6&,77'(5=:(5* 52%(57)(/'+2)) 3HUU\5KRGDQ7DVFKHQEXFK
6FLWWZDUEHLGHU*HEXUWZHVHQWOLFKNOHLQHUDOV...
46 downloads
212 Views
237KB 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
6&,77'(5=:(5* 52%(57)(/'+2)) 3HUU\5KRGDQ7DVFKHQEXFK
6FLWWZDUEHLGHU*HEXUWZHVHQWOLFKNOHLQHUDOVHLQ'XUFKVFKQLWWVNLQG(UZRJ NDXPHLQ.LORJUDPPXQGRKQHPHGL]LQLVFKH+LOIHZlUHHULQGHQHUVWHQ]HKQ 0LQXWHQJHVWRUEHQ:HVKDOEGLHbU]WHQLFKWVFKRQLP0XWWHUOHLEGLHULFKWLJH 'LDJQRVHJHVWHOOWKDWWHQ"1LHPDQGZXWHHVYLHOOHLFKW)OFKWLJNHLWRGHUHLQ )HKOHULQGHU9HUZDOWXQJ 1DFKGHU*HEXUWMHGHQIDOOVZDUGHU)HKOHUQLFKWPHKU]XEHKHEHQ0DQKlWWH 6FLWWPLW:DFKVWXPVKRUPRQHQRGHU:XQGHUPLWWHOQYRQ$UDORQEHKDQGHOQ N|QQHQGRFKQLHPDQGPRFKWHLQ$QEHWUDFKWGHVJHULQJHQ*HZLFKWVGDV5LVLNR WUDJHQ-HZHQLJHU(LQJULIIHLQGHQ2UJDQLVPXVYRUJHQRPPHQZXUGHQGHVWR JHVQGHUZUGHGHU.|USHUZDFKVHQ =XPLQGHVWGLHN|USHUOLFKHQ3URSRUWLRQHQVWLPPWHQ'LH$UPHZDUHQVRODQJ XQGEHZHJOLFKZLHVLHVHLQVROOWHQXQGGDVVHOEHJDOWIU5XPSIXQG%HLQH 6FLWWVFKULHDXVGDXHUQG6HLQH6WLPPHVWDQGLQNHLQHP9HUKlOWQLV]XUJHULQJHQ .|USHUJU|HREZRKOVLHQRFKVFKULOOHUNODQJDOVHVEHL1HXJHERUHQHQ JHZ|KQOLFKGHU)DOOZDU 'LHVFKOLPPVWH%HKLQGHUXQJ]HLJWHVLFKDP5FNHQ 'RUWZXFKV]ZLVFKHQGHQ6FKXOWHUQHLQIDXVWJURHU%XFNHODXVGHP)OHLVFKGHU VHLQH%HZHJOLFKNHLWHLQVFKUlQNWHXQGPDQFKPDOVFKPHU]WH'LHbU]WHHUZRJHQ HLQHQRSHUDWLYHQ(LQJULIIHQWVFKLHGHQDEHUVFKOLHOLFKGDJHJHQ6RODQJHVLFK NHLQH.RPSOLNDWLRQHQHLQVWHOOWHQZUGHQVLHDXIGDV*HZLFKWGHV 1HXJHERUHQHQ5FNVLFKWQHKPHQ 8QGVSlWHUDOV6FLWWHWZD]ZHL-DKUHDOWXQGQRFKLPPHUVHKUNOHLQZDUKlWWHHU GHQ(LQJULIIQLFKWEHUOHEW,P%XFNHONRQ]HQWULHUWHQVLFK1HUYHQIDVHUQGLH HLJHQWOLFKLQV5FNHQPDUNJHK|UWHQ (UOHUQWHGDPLW]XOHEHQ Ä,FKPDJGLHDQGHUHQQLFKWVDJWHHUDOVHUJHUDGHEHJRQQHQKDWWHVLFK HLQLJHUPDHQIHKOHUIUHLDXV]XGUFNHQÄ6LHVFKODJHQPLFK6LHWXQPLUZHK Ä:DUXPVFKODJHQVLHGLFK"IUDJWHVHLQH0XWWHUEHVRUJW Ä:HLQLFKW $EHULP*UXQGHZXWHHUHVGRFK6FLWWHQWZLFNHOWHIUKHLQ*HIKOIUVHLQH $QGHUVDUWLJNHLW,QGHU(U]LHKXQJVVWlWWHNDPHUQXUPLW.LQGHUQ]XVDPPHQGLH lOWHUZDUHQDOVHU6FKRQJHJHQ.LQGHUVHLQHV$OWHUVYHUPRFKWHHUVLFK N|USHUOLFKQLFKWGXUFK]XVHW]HQ²XQGXQWHUGLHVHQ8PVWlQGHQZXUGHDXVLKP HLQ3UJHONQDEHGHULPPHUGHQ6FKXW]GHU$XIVHKHUQ|WLJKDWWH $XIGHUDQGHUHQ6HLWHZXUGHLKPEHUGXUFKVFKQLWWOLFKYLHO$XIPHUNVDPNHLW JHZLGPHW(UOHUQWHVFKQHOOHUDOVGLHDQGHUHQXQG.LQGHUQLPJOHLFKHQ$OWHU ZDUHUEDOGZHLWYRUDXV1DWUOLFKZXWHQVHLQH(OWHUQGDPLWQLFKWYLHO DQ]XIDQJHQ'LHJHLVWLJH(QWZLFNOXQJZDULKQHQHLQ'RUQLP$XJHZHLOVLH
6FLWWV,VRODWLRQQRFKYHUVWlUNWH$QGHUHUVHLWVVFKPHLFKHOWHHVLKQHQHLQ :XQGHUNLQGJH]HXJW]XKDEHQ 6FLWWZDUQLFKWVHKUUHGVHOLJ(UVFKZLHJOLHEHUXQGOLHGLHDQGHUHQVSUHFKHQ :HUYRQVHLQHQZHQLJHQ%HNDQQWHQQLFKW]XVHKUDXI$EVWDQGKLHOWOHUQWHLKQ DOVJXWHQ=XK|UHUNHQQHQ6RHUIXKUHUEHUGLH0HQVFKHQYLHOXQGPXWHYRQ VLFKVHOEVWZHQLJSUHLVJHEHQ 'HU%XFNHOZXFKVLPVHOEHQ7HPSRZLHVHLQ.|USHU0LW]HKQ-DKUHQZDUHU JHUDGHQHXQ]LJ=HQWLPHWHUJURXQGGHU%XFNHOKDWWHGDV)RUPDWHLQHUNOHLQHQ 0HORQH(VVDKDXVDOVJLQJHHUVWHWVQDFKYRUQJHEHXJW'DEHLYHUVXFKWHHU HUIROJORVVLFKP|JOLFKVWJHUDGH]XKDOWHQGHQ0DNHOXQWHUZHLWHU.OHLGXQJ]X YHUEHUJHQXQGP|JOLFKVWZHQLJPLW$OWHUVJHQRVVHQ]XVDPPHQ]XNRPPHQ%HL GHQlOWHUHQ.LQGHUQIDQGHUPHKU$QHUNHQQXQJZHLOHVGRUWQLFKWQXUXP GXPPH6SLHOHJLQJVRQGHUQRIWXP:LVVHQXQG*HVFKLFNOLFKNHLW $XIGLHVHQ*HELHWHQ]HLFKQHWH6FLWWVLFKDXV 2IWQDQQWHQGLHDQGHUHQLKQGHQÄ=ZHUJPDQFKPDOVRJDUHLQELFKHQ UHVSHNWYROO6FLWWGHU=ZHUJ(UEHKHUUVFKWH'LQJHDQGHQHQDQGHUH VFKHLWHUWHQ(OHNWURQLNLQWHUHVVLHUWHLKQHUZROOWHSUl]LVHVSUHFKHQXQG EHU]HXJHQN|QQHQ 0LWGUHL]HKQ-DKUHQKDWWHHUGLHQRUPDOH$XVELOGXQJGHV3ODQHWHQ DEJHVFKORVVHQ6HLQ9DWHUEHDQWUDJWH:HLWHUI|UGHUXQJEHLP'DE,QVWLWXWGHV ,PSHUDWRUVXQGLQ6FLWWV)DOOZXUGHSRVLWLYHQWVFKLHGHQ)U.RORQLDOZHOWHQZLH $OIDIDZDUGDVQLFKWHEHQVHOEVWYHUVWlQGOLFK6FLWWK|UWHGLHVEH]JOLFKH *HUFKWH(LQHVEHVDJWH'DEULIDSHUV|QOLFKKDEHGLH(QWVFKHLGXQJJHWURIIHQ (UELOGHWHVLFKZHQLJGDUDXIHLQ 0LWYLHU]HKQ-DKUHQYHUOLHHUGDV+DXVVHLQHU(OWHUQXQG]RJQDFK$OIDID&LW\ (LQH:HLOHOHEWHHURKQH$XIVLFKWYRQ(U]LHKXQJVSHUVRQHQ%LV]XP$QWULWWGHV 6WLSHQGLXPVGDXHUWHHVQRFKIDVWGUHL:RFKHQXQGHUEH]RJ]X/DVWHQGHV .RQWRVGDVVHLQ9DWHULKPHLQJHULFKWHWKDWWHHLQ$SDUWPHQWLPQlFKVWEHVWHQ :RKQKDXV9RQKLHUEHUEOLFNWHHUGHQJHVDPWHQLQQHUHQ%HUHLFK+RKHZHLH 7UPHZLHGHULQGHPHUVLFKJHUDGHHLQJHULFKWHWKDWWHGRPLQLHUWHQGDV (UVFKHLQXQJVELOG6LHEHKHUEHUJWHQJHVFKlIWOLFKH9HUWUHWXQJHQ.DXIKlXVHU %RWVFKDIWHQ 1LFKWZHLWHQWIHUQWHUVWUHFNWHVLFKGDV5DXPKDIHQDUHDO $OIDIDJHK|UWHQLFKW]XGHQUHLFKHQ.RORQLHQGHVKDOEEHREDFKWHWH6FLWWQXU ZHQLJ9HUNHKU9LHURGHUIQI6FKLIIHODQGHWHQDP7DJXQGHEHQVRYLHOH VWDUWHWHQ'LH9RUJlQJHOLHIHQODXWORVDEZHLOHLQOFNHQORVHU$NXVWLNVFKLUPGLH 6WDGWYRU/lUPVFKW]WH'DEHLKlWWH6FLWWHVJHQRVVHQVLFKEHLP6WDUWJHW|VH HLQHV'DEULID6FKODFKWVFKLIIVDXVGHP)HQVWHU]XEHXJHQ(UKlWWHGHQ)OXJGHV 5DXPHUVPLW$XJHQXQG2KUHQYHUIROJWXQGJHZDUWHWELVDP+LPPHOQLFKWV PHKU]XVHKHQZDU 6RDEHUVFKLHQGHU6WDUWYRUJDQJQXUKDOEVRPDMHVWlWLVFK9RUKHUKDWWHHU 5DXPVFKLIIHQXULP9LGHRRGHUDXI)RWRVJHVHKHQXQGHLQIDOVFKHV%LOG JHZRQQHQ7URW]GHPKLHOWHUDQVHLQHU9RUVWHOOXQJIHVW'LHVZDU$OIDID&LW\
NHLQHUGHUJURHQ+lIHQ$XI1RVPRGHU+DXSWZHOWGHV,PSHULXPV'DEULID KHUUVFKWHQJHZLDQGHUH=XVWlQGH,P1RUPRQ6\VWHPOLHIHQGLH)lGHQ ]XVDPPHQ(LQHV7DJHVZUGHHUGRUWKLQNRPPHQGDVVFKZRUVLFK6FLWW 'RUWZDUPDQDQGHQ$QEOLFNVRQGHUEDUHU*HVWDOWHQJHZ|KQW(VJDE$UDVXQG (UWUXVHUGHV&DUVXDOVFKHQ%XQGHVZRP|JOLFKVRJDU%OXHVXQG7RSVLGHU'HU $QEOLFNVHLQHV%XFNHOVZUGHQLHPDQGHQEHU*HEKUEHHLQGUXFNHQ'DQQ NRQQWHHUVHLQH)lKLJNHLWHQDXVVSLHOHQXQG]ZDURKQHGHQ'UXFNHLQHU VWlQGLJHQLQVWLQNWLYHQ9HUWHLGLJXQJVKDOWXQJ 6FLWWV%OLFNZDQGHUWHZHLWHU]XGHQ9LHUWHOQKLQWHUGHP5DXPKDIHQ(UZXWH GDGRUW6OXPVODJHQLQGHQHQRIWQXUPDVVLYHU3ROL]HLHLQVDW]GLH2UGQXQJ DXIUHFKWHUKLHOW1DFKGHQNOLFKIUDJWHHUVLFKREPDQLKQGRUWHKHUDN]HSWLHUHQ N|QQWHDOVKLHUZRVFKRQVHLQ$QEOLFNGLHKHLOH:HOWGHU/HXWHEHGURKWH$EHU YHUPXWOLFKQLFKWHLQ.USSHOZDUEHUDOOHLQ.USSHO Ä'HLQ1DPHLVW6FLWW"IUDJWHGHU+DXVYHUZDOWHUPLWUDXLVFK 'HUJURH0DQQKLHOW6FLWWV$XVZHLVNDUWHLQGHU+DQGXQGPXVWHUWHLKQYRQ REHQELVXQWHQ(LQSDDU%OLFNHJDOWHQGDEHLVHLQHP%XFNHOYLHOOHLFKWDXV 0LWUDXHQREHUHLQ$JHQWGHU7ROHUDQ]VHLXQGGDULQ:DIIHQYHUERUJHQKLHOW 'LH$QJVWYRUGHU7ROHUDQ]ZDUDOOJHJHQZlUWLJDXI$OIDID(LQHUVHLWVKLHHV ]ZDUGDNHLQHGHU8QWHUJUXQGEHZHJXQJHQJHJHQ'DEULIDMHPDOVPHKU=XODXI KDEHDOVGXUFKHLQSDDU6RQGHUOLQJH'RFKLQ:DKUKHLWZDUMHGHUYHUGlFKWLJ (UVHOEVWMHGRFKJHK|UWHEHLPEHVWHQ:LOOHQQLFKWGD]X +DWWHHUQLFKWVRHEHQYRP,PSHUDWRU'DEULIDVHLQH$XVELOGXQJEHZLOOLJW EHNRPPHQ"6FKDXGHUQGVWHOOWHHUVLFKYRUZLH$OIDID&LW\GXUFKGLH:LUUHQ HLQHV%UJHUNULHJVLQ6FKXWWXQG$VFKHJHOHJWZXUGH1HLQHU]RJLQDOOHU (QWVFKLHGHQKHLWVWDELOH9HUKlOWQLVVHYRU,P,PSHULXP'DEULIDKHUUVFKWH 0HLQXQJVIUHLKHLWXQGQLHPDQGNRQQWHHVGHP,PSHUDWRUYHUGDQNHQZHQQHU $QGHUVGHQNHQGHEHUZDFKHQOLH Ä,FKKDEHGLFKHWZDVJHIUDJWKHUUVFKWHGHU+DXVYHUZDOWHULKQDQ 6FLWWPXWHHLQSDDU6HNXQGHQODQJEHUOHJHQ(UVWGDQQNRQQWHHUVLFKDXIGHQ :RUWODXWGHU)UDJHEHVLQQHQÄ-DDQWZRUWHWHHUVFKOLHOLFKÄPHLQ1DPHLVW 6FLWW,FKEHUEUFNHKLHUQXUGLH:DUWH]HLW'HU,PSHUDWRUKDWPLUHLQH $XVELOGXQJDP'DE,QVWLWXWEHZLOOLJW Ä6RDP'DE,QVWLWXW 'DV0LWUDXHQGHV0DQQHVZDQGHOWHVLFKLQHLQH0LVFKXQJDXV1HLGXQG$QJVW $P,QVWLWXWZXUGHQQXUGLH%HVWHQDXVJHELOGHWXQG6FLWWVDKVFKOLHOLFKDXVZLH HLQ.USSHO.USSHOKlWWHQLP-DKUQLFKWPHKUH[LVWLHUHQVROOHQZHLOHV *HQWHFKQLN*HEXUWVIHKOHUYRUVRUJHXQGKRFKHQWZLFNHOWH&KLUXUJLHJDE:HU XQWHUGLHVHQ8PVWlQGHQQRFKYRP,GHDOELOGDEZLFKZDUHLQH%HGURKXQJ 6FLWWPXWHNHLQ7HOHSDWKVHLQXPGLH*HGDQNHQGHV+DXVYHUZDOWHUV]X HUNHQQHQ(UZXWHGDQXQGLHXQYHUPHLGOLFKH(LQVFKFKWHUXQJGURKWH .RPPPLUQLFKW]XQDKHKLHGDV7DVWHQLFKWPHLQ6HOEVWZHUWJHIKODQ1LFKW GX Ä'XZLUVWGLFKP|JOLFKVWZHQLJDXVGHP=LPPHUHQWIHUQHQEHIDKOGHU
+DXVYHUZDOWHUÄ$XHUGHPXQWHUVWHKVWGXPHLQHU.RQWUROOH Ä,FKEHVLW]HHLQHSURYLVRULVFKH%HVFKHLQLJXQJPHLQHU9ROOMlKULJNHLWEHJHKUWH 6FLWWDXI Ä'LHLQWHUHVVLHUWPLFKQLFKW+LHUELQLFKIUGLFKYHUDQWZRUWOLFK ,QGHQIROJHQGHQ:RFKHQDFKWHWH6FLWWGDUDXIPLWGHP+DXVYHUZDOWHUP|JOLFKVW VHOWHQ]XVDPPHQ]XWUHIIHQ(UKDWWH$QJVWYRULKP8QG]ZDUQLFKWGHVKDOEZHLO HUHWZDGHVVHQ,QWHOOLJHQ]JHIUFKWHWKlWWHLP*HJHQWHLOHUZROOWHQLFKW EHKLQGHUWZHUGHQ8QGPLWVHLQHPDQJHVFKODJHQHQ6HOEVWEHZXWVHLQNRQQWHGHU 0DQQGXUFKDXVYHUVXFKHQLKQXQWHUDQGHUH$XIVLFKW]XJHEHQ'DQQZlUHHV YRUEHLPLWGHU%HZHJXQJVIUHLKHLW (LQHUGHUHUVWHQ$XVIOJHIKUWHLKQ]XP5DXPKDIHQ =XQlFKVWVDK6FLWWHLQH:HLOHYRQDXHQ]X(LQKRKHU=DXQDXVURVWLJHP 0DVFKHQGUDKWVSHUUWHGHQ5DXPKDIHQDE1XUEHUGLH.RQWUROOVWDWLRQDP3RUWDO ZDUGHU=XWULWWP|JOLFK ,QHWZDIQI.LORPHWHUQ(QWIHUQXQJZXUGHHLQ)UDFKWVFKLIIEHODGHQ(VKDQGHOWH VLFKXPHLQH0HWHU.XJHODPXQWHUHQ3ROGHXWOLFKDEJHIODFKW,QPLWWOHUHU +|KHSUDQJWHLQ/HXFKWIDUEHGDV6\PEROGHVDNRQLVFKHQ5HLFKHV'DEULID EHPKWHVLFKXPJXWH%H]LHKXQJHQ]XIDVWMHGHUPDQQDXVJHQRPPHQQXUGLH 7HUUDQHU'XUFKULHVLJH)UDFKWOXNHQZXUGHGDV6FKLIIHQWXQGJOHLFK]HLWLJ EHODGHQZlKUHQGHLQNOHLQHV+HHUYRQ:DUWXQJVURERWHUQGLH+OOHXPVFKZLUUWH XQG6FKlGHQDXVEHVVHUWH (UPXWHKLQHLQ =XP*OFNKDWWHHUGLH$XVZHLVNDUWHGDEHL(LQHUGHU%HDPWHQDP3RUWDO NRQWUROOLHUWHLKQPLWSHQLEOHU*UQGOLFKNHLW(UQHXWVFKORVLFKGDV)UDJHVSLHO DQGDVHULQEHVFKHLGHQHP8PIDQJVFKRQPLWGHP+DXVYHUZDOWHUEHUVLFK KDWWHHUJHKHQODVVHQ1XQDOOHUGLQJVZXUGHQVHOEVWXQZLFKWLJH'HWDLOVDEJHIUDJW :LHHU]XVHLQHP%XFNHOJHNRPPHQZDUZHVKDOENHLQH$PSXWDWLRQYRU JHQRPPHQZRUGHQZDUZHULKP=XJDQJ]XP'DE,QVWLWXWYHUVFKDIIWKDWWH 6FKOLHOLFKDEHUOLHPDQLKQHLQ6FLWWGDFKWHGDHVQXUDQGHUEHYRUVWHKHQGHQ $XVELOGXQJODJ6RQVWKlWWHGHU%HDPWHLKPPLW6LFKHUKHLWGHQ=XWULWWYHUZHKUW $QQHXUDOJLVFKHQ3XQNWHQZLHGHPHLQ]LJHQ5DXPKDIHQ$OIDIDVVWHLJHUWHVLFK GLH$QJVWYRU$QVFKOlJHQGHU7ROHUDQ]LQV8QHUPHOLFKH 8PVRPHKUVFKRFNLHUWHLKQGLHDXIJHVSUKWH3DUROHDP7RZHUJHElXGH )5(,+(,7)h5$//(VWDQGGD)5(,+(,7%('(87(7)5(,+(,7921 '$%5,)$(LQ5HLQLJXQJVURERWZDUJHUDGHEHVFKlIWLJWGLHHUVWHQ%XFKVWDEHQ GHU6FKULIW]XHQWIHUQHQVWLHDEHUDXI6FKZLHULJNHLWHQ6REDOGHLQSDDU =HQWLPHWHUGHU6FKULIWYHUEODWZDUHQHQWVWDQGGLH)DUEHDXVGHP 0DXHUXQWHUJUXQGQHX Ä6FKRFNLHUW-XQJH" 6FLWWHUVFKUDNKHIWLJ 1HEHQLKPVWDQGSO|W]OLFKHLQH)UDXLQGHU8QLIRUPGHU5DXPKDIHQEHGLHQVWHWHQ (UKDWWHLKUH$QQlKHUXQJQLFKWEHPHUNWXQGVLFKY|OOLJDOOHLQJHZlKQW'HVKDOE ZDUVHLQH%HWURIIHQKHLWEHUKDXSWDXIJHIDOOHQQRUPDOHUZHLVHEHKHUUVFKWHHU
VLFKIDVWSHUIHNW Ä-DDQWZRUWHWHHUHLQVLOELJ 'LH)UDXOlFKHOWHÄ.HLQ*UXQGGD]XHU]lKOWHVLHLQOHXWVHOLJHP YHUWUDXHQVYROOHP7RQÄ,UJHQGZHUKDWKHXWHQDFKWHLQHQGHU+DIHQURERWV XPSURJUDPPLHUW'LH0DVFKLQHKDWHLQIDFKPLW6XEPROHNXODUIDUEHLKUHQ7H[W DXIJHVSUKWXQGLVWGDQQVWHKHQJHEOLHEHQ(LQOXVWLJHU6WUHLFK8QGMHW]W YHUVXFKWGLHJOHLFKH0DVFKLQHGHQ6SUXFKZLHGHU]XHQWIHUQHQ,VWGDVQLFKW ,URQLH" 'LH)UDXVFKDXWHOlFKHOQGGHQ5RERWGDQQ6FLWWDQ $XVLUJHQGHLQHP*UXQGZDUHUZWHQGGDUEHU=XPHUVWHQ0DOVHLW0RQDWHQ KlWWHHUIDVWGLH%HKHUUVFKXQJYHUORUHQ9LHOOHLFKWHUWUXJHUHVQLFKWGDLKPVR JUXQGORV)UHXQGOLFKNHLWHQWJHJHQJHEUDFKWZXUGH$XHUGHPKDWHHUHVGLHVH 3DUROHVHKHQ]XPVVHQGHQQVLHEHGURKWHLP*UXQGGDVZDVHUJHUDGH JHVFKDIIWKDWWHGLH$XIQDKPHLQHLQHVWDDWOLFKH$NDGHPLHGHV,PSHUDWRUV 6FLWWZDQGWHVLFKVFKURIIDEXQGJLQJ]XUFN]XP3RUWDOJHElXGH 'HUVHOEH%HDPWHGHULKQHLQJHODVVHQKDWWHEHIDWHVLFKHUQHXWPLWLKPÄ1XQ" IUDJWHHUPLWGURKHQGHP8QWHUWRQÄ:DVNDQQLFKIUGLFKWXQ" Ä,FKPXHWZDVPHOGHQEUDFKWH6FLWWKHUDXV,QVHLQHU.HKOHYHUVSHUUWHPLW HLQHP0DOHLQ.ORGLH $WHPZHJH(UEHJDQQ]XNHXFKHQXQGNlPSIWHJHJHQ7UlQHQDQ6ROOWHHUGDV 9HUKDOWHQGHU)UDXZLUNOLFK]XU$Q]HLJHEULQJHQZLHHVVHLQH3IOLFKWZDU"(V ZDUVRVFKZLHULJ6LHKlWWHMDQLFKWOlFKHOQPVVHQXQGGDVDXVJHUHFKQHW LKPJHJHQEHU:XWHVLHQLFKWZLHVHKUHULKU9HUKDOWHQDOV+RKQHPSIDQG" $EHUYLHOOHLFKWKDWWHVLHGHQ%XFNHOEHUVHKHQ 6FLWWEUDFKWHNHLQ:RUWKHUDXV'DEHLZXWHHUJHQDXGDHUQLFKWPHKU]XUFN NRQQWH Ä1XQ" (LQ]ZHLWHV0DOGLHPLWUDXLVFKH6WLPPHGHV%HDPWHQ Ä,FKLFK Ä-D"6DJVFKRQ Ä,FKP|FKWHZLUNOLFKHWZDVPHOGHQVDJWHHUHQGOLFKDOVHUGHQ$XVZHJ JHIXQGHQKDWWHÄ$QGHU7RZHUZDQGVWHKWHLQH6SUKSDUROHJHJHQGHQ ,PSHUDWRU Ä'DVZLVVHQZLU,VWGDVDOOHV"6LHZLUGVRHEHQHQWIHUQW Ä$EHUHVIXQNWLRQLHUWQLFKWZLGHUVSUDFK6FLWWGHPDQGHUHQGHUVLFK]X8QUHFKW JHVW|UWIKOWHÄ'LH0DVFKLQHLVWIDOVFKSURJUDPPLHUW6LHYHUVWHKWQLFKWGDHV VLFKXP6XEPROHNXODUVSUD\KDQGHOW'LH6FKULIWIlUEWVHOEVWlQGLJLPPHUZLHGHU QDFK Ä1XQJXW'HU%HDPWHPXVWHUWHLKQQRFKLPPHUPLWHUNHQQEDUHP0LWUDXHQ Ä'DQNHIUGHQ+LQZHLV )UKHXWHKDWWH6FLWWGLH/XVWDP5DXPKDIHQYHUORUHQ8QGLPQDFKKLQHLQZDU HUIURKGDHUGLH)UDXQLFKWDQJHVFKZlU]WKDWWH :DVVROOWHHUDQIDQJHQ"9RU$EHQGGXUIWHHUVLFKLQVHLQHP$SDUWPHQWQLFKW
VHKHQODVVHQVFKRQDXV$QJVWHYHQWXHOOGHP+DXVYHUZDOWHUGLUHNWLQGLH$UPH ]XODXIHQ'LH:RKQYLHUWHOJDEHQ]XZHQLJKHUGDPLWZUGHHUQLFKWVHLQH=HLW YHUVFKZHQGHQ6ROOWHHUHLQH%RWVFKDIWEHVXFKHQ":RP|JOLFKLP*HElXGHGHU =*8XPHLQ,QIRUPDWLRQVJHVSUlFKELWWHQ"'RFKYRQLKPDOV$QZlUWHUIUGDV 'DE,QVWLWXWHUZDUWHWHPDQJU|WH=XUFNKDOWXQJ(UZUGHVLFKLUJHQGZRVHKHQ ODVVHQZHQQHUQLFKWVLFKHUZDUGDHVNHLQH8QDQQHKPOLFKNHLWHQEUDFKWH 8QWHUGLHVHQ8PVWlQGHQEOLHEHQQXUGLH6OXPVEULJ 6FLWWPLHWHWHHLQHQNOHLQHQ7D[LJOHLWHUPLW+DQGVWHXHUXQJ(UZROOWHQLFKW DXWRPDWLVFKHLQ=LHOLQQHUKDOEYRQ$OIDID&LW\DQVWHXHUQVRQGHUQDXIHLJHQH )DXVWGHQ.XUVEHVWLPPHQ=XP*OFNNDQQWHHUVLFKYRQVHLQHU+HLPDWVWDGW KHUPLW*OHLWHUQGLHVHU$UWDXV(UEOLHE]ZDULP%HUHLFKGHU)XQN 9HUNHKUVNRQWUROOHEHVDDEHU%HZHJXQJVVSLHOUDXP1XUHLQHQ8QIDOONRQQWHHU DXINHLQHQ)DOOYHUXUVDFKHQ (UVFKREGLH.UHGLWNDUWHLQGHQ6FKOLW]DP$UPDWXUHQEUHWW Ä:RKLQVROOGLH)DKUWJHKHQ" 6FLWWLJQRULHUWHGLH6WLPPHGHV$XWRPDWHQXQGVFKDOWHWHXPDXI+DQGEHWULHE 'LH6OXPVODJHQLQXQPLWWHOEDUHU1lKHJOHLFKKLQWHUGHP5DXPKDIHQ1DWUOLFK KDWWHHUGLHQLHGULJHQEHKHOIVPlLJHQ8QWHUNQIWHVFKRQDXVGHP$SDUWPHQW JHVHKHQGRFKGHUXQPLWWHOEDUH(LQGUXFNZDUY|OOLJDQGHUV 1LHKlWWHHUJHGDFKWGDVRYLHO6FKPXW]LQQHUKDOEHLQHU6WDGWH[LVWLHUHQN|QQH 6lXEHUWHQQLFKW5HLQLJXQJVPDVFKLQHQMHGHQ6WUDHQUDQGLQ$OIDID&LW\"(V KlWWHNHLQHUOHLEHVRQGHUHQ$XIZDQGVEHGXUIWGLH5RERWVDXFKKLHUDUEHLWHQ]X ODVVHQ9LHOOHLFKWHLQ,QVWUXPHQWGHU2UGQXQJEHUOHJWHHU'LH6WDGWREHUHQ ZROOWHQHVQLFKWDQGHUV'HQ6OXP%HZRKQHUQVROOWHHLQ$QUHL]HQWVWHKHQLKUH 8QWHUNQIWH]XYHUODVVHQVLHVROOWHQVLFKHLQRUGQHQVLFKLQGHQ$QVWDOWHQGHV ,PSHUDWRUVIUHLZLOOLJXPHU]LHKHQODVVHQ 2GHULUUWHHU" 6FLWWZXWHHVQLFKW:RP|JOLFKNDPHQGLH5RERWVQXUPLWGHU$UEHLWQLFKW QDFK 9LHOH0HQVFKHQODJHQHLQIDFKDXI3ODVWLNVRIDVXQGOLHHQVLFKYRQGHU6RQQH ZlUPHQ(VVFKLHQDOVJLQJHQVLHNHLQHUOHL$UEHLWQDFK$XIGLH:HLVHPXWHQ DOOH(LQZRKQHUGHV3ODQHWHQLKUHQ8QWHUKDOWPLWHUZLUWVFKDIWHQ hEHUDOOVWDQGHQ3DUROHQGHU7ROHUDQ]6FLWWKlWWHVLFKQLFKWJHZXQGHUWZlUHGLH )DUEHDP5DXPKDIHQJHElXGHHEHQIDOOVDXIGDV.RQWRGHU6OXP%HZRKQHU JHJDQJHQ$EHUDXFK6SUK]HLFKQXQJHQXQG*HPlOGHYHU]LHUWHQGLH:lQGH(V JDEHFKWH.QVWOHUKLHU,QJHPlFKOLFKHP3DVVLHUIOXJEHREDFKWHWHHU]ZHL )UDXHQGLHPLW$QWLJUDYJUWHOQLQGHU/XIWKLQJHQXQGHLQH%HWRQIOlFKHJUQ IlUEWHQ$XVZHOFKHP*UXQG"9LHOOHLFKWPRFKWHQVLHHLQIDFKJUDXH:lQGH QLFKW" 3O|W]OLFKZDUEHULKPHLQ3ULYDWJOHLWHU ,QK|FKVWHQVHLQHP0HWHU$EVWDQGHUNDQQWHHUGHQ5XPSIGHV)DKU]HXJV(V ZDUYHUURVWHWXQGVFKOLQJHUWHHLQZHQLJWDWMHGRFKQRFKVHLQHQ'LHQVW'HU $QWLJUDYJHQHUDWRUJDEHLQODXWHV*HW|VHYRQVLFKZDVDXIHLQHQ'HIHNWDQGHQ
EHZHJOLFKHQ7HLOHQVFKOLHHQOLH+RIIHQWOLFKNHLQ=XVDPPHQVWR6HLQ +HU]NORSIWHELV]XP+DOV 'DQQDOOHUGLQJVEHJULIIHU 'HUDQGHUHZROOWHLKQ]XU/DQGXQJ]ZLQJHQ2IIHQEDUKDWWHGHU%HWUHLEHUGHQ *OHLWHUDXVGHP/HLWV\VWHPDXVJHNRSSHOW6FLWWEHVFKOHXQLJWHXQGZLFK]XU6HLWH DXVHVZDUVLQQORV0LWHLQHP7D[LJOHLWHUZDUNHLQEHUUDVFKHQGHV0DQ|YHU P|JOLFK (LQ6WRGHVDQGHUHQKDOIVHLQHU(QWVFKHLGXQJQDFK 6FLWWODQGHWHDP5DQGHLQHUEUHLWHQKRIIQXQJVORVYHUGUHFNWHQ6WUDH$XVGHQ +lXVHUQXQG+WWHQOLQNVXQGUHFKWVVFKDXWHQQHXJLHULJH*HVLFKWHUHLQLJH IHLQGVHOLJDQGHUHZLHGHUPLWHLQHU$UW,QWHUHVVHGLHGHU/DQJHZHLOHHQWVSUDQJ $EHU6FLWWKDWWHJHOHUQWDXIPHUNVDP]XEHREDFKWHQ(UQDKPGLH XQWHUVFKZHOOLJH$JJUHVVLYLWlWPLW6RUJHZDKU $XVGHPDQGHUHQ*OHLWHUVWLHJHQHLQ0DQQXQGHLQH)UDX%HLGHVDKHQQLFKW EHVRQGHUVNUlIWLJDXVGRFK6FLWWPLWVHLQHP%XFNHOXQGGHQKXQGHUW]HKQ =HQWLPHWHUQ*U|HZDUHQVLHWURW]GHPEHUOHJHQ6LHWUXJHQDEJHVFKDEWH .OHLGXQJ'DPLWEUDFKWHQVLHLKUHQ%R\NRWWGHUVWDDWOLFKHQ.OHLGHUVWHOOHQ]XP $XVGUXFN²HLQH%HZHJXQJYRQGHU6FLWWHLQPDOSHU9LGHRJHK|UWKDWWH 8QDEKlQJLJNHLWXQG6RUJHUHFKWIUVLFKVHOEVWGLH6FKODJZRUWHNODQJHQJXW,Q :DKUKHLWDEHUGHXWHWHGLH.OHLGXQJDXILKUH1lKH]XU7ROHUDQ]KLQ 'HU0DQQSRFKWHDQGLH)URQWVFKHLEHGHV7D[LV Ä6WHLJDXVULHIHUÄ:LUZHUGHQGLUQLFKWVWXQ 6FLWWIJWHVLFKGHP%HIHKO,UJHQGZLHJODXEWHHUGHQ:RUWHQLQVWLQNWLYHUZDU GHUhEHU]HXJXQJGDHUQLFKWV]XYHUEHUJHQKDEH'DV6FKRWWVFKZDQJEHLVHLWH HUVWLHJDXVXQGOHKQWHVLFKEHWRQWJHODVVHQGDQHEHQDQ *OHLFK]HLWLJEHREDFKWHWHHUDXIPHUNVDP'LH)UDXUHDJLHUWH]XHUVWGDQQGHU 0DQQ6LHVDKHQVHLQHQ%XFNHOXQGHUNDQQWHQGDHUHLQ-XJHQGOLFKHUZDU Ä:DVPDFKVWGXKLHU"ZROOWHGLH)UDXZLVVHQ Ä,FKZROOWHPLFKXPVHKHQDQWZRUWHWH6FLWWPLWYRUJHWlXVFKWHU*HODVVHQKHLW Ä(VLVWQLFKWYHUERWHQRGHU" 6FKRQZROOWHGHU0DQQDXIEUDXVHQGRFKGLH)UDXEHVlQIWLJWHLKQPLWHLQHP =HLFKHQÄ(VLVWJHIlKUOLFKHUNOlUWHVLHÄ6RZLHGXGLUGLH6OXPVDQJHVHKHQ KDVWPXWHQDOOHGLFKIUHLQHQ3ROL]HLVSLW]HOKDOWHQ8QG3ROL]HLVSLW]HOZHUGHQ KLHUQLFKWJHGXOGHW 6FLWWKlWWHVLFKIDVW]XHLQHPEHUUDVFKWHQ$XVUXIKLQUHLHQODVVHQ(UKDWWH QLFKWJHZXWGDHVVFKRQVRZHLWZDU,Q:DKUKHLWEHVWLPPWHQGLH%HZRKQHU GLHVHV9LHUWHOVEHU3ROL]HLDNWLRQHQZLH$XINOlUXQJRGHU,QIRUPDWLRQVVXFKH VHOEVW-HGHQIDOOVVFKLHQHVVRDOVJHOWHGDV:RUWGHV,PSHUDWRUVKLHUZHQLJ 8QGHQNEDULP*UXQGHXQGGRFKDXJHQVFKHLQOLFKH:DKUKHLW 'HUgIIHQWOLFKNHLWZXUGHHLQIDOVFKHV%LOGYRUJHVSLHOW 2GHUZDUHQGLHEHLGHQGXUFKJHGUHKW"6LHVDKHQQLFKWVRDXV$XIVHLQH 0HQVFKHQNHQQWQLVNRQQWHVLFK6FLWWEOLQGYHUODVVHQ,QVHLQHP)DOOQDKPGLH *DEHIDVWVFKRQPXWDQWLVFKH=JHDQ
Ä8QGMHW]W"ZROOWHHUZLVVHQÄ:DVVROOLFKMHW]WWXQ" Ä9HUVFKZLQGHHLQIDFK'HU0DQQZDUILKPHLQHQXQIUHXQGOLFKHQ%OLFN]X 6FLWWKLHOWVLFKOLHEHUDQGLH)UDXÄ.|QQWLKUPLUGLH6OXPVYLHOOHLFKW]HLJHQ" 0LFKLQWHUHVVLHUWZLHLKUKLHUOHEWZDVLKUDP7DJXQGQDFKWVXQWHUQHKPW 6LHOlFKHOWHEHOXVWLJWÄ1HLQ.OHLQHUDQWZRUWHWHVLHGDQQÄ*DQ]EHVWLPPW QLFKW+|UHEHVVHUDXIGDVZDVHUVDJW9HUVFKZLQGHKLHU 6FLWWVDKGDVLHHVHUQVWPHLQWH (UVWLHJ]XUFNLQGHQ7D[LJOHLWHUXQGOLHGDV*HIlKUWDXIVWHLJHQ9RQREHQ HUNDQQWHHUGDVHLQH%HIUDJXQJEDOGHLQHQNOHLQHUHQ$XIODXIYHUXUVDFKWKl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lXPWHHUVHLQ=LPPHU'HU+DXVYHUZDOWHUEHGDFKWHLKQQRFKPLW XQIUHXQGOLFKHQ%OLFNHQGXUFKVXFKWHGHQ5DXPVRUJIlOWLJDXI6FKlGHQXQG HQWOLHLKQGDQQ'HP0DQQKlWWHHV6SDJHPDFKWLKPHLQH8QNRUUHNWKHLW QDFK]XZHLVHQ'DVVSUWH6FLWWDXFKZHQQHUQLFKWVJHWDQKDWWH'LH3DDUXQJ YRQ%XFNHOXQGDXHUJHZ|KQOLFKHU,QWHOOLJHQ]UHLFKWHVFKRQ 1XUDXIHLQH,GHHNDPHUQLH'DHUQlPOLFKGXUFKGDVHLJHQH9HUKDOWHQVHLQH 8PZHOWJHUDGH]XSURYR]LHUWH'DHUVLFK]XVHKULQGDV6FKQHFNHQKlXVFKHQ VHLQHUJHLVWLJHQhEHUOHJHQKHLW]XUFN]RJ 6FLWWQDKPVHLQH5HLVHWDVFKHXQGULHIGUDXHQHLQ7D[L'HU6FKZHEHUEUDFKWH LKQELV]XUDQJHJHEHQHQ$GUHVVH9RUKHUKDWWHHUVLFKGLH$NDGHPLHQLFKW HLQPDODQJHVHKHQYLHOOHLFKWDXV$QJVWRGHU5HVSHNW8QGQXQPXWHHU IHVWVWHOOHQZLHVHKUHUVLFKLQVHLQHU9RUVWHOOXQJHLQIDOVFKHV%LOGJHPDFKW KDWWH'DV'DE,QVWLWXWZDUHLQNOHLQHUIDVWVFKRQEHVFKHLGHQHU%DX0DQVDK LKPDQGDHUQLFKW]XU5HSUlVHQWDWLRQJHEDXWZDUVRQGHUQXP6FKOHU DXV]XELOGHQ $EHUHLQVROFKNOHLQHV*HElXGH" 6FLWWEHUOHJWHREGDVDOOHVVHLQNRQQWH =ZHLIHOQGEHWUDWHUGHQ(LQJDQJVIOXUXQGVDKGHQHUVWHQ(LQGUXFNEHVWlWLJW $XFKKLHUNHLQHUOHLEHUIOVVLJHU3RPSQXUQFKWHUQH=ZHFNPlLJNHLW
1LHPDQGZDU]XVHKHQGRFKYRUGHUVSLHJHOQGHQ7UDP(QGHGHV)OXUVZDUHLQ &RPSXWHUWHUPLQDOLQGLH:DQGJHODVVHQ 1HXJLHULJWUDWHUQlKHU ª+DOW'DVUHLFKW© *HUDGHKDWWHHUGLH+DQGQDFKGHU7DVWDWXUGHV&RPSXWHUVDXVVWUHFNHQZROOHQ 8QGGDQQGLHVHPHFKDQLVFKH6WLPPH ª1LPPGHLQH$XVZHLVSDSLHUHXQGVFKLHEHVLHLQGHQ6FKOLW]© 6FLWW]RJDXVHLQHU-DFNHQWDVFKHVHLQH,'.DUWHXQGIROJWHGHU$QZHLVXQJ'LH 5HDNWLRQNDP6HNXQGHQVSlWHU ª'XNDQQVWSDVVLHUHQVDJWHGLH6WLPPH 3O|W]OLFKVWDQGGLH7URIIHQXQGJHZlKUWHHLQHQ%OLFNLQGHQ.RUULGRUGDKLQWHU 1LFKWVWDWVLFKGRUWVWHOOWHHUEHLOlXILJIHVW'HUJU|WH7HLOVHLQHU $XIPHUNVDPNHLWJDOWQRFKLPPHUGHP$XWRPDWHQ ª0HLQH.DUWH©ULHIHUª,FKKDEHVLHQRFKQLFKW]XUFN© ª'XZLUVWVLHQLFKWEHQ|WLJHQ© ª$EHULFKEHVWHKHGDUDXI© 6FLWWZXWHQXU]XJXWZLHVHKUPDQLQGHUDOOHVGXUFKGULQJHQGHQ%URNUDWLH $OIDIDVRKQH3DSLHUHKLOIORVZDU2KQH,'.DUWHJDEHVNHLQHPHGL]LQLVFKH 9HUVRUJXQJNHLQHUOHL/HEHQVPLWWHONHLQH7UDQVSRUWP|JOLFKNHLW6HLQ9DWHU KDWWHLKPHLQPDOYRQHLQHU)UDXHU]lKOWGLHDXI1RVPRGHU+DXSWZHOWGHV GDEULIDQLVFKHQ,PSHULXPVIDVWYHUKXQJHUWZlUH1LHPDQGKDWWHLKUH XQJOWLJH,'.DUWHYHUOlQJHUQZROOHQ ª'XEHNRPPVWHLQHQHXH0DUNH©EHUXKLJWHLKQGHU&RPSXWHUªQXU]XP LQWHUQHQ*HEUDXFK%HL9HUODVVHQGHV'DE*HOlQGHVZLUGGLUHLQHSURYLVRULVFKH ,QVWLWXWVPDUNHDXVJHKlQGLJW©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|IIQHWHVLFKGDQHEHQGHU=XJDQJ]XP$QWLJUDYVFKDFKW(LQSDDU 0HQVFKHQEHJHJQHWHQLKPDOOHUGLQJVQDKPQLHPDQGYRQVHLQHU$QZHVHQKHLW PHKUDOVGLHEOLFKH1RWL]6HLQ%XFNHOILHODXIVHLQH]ZHUJHQKDIWH6WDWXUDEHU DOOHLQGLH3UlVHQ]LQGLHVHP%DXZDURIIHQEDU/HJLWLPDWLRQJHQXJ 'HU9HUZDOWXQJVWUDNWEHVWDQGDXVQXUHLQHPNXU]HQ*DQJXQGZHQLJHQ =LPPHUQGLHGDYRQDE]ZHLJWHQ6FLWWZlKOWHDXIV*HUDWHZRKOHLQH7UNORSIWH NXU]XQGWUDWHLQ'HU5DXPZDUOHHU(UHQWKLHOWHLQH$UEHLWVNRQVROHPLW %LOGVFKLUPHLQHQ]XJHK|ULJHQ6WXKOXQGHLQH%HVXFKHUEDQN=XGHQ 1HEHQ]LPPHUQIKUWHMHZHLOVHLQH9HUELQGXQJVWU
(QGOLFKWDWVLFKHWZDV (LQHGHU7UHQVFKZDQJEHLVHLWHXQGHLQHlOWOLFKH)UDXPLWNXU]HQ+DDUHQXQG GXQNOHU.OHLGXQJKDVWHWHKHUHLQª(LQHQ$XJHQEOLFN©ULHIVLH6FLWWVHW]WHVLFK XQGZDUWHWHDEZlKUHQGVLHGHQ%LOGVFKLUPDNWLYLHUWH6LHPDFKWHHLQHQ NRQ]HQWUDWLRQVIlKLJHQ(LQGUXFNGHULKPEHKDJWH)UGLH)UDXVFKLHQLP $XJHQEOLFNQXULKU'DWHQPDWHULDODXIGHP%LOGVFKLUP]XH[LVWLHUHQ (LQSDDU0LQXWHQVSlWHUVHXI]WHVLHOHLVHDXI6LHGHVDNWLYLHUWHGDV7HUPLQDOXQG ZDQGWHLKUH$XIPHUNVDPNHLW6FLWW]X ª:LUKDEHQGLFKHUZDUWHW©VDJWHVLHª'XELVWSQNWOLFK© (UOLHVLFKQLFKWYHUEOIIHQª'XKDVWPLFKHUNDQQW"©IUDJWHHU]XUFN ª(VZDUOHLFKWGHLQHN|USHUOLFKHQ0HUNPDOHVLQGHLQSUlJVDP$XHUGHP EHNRPPHQZLUQXUVHOWHQQHXH6FKOHUDXI$OIDID]XPDOVROFKHPLW (PSIHKOXQJHQYRQK|FKVWHU6WHOOH© 6FLWWZROOWHQLFKWZLVVHQZDVGDPLWJHPHLQWZDU(UNRQQWHVLFKVSlWHUGDPLW EHVFKlIWLJHQ=XQlFKVWVWHOOWHHUIHVWGDVHLQ%XFNHOQLFKWYHUVFKZLHJHQ ZXUGH(UJDOWDOVªSUlJQDQWHVN|USHUOLFKHV0HUNPDO©XQGGLHVZDUHLQH $XVGUXFNVZHLVHPLWGHUHUVLFKQLFKWHLQPDOXQJOFNOLFKIKOWHLQGHU6FKXOH KDWWHQVLHLKQRKQH$QJDEHYRQ*UQGHQLVROLHUW'HVKDOE]RJHUGLHKLHVLJH$UW YRQ(KUOLFKNHLWYRU ª.RPPHQZLU]XGHLQHQ'DWHQ©PHLQWHGLH)UDX(UQHXWOLHVLHGHQ %LOGVFKLUPLQ7lWLJNHLWWUHWHQª'XELVWYLHU]HKQ-DKUHDOW"*U|HKXQGHUW]HKQ =HQWLPHWHU*HZLFKWGUHLXQGYLHU]LJ.LORJUDPP"© ª.RUUHNW© ª+P©6LHVWDUUWHNRQ]HQWULHUWDXIGDV'DWHQPDWHULDOª0DQEH]HLFKQHWGLFK DOV:XQGHUNLQG'HLQ,QWHOOLJHQ]TXRWLHQWLVWHQRUP$EHUJOHLFK]HLWLJJLOWVWGX DOVHPRWLRQDOLQVWDELODOVYHUVFKORVVHQXQGYHUOHW]OLFK'HLQ6SLW]QDPHLVW6FLWW GHU=ZHUJ© 6FLWWVSUWHGDLKP%OXWLQGHQ.RSIVFKRGRFKHUNlPSIWHHUIROJUHLFK GDJHJHQDQXQG]HLJWHNHLQHUOHL5HJXQJ(VJHILHOLKPQLFKWYRQIUHPGHQ 0HQVFKHQLQGLHVHU:HLVHGHPDVNLHUW]XZHUGHQ$EHUZHQQHUVLFKGDUDQ JHZ|KQHQPXWHZUGHHUHVDXFKWXQ(LQHVMHGRFKJDELKPVHKU]XGHQNHQ :HQQGLH)UDXEHUHLWVYRQVHLQHP6SLW]QDPHQZXWHPXWHPDQVHKUJHQDXH (UNXQGLJXQJHQHLQJHKROWKDEHQ9LHOOHLFKWZDUVRJDUHLQHUGHU*HKHLPGLHQVWH GHV,PSHUDWRUVLP6SLHO:HOFKHU6WHOOHQZHUWNDPGLHVHP'DE,QVWLWXW WDWVlFKOLFK]X" Ä$OOGLHVH'DWHQVLQGNRUUHNWJDEHU]XUFN Ä1XQJXWLFKKDEHPLUYRQGLUHLQ%LOGJHPDFKW'LH)UDXVDKDXIXQGPXVWHUWH LKQHUVWPDOVGLUHNWÄ'XHUKlOWVWHLQHSURYLVRULVFKH$XVZHLVNDUWH'HLQ+HLPDW TXDUWLHULVWGDV'DE,QVWLWXW$OIDID$OOHVhEULJHHUIlKUVWGXYRQGHLQHP $XVELOGHU 'HU0DQQKLH%LGRQQ6FLWWPRFKWHLKQQLFKWGRFKHUHQWVFKLHGVLFKGDYRQ QLFKWEHHLQIOXVVHQ]XODVVHQ9RUHUVWEHNDPHUZHQLJYRP,QVWLWXW]XVHKHQHV JLQJGDUXP]XQlFKVWHLQHQ$XVELOGXQJVSODQIULKQ]XHUVWHOOHQ'LHHUVWHQ
6WXIHQVROOWHQSK\VLNDOLVFKHPDWKHPDWLVFKHXQGSV\FKRORJLVFKH*UXQGELOGXQJ HQWKDOWHQ'DEHLJDOWHVVHLQH,QWHOOLJHQ]XQG9RUELOGXQJ]XEHUFNVLFKWLJHQ (LQZHLWHUHU6FKZHUSXQNWKLHÄ.|USHU 0LWGLHVHP3XQNWZDU6FLWWDPZHQLJVWHQ]XIULHGHQ(UKDWWHQLFKWGHQ JHULQJVWHQ6LQQIU.RQGLWLRQ.UDIWHQWZLFNOXQJ'HKQIlKLJNHLW6HLQH6WlUNHQ ODJHQDXIJHLVWLJHP*HELHW8QWHUGHP%XFNHOKDWWHHUVFKRQJHQXJ]XOHLGHQVR GDPDQLKQQLFKWQRFKHLJHQVGDUDXIVWRHQPXWH $EHU%LGRQQOLHQLFKWPLWVLFKYHUKDQGHOQ Ä'XEHVXFKVWGDV'DE,QVWLWXWGHV*URHQ,PSHUDWRUV'HLQHQ$XVELOGXQJVSODQ NDQQVWGXGLUQLFKWDXVVXFKHQ:LUZHUGHQGLFKNRQVHTXHQWVREHKDQGHOQZLHHV XQVHUH(UIDKUXQJHQYRUVFKUHLEHQ(LQOHLVWXQJVIlKLJHU0HQVFKEHVWHKWQLFKWDXV *HLVWDOOHLQ1HLQ(VVFKHLQWVRDOVKlWWHVWGXGHLQHZDKUHQ6WlUNHQQRFK QLFKWHUNDQQW'XZLUVWYLHOOHUQHQPVVHQ6FLWW 'HVKDOEZDUHUKHUJHNRPPHQ$OVRDN]HSWLHUWHHU%LGRQQV:RUWHIUVHUVWHXQG QDKPDQGHQ/HNWLRQHQIU$QIlQJHUWHLO'HU8QWHUULFKWGUHKWHVLFKXP 3V\FKRORJLHHWZD]ZDQ]LJDQGHUHDXHULKPVDHQLQJHSROVWHUWHQ%lQNHQXQG IROJWHQGHQ$XVIKUXQJHQHLQHV/HKUHUV)DVWDOOHZDUHQlOWHUDOVHUPDQFKH JHZL]ZDQ]LJXQGPHKU-DKUH 'LHJU|WHhEHUUDVFKXQJDEHUELOGHWHGHU6WRII 6FLWWKDWWHQLFKWGLHJHULQJVWH0KHGHP8QWHUULFKW]XIROJHQ(VZDUDOVOlJH LQGHU3V\FKRORJLHVHLQEHVRQGHUHV7DOHQW6FKRQIUKHUKDWWHHUPDQFKPDODQ VLFKVHOEVWIDVWHPSDWKLVFKH)lKLJNHLWHQIHVWJHVWHOOWXQGQXQHUKLHOWHUJH]LHOWH )|UGHUXQJ =XP3VL7DOHQWUHLFKWHHV]ZDUQLFKWGRFKGLH:LVVHQVFKDIWOHUGHV,QVWLWXWV PDHQLQVHLQHP)DOOJHVWHLJHUWHSVLRQLVFKH$NWLYLWlW(LQHFKWHU0XWDQWKlWWH :HUWHHUUHLFKWGLHQRFK]HKQPDOK|KHUODJHQDOVVHLQH$XVGLHVHP*UXQG KDOIHQGLH/HKUHULKP]ZDUZRVLHNRQQWHQMHGRFKJLQJHVQLFKWVRZHLWLKQ GHQ0XWDQWHQGHV6RODUHQ,PSHULXPVJOHLFK]XVWHOOHQ (UQDKPZHLWHUKLQDPDOOJHPHLQHQ8QWHUULFKWWHLO%DOGKDWWHHUGLH 5lXPOLFKNHLWHQGHV,QVWLWXWVYRQ$OIDIDNHQQHQJHOHUQW-HGHQIDOOVGHQJU|WHQ 7HLO1XUGLH7UDQVPLWWHUVWDWLRQHQZDUHQLKPELVKHUYHUVFKORVVHQJHEOLHEHQ $XFKGDVlQGHUWHVLFK Ä(VLVWVRZHLWHUNOlUWH%LGRQQQDFKGHP6FLWWV]ZHLWHU0RQDWXQWHULKP DQJHEURFKHQZDUÄ'LULVWVLFKHUDXIJHIDOOHQGDZLUZHQLJ3ODW]KDEHQ9LHO]X ZHQLJ3ODW]XPHLQHEHVVHUH$XVELOGXQJLQ1DWXUZLVVHQVFKDIWHQXQG .|USHUHUWFKWLJXQJ]XJHZlKUOHLVWHQ'DKHUNRPPWMHW]WIUGLFKGLH]ZHLWH 3KDVH 6FLWWHUKLHOWNHLQH*HOHJHQKHLWVHLQH8QWHUNXQIWDXI]XVXFKHQ%LGRQQIKUWHLKQ GLUHNWLQGHQHUVWHQGHUEHLGHQ7UDQVPLWWHUUlXPH'LH(LQULFKWXQJVFKLHQVR VLPSHOZLHIXQNWLRQDOQXUHLQH3URJUDPPNRQVROHXQGGLHEHLGHQ(QGHQGHV 7RUERJHQV'HUDQGHUHJDEEHUGLH7DVWDWXUHLQ.RGHZRUWHLQXQGLPVHOEHQ $XJHQEOLFNHQWVWDQGHLQIOLPPHUQGHU9RUKDQJDXV(QHUJLH6FLWWZXWHGDGDV 3ULQ]LSYRQGHQ$NRQHQVWDPPWH
