(7$+RIIPDQQ
+DLPDWRFKDUH
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVE...
60 downloads
377 Views
245KB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
(7$+RIIPDQQ
+DLPDWRFKDUH
3')HGLQ
E\=RREHVXFKHU
(7$+RIIPDQQ
+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWH HUYRQ-XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQGLQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ
9RUZRUW
1DFKIROJHQGH%ULHIHZHOFKHEHUGDVXQJOFNOLFKH6FKLFNVDO ]ZHLHU1DWXUIRUVFKHU$XVNXQIWJHEHQZXUGHQPLUYRQPHLQHP )UHXQGH$ Y &PLWJHWHLOWDOVHUHEHQYRQGHUPHUNZUGLJHQ 5HLVH]XUFNJHNRPPHQLQGHUHUGHQ(UGEDOODQGHUWKDOEPDO XPNUHLVWKDWWH6LHVFKHLQHQZRKO|IIHQWOLFKHU%HNDQQWPDFKXQJ ZUGLJ± 0LW7UDXHUMDPLW(QWVHW]HQJHZDKUWPDQZLHRIWHLQ KDUPORVVFKHLQHQGHV(UHLJQLVGLHHQJVWHQ%DQGHGHULQQLJVWHQ )UHXQGVFKDIWJHZDOWVDP]X]HUUHLHQXQGGDYHUGHUEOLFKHV8QKHLO ]XEHUHLWHQYHUPDJZRPDQGDV%HVWHGDV(UVSULHOLFKVWH]X HUZDUWHQVLFKEHUHFKWLJWJODXEWH
(7$+RIIPDQQ
$Q6H([]HOOHQ]GHQ*HQHUDONDSLWlQXQG*RXYHUQHXUYRQ1HX 6G:DOHV
3RUW-DFNVRQGHQ-XQL
(Z([]HOOHQ]KDEHQ]XEHIHKOHQJHUXKHWGDPHLQ)UHXQG+HUU %URXJWKRQPLWGHU([SHGLWLRQGLHQDFK2:DKXDXVJHUVWHW ZLUGDOV1DWXUIRUVFKHUPLWJHKH/lQJVWZDUHVPHLQLQQLJVWHU :XQVFK2:DKXQRFKHLQPDO]XEHVXFKHQGDGLH.U]HPHLQHV OHW]WHQ$XIHQWKDOWVPLUQLFKWPHKUJHVWDWWHWHPDQFKHK|FKVW PHUNZUGLJHQDWXUKLVWRULVFKH%HREDFKWXQJHQELV]XEHVWLPPWHQ 5HVXOWDWHQ]XVWHLJHUQ'RSSHOWOHEKDIWHUQHXHUWVLFKMHW]WGLHVHU :XQVFKGDZLULFKXQG+HUU%URXJWKRQGXUFKGLH:LVVHQVFKDIW GXUFKJOHLFKHV)RUVFKHQDXIGDVHQJVWH YHUNHWWHWVFKRQVHLW ODQJHU=HLWJHZRKQWVLQGXQVHUH%HREDFKWXQJHQ JHPHLQVFKDIWOLFKDQ]XVWHOOHQXQGGXUFKDXJHQEOLFNOLFKHV0LWWHLOHQ GHUVHOEHQXQVHLQDQGHUDQGLH+DQG]XJHKHQ(Z ([]HOOHQ]ELWWH LFKGDKHUHVJHQHKPLJHQ]XZROOHQGDLFKPHLQHQ)UHXQG %URXJWKRQDXIGHU([SHGLWLRQQDFK2:DKXEHJOHLWH 0LWWLHIHP5HVSHNWHWF
-0HQ]LHV
160LWGHQ%LWWHQXQG:QVFKHQPHLQHV)UHXQGHV0HQ]LHV YHUHLQLJHQVLFKGLHPHLQLJHQGD(Z ([]HOOHQ]JHUXKHQ P|FKWHQLKP]XHUODXEHQPLWPLUQDFK2:DKX]XJHKHQ1XU PLWLKPQXUZHQQHUPLWJHZRKQWHU/LHEHPHLQH%HVWUHEXQJHQ WHLOWYHUPDJLFKGDV]XOHLVWHQZDVPDQYRQPLUHUZDUWHW
$%URXJWKRQ
$QWZRUWGHV*RXYHUQHXUV
0LWLQQLJHP9HUJQJHQEHPHUNHLFKZLH6LHPHLQH+HUUHQGLH :LVVHQVFKDIWVR LQQLJPLWHLQDQGHUEHIUHXQGHWKDWGDDXV GLHVHPVFK|QHQ%XQGHDXVGLHVHPYHUHLQWHQ6WUHEHQVLFKQXU GLHUHLFKVWHQKHUUOLFKVWHQ5HVXOWDWHHUZDUWHQODVVHQ$XVGLHVHP *UXQGHZLOOLFKDXFKXQHUDFKWHWGLH%HPDQQXQJGHU'LVNRYHU\ YROOVWlQGLJLVWXQGGDV6FKLIIZHQLJ5DXPKDWGHQQRFKHUODXEHQ GD+HUU0HQ]LHVGHU([SHGLWLRQQDFK2:DKXIROJHXQGHUWHLOH LQGLHVHP$XJHQEOLFNGHVKDOEGHP&DSLWDLQ%OLJKGLHQ|WLJHQ %HIHKOH
*H] 'HU*RXYHUQHXU
-0HQ]LHVDQ(-RKQVWRQHLQ/RQGRQ
$P%RUGGHU'LVNRYHU\GHQ-XOL
