NlPSIWH GDUXP GLH +DOOX]LQDWLRQ ZHQLJVWHQV VRODQJH ]X YHUJHVVHQ ZLH HU VLH EHREDFKWHWH6LHEUDXFKWH5XKHXPVLFKGDUEHUNODU]XZHUGHQZDVVLHEHGHXWHQ NRQQWH'HQQHLQ6LQQVWHFNWHGDKLQWHUGDVZX‰WHVLH6LHVWHFNWHYROOHU6\PEROH ³6FKODIMHW]W-LPK|UWHVLHVLFKVDJHQ³:HQQGDV%DE\HUVWHLQPDOGDLVWZLUVW GXQLFKWPHKUYLHOYRQGHLQHQ1lFKWHQKDEHQ (UVWDUUWHVLHDQ6HNXQGHQODQJ'DQQIXKUHUKRFKZLHYRQGHU7DUDQWHOJHVWRFKHQ ³6DJ GDV QRFKPDO 7UL (U ODFKWH ZDUI GHQ .RSI ]XUFN XQG ID‰WH VLFK DQ GLH 6WLUQ³6DJHVQRFKHLQPDO 7ULVFKOXFNWH 6LHZX‰WHVHOEVWQLFKWZHURGHUZDVLKUGLH:RUWHLQGHQ0XQGJHOHJWKDWWH 6LHKDWWHELVMHW]WNHLQH$KQXQJGDYRQJHKDEWGD‰VLHVFKZDQJHUZDU$EHUMHW]W ZRVLHHVDXVJHVSURFKHQKDWWHGDZX‰WHVLHGD‰HVVWLPPWH 6LHZDUGLHHUVWHZHUGHQGH0XWWHUHLQHV0HQVFKHQNLQGHVDXI%XVVWRS  'LH6LW]XQJXQGGHU7RG (V ZDU VFKRQ ODQJH KHU GD‰ GLH hEHUOHEHQGHQ DXI %XVVWRS QRFK HLQH HFKWH *HPHLQVFKDIW ELOGHWHQ 6WDWW VLH ]XVDPPHQ]XVFKZHL‰HQ EUDFKWH GLH XQZLUWOLFKH 8PZHOWVLHDXVHLQDQGHU)DVWMHGHUUHGHWHQXUQRFKPLWVHLQHQ*HVLQQXQJVJHQRVVHQ RGHU PLW VHLQHP 3DUWQHU (LQLJH YHUOLH‰HQ LKUH :RKQHLQKHLW QXU QRFK XP VLFK PLW 9RUUlWHQHLQ]XGHFNHQXQGVFKORVVHQGDQQZLHGHUKLQWHUVLFK]X9LHOHKDWWHQ$QJVW GD‰PDQLKQHQLKUHQ=XVWDQGDQVDKRGHUJDQ]HLQIDFKQXUIUDJWH³:LHJHKWHV" 'LH$QWZRUWGDUDXIVRJXWXQGKDUPORVGLH)UDJHJHPHLQWZDUZXUGHYRQ7DJ]X 7DJXQGIULPPHUPHKU0HQVFKHQ]XP2IIHQEDUXQJVHLG(VJLQJGDUXPREPDQGLH +DOOX]LQDWLRQ KDWWH :HU .UDIW JHQXJ EHVD‰ GHU NRQQWH HV YRU GHQ DQGHUHQ YHUEHUJHQ ² ELV HU ]X SKDQWDVLHUHQ DQILQJ RGHU LP VFKOLPPVWHQ )DOO $PRN OLHI (V ZDUHQ ELVKHU QXU ZHQLJH )lOOH YRQ /HXWHQ EHNDQQW GLH DXFK QDFK PHKUHUHQ 9LVLRQHQQRUPDOEOLHEHQ 'DV )LHEHU GDJHJHQ OLH‰ VLFK QLFKW YHUVWHFNHQ XQG ZHU HLQPDO GDYRQ JHSDFNW ZDU GHP NRQQWH PDQ QXU QRFK PLW 0HGLNDPHQWHQ XQG /LHEH KHOIHQ VHLQ (QGH VRODQJH ZLHP|JOLFKKLQDXV]XVFKLHEHQXQGHVVRZUGLJZLHP|JOLFK]XHUWUDJHQ )DVWMHGHUZLWWHUWHLP%OLFNGHVDQGHUHQ0L‰WUDXHQ'DVEHWUDIDXFKGDVZDVHULP 5DW]XVDJHQKDWWHRGHUQLFKWVDJWH(JDORE:RUWPHOGXQJXQG0HLQXQJVlX‰HUXQJ RGHU QLFKW ² VR RGHU VR XQWHUVWW]WH PDQ HLQH GHU ULYDOLVLHUHQGHQ 3DUWHLHQ GLH 3XULVWHQRGHUGLH3UDJPDWLVWHQ0DQNRQQWHVLFKLQVHLQH:RKQHLQKHLWYHUNULHFKHQ DEHU QLHPDQG NRQQWH LQ GLHVHU LPPHU NOHLQHU ZHUGHQGHQ *UXSSH VHLQHU (LJHQYHUDQWZRUWXQJHQWIOLHKHQHVVHLGHQQGXUFKGHQ7RG :HLOHUGLH0HQVFKHQYHUHLQVDPHQYHUELWWHUQXQGOHLGHQVDKKDWWH-DPHV)UHQFK YRU ]ZHL :RFKHQ GLH DOOJHPHLQH 3IOLFKW GXUFKJHVHW]W GD‰ MHGHU DQ GHQ Z|FKHQWOLFKHQ 5DWVVLW]XQJHQ WHLOQDKP MHGHU GHU QRFK RKQH 3UREOHPH JHKHQ NRQQWH XQG +HUU VHLQHU 6LQQH ZDU 1RWIDOOV ZXUGHQ GLH /HXWH JH]ZXQJHQ LQGHP PDQGURKWHLKQHQLKUH5DWLRQHQ]XVSHUUHQ)UHQFKZX‰WHGD‰HUVLFKGDPLW)HLQGH 



PDFKWH DEHU HVZDUZLFKWLJGD‰PDQ VLFK VDK XQG DQGHUH 6WLPPHQ K|UWH (V ZDU ZLFKWLJ]XVHKHQZLHYLHOH*HVXQGHHVQRFKLQGHU6LHGOXQJJDE +HXWH ZDUHQ HV PLW LKP  $QZHVHQGH LQ GHU /DJHUKDOOH KLQWHU GHU :RKQKlXVHUUHLKH'DVZDUHQYRQPLWWOHUZHLOHQRFK/HEHQGHQ,QGHU1DFKW KDWWHHVZHLWHUH]ZHL6WHUEHIlOOHJHJHEHQ6RVFKOLPPZDUHVQRFKQLHJHZHVHQ 'LH GUHLXQG]ZDQ]LJ )HKOHQGHQ ZDUHQ HQWZHGHU LP )LHEHURGHUTXlOWHQVLFKGXUFK GLH+|OOHLKUHU+DOOX]LQDWLRQHQ %HL GHP *HGDQNHQ GDUDQ ZDUI )UHQFK XQDXIIlOOLJ HLQHQ %OLFN DXI 7ULFDQD GLH UHFKWVQHEHQLKPVD‰6LHEHPHUNWHHVQLFKWRGHUWDWZHQLJVWHQVVR6LHVDKHWZDV PGHDXVGDVZDUDOOHV 5HFKWV YRQ LKU ZLHGHUXP VD‰ 'DQD 6DQGHU GLH %LRORJLQ XQG 9HUIHFKWHULQ GHV .DPSIHV XPV hEHUOHEHQ 'DQD ZDU  -DKUH DOW KDWWH HLQ VFKPDOHV *HVLFKW XQG ZHL‰H+DDUHODQJXQGJODWW6LHWUXJGLFNH+DIWVFKDOHQDXIGHQURWHQ$OELQRDXJHQ 'HU HUVWH (LQGUXFN WlXVFKWH DOOHUGLQJV 'DQD ZDU NHLQH $UNRQLGLQ VRQGHUQ HLQH ZDVFKHFKWH7HUUDJHERUHQH$OELQRVJDEHVDXFKGRUW 'DQDV %OLFN ZLUNWH LPPHU HWZDV YHUWUlXPW ZDV VFKOHFKW ]X GHQ HQWVFKORVVHQHQ IDVWEHUKDUWZLUNHQGHQ=JHQSD‰WH:HUVLHNDQQWHGHUZX‰WHGD‰VLHLKUOHW]WHV +HPGIUMHGHQ QRWOHLGHQGHQ0LWPHQVFKHQJHEHQZUGH(UZX‰WHDEHUDXFKGD‰ VLHNlPSIHQNRQQWHZHQQVLHHLQ=LHOKDWWH /LQNVYRQ)UHQFKVD‰)HQQLQJ3UHQWLVV (U VDK QRFK OlFKHUOLFKHU DXV DOV HU UHGHWH 3UHQWLVV PLW VHLQHQ IDVW KXQGHUW -DKUHQ DXFKLQGLHVHU=HLWQLFKWPHKUGHU-QJVWHWUXJVHLQHOHW]WHQJUDXHQ+DDUHLQHLQHP VFKWWHUHQ.UDQ]XPGLHVSLW]HXQGKRKH*ODW]HVRODQJZLHHLQ,QGLDQHUELVEHU GLH 6FKXOWHUQ .lPPHQ WDW HU VLFK QLH GHQ ZHL‰HQ %DUW PLW VHLQHQ GUHL +lUFKHQ OLH‰ HU DXFK VSULH‰HQ XQG VHLQHQ 'HQWLVWHQ KDWWH HU VHLW IQI]LJ -DKUHQ QLFKW DXIJHVXFKW-HGHU]ZHLWH=DKQIHKOWH :DVGHU0DQQDP/HLEWUXJSD‰WHGD]X1DWUOLFKMHGHUZDULQGLHVHP7UHLEKDXV IURKZHQQHUVRZHQLJZLHP|JOLFKDQ]LHKHQPX‰WH0DQZDUELVDXI$XVQDKPHQ  QLFKWSUGH(VJDEDXFK*HVWUDQGHWHGLHJDQ]QDFNWKHUXPOLHIHQRGHUJHUDGHPLW HLQHP 6OLS EHNOHLGHW 'LH PHLVWHQ WUXJHQ LKUH OHLFKWHQ 6WRIINRPELQDWLRQHQ DXV V\QWKHWLVFKHU%DXPZROOH )HQQLQJ3UHQWLVVJLQJLQHLQHPNKDNLIDUEHQHQ8PKDQJHLQKHUGHUEHUGHQ+IWHQ GXUFK HLQH .RUGHO JHJUWHW ZDU $Q GHQ )‰HQ KDWWH HU 6DQGDOHQ 8P IU -HVXV JHKDOWHQ ]X ZHUGHQ IHKOWH LKP DEHU HLQH JDQ]H 0HQJH 1XU -QJHU  GLH KDWWH HU VLFKJHQXJ]XVDPPHQJHUHGHW 'LHIQIWH3HUVRQJDQ]DX‰HQOLQNVDQGHP7LVFKGHUTXHUYRUGHQ6LW]P|EHOQGHU 9HUVDPPOXQJ VWDQG 6WKOH .LVWHQ 7RQQHQ  ZDU VFKOLH‰OLFK HLQ JHUDGH YLHU]LJMlKULJHUMXQJHU0DQQQDPHQV=DFKDULDV'\RVWGHUKHXWHHUVWPDOVGDVMHGHP RIIHQVWHKHQGH $QJHERW DQJHQRPPHQ KDWWH VLFK DQ GHQ 7LVFK GHUHU ]X VHW]HQ GLH HWZDV]XVDJHQKDWWHQVWDWW]XGHQHQGLHLKQHQJHTXlOW]XK|UWHQXQGELVDXIGLHVHQ RGHU MHQHQ (LQZXUI QXU GLH +DQG KREHQ RGHU QLFNWHQ RGHU GHQ .RSI PL‰ELOOLJHQG VFKWWHOWHQ '\RVWZDUHLQ+LW]NRSI 6HLQHMXQJH)UDXZDUHLQHGHUHUVWHQJHZHVHQGLHQDFKGHU 5RGXQJ GDV )LHEHU EHNRPPHQ KDWWHQ XQG GDUDQ JHVWRUEHQ ZDUHQ 'DPDOV KDWWH '\RVW VLFK EHWUXQNHQ XQG ZDU DXI GHQ 3ODW] YRU GHQ +lXVHUQ JHODXIHQ (U KDWWH JHVFKULHQGD‰HUVHLQH)UDXUlFKHQZUGH²XQGDPOLHEVWHQGHQJDQ]HQ3ODQHWHQLQ 



GLH /XIW MDJHQ ZUGH ³(LQH $UNRQERPEH KDWWH HU LPPHU ZLHGHU JHODOOW ³*HEW PLUHLQH$UNRQERPEH,FK]QGHVLH 6HLWGHPKDWWH HU QXUQRFK]XUFNJH]RJHQJHOHEWXQG)UHQFKIUDJWHVLFKZDUXPGHU %XUVFKHPLWGHP1DUEHQJHVLFKWXQGGHQEODXJHIlUEWHQNXU]HQ+DDUHQKHXWHKLHUVD‰ 1DWUOLFK GXUIWH HU UHGHQ )UHQFK KRIIWH QXU GD‰HU QLFKW ZLHGHU PLW $UNRQERPEHQ DQILQJ 'LH HUVWH $WWDFNH DOV GLH 9HUVDPPOXQJ YROO]lKOLJ ZDU XQG VLFK GDV DOOJHPHLQH *HPXUPHOJHOHJWKDWWHNDPDOOHUGLQJVYRQ)HQQLQJ3UHQWLVV (VZlUHLPPHUQRFK)UHQFKV6DFKHJHZHVHQGLH6LW]XQJ]XHU|IIQHQDEHUGHUDOWH 0DQQPLWGHP*XUX*HKDEHZDUWHWHQLFKWGDUDXIGD‰HUGDV:RUWHUJULII ³,FK EHJU‰H GLH $QZHVHQGHQ VDJWH HU XQG OLH‰ HLQHQ JHVFKPDFNORVHQ 6FKHU] IROJHQ ³VRZHLW VLH QRFK NODU JHQXJ LP .RSI VLQG XP ZLUNOLFKDQZHVHQG VHLQ ]X N|QQHQ 8QG EHYRU ZLU XQV KHXWH EHU XQV EHU GLHVHQ 3ODQHWHQ XQG EHU GLH =XNXQIWXQWHUKDOWHQVWHOOHLFKHLQHQ$QWUDJ (U OHKQWH VLFK ]XUFN XQG OLH‰ VHLQH )LQJHUVSLW]HQ HLQHQ 5K\WKPXV DXI GLH 7LVFKSODWWHWURPPHOQXPGLH6SDQQXQJ]XHUK|KHQ ³,FK VWHOOH GHQ $QWUDJ VDJWH HU GDQQ ³-DPHV 'RPLQLF )UHQFK DOV 9RUPDQQ DE]XZlKOHQ XQG PLU DOV GHP )KUHU GHU 3XULVWHQ GLH %HIHKOVJHZDOW EHU GLH 6LHGOXQJ]XEHUWUDJHQ )UHQFKV .RSI IXKU KHUXP (U VWDUUWH GHQ 0DQQ DQ GHU HV QLFKW HLQPDO IU Q|WLJ EHIDQG VHLQHQ %OLFN ]X HUZLGHUQ VRQGHUQ EHLIDOOKHLVFKHQG LQ GLH 5HLKHQ GHU *HNRPPHQHQVDK ³%HJUQGXQJ" IUDJWH 7UL 6LH YHUVWDQG HV PHLVWHUKDIW LQ 6LWXDWLRQHQ ZLH GLHVHU NHLQH*HIKOH]X]HLJHQ ³*HUQ VDJWH 3UHQWLVV ³(UVWHQV )UHQFK KDW XQVHUH .DPHUDGHQ XQG )UDXHQ DXI GHP*HZLVVHQGHQQVHLQ9RWXPJDEGHQ$XVVFKODJGDIUGD‰LP8UZDOGGLHVHV MXQJIUlXOLFKHQ 3ODQHWHQ JHURGHW ZXUGH 'D‰ GHU 3ODQHW GLHVH ZXQGHUEDUH RUJDQLVFKH 6HHOH YHUOHW]W ZXUGH .RQQWH QRFK PHKU IDOVFKHV 3DWKRV WULHIHQ" 3UHQWLVVOLHIHUWHDXFKGDIUGHQ%HZHLV³)UHQFKWUlJWGLH6FKXOGDQDOOHP%|VHQ GDVEHUXQVJHNRPPHQLVW'HU3ODQHWDQWZRUWHWHDXIVHLQHQEUXWDOHQ$QJULIIPLW :DUQXQJHQ (U VFKLFNWH XQV GLH +DOOX]LQDWLRQHQ XP XQV ]X OlXWHUQ (U VFKLFNWH GDV)LHEHUXPMHQH]XVWUDIHQGLHQLFKWJHOlXWHUWZHUGHQZROOWHQ8QGHUVFKLFNWH GHQ7RGXP  ³(U VFKLFNWH LKQ DQ GLH IDOVFKH $GUHVVH ZXUGH 3UHQWLVV XQWHUEURFKHQ 'HU 5XI NDPYRQ'DQD³(UKlWWH6LHDOWHQ*LIWVSHLHU]XVLFKKROHQVROOHQ6RVHKHQ6LHGDV 6WHUEHQ GRFK LQ ,KUHU XQJODXEOLFKHQ $QPD‰XQJ GHQ :LOOHQ GHU 6FK|SIXQJ JHSDFKWHW]XKDEHQ )UHQFKVSUWHZLHHVLKPKHL‰ZXUGHXQGHVZDUQLFKWGLH6FKZOHYRQ%XVVWRS (UZROOWHDXIGHQ9RUZXUIDQWZRUWHQDEHU3UHQWLVVNDPLKPHUQHXW]XYRU ³=ZHLWHQV VDJWH GHU $OWH GHU DXFK 'DQD NHLQHU %HDFKWXQJ ZUGLJWH ³EHKDXSWH LFKGD‰-DPHV)UHQFKVHLW:RFKHQQLHPHKUEHLGHP5DXPVFKLIIZDUXQGXQVQXU WlXVFKWH,FKEHKDXSWHGD‰HVNHLQ:UDFNXQGNHLQHQ6HQGHUPHKUJLEW:LUVLQG DOOHLQXQGZHUGHQDOOHLQEOHLEHQ6RZLOOHVGDV6FKLFNVDOGDVXQVKLHUKHUVFKLFNWH XPGLHVHP3ODQHWHQ]XGLHQHQ (LQ 5DXQHQ JLQJ GXUFK GLH /HXWH (LQLJH VWDQGHQ DXI (LQLJH VWDUUWHQ GHQ DOWHQ 0DQQQXUYHUVWlQGQLVORVDQRGHU)UHQFK$QGHUHXQWHUKLHOWHQVLFKDXIJHUHJW 



7ULFDQDYHUORU]XPHUVWHQPDOLKUH)DVVXQJXQGVSUDQJDXI'DQDEDOOWHGLH)lXVWHXQG ULHI LUJHQG HWZDV LQ GLH =XK|UHUVFKDU KLQHLQ '\RVW VD‰ PLW HLQHP ]XIULHGHQHQ /lFKHOQGDXQG-DPHV)UHQFKZDUZLHJHOlKPW :DVLKQODKPWHZDUZHQLJHUGLH)UDJHGLHVLFKLKPXQZHLJHUOLFKVWHOOWHREOLQNV QHEHQLKPHLQDEVROXW9HUUFNWHURGHUHLQVNUXSHOORVHU9HUEUHFKHUVD‰GHQGLH(QNHO EHLVLFKDXIJHQRPPHQKDWWHQ (VZDUGLH(UNHQQWLVGD‰3UHQWLVVIDOOVHUZDKQVLQQLJZDUHLQJHQLDOHU:DKQVLQQLJHU ZDU (U KDWWH LKP 'DYLG )UHQFK MHGHQ :LQG DXV GHQ 6HJHOQ JHQRPPHQ DOV HU GDIU SOlGLHUWH GDV :UDFN XQG GHQ 1RWUXI ]X YHUJHVVHQ 'DV ZROOWH )UHQFK MD JHUDGH KHXWHHUUHLFKHQ $EHUGLH.RQVHTXHQ]GLH3UHQWLVV]RJZDUYHUKHHUHQG ³6DJ HWZDV -LP IOVWHUWH 7UL LKP ]X ³8P +LPPHOV ZLOOHQ VLW] QLFKW VR GD DOV ZUGHVWGXGLHVHVGXPPH=HXJKLQQHKPHQ'XPX‰WGLFKGRFKZHKUHQ-LP (UZROOWHHV(UVWDQGDXIXQGULHIXP5XKH'DQDNDPXQGVWHOOWHVLFK GHPRQVWUDWLY KLQWHU7ULXQGLKQ 'DVFKQDSSWH)UHQFKHLQHQ%OLFNYRQ=DFKDULDV'\RVWDXIXQGLPJOHLFKHQ0RPHQW KDWWH HU GDV *HIKO GD‰ GDV ZDV VLH KLHU XQWHU VLFK DXVWUXJHQ QXU HLQ KDUPORVHV :RUWJHSOlQNHOZDUREZRKOLQGLHVHQ6WXQGHQPLW6LFKHUKHLWEHUGLH=XNXQIWGHU *HVWUDQGHWHQHQWVFKLHGHQZXUGH (WZDVJHVFKDKXQGQXUGLHVHU+LW]NRSIZX‰WHGDYRQ )UHQFKKDWWHSO|W]OLFKHLQHQURWHQ6FKOHLHUYRUGHQ$XJHQ²ZLH%OXW 8QG7ULFDQDVFKULHJHOOHQGDXI ³'UDX‰HQ SUH‰WH VLH XQWHU =XFNXQJHQ KHUYRU ³(V SDVVLHUW GUDX‰HQ 8QG GHU 3ODQHWVFKLFNWVFKRQVHLQH$QWZRUW(UZHL‰ZDVJHVFKHKHQZLUG 6LHZDUHQ]XGULWW'UHL0lQQHUQLFKWMQJHUDOVYLHU]LJXQGQLFKWlOWHUDOVIQI]LJ GLH LKUH )UDXHQ %UGHU XQG )UHXQGH ZLH =DFKDULDV '\RVW DXI XQG GXUFK %XVVWRS YHUORUHQKDWWHQ 6LH ZDUHQ JHVXQG 1RFK NHLQHU YRQ LKQHQ KDWWH GLH YHUGDPPWH +DOOX]LQDWLRQ JHKDEW XQG VLH KDWWHQ DXFK QLFKW GLH $EVLFKW GXUFK VLH GHQ 9HUVWDQG ]X YHUOLHUHQ ZLHGLHDQGHUHQ7RGHVOlXIHUGLHLQGHQ'VFKXQJHOJHUDQQWXQGQLH]XUFNJHNHKUW ZDUHQ &DVVLR'DQXQG0D[WUXJHQ:DIIHQ 6LH KDWWHQ VLH VLFK KHLPOLFK EHVRUJW =DFKDULDV KDWWH LKQHQ JHQDX JH]HLJW ZR VLH ODJHQXQGHUKDWWHDXFKGDIUJH]HXJWGD‰VLHNUDQNXQGQLFKWLQGHU/DJHVHLHQDQ GHUKHXWLJHQ9HUVDPPOXQJWHLO]XQHKPHQ 6LH KDWWHQ VLFK GLH .RPELVWUDKOHU JHQRPPHQ VFKZHUH *HZHKUH XQG OHLFKWH +DQGIHXHUZDIIHQ  XQG GDV &DPS YHUODVVHQ 'D‰ VLH LKU =LHO JHQDX NDQQWHQ ZDU 0D[ ]X YHUGDQNHQ XQG 'DQD 6DQGHU GLH PLW GHP MXQJHQ 0DQQ HLQ /LHEHVYHUKlOWQLV KDWWH QDFKGHP DXFK LKU 0DQQ ODQJH XQWHU GHU .UXPH YRQ %XVVWRSODJ 'DQD KDWWH NHLQH JUR‰HQ 0|JOLFKNHLWHQ LKUH LQ]ZLVFKHQ DQJHKlXIWHQ .HQQWQLVVH EHU GLH FKDRWLVFKH 1DWXU GHV 3ODQHWHQ GHQ DQGHUHQ PLW]XWHLOHQ 6HOEVW )UHQFK VDJWH VLH QXU GDV ZRYRQ VLH JODXEWH GD‰ HV LQWHUHVVDQW XQG QW]OLFK IU LKQ VHLQ N|QQWH 6LH EHUUHLFKWH LKP HLQH 0DSSH LKUHU (QWGHFNXQJHQ LPPHU EHL GHQ Z|FKHQWOLFKHQ=XVDPPHQNQIWHQ 



6R ZDU HV DXFK MHW]W 'DQD KDWWH LKUH OHW]WH XQG ZLFKWLJVWH 0DSSH ]XU 6LW]XQJ PLWJHQRPPHQ :DV VLH DEHU QLFKW ZX‰WH ZDU GD‰ LKU QHXHU /HEHQVJHIlKUWH LKUH 1RWL]HQ DEJHVFKULHEHQ KDWWH QDFKGHP VLH LKP YRUKHU HUNOlUW KDWWH ZDV VLH ]X EHGHXWHQKDWWHQ 'DQDFK JDE HV EHUDOO LP ELVKHU HUIRUVFKWHQ LP 9HUKlOWQLV ]XP JDQ]HQ 3ODQHWHQ XQHQGOLFK NOHLQHQ *HELHW YRQ %XVVWRS MHZHLOV HLQH EHVRQGHUH 3IODQ]H GLH 'DQD JDQ]HLQIDFKDOV³0XWWHUSIODQ]HEH]HLFKQHWKDWWH -HGHGLHVHU0XWWHUSIODQ]HQZDU²LPPHUYRUDXVJHVHW]WGD‰'DQDVDXISULPLWLYHQ )RUVFKXQJHQDXIJHEDXWHQ+\SRWKHVHQVWLPPWHQ²GXUFKHLQKDDUIHLQHV:XU]HOZHUN PLWDOOHQDQGHUHQ3IODQ]HQLP8PNUHLVYRQELV]X]HKQWDXVHQG4XDGUDWNLORPHWHUQ YHUEXQGHQ'HQ$XVVFKODJIUGLHVH(UNHQQWQLVKDWWHGDVJHJHEHQZDV'DQDKHXWH DOV ³5RGXQJVVFKRFN EH]HLFKQHWH $OV GLH YHUKlQJQLVYROOH 5RGXQJ HLQHV ZLQ]LJHQ )OHFNHQV GLHVHU :HOW EHJDQQ KDWWHQ LQ ZHLWHP 8PNUHLV DOOH DQGHUHQ 3IODQ]HQ PLW SO|W]OLFKHP $EVWHUEHQ UHDJLHUW VREDOG HLQHV MHQHU EHVRQGHUHQ *HZlFKVH DQ GLH 5HLKHNDP 'DQD ZROOWH GLHV KHXWH ]XU 6SUDFKH EULQJHQ  LQ GHU +RIIQXQJ GLH 3LRQLHUOXVW LQ GHQIUXVWULHUWHQ0HQVFKHQ]XZHFNHQXQGVLHDXI]XIRUGHUQPLWLKUHQGOLFKDNWLYDQ GHU (UIRUVFKXQJ GLHVHV HLQ]LJDUWLJHQ 3ODQHWHQ ]X DUEHLWHQ VWDWW VLFK JHJHQVHLWLJ ]X EHMDPPHUQ $XI LKP EHUOHEHQ KLH‰ LKQ ]XHUVW HLQPDO YHUVWHKHQ 'LHV XQG VLFK JOHLFK]HLWLJVHLQHU+DXW]XZHKUHQGDVZDU'DQD6DQGHUV3KLORVSKLH $EHUQXQZDUHQ0D[XQGVHLQH0LWYHUVFKZ|UHUDP=XJ 6LH ZROOWHQ PLQGHVWHQV HLQH GLHVHU 0XWWHUSIODQ]HQ W|WHQ XP HLQ HUVWHV 6LJQDO ]X VHW]HQ 8QG GDQQ ZHQQ GLH 3XULVWHQNULHFKHU HV YHUVWDQGHQ KDWWHQ QRFK HLQV XQG QRFKHLQVXQGQRFKHLQVELVGHU3ODQHWYHUVWDQGHQKDWWHGD‰HUHVPLW0HQVFKHQ ]XWXQKDWWH 0HQVFKHQ :DKUVFKHLQOLFK ZUGH HU ]XUFNVFKODJHQ 'LH GUHL 0lQQHU GLH VLFK DOV +HOGHQ IKOWHQGHQHQGLHDQGHUHQQRFKGDQNEDUVHLQZUGHQZROOWHQQLFKWVDQGHUHV %XVVWRSPX‰WHVHLQHJDQ]H*UDXVDPNHLWRIIHQEDUHQGDPLW)UHQFKXQGGLHDQGHUHQ -DPPHUODSSHQHQGOLFKHUZDFKWHQXQGNlPSIWHQ%HYRUHVHQGJOWLJ]XVSlWZDU &DVVLR 'DQ XQG 0D[ ZDUHQ DXV HKUOLFKHU hEHU]HXJXQJ ]X GHQ (QNHOQ JHNRPPHQ :DV VLH MHW]W WDWHQ KlWWH LKQHQ YRU GUHL 0RQDWHQ QRFK GLH +DDUH HLQ]HOQ ]X %HUJH VWHKHQ ODVVHQ $EHU HV JLQJ XP LKU /HEHQ 6LH JODXEWHQ QLFKW DQ 5HWWXQJ DXV GHP :HOWDOO6LHPX‰WHQGLHVHPYHUGDPPWHQ3ODQHWHQ]HLJHQ GD‰ HU HV QLFKW PLW DOOHQ 0HQVFKHQ VR OHLFKW KDEHQ ZUGH ZLH PLW GHQ +RIIQXQJVORVHQ GLH NHLQHQ :LGHUVWDQGPHKUOHLVWHWHQ 'HU3ODQHWZUGH]XUFNVFKODJHQ²DEHUVLFKGDEHLVHLQHJUQHQEOlWWULJHQ)LQJHU YHUEUHQQHQ(UZUGHGLH 0DFKWGHU:DIIHQ]X VSUHQEHNRPPHQ=DFKDULDVZDU LP5DWXPGHQ%RGHQGDIU]XHEQHQ 'HU 3ODQHW ZUGH OHUQHQ XQG EHJUHLIHQ PVVHQ GD‰ HU GLH +lQGH YRQ GHQ 0HQVFKHQ ]X ODVVHQ KDWWH 6LH ZDUHQ MD EHUHLW VLFK PLW GHP ]X EHJQJHQ ZDV VLH JHUDGH]XP/HEHQEUDXFKWHQ9LHOOHLFKWNRQQWHQVLHLKPIUGDVZDVVLHGDIUYRQ LKP EUDXFKWHQ DXFK HWZDV JHEHQ (V ODJ QXU DQ LKP ² XQG MHPDQG PX‰WH LKQ HQGOLFK]XGLHVHU(LQVLFKW]ZLQJHQ 'LH GUHL 0lQQHU VFKREHQ VLFK GXUFK GDV 'LFNLFKW KLQWHU GHP =DXQ ,KUH 6WLHIHO YHUVDQNHQ ELV ]HQWLPHWHUWLHILP6FKODPPREZRKO HV VHLW JHVWHUQ DEHQG QLFKW PHKU 



JHUHJQHWKDWWHHLQHHUVWDXQOLFKODQJH=HLWIU%XVVWRS 'DIU ZDU GLH/XIW DOOHUGLQJV VR IHXFKWGD‰ HLQ 5HJHQ NHLQHQ JUR‰HQ8QWHUVFKLHG JHPDFKW KlWWH 0D[ VFKZLW]WH VLFK GDV :DVVHU DXV GHP /HLE 6HLQ .UHLVODXI ZDU QRFKQLHGHUVWDELOVWHJHZHVHQ2KQHGLH0HGLNDPHQWHZlUHHUOlQJVWXPJHIDOOHQ :LHODQJWHUHLFKWHQVLHHLJHQWOLFKQRFK"IUDJWHHUVLFK-HGHUEHNDPVLH$EHUZHQQ HLQPDO 6FKOX‰ ZDU NRQQWHQ NHLQH QHXHQ KHUJHVWHOOW ZHUGHQ 0D[ KDWWH QXU GHQ PDNDEUHQ7URVWGD‰GLH0HGLNDPHQWHXPVROlQJHUYRUKLHOWHQMHPHKU6FKZDFKH GXUFKGDV)LHEHUXPNDPHQ &DVVLRXQG'DQPX‰WHQLPPHUZLHGHUDXILKUHQ*HIlKUWHQZDUWHQ0D[ZKOWHVLFK GXUFK GDV *HVFKOLQJH GHU 'VFKXQJHOJHZlFKVH XQG DWPHWH VFKZHU 'HU 6FKZHL‰ EUDQQWHLKPLQGHQ$XJHQ6HLQ/HLENRFKWH$POLHEVWHQKlWWHHUMHGH5DQNHMHGHV %ODWWXQG MHGHQ)DUQZHGHO]HUVWUDKOWGHULKQEHKLQGHUWH$EHUGDVKlWWHYLHOOHLFKW HLQH]XIUKH5HDNWLRQGHV3ODQHWHQKHUYRUJHUXIHQ 6HOWVDP GDFKWH0D[HU W|WHW QXUGXUFKGDV )LHEHUXQGGLH+DOOX]LQDWLRQHQDEHU GDYLHOOHLFKWQLFKWHLQPDOPLW$EVLFKW(UKDWDEHUQRFKNHLQHQYRQXQVGXUFK7LHUH XPJHEUDFKWRGHUGXUFK6FKOLQJSIODQ]HQ 0D[DKQWHQLFKWGD‰HUGHUHUVWHVHLQZUGHEHLGHPGDVDQGHUVZDU (V GDXHUWH 6WXQGHQ 0D[ KDWWH DXV 'DQDV $XI]HLFKQXQJHQ HLQH JHQDXH %HVFKUHLEXQJ GHU 0XWWHUSIODQ]HQ 6LH ZDUHQ QLFKW ]X YHUZHFKVHOQ 6HOEVW EHL GHU VWlQGLJHQ0XWDWLRQKLHUDXI%XVVWRSNRQQWHQVRVFKQHOONHLQHQHXHQ$UWHQHQWVWHKHQ GLHGHQ0XWWHUSIODQ]HQ]XP9HUZHFKVHOQJOLFKHQ (VZDUHQHWZD]HKQ0HWHUKRKH*HZlFKVHGLHDXVVDKHQZLHHLQHVNXUULOH0LVFKXQJ DXV 6FKDFKWHOKDOP )DUQ %LUNH XQG 3DOPH 9RP GLFNHQ 6WDPP ]ZHLJWHQ GLH )DUQZHGHODE'HU6WDPPZDUZHL‰XQGZDKUVFKHLQOLFKKRKO 0D[KDWWHHVVLFKOHLFKWHUYRUJHVWHOOWHLQHVROFKH3IODQ]H]XILQGHQ-HW]WGDFKWHHU GD‰HUVLFKQXUQRFKLP.UHLVEHZHJWH(UEHUOHJWHVRJDUVFKRQREGHUYHUIOXFKWH 3ODQHWLKQJH]LHOWLQGLH,UUHIKUWHLQGHPHUPLWVHLQHQ3IODQ]HQ%DUULHUHQDXIEDXWH XQGGLH)‰HXQGGLH6LFKWEHKLQGHUWH 'RFKGDQQVDKHUGHQZHL‰HQ6WDPPXQGZX‰WHGD‰VLHGDV=LHOYRUVLFKKDWWHQ ³:LUJHKHQHLQ6WFN]XUFNVDJWH0D[]XGHQEHLGHQDQGHUHQ³:LUGHVLQWHJULHUHQ GDV JDQ]H *HOlQGH XP GLHVHV 3UDFKWVWFN KHUXP DEHU YRUVLFKWVKDOEHU DXV VLFKHUHU (QWIHUQXQJ &DVVLRXQG'DQQLFNWHQXQGIROJWHQLKP 'DEHL PX‰WHQ VLH ]ZHLPDO GHQ GLFNHQ IOHLVFKLJHQ IHWWJOlQ]HQGHQ %OlWWHUQ YRQ UHJHOUHFKWHQ 0DPPXWSIODQ]HQ DXVZHLFKHQ GLH YRUKLQ QRFK QLFKW KLHU JHZHVHQ ZDUHQ$OOHGUHLKlWWHQMHGHQ6FKZXUGDUDXIJHOHLVWHW 'LH %OlWWHU ZDUHQ ]ZHL 0HWHU ODQJ XQG KDOE VR EUHLW ,Q GHU 0LWWH KDWWHQ VLH HLQHQ GHXWOLFKHQ.QLFNHQWODQJGHU/lQJVDFKVH 'LH 3IODQ]HQ ]X GHQHQ VLH JHK|UWHQ KDWWHQ HLQHJDQ]EHVRQGHUH $UW YRQ :XU]HOQ 6LH NRQQWHQ VLH DXV GHP %RGHQ ]LHKHQ XQG HLQ 6WFN ZHLWHU ZLHGHU LQ GHQ 0RUDVW VFKODJHQ 0LW GLHVHP JXWHQ 'XW]HQG /DXIZXU]HOQ EHZHJWHQ VLH VLFK GRUWKLQ ZR GHU 3ODQHWXQGGLH0XWWHUSIODQ]HQVLHEUDXFKWHQ 'RFK GLH :XU]HOQ NRQQWHQ DXFK QRFK ]X HLQHP DQGHUHQ =ZHFN HLQJHVHW]W ZHUGHQ (V ZDU ELVKHU QLH Q|WLJ JHZHVHQ XQG HV JHVFKDK ]XP HUVWHQPDO DXI GHU :HOW GLH GLH *HVWUDQGHWHQ%XVVWRSQDQQWHQ $OV GLH GUHL 0lQQHU VWHKHQEOLHEHQ XQG 0D[ GDV =HLFKHQ JDE LKUH DXI 



'HVLQWHJUDWRUZLUNXQJ JHVFKDOWHWHQ .RPELVWUDKOHU DXI GLH 0XWWHUSIODQ]H ]X ULFKWHQ O|VWHQ GLH :XU]HOQ GHU KHUEHLJHUXIHQHQ 3IODQ]HQ VLFK PLW VFKPDW]HQGHP *HUlXVFK DXV GHP 0RUDVW XQG KREHQ VLFK LQ GLH /XIW 6LH ]LWWHUWHQ 'DV DOOHV ZDU QRFK QLH JHVFKHKHQ(VZDUHLQHQHXH(UIDKUXQJXQGHLQHQHXH$NWLRQ 'LH/DXIZXU]HOQEHZHJWHQVLFKODXWORVYRQKLQWHQDQGLH0lQQHUKHUDQ6LHNDPHQ ZLH6FKODQJHQZXUGHQOlQJHUXQGOlQJHUXQGIDQGHQLKU=LHO 1XUVFKQHOOJHQXJXPGDV)XUFKWEDUH]XYHUKLQGHUQGDVZDUHQVLHQRFKQLFKW 'LH 0XWWHUSIODQ]H VWDUE LQ GHQ (QHUJLHQ GHU IUHPGHQ :DIIHQ 8QG GHU 3ODQHW VFKULHVHLQH7UDXHUXQGVHLQHQ6FKPHU]KLQDXVLQVHLQH:lOGHUXQG6PSIH 'HU 3ODQHW DQWZRUWHWH PLW GHU *HZDOW HLQHV NOHLQHQ :HOWXQWHUJDQJV (U OLH‰ GLH 0lQQHUXQG)UDXHQLQGHU6LHGOXQJJODXEHQGD‰LKUHOHW]WH6WXQGHJHNRPPHQVHL 'HQ6FKPHU] XQGGLH XQYRUVWHOOEDUH7UDXHUNRQQWHQ QXUMHQHPLWHUOHEHQGLHEHU GLH DXVUHLFKHQGH 6HQVLELOLWlW YHUIJWHQ (V ZDUHQ IDVW DXVQDKPVORV DXFK GLH GLH VFKRQHLQHRGHUPHKUHUH+DOOX]LQDWLRQHQJHKDEWKDWWHQ 'LH DQGHUHQ VSUWHQ ]ZDU GD‰ LUJHQGZR GUDX‰HQ LP 'VFKXQJHO HWZDV *UDXHQYROOHV SDVVLHUW VHLQ PX‰WH DEHU HV ZDU QXU GHU 6FKDWWHQ HLQHV *HIKOV ,KQHQ EOLHE GLH :HOOH GHU 3HLQ HUVSDUW GLH XP GHQ 3ODQHWHQ MDJWH XQG GLH HPSILQGOLFKHQ*HKLUQHPDUWHUWH 6LHHUOHEWHQGDV*UDXHQQXULQGHURIIHQHQPDVVLYHQ)RUPDOVGHU%RGHQ]XEHEHQ EHJDQQXQGGLHHUVWHQ5LVVHEHNDP ³5DXV EUOOWH -DPHV )UHQFK LQ GDV 5DXVFKHQ GHV SO|W]OLFKHQ 6WXUPHV XQG GLH SDQLVFKHQ 6FKUHLH GHU /HXWH GLH YRQ LKUHQ 6LW]HQ DXIJHVSUXQJHQ ZDUHQ XQG VLFK JHJHQVHLWLJ EHL GHP 9HUVXFK XPUDQQWHQ YRU GHQ 5LVVHQ LP %RGHQ ]X IOFKWHQ )UHQFK KDWWH 7ULV +DQG LQ GHU VHLQHQ XQG IKOWH LKU =LWWHUQ (U PX‰WH MHW]W GLH 1HUYHQEHKDOWHQ(UZX‰WHQLFKWZDVJHVFKDKDEHUZHQLJVWHQVHUPX‰WHGHQ.RSI NODU KDEHQ $XFK ZHQQ GLH EOXWURWHQ 6FKOHLHU YRU VHLQHQ $XJHQ ZLUEHOWHQ ZLH HLQ 6WUXGHOGHULKQLQVLFKKLQHLQUHL‰HQZROOWH ³$OOH KLQDXV VFKULH HU ³$EHU HLQHU QDFK GHP DQGHUHQ 9HUWHLOW HXFK LP )UHLHQ :HUIWHXFKKLQXQG ³7XW QLFKWV GHUJOHLFKHQ GXUFKVFKQLWW 3UHQWLVV  6WLPPH GDV &KDRV ³'HU 3ODQHW VFKLFNWXQVVHLQH6WUDIH1LHPDQGNDQQLKUHQWJHKHQ$OOH:HJHVLQGYRUEHVWLPPW DXFKGLHXQVHUHQ%OHLEWZRLKUVHLGXQGZDUWHWZDV )UHQFKIDQGVSlWHUGD‰HUMHGHU]HLWZLHGHUVRKDQGHOQZUGH (U VFKPHWWHUWH GHP )DQDWLNHU GLH )DXVW JHJHQ GLH 6FKOlIH XQG VWLH‰ GHQ %HZX‰WORVHQ]XU6HLWH(UNPPHUWHVLFKQLFKWXPLKQ,QVHLQHQ2KUHQWREWHQGLH 6FKUHLHGHU0HQVFKHQXQGDXFK7ULVFKULH6LHNODPPHUWHVLFKDQLKQXQGZHLQWH XQGVFKULH8QGLPPHUZLHGHUNODQJHVVRZLH³0RUG-LP0RUG )UHQFK VDK JDQ] NXU] '\RVW YRU VLFK XQG ZLHGHU GDV WULXPSKLHUHQGH *ULQVHQ LQ VHLQHP *HVLFKW '\RVW VDK DXI 3UHQWLVV KLQDE YHUVHW]WH GHP RKQPlFKWLJ 'DOLHJHQGHQHLQHQ7ULWWXQGODFKWHZLHHLQ%HVHVVHQHU )UHQFKZROOWHLKQSDFNHQXQG]XP5HGHQ]ZLQJHQ'HU.HUOZX‰WHHWZDVYRQGHP ZDVSO|W]OLFKEHUGLH6LHGOXQJKHUHLQEUDFK$EHUGDZDU'\RVWVFKRQ]ZLVFKHQGHQ KDOE ZDKQVLQQLJHQ 0HQVFKHQ YHUVFKZXQGHQ XQG NlPSIWH VLFK UFNVLFKWVORV ]XP $XVJDQJGXUFK ³.RPPW PLW PLU VFKULH )UHQFK 'LH :lQGH GHU +DOOH EHEWHQ XQG GLH WUDJHQGHQ 3IHLOHU QHLJHQ VLFK NQLUVFKHQG *OHLFK ZUGH KLHU DOOHV HLQVWU]HQ XQG MHGHQ 



HUVFKODJHQGHUQRFKQLFKWLP)UHLHQZDU(LQLJHKDWWHQHVQDFKGUDX‰HQJHVFKDIIW 'LH DQGHUHQ OLHIHQ XPKHU ZLH DXIJHVFKHXFKWH $PHLVHQ XQG EHUDOO SODW]WH GHU %RGHQDXI %HYRU GLH +DOOH HUULFKWHW ZXUGH KDWWHQ GLH 6FKLIIEUFKLJHQ HLQ )XQGDPHQW DXV HLQHU 3ODVWLNEHWRQPLVFKXQJ JHJRVVHQ]ZLVFKHQ ]ZDQ]LJ XQG IQI]LJ =HQWLPHWHUQ GLFN 'LHVHV 0DWHULDO JDOW DOV GDV VWDELOVWH EHUDOO GRUW ZR DXI GLH 6FKQHOOH QHXH +lXVHUHUULFKWHWZHUGHQPX‰WHQ -HW]WZDUHVZLH3DSLHU =XHUVW ZDUI GHU %RGHQ %ODVHQ GDQQ ]HUVSUDQJ HU XQG GXQNHOEUDXQH 3IODQ]HQZXU]HOQ VFKREHQ VLFK ZLH )DQJDUPH DXV GHQ 5LVVHQ DQV /LFKW )UHQFK JODXEWHHLQH6HNXQGHODQJGD‰HUMHW]WDXFKGLH+DOOX]LQDWLRQKDWWH $EHU 7ULFDQDV ]LWWHUQGHU .|USHU GHU VLFK DQ LKQ GUFNWH XQG GLH 6FKUHLH GHU 9HU]ZHLIHOWHQXQGGDV%UDXVHQGHV6WXUPVXQGGDV.QDFNHQLP6WDKOJHElONGHU +DOOH²GDVZDUNHLQH+DOOX]LQDWLRQXQGDXFKNHLQ7UDXP ³+LHUKHU.RPPWKHU9HUGDPPWEHZHJWHXFK (UOLHIPLW7ULFDQD]XP$XVJDQJGHU+DOOHXQGDOVVLH]XVDPPHQEUDFKWUXJHUVLH (VZDUZLH HLQ6SLH‰UXWHQODXIHQ]ZLVFKHQSHLWVFKHQGHQXQGNULHFKHQGHQ:XU]HOQ GLH VLFK YHU]ZHLJWHQ XQG ZXFKVHQ ZHQQ PDQ QRFK KLQVDK (V ZDU GHU SHUIHNWH $OSWUDXP )UHQFKULHIQDFKGHQ0lQQHUQXQG)UDXHQLPPHUZLHGHU+LHUVWU]WHHLQ7HLOGHU 'HFNH HLQ GRUW ERJ VLFK HLQH :DQG EHU =XVDPPHQJHEURFKHQH KLQZHJ DQGHUH KDWWHQVLFKLQ]ZLVFKHQZLHGHUVRZHLWJHID‰WGD‰VLHGHQ+LOIORVHQKDOIHQXQGGDEHL LKUHLJHQHV/HEHQULVNLHUWHQ )UHQFK VDK GHQ $XVJDQJ YRU VLFK 8P 6WDXE DXI]XZKOHQ ZDU HV ]X IHXFKW 'LH :XU]HOQGLHDXVGHP%RGHQEUDFKHQYHUVXFKWHQLKQ]X)DOO]XEULQJHQ(UVSUDQJ XQGVDKHQWVHW]WZLHVLHHLQH)UDXSDFNWHQXQGVWUDQJXOLHUWHQ$EHUGDQQOLH‰HQVLH VLHZLHGHUORVVRDOVREVLHHLQHQ,UUWXPIHVWJHVWHOOWKlWWHQ 'DV ZDU DOOHV VR LUUDWLRQDO )UHQFK NDP VLFK ZLH LQ HLQHP OlFKHUOLFK GXPPHQ $OSWUDXP YRU ZLH LQ HLQHU +RUURUVKRZ DEHU HV ZDU UHDO (U HUOHEWH HV LQ GLHVHP $XJHQEOLFN (U ZDU DP$XVJDQJXQGVHW]WH7ULFDQDDE(UOLHI]XUFNXQGKDOIZRHUNRQQWH :HLWHUH 'HFNHQWHLOH NDPHQ KHUDE (LQHP JUR‰HQ 6WDKOVWFN HQWJLQJ )UHQFK QXU XP +DDUHVEUHLWH DOV HU HLQHQ lOWHUHQ 0DQQ KRFK]RJ XQG PLW LKP QDFK GUDX‰HQ UDQQWHZRVLFKGLH:LSIHOGHUJUR‰HQ*HZlFKVHKLQWHUGHP=DXQLP6WXUPERJHQ $XFK KLHU ZDU GHU %RGHQ EHUDOO DXIJHVSUXQJHQ (LQ UHJHOUHFKWHV *HIOHFKW DXV GLFNHQ EUDXQHQ :XU]HOQ EHGHFNWH GHQ %RGHQ XQG ]ZDQJ GLH 0HQVFKHQ LPPHU ZLHGHUGDYRQ]XODXIHQ 'D]ZLVFKHQODJHQ%HZX‰WORVHXQG7RWHDP%RGHQ (LQHU GHU 7RWHQ KDWWH GHQ :XU]HOVWUDQJ QRFK XP GHQ +DOV GHU LKQ HUVWLFNW KDWWH $QGHUH :XU]HOHQGHQ ODJHQ ZLH GLH )DQJDUPH HLQHV 5LHVHQNUDNHQ XP VHLQHQ /HLE XQG]HUUWHQLKQODQJVDPDEHUVLFKHULQGLH7LHIH (VZDU=DFKDULDV'\RVW 8QGHUVWDOVVLFKGHU0RUDVWERGHQZLHGHUEHULKQJHVFKORVVHQKDWWHWUDW5XKHHLQ (V ZDU HLQH 6WLOOH ZLH GLH *HVWUDQGHWHQ VLH QRFK QLH HUOHEW KDWWHQ 1LH VHLW GHP 7DJLKUHU/DQGXQJ .HLQ :LQG JLQJ PHKU .HLQH =ZHLJH ULHEHQ VLFK IOVWHUQG DQHLQDQGHU 'LH OHW]WH 