Ä8QVHU=LHOLVW=LPPDPHG,,,HLQ0RQGRKQH$WPRVSKlUH'RUWJLEWHV 7XUQKDOOHQ8QGhEXQJVUlXPHYRQGRSSHOWHU6FKZHUNUDIWELV6FKZHUHORVLJNHLW $XI=LPPDPHGVLQGVLHVRJDUVFKOLPPH)lOOHZLHGLFKJHZ|KQW6LHZHUGHQGLU KHOIHQXQGLQHLQHPKDOEHQ-DKUELVWGXHEHQVREHZHJOLFKZLHLFKXQGGLH PHLVWHQDQGHUHQLP'DE,QVWLWXW'XPXWGHQ6WDQGDUGHUIOOHQ© 6FLWWJHVWDQGHLQGDHUVLFKYRQGHU$XVELOGXQJKLHUJlQ]OLFKDQGHUH 9RUVWHOOXQJHQJHPDFKWKDWWH,PQDFKKLQHLQKlWWHHUYLHOOHLFKWYHUVXFKWHLQHGHU JHZ|KQOLFKHQ8QLYHUVLWlWHQ]XEHVXFKHQ$EHUYLHOOHLFKWODJHVQXUGDUDQ GDHU]XEHTXHPZDUVHLQH(OWHUQKDWWHQN|USHUOLFKH$QVWUHQJXQJLPPHUYRQ LKPIHUQJHKDOWHQXQGGDPLWHLQHQVFKZHUHQ)HKOHUJHPDFKW Ä.RPPVFKRQ %LGRQQWUDWIXUFKWORVGXUFKGHQIOLPPHUQGHQ%RJHQDXV(QHUJLH 6FLWWIROJWHLKPVFKRQZHVHQWOLFKIXUFKWVDPHUDOVGHU0DQQ$EHUQLFKWV JHVFKDK(LQ]LHKHQGHU6FKPHU]OLHLKQGHQhEHUJDQJDOVXQDQJHQHKP HPSILQGHQGRFKGLHVFKUHFNOLFKHQ6FKPHU]HQYRQGHQHQPDQKLQXQGZLHGHU K|UWHEOLHEHQDXV 'HU5DXPVDKQLFKWDQGHUVDXVDOVVHLQ*HJHQVWFNDXI$OIDID Ä9HUVWHKVWGXGHQ$XIEDXGHV'DE,QVWLWXWV"IUDJWH%LGRQQ(U|IIQHWHGLH7U ZLQNWH6FLWWKLQWHUVLFKKHUXQGIKUWHLKQDQHLQH6LFKWOXNH 'UDXHQODJ]HUULHEHQHVJUDXHV*HU|OO$P+LPPHOVWDQGHQGLH6WHUQHVR GHXWOLFKVLFKWEDUZLHHUHVQDFKWVDXIVHLQHP+HLPDWSODQHWHQQLHPDOVJHVHKHQ KDWWH%HNDQQWH6WHUQELOGHUNRQQWH6FLWWQLFKWHQWGHFNHQ=LPPDPHGVFKLHQHLQ VHKUNOHLQHU0RQG]XVHLQhEHUGHU.UPPXQJGHV+RUL]RQWVWDXFKWHDOV GXQNOHU6FKDWWHQHLQ3ODQHWDXI Ä-DDQWZRUWHWHHUQDFKHLQHU:HLOHÄ,FKJODXEHVFKRQ Ä=LPPDPHGLVWQXUHLQNOHLQHU7HLOGHV6\VWHPVHUNOlUWHGHU$XVELOGHU Ä$OIDIDHEHQIDOOV8QGDXIYLHOHQ3ODQHWHQGHV,PSHULXPV'DEULIDVWHKWHLQH )LOLDOH6LHDOOHVLQGSHU7UDQVPLWWHUPLWHLQDQGHUYHUEXQGHQXQGMHGHKDWLKU 6SH]LDOJHELHW$XI$OIDIDLVWHVGLH3V\FKRORJLHDXI=LPPDPHGN|USHUOLFKH 5HKDELOLWDWLRQXQG7UDLQLQJIUN|USHUOLFKH3UREOHPIlOOH6RJDUQDFK1RVPR ZLUVWGXJHODQJHQDEHUGXZLUVWNHLQHQ)XYRUGLH7UVHW]HQVRODQJHGHU ,PSHUDWRUHVQLFKWJHVWDWWHW 6FLWWYHUVWDQG 'HVKDOENDPGDV,QVWLWXWPLWGHUPDHQZHQLJ*UXQGIOlFKHDXV(UKlWWHHVVLFK GHQNHQN|QQHQ0LWHLQHP0DOZDUHUVWRO]GDUDXIGLHVHP$XVELOGXQJVV\VWHP ]X]XJHK|UHQ )QI-DKUHYHUEUDFKWHHULQGHQ,QVWLWXWVILOLDOHQ ,QGLHVHQIQI-DKUHQOHUQWHHUPHKUDOVGLHPHLVWHQVHLQHU$OWHUVJHQRVVHQLP JDQ]HQ/HEHQOHUQHQZUGHQ(UZXUGHDXINHLQHP*HELHW]XP([SHUWHQ DXVJHELOGHWPLWHLQHU$XVQDKPHGHU3V\FKRORJLH6FLWWVQDWUOLFKH%HJDEXQJ JHGLHKXQGOLHDXVLKPHLQHQIDVWSHUIHNWHQ0HQVFKHQNHQQHUZHUGHQ1XUEHL $OLHQVYHUVDJWHVHLQH%HJDEXQJ:HQQHVGDUXPJLQJPLWHLQHP7RSVLGHURGHU 1DDWXP]XJHKHQHU]LHOWHHUNDXPEHVVHUH(UJHEQLVVHDOVVHLQH0LWVFKOHU
1XUZHVKDOEGLHVHXQLYHUVHOOH$XVELOGXQJ" $QIDQJVKDWWHHUJHGDFKWHUN|QQHVHLQH6FKZHUSXQNWHVHOEVWZlKOHQVLFKIU HLQHZLVVHQVFKDIWOLFKHRGHUWHFKQLVFKH/DXIEDKQHQWVFKHLGHQXQG6SH]LDOLVW ZHUGHQ'HQPHLVWHQ0LWJOLHGHUQGHU'DE$NDGHPLHZXUGHGLHVDXFKJHVWDWWHW 1XUHUXQG]ZHLDQGHUHGLHHUGXUFK=XIDOONHQQHQOHUQWHPDFKWHQHLQH $XVQDKPH:DKUVFKHLQOLFKJDEHVQRFKPHKU3HUVRQHQGLHVHU$UWGRFKHUKDWWH NHLQHDQGHUHQDXVILQGLJPDFKHQN|QQHQ 1XPPHUHLQVKLH6\ER/H%HL6\ER/HKDQGHOWHHVVLFKXPHLQH KRFKDXIJHVFKRVVHQH)UDXPLWHUVWDXQOLFKHQN|USHUOLFKHQ)lKLJNHLWHQ8P NHLQHQ3UHLVKlWWHHUPLWLKU6WUHLWDQJHIDQJHQQLFKWHLQPDOMHW]WGDHUWURW]GHV %XFNHOVYLHOHVHLQHUHKHPDOLJHQ)HLQGHOHLFKWEHVLHJWKlWWH0LW5HFKWJDOWVLH DOVEHVWH.lPSIHULQLKUHV$OWHUV'D]XNDPLKUNODUHVJHUDGOLQLJHV'HQNHQGDV VLHMDXUVSUQJOLFKDQGLH$NDGHPLHJHEUDFKWKDWWH 1XPPHU]ZHLHLQNOHLQHU0DQQRKQHMHJOLFKHQ+DDUZXFKVZDUHLQHFKWHV 0XOWLWDOHQW.|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Ä*XWHQ0RUJHQVDJWHGHU$XVELOGHUQFKWHUQÄ%LVWGXIHUWLJ" 6FLWWKDWWHEHUHLWVYRUHLQHU6WXQGHGDV)UKVWFNHLQJHQRPPHQÄ-D DQWZRUWHWHHUGHVKDOEÄZDUXP"(LQHbQGHUXQJLP6WXQGHQSODQ" Ä.HLQHVZHJV(VKDQGHOWVLFKXPHLQ*HVSUlFK%LGRQQYHU]RJGDV*HVLFKW]X HLQHUJHKHLPQLVYROOHQ0LHQHÄ'HLQ$QWUDJKDWGLH'LQJHEHVFKOHXQLJW Ä.DQQVWGXPHKUVDJHQ" Ä$XINHLQHQ)DOO 6FLWW]XFNWHPLWGHQ6FKXOWHUQXQGIROJWH%LGRQQ'DV=LHOZDUHLQ=LPPHULQ GHQ9HUZDOWXQJVUlXPOLFKNHLWHQGDVHUQLHYRQLQQHQJHVHKHQKDWWH'HQ DQGHUHQJLQJHVlKQOLFKVRZHLWHUZXWHXQGPLWHLQHP0DOHUIDWHLKQ $XIUHJXQJ(WZDV%HVRQGHUHVZUGHJHVFKHKHQ%LGRQQKDWWHMDVFKRQ DQJHGHXWHWGDHVLUJHQGZLHPLWVHLQHP$QWUDJDXI%HJLQQGHU3UIXQJ]XWXQ KDWWH 'LH7U|IIQHWHVLFKYRQLQQHQ (LQHKRKH'HFNHNDKOH:lQGHHLQSDDU6WKOH]ZHL'HFNHQOHXFKWHQGDV ZDUHQVHLQHHUVWHQ(LQGUFNH,QGHU0LWWHVWDQGHLQ6FKUHLEWLVFKPLW &RPSXWHUDQVFKOXXQGGDYRUVDDEZDUWHQGHLQ0DQQLPHLQ]LJHQ6HVVHOGHV 5DXPHV
6FLWWQDKPHLQH9HUlQGHUXQJLQ%LGRQQV9HUKDOWHQZDKU3O|W]OLFKVFKLHQGHU DQGHUHlQJVWOLFKIDVWSDQLVFK6HLQHLQQHUHQ$ODUPVLUHQHQVFKULOOWHQ'LHVHU 0DQQHVPXWHPLWGLHVHP0DQQ]XWXQKDEHQ Ä'XNDQQVWJHKHQ 6FLWWVSUWH%LGRQQV(UOHLFKWHUXQJGDQQILHOGLH7U]XXQGHUZDUDOOHLQPLW GHPDQGHUHQ Ä0HLQ1DPHLVW.DUW0DQ6DOXWHUNOlUWHGHU0DQQIUHXQGOLFK(UVDKVWHLQDOW DXVXQGZDUHVYHUPXWOLFKDXFK,QVHLQHQ=JHQODJHLQH0LVFKXQJDXV 5FNVLFKWVORVLJNHLWhEHUOHEHQVZLOOHQXQG,QWHOOLJHQ](UZDUIDVW]ZHL0HWHU ODQJGDEHLDEHUGQQXQGVFKPDO6HLQH+lQGHODJHQUXKLJQHEHQGHU7DVWDWXU GHV7HUPLQDOV(LQH$WPRVSKlUHYRQ(LVHVNlOWHHUIOOWHGHQ5DXP Ä,FKELQ6FLWW Ä-DGDVZHLLFK'HUGHQVLHGHQ=ZHUJQHQQHQ.DUW0DQ6DOXWVDJWHGDV RKQH6SRWWOHGLJOLFKIHVWVWHOOHQGÄ'LHVHU5DXPLVWHLQH+RFKVLFKHUKHLWV]HOOH DXIGLHVHQ]ZDQ]LJ4XDGUDWPHWHUQNDQQPDQGLHEHVWH6LFKHUKHLWVWHFKQLN ILQGHQGLHGDV,PSHULXP'DEULID]XELHWHQKDW8QGLFKPHLQHGLHEHVWHLFK UHGHQLFKWVLQQORVGDKHU Ä'DVKDWWHLFKQLFKWDQJHQRPPHQ 6FLWWQDKPXQZLOONUOLFKGLHHQWVSDQQWH9HUWHLGLJXQJVKDOWXQJDQGLHPDQLKP EHLJHEUDFKWKDWWH(QGOLFKIDQGHU=XJDQJ]XUHPRWLRQDOHQ9HUIDVVXQJGHV 0DQQHVXQGZDVHUVSUWHOLHLKQQXUQRFKZDFKVDPHUZHUGHQ.HLQH $EQHLJXQJQXU%HUHFKQXQJ Ä,FKYHUWUHWHHLQHQ*HKHLPGLHQVWGHV,PSHUDWRUV:LUVLQGHLQH(OLWHWUXSSH XQVHU1DPHLVW$XHQZHOWVWDIIHO'XKDVWVHOEVWYHUVWlQGOLFKQLHYRQXQVJHK|UW (VJLEWQXU]ZHL'XW]HQG$JHQWHQDEHUPHKUDOV]ZHLWDXVHQGSHULSKHUH 0LWDUEHLWHUGLHQLFKWZLVVHQZHOFKHU2UJDQLVDWLRQVLHDQJHK|UHQ .DUW0DQ6DOXWOHJWHHLQHNXU]H3DXVHHLQ'DEHLEHREDFKWHWHHU6FLWWXQG YHUVXFKWHVHLQH0DVNHGHV*OHLFKPXWV]XGXUFKGULQJHQ(ULVWVRJXWZLHLFK GDFKWH6FLWWZLUVLQGXQVlKQOLFK0LWHLQHP0DOIKOWHHUVLFK]X.DUW0DQ 6DOXWKLQJH]RJHQ(VZDULKPSHLQOLFKXQGXQKHLPOLFK]XJOHLFK Ä,FKELQGHU)KUHUGHU$XHQZHOWVWDIIHOIXKUGHUDOWH0DQQIRUWÄ:LU EHVFKlIWLJHQXQVQLFKWPLWHLQIDFKHQ9HUJHKHQXQVHUHU%UJHU:LUVLQGNHLQH 6FKQIIOHU$EHUDQGHQ*UHQ]HQGHV,PSHULXPVEUHQQWHV|IWHUDOVRIIL]LHOO ]XJHJHEHQZLUGXQGGDQQVLQGZLUDQGHU5HLKH Ä1DFKGHP9RUELOGGHU862"XQWHUEUDFK6FLWW Ä1HLQ.DUW0DQ6DOXWVFKLHQPLWHLQHP0DO]RUQLJÄ,FKGDFKWHGXKlWWHVW GHQ8QWHUVFKLHGEHJULIIHQ1XU]ZHL'XW]HQG$JHQWHQQLFKW7DXVHQGH:LU XQWHUVWHKHQGLUHNWGHP,PSHUDWRU Ä,FKKDEHEHJULIIHQDQWZRUWHWH6FLWWÄ8QGZDVKDEHLFKPLWGHU $XHQZHOWVWDIIHO]XWXQ" Ä*DQ]HLQIDFK'DV'DE,QVWLWXWDUEHLWHWXQWHUXQVHUHUXQPLWWHOEDUHQ$XIVLFKW (VKDWXQWHUDQGHUHPGLH$XIJDEHGHU6WDIIHO1DFKZXFKVKHUDQ]XIKUHQ'X PXWGRFKOlQJVWHWZDVDKQHQPHLQH/HXWHKDEHQIHVWJHVWHOOWGDGXPLW6\ER
/HXQG2OFXPEHUHLWV.RQWDNWDXIJHQRPPHQKDVW 6\ER/H1XQK|UWHHUGHQ1DPHQGHUKRFKDXIJHVFKRVVHQHQ)UDXHUQHXW *HQDXZLHHUZXUGHVLHJH]LHOWXQVSH]LDOLVLHUWDXVJHELOGHW8QG2OFXPPXWH GHUNOHLQH0DQQVHLQGHQHUDXHUGHPDXVILQGLJJHPDFKWKDWWH Ä,FKDKQHWDWVlFKOLFKHWZDV 6FLWWV+HU]NORSIWHZLHUDVHQGHUVWDUUWH.DUW0DQ6DOXWRKQH+HPPXQJHQLQV *HVLFKW8QGSO|W]OLFKZXUGHLKPEHZXWZLHYLHOHUQDFKZHQLJHQ0LQXWHQ GHU8QWHUKDOWXQJEHUHLWVZXWH:LHHVDXVVDKKDWWHGHU0DQQLKPYRQHLQHP GHUEHVWJHKWHWHQ*HKHLPQLVVHGHV,PSHULXPVEHULFKWHW6FLWWVWDQGWUHX]X 'DEULIDDEHUHUZDUQLFKWHUSLFKWGDUDXIJHZHVHQDOV*HKHLPQLVWUlJHUHUVWHU 2UGQXQJZRP|JOLFKLQV.UHX]IHXHU]XJHUDWHQ 8QGGHQQRFK (LQHXQJHKHXUH$Q]LHKXQJVNUDIWJLQJYRQ.DUW0DQ6DOXWDXV9RUGLHVHP 0DQQZDUHUQLFKW6FLWWGHU=ZHUJVRQGHUQHLQ,QGLYLGXXPPLWK|FKVW XQJHZ|KQOLFKHQ)lKLJNHLWHQ6HLQH(LQ]LJDUWLJNHLWZDUNHLQ)OXFKLQGLHVHP $XJHQEOLFN6LHZDUHWZDVGDVPDQKLQQHKPHQPXWHPLWGHPPDQDUEHLWHQ NRQQWH Ä'DQQZLOOLFKHVDXVVSUHFKHQ6FLWW'LH6WDIIHOKDWGLFKXQGHLQH+DQGYROO DQGHUHUYRQYRUQKHUHLQEHREDFKWHW:LUZLVVHQDOOHVEHUGHLQ/HEHQ'XXQG GLHEHLGHQDQGHUHQLKUVHLGDOVHLQ]LJHLP6LHEKlQJHQJHEOLHEHQ6HLW]ZHL -DKUHQLVWHXUH$XVELOGXQJXQDXIIlOOLJJHOHQNWZRUGHQ8QGKHXWHPDFKHLFKGDV $QJHERW:LUZROOHQGDGXDOVQHXHU$JHQW]XU$XVELOGXQJGHU6WDIIHO EHLWULWWVW 6FLWWEHUOHJWHQLFKWODQJH (UVWLPPWH]X =ZDUKDWWHPDQLKPHLQOHW]WHV7UHIIHQPLWVHLQHQ(OWHUQDQJHERWHQGRFK6FLWW OHKQWHDE:DVYHUEDQGLKQQRFKPLWGLHVHQ0HQVFKHQGLHIULKQQLHYLHO 9HUVWlQGQLVDXIJHEUDFKWKDWWHQ"6RJXWZLHQLFKWVGDFKWHHU'LH=HLWODJKLQWHU LKP8QGHUZROOWHDOOHVGDIUWXQGDVHLQH=XNXQIWEHVVHUDXVVDKDOVGLH 9HUJDQJHQKHLW6FLWWGHU=ZHUJ%DOGZUGHPDQGLHVHQGUHL:RUWHQHLQHQ SRVLWLYHQ%HLJHVFKPDFNDEJHZLQQHQ *HPHLQVDPPLWGHQEHLGHQDQGHUHQOLH.DUW0DQ6DOXWLKQQDFK3\URPD EULQJHQ'LHVHU3ODQHWODJQDKHDP=HQWUDOV\VWHPGHV,PSHULXPVXQGGLHQWHGHQ 1HXOLQJHQXQGGHQYLHUXQG]ZDQ]LJDQGHUHQDOV6WW]SXQNW ,P/DXIGHUQlFKVWHQ:RFKHQEHNDPHQVLH.DUW0DQ6DOXWQLFKWHLQHLQ]LJHV 0DO]XVHKHQ'RFKVLHYHUIJWHQEHUHLQHJXWH9RUELOGXQJ(VILHOLKQHQQLFKW VFKZHULP.RPPHQXQG*HKHQGHU(LQVDW]DJHQWHQ0XVWHU]XHUNHQQHQ+LHU DUEHLWHWHQXQEHJUHQ]WH7HFKQLNXQGYLHOH0HQVFKHQIUHLQJHVWHFNWHV=LHO ]XVDPPHQ:LHGLHVHV=LHOLPHLQ]HOQHQDXVVDKHUIXKUHQVLHVHOWHQJHQXJ$EHU GDUDXINDPHVQLFKWDQHVJDOWVLFKLQGLH9HUKlOWQLVVHDXI3\URPD HLQ]XIKOHQ 6FLWWXQGGLHDQGHUHQYHUIJWHQEHU%HZHJXQJVIUHLKHLW1XUVHKUZHQLJH %HUHLFKHGHU$QODJHQEOLHEHQLKQHQYHUVFKORVVHQ9RQLKUHQ8QWHUNQIWHQDXV
KDWWHQVLH=XJULIIDXIDOOH'DWHQElQNHGLHDXFKGHQ(LQVDW]DJHQWHQ RIIHQVWDQGHQ6LHWUDLQLHUWHQWlJOLFKXQG6FLWWYHUEHVVHUWHXQWHU6\ER/HV $QOHLWXQJVHLQH5HIOH[H +LQXQGZLHGHUHUKLHOWHQVLH%HVXFKYRQ(LQVDW]DJHQWHQ9RQGHUlXHUOLFKHQ (UVFKHLQXQJKHUOLHHQVLHVLFKLQNHLQ6FKHPDRUGQHQ(EHQVRZHQLJZLH6FLWW PLWVHLQHP%XFNHORGHUGHUKDDUORVHNOHLQH2OFXP 'LHVH)UDXHQXQG0lQQHUQDKPHQVLHJHQDXXQWHUGLH/XSHMHGHUDXIVHLQH$UW PLW*HQDXLJNHLWRGHUDXVGHP,QVWLQNWKHUDXV6FLWWKDWWHPHKUDOVHLQPDOGDV *HIKOGDHUXQWHUGLHVHQ%OLFNHQQLFKWVYHUEHUJHQNRQQWHGDVHLQH(LJQXQJ IU'DEULIDV*HKHLPGLHQVWJHQDXJHSUIWZXUGH :LHZUGHHUDEVFKQHLGHQ"6WDQGVHLQH$XIQDKPHWDWVlFKOLFKVRIHVWZLHHU GDFKWH":LHVHKUNRQQWHQVLH.DUW0DQ6DOXWV:RUWHQWUDXHQ"6FLWWVSUDFKPLW 6\ER/HXQG2OFXPQLFKWEHULUJHQGZHOFKH=ZHLIHOGRFKHUZDUVLFKHUGD DXFKGLHEHLGHQDQGHUHQVRUJIlOWLJQDFKGDFKWHQ1HLQ.DUW0DQ6DOXWV:RUWH EHGHXWHWHQLP*UXQGHQLFKWV'LHVHU0DQQNRQQWHVHLQH=XVDJHQHEHQVR ]XUFN]LHKHQZLHHUVLHJHJHEHQKDWWH$P(QGHNDPHVZRP|JOLFKDXIGLH :HUWXQJHQLKUHUÄ%HVXFKHUDQ Ä'DVZDUMHW]W1XPPHUQHXQ]HKQVWHOOWH2OFXPHLQPDOIHVWÄ,FKELQVLFKHU GDVLHDOOHYLHUXQG]ZDQ]LJNRPPHQ:DVPHLQWLKU".RPPHQVLHDOOH" Ä9LHOOHLFKWQLFKWJDE6\ER/HEHGlFKWLJ]XUFNÄ(LQLJHVLQGLPPHULP (LQVDW]GDVZLVVHQZLUMHW]W%LVKHUKDEHQZLUHUVWHLQXQG]ZDQ]LJ$JHQWHQ EHUKDXSWJHVHKHQ'LHDQGHUHQVWHFNHQZRP|JOLFKLQODQJIULVWLJHQ 8QWHUQHKPXQJHQIHVW 6FLWWlXHUWHVLFKQLFKWGD]X ,P/DXIGHUQlFKVWHQ:RFKHQHUKLHOWHQVLH%HVXFKYRQZHLWHUHQ$JHQWHQXQG DP(QGHEHWUXJGLH=DKOLQGHU7DWYLHUXQG]ZDQ]LJ9LHU7DJHVSlWHUHUVFKLHQ .DUW0DQ6DOXW6FLWWVSUWHKLQWHUHLQHP5LHJHODXVDEVROXWHU.lOWHXQG 9HUVFKORVVHQKHLWGHQ7ULXPSK Ä,FKKDEHHLQHJXWH1DFKULFKWIUHXFKVDJWHGHU0DQQ(VVFKLHQDOVPVVHHU MHGHQ$XJHQEOLFNDXV$OWHUVVFKZlFKH]XVDPPHQEUHFKHQ$EHUGDVZDUHLQH 7lXVFKXQJMHGHUZXWHHVÄ=XPHUVWHQ0DOKDEHQDOOHGUHL.DQGLGDWHQGLH 3UREH]HLWEHUVWDQGHQ'DEULIDZLUGVLFKIUHXHQ0LWDQGHUHQ:RUWHQ 0RUJHQEHJLQQWHXUHHLJHQWOLFKH$XVELOGXQJ 'LH(UOHLFKWHUXQJOLHLKQHUVWPDOVVHLWODQJHU=HLWZLHGHUUXKLJVFKODIHQ $OVDPQlFKVWHQ0RUJHQGLH$XVELOGXQJEHJDQQZXWHHUVRIRUWGDHV GLHVPDOKlUWHUZHUGHQZUGHDOVLP'DE,QVWLWXW:HLWKlUWHU$EHUVLHKDWWHQ MDJH]HLJWGDVLHDXFKDXHUJHZ|KQOLFKH%HODVWXQJHQYHUNUDIWHQNRQQWHQ 0HKUDOV]ZHL-DKUHODQJZXUGHQVLHLQDOOHQ7HFKQLNHQGHU*HKHLPGLHQVWDUEHLW DXVJHELOGHW0DQVWRSIWHVLHYROOPLW,QIRUPDWLRQHQEHUGLH862GLH6RODUH $EZHKUGLHWHUUDQLVFKHQ0XWDQWHQGLH6SLRQDJHGLHQVWHGHU=*8XQGDQGHUH 'LH9HUKlOWQLVVHLQGHU0LOFKVWUDHZDUHQNRPSOL]LHUW-HGHQ7DJNDPHQQHXH (QWZLFNOXQJHQKLQ]XXQGVLHKDWWHQQRFKQLFKWHLQPDOGHQDNWXHOOHQ6WDQG HUUHLFKW6FLWWKlWWH]ZHLRGHUGUHL0DOHIDVWDXIJHJHEHQ$XIJHEHQ:DV
EHGHXWHWHGDV":UGH.DUW0DQ6DOXWLKPHUODXEHQDXI]XJHEHQ":DVJHVFKDK PLWHLQHPGHUQLFKWPHKUPLW]RJ" 6FLWWHUVFKDXHUWH(UYHUGUlQJWHGHQ*HGDQNHQZHLOHU'DEULIDXQGGLHVHP *HKHLPGLHQVWVRYLHOVFKXOGLJZDU$XIVLFKDOOHLQJHVWHOOWZlUHHUQRFKLPPHU 6FLWWGHU=ZHUJ6LHZUGHQQRFKLPPHUEHULKQODFKHQXQGVLFKGDEHL KHLPOLFKIUFKWHQ +LHUZDUHUPHKUQlPOLFKHLQHUYRQGHPQlFKVWVLHEHQXQG]ZDQ]LJ(LQHJDQ]H 2UJDQLVDWLRQVWW]WHLKQ XQGDUEHLWHWHIUVHLQHQ(UIROJ $OVJHUDGH]Z|OI0RQDWH$XVELOGXQJKLQWHULKPXQGGHQEHLGHQDQGHUHQODJHQ WUDWHLQXQHUZDUWHWHV(UHLJQLVHLQ(LQHVFKOLPPH1DFKULFKWHUUHLFKWH3\URPD 6LHHUIXKUHQGDHLQH$JHQWLQJHVWRUEHQZDU,KU(LQVDW]JHELHWKDWWHPLWWHQLP +HU]HQGHV6ROV\VWHPVJHOHJHQDXI7HUUDLQ,PSHULXP$OSKD6RJDU.DUW0DQ 6DOXW]HLJWH7UDXHUDXFKZHQQ6FLWWIHVWVWHOOWHGDVLHQXUYRUJHVSLHOWZXUGH 8QGQHXH=ZHLIHOHUZDFKWHQLQLKP.RQQWHHVQLFKWVHKUZRKODXFKLKQWUHIIHQ" :DVZHQQHUHLQHPGLHVHUWHUUDQLVFKHQ0XWDQWHQLQGLH4XHUHNDP")HOOPHU /OR\G5DV7VFKXEDLRGHU*XFN\GHP3HO]ZHVHQ:UGHDXFKHUNlPSIHQ XQGGDEHLVWHUEHQPVVHQ" 0DQNRQQWHVLFKVROHLFKWYHUUDWHQ(VJDEXQ]lKOLJH'HWDLOVGLHGDV/HEHQDXI 7HUUDYRP$OOWDJLP,PSHULXP'DEULIDXQWHUVFKLHG$OOHLQGLH*UDPPDWLN EUDFKWH6FKZLHULJNHLWHQ$XI7HUUDPXWHPDQVWlQGLJXQWHUVFKHLGHQ]ZLVFKHQ )UHXQGHQXQG)UHPGHQ]ZLVFKHQYHUWUDXWHQXQGYHUIHLQGHWHQ3HUVRQHQ,Q 'DEULIDV5HLFKZXUGHVHLWHLQLJHU=HLWMHGHUPDQQEHLP9RUQDPHQJHQDQQW (VZDUVROHLFKWDXI]XIDOOHQ $XVYLHUXQG]ZDQ]LJZDUHQGUHLXQG]ZDQ]LJJHZRUGHQ 'LH$XHQZHOWVWDIIHOJLQJ]XU7DJHVRUGQXQJEHU6LHEUDFKWHQHLQZHLWHUHV -DKUKDUWHU$XVELOGXQJKLQWHUVLFKXQGHQGOLFKOLH.DUW0DQ6DOXWVLHDNWLYLQ 'LHQVWWUHWHQ'LHVHV'DWXPEHGHXWHWH6FLWWV7UHQQXQJYRQ2OFXPXQG6\ER/H 1XQZDUHUHLQ$JHQW²HUPXWHVLFKGDPLWDEILQGHQDQGHUHVHLQHVJOHLFKHQ QXUKLQXQGZLHGHU]XWUHIIHQ =XQlFKVWOHUQWHHULQJHWDUQWHU7lWLJNHLW1RVPRGLH+DXSWZHOWGHV,PSHULXPV 'DEULIDNHQQHQ'DQQWDVWHWHHUVLFKLQ5LFKWXQJGHU$XHQZHOWHQYRUXQG EHNDPPLWGHU:LGHUVWDQGVRUJDQLVDWLRQ]XWXQ'LH7ROHUDQ]'LH7ROHUDQ] lKQHOWHGHUVDJHQKDIWHQ+\GUDHLQHP:HVHQDXVGHUIUKWHUUDQLVFKHQ 0\WKRORJLH0DQNRQQWHLKUHLQHQ.RSIDEVFKODJHQDEHUVWDWWGHVHLQHQ ZXFKVHQ]ZHLQHXH :lKUHQGVHLQHV]HKQWHQ(LQVDW]HVW|WHWH6FLWW]XPHUVWHQ0DOHLQHQ0HQVFKHQ 'LH7DWJDELKQODQJH]XGHQNHQGRFKDP(QGHIDQGHUVLFKGDPLWDE'LH =HLWHQZDUHQQLFKWUXKLJHVZDUHQVFKOLPPH=HLWHQ0LWGHP6RODUHQ,PSHULXP VWDQGLKQHQHLQEHUPlFKWLJHU)HLQGJHJHQEHUGLH=*8XQGGHU&DUVXDOVFKH %XQGZDUHQNDXPOHLFKWHUEHUHFKHQEDU 6FLWWVDKGLH1RWZHQGLJNHLWHQ ,PPHUPHKUXQGLPPHU|IWHUEHWlXEWHHUVHLQ*HZLVVHQ(UZXWHGDHU 9HUSIOLFKWXQJHQKDWWH.DUW0DQ6DOXWHUZDUWHWH/HLVWXQJYRQLKP'LH
NRPPHQGHQ-DKUHIKUWHQLKQGXUFKGLHKDOEH*DOD[LVQDFK$UNRQ$NRQXQG 2O\PS]XGHQ:HOWHQGHU7RSVLGHUXQGZLHGHU]XUFNLQV,PSHULXP'DEULID 'HU:HQGHSXQNWVHLQHV/HEHQVWUDWZlKUHQGHLQHUVFKHLQEDUKDUPORVHQ$NWLRQ HLQ*HPHLQVDPPLW]HKQ+HOIHUQIROJWHHUDXIHLQHPOXIWOHHUHQ$VWHURLGHQ]ZHL 5RERWJHVFKZDGHUQGHUHQ+HUNXQIWQLHPDQGNDQQWH'HVKDOEEHUUDVFKWHGHU +LQWHUKDOWLKQXPVRPHKU²5RERWHUOHJWHQNHLQH+LQWHUKDOWH,UJHQGHWZDV KDWWHHUEHUVHKHQGRFK6FLWWIDQGNHLQH=HLWPHKUGDUEHUQDFK]XGHQNHQ $OVHUGHQJOKHQGHQ6WXPSIVDKGHUYRUKHUVHLQUHFKWHU$UPJHZHVHQZDU VFKORHUPLWGHP/HEHQDE6FLWWYHUORUGDV%HZXWVHLQ6RNDPHVGDHUGHQ ,PSHULXPVNUHX]HUQLFKWPHKUEHPHUNWH'LH5RERWHUYHUJLQJHQLQHLQHP HLQ]LJHQ)HXHUVFKODJXQG]ZHL0LQXWHQVSlWHUVFKDIIWHHLQ*OHLWHUVHLQHQIDVW OHEORVHQ.|USHULQGHQQlFKVWHQhEHUOHEHQVWDQN (UQHXWYHUJLQJHQ-DKUH Ä6FLWW6FLWW+|UVWGXPLFK"6FLWW6FLWW 6FLWWWDXFKWHZLHDXVHLQHPWLHIHQXQGHXWOLFKHQ7UDXPDXI=XQlFKVWQXUHLQ ZHQLJGDQQLPPHUPHKUXQGVFKOLHOLFKZXUGHLKPNODUGDHUQRFKOHEWH :HVKDOE"'LH)UDJHVWHOOXQJEHUIRUGHUWHLKQ6HLQKDOEZDFKHU*HLVWVHW]WHGLH 7UXJELOGHUGHV8QWHUEHZXWVHLQVLQNODUH:DKUQHKPXQJHQXP1RFKNRQQWHHU 7UDXPXQG5HDOLWlWQLFKWDXVHLQDQGHUKDOWHQ (LQXQNODUHU(LQGUXFNYRQIXUFKWEDUHP6FKPHU]OLHLKQ]XVDPPHQ]XFNHQ $EHUQHLQHVZDUYRUEHL (UELOGHWHVLFKHLQDXIHLQHUJUQHQ:LHVH]XVWHKHQ.HLQH:LHVHVDKHUGDQQ HVKDQGHOWHVLFKXPHLQHGLFKWEHZDFKVHQH'QHYRQWLHIJUQHU)DUEH'HU+LP PHOVFKLPPHUWHLQ%ODXW|QHQXQGGLHJHOEH6RQQH$OIDIDVVWDQGDP+RUL]RQW LP6LQNHQEHJULIIHQ(VZXUGH$EHQG,UJHQGZRLP+LQWHUJUXQGEUDFKHLQH .OLSSHGLH:HOOHQGLHYRP0HHUKHUNDPHQ 6FLWWVDKDQVLFKVHOEVWKHUDE(WZDVZDUDQGHUVGDVVSUWHHUGRFKHUIUHXWH VLFKGDUEHU:DVZDUIDOVFKDQGLHVHQNUlIWLJHQVFKODQNHQ*OLHGHUQ"(U EHWDVWHWHVHLQ*HVLFKWXQGGLH)LQJHUNXSSHQHUIKOWHQHEHQPlLJH=JH$XFK GDUDQZDUHWZDVIDOVFK8QEHKDJHQEHUNDPLKQSO|W]OLFKRKQHGDHUGDIU HLQHQ*UXQGVDK*HZDOWVDPGUlQJWHHUGDV*HIKOEHLVHLWHXPVLFKQXUQRFK GHP5DXVFKHQGHU:HOOHQKLQ]XJHEHQ 'HU6WUDQGODJIDVWXQEHUKUWGDGDV:DVVHUKDWWHZHLHQ6DQGXQG UXQGJHVFKOLIIHQH.LHVHOVWHLQHDQJHVSOW$QHLQHU6WHOOHIKUWHQ)XVSXUHQLQV 0HHU6HLQHHLJHQHQ6SXUHQGDVZXWHHU(UZDUQRFKQDLUJHQGZLHNOHEULJ VFKOHLPLJ8QGYRQIHUQPLVFKWHVLFKHLQEHXQUXKLJHQGHV5DXQHQLQGHQ :HOOHQJDQJ Ä+|UVWGXPLFK6FLWW"6FLWW.RPP6FLWWK|UHGRFKNRPP 'DZDUQLFKWVVDJWHHUVLFKHVNRQQWHQLFKWVVHLQ7URW]GHPEHJDQQGLH %RWVFKDIWYRQZHLWXQWHQKHUVHLQ%HZXWVHLQHLQ]XQHKPHQ Ä.RPPVFKRQULHIHLQH)UDXHQVWLPPHDXVGHU+WWHGLHDXIGHU'QHVWDQG
'DV5DXQHQ"1HLQJHZLQLFKW,KUH6WLPPHNODQJJDQ]DQGHUV 'LH+WWHZDU]ZHL0HWHUJUR6FLWWZXWHGDHV]ZHL0HWHUZDUHQ² VFKOLHOLFKKDWWHHUVHOEVWVLHPLWHLJHQHQ+lQGHQJHEDXW8QGGRFKEHILHOLKQ GDVKDUWQlFNLJH*HIKOHVPVVHPLQGHVWHQVHLQ0HWHUPHKUVHLQ(WZDV VWLPPWHQLFKWPLWGHQ*U|HQYHUKlOWQLVVHQ Ä1XQORVGRFK 'LH)UDXHUZDUWHWHLKQLP+DOEGXQNHOXQGLKUH+DOWXQJOLHNHLQHQ=ZHLIHO GDUDQZDVVLHYRQLKPHUZDUWHWH(UKDWWHVLHNHQQHQJHOHUQWZRQXU"1XQ ZXWHHUHVQLFKWPHKU(JDO6FLWWVWUPWHPLWIHGHUQGHQ6FKULWWHQ KDQJDXIZlUWV6LHZDUVRVFK|QDOVKDEHHUHLQ/HEHQODQJQDFKLKUJHVXFKW,KU JHZHOOWHVGXQNHOEUDXQHV+DDUEHGHFNWHORFNHUGLH6FKXOWHUQLQLKUHQ$XJHQ VWDQGHLQXQVFKXOGLJHU$XVGUXFN (UOLHEWHVLH Ä6FLWWNRPP6FLWW'XK|UVWPLFKGRFK'DV5DXQHQJHZDQQDQ'HXWOLFKNHLW (UKLHOWLQQHXQGVFKDXWHVLFKXPGRFKQLUJHQGZRZDUHLQ$QKDOWVSXQNW Ä,FKNRPPHVFKRQULHIHU 6HLQH6WLPPHNODQJXQZLUNOLFKXQGKRKOYRUVHLQHQ$XJHQZXUGHGLH'QH VWHLOHU1XQPXWHHUYLHOPHKU.UDIWDXIZHQGHQDOVYRUKHUXQGHLQHLQ]LJHU 6FKULWWNRVWHWHVRYLHOZLH]ZDQ]LJ6FLWWNlPSIWH(UNlPSIWHPLWDOOHU(QHUJLH GLHVHLQHUVFKODIIHQGHU.|USHUQRFKKDWWHXQGHVZDUYHUJHEOLFK'LH'QH ZXFKV]XU+|KHHLQHV%HUJHV Ä.RPPNRPPULHIGLH)UDXPLWGQQHU6WLPPH Ä6FLWW6FLWW6FLWWKLHOWGLHDQGHUH6WLPPHGRQQHUQGGDJHJHQ'DV$EELOGGHV 0HHUHVGHV6WUDQGHVXQGGHU'QHYHUEODWHQ(UNRQQWHQLFKWVGDJHJHQWXQ =XQlFKVWYHUVDJWHQGLH$XJHQXQGHQGOLFKDXFKGDV*HK|UELVGDV*HUlXVFK GHU:HOOHQHUVWDUEXQGQXUQRFKGLH6WLPPHEOLHE Ä6FLWWKlPPHUWHVLHÄ'XPXWMHW]WDXIZDFKHQ6RQVWZDFKVWGXQLHZLHGHU DXI 8QGPLWHLQHP0DOHULQQHUWHHUVLFK'LH5HDOLWlWVWU]WHEHULKQKHUHLQXQGHU ZXWHZLHGHUGDHU6FLWWGHU=ZHUJZDU(UODJLQHLQHP5HJHQHUDWLRQVWDQN .OHEULJHVFKOHLPLJH)OVVLJNHLWOLHIJOXFNVHQGDE9RQREHQNDPGLH6WLPPH $P7RQIDOOHUNDQQWHHU.DUW0DQ6DOXWGHQ)KUHUGHU$XHQZHOWVWDIIHO Ä.RPPVFKRQ6FLWW'XPXWMHW]WDXIZDFKHQ6RODQJHGUIWHHVQLFKWGDXHUQ 3O|W]OLFKILHOLKPGHUKRKHQDVDOH7RQIDOOGHU6WLPPHDXI+LHUKDWWHQLFKWPHKU .DUW0DQ6DOXWJHVSURFKHQVRQGHUQHLQDQGHUHU:DVZDUJHVFKHKHQ"6FLWWYHU GUlQJWHGLH7UXJELOGHUGHQHQHULP7UDXPQDFKJHKDQJHQKDWWH,P$XJHQEOLFN ZDUIUVHLQHYHUGUlQJWHQ:QVFKHNHLQH=HLW (UHULQQHUWHVLFKGHXWOLFKDQGLH5RERWHUDQGHQ+LQWHUKDOWDQGHQYHUNRKOWHQ $UPVWXPSI6FLWWZDUVFKRQPHKUDOVHLQPDOLQ/HEHQVJHIDKUJHUDWHQ6HLQ %HUXIEUDFKWHGDVPLWVLFKXQGHUEHGDXHUWHHVQLFKW,UJHQGZDQQKDWWHQGLH 3V\FKRORJHQLQVHLQHP8QWHUEHZXWVHLQHLQHQ7RGHVZXQVFKYRQEHGHXWHQGHU 6WlUNHIHVWJHVWHOOWGRFKIUGLHVH(UNHQQWQLVKlWWHHUNHLQH3V\FKRORJHQ JHEUDXFKW(UNDQQWHVLFKJXW
9RUVLFKWLJEDOOWHHU]XQlFKVWOLQNVGDQQUHFKWVGLH)DXVW-DVLHKDWWHQLKQ ZLHGHUKHUJHVWHOOW6HOEVWGLH)LQJHUVFKLHQHQ]XIXQNWLRQLHUHQXQG6FLWWZDU IURKGDUXP:DVKlWWHHURKQH)LQJHUDQIDQJHQVROOHQ"6HLQ%XFNHOZDUVFKRQ VFKOLPPJHQXJ ÄgIIQHGLH$XJHQ:LUZLVVHQGDGXZDFKELVW(UQHXWGLHIUHPGH6WLPPH GLHHEHQVRNDOWXQGEHKHUUVFKWNODQJZLHGLHGHVDOWHQ.DUW0DQ6DOXW 6FLWWNlPSIWHVHNXQGHQODQJPLWGHPEHUPlFKWLJHQ*HGDQNHQZLHGHULQ6FKODI ]XYHUVLQNHQ'DV(UZDFKHQEHGHXWHWHHLQH4XDO(QGOLFK|IIQHWHHUGLH$XJHQ XQGDXVHLQHUXQVLFKWEDUHQ4XHOOHGUDQJVDQIWHV/LFKWDQVHLQH1HW]KlXWH(UODJ LQHLQHPVDUJlKQOLFKHQ*ODVWDQN'UDXHQVWDQGHQ]ZHL3HUVRQHQGLHHUQLFKW JHQDXHUNHQQHQNRQQWH Ä:LHLVWPHLQ=XVWDQG"IUDJWHHUODXW6HLQH6WLPPHNODQJKlOLFKVLHNQDUUWH ZLHURVWLJHV(LVHQÄ:DVLVWEHUKDXSWSDVVLHUW" 6FLWWZDUWHWHJHGXOGLJGLH(UNOlUXQJHQDE(UOLHJHUQDQGHUHUHGHQ²XQG KDWWHGHVKDOEGLH.XQVW]X]XK|UHQLQKRKHP0DSHUIHNWLRQLHUW0DQFKH/HXWH VFKlW]WHQLKQGHVZHJHQ.DUW0DQ6DOXWXQGGLHDQGHUH3HUVRQVFKZLHJHQ MHGRFK9LHOOHLFKWZDUHVLP$XJHQEOLFNDXFKEHVVHUVRGDUEHUOLHVLFKZHQLJ VDJHQ Ä(UKHEHGLFKMHW]WVSUDFK0LQXWHQVSlWHUGLHQDVDOH6WLPPHÄ(VLVW=HLWGX KDVWNHLQH%HVFKZHUGHQPHKU :DUHUVFKRQLQGHU/DJHGD]X"6FLWWKRUFKWHVRUJIlOWLJLQVLFKKLQHLQ-DHV JLQJ3ULFNHOQGNHKUWH/HEHQLQVHLQH*OLHGHU]XUFN(UULFKWHWHVLFKl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Ä,FKKDWWHUHFKW-HW]WJHKWHV 'LHQDVDOH6WLPPH6FLWWPXVWHUWHQHXJLHULJGHQ0DQQGHUUHFKWVYRQLKP VWDQGXQGVHLQHUVHLWVGHQ%OLFN]XUFNJDE(UZDUHWZDVLHE]LJ=HQWLPHWHU JU|HUDOV6FLWWDOVRXQJHIlKU]ZHL0HWHU6HLQH*HVWDOWVFKLHQKDJHUXQG ]HUEUHFKOLFKGLHURWHQ$XJHQYHUULHWHQZLVVHQVFKDIWOLFKHV,QWHUHVVH$XV LUJHQGHLQHP*UXQG]HLJWHQZHGHU+DXWQRFK+DDUHHLQHDXIIlOOLJH)lUEXQJ'HU 6FKlGHOVDKDXVZLHHLQEHUJURHV(L 6FLWWEHJULIIGDHUIUGHQ0DQQQLFKWPHKUDOVHLQ2EMHNWZDU(VKDQGHOWH VLFKXPHLQHQ$UD=XPHUVWHQ0DOEHNDPHUHLQHQGHU*DODNWLVFKHQ0HGL]LQHU ]X*HVLFKWXQGHUHULQQHUWHVLFKZHOFKH(LQVWHOOXQJPDQGLHVHP9RON
QDFKVDJWH9LHOH$UDVZDUHQY|OOLJVNUXSHOORVQXULQWHUHVVLHUWDQLKUHU 9RUPDFKWVWHOOXQJDXIGHP*HELHWGHU0HGL]LQ2EZRKOGLHVH6WHOOXQJQXUQRFK DXIGHP3DSLHUEHVWDQG,Q]ZLVFKHQKDWWHQGDV6RODUH,PSHULXPGLH=*8 XQGGDV,PSHULXP'DEULIDJOHLFKJH]RJHQ*UXQGJHQXJGDFKWHHUGHQ$UDV QLFKW]XWUDXHQ Ä:DVLVWJHVFKHKHQ"IUDJWHHUÄ,FKHULQQHUHPLFKDQHLQHQ+LQWHUKDOW Ä'XELVWJHWURIIHQZRUGHQHUNOlUWH.DUW0DQ6DOXWOHLGHQVFKDIWVORVÄ$EHU HLQHVXQVHUHU6FKLIIHNRQQWHUHFKW]HLWLJHLQJUHLIHQ'DVZDUGHLQH5HWWXQJ WURW]GHPPXWHQZLUGLFKPHKUDOVHLQ-DKUODQJLQHLQHQ5HJHQHUDWLRQVWDQN VWHFNHQ Ä:HVKDOEVRODQJH"6FKZHUH)lOOHEUDXFKHQQLHPHKUDOV]ZHL0RQDWH6HLQH 6WLPPH]LWWHUWHGRFK6FLWWQDKPVLFK]XVDPPHQXQGEUDFKWHGHQ7RQIDOOXQWHU .RQWUROOH Ä'DVOLHJWDQ-DQQVDQ'DEHLZLHV.DUW0DQ6DOXWDXIGHQ*DODNWLVFKHQ 0HGL]LQHUÄ(UKDWGLFKEHKDQGHOW 6FLWWZDQGWHVLFKGHP$UD]X(UKREIUDJHQGGLH$XJHQEUDXHQXQGSO|W]OLFK VSUWHHUXQWHUGHP%OLFNGHVDQGHUHQGLH/DVWVHLQHV%XFNHOVDOVIUDJHVLFKGHU 0HGL]LQHUZLHHLQHVROFKH0LJHEXUWKDWWH]XVWDQGHNRPPHQN|QQHQ Ä:DVKDWHVGDPLWDXIVLFK"ZROOWHHUZLVVHQ Ä,FKKDEHGLFKPRQDWHODQJLQ5HJORVLJNHLWXQWHUVXFKWHUNOlUWH-DQQVDQ6HLQ IDUEORVHV*HVLFKW]HLJWHNHLQ*HIKOÄ-HW]WELVWGXZLHGHUKHUJHVWHOOW Ä'XKDVW+LQWHUJHGDQNHQZDUI6FLWWGHP$UDKHIWLJYRUª 'HU0HGL]LQHUOLHVLFKQLFKWDXVGHU5XKHEULQJHQÄ/HLGHUN|QQHQZLUGLFK QRFKQLFKWDXINOlUHQDQWZRUWHWH-DQQVDQUXKLJÄ,QHLQSDDU:RFKHQLVWHV VRZHLW,FKZLOOGLUQXUVDJHQGDGX]XHLQHPUHYROXWLRQlUHQ5HLKHQYHUVXFK JHK|UVW'XXQGQHXQXQGVLHE]LJDQGHUHLKUZHUGHWLQGLH*HVFKLFKWHHLQJHKHQ 'DUDXINRQQWHHUYHU]LFKWHQGDFKWH6FLWWGRFKHLQ%OLFNLQ.DUW0DQ6DOXWV *HVLFKWKLQGHUWHLKQGDUDQGLH:RUWHODXWDXV]XVSUHFKHQ0LWHLQHP0DOZXUGH LKPEHZXWZLHZHQLJ(QWVFKHLGXQJVVSLHOUDXPHUHLJHQWOLFKKDWWH(LQ:RUW GHVDOWHQ0DQQHVJHQJWHXQGHUNRQQWHQLFKWGDJHJHQDQ Ä-DQQVDQZLUGGLFKMHW]WIUHLQSDDU8QWHUVXFKXQJHQPLWQHKPHQ'HU/HLWHU GHU6WDIIHOVDKLKQGXUFKGULQJHQGDQ$XFKRKQHVHLQ7DOHQWKlWWH6FLWWGLH 'URKXQJGDULQZDKUJHQRPPHQÄ8QWHUVWW]HLKQVRJXWGXNDQQVW $QVFKOLHHQGXQWHUKDOWHQZLUXQVQRFKHLQPDO,FKKDEHHLQHQ(LQVDW]IUGLFK Ä:RUXPJHKWHV" Ä'DVHUIlKUVWGXVSlWHU Ä%LWWH,QDOOHU.U]HQXUHLQHQhEHUEOLFN Ä1XQJXW6FLWW:LUKDEHQHLQ3UREOHPLQGHQ$XHQZHOWHQ6\ER/HXQG 2OFXPVLQGEHLGHQ(UPLWWOXQJVDUEHLWHQEHUHLWVXPJHNRPPHQ'XZLUVWLKUHQ 7RGDXINOlUHQXQGQRFKHLQLJHVPHKUZDVGDPLW]XVDPPHQKlQJW 6FLWWEHUOHJWHUDVHQGVFKQHOO6HLQH%HWURIIHQKHLWEHUGHQ7RG]ZHLHU$JHQWHQ GUlQJWHHUYRUHUVW]XUFNÄ:LHVWHKHQPHLQH&KDQFHQ"IUDJWHHUÄ:HQQQLFKW HLQPDOVLHHVJHVFKDIIWKDEHQ
'HUDOWH0DQQYHU]RJGDV*HVLFKW]XHLQHPZ|OILVFKHQ/lFKHOQÄ'HLQH &KDQFHQ"1LFKWJXWZUGHLFKVDJHQ$EHUGXKDVWHLQHQ9RUWHLO'XELVWDQGHUV DOVGHLQH9RUJlQJHU Ä,VWGDVDOOHV" .DUW0DQ6DOXWYHUOLHGHQ5DXPRKQHLKPHLQZHLWHUHV:RUW]XJ|QQHQ 6FLWWEOLHEDOOHLQPLW-DQQVDQ]XUFN'HU0HGL]LQHUOLHLKQHLQLJH $XIZlUPEXQJHQGXUFKIKUHQGDQQJLQJHVKLQEHULQHLQHVGHUDQJUHQ]HQGHQ =LPPHU'DEHLKDWWH6FLWWQLFKWGLHJHULQJVWH$KQXQJZRDXI3\URPDHUVLFK EHIDQGREHVEHUKDXSWGLH6WW]SXQNWZHOWZDURGHUHLQDQGHUHU3ODQHW 0HKUDOV]ZDQ]LJ6WXQGHQQDKPGLH8QWHUVXFKXQJLQ$QVSUXFK-DQQVDQZDQGWH VlPWOLFKHEHNDQQWHQ'LDJQRVHWHFKQLNHQDQXQGGD]XNDPHQHLQLJHYRQGHQHQ 6FLWWQLHYRUKHUJHK|UWKDWWH'HU0HGL]LQHUPXWHDXIVHLQHP*HELHWHLQ*HQLH VHLQ6RQVWKlWWHHUGHQ:HJLQGLH$XHQZHOWVWDIIHOQLHJHIXQGHQ 6FLWWZXWHQXUQLFKWZDVGDVEHGHXWHWH%UDFKWHGHU9HUVXFKDQGHPHU RIIHQEDUWHLOQDKPVHLQ/HEHQLQ*HIDKU"'HQQLUJHQGHWZDVZUGHJHVFKHKHQ .DUW0DQ6DOXWVEUHQQHQGH1HXJLHUGHKDWWHLKUHQ*UXQG 6FLWWVFKOLHIQHXQ6WXQGHQODQJ 'DQQOLHGHU/HLWHUGHU6WDIIHOLKQ]XVLFKNRPPHQ$XIGHP:HJZXUGH GHXWOLFKGDHUVLFKXQWHUGHU2EHUIOlFKH3\URPDVEHIXQGHQKDWWH(LQLJH %HREDFKWXQJHQ]HLJWHQGDGHU%HUHLFKQRFKQLFKWDOWZDUHLQSDDU-DKUH K|FKVWHQV $EHUGDPLWZUGHHUVLFKVSlWHUEHIDVVHQ .DUW0DQ6DOXWHUZDUWHWHLKQLQGHU6SLW]HHLQHVPHKUHUHKXQGHUW0HWHUKRKHQ 7XUPHV'LHREHUVWH(WDJHZDUJDQ]DXVGXUFKVLFKWLJHP3ODVWLNPDWHULDOJHEDXW XQG6FLWW]ZHLIHOWHQLFKWGDUDQGDVLHKLHUY|OOLJDEK|UVLFKHUVSUHFKHQNRQQWHQ ,QHLQLJHU(QWIHUQXQJTXROOODXWORVHU/DGHYHUNHKUEHUGLH+RFKVWUDHQGHV 6WW]SXQNWHV'DUXQWHUELOGHWHQZHLWHUH7UPH/DJHUKDOOHQXQG)DEULNHQHLQ HQJPDVFKLJHV1HW] Ä.RPPHQZLU]XU6DFKHHUNOlUWH.DUW0DQ6DOXWXQJHGXOGLJ0LWHLQHU +DQGEHZHJXQJZLHVHU6FLWWHLQHQ6HVVHO]XÄ'XKDVWVFKRQJHK|UWGDZLUHLQ JHZLFKWLJHV3UREOHPKDEHQ6RJHZLFKWLJGDHV2OFXPXQG6\ER/HGDV /HEHQJHNRVWHWKDW:LUKDEHQQXULKUH/HLFKHQJHIXQGHQDEHUNHLQH+LQZHLVH 'DUDQNDQQVWGXHUPHVVHQZHOFKH*HIDKUHQNODVVHDXIGLFKZDUWHW 'HU/HLWHUGHU6WDIIHOXQWHUEUDFKVLFKNXU]DOVPVVHHUVHLQH*HGDQNHQRUGQHQ Ä(VJHKWXPGLH0RQ\Q\=ZLOOLQJHIXKU.DUW0DQ6DOXWIRUWÄ'XELVWQRFK QLHGRUWJHZHVHQGHVKDOEHLQSDDU:RUWH]XU,QIRUPDWLRQ(UDNWLYLHUWHGDV 7HUPLQDODQVHLQHP3ODW]XQGPLWNDXPK|UEDUHQ6XPPHQHUKHOOWHVLFKHLQ %LOGVFKLUP Ä'DVKLHULVWHLQ6FKHPDGHV6\VWHPV(LQW\SLVFKHU'RSSHOVWHUQHLQURWHU5LHVH PLWHLQHPNOHLQHQZHLHQ6WHUQDOV8POlXIHU$XHUGHPJLEWHV]ZHL3ODQHWHQ GLHVLFK]LHPOLFKlKQOLFKVLQG,P(UQVWIDOOVROOHQGLH0RQ\Q\=ZLOOLQJHDOV 3XIIHU]RQH]ZLVFKHQXQVXQGHLQHP$QJULIIDXV5LFKWXQJGHU=*8GLHQHQ (LQHUGHU3ODQHWHQGLHQWDXHUGHPDOV)RUVFKXQJV]HQWUXP