'XKDVWUHFKWPHLQOLHEHU)UHXQGDOVLFK'LUGDVOHW]WHPDO VFKULHEZDULFKZLUNOLFKKHLPJHVXFKWYRQHLQLJHQVSOHHQLVFKHQ $QIlOOHQ'DV/HEHQDXI3RUW-DFNVRQPDFKWHPLUGLHK|FKVWH /DQJHZHLOHPLWVFKPHU]OLFKHU6HKQVXFKWGDFKWHLFK DQPHLQ KHUUOLFKHV3DUDGLHVDQGDVUHL]HQGH2:DKXGDVLFKHUVWYRU NXU]HPYHUODVVHQ0HLQ)UHXQG%URXJWKRQHLQJHOHKUWHUXQG GDEHLJHPWOLFKHU0HQVFKZDUGHUHLQ]LJHGHUPLFKDXI]XKHLWHUQ XQGHPSIlQJOLFKIUGLH:LVVHQVFKDIW]XHUKDOWHQYHUPRFKWH DEHUDXFKHUVHKQWHVLFKZLHLFKKLQZHJYRQ3RUW-DFNVRQGDV XQVHUP)RUVFKXQJVWULHEZHQLJ1DKUXQJGDUELHWHQNRQQWH,UUHLFK QLFKWVRVFKULHELFK'LUVFKRQGDGHP.|QLJHYRQ2:DKX QDPHQV7HLPRWXHLQVFK|QHV6FKLIIYHUVSURFKHQZRUGHQGDV]X 3RUW-DFNVRQJHEDXWXQGDXVJHUVWHWZHUGHQVROOWH'LHVZDU JHVFKHKHQ&DSLWDLQ%OLJKHUKLHOWGHQ%HIHKOGDV6FKLII KLQ]XIDKUHQQDFK2:DKXXQGVLFKGRUWHLQLJH=HLWDXI]XKDOWHQ XPGDV)UHXQGVFKDIWVEQGQLVPLW7HLPRWXIHVWHU]XNQSIHQ:LH NORSIWHPHLQ+HU]YRU)UHXGHGDLFKJODXEWHGDLFKXQIHKOEDU PLWJHKHQZUGHZLHHLQ%OLW]DXVKHLWUHU/XIWWUDIPLFKDEHUGHU $XVVSUXFKGHV*RXYHUQHXUVGD%URXJWKRQVLFKHLQVFKLIIHQVROOH 'LH'LVNRYHU\]XU([SHGLWLRQQDFK2:DKXEHVWLPPWLVWHLQ PLWWHOPlLJHV6FKLIIQLFKWJHHLJQHWPHKU3HUVRQHQ DXI]XQHKPHQDOVGLHQ|WLJH%HPDQQXQJXPVRZHQLJHUKRIIWH LFKPLWGHP:XQVFK%URXJWKRQEHJOHLWHQ]XGUIHQ GXUFK]XGULQJHQ'HUHGOH0HQVFKPLUPLW+HU]XQG*HPWDXI GDVLQQLJVWH]XJHWDQXQWHUVWW]WHLQGHVVHQMHQHQ:XQVFKVR NUlIWLJGDGHU*RXYHUQHXULKQEHZLOOLJWH$XVGHUhEHUVFKULIW GHV%ULHIHVVLHKVW'XGDZLU%URXJWKRQXQGLFKEHUHLWVGLH 5HLVHDQJHWUHWHQ 2GHVKHUUOLFKHQ/HEHQVGDVPLUEHYRUVWHKW± 0LUVFKZLOOWGLH %UXVWYRU+RIIQXQJXQGVHKQVFKWLJHP9HUODQJHQZHQQLFK GDUDQGHQNHZLHWlJOLFKMDVWQGOLFKGLH1DWXUPLULKUHUHLFKH 6FKDW]NDPPHUDXIVFKOLHHQZLUGGDPLWLFKGLHVHVMHQHVQLH
HUIRUVFKWH.OHLQRGPLU]XHLJQHQPHLQQHQQHQNDQQGDVQLH JHVHKHQH:XQGHU
,FKVHKH'LFKLURQLVFKOlFKHOQEHUPHLQHQ(QWKXVLDVPXVLFK K|UH'LFKVSUHFKHQª1XQMDHLQHQJDQ]HQQHXHQ 6ZDPPHUGDPPLQGHU7DVFKHZLUGHU]XUFNNHKUHQIUDJHLFK LKQDEHUQDFK1HLJXQJHQ6LWWHQ*HEUlXFKHQQDFKGHU /HEHQVZHLVHMHQHUIUHPGHQ9|ONHUGLHHUJHVHKHQZLOOLFKUHFKW HLQ]HOQH'HWDLOVZLVVHQZLHVLHLQNHLQHU5HLVHEHVFKUHLEXQJ VWHKHQZLHVLHQXUYRQ0XQG]X0XQGQDFKHU]lKOWZHUGHQ N|QQHQVR]HLJWHUPLUHLQSDDU0lQWHOXQGHLQSDDU .RUDOOHQVFKQUHXQGYHUPDJVRQVWQLFKWYLHO]XVDJHQ(UYHUJLW EHUVHLQH0LOEHQVHLQH.lIHUVHLQH6FKPHWWHUOLQJHGLH 0HQVFKHQ© ±
,FKZHL'XILQGHVWHVVRQGHUEDUGDPHLQ)RUVFKXQJVWULHE JUDGH]XGHP5HLFKHGHU,QVHNWHQVLFKKLQJHQHLJWXQGLFKNDQQ 'LULQGHU7DWQLFKWVDQGHUHVGDUDXIDQWZRUWHQDOVGDGLHHZLJH 0DFKWQXQJUDGHGLHVH 1HLJXQJVRLQPHLQ,QQHUVWHV KLQHLQJHZHEWKDWGDPHLQJDQ]HV,FKVLFKQXULQGLHVHU1HLJXQJ ]XJHVWDOWHQYHUPDJ1LFKWYRUZHUIHQGDUIVW'XPLUDEHUGDLFK EHUGLHVHQ7ULHEGHU'LUVHOWVDPHUVFKHLQWGLH0HQVFKHQRGHU JDU9HUZDQGWH)UHXQGHYHUQDFKOlVVLJHYHUJHVVH1LHPDOVZHUGH LFKHVGDKLQEULQJHQHVMHQHPDOWHQKROOlQGLVFKHQ2EULVWOLHXWQDQW JOHLFK]XWXQGHU± GRFKXP'LFKGXUFKGHQ9HUJOHLFKGHQ'X GDQQ]ZLVFKHQGLHVHP$OWHQXQGPLUDQVWHOOHQPXW]X HQWZDIIQHQHU]lKOHLFK'LUGLHPHUNZUGLJH+LVWRULHGLHPLU HEHQLQGHQ6LQQNDPDXVIKUOLFK± 'HUDOWH2EULVWOLHXWQDQWLFK PDFKWHLQ.