:XU]HO KDWH VLFK XQWHU OHLVHP 6FKPDW]HQ LQ LKU XQWHULUGLVFKHV 5HLFK ]XUFNJH]RJHQ 6HOEVW GLH 6FKUHLH GHU (QWVHW]WHQ GDV :HLQHQ GHU )UDXHQ XQG GDV 6W|KQHQ GHU 9HUOHW]WHQXQG6WHUEHQGHQZDUHQYHUNOXQJHQ (VKHUUVFKWH*UDEHVVWLOOH  'HU3ODQHWGLH0HQVFKHQXQGVRQVWQLFKWV (V GDXHUWH ELV ]XP $EHQG ELV GLH 2UGQXQJ HLQLJHUPD‰HQ ZLHGHUKHUJHVWHOOW ZDU 'LH+lOIWH DOOHU *HElXGHZDU ]XVDPPHQJHVWU]W HUVFKWWHUW XQG]HUVW|UWYRQ GHQ :XU]HOQ GHV 'VFKXQJHOV GLH VHLW GHP HUVWHQ 7DJ XQWHU GHU 6LHGOXQJ JHOHJHQ KDWWHQ 'LH0HQVFKHQZDUHQY|OOLJYHUVW|UW:HU]XGHQ3XULVWHQJHK|UWHVDKHLQH6WUDIH GHU 6FK|SIXQJ LQ GHU .DWDVWURSKH ² QXU NRQQWH DXFK YRQ LKQHQ QLHPDQG VDJHQ ZRIU GLHVH 6WUDIH JHGDFKW ZDU 6HOEVW 3UHQWLVV QLFKW GHU GDV &KDRV LQ GHU +DOOH EHUOHEWKDWWH8QWHUGHQ3XULVWHQIDQGHQVLFKGLHPHLVWHQ+DOOX]LQDWLRQVHPSIlQJHU DOVR 6HQVLEOH 9LHOH ZDUHQ QDFK LKUHU HUVWHQ +DOOX]LQDWLRQ HUVW ]X LKQHQ JHNRPPHQ 'LHV ZDU GHU *UXQG IU GHQ VWlQGLJHQ =XODXI 6LH ZROOWHQ HWZDV YRQ HLQHP 9HUEUHFKHQ ZLVVHQ HLQHU JUR‰HQ 7UDXHU XQG HLQHP /HLG DEHU SUl]LVLHUHQ NRQQWHGDVQLHPDQG 'LHDQGHUHQZDUHQHLQIDFKQXUVFKRFNLHUWXQGUDWORV$XFKVLHKDWWHQMDLQVWLQNWLY JHVSUW GD‰ LUJHQGZR MHQVHLWV GHV =DXQHV HWZDV JHVFKHKHQ VHLQ PX‰WH GDV GLH 1DWXU ]X GLHVHP 9HUJHOWXQJVVFKODJ ]ZDQJ 6LH UHDJLHUWHQ QLFKW PLW +D‰ RGHU )RUGHUXQJHQ QDFK *HJHQYHUJHOWXQJ 6LH ZDUHQ EHVWU]W XQG EHWURIIHQ XQG KDWWHQ JUR‰H $QJVW YRU GHU QlFKVWHQ 6WXQGH GHP QlFKVWHQ 7DJ 6LH KDWWHQ DXFK :XW $EHU GLHVH :XW ULFKWHWH VLFK JHJHQ HLQ 6FKLFNVDO GDV VLH QLFKW YHUVWDQGHQ 6LH NDQDOLVLHUWHVLFKLP$XJHQEOLFNQLFKWJHJHQ³GHQ3ODQHWHQ =DFKDULDV'\RVWZDUHLQHUYRQHOI7RWHQGLHGLH.DWDVWURSKHDQGLHVHP7DJLQGHU 6LHGOXQJ JHIRUGHUW KDWWH 'DPLW KDWWH VLFK GLH =DKO GHU hEHUOHEHQGHQ DXI VHFK]LJ UHGX]LHUW '\RVW KDWWH GDV =LHO QLFKW HUUHLFKW GDV HU LQ VHLQHQ LQ]ZLVFKHQ JHIXQGHQHQ $XI]HLFKQXQJHQ IHVWJHKDOWHQ KDWWH DOOHUGLQJV RKQH ZHLWHUH (LQ]HOKHLWHQ KLQ]X]XIJHQZLHXQG²JHJHEHQHQIDOOV²PLWZHPHUHVHUUHLFKHQZROOWH8QG ZDQQ1XUHLQHVZDUNODU'\RVWKDWWHGHQ.ULHJJHZROOW8QWHUGHP9RUZDQGGD‰ HUGLH*HVWUDQGHWHQ]XHLQHP9HUWHLGLJXQJVEHZX‰WVHLQIKUHQZROOWHVXFKWHHUGLH DEVROXWH.RQIURQWDWLRQ ]ZLVFKHQ GHQ 0HQVFKHQ XQG GHPZDV %XVVWRS OHQNWH RGHU EHVHHOWH $OV=DFKDULDV'\RVWDQ%RUGGHU52866($8JLQJZDUHUHLQXQVLFKHUHUYHUZLUUW HUVFKHLQHQGHU MXQJHU 0DQQ JHZHVHQ GHU PLW %OXPHQ VSUDFK 7LHUH KLHOW XQG SIOHJWHXQGGHUGLH1DWXUHLQIDFKOLHEWHXQGGDVJ|WWOLFKH3ULQ]LSGDULQYHUHKUWH %XVVWRS VR VFKLHQ HV QXQ KDWWH LKQ YHUlQGHUW ZLH DXFK DQGHUH $EHU ZDUXP XQG ZLH":RULQODJGDV*HKHLPQLVGLHVHVVRSKDQWDVWLVFKHQZLHJUDXVDPHQ3ODQHWHQ" (V NRQQWHQ QLFKW QXU GLH XQHUWUlJOLFKHQ /HEHQVEHGLQJXQJHQ VHLQ :HU HKUOLFK ]X VLFKVHOEVWZDUNDQQWHGLH&KDQFHQHLQH3HUOHLP0HHUGHU6WHUQHXQG3ODQHWHQ]X ILQGHQ 6LH KDWWHQ VLH JHNDQQW DOV VLH DXIEUDFKHQ XQG KDWWHQ GDUDXI JHID‰W VHLQ PVVHQDXFKXQWHUVFKZHUVWHQ%HGLQJXQJHQLKUQHXHV/HEHQDXI]XEDXHQ =XGHQHOI7RWHQNDPHQGLHGUHL9HUPL‰WHQ 



³0D[ ZDU VHOWVDP XQG HU NDQQWH =DFKDULDV '\RVW ]LHPOLFK JXW VDJWH 'DQD 6DQGHU ODQJVDP DOV VLH DP $EHQG PLW )UHQFK 7UL XQG 7ULV 6RKQ ]XVDPPHQVD‰ 0DQ KDWWH GLH 7RWHQ EHJUDEHQ PLW HLQHP VFKOHFKWHQ *HIKO EHL GHP *HGDQNHQ GDUDQ ZDV XQWHU GHU (UGH YLHOOHLFKW DXI VLH ZDUWHWH XQG GDQQ GLH XQ]HUVW|UWHQ :RKQHLQKHLWHQ QHX DXIJHWHLOW 7URW] GHU JHULQJHUHQ $Q]DKO %HZRKQHU PX‰WH VLFK MHGHULQGHU6LHGOXQJQXQZHQLJHU3ODW]PLWPHKU1DFKEDUQWHLOHQ ³'DV LVW NHLQ 9HUK|U DQWZRUWHWH )UHQFK ³'DQD GX PX‰W GLFK KLHU IU QLFKWV UHFKWIHUWLJHQ 'HLQ3ULYDWOHEHQ JHKWXQVQLFKWVDQ1XUZHQQGXJODXEVWGD‰0D[ HWZDV PLW GHP 9RUIDOO ]X WXQ KDW GDQQ ZlUHQ ZLU GLU GDQNEDU IU MHGH ,QIRUPDWLRQ (VK|UWHVLFKVWHLIDQXQGHUZX‰WHHV'DQDKRFNWHLKPJHJHQEHULP6FKQHLGHUVLW] XQG IDVW LQ


LUJHQGZDQQ +XPXV IU GLH 3IODQ]HQ ]X OLHIHUQ (U OlFKHOWH 'DQDDQ ³6LH 'DQD ZROOHQ HLQ :|UWFKHQ GDEHL PLWUHGHQ ZLHZHLW ZLU ZLU VHOEVW EOHLEHQ N|QQHQ RGHU QLFKW6LHZROOHQNHLQHQ.DPSIJHJHQGHQ3ODQHWHQDEHU6LHZROOHQPLWEHVWLPPHQ ZLHZLUPLWLKP]XUHFKWNRPPHQ8QG'\RVWZROOWHGDV3UREOHPPLWGHUJXWHQDOWHQ 0HWKRGHO|VHQ:DIIHQJHJHQKLOIORVH.UHDWXU ³6RKLOIORVLVW%XVVWRSQLFKWPHKUPHLQWHGLH%LRORJLQ³8QGOD‰GDV6LH]HQVHLQ +H\PDO,FKIKOHPLFKVRQVWJOHLFKQRFKHLQPDOGRSSHOWVRDOW)UHQFKODFKWHHLQ 5HIOH[ 'DQD IXKU IRUW ³'HU VSULQJHQGH 3XQNW +H\PDO 'X KDVW JDQ] UHFKW PLW GHP ZDV GX VDJVW 8QG GHU ]ZHLWH XQG ZLFKWLJVWH VSULQJHQGH 3XQNW LVW GLH .RPPXQLNDWLRQ :LU PVVHQ GLHVHU :HOW VDJHQ ZHU ZLU VLQG XQG ZDV ZLU ZROOHQ 9LHO=HLWEOHLEWXQVMHW]WQLFKWPHKU ³6DJHQ"IUDJWH7UL ³6LH N|QQHQ GX NDQQVW QLFKW KLQJHKHQ GLFK YRU HLQHQ )DUQ VWHOOHQ XQG LKP VDJHQGD‰HUGLUMHW]WPDO]XK|UHQVROOXQG ³9LHOOHLFKW GRFK XQWHUEUDFK 'DQD LKQ ³(QWVFKXOGLJH +H\PDO DEHU GDV LVW HV ZDV LFK HLJHQWOLFK DXI GHU 9HUVDPPOXQJ YRUWUDJHQ ZROOWH 6LH OHJWH GLH IODFKH +DQG DXI GLH JUR‰H 0DSSH GLH QHEHQ LKU DXI GHP %RGHQ ODJ ³=X HLQHP )DUQ ]X JHKHQ KlWWH ZDKUVFKHLQOLFK NHLQHQ 6LQQ $EHU HV JLEW EHVWLPPWH 3IODQ]HQ GLH LQ GLHVHU /HEHQVJHPHLQVFKDIW HLQH ]HQWUDOH )XQNWLRQ HLQ]XQHKPHQ VFKHLQHQ -LP LFK GHXWHWHGLUVRHWZDVVFKRQDQ ³1DFK GHU 5RGXQJ XQG GHP 6WHUEHQ GHU XPJHEHQGHQ 3IODQ]HQ HULQQHUWH )UHQFK VLFK³-DGXKDWWHVWHLQH9HUPXWXQJ ³$EHU VLH ZDU QRFK QLFKW EHZLHVHQ /HW]WH :RFKH NRQQWH LFK %HREDFKWXQJHQ PDFKHQGLHPHLQH7KHRULHYRQGHQ0XWWHUSIODQ]HQXQWHUPDXHUQ ³0XWWHUSIODQ]HQ"IUDJWH7UL6LH]LWWHUWHSO|W]OLFKZLHGHUVWlUNHU 'DQDHUNOlUWHLKUZDVVLHKHUDXVJHIXQGHQKDWWH ³8QGHVJLEWPLQGHVWHQVGUHLGLHVHU3IODQ]HQLQGHU8PJHEXQJ6LHELOGHQMHZHLOV GHQ 0LWWHOSXQNW HLQHV KXQGHUW PDO KXQGHUW 0HWHU JUR‰HQ *HELHWV ,FK VDK ZLH VROFKH 3IODQ]HQ GLH %OlWWHU KlQJHQ OLH‰HQ DXV LUJHQGHLQHP XQEHNDQQWHQ *UXQG 8QG DOOHDQGHUHQLQ GHU8PJHEXQJ ZXUGHQ HEHQIDOOV VFKZDFK  XQGHUKROWHQVLFK JHQDX]XUJOHLFKHQ=HLWZLHGLH0XWWHUSIODQ]H ³1HUYHQNQRWHQPXUPHOWH+H\PDO ³:DV" IUDJWH 'DQD LQ LKUH (ULQQHUXQJHQ YHUVXQNHQ 'DQQ QLFNWH VLH KHIWLJ ³5LFKWLJ +H\PDO 0DQ N|QQWH VDJHQ GLHVH 3IODQ]HQ VLQG ZLH 1HUYHQNQRWHQ LQ HLQHPKRFKVHQVLEOHQ*HZHEH8QG  'DQDYHUVWXPPWH6LHVWDQGUXFNDUWLJDXIXQGGUHKWHVLFKXP ³:LHVHKHQVLHDXV"IUDJWH7UL6LHZDUVHKUDXIJHUHJW)UHQFKYHUVXFKWHYHUJHEOLFK VLH ]X EHUXKLJHQ ³:LH VHKHQGLHVH0XWWHUSIODQ]HQDXV'DQD"%LWWHHVLVWZLFKWLJ IUPLFK 'LH %LRORJLQ GUHKWH VLFK ]X GHQ DQGHUHQ ]XUFN 6LH EOLFNWH YHUVW|UW XQG EHDQWZRUWHWHGLH)UDJHRKQHPLWGHQ*HGDQNHQGDEHL]XVHLQ ³8QG0D[ZX‰WHHVVFKOR‰VLH³0HLQ*RWWLFK]HLJWHLKPPHLQH6NL]]HQXQGZLU XQWHUKLHOWHQXQV(UZX‰WHZHOFKH5ROOHGLH3IODQ]HQVSLHOHQXQGZRVLHVWHKHQ ³+HLOLJH 0LOFKVWUD‰H HQWIXKU HV )UHQFK (V HUJDE VLFK HLQ %LOG 0D[ XQG '\RVW '\RVWV%OLFNHGLHHWZDV6FKUHFNOLFKHVDQNQGLJWHQZlKUHQG0D[DQJHEOLFKNUDQN LQGHU:RKQXQJODJ 



$EHU )UHQFK NDP LQ GLHVHP 0RPHQW QLFKW GD]X 'DQD ZHLWHUH )UDJHQ ]X VWHOOHQ GHQQ 7UL ]XFNWH XQG VW|KQWH HLQ VHLQHP $UP +H\PDO QDKP HQWVHW]W GDV *HVLFKW VHLQHU0XWWHULQGLH+lQGH ³,FK KDEH VLH JHVHKHQ IOVWHUWH 7ULFDQD 6LH ZDU NDXP ]X YHUVWHKHQ ³,FK KDEH VROFKH3IODQ]HQJHVHKHQHLQHQJDQ]HQ:DOGGDYRQ ³'DV NDQQ QLFKW VHLQ VDJWH )UHQFK ³:DQQ VROOWHVW GX GRUW JHZHVHQ VHLQ" :LU ZDUHQGLHOHW]WHQ:RFKHQLPPHU]XVDPPHQXQG  6LHEOLFNWHLKPLQGLH$XJHQXQGGUFNWHVHLQH+DQG ³,FK KDEH GLFK DQJHORJHQ -LP IOVWHUWH VLH ³$EHU QXU XP GLU QLFKW ZHK WXQ ]X PVVHQ/HW]WH1DFKWZHL‰WGXQRFK" )UHQFKZXUGHEOHLFK(UVFKOR‰GLH$XJHQ ³'XKDWWHVWGLH+DOOX]LQDWLRQVDJWHHU 7ULFDQDQLFNWH 'DQQHU]lKOWHVLH=XHUVWVWRFNHQGGDQQLPPHUNODUHU(VZDUZLHHLQH%HIUHLXQJ 8QGZlKUHQGVLHUHGHWHGDHUNDQQWHVLHGD‰VLHHLQH%RWVFKDIWYHUNQGHWH *OHLFKIUKDPQlFKVWHQ7DJEUDFKHQ-DPHV'RPLQLF)UHQFK'DQD6DQGHUXQGHLQ 0DQQQDPHQV&UD\]XP:UDFNDXI (V ZDU GDV HUVWHPDO VHLW YLHOHQ :RFKHQ GD‰ )UHQFK QLFKW DOOHLQ JLQJ $EHU IU EHLGH %HJOHLWHU KDWWH HU HLQOHXFKWHQGH *UQGH 'DQD ZROOWH DXI GHP :HJ QDFK ZHLWHUHQ 0XWWHUSIODQ]HQ VXFKHQ ² XQG DXFK QDFK HYHQWXHOOHQ 9HUlQGHUXQJHQ DQ LKQHQ 1LFRODV &UD\ JHK|UWH ]X GHQ 3XULVWHQ XQG VROOWH VLFK GDYRQ EHU]HXJHQ N|QQHQ GD‰ 3UHQWLVV  $QVFKXOGLJXQJ JHJHQEHU )UHQFK 8QVLQQ ZDU &UD\ ZDU ]ZDU LQ VHLQHU 3KLORVRSKLH XQG 9HUELVVHQKHLW HEHQVR VWXU ZLH VHLQH *HVLQQXQJVJHQRVVHQ DEHUHUZDUHLQHKUOLFKHUXQGJHDFKWHWHU0DQQ,KPZUGHPDQJODXEHQZHQQGLH GUHLZLHGHULQGHU6LHGOXQJZDUHQXQG&UD\EHULFKWHWH (V JLQJ MHW]W YRU DOOHP GDUXP GD‰ GLH EHLGHQ *UXSSHQ GHU *HVWUDQGHWHQ VLFK QLFKW QRFK PHKU DXVHLQDQGHUOHEWHQ 'DV 0L‰WUDXHQ XQG GLH QRFK ODWHQWH  *HZDOW GXUIWHQ QLFKW HVNDOLHUHQ :HQQ GLH 0HQVFKHQ GHP 3ODQHWHQ JHJHQEHUWUHWHQ ZROOWHQ GDQQ PX‰WHQ VLH ]XHUVW PLW VLFK VHOEVW LP UHLQHQ VHLQ 8QG GLH &KDQFHQ GDIU VWDQGHQ DQJHVLFKWVGHUJHPHLQVDPHQ%HGURKXQJPRPHQWDQQLFKWVFKOHFKW +H\PDO 7ODK XQG HLQLJH )UHXQGH EHREDFKWHWHQ 3UHQWLVV XQG ZUGHQ GDIU VRUJHQ GD‰ HU )UHQFKV XQG 'DQDV $EZHVHQKHLW QLFKW DXVQW]WH XP HLQH 3DODVWUHYROXWLRQ DQ]X]HWWHOQ $X‰HUGHP KDWWH )UHQFK GHQ -XQJHQ JHEHWHQ JDQ] EHVRQGHUVJXWDXI 7UL DXI]XSDVVHQ(VJLQJLKUQLFKWJXW 1DWUOLFK UHJQHWH HV ZLHGHU GLFNH XQG ZDUPH 7URSIHQ DEHU )UHQFK VFKRQWH VHLQH %HJOHLWHU QLFKW %DOG QDKPHQ VLH GHQ 5HJHQ JDU QLFKW PHKU ZDKU XQG HU ZROOWH VR UDVFK ZLH P|JOLFK ZLHGHU LQ GHU 6LHGOXQJ VHLQ :DV JHVWHUQ EHJRQQHQ KDWWH ZDU QRFKQLFKW]X(QGH(VZDUHUVWGHU$QIDQJYRQHWZDVGDVVLFKXPGLH0HQVFKHQ KHUXPYROO]RJ8QGZDVLPPHUHVZDUHVJHVFKDKODXWORVXQGVRODQJVDPGD‰PDQ QLFKWVVDKXQGQRFKYLHOZHQLJHUHLQHQ6LQQHUNDQQWH 'LH /HXWH DKQWHQ HV QXU 6LH IKOWHQ HWZDV $OOHV DXI %XVVWRS ZDU *HIKO XQG $KQXQJXQG&KDRV:DVGLHZDKQVLQQLJVFKQHOOH(YROXWLRQGHV/HEHQVDXIGLHVHP 3ODQHWHQDQWULHEJHKRUFKWHQLFKWORJLVFKHQ*HVHW]HQ 'LH GUHL *HVWUDQGHWHQ EHNDPHQ GHQ %HZHLV GDIU JHOLHIHUW DOV VLH GLH +lOIWH GHU 6WUHFNH KLQWHU VLFK JHEUDFKW KDWWHQ XQG 'DQD HLQH 9HUVFKQDXISDXVH EUDXFKWH 6LH 



KDWWH NHLQH HLQ]LJH 0XWWHUSIODQ]H HQWGHFNW XQG GDV ZDU EHL GHU ]XUFNJHOHJWHQ 6WUHFNHLKUHU0HLQXQJQDFKHLQIDFKHLQ8QGLQJ ³:LU KlWWHQ ZHQLJVWHQV HLQH RGHU ]ZHL VHKHQ PVVHQ HKHU VFKRQ GUHL RGHU YLHU HUHLIHUWHVLHVLFK³6LHVWHKHQJOHLFKPl‰LJ YHUWHLOW 'DV 6LH VXFKWH QDFK :RUWHQ XQG ODFKWH KLOIORV ³'DV LVW VR lKQOLFK ZLH EHL =HOOHQ GLH JOHLFKPl‰LJ DQJHRUGQHW VLQGRGHU:DEHQ'LH0XWWHUSIODQ]HQVLQGGHU0LWWHOSXQNW ³'HU=HOONHUQDOVRVDJWH&UD\PLWHLQHU(UQVWKDIWLJNHLWDOVOlVHHUDXVGHU%LEHO )UHQFK KDWWH GDV *HIKO GD‰ GHU NUDXVN|SILJH 3XULVW JHUDGH EHU HLQH QHXH 3KLORVRSKLHQDFKGDFKWHXQGGUlQJWH]XP:HLWHUJHKHQ -HW]W ZR HU ZX‰WH ZLH GLHVH EHVRQGHUHQ 3IODQ]HQ DXVVDKHQ KlWWH HU VLFK GDUDQ HULQQHUW ZHQQ HU VLH MH DXI VHLQHP :HJ ]XP :UDFN EHPHUNW KlWWH 'RFK VHOEVW ZHQQHUGLHVWlQGLJH0XWDWLRQ DOOHU )RUPHQ XQG$UWHQLQ %HWUDFKW]RJ²HUKDWWH QLFKWVJHVHKHQZDVHLQH0XWWHUSIODQ]HKlWWHVHLQN|QQHQ 'DQDZX‰WHOHLGHUQRFKQLFKWVHKUYLHOEHUGLHVH/HEHQVIRUP(VZDUZLHELWWHUHU +RKQ GD‰ LKU HKHPDOLJHU *HOLHEWHU HLQH JDQ] HQWVFKHLGHQGH (LJHQVFKDIW GLHVHU 3IODQ]HQHUIDKUHQPX‰WH²DXFKZHQQHUZDKUVFKHLQOLFKJDUQLFKWVEHJULIIHQKDWWH 'DQDVSUDFK QLFKWPHKU YRQ 0D[ DEHU VLHPX‰WHRIWDQ LKQ GHQNHQ 8QG ZHQQ VLH LKQHLQPDOHUZlKQWHGDQQWDWVLHHVLQGHU9HUJDQJHQKHLWVIRUP 6LH ZX‰WH GD‰ VLH LKQ QLH ZLHGHUVDK 6LH ZX‰WH QLFKW ZRKHU DEHU VLH ZX‰WH HV HLQIDFK 'LHYHUVFKOHLHUWH6RQQHKHL]WHGLHJUDXH6XSSHDXIGLHEHUDOOHPODJ6LHOLH‰KLHU .QRVSHQ DXISODW]HQ XQG GRUW .HLPEOlWWHU DXV GHP 0RUDVW MHQVHLWV GHV :HJHV ZDFKVHQ ² JHERJHQ ZLH )HGHUQ GLH VLFK PLW HLQHP (QGH SO|W]OLFK LQ GLH +|KH VFKQHOOWHQXQGHQWIDOWHWHQ (V JHVFKDK Y|OOLJ XQHUZDUWHW DXFK ZHQQ GLH hEHUOHEHQGHQ GHU 52866($8 HV VLFKLQ]ZLVFKHQDEJHZ|KQWKDWWHQQRFKYRQLUJHQGHWZDVEHUUDVFKW]XVHLQ 'DV 7LHU ZDU HV HLQ 7LHU"  NURFK ]ZLVFKHQ ]ZHL GLFNHQ EXQWHQ 0RRVSROVWHUQ KHUYRUVSUDQJXQGODQGHWHGLUHNWYRU)UHQFKV)‰HQ )UHQFKVWROSHUWHIDVWEHUGLHHLJHQHQ%HLQHVRDEUXSWEOLHEHUVWHKHQ&UD\SUDOOWHYRQ KLQWHQDXILKQXQG'DQDVWLH‰HLQHQHUVWLFNWHQ6FKUHLDXV -DPHV )UHQFK ZDU DXFK QDFK 6FKUHLHQ ]XPXWH (U VFKQDSSWH QDFK /XIW XQG ULHE VLFK]ZHLPDOEHUGLH$XJHQ $EHUDOVHUZLHGHUKLQVDKZDUGDV'LQJQRFKGDXQGNURFKDXILKQ]X (V VDK DXV ZLH HLQH PHQVFKOLFKH +DQG (V KDWWH GLH )RUP XQG GLH *U|‰H HLQHU PHQVFKOLFKHQ+DQG1XUGLH)DUEHZDUDQGHUVHLQPDWWHV*UDXJUQZLHYRQ)OHFKWHQ 8QG DOV HV DXI )UHQFK ]XNURFK EHZHJWH HV VLFK DXFK JHQDX ZLH HLQH PHQVFKOLFKH +DQG:LHZHQQMHPDQGPLWGHQ)LQJHUQEHUHLQH7LVFKSODWWHNURFKXPHLQHQ.lIHU ]XLPLWLHUHQ 1XUVD‰DP(QGHGHU+DQGNHLQ$UPVRQGHUQHLQ$XJH ³9RUVLFKW-LPULHI'DQDDEHUXPHLQH6HNXQGH]XVSlW 'LH+DQGZDUZLHGHUJHVSUXQJHQGLHVPDODEHUQLFKWIODFKVRQGHUQDQ)UHQFKKHUDXI 6LHZDULQ+IWK|KHDXIVHLQHU0RQWXUJHODQGHWXQGNODPPHUWHVLFKGDUDQIHVW$OOH VHLQH9HUVXFKHVLHRKQH9HUOHW]XQJYRQVLFKORV]XO|VHQVFKHLWHUWHQ ³9RUVLFKWZLHGHUKROWH'DQD$EHUGLHVPDONODQJHVDQGHUV(VZDUNHLQH:DUQXQJ PHKU GHQQ GDV 0DOKHXU ZDU VFKRQ JHVFKHKHQ (V ZDU MHW]W GLH LQVWLQNWLYH 1HXJLHU HLQHU)RUVFKHULQXQGGLH$QJVWGDYRUGD‰VLHHLQVHQVDWLRQHOOHV2EMHNWGXUFKIDOVFKHV 



9HUKDOWHQYHUOLHUHQN|QQWH )UHQFK VWDQG NHU]HQJHUDGH &UD\ ZDU ]ZHL 6FKULWWH ]XUFNJHZLFKHQ XQG VWDUUWH YROOHU (QWVHW]HQ DXI GDV 'LQJ GDV VLFK PLW IQI VWDKOKDUWHQ )LQJHUQ LQ )UHQFKV 0RQWXUNUDPSIWH ³:DVLVWGDV'DQD"ULHIGHU9RUPDQQ³:HQQHVQRFKHLQPDO]XFNWERKUWHVVLFKPLU LQV)OHLVFK ³+DOWHJDQ]VWLOO'XGDUIVWGLFKQLFKWEHZHJHQ-LPVLHKVWGXGHQQQLFKWZDVHVLVW" 'LH)UDJHZDUHEHQVREHUIOVVLJZLHQDLY1DWUOLFKVDKHUHVXQGQDWUOLFKVDKVLH HV 'HU HUVWH 6FKUHFN ZDU LKQHQ LQ GLH *OLHGHU JHIDKUHQ DOV VLH GLH +DQG PLW GHP $XJHGDUDQDXI GHQ :HJVSULQJHQVDKHQXQG GHU]ZHLWH6FKUHFNODKPWH )UHQFK DOV GDV(WZDVSO|W]OLFKDQVHLQHUOLQNHQ+IWHKLQJ (VUKUWHVLFKMHW]WQLFKWPHKUVRDOVKlWWHHVGDVHUUHLFKWZDVHVZROOWHRGHUZR]X HVJHVFKLFNWZRUGHQZDU 9RUHUVW ³'DQD VDJWH )UHQFK PLW EHOHJWHU 6WLPPH ³1DWUOLFK VHKH LFK HV $EHU ZLH EULQJW GLHVHU 3ODQHW HLQH 0HQVFKHQKDQG KHUYRU" 'LH ,PLWDWLRQ HLQHU 0HQVFKHQKDQG (U YHUVXFKWH QRFK HLQPDO EHKXWVDP GLH .UHDWXU YRQ VLFK ]X QHKPHQ ² ZLHGHU RKQH (UIROJ'DQDILHOLKPLQGHQ$UP ³1LFKW -LP ,FK ZHL‰ JHQDXVR ZHQLJ ZLH GX DEHU LFK ZHL‰ LPPHUKLQ GD‰ HV DXV %LRPDVVHGLHVHV3ODQHWHQEHVWHKW &UD\VFKQDSSWHEHU (UZDUIVLFKPLWGHQ.QLHQLQGHQ0RUDVWXQGEHXJWHGHQ.|USHU YRU ELVDXFKGLH $UPHYHUVXQNHQZDUHQ'DQQZDUIHUVLFK]XUFNXQGZLHGHUQDFKYRUQDOVEHWHWH HULUJHQGHLQHRULHQWDOLVFKH*RWWKHLWDQ -DPHV)UHQFKZDUJHGXOGLJ(UKDWWHYLHOHPHQVFKOLFKH)HKOHUDEHUHUKDWWHLQVHLQHP IUKHUHQ %HUXI OHUQHQ PVVHQ VLFK ]X NRQWUROOLHUHQ -HW]W ZDUHQ GLH (UJHEQLVVH GHU 0HQWDOWUDLQLQJVXQG6FKXOXQJHQZLHZHJJHVSOW ³.RPPHQ6LHKRFK0DQQEUOOWHHUGHQ3XULVWHQDQ³&UD\6LHVROOHQVLFKGDV:UDFN DQVHKHQ XQG KLHU NHLQH *HEHWVVWXQGHQ DEKDOWHQ 0DQQ ZLU VWHUEHQ KLHU KLHU HLQHU QDFKGHPDQGHUHQXQGLKUYHUGDPPWHQ,GLRWHQZUGHWHXFKDPOLHEVWHQQRFKGHQ *UDEVWHLQPHL‰HOQ$XVGHP6FKODPPRGHULFK]HUUH6LHKRFK ³-LP'DQDHUVFKUDNYRULKP³-LPZDVLVWGHQQPLW     ³:DV PLWPLUORVLVW"VFKQDSSWH HU(U VWDQG YRU LKUVFKOR‰GLH$XJHQXQGSUH‰WH ]ZLVFKHQ GHQ =lKQHQ KHUYRU ³'DQD LFK IKOH PLFK QRFK LPPHU IU XQV DOOH YHUDQWZRUWOLFK ,FK PX‰WH ]XVHKHQ ZLH GLH HUVWHQ 0lQQHU XQG )UDXHQ GLH +DOOX]LQDWLRQXQGGDV)LHEHUEHNDPHQ:LHVLHODQJVDPGHQ9HUVWDQGYHUORUHQ:LHVLH VWDUEHQRKQHGD‰ZLUHWZDVIUVLHWXQNRQQWHQ ³-LP ³'DQD LFK PX‰WH JHVWHUQ PLWDQVHKHQ ZLH GHU 3ODQHW WREWH XQG ZHLWHUH 0HQVFKHQ XPEUDFKWH9HUGDPPWXQGYLHOOHLFKWLVW7ULVFKRQGLHQlFKVWHGLHHUIUL‰W8QGMHW]W VSULQJWPLFKGLH1DFKELOGXQJHLQHUPHQVFKOLFKHQ+DQGDQXQGGLHVHU,GLRWZLUIWVLFK LQ GHQ 6FKODPP XQG EHWHW VLH DQ ,UJHQGZDQQ LVW VHOEVW GHU JU|‰WH :DKQVLQQ QLFKW PHKU]XHUWUDJHQXQG (UVFKZLHJ (UXQG'DQDVDKHQVLFKDQZlKUHQG&UD\DXIVSUDQJXQGGDYRQUDQQWHLUJHQGZRKLQ LQ GHQ XUZHOWOLFKHQ 'VFKXQJHO 6LH K|UWHQ LKQ VFKUHLHQ DEHU VLH GUHKWHQ VLFK QLFKW 



QDFKLKPXP ³'LH 1DFKELOGXQJ HLQHU PHQVFKOLFKHQ +DQG IOVWHUWH )UHQFK ³'DQD ELQ LFK DXFK VFKRQ YHUUFNW"(UEHWUDFKWHWH GDV 'LQJ DQ VHLQHU +IWH (V ZDUHQ ZLUNOLFK QXU GLH )DUEH XQG GLH 2EHUIOlFKHQVWUXNWXU DQGHUV (V JDE NHLQH +lUFKHQ GDIU DEHU IHLQH %ODWWDGHUQ ³'DQD NDQQ HLQH 1DWXU VR HWZDV YROOEULQJHQ" $QKDQG HLQHV IUHPGHQ 0XVWHUVPXWLHUHQ"*H]LHOWPXWLHUHQ" 6LHDQWZRUWHWHQLFKWVRIRUWVRQGHUQNDPDXILKQ]X 6LH EHVDK VLFK HEHQIDOOV GLH YHUNUDPSIWH +DQG GHUHQ $XJH VLH DQVWDUUWH 6LH PX‰WH ZHJVHKHQXPVHLQHP%OLFNQLFKW]XEHJHJQHQ(UZDUZLHK\SQRWLVLHUHQG$EHUDOV VLH)UHQFKZLHGHULQGLH$XJHQEOLFNWHKDWWHVLH7UlQHQDXIGHQ:DQJHQ ,P QlFKVWHQ 0RPHQW ODJHQ VLH VLFK LQ GHQ $UPHQ XQG GUFNWHQ VLFK VR IHVW DQHLQDQGHUDOVZROOWHQVLHVLFKEHZHLVHQGD‰NHLQHUYRQLKQHQDOOHLQZDU(VZDU NHLQVH[XHOOHU.RQWDNW(VZDUHQ]ZHL0HQVFKHQLQHLQHU:HOWGLHJHUDGHDQILQJ LKUH XQID‰EDUHQ *HKHLPQLVVH ]X RIIHQEDUHQ ² XQG GHU VLH QLFKW PHKU HQWIOLHKHQ NRQQWHQ ³(VLVW&DVVLRV+DQG-LPIOVWHUWH'DQDLKPKHLVHULQV2KU³0D[EUDFKWH&DVVLR RIW]XXQVPLW&DVVLRKDWWHNHLQH)LQJHUQlJHOXQGNHLQH=HKHQQlJHO6HLQ.|USHU SURGX]LHUWHVLHQLFKW8QGGLHVH+DQGGDDQGHLQHU+IWHKDWDXFKNHLQH 6LH PDUVFKLHUWHQ ZHLWHU PHLVWHQV VFKZHLJHQG )UHQFK ]HUVWUDKOWH 6FKOLQJHQ]ZHLJH GLH VLFK EHU 1DFKW EHU GHQ :HJ JHVFKREHQ KDWWHQ (U WDW HV QXUZHQQHVVRQVWNHLQ:HLWHUNRPPHQPHKUJDEXQGMHGHVPDOZDUWHWHHUGDUDXI GD‰HWZDVSDVVLHUHQZUGH'D‰GHU3ODQHWLUJHQGZLHDQWZRUWHWH (U KDWWH VLFK ZLHGHU LQ GHU *HZDOW 'HU $XVEUXFK KDWWH LKP JXWJHWDQ 'DV VHOEVWYHURUGQHWH +HUXQWHUVFKOXFNHQ YLHO ]X YLHOHU *HIKOH XQG GDV 7UDJHQ GHU /DVWGHU9HUDQWZRUWXQJGLHDXIVHLQHQ6FKXOWHUQODJYHUJLIWHWHQVHLQH6HHOH 8QGGLH6RUJHXP7UL (U WDVWHWH LQVWLQNWLY QDFK GHP $UPEDQGPLQLNRP DP OLQNHQ *HOHQN (U ZDU KHXWH VFKRQ PHKUPDOV NXU] GDYRU GLH 6LHGOXQJ ]X UXIHQ %LV MHW]W KDWWH GLH 9HUQXQIW QRFK JHVLHJW GLH LKP VDJWH GDV *HUlW QXU LP ZLUNOLFKHQ 1RWIDOO ]X EHQXW]HQ 6RQVW YHU]LFKWHWH HU MD DXFK GDUDXI 'LH %DWWHULHQ IUD‰HQ YLHO 6WURP XQG ZDUHQ VFKRQIDVW HUVFK|SIW8QGVLHOLH‰HQ VLFKRKQHGHQIHKOHQGHQWHFKQLVFKHQ $XIZDQG QLFKWHLQIDFKDXVDQGHUHQ%DWWHULHQZLHGHUDXIODGHQ )UHQFKKDWWHJUR‰H6RUJHXP7ULXQGLKU.LQG 'HP *OFNVJHIKO GDV LKQ YRUOHW]WH 1DFKW IDVW XP GHQ 9HUVWDQG JHEUDFKW KlWWH ZDUHQGLH(UQFKWHUXQJXQGGLH$QJVWJHIROJW 1DWUOLFKHUKDWWHPLW7ULJHVFKODIHQGLHVHUZXQGHUVFK|QHQ7ULGLHLKPPHKUZHUW ZDU DOV DOOH DQGHUHQ 0HQVFKHQ $X‰HULUGLVFKH XQG *|WWHU GHV JDQ]HQ 8QLYHUVXPV ]XVDPPHQ0LW7ULGLHLKPKHXWHPRUJHQHLQ*HGLFKWJHVFKHQNWKDWWH²GDVHUVWH GDV VLH MH JHVFKULHEHQ KDWWH %LVKHU KDWWH VLH LQ GLHVHU +LQVLFKW EHUKDXSW NHLQ ,QWHUHVVH JH]HLJW ZDU ZHGHU O\ULVFK YHUDQODJW JHZHVHQ QRFK NDQQWH VLH GLH :HUNH GHU JUR‰HQ WHUUDQLVFKHQ 'LFKWHU EHYRU GLH &RPSXWHU DXI 9HUVPD‰ XQG 5HLP SURJUDPPLHUWZXUGHQXQGLKUZHUWORVHV=HXJDXVVSXFNWHQYRQGHQ,QWHOOHNWXHOOHQ GHU -HW]W]HLW DEHU JHQDXVR EHZXQGHUW RGHU YHUULVVHQ ZLH ZHLODQG YRQ 5HLFK 5DQLFNL GHP /LWHUDWXUSDSVW XQG 1REHOSUHLVWUlJHU GHV HQGHQGHQ  -DKUKXQGHUWV )UHQFKKDWWHZlKUHQGGHV6WXGLXPV9RUOHVXQJHQLQDOWWHUDQLVFKHQ6SUDFKHQEHOHJW XQGKDWWHGDHLQLJH.HQQWQLVVHJDQ]LP*HJHQVDW]]X7UL'LHHLQ]LJHQ1DPHQGLH 



VLH DXV GHU WHUUDQLVFKHQ *HVFKLFKWH XQG LKUHP 0HWLHU NDQQWH ZDUHQ GLH HLQHV 6LJPXQG )UHXG XQG HLQHV .RQUDG /RUHQ] HLQHV +HUEHUW0DUFXVHXQGHLQHV*UHJRU 'DZDVFKGLX ,Q 6DFKHQ /\ULN ZDU 7UL YROONRPPHQ XQVFKXOGLJ XQG GRFK KDWWH VLH YRU GHP 6FKODIHQJHKHQHWZDV]X3DSLHUJHEUDFKWGDVLQ6WLOXQG$XVVDJHGLH-DKUKXQGHUWH ]XUFNUROOWH :LUVLQGQXUHLQ6WDXENRUQLPHZLJHQ.RPPHQLPHZLJHQ*HKHQ:LUVLQGHLQVYRQ YLHOHQXQGVROOWHQNHLQH$QJVWKDEHQ YRUGHPDQGHUHQ GDVZLUQLFKWNHQQHQ QXUZHLOZLUEOLQGVLQGLQXQVHUHQ6LQQHQ :LUVLQGQXUHLQ6WDXENRUQLPJUR‰HQ*HIJH GDVZLUVRJXW]XNHQQHQJODXEHQ :LUNHQQHQQLFKWVXQGZHUGHQOHUQHQ 2MDZLUZHUGHQHVOHUQHQPVVHQXQGOHEHQ LQHLQHPXQYRUVWHOOEDUHQ*OFN ZHQQZLU]XVDPPHQVLQG 0LW³]XVDPPHQPHLQWHVLHQLFKWVLFKXQG-LP 6LHPHLQWHHWZDVDQGHUHVXQG)UHQFKKDWWHGLHVFKOLPPH9HUPXWXQJGD‰VLHDXIGHP EHVWHQ:HJZDUVR]XGHQNHQZLHGLH3XULVWHQ (VNDPYRQGHU+DOOX]LQDWLRQ 7UL KDWWH DOOHV GDYRQ HU]lKOW DQ GDV VLH VLFK HULQQHUWH $EHU VHOEVW ZHQQ GDV ZLUNOLFKDOOHVZDUGDQQZDUHVIU)UHQFKHLQH:DUQXQJXQGHLQH.DPSIDQVDJH (U VWDQG KLQWHU GHU $QSDVVXQJVWKHRULH GHV 3URIHVVRUV XQG HU ZUGH MHGHQ :HJ JHKHQ GHU KLHU HLQHQ (UIROJ YHUVSUDFK(UJODXEWHLQ]ZLVFKHQ VRJDU GD‰ GDV 'LQJ DQ VHLQHU +IWH DXFK HLQ 6LJQDO GHV 3ODQHWHQ ZDU  HQWZHGHU HLQH :DUQXQJ XQG 'URKXQJRGHUDEHUHLQH(LQODGXQJGHQ.RQWDNWKHU]XVWHOOHQ 1XU ZHQQ GLH $QSDVVXQJ VR DXVVDK GD‰ GLH ZHQLJHQ EHUOHEHQGHQ 0HQVFKHQ DXI %XVVWRS LKUH ,GHQWLWlW DOV 0HQVFKHQ DXIJHEHQ VROOWHQ GDQQ ZUGH HU QLFKW PLWVSLHOHQ (VZDUHLQTXlOHQGHU*HGDQNHGD‰7ULGXUFKGLHYHUGDPPWH+DOOX]LQDWLRQSO|W]OLFK DXIGHUDQGHUHQ6HLWHVWHKHQN|QQWHVRZLH&UD\GHUGDYRQJHUDQQWZDU ,Q GHP 0RPHQW DOV )UHQFK DQ LKQ GDFKWH K|UWHQ HU XQG 'DQD GHQ 6FKUHL HLQHV 0HQVFKHQJHIROJWYRQK\VWHULVFKHP/DFKHQXQGODXWHQ:RUWHQGLHZLHGDV*HODOOH HLQHV%HWUXQNHQHQNODQJHQ ³&UD\VDJWH'DQDHUVFKWWHUW³(UKDWGLH+DOOX]LQDWLRQ 6LH ZDUHQ ZHLW ZHJ YRQ GHU 6LHGOXQJ 6LH ZDUHQ LP 1LHPDQGVODQG (V JDE KLHU NHLQH:HJPDUNLHUXQJHQGLHOlQJHUDOVHLQHQ7DJODQJ%HVWDQGKDEHQNRQQWHQ'HU3IDG GHQ)UHQFKMHGHVPDO]XP:UDFNQDKPZDUVRHWZDVZLHHLQLQGHQ0RUDVWJHEDXWHU:DOO $XILKPZDUHQGLHDQIDQJV]ZHLKXQGHUW6FKLIIEUFKLJHQJHJDQJHQDOVVLHVHLQHU]HLWQDFK HLQHP2UW]XP%OHLEHQVXFKWHQ -HW]W IUDJWH VLFK )UHQFK VRJDU RE LKQHQ GHU 3ODQHW GLHVHQ 3IDG QLFKW VRJDU JHEDXW KDWWH 6LH ZDUHQ LUJHQGZR ]ZLVFKHQ GHP HLQ]LJHQ $QNHU GHQ VLH DXI GLHVHU :HOW KDWWHQ XQG GHP NOHLQHUHQ $QNHU GHP 6\PERO IU GDV ZDV VLH HLQPDO DOV +HLPDW JHNDQQW KDWWHQ )UHQFK KlWWH ]X JHUQH JHZX‰W ZLH YLHOH GHU 6FKLIIEUFKLJHQ KHXWH LKUHQ 



GDPDOV JHPDFKWHQ 6FKULWW LQ GDV 8QEHNDQQWH ZLHGHU UFNJlQJLJ JHPDFKW KlWWHQ ² LQ HUVWHU/LQLHZRKOGLH3XULVWHQ $EHUGDVVWLPPWHQLFKWPX‰WHHU]XJHEHQDOVHUQHEHQ'DQD6FKULWWIU6FKULWWDXIGDV :UDFN]XWURWWHWHHQHUJLHORVVWXPSI ,KU 6FKZHLJHQ DOV VLH QHEHQHLQDQGHU GXUFK GLH 6FKZOH VFKULWWHQ XQG DOOH SDDU KXQGHUW 0HWHU VWHKHQEOLHEHQ XQG DXV LKUHQ 8PKlQJHIODVFKHQ WUDQNHQ ZDU QLFKW IHLQGVHOLJ (V ZDU HLQH 0LVFKXQJ DXV IHKOHQGHQ :RUWHQ %HNOHPPXQJ XQG (UZDUWXQJYRQHWZDVGDVVLHDP(QGHGHV:HJHVVHKHQZUGHQ 'LH+DQGKLQJLPPHUQRFKYRQ)UHQFKV+IWHKHUDEDEHU HU KDWWH GDV *HIKO GD‰ GLH .ODPPHU ODQJVDP HUVFKODIIWH $XFK GLH )DUEHGHU +DXWZXUGH EODVVHU'DVZDV GHU3ODQHWKLHUJHERUHQKDWWHVFKLHQQLFKWODQJHOHEHQVIlKLJ]XVHLQ ³,FK EUHFKH JOHLFK ]XVDPPHQ VDJWH 'DQD LUJHQGZDQQ ³:HL‰W GX GDV -LP" :LH ZHLWLVWHVGHQQQRFK" ³:LUVLQGJOHLFKGRUWDQWZRUWHWHHU :LHGHUZDUHUYHUVXFKWGHQ0LQLNRP]XEHQXW]HQDEHUZLHGHUOLH‰HUHVEOHLEHQ (U XQG 7UL XQG +H\PDO KDWWHQ DXVJHPDFKW GD‰ VLH VLFK YRQ GHU 6LHGOXQJ DXV PHOGHQ ZUGHQ ZHQQ HV HQWZHGHU 6FKZLHULJNHLWHQ PLW GHQ 3XULVWHQ JDE RGHU ZHQQHV7ULVFKOHFKWHUJLQJ 7UL )UHQFK VDK LKU *HVLFKW DXV GHQ 1HEHOQ HQWVWHKHQ GLH VLFK YRU LKP XQG 'DQD DXV GHP VXPSILJHQ EUDXQJUQHQ %RGHQ HPSRUKREHQ ZlKUHQG HU )DUQZHGHO XQG 6FKDFKWHOKDOP]ZHLJH ]XU 6HLWH VFKRE 7UL EHUDOO (U ZX‰WH HUVW MHW]W KLHU LQ GHU (LQVDPNHLWZLHVHKUVLFK]ZHL0HQVFKHQOLHEHQNRQQWHQ0DQFKPDOVDKHU7ULYRU VLFKZHQQHUKLQWHU'DQDJLQJXQGZQVFKWHVLFKGLH%LRORJLQHLQIDFKZLHGHUDQ VLFK UHL‰HQ XQG LQ GLH $UPH VFKOLH‰HQ ]X N|QQHQ ² DQVWHOOH YRQ 7UL RGHU ZHLO HU VLFKXQGLKUQRFKHLQPDOGDV*HIKOJDEHLQHQDQGHUHQ0HQVFKHQ]XVSUHQ 'LH $QNXQIW DP 6WDQGRUW GHV :UDFNV HUO|VWH LKQ YRQ VHLQHQ ZLGHUVSUFKOLFKHQ *HIKOHQ 6FKRQ DOV HU GLH REHUH +DOENXJHO GHV 5DXPVFKLIIV QLFKW EHU GHU :LOGQLV DXV GHP 'XQVWDXIWDXFKHQVDKDKQWHHUHWZDV $OVHUDEUXSWVWHKHQEOLHEIUDJWH'DQDLKQZDUXPHUQLFKWZHLWHUJLQJ (UNRQQWHLKUQRFKQLFKWVDJHQGD‰JHQDXKLHUYRULKQHQGLH52866($8JHOHJHQ KDWWH XQG EHNDP DXFK NHLQH *HOHJHQKHLW GLH JDQ]H %HGHXWXQJ GHVVHQ ZDV KLHU JHVFKHKHQVHLQPRFKWH]XEHJUHLIHQ(V]XFNWHLKPQXUNXU]GXUFKGHQ6LQQGD‰ VLH MHW]W ZLUNOLFK YRQ MHGHU DQGHUHQ =LYLOLVDWLRQ DEJHVFKQLWWHQ ZDUHQ  HLQ IU DOOHPDO (V ZDU XQGHQNEDU GD‰ GDV )XQNJHUlW QRFK LUJHQGZR LUJHQGZLH ZHLWHU VHQGHWH 6LH ZDUHQ DOOHLQ $OOHLQ PLW GHP 3ODQHWHQ -HW]W JDE HV ZHQLJVWHQV LQ GLHVHU+LQVLFKWNHLQH'LVNXVVLRQHQXQGIDOVFKH+RIIQXQJHQPHKU 'RFK GDV ZDU QXU HLQH IOFKWLJH JHGDQNOLFKH %HVWlWLJXQJ GHVVHQ ZDV )UHQFK RKQHKLQJHZX‰WRGHUJHDKQWKDWWH(UZDUKHOOZDFKDOV'DQDHLQHQ6FKUHLDXVVWLH‰ XQGPLWDXVJHVWUHFNWHP$UPEHEHQGQDFKYRUQHGHXWHWH ³0XWWHUSIODQ]HQVWLH‰VLHKHLVHUKHUYRU³-LPGDVLQGVLH1LFKWHLQ]HOQVRQGHUQ YLHOH ]XVDPPHQ ² VR ZDKQVLQQLJ YLHOH 8QG -LP VLH VLH KDEHQ DXI XQV JHZDUWHW  'LHXQYHUVWDQGHQHQ%RWVFKDIWHU (V ZDUHQ PLQGHVWHQV GUHL‰LJ )UHQFK NRQQWH HV QLFKW JHQDX VDJHQ REZRKO HU ]X 



]lKOHQ YHUVXFKWH 6LH VWDQGHQ LQ NOHLQHQ $EVWlQGHQ QHEHQ XQG KLQWHUHLQDQGHU 'DEHL ELOGHWHQ VLH HLQHQ XQJHIlKUHQ +DOENUHLV XP GLH 6WHOOH KHUXP DQ GHU GLH 52866($8 JHOHJHQ KDWWH PLW HLQHP 9LHUWHO LKUHV KXQGHUW 0HWHU JUR‰HQ .XJHOOHLEVLQGHQ%RGHQHLQJHJUDEHQ'HU5HJHQKDWWHQDFKJHODVVHQXQGGLH6LFKW UHLFKWHWURW]'XQVWZHLWHUDOV)UHQFKHVKLHUMHHUOHEWKDWWH 'HU+DOENUHLVZDUQXUQDFKGHU5LFKWXQJKLQRIIHQDXVGHU)UHQFKXQG'DQDNDPHQ ³6LHKDEHQJHZDUWHWZLHGHUKROWHGLH%LRORJLQ'DQQVFKDIIWHVLHHVGHQ%OLFNYRQ GHQ *HZlFKVHQ ]X O|VHQXQG VDK )UHQFK DQ 6LH ]HLJWH DXI VHLQH +IWH ³8QG LKU =ZHFNGUIWHHUIOOWVHLQ 6LHPHLQWHGLH+DQGGLHZLHHLQHYHUZHONHQGH3IODQ]HJHVFKUXPSHOWXQGEUDXQXQG XQDQVHKQOLFK JHZRUGHQ ZDU 1RFK DOV -DPHV )UHQFK DQ VLFK KHUDEVDK ILHO VLH XQG ODQGHWH YRU VHLQHQ )‰HQ )HLQH :XU]HOHQGHQ VFKREHQ VLFK DXV GHP %RGHQ XQG ]RJHQ VLH LQ GHQ 0RUDVW GHU VLFK VFKPDW]HQG XQG JOXFNVHQG EHU GHU 1DFKELOGXQJ VFKOR‰ (UEHNDPHLQH*lQVHKDXWWURW]GHU6FKZOH 'DV *HIKO GD‰ VLFK KLHU HWZDV 8QKHLPOLFKHV WDW ZXUGH QRFK VWlUNHU 8QG GD]X NDPQXQGHU6FKRFNEHUGDV5DXPVFKLIIGDVQLFKWPHKUGDZDU ³:DUXP KLHU" IUDJWH 'DQD ³-LP VDJ HQGOLFK HWZDV :DUXP VWHKHQ VLH DXVJHUHFKQHWKLHU" ,KUH 6WLPPH YHUULHW GD‰ VLH HV DKQWH 1DWUOLFK ZDU VLH ZLH DOOH DQGHUHQ KLHU DQ GLHVHU 6WHOOH DXV GHP :UDFN DXVJHVWLHJHQ XQG KDWWH VLFK DXI GHQ ODQJHQ :HJ ELV ]XHLQHPJHHLJQHWHQ3ODW]IUGLH6LHGOXQJJHPDFKW$EHUGDPDOVJDEHV]XYLHOH QHXH (LQGUFNH HV JDE ]XYLHO $QJVW +RIIQXQJ XQG 8QVLFKHUKHLW XP VLFK GHQ :HJPHUNHQ]XN|QQHQ ³'LH52866($8K|UWH)UHQFKVLFKODQJVDPVDJHQ³6LHZDUKLHU'DQD*HQDX KLHULP+DOENUHLVGHU3IODQ]HQ 6LHODFKWHNXU](VZDUHLQXQNRQWUROOLHUWHV/DFKHQZLHYRQHLQHP0HQVFKHQEHU GHQGHU:DKQVLQQIUHLQHQ0RPHQW*HZDOWEHNRPPW'DQQQLFNWHVLHGVWHU ³8QGZRLVWGDV:UDFNMHW]W-LP" (UPDFKWHHLQLJH6FKULWWHDXIGHQ3IODQ]HQKDOENUHLV]X'DQDIROJWHLKP]|JHUQG 'LH/DQGHVWHOOHZDUQRFKQLFKWZLHGHUYRQK|KHUHQ*HZlFKVHQEHGHFNW/HGLJOLFK GLH3LRQLHUSIODQ]HQEHUZXFKHUWHQVLHPLWLKUHPXQJODXEOLFKVFKQHOOHQ:DFKVWXP 'LH ELHJVDPHQ ZHLFKHQ =ZHLJH VFKREHQ VLFK YRU XQG ELOGHWHQ LKU 1HW]ZHUN ZlKUHQG)UHQFKKLQVDK$XFKGLHVJHVFKDKODXWORV (UEOLHEVWHKHQXQGZDUWHWHELV'DQDQHEHQLKPZDU ³,FK ZHL‰ QXU HLQV VDJWH HU ³'LH 3IODQ]HQ KDEHQ GDV :UDFN QLFKW ZHJJHWUDJHQ 'HU3ODQHWPX‰PX‰HVJHVFKOXFNWKDEHQ'LHEHOHEWH6FKLFKWPX‰XQYRUVWHOOEDU WLHIVHLQZHQLJVWHQVDQGLHVHU6WHOOH ³$EHU KXQGHUW 0HWHU -LP HQWIXKU HV LKU ³'DV LVW ZLUNOLFK XQYRUVWHOOEDU 'LHVH :HOWP‰WHGLH+XPXVVFKLFKWLP/DXIYRQYLHOHQ-DKUPLOOLRQHQJHELOGHWKDEHQ ³'LHVH:HOWEUDXFKWQLFKWVRYLHO=HLW'DQDHUZLGHUWHHU ³$EHU VHOEVW ZHQQ GX UHFKW KlWWHVW ² HV P‰WH HLQ JHZDOWLJHU +JHO HQWVWDQGHQ VHLQ'LH%RGHQYHUGUlQJXQJXQG  6LHZROOWHQRFKHWZDVKLQ]XIJHQDOVVLHHLQH%HZHJXQJZDKUQDKP 8QGGDQQJHVFKDKHQ]ZHL'LQJHIDVWDXIHLQPDO (LQHGHU0XWWHUSIODQ]HQ²VLHVWDQGGHQEHLGHQ0HQVFKHQJHQDXJHJHQEHU²]RJ 