Ä'LH=*8ZLUGXQVQLFKWDQJUHLIHQZDUI6FLWWHLQÄ'DVHUZDUWHVWGXGRFK QLFKWLP(UQVW:LUVLQGJHJHQGLH7HUUDQHUYHUEQGHW Ä5LFKWLJ$EHUHVN|QQWHLUJHQGZDQQHLQWUHWHQ:DVEHGHXWHWLQGLHVHQ=HLWHQ VFKRQHLQ%QGQLV",UJHQGZDQQVLQGGLH7HUUDQHUDOV*HJQHUHUOHGLJWXQGZLU EHNRPPHQHVPLWGHU=*8]XWXQ'DQQVLQGZLUYRUEHUHLWHW:LUKDEHQGLH PRGHUQVWHQPLOLWlULVFKHQ$QODJHQLP0RQ\Q\6\VWHP
.DUW0DQ6DOXWHUKREVLFKXQGWUDWDQHLQHVGHU)HQVWHU(LQ=HLFKHQYRQ 8QUXKHEHUOHJWH6FLWW(VZDUVHOWHQGDGLHVHU0DQQHLQH5HJXQJYRQLQQHQ QDFKDXHQGULQJHQOLH Ä.RPPHQZLU]XPHLJHQWOLFKHQ3UREOHPIXKUGHU/HLWHUGHU6WDIIHOIRUWÄ6HLW HLQLJHU=HLWWDXFKHQPLOLWlULVFKH*HKHLPQLVVHGHV,PSHULXPVLQGHU=*8DXI 8QG]ZDUDOOHVZDVZLFKWLJLVW/DQJH=HLWNRQQWHQZLUGLHXQGLFKWH6WHOOHQLFKW DXIVSUHQ'DEULIDZXUGHXQJHKDOWHQHLQSDDU.|SIHVLQGJHUROOW$P(QGH KDWWHQZLUHLQH,GHH:LUPXWHQQXUDQDOOHIUDJOLFKHQ6WHOOHQXQWHUVFKLHGOLFKH )HKOLQIRUPDWLRQHQJHEHQ)UMHGHQ3ODQHWHQIUMHGH.RORQLHHLQHDQGHUH HLQGHXWLJLGHQWLIL]LHUEDUH,QIRUPDWLRQ(LQLJHVGDYRQZUGHVLFKHUZLHGHU DXIWDXFKHQ Ä8QG"6FLWWK|UWHJHVSDQQW]X'UDXHQVWLHJHLQEDXFKLJHV/DVWVFKLIIDXIHV EHVFKOHXQLJWHXQGUDVWHLQGHQ+LPPHOEHU3\URPD(UKDWWHNHLQHQ%OLFN GDIU Ä8QVHUH/HXWHKDEHQJHVFKLFNWJHDUEHLWHW/HW]WOLFKKDEHQZLUGLH )HKOLQIRUPDWLRQHQVFKQHOOHUDOVHUZDUWHWJHIXQGHQ,QQHUKDOEHLQHU:RFKH ZDUHQPLQGHVWHQVGUHLGDYRQLQGHU=*8DXIJHWDXFKW'RFKGDPLWZDUXQVQRFK QLFKWJHKROIHQZHLOEHUDOO=*8/HXWHVLW]HQJHQDXZLHXQVHUHRGHU$JHQWHQ YRQ7HUUD(VJLEWQXQPDO=XIDOOVHUIROJH Ä,FKYHUVWHKHVDJWH6FLWWÄ'XKDWWHVW]ZHL9HUGlFKWLJH]XYLHO Ä5LFKWLJ,FKZROOWHGLHKXQGHUWSUR]HQWLJXQGLFKWH4XHOOHHUZLVFKHQ:DVODJ QlKHUDOVGHQ9RUJDQJ]XZLHGHUKROHQ"%HLPQlFKVWHQ0DOKDWWHQZLUIQI9HU GlFKWLJHDEHUQXUHLQHhEHUVFKQHLGXQJ Ä'LH0RQ\Q\=ZLOOLQJH Ä*HQDX.DUW0DQ6DOXWOlFKHOWHGQQÄ8QGVHLWGHPNRPPHQXQVHUH$JHQWHQ YRQGDQLFKW]XUFN'XELVWPHLQOHW]WHU9HUVXFK6FLWW:HQQGXVFKHLWHUVW JHEHQZLU0RQ\Q\YLHOOHLFKWJDQ]DXI9LHOOHLFKWIKUHQZLUHLQH*HQHUDOUD]]LD GXUFKYLHOOHLFKWZHFKVHOQZLUVlPWOLFKH)KUXQJVNUlIWHDXVLFKZHLQLFKW(V GDUINHLQHVIDOOVGD]XNRPPHQ'DEULIDZLOO(UIROJHVHKHQ .DUW0DQ6DOXWHUKREVLFKXQGQDKPHLQHXQUXKLJH:DQGHUXQJGXUFKGDV =LPPHUDXI 6FLWWQXW]WHVHLQHJXWWUDLQLHUWHIDVWDQJHERUHQH*DEHDQGHUH0HQVFKHQ]X GXUFKVFKDXHQ3O|W]OLFKVSUWHHUGDGHUDOWH0DQQUHJHOUHFKWYHU]ZHLIHOWZDU 'DEULIDZROOWH(UIROJHVHKHQ'LH)RUPXOLHUXQJKDWWHHVLQVLFK -D6FLWWZDUVHLQHU6DFKHVLFKHU1LFKWXPVRQVWKDWWHHUOHUQHQPVVHQVHOEVW DXVZLQ]LJHQ9HUVSDQQXQJHQGHU1DFNHQPXVNXODWXURGHUGHU:DQJHQ6FKOVVH ]X]LHKHQ(UGXUFKVFKDXWH*HVLFKWVDXVGUFNHGHXWHWH.|USHUKDOWXQJHQ
LQWHUSUHWLHUWH6WLPPIlUEXQJHQ²DOVYHUIJHHUWDWVlFKOLFKEHUHLQHQ 0XWDQWHQVLQQ'LH-DKUHLQGHU$XHQZHOWVWDIIHOKDWWHQVHLQH)lKLJNHLWELV]XP bXHUVWHQJHVWHLJHUW 'RFKGLH*DEHZDUHLQ]ZHLVFKQHLGLJHV6FKZHUW:LHVHKUKlWWHHUVLFK JHZQVFKWGLH$EQHLJXQJHQXQGbQJVWHGHU0HQVFKHQQLFKW]XVSUHQ:LH VHKUVHKQWHHUVLFKGDQDFKQRUPDO]XVHLQ(VZDUKRIIQXQJVORV Ä6FLWW6FKOlIVWGX":RLVWGHLQH$XIPHUNVDPNHLW,Q.DUW0DQ6DOXWV6WLPPH VFKZDQJGHXWOLFKK|UEDU6FKlUIHPLW (U]ZDQJVLFK]XU.RQ]HQWUDWLRQ Ä,FKZLOOGLFKPLWGHLQHP(LQVDW]JHELHWYHUWUDXWPDFKHQ6LHKKHU $XIGHP%LOGVFKLUPHUVFKLHQHQIDUELJHJHVWRFKHQVFKDUIH)RWRKRORV'D]XJDE GHUDOWH0DQQPLWVFKHLQEDUXQEHWHLOLJWHU6WLPPH(UOlXWHUXQJHQDE3ODQHW 1XPPHUHLQVKLH0RQ\Q\7DQWD1XPPHU]ZHLWUXJGHQ1DPHQ0RQ\Q\ &RVDPP(VIROJWHQ'RVVLHUVYRQIQI]LJ*HKHLPQLVWUlJHUQ$QDO\VHQGHU LQQHQSROLWLVFKHQ/DJHGDQQHLQHGHWDLOOLHUWH$XIVWHOOXQJPLOLWlULVFKHU(LQULFK WXQJHQDXIEHLGHQ3ODQHWHQÄ8QGMHW]WGDV:LFKWLJVWH:LUKDEHQXQVHLQHQ 7ULFNDXVJHGDFKW 6FLWWQDKPMHGH,QIRUPDWLRQDXI9HUJHVVHQZUGHHUQLFKWVGDYRQGDVZXWHHU ,QQHUOLFKDEHUYHUVXFKWHHUHLQHQ6WURPGHSULPLHUHQGHU*HIKOH]XElQGLJHQ :DVKDWWHHVPLWGHP9HUVXFKGHV*DODNWLVFKHQ0HGL]LQHUVDXIVLFKZRUDQHU DQJHEOLFKEHWHLOLJWZDU"9RUHUVWZRP|JOLFKJDUQLFKWVXQGGHVKDOEPXWHHUHV YHUGUlQJHQ Ä(LQH)UDJHQRFKVDJWH6FLWWDEVFKOLHHQGÄ:LHVLHKWHVDXIGHQ0RQ\Q\ :HOWHQPLWGHU7ROHUDQ]DXV"9LHOOHLFKWVWHFNHQ5HYROX]]HUGDKLQWHU" Ä0LW6LFKHUKHLWQLFKW'LH7ROHUDQ]LVWHLQ3UREOHPDEHUKLHUPLWKDWVLHQLFKWV ]XWXQ $XVGHP.DELQHQODXWVSUHFKHUGUDQJNOLUUHQGHLQHZHLEOLFKH6WLPPHÄ+|UVWGX PLFK+HU]HU"(VLVWVRZHLW:LUEHILQGHQXQVLP$QIOXJDXI7DQWD6SDFHSRUW +HU]HUVRODXWHWHVHLQ'HFNQDPH(UWUDWDOVZHQLJEHNDQQWHUMHGRFKK|FKVW EHGHXWHQGHU:LVVHQVFKDIWOHUDXI$OVVROFKHUZDUHUGHU(UILQGHUGHV+HU]HU *HQHUDWRUVHLQHUHUVWDXQOLFKHQ(QWZLFNOXQJ(VJDEQXUHLQHQ3URWRW\SGDYRQ KDWWH.DUW0DQ6DOXWEHKDXSWHW 6HLWHLQLJHQ7DJHQEHIDQGVLFKGHU*HQHUDWRUDXI7DQWD.DUW0DQ6DOXWV7ULFN HLQH6FKQDSVLGHHGDFKWH6FLWW'LH/RFNXQJZUGHJURVHLQGDVVFKRQXQG VHLQXQEHNDQQWHU*HJHQVSLHOHUZUGHGDV*HUlWVLFKHUVWHKOHQZROOHQ.DUW 0DQ6DOXWV3ODQVDKYRUGD6FLWWGHQDQGHUHQGDEHLIDWH $EHUDOOHLQGLH([LVWHQ]GHV*HQHUDWRUVYHUXUVDFKWHLKP.RSIVFKPHU]HQ1RFK ZXWHQLHPDQGREGDV*HUlWEHUKDXSW1XW]HQEUDFKWH(VZDUNOHLQZLHHLQH 'UXFNIOlFKHXQGHU]HXJWH6FKXW]IHOGHUGLHEHTXHPHLQHQ,PSHULXPVNUHX]HU XPVFKOLHHQNRQQWHQ ,QDNWLYLHUWHP=XVWDQGZDUIHVHLQH$UW*UDYRDQNHUNHLQHEHNDQQWH0DFKWZDU LPVWDQGHGHQ+HU]HU*HQHUDWRULQGLHVHP=XVWDQGYRQGHU6WHOOH]XEHZHJHQ -HGHQIDOOVQLFKWRKQHLKQ]X]HUVW|UHQ6HLQH8QEHZHJOLFKNHLWOLHVLFK
ZDKOZHLVHDXIGLHQlFKVWH6RQQHRGHUHLQHXPJHEHQGH5lXPOLFKNHLWEH]LHKHQ 6FLWWYHUVWDQGZHQLJGDYRQ(UQDKPGLH'LQJHKLQZLHVLHODJHQ²ZDVLKQ QLFKWGDUDQKLQGHUWHGDV.RQ]HSWGHV*HQHUDWRUVDOVXQVLQQLJ]XHPSILQGHQ :DVQW]WHHLQH0LVFKXQJDXV6FKXW]IHOGSURMHNWRUXQG*UDYRDQNHU"'LH )HLQGVFKDIW]X7HUUDWULHEVHOWVDPH%OWHQ,Q*HGDQNHQYHUIOXFKWHHU.DUW 0DQ6DOXWV,GHH6LHEUDFKWHQXUQHXH6FKZLHULJNHLWHQLQGHQ)DOO bFK]HQGNDPHUDXIGLH%HLQHXQGVHLQ%XFNHOVFKPHU]WHDOVKDEHHUDXI %UHWWHUQJHVFKODIHQ(LJHQWOLFKEUDXFKWHHUHLQHVSH]LHOOHDXIGHQ$XVZXFKV DEJHVWLPPWH/LHJHGRFKHUKDWWHVLFKEHKHOIHQPVVHQ6FKLIIHGHV,PSHULXPV 'DEULIDERWHQZHQLJ/X[XV 6FLWWOLHGHQZLQ]LJHQ%LOGVFKLUPQHEHQGHU7UDXIOHXFKWHQ,KUHUVWHV=LHO KLH0RQ\Q\7DQWD1XPPHU]ZHL0RQ\Q\&RVDPPHUVFKLHQNXU]DOV 2UWXQJVUHIOH[EOLHEGDQQDEHUKLQWHUGHP6FKLII]XUFN(UKDWWHDOVHUVWHV=LHO 7DQWDJHZlKOWZHLOVLFKGRUWGHU9HUZDOWXQJVDSSDUDWVRZLHGDV*URVGHU PLOLWlULVFKHQ$QODJHQEHIDQGHQ$XHUGHPZDUKLHUGLH)RUVFKXQJNRQ]HQWULHUW &RVDPPGLHQWHLQHUVWHU/LQLHDOV9HUVRUJXQJVSODQHWGRUWZXFKVHQ *HWUHLGHVRUWHQYRQKRKHP1lKUZHUWGLHHLQH.RORQLHVRQ|WLJKDWWHZLH:DVVHU XQGDWHPEDUH/XIW (LQQHXHV%LOGHUVFKLHQ8QWHQODJ7DQWD6SDFHSRUWHLQQLFKWEHVRQGHUVJURHU 5DXPKDIHQ9HUWHLOWEHUGDV/DQGHIHOGVWDQGHQNQDSSGUHLLJ5DXPVFKLIIH YHUVFKLHGHQHU*U|H'LH/DQGVFKDIWULQJVXPVDKHUVFKUHFNHQGJOHLFKI|UPLJ DXV *OHLFKZDUHVVRZHLW6FLWWYHUOLHVHLQH.DELQHWUDWDXIGHQ*DQJXQGIDQGVLFK NXU]GDUDXILQGHU=HQWUDOHHLQ'LH0DQQVFKDIWJUWHLKQPLWXQYHUELQGOLFKHP .RSIQLFNHQ6LHDOOHEHPKWHQVLFKLKQP|JOLFKVWZHQLJ]XU.HQQWQLV]X QHKPHQ(LQHUVHLWVDUEHLWHWHQVLHDP/DQGHPDQ|YHUDQGHUHUVHLWVPRFKWHQVLHHV QLFKWVHLQHYHUZDFKVHQH*HVWDOWYRU$XJHQ]XKDEHQ (LQSDDU6HNXQGHQQRFK 2KQHVSUEDUHQ5XFNVHW]WHGDV6FKLIIDXI9HUVRUJXQJVHLQKHLWHQXQG 7D[LJOHLWHUVWDUWHWHQYRP7RZHUDXVLQLKUH5LFKWXQJGDVVDK6FLWWPLWHLQHP %OLFNDXIGLH%LOGVFKLUPH 'LH.RPPDQGDQWLQIXKUKHUXPXQGDOVVLHVSUDFKZDULKUGLH.RQ]HQWUDWLRQ GHUYHUJDQJHQHQ0LQXWHQQRFKDQ]XPHUNHQÄ:LUKDEHQHLQHQ)XQNVSUXFK HUKDOWHQ+HU]HU*URYHUZDOWHU.DPHQEHONHUZDUWHWGLFKLQVHLQHP%UR(LQ 7D[LDXV7DQWDFLWVWHKWEHUHLW 'HU)DKUHUHLQVFKZHLJVDPHU0DQQPLWEXOOLJHU)LJXUVHW]WHLKQYRUHLQHP 1DGHOWXUPDE'LH6WDGWZDUHLQYHUNOHLQHUWHV*HJHQVWFNGHU9HUKlOWQLVVHDXI 1RVPR$XFKRKQH5DXPQRWKDWWHQGLH3ODQHUHLQ'LFNLFKWDXVNQVWOLFKHQ (UKROXQJVDQODJHQXQG*HElXGHNRPSOH[HQJHVFKDIIHQ6WUDHQVFKOXFKWHQ ZHFKVHOWHQPLWYHUVSLHOWHQ%DXZHUNHQDEHVJDEULHVLJH)DUESURMHNWLRQHQXQG NOHLQH*UQIOlFKHQhEHUDOOSXOVLHUWH9HUNHKU 9LHOOHLFKWZDUGDVGLH1DWXUGHU0HQVFKHQEHUOHJWH6FLWW8QGLQGLHVHP)DOO VRJDUYHUVWlQGOLFK'LH/DQGVFKDIWGHV3ODQHWHQERWVRJXWZLHNHLQH
$EZHFKVOXQJ 'HVKDOEKDWWHQGLH%HZRKQHUDOOHQ(LQIDOOVUHLFKWXPDXILKUHNQVWOLFKH 8PJHEXQJNRQ]HQWULHUW Ä+LHULVWHVEHPHUNWHGHU)DKUHUÄ6WHLJDXVGXZLUVWHUZDUWHW 'HU1DGHOWXUPEHVWDQGDXV6WDKO*ODVXQG3ODVWLNHUUDJWHHLQLJHKXQGHUW 0HWHULQGLH+|KHXQGZLUNWHHUGUFNHQG$OV6FLWWYRUGLH.DPHUDVDP (LQJDQJWUDW|IIQHWHVLFKDXWRPDWLVFKHLQH7U'LH(PSIDQJVKDOOHZDUY|OOLJ NDKO9HUJOLFKHQPLWGHP)DUEHQXQG)RUPHQPHHUGHUEULJHQ6WDGWZDUHVHLQ *HJHQVDW]ZLH7DJXQG1DFKW (LQH)UDXHPSILQJLKQPLWURXWLQHPlLJHU)UHXQGOLFKNHLW+DDUHXQG$XJHQ ZDUHQYRQGHUVHOEHQSHUIHNWEUDXQHQ)DUEHGLH)LJXUZLUNWHGXUFKWUDLQLHUWXQG VWUDII6LHZDU]XVFK|QDOVGDHUVLHODQJHKlWWHDQVHKHQN|QQHQ$OVRZDQGWH HUVHLQH$XIPHUNVDPNHLWDE)UDXHQNRQQWHQIUVHLQVHHOLVFKHV*OHLFKJHZLFKW HLQH*HIDKUEHGHXWHQ Ä,FKELQ9DQ LVKDVDJWHVLHPLWZHLFKHU6WLPPHÄ'HU*URYHUZDOWHUHUZDUWHW GLFK'XELVWGRFK+HU]HU" Ä'DVELQLFK 6LHVFKZHEWHQGXUFKGHQ/LIWDXIZlUWVXQGLP6WHKHQEHUUDJWHGLH)UDXLKQXP ]ZHL.|SIH Ä9RQKLHUDXVILQGHVWGXDOOHLQZHLWHU'XPXWQLFKWDQNORSIHQHUZHLMDGD GXNRPPVW6LHQLFNWHLKPIUHXQGOLFK]XXQGOLHVLFKLQGHQ/LIWVFKDFKW ]XUFNIDOOHQ 6FLWWIROJWHHLQIDFKGHP.RUULGRU*DQ]DP(QGHIDQGHUHLQH7UGLH RIIHQVWDQG'DV%URGHV*URYHUZDOWHUVZDUVRVSDUWDQLVFKHLQJHULFKWHWZLH DOOHVZDVHULP*HElXGHELVODQJJHVHKHQKDWWH1DWUOLFKKDWWHHUGLH EHWUHIIHQGH$NWHVWXGLHUWGRFKEHVRQGHUVDXIVFKOXUHLFKZDUVLHQLFKWJHZHVHQ 6ROOWHHU.DUW0DQ6DOXWV:RUWHQWUDXHQ"'HU/HLWHUGHU6WDIIHOKDWWH .DPHQEHONLQK|FKVWHQ7|QHQJHSULHVHQHUYHUWUDXWHQLHPDQGHPVRQVWDXI 7DQWD =X+HFKWRGHU]X8QUHFKWHVZUGHVLFKHUZHLVHQ (LQHZHLWHUH7UIKUWHLQGHQDQJUHQ]HQGHQ5DXP*HJHQ9DQ LVKDV (PSIHKOXQJNORSIWHHUXQGWUDWHLQ:HQQHUGHQIHKOHQGHQ/X[XVDXVJHUHFKQHW KLHUHUZDUWHWKDWWHVDKVLFK6FLWWHQWWlXVFKW(LQIXQNWLRQHOOHUIDVWOHHUHU 6FKUHLEWLVFKELOGHWHGDVHLQ]LJHJU|HUH0|EHOVWFN'DKLQWHUHUKREVLFKHLQ GXUFKVFKQLWWOLFKHU0DQQRKQHDXIIlOOLJH0HUNPDOH.DPHQEHONGHU *URYHUZDOWHUGHU0RQ\Q\:HOWHQ 6HLQ*HVLFKWVFKDXWHDXVGUXFNVORVLQ6FLWWV5LFKWXQJ(UWUXJHLQHQGHU JUDXEODXHQ2YHUDOOVZLHVLHLP0RPHQWEHUDOODQ]XWUHIIHQZDUHQXQGDOOHVLQ DOOHPZLUNWHVHLQH(UVFKHLQXQJWDGHOORV'HUHUZDUWHWH$QEOLFNGRFKVHOEVWGLH EHVWH$NWHNRQQWHSHUV|QOLFKHQ.RQWDNWQLFKWHUVHW]HQ 1RFKDPDXIIlOOLJVWHQVFKLHQLKPGD.DPHQEHONNHLQHUOHL$EVFKHXJHJHQ VHLQH*HVWDOW]HLJWHhEHUKDXSWYHUVWDQGHVGHU0DQQHEHQVRZLH.DUW0DQ 6DOXWRGHUGHU$UD-DQQVDQYRUVLFKHLQHQ6FKLOG]XHUULFKWHQ6FLWWV
$QDO\VHYHUVXFKHVFKHLWHUWHQ1XQJXWGDFKWHHUEHLVLFKLKPEOLHEQRFK=HLW JHQXJ,UJHQGHWZDVPXWH.DPHQEHONDXV]HLFKQHQVRQVWZlUHHUQLFKW *URYHUZDOWHUJHZRUGHQ :DUHVVHLQHIDVWEHUPHQVFKOLFKH6HOEVWNRQWUROOH"0|JOLFK Ä,FKELQIURKGDGXKLHUELVWVDJWHGHU0DQQ 6FLWWWUDWHLQSDDU6FKULWWHQlKHU Ä$XHUPLULVWQXU9DQ LVKDPHLQH6HNUHWlULQEHUGLH$IIlUHXQWHUULFKWHW 8QGMHW]WPXLFKGHLQHQ$XVZHLVYHUODQJHQ%LWWH Ä1DWUOLFK6FLWWVXFKWHVHLQH,'0DUNHKHUDXVXQGUHLFKWHVLH.DPHQEHON%HL GHU*HOHJHQKHLWVWHOOWHHUIHVWGDVHLQ*HJHQEHUIDVWNHLQHQ*HUXFK YHUEUHLWHWH1XUHLQ+DXFKYRQ6FKZHLKLQJLQGHU/XIW .DPHQEHONVFKREGLH0DUNHLQVHLQ/HVHJHUlWÄ'XELVW6FLWW'HFNQDPH +HU]HU$OWHUVLHEHQXQGGUHLLJ-DKUH6HLWHLQLJHQ-DKUHQLQ'LHQVWHQGHU $XHQZHOWVWDIIHO$KVHLXQEHVRUJWLFKJHK|UH]XGHQXQJHIlKU]ZDQ]LJ (LQJHZHLKWHQZHQQLFKDXFKZHQLJHUYRQ*HKHLPGLHQVWHQZHLDOVGX .DPHQEHONJHVWDWWHWHVLFKGLH$QGHXWXQJHLQHV/lFKHOQVÄ'HLQH9ROOPDFKWHQ VLQGXQEHVFKUlQNW:DVZLUVWGXXQWHUQHKPHQ" 6FLWWOLHVLFK=HLWPLWGHU$QWZRUWÄ=XHUVWYHUVFKDIIHLFKPLUHLQHQhEHUEOLFN ,FKEUDXFKHHLQHQ*OHLWHUSLORWHQXQGHLQHQRUWVNXQGLJHQ)KUHUGDQQVHKHLFK PLU7DQWDFLWDQ Ä8QGZHLWHU" 6FLWWIKOWHVLFKDXVJHKRUFKW7URW]GHPDQWZRUWHWHHUEHUHLWZLOOLJÄ'XZLUVWPLU (UODXEQLVJHEHQEHUDOOIUHLH1DFKIRUVFKXQJHQDQ]XVWHOOHQ,FKZLOOELV HLQVFKOLHOLFKPRUJHQVlPWOLFKHWHFKQLVFKHQ(LQULFKWXQJHQYRQ%HODQJ EHVLFKWLJWKDEHQ'DVVFKOLHWDXFK0RQ\Q\&RVDPPHLQ,FKEUDXFKHPRUJHQ IUKHLQH7UDQVPLWWHUYHUELQGXQJGRUWKLQ(VJLEWGRFKHLQH" Ä6HOEVWYHUVWlQGOLFK.DPHQEHONVFKLHQJHNUlQNW(QGOLFKHLQH5HJXQJZHQQ HVDXFKZHQLJJHQXJZDU Ä$QVFKOLHHQGZLOOLFKDOOH*HKHLPQLVWUlJHUWUHIIHQ.DQQVWGXGDVNXU]IULVWLJ DUUDQJLHUHQ"9LHOOHLFKWHLQH3DUW\²EHUPRUJHQDQOlOLFKPHLQHU$QNXQIW 'XVWHOOVWPLFKPHLQHU5ROOHHQWVSUHFKHQGDOVEHGHXWHQGHQ:LVVHQVFKDIWOHUYRU :LFKWLJLVWQXUGDDOOHGDVLQG Ä*XW*HVWDWWHVWGXHLQH)UDJH6FLWW" Ä%LWWH Ä:HVKDOEGLH(LOH"'HU=*8$JHQWZLUGGLUQLFKWZHJODXIHQ 6FLWW]|JHUWHHLQHQ$XJHQEOLFNODQJPLWGHU$QWZRUWÄ,FKVHOEVWKDEHHV NHLQHVZHJVHLOLJ.DUW0DQ6DOXWGUlQJWPLFKXQGKLQWHULKPVWHKW'DEULID VHOEVW,FKQHKPHDQGXYHUVWHKVW:DUGDVDOOHV" 6FLWWVWDUUWHGHQVLW]HQGHQ.DPHQEHONXQJHQLHUWDQ(UIROJORVYHUVXFKWHHULP *HVLFKWGHVDQGHUHQHLQH5HJXQJDXV]XPDFKHQ(WZDVDQGHP0DQQVW|UWHLKQ GRFKHUZXWHQLFKWZDVHVZDU9LHOOHLFKWQXUVHLQH9HUVFKORVVHQKHLW YLHOOHLFKWHWZDVDQGHUHV Ä9RUHUVWVLQGZLUIHUWLJVWHOOWH.DPHQEHONIHVWÄ1XUHLQHVQRFK'XELVWHLQ
$JHQWGHU$XHQZHOWVWDIIHO]LHPOLFKZHLWREHQLQGHU+LHUDUFKLH'HLQH 9RUJlQJHUKDEHQlKQOLFKEHJRQQHQ:HOFKHV(QGH6\ER/HXQG2OFXP JHIXQGHQKDEHQZLVVHQZLU%OHLEWQXU]XKRIIHQGDGXHUIROJUHLFKHUELVW9LHO *OFN 6FLWWEHQXW]WHGDVVHOEH7D[LGDVLKQVFKRQYRUGHP5DXPKDIHQDEJHKROWKDWWH 'HU)DKUHUKLH.RURXQGPHKUDOVGHQ1DPHQOLHHUVLFKQLFKWHQWORFNHQ(U DQWZRUWHWHQXUZHQQ6FLWWGLUHNWH)UDJHQ]XU6DFKHDQLKQULFKWHWH (LQNUHLVI|UPLJHV.RQJORPHUDWYRQ7UPHQELOGHWHGHQ.HUQ7DQWDFLWV'DULQ ZDUHQ9HUZDOWXQJVXQG9HUVRUJXQJVHLQULFKWXQJHQXQWHUJHEUDFKW+LHUJDEHV .UDQNHQKlXVHUXQWHULUGLVFKH.UDIWZHUNH5HJLHUXQJVEURV6SRUW]HQWUHQ :HLWHUQDFKDXHQKLQGRPLQLHUWHHLQ5LQJYRQ)UHL]HLWSDUNVGDV%LOG (LQJHVWUHXWIDQGPDQ6FKZLPPElGHU(LQNDXIVVWUDHQXQGlKQOLFKHVPLWGHP VLFK6FLWWQLFKWODQJHDXIKLHOW ,P1RUGHQGHU6WDGWODJHQ:RKQYLHUWHO +LHUHUVWUHFNWHQVLFKGLFKWQHEHQHLQDQGHUQLHGULJH:RKQEORFNVMHZHLOVJUR JHQXJIUHWZDGUHL)DPLOLHQ'DUDQHUNDQQWH6FLWWGHQUHODWLYHQ:RKOVWDQGGHU 0RQ\Q\:HOWHQ1LHPDQGKDXVWHZLHDXI$OIDIDLQ6OXPVRGHUYHUIDOOHQHQ (OHQGVTXDUWLHUHQ-HGHUPDQQKDWWHGLUHNWRGHUPLWWHOEDUPLWGHQ$QODJHQGHU 5HJLHUXQJ]XWXQ /HXWHQLQJHKREHQHU6WHOOXQJEOLHEGHUlXHUH5LQJGHV9LHUWHOVYRUEHKDOWHQ 'RUWZRKQWHQGLH$QJHK|ULJHQGHU2EHUVFKLFKWGLH*HKHLPQLVWUlJHUXQGGLH :LVVHQVFKDIWOHULQZHLWYHUVWUHXWHQ%XQJDORZV'D6FLWWDQGLHVHP2UWGLH JHVXFKWH3HUVRQYHUPXWHWHVDKHUVLFKLQWHQVLYHUXPDOVVRQVW $EHUDOOHVZDUZLHHVKlWWHVHLQVROOHQ0DQ]HLJWH:RKOVWDQG'LH$QODJHQ ZLUNWHQJHSIOHJWXQGUXKLJ Ä'DVLVWJHQXJZDQGWHVLFK6FLWWDQ.RURÄ,FKPX]XUFN]XP 5HJLHUXQJVJHElXGH(UOHKQWHPGHDQGHU:DQGXQJXQGVWDUUWHDXVJURHU +|KHDXIGLH6WDGWKHUXQWHU6HLQ5FNHQVFKPHU]WHIXUFKWEDUÄ/HLGHUZDUWHW $UEHLWDXIPLFK (UOLHVLFKYRQ9DQ LVKDHLQH/LVWHGHUPLOLWlULVFKHQ(LQULFKWXQJHQ DXVKlQGLJHQ5RXWLQHPlLJYHUJOLFKHUVLHPLWGHU/LVWHGLHHU]XYRUYRQ.DUW 0DQ6DOXWHUKDOWHQKDWWH(LQH$EZHLFKXQJIDQGHUQDWUOLFKQLFKW(VKlWWHLKQ DXFKVHKUJHZXQGHUW $QVFKOLHHQGIKUWHHUHLQNXU]HV*HVSUlFKPLW.DPHQEHON6LHVDHQLP%UR GHV*URYHUZDOWHUVXQG6FLWWVWDUUWHRKQHZLUNOLFKHV,QWHUHVVHDXVGHP)HQVWHU EHUGLH6WDGW=XU0LWWDJV]HLWZDUGLH/XIWYRQPlLJGLFKWHP*OHLWHUYHUNHKU HUIOOW Ä,FKKDEHGUHLLJNULWLVFKH=LHOHDXVJHVXFKWHUNOlUWHHUÄ'LHZLOOLFKGHU5HLKH QDFKEHUSUIHQ9LHUDXI&RVDPPGHU5HVWKLHUDXI7DQWDDOOHLQGHU1lKHGHU 6WDGW,FKELQ]ZDUDOV:LVVHQVFKDIWOHUDQJHNQGLJWDEHUKLHUEHGHXWHW :LVVHQVFKDIWXQG0LOLWlUGDVVHOEH(LQH%HPHUNXQJYRQ.DPHQEHONZDUWHWH HUQLFKWDEÄ0HLQ,QWHUHVVHIUDOOGLHVH'LQJHZLUGDOVRNDXPDXIIDOOHQ Ä,QWHUHVVDQWJDE.DPHQEHONXQEHZHJW]XUFN6FLWWZDUVLFKHULQVHLQHP
7RQIDOOHLQH6SXUYRQ,URQLH]XK|UHQÄ:LHZLOOVWGXJHQDXYRUJHKHQ"*LEWHV HLQEHVWLPPWHV0XVWHUGHPGXIROJHQZLUVW" Ä1DWUOLFKQLFKW'DVVROOWHVWGXZLVVHQ,FKNDQQQXUGLH$XJHQRIIHQKDOWHQ XQGYLHOOHLFKWILQGHLFKHLQHQ$QKDOWVSXQNW*OHLFKZHOFKHU$UWDEHULFK JODXEHQLFKWGDUDQ(VLVWEORH1RWZHQGLJNHLWGDLFKPLUHLQHQhEHUEOLFN YHUVFKDIIH0HLQHWDWVlFKOLFKH+RIIQXQJLVWGLH3DUW\PRUJHQDEHQG1LFKWVR VHKUPHLQ$XVIOXJKHXWHRGHUGLH)DOOHPLWGHP*HQHUDWRU .DPHQEHONVFKZLHJHLQH:HLOHDOVZROOHHUQDFKGHQNHQ6FKOLHOLFKVDJWHHU Ä'XPXWZLVVHQZDV]XWXQLVW,FKP|FKWHQXUGLH.DYHUQHSHUV|QOLFK YRUIKUHQLQGHUZLUGHQ*HQHUDWRUDXIEHZDKUHQ'LH6DFKHLVWKLHUVRJHKHLP GDHLJHQWOLFKQXUHLQ'XW]HQG/HXWHGDYRQZHL Ä%LVKHUZXWHGHU$JHQWDOOHV 1XQOlFKHOWH.DPHQEHONÄ$OVRDXFKLQGLHVHP)DOOVRZROOWHHV.DUW0DQ 6DOXWKDEHQ6DJHQZLUPRUJHQJHJHQVLHE]HKQ8KUGUHLLJ2UWV]HLW" Ä,FKZHUGHKLHUVHLQ8QGMHW]WHQWVFKXOGLJHPLFKELWWH6FLWWV%XFNHOHU]HXJWH GUFNHQGH6FKPHU]HQZLHVRRIW'RFKLQVLFKIKOWHHUJHQJHQG7DWHQGUDQJ GDV3HQVXPGHUQlFKVWHQ:RFKHQLQ$QJULII]XQHKPHQ .RURIORJLKQVWXQGHQODQJGXUFKGLH6WDGW ,P5DKPHQVHLQHU3ODQXQJEHVLFKWLJWHHUHLQHPLOLWlULVFKH$QODJHQDFKGHU DQGHUHQ'DUXQWHUZDUHQ$EVFKXEDVHQIUSODQHWHQJHVWW]WH5DNHWHQ .RQWUROODQODJHQIUGLH)RUWVMHQVHLWVGHU6\VWHPJUHQ]H)XQNVWDWLRQHQXQG 2UWXQJVJHElXGHPLWJURHU%HVDW]XQJ(UIDQGQLFKWVZDVLKPLUJHQGZLHKlWWH DXIIDOOHQVROOHQ'LH0DVFKLQHULHOLHISHUIHNW+lWWHQLFKWGDV5lWVHOXPGLH 6SLRQDJHXQGGLH]ZHLWRWHQ$JHQWHQEHVWDQGHQ6FLWWKlWWHNHLQHQ*UXQG]XP (LQJUHLIHQJHVHKHQ 'LH1DFKWYHUEUDFKWHHULQHLQHP+RWHOQDKHGHP5HJLHUXQJVEH]LUN.RUR YHUVSUDFKLKQDPQlFKVWHQ0RUJHQSQNWOLFKDE]XKROHQ7URW]VHLQHU 6FKZHLJVDPNHLWZDUGHUZXFKWLJH0DQQ]LHPOLFKDQJHQHKP]XHUWUDJHQGHQQ 6FLWWIKOWHNDXP$EVFKHXRGHU:LGHUZLOOHQLQLKP 'HUQlFKVWH0RUJHQEHJDQQPLW6FKPHU]HQ6FLWWULHEVLFKVFKOlIULJGLH$XJHQ XQGVSUDQJXQWHUGLH'XVFKH,QVHLQHP)DOOVDGHU:DUPZDVVHUUHJOHULQ .LQQK|KHZRKLQDQGHUH0HQVFKHQEHTXHPJUHLIHQNRQQWHQ(UGDJHJHQKDWWH HVVFKZHUHU$XI=HKHQVSLW]HQODVHUGLH7HPSHUDWXUNRQWUROOHDE .RURZDUWHWHEHUHLWV'HU6FKZHEHUVWLHJDXI9HUNHKUVK|KHXQGIlGHOWHVLFKLQ GHQ6WURPGHUDQGHUHQ)DKU]HXJHHLQ9RUHLQHQ.XSSHOEDXYRQEHWUlFKWOLFKHU *U|HGHU7UDQVPLWWHUYHUELQGXQJ]XP1DFKEDUSODQHWHQ&RVDPPVWRSSWHHU Ä(LQH3DVVDJHLVWJHEXFKWPHLQWH.RURQXUÄ*HKHLQIDFKKLQHLQXQGZHLVH GLFKDXV Ä'XEHJOHLWHVWPLFKQLFKW"IUDJWH6FLWW Ä:R]X"+LHUNHQQHLFKPLFKDXVDEHUQLFKWDXI&RVDPP 6FLWWWDWZDVLKPGHU0DQQJHUDWHQKDWWH(UVWLHJDXVGHP*OHLWHU]RJYRUGHU 7URSWLNVHLQHQ$XVZHLVXQGEHWUDWGDV*HElXGH,QQHQHPSILQJLKQHLQ &RPSXWHU'HU.XSSHOEDXZDUXQEHPDQQWYHUPXWOLFKYRQHLQHPGHU
6FKDOW]HQWUHQLQ7DQWDFLWNRQWUROOLHUW6FLWWWUDWLQGHQ%HUHLFKGHV$EVWUDKOIHOGV XQGHUNOlUWHODXWÄ,FKELQEHUHLW(VNDQQORVJHKHQ$OOHVZDUZLHLPPHU(U KDWWHHLQHJDQ]H$Q]DKOYRQ7UDQVPLWWHUVSUQJHQKLQWHUVLFK)UGHQ%UXFKWHLO HLQHU6HNXQGHZXUGHHVGXQNHOGDQQWDXFKWHDP=LHOHLQHYHUlQGHUWH 8PJHEXQJDXI 6FLWWHPSIDQGGHQ/XIWGUXFNKLHUDOVHWZDVK|KHU'DVXQGHLQ*HUXFKLQGHU /XIWJDQ]DQGHUVDOVLQGHUNHLPIUHLHQ$WPRVSKlUHYRQ7DQWD (UWUDWKLQDXV(LQWURSIHQI|UPLJHV$XWRPDWIDKU]HXJHUZDUWHWHLKQPLW JH|IIQHWHU7U Ä67(,*(5$6&+(,167(,*((,1SOlUUWHHLQHPHFKDQLVFKH6WLPPHÄ$86 6,&+(5+(,76*5h1'(1%/(,%7',(g))181*185:(1,*( 6(.81'(1%(67(+(1 6FLWWZDUWHWHQLFKWOlQJHU$XVGHP6WDQGVSUDQJHUGXUFKGLH7UXQGILHOLQ HLQHQGHU6FKDOHQVLW]H(LQ0RQLWRUEHJDQQ]XEOLQNHQXQGHUKHOOWHVLFK VFKOLHOLFK$XIGHP%LOGVFKLUPHUVFKLHQHLQ*HVLFKWGLH0LHQHHLQHU)UDXGLH RIIHQEDUNHLQH=HLW]XYHUVFKHQNHQKDWWH Ä'XPXW+HU]HUVHLQVWHOOWHVLHIHVWÄ:LUKDEHQ$QZHLVXQJGLUDOOH PLOLWlULVFKHQ(LQULFKWXQJHQKLHUREHQYRU]XIKUHQ'DVZHUGHQZLUWXQ*LE GHP)DKU]HXJ$QZHLVXQJHQZRKLQGXP|FKWHVWXQGHVZLUGGLFKGRUWKLQ EULQJHQ$EHUIROJHGHLQHUVHLWVXQEHGLQJWGHQ$QRUGQXQJHQGHV)DKU]HXJV(V ZlUH]XGHLQHU6LFKHUKHLW'DVLVWDOOHVGHQNHLFK (LQHQ$XJHQEOLFNODQJVFKLHQVLHQDFK]XGHQNHQGDQQVFKDOWHWHGLH)UDXY|OOLJ EHUUDVFKHQGDE'HU0RQLWRUHUORVFK 6FLWWZROOWHHWZDVVDJHQGRFKHUKLHOWYRUKHULQQH(VJDENHLQHQ *HVSUlFKVSDUWQHUPHKU$XI&RVDPPZDUHQGLH'LQJHVWUHQJ]ZHFNPlLJ DQJHOHJWDOOHVZDUYRQ1RWZHQGLJNHLWHQGLNWLHUW'LH:LOGQLVDXHUKDOEGHU *HWUHLGHIHOGHUOLHIHUWHHLQHQJUDXVDPHQhEHUOHEHQVNDPSI(LQXQYRUVLFKWLJHU 0HQVFKNRQQWHOHLFKW]ZLVFKHQGLH)URQWHQJHUDWHQXQGZHUKLHUDUEHLWHWHZDU HLQKRFKEH]DKOWHU)DUPXQGhEHUOHEHQVVSH]LDOLVW 'HQ=*8$JHQWHQZUGHHUDXI&RVDPPQLFKWILQGHQ -HGHU=XJDQJ]XZLUNOLFKNULWLVFKHQ,QIRUPDWLRQHQIHKOWH7URW]GHPVFKORHU VHLQ3URJUDPPSODQPlLJDEXQGDP(QGHOLHHUHLQH/LVWHVlPWOLFKHU 7UDQVPLWWHUYRUJlQJHHUVWHOOHQ1LHPDQGKDWWHVLFKDXIIlOOLJRIWKLQXQGKHU EHZHJW $OVGLH$QODJHLKQQDFK7DQWD]XUFNVFKLFNWH]HLJWH6FLWWV8KUEHLQDKH0LWWDJ 2KQHEHVRQGHUHV=LHOOLHHUVLFKYRQ.RURGXUFKGLH6WDGWIOLHJHQ(UIDQGGD 7DQWDFLWNHLQDQJHQHKPHU2UW]XP/HEHQZDU'LH6WDGWZLUNWHNDOWXQGGDV WURW]DOOHU)DUEHQXQG)RUPHQ,UJHQGZLHVSUWHHUGD0HQVFKHQKLHUQLFKWV YHUORUHQKDWWHQ'LH/HXWHZUGHQLPPHU(LQGULQJOLQJHEOHLEHQXQGZHQQ 'DEULIDLKQHQQRFKVRYLHO/X[XV]XU9HUIJXQJVWHOOWH .DPHQEHONHUVFKLHQSQNWOLFKLQGHU3IRUWHGHV5HJLHUXQJVJHElXGHV(UQDKP QHEHQ6FLWWDXIGHU5FNEDQNGHV6FKZHEHUV3ODW]XQGEHGHXWHWH.RURGLH 5LFKWXQJZRKLQHU]XIDKUHQKDWWH(VJLQJVGOLFK$QVFKOLHHQGJOLWWDXVGHP
6LW]IXWWHUDOHLQHVFKDOOGLFKWH3ODVWZDQG Ä'HU+HU]HU*HQHUDWRULVWJHKHLPHUNOlUWH.DPHQEHONÄGDVVROOWHQZLUQLFKW YHUJHVVHQ,FKZLOOGDQLFKWHLQPDO.RURGDYRQHUIlKUW'HU=*80DQQDOOHU GLQJV(UZLUGHVWURW]GHPKHUDXVILQGHQ6HLQHELVKHULJHQ(UIROJHVSUHFKHQ HLQHGHXWOLFKH6SUDFKH Ä,FKYHUVWHKH 'HQ5HVWGHV)OXJHVYHUEUDFKWHQVLHVFKZHLJVDPXQWHUEURFKHQQXUYRQNXU]HQ $QZHLVXQJHQGLH.DPHQEHONEHUHLQH6SUDFKDQODJHQDFKYRUQGXUFKJDE.RUR OLHGHQ6FKZHEHUEHUHLQHUOHHUHQ:LHVHQLHGHUJHKHQ'HU3ODW]ZDUJHJHQ %OLFNHYRQDOOHQ6HLWHQJXWJHVFKW]WQXUSHU/XIWHUUHLFKEDU6FLWWHUNDQQWH GDPDQGLH/DJHJHVFKLFNWJHZlKOWKDWWH$XIQDWUOLFKH:HLVHODJGLH:LHVH JHJHQ)DKU]HXJYHUNHKULVROLHUW,QGHU0LWWHVWDQGHQGUHL:DFKEXQNHUMHZHLOV PLWHLQSDDU6ROGDWHQEHVHW]WGLHHLQH=RQHXPVFKORVVHQ .DPHQEHON]RJHLQHQ,PSXOVJHEHUDXVGHU7DVFKH6FLWWVDKGDHUHLQHQ.QRSI LQGLH+DOWHUXQJSUHWHGDQQHUKREVLFK]ZLVFKHQGHQ%XQNHUQODXWORVHLQ7RU DXVGHU:LHVH6FLWWEHJULII(VKDQGHOWHVLFKXPHLQHXQWHULUGLVFKH$QODJH Ä)OLHJHGHQ6FKZHEHUKLQHLQEHIDKOGHU*URYHUZDOWHUEHUGLH 6SUHFKYHUELQGXQJ .RURIROJWHXQYHU]JOLFK ,P,QQHUQGHU.DYHUQHKHUUVFKWHWUEHV/LFKW'DV)DKU]HXJVDQNZLHHLQH)HGHU GXUFKGLH'HFNHQ|IIQXQJ]X%RGHQ$XIHLQHUEH]HLFKQHWHQ6WHOOIOlFKHNDPHV ]XU5XKH,P=HQWUXPGHU.DYHUQHVWDQGHLQ%DXZHUNYRQHWZD]HKQ0HWHU +|KHXQGGHUVHOEHQ%UHLWHHLQHLJOXlKQOLFKHJUDXEHWRQLHUWH.XSSHO%OlXOLFKHV )OLPPHUQ]HLJWHDQGDHLQVWDUNHU6FKXW]VFKLUPGDV%DXZHUNVLFKHUWH $QVRQVWHQZDUGLH.DYHUQHOHHU Ä.RPPPLWIRUGHUWH.DPHQEHON'DEHLZLUNWHGDV*HVLFKWGHV0DQQHVVR XQEHZHJWZLHIDVWLPPHUÄ'HQNHQLFKWLFKVHLXQYRUVLFKWLJ6FLWW(UGHXWHWH DXIGHQ,PSXOVJHEHULQVHLQHU+DQGÄ'LHVHV'LQJKLHUNDQQDXHUPLUNHLQ GHQNHQGHV:HVHQEHQXW]HQEULJHQVDXFKNHLQ5RERWHU(VLVWDXIPHLQH +LUQVFKZLQJXQJHQJHHLFKW'HUHLJHQWOLFKH:lFKWHUGHU$QODJHLVWHLQHK|FKVW VLPSOH3RVLWURQLNLQGHU.XSSHO²RKQHPHLQHQ:LOOHQNRPPWKLHUQLFKWVXQG QLHPDQGKHUHLQ 6FLWWZDUNHLQHVZHJVEHUUDVFKW.DUW0DQ6DOXWKDWWHLKPVFKRQYRUKHUDOOHV EHUGDV6LFKHUKHLWVV\VWHPYHUUDWHQ'HQQRFKKDWWHHU.DPHQEHON*HOHJHQKHLW JHEHQZROOHQGLH.DYHUQHSHUV|QOLFKYRU]XIKUHQ $XIHLQ6LJQDOGHV,PSXOVJHEHUVHUORVFKGHU6FKXW]VFKLUP6LHEHWUDWHQGLH ,JOXNXSSHO Ä/LQNVDQGHQ:lQGHQVLHKVWGXGLH9HUWHLGLJXQJVDXWRPDWLNGDQHEHQHLQSDDU PDQXHOOH.RQWUROOHQ:HUKLHUXQWHQLVWNDQQRKQHZHLWHUHVGDVJDQ]H*HELHW ULQJVXPLQHLQ6FKODFKWIHOGYHUZDQGHOQ Ä1XU(QHUJLHZDIIHQ"ZROOWH6FLWWZLVVHQ Ä1HLQ(VJLEWDXFK([SORVLYJHVFKRVVHPHFKDQLVFKH6SHUUHQXQGGHUJOHLFKHQ $XHUGHPVLQG]XU9HUWHLGLJXQJ*DVDQJULIIHP|JOLFK2EHQLQGHQ%XQNHUQ
KlQJHQ*DVPDVNHQ,QHLQHPVROFKHQ)DOOPVVHQGLH6ROGDWHQQXUYRUJHZDUQW ZHUGHQ ,QGHU0LWWHVWDQGHLQUXQGHU0HWDOOWLVFKXQGDXIGHU)OlFKHUXKWHHLQ NRPSDNWHUIODVFKHQlKQOLFKHU*HJHQVWDQGYRQXQGHILQLHUEDUHU)DUEH6FLWWIKOWH VLFKDQHLQHQ6DXHUVWRIIGUXFNEHKlOWHUHULQQHUW=ZHLJHNHQQ]HLFKQHWH6FKDOWHU HLQ.RQWUROOIHOGXQGSRVLWURQLVFKH6FKQLWWVWHOOHQYHUWHLOWHQVLFKEHUGHQREHUHQ $QVDW]$QGHQ6HLWHQVDHQ]ZHL+DOWHJULIIH 'HU+HU]HU*HQHUDWRU Ä6LHKVWGX6FLWW"'DVLVWXQVHUJU|WHV*HKHLPQLV1LHPDQGNDQQVHLQHJDQ]H :LUNXQJYHUOlOLFKDEVFKlW]HQQLFKWHLQPDOGHUHFKWH+HU]HU8QGGRFKVWHKW GDV*HUlWKLHUZLUEHVLW]HQQXUGLHVHQHLQHQ3URWRW\S.DPHQEHONV$XJHQ OHXFKWHWHQSO|W]OLFKÄ:HQQPDQLKQHUVWDQZHQGHQNDQQN|QQHQZLUYLHOOHLFKW PLWGHQ7HUUDQHUQPLWKDOWHQ²'LH/HXWHGLHGHLQH.ROOHJHQXPJHEUDFKW KDEHQPVVHQHVXQWHUDOOHQ8PVWlQGHQYHUVXFKHQ6LHPVVHQGHQ*HQHUDWRU KDEHQ Ä'DVIUFKWHLFKDXFK6FLWWVWDUUWHGDV*HUlWPLWUDXLVFKDQÄ(VZDUNHLQH JXWH,GHHGHQ*HQHUDWRUKLHU]XODJHUQ Ä2GRFKZLGHUVSUDFK.DPHQEHONÄ'DUDQVHKHQZLUZLHYLHO:HUW'DEULIDGHQ =*8$JHQWHQEHLPLW(UZLOOVLHXQWHUDOOHQ8PVWlQGHQKDEHQ Ä(VLVW]XJHIlKUOLFK Ä:DKUVFKHLQOLFKKDVWGXQRFKQLFKWDQGLHOHW]WH6LFKHUXQJJHGDFKW .DPHQEHONPXVWHUWHLKQPLWHLQHPSUIHQGHQ%OLFNGHU6FLWWELVDXIGHQ*UXQG VHLQHU6HHOH]XGXUFKVFKDXHQVFKLHQÄ1HLQLFKJODXEH.DUW0DQ6DOXWKDWGLFK QLFKWGDUDXIKLQJHZLHVHQ:LHGXZHLWHQWKlOWGHU*HQHUDWRUDXFKHLQHQ *UDYRDQNHU$OV%H]XJVSXQNWLVWGLHVH.DYHUQHSURJUDPPLHUW Ä8QGGDVEHGHXWHW"HUNXQGLJWH6FLWWVLFK Ä(VEHGHXWHWGDQLHPDQGGDV*HUlWLP$XJHQEOLFNEHZHJHQNDQQ9LHOOHLFKW ZLUGPDQGDPLWLQ=XNXQIWYHUODVVHQH6WW]SXQNWHVLFKHUQ,QXQVHUHP)DOO EHGHXWHWHVYRUDOOHPHLQHV6HOEVWZHQQLUJHQGMHPDQGDOOH6LFKHUXQJHQ EHUZLQGHWNDQQHUGHQ*HQHUDWRUQLFKWVWHKOHQ Ä(LQH6DIHVFKDOWXQJDOVR"IUDJWH6FLWW]XUFN Ä1DWUOLFK,P$XJHQEOLFNYHUDQNHUWVLFKGHU*HQHUDWRU8QGGDV6FKXW]IHOGLVW DXIJHULQJVWHQ'XUFKPHVVHUJHVFKDOWHW'DV*HUlWOlWVLFKQXU]XGHQ YRUSURJUDPPLHUWHQ=HLWHQDXVVFKDOWHQXQGEHZHJHQXQGDXFKGDVQXULQQHUKDOE HLQHUEHVWLPPWHQ)ULVW(VVLQG]HKQ0LQXWHQ:LUGLQGLHVHQ]HKQ0LQXWHQ QLFKWVYHUlQGHUWKDOWHQ$QNHUXQG6FKLUPZHLWHUELV]XPQlFKVWHQ7HUPLQ Ä,FKEUDXFKHHLQH$XIVWHOOXQJGHU=HLWSXQNWH Ä'XZLUVWVLHHUKDOWHQhEULJHQVNRPPWGHUHUVWHLQVHFKVXQG]ZDQ]LJ7DJHQ JHQDXXPVHFKV8KUPRUJHQV2UWV]HLW8PVHFKV8KU]HKQLVWDOOHVZLHGHU YRUEHL Ä:DUXPKDVWGXDXVJHUHFKQHWGLHVHQ=HLWSXQNWSURJUDPPLHUW" .DPHQEHONVDKEHUUDVFKWDXIÄ'DVZDUQLFKWLFKDQWZRUWHWHHUÄ,FKKDEHHV VFKRQVREHUQRPPHQ'LH$XIVWHOOXQJKlWWHVWGXEULJHQVDXFKYRQ.DUW0DQ