|QLJVEHUJVHLQH%HNDQQWVFKDIW ZDUZDV,QVHNWHQ EHWULIIWGHUHLIULJVWHXQHUPGHWVWH1DWXUIRUVFKHUGHQHVMHPDOV JHJHEHQKDEHQPDJ'LHJDQ]HEULJH:HOWZDUIULKQWRWXQG ZRGXUFKHUVLFKGHUPHQVFKOLFKHQ*HVHOOVFKDIWDOOHLQQXUNXQGWDW GDVZDUGHUXQDXVVWHKOLFKVWHOlFKHUOLFKVWH*HL]XQGGLHIL[H,GHH GDHUHLQPDOPLWWHOVWHLQHV:HLEURWVYHUJLIWHWZHUGHQZUGH± ,UUHLFKQLFKWVRKHLWGLHV:HLEURWLP 'HXWVFKHQ6HPPHO± (LQ VROFKHV%URWEXFNHUVLFKMHGHQ0RUJHQVHOEVWQDKPHVZDUHU ]X7LVFKHJHEHWHQPLWXQGZDUQLFKWGDKLQ]XEULQJHQHLQ DQGHUHV%URW]XJHQLHHQ$OV%HZHLVVHLQHVWROOHQ*HL]HVPDJ 'LUGHU8PVWDQGJHQJHQGDHUVHLQHV$OWHUV XQHUDFKWHWHLQ UVWLJHU0DQQ6FKULWWYRU6FKULWWPLWZHLWYRQGHP/HLEH ZHJJHVWUHFNWHQ$UPHQDXIGHQ6WUDHQHLQKHUJLQJGDPLW± GLH
DOWH8QLIRUPVLFKQLFKWDEVFKHXUHVRQGHUQIHLQNRQVHUYLHUH'RFK ]XU6DFKH± 'HU$OWHKDWWHNHLQHQ9HUZDQGWHQDXIGHUJDQ]HQ (UGHDOVHLQHQMQJHUHQ%UXGHUGHULQ$PVWHUGDPOHEWH'UHLLJ -DKUHKDWWHQGLH%UGHUVLFKQLFKWJHVHKHQGDPDFKWHGHU $PVWHUGDPHUYRQGHP9HUODQJHQJHWULHEHQGHQ%UXGHUQRFK HLQPDOZLHGHU]XVHKHQVLFKDXIGHQ:HJQDFK.|QLJVEHUJ± (U WULWWHLQLQGDV=LPPHUGHV$OWHQ± 'HU$OWHVLW]WDQGHP7LVFKH XQGEHWUDFKWHWGDV+DXSWKLQEHUJHEHXJWGXUFKHLQH/XSHHLQHQ NOHLQHQVFKZDU]HQ3XQNWDXIHLQHPZHLHQ%ODWW3DSLHU'HU %UXGHUHUKHEWHLQODXWHV)UHXGHQJHVFKUHLHUZLOOGHP$OWHQLQGLH $UPHVWU]HQGHU DEHURKQHGDV$XJHYRQGHP3XQNW]X YHUZHQGHQZLQNWLKQPLWGHU+DQG]XUFNJHELHWHWLKPPLW HLQHPZLHGHUKROWHQª6W ± 6W ± 6W ±©6WLOOVFKZHLJHQª%UXGHU© UXIWGHU$PVWHUGDPHUª%UXGHUZDVKDVWGXYRU± *HRUJLVWGD GHLQ%UXGHULVWGDDXV $PVWHUGDPKHUJHUHLVHWXPGLFKGHQHU VHLWGUHLLJ-DKUHQQLFKWVDKQRFKZLHGHU]XVHKHQLQGLHVHP /HEHQ©± $EHUXQEHZHJOLFKEOHLEWGHU$OWHXQGOLVSHOWª6W ± 6W ± 6W ± 7LHUFKHQVWLUEW©± 1XQEHPHUNWGHU$PVWHUGDPHUHUVWGD GHUVFKZDU]H3XQNWHLQNOHLQHV:UPFKHQLVWGDVVLFKLQGHQ .RQYXOVLRQHQGHV7RGHVNUPPWXQGZLQGHW'HU$PVWHUGDPHU HKUWGLH/HLGHQVFKDIWGHV%UXGHUVVHW]WVLFKVWLOOQHEHQLKPKLQ $OVQXQDEHUHLQH6WXQGHYHUJHKWZlKUHQGGHU$OWHDXFKQLFKW PLWHLQHP%OLFNVLFKXPGHQ%UXGHU NPPHUWVSULQJWGLHVHU XQJHGXOGLJDXIYHUOlWPLWHLQHPGHUEHQKROOlQGLVFKHQ)OXFKGDV =LPPHUVHW]WVLFKDXI]XU6WHOOHXQGNHKUW]XUFNQDFK $PVWHUGDPRKQHGDGHU$OWHYRQDOOHPDXFKQXUGLHPLQGHVWH 1RWL]QLPPW± )UDJH'LFKVHOEVW(GXDUGRELFK WUlWHVW'X SO|W]OLFKKLQHLQLQPHLQH.DMWHXQGIlQGHVWPLFKYHUWLHIWLQGLH %HWUDFKWXQJLUJHQGHLQHVPHUNZUGLJHQ,QVHNWVRELFKGDQQGDV ,QVHNWXQEHZHJOLFKDQVFKDXHQRGHU'LULQGLH$UPHVWU]HQ ZUGH" 'XPDJVWPHLQOLHEHU)UHXQGGHQQDXFKGDUDQGHQNHQGDGDV 5HLFKGHU,QVHNWHQJHUDGHGDVZXQGHUEDUVWHJHKHLPQLVYROOVWHLQ GHU1DWXULVW+DWHVPHLQ)UHXQG%URXJWKRQPLWGHU3IODQ]HQ XQGPLWGHUYROONRPPHQDXVJHELOGHWHQ7LHUZHOW]XWXQVRELQLFK DQJHVLHGHOWLQGHU+HLPDWGHUVHOWVDPHQRIWXQHUIRUVFKOLFKHQ :HVHQGLHGHQhEHUJDQJGLH9HUNQSIXQJ]ZLVFKHQEHLGHQ ELOGHQ± 'RFK± LFKK|UHDXIXP'LFKQLFKW]XHUPGHQXQG VHW]HQXUQRFKXP'LFKXP'HLQSRHWLVFKHV*HPWJDQ]]X