LKUH:XU]HOQDXVGHPZHLFKHQ%RGHQXQGEHZHJWHVLFKPLWLKQHQGXUFK9RUZHUIHQ 9HUDQNHUQ=LHKHQXQGZLHGHU+HUDXVO|VHQODQJVDPDXI)UHQFKXQG'DQD]X 'DQDVFKULHXQWHUGUFNWXQGNODPPHUWHVLFKDQ)UHQFKV$UP6LH]LWWHUWHOHLFKW )UHQFK VWDUUWH PLW HLQHU 0LVFKXQJ DXV )DV]LQDWLRQ XQG 8QJODXEHQ ]X GHP %DXP KLQEHU ELV GLHVHU HWZD LQ GHU 0LWWH GHV +DOENUHLVHV KDOWPDFKWH )UHQFK ZDU ]X DXIJHUHJWXPGLH³6FKULWWH]X]lKOHQDEHUHWZDVVDJWHLKPGD‰HVJHQDXVRYLHOH ZDUHQZLHHUVLHJHWDQKDWWH ³-HW]W IHKOW QXU QRFK GD‰ HU GLH bVWH EHZHJW XQG XQV =HLFKHQ JLEW VW|KQWH GHU 6FKLIIEUFKLJH³$OOHVOlXIWGRFKGDUDXIKLQDXVRGHU"6LHVFKLFNHQXQVGLHVH+DQG VLHODVVHQGDV5DXPVFKLIIYHUVFKZLQGHQVLHZDUWHQDXIXQVXQGMHW]WWULWWXQVGLHVH HLQH3IODQ]HGRUWJHJHQEHUZLHHLQ  ³:LHHLQ%RWVFKDIWHU-LPVDJWH'DQD6DQGHU 'LH 3IODQ]H JHULHW QLFKW ]XU .DULNDWXU HLQHU QLFKWPHQVFKOLFKHQ /HEHQVIRUP GLH GXUFK OlFKHUOLFK ZLUNHQGH =HLFKHQVSUDFKH YHUVXFKWH HLQHP 0HQVFKHQ HWZDV PLW]XWHLOHQ  REZRKO -DPHV )UHQFK QLFKW GDUDQ ]ZHLIHOWH GD‰ VLH LKUH )DUQZHGHO XQG bVWH ]X EHZHJHQ YHUVWDQG (U JODXEWH DEHU DXFK GD‰ VLH EHU DQGHUH 0LWWHO YHUIJWHXPMHPDQGHLQH%RWVFKDIW]XVHQGHQYRUDXVJHVHW]WGLHVHU-HPDQGZDULQ GHU/DJHVLH]XHPSIDQJHQ :LHVR PX‰WH )UHQFK DXVJHUHFKQHW MHW]W ZLHGHU DQ 7UL GHQNHQ XQG GDUDQ GD‰ VLH GLH0XWWHUSIODQ]HJHK|UWKlWWH" 7ULFDQD XQG DOOH GLH +DOOX]LQDWLRQHQ JHKDEW KDWWHQ 'DQD ZDU JHQDX ZLH )UHQFK ELV KHXWHGDYRQ YHUVFKRQW JHEOLHEHQ%HLP5HVWGHU *HVWUDQGHWHQ ZX‰WHPDQGDV QLFKW VR JHQDX HEHQ ZHLO YLHOH GLH +DOOX]LQDWLRQ YHUWXVFKWHQ ELV VLH GDQQ ]X SKDQWDVLHUHQEHJDQQHQRGHU$PRNOLHIHQ *DEHV0HQVFKHQGLHJHJHQGLH+DOOX]LQDWLRQHQLPPXQZDUHQ" )UHQFKZDU]XVHLQHPHLJHQHQ(UVWDXQHQVHKUUXKLJDOVHUXQG'DQDDXIGHUHLQHQ XQG GLH 3IODQ]HQ DXI GHU DQGHUHQ 6HLWH VLFK JHJHQEHUVWDQGHQ (V ZDU ZLH HLQ JHJHQVHLWLJHV9HUVXFKHQGLHMHZHLOVDQGHUH/HEHQVIRUPHLQ]XVFKlW]HQ )UHQFK ZXUGH QXQ HQGJOWLJ NODU GD‰ HU GLH 52866($8 XQG LKU )XQNJHUlW LQVJHKHLP VFKRQ OlQJVW DEJHVFKULHEHQ KDWWH (U HPSIDQG NHLQH :XW XQG NHLQH 9HU]ZHLIOXQJ GHVZHJHQ 'LHVH GUHL‰LJ VRJHQDQQWHQ 0XWWHUSIODQ]HQ GRUW ZDUHQ IU LKU 9HUVFKZLQGHQ RGHU LKUH $XIO|VXQJ  YHUDQWZRUWOLFK 'HVKDOE ZDUHQ VLH KLHUKHUJHNRPPHQ 6LHKDWWHQGLH$NWLRQJHOHLWHWZLHLPPHUVLHYRQVWDWWHQJHJDQJHQVHLQPRFKWH 6LH KDWWHQ GDQDFK JHZDUWHW ELV HU )UHQFK ZLHGHUNDP 9LHOOHLFKW VWHFNWHQ GLHVH GUHL‰LJ *HZlFKVH DXFK KLQWHU GHP $QJULII DXI GLH 6LHGOXQJ 'D‰ VLH EHZHJOLFK ZDUHQ VSUDFK GDIU =XPLQGHVW ZX‰WHQ VLH GDYRQ 8QG VLH KDWWHQ JHZX‰W GD‰ MHPDQGQDFKGHP:UDFNVHKHQZUGHXQGVLHKDWWHQJHZDUWHW ³,VW GLU NODU GD‰ ZLU KLHU GHP 3ODQHWHQ JHJHQEHUVWHKHQ -LP" IUDJWH 'DQD HUJULIIHQ ³:HQQ GLHVH 3IODQ]HQ VHLQH %RWVFKDIWHU VLQG GDQQ VLQG ZLU EHLGH LQ GLHVHP 0RPHQW GLH %RWVFKDIWHU GHU 0HQVFKKHLW 6LH VFKWWHOWH GHQ .RSI XQG YHUEHVVHUWHVLFK³'HV7HLOVGHU0HQVFKKHLWGHQZLULPPHUUHSUlVHQWLHUHQZROOWHQ -LP ³6LH ZROOHQ GD‰ ZLU EOHLEHQ VDJWH HU OHLVH ³8QG VLH ZROOHQ XQV QLFKW W|WHQ 6LH ZROOHQGD‰ZLUEHUOHEHQ6RYLHOHZLHP|JOLFKYRQXQV  (UVDKLKUHHUVWDXQWHQ%OLFNHQLFKW(UVSUDFKQRFKODQJVDPHUDOVYRUKLQIDVWZLH 



HLQ0DQQGHULQ7UDQFHUHGHW8QGWDWVlFKOLFK²HWZDVWDVWHWHEHKXWVDPDQVHLQHQ *HLVWXQGYHUVXFKWHHLQH7U]X|IIQHQ ³'HU3ODQHWZLOOXQVOHEHQGVDJWHHUZHLWHU³(UKDWGDV:UDFN]XP9HUVWXPPHQ JHEUDFKW(UKDWYLHOHYRQXQVGXUFKGLH6HXFKHJHW|WHWDEHUYLHOOHLFKWZDUGDVJDU QLFKWVHLQH$EVLFKW(UKDWQLHHLQHQ0HQVFKHQGLUHNWDQJHJULIIHQELVJHVWHUQ(U PX‰HLQHQ*UXQGJHKDEWKDEHQ8QGGULWWHQV'DQD  (UVDKGLH3IODQ]HZHLWHUDXIVLFK]XNRPPHQXQGGLHDQGHUHQUFNWHQHEHQIDOOVYRU $XV GHP +DOENUHLV ZXUGH HLQ .UHLV LQ GHVVHQ 0LWWH )UHQFK XQG 'DQD XQG GLH 0XWWHUSIODQ]H VWDQGHQ ZLH GLH 9HUWUHWHU ]ZHLHU :HOWHQ GLH EHU HLQHQ :DIIHQVWLOOVWDQGYHUKDQGHOWHQ ³'ULWWHQVPXUPHOWH)UHQFK³KDWGHU3ODQHWYHUVXFKWPLWXQVLQ.RQWDNW]XWUHWHQ 8QG ]ZDU YRQ GHP 0RPHQW DQ DOV HU HLQHP YRQ XQV GLH HUVWH +DOOX]LQDWLRQ VFKLFNWH,FKZHL‰HVMHW]WGHQQ  (UVSUDFKQLFKW]X(QGH 'LH+DOOX]LQDWLRQEUDFKGLHYHUVFKORVVHQHQ7UHQVHLQHV*HLVWHVDXIZLHHLQ6WXUP GHU)HQVWHUOlGHQVSUHQJWHXQGLQHLQ=LPPHUIXKU $EHUGHU6WXUPZDUZDUPXQGVDQIWXQGYROOHU6WLPPHQ  +DOOX]LQDWLRQ,, -DPHV'RPLQLF)UHQFKKDWWHNHLQHQ.|USHUPHKUVRZLHHULKQNDQQWH(UEHVWDQG DXV SXUHU 6HHOH XQG (QHUJLH GLH HLQHQ $VWUDOOHLE IRUPWH GHU QXU LQ HWZD VHLQHP VWRIIOLFKHQ.|USHUHQWVSUDFK(UOHXFKWHWHJROGHQXQGVLOEHUQEHUQVWHLQIDUEHQXQG VPDUDJGJUQ $OOHV IOR‰ LQHLQDQGHU EHU $OOHV ZDU HLQV XQG GRFK %LOOLDUGHQ YRQ VLFKVWlQGLJXPJUXSSLHUHQGHQ(QHUJLHWHLOFKHQ (UVWDQGLQGHU0LWWHHLQHUJUR‰HQ/LFKWXQJXQGVHLQ8QWHUEHZX‰WVHLQUHJLVWULHUWH JHQDX GD‰ HV GLH /LFKWXQJ ZDU LQ GHU VLFK DXFK 7ULFDQD LQ LKUHU +DOOX]LQDWLRQ JHVHKHQKDWWH 5LQJVXP ZDU GHU JOHLFKH :DOG DXV GHQ VRJHQDQQWHQ 0XWWHUSIODQ]HQ (LQH YRQ LKQHQVWDQGYRU)UHQFKXQGKDWWHHWZDVLQGHU+DQGGDVZLHHLQ6SLHJHODXVVDK² HLQH UXQGH 3ODWWH PLW ]ZHL *ULIIHQ DQ LKUHU 6HLWH YRUQH JOlQ]HQG ZLH 'LDPDQW KLQWHQPDWWZLHHLQ6FKZDU]HV/RFKGDVDOOHV/LFKWVFKOXFNWH 1DWUOLFK EHVD‰ GLH 3IODQ]H NHLQH +DQG DEHU )UHQFK DVVR]LLHUWH GDV JHNUPPWH XQG PHKUIDFK YHU]ZHLJWH (QGH HLQHV LKUHU )DUQZHGHOlVWH HLQIDFK GDPLW 8QG HU ZXQGHUWH VLFK GDUEHU GD‰ GHU 3ODQHW LKP QLFKW GLHVH 0LVFKJHVFK|SIH LQV %HZX‰WVHLQJHVFKLFNWKDWWHYRQGHQHQ7ULEHULFKWHWH  8QGVHOWVDP²ZRZDU'DQD")UHQFKZDUDOOHLQPLWGHQ3IODQ]HQ(UHULQQHUWHVLFK GDUDQ GD‰ HU HLJHQWOLFK QLFKWV DQGHUHV VDK DOV GDV ZDV HU QRFK HEHQ EHL YROOHP %HZX‰WVHLQ HUOHEW KDWWH ² RGHU ZDU DXFK GDV VFKRQ 9RUVSLHJHOXQJ JHZHVHQ" 5HDOLWlW XQG ,OOXVLRQ7UDXP+DOOX]LQDWLRQ IORVVHQ EHUJDQJVORV LQHLQDQGHU $XI MHGHQ )DOO ZDU -DPHV )UHQFK QRFK VR QDKH DQ GHU 5HDOLWlW GD‰ HU XP GLH +DOOX]LQDWLRQ ZX‰WH  XQG ZHLW JHQXJ HQWIHUQW XP GXUFK HLJHQHV :ROOHQ LQ VLH ]XUFNNHKUHQ]XN|QQHQ 'HU %DXP PLW GHQ )DUQEOlWWHUQ GHP %LUNHQVWDPP XQG GHQ YLHOHQ DQGHUHQ EXQW ]XVDPPHQJHNOHEWDXVVHKHQGHQ7HLOHQKLHOWLKPGHQ6SLHJHOYRUGDV*HVLFKW )UHQFKKLHOWGHQ$WHPDQ (U ZHKUWH VLFK LQVWLQNWLY HLQHQ 0RPHQW ODQJ JHJHQ GHQ =ZDQJ DXI GLH 



NULVWDOONODUHSROLHUWH)OlFKH]XVFKDXHQ(VZDUNHLQH$QJVWYRUGHPZDVHUGDULQ VHKHQZUGH(VZDUGHUDQJHERUHQH:LGHUVWDQGJHJHQHWZDV]XGHPHURKQHVHLQ :ROOHQJH]ZXQJHQZXUGH $EHUHUVDKDXIGHQ6SLHJHO(UVDKIUHLQHQNXU]HQ0RPHQWVHLQ*HVLFKW²HLQ ODQJVDP GDKLQVWU|PHQGHV 0XVWHU DXV XQ]lKOLJHQ IHLQHQ IDUELJHQ (QHUJLHOLQLHQ :RGLH6LQQHVRUJDQHXQGGLH1HUYHQ]HQWUHQODJHQZDUHQGLH)DUEHQEHVRQGHUVKHOO XQG DOV HU NXU] EHU GHQ 6SLHJHOUDQG VFKDXWH HUEOLFNWH )UHQFK NHLQHQ 3IODQ]HQZDOGPHKUXQGNHLQH0XWWHUSIODQ]HYRUVLFKVRQGHUQGLHJOHLFKHQ)RUPHQ XQG )DUEHQ ZLH LQ VHLQHP *HVLFKW  HLQ SKDQWDVWLVFKHV EXQWHV 1HW]ZHUN DXV )RUPHQXQG)DUEHQXQGKHOOHQXQGGXQNOHQ6WHOOHQ 'RUWZRHVJUHOOOHXFKWHWHKDWWHQYRUKLQGLH0XWWHUSIODQ]HQJHVWDQGHQ6LHZDUHQ VRDXIIDOOHQGHUKDEHQEHUMHGH8PJHEXQJZLHGLH1HUYHQNQRWHQLQVHLQHP.RSI ELVKLQ]XP*HKLUQ 'DQQ HUORVFK GDV %LOG LP 6SLHJHO )U NXU]H =HLW ZDU GLH UXQGH )OlFKH YROONRPPHQ GXQNHO IDVW VR VFKZDU] ZLH GLH 5FNVHLWH $EHU GDQQ OHXFKWHWH VLH ZLHGHU DXI ZLH GHU %LOGVFKLUPHLQHV 79*HUlWV 8QGDOV)UHQFKGLHHUVWHQ%LOGHU VDKGDZX‰WHHUGD‰HUNHLQHILNWLYH+DQGOXQJDQVHKHQPX‰WHVRQGHUQHWZDVZDV JUDXVDPH5HDOLWlWJHZHVHQZDU (UVDK&DVVLR'DQXQG0D[ZLHVLHGLH0XWWHUSIODQ]HW|WHWHQXQGHUVDKZLHGHU 3ODQHWVLHEHVWUDIWH 'HU :DOG XQG VHLQH *HVWDOWHQ MHW]W NDPHQ VLH HQGOLFK DXV GHQ 6FKDWWHQ KHUYRU DEHU VLH VDKHQ DXV ZLH PL‰JOFNWH 0HQVFKHQQDFKELOGXQJHQ  ORFNWHQ LKQ XQG YHUVSUDFKHQ LKP GLH (UIOOXQJ DOOHQ 6HLQV ZHQQ HU HLQ 7HLO GLHVHU 1DWXU ZXUGH :HQQ HU NHLQ ,QGLYLGXXP PHKU VHLQ ZROOWH VRQGHUQ HLQH =HOOH XQWHU 0LOOLDUGHQ HLQ $WRP )UHQFK VFKULH GHP :DOG VHLQH $EOHKQXQJ HQWJHJHQ XQG PLW MHGHP 6FKUHL YHUZDQGHOWH HU VLFK HLQ 6WFN LQ GLH *HVWDOW ]XUFN GLH LKP HLQ QRUPDOHU 6SLHJHO JH]HLJWKlWWH $EHUHUNRQQWHHUVWZLHGHUDQVLFKKHUDEEOLFNHQXQGVHKHQGD‰HU-DPHV)UHQFKZDU DOVLKQGLH+DOOX]LQDWLRQIUHLJDE 1HEHQ LKP ODJ 'DQD GLH $XJHQ XQG GHQ 0XQG DXIJHULVVHQ XQG GHQ %OLFN LQ XQEHNDQQWH)HUQHQJHULFKWHWGLHQLFKWLQGLHVHP8QLYHUVXPODJHQ ³'DQD ULHI )UHQFK 6LH PX‰WH QRFK WLHI LQ GHU +DOOX]LQDWLRQ VWHFNHQ GLH VLH ZDKUVFKHLQOLFK JOHLFK]HLWLJ PLW LKP HUZLVFKW KDWWH *DQ] IOFKWLJ GDFKWH )UHQFK GDUDQ GD‰ VHLQH *HGDQNHQ DQ ,PPXQLWlW YRQ YRUKLQ LP +DQGXPGUHKHQ KDOWORV JHZRUGHQZDUHQ (UNURFKDXIVLH]XGXUFK]HQWLPHWHUWLHIHQ6FKODPP'DQDODJDXIGHP5FNHQ,KUH 2KUHQNRQQWHQVHLQH6WLPPHQLFKWHPSIDQJHQ'DQDV*HVLFKWZDUELVDXIGLH$XJHQ GLH1DVHGHQ0XQGXQGGDV.LQQLPJUDXJUQEUDXQHQ6XPSIYHUVFKZXQGHQ ³'DQD )UHQFK ]HUUWH VLH lFK]HQG DXV GHP 0RUDVW GHU QXU ZLGHUVSHQVWLJ QDFKJDE $OV HU 'DQD 6DQGHUV 2EHUN|USHU DXIJHULFKWHW KDWWH GD ZX‰WH HU GD‰ HU HLQH 7RWH LQ GHQ +lQGHQKLHOW ,Q GHP 0RPHQW GLHVHU (UNHQQWQLV YHUJD‰ HU DOOHV ZDV HU VLFK MHPDOV IU GHQ )DOO YRUJHQRPPHQ KDWWH GD‰ HU HLQHU DQGHUVJHDUWHWHQ ,QWHOOLJHQ] JHJHQEHUVWDQG XQG PLW EHUPHQVFKOLFKHU *HGXOG YHUVXFKHQ ZROOWH VLH ]X YHUVWHKHQ XQG VHOEVW 



YHUVWDQGHQ]XZHUGHQ(UYHUJD‰VHLQHQHLVHUQHQ9RUVDW]DXI0L‰YHUVWlQGQLVVHQLFKW LPSXOVLYXQGYRUHLOLJ]XUHDJLHUHQ 6HLQ 6FKPHU] EHU GHQ 7RG GLHVHU VR WDSIHUHQ XQG JUR‰DUWLJHQ )UDX ZDU VR JUR‰ GD‰ HU GHQ .RPELVWUDKOHU DXV VHLQHU +DOWHUXQJ UL‰ DOV HU GDV HUVWEHVWH QHXH *HUlXVFK KLQWHUVLFKK|UWH (UZLUEHOWHKHUXPXQGVFKR‰EHYRUHUEHUKDXSWVDKZRUDXI (LQHQ$XJHQEOLFNVSlWHUIUDJWHHUVLFKREGDVZDVGDLQHLQHU'DPSIZRONHYHUJDQJHQ ZDUQLFKWYLHOOHLFKWGLHHFKWH'DQD6DQGHUJHZHVHQZDU (V NDP QRFK VFKOLPPHU DEHU GD ZX‰WH HU ZHQLJVWHQV GD‰ HU HWZDV ]HUVWUDKOW KDWWH GDVGHU3ODQHWJHVFKDIIHQKDWWH 6LHZXFKVHQDXVGHUXQYRUVWHOOEDUFKDRWLVFKHQXQGDNWLYHQ%LRPDVVHGLHVHU:HOW6LH IRUPWHQ VLFK VHOEVW LP 0RUDVW DXV 3IODQ]HQWHLOHQ HLQIDFK DXV DOOHP ZDV KLHU YRQ HLQHPXQJODXEOLFKIUHPGDUWLJHQ*HLVWEHVHHOWVHLQPX‰WHGHU,QIRUPDWLRQHQDXIQDKP XQGDQVHLQH%LOOLDUGHQYRQ=HOOHQDXVVFKLFNWH )UHQFK ILHO +H\PDOV 9HUJOHLFK PLW GHQ 0XWWHUSIODQ]HQ DOV 1HUYHQ]HOOHQ HLQ XQG GHU %HIHKO GHQ HLQ LUJHQGZR H[LVWLHUHQGHV *HKLUQ EHU GLHVH 1HUYHQ]HOOHQ DQ VHLQH NOHLQVWHQOHEHQGHQ(LQKHLWHQZHLWHUJDENRQQWHQXUODXWHQ .RSLHUW 6RZLHGLH+DQGGDFKWH)UHQFKLQDXINRPPHQGHU3DQLN1RFKQLHKDWWHHUVLFKVR DOOHLQXQGVRLQGLH(QJHJHWULHEHQJHIKOWZLHMHW]WDOV]ZHLGUHLIQI'DQDVVLFK DXILKQ]XEHZHJWHQ (V ZDUHQ VFKUHFNOLFKH .DULNDWXUHQ GHU %LRORJLQ 'LH HFKWH 'DQD ZDU LQ]ZLVFKHQ YRP 6FKODPP YHUVFKOXQJHQ ZRUGHQ (V ZDUHQ $OSWUlXPH LQ HLQHP $OSWUDXP  XQG GLH 0XWWHUSIODQ]HQ VWDQGHQ XQYHUlQGHUW LQ LKUHP .UHLV GLH :lFKWHU GHV 7UDXPHV ³=XUFN EUOOWH)UHQFKXQGJDEHLQHQ:DUQVFKX‰DE'HU7KHUPRVWUDKOIDXFKWH QXU=HQWLPHWHUDP.RSIGHU'DQD.RSLHYRUEHLGLHLKPDPQlFKVWHQZDU )DVWXQEHZX‰WQDKP)UHQFKGDV6XPPHQVHLQHV0LQLNRP0HOGHUVZDKU ³9HUVFKZLQGHWVFKULHHU(UGUHKWHVLFK XPVLFKVHOEVWXQG]LHOWHPLW]XFNHQGHU +DQGDXIGLH0XWWHUSIODQ]HQ³5HLFKWHVQLFKWGD‰LKU'DQDXPJHEUDFKWKDEW",FK ZHL‰QLFKWZLHLKUHVPDFKWHW²DEHUVLHLVWWRW7RW+DEWLKUVLHJHEUDXFKWXP GLHVHGLHVH8QJHKHXHU]XVFKDIIHQ" 'HU 0XQG GHU .RSLH |IIQHWH VLFK (V ZDU JUDXVDP ,Q GLHVHP JUDXEUDXQHQ .OXPSHQ YRQ HLQHP *HVLFKW HQWVWDQG HLQH gIIQXQJ ZR EHL HLQHP 0HQVFKHQ GHU 0XQG ZDU XQG GDV 0RQVWUXP EHZHJWH GLH $UPH JHQDXVR ZLH MHPDQG GHU YHU]ZHLIHOWYHUVXFKWHHWZDV]XVDJHQXQGDXV]XGUFNHQ (V NDP NHLQ 7RQ KHUDXV QLFKW HLQPDO HLQ .UlFK]HQ 'LHVHV JUDXH 'LQJ GD VWDQG YRU -DPHV )UHQFK XQG VDK LKQ DQ 'LH $XJHQ ZDUHQ GDV HLQ]LJH DQ LKP GDV IDVW SHUIHNW ZDU 6LH VWDUUWHQ XQG SO|W]OLFK JODXEWH HU GHQ 9HUVWDQG YHUOLHUHQ ]X PVVHQ 'LHVHV(WZDVDXVPRUDVWLJHU6XEVWDQ]GLHVHU*ROHPZHLQWH 'DV ZDUHQ 7UlQHQ GLH LKP GD DXV GHQ $XJHQ EHU GHQ *HVLFKWVNOXPSHQ UROOWHQ 8QGGLH$UPHZLQNWHQDOVZROOWHHV (VZLOOPLUVDJHQGD‰HVLKQHQOHLGWXWGXUFKIXKUHV)UHQFK(UPX‰WHKLHUZHJ (UZXUGHZDKQVLQQLJ'LHVHVYHUGDPPWH'LQJZLOOPLUQXU]HLJHQGD‰GHU3ODQHW 'DQDQLFKWXPEULQJHQZROOWHXQGWUDXULJLVW 



(U WDXPHOWH DXI GHP KDDUIHLQHQ *UDW ]ZLVFKHQ (UNHQQWQLV XQG :DKQVLQQ (U VDK GLH DQGHUHQ 'DQD)LJXUHQ HEHQIDOOV VWHKHQEOHLEHQ XQG GDV JOHLFKH WXQ ZLH GLH HUVWH (U ZLUEHOWH DEHUPDOV KHUXP XQG VDK ² ZLH GLH 0XWWHUSIODQ]HQ GLH PlFKWLJHQ:HGHOXQG=ZHLJHKlQJHQOLH‰HQ 'DVZDUHQGJOWLJ]XYLHO -DPHV )UHQFK VFKR‰ (U EUDQQWH VLFK HLQHQ :HJ DXV GHP .UHLV XQG GDFKWH LQ GLHVHP$XJHQEOLFNZHGHUDQ.RQVHTXHQ]HQQRFKDQGLH&KDQFHGLHHUYLHOOHLFKW QLH ZLHGHU EHNDP XQG KLHU IDKUHQ OLH‰ 'HU 3UHLV ZDU ]X KRFK (U PRFKWH DQ GHU 6FKZHOOH YRQ *HKHLPQLVVHQ YRQ %XVVWRS VWHKHQ DEHU ZDV VROOWH HU QRFK GDIU EH]DKOHQ" (U VFKR‰ XQG UDQQWH (U VDK NHLQHQ :HJ PHKU (LQIDFK JHUDGHDXV HJDO ZHOFKH 5LFKWXQJ1XUIRUWZHJYRQKLHU2KQHVLFKGHVVHQEHZX‰W]XVHLQVFKDOWHWHHUGHQ 7KHUPRVWUDKO DXI EUHLWHVWH )lFKHUXQJ 9RU -DPHV )UHQFK ORGHUWH HLQH )HXHUZDQG -HGHQ 0RPHQW VFKLHQ HU LQ VLH KLQHLQ]XVWU]HQ ² ELV HU VWROSHUWH XQG GLH :DIIH YHUORU (LQ:XU]HOVWFNVFKREVLFKDXVGHP%RGHQXQGOHJWHVLFKZLHHLQH6FKOLQJHEHU GHQ 6WUDKOHU (LQ 5XFN XQG VLH ZDU LP 0RUDVW YHUVFKZXQGHQ 1XU HLQLJH /XIWEODVHQ]HUSODW]WHQQRFKDQGHU6WHOOH )UHQFK YHUVXFKWH QLFKW VLFK GLH :DIIH ]XUFN]XKROHQ (U VDK VLFK QLFKW XP VRQGHUQ UDIIWH VLFK DXI XQG OLHI ZHLWHU 5LHVLJH )DUQZHGHO SHLWVFKWHQ LKP LQV *HVLFKW(U VDK OLDQHQDUWLJH6FKOLQJUDQNHQLPOHW]WHQ0RPHQWXQG EHUVSUDQJVLH RGHU VFKOXJ +DNHQ ZDV LKQ ]ZHL GUHLPDO DXV GHP 7ULWW EUDFKWH XQG GHU /lQJH QDFK LQ GHQ ZHLFKHQ VFKZDQNHQGHQ %RGHQ NODWVFKHQ OLH‰ GHVVHQ GLFNH 0RRV )OHFKWHQXQG*UDVQDUEHDXISODW]WHZLHGLH+DXWHLQHVULHVLJHQ7LHUHVDXIGHVVHQ 5FNHQ)UHQFKVFKZDQNWH 'DV/DQGZDUKLHUZLHHLQ0RRU(VURFKQDFKDOOHQP|JOLFKHQ*DVHQ/XIWEODVHQ KREHQ VLFK XQG SODW]WHQ EHUDOO 'LHVHV /DQG JlUWH %UXWNFKH (V EUDFKWH XQXQWHUEURFKHQ QHXH )RUPHQ KHUYRU VFKQHOOHU DOV GLH DOWHQ XQWHUOHJHQHQ YHUVFKZLQGHQNRQQWHQ )UHQFK VDK GLH HUVWHQ UHLQHQ %OWHQSIODQ]HQ DXI %XVVWRS XQG HV ZDUHQ 2UFKLGHHQJHZlFKVH 0HKU DOV GDV (V ZDUHQ 2UFKLGHHQ ZLH 'DQD VLH HLQPDO JH]HLFKQHW KDWWH 6LH ZXFKVHQDQ=ZHLJHQXQGNOHLQHQ6WlPPHQ'D]ZLVFKHQTXDNWHXQGJXUUWHHV )UHQFK VDK $PSKLELHQ )U|VFKH (LQH 6FKODQJH PLW ]ZHL .|SIHQ XQG YLHU ZLQ]LJHQ%HLQFKHQ ³+|UW DXI VFKULH HU LP 6WROSHUQ ³'DV LVW QRFK LPPHU HLQH +DOOX]LQDWLRQ /D‰W PLFKLQ5XKH/D‰WPLFKGRFKELWWHLQ5XKH (UVSUWHZLH7UlQHQVHLQH:DQJHQKHUDEOLHIHQ6HLQH/LSSHQ]XFNWHQ(UKDVWHWH ZHLWHULPPHUZHLWHUXQGGHU0LQLNRPDQVHLQHP$UPJHOHQNVXPPWHUK\WKPLVFK 8QWHQ0RUDVWXQG0RRUGXUFK]RJHQYRQYLHOHQNOHLQHQ5LQQVDOHQ'DUEHUGLHVH NDXP]XGXUFKGULQJHQGH:LOGQLVPLWLKUHQXQ]lKOLJHQ0XWDWLRQHQXQG)DOOHQXQG )RUPHQ 8QG GDUEHU ZLHGHUXP GHU IHXFKWKHL‰H 6FKOHLHU DXV 'XQVW GHU MHGHQ %OLFN EHU PHKU DOV ]ZDQ]LJ 0HWHU KLQDXV YHUZHKUWH ² ZHQQ GLH 3IODQ]HQ GDV QLFKWVFKRQWDWHQ )UHQFK ILHO XQG OLHI (U NHXFKWH (U EHNDP NDXP QRFK /XIW XQG VDK VFKZDU]H 3XQNWHYRUVHLQHQ$XJHQ,QVHLQHP.RSIGUHKWHVLFKDOOHVVDKHU'DQDV%LOGXQG 



7ULLPPHUZLHGHU7UL (U QDKPGDV6XPPHQGHV 0LQLNRPV HQGOLFK ZDKU²XQGGDVZDUHLQH6HNXQGH EHYRUHU]XVDPPHQEUDFK  :LHYLHO0HQVFKLVW0HQVFK" $OV -DPHV 'RPLQLF )UHQFK ]X VLFK NDP ODJ HU DXI HLQHP VWDELOHQ JLWWHUDUWLJHQ *HIOHFKWDXVILQJHUGLFNHQEUDXQHQ:XU]HOQGLHLKQWUXJHQZLHHLQ)OR‰DXIHLQHP 2]HDQ(U EOLHE OLHJHQ ELV HU ZLHGHU HWZDV NODUHU GHQNHQ NRQQWH XQGODQJVDP GLH .UDIW LQ VHLQHQ JHVFKXQGHQHQ .|USHU ]XUFNNHKUHQ IKOWH 'LH *HUlXVFKH GHV 7DJHV ZDUHQ YHUNOXQJHQ XQG GLH UHODWLYH 'XQNHOKHLW EHZLHV LKP GD‰ HV 1DFKW ZDU'HU5HJHQKDWWHYROONRPPHQDXIJHK|UW (U K|UWH GDV )OVWHUQ GHU 3IODQ]HQ GLH VLFK LKUH *HKHLPQLVVH ]XUDXQWHQ 9LHOOHLFKW ZDUHQVLHGDEHLWUDXULJYLHOOHLFKWJOFNOLFK9LHOOHLFKWZHLQWHQVLHYLHOOHLFKWODFKWHQ VLH 8QGYLHOOHLFKWELOGHWH)UHQFKVLFKGDVDXFKDOOHVQXUHLQ :DVHUVLFKDEHUQLFKWHLQELOGHWHZDUVHLQHMlKHLQVHW]HQGH(ULQQHUXQJ (U ULFKWHWH VLFK DXI WDVWHWH QDFK VHLQHP 6WUDKOHU XQG VDK VLFK QDFK 'DQD 6DQGHU XP $OV HU ZHGHU GLH :DIIH QRFK GLH )UDX IDQG GD ZDU HU JDQ] VLFKHU QLFKW JHWUlXPW]XKDEHQ 'LH 0XWWHUSIODQ]HQ 'LH YHUVXQNHQH RGHU VRQVWZLH YHUVFKZXQGHQH 52866($8 'LH +DOOX]LQDWLRQ 'DQDV 7RG XQG LKUH IXUFKWEDUHQ 1DFKELOGXQJHQ 8QG GLH )OXFKW (U KDWWH 0XWWHUSIODQ]HQ JHW|WHWZLH GLH GUHL:DKQVLQQLJHQ &DVVLR'DQ XQG 0D[ (U KDWWH XP VLFK JHVFKRVVHQ ZLH HLQ $PRNOlXIHU XQG GDEHL YLHOOHLFKW GHQ3ODQHWHQ]XHLQHPQRFKNRQVHTXHQWHUHQ5DFKHDNWKHUDXVJHIRUGHUWDOVHVQDFK GHU7DWGHUGUHL9HUUFNWHQJHVFKHKHQZDU (U ZX‰WH QLFKW ZR HU ZDU DEHU HU PX‰WH GLH 6LHGOXQJ DQIXQNHQ :HQQ HV QLFKW VFKRQ]XVSlWZDU 0HLQ *RWW GDFKWH HU DOV LKP GDV 6XPPHQ GHV )XQNJHUlWV HLQILHO -HW]W VFKZLHJ HV DEHUHVVFKLHQXQEHVFKlGLJWJHEOLHEHQ]XVHLQ )UHQFK VWDQG DXI 'DV *LWWHUJHIOHFKW WUXJ LKQ 'LH :XU]HOQ TXHUWHQ VLFK ZLUNOLFK XQG ZDKUKDIWLJ JHUDGH LQ HLQHP :LQNHO YRQ QHXQ]LJ *UDG )UHQFK KlWWH HV EHVFKZ|UHQN|QQHQ:HQQHUHLQHQ:LQNHOPHVVHU]XU+DQGJHKDEWKlWWH²HUKlWWH LKQDQOHJHQN|QQHQZRHUZROOWHhEHUDOOZlUHQQHXQ]LJ*UDGKHUDXVJHNRPPHQ $EHUZLHZDUGDVQXQZLHGHUP|JOLFK" (V JDE QLHPDQG DX‰HU GHQ 0HQVFKHQ GHU GLHVHP 3ODQHWHQ HWZDV YRQ 0DWKHPDWLN *HRPHWULH RGHU 6WDWLN KlWWH EHLEULQJHQ N|QQHQ 8QG )UHQFK ZDU ]LHPOLFK VLFKHU GD‰ QRFK NHLQ 0LWJOLHG LKUHU ]HUVWULWWHQHQ *HPHLQVFKDIW VLFK YRU HLQH 0XWWHUSIODQ]H JHNQLHWXQGPLWLKU)RUPHOQEHVSURFKHQKDWWH )UHQFKVFKDOWHWHGHQ0LQLNRPHLQXQGVHQGHWHVHLQ6LJQDO'DEHLVDKHUGD‰VLFK GDV ³)OR‰ ELV DQ GLH 6LFKWJUHQ]H YHUOlQJHUWH (VZDUZLHHLQ*HKVWHLJJHPDFKW IU LKQ8QGHUZDUVLFKHUGD‰HVLKQVRODQJHGXUFKGLHVHV0RRU WUDJHQZUGHELVHU HQWZHGHUGLH6LHGOXQJRGHUGHQEHNDQQWHQ:HJGRUWKLQHUUHLFKWKDWWH ³1XQNRPPWGRFKVFKRQULHIHUXQJHGXOGLJLQV)XQNJHUlW³+HUUMHPHOGHWHXFKGRFK +H\PDO7UL+|UWPLFKGHQQQLHPDQGPHKU" ,KP ZXUGH VFKZLQGOLJ XQG GDV NDP QLFKW QXU YRQ GHP VFKZDQNHQGHQ :XU]HOJHIOHFKWXQWHUVHLQHQ)‰HQ 



6LH KDWWHQ LKQ ]X HUUHLFKHQ YHUVXFKW 'DV ZDU QXU IU HLQHQ ZLUNOLFKHQ 1RWIDOO YRUJHVHKHQJHZHVHQ6LHKDWWHQQDFKLKPJHUXIHQXQGHUKDWWHHVEHUK|UW9LHOOHLFKW ZDUHVGDVOHW]WH/HEHQV]HLFKHQDXVGHU6LHGOXQJJHZHVHQ )UHQFKV0DJHQNUDPSIWHVLFKEHLGHP*HGDQNHQ]XVDPPHQ(UOLH‰VLFKDXIGLH.QLH IDOOHQXQGPX‰WHVLFKEHUJHEHQ :RGDV$XVJHZUJWHLQ0RRUXQG0RUDVWILHOYHUVDQNHVXQGYLHOHNOHLQH/XIWEODVHQ YHUULHWHQGD‰HVVRIRUWDXIJHQRPPHQXQGXPJHVHW]WZXUGH )UHQFK EHNDP HLQHQ K\VWHULVFKHQ /DFKDQIDOO DOV HU VLFK ZLHGHU DXI]XULFKWHQ YHUVXFKWH 6HLQ .|USHU ZROOWH QRFK QLFKW (U PX‰WH DXI +lQGHQ XQG .QLHQ ZHLWHUNULHFKHQ :DU HV VHLQ *HKLUQ GDV LKQ OlKPWH" 8QG GDV LQ GHQ OHW]WHQ 6WXQGHQVRYLHOKDWWHHUWUDJHQYHUDUEHLWHQYLHOOHLFKWDXFKYHUGUlQJHQPVVHQ" 7UL VFKULH HV LQ LKP ZlKUHQG HU ZHLWHUNURFK VFKZLW]WH XQG PLW GHQ +lQGHQ DXVJOLWW0HOGHWHXFKGRFK 6HLQ0LQLNRPULHILPPHUQRFKQDFK$QWZRUW1LFKWVNDP 3O|W]OLFKZDUHVDOVKlWWHGHU7ULWWHLQHV5LHVHQ-DPHV)UHQFKQDFKYRUQHJHZRUIHQ XQG ]XVDPPHQEUHFKHQ ODVVHQ (U ODJ IODFK DXI GHP %DXFK DXI GHP VFKZDQNHQGHQ :HJDXV:XU]HOJLWWHUXQGEHJDQQ]XKHXOHQZLHHLQNOHLQHV.LQG :DUHVGDVDOOHVZHUWJHZHVHQ"EUDQQWHHVLQVHLQHQ*HGDQNHQ*RWWRGHU6FKLFNVDO RGHUZDVVRQVWDXFKLPPHU²ZDUXPKDVWGXPLFKDXIGLHVHQ:HJJHEUDFKW" 6HLQH)DPLOLHYHUORUHQ 6HLQH ,GHDOH  ZDV ZDU YRQ LKQHQ JHEOLHEHQ" :DKUVFKHLQOLFK KDWWH HU KLHU HLQH SKDQWDVWLVFKHUH&KDQFH/HEHQNHQQHQ]XOHUQHQXQGPLWLKPHLQH*HPHLQVFKDIW]X ELOGHQDOVLUJHQGZRDQGHUVXQGDOVMHPDOVHUWUlXPW$EHUGHU3UHLVZDU]XKRFK 8QG 7ULFDQD XQG +H\PDO ² ZHQQ HV VLH QLFKW PHKU JDE JDE HV QLFKWV PHKU IU LKQ )UHQFK ZDU NHLQ 6FKZlFKOLQJ (U KDWWH HLQH PDWHULHOOH 6LFKHUKHLW IUHLZLOOLJ KLQWHU VLFK JHODVVHQ (U ZDU DXV HLJHQHP $QWULHE JHJDQJHQ (U ZDU DXI VHLQH $UW HLQ 3LRQLHU $EHUHUZDUNHLQ5RELQVRQ 6LFKHU DXFK GLHVHQ 5RPDQKHOGHQ KDWWH HUVW HLQ XQJOFNOLFKHV 6FKLFNVDO ]X GHP JHPDFKWZDVHUVFKOLH‰OLFKJHZRUGHQZDUXQGZRIUHUEHLYLHOHQ7UlXPHUQDXFK KHXWHQRFKDOV6\PEROVWDQG(VJDEVROFKH9HUZHJHQHQLQGHU6LHGOXQJVRJDUXQWHU +H\PDOV)UHXQGHQ$EHU-DPHV)UHQFKZDUNHLQHUYRQLKQHQ 1LFKWGD‰HUGHQ5HL]GHV$EHQWHXHUV5RELQVRQDGHQLFKW]XVFKlW]HQZ‰WH²HU ZDU JDQ] HLQIDFK 5HDOLVW JHQXJ ]X ZLVVHQ GD‰ HU GLHVHV HLQVDPH /HEHQ QLFKW GXUFKVWHKHQZUGH :HLWHU (LQ6FKODJDXIGHQ0LQLNRP(LQ+LOIHUXI(LQ6FKULWWZHLWHUDXIGLHVHP3IDGGHQ GHU3ODQHWDXVLUJHQGHLQHP*UXQGIULKQJHEDXWKDWWH :DUXP QRFK" (U KDWWH ZLOG XP VLFK JHVFKRVVHQ XQG GDEHL EHVWLPPW YLHOH =HOOHQ GLHVHVXQID‰EDUHQ2UJDQLVPXV]HUVW|UWGHULUJHQGZRHLQH%HIHKOV]HQWUDOHKDWWH ,KPIXKUGXUFKGHQ6LQQGD‰GDVZDVGLHPLQHUDOLVFKH.UXVWHGLHVHV3ODQHWHQKLHU LP 6WHUQKDXIHQ 0  EHGHFNWH YLHOOHLFKW GDV *UR‰DUWLJVWH ZDU ZDV UDXPIDKUHQGH 0HQVFKHQ ELVKHU MH YRUJHIXQGHQ KDWWHQ  HLQH MXQJH VSRQWDQH XQG XQVFKXOGLJH /HEHQVJHPHLQVFKDIW GLH VLFK QXU ZHKUWH XQG EHJLHULJ ZDU DXI DOOHV 1HXH 6HOEVW DXI GDV ZDV LKU GDV 9HUGHUEHQ EULQJHQ NRQQWH VR ZLH LP (UGDOWHUWXP GLH 



.RQTXLVWDGRUHQGHQ,QNDVXQGVRYLHOHQDQGHUHQ=LYLOLVDWLRQHQGHVMXQJIUlXOLFKHQ 0LWWHOXQG6GDPHULND ³$EHU ZLU ZROOHQ QLFKWV YRQ GLU VFKULH )UHQFK ILHEHUJHEDGHW ³:LU ZROOHQ KLHU QXUHLQZLQ]LJHV6WFN/DQGIUXQVXQGZLUZROOHQHVQLFKWXPVRQVW $EHUDXFKQLFKWXPGHQ3UHLVXQVHUHU/HEHQ )UHQFKVFKOHSSWHVLFKZHLWHUELVHUZLHGHUVWHKHQNRQQWH(UPX‰WH]XU6LHGOXQJ (U PX‰WH ZLVVHQ ZDV GRUW JHVFKHKHQ ZDU 7UL +H\PDO ZDUXP DQWZRUWHWH QLFKW HQGOLFK HLQHU 6HOEVW GLH 6WLPPH YRQ 3UHQWLVV ZlUH IU )UHQFK MHW]W ZLH *ORFNHQJHOlXWHJHZHVHQ 'HU:XU]HOJHKVWHLJVHW]WHVLFKIRUWLPPHUZHLWHULQGLHJOHLFKH5LFKWXQJ,PPHU ZHQQ)UHQFKJODXEWH HUZUGH LQGHQ 'XQVWVFKZDGHQ YHUVFKZLQGHQVDKHU]ZHL 6FKULWWH VSlWHU VHLQH )RUWVHW]XQJ *DU NHLQ =ZHLIHO KLHUKDWWHGHU3ODQHWLKPHLQH %UFNH EHU 0RUDVW XQG 0RRU JHEDXW ² HLQH %UFNH GLH HQWZHGHU ]XU 6LHGOXQJ RGHUYLHOOHLFKWGRFKLQGLH,UUHIKUWH ,QGLH,UUH 'HU *HGDQNH EUDQQWH VLFK LQ )UHQFKV *HKLUQ GHU PLW MHGHU 0LQXWH RKQH 0HOGXQJ DXV GHU 6LHGOXQJ LPPHU YHU]ZHLIHOWHU ZXUGH (V ZDU QXU ORJLVFK (U KDWW H GHP 3ODQHWHQ :XQGHQ ]XJHIJW ZDKUVFKHLQOLFK VFKOLPPHUH :XQGHQ DOV &DVVLR 'DQ XQG0D[:LHYLHOH0XWWHUSIODQ]HQZDUHQLQVHLQHP)HXHUYHUJDQJHQ" (V ZDU ZLUNOLFK QXU ORJLVFK GD‰ GLH ,QWHOOLJHQ] GLH KLHU ZLUNWH LKQ GDIU EHVWUDIWHVRZLHVLHGLHGUHL$PRNOlXIHUEHVWUDIWKDWWH:LHNRQQWHHUVLFKHLQELOGHQ XQJHVFKRUHQGDYRQ]XNRPPHQ" (UOLHIXQG OLHI 'XUFK6FKOHLHUVDKHUZLHVLFKGHU:XU]HOSIDGZHLWHUGXUFKGDV XQGXUFKGULQJEDUH'LNNLFKWVFKRE:LHODQJHVFKRQXQGZLHODQJHQRFK" )UGHQ3ODQHWHQZlUHHVGRFKDPHLQIDFKVWHQJHZHVHQLKQGXUFKLUJHQGHLQH/FNH GHV*LWWHUJHIOHFKWVEUHFKHQXQGYHUVLQNHQ]XODVVHQ $EHUQLFKWVGHUJOHLFKHQJHVFKDK)UHQFKUDQQWHVWROSHUWHVWU]WHXQGNURFKZHLWHU ELVHUGHQ=DXQGHU0HQVFKHQVLHGOXQJYRUVLFKVDK(UUDQJQDFK$WHP'DV7RULP =DXQVWDQGRIIHQ'DYRUODJHLQHUHJORVH*HVWDOW -DPHV'RPLQLF)UHQFKEUDFKQHEHQLKU]XVDPPHQ9RUVHLQHQ$XJHQWDQ]WHQ6WHUQH (U ZDU VR HUVFK|SIW GD‰ MHGHU EHZX‰WH *HGDQNH HLQ $EHQWHXHU ZDU 8QG QXU GLH $QJVWXP7ULOLH‰LKQJHJHQGHQ6FKODIDQNlPSIHQGHULKQ]XVLFKUHL‰HQZROOWH (UODJIODFK QHEHQGHPUHJORVHQ.|USHUXQGGUHKWHLKQ VRDXIGLH6HLWHGD‰HULKP LQV*HVLFKWVHKHQNRQQWH (VZDU)HQQLQJ3UHQWLVV 8QG3UHQWLVVZDUNHLQHVQDWUOLFKHQ7RGHVJHVWRUEHQ ,QVHLQHU+DQGGLH)UHQFKDXVGHP0RUDVWGHV:HJHV]RJODJ]ZLVFKHQWRGHVVWDUUHQ )LQJHUQ QRFK GHU ZLQ]LJH 6WUDKOHU GHU GDV KDDUIHLQH /RFK LQ VHLQHQ 6FKlGHO JHVFKRVVHQKDWWH 3UHQWLVV  *HVLFKW ZDU ]X HLQHU *ULPDVVH YHU]RJHQ LQ GLH PDQ DOOH P|JOLFKHQ (LQGUFNH KLQHLQLQWHUSUHWLHUHQ NRQQWH  YRQ VWLOOHP 7ULXPSK XQG =XIULHGHQKHLW EHU DEVROXWH *OHLFKJOWLJNHLW XQG 6FKLFNVDOVHUJHEHQKHLW ELV KLQ ]X UHLQHP EODQNHQ+D‰ )UHQFKOLH‰GLH+DQGORVXQGQDKPVLFKGLH:DIIH 9LHOOHLFKW EUDXFKWH HU VLH ZHQQ HU VLFK LQ GLH 6LHGOXQJ VFKOHSSWH DXV GHU NHLQ PHQVFKOLFKHU/DXWNDP 