6DOXWEHNRPPHQN|QQHQ Ä'DUDQKDEHLFKQLFKWJHGDFKW 6FLWWWUDWYRUXQGVWUHFNWHSUREHZHLVHGLH+lQGHDXV(LQVROFKXQVFKHLQEDUHV *HELOGH6HLQHU$QVLFKWQDFKZDUGHU+HU]HU*HQHUDWRUY|OOLJZHUWORV8QG GRFKKDWWHHUSO|W]OLFKVRYLHODQ%HGHXWXQJJHZRQQHQ.XU]YRUGHUPHWDOOHQHQ +DXWGHV*HUlWVWUDIHQVHLQH)LQJHUDXI:LGHUVWDQG(UVWMHW]WJODXEWHHUGDUDQ GDV6FKXW]IHOGZUGHKDOWHQ Ä'XKDVWHVJHVHKHQVDJWH.DPHQEHONÄ'DV6\VWHPLVWDEVROXWQDUUHQVLFKHU 1LHPDQGN|QQWHGHQ*HQHUDWRUVWHKOHQ 6FLWWOlFKHOWHGQQÄ1LHPDQGDXHUGLU*URYHUZDOWHU .DPHQEHONOlFKHOWHHEHQVRGQQ]XUFNÄ,QVHFKVXQG]ZDQ]LJ7DJHQPRUJHQV XPVHFKV8KU8QGXPGLHVH=HLWSIOHJHLFKQRFKIHVW]XVFKODIHQ 'LH3DUW\IDQGZLHJHSODQWDP$EHQGVWDWW 6LHNDPHQLQHLQHUJURHQ+DOOH]XVDPPHQLQVJHVDPWPHKUDOVKXQGHUW]ZDQ]LJ 3HUVRQHQ'LH%HGLHQVWHWHQ]lKOWH6FLWWGDEHLQLFKWPLWXQJHIl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Ä0HLQH)UHXQGHULHIHULQHLQ9HUVWlUNHUIHOGÄ:LHLKUZLWKDEHLFKHXFKDXV JHJHEHQHP$QODKLHUKHUHLQJHODGHQ,FKIUHXHPLFKGDVRNXU]IULVWLJ VlPWOLFKHJHODGHQHQ*lVWHJHNRPPHQVLQG(VJLEW1HXLJNHLWHQYRQ%HGHXWXQJ (UVWYRU]ZHL:RFKHQHUKLHOWLFK1DFKULFKWGDHLQEHGHXWHQGHU$XIWUDJYRQ 1RVPRDQXQVHUH)RUVFKXQJV]HQWUHQZHLWHUJHJHEHQZLUG:LUDOOHEHJUHQGDV DXIULFKWLJ (UPDFKWHHLQHNXU]H3DXVHDOVPVVHHUVLFKEHVLQQHQ6FLWWVDKGLHSUIHQGHQ %OLFNHHUVWHOOWHIHVWGD.DPHQEHONVHLQ3XEOLNXPJHQDXLP$XJHEHKLHOW Ä'DUILFKHXFKXQVHUHQ)UHXQG+HU]HUYRUVWHOOHQ(UGHXWHWHPLWHLQHU+DQG DXI6FLWWÄGHUXQVJOHLFKHLQHNXU]H$QVSUDFKHKlOW+HU]HUEHJLQQWLQ .U]HVHLQHPLOLWlUWHFKQLVFKHQ)RUVFKXQJHQGLHLPEULJHQJHKHLPEOHLEHQ,FK KRIIHDXIYROOVWH8QWHUVWW]XQJIULKQ9LHOHQ'DQN (LVLJHV6FKZHLJHQEHJOHLWHWH.DPHQEHONVOHW]WH:RUWH6FLWWZXWHGDHVQLFKW DP*URYHUZDOWHUODJHVEH]RJVLFKYLHOPHKUDXILKQGHQ.USSHO1RFKDKQWH PDQQLFKWZDVYRQLKP]XKDOWHQZDU(UVWMHW]WZXUGHLKPGLH+DOWXQJGHU /HXWHKLHUYROOEHZXW6LHOHEWHQLQHLQHUNQVWOLFKHQSHUIHNWHQ:HOW(VJDE
NHLQH$EZHLFKXQJHQDXI7DQWDXQG&RVDPP $XVGHP6WHJUHLIOLHIHUWH6FLWWHLQH5HGHRKQHZLUNOLFKHQ,QKDOW(UVHOEVWZDU EHUUDVFKWGDHVLKPVRJXWJHODQJXQGDP(QGHIDQGHUIDVW9HUJQJHQ GDUDQ6HLQ$EJDQJZXUGHYRQPlLJHP$SSODXVEHJOHLWHW6HOEVWGDVZHQLJH NODQJXQHKUOLFK(UVWHOOWHHVIHVWDOVHUPLWVHLQHQVSH]LHOOHQ)lKLJNHLWHQLQGHQ 6DDOKRUFKWH$EHUDQGHUVKDWWHHUHVQLFKWHUZDUWHQN|QQHQGHQQGLH.OXIW ]ZLVFKHQLKPXQGGHQQRUPDOHQ0HQVFKHQZDUDXI7DQWDVRWLHIGDVHLQ bXHUHVDOVK|FKVWSHLQOLFKH.UDQNKHLWEHWUDFKWHWZXUGH )UKHUKlWWHHUGLHVVRVFKOLPPQLFKWIUP|JOLFKJHKDOWHQ'RFKKHXWHYHUIJWH HUEHUYLHOH(UIDKUXQJHQ(UZXWHZLHHVDXI'DEULIDV:HOWHQDXVVDK 'HUJHVHOOLJH7HLOGHV$EHQGVGDXHUWHPHKUHUH6WXQGHQ .DPHQEHONIKUWH6FLWWPLWGHQZLFKWLJHQ3HUV|QOLFKNHLWHQ]XVDPPHQ6LH DOOHLQKDWWHQ=XJDQJ]X*HKHLPQLVVHQGHV,PSHULXPVRGHUNRQQWHQVLFK=XJDQJ YHUVFKDIIHQ0LWMHGHPGHU$QZHVHQGHQVSUDFK6FLWWHLQSDDU0LQXWHQODQJ GRFKHUVWLH]XPHLVWDXI/JHQDXVZHLFKHQGH$QWZRUWHQXQGRIIHQH $EQHLJXQJ6HLQHKDOEHPSDWKLVFKH)lKLJNHLWKDOINDXPZHLWHU-HOlQJHUGLH *HVSUlFKHGDXHUWHQGHVWRVFKOLPPHUVFKLHQHV 4XlOHQGODQJVDPJLQJGHU$EHQG]X(QGH(QGOLFK0LWWHUQDFKW6FLWWKRFNWH VLFKPLPXWLJDXIHLQHQYLHO]XKRKHQ%DUVWXKO$OVGLHOHW]WHQ*lVWHJHJDQJHQ ZDUHQQDKP.DPHQEHONQHEHQLKP3ODW]1XU%HGLHQVWHWHOLHIHQMHW]WQRFKLP 6DDOKHUXP Ä:DVKDVWGXHUUHLFKW"IUDJWHGHU*URYHUZDOWHU2EZRKOHUYRU8QJHGXOG EHLQDKHSODW]WHVFKW]WHHUQXUPlLJH1HXJLHUGHYRU6FLWWHUNDQQWHGLH0DVNH 1XUZDVGDKLQWHUODJHUNDQQWHHUQLFKW Ä.HLQ(UJHEQLVDQWZRUWHWHHUÄ$OOHKDEHQPLFKVRRGHUVREHORJHQ,FKKDEH ZHGHU9HUGDFKWQRFK$QKDOWVSXQNWHQLFKWVZDVGLH9HUIROJXQJORKQW8QG .DUW0DQ6DOXWZLOOVFKQHOOH(UJHEQLVVH0LUEOHLEW]XZHQLJ=HLW KXQGHUW]ZDQ]LJ3HUVRQHQJUQGOLFK]XEHUSUIHQ .DPHQEHONVFKZLHJHLQH:HLOH6FKOLHOLFKIUDJWHHUZHLWHUÄ'HLQ.RQ]HSWKDW DOVRQLFKW]XP=LHOJHIKUW"*HQDXVRZHQLJZLHGDVGHLQHU9RUJlQJHU" Ä1HLQ%HHQGHQZLUGHQ$EHQGLFKKDEH5FNHQVFKPHU]HQ,FKEUDXFKH GULQJHQG6FKODI :RUWORVEHVWLHJHQVLHGHQ*OHLWHU6FLWWZXUGHYRUVHLQHP+RWHODEJHVHW]W:LH VROOWHHVZHLWHUJHKHQ"9RUVLFKVHOEVWJHVWDQGHUHLQGDHUQLFKWGLHJHULQJVWH ,GHHKDWWH.DUW0DQ6DOXWKlWWHGLH9HUKlOWQLVVHDXI7DQWDGRFKNHQQHQ PVVHQ:HVKDOEZXUGHJHUDGHHU6FLWWGHU=ZHUJKLHUHLQJHVHW]W" (UIDQGNHLQH$QWZRUW 'RFKVFKRQ]HKQ0LQXWHQVSlWHUWUDWHLQXQHUZDUWHWHV(UHLJQLVHLQ3HU%RWHQ ZXUGHLKPHLQ+\SHUJUDPPEHUEUDFKW6FLWWGHNRGLHUWHPLWIOLHJHQGHQ)LQJHUQ $OV$EVHQGHU]HLFKQHWH.DUW0DQ6DOXWQDWUOLFKPLWHLQHP'HFNQDPHQDEHU HLQGHXWLJ 8QGGLHJU|WHhEHUUDVFKXQJELOGHWHGHU7H[W 819(5=h*/,&+=85h&.1$&+3<520$1,00'$61b&+67(
6&+,)).(,1:(,7(5(5$8)(17+$/7 Ä$OVRZLHGHU]XUFNPXUPHOWHHUÄ8QGZDUXPGDV"(UKDWWHHLQVFKOHFKWHV *HIKOEHLGHU6DFKH -DQQVDQXQG.DUW0DQ6DOXWHPSILQJHQLKQJHPHLQVDP'LHIROJHQGHQ (UHLJQLVVH]RJHQZLHHLQ7UDXPDQLKPYRUEHLGHU:HOWGHV-DKUHVQRFK QLFKWDQJHPHVVHQ Ä=XQlFKVWHLQNXU]HU%HULFKWEDW.DUW0DQ6DOXWÄ+DWWHVWGX(UIROJ" 6FLWWVDKXQVLFKHU]XQlFKVWGHQDOWHQ0DQQGDQQ-DQQVDQDQ:DVKDWWHGHU$UD PLWVHLQHP(LQVDW]DXIGHQ0RQ\Q\3ODQHWHQ]XWXQ"9LHOOHLFKWGLHVHUVRQGHU EDUH9HUVXFKDQGHPHUJHJHQVHLQHQ:LOOHQWHLOQDKP" Ä1HLQLFKKDWWHNHLQHQ(UIROJEHULFKWHWHHUÄ(VZDU0LHUIROJDXIGHUJDQ]HQ /LQLH'LH/HXWHDXI7DQWDXQG&RVDPPVLQGHLQHLJHQDUWLJHU6FKODJQLHPDQG YRQLKQHQKDWPLFKDN]HSWLHUW0HLQ.|USHUVW|UW6LHVLQGNHLQH0HQVFKHQPLW %XFNHOJHZ|KQW Ä8QGGDVLVWDOOHV"IUDJWH.DUW0DQ6DOXWPLWUDXLVFK Ä1LFKWJDQ],FKKDEHHLQHQ9HUGDFKWJHJHQGHQ*URYHUZDOWHU,FKWUDXHLKP QLFKW Ä.DPHQEHON"ZROOWHGHU/HLWHUGHU6WDIIHOHUVWDXQWZLVVHQÄ'XWlXVFKVWGLFK Y|OOLJ,FKZLOOGLUHLQ*HKHLPQLVHU]lKOHQ.DPHQEHONLVWHLQSHUV|QOLFKHU 6FKW]OLQJYRQ,PSHUDWRU'DEULID0DQVROOWHVLFKQLFKWPLWLKPDQOHJHQHULVW YHUWUDXHQVZUGLJ Ä'DQQEOHLEWPLUQLFKWV,FKNDQQQXUZLHGHUKROHQGDLFKPLWGLHVHP%XFNHO NHLQH&KDQFHKDEH -DQQVDQXQG.DUW0DQ6DOXWWDXVFKWHQHLQHQ%OLFNGHV(LQYHUVWlQGQLVVHVÄ'DV KDEHQZLUYRUDXVJHVHKHQVDJWHGHU/HLWHUGHU6WDIIHOÄ(VLVWJHZLVVHUPDHQ HLQ7HLOXQVHUHV3ODQV%LWWH-DQQVDQ 'HUbUDUFNWHQlKHUDQ6FLWWKHUDQÄ'XHULQQHUVWGLFKDQGHLQHQ8QIDOO6FLWW ,P$QVFKOXGDUDQKDVWGXHLQ-DKULP5HJHQHUDWLRQVWDQNYHUEUDFKW'LHVH 6SDQQHKDEHLFKQLFKWDOOHLQEHQXW]WXPGLFK]XKHLOHQ²LP*HJHQWHLO :lKUHQGGHVVHQKDEHLFKGHLQHQ.|USHUJHQDXYHUPHVVHQ,QXQVHUHQ 'DWHQElQNHQVLQGGHLQ*HQNRGHMHGH0XVNHOIDVHUMHGHU.QRFKHQXQGMHGH 6HKQHUHJLVWULHUW:LUNHQQHQGLFKJHQDX 6FLWWVDJWHNHLQ:RUWGD]X,UJHQGZLHKDWWHHUGDV*HIKODOVVHLLKPMHGH ,QLWLDWLYHDXVGHU+DQGJHQRPPHQ-DQQVDQXQG.DUW0DQ6DOXWZDUHQ GLHMHQLJHQGLHEHVWLPPWHQ0LWHLQHP0DOEHUHXWHHUVHLQH9HUJDQJHQKHLWHU KlWWHVLFKQLHPDOVPLWGHU$XHQZHOWVWDIIHOHLQODVVHQGUIHQ Ä(UPHLQWZDVHUVDJWHUJlQ]WH.DUW0DQ6DOXWXQEHZHJWÄ-DQQVDQKDW ZLFKWLJH6WXGLHQDXIGHQ*HELHWHQ+LUQFKLUXUJLHXQG,PPXQRORJLHEHWULHEHQ Ä3OXVYHUZDQGWH*HELHWH Ä5LFKWLJ:DVGDVIUHLQHQ*DODNWLVFKHQ0HGL]LQHUEHGHXWHWNDQQVWGXGLU YRUVWHOOHQ6FLWW(VKDW-DKU]HKQWHJHGDXHUWVRZHLW]XNRPPHQ1XQLVW -DQQVDQKLHUXQGGDVKDWVHLQHQ*UXQG Ä8QG"IUDJWH6FLWW'DEHLKLHOWHUGHQ%OLFNIHVWDXIGHQ$UDJHULFKWHW(UZROOWH
VLFKNHLQHUOHL8QVLFKHUKHLWDQPHUNHQODVVHQ6LHNRQQWHQQLFKWPLWLKP DQVWHOOHQZDVVLHZROOWHQ'DVPXWHHULKQHQ]XYHUVWHKHQJHEHQ Ä,FKKDEHHLQQHXHV9HUIDKUHQHQWZLFNHOWVDJWH-DQQVDQÄ$XVWHUUDQLVFKHP *HQPDWHULDOKDEHLFK.ORQHRKQHHLJHQHV*URKLUQJH]RJHQ'HU]HLWYHUVXFKHQ ZLUIUHPGH*HKLUQHLQGLHVH.|USHUXP]XSIODQ]HQ Ä8QP|JOLFKULHI6FLWW .DUW0DQ6DOXWOlFKHOWHQXU -DQQVDQQDKPVHLQHQ(LQZDQGVWLUQUXQ]HOQG]XU.HQQWQLVÄ$OOHVDJHQGDHV XQP|JOLFKLVW$EHUZHVKDOE"'LH0HGL]LQLVWZHLWIRUWJHVFKULWWHQKHXW]XWDJH,Q :DKUKHLWVLQGHVHWKLVFKH%HGHQNHQGLHXQVDEKDOWHQZHLWJHQXJ]XIRUVFKHQ 'LHVPDOXQWHUEUDFK.DUW0DQ6DOXWÄ8QV"IUDJWHHUPLWVRQGHUEDUHU %HWRQXQJ Ä5LFKWLJGDVLVWGHU3XQNW-DQQVDQOlFKHOWH(VZDUGDVHUVWH0DOGDHUHLQH *HIKOVUHJXQJGLHVHU$UW]HLJWHÄ'LHVH$XVVDJHJLOWQXUIUGDV*URVGHU )RUVFKHU)UPLFKJLOWVLHQLFKWGHQQPHLQHHLJHQHQ)RUVFKXQJHQVLQGVHKU ZHLWIRUWJHVFKULWWHQ'LH2SHUDWLRQLVWEHUHLWVPHKUIDFKJHJOFNW8QGMHW]W ZHUGHQZLUDQGHLQHP%HLVSLHO6FLWWPHKUKHUDXVILQGHQ )DVVXQJVORVVWDUUWHHUGHQ$UDDQ6HLWZDQQOLHVLFK.DUW0DQ6DOXWPLW :DKQVLQQLJHQHLQ" Ä'XNDQQVWHVJODXEHQ6FLWWVDJWHGHU/HLWHUGHU6WDIIHOÄ,FKKDEHPLWHLJHQHQ $XJHQJHVHKHQZLHHUHVPDFKW$OVRK|UHELWWHJHQDX]XIUGLFKEHVWHKWNHLQH *HIDKU:LUKDEHQYLHO*HOGXQG0DWHULDOLQGLHVH2SHUDWLRQLQYHVWLHUWXQGGX ZLUVWKHUDXVILQGHQREGDV9HUIDKUHQIU*HKHLPGLHQVW]ZHFNHEUDXFKEDULVW Ä2QHLQ%HVWLPPWQLFKWLFK,FKELQ$JHQWNHLQ6FKODFKWRSIHU(UGDFKWH GDUDQZDVHLQHVROFKH7HFKQLNIUGLH9|ONHUGHU0LOFKVWUDHEHGHXWHQNRQQWH 'HU7RGZlUHEHVLHJWRGHUKLQDXVJHVFKREHQVRODQJHGDV*HKLUQOHEHQVIlKLJ ZDU.HLQHXQKHLOEDUHQ.UDQNKHLWHQPHKUNHLQH%HKLQGHUXQJHQZLHVHLQH HLJHQH 8QGGLHVHEHLGHQGDFKWHQQXUDQ9HUZHQGXQJIU*HKHLPGLHQVW]ZHFNH2GHU XQGGHU*HGDQNHNDPLKPHUVWMHW]W.DUW0DQ6DOXWGDFKWHDQVLFKVHOEVW(U ZDUHLQDOWHU0DQQ9LHO/HEHQV]HLWEOLHEGHP/HLWHUGHU6WDIIHOQLFKWPHKU Ä+|U]X6FLWW'XELVWLQGHU7DWNHLQ6FKODFKWRSIHU 'LH.lOWHLQ-DQQVDQV7RQIDOOEUDFKWHLKQZLHGHU]XU%HVLQQXQJ Ä'XELVWNHLQ2SIHUIXKUGHU0HGL]LQHUIRUWÄ,FKYHUEUJHPHLQH%HUXIVHKUH GDIUGDGLUQLFKWVJHVFKLHKW'LH2SHUDWLRQLVWPHKUIDFKRKQH=ZLVFKHQIDOO JHODXIHQ:LUVLQGQXUQRFKQLFKWVRZHLWGDV+LUQDXI'DXHUGHP.ORQ DQ]XSDVVHQ(VJLEW$EVWRXQJVUHDNWLRQHQ:HQQGHLQH=HLWJHNRPPHQLVW ILQGHVWGXGLFKZLHGHUKLHUDXI3\URPDHLQ'DQQYHUSIODQ]HQZLUGHLQ+LUQLQ GLHVHQ.|USHU]XUFN$OOHVY|OOLJXQJHIlKUOLFK,Q]ZHLRGHUGUHL:RFKHQLVW DOOHVZLHGHUEHLPDOWHQ 6FLWWODFKWHVDUNDVWLVFKDXI (LQ7UDXP$OOHVQXUHLQ7UDXP (VGDXHUWH]ZHL6WXQGHQELVHUVLFKZLHGHUY|OOLJXQWHU.RQWUROOHKDWWH'DQQ
]HLJWHQVLHLKPGHQ.ORQ(UEHWDVWHWHVHLQHHLJHQHQ*OLHGHUVSUWHGHQ VFKPHU]HQGHQ%XFNHOXQGPLWHLQHP0DOVWLPPWHHU]X:DVKDWWHHU]X YHUOLHUHQ"6FKOLPPHUNRQQWHHVQLFKWZHUGHQVHLQ/HEHQODQJZDUHU6FLWWGHU =ZHUJJHZHVHQ:HOFKHLQH$XVVLFKWQXQHLQDQGHUHU]XVHLQ8QGZHQQHVQXU IUHLQSDDU7DJHRGHU:RFKHQZDU Ä1XQJXWVDJWHHUÄ)DQJHQZLUDQ 'HUQHXH.|USHUIKOWHVLFKZXQGHUEDUOHLFKWXQGZHQGLJDQ6FLWWJOLWWPLWGHQ )LQJHUVSLW]HQEHUGLHJHVFKPHLGLJH+DXWEHUHLQHEHQPlLJJHIRUPWHV *HVLFKWGLHODQJHQNUDIWYROOHQ*OLHGHUXQGHUVFKDXHUWH(VZDUHLQHJUDXVDPH ,GHHLQDEVHKEDUHU=HLWZLHGHULQGDV*HIlQJQLVVHLQHV=ZHUJHQN|USHUV]XUFN ]XPVVHQ Ä.DQQVWGXDXIVWHKHQ" (UHUNDQQWH-DQQVDQV6WLPPH 6FLWW|IIQHWHGLH$XJHQ*OHLFK]HLWLJVDKHUGHQ*DODNWLVFKHQ0HGL]LQHUGHU EHULKQJHEHXJWGDVWDQG'LH/LFKWIOOHVFKPHU]WHHLQZHQLJ$EHULP $XJHQEOLFNJDEHVQLFKWVZDVLKQGDUDQKLQGHUQNRQQWHGLHVHQ.|USHU]X JHQLHHQ1LFKW-DQQVDQXQGQLFKW.DUW0DQ6DOXW Ä.DQQVWGXDXIVWHKHQ"IUDJWHGHUbUDKDUWQlFNLJ Ä,FKQHKPHHVDQ 6FLWWULFKWHWHVLFKDXI Ä+DVWGX6FKPHU]HQ" Ä1HLQ,FKIKOHPLFKZRKO,FKNDQQPHLQH%HZHJXQJHQNRRUGLQLHUHQLFK DWPHNRUUHNW Ä:LUZHUGHQGLFKWHVWHQ-HGHHLQ]HOQH6LQQHVZDKUQHKPXQJPXEHUSUIW ZHUGHQ2EHVWDXEH6WHOOHQJLEWREGLH5HIOH[HVWLPPHQREGHLQ*HKLUQ 6FKZLHULJNHLWHQPDFKW Ä1LFKWVGHUJOHLFKHQZLGHUVSUDFK6FLWWPLW%HVWLPPWKHLW Ä)UHXHGLFKQLFKW]XIUK,FKXQGPHLQH0DVFKLQHQKDEHQ]HKQ7DJHODQJDQ GLUJHDUEHLWHW$OOHVPWHVWLPPHQDEHUWURW]GHPZHLLFKGDHVQLFKWVRVHLQ NDQQ'XZLUVW3UREOHPHEHNRPPHQIUKHURGHUVSlWHU8QGLFKVFKlW]HGDGX QLFKWOlQJHUDOV]ZHL:RFKHQGXUFKKDOWHQNDQQVW'DQQLVWGDV$EHQWHXHU YRUEHL 6FLWWVDKDXIXQGEHPHUNWHGDLQGHQ:RUWHQGHV0HGL]LQHUVNHLQHVZHJV 0LWOHLGJHVFKZXQJHQKDWWH1HLQYRQ-DQQVDQKDWWHHUQXUGLH1HXJLHUGHGHV :LVVHQVFKDIWOHUV]XHUZDUWHQ'LHIROJHQGHQ6WXQGHQZDUHQHUQHXWPLWTXlOHQG ODQJZLHULJHQ7HVWVDXVJHIOOW$P(QGHVWDQGIHVWGDHUVLFKLQJXWHU 9HUIDVVXQJEHIDQG Ä:HUGHLFK6FKPHU]HQKDEHQ" Ä(VOlWVLFKQLFKWYHUPHLGHQ Ä'DQQP|FKWHLFKJHQJHQG0HGLNDPHQWH Ä'XZLUVWVLHEHNRPPHQ$EHUDXFK0HGLNDPHQWHKHOIHQQXUHLQH=HLWODQJ'X GDUIVWGLFKQLFKWYRQLKQHQYHUOHLWHQODVVHQVRQVWK|UVWGXGLH6LJQDOHGHLQHV .|USHUVQLFKWPHKU
6FLWWYHUGUlQJWH-DQQVDQV:RUWH (UEHWUDFKWHWHVHLQQHXHV6HOEVWLP6SLHJHOGHUQHEHQNRPSOL]LHUWHQ $SSDUDWXUHQLQGLH:DQGJHODVVHQZDU'LHVKlWWHDXVLKPZHUGHQN|QQHQ$EHU QHLQSO|W]OLFKYHUILHOHULQ:XQVFKGHQNHQ8QGGRFK:LHPRFKWHHVVHLQ YRQYRUQKHUHLQLQHLQHPVROFKHQ.|USHUJHERUHQ]XZHUGHQ":DUHQGLH 0HQVFKHQIU*HVXQGKHLWGDQNEDU"'DQNEDUIUGLH0|JOLFKNHLWLQGHU0DVVH XQWHU]XWDXFKHQHLQHUYRQYLHOHQ]XVHLQ" 6FLWWZHLQWH1LHPDQGZUGHVHLQHQ6FKPHU]MHPDOVQDFKHPSILQGHQN|QQHQ 8QGZLHIUDJWHHUVLFKPRFKWHHVZHUGHQZHQQVHLQ*HKLUQGLHVHQ.|USHU DE]XVWRHQEHJDQQ (LQH6WLPPHULLKQDXVGHU9HUVXQNHQKHLW (VZDU.DUW0DQ6DOXWÄ.RPPVFKRQ6FLWWNRPPKHUDXVKLHU'XKDVWQLFKW YLHO=HLW'LH0RQ\Q\3ODQHWHQZDUWHQ (UVWMHW]WHULQQHUWHHUVLFKZLHGHUGDUDQDXFKGHU/HLWHUGHU6WDIIHOKDWWHQLFKW DXV0LWOHLGJHKDQGHOW$OOHZDUHQQXUGDUDQLQWHUHVVLHUWREHUVLFKXQWHUGLHVHQ 8PVWlQGHQLP'LHQVWEHZlKUHQNRQQWH8QGVLHVFKLHQHQRSWLPLVWLVFKVRQVW KlWWHQVLHLKPQLFKWZHLWHUKLQGHQ)DOODQYHUWUDXW 1XQJXWEHUOHJWH6FLWWYRQMHW]WDQKDWWHHUEHVVHUH&KDQFHQ 'LHVPDOJHVWDOWHWHVLFKGHU/DQGHDQIOXJDXI7DQWDDQGHUV6FLWWZDULQGHU .RPPDQGR]HQWUDOHDQZHVHQG6HLQQHXHU.|USHUHUUHJWH,QWHUHVVHHUVDKIDVW ]XSHUIHNWDXVMHGHQIDOOVIUGHQHLJHQHQ*HVFKPDFN $EHUHLQHMXQJH)XQNHULQPLWVFKZDU]HP+DDUXQGEUDXQHQ$XJHQVDKLKQ LPPHU]XDQ=XQlFKVWKDWWHHUGDV*HIKOSHLQOLFKEHUKUWGHQ5DXPYHUODVVHQ ]XPVVHQ'RFKGDQQEHJDQQHVLKP)UHXGH]XPDFKHQ0DQNRQQWHVLFKVR UDVFKGDUDQJHZ|KQHQ)DVWZROOWHHUVHLQHP,QVWLQNWQDFKJHEHQYRUVLH KLQWUHWHQHLQSDDUEHODQJORVH:RUWHVDJHQ $P(QGHMHGRFKJHZDQQVHLQNODUHV'HQNHQGLH2EHUKDQG]XUFN(UZDU6FLWW GHU=ZHUJGDVGXUIWHHUQLFKWYHUJHVVHQ(UKDWWHQXU]ZHL:RFKHQ$XIHQWKDOW LQGLHVHPJHNORQWHQ.|USHU6HOEVWZHQQHUMHW]W*DVSDWLKLHXQGDOV+HU]HUV $VVLVWHQWUHLVWH (UVSLHOWHGHQ/HXWHQYRUHLQZHOWRIIHQHUJHZDQGWHUMXQJHU0DQQ]XVHLQ8QG HUZDUHUVWDXQWZLHJXWLKPGLHVJHODQJ0DQQDKPLKPVHLQH5ROOHRKQH 0LWUDXHQDE Ä:LUODQGHQHUNOlUWHGHU.RPPDQGDQWÄ6FKDXKHU*DVSDWLGRUWXQWHQOLHJW 7DQWD6SDFHSRUW 'DV/DQGHIHOGNDPUDVFKQlKHU6FLWWEHREDFKWHWHGHQ%LOGVFKLUPRKQH ZLUNOLFKHV,QWHUHVVH(QGOLFKKDWWHHUVHLQH*HGDQNHQYROODXIGDV3UREOHP NRQ]HQWULHUW(VJDEHLQHQ$JHQWHQDXI7DQWDHLQHQKRFKJHVWHOOWHQ=*80DQQ PLW=XJDQJ]XIDVWDOOHQZLFKWLJHQ*HKHLPQLVVHQXQGHUPXWHGLHVHQ$JHQWHQ ILQGHQ'D]XEOLHEHQLKPQRFK]Z|OI7DJHEULJ]ZHL7DJHKDWWHGHU)OXJ KLHUKHUJHNRVWHW :LHVROOWHHUHVDQVWHOOHQ" ,KPILHONHLQ:HJHLQ
0DQPXWHGDPLWUHFKQHQGDGHU=*80DQQYRQGHU.DYHUQHPLWGHP +HU]HU*HQHUDWRULQ]ZLVFKHQZXWH'LHVHP8PVWDQGJDOW6FLWWV $XIPHUNVDPNHLW6FKRQMHW]WVWHOOWHGHU*HQHUDWRUGDVZLFKWLJVWH=LHOVHLQHV *HJHQVSLHOHUVGDU8QGHUÄ*DVSDWLPXWHGHP]XIROJHGXUFKVLFNHUQODVVHQ GDHUPLWGHQ*HKHLPQLVVHQGHU1HXHQWZLFNOXQJYHUWUDXWZDU 0LWQRFKVFKlUIHUHQ6LFKHUKHLWVPDQDKPHQZDUQLHPDQGHPJHKROIHQ'HU )XFKVZUGHLQVHLQHU+|KOHKRFNHQELVGLH*HIDKUYRUEHUVFKLHQ1HLQVR GXUIWHHUHVQLFKWDQIDQJHQ'DV*HJHQWHLOZDUULFKWLJ 6FLWWEHVFKORGLHVHKDOEH,GHHDXI]XJUHLIHQ6LHZUGH=HLWNRVWHQJHZLXQG =HLWKDWWHHULP*UXQGHQLFKW'RFKZRODJGLH$OWHUQDWLYH"(UZUGH+HU]HUV $VVLVWHQWHQVSLHOHQVRODQJHHVQ|WLJZDU9LHOOHLFKWQDKPGDQQGHU$JHQWYRQ VLFKDXV.RQWDNWDXI 'DV6FKLIIJLQJVDQIWQLHGHU$P5DQGGHV/DQGHIHOGVHUZDUWHWHLKQHLQDOWHU %HNDQQWHU.RURGHUEXOOLJH0DQQGHULKQDOV+HU]HUGXUFK7DQWDFLWJHIORJHQ KDWWH Ä'XZXUGHVWXQVDQJHNQGLJW*DVSDWL,VWGHU1DPHULFKWLJ"2GHUKDEHLFK HLQHQDNDGHPLVFKHQ7LWHOYHUJHVVHQ" Ä(LQIDFKQXU*DVSDWLPHLQWH6FLWWVHLQHU5ROOHHQWVSUHFKHQG$OVHULQ.RURV $XJHQDXINHLPHQGH6\PSDWKLHVDKOLHHUVLFK]XIULHGHQLQGHQ6LW]IDOOHQ $XFKKLHUZXUGHLKPVHLQH5ROOHRKQH$UJZRKQDEJHQRPPHQ .DPHQEHONOLHLKQVRIRUW]XVLFKNRPPHQ(LQHQ$XJHQEOLFNODQJVFKLHQGHU *URYHUZDOWHULUULWLHUWGRFKGDQQXPJDEVLFKGHU0DQQHUQHXWPLWHLQHP XQGXUFKGULQJOLFKHQ6FKLUP6FLWWOLHVHLQHUXQQDWUOLFKHQ%HREDFKWXQJVJDEH IUHLHQ/DXI(LQPDOPHKURKQH(UIROJGHU*URYHUZDOWHUEOLHE XQGXUFKGULQJOLFK Ä7DWVlFKOLFKEHUOHJWH.DPHQEHONODXWÄ1LFKWVDQGLUHULQQHUWDQGHLQH ZDKUH*HVWDOW:LHODQJHKDVWGX=HLWELVGLH,PPXQUHDNWLRQHLQWULWW" Ä9HUPXWOLFK]Z|OI7DJH6FLWWVDKGHQDQGHUHQDXIPHUNVDPDQ:LHNDPHV QXUGDHUVLFKVHLQHU$EQHLJXQJQLFKWHUZHKUHQNRQQWH"-HGHQIDOOVZlUHHV LKPOLHEHUJHZHVHQ.DPHQEHONKlWWHYRQVHLQHU9HUZDQGOXQJQLFKWHUIDKUHQ Ä(VNRPPWJHUDGHKLQLFKPXIRUWVREDOGGLH6DIH6FKDOWXQJDEJHODXIHQLVW +|U]XIROJHQGHUPDHQVLHKWPHLQH3ODQXQJIUGLHQlFKVWHQ7DJHDXV .DPHQEHONODXVFKWHRKQHLKQHLQHLQ]LJHV0DO]XXQWHUEUHFKHQ(UVDJWH6FLWW MHGH8QWHUVWW]XQJ]XGLHHUYHUODQJHQZUGH Ä'DVHUVWHZDVLFKEUDXFKHLVWHLQHRUWVNXQGLJH%HJOHLWHULQ-DHLQH)UDXZlUH QW]OLFKXQGSDW]XPHLQHU5ROOH:HQNDQQVWGXPLUHPSIHKOHQ" .DPHQEHONEHUOHJWHQXUHLQH6HNXQGHODQJÄ0HLQH6HNUHWlULQ9DQ LVKD'X KDVWVLHVFKRQJHVHKHQDOVGXGDVHUVWH0DOKLHUZDUVW(LQYHUVWDQGHQ6FLWW" Ä1HQQHPLFKQLFKWVR6HLQH6WLPPHNODQJIURVWLJ Ä'LHVHV%URLVWDEK|UVLFKHU Ä7URW]GHP1HQQHPLFKQLHZLHGHUVREHYRUGLH$QJHOHJHQKHLWQLFKW DXVJHVWDQGHQLVW Ä:LHGXZLOOVWJDE.DPHQEHONHEHQVRIURVWLJ]XUFNÄ8QGZDVLVWPLW
PHLQHP9RUVFKODJ" 6FLWWGDFKWHNXU]QDFK(WZDVZDUQWHLKQGRFKHUK|UWHQLFKWGDUDXIÄ0LW 9DQ LVKDELQLFKHLQYHUVWDQGHQVLHVFKHLQWPLULGHDO8QGGHQNHGDUDQLFKELQ *DVSDWL 9DQ LVKDZLOOLJWHHLQLKPHLQH:HLOH]XU9HUIJXQJ]XVWHKHQ *H]ZXQJHQHUPDHQZHLKWH6FLWWVLHLQGHQ=ZHFNGHU$NWLRQHLQGRFKHU YHU]LFKWHWHGDUDXIVHLQHZDKUH,GHQWLWlWSUHLV]XJHEHQ(VZUGHLKUHQ8PJDQJ XQWHUHLQDQGHUQXUEHKLQGHUQ(UZROOWHQDFKDXHQKLQP|JOLFKVWXQEHIDQJHQHV 9HUKDOWHQ²DXFKZHQQHVDXIIDOVFKHQ7DWVDFKHQEHUXKWH .XU]GDFKWHHUGDUDQGDDXFKVLHGHU$JHQWVHLQN|QQWH$EHUGDVZUGHHU EHPHUNHQGHVVHQZDUHUVLFKHU *HJHQ$EHQGWUDIHUVLHYRUVHLQHP+RWHO(UKDWWHGHQ5HVWGHV7DJHVJHQXW]W GLH8QWHUODJHQ]XP+HU]HU*HQHUDWRUGXUFK]XJHKHQ(VKDWWHVLFKQLFKWEH]DKOW JHPDFKW1RFKZDUHQGLH0|JOLFKNHLWHQGHV*HUlWVQLFKWDXVJHORWHWHUIKOWH VLFKEHVWlUNWLQVHLQHU$QVLFKWGLHVH(QWZLFNOXQJVHLY|OOLJVLQQORV'RFKZHQQ VLFK6WHUQHQUHLFKHZLHGDV,PSHULXP'DEULIDGLH=*8XQGGDV6RODUH ,PSHULXPJHJHQEHUVWDQGHQNRQQWHGHUNOHLQVWH9RUWHLOHQWVFKHLGHQGVHLQ 9DQ LVKDWUXJHLQHQHLQWHLOLJHQ+RVHQDQ]XJ$QVRQVWHQKDWWHVLHDXHU6FKXKHQ QLFKWVDP.|USHU,KUH$XJHQXQGGHUEUDXQH+DDUVFKRSIEHHLQGUXFNWHQLKQ HEHQVRZLHEHLGHUHUVWHQ%HJHJQXQJ Ä+DOOR*DVSDWLJUWHVLHLKQ,KUH6WLPPHNODQJZHLFKHLQVFK|QHU.RQWUDVW JHJHQ.DUW0DQ6DOXW-DQQVDQXQG.DPHQEHONÄ,FKGDUIGLFKGRFKVR QHQQHQ" Ä6HOEVWYHUVWlQGOLFK 3O|W]OLFKVSUWH6FLWWHLQHQ.ORLQGHU.HKOHbUJHUOLFKVFKQDXEHQGVWLHJHU KLQWHULKULQGHQ)RQGGHV6FKZHEHUV,KU*HVLFKWZDUVRVFK|QZLHGDV*HVLFKW GHU)UDXYRQGHUHUVRRIWJHWUlXPWKDWWH'LHJHUDGHQ/LQLHQGHURIIHQH $XVGUXFN6FLWWHUNDQQWHVLFKQLFKWPHKUZLHGHU*HZDOWVDPXQWHUGUFNWHHU HLQHQ6HXI]HUXQGEHJDQQVLFKPLWLKU]XXQWHUKDOWHQ6FKOLHOLFKPXWHHU VHLQH5ROOHVSLHOHQ Ä6DJ9DQ LVKDHVPDFKWGLUZLUNOLFKQLFKWVDXVPLFK]XEHJOHLWHQ"9LHOOHLFKW ZLUGGLH6DFKHJHIlKUOLFKYHUVWHKVWGX",FKJODXEH]ZDUQLFKWGDUDQDEHUPDQ N|QQWHYHUVXFKHQPLFK]XEHVHLWLJHQ9LHOOHLFKWEHGHXWHLFKHLQH*HIDKU Ä$FKODVVHQZLUGDV*DVSDWL(VPDFKWPLUQLFKWVDXV'XJODXEVWQLFKWZLH ODQJZHLOLJGDV/HEHQLQ7DQWDFLWVHLQNDQQ ,Q:DKUKHLWVFKRDXFK6FLWWHLQH*HIlKUGXQJIDVWDXV1RFKMHGHQIDOOVVLH KDWWHDOVRUHFKW(UZUGHGHQ.RQWDNWYHUVXFKVHLQHV*HJHQVSLHOHUVHUZDUWHQ XQGVLFKLPHQWVFKHLGHQGHQ$XJHQEOLFNYRQLKUDEVRQGHUQ(UNRQQWHQLFKW ]XODVVHQGD9DQ LVKDHLQ/HLGJHVFKDK Ä6WHKWXQVHUHUVWHV=LHOVFKRQIHVW"ZROOWHHUZLVVHQ Ä6LFKHUDQWZRUWHWHVLHÄ(LQ]LHPOLFKQREOHV5HVWDXUDQWLP6WDGWNHUQ 6LHEHVWHOOWHQPHKUHUH*lQJHXQGSODXGHUWHQEHODQJORVYRUVLFKKLQ,QGHVVHQ ZDUHQ.DPHQEHONV/HXWHEHUDOOLQ7DQWDFLWEHVFKlIWLJW*HUFKWHEHUGHQ
QHXHQ0DQQDXV]XVWUHXHQ6FLWWGDFKWHDEVLFKWOLFKQLFKWGDUDQ(UJHQRGDV $EHQGHVVHQPLWGLHVHU)UDX (LQPDOIUDJWH9DQ LVKDÄ:LHVROOGDVHLJHQWOLFKDXVVHKHQZHQQGHU=*8 $JHQW.RQWDNWDXIQLPPW" Ä/HLVHELWWH1LHPDQGGDUIXQVK|UHQ(URGHUVLHZLUGPLFKDQVSUHFKHQJDQ] EHLOlXILJXQGXQDXIIlOOLJQDWUOLFKZLUDUUDQJLHUHQHLQ7UHIIHQLFKZHUGHXQWHU 'UXFNJHVHW]W$EHUODVVHQZLUGDV9DQ LVKD1RFKLVWHVQLFKWVRZHLW 6FLWWIKOWHVLFKZRKOLQVHLQHPQHXHQ.|USHU(UNRQQWHHVVHQVRYLHOHUZROOWH XQGZXUGHYRPKHUEHQ)HUUROZHLQNDXPEHWUXQNHQ'HQQRFKIKOWHHUVLFK OHLFKWXPQHEHOWDOVVFKZHEHHUDXI:RONHQ(UEHJULIIGDHUUDVFKHUDOV HUZDUWHWGLH*UHQ]HQVHLQHU/HLVWXQJVIlKLJNHLWHUUHLFKWKDWWH$OVREHVFKORHU DXIOHLFKWHUH*HWUlQNHXP]XVWHLJHQ 9DQ LVKDEHPHUNWHQLFKWVGDYRQ8QGZHQQVLHHVDKQWHVDJWHVLHNHLQ:RUWGHU $QEOLFNOHLFKWDQJHWUXQNHQHU0lQQHUJHK|UWHRIIHQEDU]XLKUHP$OOWDJ Ä/DXQVWDQ]HQVFKOXJVLHIUHXQGOLFKYRUÄ'XPDFKVWHLQHQEHNPPHUWHQ (LQGUXFN*DVSDWL 6FLWWHUVFKUDN*HUDGHGLHVKDWWHHUYHUPHLGHQZROOHQ(WZDV]XKDVWLJHUKREHU VLFKXQGERWLKUVHLQHQ$UP'LHJlQJLJHQ7lQ]HDXI7DQWDXQG&RVDPPZDUHQ HLQIDFKHUKDWWHVLFKZlKUHQGGHV+LQIOXJVHLQHKDOEH6WXQGHGDPLWEHVFKlIWLJW (LQH5RERWNDSHOOHLP+LQWHUJUXQGOLHIHUWHVDQIWH0XVLN 9DQ LVKDOHKQWHVLFKDUJORVDQVHLQH6FKXOWHUQXQGHUEHPKWHVLFKQLFKWDQGHQ =ZHUJHQN|USHUXQGGHQ=*80DQQ]XGHQNHQ$XFKVLHYHUIJWHEHUHLQH JXWH%HREDFKWXQJVJDEHGDVZXWHHULQ]ZLVFKHQ:HLOHUVLHEHUVHLQHZDKUH 6WLPPXQJQLFKWWlXVFKHQNRQQWHPXWHHUVLFKLPSRVLWLYHQ6LQQJHKHQODVVHQ (VZDUHLQIDFKHUDOVHUZDUWHW 6LHYHUOLHHQGDV5HVWDXUDQWLPVLFKHUHQ*HIKO$XIPHUNVDPNHLWHUUHJW]X KDEHQ'DVHLQHRGHUDQGHUH*HVSUlFKKDWWHVLFKQLFKWYHUPHLGHQODVVHQ 1DWUOLFKZDU9DQ LVKDPLWYLHOHQ/HXWHQEHNDQQWGRFKGDHURKQHKLQDXIIDOOHQ ZROOWHNDPHVLKPJHOHJHQ (LQ7D[LVHW]WHLKQYRUVHLQHP+RWHODE%HYRUHUDXVVWLHJEHUKUWHGLH)UDXZLH VHOEVWYHUVWlQGOLFKPLWLKUHQ/LSSHQ6FLWWV0XQG6LHKDWWHNHLQHQ*UXQGHV QLFKW]XWXQ²GHQQVHLQZDKUHV$XVVHKHQZDULKUXQEHNDQQW 0XWHHUHVLKUVDJHQ"6FLWWNlPSIWHPLWVLFK'RFKGDQQOLHHUHVVHLQ(VJDE JXWH*UQGHVLH]XWlXVFKHQ(UEUDXFKWHHLQHXQEHIDQJHQH3DUWQHULQ8P]X GHQULFKWLJHQ/HXWHQP|JOLFKVWUDVFK.RQWDNW]XILQGHQEUDXFKWHHUHLQH)UDX ZLH9DQ LVKD8QGDXHUGHPZROOWHHUQLFKWGDVLH%HVFKHLGZXWH-HW]WGDHU ]XLKU.RQWDNWJHIXQGHQKDWWHZROOWHHUQLFKWPHKUDOOHLQDXVNRPPHQPVVHQ Ä*XWH1DFKWIUHPGHU6SLRQIOVWHUWHVLHYHUVFKZ|UHULVFK'DQQIORJGDV7D[L PLWLKULQGLHHQWJHJHQJHVHW]WH5LFKWXQJGDYRQ )UHPGHU6SLRQZLHGDVNODQJ6FLWWVHXI]WHVFKPHU]OLFK(UYHUVXFKWHVLFK ]XU2UGQXQJ]XUXIHQGLHJHLVWLJH'LV]LSOLQXQWHUDOOHQ8PVWlQGHQ]XZDKUHQ 0RUJHQEUDXFKWHHUHLQLJHVDQ$XVUVWXQJHUPXWHZLVVHQZDQQVLHPLW *HUlWHQEHODXVFKWZXUGHQ²XQGGDJHJHQYRUJHKHQN|QQHQ(UVSLHOWHHLQH
.RP|GLH0HKUQLFKW(UZDU6FLWWGHU=ZHUJ 8QGGRFKKDWWHHUVLFKHLQELFKHQYHUOLHEW ,QPLWWHQHLQHVQFKWHUQHQZHLWOlXILJHQ5DXPHVVWDQGHLQ0DQQRKQHDXIIlOOLJH 0HUNPDOH'DV+DXVEHIDQGVLFKDQGHU3HULSKHULHGHU6WDGW'RUWLP.HOOHU KDWWHDXHUGHP0DQQQLHPDQG=XWULWWGHQQQLHPDQGDXHULKPZlUHLPVWDQGH JHZHVHQGHQ(LQJDQJ]XILQGHQ8QGVROOWHHVGXUFKZHOFKHQ=XIDOODXFK LPPHUGRFKHLQPDOJHVFKHKHQZUGHGHU(LQGULQJOLQJPLWVHLQHP/HEHQ ]DKOHQ 'HU0DQQKDWWH9RUVRUJHJHWURIIHQ 2GHUEHVVHU(UKDWWH9RUVRUJHWUHIIHQODVVHQ:LHKlWWHHUDOOHLQLPJHKHLPHQ HLQHQVROFKHQ.RPSOH[HUULFKWHQVROOHQ"9LHOH0LOOLRQHQKDWWHGHU%DX YHUVFKOXQJHQXQGHLQJXWHU7HLOGDYRQ%HVWHFKXQJVJHOGHU2KQH+DVWVFKDOWHWH HUGLH)XQNVWUHFNH.HLQHVGHU5HODLVZDUGHQ%HK|UGHQEHNDQQWDXFKMHW]W EHVWDQGQRFKGLH0|JOLFKNHLWYRQEHUJHRUGQHWHU6WHOOH:HLVXQJHQHLQ]XKROHQ 'DV)UHL]HLFKHQNDP(UEHJDQQ]XVSUHFKHQÄ+|UWLKUPLFK"%LWWHJHEWHLQ 6LJQDORELKUDQWZRUWHQN|QQW'HU0DQQQDQQWHVHLQH.RGHEH]HLFKQXQJXQG KRUFKWHJHVSDQQW'LH%HVWlWLJXQJOLHQXUZHQLJH6HNXQGHQDXIVLFKZDUWHQ Ä6HLWHLQLJHU=HLWEHJDQQHUÄJLEWHVKLHUHLQHQ$JHQWHQGHU$XHQZHOWVWDIIHO 6HLQ1DPHLVW6FLWWHUEHVLW]WDOOH9ROOPDFKWHQ(VLVWZDKUVFKHLQOLFKGDLFK PLFKLQNXU]HU=HLWDEVHW]HQPXXQGGDV2EMHNWPLWIKUH,QHOI7DJHQXP SUl]LVH]XVHLQ:HQQ6FLWWQLFKWLUJHQGHWZDVXQWHUQLPPWGDVPLFKEHUUDVFKW ,QGHP)DOOKDEHLFKYLHOOHLFKWNHLQH*HOHJHQKHLWPHLQHQ3ODQDXV]XIKUHQ Ä'HQNVWGXGDGXLKQDXVGHP:HJUlXPHQPXW":HQQMDZRUDXVEHJUQGHW VLFKGHLQH$QQDKPH" Ä,FKNDQQNHLQH9RUKHUVDJHWUHIIHQ,FKEHUHLWHPLFKOHGLJOLFKDXI 0|JOLFKNHLWHQYRU6FLWWLVWHLQVFKZHUHU%URFNHQNOJHUDOVVHLQH9RUJlQJHU =XPHQWVSUHFKHQGHQ=HLWSXQNWPXLFKLKQDEOHQNHQ6REDOGLFKGDV2EMHNWLQ PHLQHQ%HVLW]JHEUDFKWKDEHELQLFKKLHUQLFKWPHKUYRQ1XW]HQ'DQQYHUODVVH LFKPHLQHQ3RVWHQ%HUHLWHWDOOHVIUGLHhEHUQDKPHYRU'HU7HUPLQVWHKWZLH JHSODQW Ä7URW]GHP",QGHU6WLPPHVFKZDQJHLQ+DXFKYRQ9HUZXQGHUXQJPLWÄ'X KDVWIUHLH+DQGZLUWUHIIHQGLH9RUEHUHLWXQJHQ Ä(QGH 'HU0DQQEOLHEQRFKHLQH:HLOHUHJORVVWHKHQ'DQQZDQGWHHUVLFKDEXQG YHUOLHGHQ5DXP0DQZUGHYRUVLFKWLJWDNWLHUHQPVVHQGDFKWHHUDXINHLQHQ )DOOGXUIWHQGLHQlFKVWHQ+DQGOXQJHQEHUVWU]WDEODXIHQ6FKOLHOLFKEHVWDQG HLQHJXWH:DKUVFKHLQOLFKNHLWGD6FLWWZHLWHUKLQHUIROJORVEOLHE6ROOWHHUVHLQH 7DNWLNQLFKWlQGHUQNRQQWHPDQIDVWYRQ*HZLKHLWVSUHFKHQ $XHU 'HU0DQQOlFKHOWHNDXPPHUNOLFKZLHHVVHLQH*HZRKQKHLWZDU(UZUGHDOOHV DXIVLFK]XNRPPHQODVVHQ 6FLWWHUZDFKWHPLWGU|KQHQGHP6FKlGHO1RFKLP+DOEVFKODIIXKUHUWDVWHQG
EHUVHLQ*HVLFKWVHLQH*OLHGHU(UVHW]WHVLFKVFKUHLHQGDXI'LH(UNHQQWQLV NDP6HNXQGHQVSlWHU6HLQ+LUQVWHFNWHLQHLQHPQHXHQJHNORQWHQ.|USHU ZlKUHQGGHU=ZHUJHQOHLEDXI3\URPDLQ-DQQVDQV1lKUO|VXQJVFKZDPP(OI 7DJH=HLW1XUVRNXU]XPGHQQHXHQ.|USHU]XJHQLHHQXQGKRIIHQWOLFK JHQXJIUGHQ=*8$JHQWHQ ,Q]ZLVFKHQVFKPHU]WHVHLQ.RSIZLHUDVHQG ,KPZXUGHNODUGDGLHHUVWHQ9RUERWHQGHU,PPXQUHDNWLRQHLQVHW]WHQ6FLWW VWDQGDXIIDQGLQVHLQHP5HLVHJHSlFNGLH0HGLNDPHQWHXQGVFKOXFNWHHLQH 'RVLV (UGDFKWHQRFKHLQPDODQGLHOHW]WH1DFKW(VZDUVFK|QJHZHVHQZXQGHUVFK|Q 8QGGRFKPXWHHU=XUFNKDOWXQJEHQ9HUJLGHLQHQ.|USHUQLFKWKLHOWHU VLFKYRU(UZDUGHU=ZHUJ 8QGHUKDWWHVLFKLQ9DQ LVKDYHUOLHEWMD'RFKJHUDGHGDVNRQQWHHUVFKZHU DN]HSWLHUHQ6FKOLHOLFKKDWWHHU3UREOHPHJHQXJ(UGXUIWHQLFKWOHLFKWIHUWLJ ZHLWHUHKLQ]XIJHQ 'RFKZUGH9DQ LVKDLKPJHVWDWWHQDOOHVHLQIDFK]XYHUGUlQJHQ":RKONDXP EHUOHJWHHUUHVLJQLHUHQG8QZLOONUOLFKVWDKOVLFKHLQ/lFKHOQDXIVHLQ*HVLFKW 'D]XZDUHV]XVSlW *HJHQ]HKQ8KUPHOGHWHGDV.RP7HUPLQDOHUVWPDOVHLQHQ$QUXI6FLWW EHHQGHWHJHUDGHVHLQH0RUJHQWRLOHWWH(UZDUIGLH=DKQEUVWHLQV5HF\FOLQJ UDQQWHLQGHQ:RKQUDXPXQGEHVFKORMHGHQ(LQGUXFNYRQhEHUHLIHU]X YHUPHLGHQ(UZDUWHWH 6HNXQGHQVSlWHUVXPPWHGDV7HUPLQDOHLQ]ZHLWHV0DO1XQOLHHUGHQ %LOGVFKLUPDXIOHXFKWHQ=XP9RUVFKHLQNDPGDV%LOGHLQHU)UDXGLHHUEHUHLWV DOV+HU]HUNHQQHQJHOHUQWKDWWH$OV*DVSDWLMHGRFKNDQQWHHUVLHQLFKWXQG6FLWW ZDUYLHO]XHUIDKUHQLQMHGHU)RUPYRQ9HUVWHFNVSLHOXPKLHUHLQHQ)HKOHU]X EHJHKHQ Ä*XWHQ0RUJHQJUWHHUK|IOLFKÄ.DQQLFKGLUKHOIHQ" Ä,QGHU7DW*DVSDWLGDVNDQQVWGXJDEGLH)UDXPLWVWUDKOHQGHP/lFKHOQ ]XUFNÄ0HLQ1DPHLVW-RODQQ:LUKDEHQYRQGHLQHU$QNXQIWJHK|UWLFKXQG HLQSDDU)UHXQGHXQGP|FKWHQGLFKJHUQ]XHLQHPNOHLQHQ)HVWHLQODGHQ 9HUVWHKHPLFKQLFKWIDOVFKIJWHVLHKLQ]XÄGLHVLVWQLFKWGLH5HJHO$XI7DQWD ZLUGDXFKJHDUEHLWHW$EHUGXDOV+HU]HUVHQJVWHU9HUWUDXWHU8QGGXELVW WDWVlFKOLFKEHUGHQQHXHVWHQ6WDQGGHU)RUVFKXQJHQXQWHUULFKWHW" Ä2MDDQWZRUWHWH6FLWWÄ$EHUHLJHQWOLFKGDUILFKGDUEHUQLFKWVVDJHQGX YHUVWHKVW(VLVW]XEHGHXWHQG'HLQH(LQODGXQJP|FKWHLFKJHUQDQQHKPHQ 6FKOLHOLFKNHQQHLFKKLHUQLHPDQGHQRGHUIDVWQLHPDQGHQDXHU *URYHUZDOWHU.DPHQEHONXQGGHVVHQ6HNUHWlULQ Ä$K9DQ LVKD'XELVWHLQ*OFNVSLO]'DEHLOlFKHOWHVLHVWUDKOHQGÄ:HQQGX NDQQVWEULQJHVLHGRFKPLW Ä+HU]OLFKJHUQVFKORHU'DVREHUIOlFKOLFKH*HSODXGHUODQJZHLOWHLKQÄ6LH NDQQPLUMDGHQ:HJ]HLJHQ ,P/DXIGHV9RUPLWWDJVQDKPHUPHKUHUH$QUXIHGLHVHU$UWHQWJHJHQ%LVDXI