EHVFKZLFKWLJHQJDQ]PLWPLUDXV]XV|KQHQKLQ]XGDHLQ GHXWVFKHUJHLVWUHLFKHU'LFKWHUGLHLQGHQVFK|QVWHQ )DUEHQVFKPHO]JHSXW]WHQ,QVHNWHQIUHLJHZRUGHQH%OXPHQQHQQW (UODEH'LFKDQGLHVHPVFK|QHQ%LOGH ± 8QGHLJHQWOLFK± ZDUXPVDJWLFKVRYLHOXPPHLQH1HLJXQJ]X UHFKWIHUWLJHQ"*HVFKDKHVQLFKWXPPLFKVHOEVW]XEHUUHGHQ GDPLFKEORGHUDOOJHPHLQH'UDQJGHV)RUVFKHQV XQZLGHUVWHKOLFKQDFK2:DKXWUHLEWGDHVQLFKWYLHOPHKUHLQH VRQGHUEDUH$KQXQJLUJHQGHLQHVXQHUK|UWHQ(UHLJQLVVHVLVWGHP LFKHQWJHJHQJHKH"± -D(GXDUGHEHQLQGLHVHP$XJHQEOLFN HUIDWPLFKGLHVH$KQXQJPLWVROFKHU*HZDOWGDLFKQLFKW YHUP|JHQGELQZHLWHU]XVFKUHLEHQ± 'XZLUVWPLFKIUHLQHQ QlUULVFKHQ7UlXPHUKDOWHQDEHUHVLVWQLFKWDQGHUVGHXWOLFK VWHKWHVLQPHLQHU6HHOHGDPLFKLQ2:DKXGDVJU|WH*OFN RGHUXQYHUPHLGOLFKHV9HUGHUEHQHUZDUWHW ± 'HLQWUHXVWHUHWF
'HUVHOEHDQGHQVHOEHQ
+DQDUXUXDXI2:DKXGHQ'H]
1HLQ± LFKELQNHLQ7UlXPHUDEHUHVJLEW$KQXQJHQ± $KQXQJHQ GLHQLFKWWUJHQ± (GXDUG± LFKELQGHUJOFNOLFKVWH0HQVFK XQWHUGHU6RQQHDXIGHQK|FKVWHQ3XQNWGHV/HEHQVJHVWHOOW± $EHUZLHVROOLFK'LUGHQQDOOHVHU]lKOHQGDPLW'XPHLQH:RQQH PHLQXQDXVVSUHFKOLFKHV(QW]FNHQJDQ]IKOVW"± LFKZLOOPLFK IDVVHQLFKZLOOYHUVXFKHQRELFKLPVWDQGHELQ'LUGDVDOOHVZLH HVVLFK]XWUXJUXKLJ]XEHVFKUHLEHQ
8QIHUQ+DQDUXUX.|QLJ7HLPRWXV5HVLGHQ]ZRHUXQVIUHXQGOLFK DXIJHQRPPHQOLHJWHLQHDQPXWLJH:DOGXQJ'RUWKLQEHJDELFK PLFKJHVWHUQDOVVFKRQGLH6RQQH]XVLQNHQEHJDQQ,FKKDWWH YRUZRP|JOLFKHLQHQVHKUVHOWHQHQ6FKPHWWHUOLQJGHU1DPH ZLUG'LFKQLFKWLQWHUHVVLHUHQ HLQ]XIDQJHQGHUQDFK 6RQQHQXQWHUJDQJVHLQHQLUUHQ.UHLVIOXJEHJLQQW'LH/XIWZDU VFKZOYRQZROOVWLJHP$URPDGXIWHQGHU.UlXWHUHUIOOW$OVLFK LQGHQ:DOGWUDWIKOWLFKHLQVHOWVDPVHV%DQJHQPLFK GXUFKEHEWHQJHKHLPQLVYROOH6FKDXHUGLHVLFKDXIO|VWHQLQ VHKQVFKWLJH6HXI]HU'HU1DFKWYRJHOQDFKGHPLFK DXVJHJDQJHQHUKREVLFKGLFKWYRUPLUDEHUNUDIWORVKLQJHQGLH $UPHKHUDEZLHVWDUUVFKWLJYHUPRFKWHLFKQLFKWYRQGHU6WHOOH ]XJHKHQQLFKWGHQ1DFKWYRJHO]X YHUIROJHQGHUVLFK IRUWVFKZDQJLQGHQ:DOG± 'DZXUGLFKKLQHLQJH]RJHQZLHYRQ XQVLFKWEDUHQ+lQGHQLQHLQ*HEVFKGDVPLFKLP6lXVHOQXQG 5DXVFKHQZLHPLW]lUWOLFKHQ/LHEHVZRUWHQDQVSUDFK.DXP KLQHLQJHWUHWHQHUEOLFNHLFK± 2 +LPPHO± DXIGHPEXQWHQ 7HSSLFKHJOlQ]HQGHU7DXEHQIOJHOOLHJWGLHQLHGOLFKVWHVFK|QVWH OLHEOLFKVWH,QVXODQHULQGLHLFKMHPDOVJHVHKHQ± 1HLQ± QXUGLH lXHUHQ.RQWXUH]HLJWHQGDGDVKROGH:HVHQ]XGHP *HVFKOHFKWHGHUKLHVLJHQ,QVXODQHULQQHQJHK|UWH± )DUEH +DOWXQJ$XVVHKHQDOOHVZDUVRQVWDQGHUV± 'HU$WHPVWRFNWH PLUYRUZRQQHYROOHP6FKUHFN± %HKXWVDPQlKHUWHLFKPLFKGHU .OHLQHQ± 6LHVFKLHQ]XVFKODIHQ± LFKIDWHVLHLFKWUXJVLHPLW PLUIRUW± GDVKHUUOLFKVWH.OHLQRGGHU,QVHOZDUPHLQ± ,FK QDQQWHVLH+DLPDWRFKDUHNOHEWHLKUJDQ]HVNOHLQHV=LPPHUPLW
VFK|QHP*ROGSDSLHUHDXVEHUHLWHWHLKUHLQ/DJHUYRQHEHQGHQ EXQWHQJOlQ]HQGHQ7DXEHQIHGHUQDXIGHQHQLFKVLHJHIXQGHQ± 6LHVFKHLQWPLFK]XYHUVWHKHQ]XDKQHQZDVVLHPLULVW9HU]HLK PLU(GXDUG± LFKQHKPH$EVFKLHGYRQ'LU± LFKPXVHKHQZDV PHLQOLHEOLFKHV:HVHQPHLQH+DLPDWRFKDUHPDFKW± LFK|IIQHLKU NOHLQHV=LPPHU± 6LHOLHJWDXILKUHP/DJHUVLHVSLHOWPLWGHQ EXQWHQ)HGHUFKHQ± 2 +DLPDWRFKDUH± /HEHZRKO(GXDUG 'HLQWUHXVWHUHWF
%URXJWKRQDQGHQ*RXYHUQHXUYRQ1HX6G:DOHV
+DQDUXUXGHQ'H]