'DIUPHOGHWHVLFKHQGOLFKVHLQ0LQLNRP (VZDU+H\PDOV6WLPPHGLHDXVGHP/DXWVSUHFKHUNDPXQGDXIJHUHJWULHI ³-LP GX KDVW XQV JHK|UW 'X PX‰W NRPPHQ (V LVW +H\PDOV 6WLPPH YHUVWXPPWH IUHLQHQ0RPHQW)UHQFKK|UWHLKQZHLQHQ8QGGDQQ³-LPDEHUQLPPGLFKLQ DFKW,FKZROOWHGLFKHUUHLFKHQDEHUGXKDVWQLFKWJHK|UW+RIIHQWOLFKLVWHVQLFKW]X VSlW +LHU KDWWHQ SO|W]OLFK DOOH +DOOX]LQDWLRQHQ DOOH DX‰HU PLU 8QG VLH :LHGHU PX‰WHGHU-XQJHHLQH3DXVHHLQOHJHQ)UHQFKVFKZDQNWHDXIGDV7RU]X'DQQZDU HUKLQGXUFKXQGJLQJDXIGLH%DUDFNH]XLQGHUGDV)XQNJHUlWXQWHUJHEUDFKWZDU (U UL‰ GLH 7U LP JOHLFKHQ 0RPHQW DXI DOV+H\PDO ZHLWHUVSUDFKDEHU 7ULV 6RKQ EHPHUNWH LKQ QLFKW (U VWDQG EHU GHQ .RP JHEHXJW XQG VDJWH HLQLJHUPD‰HQ JHID‰W ³-LP VLH IDQJHQ DQ VLFK VHOEVW XP]XEULQJHQ 6LH JHKHQ HLQIDFK XQG VFKLH‰HQVLFKLQGHQ.RSI.HLQHUNHQQWGHQDQGHUHQPHKU-LPZLUPVVHQ )UHQFKOHJWHLKPGLHVFKZHL‰YHUNOHEWH+DQGDXIGLH6FKXOWHUXQGGUHKWHLKQVDQIW ]XVLFKKHUXP(UZX‰WHGD‰HUZLHHLQH0XPLHDXVHLQHP*UXVHOILOPDXVVDKXQG ZDUGDUDXIYRUEHUHLWHWGD‰+H\PDOHQWVHW]WUHDJLHUWH 7DWVlFKOLFK]XFNWHGHU-XQJH]XVDPPHQXQGYHUVXFKWHIUHLQHQ0RPHQWGLH+DQG YRQVLFKDE]XVWUHLIHQ$EHUGDQQHUNDQQWHHU)UHQFKXQGZDUIVLFKDQVHLQH%UXVW ³2K-LP ZHLQWH HU ³'D‰ GX QRFK OHEVW ,FK KDEH VWXQGHQODQJYHUVXFKWGLFK]X HUUHLFKHQZHLO  ³:HLO ZDV+H\PDO" IUDJWH)UHQFK(UVFKRELKQVDQIWYRQVLFKXQGOLH‰GLH+lQGH DXI VHLQHQ 6FKXOWHUQ +H\PDO OHJWH VHLQH HLJHQHQ +lQGH GDUDXI XQG XPNODPPHUWH VLHDOVZlUHQVLHGDVOHW]WHGDVLKQLQGLHVHU:HOWXQGLQGLHVHP/HEHQKLHOW ³-LP7ULV6RKQKDWWHVHLQH6FKFKWHUQKHLWDEJHOHJWXQGUHGHWHGDVKHUXQWHUZDV GLUHNW DXV VHLQHU 6HHOH KHUDXINDP (U EOLFNWH )UHQFK LQ GLH $XJHQ ³-LP GLH +DOOX]LQDWLRQ6LHNDPEHUDOOH6LHVDQNHQ]X%RGHQXQGWUlXPWHQ$OOHHJDOZR VLH VWDQGHQ RGHU VD‰HQ 6LH ZDUHQ ZLH WRW ,FK YHUVXFKWH VLH ]X ZHFNHQ DEHU VLH ZDUHQ ZLH 6WHLQ 8QG DOV VLH GDQQ DXIZDFKWHQ JLQJHQ VLH KLQ XQG EUDFKWHQ VLFK XP2GHUVLH  )UHQFK ]LWWHUWH (U KDWWH GDV *HIKO GLHVPDO ZLUNOLFK LP %RGHQ ]X YHUVLQNHQ (U ZDUYROOSDQLVFKHU$QJVWYRUGHPZDVHUDOVQlFKVWHVK|UHQZUGH ³2GHU ZDV +H\PDO" (U WDXPHOWH UFNZlUWV XQG IDQG DQ HLQHU *WHUNLVWH +DOW ³:DVLVWPLW7UL+H\PDO"8P+LPPHOVZLOOHQZDVLVWPLW7UL" (U VFKULH HV KLQDXV ZLH HLQ %HVHVVHQHU XQG GLH $UW ZLH HU GHQ -XQJHQ DQVWDUUWH ZDUDXFKQLFKWYLHODQGHUV ³6LH OHEW -LP IOVWHUWH +H\PDO ³6LH OHEW DEHU VLH LVW VHKU NUDQN )UHQFK ZDU VFKRQDXIGHP:HJLQLKUH:RKQHLQKHLWDOV+H\PDOQRFKULHI³6LHOHEW-LP$EHU VLHLVWVRNUDQNZLHDOOHDQGHUHQGLHVLFKQLFKWXPJHEUDFKWKDEHQ )UHQFKK|UWHHVNDXP$OVREHUHLQH'RVLV$XISXWVFKPLWWHOEHNRPPHQKlWWHUDQQWH HUDXIGDV+DXV]XLQGHPHU7ULXQG+H\PDOVLFKQDFKGHU=HUVW|UXQJGHUKDOEHQ 6LHGOXQJHLQJHULFKWHWKDWWHQXQGKDVWHWHGXUFKGHQSURYLVRULVFKHQ(LQJDQJ 'LH 0XWWHUSIODQ]H GLH PLWWHQ LQ GHU 6LHGOXQJ YRU GHU +lXVHUUHLKH VWDQG VDK HU GDEHL JDU QLFKW 'DEHL ZDU VLH DXIIlOOLJ JHQXJ 6LH KDWWH NDXP QRFK YLHO bKQOLFKNHLWPLWMHQHQGUHL‰LJGUDX‰HQLP6XPSIZDOG 6LHJHK|UWHEHUHLWV]XHLQHUQHXHQ*HQHUDWLRQ 6LH OLH‰ LKQ YRUEHLODXIHQ XQG ULFKWHWH LKUH bVWH XQG :HGHO VR DXV ZLH HLQ )XQNHPSIlQJHU VHLQH $QWHQQH 9RQ LUJHQGZRKHU HUKLHOW VLH ,QVWUXNWLRQHQ XQG 



LUJHQGZRKLQVHQGHWHVLHGDVZDVVLHVDK $OV+H\PDOKLQWHU)UHQFKLQV+DXVODXIHQZROOWHOHJWHQVLFKLKUH*OLHGPD‰HQXP VHLQH6FKXOWHUQXQGKLHOWHQLKQDXI 'LH3IODQ]HKDWWHGHPMXQJHQ0HQVFKHQHWZDV]XVDJHQ 7ULODJVFKZLW]HQGXQG]LWWHUQGDXIGHU&RXFKDEHUVLHKDWWHRIIHQEDUNHLQ)LHEHU ²MHGHQIDOOVQLFKWGDV)LHEHU7URW]GHPZLUNWHVLHY|OOLJJHLVWHVDEZHVHQG(VJLQJ LKUVFKOHFKW,KU*HVLFKWZDUZHL‰'LH+DXWZDUIDVWZLH3HUJDPHQWGDVVLFKEHU .QRFKHQVSDQQWH 6LH EUDXFKWH HLQH :HLOH ELV VLH -DPHV )UHQFK HUNDQQWH $OV HU LQ GLH :RKQXQJ VWU]WH XQG VHLQHQ 6FKZXQJ QXU PLW 0KH YRU GHU &RXFK DEILQJ VDK VLH DXI XQG EOLFNH XP VLFK ZLH HLQH %OLQGH DXI GHU 6XFKH QDFK HLQHU *HUlXVFKTXHOOH 'DEHL ZDU HV JDU QLFKW GXQNHO 'LH 6LHGOXQJ KDWWH LPPHU QRFK JHQXJ 6WURP XP GLH %HOHXFKWXQJHQ]XVSHLVHQ (VKDWWHMHGHQIDOOVGDIUJHUHLFKWGD‰)UHQFKDXIGHP.RUULGRU%LOGHUGHV*UDXHQV VDK :HQQHV EHUDOO LQ GHQDQGHUHQ +lXVHUQ XQG QRFK LQWDNWHQ +DOOHQ VR DXVVDK ZLHKLHUGDQQZDUHV]X(QGHPLWGHQ0HQVFKHQDXI%XVVWRS7RWHDP%RGHQPLW HLQHP/RFKLQGHU6FKOlIHXQGGHP6WUDKOHUQRFKLQGHU+DQG ³7UL )UHQFK PX‰WH LKUHQ 1DPHQ PHKUPDOV ZLHGHUKROHQ ELV VLH GHQ 2EHUN|USHU KRFKVWHPPWHXQGHLQH+DQGQDFKLKPDXVVWUHFNWH ³-LP"IOVWHUWHVLH'XGXELVWGD" ³,FKELQEHLGLU7ULVDJWHHU*DQ]NXU]QXUZXQGHUWHHUVLFKEHUGLH5XKHGLHHU GDEHL KDWWH (U VHW]WH VLFK ]X LKU XQG QDKP LKUH )LQJHU 6LH VDK LKP LQV *HVLFKW GRFK LKU %OLFN VFKLHQ GXUFK LKQ GXUFK]XJHKHQ ELV HU VHLQH $XJHQ ZHQLJVWHQV KDOEZHJVIDQG ,KUH /LSSHQ ZDUHQ DXIJHVSUXQJHQ 6LH KDWWH YLHO JHZHLQW XQG PLQGHVWHQV VHLW GHP 0RUJHQQLFKWVPHKUJHJHVVHQ-HW]W]XFNWHQLKUH/LGHU'LH$XJHQZLUNHQVHOWVDP YHUGUHKW7ULV0XQGZLQNHOYHU]RJHQVLFK]XHLQHPYRUVLFKWLJHQ/lFKHOQ ³'X ELVW ZLHGHU GD -LP KDXFKWH VLH LKP LQV 2KU ³'DV GDV LVW JXW 'HQQ ZLU PVVHQ]XVDPPHQJHKHQ ,KU/lFKHOQZXUGHVWlUNHUJHQDXZLHGHU(LQGUXFNHLQH%OLQGHYRUVLFK]XKDEHQ %HVWU]WEHJULII)UHQFKGD‰7ULFDQDVLFKLQWLHIHU7UDQFHEHIDQG(LQH+lOIWHLKUHV %HZX‰WVHLQV ZDU KLHU XQG GLH DQGHUH LUJHQGZR LQ HLQHP %HUHLFK GHU VLFK-DPHV )UHQFKHQW]RJ $EHUHUZX‰WHZRGDVZDU 6LH EHJDQQ SO|W]OLFK JDQ] OHLVH ]X VLQJHQ 'LH 0HORGLH KDWWH HU QRFK QLH JHK|UW DEHUNODQJVLHQLFKWZLHGDV)OVWHUQGHU3IODQ]HQDP$EHQG" 'LH :RUWH NDQQWH HU GDIU XP VR EHVVHU (V ZDUHQ MHQH DXV GHP *HGLFKW GDV VLH QLHGHUJHVFKULHEHQKDWWH :DU HU GHVKDOE ]XUFNJHNRPPHQ" +DWWH GLHVHU XQJHKHXHUOLFKH 3ODQHW LKQ QXU GHVKDOE QLFKW EHVWUDIW GDPLW HU VLFK GDV KLHU DQVHKHQ XQG DQK|UHQ PX‰WH" $EHU HLQH VROFKH *UDXVDPNHLW GDV SD‰WH QLFKW ]X GHQ 3IODQ]HQ :DV VLH HUOHGLJHQ PX‰WHQ WDWHQ VLH VFKQHOO XQG HQGJOWLJ ZREHL GHU $QJHNODJWH NHLQH &KDQFH EHNDPVLFK]XYHUWHLGLJHQ6LHKDWWHQMDUHFKW(VZDULKUH:HOWDEHUGDQQVROOWHQ VLH GDV ZDV IU VLH JHIlKUOLFKH )UHPGN|USHU ZDUHQ UDVFK XQG HQGJOWLJ HOLPLQLHUHQ 



/DQJVDPH 4XDOHQ ]X EHUHLWHQ ² 6HHOHQTXDOHQ ² GDV ZlUH VFKRQ HKHU HLQH 6SH]LDOLWlWGHU*DWWXQJJHZHVHQ]XGHU)UHQFK7ULXQGGLHDQGHUHQJHK|UWHQ(V ZDUPHQVFKOLFK 1XU 0HQVFKHQ XQG DQGHUH VRJHQDQQWH ,QWHOOLJHQ]HQ DXI JOHLFKHU RGHU lKQOLFKHU (QWZLFNOXQJVVWXIHWDWHQ VR HWZDVZDUHQ]XP$XVGHQNHQKl‰OLFKHU)ROWHUQLQGHU /DJH 1LHPDOV 7LHUH QLHPDOV 3IODQ]HQ (V VHL GHQQ VLH EHVD‰HQ HLQH JDQ] EHVRQGHUH%HJDEXQJ 'LH%HJDEXQJGHV,PLWLHUHQVGHV.RSLHUHQVQLFKWQXUYRQbX‰HUOLFKNHLWHQ )UHQFK EUDFK GHU 6FKZHL‰ DXV REZRKO HU NDXP QRFK :DVVHU LP .|USHU KDEHQ NRQQWH 6LH NRSLHUHQ XQV GDFKWH HU XQG VDK GLH 6FKUHFNHQVELOGHU YRQ 'DQDV 'RSSHOJlQJHULQQHQ YRU VLFK XQG GLHVH +DQG DQ VHLQHU +IWH 6LH ZLVVHQ LPPHU PHKU EHU XQV XQG VFKDIIHQ XQV PLW +LOIH GLHVHU ,QIRUPDWLRQHQ PLFK =XHUVW GLH .|USHU QDFK GHU '16,QIRUPDWLRQ LQ MHGHU =HOOH 8QG QXQ ² GHQ PHQVFKOLFKHQ *HLVW ³:DVZLOOGLHVHU3ODQHWYRQXQV"IUDJWHHUEDUVFKHUDOVEHDEVLFKWLJW(UQDKP7ULV *HVLFKWLQGLH+lQGHXQGVWDUUWHLQLKUHDEZHVHQGEOLFNHQGHQ$XJHQ³:DVZLOOHU QRFK"(UKDWIDVWDOOHJHW|WHW:DVZLOOHUMHW]WQRFKYRQXQV" 6LHOlFKHOWHREZRKOHUJHVFKULHQKDWWH ³(UZLOOXQVVDJWH7ULFDQD8QGHVNODQJJOFNOLFK ³:LU ZLVVHQ HV VDJWH )UHQFK ³$EHU ZDUXP 7UL" :R]X" :HQQ HU ² XQVHUH %LRPDVVH EUDXFKW GDQQ NDQQ HU VLH VLFK OHLFKW QHKPHQ (U PX‰ XQV W|WHQ RGHU DEZDUWHQ ELV ZLU YRQ VHOEVW  7ULFDQD VDQJ ZHLWHU LPPHU ZLHGHU GLH JOHLFKHQ =HLOHQXQGLPPHUVWlUNHUVFKZDQJLQLKUHU6WLPPHGLH6HKQVXFKWPLWGLH)UHQFK VFKDXGHUQOLH‰ ³%LV ZLU YRQ VHOEVW NRPPHQ PXUPHOWH HU (U OLH‰ 7ULFDQD ORV XQG VWW]WH GHQ .RSI LQ GLH +lQGH 3O|W]OLFK ZDU HU PGH ³'HVKDOE GLH 6HOEVWPRUGH 'HU 3ODQHW VFKLFNWH HXFK GLH +DOOX]LQDWLRQ XQG ZDKUVFKHLQOLFK VWlUNHU XQG IHLQHU DXI 0HQVFKHQ DEJHVWLPPW DOV MHPDOV ]XYRU (U QLFNWH VLFK VHOEVW ]X ³'DQD LVW WRW ZHL‰WGXGDVVFKRQ"+DEHQHVGLUGHLQH3IODQ]HQIUHXQGHJHVDJW"'XUFKVLHZLVVHQ VLH ZLHGHU HWZDV PHKU EHU XQV  VR ZLH GXUFK MHGHQ GHQ GLH 2UJDQPDVVHGLHVHV YHUIOXFKWHQ 3ODQHWHQ LQ VLFK DXIQLPPW XQG ELV LQ MHGH =HOOH ]HUOHJW 7UL %LV LQ MHGHV$WRP6LHZLVVHQJHQDXZLHZLUGHQNHQXQGZLHZLUYHUZXQGEDUVLQG6LH KDEHQ HXFK GLH +DOOX]LQDWLRQHQ JHVFKLFNW XQG LQ GHQ 6HOEVWPRUG JHWULHEHQ (U UDQJQDFK/XIW³7ULGLHVH:HOWVLHKWXQVDOV)UHPGN|USHUDQ6LHLVWHLQHLQ]LJHU 2UJDQLVPXVXQGZLUNDPHQDOVHWZDVGDVQLFKWLQGLHVHQ2UJDQLVPXVSD‰W'DVHU EHNlPSIHQ PX‰ (V LVW HLQH JDQ] QDWUOLFKH 5HDNWLRQ ZLH EHL HLQHP 0HQVFKHQ GHVVHQ.|USHU$EZHKUVWRIIHXQGUHDNWLRQHQSURGX]LHUW(VLVWZLH  (U VDK GLH%LOGHU DXV VHLQHU+DOOX]LQDWLRQ XQGHUZX‰WHGD‰DOOHV QLFKWVWLPPWH ZDVHUVLFKGD]XUHFKWOHJWH 2KHUZDUPGH (UVDK]X7ULDXIXQGVDKVLHOlFKHOQ6LHZDUNUDQNVHKUNUDQNDEHUVLHOlFKHOWH LKP]X'LH)LQJHUVSLW]HQLKUHUUHFKWHQ+DQGEHUKUWHQVDQIWVHLQH+DXW ³:LUJHKHQ]XVDPPHQ-LPIOVWHUWHVLH³'XXQGLFKXQG+H\PDOXQG  ³7ULFDQD (U NRQQWH VLFK NDXP GDUDQ HULQQHUQ ZDQQ HU VLH]XOHW]W PLWLKUHP YROOHQ 1DPHQ 



DQJHVSURFKHQ KDWWH -HW]W QDKP HU LKUH +lQGH XQG XPNODPPHUWH GLH *HOHQNH (U YHUVXFKWH YHUJHEOLFK VLH DXV LKUHP 'RUQU|VFKHQVFKODI ZDFK]XUWWHOQ 6WDWW GHVVHQ EUHLWHWHVLFKEOHLHUQH0GLJNHLWLQLKPDXVXQGHUNlPSIWHPLWMHGHP$WHP]XJXP GHQQlFKVWHQNODUHQ*HGDQNHQGHQHUQRFKIDVVHQNRQQWH ³7UL  K|UWH HU VHLQH 6WLPPH 6LH NUlFK]WH ³:HQQ ZLU XQV DXFK QRFK XPEULQJHQ ZHUGHQ ZLU YLHOOHLFKW ]X HLQHP 7HLO GLHVHU :HOW $EHU LQ HUVWHU /LQLH VLQG ZLU WRW 7UL WRW 8QG ZDV IU HLQ 7HLO ZlUH GDV 'HU 3ODQHW LVW YROOHU *LHU QDFK QHXHU %LRPDVVHXQGQDFK,QIRUPDWLRQHQ(UZLUGXQVDEVRUELHUHQDXIO|VHQ:LUZHUGHQ ]X HLQHP 7HLO YRQ LKP ]X =HOOHQ RKQH %HZX‰WVHLQ $EHU LFK ZLOO PLFK DQ DOOHV HULQQHUQ N|QQHQ ZDV LFK MH ZDU XQG ZDVLFKMH JHOHUQW XQG JHVFKlW]WXQGJHOLHEW KDEH:DVLFKMH]XKDVVHQJHOHUQWKDEH,FKZLOOHLQ0HQVFKEOHLEHQ7UL8QGGX DXFK :HU JDUDQWLHUW XQV GDIU GD‰ZLULQGLHVH/HEHQVJHPHLQVFKDIWHLQJHKHQXQG XQVHU PHQVFKOLFKHV %HZX‰WVHLQ EHKDOWHQ" :LU 0HQVFKHQ KDEHQ GLHVHP 8QLYHUVXP YLHO /HLG JHEUDFKW DEHU ZLU VLQG QXQ HLQPDO 0HQVFKHQ XQG ZROOHQ HV DQGHUV PDFKHQ7ULK|UVWGXPLU]X"(UVFKWWHOWHVLH³7ULFDQD ³(V ZLUG DOOHV DQGHUV ZHUGHQ IOVWHUWH 7UL PLW GHU 6WLPPH HLQHU 3URSKHWLQ ³*ODXEHPLU-LP(VZLUG 6LHODFKWHXQGEHJDQQZLHGHU]XVLQJHQ )UHQFKVSUWHGD‰HUJOHLFKYRU(UVFK|SIXQJQHEHQLKU]XVDPPHQEUHFKHQZUGH (UVWDQGDXIVFKZDQNWHXQGIDQGHLQHQ7RUQLVWHUPLW0HGLNDPHQWHQ )UHQFKVFKDIIWHHVJHUDGHQRFKGLH.DSVHOLQGLH,QMHNWLRQVSLVWROH]XVFKLHEHQXQG 7ULFDQD GDV 0LWWHO LQ GHQ $UP ]X VFKLH‰HQ GDV VLH ZHQLJVWHQV VR ODQJH EHWlXEHQ VROOWHELVHUVHOEVWZLHGHUZDFKZDU 6LH VFKLHQ GDYRQ EHUKDXSW QLFKWV ]X VSUHQ 6LH VDQJ ZHLWHU ELV VLH PLW GHU 0HORGLHDXILKUHQ/LSSHQHLQVFKOLHI )UHQFK VFKRE VLH EHKXWVDP DXI GLH ]XU :DQG JHOHJHQH 6HLWH GHU &RXFK XQG OHJWH VLFK QHEHQ VLH (U KDWWH NDXP QRFK GLH .UDIW GHQ YRQ 3UHQWLVV JHQRPPHQHQ 6WUDKOHUQHEHQVLFK]XOHJHQ 8QG NXU] EHYRU HU LQ GHP +DOEGXQNHO ]ZLVFKHQ +HOO XQG 'XQNHO ]ZLVFKHQ 7DJ XQG1DFKW/HEHQXQG7RGYHUVDQNVDKHUHLQHQ6FKDWWHQDXIVLFK]XNRPPHQXQG HUK|UWHHLQH6WLPPH6LHVFKLHQYRQZHLWZHLWZHJ]XNRPPHQ8QGZHPJHK|UWH VLH" (LQHP-XQJHQ ³-LP +H\PDO ULHI HV XQG UWWHOWH DQ )UHQFKV 6FKXOWHUQ DEHU HV ZDU VFKRQ HLQ KDOEHU 7UDXP ³-LP HV LVW HLQ :XQGHU JHVFKHKHQ 6LH KDEHQ XQV JHIXQGHQ (LQ 5DXPVFKLIINRPPW(VZLUGODQGHQXQGXQVPLWQHKPHQ-LPK|UVWGXPLFKGHQQ QLFKW"-LP )UHQFK VFKOLHI XQG WUlXPWH YRQ ULHVLJHQ NDNWXVlKQOLFKHQ 3IODQ]HQ GLH HQWODQJ HLQHU (LVHQEDKQVWUHFNH VWDQGHQ XQG PLW LKUHQ bVWHQ 6LJQDOH JDEHQ GLH GLH QlFKVWHQ .DNWHHQ VDKHQ XQG ZHLWHUJDEHQ ELV VLH LUJHQGZR ]X HLQHU ]HQWUDOHQ 6FKDOWVWHOOH JHODQJWHQ =X HLQHU ,QWHOOLJHQ] GLH -DPHV )UHQFK DXFK LP V\PEROEHODGHQHQ7UDXPZHLWHUUlWVHOKDIWEOLHE ,UJHQG MHPDQG ULHI LQ GLHVHQ 7UDXP RGHU ZDU HV HLQH +DOOX]LQDWLRQ"  HWZDV YRQ HLQHP5DXPVFKLIIXQG)UHQFKVDKHVNRPPHQXQGODQGHQ (UVDKZLHVLFKGLH6FKOHXVHQGHV6FKLIIHV|IIQHWHQ8QGHUVDKQRFKHWZDV (UVDKGLH*HVLFKWHUYRQYLHOHQ0lQQHUQ1XUZHQLJH)UDXHQZDUHQEHLLKQHQ6LH 



ODFKWHQ XQG JU‰WHQ VWHOOWHQ )UDJHQ 'DV JHVFKDK ]XQlFKVW K|IOLFK GDQQ KDUW XQG IRUGHUQG'DV/DFKHQYHUVFKZDQGDXVGHQJUREHQ*HVLFKWHUQ 8QGHUVDKGLHIOLUUHQGHQ:DIIHQPQGXQJHQYRQYLHOHQ6WUDKOHUQXQGHUVDK%OXW GDVVLFKZLHURWH:DVVHUIlOOHDXVGHQ6FKOHXVHQHUJR‰  6SXUHQ -DPHV 'RPLQLF )UHQFK VFKOLHI ODQJH (U JOLWW GDEHL YRQ HLQHP 7UDXP LQ GHQ DQGHUHQ XQG HUOHEWH 'LQJH GLH NHLQ 0HQVFK WXQ NRQQWH (V LVW GHU PHQVFKOLFKHQ :LVVHQVFKDIW VHLW GHP VSlWHQ  -DKUKXQGHUW EHNDQQW GD‰ QXU HLQ UHODWLY NOHLQHU 3UR]HQWVDW]YRQ0HQVFKHQIDUELJ]XWUlXPHQYHUPDJVLHE]HKQYRQKXQGHUW-DPHV )UHQFK HUOHEWH VHLQH 7UDXPZHOWHQ LQ GHQ SKDQWDVWLVFKVWHQ )DUEHQ 6HLQH 6LQQH VFKLHQHQVLFKLQMHGHUQHXHQ6HTXHQ]PHKUXQGPHKU]XHUZHLWHUQ(UK|UWH7|QH ILQJ *HUFKH DXI QDKP %HUKUXQJHQ ZDKU ZLH NHLQ PHQVFKOLFKHU 6LQQ VLH LKP PLWWHLOHQNRQQWH 'RFKHVZDUHQXQUXKLJH7UlXPH²ZLHEHLKRKHP)LHEHUZDVDXFKGLH,QWHQVLWlW GHU %LOGHU HUNOlUHQ PRFKWH 6LH ZDUHQ YHUVFKLHGHQ DEHU ZLH HLQ URWHU )DGHQ ]RJ VLFKGXUFKVLHGLHEUHLWH6WUD‰HGLHVFKQXUJHUDGH]XHLQHP3XQNWDP+RUL]RQWOLHI (UUDQQWHXPLKQ]XHUUHLFKHQ$QVHLQHU6HLWHZDUHQDQGHUH(LQLJHVWUDXFKHOWHQ XQG EOLHEHQ ]XUFN $QGHUH KROWHQ ZLHGHU DXI RGHU KDWWHQ ]HLWZHLOLJ HLQHQ 9RUVSUXQJ 6LHNDPHQGHP(QGHGHV:HJHVQLFKWQlKHUNHLQHUYRQLKQHQ'LH6WUD‰HVFKLHQ VLFKXQWHULKUHQ)‰HQLPPHUJHQDXVRVFKQHOOUFNZlUWV]XGUHKHQZLHVLHOLHIHQ 8QG GDQQ NDPHQ GLH *HIDKUHQ XQG )DOOHQ (V ZDUHQ LPPHU DQGHUH XQG LPPHU ZHQQ )UHQFK LQ GHQ JU|‰WHQ 6FKZLHULJNHLWHQ VWHFNWH VDK HU VHLQ =LHO DOV YDJH 9LVLRQ HLQH ZHLWH ZXQGHUVFK|QH (EHQH XQWHU EODXHP +LPPHO XQG PLW EXQWHQ )UKOLQJVEOXPHQZR6FKPHWWHUOLQJHIORJHQXQG9|JHOVDQJHQ(VZDUGHU2UWGHV JUR‰HQXQGHQGJOWLJHQ)ULHGHQVGDV3DUDGLHV $EHU QLHPDQG NDP DQ 'LH 6WUD‰H YHUKLQGHUWH HV :LH EUDFKWH PDQ VLH ]XP 6WHKHQ" 'DQQ IODFNHUWHQ ZLHGHU GLH 6FKUHFNHQVELOGHU YRQ GHQ IUHPGHQ 5DXPIDKUHUQ XQG LKUHQ :DIIHQ GXUFK )UHQFKV 7UDXPMDJGHQ XQG GLH 0XWWHUSIODQ]HQ XQG GLH =XJVWUHFNH PLW GHQ 6LJQDOHQ XQG PLWWHQGULQ LQ DOOHP ZDU 7ULFDQDV *HVLFKW ZLH HLQHVWlQGLJXQWHUOHJWH )RWRJUDILH 7ULOlFKHOWHWUDXULJDEHUQLFKWYHU]ZHLIHOW$XV LKUHQ $XJHQ VSUDFK HLQ *OFN GDV )UHQFK QLFKW GHILQLHUHQ NRQQWH (V ZDU HLQ *OFNGDVVLHDQVFKHLQHQGJHIXQGHQKDWWHDEHUHUQRFKQLFKW 6LHNDPHLQLJH0DOHYRP(QGHGHV:HJHVJHVFKZHEWREZRKOVLHGRFKQHEHQLKP KHUGDUDXI]XOLHIDEHUYLHOIULVFKHUOHLFKWHU 6LHKLHOWHLQ.LQGLQGHQ$UPHQXQGUHLFKWHHVLKP (U EOLHE VWHKHQ XQG VWUHFNWH GLH +lQGH GDQDFK DXV JDQ] ODQJVDP XQG YRUVLFKWLJ (VZDUVR]DUW(LQHUVHLWVKDWWHHU$QJVWGDYRUHV]XYHUOHW]HQRGHULKPDXFKQXU ZHK]XWXQDEHUHUKDWWHDXFKDXVHLQHPDQGHUHQLUUDWLRQDOHQ*UXQG)XUFKWGDYRU (UNRQQWHHVVLFKQLFKWHUNOlUHQXQGZXUGHYHUOHJHQZHQQ7ULLKQDQVDKXQGLKP DXIIRUGHUQG]XQLFNWH +H\PDO VWDQG DXFK QRFK GDEHL XQG VLH YLHU ² GDV .LQG PLWJHUHFKQHW  ZDUHQ SO|W]OLFKDOOHLQ6LHZDUHQGLHHLQ]LJHQXQGOHW]WHQ0HQVFKHQDXI%XVVWRSELVDXI GLH %OXWKXQGH PLW GHQ 0HQVFKHQN|SIHQ GLH )UHQFK LQ GLHVHP OHW]WHQ 7UDXP 



KHW]WHQ DOV HU GDV .LQG HQGOLFK DXI GLH $UPH QDKP XQG HV ]XP HUVWHQPDO GLH $XJHQ|IIQHWH (UVDKGHQ%OLFNXQGZDFKWHVFKUHLHQGDXI )UHQFKODJDXIGHP%RGHQHLQHVKDOEGXQNOHQ5DXPHV/LFKWILHOQXUGXUFKHLQH$UW /XNHYRQVFKUlJREHQHLQJDQ]OLQNVNQDSSXQWHUKDOEGHU'HFNH(VUHLFKWHJHUDGH XP GLH DQGHUHQ ]X VHKHQ GLH KLHU XQWHUJHEUDFKW ZDUHQ XQG GDV ZDUHQ K|FKVWHQV HLQJXWHV'XW]HQG0HQVFKHQ )UHQFK ZDU GXUFK XQG GXUFK QD‰JHVFKZLW]W :LHVR ZHKWH NHLQ 9HQWLODWRU PHKU" :LHVRIXQNWLRQLHUWHGLH%HOHXFKWXQJQLFKWXQGZDUXPYHUGDPPWODJHUQLFKWGD ZRHUHLQJHVFKODIHQZDU"(UHULQQHUWHVLFKGDUDQ(UHULQQHUWHVLFKVRJHQDXGDUDQ DOVKlWWHVLFKLKPGDV%LOGYRUVHLQHP(LQVFKODIHQLQV*HKLUQJHEUDQQW 7ULFDQD -DPHV )UHQFK IXKU PLW GHP 2EHUN|USHU KRFK XQG ILHO VRIRUW ZLHGHU ]XUFN 9RU VHLQHQ $XJHQ GUHKWH VLFK DOOHV (LQ P|UGHULVFKHU 6FKPHU] UDVWH GXUFK VHLQHQ 6FKlGHO'DV%OXWNORSIWHLQGHQ6FKOlIHQ:DVZDUGHQQPLWLKPORV" (UYHUVXFKWHHVQRFKHLQPDO 'LHVPDOZDUHUYRUVLFKWLJHUXQGZDUWHWHGHQ6FKZLQGHODQIDOODEDOVHUHVJHVFKDIIW KDWWH VLFK DXI GLH (OOERJHQ ]X VWW]HQ :DV ZDU PLW VHLQHP .UHLVODXI ORV" 6HLQ /HEHQODQJ KDWWHHU NHLQH 3UREOHPH GDPLWJHKDEW VHOEVWGLH8PVWHOOXQJQDFK GHU 1RWODQGXQJZDULKPOHLFKWHUJHIDOOHQDOVIDVWMHGHPDQGHUHQKLHU ³-LP 'LH6WLPPH :DV ZDU ORV" 1LFKW QXU GHU .|USHU YHUZHLJHUWH GHQ 'LHQVW )UHQFK PX‰WH VRJDU HLQHQ0RPHQWQDFKGHQNHQZHPGLHVHMXQJHPlQQOLFKH6WLPPHJHK|UWH ³-LPVDJWHVLHQRFKHLQPDOHLQGULQJOLFK(LQH*HVWDOWNQLHWHVLFKQHEHQ)UHQFKKLQ XQGZLVFKWHLKPPLWHLQHPIHXFKWHQNKOHQ/DSSHQEHUGDVYHUVFKZLW]WH*HVLFKW -D GLH 6WLPPH GLH YRP 5DXPVFKLII JHVSURFKHQ KDWWH JDQ] DXIJHUHJW 9RQ HLQHU /DQGXQJYRQ ³+H\PDO VWLH‰ )UHQFK KHLVHU KHUYRU 'DV 6SUHFKHQ WDW ZHK 'HU 0XQG ZDU WURFNHQGLH/LSSHQDXIJHVSUXQJHQ)UHQFKKLHOWGLH+DQGPLWGHP/DSSHQIHVWXQG EOLFNWHGHU*HVWDOWLQV*HVLFKW +H\PDO YHUVXFKWH ]X OlFKHOQ DEHU VHLQH 0LHQH ZLUNWH HKHU ZLH GLH HLQHV 0HQVFKHQ GHU JHUDGH HLQ :XQGHU HUOHEW KDWWH (WZDV YRQ GHP HU QRFK QLFKW ZX‰WHREHUVLFKGDUEHUIUHXHQRGHUGDUEHUHUVFKUHFNWVHLQVROOWH ³%OHLE UXKLJ -LP VDJWH GHU -XQJH :lKUHQG HU )UHQFK HLQ ,QMHNWLRQVSIODVWHU DXI GHQ+DOVGUFNWHQLFNWHHUOLQNVDQLKPYRUEHL³7ULJHKWHVHWZDVEHVVHU,KUKDEW MHW]W ZHQLJVWHQV NHLQHQ *UXQG PHKU DXIHLQDQGHU HLIHUVFKWLJ ]X VHLQ RGHU QHLGLVFK(VJHKWMHGHPYRQHXFKLQHWZDJOHLFK (V VROOWH HLQ 6FKHU] VHLQ RGHU ZHQLJVWHQV GHU 9HUVXFK GLH /DJH GXUFK HLQH %HPHUNXQJ]XHQWNUDPSIHQ)UHQFKKLHOW+H\PDOV+DQGIHVWXQGGUHKWHGHQ.RSI 'DV 3IODVWHU ZLUNWH VFKQHOO 'LH 6FKPHU]HQ XQG GLH LQQHUH +LW]H OLH‰HQ VSUEDU QDFKXQGDXFKGHU.UHLVODXIVWDELOLVLHUWHVLFKLP5DKPHQGHV0|JOLFKHQ 7UL ODJ QHEHQ LKP DXI GHP %RGHQ GHU ]X HLQHU GHU KDOEHLQJHVWU]WHQ +DOOHQ JHK|UWH)UHQFKHUNDQQWHGLH8PJHEXQJMHW]WZLHGHU-HPDQGKDWWHGHQ%RGHQPLW 'HFNHQ 7FKHUQ RGHU .OHLGXQJVVWFNHQ DXVJHOHJW (V ZDU ZDKUVFKHLQOLFK GHU JOHLFKHGHU)UHQFKXQG7ULKLHUKHUJHEUDFKWKDWWH²XQGGLHDQGHUHQZRKODXFK 



)UHQFK EUDFKWH HLQ /lFKHOQ ]XVWDQGH DOV HU 7ULV IHXFKWH$XJHQ DXI VLFK JHULFKWHW VDK(UOLH‰+H\PDOV+DQGORVXQGVWULFKLKUVDQIWEHUGDV*HVLFKW (U ZROOWH HWZDV VDJHQ XQG DOV HU QDFK :RUWHQ VXFKWH DOV LKP LPPHU ZLHGHU GLH %LOGHU VHLQHU 7UDXPNHWWH HLQILHOHQ NDP VLH LKP PLW LKUHU EHUUDVFKHQGHQ )UDJH ]XYRU ³:HL‰WGXMHW]WDXFKZRKLQXQVHU:HJIKUW-LP" 6HLQH +DQG ]XFNWH ]XUFN (U VDK VLH XQG VLFK DXI GHU QLFKW HQGHQ ZROOHQGHQ 6WUD‰HZLHVLHDXIGLH9HUKHL‰XQJDP+RUL]RQW]XOLHIHQ(UVDKVLHZLHGHUZLHVLH LKPGDV.LQGUHLFKWH²XQGGLH$XJHQGHV6lXJOLQJV (UNRQQWHLKUNHLQH$QWZRUWJHEHQ (U VXFKWH GDQDFK ZLH JHUDGH QDFK DQGHUHQ :RUWHQ GLH PDQ MHPDQG VDJWH GHQ PDQVRJXWXQGLQQLJNDQQWHZLHHU7ULXQG7ULLKQ:DVZDUPLWLKQHQORV"2GHU PLWLKP" ,UJHQGZLH KDWWH HU GDV *HIKO GD‰ VLH VLFK ZHLW YRQ LKP HQWIHUQW KDWWH $EHU HU ZROOWH GDV QLFKW (U ZROOWH PLW LKU =XVDPPHQVHLQ HU ZROOWH VLH QLFKW YHUOLHUHQ 8QGZHQQHULKUGDIUGRUWKLQIROJHQPX‰WHZRVLHRGHULKU*HLVWVFKRQZDU 7ULOlFKHOWHREZRKOVLH6FKPHU]HQKDWWH6LHOlFKHOWHVRWDSIHUZLHHV0lUW\UHUWXQ 0HQVFKHQGLH/HLGDXIVLFKQHKPHQZHLOLKU*ODXEHDQHLQH%HORKQXQJIHVWLVW )UHQFK HUNDQQWH PLW HLQHPPDO GD‰ HU VLH QLFKW PHKU YRQ GHP DEEULQJHQ ZROOWH ZDVLKULP.RSIKHUXPVSXNWH (U ZX‰WH GD‰ DXFK HU ]XP 3LOJHU ZHUGHQ ZUGH $EHU HU NRQQWH LKU QRFK LPPHU QLFKWVDJHQ³-DLFKZHL‰HV 8P VHLQH 9HUOHJHQKHLW ]X EHUEUFNHQ XQG =HLW ]X JHZLQQHQ GUHKWH HU VLFK ZLHGHUQDFK+H\PDOXP'HU-XQJHVWDQGLPPHUQRFKEHLLKPXQGNDP)UHQFKLQ GLHVHU 6LWXDWLRQ ZLH HLQ 6FKXW]HQJHO YRU GHU EHU LKQ XQG 7UL XQG GLH DQGHUHQ 0HQVFKHQKLHULQGHU+DOOHZDFKWH(VZDUHLQHDEVROXWLUUDWLRQDOH9RUVWHOOXQJDEHU HUNRQQWHVLHQLFKWYHUGUlQJHQ ³:LHVRKDVWYRUKLQYRQXQVJHVSURFKHQ"IUDJWHHULKQ³$OVHVXPXQVHUHQ=XVWDQG JLQJ'XKDVWGLFKQLFKWPLWHLQEH]RJHQ:DUXP" +H\PDO ZHQGHWH NXU] GHQ .RSI XQG VDK ]XP (LQJDQJ GHU +DOOH (V ZDU HLQ KHOOHV KRKHV5HFKWHFNLP+DOEGXQNHOGHUWHLOZHLVHVFKUlJOLHJHQGHQXQGYHUNDQWHWHQ:lQGH XQGHLQHU'HFNHGLHDXV7UlJHUQXQGPHKURGHUZHQLJHUVWDELOYHUDQNHUWHQ%OHFKHQ EHVWDQG'HUIUHLH5DXPZRGLH.UDQNHQODJHQPRFKWH]HKQPDOIQI0HWHUJUR‰ VHLQ 'LH DQGHUH +lOIWH GHU +DOOH ZXUGH LPPHU QRFK YRQ &RQWDLQHUQ PLW GLYHUVHQ 9HUVRUJXQJVJWHUQDXVJHIOOW=XP*OFNZDUHQGLH%HKlOWHUDOOHGLFKWJHEOLHEHQ DOV GHU 3ODQHW EHEWH XQG GLH :XU]HOQ DQJULIIHQ 6RQVW ZUGH HV VLFKHU EHVWLDOLVFK VWLQNHQGHQQDOOHVZDVQLFKWGXUFK9DNXXPJHVFKW]WZDUYHUGDUEKLHULQQHUKDOE YRQK|FKVWHQVHLQ]ZHL7DJHQ ³,FKELQGHUHLQ]LJHGHUQRFKJHVXQGLVWVDJWH+H\PDO$P(LQJDQJ HUVFKLHQHLQ 6FKDWWHQ GHU VLFK ODQJVDP EHZHJWH (V KlWWH GHU 6FKDWWHQ HLQHV 0HQVFKHQ VHLQ N|QQHQ ³,FK KDEH HXFK KLHUKHU JHEUDFKW XQG VR JXW ZLH P|JOLFK YHUVRUJW :LU VLQG DOOH ]XVDPPHQ QRFK YLHU]HKQ -LP 6LHEHQ 0lQQHU XQG VLHEHQ )UDXHQ XQG DX‰HU7ULVLQGQRFK]ZHLDQGHUHVFKZDQJHU )UHQFKVWDQGDXI(UKDWWHQRFKPLWHWZDV6FKZLQGHO]XNlPSIHQDEHUHUVFKDIIWH HVDXIGHQ%HLQHQ]XEOHLEHQ$OOPlKOLFKEHUXKLJWHVHLQ.UHLVODXIVLFKDXFKMHW]W ZLHGHU)UHQFKNQLIIGLH$XJHQ]XVDPPHQXQGPXVWHUWHGLHLQHLQHU5HLKHDQGHU 



:DQG OLHJHQGHQ .UDQNHQ YRQ GHQHQ GLH +lOIWH VFKOLHI (LQLJH VW|KQWHQ XQG ]XFNWHQLP6FKODI 'DQQ VDK HU DQ +H\PDO YRUEHL ZLHGHU ]XP (LQJDQJ (U ZX‰WH GD‰ HU VLFK PHKU XP 7UL NPPHUQ VROOWH DEHU HUVW PX‰WH HU ZLVVHQ ZDV VHLW VHLQHP (LQVFKODIHQ JHVFKHKHQZDUXQGZDUXPVLHKLHULQGHU+DOOHZDUHQ 'HU 6FKDWWHQ IOOWH MHW]W GDV KHOOH 9LHUHFN DXV (V ZDUHQ GLH 8PULVVH HLQHV 0HQVFKHQ RGHU" )UHQFK NRQQWH HV QLFKW JDQ] JHQDX HUNHQQHQ DEHU ZHQQ HV VWLPPWHJDEHVQXUHLQH(UNOlUXQJ ³9LHU]HKQ VDJVW GX PXUPHOWH )UHQFK ³8QG PLW GLU XQG PLU VLQG ZLU KLHU YLHU]HKQ+H\PDO:HUGDNRPPWLVWDOVRHLQHUGHUJHODQGHWHQ5DXPIDKUHU" /lFKHOQGH *HVLFKWHU GLH ]X (LV HUVWDUUWHQ 6WUDKOHU XQG %OXW DXV GHQ 6FKOHXVHQ GHVIUHPGHQ6FKLIIHV ³*RWWEHZDKUHXQVGDYRUHUZLGHUWHGHU-XQJH³6LHGUIHQXQVQLFKWILQGHQ-LP (VZlUHGDV(QGHGHV:HJHV %OXWKXQGHPLW0HQVFKHQJHVLFKWHUQ ³8QGXQGZHULVWGDVGD" ³(LQ)UHXQGDQWZRUWHWH+H\PDO³(LQ%RWVFKDIWHUGLHVHV3ODQHWHQ 'LH 3IODQ]H NDP KHUDQ DOV +H\PDO LKU ZLQNWH (V ZDU ZLHGHU HLQH $UW 6WDPP HWZD PHQVFKHQJUR‰ XQG JUQ 8QG ZDKUVFKHLQOLFK ZDU HU ZLHGHU PLW 6DIW JHIOOW RGHU JDQ] KRKO 'DV OLH‰ MHGHQIDOOV GLH %LHJVDPNHLW HUDKQHQ GLH GLH +IWEHZHJXQJHQHLQHV0HQVFKHQYHUEOIIHQGJXWQDFKDKPWH $P XQWHUHQ(QGHWHLOWHGHU6WDPPVLFKLQ PHKUHUH/DXIZXU]HOQGLHVLFKELV]XP %RGHQYHUMQJWHQXQGQXUDXVGHU)HUQHGHQ(LQGUXFN]ZHLHU%HLQHHUZHFNWHQ,Q :LUNOLFKNHLW ZDUHQ HV PLQGHVWHQV YLHU RGHU IQI GLH GLH 3IODQ]H EUDXFKWH XP LP *OHLFKJHZLFKW]XEOHLEHQ 'DV ZDV LP 6FKDWWHQ ZLH $UPH JHZLUNW KDWWH ZDUHQ /XIWZXU]HOQ VFKPDOH )DUQZHGHO HODVWLVFKH =ZHLJH XQG HLQLJH DQGHUH 2UJDQH GLH ZLH ]X ]ZHL =|SIHQ JHIORFKWHQ ZDUHQ 8QG GHU .RSI ² EHVWDQG DXV HLQHP $XJH VRQVW QLFKWV (LQ JHVLFKWVJUR‰HV $XJH YRQ REHQ GHU 6HLWH XQG GHP 6WDPP PLW JUQEUDXQHQ *HZHEHODSSHQ KDOE XPVFKORVVHQ 0DQFKPDO VFKREHQ GLHVH /DSSHQ VLFK YRU XQG VFKORVVHQVLFKJDQ]NXU]EHUGHP$XJH²VRZLHPHQVFKOLFKH/LGHU 'LHVPDOIDQG-DPHV)UHQFKQLFKWPHKUGD‰GLHVYHUUFNW VHL (U ZX‰WH GD‰ HU QXU GLH QlFKVWH 6WXIH LQ HLQHP 3ODQ YRU VLFK VDK GHU VHLW GHU 1RWODQGXQJ GHU 52866($8 KLHU DEOLHI (U YHUVWDQG GLHVHQ 3ODQ QRFK QLFKW WURW] HLQLJHU )ROJHUXQJHQDXVGHPLQ]ZLVFKHQ9RUJHIDOOHQHQ +H\PDO HUNOlUWH HV LKP VRZHLW HU HV NRQQWH XQG VRZHLW )UHQFK LKP ]X IROJHQ YHUPRFKWH ³,FKPX‰WHHUOHEHQZLHVLHGLH+DOOX]LQDWLRQEHNDPHQ²DOOH-LP 8QG LFK PHLQH ZLUNOLFK DOOH DX‰HU PLU 'X ZDUVW PLW 'DQD ]XP :UDFN XQWHUZHJV $OV LFK VDK ZLH GLH/HXWH DXV GHU+DOOX]LQDWLRQ]XUFNNDPHQXQGHQWZHGHU]XVDPPHQEUDFKHQ RGHU VLFK HUVFKRVVHQ ZX‰WH LFK YRU ODXWHU $QJVW QLFKW PHKU ZDV LFK WXQ NRQQWH ,FKEUDFKWH0XWWHULQGLH:RKQXQJXQGOLHI]XP.RPXPGLFK]XHUUHLFKHQ ³:DV GLU QLFKW JHODQJ VDJWH )UHQFK XQG HU]lKOWH QRFK HLQPDO XQG DXVIKUOLFKHU VHLQHQ 7HLO GHU *HVFKLFKWH VRZHLW VLH 'DQD XQG LKQ EHWUDI GDV YHUVFKZXQGHQH :UDFNXQGGLH0XWWHUSIODQ]HQ'LHOHW]WHQhEHUOHEHQGHQGHU52866($8ZDUHQ MHW]W DOOH ZDFK XQG K|UWHQ ]X 7UL KRFNWH QHEHQ )UHQFK XQG KDWWH VLFK EHL LKP 



HLQJHKDNW 8QG GLH 3IODQ]H PLW GHP =\NORSHQDXJH XQG GHU DQJHGHXWHWHQ PHQVFKOLFKHQ *HVWDOW VWDQG EHL LKQHQ XQG ODXVFKWH )UHQFK ZX‰WH JHQDX GD‰ VLH MHGHV JHVSURFKHQH :RUW YHUVWDQG XQG EHU YLHOOHLFKW XQ]lKOLJH 5HODLVSIODQ]HQ DQ HLQH =HQWUDOHZHLWHUOHLWHWH²6LJQDOHDP*OHLV )UHQFK IUDJWH VLFK QXU ZDUXP GHU 3ODQHW QLFKW ZLHGHU YHUVXFKWH ZLUNOLFKH 0HQVFKHQ QDFK]XELOGHQ VR ZLH 'DQD 2GHU KDWWH GLH 1DWXULQWHOOLJHQ] VHLQ (QWVHW]HQXQGVHLQHQ(NHOJHVSUWDOVHUGLH0RQVWUHQVDKGLHQDFK'DQDV9RUELOG DXVGHP6FKODPPJHVWLHJHQZDUHQ"  ³(V ZDU VFKUHFNOLFK IXKU +H\PDO IRUW ³$OOH PHLQH )UHXQGH EUDFKWHQ VLFK XP XQGDOOH3XULVWHQ-LPLFKZHL‰MHW]WGHQ*UXQGXQGGHU3ODQHWZHL‰LKQDXFK(U KDW IXUFKWEDUH )HKOHU JHPDFKW (U ZROOWH QLFKWV DQGHUHV DOV PLW XQV LQ .RQWDNW WUHWHQ ³'DVZROOWHQZLUDXFKVDJWH)UHQFK 7ULVDKLKPLQGLH$XJHQXQGVFKWWHOWHGHQ.RSI ³'DV VWLPPW QLFKW -LP :LU VLQG DXIJHEURFKHQ XP GHP 8QLYHUVXP HLQ %HLVSLHO ]XJHEHQ:LUZROOWHQEHZHLVHQGD‰0HQVFKHQXQGHLQHIUHPGH1DWXUKDUPRQLVFK ]XHLQDQGHUILQGHQ N|QQHQ RKQH GD‰ GHU 0HQVFK HUVW ]HUVW|UW XQG GDQQ EHU GDV =HUVW|UWHKHUUVFKW:LUKDEHQNHLQHQ7UDXPSODQHWHQJHIXQGHQDEHUGLHVHQKLHU (LQ :XQGHUKDWXQVKLHUKHUJHIKUWXQGZDVZDUGDV HLQ]LJHDQGDVZLUGDFKWHQ" :LHZLUVFKQHOOZLHGHUYRQKLHUIRUWNlPHQYRQ%XVVWRS )UHQFKQLFNWH:LHVRUHJWHVLFKEHLLKPNHLQ:LGHUVSUXFKREZRKOHUGRFKZX‰WH ZRUDXI 7UL KLQDXVZROOWH" 'D‰ VLH VLFK KLQJDEHQ 'D‰ VLH GHQ 6FKULWW WDWHQ GHQ HU ELVKHUYRP3ODQHWHQHUZDUWHWKDWWH ³'HU 3ODQHW YHUVXFKWH HVPLW 6LQQHQGLH VHLQH 1DWXU HQWZLFNHOW KDWXQGGLHPDQ DP HKHVWHQ QRFK DOV HLQH JDQ]HUVWDXQOLFKH$UWGHU7HOHSDWKLHEH]HLFKQHQN|QQWH IXKU +H\PDO IRUW ³:LU N|QQHQ VLH QLFKW HPSIDQJHQ (LQLJH YRQ XQV VSUWHQ PHKU RGHU ZHQLJHU HLQ *HIKO GDV (UJHEQLV GHU XQWHUVFKZHOOLJHQ %HHLQIOXVVXQJ 'DV ZDUHQMHQHGLHGLH3XULVWHQJUXSSHELOGHWHQXQGODXIHQGYHUVWlUNWHQ :LHGHU QLFNWH )UHQFK $OOH DQGHUHQ VFKZLHJHQ XQG GLH 3IODQ]H VWDQG GDEHL ZLH HLQ 3URWRNROOIKUHU HLQ $XISDVVHU RGHU ZLUNOLFK HLQ %RWVFKDIWHU GHU GDUDXI ZDUWHWHGD‰HU]XVHLQHU5HJLHUXQJ]XUFNJHVFKLFNWZXUGH 9RQ+H\PDO" ³'HU3ODQHWHUUHLFKWHXQVQLFKWUHGHWHGHU-XQJHZHLWHU³(UYHUVXFKWHHVDOVRPLW GHQ+DOOX]LQDWLRQHQ(UYHUVXFKWHQLFKWPHKULUJHQGZHOFKHQLFKWYRUKDQGHQH6LQQH LQ XQV DQ]XVSUHFKHQ VRQGHUQ VFKLFNWH XQV VHLQH %RWVFKDIWHQ GLUHNW LQV *HKLUQ  ZLH3IHLOH(LQLJHZDUHQDXFKGDJHJHQODQJHLPPXQ-LPDEHUGLHPHLVWHQEHNDPHQ GLH+DOOX]LQDWLRQ1XUYHUVWDQGHQVLHLKUHQ6LQQQLFKW :DVGDQQNDPZDUEHNDQQW 'LH YHUKlQJQLVYROOH 5RGXQJ XQG GLH XQJHZROOWH 7|WXQJ HLQLJHU 0XWWHUSIODQ]HQ 'HU*HJHQVFKODJGHV 3ODQHWHQPLWVHLQHQ0LNURRUJDQLVPHQGLHGHQ0HQVFKHQGDV )LHEHUEUDFKWHQ ³$EHU HV ZDU HLQH LPSXOVLYH 5HDNWLRQ GLH HUVW VSlW ZLHGHU XQWHU .RQWUROOH JHEUDFKW ZHUGHQ NRQQWH VDJWH +H\PDO ³8QG ]ZLVFKHQ +DOOX]LQDWLRQ XQG )LHEHU EHVWDQG QXU IU XQV HLQ VFKHLQEDUHU =XVDPPHQKDQJ 'LHMHQLJHQ GLH GLH +DOOX]LQDWLRQ KDWWHQ ZDUHQ VFKRQ ]X VHKU LP %DQQ GHV 3ODQHWHQ DOV GD‰ VLH QRFK 