]ZHL$XVQDKPHQGLHVLFKWHUPLQOLFKQLFKWNRRUGLQLHUHQOLHHQQDKPHUDOOH (LQODGXQJHQDQ0DQKDWWHLKQEHUHLWVDP9RUDEHQGOHLFKWDQJHWUXQNHQJHVHKHQ XQGHUZUGHGDUDXIDFKWHQGDVLFKGLHVHU5XIIHVWLJWH)DVWDOOH(LQODGXQJHQ HQWVSUDQJHQUHLQHU1HXJLHUGHGRFKHLQHGDYRQZDU%HUHFKQXQJ:HOFKH"6FLWW ZXWHHVQRFKQLFKW'RFKGHUXQEHNDQQWH=*8$JHQWPXWHDQ+HU]HUV 0LWDUEHLWHU,QWHUHVVH]HLJHQ 8QG6FLWWZUGH]XJlQJOLFKVHLQVREDOGHLQEHVWLPPWHU$ONRKROSHJHOHUUHLFKW ZDU *HJHQ0LWWDJQDKP9DQ LVKDPLWLKP.RQWDNWDXI(LJHQWOLFKKDWWH6FLWWHLQH ZHLWHUH(LQODGXQJHUZDUWHWXQGZDUGHVKDOEEHUUDVFKW Ä0HLQ$QUXINRPPWXQJHOHJHQ"IUDJWHVLH,KUH%HREDFKWXQJVJDEHNDPVHLQHU HLJHQHQ]ZDUQLFKWJOHLFKZDUDEHUGRFKHUVWDXQOLFKÄ1DHJDOLFKZROOWHPLFK HUNXQGLJHQZDVKHXWHDQOLHJW9DQ LVKDZLUNWHEHOHLGLJWRGHU]XPLQGHVWWDWVLH VR Ä(VWXWPLUOHLGDQWZRUWHWH6FLWWÄ,FKZDUQXULQ*HGDQNHQ-HGHQIDOOVOLHJW HLQHJDQ]H0HQJHDQ,FKKDEHQHXQ(LQODGXQJHQDQJHQRPPHQ]ZHLGDYRQIU KHXWH'DPLWNRQQWHPDQQLFKWUHFKQHQVLHKDEHQVLFKDXIPLFKJHVWU]WZLH QHXJLHULJH9|JHO Ä'DVYHUVWHKHLFKJXW'XELVWHLQHPLWWOHUH6HQVDWLRQLQ7DQWDFLW'LH/HXWH HU]lKOHQVLFKVFKRQMHW]W:XQGHUGLQJHYRQGLHVHP)RUVFKXQJVDXIWUDJ Ä.RQNUHWHV" Ä(LJHQWOLFKQLFKW$EHUDOOHZROOHQ%HVFKHLGZLVVHQ9LHOHKDEHQYRQRPLQ|VHQ 6LFKHUKHLWVYRUNHKUXQJHQJHK|UWGLHGDVQRUPDOH0DZHLWEHUVWHLJHQ Ä'DVLQGVLHEHLPLUDQGHUULFKWLJHQ$GUHVVH,FKZHUGHQLFKWVHU]lKOHQDEHU %HPHUNXQJHQIDOOHQODVVHQGDLKQHQGDV:DVVHULP0XQG]XVDPPHQOlXIW8QG ZDV+HU]HUDQJHKWGHUZLUGVLFKVRUDVFKDXI7DQWDRGHU&RVDPPQLFKWEOLFNHQ ODVVHQ Ä-DPHLQWH9DQ LVKDÄGDVLVWYLHOOHLFKWJXWVR'LH/HXWHKDEHQNHLQH$KQXQJ ZLHVLHPLWLKP]XVDPPHQDUEHLWHQVROOWHQ1DWUOLFKZHLLFK%HVFKHLGGXKDVW PLFKMDHLQJHZHLKW'XNHQQVWLKQVHOEVWQLFKWQlKHU(LQVLVWMHGHQIDOOVVLFKHU :HQQPDQ+HU]HUJHVHKHQKDWYHUVWHKWPDQGLH/HXWH Ä,FKKDEHHLQPDOPLW+HU]HUJHVSURFKHQHUZLGHUWH6FLWWEHKHUUVFKW(UOLH VLFKQLFKWDQPHUNHQZLHVHKUGDV7KHPDLKQLP*UXQGHEHWUDIÄ'DEHLKDWWHLFK GHQ(LQGUXFNGDPDQPLWLKPDXVNRPPHQNDQQ Ä.DXP]XJODXEHQ$XFKGLH/HXWHKLHUJODXEHQGDVQLFKWVRQVWKlWWHPDQ LKQEHKDQGHOWZLHGLFK ,Q6FLWWNUDPSIWHVLFKHWZDV]XVDPPHQ9DQ LVKDV:RUWHHULQQHUWHQVFKPHU]OLFK GDUDQGDLKPQXUHLQHNXU]HDOO]XNXU]H)ULVWEOLHE=HKQHLQKDOE7DJHZHQQ GLH,PPXQUHDNWLRQQLFKWIUKHUDOVHUZDUWHWEHUPlFKWLJZXUGH6RZLHHUVLFK IKOWHKlWWHHVLKQNDXPJHZXQGHUW6HLQH.RSIVFKPHU]HQZDUHQYRQOlVWLJHP =LHKHQ]XVWDUNHP'UXFNDQJHVFKZROOHQ1XUUXKLJVDJWHHUVLFK]XPLQGHVW WHLOZHLVHKDWWHHVPLWGHP$ONRKROJHVWHUQ]XWXQ (VPXWHVRVHLQ
Ä:DVLVWQXQ" 9DQ LVKDV)UDJHKROWHLKQXQVDQIWLQGLH*HJHQZDUW]XUFN Ä.DQQVWGXJHJHQKDOE]ZHL2UWV]HLWKLHUVHLQ"(LQHKDOEH6WXQGHVSlWHUOlXIW XQVHUHHUVWH9HUDEUHGXQJ 6LHOlFKHOWHXQG6FLWWZXWHPLWHLQHP0DOGDDXFKVLHVLFKLQLKQYHUOLHEW KDWWH(UKDWWH.RPSOLNDWLRQHQYHUPHLGHQZROOHQXQGQXQZDUJHUDGHGDV *HJHQWHLOHLQJHWUHWHQ1DWUOLFKPXWHHUQXUYHUUDWHQZLHHVPLWVHLQHP .|USHUZLUNOLFKVWDQGGRFKMHW]WEUDFKWHHUOlQJVWQLFKWPHKUGHQ0XWDXI $XHUGHPKlWWHHVVLFKDXIGHQ3ODQXQJQVWLJDXVJHZLUNW:ROOWHHUVHLQH5ROOH EHU]HXJHQGVSLHOHQEUDXFKWHHU9DQ LVKDXQEHVFKZHUW Ä%LVVSlWHU6SLRQVDJWHVLHXQGKDXFKWHLKPHLQH.XKDQG]XÄ:LUVHKHQXQV SQNWOLFK Ä1HQQHPLFKQLFKWVRZROOWHHUQRFKUXIHQÄ'LH/HLWXQJN|QQWHDQJH]DSIW VHLQKlWWHHUJHVDJWÄDOVRELWWH9RUVLFKW'RFK9DQ LVKDKDWWHEHUHLWVDEJH VFKDOWHW (UJODXEWHVHOEVWQLFKWDQGLH0|JOLFKNHLW1RFKZDUHU*DVSDWLIUGLHDQGHUHQ *DVSDWLGHU:LVVHQVFKDIWOHUPLWGHQNOHLQHQ*HKHLPQLVVHQGHU0DQQDQGHQ PDQVLFK]XKDOWHQKDWWH$EHUWLHILQVHLQHP,QQHUQNRQQWH6FLWWQLHPDOV YHUJHVVHQZDVHUZLUNOLFKZDU 9DQ LVKDODQGHWHPLWHLQHP$XWRPDWVFKZHEHUYRUGHP+RWHO(UVHW]WHVLFK ZRUWORV]XLKUXQGYHUVXFKWHVHLQH5ROOHZHLWHU]XVSLHOHQ$EHUZLHGHUHLQPDO NRQQWHHUQLFKWYHUKLQGHUQGDVLHYRQVHLQHQZDKUHQ*HIKOHQHLQLJHVHUIDWH Ä'XELVWVRVFKZHUPWLJPHLQWHVLHÄ'XGDUIVWGLFKYRQGHLQHP$XIWUDJQLFKW VRVHKUIDVVHQODVVHQ*HQLHHGLHIURKHQ$XJHQEOLFNHGLHVLFKELHWHQ (UVDKVLHGDQNEDUDQÄ6FK|QGDGXPLFKDXIPXQWHUVW:LHKlWWHGLH)UDX ZLVVHQVROOHQZDVLQ:DKUKHLWDXILKPODVWHWH"'HVKDOEUHFKQHWH6FLWWLKUH $EVLFKWGRSSHOWKRFKDQÄ+LHULVWHVQLFKWZDKU"8QVHUHHUVWH$GUHVVH (UEHKLHOWUHFKW Ä7UHWHWQlKHUEDWGLH)UDXGLHLKQEHUHLWVDPIUKHQ0RUJHQHUUHLFKWKDWWH,KU VWUDKOHQGHV/lFKHOQZLUNWHDXIJHVHW]WXQGJHNQVWHOW Ä'DUILFKHXFKPHLQHQ(KHPDQQYRUVWHOOHQ"8QVHU9HUWUDJOlXIWEULJHQVDXI /HEHQV]HLW 6FLWWYHUVWDQGGHQ1DPHQQLFKWXQGLP*UXQGHLQWHUHVVLHUWHHUVLFKZHQLJGDIU 8PVRPHKUEHVFKlIWLJWH9DQ LVKDLKQ:LHVROOWHHUVLFKLKUJHJHQEHU YHUKDOWHQ"$PEHVWHQDEZDUWHQGEHVFKORHUVSRQWDQQDFKGHPHULQGHQ 6WXQGHQ]XYRUNHLQHHLQGHXWLJH(QWVFKHLGXQJKDWWHWUHIIHQN|QQHQ$EZDUWHQG 1XUZLHIXQNWLRQLHUWHGDVLQHLQHPVROFKHQ)DOO" ÄXQGGLHV0DMRU%HOWHUPLWVHLQHU*HPDKOLQ 6FLWWOlFKHOWH$EHUHUK|UWHQXUPLWKDOEHP2KUKLQ'HQQRFKQDKPHU URXWLQHPlLJDOOH,QIRUPDWLRQHQDXIXQGZLHVRRIWYHUOLHHUVLFKDXIVHLQ KHUYRUUDJHQGHV*HGlFKWQLV8QJHIlKUHLQ'XW]HQG1DPHQXQG*HVLFKWHU UDXVFKWHQDQLKPYRUEHU'DV6SLHOKDWWHEHJRQQHQ :LHLP6FKODIVWDQGHUGDV)UDJHXQG$QWZRUWVSLHOGXUFK%DOGZXUGHHV
LQWHUHVVDQW0DQEHJDQQLKQQDFK'HWDLOVVHLQHU$XIJDEH]XEHIUDJHQ(UVWUHXWH YHUHLQ]HOW)DNWHQHLQZLFKDEHUDQVRQVWHQDXVVRJHVFKLFNWHVJLQJ=ZDU ]HLJWHQVLFKDOOH$QZHVHQGHQEHJLHULJLKPKHLNOH,QIRUPDWLRQHQDXVGHU1DVH ]X]LHKHQ²GRFKHVILHONHLQHVZHJVDXVGHP5DKPHQ 1XQJXWGDFKWH6FLWWEHLVLFK(UKDWWHMDJHZXWGDHUQHXWVHLQH*HGXOG JHIUDJWZDU,UJHQGZLHEHIULHGLJWHGLHVHV9RUJHKHQLKQEHUKDXSWQLFKWGRFK DXIGHUDQGHUHQ6HLWHZXWHHUNHLQHQDQGHUHQ5DW'HU=*8$JHQWXQGVHLQH *UXSSHZUGHQQLFKWRKQH*UXQGDXVLKUHP/RFKNULHFKHQ Ä+DVWGXHLQHQ$QVDW]SXQNWJHIXQGHQ*DVSDWL" 9DQ LVKDV6WLPPHNODQJQHUY|V(UVFKDXWHVLHDQXQGVDKGDVLHHLQHQ (QWVFKOXJHIDWKDWWH1XUZHOFKHQGDVDKQWHHUQLFKW1DWUOLFKNDQQWHHU 0LWWHOXQG:HJHHVLQ(UIDKUXQJ]XEULQJHQGRFKLKUJHJHQEHUVDKHUVLFK DXHUVWDQGH*HZDOWDQ]XZHQGHQ$XFKZHQQHVQXUVHHOLVFKH*HZDOWZDU $XHUGHPZDUHUVLFKHUGDVLHLKPQLHPDOVZLVVHQWOLFKVFKDGHQZUGH 'HVKDOEEHVFKORHU9DQ LVKDV9HUKDOWHQDXIVLFKEHUXKHQ]XODVVHQ Ä'XN|QQWHVWPLUGRFKDQWZRUWHQ*DVSDWL,FKELQ]ZDUQXUGLH6HNUHWlULQGHV *URYHUZDOWHUVDEHU Ä(QWVFKXOGLJHELWWH,FKZDUVFKRQZLHGHULQ*HGDQNHQ Ä:LHVRRIW Ä8PGHLQH)UDJH]XEHDQWZRUWHQQHLQELVODQJNHLQH6SXU:LUPVVHQ DEZDUWHQ,FKZLOOLUJHQGZDQQDXVSODXGHUQGDLFKPLWGHQ9HUVXFKHQDOOHLQ EHJLQQHXQGGDGDV(UJHEQLVZRULQLPPHUHVEHVWHKWDXIXQVHU9HUKlOWQLV]X 7HUUDJURHQ(LQIOXKDW9LHOOHLFKWKLOIWGDV1DWUOLFKHUVWKHXWHDEHQGZHQQ PLFKDOOHIUEHWUXQNHQKDOWHQ (UQHXWVDKVLHLKQXQGHILQLHUEDUDQ 'HU$EHQGEHJDQQOlUPHQGXQGIU|KOLFK,KU:HJKDWWHVLHLQHLQ YLOOHQlKQOLFKHVZHLWOlXILJHV+DXVDP5DQGGHU6WDGWJHIKUW(VJHK|UWHHLQHP KRKHQ:UGHQWUlJHUGHUKLHVLJHQ9HUZDOWXQJ'HU(PSIDQJZDUVREHUWULHEHQ IUHXQGOLFKZLHGHUHLQSDDU6WXQGHQ]XYRU%XQWOLYULHUWH%HGLHQVWHWHVFKREHQ $QWLJUDY7DEOHWWHYROOHU6SHLVHQXQGJHIOOWHU*OlVHUGXUFKGLH5lXPH ,QQHUKDOEZHQLJHU0LQXWHQIDQGVLFK6FLWWYRQ/HXWHQXPULQJW0DQDWUDQN XQGYHUVXFKWHLKQXQDXIIlOOLJDXV]XKRUFKHQ 9DQ LVKDKLHOWVLFKIDVWGLHJDQ]H=HLWQDKHEHLLKPDXIDOVPVVHVLHLKQ EHUZDFKHQ(UJODXEWHGDGDV8QVLQQZDU9LHOOHLFKWZROOWHVLHLKQQXUQLFKW YHUOLHUHQVRVFKLHQHVZHLWDXVSODXVLEOHUDOVVHLQHUVWHU(LQGUXFN(UGXUIWHQLFKW EHUHPSILQGOLFKUHDJLHUHQ$XHUGHPVWDQGHQULQJVXPIQI]LJZHLWHUH 3HUVRQHQGLH$XIPHUNVDPNHLWHUIRUGHUWHQ (UWUDIYLHUGHU/HXWHZLHGHUGLHPDQLKPDP1DFKPLWWDJYRUJHVWHOOWKDWWH=X HWZDVVSlWHUHU6WXQGHHUVFKLHQVHOEVW*URYHUZDOWHU.DPHQEHON(LQPDOPHKU ZXQGHUWHVLFK6FLWWEHUGLH8QGXUFKGULQJOLFKNHLWGHV0DQQHVGRFKVSlWHU YHUORUHULKQDXVGHQ$XJHQ Ä8QGVDJQXUGXZLOOVWGLH([SHULPHQWHLQGHQQlFKVWHQ7DJHQEHJLQQHQ2KQH +HU]HUGHQ(UILQGHU":LHLVWGDVP|JOLFK
(VJLQJVWXQGHQODQJVRZHLWHU6FLWWZXUGHGHV6SLHOVPLWVWl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lQNH]XVLFKJHQRPPHQ 1XUJXWGDVHLQQHXHU.|USHULQGLHVHU+LQVLFKWOHLVWXQJVIlKLJZDU 6LHVDHQQHEHQHLQDQGHULP6FKZHEHUXQGVFKQDXIWHQ)DVWDOOH*lVWHZDUHQ GDUDXIDXVJHZHVHQPLWLKPRGHULKUHLQHQOHW]WHQ6FKOXPPHUWUXQN]XQHKPHQ 1RFKPDOVZDUHLQLJHV]XVDPPHQJHNRPPHQXQGLQ]ZLVFKHQIKOWHVLFK6FLWW WDWVlFKOLFKEHWUXQNHQ6HOEVWGHUEHVWH.|USHUKDWWHVHLQH*UHQ]HQ $XHUGHPZDUHQPLWHLQHP0DOGLH.RSIVFKPHU]HQZLHGHUGD6LHODXHUWHQLP +LQWHUJUXQGDEHUHUVSUWHGHXWOLFKLKUH$QZHVHQKHLW 9DQ LVKDOHKQWHVLFKWUlJHDQLKQÄ8QG":DUVWGXGLHVPDOHUIROJUHLFKHU" Ä'DVKlWWHLFKGLUVFKRQJHVDJW Ä+lWWHVWGX",KUH6WLPPHNODQJVFKZHUIlOOLJ Ä1DWUOLFK,FKYHUWUDXHGLU 6LHVFKDXWHLKPSUIHQGLQGLH$XJHQÄ-DXQGGDVNDQQVWGXDXFK*DVSDWL (UVSUWHGDVLHLKUHQ(QWVFKOXZRULQLPPHUHUEHVWHKHQPRFKWHMHW]WLQGLH 7DWXPVHW]HQZROOWH-DMHW]W6LHJDEVLFKHLQHQ5XFNXQGNWHLKQ2EZRKO HUGDUDXIKlWWHYRUEHUHLWHWVHLQVROOHQIKOWHVLFK6FLWWEHUUXPSHOW(LQHQ $XJHQEOLFNODQJZXWHHUQLFKWV]XWXQ'DQQMHGRFKUHDJLHUWHQVHLQH/LSSHQ DXWRPDWLVFK 6FLWWHUZLGHUWHLKUHQ.XZLHHUHVQLHPDOVKlWWHWXQGUIHQ(UZDUVR XQJHVFKLFNWVLHGDJHJHQVHKUHUIDKUHQ6RYLHOZDULKPQRFKEHZXWDEHUZDV KlWWHHUWXQVROOHQ"(VZDU]XVSlW Ä,FKPXGLUHWZDVVDJHQVSUDFKHUDOVVLHVLFKVHNXQGHQODQJYRQHLQDQGHU O|VWHQÄ,FKELQQLFKWZDVLFK]XVHLQYRUJHEH Ä$EHUGDVZHLLFKGRFK*DVSDWL'XELVWHLQ$JHQWHLQ6SLRQ 6LHEHWRQWHGHQ$XVGUXFNVRGDHUODFKHQPXWHREZRKOLKPLQQHUOLFKHKHU ]XP:HLQHQ]XPXWHZDU1HLQZROOWHHUUXIHQQLFKW*DVSDWL6HLQ1DPHZDU 6FLWWVHLQHUVWHU'HFNQDPH+HU]HU$EHUHWZDVLQLKPYHUKLQGHUWHGDV 6HNXQGHQVSlWHUHUWDSSWHHUVLFKGDEHLGDHULQHLQHQ:DFKWUDXPKLQEHUJOLWW (UVWDQGZLHGHUDXIGHU'QHDP0HHUXQGGLH)UDXHUZDUWHWHLKQLP,QQHUQGHU +WWH 'LHVPDOVW|UWHQLFKWVLKU%HLVDPPHQVHLQ 9DQ LVKDXQG*DVSDWLVWLHJHQJHPHLQVDPLQGHQ/LIW]XP+RWHO]LPPHU6LH
KDOIHQVLFKDXVGHU.OHLGXQJXQGVDQNHQDXIV%HWW6HLQHQZDKUHQ1DPHQZDJWH *DVSDWLQLFKWHLQPDO]XGHQNHQ(LQH=HLWODQJZDUHU+HU]HUV$VVLVWHQWPLW /HLEXQG6HHOHHLQJHZDQGWHUMXQJHU0DQQ 6HOEVWGLH.RSIVFKPHU]HQZDUHQHLQH1DFKWODQJIRUW $P0RUJHQGDQDFKIKOWHHUVLFKDXVJHODXJW(UPXWHXQEHZXWJHVW|KQW KDEHQGHQQ9DQ LVKDVFKPLHJWHVLFKDQLKQXQGYHUVXFKWHLKQVHLQHQ6FKPHU] YHUJHVVHQ]XODVVHQ(UVW]ZHL6WXQGHQVSlWHUHUKREHQVLHVLFK6LHQDKPHQ )UKVWFNXQG0LWWDJHVVHQLQHLQHPXQGDEVROYLHUWHQGHQHUVWHQ7HUPLQ 'LHQlFKVWHQ7DJHYHUOLHIHQlKQOLFK ,PPHUPHKUIDQG6FLWWVHLQH$XIPHUNVDPNHLWYRQGHU)UDXJHIDQJHQJHQRPPHQ XQGHUNRQQWHLPPHUZHQLJHUGDJHJHQWXQ7URW]GHPYHUVXFKWHHUVHLQHU $XIJDEHJHUHFKW]XZHUGHQ'LHVJHODQJQXUWHLOZHLVH,QLKPODXHUWHHLQ7LHU HLQH*HZLKHLWGLHKLHHUZDU6FLWWGHU=ZHUJ%DOGPXWHHULQVHLQHQ.|USHU ]XUFN6RYHUJLQJHQQHXQ7DJHRKQH(UIROJ $P0RUJHQGHV]HKQWHQ7DJHVULHI.DPHQEHONDQ 6FLWWVFKOXUIWHPGH]XP.RP7HUPLQDO(UZDUVLFKHUGDVLFKGXQNOH5lQGHU XQWHUGHQ$XJHQHLQJHJUDEHQKDWWHQ'LH,PPXQUHDNWLRQVHW]WHVFKPHU]KDIWHLQ 6HLQ6FKlGHOGU|KQWH Ä*XWHQ0RUJHQ*DVSDWL6FLWWVZDKUHQ1DPHQHUZlKQWH.DPHQEHONQLFKW Ä%LVWGXDOOHLQ" Ä1HLQGHLQH$VVLVWHQWLQVFKOlIWQHEHQDQ Ä9DQ LVKDLVWRKQHKLQHLQJHZHLKWXQGGLHVH/HLWXQJLVWVDXEHU,FKKDEHGDV HEHQVRZLHGXVHOEVWSUIHQODVVHQ:DVLFKIUDJHQZROOWH:LHJHKWHVYRUDQ" ,FKQHKPHDQJDUQLFKW" Ä'XKDVWUHFKW*URYHUZDOWHUJDUQLFKW,FKZHLPLUNHLQHQ5DWPHKU'DV =LHOLVW]ZDUGHQ=*80DQQDXVVHLQHP/RFK]XORFNHQXQGHLQHQOHEHQGLJHQ 6FKXOGLJHQIUGLH0RUGH]XILQGHQDEHU Ä'LUEOHLEWQXUQRFKGLHJURH3DUW\KHXWHDEHQG*ODXEVWGXZLUNOLFKGDGX DXVJHUHFKQHWGRUW(UIROJKDVW" Ä1HLQZRKONDXP$EHUPDQGDUIGLH+RIIQXQJQLFKWDXIJHEHQVRQVWLVWDOOHV YHUORUHQ6ROOWHGHUKHXWLJH$EHQGNHLQ(UJHEQLVEULQJHQHUJUHLIHLFKJHJHQ .DUW0DQ6DOXWV:LOOHQHLQHYRUOlXILJH0DQDKPH 6FLWWVHW]WHVLFKXQGNKOWHGHQ.RSIPLW(LVÄ'DVHLJHQWOLFKH=LHOGHV=*8 0DQQHVNDQQQXUGHU*HQHUDWRUVHLQ0RUJHQIUKOlXIWGLH6DIH6FKDOWXQJ]XP HUVWHQ0DODE,FKIRUGHUHHLQ6FKLIIDQXQGODVVHGDV'LQJQDFK3\URPDRGHU 1RVPRVFKDIIHQ1DWUOLFKPXLFKVRPHLQH1LHGHUODJHHLQJHVWHKHQ$EHUZDV NDQQLFKVRQVWWXQ"© .DPHQEHON]|JHUWHXQJHZ|KQOLFKODQJHPLWGHU$QWZRUWÄ1XQQLFKWV YHUPXWOLFKPHLQWHHUPLWXQGXUFKGULQJOLFKHU0LHQHÄ'XKDVWJDQ]UHFKWLFK ELOOLJHXQGXQWHUVWW]HGHLQH0DQDKPH:DUWHDEHUDXIMHGHQ)DOOGHQKHXWLJHQ $EHQGDE Ä.HLQH6RUJH*URYHUZDOWHU,FKYHU]LFKWHQLFKWDXIPHLQHOHW]WH&KDQFH:LU
VHKHQXQV Ä-D%LVKHXWHDEHQG =XP]ZHLWHQ0DOLQQHUKDOEZHQLJHU7DJHVWDQGGHU0DQQLQGHPZHLWOlXILJHQ .HOOHUJHZ|OEH(LQH7UIKUWHKLQDXVLQGLHREHUHQ6WRFNZHUNH'HQ:HJQDFK XQWHQZRGDVZLFKWLJVWH*HKHLPQLVGHV+DXVHVYHUERUJHQODJPDUNLHUWHQXUHLQ GXQNOHV/RFK'RUWZDUIUHLQHZHLWHUH7UHSSH]XZHQLJ3ODW]JHZHVHQ 1XUHLQHJODWWH6WDQJHEHUEUFNWHGLHGUHLLJ0HWHUELV]XPWDWVlFKOLFKHQ *UXQG)HVWH*UHLIKDQGVFKXKHKLQJHQVWlQGLJEHUHLW 'HU0DQQOLHVHLQ7HUPLQDOPLWGHPHLQHVZHLWHQWIHUQWHQ*HJHQEHUV YHUELQGHQ$OOHVNODSSWHUHLEXQJVORV%LVVLFKGHU%LOGVFKLUPHUKHOOWHYHUJLQJHQ QXUHLQSDDU6HNXQGHQ'LH9HUELQGXQJVWDQG Ä'XKDVWJHUXIHQ" Ä-DHVLVWVRZHLW,FKPX6FLWWYHUVFKZLQGHQODVVHQ Ä:HVKDOE"+DWHUGHLQH6SXUDXIJHQRPPHQ" Ä.HLQHVZHJVWURW]GHPZLUGHUPHLQHQ3OlQHQKLQGHUOLFKMDJHIlKUOLFK(UZLOO GHQ*HQHUDWRUJHJHQDOOH$QZHLVXQJHQIRUWVFKDIIHQODVVHQ(VJLEWNHLQHQ =ZHLIHOGDGLH7UDQVSRUWPDQQVFKDIWPLQGHVWHQVHLQH6WXQGHYRU$EODXIGHU 6DIH6FKDOWXQJDQ2UWXQG6WHOOHLVW Ä.|QQWHVWGXGDVYHUKLQGHUQ" Ä1HLQ:DVVROOLFKJHJHQHLQ,PSHULXPVVFKLIIXQWHUQHKPHQ"0HLQ3ODQVLHKW YRUGDLFKOHGLJOLFKGLHUHJXOlUH:DFKEHVDW]XQJDXVVFKDOWH0HKULVW XQP|JOLFK8QGDQGHU]HLWOLFKHQ$EVWLPPXQJOlWVLFKHEHQVRZHQLJUWWHOQ GLHQlPOLFKLVWYRQGHU6DIH6FKDOWXQJYRUJHJHEHQ Ä$N]HSWLHUW Ä,FKEH]ZHLIOHQLFKWGDLFKPLW6FLWWIHUWLJZHUGH6FKOLHOLFKHUZDUWHWHUQXU HLQHQ.RQWDNWYHUVXFK$EHUZHQQLFKPHLQH$XIJDEHHUIOOWKDEHLVWPHLQH 5ROOHKLHUDXVJHVSLHOW,KUPWPLFKDP5DQGGHV6\VWHPVDXIQHKPHQ Ä:DQQJHQDX"'LH6WLPPHDPDQGHUHQ(QGHGHU/HLWXQJ]HLFKQHWHVLFKGXUFK IDVWXQPHQVFKOLFKH6DFKOLFKNHLWDXV Ä0RUJHQIUK*HJHQVHFKV8KUGUHLLJ2UWV]HLWVHW]HLFKPLFKDE*HQDXHU NDQQLFKGLH(UHLJQLVVHQLFKWYRUDXVVDJHQ Ä:LUZHUGHQEHUHLWVHLQ 'HU0DQQVFKDOWHWHGDV7HUPLQDODE9RQVHLQHP$QVFKOXREHQLP+DXVDXV HUWHLOWHHU%HIHKOGLH5lXPOLFKNHLWHQLP0XVHXP]XSUlSDULHUHQ,KPZDUHLQH JOlQ]HQGH,GHHJHNRPPHQ(UZUGH6FLWWQLFKWW|WHQODVVHQVRQGHUQ PLWQHKPHQ(LQ$JHQWGHU$XHQZHOWVWDIIHOKDWWHLQWHUHVVDQWH'LQJH]X EHULFKWHQVREDOGVHLQ+LUQHUVWHLQLJH=HLWYRP.|USHULVROLHUWLQ1lKUO|VXQJ ODJ $OOHLQGLH9RUVWHOOXQJOLHLKQVFKDXGHUQ 'RFKVRODJHQGLH'LQJHQXQHLQPDO,QGHU$XVHLQDQGHUVHW]XQJGHU 6XSHUPlFKWHJDOWHLQHLQ]HOQHUQLFKWYLHO 6FLWWWUXJVHLQHQEHVWHQ$Q]XJ(UKDWWHDOOHVJHWDQVLFKGDV,PDJHHLQHVZHQLJ WULQNIHVWHQUHGVHOLJHQ:LVVHQVFKDIWOHUV]XYHUVFKDIIHQ6HLQ9HUKlOWQLV]X
9DQ LVKDKDOIGLHVHP5XIQRFKQDFK (VPXWHNODSSHQ(VPXWHHLQIDFK(UZDUQLFKWJHZLOOWVLFKVRHLQIDFK JHVFKODJHQ]XJHEHQ'HVKDOEKDWWHHUVLFKHLQH]XVlW]OLFKH0DQDKPH DXVJHGDFKW²XQG]ZDUHLQHNOHLQH+LOIHGLHLKP:DKUKHLWXQG/JH]X XQWHUVFKHLGHQKDOI 6FLWW|IIQHWHGHQ.RIIHUPLWGHPHUQDFK7DQWDFLWJHNRPPHQZDU'HP YHUVWHFNWHQ)DFKHQWQDKPHUHLQ*HUlWGDVJHQDXGLH*U|HXQG)RUPHLQHU =LJDUHWWHQVFKDFKWHOEHVD=ZDUJDOWGDV7DEDNUDXFKHQDOVDXVVWHUEHQGH6XFKW GRFKHUJODXEWHGDHUGLHEHVWH/|VXQJJHZlKOWKDWWH $XIGHUREHUHQVFKPDOHQ6HLWHZLHVGDV.lVWFKHQJHWDUQWH$Q]HLJHQDXI $QVRQVWHQYHUIJWHHVOHGLJOLFKEHUHLQH(LQ$XV7DVWHXQGEHUGLH )XQNWLRQVNRQWUROOHHLQHNOHLQH/HXFKWGLRGH0HKUEUDXFKWHHUQLFKW(U EHIHVWLJWHGDV*HUlWLP%UXVWWHLOVHLQHV$Q]XJVVRGDHUMHGHU]HLWHLQHQ%OLFN GDUDXIZHUIHQNRQQWH Ä:DVLVWGDV"9DQ LVKDVDKLKPQHXJLHULJ]XÄ,FKZXWHMDGDGXHLQ$JHQW ELVWDEHUGDVGD-HW]WVLHKWHVDXVZLHHLQH=LJDUHWWHQVFKDFKWHO ,KUH$XVGUXFNVZHLVHEUDFKWHLKQ]XP/DFKHQÄ'DVDQWZRUWHWHHUQDFKHLQHU :HLOHÄLVWHLQWUDJEDUHU/JHQGHWHNWRU(UPLWRKQHGLUHNWHQ.|USHUNRQWDNW GLH+LUQVWU|PHHLQHUEHOLHELJHQ3HUVRQGLHGHQ6HQVRUHQQDKHLVW$XVGHUGHU $Q]HLJHHUVHKHLFKREGLH3HUVRQJHUDGHEHVRQGHUVDXIJHUHJWXQGVFKXOGEHZXW LVW 1XQODFKWH9DQ LVKDÄ,FKGDFKWHGLHVH'LQJHUIXQNWLRQLHUHQQLFKW:HVKDOE JLEVWGXGLFKGDPLWDE" Ä0DQNDQQQLFKWVDJHQGDVLHQLHIXQNWLRQLHUHQ 0DQFKPDONDQQVRHLQ'HWHNWRUKHOIHQ,FKP|FKWHNHLQH0|JOLFKNHLWDXHU DFKWODVVHQXQGVHLVLHQRFKVRJHULQJ Ä:LHLQGLHVHP)DOO" Ä-D$EHUKDXSWVlFKOLFKYHUODVVHLFKPLFKDXIPLFKVHOEVW 'HU6FKZHEHUVHW]WHVLHSQNWOLFKDE 9RUGHP(LQODKHUUVFKWH]LHPOLFKHV*HGUlQJH6LHUHLKWHQVLFKVFKHU]HQGLQ GLH6FKODQJHHLQXQGEHWUDWHQGLH9RUKDOOHGHV.XQVWYHUHLQVYRQ7DQWDFLW6FLWW OlFKHOWHEHUGLH,GHH:HUZDUGDUDXIJHNRPPHQLQPLWWHQHLQHV0XVHXPVHLQH )HLHUDEODXIHQ]XODVVHQ"'RFKVHLQH9RUEHKDOWHZDUHQXPVRQVW,QGHU+DOOH KHUUVFKWHHUVWDXQOLFKJXWH6WLPPXQJ 5LQJVXPGLH9LWULQHQXQG*HPlOGHVWDQGHQNOHLQH*USSFKHQYRQ/HXWHQ 1RFKZDUGHU5DXPQXUKDOEYROO%HGLHQVWHWHVRUJWHQGDIUGDVlPWOLFKHQ $QZHVHQGHQIULVFKH*HWUlQNHJHUHLFKWZXUGHQVREDOGHLQ*ODVOHHUDXVVDK Ä:DVWXQZLUMHW]W"HUNXQGLJWHVLFK9DQ LVKD6LHKLQJOlFKHOQGDQVHLQHP$UP GRFKLKUH6WLPPHNODQJDQJHVSDQQW Ä:LUPLVFKHQXQVHLQIDFKXQWHUGLH/HXWH'XZLUVWVHKHQGDZLUQLFKWODQJH DOOHLQEOHLEHQ0DQNHQQWXQVMD$KGDNRPPHQGLHHUVWHQ Ä:HQQGDVQLFKW*DVSDWLXQGGLHOLHEH9DQ LVKDVLQG:HOFKHLQ=XIDOOGDZLU XQVKLHUEHJHJQHQ
6FLWWK|UWHNDXPDXIGLHOHHUHQ5HGHQ(UUHDJLHUWHQXUZHQQPDQLKQ DXV]XKRUFKHQYHUVXFKWH8QGGLHVJHVFKDKHUVWDXQOLFKRIWDXFKZHQQHUVFKRQ VHLWPHKUDOVHLQHU:RFKHLQGLHVHQ.UHLVHQYHUNHKUWH'DQQHUNXQGLJWHHUVLFK VFKHLQKHLOLJQDFKGHP*UXQGGHU)UDJH±XQGZlKUHQGVHLQ*HJHQEHUEDWGLH KDUPORVH1HXJLHUGH]XHQWVFKXOGLJHQEHREDFKWHWHHUGDV0HJHUlW (VZDUYHUJHEOLFK'HQ/JHQNDPHUEHVVHUDXIVHLQH:HLVHDXIGLH6SXU'UHL 6WXQGHQYHUJLQJHQVR(UWUDQNWDQ]WHXQGIKUWHREHUIOlFKOLFKH*HVSUlFKHPLW XQJHIlKUMHGHUPDQQ (LQPDOVWDQGHUPLW9DQ LVKDDOOHLQÄ(VLVWXQHUNOlUOLFK,FKZHUGHHLQIDFKQLFKW IQGLJ,VWGDVP|JOLFK" Ä9LHOOHLFKWHUNHQQVWGXGHLQHQ*HJHQVSLHOHUQXUQLFKWREZRKOHUVFKRQGLH JDQ]H=HLWYRUGHLQHU1DVHVLW]W Ä0|JOLFKDEHUQLFKWZDKUVFKHLQOLFK,FKJODXEHHKHUGDLFKQRFKQLFKWDP UHFKWHQ2UWJHVXFKWKDEH 9DQ LVKDWUDWEHLVHLWHXPHLQSDDU%HNDQQWH]XJUHQ'LH/HXWHJHVHOOWHQVLFK NXU]HUKDQG]XLKQHQXQGVFKRQEHJDQQGDV6SLHOYRQQHXHP-HVSlWHUHV ZXUGHGHVWREHVVHUNDPGLH3DUW\LQ6FKZXQJ6FLWWZDUGDVQXUUHFKW +RIIHQWOLFKSURILWLHUWHHUQRFKGDYRQ6HLQH.RSIVFKPHU]HQHULQQHUWHQGDUDQ GDHVK|FKVWH=HLWZDU (LQH%HGLHQVWHWHEDKQWHVLFKHLQHQ:HJ]XLKP Ä*DVSDWL"IUDJWHVLHREZRKOVLHVHLQHQ1DPHQNDQQWH Ä-DKLHUJDEHUPLWJHVSLHOWHPhEHUVFKZDQJ]XUFN Ä(LQ*HVSUlFKIUGLFKDXIGHU+DXVOHLWXQJ'DUILFKGLFKIKUHQ" Ä%LWWH(UHQWVFKXOGLJWHVLFKNXU]EHL9DQ LVKDXQGGHQDQGHUHQ'DV*HVSUlFK GUHKWHVLFKXP.XQVW$OVRYHUSDWHHUQLFKWVYRQ]HLWJHQ|VVLVFKHU.XQVW YHUVWDQGHUZHQLJ'HQ$JHQWHQZUGHHUDXIDQGHUH:HLVHHQWODUYHQ Ä:HULVWDQGHU/HLWXQJ"IUDJWHHU Ä(LQ8QEHNDQQWHU *HUDGHZDULKPGHU9HUGDFKWJHNRPPHQGDHVVLFKXPGHQHUVHKQWHQ .RQWDNWYHUVXFKKDQGOH9RUVLFKWZDUDQJHEUDFKWLPPHUKLQYHUOLHHU]XP HUVWHQ0DODQGLHVHP$EHQGGHQ6DDO(UEHVFKORDXIGHU+XW]XVHLQ Ä:RHQWODQJ" Ä+LHUELWWH'DVHLQ]LJH7HUPLQDOLP0XVHXPVWHKWLQHLQHPGHU $UEHLWV]LPPHU'LH)UDXOlFKHOWHHQWVFKXOGLJHQG6FLWWEHUSUIWHVLHIOFKWLJ XQGIDQGGDVLHGLH:DKUKHLWVSUDFK'DV,90HJHUlWOLHIHUWHHEHQIDOOV NHLQHQ+LQZHLVQXULKU+LUQZHOOHQPXVWHUÄ0HKULVWLQHLQHP0XVHXPQLFKW HUZQVFKWYHUVWHKVWGX" Ä6LFKHU(VJLQJZHLWHUGXUFKHLQHQODQJHQ.RUULGRUDQGHVVHQ(QGHHLQH7U RIIHQVWDQG'LH)UDXOLHGDV/LFKWDXIOHXFKWHQXQGZLHVDXIHLQHVFKDOOLVROLHUWH =HOOHLPKLQWHUHQ%HUHLFKGHV5DXPHV$XFKGLHVHV6WFNZDUDQWLNZLH VFKHLQEDUDOOHVKLHU Ä,FKVHKHVFKRQPHLQWH6FLWW(LQ%OLFN]HLJWHGDVLFKQLHPDQGLQGHU1lKH DXIKLHOWÄ9LHOHQ'DQNLFKILQGHDOOHLQ]XUFN
'LH)UDXJLQJ6FLWWEHJDEVLFK]XP7HUPLQDOXQG|IIQHWHGLH6FKLHEHWU 'DV$EELOGGHV0DQQHVIODFNHUWHHLQZHQLJ(UZDUGHUSHUIHNWH 'XUFKVFKQLWWVW\SRKQHEHVRQGHUH0HUNPDOHÄ*DVSDWL"%LVWGXGD",FKP|FKWH GLFKVSUHFKHQ*DVSDWL$EHUDOOHLQ Ä$XHUPLULVWQLHPDQGLP5DXPHUNOlUWHHUEHUXKLJHQG Ä'DQQLVWHVJXW (UZXQGHUWHVLFKKRFKGDLQGHUIUHPGHQ0LHQHNHLQHUOHL5HJXQJVLFKWEDU ZXUGH(LQH0DVNHHUNDQQWHHUGHUDQGHUHWUXJHLQHQ*HVLFKWVVFKXW]'DQQ ILHOHU(UILHOJDQ]HLQIDFKZHLOXQWHULKPGHU%RGHQQDFKJDE(LQH6HNXQGH ODQJKDWWHHU=HLW]XIOXFKHQGDQQHUUHLFKWHHUHLQLJH0HWHUWLHIHUVHLQ=LHO %HYRUHUVLFKDXIUDSSHOQNRQQWHWUDIHLQEHOULHFKHQGHU6FKZDOOVHLQ*HVLFKW 'LH:HOWXPLKQKHUXPYHUVDQN (UHUZDFKWHZHLOULQJVXPGU|KQHQGHU/lUPZDU6FLWWNRQQWHQLFKWVVHKHQVLFK QLFKWHULQQHUQELVHUHUNDQQWHZRKHUGHU/lUPWDWVlFKOLFKUKUWH'DV'U|KQHQ ZDUDXVVFKOLHOLFKLQVHLQHP6FKlGHOH[LVWHQWQLUJHQGZRVRQVW,QVWLQNWLY EHJDQQHUGHQ/lUPÄDE]XVFKDOWHQ %UXFKVWFNZHLVHNHKUWHGLH(ULQQHUXQJZLHGHU (UVW|KQWHDXI0DQKDWWHLKQKHUHLQJHOHJW0LWGHPlOWHVWHQ7ULFNLQGLH,UUH JHIKUW8QGHUZDUGDUDXIKHUHLQJHIDOOHQZHLOHULQGLHVHP6WDGLXPNHLQHQ $QJULIIHUZDUWHWKDWWH(VPDFKWHHLQIDFKNHLQHQ6LQQ(UZDUDXIHLQHQ .RQWDNWYHUVXFKJHIDWJHZHVHQPHKURGHUZHQLJHUJHVFKLFNWYRUJHEUDFKWDEHU QLFKWDXIHLQH(QWIKUXQJ +lWWHLKPGDV6FKLFNVDOVHLQHU9RUJlQJHUQLFKWPHKU]XGHQNHQJHEHQVROOHQ" (UVFKDOWVLFKHLQHQ1DUUHQ$EHUZHUNRQQWHHLQH9HUELQGXQJKHUVWHOOHQ ]ZLVFKHQ*DVSDWLXQGGHU$XHQZHOWVWDIIHO".RQQWHGDVEHUKDXSWLUJHQGZHU" 6FLWWEHJULIIGDHUQRFKLPPHUQLFKWJDQ]EHLVLFKZDU'DVQHEHOKDIWH*HIKO LP.RSIHVZXUGHLKPHUVWMHW]WULFKWLJEHZXW1XQHUVWIKOWHHUVLFK LPVWDQGHNRQNUHWHhEHUOHJXQJHQDQ]XVWHOOHQ:RZDUHU"8QGYRUDOOHPLQ ZHOFKHP=XVWDQGEHIDQGHUVLFK"6FLWWZXWHHVQLFKWXQGHUVDKNHLQH 0|JOLFKNHLWHVLP$XJHQEOLFNKHUDXV]XILQGHQ (UZXWHJHQDXGDPDQLKQEHWlXEWKDWWH1XUHLQHKDUPORVH&KHPLNDOLH YHUPXWOLFK0LWGHP$ONRKROXQGGHP=HXJGDVLKP-DQQVDQJHJHEHQKDWWH ZDUGLH&KHPLNDOLHRIIHQEDUXQYHUWUlJOLFK 6FLWWZDUWHWHJHGXOGLJDE 'HU5HLKHQDFKNHKUWHQDOOH6LQQHVZDKUQHKPXQJHQZLHGHU=XQlFKVWGLH $XJHQGRFKHVZDUGXQNHOULQJVXP'DQQNDPHQGLH2KUHQ,UJHQGZRLQGHU 1lKHK|UWHHUJHGlPSIWH6FKULWWHDXIIHVWHP8QWHUJUXQG(QGOLFKPHOGHWHQVLFK *HUXFKXQG7DVWVLQQ(UODJDXIGHP5FNHQ(LQH3ODQHRGHU'HFNHVFKLHQDXV LUJHQGHLQHP*UXQGVHLQHQ=XVWDQG]XYHUEHUJHQ (VURFKVRQGHUEDULUJHQGZLHQDFK6FKZHIHOXQG5HLQLJXQJVPLWWHOQ1XQGD LKPGHU*HGDQNHJHNRPPHQZDUQDKPHUHLQHQJDQ]HQ7HSSLFKYRQ +LQWHUJUXQGJHUlXVFKHQZDKU0DQEUDFKWHLKQLQHLQH)DEULN
6FLWWEHJULIIGDHUDXIHLQHU%DKUHWUDQVSRUWLHUWZXUGH'LH(QWIKUHU YHUPLHGHQMHGHHQHUJHWLVFKH6WUHXVWUDKOXQJ6HLQH*OLHGPDHQZDUHQPLWIHVWHQ 5LHPHQDQGHU%DKUHIHVWJHVFKQDOOW7UXJHQVLHLKQHLQH7UHSSHKLQDXI"-DHV ZDUHLQHODQJH7UHSSHPLWYLHOHQ:LQGXQJHQXQGPHKUDOVHLQPDOHFNWHGLH %DKUHDQGHQ:lQGHQRGHUDP*HOlQGHUDQ6FLWWZXUGHGDQQMHGHVPDO GXUFKJHVFKWWHOW (QGOLFKKDWWHHUGDV*HIKOVHLQHU6WLPPHZLHGHUVLFKHU]XVHLQ Ä:DVJHVFKLHKWKLHU"IUDJWHHUODXW7URW]GHPNDPQXUHLQ.UlFK]HQKHUDXV 'LH6WUDSD]HQGHUOHW]WHQ:RFKHKDWWHQGHQ*DVSDWL.|USHUHLQGHXWLJEHUIRU GHUWÄ:HVKDOEPDFKWLKUGDVPLWPLU" $OVREHUHVQLFKWJHZXWKlWWH6FLWWNLFKHUWHLQHLQHP$QIOXJYRQ 6HOEVWLURQLH Ä:HQQGXQLFKWZLHGHUEHWlXEWZHUGHQZLOOVWELVWGXMHW]WVWLOO5HGHQNDQQVWGX VSlWHU 6FLWWVFKZLHJ,KPZDUNODUGDGLH6WLPPHMHGHV:RUWHUQVWPHLQWH/HLGHUJDE LKU.ODQJNHLQHQ$XIVFKOXGLH3ODQHEHUVHLQHP.|USHUGlPSIWHMHGH6LOEH ZLHHLQ7DVFKHQWXFKGDVPDQVLFKYRUGHQ0XQGKLHOW(LQlUJHUOLFKHU=XIDOO EHUOHJWH6FLWW.HLQH%HUHFKQXQJ9LHOOHLFKWKlWWHLKPGLH6WLPPHYHUUDWHQXP ZHOFKH3HUVRQHVVLFKKDQGHOWH ,PPHUKLQJDEHV]X+RIIQXQJ$QOD6LHKDWWHQLKQHQWIKUWQLFKWJHW|WHW 2IIHQEDUZROOWHPDQHWZDVYRQLKPLUJHQGHWZDVZDVHUVLFKLP$XJHQEOLFN QLFKWYRUVWHOOHQNRQQWH $EHUKDOW(UZDUMDQLFKWDOV6FLWWGHU=ZHUJHQWIKUWZRUGHQVRQGHUQDOV *DVSDWL+HU]HUV$VVLVWHQW(VJLQJXPGHQ*HQHUDWRU(LQSDDU6HNXQGHQODQJ ZDUHU]XVHKUDXVVHLQHU+ROOHDOV*DVSDWLKHUDXVJHIDOOHQ6FLWWVFKlW]WHVLFK JOFNOLFKGDHUDXI$QZHLVXQJJHVFKZLHJHQKDWWH,QGHQHUVWHQ GHVRULHQWLHUWHQ0LQXWHQQDFKGHP(UZDFKHQKlWWHHUVLFKOHLFKWYHUUDWHQ N|QQHQ (LQH7UVFKOXJPLWGXPSIHP7RQ]X6HLQH(QWIKUHUOLHHQGLH%DKUHXQVDQIW ]X%RGHQJOHLWHQMHGRFKEHGHFNWHGLH3ODQHZHLWHUKLQVHLQHQ.|USHU Ä'DUILFKMHW]WVSUHFKHQ" Ä:DUXPQLFKW:LUVLQGNHLQH8QPHQVFKHQ:LUWXQQXUZDVLP,QWHUHVVH XQVHUHU=LHOHJHWDQZHUGHQPX8QGGDV'LH6WLPPHVFKLHQNXU]]X ]|JHUQÄXQGGDVWXQZLUSHUIHNWXQG]ZHFNPlLJ=ZLQJHXQVQLFKW]X XQQ|WLJHQ0DQDKPHQ 6FLWWIOXFKWHLQQHUOLFK(UYHUVWDQGGLH6WLPPHVRXQGHXWOLFKGDV3ODQHQPDWHULDO PXWHVHKUGLFNVHLQ0HKUIDFKKDWWHHUGHQ(LQGUXFNDP7RQIDOO]ZHL 6WLPPHQDOVR]ZHL3HUVRQHQ]XHUNHQQHQ'LH6SUHFKZHLVHGHVHUVWHQ (QWIKUHUVZDULKPXQEHNDQQW±XQGGLHGHV]ZHLWHQVFKLHQY|OOLJXQGHILQLHUEDU XQGNRQWUROOLHUW Ä'DUILFKZLVVHQZRLFKELQ" Ä1HLQ Ä(WZDVHVVHQWULQNHQ"
Ä:LUZLVVHQGDGXGDVJHUDGHJHWDQKDVW Ä'DV%HWlXEXQJVPLWWHOZLUNW]LHPOLFKXQDQJHQHKPQDFK(VZlUHPLUHLQ %HGUIQLV :LHGHU]|JHUWHGLH6WLPPHGLHVPDOGHXWOLFKÄ:LUKDEHQQLFKWVGDEHL6R VFKOLPPNDQQHVQLFKWVHLQRGHU" 6FLWWJDENHLQH$QWZRUW,Q:DKUKHLWIKOWHHUVLFKELVDXIGLH%HQRPPHQKHLW XQGGLHUDVHQGHQ.RSIVFKPHU]HQQLFKWEHHLQWUlFKWLJW1XUVHLQH%HLQHVFKOLHIHQ PLWGHU=HLWHLQ Ä:DVKDEWLKUPLWPLUYRU"8QGYRUDOOHPZHUVHLGLKU" Ä'LHOHW]WH)UDJHEUDXFKWIUGLFKQRFKQLFKWYRQ,QWHUHVVH]XVHLQ Ä8QGGLHHUVWH"XQWHUEUDFKHU Ä'LHNDQQLFKGLUEHDQWZRUWHQ:LUEULQJHQGLFKDXIHLQH:HOWGHU=*8'RUW EHIUDJHQZLUGLFK]XYHUVFKLHGHQHQ*HKHLPQLVVHQ Ä:lUHHVQLFKWJQVWLJHUJHZHVHQLKUKlWWHWXQWHUGHQ8PVWlQGHQ+HU]HUVHOEVW HQWIKUW" Ä+HU]HU" (LQHGULWWH6WLPPHVFKDOWHWHVLFKHLQGLHLP7RQIDOOYRQGHU]ZHLWHQQXUZHQLJ YHUVFKLHGHQZDU$OOHLQGHU*UDGDQ%HKHUUVFKXQJNODQJGDULQQRFK DXVJHSUlJWHU'LH]XJHK|ULJH3HUVRQIKUWHGDV.RPPDQGR Ä+HU]HU":HVKDOEGHQNVWGXZLU2KLFKYHUVWHKHDEHUGXLUUVWGLFK:LU VLQGEHUGHLQH5ROOHDOV*DVSDWLGXUFKDXVLQIRUPLHUW6FLWW:LUZROOHQGLFK DXFKQLFKW]XP+HU]HU*HQHUDWRUEHIUDJHQVRQGHUQ]XU$XHQZHOWVWDIIHO:LU VLQGVLFKHUGDGXXQVQW]OLFKH'LQJHYHUUDWHQNDQQVW Ä6HKUQW]OLFKH'LQJHIJWH6WLPPH1XPPHU]ZHLKLQ]X $QVFKOLHHQGVSUWH6FLWWHLQHQ/XIW]XJHLQHGHU3HUVRQHQPXWHGHQ5DXP YHUODVVHQKDEHQ'LH7UVFKORODXWORV (VGDXHUWHHLQH:HLOHELVHUGLH:RUWHGHVXQEHNDQQWHQ(QWIKUHUVYHUGDXW KDWWH$OVRZXWHPDQXPVHLQH5ROOH:RKHU"(UNRQQWHHVQLFKWVDJHQXQGHV JDENHLQH/|VXQJGLHVLFKXQPLWWHOEDUDXIGUlQJWH:HUKDWWHYRQVHLQHP *HKHLPQLVJHZXW"(VJDEQXUHLQH3HUVRQLP%HUHLFKGHU0RQ\Q\3ODQHWHQ *URYHUZDOWHU.DPHQEHONQlPOLFK8QGGRFKVFKLHQJHUDGHGLHVH/|VXQJ DEVROXWXQZDKUVFKHLQOLFK.DUW0DQ6DOXWKDWWHGHQ0DQQDOV]XYHUOlVVLJ EHVFKULHEHQ²XQGGHU/HLWHUGHU$XHQZHOWVWDIIHOZXWHZDVHUVDJWH(V JLQJXPHLQHQ9HUWUDXWHQGHV,PSHUDWRUV $OVR.DPHQEHONZDKUVFKHLQOLFKQLFKW =ZHLZHLWHUH/|VXQJHQEOLHEHQEULJ=XPHLQHQZDUHVP|JOLFKGDGLH (QWIKUHU]XUUHFKWHQ=HLWGLHULFKWLJHQ/HLWXQJHQDEJHK|UWKDWWHQXQGGDVDOOHQ 6LFKHUKHLWVYRUNHKUXQJHQ]XP7URW]1LFKWDXVJHVFKORVVHQ$EHU6FLWW JODXEWHHKHUGDHVHLQHQ=*80DQQDXI3\URPDJDE-DVRPXWHHVVHLQ 'HQQRFKQDKPHUVLFKYRU.DPHQEHONHLQHU3UIXQJ]XXQWHU]LHKHQ-HGHQIDOOV ZHQQHUKLHUZLHGHUKHUDXVNDP (LQIXUFKWEDUHU*HGDQNHGUlQJWHVLFKDXI :DVZHQQ9DQ LVKDGDPLW]XWXQKDWWH"