&DSLWDLQ%OLJKKDW(Z([]HOOHQ]EHUXQVHUHJOFNOLFKH)DKUW EHUHLWVDXVIKUOLFKHQ%HULFKWHUVWDWWHWXQGDXFKJHZLQLFKW XQWHUODVVHQGLHIUHXQGOLFKH$UW]XUKPHQPLWGHUXQVHU)UHXQG 7HLPRWXXQVDXIJHQRPPHQ7HLPRWXLVWHQW]FNWEHU (Z ([]HOOHQ]UHLFKHV*HVFKHQNXQGZLHGHUKROWHLQ0DOEHUGDV DQGHUHGDZLUDOOHVZDV2:DKXQXUIUXQV1W]OLFKHVXQG :HUWHVHU]HXJWDOVXQVHU(LJHQWXPEHWUDFKWHQVROOHQ$XIGLH .|QLJLQ.DKXPDQXKDWGHUJROGJHVWLFNWHURWH0DQWHOGHQ (Z ([]HOOHQ]PLUDOVIUVLHEHVWLPPWHV*HVFKHQNPLW]XJHEHQ GLH*QDGHKDWWHQHLQHQWLHIHQ(LQGUXFNJHPDFKWVRGDVLHLKUH YRULJHXQEHIDQJHQH+HLWHUNHLWYHUORUHQXQGLQDOOHUOHLIDQWDVWLVFKH 6FKZlUPHUHLHQJHUDWHQLVW6LHJHKWDPIUKHQ0RUJHQLQGDV WLHIVWHHLQVDPVWH'LFNLFKWGHV:DOGHVXQGEWVLFKLQGHPVLH GHQ0DQWHOEDOGDXIGLHVHEDOGDXIMHQH$UWEHUGLH6FKXOWHUQ ZLUIWLQPLPLVFKHQ'DUVWHOOXQJHQGLHVLHDEHQGVGHP YHUVDPPHOWHQ+RIH]XPEHVWHQJLEW'DEHLZLUGVLHRIWYRQHLQHU VHOWVDPHQ7URVWORVLJNHLWEHIDOOHQGLHGHPJXWHQ7HLPRWXQLFKW ZHQLJHQ.XPPHUYHUXUVDFKW± 0LULVWHVLQGHVVHQGRFKVFKRQRIW JHOXQJHQGLHMDPPHUYROOH.|QLJLQDXI]XKHLWHUQGXUFKHLQ )UKVWFNYRQJHU|VWHWHQ)LVFKHQGLHVLHVHKUJHUQLWXQGGDQQ HLQWFKWLJHV*ODV*LQRGHU5XPGDUDXIVHW]WZHOFKHVLKUHQ VHKQVFKWLJHQ6FKPHU]PHUNOLFKOLQGHUW6RQGHUEDULVWHVGD .DKXPDQXXQVHUP0HQ]LHVQDFKOlXIWDXI6WHJXQG:HJLKQ JODXEWVLHVLFKXQEHPHUNWLQLKUH$UPHVFKOLHWXQGPLW GHQ VHVWHQ1DPHQQHQQW,FKP|FKWHEHLQDKHJODXEHQGDVLHLKQ KHLPOLFKOLHEW 6HKUOHLGWXWHVPLUEULJHQV(Z([]HOOHQ]PHOGHQ]XPVVHQ GD0HQ]LHVYRQGHPLFKDOOHV*XWHVKRIIWHLQPHLQHQ )RUVFKXQJHQPLFKPHKUKLQGHUWDOVI|UGHUW.DKXPDQXV/LHEH VFKHLQWHUQLFKWHUZLGHUQ]XZROOHQGDJHJHQLVWHUYRQHLQHU DQGHUQW|ULFKWHQMDIUHYHOKDIWHQ/HLGHQVFKDIWHUJULIIHQGLHLKQ YHUOHLWHWKDWPLUHLQHQVHKUDUJHQ6WUHLFK]XVSLHOHQGHUNRPPW 0HQ]LHVQLFKWYRQVHLQHP:DKQ]XUFNXQVDXILPPHUHQW]ZHLHQ
NDQQ,FKEHUHXHVHOEVW(Z ([]HOOHQ]JHEHWHQ]XKDEHQLKP]X JHVWDWWHQGDHUGHU([SHGLWLRQQDFK2:DKXIROJH'RFKZLH NRQQWHLFKJODXEHQGDHLQ0DQQGHQLFKVRYLHOH-DKUHKLQGXUFK EHZlKUWJHIXQGHQVLFKSO|W]OLFKLQVHOWVDPHU9HUEOHQGXQJDXI VROFKH:HLVHlQGHUQVROOWH,FKZHUGHPLUHUODXEHQ(Z ([]HOOHQ] YRQGHQQlKHUHQ8PVWlQGHQGHVPLFKWLHINUlQNHQGHQ9RUIDOOV DXVIKUOLFKHQ%HULFKW]XHUVWDWWHQXQGVROOWH0HQ]LHVQLFKWZDV HUWDWZLHGHUJXWPDFKHQ(Z ([]HOOHQ]6FKXW]JHJHQHLQHQ 0DQQ]XHUELWWHQGHUVLFKHUODXEWIHLQGVHOLJ]XKDQGHOQGDZR HUPLWXQEHIDQJHQHU)UHXQGVFKDIWDXIJHQRPPHQZXUGH0LW WLHIHP5HVSHNWHWF
0HQ]LHVDQ%URXJWKRQ
1HLQ± QLFKWOlQJHUNDQQLFKHVHUWUDJHQ± 'XZHLFKVWPLUDXV 'XZLUIVWPLU%OLFNH]XLQGHQHQLFK=RUQXQG9HUDFKWXQJOHVH 'XVSULFKVWYRQ7UHXORVLJNHLWYRQ9HUUDWVRGDLFKHVDXIPLFK EH]LHKHQPX± 8QGGRFKVXFKHLFKLPJDQ]HQ5HLFKHGHU 0|JOLFKNHLWYHUJHEHQVHLQH8UVDFKHDXI]XILQGHQGLH'HLQ %HQHKPHQJHJHQ'HLQHQWUHXVWHQ)UHXQGDXILUJHQGHLQH:HLVH UHFKWIHUWLJHQN|QQWH:DVWDWLFK'LU"ZDVXQWHUQDKPLFKGDV 'LFKNUlQNWH"*HZLLVWHVQXUHLQ0LYHUVWlQGQLVGDV'LFKDQ PHLQHU/LHEHDQPHLQHU7UHXHHLQHQ$XJHQEOLFN]ZHLIHOQOlW,FK ELWWH'LFK%URXJWKRQNOlUHGDVXQJOFNOLFKH*HKHLPQLVDXI ZHUGHZLHGHUPHLQZLH'XHVZDUVW 'DYLVGHU'LUGLHV%ODWWEHUUHLFKWKDW%HIHKO'LFK]XELWWHQ GD'XDXIGHU6WHOOHDQWZRUWHVW0HLQH8QJHGXOGZLUGPLU]XU TXDOYROOVWHQ3HLQ
%URXJWKRQDQ0HQ]LHV