ULFKWLJHQ :LGHUVWDQG OHLVWHQ NRQQWHQ (V ZDUHQ GLH ODELOVWHQ XQWHU XQV 6LH ZDUHQ EHUHLW VLFK ]X RSIHUQ XQG ]X VWHUEHQ ZHLO VLH GDULQ JOHLFK]HLWLJ 6KQH XQG (UIOOXQJVDKHQ(VZDUHQGDQQDXFKDXVQDKPVORVMHQHGLHVLFKVHOEVWW|WHWHQDOV GLH+DOOX]LQDWLRQHQGLH6LHGOXQJEHUVFKZHPPWHQ $OV)UHQFK7ULHLQHQ%OLFN]XZDUINRUULJLHUWH+H\PDOVLFKVFKQHOO ³1DWUOLFK JLEW HV $XVQDKPHQ ,FK UHGH MHW]W QXU YRQ GHQ HUVWHQ GLH GLH +DOOX]LQDWLRQKDWWHQ,Q]ZLVFKHQNHQQHQZLUVLHDOOH ³8QG GLHVH OHW]WH" ZROOWH -DPHV )UHQFK ZLVVHQ ³,FK KDWWH DXFK HLQH ZDKUVFKHLQOLFK ]XU JOHLFKHQ =HLW :DU VLH VR VWDUN GD‰ XQVHUH .DPHUDGHQ HQWZHGHU ]XU :DIIH JULIIHQ XQG VLFK GDV /HEHQ QHKPHQ PX‰WHQ ² RGHU HUNUDQNWHQ" +H\PDO ZDUI GHU 3IODQ]H HLQHQ ODQJHQ %OLFN ]X .DP HV )UHQFK QXU VR YRU RGHU QLFNWHVLHLKPPLWGHPHLQHQ$XJHZLUNOLFKVR]XDOVZROOWHVLHLKPGLH(UODXEQLV ]XP:HLWHUUHGHQJHEHQ" ³'LH OHW]WH +DOOX]LQDWLRQ ZDU HLQ OHW]WHU 9HUVXFK GHV 3ODQHWHQ GLH 0HQVFKHQ ]X VLFK]X]LHKHQ-LPVDJWH+H\PDO³'LH3XULVWHQYHUVWDQGHQHVYROONRPPHQIDOVFK 6LH YHUVWDQGHQ XQWHU 9HUHLQLJXQJ  GHQ )UHLWRG $EHU GHU 7RG LVW DXFK KLHU NHLQH /|VXQJYRQ3UREOHPHQ ³8QGGLHDQGHUHQZXUGHQNUDQN:DUXP" ³:HLO VLH  +H\PDO NRUULJLHUWH VLFK )UHQFK KDWWH GDV *HIKO GD‰ HU GHU %RWVFKDIWHUZlUHRGHUDOVREHUXQGGLH3IODQ]H]ZHL9HUKDQGOXQJVSDUWQHUZlUHQ GLH EHU HLQHQ 3DNW ]X EHVFKOLH‰HQ KDWWHQ ³:HLO VLH EHJULIIHQ -LP :HLO VLH YHUVWDQGHQ ZRUXP HV KLHU ZLUNOLFK JHKW DEHU LKU .|USHU ZHKUWH VLFK  RGHU GHU 7HLO LKUHV %HZX‰WVHLQV GHU DXI (UKDOWXQJ GHV ,QGLYLGXXPV SURJUDPPLHUW LVW 'HQNHQXUDQGLFKVHOEVW'HLQ7UDXP'XZDUVWGRFKDXIGHU6WUD‰HRGHU"8QGGX ZROOWHVW ]XP =LHO 'X VSUWHVW GDV *OFN XQG GHQ )ULHGHQ GLH GRUW DXI DXI XQV ZDUWHQ $EHU GX NDPVW LKP QLFKW QlKHU ZHLO GX QRFK QLFKW EHUHLW ELVW GLFK JDQ] DXI]XJHEHQ ³6FKL]RSKUHQLH" IUDJWH )UHQFK ³.DPSI ]ZLVFKHQ ]ZHL *HIKOHQ" 2GHU ]ZLVFKHQ *HIKOXQG9HUQXQIW" +H\PDO ODFKWH WURFNHQ (U ZHFKVHOWH DEUXSW GDV 7KHPD DOV GLH 3IODQ]H QHEHQ LKP XQUXKLJH%HZHJXQJHQPLWGHQ³$UPHQPDFKWH ³-LP ZLU PVVHQ MHW]W EHU GDV 5DXPVFKLII UHGHQ GDV YRU ]ZHL 7DJHQ JHODQGHW LVW )UHQFK EHNDP JUR‰H $XJHQ (U VWDUUWH +H\PDO IDVVXQJVORV DQ 7ULV +lQGH NUDPSIWHQVLFKLQVHLQHQ$UPDOVHUHWZDV]XODXWIUDJWH ³:DQQ"(UVFKOXJVLFKPLWGHU+DQGDXIGLH6WLUQ³:DQQVLQGVLHJHODQGHW" +H\PDOQLFNWHLKP]X ³'X KDVW ULFKWLJ JHK|UW -LP ,KU DOOH KDEW ]ZHL 7DJH ODQJ JHVFKODIHQ 8QG GHU 3ODQHW XQG LFK ZLU KDEHQ GDIU JHVRUJW GD‰ GLH 5DXPIDKUHU XQV QLFKW ILQGHQ 9LHOOHLFKWKDEHQZLU*OFNXQGVLHIOLHJHQZLHGHUDERGHUVLHVXFKHQVRODQJHELV GLHGLHGD]XEHUHLWVLQGGHQOHW]WHQ6FKULWWJHWDQKDEHQ  )UHQFK JLQJ HV QDFK HLQHU ]ZHLWHQ ,QMHNWLRQ LPPHUKLQ VR JXW GD‰ HU PLW +H\PDO XQG7ULGLH+DOOHYHUODVVHQNRQQWH'LH3IODQ]HEHJOHLWHWHVLH $OOHVKDWWHVLFKYHUlQGHUW 'HU +HOOLJNHLW QDFK ZDU HV HQWZHGHU VHKU IUK RGHU VHKU VSlW DP 7DJ 'HU 



YHUZDVFKHQH0LOFKIOHFNDP+LPPHOZDUINHLQH6FKDWWHQ 'LH :RKQKlXVHU VWDQGHQ QLFKW PHKU $XFK GLHMHQLJHQ GLH ]XOHW]W QRFK DOV 1RWTXDUWLHUH KHUKDOWHQ PX‰WHQ ZDUHQ LQ VLFK ]XVDPPHQJHVWU]W XQG IDVW Y|OOLJ YRQJUQHP*HUDQNHEHUZXFKHUW *HQDXVRVDKHVEHUDOODXV'HU=DXQZDUQLFKWPHKU]XHUNHQQHQXQGGLHHLQ]LJH QRFK KDOEZHJV VWHKHQGH +DOOH ZDU GLH LQ GHU GLH 0HQVFKHQ ODJHQ 6LH ZDU HEHQIDOOVYRQHLQHUGLFNHQ JUQHQ 6FKLFKWEHUZDFKVHQ XQG LPPHU QRFKVFKREHQ VLFK%OlWWHUXQG=ZHLJHYRUZLHODQJVDPNULHFKHQGH6FKODQJHQ ³:LU OHEHQ MHW]W VR]XVDJHQ LQ GHU 6WHLQ]HLW HUNOlUWH +H\PDO OlFKHOQG ³(V JLEW NHLQH6WURPHU]HXJXQJXQGNHLQHQ %DWWHULHYHUEUDXFKPHKUQLFKWVGDVXQVGXUFK 2UWXQJ YHUUDWHQ N|QQWH 'DV 5DXPVFKLII LVW HWZD  .LORPHWHU ZHVWOLFK YRQ KLHU JHODQGHW 1DWUOLFK ZHUGHQ GLH )UHPGHQ %HLERRWH DXVVFKLFNHQ6LHZHUGHQ QLFKWV ILQGHQZHQQVLHQLFKWJHUDGHGLUHNWEHUXQVVFKZHEHQ8QGVHOEVWGDQQZHUGHQVLH JXWH$XJHQKDEHQPVVHQ ³:DUXP+H\PDO"IUDJWH)UHQFK³8QGZRKHUZHL‰WGXZRGDV6FKLIIVWHKW" ³'LH3IODQ]HKDWHVLKPJHVDJWDQWZRUWHWH7ULIULKUHQ6RKQ³(UVSULFKWPLWLKU XQG VLH PLW LKP (U NDQQ VLFK PLW DOOHQ 0XWWHUSIODQ]HQ GLHVHU QHXHQ *HQHUDWLRQ YHUVWlQGLJHQ,FKYHUVWHKHHVQLFKWDEHUHVLVWVR )UHQFKKROWHWLHI/XIW $OVR JXW GDFKWH HU +H\PDO VSULFKW PLW GHQ 3IODQ]HQ (LQH QHXH *HQHUDWLRQ YRQ 0XWWHUSIODQ]HQ$N]HSWLHUHQZLUGDVHLQIDFK ³$EHUZDUXPDXVJHUHFKQHWGX"IUDJWH)UHQFKGHQ-XQJHQ³,FKPHLQHZDVLVWDQ GLU DQGHUV DOV DQXQV"(VJDEGRFKELVKHUNHLQH8QWHUVFKLHGH2GHUGRFK"+PP GXKDWWHVWDOVHLQ]LJHUNHLQH+DOOX]LQDWLRQ  +H\PDOVFKWWHOWHGHQ.RSI ³'DV KDW GDPLW QLFKWV ]XQ WXQ -LP ,FK ZHL‰ QLFKW ZDUXP LFK YHUVFKRQW EOLHE $EHU LFK ZDU ]XU ULFKWLJHQ =HLW DP ULFKWLJHQ 2UW 'X ELVW DQ GHU 0XWWHUSIODQ]H YRUEHLJHUDQQWDOVGXLQV+DXVJHVWU]WELVW]X7UL'XKDVWVLHZDKUVFKHLQOLFKJDU QLFKW JHVHKHQ REZRKO VLH PLWWHQ LP )UHLHQ VWDQG ,FK ZROOWH DXFK DQ LKU YRUEHL DEHUPLFKKLHOWVLHDXI8QGGDQQGDQQWDWVLHHWZDVPLWPLU(U]XFNWHPLWGHQ 6FKXOWHUQ³,FKZHL‰QLFKWZLHLFKGDVDOOHVHUNOlUHQVROO-LP$EHUVLHEUDXFKWHQ HLQHQ YRQ XQV GHU IU VLH EHUVHW]W *HQDXVRJXW KlWWHVW GX GHUMHQLJH VHLQ N|QQHQ ³'DVEH]ZHLIOHLFKPHLQWH)UHQFK ³+H\PDOLVWMXQJVDJWH7ULFDQD³(ULVWQRFKQLFKWGXUFKGDV/HEHQJHIRUPWXQG IUYLHOHVRIIHQHUDOVZLU,FKGHQNHGHVKDOEKDEHQVLHLKQDXVJHZlKOW ³6LHULHI)UHQFK³:HUVLQGVLH":HL‰WGXHV+H\PDO" 'HU -XQJH QLFNWH 6HLQH UHFKWH +DQG VWUHFNWH VLFK GHU 3IODQ]H HQWJHJHQ XQG EHUKUWHLKUH$XVZFKVH ³6LH VLQG DOOHV -LP $OOH EHOHEWHQ XQG EHVHHOWHQ *HVFK|SIH GLHVHU :HOW GLH PLW GHU /HEHQV]HQWUDOH LQ 9HUELQGXQJVWHKHQ+LHU LVW DOOHV YHUQHW]W'LH HLQ]LJHQGLH QRFK QLFKW 7HLO GLHVHU SODQHWHQXPVSDQQHQGHQ *HPHLQVFKDIW VLQG -LP GDV VLQG ZLU )UHQFKVHW]WHVLFKDXIHLQHKDOEEHUZXFKHUWH.LVWHXQGDFKWHWHGDUDXINHLQ%ODWW ]X]HUTXHWVFKHQ (VZDUYROONRPPHQZLQGVWLOO)UHQFKKDWWHGHQ(LQGUXFNGD‰GHU3ODQHWGHQ$WHP 



DQKLHOWHDOVZ‰WHGLHVH1DWXUJDQ]JHQDXZHOFKH)UDJHHUQXQVWHOOHQZUGH(U KDWWHHVVFKRQRIWYHUVXFKWRGHUVLFKGDUEHUGHQ.RSI]HUEURFKHQDEHUMHW]WKDWWH +H\PDOYLHOOHLFKWHLQH$QWZRUW(VZDUGHUHLQH3XQNWGHUYLHOOHLFKWDOOHVHUNOlUHQ ²RGHUQRFKYHUZLUUHQGHUPDFKHQNRQQWH ³:DVZLOO%XVVWRSYRQXQV+H\PDO":DUXPN|QQHQZLUQLFKWDOVZLUVHOEVWQHEHQ VHLQHU1DWXUOHEHQ":DUXPZLOOGLHVHGLHVH/HEHQV]HQWUDOHXQVDEVRUELHUHQ" ³'DV ZLOO VLH QLFKW -LP VDJWH +H\PDO ³6LH LVW QHXJLHULJ 1HXJLHU LVW GLH 7ULHEIHGHUYRQDOOHPZDVKLHUSDVVLHUWXQGVLFKHQWZLFNHOW'HU3ODQHWVWUHEWQDFK 9ROONRPPHQKHLW XQG :LVVHQ 1DFK DOOHP :LVVHQ GDV HU QXU EHNRPPHQ NDQQ 8QG DOVZLUGDQQPLWGHU52866($8NDPHQ ³JDE HV SO|W]OLFK VRYLHO DQ QHXHU ,QIRUPDWLRQ IU GLH /HEHQV]HQWUDOH GD‰ VLH NXU]]HLWLJ DXV GHP *OHLFKJHZLFKW JHULHW YROOHQGHWH 7ULFDQD IU LKUHQ 6RKQ ³-LP VLH ZLOO XQV NHQQHQOHUQHQ $EHU DXFK KLHU KDW VLH )HKOHU JHPDFKW 'HQNH DQ GLH 9HUVXFKH*OLHGPD‰HQQDFK]XELOGHQRGHU'DQD'LHVHU3ODQHWNDQQDOOHVHQWVWHKHQ ODVVHQZHQQHUGDVJHQHWLVFKH0XVWHUNHQQW$EHUHVIHKOWQRFKHLQOHW]WHU6FKULWW -LP )UHQFKQLFNWH ³:LU VROOHQ XQV DXIJHEHQ 'DUXP PX‰WH GLH 52866($8 YHUVFKZLQGHQ XQG GDUXPGUIHQGLH)UHPGHQXQVQLFKWIQGHQ6LHZUGHQXQVGHP3ODQHWHQVWHKOHQ ³6LH ZUGHQ DOOHV ]HUVW|UHQ VDJWH +H\PDO KDUW )UHQFK HUVFKUDN DOV HU LQ GLH $XJHQ GHV -XQJHQ EOLFNWH LQ GHQHQ SO|W]OLFK NHLQH )UHXQGOLFKNHLW PHKU ZDU ³:LU VLQG ]X ZHLW JHNRPPHQ XQG HV KDW ]X YLHOH 2SIHU JHNRVWHW XP GLHV ]X]XODVVHQ 8QG YRQ DOOHP DQGHUHQ JDQ] DEJHVHKHQ ² RKQH 9RUUlWH GLH VR JXW ZLH DXIJHEUDXFKW VLQG N|QQWHQ ZLU KLHU QLFKW EHUOHEHQ :LU ZUGHQ HLQHU QDFK GHP DQGHUHQVWHUEHQDEHUGDQQZLUNOLFKVWHUEHQ )UHQFK YHUVWDQG LKQ ULFKWLJ 'D NRQQWHQ DXFK 7ULFDQDV 9HUVXFKH +H\PDOV :RUWH DE]XPLOGHUQQLFKWVlQGHUQ 'LHV ZDU HLQH 'URKXQJ JHZHVHQ DXVJHVSURFKHQ YRQ MHPDQG GHU VHLQHQ 0XQG HLQHUXQID‰EDUHQ,QWHOOLJHQ]OLHK  'LH3URVSHNWRUHQ (V YHUJLQJHQ GUHL 7DJH GLH GLH .UDQNHQ DOV HLQHQ VWlQGLJHQ :HFKVHO ]ZLVFKHQ :DFKHQXQG6FKODIHQ7UDXPXQG5HDOLWlWXQG6HKQVXFKWXQG$EOHKQXQJGHVYRQ +H\PDO SURNODPLHUWHQ OHW]WHQ 6FKULWWHV HUOHEWHQ ZREHL VLFK GLH 8QWHUVFKLHGH VWlQGLJ PHKU YHUZLVFKWHQ ELV VFKOLH‰OLFK HLQ JHLVWLJHU 'lPPHU]XVWDQG HLQWUDW (LQLJH VWDUUWHQ QXUQRFK DXV OHHUHQ $XJHQ YRU VLFK KLQ DQGHUH ODFKWHQK\VWHULVFK XQG ODOOWHQ XQYHUVWlQGOLFKH :RUWH XQG YLHU 0lQQHU XQG ]ZHL )UDXHQ VWDUEHQ LQ GLHVHQGUHL7DJHQEHYRUGLH3URVSHNWRUHQNDPHQ 1XU QRFK DFKW YRQ ]ZHLKXQGHUW KRIIQXQJVYROOHQ 3LRQLHUHQ ZDUHQ DP /HEHQ XQG )UHQFK]ZHLIHOWHQLFKWGDUDQGD‰HVPLWGHP6WHUEHQZHLWHUJLQJELVNHLQHUPHKU EULJZDU 2GHU VROOWH HV VR NRPPHQ ZLH LQ VHLQHP 7UDXP DOV HU 7ULFDQD XQG VLFK VDK PLW +H\PDOXQGPLWGLHVHP.LQG" 'LH EHLGHQ DQGHUHQ VFKZDQJHUHQ )UDXHQ OHEWHQ HEHQIDOOV QRFK ,KQHQ JLQJ HV VHOWVDPHUZHLVH JHQDXVR ³JXW ZLH )UHQFK 7UL XQG +H\PDO GHU DXI ZXQGHUVDPH :HLVHLPPXQZDU 



1HLQ GDFKWH )UHQFK QLFKW LPPXQ (U KDW VHLQ 6FKLFNVDO DOV HLQ]LJHU YRQ XQV YROO DN]HSWLHUW(ULVWPLWVLFKLPUHLQHQXQGGHVKDOEJHVXQG6HOEVW7ULGDJHJHQPX‰WH QRFK]ZHLIHOQ 'LH 0HGLNDPHQWH ]XU N|USHUOLFKHQ XQG JHLVWLJHQ 6WLPXOLHUXQJ XQG 6WDELOLVLHUXQJ JLQJHQ]XU1HLJH$EHU+H\PDOKDWWHHUNOlUWGD‰VLHIUMHGHQQRFKUHLFKWHQELVVR RGHU VRHLQH (QWVFKHLGXQJJHIDOOHQZDU%LVGLH.UDQNHQHQWZHGHU GXUFK GDV 7RU LQHLQQHXHV/HEHQJLQJHQRGHUVWDUEHQ )UHQFK EUWHWH YRU VLFK KLQ (U ZROOWH VLFK QLFKW PLW +H\PDO VWUHLWHQ 'HU -XQJH NPPHUWH VLFK PLW VHLQHQ 3IODQ]HQIUHXQGHQ UKUHQG XP GLH OHW]WHQ hEHUOHEHQGHQ ,Q]ZLVFKHQ KDWWH HU LPPHU IQI 3IODQ]HQ XP VLFK GLH VFKRQ ZLHGHU DQGHUV ZDUHQ DOVGLHOHW]WH*HQHUDWLRQGHU0XWWHUSIODQ]HQ6LHZDUHQPHQVFKOLFKHUJHZRUGHQ 8QGGDVZDVLQ7ULV/HLEKHUDQUHLIWH"8QGLQGHQDQGHUHQEHLGHQ)UDXHQ" )UHQFK ZHKUWH VLFK JHJHQ GHQ *HGDQNHQ GDUDQ (U YHUVXFKWH LPPHU ZLHGHU DXFK GLH 7UDXPELOGHU ]X YHUGUlQJHQ (U KDWWH QLFKW GLUHNW $QJVW (U HPSIDQG DXFK NHLQHQ $EVFKHX (U KDWWH QLFKWV PHKU JHJHQ GHQ 3ODQHWHQ :DV KLHU JHVFKDK ZDU LKP HLQIDFK ]X JUR‰ (U IKOWH VLFK GDIU QLFKW UHLI (U IKOWH VLFK XQUHLQ 'RFK $QJVW KDWWH HU ZRKO XQG ]ZDU GDYRU GD‰ HU GHQ :HJ QLFKW JHKHQ NRQQWH XQG KLQWHU7ULXQG+H\PDO]XUFNEOHLEHQPX‰WH (U ODJ EHL 7ULFDQD XQG ZDU ZDFK DOV +H\PDO DXIJHUHJW LQ GLH ]XJHZXFKHUWH +DOOH NDP )UHQFK ZX‰WH VRIRUW ZDV JHVFKHKHQ ZDU (U EUDXFKWH GD]X 6HNXQGHQ VSlWHU QLFKW HUVW GHQ hEHUVFKDOONQDOO ]X K|UHQ XQG GDQQ GDV IHUQH 6XPPHQ HLQHV *OHLWHUDQWULHEV ³6LHVLQGGD VDJWH+H\PDO (UGHULQGHQOHW]WHQ 7DJHQ VRVHKUJHUHLIWZDUXQG IDVW hEHUPHQVFKOLFKHV JHOHLVWHW KDWWH ]LWWHUWH (U NQLHWH VLFK YRU 7UL XQG )UHQFK KLQXQGZLQNWHDXFKGLHDQGHUHQIQIKHUDQ6LHNDPHQJHNURFKHQXQGHLQHUVWW]WH GHQDQGHUHQ ³8QG"IUDJWH7ULFDQD³+DEHQVLHXQVHQWGHFNW" +H\PDO ZLUNWH Y|OOLJ YHUlQJVWLJW (U ZDU ZLH HLQ VFKHXHV YHUOHW]OLFKHV 7LHU :LH HLQ 5HK GDV LQ GLH (QJH JHWULHEHQ ZXUGH ,PPHU ZLHGHU UXFNWH VHLQ .RSI ]XP (LQJDQJ GHU +DOOH KLQEHU ZR HLQH VHLQHU 3IODQ]HQ VWDQG XQG LKP MHGHVPDO =HLFKHQJDE 6LJQDOPDVWHQGDFKWH)UHQFKLQVWLQNWLYDQVHLQHQ9HUJOHLFK ³6LH VLQG YHUGDPPW QDK VWLH‰ +H\PDO KHUYRU ³'UHL *OHLWHU =ZHL MDJHQ LP 7LHIIOXJEHUGHQ6XPSIZDOGDEHUGHUGULWWHIOLHJWODQJVDPHUZLHLQHLQHP5DVWHU 6LH YHUPXWHQ XQV KLHU (WZDV KDW XQV YHUUDWHQ (WZDV GDV ZLU EHUVHKHQ KDEHQ DEHUDEHUZDV" ³+H\PDO ULHI 7UL 6LH KDWWH 7UlQHQ LQ GHQ $XJHQ ,KUH +DQG QDKP GLH LKUHV 6RKQHV³0HLQ*RWW-XQJHEHUXKLJHGLFK6LHVLQG]XIlOOLJKLHUXQGZHUGHQDXFK ZLHGHUYHUVFKZLQGHQ ³*HQDX PHLQWH )UHQFK ³6LH VLQG VHLW IQI 7DJHQ GD XQG VXFKHQ QDFK GHQHQ GHUHQ)XQNVSUXFKVLHDXIJHIDQJHQKDEHQ(VZDUQXUHLQH)UDJHGHU=HLWZDQQVLH VLFKGLHVHV*HELHWKLHUYRUQHKPHQZUGHQ (U VWDQG DXI.XU] VFKZDQNWHHUXQWHU HLQHP6FKZLQGHODQIDOO 'DQQODJ VHLQ $UP XP+H\PDOV6FKXOWHUGHULKQDXVVHLQHQJUR‰HQ$XJHQDQVWDUUWH 7DWVlFKOLFK GLH $XJHQ HLQHV 5HKHV GXUFKIXKU HV )UHQFK 6R YROOHU 8QVFKXOG XQG 



+LOIORVLJNHLW 8QG GLHVHU -XQJH VROOWH LKP MHPDOV VR HQWVFKORVVHQ JHGURKW KDEHQ GD‰ HU QRFK MHW]WHLQH*lQVHKDXWEHNDPZHQQHUGDUDQGDFKWH" ³:LUVHKHQJHPHLQVDPQDFK+H\PDOVDJWHHU³.RPP 3O|W]OLFKZDUHUZLHGHUGHU9RUPDQQ 3O|W]OLFKKDWWHHUGDV*HIKO+H\PDO7ULXQGGLHDQGHUHQEHVFKW]HQ]XPVVHQ 8QGLKU.LQGGLHGUHL.LQGHU (U QDKP +H\PDO EHL GHU +DQG XQG JLQJ PLW LKP DXI GDV KHOOH 5HFKWHFN ]X $XI GHQ6FKDWWHQGHUGDULQZDUWHWH$XIGLH3IODQ]HGLHLKQEHREDFKWHWH +H\PDO ]|JHUWH (U ZDU QRFK YHUZLUUWHU DOV HV ELVKHU GHQ $QVFKHLQ JHKDEW KDWWH :LHXQJODXEOLFKVHQVLEHOPX‰WHHUJHZRUGHQVHLQ ³5XKLJ+H\PDOVDJWH)UHQFK³:LUVFKDIIHQHV 'DEHL NDP HU VLFK DXI HLQPDO YRU ZLH HLQ %OLQGHU 6R ZLH MHPDQG GHU GLH JDQ]H =HLWHLQH0DXHUXPVLFKJHWUDJHQKDWWHGLHLKQQLFKWK|UHQVHKHQXQGIKOHQOLH‰ ZDVDXIGLHVHU:HOWXPLKQKHUXPZLUNOLFKYRUJLQJ (U ZX‰WH GDV ZUGH VLFK lQGHUQ DOV HU YRU GHU 3IODQ]H VWHKHQEOLHE XQG LKU GLH +DQGKLQVWUHFNWH 6LHYHUVWDQGGLH*HVWHXQGVWHOOWHGHQ.|USHUNRQWDNWKHU ,Q GLHVHP $XJHQEOLFN VSUHQJWH -DPHV 'RPLQLF )UHQFK GLH 0DXHUQ YRQ VLFK DE 'LH )ODPPHGLHLQVHLQHP*HLVWDQJH]QGHWZXUGHIUD‰VLFKZLHHLQH/XQWHGXUFKMHGH 1HUYHQEDKQVHLQHV.|USHUVXQGVSUHQJWH6FKDOHQELVHUYROONRPPHQQDFNWXQGRIIHQ ZDU 8QG DOV HU ]ZHL 0LQXWHQ VSlWHU PLW +H\PDO LQV )UHLH WUDW GD ZX‰WH HU ZRULQ GHU OHW]WH6FKULWWEHVWDQGGHUGLHZHJUROOHQGH6WUD‰H]XP$QKDOWHQEUDFKWH (VZUGHQLFKWOHLFKWVHLQDEHUVLHNRQQWHQHVVFKDIIHQ 'DVGDFKWHHUDXFKQRFKDOVHUGHQ*OHLWHUKHUDQVFKZHEHQVDKXQGGLH*OXWEDKQHQ YRQ6WUDKONDQRQHQHLQH)OlFKHYRQGHUKDOEHQ*U|‰HGHUHKHPDOLJHQ6LHGOXQJ]XP /DQGHSODW]YRQDOOHPIUHLEUDQQWHQZDVJUQZDUXQGOHEWH (VZDUGHU$QIDQJGHU7UDJ|GLH *ULQVHQGH*HVLFKWHUXQG%OXWDXVGHQ6FKOHXVHQ 6LHNDPHQ]XGULWWXQGVLHOLH‰HQYRQ$QIDQJDQNHLQHQ=ZHLIHOGDUDQGD‰VLHGHQ %RGHQXQWHULKUHQ)‰HQLQ%HVLW]QDKPHQ (LQHU EOLHE LQ GHU 3LORWHQNDSVHO GHV *OHLWHUV GHU NHLQHU 6WDQGDUGNDWHJRULH ]X]XRUGQHQZDUXQGNHLQH+RKHLWV]HLFKHQWUXJ%XJXQG+HFNGHU]ZDQ]LJ0HWHU ODQJHQ 0DVFKLQH KDWWHQ ]ZHLIHORV HLQPDO ]X HLQHU NOHLQHQ 6SDFH-HW JHK|UW XQG GDV 0LWWHOWHLO ZLUNWH ZLH HLQH HLQ]LJH JUR‰H $QVDPPOXQJ YRQ YHUVFKLHGHQVWHQ *UHLIHUQ 6WUDKOHUQ 6lJHQ XQG DQGHUHQ :HUN]HXJHQ DQ 7HOHVNRSDUPHQ GLH DXV HLQHU%XJXQG+HFNDQJHSD‰WHQ9HUELQGXQJKHUDXVUDJWHQ 'HU0DQQDQGHU6SLW]HGHUGUHL$QN|PPOLQJHZDUJOHLFK]HLWLJGHUlOWHVWH(UWUXJ HLQHQ OHLFKWHQ 5DXPDQ]XJ PLW ]XUFNJHNODSSWHP +HOP 6HLQ *HVLFKW ZDU GHUE YROOHU)DOWHQXQG1DUEHQ'LH+DDUHZDUHQHLQHQ=HQWLPHWHUNXU]JHVFKQLWWHQXQG VDKHQDXVZLHHLQZHL‰HU3HO] 5HFKWVQHEHQGHP0DQQNDPHLQH)UDXHWZDYLHU]LJ-DKUHUDXKHVXQGKHUULVFKHV *HVLFKW.DOWHXQGVFKPDOH/LSSHQVWHFKHQGH$XJHQ4XHUEHULKUHQ6FKlGHOOLHI HLQH URVDIDUEHQ YHUKHLOWH %UDQGQDUEH GLH LKUH VFKZDU]H +DDUPlKQH ZLH HLQ 0LWWHOVFKHLWHOWHLOWH'LH)UDXZDUJUR‰XQGVRZHLWLKUH0RQWXURUDQJHURWZLHGLH 



GHUDQGHUHQ²GDVHUNHQQHQOLH‰]LHPOLFKPXVNXO|V 'HU 0DQQ OLQNV YRQ GHP $OWHQ ZDU GDJHJHQ NOHLQ XQG GLFN (U JULQVWH DXVJHVSURFKHQ EO|GH 'LH $XJHQ ZDUHQ ZLQ]LJH 3XQNWH KLQWHU GLFNHQ 7UlQHQVlFNHQXQGXQWHUKDDUORVHQ%UDXHQ $OOHGUHLKDWWHQGLHUHFKWH+DQGDXIGHP6WUDKOHUOLHJHQGHULQHLQHP*UWHOKDOIWHU VWHFNWHZLHEHLGHQ'HVSHUDGRVOlQJVWYHUJDQJHQHU=HLWHQ'LH*HVWHZDUHLQGHXWLJ XQG VWDQG LP NUDVVHQ :LGHUVSUXFK ]X GHP /lFKHOQ DXI GHQ *HVLFKWHUQ GLH QLFKW ]XP/lFKHOQJHVFKDIIHQZDUHQDX‰HUEHLGHP%O|GHQYLHOOHLFKW )UHQFK ZDU VLFKHU GD‰ DXFK GHU LP *OHLWHU JHEOLHEHQH 3LORW VHLQH +DQG DXI HLQHU :DIIH OLHJHQ KDWWH  RGHU JHQDXHU DXIGHUHQ $XVO|VHU GHU GLHVHV VHOWVDPH *HIlKUW ]XPIHXHUVSHLHQGHQ8QJHKHXHUZHUGHQODVVHQNRQQWH :DVHUQLFKWYHUVWDQGZDUGD‰GHU3ODQHWQLFKWUHDJLHUWH ,KP ZDU YRU 6FKUHFN IDVW GDV +HU] VWHKHQJHEOLHEHQ DOV HU GLH *OXWEDKQHQ YRP +LPPHO KHUDEVFKLH‰HQ VDK XQG GLH 'DPSIIRQWlQHQ LQ GHQHQ PHKUHUH 0XWWHUSIODQ]HQ XQG MHGH DQGHUH OHEHQGH =HOOH LP :LUNXQJVEHUHLFK GHU 7KHUPRZDIIHQYHUJLQJHQ)UHQFKHPSIDQGHVDOVKlWWHMHPDQGLKPVHOEVWHLQHWLHIH :XQGH ]XJHIJW 6HLW GHP .RQWDNW PLW GHU 3IODQ]H VSUWH HU HLQH 0HQJH QHXHU 'LQJHXQGGD]XJHK|UWHDXFKGD‰GHU3ODQHWQRFKZDUWHWH (LQ LPDJLQlUHU 6LJQDOIOJHO NODSSWH KRFK XQG )UHQFK ZX‰WH ZDV GLH /HEHQV]HQWUDOH DQ ,PSXOVHQ DXVVDQGWH 'DEHL EHQXW]WH HU GLHVHQ %HJULII  /HEHQV]HQWUDOHQXUDOVK|FKVWXQYROONRPPHQH8PVFKUHLEXQJGHVVHQZDVKLHUDXI GHP 3ODQHWHQ DOOHV DXIQDKP DOOHV DQDO\VLHUWH DOOHV ]X YHUVWHKHQ VXFKWH XQG DOOHV YHUZHUWHWHXQGOHQNWH  -DPHV)UHQFKXQG+H\PDOXQGGLHGUHL)UHPGHQWUDIHQVLFKDXIKDOEHP:HJ'LH 3IODQ]HZDULQGHU+DOOHYHUVFKZXQGHQ$OOHDQGHUHQKRFKHQWZLFNHOWHQ*HZlFKVH LKUHU $UW KDWWHQ VLFK ]XUFNJH]RJHQ .HLQH YRQ LKQHQ ZDU PHKU ]X VHKHQ 6LH EHREDFKWHWHQVLHPHOGHWHQXQGVLHEHUHLWHWHQYRU ³'XELVWELWWHVWLOOIOVWHUWH)UHQFK+H\PDOEHUGLH6FKXOWHU]X³/D‰PLFKUHGHQ 8QG NHLQH 3DQLN -XQJH :LU KDEHQ EHLGH $QJVW DEHU ZLU WXQ LKQHQ QLFKW GHQ *HIDOOHQHV]X]HLJHQRGHU" ³1QHLQIOVWHUWH+H\PDOVWRFNHQG]XUFN 8QGGDQQEOLHEHQVLHVWHKHQ 6LH VWDQGHQ VLFK JHJHQEHU GLH GUHL (UREHUHU XQG GLH EHLGHQ 0lQQHU GLH MHW]W ZX‰WHQ ZDV ]X JHVFKHKHQ KDWWH GLH DEHU DXFK ZX‰WHQ GD‰ VLHQLFKW PHKUJHJHQ VLFK VHOEVW ]X NlPSIHQ KDWWHQ -DPHV )UHQFK IKOWH VLFK JXW (U ZDU JHVXQG :LH +H\PDOZDUHUPLWVLFKXQGVHLQHQ$EVLFKWHQLPUHLQHQ 1HLQGHU.DPSIZUGHHLQDQGHUHUVHLQ8QGQXUPLW+LOIHGHV3ODQHWHQNRQQWHQVLH LKQJHZLQQHQ ³,FK ELQ 7KRUW VWHOOWH GHU $QIKUHU GHU )UHPGHQ VLFK YRU 6HLQ /lFKHOQ ZDU ZLH HLQH.OLQJH³'DVKLHULVW&KLQDHUGHXWHWHDXIGLHVFKZDU]KDDULJH)UDX³XQGGDV GD LVW 0XNDV :LU KDEHQ ,KUHQ 1RWUXI HPSIDQJHQ XQG MHW]W VLQG ZLU KLHU 7KRUW VDK VLFK EHUWULHEHQ YHUZXQGHUW XP ³$EHU ZR VLQG ,KUH /HXWH" 8QG ZR LVW ,KU 5DXPVFKLIIlK ³)UHQFKVDJWHVHLQ*HJHQEHU³-DPHV)UHQFK8QGGDVKLHULVW+H\PDOPHLQ 6WLHIVRKQ 'DV :RUW NDP GLUHNW DXV GHP +HU]HQ 8QG +H\PDO VSUWH GDV (U VWDUUWH)UHQFKQXUDQXQGGHUQLFNWH'DVVROOWHLKPVDJHQ(VZDUHKUOLFK+H\PDO 



'XXQG7ULXQGLKUQHXHV.LQGXQGLFKZLUVLQGHLQVXQGVLQGVWDUN'HQNHGDUDQ :DVVLHDXFKZROOHQZLUVLQGVWDUN ³)UHQFK ZLHGHUKROWH GHU )UHPGH (U QLFNWH ³*XW )UHQFK :LU PX‰WHQ OHLGHU HLQLJH 8PZHJH PDFKHQ HKH ZLU DXI GHQ +\SHUUXI UHDJLHUHQ NRQQWHQ :LU KDWWHQ QRFK*HVFKlIWH )UHQFKQLFNWH *DQ]VFKZDFKVSUWHHUZLHVLFKGHU%RGHQXQWHUVHLQHQ)‰HQEHZHJWH%LV]XU NDKOJHEUDQQWHQ)OlFKHZDUHQHVHWZD]ZDQ]LJ0HWHU'HU3ODQHWIURUXQGHUKDWWH 6FKPHU]HQ 'LH OHLVHQ (UVFKWWHUXQJHQ QXU IU )UHQFK XQG +H\PDO VSUEDU EHGHXWHWHQGLH9RUEHUHLWXQJ]XHLQHP*HJHQVFKODJJHJHQGHQGLH5HDNWLRQDXIGLH 5RGXQJHLQ1LFKWVJHZHVHQZDU 'LH :HOW VWDQG VWLOO 9|OOLJ QHXH *HUFKH ODJHQ LQ GHU IHXFKWKHL‰HQ /XIW )U GLH )UHPGHQ ZDUHQ VLH GLH lW]HQGHQ *HUFKH HLQHU XQEHNDQQWHQ :HOW )U )UHQFK ZDUHQVLH:DUQXQJYRUGHPDOOHVKLQZHJIHJHQGHQ6WXUP ³$EHU ZLU VLQG JHNRPPHQ IXKU 7KRUW IRUW ³XQG QXQ KLHU :LU ZDUHQ EHUUDVFKW NHLQ 5DXPVFKLII RGHU HLQHQ LQWDNWHQ 6HQGHU ]X ILQGHQ .HLQH +lXVHU NHLQH QHXH 6LHGOXQJ 7KRUWV *ULQVHQ YHUVFKZDQG DXV VHLQHP *HVLFKW 6HLQH $XJHQ IXQNHOWHQ WFNLVFKZLHGLHHLQHV%OXWKXQGV(UEUHLWHWHGLH$UPHEHGDXHUQGDXVXQGVDJWHPLW IDOVFKHP0LWOHLG³.HLQHQ0HQVFKHQ)UHQFK :LUPX‰WHQODQJHVXFKHQELVZLU6LHIDQGHQXQGGDEHLZlUH6LHHVGRFKGLHQDFK XQV ULHIHQ )UHQFK QLFNWH (LQ YHUVWRKOHQHU %OLFN EHU GLH 6FKXOWHU  VR DOV RE HU QDFKZHLWHUHQ*OHLWHUQDP+LPPHOVXFKWHEHUXKLJWHLKQ'LH3IODQ]HQKDWWHQGHQ (LQJDQJGHU+DOOHPLW7ULXQGGHQDQGHUHQGDULQGXUFKOFNHQORVHhEHUZXFKHUXQJ JHWDUQW ³:LH YLHOH" IUDJWH 7KRUW KDUW 6HLQ *HVLFKW ZDU HLQ 7RGHVXUWHLO ³:LH YLHOH YRQ HXFKOHEHQQRFK" )UHQFKEOLHEUXKLJ(UKlWWHVLFKQLHYRUVWHOOHQN|QQHQGD‰HULQHLQHU6LWXDWLRQZLH GLHVHUVRJHODVVHQVHLQN|QQWH ³:LUEHLGHVDJWHHUXQG]HLJWHDXIVLFKXQGDXI+H\PDO ³8QGZRLVWHXHU5DXPVFKLIIPLWGHP6HQGHU" ³9HUVXQNHQVDJWH)UHQFK ³'DVLVWDEHUWUDXULJ7KRUW]RJVHLQHQ6WUDKOHU(UULFKWHWHLKQDXI)UHQFKV.RSI ³:HL‰WGXPHLQ)UHXQGZLUVLQG3URVSHNWRUHQ:LUVLQGNRVPLVFKH6FKDW]VXFKHU GLHHLQHQODQJHQ:HJJHPDFKWKDEHQXPGLHVHQ7DEX6WHUQHQKDXIHQPLWXQVHUHQ 0DVFKLQHQ ]X EHJOFNHQ 8QG QXQ VLQG ZLU KLHU :LU KDEHQ YRP :HOWUDXP DXV JHVHKHQZHOFKH6FKlW]HXQWHUGHU6FKODPPGHFNHOLHJHQ8QGGLHZHUGHQZLUXQV QDWUOLFK KROHQ XQG GD]X EUDXFKHQ ZLU MHGHV YHUIJEDUH ,QVWUXPHQW 'LH :DIIH ]HLJWHDXI)UHQFKV$XJHQDEHUEHYRU7KRUWVLHDXVO|VWHVFKR‰&KLQD 'HU ,PSXOVVWUDKO DXV LKUHU 3LVWROH DOV (LQVFKFKWHUXQJVVFKX‰ JHGDFKW IXKU DQ )UHQFKV .RSI YRUEHL XQG ]HUVW|UWH HLQH GHU EHUZXFKHUWHQ +DOOHQ ZREHL GHUHQ 3ODVWVWDKOVNHOHWWVLFKWEDUZXUGH 'LH)UDXODFKWHVFKDOOHQGXQGIHXHUWHZLHHLQH%HVHVVHQHXPVLFK6LHVFKDOWHWHLKUH :DIIH DXI 7KHUPR XP XQG EUDQQWH GDV *UQ YRQ GHQ *HElXGHUHVWHQ ELV GDV 6NHOHWWGHU6LHGOXQJXQGGHU(LQJDQJGHU+DOOHRIIHQYRUGHQ(UREHUHUQODJHQ ³,Q2UGQXQJ)UHQFKVDJWH7KRUW]XIULHGHQ³6HKHQZLUXQVDOVRXP (U JLQJ DXI GHQ (LQJDQJ GHU +DOOH PLW GHQ .UDQNHQ ]X )UHQFK VWDQG GD XQG VDK 



GLHVFKZDU]KDDULJH)UDXPLWWULXPSKLHUHQGHP*HVLFKWDQVLFKYRUEHLJHKHQGDQDFK GHQ'LFNHQPLWVHLQHPEO|GHQ.DXJXPPLJULQVHQ ³-LPIOVWHUWH+H\PDO³:LUPVVHQGRFKHWZDVWXQ6LHVLHILQGHQ0XWWHUXQG GLHDQGHUHQXQGXQGEULQJHQVLHXP )UHQFKEUDXFKWHQLFKW]XDQWZRUWHQ %HYRU7KRUW&KLQDXQGGDV.DXJXPPLJHVLFKWLKUH$XJHQDQGLH'XQNHOKHLWLQGHU +DOOHJHZ|KQHQNRQQWHQZDUHQGLH3IODQ]HQGD )UHQFKKDWWH HVJHZX‰WXQG JHKRIIW(U KlWWH MHGHP GHUVLFKDQ7UL]XYHUJUHLIHQ JHZDJWKDWWHRKQH=|JHUQHLQ0HVVHULQGHQ5FNHQJHVWR‰HQ $EHUZLHGLH3IODQ]HQGLH(LQGULQJOLQJHXPEUDFKWHQGDVZDUJUDXVDP $P DQGHUHQ 7DJ ZDUHQ VLH QXU QRFK VLHEHQ ² DEJHVHKHQ YRQ GHP /HEHQ GDV LQ 7ULFDQDXQGGHQDQGHUHQ)UDXHQKHUDQZXFKV +H\PDO KDWWH GDUDXI EHVWDQGHQ GLH YLHU )UHPGHQ ]X EHJUDEHQ 'HU 0DQQ LP *OHLWHU ZDU YRQ GHQ 3IODQ]HQ HUGURVVHOW ZRUGHQ GLH GLH 0DVFKLQH KHLPOLFK XQG VFKQHOO XPUDQNW XQG ]X %RGHQ JHULVVHQ KDWWHQ HKH GHU 3LORW :LGHUVWDQG OHLVWHQ NRQQWH 6LHZX‰WHQZLHHVXPLKUH&KDQFHQVWDQG,Q]ZLVFKHQZDUDXFK7ULJHVXQG6LHZDU -LPV%HLVSLHOJHIROJWXQGKDWWHHLQHQ.RQWDNWPLWHLQHU0XWWHUSIODQ]HJHVFKORVVHQ 'DV JOHLFKH JDOW IU GLH EHLGHQ DQGHUHQ VFKZDQJHUHQ )UDXHQ XQG 6KHOGRQ GHQ MQJHUHQGHUEHLGHQOHW]WHQ0lQQHUDX‰HU)UHQFKXQG+H\PDO $XFKVLHHUOHEWHQGDV:XQGHU6LHEUDXFKWHQNHLQH0HGLNDPHQWHPHKU,KU.|USHU UHDJLHUWHDXIGLHQHXH+DUPRQLHPLWXQJHDKQHQ.UlIWHQ1DWUOLFKZDUMHGHPNODU GD‰HVOHW]WH5HVHUYHQZDUHQGLHGDPRELOLVLHUWZXUGHQDEHUVLHPX‰WHQUHLFKHQ 6LH YHUVLFKHUWHQ HV VLFK JHJHQVHLWLJ XQG QXQ VWDQGHQ VLH DXIEUXFKVEHUHLW EHLHLQDQGHUXQGZDUWHWHQGDUDXIGD‰)UHQFKGDV6LJQDOJDE 1XU HLQ 0DQQ DQ GLH KXQGHUW -DKUH DOW VWDQG HWZDV DEVHLWV XQG KDWWH VLFK PLW VHLQHP 6FKLFNVDO DEJHIXQGHQ )UHQFKZX‰WH GD‰ HU GDVQlFKVWH2SIHUVHLQ ZUGH 6HLQ.|USHUZDU]XVFKZDFKJHZRUGHQXQGHUZROOWHQXUQRFKDOV0HQVFKVWHUEHQ (U EHQHLGHWH GLH DQGHUHQ XP LKUH P|JOLFKH =XNXQIW DEHU HU ZX‰WH DXFK GD‰ VLH LKP QLFKW PHKU JHJ|QQW VHLQ NRQQWH 0LW 0HGL]LQ ZDU GHP 0DQQ QLFKW PHKU ]X KHOIHQ)UHQFKYHUVXFKWHZHQLJVWHQVLKQ]XWU|VWHQ ³:LUPVVHQIRUWVHLQZHQQVLHODQGHQHUNOlUWHHUMHW]W³'HU*OHLWHUSLORWZXUGH ]ZDUEHUUDVFKWDEHUHUKDWWHEHVWLPPWQRFKGLH=HLWIUHLQHQ1RWUXI8QGVHOEVW ZHQQHUGDVQLFKWPHKUVFKDIIWHZHUGHQGLH3URVSHNWRUHQQDFKGHPYHUVFKROOHQHQ %HLERRWVXFKHQ +H\PDOQLFNWH ³(VLVWHLQ:XQGHUGD‰VLHQRFKQLFKWKLHUVLQG ³$OVR JHKHQ ZLU" )UHQFK VDK VLFK XP -HGHU VLJQDOLVLHUWH =XVWLPPXQJ ² ELV DXI &KUDG&RRQGHQ$OWHQ ³:LU JHKHQ QLFKW RKQH GLFK &KUDG HQWVFKLHG )UHQFK XQG HUVWLFNWH MHGHQ :LGHUVSUXFKLQGHPHUGHQ0DQQDXIGLH$UPHQDKPXQGWUXJ &RRQZROOWHKLHUVWHUEHQZRHU$EVFKLHGYRQVHLQHU)UDXJHQRPPHQKDWWH)UHQFK YHUVWDQG GLHV ]ZDU DEHU &KUDG &RRQ VROOWH LQ :UGH XQG PLW )UHXQGHQ VHLQH OHW]WHQ 6WXQGHQ YHUEULQJHQ XQG QLFKW LP %ODVWHUIHXHU YHUEUHFKHULVFKHU 6FKDW]VXFKHUYHUEUHQQHQ 6LHYHUOLH‰HQGLH+DOOH9RUGHP(LQJDQJZDUWHWHQHWZD]HKQ3IODQ]HQGLHVFKRQ 