$QVLFKKlWWHVLHYRQVHLQHP*HKHLPQLVQLFKWVDKQHQGUIHQ$EHUVLHZlUHLKP QRFKDPHKHVWHQXQEHPHUNWDXIGLH6FKOLFKHJHNRPPHQ1XUZLH"(UKDWWH NHLQH$KQXQJXQGZLGHUEHVVHUHV:LVVHQEHPKWHHUVLFKGHQ*HGDQNHQ]X YHUGUlQJHQ (LQHGHU6WLPPHGXUFKEUDFKGDVKDUWQlFNLJH6FKZHLJHQ(UVWPDOVK|UWH6FLWW GXUFKGDV3ODQHQPDWHULDOHLQH.ODQJIlUEXQJ%RVKDIWLJNHLWQlPOLFKÄ'XGHQNVW YHUPXWOLFKGXZLUVWXQVHLQIDFKGXUFK3DVVLYLWlWEHUOLVWHQQLFKWZDKU"'X GHQNVWGDGXQLFKWVYHUUDWHQZLUVW 6FLWWZXWHQLFKWZDVGDVVROOWHÄ,FKELQDXIMHGH9HUK|UPHWKRGHWUDLQLHUW DQWZRUWHWHHU 'LH6WLPPHODFKWHPHFNHUQGXQGVFKDGHQIURKÄ'DVLVWHVQLFKWZDVLFKPHLQH (QWZHGHUOHQNVWGXVHKUJHVFKLFNWDERGHUGXELVWQRFK]XEHQRPPHQ 6FLWWGDFKWHDQJHVWUHQJWQDFK(UZUGHQLFKWVYHUUDWHQGDVZXWHHUVLFKHU ZHLOQlPOLFKVHLQ*HKLUQQXUQRFKZHQLJH7DJH]XOHEHQKDWWH:HQQHVQLFKWLQ GHQ=ZHUJHQN|USHU]XUFNYHUSIODQ]WZXUGHDEHUGDYRQNRQQWHQGLHDQGHUHQ QLFKWZLVVHQ(VVHLGHQQ$OVLKPGHU6LQQGHU:RUWHNODUZXUGH XQWHUGUFNWHHUPKVDPHLQHQ6FKUHL6LHZXWHQHV6LHPXWHQHVZLVVHQ Ä-DVSUDFKGLH6WLPPHKlPLVFKDOVKDEHVLHGLH%HGHXWXQJVHLQHV6FKZHLJHQV HUNDQQWÄ:LUNHQQHQGHLQNOHLQHV*HKHLPQLV'XZROOWHVWXQVZHJVWHUEHQ EHYRUZLUHUQVWKDIW)UDJHQVWHOOHQN|QQHQ$EHUGDVLVWHLQ,UUWXP Ä,KUN|QQWQLFKWVGDJHJHQWXQEHKDXSWHWHHUVW|UULVFK Ä2GRFK:LUWUHQQHQGHLQ*HKLUQYRP.|USHUXQGLVROLHUHQHV$XIGLHVH:HLVH NDQQHLQ+LUQODQJHOHEHQ8QGIDOOVZLUMHZLHGHUPLWGLU.RQWDNWDXIQHKPHQ IDOOVZLUVWGXGLFKIUHXHQUHGHQ]XGUIHQ'XZLUVWDOOHVHU]lKOHQZDVZLU ZLVVHQZROOHQ 6FLWWZXWHGDGHUDQGHUHGLH:DKUKHLWVSUDFK(UVWMHW]WKDWWHHUDXIGHU JDQ]HQ/LQLHYHUORUHQ*OHLFK]HLWLJEUDFKWHHLQ/XIWKDXFKGLHVWLFNLJH $WPRVSKlUHLP5DXPLQ%HZHJXQJ1RFKLPVHOEHQ$XJHQEOLFNK|UWHHUHLQ .ODWVFKHQZLHYRQHLQHPKHIWLJHQ6FKODJ 'LHGULWWH6WLPPHVDJWHÄ,FKKDEHGLUYHUERWHQLKQXQQ|WLJ]XTXlOHQ(UKlWWH HVQRFKQLFKWHUIDKUHQPVVHQ,Q=XNXQIWEHKHUUVFKWGXGLFK 6FLWWZDUIDVWJHUKUWEHUVRYLHO0LWJHIKO*XWGDHUHVZXWHGHQQYRQ MHW]WDQNRQQWHHURKQH5FNVLFKWDXIGDVHLJHQH/HEHQNlPSIHQ(UZUGH MHGHQ$QVDW]SXQNW]XMHGHUGHQNEDUHQ+DQGOXQJQXW]HQ8QGZHQQHU *HOHJHQKHLWGD]XIDQGZUGHHUVLFKXPEULQJHQ$OOHVZDUEHVVHUDOVGDV 6FKLFNVDOGDVLKPGLH(QWIKUHU]XJHGDFKWKDWWHQ 'HU0DQQVWDQGDXIUHFKWLQPLWWHQHLQHVGXQNOHQ5DXPHV6HLQH%OLFNHVFKlW]WHQ GLHEHLGHQ+HOIHUDE'HU]ZHLWHQHLJWH]XXQQ|WLJHU*UDXVDPNHLWHLQ3XQNW GHU1DFKWHLOHEUDFKWH(UGXUIWHLKQQLFKWLQV7HUULWRULXPGHU=*8PLWQHKPHQ 'DHUVRVHLQ9HUVSUHFKHQEUHFKHQPXWHEHUKUWHLKQZHQLJ 'HUHUVWHZDUEUDXFKEDUDEHUGXPP:DVVROOWHPLWLKPJHVFKHKHQ"'HU0DQQ ZROOWHVSlWHUGDUEHUHQWVFKHLGHQ Ä*HEWLKPMHW]WGLH1\GDOOLQ6SULW]H
6FLWWZUGHEHL%HZXWVHLQEOHLEHQGDEHLDEHUY|OOLJKDQGOXQJVXQIlKLJVHLQ,P )DOOVROFKODELOHU+LUQIXQNWLRQHQVFKLHQ1\GDOOLQJQVWLJHUDOVHLQHODQJH%HWlX EXQJ²XQGIDVWHEHQVRVLFKHU$XHUGHPDUEHLWHWH1XPPHUHLQVZHLWHUKLQLP :HUN6HLQH$XIJDEHZDUGLHhEHUZDFKXQJGHV*HIDQJHQHQ $OOHVZDUYRUEHUHLWHWIUGHQQRUPDOHQ*DQJGHU(UHLJQLVVH,QHWZDHLQHU 6WXQGHZUGHÄ*DVSDWLV9HUVFKZLQGHQGLHHUZDUWHWH$XIUHJXQJYHUXUVDFKHQ XQGPLWHWZDV3HFKEHUHLWVGLH)DKQGXQJDXVO|VHQ'DQQJDEHVNHLQHQ+LQZHLV KLHUKHUQLFKWHLQPDOEHUGLH6SHLFKHUGHU=LYLOHQ9HUNHKUVNRQWUROOH'HVKDOE KDWWHQVLH6FLWW]X)XKHUJHVFKDIIW 'HU0DQQIKOWHVLFKVLFKHU =XVHLQHP+DXVLP1RUGYLHUWHOIKUWHNHLQH6SXU ,P$XJHQEOLFNOHJWHHLQGULWWHU0LWWHOVPDQQPHKUHUHIDOVFKH)lKUWHQ(LQ 6FKZHEHUIORJLQ5LFKWXQJ6WDGWUDQGXQGHQWIHUQWHVLFKUDVFK,QHLQRGHU]ZHL 7DJHQZUGHGLH3ROL]HLLUJHQGZRDXI7DQWDHLQYHUODVVHQHV)DKU]HXJILQGHQ OHLGHU]XVSlW Ä(LQPDOLQMHGHU6WXQGHVLHKVWGXQDFKLKPEHIDKOGHU0DQQ1XPPHUHLQV Ä0RUJHQIUKKROHQZLULKQDE6HL]XU6WHOOH8QG1XPPHU]ZHL]XJHZDQGW VDJWHHUÄ'XNRPPVWPLWPLU 0LWVHLQHP%HJOHLWHUHQWIHUQWHVLFKGHU0DQQXQHUNDQQWXQGRKQH =ZLVFKHQIlOOH1RFKKDWWHGLH)DKQGXQJQLFKWEHJRQQHQ 6FLWWODJDOOHLQLQGHU6WLOOH'HU:lFKWHUKDWWHVHLQH$UPXQG)XIHVVHOQ JHORFNHUW1XQVFKQLWWGHU.XQVWVWRIIQLFKWPHKUVRWLHILQV)OHLVFKXQG ]XPLQGHVWGLHN|USHUOLFKH4XDOVFKLHQHUWUlJOLFK'LHIXUFKWEDUHQ .RSIVFKPHU]HQEOLHEHQMHGRFK ,UJHQGZDQQZXUGHLKPEHO $OVGHU,QKDOWGHU6SULW]HLQVHLQHP.|USHU]XZLUNHQEHJDQQEHJDQQVHLQ 6FKlGHOZLHHLQH*ORFNH]XGU|KQHQ,QVHLQHQ$GHUQNUHLVWHIOVVLJHV%OHL 1\GDOOLQ(UNDQQWHGDV0HGLNDPHQWJXWXQGGHVKDOEZXQGHUWHHUVLFK (LJHQWOLFKKlWWHGLH:LUNXQJVRIRUWHLQWUHWHQVROOHQ'DGLHVQLFKWJHVFKDKJDE $QOD]XU+RIIQXQJ(WZDVKHPPWHGLH'URJH2IIHQEDUJHULHWGDV0LWWHOPLW GHQ$QWL,PPXQVWRIIHQLQVHLQHP+LUQDQHLQDQGHU²XQGQXQUHGX]LHUWHQEHLGH JHJHQVHLWLJLKUH:LUNXQJ 6FLWW]XFNWHXQPHUNOLFKPLWGHQ$XJHQOLGHUQ (LJHQWOLFKKlWWHHUQLFKWIlKLJVHLQGUIHQHLQ*OLHG]XUHJHQ7DWVlFKOLFKDEHU ZDUHULPVWDQGHGXUFKJH]LHOWH0XVNHOEXQJHQVHLQHQ.UHLVODXILQ6FKZXQJ]X KDOWHQ+lQGHXQG)HEHJDQQHQXQHUWUlJOLFK]XNULEEHOQ =XGHQ.RSIVFKPHU]HQJHVHOOWHVLFKLQWHQVLYHV6FKZLQGHOJHIKO:RZDUREHQ ZRXQWHQ"2GHUJHVFKDKHWZDVZXUGHGLH%DKUHEHZHJW"'LHhEHONHLW YHUVWlUNWHVLFK6FLWWYHUVXFKWHEHLGHVLQGHQ*ULII]XEHNRPPHQDEHU YHUJHEOLFK 'XUFKGLHJHVFKORVVHQH7UK|UWHHUVFKOXUIHQGH6FKULWWH'DV*HUlXVFKNDP QlKHUXQGPDFKWHKDOWDOVHVDPODXWHVWHQJHZRUGHQZDU'LH7UULHJHO VFKQDSSWHQYHUQHKPOLFK6HLQHQ:lFKWHUHUNDQQWH6FLWWDP5K\WKPXVGHU
6WLPPH Ä:LHJHKWHVGLU"+DVWGXHLQHQ:XQVFK" )DVWKlWWHHUGHQ)HKOHUEHJDQJHQ]XDQWZRUWHQ'LHZHQLJHQ,QGL]LHQOLHHQ ]ZDUQLFKWJHUDGHDXIEHUUDJHQGH,QWHOOLJHQ]VFKOLHHQGRFKGHUDQGHUHKDWWH LKQJDQ]VLFKHUSUIHQZROOHQ 'HU:lFKWHUEUXPPWHEHIULHGLJWÄ'XNDQQVWJDUQLFKWVWXQDXFKQLFKW VSUHFKHQ,FKZHL,FKKDEH:DVVHUPLWJHEUDFKW'XZLOOVWGRFKWULQNHQQLFKW ZDKU" $OVGHU0DQQ]XPHUVWHQ0DOGLH3ODQH]XUFNVWULFKYHUILHO6FLWWLQY|OOLJH 6WDUUH(UIOXFKWHLQQHUOLFK(VZDUVRKHOOHUNRQQWHQLFKWVVHKHQ0HQVFKOLFKH $XJHQZDUHQDXHUVWDQGHVLFKVRUDVFKYHUlQGHUWHQ/LFKWYHUKlOWQLVVHQ DQ]XSDVVHQ(UVDKQXUHLQHQGXQNOHQ6FKHPHQGHUHLQH/DPSHKLHOWXQGLKP GLUHNWLQV*HVLFKWOHXFKWHWH %HKXWVDP|IIQHWHGHU0DQQVHLQH/LSSHQ$XVHLQHP3ODVWLNEHKlOWQLVOLHHU :DVVHUKLQGXUFKIOLHHQ6FLWWVFKOXFNWHHUZXWHGD5HIOH[EHZHJXQJHQ XQYHUGlFKWLJZDUHQ'LH)OVVLJNHLWVFKPHFNWHDEJHVWDQGHQXQGVFKDODOVKDEH VLHODQJH=HLWLQHLQHPXQJHVFKW]WHQ*HIlJHVWDQGHQ Ä,QHLQHU6WXQGHVHKHLFKZLHGHUQDFKGLU 'LH7UVFKORVLFK6FLWWZDUZLHGHUDOOHLQ(UK|UWHNDXPHWZDVVDKQLFKWV XQGVHLQHHLQ]LJH%HVFKlIWLJXQJEHVWDQGLQGHQTXDOYROOHQ0XVNHOEXQJHQ 6SDQQHQHQWVSDQQHQVSDQQHQ6RJLQJHVIDVWHLQHKDOEH6WXQGHODQJ'LH LQQHUH'HVRULHQWLHUXQJOLHLQNHLQHU:HLVHQDFK 'RFKHUIKOWHZLHGLH$QWL,PPXQVWRIIHLQVHLQHP.|USHUGDV3DUDO\VHJLIW ]HUVW|UWHQ'DULQODJVHLQHHLQ]LJH&KDQFHGLHVKDWWHQGLH(QWIKUHUQLFKW HLQNDONXOLHUW'HU3ODQZDUQLFKWSHUIHNW,UJHQGZLHHUIOOWHLKQGDVPLW 6FKDGHQIUHXGHEHZLHVHVGRFKGDDXFKVHLQXQEHNDQQWHU*HJHQVSLHOHUIHKOEDU ZDU $OOPlKOLFKYHUVXFKWHHUPLWGHQ$UPHQPLOOLPHWHUZHLVHNUHLVHQGH%HZHJXQJHQ (VJHODQJ(UKDWWHJHQJHQG6SLHOUDXPDQGHU/RFNHUXQJVHLQHU+DQGIHVVHOQ ]XDUEHLWHQ (LQHKDOEH6WXQGHVSlWHUO|VWHVLFKGLHOLQNH)HVVHONDXPPHUNOLFK%HLQDKH ZlUHHULQ7ULXPSKJHVFKUHLDXVJHEURFKHQ(UKDWWHHLQH&KDQFHHUKDWWHHV JHZXW(VZDUULFKWLJJHZHVHQGLH+RIIQXQJQLFKWJDQ]DXI]XJHEHQ-HGHU 3ODQZLHVHLQH/FNHDXI²GDVKDWWHHULP'LHQVWGHU$XHQZHOWVWDIIHORIW HUIDKUHQ 0LWDOOHU:LOOHQVNUDIWGLHHULPDXJHQEOLFNOLFKHQ=XVWDQGDXIEULQJHQNRQQWH IXKUHUIRUW,PPHUORFNHUHUZXUGHGLHOLQNH)HVVHO6HLQH+DQGJHZDQQLPPHU PHKU%HZHJXQJVVSLHOUDXP8QGLQVHLQHP6FKlGHOWREWHGHU.DPSIGDVJU|WH +LQGHUQLV3DUDO\VHJLIWXQG$QWL,PPXQVWRIIH(UKlWWHVFKUHLHQP|JHQHU ZROOWHXPVLFKVFKODJHQGRFKLPPHUZLHGHUILQJHUVLFKUHFKW]HLWLJ (LQOHW]WHU5XFN 'LH)HVVHOUL (VJDEHLQNODWVFKHQGHV*HUlXVFKGDQQVFKOXJ6FLWWV+DQGUFNHQVFKPHU]KDIW
DXIGHQ%RGHQ$EHUGHU6FKPHU]EOLHEHUWUlJOLFKZHLOHWZDVDQGHUHVLP 0RPHQWZLFKWLJHUZDU(UNRQQWHYHUVXFKHQGHQ:lFKWHU]XEHUZlOWLJHQ GRFKLQVHLQHP=XVWDQGZDUGLHVSXUH,OOXVLRQ:LHVROOWHHUGLH%HZHJXQJHQ DXIHLQDQGHUDEVWLPPHQ"8QP|JOLFKQHLQ=XQlFKVWPXWHHUHLQHQ hEHUEOLFNJHZLQQHQZDVGLH8PJHEXQJEHWUDI'DQQHUVWNRQQWHHUVLFKZHLWHUH )OXFKWSOlQHDXVGHQNHQ 0LWXQJHVFKLFNWHQ*ULIIHQO|VWHHUGHQ.QRWHQXPVHLQUHFKWHV+DQGJHOHQN'DV 3ODVWLNPDWHULDO]HUUL$QVFKOLHHQGNDPHQGLH)HDQGLH5HLKHVFKOLHOLFK VWUHLIWH6FLWWGLH3ODQHDE%LVGHU:lFKWHUHUQHXWNRQWUROOLHUHQNDPPXWHQ QRFK]ZDQ]LJ0LQXWHQYHUJHKHQ2GHU"(UYHUWUDXWHVHLQHP=HLWJHIKO 0LWVFKOHFKWNRRUGLQLHUWHQ%HZHJXQJHQHUKREHUVLFK(VNRVWHWHLKQDOOH0KH XQGHUKLHOWQXU6HNXQGHQDXV0LWVFKHLQEDUHQRUPHU/DXWVWlUNHILHOHU]X %RGHQ1LFKWHLQPDOGLHLQVWLQNWLYHQ%HZHJXQJVDEOlXIHIXQNWLRQLHUWHQ² DQVFKOLHHQGWDWLKPMHGHU.QRFKHQZHK :HQQHUGLH.RQVHTXHQ]HQEHGDFKWHVDQNVHLQ0XW,QGLHVHP=XVWDQGNRQQWH HUQLFKWZHLWJHKHQ+|FKVWHQVHLQ9HUVWHFNLQZHQLJHQKXQGHUW0HWHUQ(QWIHU QXQJNDPLQ)UDJH:LHDEHUVROOWHHUHVDQVWHOOHQGRUWXQHQWGHFNW]X EOHLEHQ"(VJDENHLQHQ$XVZHJ 8QGHVZDU]XGXQNHO6FLWWYHUIOXFKWHGLHVHQ8PVWDQG1DWUOLFKKDWWH HUGXUFKGHQ6WXU]GLH2ULHQWLHUXQJYHUORUHQGRFK6HNXQGHQVSlWHUHQWGHFNWHHU OLQNVGHQVFKZDFKHQ6FKLPPHUGHU7UULW]HQ (UUREEWHDXI.QLHQLQGLH5LFKWXQJ0LWDOOHU0KHKREHUGHQ$UPHUWDVWHWH GHQ7UJULII]RJXQGOLHVLFKIOXFKHQG]X%RGHQVLQNHQ'LH7UZDU YHUVFKORVVHQ(UEHVDNHLQ:HUN]HXJPLWGHPHUHLQHJHVFKORVVHQH7UKlWWH |IIQHQN|QQHQ=ZDUZDUVHLQXQWDXJOLFKHU/JHQGHWHNWRUDOV =LJDUHWWHQVFKDFKWHOGXUFKJHJDQJHQDEHUZDVVROOWHHUGDPLW"5HVLJQLHUW VFKDOWHWHHUGDV*HUlWDXV 'LH]ZDQ]LJ0LQXWHQZDUHQEHLQDKHDEJHODXIHQ 6FLWWRUGQHWH)HVVHOQXQG3ODQHVRZLHVLHYRUKHUZDKUVFKHLQOLFKDXVJHVHKHQ KDWWHQXQGODJUHJORV(VGDXHUWHQXU]ZHL0LQXWHQ'HU:lFKWHUNQLSVWHVHLQH /DPSHDQKREIOFKWLJGLH3ODQHXQGJLQJZLHGHU 1XQJXWGDFKWH6FLWWEHLVLFK (UPXWHVHLQ*HIlQJQLVDEVXFKHQ =XQlFKVWWDVWHWHHUGHQ%RGHQDE 'DEHLKRIIWHHUGDGHU:lFKWHUQLFKWDXIHLQHQXQSODQPlLJHQ%HVXFK YRUEHLNDP$EHU6FLWWKDWWHVLFK]XVDPPHQJHUHLPWZLHLQGLHVHU+LQVLFKWGLH 'LQJHODJHQ'HU0DQQZDULUJHQGZRLQGHU)DEULNEHVFKlIWLJWXQGVHLQH %HVFKlIWLJXQJOLHLKPNHLQH=HLW|IWHUDOVMHGH6WXQGHHLQPDO]X YHUVFKZLQGHQ6RZDUHQGLHQRUPDOHQ$UEHLWV]HLWHQDXI7DQWDXQG&RVDPP JHUHJHOW (VVFKLHQVLFKXPHLQHNOHLQHUHFKWHFNLJH$EVWHOONDPPHU]XKDQGHOQ 'HU%RGHQEHVWDQGDXV*XEHWRQXQGZDUNDOWhEHUDOOOLHIHQKHLH5RKUH HQWODQJGHQQHUIKOWHJHUDGHOHLFKWHUZlUPWH=RQHQDQPHKUHUHQ6WHOOHQ,Q
HLQHU(FNHVWDQGHQ]ZHLOHHUH(LPHU*HEUDXFKHQNRQQWHHUVLHQLFKWHU EHQ|WLJWHHWZDVZRPLWVLFKHLQHYHUVFKORVVHQH7UYRQLQQHQ|IIQHQOLH-H QDFK6FKORW\SHLQH'UDKWUROOHRGHUHLQ6FKZHLJHUlW (UIDQGQLFKWVGHUJOHLFKHQ1DWUOLFKKlWWHHUYHUVXFKHQN|QQHQVHLQ,9 0HJHUlWDXVHLQDQGHU]XQHKPHQ²DEHU$SSDUDWXUHQGLHVHU$UWHQWKLHOWHQQXU HLQH6WURPTXHOOHXQGKRFKYHUNOHLQHUWH6FKDOWNUHLVH :HQQQXUGLH.RSIVFKPHU]HQQLFKWJHZHVHQZlUHQ$OOHVVFKLHQ]XGU|KQHQ GHU6FKlGHOSODW]WHEHLQDKH 1XQNDPHQGLH:lQGHDQGLH5HLKH1DFKHLQDQGHUQDKPHUVLFKGLHYLHU )OlFKHQYRU%LVLQHLQH+|KHGLHHULQVHLQHP=XVWDQGJHUDGHQRFKHUUHLFKHQ NRQQWHWDVWHWH6FLWWGLH*OlWWHGHV0DWHULDOVVRUJIlOWLJDE$EJHVHKHQYRQ]ZHL YHUERJHQHQXQWDXJOLFKHQ.ODPPHUQIDQGHUQLFKWV:HQQGHU5DXPEHU HOHNWULVFKHV/LFKWYHUIJWHZDUGHU6FKDOWHULP.RUULGRUDQJHEUDFKW 6FLWWVWHOOWHVLFKYRUGDLQ.RSIK|KH5HJDOHDXVGHU:DQGUDJWHQ,Q]ZHL 0HWHUQ+|KHODJHUWHQDOOGLH*HUlWHGLHHUVRGULQJHQGEUDXFKWH8QGHUNRQQWH NHLQHVYRQLKQHQHUUHLFKHQ 'DQQGLHOHW]WH:DQGGLH5FNVHLWHGHU.DPPHU+LHUZXUGHHUHQGOLFK IQGLJ,QXQJHIlKUYLHU]LJ=HQWLPHWHU+|KHIDQGHUHLQ%HXQG (QWOIWXQJVJLWWHU(UVSUWHGHQVFKZDFKHQ/XIW]XJDXVGHUgIIQXQJ2EHQLQ 'HFNHQQlKHPXWHVLFKHLQ]ZHLWHU6FKDFKWEHILQGHQ +DVWLJWDVWHWHHUPLWGHQ)LQJHUVSLW]HQGDV$XVPDGHV*LWWHUVDE8QJHIlKU VHFK]LJPDOGUHLLJ=HQWLPHWHUKRFKNDQW 'HU6FKDFKWYHUEDQGGLH.DPPHUPLWGHP8PZlO]V\VWHP $EHUQRFKZDJWH6FLWWQLFKW]XMXEHOQ0|JOLFKHUZHLVHERWVLFKKLHUHLQH &KDQFHGDV%ODWW]XVHLQHQ*XQVWHQ]XZHQGHQ'LH(QWIKUHUKDWWHQQLFKWPLW VHLQHQ0HGLNDPHQWHQJHUHFKQHWXQGQXQZLUNWHVLFKHLQH.HWWHJOFNOLFKHU =XIlOOH]XVHLQHQ*XQVWHQDXV:HQQHVLKPJHODQJGHQ6FKDFKW]X|IIQHQ(V VFKLHQVHKUIUDJOLFK (UVHW]WHPLWGHQ)LQJHUQlJHOQKLQWHUGHU*LWWHUNDQWHDQ0LWDOOHU0DFKW YHUVXFKWHHUGHQ5DKPHQ]XO|VHQ(VJHODQJQLFKWXQG]XDOOHPhEHUIOX EUDFKVLFK6FLWWGHQ'DXPHQQDJHODE1DFKHLQSDDU6HNXQGHQVHW]WHHUHUQHXW VHLQHJDQ]H.UDIWHLQ(LQ]ZHLWHU1DJHOEUDFKGLHVPDODQGHUDQGHUHQ+DQG (UPXWHODQJVDPHUYRUJHKHQREZRKOHUNHLQH=HLWKDWWH1HUYHQEHKDOWHQ VDJWHHUVLFKPHKUPDOV'LHVZDUVHLQHOHW]WH&KDQFH ,QVHLQHP.RSIVFKLHQHLQ)HXHUZHUNDE]XEUHQQHQ,PPHUZLHGHUSDXVLHUWHHU ZHLOHLQLJH)LQJHULKPGHQ'LHQVWYHUVDJWHQ$XFKGHU.UHLVODXIEHUHLWHWH3UR EOHPH:LHJHUQKlWWH6FLWWHLQHOlQJHUH3DXVHHLQJHOHJW'RFKHVJLQJQLFKW LQ]ZLVFKHQPXWHQDP*LWWHUGHXWOLFKH6SXUHQ]XVHKHQVHLQ,KPEOLHENHLQH :DKO:HQQGHU:lFKWHUNDPZDUHUHQWZHGHUYHUVFKZXQGHQRGHUVHLQ3ODQ NRQQWHDOVJHVWRUEHQJHOWHQ (UDUEHLWHWHZLHEHVHVVHQDOOHQ6FKZLHULJNHLWHQ]XP7URW]6FKOLHOLFKZDU LKPNODUZHOFKHV6FKLFNVDOVRQVWGURKWH1RFK]ZDQ]LJ0LQXWHQKDWWHHU=HLW OlQJHUNHLQHVIDOOV(LQGULWWHU)LQJHUQDJHOEUDFK%DOGPHLQWHHUDP*LWWHUHLQH
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|USHUPXWH]X.UlIWHQ NRPPHQ:DVMHW]WEHYRUVWDQGEHUWUDIGLH$UEHLWGHUOHW]WHQKDOEHQ6WXQGH YLHOOHLFKWQRFK(UZUGHVLFKGLH.QRFKHQEUHFKHQXQGPLWHWZDV3HFKVWHUEHQ DEHUHLQELFKHQ+RIIQXQJORKQWHGHQ(LQVDW]0KVDP]ZlQJWHHUVHLQHQ 2EHUN|USHULQGLHULVVLJHgIIQXQJ 0LWVHLQHPHFKWHQ.|USHUKlWWHHUVLFKOHLFKWKLQHLQVFKOlQJHOQN|QQHQGRFK *DVSDWLZDUHLQNUlIWLJHUEUHLWHU0DQQ :HLWHUKLQHLQZHLWHU +LHUHUVHW]WHJODWWHU.XQVWVWRIIGHQ%HWRQXQWHUJUXQG1XQUDJWHQQXUQRFKVHLQH )HLQGLH.DPPHUKLQDXV(UUREEWHPLWVFKODQJHQJOHLFKHQ%HZHJXQJHQGLH VHLQH.RRUGLQDWLRQVIlKLJNHLWYRUK|FKVWH3UREOHPHVWHOOWH:HVKDOEGLHVHV +RFKNDQWIRUPDW"6FLWWIOXFKWHXQEHKHUUVFKW6RODJHUVWlQGLJDXIGHUUHFKWHQ YHUOHW]WHQ.|USHUKlOIWH6HLQ$UPZDUEDOGJHTXHWVFKWXQGYRQ6FKUIZXQGHQ EHUVlW 1HLQVRVFKOLPPNRQQWHHVQLFKWVHLQ(UELOGHWHVLFKGLH+lOIWHHLQ 6FKZHLEHUVWU|PWHUUHLFKWHHUGLH%LHJXQJ(UK|UWHZLHLQVHLQHP*HIlQJQLV GLH7UJH|IIQHWZXUGH*HUDGHMHW]WNlPSIWHHUPLWHLQHP2KQPDFKWVDQIDOO GRFKPLWEHUPHQVFKOLFKHU.RQ]HQWUDWLRQ]ZDQJHUVHLQHQ.|USHU]XP 'XUFKKDOWHQ6FLWWNHXFKWHOHLVH,QK|FKVWHU(LOHZDQGHUVLFKXPGLH%LHJXQJ 9RQGUDXHQGUDQJHLQEHUUDVFKWHU6FKUHLGXUFKGLHgIIQXQJ$EHU]XVSlW EHUOHJWHHUGHU:lFKWHUNRQQWHQLFKWPHKUHLQJUHLIHQ (UVSUWHI|UPOLFKGDGHUDQGHUHYRUGHUgIIQXQJNQLHWHXQGLQGHQ6FKDFKW ODXVFKWH5XKLJQXUUXKLJ.HLQ$WHPMHW]W$OOHLQGDV5DXVFKHQLQVHLQHQ 2KUHQVFKLHQYHUUlWHULVFKJHQXJ(LQSO|W]OLFKHU*HGDQNHPDFKWHLKP$QJVW :DVZHQQGHU0DQQDXIGLH,GHHNDPLKP]XIROJHQ" .XU]GDUDXIK|UWHHUGDV6FKODJHQGHU7U :LHVDKHQGLHQlFKVWHQ6FKULWWHDXV"6FLWWZXWHHVQLFKW(UKDWWHNHLQH $KQXQJZHOFKH0LWWHOGHQ(QWIKUHUQ]XU9HUIJXQJVWDQGHQ-HGHQIDOOV EHVFKORHUGDV6FKOLPPVWHDQ]XQHKPHQ6FKRQHLQPDOKDWWHHUVHLQH *HJHQVSLHOHUXQWHUVFKlW]WXQGIDVWJUDXVDPGDIUEH]DKOHQPVVHQ$EHUHU
EOLHE5HDOLVWQRFKEHIDQGHUVLFKQLFKWLQ6LFKHUKHLW 'DV%HOIWXQJVV\VWHPHLQHU)DEULNNRQQWHOHLFKW]XU7RGHVIDOOHZHUGHQ $QGHUHUVHLWVZXWHHUZRKOGDLQVROFKHQ6\VWHPHQRIW6FKlGOLQJHH[LVWLHUWHQ ZHVKDOEVROOWHDOVRHLQ0HQVFKGRUWQLFKWDXFKEHUOHEHQN|QQHQ" (LQHZHLWHUH%LHJXQJVFKORVLFKDQXQGHQGOLFKIROJWHHLQJU|HUHU 4XHUVFKQLWW6FLWWKDWWHGHQHQJHQ*DQJYHUODVVHQ(UIDQGVLFKDXIGHUODQJHQ *HUDGHQHLQHV9HUWHLOHUVFKDFKWVZLHGHU:DVVROOWHHUWXQ",QVHLQHP=XVWDQG ZUGHHUVROHLFKWNHLQHQ$XVJDQJILQGHQ,P$XJHQEOLFNPXWHHUEHUKDXSW ZHLWHU (UNURFKDXI+lQGHQXQG.QLHQGHQ6FKDFKWHQWODQJ(VILHOVRVFKZHUGDHU VW|KQWH,UJHQGZDQQZDUGLH*UHQ]HVHLQHV/HLVWXQJVYHUP|JHQVHUUHLFKW,P 6FKlGHOWUXJHQGDV3DUDO\VHJLIWGHU(QWIKUHUXQGGHU$QWL,PPXQVWRIIHLQHQ ZWHQGHQ.DPSIDXV8QGPLWGHU=HLWVFKLHQGDVHUVWH0LWWHOGLH2EHUKDQG]X EHKDOWHQ 6FLWWHUUHLFKWHHLQHQ9HUWHLOHUNQRWHQ 1DFKREHQXQWHQXQG]XGHQ6HLWHQ]ZHLJWHQRIIHQEDUZHLWHUH6FKlFKWHDE ,UJHQGZRJDQ]LQGHU1lKHOLHIHLQ5ROOEDQG(UK|UWHHVDPVFKOHLIHQGHQ *HUlXVFK8QGEDOGPLVFKWHVLFKHLQ]ZHLWHU/DXWLQGDV6FKOHLIHQ0LW GXUFKGULQJHQGHP*HOOHQVFKOXJGLH$ODUPVLUHQHGHU)DEULNDQ Ä%,77(9(5/$667',()$%5,.(6%(67(+7$.87( /(%(16*()$+5:,5+$%(1(,1(1*$6$86%58&+9(5/$667 80*(+(1'',()$%5,.:,5+$%(1(,1(1*$6$86%58&+ 0HKUK|UWH6FLWWQLFKW 1XQZXWHHUZLHVLHLKQEHNRPPHQZROOWHQ(LQJHQLDOHU3ODQGDFKWHHUIDVW DQHUNHQQHQG(UKDWWHNDXPHLQH&KDQFHPLWGHP/HEHQGDYRQ]XNRPPHQ GHQQHLQHVZXWHHUVRJXWZLHVHLQ*HJHQVSLHOHU%HLHLQHP*DVDXVEUXFKZDU GDV%HOIWXQJVV\VWHPGHUGHQNEDUXQJQVWLJVWH3ODW]6LHKDWWHQHLQIDFKQXU LUJHQGZRHLQHNOHLQH6SUHQJODGXQJJHOHJW 0LWDOOHUOHW]WHU.UDIWULHUDQGHQ.XQVWVWRIIZlQGHQ8QGWDWVlFKOLFK$QHLQHU 6WHOOHOLHHQVLFKDXIJHNOHEWH9HUELQGXQJVSODWWHQO|VHQ(UPXWHVRUDVFKZLH P|JOLFKGDV/IWXQJVV\VWHPYHUODVVHQGDULQODJVHLQHHLQ]LJH&KDQFH $XVGHUgIIQXQJTXROOHQIDXOLJH'lPSIH'DKLQWHUODJHLQ $EIDOOI|UGHUXQJVEDQG+DVWLJPDFKWHHUVLFKGDUDQGLHgIIQXQJ]XHUZHLWHUQ 1XQGDHLQ$QVDW]SXQNWJHVFKDIIHQZDUKDWWHHUNDXPQRFK0KH5HLFKWHHV EHUHLWV"-D(UZlO]WHVHLQHQHUVFKODIIHQGHQ.|USHUKLQGXUFK$OOH*OLHGHU IKOWHQVLFKWDXEXQG]HUVFKXQGHQDQ (VZDUWDWVlFKOLFKHLQ$EIDOOEDQG (QWOHHUWH'RVHQXQGHILQLHUEDUH'LQJHEHGHFNWHQGLHVFKPDOH)OlFKH6FLWWOLH VLFKIDOOHQ'DV%DQGWUXJLKQPLWPlLJHU*HVFKZLQGLJNHLWGDYRQ1XQEOLHE QXUGLH+RIIQXQJGDHUVLFKVRDXVGHP%HUHLFKGHU*DVYHUVRUJXQJHQWIHUQWH (LJHQWOLFKKlWWHGDV%DQGOlQJVWVWLOOVWHKHQPVVHQHLQ0DQJHOLP 6LFKHUKHLWVSODQGHULKPMHW]WHLQHQ9RUWHLOEUDFKWH (LQHKDOEH6WXQGHYHUJLQJXQG6FLWWVFK|SIWHDOOPlKOLFK+RIIQXQJ,PPHU|IWHU
UHJQHWHYRQREHQ$EIDOODXILKQKHUDE,KPZXUGHNODUGDPHKUHUH+DXVKDOWH RGHU)DEULNDWLRQVVWlWWHQDQGDV%DQGDQJHVFKORVVHQZDUHQ ,QGHU)HUQHZDUHLQ*HUlXVFK(LQ]LVFKHQGHV*HUlXVFKGDVHUNDQQWH 1DWUOLFKGDV%DQGHQGHWHEHUHLQHU'HVLQWHJUDWRUDQODJH6RZDUHVGLHZLUW VFKDIWOLFKVWH/|VXQJ6FLWWKDWWHMDJHZXWGDVRHWZDVSDVVLHUHQNRQQWH'DV *HUlXVFKNDPHLQGHXWLJQlKHU 3O|W]OLFKZDUHUDP(QGHGHU6WUHFNHDQJHODQJW 8QWHULKPJDEGDV%DQGQDFK$OOHVXPVRQVWGDVZXWHHUPLWHLQHP0DOGRFK HWZDVLQLKPZHKUWHVLFKQRFKLPPHU6FLWWZDUILQVWLQNWLYGLH$UPHKRFKXQG EHNDPGHQ5DQGHLQHV%OHFKEHKlOWQLVVHV]XIDVVHQGDVVWlQGLJPLW:DVVHU DXVJHVSOWZXUGH8QWHQZDUGHU'HVLQWHJUDWRU (U]RJVLFKPLWHUODKPHQGHQ0XVNHOQKRFK,UJHQGZRKHUNDPLPPHUQRFKHLQ ELFKHQ.UDIW(UEHUZDQGGHQ5DQGXQGILHOZHLWWLHIHUDOVIULKQJXWZDU ,QVHLQHP*HLVWZDUIU6FKPHU]HQNHLQ3ODW]PHKU(UYHUORUGDV%HZXWVHLQ XQGVHLQHOHW]WH(PSILQGXQJZDUGDV*HIKODXIKDUWHP%RGHQ]XYHUEOXWHQ 'HU0DQQWREWH6HNXQGHQYHUJLQJHQELVHUVLFKZLHGHULQGHU*HZDOWKDWWH XQGDQVFKOLHHQGZDUHUEHUVHLQHQ0DQJHODQ%HKHUUVFKXQJHUVFKURFNHQ 8QJHGXOGLJOLHHU1DFKIRUVFKXQJHQDQVWHOOHQ 'LH$QWZRUWNDP0LQXWHQVSlWHU(VJDENHLQH$XVVLFKW6FLWWLQQHUKDOE YHUWUHWEDUHU=HLWZLHGHULQGLH*HZDOW]XEHNRPPHQ=XP*OFNKDWWHHUHLQH ,GHH'HU0DQQEHIDKOHLQHQVFKZHUHQ*DVXQIDOOKHUEHL]XIKUHQ=ZDUNRQQWH HUGHQ$JHQWHQGDQQQLFKWGHU=*8DXVOLHIHUQDEHUHVJHIlKUGHWHDQGHUHUVHLWV GHQ*HVDPWSODQQLFKW ,QVHFKV6WXQGHQOLHIGLH6DIH6FKDOWXQJDE $OV6FLWWHUZDFKWHZDUK|FKVWHQVHLQHKDOEH6WXQGHYHUJDQJHQ$XV LUJHQGHLQHP*UXQGZDUHUVLFKGHVVHQVLFKHU 'LH.RSIVFKPHU]HQZDUHQXQHUWUlJOLFK(LQHUVHLWVGLH,PPXQUHDNWLRQVLFKHUHU KlWWHOlQJVWVHLQH0HGLNDPHQWHVFKOXFNHQPVVHQ$XHUGHPKDWWHHUGDV1HU YHQJLIWGHU(QWIKUHUQRFKQLFKWEHUVWDQGHQ8QG]XJXWHU/HW]WEOLHEGHU6WXU] KLHUKLQXQWHU:HQLJVWHQVNRQQWHHUVLFKEHZHJHQ 'HU6WXU]'DV)|UGHUEDQG(UVWMHW]WNHKUWHVHLQH(ULQQHUXQJJDQ]]XUFN$XI XQJODXEOLFKH:HLVHKDWWHHUGLHJHIlKUOLFKVWH6LWXDWLRQEHUOHEWLQGLHLKQGLH $XHQZHOWVWDIIHOMHJHEUDFKWKDWWH+lWWHHUVLFKQLFKWEHUGHQ5DQGGHV 7ULFKWHUV]LHKHQN|QQHQHUZlUHMHW]WWRW /DQJVDPULFKWHWHHUVLFKDXIXQGPXVWHUWHVHLQH8PJHEXQJ 'DV%DQGHQGHWHLQHLQHUNOHLQHQVFKXPPULJHUOHXFKWHWHQ+DOOHGLHYRQVHFKV )|UGHUVWUHFNHQXQGGHP0HWDOOWULFKWHULQGHU0LWWHJDQ]DXVJHIOOWZXUGH'HU 7ULFKWHUZDUGUHL0HWHUKRFK,QVHLQHP,QQHUQZXUGHDOOHVZDVGLH%lQGHU EUDFKWHQ]HUVWUDKOW 'UHL0HWHU'UHL0HWHUZDUHULQGLH7LHIHJHVWU]W8QGQDFKDOOGHQ 7RUWXUHQKDWWHHUVLFKQLFKWHLQPDOHWZDVJHEURFKHQ6RZHLWHUHVEHXUWHLOHQ NRQQWHEHIDQGVLFKGHU*DVSDWL.|USHULQGXUFKDXVIXQNWLRQVIlKLJHP=XVWDQG
$OOHLQGHUTXlOHQGH.RSIVFKPHU]PDFKWHLKPZHLWHU]XVFKDIIHQ*OHLFK]HLWLJ HUNDQQWH6FLWWGDVHLQ+LUQXQWHUGHUIUHPGHQ6FKlGHOGHFNHQLFKWPHKUODQJH ZUGHDXVKDOWHQN|QQHQ (UNDPVFKZDQNHQGDXIGLH%HLQH1HEHQGHP+DOOHQDXVJDQJIDQGHUHLQ ZLQ]LJHV7HUPLQDODXVJHOHJWQXUIU)HXHUDODUPXQG.RQWDNWPLWGHU3ROL]HL =HKQ0LQXWHQVSlWHUODQGHWHHLQH*OHLWHUSDWURXLOOH Ä:DVLVWKLHUORV" 6FLWWVDKGLH0lQQHULQ8QLIRUPPLWJURHU(UOHLFKWHUXQJÄ+LHULVWPHLQ $XVZHLVHUNOlUWHHU(UYHUPRFKWHVLFKNDXPQRFKDXIGHQ%HLQHQ]XKDOWHQ Ä0HLQ1DPHLVW*DVSDWL%LWWHYHUJHZLVVHUWHXFKGXUFKHLQH$QIUDJHEHLP =HQWUDOFRPSXWHUYRQ0RQ\Q\'DQQHUKDOWHWLKU$XINOlUXQJEHUPHLQH 9ROOPDFKWHQ ,QGLHVHP0RPHQWZDU6FLWWDXVJHVSURFKHQIURKGD.DUW0DQ6DOXW .DPHQEHONDXIJHNOlUWKDWWH6RQVWZlUHMHW]WDOOHVZHLWVFKZHUHU$JHQWHQGHU $XHQZHOWVWDIIHOIKUWHQQLHPDOVHFKWH$XVZHLVSDSLHUHPLWVLFK (LQHUGHU0lQQHUHLQXQJHIlKUIQI]LJMlKULJHU3ROL]LVWIROJWHVHLQHU%LWWH(U OLHI]XP*OHLWHUXQGNHKUWHPLWGHXWOLFKEHHLQGUXFNWHU0LHQH]XUFNÄ'XELVW *DVSDWLGXKDVWK|FKVWH9ROOPDFKWHQYRP*URYHUZDOWHU0|FKWHVWGX $QZHLVXQJHQHUWHLOHQ" Ä-D,FKPX]XUDPEXODQWHQ%HKDQGOXQJLQHLQ3ROL]HLNUDQNHQKDXV8QGQXQ YHUELQGHWPLFKELWWHPLWHXUHPREHUVWHQ&KHI 9LHU]LJ0LQXWHQVSlWHUWUDI6FLWWYRU.DPHQEHONV1DGHOWXUPHLQ,P+RVSLWDO KDWWHHUVLFKVWDUNH$XISXWVFKPLWWHOVSULW]HQODVVHQGLHGHP*DVSDWL.|USHUGLH /HEHUUXLQLHUHQPXWHQ'RFKZDVPDFKWHHV"(UKDWWHRKQHKLQQLFKWPHKUEULJ DOVQHXQELV]HKQ6WXQGHQ (UZXUGHXQYHU]JOLFKHLQJHODVVHQXQGLQHLQHQ7UDNWXQWHUGHP'DFKGHV 7XUPHVJHIKUW9RQKLHUDXVEHUEOLFNWH6FLWWGHQJHVDPWHQ6WDGWNHUQ8P GLHVHQlFKWOLFKH=HLWEHIDQGHQVLFKEHUGHQ'lFKHUQ7DQWDFLWVQXUZHQLJH 6FKZHEHU,P9HUJQJXQJVYLHUWHOZLHVHQ/HXFKWUHNODPHQDXIJH|IIQHWH%DUV XQG5HVWDXUDQWVKLQ(LQHVMHGRFKZDUXQJHZ|KQOLFK%DOGPLVFKWHVLFKHLQ 5XGHO3ROL]HLIDKU]HXJHXQWHUGLHZHQLJHQ3ULYDWVFKZHEHU 'LH7UIXKUEHLVHLWH *URYHUZDOWHU.DPHQEHONWUDWHLQ,QVHLQHQ$XJHQVWDQGHLQ$XVGUXFNGHQ 6FLWWEHLPEHVWHQ:LOOHQQLFKW]XGHXWHQZXWHGHU0DQQJDEVLFKVR XQGXUFKGULQJOLFKZLHVWHWV+LQWHULKPIROJWH9DQ LVKDGDQQHLQLJHDQGHUH 3HUVRQHQ 9DQ LVKDEHPHUNWHVHLQHQ=XVWDQGXQGVWU]WHDXILKQ]XÄ:LUKDEHQXQV 6RUJHQJHPDFKW*DVSDWL6LHVWULFKEHKXWVDPEHUGDVIULVFKH 9HUEDQGVSODVPDGDVDQ.RSIXQG*OLHGPDHQVHLQH6FKUIZXQGHQEHGHFNWH Ä:DVLVWJHVFKHKHQ"3O|W]OLFKZDUVWGXYHUVFKZXQGHQ:LUZROOWHQVFKRQGLH )DKQGXQJDXVO|VHQ Ä-DDQWZRUWHWH6FLWWPGHÄXPHLQ+DDUZlUHGDVDXFKQ|WLJJHZHVHQ/HLGHU IHKOWPLUIUHLQHQJHQDXHQ%HULFKWGLH=HLW,FKNDQQHXFKQXUHLQHQNXU]HQ
hEHUEOLFNJHEHQ .DPHQEHONOLH]XVlW]OLFK6HVVHOKHUHLQEULQJHQ6REDOGVLHVDHQEHJDQQ6FLWW ]XVSUHFKHQ'LH/HKQHZDUVRZHLFKGDHUYRU%HKDJHQIDVWJHVW|KQWKlWWH 6FKODI5XKH(UGXUIWHQLFKWGDUDQGHQNHQ$QGHP3XQNWGDHUHUZDFKWZDU XQGGLH3ROL]HLEHQDFKULFKWLJWKDWWHXQWHUEUDFKHUVLFK Ä(VLVWJXWGDLKUDOOHZDFKXQGEHNOHLGHWVHLGXQWHUEUDFKHUÄ:LUZHUGHQ QlPOLFKJHPHLQVDPHLQH6SD]LHUIDKUWXQWHUQHKPHQ:LHLFKVHKHZDUMHGHUYRQ HXFKEHLGHP)HVWDQZHVHQGDOVLFKHQWIKUWZXUGH*URYHUZDOWHU.DPHQEHON DXVJHQRPPHQ(UVDKGHQ0DQQGXUFKGULQJHQGDQÄ'DVKHLWMHGRFKQLFKW GDLFKIUGLFKHLQH$XVQDKPHPDFKHQZHUGH 'LHEULJHQ$QZHVHQGHQZDUIHQVLFKEHWUHWHQH%OLFNH]X6LHKDWWHQQRFKQLFKW HUOHEWGDMHPDQGVRPLWGHP*URYHUZDOWHUUHGHWH Ä'XVSULFKVWLQ5lWVHOQ*DVSDWLVDJWH.DPHQEHON(UWUXJHKUOLFKH 9HUZXQGHUXQJ]XU6FKDX'RFK6FLWWHUNDQQWHVHLQH0DVNH²ZLHLPPHUZHQQ HUPHKUDOVHLQ:RUWPLWGHPDQGHUHQZHFKVHOWH Ä:LUIOLHJHQLQV+DXSWTXDUWLHUGHU3ROL]HL'DVLVWJDQ]LQGHU1lKHZLHLFKPLU VDJHQOLH6RHEHQZHUGHQDXVGHUJDQ]HQ6WDGWVlPWOLFKH3DUW\JlVWH ]XVDPPHQJHKROWXQG]ZDUYRQEHZDIIQHWHQ3ROL]HLHLQKHLWHQ'D]XNRPPWHLQH 3HUVRQHQOLVWHGLHGHU&RPSXWHU]XVDPPHQJHVWHOOWKDW-HGHQIDOOVZHUGHQ VlPWOLFKH3HUVRQHQYRQ5DQJDQZHVHQGVHLQ,FKP|FKWHQLFKWULVNLHUHQGD VLFKMHPDQGPHLQHP=XJULIIHQW]LHKW 1LHPDQGEH]ZHLIHOWHVHLQH%HIXJQLV Ä+HLWGDVGXEHVLW]WHLQHQ+LQZHLV"IUDJWH.DPHQEHONEHUUDVFKWÄ:HLWGX ZHUGLHJHVXFKWH3HUVRQVHLQN|QQWH"(EHQKDVWGXJHVDJWGXKlWWHVWZHGHUHLQH 6WLPPHHUNDQQWQRFKHLQ*HVLFKWJHVHKHQ Ä'DVVWLPPW$EHUZlKUHQGGHU)DKUWLQV+RVSLWDONDPPLUHLQH,GHH'LHJDQ]H =HLWVHLWZLU]XU3DUW\NDPHQKDEHLFKHLQHQJHWDUQWHQ/JHQGHWHNWRUEHLPLU JHWUDJHQ1DWUOLFKQXW]WHLQVROFKHV*HUlWZHQLJYLHOHYRQHXFKZLVVHQGDV $EHUHLQVROFKHU'HWHNWRUZLUNWEHUGHQ8PZHJGHU,90XVWHU(U]HLFKQHW DOOHVDXI1DWUOLFKNDPLFKQLFKWGD]XLKQYRUGHU(QWIKUXQJDE]XVFKDOWHQ,P .ODUWH[W,FKEHVLW]HGLH+LUQZHOOHQPXVWHUGHUGUHL*HVXFKWHQ =XQlFKVWVSUDFKNHLQHUGHU$QZHVHQGHQHLQ:RUW'DVDOOHUGLQJVlQGHUWHVLFK UDVFKÄ(LQXQHUK|UWHU*OFNVIDOOVWHOOWH.DPHQEHONGXUFKODXWHV6WLPPJHZLUU IHVWÄ+RIIHQZLUGDGLH3ROL]HLWDWVlFKOLFKDOOH*lVWHXQG%HGLHQVWHWHQ DXIJUHLIHQNDQQ Ä8QG]XVlW]OLFKGLH/HXWHGLHDXIGHU/LVWHVWHKHQHUJlQ]WH9DQ LVKD Ä-D+RIIHQZLUHV(LQELFKHQ*OFNLVWQ|WLJ8QGQRFKHWZDV%HYRUGLH 6WUHLIHHLQWULIIWGLHXQVDEKROWPVVHQZLUHLQHEHVWLPPWH$SSDUDWXUEHVRUJHQ 0HLQWUDJEDUHV0HJHUlWUHLFKWYLHOOHLFKWQLFKWDXV,FKEHQ|WLJHHLQ OHLVWXQJVIlKLJHV*URLQVWUXPHQWPLWYHUJOHLFKHQGHQ)XQNWLRQHQ:LUZUGHQ 7DJHEUDXFKHQZROOWHQZLUGLH0XVWHUXQVHUHU*lVWHSHU$XJHQPD NRQWUROOLHUHQ*URYHUZDOWHU" Ä$KMDZLUKDEHQVRHWZDVJDQ]XQWHQLP.HOOHUDUVHQDO,P$XJHQEOLFNLVW