'XIUlJVWQRFKZRGXUFK'XPLFKEHOHLGLJW",QGHU7DWGLHVH 8QEHIDQJHQKHLWVWHKWGHPZRKODQGHUJHJHQ)UHXQGVFKDIW QHLQJHJHQGLHDOOJHPHLQHQ5HFKWHZLHVLHLQGHUEUJHUOLFKHQ 9HUIDVVXQJEHVWHKHQIUHYHOWHDXIHPS|UHQGH$UW± 'XZLOOVW PLFKQLFKWYHUVWHKHQ"1XQVRUXIHLFK'LUGHQQGDHVGLH:HOW K|UHXQGVLFKHQWVHW]HEHU'HLQH8QWDW± MDVRUXIHLFKGLUGHQQ GHQ1DPHQLQV2KUGHU'HLQHQ)UHYHODXVVSULFKW± +DLPDWRFKDUH± MD+DLPDWRFKDUHKDVW'XGLHJHQDQQWGLH'X PLUJHUDXEWGLH'XYHUERUJHQKlOWVWYRUDOOHU:HOWGLHPHLQZDU MDGLHLFKPLWVHP6WRO]PHLQQHQQHQZROOWHLQHZLJ IRUWGDXHUQGHQ$QQDOHQ$EHUQHLQQRFKZLOOLFKQLFKWYHU]ZHLIHOQ DQ'HLQHU7XJHQGQRFKZLOOLFKJODXEHQGD'HLQWUHXHV+HU]GLH XQJOFNOLFKH/HLGHQVFKDIWEHVLHJHQZLUGGLH'LFKIRUWULLPMlKHQ 7DXPHO± 0HQ]LHV± *LEPLU+DLPDWRFKDUHKHUDXVXQGLFK GUFNH'LFKDOVPHLQHQWUHXVWHQ)UHXQGDOVPHLQHQ +HU]HQVEUXGHUDQPHLQH%UXVW9HUJHVVHQLVWGDQQDOOHU6FKPHU] GHU:XQGHGLH'XPLUVFKOXJVWGXUFK'HLQH± XQEHVRQQHQH7DW -D± QXUXQEHVRQQHQQLFKWWUHXORVQLFKWIUHYHOKDIWZLOOLFK +DLPDWRFKDUHV5DXEQHQQHQ± *LEPLU+DLPDWRFKDUHKHUDXV ±
0HQ]LHVDQ%URXJWKRQ
)UHXQGZHOFKHLQVHOWVDPHU:DKQVLQQKDW'LFKHUJULIIHQ"'LU ± 'LUVROOWHLFK+DLPDWRFKDUHJHUDXEWKDEHQ"+DLPDWRFKDUHGLHVR ZLHLKUJDQ]HV*HVFKOHFKW'LUDXFKQLFKWLPPLQGHVWHQHWZDV DQJHKW± +DLPDWRFKDUHGLHLFKIUHLLQGHUIUHLHQ1DWXUDXIGHP VFK|QVWHQ7HSSLFKHVFKODIHQGIDQGGHUHUVWHGHUVLHEHWUDFKWHWH PLW OLHEHQGHQ$XJHQGHUHUVWHGHULKU1DPHQJDEXQG6WDQG± ,Q:DKUKHLWQHQQVW'XPLFKWUHXORVVRPXLFK'LFKYHUUFNW VFKHOWHQGD'XYRQHLQHUVFKQ|GHQ(LIHUVXFKWYHUEOHQGHWLQ $QVSUXFKQLPPVWZDVPHLQHLJHQJHZRUGHQXQGEOHLEHQZLUG LPPHUGDU0HLQ LVW+DLPDWRFKDUHXQGPHLQZHUGHLFKVLHQHQQHQ LQMHQHQ$QQDOHQZR'XSUDKOHULVFK]XSUXQNHQJHGHQNHVWPLW GHP(LJHQWXPGHVDQGHUQ1LHZHUGLFKPHLQHJHOLHEWH +DLPDWRFKDUHYRQPLUODVVHQDOOHVMDPHLQ/HEHQGDVQXUGXUFK VLHVLFK]XJHVWDOWHQYHUPDJ JHKLFKIUHXGLJKLQIU +DLPDWRFKDUH ±
%URXJWKRQDQ0HQ]LHV
6FKDPORVHU5lXEHU± +DLPDWRFKDUHVROOPLUQLFKWVDQJHKHQ",Q GHU)UHLKHLWKDVW'XVLHJHIXQGHQ"/JQHUZDUGHU7HSSLFKDXI GHP+DLPDWRFKDUHVFKOLHIQLFKWPHLQ(LJHQWXPPXWHVW'X QLFKWGDUDQHUNHQQHQGD+DLPDWRFKDUHPLU ± PLUDOOHLQ DQJHK|UWH"*LEPLU+DLPDWRFKDUHKHUDXVRGHUNXQGPDFKHLFK GHU:HOW'HLQHQ)UHYHO1LFKWLFK'X± 'XDOOHLQELVWYRQGHU VFKQ|GHVWHQ(LIHUVXFKWYHUEOHQGHW'XZLOOVWSUXQNHQPLW IUHPGHP(LJHQWXPHDEHUGDVVROO'LUQLFKWJHOLQJHQ*LEPLU +DLPDWRFKDUHKHUDXVRGHULFKHUNOlUH'LFKIUGHQQLHGULJVWHQ 6FKXUNHQ ±
0HQ]LHVDQ%URXJWKRQ
'UHLIDFKHU6FKXUNH'XVHOEVW1XUPLWPHLQHP/HEHQODVVHLFK +DLPDWRFKDUH
%URXJWKRQDQ0HQ]LHV
1XUPLW'HLQHP /HEHQOlW'X6FKXUNH+DLPDWRFKDUH"± *XWVR P|JHQGHQQPRUJHQDEHQGVXPVHFKV8KUDXIGHP|GHQ3ODW]H YRU+DQDUXUXXQIHUQGHV9XONDQVGLH:DIIHQEHU +DLPDWRFKDUHV%HVLW]HQWVFKHLGHQ,FKKRIIHGD'HLQH3LVWROHQ LP6WDQGHVLQG
0HQ]LHVDQ%URXJWKRQ
,FKZHUGHPLFK]XUEHVWLPPWHQ6WXQGHDPEHVWLPPWHQ3ODW] HLQILQGHQ+DLPDWRFKDUHVROO=HXJLQGHV.DPSIHVVHLQXPLKUHQ %HVLW]
&DSLWDLQ%OLJKDQGHQ*RXYHUQHXUYRQ1HX6G:DOHV
+DQDUXUXDXI2:DKXGHQ'H]