ZLHGHUHWZDVDQGHUVZDUHQDOVGLHELVKHULJHQ³%HWUHXHUGHU0HQVFKHQ :LHGHUHLQHQHXH*HQHUDWLRQGDFKWH)UHQFK8QGLKPZDUQLFKWJHUDGHZRKOEHLP $QEOLFNYRQ*OLHGPD‰HQGLHHLQZDQGIUHL ]XP7|WHQGLHQWHQ$XFKZHQQGLHVLQ 1RWZHKUJHVFKDKXQGQXU]XP6FKXW]GHU)UHXQGHJHVFKHKHQVROOWHGLH(QNHOGHU 6FK|SIXQJ ZDUHQ QLFKW QDFK %XVVWRS JHNRPPHQ XP HLQHP MXQJIUlXOLFKHQ XQVFKXOGLJHQ 3ODQHWHQ GXUFK GLH .RQIOLNWH GHU 0HQVFKHQ XQWHUHLQDQGHU GDV 0RUGHQEHL]XEULQJHQ ³'LH /HEHQV]HQWUDOH ZDUWHW DXI XQV -LP VDJWH 7UL 6LH KDWWH VHLQH *HGDQNHQ HUUDWHQ ³6LH VDXJW DOOHV DQ ,QIRUPDWLRQHQ DXV GHP KHUDXV ZDV VLH DQ XQV EHREDFKWHW XQG K|UW XQG VLHKW 8QG JHVWHUQ VDK VLH :DIIHQ XQG )HXHU +D‰ XQG =HUVW|UXQJ:LUPVVHQDOOHLQVFKRQGHVKDOEHLQ7HLOYRQLKUZHUGHQ-LP ³8PLKU]X]HLJHQGD‰+D‰XQG*HZDOWQLHHLQHQ3ODW]DXIGLHVHP3ODQHWHQKDEHQ GUIHQ)UHQFKQLFNWHXQGOlFKHOWHLKU]X³:DVPDFKWXQVHU.LQG7UL" 6LHKDWWHIUHLQHQ0RPHQWNHLQH:RUWH6LHVWDUUWHLKQDXVJUR‰HQ$XJHQDQDEHU GDQQIORJVLHDQVHLQHQ+DOVXQGN‰WHLKQZLHVHLWODQJHPQLFKWPHKU'LHYLHOHQ 7DJH GHU 6SUDFKORVLJNHLW XQG GHU 9HUOHJHQKHLWHQ ZDUHQ DXI HLQPDO ZLH ZHJJHZLVFKW 7UL KDWWH 7UlQHQ LQ GHQ $XJHQ DOV VLH )UHQFK ORVOLH‰ XQG NlPSIWH XPLKUH6WLPPH ³*XW-LPVDJWHVLHOHLVH³(VJHKWLKPJXWJODXEHLFK8QGGDQNH'XZHL‰W QLFKWZLHJOFNOLFKGXPLFKMHW]WJHPDFKWKDVW 1XQZDUHUHVGHUHLQHQ.OR‰LP+DOVVLW]HQKDWWH+H\PDOVWDQGDEPDUVFKEHUHLW XQGOlFKHOWH6LHZDUHQ]XVDPPHQHQGOLFK-DPHV'RPLQLF)UHQFKKDWWHHUVWYLHOH 0DXHUQ DEVSUHQJHQ PVVHQ XP HQGOLFK ]X VHKHQ GD‰ VLH LPPHU HLQV JHZHVHQ ZDUHQ 8QG SO|W]OLFK KDWWH HU NHLQH $QJVW PHKU YRU VHLQHP .LQG (U IUHXWH VLFK GDUDXI XQG ZHQQ HU GDUXP NlPSIHQ PX‰WH GD‰ GLHVHV .LQG ]XU :HOW NDP GDQQ ZUGHHUNlPSIHQ 'LH6FKZOHVFKPRUWHGDV/DQG(VUHJQHWHOHLFKW)UHQFKKLHOWGHQDOWHQ&RRQPLW GHP OLQNHQ $UP ZlKUHQG VHLQH UHFKWH +DQG GHQ VFKZHUHQ %HXWHO PLW GHQ OHW]WHQ 0HGLNDPHQWHQ XQG 9HUVRUJXQJVJWHUQ GHQ HU EHU GHU 6FKXOWHU KlQJHQ KDWWH QDFKKLQWHQVFKRE $OOHhEHUOHEHQGHQWUXJHQ QRFKGLHVHVRGHUMHQHVEHLVLFKXQGHV VROOWHGHUOHW]WH 5HVW GHVVHQ VHLQ ZDV 0HQVFKHQ HLQHV PRGHUQHQ =HLWDOWHUV EUDXFKWHQ RGHU JODXEWHQ ]X EUDXFKHQ 8QWHU GHP +lQJHEHXWHO IKOWH )UHQFK GHQ *ULII HLQHV .RPELVWUDKOHUV$XFK+H\PDO7ULXQG6KHOGRQZDUHQEHZDIIQHW )UHQFKKRIIWHGD‰VLHGLH6WUDKOHUQLFKWEHQXW]HQPX‰WHQXQGGD‰GLH:DIIHQEDOG LQLUJHQGHLQHP6XPSIYHUVLQNHQZUGHQIULPPHU (U QLFNWH +H\PDO ]X XQG GLH *UXSSH VHW]WH VLFK LQ %HZHJXQJ JHIROJW YRQ GHQ 3IODQ]HQ (V ZDUHQ NHLQH 0XWWHUSIODQ]HQ PHKU VRQGHUQ VSH]LDOLVLHUWH $UWHQ GLH ]XP=ZHFNGHU9HUWHLGLJXQJ.RPPXQLNDWLRQXQG5HWWXQJGHUQHXHQ)UHXQGHYRP 3ODQHWHQKHUYRUJHEUDFKWZRUGHQZDUHQ )UHQFK VFKlW]WH GD‰ HU VLH EUDXFKHQ ZUGH DEHU GDQQ ZUGHQ VLH EDOG LKUH 6FKXOGLJNHLW JHWDQ KDEHQ (U ZROOWH NHLQH 3ROL]HLWUXSSH DXV *HZlFKVHQ GLH HLQH DOOHV YHUELQGHQGH XQG DOOHV DXIQHKPHQGH ,QIRUPDWLRQV XQG /HQNXQJV]HQWUDOH LQ HLQHP UHJHOUHFKWHQ =ZDQJ ZDFKVHQ OLH‰ DOOHV ]X NRSLHUHQ ZDV VLH QXU DQ ,QIRUPDWLRQEHNRPPHQNRQQWH 'DV (QGH ZlUH GDV &KDRV GHU XQDEGLQJEDUH 6HOEVWPRUG GLHVHU HLQ]LJDUWLJHQ 



NROOHNWLYHQ 1DWXU PLW LKUHU ,PSXOVLYLWlW XQG *LHU QDFK :LVVHQ XQG GHVVHQ 8PVHW]XQJREHWZDV*XWHVGDEHLKHUDXVNDPRGHUQLFKW ³:LUPVVHQGHP3ODQHWHQVDJHQZDVJXWXQGZDVE|VHLVWPXUPHOWH)UHQFKYRU VLFK KLQ DOV HU PLW &RRQ DXI GHP $UP GLH 6FKZHOOH EHUVFKULWW GLH HLQPDO YRP =DXQJHELOGHWZRUGHQZDU ³%LVW GX *RWW -LP" IUDJWH GHU DOWH GDKLQVLHFKHQGH 0DQQ ³:DV JXW LVW XQG ZDV E|VHZHUNDQQYRQVLFKEHKDXSWHQGDVZLUNOLFK]XZLVVHQ":LUELOGHQHVXQVHLQ XQGGDIUKDEHQZLUDOOGLHYLHOHQ2SIHUJHEUDFKW )UHQFKQLFNWHJULPPLJ ³(EHQ PHLQ )UHXQG $EHU ZDV QXU ]HUVW|UW XQG DXV GHU *LHU KHUDXVNRPPW NDQQ QLFKW JXW VHLQ ,FK ELQ NHLQ *RWW XQG DXFK NHLQ JHOlXWHUWHU 6QGHU (LQ *RWW LVW YLHOOHLFKW (UYHUVWXPPWHDOVHU7ULFDQDDQVDKXQGDQGLH)UXFKWLKUHV/HLEHVGDFKWH :DVLKPJDQ]NXU]GXUFKGHQ.RSIJHVFKRVVHQZDUKDWWHZRKOZHQLJHUPLW*RWW ]XWXQDOVPLW*RWWHVOlVWHUXQJ  .ULHJ 'LH 3IODQ]HQ IKUWHQ VLH 6LH PDUVFKLHUWHQ YRUDXV ,KUH ³%HLQH XQWHU GHP 5XPSI ZDUHQ ZLH GLH HLQHV 0HQVFKHQ GHQ GLH 1DWXU LQQHUKDOE YRQ -DKUPLOOLRQHQ DQ GLHVHQ 3ODQHWHQ DQJHSD‰W KDEHQ N|QQWH  PLW 6FKZLPPKlXWHQ XQG DOOHP DQGHUHQ ZDVLP6XPSIHLQVFKQHOOHVXQGVLFKHUHV:HLWHUNRPPHQYHUVSUDFK 'HU 3ODQHW VFKXI GLHV LQQHUKDOE YRQ QXU 6WXQGHQ LQGHP HU DOOH JHQHWLVFKHQ ,QIRUPDWLRQHQ LQ HLQHU ZDKUHQ .HWWHQUHDNWLRQ XPVHW]WH XQG VLFK GDUDXV QDKP ZDV LKPEUDXFKEDUZDU 6LH OLH‰HQ LKUH 6LHGOXQJ KLQWHU VLFK YRQ GHU VLFK GLH 3IODQ]HQ ZHLWUlXPLJ ]XUFN]RJHQDOVDKQWHQVLHZDVKLHUEDOGJHVFKHKHQZUGH 'LH*HIDKUKLQJZLHHLQ*HZLWWHULQGHU/XIW'LHSIODQ]OLFKHQ)KUHUVFKXIHQGHQ PLWWOHUZHLOH QXU QRFK VHFKV 0HQVFKHQ GHQ :HJ LQGHP VLH DOOHV PLW LKUHQ $XVZFKVHQ NRQWDNWLHUWHQ ZDV VW|UWH 5DQNHQ XQG %ODWWHSSLFKH ]RJHQ VLFK ]XUFN:RGDV*HOlQGH]XVXPSILJXQGXQJDQJEDUZXUGHELOGHWHQVLFKDXVVFKQHOO LQHLQDQGHUNULHFKHQGHQ:XU]HOQ6WHJHZLH)UHQFKVLHVFKRQNDQQWH $QGHUH *HZlFKVH UFNWHQ KHUDQ )DUQH EUHLWHWHQ LKUH ZHLWHQ XQG ODQJHQ :HGHO WDUQHQG EHU GLH NOHLQH 0HQVFKHQNRORQQH 0DQFKPDO HQWVWDQGHQ UHJHOUHFKWH JUQH 7XQQHO 'HU :HJ ]XP JUR‰HQ *HKHLPQLV YRQ%XVVWRSHQWVWDQG YRU GHQ 0HQVFKHQ XQGO|VWHVLFKKLQWHULKQHQZLHGHUDXI8QGWlXVFKWHVLFK)UHQFKRGHUIlFKHUWHQGLH )DUQHLKQHQZLUNOLFKNKOHQGH/XIW]X &KUDG &RRQ ZDU PLW HLQHP /lFKHOQ DXI GHP *HVLFKW JHVWRUEHQ 6HLQH /LSSHQ PXUPHOWHQ QRFK HWZDV YRQ HLQHP /LFKW GDV DXI LKQ ]XNlPH XQG YRQ GHU +DQG VHLQHU)UDXGLHVLFKLKPDXVGLHVHPZXQGHUYROOHQ/LFKWHQWJHJHQVWUHFNWH 6KHGQH\PDFKWH)UHQFKMHW]W6RUJHQ(UZDUGHU9DWHUPLQGHVWHQVHLQHVGHUEHLGHQ XQJHERUHQHQ .LQGHU GLH DX‰HU 7ULV XQG VHLQHP LP 0XWWHUOHLE KHUDQZXFKVHQ (LQLJHVVSUDFKGDIUGD‰HUEHLGHJH]HXJWKDWWH (V JLQJ DXFK PLW LKP QXQ EHUJDE (U YHUVXFKWH HV QRFK QLFKW ]X ]HLJHQ DEHU YHUEHUJHQNRQQWHHUHVGHVKDOEQRFKZHQLJHU 'LH *UXSSH KDWWH YLHOOHLFKW IQI .LORPHWHU ]XUFNJHOHJW NDXP JHUDVWHW XQG QXU VR YLHOH.UHLVODXIVWLPXODQ]LHQ]XVLFKJHQRPPHQZLHJHUDGHQ|WLJDOVVLHGHQHUVWHQ 



%OLW]VDKHQXQGJOHLFKGDUDXIGLH'HWRQDWLRQK|UWHQ ³6LHVLQGGDVWHOOWH7ULPLWEHOHJWHU6WLPPHIHVW³hEHUGHU6LHGOXQJ ³6LH ZHUGHQ XQV QLFKW ILQGHQ VDJWH +H\PDO ³$EHU VLH ZHUGHQ GHVKDOE QLFKW DXIJHEHQ 6LH VLQG ZLH HLQ .UHEVJHVFKZU GDV VLFK DXI GHU +DXW GLHVHU :HOW IHVWJHVHW]WKDWXQGZXFKHUW ³6LHKDEHQYRP$OODXVJUR‰H%RGHQVFKlW]HIHVWJHVWHOOWVWLPPWH)UHQFKLKP]X ³'LH ZROOHQ VLH KDEHQ 8QG VLHEUHQQHQ DOOHV IRUWZDV VLH GDUDQ KLQGHUW (V ZLUG HLQHXQYRUVWHOOEDUH.DWDVWURSKHZHUGHQ ³$EHU ZLH ZLUG GLH 1DWXU UHDJLHUHQ" IUDJWH 7UL EDQJH ³,FK PHLQH GLH /HEHQV]HQWUDOH 6HOEVW ZHQQ VLH LQ]ZLVFKHQ EHVRQQHQHU LVW XQG QLFKW JOHLFK PLW (UUHJHUQ ]XVFKOlJW VLH PX‰ YHUOLHUHQ 'LHVH 9HUEUHFKHU ZHUIHQ HLQH 3ODQHWHQERPEHEHYRUVLHVLFKJHVFKODJHQJHEHQ ³:LU N|QQHQ HV YLHOOHLFKW EHHLQIOXVVHQ VDJWH )UHQFK ³:LU PVVHQ HV HLQIDFK YHUVXFKHQ $EHU LP $XJHQEOLFN LVWXQVHU (QWNRPPHQZLFKWLJHU'LH3URVSHNWRUHQ EUDXFKHQ GLH 52866($8 PLW LKUHU (LQULFKWXQJ XQG LKUHQ *HUlWHQ XP VFKQHOOHU XQGHIIHNWLYHUDUEHLWHQ]XN|QQHQ6LHJODXEHQXQVQLFKWGD‰GDV6FKLIIQLFKWPHKU H[LVWLHUW'HVKDOEZHUGHQVLHDOOHVWXQXPXQVZLHGHU]XILQGHQ (U JDE GDV =HLFKHQ ]XP :HLWHUJHKHQ QDFKGHP GLH 3IODQ]HQ VFKRQ XQJHGXOGLJ ZLQNWHQ $OOHVZDUVWLOO$X‰HUGHQ*HZlFKVHQGLHGHU*UXSSHGHQ:HJGXUFKGLH:LOGQLV IUHL]XPDFKHQKDWWHQEHZHJWHVLFKQLFKWV(VZXUGH1DFKWXQGNHLQ6WDPPULHEDQ HLQHPDQGHUHQXQGSURGX]LHUWHXQKHLPOLFKHV:LVSHUQXQG)OVWHUQ 'LH ZHQLJHQ VFKRQ DXI %XVVWRS HQWZLFNHOWHQ 7LHUH ZDUHQ QLFKW PHKU ]X VHKHQ :DKUVFKHLQOLFK KDWWH LKQHQ GLH /HEHQV]HQWUDOH EHIRKOHQ VLFK VR WLHI ZLH QXU LUJHQGZLHP|JOLFK]XYHUNULHFKHQ 8QGGDQQNDPGHU]ZHLWH%OLW]GDQQGHUGULWWHXQGYLHUWH([SORVLRQVGRQQHUUROOWH EHU GHQ 3ODQHWHQ XQG SO|W]OLFK VWDQGHQ GLH )OFKWOLQJH LP JUHOOHQ 6FKHLQZHUIHUOLFKWHLQHV*OHLWHUV (LQHQ$XJHQEOLFNVSlWHUUHJQHWHQ3DUDO\VHVFKDXHUDXIVLHKHUDE (VZDUHQ]ZHL0lQQHUGLHLKUH6WUDKOHUDXIGLH.|SIHLKUHU*HIDQJHQHQULFKWHWHQ LPPHUDEZHFKVHOQGDXIHLQHQDQGHUHQ7UL+H\PDO)UHQFKXQGGLHEHLGHQ)UDXHQ 7LKODXQG*DMXQ 6KHOGRQ OHEWH QLFKW PHKU ,KP ZDU JHQDX GDV SDVVLHUW ZDV )UHQFK &KUDG &RRQ HUVSDUHQNRQQWH6HLQ.|USHUZDULP)HXHUHLQHV%ODVWHUVYHUJDQJHQZLHHLQ6WFN 3DSLHU 8QGGHU3ODQHWKLHOWLPPHUQRFKVWLOO)UHQFKVSUWHGLHVFKZDFKHQ%HEHQGLHGHQ %RGHQ GXUFKOLHIHQ VR DOV RE :XU]HOQ IOLHKHQ RGHU VLFK YRUVLFKWLJ KHUDQVFKLHEHQ ZUGHQ (U K|UWH GLH ODXWORVHQ 6FKUHLH GHU JHTXlOWHQ 1DWXU LPPHU ZHQQ HV DP +LPPHODXIEOLW]WHDEHU%XVVWRSVFKOXJQRFKQLFKW]XUFN'HU3ODQHWZDUWHWHDE (U ZROOWH QLFKW QRFK HLQPDO GHQ )HKOHU ZLHGHUKROHQ GHQ HU QDFK GHU YHUKlQJQLVYROOHQ5RGXQJGXUFKGLH*HVWUDQGHWHQJHPDFKWKDWWH (V NRQQWH DXFK VHLQ GD‰ HU VLFK QRFK HLQH SDVVHQGH 7DNWLN EHUOHJWH )U )UHQFK JDE HV YLHOH 0|JOLFKNHLWHQ XQG GLH /HEHQV]HQWUDOH RIIHQEDUWH LKP QLFKW ZDV VLH YRUKDWWH $XI HLQHQ VHKU QDKHOLHJHQGHQ *HGDQNHQ NDP )UHQFK QLFKW XQG VR QDKP GDV 9HUKlQJQLVZHLWHUVHLQHQ/DXI 



'LH 3IODQ]HQ GLH GLH 0HQVFKHQ JHIKUW KDWWHQ ZDUHQ YHUVFKZXQGHQ DEHU )UHQFK VDK LKUH ³.|SIH PLW GHQ LQ]ZLVFKHQ GUHL IQI RGHU VLHEHQ $XJHQ JDQ] NQDSS DXV GHP 6XPSI ]X EHLGHQ 6HLWHQ GHU ]X $VFKH YHUEUDQQWHQ %UHVFKH UDJHQ GLH GLH %RUGZDIIHQGHV*OHLWHUVJHVFKDIIHQKDWWHQ 6LHEHREDFKWHWHQXQGVLHPHOGHWHQZHLWHU ³0HLQH *HGXOG LVW DP (QGH VDJWH HLQHU GHU 3URVSHNWRUHQ GLH DXI GLH IQI )OFKWOLQJH ]LHOWHQ (U ZDU QLFKW DXV =XIDOO HLQH MQJHUH $XVJDEH GHV $QIKUHUV GHU DQGHUHQ YLHU GLH LQ GHU 6LHGOXQJ JHODQGHW XQG JHVWRUEHQ ZDUHQ (U ZDU VHLQ 6RKQXQGQDQQWHVLFK/DLWW 'HU DQGHUH KDWWH NHLQHQ 1DPHQ JHQDQQW DEHU )UHQFK KDWWH HLQHQ IU LKQ JHSUlJW (U ZDUQLFKWHLQPDOVHKUZHLWKHUJHKROW)UHQFKQDQQWHLKQEHLVLFKGHQ0DJHUHQ GHQQHUKDWWHQLHHLQHQGQQHUHQ0HQVFKHQDOVGLHVHQJHVHKHQ ³0HLQH *HGXOG LVW ]X (QGH ZLHGHUKROWH /DLWW (U EOLFNWH VLFK XQJHGXOGLJ ]XP KLQWHU LKQHQ JHSDUNWHQ *OHLWHU XP HLQHU .RQVWUXNWLRQ lKQOLFK GHP )DKU]HXJ PLW GHPVHLQ9DWHUJHNRPPHQZDU³,FKZLOOZLVVHQZRLKUHXHU6FKLIIYHUVWHFNWKDEW ,KUPDFKWPLUQLFKWZHLVGD‰HVVLFKLQ/XIWDXIJHO|VWKDW ³+DWHVHUZLGHUWH)UHQFK /DLWW VFKOXJ LKP GLH )DXVW LQV *HVLFKW 7UL VFKULH DXI 6LH EHNDP GDIU GLH IODFKH +DQGGHV0DQQHV]XVSUHQGHUVLFKDOV5lFKHUVHLQHV9DWHUVIKOWH ³8QV PDFKW HV QLFKWV DXV HXFK ODQJVDP WRW]XIROWHUQ YHUVLFKHUWH /DLWW KD‰HUIOOW ³,P*HJHQWHLO:LUELHWHQHXFKQXUDQHWZDVVFKQHOOHU]XVWHUEHQ 'HU 0DJHUH QLFKWVR LPSXOVLY ZLH /DLWW GHU MHW]W DQVFKHLQHQG GHUQHXH&KHIGHU 3URVSHNWRUHQ ZDU UHDJLHUWH ]XUFNKDOWHQGHU REZRKO )UHQFK VLFK GD DXFK NHLQH ,OOXVLRQHQ PDFKWH 'HU 0DJHUH ZDU ]ZHLIHOORV LQWHOOLJHQWHU DOV VHLQ 1HEHQPDQQ DEHUGDIUDXFKXQEHUHFKHQEDUHU ³/DLWW UHGHW QRFK XQWHU GHP 6FKRFN EHU GHQ 7RG VHLQHV 9DWHUV YHUVXFKWH GHU 0DJHUH ]X YHUPLWWHOQ ZHQQJOHLFK DXFK QXU VHKU HLQVHLWLJ ³7DWVDFKH LVW GD‰ ZLU HXUHQ 1RWUXI HPSILQJHQ XQG HUVW HLQPDO VSHLFKHUWHQ :LU KDWWHQ QRFK HLQLJH HLQLJH GULQJHQGH 9HUSIOLFKWXQJHQ KLHU LQ GHP .XJHOVWHUQKDXIHQ GHQ QLHPDQG KDEHQZLOO (U NLFKHUWH XQG /DLWW ODFKWH DXFK XQG VDJWH HWZDV YRQ 7DEX]RQHQ LQ GHQHQ WFKWLJH$EHQWHXUHULKUH5XKHYRU(LQKHLWHQGHV,PSHULXPVRGHUGHU([SORUHUIORWWH RGHUGHU862KDWWHQ ³6FKOX‰ MHW]W VDJWH /DLWW EDUVFK ³:LU VLQG NHLQH :RKOWlWHU :LU ZDUHQ QXU QHXJLHULJ ZHU LQ GLHVHP YHUIOXFKWHQ 6WHUQKDXIHQ DX‰HU XQV HWZDV YHUORUHQ KDW 8QGZHQQHUHWZDVYHUORUHQKDWGDQQZDV ³:LU VLQG QlPOLFK GHU 0HLQXQJ JULQVWH GHU 0DJHUH ³GD‰ ZLU 0HQVFKHQ XQWHUHLQDQGHUDOOHVWHLOHQVROOWHQQLFKWZDKU",KUVHKW]ZDUQLFKWVRDXVDOVKlWWHW LKU6FKlW]HJHIXQGHQDEHUZDVZLUYRP2UELWDXVHQWGHFNWKDEHQ(UVFKQDO]WH PLWGHU=XQJHXQGUROOWHVRJHQLH‰HULVFKPLWGHQ$XJHQDOVVSUlFKHHUYRQHLQHU 1DKUXQJVGHOLNDWHVVH ³,KU VHLG GLH OHW]WHQ RGHU" IUDJWH /DLWW ³'LH OHW]WHQ hEHUOHEHQGHQ :LH LKU KLHUKHUNDPWXQGZDUXPLQWHUHVVLHUWPLFKQLFKWPHKU,FKEUDXFKHHXHU6FKLII$OVR ZRLVWHV" ³)RUWVDJWH)UHQFK³9HUVXQNHQ /DLWWVFKQLWWHLQH*ULPDVVHXQGVWLH‰HLQHQ6FKUHLDXV)UHLQYHU]RJHQHV.LQGZDU 



HU ]ZDU HWOLFKH -DKUH ]X DOW DEHU JHQDXVR ZLUNWH HU MHW]W DXI )UHQFK  HLQ YHUZ|KQWHU-XQJHGHULPPHUDOOHVEHNRPPHQKDWWHZDVHUKDEHQZROOWH /DLWWV )DXVW ODQGHWH ]XP ]ZHLWHQPDO LQ VHLQHP *HVLFKW )UHQFK EOXWHWH DXV GHU 1DVH ³,FK YHUVWHKH VDJWH HU ³,FK PX‰ QDFKKHOIHQ :HU JHK|UW KLHU ]X GLU 0DXOKHOG" ,VWHLQHYRQGLHVHQGUHL6FKODPSHQGHLQH)UDX" +H\PDO VFKULH DXI XQG ZROOWH VLFK DXI LKQ VWU]HQ )UHQFK KLHOW LKQ LP OHW]WHQ 0RPHQW]XUFN(UZROOWHQLFKWDQWZRUWHQXPQLFKWVDXIGHU:HOWDEHUHUYHUULHW VLFKPLWHLQHPXQZLOONUOLFKHQ%OLFNDXI7UL ³,KUVDJW/DLWWMHW]WEHVVHUZDVHUZLVVHQZLOOHPSIDKOGHU0DJHUH³*ODXEWPLU LFKNHQQHLKQJXW(UNDQQVHKUE|VHZHUGHQ )UHQFKVFKZLHJXQGVWDUUWHGHQ&KHIGHU3URVSHNWRUHQKD‰HUIOOWDQ /DLWWKDQGHOWHVRVFKQHOOGD‰LKPNHLQH=HLW]XP(LQJUHLIHQEOLHE)UHQFKKDWWHPLW HLQHUOHW]WHQ'URKXQJJHUHFKQHWDEHUGLHHUVSDUWHGHU6FKDW]VXFKHUVLFK (U VFKZHQNWH PLW GHU :DIIHQPQGXQJ DXI 7ULFDQD OLH‰ GHQ 'DXPHQ EHU GLH %QGHOXQJVHLQVWHOOXQJ JOHLWHQ XQG HUVFKR‰ VLH PLW HLQHP ILQJHUGLFNHQ 7KHUPRVWUDKO (V ZDU HLQ $OSWUDXP (V NRQQWH QXU HLQHU VHLQ )UHQFK VWDQG PLW RIIHQHP 0XQG YRUGHU6WHOOHDQGHU7ULFDQD ]XUFNJHWDXPHOW XQGLQ GHQ 0RUDVW JHNODWVFKWZDU XQGID‰WHHVQLFKW 6LHZDUWRWDEHUGDVNRQQWHGRFKQLFKWVHLQ(VGXUIWHQLFKWVHLQ +H\PDO VWDQG GD ZLH DQJHZXU]HOW (V GDXHUWH HLQH KDOEH 0LQXWH ELV HU EHJULII ZDVJHVFKHKHQZDU8QWHU7UlQHQXQG6FKUHLHQVWU]WHHUVLFKQHEHQVHLQHU0XWWHU LQ GHQ 6FKODPP XQG YHUVDQNELV ]X GHQ +IWHQ 6HLQH +lQGH KLHOWHQ LKUHQ.RSI GHVVHQ$XJHQJHVFKORVVHQZDUHQDQGHU2EHUIOlFKH ³8QGMHW]W0DXOKHOG"UL‰/DLWWV6WLPPH)UHQFKDXVVHLQHU6WDUUH³=HLJVWGXXQV MHW]WHXHU6FKLII"2GHUPX‰LFKHUVWQRFKGHQ-XQJHQW|WHQ(UVFKHLQWGLUMDDXFK QDKH]XVWHKHQ (U ]XFNWH ZLH JHODQJZHLOW PLW GHQ 6FKXOWHUQ ³,FK NDQQ DXFK DOOH GHLQH %HJOHLWHU LQV -HQVHLWV VFKLFNHQ ZHQQ GX GDV P|FKWHVW :LH ZlUH HV PLW HLQHP/HEHQDOVHLQ]LJHU0HQVFKKLHU",FKVDJHGLUPLWMHGHPQHXHQ7DJIOHKVWGX GHLQHQ*RWWPHKUXPGHQ7RGDQ8QGGXZLUVW )UHQFKVDKURW (UKROWHDXVJDQ]NXU]QXUXQGVFKPHWWHUWH/DLWWPLWHLQHPHLQ]LJHQ)DXVWVFKODJ ]X %RGHQ (V ZDU GDV HUVWHPDO GD‰ HU LQ VHLQHP (UZDFKVHQHQOHEHQ EHUKDXSW MHPDQG JHVFKODJHQ KDWWH XQG GD‰ HU /DLWW Y|OOLJ EHUUDVFKWH XQG IU HLQH 0LQXWH LQV5HLFKGHU7UlXPHVFKLFNWHODJQLFKWDQhEXQJ (VZDUEODQNH9HU]ZHLIOXQJEODQNHU6FKPHU]XQGEODQNHU+D‰GHULKPGLH.UDIW GD]XJDE $EHUHVEOLHEDXFKGDEHLGD‰HUVHLQHQ*HIKOHQ/XIWPDFKWH$OVHUVLFKVFKQHOO QDFK /DLWWV :DIIH EFNHQ ZROOWH EUDQQWH GHU 6WUDKOHU GHV 0DJHUHQ YRU VHLQHU +DQGHLQ/RFKLQGHQ%RGHQ ³'DV ZUGH LFK ODVVHQ VDJWH GHU 3URVSHNWRU ³,FK IUFKWH IDVW GX KDVW HLQHQ JUR‰HQ)HKOHUJHPDFKW)UHXQG/DLWWNDQQQlPOLFKDOOHVOHLGHQ²QXUNHLQH/HXWH GLHLKQVFKOHFKWEHKDQGHOQ(UNLFKHUWHDOV/DLWW]XVLFKNDPXQGODQJVDPHUKRE ZLH HLQ 5DXEWLHU ³,FK VFKlW]H MHW]W LVW GHU -XQJH GUDQ 0DXOKHOG 8QG GLFK ZLUG /DLWWVLFKJDQ]EHVWLPPWELV]XP6FKOX‰DXIKHEHQ 



)UHQFKVDK]X+H\PDOXQG]XGHPKLQEHUZDVYRQ7ULFDQDQRFKDXVGHP6XPSI UDJWH 9RQ7ULFDQDXQGLKUHP.LQG (V ZDU GDV (QGH HLQHV JUR‰HQ 7UDXPHV 2GHU YLHOOHLFKW GRFK QLFKW 'DQQ ZDU 7ULV 2SIHUQLFKWJDQ]XPVRQVW ³,FK IKUH HXFK ]X XQVHUHP 5DXPVFKLII VDJWH )UHQFK DOV /DLWW VFKRQ ZLHGHU GLH :DIIHKREXQGDXI+H\PDO]LHOWH /DLWWQLFNWH(UYHUORUNHLQ:RUWEHUVHLQHQ.QRFNRXW ³,Q 2UGQXQJ 'LH DQGHUHQ NRPPHQ PLW )U YLHU /HXWH KDEHQ ZLU JHUDGH QRFK ]XVlW]OLFKHQ3ODW]LP*OHLWHU-HW]WJULQVWHHUZLHGHU)UHQFKPX‰WHDQVLFKKDOWHQ XP GHP 0|UGHU 7ULV XQG VHLQHV .LQGHV QLFKW VFKRQ MHW]W GLH YHUGLHQWH 6WUDIH ]X JHEHQ ³'DQQ ZHUGHW LKU DXFK VHKHQ ZLH ZLU GLHVHP 8UZDOG GLH .UXVWH DEEUHQQHQ*HQDXGDVZROOWH)UHQFK 'HU*OHLWHUZDUHWZDVJU|‰HUDOVGHUPLWGHP7KRUWXQGVHLQH%HJOHLWHUJHNRPPHQ ZDUHQ DEHU JHQDX VR IXQNWLRQHOO DXVJHUVWHW (U ZLUNWH HEHQIDOOV ZLH HLQH HLQ]LJH %RKU )|UGHU XQG )UlVHPDVFKLQH PLW ]ZHL (QGHQ IU 3DVVDJLHUH RGHU %HGLHQXQJVPDQQVFKDIWHQ -DPHV 'RPLQLF )UHQFK +H\PDO 7LKOD XQG *DMXQ VD‰HQ LQ HLQHU 5HLKH LP +DOENUHLVYRUGHQ,QVWUXPHQWHQGHV%XJV5HFKWVXQGOLQNVYRQLKQHQVWDQGHQ/DLWW XQG GHU 0DJHUH GLH :DIIHQ DXI LKUH *HIDQJHQHQ JHULFKWHW 6REDOG )UHQFK RGHU HLQHUGHUDQGHUHQDXFKQXUHLQHQ)LQJHUUKUWH]XFNWHQGLH:DIIHQYRU +H\PDO KDWWH EHL 7UL EOHLEHQ ZROOHQ (U EHJULII QLFKW ZRUXP HV )UHQFK JLQJ (U ZDU PLW GHU 'URKXQJ DQ %RUG JH]ZXQJHQ ZRUGHQ GD‰ 7ULFDQDV /HLFKH YHUVWPPHOWZHUGHQZUGHZHQQHUQLFKWJHKRUFKWH ,Q]ZLVFKHQVFKLHQ GHU-XQJH)UHQFKV$EVLFKWHQ ]XYHUVWHKHQXQGRKQHGD‰HUHV ZX‰WH KDWWHHUGDPLWHLQHQZLFKWLJHQ 6LHJHUUXQJHQZHQQDXFKQLFKWGHQ.ULHJ JHZRQQHQ 8QGHVZDU.ULHJGHUQXQKHUUVFKWH1RFKZX‰WHQGLH3URVSHNWRUHQQLFKWGD‰VLH LKQHUNOlUWKDWWHQXQGLKQHQMHGHUIUHLJHEUDQQWH4XDGUDWPHWHU/DQGELWWHUYHUJROWHQ ZHUGHQZUGH (V ZDU QRFK YLHO VFKOLPPHU DOV )UHQFK HV VLFK LQ VHLQHQ lUJVWHQ 3KDQWDVLHQ DXVJHPDOWKDWWH (U EHPKWH VLFK XP )DVVXQJ 'HU *HGDQNH DQ 5DFKH XQG DQ GLH 5HWWXQJ YRQ %XVVWRS EHUODJHUWHQ IDVW MHGHV DQGHUH *HIKO  DXFK GLH 7UDXHU XP 7UL :HQQ )UHQFKWURW]GHPGLHJUDXVLJHQ%LOGHULKUHV7RGHVXQGGHV7RGHVLKUHV.LQGHV YRU VLFKVDKNDPHUVLFKZLHHLQ9HUUlWHUDQLKUYRU:LHMHPDQGGHUHLQIDFKXQIlKLJ ZDU]XWUDXHUQ$EHUHVPX‰WHVRVHLQ,QHUVWHU/LQLHZDU7ULFDQDHVJHZHVHQGLH LKPVHLQHQ:HJJHZLHVHQKDWWHXQGLKU7RGGXUIWHQLFKWXPVRQVWJHZHVHQVHLQ hEHUDOO VFKZHEWHQ *OHLWHU XQG YHUVSUKWHQ )HXHU XQG 7RG EHU GHQ IUXFKWEDUHQ 6XPSIGVFKXQJHO6LHEUDQQWHQGLH3IODQ]HQXQGGLH%RGHQVFKLFKWELV]XPQDFNWHQ )HOV KLQXQWHU DE GHU DQ PDQFKHQ 6WHOOHQ YLHOH GXW]HQG 0HWHU WLHI ODJ 5LHVLJH 'DPSIVlXOHQ EURGHOWHQ ZLUEHOQG LQ GLH +|KH XQG ZXUGHQ YRQ GHQ JOHLFK]HLWLJ HLQVHW]HQGHQ6WUPHQ]HUIHW]W .XU] QDFK GHP 6WDUW KDWWH /DLWW GLH 6WHOOH EHUIORJHQ DQ GHU HLQPDO HLQH PHQVFKOLFKH 6LHGOXQJ JHVWDQGHQ KDWWH $XIJUXQG GHU %OLW]H KDWWH )UHQFK VFKRQ QLFKWV*XWHVHUZDUWHWDEHUDOVHUGLHWLHIHQ.UDWHUVDKZXUGHLKPEHO 



8QGGHU3ODQHWKLHOWLPPHUQRFKVWLOO(UEHNDP:XQGHXP:XQGH²XQGZDUWHWH DE $EHUZDUGLHVQLFKWQXUORJLVFK" 'LH,QWHOOLJHQ]GLHMHGHOHEHQGH=HOOHGLHVHV3ODQHWHQGXUFKGUDQJXQGOHQNWHKDWWH VLFK DXI SKDQWDVWLVFKH :HLVH ,QIRUPDWLRQHQ YRQ GHQ QRWJHODQGHWHQ 0HQVFKHQ JHKROW 6LH NDQQWH LKUH '1$ LKUH *HZRKQKHLWHQXQG 7UlXPHXQG QDWUOLFK DXFK LKUH*HGDQNHQ 'HU 3ODQHW ZX‰WH DXV GLHVHQ *HGDQNHQ XQG (ULQQHUXQJHQ EHU ZHOFKH %HZDIIQXQJ GLH 3URVSHNWRUHQ YHUIJHQ PX‰WHQ XQG GD‰ GLH (UREHUHU VLH DXFK HLQVHW]HQZUGHQ 8QGHUZX‰WHZDV-DPHV)UHQFKYRUKDWWH )UHQFK OlFKHOWH GQQ DOV LKP NODU ZXUGH ZLH JXW VLH VFKRQ MHW]W KDUPRQLHUWHQ %XVVWRSXQGHU'HU3ODQHWZUGHZDUWHQELV)UHQFKLKPVDJWHGD‰HU]XVFKODJHQ N|QQH 6R NRQQWH GDV $XVPD‰ GHU .DWDVWURSKH ZHQLJVWHQV QRFK LQ *UHQ]HQ JHKDOWHQ ZHUGHQ ZREHL MHW]W VFKRQ PHKU DOV JHQXJ 6FKPHU] XQG 8QKHLO EHU GLHVH HLQ]LJDUWLJH:HOWJHEUDFKWZRUGHQZDU²XQG]ZDUYRQ0HQVFKHQZLHMHQHQYRU GHQHQGLH(QNHOGHU6FK|SIXQJGDYRQJHIORJHQZDUHQ ³:DV JULQVW GX VR GXPP 0DXOKHOG" IXKU /DLWW LKQ DQ (U VWLH‰ LKP GHQ .ROEHQ GHV6WUDKOHUVLQGLH6HLWH³'XIUHXVWGLFKZDV"'XGHQNVWYLHOOHLFKWGD‰ZLUHLQ SDDUELOOLJH6NODYHQJHEUDXFKHQN|QQHQGLHDP(QGHDXFKQRFKLKUMlPPHUOLFKHV /HEHQ JHVFKHQNW EHNRPPHQ" (U ODFKWH UDXK XQG VWDUUWH GVWHU DXI %LOGVFKLUPH XQG GXUFK GLH JHZ|OEWH %XJNXSSHO DXV 3DQ]HUJODV (LQ QHXHV 9LHUHFN YRQ GHU *U|‰HHLQHU.OHLQVWDGWZXUGHXQWHU)HXHUJHQRPPHQ 6FKPHU] $Q HLQHU DQGHUHQ 6WHOOH ZR VFKRQ GHU QDFNWH )HOV NODIIWH EHJDQQHQ 6SH]LDOPDVFKLQHQ GDPLW GDV *HVWHLQ DXV JHULQJHU +|KH DXI]XIUlVHQ XQG 6WROOHQ KLQHLQ]XWUHLEHQ 6FKPHU]XQG7RGXQG$QJVW$1*67³:LUKDEHQNHLQH$QJVWYRUGHP6WHUEHQ VDJWH )UHQFK UXKLJ (U QLFNWH /DLWW ]X GDQQ GHP 0DJHUHQ ³$EHU ZLH LVW HV PLW HXFK" /DLWW VWDUUWH LKQ DQ :LHGHU WUDI VHLQH )DXVW LQ )UHQFKV *HVLFKW 'HU 0DJHUH NLFKHUWH ³9RQ GHLQHQ GXPPHQ 6SUFKHQ KDEH LFK MHW]W JHQXJ VDJWH /DLWW ³(V UHLFKW PLU $OVR ZR KDEW LKU GDV 6FKLII YHUVWHFNW" ,FK KDEH NHLQH /XVW KLHU LQ GLHVHU 6XPSINFKH DXFK QXU HLQHQ 7DJ OlQJHU DOV Q|WLJ ]X EOHLEHQ 'LH (U]H GLH ZLU KDEHQZROOHQODJHUQELV]XDFKWWDXVHQG0HWHUXQWHUGHU.UXVWH$EHUGDYRQKDEW LKU VRZLHVR NHLQH $KQXQJ /DLWW VHW]WH GLH 0QGXQJ GHV 6WUDKOHUV DQ )UHQFKV .RSI³$OVRHXHU5DXPVFKLII:R" )UHQFK QLFNWH (U WDW VR DOV KlWWH HU VLFK MHW]W HQGJOWLJ LQ VHLQ /RV JHIJW 'DEHL KXVFKWHQGLH*HGDQNHQQRFKHLQPDOEOLW]VFKQHOOGXUFKVHLQ*HKLUQXQGHUKRIIWH GD‰GLH =HQWUDOLQWHOOLJHQ] HLQH0|JOLFKNHLW EHVD‰ VLH ]X YHUIROJHQ $XFK ZHQQ HV MHW]W NHLQHQ .RQWDNW GXUFK 3IODQ]HQ RGHU GHQ %RGHQ PLW VHLQHQ 0LOOLDUGHQ 0LNURRUJDQLVPHQXQG:XU]HOQJDE ³:LUG V EDOG VFKULH /DLWW XQEHKHUUVFKW )UHQFK VDK GDV 6FKLII GHU 3URVSHNWRUHQ VFKHPHQKDIWDXIWDXFKHQ(LQH]ZHLKXQGHUW0HWHUODQJHVHQNUHFKWVWHKHQGH:DO]H 



UDJWH DXV HLQHU GLFNHQ 'XQVWVFKLFKW 'HU 5DXPHU ZLUNWH ZLH HLQ 5HOLNW DXV DOWHU =HLW DOV GLH 6SULQJHU QRFK VROFKH :DO]HQ EDXWHQ ,UJHQGZLH HULQQHUWH HU DXFK DQ GLH)UDJPHQWUDXPHUGHU3RVELV²VRYLHOH$QEDXWHQPLW.XSSHOQ.UlQHQ)UlVHQ 6WUDKOHUQXQGDQGHUHQ$UEHLWVJHUlWHQZDUHQDXIGLH+OOHJHNOHEW )UHQFK EHU]HXJWH VLFK PLW HLQHP OHW]WHQ %OLFN GD‰ HU GDV %HLERRW ]XU 1RW DOOHLQ IOLHJHQNRQQWH'DQQQDQQWHHUGLH.RRUGLQDWHQGLHLKPJHUDGHHLQILHOHQ ³1DHQGOLFKNQXUUWH/DLWWXQGJDEGLH'DWHQPLWGHUOLQNHQ+DQGLQHLQ7HUPLQDO HLQ'LHUHFKWHPLWGHP6WUDKOHUEOLHEDQ)UHQFKV6FKOlIH)UHQFKZX‰WHGD‰HUVR JXWZLHWRWZDUXQGVHLQH%HJOHLWHUHEHQIDOOV $EHU/DLWWEHNDPLQGHP$XJHQEOLFNHLQHQ:XWDQIDOODOVGLH3RVLWURQLNEHUHLQHQ 0RQLWRU DXVJDE GD‰ GHU .UHX]SXQNW GHU .RRUGLQDWHQ PLWWHQ LQ HLQHP GHU VFKRQ YHUZVWHWHQ *HELHWH ODJ XQG GHU 0DJHUH ZDU DXFK JDQ] LQ (UZDUWXQJ HLQHU 1DFKULFKW (VZDUGHU0RPHQWDXIGHQ)UHQFKJHZDUWHWKDWWH0LWGHQ*HIlKUWHQKDWWHHUVLFK QLFKW DEVWLPPHQ N|QQHQ (U KRIIWH QXU GD‰ +H\PDO NHLQH 'XPPKHLWHQ PDFKWH DOV HU GLH :DIIH YRQ VHLQHU 6FKOlIH IRUWVFKOXJ XQG /DLWW PLW GHU DQGHUHQ )DXVW LQ GHQ0DJHQWUDI (VJLQJJODWWHUDOV)UHQFKHVHUZDUWHWKDWWH/DLWWZXUGHYROONRPPHQEHUUDVFKW(U NQLFNWH QDFK YRUQH HLQ XQG OLH‰ GHQ 6WUDKOHU IDOOHQ GHQ +H\PDO VR JHLVWHVJHJHQZlUWLJ DXIKRE DOV KlWWH HU VFKRQ YRUKHU JHQDX JHZX‰W ZDV )UHQFK YRUKDWWH -HGHQIDOOVODJ)UHQFKVOLQNHU$UPXPGHQ+DOVYRQ/DLWWGHQHUYRUVLFKKLHOWXQG GHU .ROEHQ GHU :DIIH LQ VHLQHU UHFKWHQ +DQG 'HU 0DJHUH KDWWH NHLQH &KDQFH JHKDEW]XUHDJLHUHQ8QGMHW]WGLNWLHUWHQGLH*HIDQJHQHQ ³.HLQHIDOVFKH%HZHJXQJVDJWH)UHQFK³*LEGHLQH:DIIHPHLQHP)UHXQG 'HU 0DJHUH VFKWWHOWH GHQ .RSI (U ODFKWH GQQ VR ZLH HLQ 3RNHUVSLHOHU ODFKW EHYRUHUHLQHQ7UXPSIXQWHUGHP7LVFKKHUYRU]DXEHUW'HU3URVSHNWRUZLFKELV]XU ,QVWUXPHQWHQUHLKH]XUFN ³'DV WXVW GX QLFKW NUHLVFKWH /DLWW ³:RUDXI ZDUWHVW GX" 'HU ² .HUO ZLUG PLU QLFKWVWXQHVVLQG6FKZlFKOLQJH(UVFKLH‰HGLH)UDXHQ]XHUVW/RVIDQJDQ8QG GDQQ )UHQFKV 'DXPHQ EHWlWLJWH GHQ 8PVFKDOWHU GHU .RPELZDIIH 'DQQ OLH‰ HLQ 3DUDO\VHVWUDKO/DLWWV.|USHULQVHLQHP$UPVFKODIIZHUGHQ ³:LU KDEHQ QLFKWV PHKU ]X YHUOLHUHQ VDJWH )UHQFK ]X GHP 0DJHUHQ ³'DV ZHL‰W GX 'HU0DJHUHODFKWHMHW]WXQVLFKHU ³,KULKUNRPPWQLFKWGXUFK:DVZROOWLKU"9HUKDQGHOQ"6LFKHUGDVN|QQHQZLU :LU (U UHGHWH VFKQHOO YLHO ]X VFKQHOO IU MHPDQG GHU VLFK VR EHUOHJHQ JDE )UHQFK ZDUIHLQHQVFKQHOOHQ%OLFNDXI0RQLWRUHQXQGDXVGHU.XSSHOZREHLHU/DLWWZHLWHU DOV'HFNXQJYRUVLFKKLHOW'HU*OHLWHUZDUVFKRQJHIlKUOLFKQDKHDP0XWWHUVFKLII ³'LH:DIIHKHUEHIDKO)UHQFK(U]LHOWHPLWGHPHUEHXWHWHQ6WUDKOHUDXIGHQ.RSI GHV 0DQQHV ³,FK VDJWH VFKRQ HLQPDO ZLU KDEHQ QLFKWV ]X YHUOLHUHQ $EHU ZLU PDFKHQGLUHLQ$QJHERW ³,KU"'HU0DJHUHNLFKHUWHLUU³.HUOZHL‰WGXGD‰GRUWGUEHQLQXQVHUHP6FKLII HLQ 0DQQ DQ GHQ .RQWUROOHQ HLQHU 7UDQVIRUPNDQRQH VLW]W" *DQ] DEJHVHKHQ YRQ 



HLQHP'XW]HQGDQGHUHU.DQRQHQYRQGHQHQVFKRQHLQHHLQ]LJHHLQH0DVFKLQHZLH GLHKLHULQGLH/XIWEOlVW ³8QGGLFKPLWLKUVDJWH)UHQFKNDOW+H\PDOXQGGLH)UDXHQPLVFKWHQVLFKQLFKW HLQDEHUGLH%OLFNHGHV-XQJHQYHUULHWHQPHKUXQGPHKUGD‰HUEHJULII +H\PDO VWDQG DXI XQG QDKP GHP 0DJHUHQ GLH .RPELZDIIH DXV GHU +DQG (U VFKDOWHWHDXI3DUDO\VHXQGVDK)UHQFKIUDJHQGDQ ³1RFKQLFKWVDJWHGLHVHU³:LUJHEHQLKPXQG/DLWWGLH&KDQFH]XP/HEHQ:DV /DLWWXQV]XJHGDFKWKDWWHVROOHUVHOEVWKDEHQN|QQHQ(UQLFNWHGHP0DJHUHQ]X :LHGHUHLQ6HLWHQEOLFNDXVGHU.DQ]HO'DV6FKLIIZDUMHW]W]XP*UHLIHQQDK=XP *OFN IORJ GHU *OHLWHU PLW GHP $XWRSLORWHQ GHQ /DLWW DXI HLQ YROODXWRPDWLVFKHV (LQVFKOHXVHPDQ|YHUSURJUDPPLHUWKDWWHXQGYHU]|JHUWHHQWVSUHFKHQG (VZDUHLQ6SLHOPLWKRKHP(LQVDW]:UGHGHU3ODQHWPLWPDFKHQZHQQHVGDUDXI DQNDP".RQQWHHUHVEHUKDXSW" 1RFK PHOGHWH VLFK QLHPDQG DXV GHU :DO]H ³:LOOVW GX OHEHQ RGHU MHW]W VWHUEHQ" IUDJWH )UHQFK KDUW (U ZDU EHUUDVFKW GDYRQ ZLH NDOWEOWLJ XQG WHLOQDKPVORV HU KDQGHOWH(VZDUZLHHLQ)LOPGHQHUVDKXQGLQGHPHUJOHLFK]HLWLJPLWVSLHOWH 'HU0DJHUH]LWWHUWH(UOHKQWHDQHLQHU0RQLWRUUHLKHXQGKDWWHVHLQOlVVLJHV*HWXH DEJHOHJW ³,KU HUUHLFKW ZLUNOLFK QLFKWV VDJWH HU MHW]W PLW 1DFKGUXFN ³0HLQH .DPHUDGHQ ZHUGHQHXFK ³:LH YLHOH" IUDJWH )UHQFK ³:LH YLHOH VLQG HV LQVJHVDPW" ,P 6FKLII XQG LQ GHQ *OHLWHUQ" ³=HKQLP6FKLIIVDJWHGHU3URVSHNWRU6HLQOHW]WHU:LGHUVWDQGEUDFK]XVDPPHQ ³8QGMDQRFKHLQPDO]HKQVLQGXQWHUZHJV ³8QGZDQQNRPPHQVLH]XUFN" 'HU 0DJHUH ]|JHUWH PLW GHU $QWZRUW (U VDK LQ )UHQFKV *HVLFKW XQG VDK GLH (QWVFKORVVHQKHLW HLQHV 0DQQHV GDULQ GHP PDQ DOOHV JHQRPPHQ KDWWH XQG GHU PLW GHP/HEHQDE]XVFKOLH‰HQEHUHLWZDU (UVDKDEHUDXFKGDV*HVLFKWGHV6LHJHUVXQGGDVJDEZRKOGHQ$XVVFKODJGDIUGD‰HU SO|W]OLFK EHU]XVSUXGHOQ EHJDQQ (U JHK|UWH ]X GHU $UW YRQ /HXWHQ GLH LKUH )DKQH VRIRUWGDQQLQGHQ:LQGGUHKWHQVREDOGVLHPHUNWHQYRQZRKHUHUZHKWH ³,KUOD‰WPLFKDP/HEHQ"IUDJWHHUKDVWLJ6HLQH+lQGHIXFKWHOWHQGXUFKGLH/XIW (UNDPHLQHQ6FKULWWQlKHUXQGODFKWH³-D",FKVDJHHXFKZDVLFKZHL‰XQGLKULKU JHEWPLUGDV/HEHQGDIUMD" ³-DHUZLGHUWH)UHQFKDQJHHNHOW³'LUXQGDXFKLKP (UVWLH‰/DLWWYRQVLFK'HU$QIKUHUGHU3URVSHNWRUHQZXUGHYRQ+H\PDODXIJHIDQJHQ XQGKLQWHUHLQHQ6LW]JHOHJWQDFKGHPHUQRFKHLQHQ3DUDO\VHVFKDXHUHUKDOWHQKDWWH ³$OVR"IUDJWH)UHQFK³'XEULQJVWXQVLQV6FKLIIRKQHGD‰XQVMHPDQGEHUIOVVLJH )UDJHQVWHOOW'XUXIVWDOOH0DQQVFKDIWHQ]XUFNGLHKLHUGUDX‰HQXQWHUZHJVVLQG(V JLEWHLQHQ.RGHIUGHQ1RWIDOO"=XP%HLVSLHOHLQHQ$ODUPVWDUW" 'HU0DJHUHQLFNWHKHIWLJ ³8QG GULWWHQV VDJWH )UHQFK ³JHKVW GX MHW]W DQ HLQ 7HUPLQDO XQG Ol‰W GLU YRP 0XWWHUVFKLIIGHVVHQ3OlQHEHUPLWWHOQRKQHGD‰HVGRUWMHPDQGPHUNW:LUZROOHQYRU DOOHPZLVVHQZLHGLH6HOEVW]HUVW|UXQJVDXWRPDWLN]XDNWLYLHUHQLVW 'HU0DJHUHQLFNWHZLHGHUELVHUEHJULIIZDV)UHQFKGDJHVDJWKDWWH ³1HLQ VDJWH HU ³1HLQ GDV N|QQW LKU QLFKW YRQ PLU YHUODQJHQ (V VLQG PHLQH 