DXHUPLUQLHPDQG]XWULWWVEHUHFKWLJW(LQHQ0RPHQW*HGXOGELWWHHVGDXHUWHQXU ]HKQ0LQXWHQ 6FLWWOLHGHQ*URYHUZDOWHUYRQ]ZHL3ROL]LVWHQEHJOHLWHQ'LHEHLGHQZUGHQ ELV]XP(LQJDQJGHU*HZ|OEHQLFKWYRQVHLQHU6HLWHZHLFKHQXQGGRUWDXILKQ ZDUWHQ:HQQ.DPHQEHONPHLQWHGDGHU]HLWQLHPDQGDXHULKPGDV$UVHQDO EHWUHWHQNRQQWHPHLQWHHUHVDXFKVR'LH6LFKHUKHLWVYRUNHKUXQJHQLP ,PSHULXP'DEULIDZDUHQEHUFKWLJW Ä8QGZLUEULJHQEHJHEHQXQVHEHQIDOOVQDFKXQWHQEHIDKO6FLWWDOV .DPHQEHONYHUVFKZXQGHQZDUÄ8QVHUH6FKZHEHUZDUWHQVFKRQ :LHGLHPHLVWHQ|IIHQWOLFKHQ*HElXGHZDUDXFKGDV+DXSWTXDUWLHUGHU3ROL]HLLQ HLQHP]HQWUDOHQ7XUPXQWHUJHEUDFKW(VYHUIJWHEHUPHKUHUHEHZDFKWH(LQ JlQJH9RUGHP+DXSWSRUWDOVWDQGHQZDUWHQGH(LQVDW]IDKU]HXJH6FKODQJH9LHOH 9HUGlFKWLJHOLHHQVLFKQXUZLGHUZLOOLJLQGDV*HElXGHVFKOHXVHQ 6FLWWVFKlW]WHGDQHXQ]LJ3UR]HQWVHLQHUÄ*lVWHVFKRQDQZHVHQGZDUHQ 6HLQ6FKZHEHUWUDQVSRUWLHUWHLKQVHOEVW9DQ LVKDXQGGHQ*URYHUZDOWHU DXHUGHPGDV0HJHUlWXQGHLQSDDUYRQ.DPHQEHONVOHLWHQGHQ$QJHVWHOOWHQ 'DVLHDOOHGHQ+LQWHUJUXQGGHU$NWLRQLQ]ZLVFKHQNDQQWHQEHVFKZHUWHVLFK QLHPDQG 8QWHU%HZDFKXQJZXUGHQVLH]XPJURHQ6DDOJHOHLWHW'RUWVROOWHGLH hEHUSUIXQJVWDWWILQGHQ)UGLHQlFKVWHQ0LQXWHQZDUVHLQHJDQ]H .RQ]HQWUDWLRQQ|WLJ(UWUXJHLQHQ6FKXW]VFKLUPSURMHNWRUGHUMHGHU]HLW DQVSULQJHQNRQQWH(LQ$QVFKODJDXIVHLQH3HUVRQ"-DP|JOLFKZDUHVVHOEVW ZHQQGDV3ROL]HLDXIJHERWDXVUHLFKHQGHUVFKLHQ 6HLQ*HJHQVSLHOHUZUGHQLFKWXQWlWLJDEZDUWHQ 6FLWWZXWHGDELV]XP$EODXIGHU6DIH6FKDOWXQJQRFKGUHL6WXQGHQEOLHEHQ :HQQLKQQLFKWDOOHVWlXVFKWHZXWHHVDXFKGHU=*8$JHQW'HUDQGHUHZUGH WURW]DOOHPYHUVXFKHQGHQ'LHEVWDKODXV]XIKUHQ(LQPDOPHKUYHUIOXFKWHHU LQQHUOLFK.DUW0DQ6DOXWV,GHH'RFK6FLWWYHUOLHVLFKGDUDXIGDGHU*HVXFKWH XQGYLHOOHLFKWVHLQH+HOIHULP5DXPZHLOWHQ $QGHUQIDOOVH[LVWLHUWHQRFKLPPHUGDV6LFKHUKHLWVV\VWHPLP%XQNHU 6LHZDUWHWHQDE1HEHQLKPVWDQG9DQ LVKDRKQHHLQ:RUW]XYHUOLHUHQXQGHLQ SDDU6FKULWWHZHLWHUXQWHUKLHOWVLFK.DPHQEHONPLWHLQHU)UDXGLH6FLWWXQEH NDQQWZDU(UYHUVXFKWHQLFKWGHU8QWHUKDOWXQJ]XODXVFKHQ (QGOLFKWUDIGHUOHLWHQGH3ROL]HLRIIL]LHUHLQÄ:LUKDEHQDOOHEHNRPPHQELVDXI ]ZHLLQVJHVDPWKXQGHUWIQI]LJ3HUVRQHQ'LHIUDJOLFKHQ3HUVRQHQ]ZHL 0lQQHUVLQGYRUHLQHU6WXQGHEHLHLQHP8QIDOOJHVWRUEHQ,KU*OHLWHULVWRKQH HUVLFKWOLFKHQ*UXQGLQHLQH0DXHUJHIORJHQXQGH[SORGLHUW'LH(UPLWWOXQJHQ ODXIHQQDWUOLFKDEHUVRQVW:LUN|QQHQEHJLQQHQ ,QVHLQHU6WLPPHVFKZDQJXQEHUK|UEDU6WRO]PLWXQG6FLWWVSDUWHQLFKWPLW /RE'HU0DQQZXWHMDQLFKWZHOFKH+LREVERWVFKDIWHUVRHEHQEHUEUDFKW KDWWH$EHULPPHUKLQ6HLQ*HJHQVSLHOHU1XPPHUHLQVZDUQRFKDP/HEHQ$Q GHQ+DQGODQJHUQODJLKPQXULQ]ZHLWHU/LQLH .XU]HQWVFKORVVHQWUDWHUDXIGDVHUK|KWH3RGHVWDXIGHPGLH0HDSSDUDWXU
VWDQG Ä,FKNDQQHXUH6WLPPXQJYHUVWHKHQZDQGWHHUVLFKDQGLHHUUHJWH0HQJHÄ(V ZUGHPLUJHQDXVRJHKHQ$EHUXQWHUXQVEHILQGHWVLFKHLQ$JHQWGHU=*8 (LQ.DQRQHQVFKODJKlWWHGLH$XIPHUNVDPNHLWDOOHUQLFKWEHVVHUZHFNHQN|QQHQ Ä9LHOOHLFKWYHUVWHKWLKUDOVRZHVKDOEZLUDXIGLHVH:HLVHLQHXUH3ULYDWVSKlUH HLQJUHLIHQ(VJHVFKLHKWIUGDV,PSHULXP'DEULID Ä1lKHUH(UNOlUXQJHQIRUGHUWHHLQH6WLPPHDXVGHU0HQJHÄ6RHLQIDFKODVVHQ ZLUXQVQLFKWDEVSHLVHQ Ä,FKZLOOHXFKQLFKWDEVSHLVHQ%LWWHJHEWGRFK5XKH,KUYHUVWHKWPLFKVRQVW QLFKW*HGXOGLJZDUWHWHHUDEELVVLFKGDV6WLPPJHZLUUJHOHJWKDWWHÄ,FKNDQQ DOOHVHUNOlUHQ'XUFKHLQHQ=XIDOOVLQGXQVGLH+LUQZHOOHQGDWHQGHV$JHQWHQLQ GLH+lQGHJHIDOOHQ:LUZLVVHQGHILQLWLYGDVLFKGLH3HUVRQKLHULP5DXP EHILQGHW Ä8QGZDVZLUGMHW]W" 6FLWWNRQQWHGHQ=ZLVFKHQUXIHUQLFKWHQWGHFNHQ Ä,KUJHKWXQWHUVWUHQJHU%HZDFKXQJDQGLHVHP*HUlWKLHUYRUEHLHUNOlUWHHU 'DEHL]HLJWHHUDXIGHQXQVFKHLQEDUHQ.DVWHQDXV.DPHQEHONV$UVHQDO Ä*OHLFK]HLWLJZHUGHQHXUH+LUQVWU|PHJHPHVVHQ'DVLVWDOOHV +XQGHUWQHXQXQGYLHU]LJYRQHXFKYHUODVVHQGHQ6DDOXQEHKHOOLJWXQGPLWHLQHU (QWVFKXOGLJXQJPHLQHUVHLWV'LHOHW]WH3HUVRQDOOHUGLQJV'HQ5HVWOLHHU RIIHQ 8QGQRFKPDOVGHU=ZLVFKHQUXIHUÄ:HVKDOEGDV3ROL]HLDXIJHERW"'DVLVWHLQH %HOHLGLJXQJ:LUDOOHVLQG'DEULIDWUHXHUJHEHQ -HW]WHQGOLFKKDWWH6FLWWGHQ0DQQHQWGHFNW(UEHVFKORVLFKGDV*HVLFKW]X PHUNHQ6HOEVWGHP'PPVWHQPXWHNODUVHLQZR]XGDV$XIJHERWGLHQWH 2GHUKDWWHHUHVPLWHLQHP6\PSDWKLVDQWHQGHU7ROHUDQ]]XWXQ"1HLQQLFKW KLHUXQGDXHUGHPKlWWHVLFK6FLWWQLFKWPHKUGDUXPJHNPPHUW'LH=HLWHQ ZDUHQYRUEHLXQG]ZDUVHLWGHP$XJHQEOLFNGD.DUW0DQ6DOXWXQG-DQQVDQ LQGLHVHU$UWEHUVHLQ/HEHQYHUIJWKDWWHQ Ä'HU$JHQWZLUGVLFKZHKUHQZROOHQHUNOlUWHHUGHQQRFKÄ0|FKWHVWGXLQGLH 6FKXEDKQJHUDWHQZHLOZLUXQDFKWVDPZDUHQ"1HLQ"'DVGDFKWHLFKPLU:LU ZROOHQEHJLQQHQ%LWWHRUGQHWHXFK]XHLQHU6FKODQJHGDQQJHKWHVVHKU VFKQHOO 'LH/HXWHNDPHQGHU$QZHLVXQJUDVFKQDFK6FLWWQDKPQHEHQ9DQ LVKDDXI HLQHP6WXKOKLQWHUGHQ$Q]HLJHQ3ODW]9RQKLHUDXVZROOWHQVLHGDV*HUlW EHUZDFKHQ6HNXQGHQODQJGUlQJWHVHLQH(UUHJXQJVRJDUGHQERKUHQGHQ .RSIVFKPHU]LQGHQ+LQWHUJUXQG7URW]GHPHUPXWHGULQJHQGLQlU]WOLFKH %HKDQGOXQJ'DV*HKLUQKDWWHQRFKDFKW6WXQGHQ=HLWPHKUJDEHUVLFKQLFKW 'DQQPXWHPDQLKQELV3\URPDLQ8QWHUNKOXQJVWLHIVFKODIOHJHQ (UYHUGUlQJWHGHQ*HGDQNHQ 'HUHUVWH1HEHQHLQDQGHU]HLJWHGDV,QVWUXPHQWMHQHGUHL0XVWHUDQGLHHU ]XOHW]WDXIJH]HLFKQHWKDWWH$XIGHPNOHLQHQ%LOGVFKLUPGDUXQWHUHUVFKLHQGDV 9HUJOHLFKVGLDJUDPP(UJDEVLFKHLQHKLQUHLFKHQGHbKQOLFKNHLWZDUHVIUGDV
PHQVFKOLFKH$XJHIDVWQLFKWHUNHQQEDU:HUNRQQWHVFKRQHLQ:HOOHQGLDJUDPP YRPDQGHUHQXQWHUVFKHLGHQ"$EHUGDV*HUlWZUGHYRQDOOHLQGDUDXIKLQZHLVHQ hEHUDOOVWDQGHQ:DFKHQEHUHLWGLHDXIGDVNOHLQVWH6LJQDOZDUWHWHQ :LHODQJHQRFK" 6FLWWUHFKQHWHPLWMHGHP=ZLVFKHQIDOO*HZLGLH/HXWHZDUHQGXUFKVXFKW ZRUGHQRKQH(UJHEQLVZHQQPDQYRQGHQEOLFKHQ+DQGVWUDKOHUQDEVDK'RFK GHUDQGHUHPXWHDXVEUHFKHQ2GHUQLFKW"/DJLUJHQGZRHLQ)HKOHU"1LFKWV JHVFKDK1XPPHUYLHUIQIVHFKV(UHLJQLVORVVWU|PWHGLH6FKODQJHDP 0HJHUlWYRUEHL ,P6DDOYHUWHLOWODXHUWHGDV3ROL]HLDXIJHERWEHUHLWMHGHQ=ZLVFKHQIDOO]X YHUKLQGHUQ(LQ$XVEUXFKVYHUVXFKZlUH6HOEVWPRUGJOHLFKJHNRPPHQ$EHUZDU GLH6DFKHWDWVlFKOLFKVRHLQIDFK"'LH0|JOLFKNHLWEHVWDQG$QGHUHUVHLWVKlWWH 6FLWWVHLQH(LQVFKlW]XQJYRQGHU=lKLJNHLWGHV*HJQHUVYROONRPPHQXPZHUIHQ PVVHQXQGGD]XZDUHUQLFKWEHUHLW 8QZLOONUOLFKWDVWHWHHUQDFKVHLQHQHLJHQHQ:DIIHQ 'LHVHU.|USHUZDUVHLQHP*QRPHQN|USHUWURW]DOOHPQRFKEHUOHJHQ'LH $QZHLVXQJHQGHV+LUQVZXUGHQUDVFKJHQXJDXIJHQRPPHQXQGDXVJHIKUW :HQQHVQ|WLJZXUGHNRQQWHHUHLQJUHLIHQ1XPPHUQHXQXQGGUHLLJYLHU]LJ 'HU=ZLVFKHQUXIHUYRQYRUKLQNDPDQGLH5HLKH$EHUGHU0DQQZDUVDXEHU 6FLWWVWHOOWHLQQHUOLFKJULQVHQGIHVWGDGLH7DVWHUHLQHQHUVWDXQOLFKQLHGULJHQ ,QWHOOLJHQ]TXRWLHQWHQDQ]HLJWHQ 1XPPHUKXQGHUWYLHUKXQGHUWIQIKXQGHUWVHFKV6FLWWZXUGHXQUXKLJ+DWWHHU WDWVlFKOLFKMHGH0|JOLFKNHLWEHUFNVLFKWLJW"-HW]WZRGLH)UDJHLPPHU GUlQJHQGHUVHLQH*HGDQNHQEHVFKlIWLJWHYHUORUHUDOOH6LFKHUKHLW:DVZHQQ VLFKVHLQ*HJHQVSLHOHUHLQHQ7ULFNDXVJHGDFKWKDWWH"1HLQGDFKWHHUQLHPDQG KlWWHGLHVWXQN|QQHQZlKUHQGHUVHOEVWYRUGHQ$Q]HLJHQVD 9DQ LVKDUXWVFKWHDXILKUHP6WXKOKHUXP 6FLWWIDQGGDVLHKLQUHLHQGDXVVDK²VHOEVWXPGLHVH6WXQGH8PVRPHKU VFKPHU]WHLKQGLH$XVVLFKWVLHEDOG]XYHUOLHUHQ'HQQHUZUGHLKUGLH :DKUKHLWVDJHQPVVHQVRYLHOZDUNODU6LHZUGHYRQVHLQHP.|USHUHUIDKUHQ YRQVHLQHP%XFNHOXQGGHPYHUXQVWDOWHWHQ*HVLFKW8QGVLHZUGHVLFK DEJHVWRHQIKOHQ(UVDKHVGHXWOLFKYRUVLFK'LHOHW]WHQ6WXQGHQPLWLKU NRQQWHHUQLFKWHLQPDOJHQLHHQZHLOGLH,PPXQUHDNWLRQVHLQHV*HKLUQVMHGHQ *HGDQNHQ]XU4XDOPDFKWH Ä'LHOHW]WHQ]HKQIOVWHUWHVLHQHEHQLKPÄ,FKKDEH$QJVW Ä6HLXQEHVRUJWHVZLUGQLFKWVJHVFKHKHQ:LUVLQGDXIDOOHVYRUEHUHLWHW Ä'DVLVWHVMDZDVLFKIUFKWH'DQLFKWVJHVFKLHKW =XPKXQGHUWVWHQ0DOEHUOHJWH6FLWWRELKPHLQ)HKOHUXQWHUODXIHQZDU $OOPlKOLFKJHZDQQHUGLHhEHU]HXJXQJHWZDVYHUJHVVHQ]XKDEHQHWZDV :LFKWLJHV8QGHLQHQ]ZHLWHQ$QKDOWVSXQNWJDEHVQLFKW9LHOOHLFKWZHQQHU PHKU=HLWJHKDEWKlWWH$EHU:XQVFKGHQNHQKDOIQLFKWZHLWHU 1XPPHUKXQGHUWDFKWXQGYLHU]LJ+XQGHUWQHXQXQGYLHU]LJ'HUOHW]WH'DV 0HJHUlWEOLHEVWLOO,QNHLQHP)DOOKDWWHVLFKGLHHUZDUWHWHhEHUHLQVWLPPXQJ
HLQJHVWHOOW 6FLWWJDEVLFKHLQHQ5XFNÄ-HW]WQRFKGX9DQ LVKDXQGGDQQGHU *URYHUZDOWHU 9DQ LVKDVFKDXWHHLQHQ$XJHQEOLFNODQJHQWVHW]WGUHLQDOVYHUVWHKHVLHQLFKWGD 6FLWWVLHLQGHQ.UHLVGHU9HUGlFKWLJHQHLQEH]RJ.DPHQEHONLQGHVVHQEHZDKUWH VHLQHVWHWVXQGXUFKGULQJOLFKH0LHQH:LHGHUHLQPDOZQVFKWHHUVLFKHLQHQ %OLFNKLQWHUGLHVHSHUIHNWH0DVNH2IIHQEDUZDUHVZLH.DUW0DQ6DOXW EHKDXSWHWKDWWH'HU*URYHUZDOWHUJHK|UWH]XGHQIlKLJVWHQ$QJHVWHOOWHQGHV ,PSHULXPV(UZDU6FLWWDXIVHLQH:HLVHHEHQEUWLJ 9DQ LVKDXQG.DPHQEHONHQWOHGLJWHQVLFKLKUHU3IOLFKWUDVFKXQGRKQH$XIVHKHQ 6LHWUDWHQYRUGLH6HQVRUHQOLHHQLKUH+LUQVWU|PHPLWGHQYRUOLHJHQGHQ 0HZHUWHQYHUJOHLFKHQXQGQDKPHQGDV(UJHEQLVNRPPHQWDUORVKLQ(VILHO QHJDWLYDXVZLHQLFKWDQGHUVHUZDUWHW 6FLWWILHOHLQ6WHLQYRP+HU]HQ :LHZlUHHUGDPLWIHUWLJJHZRUGHQKlWWHHV9DQ LVKDJHWURIIHQ"(UZXWHHV QLFKW'RFKHUZDUIURKGDVLFKGDV3UREOHPJDUQLFKWHUVWVWHOOWH Ä1XQJXWPHLQWHHUVROHLVHGDHVDXHULKUXQG.DPHQEHONQLHPDQG YHUVWDQGÄ1HQQHQZLUGDV.LQG EHLP1DPHQ'LH$NWLRQZDUHLQ)HKOVFKODJ,FKZHLQLFKWZLHHVZHLWHUJHKW 8QGLFKPX]XUFN]XPHLQHU%DVLV*URYHUZDOWHU,FKQHKPHDQ.DUW 0DQ6DOXWZLUGGLUZHLWHUH$QZHVHQKHLWHQ]XNRPPHQODVVHQ Ä:LHYHUIDKUHQZLUPLWGHP*HQHUDWRU"IUDJWH.DPHQEHON(LQDQJHVSDQQWHU 6FKLPPHUZDULQVHLQH$XJHQJHWUHWHQ 6FLWWV*HGDQNHQYHUZLUUWHQVLFK]XQHKPHQGÄ(LJHQWOLFKZROOWHLFKHLQ 6FKODFKWVFKLIIGHU)ORWWHKHUNRPPHQODVVHQ$EHUGDIUUHLFKWGLH=HLWQLFKW PHKU Ä8QGZDVQXQ" Ä$PEHVWHQIlKUVWGXPLWHLQHP3ROL]HLDXIJHERWKLQXQGVFKDOWHVWGDV*HUlWDXV (LJHQWOLFKZROOWHLFKHVWXQDEHULFKIUFKWHLFKELQQLFKWPHKUODQJH+HUU PHLQHUVHOEVW,QGUHL6WXQGHQOlXIWGLH6DIH6FKDOWXQJDE,FKQHKPHGHQ *HQHUDWRUPLW]XPHLQHP6WW]SXQNW'DV6FKLIIVWDUWHWXP]Z|OI8KU2UWV]HLW VHLYRUVLFKWLJELVGDKLQ .DPHQEHONHUKREVLFKÄ$OOHVNODUPHLQWHHUÄ'XKDVWUHFKW*DVSDWL :lKUHQG6FLWWZLHEHWlXEWDXIVHLQHP6WXKOVDEHVFKZLFKWLJWHGHU *URYHUZDOWHUGLH/HXWH (VJHODQJQXUWHLOZHLVHGRFK6FLWWNPPHUWHVLFKQLFKWGDUXP'LHVZDULKP QLFKWPHKUZLFKWLJHUZROOWHQXUQRFKPLWVLFKXQG9DQ LVKDLQVUHLQHNRPPHQ XQGGLH$QJHOHJHQKHLWHLQLJHUPDHQVFKPHU]ORVDEVFKOLHHQ Ä:LUVWGXPLFKEHJOHLWHQ"IUDJWHHUQLHGHUJHVFKODJHQÄ(LQ5HVWDXUDQW YLHOOHLFKWRGHUHLQH%DU,FKPXGLUHWZDVVDJHQ Ä(LQH%HLFKWH"HUNXQGLJWHVLHVLFKDKQXQJVYROOÄ,FKKDEHVFKRQJHVSUWGD HWZDVDQGLUQLFKWVWLPPW-DGXKDVWVFKRQYRUKHUYHUVXFKWHVPLU]XVDJHQ $EHULFKZROOWHGLFKQLFKWHUQVWQHKPHQLQGLHVHUHUVWHQ1DFKW-HW]WEHUHXHLFK
HV 6FLWWQLFNWHVWXPP(LQH%HLFKWHJHQDXGDVZDUHV,KPVWDQGGHUVFKZHUVWH $XJHQEOLFNVHLQHV/HEHQVEHYRU$XVGHQ$XJHQZLQNHOQVDKHUQRFKGD .DPHQEHONGDV0HJHUlWIRUWVFKDIIHQOLH'DQQWUDWHUPLW9DQ LVKDGXUFKGLH 7ULQV)UHLH'HU0RUJHQJUDXWHJHUDGHXQGHVYHUVSUDFKHLQVFK|QHU7DJ]X ZHUGHQ(LQVFK|QHU7DJDEHUQXUIUDQGHUH 'HU0DQQPDFKWHVLFK]XIULHGHQDXIGHQ:HJ$OOHVZDUQDFK3ODQJHODXIHQ XQGGDVZDUNHLQHVZHJVVHOEVWYHUVWlQGOLFKGHQQHVKDWWHYLHOH8QZlJEDUNHLWHQ JHJHEHQ1HLGORVHUNDQQWHHUDQGDQLHPDQGDXHU6FLWWELVODQJVRQDKH KHUDQJHNRPPHQZDU$XFKQLFKW6\ER/HRGHUGLHVHUDQGHUH 1XQJDOWHVGHQOHW]WHQ6FKULWW]XWXQIUDOOH0KHQGHQYHUGLHQWHQ/RKQ]X HUQWHQ'HU0DQQEHVWLHJDOOHLQVHLQHQ6FKZHEHUXQGOHQNWHGDV)DKU]HXJ]XP VGOLFKHQ6WDGWUDQG7DQWDFLWVKLQDXV 6LHVDHQVFKZHLJHQGLQHLQHP5HVWDXUDQWLQGHU1lKHGHV5DXPKDIHQV ]XVDPPHQ*HLVWHVDEZHVHQGEHREDFKWHWH6FLWWGHQ6WDUWHLQHUVFKODQNHQ5DNHWH 6HNXQGHQVSlWHUZDUQXUQRFKHLQZLQ]LJHUVFKUXPSIHQGHU)OHFNHUNHQQEDU(U KDWWHVFKRQVRRIWVWDUWHQGH5DXPVFKLIIHEHREDFKWHWGDGDV%LOGLQVHLQHQ *HLVWNHLQHQ(LQJDQJPHKUIDQG 9DQ LVKDVDZLHYRP'RQQHUJHUKUWGD (UKlWWHHLQLJHVGDUXPJHJHEHQKlWWHVLHGLH:DKUKHLWQXUZHQLJHUVFKRFNLHUW DXIJHQRPPHQ:HVKDOEVFKULHVLHQLFKW":HVKDOEQDKPVLHQLFKWLKUHQ0DQWHO XQGYHUVFKZDQG"(UZROOWHKHIWLJDXIEUDXVHQGRFKDP(QGHZXUGHGDUDXVQXU HLQRKQPlFKWLJHV+lQGHULQJHQ:DVNRQQWHHUWXQ"1LFKWVPXWHHUVLFKLPPHU ZLHGHUYRUVDJHQJDUQLFKWV 6HLQH.RSIVFKPHU]HQZXUGHQVFKOLPPHU1XUQRFK*OXWVFKLHQVHLQHQ6FKlGHO DXV]XIOOHQ'LH,PPXQUHDNWLRQ'DV*HJHQPLWWHOZLUNWHNDXPQRFK(U EUDXFKWHGHQ8QWHUNKOXQJVWLHIVFKODI'DUDXIZDUHQVLHLP6FKLIIYRUEHUHLWHW (UQHXWNUHLVWHQVHLQH*HGDQNHQXPGLH(UHLJQLVVHGHV7DJHV:DUXPKDWWHHV QLFKWIXQNWLRQLHUW"(UZDUVRVLFKHUJHZHVHQ6FLWWPKWHVLFKYHUJHEHQV 2UGQXQJLQVHLQH*HGDQNHQ]XEULQJHQ:LHVROOWHHUV\VWHPDWLVFKEHUOHJHQ PLW9DQ LVKDV(OHQGVWlQGLJYRU$XJHQ"(UNRQQWHHLQIDFKQLFKWDQLKU YRUEHLVHKHQ Ä6DJHWZDVULHIHUÄ6DJGRFKHLQ:RUW'LHEULJHQ*lVWHGUHKWHQVLFKQDFK LKQHQXPGRFK6FLWWDFKWHWHQLFKWGDUDXIÄ9DQ LVKD%LWWH (QGOLFKNHKUWH/HEHQLQLKUH$XJHQ]XUFNÄ-D6FLWW*DVSDWL+HU]HU PXUPHOWHVLH 1RFKODJNHLQ6LQQLQLKUHQ:RUWHQGRFKHUIKOWHVLFKEHUXKLJW6LHZUGHVLFK IDQJHQZlKUHQGHUVHOEVW«1HLQHUGXUIWHQLFKWGDUDQGHQNHQEHYRUHVVRZHLW ZDU1RFKEOLHEHQVHFKV6WXQGHQEULJ 6HLQH*HGDQNHQEHJDQQHQYRQQHXHPGHQIHKOJHVFKODJHQHQ3ODQ]X DQDO\VLHUHQ:DVKDWWHHUEHUVHKHQ":DUHLQH3HUVRQEHUJDQJHQZRUGHQ" $EHUQHLQGLH3ROL]LVWHQKlWWHQHVJHPHOGHW6HOEVW9DQ LVKDXQG.DPHQEHON ZDUHQEHUSUIWZRUGHQ.DPHQEHONGHU6FKW]OLQJGHV,PSHUDWRUV
Ä:DUXPKDVWGXHVPLUQLFKWIUKHUJHVDJW"'DVZDU9DQ LVKD 6FLWWEHUOHJWHHLQHQ$XJHQEOLFN'DQQHQWVFKLHGHU]XPLQGHVWMHW]W EHGLQJXQJVORVEHLGHU:DKUKHLW]XEOHLEHQ1RFKPHKU/JHQYHUGLHQWHVLH QLFKW Ä'XZHLWQLFKWZDVGDVKHLWHLQ$XVJHVWRHQHU]XVHLQ$XIHZLJHLQ .USSHO(UKDWWHQLFKWYHUKLQGHUQN|QQHQGDHVEUXWDONODQJDEHUHVZDUGLH :DKUKHLW9DQ LVKDZXWHQLFKWVNRQQWHQLFKWVZLVVHQÄ6WHOOHLKQGLUYRU GLHVHQ+HU]HU.|USHU8QGGDQQVWHOOHGLUYRUZDVHVEHGHXWHQN|QQWH ]XPLQGHVWHLQSDDU7DJH]XIOLHKHQ(VLVWXQYHUJOHLFKOLFK Ä,FKNDQQHVPLW:RUWHQQLFKWEHVFKUHLEHQ:LHKlWWHLFKGLUZLGHUVWHKHQ VROOHQ",FKKDEHQLHPDOVJHOHUQWPLW)UHLKHLWXP]XJHKHQ,FKZDUQLHIUHL LPPHUJHIDQJHQLQGLHVHP=ZHUJHQN|USHU 'LHOHW]WHQ:RUWHKDWWHHUIDVWKLQDXVJHVFKULHHQXQGDQVFKOLHHQGIKOWHHUVLFK EHIUHLW9DQ LVKDVFKZLHJ(UQXW]WHGLH*HOHJHQKHLWQRFKPDOVGHQ7DJ5HYXH SDVVLHUHQ]XODVVHQ6HLQHHLQ]LJH&KDQFHEHVWDQGGDULQGDV8QGHQNEDUH]X GHQNHQVHOEVW8QP|JOLFKNHLWHQQRFKPDOVXQWHUGLH/XSH]XQHKPHQ Ä+DWGHU*URYHUZDOWHUHLJHQWOLFKGLHJDQ]H=HLWYRQGHLQHU0DVNHUDGH JHZXW" Ä:LH"6FLWWVFKUHFNWHDXI(UKDWWHQLFKWEHPHUNWZLHWLHIHULQ*HGDQNHQ YHUVXQNHQJHZHVHQZDUÄ.DPHQEHON-DHUKDWGDYRQJHZXW(UZDUHVGHU GLFKDOVPHLQH%HJOHLWHULQHPSIRKOHQKDW 'DUDXIKLQVFKZLHJVLHZLHGHUXQG6FLWWZDUGDQNEDUGHVKDOE.DPHQEHON .DPHQEHON'HU1DPHGHV*URYHUZDOWHUVZROOWHLKPQLFKWPHKUDXVGHP 6LQQ.DPHQEHON.DPHQEHONKDWWHGDYRQJHZXW:DUXP YHUVW|UWHGHUKDUPORVH6DW]LKQVRVHKU"+DWWHVHLQ8QWHUEHZXWVHLQLUJHQGZR HLQJHKDNW".DPHQEHONKDWWHGDYRQJHZXWQDWUOLFK .DPHQEHONKDWWHYRQDOOHPJHZXWHUZDUGHUHLQ]LJH0HQVFKLP0RQ\Q\ 6\VWHPGHUY|OOLJHLQJHZHLKWJHZHVHQZDU$EHUGHU*URYHUZDOWHUKDWWHVLFK ZLHDOOHDQGHUHQGHP+LUQZHOOHQWHVWXQWHU]RJHQ %HUHLWVHLQPDOZDULKPGHU*HGDQNHJHNRPPHQ.DPHQEHONN|QQHGHU XQEHNDQQWH*HJHQVSLHOHUVHLQ8QGVFKRQHLQPDOKDWWH6FLWWGHQ*HGDQNHQ YHUZHUIHQPVVHQ.DUW0DQ6DOXWV(PSIHKOXQJHQVSUDFKHQIUVLFK2GHU" :HVKDOEKlWWHHLQ*QVWOLQJGHV,PSHUDWRUVVLFKPLWGHU=*8HLQODVVHQVROOHQ" 9LHOOHLFKWZHLOHULQ8QJQDGHJHIDOOHQZDU"8QP|JOLFK 6FLWWVWLHlUJHUOLFK/XIWDXV +DWWHHUQLFKWJHUDGHQRFKEHVFKORVVHQDXFKPLW8QP|JOLFKNHLWHQ]XUHFKQHQ" :DVVRQVWEOLHELKPGDDOOHDQGHUHQ0|JOLFKNHLWHQDXVJHVFK|SIWZDUHQ .DPHQEHONVWDQGHQVlPWOLFKH7UHQRIIHQLKPEOLHENHLQ*HKHLPQLV XQEHNDQQW :DUHVJXWVLFKVRVHKUDXI.DPHQEHON]XYHUVWHLIHQ"6FLWW]ZHLIHOWHGDUDQ 9HUVWRKOHQEHREDFKWHWHHU9DQ LVKDGLHQXQVFKRQVHLWIQI0LQXWHQVWDUUDXI GDV/DQGHIHOGKLQDXVVDK.DPHQEHONKDWGDYRQJHZXWVFKRHVLKPHUQHXW GXUFKGHQ.RSI(UYHUVXFKWHVLFK]XHQWVSDQQHQ$EHUVFKOLHOLFKKDWWHHU
VHOEVWDP*HUlWJHVHVVHQDOVGHU0DQQGDUDQYRUEHLJHODXIHQZDU$OOHVKDWWH GRFKIXQNWLRQLHUWZLHHVVROOWH $XHU 'HU*HGDQNHVFKLHQLKP]XYHUUFNWXPZDKU]XVHLQ3XQNWIU3XQNW UHNDSLWXOLHUWHHUGHQ+HUJDQJGHU(UHLJQLVVH6HLQIDVWSHUIHNWHV*HGlFKWQLVKDOI GDEHL(UKDWWHHLQ3UIJHUlWDQJHIRUGHUWXQG.DPHQEHONKDWWHSURPSW]XJHVDJW HLQHV]XEHVRUJHQ 6WRSGDFKWH6FLWWQRFKHLQPDO $KMDZLUKDEHQVRHWZDVKDWWHGHU*URYHUZDOWHUJHVDJW*DQ]XQWHQLP .HOOHUDUVHQDO,P$XJHQEOLFNLVWDXHUPLUQLHPDQG]XWULWWVEHUHFKWLJW(LQHQ 0RPHQW*HGXOGELWWHHVGDXHUWQXU]HKQ0LQXWHQ 6FLWWYHUORUYRU(UUHJXQJXQG6FKPHU]HQEHLQDKHGDV%HZXWVHLQ'DVZDUHV HUKDWWHGHQ6FKOVVHOJHIXQGHQ(VGDXHUWHQXU]HKQ0LQXWHQ=HKQ0LQXWHQ GDVZDUPHKUDOVHLQKRFKNODVVLJHU$JHQWEUDXFKWH(LQHQVLPSOHQ 8QWHUEUHFKHUNRQWDNWNRQQWHPDQLQK|FKVWHQVIQI0LQXWHQEHTXHPHLQEDXHQ 1XQPXWHHUVHKHQREVHLQZLOGHU9HUGDFKW]XWUDI Ä9DQ LVKDULHIHUÄ.RPPPLWLFKKDEHHVYLHOOHLFKW (LQ%OLFNLQVHLQ*HVLFKWOLHLKUH7UlJKHLWVFKZLQGHQ0LWHLQHP7D[LVFKZHEHU UDVWHQVLHLQ5LFKWXQJ=HQWUXP ,KU:HJIKUWHDQVHLQHP+RWHOYRUEHL6FLWWVSUDQJNXU]KLQDXVXQGEHVRUJWH GHQ$XVZHLVGHULKPEHUDOO=XWULWWYHUVFKDIIWH(VZDUHLQSHUV|QOLFKHV6LHJHO GHV,PSHUDWRUV'DEULID 0LQXWHQVSlWHUHUUHLFKWHQVLHGDVHLJHQWOLFKH=LHO Ä'HU*URYHUZDOWHULVWQLFKWLP+DXV'LH)UDXDP(PSIDQJGHV7XUPHVJDE EHUHLWZLOOLJ$XVNXQIWÄ.DQQLFKHXFKVRQVWLUJHQGZLHZHLWHUKHOIHQ" Ä,FKEUDXFKHHLQHQ)KUHUGHUVLFKLP+DXVJXWDXVNHQQW(U]RJVHLQH ,GHQWLILNDWLRQVPDUNHXQG]HLJWHVLHYRUÄ$EHUUDVFKIJWHHUKLQ]XÄ$P EHVWHQHLQHQ+DXVPHLVWHU ,QQHUKDOEYRQ]ZHL0LQXWHQVWDQGHLQ)KUHU]XU9HUIJXQJ(VKDQGHOWHVLFK XPHLQHQ$QJHK|ULJHQGHU +DXVVLFKHUKHLW=XPHUVWHQ0DOJDE6FLWWGHQJDQ]HQ8PIDQJVHLQHU 9ROOPDFKWHQ]XHUNHQQHQXQGGDQDFKEHUVFKOXJVLFKGHU0DQQIDVWYRU %HIOLVVHQKHLW Ä:LUPVVHQLQGHQ.HOOHUVDJWH6FLWWÄ'RUWJLEWHV5lXPOLFKNHLWHQGLHDOOHLQ GHP*URYHUZDOWHUXQGHLQSDDUDQGHUHQ3HUVRQHQ]XJlQJOLFKVLQGQLFKW ZDKU" Ä-DULFKWLJVWLPPWHGHU0DQQ]XÄ(LQH*HKHLPNDUWHLXQGHLQ$UVHQDO Ä'DVLVWHVULHI6FLWWÄ'DV$UVHQDO)KUHXQVKLQ Ä6RHLQIDFKJHKWGDVQLFKW,FKNDQQHXFKJHUQKLQIKUHQDEHUQLHPDQG NRPPWKLQHLQ Ä/DGDVPHLQH6RUJHVHLQ(UZLHVDXIVHLQH,'.DUWHKLQÄ'LHVKLHU|IIQHW PLUDOOH7UHQVHOEVW]X.DPHQEHONV6FKODI]LPPHUZHQQLFKZLOO'DV $UVHQDOLVWGRFKSRVLWURQLVFKDEJHVLFKHUW"
Ä1DWUOLFK:LHVROOWHHVVRQVWIXQNWLRQLHUHQ"0HQVFKOLFKH:DFKHQVLQG EHVWHFKOLFK 6FLWWHQWJHJQHWHQLFKWVPHKU1HEHQ9DQ LVKDIROJWHHUGHP0DQQVRVFKQHOOHU LQVHLQHP=XVWDQGQRFKNRQQWHhEHU7UHSSHQXQG$QWLJUDYOLIWVJLQJHVDEZlUWV EHLQDKHKXQGHUW0HWHUZHLW:HVKDOEPDQGDV)XQGDPHQWVRWLHIDXVJHVFKDFKWHW KDWWH"(UZXWHHVQLFKW9LHOOHLFKWDXV6LFKHUKHLWVJUQGHQYHUPXWHWHHUDEHU GDUDXINDPHVLP$XJHQEOLFNQLFKWDQ 6HLQH*HGDQNHQUDQQHQZLH]lKHU%UHLGXUFKGHQ.RSIXQGVHLWZHQLJHQ 0LQXWHQKDWWHHUGDV*HIKOHLQZLFKWLJHV'HWDLO]XEHUVHKHQ%HLPEHVWHQ :LOOHQILHOLKPQLFKWHLQZRUXPHVVLFKKDQGHOWH,QQRUPDOHP=XVWDQGZlUHHU LQ6HNXQGHQVFKQHOOHGDUDXIJHVWRHQ6RDEHU:RKORGHUEHOPXWHHUGDPLW IHUWLJZHUGHQ 6LHODQJWHQYRUHLQHPJHVLFKHUWHQ3RUWDODQ Ä,VWHVKLHU" 'HU0DQQEHVWlWLJWH Ä'XZDUWHVWGUDXHQDXIXQV 6FLWWSUHWHGHQ3ODVWLNFKLSJHJHQGLHYRUJHVHKHQH6WHOOHXQGJDEVHLQHQ +DQGDEGUXFNGD]X6FKRQILHOGLH6SHUUH6LHSDVVLHUWHQHLQHW|GOLFKH*UHQ]H GLHQLFKWHLQPDO6ROGDWHQLQ.DPSIDQ]JHQEHUZXQGHQKlWWHQ'DV$UVHQDO HQWKLHOWDXIHLQLJHQWDXVHQG4XDGUDWPHWHUQ)OlFKHGLHXQWHUVFKLHGOLFKVWHQ *HUlWH9LHOHVGDYRQZDUJHKHLPRGHUHQRUPWHXHU Ä:LHVROOHQZLUGDV'LQJILQGHQ"PXUPHOWH6FLWWÄ,FKZHLZLHHVDXVVLHKW XQGZR]XHVJXWLVWDEHUZR Ä:HVKDOEIUDJVWGXQLFKWHLQ7HUPLQDO"ZROOWH9DQ LVKDZLVVHQÄ%HVWLPPWJLEW HVHLQH,QYHQWDUOLVWH Ä+HUYRUUDJHQGH,GHH 6FLWWIXKUDXIGHP$EVDW]KHUXPXQGJDEGLHQXW]ORVH6XFKHDXI9DQ LVKDKDWWH JHQDXGHQULFKWLJHQ*HGDQNHQJHKDEWXQGHUVFKlOWVLFKHLQHQ1DUUHQGDHU QLFKWVHOEVWGDUDXIJHNRPPHQZDU 'DV7HUPLQDOJDEGLHJHZQVFKWH,QIRUPDWLRQDXV 6FLWWHQWQDKPGHU/LVWHDOOHVZDVHUZLVVHQPXWH*HPHLQVDPPLWGHU)UDX VXFKWHHUGHQULFKWLJHQ5DXPDXI6FKOLHOLFKHQWGHFNWHQVLHGDV*HUlWLQHLQHP 5HJDO.DPHQEHONKDWWHHVVRUJIlOWLJYHUVWDXWGRFK6FLWWKRIIWHGDGLH =XVDW]VFKDOWXQJQRFKYRUKDQGHQZDUZHQQHUNHLQHP+LUQJHVSLQVWHDXIVD 'LUHNWQHEHQGHP0HJHUlWEHIDQGVLFKHLQH%DQNPLWPHFKDQLVFKHPXQG HOHNWURQLVFKHP:HUN]HXJ-DHVZDUP|JOLFK9RUDXVJHVHW]WVHLQ9HUGDFKW VWLPPWHZUGH.DPHQEHONGLH=XVDW]VFKDOWXQJDQGLHVHP7LVFKDQJHEUDFKW KDEHQ Ä%LWWHKLOIPLUEDWHU9DQ LVKD 6FKZLQGHOJHIKOPDFKWHLKP]XVFKDIIHQ*HPHLQVDPKREHQVLHGDV*HUlWDXI GLH3ODWWH(U|IIQHWHPLWIOLHJHQGHQ)LQJHUQGDV*HKlXVHHLQH6DFKHYRQ ZHQLJHQ6HNXQGHQGDDOOH9HUVFKOVVHDOV6FKQDSSYRUULFKWXQJDXVJHOHJW ZDUHQ
%DOGKDWWHHUJHIXQGHQZDVHUVXFKWH Ä'DVLVWHVHUNOlUWHHUWULXPSKLHUHQG6HLQH)LQJHUGHXWHWHQDXIHLQHIRUPORVH %HXOHGLHHLQGHXWLJQLFKWLQV,QQHUHGHV*HUlWHVSDWH'HU$XVZXFKVZDUPLW .OHEHEDQGSURYLVRULVFKDP5DKPHQEHIHVWLJW=ZHL'UlKWHYHUEDQGHQLKQPLW GHUEULJHQ(OHNWURQLN Ä+LHULVWGLH/HLWXQJGLH]ZHL/DXWVSUHFKHUXQG]ZHL6LJQDOOHXFKWHQPLW6WURP EHVFKLFNW6REDOGHLQHhEHUHLQVWLPPXQJIHVWJHVWHOOWLVWVROOGDV/LFKW DXIOHXFKWHQ$XHUGHPJLEWHVHLQDNXVWLVFKHV6LJQDO%HLGHVLVWQLFKW JHNRPPHQXQG]ZDUGHVKDOEQLFKWZHLOGLHVHV'LQJ'DEHLGHXWHWHHUDXI GHQ$XVZXFKVHVYHUKLQGHUWKDW (UZLFNHOWHGDV.OHEHEDQGDXIXQGEUDFKWHHLQHQHLQIDFKHQ(PSIlQJHUPLW 6HUYR]XP9RUVFKHLQÄ6LHKVWGX9DQ LVKD"(LQ8QWHUEUHFKHUNRQWDNW3HU )HUQVWHXHUXQJDXV]XO|VHQ'DVKHLWHVKDWGXUFKDXVHLQHhEHUHLQVWLPPXQJ JHJHEHQ1XULVWVLHQLFKWDQJH]HLJWZRUGHQ8QGLFKZHLMHW]WZHUGHQ6HQGHU KDWWH 3O|W]OLFKEHUVFKOXJHQVLFKLQVHLQHP+LUQGLH*HGDQNHQ6HNXQGHQODQJOLFKWHWH VLFKGHU1HEHODXV.RSIVFKPHU]HQ(UVFK|SIXQJXQG0HGLNDPHQWHQ9RQ HLQHP7HUPLQDOLP.HOOHUDXVULHIHUGHQ]HQWUDOHQ.RQWUROOUDXPGHV7XUPHVDQ (UJDE$QZHLVXQJVRVFKQHOOZLHP|JOLFKHLQEHVWLPPWHV*HUlWHSDDU]X EHUSUIHQ(QGOLFKZDULKPHLQJHIDOOHQZDVHUEHUVHKHQKDWWHZDVLKPOlQJVW VFKRQKlWWHDXIIDOOHQPVVHQ:HQQGDV9HUVlXPQLV0HQVFKHQOHEHQIRUGHUWH ODJGLH6FKXOGEHLLKP (VZDUK|FKVWH=HLW 6FLWWKROWHGDVbXHUVWHDXVVHLQHPDQJHVFKODJHQHQ*DVSDWL.|USHUKHUDXV Ä'XKDWWHVWUHFKWULHIHLQHUGHU6LFKHUKHLWVOHXWHDOVHUPLW9DQ LVKDLQGHQ .RQWUROOUDXPVWUPWHÄ'LH$ODUPPRQLWRUHVLQGIXQNWLRQVXQIlKLJ:LUKlWWHQ HUVWPRUJHQHWZDVGDYRQJHPHUNW 8QGQRFKHLQH9LHUWHOVWXQGHGDQQPXWHVLFKGDV=HLWVFKOR|IIQHQ (UULHIHUQHXWGDV+DXSWTXDUWLHUGHU3ROL]HLXQGJDENXU]HUKDQG%HIHKO VlPWOLFKH(LQKHLWHQ]XP6WDQGRUWGHV*HQHUDWRUV]XEHRUGHUQ Ä$OOHWUDJHQ6FKXW]DQ]JHVHW]WHHUQRFKKLQ]XÄ.HLQH$XVQDKPHQ8QG VFKLFNWHLQHQVFKQHOOHQ*OHLWHUGHUXQVDP5HJLHUXQJVWXUPDEKROW .DUW0DQ6DOXWKDWWHGHQ*HQHUDWRUPLW%HGDFKWDOV/RFNPLWWHOHLQJHVHW]WXQG VROLHIHQVLHQXQ*HIDKULKQWDWVlFKOLFK]XYHUOLHUHQ8QGHU6FLWWZUGHDXFK GDUDQVFKXOGVHLQ$EHUQRFKNRQQWHHU.DPHQEHONV3ODQYHUHLWHOQ1RFKEOLHE =HLWJHQXJ:lUHHUQLFKWVRVHKUPLWVLFKVHOEVWEHVFKlIWLJWJHZHVHQHUKlWWHHV IUKHUZLVVHQPVVHQ 'RFKZROOWHHUGHQ*HQHUDWRUEHUKDXSWUHWWHQ"6LFKHU6FLWWKLHOWGDV*HUlW IUXQWDXJOLFK$EHUHUNRQQWHVLFKLUUHQ:DUGHU'LHEVWDKOQLFKWHYHQWXHOOHLQ HQWVFKHLGHQGHU6FKULWWGDVODELOH*OHLFKJHZLFKW]ZLVFKHQ7HUUDGHU=*8GHP ,PSHULXP'DEULIDXQGDOOGHQDQGHUHQ0DFKWEO|FNHQ]X]HUVW|UHQ":UGH GLHVHU=ZLVFKHQIDOOPLWHLQHP.ULHJHQGHQ"
+RIIHQWOLFKQLFKW 6FLWWJLQJGLH0|JOLFKNHLWHQGHU5HLKHQDFKGXUFK:LHDXFKLPPHUHUGXUIWH NHLQHQGLSORPDWLVFKHQ=ZLVFKHQIDOOKHUEHLIKUHQ(LQHGXPPH,GHHIOXFKWHHU LQQHUOLFK.DUW0DQ6DOXWKDWWHZLVVHQPVVHQGDNHLQ6LFKHUKHLWVV\VWHP ZLUNOLFKZDVVHUGLFKWZDU'LHPHQVFKOLFKH.RPSRQHQWHEOLHELPPHULP6SLHO XQGGLHVPDOKLHVLH.DPHQEHON 9RQREHQKHUQlKHUWHQVLHVLFKGHU:LHVHQIOlFKHEHUGHU.DYHUQH 6FLWWVDKVHLQHVFKOLPPVWHQ%HIUFKWXQJHQEHVWlWLJW,QGHQ7UHQGHUGUHL :DFKEXQNHUODJHQWRWH6ROGDWHQ6LHKDWWHQ.DPHQEHONV$QJULIIQLFKW YRUDXVVHKHQN|QQHQVFKOLHOLFKYHUOLHIDOOHVSODQJHPl,QGLHVHQ0LQXWHQOLHI GLH6LFKHUKHLWVVFKDOWXQJDEXQG.DPHQEHONJHK|UWH]XGHQEHIXJWHQ3HUVRQHQ 'HU*URYHUZDOWHUZDUHLVNDOWXQGZLUNVDPYRUJHJDQJHQ(UKDWWHLP 1DGHOWXUPGLH.RQWUROOPRQLWRUHYRQLKUHU9HUELQGXQJJHWUHQQW$QVFKOLHHQG ZDUHULQDOOHU6HHOHQUXKH]XU.DYHUQHKLQDXVJHIORJHQ0DQNRQQWHQLHPDQGHP HLQHQ9RUZXUIGDUDXVPDFKHQ'HU)HKOHUODJLP6\VWHP .DPHQEHONKDWWHGLH(LQULFKWXQJHQGHU.DYHUQHJHJHQGLHHLJHQHQ/HXWH JHULFKWHW1LHPDQGZDUDXIHLQHQ*DVDQJULIIYRUEHUHLWHWNHLQHUGHU6ROGDWHQ KDWWHVHLQHQ6FKXW]VFKLUPDNWLYLHUWRGHUGHQ+HOPJHVFKORVVHQ)QI]HKQ 3HUVRQHQ6FLWWVW|KQWHYHU]ZHLIHOWDXI 1XUHLQ/LFKWEOLFNHUKHOOWHGLH/DJHHUZDUJDQ]VLFKHU.DPHQEHONKLHOWVLFK QRFKLQGHU.DYHUQHDXI'DVHUIRUGHUWHGHU=HLWSODQGHU6DIH6FKDOWXQJ Ä8PVWHOOWGDV*HELHWEHIDKOHUEHU)XQN'LH1DFKULFKWHUUHLFKWHDOOH )DKU]HXJHÄ8QGlXHUVWH9RUVLFKWGDVJDQ]H*HELHWLVWYROOHU 9HUWHLGLJXQJVDQODJHQPDQXHOOXQGDXWRPDWLVFK6FKXW]VFKLUPHHUULFKWHQ=HKQ )DKU]HXJHEORFNLHUHQGHQ5DXPEHUGHU.DYHUQH *HQDXMHW]WHUUHFKQHWH6FLWWZDUHVVRZHLW6HFKV8KU]ZHL2UWV]HLW .DPHQEHONKDWWHGLH6DIH6FKDOWXQJDXHU%HWULHEJHVHW]W1XQNDPHVGDUDXI DQREGHU*URYHUZDOWHUQRFKHLQHQ7UXPSILPbUPHOKDWWH(LQXQVLFKHUHV *HIKOEHPlFKWLJWHVLFKVHLQHU6FLWWKDWWH$QJVWJURH$QJVWXQGGD]XNDPHQ XQHUWUlJOLFKH.RSIVFKPHU]HQ (UKDWWHVHOEVWJHVHKHQZLHJXWPDQYRQGHU.DYHUQHDXVGHQXPOLHJHQGHQ 5DXPEHUEOLFNWH.DPHQEHONZXWHOlQJVW%HVFKHLG6ROOWHHUPLWGHPDQGHUHQ VSUHFKHQ"6LQQORVHQWVFKLHG6FLWW1DWUOLFKZXWHGHU*URYHUZDOWHUGDGLH 7RGHVVWUDIHLKQHUZDUWHWH 6FLWWRUGQHWHGHQ6WXUPGHU$QODJHDQ +RIIHQWOLFKNDPQLHPDQGPHKU]X6FKDGHQ(LQIURPPHU:XQVFK"'XUIWHHU GLHVHQ%HIHKOWURW]GHPJHEHQ"0XWHHUQLFKWEOLHELKPGHQQHLQH:DKO" Ä:LUJUHLIHQDQHUNOlUWHHUEHUGLH5XQGYHUELQGXQJ,QMHGHPGHU)DKU]HXJH HUNODQJMHW]WVHLQHKHLVHUH6WLPPH+|UWHQVLHKHUDXVZLHVHKUHUGLHVHQ%HIHKO IUFKWHWH"Ä:LUJHKHQVWUHQJQDFK(LQVDW]SODQYRU%LWWHNHLQH$EZHLFKXQJHQ 'LH.RPPDQGRIDKU]HXJHJHEHQGDV6LJQDO 6FLWWVFKDOWHWHVLFKDXVGHPDOOJHPHLQHQ.DQDODXV'HU5HVWODJEHLGHQ )DFKOHXWHQGLHIUVROFKH)lOOHDXVJHELOGHWZDUHQ,QHLQHU/LQLHUFNWHQGLH
3ROL]HLVFKZHEHUQlKHUDQGLH.DYHUQHXQGGLHGUHL:DFKEXQNHU,KUH 6FKXW]VFKLUPHIOLPPHUWHQLP/LFKWGHUDXIJHKHQGHQ6RQQH,UJHQGZRGRUW GULQQHQZDU.DPHQEHON²XQGHVJDOWLKQRKQHHLJHQH9HUOXVWHKHUDXV]XKROHQ 'LH6FKZHEHUQDKPHQGHQ%RGHQXQWHU7KHUPRIHXHU 6LH]QGHWHQYHUERUJHQH0LQHQOHJWHQ(QHUJLHOHLWXQJHQODKPXQGHUVFKZHUWHQ GLH6LFKWHQRUP'LHVNRQQWHVRZRKOHLQ9RUWHLODOVDXFKHLQ1DFKWHLOVHLQ =XPLQGHVWNRQQWHVLFK.DPHQEHONQLFKWPHKUDXIGLHDXWRPDWLVFKHQ=LHOVXFKHU YHUODVVHQ 'RFKGDQQNDPDOOHVDQGHUVDOVHUZDUWHW .DPHQEHONQXW]WHNRQVHTXHQWGLH&KDQFHGLHVLFKLKPERW5LQJVXPVWLHJYRQ ([SORVLRQHQXQGEUHQQHQGHP*UDV4XDOPDXI,QGHU.DYHUQHQ|IIQXQJHUVFKLHQ HLQGXQNOHU6FKHPHQ%HYRUGLH]HKQ3ROL]HLVFKZHEHUKRFKREHQUHDJLHUHQ NRQQWHQEHVFKOHXQLJWHGDV*HELOGH(VOHJWHPHKUHUHKXQGHUW0HWHU'LVWDQ] ]ZLVFKHQVLFKXQGGLH$QJUHLIHU Ä9HUIROJHQEUOOWH6FLWWÄ9HUOLHUWVHLQH6SXUQLFKW 'LH3ROL]HLIDKU]HXJHQDKPHQYHUJOHLFKVZHLVHWUlJH)DKUWDXI'HVKDOEZXFKV GHU$EVWDQG]X.DPHQEHONV)DKU]HXJVWlQGLJ'HUIOFKWHQGH6FKZHEHUVWUHEWH LQ5LFKWXQJ1RUGHQGHP6WDGW]HQWUXP]X Ä:HVKDOELVWHUVRVFKQHOOYHUGDPPW"ZDQGWHVLFK6FLWWDQGHQ3ROL]HLRIIL]LHU GHULKUH0DVFKLQHVWHXHUWHÄ:HVKDOENDQQHUVRVFKQHOOVHLQ" Ä(VLVWVHLQ3ULYDWVFKZHEHUHUNOlUWHGHU0DQQÄ$OV*URYHUZDOWHUKDWWHHUGDV 5HFKWDOOHP|JOLFKHQ([WUDVHLQ]XEDXHQ 6FLWWIOXFKWHXQGVFKDOWVLFKHLQHQ1DUUHQ(UKlWWHYRP5DXPKDIHQHLQ .DPSIVFKLIIKLHUKHUEHRUGHUQVROOHQ1XQZDUHV]XVSlWIUGLH9HUIROJXQJ EHU6WDGWJHELHWHLJQHWHQVLFK*OHLWHUEHVVHU .DPHQEHONKDWWHLKQHLQPDOPHKUDQGHU1DVHKHUXPJHIKUWXQGGLHVQXUGXUFK GLHWHFKQLVFKHhEHUOHJHQKHLWVHLQHV)OXFKWIDKU]HXJV:HVKDOEKDWWHHUQLFKW JOHLFKGDUDQJHGDFKW"6HLW-DQQVDQLKPGLHVHQ.|USHUJHJHEHQKDWWHYHUKLHOWHU VLFKZLHHLQ$QIlQJHU'LH3ROL]HLIDKU]HXJHKlWWHQHLQHQZHVHQWOLFKK|KHUHQ 6SHUUNRUGRQDQOHJHQPVVHQ ,QRKQPlFKWLJHU:XWYHUIROJWHHUZLH.DPHQEHONV)DKU]HXJLPGLFKWHQ 9HUNHKUVVWURPYHUVFKZDQG)DVWDOOH3ROL]HLIDKU]HXJHKDWWHQDQGHU$NWLRQ WHLOJHQRPPHQXQGQXQVWDQGNHLQJHQJHQGGLFKWHV1HW]]XU)DKQGXQJEHUHLW Ä:DVVROOHQZLUWXQ"PXUPHOWHHUUDWORVÄ:DVN|QQHQZLUWXQ" (UQHXWZDUHV9DQ LVKDGLH5DWZXWHÄ(VJLEWGRFKGLH]LYLOH 9HUNHKUVNRQWUROOHLQ7DQWDFLW6HW]WGLH3RVLWURQLNDXI.DPHQEHONV)DKU]HXJ DQ6RZLVVHQZLU]XPLQGHVWZRKLQHUIOLHJW Ä1DWUOLFKULHIHU$QNODJHQGVDKHUGHP3LORWHQGHV6FKZHEHUVLQV*HVLFKW Ä:DUXPKDVWGXGHQ9RUVFKODJQLFKWJHPDFKW" Ä'LH9HUNHKUVNRQWUROOHJHK|UWQLFKW]XGHQ6WDQGDUGPHWKRGHQ$XIGHP*HELHW KDWWHQZLUQRFKQLH6FKZLHULJNHLWHQVHLW7DQWDFLWEHVWHKW'DV6\VWHPLVWYLHO]X VFKZHUIlOOLJ(VXQWHUVWHKWQLFKWGHU3ROL]HLVRQGHUQGHU=LYLOYHUZDOWXQJ