(Z([]HOOHQ]GHQHQWVHW]OLFKHQ9RUIDOOGHUXQV]ZHLGHU VFKlW]EDUVWHQ0lQQHUJHUDXEWKDW]XEHULFKWHQLVWPLUWUDXULJH 3IOLFKW/lQJVWKDWWHLFKEHPHUNWGDGLH+HUUHQ0HQ]LHVXQG %URXJWKRQZHOFKHVRQVWLQLQQLJVWHU)UHXQGVFKDIWYHUEXQGHQ HLQ+HU] HLQH6HHOHVFKLHQHQGLHVRQVWVLFKQLFKW]XWUHQQHQ YHUPRFKWHQPLWHLQDQGHUHQW]ZHLWZDUHQRKQHGDLFKDXFKQXU LPPLQGHVWHQHUUDWHQNRQQWHZDVZRKOGLH8UVDFKHGDYRQVHLQ N|QQH=XOHW]WYHUPLHGHQVLHPLW6RUJIDOWVLFK]XQlKHUQXQG ZHFKVHOWHQ%ULHIHGLHXQVHU6WHXHUPDQQ'DYLVKLQXQGKHU WUDJHQPXWH'DYLVHU]lKOWHPLUGDEHLGHEHLGHP(PSIDQJ GHU%ULHIHLPPHULQGLHK|FKVWH%HZHJXQJJHUDWHQZlUHQXQG GDYRU]JOLFK%URXJWKRQ]XOHW]WJDQ])HXHUXQG)ODPPH JHZHVHQ*HVWHUQDEHQGKDWWH'DYLVEHPHUNWGD%URXJWKRQ VHLQH3LVWROHQOXGXQGKLQDXVHLOWHDXV+DQDUXUX(UNRQQWHPLFK QLFKWJOHLFKDXIILQGHQ$XIGHU6WHOOHDOVHUPLUHQGOLFKGHQ 9HUGDFKWPLWWHLOWHGD0HQ]LHVPLW%URXJWKRQZRKOHLQ'XHOO YRUKDEHQN|QQWHEHJDELFKPLFKPLWGHP/LHXWQDQW&ROOQHWXQG GHP6FKLIIVFKLUXUJXV+HUUQ:KLGE\KLQDXVQDFKGHP|GHQ3ODW] XQIHUQGHVYRU+DQDUXUXOLHJHQGHQ9XONDQV'HQQGRUWVFKLHQ PLUZDUZLUNOLFKYRQHLQHP'XHOOGLH5HGHGLHVFKLFNOLFKVWH *HJHQGGD]X]XVHLQ,FKKDWWHPLFKQLFKWJHWlXVFKW1RFKHKH ZLUGHQ3ODW]HUUHLFKWK|UWHQZLUHLQHQ6FKXXQGXQPLWWHOEDU GDUDXIGHQ]ZHLWHQ:LUEHVFKOHXQLJWHQXQVHUH6FKULWWHVRJXW ZLUHVYHUPRFKWHQXQGGRFKNDPHQZLU]XVSlW:LUIDQGHQ 0HQ]LHVXQG%URXJWKRQLQLKUHP%OXWHDXIGHU(UGHOLHJHQGLHVHU GXUFKGHQ.RSIMHQHUGXUFKGLH%UXVWW|GOLFKJHWURIIHQEHLGH RKQHGLHPLQGHVWH6SXUGHV/HEHQV± .DXP]HKQ6FKULWWHKDWWHQ VLHDXVHLQDQGHUJHVWDQGHQXQG]ZLVFKHQLKQHQODJGHU XQJOFNOLFKH*HJHQVWDQGGHQPLU0HQ]LHV 3DSLHUHDOVGLH 8UVDFKHGLH%URXJWKRQV+DXQG(LIHUVXFKWHQW]QGHWH EH]HLFKQHQ,QHLQHUNOHLQHQPLWVFK|QHP*ROGSDSLHU DXVJHNOHEWHQ6FKDFKWHOIDQGLFKXQWHUJOlQ]HQGHQ)HGHUQHLQ VHKUVHOWVDPJHIRUPWHVVFK|QJHIlUEWHVNOHLQHV,QVHNWGDVGHU QDWXUNXQGLJH'DYLVIUHLQ/lXVOHLQHUNOlUHQZROOWHZHOFKHV
MHGRFKZDVYRU]JOLFK)DUEHXQGGLHJDQ]VRQGHUEDUH)RUPGHV +LQWHUOHLEHVXQGGHU)FKHQDQODQJHYRQDOOHQELVMHW]W DXIJHIXQGHQHQ7LHUFKHQGHU$UWPHUNOLFKDEZHLFKH$XIGHP 'HFNHOVWDQGGHU1DPH+DLPDWRFKDUH 0HQ]LHVKDWWHGLHVHVVHOWVDPHELVMHW]WJDQ]XQEHNDQQWH 7LHUFKHQDXIGHP5FNHQHLQHUVFK|QHQ7DXEHGLH%URXJWKRQ KHUDEJHVFKRVVHQJHIXQGHQXQGZROOWHGDVVHOEHDOVGHVVHQ HUVWHU)LQGHUXQWHUGHPHLJQHQ1DPHQ+DLPDWRFKDUHLQGHU QDWXUNXQGLJHQ:HOWHLQIKUHQ%URXJWKRQEHKDXSWHWHGDJHJHQ GDHUGHUHUVWH)LQGHUVHLGDGDV,QVHNWDXIGHP.|USHUGHU 7DXEHJHVHVVHQGLHHUKHUDEJHVFKRVVHQXQGZROOWHGLH +DLPDWRFKDUHVLFKDQHLJQHQ'DUEHUHQWVWDQGGHU YHUKlQJQLVYROOH6WUHLW]ZLVFKHQGHQEHLGHQHGOHQ0lQQHUQGHU LKQHQGHQ7RGJDE
9RUOlXILJEHPHUNHLFKGD+HUU0HQ]LHVGDV7LHUFKHQIUHLQH JDQ]QHXH*DWWXQJHUNOlUWXQGHVLQGLH0LWWHVWHOOW]ZLVFKHQ SHGLFXOXVSXEHVFHQVWKRUDFHWUDSH]RLGHRDEGRPLQHRYDOL SRVWHULXVHPDUJLQDWRDEODWHUHXQGXODWRHWFKDELWDQVLQKRPLQH +RWWHQWRWWLV*URHQODQGLVTXHHVFDPGLOHFWDPSUDHEHQV XQG ]ZLVFKHQQLUPXVFUDVVLFRUQLVFDSLWHRYDWRREORQJRVFXWHOOR WKRUDFHPDMRUHDEGRPLQHOLQHDULODQFHRODWRKDELWDQVLQDQDWH DQVHUHHWERVFKDGH