.DPHUDGHQ:LU ³'LHLKUXPJHEUDFKWKDEWVFKQLWW)UHQFKLKPGDV:RUWDE³GDVZDUHQDXFKPHLQH .DPHUDGHQ 8QG GLH )UDX ZDU PHLQH 3DUWQHULQ GLH XQVHU .LQG HUZDUWHWH (U ]XFNWH NXU] PLW GHU :DIIH ³*ODXEVW GX LPPHU QRFK GD‰ ZLU 5FNVLFKWHQ QHKPHQ ZHUGHQ" 'HU.RSIGHV0DJHUHQVDQNDXIGLH%UXVW ³1HLQVDJWHHU³'DVJODXEHLFKQLFKW 'DV %RRW IORJ LQ GHQ +DQJDU GHV 3URVSHNWRUHQVFKLIIV HLQ RKQH HLQ HLQ]LJHV 0DO DQJHIXQNW ZRUGHQ ]X VHLQ'HU 0DJHUH EHVD‰ RIIHQEDU VRYLHO $XWRULWlW GD‰ HLQLJH NQDSSH%HIHKOHYRQLKPDXVUHLFKWHQXPDOOH:HJH]X|IIQHQHLQVFKOLH‰OLFKGHQ LQGLH=HQWUDOHGHU:DO]H ,P +DQJDU KDWWHQ )UHQFK XQG +H\PDO GLH EHLGHQ HLQ]LJHQ 7HFKQLNHU EHWlXEW XQG HQWZDIIQHW $OOH YLHU hEHUOHEHQGHQ GHU -$&48(6 52866($8 ZDUHQ VRPLW QXQ LP %HVLW] YRQ 6WUDKOHUQ XQG VHW]WHQ GLHVH DXFK RKQH 9RUZDUQXQJ HLQ DOV VLH DXV GHP/LIWWUDWHQXQGGLHEHUUDVFKWHQ3URVSHNWRUHQVLFKQDFKLKQHQXPVDKHQ (V ZDU HLQ +DQGVWUHLFK GHU QXU VFKHLQEDU GHVKDOE VR JXW JHODQJ ZHLO VLFK GLH (UREHUHU YLHOOHLFKW ]X VLFKHU IKOWHQ ,Q :LUNOLFKNHLW ZlUHQ GLHVH DEJHEUKWHQ 0lQQHU XQG )UDXHQ PLW HLQHU +DQGYROO YRQ 9HU]ZHLIHOWHQ VSLHOHQG IHUWLJ JHZRUGHQGLHNHLQHUOHL.DPSIHUIDKUXQJEHVD‰HQ $EHU %XVVWRS HUIOOWH )UHQFKV +RIIQXQJHQ 'DV ZDV GHQ 3ODQHWHQ EHVHHOWH JULII JHQDX LP ULFKWLJHQ 0RPHQW HLQ XQG OLH‰ GLH )UHPGHQ XQWHU VWDUNHQ +DOOX]LQDWLRQHQ EHUHLWV ]XVDPPHQEUHFKHQ HKH GLH 3DUDO\VHVFKDXHU DXV GHQ HUEHXWHWHQ:DIIHQVLHWUDIHQ 'LH /20%$ VR KLH‰ GHU 3URVSHNWRUHQUDXPHU ZDU LQQHUKDOE YRQ 0LQXWHQ LQ QHXHQ +lQGHQ )UHQFK XQG +H\PDO YHUVWDQGHQ VLFK EOLQG XQG PDQFKPDO KDWWH )UHQFKGDV*HIKODOVWDVWHWHQVLFKIHLQH6LQQHLQVHLQ%HZX‰WVHLQXQGKROWHQVLFK ZDV GLH 3ODQHWHQLQWHOOLJHQ] ]XP 9HUVWHKHQ XQG ]XP ZHLWHUHQ 0LWYHUIROJHQ GHU $NWLRQEUDXFKWH +H\PDO VWUDKOWH ]XHUVW GDV 5FNKROVLJQDO IU GLH GUDX‰HQ RSHULHUHQGHQ %HLERRWH DXV (V ZDU HLQ %HIHKO GHP XQPLWWHOEDU )ROJH ]X OHLVWHQ ZDU +H\PDO EUDXFKWH QLFKW DQ HLQ 0LNURIRQ ZR LKQ VHLQH 6WLPPH YHUUDWHQ KlWWH 'DQQ OLHI HU ]X GHQ 7HUPLQDOV GHU 3RVLWURQLN EHU GLH HU LQ ]HLWUDXEHQGHU $UEHLW GLH .RGHV IU GLH 6HOEVWYHUQLFKWXQJVDQODJHGHU:DO]HHLQJHEHQPX‰WH ,PPHUZHQQHUDXIHLQH%HVWlWLJXQJIUHLQHQGHUYLHOHQQ|WLJHQ6FKULWWHZDUWHWH PDFKWH HU DQ GHU 3URJUDPPLHUXQJ IU GHQ .XUVFRPSXWHU HLQHV GHU %HLERRWH ZHLWHU:HQQDOOHVVROLHIZLHHUXQG)UHQFKVLFKGDVYRUVWHOOWHQGDQQZUGHVLFK GDV6FKLFNVDOGHU/20%$XQGLKUHU%HVDW]XQJZLHDQHLQHP)DGHQDXIJHVFKQUW YROO]LHKHQ (V ZUGH NHLQH 7RWHQ JHEHQ DEHU NHLQ 5DXPVFKLII PHKU XQG NHLQH &KDQFHIUGLH3URVSHNWRUHQMHPDOVZLHGHUDQ%XVVWRSKHUDQ]XNRPPHQ (V JDE LQ GHQ 9HU]HLFKQLVVHQ GHU 3RVLWURQLNHQ HLQLJH :HOWHQ GLH YRQ GHQ 6FKDW]VXFKHUQ UXLQLHUW ZRUGHQ ZDUHQ +H\PDO NRQQWH VLFK HLQH GDYRQ IU VLH DXVVXFKHQ 8QG GDQQ NDPHQ VLH KHUHLQ  HLQ $UEHLWVJOHLWHU QDFK GHP DQGHUHQ 8QG LQ MHGHP +DQJDU VWDQG HLQ 0DQQ RGHU HLQH )UDX PLW HLQHP 6WUDKOHU XQG EHWlXEWH GLH %HVDW]XQJGLHKDOELUUYRQLKUHQ+DOOX]LQDWLRQHQDXVGHQ6FKOHXVHQWDXPHOWHQ 'LH%HZX‰WORVHQZXUGHQLQGLH=HQWUDOHJHEUDFKWXQGGRUWQHEHQHLQDQGHUDXIGHQ 



%RGHQ JHOHJW (V ZDUHQ DOOH %HVDW]XQJVPLWJOLHGHU GHU /20%$ DX‰HU /DLWW XQG GHP0DJHUHQXQGGHQYLHUHQGLHYRQGHQ3IODQ]HQEHVWUDIWZRUGHQZDUHQ 7LKODXQG*DMXQVWHOOWHQVLFK]X)UHQFKXQGEOLFNWHQLKQIUDJHQGDQ)UHQFKVWDQG YRU GHQ .RQWUROOHQ HLQHU %LOGVFKLUPJDOHULH XQG IDQG QDFK NXU]HP 6XFKHQ GLH 6HQVRUHQ IU GLH :DKO YRQ %LOGDXVVFKQLWWHQ RGHU EHVWLPPWHQ 6HNWRUHQ GHU 8PJHEXQJ 9RQ GHQ 3URVSHNWRUHQ DXVJHVFKOHXVWH 0LQL9LGHRVRQGHQ EHUWUXJHQ DXFKYRQGRUWZRGHU'XQVWGLHGLUHNWH6LFKWYHUKLQGHUWH (U K|UWH ZLH +H\PDO KLQWHU LKP DXIVW|KQWH DOV GLH NDKOJHEUDQQWHQ XQG DXIJHULVVHQHQ )OlFKHQ EHU GLH 0RQLWRUHQ ZDQGHUWHQ RGHU YHUNRKOWH 5HVWH JHW|WHWHU:lOGHU]XVHKHQZDUHQ (VZDUDOVKlWWH+H\PDOV6W|KQHQHLQ(FKRWLHILP,QQHUQGHUYLHU0HQVFKHQ(LQ YHUNPPHUWHU 5HVW MHQHU 6LQQH GLH LKUH IUKHQ 9RUIDKUHQ HLQPDO EHVHVVHQ KDEHQ PRFKWHQHPSILQJGHQ6FKPHU]XQGGLHXQVDJEDUH7UDXHUGHU/HEHQV]HQWUDOH ³'LU WXW MHW]W QLHPDQG PHKU ZHK IOVWHUWH )UHQFK 7ULFDQDV %LOG EOLW]WH YRU VHLQHPJHLVWLJHQ$XJHDXILPPHUZLHGHU(UEL‰VLFKGLH/LSSHQEOXWLJXQG]RJGLH EHLGHQ VFKZDQJHUHQ )UDXHQ DQ VLFK DOV RE GLH %HUKUXQJ VLH JHJHQVHLWLJ WU|VWHQ N|QQWH)UHQFKHUWDSSWHVLFKGDEHLZLHHUVLFKIDVWEHLLKQHQGDIUHQWVFKXOGLJWHGD‰ HUNHLQ:RUWGHV'DQNHVXQGGHV/REHVIUVLHJHKDEWKDWWHDOVVLHGLH9HUEUHFKHU DXVVFKDOWHWHQ(UKRIIWHGD‰HVVROFKHU:RUWHXQWHULKQHQQLFKWPHKUEHGXUIWH )UHQFKGUHKWHVLFKDEUXSW]X+H\PDOXP ³:DQQN|QQHQZLUDQIDQJHQ"IUDJWHHU 'HU-XQJHGHXWHWHDXIGLH7HUPLQDOVDQGHQHQHUJHDUEHLWHWKDWWH ³(VLVWDOOHVEHUHLW-LP=XP*OFNKDWWHLFKPLWGHU7HFKQLNGLHVHV6FKLIIHVNHLQH 6FKZLHULJNHLWHQ ³8QG GHU )XQN" %LVW GX VLFKHU GD‰ NHLQ1RWUXI DEJHVWUDKOWZXUGH"9LHOOHLFKWYRQ HLQHU$XWRPDWLN" ³$EVROXW DXV]XVFKOLH‰HQ -LP YHUVLFKHUWH +H\PDO (U ]ZDQJ VLFK HLQ /lFKHOQ DXI GDV*HVLFKW³'DVZDUPHLQHUVWHU*HGDQNH:LUP|FKWHQQLFKWQRFKHLQPDO%HVXFK EHNRPPHQ 8QG GHVKDOE ZLUG VLFK DXFK DQ %RUG GHV *OHLWHUV NHLQH IXQNWLRQLHUHQGHRGHU]XUHSDULHUHQGH$QODJHEHILQGHQ )UHQFKQLFNWH6HLQ%OLFNZDQGHUWHEHUGLH%LOGVFKLUPUHLKHQYRUGHQHQ+H\PDO JHVHVVHQKDWWHRKQHGD‰HUYLHOYRQGHQJH]HLJWHQ6\PEROHQEHJULII ³$OVRJXWVDJWHHU³%ULQJHQZLUHV]X(QGH(UEHPHUNWH+H\PDOV=|JHUQXQG IUDJWHHUVWDXQW³8QG"6WLPPWHWZDVQLFKW",VWHVZHJHQ7UL" +H\PDOVFKWWHOWHGHQ.RSI(UEOLFNWHVHKUHUQVW ³:HJHQ GHV 3ODQHWHQ -LP VDJWH HU GDQQ ³'LH $UW XQG :HLVH ZLH HU GLH 3URVSHNWRUHQPLWVHLQHQ+DOOX]LQDWLRQVVHQGXQJHQLQGHQ:DKQVLQQWULHE ³(U KDW XQV QXU JHKROIHQ NDP HV YRQ 7LOKD ³8QG DX‰HUGHP VLQG VLH QLFKW ZDKQVLQQLJ JHZRUGHQ VRQGHUQ QXU EHWlXEW XQG ZHUGHQ NHLQHQ EOHLEHQGHQ 6FKDGHQ]XUFNEHKDOWHQ ³2EZRKOVLHHVYHUGDPPWYHUGLHQWKlWWHQIOVWHUWH*DMXQ +H\PDOVHXI]WHXQGPDFKWHVLFKDQGLH$UEHLWDQ³VHLQHQ7HUPLQDOV(UVFKLFNWH YRQ GHU =HQWUDOH GHV 0XWWHUVFKLIIV DXV VHLQ 3URJUDPP DQ GLH 3RVLWURQLN GHV JU|‰WHQGHU]XUFNJHNHKUWHQ%HLERRWH ³,FKPHLQHHWZDVDQGHUHVVDJWHHURKQHVLFKXP]XGUHKHQ³'LH=HQWUDOLQWHOOLJHQ] KDW LKUH .UlIWH ]XP HUVWHQPDO GLUHNW DOV :DIIH EHQXW]W (U PDFKWH HLQH 3DXVH 



QLFNWHXQGIJWHKLQ]XDOV)UHQFKXQGGLH)UDXHQDXIGHQ/LIW]XJLQJHQ³:HUKDW LKUEHLJHEUDFKWGDV]XWXQ]XPHUVWHQPDOVHLWGHU(QWZLFNOXQJGHUHUVWHQ=HOOHDXI GHP3ODQHWHQ" -DPHV 'RPLQLF )UHQFK JLQJHQ +H\PDOV :RUWH ODQJH QLFKW DXV GHP 6LQQ 'HU -XQJH KDWWH QLFKW JDQ] XQUHFKW DEHU HU GUDPDWLVLHUWH GDV *HVFKHKHQH YLHOOHLFKW DXFK ]X VHKU 6ROOWH GHU 3ODQHW VLFK XPEULQJHQ ODVVHQ" $OOHV /HEHQ DXI %XVVWRS ZDUHLQHLQ]LJHU2UJDQLVPXVXQGHUKDWWHQLFKWVDQGHUHVJHWDQDOVVLFK]XZHKUHQ -HGHU2UJDQLVPXVHQWZLFNHOWH$EZHKUPHFKDQLVPHQ 'LH (QNHO GHU 6FK|SIXQJ KDWWHQ HV GRFK DXFK ]X VSUHQ EHNRPPHQ 'LH (UUHJHU GHV)LHEHUV'LH 'LH +DOOX]LQDWLRQHQ GDFKWH )UHQFK XQG ZX‰WH LP JOHLFKHQ $XJHQEOLFN ZDV +H\PDO ZLUNOLFK PHLQWH 6LH ZDUHQ QLH HLQH :DIIH JHZHVHQ VRQGHUQ .RQWDNWYHUVXFKHYLHOOHLFKWDXVGHU6HKQVXFKWJHERUHQDQGHUHV/HEHQ]XEHUKUHQ JDQ] VDQIW 9RU DOOHP DEHU ZDUHQ VLH 1HXJLHU 1HXJLHU XQG (YROXWLRQ RGHU EHLGHV ]XVDPPHQ 1HXJLHU DOV 7ULHEIHGHU GLH SKDQWDVWLVFKH 0XWDWLRQVIlKLJNHLW GHV 3ODQHWHQ DOV :HUN]HXJ XQG HLQH VLFK VWlQGLJ DXIJUXQG QHXHU ,QIRUPDWLRQHQ YHUlQGHUQGH(YROXWLRQ ³:DV LVW GHQQ PLW GLU ORV -LP" IUDJWH *DMXQ 6LH ZLQNWH ³.RPP ELWWH LFK ZLOO NHLQH0LQXWHOlQJHUKLHUEOHLEHQ 6LHKDWWHUHFKW ,UJHQGZLHKDWWHDXFKHUGDV*HIKODOVN|QQWHLKQHQLQOHW]WHU6HNXQGHQRFKDOOHV XPGLH2KUHQIOLHJHQXQGLKUHQ7UDXPDXVO|VFKHQ=XJODWWZDUPDQFKHVJHJDQJHQ )UHQFK UL‰ VLFK PLW *HZDOWYRQGLHVHQ *HGDQNHQORVXQG VFKDIIWH PLWGHQEHLGHQ MXQJHQ )UDXHQ HLQHQ %HZX‰WORVHQ QDFK GHP DQGHUHQ SHU /LIW XQG $QWLJUDY /DVWVFKHLEH LQ GHQ YRQ +H\PDO SURJUDPPLHUWHQ *OHLWHU 'DV )DKU]HXJ ZUGH LQ HLQHU HLQ]LJHQ XQG IU DOOH =HLWHQ OHW]WHQ /LQHDUHWDSSH HLQHQ 3ODQHWHQ DQIOLHJHQ GHQ+H\PDODXVGHQ$UFKLYHQIUGLH3URVSHNWRUHQDXVJHVXFKWKDWWH 6LHKDWWHQGLHVH:HOW]HUQDUEW]HUVFKQLWWHQXQG]HUVW|UWVRZLHVLHHVPLW%XVVWRS JHWDQKlWWHQ$EHUHVJDEGRUWQRFKLPPHUJHQXJ9HJHWDWLRQXQG)DXQDXPVLH]X HUQlKUHQ $WPRVSKlUH 7HPSHUDWXUHQ XQG GLH ZLFKWLJVWHQ DQGHUHQ UHOHYDQWHQ )DNWRUHQVWLPPWHQHEHQIDOOV 6LHZUGHQGRUWHLQH.RORQLHJUQGHQN|QQHQRGHUVWHUEHQ(VODJEHLLKQHQ:DV VLH QLFKW NRQQWHQ ZDU DQGHUH XP +LOIH UXIHQ XP HLQHV 7DJHV DOV 5lFKHU EHU %XVVWRS]XHUVFKHLQHQ (V JLQJ PHKUHUH 0DOH GHQ /LIW ]XU =HQWUDOH KLQDE XQG ZLHGHU KHUDXI LQ GHQ +DQJDU ELV DOOH %HZX‰WORVHQ LP *OHLWHU YHUVWDXW XQG JXW DQJHVFKQDOOW ZDUHQ )UHQFK XQG GLH )UDXHQ JDEHQ LKQHQ ]XU 9RUVLFKW QRFK HLQPDO HLQH 'RVLV %HWlXEXQJVVWUDKOHQ 8QGGDQQVFKORVVHQVLFKGLH/XNHQXQG+DXEHQGHV*OHLWHUVXQG)UHQFKJDE7LKOD XQG *DMXQ GDV =HLFKHQ PLW LKP ]XU =HQWUDOH ]XUFN]XNHKUHQ +LQWHU LKQHQ VFKORVVHQVLFKGLH3DQ]HUVFKRWWHGHU+DQJDUVFKOHXVHZRIUVLFKQXU$XJHQEOLFNH VSlWHUGLH+DQJDUDX‰HQVFKOHXVHQ|IIQHWHQ 'HU *OHLWHU ZDU GXUFK 0DJQHWKDOWHUXQJHQ IHVW PLW GHP 0XWWHUVFKLII YHUEXQGHQ ELVVHLQ$QWULHE]XPSURJUDPPLHUWHQ=HLWSXQNW]QGHQXQGGDV*UDYRNDWDSXOWGHU /20%$LKQDXIVHLQHQOHW]WHQ)OXJVFKOHXGHUQZUGH +H\PDO ZDUWHWH LQ GHU =HQWUDOH (U KDWWH DOOHV HUOHGLJW XQG IROJWH )UHQFK XQG GHQ 



)UDXHQ VFKZHLJHQG ]X GHP %HLERRW PLW GHP VLH JHNRPPHQ ZDUHQ  XQG LQ GHP LPPHUQRFK/DLWWXQGGHU0DJHUHODJHQ $OVVLHDXILKUHQ3OlW]HQXQWHUGHUGXUFKVLFKWLJHQ+DOENXSSHOVD‰HQGLHVPDORKQH 6WUDKOHULP1DFNHQXQGDOOH%OLFNHDXI)UHQFKJHULFKWHWZDUHQOLH‰GHU9RUPDQQ GHU (QNHO GHU 6FK|SIXQJ QRFK HLQ OHW]WHVPDO GDV YRU VHLQHP JHLVWLJHQ $XJH YRUEHL]LHKHQZDVQXQJHVFKHKHQZUGHIDOOVZLUNOLFKDOOHVQDFK3ODQOLHI 'LH/20%$ZUGHLQGUHL0LQXWHQVWDUWHQ'HU&RXQWGRZQOLHIEHUHLWVDXIHLQHP 0RQLWRUXQGZXUGH]XVlW]OLFKDNXVWLVFKZLHGHUJHJHEHQ =ZHL 0LQXWHQ YRUKHU ZUGH GLHVHV %HLERRW PLW GHQ YLHU (QNHOQ XQG GHQ EHLGHQ SDUDO\VLHUWHQ (UREHUHUQ DXV VHLQHP +DQJDU JHVFKRVVHQ ZHUGHQ XQG LQ VLFKHUHU (QWIHUQXQJZDUWHQXQGEHREDFKWHQZLHGLHJUR‰H:DO]HDEKREXQGLP'XQVWEHU %XVVWRSYHUVFKZDQG (UVW GDQQ NRQQWH )UHQFK ODQGHQ XQG /DLWW XQG GHQ 0DJHUHQ DQ HLQHU JHHLJQHWHQ 6WHOOHDXVODGHQ +H\PDO GLH EHLGHQ )UDXHQ XQG HU PX‰WHQ QRFK HLQ 6WFN ZHLWHUIOLHJHQ GHQ *OHLWHUYHUODVVHQXQGPLWHLQHUOHW]WHQ3URJUDPPLHUXQJ]X/DLWWXQGGHP0DJHUHQ ]XUFNVFKLFNHQ ZR HU ODQGHQ XQG LKQHQ EHLP hEHUOHEHQ KHOIHQ ZUGH 'DV JDOW QDWUOLFKQLFKWIU*HUlWHDOOHU$UWGLHVLHIU5DFKHXQG.DPSIJHJHQGLH1DWXU EHQXW]HQ NRQQWHQ $EHU GHU *OHLWHU ZUGH ZHQLJVWHQV QLFKW LQ HLQHU $WRPZRONH YHUJHKHQVRZLHHVGHU/20%$YLHOH/LFKWMDKUHZHLWHUHQWIHUQW]XJHGDFKWZDU 9RUKHUDEHUZUGHVLFKGDV%RRWPLWGHQ3URVSHNWRUHQDXVLKUO|VHQ XQGLQ VHLQHU OHW]WHQ/LQHDUHWDSSHGHQYRQ+H\PDOSURJUDPPLHUWHQ.XUVIOLHJHQGHUVLFKQLFKW PHKU O|VFKHQ RGHU DElQGHUQ OLH‰ 'LH 6FKDW]VXFKHU ZUGHQ DXI MHQHP YRQ LKQHQ JHVFKlQGHWHQ 3ODQHWHQ ODQGHQ XQG ]XVHKHQ N|QQHQ ZLH VLH LKUH =XNXQIW LQ GHQ *ULIIEHNDPHQ 6LHKDWWHQGD]XDOOH&KDQFHQ'HU*OHLWHUEOLHELKQHQELVDXIHLQH)XQNDQODJHXQG HLQHQMHZLHGHULQ%HWULHE]XQHKPHQGHQ$QWULHE 'DVZDUGHU3ODQ -DPHV 'RPLQLF )UHQFKV +DQG VFKOXJ DXI GHQ .RQWDNW GHU GDV +DQJDUVFKRWW DXIIDKUHQOLH‰XQGGLH*UDYRVFKOHXGHUDXVO|VWH 'DV %RRW PLW GHQ VHFKV 3HUVRQHQ DQ %RUG ZXUGH LQ GDV +DOEGXQNHO GHU 1DFKW JHVFKRVVHQ $QGUXFNDEVRUEHU QHXWUDOLVLHUWHQ GLH P|UGHULVFKHQ %HKDUUXQJVNUlIWH XQG JHQDX ]ZHL 0LQXWHQ VSlWHU KRE VLFK GLH /20%$ ZLH HLQ 3KDQWRP DXI HLQHP GXQNHOURWJOKHQGHQ6FKZHLILQGHQ+LPPHO 'DV%HLERRWZDUKRFKJHQXJXPLQGHUKLHUUHODWLYGQQHQ6XSSHGHU$WPRVSKlUH HLQH %HREDFKWXQJ GHV *OKHQV EHU HLQH 0LQXWH KLQDXV ]X HUP|JOLFKHQ $OV GDV VFKZDFKJHZRUGHQH/LFKWHUORVFKVWHXHUWH)UHQFKGLH0DVFKLQHKLQDEXQGVXFKWH QDFKHLQHU6WHOOHZRHU/DLWWXQGGHQ0DJHUHQDXVVHW]HQNRQQWH ³)LQGHVWGXHVQLFKW]XKDUW"IUDJWH+H\PDO³,FKPHLQHVLHVLQG9HUEUHFKHU6LH KlWWHQXQVDXIMHGHQ)DOOJHW|WHWDEHUGDV6FKLFNVDOGDVGXLKQHQ]XGHQNVW ³,VW ]X JUDXVDP" IUDJWH )UHQFK ]XUFN (U ODFKWH UDXK 'LH EHLGHQ )UDXHQ VFKLHQHQ +H\PDO QLFKW ]X YHUVWHKHQ *DMXQ VWULFK VLFK EH]HLFKQHQG EHU GHQ %DXFKXQG)UHQFKQLFNWH]XVWLPPHQG ³6LHKDEHQGHLQH0XWWHUXPJHEUDFKW+H\PDOVDJWHHU³8QGGHLQHQ+DOEEUXGHU RGHU GHLQH 6FKZHVWHU :LU JHEHQ LKQHQGLH&KDQFH]XOHEHQ+H\PDO'HU3ODQHW VROOHQWVFKHLGHQZDVDXVLKQHQZLUG 



+H\PDO DQWZRUWHWH QLFKW DEHU VHLQH 0LHQH VDJWH JHQXJ (U ZDU QLFKW HLQYHUVWDQGHQ 8QG-DPHV)UHQFKEHJULIILPPHUQRFKQLFKWV'DIU ZDUHU]XVHKU0HQVFKDXFK ZHQQHUVLFKHLQELOGHWHHLQEHVVHUHU]XVHLQDOVDQGHUH  'HU.ULVWDOOVHH /DLWWV /lKPXQJ OLH‰ DXVJHUHFKQHW LQ GHP $XJHQEOLFN QDFK DOV )UHQFK JODXEWH HQGOLFK HLQHQ JXWHQ 3ODW] IU LKQ XQG VHLQHQ .XPSDQ JHIXQGHQ ]X KDEHQ (V ZDU HLQH 6WHOOH DP 5DQG HLQHU NDKOJHEUDQQWHQ 6FKQHLVH +LHU NRQQWHQ VLFK GLH EHLGHQ 3URVSHNWRUHQHLQULFKWHQXQGPLW%XVVWRSDUUDQJLHUHQZHQQVLHNOXJZDUHQ /DLWWVJHLIHUQGHU+D‰OLH‰GDIUDEHUQLFKWYLHO+RIIQXQJEULJ ³,FK ILQGH GLFK 0DXOKHOG NHXFKWH HU )UHQFK DQ ³,FK VFKZ|UH HV GD‰ LFK GLFK ILQGH ZR GX GLFK DXFK YHUNULHFKVW :LU KDOWHQHV OlQJHU DXI GLHVHU 0LVWZHOW DXV ZHLO ZLU VWlUNHU VLQG 9HUVWHKVW GX" (U EHNDP HLQHQ K\VWHULVFKHQ /DFKDQIDOO ³6WlUNHU1HKPWXQVUXKLJGLH:DIIHQDE:LUVLQGKLQWHUHXFKKHUXQGZLUILQGHQ HXFKZRLPPHULKUVHLG ³,FK JODXEH QLFKW VDJWH )UHQFK ³GD‰ GX MH YHUVWHKHQ N|QQWHVW ZR ZLU VHLQ ZHUGHQ (UOLH‰GHQ*OHLWHUDP5DQGGHV.DKOVFKODJVODQGHQXQGWUXJSHUV|QOLFKGHQVLFK KHIWLJ ZHKUHQGHQ /DLWW KLQDXV +H\PDO EUDFKWH GHQ 0DJHUHQ GHU QRFK SDUDO\VLHUW ZDU ³6LH KDEHQ NHLQH *QDGH YHUGLHQW VDJWH *DMXQ DOV )UHQFK XQG +H\PDO ]XP OHW]WHQPDO LQ GHQ *OHLWHU ]XUFNVWLHJHQ XQG KLQWHU GHQ .RQWUROOHQ 3ODW] QDKPHQ ³:DUXPK|UWLKUHXFKLKUH'URKXQJHQDQXQGPDFKWQLFKWHLQVFKQHOOHV(QGH" ³:HLO ZLU QLFKW VR ZLH VLH VLQG IXKU )UHQFK VLH DQ +H\PDO VFKUDN DXV VHLQHQ WUEHQ *HGDQNHQ DXI 6HLWGHP VLH DXV GHU /20%$ KHUDXV ZDUHQ YHUVDQN GHU -XQJH PHKU XQG PHKU LQ 'HSUHVVLRQ XQG VHLQH /LSSHQ PXUPHOWHQ RIW JHQXJ GHQ 1DPHQVHLQHUWRWHQ0XWWHU )UHQFKVDKXQGK|UWHHV(VEUDFKWHLKQ]XP.RFKHQ(UZROOWH)ULHGHQQLFKWVDOV )ULHGHQ IU LKQ XQG GLH DQGHUHQ 8QG QLHPDQG DXFK 7ULV 6RKQ QLFKW EHVD‰ GDV 5HFKWEHUVHLQH8QIlKLJNHLW]XWUDXHUQ]XULFKWHQ 2K HU KDWWH VLH VR VHKU JHOLHEW (U OLHEWH VLH MHW]W QRFK ,Q LKP ZDU HLQ HLQ]LJHV 9DNXXP(VJDEQLFKWVZDVLKP7ULMHW]WHUVHW]HQNRQQWH 8QGLKU.LQG (UZDUYHUZLUUWXQGHUZX‰WHHV :HLO ZLU QLFKW VLQG ZLH VLH :DV ZDU GDV IU HLQH $QWZRUW DXI *DMXQV )UDJH GLH GRFKEHUHFKWLJWJHZHVHQZDU)UHQFKHUWDSSWHVLFKVRJDUEHLGHP*HGDQNHQ/DLWW XQG GHQ 0DJHUHQ TXlOHQ ]X ZROOHQ LQGHP HU VLH LQ HLQH DEVROXW FKDQFHQORVH =XNXQIWVFKLFNWH'HU3ODQHWZUGHIUVLHNHLQ3DUGRQNHQQHQ $EHUGDVZDUGHU3XQNW (UZUGHVLHLQ5XKHODVVHQZHQQGDVJHVFKHKHQZDUGHP)UHQFKXQGGLHDQGHUHQ GUHLVRVHKUHQWJHJHQILHEHUWHQ'HUOHW]WH6FKULWWDXIGHP:HJ]XU(LQKHLW -HW]W²MHW]WHQGOLFKNRQQWHQVLHLKQWXQ $EHUZDVZDUHURKQH7ULFDQD" ,FKPX‰GLH*HGDQNHQDEVWHOOHQGDFKWH)UHQFK2GHULFKZHUGHYHUUFNW (U HQWVFKXOGLJWH VLFK EHL *DMXQ XQG OHLVWHWH DXFK +H\PDO $EELWWH DOOHUGLQJV QXU 



VWLOO'DQQVWDUWHWHHUGLH0DVFKLQHXQGVFKOR‰GLH$XJHQ 'HQ :HJ PX‰WH %XVVWRS LKP ZHLVHQ 'HU .XUV ZXUGH DXIJHVSHLFKHUW XQG ZUGH GHQ*OHLWHU]X/DLWWXQGGHP0DJHUHQ]XUFNEULQJHQ )UHQFK GDFKWH NRQ]HQWULHUW DQ 7UL XQG GHQ 2UW ZR VLH W|GOLFK JHWURIIHQ LQ GHQ 0RUDVW GLHVHV 3ODQHWHQ JHVXQNHQ ZDU 8QG GDQQ VSUWH HU GLH JHLVWLJH %HUKUXQJ XQG ZX‰WH GD‰ GHU 3ODQHW LKQ GRUWKLQ IKUHQ ZUGH ZR LKU :HJ VR MlK XQWHUEURFKHQZRUGHQZDU  +DOOX]LQDWLRQ,,, 'LH%LOGHUH[SORGLHUWHQPLWQLHJHNDQQWHU6WlUNHLQ)UHQFKV*HKLUQXQGVLHJDEHQ GHP OHW]WHQ 5HVW VHLQHV UDVFK GDKLQIODFNHUQGHQ :DFKEHZX‰WVHLQV GDV *HIKO UHJHOUHFKWDXVJHEUDQQW]XZHUGHQ 'DQQ IROJWH QDFK HLQHP OHW]WHQ JUHOOHQ %OLW] HLQH WLHIH 5XKH XQG -DPHV 'RPLQLF )UHQFKVWDQGGDZR7ULFDQDYHUVXQNHQZDU(UZDUDOOHLQPLWLKUXQGPLW+H\PDO (UVDKZLHGHU-XQJH]XVHLQHU0XWWHULQGHQ6XPSIVSUDQJDEHUGDQQZDUHUHV SO|W]OLFK VHOEVW GHU ELV ]X GHQ +IWHQ LP 6FKODPP QHEHQ LKU VWDQG XP LKUHQ .|USHUEHUGHP0RUDVW]XKDOWHQ 6HLQH7UlQHQWURSIWHQDXILKUH6WLUQDXILKUH6FKXOWHUQXQGGLHKl‰OLFKHVFKZDU]H :XQGH PLWWHQ DXI LKUHU %UXVW XQG GLH :XQGH EHJDQQ VLFK YRU VHLQHQ $XJHQ ]X VFKOLH‰HQ 9RQOLQNVXQGYRQUHFKWVEHUGLH6FKXOWHUQXQGYRQGHQ+IWHQKHUDXIVFKREHQ VLFKKDDUIHLQH=HOOVWUlQJHDXVGHP8QWHUJUXQGXQGWUDIHQVLFKEHUGHU:XQGH6LH EHGHFNWHQVLHXQGELOGHWHQHLQ*HIOHFKWPLW7ULFDQDV+DXW 6LHYHUVFKORVVHQGLH:XQGH )UHQFK ZHLQWH =XP HUVWHQPDO ZLHGHU ZHLQWH HU ULFKWLJ XQG HU VDK GXUFK 7ULV .|USHUDOVEOLFNWHHULQHLQHJOlVHUQH3XSSHKLQHLQ(UVDKZLHGDV*HIOHFKWMHGH ]HUVW|UWH.|USHU]HOOHVHLQHU*HIlKUWLQQDFKELOGHWHXQGDOOHVZLHGHUKHUVWHOOWHZDVDQ 7ULFDQDV/HLEDEJHVWRUEHQJHZHVHQZDU *DQ] ]XOHW]W VFKRE VLFK HLQ =HOOIDGHQ ELV ]XP 0XWWHUEDXFK YRU XQG EHUKUWH VDQIW GHQ(PEU\R 7ULZROOWH)UHQFKVFKUHLHQDOVVLFKGLH7RWHDXVGHP6FKODPPHUKREXQGODQJVDP DQ/DQGVWLHJ6LHJLQJK|O]HUQZLHHLQH3XSSH8QGYRULKUZDUHQ3IODQ]HQGLHDQ MHQHHULQQHUWHQGLH)UHQFKLQVHLQHUHUVWHQ+DOOX]LQDWLRQHUOHEWKDWWH 6LHELOGHWHQIUVLHHLQH*DVVHLQGLHVLHODQJVDPXQGVWDNVHQGVFKULWWXQGVFKORVVHQ GLH*DVVHKLQWHULKUZLHGHU 7ULFDQDKDOOWH)UHQFKV6FKUHLODXWORVEHUGDVGDPSIHQGHVXPSILJH/DQGXQGGXUFK GLH)DUQHXQG6FKDFKWHOKDOPH 6LHZDUHLQ=RPELHHLQH8QWRWHHLQH+DOEHUZHFNWH 'HU 3ODQHW KDWWH LKUH :XQGHQ JHVFKORVVHQ XQG LKUHQ 2UJDQNUHLVODXI ZLHGHU LQ *DQJJHVHW]W$EHUHUKDWWHLKUHQ*HLVWQLFKWZLHGHUEHOHEW )UHQFK VFKULH ZLHGHU (U ZROOWH KLQWHU LKU KHU UHQQHQ DEHU HU SUDOOWH JHJHQ HLQH 0DXHUYRQ3IODQ]HQGLHPHQVFKOLFKH+lQGHDXVVWUHFNWHQ *LEXQVUDXQWHQVLH*LEXQVGHLQH6HHOH'LFKVHOEVW1XUZHUDOOHLQGLHVHVHLQH QRFKZLOOEHWULWWGLHVHQ+DLQ 8QG)UHQFKYHUVWDQG (U JULII LQ HLQHU V\PEROLVFKHQ *HVWH QDFK VHLQHP *HLVW XQG ERW LKQ GHP 3ODQHWHQ 



GDU 'LHJUQH0DXHU|IIQHWHVLFKDXFKIULKQ )UHQFKEHWUDWHLQHQ3IDGGHULKQHLQZHQLJDQGLHHZLJ]XUFNUROOHQGH6WUD‰HDXV VHLQHQ7UlXPHQHULQQHUWH'RFKGLHVHU3IDGKLHUZDUQXUKDOEVREUHLWXQGZLHHLQ 7XQQHO ]ZLVFKHQ XQG XQWHU 3IODQ]HQJHIOHFKWHQ )UHQFK JLQJ ZHLWHU 9RU LKP JOLW]HUWHGHU:HJZLHHLQVLOEHUQHV%DQGXQGLUJHQGZRGRUWJLQJ7UL 8QGKLQWHULKPNDPHQ+H\PDOXQGGLHEHLGHQ)UDXHQ )UHQFK OlFKHOWH LKQHQ ]X XQG ZLQNWH 'DQQ VDK HU ZLHGHU QDFK YRUQH XQG YHUVXFKWH HLQ (QGH GHV 6LOEHUZHJHV ]X HUNHQQHQ (V ZDU MHW]W JDQ] VWLOO 1LFKWV EHZHJWH VLFK PHKU )UHQFK +H\PDO *DMXQ XQG 7LKOD VFKULWWHQ GXUFK HLQH HLQJHIURUHQH:HOW 'HU:HJK|UWHJDQ]SO|W]OLFKDXI9RU)UHQFKODJHLQNULVWDOONODUHU6HHPLWJUQHQ 8IHUQ 3IODQ]HQVWUlQJH NDPHQ DXV DOOHQ5LFKWXQJHQ XQG YHUVFKZDQGHQ LQ GLHVHP 6HH 'DV *HZlVVHU ZDU NUHLVUXQG XQG EHVD‰ HLQHQ 2EHUIOlFKHQGXUFKPHVVHU YRQ HWZDIQI]LJ0HWHUQ 'LH 7LHIH OLH‰ VLFK QLFKW HUDKQHQ DEHU DP 8IHU NRQQWH VLH QLFKW VHKU JUR‰ VHLQ 'HQQGRUWVWDQG7ULFDQDELV]XGHQ+IWHQLP:DVVHUXQGOlFKHOWH)UHQFKPLWZHLW DXVJHEUHLWHWHQ$UPHQDQ .RPPIOVWHUWHHVLKP]X:LUVLQGGD-LP ³:LU VLQG GD -LP ZLHGHUKROWH VLFK GLH 6WLPPH LQ HLQHP JHLVWHUKDIWHQ (FKR LQ )UHQFKV%HZX‰WVHLQ(VGDXHUWHHLQH:HLOHELVHULQGLH:LUNOLFKNHLW]XUFNIDQG REZRKO+H\PDODQVHLQHQ6FKXOWHUQUWWHOWH'HU-XQJHKDWWH$QJVW³-LP:DVZDU GHQQORV")UHQFKKROWHWLHI/XIWXQGZLVFKWHVLFKEHUGLH6WLUQ 6LH ZDU KHL‰ 'D‰ HU VFKZLW]WH ZDU QLFKW DXI GLH 7HPSHUDWXUHQ LQ GHU %UXWNFKH %XVVWRS]XUFN]XIKUHQ6HLQ=LWWHUQVFKRQJDUQLFKW ³1LFKWV +H\PDO VDJWH HU OHLVH (U YHUVXFKWH ]X OlFKHOQ 1DFK HLQLJHP 'XUFKDWPHQKDWWHHUGLH6FKDWWHQGHU7UDXPELOGHUZHLWJHQXJYHUVFKHXFKWXPVLFK LQGHU5HDOLWlWZLHGHU]XUHFKW]XILQGHQ 'LH $QWZRUW NRQQWH GHQ -XQJHQ QDWUOLFK QLFKW EHIULHGLJHQ DEHU )UHQFK ZROOWH LKPQLFKWVDJHQZDVHUJHVHKHQKDWWHVFKRQJDUQLFKWVYRQVHLQHU0XWWHU-HW]WQXU NHLQHIDOVFKHQ+RIIQXQJHQ 7LKOD XQG *DMXQ VWDQGHQ LP +LQWHUJUXQG EHLHLQDQGHU XQG KLHOWHQ VLFK JHJHQVHLWLJ GLH +lQGH ,Q LKUHQ %OLFNHQ ODJ QRFK GLH 3DQLN )UHQFK NRQQWH VLFK YRUVWHOOHQ ZDUXPDOVHUDXVGHU.DQ]HOVDK 'HU *OHLWHU ZDU GRUW JHODQGHW ZR HU VFKRQ HLQPDO JHVWDQGHQ KDWWH )UHQFK KDWWH LKQELV]XP(QGHJHVWHXHUWXQGHVPX‰WHGHQGUHLDQGHUHQZLHHLQ+|OOHQIOXJPLW HLQHP DSDWKLVFKHQ ,GLRWHQ DQ GHQ .RQWUROOHQ YRUJHNRPPHQ VHLQ :lKUHQG VHLQ *HLVW LQ GHU +DOOX]LQDWLRQ JHIDQJHQ ZDU KDWWH HU ZDKUVFKHLQOLFK ZLH HLQH 3XSSH YRU GHQ .RQWUROOHQ JHVHVVHQXQG PLW HLQHPNOHLQHQ5HVW:DFKEHZX‰WVHLQGLHYRQ GHU /HEHQV]HQWUDOH HPSIDQJHQHQ .RRUGLQDWHQ LQ GDV $QIOXJ XQG /DQGHPDQ|YHU XPJHVHW]W ³.RRUGLQDWHQ GDV ZDU HLQ GHQNEDU XQJHHLJQHWHU %HJULII XP GLH $UW YRQ ,QIRUPDWLRQ]XEHVFKUHLEHQGLH)UHQFKYRP3ODQHWHQHUKLHOW$EHUZHUVROOWHHLQHQ EHVVHUHQZLVVHQ"  ³$XIMHGHQ)DOOKDEHQZLUHVJHVFKDIIWVDJWH)UHQFKXQGQLFNWHGHQDQGHUHQ]X ³'HU5FNNXUVLVWJHVSHLFKHUW+H\PDO" 



³.XUV6WDUW)OXJ/DQGXQJXQG6HOEVW]HUVW|UXQJYRQ$QWULHE)XQNDQODJHXQGGHU DQGHUHQ7HLOHGLH/DLWWXQGGHU0DJHUHQLFKWPL‰EUDXFKHQGUIHQEHVWlWLJWH7ULV 6RKQ ³'DQQJHKHQZLU 6LH YHUOLH‰HQ GDV %RRW )UHQFK JLQJ DOV OHW]WHU 6LH ]RJHQ VLFK DQ GHQ 5DQG GHU IUHLJHEUDQQWHQ/LFKWXQJ]XUFNXQGZDUWHWHQELVVLFKGLH0DVFKLQHHUKREXQGLP 'XQVWYHUVFKZDQG ³8QG MHW]W" IUDJWH +H\PDO (U ZDU ]X GHU 6WHOOH JHJDQJHQ ZR 7ULFDQD LQ GHQ 0RUDVWJHVXQNHQZDUDEHUGDZDUQLFKWVPHKU )UHQFKKDWWHGDV*HIKODOVZUGHLKPMHPDQGGHQ0DJHQ]XVDPPHQGUFNHQ(U ZDU GDYRQ EHU]HXJW JHZHVHQ 7UL KLHU ZLHGHU]XILQGHQ JHQDX ZLH LQ GHU +DOOX]LQDWLRQ(UZX‰WHMDGD‰HVLUUDWLRQDOZDUXQGGLH7UDXPELOGHUVLFKHUQXUDOV 6\PEROIUHWZDVDQGHUHVVWDQGHQDEHUHUKDWWHVLFKZLGHUGLHVHVEHVVHUH:LVVHQ DQVHLQH+RIIQXQJJHNODPPHUW ³:LU PVVHQ ZDUWHQ VDJWH HU PLW HLQHP .OR‰ LQ GHU .HKOH ³'HU 3ODQHW ZLUG HV XQV]HLJHQ (VJHVFKDKZLHGHULQGHU)RUPHLQHUJHVHQGHWHQ+DOOX]LQDWLRQDEHUGLHVPDOWUDIVLH DOOH YLHU XQG VLH ZDU QLFKW VR VWDUN GD‰ VLH GLH :DKUQHKPXQJ GHU 5HDOLWlW DXVVFKOR‰ %LOGHU GLH GLH /HEHQV]HQWUDOH GHV 3ODQHWHQ VFKLFNWH YHUPLVFKWHQ VLFK PLW MHQHQ GLHYRQGHQ$XJHQGHU0HQVFKHQZDKUJHQRPPHQZXUGHQ )UHQFK QDKP QRFK HWZDV ZDKU ZDV HU YRUKLQ QLFKW EHPHUNW KDWWH 6HLQH HLJHQH $XIPHUNVDPNHLWZDUDXIDQGHUH'LQJHJHULFKWHWJHZHVHQXQGGHU3ODQHWKDWWHVLFK EHPKWGLHVH6FKZLQJXQJHQQLFKWGXUFKNRPPHQ]XODVVHQ (U YHUVXFKWH HV DXFK MHW]W DEHU QXQ ZDU GLH 7UDXHU QLFKW ]X ³EHUK|UHQ GLH LQ VHLQHQ6HQGXQJHQPLWVFKZDQJ(UOLWW9RQEHUDOOKHUVWU|PWHQGLH6FKPHU]HQGHU YHUZXQGHWHQ3IODQ]HQLQGDVZHOWHQXPVSDQQHQGH*HIOHFKWXQGMHGHV*OLHGGLHVHU *HPHLQVFKDIW GDV DQ GHQ )ROJHQ VHLQHU 9HUOHW]XQJHQ VWDUE ZDU HLQ $XIVFKUHL LQ HLQHPJUDXVDPHQ&KRU $EHUGLH/HEHQV]HQWUDOHXQWHUGUFNWHGLH7UDXHUVRJXWHVJLQJ6LHYHUVXFKWHVLH GXUFK GLH 9RUIUHXGH DXI GDV ]X EHUODJHUQ ZDV JHVFKHKHQ ZUGH (V ZDU GLH )UHXGH DXI HLQHQ XQYRUVWHOOEDUHQ 6FKDW] DQ ,QIRUPDWLRQHQ XQG QHXHQ (QWZLFNOXQJVVFKEHQGLHHLQH/HEHQVIRUPHLQHUDQGHUHQEHUHLWZLOOLJJDE ,QGHU5LFKWXQJGLH)UHQFKDXVVHLQHU9LVLRQEHNDQQWYRUNDPVWDQGSO|W]OLFKHLQ :HVHQ PLW PHQVFKOLFKHQ 8PULVVHQ (V ZDU DXV GHP 1LFKWV DXIJHWDXFKW XQG EHVWDQGQXUDXVZHL‰HP/LFKWDEHUGLH*HVWDOWZDUHLQGHXWLJDOVGLHHLQHU)UDX]X HUNHQQHQ(VJDENHLQ*HVLFKWXQGDXFKNHLQHDQGHUHQDXIIDOOHQGHQ0HUNPDOHDEHU NRQQWHHV7ULFDQDVHLQ" 'DV :HVHQ VHW]WH VLFK PLW JUD]LOHQ 6FKULWWHQ LQ %HZHJXQJ XQG ZLQNWH GHQ 0HQVFKHQ]XLKP]XIROJHQ )UHQFK ZDU VHKU DXIJHUHJW ,UUDWLRQDOLWlW XQG +RIIQXQJHQ KLQ XQG KHU DEHU HU ZROOWH QLFKW DXIK|UHQ ]X WUlXPHQ (U JLQJ QHEHQ +H\PDO XQG PX‰WH VLFK ]XVDPPHQUHL‰HQ XP QLFKW HLQIDFK DXI GLH /LFKWJHVWDOW ]X]XODXIHQ XQG VLH ]X EHUKUHQ +LQWHU LKQHQ NDPHQ GLH )UDXHQ XQG YRU LKQHQ ZDU HLQH 0DXHU DXV JUQHP *HIOHFKW LQ GHP EHVRQGHUV KRKH XQG VFKODQNH 3IODQ]HQ PLW ELHJVDPHQ =ZHLJHQ 