Ä*LEPLUHLQH9HUELQGXQJ,FKUHJOHGDV
(LQHlOWOLFKH)UDXQDKPVHLQHQ$QUXIHQWJHJHQ6FLWWV,'0DUNHZLUNWHLQ 6HNXQGHQVFKQHOOH:XQGHU*HPHLQVDPPLWGHU3RVLWURQLNPDFKWHVLH .DPHQEHONV)DKU]HXJDXIGHQ%LOGVFKLUPHQDXVILQGLJÄ:LUKDEHQLKQ(U YHUOlWGDV=HQWUXPXQGQLPPW.XUVDXIGLHQ|UGOLFKHQ:RKQJHELHWH Ä6HLQ=ZHLWZRKQVLW]OLHJWGRFKDXFKGDZDUIGHU3LORWHLQÄ,FKZHLGDV ZHLO Ä%LVWGXVLFKHU"XQWHUEUDFK6FLWW 'HU0DQQQLFNWHRKQHVHLQH,QVWUXPHQWHDXVGHQ$XJHQ]XODVVHQÄ1DWUOLFK Ä+|U]XZDQGWHVLFK6FLWWHUQHXWDQGLH)UDXDXIGHP%LOGVFKLUPÄ:LUKDEHQ NDXP3ROL]HLDXIJHERWLQGHU*HJHQG9LHOOHLFKWNDQQVWGXPLUVDJHQRE)DKU ]HXJHYRP.DWDVWURSKHQVFKXW]LQGHU1lKHVLQG 'LH)UDXSUIWHHLOLJLKUH$Q]HLJHQGXUFKÄ(LQSDDUPHLQWHVLH]|JHUQGÄDEHU LFKJODXEHQLFKWGDVLFKGHLQH9ROOPDFKWHQDXFKGDUDXIHUVWUHFNHQ Ä'XELVWLP,UUWXPXQWHUEUDFK6FLWWÄ0HLQH9ROOPDFKWHQHUVWUHFNHQVLFKDXI DOOHV*LE:HLVXQJDXVGHUIOFKWLJH6FKZHEHUPXDXIJHKDOWHQZHUGHQ$OOH 0LWWHOVLQGHUODXEWDEHUQLHPDQGVROOVHLQHHLJHQH6LFKHUKHLWULVNLHUHQ$XIGDV 2EMHNWLVWNHLQHUOHL5FNVLFKW]XQHKPHQ,FKZLOOLKQWRWRGHUOHEHQGLJ 'LH)UDX]|JHUWH$OV6FLWWHLQ]ZHLWHV0DOVHLQHQ$XVZHLVYRU]HLJWHNDP /HEHQLQVLH(VGDXHUWHNQDSSGUHLLJ6HNXQGHQÄ6RLFKKDEHHVJHWDQJDE VLHGXUFKÄ$EHUGXWUlJVWGLH9HUDQWZRUWXQJ:HQQHWZDVVFKLHIJHKW Ä,FKZHLJDE6FLWW]XUFNÄ,FKIKOHPLFKDXFKQLFKWZRKOGDEHL$EHUHLQH DQGHUH0|JOLFKNHLWJLEWHVQLFKWYHUVWHKVWGX"8QGLFKPXGHQ0DQQXPMHGHQ 3UHLVKDEHQ(UEHJHJQHWHLKUHP%OLFNXQGVDKHLQGDHUVLFKPlLJHQPXWH Ä8PIDVWMHGHQIJWHHUKLQ]X 'HU0DQQEOLFNWHVLFKQLFKWXPGHQQHUZXWHJHQDXGDHUVFKQHOOHUZDUDOV GLH9HUIROJHU$XIGHP5FNVLW]ODJGHU*HQHUDWRULQVRIHUQZDUDOOHVQDFK 3ODQYHUODXIHQ'RFKZLHKDWWH6FLWWLKPDXIGLH6SXUNRPPHQN|QQHQ"*DQ] JOHLFKHVZDUQLFKWPHKUZLFKWLJ,P$XJHQEOLFNNDPHVGDUDXIDQGDV 8QWHUQHKPHQHUIROJUHLFKDE]XVFKOLHHQ 'HU0DQQVWHLJHUWHHLQZHLWHUHV0DOVHLQ7HPSR (UQXW]WHDOOH5HVHUYHQGLHVHLQ6FKZHEHUERW(VZUGHUHLFKHQ6FKRQZROOWH HUGLH&LW\YHUODVVHQXQGGLH+RFKVWUDHVHLQHP+DXVHQWJHJHQQHKPHQDOVGHU bUJHUEHJDQQ $XIGHP%LOGVFKLUPHUVFKLHQGLH)UDXYRQGHU9HUNHKUVNRQWUROOHÄ(VNODSSW ULHIVLHEHJHLVWHUWÄ*DQ]ZLHGXJHVDJWKDVW*DVSDWLHVNODSSWWDWVlFKOLFK6LH KDEHQLKQDP(QGHGHU&LW\DXIJHKDOWHQXQG]XHLQHP8PZHJJH]ZXQJHQ,FK KRIIHGDVKLOIWGLUZHLWHU 6FLWWVFK|SIWHQHXH+RIIQXQJ(QGOLFK6LHKDWWHQHLQH&KDQFHÄ:LUVHW]HQDOOHV DXIHLQH.DUWHEHIDKOHUÄ:LUQHKPHQJHVFKORVVHQ.XUVDXI.DPHQEHONV +DXV/LHJWVHLQ=LHOLQ:DKUKHLWZRDQGHUVKDEHQZLUYHUORUHQ 6lPWOLFKH)DKU]HXJHIROJWHQGHU$QZHLVXQJ6LHEOLHEHQDXI.XUVRKQHGHQ 8PZHJGHVIOFKWHQGHQ6FKZHEHUV]XEHDFKWHQ0LWPHKUHUHQKXQGHUW .LORPHWHUQSUR6WXQGHKXVFKWHQVLHEHUGLH+RFKVWUDHQ7DQWDFLWV6FLWWVDKHV
I|UPOLFKYRUVLFK'HU9RUVSUXQJVFKPRO]]XVDPPHQ0LQXWHQODQJYHUJDHU VHLQH.RSIVFKPHU]HQ $OVVLHDXIGHQ=XIDKUWVZHJ]XP=LHOHLQERJHQZDUVHLQ*HVLFKWHLQH0DVNH GHU.RQ]HQWUDWLRQ Ä6HKWULHIGHU3ROL]HLRIIL]LHUÄ'DKLQWHQGDVLVWHU .DPHQEHONV9RUVSUXQJEHWUXJQXUQRFKZHQLJH6HNXQGHQ6HLQ)DKU]HXJNDP DXVGHU*HJHQULFKWXQJJHVFKRVVHQVWRSSWHYRUHLQHUODQJHQ(LQIDKUWXQGERJ VFKOLQJHUQGHLQ2IIHQEDUKDWWHHUVHLQ)DKU]HXJEHUIRUGHUW(VERFNWHZLHHLQ YHUOHW]WHV7LHU 6FLWWEUDFKGHU6FKZHLDXV $QGHU6SLW]HGHU9HUIROJHUNRORQQHIROJWHQVLH.DPHQEHONLQGLH (LQIDKUW5HFKWVXQGOLQNVEHJUHQ]WHHLQHKRKH0DXHUDXV0HWDOOGDV)HOG'DV )DKU]HXJGHV*URYHUZDOWHUVVFKOLWWHUWHDFKWKXQGHUW0HWHUYRUDXVEHUGHQ .LHVERGHQ6HLQ$QWULHEVDJJUHJDWYHUVDJWH².DPHQEHONVSUDQJKHUDXVXQG UDQQWHDXIGDV+DXV]X0LWHLQHU+DQGWUXJHUGHQ+HU]HU*HQHUDWRU(LQ 6FKXW]VFKLUPXPVFKORVHLQH*HVWDOW Ä(UGDUIHVQLFKWVFKDIIHQVFKULH6FLWWÄ6FKLHWHQGOLFK Ä=XVSlWJDEGHU3ROL]HLRIIL]LHU]XUFNÄ'HU%RUGSDUDO\VDWRUWUlJWQLFKWVR ZHLW Ä6FKLHHQKDEHLFKJHVDJW=XHUVWPLWGHP7KHUPRJHVFKW] 'HU0DQQEHWlWLJWHIOXFKHQGGLH$XVO|VHU(LQKHLHU6WUDKOOLH.DPHQEHONV 6FKLUP]XVDPPHQEUHFKHQ'RFKEHLP]ZHLWHQ6FKXEHKLHOWGHU3ROL]LVWUHFKW 'LHOlKPHQGH(QHUJLHYHUVLHJWH]XIUK.DPHQEHONKDWWHQRFKZHQLJH0HWHU ]XUFN]XOHJHQ1XUGHU5K\WKPXVVHLQHU6FKULWWHJHULHWGXUFKHLQDQGHU Ä6FKLHHQ1RFKPDO .DPHQEHONVWUDXFKHOWH,QGHU6FKZHOOHEUDFKHU]XFNHQG]XVDPPHQ Ä:LUVFKDIIHQHVVFKULHHQ6FLWWXQG9DQ LVKDJHPHLQVDPGRFKVLHEHKLHOWHQ QXUWHLOZHLVHUHFKW 'HU0DQQKWHWHVLFKLQ3DQLN]XYHUIDOOHQ(UOLHGHQ6FKZHEHUOLHJHQZRHU ZDUXQGVSULQWHWHLQK|FKVWHP7HPSR5LFKWXQJ+DXVWU+DWWHHUGDV*HElXGH HUVWEHWUHWHQZDUHULQ6LFKHUKHLWXQGGHU*HQHUDWRUPLWLKP,P/DXIHQ]RJHU GHQ,PSXOVJHEHUDXVGHU7DVFKH+LQWHQNDPHQEHUHLWVGLH)DKU]HXJHGHU 9HUIROJHU (LQXQHUZDUWHWHU6FKODJIHJWHLKQHLQLJH0HWHUZHLWYRUZlUWV(LQH6HNXQGH ODQJZDUDOOHVULQJVXPJOHLHQGKHOOVHLQ6FKXW]VFKLUPEUDFK]XVDPPHQ6LH KDWWHQDXILKQJHVFKRVVHQ (LQVRQGHUEDUHV*HIKOEHUNDPLKQ3O|W]OLFKZDUGLH/XIWULQJVXPHUIOOWYRQ 2]RQJHVWDQN'HU0DQQVWUDXFKHOWH:DVZDUGDV"1XUGLHSDDU0HWHUQRFK ,PVHOEHQ$XJHQEOLFNEHJULIIHU6LHKDWWHQYHUVXFKWLKQPLWHLQHP3DUDO\VDWRU DE]XIDQJHQ =XP*OFNZDUHQGLH3ROL]HLVFKZHEHUVFKOHFKWEHZDIIQHW 'DV*DQ]HGDXHUWHQXUHLQHQ%OLFNODQJ (UILQJVLFKXQGNUDPSIWHVHLQH)LQJHUIHVWXPGHQ+DOWHJULIIGHV*HQHUDWRUV
(LQSDDU6FKULWWHQRFKGLH+DXVWU|IIQHQ,QGHU6FKZHOOHEUDFKHU ]XVDPPHQ6HNXQGHQODQJYHUORUHUGLH.RQWUROOHEHU*OLHGHUXQG6LQQH(U IKOWHQXUQRFKXQVlJOLFKH$QVSDQQXQJ²XQGVDKJOHLFK]HLWLJZLHVLFKVHLQ *ULIIXPGHQ*HQHUDWRUO|VWH'DV*HUlWSROWHUWHGLH6WXIHQKLQXQWHU]X%RGHQ 'LH9HUIROJHUZDUHQQDKH (QGOLFK(UJHZDQQGLH.RQWUROOHEHUVHLQH*OLHGPDHQ]XUFN.HXFKHQG ZlO]WHHUVLFKEHUGLH6FKZHOOHXQGVFKOXJPLWOHW]WHU.UDIWGLH7U]X 'UDXHQEOLHEGHU*HQHUDWRUOLHJHQHVJDENHLQH&KDQFHPHKUGDV*HUlW ]XUFN]XKROHQ 'HU0DQQULHIHLQHQVHLQHU'LHQVWURERWHUKHUEHL-HW]WJDOWHVGDVQDFNWH/HEHQ ]XUHWWHQ$XFKVRKDWWHHUJHQJHQG]XEHULFKWHQHUZDUHLQZHUWYROOHU0DQQ (UZXWHYLHOHVEHU'DEULIDXQGGLH6WUXNWXUVHLQHU+HUUVFKDIWXQGGDUDQZDU GLH=*8LQWHUHVVLHUW6HOEVWZHQQGHU]HLW]ZLVFKHQ'DEULIDXQGGHQ.DOIDNWRUHQ GHU8QLRQ)ULHGHKHUUVFKWH,QGHU8QLRQNRQQWHHUYLHOOHLFKW]XGHQ +HUUVFKHQGHQDXIUFNHQXQWHU'DEULIDZlUHHULPPHU+DQGODQJHUJHEOLHEHQ 0LW+LOIHGHV5RERWVUDSSHOWHHUVLFKVW|KQHQGDXI(UOLHVHLQHQVFKPHU]HQGHQ .|USHUGLH7UHSSHKLQDELQGHQ.HOOHUVFKOHSSHQ=XPLQGHVWHLQHVJDELKP$XI VFKXEVLHPXWHQ]XQlFKVWGLH7UXQGDQVFKOLHHQGGLH)OXUHEHUZLQGHQ 'RUWZDUWHWHQE|VHhEHUUDVFKXQJHQ²W|GOLFKIUDOOHGLHQLFKWGDPLW XP]XJHKHQZXWHQ 0LWHLQHP0DOZQVFKWHHUVLFKHLQHQ6FKXW]IHOGSURMHNWRUIUGDVJDQ]H $QZHVHQ$EHU]XVSlWHUKDWWHVLFKYRQYRUQKHUHLQGDUDXIYHUODVVHQGDPDQ LKQQLHPDOVHQWGHFNHQZUGH (LQHOHW]WHhEHUUDVFKXQJKREVLFKGHU0DQQELV]XOHW]WDXI6HLQH)OXFKWVROOWH QLFKWXQQW]VHLQVRQGHUQ6FLWWXQGGHQDQGHUHQGHQ7RGEULQJHQ 6FLWWVFKULHWULXPSKLHUHQGDXI Ä(UKDWGHQ*HQHUDWRUYHUORUHQ-HW]WKDEHQZLULKQWDWVlFKOLFK $OOHVVSLHOWHVLFKLQQHUKDOEYRQYLHURGHUIQI6HNXQGHQDE'LH*OHLWHUNDPHQ ]XP6WLOOVWDQG(WZDVUXKLJHUEHREDFKWHWHHUZLH.DPHQEHONLP+DXV YHUVFKZDQGXQGKLQWHUVLFKGLH7U]XVFKOXJ Ä8PVWHOOWGDV*HElXGHEHIDKOHUEHUGLH5XQGUXIOHLWXQJÄ=ZHL 0DQQVFKDIWHQKDOWHQVLFKEHUHLWGHQ(LQJDQJ]XVWUPHQ:LUKROHQ.DPHQEHON GDKHUDXV 6FLWWOLHLKUHLJHQHV)DKU]HXJQDKHDQGDV+DXVKHUDQUFNHQ'HU6FKXW]VFKLUP VWDQGÄ(WZDVQlKHUQRFKJDQ]KHUDQVRJXW")HXHUPLWGHP 7KHUPRJHVFKW] (LQJUHOOHU%OLW]]XFNWHDXVGHU3URMHNWRUPQGXQJ(UVFKOXJLQGLH+DXVWUXQG KLQWHUOLHHLQTXDOPHQGHV/RFKÄ1RFKHLQPDOEHIDKO6FLWWÄ,FKZLOOGDGLH JDQ]H(LQJDQJVSDUWLHZHJLVWZHQQZLUKLQHLQJHKHQ0LWJHVLFKHUWHQ+lXVHUQ NHQQHLFKPLFKDXV.DPHQEHONKDWJDUDQWLHUWHLQSDDU9RUULFKWXQJHQHLQJHEDXW :LUZlUHQEHUGLHHUVWHQSDDU0HWHUQLFKWKLQDXVJHNRPPHQ Ä:DVZLOO.DPHQEHONEHUKDXSWGDGULQQHQ"IUDJWH9DQ LVKDÄ(UPXGRFK ZLVVHQGDHULQVHLQHP+DXVJHIDQJHQLVW
Ä1LFKWXQEHGLQJWJDE6FLWWQDFKGHQNOLFK]XUFNÄhEHUOHJHGRFK:LHKlWWHHU GHQ*HQHUDWRUYRQ7DQWDZHJVFKDIIHQVROOHQ"(VJLEW]ZHL:HJH(QWZHGHU VWHKWLUJHQGZRKLHUHLQ7UDQVPLWWHUZDVLFKQLFKWKRIIH'DQQKDEHQZLULKQ YHUORUHQ2GHUHUKDWHLQHNOHLQH)OXFKWUDNHWHEHUHLWVWHKHQ)UDJHPLFKQLFKW ZRLFKZHLHVDXFKQLFKW Ä9LHOOHLFKWHLQXQWHULUGLVFKHU*DQJZDUIGHU3ROL]HLRIIL]LHUHLQ Ä0|JOLFK:HQQZLULKQQRFKKDEHQZROOHQPVVHQZLUVHKUVFKQHOOVHLQ Ä(ULVWDQJHVFKODJHQHUZLGHUWHGHU2IIL]LHUÄ9RUHLQSDDU-DKUHQKDEHLFK HLQHQ3DUDO\VHVWUHLIVFKXDEEHNRPPHQ'DVLVWIXUFKWEDULFKZHLHV:LH 6WURPVFKOlJH(UNDQQQLFKW]JLJODXIHQ *HPHLQVDPPLWGHQDQGHUHQVWLHJHQVLHDXVXQGQlKHUWHQVLFKGHP(LQJDQJ $OOHWUXJHQ6FKXW]DQ]JHPLWDNWLYLHUWHQ6FKLUPHQ9DQ LVKDXQGGLHEULJHQ 3ROL]LVWHQEOLHEHQ]XUFN Ä9RUVLFKWLJPDKQWH6FLWWEHU)XQN0LWJHVSDQQWHQ6LQQHQEHUVFKULWWHU GLH6FKZHOOHÄ*HKHQZLUDOVR%HLVLFKIKUWHHUGLHEOLFKHQ0HJHUlWHXQG HLQHQ+DQGVWUDKOHU1LFKWVJHVFKDK,KU)HXHUVFKODJKDWWHGLH 6LFKHUXQJVHLQULFKWXQJHQGHV(LQJDQJV]HUVW|UW'RFKGDV+DXVEDUJZHLWHUH )DOOHQGHVVHQZDUHUVLFKHU6FKOLHOLFKKDWWH.DPHQEHONVHLQH)OXFKWP|J OLFKNHLWVFKW]HQPVVHQ 6FLWWEHZHJWHVLFKYRUVLFKWLJHLQHQ.RUULGRUHQWODQJGHUZHLWHULQV+DXVIKUWH 6LHNRQQWHQQLFKWVFKQHOOHUYRUJHKHQDOOHVDQGHUHEHGHXWHWH6HOEVWPRUG6HLQ JHVFKXOWHV$XJHVXFKWHQDFK'HWDLOVGLHHLQHP(LQEUHFKHUHQWJDQJHQZlUHQ Ä9RUVLFKWKLHUVDJWHHU0LWGHU+DQGGHXWHWHHUDXIHLQHKHOOEODXH)OLHVHDP %RGHQÄ1LHPDQGGDUIGDKLQWUHWHQ:HLWHUVDJHQ(LQH(QHUJLHIDOOH ZRP|JOLFK"6FLWWZXWHHVQLFKW$EHUHUZROOWHHVQLFKWGDUDXIDQNRPPHQ ODVVHQ $XIGHP:HJ]XU7UHSSHDEZlUWVIDQGHUGUHLZHLWHUH)DOOHQÄ+LHUJHKWHVLQ GHQ.HOOHUHUNOlUWHHUÄ:HQQ.DPHQEHONEHUHLQH)OXFKWP|JOLFKNHLWYHUIJW GDQQPLW6LFKHUKHLWXQWHQ:LUPVVHQQRFKPHKUDXISDVVHQ 'DHUHLQHQYHUERUJHQHQ6HQVRUSDVVLHUWHHQWJLQJLKP6HLQ.RSIEHJDQQ HUQHXW]XGU|KQHQXQGGHU6FKPHU]VFKLHQZHLWVFKOLPPHUDOVYRUHLQHU6WXQGH :LHZDUGDVP|JOLFK"EHUOHJWH6FLWW,QVRNXU]HU=HLW Ä,FKKDEH.RSIVFKPHU]HQNODJWHHLQHUGHU0lQQHUKLQWHULKP Ä:HQQGX]X+DXVHELVWNDQQVWGXHLQ0HGLNDPHQWQHKPHQZLHVLKQHLQHUGHU DQGHUHQ]XUHFKW 6FLWWOLHIQRFKVHNXQGHQODQJZHLWHUXQGQDKPGDEHLHLQLJH7UHSSHQVWXIHQ:R ZDUGLHQlFKVWH)DOOH"3O|W]OLFKVWRFNWHHUDOVVHLHUJHJHQHLQH:DQGJHODXIHQ Ä:LHGHUKROHGDVKHUUVFKWHHUGHQ0DQQDQÄ'XKDVW.RSIVFKPHU]HQ" Ä-DOHLGHUJDEGHUDQGHUH]XUFNÄ:LUGLPPHUVFKOLPPHU ,QVHLQHP+LUQIO|VVHQ]ZHLWUlJH*HGDQNHQLQHLQDQGHUXQGYHUNQSIWHQVLFK .RSIVFKPHU]HQ Ä$OOHVUDXVKLHUVFKULHHU(VNODQJIDVWK\VWHULVFKÄ6RVFKQHOOLKUN|QQW'LH )OXFKWUDNHWHVWHKWXQWHUGHP+DXVHVJLEWNHLQHQ)OXFKWWXQQHO.DPHQEHON
EULQJWGDV*HElXGHPLWKRFKIUHTXHQWHQ6FKZLQJXQJHQ]XP(LQVWXU]8QVHUH 6FKXW]VFKLUPHKHOIHQQLFKWGDJHJHQ 'LH/HXWHZDQGWHQVLFKXPXQGVWUPWHQORV'LH6FKZLQJXQJHQZUGHQVLFKLQ 6HNXQGHQVFKQHOOHVWHLJHUQXQGDOOHV]HUEODVHQZDVLP:LUNXQJVEHUHLFKODJ 1DFKHLQHPlKQOLFKHQ3ULQ]LSKDWWHGLH,QWHUYDOONDQRQHGHU'RODQVIXQNWLRQLHUW 'DPLWKDWWHHUQLFKWUHFKQHQN|QQHQ.DPHQEHONV6FKLIIVWDQGWDWVlFKOLFK XQWHULUGLVFK8QGEHLQDKHZlUHQVLHGDUDXIKHUHLQJHIDOOHQ²KlWWHQLFKWGLHVHU 0DQQEHU.RSIVFKPHU]HQJHNODJW'HQQGDVZDUGDVHUVWH$Q]HLFKHQ KRFKIUHTXHQWHU9LEUDWLRQHQ(PSILQGOLFKH0HQVFKHQVSUWHQHVDOVERKUHQGHQ XQEHVWLPPEDUHQ6FKPHU] Ä+LQDXVMHW]WVFKQHOOHU (LQHUGHU0lQQHUYRULKPOLHILQHLQH)DOOH(LQ%OLW]GXUFKVFKOXJVHLQHQ6FKLUP XQGVFKOHXGHUWHLKQYHUEUDQQW]X%RGHQ6LHNRQQWHQQLFKWKHOIHQ1XUQRFK 6HNXQGHQEOLHEHQEULJ6FKRQEUDFKHQHLQ]HOQH=LHJHODXVGHP0DXHUZHUN VFKRQHQWVWDQGHQEHUDOOEUHLWH5LVVH6WDUUH6WUXNWXUHQ]HUILHOHQVFKQHOOHUDOV RUJDQLVFKH.|USHU 6LHOLHHQGLH7UHSSHKLQWHUVLFKXQGKDVWHWHQGXUFKGHQ.RUULGRU]XU+DXVWU (LQZHLWHUHU9HUOXVW6FLWWHUNDQQWHQLFKWHLQPDOZDVGHP0DQQ]XJHVWRHQ ZDU'DQQVDKHUGLHKHOOEODXH)OLHVHDXIGLHHUDQIDQJVKLQJHZLHVHQKDWWH 'HVKDOEDOVR$OVOHW]WHUHUUHLFKWHHUGHQEHUVWHQGHQ(LQJDQJVEHUHLFK6WHLQH WUDIHQLKQXQGSUDOOWHQYRP6FKXW]VFKLUPDE7URW]GHPVFKLHQVHLQ6FKlGHOZLH PLWJOKHQGHU/DYDJHIOOW-HGHU*HGDQNHEHUHLWHWHXQVlJOLFKH0KH (UZDUIVLFKEHUGLH6FKZHOOHXQGSXU]HOWHGLH6WXIHQKLQDELQ6LFKHUKHLW ,QGHVVHQVWU]WHGDV*HElXGHLQVLFK]XVDPPHQ=XQlFKVWGDV'DFK DQVFKOLHHQGGLH:lQGHGDQQZDUQXUQRFKHLQYLEULHUHQGHU7UPPHUKDXIHQ EULJ,QQHUKDOEZHQLJHU6HNXQGHQHUILHODXFKGHU]X6WDXEXQGGLHIHLQN|UQLJH 0DVVHYHUVDQNLQELVODQJYHUERUJHQHQ6WDXUlXPHQ 6FLWWUDSSHOWHVLFKDXI $XI.QLHQUREEWHHU]XP+HU]HU*HQHUDWRUXQGVWHOOWHIHVWGDGDV*HUlW lXHUOLFKLQWDNWZDU.DPHQEHONKDWWH]ZHLPDOYHUVXFKWLKQ]XW|WHQXQG GLHVPDOKlWWHDXFK9DQ LVKDLQGLH6FKXOLQLHJHUDWHQN|QQHQ=XP*OFNKDWWH HUVLHLP*OHLWHU]XUFNJHODVVHQ6FLWWIKOWH+DDXIVWHLJHQLQGLHVHP $XJHQEOLFNEH]RJHUDOOGHQ6FKPHU]XQGGLH(QWWlXVFKXQJHQGHUOHW]WHQ7DJH DXI.DPHQEHON (VJDEHLQH0|JOLFKNHLWLKQDXI]XKDOWHQZHQQHVDXFKGHQ*URYHUZDOWHULQ 7RGHVJHIDKUEUDFKWH)DVWLQVWLQNWLYHQWVFKLHGHUGDIU0LWVHLQHP*HZLVVHQ NRQQWHHUVSlWHULQVUHLQHNRPPHQ 0LWIOLHJHQGHQ)LQJHUQMXVWLHUWHHUGLH6DIH6FKDOWXQJDXIGUHL6HNXQGHQ 9HU]|JHUXQJ(U]lKOWHLQ*HGDQNHQPLWXQGZDUIGDV*HUlWDXIGHQ VFKUXPSIHQGHQ6WDXEKDXIHQ1RFKLQGHU/XIWEOLHEHVKlQJHQJHKDOWHQYRQ MHQHP*UDYRDQNHUGHUHVLQGHQOHW]WHQ:RFKHQDP3ODW]IL[LHUWKDWWH(LQ PDWWHV)OLPPHUQ]HLJWHDQGDGHUNOHLQH6FKXW]VFKLUPVWDQG (VGDXHUWHQXUZHQLJH6HNXQGHQ
'HU6WDXEKJHOVDQNLQVLFK]XVDPPHQXQGPDFKWHHLQHUWLHIOLHJHQGHQ 6WDUWUDPSH3ODW]'DUDXVHUKREVLFKODQJVDPGDQQLPPHUVFKQHOOHUHLQHNOHLQH )OXFKWUDNHWH'HU%DXDUWQDFKZDUVLHDXIZHQLJH/LFKWPLQXWHQ5HLFKZHLWH EHJUHQ]WXQGPXWHGDQQYRQHLQHPJU|HUHQ6FKLIIDXIJHQRPPHQZHUGHQ 'HU5XPSIVWLHJLPPHUZHLWHU3O|W]OLFKEHVFKOHXQLJWHGLH5DNHWHPLWYROOHU .UDIW,KUH6SLW]HWUDIGHQ*HQHUDWRUHLQNOHLQHU7HLOGHU+OOHSODW]WHDXI6FLWW IDQGNHLQH=HLWPHKU$QJVW]XKDEHQ6FKHLQEDUXQYHUVHKUWNDPGDV*HUlWDP +HFN]XP9RUVFKHLQ (VKDWWHVLFKQLFKWEHZHJWGHU$QNHUKDWWHJHKDOWHQ'LH5DNHWHJHZDQQ)DKUW 1XQYHUKOOWHHLQJUQHU6FKXW]VFKLUPLKUHQ5XPSIXQGGDV/RFKVFKLHQ NHLQHUOHL:LUNXQJ]XKDEHQDXFKZHQQHVZLHHLQ7XQQHOGXUFKGHQJHVDPWHQ $XIEDXUHLFKWH Ä'DVNDQQQLFKWVHLQPXUPHOWH6FLWWÄ(VNDQQQLFKWVHLQVLHNDQQQLFKWPHKU IOLHJHQ 'LH5DNHWHYHUVFKZDQG1LFKWHLQPDOGHUNOHLQHVWUDKOHQGH3XQNWZDUPHKU HUNHQQEDU'RFKXQYHUPLWWHOW]RJHLQ/LFKWEOLW]EHUGHQ+LPPHOXQGLP QlFKVWHQ$XJHQEOLFNVWUDKOWHGRUWZRGHU%OLW]VHLQHQ$QIDQJJHQRPPHQKDWWH GHU*OXWEDOOHLQHU([SORVLRQ 6FLWWUDSSHOWHVLFKPGHDXI%HYRUGHU([SORVLRQVGRQQHUGLH2EHUIOlFKHQRFK HUUHLFKWHOLHHUVHLQHQ6FKXW]VFKLUPHUO|VFKHQXQGQDKPLPQlFKVWEHVWHQ 6FKZHEHU3ODW](LQHVVHLQHU3UREOHPHKDWWHHUJHO|VW$EHU]ZHLDQGHUHVWDQGHQ DXV 6HNXQGHQVSlWHUHQWZLFNHOWHHUKHNWLVFKH$NWLYLWlW Ä,FKEUDXFKHHLQH)XQNOHLWXQJ]XP5DXPKDIHQZDQGWHHUVLFKDQGHQ3LORWHQ GHV6FKZHEHUVÄ0LOLWlULVFKH6HNWLRQLQQHUKDOEYRQ]ZHL0LQXWHQVWHKWGLH 9HUELQGXQJ'DIUPDFKHLFKGLFKYHUDQWZRUWOLFK (VGDXHUWHQXUZHQLJH6HNXQGHQ$XIGHP%LOGVFKLUP]HLJWHVLFKGHU .RPPDQGDQWGHUGHP*URYHUZDOWHUGLUHNWXQWHUVWHOOWJHZHVHQZDU6FLWW NDQQWHLKQYRQHLQHUGHU3DUW\V'HU+LQWHUJUXQGERWHLQJHVFKlIWLJHV%LOG ,QPLWWHQHLQHU%HIHKOV]HQWUDOHDUEHLWHWHQIQI]LJ0lQQHUXQG)UDXHQ1DWUOLFK OLHVLFKGHU0DQQ]XQlFKVW6FLWWV9ROOPDFKWHQEHVWlWLJHQGRFKGDQQVWDQGHU ]XU9HUIJXQJ 6FLWWJDE$ODUPIUVlPWOLFKH6FKLIIHLPQlFKVWHQ8PNUHLVGHV0RQ\Q\ 6\VWHPVÄ,FKHUZDUWHGDLQQHUKDOENU]HVWHU)ULVWHLQ6FKLIIGHU=*8KLHU DXIWDXFKW,QGLHVHP)DOOKHUUVFKWDEVROXWHV)HXHUYHUERWLVWGDVNODU" Ä,FKYHUVWHKHJDEGHU.RPPDQGDQW]XUFNÄ$EHUZDUXP" Ä'DIULVWNHLQH=HLW*LEGLH$QZHLVXQJZHLWHU 6HNXQGHQODQJZDUGHU%LOGVFKLUPOHHU Ä$XVJHIKUWEHVWlWLJWHGHU0DQQNQDSS Ä6HKUJXW+DVWGXGLH$Q]HLJHQGHU6\VWHPRUWXQJLP%OLFNIHOG" Ä1DWUOLFK Ä8QG"
Ä$XJHQEOLFN7DWVlFKOLFK'HU.RPPDQGDQW]HLJWHRIIHQVHLQHhEHUUDVFKXQJ Ä(LQ.XJHOUDXPHU$OOHUGLQJVOlWVLFKGLH+HUNXQIWQLFKW]ZHLIHOVIUHLNOlUHQ (UN|QQWHYRQGHU=*8VHLQPXDEHUQLFKW Ä'DVSDWLQV%LOGDQWZRUWHWH6FLWWÄ'XZLUVWGDV6FKLIISHU5LFKWVWUDKO DQIXQNHQ)ROJHQGHU7H[W.DPHQEHONLVWWRWGHU*HQHUDWRUYHUQLFKWHW.HKUW XQYHU]JOLFKXP 6FLWWVDKLKPGLH1HXJLHUGHDQ'RFKHVVSUDFKIUGHQ.RPPDQGDQWHQGDHU LQGLHVHU6LWXDWLRQQLFKWODQJHQDFKIUDJWH(UZDQGWHVLFKHLQHP7HUPLQDODXHU KDOEGHV%OLFNIHOGV]XXQGVSUDFKVHNXQGHQODQJ Ä,FKKDEHHVJHWDQHUNOlUWHHUÄ:DVQXQ" Ä:LUZDUWHQDE(VGDUINHLQHQGLSORPDWLVFKHQ=ZLVFKHQIDOOJHEHQ.HLQHV XQVHUHU6FKLIIHQLPPW)DKUWDXIRGHUYHUVXFKW]XVWDUWHQ'XZHLWGD ]ZLVFKHQGHU=*8XQGGHP,PSHULXP'DEULIDIRUPHOOHLQ%HLVWDQGVSDNW EHVWHKW%HVFKUHLEHZHLWHUZDVGLH2UWXQJ]HLJW Ä*XW1RFKSDVVLHUWQLFKWV$EHUMHW]W'DV6FKLIIGUHKWDE(VVHW]WVLFKLQ %HZHJXQJ8QGDXHUGHP 'HU0DQQZXUGHEOHLFK0LWHLQHP0DOVSUWH6FLWWGDHWZDVJDQ]DQGHUVOLHI DOVHUYRUKHUJHVHKHQKDWWHÄ:DVLVWORV"VFKULHHUÄ5HGHGRFK Ä(LQHNOHLQH)ORWWHLVWDXIJHWDXFKW=ZDQ]LJ6FKLIIHYHUPXWOLFKDXVGHP /LQHDUUDXP(VVLQGPLW6LFKHUKHLW(LQKHLWHQGHV,PSHULXPV6FKQHOOH.UHX]HU XQG6FKODFKWVFKLIIH 6FLWWV*HGDQNHQUDVWHQ:LHZDUGDVP|JOLFK",QVHLQHP6FKlGHOVHW]WHQGLH 0HGLNDPHQWHMHGHPJHRUGQHWHQ*HGDQNHQ:LGHUVWDQGHQWJHJHQ,KPZXUGH NODUGD.DUW0DQ6DOXWQXUGLH+lOIWHVHLQHU.DUWHQDXIJHGHFNWKDWWH1RFK ZXWHHUQLFKWZLHGLH'LQJHZLUNOLFKODJHQGRFKHUPXWHUHDJLHUHQ Ä1RFKHLQPDOGHUJOHLFKH)XQNVSUXFKZLHHEHQEHIDKOHUÄ$EHUVFKQHOOEHYRU HV]X.DPSIKDQGOXQJHQNRPPW'LHVPDOQLFKWDOV5LFKWVWUDKO'HU=*8 5DXPHUVROOHEHQVRPLWK|UHQZLHGLH,PSHULXPVVFKLIIH (UQHXWZDUGHU.RPPDQGDQWIUHLQHKDOEH0LQXWHYHUVFKZXQGHQÄ$OOHVNODU PHOGHWHHUVLFKZLHGHUÄ,FKEHVFKUHLEHZDVJHVFKLHKW'HUHLQ]HOQH5DXPHU EHVFKOHXQLJWPLW+|FKVWZHUWHQ(VZLUGNHLQ*HIHFKWJHEHQ-HW]WVLQGGLH 6FKLIIHGHV,PSHULXPV]XZHLWZHJVLHGUHKHQHEHQIDOOVDE(U]|JHUWH VHNXQGHQODQJXQGVWDUUWHDQJHVSDQQWDXIHLQHQ3XQNWGHQ6FLWWQLFKWVHKHQ NRQQWHÄ'HU6FKLUPLVWOHHU6LHVLQGDOOHYHUVFKZXQGHQ.DQQVWGXPLUVDJHQ ZDVGDV]XEHGHXWHQKDWWH"8QGZDVKHLWGDV.DPHQEHONLVWWRW" 6FLWWZLQNWHPGHDE Ä,FKZHLHVVHOEVWQRFKQLFKW1XUHLQHV'HU*URYHUZDOWHULVWZLUNOLFKWRW,FK KRIIHGDZLUHLQHQVFKZHUHQ=ZLVFKHQIDOOYHUPLHGHQKDEHQ9RUHUVWEHU QLPPVWGXGDV.RPPDQGREHUGLH0RQ\Q\:HOWHQ%LWWHNHLQH)UDJHQMHW]W (QGH (UVFKDOWHWHDE6FLWWOLHVLFKLQGHQ6LW]GHV6FKZHEHUVVLQNHQXQGJDE VHNXQGHQODQJVHLQHQUDVHQGHQ.RSIVFKPHU]HQQDFK/lQJHUDOVHLQSDDU 6WXQGHQNRQQWHHURKQHLUUHSDUDEOH6FKlGHQQLFKWPHKUDXVKDOWHQ9DQ LVKD
VHW]WHVLFKQHEHQLKQ(UVDKVLHPLWHLQHPYHU]ZHLIHOWELWWHQGHQ%OLFNDQ $EHUJOHLFK]HLWLJZXWHHUGDHVNHLQH+RIIQXQJJDE Ä1HLQVDJWHVLHEHGlFKWLJDOVKDEHVLHVHLQH*HGDQNHQHUUDWHQÄLFKNRPPH QLFKWPLW,FKGDFKWHLFKOLHEWHGLFKQLFKWGLHVHQ.|USHU'DVZDUHLQ,UUWXPHV JHKWQLFKW8QGGXVROOWHVWGDUEHUQDFKGHQNHQZDVGLFKYRQ.DPHQEHONVR VHKUXQWHUVFKHLGHW (UVDKGDVLHPLWGHQ7UlQHQNlPSIWH6LHVWLHJDXVGUHKWHVLFKODQJVDPXP XQGOLHLKQ]XUFN%LVVLH]X)XGDV(QGHGHU(LQIDKUWHUUHLFKWKDWWHOLHHU NHLQHQ%OLFNYRQGHU)UDX:DUXPKDWWHHVVRNRPPHQPVVHQ"-HGHV'HWDLO LKUHU(UVFKHLQXQJEUDQQWHVLFKLQVHLQ*HGlFKWQLV'DVZDUDOOHVZDVHU PLWQHKPHQNRQQWH'LH5HDOLWlWKDWWHLKQHLQJHKROWXQGVLHKDWWHQXUYLHU]HKQ 7DJHGD]XJHEUDXFKW 'DVWDXEH*HIKOLQVHLQHQ*OLHGHUQZLFKQXUDOOPlKOLFK Ä6FLWW.DQQVWGXPLFKVFKRQK|UHQ6FLWW" (UVFKOXJGLH$XJHQDXI :HPJHK|UWHGDV*HVLFKW"'HUHLI|UPLJH6FKlGHOGLHJUDXH+DXWGLH EHUHFKQHQGHQ$XJHQ-DHVZDU-DQQVDQGHU*DODNWLVFKH0HGL]LQHU Ä'XKDVWODQJHJHVFKODIHQ6FLWW)DVWHLQ-DKUODQJ:LHIKOVWGXGLFK",VWDOOHV LQ2UGQXQJ" $QJHVWUHQJWKRUFKWHHULQVLFKKLQHLQ,QVHLQHQ2KUHQUDXVFKWHGDV%OXWXQG LKPZXUGHVFKZLQGOLJ'RFKVRQVWNRQQWHHUVLFKQLFKWEHNODJHQZLHLPPHU VFKPHU]WHGHU%XFNHOHLQZHQLJ'LH)LQJHUZDUHQEHZHJOLFKHEHQVRVHLQH NXU]HQ%HLQH6FLWWGHU=ZHUJGDFKWHHUMHW]WZDUHUZLHGHUHUVHOEVW Ä'LH2SHUDWLRQLVWJHOXQJHQVWHOOWH-DQQVDQIHVWÄ:LUKDEHQ)RUWVFKULWWH JHPDFKW Ä8QGGLHEULJHQ"ZROOWH6FLWWZLVVHQÄ(VZDUGRFKHLQ5HLKHQYHUVXFKGX KDVWYRQDFKW]LJDQGHUHQJHVSURFKHQ Ä5LFKWLJ-DQQVDQ]|JHUWHNXU]Ä'XJHK|UVW]XGHQHOI3HUVRQHQGLHEHUOHEW KDEHQ6RQGHUEDUHLJHQWOLFKEHLGHLQHP.|USHU$EHUHVJLEW'LQJHGLHVHOEVW LFKQLFKWEHUHFKQHQNDQQ Ä(LQLQWHUHVVDQWHV(LQJHVWlQGQLV -DQQVDQJHVWDWWHWHVLFKGLH$QGHXWXQJHLQHVVDUNDVWLVFKHQ/lFKHOQVÄ(VLVWGLH :DKUKHLW²*HQXJGDYRQ'XKDVW%HVXFK 'HU*DODNWLVFKH0HGL]LQHUZDQGWHVLFKDEXQGYHUOLHGHQ5DXP,QGHVVHQ YHUVXFKWH6FLWWVLFKDXI]XULFKWHQHVPLODQJ(UVFKORGLH$XJHQ .RQ]HQWULHUWIKUWHHUNOHLQH0XVNHOEXQJHQDXVGLHVHLQHQ.UHLVODXIEHOHEHQ VROOWHQ Ä+DOOR6FLWW 6FLWWVDKDXIXQGHUNDQQWH.DUW0DQ6DOXW Ä:LUKDEHQHLQLJHV]XEHVSUHFKHQVDJWHGHU/HLWHUGHU$XHQZHOWVWDIIHO(U ZDUQRFKlOWHUJHZRUGHQGLH)XUFKHQLQVHLQHP*HVLFKWOLHHQLKQJHEUHFKOLFK XQGKLQIlOOLJHUVFKHLQHQ1XUVHLQ%OLFNGUFNWHGLHJHZRKQWH(QHUJLHDXV.DUW
0DQ6DOXWZDUQRFKODQJHQLFKWDP(QGH Ä-DGDVKDEHQZLUEHVWlWLJWH6FLWWPLWVFKZHUHU=XQJH9LHOHVLVWPLULP QDFKKLQHLQXQNODU.DQQLFKYRUDXVVHW]HQGDGXEHUGLHOHW]WHQ(UHLJQLVVH LQIRUPLHUWELVW" Ä*HZL(VLVWHLQ-DKUKHUDEHULFKKDEHPLUHLQ%LOG]XVDPPHQJHVHW]W
Ä'DQQHUNOlUHPLUZHVKDOEDP(QGHGLH]ZDQ]LJ,PSHULXPVVFKLIIH DXIWDXFKWHQ .DUW0DQ6DOXW]RJHLQHQ6WXKOKHUDQXQGOLHVLFKYRUVLFKWLJQLHGHUÄ'DVLVW HLQHODQJH*HVFKLFKWH6LHEHJLQQWPLWGHP,PSHUDWRU:LHGXZHLWZDU .DPHQEHONODQJHHLQSHUV|QOLFKHU)UHXQGXQG9HUWUDXWHU'DEULIDV$EHUPLWGHU =HLWlQGHUWHVLFKGLHV.DPHQEHONZXUGHXQ]XIULHGHQ(UEHUQDKPGHQ $XHQSRVWHQLP0RQ\Q\6\VWHPXQGZDUNDOWJHVWHOOW(LQIOXOLHVLFKYRQGRUW QLFKWPHKUJHZLQQHQ Ä,FKYHUVWHKH8QGZHLWHU" Ä'DQQEHJLQQWGLHHLJHQWOLFKH*HVFKLFKWHZLUIDQGHQKHUDXVGDHVLUJHQGZR DXI7DQWDRGHU&RVDPPHLQHXQGLFKWH6WHOOHJLEW'DEULIDKDWWHVRIRUW .DPHQEHONLQ9HUGDFKW Ä:DUXPKDWPDQGHQ*URYHUZDOWHUQLFKWVRIRUWDXVJHKREHQ" .DUW0DQ6DOXWOlFKHOWHÄ'HU,PSHUDWRULVWNHLQHUGHU)UHXQGHDXI9HUGDFKW DXVKHEHQOlW:LUQRUPDOHQ0HQVFKHQYHUVWHKHQLKQQLFKWLPPHU(UWUlJW HLQHQ=HOODNWLYDWRUGDVZHLWGXVLFKHUVHLQHZHQLJHQ)UHXQGHEHGHXWHQLKP YLHO'HVKDOEPXWH]XHUVWGLH3UREHDXIV([HPSHOJHPDFKWZHUGHQ Ä.HLQNOXJHU*HGDQNHJHWUDXWHVLFK6FLWW]XVDJHQÄ-HGHQIDOOVQLFKWPLWGHP ZHUWYROOHQ*HQHUDWRU Ä'XLUUVWGLFK'HU*HQHUDWRULVWXQGZDUQLFKWZHUWYROOGDVKDEHQZLUGLU YHUVFKZLHJHQ(UZDUQXUHLQJXWHV/RFNPLWWHO'XVROOWHVWQDWUOLFKXQGRKQH .HQQWQLVGHV+LQWHUJUXQGVDJLHUHQ,Q:DKUKHLWLVWGLH0DVFKLQHHLQH )HKOHQWZLFNOXQJRKQHPLOLWlULVFKHQ:HUW Ä'DVKDWWHLFKYHUPXWHW1XUZDUXPGDV*DQ]H",FKNDQQPLUMHW]WGHQNHQDXV ZHOFKHP*UXQGGLH]ZDQ]LJ.DPSIVFKLIIHDXIJHWDXFKWVLQG6LHZDUHQGLH JDQ]H=HLWLQGHU1lKHULFKWLJ"8PQDFK$EODXIGHU6DIH6FKDOWXQJ HLQ]XJUHLIHQ" Ä6WLPPWJHQDX,FKVHOEVWKDEHGLH6FKDOWXQJDQJHOHJW'HVKDOENDQQWHQZLUGHQ =HLWSODQGHV$JHQWHQXQGZLUNRQQWHQXQVGDUDXIYHUODVVHQ8QGGHLQ (LQVDW]IDQGHLJHQWOLFKQXUDXVHLQHPHLQ]LJHQ*UXQGVWDWW,PPHUKLQZDUHQZLU QLFKWVLFKHUGDGLHXQGLFKWH6WHOOHEHL.DPHQEHONODJ'DEULIDZROOWHDXIGHQ *URYHUZDOWHU5FNVLFKWQHKPHQ(VZlUHDXIJHIDOOHQKlWWHGLH6WDIIHONHLQHQ $JHQWHQJHVFKLFNW Ä8QG"'LHVHU*DVSDWL.|USHU" Ä'DEHLKDEHLFKOHGLJOLFKGLH*HOHJHQKHLWJHQXW]W-DQQVDQLVWHLQ*HQLHXQG ZHQQHUXQVKHOIHQNDQQPVVHQZLULKQLQMHGHU+LQVLFKWXQWHUVWW]HQ'X PXWQRFKJHQDXYRQGHLQHQ(UIDKUXQJHQEHULFKWHQ Ä6FKOHFKWH(UIDKUXQJHQVDJWH6FLWWQXU
.DUW0DQ6DOXWV*HVLFKWZLUNWHPLWHLQHP0DOQRFKYHUVFKORVVHQHUDOVYRUKHU 9LHOOHLFKWKDWWHGHUDOWH0DQQEHJULIIHQGD-DQQVDQIULKQNHLQ$XVZHJZDU HVJDENHLQH0|JOLFKNHLWVHLQ/HEHQ]XYHUOlQJHUQ Ä:LUKDEHQDOOH=HXJHQYHUQRPPHQPHLQWHGHU/HLWHUGHU6WDIIHOÄ'HVKDOE ZLVVHQZLUGDGXYLHOH)HKOHUJHPDFKWKDVW Ä,FKZDUEHVFKlIWLJW(VLVWQLFKWOHLFKWSO|W]OLFKHLQDQGHUHU]XVHLQ Ä'DVNDQQLFKPLUYRUVWHOOHQ$EHULQ=XNXQIWZLUGGDVDQGHUV-DQQVDQVDJW GDGXPLW6LFKHUKHLWNHLQHZHLWHUH2SHUDWLRQGLHVHU$UWEHUVWHKVW'HVKDOE WXVWGXLQ=XNXQIWQRUPDOHQ'LHQVW 6FLWWVDKQRFKHLQPDO9DQ LVKDYRUVLFK,QYLHOHQ'LQJHQKDWWHHUVLHEHORJHQ XQGWURW]GHPKDWWHVLHLKQEHVVHUJHNDQQWDOVDOOHDQGHUHQ0HQVFKHQ:DVXQWHU VFKLHGLKQQRFKYRQ.DPHQEHON"2GHUYRQ.DUW0DQ6DOXW"-HW]WZXWHHUZDV KLQWHUGLHVHU)UDJHVWHFNWH6HLWYLHOHQ-DKUHQVFKRQKDQGHOWHHUDOV7HLOHLQHV 6\VWHPV²GLHVHV6\VWHPEUDFKWH3HUVRQHQZLH.DPHQEHON.DUW0DQ6DOXW RGHULKQVHOEVWKHUYRU 6FLWWZDUQLFKWVWRO]GDUDXI (UKDWWHVHLQ/HEHQPLW=LHOHQYHUWDQKLQWHUGHQHQHUOlQJVWQLFKWPHKUVWDQG :DVJLQJHQLKQGLH7HUUDQHUDQ"2GHUGDV9HUKlOWQLV]XU=*8'DVDOOHV EHZDKUWHLKQQLFKWYRUHLQHP/HEHQDOV$XVJHVWRHQHU.DUW0DQ6DOXWXQGGLH DQGHUHQKDWWHQLKQNHLQHVZHJVDOVZHUWYROOHQ0HQVFKHQEHKDQGHOW1HLQVLH KDWWHQLKQPLEUDXFKW (VGXUIWHVRQLFKWZHLWHUJHKHQ Ä,FKZHUGHNHLQHQ'LHQVWPHKUWXQDQWZRUWHWH6FLWWPGHÄ1LHPHKU .DUW0DQ6DOXW]HLJWHVHLQHhEHUUDVFKXQJQLFKW(UGDFKWHHLQH:HLOHQDFK Ä'XZHLWZDVGXGDVDJVW"'XJHK|UVW]XU$XHQZHOWVWDIIHO'LH/HXWHGHV ,PSHUDWRUVN|QQHQQLFKW]XUFNVLHKDEHQJHZlKOW,FKJHEHGLU%HGHQN]HLW 8QGEHYRUGXQRFKHLQPDOVRHWZDVVDJVWEHUOHJHHVJXW 'LH(QWVFKHLGXQJVWDQG(UVWPLWGHU=HLWHUNDQQWH6FLWWZHOFKHQ:HJHU HLQJHVFKODJHQKDWWH,QGHU7DWHLQ0LWJOLHGGHU$XHQZHOWVWDIIHONRQQWHQLFKW ]XUFN0DQKDWWH0LOOLRQHQLQVHLQH$XVELOGXQJLQYHVWLHUWHUJHK|UWH]XGHQ *HKHLPQLVWUlJHUQHUVWHU2UGQXQJ $EHU]XPLQGHVWLQGLHVHP)DOOHUZLHVVLFK.DUW0DQ6DOXWDOVKXPDQ 'DV7RGHVXUWHLOZXUGHQLFKWYROOVWUHFNW 'LHQlFKVWHQ-DKUHYHUEUDFKWH6FLWWLQHLQHP+RFKVLFKHUKHLWVJHIlQJQLVDXI 1RVPR'DQQYHUORUVLFKVHLQH6SXU,P-DKUHIDQGGLHHUVWHHLQHU5HLKH HUIROJUHLFKHU*HIDQJHQHQUHYROWHQVWDWW6SlWHUKLHHVGLHVVHLRKQH+LOIHYRQ DXHQXQP|JOLFKJHZHVHQ (LQLJHGHU*HIDQJHQHQYRQ1RVPRWDXFKWHQRIIL]LHOOZLHGHUDXIXQG]ZDULP -DKUGHP-DKUGHV8PVFKZXQJV'LH7ROHUDQ]UHYROXWLRQIHJWH'DEULIDV +HUUVFKDIWKLQZHJ :LHVRRIWNRVWHWHQGLH.lPSIH2SIHU'DUXQWHUZDUHQ'DEULIDVHOEVWXQG -DQQVDQGHU0HGL]LQHU'DV:LVVHQXP+LUQYHUSIODQ]XQJHQJLQJYHUORUHQ²HV
KDWWHVLFKQXUZHQLJQXW]HQODVVHQ.DUW0DQ6DOXWVHOEVWHUOHEWHGDV-DKU QLFKWPHKU=ZHL-DKUHYRUKHUVWDUEHUDQ$OWHUVVFKZlFKH $QGHU6SLW]HGHU5HYROXWLRQVWDQGHQGUHLHKHPDOLJH*HIDQJHQHQXU6FLWWWUDW QLFKWLQ(UVFKHLQXQJ :DVDOOHUGLQJVQLFKWKHLWGDGHU=ZHUJQLFKWKLQWHUGHQ.XOLVVHQPLWJHZLUNW KlWWH9LHOOHLFKWEULQJWGLH=HLW$XINOlUXQJ'DQQHUVWIlOOWGLH(QWVFKHLGXQJ 8QGGDQQHUVWZLVVHQZLUREKLHUHLQHZHLWHUH*HVFKLFKWHEHJLQQW (1'(