$XVGLHVHQ$QGHXWXQJHQGHV+HUUQ0HQ]LHVZHUGHQ(Z ([]HOOHQ] VFKRQ]XHUPHVVHQJHUXKHQZLHHLQ]LJLQVHLQHU$UWGDV7LHUFKHQ LVWXQGLFKGDUIXQHUDFKWHWLFKNHLQHLJHQWOLFKHU1DWXUIRUVFKHU ELQZRKOKLQ]XVHW]HQGDGDV,QVHNWDXIPHUNVDPGXUFKGLH /XSHEHWUDFKWHWHWZDVJDQ]XQJHPHLQ$Q]LHKHQGHVKDWGDV YRU]JOLFKGHQEODQNHQ$XJHQGHPVFK|QJHIlUEWHQ5FNHQXQG HLQHUJHZLVVHQDQPXWLJHQVROFKHQ7LHUFKHQVRQVWJDUQLFKW HLJQHQ/HLFKWLJNHLWGHU%HZHJXQJ]X]XVFKUHLEHQLVW
,FKHUZDUWH(Z([]HOOHQ]%HIHKORELFKGDVXQJOFNVHOLJH 7LHUFKHQZRKOYHUSDFNWIU GDV0XVHXPHLQVHQGHQRGHUDOVGLH 8UVDFKHGHV7RGHV]ZHLHUYRUWUHIIOLFKHQ0HQVFKHQLQGLH7LHIHGHV 0HHUHVYHUVHQNHQVROO %LV]X(Z([]HOOHQ]KRKHQ(QWVFKHLGXQJEHZDKUW'DYLVGLH +DLPDWRFKDUHLQVHLQHUEDXPZROOQHQ0W]H,FKKDEHLKQIULKU
/HEHQIULKUH*HVXQGKHLWYHUDQWZRUWOLFKJHPDFKW*HQHKPLJHQ (Z ([]HOOHQ]GLH9HUVLFKHUXQJHWF
$QWZRUWGHV*RXYHUQHXUV
3RUW-DFNVRQGHQ0DL
0LWGHPWLHIVWHQ6FKPHU]KDWPLFK&DSLWDLQ,KU%HULFKWYRQGHP XQJOFNVHOLJHQ7RGHXQVHUHUEHLGHQZDFNHUQ1DWXUIRUVFKHU HUIOOW,VWHVP|JOLFKGDGHU(LIHUIUGLH:LVVHQVFKDIWGHQ 0HQVFKHQVRZHLWWUHLEHQNDQQGDHUYHUJLWZDVHUGHU )UHXQGVFKDIWMDGHP/HEHQLQGHUEUJHUOLFKHQ*HVHOOVFKDIW EHUKDXSWVFKXOGLJLVW"± ,FKKRIIHGDGLH+HUUHQ0HQ]LHVXQG %URXJWKRQDXIGLHDQVWlQGLJVWH:HLVHEHJUDEHQZRUGHQVLQG :DVGLH+DLPDWRFKDUHEHWULIIWVRKDEHQ6LH&DSLWDLQGLHVHOEH GHQXQJOFNOLFKHQ1DWXUIRUVFKHUQ]XU(KUHPLWGHQJHZ|KQOLFKHQ +RQQHXUVLQGLH7LHIHGHV0HHUHV]XYHUVHQNHQ9HUEOHLEHQGHWF
&DSLWDLQ%OLJKDQGHQ*RXYHUQHXUYRQ1HX6G:DOHV
$P%RUGGHU'LVNRYHU\GHQ2NW
(Z([]HOOHQ]%HIHKOHLQ$QVHKXQJGHU+DLPDWRFKDUHVLQGEHIROJW ,Q*HJHQZDUWGHUIHVWOLFKJHNOHLGHWHQ0DQQVFKDIWVRZLHGHV .|QLJV7HLPRWXXQGGHU.|QLJLQ .DKXPDQXGLHPLWPHKUHUHQ *URHQGHV5HLFKVDQ%RUGJHNRPPHQZDUHQZXUGHJHVWHUQ DEHQG3XQNW 8KUYRQGHP/LHXWQDQW&ROOQHW+DLPDWRFKDUHDXV GHUEDXPZROOQHQ0W]HGHV'DYLVJHQRPPHQXQGLQGLHPLW *ROGSDSLHUDXVJHNOHEWH6FKDFKWHOJHWDQGLHVRQVWLKUH:RKQXQJ JHZHVHQXQGQXQLKU6DUJVHLQVROOWHGLHVH6FKDFKWHODEHUGDQQ DQHLQHQJURHQ6WHLQEHIHVWLJWXQGYRQPLUVHOEVWXQWHU GUHLPDOLJHU$EIHXHUXQJGHV*HVFKW]HVLQGDV0HHUJHZRUIHQ +LHUDXIVWLPPWHGLH.|QLJLQ.DKXPDQXHLQHQ*HVDQJDQLQGHQ VlPWOLFKH2:DKXHUHLQVWLPPWHQXQGGHUVRDEVFKHXOLFKNODQJ DOVHVGLHHUKDEHQH:UGHGHV$XJHQEOLFNVHUIRUGHUWH+LHUDXI ZXUGHGDV*HVFKW]QRFKGUHLPDODEJHIHXHUWXQG)OHLVFKXQG 5XPXQWHUGLH0DQQVFKDIWYHUWHLOW7HLPRWX.DKXPDQXVRZLHGLH EULJHQ2:DKXHUZXUGHQPLW*URJXQGDQGHUQ(UIULVFKXQJHQ EHGLHQW'LHJXWH.|QLJLQNDQQVLFKQRFKJDUQLFKW ]XIULHGHQJHEHQEHUGHQ7RGLKUHVOLHEHQ0HQ]LHV6LHKDWVLFK XPGDV$QGHQNHQGHVJHOLHEWHQ0DQQHV]XHKUHQHLQHQJURHQ +DLILVFK]DKQLQGHQ+LQWHUQJHERKUWXQGOHLGHWYRQGHU:XQGH QRFKJURH6FKPHU]HQ 1RFKPXLFKHUZlKQHQGD'DYLVGHUWUHXH3IOHJHUGHU +DLPDWRFKDUHHLQHVHKUUKUHQGH5HGHKLHOWZRULQHUQDFKGHP HU+DLPDWRFKDUHV/HEHQVODXILQGHU.U]HEHVFKULHEHQYRQGHU 9HUJlQJOLFKNHLWDOOHV,UGLVFKHQKDQGHOWH'LHKlUWHVWHQ0DWURVHQ NRQQWHQVLFKGHU7UlQHQQLFKWHQWKDOWHQXQGGDGXUFKGDHULQ DEJHVHW]WHQ3DXVHQHLQ]ZHFNPlLJHV*HKHXODXVVWLHEUDFKWH 'DYLVHVDXFKGDKLQGDGLH2:DKXHUHQWVHW]OLFKKHXOWHQ ZHOFKHVGLH:UGHXQG)HLHUOLFKNHLWGHU+DQGOXQJQLFKWZHQLJ HUK|KWH *HQHKPLJHQ(Z([]HOOHQ]HWF