DQGHUHQ *OLHGHUQ XQG PHKUHUHQ $XJHQEDOOXQJHQ VWDQGHQ ZLH 3IRVWHQ LQ HLQHP =DXQ (LQH QHXH *HQHUDWLRQ YRQ 0XWWHUSIODQ]HQ HUNDQQWH )UHQFK 'LH $XJHQNOXPSHQ EHVWDQGHQDXVMHZHLOVUXQG]ZDQ]LJ(LQ]HORUJDQHQMHGHVRJUR‰ZLHHLQ7DXEHQHL 9LHOOHLFKW ZDUHQ GLHVH *HZlFKVH DXI GHP :HJ )DFHWWHQDXJHQ ]X HQWZLFNHOQ =ZLVFKHQGHQHLQ]HOQHQ0LQLDXJlSIHOQVWDFKHQIHLQH6WDFKHO]HKQ=HQWLPHWHUODQJ KHUYRU 6LH ZLUNWHQ PLW LKUHP OHLFKWHQ =LWWHUQ XQG 'UHKHQ LQ HWZD ZLH GLH 6LQQHVKDDUHYRQ.DW]HQ 'LHVH QHXHQ .RRUGLQDWRUHQ GHU %XVVWRS1DWXU UFNWHQ DXI GLH YLHU 0HQVFKHQ ]X DOVVLHGLH0DXHUHUUHLFKWHQ 'LHVZDUMHW]WZLHLQ)UHQFKV+DOOX]LQDWLRQREZRKOHUGLH3IODQ]HQQLFKWVRJHQDX JHVHKHQ KDWWH  RGHU QLFKW VR JXW DXI VLH JHDFKWHW 8QG JHQDX ZLH LQ GHU 9LVLRQ YHUVFKZDQGGLH)UDXDXV/LFKWLQGHU0DXHUXQGGLH3IODQ]HQEDWHQXPGLH6HHOHQ GHU0HQVFKHQDOV3UHLVIUGDV:HLWHUJHKHQ]XP+HU]HQLKUHU:HOW )UHQFK KDWWH VHLQH :DKO JHWURIIHQ XQG VDK GLHVH QHXHUOLFKH 3UIXQJ DOV HKHU EHUIOVVLJDQ (U ZDU VRJDU GDYRQ EHU]HXJW GD‰ GHU 3ODQHW ZLUNOLFK ZX‰WH GD‰ HU EHUHLW ZDULKPVHLQH 6HHOH ]XJHEHQXQGLQHLQHQHXH*HPHLQVFKDIWHLQ]XJHKHQ :R]XDOVRGLHVH9HU]|JHUXQJ" 2GHU ZROOWH GLH /HEHQV]HQWUDOH GLH 0HQVFKHQ DP (QGH QXQ QLFKW PHKU" -HW]W QDFKGHPVLHJHVSUWKDWWHZR]X0HQVFKHQIlKLJVLQG" )UHQFK WDW GHQ *HGDQNHQ DOV XQVLQQLJ DE 1D VFK|Q ZHQQ HV GLHVHU *HVWH DOVR QRFKEHGXUIWHWDWHUGHQ3IODQ]HQGHQ*HIDOOHQJHQDXZLHLQGHU+DOOX]LQDWLRQ (U WDW JHQDX GDV ZDV GLH 0XWWHUSIODQ]HQ LKP GXUFK WHOHSDWKLVFKH $XIIRUGHUXQJ VDJWHQ (U PDFKWH QLFKW QXU GLH *HVWH GLH EHGHXWHQ VROOWH GD‰ HU VHLQHQ *HLVW EHUJDE(U]RJVLFKDXFKY|OOLJQDFNWDXVXQGPDFKWH]ZHLGUHL6FKULWWHYRU 'LH0DXHU|IIQHWHVLFKIULKQXQGHUVDKGHQ:HJDXVIOLH‰HQGHP/LFKW(VVDK DXV ZLH YRQ LQQHQ KHUDXV VWUDKOHQGH ZHL‰H 1HEHO DXV 7URFNHQHLV GLH VLFK VDQIW VWU|PHQGDXIHLQHQ3XQNWLQGHQ'XQVWVFKOHLHUQ]XEHZHJWHQ -DPHV 'RPLQLF )UHQFK EHWUDW GLHVHQ 3IDG XQG YHUVDQN ELV ]X GHQ .QLHQ LQ GHP ZHKHQGHQ/HXFKWHQ'LH/LFKWJHVWDOWZDUHLQ'XW]HQG0HWHUYRULKPXQGZDUWHWH +H\PDO ]|JHUWH (U ZDU MHW]W DQ GHU 5HLKH $OV )UHQFK XQJHGXOGLJ GDUDXI ZDUWHWH GD‰GHU-XQJHVLFKDXV]RJXQGGLH*HVWHPDFKWHILHOLKPZLHGHUHLQH6HTXHQ]DXV VHLQHQ7UlXPHQHLQ (U+H\PDO7ULXQGGDVQHXH.LQGDP=LHOLKUHU6HKQVFKWH 6LH YLHU DOOHLQ DEHU QLFKW *DMXQ XQG 7LKOD XQG QLFKW GHUHQ EHLGH 8QJHERUHQHQ 'DIUZDUHQQXQVLHGDDEHU7ULXQGGDV.LQGIHKOWHQ :DUGHU7UDXPDOVRY|OOLJEHGHXWXQJVORVRGHUKDWWHHUGLH=XNXQIWJH]HLJWZLHVLH VHLQVROOWHXQGGLHVH5HDOLWlWZDUIDOVFK" +H\PDO JULII VLFK DQ GHQ .RSI (U VFKLHQ ]X OHLGHQ )UHQFK KLHOW GHQ $WHP DQ $XVJHUHFKQHWEHL+H\PDOKlWWHHUQLFKWPHKUPLW6FKZLHULJNHLWHQJHUHFKQHW1LFKW EHLLKPEHL7ULV6RKQ%HLGHP-XQJHQGHUDOVHUVWHUYRQDOOHQ*HVWUDQGHWHQHLQHQ .RQWDNW]XGHP3ODQHWHQIDQGDOVDOOHDQGHUHQQRFKEOLQGXPKHUWDSSWHQ 'RFK GDQQ UL‰ VLFK GHU MXQJH 0DQQ GLH .OHLGHU YRP /HLE XQG PDFKWH PLW EHLGHQ +lQGHQGLH%HZHJXQJ]XGHQ3IODQ]HQ +H\PDO PX‰WH ELV ]X GLHVHP 0RPHQW QRFK GLH 0DXHU JHVHKHQ KDEHQ GLH VLFK IU )UHQFKVFKRQDXIJHWDQKDWWH)UHQFKVDKHVDQVHLQHPEHUUDVFKWHQXQGHUOHLFKWHUWHQ 



%OLFN +H\PDO KLQJHJHQ VFKLHQ )UHQFK DXV GHQ $XJHQ YHUORUHQ ]X KDEHQ XQG HUVW MHW]WZLHGHU]XVHKHQ(UEHWUDWGHQ3IDGPLWHLQHP/lFKHOQXQGZXUGH]XHLQHU ZHL‰HQ*HVWDOWDXV/LFKW )UHQFK ZDU QXU IU HLQHQ $XJHQEOLFN YHUEOIIW 'DQQ ILHO VHLQ %OLFN ]XP HUVWHQPDO DXIGHQHLJHQHQ.|USHU(UEHVWDQGHEHQIDOOVDXVZHL‰HP/HXFKWHQ -DPHV)UHQFKHUVFKUDNQLFKW,UJHQGZLHKDWWHHUGDPLWJHUHFKQHWVLFKVFKRQDXIGHP :HJ]XPOHW]WHQ=LHO]XYHUlQGHUQ(VZDUQXUSO|W]OLFKJHNRPPHQXQGHUIKOWH VLFKYRUDOOHPQLFKWDQGHUV)UHLHUXQGOHLFKWHUVFKRQDEHUGDVKDWWHHUELVKHUGHU DEJHOHJWHQ%HNOHLGXQJ]XJHVFKULHEHQ +H\PDO HUEOLFNWH GLH ZHL‰H )UDX XQG ZLQNWH LKU ]X :DU GDV (LQELOGXQJ RGHU KDWWHQ VLH VLFK HUNDQQW" )UHQFK NRQQWH DXFK EHL GHP -XQJHQ NHLQH *HVLFKWV]JH PHKU DXVPDFKHQ DEHU HWZDV VDJWH LKP JDQ] JHQDX GD‰ HU OlFKHOWH ² XQG ]ZDU JOFNOLFK ³.RPPWZROOWH)UHQFK7LKODXQG *DMXQ]XUXIHQREZRKOHUDXFKNHLQH6WLPPH ZLHELVKHUPHKUEHVD‰$OOHVIXQNWLRQLHUWHGLUHNWHURKQHJUR‰HQ$XIZDQG)UHQFK ZXUGH NODU GD‰ VLH GHQ HUVWHQ 6FKULWW ]XU ,QWHJUDWLRQ LQ GLH SKDQWDVWLVFKH /HEHQVJHPHLQVFKDIW HLQHV ³SULPLWLYHQ 3ODQHWHQ VFKRQ JHWDQ KDWWHQ  HLQHV 3ODQHWHQ GHU PHKU :HLVKHLW EHVD‰ DOV PDQFKH =LYLOLVDWLRQ ZLH GLH PHQVFKOLFKH XQGGHUQLHDXIK|UHQZUGH]XVXFKHQ 'LHEHLGHQ)UDXHQZDUHQQLFKWPHKUGD .RPPWZLVSHUWHHLQH6WLPPHLQ)UHQFKV%HZX‰WVHLQ6LHOHEHQ6LHJODXEWHQEHUHLW ]X VHLQ DEHU VLH EUDXFKHQ QRFK =HLW 6LH ZHUGHQ XQV IROJHQ (LQ .LFKHUQ GDV VR JDU QLFKW ]X GLHVHP IHLHUOLFKHQ 0RPHQW SDVVHQ ZROOWH (LQ .LFKHUQ ZLH 7ULFDQD PDQFKPDO JHNLFKHUW KDWWH ZHQQ VLH VLFK DXI HWZDV ZDKQVLQQLJ IUHXWH 8QG YLHOOHLFKWVLQGVLHIUKHUGRUWDOVZLU%HHLOHQZLUXQV )UHQFK VWUHFNWH +H\PDO GLH +DQG HQWJHJHQ =HKQ )LQJHU DXV UHLQHP /LFKW EHUKUWHQ VLFK ODQJVDP XQG VFKORVVHQ VLFK XPHLQDQGHU XP VLFK QLH ZLHGHU ORV]XODVVHQ 'LH /LFKWHUIUDX ZLQNWH ODFKWH XQG JLQJ ZHLWHU YRUDQ GHU 4XHOOH GHV IOLH‰HQGHQ 1HEHOVHQWJHJHQ )UHQFKXQG+H\PDOIROJWHQLKUDEHUVRVHKUVLHVLFKDXFKEHPKWHQQLHVFKDIIWHQ VLHHVVLH]XHUUHLFKHQ6LHZDUZLHHLQ(QJHOIUVLH-DJHQDXVRHPSIDQG)UHQFK HVXQGVHOWVDPHUZHLVHNDPHVLKPEHUKDXSWQLFKWNLWVFKLJYRU (UKDWWHGDV*HIKODOVIKUWHGLHVHU:HJPLWGHQIOLH‰HQGHQ1HEHOQLKQ+H\PDO XQG GLH /LFKWIUDX JHUDGHZHJV LQ HLQH DQGHUH :HOW HLQH SV\FKHGHOLVFKH MHQVHLWLJH :HOW $XFK GLH 3IODQ]HQ DQ GHQ 5lQGHUQ GHV 3IDGHV XQG GLH GLH PLW LKUHQ =ZHLJHQ :HGHOQ XQG DQGHUHQ $XVZFKVHQ HLQ 6SDOLHUGDFK ELOGHWHQ ZLUNWHQ PHKU XQG PHKU ZLH YRQ GHU +DQG HLQHV JHQLDOHQ 6WHUQHQNQVWOHUV PRGHOOLHUW  =DXEHUJHZlFKVHDXV6LOEHU XQG *ROGPLW 3HUOHQDXV7DXWURSIHQXQG%HUQVWHLQLQ MHGHU3RUH (V ZDUHQ IDVW QXU 0XWWHUSIODQ]HQ XQG VLH EOLFNWHQ YROOHU 1HXJLHU DXV LKUHQ $XJHQWUDXEHQ XQG VLH IOVWHUWHQ PLW LKUHQ 6LQQHVKDDUHQ XQG VLH EHEWHQ YROOHU (UZDUWXQJ0DQFKHZLUNWHQZLHDXV*ODVXQG)UHQFKVDKGLH6DIWVWU|PHLQLKQHQ DXIVWHLJHQ XQG VLFK LQ GLH =ZHLJH XQG %OlWWHU YHUlVWHOQ  MHGHU 7URSIHQ HLQH ,QIRUPDWLRQGLHVFKRQGHQ.HLP]XUQlFKVWHQ0XWDWLRQOHJWH -DPHV )UHQFK ZDU QRFK VRZHLW +HUU VHLQHU 6LQQH XP ]X ZLVVHQ GD‰ HV ZLUNOLFK 



JHVFKDKZDVHUKLHUHUOHEWH(UJLQJZLUNOLFKPLW+H\PDOGLHVHQ:HJHQWODQJXQG YRU LKQHQ ORFNWH GHU (QJHO 'LH )DUEHQ XQG GDV VRQVWLJH (UVFKHLQXQJVELOG GHU 8PZHOW PRFKWHQ QLFKW HFKW VHLQ DEHU VLH YHUPLWWHOWHQ GHQ (LQGUXFN GHV *UR‰DUWLJHQZDVKLHUDXIVLH]XNDPGLHOHW]WHQhEHUOHEHQGHQGHU52866($8 ,KPILHOYLHOHVHLQ-HW]WZRHVELV]XU7UDQVIRUPDWLRQGHP(LQJHKHQLQHLQHQHXH /HEHQVJHPHLQVFKDIW QLFKW PHKU DOO]X ODQJH KLQ VHLQ NRQQWH ]RJHQ GLH OHW]WHQ 6WDWLRQHQVHLQHV/HEHQVQRFKHLQPDODQ-DPHV)UHQFKVLQQHUHP$XJHYRUEHL 'DZDUHLQ3ODQHWJHZHVHQXQGHLQH([LVWHQ]XQGHLQH)DPLOLH'DVHLQHZDUMHW]WVR XQZLFKWLJ ZLH GDV DQGHUH 'LH .LQGHU ZDUHQ YHUVRUJW DOVR ZDV EUDFKWH GLH 5FNVFKDX" :LFKWLJHU ZDU VFKRQ )UHQFKV $QVFKOX‰ DQ GLH *UXSSH GHU (QNHO GHV 8QLYHUVXPV PLW LKUHQ,GHHQYRQHLQHP KDUPRQLVFKHQ=XVDPPHQOHEHQYRQ0HQVFKHQXQGGHU 1DWXU HLQHU :HOW GLH VLH DOV HUVWH )UHPGH DQWDVWHWHQ (V ZDU HLQ JUR‰HU *HGDQNH JHZHVHQGHQVFKRQYLHOHDQGHUHYRULKQHQJHGDFKWKDWWHQ'RFKVLHZDUHQYLHOOHLFKW DOVGLHHUVWHQGD]XLQGHU/DJHJHZHVHQLKQNRQVHTXHQW]X(QGH]XGHQNHQXQGGHQ 9HUVXFK]XZDJHQLKQLQGLH7DWXP]XVHW]HQ 9LHOH YRQ LKQHQ ZDUHQ 6FKZlUPHU JHZHVHQ )UHQFK VHOEVW KDWWH VLFK IU JHULVVHQ JHQXJ JHKDOWHQ XP LKQHQ PLW VHLQHU (UIDKUXQJ XQG HLQHU JHZLVVHQ $EJHEUKWKHLW GDVYHUVFKDIIHQ]XN|QQHQZDVVLH]XU(UIOOXQJLKUHV7UDXPVEUDXFKWHQ (UKDWWHHVJHWDQDEHUHUKDWWHGHQ*HJQHUWURW]GHPXQWHUVFKlW]W 6R ZDU DOVR QLFKWV DXV GHU XUVSUQJOLFKHQ $EVLFKW JHZRUGHQ LQQHUKDOE GHU KHLPDWOLFKHQ *DOD[LV QDFK HLQHP LG\OOLVFKHQ 3ODQHWHQ ]X VXFKHQ DXI GHP GLH ]ZHLKXQGHUW3LRQLHUHQDFKLKUHUhEHU]HXJXQJOHEHQXQGHLQ%HLVSLHOJHEHQNRQQWHQ 6LHZDUHQLPDOWHQ6WHUQKDXIHQ0KHUDXVJHNRPPHQXQGGXUFK HLQZXQGHUVDPHV 6FKLFNVDODXI%XVVWRSJHODQGHWGHUOHW]WHQ6WDWLRQGHUHEHQHUVWEHJRQQHQHQ5HLVH $Q GHP 7DJ EHJDQQ GHU $OSWUDXP 'LH ]ZHLKXQGHUW *HVWUDQGHWHQ ZDUHQ LP 3DUDGLHV XQG ZX‰WHQ HV QLFKW 6LH MDPPHUWHQ GHQ YHUSD‰WHQ *HOHJHQKHLWHQ QDFK XQGKD‰WHQGHQ3ODQHWHQGHUIUVLHGHUHLQ]LJHZDUXQGLPPHUEOHLEHQZUGH'HU OlFKHUOLFKH1RWUXIDXVGHP:UDFNZDUQLFKWVDQGHUHVDOVGHUOHW]WH+LOIHVFKUHLHLQHV (UWULQNHQGHQ PLWWHQ LP 6HH EHLP OHW]WHQ $WHP]XJ XQG XQHUUHLFKEDU IU MHGHQ 5HWWXQJVVFKZLPPHUMHGHV%RRWXQGMHGHV)OXJ]HXJ 'LHMHQLJHQ GLH GLH :DKUKHLW HUNDQQWHQ KDWWHQ ODQJH GD]X JHEUDXFKW 'LH 0L‰YHUVWlQGQLVVH DXI EHLGHQ 6HLWHQ KlWWH HV QLFKW JHEHQ PVVHQ 9LHOH )DQDWLNHU ZDUHQJHVWRUEHQ6LHKDWWHQVLFKHUVWDOVVROFKHRIIHQEDUWDOVGLH+\VWHULHXPVLFK JULII 8QG YLHOOHLFKW ZDU HV Q|WLJ JHZHVHQ GD‰ GLH 6SUHX YRP :HL]HQ JHWUHQQW ZXUGHXQGQXUMHQHGHQ:HJ]XU9HUHLQLJXQJJLQJHQGLH 8QVLQQYHUGDPPWGDFKWH)UHQFK:LUKDEHQEHVVHUH&KDQFHQJHKDEW:LUZDUHQ QLFKW KHLOLJ XQG GLH DQGHUHQ 6QGHU :LU DOOH ZDUHQ XQG VLQG 0HQVFKHQ 0HQVFKHQ PLW DOO LKUHQ )HKOHUQ XQG 7XJHQGHQ 'HU HLQH KDW *OFN GHU DQGHUH QLFKW:DVZLUMHW]WILQGHQKDWVLFKQLHHLQHUYRQXQV]ZHLKXQGHUW*OFNVVXFKHUQ DXFKQXUDQQlKHUQGYRUVWHOOHQN|QQHQ +H\PDO ZDU VWHKHQJHEOLHEHQ XQG )UHQFK IDVW EHU GHQ 5DQG GHV ZHL‰HQ 1HEHOSIDGHVKLQDXVDXVGHP/LFKWJHWDXPHOW 'HU:HJZDU]X(QGH (UK|UWHYRUHLQHUZHLWHQXQGKHOOHQ/LFKWXQJDXI'DV/LFKWNDP]XP7HLOYRQGHQ 3IODQ]HQ ULQJVXP DXVVFKOLH‰OLFK 0XWWHUSIODQ]HQ PHKUHUHU *HQHUDWLRQHQ XQG ]XP 



DQGHUHQ7HLODXVGHP6HHVHOEVWGHUGLH/LFKWXQJHUIOOWH )UHQFK KDWWH GDV *HIKO HUVWLFNHQ ]X PVVHQ (U EHVD‰ YLHOOHLFKW NHLQHQ .|USHU PLW /XQJHQ PHKU (U EUDXFKWH ZDKUVFKHLQOLFK JDU QLFKW PHKU ]X DWPHQ DEHU GDV *HIKOZDUWURW]GHPGDDOVHUDXIGLHNULVWDOONODUH2EHUIOlFKHGHV:DVVHUVEOLFNWH XQG7ULFDQDOlFKHOQVDK .RPPIOVWHUWHVLH:LUVLQGGD-LP (VZDU7ULFDQDXQGHVZDUJOHLFK]HLWLJGHU(QJHOGHUVLHJHIKUWKDWWH6LHVWDQG LP6HHGLH+DDUHQD‰XQEHNOHLGHWZLH)UHQFKXQG+H\PDO ³7ULXQG³0XWWHUHQWIXKUHVGHQEHLGHQ0lQQHUQJOHLFK]HLWLJ 7ULFDQDOlFKHOWHQXUXQGZLQNWH'DEHLZLFKVLHORFNHQGZHLWHULQGHQ6HH]XUFN ELV GDV :DVVHU XQWHU LKUH %UVWH UHLFKWH )UHQFK XQG +H\PDO KLHOWHQ VLFK LPPHU QRFK EHL GHU +DQG 6LH EOLFNWHQ VLFK QRFK HLQPDO DQ XQG ZX‰WHQ GD‰ VLH VLFK VR GDVOHW]WHPDOVDKHQZHQQDXFKQXUDOVOLFKWGXUFKIORVVHQH6FKHPHQ *HQDXZLH7ULFDQD 6LH ZDU MHW]W DOV ZLHGHU GLH )UDX HUNHQQEDU GHUHQ 6FKX‰ZXQGH VLFK GXUFK SODQHWHQHLJHQHV *HZHEH XQG DXIJUXQG LKUHU =HOOLQIRUPDWLRQHQ JHVFKORVVHQ KDWWH $EHUVLHZDUZHLWPHKUDOVGHU=RPELHGHQ)UHQFKLQVHLQHU9LVLRQGDYRQVWDNVHQ VDK ³.RPPW ULHI VLH ,KUH +lQGH JULIIHQ GDEHL WLHI LQV .ULVWDOOZDVVHU GHV 6HHV ³(V ZLUG KLHU JHVFKHKHQ :LU ZHUGHQ DOOH ]XVDPPHQ LQ HLQHQ WLHIHQ 6FKODI YHUVLQNHQ XQGDOVQHXH:HVHQZLHGHUDXIZDFKHQ ,KUH:RUWHYHUZDQGHOWHQGLH6FKZOHGLHVHU:HOWLQHLQH:lUPHZLHHLQ.LQGVLH LP0XWWHUOHLEIKOHQPRFKWHNXU]YRUGHU*HEXUW8QGLQGLHHVVLFKVSlWHULPPHU ZLHGHU KLQHLQVHKQWH (V ZDU +DUPRQLH +LHU JDE HV QLFKWV PHKU ZDV GLHVH .KH VW|UHQNRQQWHDX‰HU +H\PDO VHW]WH VHLQH )‰H LQV :DVVHU XQG JLQJ ODQJVDP DXI VLH ]X )UHQFK ]|JHUWH QRFK (U ZDU EHUHLW ]X JHKHQ QDWUOLFK (U VHKQWH HV KHUEHL ]X JHKHQ $EHU HU ZROOWH HV QLFKW WXQ RKQH GLH OHW]WHQ 8QJHUHLPWKHLWHQ EHVHLWLJW ]X VHKHQ GLH LKQ QRFK TXlOWHQ (V ZlUH HLQ 6FKULWW RKQH ZLUNOLFKHQ )ULHGHQ JHZHVHQ 6R VHKU ZHQLJVWHQV ZDU HU QRFK 0HQVFK  GHU JHZLVVHQKDIWH 0HQVFK GHU HU LP *UXQGH LPPHUJHZHVHQZDU ³:LHVROHEVWGX7UL"IUDJWHHU³'HU3ODQHWKDWGHLQHQ.|USHUJHUHWWHWDEHUGHLQ *HLVW 6LHOlFKHOWHDOVHUQDFKGHQULFKWLJHQ:RUWHQVXFKWHXQGHUVSUWHJOHLFK]HLWLJGD‰ VLHVLHLQVHLQHP%HZX‰WVHLQOlQJVWJHIXQGHQKDWWH /DXWVDJWHVLH ³0HLQ *HLVW LVW LQ HXFK -LP 'HVKDOE NRPPW :HQQ ZLU YHUHLQW VLQG ZHUGH LFK ZLHGHULFKVHOEVWVHLQRGHUHLQNOHLQHU7HLO7ULFDQDVLQHLQHPYLHOJU|‰HUHQ*DQ]HQ $OVLFKVWDUEZDUPHLQ*HLVWHUORVFKHQ$EHUHUOHEWHZHLWHULQDOOHQ(ULQQHUXQJHQ GLH+H\PDOXQGGXDQPLFKKDEW=ZLVFKHQXQV0HQVFKHQJLEWHVYLHOPHKUDOVQXU GDVZDVZLUYRQHLQDQGHUVHKHQXQGK|UHQXQGIKOHQXQGGHQNHQ:LUKDEHQQXU YHUJHVVHQHV]XQW]HQ )UHQFKQLFNWH (U NRQQWH VLFK XQJHIlKU YRUVWHOOHQ ZDV 7UL GDPLW PHLQWH $XI HLQH VHKU YHUHLQIDFKHQGH)RUPHOJHEUDFKWWUDIHVGDVXUDOWH6SULFKZRUW³-HGHU0HQVFKOHEWLQ GHQ(ULQQHUXQJHQDQGHUHUIRUW 



³:DV PLFK MHW]W EHVHHOW VDJWH 7ULFDQD ³LVW GLH /HEHQV]HQWUDOH GHV 3ODQHWHQ 'LH PHQVFKOLFKH6SUDFKHKDWNHLQEHVVHUHV:RUWIUGLHVHXQHUK|UWVFK|SIHULVFKH.UDIW (VJLEW]ZDUHLQVDEHUGDVZlUHYHUPHVVHQ.RPPWLKUEHLGHXQGJHEWPLUPHLQH ZLUNOLFKH 6HHOH GD]X  XQG LFK JHEH HXFK GHQ 3ODQHWHQ XQG XQVHU HUVWHV JHPHLQVDPHV.LQG 'DPLW]RJVLHLKUH+lQGHJDQ]ODQJVDPZLHGHUDXVGHP:DVVHUXQGRIIHQEDUWHGHQ XQJOlXELJ GUHLQVFKDXHQGHQ 0lQQHUQ GDV .LQG GDV VLH PLW +LOIH GLHVHU QHXHQ :HOW JHERUHQKDWWH(VKDWWHGD]XNHLQHUQHXQ0RQDWHEHGXUIW )UHQFK ZDU ZLH LQ +\SQRVH DOV HU DXI VLH ]XJLQJ XQG +H\PDO GDEHL ODQJVDP HLQKROWH 6LH WUDIHQ VLFK DOOH GUHL XQWHU GHQ ULHVLJHQ )DUQZHGHOQ GHU 3IODQ]HQ GLH PLW LKUHQ *OLHGPD‰HQ EHU LKQHQ HLQHQ VLOEHUIDUEHQHQ %DOGDFKLQ ELOGHWHQ DQJHOHXFKWHWYRP:DVVHUHLQHV6HHVGHUDXVSXUHUSVLRQLVFKHU(QHUJLHEHVWDQG )UHQFKZDUVHLQJDQ]HV/HEHQODQJQLHLQHLQHUGHUDQWLNHQ.DWKHGUDOHQJHZHVHQ DEHUHUNRQQWHVLFKJXWYRUVWHOOHQGD‰MHQH0HQVFKHQGLHGRUWJHNQLHWXQGJHEHWHW KDWWHQGLHJOHLFKH(KUIXUFKWHPSIXQGHQKDWWHQZLHHULQGLHVHQ$XJHQEOLFNHQ $OV 7UL +H\PDO )UHQFK XQG GDV 1HXJHERUHQH YHUHLQW ZDUHQ XQG LQV :DVVHU VDQNHQ KDWWH VLFK HLQHU YRQ )UHQFKV 7UlXPHQ HUIOOW GLH HU ZlKUHQG VHLQHU (UNUDQNXQJLQGHUKDOEHLQJHIDOOHQHQ/DJHUKDOOHKDWWH 8QG DOV 7LKOD XQG *DMXQ QXU NXU] GDUDXI ]X LKQHQ VWLH‰HQ HUIOOWH VLFK DXFK GLH 9LVLRQLP*OHLWHU )UHQFK QDKP QRFK ZDKU ZLH GLH EHLGHQ )UDXHQ VLFK LQ LKUHQ .UHLV HLQUHLKWHQ GHU VLFKXQWHU:DVVHUODQJVDPGUHKWH 'DQQVFKZDQGVHLQ%HZX‰WVHLQXQGGLHVPDOJDEHVNHLQHQHXHQ7UlXPHPHKU  'DV3DUDGLHVXQGGLH6FKODQJH (V ZDU VLHE]HKQ 0RQDWH VSlWHU DEHU GDV ZX‰WHQ VLH QLFKW (V JDE QXU QRFK HLQH HLQ]LJH:HVHQKHLWDXI%XVVWRSGLHGDVZX‰WH )UGLHDQGHUHQKDWWHGLH=HLWMHGH%HGHXWXQJYHUORUHQ 'LH.LQGHUVSLHOWHQDXIHLQHU:LHVH6LHWROOWHQXQGDOEHUWHQKHUXP6LHWDXFKWHQLQ GLH 6PSIH XQG VLH QHFNWHQ GLH 3IODQ]HQ GLH VLH ZLH LKUHQ NRVWEDUVWHQ 6FKDW] EHKWHWHQ 7DWVlFKOLFK  GLH 0XWWHUSIODQ]HQ GHU QHXHVWHQ *HQHUDWLRQ ZDUHQ ZLH JXWH2QNHOXQG7DQWHQ6LHKDWWHQQLFKWbVWHXQG=ZHLJHXQG:XU]HOQJHQXJXP DXIGLHGUHL.LQGHUDXI]XSDVVHQXQGVLHDQDOO]XJHIlKUOLFKHQ6SD‰HQ]XKLQGHUQ 'LH :HVHQ )UHQFK 7ULFDQD +H\PDO 7LKOD XQG *DMXQ ODJHQ LP 0RUDVW GHV 8IHUV ]ZLVFKHQGHU:LHVHXQGGHPWLHIHQ6XPSIXQGVDKHQLKUHQ1DFKNRPPHQXQGGHQ QHXHQ*HVFKZLVWHUQJOFNOLFK]X'DQQXQGZDQQOHJWHVLFKHLQHUYRQLKQHQ]XUFN XQG ODXVFKWH GHQ 6WU|PXQJHQ GLHVHU ZXQGHUEDUHQ :HOW GLH LQ MHGHP :LQGKDXFK PLWVFKZDQJHQZHQQVLFK3IODQ]HQXQG7LHUH*HVFKLFKWHQ HU]lKOWHQ RGHU YRQLKUHQ QHXHVWHQ$EHQWHXHUQEHULFKWHWHQ 6LHZDUHQVRIUHL 2IW K|UWHQ GLH QHXHQ *OLHGHU GHV 2UJDQLVPXV 1DFKULFKWHQ YRQ VSRQWDQHQ 0XWDWLRQHQ:HQQGLH(YROXWLRQDXI%XVVWRSGLHVHU1DPHZXUGHLQGHQ*HGDQNHQ GHU 7UDQVIRUPLHUWHQ EHLEHKDOWHQ  HUIROJUHLFKH 6SUQJH PDFKWH JHULHW GHU JDQ]H 3ODQHW LQ HLQHQ )UHXGHQWDXPHO XQG HV ZXUGHQ EHU GLH /HEHQV]HQWUDOH 0LOOLRQHQ YRQ1DFKULFKWHQDXVJHWDXVFKW :HQQ HLQH 0XWDWLRQ PL‰ODQJ KHUUVFKWH 7UDXHU DXI GHP 3ODQHWHQ DQ GHU MHGH 



HLQ]HOQH =HOOH WHLOQDKP ELV DXI GDV QLHGULJVWH 0RRVSROVWHU (V ZDU HLQIDFK XQYRUVWHOOEDU'LHVZDUYLHOOHLFKWZLUNOLFKGDV3DUDGLHVYRQGHPLQGHU%LEHOGHU 0HQVFKHQ JHVFKULHEHQ VWDQG 1LFKWV OHEWH RKQH GDV DQGHUH $EHU GDV *OFN GHV HLQHQVlWWLJWHGHQDQGHUHQGDIU 'LH*HGDQNHQXQGGDV:LVVHQGLHJHVDPPHOWHQ(ULQQHUXQJHQXQGGLH*HIKOVZHOW GHU 0HQVFKHQ KDWWHQ GHQ 3ODQHWHQ HUVW ZLUNOLFK EHVHHOW :DV ELVKHU VSRQWDQH DEHU KDUPRQLVFKH (YROXWLRQ DXI HLQHU MXQJIUlXOLFKHQ 6XPSIZHOW JHZHVHQ ZDU HUKLHOW PLW GHU ,QWHJUDWLRQ GHU 0HQVFKHQ HLQH QHXH 'LPHQVLRQ 'LH =HQWUDOLQWHOOLJHQ] NDQQWH GLH 5HODWLYLWlWVWKHRULH XQG YHUVWDQG VLH $EHU VLH KDWWH NHLQH 9HUDQODVVXQJ VLHSUDNWLVFK]XQXW]HQ6LHNDQQWHHEHQVRJXWGDVJHVDPWH:LVVHQYRQ)UHQFK7UL XQG+H\PDOXPGLH3KLORVRSKLHQ7HFKQLNHQXQG.QVWHGLHMHDXIGHQ:HOWHQGHU 0HQVFKKHLWJHERUHQZRUGHQZDUHQ $EHUVLHKDWWHNHLQHQ$QOD‰GLHVHQP|UGHULVFKHQ:HJGHU0HQVFKKHLWQXQHEHQIDOOV ]XJHKHQGHQQVLHNDQQWHDXFKQRFKHWZDV 6LHNDQQWHGLH*HVFKLFKWHGHU0HQVFKHQPLWDOOLKUHQ7ULXPSKHQXQG6WHUQVWXQGHQ 6LH NDQQWH MHGRFK DXFK GLH YHUKHHUHQGHQ $XVZLUNXQJHQ YRQ 0DFKWJLHU XQG *HZLQQVXFKWXQGYRQGHQGDUDXV]ZDQJVOlXILJIROJHQGHQ.lPSIHQXQG.ULHJHQ 'HQQ GDV ZDU GDV :HVHQWOLFKH ZDV DXV )UHQFKV 7ULV +H\PDOV XQG GHU EHLGHQ DQGHUHQ )UDXHQ *HGDQNHQ XQG hEHU]HXJXQJVJXW EHL GHU 9HUHLQLJXQJ LQ GLH 3ODQHWHQLQWHOOLJHQ] EHUJHIORVVHQ ZDU GD‰ HV VLFK QLHPDOV ORKQWH GDV YRQ GHU 6FK|SIXQJ JHJHEHQH 3RWHQWLDO HLQHU NQVWOLFKHQ :HOW DXV 7HFKQLN XQG =HUVW|UXQJ ]XRSIHUQ'D‰+D‰XQG*LHUQXU7RGXQG9HUGHUEHQQDFKVLFK]RJHQXQGGD‰GLH *LHU QDFK :LVVHQ QLH DQ HLQ 8IHU IKUHQ GXUIWH GDV VFKRQ YRQ DQGHUHQ EHZRKQW ZDUGLHHVYHUWHLGLJHQZUGHQ 'LHVZDUGHU6LQQGHUHUIROJWHQ7UDQVIRUPDWLRQ 'HU3ODQHWKDWWHGHQ0HQVFKHQHLQQHXHV/HEHQJHVFKHQNW(UGDIUKDWWHYRQLKQHQ VHLQH XQYRUVWHOOEDUH 1HXJLHU QDFK DOOHP EHIULHGLJHQ ODVVHQ ZDV MHQVHLWV VHLQHV HLJHQHQ (UIDKUXQJVKRUL]RQWV ODJ (U KDWWH YHUVXFKW GLH QRWJHODQGHWHQ 0HQVFKHQ DXV]XKRUFKHQ LQGHP HU LKQHQ SVLRQLVFK )UDJHQ VWHOOWH 'DV NODSSWH QLFKW XQG HU KDWWHHVEHUGLHYRQLKPJHVWHXHUWHQ+DOOX]LQDWLRQHQYHUVXFKW$XFKGDVZDU*HZDOW JHZHVHQXQGHUKDWWHHV]XVSlWHUNDQQW 'DQQNDPGHU5RGXQJVVFKRFNXQGGLHZHLWHUH*HVFKLFKWHZDUEHNDQQW 'LH 0HQVFKHQ KDWWHQ LKUH )HKOHU JHPDFKW XQG GHU 3ODQHW KDWWH VLH EHJDQJHQ %HLGHZX‰WHQHVOlQJVWXQGEHLGHKDWWHQ]XHLQDQGHUJHIXQGHQ :DVGLH0HQVFKHQDQJLQJVLHZDUHQQLFKWPHKUGDVDOVZDVVLHKLHUKHUJHNRPPHQ ZDUHQ 6LH VDKHQ DQGHUV DXV VHKU YLHO DQGHUV 8QG LKUH GUHL .LQGHU ZDUHQ LQ GHU QHXHQ *HPHLQVFKDIW QRFK HLQ 6WFN ZHLWHU IRUWJHVFKULWWHQ =ZHL YRQ LKQHQ ZDUHQ 0lGFKHQHLQHU-XQJH6LHZDUHQZLHGUHL*HVFKZLVWHU-HGHUVDKVLHVRVLHVHOEVW DXFK$EHUVLHZUGHQVLFKSDDUHQZLHGLHHUVWHQEHLGHQ0HQVFKHQXQGHLQHQHXH *HQHUDWLRQ YRQ 3ODQHWDULHUQ KHUYRUEULQJHQ GLH LQ GHU -XJHQG JUQ ZDUHQ VSlWHU EUDXQ ZXUGHQ XQG DP (QGH -DKU IU -DKU ]XVHKHQ PX‰WHQ ZLH VLH LKUH .UXVWH DEZDUIHQ6LHKDWWHQNHLQHKHKUHQ,GHDOHXQG=LHOH6LHZROOWHQQXUOHEHQXQGPLW GHQ 0XWWHUSIODQ]HQ EHU GLH 7KHRULHQ SKLORVRSKLHUHQ GLH VLH DXIVWHOOWHQ  LQ (UZHLWHUXQJ DOO GHVVHQ ZDV VLH DQ HUHUEWHP :LVVHQ EHU GLH YHUJDQJHQHQ *HQLHV GHU0HQVFKKHLWPLWJHEUDFKWKDWWHQ 



)UHQFK XQG 7UL OLHEWHQ HLQDQGHU XQG OLHEWHQ +H\PDO YLHO DQGHUV DOV HV HLQHP 0HQVFKHQPLWPHQVFKOLFKHP.|USHUXQGPHQVFKOLFKHP*HLVWMHP|JOLFKJHZHVHQ ZlUH 8QG VLH OLHEWHQ VLFK PLW *DMXQ XQG 7LKOD (V ZDU QLFKWV GDEHL ZDV VLH DOV DQVW|‰LJ HPSIXQGHQ KlWWHQ 6LH OLHEWHQ XQG OHEWHQ OHEWHQ PLW YLHOHQ 0LOOLDUGHQ DQGHUHQ)UHXQGHQ]XVDPPHQXQGZDUHQJOFNOLFKZLUNOLFKJOFNOLFKZHQQLKUH *HGDQNHQVWU|PHXPGHQ*OREXVMDJWHQXQGIUDJWHQ:ROOWLKUXQV" 8QGZHQQHV]XUFNNDP :LUVLQGHLQVXQGLPPHULPPHUZHUGHQZLUHLQHVEOHLEHQ (VZDUVFK|QHVZDUGDV3DUDGLHV 'LHVHU 3ODQHW YHUIJWH EHU GLH )lKLJNHLW DOOHV ]X UHSURGX]LHUHQ ZHQQ HU QXU ,QIRUPDWLRQHQ KDWWH 'DQD 6DQGHU ]XP %HLVSLHO 2GHU GLH +DQG $EHU GDV ZDUHQ LPPHU QXU bX‰HUOLFKNHLWHQ JHZHVHQ QLH ZDU GLH /HEHQV]HQWUDOH ]XP .HUQ GHU QHXHQ(LQKHLWHQYRUJHVWR‰HQGLHDXVGHP1LFKWV]XLKUJHNRPPHQZDUHQ (VKDWWHGHUJHVFKHLWHUWHQ.RQWDNWYHUVXFKHXQGGHU0L‰YHUVWlQGQLVVHEHGXUIWXP ]X EHJUHLIHQ GD‰ GDV VR JLHULJ HUZDUWHWH QHXH :LVVHQ HUVW LP YROOHQ 0D‰ LQ GLH *HPHLQVFKDIWVLQWHOOLJHQ] EHUIOLH‰HQ NRQQWH ZHQQ VLFK GLH )UHPGHQ IUHLZLOOLJ HLQIJWHQ 'DV KDWWHQ VLH JHWDQ XQG PLW LKUHP :LVVHQ ZDUHQ LKUH hEHU]HXJXQJHQ XQG LKUH 7UlXPH LQ GDV *HGDQNHQ XQG *HIKOVQHW] GHV HUVW NU]OLFK VR JHSHLQLJWHQ 3ODQHWHQEHUJHIORVVHQ 'LHOHW]WHQhEHUOHEHQGHQGHU52866($8ZDUHQHUWUXQNHQDEHUQLFKWJHVWRUEHQ ,UJHQG HWZDV ZDU LQ GLHVHP NULVWDOONODUHQ 6HH JHVFKHKHQ GDV LKUH %HZX‰WVHLQVLQKDOWH HUID‰W XQG JHVSHLFKHUW KDWWH XQG GDV VLH GDUDXIKLQ QDFK ,QEHVLW]QDKPH DOOHU ,QIRUPDWLRQHQ DXIJUXQG GLHVHU ,QKDOWH QHX HUVFKDIIHQ KDWWH  DOOHUGLQJVDQJHSD‰WDQGLH(UIRUGHUQLVVHYRQ%XVVWRS (VZDUGDV3DUDGLHV=HKQWDXVHQGH/LFKWMDKUHYRPIUKHUHQ=XKDXVHHQWIHUQWXQG QLHLQ*HIDKUMHZLHGHUYRQGHUVRJHQDQQWHQ=LYLOLVDWLRQHQWGHFNWXQGHQWZHLKW]X ZHUGHQ 'DVGDFKWH-DPHV)UHQFKDOVHUGHQ%OLFNVHLQHU)DFHWWHQDXJHQ]XPVPDUDJGJUQ OHXFKWHQGHQ+LPPHOVFKLFNWHXQG7ULFDQDPLWHLQHP+DQGDXVZXFKVVHLQHVOLQNHQ $UPVOLHENRVWH (U ZDU YROONRPPHQ ]XIULHGHQ PLW VHLQHU MHW]LJHQ ([LVWHQ] (U ZDU QRFK HU PLW DOOHQ (ULQQHUXQJHQ 8QG WURW]GHP ZROOWH HU GLHVHQ )ULHGHQ GDV (LQJHEHWWHWVHLQ LQ GLHVH:HOWQLHPHKUJHJHQHWZDVDQGHUHVHLQWDXVFKHQ 'RFK QDWUOLFK NRQQWH HU QLFKW DKQHQ GD‰ GLH /HEHQV]HQWUDOH GHV 3ODQHWHQ LQ GHU DOOHV ]XVDPPHQIOR‰ DXVJHUHFKQHW YRQ GHQ 0HQVFKHQ JHOHUQW KDWWH ZLH PDQ ,QIRUPDWLRQHQ XQG $EVLFKWHQ LQ HLQHU *HPHLQVFKDIW JHKHLPKLHOW LQ GHU ELVODQJ DOOHVRIIHQJHZHVHQZDU 8QGGD‰LKUHQXUQDWUOLFKH1HXJLHUHLQPDOJHZHFNWXQGEHIULHGLJWVLFK]XU6XFKW HQWZLFNHOWH (V JDE QlPOLFK QRFK MHPDQG DXI %XVVWRS GHU ,QIRUPDWLRQHQ EHVD‰ ² XQG HLQ Y|OOLJDQGHUHVXQGGHVKDOEQHXHV6SHNWUXPDQ*HIKOHQXQG$EVLFKWHQ /DLWW KDWWH ODQJH EHUOHEW (U KDWWH XP MHGHQ 7DJ JHNlPSIW 1DFK GHP $XIEUDXFKHQ GHU OHW]WHQ9RUUlWH XQG GHP 7RG GHV0DJHUHQ ZDUHUUXKHORVGXUFK GHQ 6XPSIXUZDOG JHVWUHLIW QXU EHVHVVHQ YRQ GHP *HGDQNHQ DQ 5DFKH (U ZROOWH GLH %DVWDUGH ILQGHQ GLH LKQ JHGHPWLJW XQG DXVJHVHW]W KDWWHQ 6LH VROOWHQ GDIU 



VWHUEHQ HLQHU QDFK GHP DQGHUHQ /DLWW KDWWH NHLQHQ 6WUDKOHU DEHU 7|WHQ NRQQWH PDQDXFKPLWHLQIDFKHUHQ0LWWHOQ /DLWWYHUEUDFKWHYLHO=HLWGDPLWVLFKVHLQH5DFKHLQ(LQ]HOKHLWHQYRU]XVWHOOHQ8QG HUDKQWHQLFKWGD‰MHPDQGVHLQH*HGDQNHQYHUIROJWH 6LFKHU HU KDWWH ZHLWHUH +DOOX]LQDWLRQHQ JHKDEW XQG DKQWH HWZDV YRQ GHP hEHUJHLVW GHU GLHVH :HOW EHKHUUVFKWH (U VDK DXFK GLH JUR‰HQ 3IODQ]HQ GLH VLFK VWlQGLJYHUlQGHUWHQ(UVDKLKUH$XJHQXQGZX‰WHGD‰VLHLKQEHREDFKWHWHQ:DV HU QLFKW ZLVVHQ NRQQWH ZDU GDJHJHQ QDWUOLFK ZR]X GLH IHLQHQ +DDUH ]ZLVFKHQ GHQ$XJlSIHOFKHQJXWZDUHQ /DLWW HUQlKUWH VLFK YRQ DOOHP ZDV LKP H‰EDU HUVFKLHQ (V JLQJ HU YHUJLIWHWH VLFK GDEHL QLFKW (U VWHOOWH NHLQH $QVSUFKH PHKU ,Q VHLQHP /HEHQ JDE HV NHLQHQ 5K\WKPXV GDV ZDU YRUEHL (U VFKOLHI ZHQQ HU PGH ZDU XQG HU MDJWH ZHQQ LKQ GDV )LHEHU SDFNWH (LQ SSLJHU %DUW XQG ODQJ JHZDFKVHQH YHUNOHEWH +DDUH OLH‰HQ YRQ VHLQHP *HVLFKW QLFKW PHKU YLHO EULJ 'LH 0RQWXU EHVWDQG QXU QRFK DXV )HW]HQ/DLWWZDUVFKRQWRWZHQLJVWHQVLQVHLQHP,QQHUQ(UZDUHLQDEJHPDJHUWHU YHUZLOGHUWHU0DQQPLWGHP+D‰DOVGHPOHW]WHQ$QWULHE 'RFKHUIDQGGLH%DVWDUGHQLFKW(UHQWGHFNWHNHLQHHLQ]LJH6SXUNHLQHQ3ODW]ZR VLHJHUDVWHWKDWWHQNHLQH+WWHLQGHUVLHZRKQWHQ8QGLUJHQGZDQQKDWWHHUQLFKW PHKUGLH.UDIW]XP:HLWHUPDUVFKLHUHQ 'LH+DOOX]LQDWLRQHQYRQGHQHQHUDQIDQJVJHSODJWZRUGHQZDUEHUILHOHQLKQMHW]W ZLHGHU KlXILJHU XQG LQWHQVLYHU 'LH 6FKDXSOlW]H XQG GLH %LOGHU lQGHUWHQ VLFK YRQ 0DO]X0DOGRFKGHU6LQQGHU9LVLRQHQEOLHELPPHUGHUJOHLFKH 6HOWVDPH0LVFKZHVHQDXV3IODQ]HXQG7LHUVWDQGHQYRULKPXQGVWUHFNWHQLKPLKUH +lQGH HQWJHJHQ 6LH ZROOWHQ GD‰ HU ]X LKQHQ NDP 6LH YHUVSUDFKHQ LKP GDIU GLH 8QVWHUEOLFKNHLW /DLWW NlPSIWH JHJHQ GLH 7UlXPH DQ 0HKU WRW DOV OHEHQGLJ ODJ HU ]ZLVFKHQ GHQ 3IODQ]HQGLHVHUJUQHQ+|OOHXQGIUFKWHWHVLFKSDQLVFKYRUGHPQlFKVWHQPDO 'HU =HLWSXQNW NDP DQ GHP HU GHQ 7RG KHUEHLVHKQWH WlJOLFK GDQQ VWQGOLFK (U YHUVXFKWH DOOHV 0|JOLFKH XP VLFK VHOEVW XP]XEULQJHQ DEHU HV ZROOWH LKP QLFKW JHOLQJHQ :HQQ HV QLFKW ]X OlFKHUOLFK JHZHVHQ ZlUH KlWWH /DLWW DQQHKPHQ N|QQHQ GLHVHU YHUGDPPWH3ODQHWZUGHLKQGDUDQKLQGHUQ 'DQQNDPGLHQlFKVWHXQGOHW]WH+DOOX]LQDWLRQ 'LHVPDO ZDU HV HWZDV DQGHUV DOV VRQVW (V JDE HLQHQ 8QWHUVFKLHG GHU IU DQGHUH 0lQQHULQ/DLWWV/DJHZDKUVFKHLQOLFKEHODQJORVJHZHVHQZlUH)U/DLWWDEHUZDU HUGDVZLFKWLJVWHVHLWGHP7DJDOVHUVHLQH-DJGEHJDQQ =ZLVFKHQ GHQ 0LVFKZHVHQ GLH XP VHLQH 6HHOH EHWWHOWHQ VWDQGHQ GLH YHUKD‰WHQ %DVWDUGH 6LHVFKLHQHQQLFKW]XZLVVHQGD‰VLHLQGLHVHP7UDXPHLQH5ROOHVSLHOWHQ-HGHQIDOOV VDK NHLQH YRQ LKQHQ /DLWW DQ XQG GLH +DQG VWUHFNWHQ VLH VFKRQ JDU QLFKW DXV 6LH VDKHQ MHW]W DQGHUV DXV DEHU HU HUNDQQWH VLH VRIRUW 8QG REZRKO VHLQH 6LQQH LP 7RGHVNDPSIYHUZLUUWZDUHQEHJULII/DLWWZDVGLH6\PEROLNEHGHXWHWH 'LH 9HUIROJWHQ ZX‰WHQ WDWVlFKOLFK QLFKW GD‰ HU LKU *HKHLPQLV NDQQWH :HU DXFK LPPHUGLHVH9LVLRQHQVFKLFNWHHUWDWHVKLQWHULKUHP5FNHQ $EHUGRUWZDUHQVLHGRUWZRKLQHUJHKHQNRQQWHZHQQHUGHQ3IODQ]HQQDFKJDE (UWDWHV(UZUGHVLHILQGHQXQGW|WHQ$OOH0LWGLHVHP6FKZXUDXIGHQ/LSSHQ 



VWDUE/DLWW 'HU3ODQHWHUVFKXILKQQLFKWQHX(UYHUVXFKWHHVHLQLJH0DOHDEHUGDVQHXH:HVHQ VWDUE MHGHVPDO LQQHUKDOE ZHQLJHU 6WXQGHQ /DLWWV +D‰ YHUKLQGHUWH GD‰ HU VLFK LQ HLQH*HPHLQVFKDIWHLQIJHQXQGPLWLKUOHEHQNRQQWH 6HLQ *HGDQNHQJXW DEHU VHLQH (ULQQHUXQJHQ XQG *HIKOH VHLQH :HUWYRUVWHOOXQJHQ XQG =LHOH GLH IORVVHQ DOV JLHULJ DXIJHQRPPHQH ,QIRUPDWLRQHQ LQ GDV /HEHQVNROOHNWLYHLQ 'LH /HEHQV]HQWUDOH OHUQWH DEHUPDOV KLQ]X =X OJHQ KDWWH VLH EHUHLWV YRQ GHQ DQGHUHQ0HQVFKHQJHOHUQWREZRKOVLHQLHJHORJHQKDWWHQZHGHUXQWHUVLFKQRFK GHP 3ODQHWHQ JHJHQEHU 'RFK HV ZDU LQ LKUHQ %HZX‰WVHLQHQ YHUDQNHUW JHZHVHQ GD‰ PDQ PDQFKPDO GLH :DKUKHLW YHUVFKZHLJHQ NRQQWH DXFK XP HLQHP )UHXQG QLFKWZHK]XWXQ 'LH/HEHQV]HQWUDOHDEHUZX‰WHGD‰VLHGHQ0LWJOLHGHUQZHKWXQZUGHZHQQVLH VLHHUIDKUHQOLH‰GD‰VLH/DLWWDGDSWLHUHQZROOWH 8QGVLHVFKZLHJHUVWUHFKWDOVGLH$GDSWLRQYROO]RJHQZDUXQGH[SHULPHQWLHUWHPLW GHQ QHXHQ ,QIRUPDWLRQHQ LP YHUERUJHQHQ 7RG .DPSI 9HUGHUEHQ XQG .UDQNKHLW ZDUIHQLKUH6FKDWWHQEHUGLHVFKDWWHQORVH:HOW 'LH:HVHQ)UHQFK7UL+H\PDO7LKOD*DMXQXQGLKUHGUHL.LQGHUOHEWHQZHLWHUKLQ JOFNOLFK LQ LKUHP 3DUDGLHV 6LH QDKPHQ QLFKWV RKQH GDIU ]X JHEHQ XQG VLH SODW]WHQIDVWYRU*OFNEHUGLHYROONRPPHQH+DUPRQLHGLHVHU:HOW'D‰YRQ7DJ ]X 7DJ PHKU GDYRQ QXU YRUJHJDXNHOW ZDU ZHLO VLFK GHU *HLVW HLQHV 0DQQHV QDPHQV/DLWWZLHHLQ.UHEVJHVFKZULQGLH/HEHQVJHPHLQVFKDIWKLQHLQIUD‰DKQWHQ VLHQLFKW %LV ]X GHP 7DJ DQ GHP GHU -XQJH ZHJHQ HLQHV IXQNHOQGHQ 6WHLQV GHQ VLH EHLGH KDEHQZROOWHQHLQHVHLQHU6FKZHVWHUQHUVFKOXJ (1'(